Siemens | ED801FS11E | Installation instructions | Siemens iQ500 Venting cooktop Installation instructions

Siemens iQ500 Venting cooktop Installation instructions
*9001240786*
Ø
Ú
Þ
â
é
0RQWDJHDQOHLWXQJ
,QVWDOODWLRQLQVWUXFWLRQV
1RWLFHGHPRQWDJH
,VWUX]LRQLSHULOPRQWDJJLR
,QVWDOODWLHYRRUVFKULIW
%
&
PLQ
PLQ
D
E
F
G
ƒ
D
• PP
ƒ
E
PP
ƒ
ƒ
F
FOLFN
7
*<
/
*1<(
*<
%1
/
%8
%1
%.
/
%.
1
99/1a
%.
*<
/
1
1
%1
%8
*1<(
1
91a
1
%8
*1<(
991a
991a
/
/
/
/
D
E
F
%
%”
%!
G
D
ƒ
E
F
991a
91a
991a
*<
*<
%1
%1
%1
%.
%.
%.
%8
%8
*<
%8
*1<(
99/1a
*1<(
*1<(
991a
*<
%1
*1<(
%.
*<
%8
%1
%.
%8
*1<(
991a
*1<(
*<
*<
%1
%8
%.
%1
%.
%8
*1<(
91a
*1<(
%1
%1
*<
%8
%.
%.
*<
%8
*1<(
de
Ø 0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
'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
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
)UGLH,QVWDOODWLRQPVVHQGLHDNWXHOOJOWLJHQ%DXYRUVFKULIWHQ
XQGGLH9RUVFKULIWHQGHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHU
EHDFKWHWZHUGHQ
%HLGHU$EOHLWXQJYRQ$EOXIWVLQGGLHEHK|UGOLFKHQXQGJHVHW]OL
FKHQ9RUVFKULIWHQ ]%/DQGHVEDXRUGQXQJHQ ]XEHDFKWHQ
/HEHQVJHIDKU
=XUFNJHVDXJWH9HUEUHQQXQJVJDVHN|QQHQ]X9HUJLIWXQJHQIK
UHQ
,PPHU IU DXVUHLFKHQG =XOXIW VRUJHQ ZHQQ GDV *HUlW LP $EOXIWEH
WULHEJOHLFK]HLWLJPLWHLQHUUDXPOXIWDEKlQJLJHQ)HXHUVWlWWHYHU
ZHQGHWZLUG
5DXPOXIWDEKlQJLJH)HXHUVWlWWHQ ]%JDV|OKRO]RGHUNRKOH
EHWULHEHQH+HL]JHUlWH'XUFKODXIHUKLW]HU:DUPZDVVHUEHUHLWHU
EH]LHKHQ9HUEUHQQXQJVOXIWDXVGHP$XIVWHOOUDXPXQGIKUHQGLH
$EJDVHGXUFKHLQH$EJDVDQODJH ]%.DPLQ LQV)UHLH
,Q9HUELQGXQJPLWHLQHUHLQJHVFKDOWHWHQ'XQVWDE]XJVKDXEHZLUG
GHU.FKHXQGGHQEHQDFKEDUWHQ5lXPHQ5DXPOXIWHQW]RJHQ
RKQHDXVUHLFKHQGH=XOXIWHQWVWHKWHLQ8QWHUGUXFN*LIWLJH*DVH
DXVGHP.DPLQRGHU$E]XJVVFKDFKWZHUGHQLQGLH:RKQUlXPH
]XUFNJHVDXJW
■ (VPXVVGDKHULPPHUIUDXVUHLFKHQGH=XOXIWJHVRUJWZHUGHQ
■ (LQ=XOXIW$EOXIWPDXHUNDVWHQDOOHLQVWHOOWGLH(LQKDOWXQJGHV
*UHQ]ZHUWHVQLFKWVLFKHU
(LQ JHIDKUORVHU %HWULHE LVW QXU GDQQ P|JOLFK ZHQQ GHU 8QWHUGUXFN
LP $XIVWHOOUDXP GHU )HXHUVWlWWH 3D PEDU QLFKW EHUVFKUHL
WHW'LHVNDQQHUUHLFKWZHUGHQZHQQGXUFKQLFKWYHUVFKOLH‰EDUH
gIIQXQJHQ]%LQ7UHQ)HQVWHUQLQ9HUELQGXQJPLWHLQHP
=XOXIW$EOXIWPDXHUNDVWHQRGHUGXUFKDQGHUHWHFKQLVFKH0D‰
QDKPHQGLH]XU9HUEUHQQXQJEHQ|WLJWH/XIWQDFKVWU|PHQNDQQ
/HEHQVJHIDKU
=XUFNJHVDXJWH9HUEUHQQXQJVJDVHN|QQHQ]X9HUJLIWXQJHQIK
UHQ%HL,QVWDOODWLRQHLQHU/IWXQJPLWHLQHUUDXPOXIWDEKlQJLJHQ
)HXHUVWlWWHPXVVGLH6WURP]XIKUXQJGHU/IWXQJPLWHLQHUJHHLJ
QHWHQ6LFKHUKHLWVVFKDOWXQJYHUVHKHQZHUGHQ
%UDQGJHIDKU
'LH)HWWDEODJHUXQJHQLP)HWWILOWHUN|QQHQVLFKHQW]QGHQ,QGHU
1lKHGHV*HUlWHVQLHPLWRIIHQHU)ODPPHDUEHLWHQ ]%IODPELH
UHQ *HUlW QXU GDQQ LQ GHU 1lKH HLQHU )HXHUVWlWWH IU IHVWH %UHQQ
VWRIIH ]% +RO] RGHU .RKOH LQVWDOOLHUHQ ZHQQ HLQH JHVFKORVVHQH
QLFKWDEQHKPEDUH$EGHFNXQJYRUKDQGHQLVW(VGDUINHLQHQ)XQ
NHQIOXJJHEHQ
9HUOHW]XQJVJHIDKU
■ 9HUlQGHUXQJHQDPHOHNWULVFKHQRGHUPHFKDQLVFKHQ$XIEDX
VLQG JHIlKUOLFK XQG N|QQHQ ]X )HKOIXQNWLRQHQ IKUHQ .HLQH 9HU
lQGHUXQJHQDPHOHNWULVFKHQRGHUPHFKDQLVFKHQ$XIEDXGXUFK
IKUHQ
■ %DXWHLOHGLHZlKUHQGGHU0RQWDJH]XJlQJOLFKVLQGN|QQHQ
VFKDUINDQWLJVHLQ6FKXW]KDQGVFKXKHWUDJHQ
■ 'DV*HUlWLVWVFKZHU=XP%HZHJHQGHV*HUlWHVVLQG
3HUVRQHQHUIRUGHUOLFK1XUJHHLJQHWH+LOIVPLWWHOYHUZHQGHQ
■ 5RWLHUHQGH/IWHUVLQGHLQ9HUOHW]XQJVULVLNR*HUlWQXULQHLQJH
EDXWHP=XVWDQGHLQVFKDOWHQ1LHPDOVLPODXIHQGHQ%HWULHELQ
GLH$EOXIW|IIQXQJDQGHU*HUlWHUFNVHLWHJUHLIHQ
(UVWLFNXQJVJHIDKU
9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU
SDFNXQJVPDWHULDOVSLHOHQODVVHQ
'LHVHV*HUlWQLFKWDXI%RRWHQRGHULQ)DKU]HXJHQHLQEDXHQ
$UEHLWVSODWWH6LHPXVVHEHQKRUL]RQWDOXQGVWDELOVHLQ'LH
$QZHLVXQJHQGHV$UEHLWVSODWWHQ+HUVWHOOHUVEHDFKWHQ
'DV*HUlWNDQQLQIROJHQGHQKLW]HXQGZDVVHUIHVWHQ$UEHLWVSODW
WHQHLQJHEDXWZHUGHQ
■ $UEHLWVSODWWHQDXV0DUPRU1DWXUVWHLQ
■ 6\QWKHWLVFKH$UEHLWVSODWWHQ
■ $UEHLWVSODWWHQ DXV 0DVVLYKRO] QXU LQ hEHUHLQVWLPPXQJ PLW GHP
+HUVWHOOHUGHU$UEHLWVSODWWH YHUVLHJHOWH6FKQLWWNDQWHQ
■ 0RQWDJHDQGHUHU$UWHQYRQ$UEHLWVSODWWHQQXULQhEHUHLQVWLP
PXQJPLWGHP+HUVWHOOHUGHU$UEHLWVSODWWH
:HQQGLH'LFNHGHU$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXW
ZLUGQLFKWGHQ9RUJDEHQHQWVSULFKWGLH$UEHLWVSODWWHPLWIHXHU
XQGZDVVHUIHVWHP0DWHULDOYHUVWlUNHQELVGLHHPSIRKOHQH0LQ
GHVWGLFNHHUUHLFKWLVW$QGHUQIDOOVLVWNHLQHDXVUHLFKHQGH6WDELOLWlW
JHJHEHQ
■ 'LH$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXWZLUGVROOWH
%HODVWXQJHQYRQFD NJVWDQGKDOWHQ
■ 'LH (EHQKHLW GHV .RFKIHOGV HUVW EHUSUIHQ ZHQQ HV HLQJHEDXW
LVW
+LQZHLVH
■ 8P GDV *HUlW ]X QLYHOOLHUHQ NHLQH 6WW]HQ DQ HLQ]HOQHQ 6WHOOHQ
YHUZHQGHQ
■ $QSDVVXQJHQ GHU $UEHLWVREHUIOlFKH PVVHQ YRQ HLQHP VSH]LDOL
VLHUWHQ'LHQVWOHLVWHUJHPl‰(LQEDXVNL]]HYRUJHQRPPHQZHU
GHQ'LH6FKQLWWNDQWHPXVVVDXEHUXQGSUl]LVHVHLQGDGHU
5DQGDXIGHU2EHUIOlFKHVLFKWEDULVW'LH6FKQLWWNDQWHQPLW
HLQHPHQWVSUHFKHQGHQ5HLQLJXQJVPLWWHOVlXEHUQXQGHQWIHWWHQ
9HUOHW]XQJVJHIDKU
9HUOHW]XQJVJHIDKU
9HUOHW]XQJVJHIDKU
$OOJHPHLQH+LQZHLVH
'LH 2EHUIOlFKHQ GHV *HUlWHV VLQG HPSILQGOLFK %HL GHU ,QVWDOODWLRQ
%HVFKlGLJXQJHQYHUPHLGHQ
$EOXIWEHWULHE
+LQZHLV 'LH$EOXIWGDUIZHGHULQHLQHQLQ%HWULHEEHILQGOLFKHQ
5DXFK RGHU $EJDVNDPLQ QRFK LQ HLQHQ 6FKDFKW ZHOFKHU GHU (QW
OIWXQJYRQ$XIVWHOOXQJVUlXPHQYRQ)HXHUVWlWWHQGLHQWDEJHJH
EHQZHUGHQ
6ROOGLH$EOXIWLQHLQHQ5DXFKRGHU$EJDVNDPLQJHIKUWZHUGHQ
GHUQLFKWLQ%HWULHELVWPXVVGLH=XVWLPPXQJGHV]XVWlQGLJHQ
6FKRUQVWHLQIHJHUPHLVWHUVHLQJHKROWZHUGHQ
=LHKHQ6LHLQMHGHP)DOOGHQ5DWGHV]XVWlQGLJHQ6FKRUQVWHLQIH
JHUPHLVWHUVKLQ]XGHUGHQJHVDPWHQ/IWXQJVYHUEXQGGHV+DX
VHVEHXUWHLOHQNDQQXQG,KQHQGLHSDVVHQGH0D‰QDKPH]XU
%HOIWXQJYRUVFKOlJW
:LUGGLH'XQVWDE]XJVKDXEHDXVVFKOLH‰OLFKLP8POXIWEHWULHEHLQ
JHVHW]WLVWGHU%HWULHERKQH(LQVFKUlQNXQJP|JOLFK
$EOXIWOHLWXQJ
+LQZHLV )U%HDQVWDQGXQJHQGLHDXIGLH5RKUVWUHFNH]XUFN]X
IKUHQVLQGEHUQLPPWGHU+HUVWHOOHUGHV*HUlWHVNHLQH*HZlKU
OHLVWXQJ
■ 'DV*HUlWHUUHLFKWVHLQHRSWLPDOH/HLVWXQJGXUFKHLQNXU]HV
JHUDGOLQLJHV$EOXIWURKUXQGHLQHQP|JOLFKVWJUR‰HQ5RKUGXUFK
PHVVHU
■ 'XUFKODQJHUDXH$EOXIWURKUHYLHOH5RKUE|JHQRGHU5RKUGXUFK
PHVVHUGLHNOHLQHUDOVPPVLQGZLUGGLHRSWLPDOH
$EVDXJOHLVWXQJQLFKWHUUHLFKWXQGGDV/IWHUJHUlXVFKZLUGODX
WHU
■ 'LH5RKUHRGHU6FKOlXFKH]XP9HUOHJHQGHU$EOXIWOHLWXQJPV
VHQDXVQLFKWEUHQQEDUHP0DWHULDOVHLQ
■ :LUGGLH$EOXIWGXUFKGLH$X‰HQZDQGJHOHLWHWVROOWHHLQ7HOHV
NRS0DXHUNDVWHQYHUZHQGHWZHUGHQ
5XQGURKUH
(VZLUGHLQ,QQHQGXUFKPHVVHUYRQ PPHPSIRKOHQ
)ODFKNDQlOH
'HU,QQHQTXHUVFKQLWWPXVVGHP'XUFKPHVVHUGHU5XQGURKUHHQW
VSUHFKHQ
‘PPFDFP
■ )ODFKNDQlOHVROOWHQNHLQHVFKDUIHQ8POHQNXQJHQKDEHQ
■ %HLDEZHLFKHQGHQ5RKUGXUFKPHVVHUQ'LFKWVWUHLIHQHLQVHW]HQ
8POXIWEHWULHE
+LQZHLV 'DV*HUlWGDUIQXULPIHVWLQVWDOOLHUWHQ=XVWDQGXQGPLW
DQJHVFKORVVHQHU9HUURKUXQJEHWULHEHQZHUGHQ
(OHNWULVFKHU$QVFKOXVV
'LHHUIRUGHUOLFKHQ$QVFKOXVVGDWHQVWHKHQDXIGHP7\SHQVFKLOG
DP*HUlW
'LHVHV*HUlWHQWVSULFKWGHQ(*)XQNHQWVW|UEHVWLPPXQJHQ
1XUHLQNRQ]HVVLRQLHUWHU)DFKPDQQGDUIGDV*HUlWDQVFKOLH‰HQ
'DV*HUlWPXVVJHPl‰GHUQHXHVWHQ,((5LFKWOLQLHQ ,QVWLWXWLRQ
RI(OHFWULFDO(QJLQHHUV LQVWDOOLHUWZHUGHQ%HL)DOVFKDQVFKOXVV
NDQQGDV*HUlWEHVFKlGLJWZHUGHQ
9HUJHZLVVHUQ 6LH VLFK GDVV GHU 6SDQQXQJVZHUW GHV 6WURPQHW]HV
PLWGHPDQJHJHEHQHQ:HUWDXIGHP7\SHQVFKLOGEHUHLQVWLPPW
6WHOOHQ6LHVLFKHUGDVVGDV6WURPQHW]RUGQXQJVJHPl‰JHHUGHW
LVWXQGGLH6LFKHUXQJXQGGDV.DEHOXQG/HLWXQJVV\VWHPGHV
*HElXGHVIUGLHHOHNWULVFKH/HLVWXQJGHV*HUlWHVDXVUHLFKHQG
GLPHQVLRQLHUWLVW
:HQQ6LHGDV$QVFKOXVVNDEHOYHUOHJHQIROJHQGH3XQNWHEHDFK
WHQ
■ .DEHOQLFKWHLQNOHPPHQRGHUTXHWVFKHQ
■ .DEHOYRQVFKDUIHQ.DQWHQIHUQKDOWHQ
■ .DEHOQLFKWPLWGHP0HWDOOJHKlXVHDQGHU*HUlWHXQWHUVHLWHLQ
%HUKUXQJEULQJHQGDGLHVHVKHL‰ZLUG
9RU*HUlWHDQVFKOXVV+DXVLQVWDOODWLRQEHUSUIHQ$XIJHHLJQHWH
$EVLFKHUXQJ GHU +DXVLQVWDOODWLRQ DFKWHQ 6SDQQXQJ XQG )UHTXHQ]
GHV*HUlWHVPVVHQPLWGHUHOHNWULVFKHQ,QVWDOODWLRQEHUHLQVWLP
PHQ VLHKH7\SHQVFKLOG 'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL
WHU$QVFKOXVVEHWULHEHQZHUGHQ
,QGHU,QVWDOODWLRQPXVVHLQDOOSROLJHU7UHQQVFKDOWHUPLWPLQGHV
WHQVPP.RQWDNW|IIQXQJYRUKDQGHQVHLQ'LHVHUPXVVQDFK
GHP(LQEDXQRFK]XJlQJOLFKVHLQ
'DV9HUOHJHQRGHUGHU$XVWDXVFKGHU$QVFKOXVVOHLWXQJGDUIQXU
YRP(OHNWURIDFKPDQQXQWHU%HUFNVLFKWLJXQJGHUHLQVFKOlJLJHQ
9RUVFKULIWHQDXVJHIKUWZHUGHQ
%HLP$XVWDXVFKGHU1HW]DQVFKOXVVOHLWXQJNDQQHVYRUNRPPHQ
GDVVGDV*HUlWXPJHGUHKWZHUGHQPXVV,QGLHVHP)DOOGLH)LOWHU
DEGHFNXQJDEQHKPHQXQGGHQ%HKlOWHUXQGGHQ0HWDOOIHWWILOWHU
KHUDXVQHKPHQ 6RPLW YHUKLQGHUQ 6LH GDVV GLHVH %DXWHLOH KHUDXV
IDOOHQ
:HQQGLH1HW]DQVFKOXVVOHLWXQJGLHVHV*HUlWHVEHVFKlGLJWZLUG
PXVVVLHGXUFKHLQH$QVFKOXVVOHLWXQJYRP7\S+99)
HUVHW]WZHUGHQ
,QVWDOODWLRQYRUEHUHLWHQ
*HUlWHPD‰HXQG6LFKHUKHLWVDEVWlQGH
■ *HUlWHPD‰HIU8POXIWEHWULHEEHDFKWHQ %LOG $
■ *HUlWHPD‰HIU$EOXIWEHWULHEEHDFKWHQ %LOG %
■ 6LFKHUVWHOOHQ GDVV GDV *HUlW QDFK $EVFKOXVV GHU ,QVWDOODWLRQ IU
GHQ$NWLYNRKOHILOWHUZHFKVHOGLH/HHUXQJGHVhEHUODXIEHKlOWHUV
XQGGLH'HPRQWDJHGHU*HKlXVHDEGHFNXQJDXVUHLFKHQG
]XJlQJOLFKLVW %LOG &
■ 6LFKHUKHLWVDEVWlQGHEHDFKWHQ %LOG &
0|EHOEHUSUIHQ
'DV(LQEDXP|EHOPXVVZDDJHUHFKWDXVJHULFKWHWXQGDXVUHL
FKHQGWUDJIlKLJVHLQ
■ 'DVPD[*HZLFKWGHV*HUlWVEHWUlJWFLUFD NJ
■ 'DV(LQEDXP|EHOPXVVELVƒ&WHPSHUDWXUEHVWlQGLJVHLQ
■ 'LH 6WDELOLWlW GHV (LQEDXP|EHOV PXVV DXFK QDFK GHQ $XVVFKQLW
WDUEHLWHQJHZlKUOHLVWHWVHLQ
■ 'LH7UDJIlKLJNHLWXQGGLH6WDELOLWlWLQVEHVRQGHUHEHLGQQHQ
$UEHLWVSODWWHQLVWGXUFKJHHLJQHWH8QWHUNRQVWUXNWLRQHQVLFKHU
]XVWHOOHQ *HUlWHJHZLFKW LQNO ]XVlW]OLFKHU %HODGXQJ EHUFNVLFK
WLJHQ'DVYHUZHQGHWH9HUVWlUNXQJVPDWHULDOPXVVKLW]HXQG
IHXFKWLJNHLWVEHVWlQGLJVHLQ
■ $EKlQJLJYRQGHU9HUURKUXQJXQGGHU7LHIHGHU$UEHLWVSODWWH
PXVVGLH7LHIHGHU6FKXEIlFKHUXQWHUGHP*HUlWDQJHSDVVW
ZHUGHQ'LHREHUVWH6FKXEODGHPXVVHQWIHUQWZHUGHQXQGLVW
QLFKWQXW]EDU
■ 'HU $EVWDQG ]ZLVFKHQ GHU 2EHUIOlFKH GHU $UEHLWVSODWWH XQG GHP
REHUHQ%HUHLFKGHV6FKXEIDFKVPXVV PPEHWUDJHQ
■ .HLQH%DFN|IHQ.KOJHUlWH*HVFKLUUVSOHU:DVFKPDVFKLQHQ
RGHUDQGHUH*HUlWHXQWHUEDXHQ
+LQZHLV 'LH(EHQKHLWGHV*HUlWHVHUVWQDFKGHU,QVWDOODWLRQLQ
GHU(LQEDX|IIQXQJEHUSUIHQ
)OlFKHQEQGLJHU(LQEDX
*HUlWH RKQH 5DKPHQ VLQG IU GHQ IOlFKHQEQGLJHQ (LQEDX LQ HLQH
$UEHLWVSODWWHYRUJHVHKHQ
'DV*HUlWNDQQLQIROJHQGHWHPSHUDWXUXQGZDVVHUIHVWH$UEHLWV
SODWWHQHLQJHEDXWZHUGHQ
■ 6WHLQDUEHLWVSODWWHQ
■ $UEHLWVSODWWHQDXV.XQVWVWRII ]%&RULDQŠ
■ 0DVVLYKRO]$UEHLWVSODWWHQ1XULQ$EVWLPPXQJPLWGHP+HUVWHO
OHUGHU$UEHLWVSODWWH $XVVFKQLWWVNDQWHQYHUVLHJHOQ
■ %HLDQGHUHQ0DWHULDOLHQVWLPPHQ6LHVLFKEH]JOLFKGHU9HU
ZHQGXQJPLWGHP$UEHLWVSODWWHQKHUVWHOOHUDE
(LQ(LQEDXLQ$UEHLWVSODWWHQDXV3UHVVKRO]LVWQLFKWP|JOLFK
+LQZHLV $OOH $XVVFKQLWWDUEHLWHQ DQ GHU $UEHLWVSODWWH VLQG LQ HLQHU
)DFKZHUNVWDWW HQWVSUHFKHQG GHU (LQEDXVNL]]H GXUFK]XIKUHQ 'HU
$XVVFKQLWWPXVVVDXEHUXQGJHQDXDXVJHIKUWZHUGHQGDGLH
6FKQLWWNDQWH DQ GHU 2EHUIOlFKH VLFKWEDU LVW 'LH $XVVFKQLWWVNDQWHQ
PLWHLQHPJHHLJQHWHQ5HLQLJXQJVPLWWHOUHLQLJHQXQGHQWIHWWHQ
9HUDUEHLWXQJVKLQZHLVHGHV6LOLNRQKHUVWHOOHUVEHDFKWHQ 0|EHOYRUEHUHLWHQ
'HQ $XVVFKQLWW LQ GHU $UEHLWVSODWWH JHPl‰ GHU (LQEDXVNL]]H KHU
VWHOOHQ %LOG +LQZHLV 'HU:LQNHOGHU6FKQLWWIOlFKH]XU$UEHLWVSODWWHPXVV
ƒ EHWUDJHQ 'LH VHLWOLFKHQ $XVVFKQLWWNDQWHQ PVVHQ SODQ VHLQ
%HLPHKUVFKLFKWLJHQ$UEHLWVSODWWHQJJI/HLVWHQVHLWOLFKLP$XV
VFKQLWWEHIHVWLJHQ
8PHLQHNRUUHNWH)XQNWLRQVZHLVHGHV*HUlWV]XJDUDQWLHUHQ
PXVVGDV.RFKIHOGDQJHPHVVHQEHOIWHWZHUGHQ'D]XHLQHQ
/XIWDXVODVVLP8QWHUVFKUDQNPLWHLQHP0LQGHVWHVWTXHUVFKQLWW
YRQ FPòKHUVWHOOHQ
%HLP (LQEDX EHU HLQHP 6FKXEIDFK 0LQGHVWDEVWlQGH HLQKDOWHQ
%LOG &
'DVREHUVWH6FKXEIDFKHQWIHUQHQXQGDP0|EHOHLQHHQWVSUH
FKHQGSDVVHQGH9HUEOHQGXQJDQEULQJHQ
0|EHOXQG*HUlWIU8POXIWEHWULHEYRUEHUHLWHQ
0|EHODXVVFKQLWWKHUVWHOOHQ
,QGHU6RFNHOOHLVWHGHV0|EHOVHLQHQ/XIWDXVODVVKHUVWHOOHQ
+LQZHLV (LQHQ0LQGHVWTXHUVFKQLWWGHV/XIWDXVODVVHVYRQ
FD FPòYRUVHKHQ'LH$XVODVV|IIQXQJLQGHU6RFNHOEOHQGH
VRJUR‰ZLHP|JOLFKDXVIKUHQXPGHQ/XIW]XJXQGGDV*H
UlXVFKQLHGULJ]XKDOWHQ
0|EHOUFNZDQGHQWIHUQHQ
%HL%HGDUIREHUH/HLVWHDQGHU0|EHOUFNZDQGHQWIHUQHQ
$P KLQWHUHQ 5DQG GHV $UEHLWVSODWWHQDXVVFKQLWWV GHQ 0LWWHOSXQNW
EHVWLPPHQ XQG GLHVHQ XQG GLH EHLGHQ /LQLHQ VHQNUHFKW QDFK XQ
WHQDXIGHP0|EHOERGHQDEELOGHQ %LOG D
)L[LHUXQJVEOHFK DXI GHP 0|EHOERGHQ DQ GHQ 0LWWHOOLQLHQ DXVULFK
WHQ %LOG E
%HL6FKXEODGHQ8QWHUVWH6FKXEODGHYROOVWlQGLJVFKOLH‰HQ
)DOOVGDV)L[LHUXQJVEOHFK]XZHLWXQWHUGHU6FKXEODGHYHU
VFKZLQGHWGLHVHVLQ5LFKWXQJ0|EHOUFNVHLWHYHUVFKLHEHQ0LW
+LOIHGHU0DUNLHUXQJHQLP)L[LHUXQJVEOHFKGLHVHVSDUDOOHO]XU
0LWWHOOLQLHDXVULFKWHQ %LOG F
■
+LQZHLVH
■ )DOOVGHU$EVWDQG]ZLVFKHQ6FKXEODGHXQG0|EHOERGHQ]X
NOHLQLVWXPGDV)L[LHUXQJVEOHFKDXIGHP0|EHOERGHQIHVW]X
VFKUDXEHQGDV)L[LHUXQJVEOHFKXPƒGUHKHQXQGYRQ
XQWHQDP0|EHOERGHQIHVWVFKUDXEHQ %LOG E =XYRUGDV
)L[LHUXQJVEOHFKYRQREHQDXIGHP0|EHOERGHQDXVULFKWHQ
XPGLHNRUUHNWH3RVLWLRQGHV)L[LHUXQJVEOHFKHV]XEHVWLP
PHQ %LOG F
■ $EKlQJLJYRQGHU3RVLWLRQGHV)L[LHUXQJVEOHFKVGLHHQWVSUH
FKHQGH9HUOlQJHUXQJZlKOHQ
