713474
16
Zoom out
Zoom in
Vorherige Seite
1/24
Nächste Seite
*9001355077*  

Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
â ,VWUX]LRQLSHULOPRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW
× 0RQWHULQJVYHMOHGQLQJ
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
Ù ̲͉͇͓͆́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ
ë ,QVWUXNFMDPRQWDŰX
î Ημπροςιυηώξνλνμρίες
ô 0RQWDMN×ODYX]X
á 6]HUHOpVL~WPXWDWy
í ,QVWUXFŘLXQLGHPRQWDM




%




$




PLQ

PLQ
PD[
PLQ



PLQ

PLQ


PLQ

PLQ
PLQ
'
&
D
F
E
PLQ
PLQ
G
H
I

de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH%LOG
1XUHLQIDFKJHUHFKWHU(LQEDXQDFKGLHVHU0RQWDJHDQZHLVXQJ
JDUDQWLHUWHLQHQVLFKHUHQ*HEUDXFK%HL6FKlGHQGXUFKIDO
VFKHQ(LQEDXKDIWHWGHU0RQWHXU
7UJULIIQLFKW]XP7UDQVSRUWRGHU(LQEDXGHV*HUlWHVEHQXW]HQ
'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW
VFKDGHQQLFKWDQVFKOLHHQ
9HUSDFNXQJVPDWHULDOXQG.OHEHIROLHQYRU,QEHWULHEQDKPHDXV
GHP*DUUDXPXQGYRQGHU7UHQWIHUQHQ
(LQEDXP|EHOPVVHQELV&WHPSHUDWXUEHVWlQGLJVHLQ
DQJUHQ]HQGH0|EHOIURQWHQELV&
'DV*HUlWQLFKWKLQWHUHLQHU'HNRUEOHQGHHLQEDXHQ(VEHVWHKW
*HIDKUGXUFKhEHUKLW]XQJ
$XVVFKQLWWDUEHLWHQDP0|EHOYRUGHP(LQVHW]HQGHV*HUlWHV
GXUFKIKUHQ6SlQHHQWIHUQHQGLH)XQNWLRQYRQHOHNWULVFKHQ
%DXWHLOHQNDQQEHHLQWUlFKWLJWZHUGHQ
=XU9HUPHLGXQJYRQ6FKQLWWYHUOHW]XQJHQ6FKXW]KDQGVFKXKH
WUDJHQ 7HLOH GLH ZlKUHQG GHU 0RQWDJH ]XJlQJOLFK VLQG N|QQHQ
VFKDUINDQWLJVHLQ
%HL*HUlWHQPLW6FKZHQN6FKDOWHUIURQWGDUDXIDFKWHQGDVVGLH
6FKDOWHUIURQWEHLP$XVIDKUHQQLFKWPLWDQJUHQ]HQGHQ0|EHOQ
NROOLGLHUW
'LH*HUlWH$QVFKOXVVGRVHPXVVLP%HUHLFKGHUVFKUDIILHUWHQ
)OlFKH $RGHUDXHUKDOEGHV(LQEDXUDXPHVOLHJHQ
1LFKWEHIHVWLJWH0|EHOPLWHLQHPKDQGHOVEOLFKHQ:LQNHO %DQ
GHU:DQGEHIHVWLJHQ
0DDQJDEHQGHU%LOGHULQPP
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
*HUlWXQWHU$UEHLWVSODWWH%LOG
=XU%HOIWXQJGHV*HUlWHVPXVVGHU=ZLVFKHQERGHQHLQHQ/I
WXQJVDXVVFKQLWWDXIZHLVHQ
$UEHLWVSODWWHDXI(LQEDXP|EHOEHIHVWLJHQ
:LUGGDV*HUlWXQWHUHLQHP.RFKIHOGHLQJHEDXWPVVHQGLHIRO
JHQGHQ0LQGHVWPDHHLQJHKDOWHQZHUGHQJHJHEHQHQIDOOVLQNOX
VLYH8QWHUNRQVWUXNWLRQ
$XIJUXQGGHVQRWZHQGLJHQ0LQGHVWDEVWDQGHV EHUJLEWVLFKGLH
PLQGHVWH$UEHLWVSODWWHQVWlUNH D
'LH0RQWDJHDQOHLWXQJGHV.RFKIHOGHVEHDFKWHQ
*HUlWLP+RFKVFKUDQN%LOG
=XU%HOIWXQJGHV*HUlWHVPVVHQGLH=ZLVFKHQE|GHQHLQHQ/I
WXQJVDXVVFKQLWWDXIZHLVHQ
:HQQGHU+RFKVFKUDQN]XVlW]OLFK]XGHQ(OHPHQW5FNZlQGHQ
HLQHZHLWHUH5FNZDQGKDWPXVVGLHVHHQWIHUQWZHUGHQ
*HUlWQXUVRKRFKHLQEDXHQGDVV=XEHK|USUREOHPORVHQWQRP
PHQZHUGHQNDQQ
(FNHLQEDX%LOG
'DPLW GLH *HUlWHWU JH|IIQHW ZHUGHQ NDQQ EHLP (FNHLQEDX 0DH
&EHUFNVLFKWLJHQ'DV0D 'LVWDEKlQJLJYRQGHU'LFNHGHU
0|EHOIURQWXQWHUGHP*ULII
*HUlWHOHNWULVFKDQVFKOLHHQ
'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL
WHU$QVFKOXVVEHWULHEHQZHUGHQ
'LH$EVLFKHUXQJPXVVJHPlGHU/HLVWXQJVDQJDEHDXIGHP
7\SHQVFKLOGXQGGHQORNDOHQ9RUVFKULIWHQHUIROJHQ
%HLDOOHQ0RQWDJHDUEHLWHQPXVVGDV*HUlWVSDQQXQJVORVVHLQ
'DV*HUlWGDUIQXUPLWGHUPLWJHOLHIHUWHQ$QVFKOXVVOHLWXQJDQJH
VFKORVVHQZHUGHQ6WHFNHQ6LHGLH$QVFKOXVVOHLWXQJDQGHU*HUl
WHUFNVHLWHDQ&OLFN
(LQHP$QVFKOXVVOHLWXQJLVWEHLP.XQGHQGLHQVWHUKlOWOLFK
'LH$QVFKOXVVOHLWXQJGDUIQXUGXUFKHLQH2ULJLQDOOHLWXQJEH]LHK
EDUEHUGHQ.XQGHQGLHQVWHUVHW]WZHUGHQ
'HU%HUKUXQJVVFKXW]PXVVGXUFKGHQ(LQEDXJHZlKUOHLVWHWVHLQ
$QVFKOXVVOHLWXQJPLW6FKXW]NRQWDNW6WHFNHU
'DV *HUlW GDUI QXU DQ HLQH YRUVFKULIWVPlLJ LQVWDOOLHUWH 6FKXW]NRQ
WDNW6WHFNGRVHDQJHVFKORVVHQZHUGHQ
:HQQGHU6WHFNHUQDFKGHP(LQEDXQLFKWPHKUHUUHLFKEDULVW
PXVVLQGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQHLQH7UHQQYRU
ULFKWXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU
JHVHKHQZHUGHQ
$QVFKOXVVOHLWXQJRKQH6FKXW]NRQWDNW6WHFNHU
1XUHLQNRQ]HVVLRQLHUWHU)DFKPDQQGDUIGDV*HUlWDQVFKOLHHQ
,QGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQLVWHLQH7UHQQYRUULFK
WXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU]XVH
KHQ3KDVHXQG1HXWUDO´1XOO´/HLWHULQGHU$QVFKOXVVGRVH
LGHQWLIL]LHUHQ%HL)DOVFKDQVFKOXVVNDQQGDV*HUlWEHVFKlGLJW
ZHUGHQ
1XUQDFK$QVFKOXVVELOGDQVFKOLHHQ6SDQQXQJVLHKH7\SHQ
VFKLOG'LH$GHUQGHU1HW]DQVFKOXVVOHLWXQJHQWVSUHFKHQGGHU
)DUEFRGLHUXQJDQVFKOLHHQJUQJHOE 6FKXW]OHLWHU
<EODX
1XOO1HXWUDO/HLWHUEUDXQ 3KDVH$XHQOHLWHU
*HUlWEHIHVWLJHQ%LOG
$FKWXQJ
=XU%HIHVWLJXQJGHU%OHQGHQNHLQHQ$NNXVFKUDXEHUYHUZHQGHQ
%OHQGHQN|QQHQEHVFKlGLJWZHUGHQ
 6SDOW]ZLVFKHQ*HUlWHWUXQG%OHQGHQEHL%HGDUIEHUGLH(LQ
VWHOOVFKUDXEHQOLQNVXQGUHFKWVDQSDVVHQ%LOG D
0LWGHP8KU]HLJHUVLQQ6SDOWYHUJU|HUQ
*HJHQGHQ8KU]HLJHUVLQQ6SDOWYHUNOHLQHUQ
 *HUlWJDQ]HLQVFKLHEHQ'DEHL$QVFKOXVVNDEHOQLFKWNQLFNHQ
HLQNOHPPHQRGHUEHUVFKDUIH.DQWHQIKUHQ
 *HUlWPLWWLJDXVULFKWHQ%LOG E
=ZLVFKHQ *HUlW XQG DQJUHQ]HQGHQ 0|EHOIURQWHQ LVW HLQ /XIWVSDOW
YRQPLQ PPHUIRUGHUOLFK
 *HUlWHWUHWZDV|IIQHQXQGGLH%OHQGHQOLQNVXQGUHFKWVDE
VFKUDXEHQ%LOG F
 *HUlWHWUVFKOLHHQ
 +|KHGHU*HUlWHWUEHL%HGDUIPLWGHQ(LQVWHOOVFKUDXEHQOLQNV
XQGUHFKWVHLQVWHOOHQ%LOG G
0LWGHP8KU]HLJHUVLQQ6SDOWYHUNOHLQHUQ
*HJHQGHQ8KU]HLJHUVLQQ6SDOWYHUJU|HUQ
 *HUlWDP0|EHOIHVWVFKUDXEHQ%LOG H
 *HUlWHWU HWZDV |IIQHQ %OHQGHQ DQOHJHQ XQG ]XHUVW REHQ GDQQ
XQWHQZLHGHUIHVWVFKUDXEHQ%LOG I
'HU6SDOW]ZLVFKHQ$UEHLWVSODWWHXQG*HUlWGDUIQLFKWGXUFK
]XVlW]OLFKH/HLVWHQYHUVFKORVVHQZHUGHQ
$Q GHQ 6HLWHQZlQGHQ GHV 8PEDXVFKUDQNHV GUIHQ NHLQH :lUPH
VFKXW]OHLVWHQDQJHEUDFKWZHUGHQ
$XVEDX
 *HUlWVSDQQXQJVORVPDFKHQ
 *HUlWHWUOHLFKW|IIQHQXQGGLH%OHQGHQOLQNVXQGUHFKWVDE
VFKUDXEHQ
 %HIHVWLJXQJVVFKUDXEHQO|VHQ
 *HUlWOHLFKWDQKHEHQXQGJDQ]KHUDXV]LHKHQ
.RFKIHOGDUW D
DXIJHVHW]W
D
IOlFKHQEQGLJ
E
,QGXNWLRQVNRFKIHOG PP PP PP
9ROOIOlFKHQ
,QGXNWLRQVNRFKIHOG
PP PP PP
*DVNRFKIHOG PP PP PP
(OHNWURNRFKIHOG PP PP PP
D
E

en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWLQIRUPDWLRQ²)LJ
7KH VDIH RSHUDWLRQ RI WKLV DSSOLDQFH FDQ RQO\ EH JXDUDQWHHG LI LW
KDV EHHQ LQVWDOOHG WR D SURIHVVLRQDO VWDQGDUG LQ DFFRUGDQFH ZLWK
WKHVHLQVWDOODWLRQLQVWUXFWLRQV7KHLQVWDOOHUVKDOOEHOLDEOHIRU
GDPDJHVLQFXUUHGDVDUHVXOWRILQFRUUHFWLQVWDOODWLRQ
'RQRWXVHWKHGRRUKDQGOHWRWUDQVSRUWRULQVWDOOWKHDSSOLDQFH
&KHFNWKHDSSOLDQFHIRUGDPDJHDIWHUXQSDFNLQJLW'RQRW
FRQQHFWWKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVLW
%HIRUH VWDUWLQJ XS WKH DSSOLDQFH UHPRYH DQ\ SDFNDJLQJ PDWHULDO
DQGDGKHVLYHILOPIURPWKHFRRNLQJFRPSDUWPHQWDQGWKHGRRU
)LWWHGXQLWVPXVWEHKHDWUHVLVWDQWXSWR&DQGDGMDFHQW
XQLWIURQWVXSWR&
'RQRWLQVWDOOWKHDSSOLDQFHEHKLQGDGHFRUDWLYHSDQHO7KHUHLV
DULVNRIRYHUKHDWLQJ
$Q\FXWRXWVWKDWQHHGWREHPDGHLQWKHXQLWVVKRXOGEHPDGH
EHIRUHWKHDSSOLDQFHLVLQVWDOOHG5HPRYHDQ\VKDYLQJVDVWKH\
PD\SUHYHQWWKHHOHFWULFDOFRPSRQHQWVIURPZRUNLQJSURSHUO\
:HDU SURWHFWLYH JORYHV VR WKDW \RX GR QRW FXW \RXUVHOI 3DUWV WKDW
DUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUSHGJHV
)RUDSSOLDQFHVWKDWKDYHDKLQJHGVZLWFKSDQHOPDNHVXUHWKDW
WKHVZLWFKSDQHOGRHVQRWKLWDGMDFHQWNLWFKHQXQLWVZKHQ\RX
RSHQLW
7KH SRZHU VRFNHW IRU WKH DSSOLDQFH PXVW HLWKHU EH ORFDWHG LQ WKH
KDWFKHGDUHD $RURXWVLGHRIWKHDUHDZKHUHWKHDSSOLDQFHLV
LQVWDOOHG
6HFXUH IUHHVWDQGLQJ XQLWV WR WKH ZDOO XVLQJ D VWDQGDUG EUDFNHW %
7KHGLPHQVLRQVLQWKHILJXUHVDUHLQPP
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
$SSOLDQFHXQGHUZRUNWRS²ILJ
7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUPXVWKDYHD
YHQWLODWLRQFXWRXW
6HFXUHWKHZRUNWRSWRWKHILWWHGXQLWV
,IWKHDSSOLDQFHLVLQVWDOOHGXQGHUDKREWKHIROORZLQJPLQLPXP
GLPHQVLRQVPXVWEHDGKHUHGWRLQFOXGLQJVXEVWUXFWXUHLI
DSSOLFDEOH
7KHPLQLPXPZRUNWRSWKLFNQHVV DLVEDVHGRQWKHUHTXLUHG
PLQLPXPFOHDUDQFH E
3URFHHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKH
KRE
$SSOLDQFHLQDWDOOXQLW)LJ
7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUVPXVWKDYHD
YHQWLODWLRQFXWRXW
,IWKHWDOOXQLWKDVDQRWKHUEDFNSDQHOLQDGGLWLRQWRWKHHOHPHQW
EDFNSDQHOVWKLVPXVWEHUHPRYHG
2QO\ ILW WKH DSSOLDQFH XS WR D KHLJKW ZKLFK DOORZV DFFHVVRULHV WR EH
HDVLO\UHPRYHG
&RUQHULQVWDOODWLRQ²)LJ
7RHQVXUHWKDWWKHDSSOLDQFHGRRUFDQEHRSHQHGLQDFRUQHU
LQVWDOODWLRQWDNHDFFRXQWRIGLPHQVLRQ &'LPHQVLRQ 'LV
GHSHQGHQWRQWKHWKLFNQHVVRIWKHXQLWIURQWXQGHUWKHKDQGOH
&RQQHFWLQJWKHDSSOLDQFHWRWKHHOHFWULFLW\VXSSO\
7KH DSSOLDQFH FRUUHVSRQGV WR SURWHFWLRQ FODVV DQG PXVW RQO\ EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
7KH IXVH SURWHFWLRQ PXVW FRUUHVSRQG WR WKH SRZHU UDWLQJ VSHFLILHG
RQWKHDSSOLDQFHVUDWLQJSODWHDQGWRORFDOUHJXODWLRQV
7KHDSSOLDQFHPXVWEHGLVFRQQHFWHGIURPWKHSRZHUVXSSO\
ZKHQHYHULQVWDOODWLRQZRUNLVEHLQJFDUULHGRXW
7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGZLWKWKHSRZHUFDEOH
SURYLGHG&RQQHFWWKHSRZHUFDEOHWRWKHEDFNRIWKHDSSOLDQFH
OLVWHQIRUWKHFOLFN
$PSRZHUFDEOHFDQEHREWDLQHGIURPWKHDIWHUVDOHVVHUYLFH
7KHSRZHUFDEOHPXVWRQO\EHUHSODFHGZLWKDFDEOHIURPWKH
RULJLQDOPDQXIDFWXUHUZKLFKFDQEHREWDLQHGIURPWKHDIWHUVDOHV
VHUYLFH
:KHQWKHDSSOLDQFHLVLQVWDOOHGSURWHFWLRQPXVWEHSURYLGHG
DJDLQVWDFFLGHQWDOFRQWDFWLQWKHIXWXUH
3RZHUFDEOHZLWKDSOXJZLWKHDUWKLQJFRQWDFW
7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGWRDQHDUWKLQJFRQWDFW
VRFNHWZKLFKKDVEHHQFRUUHFWO\LQVWDOOHG
,IWKHSOXJFDQQRORQJHUEHUHDFKHGDIWHUWKHLQVWDOODWLRQD
SDUWLWLRQPXVWEHSURYLGHGLQWKHSKDVHVLQWKHSHUPDQHQW
HOHFWULFDOLQVWDOODWLRQLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHJXODWLRQV
3RZHUFDEOHZLWKRXWDSOXJZLWKHDUWKLQJFRQWDFW
2QO\DOORZDOLFHQVHGSURIHVVLRQDOWRFRQQHFWWKHDSSOLDQFH
,QWKHSHUPDQHQWHOHFWULFDOLQVWDOODWLRQDSDUWLWLRQPXVWEH
SURYLGHGLQWKHSKDVHVLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHJXODWLRQV,GHQWLI\WKHSKDVHDQGQHXWUDOFRQGXFWRUVLQWKH
VRFNHW7KHDSSOLDQFHPD\EHGDPDJHGLILWLVQRWFRQQHFWHG
FRUUHFWO\
2QO\FRQQHFWWKHKREDFFRUGLQJWRWKHFRQQHFWLRQGLDJUDP6HH
WKHUDWLQJSODWHIRUWKHYROWDJH&RQQHFWWKHZLUHVRIWKHPDLQV
SRZHUFDEOHDFFRUGLQJWRWKHFRORXUFRGLQJ*UHHQ\HOORZ 3(
FRQGXFWRU
<EOXH QHXWUDOFRQGXFWRUEURZQ OLYHH[WHUQDO
FRQGXFWRU
,QGLDRQO\
3OHDVH QRWH WKH GLIIHUHQW FRORXU FRGH IRU WKH ZLULQJ *UHHQ\HOORZ
3(FRQGXFWRU
<EODFN QHXWUDOFRQGXFWRUUHG OLYHFRQGXFWRU
SKDVHFRQGXFWRU
6HFXULQJWKHDSSOLDQFH²)LJ
&DXWLRQ
'RQRWXVHDFRUGOHVVVFUHZGULYHUWRVHFXUHWKHSDQHOV7KLVPD\
GDPDJHWKHSDQHOV
 ,I QHFHVVDU\ \RX FDQ DGMXVW WKH JDS EHWZHHQ WKH DSSOLDQFH GRRU
DQG WKH SDQHOV XVLQJ WKH DGMXVWPHQW VFUHZV RQ WKH OHIW DQG ULJKW
)LJ D
7XUQLQJWKHVFUHZVFORFNZLVHZLOOPDNHWKHJDSODUJHU
7XUQLQJWKHVFUHZVDQWLFORFNZLVHZLOOPDNHWKHJDSVPDOOHU
 3XVKWKHDSSOLDQFHLQIXOO\'RQRWNLQNRUWUDSWKHFRQQHFWLRQ
FDEOHZKHQGRLQJVRRUURXWHLWRYHUVKDUSHGJHV
 &HQWUHWKHDSSOLDQFH)LJ E
$ JDS RI DW OHDVW PP LV UHTXLUHG EHWZHHQ WKH DSSOLDQFH DQG WKH
IURQWRIDGMDFHQWXQLWV
 2SHQ WKH DSSOLDQFH GRRU VOLJKWO\ DQG XQVFUHZ SDQHOV RQ WKH OHIW
DQGULJKW)LJ F
 &ORVHWKHDSSOLDQFHGRRU
 ,IQHFHVVDU\\RXFDQDGMXVWWKHKHLJKWRIWKHDSSOLDQFHGRRU
XVLQJWKHDGMXVWPHQWVFUHZVRQWKHOHIWDQGULJKW)LJ G
7XUQLQJWKHVFUHZVFORFNZLVHZLOOPDNHWKHJDSVPDOOHU
7XUQLQJWKHVFUHZVDQWLFORFNZLVHZLOOPDNHWKHJDSODUJHU
 6HFXUHWKHDSSOLDQFHWRWKHXQLW)LJ H
 2SHQ WKH DSSOLDQFH GRRU VOLJKWO\ )LW WKH SDQHOV DQG VFUHZ WKHP
LQSODFHDJDLQILUVWDWWKHWRSDQGWKHQDWWKHERWWRP)LJ I
+REW\SH D
6XUIDFH
PRXQWHG
D
)OXVKPRXQWHG
E
,QGXFWLRQKRE PP PP PP
)XOOVXUIDFH
LQGXFWLRQKRE
PP PP PP
*DVKRE PP PP PP
(OHFWULFKRE PP PP PP
D
E

