ƜƷƨƼƸŴ ǷǰȞȬȳǺǛƓᝰƍ൭NJ ƍƨƩƖƋǓƕƱƏƝƟƍLJƢŵ ஜᛟଢ ǛƝችᛠ
ƷɥŴ ȬȳǺƷೞᏡŴ દ˺Ŵ ӕǓৢƍ ɥƷදॖໜǛദƠƘྸᚐƠƯŴ ϙჇજࢨǛƓಏƠLjƘ
Ʃƞƍŵ ƳƓஜᛟଢƸŴ ӲǫȡȩဇσဇƱƳƬƯƓǓ LJƢƷưŴ ႸƴǑǓƝ ̅ဇǫȡȩ
Ʒᛆ࢘ሖǛƓᛠLjƴƳǓŴ Ɲ̅ဇǫȡ ȩƷᛟଢNjƋǘƤƯƝᚁƘƩƞƍŵ Ɠ ᛠLjƴƳƬ
ƨƋƱƸŴٻЏƴ̬ሥƠƯƘƩƞƍ ŵ
ӲᢿỉӸᆅί
ὸ
Ἕἅὅ $) ဇỆếẟề
ƜƷȬȳǺƸŴ ȋdzȳᙌ $) ȬȳǺƴƓƚǔŴ* ǿǤȗ Ტ ǓȪȳǰƷƳƍǿǤȗᲣƱӷሁ
ƷˁಮƴƳƬƯƍLJƢŵǫ ȡȩƱƷኵӳǘƤƴǑƬ ƯŴೞᏡƴСᨂƕưǔئ ӳƕƋǓLJƢŵ
ᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢሁ ǛƝӋༀƘƩƞƍŵ
ἬὅἑἕἁἋ $) ဇỆếẟề
ƜƷȬȳǺƸŴ Țȳǿȃǯǹᙌ $) ȬȳǺƴƓƚǔŴ)$ - ǿǤȗᲢǓȪȳǰƷƳƍǿǤ ȗᲣ
ƱӷሁƷˁಮƴƳƬƯƍLJƢŵ ǫȡȩƱ ƷኵӳƤƴǑƬƯŴ ೞᏡƴСᨂƕưǔئ ӳƕƋǓLJ
ƢŵᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢ ሁǛƝӋༀƘƩƞƍŵ
ἾὅἌỉბᏮ૾ඥ
ǫȡȩǁƷბᏮ૾ඥƸŴƝ̅ဇƷǫ ȡȩƷᛟଢƴࢼƬƯბᏮƠƯƘ Ʃƞƍŵ
ŦȞǦȳȈ᩿ƴƸǓᡲѣဇŴ$) ᡲѣဇƷᘺፗǍŴᩓൢໜሁƕƋǓLJƢŵǭǺǍ൲Ǖƕ
ƭƘƱᛚ˺ѣǍᨦƷҾ׆ƱƳǓLJ ƢƷưƝදॖƘƩƞƍŵ
ᩧЈỆếẟề
ᩧЈƷൿܭ૾ඥƸŴ Ɲ̅ဇƷǫȡȩƷᛟ ଢƴࢼƬƯŴ ǓǍǷȣȃǿȸᡮࡇሁ ǛǻȃȈƠ
ƯƘƩƞƍŵ
ἦὅἚӳỪẶểἌὊἱὅἂ
ƜƷȬȳǺƸŴ ȏǤȑȸǽȋȃǯȢ ȸǿȸ+60 Ჩឬ᪦ඬȢȸǿȸ㪀 ǛဇƠŴ ᡆᡮƳǪȸȈ
ȕǩȸǫǹƱ˺ѣ᪦ƷᨊӊǛܱྵƠ ƯƍLJƢŵ㩷
ẎἉἂἰ $) ဇẆỿἶἠὅ $) ဇẏ
ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴ ȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ $) ƴǻȃȈƠ
LJƢᲢ Უ ŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁ Ǜ 0 ƴǻ
ȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯ ȔȳȈǛӳǘƤLJƢŵ
ẎἝἅὅဇẆἬὅἑἕἁἋ $) ဇẆἏἝὊဇẏ
ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴ ǫȡȩǛ
$)
ȢȸȉƴǻȃȈƠƯŴ ȬȳǺƷȕǩȸǫǹ
ȢȸȉЏǓ੭ƑǹǤȃȁǛ
$)
ƴǻȃȈƠLJƢ Ტ
Უŵ ȞȋȥǢȫưજࢨƢǔئӳƸŴ ȕǩȸ
ǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ
0
ƴǻȃȈƠŴ ȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤLJƢŵ
ŦǫȡȩƷȕǩȸǫǹȢȸȉƷЏǓ੭ ƑƸŴƝ̅ဇƷǫȡȩƷᛟଢƴ ࢼƬƯƘƩƞƍŵ
ŦȋdzȳŴȚȳǿȃǯǹŴǽȋ ȸဇƸŴឬ᪦ඬȢȸǿȸƴݣࣖƠƨǫȡȩƱƷ ኵӳƤưǪ
ȸȈȕǩȸǫǹજࢨƕӧᏡư Ƣŵឬ᪦ඬȢȸǿȸƴݣࣖƠƯƍƳƍǫȡȩƱ ƷኵӳƤư
ƸŴȞȋȥǢȫȕǩȸǫǹưƷƝ̅ ဇƱƳǓLJƢŵ
ŦƜƷȬȳǺƸŴ$) ƴǻȃȈƠƨLJLJưȞȋȥǢȫưƷȔȳȈᙀദǛƢ ǔƜƱNjӧᏡưƢŵ
ǫȡȩǛǷȳǰȫ $) ȢȸȉƴǻȃȈƠƯŴ ӳࢸŴ Ƿȣ ȃǿȸȜǿȳǛҞƠƷLJLJư
ȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛ ᛦૢƠƯƘƩƞƍŵ
ŦȞȋȥǢȫưȔȳȈǛӳǘƤ ǔᨥƴƸŴႸႮƕĐᲢᨂᢒᲣƷˮፗưNjᢒ ƴȔȳȈƕ
ӳǘƳƍƜƱƕƋǓLJƢƷưŴȕǡǤȳȀȸưᄩᛐƠƳƕǒ ȔȳȈǛӳǘƤƯƘƩƞƍŵ
ẎἌ
Ὂἱὅἂẏ
ǺȸȠȪȳǰǛׅƠƯŴஇᢘƳನ ƴƳǔǑƏƴໜុᩉǛ٭҄ƞƤ LJƢŵ
ἌὊἲἿἕἁἋỶἕἓ
ƜƷȬȳǺƸŴ ઃ࠘ƴᐯưȬȳǺƕ ˦ƼƯƠLJƏྵᝋǛ᧸ƙƜƱƕưƖ ǔŴ ǺȸȠȭȃ
ǯǹǤȃȁǛͳƑƯƍLJƢŵǺȸȠȪȳǰƷႸႮǛ ƴӳ ǘƤŴǺȸȠȭȃǯǹǤȃȁǛ
/2&. ͨƴǹȩǤȉƠƯɦƞƍᲢ Უ ŵ જࢨƸǺȸȠȭȃǯǹǤȃȁǛ 81/2 &. ͨƴ
ǹȩǤȉƠƯɦƞƍŵ
ốủᙀദೞᏡỆếẟề
ƜƷȬȳǺƸŴਤƪજࢨƷȖ ȬǛ᠉ถƢǔŴƿǕᙀദೞᏡ 262SWLFDO 6W DELOL]HU
Ǜ᠍ƠƯƍLJƢŵƿǕᙀദೞᏡ Ǜ̅ǘƳƍƱƖƱൔǂŴኖ െǷȣȃǿȸᡮࡇǛƘ
ƠƯજࢨưƖLJƢŵ
26ᲢƿǕᙀദೞᏡ Უ ǹǤȃȁǛ ƴƠLJƢŵ Ტ ᲣǷȣȃǿȸȜǿȳǛҞƠƠŴȕǡ
ǤȳȀȸưƕܤܭƠƯƍ ǔƷǛᄩᛐƠƯƔǒજࢨ ƠƯƘƩƞƍŵ ᲢҞ ƠƠƯƔǒƕܤ
ܭƢǔLJưŴ ኖᲫᅺƔƔǓLJ Ƣŵ Უ ්ƠજǓǛƢǔƸ 26 ǹǤȃȁǛ ƴƠLJƢ ŵ Ტɥɦ૾
ӼƷƿǕƷLjᙀദƠLJƢŵ Უ
ŦƿǕᙀദೞᏡƸŴᡫࠝƷ ਤƪજࢨƴƓƍƯဃơǔȖȬǛ᠉ถƞƤǔೞ ᏡưƢŵˌ
ɦƷவˑưƸŴƿǕᙀദƷјௐƕ җЎƴႆੱƞǕƳƍئӳƕƋǓLJ Ƣŵ
ƒ ѣƍƯƍǔʈǓཋƔǒƷજ ࢨ ƒ ǫȡȩƷӼƖǛٻƖ ƘѣƔƠƳƕǒƷજࢨ
ŦˌɦƷவˑưƸŴƿǕᙀദೞᏡƸ ̅ဇƠƳƍưƘƩƞƍŵ
ƒ ɤᏩሁưǫȡȩǛܭƠƯ Ʒજࢨ ƒ ȐȫȖᲢᧈ᧓ ᩧήᲣજࢨ
ŦƿǕᙀദೞᏡƸŴǫȡȩƷ ᩓ൷ǛМဇƠƯ˺ѣƠLJƢŵᡫࠝƷȬȳǺǛ̅ ဇƠƨئӳ
ƴൔǂŴજࢨӧᏡஜૠƕݲƳ ƘƳǓLJƢŵƿǕᙀദೞᏡǛ̅ဇƠƳƍƱƖ ƸŴᩓ൷Ʒ
ෞ᎔Ǜ᧸ƙƨNJŴ26 ǹǤȃȁǛ 2)) ƴƠƯƘƩƞƍŵ
ŦȬȳǺƷბᏮƸŴ26 ǹǤȃȁǛ 2)) ƴƠƯƔǒᘍƬƯƘ Ʃƞƍŵ
ŦǷȣȃǿȸȜǿȳƔǒਦǛᩉ ƠƯNjŴǫȡȩƷᩧЈᚘƕƸƨǒƍƯƍǔ᧓Ƹ ŴƿǕᙀ
ദೞᏡNj˺ѣƠƯƍLJƢŵ˺ ѣɶƴȬȳǺǛٳƠƨǓŴǫȡȩƷᩓ൷ǛӕǓ ЈƢƱŴȬ
ȳǺƷᨦƷҾ׆ƱƳǓLJƢŵ
ŦજࢨႺࢸǍǫȡȩƷϋᔺȕȩ ȃǷȥƷΪᩓƳƲƴŴȕǡǤȳȀȸƕੵǕ ǔƜƱƕƋ
ǓLJƢƕŴજࢨƴƸࢨ᪪ƋǓLJƤǜ ŵ
ŦƿǕᙀദೞᏡƕ˺ѣɶŴȬ ȳǺǛٳƠƨǓǫȡȩƷᩓเǛЏƬƨƱƖŴȬ ȳǺǛਰǔ
ƱǫǿǫǿƱ᪦ƕƢǔئӳƕƋǓLJ ƢƕᨦưƸƋǓLJƤǜŵ
ŦǽȋȸŴ ȚȳǿȃǯǹဇƸŴ ȬȳǺϋ ȢȸǿȸƴǑǔ $) ᬝѣƕӧᏡƳȇǸǿȫǫȡȩƱ
ƷኵӳƤưƿǕᙀദೞᏡǛ̅ဇư ƖLJƢŵȬȳǺƷƿǕᙀദೞᏡǛ̅ဇƢǔئӳƸŴ
ǫȡȩƷƿǕᙀദೞᏡǛ 2)) ƴƠƯ ŴȬȳǺƷ 26 ǹ ǤȃȁǛ 21 ƴƠƯƘ Ʃƞƍŵ
ǫȡȩƷƿǕᙀദೞᏡǛ̅ဇƢǔ ئӳƴƸŴȬȳǺƷ 26 ǹǤȃȁǛ 2)) ƴƠƯŴǫ
ȡȩƷƿǕᙀദೞᏡǛ 21 ƴƠƯƘƩ ƞƍŵ
ŦdzȋǫȟȎȫǿ' Ჩ6ZHHW 'Ŵǽ ȋȸ ưƝ̅ဇƷ ئӳŴજࢨࢸƸȬȳǺƷ 26
ǹǤȃȁǛ
2)) ƴƠƯƔǒǫȡȩ ƷᩓเǛ 2)) ƴƠƯƘƩƞƍŵǫȡȩ ƷᩓเǛέƴ
2))
ƴƢǔƱ
Ŵ
ȬȳǺϋƷ
26
ȦȋȃȈƕܭƞǕƣ
Ŵ
ǫǿǫǿ᪦ƕƢǔئӳƕƋǓLJƢŵ
Ŧȋdzȳ $) ဇƸŴ ɦ ᚡƷǫȡȩưƿǕᙀദೞᏡƕ̅ဇ ưƖLJƢŵ ƦǕˌٳƷǫ ȡȩưƸ
ƿǕᙀദೞᏡƸ̅ဇưƖLJƤǜŵ26 ǹǤȃȁǛ 2)) ƴ ƠƯ̅ဇƠƯƘƩƞƍŵ
ȇǸǿȫɟაȬȕǫȡȩŴӏƼ )
èƿǕᙀദೞᏡƕ̅ဇưƖǔǫȡ ȩƷஇૼऴإƸŴ ࡴᅈ țȸȠȚȸǸƴƯƝᄩᛐƍƨƩ Ƙ
ƔŴƝ̅ဇƷǫȡȩƷᛟଢǛƝӋ ༀƘƩƞƍŵ
ɤᏩࡈ
ɤᏩࡈƸܭȎȖǛǏǔNJǔƱŴ ࡇȕȪȸƴׅ᠃ƠLJƢƷưŴဒ᩿Ʒጏ್ Ʒᛦራƕቇ
ҥƴưƖLJƢ ŵ
ƜƷȬȳǺƸɤᏩࡈƷӕǓٳƠƕӧ ᏡưƢŵਤƪưƷજࢨǍઃ࠘ ƴ̝МưƢŵ
ɤᏩࡈƷܭȎȖǛǏǔNJŴɤᏩࡈƷਦ Ǜ Ť5(029( ƷˮፗƴӳǘƤLJ Ƣŵ Ტ Უ
ƷಮƴŴჵҮƷ૾ӼƴɤᏩࡈǛLJ ƬƢƙࡽƖ৷ƍƯɦƞƍŵ
ŦӕǓ˄ƚ૾ƸɤᏩࡈƷӕǓٳƠ૾Ʊ ᡞƷưᘍƬƯɦƞƍŵ
ŦბᏮƷˌٳƸɤᏩࡈƷਦǛ Ť5(029( ƷˮፗƴӳǘƤƳƍưɦƞƍŵ ɤᏩࡈƔǒ
ȬȳǺƕٳǕᓳɦƷҾ׆ƱƳ ǓLJƢŵLJƨŴɧဇॖƴɤᏩࡈƕׅ᠃ƠƳƍǑ ƏƴŴᡫࠝ
ƸܭȎȖǛƠƬƔǓዸNJƯƝ̅ဇ ɦƞƍŵ
ŦǫȡȩƴᘺბƠƨLJLJưŴɤᏩࡈƷ ӕǓٳƠƸưƖLJƤǜŵ
ἉἹἽἒὊἋἚἻἕἩ
ƜƷȬȳǺƸઃ࠘ƴ̝МƳǷȧȫ ȀȸǹȈȩȃȗǛӕǓ˄ƚǔƜƱ ƕưƖLJƢŵ ɤᏩࡈƷ
ǹȈȩȃȗӕǓ˄ƚφƴᲢ ᲣƷಮƴǹȈȩ ȃȗǛᡫƠŴᄩܱƴӕǓ˄ƚƯ ƘƩƞƍŵ
இჺજࢨុᩉỆếẟề
ƜƷȬȳǺƸǺȸȠƷˮፗƴǑƬƯ இჺજࢨុᩉƕ٭҄ƠLJƢŵ ƷಮƴŴȬȳǺᦟለ
ƴӲໜុᩉƴƓƚǔஇჺજࢨុᩉ Ʊஇٻજࢨ̿ྙǛᅆƠƯƍLJƢŵ
± Ĭ ӲǺȸȠ ˮፗưƷஇჺજࢨុᩉǛᅆƠƯƍLJ Ƣŵ
± ĭ ӲǺȸȠ ˮፗưƷஇٻજࢨ̿ྙǛᅆƠƯƍLJ Ƣŵ
ἧἻἕἉἷજࢨ
ǫȡȩƷϋᔺȕȩȃǷȥƸŴ ȕȩȃǷȥ ƷήƕȬȳǺᦟለƴƞƑƗǒǕǔƨ NJŴ Ɲ̅ဇƴƳ
ǕLJƤǜŵ࣏ƣٳᢿȕȩȃǷȥǛ̅ ဇƠƯƘƩƞƍŵ
ἘἾἅὅἢὊἑὊỆếẟề
ƜƷȬȳǺƸŴК٥ǓƷ
$32
ȆȬdzȳȐȸǿȸ
[(;'*
ƱƷኵӳƤư
̿ Ტ
P P
)Უ Ŵ$32 ȆȬdzȳȐȸǿȸ[(;'* ƱƷኵӳƤ ư ̿Ტ PP) ᲣƷ Ǻ
ȸȠȬȳǺƱƠƯဇưƖLJƢŵ Ტƍ ƣǕNjȞȋȥǢȫȕǩȸǫǹư ƷƝ̅ဇƱƳǓLJƢ
Უ
ŦɥᚡˌٳƷdzȳȐȸǿȸƸƝ̅ဇƴ ƳǕLJƤǜŵ
ŦȚȳǿȃǯǹ $) ဇ ƸŴȆȬdzȳȐȸǿȸǛƝ̅ဇƴƳ ǕLJƤǜŵ
ŦȇǸǿȫɟაȬȕǫȡȩƴƝ̅ဇƷ ئӳƸŴ'* ǿǤȗ Ʒ̅ဇǛƓƢƢNJƠLJƢŵ
ŦȩǤȖȓȥȸƴǑǔdzȳȈȩǹȈ $) ೞᏡǛͳƑƨǫȡ ȩưƸŴ ȩǤȖȓȥȸƷǪȸȈ
ȕǩȸǫǹજࢨƕӧᏡưƢŵ
ἾὅἌἧὊἛ
ȬȳǺȕȸȉƸŴဒឋƴफࢨ᪪ǛɨƑǔஊܹ ήዴƷǫȃȈƴஊјưƢŵӕǓ˄ƚ૾ඥƸŴȬȳǺ
έᇢƴȬȳǺȕȸȉǛƸNJᡂLjŴ ᚘ૾ӼƴഥLJǔLJưׅƠƯᄩܱƴӕǓ˄ƚƯƘƩƞƍ Ტ
Უ ŵ
Ŧ
ઃ࠘ƴƸŴ ȬȳǺȕȸȉǛᡞƞƴƸNJᡂLjŴ ᚘ૾ӼƴׅƠƯӕǓ˄ƚƕưƖLJƢ Ტ
Უ ŵ
ἧỵἽἑὊ
Ŧဒ᩿ԗᡀƕƚǒǕǔऀǕƕƋǔƷưŴȕǣȫǿȸƸҾЩƱƠ ƯᲫư̅ဇƠƯƘƩƞƍŵ
Ŧ͞ήȕǣȫǿȸǛ̅ဇƢǔئӳƸŴ ό͞ήǿǤȗ Ტǵȸǭȥȩȸ3/ Უ Ǜ Ɲ̅ဇƘƩƞƍŵ
ἋἘἕἩἒỸὅἼὅἂPPĺPP
ƜƷȬȳǺƴƸ
PP
ࢲƷȕǣȫǿȸƕ̅ဇưƖǔǹȆȃȗȀǦȳȪȳǰƕ˄ޓƠƯƍLJƢ
Ტ ķ Უ ŵȬȳǺέᇢƷȕ ǣȫǿȸƶơᢿƴӕǓ˄ƚƯ̅ ဇƠƯƘƩƞƍŵ
ٟ$36& ǵ ǤǺજእ܇ƷȇǸǿȫɟაȬ ȕǫȡȩưƷ̅ဇƴᨂǓLJƢŵ PP ȕǣȫȠ
ɟაȬȕǫȡȩŴƓǑƼȕȫ ǵǤǺજእ܇ƷȇǸǿȫɟაȬȕǫȡȩưƸ ŴဒƴDZ
ȩȬƕဃơLJƢƷư̅ဇưƖLJƤǜ ŵ
ٟ3/ ȕǣȫǿȸƸ̅ ဇưƖLJƤǜŵӕǓٳƠƕưƖƳƘ ƳǔئӳƕƋǓLJƢŵ
ٟǹȆȃȗȀǦȳȪȳǰƕȬȳ ǺƔǒٳǕƳƍئӳŴɥ᩿ƔǒƷƻǒǛ࢘Ư ƯӒᚘ૾
ӼƴׅƠƯٳƠƯƘƩƞƍŵ
ٟǹȆȃȗȀǦȳȪȳǰᘺბƸŴ˄ޓƷȕȭȳȈǭȣȃȗƸ̅ဇưƖLJƤǜŵPP ࢲ
ƷȕȭȳȈǭȣȃȗǛКᡦƓᝰƍ൭ NJƘƩƞƍŵ
̬ሥẆӕৢɥỉදॖ
ŦൢƸǫȓǍᥢƷҾ׆ƱƳǓ LJƢŵᧈ᧓̅ဇƠƳƍئӳƸŴʑ༞дƱɟደ ƴࣱ݅Ʒ
ᑣƍܾ֥ƴλǕƯ̬ሥƠƯƘ ƩƞƍŵȊȕǿȪȳሁŴ᧸ᖓдƷƋǔئƴƸ ̬ሥƠƳƍ
ưƘƩƞƍŵ
ŦȬȳǺ᩿ƴƸႺਦưᚑǕƳ ƍưƘƩƞƍŵǴȟǍ൲Ǖƕ˄ƍƨƱƖƴƸŴ ȖȭǢȸƔ
ȬȳǺȖȩǷưӕǓᨊƍƯƘ ƩƞƍŵਦƷួƳƲƸŴࠊᝤƷȬȳǺǯȪȸȊ ȸ෩ƱȬȳ
ǺǯȪȸȋȳǰȚȸȑȸư᠉ ƘਚƍƯƘƩƞƍŵșȳǸȳŴǷȳȊȸሁƷஊ ೞ๋дƸዌ
ݣƴ̅ǘƳƍưƘƩƞƍŵ
ŦƜƷȬȳǺƸ᧸൦ನᡯưƸƋ ǓLJƤǜŵᩋټǍ൦ᡀưƷ̅ဇưƸŴǒƞƳ ƍǑƏƴද
ॖƠƯƘƩƞƍŵ൦ƕȬȳǺ ϋᢿƴλǓᡂljƱŴٻƖƳᨦƷҾ׆ƱƳǓŴ ̲ྸɧᏡƴ
ƳǔئӳƕƋǓLJƢŵ
Ŧ࣯ນƳภࡇ٭҄ƴǑǓŴȬȳ Ǻϋᢿƴ൦ƕဃơǔƜƱƕƋǓLJƢŵ݊ƍދ ٳƔǒଡ଼Ɣ
ƍܴϋƴλǔƱƖƳƲƸŴDZ ȸǹǍȓȋȸȫᘥƴλǕŴԗƷภࡇƴƳơLJ ƤƯƔǒƝ
̅ဇƘƩƞƍŵ
Լឋ̬ᚰểỴἧἑὊἇὊἥἋỆếẟề
Լឋ̬ᚰƱǢȕǿȸǵȸȓǹƴ᧙Ơ ƯƸŴКኡƷż̬ᚰᙹܭŽǛƝӋ ༀƘƩƞƍŵ
ଐ
ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕͻǛƏӧᏡࣱƕƋǓLJƢŵ
ŠȬȳǺǛ˄ƚƨǫȡȩưŴٽᨗǍࢍƍήเǛᙸǔƱŴᙻщ ᨦܹǛឪƜƢऀǕƕƋǓ
LJƢŵཎƴȬȳǺҥ˳ưٽᨗǛႺᙸǔƱŴڂଢƷҾ׆ƱƳǓLJƢŵ
⼊๔
ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕᨦܹǛƏƔŴཋႎܹƕႆဃƢǔӧᏡࣱƕƋǓLJƢŵ
ŠЭࢸƷǭȣȃȗǛƸƣƠƨLJLJȬȳǺǛ્ፗƢǔƱŴଐήƕƋ ƨƬƨئӳƴᨼήྵ
ᝋǛƓƜƠŴ້໎ƷҾ׆ƴƳǔئӳƕƋǓLJƢŵ
ŠȞǦȳȈᢿƸᙐᩃƳ࢟ཞǛƠƯƓǓLJƢƷưŴ ᒰƴৢƏƱࣴƷҾ׆ƱƳǓLJƢŵ
ŠɤᏩƸҗЎƴࢍࡇƷƋǔNjƷǛƝ̅ဇƘƩƞƍŵࢊƍNjƷǛƝ ̅ဇƴƳǓLJƢƱŴ
᠃͂ƢǔऀǕƕƋǓLJƢŵ
ᵈᗧ
Ĵ ǺȸȠȭ ȃǯǹǤȃȁ
ĵ26 ǹǤȃȁ
Ķ ȬȳǺȕ ȸȉ
ķ ǹȆȃȗ ȀǦȳȪȳǰ
Ĭ ȕǣȫǿ ȸƶơ
ĭ ȕǩȸǫ ǹȪȳǰ
Į ᙀяႎុ ᩉႸႮ
į ਦዴ
İǺȸȠȪȳǰ
ı
ȕǩȸǫǹȢȸȉЏ ੭ƑǹǤȃȁ
IJȞǦȳȈ
ijɤᏩࡈ
7KDQN \RX YHU\ PXFK IRU SXUFK DVLQJ D 6LJPD /HQV ,Q RUGHU W R JHW WKH PD[LPXP
SHUIRUPDQFH DQG HQMR\PHQW RXW RI \RXU 6LJPD OHQV SOHDVH UHDG WKLV LQVWUXFWLRQ ERRNOHW
WKRURXJKO\EHIRUH\RXVWDUWWRXVHWKH OHQV
'(6&5,37,212)7+(3 $576ILJ
1,.21$ )7<3(& $0(5$6
7KLVOHQVIXQFWLRQVLQWKHV DPHZD\DVD*7\SHDXWRIRFXV1LNRQOHQV ZLWKRXWDQDSHUWXUH
ULQJ )XQFWLRQV PD\ EH UHVWULFWHG GHS HQGLQJ RQ WKH OHQVFDPHUD FRPELQDWLRQ )RU PRUH
GHWDLOVSOHDVHUHIHUWRWKHFDPHUD¶VLQVWUXFWLRQPDQXDO
3(17 $;$)7<3(&$0(5$6
7KLV /HQV IXQFWLRQV VDPH DV D )$- 7 \SH W\SH ZLWKRXW $SHUWXUH DXWRIRFXV 3HQWD[ OHQV
'HSHQGLQJ RQ WKH FRPELQDWLR Q ZLWK FDPHUD VRPH UHVWULFWLRQV ZLWK LWV IXQF WLRQV PD\ UHVX OW
)RUPRUHGHWDLOVSOHDVHUHIHUWRLQVWUXFWLR QPDQXDORIWKHFDPHUDLQXV HHWF
$ 77 $&+,1* 72&$0(5$ %2'<
:KHQWKLV OHQVLV DWWDFKHGWR WKHFDP HUDERG\ LWZLOO DXWRPDWLFDOO \IXQFWLRQ LQWKH VDPHZD\ DV
WKHFDPHUDPDQXIDFW XUHU ¶VOHQV3OHDVHUHIHUWRWKHLQ VWUXFWLRQERRNOHWIRU \RXUFDPHUDERG\
Ŧ2Q WKH OHQV PRXQW VXUIDFH WKHUH DUH D QXPEHU RI FRXSOHUV DQG HOHFWULFDO FRQWDFWV
3OHDVHNHHSWKHPFOHDQWRHQVXUH SURSHUFRQQHFWLRQ
Ŧ
:KLOHFKDQJLQJWKH OHQVEHVXUHWRSODFHLWI URQWHQGGRZQWRDYRLGGDP DJLQJWKHUHDUPRXQW
6(77,1*7+((;32685(02'(
7KH 6LJPD OHQV IXQFWLRQV DXWRPDWLFDOO\ RQFH DWWDFKHG WR WKH FDPHUD 3OHDVH U HIHU WR WKH
FDPHUDLQVWUXFWLRQERRN
)2&86,1*$1'=220,1*
7KLVOHQVIHDWXUHV6L JPD¶VEXLOWLQ+\SHU6RQLF 0RWRU+60 7KH+60HQDEOHVT XLFNDQG
TXLHWDXWRIRFXVLQJ
䇶
6,*0$ $)DQG&$121$)
䇷
)RUDXWRIRFXVRSHUDWLRQVHW WKHIRFXVPRGHV ZLWFKRQWKHOHQV WRWKH³$) ´SR VLWLRQILJ,I
\RX ZLVK WR IRFXV PDQXDOO \ V HW WKH IRFX V PRGH VZLWFK R Q WKH OHQV WR WKH ³0 ´ SRVLWLRQ < RX
FDQDGMXVWWKHIRFXVE\WXUQLQ JWKHIRFXVULQJ
䇶
1,.21$) 3( 17 $;$) DQG621<
䇷
)RUDXWR IRFXV RSHUDWLRQ VHW WKH FDPHUD WR $)PR GHDQ GVHW WKH IRFXV PRGH VZLWFK RQ WKH
OHQVWR WKH³$) ´ SRVLWLRQIL J,I \RX ZLVKWR IRFXV PDQXDOO\ VHW WKHIRFXVPRGHVZLWF KRQ
WKHOHQVWRWKH³0 ´SRVLWLRQ< RXF DQDGMXVWWKHIRFXVE\WXUQL QJWKHIRFXVULQJ
Ŧ3OHDVH UHIHU WR FDPHUD¶V LQVWUXFWLRQ PDQXDO IRU GHWDLOV RQ FKDQJL QJ WKH FDPHUD¶V
IRFXVLQJPRGH
Ŧ)RU 1LNRQ 3HQWD[ DQG 6RQ\ PRXQWV LW LV RQO \ SRVVLEOH WR XV H $) ZLWK FDPHUD E RGLHV
ZKLFK VXSSRUW PRWRUV GULYHQ E\ XOWUDV RQLF ZDYHV VXFK DV +60 $) ZLOO QRW IXQFWLRQ LI
WKHFDPHUDERG\GRH VQRWVXSSRUWWKLVW\SHRIPRW RU
Ŧ7KLV OHQV DOVR SHUPLWV PDQXDO IRFXVLQJ HYHQ LQ WKH DXWRIRFXV PRGH :LWK WKH FDPHUD
VHW WR WKH 2QH6KRW $) $) 6 PRGH LW LV SRVVLEOH W R PDQXDOO\RYHUULGH W KH DXWRIRFXV
ZKLOHWKHVKXWWHUUHOHDVHEXWWRQLV SUHVVHGKDOIZD\
Ŧ: KHQRSHUDWLQJWKLVOHQV LQPDQXDOIRFXV PRGHLWLV UHFRPPHQGHGWKDW FRUUHFWIRFXVEH
FRQILUPHG YLVXDOO\ LQ WKH YLHZILQGHU UDWK HU WKDQ UHO\LQJ RQ WKH GLVWDQFH VFDOH 7KLV LV
GXH WR SRV VLEOH IRF XV VKLIW UHVXOWLQJ IU RP H[WUHPH FKDQJHV LQ WHPSHUDW XUH ZKLFK FDXVH
YDULRXV FRPSRQHQWV LQ WKH OHQV WR H[SDQG DQG FRQWUDFW 6SHFLDODOORZDQFH LV PDGH IRU
WKLVDWWKHLQILQLW\VHWWLQJ
ż=RRPLQJ Ž
5RWDWHWKH5XEEHUJULSRQWKH]RRPULQJW RWKHGHVLUHGSRVLWLRQ
=220/2&.6:,7&+
7KLV OHQV LV DOVR HT XLSSHG ZLWK =RRP /RFN 6ZLWFK WR HOLPLQDWH WKH ] RRP FUHHS ZKHQ WKH
OHQV LV WLOWHG GR ZQ 3OHDVH VHW ]RRPL QJ ULQJ WRPP DQG VHW WKH ]RRP ORFN VZLWFK WR WKH
³/2&. ´ SRVLWLRQ ILJ KRZH YHU SOHDV H VOLGH WK H OHQV WR WKH ³81/2&. ´ SRVLWLRQ IURP
³/2&. ´SRVLWLRQEHIRUHWDNLQJWKHSLFWXUH
$%28726237,& $/ 67 $%,/,=(5)( $ 785(6
7KLV 26 2SWLFDO 6WDELOL]HU OHQV HIIHFWLYHO\ FRPSHQVDWHV I RU LPDJH EOXUULQJ FDXVHG E\
FDPHUDVKDNH
:LWK WKLV OHQV \RX FDQ WDNH SLFWXUHV DW VKXWWHU VSHHGV DSSUR[ VWHSV VORZHU WKDQ \RX
FRXOGZLWKRXWXVLQJWKH26IXQFWLR QRIWKLVOHQVDQGFDQJHWV KDUSUHVXOWV
6HW WKH26Ტ 2SWLFDO 6W DELOL]HUᲣVZLWFK WR 0RGH ILJ 3UHV V WKH VKXWWHU EXWWRQ KDOIZD\