■ )DOOVGDV)L[LHUXQJVEOHFKQLFKWZHLWJHQXJQDFKKLQWHQ
JHVFKREHQZHUGHQNDQQ6FKXEODGHQPLWJHULQJHUHU7LHIH
YHUZHQGHQ
)DOOVQRWZHQGLJ$XVVFKQLWWLP0|EHOERGHQPLW+LOIHGHV)L[LH
UXQJVEOHFKHVDQ]HLFKQHQXQGKHUVWHOOHQ %LOG G
1DFK$XVVFKQLWWDUEHLWHQ6SlQHHQWIHUQHQ
+LQZHLV 6FKQLWWIOlFKHQKLW]HEHVWlQGLJXQGZDVVHUGLFKWYHUVLH
JHOQ
)L[LHUXQJVEOHFKIHVWVFKUDXEHQXQG'LIIXVRUIHVWNOLSVHQ
)DOOVGHU$EVWDQG]ZLVFKHQ6FKXEODGHXQG0|EHOERGHQDXV
UHLFKWGDV)L[LHUXQJVEOHFKPLW.XQVWVWRIIVFKUDXEHQYRQREHQ
DPXQWHUHQ)ODFKNDQDOERJHQIHVWVFKUDXEHQ %LOG D
+LQZHLV %HL%HGDUIXQWHUHQ)ODFKNDQDOERJHQGUHKHQGDPLW
VLFKGHU/XIWDXVODVVDXIGHUJHJHQEHUOLHJHQGHQ6HLWHEHILQGHW
)L[LHUXQJVEOHFKPLW+RO]VFKUDXEHQYRQREHQDP0|EHOERGHQ
IHVWVFKUDXEHQ %LOG D
+LQZHLV )DOOVGHU$EVWDQG]ZLVFKHQ6FKXEODGHXQG0|EHOER
GHQ]XNOHLQLVWXPGDV)L[LHUXQJVEOHFKDXIGHP0|EHOERGHQ
IHVW]XVFKUDXEHQ GDV )L[LHUXQJVEOHFK XP ƒ GUHKHQ XQG YRQ
XQWHQDP0|EHOERGHQIHVWVFKUDXEHQ %LOG E
'LIIXVRUDPXQWHUHQ)ODFKNDQDOERJHQIHVWNOLSVHQ %LOG F
2EHUHQ)ODFKNDQDOERJHQPRQWLHUHQ
%HL%HGDUIGLH9HUOlQJHUXQJDEKlQJLJYRQGHU3RVLWLRQGHV)L
[LHUXQJVEOHFKV XQG GHU 0|EHOWLHIH ZlKOHQ -H OlQJHU GLH 9HUOlQ
JHUXQJXPVRWLHIHUNDQQGLH6FKXEODGHVHLQ9HUOlQJHUXQJPLW
YLHU.XQVWVWRIIVFKUDXEHQDQGHU$XVODVV|IIQXQJGHV.RFKIHOGV
IHVWVFKUDXEHQ %LOG 2EHUHQ)ODFKNDQDOERJHQDQGHU$XVODVV|IIQXQJGHV.RFKIHOGV
RGHUDQGHU9HUOlQJHUXQJIHVWVFKUDXEHQ
0|EHOXQG*HUlWIU$EOXIWEHWULHEYRUEHUHLWHQ
5HGX]LHUVWXW]HQRGHU)ODFKNDQDOERJHQPLWYLHU.XQVWVWRII
VFKUDXEHQDQGHU$XVODVV|IIQXQJGHV.RFKIHOGVRGHUDQGHU
9HUOlQJHUXQJIHVWVFKUDXEHQ %LOG +LQZHLV %HL %HGDUI GLH HQWVSUHFKHQGH 9HUOlQJHUXQJ DP .RFK
IHOG IHVWVFKUDXEHQ 'LH HUODXEWH 7LHIH 7 GHU 6FKXEODGH PHVVHQ
GDEHL PP$EVWDQG]XP$EOXIWURKUHLQKDOWHQ$EKlQJLJYRQ
GHUYHUZHQGHWHQ9HUOlQJHUXQJNDQQGLH6FKXEODGHQWLHIHYDULLH
UHQ %LOG -H QDFK $EOXIWNRQILJXUDWLRQ IU GDV $EOXIWURKU HLQHQ $XVVFKQLWW LQ
GHUKLQWHUHQ0|EHOZDQGKHUVWHOOHQ0|EHOUFNZDQGHQWIHUQHQ
RGHUHLQHQ$XVVFKQLWWLP0|EHOERGHQKHUVWHOOHQ
1DFK$XVVFKQLWWDUEHLWHQ6SlQHHQWIHUQHQ
+LQZHLV 6FKQLWWIOlFKHQKLW]HEHVWlQGLJXQGZDVVHUGLFKWYHUVLH
JHOQ
(OHNWULVFKHQ$QVFKOXVVYRUEHUHLWHQ
+LQZHLV $EVFKQLWW (OHNWULVFKHU$QVFKOXVVLQ.DSLWHO $OOJH
PHLQH+LQZHLVHEHDFKWHQ
%HL *HUlWHQ RKQH YRULQVWDOOLHUWHV .DEHO GDV 1HW]NDEHO LQ GLH
$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 $QVFKOXVVGRVH PLWKLOIH HLQHV 6FKUDXEHQ]LHKHUV
DQKHEHQ %LOG 'LH%HIHVWLJXQJVVFKUDXEHO|VHQXQGGLH6FKODXFKVFKHOOHPLWKLO
IHHLQHV6FKUDXEHQ]LHKHUVDQKHEHQ %LOG 1XUJHPl‰$EELOGXQJDQGHU$QVFKOXVVGRVHDQVFKOLH‰HQ
%LOG %1%UDXQ
%8%ODX
*1<(*HOEXQGJUQ
%.6FKZDU]
*<*UDX
+LQZHLVH
■ %HL%HGDUIEHLOLHJHQGH.XSIHUEUFNHQJHPl‰$QVFKOXVVELOG
PRQWLHUHQ
■ 'DUDXIDFKWHQGDVVGLH6FKUDXEHQDQGHU$QVFKOXVVGRVH
IHVWJH]RJHQZHUGHQQDFKGHPGLH.DEHODQJHVFKORVVHQZXU
GHQ
■ %HL HLQHP $QVFKOXVV 1a1a HQWVSULFKW GLH 3KDVH / *UH\
GHP9HQWLODWRUPRWRU
'DV1HW]NDEHOPLWGHU6FKODXFKVFKHOOHEHIHVWLJHQXQGGLH%H
IHVWLJXQJVVFKUDXEHDQ]LHKHQ %LOG 'HQ'HFNHOGHU$QVFKOXVVGRVHVFKOLH‰HQ
+LQZHLV 'LH.DEHOLPPLWWOHUHQ%HUHLFKGHU$QVFKOXVVGRVHDQ
RUGQHQXPGHQ9HUVFKOXVV]XHUOHLFKWHUQ
+LQZHLV )DOOVHLQHOlQJHUH1HW]DQVFKOXVVOHLWXQJEHQ|WLJWZLUG
ELWWHGHQ.XQGHQGLHQVWNRQWDNWLHUHQ$QVFKOXVVOHLWXQJHQVWHKHQ
ELV]X P]XU9HUIJXQJ
*HUlWPRQWLHUHQ
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
: 6WURPVFKODJJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ'DV
$QVFKOXVVNDEHONDQQEHVFKlGLJWZHUGHQ$QVFKOXVVNDEHOZlK
UHQGGHU,QVWDOODWLRQQLFKWNQLFNHQRGHUHLQNOHPPHQ
: 9HUOHW]XQJVJHIDKU
%DXWHLOHGLHZlKUHQGGHU0RQWDJH]XJlQJOLFKVLQGN|QQHQ
VFKDUINDQWLJVHLQ6FKXW]KDQGVFKXKHWUDJHQ
.RFKIHOGHLQVHW]HQ
.OHEHEDQGDXIGHP$EVDW]GHU$UEHLWVSODWWHDQEULQJHQ
%LOG D
'DV*HUlWJOHLFKPl‰LJLQGLH1LVFKHHLQVHW]HQ %LOG E
'DUDXIDFKWHQGDVVGDV.RFKIHOGDXIGHUVHOEHQ+|KHZLHGLH
$UEHLWVSODWWH LVW )DOOV GDV .RFKIHOG QLFKW DXI GHUVHOEHQ +|KH LVW
EHL %HGDUI GLH PLWJHOLHIHUWHQ 9HUDQNHUXQJHQ LQVWDOOLHUHQ XQG YRU
VLFKWLJIHVW]LHKHQ %LOG F
+LQZHLV .HLQHHOHNWULVFKHQ6FKUDXEHQGUHKHUYHUZHQGHQ
9RUGHP9HUVLHJHOQGHU'LFKWXQJHQ %LOGG HLQHQHQW
VSUHFKHQGHQ)XQNWLRQVWHVWGXUFKIKUHQ
'HQ6SDOWULQJVXPPLWJHHLJQHWHPKLW]HEHVWlQGLJHP6LOLNRQ
YHUVLHJHOQ ] % 1RYDVLOŠ 6 2WWRVHDOŠ 6 'LH 'LFKWXQJ PLW
GHPYRP+HUVWHOOHUHPSIRKOHQHQ*OlWWXQJVSURGXNWJOlWWHQ$Q
ZHLVXQJHQGHV6LOLNRQSURGXNWVEHIROJHQ'DV*HUlWHUVWLQ%H
WULHEQHKPHQZHQQGDV6LOLNRQYROOVWlQGLJJHWURFNQHWLVW
PLQGHVWHQV 6WXQGHQMHQDFK8PJHEXQJVWHPSHUDWXU (LQJHHLJQHWHV6LOLNRQLVWEHUXQVHUHQ.XQGHQGLHQVW]XEH]LH
KHQ
$FKWXQJ
'XUFK GLH 9HUZHQGXQJ YRQ XQJHHLJQHWHP 6LOLNRQ N|QQHQ GDXHU
KDIWH)DUEYHUlQGHUXQJHQDXI$UEHLWVSODWWHQDXV1DWXUPDUPRU
HQWVWHKHQ
*HUlWDQVFKOLH‰HQ
+LQZHLVH
■ %HL$EOXIWEHWULHEVROOWHHLQH5FNVWDXNODSSHPLWHLQHPPD[LPD
OHQgIIQXQJVGUXFNYRQ 3DHLQJHEDXWZHUGHQ,VWGHP*HUlW
NHLQH 5FNVWDXNODSSH EHLJHOHJW NDQQ VLH EHU GHQ )DFKKDQGHO
EH]RJHQZHUGHQ
■ :LUGGLH$EOXIWGXUFKGLH$X‰HQZDQGJHOHLWHWVROOWHHLQ7HOHV
NRS0DXHUNDVWHQYHUZHQGHWZHUGHQ
$EOXIWYHUELQGXQJKHUVWHOOHQ
$EOXIWURKUDP)ODFKNDQDOERJHQRGHU5HGX]LHUVWXW]HQEHIHVWL
JHQ %LOG 9HUELQGXQJ]XU$EOXIW|IIQXQJKHUVWHOOHQ
9HUELQGXQJVVWHOOHQJHHLJQHWDEGLFKWHQ
en
8POXIWYHUELQGXQJKHUVWHOOHQ
)LOWHUPRGXODPXQWHUHQ)ODFKNDQDOERJHQIHVWNOLSVHQRGHUEHL
Ú ,QVWDOODWLRQLQVWUXFWLRQV
%HGDUIIHVWVFKUDXEHQ %LOG D
+LQZHLV %HL%HGDUI)LOWHUPRGXOGUHKHQGDPLWGDV6FKXEIDFK
IUGHQ$NWLYNRKOHILOWHUYRQGHUJHJHQEHUOLHJHQGHQ6HLWHJH|II
QHWZHUGHQNDQQ
'DVIOH[LEOH9HUELQGXQJVHOHPHQWDPREHUHQ)ODFKNDQDOERJHQ
IHVWNOLSVHQ
)LOWHUPRGXOXQGREHUHQ)ODFKNDQDOERJHQEHUGDVIOH[LEOH9HU
ELQGXQJVHOHPHQWYHUELQGHQ
+LQZHLV %HL %HGDUI 9HUOlQJHUXQJHQ ]ZLVFKHQ GHP )LOWHUPRGXO
XQGGHPIOH[LEOHQ9HUELQGXQJVHOHPHQWPRQWLHUHQ
$OOH9HUVFKOXVVHOHPHQWHDP6FKXEIDFK|IIQHQ6FKXEIDFK|II
QHQ %LOG E
$NWLYNRKOHILOWHUHLQVHW]HQ %LOG F
6FKXEIDFKVFKOLH‰HQ
$OOH9HUVFKOXVVHOHPHQWHDP6FKXEIDFKVFKOLH‰HQ
6WURPDQVFKOXVVKHUVWHOOHQ
■ 6SDQQXQJ6LHKH7\SHQVFKLOG
■ 1XUJHPl‰$QVFKOXVVGLDJUDPPDQVFKOLH‰HQ %LOG %1%UDXQ
%8%ODX
*1<(*HOEXQGJUQ
%.6FKZDU]
*<*UDX
■ -HQDFK$QVFKOXVVDUWPXVVHYHQWXHOOGLH$QRUGQXQJGHUYRP
:HUNJHOLHIHUWHQ$GHUHQGKOVHQYHUlQGHUWZHUGHQ'DIUPV
VHQHYHQWXHOOGLH$GHUQJHNU]WXQGGLH,VROLHUXQJHQWIHUQWZHU
GHQXPHLQH$GHUHQGKOVHHLQ]XVHW]HQGLH]ZHL.DEHO
YHUELQGHW
+LQZHLV hEHUSUIHQGHU%HWULHEVEHUHLWVFKDIW(UVFKHLQWLQGHU
$Q]HLJHGHV*HUlWHV —…‹‹ “‹†‚„ RGHU “LVWHVQLFKWULFKWLJ
DQJHVFKORVVHQ'DV*HUlWYRQGHU6WURPYHUVRUJXQJWUHQQHQXQG
GHQ$QVFKOXVVGHV6WURPNDEHOVEHUSUIHQ
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
:HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
7KHPDQXIDFWXUHUVKDOODVVXPHQROLDELOLW\IRUPDOIXQFWLRQVRU
GDPDJHUHVXOWLQJIURPLQFRUUHFWHOHFWULFDOZLULQJ
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
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
)RU WKH LQVWDOODWLRQ REVHUYH WKH FXUUHQWO\ YDOLG EXLOGLQJ UHJXODWLRQV
DQGWKHUHJXODWLRQVRIWKHORFDOHOHFWULFLW\DQGJDVVXSSOLHUV
:KHQ FRQYH\LQJ WKH H[KDXVW DLU RIILFLDO DQG OHJDO UHJXODWLRQV HJ
VWDWHEXLOGLQJUHJXODWLRQV PXVWEHIROORZHG
'DQJHURIGHDWK
5LVNRISRLVRQLQJIURPIOXHJDVHVWKDWDUHGUDZQEDFNLQ
$OZD\VHQVXUHDGHTXDWHIUHVKDLULQWKHURRPLIWKHDSSOLDQFHLV
EHLQJRSHUDWHGLQH[KDXVWDLUPRGHDWWKHVDPHWLPHDVURRPDLU
GHSHQGHQWKHDWSURGXFLQJDSSOLDQFHLVEHLQJRSHUDWHG
$Q]HLJHDXI$EOXIWEHWULHERGHU8POXIWEHWULHE
XPVWHOOHQ
)UGHQ$EOXIWEHWULHEXQGGHQ8POXIWEHWULHEEHL%HGDUIGLH
$Q]HLJHGHUHOHNWURQLVFKHQ6WHXHUXQJLQGHQ*UXQGHLQVWHOOXQJHQ
HQWVSUHFKHQGXPVWHOOHQ
'D]X.DSLWHO *UXQGHLQVWHOOXQJHQLQGHU*HEUDXFKVDQOHLWXQJ
EHDFKWHQ
*HUlWGHPRQWLHUHQ
*HUlWYRP6WURPQHW]WUHQQHQ
m 6WURPVFKODJJHIDKU
%HLP$ENOHPPHQGHV.RFKIHOGHVYRP6WURPQHW]N|QQHQGLH
.OHPPHQ 5FNVSDQQXQJ IKUHQ 'HU HOHNWULVFKH $QVFKOXVV GDUI
QXUYRQHLQHPNRQ]HVVLRQLHUWHQ)DFKPDQQGXUFKJHIKUWZHU
GHQ
$EOXIWNDQDOHQWIHUQHQRGHU8POXIWYHUELQGXQJHQO|VHQ
*HUlWYRQXQWHQKHUDXVGUFNHQ
$FKWXQJ
*HUlWHVFKDGHQ *HUlWQLFKWYRQREHQKHUDXVKHEHOQ
5RRPDLUGHSHQGHQWKHDWSURGXFLQJDSSOLDQFHV HJJDVRLO
ZRRGRUFRDORSHUDWHGKHDWHUVFRQWLQXRXVIORZKHDWHUVRUZDWHU
KHDWHUV REWDLQFRPEXVWLRQDLUIURPWKHURRPLQZKLFKWKH\DUH
LQVWDOOHGDQGGLVFKDUJHWKHH[KDXVWJDVHVLQWRWKHRSHQDLU
WKURXJKDQH[KDXVWJDVV\VWHP HJDFKLPQH\ ,Q FRPELQDWLRQ ZLWK DQ DFWLYDWHG YDSRXU H[WUDFWRU KRRG URRP DLU LV
H[WUDFWHGIURPWKHNLWFKHQDQGQHLJKERXULQJURRPVDSDUWLDO
YDFXXPLVSURGXFHGLIQRWHQRXJKIUHVKDLULVVXSSOLHG7R[LF
JDVHVIURPWKHFKLPQH\RUWKHH[WUDFWLRQVKDIWDUHVXFNHGEDFN
LQWRWKHOLYLQJVSDFH
■ $GHTXDWHLQFRPLQJDLUPXVWWKHUHIRUHDOZD\VEHHQVXUHG
■ $QLQFRPLQJH[KDXVWDLUZDOOER[DORQHZLOOQRWHQVXUH
FRPSOLDQFHZLWKWKHOLPLW
6DIHRSHUDWLRQLVSRVVLEOHRQO\ZKHQWKHSDUWLDOYDFXXPLQWKH
SODFHZKHUHWKHKHDWSURGXFLQJDSSOLDQFHLVLQVWDOOHGGRHVQRW
H[FHHG3D PEDU 7KLVFDQEHDFKLHYHGZKHQWKHDLU
QHHGHGIRUFRPEXVWLRQLVDEOHWRHQWHUWKURXJKRSHQLQJVWKDW
FDQQRWEHVHDOHGIRUH[DPSOHLQGRRUVZLQGRZVLQFRPLQJ
H[KDXVWDLUZDOOER[HVRUE\RWKHUWHFKQLFDOPHDQV
,Q DQ\ FDVH FRQVXOW \RXU UHVSRQVLEOH 0DVWHU &KLPQH\ 6ZHHS +H
LVDEOHWRDVVHVVWKHKRXVH VHQWLUHYHQWLODWLRQVHWXSDQGZLOO
VXJJHVWWKHVXLWDEOHYHQWLODWLRQPHDVXUHVWR\RX
8QUHVWULFWHGRSHUDWLRQLVSRVVLEOHLIWKHYDSRXUH[WUDFWRUKRRGLV
RSHUDWHGH[FOXVLYHO\LQWKHFLUFXODWLQJDLUPRGH
5LVNRIGHDWK
5LVNRISRLVRQLQJIURPIOXHJDVHVEHLQJGUDZQEDFNLQ:KHQ
LQVWDOOLQJ D YHQWLODWLRQ V\VWHP LQ DQ RSHQIOXHG ERLOHU WKH HOHFWULFLW\
VXSSO\WRWKHYHQWLODWLRQV\VWHPPXVWEHSURYLGHGZLWKDVXLWDEOH
VDIHW\VZLWFK
5LVNRIILUH
*UHDVHGHSRVLWVLQWKHJUHDVHILOWHUPD\FDWFKILUH1HYHUZRUN
ZLWKQDNHGIODPHVFORVHWRWKHDSSOLDQFH HJIODPEpLQJ 'RQRW
LQVWDOO WKH DSSOLDQFH QHDU D KHDWSURGXFLQJ DSSOLDQFH IRU VROLG IXHO
HJZRRGRUFRDO XQOHVVDFORVHGQRQUHPRYDEOHFRYHULV
DYDLODEOH7KHUHPXVWEHQRIO\LQJVSDUNV
5LVNRILQMXU\
■ &KDQJHVWRWKHHOHFWULFDORUPHFKDQLFDODVVHPEO\DUH
GDQJHURXVDQGPD\OHDGWRPDOIXQFWLRQV'RQRWPDNHDQ\
FKDQJHVWRWKHHOHFWULFDORUPHFKDQLFDODVVHPEO\
■ 3DUWVWKDWDUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUS
HGJHV:HDUSURWHFWLYHJORYHV
■ 7KHDSSOLDQFHLVKHDY\7RPRYHWKHDSSOLDQFH SHRSOHDUH
UHTXLUHG8VHRQO\VXLWDEOHWRROVDQGHTXLSPHQW
■ 7KHUHLVDULVNRILQMXU\ZKLOHWKHIDQLVURWDWLQJ'RQRWVZLWFK
WKH DSSOLDQFH RQ XQWLO LW KDV EHHQ LQVWDOOHG 1HYHU UHDFK LQWR WKH
DLUH[WUDFWLRQRSHQLQJRQWKHUHDURIWKHDSSOLDQFHZKLOHLWLVLQ
RSHUDWLRQ
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
'RQRWLQVWDOOWKLVDSSOLDQFHRQERDWVRULQYHKLFOHV
+REIODWKRUL]RQWDOVWDEOH)ROORZWKHKREPDQXIDFWXUHU V
LQVWUXFWLRQV
7KHDSSOLDQFHFDQEHLQVWDOOHGLQWKHIROORZLQJKHDWDQGZDWHU
UHVLVWDQWZRUNVXUIDFHV
■ :RUNVXUIDFHVPDGHIURPPDUEOHQDWXUDOVWRQH
■ 6\QWKHWLFZRUNVXUIDFHV
■ 6ROLGZRRGZRUNVXUIDFHV2QO\LQDJUHHPHQWZLWKWKH
PDQXIDFWXUHURIWKHZRUNVXUIDFH VHDOHGFXWWLQJHGJHV
■ ,QVWDOOLQJRWKHUW\SHVRIZRUNVXUIDFHV2QO\LQDJUHHPHQWZLWK
WKHPDQXIDFWXUHURIWKHZRUNWRS
,IWKHWKLFNQHVVRIWKHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGGRHV
QRWFRPSO\ZLWKWKHVSHFLILFDWLRQVUHLQIRUFHWKHZRUNWRSXVLQJD
ILUHDQGZDWHUUHVLVWDQWPDWHULDOXQWLOLWUHDFKHVWKHPLQLPXP
WKLFNQHVV2WKHUZLVHVXIILFLHQWVWDELOLW\FDQQRWEHJXDUDQWHHG
■ 7KHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGVKRXOGZLWKVWDQG
ORDGVRIDSSUR[ NJ
■ 2QO\FKHFNWKHHYHQQHVVRIWKHKREDIWHULWKDVEHHQLQVWDOOHG
1RWHV
■ 7ROHYHOWKHDSSOLDQFHGRQRWXVHFRQQHFWLQJSLHFHVDW
LQGLYLGXDOSRLQWV
■ $GMXVWPHQWVWRWKHZRUNVXUIDFHPXVWEHFDUULHGRXWE\D
VSHFLDOLVWVHUYLFHSURYLGHULQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
GLDJUDP7KHFXWWLQJHGJHPXVWEHFOHDQDQGSUHFLVHEHFDXVH
WKH HGJH LV YLVLEOH RQ WKH VXUIDFH &OHDQ WKH FXWWLQJ HGJHV ZLWK D
VXLWDEOHFOHDQLQJDJHQWDQGGHJUHDVHWKHP
5LVNRIGDPDJHIURPUHWXUQLQJFRQGHQVDWH,QVWDOOWKHH[KDXVW
GXFWLQVXFKDZD\WKDWLWIDOOVDZD\IURPWKHDSSOLDQFHVOLJKWO\
ƒVORSH 5RXQGSLSHV
$QLQVLGHGLDPHWHURI PPLVUHFRPPHQGHG
)ODWGXFWV
7KHLQVLGHFURVVVHFWLRQPXVWEHWKHVDPHDVWKHGLDPHWHURIWKH
URXQGSLSHV
GLDPPFDFP
■ )ODWGXFWVVKRXOGQRWKDYHDQ\VKDUSEHQGV
■ 8VHVHDOLQJVWULSVIRUGLIIHUHQWSLSHGLDPHWHUV
&LUFXODWLQJDLUPRGH
1RWH 7KHDSSOLDQFHPXVWRQO\EHRSHUDWHGZKHQLWLVVHFXUHO\
LQVWDOOHGDQGWKHSLSHZRUNLVFRQQHFWHG
*HQHUDOLQIRUPDWLRQ
$SSOLDQFHGLPHQVLRQVDQGVDIHW\FOHDUDQFHV
■ 7DNHLQWRDFFRXQWWKHDSSOLDQFHGLPHQVLRQVIRUDLUUHFLUFXODWLRQ
PRGH )LJ $
■ 7DNHLQWRDFFRXQWWKHDSSOLDQFHGLPHQVLRQVIRUDLUH[WUDFWLRQ
PRGH )LJ %
■ 0DNHVXUHWKDWRQFHLWLVLQVWDOOHGWKHUHZLOOEHDGHTXDWH
DFFHVVWRWKHDSSOLDQFHIRUUHSODFLQJWKHDFWLYDWHGFKDUFRDO
ILOWHU HPSW\LQJ WKH RYHUIORZ UHVHUYRLU DQG UHPRYLQJ WKH KRXVLQJ
FRYHU )LJ &
■ &RPSO\ZLWKWKHVDIHW\FOHDUDQFHV )LJ &
&KHFNLQJWKHILWWHGXQLW
■ 7KHILWWHGXQLWPXVWEHOHYHODQGKDYHVXIILFLHQWORDGEHDULQJ
FDSDFLW\
■ 7KHPD[ZHLJKWRIWKHDSSOLDQFHLVDSSUR[ NJ
■ 7KHILWWHGXQLWPXVWEHKHDWUHVLVWDQWXSWRƒ&
■ 7KHILWWHGXQLWPXVWVWLOOEHVWXUG\DIWHUWKHFXWRXWVKDYHEHHQ
PDGH
■ 8VHVXLWDEOHVXSSRUWLQJVWUXFWXUDOPHDVXUHVEHQHDWKWKH
ZRUNWRS HVSHFLDOO\ LI WKH ZRUNWRS LV QRW YHU\ WKLFN WR HQVXUH WKDW
LWLVERWKUREXVWDQGFDSDEOHRIEHDULQJWKHUHTXLUHGORDG7DNH
LQWRDFFRXQWWKHZHLJKWRIWKHDSSOLDQFHDQGDQ\DGGLWLRQDO