7KHJDSEHWZHHQWKHZRUNWRSDQGDSSOLDQFHPXVWQRWEHVHDOHG
E\DGGLWLRQDOVWULSV
7KHUPDOLQVXODWLRQVWULSVPXVWQRWEHILWWHGWRWKHVLGHSDQHOVRI
WKHVXUURXQGXQLW
5HPRYDO
 'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
 2SHQ WKH DSSOLDQFH GRRU VOLJKWO\ DQG XQVFUHZ WKH OHIW DQG ULJKW
KDQGSDQHOV
 8QGRWKHPRXQWLQJVFUHZV
 /LIWWKHDSSOLDQFHVOLJKWO\DQGSXOOLWRXWFRPSOHWHO\
fr
Þ
1RWLFHGHPRQWDJH
&RQVLJQHVLPSRUWDQWHVILJ
6HXOHXQHLQVWDOODWLRQHIIHFWXpHVHORQFHWWHQRWLFHGHPRQWDJH
JDUDQWLWXQHXWLOLVDWLRQHQWRXWHVpFXULWp(QFDVGHGRPPDJHV
UpVXOWDQWGXQHLQVWDOODWLRQLQFRUUHFWHOLQVWDOODWHXUHVW
UHVSRQVDEOH
1XWLOLVH]SDVODSRLJQpHGHODSRUWHSRXUWUDQVSRUWHUQLSRXU
HQFDVWUHUODSSDUHLO
&RQWU{OH]OpWDWGHODSSDUHLODSUqVODYRLUGpEDOOp1HOH
UDFFRUGH]SDVVLOSUpVHQWHGHVDYDULHVGHWUDQVSRUW
$YDQWODPLVHHQVHUYLFHUHWLUH]OHPDWpULDXGHPEDOODJHHWOHV
ILOPVDGKpVLIVGXFRPSDUWLPHQWGHFXLVVRQHWVXUODSRUWH
/HV PHXEOHV GHQFDVWUHPHQW GRLYHQW UpVLVWHU j XQH WHPSpUDWXUH
MXVTXj&ODIDoDGHGHVPHXEOHVYRLVLQVMXVTXj&
1LQVWDOOH] SDV ODSSDUHLO GHUULqUH XQH SODTXH GpFRUDWLYH ,O H[LVWH
XQULVTXHGHVXUFKDXIIH
5pDOLVH] OHV WUDYDX[ GH GpFRXSH VXU OH PHXEOH DYDQW OD PLVH HQ
SODFH GH ODSSDUHLO 5HWLUH] OHV FRSHDX[ VXVFHSWLEOHV GH JrQHU OH
IRQFWLRQQHPHQWGHVFRPSRVDQWVpOHFWULTXHV
3RUWH]GHVJDQWVGHSURWHFWLRQSRXUpYLWHUGHVFRXSXUHV
&HUWDLQHV SLqFHV DFFHVVLEOHV ORUV GX PRQWDJH SHXYHQW SRVVpGHU
GHVDUrWHVFRXSDQWHV
(QFDVGDSSDUHLOVGRWpVGXQEDQGHDXGLQWHUUXSWHXUV
RULHQWDEOHDVVXUH]YRXVTXHOHEDQGHDXGLQWHUUXSWHXUVQHQWUH
SDVHQFROOLVLRQDYHFOHVPHXEOHVYRLVLQV
/DSULVHGHUDFFRUGHPHQWGHODSSDUHLOGRLWVHVLWXHUGDQVOD
]RQHGHODVXUIDFHKDFKXUpH $RXjOH[WpULHXUGHOHVSDFH
GHQFDVWUHPHQW
/HV PHXEOHV QRQ IL[pV GRLYHQW rWUH IL[pV DX PXU DX PR\HQ GXQH
pTXHUUH %XVXHOOHGXFRPPHUFH
'LPHQVLRQVLQGLTXpHVGDQVOHVLOOXVWUDWLRQVHQPP
: 3RUWHXUVGLPSODQWVpOHFWURQLTXHV
/DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
$SSDUHLOVRXVOHSODQGHWUDYDLOILJ
3RXUODYHQWLODWLRQGHODSSDUHLOOHSODQFKHULQWHUPpGLDLUHGRLW
SUpVHQWHUXQHGpFRXSHGHYHQWLODWLRQ
)L[H]OHSODQGHWUDYDLOVXUOHPHXEOHGHQFDVWUHPHQW
6LODSSDUHLOHVWHQFDVWUpVRXVXQHWDEOHGHFXLVVRQOHV
GLPHQVLRQVPLQLPDOHVVXLYDQWHVGRLYHQWrWUHUHVSHFWpHVOHFDV
pFKpDQWFRQVWUXFWLRQVXSSRUWLQFOXVH
(QUDLVRQGHODGLVWDQFHPLQLPDOHQpFHVVDLUH EOpSDLVVHXU
PLQLPDOHGXSODQGHWUDYDLOTXLHQGpFRXOHHVW D
5HVSHFWH]ODQRWLFHGHPRQWDJHGHODWDEOHGHFXLVVRQ
$SSDUHLOGDQVXQHDUPRLUHILJ
3RXUODpUDWLRQGHODSSDUHLOOHVIDX[SODQFKHUVGRLYHQWSUpVHQWHU
XQHGpFRXSHGHYHQWLODWLRQ
6LODUPRLUHSRVVqGHXQSDQQHDXDUULqUHHQSOXVGHVSDQQHDX[
DUULqUHGHVpOpPHQWVFHOXLFLGRLWrWUHHQOHYp
1LQVWDOOHUODSSDUHLOTXjXQHWHOOHKDXWHXUTXHOHVDFFHVVRLUHV
SXLVVHQWrWUHUHWLUpVVDQVSUREOqPH
(QFDVWUHPHQWDQJXODLUHILJ
$ILQGHSRXYRLURXYULUODSRUWHGHODSSDUHLOUHVSHFWHUOHVFRWHV &
HQFDVGHQFDVWUHPHQWDQJXODLUH/DFRWH 'HVWIRQFWLRQGH
OpSDLVVHXUGHODIDoDGHGXPHXEOHVRXVODSRLJQpH
5DFFRUGHPHQWpOHFWULTXHGHODSSDUHLO
/DSSDUHLOUpSRQGjODFODVVHGHSURWHFWLRQ,HWGRLWXQLTXHPHQW
rWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ
/DSURWHFWLRQSDUIXVLEOHGRLWVHIIHFWXHUFRQIRUPpPHQWj
OLQGLFDWLRQGHSXLVVDQFHVXUODSODTXHVLJQDOpWLTXHHWDX[
SUHVFULSWLRQVORFDOHV
3RXU WRXV OHV WUDYDX[ GH PRQWDJH ODSSDUHLO GRLW rWUH KRUV WHQVLRQ
/DSSDUHLOGRLWXQLTXHPHQWrWUHUDFFRUGpDXPR\HQGXFRUGRQ
GDOLPHQWDWLRQVHFWHXUIRXUQL&RQQHFWH]OHFRUGRQGDOLPHQWDWLRQ
VHFWHXUDXGRVGHODSSDUHLOFOLFVRQRUH 
8Q FRUGRQ GDOLPHQWDWLRQ VHFWHXU GH  P HVW HQ YHQWH DXSUqV GX
VHUYLFHDSUqVYHQWH
/HFRUGRQGDOLPHQWDWLRQVHFWHXUGRLWXQLTXHPHQWrWUHUHPSODFp
SDUXQFRUGRQGRULJLQHTXLSHXWrWUHFRPPDQGpDXSUqVGX
VHUYLFHDSUqVYHQWH
/D SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFLGHQWHOV GRLW rWUH JDUDQWLH SDU
OHPRQWDJH
&kEOHGHUDFFRUGHPHQWDYHFILFKHDYHFWHUUH
/DSSDUHLOGRLWLPSpUDWLYHPHQWrWUHUDFFRUGpjXQHSULVHGH
FRXUDQWGHVpFXULWpLQVWDOOpHGHPDQLqUHUpJOHPHQWDLUH
6LODSULVHQHVWSOXVDFFHVVLEOHDSUqVOLQVWDOODWLRQGDQV
OLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQVOHV
SKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
GLQVWDOODWLRQ
&kEOHGHUDFFRUGHPHQWVDQVILFKHDYHFWHUUH
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
'DQVOLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQV
OHVSKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
GLQVWDOODWLRQ,GHQWLILH]OHFRQGXFWHXUGHSKDVHHWOHFRQGXFWHXU
QHXWUHGDQVODSULVHGHUDFFRUGHPHQW/DSSDUHLOULVTXHGrWUH
HQGRPPDJpHQFDVGHUDFFRUGHPHQWLQFRUUHFW
,OGRLWrWUHUDFFRUGpXQLTXHPHQWFRQIRUPpPHQWDXVFKpPDGH
UDFFRUGHPHQW3RXUODWHQVLRQUHSRUWH]YRXVjODSODTXH
VLJQDOpWLTXH 5DFFRUGH] OHV ILOV GX FkEOH GH UDFFRUGHPHQW VHFWHXU
FRQIRUPpPHQWDXFRGHGHFRXOHXUV YHUWMDXQH FRQGXFWHXUGH
SURWHFWLRQ
<EOHX QHXWUHPDUURQ SKDVHFRQGXFWHXU
H[WpULHXU
)L[HUODSSDUHLOILJ
$WWHQWLRQ
1XWLOLVH]DXFXQHYLVVHXVHVDQVILOSRXUIL[HUOHVEDQGHDX[GH
FRPPDQGH&HODULVTXHUDLWG·HQGRPPDJHUOHVEDQGHDX[
 6L QpFHVVDLUH DMXVWH] OHVSDFH HQWUH OD SRUWH GH ODSSDUHLO HW OHV
EDQGHDX[GHFRPPDQGHYLDOHVYLVGHUpJODJHjJDXFKHHWj
GURLWHILJD
'DQVOHVHQVKRUDLUH DJUDQGLUOHVSDFH
'DQVOHVHQVDQWLKRUDLUH UpGXLUHOHVSDFH
 3RXVVH] ODSSDUHLO j IRQG GDQV OH PHXEOH 9HLOOH] FH IDLVDQW j QH
SDVSOLHUQLFRLQFHUOHFkEOHGDOLPHQWDWLRQHWjQHSDVOHIDLUH
SDVVHUDXGHVVXVGDUrWHVFRXSDQWHV
D
E
7\SHGHWDEOHGH
FXLVVRQ
D
SRVp
D
DIIOHXUDQW
E
7DEOHjLQGXFWLRQ  PP PP PP
7DEOH GH FXLVVRQ j LQ
GXFWLRQ
SOHLQHVXUIDFH
 PP  PP PP
7DEOHGHFXLVVRQDX
JD]
 PP PP PP
7DEOHGHFXLVVRQ
pOHFWULTXH
 PP  PP PP

 &HQWUH]ODSSDUHLOILJ E
8QH IHQWH GDpUDWLRQ GH PP PLQ HVW QpFHVVDLUH HQWUH ODSSDUHLO
HWODIDoDGHGHVPHXEOHVYRLVLQV
 (QWUHEkLOOH]OpJqUHPHQWODSRUWHGHODSSDUHLOHWGpYLVVH]OHV
EDQGHDX[jJDXFKHHWjGURLWHILJ F
 )HUPH]ODSRUWHGHODSSDUHLO
 5pJOH] VL QpFHVVDLUH OD KDXWHXU GH OD SRUWH GH ODSSDUHLO DYHF OHV
YLVGHUpJODJHjJDXFKHHWjGURLWHILJ G
'DQVOHVHQVKRUDLUH UpGXLUHOHVSDFH
'DQVOHVHQVDQWLKRUDLUH DJUDQGLUOHVSDFH
 9LVVH]ODSSDUHLODXPHXEOHILJ H
 2XYUH] OpJqUHPHQW OD SRUWH GH ODSSDUHLO $SSOLTXH] OHV EDQGHDX[
HWYLVVH]OHVGDERUGHQKDXWHWHQVXLWHHQEDVILJ I
/pFDUW HQWUH OH SODQ GH WUDYDLO HW ODSSDUHLO QH SHXW SDV rWUH REWXUp
SDUGHVEDQGHVVXSSOpPHQWDLUHV
$XFXQHEDQGHGHSURWHFWLRQWKHUPLTXHQHGRLWrWUHDSSOLTXpHVXU
OHVSDURLVODWpUDOHVGXPHXEOHGHQFDVWUHPHQW
'pPRQWDJH
 0HWWH]ODSSDUHLOKRUVWHQVLRQ
 (QWUHEkLOOH]ODSRUWHGHODSSDUHLOHWGpYLVVH]OHVEDQGHDX[j
JDXFKHHWjGURLWH
 'HVVHUUH]OHVYLVGHIL[DWLRQ
 6RXOHYH]OpJqUHPHQWODSSDUHLOHWUHWLUH]OHFRPSOqWHPHQW
it
â
,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL)LJXUD
/XWLOL]]RVLFXURYLHQHJDUDQWLWRVRORVHLOPRQWDJJLRqVWDWR
HIIHWWXDWR LQ PRGR FRUUHWWR VHFRQGR OH SUHVHQWL LVWUX]LRQL ,Q FDVR
GL GDQQL GRYXWL D XQ PRQWDJJLR VFRUUHWWR OD UHVSRQVDELOLWj ULFDGH
VXFKLKDPRQWDWRODSSDUHFFKLR
1RQ XWLOL]]DUH OD PDQLJOLD GHOOD SRUWD SHU WUDVSRUWDUH R LQVWDOODUH
ODSSDUHFFKLR
&RQWUROODUHODSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL
IRVVHUR YHULILFDWL GDQQL GD WUDVSRUWR QRQ FROOHJDUH ODSSDUHFFKLR
5LPXRYHUHLOPDWHULDOHGLLPEDOODJJLRHODSHOOLFRODDGHVLYDGDO
YDQRFRWWXUDHGDOORVSRUWHOORSULPDGHOODPHVVDLQIXQ]LRQH
,PRELOLGDLQFDVVRGHYRQRHVVHUHWHUPRVWDELOLILQRDXQD
WHPSHUDWXUDSDULD&HLPRELOLFRQWLJXLILQRD&
1RQPRQWDUHODSSDUHFFKLRGLHWURDXQSDQQHOORGHFRUDWLYR
6XVVLVWHLOSHULFRORGLVXUULVFDOGDPHQWR
&RPSOHWDUHLODYRULGLWDJOLRVXOPRELOHSULPDGHOOLQVHULPHQWR
GHOODSSDUHFFKLR5LPXRYHUHLWUXFLROLLQTXDQWRSRVVRQR
SUHJLXGLFDUHLOIXQ]LRQDPHQWRGHLFRPSRQHQWLHOHWWULFL
,QGRVVDUHJXDQWLSURWHWWLYLSHUHYLWDUHGLSURFXUDUVLIHULWHGD
WDJOLR3DUWLFKHUHVWDQRVFRSHUWHGXUDQWHLOPRQWDJJLRSRVVRQR
HVVHUHDSSXQWLWH
,QFDVRGLDSSDUHFFKLFRQSDQQHOORGHLFRPDQGLRULHQWDELOH
SUHVWDUHDWWHQ]LRQHDIILQFKpTXHVWXOWLPRQRQXUWLLPRELOL
FRQWLJXLGXUDQWHODIDVHGLHVWUD]LRQH
/DSUHVDGLFROOHJDPHQWRGHOODSSDUHFFKLRGHYHWURYDUVL
DOOLQWHUQRGHOODUHDWUDWWHJJLDWD $RDOOHVWHUQRGHOODUHDGL
LQFDVVR
)LVVDUHLOPRELOHDOODSDUHWHFRQXQDQJRODUH %GLVSRQLELOHLQ
FRPPHUFLR
1HOOHILJXUHOHPLVXUHVRQRHVSUHVVHLQPP
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
$SSDUHFFKLRVRWWRLOSLDQRGLODYRURILJXUD
3HUODYHQWLOD]LRQHGHOODSSDUHFFKLRRFFRUUHXQDIHVVXUDGL
YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR
)LVVDUHLOSLDQRGLODYRURDOPRELOHGDLQFDVVR
6HODSSDUHFFKLRYLHQHLQFDVVDWRVRWWRXQSLDQRFRWWXUDYDQQR
ULVSHWWDWHOHVHJXHQWLPLVXUHPLQLPHHYHQWXDOPHQWHLQFOXVD
VRWWRVWUXWWXUD
6XOODEDVHGHOODGLVWDQ]DPLQLPDQHFHVVDULD EULVXOWDORVSHVVRUH
PLQLPRGHOSLDQRGLODYRUR D
5LVSHWWDUHOHLVWUX]LRQLSHULOPRQWDJJLRGHOSLDQRFRWWXUD
$SSDUHFFKLRLQXQPRELOHDOWR)LJXUD
3HUODYHQWLOD]LRQHGHOODSSDUHFFKLRRFFRUUHXQDIHVVXUDGL
YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR
6HROWUHDLSDQQHOOLSRVWHULRULGHOOHOHPHQWRXQPRELOHDOWRKDXQ
XOWHULRUHSDQQHOORSRVWHULRUHTXHVWXOWLPRGHYHHVVHUHULPRVVR
0RQWDUHODSSDUHFFKLRDXQDOWH]]DWDOHGDSRWHUSUHOHYDUHJOL
DFFHVVRULVHQ]DSUREOHPL
0RQWDJJLRDQJRODUH)LJXUD
3HU SHUPHWWHUH ODSHUWXUD GHOOD SRUWD WHQHUH FRQWR GHOOD PLVXUD GHO
PRQWDJJLRDQJRODUH &/DPLVXUD 'GLSHQGHGDOORVSHVVRUHGHO
IURQWDOHGHOPRELOHVRWWRODPDQLJOLD
&ROOHJDPHQWRHOHWWULFRGHOODSSDUHFFKLR
/DSSDUHFFKLR DSSDUWLHQH DOOD FODVVH GL SURWH]LRQH , HG q LQ JUDGR
GLIXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD
/DSURWH]LRQHDYYLHQHVHFRQGROLQGLFD]LRQHGLSRWHQ]DVXOOD
WDUJKHWWDGLLGHQWLILFD]LRQHHQHOULVSHWWRGHOOHGLVSRVL]LRQLORFDOL
'XUDQWHWXWWHOHRSHUD]LRQLGLPRQWDJJLRODSSDUHFFKLRGHYH
HVVHUHVHQ]DWHQVLRQH
$OODFFLDUH ODSSDUHFFKLR HVFOXVLYDPHQWH PHGLDQWH LO FDYR IRUQLWR LQ
GRWD]LRQH&ROOHJDUHLOFDYRGLDOLPHQWD]LRQHDOODSDUWHSRVWHULRUH
GHOODSSDUHFFKLRFOLF
ËSRVVLELOHULFKLHGHUHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFDXQ
FDYRGLDOLPHQWD]LRQHGLP
6RVWLWXLUHLOFDYRGLDOLPHQWD]LRQHXQLFDPHQWHFRQXQFDYR
RULJLQDOHGLVSRQLELOHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFD
/DSURWH]LRQHGDFRQWDWWRGHYHHVVHUHJDUDQWLWDWUDPLWHLO
PRQWDJJLR
&DYRGLFROOHJDPHQWRFRQVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
/DSSDUHFFKLRSXzHVVHUHFROOHJDWRVRODPHQWHDXQDSUHVDFRQ
PHVVDDWHUUDLQVWDOODWDVHFRQGROHLVWUX]LRQL
6HGRSRLOPRQWDJJLRODVSLQDQRQqSLUDJJLXQJLELOHGXUDQWHOD
SRVDILVVDGHOOLQVWDOOD]LRQHHOHWWULFDSUHYHGHUHXQGLVSRVLWLYRGL
VHSDUD]LRQHQHOOHIDVLVHJXHQWLDOODGHWHUPLQD]LRQH
GHOODOOHVWLPHQWR
&DYRGLFROOHJDPHQWRVHQ]DVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
/DOODFFLDPHQWRGHOODSSDUHFFKLRSXzHVVHUHHIIHWWXDWRVRORGDXQ
WHFQLFRDXWRUL]]DWR
7LSRGLSLDQRFRWWX
UD
D
ULDO]DWR
D
DILOR
E
3LDQRFRWWXUDDLQGX
]LRQH
PP PP PP
3LDQRFRWWXUDFRQ
VLVWHPDDLQGX]LRQH
VXOOLQWHUDVXSHUILFLH
PP PP PP
3LDQRFRWWXUDDJDV PP PP PP
3LDQR FRWWXUD HOHWWULFR PP PP PP
D
E

'XUDQWH OD SRVD ILVVD GHOOLQVWDOOD]LRQH HOHWWULFD q GD SUHYHGHUH XQ
GLVSRVLWLYRGLVHSDUD]LRQHQHOOHIDVLFRQIRUPHPHQWHDOOH
GLVSRVL]LRQLGHOODOOHVWLPHQWR1HOODSUHVDGLFROOHJDPHQWR
LQGLYLGXDUHXQFRQGXWWRUHGLIDVHHXQRQHXWUR´]HURµ8Q
DOODFFLDPHQWRVFRUUHWWRGHOODSSDUHFFKLRSXzFRPSRUWDUQHLO
GDQQHJJLDPHQWR
$WWHQHUVLVHPSUHDOORVFKHPDGLDOODFFLDPHQWR3HUODWHQVLRQH
YHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH&ROOHJDUHLILOLGHOFDYRGL
FROOHJDPHQWRDOODUHWHHOHWWULFDULVSHWWDQGRLFRORULYHUGHJLDOOR
FRQGXWWRUHGLWHUUD
<EOX ]HURFRQGXWWRUHQHXWURPDUURQH
IDVHFRQGXWWRUHHVWHUQR
)LVVDJJLRGHOODSSDUHFFKLR)LJXUD
$WWHQ]LRQH
3HULOILVVDJJLRGHLSDQQHOOLQRQXWLOL]]DUHDOFXQDYYLWDWRUHD
EDWWHULD,SDQQHOOLSRVVRQRHVVHUHGDQQHJJLDWL
 6H QHFHVVDULR DGDWWDUH OR VSD]LR WUD OD SRUWD GHOODSSDUHFFKLR H
LSDQQHOOLWUDPLWHOHYLWLGLUHJROD]LRQHDVLQLVWUDHDGHVWUD
ILJXUD D
,QVHQVRRUDULRORVSD]LRDXPHQWD
,QVHQVRDQWLRUDULRORVSD]LRVLULGXFH
 ,QVHULUHODSSDUHFFKLRILQRLQIRQGR)DUHLQPRGRFKHLOFDYRGL
FROOHJDPHQWRQRQVLSLHJKLQRQULPDQJDLQFDVWUDWRHQRQSDVVL
VXVSLJROLYLYL
 &HQWUDUHODSSDUHFFKLRILJXUD E
7UD ODSSDUHFFKLR H L IURQWDOL GHL PRELOL FRQWLJXL GHYH HVVHUFL XQD
IHVVXUDGDULDGLPLQ PP
 $SULUH OHJJHUPHQWH OD SRUWD GHOODSSDUHFFKLR H VYLWDUH L SDQQHOOL D
VLQLVWUDHDGHVWUDILJXUD F
 &KLXGHUHODSRUWDGHOODSSDUHFFKLR
 6HQHFHVVDULRLPSRVWDUHODOWH]]DGHOODSRUWDGHOODSSDUHFFKLR
WUDPLWHOHYLWLGLUHJROD]LRQHDVLQLVWUDHDGHVWUDILJXUD G
,QVHQVRRUDULRORVSD]LRVLULGXFH
,QVHQVRDQWLRUDULRORVSD]LRDXPHQWD
 )LVVDUHODSSDUHFFKLRDOPRELOHILJXUD H
 $SULUHXQSRODSRUWDGHOODSSDUHFFKLR$SSOLFDUHLSDQQHOOLH
DYYLWDUHSULPDLQDOWRHSRLGLQXRYRLQEDVVRILJXUD I
1RQFKLXGHUHORVSD]LRWUDLOSLDQRGLODYRURHODSSDUHFFKLRFRQ
XOWHULRULOLVWHOOL
6XOOHSDUHWLODWHUDOLGHOPRELOHQRQGHYHHVVHUHFROORFDWRDOFXQ
OLVWHOORGLLVRODPHQWRWHUPLFR
6PRQWDJJLR
 6FROOHJDUHODSSDUHFFKLRGDOODUHWHHOHWWULFD
 $SULUH OHJJHUPHQWH OD SRUWD GHOODSSDUHFFKLR H VYLWDUH L SDQQHOOL D
GHVWUDHDVLQLVWUD
 6YLWDUHOHYLWLGLILVVDJJLR
 6ROOHYDUH OHJJHUPHQWH ODSSDUHFFKLR HG HVWUDUOR FRPSOHWDPHQWH
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ$IE
$OOHHQDOVGHLQERXZRSGHVNXQGLJHZLM]HHQFRQIRUPGLW
LQVWDOODWLHYRRUVFKULIWZRUGWXLWJHYRHUGLVGHYHLOLJKHLGELMKHW
JHEUXLN JHJDUDQGHHUG'H PRQWHXU LV DDQVSUDNHOLMN YRRU VFKDGH
DOVJHYROJYDQHHQYHUNHHUGHLQERXZ
'HXUJUHHSQLHWJHEUXLNHQYRRUKHWWUDQVSRUWRIGHLQERXZYDQ
KHWDSSDUDDW
&RQWUROHHUKHWDSSDUDDWQDKHWXLWSDNNHQ1LHWDDQVOXLWHQLQ
JHYDOYDQWUDQVSRUWVFKDGH
9HUSDNNLQJVPDWHULDDOHQSODNIROLHYRRULQJHEUXLNQDPH
YHUZLMGHUHQXLWGHELQQHQUXLPWHHQYDQGHGHXU
,QERXZPHXEHOVGLHQHQEHVWDQGWH]LMQWHJHQHHQWHPSHUDWXXU
YDQPD[LPDDO&DDQJUHQ]HQGHYRRU]LMGHQYDQPHXEHOV
WHJHQHHQWHPSHUDWXXUYDQPD[LPDDO&
+HWDSSDUDDWQLHWDFKWHUHHQGHFRUSODDWLQERXZHQ(UEHVWDDW
JHYDDUYDQRYHUYHUKLWWLQJ
9RHU XLWVQLMGLQJVZHUN]DDPKHGHQ DDQ KHW PHXEHO XLW YRRUGDW KHW
DSSDUDDWZRUGWJHSODDWVW6SDQHQYHUZLMGHUHQGH]HNXQQHQ
LQYORHGKHEEHQRSGHZHUNLQJYDQHOHNWULVFKHFRPSRQHQWHQ
'UDDJZHUNKDQGVFKRHQHQWHUYRRUNRPLQJYDQVQLMZRQGHQ
2QGHUGHOHQGLHWLMGHQVGHPRQWDJHWRHJDQNHOLMN]LMQNXQQHQ
VFKHUSHUDQGHQKHEEHQ
/HWHUELMDSSDUDWHQPHWHHQGUDDLEDDUVFKDNHOIURQWRSGDWKHW
VFKDNHOIURQWELMKHWQDDUEXLWHQNRPHQJHHQDDQJUHQ]HQGH
PHXEHOVUDDNW
'HFRQWDFWGRRVYDQKHWDSSDUDDWGLHQW]LFKLQKHWJHELHGYDQ
KHWJHDUFHHUGHYODN $RIEXLWHQGHLQERXZUXLPWHWHEHYLQGHQ
1LHWEHYHVWLJGHPHXEHOVPHWHHQJHEUXLNHOLMNHLQGHKDQGHO
YHUNULMJEDUHKDDN %DDQGHZDQGEHYHVWLJHQ
0DDWDDQGXLGLQJHQYDQGHDIEHHOGLQJHQLQPP
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
$SSDUDDWRQGHUZHUNEODG$IE
0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQWKHW
WXVVHQVFKRWWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ
:HUNEODGEHYHVWLJHQRSKHWLQERXZPHXEHO
:RUGWKHWDSSDUDDWRQGHUHHQNRRNSODDWLQJHERXZGGDQPRHWHQ
GHYROJHQGHPLQLPDOHDIPHWLQJHQLQDFKWZRUGHQJHQRPHQ
HYHQWXHHOLQFOXVLHIRQGHUERXZ
2SEDVLVYDQGHYHUHLVWHPLQLPDOHDIVWDQG ELVGHPLQLPDOHGLNWH
YDQKHWZHUNEODG D
+RXGXDDQKHWLQVWDOODWLHYRRUVFKULIWYRRUGHNRRNSODDW
$SSDUDDWLQERYHQNDVW$IEHHOGLQJ
0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQHQGH
WXVVHQVFKRWWHQWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ
:DQQHHUGHERYHQNDVWQDDVWGHHOHPHQWDFKWHUZDQGHQQRJHHQ
DFKWHUZDQGKHHIWGLHQWGH]HYHUZLMGHUGWHZRUGHQ
+HWDSSDUDDWQLHWWHKRRJLQERXZHQ]RGDWGHWRHEHKRUHQHU
]RQGHUSUREOHHPXLWJHQRPHQNXQQHQZRUGHQ
+RHNLQERXZ$IE
2PHUYRRUWH]RUJHQGDWGHGHXUYDQKHWDSSDUDDWNDQZRUGHQ
JHRSHQGGLHQWX]LFKELMGHKRHNLQERXZWHKRXGHQDDQGH
DIPHWLQJHQ &$IPHWLQJ 'LVDIKDQNHOLMNYDQGHGLNWHYDQKHW
PHXEHOIURQWRQGHUGHJUHHS
$SSDUDDWHOHNWULVFKDDQVOXLWHQ
+HWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVH ,HQPDJDOOHHQPHW
HHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
'H]HNHULQJGLHQWLQRYHUHHQVWHPPLQJWH]LMQPHWGH
YHUPRJHQVRSJDYHRSKHWW\SHSODDWMHHQGHORNDOHYRRUVFKULIWHQ
%LM DOOH PRQWDJHZHUN]DDPKHGHQ GLHQW KHW DSSDUDDW VSDQQLQJVORRV
WH]LMQ
+HWDSSDUDDWPDJDOOHHQPHWGHPHHJHOHYHUGHDDQVOXLWNDEHO
ZRUGHQDDQJHVORWHQ6WHHNGHVWHNNHUYDQGHDDQVOXLWNDEHOLQGH
DFKWHUNDQWYDQKHWDSSDUDDWNOLN
%LMGHVHUYLFHGLHQVWLVHHQPDDQVOXLWNDEHOYHUNULMJEDDU
'H DDQVOXLWNDEHO PDJ DOOHHQ ZRUGHQ YHUYDQJHQ GRRU HHQ RULJLQHOH
NDEHOGLHYHUNULMJEDDULVELMGHVHUYLFHGLHQVW
7\SHNRRNSODDW D
RSERXZ
D
YODNJHPRQWHHU
GH
E
PHWGRRUORSHQG
NRRNRSSHUYODN
PP PP PP
LQGXFWLHNRRNSODDW
PHWGRRUORSHQG
NRRNRSSHUYODN
PP PP PP
*DVNRRNSODDW PP PP PP
(OHNWULVFKHNRRNSODDW PP PP PP
D
E

