Bosch | PID775DC1E | Installation instructions | Bosch PID775DC1E Electric cooktop Installation instructions

Bosch PID775DC1E Electric cooktop Installation instructions
*9001106109*
Û
Ø
Ú
Þ
â
é
×
ê
ì
ó
Ý
î
ë
ô
Ù
,QVWUXFFLRQHVGHPRQWDMH
0RQWDJHDQOHLWXQJ
,QVWDOODWLRQLQVWUXFWLRQV
1RWLFHGHPRQWDJH
,VWUX]LRQLSHULOPRQWDJJLR
,QVWDOODWLHYRRUVFKULIW
0RQWHULQJVYHMOHGQLQJ
0RQWHULQJVYHLOHGQLQJ
,QVWUXo}HVGHPRQWDJHP
0RQWHULQJVDQYLVQLQJ
$VHQQXVRKMH
Ημπροςιυηώξνλνμρίες
,QVWUXNFMDPRQWDŰX
0RQWDMN×ODYX]X
̲͉͇͓͇͕͔͕͔͉͓͆́͌̓̾̓ͅͅ
‘
[
ƒ
5
%
&
ƒ&
'
$
PLQ
%
PLQ
PLQ
$ & PLQ
PLQ
&
D
'
E
'
PLQ
'
PLQ
PLQ
PLQ
D
E
PLQ
F
PLQ
PLQ
PLQ
PLQ
PLQ
91a
%8
%1
%.
1
D
E
ƒ
[
‘
1
1
/
/
*<
%.
*<
1
/
%1
%8
*1<(
*1<(
99/1a
991a
/
/
91a
991a
99/1a
%1
%1
%.
%.
%8
%8
*<
*<
*1<(
*1<(
PLQ
PL
Q
LQ
P
PLQ
991a
*1<(
%1
%1
%.
*<
%8
%.
*<
%8
*1<(
91a
*1<(
%1
%1
*<
%8
%.
%.
*<
%8
*1<(
es
9HQWLODFLyQ OD GLVWDQFLD HQWUH OD SDUWH VXSHULRU GH OD HQFLPHUD \ OD
SDUWHVXSHULRUGHOFDMyQGHEHVHUGH PP
1RWD 6LORVREMHWRVPHWiOLFRVTXHVHHQFXHQWUDQHQHOFDMyQ
DOFDQ]DQ WHPSHUDWXUDV HOHYDGDV GHELGR D OD UHFLUFXODFLyQ GHO DLUH
SURFHGHQWH GH OD YHQWLODFLyQ GH OD SODFD R VL VH JXDUGDQ SHTXHxRV
REMHWRVPHWiOLFRVSXQ]DQWHVFRPREURFKHWDVXVDUXQVRSRUWH
LQWHUPHGLRGHPDGHUD ILJXUD /DSODFDGHFRFFLyQHVWiGRWDGDGHXQYHQWLODGRUVLWXDGRHQOD
SDUWH LQIHULRU 1R GHEHUiQ JXDUGDUVH HQ HO FDMyQ REMHWRV SHTXHxRV
RSXQ]DQWHVSDSHOHVRWUDSRVGHFRFLQDVLQRVHXVDXQVRSRUWH
LQWHUPHGLR3RGUtDQSHUMXGLFDUODUHIULJHUDFLyQRHVWURSHDUHO
YHQWLODGRUDOVHUDEVRUELGRV(QWUHHOFRQWHQLGRGHOFDMyQ\OD
HQWUDGD GHO YHQWLODGRU GHEH GHMDUVH XQD GLVWDQFLD PtQLPD GH FP
0RQWDMHVREUHKRUQRILJXUDE
(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH PP
1RWD &RQVXOWH ODV LQGLFDFLRQHV GH PRQWDMH GHO KRUQR SRU VL IXHUD
QHFHVDULRDXPHQWDUODGLVWDQFLDHQWUHODSODFDGHFRFFLyQ\HO
KRUQR
9HQWLODFLyQODGLVWDQFLDPtQLPDHQWUHHOKRUQR\ODSODFDGH
FRFFLyQGHEHGHVHUGH PP
1RWD 6RORHQHOFDVRGHLQVWDODUODSODFDGHFRFFLyQVREUHXQ
KRUQRGHGLVWLQWRIDEULFDQWHXWLOL]DUXQVRSRUWHLQWHUPHGLRGH
PDGHUD ILJXUD 9HQWLODFLyQILJXUD 3DUDDVHJXUDUXQFRUUHFWRIXQFLRQDPLHQWRGHODSDUDWRVHGHEH
WHQHUHQFXHQWDXQDDGHFXDGDYHQWLODFLyQGHODSODFDGHFRFFLyQ
(OYHQWLODGRUVLWXDGRHQODSDUWHLQIHULRUGHODSDUDWRGHEHDVSLUDU
VXILFLHQWHFDXGDOGHDLUHIUHVFRSRUORTXHORVPXHEOHVGHEHQGH
HVWDUDGDSWDGRVSDUDWDOSURSyVLWR3DUDHOORHVQHFHVDULR
■ XQDVHSDUDFLyQPtQLPDHQWUHODSDUWHWUDVHUDGHOPXHEOH\OD
SDUHGGHODFRFLQD\HQWUHODSDUWHVXSHULRUGHODHQFLPHUD\OD
SDUWHVXSHULRUGHOFDMyQ ILJXUD D
■ XQD DEHUWXUD HQ OD SDUWH VXSHULRU GH OD SDUHG WUDVHUD GHO PXHEOH
ILJXUD E
■ HQHOFDVRGHQRWHQHUXQDVHSDUDFLyQPtQLPDGH PPHQOD
SDUWHWUDVHUDGHOPXHEOHVHGHEHUiUHDOL]DUXQDDEHUWXUDHQOD
SDUWHLQIHULRUGHOPLVPR ILJXUD F
1RWDV
■ 6LHODSDUDWRVHLQVWDODHQLVODXRWURWLSRGHLQVWDODFLyQQR
GHVFULWD HV LPSUHVFLQGLEOH DVHJXUDU OD FRUUHFWD YHQWLODFLyQ GH OD
SODFDGHFRFFLyQ
■ 1RFHUUDUHO]yFDORLQIHULRUKHUPpWLFDPHQWH
Û ,QVWUXFFLRQHVGHPRQWDMH
2EVHUYDFLRQHVLPSRUWDQWHV
6HJXULGDG OD VHJXULGDG GXUDQWH HO XVR VyOR HVWi JDUDQWL]DGD VL OD
LQVWDODFLyQVHKDHIHFWXDGRGHPDQHUDFRUUHFWDHQHODVSHFWR
WpFQLFR \ HQ FRQIRUPLGDG FRQ HVWDV LQVWUXFFLRQHV GH PRQWDMH /RV
GDxRVFDXVDGRVSRUXQPRQWDMHLQDGHFXDGRVHUiQ
UHVSRQVDELOLGDGGHOLQVWDODGRU
'HVSXpV GH UHDOL]DU OD LQVWDODFLyQ VH GHEH DVHJXUDU TXH HO XVXDULR
QRSXHGDDFFHGHUDQLQJ~QFRPSRQHQWHHOpFWULFR
(VWHDSDUDWRHVWiGLVHxDGRSDUDVXXVRHQDOWLWXGHVGHKDVWD
PHWURV
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV
SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV
HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR
GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD
GHFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV
&RQH[LyQHOpFWULFDVyORDFDUJRGHXQWpFQLFRHVSHFLDOLVWD
DXWRUL]DGR6HWHQGUiTXHUHJLUSRUODVGLVSRVLFLRQHVGHOD
FRPSDxtDDEDVWHFHGRUDGHHOHFWULFLGDGGHOD]RQD
(ODSDUDWRGHEHVHUFRQHFWDGRDXQDLQVWDODFLyQILMD\GHEHQVHU
LQFRUSRUDGRVPHGLRVGHGHVFRQH[LyQDODLQVWDODFLyQILMDGH
DFXHUGRDODVUHJODPHQWDFLRQHVGHODLQVWDODFLyQ
/DLPSHGDQFLDPi[LPDSHUPLWLGDGHODFRQH[LyQHOpFWULFDHVGH
2KP͋+
7LSR GH FRQH[LyQ HO DSDUDWR SHUWHQHFH D OD FODVH GH SURWHFFLyQ ,
\VyORSXHGHXWLOL]DUVHHQFRPELQDFLyQFRQXQDFRQH[LyQFRQ
FRQGXFWRUGHWRPDDWLHUUD
(OIDEULFDQWHQRVHKDFHUHVSRQVDEOHGHOIXQFLRQDPLHQWR
LQDGHFXDGR\GHORVSRVLEOHVGDxRVPRWLYDGRVSRULQVWDODFLRQHV
HOpFWULFDVQRDGHFXDGDV
&DEOHGHDOLPHQWDFLyQSXHGHHVWDUFRQHFWDGRHQODFDMDGH
FRQH[LyQGHODSODFDGHFRFFLyQRVXPLQLVWUDGRFRQHO
DSDUDWR \VRORSXHGHVHULQVWDODGRSRUXQWpFQLFRHVSHFLDOLVWD
DXWRUL]DGRRSRUSHUVRQDOWpFQLFRGHO6HUYLFLRGH$VLVWHQFLDFRQ
IRUPDFLyQHVSHFtILFD/RVGDWRVGHFRQH[LyQQHFHVDULRVHVWiQ
LQGLFDGRVHQODSODFDGHFDUDFWHUtVWLFDV\HQORVHVTXHPDVGH
FRQH[LyQ
8WLOL]DU~QLFDPHQWHHOFDEOHVXPLQLVWUDGRFRQHODSDUDWRRSRUHO
6HUYLFLRGH$VLVWHQFLD7pFQLFD
0RQWDMH EDMR HQFLPHUD ODV SODFDV GH LQGXFFLyQ VROR SXHGHQ VHU
LQVWDODGDVVREUHFDMyQXKRUQRVFRQYHQWLODFLyQIRU]DGD'HEDMR
GHODSODFDGHFRFFLyQQRVHSXHGHQLQVWDODUIULJRUtILFRV
ODYDYDMLOODVKRUQRVVLQYHQWLODFLyQRODYDGRUDV
&DPSDQDH[WUDFWRUDODGLVWDQFLDPtQLPDHQWUHODFDPSDQD
H[WUDFWRUD\ODSODFDGHFRFFLyQGHEHVHUDOPHQRVODGLVWDQFLD
LQGLFDGDHQODVLQVWUXFFLRQHVGHPRQWDMHGHODFDPSDQDGH
H[WUDFFLyQ
(QFLPHUDSODQDKRUL]RQWDOHVWDEOH6LJDODVLQVWUXFFLRQHVGHO
IDEULFDQWHGHODHQFLPHUD
6LHOJURVRUGHODHQFLPHUDGRQGHVHLQVWDOHODSODFDHVPHQRUDO
HVSHFLILFDGRUHIXHUFHODHQFLPHUDFRQXQPDWHULDOUHVLVWHQWHDOD
WHPSHUDWXUD\DODJXDKDVWDFRQVHJXLUHOHVSHVRUPtQLPR
UHFRPHQGDGR'HRWUDIRUPDQRVHDOFDQ]DUiXQDHVWDELOLGDG
VXILFLHQWH
■ /DHQFLPHUDGRQGHVHLQVWDOHODSODFDGHEHVHUUHVLVWHQWHD
SHVRVGH NJDSUR[LPDGDPHQWH
■ /DSODQLWXGGHODSODFDGHFRFFLyQVyORGHEHFRPSUREDUVHXQD
YH]LQVWDODGDHQHOKXHFRGHHQFDVWUH
*DUDQWtDXQDLQVWDODFLyQFRQH[LyQRPRQWDMHLQDGHFXDGR
VXSRQHODSpUGLGDGHYDOLGH]GHODJDUDQWtDGHOSURGXFWR
1RWD &XDOTXLHUPDQLSXODFLyQHQHOLQWHULRUGHODSDUDWR
LQFOX\HQGRHOFDPELRGHOFDEOHGHDOLPHQWDFLyQGHEHUiUHDOL]DUOR
~QLFDPHQWHSHUVRQDOWpFQLFRGHO6HUYLFLRGH$VLVWHQFLDFRQ
IRUPDFLyQHVSHFtILFD
,QVWDODUHODSDUDWRILJXUDV 1RWD 8VDUJXDQWHVGHSURWHFFLyQDOLQVWDODUODSODFD/DV
VXSHUILFLHVQRYLVLEOHVSXHGHQWHQHUDULVWDVFRUWDQWHV
(QDSDUDWRVVLQFDEOHSUHPRQWDGRFRORFDUHOFDEOHGH
DOLPHQWDFLyQHQODFDMDGHFRQH[LyQ
'DUODYXHOWDDODSODFDGHFRFFLyQ\FRORFDUODVREUHODPLVPD
EDVHGHOHPEDODMHVREUHXQSDxRRVXSHUILFLHDSWDSDUDHYLWDU
UD\DGXUDV
/HYDQWDUODWDSDGHODFDMDGHFRQH[LyQFRQD\XGDGHXQ
GHVWRUQLOODGRU ILJXUD 4XLWDU HO WRUQLOOR GH VXMHFLyQ \ OHYDQWDU OD DEUD]DGHUD FRQ D\XGD
GHXQGHVWRUQLOODGRU ILJXUD &RQHFWDU H[FOXVLYDPHQWH VHJ~Q HO HVTXHPD GH FRQH[LRQDGR GH
ODFDMDGHFRQH[LyQ ILJXUD %10DUUyQ
%8$]XO
*1<(9HUGH\DPDULOOR
%.1HJUR
*<*ULV
1RWDV
■ 6LVHUHDOL]DODFRQH[LyQGHDFXHUGRDOHVTXHPD/1aVH
GHEHUiPRGLILFDUODGLVSRVLFLyQGHORVSXHQWHVVLJXLHQGRHO
HVTXHPDGHFRQH[LyQ
■ $VHJXUHVH GH TXH ORV WRUQLOORV GH OD FDMD GH FRQH[LyQ TXHGHQ
DSUHWDGRVGHVSXpVGHUHDOL]DUODFRQH[LyQGHORVFDEOHV
)LMDUHOFDEOHGHDOLPHQWDFLyQFRQODDEUD]DGHUD\FRORFDUHO
WRUQLOORGHVXMHFLyQ ILJXUD D
&HUUDUODWDSDGHODFDMDGHFRQH[LyQ
1RWD $ORMDU DGHFXDGDPHQWH ORV FDEOHV HQ OD ]RQD FHQWUDO GH OD
FDMDGHFRQH[LyQSDUDIDFLOLWDUHOFLHUUH
3UHSDUDFLyQGHORVPXHEOHVGHPRQWDMH
ILJXUDV 0XHEOHVHPSRWUDGRVUHVLVWHQWHVDXQDWHPSHUDWXUDGHƒ&
FRPRPtQLPR
+XHFRUHWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH
6XSHUILFLHVGHFRUWHVHOODUFRQPDWHULDOUHVLVWHQWHDOFDORU
0RQWDMHVREUHHOFDMyQILJXUD D
(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH PP
'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIU%HWULHEVVW|UXQ
JHQRGHUP|JOLFKH6FKlGHQGLHDXIHLQHIHKOHUKDIWHHOHNWULVFKH
,QVWDOODWLRQ]XUFN]XIKUHQVLQG
1HW]NDEHO(VLVWP|JOLFKHUZHLVHEHUHLWVDQGHU$QVFKOXVV
ER[GHV.RFKIHOGVDQJHVFKORVVHQRGHUZLUGPLWGHP*HUlW
JHOLHIHUW XQG GDUI QXU YRQ HLQHU ]XJHODVVHQHQ )DFKNUDIW E]Z TXD
OLIL]LHUWHP.XQGHQGLHQVW3HUVRQDOLQVWDOOLHUWZHUGHQ'LHHUIRUGHUOL
FKHQ$QVFKOXVVGDWHQVLQGDXIGHP7\SHQVFKLOGXQGLP
$QVFKOXVVELOGDQJHJHEHQ
1XUGDVPLWGHP*HUlWPLWJHOLHIHUWHRGHUYRPWHFKQLVFKHQ.XQ
GHQGLHQVWJHOLHIHUWH.DEHOYHUZHQGHQ
0RQWDJHXQWHUGHU$UEHLWVSODWWH'DV,QGXNWLRQVNRFKIHOGNDQQ
QXUEHU6FKXEODGHQRGHU%DFN|IHQPLW*HEOlVHOIWXQJLQVWDOOLHUW
ZHUGHQ 8QWHU GHP .RFKIHOG N|QQHQ NHLQH .KOVFKUlQNH 6SOPD
VFKLQHQ %DFN|IHQ RKQH /IWXQJ RGHU :DVFKPDVFKLQHQ HLQJHEDXW
ZHUGHQ
$E]XJVHVVH'HU$EVWDQG]ZLVFKHQGHU$E]XJVHVVHXQGGHP
.RFKIHOGPXVVPLQGHVWHQVGHPLQGHU0RQWDJHDQOHLWXQJIUGLH
$E]XJVHVVHDQJHJHEHQHQ$EVWDQGHQWVSUHFKHQ
$UEHLWVSODWWH6LHPXVVHEHQKRUL]RQWDOXQGVWDELOVHLQ'LH
$QZHLVXQJHQGHV$UEHLWVSODWWHQ+HUVWHOOHUVEHDFKWHQ
:HQQGLH'LFNHGHU$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXW
ZLUGQLFKWGHQ9RUJDEHQHQWVSULFKWGLH$UEHLWVSODWWHPLWIHXHU
XQGZDVVHUIHVWHP0DWHULDOYHUVWlUNHQELVGLHHPSIRKOHQH0LQ
GHVWGLFNHHUUHLFKWLVW$QGHUQIDOOVLVWNHLQHDXVUHLFKHQGH6WDELOLWlW
JHJHEHQ
■ 'LH$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXWZLUGVROOWH
%HODVWXQJHQYRQFD NJVWDQGKDOWHQ
■ 'LH (EHQKHLW GHV .RFKIHOGV HUVW EHUSUIHQ ZHQQ HV HLQJHEDXW
LVW
*DUDQWLH(LQXQVDFKJHPl‰HU(LQEDX$QVFKOXVVRGHUHLQHIHK
OHUKDIWH0RQWDJHIKUHQ]XP9HUOXVWGHU*DUDQWLH
+LQZHLV -HJOLFKH $UEHLWHQ DP *HUlWHLQQHUHQ HLQVFKOLH‰OLFK GHP
$XVWDXVFKGHV1HW]NDEHOVPVVHQYRPHLJHQVGDIUDXVJHELOGH
WHQ.XQGHQGLHQVWYRUJHQRPPHQZHUGHQ
(Q HO FDVR GH TXH HO FDEOH GH DOLPHQWDFLyQ LQWHUILHUD FRQ HO FDMyQ
ILMDU HO FDEOH FRQ OD EULGD DGMXQWD D OD EDVH GH OD SODFD GH FRFFLyQ
ILJXUD E
1RWD (QFDVRGHQHFHVLWDUXQFDEOHGHPD\RUORQJLWXGFRQWDFWH
FRQHO6HUYLFLRGH$VLVWHQFLD7pFQLFD'LVSRQLEOHKDVWD P
&RORFDUODSODFDGHFRFFLyQILJXUD
,QVWDODUODVJXtDVGHVXMHFLyQ
² 6L\DKD\LQVWDODGDVXQDVJXtDVGHVXMHFLyQTXLWDUODVH
LQVWDODUODVJXtDVQXHYDV
² (Q HQFLPHUDV DOLFDWDGDV XVDU ORV DJXMHURV GH URVFD LQIHULRUHV
² (QHQFLPHUDVGHSLHGUDSHJDUODVJXtDVXWLOL]DUFROD
DGKHVLYDWHUPRHVWDEOHTXHVHDDSURSLDGDSDUDXQLUPHWDO\
SLHGUD
,QWURGXFLUHODSDUDWRHQHOKXHFRGHHQFDVWUH
■ 1RDSULVLRQDUHOFDEOHGHDOLPHQWDFLyQQLSDVDUORSRUERUGHV
DILODGRV 6L KD\ XQ KRUQR PRQWDGR GHEDMR SDVDU HO FDEOH SRU ODV
HVTXLQDV WUDVHUDV GHO KRUQR 'HEH FRORFDUVH GH PDQHUD TXH QR
WRTXHSDUWHVFDOLHQWHVGHODSODFDGHFRFFLyQRGHOKRUQR
■ (Q HQFLPHUDV DOLFDWDGDV VHOODU ODV MXQWDV HQWUH ORV D]XOHMRV FRQ
FDXFKRGHVLOLFRQD
&RQHFWDUHODSDUDWRDODUHGHOpFWULFDILJXUD
■ 7HQVLyQYHUSODFDGHFDUDFWHUtVWLFDV
■ &RQHFWDUH[FOXVLYDPHQWHVHJ~QHOHVTXHPDGHFRQH[LyQ
%10DUUyQ
%8$]XO
*1<(9HUGH\DPDULOOR
%.1HJUR
*<*ULV
■ 6HJ~QHOWLSRGHFRQH[LyQSXHGHVHUQHFHVDULRPRGLILFDUOD
GLVSRVLFLyQGHORVWHUPLQDOHVVXPLQLVWUDGRVSRUIiEULFD3DUD
HOORVHUiQHFHVDULRFRUWDUORVWHUPLQDOHV\HOLPLQDUHODLVODQWH
QHFHVDULRSDUDFRORFDUXQWHUPLQDOTXHXQDGRVFDEOHV
1RWD &RPSUREDUHOIXQFLRQDPLHQWRVLHQHOSDQHOLQGLFDGRUGHO
DSDUDWRDSDUHFH —…‹‹ “‹†‚„ y “VLJQLILFDTXHHVWiPDO
FRQHFWDGR'HVFRQHFWDUHODSDUDWRGHODUHG\FRPSUREDUOD
LQVWDODFLyQGHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQ\HQ
ODUHGHOpFWULFD
9RUEHUHLWXQJGHU0|EHO$EELOGXQJ (LQEDXP|EHO6LHPVVHQELVPLQGHVWHQV ƒ&WHPSHUDWXUEH
VWlQGLJVHLQ
$XVVFKQLWW6SlQHQDFKGHQ$XVVFKQLWWDUEHLWHQHQWIHUQHQ
6FKQLWWIOlFKHQ0LWKLW]HEHVWlQGLJHP0DWHULDOYHUVLHJHOQ
(LQEDXEHUHLQHP6FKXEIDFK$EELOGXQJ D
$UEHLWVSODWWH6LHPXVVPLQGHVWHQV PPGLFNVHLQ
/IWXQJ'HU$EVWDQG]ZLVFKHQGHU2EHUIOlFKHGHU$UEHLWVSODWWH
XQGGHPREHUHQ%HUHLFKGHU6FKXEODGHPXVV PPEHWUDJHQ
+LQZHLV (LQHQ=ZLVFKHQERGHQDXV+RO]YHUZHQGHQZHQQVLFK
PHWDOOLVFKH*HJHQVWlQGHLQGHU6FKXEODGHDXIJUXQGGHU/XIWXP
ZlO]XQJEHLGHU%HOIWXQJGHV.RFKIHOGHVHUZlUPHQRGHUZHQQ
NOHLQH VSLW]H PHWDOOLVFKH *HJHQVWlQGH ZLH EHLVSLHOVZHLVH )OHLVFK
VSLH‰HLQGLHVHU6FKXEODGHDXIEHZDKUWZHUGHQ $EELOGXQJ 'DV.RFKIHOGLVWDQGHU8QWHUVHLWHPLWHLQHP9HQWLODWRUDXVJHVWDW
WHW2KQH=ZLVFKHQERGHQGUIHQLQGHU6FKXEODGHNHLQHNOHLQHQ
RGHU VSLW]HQ *HJHQVWlQGH 3DSLHU RGHU .FKHQWFKHU DXIEHZDKUW
ZHUGHQ(VN|QQWHGLH.KOXQJEHHLQWUlFKWLJWRGHUGDV*HEOlVH
GXUFK$QVDXJHQEHVFKlGLJWZHUGHQ=ZLVFKHQGHP,QKDOWGHU
6FKXEODGHXQGGHP*HEOlVH(LQJDQJPXVVHLQ0LQGHVWDEVWDQG
YRQ FPHLQJHKDOWHQZHUGHQ
0RQWDJHEHUHLQHP%DFNRIHQ$EELOGXQJE
$EODJH0XVVEHUHLQH0LQGHVWGLFNHYRQ PPYHUIJHQ
+LQZHLV 6FKODJHQ 6LH LQ GHU 0RQWDJHDQOHLWXQJ IU GHQ %DFNRIHQ
QDFKIDOOVGHU$EVWDQG]ZLVFKHQ.RFKIHOGXQG%DFNRIHQYHUJU|
‰HUWZHUGHQPXVV
%HOIWXQJ'HU$EVWDQG]ZLVFKHQ%DFNRIHQXQG.RFKIHOGPXVV
PLQGHVWHQVPPEHWUDJHQ
+LQZHLV :LUGGDV.RFKIHOGEHUHLQHP%DFNRIHQHLQHUDQGHUHQ
0DUNHHLQJHEDXWLVWHLQ=ZLVFKHQERGHQDXV+RO]]XYHUZHQGHQ
$EELOGXQJ
*HEOlVH$EELOGXQJ 8PHLQHNRUUHNWH)XQNWLRQVZHLVHGHV*HUlWV]XJDUDQWLHUHQ
PXVVGDV.RFKIHOGDQJHPHVVHQEHOIWHWZHUGHQ
'DGLH/IWXQJLPXQWHUHQ%HUHLFKGHV*HUlWVHLQHDXVUHLFKHQGH
)ULVFKOXIW]XIXKUEHQ|WLJWPVVHQGLH0|EHOHQWVSUHFKHQGDXVJH
OHJWVHLQ+LHU]XZLUG)ROJHQGHVEHQ|WLJW
■ HLQ 0LQGHVWDEVWDQG ]ZLVFKHQ GHU 5FNVHLWH GHV 0|EHOV XQG GHU
.FKHQZDQG XQG ]ZLVFKHQ GHU 2EHUIOlFKH GHU $UEHLWVSODWWH XQG
GHPREHUHQ%HUHLFKGHU6FKXEODGH $EELOGXQJ D
■ HLQHgIIQXQJREHQDQGHU5FNVHLWHGHV0|EHOV
$EELOGXQJ E
'HVPRQWDUHODSDUDWR
'HVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFD
: £5LHVJRGHGHVFDUJDHOpFWULFD
$OGHVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFDHVWHSXHGHTXHGDU
FDUJDGRHQVXVERUQDV/DFRQH[LyQHOpFWULFDHVWiVRORSHUPLWLGD
SRUXQWpFQLFRHVSHFLDOLVWDDXWRUL]DGR
([WUDHUODSODFDGHFRFFLyQHMHUFLHQGRSUHVLyQGHVGHDEDMR
£$WHQFLyQ
£'DxRVHQHODSDUDWR1RLQWHQWHH[WUDHUHODSDUDWRKDFLHQGR
SDODQFDGHVGHDUULED
de
Ø 0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
6LFKHUKHLWVKLQZHLV'LH6LFKHUKHLWEHLP*HEUDXFKGHV*HUlWHV
LVWQXUJHZlKUOHLVWHWZHQQGHU(LQEDXWHFKQLVFKNRUUHNWXQG
JHPl‰GLHVHU0RQWDJHDQOHLWXQJYRUJHQRPPHQZXUGH)U6FKl
GHQGLHGXUFKHLQHQXQVDFKJHPl‰HQ(LQEDXHQWVWHKHQKDIWHW
GHU0RQWHXU
1DFK GHU ,QVWDOODWLRQ LVW VLFKHU]XVWHOOHQ GDVV GHU %HQXW]HU NHLQHQ
=XJDQJ]XGHQHOHNWULVFKHQ%DXWHLOHQKDW
'LHVHV*HUlWLVW]XU9HUZHQGXQJLQ+|KHQYRQELV]X
0HWHUQ]XJHODVVHQ
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
(OHNWULVFKHU$QVFKOXVV(UPXVVYRQHLQHPNRQ]HVVLRQLHUWHQ
)DFKPDQQYRUJHQRPPHQZHUGHQ'DEHLJHOWHQGLH%HVWLPPXQ
JHQGHU|UWOLFKHQ6WURPYHUVRUJHU
'DV*HUlWPXVVDQHLQHUIHVWHQ,QVWDOODWLRQDQJHVFKORVVHQVHLQ
XQGJHPl‰GHQ,QVWDOODWLRQVYRUVFKULIWHQPVVHQHQWVSUHFKHQGH
7UHQQVFKDOWHUHLQJHULFKWHWZHUGHQ
'HUK|FKVWHHUODXEWH6FKHLQZLGHUVWDQGGHVHOHNWULVFKHQ
$QVFKOXVVHVOLHJWEHL2KP͋+
$QVFKOXVVW\SHQ'DV*HUlWJHK|UW]XU6FKXW]NODVVH ,XQGGDUI
QXULQ.RPELQDWLRQPLWHLQHPJHHUGHWHQ$QVFKOXVVYHUZHQGHW
ZHUGHQ
)DOOVGHU0LQGHVWDEVWDQGYRQ PPDQGHU5FNVHLWHGHV
0|EHOVQLFKWJHJHEHQLVWPXVVDQGHU8QWHUVHLWHHLQHgIIQXQJ
DQJHOHJWZHUGHQ $EELOGXQJ F
+LQZHLVH
■ :HQQGDV*HUlWLQHLQHU.RFKLQVHORGHUDQHLQHPDQGHUHQ
QLFKW EHVFKULHEHQHQ 3ODW] HLQJHEDXW ZLUG LVW HLQH DQJHPHVVHQH
%HOIWXQJGHV.RFKIHOGVVLFKHU]XVWHOOHQ
■ 'HQXQWHUHQ6RFNHOQLFKWKHUPHWLVFKDEVFKOLH‰HQ
+LQZHLV hEHUSUIHQGHU%HWULHEVEHUHLWVFKDIW(UVFKHLQWLQGHU
$Q]HLJHGHV*HUlWHV —…‹‹ “‹†‚„ RGHU “LVWHVQLFKWULFKWLJ
DQJHVFKORVVHQ'DV*HUlWYRQGHU6WURPYHUVRUJXQJWUHQQHQXQG
GHQ$QVFKOXVVGHV6WURPNDEHOVEHUSUIHQ
■
$XVEDXGHV*HUlWV
'DV*HUlWYRP6WURPQHW]WUHQQHQ
: 6WURPVFKODJJHIDKU
%HLP$ENOHPPHQGHV.RFKIHOGHVYRP6WURPQHW]N|QQHQGLH
.OHPPHQ5FNVSDQQXQJIKUHQ'HUHOHNWULVFKH$QVFKOXVVGDUI
QXUYRQHLQHPNRQ]HVVLRQLHUWHQ)DFKPDQQGXUFKJHIKUWZHUGHQ
9RQXQWHQJHJHQGDV.RFKIHOGGUFNHQXQGGDV.RFKIHOGKHUDXV
QHKPHQ
$FKWXQJ
6FKlGHQ DP *HUlW 9HUVXFKHQ 6LH QLFKW GDV *HUlW GXUFK +HEHOQ
