㩷㩷㩷㩷㩷㩷㩷 㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷 㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷 㩷㩷㩷㩷㩷㩷
)UDQoDLV)UHQ FK
'pFODUDWLRQ &(GH&RQI RUPLWp
/HVRXVV LJQp3LHW5H QQHERRJGHO DSDUWGX
UHSUpVHQWDQWD XWRULVpGpF ODUHTXHO DPDFKLQHG pFULW
FLGHVVRXVU pSRQGjWRX WHVOHVG LVSRVLWLR QV
DSSOLFDEOHV GH
'LUHFWLYH0 DFKLQH &(
'LUHFWLY H&(V XUODFRP SDWLELO LWp
pOHFWURP DJQpWLTXH
'HVFULSWLRQ GHODP DFKLQH
D'HQRPLQDW LRQJpQpUL TXH0RWRE LQHXVH
E)RQFWLRQ SUpSDUHUOHV RO
F1RP&RPP HUFLDOG7 \SH
H1XPpURGHVpULH
&RQVWUXFWHXU
5HSUpVHQWDQWD XWRULVp
5pIpUHQFH DX[QRUP HVKDUPRQLV pHV
$XWUHVQRUP HVHWVSpF LILFDWLRQV
'LUHFWLYHG HVpPLV VLRQVVRQRUHVGD QV
OHQYLURQQHP HQWGHVP DWpULHOVGHV WLQpVjrWUH XWLOLVp
jOH[WpULHXU GHVEDWLP HQWV
D3XLVVDQF HDFFRXVW LTXHP HVXUpH
E3XLVVDQF HDFFRXVW LTXHJDUDQWLH
F3DUDP pWUHGXEUXLW
G3URFpGXU HGpYDOX DWLRQGHF RQIRUP LWp
H2UJDQLVP HQRWLILp
)DLWj 'D WH
,WDOLDQR,WDOLDQ
'LFKLDUD]LR QH&(GL&R QIRUP LWj
,OVRWWRVF ULWWR3LHW5HQ QHERRJL QTXDOLWjGL
UDSSUHVHQW DQWHDXWRUL ]]DWRGLFK LDUDTXL GLVHJXLWR
FKHODP DFFKLQDVRWWRG HVFULWWDVRG GLVIDWXWWHO H
GLVSRVL]LRQ LSHUWLQHQW LGHOOH
'LUHWWLYDP DFFKLQH &(
'LUHWWLYDV XOODFRP SDWLELO LWjHOHWWURP DJQHWLFD
&(
'HVFUL]LR QHGHOODP DFFKLQD
D'HQRPLQD ]LRQHJHQ HULFD0RWR ]DSSD
E)XQ]LR QH3UHSDU D]LRQHGHO WHUUHQR
F'HQRP LQD]LRQHFRP PHUFLDOH G7 LSR
H1XPHURGLV HULH
&RVWUXWWRUH
5DSSUHVHQW DQWH$XWRUL] ]DWR
5LIHULP HQWRDJOLVWDQ GDUGDUP RQL]]DWL
$OWULVWD QGDUGRVSHF LILFKH
'LUHWWLYDVX OODHP LVVLRQHDFXV WLFDGHOOHP DFFKLQH
HDWWUH]]DWXU HGHVWLQDWHD IXQ]LR QDUHDOODSHUW R
D/LYHOOR GLSRWHQ ]DVRQRUD PLVXU DWR
E/LYHOOR GLSRWHQ ]DVRQRUD JDUDQWLWR
F3DUDP HWULHP LVVLRQHDFXV WLFD
G3URFHGXU DGLYDOXWD ]LRQHGHOODF RQIRUP LWj