'HEHVFKHUPLQJWHJHQDDQUDNLQJGLHQWGRRUGHLQERXZWH]LMQ
JHZDDUERUJG
$DQVOXLWNDEHOPHWJHDDUGHVWHNNHU
+HWDSSDUDDWPDJDOOHHQRSHHQJHDDUGHFRQWDFWGRRVZRUGHQ
DDQJHVORWHQGLHYROJHQVGHYRRUVFKULIWHQLVJHwQVWDOOHHUG
:DQQHHUGHVWHNNHUQDGHLQERXZQLHWPHHUWRHJDQNHOLMNLVPRHW
GHJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU
$DQVOXLWNDEHO]RQGHUJHDDUGHVWHNNHU
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
'HJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHGLHQWYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU)DVHHQQHXWUDDOQXOOHLGHULQKHWVWRSFRQWDFW
LGHQWLILFHUHQ%LMHHQYHUNHHUGHDDQVOXLWLQJNDQKHWDSSDUDDW
ZRUGHQEHVFKDGLJG
$OOHHQDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD'HVSDQQLQJVWDDW
YHUPHOGRSKHWW\SHSODDWMH'HDGHUVYDQGHKRRIGOHLGLQJ
QHWDDQVOXLWLQJ DDQVOXLWHQ YROJHQV GH NOHXUFRGHULQJ JURHQJHHO
DDUGOHLGLQJ
<EODXZ QXOQHXWUDDOOHLGLQJEUXLQ IDVH
EXLWHQOHLGLQJ
$SSDUDDWEHYHVWLJHQ$IEHHOGLQJ
$WWHQWLH
*HHQ DFFXVFKURHYHQGUDDLHU JHEUXLNHQ YRRU KHW EHYHVWLJHQ YDQ GH
SDQHOHQ3DQHOHQNXQQHQEHVFKDGLJGUDNHQ
 6SOHHWWXVVHQRYHQGHXUHQSDQHOHQLQGLHQQRGLJYLDGH
LQVWHOVFKURHYHQOLQNVHQUHFKWVDDQSDVVHQDIEHHOGLQJD
0HWGHNORNPHHVSOHHWYHUJURWHQ
7HJHQGHNORNLQVSOHHWYHUNOHLQHQ
 $SSDUDDW KHOHPDDO LQVFKXLYHQ=RUJ HUYRRU GDW KHW DDQVOXLWVQRHU
KLHUELMQLHWNQLNWZRUGWLQJHNOHPGRIRYHUVFKHUSHUDQGHQZRUGW
JHOHLG
 +HWDSSDUDDWFHQWULVFKXLWULFKWHQDIEHHOGLQJE
7XVVHQKHWDSSDUDDWHQGHDDQJUHQ]HQGHYRRU]LMGHQYDQ
PHXEHOVGLHQWHHQOXFKWVSOHHWYDQPLQVWHQV PPDDQZH]LJWH
]LMQ
 2YHQGHXULHWVRSHQHQHQGHSDQHOHQOLQNVHQUHFKWV
ORVVFKURHYHQDIEHHOGLQJF
 2YHQGHXUVOXLWHQ
 +RRJWHYDQGHRYHQGHXULQGLHQQRGLJPHWGHLQVWHOVFKURHYHQ
OLQNVHQUHFKWVLQVWHOOHQDIEHHOGLQJG
0HWGHNORNPHHVSOHHWYHUNOHLQHQ
7HJHQGHNORNLQVSOHHWYHUJURWHQ
 $SSDUDDWDDQKHWPHXEHOYDVWVFKURHYHQDIEHHOGLQJH
 $SSDUDDWGHXU HHQ EHHWMH RSHQHQ3DQHOHQ HUWHJHQDDQ ]HWWHQ HQ
HHUVWERYHQHQYHUYROJHQVEHQHGHQZHHUYDVWVFKURHYHQ
DIEHHOGLQJI
'H VSOHHW WXVVHQ ZHUNEODG HQ DSSDUDDW PDJ QLHW GRRU H[WUD OLMVWHQ
ZRUGHQDIJHVORWHQ
$DQGH]LMZDQGHQYDQGHRPERXZNDVWPRJHQJHHQ
LVRODWLHSURILHOHQZRUGHQDDQJHEUDFKW
'HPRQWDJH
 0DDNKHWDSSDUDDWVSDQQLQJVORRV
 $SSDUDDWGHXUHHQEHHWMHRSHQ]HWWHQHQGHSDQHOHQOLQNVHQ
UHFKWVORVVFKURHYHQ
 %HYHVWLJLQJVVFKURHYHQORVGUDDLHQ
 $SSDUDDWOLFKWRSWLOOHQHQKHOHPDDOQDDUEXLWHQWUHNNHQ
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJHRSO\VQLQJHUILJXU
.XQ YHG NRUUHNW LQGE\JQLQJ LKW GHQQH PRQWHULQJVDQYLVQLQJ NDQ
GHUJDUDQWHUHVIRUVLNNHUDQYHQGHOVHDIDSSDUDWHW0RQW¡UHQ
KIWHUIRUVNDGHUVRPVN\OGHVXNRUUHNWLQGE\JQLQJ
%UXJLNNHG¡UJUHEHWVRPKMOSWLOWUDQVSRUWHOOHULQGE\JQLQJDI
DSSDUDWHW
.RQWUROOHU DSSDUDWHW QnU GHW HU SDNNHW XG 7LOVOXW LNNH DSSDUDWHW
KYLVGHWKDUWUDQVSRUWVNDGHU
)MHUQ HPEDOODJHPDWHULDOH RJ NOEHIROLH IUD RYQUXPPHW RJ G¡UHQ
LQGHQLEUXJWDJQLQJHQ
,QGE\JQLQJVVNDEHVNDOYUHWHPSHUDWXUEHVWDQGLJHRSWLO&
RJIURQWHUSnWLOVW¡GHQGHVNDEHRSWLO&
$SSDUDWHWPnLNNHLQGE\JJHVEDJHWGHNRUDWLRQVSDQHO)DUH
VRPI¡OJHDIRYHURSKHGQLQJ
8GVNULQJHUQHLLQGE\JQLQJVVNDEHQHVNDOXGI¡UHVLQGHQ
DSSDUDWHWVWWHVSnSODGV)MHUQVSnQHUVRPNDQIRUULQJHGH
HOHNWULVNHNRPSRQHQWHUVIXQNWLRQ
%UXJEHVN\WWHOVHVKDQGVNHUIRUDWXQGJnVQLWVnU'HOHPHG
VNDUSHNDQWHUNDQYUHWLOJQJHOLJHXQGHUPRQWDJHQ
9HGDSSDUDWHUPHGGUHMHOLJWIURQWSDQHOPnIURQWSDQHOHWLNNH
NXQQH NROOLGHUH PHG GH WLOVW¡GHQGH N¡NNHQVNDEH QnU GHW GUHMHV
XG
6WLNNRQWDNWHQKYRUDSSDUDWHWWLOVOXWWHVVNDOYUHSODFHUHW
LQGHQIRUGHQVNUDYHUHGHIODGH $HOOHUXGHQIRU
LQGE\JQLQJVUXPPHW
,NNHIDVWJMRUWHN¡NNHQVNDEHVNDOIDVWJ¡UHVWLOYJJHQPHGHW
DOPLQGHOLJWYLQNHOEHVODJ %
0nOHQHSnWHJQLQJHUQHHUDQJLYHWLPP
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
$SSDUDWXQGHUERUGSODGHILJXU
'HUVNDOYUHHQXGVNULQJLPHOOHPEXQGHQWLOYHQWLODWLRQDI
DSSDUDWHW
)DVWJ¡UERUGSODGHQWLON¡NNHQHOHPHQWHUQH
+YLVDSSDUDWHWEOLYHULQGE\JJHWXQGHUHQNRJHVHNWLRQVNDO
I¡OJHQGHPLQLPXPDIVWDQGHRYHUKROGHVHYHQWXHOWLQNOXVLYHHQ
XQGHUNRQVWUXNWLRQ
'HQQ¡GYHQGLJHPLQLPXPDIVWDQG EEHVWHPPHUGHQPLQGVWH
ERUGSODGHW\NNHOVH D
)¡OJDQYLVQLQJHUQHLPRQWHULQJVYHMOHGQLQJHQIRUNRJHVHNWLRQHQ
$SSDUDWLK¡MVNDEILJXU
,QGE\JQLQJVVNDEHWVPHOOHPEXQGHVNDOKDYHXGVNULQJHUWLO
YHQWLODWLRQ
+YLVK¡MVNDEHWXGRYHUHOHPHQWEDJYJJHQKDUHQGQXHQ
EDJYJVNDOGHQIMHUQHV
$SSDUDWHWPnLNNHLQGE\JJHVK¡MHUHRSSHHQGDWWLOEHK¡UHWNDQ
WDJHVXGXGHQSUREOHPHU
+M¡UQHLQGE\JQLQJILJXU
9HGKM¡UQHLQGE\JQLQJVNDOPnOHQH 'RYHUKROGHVIRUDWDSSDUDWHW
G¡UVNDONXQQHnEQHV0nOHW 'DIKQJHUDIP¡EHOIURQWHQV
W\NNHOVHXQGHUKnQGWDJHW
(OHNWULVNWLOVOXWQLQJ
$SSDUDWHWHUNODVVLILFHUHWLEHVN\WWHOVHVNODVVH ,RJPnNXQ
DQYHQGHVPHGVLNNHUKHGVMRUGIRUELQGHOVH
$IVLNULQJHQVNDOXGI¡UHVLKHQKROGWLOGHWDQJLYQHHIIHNWIRUEUXJSn
W\SHVNLOWHWRJGHORNDOHIRUVNULIWHU
7\SHNRJHVHNWLRQ D
3nVDW
D
3ODQPRQWHUHW
E
,QGXNWLRQVNRJHVHNWL
RQ
PP PP PP
)XOGIODGH
LQGXNWLRQVNRJHVHNWL
RQ
PP PP PP
*DVNRJHVHNWLRQ PP PP PP
(ONRJHVHNWLRQ PP PP PP
D
E

$SSDUDWHWVNDOYUHXGHQHOHNWULVNVSQGLQJYHGDOOHIRUPHUIRU
PRQWDJHDUEHMGH
$SSDUDWHWPnNXQWLOVOXWWHVPHGGHQOHYHUHGHWLOVOXWQLQJVOHGQLQJ
6WLNWLOVOXWQLQJVOHGQLQJHQLQGSnEDJVLGHQDIDSSDUDWHWNOLN
'HUNDQInVHQWLOVOXWQLQJVOHGQLQJSnPKRVNXQGHVHUYLFH
7LOVOXWQLQJVOHGQLQJHQPnNXQXGVNLIWHVPHGHQRULJLQDO
WLOVOXWQLQJVOHGQLQJVRPNDQEHVWLOOHVYLDNXQGHVHUYLFH
,QGE\JQLQJHQVNDO\GHEHU¡ULQJVEHVN\WWHOVH
7LOVOXWQLQJVOHGQLQJPHGVWLNWLOVLNNHUKHGVNRQWDNW
$SSDUDWHWPnNXQWLOVOXWWHVWLOHQNRUUHNWLQVWDOOHUHW
VLNNHUKHGVVWLNNRQWDNW
+YLVVWLNNHWLNNHHUWLOJQJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQYUHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
7LOVOXWQLQJVOHGQLQJXGHQVWLNWLOVLNNHUKHGVNRQWDNW
$SSDUDWHWPnNXQWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
9HGHQIDVWHOHNWULVNLQVWDOODWLRQVNDOGHUYUHPRQWHUHWHQ
DIEU\GHUDQRUGQLQJSnIDVHUQHLKHQKROGWLO
LQVWDOODWLRQVEHVWHPPHOVHUQH,GHQWLILFHUIDVHRJQXOOHGHUL
WLOVOXWQLQJVGnVHQ+YLVDSSDUDWHWWLOVOXWWHVIRUNHUWNDQGHWEOLYH
EHVNDGLJHW
0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW9HGUVSQGLQJVH
W\SHVNLOW7LOVOXWQHWWLOVOXWQLQJVOHGQLQJHQVOHGHUHLKW
IDUYHPDUNHULQJHQ JU¡QJXO EHVN\WWHOVHVOHGHU
< EOn QXOOHGHU
EUXQ IDVH\GHUOHGHU
.XQIRU'DQPDUN
$SSDUDWHURSWLOPDNV N: $VHW\SHVNLOW
, 'DQPDUN HU DSSDUDWHW NXQ JRGNHQGW WLO EUXJ L IRUELQGHOVH PHG HQ
VWLNNRQWDNWW\SH(+YLVGHUNXQILQGHVHQVWLNNRQWDNWW\SH.Sn
WLOVOXWQLQJVVWHGHWVNDODSSDUDWHWWLOVOXWWHVPHGHQHJQHWDGDSWHU
.XQSnGHQQHPnGHNDQGHWVLNUHVDWDSSDUDWHWEOLYHUNRUUHNW
MRUGIRUEXQGHW'HQQHDGDSWHUNDQInVYLDNXQGHVHUYLFH
UHVHUYHGHOVQUHOOHUVRPHNVWUDWLOEHK¡U
+YLVVWLNNHWLNNHHUWLOJQJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQYUHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
$SSDUDWHURYHU N: $VHW\SHVNLOW
$SSDUDWHWPnLNNHWLOVOXWWHVPHGVWLNNHWWLO
VLNNHUKHGVVWLNNRQWDNWHQ'HUHUIDUHIRUHOHNWULVNVW¡G$SSDUDWHW
Pn NXQ WLOVOXWWHV PHG HQ IDVW WLOVOXWQLQJ VRP NXQ Pn XGI¡UHV DI HQ
DXWRULVHUHWIDJPDQG
)DVWJ¡UHDSSDUDWILJXU
3DVSn
$QYHQGLNNHDNNXVNUXHWUNNHUWLOIDVWJ¡UHOVHDISDQHOHUQH
3DQHOHUQHNDQEOLYHEHVNDGLJHW
 -XVWHUHYHQWXHOWVSDOWHQPHOOHPDSSDUDWHWVG¡URJSDQHOHUQH
PHGLQGVWLOOLQJVVNUXHUQHLYHQVWUHRJK¡MUHVLGHILJXU D
,UHWQLQJPRGXUHW6SDOWHQIRUVW¡UUHV
,UHWQLQJPRGXUHW6SDOWHQIRUPLQGVNHV
 6N\GDSSDUDWHWKHOWLQG3DVSnDWWLOVOXWQLQJVNDEOHWLNNHInU
NQNNRPPHULNOHPPHHOOHUEOLYHUI¡UWKHQRYHUVNDUSHNDQWHU
 &HQWUHUDSSDUDWHWILJXU E
'HU VNDO YUH HQ OXIWVSDOWH Sn PLQ PP PHOOHP DSSDUDWHW RJ GH
WLOVW¡GHQGHVNDEVIURQWHU
 /XN DSSDUDWHWV G¡U OLGW RS RJ VNUX SDQHOHUQH DI L YHQVWUH RJ K¡MUH
VLGHILJXU F
 /XNRYQG¡UHQ
 ,QGVWLOHYHQWXHOWK¡MGHQDIDSSDUDWHWVG¡UPHG
LQGVWLOOLQJVVNUXHUQHLK¡MUHRJYHQVWUHVLGHILJXU G
,UHWQLQJPHGXUHW6SDOWHQIRUPLQGVNHV
,UHWQLQJPRGXUHW6SDOWHQIRUVW¡UUHV
 6NUXDSSDUDWHWIDVWLN¡NNHQVNDEHWILJXU H
 cEQ RYQG¡UHQ OLGW6W SDQHOHUQH Sn RJ VNUX GHP IDVW LJHQ I¡UVW
IRURYHQRJGHUHIWHUIRUQHGHQILJXU I
6SDOWHQPHOOHPERUGSODGHRJDSSDUDWPnLNNHOXNNHVPHGHNVWUD
OLVWHU
'HUPnLNNHSODFHUHVOLVWHUWLOYDUPHEHVN\WWHOVHSn
LQGE\JQLQJVVNDEHWVVLGHYJJH
$IPRQWHULQJ
 6¡UJIRUDWDSSDUDWHWHUXGHQVSQGLQJ
 /XN DSSDUDWHWV G¡U OLGW RS RJ VNUX SDQHOHUQH DI L YHQVWUH RJ K¡MUH
VLGH
 6NUXPRQWHULQJVVNUXHUQHXG
 /¡IWDSSDUDWHWOLGWRJWUNGHWKHOWXG
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDUELOG
6lNHUDQYlQGQLQJI|UXWVlWWHUSURIIVLJPRQWHULQJHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UVNDGRUVRP
XSSVWnUSnJUXQGDYIHODNWLJLQE\JJQDG
$QYlQGLQWHOXFNKDQGWDJHWI|UDWWElUDHOOHUPRQWHUDHQKHWHQ
.RQWUROOHUDHQKHWHQHIWHUXSSDFNQLQJ$QVOXWLQWHHQKHWHQRP
GHQKDUWUDQVSRUWVNDGRU
7D ERUW I|USDFNQLQJVPDWHULDO RFK VN\GGVIROLHU IUnQ XJQVXWU\PPH
RFKOXFNDI|UHDQYlQGQLQJ
6WRPPDUQDVNDWnODWHPSHUDWXUHUXSSWLOO&OXFNRURFK
OnGIURQWHULQWLOOXSSWLOO&
0RQWHUDLQWHHQKHWHQEDNRPGHNRUSDQHO5LVNI|U|YHUKHWWQLQJ
*|UXUWDJHQLVWRPPDUQDLQQDQGXVlWWHULHQKHWHQ7DERUW
VSnQHQGHNDQSnYHUNDHONRPSRQHQWHUQDVIXQNWLRQ
$QYlQGVN\GGVKDQGVNDUVnXQGYLNHUGXVNlUVNDGRU'X
NRPPHUnWGHODUYLGPRQWHULQJVRPNDQKDYDVVDNDQWHU
6H WLOO Vn DWW IURQWHQ LQWH JnU HPRW DQJUlQVDQGH VWRPPDU QlU GHQ
nNHUXWSnHQKHWHUPHGIlOOEDUIURQW
9lJJXWWDJHWI|UDQVOXWQLQJHQPnVWHVLWWDLQRPRPUnGHW $HOOHU
XWDQI|ULQE\JJQDGVXWU\PPHW
)lVWO|VDVWRPPDUPHGYDQOLJDP|EHOYLQNODU %PRWYlJJHQ
$OODELOGPnWWlULPP
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
(QKHWXQGHUElQNVNLYDELOG
+\OOSODQHWVNDKDHWWYHQWLODWLRQVXUWDJVnDWWHQKHWHQEOLU
YHQWLOHUDG
)lVWElQNVNLYDQLVWRPPHQ
,QE\JJQDGXQGHUKlOONUlYHUDWWGXKnOOHUI|OMDQGHPLQLPLPnWWHY
LQNOXVLYHVWRPPH
7\SH(
7\SH.
D
E

1|GYlQGLJWPLQLPLDYVWnQG EJHUPLQElQNVNLYWMRFNOHN D
)|OMKlOOHQVPRQWHULQJVDQYLVQLQJ
(QKHWLK|JVNnSELOG
+\OOSODQHQVNDKDYHQWLODWLRQVXUWDJI|UHQKHWHQ
)LQQV GHW I|UXWRP HOHPHQWEDNVLGRUQD lYHQ U\JJ Sn K|JVNnSHW Vn
PnVWHGXWDERUWGHQ
0RQWHUDLQWHHQKHWHQK|JUHlQDWWGXVPLGLJWNDQWDXUWLOOEHK|U
+|UQPRQWHULQJELOG
7DKlQV\QWLOOPnWW &VnDWWOXFNDQWLOOHQKHWHQJnUDWW|SSQDYLG
K|UQPRQWHULQJ0nWW 'lUREHURHQGHDYIURQWWMRFNOHNHQXQGHU
EHVODJHW
(ODQVOXWDHQKHWHQ
(QKHWHQKDUVN\GGVNODVV,RFKVNDKDMRUGDGHODQVOXWQLQJ
$YVlNUDHQOLJWDQJLYHQHIIHNWSnW\SVN\OWHQRFKORNDODI|UHVNULIWHU
(QKHWHQVNDYDUDVSlQQLQJVO|VYLGDOOVODJVPRQWHULQJ
$QVOXWEDUDHQKHWHQPHGGHQPHGI|OMDQGHVODGGHQ6lWWL
NRQWDNWHQVQlSSHUIDVWSnHQKHWHQVEDNVLGD
'HWJnUDWWEHVWlOODPVODGGKRVVHUYLFH
'XInUEDUDE\WDXWVODGGHQPRWRULJLQDOVODGGVRPGXEHVWlOOHUDY
VHUYLFH
,QVWDOODWLRQHQPnVWHJHHWWIXOOJRWWSHWVN\GG
6ODGGPHGMRUGDGNRQWDNW
'XInUEDUDDQVOXWDHQKHWHQWLOOUlWWLQVWDOOHUDGHMRUGDGHHOXWWDJ
2PGHWLQWHJnUDWWQnNRQWDNWHQHIWHULQE\JJQDGVnPnVWHGHQ
IDVWDLQVWDOODWLRQHQKDHQIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD
$QVOXWQLQJVNDEHOXWDQMRUGDGNRQWDNW
'HWlUEDUDEHK|ULJHOHNWULNHUVRPInUHODQVOXWDHQKHWHQ
)DVWLQVWDOODWLRQNUlYHUIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD
,GHQWLILHUDIDVRFKQHXWUDOOHGDUHQROODLNRSSOLQJVGRVDQ
)HODQVOXWQLQJNDQVNDGDHQKHWHQ
'XInUEDUDDQVOXWDHQOLJWHOVFKHPDW6SlQQLQJVHW\SVN\OWHQ
$QVOXWOHGDUQDLHODQVOXWQLQJHQHQOLJWIlUJPlUNQLQJHQJU|QJXO
MRUGOHGDUH
<EOn QROODQHXWUDOOHGDUHEUXQ IDVIDVOHGDUH
)lVWDHQKHWHQELOG
2EV
)lVWLQWHSDQHOHUQDPHGVODGGO|VVNUXYGUDJDUH'XNDQVNDGD
SDQHOHUQD
 $QSDVVD VSDOWHQ WLOO YlQVWHU RFK K|JHU PHOODQ OXFND RFK SDQHOHU
PHGVWlOOVNUXYDUQDELOG DRPGHWEHK|YV
0HGXUV|NDUVSDOWHQ
0RWXUVPLQVNDUVSDOWHQ
 6NMXW LQ HQKHWHQ KHOW6H WLOO Vn DWW VODGGHQ LQWH EOLU YLNW NOlPG HOOHU
GUDJHQ|YHUYDVVDNDQWHU
 &HQWUHUDHQKHWHQELOG E
'HWVNDILQQDVHQPPOXIWVSDOWPHOODQHQKHWHQRFK
DQJUlQVDQGHVNnSVVWRPPDU
 gSSQDOXFNDQOLWHRFKVNUXYDDYYlQVWHURFKK|JHUSDQHO
ELOG F
 6WlQJOXFNDQ
 6WlOOLQOXFNK|MGHQPHGYlQVWHURFKK|JHUVWlOOVNUXYELOG G
RPGHWEHK|YV
0HGXUVPLQVNDUVSDOWHQ
0RWXUV|NDUVSDOWHQ
 6NUXYDIDVWHQKHWHQLVNnSVVWRPPHQELOG H
 gSSQDOXFNDQOLWH6lWWSnSDQHOHUQDXSSWLOOI|UVWVNUXYDVHGDQ
IDVWGHPELOG I
6HWLOOVnDWWLQWHDQGUDOLVWHUWlFNHUVSDOWHQPHOODQElQNVNLYDRFK
HQKHW
'HWInULQWHVLWWDQnJUDWHUPRVN\GGVOLVWHUSnVLGRYlJJDUQDL
RPE\JJQDGVVWRPPHQ
'HPRQWHULQJ
 *|UHQKHWHQVSlQQLQJVO|V
 gSSQDOXFNDQOLWHRFKVNUXYDDYYlQVWHURFKK|JHUSDQHO
 /RVVDIlVWVNUXYDUQD
 /\IWHQKHWHQQnJRWRFKGUDVHGDQXWGHQKHOWRFKKnOOHW
no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU²ELOGH
6LNNHUEUXNJDUDQWHUHVEDUHYHGNRUUHNWPRQWHULQJLKHQKROGWLO
GHQQHPRQWHULQJVDQYLVQLQJHQ0RQW¡UHQVWnUDQVYDUOLJIRU
VNDGHUVRPRSSVWnUSJDIHLOPRQWHULQJ
,NNHKROGLG¡UKnQGWDNHWYHGWUDQVSRUWHOOHULQQE\JJLQJDY
DSSDUDWHW
.RQWUROOHUDSSDUDWHWHWWHUDWGXKDUSDNNHWGHWXW,NNHNREOHWLO
DSSDUDWHWKYLVGHWHUEOLWWVNDGHWXQGHUWUDQVSRUW
)MHUQDOOHPEDOODVMHIUDRYQVURPPHWRJDSSDUDWG¡UHQI¡U
DSSDUDWHWWDVLEUXN
,QQE\JJLQJVPRGXOHUPnWnOHWHPSHUDWXUHUSnLQQWLO &RJ
HOHPHQWIURQWHULRPUnGHWPnWnOHLQQWLO &
$SSDUDWHWPnLNNHPRQWHUHVEDNS\QWHGHNVHO'HWHUIDUHIRU
RYHURSSKHWLQJ
7LOSDVQLQJHUDYP¡EOHQHUXQGWPnXWI¡UHVI¡UDSSDUDWHWVHWWHV
LQQ)MHUQVSRQ9LUNHPnWHQWLOGHHOHNWULVNHNRPSRQHQWHQHNDQ
SnYLUNHV
%UXNYHUQHKDQVNHUIRUnXQQJnNXWWVNDGHU'HOHUVRPHU
WLOJMHQJHOLJHXQGHUPRQWHULQJNDQKDVNDUSHNDQWHU
3nDSSDUDWHUPHGXWVYLQJEDUWEU\WHUSDQHOPnGXSDVVHSnDW
EU\WHUSDQHOHWLNNHNROOLGHUHUPHGWLOJUHQVHQGHP¡EOHUQnUGHW
VYLQJHVXW
9HJJXWWDNIRUDSSDUDWHWPnOLJJHLRPUnGHWYHGGHQVNUDYHUWH
IODWHQ $HOOHUXWHQIRULQQE\JJLQJVRPUnGHW
.M¡NNHQHOHPHQWHUVRPLNNHHUIHVWHWVNUXVIDVWWLOYHJJHQPHG
HWYDQOLJYLQNHOMHUQ %
0nOLILJXUHQHLPP
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
$SSDUDWXQGHUEHQNHSODWHQ²ILJXU
)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQKDHQ
XWVNnUHWOXIWHnSQLQJ
)HVWEHQNHSODWHQSnNM¡NNHQHOHPHQWHW
+YLVDSSDUDWHWEOLUE\JJHWLQQXQGHUHQSODWHWRSSPnI¡OJHQGH
PLQVWHPnORYHUKROGHVHYHQWXHOWLQNOXVLYHXQGHUVWHOO
3JDGHQQ¡GYHQGLJHPLQVWHDYVWDQGHQ EEOLUPLQVWHVW\UNHQSn
EHQNHSODWHQ D
+lOOW\S D
RYDQSnOLJ
JDQGH
D
LQIlOOGPRQWH
ULQJ
E
LQGXNWLRQVKlOO PP PP PP
+HOWlFNDQGH
LQGXNWLRQVKlOO
PP PP PP
*DVKlOO PP PP PP
(OKlOO PP PP PP
7\SHSODWHWRSS D
WUDGLVMRQHOO
D
SODQR
E
,QGXNVMRQVWRSS PP PP PP
6RQHIUL
LQGXNVMRQVWRSS
PP PP PP
*DVVWRSS PP PP PP
*ODVVNHUDPLVNSODWH
WRSS
PP PP PP
D
E