GRZQ FRQILUP WKH LPDJH L Q WKH YLHZILQGHU LV VWDEOH WK HQ WDNH WKH SLFWXUH ,W W DNHV
DSSUR[LPDWHO\ V HFRQG WR SU RGXFH D VWDEOH LPD JH DIWHU SUHVVLQJ WKH VKXW WHU EXWWRQ
KDOIZD\ 0RGH GHWHFWVWKH YHUWLFDO FDPHUDVKDNH DQG RYHUFRPHV EOXUULQJ,W LV HIIHFWLYH
RQVXEMHFWVPRYLQJKRUL]RQWDOWRWKHFDPH UD
Ŧ7KH EOXUULQJ FRP SHQVDWLRQ I XQFWLRQ RI 2SWLFDO 6W DELOL]HU LV HIIHFWLYH IRU KDQ GKHOG
VKRRWLQJ,QWKHIROORZLQJFRQGLWLRQV 2SWLFDO6W DELOL]HUPD \QRWIXQFWLRQSURSHUO\
ƒ6KRWVIURPWKHDPRYLQJYHKLFOH ƒ,IWKHUHLVDFRQVLGHUDEOHFDPHU DPRWLRQRUVKDNH
Ŧ3OHDVHGRQRWXVH2SWLFDO6W DELOL]HULQWKH IROORZLQJVLWXDWLRQV
ƒ:KHQWKHOHQVLVP RXQWHGRQDWULSRG ƒ%XOEORQJWLPHH[SRVXUH
Ŧ2SWLFDO6W DELOL]HU IXQFWLRQ LV SRZHUHGIU RPWKH FDPHUD ,I WKH26OHQV LV DWWDFKHG WR \RXU
FDPHUD DQG D FWLYDWHG VKRRWLQJ FDSDFLW\ RI \RXU FDPHUD ZLOO EH ORZHU WKDQ ZLWK
FRQYHQWLRQDO OHQVHV XVHG ZLWK WKH VDPH FDPHUD ,I \RX DUH Q RW XVLQJ 2SWLF DO 6W DELOL]HU
SOHDVHWXUQ2)) WKH26 VZLWFKLQRU GHUWRSUHYHQWFRQVXPSWLRQRID EDWWHU\
Ŧ%H VXUH WR W XUQ RI26 VZLWFK WR2)) SRVLWLRQ EHIR UH DWWDFKLQJ RU GHWDFKLQJ WKH OHQV WR
WKHFDPHUD
Ŧ7KH2SWLFDO 6WDELOL]HU FRQWLQXHV WR RSHUDWH DIWHU \RX UHOHDV H \RXU ILQJHU IURP WKH V KXWWHU
EXWWRQ DV ORQJ DV WKH H [SRVXUH PHW HU GLVSOD \V WKH H[SRVXUH YDOXH 1HYHU U HPRYH WK H
OHQV RU UHPRYH WKH FDPHUD¶V ED WWHU\ ZKLOH WKH LPDJH VWDELOL]HU LV RSHUDWLQJ \RX FRXOG
GDPDJHWKHOHQV
Ŧ$OWKRXJK WKH YLHZILQGHU LPDJH PD\ DSS HDU WR VKDNH LPPHGLDWHO\ DIWHU VKRRWLQ J DQG DW
WKHV WDUWRI WKH IODVK FKDUJH F \FOHRI WKH E XLOWLQIO DVK RI WKH FDPHUD HWF LW ZLOO QRW FDXVH
DQ\HIIHFWRQSLFWXUHV
Ŧ,IWKH FDPHUD SRZHU LV WXUQHG RII RU OHQV LV GHWDFKHG ZKLOH WKH 2SWLFDO 6W DELOL]HU IXQFWLRQ
LVLQRSHUDWLRQWKHOHQVPD\HPLWDF KDWWHULQJQRLVHEXWWKLVLV QRWDPDOIXQFWLRQ
Ŧ)RU6R Q\ DQG 3HQWD[ PRXQWV LW LV RQO \ SRVVLEOH WR XV H WKH 26 IXQFWL RQ LQFRUSRUD WHG LQ
WKLV OHQV ZLWK FD PHUD ERGLHV ZKLFK VXSSRUW PRWRUV GULYHQ E\ XOWUDVRQL F ZD YHV VXFK DV
+60 : KHQ XVLQJ WKH 26 IXQFWLRQ SOHDVH WXUQ RII WKH RSWLF DO VWDELOL]HU IXQFWLRQ RI WKH
FDPHUDERG\DQGV HWWKH26 V ZLWFKRIWKHOHQV WR21 : KHQXVLQJWKH FDPHUD¶VRSWLFDO
VWDELOL]HU IXQFWL RQ SOHDVH VHW WKH 26 VZLWFK RI WKH OHQV WR 2)) DQG WXUQ WKH FDPHUD¶V
RSWLFDOVWDELOL]HUIXQFWLRQRQ
Ŧ
2SWLFDO 6 WDELOL]HU IH DWXUH FDQ ZRUN ZLWK WKH 1LNRQ $) FDPHU DV VKRZQ LQ WKH IROORZLQJ
WDEOH : KHQ XVLQJ WKLV OHQV ZLWK RWKH U FDPHUD PRGHOV QRW OL VWHG LQ WKH IROORZLQJ WDEOH
SOHDVHVHWWKH26 6ZLWFKWR2)) S RVLWLRQWRFDQFHOWKH2SWLFDO 6 WDELOL]HUIXQFWLRQ
'LJLWDO6/5&DPHUDVDQG)
è)URPR XUKRP HSDJH \RX FDQF KHFNW KH ODWHVWL QIRUPDWLRQ UHJDUGLQJ WKH FDPHUD PRGHOV
ZKLFKFDQEHXVHGZLWK2SWLFDO6WDELOL]HUIXQFWLRQ
75,32'62&.(7$ 1' &2//$5
7KLVOHQVLVHT XLSSHGZLWKD WULSRGVRFNHW : KHQ\RXORRVHQ WKHORFNLQJNQRERQWKH FROODU
WKHOHQV DQG FDPHUD FDQ URWDWH IUHHO\ WR HDVLO\SRVLWL RQWKH FDPHUD KRUL]RQWDOO\ RU YHUWLFDOO\
ILJ
+2:725(029(7+(75,32'&2//$5
,W LV SRVVLEOH WR UHPR YH WKH O HQV¶ WULSRG VRFNHW IRU P RUH FR QYHQLHQW KDQGKHOG
SKRWRJUDSK\ LIGHVLU HG7 RGRVR ILUVWORRVHQWKHWUL SRGFROODUORFNLQJ NQREDQGDOL JQWKH
LQGH[PDUNRIWKHFROODUZLWKWKHź5(029( SRVLWLRQILJ
7KHQSXOOWKHWULSRGFROODUVWUDLJKWEDFND VVKRZQLQ)LJUHPR YLQJWKHFROODU
Ŧ: KHQ \RX ZLVK W R UHDWWDFK WKH WULSRG F ROODU WR WKH OHQV SOH DVH UHYHUVH WKH SURFHGXUH
DERYH
Ŧ3OHDVH GR QRW VHW W KH WULSRG FROODU WR WKH ź5(0 29( SRV LWLRQ H [FHSW ZKHQ \RX DUH
UHPRYLQJ RU DWWDFKLQJ WKH WULSRG FROODU DV WKH OH QV PD\ LQDGYHUWHQWO\ GH WDFK I URP WKH
FROODU DQG IDOO $OVR SOHDVH UHPHPEHU WR WLJKWHQ WKH ORFNLQJNQRE WR SUHYHQW WKH OHQV
IURPURWDWLQJXQLQWHQWLRQDOO\
Ŧ: KHQ WKH OHQV LV PRXQWHG R Q WKH FDPHUD WKH WULSRG FROODU FD QQRW EH UHPRYHG IURP WKH
OHQV
6+28/'(5675 $3
3OHDVHDWWDFKWKHVKRXOGHUVWUDSWRWKHVOL QJDVGHVFULEHGLQILJXUH
0,1,080)2&86,1*',67 $1&(
7KHPLQLPXPIRFXVLQJGLVWDQFHRIWKLVOH QVFKDQJHVZLWKUHVSHFWWR]R RPLQJSRVLWLRQ
ILJĬ 6KRZV0LQLPXP)RFXVLQJ'LVWDQFHDWHDFKI RFDOOHQJWK
ILJĭ 6KRZV0D[LPXP0DJQLILFDWLRQ5DWLR DWHDFKIRFDOOHQJWK
)/$ 6+3+2 72*5$ 3+<
7KH FDPHUD¶V EXLOWLQ IODVK ZLOO FDXVH EDUUHO VKDGRZ LI XVHG ZLW K WKLV OHQV )RU EHVW UHVXOWV
SOHDVHRQO\XVHDQH[W HUQDOIODVKXQLW
$%2877(/(&219(57(56
7KH OHQV FDQ EH XV HG ZLWK 6LJPD¶V [ (; RU [ (; $SR 7 HOH &RQYHUWHUV RSWLRQDO
EHFRPLQJ D PP ) WHOHSKRWR ]RRP OHQV RU D PP ) WHOHSKRW R
]RRPOHQVUHVSHFWLYHO\ Ტ ERWKFDQEHXV HGLQPDQXDOIRFXVRQO\Უ
Ŧ'RQRWXVHRW KHUPDQXIDFWXUHUV¶WHOHFRQYHUWHU¶VRQO \WKRVHOLVWHGDERYHDUHFRPSDWLEOH
Ŧ7KH3HQWD[PRXQW7 HOH&RQ YHUWHULVQRWFRPSDWLEOHZLWKWKLVSDUWLFXODUOHQV
Ŧ:HUHFRPPHQGWKH'*$327 HOH&RQ YHUWHUVZKHQXVLQJZLWK'6/5FDPHUDV
Ŧ,WLVSRVVLEOHWR XVHDXWRIRFXVLQ/LYH9LHZLIWKHFDPHUD LVLQ³FRQWUDVWGHWHFW´$)PRGH
/(16+22'
$ ED \RQHW W\SH GHWDFKDEOH CKRRG LV SU RYLGHG ZLWK WKH OHQV 7 KLV OHQV KRRG KHOSV WR
SUHYHQW IODUH DQG JKRVWHG LPDJHV F DXVHG E \ H[WUDQHRXV OLJKW $WWDFK WKH KRRG DQG WXUQ
FORFNZLVHXQWLOLWVWRSVURWDWLQJILJ
Ŧ,Q RUGHU WR SODFH WKH OHQV DQG KRRG LQWR WKH VWRUDJH FDVH \RX PXVW ILUVW UH PRYH WK H
KRRGWKHQUHSODFHLWRQWKHO HQVLQWKHUHYHUVHSRVLWLRQI LJ
),/ 7(5
Ŧ2QO\ RQH ILOWHU VKRXO G EH XVHG DW D WLPH 7 ZR RU PRUH ILOWHUV DQGRU VSHFLDO WKLFNHU
ILOWHUVVXFKDVDSRODUL]LQJILOWHUPD\FDXVHYLJQHWWLQJ
Ŧ: KHQXVLQJDSRODUL]LQJILOWHUZLWKDQ$)FDPHUDXVHWKH³FLUFXODU´W\SH
67(3'2:15,1*PPĺPP
$ VWHS GRZQ ULQJ LV VXSSOLHG ZLWK WKLV OH QV ,W LV SRVVLEOH WR XVH DQ PP ILOWHU ZLWK WKLV
OHQV E\ WKH DWWDFKLQJ WKLV VWHS GRZQ ULQJ 3OHDVH DWWDFK WKH VWHS GR ZQ ULQJ WR WKH WLS RI
OHQVERG\
,W LV RQO\ SRVVLEOH WR XVH WKLV VWH S GR ZQ ULQJ ZKHQ XVHG ZLWK GLJLWDO FDPHUDV ZLWK DQ
$36&VL]H LPDJH VHQVRU 9LJQHWWLQJ ZLOO RFFXULI WKH VWHS GRZQ ULQJLV XVHG ZLWK GLJLWDO
FDPHUDVZLWKLPDJHVHQVRUVODUJHUW KDQ $36&VL]H
3OHDVH GR QRW DWWDFK D 3RODUL]L QJ ILOWHU WR WKLV VWHS GRZQ ULQJ ,I \RX DW WDFKD 3RODUL]LQJ
ILOWHU \RXPD\QRWEH DEOHWRUHPRYHLWIURPWKHOHQVDJD LQ
,I WKH VWHS GRZQULQJ FDQQRW EH UHPRYHGI URPWKH OHQV SOHDVHSXWWKH SDOP RI\RXU KDQG
RQWKHULQJDQGWXUQLWDQWLFORF NZLVH
: KHQ WKH VWHS GRZQ ULQJ LV DWWDFKHG WR WKH OHQV LW LV QRW SRVVLEOH WR DWWDFK WKH VXSSOLHG
IURQWOHQVFDS 3OHDVHSXUFKDVHDQPPIURQWF DS
%$6,&&$5($1'67 25 $*(
Ŧ$YRLGDQ\VKRFNVRUH[SRVXUHWRH[WUHPHKLJKRUO RZWHPSHUDWXUHVRUWRKXPL GLW\
Ŧ)RU H[W HQGHG VW RUDJH FKR RVH D FRRO DQ G GU\ SODFH SUHIHUDE O\ ZLWK JRRG YHQWLODWL RQ 7 R
DYRLGGDPDJHWRWKHOHQVFRD WLQJNHHSDZD\IURPPRWKEDOOVR UQDSKWKDOHQHJDV
Ŧ'R QRW XVH WKLQQHU EHQ]LQH RU RWKHU RU JDQLF FOHDQLQJ DJHQWV WR UHPRYH GLUW RU ILQJHU
SULQWV IURP WKH OHQV HOHPHQ WV &OHDQ E\ XVLQJ D VRIW PRLVWHQHG OHQV FORWK RU OHQV
WLVVXH
Ŧ7KLV OHQV LV QRW ZDW HUSURRI : KHQ XVLQJ WKH OHQ V LQ WKH UDLQ RU QHDU ZDWHU SUHYHQW LW
IURP JHWWLQJ ZHW ,W LV R IWHQ LPSUDFWLFDO WR UHSDLU WKH LQWHUQDO PHFKDQLVP OHQV HOHPHQWV
DQGHOHFWULFFRPSRQHQWVGDPDJHGE\ ZDWHU
Ŧ6XGGHQ WHPSHUDWXUH FKDQJHV PD \ FDXVH FRQGHQ VDWLRQ RU IRJ WR DSSHDU RQ WKH V XUIDFH
RI WKH OHQV : KHQ HQWHULQJ D ZDUP URRP IURP WKH FROG RXWGRRUV LW LV DGYLVDEOH WR NHHS
WKHOHQVLQWKHFDVHXQWLOWKHWHPSH UDWXUHRIWKHOHQVDSSURDFKHVURRPWHPSHUDWXUH
(1*/,6+
Ĵ=RRP/R FN6ZLWFK
ĵ266 ZLWFK
Ķ/HQV+R RG
ķ6WHS'RZQ5LQJ
Ĭ)LOWHU$WWDFKPHQW 7KU HDG
ĭ)RFXV5LQJ
Į'LVWDQFH6FDOH
į)RFXV,QGH [/LQH
İ=RRP5LQ J
ı)RFXV 0RGH6ZLWFK
IJ0 RX QW
ij7ULSRG6RFNHW
:LU GDQNHQ ,KQHQ IU GDV 9HUWUDXHQ GDV 6LH XQV PLW GHP . DXI GLHVHV 6,*0$ 3URGXNWHV
HUZLHVHQKDEHQ %LWWHOHVHQ6LH VLFKGLHVH $QOHLWXQJYRU GHUHUVWHQ% HQXW]XQJGHV *HUlWHV
DXIPHUNVDPGXUFK
%(6&+5(,%8581*'(57(,/ ($EE
.$0(5$69207<31,.21$ )
'LHVHV 2EMHNWLY IXQNWLRQLHUW JHQDX VR ZLH HLQ 1LNRQ $)2EMHNWLYG H V Ä * 7 \ S V ³ 7 \ S R K Q H
%OHQGHQULQJ $EKlQJLJ YRQ GHU MHZHLOLJ HQ .R PELQDWLRQ PLW HLQHU .DPHUD N|QQHQ HLQLJH
)XQNWLRQVHLQVFKUlQNXQJHQ DXIWUHWHQ :HLWHUH ,QIRUPDWLRQHQ KLHUEHU VFKO DJHQ 6LH ELWWH LQ
GHU%HGLHQXQJVDQOHLWXQJGHU YHUZHQGHWHQ.DPHUDQDFK
.$ 0(5$6 9207<3 3(1 7 $ ;$ )
'LHVHV 2EMHNWLY IXQNWLRQLHUW JHQDX VR ZLH HLQ 3(17$; $) 2EMHNWLY GHV Ä) $- 7 \SV³ 7\S
RKQH %OHQGH QULQJ $EKlQJL J YRQ GHU MHZHLOLJHQ .RPELQDWLRQ PLW HLQHU .DPHUD N|QQH Q
HLQLJH )XQNWL RQVHLQVFKUlQNXQJHQ DXIWUHWHQ : HLWHUH ,QIRUPDW LRQHQ KLHU EHU VFKOD JHQ 6LH
ELWWHLQGHU%HGLHQXQJVDQOHLW XQJGHUYHUZHQGHWHQ.DPHUDQD FK
$16(7=(1$ 1 '$6.$0(5$*(+b86(
$Q GLH . DPHUD DQJHVHW]W IXQNWLRQLHUW GLHVHV 2EMHNWL Y J HQDXVR DXWRPDWLVFK ZLH OKU
1RUPDOREMHNWLY (LQ]HOKHLWHQKLHUEHUILQ GHQ6LHLQGHU%HGLHQXQJVDQO HLWXQJ]XU.DPHUD
Ŧ+DOWHQ 6LH GL H .RQ WDNWH XQ G .X SSOXQJVHOHPHQWH DP 2EMHNWLYDQVFKOX VWHWV VDXEHU
6 WHOOHQ 6LH GDV * HUlW ] %VS EHLP 2EMHNWLYZHFKVHO J UXQGVlW]OLFK QLFKW D XI GHU
.RQWDNWOHLVWHDEXPHLQH%HVFKlGLJXQJ GHU.XSSOXQJVHOHPHQWH]X YHUPHLGHQ
(,167(//(1'(5%(75,(%6 $57
'DV6, *0$ 2EMHNWLY VWHOOW QDFK GHP $QV HW]HQ DQ GLH .DPHUD DOOH)XQNWLRQHQ DXWRPDWLVFK
]XU9 HUIJXQJ(LQ]H OKHLWHQHQWQHKPHQ6LHELWWHG HU*HEUDXFKVDQOHLWXQJGHU .DPHUD
(,167(//81*9216&+b5)( 81'%5(11:(,7(
'LHVHV 2EMHNWLY YHUIJW EHU HLQHQ HLQJHEDXWHQ 6,*0$ +\SHU 6RQLF 0RWRU +60 'HU
+60HUP|JOLFKWGLHVFKQHOOHXQGO HLVHDXWRPDWLVFKH6FKDUIHLQ VWHOOXQJ
䇶
6,*0$ $)XQG&$121$)
䇷
)UGLH DXWRPDWLVFKH 6FKDUIHLQVWHOOXQJ VFKDOWHQ 6LH GHQ) RNXVVLHUVFKDOWHU DP2EM HNWLYDXI
GLH ³$) ´ 3RVLWLRQ $EE 6ROOWHQ 6LH G LH 6FKlUIH PDQXHOO H LQVWHOOHQ ZROOHQ VFKDOWHQ 6LH
GHQ )RNXVVLHUVFKDOWHU DP 2EMHNWLY DXI GLH ³0 ´3RVLWLRQ 6LH N |QQHQ GLH 6FKlUIH QXQ GXUFK
'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ
䇶
1,.21$) 3( 17 $;$)XQG621<
䇷
)U GLH DXWRPDWLVFKH 6FKDU IHLQVWHOOXQJ VFKDOWHQ 6LH GLH .DPHUD LQ GHQ $)%HWULHE XQG
VFKDOWHQ 6LH GHQ )R NXVVLHUVFKDOWHU DP 2EMHNWLY DXI GLH ³$) ´3RVLWLRQ $EE 6ROOWHQ 6LH
GLH 6FKlUIH PDQXHOO HLQVWHOOHQ ZROOHQ VF KDOWHQ 6 LH GHQ )RNX VVLHUVFKDOWHU D P 2EMHNWL Y DXI
GLH³
0
´3RVLWLRQ6LHN|QQHQGLH6FK lUIHQXQGXUFK'UH KHQGHV(QWIHUQXQJVULQJVHLQ VWHOOHQ
Ŧ+LQZHLVH ]XP : HFKVHO GHU )RNXVVLHUEHWULHEVDUW GHU .DPHUD HQWQH KPHQ 6LH ELWWH GHU
%HGLHQXQJVDQOHLWXQJGHU.DP HUD
Ŧ%HL1LNR Q3 HQWD[X QG6RQ \$QV FKOVVHQ NDQQ GHU $XWRIRNXV QXU PLW .DPHUDV EHQXW]W