H2UJDQLVP RQRWLILF DWR
)DWWRD 'DWD
'HXWVFK*HUP DQ
(*.RQIRUP LWlWVHUN OlUXQJ
'HU8QWHU ]HLFKQHU 3LHW5HQQHER RJHUNOlUWK LHUPLW
LP1DP HQGHU%HYROOP lFKWLJWHQ GDVVGDV KLHUXQWHU
JHQDQQWH0DV FKLQHDO OHQHLQV FKOlJLJH Q
%HVWLPP XQJHQGHUHQWV SULFKW
0DVFKLQH QULFKWOLQ LH (*
5LFKWOLQL HGHU(OHN WURPDJQHWLVF KHQ.RP SDWLELOLWlW
(*
%HVFKUHLE XQJGHU0DV FKLQH
D$OOJHP HLQH%H ]HLFKQXQJ0RW RUKDFN H
E)XQNWLRQ %RGHQEHDU EHLWHQ
F+DQGHOVEH ]HLFKQXQJ G7 \S
H6HULHQQXP PHU
+HUVWHOOHU
%HYROOP lFKWLJWHU
9HUZHLV DXIKDUP RQLVLHUWH1RUP HQ
$QGHUH1RUP HQRGHU 6SH]LILN DWLRQHQ
*HUlXVFKULF KWOLQLHLP )UHLHQ
DJHPHV VHQH/DXWVWlUN H
E6FKDOO HLVWXQJVSH JHO
F*HUlXVFKY RUJDEH
G.RQIRUP LWlWVEHZHUWX QJV$EODXI
H%HQDQQWH 6WHOOH
2UW 'DWXP
1HGHUODQGV'XWFK
(*YHUNODU LQJYDQRYHUH HQVWHPP LQJ
2QGHUJHWHN HQGH3LHW5 HQQHERRJ LQQDDP YDQ
GHJHP DFKWLJGHYDQGHI DEULN DQWYHUNODDUWK LHUPHH
GDWKHWKLHUR QGHUEHVFKU HYHQPDF KLQHYROGRHWD DQ
DOOHWRHSDVV HOLMN HEHSDOLQJHQYDQ
5LFKWOLMQ (* EHWUHI IHQGHP DFKLQHV
5LFKWOLMQ (*EHW UHIIHQGH
HOHNWURP DJQHWLVFKHR YHUHHQVWHP PLQJ
%HVFKU LMYLQJYDQGHP DFKLQ H
D$OJHP HQHEHQDPLQJ7 XLQIUHHV
E)XQFWLHG HJURQGYRRU EHUHLGHQ
F+DQGHOVEHQ DPLQJ G7 \SH
H6HULHQXPP HU
)DEULN DQW
*HPDF KWLJGHYDQG HIDEULN DQW
5HIHUHHUW QDDUJHKDUP RQLVHHUGHQRUP HQ
$QGHUHQRUP HQRIV SHFLILFDWLHV
*HOXLGV HPLVV LHULFKWOLMQR SHQOXFKW
D*HP HWHQJHOXLGVYHUP RJHQVQLYH DX
E*HZDDUERU JGJHOXLGV YHUP RJHQVQLYHDX
F*HOXLGVS DUDPHWHU
G&RQIRUP LWHLWVEHRRUGHO LQJVSURFHGXU H
H$DQJHP HOGHLQVWDQWL H
3ODDWV 'DWXP
'DQVN'DQLVK
()29(5(167 (00(/6 ((5./5,1*
81'(57(*1('(3,(75(11 (%22*3c
9(*1($)'(1 $8725,6 (5('(
5(356(7 $17(5./ 5(5+(50('$7
0$6.,1(1620 (5%(6.5( 9(71('(1)25
23)</'(5 $//(5(/ (9$17 (%(67(00 (/6(5
,)/*(