ORDGV7KHUHLQIRUFLQJPDWHULDOXVHGPXVWEHKHDWDQGPRLVWXUH
UHVLVWDQW
5LVNRILQMXU\
5LVNRILQMXU\
5LVNRILQMXU\
7KHVXUIDFHVRIWKHDSSOLDQFHDUHHDVLO\GDPDJHG$YRLG
GDPDJLQJWKHPGXULQJLQVWDOODWLRQ
([KDXVWDLUPRGH
1RWH 7KHH[KDXVWDLUPXVWQRWEHFRQYH\HGLQWRDIXQFWLRQLQJ
VPRNHRUH[KDXVWJDVIOXHRULQWRDVKDIWWKDWLVXVHGWRYHQWLODWH
URRPVLQZKLFKKHDWLQJDSSOLDQFHVDUHLQVWDOOHG
,IWKHH[KDXVWDLULVWREHFRQYH\HGLQWRDQRQIXQFWLRQLQJVPRNH
RUH[KDXVWJDVIOXH\RXPXVWREWDLQWKHFRQVHQWRIWKHKHDWLQJ
HQJLQHHUUHVSRQVLEOH
([KDXVWGXFW
1RWH 7KHDSSOLDQFHPDQXIDFWXUHUGRHVQRWSURYLGHDQ\ZDUUDQW\
IRUIDXOWVDWWULEXWDEOHWRWKHSLSHVHFWLRQ
■ 7KH DSSOLDQFH DFKLHYHV LWV RSWLPXP SHUIRUPDQFH E\ PHDQV RI D
VKRUWVWUDLJKWH[KDXVWDLUSLSHDQGDVODUJHDSLSHGLDPHWHUDV
SRVVLEOH
■ $V D UHVXOW RI ORQJ URXJK H[KDXVW DLU SLSHV PDQ\ SLSH EHQGV RU
SLSHGLDPHWHUVWKDWDUHVPDOOHUWKDQPPWKHRSWLPXP
H[WUDFWLRQSHUIRUPDQFHLVQRWDFKLHYHGDQGIDQQRLVHLV
LQFUHDVHG
■ 7KH SLSHV RU KRVHV IRU OD\LQJ WKH H[KDXVW DLU OLQH PXVW FRQVLVW RI
QRQFRPEXVWLEOHPDWHULDO
■ ,I WKH H[KDXVW DLU LV FRQYH\HG WKURXJK WKH RXWHU ZDOO D WHOHVFRSLF
ZDOOER[VKRXOGEHXVHG
(OHFWULFDOFRQQHFWLRQ
7KHUHTXLUHGFRQQHFWLRQLQIRUPDWLRQLVRQWKHDSSOLDQFH V
LGHQWLILFDWLRQSODWH
7KLVDSSOLDQFHFRPSOLHVZLWKWKH(&LQWHUIHUHQFHVXSSUHVVLRQ
UHJXODWLRQV
2QO\DOLFHQVHGSURIHVVLRQDOPD\FRQQHFWWKHDSSOLDQFH7KH
DSSOLDQFHPXVWEHLQVWDOOHGLQDFFRUGDQFHZLWKWKHPRVWUHFHQW
,(( ,QVWLWXWHRI(OHFWULFDO(QJLQHHUV JXLGHOLQHV7KHDSSOLDQFH
PD\EHGDPDJHGLILWLVQRWFRQQHFWHGFRUUHFWO\
0DNH VXUH WKDW WKH YROWDJH RI WKH SRZHU VXSSO\ PDWFKHV WKH YDOXH
VSHFLILHGRQWKHUDWLQJSODWH
0DNH VXUH WKDW WKH SRZHU VXSSO\ LV SURSHUO\ HDUWKHG WKDW WKH IXVH
SURWHFWLRQLVVXIILFLHQWDQGWKHFDEOHZLULQJV\VWHPLQWKHEXLOGLQJ
LV VXIILFLHQWO\ GLPHQVLRQHG IRU WKH HOHFWULFDO SRZHU RI WKH DSSOLDQFH
&RPSO\ZLWKWKHIROORZLQJZKHQLQVWDOOLQJWKHSRZHUFDEOH
■ (QVXUHWKDWWKHFDEOHLVQRWSLQFKHGRUFUXVKHG
■ .HHSWKHFDEOHDZD\IURPVKDUSHGJHV
■ (QVXUHWKDWWKHFDEOHLVQRWLQFRQWDFWZLWKWKHPHWDOFDVLQJRQ
WKHXQGHUVLGHRIWKHDSSOLDQFHDVWKLVEHFRPHVKRW
&KHFNWKHKRXVHKROGZLULQJEHIRUHFRQQHFWLQJWKHDSSOLDQFH
(QVXUHWKDWWKHUHLVVXIILFLHQWIXVHSURWHFWLRQIRUWKHKRXVHKROG
ZLULQJ 7KH YROWDJH DQG IUHTXHQF\ RI WKH DSSOLDQFH PXVW PDWFK WKH
HOHFWULFDOZLULQJ VHHUDWLQJSODWH 7KHDSSOLDQFHFRUUHVSRQGVWRSURWHFWLRQFODVV,DQGPXVWRQO\EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
7KHZLULQJPXVWKDYHDQDOOSROHLVRODWLQJVZLWFKZLWKDFRQWDFW
JDSRIDWOHDVW PP7KLVPXVWVWLOOEHDFFHVVLEOHRQFHWKH
DSSOLDQFHKDVEHHQLQVWDOOHG
2QO\DTXDOLILHGHOHFWULFLDQPD\LQVWDOORUUHSODFHWKHSRZHUFDEOH
WDNLQJWKHUHOHYDQWUHJXODWLRQVLQWRDFFRXQW
:KHQUHSODFLQJWKHSRZHUFDEOHWKHDSSOLDQFHPD\QHHGWREH
WXUQHGRYHU,QWKLVFDVHUHPRYHWKHILOWHUFRYHUDQGWDNHRXWWKH
FRQWDLQHUDQGWKHPHWDOJUHDVHILOWHU'RLQJWKLVZLOOSUHYHQWWKHVH
FRPSRQHQWVIURPIDOOLQJRXW
,IWKLVDSSOLDQFH VSRZHUFDEOHLVGDPDJHGLWPXVWEHUHSODFHG
ZLWKD+99)SRZHUFDEOH
3UHSDULQJIRULQVWDOODWLRQ
7KHGHSWKRIWKHGUDZHUVXQGHUWKHDSSOLDQFHPXVWEHDGDSWHG
GHSHQGLQJRQWKHSLSHVDQGWKHGHSWKRIWKHZRUNWRS7KHWRS
GUDZHUPXVWEHUHPRYHGDQGFDQQRWEHXVHG
■ 7KH FOHDUDQFH EHWZHHQ WKH VXUIDFH RI WKH ZRUNWRS DQG WKH XSSHU
DUHDRIWKHGUDZHUPXVWEH PP
■ 'RQRWLQVWDOORYHQVUHIULJHUDWRUVGLVKZDVKHUVZDVKLQJ
PDFKLQHVRURWKHUDSSOLDQFHVXQGHUQHDWKWKHDSSOLDQFH
1RWH &KHFNWKDWWKHDSSOLDQFHLVOHYHORQFHLWKDVEHHQLQVWDOOHG
LQWKHLQVWDOODWLRQRSHQLQJ
,QVWDOODWLRQIOXVKZLWKVXUURXQGLQJVXUIDFHV
$SSOLDQFHVZLWKRXWDIUDPHDUHGHVLJQHGWREHLQVWDOOHGIOXVKZLWK
WKHZRUNWRS
7KHDSSOLDQFHFDQEHLQVWDOOHGLQWKHIROORZLQJWHPSHUDWXUHDQG
ZDWHUUHVLVWDQWZRUNWRSV
■ *UDQLWHZRUNWRSV
■ 3ODVWLFZRUNWRSV HJ&RULDQŠ
■ 6ROLGZRRGZRUNWRSV2QO\LQDJUHHPHQWZLWKWKHZRUNWRS
PDQXIDFWXUHU VHDOWKHFXWRXWHGJHV
■ )RURWKHUZRUNWRSPDWHULDOVFRQWDFWWKHZRUNWRSPDQXIDFWXUHU
DERXWWKHLUXVH
7KHDSSOLDQFHFDQQRWEHLQVWDOOHGLQFRPSUHVVHGZRRGZRUNWRSV
1RWH $OOFXWRXWVLQWKHZRUNWRSPXVWEHPDGHLQDVSHFLDOLVW
ZRUNVKRSDVVKRZQLQWKHLQVWDOODWLRQGLDJUDP(DFKFXWRXWPXVW
EHQHDWDQGSUHFLVHDVWKHFXWHGJHLVYLVLEOHRQWKHVXUIDFH
&OHDQDQGGHJUHDVHWKHFXWRXWHGJHVZLWKDVXLWDEOHFOHDQLQJ
DJHQW IROORZWKHLQVWUXFWLRQVSURYLGHGE\WKHVLOLFRQH
PDQXIDFWXUHU 3UHSDULQJWKHXQLWV
0DNHWKHFXWRXWLQWKHZRUNWRSDVVKRZQLQWKHLQVWDOODWLRQ
GUDZLQJ )LJ 1RWH 7KHDQJOHEHWZHHQWKHFXWVXUIDFHDQGWKHZRUNWRSPXVW
EH ƒ 7KH FXWRXW HGJHV DW WKH VLGHV PXVW EH IODW)RU ODPLQDWH
ZRUNWRSV LW PD\ EH QHFHVVDU\ WR VHFXUH VWULSV DW WKH VLGHV LQ WKH
FXWRXW
7RHQVXUHWKDWWKHDSSOLDQFHZRUNVFRUUHFWO\WKHKREPXVWEH
VXIILFLHQWO\YHQWLODWHG7RGRWKLVPDNHDQDLURXWOHWZLWKD
PLQLPXPFURVVVHFWLRQRI FPòLQWKHEDVHXQLW
&RPSO\ZLWKWKHPLQLPXPFOHDUDQFHVZKHQLQVWDOOLQJRYHUD
GUDZHU )LJ &
5HPRYH WKH WRS GUDZHU DQG DWWDFK VXLWDEOH IDFLQJ WR WKH NLWFKHQ
XQLW
3UHSDULQJ WKH XQLW DQG DSSOLDQFH IRU XVH ZLWK DLU UHFLUFXODWLRQ
PRGH
0DNLQJDFXWRXWLQWKHXQLW
0DNHDQDLURXWOHWLQWKHXQLW VWRHNLFN
1RWH 7KHDLURXWOHWPXVWKDYHDPLQLPXPFURVVVHFWLRQRI
DSSUR[LPDWHO\ FPò0DNHWKHRXWOHWRSHQLQJLQWKHEDVH
SDQHO DV ODUJH DV SRVVLEOH LQ RUGHU WR NHHS GUDXJKWV DQG QRLVH WR
DPLQLPXP
5HPRYHWKHXQLW VEDFNSDQHO
,IQHFHVVDU\UHPRYHWKHXSSHUVWULSLQWKHXQLW VEDFNSDQHO
2QWKHUHDUHGJHRIWKHFXWRXWLQWKHZRUNWRSGHWHUPLQHWKH
FHQWUH SRLQW DQG PDUN WKLV DQG WKH WZR OLQHV YHUWLFDOO\ GRZQZDUGV
RQWKHERWWRPRIWKHXQLW )LJ D
&RUUHFWO\ SRVLWLRQ WKH IL[LQJ SODWH DJDLQVW WKH FHQWUH OLQHV RQ WKH
ERWWRPRIWKHXQLW )LJ E
,IGUDZHUVDUHILWWHG&ORVHWKHERWWRPGUDZHUIXOO\,IWKHIL[LQJ
SODWH GLVDSSHDUV WRR IDU XQGHUQHDWK WKH GUDZHU PRYH LW WRZDUGV
WKH UHDU RI WKH XQLW 8VH WKH PDUNLQJV RQ WKH IL[LQJ SODWH WR DOLJQ
LWSDUDOOHOWRWKHFHQWUHOLQH )LJ F
1RWHV
■ ,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH XQLW
LVWRRVPDOOWRVFUHZWKHIL[LQJSODWHWRWKHERWWRPRIWKHXQLW
WXUQ WKH IL[LQJ SODWH ƒ DQG VFUHZ LW WR WKH ERWWRP RI WKH XQLW
IURPEHORZ )LJ E %HIRUH\RXGRWKLVDOLJQWKHIL[LQJSODWH
RQWKHXQLWERWWRPIURPDERYHWRHVWDEOLVKZKHUHLWVKRXOGEH
SRVLWLRQHG )LJ F
■ &KRRVH WKH PRVW DSSURSULDWH H[WHQVLRQ EDVHG RQ WKH SRVLWLRQ
RIWKHIL[LQJSODWH
■ ,IWKHIL[LQJSODWHFDQQRWEHSXVKHGEDFNIDUHQRXJKXVH
VKDOORZHUGUDZHUV
,IQHFHVVDU\XVHWKHIL[LQJSODWHWRPDUNRXWDQGPDNHWKHFXW
RXWLQWKHXQLWERWWRP )LJ G
$IWHUPDNLQJWKHFXWRXWUHPRYHDQ\VKDYLQJV
1RWH 6HDOFXWVXUIDFHVZLWKKHDWUHVLVWDQWDQGZDWHUSURRI
PDWHULDO
■
6HFXUHO\VFUHZLQJRQWKHIL[LQJSODWHDQGFOLSSLQJRQWKH
GLIIXVRU
,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH XQLW LV
VXIILFLHQWXVHSODVWLFVFUHZVWRVHFXUHWKHIL[LQJSODWHWRWKH
ORZHUIODWGXFWEHQGIURPDERYH )LJ D
1RWH ,IQHFHVVDU\WXUQWKHORZHUIODWGXFWEHQGVRWKDWWKHDLU
RXWOHWLVRQWKHRSSRVLWHVLGH
8VHZRRGHQVFUHZVWRVHFXUHWKHIL[LQJSODWHWRWKHERWWRPRI
WKHXQLWIURPDERYH )LJ D
1RWH ,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH
XQLW LV WRR VPDOO WR VFUHZ WKH IL[LQJ SODWH WR WKH ERWWRP RI WKH XQLW
WXUQWKHIL[LQJSODWHƒDQGVFUHZLWWRWKHERWWRPRIWKHXQLW
IURPEHORZ )LJ E
&OLSWKHGLIIXVRUVHFXUHO\WRWKHORZHUIODWGXFWEHQG )LJ F
)LWWLQJWKHXSSHUIODWGXFWEHQG
,IUHTXLUHGFKRRVHWKHH[WHQVLRQEDVHGRQWKHSRVLWLRQRIWKH
IL[LQJSODWHDQGWKHXQLWGHSWK7KHORQJHUWKHH[WHQVLRQWKH
GHHSHU WKH GUDZHU FDQ EH 8VH IRXU SODVWLF VFUHZV WR VHFXUH WKH
H[WHQVLRQWRWKHKRE VRXWOHWRSHQLQJ )LJ 6FUHZWKHXSSHUIODWGXFWHOERZVHFXUHO\WRWKHKRE VRXWOHW
RSHQLQJRUWKHH[WHQVLRQ
3UHSDULQJWKHXQLWDQGDSSOLDQFHIRUXVHZLWKDLUH[WUDFWLRQ
PRGH
8VHIRXUSODVWLFVFUHZVWRVHFXUHWKHUHGXFLQJFRQQHFWRURUIODW
GXFWHOERZWRWKHKRE VRXWOHWRSHQLQJRUWKHH[WHQVLRQ )LJ 1RWH ,IQHFHVVDU\VFUHZWKHDSSURSULDWHH[WHQVLRQWRWKHKRE
0HDVXUHWKHSHUPLWWHGGHSWK7RIWKHGUDZHU²PDNHVXUH\RX
OHDYH D FOHDUDQFH RI PP IURP WKH H[KDXVW DLU SLSH 7KH GHSWK
RIWKHGUDZHUPD\YDU\GHSHQGLQJRQWKHH[WHQVLRQXVHG
)LJ 'HSHQGLQJRQWKHDLUH[WUDFWLRQV\VWHPFRQILJXUDWLRQPDNHD
FXWRXWLQWKHUHDUSDQHORIWKHXQLWIRUWKHH[KDXVWDLUSLSH
UHPRYH WKH UHDU SDQHO RI WKH XQLW RU PDNH D FXWRXW LQ WKH ERWWRP
RIWKHXQLW
$IWHUPDNLQJWKHFXWRXWUHPRYHDQ\VKDYLQJV
1RWH 6HDOFXWVXUIDFHVZLWKKHDWUHVLVWDQWDQGZDWHUSURRI
PDWHULDO
3UHSDULQJIRUWKHHOHFWULFDOFRQQHFWLRQZRUN
1RWH 5HIHUWRWKH (OHFWULFDOFRQQHFWLRQVHFWLRQLQWKH *HQHUDO
LQIRUPDWLRQFKDSWHU
2Q DSSOLDQFHV WKDW GR QRW KDYH D SUHLQVWDOOHG FDEOH LQVHUW
WKHPDLQVFDEOHLQWRWKHVRFNHW
7XUQ WKH KRE RYHU DQG SXW LW GRZQ RQ WKH EDVH RI WKH SDFNDJLQJ
DFORWKRUDQRWKHUVXUIDFHLQRUGHUWRSUHYHQWVFUDWFKHV
8VHDVFUHZGULYHUWROLIWXSWKHVRFNHW VFRYHU )LJ 8QGRWKHIDVWHQLQJVFUHZDQGXVHDVFUHZGULYHUWROLIWWKHKRVH
FODPS )LJ 2QO\ FRQQHFW WR WKH PDLQV VRFNHW DV VKRZQ LQ WKH ILJXUH )LJ %1%URZQ
%8%OXH
*1<(<HOORZDQGJUHHQ
%.%ODFN
*<*UH\
1RWHV
■ ,IUHTXLUHGILWWKHFRSSHUEULGJHVSURYLGHGDVVKRZQLQWKH
FLUFXLWGLDJUDP
■ (QVXUHWKDWWKHVFUHZVRQWKHPDLQVVRFNHWDUHVFUHZHGLQ
WLJKWO\DIWHUWKHFDEOHVKDYHEHHQFRQQHFWHG
■ )RU D 1a1a FRQQHFWLRQ WKH OLYH ZLUH / JUH\ FRUUHVSRQGV
WRWKHIDQPRWRU
8VHWKHKRVHFODPSWRVHFXUHWKHPDLQVFDEOHDQGWLJKWHQWKH
IDVWHQLQJVFUHZ )LJ &ORVHWKHFRYHURQWKHVRFNHW
1RWH $UUDQJH WKH FDEOHV LQ WKH FHQWUDO DUHD RI WKH PDLQV VRFNHW
LQRUGHUWRIDFLOLWDWHWKHIDVWHQLQJ
1RWH ,I D ORQJHU SRZHU FRUG LV UHTXLUHG SOHDVH FRQWDFW DIWHUVDOHV
VHUYLFH&RQQHFWLQJFDEOHVXSWR PORQJDUHDYDLODEOH
1RWH &KHFNWKDWWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ,I —…‹‹
“‹†‚„ RU “ DSSHDUV RQ WKH DSSOLDQFH V GLVSOD\ WKH DSSOLDQFH LV
,QVWDOOLQJWKHDSSOLDQFH
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
: 5LVNRIHOHFWULFVKRFN
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV7KHVH
PD\GDPDJHWKHFRQQHFWLQJFDEOH'RQRWNLQNRUSLQFKWKH
FRQQHFWLQJFDEOHGXULQJLQVWDOODWLRQ
: 5LVNRILQMXU\
3DUWVWKDWDUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUS
HGJHV:HDUSURWHFWLYHJORYHV
,QVWDOOLQJWKHKRE
$WWDFKDGKHVLYHWDSHWRWKHHGJHRIWKHZRUNWRS )LJ D
,QVHUWWKHDSSOLDQFHHYHQO\LQWRWKHUHFHVV )LJ E
(QVXUHWKDWWKHKRELVDWWKHVDPHKHLJKWDVWKHZRUNWRS,IWKH
KRELVQRWDWWKHVDPHKHLJKWLIUHTXLUHGILWWKHDQFKRUV
SURYLGHGDQGWKHQWLJKWHQWKHPFDUHIXOO\ )LJ F
1RWH 'RQRWXVHDQHOHFWULFVFUHZGULYHU
%HIRUHVHDOLQJWKHDSSOLDQFHLQWRWKHZRUNWRS )LJG FKHFNWKDWLWZRUNVFRUUHFWO\
6HDODOODURXQGWKHJDSXVLQJVXLWDEOHKHDWUHVLVWDQWVLOLFRQH
HJ 1RYDVLOŠ62WWRVHDOŠ6 8VHWKHVPRRWKLQJSURGXFW
WKDWLVUHFRPPHQGHGE\WKHPDQXIDFWXUHUWRVPRRWKWKHVHDO
)ROORZ WKH LQVWUXFWLRQV IRU WKH VLOLFRQH SURGXFW 2QO\ RSHUDWH WKH
DSSOLDQFHRQFHWKHVLOLFRQHKDVGULHGFRPSOHWHO\ DWOHDVW
KRXUVGHSHQGLQJRQWKHDPELHQWWHPSHUDWXUH 6XLWDEOHVLOLFRQHFDQEHREWDLQHGIURPRXUDIWHUVDOHVVHUYLFH
&DXWLRQ
8VLQJ XQVXLWDEOH VLOLFRQH PD\ UHVXOW LQ SHUPDQHQW GLVFRORXUDWLRQ
RIQDWXUDOPDUEOHZRUNWRSV
QRWFRQQHFWHGFRUUHFWO\'LVFRQQHFWLWIURPWKHSRZHUVXSSO\DQG
FKHFNWKHSRZHUFRUGFRQQHFWLRQ
6ZLWFKLQJ WKH GLVSOD\ WR DLU H[WUDFWLRQ PRGH RU DLU
UHFLUFXODWLRQPRGH
)RUDLUH[WUDFWLRQPRGHDQGDLUUHFLUFXODWLRQPRGHLIQHFHVVDU\
VZLWFKWKHHOHFWURQLFFRQWUROXQLW VGLVSOD\DFFRUGLQJO\WRWKHEDVLF
VHWWLQJV
7RGRWKLVUHIHUWRWKH %DVLFVHWWLQJVVHFWLRQLQWKHLQVWUXFWLRQ
PDQXDO
5HPRYLQJWKHDSSOLDQFH
'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
m 5LVNRIHOHFWULFVKRFN
:KHQGLVFRQQHFWLQJWKHKREIURPWKHSRZHUVXSSO\WKH
WHUPLQDOVPD\FDXVHUHYHUVHYROWDJH7KHHOHFWULFDOFRQQHFWLRQ
PXVWRQO\EHFDUULHGRXWE\DOLFHQVHGH[SHUW
5HPRYHWKHH[KDXVWDLUGXFWRUGLVFRQQHFWWKHDLUUHFLUFXODWLRQ
FRQQHFWLRQV
3XVKRXWWKHDSSOLDQFHIURPEHORZ
&DXWLRQ
'DPDJHWRWKHDSSOLDQFH 'RQRWSULVHRXWWKHDSSOLDQFHIURP
DERYH
&RQQHFWLQJWKHDSSOLDQFH
1RWHV
■ )RUDLUH[WUDFWLRQPRGHDEDFNSUHVVXUHIODSZLWKDPD[LPXP
RSHQLQJSUHVVXUHRI 3DVKRXOGEHLQVWDOOHG,IDEDFN
SUHVVXUHIODSLVQRWLQFOXGHGZLWKWKHDSSOLDQFHRQHFDQEH
RUGHUHGIURPDVSHFLDOLVWUHWDLOHU
■ ,I WKH H[KDXVW DLU LV FRQYH\HG WKURXJK WKH RXWHU ZDOO D WHOHVFRSLF
ZDOOER[VKRXOGEHXVHG
&RQQHFWLQJWKHDLUH[WUDFWRU
$WWDFKWKHH[KDXVWDLUSLSHWRWKHIODWGXFWEHQGRUWKHUHGXFLQJ
FRQQHFWRU )LJ &RQQHFWLWWRWKHH[KDXVWDLURSHQLQJ
8VHVXLWDEOHPHDQVWRVHDOWKHMRLQWV
(VWDEOLVKLQJWKHFRQQHFWLRQIRUWKHFLUFXODWHGDLU
&OLS RU LI QHFHVVDU\ VFUHZ WKH ILOWHU PRGXOH VHFXUHO\ WR WKH ORZHU
IODWGXFWEHQG )LJ D
1RWH ,IQHFHVVDU\WXUQWKHILOWHUPRGXOHWRDOORZWKHGUDZHUIRU
WKH DFWLYDWHG FKDUFRDO ILOWHU WR EH RSHQHG IURP WKH RSSRVLWH VLGH
&OLSWKHIOH[LEOHFRQQHFWLQJHOHPHQWVHFXUHO\WRWKHXSSHUIODW
GXFWEHQG
8VH WKH IOH[LEOH FRQQHFWLQJ HOHPHQW WR FRQQHFW WKH ILOWHU PRGXOH
WRWKHXSSHUIODWGXFWEHQG
1RWH ,IQHFHVVDU\ILWH[WHQVLRQVEHWZHHQWKHILOWHUPRGXOHDQG
WKHIOH[LEOHFRQQHFWLQJHOHPHQW
2SHQ DOO RI WKH ORFNV RQ WKH GUDZHU 2SHQ WKH GUDZHU )LJ E
,QVHUWWKHDFWLYDWHGFKDUFRDOILOWHU )LJ F
&ORVHWKHGUDZHU
&ORVHDOORIWKHORFNVRQWKHGUDZHU
(VWDEOLVKLQJDFRQQHFWLRQWRWKHPDLQV
■ 9ROWDJH6HHWKHUDWLQJSODWH
■ 2QO\FRQQHFWDVVKRZQLQWKHFLUFXLWGLDJUDP )LJ %1%URZQ
%8%OXH
*1<(*UHHQDQG\HOORZ
%.%ODFN
*<*UH\
■ 'HSHQGLQJRQWKHW\SHRIFRQQHFWLRQWKHDUUDQJHPHQWRIWKH
IHUUXOHWHUPLQDOVVXSSOLHGE\WKHIDFWRU\PD\QHHGWREH
FKDQJHG7RGRWKLVWKHIHUUXOHWHUPLQDOVPD\QHHGWREH
VKRUWHQHG DQG WKH LQVXODWLRQ UHPRYHG LQ RUGHU WR LQVHUW D IHUUXOH