)¡OJPRQWHULQJVDQYLVQLQJHQIRUSODWHWRSSHQ
$SSDUDWLK¡\VNDSILJXU
)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQHKD
XWVNnUHGHOXIWHnSQLQJHU
1nUK¡\VNDSHWLWLOOHJJWLOHOHPHQWEDNYHJJHQHKDUHQGDHQ
EDNYHJJPnGHQQHIMHUQHV
$SSDUDWHWPnE\JJHVLQQVOLNDWWLOEHK¡UHWNDQWDVXWXWHQ
SUREOHPHU
,QQE\JJLQJLKM¡UQHU²ILJXU
)RUDWDSSDUDWG¡UHQVNDONXQQHnSQHVPnGHWWDVKHQV\QWLO
PnOHQH &YHGLQQE\JJLQJLKM¡UQHU0nOHW 'HUDYKHQJLJDY
W\NNHOVHQSnHOHPHQWIURQWHQXQGHUKnQGWDNHW
.REOHDSSDUDWHWWLOVWU¡P
$SSDUDWHWHULVDPVYDUPHGEHVN\WWHOVHVNODVVH ,RJPnEDUH
NREOHVWLOHQMRUGHWVWLNNRQWDNW
$SSDUDWHWPnVLNUHVLKHQKROGWLORSSO\VQLQJHQHSnW\SHVNLOWHWRJ
ORNDOHIRUVNULIWHU
9HGDOWPRQWHULQJVDUEHLGPnDSSDUDWHWYUHVSHQQLQJVO¡VW
$SSDUDWHWVNDOEDUHNREOHVWLOPHGGHQPHGI¡OJHQGH
WLONREOLQJVOHGQLQJHQ6HWWLWLONREOLQJVOHGQLQJHQSnEDNVLGHQDY
DSSDUDWHWNOLNN
7LONREOLQJVOHGQLQJSnPNDQInVKRVNXQGHVHUYLFH
7LONREOLQJVOHGQLQJHQPnEDUHHUVWDWWHVDYHQRULJLQDOOHGQLQJVRP
InVKRVNXQGHVHUYLFH
0RQWHULQJHQPnLNNHLQQVNUHQNHEHU¡ULQJVEHVN\WWHOVHQ
7LONREOLQJVOHGQLQJPHGMRUGHWVW¡SVHO
$SSDUDWHWPnEDUHNREOHVWLOHQIRUVNULIWVPHVVLJPRQWHUWMRUGHW
VWLNNRQWDNW
'HUVRPVW¡SVHOHWLNNHHUWLOJMHQJHOLJHWWHUPRQWHULQJPnGHWL
KHQKROGWLOUHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQHLGHQIDVWH
HOHNWULVNHLQVWDOODVMRQHQ
7LONREOLQJVOHGQLQJXWHQMRUGHWVW¡SVHO
$SSDUDWHWPnEDUHWLONREOHVDYHQJRGNMHQWIDJSHUVRQ
,GHQIDVWHHOHNWULVNHLQVWDOODVMRQHQVNDOGHWLKHQKROGWLO
UHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQH,GHQWLILVHUIDVHRJ
Q¡\WUDOOHGHUQXOOHGHULVWLNNRQWDNWHQ$SSDUDWHWNDQEOL¡GHODJW
YHGIHLOWLONREOLQJ
7LONREOLQJHQ Pn VNMH LKW WLONREOLQJVVNLVVHQ 6SHQQLQJ VH W\SHVNLOW
/HGHUQHLWLONREOLQJVOHGQLQJHQPnNREOHVWLOLVDPVYDUPHG
IDUJHNRGLQJHQJU¡QQJXO MRUGOHGQLQJ
<EOn QXOO
Q¡\WUDOOHGHUEUXQ IDVH\WWHUOHGHU
)HVWLQJDYDSSDUDWHW²ELOGH
2EV
%UXNLNNHVNUXPDVNLQWLOnVNUXIDVWGHNVOHQH'HNVOHQHNDQEOL
VNDGHW
 7LOSDVVVSDOWHQPHOORPDSSDUDWG¡UHQRJGHNVOHQHPHG
MXVWHULQJVVNUXHQH Sn YHQVWUH RJ K¡\UH VLGH ELOGH D YHG EHKRY
0HGNORNNHYLVHUHQ6SDOWHQEOLUVW¡UUH
0RWNORNNHYLVHUHQ6SDOWHQEOLUPLQGUH
 6N\YDSSDUDWHWKHOWLQQ3DVVSnDWWLONREOLQJVOHGQLQJHQLNNH
NQHNNHVNOHPPHVIDVWHOOHUWUHNNHVRYHUVNDUSHNDQWHU
 5HWWLQQDSSDUDWHWVOLNDWGHWEHILQQHUVHJPLGWVWLOWELOGH E
0HOORPDSSDUDWRJWLOVW¡WHQGHP¡EHOIURQWHUPnGHWYUHHQ
OXIWHVSDOWHSnPLQ PP
 cSQH DSSDUDWG¡UHQ OLWW RJ VNUX DY GHNVOHQH Sn K¡\UH RJ YHQVWUH
VLGHELOGH F
 /XNNDSSDUDWG¡UHQ
 6WLOOLQQK¡\GHQSnDSSDUDWG¡UHQPHGMXVWHULQJVVNUXHQHSn
K¡\UHRJYHQVWUHVLGHELOGH GYHGEHKRY
0HGNORNNHYLVHUHQ6SDOWHQEOLUPLQGUH
0RWNORNNHYLVHUHQ6SDOWHQEOLUVW¡UUH
 6NUXDSSDUDWHWIDVWWLONM¡NNHQHOHPHQWHWELOGH H
 cSQH DSSDUDWG¡UHQ OLWW 6HWW Sn GHNVOHQH RJ VNUX GHP IDVW I¡UVW
RSSHGHUHWWHUQHGHELOGH I
6SDOWHQPHOORPDUEHLGVSODWHQRJDSSDUDWHWPnLNNHOXNNHVDY
HNVWUDOLVWHU
3nVLGHYHJJHQHWLORPE\JJLQJVVNDSHWVNDOGHWLNNHIHVWHVQRHQ
YDUPHEHVN\WWHOVHVOLVWHU
8WPRQWHULQJ
 .REOHDSSDUDWHWIUDVWU¡PQHWWHW
 cSQHDSSDUDWG¡UHQOLWWRJVNUXDYSODWHQHSnK¡\UHRJYHQVWUH
VLGH
 /¡VQHIHVWHVNUXHQH
 /¡IWDSSDUDWHWOLWWRSSRJWUHNNGHWKHOWXW
fi
Ý
$VHQQXVRKMH
7lUNHLWlRKMHLWDNXYD
$LQRDVWDDQQlLGHQDVHQQXVRKMHLGHQPXNDLQHQDVHQQXVWDNDD
WXUYDOOLVHQNl\W|Q9LUKHHOOLVHVWlDVHQQXNVHVWDMRKWXYLVWD
YDKLQJRLVWDYDVWDDDVHQWDMD
bOlQRVWDODLWHWWDOXXNXQNDKYDVWDODLWWHHQNXOMHWXNVHHQWDL
DVHQQXNVHQ\KWH\GHVVl
7DUNDVWDODLWHNXQROHWSXUNDQXWVHQSDNNDXNVHVWD-RV
ODLWWHHVVDRQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q
3RLVWDSDLNNDXVPDWHULDDOLMDOLLPDNDOYRWXXQLWLODVWDMDOXXNXVWD
HQQHQODLWWHHQNl\WW||QRWWRD
.DOXVWHLGHQMRLKLQODLWHDVHQQHWDDQSLWllNHVWllOlPS|WLODD
&YLHUHVVlROHYLHQNDOXVWHLGHQHWXRVLHQYlKLQWllQOlPS|WLODD
&
bOlDVHQQDODLWHWWDVRPLVWHOHY\QWDDNVH9DDUDQDRQ
\OLNXXPHQHPLQHQ
7HHNDOXVWHHQOHLNNDXVW\|WHQQHQODLWWHHQDVHQWDPLVWD3RLVWD
ODVWXWVlKN|LVWHQUDNHQQHRVLHQWRLPLQWDDQYRLWXOODKlLUL|LWl
.l\Wl VXRMDNlVLQHLWl MRWWD YlOWlW YLLOWRKDDYDW 2VDW MRLKLQ SllVHW
DVHQQXNVHQDLNDQDNlVLNVLYRLYDWROODWHUlYlUHXQDLVLD
-RVODLWWHHVVDRQNllQQHWWlYlRKMDXVSDQHHOLYDUPLVWDHWWl
RKMDXVSDQHHOLHLXORVNllQQHWWlHVVlRVXYLHUHLVLLQNDOXVWHLVLLQ
/DLWWHHQOLLWlQWlUDVLDQWXOHHROODYLLYRLWHWXQSLQQDQDOXHHOOD $WDL
DVHQQXVDOXHHQXONRSXROHOOD
.LLQQLWlLUUDOOLVHWNDOXVWHHW\OHLVHVWLVDDWDYDQDROHYDOOD
NXOPDOHY\OOl %VHLQllQ
.XYLHQPLWDWPP
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
/DLWHW\|WDVRQDOODNXYD
9lOLSRKMDVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ
.LLQQLWlW\|WDVRNDOXVWHHVHHQ
-RVODLWHDVHQQHWDDQNHLWWRWDVRQDOOHRQQRXGDWHWWDYDVHXUDDYLD
PLQLPLPLWWRMDWDUYLWWDHVVDDOODROHYDUDNHQQHPXNDDQOXNLHQ
7DUYLWWDYDQPLQLPLHWlLV\\GHQ EWDNLDW\|WDVRQYlKLPPlLVYDKYXXV
RQ D
1RXGDWDNHLWWRWDVRQDVHQQXVRKMHWWD
/DLWHNRUNHDVVDNDDSLVVDNXYD
9lOLSRKMLVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ
-RVNRUNHDVVDNDDSLVVDRQHOHPHQWWLWDNDVHLQLHQOLVlNVLWRLQHQ
WDNDVHLQlVHRQSRLVWHWWDYD
.HLWWRWDVRQW\\SSL D
SllOOHDVHQ
QHWWX
D
VDPDQWDVRLQHQ
DVHQQXV
E
,QGXNWLRNHLWWRWDVR PP PP PP
7l\VLSLQWDLQHQ
LQGXNWLRNHLWWRWDVR
PP PP PP
.DDVXNHLWWRWDVR PP PP PP
6lKN|NHLWWRWDVR PP PP PP
D
E

$VHQQD ODLWH YDLQ QLLQ NRUNHDOOH HWWl YDUXVWHHW VDD RWHWWXD KHOSRVWL
XORV
$VHQQXVNXOPDDQNXYD
-RWWDODLWWHHQOXXNNXVDDGDDQDYDWWXDRWDNXOPDDQDVHQWDHVVDVL
KXRPLRRQ PLWDW & 0LWWD ' ULLSSXX NDOXVWHHQ HWXRVDQ SDNVXXGHVWD
NDKYDQDODSXROHOOD
/DLWWHHQOLLWWlPLQHQVlKN|YHUNNRRQ
/DLWWHHQVXRMDOXRNNDRQ ,MDVHQNl\WW|RQVDOOLWWXYDLQ
PDDGRLWXVOLLWlQQlQNDQVVD
6XRMDXVRQWHKWlYlW\\SSLNLOYHVVlPDLQLWXQWHKRWLHGRQMD
SDLNDOOLVWHQPllUl\VWHQPXNDDQ
/DLWWHHVVDHLVDDROODMlQQLWHWWlDVHQQXVW|LWlWHKWlHVVl
/DLWWHHQVDDOLLWWllYDLQPXNDQDWRLPLWHWXQOLLWlQWlMRKGRQNDQVVD
.\WNHOLLWlQWlMRKWRODLWWHHQWDNDVLYXOOHNOLN
+XROWRSDOYHOXVWDRQVDDWDYDQDPHWULQOLLWlQWlMRKWR
/LLWlQWlMRKGRQ VDD YDLKWDD YDLQ DONXSHUlLVHHQ OLLWlQWlMRKWRRQ MRND
RQVDDWDYDQDKXROWRSDOYHOXVWD
$VHQQXNVHQSLWllWDDWDNRVNHWXVVXRMD
/LLWlQWlMRKWRMRVVDPDDGRLWHWWXSLVWRNH
/DLWWHHQ VDD OLLWWll DLQRDVWDDQ PllUl\VWHQPXNDLVHVWL DVHQQHWWXXQ
PDDGRLWHWWXXQSLVWRUDVLDDQ
-RVSLVWRNNHHVHHQHLSllVHDVHQQXNVHQMlONHHQHQllNlVLNVL
NLLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ
PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD
/LLWlQWlMRKWRMRVVDHLPDDGRLWHWWXDSLVWRNHWWD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDVHQWDMD
.LLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ
PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD<NVLO|LYDLKHMDQROODMRKWR
OLLWlQWlUDVLDVVD-RVOLLWlQWlWHKGllQYllULQODLWHYRLYDXULRLWXD
/LLWlODLWHYDLQOLLWlQWlNXYDQPXNDDQ-lQQLWHNVW\\SSLNLOSL/LLWl
YHUNNROLLWlQWlMRKGRQMRKWLPHWYlULNRRGLHQPXNDDQYLKUHl
NHOWDLQHQ VXRMDMRKGLQ
<VLQLQHQ QROODQROODMRKGLQUXVNHD
YDLKHYDLKHMRKGLQ
/DLWWHHQNLLQQLWWlPLQHQNXYD
+XRPLR
bOlNl\WlOLVWRMHQNLLQQLWWlPLVHHQDNNXUXXYLQYllQQLQWl/LVWDW
YRLYDWYDXULRLWXD
 6llGlODLWWHHQOXXNXQMDOLVWRMHQYlOLVWlUDNRDWDUYLWWDHVVD
YDVHPPDOODMDRLNHDOODROHYLHQVllW|UXXYLHQDYXOODNXYD D
0\|WlSlLYllQUDRQVXXUHQWDPLQHQ
9DVWDSlLYllQUDRQSLHQHQWlPLQHQ
 7\|QQl ODLWH NRNRQDDQ SDLNDOOHHQ bOl WDLYXWD OLLWlQWlMRKWRD MlWl
VLWlSXULVWXNVLLQWDLYLHVLWlWHUlYLHQUHXQRMHQ\OL
 .RKGLVWDODLWHNHVNHOOHNXYD E
/DLWWHHQ MD YLHUHLVWHQ NHLWWL|NDOXVWHLGHQ HWXRVLHQ YlOLVVl SLWll ROOD
LOPDWLODDYlKLQWllQ PP
 $YDDODLWWHHQOXXNNXDKLXNDQMDLUURWDYDVHPPDOODMDRLNHDOOD
ROHYLHQOLVWRMHQUXXYLNLLQQLW\VNXYD F
 6XOMHODLWWHHQOXXNNX
 6llGlODLWWHHQOXXNXQNRUNHXWWDWDUYLWWDHVVDYDVHPPDOODMD
RLNHDOODROHYLHQVllW|UXXYLHQDYXOODNXYD G
0\|WlSlLYllQUDRQSLHQHQWlPLQHQ
9DVWDSlLYllQUDRQVXXUHQWDPLQHQ
 .LLQQLWlODLWHUXXYHLOODNDOXVWHHVHHQNXYD H
 $YDDODLWWHHQOXXNNXDKLXNDQ$VHWDOLVWDWSDLNRLOOHHQMDNLLQQLWl
WDDVUXXYHLOODHQVLQ\OKllOWlVLWWHQDOKDDOWDNXYD I
7\|WDVRQMDODLWWHHQYlOLVWlUDNRDHLVDDVXONHDOLVlOLVWRLOOD
.DDSLQVLYXVHLQLLQHLVDDDVHQWDDOlPS|VXRMDOLVWRMD
,UURWXV
 3RLVWDODLWWHHVWDMlQQLWH
 $YDDODLWWHHQOXXNNXDKLXNDQMDUXXYDDYDVHPPDOODMDRLNHDOOD
ROHYDWOLVWDWLUWL
 ,UURWDNLLQQLW\VUXXYLW
 1RVWDODLWHWWDNHY\HVWLMDYHGlNRNRQDDQXORV
es
Û
,QVWUXFFLRQHVGHPRQWDMH
$GYHUWHQFLDVLPSRUWDQWHVILJXUD
6RORXQPRQWDMHSURIHVLRQDOVLJXLHQGRHVWDVLQVWUXFFLRQHVGH
PRQWDMH JDUDQWL]D XQ XVR VHJXUR (Q FDVR GH GDxRV GHELGR D XQ
PRQWDMHHUUyQHRODUHVSRQVDELOLGDGVHUiGHOLQVWDODGRU
1RXWLOL]DUHOWLUDGRUGHODSXHUWDSDUDWUDQVSRUWDURLQVWDODUHO
DSDUDWR
&RPSUREDUHOHOHFWURGRPpVWLFRDOVDFDUORGHVXHPEDODMH(O
HOHFWURGRPpVWLFRQRGHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGR
GDxRVGXUDQWHHOWUDQVSRUWH
$QWHVGHSRQHUHQPDUFKDHOHOHFWURGRPpVWLFRUHWLUDUHO
PDWHULDO GH HPEDODMH \ ODV OiPLQDV DGKHUHQWHV GH OD SXHUWD \ GHO
LQWHULRUGHOHOHFWURGRPpVWLFR
/RVPXHEOHVGRQGHVHDORMDHOHOHFWURGRPpVWLFRGHEHQSRGHU
UHVLVWLU XQD WHPSHUDWXUD GH KDVWD  & \ OD SDUWH IURQWDO GH ORV
PXHEOHVDG\DFHQWHVKDVWD&
1RLQVWDODUHODSDUDWRGHWUiVGHXQSDQHOGHFRUDWLYR([LVWH
ULHVJRGHVREUHFDOHQWDPLHQWR
/OHYDUDFDERORVWUDEDMRVGHUHFRUWHHQHOPXHEOHDQWHVGH
FRORFDUHOHOHFWURGRPpVWLFR5HWLUDUODVYLUXWDVGHORFRQWUDULR
SRGUtDQDIHFWDUDOIXQFLRQDPLHQWRGHORVFRPSRQHQWHV
HOpFWULFRV
/OHYDUJXDQWHVSURWHFWRUHVSDUDHYLWDUFRUWHV/DVSLH]DVTXH
HVWpQDFFHVLEOHVGXUDQWHHOPRQWDMHSXHGHQWHQHUORVERUGHV
DILODGRV
(QORVDSDUDWRVHQORVTXHODSDUWHIURQWDOGHOLQWHUUXSWRUVHD
RVFLODQWHHYLWDUTXHGLFKDSDUWHFROLVLRQHFRQORVPXHEOHV
FRQWLJXRVDOH[WUDHUOR
/DFDMDGHFRQH[LyQGHOHOHFWURGRPpVWLFRGHEHTXHGDUGHQWUR
GHOD]RQDGHODVXSHUILFLHVRPEUHDGD $RIXHUDGHOHVSDFLRGH
PRQWDMH
)LMDUDODSDUHGORVPXHEOHVTXHQRHVWpQILMDGRVFRQXQD
HVFXDGUDHVWiQGDU %
/DVPHGLGDVGHODVILJXUDVVHLQGLFDQHQPP
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV
SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV
HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR
GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD
GHFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV
$SDUDWRGHEDMRGHODHQFLPHUDILJXUD
3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ
XQDUDQXUDGHYHQWLODFLyQ
)LMDUODHQFLPHUDVREUHHOPXHEOHHPSRWUDGR
6LHODSDUDWRVHPRQWDGHEDMRGHXQDSODFDGHFRFFLyQGHEHQ
UHVSHWDUVHODVVLJXLHQWHVPHGLGDVPtQLPDVHQFDVRQHFHVDULR
LQFOXLGDODHVWUXFWXUDLQIHULRU
(QIXQFLyQGHODVPHGLGDVPtQLPDVUHTXHULGDV EVHGHWHUPLQDOD
FDSDFLGDGPtQLPDGHODHQFLPHUD D
7HQHUHQFXHQWDODVLQVWUXFFLRQHVGHPRQWDMHGHODSODFDGH
FRFFLyQ
7LSRGHSODFD D
HQFDVWUDGD
D
DUDVGHODVX
SHUILFLH
E
3ODFDGHLQGXFFLyQ PP PP PP
6XSHUILFLHGH
3ODFDGHLQGXFFLyQ
PP PP PP
3ODFDGHFRFFLyQGH
JDV
PP PP PP
3ODFDGHFRFFLyQ
HOpFWULFD
PP PP PP
D
E

$SDUDWRHQXQDUPDULRHQDOWRILJXUD
3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ
XQDUDQXUDGHYHQWLODFLyQ
&XDQGRHODUPDULRHQDOWRFXHQWDFRQRWUDSODFDSRVWHULRU
DGLFLRQDO DO PDUJHQ GH ODV SODFDV SRVWHULRUHV HVWD GHEH UHWLUDUVH
1RPRQWDUHODSDUDWRGHPDVLDGRDOWRDILQGHSRGHUUHWLUDUORV
DFFHVRULRVVLQSUREOHPDV
0RQWDMHHQHVTXLQDILJXUD
3DUDTXHVHDSRVLEOHDEULUODSXHUWDGHODSDUDWRREVHUYDUXQD
GLVWDQFLD &HQHOPRQWDMHHQHVTXLQD/DPHGLGD 'GHSHQGHGHO
JURVRUGHOIURQWDOGHOPXHEOHEDMRHOWLUDGRU
&RQH[LyQGHODSDUDWRDODUHGHOpFWULFD
(OHOHFWURGRPpVWLFRSHUWHQHFHDODFODVHGHSURWHFFLyQ ,\VROR
SXHGH XWLOL]DUVH FRQHFWDGR D XQD FRQH[LyQ FRQ FRQGXFWRU GH WRPD
DWLHUUD
/DSURWHFFLyQSRUIXVLEOHGHEHFRQILJXUDUVHGHDFXHUGRFRQORV
GDWRV GH SRWHQFLD LQGLFDGRV HQ OD SODFD GH FDUDFWHUtVWLFDV \ FRQ OD
QRUPDWLYDORFDO
(OHOHFWURGRPpVWLFRGHEHHVWDUVLQWHQVLyQSDUDSRGHUUHDOL]DUORV
WUDEDMRVGHPRQWDMH
(ODSDUDWRVRORSXHGHFRQHFWDUVHFRQHOFDEOHGHFRQH[LyQ
VXPLQLVWUDGR&RQHFWDUHOFDEOHGHFRQH[LyQHQODSDUWHSRVWHULRU
GHODSDUDWRGHEHRtUVHXQFOLF
3XHGHDGTXLULUVHXQFDEOHGHFRQH[LyQGH PDWUDYpVGHO
6HUYLFLRGH$WHQFLyQDO&OLHQWH
(OFDEOHGHFRQH[LyQVRORSXHGHVHUVXVWLWXLGRSRUXQFDEOH
RULJLQDO TXH SXHGH VROLFLWDUVH D WUDYpV GHO 6HUYLFLR GH $WHQFLyQ DO
&OLHQWH
0HGLDQWHHOPRQWDMHGHEHJDUDQWL]DUVHODSURWHFFLyQFRQWUD
FRQWDFWRDFFLGHQWDO
&DEOHGHFRQH[LyQFRQFRQHFWRUFRQFRQWDFWRGHSXHVWDD
WLHUUD
(OHOHFWURGRPpVWLFRVRORSRGUiFRQHFWDUVHDXQDWRPDGH
FRUULHQWHGHLQVWDODFLyQUHJODPHQWDULD\SURYLVWDGHWRPDDWLHUUD
6HJ~QODVQRUPDVVLHOFRQHFWRU\DQRHVDFFHVLEOHWUDVHO
PRQWDMH OD LQVWDODFLyQ HOpFWULFD FRQ WRPD GH WLHUUD GHEHUi FRQVWDU
GHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV
&DEOHGHFRQH[LyQVLQFRQHFWRUFRQFRQWDFWRGHSXHVWDD
WLHUUD
/DFRQH[LyQGHODSDUDWRGHEHUHDOL]DUVHH[FOXVLYDPHQWHSRUXQ
WpFQLFRHVSHFLDOLVWDDXWRUL]DGR
6HJ~QODVQRUPDVODLQVWDODFLyQHOpFWULFDFRQWRPDGHWLHUUD
GHEHUiGLVSRQHUGHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV
,GHQWLILFDUHOFRQGXFWRUGHIDVH\HOFRQGXFWRUQHXWUR©FHURªGH
ODWRPDGHFRUULHQWH(ODSDUDWRSXHGHUHVXOWDUGDxDGRVLQRVH
FRQHFWDGHODIRUPDDGHFXDGD
&RQHFWDUHODSDUDWRVHJ~QHOHVTXHPDGHFRQH[LyQ&RQVXOWDUOD
WHQVLyQHQODSODFDGHFDUDFWHUtVWLFDV&RQHFWDUORVFRQGXFWRUHV
GHOFDEOHGHFRQH[LyQDODUHGGHDFXHUGRFRQODFRGLILFDFLyQSRU
FRORUHV YHUGHDPDULOOR WRPD D WLHUUD
< D]XO FHUR FRQGXFWRU
QHXWURPDUUyQ IDVHFRQGXFWRUH[WHULRU
)LMDUHODSDUDWRILJXUD
£$WHQFLyQ
1RXVDUXQGHVWRUQLOODGRUHOpFWULFRSDUDILMDUODVPROGXUDV/DV
PROGXUDVSXHGHQUHVXOWDUGDxDGDV
 6HJ~QVHGHVHHDMXVWDUDGHUHFKDHL]TXLHUGDODVHSDUDFLyQ
HQWUHODSXHUWDGHODSDUDWR\ODVPROGXUDVFRQORVWRUQLOORVGH
DMXVWHILJXUDD
(QHOVHQWLGRGHODVDJXMDVGHOUHORMDXPHQWDUODVHSDUDFLyQ
(QHOVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORMGLVPLQXLUOD
VHSDUDFLyQ
 ,QWURGXFLUFRPSOHWDPHQWHHOHOHFWURGRPpVWLFR1RGREODU
DSULVLRQDUQLSDVDUSRUERUGHVDILODGRVHOFDEOHGHFRQH[LyQ
 &HQWUDUHODSDUDWRILJXUD E
(QWUH HO DSDUDWR \ ORV IURQWDOHV GH ORV PXHEOHV DG\DFHQWHV GHEH
GHMDUVHXQDGLVWDQFLDPtQLPDGH PP
 $EULU OLJHUDPHQWH OD SXHUWD GHO HOHFWURGRPpVWLFR \ GHVWRUQLOODU ODV
PROGXUDVSRUODL]TXLHUGD\ODGHUHFKDILJXUD F
 &HUUDUODSXHUWDGHODSDUDWR
 6HJ~QVHGHVHHDMXVWDUDGHUHFKDHL]TXLHUGDODDOWXUDGHOD
SXHUWDGHODSDUDWRFRQORVWRUQLOORVGHDMXVWHILJXUD G
(QHOVHQWLGRGHODVDJXMDVGHOUHORMUHGXFLUODVHSDUDFLyQ
(QHOVHQWLGRFRQWUDULRDOGHODVDJXMDVGHOUHORMDXPHQWDUOD
VHSDUDFLyQ
 $WRUQLOODUHODSDUDWRDOPXHEOHILJXUD H
 $EULUXQSRFRODSXHUWDGHODSDUDWR0RQWDUODVPROGXUDV\
YROYHUODVDDWRUQLOODUSULPHURODPROGXUDGHDUULED\GHVSXpVOD
GHDEDMRILJXUD I
(OHVSDFLRHQWUHODHQFLPHUD\HODSDUDWRQRGHEHREVWUXLUVHFRQ
OLVWRQHVVXSOHPHQWDULRV
(QODVSDUHGHVODWHUDOHVGHODUPDULRGHVPRQWDEOHQRVHSXHGHQ
PRQWDUOLVWRQHVWpUPLFRV
'HVPRQWDMH
 'HVFRQHFWDUHODSDUDWRGHODFRUULHQWH
 $EULUOLJHUDPHQWHODSXHUWDGHODSDUDWR\GHVDWRUQLOODUODV
PROGXUDVDL]TXLHUGD\GHUHFKD
 $IORMDUORVWRUQLOORVGHDMXVWH
 /HYDQWDUOLJHUDPHQWHHODSDUDWR\H[WUDHUORSRUFRPSOHWR
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHVILJXUD
$SHQDVXPDPRQWDJHPSURILVVLRQDOGHDFRUGRFRPHVWDV
LQVWUXo}HVGHPRQWDJHPJDUDQWHXPDXWLOL]DomRVHJXUD2V
GDQRVFDXVDGRVSRUXPDPRQWDJHPLQDGHTXDGDVmRGD
UHVSRQVDELOLGDGHGRLQVWDODGRU
1mRXWLOL]HRSX[DGRUGDSRUWDSDUDWUDQVSRUWDURXPRQWDUR
DSDUHOKR
([DPLQHRDSDUHOKRGHSRLVGHRGHVHPEDODU6HIRUHP
GHWHWDGRVGDQRVGHWUDQVSRUWHQmROLJXHRDSDUHOKR
5HPRYD D HPEDODJHP H DV SHOtFXODV DXWRFRODQWHV GR LQWHULRU GR
DSDUHOKRHGDSRUWDDQWHVGDFRORFDomRHPIXQFLRQDPHQWR
2VPyYHLVGHHQFDVWUDUWrPGHVHUUHVLVWHQWHVDWHPSHUDWXUDV
DWp&HDVIUHQWHVGRVPyYHLVDGMDFHQWHVDWp&
1mRPRQWHRDSDUHOKRDWUiVGHXPSDLQHOGHFRUDWLYR+iULVFR
GHDTXHFLPHQWRH[FHVVLYR
5HDOL]HRVWUDEDOKRVGHDEHUWXUDQRPyYHODQWHVGDFRORFDomR
GRDSDUHOKR5HPRYDDVDSDUDVSRLVSRGHPSUHMXGLFDUR
IXQFLRQDPHQWRGRVFRPSRQHQWHVHOpWULFRV
3DUDHYLWDUIHULPHQWRVSRUFRUWHGHYHPVHUXWLOL]DGDVOXYDVGH
SURWHomR$VSHoDVTXHILFDPDFHVVtYHLVGXUDQWHDPRQWDJHP
SRGHPWHUDUHVWDVDILDGDV
1RVDSDUHOKRVFRPSDLQHOGHFRPDQGRIURQWDOGHDEULU
FHUWLILTXHVHGHTXHRSDLQHOGHFRPDQGRQmRFROLGHFRPRV
PyYHLVDGMDFHQWHVDRDEULU
$WRPDGDGHOLJDomRGRDSDUHOKRGHYHUiVLWXDUVHQD]RQD
VRPEUHDGD $RXIRUDGRHVSDoRGHLQVWDODomR
)L[H RV PyYHLV VROWRV j SDUHGH FRP XP HVTXDGUR GLVSRQtYHO QR
FRPpUFLR %
0HGLGDVLQGLFDGDVQDVILJXUDVHPPP
: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV
2DSDUHOKRSRGHFRQWHUtPDQHVSHUPDQHQWHVTXHSRGHPDIHWDU
LPSODQWHVHOHWUyQLFRVSRUH[HPSORSDFHPDNHUVRXERPEDVGH
LQVXOLQD3RULVVRGXUDQWHDPRQWDJHPGHYHUHVSHLWDUVHXPD
GLVWkQFLDPtQLPDGHFPHPUHODomRDRVLPSODQWHVHOHWUyQLFRV
$SDUHOKRVREDEDQFDGDILJXUD
3DUD D YHQWLODomR GR DSDUHOKR R IXQGR IDOVR GHYH DSUHVHQWDU XPD
DEHUWXUDGHYHQWLODomR
)L[DUDEDQFDGDQRPyYHOSDUDHQFDVWUDU
6H R DSDUHOKR IRU HQFDVWUDGR SRU EDL[R GH XPD SODFD GH FR]LQKDU
DVVHJXLQWHVPHGLGDVPtQLPDVWrPGHVHUUHVSHLWDGDVVHIRUR
FDVRLQFOXVLYDPHQWHDHVWUXWXUDLQIHULRU
D
E