ZHUGHQ GLH 8OWUD VFKDOOPRWRUHQ ZLH GLH +60 XQWHUVWW]HQ 'HU $XWRIRNXV ZLUG QLFKW
IXQNWLRQLHUHQZHQQGLH.DPHUDGLH VH $UWYRQ0RWRUHQQLFKWX QWHUVWW]W
Ŧ'LHVHV 2EMHNWL Y NDQQ DXFK PDQXHOO VF KDUIJHVWHOOW ZHUGHQ ZlKUHQG GLH $)%HWULHEVDUW
HLQJHVWHOOW LVW :HQQ GLH .DPHUD DXI (LQ ]HOELOG$) HLQJHVWHOOW LVW N|QQHQ 6LH QD FKGHP
GDV 2EMHNW LY YRQ GHU $XWRPDWLN VFKDUIJH VWHOOW ZXUGH XQG ]XP 6WLOOVWDQG JHNRPPHQ LVW
GLH6FKlUIHGXUFK'UHKHQDP)RNX VVLHUULQJPDQXHOOHLQVWHOOHQ'HU$XVO|V HUPXKLHUEHL
KDOEGXUFKJHGUFNWEOHLEHQ
Ŧ%HLPDQXHOOHU)RNXV VLHUXQJVROOWHGLH6F KlUIHDXIGHU 0DWWVFKHLEHHLQJHVWHOOWZHUGHQ GD
GXUFK 7 HPSHUDWXUVFKZDQNXQJHQ $EZHL FKXQJHQ YRQ GHU (QWIHUQXQJVVNDOD DXIWUHWHQ
N|QQHQ 'LHVJLOWLQVEHVRQGHUHIUGLH8QHQGOLFK (LQVWHOOXQJ
ż%5(11:(,7(1(,167(//81* Ž
'XUFK'UHKHQGHV=RRPULQJHV ZLUGGLH%UHQQZHLWHHLQJHVWHOOW
=220/2&.6&+ $/7(5
'DV 2EMH NWLY LVW PLW HLQHP =RRP /RFN6FKDOWHU DXVJHVWDWWHW XP GDV Ä.ULH FKHQ³ GLH
VHOEVWlQGLJH% HZHJXQJGHV =RRPU LQJVEHL QDFK XQWHQ JHKDOWHQHP 2EMHNWLY ]X YHUKLQGHUQ
6 WHOOHQ 6LH GHQ =R RPULQJ DXI PP XQG EULQJHQ 6LH GHQ =RR P /RFN6 FKDOWHU LQ GLH
3RVLWLRQ Ä/2&. ³ $EE %ULQJHQ 6L H GHQ =RRP /RFN6F KDOWHU DEHU ZLHGHU LQ GLH 3RVLWLRQ
Ä81/2&. ³EHYRU6LHHLQH$XIQDKPHPDFKHQ
h%(526237,&$/67 $%,/,=( 50(5.0$/(
'LHVHV 26 2SWLFDO 6WDELOL]HU 2EMHNWLY NRPSHQ VLHUW HUIROJUHLFK GLH 8QVFKlUIH LQ ,KUHQ
%LOGHUQ GLH GXUFK 9HUZDFNOXQJ G HU .DPHUD ZlKUHQG GHU $XIQDKPH HQWVWHKW 0LW GLHVHP
2EMHNWLYN|QQHQ6LH$XIQDKPHQPLW ELV]X6WXIHQOlQJHUHQ9 HUVFKOX]HLWHQDOVRKQHGH Q
(LQVDW]GHU26)XQNWLRQP|JOLFKD QIHUWLJHQXQGHUKDOWHQGHQ QRFKVFKDUIH(UJHEQ LVVH
6 WHOOHQ6LHGH Q26
Ტ
2SWLFDO6 WDELOL]HU
Უ
6FKDOWHUDXI0RGXV$EE 'UFNHQ6LHGHQ $XVO|VHUKDO E
GXUFKYHUJHZLVVHUQ6LHVLFKGDGDV%LOGLP6XFKHUVW DELOVWHKWXQGGUFNHQGHQ$XVO|VHU]XU
$QIHUWLJXQJGHU$XI QDKPHJDQ]GXUFK(VGDXHUWFD6HNXQG HXPQDFKGHP$QGUFNHQGHV
$XVO|VHUVHLQ VWDELOHV%LOG ]XHU]HXJHQ 0RGXV HUNHQQWGLH YHUWLNDOH %HZHJXQJGHU.DPHUD
XQGYHUKLQGHUWGLHVH 9 HUZDFNOXQJ 'LHVHU0RGXVHP SILHKOWVLFKEHLVLFKEH ZHJHQGHQ0RWLYHQ
'LH .RPSHQVLHUXQJ GHU 9HUZDFNOXQJVXQVFKlUIH GXUFK GHQ 2SWLFDO 6WDELOL]HULVW VS H]LHOO IU
$XIQDKPHQ DXV GHU IUHLHQ + DQG H QWZLFNHOW 8QWHU GHQ IROJHQ GHQ %H GLQJXQJHQ N|QQWH GHU
2SWLFDO6W DELOL]HUHYH QWXHOOQLFKWHLQZDQGIUHLDUEHLWHQ
ƒ $XIQDKPHQDXVHLQ HPIDKUHQGHQ)DKU]HXJ
ƒ,P)DOOHHLQHUHUKHEOLFKHQ%H ZHJXQJRGHU(UVFKWWHUXQJGH U.DPHUD
Ŧ%LWWHEHQXW]HQ6LHLQGHQIRO JHQGHQ6LWXDWLRQHQGHQ2S WLFDO6W DELOL]HUQLFKW
ƒZHQQGDV2EMHNWLYDXIHLQH P6 WDWLYPRQWLHUWLVW
ƒEHL%XOE$XIQDKPHQ/DQJ] HLWEHOLFKWXQJ
Ŧ'LH )XQNWLRQ GHV 2SWLFDO 6W DELOL]HUV ZLUG YRQ GHU .DPHUD PLW 6WURP YHUVRUJW :HQQ GD V
26 2EM HNWLY DQ ,KUHU .DPHUD DQJHVF KORVVHQ XQG DNWLYLHUW LVW YHUULQJH UW VLF K GLH
$XIQDKPHNDSD]LWlW GHU .DPHUD LP 9 HUJOHLFK ]X GHP (LQVDW] PLW NRQYHQWLR QHOOHQ
2EMHNWLYHQ6RIHUQ6LHGHQ 2SWLFDO6W DELOL]HUQLFKWEHQ|WL JHQVWHOOHQ6LHGHQ266FKDOWHU
ELWWHDXI2)) XPGHQ%DWWHULH YHUEUDXFK]XUHGX]LHUHQ
Ŧ9 HUJHZLVVHUQ 6LH VLFK GD GHU 266F KDOWHU DXI2)) VWHKW EHYRU 6LH ,KU 2EMHNWLY DQ GLH
.DPHUDDQVHW]HQRGHU YRQGHU.DPHUDDEQHKPHQ
Ŧ
'HU2SWLFDO6 WDELOL]HUEOHLEWDXFKQDFKGHP6LHGHQ )LQJHUYRQGHP$XVO|VHU JHQRPPHQKDEHQ
VRODQJH DNWLYLHUW ZLH GHU %HOLFKWXQJVPHVVHU GLH %HOLFKWXQJVGDWHQ DQ]HLJW 1HKPHQ 6LH
QLHPDOV GDV 2EMHNWLY YRQ GHU .DPHUD RGHU HQWIHUQHQ 6LH GLH %DWWHUL HQ GHU .DPHUD ZlKUH QG
GHU2SWLFDO6 WDELOL]HUQRFKDNWLYLHUWL VW6LHN|QQHQGDV2EMHNWLYKLHUGXUFKEHVFKlGLJHQ
Ŧ2EZRKO GDV 6XFKHUELOG GLUHNW QDFK GHU $XIQDKPH XQG ]X %HJLQQ GHV $XIODGHQV GHV
HLQJHEDXWHQ%OLW]JHUlWHVZDFNHOQN |QQWHKDWGLHVNHLQHQ(LQIO XDXI,KUH%LOGHU
Ŧ
)DOOVGLH .DPHUD DXVJHVFKDOWHWZLUGZlKUHQG GLH 2SWLFDO 6 WDELOL]HU)XQNWLRQQRFK DNWLY LVWNDQQ
GDV2EMHNWLYHLQVFKQDWWHUQGHV*HUlXVFKYHUXUVDFKHQZDVMHGRFKNHLQH )HKOIXQNWLRQGDUVWHOOW
Ŧ'LHREMHN WLYHLJHQH 26 )XQNWLRQ VWHKW EHL 2EMHNWLYHQ PLW 6RQ\ XQG 3HQWD[DQVFKOXVV QXU
GDQQ ]XU 9HUIJXQJ ZHQQ VLH DQ .DPHUDJHKlXVHQ HLQJHVHW]W ZHUGHQ G L H G H Q
HLQJHEDXWHQ 0RWRU LP 2EMHNWLY ZLH +6 0 XQWHUVWW]HQ :HQQ GLH REMHNWLYHLJHQ H 26
)XQNWLRQHLQJHVHW]WZLUGVFK DOWHQ6LHELWWHGLH6W DELOL]HU)XQNWLRQGHU.DPHUDDXVXQGGHQ
266FK DOWHU DP2E MHNWLY DXI 21 :HQQ GLHNDP HUDHLJHQH 6W DELOL]HU )XQNWLRQ HLQJHVHW]W
ZLUGVFKDOWHQ6LHVLHDQGHU .DPHUDHLQXQGGHQ266FKDOWHU DP2EMHNWLYDXI2))
Ŧ'LH 2SWLFDO 6 WDELOL]HU )XQNWLRQ NDQQ PLW GHQ LQ GHU QDFKIROJHQGHQ 7 DEHOOH DXIJHOLV WHWHQ
1LNRQ$).DPHUDVJHQXW]WZHUGHQ :HQQGDV2EMHNWLYDQHLQH PDQGHUHQ.DPHUDPRGHOO
EHQXW]W ZLUGG DVQLF KW LQGHU /LVWH DXIJH IKUW ZLUG VWHOOHQ 6LH GHQ26 6FKDOWHU ELWWHDXI
2))XPGLH26)XQNWLRQ]XGHDNWL YLHUHQ
'LJLWDOH6/5.DPHUDVXQG)
è
%LWWHYHUJHZLVVHUQ 6LHVLFKEHU GLHDNWXHOOHQ,QIR UPDWLRQHQEH]JOLFK GHU.DPHUDPR GHOOH
DQGHQHQGHU2SWLFDO6WDELOL]HUJHQXW]WZHUGHQNDQQDXIXQVHUHU+RPHSDJH
6WDW L YDQ V FK OX
'DV2EMHNWLY LVWPLW HLQHP6WDWLYVRFNHOYHUVHKHQ :HQQ6LH GHQ)HVWVWHOONQRSIO |VHQOlW
VLFK GDV 2EMHNWL Y IUHL LP 5LQJ GH V 6W DWLYVRFNHOV GUHKHQ 'DGXUFK LVW HV P| JOLFK GLH
.DPHUDH[DNWIU+RFKRGHU4XHUI RUPDWDXIQDKPHQDXV]XULFKWHQ$ EE
$%1(+0(1'(567 $ 7,96&+(// (
)DOOV JHZQVFKW NDQQ GLH 6W DWLYVFKHOOH YRP 2EMHNWLY JHO|VW ZHUGHQ XP HLQH EHTX HPHUH
+DQGKDEXQJ EHLP) RWRJUDILHUHQ DXV GHUIUHLHQ +DQG ]X HUUHLFKHQ +LHU]X O|VHQ6L HELWWH
]XHUVW GLH $UUHWLHUVFKUDXEH GHU 6 WDWLYVFKHOOH XQG EULQJHQ GLH ,QGH[0DUNLHUXQJ GHU
6FKHOOHPLWGHUÄź5(029( ³ 3RVLWLRQ]XU'HFNX QJ$EE
'DQDFK ]LHKHQ 6LH GLH 6FKHOOH JHUDGH QDFK KLQWHQ 5LFKWXQJ .DPHUDDQVF KOXVV YRP
2EMHNWLYDEZLHLQ$EELOGXQJGDUJHVWHOOW
Ŧ:HQQ 6LH GLH 6WDWLY VFKHOOH ZLHGHU D QEULQJHQ P |FKWHQ JHKHQ 6LH ELWWH LQ GHU
XPJHNHKUWHQ5HLKHQIROJHZLHREHQ EHVFKULHEHQYRU
Ŧ%LWWH VWHOOHQ 6LH GLH 6W DWLYVFKHOOH DXVVFKOLHOLFK ]XU 'H XQG 0RQWDJH DX I GLH
Äź5(029( ³ 3RVLWLRQ GD VLFK DQG HUQIDOOV GDV 2EMHNWL Y YHUV HKHQWOLFK YRQ GHU 6FKHOOH
O|VHQ XQG VWU]HQ N|QQWH %LWWH GHQNHQ 6LH LPPHU GDUDQ GLH $UUHWLHUVFKUD XEH GHU
6 WDWLYVFKHOOH ZL HGHU DQ]X]LHKHQ XP HLQ XQEHDEVLFKWLJWHV 9 HUGUHKHQ G HV 2EMHNWLYHV ]X
YHUKLQGHUQ
Ŧ:lKUHQG GD V 2EMHNWLY D Q GHU .DPHU D PRQWLHUW LV W OlVVW VLF K GLH 6W DWLYV FKHOOH QL FKW YRP
2EMHNWLYDE QHKPHQ
75$*(5,(0(1
%LWWH EHIHVWLJHQ 6LH GHQ 7UDJHULHPHQ V R DQ GHQ gVHQ GHV 2EMHNWLYV ZLH H V LQ $EE
JH]HLJWZLUG
1$+(,1 67(//*5(1=(
'LH 1DKHLQVW HOOJUHQ]H GLHVHV 2EMHNWLYV YHUlQGHUW VLFK LQ %H]LHKXQJ ]XU JHZlKOWHQ
%UHQQZHLWH
$EEĬ =HLJWGLH1DKHLQVWHOOJUHQ]HGHUMH ZHLOVHLQJHVWHOOWHQ%UHQQZ HLWH
$EEĭ =HLJWGHQJU|VVWHQ$EELOGXQJVPDVVVWDEGHUMHZHLOVHLQJHVWHOOWHQ%UHQQ ZHLWH
%/,7=)272*5$),(
,QWHUQHU %OLW] GHU .DPHUD ZLUG HLQHQ UXQGHQ 6FKDWWHQ YHUXUV DFKHQ 9 HUZHQGHQ 6LH QLFKW
GHQLQWHUQHQ.DPHUDEOLW]PLWGL HVHP2EMHNWLY ELWWHQXUH[WHUQH V%OLW]JHUlWYHUZHQGHQ
h%(57(/(.219(57(5
'DV2EMHNWLY NDQQ YHUZHQGHW ZHUGHQPLW 6LJPD [(; RGHU [(; $SR 7 HOH. RQYHUWHU
RSWLRQDO UHVXOWLHUHQG ]XP PP ) 7 HOH]RRP 2EMHNWL Y UHVSHNWLYH HLQHP
PP)7 HOH]RRP2EMHNWLY GLHEHLGH PDQXHOOIRNXVVLHUWZHUGHQPVVH Q
Ŧ9 HUZHQGHQ6LHNHLQ HDQGHUHQ2EMHNWLYHDOVGLH2E HQDXIJHOLVWHWHQ
Ŧ'HU6LJPD7 HOHNRQYHUWHUPLW3HQWD[$QVFKOXLVW PLWGLHVHP2EMHNWLYQLFKWNRP SDWLEHO
Ŧ:LU HPSIHKOHQ GLH '* 9 HUVLRQ GHU $3 2 7 HOHNRQYHUWHU ]X YHUZHQGHQ VRIHUQ '6/5
.DPHUDVHLQJHVHW]WZHUGHQ
Ŧ'HU $XWRIRNXV VWHKW LP /LYH 9 LHZ ]XU 9 HUIJX QJ ZHQQ GLH .DPHUDL P $ ) 0 R G X V
.RQWUDVWYHUJOHLFKEHWULHEHQZLUG
*(*(1/,&+7%/(1'(
'DV 2 EMHNWLY ZLUG PLW HLQHU DEQHKPEDUHQ %DMRQHWW*HJHQOL FKWEOHQGH JHOLHIHUW 'LHVH KLOIW
6 WUHXOLFKW XQG 5HIOH [H ]X YHUPHLGHQ ZLH VLH GXUFK V WDUNHV VHLWOLFK HLQIDOOHQGHV /LFKW
HQWVWHKHQ N|QQHQ 2ULHQWLHUHQ 6LH VLFK EHLP $QEUL QJHQ GHU *HJHQOLFKWEOHQGH DQ GHQ
DXIJHGUXFNWHQ0DUNLH UXQJHQXQGDFKWHQ6LHGDUDX IGDGLH%OHQGHNRUUHNW HLQUDVWHW$EE
Ŧ=XP 7UDQVSRUW RGHU ]XU $XIEHZDKU XQJ GHV 2EM HNWLYHV NDQQ GLH *HJHQOLFKWEOHQGH
DEJHQRPPHQXQGXPJHVWOSWDXIJ HVHW]WZHUGHQ$EE
),/ 7(5
Ŧ%HL (LQV DW] YRQ 3ROILOWHUQ YHUZHQGH Q 6LH DQ HLQHU $XWRIRNXVN DPHUD EL WWH D XVVFKOLHOLFK
=LUNXODU3ROILOWHU %HLP (LQVDW] HLQ HV /LQHDU3ROI LOWHUV N|QQH Q VLFK EHL $XWRIRNXV XQG
%HOLFKWXQJVDXWRPDWLN(LQVWHOOIHKOHU HUJHEHQ
Ŧ9 HUZHQGHQ 6LH JUXQGVlW]OLFK Q XU HLQ )LOWHU =ZHL RGHU PHKU )LOWHU JOHLFK]HL WLJ E]Z
VWlUNHUH 6 SH]LDOILOWHU ² ]% 3RODULVDWLRQVILOWHU RGHU VROFK H PLW EHVRQGHUV KRKHU
)LOWHUIDVVXQJ²N|QQHQ]X9LJQHWWLHUXQJH QYHUXUVDFKHQ
5('8=,(55,1*PPĺPP
=XP /LHIHUXPIDQJ GHV 2EMHNWLYV JHK|UW HLQ 5HGX]LH UULQJ 0LW GLHVHP 5HGX]LHUULQJ NDQQ
)LOWHU PLW PP DQ GLHVHP 2EMHNWLY YHUZHQGHW ZHUGHQ 'HU 5HGX]LH UULQJ ZLUG LQ GDV
)LOWHUJHZLQGHGHV2EMHNWLYVJH VFKUDXEW
Ŧ'HU 5HGX]LHUULQJ NDQQ QXU LQ 9HUELQGXQJ PLW .DPHUDV PLW $36& %LOGVHQVRU YHU ZHQGHW
ZHUGHQ$Q .DP HUDVPLW JU|HUHP %LOGVHQVRU DOV $36& )RUPDWN| QQHQ9LJQHWWLHUX QJHQ
LP%LOGDXIWUHWHQ
Ŧ%LWWH VFKUDXEHQ 6L H NHLQHQ 3RO DULVDWLRQVILOWHU LQ GHQ 5HG X]LHUULQJ GD 6L H LKQ XQWHU
8PVWlQGHQQLFKWPHKUYRP2EMHNWL YHQWIHUQHQN|QQHQ
Ŧ)DOOV GHU 5H GX]LHUULQJ QLFKW PHKU YRP 2EMHNWLY HQWIHUQW ZHUGHQ NDQQ OHJHQ 6LH ,KUH
+DQGIOlFKHDXIGHQ5LQJXQGGUHK HQLKQVRHQWJHJHQGHV8K U]HLJHUVLQQV
Ŧ:HQQ GHU 5HGX]LHUULQJ LQ GDV 2EMHNWLY HLQJHVFKUDXEW LVW NDQQ GHU PLWJHOLHIHUWH
)URQWGHFNHOQLFKWPH KUHLQJHVHW]W ZHUGHQ %LWWHYHUZHQGHQ 6LHKLHUIU HLQHQ)URQWGHFNHO
LQGHU*U|HPP
3)/(*(81'$8)%(: $+581*
Ŧ6HW]HQ6LHGDV 2EMHNWLYQLFKW KDUWHQ6W|HQH[WUHPKRKHQE ]Z QLHGULJHQ 7 HPSHUDWXUHQ
RGHUKRKHU/XIWIHXFKWLJNHLWDXV
Ŧ:lKOHQ 6LH IU OlQJHUH /DJHUXQJ HLQHQ NKOHQ WURFNHQHQ X QG P|JOLFKVW JXW EHO IWHWHQ
2UW 9 HUPHLGHQ 6LH GLH /DJHUX QJ LQ GHU 1lKH YRQ &KHPLNDOLHQ GHUHQ 'lPSIH GLH
9 HUJWXQJDQJUHLIHQ N|QQWHQ
Ŧ9 HUZHQGHQ 6LH ]XU (QWIHUQXQJ YRQ 6F KPXW] RGHU )LQJHUD EGUFNHQ DXI *ODVIO lFKHQ
NHLQHVIDOOV 9HUGQQHU %HQ]L Q RGHU DQGHUH RUJDQLVFKH 5HLQLJXQJVPLWWHO VRQGHUQ HLQ
VDXEHUHVIHXFKWHV2SWLN5HLQLJXQ JVWXFKRGHU2SWLN5HLQLJXQJVSDSLHU
Ŧ'DV 2EMHNWLY LVW QLFKW ZDVVHUJHV FKW]W 6RUJHQ 6LH GHVKDOE EHL $XIQDKPHQ L P 5HJHQ
RGHU LQ GHU 1lKH YRQ :DVVHUIU DXVUHLF KHQGHQ 6FKXW] 'LH 5HSDUDWXU HLQHV 2EMHNWL YHV
PLW:DVVHUVFKDGHQLVWKlXILJQLFKWP|JOLFK
Ŧ7 HPSHUDWXUVFKRFNV N|QQHQ ]XP %HVFKODJHQ G HV 2EMHNWLYHV XQG VHLQHU *ODVIOlFKHQ