WHUPLQDOWKDWFRQQHFWVWZRFDEOHV
fr
Þ 1RWLFHGHPRQWDJH
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHPDQXHO&HQ HVWTX DORUVTXHYRXVSRXUUH]
XWLOLVHU YRWUH DSSDUHLO FRUUHFWHPHQW HW HQ WRXWH VpFXULWp &RQVHUYHU
ODQRWLFHG XWLOLVDWLRQHWGHPRQWDJHSRXUXQXVDJHXOWpULHXURX
SRXUOHSURSULpWDLUHVXLYDQW
/DVpFXULWpGHO·DSSDUHLOjO·XVDJHHVWJDUDQWLHV·LODpWpHQFDVWUp
FRQIRUPpPHQWjODQRWLFHGHPRQWDJH/HPRQWHXUHVW
UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R O DSSDUHLO HVW
LQVWDOOp
3RUWHXUVG LPSODQWVpOHFWURQLTXHV / DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpSRXUGHVGpUDQJHPHQWV
RXGRPPDJHVpYHQWXHOVGXVjXQHLQVWDOODWLRQpOHFWULTXH
LQFRUUHFWH
&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
$YDQWWRXWWUDYDLOFRXSHUO DOLPHQWDWLRQpOHFWULTXH
/·LQVWDOODWLRQGRLWDYRLUOLHXHQUHVSHFWDQWOHVSUHVFULSWLRQV
DFWXHOOHPHQWHQYLJXHXUGDQVOHEkWLPHQWDLQVLTXHOHV
SUHVFULSWLRQVSXEOLpHVSDUOHVFRPSDJQLHVGLVWULEXWULFHV
G·pOHFWULFLWpHWGHJD]
/HPRGHG pYDFXDWLRQGHO DLUYLFLpGHYUDrWUHFRQIRUPHDX[
DUUrWpV PXQLFLSDX[ SUpIHFWRUDX[ HW DX[ SUHVFULSWLRQV OpJDOHV SDU
H[DX[RUGRQQDQFHVSXEOLTXHVDSSOLFDEOHVDXEkWLPHQW 'DQJHUGHPRUW ,O\DULVTXHG LQWR[LFDWLRQSDUUpDVSLUDWLRQGHVJD]GHFRPEXVWLRQ
(QFDVG XWLOLVDWLRQVLPXOWDQpHGHO DSSDUHLOHQPRGHpYDFXDWLRQ
GHO DLUHWG XQIR\HUjFRPEXVWLRQDOLPHQWpHQDLUDPELDQWYHLOOH]
LPSpUDWLYHPHQWjFHTXHO DSSRUWG DLUVRLWVXIILVDQW
/HVIR\HUVjFRPEXVWLRQDOLPHQWpVHQDLUDPELDQW SDUH[HPSOH
DSSDUHLOVGHFKDXIIDJHDXJD]DXERLVDXILRXORXDXFKDUERQ
OHVFKDXIIHHDXFKDXIIHHDXDFFXPXODWHXUV SUpOqYHQWO DLUGH
FRPEXVWLRQGDQVODSLqFHRLOVVRQWLQVWDOOpVHWUHMHWWHQWOHVJD]
GHIXPpHjO H[WpULHXUSDUOHELDLVG XQV\VWqPHVSpFLILTXH
FKHPLQpHSDUH[HPSOH /RUVTXH OD KRWWH DVSLUDQWH HVW HQ PDUFKH HOOH SUpOqYH GH O DLU GDQV
OD FXLVLQH HW GDQV OHV SLqFHV YRLVLQHV VL O DSSRUW G DLU IUDLV HVW WURS
IDLEOH XQH GpSUHVVLRQ VH IRUPH 'HV JD] WR[LTXHV SURYHQDQW GH OD
FKHPLQpHRXGXFRQGXLWG pYDFXDWLRQVRQWUpDVSLUpVGDQVOHV
SLqFHVG KDELWDWLRQ
■ ,O IDXW GRQF WRXMRXUV V DVVXUHU TXH O DSSRUW G DLU IUDLV HVW VXIILVDQW
■ /DSUpVHQFHG XQHYHQWRXVHWpOHVFRSLTXHG DSSRUWHW
G pYDFXDWLRQG DLUQHVXIILWSDVjDVVXUHUOHUHVSHFWGHODYDOHXU
OLPLWH
/HIRQFWLRQQHPHQWV€UGHO DSSDUHLOQ HVWSRVVLEOHTXHVLOD
GpSUHVVLRQ GDQV OD SLqFH R HVW LQVWDOOp OH IR\HU QH GpSDVVH SDV 3D PEDU 2Q\SDUYLHQWHQSUpVHQFHG RXYHUWXUHVQRQ
REWXUDEOHVDPpQDJpHVSDUH[GDQVOHVSRUWHVIHQrWUHVHWHQ
DVVRFLDWLRQDYHFGHVYHQWRXVHVWpOHVFRSLTXHVG DGPLVVLRQ
pYDFXDWLRQGHO DLUjWUDYHUVODPDoRQQHULHRXSDUG DXWUHV
PHVXUHVWHFKQLTXHVSHUPHWWDQWjO DLUG DIIOXHUSRXUDVVXUHUOD
FRPEXVWLRQ
'HPDQGH]WRXMRXUVFRQVHLODXPDvWUHUDPRQHXUFRPSpWHQWTXL
SRXUUD pYDOXHU O HQVHPEOH GX UpVHDX GH YHQWLODWLRQ GH OD PDLVRQ HW
YRXVSURSRVHUOHPR\HQOHPLHX[DGDSWpSRXUO DpUDWLRQ
6L OD KRWWH DVSLUDQWH HVW XWLOLVpH H[FOXVLYHPHQW HQ PRGH UHF\FODJH
OHIRQFWLRQQHPHQWHVWSRVVLEOHVDQVUHVWULFWLRQV
'DQJHUGHPRUW ,OH[LVWHXQULVTXHG LQWR[LFDWLRQSDUUpDVSLUDWLRQGHVJD]GH
FRPEXVWLRQ/RUVGHO LQVWDOODWLRQG XQHYHQWLODWLRQDYHFXQIR\HU
H[SORLWDQWO DLUDPELDQWO DOLPHQWDWLRQpOHFWULTXHGHODYHQWLODWLRQ
GRLWrWUHPXQLHG XQFLUFXLWGHVpFXULWpDSSURSULp
5LVTXHG LQFHQGLH /HV GpS{WV GH JUDLVVH GDQV OH ILOWUH j JUDLVVH SHXYHQW V HQIODPPHU
1H MDPDLV WUDYDLOOHU DYHF XQH IODPPH QXH j SUR[LPLWp GH O DSSDUHLO
SDUH[IODPEHU 1·LQVWDOOHUO·DSSDUHLOjSUR[LPLWpG·XQIR\HUj
FRPEXVWLEOHVVROLGHV SDUH[ERLVRXFKDUERQ TX·HQSUpVHQFH
G·XQFRXYHUFOHIHUPpHWQRQDPRYLEOH$XFXQHSURMHFWLRQ
G·pWLQFHOOHVQHGRLWDYRLUOLHX
5LVTXHGHEOHVVXUH ■ 'HVPRGLILFDWLRQVVXUODFRQVWUXFWLRQpOHFWULTXHRXPpFDQLTXH
VRQWGDQJHUHXVHVHWSHXYHQWFRQGXLUHjGHV
G\VIRQFWLRQQHPHQWV1HSDVHIIHFWXHUGHVPRGLILFDWLRQVVXUOD
FRQVWUXFWLRQpOHFWULTXHRXPpFDQLTXH
■ 'HVSLqFHVDFFHVVLEOHVSHQGDQWOHPRQWDJHSHXYHQWSRVVpGHU
GHVDUrWHVFRXSDQWHV3RUWHUGHVJDQWVGHSURWHFWLRQ
■ / DSSDUHLOHVWORXUG SHUVRQQHVVRQWQpFHVVDLUHVSRXU
GpSODFHUO DSSDUHLO8WLOLVHUH[FOXVLYHPHQWGHVPR\HQV
DSSURSULpV
■ /HVYHQWLODWHXUVWRXUQDQWVLPSOLTXHQWXQULVTXHGHEOHVVXUH
8WLOLVH]XQLTXHPHQWO DSSDUHLOXQHIRLVTX LOHVWPRQWp
1 DFFpGH] MDPDLV j OD VRUWLH G DLU DX GRV GH O DSSDUHLO ORUVTXH FH
GHUQLHUIRQFWLRQQH
5LVTXHG DVSK\[LH /HPDWpULHOG HPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H
SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[
G·HPEDOODJH
1HSDVLQVWDOOHUFHWDSSDUHLOVXUGHVEDWHDX[RXGDQVGHV
YpKLFXOHV
3ODQGHWUDYDLO SODWKRUL]RQWDOVWDEOH5HVSHFWH]OHV
LQVWUXFWLRQVGXIDEULFDQWGXSODQGHWUDYDLO
/ DSSDUHLOSHXWrWUHPRQWpGDQVOHVSODQVGHWUDYDLOUpIUDFWDLUHVHW
LPSHUPpDEOHVVXLYDQWV ■ 3ODQVGHWUDYDLOHQPDUEUHSLHUUHQDWXUHOOH
■ 3ODQVGHWUDYDLOV\QWKpWLTXHV
■ 3ODQVGHWUDYDLOHQERLVPDVVLI XQLTXHPHQWHQDFFRUGDYHFOH
IDEULFDQWGXSODQGHWUDYDLO DUrWHVGHFRXSHVQHWWHVVDQV
HIILORFKXUHV
■ 0RQWDJHG DXWUHVW\SHVGHSODQVGHWUDYDLO XQLTXHPHQWHQ
DFFRUGDYHFOHIDEULFDQWGXSODQGHWUDYDLO
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
5HPDUTXHV
■ 3RXUDOLJQHUO DSSDUHLOQHSDVXWLOLVHUGHVXSSRUWVjGHVSRLQWV
LQGLYLGXHOV
■ /HVPRGLILFDWLRQVGHODVXUIDFHGHWUDYDLOGRLYHQWrWUHUpDOLVpHV
SDUXQIRXUQLVVHXUVSpFLDOLVpVHORQOHFURTXLVG LQVWDOODWLRQ
/ DUrWHGHFRXSHGRLWrWUHSURSUHHWSUpFLVHFDUOHERUGHVW
YLVLEOH VXU OD VXUIDFH 1HWWR\HU HW GpJUDLVVHU OHV DUrWHV GH FRXSH
jO DLGHG XQGpWHUJHQWDGDSWp
5LVTXHGHEOHVVXUH 5LVTXHGHEOHVVXUH 5LVTXHGHEOHVVXUHV &RQVLJQHVJpQpUDOHV
/HV VXUIDFHV GH O·DSSDUHLO VRQW IUDJLOHV /RUV GH O·LQVWDOODWLRQ pYLWH]
GHOHVHQGRPPDJHU
0RGHeYDFXDWLRQGHO·DLU
5HPDUTXH /·DLUYLFLpQHGRLWSpQpWUHUQLGDQVXQHFKHPLQpHHQ
VHUYLFHGHVWLQpHjpYDFXHUODIXPpHRXGHVJD]EU€OpVQLGDQV
XQH JDLQH VHUYDQW j DpUHU OHV ORFDX[ R VRQW LQVWDOOpV GHV IR\HUV j
FRPEXVWLRQ
6LO·DLUYLFLpFLUFXOHSDUXQHFKHPLQpHQRQHQVHUYLFHGHVWLQpHj
pYDFXHUODIXPpHRXGHVJD]EU€OpVYRXVGHYUH]G DERUGREWHQLU
O·DFFRUGGXUDPRQHXUFRPSpWHQWGDQVYRWUHTXDUWLHU
&RQGXLWG pYDFXDWLRQ
5HPDUTXH /HIDEULFDQWGHO DSSDUHLOQ DVVXPHDXFXQHJDUDQWLH
SRXUOHVSUREOqPHVGHIRQFWLRQQHPHQWOLpVjODWX\DXWHULH
■ / DSSDUHLODWWHLQWXQUHQGHPHQWG DXWDQWPHLOOHXUTXHOHWX\DX
G pYDFXDWLRQHVWFRXUWHWGURLWHWTXHVRQGLDPqWUHHVWJUDQG
■ 6LOHVWX\DX[G pYDFXDWLRQVRQWORQJVSUpVHQWHQWGHQRPEUHX[
FRXGHVRXRQWXQGLDPqWUHLQIpULHXUjPPODSXLVVDQFH
PD[LPDOHG DVSLUDWLRQQHVHUDSDVDWWHLQWHHWOHYHQWLODWHXUIHUD
SOXVGHEUXLW
■ /HVWX\DX[ULJLGHVRXVRXSOHVFRQVWLWXDQWOHFRQGXLW
G pYDFXDWLRQGRLYHQWrWUHIDEULTXpVGDQVXQPDWpULDXQRQ
LQIODPPDEOH
■ 6LO·DLUYLFLpWUDYHUVHODSDURLH[WpULHXUHLOIDXGUDLWXWLOLVHUXQH
YHQWRXVHWpOHVFRSLTXH
5LVTXHG HQGRPPDJHPHQWSDUOHUHIOX[GHFRQGHQVDW,QVWDOOHUOH
FRQGXLWG DLUYLFLpOpJqUHPHQWLQFOLQpYHUVOHEDVjSDUWLUGH
O DSSDUHLO ƒGHSHQWH
7X\DX[URQGV
1RXVUHFRPPDQGRQVXQGLDPqWUHLQWpULHXUGH PP
*DLQHVSODWHV
/DVHFWLRQLQWpULHXUHGRLWFRUUHVSRQGUHDXGLDPqWUHGHVWX\DX[
URQGV
‘PPHQYFP
■ /HV JDLQHV SODWHV QH GRLYHQW SDV SUpVHQWHU GH GpYRLHPHQWV WURS
LPSRUWDQWV
■ 6L GHV WX\DX[ GH SOXVLHXUV GLDPqWUHV VRQW XWLOLVpV LO IDXW SUpYRLU
GHVEDQGHVG pWDQFKpLWp
)RQFWLRQQHPHQWHQPRGHUHF\FODJH
5HPDUTXH / DSSDUHLOGRLWXQLTXHPHQWrWUHH[SORLWpjO pWDW
IHUPHPHQWIL[pHWDYHFODWX\DXWHULHUDFFRUGpH
3UpSDUHUO·LQVWDOODWLRQ
%UDQFKHPHQWpOHFWULTXH
/HVGRQQpHVGHUDFFRUGHPHQWQpFHVVDLUHVVHWURXYHQWVXUOD
SODTXHVLJQDOpWLTXHVXUO DSSDUHLO
&HWDSSDUHLOHVWFRQIRUPHDX[GLVSRVLWLRQV&(UpJLVVDQW
O·DQWLSDUDVLWDJH
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUO DSSDUHLO
/ DSSDUHLO GRLW rWUH LQVWDOOp FRQIRUPpPHQW DX[ GHUQLqUHV GLUHFWLYHV
,(( ,QVWLWXWLRQRI(OHFWULFDO(QJLQHHUV / DSSDUHLOULVTXHG rWUH
HQGRPPDJpHQFDVGHUDFFRUGHPHQWLQFRUUHFW
$VVXUH]YRXVTXHODWHQVLRQG DOLPHQWDWLRQFRQFRUGHDYHFOD
YDOHXULQGLTXpHVXUODSODTXHVLJQDOpWLTXH
9HLOOH]jFHTXHOHUpVHDXpOHFWULTXHVRLWFRUUHFWHPHQWPLVjOD
WHUUHHWTXHOHIXVLEOHHWOHV\VWqPHGHFkEOHVHWGHOLJQHVGX
EkWLPHQWVRLHQWVXIILVDPPHQWGLPHQVLRQQpVSRXUODSXLVVDQFH
pOHFWULTXHGHO DSSDUHLO
/RUVGHODSRVHGXFkEOHG DOLPHQWDWLRQUHVSHFWH]OHVSRLQWV
VXLYDQWV ■ 1HSDVSLQFHURXpFUDVHUOHFkEOH
■ eORLJQHUOHFkEOHGHVDUrWHVFRXSDQWHV
■ 1HPHWWH]SDVOHFkEOHDYHFOHERvWLHUPpWDOOLTXHHQFRQWDFW
DYHFOHGHVVRXVGHO DSSDUHLOFDUFHOXLFLFKDXIIH
$YDQWGHUDFFRUGHUO DSSDUHLOYpULILH]O LQVWDOODWLRQGRPHVWLTXH
9HLOOH]jXQHSURWHFWLRQSDUIXVLEOHVXIILVDQWHGHO LQVWDOODWLRQ
GRPHVWLTXH/DWHQVLRQHWODIUpTXHQFHGHO DSSDUHLOGRLYHQW
FRUUHVSRQGUHjO LQVWDOODWLRQpOHFWULTXH YRLUODSODTXH
VLJQDOpWLTXH / DSSDUHLOHVWFRQIRUPHjODFODVVHGHSURWHFWLRQ,HWGRLW
XQLTXHPHQWrWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ
8QVHFWLRQQHXURPQLSRODLUHDYHFXQLQWHUVWLFHG RXYHUWXUHGH
FRQWDFWG DXPRLQV PPGRLWrWUHSUpVHQWGDQVO LQVWDOODWLRQ&H
GHUQLHUGRLWHQFRUHrWUHDFFHVVLEOHDSUqVO HQFDVWUHPHQW
6HXOXQpOHFWULFLHQDJUppHVWKDELOLWpjLQVWDOOHURXjUHPSODFHUOH
FkEOH GH UDFFRUGHPHQW HQ UHVSHFWDQW OHV SUHVFULSWLRQV HQ YLJXHXU
/RUV GX UHPSODFHPHQW GX FRUGRQ G DOLPHQWDWLRQ VHFWHXU LO VH SHXW
TXH O DSSDUHLO GRLYH rWUH UHWRXUQp 'DQV FH FDV UHWLUH] OH FDSRW GX
ILOWUHHWOHUpVHUYRLUSXLVUHWLUH]OHILOWUHjJUDLVVHPpWDOOLTXH9RXV
HPSrFKH]DLQVLWRXWHFKXWHGHFHVFRPSRVDQWV
6LOHFRUGRQG DOLPHQWDWLRQDXVHFWHXUGHFHWDSSDUHLOHVW
HQGRPPDJp LO GRLW rWUH UHPSODFp SDU XQ FRUGRQ GH UDFFRUGHPHQW
GXW\SH+99)
'LPHQVLRQVGHO DSSDUHLOHWGLVWDQFHVGHVpFXULWp
■ 7HQH]FRPSWHGHVGLPHQVLRQVGHO DSSDUHLOSRXUOHPRGH
UHFLUFXODWLRQGHO DLU ILJ $
■ 7HQH]FRPSWHGHVGLPHQVLRQVGHO DSSDUHLOSRXUOHPRGH
pYDFXDWLRQH[WpULHXUH ILJ %
■ $VVXUH]YRXVTXHO DSSDUHLOUHVWHVXIILVDPPHQWDFFHVVLEOHXQH
IRLVOHPRQWDJHWHUPLQpSRXUSRXYRLUFKDQJHUOHILOWUHjFKDUERQ
DFWLIYLGHUOHUpVHUYRLUGHWURSSOHLQHWGpPRQWHUOHFDSRWGX
ERvWLHU ILJ &
■ 5HVSHFWH]OHVGLVWDQFHVGHVpFXULWp ILJ &
9pULILHUO pWDWGXPHXEOH
■ /HPHXEOHG HQFDVWUHPHQWGRLWrWUHSRVpjO KRUL]RQWDOHHW
SRVVpGHUXQHFDSDFLWpGHFKDUJHVXIILVDQWH
■ /HSRLGVPD[GHO DSSDUHLOHVWG HQYLURQ NJ
■ /HPHXEOHG HQFDVWUHPHQWGRLWUpVLVWHUjGHVWHPSpUDWXUHV
MXVTX jƒ&
■ /DVWDELOLWpGXPHXEOHG HQFDVWUHPHQWGRLWrWUHJDUDQWLHPrPH
DSUqVOHVWUDYDX[GHGpFRXSH
■ /DFDSDFLWpGHFKDUJHHWODVWDELOLWpHQSDUWLFXOLHUHQFDVGH
SODQVGHWUDYDLOILQVGRLYHQWrWUHDVVXUpHVSDUGHVVRXV
VWUXFWXUHV DSSURSULpHV 3UHQH] HQ FRPSWH OH SRLGV GH O DSSDUHLO
\FRPSULVVDFKDUJHVXSSOpPHQWDLUH/HPDWpULDXGH
UHQIRUFHPHQWXWLOLVpGRLWrWUHUpVLVWDQWjODFKDOHXUHWj
O KXPLGLWp
■ 6HORQODWX\DXWHULHHWODSURIRQGHXUGXSODQGHWUDYDLOOD
SURIRQGHXU GHV WLURLUV HQ GHVVRXV GH O DSSDUHLO GRLW rWUH DGDSWpH
/HWLURLUVXSpULHXUGRLWrWUHUHWLUpHWQ HVWSDVXWLOLVDEOH
■ /DGLVWDQFHHQWUHODVXUIDFHGXSODQGHWUDYDLOHWODSDUWLH
VXSpULHXUHGXWLURLUGRLWrWUHGH PP
■ 1HSDVLQVWDOOHUGHIRXUUpIULJpUDWHXUODYHYDLVVHOOHODYHOLQJH
RXDXWUHVDSSDUHLOVHQGHVVRXV
5HPDUTXH 9pULILH]ODSODQpLWpGHO DSSDUHLOVHXOHPHQWDSUqV
O LQVWDOODWLRQGDQVO RXYHUWXUHG HQFDVWUHPHQW
0RQWDJHDIIOHXUDQW
/HVDSSDUHLOVVDQVFDGUHVRQWSUpYXVSRXUXQPRQWDJHDIIOHXUDQW
GDQVXQSODQGHWUDYDLO
/ DSSDUHLOSHXWrWUHHQFDVWUpGDQVGHVSODQVGHWUDYDLOUpVLVWDQWj
ODFKDOHXUHWjO HDXIDEULTXpVGDQVOHVPDWpULDX[VXLYDQWV ■ 3LHUUH
■ 0DWLqUHSODVWLTXH SDUH[&RULDQŠ
■ %RLVPDVVLI8QLTXHPHQWDYHFO DFFRUGGXIDEULFDQWGXSODQGH
WUDYDLO VFHOOHUOHVERUGVGHFRXSH
■ 3RXUXWLOLVHUG DXWUHVPDWpULDX[FRQVXOWH]OHIDEULFDQWGXSODQ
GHWUDYDLO
/DSRVHGDQVGHVSODQVGHWUDYDLOHQDJJORPpUpHVWLPSRVVLEOH
5HPDUTXH 7RXWHVOHVGpFRXSHVGXSODQGHWUDYDLOGRLYHQWrWUH
IDLWHVGDQVXQDWHOLHUVSpFLDOLVpFRQIRUPpPHQWDXVFKpPDGH
SRVH/DGpFRXSHGRLWrWUHQHWWHHWSUpFLVHFDUOHERUGGHFRXSH
HVWYLVLEOHHQVXUIDFH1HWWR\H]HWGpJUDLVVH]OHVERUGVGHFRXSH
DYHFXQSURGXLWGHQHWWR\DJHDGpTXDW UHVSHFWH]OHVLQVWUXFWLRQV
G DSSOLFDWLRQGXIDEULFDQWGXVLOLFRQH 3UpSDUDWLRQGXPHXEOH
5pDOLVH]ODGpFRXSHGDQVOHSODQGHWUDYDLOFRQIRUPpPHQWDX
FURTXLVG LQVWDOODWLRQ ILJ 5HPDUTXH / DQJOH GX FKDQW GH OD GpFRXSH SDU UDSSRUW DX SODQ
GH WUDYDLO GRLW rWUH GH ƒ /HV ERUGV GH GpFRXSH ODWpUDX[ GRLYHQW
rWUHSODQV(QFDVGHSODQVGHWUDYDLOPXOWLFRXFKHVIL[H]OHFDV
pFKpDQWOHVEDJXHWWHVGHPDQLqUHODWpUDOHGDQVODGpFRXSH
$ILQGHJDUDQWLUXQIRQFWLRQQHPHQWFRUUHFWGHO DSSDUHLOODWDEOH
GHFXLVVRQGRLWrWUHVXIILVDPPHQWYHQWLOpH3RXUFHIDLUHFUpH]
XQH VRUWLH G DLU GDQV O pOpPHQW GX EDV DYHF XQH VHFWLRQ PLQLPDOH
GH FPò
2EVHUYH] OHV GLVWDQFHV PLQLPDOHV HQ FDV GH PRQWDJH DXGHVVXV
G XQWLURLU ILJ &
5HWLUH]OHWLURLUVXSpULHXUHWPHWWH]HQSODFHXQUHFRXYUHPHQW
DSSURSULpVXUOHPHXEOH
3UpSDUDWLRQGXPHXEOHHWGHO DSSDUHLOSRXUOHPRGH
5HF\FODJHG DLU
5pDOLVDWLRQGHODGpFRXSHGDQVOHPHXEOH
&UpH]XQHVRUWLHG DLUGDQVODSOLQWKHDYDQWGXPHXEOH
5HPDUTXH 3UpYR\H]XQHVHFWLRQPLQLPDOHGHODVRUWLHG DLU
G HQY FPò&RQIHFWLRQQH]O RXYHUWXUHGHVRUWLHGDQVOH
EDQGHDXGXVRFOHDXVVLJUDQGHTXHSRVVLEOHDILQGHUpGXLUHDX
PD[LPXPOHFRXUDQWG DLUHWOHEUXLW
5HWLUH]ODSDURLDUULqUHGXPHXEOH
5HWLUH] VL QpFHVVDLUH OD EDJXHWWH VXSpULHXUH GH OD SDURL DUULqUH GX
PHXEOH
'pWHUPLQH]OHFHQWUHGXERUGDUULqUHGHODGpFRXSHGXSODQGH
WUDYDLO HW UHSRUWH] FHOXLFL DLQVL TXH OHV GHX[ OLJQHV YHUWLFDOHPHQW
YHUVOHEDVVXUOHIRQGLQIpULHXUGXPHXEOH ILJ D
2ULHQWH] OD W{OH GH IL[DWLRQ HQ IRQFWLRQ GHV OLJQHV PpGLDQHV VXU OH