&RPEDVHQDGLVWkQFLDPtQLPDQHFHVViULD EUHVXOWDDHVSHVVXUD
PtQLPDGDEDQFDGD D
5HVSHLWHDVLQVWUXo}HVGHPRQWDJHPGDSODFDGHFR]LQKDU
$SDUHOKRQRDUPiULRYHUWLFDOILJXUD
3DUDDYHQWLODomRGRDSDUHOKRRVIXQGRVLQWHUPpGLRVGHYHP
DSUHVHQWDUXPDDEHUWXUDGHYHQWLODomR
6HRDUPiULRYHUWLFDOWLYHUXPDSDUHGHWUDVHLUDSDUDDOpPGDV
SDUHGHVWUDVHLUDVGRHOHPHQWRHODGHYHVHUUHPRYLGD
0RQWDURDSDUHOKRDXPDDOWXUDPi[LPDTXHSHUPLWDUHWLUDURV
DFHVVyULRVVHPSUREOHPDV
,QVWDODomRGHFDQWRILJXUD
'H PRGR D FRQVHJXLU DEULU D SRUWD GR DSDUHOKR UHVSHLWH D PHGLGD
&DTXDQGRGDLQVWDODomRGHFDQWR$PHGLGD 'GHSHQGHGD
HVSHVVXUDGDIUHQWHGRPyYHOSRUEDL[RGRSX[DGRU
/LJDomRHOpWULFDGRDSDUHOKR
2DSDUHOKRFRUUHVSRQGHjFODVVHGHSURWHomR,HVySRGHVHU
FRORFDGR HP IXQFLRQDPHQWR DWUDYpV GH XPD OLJDomR FRP FRQGXWRU
GHSURWHomR
$VHJXUDQoDWHPGHVHUJDUDQWLGDGHDFRUGRFRPDLQGLFDomRGH
SRWrQFLDSUHVHQWHQDSODFDGHFDUDFWHUtVWLFDVHFRPDVQRUPDLV
ORFDLV
2DSDUHOKRWHPGHHVWDUGHVOLJDGRGDFRUUHQWHGXUDQWHD
UHDOL]DomRGHTXDOTXHUWUDEDOKRGHPRQWDJHP
2DSDUHOKRVySRGHVHUOLJDGRFRPRFDERGHOLJDomRIRUQHFLGR
,QWURGX]DRFDERGHOLJDomRQDSDUWHGHWUiVGRDSDUHOKRFOLF
1R6HUYLoRGH$VVLVWrQFLD7pFQLFDSRGHUiDGTXLULUXPFDERGH
OLJDomRGHP
2FDERGHOLJDomRDSHQDVSRGHVHUVXEVWLWXtGRSRUXPFDER
RULJLQDOGLVSRQtYHOQR6HUYLoRGH$VVLVWrQFLD7pFQLFD
$SURWHomRFRQWUDFRQWDFWRDFLGHQWDOGHYHILFDUDVVHJXUDGDQD
PRQWDJHP
&DERGHOLJDomRFRPILFKDGHOLJDomRjWHUUD
2 DSDUHOKR GHYH VHU OLJDGR DSHQDV D XPD WRPDGD GH FRQWDFWR GH
VHJXUDQoDLQVWDODGDHPFRQIRUPLGDGHFRPDVQRUPDV
6HDILFKDGHL[DUGHHVWDUGLVSRQtYHODSyVDPRQWDJHPQD
LQVWDODomRHOpWULFDIL[DpQHFHVViULRTXHHVWHMDSUHYLVWRXP
GLVSRVLWLYRGHFRUWHQDVIDVHVGHDFRUGRFRPDVUHJUDVGH
LQVWDODomR
&DERGHOLJDomRVHPILFKDGHOLJDomRjWHUUD
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
1DLQVWDODomRHOpWULFDIL[DGHYHHVWDUSUHYLVWRXPGLVSRVLWLYRGH
FRUWH QDV IDVHV GH DFRUGR FRP DV UHJUDV GH LQVWDODomR ,GHQWLILTXH
RVFRQGXWRUHVGHIDVHHQHXWUR]HURGDWRPDGDGHOLJDomR
8PDOLJDomRHUUDGDSRGHGDQLILFDURDSDUHOKR
/LJXH DSHQDV GH DFRUGR FRP R HVTXHPD GH OLJDo}HV 7HQVmR YHU
SODFDGHFDUDFWHUtVWLFDV/LJXHRVFRQGXWRUHVGRFDERGH
DOLPHQWDomR GH DFRUGR FRP D FRGLILFDomR GH FRUHV YHUGHDPDUHOR
FRQGXWRUGHSURWHomR
<D]XO ]HURFRQGXWRUQHXWUR
FDVWDQKR IDVHFRQGXWRUH[WHUQR
)L[DURDSDUHOKRILJXUD
$WHQomR
1mRXWLOL]HXPDDSDUDIXVDGRUDHOpWULFDSDUDIL[DURVSDLQpLV2V
SDLQpLVSRGHPILFDUGDQLILFDGRV
 $MXVWHDIROJDHQWUHDSRUWDGRDSDUHOKRHRVSDLQpLVVH
QHFHVViULRDWUDYpVGRVSDUDIXVRVGHDMXVWHjHVTXHUGDHj
GLUHLWDILJXUD D
1RVHQWLGRGRVSRQWHLURVGRUHOyJLRDXPHQWDUDIROJD
1RVHQWLGRFRQWUiULRDRGRVSRQWHLURVGRUHOyJLRUHGX]LUDIROJD
 ,QVLUD R DSDUHOKR SRU FRPSOHWR 1HVWH SURFHGLPHQWR QmR GREUH
QmRHQWDOHQHPSDVVHRFDERGHOLJDomRSRUDUHVWDVYLYDV
 $OLQKHRDSDUHOKRDRFHQWURILJXUD E
e QHFHVViULR GHL[DU XP HVSDoR PtQ GH PP HQWUH R DSDUHOKR H
DVIUHQWHVGRVPyYHLVDGMDFHQWHVSDUDYHQWLODomR
 $EUDXPSRXFRDSRUWDGRDSDUHOKRHGHVDSDUDIXVHRVSDLQpLV
HVTXHUGRHGLUHLWRILJXUD F
 )HFKDUDSRUWDGRDSDUHOKR
 $MXVWHDDOWXUDGDSRUWDGRDSDUHOKRVHQHFHVViULRFRPRV
SDUDIXVRVGHDMXVWHjHVTXHUGDHjGLUHLWDILJXUDG
1RVHQWLGRGRVSRQWHLURVGRUHOyJLRUHGX]LUDIROJD
1RVHQWLGRFRQWUiULRDRGRVSRQWHLURVGRUHOyJLRDXPHQWDUD
IROJD
 $SDUDIXVHRDSDUHOKRDRPyYHOILJXUD H
 $EULUXPSRXFRDSRUWDGRDSDUHOKR&RORTXHRVSDLQpLVH
DSDUDIXVHRVSULPHLURHPFLPDHGHSRLVHPEDL[RILJXUD I
2 HVSDoR HQWUH D EDQFDGD H R DSDUHOKR QmR SRGH VHU YHGDGR FRP
IULVRVDGLFLRQDLV
1DVSDUHGHVODWHUDLVGRDUPiULRHPEXWLGRQmRSRGHPVHU
FRORFDGRVIULVRVGHSURWHomRWpUPLFD
'HVPRQWDJHP
 'HVOLJXHRDSDUHOKRGDFRUUHQWH
 $EUDXPSRXFRDSRUWDGRDSDUHOKRHGHVDSDUDIXVHRVSDLQpLV
HVTXHUGRHGLUHLWR
 'HVDSHUWHRVSDUDIXVRVGHIL[DomR
 /HYDQWHOLJHLUDPHQWHRDSDUHOKRHUHWLUHRFRPSOHWDPHQWHSDUD
IRUD
el
Ù
̯̓͆͂̾̈́͐͉̻̈́͂̀͒͑͒̀͑͆͐
̵͉͎̓͏͕͓͋͌̿͖͇͇͓͑͆́͐͋̨͋͌͝͏̓
̬͚͎͌͆͑͗͑͒̽͉̻̈́͂̀͒͑͒̀͑͆͔͑͛͋͗͌̀͋·͓̼̀͒͐͈͒͐͎̓͆͂̾̈́͐
͓͑͌̀͏͎͚͋͊͂͆͑͆͐͓̻͈̈́͂͂͒̀͒͆͌͔̀͑̀͊̽͈͎͓͊̈́͒͏͂̾̀̲̈́̈́͏̾͒͗͑͆
͎͓͈͎͓̓͆͋͏͇͎͂͆͛͌͈̼͆͋͐ͅ̀͚̻͇͎͊͐͉̻̈́͂̀͒͑͒̀͑͆͒͆͌͓͇̈́͛͌͆
͔̼͏͈̈́͎͉̻̈́͂̀͒̀͑͒͒͆͐
̬͆͕͏͈͎͆͑͋͎͈̈́̾͒̈́͒͆͊̀́̽͒͆͐͚͏͒̀͐͈͂̀͒͆͔͎͋̈́͒̀͏̻̽͒͆͌
͎͒͎͇̼͒͆͑͆͒͆͐͓͉͓͑͑̈́̽͐
̬̻̈́͒͒͆͌͔̀̀̾͏̈́͑͆̀͚͒͆͓͉͓͑͑̈́̀͑̾̀̼͍̈́͊͂͒̈́͒͆͓͉͓͑͑̈́̽̲̈́
̈́͏̾͒͗͑͆͈̻͆͋͐ͅ͉̻̀͒͒͆͔͎͋̈́͒̀͏̻͋͆͌͒͆͌͓̼͑͌̓͑̈́͒̈́
̢͎͉͋̀͏͛͌̈́͒̈́͒̀͓͈͉̻͊͓͉͓͑͑̈́̀͑̾̀͐͉͈̀͈͒͐͉͎͈͉̼͊͊͆͒͐
͋̈́͋́͏̻͌̈́͐ ͏͈͌ ͒͆ ͇̼͑͆ ͑̈́ ͈͎͓͊̈́͒͏͂̾̀ ̀͚ ͎͒ ͕͜͏͎ ͈͋̀͂̈́͏̼͎͋̀͒͐
͉͈̀͒͆͌͚͏͒̀
̳̀͎͈͕͈͚̈́͌͒͋̈́͌̀ͅ͎͓̻͌͒͊͈̀͏̼͈̈́͌̀͈̈́̾͌̀͇͉͈͉̻̀͌̈́͒͑͒͆
͇̈́͏͎͉͋͏̀͑̾̀̼͕͋͏͈͎͓͒͐&͎͈̓̈́͈͎͈͉̼͂̈́͒͌͐͏͎͚͖͈͑̈́͐͒͗͌
͎͓͌͒͊̀͈͌͜̼͕͋͏͈&
̬͆͌͎͒͎͇̈́͒̽͑̈́͒̈́͒͆͓͉͓͑͑̈́̽̾͑͗̀͚͈͋̀͈͉͎͈͉̓̀͑͋͆͒̽
̈́̼͓͌̓͑͆̴̻͏͕͈̈́͉͓͎̾͌̓͌͐͓̈́͏͇̼͏͋̀͌͑͆͐
̰͏͎̀͂͋̀͒͎͈̽͑͒̈́͈͒͐̈́͏͂̀͑̾̈́͐͉͎̽͐͒͗͌͎͈̻̀͌͂͋͒͗͌͎͑͒
͎͓̻͌͒͊͈͏͈͌͒͆͌͎͒͎͇̼͒͆͑͆͒͆͐͓͉͓͑͑̈́̽͐̢͎͉͋̀͏͛͌̈́͒̈́͒̀
̀͚́͊͆͒̀͏͈͎͈͌̾̓̀͂͏̼͈̀ͅ͆͈͎͓͊̈́͒͏͂̾̀͒͗͌͉͆͊̈́͒͏͈͉͌͜
͍̈́̀͏̻͒͆͋͒͗͌͋͎͏̈́̾͌̀̈́͆͏̈́̀͑͒̈́̾̀͏͈͉̻͌͆͒
̤͈̀͒͆͌̀͎͔͓͂̽͒͏͓͈̀͋̀͒͑͋͌͜͔͎͏̻͒̈́̻͈͂͌͒̀͏͎͑͒̀͑̾̀͐
̥͍̀͏͒̽͋̀͒̀͒̀͎͎̾̀͉̻̀͒͒͆͈̻̓͏͉͈̈́̀͒͆͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐
͈̈́̾͌̀͏͎͈̻͑͒͋͎͏̈́̾͌̀͈̈́̾͌̀͉͎͔͒̈́͏̻
̲͈͒͐͓͉͓̼͑͑̈́͐͋̈́͑͒͏͔͚̈́͋̈́͌͆͉͎͚͌͑͊̀͈͉͎̓̀͒͌͜͏͎̼͍͑͒̈́͌̀
͋͆ ͓͉͑͂͏͎͈͛̈́͒̀ ͆ ͉͎͚͌͑͊̀ ͈͉͎̓̀͒͌͜ ͉̻̀͒ ͒͆͌ ̈́͏͈͑͒͏͎͔̽ ͒͆͐ ͋̈́
͒̀͈͎͈͉̻͂̈́͒͌͎͓̻͌͒͊͈̀
̳͎͉͎͓͒̾͑͛͌̓̈́͑͆͐͒͗͌͓͉͓͑͑̈́͌͜͏̼͈̈́͌̀́͏͉͈̾͑̈́͒̀͑͒͆͌
̈́͏͈͎͕̽͒͆͐͂͏͎͉͈̼̀͋͋͑̀͑͋͌͆͐̈́͈͔̻͈͌̈́̀͐ $̽̼͍͗̀͚͎͒͕͜͏͎
͎͒͎͇̼͒͆͑͆͐
̲͒̈́͏̈́͑͒̈́͜͒̀͋͆͑͒̈́͏̼̈́͗͋͌̀͎͓̻͌͒͊͈̀͋̈́͈͋̀͂͗͌̾̀͎͓͒
̈́͋͎͏͎͓̾ %͎͑͒͌͎͕͎͒̾
῭͈̻͈͑͒͑̈́͐͒͗͌͈͉͚̈́͌͗͌͑̈́PP
: ̸͇͓͑͒́͉͍͇͕͌͒͑͏͋͌͟͏͔͕͇͚͑͋́͘͏͇͎͕͇͖͔͉͓͗͞
̧ ͓͉͓͑͑̈́̽ ͋͎͏̈́̾ ͌̀ ̈́͏͈̼͕͈̈́ ͚͈͎͓͋͌͋͐ ͋̀͂͌̽͒̈́͐ ͎͈ ͎͎͎͈̾ ͋͎͏͎͛͌
͌̀̈́͆͏̻͎͓̈́͑͌̀͏͈͉̻͌͆͒͒̀͉͆͊̈́͒͏͎͈͉̻͌͎͈͕͑͒̈́̾̀͔͓̈́͋͛͒̈́͑͆͐͕
͎͚́͆͋̀͒̓͒̈́͐͉̀͏͈̻̓͐̽̀͌͒͊̾̈́͐͈͎͓͌͑͊̾͌͆͐̤͈·͓͚̀͒͉̻̀͒͒͆
͓͑͌̀͏͎͚͋͊͂͆͑͆͒͆͏̽͑͒̈́͈͋̀̻͕͈̈́͊͑͒͆̀͚͑͒̀͑͆FP̀͚͒̀
͉͆͊̈́͒͏͎͈͉̻͌͎͈͕͑͒̈́̾̀͔͓̈́͋͛͒̈́͑͆͐
̵͖͔͇͖͌̀͕͚͌̾̓͝͕͑͏̾͌͑ͅ͇͔͓͒̓́̓ͅ̨͋͌
̤͈̀͎͒͌̀̈́͏͈͚͑͋͒͆͐͓͉͓͑͑̈́̽͐͏̼͈̈́͎͈̻͎̈́͌̓͋̈́͑͐̻͎͒͐͌̀̼͕͈̈́
̼͌̀̻͎͈͌͂͋̀͍̈́̀̈́͏͈͎͑͋͛
̲͒̈́͏̈́͑͒̈́͜͎͒͌̻͉͎͂̈́͏͂̀͑̾̀͐̻͌͗͑͒̀͎͈͕͈͚̈́͌͒͋̈́͌̀ͅ͎͓̻͌͒͊͈̀
7LSRGHSODFDGHFR
]LQKDU
D
VDOLHQWH
D
SODQDjVXSHUIt
FLH
E
3ODFDGHLQGXomR PP PP PP
3ODFD GH FR]LQKDU SRU
LQGXomR
GHVXSHUItFLHLQWHJUDO
PP PP PP
3ODFDDJiV PP PP PP
3ODFDHOpWULFD PP PP PP

̥̻͌͆͓͉͓͑͑̈́̽͎͒͎͇͇̈́͒͆̈́̾͉̻͒͗̀͚͈͋̀̻́͑͆͈̈́͑͒͌͜͏̼͈̈́͌̀
͒͆͏͇͎͆͛͌͎͈͉͚͎͓͇̀͊̈́͐̻͕͈̈́͊͑͒̈́͐͈̻͈̓̀͑͒͑̈́͐͕͎̼̈́͌̓̈́͋͌͗͐
͓͑͋̈́͏͈͎̼͊̀͋́̀͌͋͌͆͐͒͆͐͓͎͉͉͓̀͒̀͑̈́̽͐
̫͚͂͗͒͆͐̀̀͏̀̾͒͆͒͆͐̻͕͈̈́͊͑͒͆͐̀͚͑͒̀͑͆͐ E͏͎͉͛͈͒̈́͎͒
̻͕͈͎̈́͊͑͒̻͕͎͐͎͓͒̻͉͎͓͂̈́͏͂̀͑̾̀͐ D
̰͏͎̼͍͑͒̈́͈͒͐͎̓͆͂̾̈́͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐͒͆͐̻́͑͆͐͈̈́͑͒͌͜
̵͖͔͇͖͌̀͔͇͙͉͍͝͏͕͖͍͑̾͋̨͋͌
̤͈̀͎͒͌̀̈́͏͈͚͑͋͒͆͐͓͉͓͑͑̈́̽͐͏̼͈̈́͎͈͈̻͎͈̈́͌̓͋̈́͑̻͎͈͒͌̀̼͕͎͓͌
̼͌̀̻͎͈͌͂͋̀͍̈́̀̈́͏͈͎͑͋͛
̞͒̀͌͎͒͖͚͆͊͎͓̻͌͒͊͈̼͕͈̈́͏͚͇͑̈́͒̀͑͒̀̾͑͗͎͈͕͒͋̀͒̀͜͒͗͌
͍͕̈́͗͏͈͑͒͌͜͎͈͕͑͒̈́̾͗͌̼͌̀̈́͈̼͎͊͌̾͑͗͎͕͒̾͗͋̀͏̼͈̈́͓͚̀͒͌̀
͔͈̀̀͏͇̈́̈́̾
̳͎͎͇̈́͒̽͑͒̈́͒͆͓͉͓͑͑̈́̽͚͎͋͌͚͎͒͑͖̻͆͊͑͒̈́͜͌̀͋͎͏͎͛͌͌̀
̀͎͉͋̀͏͎͈͛͌͌͒̀͒̀͍̈́̀͏͒̽͋̀͒̀͕͗͏̾͐͏͚́͊͆͋̀
̶͑͕͉͔͉͑͊̿͔͇͚ͅ͏́̓̨͋͌
̤͈̀͌̀͋͎͏̈́̾͌̀͎͍͈̀͌̾̈́͆͚͏͒̀͒͆͐͓͉͓͑͑̈́̽͐͉̻̀͒͒͆͌
͎͒͎͇̼͒͆͑͆ ͑̈́ ͂͗͌̾̀ ̻͊́̈́͒̈́ ͓͚͖͆ ͈͒͐ ͈̻͈̓̀͑͒͑̈́͐ & ̧ ͈̻̓͑͒̀͑͆ '
͍̈́̀͏̻͈͒͒̀ ̀͚ ͎͒ ̻͕͎͐ ͒͆͐ ͏͚͎͖͑͆͐ ͎͓͒ ͎͓͌͒͊̀͈͎͛ ͉̻͒͗ ̀͚ ͒͆
͊̀́̽
̪͍͇͕͌͒͋͌̀͔͞͏͇͔͉͆͕͉͓͔͖͔͇͖͓͌̀
̧͓͉͓͑͑̈́̽̀͌͒̀͎͉͏͈̾͌̈́͒̀͑͒͆͌͉͎̀͒͆͂͏̾̀͏͎͑͒̀͑̾̀͐ ,͉͈̀
̈́͈͒͏̼͈̈́͒̀͌̀͈͎͓͊̈́͒͏͂̈́̾͚͎͋͌͋̈́͑͛͌̓̈́͑͆͎̀͂͗͂͛͏͎͑͒̀͑̾̀͐
͂̈́̾͗͑͆
̧͔̻͈̀͑͊̈́̀͏̼͈̈́͌̀̀͌͒̀͎͉͏͈̾͌̈́͒̀͑͒̀͎͈͕͑͒̈́̾̀͈͕͎͑͛͐͑͒͆͌
͈͉͌̀̾̓̀͒͛͎͓͉͈̀͈͑͒͐͎͒͈͉̼͐͏͎͈̓̀͂͏͔̼̀͐
̲̈́͚͊̈́͐͈͒͐̈́͏͂̀͑̾̈́͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐͏̼͈̈́͆͓͉͓͑͑̈́̽͌̀
́͏͉͈̾͑̈́͒̀͉͚̈́͒͐̻͒͑͆͐
̧͓͉͓͑͑̈́̽̈́͈͒͏̼͈̈́͒̀͌̀͓͇͑͌̓̈́̈́̾͚͎͋͌͋̈́͎͒͓̼͎͑͌͆͋͋͌͉͈͎̀͊̓͜
͑͛͌̓̈́͑͆͐̲͓̼͌̓͑͒̈́͎͒͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐͑͒͆͌̾͑͗͓͊̈́͏̻͒͆͐
͓͉͓͑͑̈́̽͐͉͈͉͊
̛͌̀͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐P͈̈́̾͌̀͈͇̼͈͎̓̀͑͋͑͒͆͌͓͆͏̈́͑̾̀
͍͓̈́͆͏̼͒͆͑͆͐̈́͊̀͒͌͜
̳͎͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐̈́͈͒͏̼͈̈́͒̀͌̀͈͉͇̀͌͒̀͒̀͑͒̀̈́̾͚͎͋͌͋̈́̼͌̀
͈͎͂͌̽͑͉͈͎̀͊̓͜͈͇̼͈͎̓̀͑͋̼͋͑͗͒͆͐͓͆͏̈́͑̾̀͐͍͓̈́͆͏̼͒͆͑͆͐
̈́͊̀͒͌͜
̧͏͎͑͒̀͑̾̀̈́͔̀̽͐͏̼͈̈́͌̀͍͔͈̈́̀͑̀͊̾̈́͒̀ͅ͋̈́͒͆͌͎͒͎͇̼͒͆͑͆
̭͍̓͆͋͑͟͔͞͏͇͔͉͓͆͎͇͓͗͋͔͑͌͑͞
̧͓͉͓͑͑̈́̽̈́͈͒͏̼͈̈́͒̀͌̀͓͇͑͌̓̈́̈́̾͚͎͋͌͑̈́͈͋̀͏̾̀ͅ͎͉͎͑͛͎͓
͈̈́̾͌̀͉̼̈́͂̀͒̈́͑͒͆͋͌͆͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐
̥̻͌ ͎͒ ͔͈͐ ̻͋̈́͒ ͒͆͌ ͎͒͎͇̼͒͆͑͆ ̓̈́͌ ͈̈́̾͌̀ ̼͎͊͌ ͏͎͈͚͑͒ ͏̼͈̈́ ͑͒͆
͚͈͋͌͋͆͉͆͊̈́͒͏͈͉̽͉̻̈́͂̀͒͑͒̀͑͆͌̀͏͎̼́͊͈̈́͒̀͈͋̀͈̻͍̓͒̀͆
͈͉͎̓̀̽͐͈͑͒͐͔̻͈͑̈́͐͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐͉̻̈́͂̀͒͑͒̀͑͆͐
̭͍̓͆͋͑͟͔͞͏͇͔͉͓͆͚͓͒́͘͓͗͋͔͑͌͑͞
̬͚͎͌̼͌̀͐͈͎͕͎̀̓̈́͛͐͉̻̈́͂̀͒̀͑͒͒͆͐̈́͈͒͏̼͈̈́͒̀͌̀͓̼͈͑͌̓͑̈́͒͆
͓͉͓͑͑̈́̽
̲͒͆͚͈͋͌͋͆͉͆͊̈́͒͏͈͉̽͉̻̈́͂̀͒͑͒̀͑͆͏̼͈̈́͌̀͏͎̼́͊͈̈́͒̀͈͋̀
͈̻͍̓͒̀͆͈͉͎̓̀̽͐͈͑͒͐͔̻͈͑̈́͐͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐
͉̻̈́͂̀͒͑͒̀͑͆͐̥͍͉̀͏͈́͑͒̈́͜͎͓͒͐͎̀͂͗͂͛͐͒͗͌͔̻͑̈́͗͌͉͈̀͎͒͌
͎͓̼̓͒̈́͏͎͚̀͂͗͂̼͋͆̓͌͎͑͒͉͎͓͒̾͑͛͌̓̈́͑͆͐̲̈́̈́͏̾͒͗͑͆
͔̼̈́͑̀͊͋͌͆͐͑͛͌̓̈́͑͆͐͋͎͏̈́̾͆͓͉͓͑͑̈́̽͌̀͓͎͑͒̈́̾͈̻͆͋ͅ
̲͓̼͌̓͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͚͎͋͌ ͔͑͛͋͗͌̀ ͋̈́ ͎͒ ͕̼͈͎͑̓ ͑͛͌̓̈́͑͆͐ ̤͈̀ ͒͆͌
̻͒͑͆̼́͊̈́͑͒͆͌͈͉͌̀̾̓̀͒͛͎͓̲͓̼͌̓͑͒̈́͎͓͒͐͉͎͓͊͌͐͜͎͓͒
͉͎͓̀͊͗̓̾͑͛͌̓̈́͑͆͐͔͑͛͋͗͌̀͋̈́͒̀͎͈͕̀͌͒̾͑͒̀͕͏͋̀͒̀͜
̰͏̻͈͎͉͑͌̾͒͏͈͎͌ ̢͚͂͗͂͐ ͏͎͑͒̀͑̾̀͐
< ͋͊̈́ ̯͓̼̓͒̈́͏͎͐ ͚̀͂͗͂͐
̼͋͆̓͌͉͔̼̀ ̵̻͑͆͍̈́͗͒̈́͏͈͉͚͐͚̀͂͗͂͐
̵͕͇͚͔͉͒̿͕͉͓͔͖͔͇͖͓͌̀̨͋͌
̳͔͒͑͑̀͘
̤͈̀͒͆͑͒̈́͏̼͗͑͆͒͗͌͊͗͏̾̓͗͌͉̻͓͖͊͆͐͋͆͕͏͈͎͆͑͋͎͈̽͑̈́͒̈́͉̼̀͌͌̀
͉͈̀͒͑̀́̾̓͋̀͒̀͏̾̀͐̯͈͊͗͏̾̓̈́͐͉̻͓͖͊͆͐͋͎͏̈́̾͌̀͓͎͎͑͒͛͌
͈̼͆͋͐ͅ
 ̰͏͎͑̀͏͚͋͑͒̈́͒͆͕͈͑͑͋̽̻̀͌͋̈́͑̀͑͒͆͌͚͏͒̀͒͆͐͓͉͓͑͑̈́̽͐͉͈̀
͈͑͒͐͊͗͏̾̓̈́͐͉̻͓͖͊͆͐͚͒̀͌͕͏͈̻͈̈́̈́͒̀ͅ͋̈́͈͒͐́̾̓̈́͐͏͇͈͛͋͑͆͐
̀͏͈͑͒̈́͏̻͉͈̀͍͈̻̓̈́̥͈͉D
̰͏͎͐͒͆͔͎͏̻͒͗͌͈͉̓̈́͒͌͜͎͓͒͏͎͎͈͎͊͂͛̢͍͛͆͑͆͒͆͐͕͈͑͑͋̽͐
̥̻͈͌͌͒̀͑͒͆͔͎͏̻͒͗͌͈͉̓̈́͒͌͜͎͓͒͏͎͎͈͎͊͂͛̥̻͊͒͒͗͑͆͒͆͐
͕͈͑͑͋̽͐
 ̲͏͍͒̈́͜͒͆͓͉͓͑͑̈́̽̈́͌͒̈́͊͐͜̼͋͑̀̲̈́͓̀͒̽͒͆͌̈́͏̾͒͗͑͆͋͆͌
͉͒͑̀̾͑̈́͒̈́͋͆͉͋̀͂͑̈́͒̈́͜̽͋͆͌̈́͏̻͑̈́͒̈́͎͒͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐
̻͌͗̀͚͉͎͔͒̈́͏̼͐͉̼̀͋͐
 ̪̈́͌͒͏̻͏̈́͒̈́͒͆͓͉͓͑͑̈́̽̥͈͉E
̬͍̈́͒̀͛͒͆͐͓͉͓͑͑̈́̽͐͉͈̀͒͗͌͈͎͈͉͂̈́͒͌͌͜͏͎͚͖͑̈́͗͌͒͗͌
͎͓͌͒͊̀͈͌͜͈̈́̾͌̀̀̀͏͎̀̾͒͆͒͌̀͓̻͏͕͈̈́̼͌̀͉͚̈́͌PP
 ̢͎͍͌̾͒̈́͎͊̾͂͒͆͌͚͏͒̀͒͆͐͓͉͓͑͑̈́̽͐͉͈̀͍͈̈́́̓͑͒̈́͜͈͒͐͊͗͏̾̓̈́͐
͉̻͓͖͊͆͐̀͏͈͑͒̈́͏̻͉͈̀͍͈̻̓̈́̥͈͉F
 ̪͊̈́̾͑͒̈́͒͆͌͚͏͒̀͒͆͐͓͉͓͑͑̈́̽͐
 ̱͓͇͋̾͑͒̈́͎͒͖͎͛͐͒͆͐͚͏͒̀͐͒͆͐͓͉͓͑͑̈́̽͐͚͒̀͌͕͏͈̻͈̈́̈́͒̀ͅ͋̈́
͈͒͐́̾̓̈́͐͏͇͈͛͋͑͆͐̀͏͈͑͒̈́͏̻͉͈̀͍͈̻̓̈́̥͈͉G
̰͏͎͐͒͆͔͎͏̻͒͗͌͈͉̓̈́͒͌͜͎͓͒͏͎͎͈͎͊͂͛̥̻͊͒͒͗͑͆͒͆͐͕͈͑͑͋̽͐
̥̻͈͌͌͒̀͑͒͆͔͎͏̻͒͗͌͈͉̓̈́͒͌͜͎͓͒͏͎͎͈͎͊͂͛̢͍͛͆͑͆͒͆͐͕͈͑͑͋̽͐
 ̣͈̓͑͒̈́͜͒͆͓͉͓͑͑̈́̽͎͑͒͎͓̻͌͒͊͈̥͈͉F
 ̢͎͍͌̾͒̈́͎͊̾͂͒͆͌͚͏͒̀͒͆͐͓͉͓͑͑̈́̽͐̳͎͎͇̈́͒̽͑͒̈́͈͒͐͊͗͏̾̓̈́͐
͉̻͓͖͊͆͐ ͉͈̀ ͈́̓͑͒̈́͜ ͈͒͐ ͍̻̀͌ ͉̻̀͊ ͏͒̀͜ ̈́̻͌͗ ̻͋̈́͒ ͉̻͒͗ ̥͈͉
I
̧͕͈͑͑͋̽͍͋̈́͒̀͛͎͓͒̻͉͎͓͂̈́͏͂̀͑̾̀͐͉͈̀͒͆͐͓͉͓͑͑̈́̽͐̓̈́͌
̈́͈͒͏̼͈̈́͒̀͌̀͉͓͔͇̀͊̈́̾̀͚͏͚͇͑̈́͒̀͕̻͉͈͆̀
̲͒̀͓͊̈́͏͈͉̻͎͈͕͒͋̀͒̀͜͎͓͒͎͓͌͒͊̀͈͎͛͎͈͕͈͎̈́͌͒͑͋͛̓̈́͌
̈́͈͒͏̼͈̈́͒̀͌̀͎͒͎͇͇͎̈́͒͆͛͌͕̻͉͈͆̀͇̈́͏͎͋͏͎͑͒̀͑̾̀͐
̥͇͔͉͗̓́͒
 ̨̼͑͒̈́͒͆͓͉͓͑͑̈́̽͉͚̈́͒͐̻͒͑͆͐
 ̢͎͍͌̾͒̈́͎͊̾͂͒͆͌͚͏͒̀͒͆͐͓͉͓͑͑̈́̽͐͉͈̀͍͈̈́́̓͑͒̈́͜͈͒͐͊͗͏̾̓̈́͐
͉̻͓͖͊͆͐̀͏͈͑͒̈́͏̻͉͈̀͍͈̻̓̈́
 ̫͛͑͒̈́͈͒͐́̾̓̈́͐͑͒̈́͏̼͗͑͆͐
 ̢͉͌̀͑͆͑͒̈́͜͔̈́͊̀͏̻͒͆͓͉͓͑͑̈́̽͉͈̀͒͏͍̀́̽͒̈́͒͆͌̈́͌͒̈́͊͐͜̼͍͗
pl
ë
,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNLU\V
:\ãĉF]QLHSUDZLGãRZ\PRQWDŰZ\NRQDQ\]JRGQLH]LQVWUXNFMĉ
PRQWDŰXJZDUDQWXMHEH]SLHF]QHXŰ\WNRZDQLHXU]ĉG]HQLD=D
V]NRG\SRZVWDãHZZ\QLNXQLHZãDŔFLZHJRPRQWDŰXRGSRZLDGD
PRQWHU
1LHXŰ\ZDþXFKZ\WXGU]ZLGRSU]HQRV]HQLDDQLGRPRQWDŰX
XU]ĉG]HQLD
3RUR]SDNRZDQLXQDOHŰ\VSUDZG]LþVWDQXU]ĉG]HQLD1LH
SRGãĉF]DþMHŔOLXU]ĉG]HQLH]RVWDãRXV]NRG]RQHSRGF]DV
WUDQVSRUWX
3U]HGXUXFKRPLHQLHPXVXQĉþ]NRPRU\SLHNDUQLNDRUD]]GU]ZL
PDWHULDã\RSDNRZDQLRZHLIROLHNOHMĉFH
0HEOHGR]DEXGRZ\PXV]ĉE\þRGSRUQHQDWHPSHUDWXUęGR
&DSU]\OHJDMĉFHGRXU]ĉG]HQLDIURQW\PHEOLGR&
8U]ĉG]HQLD QLH PRQWRZDþ ]D OLVWZĉ GHNRUDF\MQĉ ,VWQLHMH U\]\NR
SU]HJU]DQLD
0HEOHQDOHŰ\GRFLQDþSU]HGZVWDZLHQLHPXU]ĉG]HQLD8VXQĉþ
ZLyU\ SRQLHZDŰ PRJĉ RQH ]DNãyFDþ IXQNFMRQRZDQLH HOHPHQWyZ
HOHNWU\F]Q\FK
1DOHŰ\QRVLþUęNDZLFHRFKURQQHFKURQLĉFHSU]HG
VNDOHF]HQLHP(OHPHQW\NWyUHVĉGRVWęSQHSRGF]DVPRQWDŰX
PRJĉPLHþRVWUHNUDZęG]LH
:SU]\SDGNXXU]ĉG]HĿ]UXFKRP\PSDQHOHPREVãXJL]ZUyFLþ
XZDJęQDWRDE\SDQHOREVãXJLSRGF]DVZ\VXZDQLDQLH
NROLGRZDã]SU]\OHJDMĉF\PLGRXU]ĉG]HQLDPHEODPL
*QLD]GRSU]\ãĉF]HQLRZHXU]ĉG]HQLDPXVL]QDMGRZDþVLęZ
]DNUHVNRZDQ\PREV]DU]H $OXESR]DREV]DUHP]DEXGRZ\
̨͓́͆͑͔͉͓̈́̾͇͔͕͋͟͏ D
̓͝̾͏͚
D
͔͋͝͇͆̓͎͇͕͉͏
͇͋͗̾͏͇͋̓
E
̥͈͉̀͂͗͂̽̻́͑͆͈̈́͑͒
͌͜
PP PP PP
̥͈͉̀͂͗͂̽̻́͑͆͈̈́͑͒
͌͜͓͎͈͉͑͌͊̽͐̈́͈͔̻
͈͌̈́̀͐
PP PP PP
̣̻͑͆͈̈́͑͒͌͜̀̈́͏͎͓̾ PP PP PP
̧͉͊̈́͒͏͈͉̽̻́͑͆͈̈́͑͒
͌͜
PP PP PP
D
E

0HEOHNWyUHQLHVĉSU]\PRFRZDQHQDOHŰ\SU]\WZLHUG]LþGR
ŔFLDQ\SU]\SRPRF\NĉWRZQLND %
:\PLDU\QDU\VXQNDFKSRGDQHVĉZPP
: 8Ű\WNRZQLF\LPSODQWyZHOHNWURQLF]Q\FK
8U]ĉG]HQLHPRŰH]DZLHUDþPDJQHV\WUZDãHNWyUHPRJĉPLHþ
ZSã\ZQDG]LDãDQLHLPSODQWyZHOHNWURQLF]Q\FKQSUR]UXV]QLNyZ
VHUFDOXESRPSLQVXOLQRZ\FK'ODWHJRSRGF]DVPRQWDŰXQDOHŰ\
]DFKRZDþRGOHJãRŔþFRQDMPQLHM FPRGLPSODQWyZ
HOHNWURQLF]Q\FK
8U]ĉG]HQLHSRGEODWHPURERF]\PU\V
:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\FLH
SU]HJUDG]DMĉFHMPXVLE\þRWZyUZHQW\ODF\MQ\
3U]\PRFRZDþEODWURERF]\GRPHEOL
:SU]\SDGNXPRQWDŰXXU]ĉG]HQLDSRGSã\WĉJU]HZF]ĉQDOHŰ\
XZ]JOęGQLþSRQLŰV]HZ\PLDU\PLQLPDOQHZW\PHZHQWXDOQĉ
NRQVWUXNFMęQRŔQĉ
1DSRGVWDZLHZ\PDJDQHMZDUWRŔFLPLQLPDOQHJRRGVWęSX E
RNUHŔODQDMHVWPLQLPDOQDJUXERŔþEODWXURERF]HJR D
3U]HVWU]HJDþLQVWUXNFMLPRQWDŰXSã\W\JU]HZF]HM
8U]ĉG]HQLHZV]DIFHZ\VRNLHMU\V
:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\WDFK
SU]HJUDG]DMĉF\FKPXVLE\þRWZyUZHQW\ODF\MQ\
-HŰHOL V]DIND Z\VRND SRVLDGD RSUyF] W\OQ\FK ŔFLDQHN PRGXãRZ\FK
GRGDWNRZĉ ŔFLDQNę W\OQĉ PXVL RQD ]QDMGRZDþ VLę Z RGSRZLHGQLHM
RGOHJãRŔFL
8U]ĉG]HQLHQDOHŰ\]DPRQWRZDþQDWDNLHMZ\VRNRŔFLDE\PRŰOLZH
E\ãRVZRERGQHZ\MPRZDQLHZ\SRVDŰHQLD
0RQWDŰQDURŰQ\U\V
$E\ZSU]\SDGNXPRQWDŰXQDURŰQHJRPRŰOLZHE\ãRRWZRU]HQLH
GU]ZLF]HNXU]ĉG]HQLDQDOHŰ\XZ]JOęGQLþZ\PLDU &:\PLDU '
]DOHŰ\RGJUXERŔFLIURQWXPHEOLSRGXFKZ\WHP
3RGãĉF]DQLHXU]ĉG]HQLDGRVLHFLHOHNWU\F]QHM
8U]ĉG]HQLHRGSRZLDGDNODVLHRFKURQ\ ,LPRŰHE\þXŰ\WNRZDQH
Z\ãĉF]QLHMHŔOLMHVWSRGãĉF]RQHGRSU]HZRGXX]LHPLDMĉFHJR
%H]SLHF]QLNGRSDVRZDþ]JRGQLH]SDUDPHWUDPLPRF\SRGDQ\PL
QDWDEOLF]FH]QDPLRQRZHMLRERZLĉ]XMĉF\PLSU]HSLVDPLORNDOQ\PL
3RGF]DV ZV]\VWNLFK SUDF PRQWDŰRZ\FK QDOHŰ\ Z\ãĉF]\þ ]DVLODQLH
XU]ĉG]HQLD
8U]ĉG]HQLHPRŰQDSRGãĉF]\þGRVLHFLZ\ãĉF]QLH]DSRPRFĉ
GRVWDUF]RQHJRSU]HZRGXSU]\ãĉF]HQLRZHJR3RGãĉF]\þSU]HZyG
SU]\ãĉF]HQLRZ\]W\ãXXU]ĉG]HQLDNOLN
3U]HZyGSU]\ãĉF]HQLRZ\RGãXJRŔFLPPRŰQDQDE\þZ
VHUZLVLH
3U]HZyGSU]\ãĉF]HQLRZ\PRŰQDZ\PLHQLþZ\ãĉF]QLHQDSU]HZyG
RU\JLQDOQ\NWyU\PRŰQDQDE\þZVHUZLVLH
0RQWDŰPXVL]DSHZQLþRFKURQęSU]HGQLH]DPLHU]RQ\P
GRWNQLęFLHP
3U]HZyGSU]\ãĉF]HQLRZ\]ZW\F]Nĉ]X]LHPLHQLHP
8U]ĉG]HQLHPRŰQDSRGãĉF]\þZ\ãĉF]QLHGRJQLD]GD]
X]LHPLHQLHP]DLQVWDORZDQHJR]JRGQLH]SU]HSLVDPL
-HŰHOL SR ]DEXGRZDQLX XU]ĉG]HQLD QLH EęG]LH GRVWęSX GR ZW\F]NL
ZyZF]DVZVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML
3U]HZyGSU]\ãĉF]HQLRZ\EH]ZW\F]NL]X]LHPLHQLHP
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPLHOHNWU\F]Q\PL
:SU]\SDGNXVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML1DOHŰ\]LGHQW\ILNRZDþSU]HZyGID]RZ\L
]HURZ\ZJQLHŮG]LHSU]\ãĉF]HQLRZ\P1LHZãDŔFLZHSRGãĉF]HQLH
PRŰHGRSURZDG]LþGRXV]NRG]HQLDXU]ĉG]HQLD
3RGãĉF]DþZ\ãĉF]QLHZHGãXJVFKHPDWXSRGãĉF]HQLD1DSLęFLH
SDWU]WDEOLF]ND]QDPLRQRZDů\ã\SU]HZRGXSU]\ãĉF]HQLRZHJR
SRGãĉF]Dþ]JRGQLH]R]QDF]HQLHPNRORUyZ]LHORQRŰyãW\
SU]HZyGX]LHPLDMĉF\
<QLHELHVNL SU]HZyG]HURZ\EUĉ]RZ\
SU]HZyGID]RZ\SU]HZyG]HZQęWU]Q\
0RFRZDQLHXU]ĉG]HQLDU\V
8ZDJD
'RPRFRZDQLDOLVWHZPDVNXMĉF\FKQLHXŰ\ZDþZNUęWDUNL
DNXPXODWRURZHM/LVWZ\PDVNXMĉFHPRJĉXOHFXV]NRG]HQLX
 :UD]LHSRWU]HE\QDOHŰ\Z\UHJXORZDþV]F]HOLQęSRPLęG]\
GU]ZLDPLXU]ĉG]HQLDDOLVWZDPLPDVNXMĉF\PL]DSRPRFĉŔUXE
UHJXODF\MQ\FKSRSROHZHMLSRSUDZHMVWURQLHU\V D
: NLHUXQNX ]JRGQ\P ] UXFKHP ZVND]yZHN ]HJDUD ]ZLęNV]HQLH
V]F]HOLQ\
:NLHUXQNXSU]HFLZQ\PGRUXFKXZVND]yZHN]HJDUD
]PQLHMV]HQLHV]F]HOLQ\
 &DãNRZLFLH ZVXQĉþ XU]ĉG]HQLH 8ZDŰDþ SU]\ W\P DE\ SU]HZRGX
SU]\ãĉF]HQLRZHJRQLH]DJLĉþQLHSU]\FLĉþDQLQLHSURZDG]LþSR
RVWU\FKNUDZęG]LDFK
 8VWDZLþXU]ĉG]HQLHSRŔURGNXU\V E
3RPLęG]\XU]ĉG]HQLHPDIURQWDPLSU]\OHJã\FKPHEOLQDOHŰ\
]DFKRZDþRGVWęSPLQ PP
 8FK\OLþGU]ZLXU]ĉG]HQLDLRGNUęFLþOLVWZ\PDVNXMĉFHSROHZHML
SUDZHMVWURQLHU\V F
 =DPNQĉþGU]ZLXU]ĉG]HQLD
 :UD]LHSRWU]HE\Z\UHJXORZDþZ\VRNRŔþGU]ZLXU]ĉG]HQLD]D
SRPRFĉŔUXEQDVWDZF]\FKSROHZHMLSUDZHMVWURQLHU\V G
: NLHUXQNX ]JRGQ\P ] UXFKHP ZVND]yZHN ]HJDUD ]PQLHMV]HQLH
V]F]HOLQ\
:NLHUXQNXSU]HFLZQ\PGRUXFKXZVND]yZHN]HJDUD
]ZLęNV]HQLHV]F]HOLQ\
 3U]\NUęFLþXU]ĉG]HQLHGRPHEOLU\V H
 8FK\OLþGU]ZLXU]ĉG]HQLD3U]\ãRŰ\þOLVWZ\PDVNXMĉFHL]
SRZURWHP SU]\NUęFLþ QDMSLHUZ QD JyU]H D SRWHP QD GROH U\V I
1LHZROQRSU]\VãDQLDþGRGDWNRZĉOLVWZĉV]F]HOLQ\SRPLęG]\
EODWHPURERF]\PDXU]ĉG]HQLHP
1DERF]Q\FKŔFLDQNDFKV]DINLGRREXGRZ\QLHZROQRXPLHV]F]Dþ
RVãRQWHUPLF]Q\FK
:\SR]LRPRZDQLHGU]ZLXU]ĉG]HQLDU\V 
6]F]HOLQęPLęG]\GU]ZLDPLXU]ĉG]HQLDDSDQHOHPREVãXJLPRŰQD
GRSDVRZDþ]DSRPRFĉŔUXEQDVWDZF]\FKSROHZHMLSUDZHM
VWURQLH
 /HNNRXFK\OLþGU]ZLXU]ĉG]HQLDLRGNUęFLþOLVWZ\PDVNXMĉFHSR
OHZHMLSUDZHMVWURQLH
 =DPNQĉþGU]ZLXU]ĉG]HQLD:\UHJXORZDþZ\VRNRŔþGU]ZL
XU]ĉG]HQLD]DSRPRFĉŔUXEQDVWDZF]\FKSROHZHMLSUDZHM
VWURQLH
: NLHUXQNX ]JRGQ\P ] UXFKHP ZVND]yZHN ]HJDUD ]PQLHMV]HQLH
V]F]HOLQ\
:NLHUXQNXSU]HFLZQ\PGRUXFKXZVND]yZHN]HJDUD
]ZLęNV]HQLHV]F]HOLQ\
 /HNNRXFK\OLþGU]ZLXU]ĉG]HQLD3U]\ãRŰ\þOLVWZ\PDVNXMĉFHL]
SRZURWHPSU]\NUęFLþQDMSLHUZQDJyU]HDSRWHPQDGROH
'HPRQWDŰ
 :\ãĉF]\þ]DVLODQLHXU]ĉG]HQLD
5RG]DMSã\W\JU]HZ
F]HM
D
QDNãDGDQD
QDEODW
D
PRQWRZDQDQD
UyZQL]SR
ZLHU]FKQLĉEODWX
E
LQGXNF\MQDSã\WD
JU]HZF]D
PP PP PP
SHãQRSRZLHU]FKQLRZD
LQGXNF\MQDSã\WD
JU]HZF]D
PP PP PP
JD]RZDSã\WD
JU]HZF]D
PP PP PP
HOHNWU\F]QDSã\WD
JU]HZF]D
PP PP PP
D
E