YRQREHQ]XHQWQHKPHQ
*HUlWHLQEDXHQ$EELOGXQJHQ +LQZHLV =XP(LQEDXHQGHV.RFKIHOGHV6FKXW]KDQGVFKXKHYHU
ZHQGHQ'LHQLFKWVLFKWEDUHQ)OlFKHQN|QQHQVFKDUIH.DQWHQDXI
ZHLVHQ
%HL*HUlWHQRKQHYRULQVWDOOLHUWHV.DEHOGDV1HW]NDEHOLQGLH
$QVFKOXVVGRVHHLQIKUHQ
'DV .RFKIHOG XPGUHKHQ XQG DXI GHP %RGHQ GHU 9HUSDFNXQJ HL
QHP 7XFK RGHU HLQHU DQGHUHQ 2EHUIOlFKH DEOHJHQ XP .UDW]HU ]X
YHUPHLGHQ
'HQ 'HFNHO GHU $QVFKOXVVGRVH PLWKLOIH HLQHV 6FKUDXEHQ]LHKHUV
DQKHEHQ $EELOGXQJ 'LH%HIHVWLJXQJVVFKUDXEHO|VHQXQGGLH6FKODXFKVFKHOOHPLWKLO
IHHLQHV6FKUDXEHQ]LHKHUVDQKHEHQ $EELOGXQJ
1XUJHPl‰$EELOGXQJDQGHU$QVFKOXVVGRVHDQVFKOLH‰HQ
$EELOGXQJ %1%UDXQ
%8%ODX
*1<(*HOEXQG*UQ
%.6FKZDU]
*<*UDX
+LQZHLVH
■ :HQQ GHU $QVFKOXVV JHPl‰ GHP $QVFKOXVVGLDJUDPP /1a
YRUJHQRPPHQZLUGLVWGLH$QRUGQXQJGHU%UFNHQGHP'LD
JUDPPHQWVSUHFKHQG]XlQGHUQ
■ 'DUDXIDFKWHQGDVVQDFKGHP$QVFKOXVVGHU.DEHOGLH
6FKUDXEHQDQGHU$QVFKOXVVGRVHIHVWJH]RJHQVLQG
'DV1HW]NDEHOPLWGHU6FKODXFKVFKHOOHEHIHVWLJHQXQGGLH%H
IHVWLJXQJVVFKUDXEHDQ]LHKHQ $EELOGXQJ D
'HQ'HFNHOGHU$QVFKOXVVGRVHVFKOLH‰HQ
+LQZHLV 'LH.DEHOLPPLWWOHUHQ%HUHLFKGHU$QVFKOXVVGRVHDQ
RUGQHQXPGHQ9HUVFKOXVV]XHUOHLFKWHUQ
:HQQ GDV 1HW]NDEHO PLW GHU 6FKXEODGH LQWHUIHULHUW GDV .DEHO PLW
GHP EHLJHIJWHQ .DEHOELQGHU DQ GHU 8QWHUVHLWH GHV .RFKIHOGHV
EHIHVWLJHQ $EELOGXQJ E
+LQZHLV )DOOVHLQHOlQJHUH1HW]DQVFKOXVVOHLWXQJEHQ|WLJWZLUG
ELWWHGHQ.XQGHQGLHQVWNRQWDNWLHUHQ$QVFKOXVVOHLWXQJHQVWHKHQ
ELV]X P]XU9HUIJXQJ
.RFKIHOGHLQVHW]HQ$EELOGXQJ +DOWHVFKLHQHQDQEULQJHQ
² :HQQ EHUHLWV +DOWHVFKLHQHQ DQJHEUDFKW VLQG GLHVH HQWIHUQHQ
XQGQHXHDQEULQJHQ
² %HLJHIOLHVWHQ$UEHLWVSODWWHQGLHXQWHUHQ*HZLQGHERKUXQJHQ
YHUZHQGHQ
² %HL$UEHLWVSODWWHQDXV6WHLQGLH6FKLHQHQDQNOHEHQGD]XKLW
]HEHVWlQGLJHQ]XP9HUNOHEHQYRQ0HWDOOXQG6WHLQJHHLJQH
WHQ.OHEVWRIIYHUZHQGHQ
'DV*HUlWLQGLH(LQEDXQLVFKHHLQVFKLHEHQ
■ 1HW]NDEHOQLFKWHLQNOHPPHQXQGQLFKWEHUVFKDUIH.DQWHQIK
UHQ%HLXQWHUJHEDXWHP%DFNRIHQGLH/HLWXQJDQGHQKLQWHUHQ
(FNHQGHV%DFNRIHQV]XU$QVFKOXVVGRVHIKUHQ'LH/HLWXQJ
PXVVVRLQVWDOOLHUWZHUGHQGDVVVLHNHLQHKHL‰HQ6WHOOHQGHV
.RFKIHOGVRGHUGHV%DFNRIHQVEHUKUW
■ %HLJHIOLHVWHQ$UEHLWVSODWWHQ)OLHVHQIXJHQPLW6LOLNRQNDXWVFKXN
DEGLFKWHQ
*HUlWDQVFKOLH‰HQ$EELOGXQJ
■ 6SDQQXQJ6LHKH7\SHQVFKLOG
■ 1XUJHPl‰$QVFKOXVVGLDJUDPPDQVFKOLH‰HQ
%1%UDXQ
%8%ODX
*1<(*HOEXQG*UQ
%.6FKZDU]
*<*UDX
■ -HQDFK$QVFKOXVVDUWPXVVHYHQWXHOOGLH$QRUGQXQJGHUYRP
:HUNJHOLHIHUWHQ.OHPPHQYHUlQGHUWZHUGHQ'DIUPVVHQ
HYHQWXHOOGLH.OHPPHQJHNU]WXQGGLH,VROLHUXQJHQWIHUQWZHU
GHQXPHLQH.OHPPHHLQ]XVHW]HQGLH]ZHL.DEHOYHUELQGHW
en
Ú ,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
6DIHW\ 6DIHW\ LQ XVH LV RQO\ JXDUDQWHHG LI WKH WHFKQLFDO LQVWDOODWLRQ
RIWKHKREKDVEHHQFDUULHGRXWFRUUHFWO\DQGLQDFFRUGDQFHZLWK
WKHDVVHPEO\LQVWUXFWLRQV7KHLQVWDOODWLRQWHFKQLFLDQVKDOOEH
OLDEOHIRUDQ\GDPDJHFDXVHGDVDUHVXOWRIXQVXLWDEOHLQVWDOODWLRQ
2QFHWKHDSSOLDQFHLVLQVWDOOHGPDNHVXUHWKDWWKHXVHUFDQQRW
DFFHVVWKHHOHFWULFDOFRPSRQHQWV
7KLVDSSOLDQFHLVRQO\SHUPLWWHGIRUXVHDWKHLJKWVXSWR
PHWUHV
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
(OHFWULF FRQQHFWLRQ 2QO\ E\ DQ DXWKRULVHG VSHFLDOLVW WHFKQLFLDQ
7KHJXLGHOLQHVVHWRXWE\WKHORFDOHOHFWULFLW\SURYLGHUPXVWEH
REVHUYHG
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRDIL[HGLQVWDOODWLRQDQG
DSSURSULDWHLVRODWLQJVZLWFKHVPXVWEHVHWXSLQDFFRUGDQFHZLWK
WKHLQVWDOODWLRQLQVWUXFWLRQV
7KHKLJKHVWSHUPLVVLEOHLPSHGDQFHRIWKHHOHFWULFDOFRQQHFWLRQLV
RKPV͋+
7\SHRIFRQQHFWLRQ7KHDSSOLDQFHIDOOVXQGHUSURWHFWLRQFODVV ,
DQGFDQRQO\EHXVHGLQFRPELQDWLRQZLWKDJURXQGLQJFRQGXFWRU
FRQQHFWLRQ
7KHPDQXIDFWXUHUDFFHSWVQRUHVSRQVLELOLW\IRUDQ\PDOIXQFWLRQRU
GDPDJHFDXVHGE\LQFRUUHFWHOHFWULFDOLQVWDOODWLRQV
3RZHUFDEOH7KLVPD\DOUHDG\EHFRQQHFWHGWRWKH
FRQQHFWLRQER[RQWKHKRERULVVXSSOLHGZLWKWKHDSSOLDQFH
,WPXVWRQO\EHLQVWDOOHGE\DQDXWKRULVHGH[SHUWRUE\DTXDOLILHG
PHPEHURIWKHDIWHUVDOHVVHUYLFHWHDP7KHUHTXLUHGFRQQHFWLRQ
GDWD FDQ EH IRXQG RQ WKH W\SH SODWH DQG LQ WKH FRQQHFWLRQ GLDJUDP
8VHRQO\WKHFDEOHWKDWLVVXSSOLHGZLWKWKHDSSOLDQFHRULV
SURYLGHGE\WHFKQLFDODIWHUVDOHVVHUYLFH
,QVWDOODWLRQEHORZWKHZRUNWRS7KHLQGXFWLRQKREFDQRQO\EH
LQVWDOOHGDERYHDVHWRIGUDZHUVRUDIDQYHQWLODWHGRYHQ
5HIULJHUDWRUV GLVKZDVKHUV ZDVKLQJ PDFKLQHV RU RYHQV ZLWKRXW D
YHQWLODWLRQV\VWHPFDQQRWEHLQVWDOOHGEHORZWKHKRE
([WUDFWLRQFKLPQH\7KHFOHDUDQFHEHWZHHQWKHH[WUDFWLRQ
FKLPQH\DQGWKHKREPXVWDWOHDVWPDWFKWKHFOHDUDQFHVSHFLILHG
IRUWKHH[WUDFWLRQFKLPQH\LQWKHLQVWDOODWLRQLQVWUXFWLRQV
+REIODWKRUL]RQWDOVWDEOH)ROORZWKHKREPDQXIDFWXUHU
V
LQVWUXFWLRQV
,IWKHWKLFNQHVVRIWKHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGGRHV
QRWFRPSO\ZLWKWKHVSHFLILFDWLRQVUHLQIRUFHWKHZRUNWRSXVLQJD
ILUHDQGZDWHUUHVLVWDQWPDWHULDOXQWLOLWUHDFKHVWKHPLQLPXP
WKLFNQHVV2WKHUZLVHVXIILFLHQWVWDELOLW\FDQQRWEHJXDUDQWHHG
■ 7KHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGVKRXOGZLWKVWDQG
ORDGVRIDSSUR[ NJ
■ 2QO\FKHFNWKHHYHQQHVVRIWKHKREDIWHULWKDVEHHQLQVWDOOHG
:DUUDQW\DQXQVXLWDEOHLQVWDOODWLRQFRQQHFWLRQRUDVVHPEO\ZLOO
LQYDOLGDWHWKHSURGXFWZDUUDQW\
1RWH $Q\FKDQJHWRWKHDSSOLDQFH
VLQWHULRULQFOXGLQJFKDQJLQJ
WKHSRZHUFDEOHPXVWRQO\EHSHUIRUPHGE\VSHFLDOO\WUDLQHG
PHPEHUVRIWKH7HFKQLFDO$VVLVWDQFH6HUYLFH
3UHSDULQJWKHFXSERDUGILJXUH %XLOWLQNLWFKHQXQLWV0LQLPXPWHPSHUDWXUHUHVLVWDQFHRIƒ&
*DS5HPRYHDQ\VKDYLQJVDIWHUSHUIRUPLQJFXWWLQJZRUN
&XWVXUIDFHV6HDOZLWKKHDWUHVLVWDQWPDWHULDO
,QVWDOOLQJWKHKREILJXUH $WWDFKLQJWKHPRXQWLQJUDLOV
² ,IPRXQWLQJUDLOVKDYHDOUHDG\EHHQDWWDFKHGUHPRYHWKHVH
DQGDWWDFKQHZRQHV
² 8VHWKHORZHUWKUHDGHGKROHVIRUWLOHGZRUNVXUIDFHV
² )RUVWRQHZRUNVXUIDFHVJOXHWKHUDLOVWRGRWKLVXVHDKHDW
UHVLVWDQWDGKHVLYHVXLWDEOHIRUJOXLQJPHWDODQGVWRQH
3XVKWKHDSSOLDQFHLQWRWKHLQVWDOODWLRQUHFHVV
■ 'RQRWWUDSWKHPDLQVFDEOHDQGGRQRWURXWHLWRYHUVKDUS
HGJHV,IWKHRYHQLVDEXLOWXQGHUW\SHURXWHWKHFDEOHRQWKH
UHDU FRUQHUV RI WKH RYHQ WR WKH VRFNHW 7KH OLQH PXVW EH LQVWDOOHG
LQVXFKDZD\WKDWLWGRHVQRWFRPHLQWRFRQWDFWZLWKDQ\KRW
VHFWLRQVRIWKHKRERUWKHRYHQ
■ )RUWLOHGZRUNVXUIDFHV6HDOWKHWLOHMRLQWVZLWKVLOLFRQHUXEEHU
&RQQHFWLQJWKHDSSOLDQFHILJXUH
■ 9ROWDJH6HHWKHUDWLQJSODWH
■ 2QO\FRQQHFWDVVKRZQLQWKHFLUFXLWGLDJUDP
%1%URZQ
%8%OXH
*1<(<HOORZDQGJUHHQ
%.%ODFN
*<*UH\
■ 'HSHQGLQJRQWKHW\SHRIFRQQHFWLRQWKHDUUDQJHPHQWRIWKH
FODPSVVXSSOLHGE\WKHIDFWRU\PD\QHHGWREHFKDQJHG)RU
WKLVWKHFODPSVPD\KDYHWREHVKRUWHQHGDQGWKHLQVXODWLRQ
PD\ KDYH WR EH UHPRYHG LQ RUGHU WR LQVHUW D FODPS WKDW FRQQHFWV
WKHWZRFDEOHV
1RWH &KHFNWKDWWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ,I —…‹‹
“‹†‚„ RU “ DSSHDUV RQ WKH DSSOLDQFH
V GLVSOD\ WKH DSSOLDQFH LV
QRWFRQQHFWHGFRUUHFWO\'LVFRQQHFWLWIURPWKHSRZHUVXSSO\DQG
FKHFNWKHSRZHUFRUGFRQQHFWLRQ
$VVHPEO\RYHUGUDZHUILJXUH D
:RUNWRS0XVWKDYHDPLQLPXPWKLFNQHVVRI PP
9HQWLODWLRQ 7KH FOHDUDQFH EHWZHHQ WKH VXUIDFH RI WKH ZRUNWRS DQG
WKHXSSHUDUHDRIWKHGUDZHUPXVWEH PP
1RWH 8VHDZRRGHQLQWHUPHGLDWHERWWRPLIPHWDOLWHPVLQWKH
GUDZHU UHDFK KLJK WHPSHUDWXUHV GXH WR WKH KRW DLU FLUFXODWHV ZKHQ
WKHKRELVYHQWLODWHGRULQFDVHWKDWVPDOOSRLQWHGPHWDOREMHFWV
VXFKDVVNHZHUVDUHXVHGWREHVWRUHGLQWKDWGUDZHU ILJXUH 7KHUHLVDIDQRQWKHXQGHUVLGHRIWKHKRE,IQRLQWHUPHGLDWH
ERWWRPLVILWWHGVPDOORUSRLQWHGREMHFWVSDSHUDQGNLWFKHQFORWKV
PXVW QRW EH VWRUHG LQ WKH GUDZHU 6WRULQJ WKHVH LWHPV LQ WKH GUDZHU
PD\KLQGHUFRROLQJRUGDPDJHWKHIDQE\EHLQJVXFNHGXSLQWRLW
7KHUHPXVWEHDFOHDUDQFHRIDWOHDVW FPEHWZHHQWKHFRQWHQWV
RIWKHGUDZHUDQGWKHIDQHQWU\SRLQW
$VVHPEO\RYHURYHQILJXUHE
+REPXVWKDYHDPLQLPXPWKLFNQHVVRI PP
1RWH ,IWKHGLVWDQFHEHWZHHQWKHKREDQGRYHQPXVWEH
LQFUHDVHGUHIHUWRWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKHRYHQ
9HQWLODWLRQ 7KH GLVWDQFH EHWZHHQ WKH RYHQ DQG WKH KRE PXVW EH DW
OHDVWPP
1RWH $ZRRGHQVHSDUDWLRQERDUGPXVWEHXVHGLIWKHKRELV
LQVWDOOHGDERYHDQRYHQPDGHE\DGLIIHUHQWPDQXIDFWXUHU
ILJ
9HQWLODWLRQILJXUH 7RJXDUDQWHHWKDWWKHDSSOLDQFHZRUNVFRUUHFWO\WKHKREPXVWEH
VXIILFLHQWO\YHQWLODWHG
6LQFH WKH YHQWLODWLRQ LQ WKH ORZHU VHFWLRQ RI WKH DSSOLDQFH UHTXLUHV
DVXIILFLHQWVXSSO\RIIUHVKDLUWKHFXSERDUGVPXVWEHGHVLJQHG
DFFRUGLQJO\7KHIROORZLQJLVUHTXLUHGIRUWKLV
■ $ PLQLPXP FOHDUDQFH EHWZHHQ WKH UHDU RI WKH FXSERDUG DQG WKH
NLWFKHQZDOODQGEHWZHHQWKHVXUIDFHRIWKHZRUNWRSDQGWKH
XSSHUDUHDRIWKHGUDZHU ILJXUH D
■ $QRSHQLQJDWWKHWRSWRWKHUHDURIWKHFXSERDUG )LJXUH E
■ ,I WKH PLQLPXP FOHDUDQFH RI PP LV QRW SURYLGHG DW WKH UHDU RI
WKHFXSERDUG\RXPXVWFUHDWHDQRSHQLQJRQWKHXQGHUVLGH
ILJXUH F
1RWHV
■ ,I WKH DSSOLDQFH LV LQVWDOOHG LQ DQ LVODQG XQLW RU LQ DQRWKHU ORFDWLRQ
WKDWLVQRWGHVFULEHGKHUHDSSURSULDWHYHQWLODWLRQRIWKHKRE
PXVWEHJXDUDQWHHG
■ 'RQRWKHUPHWLFDOO\VHDOWKHORZHUEDVH
8QLQVWDOOLQJWKHDSSOLDQFH
'LVFRQQHFWWKHDSSOLDQFHIURPWKHPDLQV
: 5LVNRIHOHFWULFDOVKRFN
:KHQGLVFRQQHFWLQJWKHFRRNWRSIURPWKHPDLQVWKHWHUPLQDOV
FRXOGUHPDLQFKDUJHG(OHFWULFDOLQVWDOODWLRQLVRQO\DOORZHGE\DQ
DXWKRUL]HGVSHFLDOLVWWHFKQLFLDQ
3XVKWKHKREXSZDUGVIURPEHORZWRUHPRYHLW
&DXWLRQ
'DPDJHWRWKHDSSOLDQFH'RQRWWU\WRUHPRYHWKHDSSOLDQFHE\
SU\LQJLWRXWIURPDERYH
,QVWDOOLQJWKHDSSOLDQFHILJXUHV 1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE7KHQRQYLVLEOH
VXUIDFHVPD\KDYHVKDUSHGJHV
2Q DSSOLDQFHV WKDW GR QRW KDYH D SUHLQVWDOOHG FDEOH LQVHUW WKH
PDLQVFDEOHLQWRWKHVRFNHW
7XUQ WKH KRE RYHU DQG SXW LW GRZQ RQ WKH EDVH RI WKH SDFNDJLQJ
DFORWKRUDQRWKHUVXUIDFHLQRUGHUWRSUHYHQWVFUDWFKHV
8VHDVFUHZGULYHUWROLIWXSWKHVRFNHW
VFRYHU ILJXUH 8QGRWKHPRXQWLQJVFUHZDQGXVHDVFUHZGULYHUWROLIWWKHKRVH
FODPS ILJXUH 2QO\FRQQHFWDVVKRZQLQWKHGLDJUDPRQWKHVRFNHW ILJXUH %1%URZQ
%8%OXH
*1<(<HOORZDQGJUHHQ
%.%ODFN
*<*UH\
1RWHV
■ ,IWKHFRQQHFWLRQKDVEHHQPDGHLQDFFRUGDQFHZLWK
FRQQHFWLRQGLDJUDP/1a\RXPXVWFKDQJHWKH
FRQILJXUDWLRQRIWKHEULGJHVLQDFFRUGDQFHZLWKWKHGLDJUDP
■ (QVXUHWKDWWKHVFUHZVDUHVFUHZHGLQWLJKWO\RQWKHVRFNHW
DIWHUWKHFDEOHVKDYHEHHQFRQQHFWHG
8VHWKHKRVHFODPSWRVHFXUHWKHPDLQVFDEOHDQGWLJKWHQWKH
VHFXULQJVFUHZ ILJXUH D
&ORVHWKHFRYHURQWKHVRFNHW
1RWH $UUDQJH WKH FDEOHV LQ WKH FHQWUDO DUHD RI WKH PDLQV VRFNHW
LQRUGHUWRIDFLOLWDWHWKHIDVWHQLQJ
,I WKH PDLQV FDEOH JHWV LQ WKH ZD\ RI WKH GUDZHU XVH WKH HQFORVHG
FDEOHWLHVWRVHFXUHWKHFDEOHWRWKHXQGHUVLGHRIWKHKRE
ILJXUH E
1RWH ,I D ORQJHU SRZHU FRUG LV UHTXLUHG SOHDVH FRQWDFW DIWHUVDOHV
VHUYLFH&RQQHFWLQJFDEOHVXSWR PORQJDUHDYDLODEOH
fr
Þ 1RWLFHGHPRQWDJH
5HPDUTXHVLPSRUWDQWHV
6pFXULWp ODVpFXULWpSHQGDQWO
XWLOLVDWLRQQ
HVWJDUDQWLHTXHVL
O
LQVWDOODWLRQDpWpHIIHFWXpHGHPDQLqUHFRUUHFWHGXSRLQWGHYXH
WHFKQLTXHHWFRQIRUPpPHQWjFHVLQVWUXFWLRQVGHPRQWDJH
/
LQVWDOODWHXU VHUD UHVSRQVDEOH GH WRXW GRPPDJH SURYRTXp SDU XQ
PRQWDJHLQFRUUHFW
$SUqVO
LQVWDOODWLRQDVVXUH]YRXVTXHO
XWLOLVDWHXUQ
DDXFXQDFFqV
DX[SLqFHVpOHFWULTXHV
&HWDSSDUHLOSHXWrWUHXWLOLVpjGHVKDXWHXUVDOODQWMXVTX
j
PqWUHV
: 3RUWHXUVG
LPSODQWVpOHFWURQLTXHV /
DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
&RQQH[LRQpOHFWULTXH QHSHXWrWUHHIIHFWXpHTXHSDUXQ
VSpFLDOLVWHDXWRULVp,OGHYUDVXLYUHOHVGLVSRVLWLRQVGXIRXUQLVVHXU
G
pOHFWULFLWpGDQVOD]RQH
/
DSSDUHLOGRLWrWUHUDFFRUGpjXQHLQVWDOODWLRQIL[HHWGHV
VHFWLRQQHXUVFRUUHVSRQGDQWVGRLYHQWDYRLUpWpLQVWDOOpV
FRQIRUPpPHQWDX[SUHVFULSWLRQVG
LQVWDOODWLRQ
/
LPSpGDQFHODSOXVpOHYpHDXWRULVpHGXUDFFRUGHPHQWpOHFWULTXH
VHVLWXHDXWRXUGH2KP͋+
7\SHGHEUDQFKHPHQW O
DSSDUHLOIDLWSDUWLHGHODFODVVHGH
SURWHFWLRQ ,HWQHSHXWrWUHXWLOLVpTX
DYHFXQHSULVHSRVVpGDQWXQ
FRQGXFWHXUGHSULVHGHWHUUH
/HIDEULFDQWVHGpJDJHGHWRXWHUHVSRQVDELOLWpTXDQWDX
IRQFWLRQQHPHQWLQDSSURSULpHWDX[SRVVLEOHVGRPPDJHV
SURYRTXpVSDUGHVLQVWDOODWLRQVpOHFWULTXHVQRQDSSURSULpHV
5HPDUTXHV
6LO
DSSDUHLOHVWPRQWpGDQVXQvORWGHFXLVVRQRXjXQDXWUH
HPSODFHPHQW QRQ GpFULW YHLOOHU j XQH YHQWLODWLRQ DGpTXDWH GH OD
WDEOHGHFXLVVRQ
■ 1HSDVIHUPHUOHVRFOHLQIpULHXUGHIDoRQKHUPpWLTXH
&kEOHUpVHDX LOHVWSHXWrWUHGpMjEUDQFKpjODERvWHGH
UDFFRUGHPHQW GH OD WDEOH GH FXLVVRQ RX IRXUQL DYHF O
DSSDUHLO
HWGRLWXQLTXHPHQWrWUHLQVWDOOpSDUXQSHUVRQQHOVSpFLDOLVpHW
DXWRULVp RX XQH SHUVRQQH FRPSpWHQWH GX VHUYLFH DSUqVYHQWH /HV
GRQQpHVGHUDFFRUGHPHQWUHTXLVHVVRQWLQGLTXpHVVXUODSODTXH
VLJQDOpWLTXHHWVXUOHVFKpPDGHUDFFRUGHPHQW
8WLOLVH]XQLTXHPHQWOHFkEOHIRXUQLDYHFO
DSSDUHLORXFHOXLIRXUQL
SDUOH6HUYLFHDSUqVYHQWHWHFKQLTXH
,QVWDOODWLRQVRXVXQSODQGHWUDYDLO ODWDEOHGHFXLVVRQj
LQGXFWLRQ SHXW XQLTXHPHQW rWUH LQVWDOOpH DXGHVVXV GH WLURLUV RX GH
IRXUVjYHQWLODWLRQIRUFpH,OQ
HVWSDVSRVVLEOHGHPRQWHUXQ
UpIULJpUDWHXUXQODYHYDLVVHOOHXQIRXUVDQVYHQWLODWLRQQLXQODYH
OLQJHVRXVODWDEOHGHFXLVVRQ
+RWWH ODGLVWDQFHHQWUHODKRWWHHWODWDEOHGHFXLVVRQGRLWDX
PLQLPXPFRUUHVSRQGUHjODGLVWDQFHLQGLTXpHSRXUODKRWWHGDQV
OHVLQVWUXFWLRQVGHPRQWDJH
3ODQGHWUDYDLO SODWKRUL]RQWDOVWDEOH5HVSHFWH]OHV
LQVWUXFWLRQVGXIDEULFDQWGXSODQGHWUDYDLO
6L O
pSDLVVHXU GX SODQ GH WUDYDLO PRQWp GDQV OD WDEOH GH FXLVVRQ QH
FRUUHVSRQGSDVDX[LQGLFDWLRQVUHQIRUFHUOHSODQGHWUDYDLODYHF
XQPDWpULDXLPSHUPpDEOHHWUpIUDFWDLUHMXVTX
jDWWHLQGUH
O
pSDLVVHXUPLQLPDOHUHTXLVH6LQRQDXFXQHVWDELOLWpVXIILVDQWH
Q
HVWJDUDQWLH
■ /HSODQGHWUDYDLOTXLHVWPRQWpGDQVODWDEOHGHFXLVVRQGRLW
SRXYRLUVXSSRUWHUHQY NJ
■ 9pULILHUODSODQpLWpGHODWDEOHGHFXLVVRQXQHIRLVTX
HOOHHVW
PRQWpH
*DUDQWLH XQH PDXYDLVH LQVWDOODWLRQ XQ PDXYDLV EUDQFKHPHQW RX
XQ PRQWDJH LQDGDSWp SHXYHQW FRQGXLUH j OD SHUWH GH YDOLGLWp GH OD
JDUDQWLHGXSURGXLW
5HPDUTXH 7RXWHPDQLSXODWLRQjO
LQWpULHXUGHO
DSSDUHLO\
FRPSULVOHUHPSODFHPHQWGXFkEOHG
DOLPHQWDWLRQGHYUDrWUH
HIIHFWXpHSDUGXSHUVRQQHOWHFKQLTXHGXVHUYLFHG
DVVLVWDQFH
WHFKQLTXHD\DQWUHoXXQHIRUPDWLRQVSpFLILTXH
■
0RQWHUO
DSSDUHLOILJXUHV 5HPDUTXH 3RXUO
HQFDVWUHPHQWGHO
DSSDUHLOXWLOLVHUGHVJDQWV
GHSURWHFWLRQ/HVVXUIDFHVQRQYLVLEOHVSHXYHQWSUpVHQWHUGHV
DUrWHVFRXSDQWHV
(QFDVG
DSSDUHLOVDQVFkEOHSUpLQVWDOOpLQWURGXLUHOHFkEOH
VHFWHXUGDQVODSULVHGHUDFFRUGHPHQW
5HWRXUQHUODWDEOHGHFXLVVRQHWSODFHUXQFKLIIRQRXXQHDXWUH
VXUIDFHVXUOHIRQGGHO
HPEDOODJHSRXUpYLWHUWRXWHUD\XUH
6RXOHYHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQWjO
DLGHG
XQ
WRXUQHYLV ILJXUH 'HVVHUUHUODYLVGHIL[DWLRQHWVRXOHYHUOHFROOLHUGHVHUUDJHj
O
DLGHG
XQWRXUQHYLV ILJXUH
(IIHFWXHUOHUDFFRUGHPHQWjODSULVHGHUDFFRUGHPHQW
XQLTXHPHQWFRQIRUPpPHQWjODILJXUH ILJXUH %1 PDUURQ
%8 EOHX
*1<( MDXQHHWYHUW
%. QRLU
*< JULV
5HPDUTXHV
■ /RUVTXHOHUDFFRUGHPHQWHVWHIIHFWXpVHORQOHVFKpPDGH
UDFFRUGHPHQW/1aLOFRQYLHQWGHPRGLILHUODGLVSRVLWLRQ
GHVSRQWVGHIDoRQFRUUHVSRQGDQWHDXVFKpPDGH
UDFFRUGHPHQW
■ 9HLOOHU j FH TXH OHV YLV VRLHQW VROLGHPHQW IL[pHV VXU OD SULVH GH
UDFFRUGHPHQWDSUqVDYRLUUDFFRUGpOHFkEOH
)L[HU OH FkEOH VHFWHXU DYHF OH FROOLHU GH VHUUDJH HW VHUUHU OD YLV GH
IL[DWLRQ ILJXUH D
)HUPHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQW
5HPDUTXH 'LVSRVHUOHVFkEOHVGDQVODSDUWLHFHQWUDOHGHOD
SULVHGHUDFFRUGHPHQWDILQGHIDFLOLWHUODIHUPHWXUH
6L OH FkEOH VHFWHXU LQWHUIqUH DYHF OH WLURLU IL[HU OH FkEOH j OD SDUWLH
LQIpULHXUHGHODWDEOHGHFXLVVRQjO
DLGHGXVHUUHFkEOHMRLQW
ILJXUH E
5HPDUTXH 6LYRXVDYH]EHVRLQG
XQFRUGRQG
DOLPHQWDWLRQ
VHFWHXUSOXVORQJYHXLOOH]FRQWDFWHUOHVHUYLFHDSUqVYHQWH,O
H[LVWHGHVFRUGRQVG
DOLPHQWDWLRQVHFWHXUMXVTX
j PqWUHVGH
ORQJXHXU
0RQWHUODWDEOHGHFXLVVRQILJXUH 0RQWHUOHVUDLOVGHIL[DWLRQ
² 6LOHVUDLOVGHIL[DWLRQVRQWGpMjPRQWpVOHVUHWLUHUHWHQ
PRQWHUGHQRXYHDX[
² (QFDVGHSODQVGHWUDYDLOFDUUHOpVXWLOLVHUOHVDOpVDJHV
WDUDXGpVLQIpULHXUV
² (QFDVGHSODQVGHWUDYDLOHQSLHUUHFROOHUOHVUDLOVGHIL[DWLRQ