IRQGLQIpULHXUGXPHXEOH ILJ E
3RXUOHVWLURLUV IHUPH]OHWLURLULQIpULHXU6LODW{OHGHIL[DWLRQ
UHQWUHWURSORLQVRXVOHWLURLUGpSODFH]FHOOHFLHQGLUHFWLRQGHOD
SDURLDUULqUH­O DLGHGHVPDUTXDJHVGHODW{OHGHIL[DWLRQ
SRVLWLRQQH]FHOOHFLGHIDoRQjFHTX HOOHVRLWSDUDOOqOHjODOLJQH
PpGLDQH ILJ F
5HPDUTXHV
■ 6LODGLVWDQFHHQWUHOHWLURLUHWOHIRQGLQIpULHXUGXPHXEOHHVW
WURSIDLEOHSRXUIL[HUODW{OHGHIL[DWLRQDXIRQGLQIpULHXUGX
PHXEOHWRXUQH]ODSODTXHGHIL[DWLRQGHƒHWIL[H]OD
GHSXLVOHEDVDXIRQGLQIpULHXUGXPHXEOH ILJ E 3RVLWLRQQH] DXSDUDYDQW OD W{OH GH IL[DWLRQ GHSXLV OH KDXW VXU OH
IRQGLQIpULHXUGXPHXEOHSRXUGpWHUPLQHUODSRVLWLRQFRUUHFWH
GHODW{OHGHIL[DWLRQ ILJ F
■ &KRLVLVVH]ODUDOORQJHFRUUHVSRQGDQWHSRXUOHFRQGXLWGH
UHF\FODJHG DLUHQIRQFWLRQGHODSRVLWLRQGHODW{OHGHIL[DWLRQ
■ 8WLOLVH] GHV WLURLUV PRLQV SURIRQGV VL OD W{OH GH IL[DWLRQ QH SHXW
SDVrWUHVXIILVDPPHQWSRXVVpHYHUVO DUULqUH
6L QpFHVVDLUH WUDFH] OHV OLJQHV GH GpFRXSH j O DLGH GH OD W{OH GH
IL[DWLRQVXUOHIRQGLQIpULHXUGXPHXEOH ILJ G
(QOHYH]OHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH
5HPDUTXH 6FHOOH]OHVFKDQWVGHGpFRXSHGHIDoRQ
WKHUPRVWDEOHHWpWDQFKH
9LVVDJHGHOHW{OHGHIL[DWLRQHWFOLSVDJHGXGLIIXVHXU
6LODGLVWDQFHHQWUHOHWLURLUHWOHIRQGGXPHXEOHHVWVXIILVDQWH
IL[H] OD W{OH GH IL[DWLRQ j O DLGH GH YLV SRXU SODVWLTXH GHSXLV OH KDXW
DXFRXGHLQIpULHXUGHJDLQHSODWH ILJ D
5HPDUTXH 6LQpFHVVDLUHWRXUQH]OHFRXGHLQIpULHXUGHJDLQH
SODWHDILQTXHODVRUWLHG DLUVHWURXYHGHF{WpRSSRVp
)L[H]ODW{OHGHIL[DWLRQjO DLGHGHYLVjERLVGHSXLVOHKDXWDX
IRQGLQIpULHXUGXPHXEOH ILJ D
5HPDUTXH 6LODGLVWDQFHHQWUHOHWLURLUHWOHIRQGLQIpULHXUGX
PHXEOHHVWWURSIDLEOHSRXUIL[HUODW{OHGHIL[DWLRQDXIRQG
LQIpULHXUGXPHXEOHWRXUQH]ODSODTXHGHIL[DWLRQGHƒHW
IL[H]ODGHSXLVOHEDVDXIRQGLQIpULHXUGXPHXEOH ILJ E
&OLSVH] OH GLIIXVHXU DX FRXGH LQIpULHXU GH OD JDLQH SODWH ILJ F
0RQWDJHGXFRXGHVXSpULHXUGHJDLQHSODWH
&KRLVLVVH]VLQpFHVVDLUHODUDOORQJHHQIRQFWLRQGHODSRVLWLRQ
GHODW{OHGHIL[DWLRQHWGHODSURIRQGHXUGXPHXEOH3OXVOD
UDOORQJHHVWORQJXHSOXVOHWLURLUSHXWrWUHSURIRQG)L[H]OD
UDOORQJHjO DLGHGHTXDWUHYLVSRXUSODVWLTXHDXQLYHDXGH
O RXYHUWXUHGHVRUWLHGHODWDEOHGHFXLVVRQ ILJ )L[H] OH FRXGH VXSpULHXU GH JDLQH SODWH j O DLGH GH TXDWUH YLV SRXU
SODVWLTXH DX QLYHDX GH O RXYHUWXUH GH VRUWLH GH OD WDEOH GH FXLVVRQ
RXGHODUDOORQJH
3UpSDUDWLRQGXPHXEOHHWGHO DSSDUHLOSRXUOHPRGH
eYDFXDWLRQH[WpULHXUH
)L[H]OHPDQFKRQUpGXFWHXURXOHFRXGHGHJDLQHSODWHjO DLGH
GH TXDWUH YLV SRXU SODVWLTXH DX QLYHDX GH O RXYHUWXUH GH VRUWLH GH
ODWDEOHGHFXLVVRQRXGHODUDOORQJH ILJ 5HPDUTXH 6LQpFHVVDLUHIL[H]ODUDOORQJHFRUUHVSRQGDQWHj
O DLGHGHYLVjODWDEOHGHFXLVVRQ0HVXUH]ODSURIRQGHXU3
DXWRULVpHGXWLURLUFHIDLVDQWUHVSHFWH]XQpFDUWGH PPSDU
UDSSRUWDXFRQGXLWG pYDFXDWLRQ6HORQO H[WHQVLRQXWLOLVpHOD
SURIRQGHXUGXWLURLUSHXWYDULHU ILJ (Q IRQFWLRQ GH OD FRQILJXUDWLRQ GX FRQGXLW G pYDFXDWLRQ UpDOLVH]
XQHGpFRXSHGDQVODSDURLDUULqUHGXPHXEOHUHWLUH]ODSDURL
DUULqUH GX PHXEOH RX UpDOLVH] XQH GpFRXSH GDQV OH IRQG LQIpULHXU
GXPHXEOH
(QOHYH]OHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH
5HPDUTXH 6FHOOH]OHVFKDQWVGHGpFRXSHGHIDoRQ
WKHUPRVWDEOHHWpWDQFKH
3UpSDUDWLRQGXEUDQFKHPHQWpOHFWULTXH
5HPDUTXH 2EVHUYHUOHSDUDJUDSKH %UDQFKHPHQWpOHFWULTXH
DXFKDSLWUH 5HPDUTXHVG RUGUHJpQpUDO
(Q FDV G DSSDUHLO VDQV FkEOH SUpLQVWDOOp LQWURGXLUH OH FkEOH
VHFWHXUGDQVODSULVHGHUDFFRUGHPHQW
5HWRXUQHUODWDEOHGHFXLVVRQHWSODFHUXQFKLIIRQRXXQHDXWUH
VXUIDFHVXUOHIRQGGHO HPEDOODJHSRXUpYLWHUWRXWHUD\XUH
6RXOHYH]OHFKDSHDXGHODSULVHGHUDFFRUGHPHQWjO DLGHG XQ
WRXUQHYLV ILJ 'HVVHUUH]ODYLVGHIL[DWLRQHWVRXOHYH]OHFROOLHUGHVHUUDJHj
O DLGHG XQWRXUQHYLV ILJ (IIHFWXH]OHUDFFRUGHPHQWjODSULVHGHUDFFRUGHPHQW
XQLTXHPHQWFRQIRUPpPHQWjODILJXUH ILJ %1 PDUURQ
%8 EOHX
*1<( MDXQHHWYHUW
%. QRLU
*< JULV
5HPDUTXHV
■ 6LQpFHVVDLUHPRQWH]OHVSRQWVHQFXLYUHMRLQWVVHORQOH
VFKpPDGHUDFFRUGHPHQW
■ 9HLOOH] j FH TXH OHV YLV VRLHQW VROLGHPHQW IL[pHV VXU OD SULVH GH
UDFFRUGHPHQWDSUqVDYRLUUDFFRUGpOHFkEOH
■ (QFDVGHUDFFRUGHPHQW1a1aODSKDVH/ *UH\
FRUUHVSRQGDXPRWHXUGXYHQWLODWHXU
)L[H]OHFkEOHVHFWHXUDYHFOHFROOLHUGHVHUUDJHHWVHUUH]ODYLV
GHIL[DWLRQ ILJ )HUPHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQW
5HPDUTXH 'LVSRVHUOHVFkEOHVGDQVODSDUWLHFHQWUDOHGHOD
SULVHGHUDFFRUGHPHQWDILQGHIDFLOLWHUODIHUPHWXUH
5HPDUTXH 6LYRXVDYH]EHVRLQG XQFRUGRQG DOLPHQWDWLRQ
VHFWHXUSOXVORQJYHXLOOH]FRQWDFWHUOHVHUYLFHDSUqVYHQWH,O
H[LVWHGHVFRUGRQVG DOLPHQWDWLRQVHFWHXUMXVTX j PqWUHVGH
ORQJXHXU
0RQWHUO DSSDUHLO
: 3RUWHXUVG LPSODQWVpOHFWURQLTXHV / DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
: 5LVTXHGHFKRFpOHFWULTXH 'HVSLqFHVjO LQWpULHXUGHO DSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV,O\DULVTXHG HQGRPPDJHPHQWGXFkEOHG DOLPHQWDWLRQ
3HQGDQWO·LQVWDOODWLRQYHLOOHUjQHSDVSOLHUQLFRLQFHUOHFkEOH
G·DOLPHQWDWLRQ
: 5LVTXHGHEOHVVXUH 'HVSLqFHVDFFHVVLEOHVSHQGDQWOHPRQWDJHSHXYHQWSRVVpGHU
GHVDUrWHVFRXSDQWHV3RUWHUGHVJDQWVGHSURWHFWLRQ
0LVHHQSODFHGHODWDEOHGHFXLVVRQ
3ODFH]OHUXEDQDGKpVLIVXUODWUDQFKHGXSODQGHWUDYDLO
ILJ D
,QVWDOOH]O DSSDUHLOGDQVODQLFKHGHPDQLqUHXQLIRUPH ILJ E
9HLOOH]jFHTXHODWDEOHGHFXLVVRQVRLWjODPrPHKDXWHXUTXH
OHSODQGHWUDYDLO6LODWDEOHGHFXLVVRQQ HVWSDVjODPrPH
KDXWHXULQVWDOOH]VLQpFHVVDLUHOHVDQFUDJHVIRXUQLVHWVHUUH]
OHVDYHFSUpFDXWLRQ ILJ F
5HPDUTXH 1 XWLOLVH]SDVGHWRXUQHYLVpOHFWULTXH
$YDQWGHVFHOOHUOHVMRLQWV ILJG HIIHFWXH]XQWHVW
IRQFWLRQQHOFRUUHVSRQGDQW 6FHOOH] O LQWHUVWLFH j O DLGH G XQ VLOLFRQH UpVLVWDQW j OD FKDOHXU SDU
H[1RYDVLOŠ62WWRVHDOŠ6 /LVVH]OHMRLQWjO DLGHGX
SURGXLWGHOLVVDJHUHFRPPDQGpSDUOHIDEULFDQW6XLYH]OHV
LQVWUXFWLRQVGXSURGXLWjEDVHGHVLOLFRQH)DLWHVIRQFWLRQQHU
O DSSDUHLO XQLTXHPHQW ORUVTXH OH VLOLFRQH HVW HQWLqUHPHQW VHF DX
PLQLPXP KHXUHVDSUqVVDSRVHVHORQODWHPSpUDWXUH
HQYLURQQDQWH 8Q VLOLFRQH DSSURSULp HVW HQ YHQWH DXSUqV GH QRWUH VHUYLFH DSUqV
YHQWH
$WWHQWLRQ
/ XWLOLVDWLRQGHVLOLFRQHQRQDSSURSULpSHXWHQWUDvQHUGHV
GpFRORUDWLRQV GXUDEOHV VXU OHV SODQV GH WUDYDLO HQ PDUEUH QDWXUHO
it
%UDQFKHUO DSSDUHLO
5HPDUTXHV
■ (QPRGHpYDFXDWLRQH[WpULHXUHXQFODSHWDQWLUHWRXUGRLWrWUH
LQVWDOOpDYHFXQHSUHVVLRQG RXYHUWXUHGH 3D6LXQFODSHW
DQWLUHWRXUQ HVWSDVMRLQWjO DSSDUHLOLOHVWHQYHQWHGDQVOH
FRPPHUFHVSpFLDOLVp
■ 6L O·DLU YLFLp WUDYHUVH OD SDURL H[WpULHXUH LO IDXW XWLOLVHU XQ FDLVVRQ
WpOHVFRSLTXHPXUDO
5pDOLVHUOHUDFFRUGHPHQWGHO pYDFXDWLRQGHO DLU
)L[H]OHFRQGXLWG·pYDFXDWLRQFRQWUHOHFRXGHGHJDLQHSODWHRX
OHPDQFKRQUpGXFWHXU ILJ 5pDOLVH]ODMRQFWLRQYHUVO RULILFHG pYDFXDWLRQG DLU
eWDQFKH]OHV]RQHVGHMRQFWLRQGHIDoRQDSSURSULpH
5pDOLVHUOHUDFFRUGHPHQWGHO DLUGHFLUFXODWLRQ
&OLSVH] OH PRGXOH GH ILOWUH DX FRXGH LQIpULHXU GH OD JDLQH SODWH RX
IL[H]OHjO DLGHGHYLVVLQpFHVVDLUH ILJ D
5HPDUTXH 6L QpFHVVDLUH WRXUQH] OH PRGXOH GH ILOWUH SRXU TXH
OHWLURLUGXILOWUHjFKDUERQDFWLISXLVVHrWUHRXYHUWGHSXLVOHF{Wp
RSSRVp
&OLSVH] O pOpPHQW GH UDFFRUGHPHQW IOH[LEOH DX FRXGH VXSpULHXU GH
JDLQHSODWH
5HOLH]OHPRGXOHGHILOWUHHWOHFRXGHVXSpULHXUGHJDLQHSODWHj
O DLGHGHO pOpPHQWGHUDFFRUGHPHQWIOH[LEOH
5HPDUTXH 6LQpFHVVDLUHPRQWH]GHVUDOORQJHVHQWUHOH
PRGXOHGHILOWUHHWO pOpPHQWGHUDFFRUGHPHQWIOH[LEOH
2XYUH]WRXVOHVYROHWVGHIHUPHWXUHVXUOHWLURLU2XYUH]OHWLURLU
ILJ E
0HWWH]OHILOWUHjFKDUERQDFWLIHQSODFH ILJ F
)HUPH]OHWLURLU
)HUPH]WRXVOHVYROHWVGHIHUPHWXUHVXUOHWLURLU
5pDOLVHUOHUDFFRUGHPHQWpOHFWULTXH
■ 3RXUODWHQVLRQ YRLUODSODTXHVLJQDOpWLTXH
■ 3URFpGH]DXUDFFRUGHPHQWXQLTXHPHQWVHORQOHVFKpPDGH
UDFFRUGHPHQW ILJ %1 PDUURQ
%8 EOHX
*1<( MDXQHHWYHUW
%. QRLU
*< JULV
■ 6HORQOHW\SHGHUDFFRUGHPHQWODGLVSRVLWLRQGHVHPERXWV
IRXUQLVSDUO XVLQHGRLWpYHQWXHOOHPHQWrWUHPRGLILpH3RXUFH
IDLUH LO IDXW pYHQWXHOOHPHQW UDFFRXUFLU OHV FRQGXFWHXUV HW HQOHYHU
O LVRODQWSRXUXWLOLVHUXQHPERXWGHFRQQHFWHXUUHOLDQWGHX[
FkEOHV
5HPDUTXH 9pULILFDWLRQGHODGLVSRQLELOLWpGHVHUYLFH VL —…‹‹
“‹†‚„ RX “DSSDUDvWGDQVO DIILFKDJHGHO DSSDUHLOFHGHUQLHU
Q HVWSDVFRUUHFWHPHQWUDFFRUGp'pEUDQFKHUO DSSDUHLOGH
O DOLPHQWDWLRQVHFWHXUHWYpULILHUFkEOHG DOLPHQWDWLRQ
&RPPXWDWLRQGHO·DIILFKDJHVXUOHPRGH
eYDFXDWLRQH[WpULHXUHRXOHPRGH5HF\FODJHG DLU
3RXUOHPRGHpYDFXDWLRQH[WpULHXUHHWOHPRGHUHFLUFXODWLRQGH
O DLUPRGLILH]VLQpFHVVDLUHO DIILFKDJHGHODFRPPDQGH
pOHFWURQLTXHHQFRQVpTXHQFHGDQVOHVUpJODJHVGHEDVH
3RXU FH IDLUH FRQVXOWH] OH FKDSLWUH 5pJODJHV GH EDVH GH OD QRWLFH
G XWLOLVDWLRQ
'pPRQWHUO DSSDUHLO
'pEUDQFKH]O·DSSDUHLOGXUpVHDXpOHFWULTXH
m 5LVTXHG·pOHFWURFXWLRQ
/RUVTXH OD WDEOH GH FXLVVRQ HVW GpEUDQFKpH GX VHFWHXU LO SHXW \
DYRLUXQUHWRXUGHWHQVLRQDXQLYHDXGHVERUQHV/H
UDFFRUGHPHQWpOHFWULTXHGRLWXQLTXHPHQWrWUHUpDOLVpSDUXQ
VSpFLDOLVWHFRQFHVVLRQQDLUH
'pWDFKH]OHFRQGXLWG pYDFXDWLRQRXOHVFRQGXLWVGHUHF\FODJH
G DLU
)DLWHVVRUWLUO DSSDUHLOHQOHSRXVVDQWSDUOHEDV
$WWHQWLRQ
5LVTXHVGHGpWpULRUDWLRQGHO DSSDUHLO 1 H[WUD\H]SDV
O DSSDUHLOSDUOHKDXWHQIDLVDQWOHYLHU
â ,VWUX]LRQLSHULOPRQWDJJLR
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
/HJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQLSHUO XVR6RORFRVuq
SRVVLELOHXWLOL]]DUHO DSSDUHFFKLRLQPRGRVLFXURHFRUUHWWR
&XVWRGLUHFRQODPDVVLPDFXUDOHSUHVHQWLLVWUX]LRQLSHUO XVRHLO
PRQWDJJLRLQFDVRGLXQXWLOL]]RIXWXURRFHVVLRQHDWHU]L
/DVLFXUH]]DGLXWLOL]]RqJDUDQWLWDVRORLQFDVRGLLQVWDOOD]LRQH
VHFRQGROHUHJROHGLEXRQDWHFQLFDULSRUWDWHQHOOHLVWUX]LRQLGL
PRQWDJJLR/ LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWR
IXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/ DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
,OFRVWUXWWRUHQRQVLDVVXPHDOFXQDUHVSRQVDELOLWjSHUHYHQWXDOL
JXDVWLRGDQQLULFRQGXFLELOLDXQ LQVWDOOD]LRQHHOHWWULFDGLIHWWRVD
&DYRGLUHWHqSRVVLELOHFKHVLDJLjFROOHJDWRDOODVFDWRODGL
DOODFFLDPHQWRGHOSLDQRFRWWXUDRSSXUHYLHQHIRUQLWRLQVLHPH
DOO DSSDUHFFKLRHGHYHHVVHUHLQVWDOODWRHVFOXVLYDPHQWHGDXQ
HVSHUWRDXWRUL]]DWRRGDOSHUVRQDOHGHELWDPHQWHTXDOLILFDWRGHO
VHUYL]LRGLDVVLVWHQ]DFOLHQWL,GDWLQHFHVVDULSHUO DOODFFLDPHQWR
VRQRLQGLFDWLVXOODWDUJKHWWDGLLGHQWLILFD]LRQHHVXOORVFKHPDGL
DOODFFLDPHQWR
8WLOL]]DUHHVFOXVLYDPHQWHLOFDYRIRUQLWRLQGRWD]LRQHLQVLHPH
DOO DSSDUHFFKLRRFRQVHJQDWRGDOVHUYL]LRGLDVVLVWHQ]DWHFQLFD
6WDFFDUHO DOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
3HU O·LQVWDOOD]LRQH q QHFHVVDULR ULVSHWWDUH OH GLVSRVL]LRQL LQ PDWHULD
GLHGLOL]LDDWWXDOPHQWHLQYLJRUHHOHQRUPHGHOIRUQLWRUHORFDOHGL
HOHWWULFLWjHJDV
3HU TXDQWR FRQFHUQH OD FRQGX]LRQH GHOO DULD HVDXVWD q QHFHVVDULR
ULVSHWWDUHOHQRUPDWLYHGLOHJJHXIILFLDOL DGHVQRUPDWLYH
XUEDQLVWLFKHSURYLQFLDOL 3HULFRORGLPRUWH
,JDVGLFRPEXVWLRQHULDVSLUDWLSRVVRQRFDXVDUHDYYHOHQDPHQWR
ËQHFHVVDULRDVVLFXUDUHVHPSUHXQ DOLPHQWD]LRQHGLDULD
VXIILFLHQWHTXDQGRO DSSDUHFFKLRLQPRGDOLWjDVSLUD]LRQHYLHQH
XWLOL]]DWRFRQWHPSRUDQHDPHQWHDXQIRFRODUHGLSHQGHQWHGDOO DULD
DPELHQWH
,IRFRODULFKHGLSHQGRQRGDOO DULDDPELHQWH SHUHVDJDVROLR
OHJQDRFDUERQHVFDOGDEDJQRFDOGDLHHOHWWULFKH ULFDYDQRO DULD
SHUODFRPEXVWLRQHGDOODVWDQ]DHGHOLPLQDQRLJDVGLVFDULFR
DOO HVWHUQRDWWUDYHUVRXQLPSLDQWR SHUHVFDPLQR ,QFRQFRPLWDQ]DGHOODFDSSDDFFHVDGDOODFXFLQDHGDOOHVWDQ]H
DGLDFHQWLYLHQHVRWWUDWWDGHOO DULDVHQ]DXQ DOLPHQWD]LRQH
VXIILFLHQWH GL DULD VL FUHD GHSUHVVLRQH , JDV YHOHQRVL GDO FDPLQR R
GDOODFDSSDGLDVSLUD]LRQHYHQJRQRULDVSLUDWLQHOOHVWDQ]H
■ $VVLFXUDUHVHPSUHXQ DOLPHQWD]LRQHGLDULDVXIILFLHQWH
■ 8Q DSHUWXUDQHOPXURSHUDOLPHQWD]LRQHVFDULFRDULDQRQ
JDUDQWLVFHLOULVSHWWRGHOYDORUHOLPLWH
8Q HVHUFL]LR VLFXUR q SRVVLELOH VROR VH OD GHSUHVVLRQH QHOOD VWDQ]D
LQ FXL q LQVWDOODWR LO IRFRODUH QRQ VXSHUD L 3D PEDU 4XHVWR
qJDUDQWLWRVHO DULDQHFHVVDULDDOODFRPEXVWLRQHSXzDIIOXLUHQHOOD
VWDQ]DDWWUDYHUVRDSHUWXUHQRQILVVHSHUHVSRUWHILQHVWUHLQ
FRPELQD]LRQHFRQXQFDQDOHGLDGGX]LRQHVFDULFRDULDRDOWUH
PLVXUHWHFQLFKH
&RQVXOWDWHLQRJQLFDVRORVSD]]DFDPLQRUHVSRQVDELOHFKHqLQ
JUDGRGLJLXGLFDUHODYHQWLOD]LRQHFRPSOHVVLYDLQFDVDHSURSRUUH
PLVXUHDGHJXDWH
6HODFDSSDqXVDWDVRORQHOODPRGDOLWjDULFLUFRORG DULDLOVXR
HVHUFL]LRqSRVVLELOHVHQ]DOLPLWD]LRQL
3HULFRORGLPRUWH
,JDVGLFRPEXVWLRQHULDVSLUDWLSRVVRQRFDXVDUHDYYHOHQDPHQWR
,QVWDOODQGRXQVLVWHPDGLDVSLUD]LRQHFRQXQIRFRODUHGLSHQGHQWH
GDOO DULDDPELHQWHO DOLPHQWD]LRQHGHOO DVSLUD]LRQHGHYHHVVHUH
SURYYLVWDGLXQDGHJXDWRFRPDQGRGLVLFXUH]]D
3HULFRORGLLQFHQGLR
,GHSRVLWLGLJUDVVRSUHVHQWLQHOILOWURSHUJUDVVLSRVVRQR
LQFHQGLDUVL 1RQ ODYRUDUH PDL QHOOH YLFLQDQ]H GHOO DSSDUHFFKLR FRQ
ILDPPHOLEHUH DGHVILDPPHJJLDUH /·LQVWDOOD]LRQH
GHOO·DSSDUHFFKLRQHOOHYLFLQDQ]HGLXQIRFRODUHSHUFRPEXVWLELOL
VROLGL DGHVOHJQRRFDUERQH qFRQVHQWLWDVRORVHTXHVWRq
GRWDWRGLFRSHUWXUDFKLXVDHQRQHVWUDLELOH1RQGHYHHVVHUFL
SURGX]LRQHGLVFLQWLOOH
3HULFRORGLOHVLRQL
■ 0RGLILFKHDOO LPSLDQWRHOHWWULFRRPHFFDQLFRVRQRSHULFRORVHH
SRVVRQRFDXVDUHDQRPDOLHQHOIXQ]LRQDPHQWR1RQDSSRUWDUH
PRGLILFKHDOO LPSLDQWRHOHWWULFRRPHFFDQLFR
■ ,FRPSRQHQWLFRVWUXWWLYLFKHUHVWDQRVFRSHUWLGXUDQWHLO