IKUHQ %HLP :HFKVHO DXV GHU .lOW H LQ HLQ JHKHL]WHV =LPPHU HPSILHKOW HV VLFK GDV
2EMHNWLY VRODQJH LP .|FKHU RGHU GHU )RWR WDVFKH ]X EHODVVHQ ELV HV GLH
=LPPHUWHPSHUDWXUDQJHQRPPHQK DW
'(876&+
)LOWHUJHZLQGH
(QWIHUQXQJVULQJ
(QWIHUQXQJVVNDOD
(LQVWHOOLQGH [
%UHQQ ZHLWHQULQJ
)RNXVVLHU VFKDOWHU
$QVFKOX
6WDWLYDQVFKOX
=RRP/R FN6FKDOWHU
266FK DOWHU
/HQV+R RG
5HGX]LHUU LQJ
1RXV YRXV UHPHUFLRQV G¶D YRLUFK RLVL XQ REMHFWLI 6,*0$ 3RXU HQ WLUHU OH PHLOOHXU SURILW HW OH
SOXVJUDQG SODLVLUQRXV YRXV FRQVHLOORQV GHOLUH DWWHQWLYHPHQ WOH PRGH G¶HPSORL DYDQWWRXW H
XWLOLVDWLRQ
'(6&5,37,21'(6(/(0(176ILJ
3285/(6%2,7,(561,.21$)
&HWREMHFWLI HVWGpSRXUYX GHEDJ XHGHGL DSKUDJPHFRPPH OHVREMHFWLIV DXWRIRFXV 1LNRQGH
W\SH * &HUWDLQHV UHVWULFWLRQV GH IRQFWLRQQDOLWp VRQW SRVVLEOHV HQ IRQFWLRQ GX ERvWLHU XWLOLVp
3RXUSOXVGHGpWDLOVYHXLOOH]YRXVUHSRUWH UDXPRGHGHPSORLGXERvWLHU
3285/(6%2,7,(563(17 $; $)
&HWREMHFWLI HVWGpSRXUYX GH EDJXHGH GLDSKUDJPHFRP PHOHV REMHFWLIVDXWRIRFXV 3(17$;
GH W\SH ) $- &HUWDLQHV UHVWULFWLRQV G H IRQFWLRQQDOLWp VRQW SRVVLEOHV HQ IRQFWL RQ GX ERvWLHU
XWLOLVp3RXUSOXVGHGpWDLOVYHXLOOH]YRXV UHSRUWHUDXPRGHGHPSORLGXERvWLH U
),;$ 7,216 85/ ¶$33 $5(,/
/RUVTXH O¶REMHFWLI HVW IL[p VXU OH ERvWLHU OHV DXWRPDWLVPHV IRQFWLRQQH QW F RPPH DYHF YRV
REMHFWLIVKDELWXHOV&RQVXOWH]p YHQWXHOOHPHQWOHPRGHG¶HPSORLGHO¶DS SDUHLO
6XU OD PRQWXUH VH WURX YHQW SOXVLHXUV FRQWDFWV pOHFWULTXHV HW pOHFWURQLTXHV *DUGH]OHV
ELHQSURSUHV SRXUJDUDQWLU XQE RQIRQFWLRQQHPHQW 1HSRV H]MDPDLV O¶REMHFWLIVXU VDEDVH
DUULqUHSRXUpYLWHUG¶HQGRPPDJHUF HVpOpPHQWV
5(*/$*('86<67(0('¶(;326,7,21
&HW REMHFWLI 6LJPD IRQFWLRQQH DXWRPDWLTXHPHQW GqV TX¶LO HVW PRQWp VXU OH ERvWLHU 9 HXLOOH]
YRXVUHSRUWHUDXPRGHGHPSORLGH,¶ DSSDUHLO
0,6($ 832,17(7=220,1*
&HW REMHFWLI HVW pTXLSp GH O D PRWRULVDWLRQ j KDXWH IUpTXH QFH 6LJPD ³+\SHU 6RQLF 0RWRU´
+60 (OOHUHQGODPLVHDXSRLQWDXWRPDWLTXHUD SLGHHWVLOHQFLHXVH
䇶
6,*0$ $)HW&$121$)
䇷
3RXU XQH PLVH DX SRLQW DXWRPDWLTXH SO DFH] OH VpOHFWHXU GH PLVH DX SRLQW HQ SRVLWL RQ ³$) ´
ILJ 3RXU XQH PLVH DX SRLQW PDQXHOOH SODFH] OH VpOH FWHXU HQ SR VLWLRQ ³0 ´ SRVLWLRQ HW
DMXVWH]OHSRLQWHQWRXUQDQWOD EDJXHGHPLVHDXSRLQW
䇶
1,.21$) 3( 17 $;$) HW621<
䇷
3RXUXQHPLVHDXSRLQWDXW RPDWLTXHPHWWH]OHERvWLHU HQPRGH$)HWSOD FH]OHVpOHFWHXUGH
PLVHDX SRLQW HQSRVLWLRQ ³$) ´ILJ 3RXU XQH PLVHDX SRLQW PDQXHOOH SODFH]OH VpOHFWHXU
HQSRVLWLRQ³0 ´SRVLWLRQHWDMXVWH]O HSRLQWHQWRXUQDQWODEDJ XHGHPLVHDXSRLQW
9 HXLOOH]YRXV UpIpUHU DXPRGHGHPSORL GXERvWLHU SRXUFKDQJHU OHPRGH GHPLVHD XSRLQW
GHODSSDUHLO
'DQVOHVYHUVLRQVSR XU1LNRQ3HQWD[HW 6RQ\ ODPLVHDX SRLQW$)QHVWSRVVL EOHTXDYHF
OHV ERvWLHUV SHUPHWWDQW GDFWLYHU XQ PRWH XU j RQGHV XOWUDVRQLTXH GX W\SH GH FHOXL GH OD
PRWRULVDWLRQ+60/$)HVWLQ GLVSRQLEOHDYHFOHVDXWUHVERvWLHU V
&HWREMHFWLI SHUPHW OD PLVHDX SRLQWP DQXHOOHPrP HHQ PRGH DXWRIRFXV$YHF O¶DSSDUHLO
HQPRGH GH PLVH DX SRLQW VSRW 21( 6+27$)6 YRXV SRXYH] UHWRXFKHU OD PLVH DX
SRLQW PDQX HOOHPHQW DSUqV TXH O¶REMHFWLI DLW IDLW OD PLVH DX S RLQW DXWRP DWLTXHPHQW HQ
PDLQWHQDQWOHGpFOHQFKHXUHQFOHQF KpjPLFRXUVH
(Q FDV G¶XWLOLV DWLRQ GH FHW REMHFWLI HQ PLVH DX SRLQW PDQXHOOH LO HVW UHFRPP DQGp GH
YpULILHUOD TXDOLWp GHO DPLVH DXSRLQW j SDUWLUGX YLVHXU (QHIIHW GHV pFDUWVLPSRUWDQWVGH
WHPSpUDWXUH SHXYHQW SUR YRTXHU GH OpJqUHV PRGLILFDWLR QV GHV FRPSRVDQWV LQWHPHV TXL
IRQWYDULHUODSRVLWLRQGHOD PLVHDXSRLQW 8QHWROpUDQFHSDUWLFXOLqUHHVWSUp YXHjFHWHIIHW
HQSRVLWLRQLQILQL
䇶
㩷
=RRPLQJ 䇷
7 RXUQH]ODEDJXHGH]RRPVXU ODSRVLWLRQYRXOXH
&856(85'(9e528,//$*('8=220
&HW REMHFWLI HVW pTXLSp G¶XQ FXUVHXU GH YHUURXLOODJH GX ]RRP HQ SRVLWLRQ PP SRXU pYLWHU
TXHOHEORFDYDQWQHVHGpSOD FHORUVTXHOH]RRPHVWRULHQWp YHUVOHEDV
3ODFH] OD EDJXH GH ]RRP VXUPP HW SODFH] DORUV OH FXUVHXU GH YHUURXLOODJH HQ SRVLWLRQ
© /2&. ªILJ 9HLOOH]jOHUHSODFHUHQSRVLWLRQ©81/2&. ªD YDQWODSULVHGHYXHV
)21&7,211(0(1 7'867 $%,/,6$ 7(85237,48(26
237,&$/67 $%,/,=(5
&HW REMHFWLI GL VSRVH GX V\VWqPH GH VWDELOLVDWLRQ RSWLTXH 6LJPD 26 2SWLFDO 6W DELOL]HU TXL
pYLWH OHV ULVTXHV GH IORX OLpV DX[ PRXYHPHQWV GX ERvWLHU ORUV GH OD SULVH GH YXH 9 RXV
SRXYH] DYHF FHW REM HFWLI SUHQGUH GHV SK RWRV j GHV YLWHVVHV SOXV OHQWHV GHQYLURQ TXDWUH
YDOHXUV TXH FHOOHV XWLOLVDEOHV VDQV OH VWDELOLVDWHXU WRXW HQ REWHQ DQW GHV LPDJHV
SDUIDLWHPHQWQHWWHV
3ODFH] OH FXUVHXU 26 VXU OH 0RGH )LJ $SSX\H] j PLFRXUVH VXU OH GpFOHQFKHXU
YpULILH] OD VWDELOLWp GH OLPDJH GDQV OH YLVHXU HW SUHQH] OD SK RWR OD VWDELOLVDWLRQ GH OLPDJH
HVW REWH QXH HQ YLURQ VHFRQG H DSUq V TXH OH GpFOHQFK HXU D pWp DFWLYp /H 0RGH TXL
GpWHFWH HW FRUU LJH H [FOXVLYHPHQW OHV PRXYHPHQWV YHUWLFDX[ HVW XWLOH SRXU SKRWRJUDSKLHU
GHVVXMHWVHQGpSODFHPHQW
/D IRQFWLRQ GH FRPSHQVDWLRQ GHV P RXYHPHQWV GX VWDELOLVDWHXU RSWLTXH 26 HVW HIILFDFH
SRXU OHV SULVHV GH YXH j PDLQ OH YpH 'DQV FHUWDLQHV FRQGLWLRQ V SDUWLFXOLqUHV OH
VWDELOLVDWHXUSHXWQHSDVrWUHSOHLQHPHQWHIILFDFH
ƒ3ULVHVGHYXHVGHSXLVXQ YpKLFXOHHQGpSODFHPHQW ƒ0RXYHPHQWVRXVHFRXVVHVWUqVLPSRUWDQWV
/HVWDELOLVDWHXURSWLTXH26QHGRLWSDVrWUHHPSOR \pGDQVOHVFDVVXLYDQWV
ƒVLOREMHFWLIHVWPRQWpVXUXQWUpSLH G ƒHQSRVH %ORQJXHGXUpHGH[SRVLWLRQ
/D IRQFWLRQ GH VWDELOLVDWLRQ RSWLT XH 26 HVW DOLPHQWpH pOH FWULTXHPHQW SDU OH ERvWLHU 6L
OREMHFWLI HVW PRQWp VXU YRWUH ERvWLHU HW OD VWDELOLVDWLRQ RSWLTXH 26 DFWLYpH ODXWRQ RPLH GH
ODSSDUHLO VHUD GLPLQXpH SDU UDSSRUW j XQH XWLOLVDWLRQ DYHF XQH RSWLTXH FODVVLTX H 3RXU
pYLWHU XQH FRQVRPPDWLRQ GpQHUJLH L QXWLOH QRXV YRXV U HFRPPDQGRQV GH SODFHU OH
FXUVHXU26VXU2)) ORUVTXHYRXVQXW LOLVH]SDVODIRQFWLRQGHVWDELOLVDWLRQ
$VVXUH]YRXV TXH OH VWDELOLVDWHXU 26 HVW GpVDFWLYp FXUVHXU VXU OD SRVLWLRQ2)) DYDQW
GDWWDFKHURXGHGpWDFKHUOREMHFWLIGXERvWLHU
/H VWDELOLVDWHXU RSWLTXH 26 GHPHXUH DFWLYp DSUqV DYRLU UHO kFKp OH GpFOHQFKHXU DXVVL
ORQJWHPSV TXH OH SRVHPqWUH DIILFKH OHV YDOHXUV GH[SRVLWLRQ ,O QH IDXW MDPDLV GpWDFKHU
OREMHFWLI GH ODSSDUHLO QL UHWLUHU OHV SLOHV GX ERvWLHU WDQW TX H OH VWDELOLVDWHXU HVW DFWLYp
VRXVSHLQHGHQGRPPDJHUOREMHFWLI
0rPHVLOLPDJHGDQ VOHYLVHXUVHPEOH YLEUHULPPpGLDWHPH QWDSUqVODSULVH GHYXHRX DX
GpPDUUDJHGHODFKDUJHGXIODVKLQW pJUpGXERvWLHUFHFLQDIIHFWHHQULHQOHVLPDJHV
6L ODSSDUHLO HVW pWHLQW RX VL OREMHFWLI HVW GpWDFKp DORUV TXH O H VWDELOLVDWHXU RSWLTXH HVW
DFWLYpOREMHFWLISHXWpPHWWUHXQEUXL WGHIURWWHPHQWVDQVTXLO \DLWG\VIRQFWLRQQHPHQW
3RXU OH V PR QWXUHV 6RQ\ HW 3H QWD[ OD IRQFWLRQ 26 LQFRUSRUpH GDQV FHW REMHFWLI HVW
VHXOHPHQWGLVSRQLEO HDYHF OHVE RvWLHUVSHUPHWWDQW ODFRPPDQG HG¶RSWLTXHV XOWUDVRQLTXHV
WHOV TXH OHV REMHFWLIV +60 6L YRXV XWLOLVH ] OD IRQFWLRQ 26 YHXLOOH] GpV DFWLYHU OD IRQFWLRQ
GH VWDELOLVDWLRQ G X ERvWLHU HW SODFHU OH FXUVHXU26 GH O¶REMH FWLI VXU21 6L YRXV XWLOLVH] OD
IRQFWLRQ GH VWDELOLVDWL RQ GX ERvWLHU YHXLOOH] SODFHU OH FXUVHXU26 GH O¶REMHFWLI VXU2)) H W
HQVXLWHDFWLYHUODIRQFWLRQGHVWDELOLVDWLRQ GXERvWLHU
/H VWDELOLVDWHXU RSWLTXH 26 IRQFWLRQQ H DYHF OHV ERvWLHUV 1L NRQ ILJXUDQW GDQV OD OLVWH
FLGHVVRXV $YHF OHV DXWUHV PRGqOHV GH FHWWH PDUTXH YHXLOOH] PDLQWHQLU OH FXUVHXU26
VXUODSRVLWLRQ2)) DILQGHGpVDFWL YHUOHVWDELOLVDWHXURSWLTXH
%RvWLHUVUHIOH[QXPpULTXHVHW)
è 1RXV YRXV VXJJ pURQV GH YRXV UHSRUWHU j XQ VLWH :HE 6LJPD SRXU FRQVXOWHU OD OL VWH
DFWXDOLVpHGHVERvWLHUVFRPSDWLEOHVDYH FOHVWDELOLVDWHXURSWLTXH6LJPD26
$ 77 $&+(328575(3,('(7&2//,(5
&HW REMHFWLI HVW pTXLSp GXQH DWWDFKH SRXU WUpSLHG /RUVTXH YRXV UHOkFKH] O H VHUUDJH GX
FROOLHU OREMHFWLI HW ,DSSDUHLO SHXYHQW WRXUQHU OLEUHP HQW SRX U S RVLWLRQQHU DLVpPHQW OH ERvWLHU
HQSRVLWLRQYHUWLFDOHRXKRUL]RQWDOHILJ
3285'(7 $&+(5/(&2//,(5'(3,('
,O HVW SRVVLEOH GH GpWDFKHU OH FROOLHU GH SLHG SRXU IDFLOLWHU OH FDV pFKpDQW OD SULVH GH YXH j PDLQ
OHYpH 3RXU FH IDLUH GpYLVVH] OH ERXWRQ GH VHUUDJH HW DOLJQH] OH WUDLW GX FROOLHU VXU OH UHSqUH
ź5(029( )LJ
7LUH]HQVXLWHOHFROOLHUYHUVO¶DUULqUHFRPP HLQGLTXpVXUOD)LJ DILQGHOHUHWLU HU
3RXUUHSODFHU OHFROOLHUGHSLHGVXUO¶R EMHFWLISURFpGH]GHODPrP HIDoRQHQVHQVLQYHUVH
1H PHWWH] MDPDLV OH FROOLHU VXU OD SRVLWLRQ ź5(029( VDXI SRXU OH GpWDFKHU RX OH
UHSODFHU FD UO¶REMHFWLI SRXUUDLW GH GpWDFKHUDFFLGHQWHOO HPHQWHW WRPEHU 9 HLOOH] pJDOHPHQW
jELHQUHVVHUUHUO¶pFURXGHVHUUDJH SRXUpYLWHUWRXWHURWDWLRQLQWHPSHVWLYH
/HFROOLHUGHSLHGQHSHXWrWUHUHWLUp ORUVTXHO¶REMHFWLIHVWPRQW pVXUXQERvWLHU
%$1'28/,(5(
9 HXLOOH]DWWDFKHU,DEDQGRXOLqUHFRP PHLQGLTXpjODILJXUH
',67 $1&(0,1,0$/('(0,6($ 832,17
/DGLVWDQFHPLQLPDOHGHPLVHDXSRLQWGH FHWREMHFWLIYDULHVHORQODSRVL WLRQGX]RRP
ILJĬ 'LVWDQFHPLQLPDOHGHPLVHDXSRLQWVHORQODI RFDOH
ILJĭ 5DSSRUWGHUHSURGXFWLRQPD[LPXPVHOR QODIRFDOH
3+272*5$3+,($ 8)/ $6+
/DORQJXHXUGHOREMH FWLISHXWFDXVHUXQ HRPEUHGDQVOLPDJH VLYRXVXWLOLVH] OHIODVKLQWpJUp
GXERvWLHU 1RXVYRX VUHFRPPDQGRQVGXWLOLVHUH [FOXVLYHPHQWXQIODVKH[WHUQH
$ 352326'(6 7(/(&219(57,66(856
&HWREMHFWLI SHXW rWUH XWLOLVpD YHFOHV WpOpFRQYHUWLVVHXUV 6LJPD [(; RX [ (;$SR HQ
RSWLRQTXLOH WUDQVIRUPHQW UHVSHFWLYHPHQW HQPP )RX HQP P)
ᲢHQPRGHGHPLVHDXSRLQWPDQX HOOHVHXOHPHQW Უ
,OHVWUHFRPPDQGpGHQHSDVXWLOLVHUXQDXWUHWpOp FRQYHUWLVVHXUTXHFHX[PHQWLRQQpVFLGHVVXV
/HVWpOpFRQYHUWLVVHXUVHQPR QWXUH3HQWD[QHIRQFWLRQQHQWSDVDYHFFHWREMHF WLI
,OHVW UHFRPPDQG p GXWLOLVHU OD YHUVLRQ' * GHVWpOpF RQYHUWLVVHXUV 6LJPD $SR (; ORUVTXH
YRXVXWLOLVH]XQERvWLHUQXPpULTXH
/D PLVH DX SRLQW DXWRPDWLTXH HQ PRGH /LYH 9LHZ HVW SRVVLEOH VL ODSSDUHLO HVW HQ PRGH
$)©GpWHFWLRQGHFRQWUDVWHª
3$ 5 ( 6 2 / ( , /
8Q SDUHVROHLO GpPR QWDEOH D YHF IL[DWLRQ j EDwRQQ HWWH HVW OL YUp DYHF REMHFWLI &H SDUHVROHLO
SURWqJH O¶REMHFWLI GHV UD\RQV SDUDVLWHV HW GH OXPLqUH LQFLGHQWH $VVXUH]YRXV TX¶LO VH IL[H
FRQYHQDEOHPHQWMXVTX¶jODSRVLWLR QGHEORFDJHILJ
3RXU UHSODFHU OREMHFWLI HW OH SDUHVROHLO G DQV OD YDOLVH GH WUDQVSRUW YHLOOH] j Gp WDFKHU
GDERUGOHSDUHVROHLOHWjOHUHSODFHUHQVX LWHHQSRVLWLRQLQYHUVpHILJ
),/ 75(6
1¶HPSOR\H] MDPDLV GHX[ ILOWUHV j OD IRLV / ¶XWLOLVDWLRQ GH GHX[ ILOWUHV RX G¶XQ ILOWUH WUqV
pSDLVFRPPHXQILOWUHSRODULVDQWRUGLQDLUH SHXWSURYRTXHUXQYLJQHWWDJH