XWLOLVHUSRXUFHODXQHFROOHUpVLVWDQWHjODWHPSpUDWXUH
DSSURSULpHSRXUOHFROODJHGHPpWDX[HWGHSLHUUH
,QVpUHUO
DSSDUHLOGDQVODQLFKHG
HQFDVWUHPHQW
■ 1HSDVFRLQFHUOHFkEOHVHFWHXUQHSDVOHWLUHUDXGHVVXV
G
DUrWHVFRXSDQWHV(QFDVGHIRXULQVWDOOpHQGHVVRXVIDLUH
SDVVHUOHFkEOHDXQLYHDXGHVFRLQVDUULqUHGXIRXUMXVTX
jOD
SULVHGHUDFFRUGHPHQW/HFkEOHGRLWrWUHLQVWDOOpGHPDQLqUHj
QHWRXFKHUDXFXQH]RQHFKDXGHGHODWDEOHGHFXLVVRQRXGX
IRXU
■ (QFDVGHSODQGHWUDYDLOFDUUHOppWDQFKpLILHUOHVMRLQWVGX
FDUUHODJHDYHFXQMRLQWHQVLOLFRQH
5DFFRUGHUO
DSSDUHLOILJXUH
■ 3RXUODWHQVLRQ YRLUODSODTXHVLJQDOpWLTXH
■ 3URFpGHUDXUDFFRUGHPHQWXQLTXHPHQWVHORQOHVFKpPDGH
UDFFRUGHPHQW %1 PDUURQ
%8 EOHX
*1<( MDXQHHWYHUW
%. QRLU
*< JULV
■ 6HORQOHW\SHGHUDFFRUGHPHQWODGLVSRVLWLRQGHVERUQHV
IRXUQLHVSDUO
XVLQHGRLWpYHQWXHOOHPHQWrWUHPRGLILpH3RXUFH
IDLUHLOIDXWpYHQWXHOOHPHQWUDFFRXUFLUOHVERUQHVHWHQOHYHU
O
LVRODQWSRXUXWLOLVHUXQHERUQHUHOLDQWGHX[FkEOHV
3UpSDUDWLRQGHVPHXEOHVILJXUH 0HXEOHV HQFDVWUpV FDSDEOHV GH UpVLVWHU j XQH WHPSpUDWXUH G
DX
PRLQV ƒ&
&UHX[G
HQFDVWUHPHQW UHWLUHUOHVFRSHDX[GXVjODGpFRXSH
6XUIDFHV GH GpFRXSH VFHOOHU j O
DLGH G
XQ PDWpULDX UpVLVWDQW j OD
FKDOHXU
0RQWDJHVXUWLURLUVFKpPD D
3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH PP
9HQWLODWLRQ ODGLVWDQFHHQWUHODVXUIDFHGXSODQGHWUDYDLOHWOD
SDUWLHVXSpULHXUHGXWLURLUGRLWrWUHGH PP
5HPDUTXH 8WLOLVH]XQIRQGGHVpSDUDWLRQHQERLVVLOHWLURLU
FRQWLHQWGHVREMHWVPpWDOOLTXHVTXLV
pFKDXIIHQWjFDXVHGHOD
FLUFXODWLRQGHO
DLUORUVGHODYHQWLODWLRQGHODWDEOHGHFXLVVRQRX
V
LOFRQWLHQWGHSHWLWVREMHWVPpWDOOLTXHVHWSRLQWXVFRPPHSDU
H[HPSOHGHVEURFKHWWHV ILJXUH /DWDEOHGHFXLVVRQHVWGRWpHG
XQYHQWLODWHXUVRXVOHGHVVRXV
6DQVSODQFKHULQWHUPpGLDLUHYRXVQHGHYH]VWRFNHUDXFXQSHWLW
REMHW SRLQWX HQ SDSLHU QL DXFXQH VHUYLHWWH HQ SDSLHU &HOD SRXUUDLW
HPSrFKHUOHUHIURLGLVVHPHQWRXHQGRPPDJHUOHYHQWLODWHXUSDU
DVSLUDWLRQ(QWUHOHFRQWHQXGXWLURLUHWO
HQWUpHGXYHQWLODWHXUXQH
GLVWDQFHPLQLPDOHGH FPGRLWrWUHUHVSHFWpH
0RQWDJHVXUIRXUVFKpPD E
3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH PP
5HPDUTXH 9HXLOOH]FRQVXOWHUODQRWLFHGHPRQWDJHGXIRXUVLOD
GLVWDQFHHQWUHODWDEOHGHFXLVVRQHWOHIRXUGRLWrWUHDJUDQGLH
9HQWLODWLRQ/DGLVWDQFHHQWUHOHIRXUHWODWDEOHGHFXLVVRQGRLW
rWUHG
DXPRLQVPP
5HPDUTXH 6LODWDEOHGHFXLVVRQHVWLQVWDOOpHDXGHVVXVG
XQ
IRXUG
XQHDXWUHPDUTXHXQIRQGGHVpSDUDWLRQHQERLVGRLWrWUH
XWLOLVp ILJXUH
9HQWLODWLRQILJXUH $ILQ GH JDUDQWLU XQ IRQFWLRQQHPHQW FRUUHFW GH O
DSSDUHLO OD WDEOH GH
FXLVVRQGRLWrWUHVXIILVDPPHQWYHQWLOpH
eWDQW GRQQp TXH OD YHQWLODWLRQ GDQV OD SDUWLH LQIpULHXUH GH O
DSSDUHLO
UHTXLHUW XQH DPHQpH G
DLU IUDLV VXIILVDQWH OHV PHXEOHV GRLYHQW rWUH
DGDSWpVHQFRQVpTXHQFH,OFRQYLHQWSRXUFHIDLUHGHSURFpGHU
FRPPHVXLW ■ XQHGLVWDQFHPLQLPDOHHQWUHOHGRVGXPHXEOHHWOHPXUGHOD
FXLVLQHHWHQWUHODVXUIDFHGXSODQGHWUDYDLOHWODSDUWLH
VXSpULHXUHGXWLURLU ILJXUH D
■ XQHRXYHUWXUHHQKDXWjO
DUULqUHGXPHXEOH ILJXUH E
■ 6L OD GLVWDQFH PLQLPDOH GH PP Q
HVW SDV UHVSHFWpH j O
DUULqUH
GXPHXEOHXQHRXYHUWXUHGRLWrWUHFUppHDXIRQG ILJXUH F
5HPDUTXH 9pULILFDWLRQGHODGLVSRQLELOLWpGHVHUYLFH VL —…‹‹
“‹†‚„ RX “DSSDUDvWGDQVO
DIILFKDJHGHO
DSSDUHLOFHGHUQLHU
*DUDQ]LDODJDUDQ]LDGHOSURGRWWRQRQqYDOLGDVHO
LQVWDOOD]LRQH
ODFRQQHVVLRQHRLOPRQWDJJLRYHQJRQRHIIHWWXDWLLQPDQLHUD
LPSURSULD
$YYHUWHQ]D 4XDOVLDVLWLSRGLPDQLSROD]LRQHDOO
LQWHUQR
GHOO
DSSDUHFFKLR LQFOXVD OD VRVWLWX]LRQH GHO FDYR GL DOLPHQWD]LRQH
GHYH HVVHUH HIIHWWXDWD HVFOXVLYDPHQWH GD SHUVRQDOH GHO VHUYL]LR GL
DVVLVWHQ]DWHFQLFDGHELWDPHQWHIRUPDWR
Q
HVWSDVFRUUHFWHPHQWUDFFRUGp'pEUDQFKHUO
DSSDUHLOGH
O
DOLPHQWDWLRQVHFWHXUHWYpULILHUFkEOHG
DOLPHQWDWLRQ
'pPRQWDJHGHO
DSSDUHLO
'pEUDQFKH]O·DSSDUHLOGXUpVHDXpOHFWULTXH
: 5LVTXHG·pOHFWURFXWLRQ /RUVTXHODWDEOHGHFXLVVRQHVWGpEUDQFKpHGXVHFWHXULOSHXW\
DYRLU XQ UHWRXU GH WHQVLRQ DX QLYHDX GHV ERUQHV /H UDFFRUGHPHQW
pOHFWULTXHGRLWXQLTXHPHQWrWUHUpDOLVpSDUXQVSpFLDOLVWH
FRQFHVVLRQQDLUH
$SSX\H]VXUODWDEOHGHFXLVVRQSDUGHVVRXVHWUHWLUH]OD
$WWHQWLRQ
'RPPDJHVVXUO
DSSDUHLO 1HWHQWH]SDVGHUHWLUHUO
DSSDUHLOHQ
IDLVDQWOHYLHUSRXUOHVRXOHYHUYHUVOHKDXW
3UHSDUD]LRQHGHLPRELOLILJXUD it
â ,VWUX]LRQLSHULOPRQWDJJLR
,QGLFD]LRQLLPSRUWDQWL
6LFXUH]]DODVLFXUH]]DGXUDQWHO
XVRqJDUDQWLWDVRORVH
O
LQVWDOOD]LRQHqVWDWDHIIHWWXDWDLQPRGRFRUUHWWRGDOSXQWRGLYLVWD
WHFQLFR H LQ FRQIRUPLWj FRQ OH SUHVHQWL LVWUX]LRQL SHU LO PRQWDJJLR ,
GDQQLFDXVDWLGDXQPRQWDJJLRLQDGHJXDWRVDUDQQRGL
UHVSRQVDELOLWjGHOO
LQVWDOODWRUH
$VHJXLWRGHOO
LQVWDOOD]LRQHDFFHUWDUVLFKHO
XWLOL]]DWRUHQRQDEELD
DFFHVVRDLFRPSRQHQWLHOHWWULFL
ËFRQVHQWLWRXWLOL]]DUHTXHVWRDSSDUHFFKLRILQRDGDOWH]]HGL
PHWUL
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/
DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
&ROOHJDPHQWR HOHWWULFR SXz HVVHUH HIIHWWXDWR VROR GD XQ WHFQLFR
VSHFLDOL]]DWRDXWRUL]]DWRËRSSRUWXQRULVSHWWDUHOHGLVSRVL]LRQL
GHOODVRFLHWjGLIRUQLWXUDGLHQHUJLDHOHWWULFDORFDOH
/
DSSDUHFFKLRGHYHHVVHUHFROOHJDWRDXQ
LQVWDOOD]LRQHILVVDHLQ
FRQIRUPLWjDOOHQRUPHUHODWLYHDOO
LQVWDOOD]LRQHGHYRQRHVVHUH
SUHGLVSRVWLLFRUULVSRQGHQWLVH]LRQDWRUL
/D PDJJLRUH LPSHGHQ]D FRQVHQWLWD GHO FROOHJDPHQWR HOHWWULFR q GL
2KP͋+
7LSRGLFROOHJDPHQWRO
DSSDUHFFKLRDSSDUWLHQHDOODFODVVHGL
SURWH]LRQH ,HSXzHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHLQ
FRPELQD]LRQH FRQ XQD FRQQHVVLRQH GRWDWD GL FRQGXWWRUH GL PHVVD
DWHUUD
,OIDEEULFDQWHQRQqUHVSRQVDELOHGHOIXQ]LRQDPHQWRLQDGHJXDWRH
GHLSRVVLELOLGDQQLFDXVDWLGDLQVWDOOD]LRQLHOHWWULFKHQRQDGHJXDWH
&DYRGLUHWHqSRVVLELOHFKHVLDJLjFROOHJDWRDOODVFDWRODGL
DOODFFLDPHQWRGHOSLDQRFRWWXUDRSSXUHYLHQHIRUQLWRLQVLHPH
DOO
DSSDUHFFKLRHGHYHHVVHUHLQVWDOODWRHVFOXVLYDPHQWHGDXQ
HVSHUWRDXWRUL]]DWRRGDOSHUVRQDOHGHELWDPHQWHTXDOLILFDWRGHO
VHUYL]LRGLDVVLVWHQ]DFOLHQWL,GDWLQHFHVVDULSHUO
DOODFFLDPHQWR
VRQRLQGLFDWLVXOODWDUJKHWWDGLLGHQWLILFD]LRQHHVXOORVFKHPDGL
DOODFFLDPHQWR
8WLOL]]DUHHVFOXVLYDPHQWHLOFDYRIRUQLWRLQGRWD]LRQHLQVLHPH
DOO
DSSDUHFFKLRRFRQVHJQDWRGDOVHUYL]LRGLDVVLVWHQ]DWHFQLFD
0RQWDJJLR VRWWR LO SLDQR GL ODYRUR ,O SLDQR GL ODYRUR D LQGX]LRQH
SXzHVVHUHLQVWDOODWRVRORVXFDVVHWWLRIRUQLFRQYHQWLOD]LRQH
IRU]DWD $O GL VRWWR GHO SLDQR GL FRWWXUD QRQ SRVVRQR HVVHUH PRQWDWL
IULJRULIHULODYDVWRYLJOLHIRUQLVHQ]DVLVWHPDGLDHUD]LRQHR
ODYDWULFL
&HQWURGLDVSLUD]LRQHODGLVWDQ]DWUDLOFHQWURGLDVSLUD]LRQHHLO
SLDQRGLFRWWXUDGHYHFRUULVSRQGHUHDOPHQRDOODGLVWDQ]DLQGLFDWD
SHULOFHQWURGLDVSLUD]LRQHQHOOHLVWUX]LRQLSHULOPRQWDJJLR
3LDQRGLODYRURSLDWWRRUL]]RQWDOHHVWDELOH$WWHQHUVLDOOH
LVWUX]LRQLGHOIDEEULFDQWHGHOSLDQRGLODYRUR
6HORVSHVVRUHGHOSLDQRGLODYRURDOO
LQWHUQRGHOTXDOHYLHQH
LQFDVVDWRLOSLDQRGLFRWWXUDQRQFRUULVSRQGHDLUHTXLVLWLULFKLHVWL
ULQIRU]DUHLOSLDQRGLODYRURFRQPDWHULDOHUHIUDWWDULRHUHVLVWHQWH
DOO
DFTXDILQRDUDJJLXQJHUHORVSHVVRUHPLQLPRFRQVLJOLDWR,Q
FDVRFRQWUDULRQRQYLHQHJDUDQWLWDXQDVXIILFLHQWHVWDELOLWj
■ ,OSLDQRGLODYRURDOO
LQWHUQRGHOTXDOHYLHQHLQFDVVDWRLOSLDQRGL
FRWWXUDGHYHHVVHUHLQJUDGRGLVRVWHQHUHFDULFKLGLFD NJ
■ &RQWUROODUH OD SODQDULWj GHO SLDQR GL FRWWXUD VROR GRSR FKH q VWDWR
LQFDVVDWR
0RELOLDGLQFDVVRUHVLVWHQWLDXQDWHPSHUDWXUDPLQLPDGLƒ&
)RURULPXRYHUHLWUXFLROLGRSROHRSHUD]LRQLGLWDJOLR
6XSHUILFLGLWDJOLRFKLXGHUOHHUPHWLFDPHQWHFRQPDWHULDOH
UHVLVWHQWHDOFDORUH
0RQWDJJLRVRSUDLOFDVVHWWRILJXUD D
,OSLDQRGLODYRURGHYHDYHUHXQRVSHVVRUHPLQLPRGL PP
6LVWHPDGLDHUD]LRQHODGLVWDQ]DWUDODVXSHUILFLHGHOSLDQRGL
ODYRURHODSDUWHVXSHULRUHGHOFDVVHWWRGHYHHVVHUHGL PP
$YYHUWHQ]D 8WLOL]]DUHXQULSLDQRLQWHUPHGLRLQOHJQRVHQHO
FDVVHWWRVLSRVVRQRVXUULVFDOGDUHRJJHWWLPHWDOOLFLDFDXVDGHO
ULFLUFRORGHOO
DULDGXUDQWHO
DHUD]LRQHGHOSLDQRFRWWXUDRVHLQ
TXHVWRFDVVHWWRYHQJRQRFRQVHUYDWLRJJHWWLPHWDOOLFLSLFFROLH
DSSXQWLWLFRPHDGHVHPSLRVWHFFKLQLSHUVSLHGLQL ILJXUD
,OSLDQRGLFRWWXUDGLVSRQHGLXQDYHQWRODSRVWDQHOODSDUWH
LQIHULRUH,QXQFDVVHWWRVHQ]DULSLDQRLQWHUPHGLRQRQGHYRQR
HVVHUHFRQVHUYDWLSLFFROLRJJHWWLDSSXQWLWLFDUWDRFDQRYDFFL
3RWUHEEHHVVHUHFRPSURPHVVRLOSURFHVVRGLUDIIUHGGDPHQWRR
O
DVSLUD]LRQHGHOODYHQWROD7UDLOFRQWHQXWRGHOFDVVHWWRH
O
LQJUHVVRGHOODYHQWRODGHYHHVVHUHULVSHWWDWDXQDGLVWDQ]D
PLQLPDGLFP
0RQWDJJLRVXIRUQRILJXUDE
,OSLDQRGLODYRURGHYHDYHUHXQRVSHVVRUHPLQLPRGL PP
$YYHUWHQ]D &RQWUROODUH QHOOH LVWUX]LRQL SHU LO PRQWDJJLR GHO IRUQR
VHODGLVWDQ]DWUDSLDQRFRWWXUDHIRUQRGHYHHVVHUHDXPHQWDWD
9HQWLOD]LRQH OD GLVWDQ]D WUD IRUQR H SLDQR GL FRWWXUD GHYH HVVHUH GL
DOPHQRPP
$YYHUWHQ]D 6HLOSLDQRFRWWXUDYLHQHPRQWDWRVXXQIRUQRGL
XQ
DOWUDPDUFDqQHFHVVDULRXWLOL]]DUHXQULSLDQRLQWHUPHGLRLQ
OHJQR ILJXUD
9HQWLOD]LRQHILJXUD 3HU JDUDQWLUH LO FRUUHWWR IXQ]LRQDPHQWR GHOO
DSSDUHFFKLR LO SLDQR GL
FRWWXUDGHYHHVVHUHDGHJXDWDPHQWHDHUDWR
3RLFKp LO VLVWHPD GL DHUD]LRQH QHOOD SDUWH LQIHULRUH GHOO
DSSDUHFFKLR
QHFHVVLWDGLXQVXIILFLHQWHDSSRUWRGLDULDSXOLWDLPRELOLGHYRQR
HVVHUHSUHGLVSRVWLLQPRGRDGHJXDWR$WDOHVFRSRqQHFHVVDULR
TXDQWRVHJXH
■ XQDGLVWDQ]DPLQLPDWUDLOUHWURGHOPRELOHHODSDUHWHGHOOD
FXFLQDHWUDODVXSHUILFLHGHOSLDQRGLODYRURHODSDUWHVXSHULRUH
GHOFDVVHWWR ILJXUD D
■ XQ
DSHUWXUDLQDOWRVXOUHWURGHOPRELOH ILJXUD E
■ 6HQRQqSUHVHQWHODGLVWDQ]DPLQLPDGLPPVXOUHWURGHO
PRELOH GHYH HVVHUH SUHGLVSRVWD XQ
DSHUWXUD QHOOD SDUWH LQIHULRUH
ILJXUD F
$YYHUWHQ]H
■ 6H O
DSSDUHFFKLR YLHQH PRQWDWR LQ XQD FXFLQD D LVROD R LQ XQ
DOWUD
FROORFD]LRQHQRQGHVFULWWDLQTXHVWRPDQXDOHqQHFHVVDULR
SURYYHGHUHDXQ
DHUD]LRQHDGHJXDWDGHOSLDQRGLFRWWXUD
■ 1RQFKLXGHUHHUPHWLFDPHQWHOR]RFFRORLQIHULRUH
0RQWDJJLRGHOO
DSSDUHFFKLRILJXUH $YYHUWHQ]D 3HULOPRQWDJJLRGHOSLDQRGLFRWWXUDXVDUHJXDQWL
SURWHWWLYL/HVXSHUILFLQRQYLVLELOLSRWUHEEHURSUHVHQWDUHERUGL
WDJOLHQWL
1HJOL DSSDUHFFKL VHQ]D FDYR SUHLQVWDOODWR LQWURGXUUH LO FDYR GL
UHWHQHOODSUHVDGLFROOHJDPHQWR
&DSRYROJHUHLOSLDQRGLFRWWXUDHGHSRVLWDUORVXOIRQGR
GHOO
LPEDOODJJLR VX XQ SDQQR R VX XQ
DOWUD VXSHUILFLH SHU HYLWDUH
GLJUDIILDUOR
6ROOHYDUHLOFRSHUFKLRGHOODSUHVDGLFROOHJDPHQWRFRQO
DLXWRGL
XQFDFFLDYLWH ILJXUD $OOHQWDUH OD YLWH GL ILVVDJJLR H VROOHYDUH OD IDVFHWWD VWULQJLWXER FRQ
O
DLXWRGLXQFDFFLDYLWH ILJXUD
nl
(IIHWWXDUHO
DOODFFLDPHQWRDOODSUHVDGLFROOHJDPHQWR
HVFOXVLYDPHQWHLQFRQIRUPLWjDTXDQWRPRVWUDWRLQILJXUD
ILJXUD %1PDUURQH
%8EOX
*1<(JLDOORHYHUGH
%.QHUR
*<JULJLR
$YYHUWHQ]H
■ 6HO
DOODFFLDPHQWRYLHQHHVHJXLWRVHFRQGRORVFKHPDGL
FROOHJDPHQWR/1aODGLVSRVL]LRQHGHLSRQWLFHOOLGHYH
HVVHUHPRGLILFDWDVHFRQGRORVFKHPD
■ 3UHVWDUHDWWHQ]LRQHDFKHOHYLWLVXOODSUHVDGLFROOHJDPHQWR
YHQJDQRVHUUDWHGRSRLOFROOHJDPHQWRGHLFDYL
)LVVDUH LO FDYR GL UHWH FRQ OD IDVFHWWD VWULQJLWXER H VHUUDUH OD YLWH
GLILVVDJJLR ILJXUD D
&KLXGHUHLOFRSHUFKLRGHOODSUHVDGLFROOHJDPHQWR
$YYHUWHQ]D 'LVSRUUHLOFDYRQHOODSDUWHLQWHUQDGHOODSUHVDGL
FROOHJDPHQWRSHUIDFLOLWDUQHODFKLXVXUD
6H LO FDYR GL UHWH LQWHUIHULVFH FRQ LO FDVVHWWR ILVVDUH LO FDYR QHOOD
SDUWHLQIHULRUHGHOSLDQRGLFRWWXUDVHUYHQGRVLGHOODIDVFHWWD
VHUUDFDYLIRUQLWDLQGRWD]LRQH ILJXUDE
$YYHUWHQ]D 6HqQHFHVVDULRXQFDYRGLFROOHJDPHQWRDOODUHWH
HOHWWULFDSLOXQJRVLSUHJDGLFRQWDWWDUHLOVHUYL]LRGLDVVLVWHQ]D
FOLHQWL6RQRDGLVSRVL]LRQHFDYLGLFROOHJDPHQWRILQRDPGL
OXQJKH]]D
,QVHULPHQWRGHOSLDQRGLFRWWXUDILJXUD 0RQWDUHOHJXLGHGLVXSSRUWR
² 6HOHJXLGHGLVXSSRUWRVRQRJLjPRQWDWHULPXRYHUOHH
PRQWDUHTXHOOHQXRYH
² 3HULSLDQLGLODYRURSLDVWUHOODWLXWLOL]]DUHLIRULILOHWWDWLLQIHULRUL
² 3HU L SLDQL GL ODYRUR LQ SLHWUD LQFROODUH OH JXLGH XWLOL]]DUH D WDOH
VFRSRGHOO
DGHVLYRUHVLVWHQWHDOFDORUHHDGDWWRDLQFROODUH
PHWDOORHSLHWUD
,QVHULUHO
DSSDUHFFKLRQHOODQLFFKLDG
LQFDVVR
■ )DUHLQPRGRFKHLOFDYRGLUHWHQRQULPDQJDLQFDVWUDWRHQRQ
SDVVLVXVSLJROLYLYL,QFDVRGLIRUQLVRWWRVWDQWLSRUWDUHLOFDYR
DOODSUHVDGLFROOHJDPHQWRIDFHQGRORSDVVDUHGDOO
DQJROR
SRVWHULRUHGHOIRUQR,OFDYRGHYHHVVHUHSRVL]LRQDWRLQPRGR
FKHQRQHQWULLQFRQWDWWRFRQDOFXQD]RQDFDOGDGHOSLDQRGL
FRWWXUDRGHOIRUQR
■ ,QFDVRGLSLDQLGLODYRURSLDVWUHOODWLFKLXGHUHDWHQXWDOHIXJKH
WUDOHSLDVWUHOOHPHGLDQWHJRPPDVLOLFRQLFD
$OODFFLDPHQWRGHOO
DSSDUHFFKLRILJXUD
■ 7HQVLRQHYHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH
■ (IIHWWXDUHO
DOODFFLDPHQWRHVFOXVLYDPHQWHLQFRQIRUPLWjDO
UHODWLYRVFKHPD
%1PDUURQH
%8EOX
*1<(JLDOORHYHUGH
%.QHUR
*<JULJLR
■ $ VHFRQGD GHO WLSR GL DOODFFLDPHQWR GHYH HVVHUH HYHQWXDOPHQWH
PRGLILFDWDODGLVSRVL]LRQHGHLPRUVHWWLIRUQLWLGLIDEEULFD$WDOH
VFRSRSRWUHEEHHVVHUHHYHQWXDOPHQWHQHFHVVDULRDFFRUFLDUHL
PRUVHWWL H ULPXRYHUH O
LVRODPHQWR SHU LPSLHJDUH XQ PRUVHWWR FKH
XQLVFHGXHFDYL
$YYHUWHQ]D 9HULILFDGHOORVWDWRRSHUDWLYRVHVXOGLVSOD\
GHOO
DSSDUHFFKLR FRPSDUH —…‹‹ “‹†‚„ R “ O
DSSDUHFFKLR QRQ
qFROOHJDWRFRUUHWWDPHQWH6WDFFDUHO
DSSDUHFFKLR
GDOO
DOLPHQWD]LRQHHOHWWULFDHYHULILFDUHO
DOODFFLDPHQWRGHOFDYR
HOHWWULFR
6PRQWDJJLRGHOO
DSSDUHFFKLR
6WDFFDUHO
DSSDUHFFKLRGDOODUHWHHOHWWULFD
: 3HULFRORGLVFRVVDHOHWWULFD
6WDFFDQGRLOIRUQRGDOODUHWHGRPHVWLFDLFDYLSRVVRQRFDXVDUH
XQDWHQVLRQHGLULWRUQR,OFROOHJDPHQWRHOHWWULFRGHYHHVVHUH
HVHJXLWRHVFOXVLYDPHQWHGDXQWHFQLFRVSHFLDOL]]DWRDXWRUL]]DWR
(VHUFLWDUH XQD IRU]D GDO EDVVR FRQWUR LO SLDQR FRWWXUD HG HVWUDUUH LO
SLDQRFRWWXUD
$WWHQ]LRQH
'DQQLDOO
DSSDUHFFKLR1RQWHQWDUHGLHVWUDUUHO
DSSDUHFFKLR
VROOHYDQGRORGDOO
DOWR
é ,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
9HLOLJKHLGGHYHLOLJKHLGJHGXUHQGHKHWJHEUXLNLVDOOHHQ
JHJDUDQGHHUG LQGLHQ GH PRQWDJH LQ WHFKQLVFK RS]LFKW RS FRUUHFWH
ZLM]HHQLQRYHUHHQVWHPPLQJPHWGLWLQVWDOODWLHYRRUVFKULIW
XLWJHYRHUGLV'HLQVWDOODWHXULVDDQVSUDNHOLMNYRRUVFKDGH
YHURRU]DDNWGRRUHHQRQJHVFKLNWHPRQWDJH
1DGHLQVWDOODWLHGLHQWHUYRRUWHZRUGHQJH]RUJGGDWGHJHEUXLNHU
JHHQWRHJDQJWRWGHHOHNWULVFKHFRPSRQHQWHQKHHIW
'LWDSSDUDDWLVWRHJHODWHQYRRUJHEUXLNWRWHHQKRRJWHWRW
PHWHU
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
(OHNWULVFKHDDQVOXLWLQJGH]HPDJDOOHHQZRUGHQXLWJHYRHUG
GRRUHHQEHYRHJGYDNPDQ'H]HZRUGWJHUHJHOGGRRUGH
YRRUVFKULIWHQYDQGHHOHNWULFLWHLWVPDDWVFKDSSLMYDQGH]RQH
+HWDSSDUDDWGLHQWRSHHQYDVWHLQVWDOODWLHWH]LMQDDQJHVORWHQHQ
GHEHWUHIIHQGHVFKHLGLQJVVFKDNHODDUVPRHWHQFRQIRUPGH
LQVWDOODWLHYRRUVFKULIWHQZRUGHQJHPRQWHHUG
'HPD[LPDDOWRHJHVWDQHVFKLMQZHHUVWDQGYDQGHHOHNWULVFKH
DDQVOXLWLQJOLJWELMRKP͋+
7\SH DDQVOXLWLQJ KHW DSSDUDDW EHKRRUW WRW EHVFKHUPLQJVNODVVH ,
HQPDJDOOHHQZRUGHQJHEUXLNWLQFRPELQDWLHPHWHHQDDQVOXLWLQJ
PHWDDUGJHOHLGLQJ
'HIDEULNDQWLVQLHWDDQVSUDNHOLMNYRRUGHRQJHVFKLNWHZHUNLQJHQ
GHPRJHOLMNHVFKDGHYHURRU]DDNWGRRURQJHVFKLNWHHOHNWULVFKH
LQVWDOODWLHV
1HWNDEHOGH]HLVPRJHOLMNDORSGHDDQVOXLWER[YDQGH
NRRNSODDWDDQJHVORWHQRILQEHJUHSHQELMGHOHYHULQJYDQKHW
DSSDUDDWHQPDJDOOHHQGRRUJHNZDOLILFHHUGSHUVRQHHORIHHQ
PHGHZHUNHUYDQGHVHUYLFHGLHQVWZRUGHQJHwQVWDOOHHUG'H
YHUHLVWHDDQVOXLWJHJHYHQVVWDDQRSKHWW\SHSODDWMHHQLQKHW
DDQVOXLWVFKHPD
$OOHHQGHELMKHWDSSDUDDWPHHJHOHYHUGHRIGRRUGHWHFKQLVFKH
VHUYLFHGLHQVWJHOHYHUGHNDEHOJHEUXLNHQ
0RQWDJHRQGHUKHWZHUNEODG'HLQGXFWLHNRRNSODDWNDQDOOHHQ
ZRUGHQJHwQVWDOOHHUGERYHQODGHQRIRYHQVPHWOXFKWYHQWLODWLH
2QGHUGHNRRNSODDWNXQQHQJHHQNRHONDVWHQYDDWZDVPDFKLQHV
RYHQV]RQGHUYHQWLODWLHRIZDVPDFKLQHVZRUGHQLQJHERXZG
$I]XLJNDS 'H DIVWDQG WXVVHQ GH DI]XLJNDS HQ GH NRRNSODDW GLHQW
WHQ PLQVWH WH YROGRHQ DDQ GH DIVWDQG GLH ZRUGW ZHHUJHJHYHQ LQ GH
PRQWDJHKDQGOHLGLQJYRRUGHDI]XLJNDS
:HUNEODGYODNKRUL]RQWDDOVWDELHO9ROJGHLQVWUXFWLHVYDQGH
IDEULNDQWYDQKHWZHUNEODGRS
:DQQHHUGHGLNWHYDQKHWZHUNEODGZDDULQGHNRRNSODDWZRUGW
JHPRQWHHUG QLHW DDQ GH YHUHLVWH PDDW YROGRHW PRHW KHW ZHUNEODG
PHWKLWWHHQZDWHUEHVWHQGLJPDWHULDDOZRUGHQYHUVWHYLJGWRWGH