PRQWDJJLR SRVVRQR HVVHUH DSSXQWLWL ,QGRVVDUH JXDQWL SURWHWWLYL
■ / DSSDUHFFKLRqSHVDQWH3HUVSRVWDUORRFFRUURQR SHUVRQH
8WLOL]]DUHHVFOXVLYDPHQWHDXVLOLDGHJXDWL
■ /H YHQWROH URWDQWL UDSSUHVHQWDQR XQ ULVFKLR GL OHVLRQL $FFHQGHUH
O DSSDUHFFKLRVRORTXDQGRqFRUUHWWDPHQWHLQVWDOODWR'XUDQWHLO
IXQ]LRQDPHQWR QRQ LQILODUH PDL OH PDQL QHOO DSHUWXUD GHO VLVWHPD
GLYHQWLOD]LRQHVXOUHWURGHOO DSSDUHFFKLR
3HULFRORGLVRIIRFDPHQWR
,OPDWHULDOHG LPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH
PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR
4XHVWRDSSDUHFFKLRQRQGHYHHVVHUHLQVWDOODWRVXEDUFKHR
YHLFROL
3LDQRGLODYRURSLDWWRRUL]]RQWDOHHVWDELOH$WWHQHUVLDOOH
LVWUX]LRQLGHOIDEEULFDQWHGHOSLDQRGLODYRUR
/ DSSDUHFFKLRSXzHVVHUHLQFDVVDWRQHLVHJXHQWLSLDQLGLODYRUR
UHIUDWWDULHUHVLVWHQWLDOO DFTXD
■ SLDQLGLODYRURLQPDUPRSLHWUDQDWXUDOH
■ SLDQLGLODYRURLQPDWHULDOHVLQWHWLFR
■ SLDQLGLODYRURLQOHJQRPDVVLFFLRVRORLQDFFRUGRFRQOH
LQGLFD]LRQLIRUQLWHGDOSURGXWWRUHGHOSLDQRGLODYRUR ERUGLGL
WDJOLRVLJLOODWL
■ PRQWDJJLRGLDOWULWLSLGLSLDQRGLODYRURVRORLQDFFRUGRFRQOH
LQGLFD]LRQLIRUQLWHGDOSURGXWWRUHGHOSLDQRGLODYRUR
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
$YYHUWHQ]H
■ 3HUOLYHOODUHO DSSDUHFFKLRQRQXWLOL]]DUHVRVWHJQLLQVLQJROL
SXQWL
■ (YHQWXDOLDGDWWDPHQWLGHOODVXSHUILFLHGLODYRURGHYRQRHVVHUH
HVHJXLWLGDXQIRUQLWRUHVSHFLDOL]]DWRVHFRQGRLGLVHJQLGL
PRQWDJJLR ,O ERUGR GL WDJOLR GHYH HVVHUH SXOLWR H SUHFLVR SRLFKp
LOPDUJLQHqYLVLELOHVXOODVXSHUILFLH3XOLUHHVJUDVVDUHLERUGLGL
WDJOLRFRQXQDSSRVLWRGHWHUJHQWH
3HULFRORGLOHVLRQL
3HULFRORGLOHVLRQL
3HULFRORGLOHVLRQL
,QGLFD]LRQLJHQHUDOL
/HVXSHUILFLGHOO·DSSDUHFFKLRVRQRGHOLFDWH(YLWDUHGDQQLGXUDQWH
O LQVWDOOD]LRQH
0RGDOLWjDVSLUD]LRQH
$YYHUWHQ]D /·DULDHVDXVWDQRQGHYHHVVHUHLPPHVVDLQXQ
FDPLQRSHULOIXPRRSHULJDVGLVFDULFRIXQ]LRQDQWHQpLQXQ
SR]]RGLDHUD]LRQHGHLORFDOLGLLQVWDOOD]LRQHGLIRFRODUL
6HO·DULDHVDXVWDYLHQHLPPHVVDLQXQFDPLQRSHUIXPRRJDVGL
VFDULFRQRQLQIXQ]LRQHqQHFHVVDULRRWWHQHUHO·DXWRUL]]D]LRQHGL
XQWHFQLFRVSHFLDOL]]DWR
6FDULFRGHOO DULD
$YYHUWHQ]D ,OSURGXWWRUHGHOO DSSDUHFFKLRQRQVLDVVXPHDOFXQD
UHVSRQVDELOLWjSHUOHFRQWHVWD]LRQLUHODWLYHDOFRQGRWWR
■ / DSSDUHFFKLR UDJJLXQJH OD PDVVLPD SUHVWD]LRQH FRQ XQ WXER GL
VFDULFRFRUWRHGULWWRFKHKDXQGLDPHWURSRVVLELOPHQWHJUDQGH
■ &RQ WXEL G HVSXOVLRQH DULD OXQJKL FKH SUHVHQWDQR PROWH FXUYH R
FKHKDQQRXQGLDPHWURLQIHULRUHDPPQRQVLUDJJLXQJHOD
SUHVWD]LRQHRWWLPDOHGLDVSLUD]LRQHHLOUXPRUHGHOODYHQWROD
DXPHQWD
■ ,WXELRLWXELIOHVVLELOLSHULOFRQGRWWRGLVFDULFRGHOO DULDGHYRQR
HVVHUHLQPDWHULDOHLJQLIXJR
■ 6HO·DULDHVDXVWDYLHQHFRQGRWWDDWWUDYHUVRODSDUHWHHVWHUQDq
QHFHVVDULRXWLOL]]DUHXQDFDVVHWWDPXUDOHWHOHVFRSLFD
3HULFRORGLGDQQLGRYXWLDOULWRUQRGHOODFRQGHQVD,QVWDOODUHLO
FDQDOHGLHVSXOVLRQHLQSRVL]LRQHOHJJHUPHQWHVSLRYHQWHULVSHWWR
DOO DSSDUHFFKLR ƒGLGLVOLYHOOR 7XELURWRQGL
6LFRQVLJOLDXQGLDPHWURLQWHUQRGLPP
&DQDOLSLDWWL
/D VH]LRQH LQWHUQD GHYH FRUULVSRQGHUH DO GLDPHWUR GHL WXEL URWRQGL
‘PPFDFP
■ ,FDQDOLSLDWWLQRQGHYRQRSUHVHQWDUHULQYLLWDJOLHQWL
■ 1HOFDVRGLGLDPHWULGLYHUVLGHOWXERXWLOL]]DUHVWULVFHGLWHQXWD
)XQ]LRQDPHQWRDULFLUFRORG DULD
$YYHUWHQ]D / DSSDUHFFKLRGHYHHVVHUHPHVVRLQIXQ]LRQHVROR
VHO LQVWDOOD]LRQHqDYYHQXWDLQPDQLHUDILVVDHLOFRQGRWWRq
FROOHJDWR
&ROOHJDPHQWRHOHWWULFR
,GDWLQHFHVVDULSHUO DOODFFLDPHQWRVLWURYDQRVXOODWDUJKHWWDGL
LGHQWLILFD]LRQHGHOO DSSDUHFFKLR
4XHVWRDSSDUHFFKLRqFRQIRUPHDLUHTXLVLWLGLSURWH]LRQH5),
GHOO·8QLRQH(XURSHD
/ DOODFFLDPHQWRGHOO DSSDUHFFKLRSXzHVVHUHHIIHWWXDWRVRORGDXQ
WHFQLFRDXWRUL]]DWR/ DSSDUHFFKLRGHYHHVVHUHLQVWDOODWRLQ
PDQLHUDFRQIRUPHDOOHQXRYHGLUHWWLYH,(( ,QVWLWXWLRQRI(OHFWULFDO
(QJLQHHUV 8QDOODFFLDPHQWRVFRUUHWWRGHOO DSSDUHFFKLRSXz
FDXVDUQHLOGDQQHJJLDPHQWR
$FFHUWDUVLFKHLOYDORUHGHOODWHQVLRQHGHOO DOLPHQWD]LRQHHOHWWULFD
FRLQFLGDFRQLOYDORUHLQGLFDWRVXOODWDUJKHWWDGLLGHQWLILFD]LRQH
$FFHUWDUVLFKHODPHVVDDWHUUDGHOO DOLPHQWD]LRQHHOHWWULFDVLD
FRQIRUPH H FKH LO IXVLELOH H LO VLVWHPD GL FDYL H FRQGRWWL GHOO HGLILFLR
SHUODFRQGXWWXUDHOHWWULFDGHOO DSSDUHFFKLRDEELDXQDSRUWDWD
VXIILFLHQWH
3HUODSRVDGHOFDYRGLFROOHJDPHQWRULVSHWWDUHLVHJXHQWLSXQWL
■ 1RQLQFDVWUDUHRVFKLDFFLDUHLOFDYR
■ 7HQHUHORQWDQRLOFDYRGDVSLJROLWDJOLHQWL
■ 1RQIDUHHQWUDUHLQFRQWDWWRLOFDYRFRQXQDOORJJLDPHQWRLQ
PHWDOORSRLFKpTXHVW XOWLPRVLVXUULVFDOGD
3ULPDGHOO DOODFFLDPHQWRGHOO DSSDUHFFKLRFRQWUROODUHO LPSLDQWR
GRPHVWLFR9HULILFDUHODFRUUHWWDSURWH]LRQHGHOO LPSLDQWR
GRPHVWLFR 7HQVLRQH H IUHTXHQ]D GHOO DSSDUHFFKLR GHYRQR HVVHUH
FRPSDWLELOLFRQO LPSLDQWRHOHWWULFR YHGHUHODWDUJKHWWD
LGHQWLILFDWLYD / DSSDUHFFKLRDSSDUWLHQHDOODFODVVHGLSURWH]LRQH,HGqSXz
IXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD
,QIDVHG LQVWDOOD]LRQHqQHFHVVDULRSUHYHGHUHXQVH]LRQDWRUH
XQLYHUVDOHFRQXQ DSHUWXUDGLFRQWDWWRGLDOPHQRPPFKHGHYH
ULPDQHUHDFFHVVLELOHDQFKHGRSRLOPRQWDJJLR
/DSRVDRODVRVWLWX]LRQHGHOFDYRGLFROOHJDPHQWRSRVVRQR
HVVHUHHVHJXLWHXQLFDPHQWHGDXQHOHWWULFLVWDTXDOLILFDWRWHQHQGR
FRQWRGHOOHUHODWLYHLVWUX]LRQL
'XUDQWHODVRVWLWX]LRQHGHOFDYRGLFROOHJDPHQWRDOODUHWHSXz
HVVHUHQHFHVVDULRFDSRYROJHUHO DSSDUHFFKLR,QTXHVWRFDVR
ULPXRYHUHODFRSHUWXUDILOWURHGHVWUDUUHLOFRQWHQLWRUHHLOILOWUR
JUDVVLPHWDOOLFR,QTXHVWRPRGRVLHYLWDFKHWDOLFRPSRQHQWL
FDGDQRIXRUL
6H LO FDYR GL FROOHJDPHQWR DOOD UHWH GL TXHVWR DSSDUHFFKLR VXELVFH
XQ GDQQRGHYHHVVHUHVRVWLWXLWRFRQ XQ FDYRGL FROOHJDPHQWRGL
WLSR+99)
3UHSDUD]LRQHGHOO LQVWDOOD]LRQH
'LPHQVLRQLGHOO DSSDUHFFKLRHGLVWDQ]HGLVLFXUH]]D
■ 2VVHUYDUH OH GLPHQVLRQL GHOO DSSDUHFFKLR SHU LO IXQ]LRQDPHQWR D
ULFLUFRORG DULD ILJ $
■ 2VVHUYDUH OH GLPHQVLRQL GHOO DSSDUHFFKLR SHU LO IXQ]LRQDPHQWR D
HVWUD]LRQHG DULD ILJ %
■ $FFHUWDUVLFKHDOWHUPLQHGHOO LQVWDOOD]LRQHSHUODVRVWLWX]LRQH
GHOILOWURDFDUERQHDWWLYRGHOORVYXRWDPHQWRGHOVHUEDWRLRGL
WUDERFFRHGHOORVPRQWDJJLRGHOODFRSHUWXUDGHOO DOORJJLDPHQWR
O DSSDUHFFKLRVLDVXIILFLHQWHPHQWHDFFHVVLELOH ILJ &
■ 2VVHUYDUHOHGLVWDQ]HGLVLFXUH]]D ILJ &
&RQWUROODUHLOPRELOH
■ ,OPRELOHGDLQFDVVRGHYHHVVHUHSRVWRLQSRVL]LRQHRUL]]RQWDOH
HGHVVHUHDEEDVWDQ]DUHVLVWHQWH
■ ,OSHVRPD[GHOO DSSDUHFFKLRqSDULDFLUFD NJ
■ ,OPRELOHGDLQFDVVRGHYHHVVHUHWHUPRVWDELOHILQRDXQD
WHPSHUDWXUDGLƒ&
■ /DVWDELOLWjGHOPRELOHGDLQFDVVRGHYHHVVHUHJDUDQWLWDDQFKH
GRSRLODYRULGLWDJOLR
■ /DSRUWDWDHODVWDELOLWjLQSDUWLFRODUHSHUTXDQWRULJXDUGDSLDQL
GLODYRURVRWWLOLGHYRQRHVVHUHDVVLFXUDWHJUD]LHDVWUXWWXUH
VRWWRVWDQWL DGDWWH 2VVHUYDUH LO SHVR GHOO DSSDUHFFKLR FRPSUHVR
LOFDULFRVXSSOHPHQWDUH,OPDWHULDOHXVDWRSHULOULQIRU]RGHYH
HVVHUHUHVLVWHQWHDOFDORUHHDOO XPLGLWj
■ 6XOOD EDVH GHOOD WXED]LRQH H GHOOD SURIRQGLWj GHO SLDQR GL ODYRUR
GHYHHVVHUHDGDWWDWDODSURIRQGLWjGHLFDVVHWWLVRWWR
O DSSDUHFFKLR ,O FDVVHWWR VXSHULRUH GHYH HVVHUH ULPRVVR H QRQ q
XWLOL]]DELOH
■ /DGLVWDQ]DWUDODVXSHUILFLHGHOSLDQRGLODYRURHODSDUWH
VXSHULRUHGHOFDVVHWWRGHYHHVVHUHGL PP
■ 1RQqFRQVHQWLWRLQFDVVDUHIRUQLIULJRULIHULODYDVWRYLJOLH
ODYDWULFLRDOWULDSSDUHFFKL
$YYHUWHQ]D 9HULILFDUHODSODQDULWjGHOO DSSDUHFFKLRVRORGRSR
O LQVWDOOD]LRQHQHOO DSHUWXUDGLPRQWDJJLR
,QVWDOOD]LRQHDILOR
*OLDSSDUHFFKLVHQ]DWHODLRVRQRSUHYLVWLSHULOPRQWDJJLRDILORLQ
XQSLDQRGLODYRUR
/ DSSDUHFFKLRSXzHVVHUHLQVWDOODWRQHLVHJXHQWLSLDQLGLODYRUR
UHVLVWHQWLDOO DFTXDHDOFDORUH
■ 3LDQLGLODYRURLQSLHWUD
■ 3LDQLGLODYRURLQPDWHULDOHVLQWHWLFR SHUHVFRULDQŠ
■ 3LDQLGLODYRURLQOHJQRPDVVLFFLRVRORLQDFFRUGRFRQLO
SURGXWWRUHGHOSLDQRGLODYRUR ERUGLWDJOLDWLVLJLOODWL
■ 3HU DOWUL PDWHULDOL DFFRUGDUVL FRQ LO SURGXWWRUH GHO SLDQR GL ODYRUR
LQUHOD]LRQHDOODVXDXWLOL]]D]LRQH
1RQqSRVVLELOHO LQVWDOOD]LRQHLQSLDQLGLODYRURLQOHJQR
FRPSHQVDWR
$YYHUWHQ]D 7XWWLLODYRULGLWDJOLRVXOSLDQRGLODYRURGHYRQR
HVVHUHHIIHWWXDWLLQXQODERUDWRULRVSHFLDOL]]DWRQHOULVSHWWRGHL
GLVHJQLGLLQVWDOOD]LRQH,OWDJOLRGHYHDYYHQLUHLQPRGRSXOLWRH
SUHFLVRHVVHQGRLOPDUJLQHYLVLELOHVXOODVXSHUILFLH3XOLUHH
VJUDVVDUHLPDUJLQLFRQXQGHWHUJHQWHDGDWWR RVVHUYDUHOH
LQGLFD]LRQLGLODYRUD]LRQHGHOSURGXWWRUHGHOVLOLFRQH 3UHSDUD]LRQHGHLPRELOL
5HDOL]]DUHO DSHUWXUDQHOSLDQRGLODYRURVHFRQGRORVFKHPDGL
PRQWDJJLR ILJ $YYHUWHQ]D / DQJROR GHOOD VXSHUILFLH GL WDJOLR ULVSHWWR DO SLDQR GL
ODYRURGHYHHVVHUHGLƒ,ERUGLODWHUDOLGHOO DSHUWXUDGHYRQR
HVVHUHOLVFL,QFDVRGLSLDQLGLODYRURDSLVWUDWLILVVDUH
HYHQWXDOPHQWHLOLVWHOOLODWHUDOPHQWHDOO DSHUWXUD
3HU JDUDQWLUH LO FRUUHWWR IXQ]LRQDPHQWR GHOO DSSDUHFFKLR LO SLDQR
FRWWXUDGHYHHVVHUHDGHJXDWDPHQWHDHUDWR&UHDUHDWDO
SURSRVLWRXQRVFDULFRGHOO DULDQHOPRELOHLQIHULRUHFRQXQD
VH]LRQHPLQLPDGL FPò
,Q FDVR GL PRQWDJJLR VRSUD XQR VFRPSDUWR VFRUUHYROH ULVSHWWDUH
OHGLVWDQ]HLQGLFDWH ILJ &
5LPXRYHUHORVFRPSDUWRVFRUUHYROHVXSHULRUHHVXOPRELOH
PRQWDUHXQDFRSHUWXUDDGHJXDWD
3UHSDUD]LRQHGHOPRELOHHGHOO DSSDUHFFKLRSHULO
IXQ]LRQDPHQWRDGDULDGLULFLUFROR
3UDWLFDUHLOIRURGLLQFDVVRGHOPRELOH
5HDOL]]DUHXQRVFDULFRSHUO DULDQHOOR]RFFRORGHOPRELOH
$YYHUWHQ]D 3UHYHGHUHXQDVH]LRQHPLQLPDGHOORVFDULFRSHU
O DULD GL FLUFD FPò (VHJXLUH O DSHUWXUD GL VFDULFR QHO SDQQHOOR
GHOOR]RFFRORGHOODPDJJLRUGLPHQVLRQHSRVVLELOHSHUOLPLWDUHLO
IOXVVRG DULDHLOUXPRUH
5LPXRYHUHODSDUHWHSRVWHULRUHGHOPRELOH
6HQHFHVVDULRULPXRYHUHLOOLVWHOORVXSHULRUHVXOODSDUHWH
SRVWHULRUHGHOPRELOH
6XOERUGRVXSHULRUHGHOIRURG LQFDVVRGHOSLDQRGLODYRUR
GHWHUPLQDUHLOSXQWRFHQWUDOHHVHJQDUHOHGXHOLQHH
YHUWLFDOPHQWHYHUVRLOEDVVRVXOIRQGRGHOPRELOH ILJ D
$OOLQHDUHODODPLHUDGLILVVDJJLRVXOIRQGRGHOPRELOHEDVDQGRVL
VXOOHOLQHHFHQWUDOL ILJ E
6HFLVRQRFDVVHWWLFKLXGHUHFRPSOHWDPHQWHLOFDVVHWWRSLLQ
EDVVR6HODODPLHUDGLILVVDJJLRVFRPSDUHHFFHVVLYDPHQWH
VRWWRDOFDVVHWWRVSLQJHUODYHUVRLOODWRSRVWHULRUHGHOPRELOH
&RQO DXVLOLRGHOOHPDUFDWXUHQHOODODPLHUDGLILVVDJJLRDOOLQHDUOD
SDUDOOHODPHQWHDOODOLQHDFHQWUDOH ILJ F
$YYHUWHQ]H
■ 6HODGLVWDQ]DWUDFDVVHWWRHIRQGRGHOPRELOHqWURSSRFRUWD
SHUDYYLWDUHODODPLHUDGLILVVDJJLRVXOIRQGRUXRWDUHOD
ODPLHUDGLILVVDJJLRGLƒHDYYLWDUODVXOIRQGRGHOPRELOH
GDOEDVVR ILJ E ,QQDQ]LWXWWRDOOLQHDUHODODPLHUDGL
ILVVDJJLRGDOO DOWRVXOIRQGRGHOPRELOHSHUGHWHUPLQDUQHOD
FRUUHWWDSRVL]LRQH ILJ F
■ 6FHJOLHUHODSUROXQJDFRUULVSRQGHQWHLQIXQ]LRQHGHOOD
SRVL]LRQHGHOODODPLHUDGLILVVDJJLR
■ 6HODODPLHUDGLILVVDJJLRQRQYLHQHVSLQWDDEEDVWDQ]D
LQGLHWURXWLOL]]DUHFDVVHWWLFRQSURIRQGLWjSLULGRWWD
6HQHFHVVDULRVHJQDUHHUHDOL]]DUHXQ DSHUWXUDQHOIRQGRGHO
PRELOHFRQO DXVLOLRGHOODODPLHUDGLILVVDJJLR ILJ G
5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR
$YYHUWHQ]D 6LJLOODUH OH VXSHUILFL GL WDJOLR LQ PRGR UHIUDWWDULR H D
WHQXWDVWDJQD
$YYLWDUH OD ODPLHUD GL ILVVDJJLR H ILVVDUH FRQ FOLSV LO GLIIXVRUH
6HODGLVWDQ]DWUDLOFDVVHWWRHLOIRQGRGHOPRELOHqVXIILFLHQWH
DYYLWDUH OD ODPLHUD GL ILVVDJJLR FRQ YLWL LQ SODVWLFD GDOO DOWR H VXOOD
FXUYDLQIHULRUHGHOFDQDOHSLDWWR ILJ D
$YYHUWHQ]D 6H QHFHVVDULR UXRWDUH OD FXUYD LQIHULRUH GHO FDQDOH
SLDWWRDIILQFKpORVFDULFRGHOO DULDVLWURYLVXOODWRRSSRVWR
$YYLWDUHODODPLHUDGLILVVDJJLRFRQYLWLSHUOHJQRGDOO DOWRHVXO
IRQGRGHOPRELOH ILJ D
$YYHUWHQ]D 6HODGLVWDQ]DWUDFDVVHWWRHIRQGRGHOPRELOHq
WURSSR FRUWD SHU DYYLWDUH OD ODPLHUD GL ILVVDJJLR VXO IRQGR UXRWDUH
OD ODPLHUD GL ILVVDJJLR GL ƒ H DYYLWDUOD VXO IRQGR GHO PRELOH GDO
EDVVR ILJ E
)LVVDUH FRQ FOLS LO GLIIXVRUH VXOOD FXUYD LQIHULRUH GHO FDQDOH SLDWWR
ILJ F
0RQWDJJLRGHOODFXUYDGHOFDQDOHSLDWWR
6HQHFHVVDULRVFHJOLHUHODSUROXQJDLQIXQ]LRQHGHOODSRVL]LRQH
GHOODODPLHUDGLILVVDJJLRHGHOODSURIRQGLWjGHOPRELOH3Lq
OXQJDODSUROXQJDSLSURIRQGRSXzHVVHUHLOFDVVHWWR$YYLWDUH
OD SUROXQJD FRQ TXDWWUR YLWL LQ SODVWLFD VXOO DSHUWXUD GL VFDULFR GHO
SLDQRFRWWXUD ILJ $YYLWDUHODFXUYDGHOFDQDOHSLDWWRVXSHULRUHVXOO DSHUWXUDGL
VFDULFRGHOSLDQRFRWWXUDRVXOODSUROXQJD
3UHSDUD]LRQH GHO PRELOH H GHOO DSSDUHFFKLR SHU OD PRGDOLWj GL
DVSLUD]LRQH
$YYLWDUH L ERFFKHWWRQL GL ULGX]LRQH R OD FXUYD GHO FDQDOH SLDWWR FRQ
TXDWWURYLWLLQSODVWLFDVXOO DSHUWXUDGLVFDULFRGHOSLDQRFRWWXUDR
VXOODSUROXQJD ILJ $YYHUWHQ]D 6HQHFHVVDULRDYYLWDUHODUHODWLYDSUROXQJDVXO
SLDQR GL FRWWXUD 0LVXUDUH OD SURIRQGLWj 7 FRQVHQWLWD GHO FDVVHWWR
ULVSHWWDQGR PP GL GLVWDQ]D GDO WXER GL VFDULFR /D OXQJKH]]D
GHOODSUROXQJDSXzYDULDUHDVHFRQGDGHOO XWLOL]]R ILJ ,Q IXQ]LRQH GHOOD FRQILJXUD]LRQH GHOOR VFDULFR G DULD SHU LO WXER GL
VFDULFRSUDWLFDUHXQ DSHUWXUDQHOODSDUHWHSRVWHULRUHGHOPRELOH
ULPXRYHUHODSDUHWHSRVWHULRUHRSUDWLFDUHXQ DSHUWXUDQHOIRQGR
GHOPRELOH
5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR
$YYHUWHQ]D 6LJLOODUH OH VXSHUILFL GL WDJOLR LQ PRGR UHIUDWWDULR H D
WHQXWDVWDJQD
3UHSDUD]LRQHGHOFROOHJDPHQWRHOHWWULFR
$YYHUWHQ]D 2VVHUYDUHLOSDUDJUDIR $OODFFLDPHQWRHOHWWULFRQHO
FDSLWROR $YYHUWHQ]HJHQHUDOL
1HJOL DSSDUHFFKL VHQ]D FDYR SUHLQVWDOODWR LQWURGXUUH LO FDYR
GLUHWHQHOODSUHVDGLFROOHJDPHQWR
&DSRYROJHUHLOSLDQRGLFRWWXUDHGHSRVLWDUORVXOIRQGR
GHOO LPEDOODJJLR VX XQ SDQQR R VX XQ DOWUD VXSHUILFLH SHU HYLWDUH
GLJUDIILDUOR
6ROOHYDUHLOFRSHUFKLRGHOODSUHVDGLFROOHJDPHQWRFRQO DLXWRGL