6L YRXV VR XKDLWH] XWLOLVHU XQ ILOWUH SRODULVDQW VXU XQ ]RRP $) FKRLVLVVH]OH GH W\SH
³FLUFXODLUH´ $YHF XQ ILOWUH GH W \SHOL QpDLUH O¶DXWRIRFXV HW OH FD OFXO G¶H[SRVLWLRQ SRXU UDLHQW
rWUHLQFRUUHFWV
%$*8('¶$'$37 $ 7,21 PP PP
8QH EDJXH G¶DGDSWDWLRQ HVW OLYUpH DYHF FHW REMHFWLI TXL SHUPHW OXWLOLVDWLRQ GXQ ILOWUH GH
GLDPqWUHPP3RXUFHIDLUH YHXLOOH]SODFHUODEDJXHG¶DGDSWDWLRQjO¶D YDQWGHOREMHFWLI
/ ¶XWLOLVDWLRQ GH OD ED JXH G¶DGD SWDWLRQ QH SHXW VH IDLUH TXH SRXU XQ XVDJH GH O¶R EMHFWLI
DYHF XQ DSSDUHLO GRQW OD WDLOOH GX FDSWHXU HVW DX PD[LPXP j OD WDLOOH $36& 'DQV OH
FDVFRQWUDLUHO¶XWLOLVDWLRQGHODEDJ XHG¶DGDSWDWLRQIHUDDSSDUDvWUHXQ YLJQHWWDJH
9 HXLOOH] Q H SDV XWLOLVHU GH ILOWUH SRODULVDQW VXU OD EDJXH G¶DGDSWDWLRQ 6L YRXV XWLOLVHU XQ
ILOWUHSRODULVDQWLOHVWSRVVLEOHTXH YRXVQHSXLVVLH]SOXVOHUHWLU HU
6L OD EDJXH G¶DG DSWDWLRQ HVW EORTXpH VX U O¶REMHFWLI SRVH] OD SDXPH GH YRWUH PDLQ VXU
FHOOHFLHWWRXUQH]GDQVOHVHQVFRQ WUDLUHGHVDLJXLOOHVG¶XQHP RQWUH
'DQV OH FDV R OD EDJXH G¶DGDS WDWLRQ HVW PRQWpH VXU O¶REMHFWLI O¶XWLOLVDWLRQ GX ERXFKRQ
DYDQWOL YUpD YHFO¶R EMHFWLI Q¶HVW SOXV SRVVLEOH 6HXO XQ ERXFKRQ DYDQW GH GLDPqWUH PP
GLVSRQLEOHHQDFFHVVRLUHVHUDXWLOLV DEOH
35(&$87,216(/(0(17 $,5(6(75 $1*(0(17
1HSDVH[SRVHUO¶REMHFWLIDX[FKRFVQLj GHVWHPSpUDWXUHVH[WUqPHVR XjO¶KXPLGLWp
6L O¶REMHFWLI Q¶HVW SDV XWLOLVp SHQGDQW ORQJWHP SV FKRLVLU XQ HQGURLW IUDLV VHF HW ELHQ
YHQWLOp1HSDVSODFHUO¶REMHFWLISU qVGHODQDSKWDOLQHRXGHV SURGXLWVDQWLPLWHVDILQGHQH
SDVGpWpULRUHUOHUHYrWHPHQWPXOWLFR XFKHGHVOHQWLOOHV
1HSDVXWLOLVH UGH GLVVROYDQW G¶HVVHQFH RXDXWUH PDWLqUH RUJDQLTXH SRXUOH QHWWR\DJH GH
VDOHWpVRXG¶HPSUHLQWHVGHGRLJ WVVXUOHVpOpPHQWVRSWLTXHV
&HW REMHFWLI Q¶HVW SDV pWDQFKH 6L YRXV O¶XWLOLVH] SDU WHPSV GH SOXLH RX SUqV GH O ¶HDX
YHXLOOH] j QH SDV OH PRXLOOHU /HV UpSDUDWLRQV GX Pp FDQLVPH LQWHUQH GHV pOpPHQWV
RSWLTXHV HWRX GHV pOpPHQWV pOHFWULTXHV QH VRQW SDV WRXM RXUV SRVVLEOHV HQ F DV GH
GRPPDJHV
'HV pFDUWV VRXGDLQV GH WHPSpUDWXUH SHXYHQW FDXVHU GH OD FR QGHQVDWLRQ RX G H OD EXpH
SHXW DSSDUDvWUH VXU OD OHQWLOOH IURQWDOH / RUVTXH YRXV SpQpWUH] GDQV XQ ORFDO FKDXIIp HQ
YHQDQWG¶XQ H[WpULHXU IURLG LO HVWUHFRPPD QGpGH SODFHU O¶REMHFWLI GDQV XQpWXL MXVTX¶j FH
TXHVDWHPSpUDWXUHDYRLVLQHFHOOHG XORFDO
)5$1
$,6
)LOHWDJHSRXUILOWUH
%DJXHGHVGLVWDQFHV
(FKHOOHGHVGLVWDQFHV
5HSqUHGHGLVWDQFH
%DJXHGH]RRP
6pOHFWHXUGHPLVHDXSRLQW
%DwRQQHWWH
$WWDFKHSRXUWUpSLHG
&XUVHXUGHYHUURXLOODJHGX] RRP
&XUVHXU26
3DUH6ROHLO
%DJXHG¶DGDSWDWLRQ
:LM VWHOOHQKHW ]HHURS SULMV GDWX HHQ6LJPD REMHFWLHIKHHI WDDQJHVFKDIW 2P PD[LPDDOSURILMW
HQ SOH]LHUYDQ XZ 6LJPDREMHFWLHI WH KHEEHQDGYLVHUHQ ZLMX GH] H JHEUXLNVDDQZLM]LQJ JHKHHO
GRRUWHOH]HQYRRUXKHWREMHFWLHIJ DDWJHEUXLNHQ
%(6&+5,-9,1*9 $1'(21'(5'(/(1ILJ
1,.21$ )& $0(5$ ¶6
'LW REMHFWLHI ZHUNW RS LGHQWLHNH ZLM]H DOV GH REMHFWLHYHQ YDQ KHW * W\SH ]RQG HU
GLDIUDJPDULQJ YRRU 1LNRQ $) $IKDQNHOLM N YDQ KHW JHEUXLNWH FDPHUDW \SH NXQQHQ HU HQNHOH
EHSHUNLQJHQ]LMQ5DDGSOHHJKLHUYRRUGH JHEUXLNVDDQZLM]LQJYDQXZF DPHUD
3(17 $;$)&$0(5$ ¶6
'LW REMHFWLHI ZHUNW RS LGHQWLHNH ZLM]H DOV GH REMHFWLHYHQ YDQ KHW ) $- W\SH ]RQGHU
GLDIUDJPDULQJYRRU 3(17 $; $) $IKDQNHOLMNYDQ KHWJHEUXLNWH FDPHUDW\SHNXQQHQ HU HQNHOH
EHSHUNLQJHQ]LMQ5DDGSOHHJKLHUYRRUGH JHEUXLNVDDQZLM]LQJYDQXZF DPHUD
%(9(67,*,1*23'(&$0(5$%2'<
:DQQHHU XZ 6LJPD REMHFWLHI RS GH FDPHUDERG\ LV EHYHVWLJG ]DO KHW DXWRPDWLVF K QHW ]R
IXQFWLRQHUHQDOV GH RULJLQHOHREMHFWLHYHQ /HHVK LHUYRRUGH JHEUXLNVDDQZLM]LQJYDQ XZ FDPHUD
Ŧ2S GH YDWWLQJ EHYLQ GW ]LFK HHQ DDQWDO HOHFWULVFKH FR QWDFWHQ HQ NRSSHOVWXNNHQ 'H]H
PRHWHQJRHGVFKRRQ ZRUGHQJHKRXGHQWH QHLQGHYDQHHQJRH GFRQWDFWYHU]HNHUG WH]LMQ
3ODDWV ELM KHW YHU ZLVVHOHQ YDQ REMHFWLHYHQ GH]H DOWLMG PHW GH YRRU]LMGH HQ QLHW PHW GH
YDWWLQJRSWDIHO'LWWHUYRRUNRPLQJ YDQEHVFKDGLJLQJ
%(/,&+7,1*6,167(//,1*
:DQQHHU HHQ 6LJPD REMHFWLHI RS XZ FDPHUDERG\ LV EH YHVWLJG IXQFWLRQHHU W GLW JHKHHO
DXWRPDWLVFK/HHVKLHU YRRUGHJHEUXLNVDDQZLM]LQJYDQXZFD PHUD
6&+(5367(//(1(1=220(1
'H]HOHQVKHHIWGHLQ JHERXZGH+\SHU6R QLF0RWRU+60 YDQ6LJPD 'H+60PDDNW VQHO
HQJHOXLGORRVDXWRPDWLVFKVFKHU SVWHOOHQPRJHOLMN
䇶
6LJPD$)HQ&DQRQ$ )
䇷
2PGHDXWRIRFXV IXQ FWLHWH DFWLYHUHQGLHQWXKHWVFKXLIMHRS KHWREMHFWLHIRSGH$)SRVWLWLHWH
]HWWHQ: LOWX KDQGPDWLJ VFKHUSVWHOOHQ]HW GDQ KHWVFK XLIMHRS KHW REMHFWLHIRS GH0 SRVLWLH
9 HUYROJHQVNXQWXV FKHUSVWHOOHQGRRUDDQGHIRFXVULQJWHGUDDL HQ
䇶
1LNRQ$) 3H QWD[ $) HQ6RQ\
䇷
2P GHDXWRIRFXV IXQFWLHWH DFWLYHUHQGLHQW X KHWVFKXLIMH RSKHW REMHFWLHIHQ GHFDPHUD RS$)
SRVLWLHWH]HWWHQILJ :LOWXKDQGPDWLJ VFKHUSVWHOOHQ]HWGDQKHW VFKXLIMHRSKHWREMHFWLHI
RSGH0 SRVLWLH9HUYROJHQVNXQWXVFKHUSVWHOOHQGRRUDDQGHIRFXVULQJ WHGUDDLHQ
5DDGSOHHJDX EGHJHEUXLNVDDQZLM]LQJ YDQXZFDPHUDRPER YHQJHQRHPGHLQVWHOOLQJHQ
RSXZFDPHUDWHZLM]LJHQ
9RRU 1 LNRQ 3HQWD[ HQ 6RQ\ YDWWLQJ LV KHW DOOH HQ PRJHOLMN G H $) WH JHEUXLNHQ PHW GH
FDPHUD ZHONH GH 8OWUDVRQLF 0RWRU NDQ RQGHUVWHXQHQ ]RDOV +60 'H $) ]DO QLHW
IXQFWLRQHUHQLQGLHQGHFDPHUD ERG\GLWQLHWRQGHUVWHXQW
+DQGPDW LJVFKHUSVWHOOHQNDQ ELMELWREMHFWLHIRRNLQGH DXWRIRFXVVWDQG $OVGHFDPHUDRS
³2QH6KRW´ $) $)6 LV LQJHVWHOG NXQW X GH VFKHUSVWHOOLQJ HYHQWXHHO KDQGPDWLJ
FRUULJHUHQQDGDWGHDXWRIRFXVVFKHUSVWHOOLQJ]¶QZHUNKHHIWJHGDDQHQXGHRQWVS DQNQRS
KDOILQJHGUXNWKRXGW
:DQQHHU X GLW REMHFWLHI RS KDQGPDWLJH LQVWHOOLQJ JHEUXLNW UDGHQ ZLM X DDQ GH FRUUHFWH
VFKHUSVWHOOLQJ YLVXHHO LQ GH ]RHNHU YDVW WH VWHOOHQ 'LW YDQZHJH HHQ PRJHOLMNH VFKHUSWH
YHUVFKXLYLQJ DOV JHYROJ YDQ H [WUHPH WHPSHUDW XXUVZLM]LJLQJHQ ZDDUGRRU PH HUGHUH
OHQVFRPSRQHQWHQNX QQHQXLW]HWWHQ ,QKHW ELM]RQGHUELM LQVWHOOLQJ RSRQHLQGLJ GLHQWKLHURS
WHZRUGHQJHOHW
ż=220(1 Ž
9 HUGUDDLGH]RRPULQJQDDUG HJHZHQVWHSRVLWLH
=220%/2..(5,1*
'LWREMHFWLHILVRRNXLWJHYRHUGPHW HHQ]RRPEORNNHUL QJ]RRPORFNVZLWFKRPWHY RRUNRPH Q
GDW GH]RRP YHUVFKXLIW DOVKHW REMHFWL HI ZRUGWJHNDQWHOG 2P GH]RRP L Q GH³/ 2&.´ SRVLWLHWH
SODDWVHQGLHQWXGH ]RRPULQJ LQGH PP VWDQGWH]HWWHQ ILJHFKWHU YRRUGDWXHHQ IRWR
JDDWPDNHQGLHQWXKHWREMH FWLHIYDQGH³/2&. ´QDDUGH³81 /2&. ´SRVLWLHWHVFKDNHOHQ
'(02*(/,-.+('(1 9$ 1 +(726 237,& $/ 67 $%,/,=(56<67((0
'LW262SWLFDO6W DELOL]HUREMHFWLHILV]HHU HIIHFWLHIRPEHZHJLQJVRQVFKHUSWHWHYRRUNRPHQ
0HW GLW REMHFWLHI LV K HW PR JHOLMN RP WRW VWRSV ODQJHUH VOXLWH UWLMGHQ WH ZHUNHQ DOV PHW HHQ
REMHFWLHI]RQGHU26HQWRFKHHQR SWLPDOHVFKHUSWHWHEHKRXG HQ
=HW GH26 VFKDNHODDU RS ILJ 'UXN GH RQWVSDQNQRS KDOI LQ HQ FRQWUROHHU GH RSQDPH
FRPSRVLWLH LQ GH ]RHNHU HQ FRQWUROHHU WHYHQV RI KHW RQGHUZHUS ]RQGHU EHZHJL QJ ZRUGW
ZHHUJHJHYHQ +HW NDQ QD KHW KDOI LQGUXNNHQ YDQ GH RQWVSDQNQRS W RW R QJHYHHU VHFRQGH
GXUHQYRRUGDWKHW26V \VWHHPKHWEHHOGKHHIWJHVWDELOLVHHUG
,QGLHQ GH 26 VFKD NHODDU RS ZRUGW JH]HW ZRUGHQ YRRUDO GH YHUWLFDOH EHZHJLQJHQ
JHFRUULJHHUG'H]HVWDQGLVYRRUDOJHV FKLNWYRRUEHZHJHQGHR QGHUZHUSHQ
'H FRPSHQVDWLH YDQ GH EHZHJLQJVRQV FKHUSWH LV YRRUDO HIIHFWLHI ELM KHW XLW GH KDQG
IRWRJUDIHUHQ +HW 26 V\VWHHP NDQ PLQGH U JRHG IXQFWLRQHUHQ DOV HU ELMYRRUEHHOG XL W HHQ
ULMGHQGH DXWR ZRUGW JHIRWRJU DIHHUG RI ELM ]HHU K HIWLJHE HZHJLQJHQ YDQ GH FDPHUD WLMGHQV
KHWPDNHQYDQGHRSQDPH
8 GLHQWKHW 26V\VWH HPXLWWH VFKDNHOHQ 2IIDOVXGH FDPHUDPHWHHQ VWDWLHIJHEUXLNW RI
LQGLHQXODQJHWLMGRSQDPHQEXOEP DDNW
+HW 26 V\VWHHP PDDNW J HEUXLN YDQ GH EDWWHULMHQ YDQ GH FDPHUD$O V X KHW 26 V\ VWHHP
DFWLYHHUW NDQ KHW GXV PRJHOLMN ]LMQ GDW X GH EDWWHULMHQ YDQ GH FDPHUD VQHOOH U GL HQW WH
YHUYDQJHQDOVELM KHWJHEUXLN YDQHHQ REMHFWLHI]RQGHU 26IXQFWLH,Q GLHQXGH 26IXQFWLH
YRRUODQJHUH WLMGQLHWJHEUXLNW LVKHW DDQWHEHYHOHQ GH26VFKDNHODDURS2))WH ]HWWHQRP
KLHUPHHKHWEDWWHULMJHEUXLNWH YHUODJHQ
+HWLVEHODQJULMNGDWGH26 VFKDNHODDURS2)) VWDDWDOVXKHWREMHFWLHIRSXZFDPHUD]HW
+HW 26 V\VWHHP EOLMIW JHDFWL YHHUG RRN DO V XZ YLQJHU GH RQ WVSDQNQRS ORV ODDW +HW 26
V\VWHHP EOLMIW QHW ]R ODQJ JHDFWL YHHUG DOV GH FDPHUD GH P HHWZDDUGHQ WRRQW
%HODQJULMN 9HUZLMGHU QRRLW KHW REMHFWLHI RI GH E DWWHULMHQ YDQ GH FDP HUD ]RODQJ KHW 26
V\VWHHPLVJHDFWLYHHUG'LWNDQWRW EHVFKDGLJLQJYDQKHWREMHFWLHIOHLG HQ
$OKRHZHOKHWPRJ HOLMNLVGDWGLUHFWQDG HRSQDPHKHWRQGHUZ HUSLQGH]RHNHUOLMNW WHEHZHJHQ
KHHIW GLWJHHQ QHJDWLHYHLQYORHG RSGH VFKHUSWHYDQ GHRSQD PH'LW ]HOIGHHI IHFWNDQ RSWUHGHQ
LQGLHQGH LQJHERXZGH IOLWVHU EHJLQW RSWH ODGHQ PDDURRN GLWKHHIW JHHQLQYORHG RSGH RSQDPH
,QGLHQ GH FDPHUD ZRUGWXL WJH]HW ZDQQHHUKHW 26 V\VWHHP LQ ZHUNLQJLV NDQ KHW REMHFWLHI
HHQUDWHOHQGJHOXLGPDNHQ'LWLVJ HHQGHIHFW
9RRU 6RQ\ HQ 3HQWD[ REMHFWLHI YDWWLQJHQ NDQ GH 26IXQFWL H YDQ KHW REMHFWLHI DOOHHQ
JHEUXLNW ZRUGHQ PHW FDPHU D¶VGL H KHW H[WHUQH PRWRUV\VWHHP RQGHUVWHXQHQ ]RDOV +6 0
:DQQHHU X GH 26IXQFWLH JHEUXLNW VFKDNHO GDQ GH RSWLVFKH VWDELOLVDWLH I XQFWLH YDQ GH
FDPHUD XLW HQ VFKDNHO GH 26IXQFWLH RS KHW R EMHFWLHI QDDU 21 ,QGLHQ X GH R SWLVFKH
VWDELOLVDWLH IXQFWLH YDQ GH FDPHUD J HEUXLNW VFKDNHO GH 26 IXQ FWLH RS KHW REM HFWLHI QDDU
2))HQ]HWGHRSWLVFKHVWDELOLVDWLHIXQFWLH YDQGHFDPHUDDDQ
+HW26 V\VWHHPZHUNW DOOHH Q PHW GHQDYROJHQGH 1LNRQFDPHUD¶V ,QGLHQX GLW REMHFWLHIPHW
HHQDQGHUW\SH1LNRQJHEUXLNWGLHQ WXGH26 VFKDNHODDURS2)) WH]HWWHQ
'6/5&DPHUD¶VHQ)
!YRRUDFWXHO HLQIRUPDWLH EHWUHIIHQGHGH FRPSDWDELOLWHLWYDQKHW 26V\VWHHP PHWGH GLYHUVH
1LNRQFDPHUD¶VNXQWXRRNRQ]HZHEVLWHUDDGSOHJHQ
67 $ 7,( )$ $16/8,7, 1*
'LWREMHFWLHILVXLWJHUXVWPHW HHQDIQHHPEDUHVWDWLHIULQJ:DQQHHUXGHEORNN HHUNQRSRSGH
VWDWLHIULQJ ORVGUDD LW NXQQHQ REMHFWLHI HQ FDPHUD YULM URQGGUDDLHQ ZDDUGRRU GH FDPHUD RS
HHQYRXGLJHZLM]H]RZHOKRUL] RQWDDODOVYHUWLFDDOJHEUXLNWNDQZRUGHQI LJ
'(0217 $*(9 $1'(67 $ 7,()*21'(/
+HWPRJHOLMNG HVWDWLHIJRQGHO WH GHPRQWHUHQ LQGLHQJHZHQVW'UDDL GHNQRS ORV HQ SODDWV
KHWPHUNWHNHQRSGHź5(0 29(SRVLWLHILJ
7 UHNGHNQRSQDDUE XLWHQHQYHUZLMGHUGHVWDWLHIJRQGHOILJ
,QGLHQX GHVWDWLHIJRQGHOZHHUZLOWPRQWHU HQZHUNWXLQRPJHNHHUGHYROJRUG H
=RUJHUYRRUGDW WLMGH QVQRUPDDO JHEUXLNYDQKHWREMHFWLHIPHW VWDWLHIJRQGHOKHWPHUNWHNHQ
QRRLW WHJHQRYHU ³ź5(029( ´ VWDDW DDQJ H]LHQ DQGHUV KHW REM HFWLHI ]RX NXQQHQ ORVUDNHQ
YDQ GH VWDWLHIJRQGHO HQ NXQQHQ YDOOHQ 'HQN HU RRN DDQ R P QD GHP R Q W D J H Y D Q G H