DDQEHYROHQ PLQLPDOH GLNWH LV EHUHLNW $QGHUV NDQ JHHQ YROGRHQGH
VWDELOLWHLWZRUGHQJHJDUDQGHHUG
■ +HWZHUNEODGZDDULQGHNRRNSODDWZRUGWJHPRQWHHUGPRHW
EHVWDQG]LMQWHJHQHHQEHODVWLQJYDQFD NJ
■ &RQWUROHHUSDVRIGHNRRNSODDWYODNVWDDWDOVKLMLVJHPRQWHHUG
*DUDQWLHHHQRQJHVFKLNWHLQVWDOODWLHDDQVOXLWLQJRIPRQWDJH
KRXGWKHWYHUOLHVYDQGHJHOGLJKHLGYDQGHJDUDQWLHYDQKHW
SURGXFWLQ
$DQZLM]LQJ (ONH PDQLSXODWLH LQ KHW DSSDUDDW PHW LQEHJULS YDQ GH
YHUYDQJLQJYDQGHYRHGLQJVNDEHOPRHWZRUGHQXLWJHYRHUGGRRU
SHUVRQHHO YDQ GH 7HFKQLVFKH 'LHQVW PHW HHQ VSHFLILHNH RSOHLGLQJ
9RRUEHUHLGLQJYDQGHPHXEHOVDIEHHOGLQJ ,QERXZPHXEHOHQWHQPLQVWHEHVWDQGWHJHQHHQWHPSHUDWXXU
YDQƒ&
9ULMHUXLPWHYHUZLMGHUGHVSDDQGHUVQDGHVQLMZHUN]DDPKHGHQ
6QLMRSSHUYODNNHQDIGLFKWHQPHWKLWWHEHVWHQGLJPDWHULDDO
0RQWDJHRSGHODGHDIEHHOGLQJ D
:HUNEODGPRHWHHQGLNWHKHEEHQYDQWHQPLQVWH PP
9HQWLODWLH'HDIVWDQGWXVVHQKHWRSSHUYODNYDQKHWZHUNEODGHQ
GHERYHQNDQWYDQGHODGHPRHW PPEHGUDJHQ
$DQZLM]LQJ :DQQHHUPHWDOHQYRRUZHUSHQLQGHODGHWLMGHQVGH
YHQWLODWLHYDQGHNRRNSODDWZDUPZRUGHQRIDOVHULQGHODGH
NOHLQHSXQWLJHPHWDOHQYRRUZHUSHQZRUGHQEHZDDUG]RDOV
YOHHVVSLH]HQGLHQWHHQWXVVHQVFKRWYDQKRXWWHZRUGHQJHEUXLNW
$IE 'HNRRNSODDWEHVFKLNWDDQGHRQGHUNDQWRYHUHHQYHQWLODWRU
=RQGHUWXVVHQVFKRWPRJHQHULQGHODGHJHHQNOHLQHRISXQWLJH
YRRUZHUSHQSDSLHURIYDDWGRHNHQZRUGHQEHZDDUG'LWNDQ
LQYORHGKHEEHQRSGHNRHOLQJRIGHYHQWLODWRUNDQGRRUDDQ]XLJHQ
EHVFKDGLJG UDNHQ 7XVVHQ GH LQKRXG YDQ GH ODGH HQ GH YHQWLODWRU
LQJDQJPRHWHHQPLQLPDOHDIVWDQGYDQ FPZRUGHQ
DDQJHKRXGHQ
0RQWDJHRSHHQRYHQDIEHHOGLQJE
:HUNEODGPRHWHHQGLNWHKHEEHQYDQWHQPLQVWH PP
$DQZLM]LQJ :DQQHHU GH DIVWDQG WXVVHQ NRRNSODDW HQ RYHQ JURWHU
PRHW]LMQUDDGSOHHJGDQKHWLQVWDOODWLHYRRUVFKULIWELMGHRYHQ
9HQWLODWLHGHDIVWDQGWXVVHQGHRYHQHQGHNRRNSODDWGLHQW
PLQVWHQVPPWHEHGUDJHQ
$DQZLM]LQJ :RUGWGHNRRNSODDWLQJHERXZGERYHQHHQRYHQYDQ
HHQDQGHUPHUNGDQGLHQWHHQWXVVHQVFKRWYDQKRXWWHZRUGHQ
JHEUXLNW $IE
9HQWLODWLHDIEHHOGLQJ 2PHHQMXLVWHZHUNLQJYDQKHWDSSDUDDWWHJDUDQGHUHQPRHWGH
NRRNSODDWQDDUEHKRUHQZRUGHQJHYHQWLOHHUG
2PGDWYRRUGHYHQWLODWLHRQGHULQKHWDSSDUDDWHHQYROGRHQGH
DDQYRHUYDQYHUVHOXFKWYHUHLVWLVPRHWHQGHPHXEHOVKLHURS
EHUHNHQG]LMQ+LHUYRRULVKHWYROJHQGHYHUHLVW
■ HHQPLQLPDOHDIVWDQGWXVVHQGHDFKWHUNDQWYDQKHWPHXEHOHQ
GH NHXNHQZDQG HQ WXVVHQ KHW RSSHUYODN YDQ KHW ZHUNEODG HQ GH
ERYHQNDQWYDQGHODGH $IE D
■ HHQ RSHQLQJ ERYHQ DDQ GH DFKWHUNDQW YDQ KHW PHXEHO $IE E
■ LQGLHQ DDQ GH DFKWHUNDQW YDQ KHW PHXEHO JHHQ PLQLPDOH DIVWDQG
YDQPPDDQZH]LJLVPRHWGHRQGHUNDQWYDQHHQRSHQLQJ
ZRUGHQYRRU]LHQ $IE F
$DQZLM]LQJHQ
■ :DQQHHUKHWDSSDUDDWLQHHQNHXNHQHLODQGRIRSHHQDQGHUH
QLHWEHVFKUHYHQSODDWVZRUGWLQJHERXZGGLHQWGHNRRNSODDW
YRRU]LHQWH]LMQYDQHHQSDVVHQGHYHQWLODWLH
■ 'HRQGHUVWHSOLQWQLHWKHUPHWLVFKDIVOXLWHQ
$SSDUDDWLQERXZHQDIE $DQZLM]LQJ %LMKHWLQERXZHQYDQGHNRRNSODDWGLHQWX
YHLOLJKHLGVKDQGVFKRHQHQWHGUDJHQ'HQLHW]LFKWEDUH
RSSHUYODNNHQNXQQHQVFKHUSHNDQWHQKHEEHQ
%LM DSSDUDWHQ ]RQGHU YRRUDI JHwQVWDOOHHUGH NDEHO GH QHWNDEHO
LQGHDDQVOXLWGRRVVWHNHQ
'HNRRNSODDWRPGUDDLHQHQRSGHYHUSDNNLQJHHQGRHNRIHHQ
DQGHURSSHUYODNOHJJHQRPNUDVVHQWHYRRUNRPHQ
+HWGHNVHOYDQGHDDQVOXLWGRRVPEYHHQVFKURHYHQGUDDLHU
RSWLOOHQ $IE 'HEHYHVWLJLQJVVFKURHIORVGUDDLHQHQGHVODQJNOHPPEYHHQ
VFKURHYHQGUDDLHURSWLOOHQ $IE
$OOHHQDDQVOXLWHQYROJHQVGHDIEHHOGLQJRSGHFRQWDFWGRRV
$IE %1%UXLQ
%8%ODXZ
*1<(*HHOHQJURHQ
%.=ZDUW
*<*ULMV
$DQZLM]LQJHQ
■ :DQQHHUGHDDQVOXLWLQJZRUGWXLWJHYRHUGYROJHQVKHW
DDQVOXLWVFKHPD/1aGLHQWGHSODDWVLQJYDQGHEUXJJHQ
DDQGHKDQGYDQKHWVFKHPDWHZRUGHQYHUDQGHUG
■ /HWHURSGDWGHVFKURHYHQYDQGHFRQWDFWGRRVQDGDWGH
NDEHOV]LMQDDQJHVORWHQZRUGHQYDVWJHGUDDLG
'HYRHGLQJVNDEHOPHWGHVODQJNOHPEHYHVWLJHQHQGH
EHYHVWLJLQJVVFKURHIDDQWUHNNHQ $IE D
'HGHNVHOYDQGHFRQWDFWGRRVVOXLWHQ
$DQZLM]LQJ 'H NDEHOV LQ KHW PLGGHOVWH GHHO YDQ GH FRQWDFWGRRV
SODDWVHQRPKHWVOXLWHQWHYHUJHPDNNHOLMNHQ
:DQQHHUGHQHWNDEHOLQWHUIHUHHUWPHWGHELMJHYRHJGH
NDEHOELQGHUGHNDEHOPHWGHELMJHYRHJGHNDEHOELQGHU
EHYHVWLJHQDDQGHRQGHUNDQWYDQGHNRRNSODDW $IE E
$DQZLM]LQJ ,VHUHHQODQJHUHQHWNDEHOQRGLJQHHPGDQFRQWDFW
RSPHWGHVHUYLFHGLHQVW(U]LMQNDEHOVWRW PEHVFKLNEDDU
.RRNSODDWLQEUHQJHQDIE %HYHVWLJLQJVUDLOVDDQEUHQJHQ
² :DQQHHUHUDOEHYHVWLJLQJVUDLOV]LMQDDQJHEUDFKWGH]H
YHUZLMGHUHQHQQLHXZHDDQEUHQJHQ
² %LMEHWHJHOGHZHUNSODWHQGHRQGHUVWHGUDDGERULQJHQ
JHEUXLNHQ
² %LMZHUNEODGHQYDQVWHHQGHUDLOVYDVWOLMPHQJHEUXLNKLHUYRRU
KLWWHEHVWHQGLJHOLMPGLHJHVFKLNWLVYRRUKHWYHUOLMPHQYDQ
PHWDDOHQVWHHQ
+HWDSSDUDDWLQGHLQERXZQLVVFKXLYHQ
■ =RUJHUYRRUGDWGHYRHGLQJVNDEHOQLHWEHNOHPGUDDNWHQQLHW
RYHUVFKHUSHUDQGHQZRUGWJHOHLG,VHUHHQRYHQRQGHUGH
NRRNSODDWJHSODDWVWGDQGHNDEHOYLDGHDFKWHUVWHKRHNHQYDQ
GH RYHQ QDDU GH DDQVOXLWGRRV OHLGHQ 'H OHLGLQJ PRHW ]R ZRUGHQ
JHwQVWDOOHHUGGDWHUJHHQFRQWDFWZRUGWJHPDDNWPHWKHWH
SODDWVHQYDQGHNRRNSODDWRIGHRYHQ
■ %LMEHWHJHOGHZHUNEODGHQGHYRHJHQYDQGHWHJHOVDIGLFKWHQ
PHWVLOLFRQHQUXEEHU
$SSDUDDWDDQVOXLWHQDIE
■ 6SDQQLQJ]LHKHWW\SHSODDWMH
■ 8LWVOXLWHQGDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD
%1%UXLQ
%8%ODXZ
*1<(*HHOHQJURHQ
%.=ZDUW
*<*ULMV
■ $IKDQNHOLMNYDQGHDDQVOXLWZDDUGHPRHWHYHQWXHHOGHSODDWVLQJ
YDQGHGRRUGHIDEULHNJHOHYHUGHNOHPPHQZRUGHQYHUDQGHUG
+LHUYRRULVKHWZHOOLFKWQRGLJGHNOHPPHQLQWHNRUWHQHQGH
LVRODWLH WH YHUZLMGHUHQ ]RGDW HHQ NOHP NDQ ZRUGHQ DDQJHEUDFKW
GLHWZHHNDEHOVYHUELQGW
$DQZLM]LQJ &RQWUROHHURIKHWDSSDUDDWNODDULVYRRUJHEUXLN
YHUVFKLMQW —…‹‹ “‹†‚„ RI “RSKHWGLVSOD\YDQKHWDSSDUDDW
GDQ LV KHW QLHW JRHG DDQJHVORWHQ+DDO GH VWHNNHU YDQ KHW DSSDUDDW
GDQXLWKHWVWRSFRQWDFWHQFRQWUROHHUGHDDQVOXLWLQJYDQGH
HOHNWULFLWHLWVNDEHO
'HPRQWDJHYDQKHWDSSDUDDW
+HWDSSDUDDWYDQGHVWURRPKDOHQ
: *HYDDUYRRUHHQHOHNWULVFKHVFKRN
:DQQHHUGHNRRNSODDWYDQGHVWURRPZRUGWJHKDDOGNXQQHQGH
NOHPPHQJHODGHQEOLMYHQ+HWDSSDUDDWPDJDOOHHQZRUGHQ
DDQJHVORWHQGRRUHHQJHVFKRROGHYDNPDQ
'HNRRNSODDWYHUZLMGHUHQGRRUGUXNYDQRQGHUHQXLWWHRHIHQHQ
$WWHQWLH
6FKDGHDDQKHWDSSDUDDW3UREHHUKHWDSSDUDDWQLHWWH
YHUZLMGHUHQGRRUKHWYDQERYHQDIRSWHWLOOHQ
da
× 0RQWHULQJVYHMOHGQLQJ
9LJWLJHKHQYLVQLQJHU
6LNNHUKHGVLNNHUKHGXQGHUEUXJNDQNXQJDUDQWHUHVKYLV
LQVWDOODWLRQHQHUXGI¡UWSnHQNRUUHNWWHNQLVNPnGHRJL
RYHUHQVVWHPPHOVHPHGPRQWHULQJVLQVWUXNWLRQHUQH6NDGHUGHU
RSVWnUSJDIRUNHUWPRQWHULQJHULQVWDOODW¡UHQVDQVYDU
(IWHU LQVWDOODWLRQ VNDO GHW VLNUHV DW EUXJHUHQ LNNH KDU DGJDQJ WLO GH
HOHNWULVNHNRPSRQHQWHU
'HWWHDSSDUDWHUWLOODGWWLOEUXJRSWLOHQK¡MGHSnPHWHURYHU
KDYHW
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
(OHNWULVN WLOVOXWQLQJ Pn NXQ IRUHWDJHV DI HQ XGGDQQHW HOHNWULNHU
5HJXODWLYHUQHIUDHOIRUV\QLQJVVHOVNDEHWLRPUnGHWVNDOI¡OJHV
$SSDUDWHWVNDOY UHWLOVOXWWHWWLOHQIDVWLQVWDOODWLRQRJLKHQKROGWLO
LQVWDOODWLRQVIRUVNULIWHUQHVNDOGHUY UHLQVWDOOHUHWHQSDVVHQGH
VLNNHUKHGVDIEU\GHU
'HQK¡MHVWWLOODGWHLPSHGDQVIRUGHQHOHNWULVNHWLOVOXWQLQJHU
2KP͋+
7LOVOXWQLQJVW\SHDSSDUDWHWWLOK¡UHUEHVN\WWHOVHVNODVVH ,RJPn
XGHOXNNHQGHDQYHQGHVVDPPHQPHGHQWLOVOXWQLQJPHG
MRUGIRUELQGHOVH
)DEULNDQWHQIUDVLJHUVLJHWKYHUWDQVYDUIRUIRUNHUWIXQNWLRQRJ
PXOLJHVNDGHUGHUVN\OGHVIRUNHUWHOHNWULVNLQVWDOODWLRQ
1HWNDEHO 'HW HU HYHQWXHOW DOOHUHGH WLOVOXWWHW L NRJHVHNWLRQHQV
WLOVOXWQLQJVERNVHOOHUHUOHYHUHWVDPPHQPHGDSSDUDWHW
1HWNDEOHW Pn NXQ LQVWDOOHUHV DI HQ DXWRULVHUHW HOHNWULNHU KKY DI HQ
NYDOLILFHUHWNXQGHVHUYLFHPHGDUEHMGHU'HNU YHGH
WLOVOXWQLQJVGDWDHUDQJLYHWSnW\SHVNLOWHW
.XQGHWQHWNDEHOVRPHUOHYHUHWVDPPHQPHGDSSDUDWHWHOOHUHU
OHYHUHWDINXQGHVHUYLFHPnDQYHQGHV
0RQWDJHXQGHUERUGSODGHQ,QGXNWLRQVNRJHVHNWLRQHQNDQNXQ
LQVWDOOHUHVRYHUVNXIIHUHOOHURYQHVRPYHQWLOHUHVPHGYHQWLODWRU
'HUNDQLNNHLQGE\JJHVN¡OHVNDEHRSYDVNHPDVNLQHU
XYHQWLOHUHGHRYQHHOOHUYDVNHPDVNLQHUXQGHUNRJHWRSSHQ
(PK WWH$IVWDQGHQPHOOHPHPK WWHQRJNRJHWRSSHQVNDOVRP
PLQLPXPVYDUHWLOGHQDIVWDQGGHUHUDQI¡UWLHPK WWHQV
PRQWDJHYHMOHGQLQJ
%RUGSODGHSODQYDQGUHWVWDELO)¡OJERUGSODGHIDEULNDQWHQV
DQYLVQLQJHU
+YLVW\NNHOVHQDIGHQERUGSODGHVRPNRJHVHNWLRQHQVNDO
LQGE\JJHVLLNNHRSI\OGHUNUDYHQHVNDOERUGSODGHQIRUVW UNHV
PHGHWLOGRJYDQGIDVWPDWHULDOHVnGHQRSQnUGHQDQEHIDOHGH
PLQLPXPW\NNHOVH,PRGVDWIDOGHUVWDELOLWHWHQLNNHWLOVWU NNHOLJ
■ %RUGSODGHQKYRUNRJHWRSSHQHULQGE\JJHWVNDONXQQHWnOH
EHODVWQLQJHUSnRSWLOFDNJ
■ .RQWUROOHUI¡UVWDWNRJHWRSSHQHUSODQHIWHULQGE\JQLQJHQ
*DUDQWLHQIRUNHUWLQVWDOODWLRQWLOVOXWQLQJHOOHUPRQWHULQJEHW\GHU
DWSURGXNWJDUDQWLHQERUWIDOGHU
%HP UN (QKYHU QGULQJ L DSSDUDWHWV LQGUH KHUXQGHU XGVNLIWQLQJ
DIIRUV\QLQJVNDEOHWVNDOXGI¡UHVDIV UOLJWXGGDQQHWSHUVRQDOHL
YRUHVWHNQLVNHVHUYLFHDIGHOLQJ
.ODUJ¡ULQJDILQGE\JQLQJVVNDEILJXU
0¡EOHUPHGXGVN ULQJHUPRGVWDQGVG\JWLJHRYHUIRU
WHPSHUDWXUHURSWLOPLQƒ&
8GVN ULQJIMHUQVSnQHUQHQnUXGVN ULQJVDUEHMGHWHUXGI¡UW
8GVN ULQJVNDQWHUIRUHWDJIRUVHJOLQJPHGYDUPHUHVLVWHQW
PDWHULDOH
0RQWHULQJRYHUHQVNXIIHILJXU D
%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ PP
9HQWLODWLRQ$IVWDQGHQPHOOHPRYHUVLGHQDIERUGSODGHQRJ
VNXIIHQVRYHUVLGHVNDOY UHPP
%HP UN 'HUVNDODQYHQGHVHQPHOOHPEXQGDIWU KYLVVNXIIHQ
LQGHKROGHUPHWDOGHOHVRPNDQEOLYHRSYDUPHWSnJUXQGDI
OXIWFLUNXODWLRQHQLIRUELQGHOVHPHGYHQWLODWLRQHQDINRJHVHNWLRQHQ
HOOHUKYLVGHURSEHYDUHVVPnVSLGVHPHWDOJHQVWDQGHLVNXIIHQ
VRPIHNVVWHJHVSLG ILJXU 'HUHUSODFHUHWHQYHQWLODWRUSnXQGHUVLGHQDINRJHVHNWLRQHQ
8GHQPHOOHPEXQGPnGHULNNHRSEHYDUHVVPnHOOHUVSLGVH
JHQVWDQGHSDSLUHOOHUYLVNHVW\NNHULVNXIIHQ.¡OLQJHQNDQEOLYH
UHGXFHUHWHOOHUYHQWLODWRUHQNDQEOLYHEHVNDGLJHWKYLVGHUVXJHV
JHQVWDQGHLQGLGHQ'HUVNDOPLQLPXPY UHHQDIVWDQGSn FP
PHOOHPJHQVWDQGHQHLVNXIIHQRJYHQWLODWRUHQVLQGJDQJVnEQLQJ
0RQWHULQJRYHUHQRYQILJXUE
%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ PP
%HP UN 6HHIWHULPRQWDJHYHMOHGQLQJHQIRURYQHQKYLV
DIVWDQGHQPHOOHPNRJHWRSRJRYQVNDOIRU¡JHV
9HQWLODWLRQ$IVWDQGHQPHOOHPRYQRJNRJHVHNWLRQVNDOY UH
PLQGVWPP
%HP UN +YLVNRJHVHNWLRQHQEOLYHULQGE\JJHWRYHUHQRYQDIHW
DQGHW P UNH VNDO GHU DQYHQGHV HQ PHOOHPEXQG DI WU ILJXU 9HQWLODWLRQILJXU .RJHWRSSHQVNDOY UHSDVVHQGHYHQWLOHUHWLPRGVDWIDOGNDQGHW
LNNHJDUDQWHUHVDWGHQIXQJHUHUNRUUHNW
(IWHUVRP YHQWLODWLRQHQ DI GHQ XQGHUVWH GHO DI DSSDUDWHW NU YHU HQ
WLOVWU NNHOLJVWRUOXIWWLOI¡UVHOVNDOLQGE\JQLQJVVNDEHWLQGUHWWHV
WLOVYDUHQGH+HUWLOVNDOI¡OJHQGHXGI¡UHV
■ (QPLQLPXPDIVWDQGPHOOHPEDJVLGHQDILQGE\JQLQJVVNDEHWRJ
N¡NNHQY JJHQ RJ PHOOHP RYHUVLGHQ DI ERUGSODGHQ RJ VNXIIHQV
¡YHUVWHGHO ILJXUD
■ (QnEQLQJSnEDJVLGHQDILQGE\JQLQJVVNDEHW ILJXUE
■ +YLV GHU LNNH HU PXOLJKHG IRU DW RYHUKROGH PLQLPXPDIVWDQGHQ Sn
PP Sn EDJVLGHQ DI LQGE\JQLQJVVNDEHW VNDO GHU HWDEOHUHV HQ
nEQLQJLEXQGHQ ILJXUF
$QYLVQLQJHU
■ 'HWVNDOVLNUHVDWNRJHVHNWLRQHQEOLYHUWLOVWU NNHOLJWYHQWLOHUHW
KYLVDSSDUDWHWVNDOLQGE\JJHVLHQNRJH¡HOOHUSnHWDQGHWVWHG
VRPLNNHHUEHVNUHYHWKHU
■ 'HQXQGHUVWHVRNNHOPnLNNHOXNNHVKHUPHWLVN
,QGE\JQLQJDIDSSDUDWILJXU
%HP UN $QYHQGEHVN\WWHOVHVKDQGVNHUYHGPRQWDJHQDI
NRJHVHNWLRQHQ'HUNDQY UHVNDUSHNDQWHUSnGHLNNHV\QOLJH
IODGHU
9HGDSSDUDWHUXGHQIRULQVWDOOHUHWNDEHOVNDOQHWNDEOHWI¡UHV
LQGLWLOVOXWQLQJVGnVHQ
9HQG NRJHWRSSHQ RP RJ O J GHQ Sn EXQGHQ DI HPEDOODJHQ Sn
HW NO GH HOOHU DQGHQ IRUP IRU RYHUIODGH KYRU HQ LNNH EOLYHU ULGVHW
/¡IWWLOVOXWQLQJVGnVHQVG NVHORSYHGKM OSDIHQVNUXHWU NNHU
ILJXU
6NUX EHI VWLJHOVHVVNUXHQ XG RJ O¡IW VS QGHEnQGHW YHG KM OS DI
HQVNUXHWU NNHU ILJXU
0nNXQWLOVOXWWHVWLOWLOVOXWQLQJVGnVHQLKWWHJQLQJHQ ILJXU %1EUXQ
%8EOn
*1<(JU¡QRJJXO
%.VRUW
*<JUn
$QYLVQLQJHU
■ +YLVWLOVOXWQLQJHQIRUHWDJHVLKWWLOVOXWQLQJVGLDJUDP/1a
VNDONRUWVOXWQLQJVE¡MOHUQHVSODFHULQJ QGUHVVYDUHQGHWLO
GLDJUDPPHW
■ .RQWUROOHUDWVNUXHUQHLWLOVOXWQLQJVGnVHQHUVS QGWIDVWWLO
HIWHUWLOVOXWQLQJHQDINDEOHUQH
)DVWJ¡UQHWNDEOHWPHGVS QGHEnQGHWRJVS QG
EHI VWLJHOVHVVNUXHQWLO ILJXUD
/XNWLOVOXWQLQJVGnVHQVG NVHO
%HP UN 3ODFHUNDEOHUQHLPLGWHURPUnGHWDIWLOVOXWQLQJVGnVHQ
IRUDWOHWWHOXNQLQJHQ
)DVWJ¡UQHWNDEOHWSnXQGHUVLGHQDINRJHVHNWLRQHQPHGGHW
YHGODJWHNDEHOEnQGKYLVQHWNDEOHWIRUKLQGUHUVNXIIHQV
EHY JHOVH ILJXU E
%HP UN .RQWDNWNXQGHVHUYLFHKYLVGHUHUEUXJIRUHQO QJHUH
QHWWLOVOXWQLQJVOHGQLQJ'HUILQGHVWLOVOXWQLQJVOHGQLQJHUPHG
O QJGHURSWLO P
3ODFHULQJDINRJHWRSSHQILJXU
3ODFHULQJDIEHI VWLJHOVHVVNLQQHU
² +YLV GHU DOOHUHGH HU SODFHUHW EHI VWLJHOVHVVNLQQHU VNDO GLVVH
IMHUQHVKYRUHIWHUGHUVNDOSODFHUHVQ\H
² %UXJGHXQGHUVWHJHYLQGKXOOHUYHGERUGSODGHUPHG
IOLVHEHO JQLQJ
² 9HGERUGSODGHUDIVWHQVNDOVNLQQHUQHOLPHVSnDQYHQGHW
YDUPHEHVWDQGLJWNO EHVWRIVRPHUEHUHJQHWWLOOLPQLQJDI
PHWDORJVWHQ
6N\GDSSDUDWHWLQGLLQGE\JQLQJVQLFKHQ
■ 1HWNDEOHW Pn LNNH NRPPH L NOHPPH RJ LNNH O JJHV RYHU VNDUSH
NDQWHU +YLV GHU HU LQGE\JJHW HQ RYQ QHGHQXQGHU VNDO OHGQLQJHQ
I¡UHVRYHURYQHQVEDJHUVWHKM¡UQHUWLOWLOVOXWQLQJVGnVHQ
/HGQLQJHQVNDOLQVWDOOHUHVVnGHQLNNHNRPPHULEHU¡ULQJPHG
YDUPHVWHGHUSnNRJHWRSSHQHOOHUSnRYQHQ
■ %RUGSODGHUPHGIOLVHEHO JQLQJ)OLVHUQHVIXJHUVNDOW WQHV
PHGVLOLNRQHJXPPL
7LOVOXWQLQJDIDSSDUDWILJXU
■ 6S QGLQJ6HW\SHVNLOW
■ 0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW
%1EUXQ
%8EOn
*1<(JU¡QRJJXO
%.VRUW
*<JUn
■ $IK QJLJWDIWLOVOXWQLQJVPnGHQVNDOSODFHULQJHQDINOHPPHUQH
VRPHUOHYHUHWIUDIDEULNNHQVVLGHHYW QGUHV+HUWLOVNDO
NOHPPHUQH HYHQWXHOW DINRUWHV RJ LVROHULQJHQ IMHUQHV IRU DW NXQQH
SODFHUHHQNOHPPHGHUIRUELQGHUWRNDEOHU
%HP UN .RQWUROOHURPDSSDUDWHWHUNODUWLOGULIW+YLV —…‹‹
“‹†‚„ HOOHU “YLVHVLDSSDUDWHWVLQGLNDWRUHUGHWLNNHWLOVOXWWHW
NRUUHNW$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHWRJNRQWUROOHU
VWU¡PNDEOHWVWLOVOXWQLQJ
$IPRQWDJHDIDSSDUDW
$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHW
: )DUHIRUHOHNWULVNVW¡G
'HUNDQVWDGLJY UHVWU¡PSnNRJHVHNWLRQHQVNOHPPHUQnUGH
DIEU\GHV IUD VWU¡PQHWWHW 'HQ HOHNWULVNH WLOVOXWQLQJ Pn NXQ XGI¡UHV
DIHQDXWRULVHUHWHOHNWULNHU
7U\NNRJHVHNWLRQHQRSQHGHIUDRJWDJGHQXG
3DVSn
6NDGHUSnDSSDUDWHW)RUV¡JLNNHDWWDJHDSSDUDWHWXGRSSHIUD
YHGKM OSDIHQO¡IWHVWDQJ
no
ê 0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU
6LNNHUKHWVLNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJDY
DSSDUDWHWHUWHNQLVNNRUUHNWXWI¡UWRJLKHQKROGWLO
PRQWHULQJVYHLOHGQLQJHQ,QVWDOODW¡UHQHUDQVYDUOLJIRUVNDGHUVRP
VN\OGHVIHLODNWLJPRQWHULQJ
(WWHU LQVWDOODVMRQHQ Pn GHW VLNUHV DW EUXNHUHQ LNNH KDU WLOJDQJ WLO GH
HOHNWULVNHNRPSRQHQWHQH
'HWWHDSSDUDWHWHUJRGNMHQWIRUEUXNLK¡\GHUSnLQQWLO PHWHU
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
(OHNWULVN WLONREOLQJ Pn NXQ XWI¡UHV DY HQ NYDOLILVHUW WHNQLNHU 'HQ
ORNDOHVWU¡POHYHUDQG¡UVUHWQLQJVOLQMHUVNDOI¡OJHV
$SSDUDWHWPnNREOHVWLOHQIDVWLQVWDOODVMRQGHWPnLQVWDOOHUHV
VNLOOHEU\WHUHLVDPVYDUPHGLQVWDOODVMRQVIRUVNULIWHQH
+¡\HVWWLOODWWLPSHGDQVIRUHOHNWULVNWLONREOLQJOLJJHUSn2KP
͋+
7\SH WLONREOLQJ DSSDUDWHW WLOK¡UHU EHVN\WWHOVHVNODVVH , RJ Pn NXQ
EUXNHVVDPPHQPHGHQMRUGHWVWLNNRQWDNW
3URGXVHQWHQVWnULNNHDQVYDUOLJIRUIHLOEUXNRJHYHQWXHOOHVNDGHU
JUXQQHWXHJQHGHHOHNWULVNHLQVWDOODVMRQHU
6WU¡POHGQLQJ'HQQHHUPXOLJHQVDOOHUHGHNREOHWWLO
WLONREOLQJVERNVHQIRUSODWHWRSSHQHOOHUGHQI¡OJHUPHG
DSSDUDWHW RJ Pn GD NXQ LQVWDOOHUHV DY HQ HOHNWULNHU HOOHU NYDOLILVHUW
SHUVRQHOO IUD NXQGHVHUYLFH 'H Q¡GYHQGLJH WLONREOLQJVGDWDHQH VWnU
RSSJLWWSnW\SHVNLOWHWRJLNREOLQJVVNMHPDHW
%UXN NXQ GHQ OHGQLQJHQ VRP I¡OJHU PHG DSSDUDWHW HOOHU HQ OHGQLQJ
OHYHUWDYWHNQLVNNXQGHVHUYLFH
0RQWHULQJXQGHUEHQNHSODWHQ,QGXNVMRQVWRSSHQNDQNXQ
PRQWHUHVRYHUVNXIIHUHOOHUVWHNHRYQHUPHGYHQWLODVMRQVYLIWH
9HUNHQNM¡OHVNDSRSSYDVNPDVNLQHOOHUVWHNHRYQXWHQYHQWLODVMRQ