0$6.,1',5( .7,9 ()
(0&',5(.7 ,9 ()
%(6.5,9( /6($)352 '8.7(7
D)//(6%(7 (*1(/6 (0LQLIU VHU
E$19(1'(/ 6(-RUG EHDUEHMGQLQJ
F+$1'(/6%(7 (*1(/6( G7<3(
H6(5,(1800(5
352'8&(17
$8725,6(5(7 5(356(17 $17
5()(5(1& (7,/+$5 021,6(5 ('(
67$1'$5'(5
$1'5(67 $1'$5'(5(// (5
63(),),.$7 ,21(5
',5(.7,92 067 -(0,66,21) 5$0$6. ,1(5
7,/8'(1'56%5 8*
D0c/7/ <'())(.71,9 ($8
E*$5$17 (5(7/<'() )(.71,9($8
F67 -3$5$0(7(5
G352&('85()25
29(5(1667 (00(/6 (6985'(5,1*
H%(0<1',*(725*$1
67(' '$72
ǼȜȜȘȞ ȚțȐ*UHHN
(.ǻȒȜȦıȘıȣȝȝȩȡijȦ ıȘȢ
ȅțȐIJȦșȚ ȣʌȠȖİȖȡĮȝȝȑȞ ȠȢ3LHW5HQQH ERRJİț
ȝȑȡȠȣȢIJȠȣİȟȠȣ ıȚȠįȠIJȘȝȑȞȠȣĮȞIJȚ ʌȡȠıȫʌȠȣȝİIJȠ
ʌĮȡȫȞįȘȜȫ ȞȦȩIJȚIJȠʌĮȡ ĮțȐIJȦʌİȡȚȖȡĮijȩȝİ ȞȠ
ȩȤȘȝĮʌȜȘȡȠȓȩȜ İȢIJȚȢıȤİIJ ȚțȑȢʌȡȠįȚĮȖȡĮijȑ ȢIJȠȣ
ȅįȘȖȓĮ ǼȀȖ ȚĮȝȘȤĮȞȑȢ
ȅįȘȖȓĮ Ǽ ȀȖȚĮIJȘȞȘȜ İțIJȡȠȝĮȖȞȘIJȚț Ȓ
ıȣȝȕĮIJȩIJȘIJĮ
ȆİȡȚȖȡĮijȒ
ȝȘȤĮȞȒȝĮIJȠȢ
DīİȞȚțȒȠȞȠȝĮıȓĮȂȠIJȠıțĮʌIJȚțȒijȡȑȗĮ
EȁİȚIJȠȣȡȖȓĮ ȖȚĮʌȡȠİIJȠȚȝĮıȓĮIJ ȠȣİįȐij ȠȣȢ
FǼȝʌȠȡȚțȒȠ ȞȠȝĮıȓĮ GȉȪʌȠȢ
HǹȡȚșȝȩȢıİ ȚȡȐȢʌĮȡĮȖ ȦȖȒȢ
ȀĮIJĮıțİȣĮıIJȒȢ
ǼȟȠȣıȚȠįȠIJ ȘȝȑȞȠȢĮȞIJȚ ʌȡȩıȦʌȠȢ
ǹȞĮijȠȡȐıİİ ȞĮȡȝȠȞȚıȝ ȑȞĮʌȡȩIJȣʌ Į
ȁȠȚʌȐʌȡȩIJ ȣʌĮȒʌȡȠ įȚĮȖȡĮijȑȢ
ȅįȘȖȓĮİʌȚʌȑįȠȣșȠȡȪȕ ȠȣİȟȦIJİȡȚțȫȞȤȫȡȦȞ
DȂİIJȡȘșİȓıĮȘȤ ȘIJȚțȒȑȞIJĮıȘ
EǼȖȖȣȘȝȑȞȘ ȘȤȘIJȚțȒȑȞIJĮ ıȘ
FǾȤȘIJȚțȒʌĮȡȐȝİIJȡȠȢ
Gǻ ȚĮįȚțĮı ȓĮʌȚı IJȠʌȠȓȘıȘȢ
HȅȡȖĮȞȚıȝȩȢ ʌȚıIJȠʌȠȓȘı ȘȢ
ǾįȠțȚȝȒȑȖȚȞ İǾȝİ ȡȠȝȘȞȓĮ
6YHQVND 6ZHGLVK
(*I|UV lNUDQRP|YHU HQVVWlP PHOV H
8QGHUWHFN QDG3LHW5HQQHER JSnXSSGUDJD Y
DXNWRULVHU DGUHSUHVHQWDQ WGHN ODUHUDUKlUP HGDWW
PDVNLQHQEHV NULYHQ QHGDQI XOOI|OMHUDO ODUHOHYDQ WD
EHVWlPP HOVHUHQO
'LUHNWLY (* JlOODQGHP DVNLQHU
'LUHNWLY (* JlOODQGHHO HNWURPDJQHWLV N
NRPSDWLELO LWHW
0DVNLQEHV NULYQLQJ
D$OOP lQEHQlPQLQJ- RUGIU lV
E)XQNWLRQ EHDUEHWDMRUG HQ
F2FKYDUXQDP QG7 \S
H6HULHQXPP HU
7LOOYHUN DUH
$XNWRU LVHUDGUHSUHVHQ WDQW