 /HNNRXFK\OLþGU]ZLXU]ĉG]HQLDLRGNUęFLþOLVWZ\PDVNXMĉFHSR
OHZHMLSUDZHMVWURQLH
 2GNUęFLþŔUXE\PRFXMĉFH
 8U]ĉG]HQLHOHNNRXQLHŔþLFDãNRZLFLHZ\FLĉJQĉþ
ru
î
Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ²οηπ
΋ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζήΪηηθγβηλμκνδπββ
ιθζθημΪΰνΑΪιθάκίΰήίηβωβααΪηίικΪάβεφηθγνλμΪηθάδβ
θμάίμλμάίηηθλμφηίλϋμλΫθκσβδ
ΗίβλιθεφανγμίκνρδνήάίκπυήεωμκΪηλιθκμβκθάδββεβ
ζθημΪΰΪικβΫθκΪ
ΚΪλιΪδνγμίβθλζθμκβμίικβΫθκΗίιθήδεψρΪγμίικβΫθκίλεβ
θηΫυειθάκίΰήϋηάθάκίζωμκΪηλιθκμβκθάδβ
ΙίκίήηΪρΪεθζχδλιενΪμΪπββνήΪεβμίνιΪδθάθρηυγζΪμίκβΪεβ
δείγδνψιεϋηδνβακΪΫθρίγδΪζίκυβλήάίκπυικβΫθκΪ
ΖίΫίεφήεωάλμκΪβάΪηβωήθεΰηΪάυήίκΰβάΪμφμίζιίκΪμνκνήθ
&ΪλθλίήηβίξΪλΪήυ²ήθΛ
ΗίνλμΪηΪάεβάΪγμίικβΫθκαΪήίδθκΪμβάηθγηΪδεΪήδθγΌ
ικθμβάηθζλενρΪίάθαηβδηίμθιΪληθλμφιίκίέκίάΪ
ΚΪΫθμυιθάυιθεηίηβψάυκίαθάηΪζίΫίεβάυιθεηωγμίιίκίή
νλμΪηθάδθγικβΫθκΪΝήΪεβμίθιβεδβμΪδδΪδθηβζθένμ
ηΪκνςβμφκΪΫθμνχείδμκβρίλδβοδθζιθηίημθά
ΡμθΫυ ηί ιθκίαΪμφλω άθ άκίζω ζθημΪΰΪ βλιθεφανγμί αΪσβμηυί
ιίκρΪμδβΎίμΪεβθμδκυμυίικβζθημΪΰίζθένμΫυμφθλμκυζβ
ΏλεβικβΫθκθληΪσϋηιΪηίεφψάυδεψρΪμίείγλθμδβήηθγ
δκυςδθγμθλείήβμίαΪμίζρμθΫυδκυςδΪικβθμδκυάΪηββηί
αΪήίάΪεΪκωήθζλμθωσνψζίΫίεφ
ΚθαίμδΪήεωιθήδεψρίηβωικβΫθκΪήθεΰηΪηΪοθήβμφλωά
αΪςμκβοθάΪηηθγθΫεΪλμβ $βεβαΪικίήίεΪζβάλμκΪβάΪίζθέθ
ζθήνεω
ΗίαΪδκίιεϋηηυίζθήνεβικβδκίιβμίδλμίηίλιθζθσφψ
θΫυρηθέθνέθεδΪ %
ΚΪαζίκυηΪκβλνηδΪονδΪαΪηυάζζ
: Κηυίηλδύψηδόκδιρονμμϊδηλξκίμρίρϊ
ΌικβΫθκζθένμΫυμφάλμκθίηυιθλμθωηηυίζΪέηβμυ
άθαήίγλμάνψσβίηΪχείδμκθηηυίβζιεΪημΪμυηΪικβζίκηΪ
δΪκήβθλμβζνεωμθκ βεβ βηΰίδμθκ βηλνεβηΪ Ιθχμθζν ικβ ζθημΪΰί
λείήνίμλθΫεψήΪμφζβηβζΪεφηθίκΪλλμθωηβίήθχείδμκθηηυο
βζιεΪημΪμθάλζ
Ξοηΰνοξνγπρνκδχμηυδθ৯οηπ
ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηθγ
ιίκίέθκθήδίήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ
ΑΪδκίιβμίλμθείςηβπνηΪζθήνεωο
ΙκβνλμΪηθάδίικβΫθκΪιθήάΪκθρηθγιΪηίεφψηίθΫοθήβζθ
νρίλμφλείήνψσβίζβηβζΪεφηθήθινλμβζυίκΪαζίκυικβ
ηίθΫοθήβζθλμβάδεψρΪωκΪαζίκυθληθάΪηβω
ΌπίεωολθΫεψήίηβωηίθΫοθήβζθέθζβηβζΪεφηθέθκΪλλμθωηβω E
θικίήίεωίμλωλείήνψσΪωζβηβζΪεφηΪωμθεσβηΪλμθείςηβπυ D
ΛθΫεψήΪγμίβηλμκνδπβψιθζθημΪΰνάΪκθρηθγιΪηίεβ
΢πρίμναιίξοηΰνοίαχιίσινκνμμς²οηπ
ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηυο
ιίκίέθκθήδΪοήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ
ΌλενρΪίίλεβςδΪξδθεθηηΪβζίίμιθζβζθαΪήηβολμίηθδ
θμήίεφηυο λίδπβγ ήθιθεηβμίεφηθ αΪήηψψ λιεθςηνψ λμίηδν μθ ίϋ
λείήνίμληωμφ
ΝλμΪηΪάεβάΪγμίικβΫθκυηΪμΪδθγάυλθμίηΪδθμθκθγΫνήίμ
νήθΫηθάυηβζΪμφικβηΪήείΰηθλμβ
Λνμρίεαςβκς৯οηπ
ΡμθΫυήάίκφζθέεΪλάθΫθήηθθμδκυάΪμφλωικβζθημΪΰίάνέεΪο
νρβμυάΪγμίκΪλλμθωηβί &νδΪαΪηηθίηΪκβλνηδίΚΪαζίκ '
λδεΪήυάΪίμλω βα μθεσβηυ ξκθημΪεφηυο ιΪηίείγ ζίΫίεβ β άυλθμυ
κνρίδ
Ξνγικύφδμηδξοηΰνοίιόκδιρονπδρη
ΙκβΫθκλθθμάίμλμάνίμδεΪλλναΪσβμυιθχμθζνθηήθεΰίη
χδλιενΪμβκθάΪμφλωμθεφδθλιθήδεψρϋηηυζαΪαίζεωψσβζ
ικθάθήθζ
ΛβλμίζΪαΪσβμυικίήθοκΪηβμίεωζβηΪλμκΪβάΪίμλωά
λθθμάίμλμάββλιθδΪαΪμίεωζβζθσηθλμβνδΪαΪηηυζβηΪμβιθάθγ
μΪΫεβρδίβλνσίλμάνψσβζβζίλμηυζβμκίΫθάΪηβωζβ
ΙκβάυιθεηίηββεψΫυοζθημΪΰηυοκΪΫθμικβΫθκήθεΰίηΫυμφ
θΫίλμθρίη
ΙκβΫθκ ζθΰηθ ιθήδεψρΪμφ μθεφδθ ικβ ιθζθσβ λίμίάθέθ ικθάθήΪ
άοθήωσίέθάδθζιείδμιθλμΪάδβΙθήλθίήβηβμίλίμίάθγικθάθήδ
αΪήηίγλμίηδίικβΫθκΪήθσίερδΪ
ΛίμίάθγικθάθήήεβηθγζζθΰηθαΪδΪαΪμφάλίκάβληθγ
λενΰΫί
ΛίμίάθγικθάθήζθΰηθαΪζίηβμφμθεφδθμΪδβζΰίαΪδΪαΪηηυζά
λίκάβληθγλενΰΫί
ΙκβνλμΪηθάδίθΫίλιίρφμίαΪσβμνθμικβδθληθάίηβω
Πδρδανθξονανγπαηκινθπζίζδλκώύψηλινμρίιρνλ
ΙκβΫθκζθΰηθιθήδεψρΪμφδλίμβμθεφδθρίκίαικΪάβεφηθ
νλμΪηθάείηηνψκθαίμδνλαΪαίζεωψσβζδθημΪδμθζ
ΏλεβιθλείνλμΪηθάδβικβΫθκΪήθςμίιλίεφηθγάβεδβ
ηίάθαζθΰηθΫνήίμήθΫκΪμφλωμθάνλμΪηθάείηηθζηίιθήάβΰηθ
χείδμκθθΫθκνήθάΪηββήθεΰίηΫυμφικίήνλζθμκίηλιίπβΪεφηυγ
άυδεψρΪμίεφήεωκΪαζυδΪηβωάξΪαΪολθέεΪληθνλεθάβωζ
ζθημΪΰΪ
Πδρδανθξονανγπαηκινθΰδζζίζδλκώύψδβνινμρίιρί
ΙθήδεψρίηβίικβΫθκΪήθεΰηθάυιθεηωμφλωμθεφδθ
δάΪεβξβπβκθάΪηηυζλιίπβΪεβλμθζ
Ό νλμΪηθάείηηθζ ηίιθήάβΰηθ χείδμκθθΫθκνήθάΪηββ ήθεΰίη Ϋυμφ
ικίήνλζθμκίηλιίπβΪεφηυγάυδεψρΪμίεφήεωκΪαζυδΪηβωά
ξΪαΪολθέεΪληθνλεθάβωζζθημΪΰΪΘικίήίεβμίξΪαθάυγβ
ηίγμκΪεφηυγηνείάθγδθημΪδμυάκθαίμδίΗίικΪάβεφηθί
ιθήδεψρίηβίζθΰίμλμΪμφικβρβηθγιθάκίΰήίηβωικβΫθκΪ
ΙθήδεψρΪγμίμθεφδθάλθθμάίμλμάββλθλοίζθγιθήδεψρίηβω
ΗΪικωΰίηβίνδΪαΪηθηΪμβιθάθγμΪΫεβρδίΙκθάθήΪλίμίάθέθ
δΪΫίεωήθεΰηυιθήλθίήβηωμφλωάλθθμάίμλμάββλπάίμθάθγ
ζΪκδβκθάδθγΰϋεμθαίεϋηυγ αΪαίζεωψσβγικθάθή
<λβηβγ
ηθεφηίγμκΪεφηυγικθάθήδθκβρηίάυγ ξΪαΪξΪαθάυγ
ικθάθή
D
E
Ρηξαίονφμνθξίμδ
κη
D
ςπρίμνακδμ
μίώ
D
αοναδμϋπξν
αδοτμνπρϋύ
E
ΒηήνδπβθηηΪωάΪκθρ
ηΪωιΪηίεφ
ζζ  ζζ ζζ
ΒηήνδπβθηηΪωάΪκθρ
ηΪωιΪηίεφ
λθλιεθςηθγαθηθγ
ηΪέκίάΪ
ζζ ζζ ζζ
΍ΪαθάΪωάΪκθρηΪωιΪ
ηίεφ
 ζζ  ζζ ζζ
ΧείδμκβρίλδΪωάΪ
κθρηΪωιΪηίεφ
ζζ  ζζ ζζ

Σηιπίυηώξοηΰνοί²οηπ
Αμηλίμηδ
ΗίβλιθεφανγμίΪδδνζνεωμθκηυγέΪγδθάϋκμήεωαΪδκίιείηβω
ιΪηίείγβηΪρίιΪηίεβζθένμΫυμφιθάκίΰήίηυ
 ΑΪαθκζίΰήνήάίκπίγικβΫθκΪβιΪηίεωζβζθΰηθ
θμκίένεβκθάΪμφλιθζθσφψκίένεβκθάθρηυοάβημθάλικΪάΪβ
λείάΪκβλΪ
ΙθρΪλθάθγλμκίεδίνάίεβρίηβίαΪαθκΪ
ΙκθμβάρΪλθάθγλμκίεδβνζίηφςίηβίαΪαθκΪ
 ΌλμΪάφμί ικβΫθκ ήθ νιθκΪ Ικβ χμθζ ηί ήθινλδΪγμί ιίκίέβΫΪηβω
αΪσίζείηβωβλθικβδθληθάίηβωλίμίάθέθικθάθήΪλθλμκυζβ
δκθζδΪζβ
 ΌυκθάηωγμίικβΫθκιθπίημκνκβλE
ΖίΰήνικβΫθκθζβλθλίήηβζβξΪλΪήΪζβήθεΰίηΫυμφαΪαθκ
ζβηβζνζ ζζ
 Ικβθμδκθγμί ήάίκπν ικβΫθκΪ β θμάβημβμί ιΪηίεβ λικΪάΪ β λείάΪ
κβλλ
 ΑΪδκθγμίήάίκπνικβΫθκΪ
 ΙκβηίθΫοθήβζθλμβθμκίένεβκνγμίάυλθμνήάίκπυικβΫθκΪλ
ιθζθσφψκίένεβκθάθρηυοάβημθάλείάΪβλικΪάΪκβλG
ΙθρΪλθάθγλμκίεδίνζίηφςίηβίαΪαθκΪ
ΙκθμβάρΪλθάθγλμκίεδβνάίεβρίηβίαΪαθκΪ
 ΙκβδκίιβμίικβΫθκδζίΫίεβκβλH
 Ικβθμδκθγμί ήάίκπν ικβΫθκΪ ΝλμΪηθάβμί ιΪηίεβ β αΪδκίιβμί βο
ληΪρΪεΪλάίκονΪαΪμίζληβανκβλI
ΑΪαθκζίΰήνλμθείςηβπίγβικβΫθκθζηίήθεΰίηΫυμφαΪδκυμ
ήθιθεηβμίεφηθγιεΪηδθγ
ΑΪικίσΪίμλωνλμΪηΪάεβάΪμφηΪΫθδθάυολμίηδΪοςδΪξΪήεω
άλμκΪβάΪηβωμίιεθβαθεωπβθηηυίιεΪηδβ
Γδλνμρίε
 ΘΫίλμθρφμίικβΫθκ
 Ικβθμδκθγμί ήάίκπν ικβΫθκΪ β θμάβημβμί ιΪηίεβ λικΪάΪ β λείάΪ
 ΘλεΪΫφμίάβημυδκίιείηβω
 ΙκβιθήηβζβμίβάυηφμίικβΫθκ
tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU5HVLP
&LKD]×Q PRQWDM× DQFDN EX PRQWDM WDOLPDW×QGD WDULI HGLOHQ üHNLOGH
XVXOQHX\JXQRODUDN\DS×OP×üVDFLKD]×QJYHQOLNXOODQ×P×V|]
NRQXVXRODELOLU<DQO×üPRQWDMGDQND\QDNODQDQDU×]DODUGDQ
PRQWDM×\DSDQNLüLVRUXPOXGXU
&LKD]×QWDü×QPDV×YH\DPRQWDM×V×UDV×QGDNDSDù×QWXWDPDù×Q×
NXOODQPD\×Q×]
$PEDODM× Do×OG×NWDQ VRQUD FLKD]× NRQWURO HGLQL] %LU QDNOL\H KDVDU×
ROPDV×GXUXPXQGDFLKD]EDùODQW×V×\DS×OPDPDO×G×U
)×U×Q×YHNDSDù×Q×FLKD]×oDO×üW×UPDGDQ|QFHDPEDODM
PDO]HPHOHULQLYH\DS×üNDQO×EDQWODU×SLüLUPHDODQ×QGDQYH
NDSDù×QGDQo×NDU×Q×]
*|PPHPRELO\DODU&OLNV×FDNO×ùDNDGDU\DQPRELO\D
\]H\OHULLVH&OLNV×FDNO×ùDNDGDUGD\DQ×NO×ROPDO×G×U
&LKD]×ELUGHNRUNDSDù×Q×QDUNDV×QDPRQWHHWPH\LQL]$ü×U×
×V×QPDQHGHQL\OHWHKOLNHROXüWXUXU
0RELO\DGD\DS×ODFDNNHVLPLüOHULFLKD]WDN×OPDGDQ|QFH
\DS×OPDO×G×U(OHNWULNOLSDUoDODU×QoDO×üPDV×Q×HWNLOH\HELOHFHN
WDODüODU×WHPL]OH\LQL]
<DUDODQPDODU×|QOHPHNLoLQNRUX\XFXHOGLYHQWDN×OPDO×G×U
0RQWDM HVQDV×QGD HULüLOHELOHQ SDUoDODU×Q NHQDUODU× NHVNLQ RODELOLU
'|QHUüDOWHU|QN×VP×QDVDKLSRODQFLKD]ODUGDüDOWHU|Q
N×VP×Q×QG×üDU×VUOUNHQ\DQ×QGDNLPRELO\DODUOD
oDUS×üPDPDV×QDGLNNDWHGLQL]
&LKD] EDùODQW× SUL]L WDUDNO× \]H\ DODQ× $GD YH\D PRQWDM E|OJHVL
G×ü×QGDROPDO×G×U
6DELWOHQPH\HQPRELO\DODUX\JXQELUDo×\OD %GXYDUD
VDELWOHQPHOLGLU
5HVLPOHULQ|OoPELOJLOHULPPFLQVLQGHQGLU
: (OHNWURQLNLPSODQWWDü×\DQODU
&LKD]GDNDO×F×P×NQDW×VODUPHYFXWRODELOLU%XP×NQDW×VODU
HOHNWURQLNLPSODQWDV\RQODU×|UQHùLQNDOSSLOLQLYH\DLQVOLQ
SRPSDODU×Q×HWNLOH\HELOLU%XQHGHQOHPRQWDMV×UDV×QGDHOHNWURQLN
LPSODQWWDü×\DQODUHQD]FPX]DNGXUPDO×G×U
&LKD]oDO×üPDWH]JDK×Q×QDOW×QD\HUOHüWLULOHFHNVH5HVLP
&LKD]×QKDYDODQG×U×OPDV×LoLQDUDUDIWDKDYDODQG×UPDE|OP
EXOXQPDO×G×U
dDO×üPDWH]JDK×PRQWDMPRELO\DV×QDVDELWOHQPHOLGLU
&LKD]ELURFDù×QDOW×QDPRQWHHGLOLUVHDüDù×GDNLDVJDUL|OoOHUH
X\XOPDV×JHUHNOLGLUJHUHNLUVHDOWNRQVWUNVL\RQGDKLO
*HUHNOLPLQLPXPPHVDIH EQHGHQL\OHDVJDULoDO×üPDWH]JDK×
NDO×QO×ù× DRUWD\Do×NDU
2FDNPRQWDMN×ODYX]XQDGLNNDWHGLQL]
%R\GRODE×QGDNLFLKD]5HVLP
&LKD]×Q KDYDODQG×U×OPDV× LoLQ DUD UDIODUGD ELU KDYDODQG×UPD E|OP
EXOXQPDO×G×U
(ùHUHOHPDQDUNDGXYDU×QDHNRODUDNER\GRODE×Q×QGDELUDUND
GXYDU×YDUVDEXQXQo×NDUW×OPDV×JHUHNOLGLU
&LKD]VDGHFHDNVHVXDUODU×QNROD\O×NODo×NDUW×ODELOHFHùLELU
\NVHNOLùHPRQWHHGLOPHOLGLU
.|üHPRQWDM×5HVLP
&LKD]NDSDù×Q×QDo×ODELOPHVLLoLQN|üHPRQWDM×V×UDV×QGD &
|OoVQH GLNNDW HGLOPHOLGLU ' |OoV WXWDPDù×Q DOW N×VP×QGD NDODQ
PRELO\DQ×Q|QFHSKHVLQLQNDO×QO×ù×QDEDùO×G×U
&LKD]×QHOHNWULNEDùODQW×V×Q×Q\DS×OPDV×
&LKD]NRUXPDV×Q×I×, HDLWWLUYHVDGHFHWRSUDNODPDNDEORVX
EDùODQW×V×LOHoDO×üW×U×ODELOLU
6LJRUWDWDQ×W×PSODNDV×]HULQGHNLJoGHùHULQHJ|UHYH\HUHO
\|QHWPHOLNOHUHX\JXQRODUDNVHoLOPHOLGLU
%WQPRQWDMLüOHPOHULV×UDV×QGDFLKD]×QüHEHNHEDùODQW×V×NHVLN
ROPDO×G×U
&LKD]\DOQ×]ELUOLNWHWHVOLPHGLOHQEDùODQW×NDEORVXLOH
EDùODQPDO×G×U%DùODQW×NDEORVXQXFLKD]×QDUNDWDUDI×QDWDN×Q×]
.OLN
PX]DWPDNDEORVXPüWHULKL]PHWOHULQGHQWHPLQHGLOHELOLU
%DùODQW×NDEORVXVDGHFHPüWHULKL]PHWOHULQGHQWHPLQHGLOHQ
RULMLQDOELUNDEORLOHGHùLüWLULOPHOLGLU
0RQWDMV×UDV×QGDELUHOHNWULNWHPDVNRUX\XFXVXPHYFXWROPDO×G×U
.RUXPDNRQWDNO×ILüEDùODQW×KDWW×
&LKD]VDGHFHNXUDOODUDX\JXQRODUDNNXUXOPXüNRUXPDO×NRQWDN
SUL]HWDN×OPDO×G×U
0RQWDMVRQUDV×QGDILüHDUW×NHULüLOHPH\HFHNVHVDELWG|üHQHQ
HOHNWULNWHVLVDW×QGDNXUXOXPüDUWODU×QDX\JXQRODUDNID]ODELU
NHVPHWHUWLEDW×WDN×OPDO×G×U
.RUXPDNRQWDNO×ILüROPDGDQEDùODQW×KDWW×
&LKD]×QHOHNWULNEDùODQW×V×VDGHFHHùLWLPOLELUX]PDQWDUDI×QGDQ
\DS×OPDO×G×U
6DELW G|üHQHQ HOHNWULN WHVLVDW×QGD NXUXOXP üDUWODU×QD X\JXQ RODUDN
ID]ODELUNHVPHWHUWLEDW×WDN×OPDO×G×U)D]YHQ|WUV×I×UNDEOR
EDùODQW× SUL]LQGH WDQ×PODQPDO×G×U +DWDO× ELU EDùODQW× FLKD]×Q ]DUDU
J|UPHVLQHVHEHSRODELOLU
2FDNWU D
\HUOHüWLULOGL
D
\]H\HV×I×U
E
ĮQGNVL\RQOXRFDN PP PP PP
7DP\]H\
ĮQGNVL\RQOXRFDN
PP PP PP
*D]O×RFDN PP PP PP
(OHNWULNOLRFDN PP PP PP
D
E