HOOHUYDVNHPDVNLQNDQPRQWHUHVXQGHUNRNHWRSSHQ
9HQWLODWRU$YVWDQGHQPHOORPYHQWLODWRUHQRJNRNHWRSSHQPn
Y UHPLQVWOLNHVWRUVRPGHQDYVWDQGHQVRPHUDQJLWWL
PRQWHULQJVDQYLVQLQJHQIRUYHQWLODWRUHQ
%HQNHSODWHIODWYDQQUHWWRJVWDELO)¡OJLQVWUXNVMRQHQHIUD
SURGXVHQWHQDYNRNHWRSSHQ
'HUVRPEHQNHSODWHQVRPNRNHWRSSHQLQVWDOOHUHVLLNNHRSSI\OOHU
NUDYHQHWLOW\NNHOVHPnGHQIRUVWHUNHVPHGHWEUDQQRJ
YDQQEHVWDQGLJ PDWHULDOH VOLN DW GHQ DQEHIDOWH PLQLPXPVW\NNHOVHQ
RSSQnV(OOHUVEOLULNNHVWDELOLWHWHQJRGQRN
■ %HQNHSODWHQVRPNRNHWRSSHQVNDOLQVWDOOHUHVLVNDOWnOHHQ
EHODVWQLQJSnFDNJ
■ )¡UVWQnUNRNHWRSSHQHULQVWDOOHUWVNDOGXVMHNNHDWGHQHUSn
VDPPHQLYnVRPEHQNHSODWHQ
*DUDQWLHQIHLODNWLJLQVWDOODVMRQWLONREOLQJHOOHUPRQWDVMHYLO
DQQXOOHUHJDUDQWLHQ
0HUN (QKYHUPRGLILNDVMRQDYDSSDUDWHWVLQGUHLQNOXGHUWE\WWHDY
VWU¡POHGQLQJHQPnNXQXWI¡UHVDYRSSO UWWHNQLVNSHUVRQHOOIUD
YnUVHUYLFHDYGHOLQJ
.ODUJM¡UHP¡EHOHWILJXU ,QQHE\JGHP¡EOHUPnWnOHHQWHPSHUDWXUSnPLQVWƒ&
+XOURPPHWIMHUQDOOHVSRQHWWHUXWVNM ULQJHQ
.XWWHIODWHQHIRUVHJOHPHGHWYDUPHEHVWDQGLJVWRII
0RQWDVMHRYHUVNXIIHQILJXU D
%HQNHSODWHPnKDHQPLQVWHW\NNHOVHSn PP
9HQWLODVMRQ'HWPnY UH PPDYVWDQGPHOORPEHQNHSODWHQV
RYHUIODWHRJGHQ¡YUHGHOHQDYVNXIIHQ
0HUN %UXNHQPHOORPSODWHDYWUHGHUVRPPHWDOOJMHQVWDQGHUL
VNXIIHQYDUPHVRSSSnJUXQQDYOXIWVLUNXODVMRQHQQnUNRNHWRSSHQ
OXIWHV HOOHU GHUVRP GHW RSSEHYDUHV VPn VSLVVH PHWDOOJMHQVWDQGHU
LGHQQHVNXIIHQVRPIRUHNVHPSHONM¡WWVS\G ELOGH .RNHWRSSHQHUXWVW\UWPHGHQYHQWLODWRUSnXQGHUVLGHQ8WHQ
PHOORPSODWHPnGHWLNNHRSSEHYDUHVVPnHOOHUVNDUSH
JMHQVWDQGHUSDSLUHOOHUNM¡NNHQKnQGNO ULVNXIIHQ'HWNDQKDHQ
QHJDWLYLQQYLUNQLQJSnNM¡OLQJHQHOOHUVNDGHYLIWHQGHUVRPGH
VXJHVLQQ0HOORPLQQKROGHWLVNXIIHQRJLQQO¡SHWWLOYLIWHQPnGHW
Y UHHQPLQLPXPVDYVWDQGSn FP
0RQWDVMHRYHURYQILJXUE
%HQNHSODWHPnKDHQPLQVWHW\NNHOVHSn PP
0HUN 6OnRSSLPRQWHULQJVDQYLVQLQJHQWLOVWHNHRYQHQGHUVRP
DYVWDQGHQPHOORPSODWHWRSSHQRJVWHNHRYQHQPn¡NHV
9HQWLODVMRQ'HWPnY UHHQDYVWDQGSnPLQVWPPPHOORP
VWHNHRYQHQRJSODWHWRSSHQ
0HUN +YLVNRNHWRSSHQHUPRQWHUWRYHUHQVWHNHRYQIUDHQDQQHQ
SURGXVHQWPnGHWEUXNHVHQPHOORPSODWHDYWUH ILJXU
9HQWLODVMRQILJXU )RUnVLNUHDWDSSDUDWHWIXQJHUHUNRUUHNWPnNRNHWRSSHQY UH
WLOVWUHNNHOLJYHQWLOHUW
)RUGLYHQWLODVMRQHQLGHQQHGUHGHOHQDYDSSDUDWHWWUHQJHU
WLOVWUHNNHOLJWLOI¡UVHODYIULVNOXIWPnP¡EHOHWY UHSODVVHUWVOLNDW
GHWODUVHJJM¡UH)¡OJHQGHIRUXWVHWWHV
■ HQPLQLPXPVDYVWDQGPHOORPP¡EHOHWVEDNVLGHRJ
NM¡NNHQYHJJHQRJPHOORPEHQNHSODWHQVRYHUIODWHRJGHQ¡YUH
GHOHQDYVNXIIHQ ILJXU D
■ HQnSQLQJLGHQ¡YUHGHOHQDYP¡EHOHWVEDNVLGH ILJXU E
■ +YLVPLQVWHDYVWDQGHQSn PPSnEDNVLGHQDYP¡EHOHWLNNH
RYHUKROGHVPnGHWODJHVHQnSQLQJSnXQGHUVLGHQ ILJXU F
0HUNQDGHU
■ 'HUVRP DSSDUDWHW VNDO LQVWDOOHUHV Sn HQ NM¡NNHQ¡\ HOOHU HW DQQHW
VWHGHQQGHWVRPHUEHVNUHYHWKHUPnGXV¡UJHIRUWLOVWUHNNHOLJ
YHQWLODVMRQIRUNRNHWRSSHQ
■ 1HGUHVRNNHOPnLNNHOXNNHVKHUPHWLVN
0RQWHUHDSSDUDWHWILJXU 0HUN %UXNKDQVNHUYHGLQQE\JJLQJDYSODWHWRSSHQ)ODWHQHVRP
LNNHHUV\QOLJHNDQKDVNDUSHNDQWHU
3n DSSDUDWHU XWHQ IRUKnQGVLQVWDOOHUW NDEHO VNDO VWU¡PNDEHOHQ
I¡UHVLQQLVWLNNRQWDNWHQ
6QXNRNHWRSSHQRJSODVVHUGHQLHVNHQSnHWNOHGHHOOHUHQ
DQQHQRYHUIODWHIRUnXQQJnULSHU
/¡IWRSSGHNVHOHWWLOVWLNNRQWDNWHQYHGKMHOSDYHQVNUXWUHNNHU
ILJXU /¡VQHIHVWHVNUXHQRJO¡IWRSSVODQJHNOHPPHQPHGHQ
VNUXWUHNNHU ILJXU 7LONREOLQJWLOVWLNNRQWDNWHQPnVNMHLKHQKROGWLOILJXUHQ ILJXU %1EUXQ
%8EOn
*1<(JXORJJU¡QQ
%.VYDUW
*<JUn
0HUNQDGHU
■ 'HUVRPWLONREOLQJHQJM¡UHVLKHQKROGWLONREOLQJVVNMHPD/
1aPnEURHQHRUGQHVLVDPVYDUPHGNREOLQJVVNMHPDHW
■ 6¡UJIRUDWVNUXHQHSnVWLNNRQWDNWHQHUVWUDPPHWHWWHUDW
NDEOHQHHUNREOHWWLO
)HVW VWU¡PNDEHOHQ PHG HQ VODQJHNOHPPH RJ WUHNN WLO IHVWHVNUXHQ
ILJXU D
/XNNGHNVHOHWWLOVWLNNRQWDNWHQ
0HUN 3ODVVHUNDEOHQHLPLGWUHGHODYVWLNNRQWDNWHQVOLNDWGHQ
EOLUOHWWHUHnOXNNH
'HUVRPVWU¡POHGQLQJHQNRPPHULYHLHQIRUVNXIIHQIHVWHUGX
OHGQLQJHQSnXQGHUVLGHQDYNRNHWRSSHQPHGGHQYHGODJWH
NDEHOVWULSVHQ ILJXU E
0HUN +YLVGXWUHQJHUHQOHQJUHVWU¡POHGQLQJNRQWDNW
NXQGHVHUYLFH 'HW ILQQHV VWU¡POHGQLQJHU PHG LQQWLO P OHQJGH
0RQWHUHNRNHWRSSILJXU 6HWWSnIHVWHVNLQQHU
² +YLV GHW DOOHUHGH HU PRQWHUW IHVWHVNLQQHU Pn GLVVH IMHUQHV RJ
Q\HVHWWHVSn
² 9HGIOLVODJWHDUEHLGVSODWHUVNDOGHQHGHUVWHJMHQJHKXOOHQH
EUXNHV
² 9HGEHQNHSODWHUDYVWHLQOLPHVVNLQQHQHIDVWEUXN
YDUPHEHVWDQGLJOLPVRPHUHJQHWWLOOLPLQJDYPHWDOORJVWHLQ
6N\YDSSDUDWHWLQQLQLVMHQ
■ 6WU¡PNDEHOHQPnLNNHNRPPHLNOHPHOOHUWUHNNHVRYHUVNDUSH
NDQWHU+YLVGHWHUPRQWHUWVWHNHRYQXQGHUNRNHVRQHQPn
OHGQLQJHQ OHJJHV UXQGW KM¡UQHQH Sn EDNVLGHQ DY VWHNHRYQHQ RJ
WLOVWLNNRQWDNWHQ/HGQLQJHQPnSODVVHUHVVOLNDWGHQLNNH
NRPPHULNRQWDNWPHGYDUPHGHOHUDYNRNHWRSSHQHOOHU
VWHNHRYQHQ
■ 3nIOLVODJWHEHQNHSODWHU)OLVHIXJHQHPnWHWWHVPHG
VLOLNRQPDVVH
.REOHWLODSSDUDWHWILJXU
6SHQQLQJVHW\SHVNLOW
■ 7LONREOLQJPnXWI¡UHVLVDPVYDUPHGNREOLQJVVNMHPDHW
%1EUXQ
%8EOn
*1<(JXORJJU¡QQ
%.VYDUW
*<JUn
■ $YKHQJLJDYWLONREOLQJVW\SHPnHYHQWXHOWSODVVHULQJHQDY
NOHPPHQH VRP I¡OJHU PHG IUD IDEULNNHQ HQGUHV )RU n VHWWH LQQ
HQNOHPPHVRPIRUELQGHUWRNDEOHUPnNOHPPHQHRP
Q¡GYHQGLJIRUNRUWHVRJLVRODVMRQHQIMHUQHV
0HUN .RQWUROOHURPDSSDUDWHWHUNODUWWLOEUXN9LVHV —…‹‹
“‹†‚„ HOOHU “LDSSDUDWHWVGLVSOD\HUGHWLNNHULNWLJWLONREOHW
.REOHDSSDUDWHWIUDVWU¡PPHQRJNRQWUROOHUDWVWU¡POHGQLQJHQHU
ULNWLJNREOHWWLO
■
$SSDUDWHWVRSSE\JQLQJ
.REOHDSSDUDWHWIUDVWU¡PQHWWHW
: )DUHIRUHOHNWULVNVW¡W
1nUGXNREOHUSODWHWRSSHQIUDVWU¡PQHWWHWNDQNOHPPHQHIRUWVDWW
Y UHVSHQQLQJVI¡UHQGH(OLQVWDOODVMRQHQPnNXQXWI¡UHVDY
IDJIRON
7U\NNRSSPRWSODWHWRSSHQIUDXQGHUVLGHQRJWDXWSODWHWRSSHQ
2EV
6NDGHUSnDSSDUDWHW,NNHIRUV¡NnYLSSHRSSDSSDUDWHWRYHQIUD
YHGKMHOSDYYHUNW¡\
pt
ì ,QVWUXo}HVGHPRQWDJHP
,QVWUXo}HVLPSRUWDQWHV
6HJXUDQoD D VHJXUDQoD GXUDQWH D XWLOL]DomR Vy HVWi JDUDQWLGD VH
DLQVWDODomRWLYHUVLGRHIHFWXDGDGHIRUPDFRUUHFWDDQtYHO
WpFQLFRHGHDFRUGRFRPHVWDVLQVWUXo}HVGHPRQWDJHP2V
GDQRVFDXVDGRVSRUXPDPRQWDJHPLQDGHTXDGDVHUmRGD
UHVSRQVDELOLGDGHGRLQVWDODGRU
$SyVDLQVWDODomRpQHFHVViULRDVVHJXUDUTXHRXWLOL]DGRUQmR
WHPDFHVVRDRVFRPSRQHQWHVHOpWULFRV
(VWHDSDUHOKRpSHUPLWLGRSDUDVHUXVDGRDWp PHWURVGH
DOWXUD
: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV
2DSDUHOKRSRGHFRQWHUtPDQHVSHUPDQHQWHVTXHSRGHPDIHWDU
LPSODQWHVHOHWUyQLFRVSRUH[HPSORSDFHPDNHUVRXERPEDVGH
LQVXOLQD3RULVVRGXUDQWHDPRQWDJHPGHYHUHVSHLWDUVHXPD
GLVWkQFLDPtQLPDGHFPHPUHODomRDRVLPSODQWHVHOHWUyQLFRV
/LJDomRHOpFWULFDGHYHVHUHIHFWXDGDDSHQDVSRUXPWpFQLFR
HVSHFLDOLVWDDXWRUL]DGRHGHDFRUGRFRPDVGLVSRVLo}HVGD
FRPSDQKLDGHIRUQHFLPHQWRHOpFWULFRGD]RQD
2 DSDUHOKR WHP GH HVWDU OLJDGR D XPD LQVWDODomR IL[D H GH DFRUGR
FRPRVUHJXODPHQWRVGHLQVWDODomRGHYHPVHULQVWDODGRV
LQWHUUXSWRUHVVHFFLRQDGRUHV
$PDLRUUHVLVWrQFLDDSDUHQWHSHUPLWLGDGDOLJDomRHOpWULFDpGH
2KP͋+
7LSRGHOLJDomRRDSDUHOKRSHUWHQFHjFODVVHGHSURWHFomR ,H
DSHQDVSRGHVHUXWLOL]DGRHPFRPELQDomRFRPXPDOLJDomRFRP
FRQGXWRUGHWRPDGDGHWHUUD
2 IDEULFDQWH QmR VH UHVSRQVDELOL]D SHOR IXQFLRQDPHQWR LQFRUUHFWR
HSRUSRVVtYHLVGDQRVSURYRFDGRVSRULQVWDODo}HVHOpFWULFDV
LQDGHTXDGDV
&DERGHUHGHSRGHUiMiHVWDUFRQHFWDGRjFDL[DGHOLJDomR
GDSODFDGHFR]LQKDURXVHUIRUQHFLGRFRPRDSDUHOKR
SRGHQGRDSHQDVVHULQVWDODGRSRUXPWpFQLFRDXWRUL]DGRRXSRU
SHVVRDOTXDOLILFDGRGD$VVLVWrQFLDWpFQLFD2VGDGRVGHOLJDomR
QHFHVViULRV HQFRQWUDPVH LQGLFDGRV QD SODFD GH FDUDFWHUtVWLFDV H
QRHVTXHPDGHOLJDo}HV
8WLOL]HDSHQDVRFDERIRUQHFLGRMXQWDPHQWHFRPRDSDUHOKRRX
SHOD$VVLVWrQFLDWpFQLFD
0RQWDJHPSRUEDL[RGDEDQFDGDGHWUDEDOKR$SODFDGH
LQGXomR DSHQDV SRGH VHU LQVWDODGD SRU FLPD GH JDYHWDV RX IRUQRV
FRPYHQWLODGRU3RUEDL[RGDSODFDGHFR]LQKDUQmRSRGHPVHU
LQFRUSRUDGRVIULJRUtILFRVPiTXLQDVGHODYDUORXoDIRUQRVVHP
YHQWLODomRQHPPiTXLQDVGHODYDUURXSD
([DXVWRUDGLVWkQFLDHQWUHRH[DXVWRUHDSODFDGHFR]LQKDUWHP
GH FRUUHVSRQGHU SHOR PHQRV j GLVWkQFLD LQGLFDGD QDV LQVWUXo}HV
GHPRQWDJHPGRH[DXVWRU
%DQFDGDSODQDKRUL]RQWDOHVWiYHO6LJDDVLQVWUXo}HVGR
IDEULFDQWHGDEDQFDGD
6HDHVSHVVXUDGDEDQFDGDGHWUDEDOKRQDTXDOpLQFRUSRUDGDD
SODFDGHFR]LQKDUQmRFRUUHVSRQGHUDRVUHTXLVLWRVUHIRUFHD
EDQFDGD GH WUDEDOKR FRP PDWHULDO UHVLVWHQWH DR IRJR H j iJXD DWp
VHUDWLQJLGDDHVSHVVXUDPtQLPDUHFRPHQGDGD&DVRFRQWUiULR
QmRWHUiHVWDELOLGDGHVXILFLHQWH
■ $EDQFDGDGHWUDEDOKRQDTXDODSODFDGHFR]LQKDUp
LQFRUSRUDGDGHYHUHVLVWLUDFDUJDVGHDSUR[ NJ
■ 9HULILTXHRQLYHODPHQWRGDSODFDGHFR]LQKDUDSHQDVTXDQGR
HVWDHVWLYHUPRQWDGD
*DUDQWLDXPDLQVWDODomROLJDomRRXPRQWDJHPLQDGHTXDGD
LPSOLFDDDQXODomRGDJDUDQWLDGRSURGXWR
1RWD 4XDOTXHUPDQLSXODomRQRLQWHULRUGRDSDUHOKRLQFOXLQGRD
PXGDQoDGRFDERGHDOLPHQWDomRGHYHVHUUHDOL]DGD
H[FOXVLYDPHQWHSRUSHVVRDOWpFQLFRGR6HUYLoRGH$VVLVWrQFLD
FRPIRUPDomRHVSHFtILFD
3UHSDUDomRGRPyYHOILJXUD 0yYHLVHQFDVWUDGRVUHVLVWHQWHVDXPDWHPSHUDWXUDPtQLPDGH
ƒ&
&DYLGDGHUHPRYHUDVDSDUDVGHPDGHLUDDSyVRVWUDEDOKRVGH
FRUWH
6XSHUItFLHVGHFRUWHYHGDUFRPPDWHULDOUHVLVWHQWHDRFDORU
0RQWDJHPVREUHDJDYHWDILJXUD D
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
9HQWLODomRDGLVWkQFLDHQWUHDVXSHUItFLHGDEDQFDGDGHWUDEDOKR
HDSDUWHVXSHULRUGDJDYHWDWHPGHVHUGH PP
1RWD &DVRVHMDPJXDUGDGRVQHVWDJDYHWDSHTXHQRVREMHWRV
PHWiOLFRVFRPRSH[HVSHWRVRXFDVRRVREMHWRVPHWiOLFRV
JXDUGDGRVQDJDYHWDDTXHoDPGHYLGRjFLUFXODomRGRDUGXUDQWH
DYHQWLODomRGDSODFDGHFR]LQKDUXWLOL]HXPIXQGRLQWHUPpGLRGH
PDGHLUD ILJXUD $SODFDGHFR]LQKDUSRVVXLXPYHQWLODGRUQRODGRLQIHULRU6HP
IXQGRLQWHUPpGLRQmRVHSRGHJXDUGDUREMHWRVSHTXHQRVRX
SRQWLDJXGRV SDSHO RX SDQRV GH FR]LQKD QD JDYHWD $ UHIULJHUDomR
SRGH ILFDU DIHWDGD RX R YHQWLODGRU GDQLILFDGR DWUDYpV GD DVSLUDomR
(QWUH R FRQWH~GR GD JDYHWD H D HQWUDGD GR YHQWLODGRU p QHFHVViULR
UHVSHLWDUXPDGLVWkQFLDPtQLPDGHFP
0RQWDJHPVREUHRIRUQRILJXUDE
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
1RWD &RQVXOWHDVLQVWUXo}HVGHPRQWDJHPGRIRUQRFDVRVHMD
QHFHVViULRDXPHQWDUDGLVWkQFLDHQWUHDSODFDGHFR]LQKDUHR
IRUQR
9HQWLODomRDGLVWkQFLDHQWUHRIRUQRHDSODFDGHFR]LQKDUGHYH
VHUQRPtQLPRGHPP
1RWD 6HDSODFDGHFR]LQKDUHVWLYHUPRQWDGDSRUFLPDGHXP
IRUQRGHXPDRXWUDPDUFDGHYHVHUXVDGRXPIXQGRLQWHUPpGLR
HPPDGHLUD ILJXUD
9HQWLODomRILJXUD 3DUD JDUDQWLU XP IXQFLRQDPHQWR FRUUHWR GR DSDUHOKR p QHFHVViULR
YHQWLODUDSODFDGHFR]LQKDUDGHTXDGDPHQWH
&RPR D YHQWLODomR QD SDUWH LQIHULRU GR DSDUHOKR QHFHVVLWD GH XPD
DOLPHQWDomRVXILFLHQWHGHDUIUHVFRRVPyYHLVWrPGHVHU
GLPHQVLRQDGRVHPFRQIRUPLGDGH3DUDLVVRpQHFHVViULRR
VHJXLQWH
■ XPD GLVWkQFLD PtQLPD HQWUH D SDUWH GH WUiV GR PyYHO H D SDUHGH
GD FR]LQKD H HQWUH D VXSHUItFLH GD EDQFDGD GH WUDEDOKR H D SDUWH
VXSHULRUGDJDYHWD ILJXUD D
■ XPDDEHUWXUDHPFLPDQDSDUWHGHWUiVGRPyYHO ILJXUD E
■ &DVRDGLVWkQFLDPtQLPDGH PPQDSDUWHGHWUiVGRPyYHO
QmRHVWHMDDVVHJXUDGDpQHFHVViULRFULDUXPDDEHUWXUDQD
SDUWHLQIHULRU ILJXUD F
1RWDV
■ 6HRDSDUHOKRIRULQFRUSRUDGRQXPDLOKDRXQXPRXWURORFDO
GLIHUHQWHQmRGHVFULWRGHYHSURYLGHQFLDUVHXPDYHQWLODomR
DGHTXDGDGDSODFDGHFR]LQKDU
■ 1mRILQDOL]HRFDVTXLOKRLQIHULRUGHIRUPDKHUPpWLFD
0RQWDURDSDUHOKRILJXUDV 1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU
$VVXSHUItFLHVTXHQmRVmRYLVtYHLVSRGHPDSUHVHQWDUDUHVWDV
YLYDV
1RFDVRGHDSDUHOKRVVHPFDERSUpLQVWDODGRLQWURGX]DR
FDERGHUHGHQDWRPDGDGHOLJDomR
9LUH D SODFD GH FR]LQKDU H SRXVHD VREUH R IXQGR GD HPEDODJHP
XPSDQRRXXPDRXWUDVXSHUItFLHGHIRUPDDHYLWDUULVFRV
/HYDQWHDWDPSDGDWRPDGDGHOLJDomRFRPDDMXGDGHXPD
FKDYHGHIHQGDV ILJXUD sv
6ROWH R SDUDIXVR GH IL[DomR H OHYDQWH D EUDoDGHLUD GD PDQJXHLUD
FRPDDMXGDGHXPDFKDYHGHIHQGDV ILJXUD
/LJXHDWRPDGDGHOLJDomRDSHQDVGHDFRUGRFRPDILJXUD
ILJXUD %1FDVWDQKR
%8D]XO
*1<(DPDUHORHYHUGH
%.SUHWR
*<FLQ]HQWR
1RWDV
■ 6HDOLJDomRIRUUHDOL]DGDGHDFRUGRFRPRHVTXHPDGH
OLJDo}HV/1aDGLVSRVLomRGDVSRQWHVGHYHVHUDOWHUDGD
GHDFRUGRFRPRHVTXHPD
■ 3UHVWHDWHQomRSDUDTXHRVSDUDIXVRVHVWHMDPEHP
DSHUWDGRVQDWRPDGDGHOLJDomRGHSRLVGDOLJDomRGRV
FDERV
)L[HRFDERGHUHGHFRPDEUDoDGHLUDGDPDQJXHLUDHDSHUWHR
SDUDIXVRGHIL[DomR ILJXUD D
)HFKHDWDPSDGDWRPDGDGHOLJDomR
1RWD $UUXPHRVFDERVQRFHQWURGDWRPDGDGHOLJDomRSDUD
IDFLOLWDURIHFKR
6H R FDER GH UHGH LQIHULU FRP D JDYHWD HVWH GHYH VH IL[DGR FRP
RDJUXSDGRUGHFDERVIRUQHFLGRQDSDUWHLQIHULRUGDSODFDGH
FR]LQKDU ILJXUD E
1RWD 6HIRUQHFHVViULRXPFDERGHOLJDomRjUHGHPDLV
FRPSULGR FRQWDFWH D $VVLVWrQFLD WpFQLFD (VWmR GLVSRQtYHLV FDERV
GHOLJDomRDWp P
,QVHULUDSODFDGHFR]LQKDUILJXUD &RORTXHFDOKDVGHIL[DomR
² 6H Mi HVWLYHUHP FRORFDGDV FDOKDV GH IL[DomR HVWDV GHYHP VHU
UHPRYLGDVHFRORFDGDVGHQRYR
² 1RFDVRGHEDQFDGDVGHWUDEDOKRODGULOKDGDVXWLOL]HRV
RULItFLRVURVFDGRVLQIHULRUHV
² 1RFDVRGHEDQFDGDVGHWUDEDOKRHPSHGUDFROHDVFDOKDV
XWLOL]HSDUDRHIHLWRXPDFRODUHVLVWHQWHDRFDORUDGHTXDGD
SDUDDFRODJHPGHPHWDOHSHGUD
,QWURGX]DRDSDUHOKRQRQLFKRSDUDPRQWDJHPHPEXWLGD
■ 1mRHQWDOHRFDERGHUHGHQHPRSDVVHSRUDUHVWDVYLYDV6H
H[LVWLUXPIRUQRLQVWDODGRSRUEDL[RSDVVHRFDERSHORVFDQWRV
SRVWHULRUHV GR IRUQR DWp j WRPDGD GH OLJDomR 2 FDER WHP GH VHU
LQVWDODGRGHIRUPDDQmRWRFDUHPQHQKXPORFDOTXHQWHGD
SODFDGHFR]LQKDURXGRIRUQR
■ 1RFDVRGHEDQFDGDVGHWUDEDOKRODGULOKDGDVYHGHDVMXQWDV
GRVODGULOKRVFRPERUUDFKDGHVLOLFRQH
/LJDURDSDUHOKRILJXUD
■ 7HQVmRYHUSODFDGHFDUDFWHUtVWLFDV
■ /LJXHDSHQDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV
%1FDVWDQKR
%8D]XO
*1<(DPDUHORHYHUGH
%.SUHWR
*<FLQ]HQWR
■ 'HSHQGHQGRGRWLSRGHOLJDomRpSRVVtYHOTXHVHWHQKDGH
DOWHUDUDGLVSRVLomRGRVWHUPLQDLVIRUQHFLGRVSHODIiEULFD3DUD
LVVRSRGHUiVHUQHFHVViULRHQFXUWDURVWHUPLQDLVHUHPRYHUR
LVRODPHQWRSDUDFRORFDUXPWHUPLQDOTXHXQDGRLVFDERV
1RWD 9HULILFDomR GD RSHUDFLRQDOLGDGH VH VXUJLU —…‹‹ “‹†‚„
RX “QRYLVRUGRDSDUHOKRLVVRVLJQLILFDTXHRDSDUHOKRQmRHVWi
OLJDGRFRUUHWDPHQWH'HVOLJXHRDSDUHOKRGDDOLPHQWDomRHOpWULFD
HYHULILTXHDOLJDomRGRFDERHOpWULFR
'HVPRQWDJHPGRDSDUHOKR
'HVOLJXHRDSDUHOKRGDIRQWHGHDOLPHQWDomR
: 3HULJRGHFKRTXHHOpWULFR
$RGHVOLJDUDSODFDGHFR]LQKDUGDIRQWHGHDOLPHQWDomRRV
WHUPLQDLVSRGHPFRQGX]LUWHQVmRLQYHUVD$OLJDomRHOpWULFDVy
SRGHVHUHIHWXDGDSRUXPWpFQLFRHVSHFLDOL]DGRHDXWRUL]DGR
3UHVVLRQHDSODFDGHFR]LQKDUGHVGHDSDUWHGHEDL[RHUHWLUHD
$WHQomR
'DQRVQRDSDUHOKR1mRWHQWHUHWLUDURDSDUHOKRSX[DQGRRSHOD
SDUWHGHFLPD
ó 0RQWHULQJVDQYLVQLQJ
9LNWLJWDWWREVHUYHUD
6lNHUKHWVlNHUKHWHQYLGDQYlQGQLQJJDUDQWHUDVXQGHU
I|UXWVlWWQLQJ DWW LQVWDOODWLRQHQ KDU XWI|UWV NRUUHNW RFK L HQOLJKHW PHG
GHQQDPRQWHULQJVDQYLVQLQJ6NDGRURUVDNDGHDYIHODNWLJ
PRQWHULQJlUPRQW|UHQVDQVYDU
6HWLOOVnDQYlQGDUHQLQWHNRPPHUnWHONRPSRQHQWHUQDHIWHU
LQVWDOODWLRQ
(QKHWHQlUEDUDDYVHGGI|UDQYlQGQLQJXSSWLOO P|K
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
(ODQVOXWQLQJInUHQGDVWXWI|UDVDYHQEHK|ULJIDFNPDQ
)|UHVNULIWHUQDIUnQGHQORNDODHOOHYHUDQW|UHQVNDOOI|OMDV
(QKHWHQ NUlYHU IDVW LQVWDOODWLRQ RFK PRQWHULQJ PHG OlPSOLJ EU\WDUH
HQOLJWLQVWDOODWLRQVDQYLVQLQJDUQD
(ODQVOXWQLQJHQVLPSHGDQVVNDOLJJDSnPD[̸͋+
$QVOXWQLQJVW\SDSSDUDWHQWLOOK|UVN\GGVNODVV ,RFKInUHQGDVW
DQYlQGDVPHGHQMRUGDGDQVOXWQLQJ
7LOOYHUNDUHQWDULQJHWDQVYDUI|UIHODNWLJIXQNWLRQHOOHUVNDGRU
RUVDNDGHDYIHODNWLJHOLQVWDOODWLRQ
6ODGGHQGHQNDQDQWLQJHQUHGDQYDUDDQVOXWHQWLOOKlOOHQV
NRSSOLQJVGRVDHOOHUVnPHGI|OMHUGHQHQKHWHQRFKGnInUEDUD
EHK|ULJ HOHNWULNHU UHVS VHUYLFHWHNQLNHU LQVWDOOHUD GHQ 'X KLWWDU GH
DQVOXWQLQJVXSSJLIWHUGXEHK|YHUSnW\SVN\OWHQRFK
NRSSOLQJVVFKHPDW
$QYlQGEDUDGHQVODGGVRPPHGI|OMHUHQKHWHQHOOHUVRPVHUYLFH
OHYHUHUDW
0RQWHULQJ XQGHU ElQNVNLYD LQGXNWLRQVKlOO JnU EDUD DWW LQVWDOOHUD
|YHUOnGDHOOHUXJQPHGYHQWLODWLRQVIOlNW'HWInULQWHILQQDV
N\OVNnSGLVNPDVNLQXJQXWDQYHQWLODWLRQVIOlNWHOOHUWYlWWPDVNLQ
XQGHUKlOOHQ
8WVXJDYVWnQGHWPHOODQXWVXJRFKKlOOVNDPLQVWYDUDDQJLYHW