XQFDFFLDYLWH ILJ $OOHQWDUH OD YLWH GL ILVVDJJLR H VROOHYDUH OD IDVFHWWD VWULQJLWXER FRQ
O DLXWRGLXQFDFFLDYLWH ILJ (IIHWWXDUHO DOODFFLDPHQWRDOODSUHVDGLFROOHJDPHQWR
HVFOXVLYDPHQWH LQ FRQIRUPLWj D TXDQWR PRVWUDWR LQ ILJXUD ILJ %1PDUURQH
%8EOX
*1<(JLDOORHYHUGH
%.QHUR
*<JULJLR
$YYHUWHQ]H
■ 6HRFFRUUHPRQWDUHLSRQWLFHOOLLQUDPHIRUQLWLLQGRWD]LRQHLQ
FRQIRUPLWjDOORVFKHPDGLFROOHJDPHQWR
■ 3UHVWDUHDWWHQ]LRQHDFKHOHYLWLVXOODSUHVDGLFROOHJDPHQWR
YHQJDQRVHUUDWHGRSRFKHVRQRVWDWLFROOHJDWLLFDYL
■ 'XUDQWHLOFROOHJDPHQWR1a1aODIDVH/ JULJLR
FRUULVSRQGHDOODYHQWRODPRWRUH
)LVVDUH LO FDYR GL UHWH FRQ OD IDVFHWWD VWULQJLWXER H VHUUDUH OD YLWH
GLILVVDJJLR ILJ &KLXGHUHLOFRSHUFKLRGHOODSUHVDGLFROOHJDPHQWR
$YYHUWHQ]D 'LVSRUUHLOFDYRQHOODSDUWHLQWHUQDGHOODSUHVDGL
FROOHJDPHQWRSHUIDFLOLWDUQHODFKLXVXUD
$YYHUWHQ]D 6HqQHFHVVDULRXQFDYRGLFROOHJDPHQWRDOODUHWH
HOHWWULFDSLOXQJRVLSUHJDGLFRQWDWWDUHLOVHUYL]LRGLDVVLVWHQ]D
FOLHQWL6RQRDGLVSRVL]LRQHFDYLGLFROOHJDPHQWRILQRDPGL
OXQJKH]]D
0RQWDJJLRGHOO·DSSDUHFFKLR
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/ DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
: 3HULFRORGLVFRVVDHOHWWULFD
$OFXQLFRPSRQHQWLDOO LQWHUQRGHOO DSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL3RWUHEEHYHQLUHGDQQHJJLDWRLOFDYRGLFROOHJDPHQWR
'XUDQWHO·LQVWDOOD]LRQHIDUHDWWHQ]LRQHDQRQSLHJDUHRVHUUDUHLO
FDYRGLFROOHJDPHQWR
: 3HULFRORGLOHVLRQL
,FRPSRQHQWLFRVWUXWWLYLFKHUHVWDQRVFRSHUWLGXUDQWHLOPRQWDJJLR
SRVVRQRHVVHUHDSSXQWLWL,QGRVVDUHJXDQWLSURWHWWLYL
,QVHULPHQWRGHOSLDQRGLFRWWXUD
$SSOLFDUH LO QDVWUR DGHVLYR VXOOD VFDQDODWXUD GHO SLDQR GL ODYRUR
ILJ D
,QVHULUHO·DSSDUHFFKLRQHOODQLFFKLDLQPRGRELODQFLDWR ILJ E
9HULILFDUH FKH LO SLDQR GL FRWWXUD VLD DOOD VWHVVD DOWH]]D GHO SLDQR
GLODYRUR6HLOSLDQRGLFRWWXUDQRQqDOODVWHVVDDOWH]]D
LQVWDOODUHVHQHFHVVDULRJOLDQFRUDJJLIRUQLWLLQGRWD]LRQHH
VHUUDUOLFRQDWWHQ]LRQH ILJ F
$YYHUWHQ]D 1RQXWLOL]]DUHDYYLWDWRULHOHWWULFL
3ULPDGLVLJLOODUHOHJXDUQL]LRQL ILJG HVHJXLUHXQ
FRUULVSRQGHQWHWHVWIXQ]LRQDOH
6LJLOODUHORVSD]LRLQWRUQRFRQVLOLFRQHDGDWWRHUHVLVWHQWHDO
FDORUH DG HV 1RYDVLOŠ62WWRVHDOŠ6 /HYLJDUHOD
VLJLOODWXUD FRQ LO SURGRWWR SHU OHYLJDWXUD FRQVLJOLDWR GDO SURGXWWRUH
6HJXLUHOHLQGLFD]LRQLULSRUWDWHVXOODFRQIH]LRQHGHOVLOLFRQH
0HWWHUH LQ IXQ]LRQH O DSSDUHFFKLR VROWDQWR TXDQGR LO VLOLFRQH VL q
FRPSOHWDPHQWHDVFLXJDWR DOPHQR RUHDVHFRQGDGHOOD
WHPSHUDWXUDDPELHQWH 3UHVVRLOQRVWURVHUYL]LRGLDVVLVWHQ]DFOLHQWLqGLVSRQLELOHXQ
VLOLFRQHDGDWWR
$WWHQ]LRQH
/ XWLOL]]RGLVLOLFRQHQRQDGDWWRSXzSURYRFDUHYDULD]LRQL
FURPDWLFKHSHUPDQHQWLVXLSLDQLGLODYRURLQPDUPRQDWXUDOH
&ROOHJDUHO DSSDUHFFKLR
$YYHUWHQ]H
■ 1HOIXQ]LRQDPHQWRDHVWUD]LRQHG DULDGHYHHVVHUHPRQWDWRXQ
UDFFRUGRDOHWWDWRFRQXQDSUHVVLRQHG DSHUWXUDPDVVLPDGL
3D6HFRQO DSSDUHFFKLRQRQqIRUQLWRLOUDFFRUGRDOHWWDWRq
SRVVLELOHUHSHULUORLQXQQHJR]LRVSHFLDOL]]DWR
■ 6HO·DULDHVDXVWDYLHQHFRQGRWWDDWWUDYHUVRODSDUHWHHVWHUQDq
QHFHVVDULRXWLOL]]DUHXQDFDVVHWWDPXUDOHWHOHVFRSLFD
5HDOL]]D]LRQHGHOFROOHJDPHQWRDOORVFDULFRGHOO DULD
)LVVDUHLOWXERGLVFDULFRVXOODFXUYDGHOFDQDOHSLDWWRRDO
PDQLFRWWRGLULGX]LRQH ILJ 5HDOL]]DUHLOFROOHJDPHQWRDOO DSHUWXUDSHUORVFDULFRGHOO DULD
6LJLOODUHHUPHWLFDPHQWHLSXQWLGLFROOHJDPHQWR
5HDOL]]D]LRQHGHOFROOHJDPHQWRGLULFLUFRORG DULD
)LVVDUHFRQFOLSLOPRGXORILOWURVXOODFXUYDLQIHULRUHGHOFDQDOH
SLDWWRRVHQHFHVVDULRDYYLWDUOR ILJ D
$YYHUWHQ]D 6HQHFHVVDULRUXRWDUHLOPRGXORILOWURSHUSRWHU
DSULUH OR VFRPSDUWR VFRUUHYROH SHU LO ILOWUR D FDUERQH DWWLYR GDO ODWR
RSSRVWR
)LVVDUH FRQ FOLS O HOHPHQWR GL FROOHJDPHQWR IOHVVLELOH VXOOD FXUYD
VXSHULRUHGHOFDQDOHSLDWWR
&ROOHJDUHLOPRGXORILOWURHODFXUYDVXSHULRUHGHOFDQDOHSLDWWR
VXOO HOHPHQWRGLFROOHJDPHQWRIOHVVLELOH
$YYHUWHQ]D 6HQHFHVVDULRPRQWDUHOHSUROXQJKHWUDLOPRGXOR
ILOWURHO HOHPHQWRGLFROOHJDPHQWRIOHVVLELOH
$SULUHWXWWLJOLHOHPHQWLGLFKLXVXUDVXOORVFRPSDUWRVFRUUHYROH
$SULUHORVFRPSDUWRVFRUUHYROH ILJ E
,QVHULUHLOILOWURDFDUERQHDWWLYR ILJ F
&KLXGHUHORVFRPSDUWRVFRUUHYROH
&KLXGHUH WXWWL JOL HOHPHQWL GL FKLXVXUD VXOOR VFRPSDUWR VFRUUHYROH
5HDOL]]D]LRQHGHOFROOHJDPHQWRHOHWWULFR
■ 7HQVLRQHYHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH
■ (IIHWWXDUHO DOODFFLDPHQWRHVFOXVLYDPHQWHLQFRQIRUPLWjDO
UHODWLYRVFKHPD ILJ %1PDUURQH
%8EOX
*1<(JLDOORHYHUGH
%.QHUR
*<JULJLR
■ $VHFRQGDGHOWLSRGLDOODFFLDPHQWRPRGLILFDUHHYHQWXDOPHQWH
ODGLVSRVL]LRQHGHLPDQLFRWWLWHUPLQDOLIRUQLWLGLIDEEULFD$WDOH
VFRSRSRWUHEEHHVVHUHHYHQWXDOPHQWHQHFHVVDULRDFFRUFLDUHL
FRQGXWWRULHULPXRYHUHO LVRODPHQWRSHULPSLHJDUHXQPDQLFRWWR
FKHXQLVFHGXHFDYL
$YYHUWHQ]D 9HULILFDGHOORVWDWRRSHUDWLYRVHVXOGLVSOD\
GHOO DSSDUHFFKLR FRPSDUH —…‹‹ “‹†‚„ R “ O DSSDUHFFKLR QRQ
qFROOHJDWRFRUUHWWDPHQWH6WDFFDUHO DSSDUHFFKLR
GDOO DOLPHQWD]LRQHHOHWWULFDHYHULILFDUHO DOODFFLDPHQWRGHOFDYR
HOHWWULFR
3DVVDJJLRGHOO LQGLFDWRUHDOODPRGDOLWj
DVSLUD]LRQHDULFLUFRORRDOIXQ]LRQDPHQWRDGDULD
GLULFLUFROR
6HQHFHVVDULRSHULOIXQ]LRQDPHQWRDHVWUD]LRQHG DULDHLO
IXQ]LRQDPHQWRDULFLUFRORG DULDRFFRUUHPRGLILFDUH
RSSRUWXQDPHQWHO LQGLFDWRUHGHOFRQWUROORHOHWWURQLFRQHOOH
LPSRVWD]LRQLGLEDVH
$WDOHVFRSRFRQVXOWDUHLOFDSLWROR ,PSRVWD]LRQLGLEDVHQHOOH
LVWUX]LRQLSHUO XVR
6PRQWDJJLRGHOO DSSDUHFFKLR
6WDFFDUHO DSSDUHFFKLRGDOODUHWHHOHWWULFD
m 3HULFRORGLVFRVVDHOHWWULFD
6WDFFDQGRLOIRUQRGDOODUHWHGRPHVWLFDLFDYLSRVVRQRFDXVDUH
XQDWHQVLRQHGLULWRUQR/ DOODFFLDPHQWRHOHWWULFRGHYHHVVHUH
HVHJXLWRHVFOXVLYDPHQWHGDXQWHFQLFRVSHFLDOL]]DWR
DXWRUL]]DWR
5LPXRYHUHLOFDQDOHGLVFDULFRRLFROOHJDPHQWLGLULFLUFRORG DULD
(VWUDUUHO DSSDUHFFKLRVSLQJHQGRORGDOEDVVR
$WWHQ]LRQH
'DQQLDOO DSSDUHFFKLR 1RQVROOHYDUHO DSSDUHFFKLRWLUDQGROR
GDOO DOWR
nl
é ,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
'HIDEULNDQWLVQLHWYHUDQWZRRUGHOLMNYRRUEHGULMIVVWRULQJHQRI
PRJHOLMNHVFKDGHDOVJHYROJYDQHHQRQMXLVWHHOHNWULVFKH
LQVWDOODWLH
1HWNDEHOGH]HLVPRJHOLMNDORSGHDDQVOXLWER[YDQGH
NRRNSODDWDDQJHVORWHQRILQEHJUHSHQELMGHOHYHULQJYDQKHW
DSSDUDDWHQPDJDOOHHQGRRUJHNZDOLILFHHUGSHUVRQHHORIHHQ
PHGHZHUNHUYDQGHVHUYLFHGLHQVWZRUGHQJHwQVWDOOHHUG'H
YHUHLVWHDDQVOXLWJHJHYHQVVWDDQRSKHWW\SHSODDWMHHQLQKHW
DDQVOXLWVFKHPD
$OOHHQGHELMKHWDSSDUDDWPHHJHOHYHUGHRIGRRUGHWHFKQLVFKH
VHUYLFHGLHQVWJHOHYHUGHNDEHOJHEUXLNHQ
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW
%LMGHLQVWDOODWLHPRHWHQGHDFWXHOHJHOGLJHERXZYRRUVFKULIWHQHQ
GHYRRUVFKULIWHQYDQGHSODDWVHOLMNHVWURRPHQJDVOHYHUDQFLHULQ
DFKWZRUGHQJHQRPHQ
7HQ DDQ]LHQ YDQ GH DIYRHUOXFKW GLHQHQ GH RYHUKHLGV HQ ZHWWHOLMNH
YRRUVFKULIWHQ ]RDOVORNDOHERXZYHURUGHQLQJHQ LQDFKWWHZRUGHQ
JHQRPHQ
/HYHQVJHYDDU
7HUXJJH]RJHQYHUEUDQGLQJVJDVVHQNXQQHQOHLGHQWRWYHUJLIWLJLQJ
$OWLMG YRRU YROGRHQGH OXFKWWRHYRHU ]RUJHQ ZDQQHHU GH OXFKWDIYRHU
SODDWVYLQGWLQHHQUXLPWHPHWHHQYXXUEURQGLHJHEUXLNPDDNWYDQ
GHDDQZH]LJHOXFKW
9XXUEURQQHQGLHGHOXFKWLQGHUXLPWHYHUEUXLNHQ ELMYDSSDUDWHQ
GLHRSJDVROLHKRXWRINROHQZRUGHQJHVWRRNWJHLVHUV
ZDUPZDWHUWRHVWHOOHQ WUHNNHQGHYHUEUDQGLQJVOXFKWXLWGH
RSVWHOOLQJVUXLPWHHQYRHUHQGHJDVVHQYLDHHQDIYRHU ELMY
VFKRRUVWHHQ DIQDDUEXLWHQ
,QFRPELQDWLHPHWHHQLQJHVFKDNHOGHDI]XLJNDSZRUGWDDQGH
NHXNHQHQDDQGHUXLPWHVHUQDDVWOXFKWRQWWURNNHQ]RQGHU
YROGRHQGH OXFKWWRHYRHU RQWVWDDW HU HHQ RQGHUGUXN *LIWLJH JDVVHQ
XLW GH VFKRRUVWHHQ RI KHW DIYRHUNDQDDO ZRUGHQ WHUXJJH]RJHQ LQ GH
ZRRQUXLPWH
■ =RUJGDDURPDOWLMGYRRUYROGRHQGHYHQWLODWLH
■ (HQ YHQWLODWLHNDVW LQ GH PXXU DOOHHQ LV QLHW YROGRHQGH RP DDQ GH
PLQLPDOHHLVHQWHYROGRHQ
8NXQWKHWDSSDUDDWDOOHHQGDQ]RQGHUULVLFRJHEUXLNHQZDQQHHU
GHRQGHUGUXNLQGHUXLPWHZDDULQGHYXXUEURQ]LFKEHYLQGWQLHW
JURWHU LV GDQ 3D PEDU 'LW NDQ ZRUGHQ EHUHLNW ZDQQHHU GH
YRRUGHYHUEUDQGLQJEHQRGLJGHOXFKWGRRUQLHWDIVOXLWEDUH
RSHQLQJHQELMYLQGHXUHQUDPHQLQFRPELQDWLHPHWHHQ
YHQWLODWLHNDVW LQ GH PXXU RI DQGHUH WHFKQLVFKH YRRU]LHQLQJHQ NDQ
ZRUGHQWRHJHYRHUG
5DDGSOHHJLQLHGHUJHYDOKHWEHGULMIGDWLQXZKXLV]RUJWYRRUGH
VFKRRUVWHHQUHLQLJLQJ'LWEHGULMILVLQVWDDWKHWWRWDOH
YHQWLODWLHV\VWHHPYDQXZKXLVWHEHRRUGHOHQHQNDQHHQYRRUVWHO
GRHQYRRUSDVVHQGHPDDWUHJHOHQRSKHWJHELHGYDQGH
OXFKWWRHYRHU
,QGLHQGHDI]XLJLQJDOOHHQPHWUHFLUFXODWLHZRUGWJHEUXLNWLVHHQ
RQEHSHUNWJHEUXLNPRJHOLMN
/HYHQVJHYDDU
7HUXJJH]RJHQ YHUEUDQGLQJVJDVVHQ NXQQHQ OHLGHQ WRW YHUJLIWLJLQJ
%LMGHLQVWDOODWLHYDQHHQYHQWLODWLHPHWHHQYXXUEURQGLHJHEUXLN
PDDNWYDQGHDDQZH]LJHOXFKWPRHWGHVWURRPWRHYRHUYDQGH
YHQWLODWLHYRRU]LHQZRUGHQYDQHHQJHVFKLNWH
YHLOLJKHLGVVFKDNHOLQJ
%UDQGJHYDDU
'HYHWDI]HWWLQJHQLQKHWYHWILOWHUNXQQHQRQWEUDQGHQ,QGHEXXUW
YDQKHWDSSDUDDWQRRLWZHUNHQPHWHHQRSHQYODP ELMY
IODPEHUHQ +HW DSSDUDDW DOOHHQ LQ GH EXXUW YDQ HHQ YXXUEURQ YRRU
YDVWH EUDQGVWRIIHQ ELMY KRXW RI NROHQ LQVWDOOHUHQ ZDQQHHU HU HHQ
DIJHVORWHQ QLHW YHUZLMGHUEDUH DIVFKHUPLQJ DDQZH]LJ LV (U PRJHQ
JHHQYRQNHQZHJVSULQJHQ
5LVLFRYDQOHWVHO
■ :LM]LJLQJHQDDQGHHOHNWULVFKHRIPHFKDQLVFKHRSERXZ]LMQ
JHYDDUOLMNHQNXQQHQOHLGHQWRWIXQFWLHVWRULQJHQ*HHQ
ZLM]LJLQJHQDDQGHHOHNWULVFKHRIPHFKDQLVFKHRSERXZ
DDQEUHQJHQ
■ 2QGHUGHOHQGLHWLMGHQVGHPRQWDJHWRHJDQNHOLMN]LMQNXQQHQ
VFKHUSHUDQGHQKHEEHQ'UDDJYHLOLJKHLGVKDQGVFKRHQHQ
■ +HWWRHVWHOLV]ZDDU(U]LMQWZHH SHUVRQHQQRGLJRPKHW
DSSDUDDW WH EHZHJHQ $OOHHQ JHVFKLNWH KXOSPLGGHOHQ JHEUXLNHQ
■ 5RWHUHQGHYHQWLODWRUHQYRUPHQHHQULVLFRRSOHWVHO+HW
DSSDUDDWDOOHHQLQVFKDNHOHQLQLQJHERXZGHWRHVWDQG7LMGHQV
KHW JHEUXLN QRRLW PHW XZ KDQGHQ LQ GH YHQWLODWLHRSHQLQJ DDQ GH
DFKWHUNDQWYDQKHWDSSDUDDWNRPHQ
9HUVWLNNLQJVJHYDDU
9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW
PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ
'LWWRHVWHOQLHWELMERWHQRIYDDUWXLJHQLQERXZHQ
:HUNEODGYODNKRUL]RQWDDOVWDELHO9ROJGHLQVWUXFWLHVYDQGH
IDEULNDQWYDQKHWZHUNEODGRS
+HWDSSDUDDWNDQLQGHYROJHQGHKLWWHHQZDWHUEHVWHQGLJH
ZHUNEODGHQZRUGHQLQJHERXZG
■ :HUNEODGHQYDQPDUPHUQDWXXUVWHHQ
■ 6\QWKHWLVFKHZHUNEODGHQ
■ :HUNEODGHQYDQPDVVLHIKRXWDOOHHQLQRYHUHHQVWHPPLQJPHW
GHIDEULNDQWYDQKHWZHUNEODG DIJHGLFKWHVQLMUDQGHQ
■ 0RQWDJHYDQDQGHUHVRRUWHQZHUNEODGHQDOOHHQLQ
RYHUHHQVWHPPLQJPHWGHIDEULNDQWYDQKHWZHUNEODG
: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
$DQZLM]LQJHQ
■ *HEUXLN JHHQ VWHXQHQ RS DI]RQGHUOLMNH SOHNNHQ RP KHW DSSDUDDW
WHQLYHOOHUHQ
■ $DQSDVVLQJHQDDQKHWZHUNRSSHUYODNPRHWHQGRRUHHQ
JHVSHFLDOLVHHUGHGLHQVWYHUOHQHUYROJHQVKHWLQERXZVFKHPD
ZRUGHQXLWJHYRHUG'HVQLMNDQWPRHW]XLYHUHQSUHFLHV]LMQ
RPGDWGHUDQGRSKHWRSSHUYODN]LFKWEDDULV'HVQLMNDQWHQPHW
HHQJHVFKLNWUHLQLJLQJVPLGGHOVFKRRQPDNHQHQRQWYHWWHQ
5LVLFRYDQOHWVHO
5LVLFRYDQOHWVHO
*HYDDUYRRUOHWVHO
$OJHPHQHDDQZLM]LQJHQ
'HRSSHUYODNNHQYDQKHWDSSDUDDW]LMQJHYRHOLJ9RRUNRP
EHVFKDGLJLQJWLMGHQVGHLQVWDOODWLH
*HEUXLNPHWDIYRHUOXFKW
$DQZLM]LQJ 'HDIYRHUOXFKWPDJQLHWYLDHHQURRNRI
DIYRHUJDVVFKRRUVWHHQ GLH LQ JHEUXLN LV RI YLD HHQ VFKDFKW GLH GLHQW
YRRUGHRQWOXFKWLQJYDQUXLPWHVPHWVWRRNSODDWVHQZRUGHQ
ZHJJHOHLG
.RPW GH DIYRHUOXFKW WHUHFKW LQ HHQ URRN RI DIYRHUJDVVFKRRUVWHHQ
GLHQLHWLQJHEUXLNLVGDQGLHQWXHHQYDNEHNZDPH
VFKRRUVWHHQYHJHUWHUDDGSOHJHQ
/XFKWDIYRHU
$DQZLM]LQJ 9RRUNODFKWHQGLHWHZLMWHQ]LMQDDQGHEHEXL]LQJ
VWDDWGHIDEULNDQWYDQKHWDSSDUDDWQLHWJDUDQW
■ +HWDSSDUDDWZHUNWKHWEHVWZDQQHHUKHWZRUGWDDQJHVORWHQRS
HHQNRUWHUHFKWHDIYRHUEXLVPHWHHQ]RJURRWPRJHOLMNH
GLDPHWHU
■ %LMJHEUXLNYDQODQJHDIYRHUEXL]HQPHWHHQUXZHELQQHQNDQW
YHHOERFKWHQRIEXLVGLDPHWHUVNOHLQHUGDQPPZRUGWGH
RSWLPDOHOXFKWDIYRHUFDSDFLWHLWQLHWEHKDDOGHQLVKHW
YHQWLODWLHJHOXLGKDUGHU
■ 'HEXL]HQRIGHVODQJHQGLHYRRUGHOXFKWDIYRHUZRUGHQ
JHEUXLNWGLHQHQYDQHHQQLHWEUDQGEDDUPDWHULDDOWH]LMQ
■ :RUGW GH DIYRHUOXFKW GRRU GH EXLWHQPXXU JHOHLG GDQ UDGHQ ZLM X
DDQHHQWHOHVFRRSPXXUNDVWWHJHEUXLNHQ
%HVFKDGLJLQJVJHYDDUGRRUFRQGHQVDDWWHUXJORRS
/XFKWDIYRHUNDQDDO YDQXLW KHW DSSDUDDW OLFKW KHOOHQG LQVWDOOHUHQ ƒ
YHUORRS 5RQGHEXL]HQ
:LMDGYLVHUHQHHQELQQHQGLDPHWHUYDQ PP
3ODWWHEXL]HQ
'HELQQHQGLDPHWHUPRHWRYHUHHQNRPHQPHWGHGLDPHWHUYDQGH
URQGHEXL]HQ
‘PPFDFP
■ 3ODWWHEXL]HQPRJHQJHHQVFKHUSHERFKWHQKHEEHQ
■ *HEUXLNELMHHQDIZLMNHQGHEXLVGLDPHWHUHHQDIGLFKWVWULS
*HEUXLNPHWFLUFXODWLHOXFKW
$DQZLM]LQJ +HWDSSDUDDWPDJDOOHHQZRUGHQJHEUXLNWZDQQHHU
KHWJRHGLVJHwQVWDOOHHUGHQGHOHLGLQJHQ]LMQDDQJHVORWHQ
,QVWDOODWLHYRRUEHUHLGHQ
(OHNWULVFKHDDQVOXLWLQJ
'HYHUHLVWHDDQVOXLWJHJHYHQVVWDDQRSKHWW\SHSODDWMHYDQKHW
DSSDUDDW
'LWDSSDUDDWYROGRHWDDQGHRQWVWRULQJVYRRUVFKULIWHQYDQGH(*
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
+HWDSSDUDDWGLHQWYROJHQVGHQLHXZVWH,((ULFKWOLMQHQ ,QVWLWXWLRQ
RI (OHFWULFDO (QJLQHHUV WH ZRUGHQ JHwQVWDOOHHUG %LM HHQ YHUNHHUGH
DDQVOXLWLQJNDQKHWDSSDUDDWEHVFKDGLJGUDNHQ
9HU]HNHU X HUYDQ GDW GH VSDQQLQJVZDDUGH YDQ KHW HOHNWULFLWHLWVQHW
RYHUHHQNRPWPHWGHDDQJHJHYHQZDDUGHRSKHWW\SHSODDWMH
=RUJHUYRRUGDWKHWHOHNWULFLWHLWVQHWYROJHQVYRRUVFKULIWJHDDUGLV
HQGH]HNHULQJKHWVQRHUHQKHWOHLGLQJV\VWHHPYDQKHWJHERXZ
YROGRHQGH JHGLPHQVLRQHHUG ]LMQ YRRU KHW HOHNWULVFK YHUPRJHQ YDQ
KHWDSSDUDDW
/HWELMKHWOHJJHQYDQKHWDDQVOXLWVQRHURSGHYROJHQGHSXQWHQ