VWDWLHIJRQGHOGHNQRSZHHUYDVWWHGUDDLH QRPRQJHZHQVWHURWDWLHWHYRRUNRPHQ
,QGLHQ KHW R EMHFWLHI RS GH FDPHUD LV JHPRQWHHUG LV KHW QLHW PRJHOLMN GH VWDWLHIJRQGHO W H
GHPRQWHUHQ
'5$$*5,(0
%HYHVWLJGHGUDDJULHPDDQGHOXV] RDOVDIJHEHHOGLQILJ
0,1,080,167(/$)67 $1'
'H PLQLPXPLQVWHODIVWDQG YDQGLW REMHFWLHIYHUDQGHUW PHHPHW GHGH JHNR]HQ]RRPLQVWHOOLQJ
ILJĬ 7 RRQWGHPLQLPDOHLQVWHODIVWDQGELMHONHEUDQ GSXQWVDIVWDQG
ILJĭ 7 RRQWGHPD[LPDOHYHUJURWLQJVI DFWRUELMHONHEUDQGSXQWVDIVWDQG
)/,76231 $0(1
%LM JHEUXLN YDQ GH LQJHERX ZGH IOLWVHU YDQ GH FDPHUD ]DO KHW REMHFWLHI HHQ VFKDGX Z
YHURRU]DNHQ +HW JHEUXLN YDQ GH LQJHERXZGH IOLWVHU ZRUGW GD DURP DIJHUDGHQ (HQ H[WHUQH
IOLWVHU]DOYHHOEHWHUHUHVXOWDWHQRSOHYHUHQ
7(/(&219(57(56
'LW REMHFWLH I NDQ ZRUGHQ JHEUXLNW PHW GH 6LJPD [ (; ' * RI [ (; '* $SR 7 HOH
&RQYHUWHUV RSWLRQHHO ZDDUPHH KHW EHUHLN UHVSHFWLHYHOLMN PP ) HQ
PP)ZRUGW %HLGHFRQYHUWHUV]LMQDOOHHQ PHWKDQGPDWLJHVFKHUSVWHOOLQJ0)
WHJHEUXLNHQ
Ŧ*HEUXLNJHHQ DQGHUHFRQYHUWHUVDOVER YHQYHUPHOG
Ŧ'HWHOHFRQ YHUWHUYRRU3HQWD[YDWWLQJLVQLHWWHFR PELQHUHQPHWGH]HOHQV
Ŧ: LM DGYLVHUHQ GH '* YHUVLH WH JHEUXLNHQ LQGLHQ GH FRQYHUWHUV ZRUGHQ JHEUXLNW RS HHQ
'LJLWDOH5HIOH[FDPHUD
Ŧ+HW LV PRJHOLMN GH DXWRIRFXV IXQFWLH LQ /LYH 9LHZ WH JHE UXLNHQ LQGLHQ GH FDPHUD LQ GH
³FRQWUDVWGHWHFW´$)IXQFWLHLVLQJHVWHOG
=211(.$3
%LM GLWREMHFWLHI ZRUGW HHQORVVH ]R QQHNDSPHW EDMRQHWDDQVOXLWLQ J PHHJHOHYHUG'H ]RQQHNDS
GUDDJWELM WRWKHWYRRUNRPHQY DQOLFKWYOHNNHQHQQHYHQEHHOGHQGLH ZRUGHQYHURRU]DDNWGRRU
VWHUNWHJHQOLFKW GDW YDQDFKWHU KHW RQGHUZHUS GLUHFWLQ KHW REMHFWLHI YDOW /HW HURSG DWELM KHW
PRQWHUHQYDQGH]RQQHNDSGH]HYROOHGLJLQGHJHEORNNHHUGHSRVLWLHZRUGWJHGUDDLGILJ
Ŧ2P REMHFWLHI HQ ]RQQHNDS RS WH NXQQHQ EHUJHQ LQ GH NRIIHU PRHW X HHUVW GH ]RQQHNDS
DIQHPHQHQGH]HRPJHNHHUG RSKHWREMHFWLHISODDWVHQILJ
),/ 7(56
Ŧ*HEUXLN VOHFKWV ILOW HU WHJ HOLMN 7ZHH RI PHHU ILOWH UV HQRI H [WUD GLNNH ILOWHUV]RDOV HHQ
SRODULVDWLHILOWHUNDQYLJQHWWHULQJ YHURRU]DNHQ
Ŧ*HEUXLNXLW VOXLWHQGHHQ ³FLUFXODLU´ SRODULVDWLHILOWHU LQFRPELQDWLHPHW HHQDXWRIRFXVFDPHUD
:DQQHHU HHQ ³OLQHDLU´ SRODULVDWLHILOWHU RS $) FDPHUD¶V ZRUGW JHEUXLNW ]DO GH DXWR IRFXV
VFKHUSVWHOOLQJHQGHDXWRPDWLVFKHEHOLFKWL QJVUHJHOLQJQLHWFRUUHFWIXQFWLRQHUH Q
$' $37 (5 5, 1* P Pĺ PP
'RRU JHEUXLN WH PDNHQ YDQ GH ELMJHOHYHUGH DGDSWHUU LQJ EHVWDDW GH PRJHOLM NKHLG RP RS GH
YRRU]LMGHYDQKHWREMHFWLHIHHQP PILOWHUWHSODDWVHQ
Ŧ'H]H DGDSWHUULQJ NDQ DOOHHQ JHEUXLNW ZRUGHQ LQ FR PELQDWLH PHW HHQ $36& I RUPDDW
VHQVRU 9LJQHWWHULQJ NDQ YRRUNRPHQ LQGLHQ GH DGDSWHUULQJ ZRUGW JHEU XLNW LQ FRPELQDWLH
PHWHHQFDPHUDPHWHHQVHQVRU YDQHHQJURWHUIRUPDDW GDQ $36&
Ŧ%HYHVWLJ JHHQ SRODULVDWLH ILOWHU RS GH DG DSWHUULQJ ,QGLHQ X HHQ SRODULV DWLH ILOWHU EHYH VWLJW
NDQKHWYRRUNRPHQGDWKHWQL HWPHHUPRJHOLMNLVGH]HQDGHUKD QGZHHUWHYHUZLMGHUHQ
Ŧ,QGLHQ GH DGDSWHUULQJ QLHW YHUZLMGHUG NDQ Z RUGHQ YDQ KHW REMHFWLHI SODD WV GDQ XZ
KDQGSDOPRSGHDGDSWHUULQJHQGUDDLWHJHQGHULF KWLQJYDQGHNORNLQ
Ŧ,QGLHQ GH DGDSWHUULQJ RS KHW REMHFWLHI LV EHYHVWLJG NDQ HU QLHW PHHU JHEUXLN JHPDDNW
ZRUGHQYDQGHELMJHOHYHUGHOHQVGR S,QGDWJHYDONXQWXHHQ PPOHQVGRSELMEHVWHOOHQ
21'(5+28'(1236/ $*
Ŧ9HUPLMG YDOOHQ RI VWRWHQ HQ VWHO KHW RE MHFWLHI QLHW EORRW DDQ H [WUHHP KRJH RI ODJH
WHPSHUDWXUHQRIKRJHYRFKWLJKHLG
Ŧ,QGLHQKHWREMHFWLHI YRRUODQJHUHWLMG ZRUGWRSJHERUJHQ NLHVGDQY RRUHHQNRHOH GURJHHQ
ELM YRRUNHXU JRHG JHYHQWLOHHUGH SODDWV +RXG KHW REMHFWLHI RP EHVFKDGLJLQJ YDQ GH
OHQVFRDWLQJWHYRRUNRPHQZHJ YDQPRWWHQEDOOHQRIQDIWDOLQHJDV
Ŧ*HEUXLN JHHQ WKLQQH U EHQ]LQH RI DQGHUH RUJDQLVFKH VFKRRQPDDNPLG GHOHQ RP YXLO RI
YLQJHUDIGUXNNHQ YDQ GH OHQVHOHPHQWHQ WH YHUZLMGHUHQ *HEUXLN GDDUYRRU HHQ VS HFLDDO
OHQVGRHNMHRIOHQVWLVVXHV
Ŧ'LWREMHFWLHILVQLHWZDWHUEHVWHQGLJ =RUJHUELMUHJHQRI LQGHEXXUWYDQZDWHUY RRUGDWKHW
QLHWQDW ZRUGW /H QVHOHPHQWHQ LQWHUQH PHFKDQLVFKH GHOHQ HQHOHF WULVFKHFRP SRQHQWHQ
GLH GRRU ZDWHU ]LMQ DDQJHWDVW ]LMQ LQ GH PHHVWH JHYDOOHQ QLHW WHJHQ UHGHOLMNH NRVW HQ WH
KHUVWHOOHQ
Ŧ3ORWVHOLQJH WHPSHUDWXXU YHUDQGHULQJ NDQ FRQGHQVDWLH YHURRU]DNHQ RSKHW RSSHUYODN YDQ
GH OHQV %LM KHW EHWUHGHQ YDQ HHQ ZDUPH NDPHU YDQXLW GH NRXGH EXLWHQOXFKW L V KHW
UDDG]DDP KHW REMHFWLHI LQ GH WDV WH KRXGHQ WRWGDW GH WHPSHUDWXXU YDQ KHW REMHFWLHI
RQJHYHHUJHOLMNLVDDQGLHYDQGHN DPHUWHPSHUDWXXU
1('(5/$1'6
)LOWHUVFKURHIGUDDG
6FKHUSVWHOULQJ
$IVWDQGVFKDDO
,QGH[WHNHQ
=RRPULQJ
6FKHUSVWHONHX]HVFKDNHODDU
9 DWWLQJ
6W DWLHIDDQVOXLWLQJ
=RRPEORNNHULQJ
266FKDNHODDU
=RQQHNDS
$GDSWHUULQJ
/H DJUD GHFHPRV OD FRPSUD GH HVWH REMHWLYR 6LJPD 3DUD FRQVHJXLU ORV PHMRUHV
UHVXOWDGRVGHVXREMHWLYROHDDWHQWDPHQW HHVWHPDQXDOGHLQVWUXFFLRQHVDQWHVGH XWLOL]DUOR
'(6&5,3&,Ï1'(/26&20321(17(6IL J
&È0$5$67,32$)'(1,.21
eVWHRE MHWLYR IXQFLRQD LJXDO TXH ODV OHQWHV GH WLSR * VLQ $SHUWXUD REMHWLYR DXWR IRFXV GH
1LNRQ 'HSHQGLHQGR GH OD FRPELQDFLyQ FRQ OD FiPDUD SXHGH Q DSDUHFHU DOJXQDV
UHVWULFFLRQHV 3DU D PiV GHWDOOHV SXHGH FRQVXOWDU HO PDQXDO GH LQVWUXFFLRQHV GH OD FiPDUD
HQFXHVWLyQ
&È0$5$67,32$)'(3(17 $;
eVWH REMHWL YR IXQFL RQD LJXDO TXH ODV OHQWHV GH WLSR )$-VL Q $ SHUWXUD REMHWLYR DX WR IRFXV
GH 3(17$; ' HSHQGLHQGR GH OD FRPELQDFLyQ F RQ OD FiPDUD SXHGHQ DSDUHFHU DOJXQDV
UHVWULFFLRQHV 3DU D PiV GHWDOOHV SXHGH FRQVXOWDU HO PDQXDO GH LQVWUXFFLRQHV GH OD FiPDUD
HQFXHVWLyQ
&21(;,21$/ &8(532 '(&$0(5$
&XDQGR HO REMHWL YR VH FRQHFWD D OD Fi PDUD IXQFLRQD GHO PLVPR PRG R TXH ORV REMHWLYRV
RULJLQDOHV &RQVXOWHHOPDQXDOGHLQVWUXFFLRQHV GHVXFiPDUD
Ŧ(Q OD VXSHUILFLH G H OD PRQWXUD H[LVWHQ XQD VHULH GH FRQWDFWRV HOpFWULFRV \ DFRSODGRUHV
0DQWpQJDORV OLPSLRV SDUD DVHJXUDU XQD FRUUHFWD FRQH[LyQ 3DUDSU HYHQLU GDxRV HQ H O
REMHWLYRWHQJDHVSHFLDOFXLGD GRDODSR\DUORFXDQGRFDP ELHGHySWLFD
02'2$ -867( '((;326,&,21
/RV REMHWLYRV 6LJPD IXQFLRQDQ DXWR PiWLFDPHQWH DO FRQHFWDUORV D VX FiPDUD 3RU IDYRU
FRQVXOWHHOPDQXDOGHVXFiPDUD
,17(5583725'(%/248(2'(/=220
(VWH REMHWLYR GLVHxDGR SRU 6LJPD LQFRUSRUD XQ PRWRU +LSHUVyQLFR +6 0 eVWH
SURSRUFLRQDXQHQIRTXHUiSLGR \VLOHQFLRVR
䇶
6,*0$ $)\&$121$)
䇷
3DUD XWLOL]DU HO DXWRI RFR SRQJD HO VHOHF WRU HQ OD SRVLFLyQ ³$) ´ ILJ6L TXLHUH HQIRFDU
PDQXDOPHQWH SRQJD HO VHOHFWRU HQ OD SRVLFLyQ ³0 ´ $MXV WH HO IRFR P RYLHQGR HO DUR GH
HQIRTXH
䇶
1,.21$) 3( 17 $;$)\621<
䇷
3DUD XWLOL]DU HO DXWRIRFR SRQJD OD FiPDUD HQ HO PRGR $) \ S RQJD HO VHOHFWRU GH OD ySWLFD
HQ OD SRVLFLyQ ³$) ´ ILJ 6L TXLHUH HQIRFDU PDQXDO PHQWH SRQJD HO VHOHFWRU HQ OD SRVLFLyQ
³0 ´ $MXVWHHOIRFRP RYLHQGRHODURGHHQIRTXH
3DUD FDPELDUHOPRG RGHHQIRTXHGH ODFiPDUDPtU HORHQHOPDQXDO GHLQVWUXFFLRQHV GH
ODFiPDUD
(Q ODV PRQWXUDV 1LNRQ 3HQWD[ \ 6RQ\ VROR IXQFLRQDUi HO $) FRQFXHUSRV TXH VRSRUWHQ ORV
PRWRUHVXOWUDVyQLFRV FRPRORV+60RVLPLODUHV(QFDVRFRQW UDULRHO $)HVWDUiGHVDF WLYDGR
(VWH REMHWLYR WDPELpQ SHUPLWH HO HQIRTXH PDQXDO DXQTXH HVWp HQ PRGR D XWRPiWLFR
&RQODF iPDUDSUHSDUDGD SDUD0RGR 'LVSDUR$)S XHGHDMXVWDU HOHQIRTXH PDQXDOPHQWH
GHVSXpVTXH HO REMHWLYR KD\DH QIRFDGRDXWRPiWLF DPHQWH \VH SDUHPLHQWU DVPDQWHQJ D
HOERWyQGLVSDUDGRUVXDYHPHQWHSUHVLRQD GR
&XDQGR XWLOLFH HVWRV REMHWLYRVHQ PRGRG HHQIRTXH PDQXDOHV UHFRPHQGDEOH FRPSUREDU
YLVXDOPHQWHSRU HO YLVRU FXDOTXLHUFDPELR GH HQIRTXH( VWRHV GHELGR DTXH ORVFD PELRV
GH WHPSHUDWXUD FDXVDQ TXH GLVWLQWRV HOHPHQWRV LQWHUQRV VH H[SDQGDQ R FRQW UDLJDQ GH
PRGR TXH QR FRLQFLGD FRQ OD HV FDOD GH GLVWDQFLDV FRQ OD PHGLFLyQ HIHFWL YD (VWH HIHFWR
SXHGHVHUPiVRVWHQVLEOHHQ DMXVWHLQILQLWR
ż23(5$&,21=220 Ž
*LUHHODURGHO=RRPKDVWDODSRVLFLyQGHV HDGD
,17(5583725'(%/248(2'(/=220
(VWH REMHWLYR HVWi HTXLSDGR FRQ XQ LQWHUUXSWRU GH EORTXH R GHO ]RRP TXH HOLPLQD HO
GHVSOD]DPLHQWR GHO ]RRP FXDQG R HO REMHWLYR PLUD KDFLD DEDMR &RORTXH HO DUR GH ]R RP
HQOD SRVLFLyQGHPP \ DMXVWH HOEORTX HRGHO ]RRP DOD SRVLFLyQ ³/2&.´ILJ $QWHV
GHHIHFWXDUODWRPDGHVOLFHHOL QWHUUXSWRUDODSRVLFLyQ³81/2&. ´
$&(5&$ '(/26(/ (67 $%,/,=$ '25Ï37,&2& $5$&7(5Ë67,&$6
eVWD OHQWH 26 FRQ HVWDELOL]DGRU ySWLFR FRPSHQVD HO GHVHQIRTX H SURYRFDGR SRU HO
PRYLPLHQWR R WHPEOR U &RQ GLFKD OHQWH VH SXHGHQ WRPDU IRWRJUDItDV D XQD YHORFLGDG GHO
REWXUDGRU YHFHV PiV OHQ WD GH O R KDELWXDO VL QR VH XV DUi HO HVWDELOL]DGRU 26 \ DXQ DVt
FRQVHJXLUUHVXOWDGRVQtWLGRV
)LMDU 26Ტ(VWDELOL]DGRUÏSWLFRFDPELDUD PRGR )LJ 3UHVLRQDUHOGLVSDUDGRUDPHGLR
FDPLQRFRQILUPDUTXHODLPDJHQHQ HOYLVRUDSDUHFHHVWDEOH\HQWRQFHVWRPDUODIRW RJUDItD
7 DUGDDSUR[LP DGDPHQWH VHJXQGR HQSURGXFLU XQDLPDJHQ HVWDEOH WUDVKDEHU SUHVLRQDGR
HO GLV SDUDGRU (O PRGR GHWHFWD HO WHPEORU YHUWLFDO GH OD FiPDUD \ VRO XFLRQD H O
FRQVLJXLHQWHGHVHQIRTXH(VHIHFWL YRHQREMHWRVHQPRYLPLHQW R
Ŧ(O FRPSHQVDGRU GHO GHVHQIRTXH GHO HV WDELOL]DGRU ySWLFR HV HIHFWL YR HQ WRPDV D PDQR
DO]DGD+D\VLWXDFLRQHVHQODVTX HHO(VWDELOL]DGRUÏSWLFRQRHVHILFLHQWH
ƒ'LVSDURVUHDOL]DGRVGHVGHXQYHKtFXOR HQPRYLPLHQWR
ƒ6LHOWHPEORUHVFRQVLGHUDEOH
Ŧ1RGHEHXVDUVHHO(VWDELOL]DGRUGH,PDJ HQHQODVVLJXLHQWHVVLWXDFLRQHV
ƒ&XDQGRHOREMHWLYRFiPDUDH VWpPRQWDGRVREUHXQWUtSRGH
ƒ0RGRGHH[SRVLFLyQ%±%X OEWLHPSRGHH[SRVLFLyQOD UJR
Ŧ/D DOLPHQWDFLyQ GHO HVWDELOL]DGRU ySWLFR SURYLHQH GH OD FiPDUD 6L HO HVWDELOL]DGRU ySWLFR
HVWi DFWLYDGR OD FDSDFLGDG GH GLV SDURVH Ui PHQRU GH OR KDELWXDO 6L QR VH GHVHD XVDU HO
(VWDELOL]DGRU ÏSWLFR SDUD H YLWDU HO H[FHVLYR FRQVXPR GH EDWHUtDV GHEH SRQHU VH HQ
2))
Ŧ'HEH DVHJXUDUVH GH DSDJDU 2)) HO (VWDELOL]DGRU ÏSWLFR 26 SDUD PRQWD U \ GHVPRQWD U
HOREMHWLYR
Ŧ(O (VWDELOL]DGRU ÏSWL FR IXQFLRQD D SHVDU GH HOHYDU HO GHGR GHO GLVSDUDGRU GXUDQWH HO
WLHPSRLQGLF DGRSRU HO REWXUDGR U 1XQFD VHGHEH GHVPRQ WDUHO REMHWLYR R ODVEDW HUtDV GH
OD FiPDUD PLHQWUDV HO (VWDELOL]DGRU HVWp HQ XVR \D TX H SRG UtD FDXVDU GHIHFW RV HQ HO
REMHWLYR
Ŧ$ SHVDU GH TXH HQ HO YLVRU OD LPDJHQ DSDUH]FD OLJHUDPHQWH ERUURVD LQPHGLD WDPHQWH
GHVSXpVGH ODWRPD \TXH VHLQLFLH HOFLFOR GHFDUJD GHOIODVK HVWRQR SURYRFDUi GHIHFWRV
HQODIRWRJUDItD
Ŧ6L VH DSDJD OD FiPDUD R VH GHVPRQWD HO REMHWLYR FRQ OD IXQFLyQ GH (VWDELOL]DGRU ySWLFR