DYVWnQGLPRQWHULQJVDQYLVQLQJHQ
%lQNVNLYDSODQYnJUlWVWDELO)|OMLQVWUXNWLRQHUQDIUnQ
ElQNVNLYDQVWLOOYHUNDUH
bU ElQNVNLYDQ GX VND PRQWHUD KlOOHQ L LQWH WLOOUlFNOLJW WMRFN I|UVWlUN
GHQPHGEUDQGVlNHUWRFKYDWWHQWnOLJWPDWHULDOVnDWWGXXSSQnU
UHNRPPHQGHUDGPLQLPLWMRFNOHN$QQDUVJHUGHQLQWHWLOOUlFNOLJ
VWDELOLWHW
■ %lQNVNLYDQ GX VND PRQWHUD KlOOHQ L VND NODUD EHODVWQLQJDU Sn FD
NJ
■ .RQWUROOHUDLQWHDWWKlOOHQlUSODQI|UUlQGHQVLWWHUL
*DUDQWLYLGIHODNWLJPRQWHULQJHOOHUDQVOXWQLQJJlOOHULQWH
SURGXNWJDUDQWLQ
$QYLVQLQJ cWJlUGHUSnDSSDUDWHQVLQVLGDLQNOXVLYHE\WHDY
VWU|PNDEHOInUHQGDVWXWI|UDVDYVlUVNLOWXWELOGDGSHUVRQDOIUnQ
.XQGWMlQVW
)|UEHUHGDVWRPPDUQDELOG ,QE\JJGDVNnSWnOWHPSHUDWXUHUSnXSSWLOOƒ&
8WU\PPHDYOlJVQDVnJVSnQHQHIWHUXUVNlUQLQJVDUEHWHW
6NlU\WRUI|UVHJODPHGYlUPHEHVWlQGLJWPDWHULDO
0RQWHULQJSnOnGDELOG D
%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP
9HQWLODWLRQDYVWnQGHWPHOODQElQNVNLYDRFKOnG|YHUGHOVNDYDUD
PP
$QYLVQLQJ $QYlQG HWW WUlK\OOSODQ RP OnGDQ LQQHKnOOHU PHWDOOGHODU
HOOHUVPnVSHWVLJDPHWDOOI|UHPnOVRPWH[JULOOVSHWWVRPEOLU
XSSYlUPGDDYOXIWFLUNXODWLRQHQIUnQKlOOYHQWLODWLRQHQ ILJ +lOOHQKDUHQIOlNWSnXQGHUVLGDQ)|UYDUDLQWHVPnHOOHUVSHWVLJD
I|UHPnOSDSSHUHOOHUN|NVKDQGGXNDULOnGDQRPK\OOSODQVDNQDV
'HWNDQSnYHUNDN\OQLQJHQHOOHUVNDGDIOlNWHQRPQnJRWVXJVLQ
'HWVNDYDUDHWWPLQLPLDYVWnQGSnFPPHOODQOnGLQQHKnOOHWRFK
IOlNWLQVXJHW
0RQWHULQJ|YHUXJQELOGE
%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP
$QYLVQLQJ 7LWWDLXJQHQVPRQWHULQJVDQYLVQLQJRPDYVWnQGHW
PHOODQKlOORFKXJQPnVWHYDUDVW|UUH
9HQWLODWLRQDYVWnQGHWPHOODQXJQRFKKlOOVNDYDUDPLQPP
$QYLVQLQJ ,QVWDOOHUDU GX KlOOHQ |YHU XJQ DY DQQDW PlUNH DQYlQG
WUlK\OOSODQ ELOG
9HQWLODWLRQELOG +lOOHQNUlYHUDQJLYHQYHQWLODWLRQI|UDWWHQKHWHQVNDIXQJHUD
RUGHQWOLJW
9HQWLODWLRQHQ XQGHU HQKHWHQ NUlYHU EUD IULVNOXIWVLQWDJ Vn VWRPPHQ
PnVWHKDPDWFKDQGHXWIRUPQLQJ)|OMDQGHNUlYV
■ KnOOPLQLPLDYVWnQGHWPHOODQVWRPU\JJRFKYlJJRFKPHOODQ
ElQNVNLYDRFKOnG|YHUGHO ELOG D
■ GHWVNDILQQDVHQ|SSQLQJXSSWLOOSnVWRPU\JJHQ ELOG E
■ JnUGHWLQWHInWLOOPLQLPLDYVWnQGRP PPSnVWRPU\JJHQVn
PnVWHGXJ|UDHQ|SSQLQJSnXQGHUVLGDQ ELOG F
$QYLVQLQJ
■ 0RQWHUDU GX HQKHWHQ L HQ N|NV| HOOHU Sn DQQDQ SODWV VRP VDNQDU
EHVNULYQLQJVHWLOOVnDWWKlOOHQInUUlWWYHQWLODWLRQ
■ 'HQXQGUHVRFNHOQInULQWHYDUDKHUPHWLVNWWLOOVOXWHQ
7DXUHQKHWHQ
0RQWHUDHQKHWHQELOG 7XUYDOOLVXXVNl\WW|WXUYDOOLVXXVRQWDDWWXDLQRDVWDDQVLOORLQNXQ
DVHQQXV RQ VXRULWHWWX WHNQLVHVWL RLNHLQ MD QlLGHQ DVHQQXVRKMHLGHQ
PXNDDQ9LUKHHOOLVHVWlDVHQQXNVHVWDDLKHXWXYDWYDKLQJRWRYDW
DVHQWDMDQYDVWXXOOD
$VHQQXNVHQMlONHHQRQYDUPLVWHWWDYDHWWlNl\WWlMlHLSllVH
NlVLNVLVlKN|lMRKWDYLLQUDNHQQHRVLLQ
7lPlQODLWWHHQNl\WW|RQVDOOLWWXHQLQWllQ PHWULQ
NRUNHXGHVVD
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
6lKN|OLLWlQWlOLLWlQQlQVDDVXRULWWDDYDLQYDOWXXWHWWXDODQ
DVLDQWXQWLMD.\WNHQQlVVlRQQRXGDWHWWDYDSDLNDOOLVHQ
VlKN|QWRLPLWWDMDQVllQW|Ml
/DLWHSLWllOLLWWllNLLQWHllQOLLWlQWllQMDODLWWHHVVDRQROWDYD
DVHQQXVPllUl\VWHQPXNDLVHWHURWXVNDWNDLVLPHW
6lKN|OLLWlQQlQ VXXULQ VDOOLWWX QlHQQlLVYDVWXV RQ 2KP ͋+
/LLWlQWlW\\SSL ODLWWHHQ VXRMDXVOXRNND RQ , MD VLWl YRLGDDQ Nl\WWll
YDLQPDDGRLWHWXOODVlKN|OLLWlQQlOOl
9DOPLVWDMDHLRWDYDVWXXWDYLUKHHOOLVHVWlWRLPLQQDVWDMD
PDKGROOLVLVWDYDKLQJRLVWDMRWNDDLKHXWXYDWYLUKHHOOLVLVWl
VlKN|DVHQQXNVLVWD
9HUNNRMRKWRYHUNNRMRKWRRQPDKGROOLVHVWLOLLWHWW\MR
NHLWWRWDVRQ OLLWlQWlNRWHORRQ WDL VH WRLPLWHWDDQ ODLWWHHQ PXNDQD
MDVHQVDDDVHQWDDYDLQDVLDQPXNDLVHQNRXOXWXNVHQVDDQXW
DVHQWDMDWDLKXROWROLLNNHHQHGXVWDMD7DUYLWWDYDWOLLWlQWlWLHGRW
O|\W\YlWW\\SSLNLOYHVWlMDOLLWlQWlNXYDVWD
.l\WlYDLQODLWWHHQPXNDQDWRLPLWHWWXDWDLWHNQLVHQKXROWRSDOYHOXQ
WRLPLWWDPDDMRKWRD
$VHQQXVW\|WDVRQDODSXROHOOH,QGXNWLRNHLWWRWDVRYRLGDDQ
DVHQWDDYDLQYHWRODDWLNRQWDLSXKDOOLQWXXOHWXNVHOODYDUXVWHWXQ
XXQLQ\OlSXROHOOH.HLWWRWDVRQDODSXROHOOHHLVDDDVHQWDD
MllNDDSSLDDVWLDQSHVXNRQHWWDLOPDQWXXOHWXVWDROHYDDXXQLDWDL
S\\NLQSHVXNRQHWWD
/LHVLWXXOHWLQ/LHVLWXXOHWWLPHQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQ
SLWllROODYlKLQWllQOLHVLWXXOHWWLPHQDVHQQXVRKMHHVVDDQQHWXQ
HWlLV\\GHQPXNDLQHQ
.HLWWRWDVRWDVDLQHQYDDNDVXRUDYDNDD1RXGDWDNHLWWRWDVRQ
YDOPLVWDMDQRKMHLWD
-RVW\|WDVRQSDNVXXVMRKRQNHLWWRWDVRDVHQQHWDDQHLYDVWDD
PllUl\NVLlYDKYLVWDW\|WDVRDWXOHQMDYHGHQNHVWlYlOOl
PDWHULDDOLOODNXQQHVVXRVLWHOWXYlKLPPlLVSDNVXXVRQVDDYXWHWWX
0XXWRLQOXMXXVHLROHULLWWlYl
■ 7\|WDVRQMRKRQNHLWWRWDVRDVHQQHWDDQSLWllNHVWllQ NJQ
NXRUPLWXVWD
■ 7DUNDVWDNHLWWRWDVRQSLQQDQWDVDLVXXVYDVWDNXQVHRQ
DVHQQHWWXSDLNDOOHHQ
7DNXXYLUKHHOOLQHQDVHQQXVWDLOLLWlQWlPLWlW|LWXRWWHHQWDNXXQ
+XRPDXWXV /DLWWHHQVLVlRVLHQNlVLWWHO\PXNDDQOXNLHQ
YLUWDMRKGRQYDLKWRWXOHHMlWWllYDVWDDYDQNRXOXWXNVHQVDDQHHQ
KXROWRSDOYHOXQVXRULWHWWDYDNVL
*|UHQKHWHQVWU|PO|V
: 5LVNI|UHOVW|W
3OLQWDUQDNDQJHUHWXUVSlQQLQJYLGORVVQLQJDYKlOOHQV
HODQVOXWQLQJ'HWlUEDUDEHK|ULJHOHNWULNHUVRPInUJ|UD
HODQVOXWQLQJHQ
7U\FNXSSKlOOHQXQGHULIUnQRFKWDXUGHQ
2EV
5LVNI|UVNDGRUSnHQKHWHQ)|UV|NLQWHDWWElQGDXUHQKHWHQ
RYDQLIUnQ
fi
Ý $VHQQXVRKMH
7lUNHLWlYLKMHLWl
$QYLVQLQJ $QYlQGVN\GGVKDQGVNDUYLGPRQWHULQJDYKlOOHQ'H
GROGD\WRUQDNDQKDYDVVDNDQWHU
(QKHWHUXWDQI|UPRQWHUDGVODGGI|ULQVODGGHQL
NRSSOLQJVGRVDQ
9lQGKlOOHQRFKOlJJGHQSnERWWHQDYI|USDFNQLQJHQHQ
KDQGGXNHOOHUDQQDQ\WDVnDWWGHQLQWHEOLUUHSDG
/\IWORFNHWWLOONRSSOLQJVGRVDQPHGPHMVHO ELOG /RVVDIlVWVNUXYHQRFKO\IWVODQJNOlPPDQPHGPHMVHO ELOG $QVOXWDOOWLGVRPELOGHQSnNRSSOLQJVGRVDQDQJHU ELOG %1EUXQ
%8EOn
*1<(JXOJU|Q
%.VYDUW
*<JUn
$QYLVQLQJ
■ $QVOXWHUGXHQOLJWNRSSOLQJVVFKHPD/1aVnPnVWHGX
lQGUDE\JOLQJDUQDVRPVFKHPDWDQJHU
■ 6H WLOO Vn DWW VNUXYDUQD L NRSSOLQJVGRVDQ lU RUGHQWOLJW nWGUDJQD
HIWHUVODGGDQVOXWQLQJHQ
)lVWVODGGHQPHGVODQJNOlPPDQRFKGUDnWIlVWVNUXYHQ
ELOG D
6lWWSnORFNHWWLOONRSSOLQJVGRVDQ
$QYLVQLQJ 3ODFHUDVODGGHQPLWWLNRSSOLQJVGRVDQVnJnUGHW
OlWWDUHDWWVWlQJD
*nUVODGGHQHPRWOnGDQIlVWXSSVODGGHQPHGGHPHGI|OMDQGH
EXQWEDQGHQSnXQGHUVLGDQDYKlOOHQ ELOG E
$QYLVQLQJ %HK|YHUGXOlQJUHVODGGNRQWDNWDVHUYLFH'HWILQQV
XSSWLOOPOnQJDVODGGDU
6lWWDLKlOOHQELOG
6lWWGLWIlVWVNHQRUQD
² )LQQVGHWUHGDQIlVWVNHQRUWDERUWGHPRFKVlWWIDVWQ\D
² DQYlQGGHQHGUHJlQJKnOHQWLOONDNODGHElQNVNLYRU
² /LPPDIDVWVNHQRUQDSnVWHQElQNVNLYRUDQYlQGYlUPHWnOLJW
OLPI|UPHWDOORFKVWHQ
6NMXWDLQHQKHWHQLLQE\JJQDGVQLVFKHQ
■ 6HWLOOVnDWWVODGGHQLQWHEOLUNOlPGHOOHUGUDJHQ|YHUYDVVD
NDQWHU9LGXQGHUE\JJGXJQGUDVODGGHQWLOOYlJJXWWDJHWYLD
XJQHQVEDNUHK|UQ'UDOHGQLQJHQVnDWWGHQLQWHNRPPHUL
NRQWDNWPHGKHWDVWlOOHQSnKlOOHOOHUXJQ
■ .DNODGHElQNVNLYRUPMXNIRJDNDNOHWPHGVLOLNRQ
$QVOXWDHQKHWHQELOG
■ 6SlQQLQJVHPlUNVN\OWHQ
■ $QVOXWDOOWLGVRPNRSSOLQJVVFKHPDWDQJHU
%1EUXQ
%8EOn
*1<(JXOJU|Q
%.VYDUW
*<JUn
■ bQGUD IDEULNVE\JOLQJHQ Vn DWW GHQ PDWFKDU DQVOXWQLQJVW\SHQ RP
GHWEHK|YV'XPnVWHHYHQWXHOOWNRUWDE\JOLQJDUQDRFKWDERUW
LVROHULQJHQI|UDWWVlWWDLE\JOLQJHQVRPNRSSODULKRSOHGDUQD
$QYLVQLQJ .RQWUROOHUD DWW HQKHWHQ lU UHGR DWW DQYlQGD InU GX XSS
—…‹‹ “‹†‚„ HOOHU “SnHQKHWHQVGLVSOD\VnlUGHQLQWHUlWW
DQVOXWHQ *|U HQKHWHQ VWU|PO|V RFK NRQWUROOHUD VODGGDQVOXWQLQJHQ
.DOXVWHLGHQYDOPLVWHOXNXYDW 6LVllQUDNHQQHWXWNDOXVWHHWNHVWlYlWYlKLQWllQƒ&
OlPS|WLODQ
$VHQQXVDXNNRSRLVWDODVWXWOHLNNDXVWRLPHQSLWHLGHQMlONHHQ
/HLNNDXVSLQQDWWLLYLVWlOlPP|QNHVWlYlOOlPDWHULDDOLOOD
/DDWLNRQSllOOHDVHQWDPLQHQNXYD D
7\|WDVRSDNVXXGHQRQROWDYDYlKLQWllQ PP
7XXOHWXV7\|WDVRQ\OlSLQQDQMDODDWLNRQ\OlRVDQYlOLVHQ
HWlLV\\GHQSLWllROOD PP
7\|QQlODLWHDVHQQXVWLODDQ
+XRPDXWXV .l\WlSXLVWDYlOLSRKMDDMRVODDWLNRVVDRQ
PHWDOOLHVLQHLWlMRWNDOlPSHQHYlWLOPDQNLHUURQYDLNXWXNVHVWD
NHLWWRWDVRQWXXOHWXNVHQ\KWH\GHVVlWDLMRVODDWLNRVVDVlLO\WHWllQ
SLHQLlWHUlYLlPHWDOOLHVLQHLWlNXWHQHVLPHUNLNVLSDLVWLQYDUWDLWD
NXYD .HLWWRWDVRQ DODRVDVVD RQ WXXOHWLQ -RV YlOLSRKMDD HL ROH DVHQQHWWX
ODDWLNRVVDHLVDDVlLO\WWllSLHQLlWDLWHUlYLlHVLQHLWlSDSHULDWDL
NHLWWL|OLLQRMD(VLQHHWYRLYDWKHLNHQWllWXXOHWXVWDWDLYDXULRLWWDD
SXKDOOLQWDMRVQHWXOHYDWLPHW\LNVLSXKDOWLPHQVLVllQ/DDWLNRQ
VLVlOO|QMDSXKDOWLPHQWXOROLLWlQQlQYlOLVHQHWlLV\\GHQSLWllROOD
YlKLQWllQ FP
$VHQWDPLQHQXXQLQ\OlSXROHOOHNXYDE
7\|WDVRSDNVXXGHQRQROWDYDYlKLQWllQ PP
+XRPDXWXV .DWVR RKMHHW XXQLQ DVHQQXVRKMHHVWD MRV NHLWWRWDVRQ
MDXXQLQYlOLVWlHWlLV\\WWlRQVXXUHQQHWWDYD
,OPDQYDLKWR8XQLQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQSLWllROOD
YlKLQWllQPP
+XRPDXWXV -RVNHLWWRWDVRDVHQQHWDDQWRLVWDPHUNNLlROHYDQ
XXQLQ\OlSXROHOOHRQNl\WHWWlYlSXLVWDYlOLSRKMDD NXYD
7XXOHWXVNXYD -RWWDODLWWHHQRLNHDWRLPLQWDYRLGDDQWDDWDNHLWWRWDVRDRQ
WXXOHWHWWDYDDVLDQPXNDLVHVWL
.RVNDWXXOHWXVWDYDUWHQWDUYLWDDQODLWWHHQDODRVDVVDULLWWlYlUDLWWLLQ
LOPDQ WXOR WlPl RQ RWHWWDYD KXRPLRRQ NDOXVWHLGHQ DVHQQXNVHVVD
7lWlYDUWHQWDUYLWDDQVHXUDDYLD
■ YlKLPPlLVHWlLV\\VNDOXVWHHQWDNDVHLQlQMDNHLWWL|QVHLQlQMD
W\|WDVRQ\OlSLQQDQMDODDWLNRQ\OlRVDQYlOLOOl NXYD D
■ DXNNR\OKllOOlNDOXVWHHQWDNDVLYXOOD NXYD E
■ -RVNDOXVWHHQWDNDVLYXQPLQLPLHWlLV\\V PPHLWRWHXGX
DODSXROHOOHRQWHKWlYlDXNNR NXYD F
+XRPDXWXNVLD
■ -RVODLWHDVHQQHWDDQNHLWWL|VDDUHNNHHVHHQWDLPXXKXQ
SDLNNDDQMRWDWlVVlHLROHNXYDWWXRQYDUPLVWHWWDYDNHLWWRWDVRQ
DVLDQPXNDLQHQWXXOHWXV
■ bOlVXOMHDODVRNNHOLDLOPDWLLYLLNVL
bOl MlWl YHUNNRMRKWRD SXULVWXNVLLQ WDL YLH VLWl WHUlYLHQ NXOPLHQ \OL
-RVNHLWWRWDVRQDOODRQXXQLYLHMRKWRXXQLQWDNDNXOPLVWD
OLLWlQWlUDVLDDQ-RKWRRQDVHQQHWWDYDVLWHQHWWlVHHLNRVNHWD
NHLWWRWDVRQWDLXXQLQNXXPLDRVLD
■ -RVW\|WDVRRQNDDNHORLWXWLLYLVWlNDDNHOLVDXPDWVLOLNRQLOOD
/DLWWHHQOLLWWlPLQHQNXYD
■ -lQQLWHNVW\\SSLNLOSL
■ /LLWlYDLQOLLWlQWlNDDYLRQPXNDDQ
%1UXVNHD
%8VLQLQHQ
*1<(NHOWDLQHQMDYLKUHl
%.PXVWD
*<KDUPDD
■ /LLWlQWlW\\SLVWlULLSSXHQVDDWHWDDQWHKWDDOWDWRLPLWHWWXMHQ
NLLQQLNNHLGHQVLMDLQWLDMRXWXDPXXWWDPDDQ.LLQQLNNHLWlRQWlWl
YDUWHQPDKGROOLVHVWLO\KHQQHWWlYlMDHULVWHSRLVWHWWDYDMRWWD
YRLGDDQDVHQWDDNDNVLMRKWRD\KGLVWlYlNLLQQLNH
+XRPDXWXV 7DUNDVWD ODLWWHHQ Nl\WW|YDOPLXV MRV ODLWWHHQ Ql\WW||Q
LOPHVW\\ —…‹‹ “‹†‚„ WDL “ ODLWH HL ROH RLNHLQ OLLWHWW\ ,UURWD ODLWH
VlKN|YHUNRVWDMDWDUNDVWDYLUWDMRKGRQOLLWlQWl
■
/DLWWHHQLUURWXV
,UURWDODLWHVlKN|YHUNRVWD
: 6lKN|LVNXQYDDUD
.XQ NHLWWRWDVR LUURWHWDDQ VlKN|YHUNRVWD OLLWWLPLLQ YRL MllGl MlQQLWH
6lKN|OLLWlQQlQVDDWHKGlYDLQDPPDWWLDVHQWDMD
3DLQDNHLWWRWDVRDDOKDDOWDSlLQMDRWDNHLWWRWDVRSRLVSDLNDOWDDQ
+XRPLR
9DUR YDXULRLWWDPDVWD ODLWHWWD bOl \ULWl LUURWWDD ODLWHWWD \OKllOWl SlLQ
YLSXDPDOOD
ru
î Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ
/DLWWHHQDVHQWDPLQHQNXYDW +XRPDXWXV .l\WlNHLWWRWDVRDDVHQWDHVVDVLVXRMDNlVLQHLWl
1lN\PlWW|PLVVlROHYLVVDSLQQRLVVDYRLROODWHUlYLlUHXQRMD
-RVODLWWHHVVDHLROHYDOPLLNVLDVHQQHWWXDMRKWRDYLH
YHUNNRMRKWROLLWlQWlUDVLDDQ
.llQQlNHLWWRWDVR\O|VDODLVLQMDDVHWDVHSDNNDXNVHQSRKMDQ
SllOOHOLLQDOOHWDLPXXOOHSLQQDOOHMRWWDYlOWlWQDDUPXXQWXPLVHQ
1RVWDOLLWlQWlUDVLDQNDQWWDUXXYLPHLVVHOLQDYXOOD NXYD ,UURWD NLLQQLW\VUXXYL MD QRVWD NLULVWLQWl UXXYLPHLVVHOLQ DYXOOD NXYD
/LLWlOLLWlQWlUDVLDDQYDLQNXYDQRVRLWWDPDOODWDYDOOD NXYD %1UXVNHD
%8VLQLQHQ
*1<(NHOWDLQHQMDYLKUHl
%.PXVWD
*<KDUPDD
+XRPDXWXNVLD
■ .XQOLLWlQWlWHKGllQOLLWlQWlNDDYLRQ/1aPXNDDQRQ
VLOORLWXVWHQMlUMHVW\VWlPXXWHWWDYDNDDYLRWDYDVWDDYDVWL
■ 9DUPLVWDHWWlOLLWlQWlUDVLDVVDROHYDWUXXYLWRQMRKWRMHQ
OLLWWlPLVHQMlONHHQNLULVWHWW\
.LLQQLWl YHUNNRMRKWR NLULVWLPHOOl MD NLULVWl NLLQQLW\VUXXYL NXYD D
6XOMHOLLWlQWlUDVLDQNDQVL
+XRPDXWXV 6LMRLWDMRKGRWOLLWlQWlUDVLDQNHVNHOOHMRWWD
VXONHPLQHQRQKHOSRPSDD
-RVYHUNNRMRKWRMDODDWLNNRRYDWSllOOHNNlLQNLLQQLWlMRKWR
PXNDQDWRLPLWHWXOODMRKWRVLWHHOOlNHLWWRWDVRQDODSXROHOOH
NXYD E
+XRPDXWXV -RVWDUYLWVHWSLGHPPlQYHUNNROLLWlQWlMRKGRQRWD
\KWH\VKXROWRSDOYHOXXQ.l\WHWWlYLVVlRQOLLWlQWlMRKWRMDDLQD
PVDDNND
.HLWWRWDVRQDVHQWDPLQHQNXYD $VHQQDNDQQDWLQNLVNRW
² -RVNDQQDWLQNLVNRWRYDWMRROHPDVVDSRLVWDQHMDDVHQQD
WLODOOHXXGHW
² .l\WlODDWWDSLQWDLVWHQW\|WDVRMHQNRKGDOODDOHPSLD
NLHUUHUHLNLl
² -RV W\|WDVR RQ NLYHl OLLPDD NLVNRW Nl\Wl NXXPXXWWD NHVWlYll
PHWDOOLQMDNLYHQOLLPDDPLVHHQVRYHOWXYDDOLLPDD
Ρδτμηιίΰδζνξίπμνπρη΋ίαθιΪληΪωχδλιενΪμΪπβωικβΫθκΪ
έΪκΪημβκνίμλωμθεφδθάμθζλενρΪίίλεβίέθνλμΪηθάδΪβ
ιθήδεψρίηβίδχείδμκθλίμβάυιθεηίηυικΪάβεφηθλμίοηβρίλδθγ
μθρδβακίηβωβάλθθμάίμλμάββλήΪηηυζκνδθάθήλμάθζιθ
ζθημΪΰνΘμάίμλμάίηηθλμφαΪιθάκίΰήίηβωικβρβηθγδθμθκυο
ιθλενΰβεηίικΪάβεφηυγζθημΪΰικβΫθκΪηίλίμικθβαάθήβμίεφ
ζθημΪΰηυοκΪΫθμ
ΙθθδθηρΪηββζθημΪΰΪικθδθημκθεβκνγμίρμθΫυνιθεφαθάΪμίεω
θμλνμλμάθάΪεήθλμνιδχείδμκβρίλδβζδθζιθηίημΪζ
ΧδλιενΪμΪπβωήΪηηθέθικβΫθκΪήθινλδΪίμλωηΪάυλθμίήθ
ζίμκθά
: Κηυίηλδύψηδόκδιρονμμϊδηλξκίμρίρϊ
ΌικβΫθκζθένμΫυμφάλμκθίηυιθλμθωηηυίζΪέηβμυ
άθαήίγλμάνψσβίηΪχείδμκθηηυίβζιεΪημΪμυηΪικβζίκηΪ
δΪκήβθλμβζνεωμθκ βεβ βηΰίδμθκ βηλνεβηΪ Ιθχμθζν ικβ ζθημΪΰί
λείήνίμλθΫεψήΪμφζβηβζΪεφηθίκΪλλμθωηβίήθχείδμκθηηυο
βζιεΪημΪμθάλζ
Ξνγικύφδμηδιόκδιρονπδρηήθεΰηθικθβαάθήβμφλωμθεφδθ
ΪμμίλμθάΪηηυζλιίπβΪεβλμθζΙκβχμθζηίθΫοθήβζθ
ικβήίκΰβάΪμφλωβηλμκνδπβγζίλμηθγχείδμκθληΪΫΰΪψσίγ
δθζιΪηββ
ΝλμΪηθάδΪικβΫθκΪήθεΰηΪΫυμφλμΪπβθηΪκηθγΛθέεΪληθ
ικίήιβλΪηβωζιθνλμΪηθάδίλείήνίμικίήνλζθμκίμφ
λθθμάίμλμάνψσβίκΪαζυδΪψσβίνλμκθγλμάΪ
ΖΪδλβζΪεφηθήθινλμβζθίαηΪρίηβίιθεηθέθλθικθμβάείηβω
χείδμκβρίλδθγλίμβλθλμΪάεωίμΘζ͋+
ΑηγξνγικύφδμηώήΪηηυγικβΫθκλθθμάίμλμάνίμδεΪλλν
αΪσβμυ ,βζθΰίμβλιθεφαθάΪμφλωμθεφδθικβνλεθάββηΪεβρβω
αΪαίζείηβω
Ικθβαάθήβμίεφ ηί ηίλίμ θμάίμλμάίηηθλμβ αΪ ηίδθκκίδμηνψ κΪΫθμν
ικβΫθκΪβάθαζθΰηυίιθάκίΰήίηβωάυαάΪηηυίηίικΪάβεφηθ
ικθάίήίηηυζιθήδεψρίηβίζδχείδμκθλίμβ
Πδρδανθξονανγανζλνεμννμςεδξνγικύφδμι
οίπξοδγδκηρδκϋμνθινονΰιδαίονφμνθξίμδκηηκη
ξνπρίακώδρπώπξοηΰνονλβήθεΰίηΫυμφνλμΪηθάείη
νιθεηθζθρίηηυζλιίπβΪεβλμθζβεβδάΪεβξβπβκθάΪηηυζ
ιίκλθηΪεθζλίκάβληθγλενΰΫυΜκίΫνίζυίήεωιθήδεψρίηβω
ήΪηηυίικβάίήίηυηΪμβιθάθγμΪΫεβρδίβηΪλοίζίιθήδεψρίηβω
ΒλιθεφανγμίμθεφδθδΪΫίεφάοθήωσβγάδθζιείδμιθλμΪάδβ
ικβΫθκΪβεβιθλμΪάεωίζυγλίκάβληθγλενΰΫθγ
΢πρίμναιίξνγπρνκδχμηυδθβηήνδπβθηηΪωάΪκθρηΪωιΪηίεφ
ζθΰίμΫυμφνλμΪηθάείηΪμθεφδθηΪήςδΪξΪζβήεωιθήθέκίάΪ
ιθλνήυβεβήνοθάυζβςδΪξΪζβλλβλμίζθγάίημβεωπββ
ΝλμΪηθάδΪοθεθήβεφηβδθάιθλνήθζθίρηυοζΪςβηήνοθάυο
ςδΪξθάΫίαλβλμίζυάίημβεωπβββεβλμβκΪεφηυοζΪςβηιθή
άΪκθρηθγιΪηίεφψηίάθαζθΰηΪ
Ξοηςπρίμναιδξοηΰνοναΰδζξοδγαίοηρδκϋμν
πλνμρηοναίμμνβνιίΰδκώμδνΰτνγηλνξοναδπρηπδρδανθ
ιίΰδκϋιονζδριδ
ΙίκίάίκηβμίάΪκθρηνψιΪηίεφβιθεθΰβμίηΪήηθνιΪδθάδβ
ιθεθμίηπί βεβ ήκνένψ ιθάίκοηθλμφ μΪδ ρμθΫυ βαΫίΰΪμφ πΪκΪιβη
Ιθήηβζβμίδκυςδνκθαίμδβλιθζθσφψθμάϋκμδβ οηπ ΌυάίκηβμίδκίιϋΰηυγΫθεμβιθήηβζβμίςεΪηέθάυγοθζνμλ
ιθζθσφψθμάϋκμδβ οηπ
Όυιθεηωγμί ιθήδεψρίηβί ά λθθμάίμλμάββ λ κβλνηδθζ ηΪ κθαίμδί
οηπ
%1δθκβρηίάυγ
%8λβηβγ
*1<(ΰϋεμυγβαίεϋηυγ
%.ρϋκηυγ
*<λίκυγ
΢ιίζίμηώ
■ Ώλεβ ιθήδεψρίηβί άυιθεηωίμλω ά λθθμάίμλμάββ λ ήβΪέκΪζζθγ
ιθήδεψρίηβω/1aλείήνίμβαζίηβμφκΪλιθεθΰίηβί
ιίκίζυρίδάλθθμάίμλμάββλήβΪέκΪζζθγ
■ ΛείήβμίαΪμίζρμθΫυιθλείιθήδεψρίηβωδΪΫίείγάβημυηΪ
κθαίμδίΫυεβδκίιδθαΪμωηνμυ
ΑΪξβδλβκνγμίλίμίάθγδΪΫίεφςεΪηέθάυζοθζνμθζβαΪμωηβμί
δκίιϋΰηυγάβημοηπD
ΑΪδκθγμίδκυςδνκθαίμδβ
΢ιίζίμηδ ΔΪΫίεβάπίημκΪεφηθγρΪλμβκθαίμδβκΪλιθεθΰβμί
μΪδβζθΫκΪαθζρμθΫυδκυςδΪείέδθαΪδκυάΪεΪλφ
ΏλεβλίμίάθγδΪΫίεφΫνήίμαΪήίάΪμφαΪάυήάβΰηθγωσβδ
αΪξβδλβκνγμί ίέθ λ ιθζθσφψ ικβεΪέΪίζθγ δΪΫίεφηθγ λμωΰδβ ηΪ
ηβΰηίγλμθκθηίάΪκθρηθγιΪηίεβ οηπE
΢ιίζίμηδ ΏλεβάΪζήεωιθήδεψρίηβωδλίμβηίθΫοθήβζΫθείί
ήεβηηυγδΪΫίεφθΫκΪμβμίλφάλίκάβληνψλενΰΫνΌηΪεβρββ
δΪΫίεβήεβηθγήθζ
΢πρίμναηρδαίονφμςύξίμδκϋοηπ ΝλμΪηθάβμίθιθκηυίιεΪηδβ
² ΏλεβθιθκηυίιεΪηδβνΰίνλμΪηθάείηυνήΪεβμίβοβ
νλμΪηθάβμίηθάυί
² Λμθείςηβπυλιθδκυμβίζιεβμδθγβλιθεφανγμίηβΰηβί