■ +HWVQRHUPDJQLHWEHNOHPGUDNHQRILQJHGUXNWZRUGHQ
■ +HWVQRHUPDJQLHWLQGHEXXUWNRPHQYDQVFKHUSHUDQGHQ
■ 6QRHUQLHWPHWGHPHWDOHQEHKXL]LQJWHJHQGHRQGHUNDQWYDQ
KHWDSSDUDDWLQFRQWDFWEUHQJHQRPGDWGH]HKHHWZRUGW
9RRUDDQVOXLWLQJYDQKHWDSSDUDDWGHKXLVLQVWDOODWLHFRQWUROHUHQ
/HWHURSGDWGHKXLVLQVWDOODWLHJRHGEHYHLOLJGLV6SDQQLQJHQ
IUHTXHQWLHYDQKHWDSSDUDDWPRHWHQRYHUHHQVWHPPHQPHWGH
HOHNWULVFKHLQVWDOODWLH ]LHKHWW\SHSODDWMH +HWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVH,HQPDJDOOHHQPHW
HHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
'HLQVWDOODWLHGLHQWWHEHVFKLNNHQRYHUHHQVFKDNHODDUPHWHHQ
FRQWDFWRSHQLQJ YDQ PLQVWHQV PP 'H]H GLHQW RRN QD GH LQERXZ
WRHJDQNHOLMNWH]LMQ
+HWDDQEUHQJHQYDQKHWVWRSFRQWDFWRIKHWYHUYDQJHQYDQGH
DDQVOXLWOHLGLQJPDJDOOHHQGRRUHHQHOHNWURWHFKQLFXVPHW
LQDFKWQHPLQJYDQGHJHOGHQGHYRRUVFKULIWHQZRUGHQXLWJHYRHUG
%LMKHWYHUYDQJHQYDQGHQHWDDQVOXLWOHLGLQJNDQKHWJHEHXUHQGDW
KHWDSSDUDDWPRHWZRUGHQRPJHGUDDLG,QGLWJHYDOGH
ILOWHUDIGHNNLQJYHUZLMGHUHQHQKHWUHVHUYRLUHQGHPHWDOHQYHWILOWHU
YHUZLMGHUHQ+LHUGRRUYHUKLQGHUWXGDWGH]HFRPSRQHQWHQHUXLW
YDOOHQ
$OV GH HOHNWULVFKHDDQVOXLWNDEHOYDQ KHWDSSDUDDWEHVFKDGLJG
ZRUGWGDQPRHWGH]HGRRUHHQ VSHFLDOHDDQVOXLWNDEHOYDQKHW
W\SH+99)YHUYDQJHQZRUGHQ
$SSDUDDWDIPHWLQJHQHQYHLOLJKHLGVDIVWDQGHQ
■ +RXGUHNHQLQJPHWGHDSSDUDDWDIPHWLQJHQYRRUOXFKWFLUFXODWLH
$IE $
■ +RXG YRRU GH DIYRHUOXFKW UHNHQLQJ PHW GH DSSDUDDWDIPHWLQJHQ
$IE %
■ =RUJHUYRRUGDWKHWDSSDUDDWQDKHWDIVOXLWHQYDQGHLQVWDOODWLH
YROGRHQGH WRHJDQNHOLMN LV RP GH DFWLHYH NRROILOWHUV WH YHUYDQJHQ
KHWRYHUORRSUHVHUYRLUOHHJWHPDNHQHQGHDIGHNNLQJYDQGH
EHKXL]LQJWHGHPRQWHUHQ $IE &
■ +RXGUHNHQLQJPHWGHYHLOLJKHLGVDIVWDQGHQ $IE &
0HXEHOFRQWUROHUHQ
■ +HW LQERXZPHXEHO PRHW KRUL]RQWDDO XLWJHULFKW ]LMQ HQ YROGRHQGH
GUDDJYHUPRJHQEH]LWWHQ
■ +HWPD[JHZLFKWEHGUDDJWFD NJ
■ +HWLQERXZPHXEHOPRHWEHVWDQG]LMQWHJHQHHQWHPSHUDWXXU
YDQPD[LPDDOƒ&
■ 'HVWDELOLWHLWYDQKHWLQERXZPHXEHOPRHWRRNQDGH
XLWVQLMZHUN]DDPKHGHQJHZDDUERUJG]LMQ
■ 9RRUDOELMGXQQHZHUNEODGHQGLHQWGRRUPLGGHOYDQJHVFKLNWH
RQGHUFRQVWUXFWLHVWHZRUGHQJH]RUJGYRRUYROGRHQGH
GUDDJYHUPRJHQHQVWDELOLWHLW+RXGUHNHQLQJPHWKHWJHZLFKW
YDQKHWDSSDUDDWLQFOEHODGLQJ+HWJHEUXLNWH
YHUVWHUNLQJVPDWHULDDOGLHQWKLWWHHQYRFKWEHVWHQGLJWH]LMQ
■ $IKDQNHOLMNYDQGHEXL]HQHQGHGLHSWHYDQKHWZHUNEODGPRHW
GHGLHSWHYDQGHODGHQRQGHUKHWDSSDUDDWZRUGHQDDQJHSDVW
'HERYHQVWHODGHPRHWYHUZLMGHUGZRUGHQHQLVQLHWEUXLNEDDU
■ 'HDIVWDQGWXVVHQKHWRSSHUYODNYDQKHWZHUNEODGHQGH
ERYHQNDQWYDQGHODGHPRHW PPEHGUDJHQ
■ *HHQ RYHQV NRHODSSDUDWHQ YDDWZDVPDFKLQHV ZDVPDFKLQHV RI
DQGHUHDSSDUDWHQRQGHUERXZHQ
$DQZLM]LQJ 3DV QD LQVWDOODWLH LQ GH LQERXZRSHQLQJ FRQWUROHUHQ RI
KHWDSSDUDDWZDWHUSDVLV
9ODNNHLQERXZ
$SSDUDWHQ]RQGHUIUDPH]LMQEHVWHPGYRRUYODNNHLQERXZLQHHQ
ZHUNEODG
+HW DSSDUDDW NDQ ZRUGHQ LQJHERXZG LQ GH YROJHQGH WHPSHUDWXXU
HQZDWHUEHVWHQGLJHZHUNEODGHQ
■ :HUNEODGHQYDQVWHHQ
■ :HUNEODGHQYDQNXQVWVWRI ELMY&RULDQŠ
■ :HUNEODGHQYDQPDVVLHIKRXWDOOHHQLQRYHUHHQVWHPPLQJPHW
GHIDEULNDQWYDQKHWZHUNEODG VQLMUDQGHQDIGLFKWHQ
■ %LMDQGHUHPDWHULDOHQGLHQWXKHWJHEUXLNDIWHVWHPPHQLQ
RYHUOHJPHWGHIDEULNDQWYDQKHWZHUNEODG
,QERXZLQZHUNEODGHQYDQVSDDQSODDWLVQLHWPRJHOLMN
$DQZLM]LQJ $OOHXLWVQLMGLQJVZHUN]DDPKHGHQDDQKHWZHUNEODG
PRJHQDOOHHQLQHHQSURIHVVLRQHOHZHUNSODDWVHQYROJHQVKHW
LQERXZVFKHPDZRUGHQXLWJHYRHUG'HXLWVQLMGLQJPRHW]XLYHUHQ
SUHFLHVZRUGHQXLWJHYRHUGRPGDWGHUDQGDDQKHWRSSHUYODN
]LFKWEDDULV'HUDQGHQYDQGHXLWVQLMGLQJUHLQLJHQHQRQWYHWWHQ
PHWHHQJHVFKLNWVFKRRQPDDNPLGGHO GHDDQZLM]LQJHQYDQGH
VLOLFRQHQIDEULNDQWLQDFKWQHPHQ 0HXEHOYRRUEHUHLGHQ
0DDNGHXLWVQLMGLQJLQKHWZHUNEODGDDQGHKDQGYDQGH
LQERXZWHNHQLQJ $IE $DQZLM]LQJ 'H KRHN YDQ KHW VQLMYODN WRW KHW ZHUNEODG PRHW ƒ
EHGUDJHQ 'H ]LMUDQGHQ YDQ GH XLWVQLMGLQJ GLHQHQ YODN WH ]LMQ %LM
PXOWLSOH[ZHUNEODGHQHYHQWXHHOOLMVWHQDDQGH]LMNDQWHQLQGH
XLWVQLMGLQJEHYHVWLJHQ
2P HHQ MXLVWH ZHUNLQJ YDQ KHW DSSDUDDW WH JDUDQGHUHQ PRHW GH
NRRNSODDWQDDUEHKRUHQZRUGHQJHYHQWLOHHUG+LHUYRRUHHQ
OXFKWXLWODDWLQGHRQGHUNDVWPDNHQPHWHHQPLQLPDOHGLDPHWHU
YDQ FPò
+RXGELMLQERXZERYHQHHQODGHPLQLPDOHDIVWDQGHQDDQ
$IE &
'H ERYHQVWH ODGH YHUZLMGHUHQ HQ HHQ SDVVHQGH DIVFKHUPLQJ RS
KHWPHXEHODDQEUHQJHQ
0HXEHOHQDSSDUDDWYRRUEHUHLGHQYRRUOXFKWFLUFXODWLH
0HXEHOXLWVQLMGLQJPDNHQ
,QGHYRRUVWHSOLQWYDQKHWPHXEHOHHQOXFKWXLWODDWPDNHQ
$DQZLM]LQJ =RUJYRRUHHQPLQLPDOHGLDPHWHUYDQFD FPò
YRRUGHOXFKWXLWODDW0DDNGHXLWODDWRSHQLQJLQGHSOLQW]RJURRW
PRJHOLMN]RGDWHUZHLQLJWUHNHQJHOXLGRQWVWDDW
$FKWHUNDQWYDQKHWPHXEHOYHUZLMGHUHQ
'HERYHQVWHOLMVWDDQGHDFKWHUNDQWYDQKHWPHXEHO]RQRGLJ
YHUZLMGHUHQ
%HSDDOKHWPLGGHOSXQWRSGHDFKWHUVWHUDQGYDQGH
ZHUNEODGXLWVQLMGLQJ HQ JHHI GLW HQ GH EHLGH OLMQHQ ORRGUHFKW QDDU
EHQHGHQZHHURSGHERGHPYDQKHWPHXEHO $IE D
0RQWDJHSODDWXLWOLMQHQRSGHPLGGHOOLMQYDQGHERGHPYDQKHW
PHXEHO $IE E
%LMODGHQRQGHUVWHODGHYROOHGLJVOXLWHQ9HUGZLMQWGH
PRQWDJHSODDWWHYHURQGHUGHODGHYHUSODDWVKHPGDQLQGH
ULFKWLQJ YDQ GH DFKWHUNDQW YDQ KHW PHXEHO /LMQ KHP PHW EHKXOS
YDQGHPDUNHULQJHQRSGHPRQWDJHSODDWSDUDOOHODDQGH
PLGGHOOLMQXLW $IE F
$DQZLM]LQJHQ
■ ,VGHDIVWDQGWXVVHQODGHHQPHXEHOERGHPWHNOHLQRPGH
PRQWDJHSODDWYDVWWHVFKURHYHQDDQGHERGHPYDQKHW
PHXEHO GUDDL GH PRQWDJHSODDW GDQ ƒ HQ VFKURHI KHP YDQ
RQGHUHQYDVWDDQGHERGHPYDQKHWPHXEHO $IE E 'H
PRQWDJHSODDW HHUVW YDQ ERYHQDI XLWOLMQHQ RS GH ERGHP YDQ KHW
PHXEHORPGHFRUUHFWHSRVLWLHHUYDQWHEHSDOHQ $IE F
■ $IKDQNHOLMNYDQGHSRVLWLHYDQGHPRQWDJHSODDWGHMXLVWH
YHUOHQJLQJNLH]HQ
■ .DQGHPRQWDJHSODDWQLHWYHUJHQRHJQDDUDFKWHUHQZRUGHQ
JHSODDWVWJHEUXLNGDQODGHQGLHPLQGHUGLHS]LMQ
=R QRGLJ PHW EHKXOS YDQ GH PRQWDJHSODDW LQ GH ERGHP YDQ KHW
PHXEHOHHQXLWVQLMGLQJWHNHQHQHQPDNHQ $IE G
1DXLWVQLMZHUN]DDPKHGHQGHVSDDQGHUVYHUZLMGHUHQ
$DQZLM]LQJ 6QLMYODNNHQKLWWHEHVWHQGLJHQZDWHUGLFKWDIGLFKWHQ
0RQWDJHSODDWHQGLIIXVRUYDVWFOLSVHQ
:DQQHHUHUYROGRHQGHDIVWDQGLVWXVVHQGHODGHHQGHERGHP
YDQKHWPHXEHOGHPRQWDJHSODDWPHWNXQVWVWRIVFKURHYHQYDQ
ERYHQDI YDVWVFKURHYHQ DDQ GH RQGHUVWH ERFKW YDQ GH SODWWH EXLV
$IE D
$DQZLM]LQJ =R QRGLJ DDQ GH RQGHUVWH ERFKW YDQ GH SODWWH EXLV
GUDDLHQ]RGDWGHOXFKWXLWODDW]LFKDDQGHDQGHUHNDQWEHYLQGW
0RQWDJHSODDW PHW KRXWVFKURHYHQ YDQ ERYHQ DDQ GH ERGHP YDQ
KHWPHXEHOEHYHVWLJHQ $IE D
$DQZLM]LQJ ,V GH DIVWDQG WXVVHQ ODGH HQ PHXEHOERGHP WH NOHLQ
RPGHPRQWDJHSODDWYDVWWHVFKURHYHQDDQGHERGHPYDQKHW
PHXEHOGUDDLGHPRQWDJHSODDWGDQƒHQVFKURHIKHPYDQ
RQGHUHQYDVWDDQGHERGHPYDQKHWPHXEHO $IE E
'LIIXVRUYDVWFOLSVHQDDQGHRQGHUVWHERFKWYDQGHSODWWHEXLV
$IE F
%RYHQVWHERFKWYDQGHSODWWHEXLVPRQWHUHQ
'H YHUOHQJLQJ ]R QRGLJ NLH]HQ DIKDQNHOLMN YDQ GH SRVLWLH YDQ GH
PRQWDJHSODDWHQGHPHXEHOGLHSWH+RHODQJHUGHYHUOHQJLQJ
KRHGLHSHUGHODGHNDQ]LMQ'HYHUOHQJLQJPHWYLHUNXQVWVWRI
YDVWVFKURHYHQDDQGHDI]XLJRSHQLQJYDQGHNRRNSODDW $IE 'HERYHQVWHERFKWYDQGHSODWWHEXLVYDVWVFKURHYHQDDQGH
DI]XLJRSHQLQJYDQGHNRRNSODDWRIDDQGHYHUOHQJLQJ
0HXEHOHQDSSDUDDWYRRUEHUHLGHQYRRUOXFKWDIYRHU
9HUORRSVWXNRIGHERFKWYDQGHSODWWHEXLVPHWYLHUNXQVWVWRI
VFKURHYHQDDQGHXLWODDWRSHQLQJYDQGHNRRNSODDWRIDDQGH
YHUOHQJLQJYDVWVFKURHYHQ $IE $DQZLM]LQJ =RQRGLJHHQSDVVHQGHYHUOHQJLQJDDQGH
NRRNSODDWYDVWVFKURHYHQ'HWRHJHVWDQHGLHSWH7YDQGHODGH
PHWHQKLHUELMPPDIVWDQGWRWGHDIYRHUEXLVLQDFKWQHPHQ
$IKDQNHOLMNYDQGHJHEUXLNWHYHUOHQJLQJNDQGHGLHSWHYDQGH
ODGHYDULsUHQ $IE $IKDQNHOLMN YDQ GH FRQILJXUDWLH YDQ GH OXFKWDIYRHU HHQ XLWVQLMGLQJ
YRRUGHDIYRHUEXLVPDNHQLQGHDFKWHUVWHPHXEHOZDQGGH
DFKWHUNDQWYDQKHWPHXEHOYHUZLMGHUHQRIHHQXLWVQLMGLQJLQGH
ERGHPYDQKHWPHXEHOPDNHQ
1DXLWVQLMZHUN]DDPKHGHQGHVSDDQGHUVYHUZLMGHUHQ
$DQZLM]LQJ 6QLMYODNNHQKLWWHEHVWHQGLJHQZDWHUGLFKWDIGLFKWHQ
(OHNWULVFKHDDQVOXLWLQJYRRUEHUHLGHQ
$DQZLM]LQJ 3DUDJUDDI (OHNWULVFKHDDQVOXLWLQJLQKHWKRRIGVWXN
$OJHPHQHDDQZLM]LQJHQLQDFKWQHPHQ
%LMDSSDUDWHQ]RQGHUYRRUDIJHwQVWDOOHHUGHNDEHOGH
QHWNDEHOLQGHDDQVOXLWGRRVVWHNHQ
'HNRRNSODDWRPGUDDLHQHQRSGHYHUSDNNLQJHHQGRHNRIHHQ
DQGHURSSHUYODNOHJJHQRPNUDVVHQWHYRRUNRPHQ
+HWGHNVHOYDQGHDDQVOXLWGRRVRSWLOOHQPHWEHKXOSYDQHHQ
VFKURHYHQGUDDLHU $IE 'H EHYHVWLJLQJVVFKURHI ORVGUDDLHQ HQ GH VODQJNOHP RSWLOOHQ PHW
EHKXOSYDQHHQVFKURHYHQGUDDLHU $IE $OOHHQYROJHQVGHDIEHHOGLQJDDQVOXLWHQRSKHWVWRSFRQWDFW
$IE %1%UXLQ
%8%ODXZ
*1<(*HHOHQJURHQ
%.=ZDUW
*<*ULMV
$DQZLM]LQJHQ
■ =RQRGLJGHELMJHYRHJGHNRSHUEUXJJHQPRQWHUHQYROJHQVGH
DDQVOXLWDIEHHOGLQJ
■ /HWHURSGDWGHVFKURHYHQYDQKHWVWRSFRQWDFWZRUGHQ
YDVWJHGUDDLGQDGDWGHNDEHOV]LMQDDQJHVORWHQ
■ %LMHHQDDQVOXLWLQJYDQ1a1aNRPWGHIDVH/ JUH\
RYHUHHQPHWGHYHQWLODWRUPRWRU
'HYRHGLQJVNDEHOPHWGHVODQJNOHPEHYHVWLJHQHQGH
EHYHVWLJLQJVVFKURHIDDQWUHNNHQ $IE 'HGHNVHOYDQGHFRQWDFWGRRVVOXLWHQ
$DQZLM]LQJ 'H NDEHOV LQ KHW PLGGHOVWH GHHO YDQ GH FRQWDFWGRRV
SODDWVHQRPKHWVOXLWHQWHYHUJHPDNNHOLMNHQ
$DQZLM]LQJ ,VHUHHQODQJHUHQHWNDEHOQRGLJQHHPGDQFRQWDFW
RSPHWGHVHUYLFHGLHQVW(U]LMQNDEHOVWRW PEHVFKLNEDDU
$SSDUDDWPRQWHUHQ
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
: *HYDDUYDQHHQHOHNWULVFKHVFKRN
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ+LHUGRRUNDQGHDDQVOXLWNDEHOEHVFKDGLJGUDNHQ
$DQVOXLWNDEHOQLHWNQLNNHQRIDINOHPPHQELMGHLQVWDOODWLH
: 5LVLFRYDQOHWVHO
2QGHUGHOHQGLHWLMGHQVGHPRQWDJHWRHJDQNHOLMN]LMQNXQQHQ
VFKHUSHUDQGHQKHEEHQ'UDDJYHLOLJKHLGVKDQGVFKRHQHQ
.RRNSODDWLQEUHQJHQ
=HOINOHYHQGHWDSHRSGHDDQ]HWYDQKHWZHUNEODGDDQEUHQJHQ
$IE D
+HWDSSDUDDWJHOLMNPDWLJLQGHQLVVFKXLYHQ $IE E
/HWHURSGDWGHNRRNSODDWGH]HOIGHKRRJWHKHHIWDOVKHW
ZHUNEODG,QGLHQGHNRRNSODDW]LFKQLHWRSGH]HOIGHKRRJWH
EHYLQGW ]R QRGLJ GH PHHJHOHYHUGH YHUDQNHULQJHQ LQVWDOOHUHQ HQ
YRRU]LFKWLJDDQWUHNNHQ $IE F
$DQZLM]LQJ *HHQHOHNWULVFKHVFKURHYHQGUDDLHUVJHEUXLNHQ
9RRUKHWDIGLFKWHQ $IEG HHQIXQFWLHWHVWXLWYRHUHQ
'H YRHJ DDQ DOOH NDQWHQ DIGLFKWHQ PHW JHVFKLNWH KLWWHEHVWHQGLJH
VLOLFRQH ELMY 1RYDVLOŠ62WWRVHDOŠ6 'HDIGLFKWLQJ
JODGPDNHQPHWHHQGRRUGHIDEULNDQWDDQEHYROHQ
SROLMVWPLGGHO'H DDQZLM]LQJHQ ELM KHW VLOLFRQHQSURGXFW RSYROJHQ
+HWDSSDUDDWSDVLQJHEUXLNQHPHQZDQQHHUGHVLOLFRQH
KHOHPDDOGURRJLV PLQVWHQV XXUDIKDQNHOLMNYDQGH
RPJHYLQJVWHPSHUDWXXU *HVFKLNWH VLOLFRQH NDQ ZRUGHQ EHWURNNHQ YLD RQ]H VHUYLFHGLHQVW
$WWHQWLH
'RRU KHW JHEUXLN YDQ RQJHVFKLNWH VLOLFRQH NXQQHQ RS ZHUNEODGHQ
YDQQDWXXUPDUPHUEOLMYHQGHNOHXUYHUDQGHULQJHQRQWVWDDQ
$SSDUDDWDDQVOXLWHQ
$DQZLM]LQJHQ
■ 9RRUGHDIYRHUOXFKWGLHQWHHQVWXZNOHSPHWHHQPD[LPDOH
RSHQLQJVGUXNYDQ 3DWHZRUGHQLQJHERXZG,VHUJHHQ
VWXZNOHSELMKHWDSSDUDDWJHYRHJGGDQNDQGH]HZRUGHQ
YHUNUHJHQELMVSHFLDDO]DNHQ
■ :RUGWGHDIYRHUOXFKWGRRUGHEXLWHQPXXUJHOHLGGDQGLHQWHU
HHQWHOHVFRRSPXXUNDVWWHZRUGHQJHEUXLNW
/XFKWDIYRHUYHUELQGLQJPDNHQ
/XFKWDIYRHUEXLVEHYHVWLJHQDDQGHERFKWYDQGHSODWWHEXLVRI
KHWYHUORRSVWXN $IE 9HUELQGLQJPDNHQPHWGHOXFKWDIYRHURSHQLQJ
9HUELQGLQJVSXQWHQJRHGDIGLFKWHQ
&LUFXODWLHOXFKWYHUELQGLQJPDNHQ
)LOWHUPRGXOHYDVWFOLSVHQDDQGHRQGHUVWHERFKWYDQGHSODWWH
EXLVRI]RQRGLJYDVWVFKURHYHQ $IE D
$DQZLM]LQJ =R QRGLJ DDQ GH ILOWHUPRGXOH GUDDLHQ ]RGDW GH ODGH
YRRUGHDFWLHYHNRROILOWHUYDQGHDQGHUHNDQWNDQZRUGHQ
JHRSHQG
+HW IOH[LEHOH YHUELQGLQJVHOHPHQW DDQ GH ERYHQVWH ERFKW YDQ GH
SODWWHEXLVYDVWFOLSVHQ
)LOWHUPRGXOH HQ GH ERYHQVWH ERFKW YDQ GH SODWWH EXLV YHUELQGHQ
YLDKHWIOH[LEHOHYHUELQGLQJVHOHPHQW
$DQZLM]LQJ =RQRGLJYHUOHQJLQJHQPRQWHUHQWXVVHQGH
ILOWHUPRGXOHHQKHWIOH[LEHOHYHUELQGLQJVHOHPHQW
$OOHVOXLWLQJVHOHPHQWHQYDQGHODGHRSHQHQ/DGHRSHQHQ
$IE E
$FWLHYHNRROILOWHULQEUHQJHQ $IE F
/DGHVOXLWHQ
$OOHVOXLWLQJVHOHPHQWHQYDQGHODGHVOXLWHQ
6WURRPDDQVOXLWHQ
■ 6SDQQLQJ]LHKHWW\SHSODDWMH
■ 8LWVOXLWHQGDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD $IE %1EUXLQ
%8EODXZ
*1<(JHHQHQJURHQ
%.]ZDUW
*<JULMV
■ $IKDQNHOLMNYDQGHDDQVOXLWZDDUGHPRHWHYHQWXHHOGHSODDWVLQJ
YDQGHGRRUGHIDEULHNJHOHYHUGHDGHUHLQGKXO]HQZRUGHQ
YHUDQGHUG +LHUYRRU LV KHW ZHOOLFKW QRGLJ GH DGHUV LQ WH NRUWHQ HQ
GHLVRODWLHWHYHUZLMGHUHQ]RGDWHHQDGHUHLQGKXOVNDQZRUGHQ
DDQJHEUDFKWGLHWZHHNDEHOVYHUELQGW
$DQZLM]LQJ &RQWUROHHURIKHWDSSDUDDWNODDULVYRRUJHEUXLN
YHUVFKLMQW —…‹‹ “‹†‚„ RI “RSKHWGLVSOD\YDQKHWDSSDUDDW
GDQ LV KHW QLHW JRHG DDQJHVORWHQ+DDO GH VWHNNHU YDQ KHW DSSDUDDW
GDQXLWKHWVWRSFRQWDFWHQFRQWUROHHUGHDDQVOXLWLQJYDQGH
HOHNWULFLWHLWVNDEHO
'LVSOD\RPVFKDNHOHQQDDUOXFKWDIYRHURI
OXFKWFLUFXODWLH
9RRUGHOXFKWDIYRHUHQOXFKWFLUFXODWLHPRHWKHWGLVSOD\YDQGH
HOHNWURQLVFKHUHJHOLQJ]RQRGLJLQGHEDVLVLQVWHOOLQJHQZRUGHQ
RPJHVFKDNHOG
=LHKLHUYRRUKHWKRRIGVWXN %DVLVLQVWHOOLQJHQLQGH
JHEUXLNVDDQZLM]LQJ
$SSDUDDWGHPRQWHUHQ
$SSDUDDWORVNRSSHOHQYDQKHWVWURRPQHW
m 5LVLFRYDQHHQHOHNWULVFKHVFKRN
%LMKHWDINOHPPHQYDQGHNRRNSODDWYDQKHWVWURRPQHWNXQQHQ
GHNOHPPHQWHUXJVSDQQLQJYRHUHQ'HHOHNWULVFKHDDQVOXLWLQJ
PDJDOOHHQGRRUHHQJHDXWRULVHHUGHYDNPDQZRUGHQ
XLWJHYRHUG
/XFKWDIYRHUNDQDDOYHUZLMGHUHQRIOXFKWFLUFXODWLHYHUELQGLQJHQ
ORVNRSSHOHQ
+HWDSSDUDDWYDQRQGHUXLWQDDUEXLWHQGUXNNHQ
$WWHQWLH
6FKDGHDDQKHWDSSDUDDW +HWDSSDUDDWHUQLHWYDQERYHQDI
XLWWLOOHQ
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