RSHUDWLYR HO REMHWLYR SXHGH HPLWLU XQ UXLGR H [WUDxR TXH QR HV VtQWRPD GH X Q PDO
IXQFLRQDPLHQWR
Ŧ3DUD PRQWXUDV 6RQ\ \ 3HQWD[ VyOR SXHGHQ XVD U OD IXQFLyQ GH HVWDELOL]DGRU LQFRU SRUDGD
HQ HVWH REMHWLYR ORV FXHUSRV GH FiPDUD V TXH VRSRUWDQ PRWRUHV LPSXOVDGRV SRU RQGDV
XOWUDVyQLFDV FRPR ORV +60 &XDQGR XWLOLFH OD IXQFLyQ 26 SRU IDYRU DSDJXH OD IXQFLyQ
GHO HVWDELOL]DGRU ySWLFR GHO FXHUSR GH OD FiPDUD \ ILMH HO LQWHUUXSWRU26 GHO REMHWLYR HQ
21 &XDQGR XWLOLFH OD IXQFLyQ G HO HVWDELOL]DGRU ySWLFR GH OD FiPDUD SRU IDYRUFDPELH HO
LQWHUUXSWRU 26 G HO REMHWL YR D OD SRVLFLyQ 2)) \ HQFLHQGD OD IXQFLyQ GHO HVWDELOL]DGRU
ySWLFRGHODFiPDUD
Ŧ(O (VWDELOL]DGRU ÏSWLFR SXHGH IXQFLRQDU FRQ ODV &iPDUDV $) GH 1LNRQ GH O D VLJXLHQWH
OLVWD $O XVDU H VWH REMHWLYR F RQ RWURV P RGHORV TXH QR HVWpQ OLVWDGRV DEDMR GHEH SRQHU HO
(VWDELOL]DGRUÏSWLFRHQPRGR2))SDUDFDQFHODUO DIXQFLyQHVWDELOL]DGRUD
&RQFiPDUDVGLJLWDOHVUpIOH[ )
è3XHGH FRQILUPDU ORV ~OWLPRV PRGHORV FRPSDWLEOHVFR Q HO (VWDELOL]DGRU ÏSWLFR HQ QXHVWUD
SiJLQDZHE
$52< =$3 $ 7 $ '(75Ë32'(
(VWHREMHWLYR HVWi HTXLSDGRFRQ XQD]DSDWDSDUD WUtSRGH&XD QGRDIORMH HOFLHUUH GHODUR HO
REMHWLYR\ODFiPDUDJLUDUiQOLEUHPHQWHSDUDIDFLOLWDUOHHOHQFXDGUHYHUWLFDOXKRUL]RQWDOILJ
&Ï02'(60217 $5(/ $52'(/75Ë32'(
([LVWH OD SRVLELOLGDG GH VDFDU HO DUR G HO W UtSRGH SDUD XWLOL]DU HO REMHWLYR HQ IRWRJUDItD D
PDQRVLQ pO 3DUD HIHFWXDUOR SULPHUR GH VHQURVTXH HOERW yQG HEORTXH R \DOLQHH OD VHxDO
GHODURFRQODSRVLFLyQź5(029(IL J
'HVSXpVWLUHGHODUR KDFLDDWUiVWDOFRPRVHLQGLFDHQO DILJ\ViTXHOR
Ŧ&XDQGRGHVHHYROYHUDFRORFDUORVL JDORVSDVRVGHVFULWRVHQIRUPDLQYHUVD
Ŧ3RUID YRU QR FRORTXH HO DURH QOD SRVLFLy Qź5(029( H[FHS WRFXDQG RTXLH UDVDF DUOR R
SRQHUOR HQ FDVR FRQWUDULR HO DUR SRGUtD GHVSOD]DUVH GH VX SRVLFLyQ LQDGYHUWLGDPHQWH
5HFXHUGHEORTXHDUHODURFRQ HOERWyQGHEORTXHRSDUDHYLWDUTXHJLUH
Ŧ&XDQGRHOREMHWLYRHVWiPRQWDGRHQO DFiPDUDQRVHTXHGHVD FDUHODUR
&255($
&RORTXHODFRUUHDSRUORVSDVDGRUHVWDOFRPRVHPXHVWU DHQODILJXUD
',67 $1&,$ 0,1,0$ '((1)248(
/DGLVWDQFLDPtQLPDGHHQIRTXHGHHVWH REMHWLYRFDPELDVHJ~QODSRVLFL yQGHO]RRP
ILJĬ 0XHVWUDOD'LVWDQFLD0tQLPDGH(QIRTXHVH J~QODIRFDO
ILJĭ 0XHVWUDOD $PSOLDFLyQ 0i[LPDVHJ~QODIRFDO
)272*5$)t$ & 21)/$6+
1R XWLOLFH HO IODVK LQWHJUDGR GH OD FiPD UD FRQ HVWH REMHWL YR \D TXH OH SURGXFLUi VRPEUDV
VRORXWLOLFHIODVKH[WHUQR
7(/(&219(57,'25(6
(OREMHWLYRSX HGHXWLOL]DUVH FRQORV FRQYHUWLGRUHV6LJ PD[( ;R [(;$SR 2SFLRQDO
FRQYLUWLpQGRVH HQ XQ 7 HOHREMHWLYR PP ) R H Q XQ 7 HOHREMHWLYR PP
)6yORSDUDXWLOL]DUHQHQIRTXHPDQ XDO
Ŧ1RXWLOLFHQLQJ~QRWURWHOHFRQYHUWLGRU DSDUWHGHORVQRPEUDGRVDQWHULRUPHQWH
Ŧ(O7HOHFRQYHUWLGRUFRQED\RQ HWD3HQWD[QRHVFRPSDWLEO HFRQHVWHREMHWLYR
Ŧ6H UHFRPLHQGD XWLOL]DU OD YHUVLRQ '* GH ORV $SR 7 HOHFR QYHUWLGRUHV FXDQGR VH XVD Q
FDPDUDV'6/5
Ŧ3XHGH XWLOL]DU HO HQIRTXH DXWRPiWLFR FRQ 9LVLyQ 'LUHFWD /LYH 9LHZVL OD FDPHU DH VWiH Q
PRGR $)³'HWHFFLyQSRUFRQWU DVWH´
3$ 5 $ 6 2 /
6H LQFRUSRUD FRQ HO REMHWL YR XQ SDUDVRO H[WUDtEOH GH WLSR ED \RQHWD (VWH SDUDVRO D\XGD D
SUHYHQLU ORV GHVWHOORV \ UHIOHMRV SURGXFLGRV SRU OD LOXPLQDFLyQ DPELHQWDO $O FRQHFWDUOR
FRPSUXHEHTXHTXHGHFRPSOHWDPHQWHV XMHWRILJ
Ŧ3DUD JXDUGDU HO REMHWLYR \ HO SDUDVRO H Q VX FDMD SULP HUR WLHQH TXH VDFDU HO SDUDVRO \
GHVSXpVLQYHUWLUORHQHOREMHWLYRILJ
),/ 7526
Ŧ6RODPHQWH GHEH XWLOL]DUVH XQ ILOWUR FDGD YH] 8WLOL] DU GRV R PiV ILOWURV D OD YH]
HVSHFLDOPHQWHORVGHHIHFWRVFRPR HOSRODUL]DGRU SXHGHQFD XVDUYLxHWHRV
Ŧ&XDQGR XWLOLFH XQ ILOWUR SRODUL]DGRU HQ XQD FiPDUD $) REVHUYH TXH VHD G H WLSR FLUFXODU
6L XWLOL]D XQ ILOWU R SRODUL]DGRU GH WLSR OLQHDO HO HQIRTXH DXWRPiWLFR \ OD H[SRV LFLyQ
DXWRPiWLFDSXHGHQIXQFLRQDU LQFRUUHFWDPHQWH
$1,//2$ ' $37 $'25PPĺ PP
6H VXPLQLVWUD XQ DQL OOR DGDSWDGRU FR Q HVWH REMHWLYR 3XHGH XWLOL]DU XQ ILOWUR GH PP FRQ
HVWH REMHWL YR XWLOL]DQ GR HVWH DQLOOR DGDSWDGRU 3RU ID YRU FRO RTXH HO DQLOOR DGDSWDGRU HQ OD
SDUWHIURQWDOGHOREMHWLYR
Ŧ6yOR SRGUi XVDU HVWH DQLOOR DGDSWDGRU DO XVDU HO REMHWL YR FRQ FiPDUDV F RQ WDPDxR GH
VHQVRU $36& 6 H SURGXFLUi YLxHWHR DO XVDU HVWH DQLOOR DGDS WDGRU FRQ FiPDUDV GLJL WDOHV
FX\RVHQVRUVHDVXSHULRUDOWDPDxR$36&
Ŧ3RU IDYRU QR XVH X Q ILOWUR SRO DUL]DGRU FRQ HVWH DQLOOR DGDSWDGRU \D TXH VL OR KDFH HV
SRVLEOHTXHQRSXHGDTXLWDUORGHQXH YR
Ŧ6L QR SXHGH TXLWDU HO DQLOOR DGDSWDGRU GHO REMHWLYR SRQJD OD SDOPD GH V X PDQR VREUH HO
DQLOOR\JLUHHQVHQWLGRDQWLKRUDULR
Ŧ&RQ HO DQLOOR DGDSWDGRUQR SR GUi XWLOL]DU OD WDSD VXPLQLVWUDGD $GTX LHUD XQD WDSD IURQWDO
GHPP
&8,'$'26%$6,&26< $/0$&(1$-(
Ŧ(YLWHORVJROSHVRODH[SRVLFLyQDW HPSHUDWXUDVH[WUHPDVDOWDVREDMD V\RKXPHGDG
Ŧ(Q FDVR GH DOPDFHQDMH SRU XQ WLHPSR SURORQJDGR H OLMD XQ OXJDU IUHVFR \ VHFR
SUHIHULEOHPHQWH FRQ EXHQD YHQWLODFLyQ 3DUD HYLWDU GDxRV HQ HO WUDWDPLHQWR GH ORV
REMHWLYRVDOpMHORVGHODVERODVRJD VGHQDIWDOLQD
Ŧ1R XWLOLFH GLOX\HQWH JDVROLQD X RWURV OLP SLDGRUHV RUJiQLFRV SDUD OLPSLDU OD VXFLHGDG GH
ORVREMHWLYRV 3DUDOLPSLDUORVXWLOLFHXQSDxRGHWHODVX DYHROLPSLDREMHWLYRV
Ŧ(VWRV REMHWLYRV QR VRQ LPSHUPHDEOHV &XDQGR ORV XWLOLFH HQ OD OOXYLD R FHUFD GHO DJXD
DVHJ~UHVH GH PDQW HQHUOR VHFR (V SUiFWLFDPHQ WH LPSRVL EOH UHSDUDU ORV PHFDQLVPRV
LQWHUQRVHOHPHQWRVGHFULVWDO\FRPSRQH QWHVHOpFWULFRVGDxDGRVSRUHODJX D
Ŧ6L KD\ FDPELRV V~ ELWRV GH WHP SHUDWXUD SXHGH KDEHU FRQGHQVDFLyQ R YHOR HQ OD
VXSHUILFLHGHO REMHWLYR &XDQGRHQWUH HQXQD KDELWDFLyQFiOLGD YLQLHQGRG HXQOXJ DUIUtR
HV UHFRPHQGDEOH PDQWHQHU HO REMHWLYR HQ VX FDM D KDVWD TXH VX WHPSHUDWXUD VH DVHPHMH
DODGHODKDELWDFLyQ
(63 $f2/
5RVFDSDUDILOWURV
$URGHHQIRTXH
(VFDODGHGLVWDQFLDV
/tQHDGHtQGLFH
$URGHO=RRP
6HOHFWRUGHHQIRTXH
0RQWXUD
=DSDWDSDUDWUtSRGH
,QWHUUXSWRUGHEORTXH RGHO]RRP
26%RWyQ
3DUDVRO
$QLOORDGD
WDGR
9LULQJUD]LDPR GHOOD SUHIHUHQ]D DFFRUGDWDFL FRQO¶DFTXL VWRGHOYRVWUR QXRYRRE LHWWLYR6LJPD
9L UDFFRPDQGLDPR GL OHJJHUH DWWHQWDPHQWH OH SUHVHQWL LVWUX]LRQL SULP D GL FRPLQFLDUH D
XVDUOR&RQRVFHQGRORPHJOLR YLVDUjIDFLOHRWWHQHUQHOHPLJOL RULSUHVWD]LRQLHVRGGLV ID]LRQL
(/(0(17,35,1&,3 $/,ILJ
3RUWDILOWULIURQWDOHDYLWH
*KLHUDGLYDULD]LRQHGHOODIRFDOH]RRP
&RPDQGRGL/ 2&.VXOOR]RRP
*KLHUDGLPHVVDDIXRFR
6HOHWWRUHGLPHVVD DIXRFR ,QWHUUXWWRUH26
6FDODGHOOHGLVWDQ]H ,QQHVWR 3DUDOXFH
,QGLFHGLFROOLPD]LRQH
3DVVRDYLWHSHUWUHS SLHGH
$QHOOR$GDWWDWRUH
)272&$0(5(1,.21$ )
,O IXQ]LRQDPHQWR GL TXHVWR REL HWWLYR q XJXDO H DO IXQ]LRQ DPHQWR GHJOL RELHWWL YL 1LNRQ
DXWRIRFXV WLSR * VHQ]D JKLHUD GHL GLDIUDPPL 6HFRQGR OD IRWRFDPHUD VXOOD TXDOH YLHQH
PRQWDWR DOFXQH IXQ ]LRQL SRWUHEEHUR QR Q HVVHUH DWWLYH 3HU PDJJLRUL GHWWDJOL ELVRJQD
OHJJHUHLOPDQXDOHG¶XVRGHOO DIRWRFDPHUD
)272&$0(5(3(17 $; $)
,O IXQ]LRQDPHQWR GL TXHVWR RELHWWL YR q XJXDOH DO IXQ]LRQDPHQWR GHJOL RELHWWLYL 3(17$;
DXWRIRFXV WLSR )$- VHQ]D JKLHUD GHL GLDIUDPPL 6H FRQGR OD IRWRFDPHUD VXOOD TXDO H YLHQH
PRQWDWR DOFXQH IXQ ]LRQL SRWUHEEHUR QR Q HVVHUH DWWLYH 3HU PDJJLRUL GHWWDJOL ELVRJQD
OHJJHUHLOPDQXDOHG¶XVRGHOO DIRWRFDPHUD
$33/,&$=,21(68/&25320$&&+,1$
8QD YROWD FKH DYUHWH LQVHULWR OR ]RRP QHOO¶LQQHVWR GHOOD IRWRFDPHUD IXQ]LRQHUj
DXWRPDWLFDPHQWHDOO RVWHVVRPR GRGL XQTXDOVLDVL DOWURRELHWWL YRYLVWUX]LR QLSHUO¶ XVRGHOOD
IRWRFDPHUD
/D VXSHUILFLH GHOO¶LQQHVWR SUHVHQWDX QFHUWR QXPHURGL FRQWDWWL HOHWWULFLH DOWUL HOHPHQWLSH U
LO WUDVIHULPHQWR GL GDWL H LQIRUPD]LRQL 9L UDFFRPD QGLDPR GL FXUDUQH OD SXOL]LD , FRQWDWWL
VRQR PROWR GHOLFDWL 'XUDQWH OH RS HUD]LRQL GL FDPELR GL RWWLFD DSSR JJLDWH O¶RELHWWLYR VX
XQDVXSHUILFLHSLDQD EDGDQGRDULYROJHUQH LQJLODSDUWHGHOODOHQWHIURQWDOHSHUH YLWDUHGL
GDQQHJJLDUHLFRQWDWWLLQTXHV WLRQH
,03267 $=,21('(/02'2',(6326,=,21(
8QDYROWDPRQWDWRVXOODIRWRFDPHU DORELHWWLYR6LJPDIXQ]LRQ DDXWRPDWLFDPHQWH
6LFRQVXOWLQROHLVWUX]LRQLSHUOX VRGHOFRUSRPDFFKLQD
0(66$ $ )82&2(0$1295 $ '(//2=220
4XHVWR RELHWWLYR LQFRUSRUD XQ PRWRUH LSHUVRQLFR +6 0LO T XDOH SHUPHWWH XQD SL YHORFH H
VLOHQ]LRVDPHVVDDIXRFRDXWRPDWL FD
䇶
6,*0$$)H& $121$)
䇷
3HU DWWLYDUH O¶$XW RIRFXV LPSRVWDUH OD PHVVD D IXRFR VFHJOLHQG R VXOO¶RELHWWLYR O D SRVL]LRQH
³$) ´ ILJ 4X DQGR VL GHVLGHUD PHWWHUH D IXRFR PDQXDOPHQW H VFH JOLHUH VXOO¶RELHWWLYR OD
SRVL]LRQH³0´,QTXHVWRFDVR VLPHWWHDIXRFRUXRWDQGRODJ KLHUDGLPHVVDDIXRFR
䇶
1,.21$)3(17$; $)H621<
䇷
3HU DWWLYDUH O¶DXWRIRFXV L PSRVWDUH VXOOD IRWRFDP HUD OD PRGDOLWj $) H VFHJOLHUH
VXOO¶RELHWWLYR OD SRVL]LRQH ³$) ´ IL J 4XDQGR VL GHVLGHUD PHWWHUH D IXRFR PDQ XDOPHQWH
VFHJOLHUHVXOO¶RELHWWL YROD SRVL]LRQH³0 ´ ,QTXHVWRFDV RVLPH WWHDIXRFR UXRWDQGR ODJKLHUD
GLPHVVDDIXRFR
&RQVXOWDUHLOOLEUHWWRG¶LVWUX]LRQLG HOODIRWRFDPHUDSH UYDULDUHODPRGDOLWjGLPHVVDD IXRFR
3HU DWWDFFKL 1LN RQ 3HQWD[ H 6RQ\ q SRVVLEOH XVDUH VRO DPHQWH OD PR GDOLWj $) T XDQGR LO
FRUSR PD FFKLQD ULFRQRVFH LO P RWRUH D XOW UDVXRQL FRPH O R +6 0 /D PRGDOLWj $) QRQ q
SRVVLEOHVHLOFRUSRPDFFKLQDQRQ ULFRQRVFHTXHVWRWLSRGLP RWRUH
4XHVWR REL HWWLYR ODV FLD OD IDFROWj GL PHWWHUH D IXRFR PDQX DOPHQWH SHUVLQR DG DXWRIRFXV
LQVHULWR 6H LQIDWWL OD IRW RFDPHUD q SUHGL VSRVWD SHU LO PRGR G L IXQ]LRQDPHQWR 2QH 6KRW
$)$)6 QRQ F¶qF KHGD SUHPHUH DPHW DFRUVD LOS XOVDQWHGL VFDWWR HG DIDU LQWHUYHQLUH
LO PHFFDQLVPR GL PHVVD D IXRFR DXWRPDWLFD FRQ VXFFHV VLYR DUUHVWR SHU RWWHQHUH
PHHGLDQWHODJKLHUD GLPHVVDD IXRFRPDQX DOHODQLWLGH]]D³SHUVRQDOL]]DWD´FKHVLSU HIHULVFH
6H XVDWH O¶RELHWWLYR FRQ PHVVD D IXRF R PDQXDOH DFFHUWDWHYL GHOOD QLW LGH]]D GHO TXDGUR
PHGLDQWH RVVHUYD]LRQH GLUHWWD GHOO¶LPP DJLQH FKH VL IRUPD QHO PLULQR /¶R SHUD]LRQH q
YLYDPHQWHUD FFRPDQGDELOH LQ FRQVLGHUD]LRQH GHJOL VFRVWDPHQWL DLT XDOOLO SLDQR GL PHVVD
D IXRFR SXz DQGDU VRJJHWW R LQ FDVR GL WRUL VEDO]L GL WHPSHUDWXUD SDU HIIHWWR GHL TXDOL
GLYHUVL HOH PHQWL RWWLFL GHOO¶RELHWWLYR SRVVRQ R GLODWDUVL IL QR D HQWU DUH LQ FRQW DWWR UHFL SURFR
3HUODUHJROD]LRQHVXOO¶LQILQLWR qSUHYLVWDXQDFRPSHQVD]LRQH VSHFLDOH
ޝ0$1295$'(//2=220 ޞ
)DWH UX RWDUH OD SUHVLQD GL JRP PD V XOOD JKLHUD GHOOR ]RRP VLQ R D U DJJLXQJHUH OD SRVL]LRQH
GHVLGHUDWD
&20$1'2',/2&.68// 2=220
$QFKHTXHVWRPDFUR]RRPqGRWDWRGLXQ FRPDQGRGLEORFFR>
/2&.