θμάίκλμβωιθήκίαφΫν
² ΔΪζίηηυίλμθείςηβπυηΪδείγμίιεΪηδβήεωχμθέθ
βλιθεφανγμίμίκζθλμθγδβγδείγιθήοθήωσβγήεω
ικβδείβάΪηβωζίμΪεεΪβδΪζηω
ΌλμΪάφμίικβΫθκάηβςνήεωάλμκΪβάΪηβω
■ ΗίήθινλδΪγμίαΪσίζείηβωλίμίάθέθδΪΫίεωηίμωηβμίίέθ
ρίκίαθλμκυίδκθζδβΙκβηβΰηίζκΪλιθεθΰίηββήνοθάθέθ
ςδΪξΪικθάίήβμίικθάθήρίκίααΪήηβίνέευήνοθάθέθςδΪξΪδ
κθαίμδίΙκθάθήήθεΰίηΫυμφλζθημβκθάΪημΪδβζθΫκΪαθζ
ρμθΫυθηηίικβδΪλΪελωδέθκωρβζνρΪλμδΪζάΪκθρηθγιΪηίεβ
βεβήνοθάθέθςδΪξΪ
■ ΝκΪΫθρίγιθάίκοηθλμβθΫεβπθάΪηηθγδΪξίεφηθγιεβμδθγ
αΪέίκζίμβαβκνγμίςάυιεβμθδλβεβδθηθάυζέίκζίμβδθζ
Ξνγικύφηρδξοηΰνοοηπ
■ ΗΪικωΰίηβίλζηΪμβιθάθγμΪΫεβρδί
■ ΙθήδεψρίηβίθΫωαΪμίεφηθάυιθεηωγμίάλθθμάίμλμάββλ
ήβΪέκΪζζθγιθήδεψρίηβω
%1δθκβρηίάυγ
%8λβηβγ
*1<(ΰϋεμυγβαίεϋηυγ
%.ρϋκηυγ
*<λίκυγ
■ ΌαΪάβλβζθλμβθμνλεθάβγιθήδεψρίηβωηίθΫοθήβζθβαζίηβμφ
κΪλικίήίείηβίδείζζιθλμΪάεωίζυοάδθζιείδμίΎεωχμθέθ
ικβηίθΫοθήβζθλμβλείήνίμαΪδθκθμβμφδείζζυβνήΪεβμφ
βαθεωπβψ ρμθΫυ νλμΪηθάβμφ δείζζν λθίήβηωψσνψ ήάΪ δΪΫίεω
΢ιίζίμηδ ΙκθάίκδΪέθμθάηθλμβδκΪΫθμίίλεβηΪήβλιείί
ικβΫθκΪιθωάεωίμλω —…‹‹ “‹†‚„ βεβ “ικβΫθκιθήδεψρϋη
ηίικΪάβεφηθΘμδεψρβμίικβΫθκθμβλμθρηβδΪιβμΪηβωβ
ικθάίκφμίιθήδεψρίηβίδΪΫίεω
ΑϊρώειίκΪλλμθωηβίζίΰήνάυμωΰδθγβάΪκθρηθγιΪηίεφψ
ήθεΰηθλθθμάίμλμάθάΪμφζβηβζΪεφηθζνκΪλλμθωηβψνδΪαΪηηθζν
ήεωάυμωΰδβάκνδθάθήλμάίιθχδλιενΪμΪπββ
ΠρνκδχμηυίιεθλδΪωέθκβαθημΪεφηΪωνλμθγρβάΪωΛείήνγμί
βηλμκνδπβωζικθβαάθήβμίεωλμθείςηβπυ
ΏλεβμθεσβηΪλμθείςηβπυάδθμθκνψνλμΪηΪάεβάΪίμλωάΪκθρηΪω
ιΪηίεφηίλθθμάίμλμάνίμνδΪαΪηβωζνδκίιβμίλμθείςηβπνλ
ιθζθσφψΰΪκθβάεΪέθλμθγδθέθζΪμίκβΪεΪμΪδρμθΫυΫυεΪ
ήθλμβέηνμΪκίδθζίηήνίζΪωζβηβζΪεφηΪωμθεσβηΪΒηΪρί
ηίάθαζθΰηθθΫίλιίρβμφήθλμΪμθρηνψλμΪΫβεφηθλμφνλμΪηθάδβ
■ ΛμθείςηβπΪάδθμθκνψνλμΪηΪάεβάΪίμλωάΪκθρηΪωιΪηίεφ
ήθεΰηΪάυήίκΰβάΪμφηΪέκναδνικβζ δέ
■ Κθάηθλμφ νλμΪηθάδβ άΪκθρηθγ ιΪηίεβ λείήνίμ ικθάίκωμφ μθεφδθ
ιθλείάυιθεηίηβωνλμΪηθάδβ
ΒίοίμρηώηίικΪάβεφηΪωνλμΪηθάδΪιθήδεψρίηβίβεβζθημΪΰ
άείδνμαΪλθΫθγθμζίηνέΪκΪημββικθβαάθήβμίεω
΢ιίζίμηδ ΕψΫυίήίγλμάβωλάηνμκίηηβζβδθζιθηίημΪζβ
ικβΫθκΪ άδεψρΪω αΪζίην δΪΫίεω ιβμΪηβω ήθεΰηυ ικθβαάθήβμφλω
λιίπβΪεβλμΪζβλίκάβληθέθπίημκΪ
Ξνγβνρναιίλδΰδκηοηπ ΛδΰδκϋγκώαπροίηαίδλνθΰϊρνανθρδτμηιηήθεΰηΪ
άυήίκΰβάΪμφμίζιίκΪμνκνηίζίηίίƒ &
ΝραδοπρηδιθλείάυκίαΪηβωθμάίκλμβωνΫίκβμίθιβεδβ
ΞναδοτμνπρϋποδζίθΫκΪΫθμΪγμίέίκζίμβδθζρμθΫυθΫίλιίρβμφ
ίέθμίκζθλμθγδθλμφ
Λνμρίεμίγαϊγαηεμϊλώψηινλοηπςμνι D
ΛμθείςηβπΪήθεΰηΪβζίμφμθεσβηνηίζίηίί ζζ
ΛβλμίζΪάίημβεωπββκΪλλμθωηβίζίΰήνιθάίκοηθλμφψ
λμθείςηβπυβάίκοηίγρΪλμφψςδΪξΪήεωιθήθέκίάΪήθεΰηθ
λθλμΪάεωμφ ζζ
΢ιίζίμηδ ΒλιθεφανγμίικθζίΰνμθρηνψιθεδνβαήίκίάΪίλεβά
άυήάβΰηθζωσβδίάλάωαβλπβκδνεωπβίγάθαήνοΪικβ
άίημβεβκθάΪηββάΪκθρηθγιΪηίεβηΪέκίάΪψμλωζίμΪεεβρίλδβί
ικίήζίμυβεβάχμθζωσβδίοκΪηωμλωηίΫθεφςβίθλμκυί
ζίμΪεεβρίλδβίικίήζίμυμΪδβίδΪδςΪζινκυ οηπ
ΛηβΰηίγλμθκθηυάΪκθρηθγιΪηίεβνλμΪηθάείηάίημβεωμθκΙκβ
θμλνμλμάββικθζίΰνμθρηθγιθεδβάάυήάβΰηθζωσβδίηίεφαω
οκΪηβμφηίΫθεφςβίβεβθλμκυίικίήζίμυΫνζΪένβεβδνοθηηυί
ιθεθμίηπΪΧμθζθΰίμλμΪμφικβρβηθγληβΰίηβωχξξίδμβάηθλμβ
θοεΪΰήίηβωβεβιθάκίΰήίηβωάίημβεωμθκΪάλείήλμάβίβο
άλΪλυάΪηβω ΚΪλλμθωηβί ζίΰήν λθήίκΰβζυζ άυήάβΰηθέθ ωσβδΪ
βάοθήηυζθμάίκλμβίζάίημβεωμθκΪήθεΰηθλθλμΪάεωμφηίζίηίί
λζ
΢πρίμναιίμίγγςτναϊλχιίσνλοηπςμνιE
ΛμθείςηβπΪήθεΰηΪβζίμφμθεσβηνηίζίηίί ζζ
΢ιίζίμηδ ΘΫκΪμβμίλφδκνδθάθήλμάνιθζθημΪΰνήνοθάθέθ
ςδΪξΪίλεβμκίΫνίμλωνάίεβρβμφκΪλλμθωηβίζίΰήνήνοθάυζ
ςδΪξθζβάΪκθρηθγιΪηίεφψ
ΌίημβεωπβωκΪλλμθωηβίζίΰήνήνοθάυζςδΪξθζβάΪκθρηθγ
ιΪηίεφψήθεΰηθλθλμΪάεωμφηίζίηίίζζ
΢ιίζίμηδ ΏλεβάΪκθρηΪωιΪηίεφνλμΪηΪάεβάΪίμλωηΪήήνοθάυζ
ςδΪξθζήκνέθγζΪκδβλείήνίμβλιθεφαθάΪμφικθζίΰνμθρηνψ
ιθεδνβαήίκίάΪ οηπ
Αδμρηκώυηώοηπ ΎεωικΪάβεφηθέθξνηδπβθηβκθάΪηβωικβΫθκΪλείήνίμθΫίλιίρβμφ
ίέθηΪήείΰΪσνψάίημβεωπβψ
ΙθλδθεφδνήεωλβλμίζυάίημβεωπββάηβΰηίγρΪλμβικβΫθκΪ
ηίθΫοθήβζΪιθήΪρΪήθλμΪμθρηθέθδθεβρίλμάΪηΪκνΰηθέθάθαήνοΪ
ζίΫίεφήθεΰηΪΫυμφβλιθεηίηΪλθθμάίμλμάνψσβζθΫκΪαθζΎεω
χμθέθιθμκίΫνίμλωάυιθεηβμφλείήνψσίί
■ ΖβηβζΪεφηθίκΪλλμθωηβίζίΰήναΪήηίγλμίηδθγζίΫίεββ
λμίηθγδνοηβζίΰήνιθάίκοηθλμφψλμθείςηβπυβάίκοηίγ
ρΪλμφψςδΪξΪήεωιθήθέκίάΪ οηπ D
■ ΘμάίκλμβίηΪαΪήηίγλμίηδίζίΫίεβλάίκον οηπ E
■ ΏλεβθμλνμλμάνίμζβηβζΪεφηθίκΪλλμθωηβί ζζζίΰήν
αΪήηίγλμίηδθγζίΫίεββλμίηθγμθηΪηβΰηίγλμθκθηίλείήνίμ
άυιθεηβμφθμάίκλμβί οηπ F
΢ιίζίμηώ
■ ΏλεβικβΫθκνλμΪηθάείηάθλμκθάηθγδνοθηηθγμνζΫίβεβά
ήκνέθζηίθιβλΪηηθζαήίλφζίλμίλείήνίμθΫίλιίρβμφ
λθθμάίμλμάνψσνψάίημβεωπβψάΪκθρηθγιΪηίεβ
■ ΗίαΪδκυάΪγμίηβΰηβγπθδθεφέίκζίμβρηθ
Γδλνμρίεξοηΰνοί
΢πρίμναηρδξοηΰνοοηπ ΢ιίζίμηδ Ικβ νλμΪηθάδί άΪκθρηθγ ιΪηίεβ βλιθεφανγμί αΪσβμηυί
ιίκρΪμδβΗίδθμθκυίηίικθλζΪμκβάΪίζυίιθάίκοηθλμβζθένμ
βζίμφθλμκυίδκΪω
ΘμλθίήβηβμίικβΫθκθμχείδμκθλίμβ
: Νξίπμνπρϋξνοίεδμηώόκδιροηφδπιηλρνινλ
ΙκβθμλθίήβηίηββδείζζάΪκθρηθγιΪηίεβθμχείδμκθλίμβ
δείζζυζθένμικθάθήβμφθΫκΪμηθίηΪικωΰίηβίΙθήδεψρίηβί
ικβΫθκΪδχείδμκθλίμβήθεΰηθάυιθεηωμφλωμθεφδθ
νιθεηθζθρίηηυζλιίπβΪεβλμθζ
ΗΪήΪάβμίηΪάΪκθρηνψιΪηίεφληβανβάυηφμίίϋ
Αμηλίμηδ
ΘιΪληθλμφιθάκίΰήίηβωικβΫθκΪΗίιυμΪγμίλφάυηνμφικβΫθκ
ιθήηβζΪωίέθλάίκον
pl
ë ,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNL
%H]SLHF]HĿVWZREH]SLHF]HĿVWZRSRGF]DVXŰ\WNRZDQLD
]DSHZQLRQHMHVWZ\ãĉF]QLHZSU]\SDGNXJG\XU]ĉG]HQLH]RVWDãR
]DLQVWDORZDQHSRSUDZQLHSRGZ]JOęGHPWHFKQLF]Q\PL]JRGQLH]
QLQLHMV]ĉLQVWUXNFMĉPRQWDŰX=DV]NRG\SRZVWDãHZZ\QLNX
QLHRGSRZLHGQLHJRPRQWDŰXRGSRZLHG]LDOQDEęG]LHRVRED
LQVWDOXMĉFD
3R XNRĿF]HQLX LQVWDODFML QDOHŰ\ XSHZQLþ VLę ŰH XŰ\WNRZQLN QLH PD
GRVWęSXGRHOHNWU\F]Q\FKHOHPHQWyZNRQVWUXNF\MQ\FK
8U]ĉG]HQLHPRŰHE\þXŰ\WNRZDQHQDZ\VRNRŔFLDFKGR
PHWUyZ
: 8Ű\WNRZQLF\LPSODQWyZHOHNWURQLF]Q\FK
8U]ĉG]HQLHPRŰH]DZLHUDþPDJQHV\WUZDãHNWyUHPRJĉPLHþ
ZSã\ZQDG]LDãDQLHLPSODQWyZHOHNWURQLF]Q\FKQSUR]UXV]QLNyZ
VHUFDOXESRPSLQVXOLQRZ\FK'ODWHJRSRGF]DVPRQWDŰXQDOHŰ\
]DFKRZDþRGOHJãRŔþFRQDMPQLHM FPRGLPSODQWyZ
HOHNWURQLF]Q\FK
3RGãĉF]HQLHHOHNWU\F]QHSRZLHU]DþZ\ãĉF]QLHXSRZDŰQLRQHPX
WHFKQLNRZLVSHFMDOLŔFLH1DOHŰ\SU]HVWU]HJDþUR]SRU]ĉG]HĿ
PLHMVFRZHMILUP\GRVWDUF]DMĉFHMHQHUJLęHOHNWU\F]Qĉ
8U]ĉG]HQLHQDOHŰ\SRGãĉF]\þGRVWDãHMLQVWDODFMLD]JRGQLH]
SU]HSLVDPLGRW\F]ĉF\PLLQVWDODFML]DPRQWRZDþRGSRZLHGQLH
UR]ãĉF]QLNLRGVLHFLHOHNWU\F]QHM
1DMZ\ŰV]DGR]ZRORQDLPSHGDQFMDSU]\ãĉF]DHOHNWU\F]QHJR
Z\QRVL RKPyZ ͋+
5RG]DMSRGãĉF]HQLDXU]ĉG]HQLHSRVLDGDVWRSLHĿRFKURQ\ ,L
PRŰQDJRXŰ\ZDþZ\ãĉF]QLH]X]LHPLRQ\PSU]\ãĉF]HP
3URGXFHQWQLHSRQRVLRGSRZLHG]LDOQRŔFL]DQLHZãDŔFLZH
IXQNFMRQRZDQLHXU]ĉG]HQLDLHZHQWXDOQHV]NRG\VSRZRGRZDQH
SU]H]QLHZãDŔFLZĉLQVWDODFMęHOHNWU\F]Qĉ
3U]HZyG]DVLODMĉF\0RŰOLZHŰHMHVWRQMXŰSRGãĉF]RQ\GR
VNU]\QNLSU]\ãĉF]HQLRZHMSã\W\JU]HZF]HMOXE]DZDUW\MHVWZ
GRVWDZLHZUD]]XU]ĉG]HQLHP0RŰHJR]DLQVWDORZDþZ\ãĉF]QLH
XSUDZQLRQ\GRWHJRIDFKRZLHFOXEZ\NZDOLILNRZDQ\SUDFRZQLN
VHUZLVX :\PDJDQH GDQH SU]\ãĉF]HQLRZH Vĉ SRGDQH QD WDEOLF]FH
]QDPLRQRZHMLVFKHPDFLHSRãĉF]HĿ
8Ű\ZDþZ\ãĉF]QLHSU]HZRGXGRVWDUF]RQHJRZUD]]XU]ĉG]HQLHP
OXESU]HZRGXGRVWDUF]RQHJRSU]H]VHUZLVDQWD
0RQWDŰSRGEODWHPURERF]\P.XFKHQNęLQGXNF\MQĉPRŰQD
]DLQVWDORZDþW\ONRQDGV]XIODGDPLOXESLHNDUQLNDPL]
ZHQW\ODWRUHP3RGSã\WĉJU]HZF]ĉQLHPRJĉE\þLQVWDORZDQH
ORGyZNL]P\ZDUNLGRQDF]\ĿSLHNDUQLNLEH]V\VWHPXZHQW\ODFML
DQLSUDONL
2NDSNXFKHQQ\2GVWęSPLęG]\RNDSHPNXFKHQQ\PDSã\Wĉ
JU]HZF]ĉPXVLE\þUyZQ\FRQDMPQLHMRGVWęSRZLSRGDQHPXZ
LQVWUXNFMLPRQWDŰXRNDSX
%ODWSãDVNLSR]LRP\VWDELOQ\3RVWęSRZDþ]JRGQLH]H
ZVND]yZNDPLSURGXFHQWDEODWX
-HŰHOLJUXERŔþEODWXURERF]HJRSU]H]QDF]RQHJRGR]DEXGRZ\
Sã\W\ JU]HZF]HM QLH RGSRZLDGD ]DOHFHQLRP Z]PRFQLþ EODW URERF]\
]DSRPRFĉRJQLRLZRGRRGSRUQHJRPDWHULDãXZWDNLVSRVyEDE\
RVLĉJQLęWD]RVWDãDZ\PDJDQDJUXERŔþPLQLPDOQD:SU]HFLZQ\P
UD]LHQLHPRŰQD]DJZDUDQWRZDþZ\VWDUF]DMĉFHMVWDELOQRŔFL
■ %ODWURERF]\SU]H]QDF]RQ\GR]DEXGRZ\Sã\W\JU]HZF]HM
SRZLQLHQZ\WU]\PDþREFLĉŰHQLHRN NJ
■ :\SR]LRPRZDQLHSã\W\JU]HZF]HMVSUDZG]LþGRSLHURSR
]DNRĿF]HQLXPRQWDŰX
*ZDUDQFMDQLHSUDZLGãRZRZ\NRQDQDLQVWDODFMDSRGãĉF]HQLHOXE
PRQWDŰSRZRGXMHXWUDWęZDŰQRŔFLJZDUDQFMLSURGXNWX
:VND]yZND :V]HONLHF]\QQRŔFLZHZQĉWU]XU]ĉG]HQLDZãĉF]QLH
]Z\PLDQĉNDEOD]DVLODQLDSRZLQQ\]RVWDþZ\NRQDQHSU]H]
RGSRZLHGQLRSU]HV]NRORQ\FKSUDFRZQLNyZWHFKQLF]Q\FK6HUZLVX
7HFKQLF]QHJR
3U]\JRWRZDQLHPHEOLU\V 0HEOHZ]DEXGRZLHRGSRUQHQDWHPSHUDWXUęPLQLPXPƒ&
2WZyUXVXQĉþZLyU\SRZ\NRQDQLXZ\FLęFLD
3RZLHU]FKQLHZ\FLęFLDXV]F]HOQLþPDWHULDãHPRGSRUQ\PQD
Z\VRNĉWHPSHUDWXUę
0RQWDŰQDV]DIFHU\VXQHN D
%ODWSRZLQLHQPLHþJUXERŔþPLQLPXP PP
:HQW\ODFMD2GVWęSPLęG]\SRZLHU]FKQLĉEODWXURERF]HJRLJyUQĉ
F]ęŔFLĉV]XIODG\PXVLZ\QRVLþ PP
:VND]yZND -HŰHOL Z V]XIODG]LH ]QDMGXMĉ VLę SU]HGPLRW\ NWyUH QD
VNXWHNF\UNXODFMLSRZLHWU]DSRGF]DVZHQW\ODFMLSã\W\JU]HZF]HM
PRJĉXOHFSRGJU]DQLXOXEMHŔOLZV]XIODG]LHSU]HFKRZ\ZDQHVĉ
QLHZLHONLH RVWUH PHWDORZH SU]HGPLRW\ MDN QS URŰHQ QDOHŰ\ XŰ\þ
Sã\W\SU]HJUDG]DMĉFHM] GUHZQD U\V
3ã\WD JU]HZF]D Z\SRVDŰRQD MHVW RG VSRGX Z ZHQW\ODWRU %H] Sã\W\
SU]HJUDG]DMĉFHM QLH ZROQR Z V]XIODG]LH SU]HFKRZ\ZDþ QLHZLHONLFK
F]\RVWU\FKSU]HGPLRWyZSDSLHUXOXEUęF]QLNyZNXFKHQQ\FK
0RJãRE\WRPLHþQHJDW\ZQHRGG]LDã\ZDQLHQDZHQW\ODWRU
SU]HGPLRW\PRJã\E\]RVWDþZHVVDQH3RPLęG]\]DZDUWRŔFLĉ
V]XIODG\ D ZHQW\ODWRUHP QDOHŰ\ ]DFKRZDþ PLQLPDOQ\ RGVWęS FP
0RQWDŰQDSLHNDUQLNXU\VXQHNE
%ODWSRZLQLHQPLHþJUXERŔþPLQLPXP PP
:VND]yZND 6SUDZG]Lþ PRŰOLZRŔFL PRQWDŰX Z LQVWUXNFML PRQWDŰX
SLHNDUQLND MHŔOL WU]HED ]ZLęNV]\þ RGVWęS PLęG]\ Sã\Wĉ JU]HZF]ĉ D
SLHNDUQLNLHP
:HQW\ODFMD2GVWęSPLęG]\SLHNDUQLNLHPDSã\WĉJU]HZF]ĉ
SRZLQLHQZ\QRVLþFRQDMPQLHMPP
:VND]yZND -HŔOLSã\WDJU]HZF]D]RVWDQLHZEXGRZDQDQDG
SLHNDUQLNLHP LQQHM PDUNL QDOHŰ\ ]DVWRVRZDþ Sã\Wę SU]HJUDG]DMĉFĉ
]GUHZQD U\V
:HQW\ODFMDU\VXQHN :FHOX]DSHZQLHQLDSUDZLGãRZHJRG]LDãDQLDXU]ĉG]HQLDQDOHŰ\
]DGEDþRSUDZLGãRZĉZHQW\ODFMęSã\W\JU]HZF]HM
3RQLHZDŰZHQW\ODFMDZGROQHMF]ęŔFLXU]ĉG]HQLDZ\PDJD
]DSHZQLHQLDZ\VWDUF]DMĉFHJRGRSã\ZXŔZLHŰHJRSRZLHWU]D
QDOHŰ\]DGEDþRRGSRZLHGQLHSU]\JRWRZDQLHPHEOL1DOHŰ\SU]\
W\PXZ]JOęGQLþ
■ PLQLPDOQ\RGVWęSPLęG]\W\OQĉŔFLDQNĉPHEODDŔFLDQĉNXFKQL
RUD]PLęG]\SRZLHU]FKQLĉEODWXURERF]HJRDJyUQĉF]ęŔFLĉ
V]XIODG\ U\V D
■ RWZyUQDJyU]HW\OQHMŔFLDQNLPHEOD U\V E
■ -HŰHOLPLQLPDOQ\RGVWęS PP]W\ãXPHEODQLH]RVWDã
XZ]JOęGQLRQ\QDOHŰ\Z\NRQDþRWZyUQDVSRG]LH U\V F
:VND]yZNL
■ :SU]\SDGNXPRQWDŰXXU]ĉG]HQLDZUDPDFKZ\VS\NXFKHQQHM
OXEZLQQ\PQLHZ\PLHQLRQ\PPLHMVFXQDOHŰ\]DSHZQLþ
RGSRZLHGQLĉZHQW\ODFMęSã\W\JU]HZF]HM
■ 'ROQ\FRNyãQDOHŰ\KHUPHW\F]QLHXV]F]HOQLþ
0RQWDŰXU]ĉG]HQLDU\VXQNL :VND]yZND 3RGF]DVPRQWDŰXSã\W\JU]HZF]HMXŰ\ZDþUęNDZLF
RFKURQQ\FK3RZLHU]FKQLHNWyUHQLHVĉZLGRF]QHPRJĉPLHþ
RVWUHNUDZęG]LH
:SU]\SDGNXXU]ĉG]HĿEH]ZVWęSQLH]DLQVWDORZDQHJR
SU]HZRGXXPLHŔFLþSU]HZyG]DVLODMĉF\ZJQLHŮG]LH
SU]\ãĉF]HQLRZ\P
3ã\WęJU]HZF]ĉREUyFLþLSRãRŰ\þQDGQLHRSDNRZDQLDQD
ŔFLHUHF]FHOXEQDLQQHMSRZLHU]FKQLDE\XQLNQĉþ]DU\VRZDĿ
=DSRPRFĉZNUęWDNDSRGQLHŔþSRNU\ZęJQLD]GD
SU]\ãĉF]HQLRZHJR U\V 2GNUęFLþŔUXEęPRFXMĉFĉL]DSRPRFĉZNUęWDNDXQLHŔþRSDVNę
]DFLVNRZĉ U\V
3RGãĉF]DþGRJQLD]GDSU]\ãĉF]HQLRZHJRZ\ãĉF]QLH]JRGQLH]
U\VXQNLHP U\V %1EUĉ]RZ\
%8QLHELHVNL
*1<(ŰyãW\L]LHORQ\
%.F]DUQ\
*<V]DU\
:VND]yZNL
■ : SU]\SDGNX SRGãĉF]HQLD ZHGãXJ VFKHPDWX SRãĉF]HĿ /1a
QDOHŰ\]PLHQLþXNãDGPRVWNyZ]JRGQLH]HVFKHPDWHP
■ =ZUyFLþXZDJęDE\ŔUXE\ZJQLHŮG]LHSU]\ãĉF]HQLRZ\P
]RVWDã\GRNUęFRQHSRSRGãĉF]HQLXSU]HZRGyZ
3U]HZyG ]DVLODMĉF\ SU]\PRFRZDþ ]D SRPRFĉ RSDVNL ]DFLVNRZHM
LGRNUęFLþŔUXEęPRFXMĉFĉ U\V D
=DPNQĉþSRNU\ZęJQLD]GDSU]\ãĉF]HQLRZHJR
:VND]yZND 8PLHŔFLþSU]HZyGZŔURGNRZHMF]ęŔFLJQLD]GD
SU]\ãĉF]HQLRZHJRDE\XãDWZLþ]DPNQLęFLH
-HŰHOLSU]HZyG]DVLODMĉF\QDFKRG]LQDV]XIODGęSU]\PRFRZDþ
SU]HZyG]DSRPRFĉGRãĉF]RQHJRãĉF]QLNDNDEOLGRVSRGXSã\W\
JU]HZF]HM U\V E
:VND]yZND -HŔOLZ\PDJDQ\MHVWGãXŰV]\SU]HZyG]DVLODMĉF\
QDOHŰ\VNRQWDNWRZDþVLę]VHUZLVHP'RVWęSQHVĉSU]HZRG\
SU]\ãĉF]HQLRZHRGãXJRŔFLGR P
0RQWDŰSã\W\JU]HZF]HMU\V =DPRQWRZDþV]\Q\PRFXMĉFH
² -HŰHOL V]\Q\ PRFXMĉFH Vĉ MXŰ ]DPRQWRZDQH QDOHŰ\ MH XVXQĉþ
L]DPRQWRZDþQRZH
² :SU]\SDGNXEODWyZURERF]\FKZ\ãRŰRQ\FKSã\WNDPLXŰ\þ
GROQ\FKRWZRUyZJZLQWRZDQ\FK
² :SU]\SDGNXEODWyZURERF]\FK]NDPLHQLDQDWXUDOQHJR
QDNOHLþV]\Q\ZW\PFHOXXŰ\þNOHMXRGSRUQHJRQDZ\VRNLH
WHPSHUDWXU\ SU]H]QDF]RQHJR GR VNOHMDQLD PHWDOX L NDPLHQLD
:VXQĉþXU]ĉG]HQLHGRZQęNLGR]DEXGRZ\
■ 3U]HZRGX]DVLODMĉFHJRQLHSU]\FLQDþDQLQLHSURZDG]LþSR
RVWU\FKNUDZęG]LDFK-HŔOLSRGSã\WĉJU]HZF]ĉZEXGRZDQ\MHVW
SLHNDUQLNZyZF]DVSU]HZyG]QDMGXMĉF\VLę]W\ãXSLHNDUQLND
QDOHŰ\SRSURZDG]LþGRJQLD]GDSU]\ãĉF]HQLRZHJR3U]HZyG
QDOHŰ\]DLQVWDORZDþZWDNLVSRVyEDE\QLHGRW\NDãJRUĉF\FK
HOHPHQWyZSã\W\JU]HZF]HMDQLSLHNDUQLND
■ : SU]\SDGNX EODWyZ URERF]\FK Z\ãRŰRQ\FK Sã\WNDPL XV]F]HOQLþ
IXJLNDXF]XNLHPVLOLNRQRZ\P
3RGãĉF]DQLHXU]ĉG]HQLDU\V
■ 1DSLęFLHSDWU]WDEOLF]ND]QDPLRQRZD
■ 3RGãĉF]DþZ\ãĉF]QLH]JRGQLH]HVFKHPDWHPSRãĉF]HĿ
%1EUĉ]RZ\
%8QLHELHVNL
*1<(ŰyãW\L]LHORQ\
%.F]DUQ\
*<V]DU\
■ : ]DOHŰQRŔFL RG URG]DMX SU]\ãĉF]D NRQLHF]QD PRŰH E\þ ]PLDQD
XNãDGX]DFLVNyZGRVWDUF]RQ\FKSU]H]SURGXFHQWD:W\PFHOX
QDOHŰ\ZUD]LHSRWU]HE\VNUyFLþ]DFLVNLLXVXQĉþL]RODFMęDE\
]DPRQWRZDþ]DFLVNãĉF]ĉF\GZDSU]HZRG\
:VND]yZND 6SUDZG]DQLH JRWRZRŔFL GR SUDF\ MHŔOL QD ZVNDŮQLNX
XU]ĉG]HQLDSRMDZLVLę —…‹‹ “‹†‚„ OXE “XU]ĉG]HQLHQLHMHVW
SUDZLGãRZR SRGãĉF]RQH 2GãĉF]\þ XU]ĉG]HQLH RG VLHFL L VSUDZG]Lþ
SRGãĉF]HQLHSU]HZRGXHOHNWU\F]QHJR
'HPRQWDŰXU]ĉG]HQLD
2GãĉF]\þXU]ĉG]HQLHRGVLHFLHOHNWU\F]QHM
: 1LHEH]SLHF]HĿVWZRSRUDŰHQLDSUĉGHP
3U]\ RGãĉF]DQLX Sã\W\ JU]HZF]HM RG VLHFL HOHNWU\F]QHM Z ]DFLVNDFK
PRŰH]QDMGRZDþVLęMHV]F]HQDSLęFLHUHV]WNRZH3U]\ãĉF]H
HOHNWU\F]QHPRŰHE\þZ\NRQDQHZ\ãĉF]QLHSU]H]XSUDZQLRQHJR
VSHFMDOLVWę
1DFLVQĉþSã\WęJU]HZF]ĉRGVSRGXLZ\MĉþMĉ
8ZDJD
8V]NRG]HQLHXU]ĉG]HQLD1LHSUyERZDþZ\MPRZDþXU]ĉG]HQLDRG
JyU\
tr
ô
0RQWDMN×ODYX]X
gQHPOLDo×NODPDODU
*YHQOLNNXOODQ×PHVQDV×QGDJYHQOLNVDGHFHWHVLVLüOHPLQLQ
WHNQLNDo×GDQGRùUXYHPRQWDMWDOLPDWODU×QDX\JXQELUüHNLOGH
\DS×OP×üROPDV×GXUXPXQGDJDUDQWLHGLOPHNWHGLU8\JXQüHNLOGH
\DS×OPD\DQPRQWDMGDQND\QDNODQDQKDVDUODUPRQWDM×\DSDQ×Q
VRUXPOXOXùXQGDG×U
0RQWDMVRQUDV×QGDNXOODQ×F×Q×QHOHNWULNSDUoDODU×QDHULüLP
VDùOD\DPD\DFDù×QGDQHPLQROXQX]
%XFLKD]×QD]DPLUDN×PO×\HUOHUGHNXOODQ×OPDV×QDL]LQYHULOLU
: (OHNWURQLNLPSODQWWDü×\DQODU
&LKD]GDNDO×F×P×NQDW×VODUPHYFXWRODELOLU%XP×NQDW×VODU
HOHNWURQLNLPSODQWDV\RQODU×|UQHùLQNDOSSLOLQLYH\DLQVOLQ
SRPSDODU×Q×HWNLOH\HELOLU%XQHGHQOHPRQWDMV×UDV×QGDHOHNWURQLN
LPSODQWWDü×\DQODUHQD]FPX]DNGXUPDO×G×U
(OHNWULNEDùODQW×V×VDGHFH\HWNLOLELUX]PDQWHNQLV\HQLQ
VRUXPOXOXùXQGD'DKDVRQUDE|OJHQL]GHNLHOHNWULNWHGDULN
üLUNHWLQLQL]QLLOH\|QHWLOLU
&LKD]VDELWELUNXUXOXPDEDùO×ROPDO×YHüHEHNHG]HQOHPHOHUL
X\DU×QFDELUNHVPHüDOWHUL\OHGRQDW×OP×üROPDO×G×U
(OHNWULNEDùODQW×V×LoLQL]LQYHULOHQD]DPLHPSHGDQV2KP
͋+RODUDNEHOLUOHQPLüWLU
%DùODQW×WLSLD\J×WNRUXPDV×Q×I× ,
\DDLWWLUYHVDGHFHWRSUDNODPD
EDùODQW×V×LOHNRPELQDV\RQKDOLQGHNXOODQ×ODELOLU
hUHWLFL\DQO×üNXOODQ×PGDQYHX\JXQROPD\DQHOHNWULN
NXUXOXPODU×QGDQND\QDNODQDQKDVDUODUGDQVRUXPOXROPD\DFDNW×U
ûHEHNH NDEORVX 2FDù×Q EDùODQW× NXWXVXQGD EDùO× KDOGH YH\D
FLKD]OD WHVOLP HGLOPLü RODELOLUYH VDGHFH HùLWLPOL X]PDQ WHUFLKHQ
PüWHULKL]PHWOHULSHUVRQHOLWDUDI×QGDQNXUXOPDO×G×U*HUHNOL
EDùODQW×YHULOHULWLSSODNDV×QGDYHEDùODQW×UHVPLQGHEHOLUWLOPLüWLU
6DGHFHFLKD]ODWHVOLPHGLOHQYH\DWHNQLNPüWHULKL]PHWOHULQGHQ
WHGDULNHGLOHQNDEORNXOODQ×OPDO×G×U
dDO×üPDWH]JDK×DOW×QDPRQWDMĮQGNVL\RQOXRFDNVDGHFH
oHNPHFHOHULQ]HULQHYH\DIDQKDYDODQG×UPDO×I×U×QODUDPRQWH
HGLOHELOLU2FDNDOW×QDEX]GRODE×EXODü×NPDNLQHVL
KDYDODQG×UPDV×]I×U×QODUYH\DoDPDü×UPDNLQHOHULPRQWHHGLOHPH]
'DYOXPED]EDFDV×'DYOXPED]EDFDV×LOHRFDNDUDV×QGDNL
PHVDIHHQD]PRQWDMN×ODYX]XQGDGDYOXPED]EDFDV×LoLQ