6DGHFHEDùODQW×üHPDV×QDJ|UHEDùOD\×Q×]*HULOLPLoLQWLS
SODNDV×QDEDN×Q×]ûHEHNHEDùODQW×KDWW×NDEORODU×UHQN
NRGODPDV×QDX\JXQüHNLOGHEDùODQPDO×G×U<HüLOVDU×
7RSUDNODPD NDEORVX
< PDYL V×I×U Q|WU NDEOR NDKYHUHQJL )D]
G×üLOHWNHQ
&LKD]×QVDELWOHQPHVL5HVLP
'LNNDW
3DQHOOHULQVDELWOHQPHVLLoLQDNOYLGDODPDPDNLQHVL
NXOODQ×OPDPDO×G×U3DQHOOHUKDVDUJ|UHELOLU
 *HUHNLUVHFLKD]×QNDSDù×LOHSDQHOOHUDUDV×QGDNLDUDO×NVROYH
VDùGDNLD\DUYLGDODU×\ODD\DUODQPDO×G×U5HVLP D
6DDW\|QQGH$UDO×ù×DUWW×U×U
6DDW\|QQQWHUVLQH$UDO×ù×D]DOW×U
 &LKD]WDPDPHQLoHULLWLOPHOLGLU%XHVQDGDEDùODQW×NDEORVX
ENOPHPHOLV×N×üW×U×OPDPDO×YH\DNHVNLQNHQDUODU×Q]HULQGHQ
JHoLULOPHPHOLGLU
 &LKD]RUWDQRNWD\DNRQXPODQG×U×OPDO×G×U5HVLP E
&LKD]YHPRELO\DNHQDU×DUDV×QGDPLQLPXP PPOLNELUKDYD
ERüOXùXROPDO×G×U
 &LKD]NDSDù×ELUD]Do×OPDO×YHVROLOHVDùSDQHOOHULQYLGDODU×
V|NOPHOLGLU5HVLP F
 &LKD]NDSDù×NDSDW×OPDO×G×U
 *HUHNLUVHFLKD]NDSDù×Q×Q\NVHNOLùLVROYHVDùGDNLD\DU
YLGDODU×\ODD\DUODQPDO×G×U5HVLP G
6DDW\|QQGH$UDO×ù×D]DOW×U
6DDW\|QQQWHUVLQH$UDO×ù×DUWW×U×U
 &LKD]PRELO\D\DV×N×FDYLGDODQPDO×G×U5HVLP H
 &LKD]×QNDSDù×ELUD]Do×OPDO×G×U3DQHOOHU\HUOHüWLULOPHOLYH|QFH
VWWHQVRQUDDOWWDQ\HQLGHQV×N×FDYLGDODQPDO×G×U5HVLP I
dDO×üPDWH]JDK×YHFLKD]DUDV×QGDNLDUDO×NHNSHUYD]ODUOD
NDSDW×OPDPDO×G×U
7DGLODW\DS×ODQGRODE×Q\DQGXYDUODU×QD×V×NRUXPDoXEXNODU×Q×Q
WDN×OPDV×QDL]LQYHULOPH]
&LKD]NDSDù×Q×QKL]DODQPDV×5HVLP
&LKD] NDSDù× LOH NXPDQGD SDQHOL DUDV×QGDNL ERüOXN VRO YH VDùGDNL
D\DUYLGDODU×\ODD\DUODQDELOLU
 &LKD]NDSDù×Q×KDILIoHDo×Q×]YHVROLOHVDùSDQHOOHULQYLGDODU×Q×
V|NQ]
 &LKD]NDSDù×Q×NDSDW×Q×]&LD]NDSDù×\NVHNOLùLQLVROYH
VDùGDNLD\DUYLGDODU×\ODD\DUOD\×Q×]
6DDW\|QQGH$UDO×ù×D]DOW×U
6DDW\|QQQWHUVLQH$UDO×ù×DUWW×U×U
 &LKD]×QNDSDù×Q×KDILIoHDo×Q×]3DQHOOHUL\HUOHüWLULQL]YH|QFH
VWWHQVRQUDDOWWDQ\HQLGHQV×N×FDYLGDOD\×Q×]
6|NPH
 &LKD]×QHOHNWULNJLULüLQLNHVLQL]
 &LKD]NDSDù×Q×KDILIoHDo×Q×]YHVROLOHVDùSDQHOOHULQYLGDODU×Q×
V|NQ]
 6DELWOHPHYLGDODU×Q×V|NQ]
 &LKD]×KDILIoHNDOG×U×Q×]YHWDPDPHQG×üDU×oHNLQL]
hu
á
6]HUHOpVL~WPXWDWy
)RQWRVWXGQLYDOyN²iEUD
$EL]WRQViJRVKDV]QiODWRWFVDNLVDMHOHQ~WPXWDWyDODSMiQ
HOYpJ]HWWV]DNV]HUŦEHV]HUHOpVJDUDQWiOMD$KLEiVEHV]HUHOpV
PLDWWLNiURNpUWDV]HUHOŌYLVHOLDIHOHOŌVVpJHW
6]iOOtWiVNRUYDJ\EHV]HUHOpVNRUDNpV]OpNHWQHD]
DMWyIRJDQW\~YDOHPHOMHPHJ
.LFVRPDJROiVXWiQHOOHQŌUL]]HDNpV]OpNHW6]iOOtWiVLVpUOpV
HVHWpQQHFVDWODNR]WDVVD
h]HPEH KHO\H]pV HOŌWW WiYROtWVD HO D FVRPDJROyDQ\DJRNDW pV D]
|QWDSDGyVIyOLiWDVWŌWpUEŌOpVD]DMWyUyO
$EHpStWHWWE~WRURNQDN&LJDV]RPV]pGRVE~WRUODSRNQDN
&LJKŌiOOyQDNNHOOOHQQLN
$NpV]OpNHWQHpStWVHEHGtV]tWŌSDQHOP|Jp7~OKHYOpVPLDWWL
YHV]pO\iOOIHQQ
$E~WRUNLYiJiVLPXQNiLWDNpV]OpNEHKHO\H]pVHHOŌWWNHOO
HOYpJH]QL7iYROtWVDHODIRUJiFVRWH]EHIRO\iVROKDWMDD]
HOHNWURPRVUpV]HNPŦN|GpVpW
$YiJiVLVpUOpVHNPHJHOŌ]pVHpUGHNpEHQYLVHOMHQ
YpGŌNHV]W\ŦW$V]HUHOpVQpOKR]]iIpUKHWŌUpV]HNV]pOHpOHV
OHKHW
)HOQ\LWKDWyHOŌODSSDOUHQGHONH]ŌNpV]OpNHNQpOJ\HOMHQDUUD
KRJ\D]HOŌODSIHOQ\LWiVNRUQHWN|]]|QDN|UQ\H]ŌE~WRURNED
$NpV]OpNFVDWODNR]yDOM]DWiQDNDVUDIIR]RWWIHOOHW $
WDUWRPiQ\iEDQYDJ\DEHpStWHQGŌWHUOHWHQNtYONHOOOHQQLH
$QHPU|J]tWHWWE~WRURNDWNHUHVNHGHOPLIRUJDORPEDQNDSKDWy
V]|JYDVVDO %U|J]tWVHDIDOKR]
$]iEUiNRQWDOiOKDWyPpUHWHNPPEHQYDQQDNPHJDGYD
: (OHNWURQLNXVLPSODQWiWXPRWYLVHOŌN
$NpV]OpNiOODQGyPiJQHVHNHWWDUWDOPD]KDWDPHO\HND]
HOHNWURQLNXVLPSODQWiWXPRNSOV]tYULWPXVV]DEiO\R]yYDJ\
LQ]XOLQSXPSDPŦN|GpVpWEHIRO\iVROKDWMiN(]pUWV]HUHOpVNRU
WDUWVDPDJiWyOOHJDOiEEFPWiYROViJUDDNpV]OpNHW
0XQNDODSDOipStWHWWNpV]OpNiEUD
$NpV]OpNV]HOOŌ]pVpKH]D]HOYiODV]WyODSRQHJ\
V]HOOŌ]ŌQ\tOiVQDNNHOOOHQQLH
$PXQNDODSRWU|J]tWVHDEHpStWHWWE~WRURQ
+DDNpV]OpNIŌ]ŌIHOOHWDOiNHUOEHpStWpVUHEHNHOOWDUWDQLD]
DOiEELOHJNLVHEEPpUHWHNHWDGRWWHVHWEHQD]DODSRWLV
EHOHV]iPtWYD
$V]NVpJHV EPLQLPiOLVWiYROViJEyODGyGLND] DPLQLPiOLV
PXQNDODSYDVWDJViJ
9HJ\HILJ\HOHPEHDIŌ]ŌIHOOHWV]HUHOpVL~WPXWDWyMiW
.pV]OpNPDJDVV]HNUpQ\EHQ²iEUD
$NpV]OpNV]HOOŌ]pVpKH]D]HOYiODV]WyODSRNRQHJ\
V]HOOŌ]ŌQ\tOiVQDNNHOOOHQQLH
+D D PDJDV V]HNUpQ\QHN D] HOHPKiWIDODNRQ NtYO PpJ HJ\ KiWIDOD
YDQDNNRUD]WHONHOOWiYROtWDQL
$NpV]OpNHWFVDNRO\DQPDJDVDQpStWVHEHKRJ\DWDUWR]pNRW
N|QQ\HGpQNLOHKHVVHQYHQQL
6DURNEHpStWpViEUD
$KKR]KRJ\DNpV]OpNDMWDMiWNLOHKHVVHQQ\LWQLD
VDURNEHpStWpVQpO YHJ\H ILJ\HOHPEH D & PpUHWHW $ ' PpUHW IJJ D
E~WRUODSIRJDQW\~DODWWLYDVWDJViJiWyO
$NpV]OpNHOHNWURPRVFVDWODNR]WDWiVD
$NpV]OpND],pULQWpVYpGHOPLRV]WiO\QDNIHOHOPHJpVFVDN
YpGŌYH]HWŌYHO]HPHOWHWKHWŌ
$EL]WRVtWpNNLRV]WiVQDNPHJNHOOIHOHOQLHDWtSXVWiEOiQPHJDGRWW
WHOMHVtWPpQ\QHNpVDKHO\LHOŌtUiVRNQDN
$V]HUHOpVLPXQNiNQiODNpV]OpNQHNIHV]OWVpJPHQWHVQHNNHOO
OHQQLH
$NpV]OpNFVDNDNpV]OpNNHOHJ\WWV]iOOtWRWW
FVDWODNR]yYH]HWpNNHOFVDWODNR]WDWKDWy(UŌVtWVHD
FVDWODNR]yYH]HWpNHWDNpV]OpNKiWROGDOiUD.OLNN
PHVFVDWODNR]yYH]HWpNDYHYŌV]ROJiODWQiONDSKDWy
$ FVDWODNR]yYH]HWpN FVDN HJ\ HUHGHWL D YHYŌV]ROJiODWRQ NHUHV]WO
EHV]HUH]KHWŌYH]HWpNNHOSyWROKDWy
$]pULQWpVYpGHOPHWDEHV]HUHOpVVHOEL]WRVtWDQLNHOO
)Ō]ŌIHOOHWWtSXVD D
IHOOHWEŌONL
HPHONHGŌ
D
IHOOHWWHOV]LQW
EHQOHYŌ
E
,QGXNFLyVIŌ]ŌODS PP PP PP
7HOMHVIHOOHWŦ
LQGXNFLyVIŌ]ŌODS
PP PP PP
*i]IŌ]ŌODS PP PP PP
(OHNWURPRVIŌ]ŌODS PP PP PP
D
E

&VDWODNR]yYH]HWpNYpGŌpULQWNH]ŌYHOHOOiWRWW
FVDWODNR]yGXJyYDO
$NpV]OpNHWFVDNHOŌtUiVV]HUŦHQIHOV]HUHOWYpGŌpULQWNH]ŌV
GXJDV]ROyDOM]DWKR]V]DEDGFVDWODNR]WDWQL
+DDFVDWODNR]yGXJyDEHV]HUHOpVXWiQQHPHOpUKHWŌIL[
HOHNWURPRVFVDWODNR]WDWiVHVHWpQDV]DEiO\R]iVRNQDN
PHJIHOHOŌHQDIi]LVRNDWOHYiODV]WyEHUHQGH]pVVHONHOOHOOiWQL
&VDWODNR]yYH]HWpNYpGŌpULQWNH]ŌYHOHOOiWRWWFVDWODNR]yGXJy
QpONO
$NpV]OpNHWFVDNKLYDWDORVHQJHGpOO\HOUHQGHONH]ŌV]DNHPEHU
FVDWODNR]WDWKDWMD
)L[HOHNWURPRVFVDWODNR]WDWiVHVHWpQDV]DEiO\R]iVRNQDN
PHJIHOHOŌHQDIi]LVRNDWOHYiODV]WyEHUHQGH]pVVHONHOOHOOiWQL
$]RQRVtWVDEHDIi]LVpVDVHPOHJHVÅQXOOiVµYH]HWpNHWD
FVDWODNR]yDOM]DWEDQ+LEiVFVDWODNR]WDWiVHVHWpQDNpV]OpN
PHJVpUOKHW
.L]iUyODJDEHN|WpVLiEUDV]HULQWFVDWODNR]WDVVDDNpV]OpNHW$
IHV]OWVpJHWOiVGDWtSXVWiEOiQ&VDWODNR]WDVVDDKiOy]DWL
FVDWODNR]yYH]HWpN HUHLW D V]tQNyGROiVQDN PHJIHOHOŌHQ ]|OGViUJD
YpGŌYH]HWpN
<NpN QXOODVHPOHJHVYH]HWpNEDUQD Ii]LV
NOVŌYH]HWpN
$NpV]OpNU|J]tWpVH²iEUD
)LJ\HOHP
$EXUNRODWRNU|J]tWpVpKH]QHKDV]QiOMRQDNNXVFVDYDUR]yW$
EXUNRODWRNPHJVpUOKHWQHN
 $NpV]OpNDMWDMDpVD]ROGDOVyEXUNRODWRNN|]|WWLUpVWV]NVpJ
HVHWpQDMREEpVEDOROGDOLEHiOOtWyFVDYDUUDOiOOtWKDWMDEHD
iEUD
$]yUDPXWDWyMiUiViYDOPHJHJ\H]ŌLUiQ\EDQDUpVPpUHWpQHN
Q|YHOpVH
$]yUDPXWDWyMiUiViYDOHOOHQWpWHVLUiQ\EDQDUpVPpUHWpQHN
FV|NNHQWpVH
 $NpV]OpNHWWHOMHVHQWROMDEH(N|]EHQDFVDWODNR]yNiEHOWQH
W|UMHPHJQHFVtSWHVVHEHYDJ\QHK~]]DiWpOHVV]pOHNHQ
 ,JD]tWVDN|]pSUHDNpV]OpNHWEiEUD
$ NpV]OpN pV D V]RPV]pGRV E~WRUHOŌODSRN N|]|WW OHJ\HQ PP
HVOpJUpV
 1\LVVDNLNLVVpDNpV]OpNDMWDMiWpVDEXUNRODWRNDWFVDYDUR]]D
NLDMREEpVEDOROGDORQFiEUD
 &VXNMDEHDNpV]OpNDMWDMiW
 $NpV]OpNDMWDMiQDNPDJDVViJiWV]NVpJHVHWpQDMREEpVEDO
ROGDOLEHiOOtWyFVDYDURNNDOiOOtWKDWMDEHGNpS
$]yUDPXWDWyMiUiViYDOPHJHJ\H]ŌLUiQ\EDQDUpVPpUHWpQHN
FV|NNHQWpVH
$]yUDPXWDWyMiUiViYDOHOOHQWpWHVLUiQ\EDQDUpVPpUHWpQHN
Q|YHOpVH
 &VDYDUR]]DIHODNpV]OpNHWDE~WRUUDHiEUD
 1\LVVD NL NLVVp D NpV]OpN DMWDMiW +HO\H]]H IHO D EXUNRODWRNDW pV
HOŌV]|UIHQWPDMGOHQWFVDYDUR]]DYLVV]DIiEUD
$PXQNDODSpVDNpV]OpNN|]|WWLUpVWQH]iUMDOHWRYiEEL
V]HJpO\OpFHNNHO
$NpV]OpNV]HNUpQ\ROGDOIDODLUDWLORVKŌHOOHQYpGŌOpFHNHW
V]HUHOQL
.LV]HUHOpV
 )HV]OWVpJPHQWHVtWVHDNpV]OpNHW
 .LVVpQ\LVVDNLDNpV]OpNDMWDMiWpVDNH]HOŌIHOOHWHNHW
FVDYDUR]]DNLDMREEpVEDOROGDORQ
 2OGMDDU|J]tWŌFVDYDURNDW
 .LVVpHPHOMHIHODNpV]OpNHWpVWHOMHVHQK~]]DNL
ro
í
,QVWUXFŘLXQLGHPRQWDM
5HFRPDQGćULLPSRUWDQWHILJXUD
1XPDLRPRQWDUHFRUHFWćvQFRQIRUPLWDWHFXDFHVWHLQVWUXFŘLXQL
GHPRQWDMJDUDQWHD]ćRXWLOL]DUHvQVLJXUDQŘćÍQFD]XO
GHWHULRUćULORUSURYRFDWHSULQWUXQPRQWDMJUHüLWUćVSXQGHUHDvL
UHYLQHPRQWDWRUXOXL
1XIRORVLŘLPkQHUXOXüLLSHQWUXWUDQVSRUWXOVDXPRQWDMXO
DSDUDWXOXL
9HULILFDŘLDSDUDWXOGXSćGHVSDFKHWDUHÍQFD]XOXQRUGHWHULRUćUL
vQWLPSXOWUDQVSRUWXOXLQXFRQHFWDŘLDSDUDWXO
ÍQDLQWHGHSXQHUHDvQIXQFŘLXQHvQGHSćUWDŘLDPEDODMXOüLIROLLOH
GLQSODVWLFGLQLQWHULRUXOFXSWRUXOXLüLGHODXüć
0RELOLHUXOvQFDUHVHHIHFWXHD]ćvQFRUSRUDUHDWUHEXLHVćILH
UH]LVWHQWODWHPSHUDWXULGHSkQćOD&LDUSDQRXULOHIURQWDOH
DOHPRELOHORUDGLDFHQWHSkQćOD&
1X PRQWDŘL DSDUDWXO vQ VSDWHOH XQXL SDQRX GHFRUDWLY ([LVWć ULVF
GHVXSUDvQFćO]LUH
5HDOL]DŘLOXFUćULOHGHGHFXSDUHDPRELOLHUXOXLvQDLQWHGHD
LQWURGXFHDSDUDWXOÍQOćWXUDŘLDüFKLLOHGHRDUHFHDFHVWHDSRW
DIHFWDIXQFŘLRQDUHDFRPSRQHQWHORUHOHFWULFH
8WLOL]DŘL PćQXüL GH SURWHFŘLH SHQWUX D SUHYHQL UćQLUHD SULQ WćLHUH
3LHVHOH FDUH VXQW DFFHVLELOH vQ WLPSXO PRQWDMXOXL SRW DYHD PXFKLL
DVFXŘLWH
ÍQFD]XODSDUDWHORUFXSDUWHDIURQWDOćDFRPXWDWRUXOXLSLYRWDQWć
DYHŘLJULMćFDDFHDVWDVćQXLQWUHvQFROL]LXQHFXSLHVHOHGH
PRELOLHUDOćWXUDWH
3UL]DGHFRQHFWDUHDDSDUDWHORUWUHEXLHVćVHDIOHvQ]RQD
VXSUDIHŘHLKDüXUDWH $VDXvQDIDUDVSDŘLXOXLGHPRQWDUH
3LHVHOHGHPRELOLHUQHIL[DWHWUHEXLHSULQVHGHSHUHWHFXXQ
FRUQLHU %X]XDOGLQFRPHUŘ
0ćVXUćWRULOHGLQLPDJLQLvQPP
: 3HQWUXSXUWćWRULLGHLPSODQWXULHOHFWURQLFH
$SDUDWXOSRDWHFRQŘLQHPDJQHŘLSHUPDQHQŘLFDUHSRWSHUWXUED
IXQFŘLRQDUHDLPSODQWXULORUHOHFWURQLFHGHH[VWLPXODWRUFDUGLDF
VDXSRPSHGHLQVXOLQć$VWIHOODPRQWDMWUHEXLHPHQŘLQXWćR
GLVWDQŘćPLQLPćGHFPIDŘćGHLPSODQWXULOHHOHFWURQLFH
$SDUDWXOVXESODFDGHOXFUXILJXUD
3HQWUXYHQWLODUHDDSDUDWXOXLSDOLHUXOLQWHUPHGLDUWUHEXLHVć
SUH]LQWHXQGHFXSDMGHDHULVLUH
)L[DŘLSODFDGHOXFUXGHPRELODvQFDUHVHHIHFWXHD]ćPRQWDUHD
'DFćDSDUDWXOHVWHvQFRUSRUDWVXERSOLWćWUHEXLHUHVSHFWDWH
XUPćWRDUHOHGLPHQVLXQLPLQLPHGDFćHVWHFD]XOLQFOXVLY
VXEVWUXFWXUD
3HED]DGLPHQVLXQLLPLQLPHQHFHVDUH EVHREŘLQHJURVLPHD
PLQLPćDSOćFLLGHOXFUX D
5HVSHFWDŘLLQVWUXFŘLXQLOHGHPRQWDMDOHSOLWHL
$SDUDWXOvQFDVHWćvQDOWć)LJXUD
3HQWUXYHQWLODUHDDSDUDWXOXLSDOLHUHOHLQWHUPHGLDUHWUHEXLHVć
SUH]LQWHXQGHFXSDMGHDHULVLUH
ÍQFD]XOvQFDUHFDVHWDvQDOWćDUHSHOkQJćSHUHŘLLSRVWHULRULGLQ
FRPSRQHQŘDVDXQDOWSHUHWHSRVWHULRUDFHVWDWUHEXLHvQGHSćUWDW
0RQWDŘLDSDUDWXOGRDUODRDVHPHQHDvQćOŘLPHvQFkWVćSXWHŘL
VFRDWHIćUćSUREOHPHDFFHVRULLOH
0RQWDMXOGHFROŘILJXUD
3HQWUXFDXüDDSDUDWXOXLVćSRDWćILGHVFKLVćODPRQWDUHD
FRUQLHUXOXLŘLQHŘLFRQWGHGLPHQVLXQHD &'LPHQVLXQHD 'GHSLQGH
GHJURVLPHDSDQRXOXLIURQWDODOPRELOHLVXEPkQHU
7LSXOSOLWHL D
DüH]DW
D
FRSODQDU
E
3OLWćFXLQGXFŘLH PP PP PP
SHWRDWćVXSUDIDŘD
3OLWćFXLQGXFŘLH
PP PP PP
3OLWćSHJD] PP PP PP
3OLWćHOHFWULFć PP PP PP
D
E

5DFRUGDUHDHOHFWULFćDDSDUDWXOXL
$SDUDWXO FRUHVSXQGH FODVHL GH SURWHFŘLH , üL SRDWH IL H[SORDWDW GRDU
FXXQUDFRUGHOHFWULFFXFRQGXFWRUGHSURWHFŘLH
3URWHFŘLDWUHEXLHVćVHUHDOL]H]HFRQIRUPLQGLFDŘLLORUGHSXWHUHGH
SHSOćFXŘDGHIDEULFDŘLHüLFRQIRUPSUHVFULSŘLLORUORFDOH
ÍQ WLPSXO WXWXURU OXFUćULORU GH PRQWDM DSDUDWXO WUHEXLH ILH VFRV GH
VXEWHQVLXQH
$SDUDWXOSRDWHILFRQHFWDWGRDUFXFDEOXOGHFRQHFWDUHOLYUDW
vPSUHXQćFXDFHVWD,QWURGXFHŘLFDEOXOGHOHJćWXUćvQSDUWHD
SRVWHULRDUćDDSDUDWXOXLFOLF
/DXQLWćŘLOHVHUYLFHSXWHŘLJćVLXQFDEOXGHOHJćWXUćGHP
ÍQORFXLUHDFDEOXOXLGHOHJćWXUćHVWHSHUPLVćQXPDLFXXQFDEOX
RULJLQDOFDUHSRDWHILREŘLQXWGHODXQLWćŘLOHVHUYLFH
3URWHFŘLDODDWLQJHUHWUHEXLHVćILHDVLJXUDWćSULQPRQWDM
&DEOXGHOHJćWXUćFXüWHFKHUFXFRQWDFWGHSURWHFŘLH
$SDUDWXOSRDWHILFRQHFWDWGRDUODRSUL]ćFXFRQWDFWGHSURWHFŘLH
LQVWDODWćUHJXODPHQWDU
'DFćüWHFKHUXOQXPDLHVWHDFFHVLELOGXSćPRQWDMvQLQVWDODŘLD
HOHFWULFćSHUPDQHQWćWUHEXLHSUHYć]XWXQVHSDUDWRUGHID]H
FRQIRUPGLVSR]LŘLLORUFXSULYLUHODLQVWDODUH
&DEOXGHOHJćWXUćIćUćüWHFKHUFXFRQWDFWGHSURWHFŘLH
$SDUDWXOSRDWHILFRQHFWDWGRDUGHFćWUHXQVSHFLDOLVWDXWRUL]DW
ÍQ LQVWDODŘLD HOHFWULFć SHUPDQHQWć WUHEXLH SUHYć]XW XQ VHSDUDWRU GH
ID]HFRQIRUPGLVSR]LŘLLORUFXSULYLUHODLQVWDODUH,GHQWLILFDŘL
FRQGXFWRUXO ID]ć üL FHO QHXWUX GH QXO vQ GR]D GH FRQHFWDUH /D R
FRQHFWDUHJUHüLWćDSDUDWXOVHSRDWHGHIHFWD
&RQHFWDŘLOGRDUFRQIRUPVFKHPHLGHFRQHFWDUH3HQWUXWHQVLXQH
YH]LSOćFXŘDGHIDEULFDŘLH&RQHFWDŘLFRQGXFWRULLFDEOXOXLGHUHŘHD
FRUHVSXQ]ćWRUFRGLILFćULLSHFXORULYHUGHJDOEHQ FRQGXFWRUGH
SURWHFŘLH
< DOEDVWUX QXO FRQGXFWRU QHXWUX PDUR ID]ć FDEOX
H[WHUQ
)L[DUHDDSDUDWXOXLILJXUD
$WHQŘLH
1XXWLOL]DŘLüXUXEHOQLŘDSHQWUXIL[DUHDSDQRXULORU3DQRXULOHSRWIL
GHWHULRUDWH
 'DFć HVWH QHFHVDU IDQWD GLQWUH XüD DSDUDWXOXL üL SDQRXUL SRDWH IL
DGDSWDWćvQSDUWHDVWkQJćüLvQSDUWHDGUHDSWćGHDVXSUD
üXUXEXULORUGHIL[DUHILJXUD D
5RWLUHvQVHQVRUDUIDQWDVHPćUHüWH
5RWLUHvQVHQVDQWLRUDUIDQWDVHPLFüRUHD]ć
 ÍPSLQJHŘL FRPSOHW DSDUDWXO vQ LQWHULRU ÍQ DFHVW VHQV QX vQGRLŘL QX
EORFDŘLFDEOXOüLQXvOWUHFHŘLSHVWHPXFKLLDVFXŘLWH
 2ULHQWDŘLDSDUDWXOFHQWUDOILJXUD E
ÍQWUHDSDUDWüLSDQRXULOHIURQWDOHDOHPRELOLHUXOXLDGLDFHQWHVWH
QHFHVDUćRIDQWćGHPLQ PP
 'HVFKLGHŘL SXŘLQ XüD DSDUDWXOXL üL GHVIDFHŘL SDQRXULOH GLQ VWkQJD
üLGLQGUHDSWDILJXUD F
 ÍQFKLGHŘLXüDDSDUDWXOXL
 'DFćHVWHQHFHVDUUHJODŘLvQćOŘLPHDXüLLDSDUDWXOXLFXDMXWRUXO
üXUXEXULORUGHIL[DUHGLQSDUWHDVWkQJćüLGLQSDUWHDGUHDSWć
ILJXUD G
5RWLUHvQVHQVRUDUIDQWDVHPLFüRUHD]ć
5RWLUHvQVHQVDQWLRUDUIDQWDVHPćUHüWH
 3ULQGHŘLIHUPDSDUDWXOvQüXUXEXULILJXUD H
 'HVFKLGHŘLSXŘLQXüDDSDUDWXOXL$SOLFDŘLSDQRXULOHüLSULQGHŘLGLQ
QRXPDLvQWkLVXVDSRLMRVILJXUD I
1XHVWHSHUPLVFDIDQWDGLQWUHDSDUDWüLEODWXOGHOXFUXVćILH
vQFKLVćFXüLSFLVXSOLPHQWDUH
/DSHUHŘLLODWHUDOLDLGXODSXOXLGHvQFRUSRUDUHQXWUHEXLHDSOLFDWH
EHQ]LGHSURWHFŘLHODvQFćO]LUH
'HPRQWDUH
 6FRDWHŘLDSDUDWXOGHVXEWHQVLXQH
 'HVFKLGHŘLXüRUXüDDSDUDWXOXLüLGHVIDFHŘLSDQRXULOHGLQVWkQJD
üLGLQGUHDSWD
 'HVIDFHŘLüXUXEXULOHGHIL[DUH
 5LGLFDŘLXüRUDSDUDWXOüLWUDJHŘLOFRPSOHWvQDIDUć



16

Brauchen Sie Hilfe? Stellen Sie Ihre Frage.

Forenregeln

Missbrauch melden von Frage und/oder Antwort

Libble nimmt den Missbrauch seiner Dienste sehr ernst. Wir setzen uns dafür ein, derartige Missbrauchsfälle gemäß den Gesetzen Ihres Heimatlandes zu behandeln. Wenn Sie eine Meldung übermitteln, überprüfen wir Ihre Informationen und ergreifen entsprechende Maßnahmen. Wir melden uns nur dann wieder bei Ihnen, wenn wir weitere Einzelheiten wissen müssen oder weitere Informationen für Sie haben.

Art des Missbrauchs:

Zum Beispiel antisemitische Inhalte, rassistische Inhalte oder Material, das zu einer Gewalttat führen könnte.

Beispielsweise eine Kreditkartennummer, persönliche Identifikationsnummer oder unveröffentlichte Privatadresse. Beachten Sie, dass E-Mail-Adressen und der vollständige Name nicht als private Informationen angesehen werden.

Forenregeln

Um zu sinnvolle Fragen zu kommen halten Sie sich bitte an folgende Spielregeln:

Neu registrieren

Registrieren auf E - Mails für Neff B58CT62H0 wenn:


Sie erhalten eine E-Mail, um sich für eine oder beide Optionen anzumelden.


Andere Handbücher von Neff B58CT62H0

Neff B58CT62H0 Bedienungsanleitung - Deutsch - 56 seiten


Das Handbuch wird per E-Mail gesendet. Überprüfen Sie ihre E-Mail.

Wenn Sie innerhalb von 15 Minuten keine E-Mail mit dem Handbuch erhalten haben, kann es sein, dass Sie eine falsche E-Mail-Adresse eingegeben haben oder dass Ihr ISP eine maximale Größe eingestellt hat, um E-Mails zu erhalten, die kleiner als die Größe des Handbuchs sind.

Ihre Frage wurde zu diesem Forum hinzugefügt

Möchten Sie eine E-Mail erhalten, wenn neue Antworten und Fragen veröffentlicht werden? Geben Sie bitte Ihre Email-Adresse ein.



Info