@GHOODIRFDOHYDULDELOHSHU
HYLWDUQHLOULODVFLRSURSULR QHOPRPHQWRLQFXLO¶RELHWWLYRqDEEDVVDWR9LSUHJKLDPRSHUWDQWRGL
UHJRODUH OD IRFDOH VXO PLQLPRGL
PP
H GL DVSHWWDUH FKH LO FRPDQGR GL EORFFR >
/2&.
@ GHOOR
]RRP DVVXPD OD SRVL]LRQH
/2&.
I LJ SULP D GL IRWRJUDIDUH SHUz DWWHQGHWH FKH O¶RELHWWLYR
VLULSRUWLGDOODSRVL]LRQHGLVEORFFR>
81/2&.
@DOODSRVL]LRQHGLEORFFR>
/2&.
@
,1)250$=,21,68//(35(67 $=,21,26 6 7 $%,/,== $ 725(277,&2
4XHVW¶RELHWWLYR 26 2WWLFDPHQ WH 6WDEL OL]]DWR HOLPLQD LO PRVVR FDX VDWR GDO WUHPROLR
LPSUHVVR DFFLGH QWDOPHQWH DOOD PDFFKLQ D IRWRJUDIL FD &RVu q SRVVLELOH ULSUHQGHU H D PDQR
OLEHUD FRQ XQ WHPSR GL VFDWWR GDOOH GXH DOOH TXDWWUR YROWH SL OHQWR FRUULVSRQ GHQWH D YDORUL
OXFH GD D ULVSHWWR D TXHOOR FKH VL GR YUHEEH XVDUH VHQ]D LO GLVSRVLWLYR 26 H RWWHQHU H
IRWRXJXDOPHQWHULFFKHGLGHWWDJOL YLVLELOL
,PSRVWDUH OR 6WDELOL]]DWRUH 2WWLFR VSRVWDQGR LO FXUVRUH VXOOD 0RGDOLWj ILJ 3U HPHUH LO
SXVDQWH GL VFDWWR D PHWj FRUVD DFFHUWDU VL FKH O¶LPPDJLQH QHO PLULQR VLD IHUPD H TXLQGL
VFDWWDUH OD IRWR %LVRJQD DWWHQ GHUH FLUFD XQ VHFRQGR SULP D FKH O¶LPP DJLQH YLVLELOH Q HO
PLULQR VL VWDELOL ]]L GRSR DYHU SUHPXWR LO SXOVDQWH D PHWj FRU VD /D PRGDOLWj ULOHYD JOL
VSRVWDPHQWLYHUWLFDOLHGHOLPLQDLWUH PROLLqXWLOHSHUULSUHQGHUH VRJJHWWLLQPRYLPHQWR
/DFRPSH QVD]LRQH GHO PRVVR DFFLGHQWDOH RSHUDWD GDOOR 6WDELOL]]DWRUH 2WWLFR q HIILFDFH
QHOOHULSUHVHDPDQROLEHUD
x 7XWWDYLD HVLVWRQR FRQGL]LRQL GL ULSUHVD LQ FXL OR 6WDELOL]]DWRUH 2WWLFR QRQ IXQ]LRQD
DOWUHWWDQWREHQH
x 5LSUHVDGDXQ YHLFRORLQPRYLPHQWRVHL VREEDO]LVRQRGLXQDFHUWDHQ WLWj
1RQXVDUHOR6WDELOL]]DWRUH2 WWLFRQHOOHVHJXHQWLULSUHVH
x 4XDQGRODIRWRFDP HUDqPRQWDWDVXWUHS SLHGH
x 4XDQGRVLXVDODS RVD%WHPSROXQJR
/¶DOLPHQWD]LRQH QHFHVVDULD DOOR VWDELOL]]DWRUH q GDWD GDOOD IRWRFDPHUD &RQ O¶RELHWWLYR
26 PRQWDWR OD GXU DWD GHOOH EDWWHULH GHOOD IRWRFDPHUD G LPLQXLUj ULVSHWW R DOOD GXUDWD FKH
DYUHEEHUR VH QRQ XVDVWH O¶RELHWWLYR VWDELOL]]DWR 4XLQGL VH QRQ XVDWH OD IXQ]LRQH
6WDELOL]]DWRUH2WWLFRSHUULVSDUPLDU HOHEDWWHULHVSRVWDWHO¶LQWHUUXWWRUH VX2))
3ULPDGLWRJOLHUHRPHWWHUHO¶RELHWWL YRDVVLFXUDWHYLFKHO¶LQWHUUXW WRUHVLDVX2))
/R 6WDELOL]]DWRUH 2WWL FR FRQWLQXD D IX Q]LRQDUH SHU WXWWR LO WHPSR GHOO¶H VSRVL]LRQH GRSR
FKH YRL D YHWH VROOHYDWR LO GLWR GDO SXOVDQWH GL VFDWWR 1RQ VWDFFDWH PDL O¶RELHWWLYR GDOOD
IRWRFDPHUDTXDQGROR6WDELOL ]]DWRUH2WWLFRqLQIXQ]LRQ HSRWUHVWHGDQQHJJLDUOR
3XzDFFDGHFKHQHOPLULQRO¶LPPDJLQHDSSDLDPRVVDDSSHQDGRSRFKH VLqVFDWWDWR RSSXUH
TXDQGRLOIODV KLQFRUSRUDWRDOODIRWRF DPHUDLQL]LDDFDULFDUVL&LzQRQ FDXVDLPPDJL QLPRVVH
6H OD IRWRFDPHU D YLHQH VSHQWD R O¶RELHWWL YR WROW R TXDQG R q LQ IXQ]LRQH OR VWDELOL]]DWRUH
RWWLFRO¶RELHWWLYRSRWUjHPHWWHUHXQ VXRQRFLzQRQYDF RQVLGHUDWRXQGLIHWWR
(¶ SRVVL EOH XV DUH O D IXQ]LRQH 26 LQFRUSRUDWD QHOO¶RELHWWLYR FRQ JOL DSSDUHFFKL 6RQ\ H
3HQWD[ SUHGLVSRVWL SHU LO PRWRUH XOWUDVRQLFR +60 4XDQGR VL XVD OD IXQ]LRQH 26
GLVDWWLYDUH OD IXQ]LRQ H GL VWDELOL]]D]LRQH RWWLFD QHO FRUSR PDFFKLQD H VSRVW DUH LO FXUVRUH
26 SUHVHQWH QHOO¶RELHWWL YR V X 21 4XDQGR VL XVD OD IXQ]LR QH GL VWDELOL]]D]LRQH RWWLFD
GHOOD IRWRFDPHUD VSRVWDUH LO FXUVRUH 26 SUHVHQWH QHOO¶RELHWWLYR VX 2)) H DWWL YDUH OD
VWDELOL]]D]LRQHRWWLFDGHOODIR WRFDPHUD
/R 6WDE LOL]]DWRUH 2WWLFR IXQ]LRQD F RQ OH I RWRFDPHUH 1LNRQ $) HOHQFDWH QHOO D WD YROD FKH
YHGHWH TXL VRWWR 4XDQGR XVDWH TXHVW¶R ELHWWLYR FRQ IRWRFDPHUH 1LNRQ FKH QRQ VLDQR
TXHOOHHOH QFDWHQH OOD WDEHOOD ULFRUGDWHYL GL SRUWDUHVX 2)) O¶LQWHUUXWWRUH SHU HVFOXGHUH OD
IXQ]LRQHGHOOR6WDELOL]]DWRUH 2WWLFR
)RWRFDPHUH6/5GLJLWDOLH)
3RWHWHDYHUHOHLQIRUPD]LRQL SLUHFHQWLFLUFDLPRGHOOLGL IRWRFDPHUDFKHVLSRVVRQ RXVDUH
FRQODIXQ]LRQHGHOOR6WDELOL]] DWRUH2WWLFRFRQVXOWDQGRODQRVW UDKRPHSDJH
3 $662$ 9, 7(3(575(33,('((&2//$5(527 $17(
/RELHWWLYR SU HVHQWD QHO EDULORWWR X Q SDVVR D YLWH SHU ,DWWDF FR VX W UHSSLHGH 3UHYLR VEO RFFR
GHOODPDQR SRODGL ILVVDJJLR GHOFROOD UHVL SXzID UUXRWD UHOLEHU DPHQWH ODIRWRFD PHUD LQPRG R
FKHDVVXPDVHQ]D GLIILFROWjVHFRQGRLOFDVRODSRVL]LRQHRUL]]RQWDOHR YHUWLFDOH ILJ
&20(5,0829(5(,/&2//$5(3(575(33,(',
6HVL YXROH SHU GDUH XQD PDQRYUDELOLWj SL FRQYHQLHQWH DOO¶RELHWWLYR XVDWR D PDQRO LEHUD
VL SXz ULP XRYHUH LO SDUWLFRODUH FROODUH SHU WUHSSLHGL LQGLVSHQVDELOH QHOOH VLWXD]LRQL FKH
ULFKLHGRQR XQ DSS RJJLR VWDELOH H VLFXUR 3ULPD GL WXW WR EL VRJQD U XRWDUH LO FROODUH QHO
SURSULR DOORJJLDPH QWR ILQR DG DOOLQHDUH L ULIHUL PHQWL GHOOD SRVL]LRQH GL ³ź 5(0 29( ´
ULPR]LRQHILJ
4XLQGL VL GHYH VSLQJHUH YHUVR O¶HVWHUQR LO FROODUH ILQR DOOD VXD ULPR]LRQH GDOOD SRVL ]LRQH
RSHUDWLYDFRPHYLVXDOL]]DWRQHOODI LJXUD
3HUULPHWWHUHLOFROO DUHVXOO¶RELHWWL YRVLGHYHULSHW HUHLQVHQVRRSS RVWRODSURFHGXUD GHVFULWWD
$WWHQ]LRQH LO FROODU H YDS RUWDWRUXRWDWR ILQR DOOD SRVL]LRQH³ź5(029( ´ VROWDQWR TX DQGR
VL GHVLGHUD ULPXRYHUOR GDOO¶RELHWWL YR R O R VL ULFROORFD LQ SRVL]LRQH RSHUDWL YD V XOOR VWHVVR
RELHWWLYR 1HOOH DOWUH FRQGL]LRQL H VLWXD]LRQL q SHULFRORVR UDJJLXQJHUH OD SRVL]LRQH
³ź5(029( ´ VL ULVFKLD OD FDGXWD LQYRORQWDULD GHOO¶RELHWWL YR $OOR VWHVVR WHPSR FL VL
ULFRUGL GL ILVVDUH LO FROODUH QHOOD SRVL]LRQH GHVLGHUDWD P HGLDQWH O¶DSSRVLWD PDQRS ROD GL
EORFFRFKHLPSHGLVFHODURWD ]LRQHLQYRORQWDULD
4XDQGRO¶RELHWWLYRq PRQWDWRVXX QDSSDUHFFKLR IRWRJUDILFRLOFROODUH QRQSXzHVVHUH ULPRVVR
&,1*+,$ $ 75$&2//$
/DFLQJKLDDWUDFROODYDDJJD QFLDWDDJOLDSSRVLWLDWWDFF KLFRPHLOOXVWUDWRLQILJ
',67 $1=$0,1,0$ ',0(66$ $ )82&2
/D GLVWDQ]D PLQLPD GL PHVVD D IXRFR GL TXHVWR RELHWWLYR F DPELD ULVSHWWR DOOD SRVL]LRQH
GHOOR]RRP
ILJԘ 0RVWUDODGLVWDQ]DPLQLPDGLP HVVDDIXRFRDGRJQLOXQJKH ]]D IRFDOH
ILJԙ 0RVWUDLOPDVVLPRUDSSRUWRGLLQJUDQGL PHQWRDGRJQLOXQJKH]]DI RFDOH
)272*5$),$ &21,/)/ $6+
,OIODVK LQFRUSRUDWR SXz FDXVDUH GHOOH YLJQHWWDWXUH LQGHVLGHUDWH &RQ TXHVWR RELHWWLYR QRQV L
GHYHXVDUHLOIODVKLQFRUSRUDW RDOODPDFFKLQDPDXQIOD VKHVWHUQR
&,5&$ ,7(/(&219(57(5
/¶RELHWWLYR SXz HVVHUH XVDWR FRQ JOL $SR 7HOH &RQYHUWHU DFFHVVRUL [ (; R (; D
LQL]LDUH GD OOR ]RR P WHOH PP ) R GDO WHOH ]RRP PP )
ULVSHWWLYDPHQWH 㧔HQWUDPELSRVVRQ RHVVHUHXVDWLDQFKHLQPH VVDDIXRFRPDQXDOH 㧕
1RQXVD UHDOWULWHOHFRQYHUWHUFKHQRQVL DQRTXHOOLLQGLFDWL
,OWHOHFR QYHUWHUFRQPRQWDWXUD3HQWD [QRQqFRPSDWLELOHFRQ TXHVWDSDUWLFRODUHRWWLFD
&RQOH5 HIOH['LJLWDOL6/5VRQRFR QVLJOLDWHOHYHUVLRQL'*GHJ OL$SR7HOH&RQYHUWHU
(¶ SRVVLEOH XVDUH O¶D XWRIRFXV TXDQGR VL q LQ PRGDOLWj /L YH 9LHZ VROR FR Q OD PR GDOLWj GL
$)DULOHYD]LRQHGLFRQWUDVWR
3$ 5 $ / 8 & (
,O YRVWUR RELHWWLYR q FRUUHGDWR GD XQ S DUDOXFH VWDFFDELOH FRQ DWWDFFR D EDLRQHWWD ,O
SDUDOXFH SUHYLHQH HIILFDFHPHQWH L ULIOHVVL LQWHUQL H OH LPPDJLQL IDQWDVP D FKH SRVVRQR
SURGXUVL FRQ XQ¶LOOXPLQD]LRQH FRQWURO XFH 'RSR DYHU DSSOLFDWR LO SDUDOXFH VLQF HUDWHYL FKH
VLDSHUIHWWDPHQWHEORFFDWRIL J
4XDQGRVLULSRQHO¶R ELHWWLYRLOSDUDOXFHSXzHVVHUH DSSOLFDWRDQFKHDOO¶LQFRQWUDU LRILJ
),/ 75,
6L SXz XVDUH XQ VROR ILOWUR SHU YROWD &RQ O¶LPSLHJR GL GXH R SL ILOWUL HR GL I LOWUL PROWR
VSHVVLFRPHLSRODUL]]DWRULqIDFLOH LQFRUUHUHLQYLJQHWWDWXUH
6H YROHWH DGRSHUDUH XQ SRODUL]]DWRUH FRQ XQD IRWRFDPHUD $) VFHJOLHWHOR GHO WLSR
³FLUFRODUH´ 8Q SRODUL]]DWRUH ³OLQHDUH´ LQIDWWL SXz FRPSURPHWWHUH LO UHJRODUH
IXQ]LRQDPHQWRVLDGHOO¶DXWRI RFXVFKHGHOVLVWHPDGLHVS RVL]LRQHDXWRPDWLFD
$1(//2 $'$ 77 $ 725(PPĺ PP
$VVLHPH D TXH VWR RELHWWLYR q SUH YLVWR XQ DQH OOR DGDWWDWRUH *UD]LH D G HV VR q SRVVLEOH
PRQWDUH VXOO¶RELHWWL YR XQ TXDOVLDVL ILOWUR GL GLDPWUR PP /¶DQHOOR YD LQVHULWR VXOO¶RELHWWLYR
FRPHVLYHGHQHOO¶LOOXVWUD]LRQH
/¶DQHOOR VL SXz XVDU H VRODPHQWH TXDQGR O¶RELHWWLYR q PRQWDW R VX IRWRFDPHUH GLJLWDOL GL
IRUPDWR$36&6HLOVHQVRUHqGLI RUPDWRPDJJLRUHO¶LPP DJLQHULVXOWHUjYLJQHWWDWD
1RQ XVDUH T XHVWR DQHOOR FRQ LO ILOWUR 3RODUL]]DWRUH 6L FRUUH L O ULVFKLR GL QRQ SRWHUOR SL
VWDFFDUHGDOO¶RELHWWLYR
6H DYHWH GLIILFROWj QHO WRJOLHUH O¶DQHOOR GDOO¶RELHWW LYR DSSRJJLDWHJOL VRSUD LO SDOPR GHOOD
PDQRDSHUWRHUXRWDWHLQVHQ VRDQWLRUDULR
4XDQGR O¶ DQHOOR q LQVHULWR VXOO¶ RELHWWLYR QRQ q SRVVLEOH DSSOLFDUH D TXHVW¶XOWLPR LO
FRSHUFKLHWWRGLVHULH6LGR YHWHDFTXLVWDUHXQFRS HUFKLHWWRGLGLDPHWURPP
&85$ (&216(59 $=,21(
3URWHJJ HWH O¶RELHWWLYR GD FDGXWH H FROSL HG HYLWDWH GL HVSRUOR DG DOW H WHPSHUDWXUH R
XPLGLWjHFFHVVLYD
,Q SUHYLVLRQH GL XQ SUROXQJDWR SHULRGR GL LQXWLOL]]R FR QVHUYDWH O¶RELHWWLYR LQ XQ SRVWR
IUHVFR DVFLXWWR H S RVVLELOPHQWH EHQ DH UDWR ( YLWDWH GL HVSRUOR D YDSRUL GL FDQIRUD R
QDIWDOLQDFKHSRWUHEEHURGH WHULRUDPHLGHOLFDWLULYHVWLPHQWLDQWLULIOHVVL
1RQ XVDWH VRO YHQWL EHQ]LQD R DOWUL GHWHUJHQWL RUJDQL FL TXDQG R VL WUDWWD GL HOLPLQDUH GDJO L
HOHPHQWLRWWLFLWU DFFHGLVSR UFRRLP SURQWHGLJLWDOL 5LSXOLWHOLLQYHFHFR QXQSDQQR PRUELGR
LQXPLGLWRRFRQXQDFDUWLQDS HUOHQWL
/¶RELHWWLYRQRQqLPSHUPHD ELOH)DWHFKHQRQVLEDJQLTXDQGRORXVDWH VRWWR OD SLRJJLD RY LFLQR
DOO¶DFTXD6SHVVR L PHFFDQLVPL LQWHUQL JOL HOHPHQWL RWWLFL H L FRPSRQHQWL HOHWWULFL YHQJRQR
GDQQHJJLDWLLUULPHGLDELOPHQWHGDOO¶DFTXDWDQWR GDUHQGHUQH LPSRVVLELOHTXDOVLDVLULSDUD]LRQH
,PSUR YYLVLVEDO]L GLW HPSHUDWXUDSRVVR QRIDYRULUH ODIRUPD]L RQHGL FRQGHQVDR SURYRFDUH
OD YHODWXUD GHO OD OHQ WH IURQWDOH 4XDQGR HQWUDWH LQ XQ YDQR ULVFDOGDWR PHQWUH IXRUL ID
PROWR IUHGGR YL FRQVLJOLDPR GL WHQHUH O¶RELHWWLYR QHOOD UHODWLYD FXVWRGLD ILQFKp OD VXD
WHPSHUDWXUDQRQVLVDUjDGDWWDWD DOODWHPSHUDWXUDDPELHQWH
,7$/,$12