UHIHUHQVWL OO|YHUHQVV WlPP DQGHVWDQGDUGHU
$QGUDVWD QGDUGHUH OOHUVSHF LILNDWLRQHU
'LUHNWLYI |UEXOOHUXW RPKXV
D8SSPlWWOM XGQLYn
E*DUDQWHUD GOMXGQLY n
F%XOOHUSDU DPHWHU
G)|UIDU DQGHI|UEHG|P QLQJ
H$QPlOGD RUJDQ
8WIlUGDWYLG 'DWXP
(VSDxRO6SDQLVK
'HFODUDFLyQ GH&RQIRU PLGDG&(
(ODEDMRI LUPDQWH3LHW5 HQQHERRJH Q
UHSUHVHQWDF LyQGHOUHSUHV HQWDQWHD XWRUL]DGR
DGMXQWRGHFO DUDTXHODP iTXLQDDEDM RGHVFULWD
FXPSOHODV FOiXVXODV UHOHYD QWHVGH
'LUHFWLY D& (GHP DTXLQDULD
'LUHFWLY D&( GHFRP SDWLELOLGDG
HOHFWURP DJQpWLFD
'HVFULSFL yQGHODP iTXLQD
D'HQRPLQDF LyQJHQpULF D0RWRFX OWRU
E)XQFLyQ 3UHSDUDUHO VXHOR
F'HQRP LQDFLyQFRPHU FLDOG7 LSR
H1~PHURGHVHULH
)DEULFDQWH
5HSUHVHQWD QWHDXWRUL ]DGR
5HIHUHQFL DGHORVHV WiQGDUKDUP RQL]DGRV
2WURVHVWiQ GDURHVSHF LILFDFLRQHV
'LUHFWLY DVREUHUXLG RH[WHULRU
D3RWHQFLD VRQRUD0H GLGD
E3RWHQFL DVRQRUD*DUDQW L]DGD
F3DUiP HWURVUXLGR
G3URFHGLP LHQWRHYDOX DFLyQFRQI RUPLGDG
H2UJDQLVP RQRWLILF DGR
5HDOL]DGRHQ )HFKD
5RPkQă5RPDQLDQ
&('HFODUDWLHGH&R QIRUPLWDWH
6XEVHP QDWXO3LHW5HQQH ERRJLQQXP HOH
UHSUH]HQWD QWXOXLDXWRU L]DW GHFODUSULQ SUH]HQWD
IDSWXOFD HFKLSDP HQWXOGHVFU LVPDLMRV LQGHSOLQHVW H
WRDWHFRQGLWL LOHQHFHV DUHGLQ
'LUHFWLY D&(SU LYLQGHF KLSDPHQWX O
'LUHFWLY D&( SULYLQGF RPSDWLE LOLWDWHD
HOHFWURP DJQHWLFD
'HVFULHUH DHFKLSDP HQWXOXL
D'HQXPLU HJHQHULFD0R WRVDSD
E'RPHQLXG HXWLOL]DU HSUHJDWLUHD SDWXOXL
JHUPLQDWLY
F'HQXP LUHFRPHUF LDODG7 LS
H6HULHSUR GXV
3URGXFDW RU
5HSUH]HQWD QWXO$XWRU L]DW
5HIHULQWDO DVWDQGDUG HOHDUP RQL]DWH
$OWHVWDQG DUGHVDXQRUP H
'LUHFWLY DSULYLQG SROXDUH DIRQLFDLQV SDWLXLQF KLV
D3XWHUHD DFXVWLFDP DVXUDWD
E3XWHUHDFXV WLFDP D[LPJDUDQWDWD
F,QGLFHSRO XDUHIRQLF D
G3URFHGXU DGHHYDOXDUH DFRQIRUP LWDWLL
H1RWLILFDUL
(PLVDOD 'DWD