EHOLUOHQHQPHVDIHNDGDUROPDO×G×U
7H]JDKG]\DWD\VWDELO7H]JDK×QUHWLFLWDOLPDWODU×Q×L]OH\LQL]
2FDù×Q LoLQH PRQWH HGLOHFHùL oDO×üPD WH]JDK×Q×Q NDO×QO×ù× |QFHGHQ
EHOLUOHQPLü YHULOHUH X\JXQ GHùLOVH |QHULOHQ DVJDUL NDO×QO×ùD XODüDQD
NDGDUoDO×üPDWH]JDK×Q×DWHüHYHVX\DGD\DQ×NO×PDO]HPHLOH
NDO×QODüW×U×Q×]$NVLKDOGH\HWHUOLGHQJHVDùODQDPD]
■ 2FDù×QLoLQHPRQWHHGLOHFHùLoDO×üPDWH]JDK×\DNODü×NNJ
\NHGD\DQDELOPHOLGLU
■ 2FDù×QG]ROXSROPDG×ù×Q×PRQWHHGLOGLNWHQVRQUDNRQWURO
HGLQL]
*DUDQWL\DQO×üNXUXOXPEDùODQW×\DGDPRQWDMUQQ
JDUDQWLVLQLQJHoHUOLOLùLQL\LWLUPHVLQH\RODoDFDNW×U
%LOJL %HVOHPHNDEORVXQXQGHùLüLPLGHGDKLOROPDN]HUHFLKD]×Q
LoHULVLQGH\DS×ODFDNKHUWUOLüOHP|]HOHùLWLPOL'HVWHN6HUYLV
WHNQLNSHUVRQHOLWDUDI×QGDQ\DS×OPDO×G×U
0RELO\DQ×QKD]×UODQPDV×ûHNLO
*|PPHPRELO\DODUHQD]ƒ&×V×\DGD\DQ×NO×G×UODU
*LULQWLNHVPHLüOHULQGHQVRQUDWDODüODU×WHPL]OH\LQL]
.HVPH\]H\OHUL×V×\DGD\DQ×NO×ELUPDO]HPHLOHPKUOH\LQL]
dHNPHFHQLQ]HULQGHPRQWDMüHNLO D
7H]JDKHQD] PPNDO×QO×ùDVDKLSROPDO×G×U
+DYDODQG×UPDdDO×üPDWH]JDK×\]H\LLOHoHNPHFHVWDODQ×
DUDV×QGDNLPHVDIHPPROPDO×G×U
%LOJL 2FDù×QKDYDODQG×U×OPDV×V×UDV×QGDKDYDGHYULGDLPL
QHGHQL\OHoHNPHFHGHNLPHWDOLNQHVQHOHU×V×Q×\RUVDYH\D
oHNPHFHGHHWüLüLJLELNoNVLYULPHWDOLNFLVLPOHUVDNODPDN
LVWL\RUVDQ×] ûHNLO DKüDSWDQLPDOHGLOHQELUDUD]HPLQ
NXOODQ×Q×]
2FDù×QDOWN×VP×QGDELUIDQPHYFXWWXU$UD]HPLQROPDGDQ
oHNPHFHGHNoNYH\DVLYULFLVLPOHUNDù×WYH\DNDù×WKDYOXODU
PXKDID]DHGLOPHPHOLGLU6RùXWPDVLVWHPLHWNLOHQHELOLUYH\DIDQ
HPPHV×UDV×QGDKDVDUJ|UHELOLUdHNPHFHQLQLoN×VP×LOHIDQJLULüL
DUDV×QGDHQD] FPPHVDIHROPDO×G×U
)×U×Q]HULQHPRQWDMüHNLOE
7H]JDKVDKLSROPDV×JHUHNHQPLQLPXPNDO×QO×N PP
GLU
%LOJL (ùHURFDNYHI×U×QDUDV×QGDNLPHVDIHQLQDUW×U×OPDV×
JHUHNLUVHI×U×Q×QPRQWDMN×ODYX]XQDEDN×Q×]
+DYDODQG×UPD)×U×QLOHRFDNDUDV×QGDNLPHVDIHHQD]PP
ROPDO×G×U
%LOJL 2FDNEDüNDPDUNDELUI×U×Q]HULQHPRQWHHGLOPLüVH
DKüDSWDQELUDUD]HPLQNXOODQ×Q×] ûHNLO
+DYDODQG×UPDüHNLO &LKD]×QGRùUXELoLPGHoDO×üPDV×Q×JDUDQWLOHPHNLoLQRFDN
\HWHULQFHKDYDODQG×U×OPDO×G×U
+DYDODQG×UPDLoLQFLKD]×QDOW×QGDNLDODQGD\HWHULQFHWHPL]KDYD
JLULüLQHLKWL\DoGX\XOGXùXQGDQPRELO\DODUEXQDX\JXQRODUDN
\HUOHüWLULOPHOLGLU%XQXQLoLQDüDù×GDNLOHUJHUHNOLGLU
■ 0RELO\DQ×QDUNDWDUDI×YHPXWIDNGXYDU×DUDV×QGDNLDVJDUL
PHVDIHYHoDO×üPDWH]JDK×\]H\LLOHoHNPHFHQLQVWWDUDI×
DUDV×QGDNLDVJDULPHVDIH ûHNLOD
■ 0RELO\DQ×QDUNDWDUDI×QGDNLDo×NO×N ûHNLOE
■ 0RELO\DQ×Q DUND WDUDI×QGD PP DVJDUL PHVDIH \RNVD DOW WDUDID
ELUGHOLNDo×OPDO×G×U ûHNLOF
%LOJLOHU
■ (ùHUFLKD]ELUSLüLUPHDGDV×QDYH\DEDüNDWDQ×PODQPDP×üELU
\HUHPRQWHHGLOPLüVHRFDNLoLQX\JXQELUKDYDODQG×UPD
VDùODQPDO×G×U
■ $OWNDLGHKHUPHWLNRODUDNNDSDW×OPDPDO×G×U
el
&LKD]×QPRQWDM×ûHNLOOHU %LOJL 2FDù×QPRQWDM×LoLQNRUX\XFXHOGLYHQNXOODQ×Q×]
*|UQPH\HQ\]H\OHUGHNHVNLQNHQDUODURODELOLU
gQPRQWDMO×NDEORVXROPD\DQFLKD]ODUGDHOHNWULNNDEORVXQX
SUL]HWDN×Q×]
2FDù×WHUVoHYLULQL]YHoL]LOPHVLQLHQJHOOHPHNLoLQDPEDODM×Q
DOW×QDELUEH]YH\DEDüNDELU\]H\\HUOHüWLULQL]
3UL]NDSDù×Q×ELUWRUQDYLGD\DUG×P×\ODNDOG×U×Q×] ûHNLO
6DELWOHPHYLGDV×Q×V|NQ]YHKRUWXPNHOHSoHVLQLELUWRUQDYLGD
\DUG×P×\ODNDOG×U×Q×] üHNLO
6DGHFHüHNOHX\JXQELoLPGHSUL]HWDN×Q×] ûHNLO %1.DKYHUHQJL
%80DYL
*1<(6DU×YH\HüLO
%.6L\DK
*<*UL
%LOJLOHU
■ (ùHUEDùODQW×/1EDùODQW×GL\DJUDP×QDJ|UH\DS×OP×üVD
N|SUOHULQG]HQLGL\DJUDPDJ|UHGHùLüWLULOPHOLGLU
■ 3UL]YLGDODU×Q×QDQFDNNDEOREDùODQG×NWDQVRQUDV×N×OPDV×
JHUHNWLùLQHGLNNDWHGLQL]
(OHNWULNNDEORVXQXKRUWXPNHOHSoHVLLOHVDELWOH\LQL]VDELWOHPH
YLGDV×Q×V×N×Q×] ûHNLO D
3UL]LQNDSDù×Q×NDSDW×Q×]
%LOJL 3UL]LQRUWDV×QGDNLDODQGDEXOXQDQNDEOR\XNDSDWPD\×
NROD\ODüW×UDFDNELoLPGH\HUOHüWLULQL]
(ùHUHOHNWULNNDEORVXoHNPHFHLOHoDN×ü×\RUVDNDEOR\XNDEOR\OD
ELUOLNWHYHULOHQNDEOREDùOD\×F×V×LOHRFDù×QDOW×QDVDELWOH\LQL]
ûHNLO E
%LOJL 'DKDX]XQELUüHEHNHEDùODQW×KDWW×QDLKWL\DoGX\XOPDV×
KDOLQGH OWIHQ PüWHUL KL]PHWOHUL LOH LUWLEDW NXUXQX] %DùODQW× KDWODU×
PX]XQOXùDNDGDUPHYFXWWXU
2FDù×Q\HUOHüWLULOPHVLûHNLO
7XWPDUD\ODU×Q×WDN×Q×]
² 7XWPDUD\ODU×|QFHGHQPRQWHHGLOPLüVHEXQODU×o×NDUW×Q×]YH
\HQLOHULQLWDN×Q×]
² )D\DQVO×oDO×üPDWH]JDKODU×QGDDOWWDNLGLüOLGHOLùLNXOODQ×Q×]
² 7Dü oDO×üPD WH]JDKODU×QGD UD\ODU× \DS×üW×U×Q×] EXQXQ LoLQ ×V×\D
GD\DQ×NO×PHWDOLYHWDü×\DS×üW×UDELOHQELU\DS×üW×U×F×
NXOODQ×Q×]
&LKD]×PRQWDMQLüLLoLQH\HUOHüWLULQL]
■ (OHNWULNNDEORVXQXV×N×üW×UPD\×Q×]YHNHVNLQNHQDUODU]HULQGHQ
JHoLUPH\LQL]$QNDVWUHI×U×QODUGDKDWNDEORI×U×Q×QDUND
N|üHVLQGHQSUL]HoHNLOPHOLGLU+DWRFDù×QYH\DI×U×Q×QV×FDN
\HUOHULQHWHPDVHWPH\HFHNELoLPGHG|üHQPHOLGLU
■ )D\DQVNDSO×WH]JDKODUGD)D\DQVDUDO×NODU×Q×VLOLNRQNDXoXNLOH
GROGXUXQX]
&LKD]×QEDùODQPDV×ûHNLO
■ *HULOLP%N]7LSSODNDV×
■ 6DGHFHEDùODQW×GL\DJUDP×QDX\JXQRODUDNEDùOD\×Q×]
%1.DKYHUHQJL
%80DYL
*1<(6DU×YH\HüLO
%.6L\DK
*<*UL
■ %DùODQW×WUQHEDùO×RODUDNIDEULNDWDUDI×QGDQWHVOLPHGLOHQ
EDùODQW×XoODU×Q×QG]HQLQLGHùLüWLUPHNJHUHNHELOLU%XQXQLoLQ
NOHPHQVOHULQN×VDOW×OPDV×YHLNLNDEOR\XELUOHüWLUHQNOHPHQVLQ
\HUOHüWLULOHELOPHVLLoLQL]RODV\RQXQo×NDUW×OPDV×JHUHNOLRODELOLU
%LOJL dDO×üPD\DKD]×UROPDGXUXPXQXQNRQWURO&LKD]×Q
J|VWHUJHVLQGH —…‹‹ “‹†‚„ YH\D “J|UQ\RUVDFLKD]
EDùODQW×ODU×GRùUX\DS×OPDP×üW×U&LKD]×QHOHNWULNEDùODQW×V×Q×
NHVLQL]YHDN×PNDEORVXEDùODQW×ODU×Q×NRQWUROHGLQL]
&LKD]×QGHPRQWDM×
&LKD]×HOHNWULNüHEHNHVLQGHQD\×U×Q×]
: (OHNWULNoDUSPDWHKOLNHVL
2FDNEDùODQW×V×NHVLOLUNHQEDùODQW×ODUWHUVJHULOLPHQHGHQRODELOLU
(OHNWULNEDùODQW×V×VDGHFHELUX]PDQWDUDI×QGDQ
JHUoHNOHüWLULOPHOLGLU
2FDùDDOWWDQEDVW×UDUDNRFDù×o×NDU×Q×]
'LNNDW
&LKD]GDNLKDVDUODU&LKD]×NROODU]HULQGHQ\XNDU×GDQG×üDU×
oHNPH\HoDO×üPD\×Q×]
Ù ̯͉̻̓͆͂̾̈́͐̈́͂̀͒͑͒̀͑͆͐
̵͉͎̓͏͕͓͖͋͌̿›͇͇͓͑͆́͐͋
̥͔͍͇͔̻͈͉̻͕͗̾͋̓͆̀͑͊̈́̀̀͒͒͆͏͍͔͈͚͎̻̽͑͆̈́̀͑̀͊̾̈́͒̀͋͌̈́͌͆ͅ
͉̻̈́͂̀͒͑͒̀͑͆ ̼͈͂͌̈́ ͋̈́ ͚͑͗͑͒ ͒͏͚›͎ ͑̈́ ͕͈͉͚͒̈́͌ ̈́›̾›͎̈́̓ ͉͈̀ ͔͑͛͋͗͌̀
͈͎͎͋̈́͒͐̓͆͂̾̈́͐͒›͎͇̼̦͈̼͒͆͑͆͐͆͋͐›͎͓›͏͎͉͇͉͚͊̽͆̀͌͊͂͗͋͆
͎͑͗͑͒̽͐͒›͎͇̼͒͆͑͆͐̈́͋›̾›͎͓͓͇͎͓͉̻͒͌͑͒͆͌̈́͛͌͆͒̈́͂̀͒̀͑͒͒͆
̬̻͉̻̈́͒͒͆͌̈́͂̀͒͑͒̀͑͆›͏̼›͈͍͔͈͚͈͎͕̈́͌̀̈́̀͑̀͊͑͒̈́̾͒͏̽͑͒͆͐̓̈́͌
̼͕͈͉̈́̀͋̾̀›͏͚͉͑́̀͑͆͑͒̀͆͊̈́͒͏͈͉̻͍̈́̀͏͒̽͋̀͒̀
̢͓͓͉͓͈͉͉͒̽͆͑͑̈́̽̈́̾͌̀̈́͂̈́͏͈̼͈͕͋͌͆͂̀͏͖̼͕̽͑͆͑̈́͛͆͋͏͈͉͈̀
̼͋͒͏̀
: ̸͇͓͉͍͇͕͑͒́͌͒͑͏͋͌͟͏͔͕͇͚͑͋́͘͏͇͎͕͇͖͔͉͓͗͞
̧ ͓͉͓͑͑̈́̽ ͋›͎͏̈́̾ ͌̀ ›̈́͏͈̼͕͈̈́ ͚͈͎͓͋͌͋͐ ͋̀͂͌̽͒̈́͐ ͎͈ ͎›͎͎͈̾ ͋›͎͏͎͛͌
͌̀̈́›͆͏̻͎͓̈́͑͌̀͏͈͉̻͉͌͆͒͒̀͆͊̈́͒͏͎͈͉̻͎͈͕͔͓͌͑͒̈́̾̀̈́͋͛͒̈́͑͆͐›͕
͎͚͉́͆͋̀͒̓͒̈́͐̀͏͈̻͈͎͓̤͈̓͐̽̀͌͒͊̾̈́͐͌͑͊̾͌͆͐·͓͚͉̻̀͒̀͒͒͆
͓͑͌̀͏͎͚͋͊͂͆͑͆͒͆͏͈̻͕͈̽͑͒̈́͋̀̈́͊͑͒͆̀›͚͑͒̀͑͆FP̀›͚͒̀
͉͆͊̈́͒͏͎͈͉̻͎͈͕͔͓͌͑͒̈́̾̀̈́͋͛͒̈́͑͆͐
̵͞͏͇͔͉͔͕͉͍͇͕͇͎͚͎͓͆͑͌͒͋͌͒̓͋͌͝͞›
͓͇͚̈́͛͌͆̈́͌͐
͉͉̈́͂̈́͏̨͈̼͎͓͈͈͉͎͕͈͉͎͋͌̈́̓͛͒̈́͌͛̀›͏̼›͈͈̼̈́͌̀̓›͈̈́͒̀̀›͚͎͓͒͐
͉͚͈̀͌͌̈́͐͒͆͐̈́͒̀͏̈́̾̀͐›̀͏͎͕͉̽͐͆͊̈́͒͏͈͉͎͛͑͒͆›̈́͏͈͎͕̽
̧͓͉͓͑͑̈́̽›͏̼›͈͈͓̼͈͇̈́͌̀̈́̾͌̀͑͌̓̈́̓̈́͋͌͆͑̈́͋̀͑͒̀̈́͏̽
͉̻͉͈͔͈̈́͂̀͒͑͒̀͑͆̀͑͛͋͗͌̀͋̈́͒͐›͏͎͈̓̀͂͏͔̼̀͐›͏̼›͈̈́͌̀
͉͇͎͎͈͕͈̻͍͈͈͉͎̈́͂̀͒̀͑͒̀͛͌̀͌͒̾͑͒̈́͐̓̀͒̈́͐̓̀›̽͐
̧̼͈͋͂͑͒͆̈́›͈͒͏̈́›͒̽̈́͋›̼͉̓͆͑͆͒͆͐͆͊̈́͒͏͈͉̽͐͑͛͌̓̈́͑͆͐́͏͉͈̾͑̈́͒̀
̸͑͒̀͋+
̶͞›͓͔͑͞͏͇͔͉͓͔͕͉͍͇͕͇͎͓͉͓͉͈͆͑͌͒͋͌͒̓͆͑͑̈́̽̀͌̽̈́͑͒͆͌͝͞
͉̻͊͑͆›͏͎͑͒̀͑̾̀͐ ,͉͈̀͋›͎͏͕̈́̾͌̀͏͈͎͆͑͋›͎͈͇͚͎͆̈́̾͋͌͑̈́
͓͓͚͎͉͑͌̓̀͑͋͋̈́͋̾̀͑͛͌̓̈́͑͆͑͒͆͊̈́͒͏͈͉͚͏͚̈́͛͋̀͋̈́̀͂͗͂͂̈́̾͗͑͆͐
̯͉͉͓͔̼̀͒̀͑̈́̀͑͒̽͐̓̈́͌͏͈͓͇͈͈͎͓̈́̈́͛͌͆͂̀͒͆͋͆͑͗͑͒̽͊̈́͒͏͉͈͂̾̀̀
͈͒͐›͈͇̼͈̼̀͌͐͆͋͐ͅ›͎͓›͏͎͉͇͉͚͉͊̽͆̀͌͊͂͗͋͆͑͗͑͒̽͐͆͊̈́͒͏͈͉̽͐
͉̻̈́͂̀͒͑͒̀͑͆͐
̭͍͔̓͆͋͑͟͞͏̨͇͔͉͓͆͏͇͎͆͑̿͘͏͚͓͇́͏͉͔͖̓͋̀͆͏͇͇͎͆͆̿͏͔͕͑͑
͖͕͔͌͑́͞͏͇͔͉͓͕͉͓͔͉͓͇͔͕͆̈́̾͋͟͏̀›͇͕͎͈͎͇͕͉̓͒̓͆́͆̓͋̓́
͔͖͔͇͖͌̀ ͉͈̀ ̈́›͈͒͏̼›͈̈́͒̀ ͌̀ ͉͇̈́͂̀͒̀͑͒̀̈́̾ ͚͎͋͌ ̀›͚ ̼͌̀͌ ͈͎͕͎̀̓̈́͛
͉͆͊̈́͒͏͎͚͎͊͂̽̀›͚͎͈͈͉͓̼͎͒̈́̓̈́͋͌›͏͎͑͗›͈͉͚͓͒͆͐›͆͏̈́͑̾̀͐
͍͓̈́›͆͏̼͒͆͑͆͐›̳̈́͊̀͒͌̀̀͜›̀͏͎͈͕̀̾͒͆͒̀͑͒̈́̾̀͑͛͌̓̈́͑͆͐
́͏͉͎͈̾͑͌͒̀͑͒͆͌›͈͉͌̀̾̓̀͒͛›͎͓͉͈͔̼̀̀͌̀͏͎͈͎͕̼͈͎͌͒̀͑͒͑̓
͑͛͌̓̈́͑͆͐
̶͏͈͎͆͑͋›͎͈͚͎͎͓̈́̾͒̈́͋͌͒͑͋›̀͏͈͚͎͓͉͓͎̀̓̓͋̈́͌͋̈́͒͆͑͑̈́̽̽͒
›̀͏͕͚͎̈́͋̈́͌̀›͚͓͒͆͌›͆͏͍͓̈́͑̾̀̈́›͆͏̼͒͆͑͆͐›͉͈͎̈́͊̀͒͌̀͊̓͜͜
̵͖͏͎͍͉͔͉͕͚̓͒͑͌̾̓͝ͅ›͕͑͝͏›̧͇͔͓̾͌͑͒̓́̓̈́ͅͅ›͈͉̀͂͗͂̽
̻͈́͑͆̈́͑͒͌͋͜›͎͏͎̈́̾͌̀͒›͎͇͇͚͎̈́͒͆̈́̾͋͌›̻͌͗̀›͚͓͑͏̻͒͏͈̀̽
͔͎͛͏͎͓͌͐͋̈́̀̈́͏͈͚͈͑͋̀͌̈́͋͑͒̽͏̪̻̀͒͗̀›͚̻͈͒͆́͑͆̈́͑͒͌̓̈́͌͜
͋›͎͏͎͛͌ ͌̀ ͎͒›͎͇͇͎̈́͒͆͛͌ ͖͓͂̈́̾̀ ›͓͊͌͒̽͏͈̀ ›͈̻͒͗͌ ͔͎͛͏͎͈͌ ͕͗͏̾͐
̀̈́͏͈͚͑͋̽›͓͊͌͒̽͏͈̀͏͎͕͛͗͌
̹͑̾͏̧͉͇͇͔͎͐̓͒͋͑̀͞›͚͍͕͎̻͍͑͒̀͑͆͋̈́͒̀͛͒͆͐͌͆͐̈́̀̈́͏͈͎͑͋͛
̀›͎͏͏͎͔͆͒̽͏͉͈̻͈̀͐̀͒͆͐́͑͆͐̈́͑͒͌͜›͏̼›͈͈͎͈͕͎̈́͌̀̀͌͒͑͒̈́̾͒
͈͚͊͂͒̈́͏͎͑͒͆͌̀›͚͑͒̀͑͆›͎͓͔̼̀͌̀͏͈͈͎̈́͒̀͑͒͐̓͆͂̾̈́͐
͓͑͌̀͏͎͚͕͎̻͍͋͊͂͆͑͆͐͒͆͐͌͆͐̈́̀̈́͏͈͎͑͋͛
̳͓͖͈̾͌͑͌͑́ͅ͏͓̓̈́›̾›͎͎̈́̓͐͏͈͚͈͎͇͌͒͐͑͒̀̈́ͅ͏̢͚͉͎͎͓͇͐͊̽͑͒̈́
͈͎͎͓͉͉͓͎͓͒͐̓͆͂̾̈́͐͒̀͒̀͑̈́̀͑͒̽͒›̻͉͎͓͂
̥̻͎͌͒›̻͕͎͎͓͐͒›̻͉͎͓͂̈́͏͎͎͂̀͑̾̀͐͑͒͌›͎͎͇͎̾̀͒›͎͇͇̈́͒͆̈́̾͆
̻͈͈͎͈͕́͑͆̈́͑͒͌̓̈́͌̀͌͒͑͒̈́̾͑͒̀͜›͏͚͓͒›͈͕͎̀̈́͌͑͛͑͒̈́͒͌›̻͉͎͂
̈́͏͇͉͉̻͔͈̻͉͈͎͂̀͑̾̀͐͋̈́̀͌̈́͒͑͒͆͗͒̀͑͒͌̈́͏͚͓͈͉̻̼͕͊͋͏͈͌̀
̈́›͈͓͕͇͎͓͈͎͎̻͕͈͎͒̈́̈́̾͒͑͌͑͒͛͋̈́͌̈́͊͑͒›̻͕͎͐῭͈͔͎͏͈͉̻̈́͒̓̈́͌
͓›̻͏͕͈͉̈́̀͋̾̀̈́›̀͏͉͇̽͐͑͒̀̈́͏͚͒͆͒̀
■ ̯›̻͉͎͂͐̈́͏͎͎͂̀͑̾̀͐͑͒͌›͎͎͇͎̾̀͒›͎͇͇̻͈̈́͒͆̈́̾͆́͑͆̈́͑͒͌͜
›͏̼›͈̼͕͈͉̈́͌̀̀͌͒̈́͑̈́̀͒̀›͎͈͌̽͑̈́͐›̈́͏̾›͎͓͉͈͊͌͜
■ ̥̼͍͊͂͒̈́͒͆͌̈́›͈›͚̻͈͔͎̈́̓͒͆͒̀͒͆͐́͑͆͐̈́͑͒͌̀͛͜›͏͒̀͜
͎͒›͎͇͇̈́͒͆̈́̾
̨͉͔͉͈͉̻͎͉͋̀͋͆͑͗͑͒̽̈́͂̀͒͑͒̀͑͆͑͛͌̓̈́͑͆͑͒͆͊̈́͒͞ͅͅ͏͈͉͚
͏͓̈́͛͋̀̽͑͌̀͏͎͚͓͋͊͂͆͑͆͑͌̈́›̻͈͂̈́͒̀͒͆͌̀›͈͈͕͎͊̈́̀͑͛͐͒͆͐͜
͓͎͓̈́͂͂̽͑̈́͗͐͒›͏͎͚͎͌͒͐͘
̷›͇͉͆͋͐͝ ̯›͎͈͎͑̓̽›͎͕͈͒̈́̈́͏͈͚͎͑͋͐͑͒̈́͑͗͒̈́͏͈͉͚͓͉͓͒͆͐͑͑̈́̽͐
›̈́͏͈͎̼͎͓͊̀͋́̀͌͋͌ ͒͆͌ ̀͊͊̀͂̽ ͉͎͓̀͊͗̓̾ ͒͏͎͔͎͎̓͑̾̀͐ ͇̀ ›͏̼›͈̈́ ͌̀
›͏͎̀͂͋̀͒›͎͈͈͚͎̈́̾͒̀͋͌̀›͚͕͈͉͚͒̈́͌›͏͎͑͗›͈͉͚͎͓̳͕͈͉͎̲̼͒̈́͌͛͏͈́͐
͈͈͉͉͋̈́̈́̓̽̈́›͓̀̾̓̈́͑͆
̳͇͕͎͔͕͚͒͑͑͋̓́̓͏͏͕͖͍͑̓›͋͟͏͇͋͌͝͏̓
̨͏͕͔͎͑͋͋̿͘͏̓̿›͋›͍͇͉͈͉̻͇̓̀͌̈́͒͑̈́̈́͏͎͉͋͏̀͑̾̀ƒ&
͎͓̻͕͈͎͒͊͑͒͌
̭͇͏͓͓͒͑̀͘͟͝›͎͉͋̀͏͛͌̈́͒̈́͒̀͏͎͉͈̻̀͌̾̓̀͋̈́͒̀›͚͈͒͐̈́͏͂̀͑̾̈́͐
͉͎›̽͐
̨›͋͗̾͏͇͇͓͋͌͑›͓͎͓͈͉͚͇͉͈͉͚͇̀͋͌͑͒̈́͋̈́͊̀͌̈́͒͑͒͆̈́͜͏͚͋͒͆͒̀
̵͖͏͎͍͉͔͉̓͒͑͝ͅ›̾͏͚͔͕͔͖͕͔͎͑͒̾͒͋̀̓͘ D
̰̻͉͎͂͐ ͉͎͓̾͌̀͐ͅ ͇̀ ›͏̼›͈̈́ ͌̀ ̼͕͈̈́ ›̻͕͎͐ ͎͓̻͕͈͎͒͊͑͒͌ ͕͈͈͎͊͑͒͌͜
̢̈́͏͈͚͑͋͐ ̧ ̀›͚͑͒̀͑͆ ͍͋̈́͒̀͛ ͒͆͐ ̈́›͈͔̻͈͌̈́̀͐ ͎͓͒ ›̻͉͎͓͂ ̈́͏͂̀͑̾̀͐
͉͈̀͒͆͐̈́›̻͌͗›̈́͏͈͎͕͎͓͓̽͐͒͑͏͒̀͏͈͎͛›͏̼›͈̼̈́͌̀̀͌͏͕͈̈́͒̀͑͒̀
PP
̷›͇͉͆͋͐͝ ̶͏͈͎͆͑͋›͎͈̼͈̻͎̽͑͒̈́͌̀͌̈́͌̓͋̈́͑›̻͎͒̀›͚͍͎͚͛͊͒̀͌
͎͈͈͉̻͈͉͎͓̈́͑͒̀̾͌͌͒̀͒̀͋̈́͒̀͊͊̀͌͒̈́̾͋̈́͌̀͑͒͑ͅ͏̻͒͏͈͚͊͂͗͒͆͐
͉͓͉͎͔͎̀͌̀͊͏͎͓̼̾̀͐͒̀͏͉̻͎̀̀͒͒͌̀̈́͏͈͚̻͈͑͋͒͆͐́͑͆͐̈́͑͒͌̽͜
͚͔͓̻͈͉͒̀͌͊͒̈́͋͏̻͈͕̀͋͆͏̻͈͉̻͈͉͚͋̈́͒̀͊͊̀͌͒̈́̾͋̈́͌̀›͗͐›͕
͎͓̻͉͈͉͑́͊̀͏̼͎̀͒͐͑·͓͚͎͓̀͒͒͑͏̻͒͏͈ ͇͋͌͝͏̓
̧̻͈͈͍͎́͑͆̈́͑͒͌̈́̾͌̀̈́͜›͈̼͉̻͊͑͋͌͆͑͒͆͌͒͗›͓͊̈́͏̻̼͋̈́͌̀͌
͈̀͌̈́͋͑͒̽͏̶̀͗͏͈̻͎̾͐̈́͌̓͋̈́͑›̻͎͒̓̈́͌̈́›͈͒͏̼›͈͔͓̻͎͈̈́͒̀͌̀͊͂͌͒̀
͎͓͑͒͑͏̻͒͏͈͈͉͋͏̻͈͕̽̀͋͆͏̻͈͉͕̀͌͒̈́̾͋̈́͌̀̀͏͒̾̽›̼̈́͒͑͒̈́͐
͉͎͓̬̾͌̀͐ͅ›͎͏̈́̾͌̀›̀͏̈́͋›͎͈͖͍͓̓͑͒̈́̾͆͛͆̽͌̀›͎͈̻͎͑͒̈́̾͆͋ͅ
͔͓͑͆͒̽͏͚̀͐͊͂͗̀͌̀͏͏̢͚͔̻͎͆͑͆͐͌͋̈́͑̀͑͒›̈́͏͈͕͚͎͎͓̈́͋̈́͌͒
͓͑͏͒̀͏͈͎͉͈͎͎͎͓͈͛̀͑͒͆͌̈́̾͑̓͒̀͌̈́͋͑͒̽͏̀›͏̼›͈̈́͌̀͒͆͏͇͈͆̈́̾͋̀
̻͕͈̈́͊͑͒͆̀›͚͑͒̀͑͆̀›͚ FP
̵͖͏͎͍͉͔͉̓͒͑͝ͅ›̾͏͚͔͇͗͑͒͞͏͔͎͑̀̓͘E
̰̻͉͎͉͎͓͇͂͐̾͌̀͐̀ͅ›͏̼›͈̼͕͈̈́͌̀̈́›̻͕͎͎͓̻͕͈͎͐͒͊͑͒͌ ͕͈͈͎̻͊͑͒
̷›͇͉͆͋͐͝ ̢͌̀͒͏̼͍͈͎͓͒̈́͑͒͐̓͆͂̾̈́͐͑͌̀͏͎͚͎͓͔͎͋͊͂͆͑͆͐͒͛͏͎͓͌
͑̈́›̈́͏̾›͒͗͑͆›͎͓͆̀›͚̻͈͑͒̀͑͆̀͌͋̈́͑̀͑͒͆͌̈́͑͒̾̀͋̀͂̈́͏̼͎͋̀͒͐
͉͈͎͔͎̀͑͒͛͏͎͌›͏̼›͈͓͍͇̈́͌̀̀͆̈́̾
̢̈́͏̧͈͚͑͋͐̀›͚̻͎͔͎͑͒̀͑͆̀͌͋̈́͑̀͑͒͛͏͎͉͈̻͈͌̀͒͆́͑͆̈́͑͒͌͜
›͏̼›͈͈͎͈͚̈́͌̀̈́̾͌̀͒͊͂͒̈́͏͎PP
̷›͇͉͆͋͐͝ ̥̻̻͈͎͌͆́͑͆̈́͑͒͌͒͜›͎͇͇̈́͒͆̈́̾›̻͌͗̀›͚̼͔͎͌̀͛͏͎͌
̻̻͊͊͆͐͋͏͉̀͐›͏̼›͈͕̈́͌̀͏͈͎͆͑͋›͎͈͇̼͈̻͎͆̈́̾͌̀͐̈́͌̓͋̈́͑͐›̻͎͒͐
̀›͚͍͎͛͊ ͇͋͌͝͏̓
̨͇͔͎͓͔͎͐̓͒͋̀̓͘͝ ̤͈̀ ͒͆͌ ͍͔̻͈̈́̀͑͊͑͆ ͚̈́͌͐ ͎͑͗͑͒͛ ͒͏͚›͎͓ ͈͎͓͊̈́͒͏͂̾̀͐ ͒͆͐ ͓͉͓͑͑̈́̽͐
›͏̼›͈̻͈̼͕͈̼͈̼͎͍̈́͆́͑͆̈́͑͒͌͌̀̈́͌̀͌̈́͌̓̈́̓̈́͂͋͌̈́̀̈́͜͏͈͚͑͋
̥›͈͎̈́̓̽̀̈́͏͈͚͉̻͑͋͐͑͒͆͌͒͗›̈́͏͈͎͕͎͓͓͉͓͕̽͒͑͑̈́̽͐͏͈̻͈͈̈́̈́͒̀͋̀ͅ
̈́›̀͏͉̽›͏͎͉͇͑̀͂͗͂̽̀̀͏͎̼͛̀͏̀›͏̼›͈͎͓̻̈́͒̀͌͒͊›͈͈̀͌̀̈́̾͌̀
͎͈͕͕͈̼͉͈͉͉͓̼̤͈̀͌͒̾͑͒̀͑̈́̓̀͑͋͌̀̀̀͒̀͑̈́̀͑͋͌̀·͓͚̀͒̀›͈͎͈̀͒͛͌͒̀
͍͒̀̈́̽͐
■ ̬͈̀ ̻͕͈̈́͊͑͒͆ ̀›͚͑͒̀͑͆ ͍͋̈́͒̀͛ ͒͆͐ ›̾͑͗ ›͓͊̈́͏̻͐ ͎͓͒ ͎͓͌͒͊̀›͈͎͛
͉͈̀ ͎͓͒ ͎͕͎͓͒̾ ͒͆͐ ͉͎͓̾͌̀͐ͅ ͉͈̀ ͍͋̈́͒̀͛ ͒͆͐ ̈́›͈͔̻͈͌̈́̀͐ ͎͓͒ ›̻͉͎͓͂
̈́͏͉͈͂̀͑̾̀͐̀͒͆͐̈́›̻͌͗›̈́͏͈͎͕͎͓͓̽͐͒͑͏͒̀͏͈͎͛ ͇͋͌͝͏̓D
■ ̛̻͎͈͌̀͌͂͋̀̈́›̻͌͗͑͒͆͌›̾͑͗›͓͊̈́͏̻͎͓͒̈́›̾›͎͓͊ ͇͋͌͝͏̓E
■ ̲̈́›̈́͏̾›͒͗͑͆›͎͓̻͕͈͆̈́͊͑͒͆̀›͚͑͒̀͑͆͒͗͌PP͓̓̈́͌›̻͏͕͈̈́
͑͒͆͌›̾͑͗›͓͊̈́͏̻͎͓͒̈́›̾›͎͓͊›͏̼›͈͉̻̈́͑͒͆͌͒͗›͓͊̈́͏̻͈͌̀͂̾͌̈́
̼̻͎͈͌̀͌͂͋̀ ͇͋͌͝͏̓F
̷›͇͇͓͑͆́͐͋
■ ̲̈́›̈́͏̾›͒͗͑͆›͎͓͓͉͓͎͆͑͑̈́̽͒›͎͇͇͈͈̈́͒͆̈́̾͑̈́͋̀͌͆͑̾̓̀̈́͑͒͌͜
͈͋̀͂̈́͏͈͉͈̻̽͐̽͑̈́͋̀͊͊͆͋͆›̈́͏͈͂͏͔͚͇̼̀͋̈́͌͆͑͆›͏̼›͈̈́͌̀
͍͔͈̼͉͚̈́̀͑̀͊͑͒̈́̾͌̀͐̀͊͐̀̈́͏͈͚̻͈͑͋͐͒͆͐́͑͆͐̈́͑͒͌͜
■ ̬͉͆͌͊̈́̾͑̈́͒̈́̈́͏͈͉̻͉̻̻͋͆͒͒͆͌͒͗́͑͆
̶͑›͕͉͔͉͕͉͓͔͉͓͇͔͕͑͊̿̈́̾͋͟͏͇͋͌͝͏̓
̳͎›͎͇͈̈́͒̽͑͒̈́͒͐͏̻͈͓͉͂̈́͐͑͂͏̻͒͆͑͆͐
² ̞͒̀͌ ͈̈́̾͌̀ ̽̓͆ ͎͒›͎͇̼̈́͒͆͋͌̈́͐ ͏̻͈͂̈́͐ ͓͉͑͂͏̻͒͆͑͆͐ ͔͈̀̀͏̼͑͒̈́
͈͉͈͎͒͐̀͒›͎͇͈͉̼͎͓̈́͒̽͑͒̈́͒͐̈́͌
² ̲͎͓͒͐̈́›͓̼͎͓̈́͌̓͋͌͐͋̈́›͉͈͊̀̾̓̀›̻͉͎͓͂͐̈́͏͂̀͑̾̀͐
͕͏͈͎͆͑͋›͎͈͈͉̻͉͎͕͈͎͎̼̽͑͒̈́͒͐͒͗͊͒͋͆͋͌̈́͐͒͏͛›̈́͐
² ̲͎͓͒͐›̻͉͎͓͂͐̈́͏͂̀͑̾̀͐̀›͚›̼͒͏͉͎͈̀͊͊̽͑͒̈́͒͐͏̻͂̈́͐
͕͏͈͎͆͑͋›͎͈͈̽͑͒̈́͂·͓͚͇͉͈͉͇̀͒̀͌̈́͒̽͑͒͆̈́͏͚͉͚͋͒͆͒̀͊͊̀
͉̻͈͎͉͚̻͎͓͉͈̀͒͊͊͆͊͆͂̀͒͊͊͆͋̀͋̈́͒͊͊̀›̼͒͏̀͐
̲›͏͍͓͉͓̼͇̼͎͒̈́͒͆͑͑̈́̽͋͑̀͑͒͆͑͆͒͜›͎͇̼͒͆͑͆͐
■ ̬͆ ͉͋̀͂͑̈́͒̈́͜ ͎͒ ͉͈͎̀͊̓͜ ͈͉͎͓̓͒͛ ͉͈̀ ͋͆͌ ͎͒ ›̈́͏̻͑̈́͒̈́ ›̻͌͗ ̀›͚
͉͎͔͒̈́͏̼͉̼̲͎͓͎͐̀͋͐͒͐͒›͎͇̼͎͓̈́͒͆͋͌͐̀›͚͉̻͔͎͒͗͛͏͎͓͌͐
͎͎͉͈͎͈̓͆͂̽͑͒̈́͒̀͊̓͑͒͐͜›͎͓͔͎̾͑͗͂͗͌̾̈́͐͒͛͏͎͓͌›͏͎͎͉͎͓͐͒͒̾
̳͎͉͈͎͑͛͌̓̈́͑͆͐̀͊̓͜›͏̼›͈͉͇̼͈̈́͌̀̈́͂̀͒̀͑͒̀̈́̾͒͑͑͒̈́͌̀͋͆͌͜
͉͎͓̀͋›̻͉̼͉͓͚͎̻͈͎͓͑̈́̀͌͌̀̀͒͑͆͋̈́̾͒͆͐́͑͆͐̈́͑͒͌̽͒͜
͔͎͛͏͎͓͌
■ ̲͎͓͒͐̈́›͓̼͎͓̈́͌̓͋͌͐͋̈́›͉͈͊̀̾̓̀›̻͉͎͓͂͐̈́͏͂̀͑̾̀͐
͎͑͒̈́͂̀͌›͎͈͎͓̽͑͒̈́͒͐̀͏͎͋͛͐͒͗͌›͉͈͉͎͓͎͉͊̀̓̾͗͌͋̈́̀͒͑͛
͈͈͉͚͑͊͌͆͐
̵͞͏͇͔͉͕͉͓͔͖͔͇͖͓͇͆͌̀͋͌͝͏̓
■ ̳̻̣̼͑͆͊›̈́›͈͉͌̀̾̓̀͒͛›͎͓
■ ̲͚͎͔͎͈̻͛͌̓̈́͑͆͋͌͑͛͋͗͌̀͋̈́͒̓͂͏̀͋͋̀͑͛͌̓̈́͑͆͐
%1̪͔̼̀
%8̬›͊̈́
*1<(̪̾͒͏͈͎͉͈͌̀›͏̻͈͎͑͌
%.̬̀͛͏͎
*<*UDX
■ ̢̻͎͎͌͊͂̀͋̈́͒͌͒͏͚›͎͑͛͌̓̈́͑͆͐›͏̼›͈͕͎̼̻͍͈̈́̈́͌̓̈́͋͌͗͐͌̀̀͊͊̈́
͈̻͍͓͆̓͒̀͆͒͗͌͑͋›̀͏͈͚̀̓̓͋̈́͌͗͌̀›͚͎͒̈́͏͎̻͈͎͂͑͒͑
͉̀͏͎͉̤͈͎͉͎̓̈́͒͌̀͒͑͜›͚͓͚̀͒͌›͏̼›͈͕͎̼̈́͌̀̈́͌̓̈́͋͌͗͐͌̀
͉͎͎͓͌͒͛͌͌ ͎͈ ͉̀͏͎̼͉̓͒̈́͐ ͉͈̀ ͌̀ ͔͈̀̀͏͇̈́̈́̾ ͆ ͚͋͌͗͑͆ ͈͂̀ ͒͆ ͕͏̽͑͆
͚͉̈́͌͐̀͏͎̼͉̓͒͆›͎͓͓̼͈͎͉͈͑͌̓̈́̓͛̀͊̓̀͜
̷›͇͉͆͋͐͝ ̛͕͎͊̈́͂͐ ͒͆͐ ͎͈͚̈́͒͋͒͆͒̀͐ ͈͎͓͊̈́͒͏͂̾̀͐ ̞͒̀͌ ͑͒͆͌ ̼͈͍͌̓̈́͆
͒͆͐ ͓͉͓͑͑̈́̽͐ ͔͈̈́͋̀͌̾̈́͒̀ͅ —…‹‹ “‹†‚„ ̽ “ ͚͒͒̈́ ͆ ͓͉͓͑͑̈́̽ ̓̈́͌
͈̈́̾͌̀ ̻͑͗͑͒ ̢͓̼͑͌̓̈́̓̈́͋͌͆›͎͓̼͑͌̓͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ̀›͚ ͒͆͌ ›̀͏͎͕̽
͏͎͉͈̼͍͎͓͉͎͓̈́͛͋̀͒͐̀̈́͊͂͒̈́͒͆͑͛͌̓̈́͑͆͒̀͊͗̓̾͏͎̈́͛͋̀͒͐
̶͑›͕͉͔͉͕͉͓͔͖͔͇͖͓͇͑͊̿͌̀͋͌͝͏͇͓
̥͇͔͉͕͉͓͔͖͔͇͖͓͗̓́͒͌̀
̷›͇͉͆͋͐͝ ̤͈͎̀͒͆͌͒›͎͇̼̻͈͕͒͆͑͆͒͆͐́͑͆͐̈́͑͒͌͜͏͈͎͆͑͋›͎͈̽͑͒̈́
›͏͎͓͈͉̻̻͈̯͈͔͑͒̀͒̈́͒͂͌͒̀͋͆̀͌̈́͏̼͐̈́›͈͔̻͈͌̈́̈́͐͋›͎͏̼͕͎͓̈́̾͌̀͌
͉͎͔͒̈́͏̼͉̼͐̀͋͐
̵͕͓͔͖͔͇͖͓͚͓͋͌̿͒́͘›͇͕͇͔͕͉͎͒͑͌̓̿ͅ͏͍͑͌̓͆͋͑͟›͇͔͕͇͕͒̾͑
͍͕͖͔͕͖͕͔͌̓͆͋͑͆͋͌͑͑͌͑́͟͞͞͏͇͔͉͓͆
̤͓͏̾͑͒̈́ ̻̀͌›͎̓̀ ͒͆ ̻́͑͆ ͈̈́͑͒͌͜ ͉͈̀ ̈́͌̀›͎͇̼͑͒̈́ ͒͆͌ ›̻͌͗ ͑· ̼͌̀
›͈̻̀͌̾̽͋̀͊͊͆̈́›͈͔̻͈͈͌̈́̀͂̀͒͆͌̀›͎͔͓͂̽͂͏͎͓͈̀͒͑͌͌͜
̲͉͎͉͆͑͒̈́͒̀͜›̻͉͈͎͓͉͎͓͈͎͎͇͈͚͒͒͛͑͛͌̓̈́͑͆͐͋̈́͒͆́̽̈́̀̈́͌͐
͉͈͈͎̀͒͑̀́̓͛ ͇͋͌͝͏̓
̫͛͑͒̈́͒͆́̾̓̀͑͒̈́͏̼͉͈͉͎͔͈͉͗͑͆͐̀͑͆͑͒̈́͒͑͂͒̽͜͏͉̀̈́͛̀͋›͎͓͒
͎͇͈͚͉͈͈͎͑͗͊̽͌̀͋̈́͒͆́̽̈́̀̈́͌͐̀͒͑̀́̓͛ ͇͋͌͝͏̓
̲͓̼͎͉͎͓͚͎͔͈͉͚͌̓͑͒̈́͑͒͒̾͑͛͌̓̈́͑͆͐͋͌͑͛͋͗͌̀͋̈́͒͆͌̈́͌̀
͇͋͌͝͏̓
%1̪͔̼̀
%8̬›͊̈́
*1<(̪̾͒͏͈͎͉͈͌̀›͏̻͈͎͑͌
%.̬̀͛͏͎
*<*UDX
̷›͇͇͓͑͆́͐͋
■ ̞͒̀͌͆͑͛͌̓̈́͑͆›͏͎̀͂͋̀͒›͎͈͇͔͎͈̻͆̈́̾͑͛͋͗͌̀͋̈́͒̓͂͏̀͋͋̀
͑͛͌̓̈́͑͆͐/1a›͏̼›͈̻͍͈͈̻͍͔͓̈́͌̀̀͊͊̈́͆̓͒̀͆͒͗͌͂̈́͏͌͜
͔͎͈̻͑͛͋͗͌̀͋̈́͒̓͂͏̀͋͋̀
■ ̬̻͉̈́͒͒͆͑͛͌̓̈́͑͆͒͗͌̀͊͗̓̾͗͌›͏͎̼͍͔͈͕͎͎͈͑͒̈́͌̀͑͒͛͌́̾̓̈́͐
͎͉͎͓͑͒͒̾͑͛͌̓̈́͑͆͐
̲͒̈́͏̈́͑͒̈́͜ ͎͒ ͉͈͎̀͊̓͜ ͈͉͎͓̓͒͛ ͋̈́ ͎͒ ͔͈͉͑͂͒̽͏̀ ͉̈́͛̀͋›͎͓͒ ͑͗͊̽͌̀
͉͈͔͍̀͑̾͂͒̈́͒͆́̾̓̀͑͒̈́͏̼͗͑͆͐ ͇͋͌͝͏̓D
̪͎͉͊̈́̾͑͒̈́͒̀›̻͉͈͎͓͉͎͓͈͎͒͒͛͑͛͌̓̈́͑͆͐
̷›͇͉͆͋͐͝ ῭͈̻͍͉͈͒͒̈́͒̀̀͊̓̀͑͒͆͋̈́͑̀̾̀͜›̈́͏͈͎͕͎͓͉͎͓͈͎̽͒͒͛
͈͈͓͉͎͎͉͈͎͎͓͉͎͓͈͎͑͛͌̓̈́͑͆͐͂̀͌̀̓̈́͊͛͌̈́͒̈́͒͊̈́̾͑͋͒͒͛
̞͎͉͈͎͈͉͎͓͒̀͌͒̀͊̓̓͒͛͜›̈́͏̻͌̀›͚͎͓͒͑͏̻͒͏͈͑͒̈́͏͎̈́͑͒̈́͒͜
͉͈͎͎͓̀͊̓͋̈́͒͑͋͜›̀͏͈͚͎͈͉͚͉͉̻̀̓̓͋̈́͌̓̈́͋̀͒̀͊͗̓̾͗͌͑͒͆͌͒͗
›͓͊̈́͏̻̻͈͒͆͐́͑͆͐̈́͑͒͌͜ ͇͋͌͝͏̓ E
̷›͇͉͆͋͐͝ ̲̈́›̈́͏̾›͒͗͑͆›͎͓͕͏͈̼͉̈́̀͑͒̈́̾͌̀͋̀͏͛͒̈́͏͎͉͈͎̀͊̓͜
̻͑͛͌̓̈́͑͆͐̈́͊͒̈́›̀͏͉̀̀͊͑̈́̈́͜›͔͓̀̽͋̈́͒͆͌›͆͏̈́͑̾̀
͍͓̈́›͆͏̼͒͆͑͆͐›̴̈́͊̀͒͌͜›̻͏͕͎͓͈͇̼͈͉͈͌̓̀͑͋̀̀͊̓̀͑͛͌̓̈́͑͆͐͜
̼͕͋͏͈͉͈̀ P
̢›͎͓̼͓͉͓͑͌̓͑͒̈́͒͆͑͑̈́̽̀›͚͎͉͓͎͎͓͒̓̾͒͒͏͎̈́͛͋̀͒͐
: ̭́͏͖͆͏͓͉͍͇͕͑͌͒͑›͍͉͓͐́̓
̪̻̀͒͒͆͌̀›͎̻͈͑͛͌̓̈́͑͆͒͆͐́͑͆͐̈́͑͒͌̀͜›͚͎͉͓͎͎͓͒̓̾͒͒
͏͎͎͈͉̈́͛͋̀͒͐̀͏͎̼͉̓͒̈́͐͋›͎͏͎͔̼͛͌͌̀͏͎͓͌̀͌͒̾͑͒͏̧͎͔̻͆͒͑͆
͉͆͊̈́͒͏͈͉̽͑͛͌̓̈́͑͆̈́›͈͒͏̼›͈̈́͒̀͌̀›͏͎̀͂͋̀͒›͎͈͇͚͎͆̈́̾͋͌̀›͚̼͌̀͌
͈͎͕͎͉̀̓̈́͛͆͊̈́͒͏͎͚͎͊͂
̰͈̼͑͒̈́̀›͚͉̻̻͈͉͈͔͈͒͗͒͆́͑͆̈́͑͒͌̀̀̀͜͏̼͑͒̈́͒͆͌
̳͔͒͑͑̀͘
̦͈̼͓͉͓̬͆͋͐͑͒͆͑͑̈́̽͆͌›͏͎͑›͇͔͈̀̽͑̈́͒̈́͌̀̀̀͏̼͑̈́͒̈́͒͆
͓͉͓͎͕͎̻͑͑̈́̽͋͊̈́͛͌͒͐͒͆͌̀›͚̈́›̻͌͗
Was this manual useful for you? yes no
Thank you for your participation!

* Your assessment is very important for improving the work of artificial intelligence, which forms the content of this project

Download PDF

advertising