Siemens iQ700 Electric cooktop Installation instructions

*9001392899*
Ø
é
Þ
â
×
Ý
ê
ó
Ú
0RQWDJHDQOHLWXQJ
,QVWDOODWLHYRRUVFKULIW
1RWLFHGHPRQWDJH
,VWUX]LRQLSHULOPRQWDJJLR
0RQWHULQJVYHMOHGQLQJ
PD[5
$VHQQXVRKMH
0RQWHULQJVYHLOHGQLQJ
0RQWHULQJVDQYLVQLQJ
,QVWDOODWLRQLQVWUXFWLRQV
5
‘
[
ž
$
ƒ&
PLQ
PLQ
$ PLQ
PLQ
PLQ
$
D
E
PLQ
PLQ
PLQ
PLQ
ƒ
$WWHQWLRQ
%”
%!
%
6
3(
6
de
9RUEHUHLWXQJGHU0|EHO$EELOGXQJHQ (LQEDXP|EHO6LHPVVHQELVPLQGHVWHQV ƒ&WHPSHUDWXUEH
VWlQGLJVHLQ
$XVVFKQLWW6SlQHQDFKGHQ$XVVFKQLWWDUEHLWHQHQWIHUQHQ
6FKQLWWIOlFKHQ0LWKLW]HEHVWlQGLJHP0DWHULDOYHUVLHJHOQ
0RQWDJHEHU%DFN|IHQ$EELOGXQJD
$EODJH0XVVEHUHLQH0LQGHVWGLFNHYRQ PPYHUIJHQ
+LQZHLV 6FKODJHQ 6LH LQ GHU 0RQWDJHDQOHLWXQJ IU GHQ %DFNRIHQ
QDFKIDOOVGHU$EVWDQG]ZLVFKHQ.RFKIHOGXQG%DFNRIHQYHUJU|
‰HUWZHUGHQPXVV
%HOIWXQJ'HU$EVWDQG]ZLVFKHQ%DFNRIHQXQG.RFKIHOGPXVV
PLQGHVWHQVPPEHWUDJHQ
/IWXQJ$EELOGXQJ 8PHLQHNRUUHNWH)XQNWLRQVZHLVHGHV*HUlWV]XJDUDQWLHUHQ
PXVVGDV.RFKIHOGDQJHPHVVHQEHOIWHWZHUGHQ
'DGLH/IWXQJLPXQWHUHQ%HUHLFKGHV*HUlWVHLQHDXVUHLFKHQGH
)ULVFKOXIW]XIXKUEHQ|WLJWPVVHQGLH0|EHOHQWVSUHFKHQGDXVJH
OHJWVHLQ+LHU]XZLUG)ROJHQGHVEHQ|WLJW
■ HLQ0LQGHVWDEVWDQG]ZLVFKHQ0|EHOUFNVHLWHXQG.FKHQZDQG
VRZLH]ZLVFKHQ%DFNRIHQXQG.RFKIHOG $EELOGXQJD ■ HLQHgIIQXQJDPREHUHQ(QGHGHU0|EHOUFNVHLWH
$EELOGXQJ E +LQZHLVH
■ :HQQGDV*HUlWLQHLQHU.RFKLQVHORGHUDQHLQHPDQGHUHQ
QLFKW EHVFKULHEHQHQ 3ODW] HLQJHEDXW ZLUG LVW HLQH DQJHPHVVHQH
%HOIWXQJGHV.RFKIHOGVVLFKHU]XVWHOOHQ
■ 'HQXQWHUHQ6RFNHOQLFKWKHUPHWLVFKDEVFKOLH‰HQ
Ø 0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
6LFKHUKHLWVKLQZHLV'LH6LFKHUKHLWEHLP*HEUDXFKGHV*HUlWHV
LVWQXUJHZlKUOHLVWHWZHQQGHU(LQEDXWHFKQLVFKNRUUHNWXQG
JHPl‰GLHVHU0RQWDJHDQOHLWXQJYRUJHQRPPHQZXUGH)U6FKl
GHQGLHGXUFKHLQHQXQVDFKJHPl‰HQ(LQEDXHQWVWHKHQKDIWHW
GHU0RQWHXU
1DFK GHU ,QVWDOODWLRQ LVW VLFKHU]XVWHOOHQ GDVV GHU %HQXW]HU NHLQHQ
=XJDQJ]XGHQHOHNWULVFKHQ%DXWHLOHQKDW
'LHVHV*HUlWLVW]XU9HUZHQGXQJLQ+|KHQYRQELV]X
0HWHUQ]XJHODVVHQ
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
(OHNWULVFKHU$QVFKOXVV(UPXVVYRQHLQHPNRQ]HVVLRQLHUWHQ
)DFKPDQQYRUJHQRPPHQZHUGHQ'DEHLJHOWHQGLH%HVWLPPXQ
JHQGHU|UWOLFKHQ6WURPYHUVRUJHU
'DV*HUlWPXVVDQHLQHUIHVWHQ,QVWDOODWLRQDQJHVFKORVVHQVHLQ
XQGJHPl‰GHQ,QVWDOODWLRQVYRUVFKULIWHQPVVHQHQWVSUHFKHQGH
7UHQQVFKDOWHUHLQJHULFKWHWZHUGHQ
$QVFKOXVVW\SHQ'DV*HUlWJHK|UW]XU6FKXW]NODVVH ,XQGGDUI
QXULQ.RPELQDWLRQPLWHLQHPJHHUGHWHQ$QVFKOXVVYHUZHQGHW
ZHUGHQ
'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIU%HWULHEVVW|UXQ
JHQRGHUP|JOLFKH6FKlGHQGLHDXIHLQHIHKOHUKDIWHHOHNWULVFKH
,QVWDOODWLRQ]XUFN]XIKUHQVLQG
1HW]NDEHO 'DV1HW]NDEHOGDUIQXUYRQHLQHUDXWRULVLHUWHQ)DFK
NUDIWRGHUHLQHPDXVJHELOGHWHQ.XQGHQGLHQVWWHFKQLNHULQVWDOOLHUW
ZHUGHQ
(LQEDXP|JOLFKNHLWHQXQWHUGHU$UEHLWVSODWWH'DV,QGXNWLRQV
NRFKIHOG NDQQ QXU EHU %DFN|IHQ PLW /IWXQJ GHUVHOEHQ 0DUNH LQV
WDOOLHUWZHUGHQ8QWHUGHP.RFKIHOGN|QQHQNHLQH.KOVFKUlQNH
6SOPDVFKLQHQgIHQRKQH/IWXQJRGHU:DVFKPDVFKLQHQHLQJH
EDXWZHUGHQ
$E]XJVHVVH'HU$EVWDQG]ZLVFKHQGHU$E]XJVHVVHXQGGHP
.RFKIHOGPXVVPLQGHVWHQVGHPLQGHU0RQWDJHDQOHLWXQJIUGLH
$E]XJVHVVHDQJHJHEHQHQ$EVWDQGHQWVSUHFKHQ
.RFKIHOGXQG%DFNRIHQ%HLGHPVVHQYRQGHUJOHLFKHQ0DUNH
VHLQXQGEHUGLHJOHLFKHQ$QVFKOVVHYHUIJHQ $EE 'DV *UQ GHV $XINOHEHUV DP 1HW]NDEHO GHV .RFKIHOGHV PXVV GHP
*UQGHV$XINOHEHUVDP%DFNRIHQHQWVSUHFKHQ7ULIIWGLHVQLFKW
]X PXVV HLQ JHHLJQHWHU $GDSWHU EHLP 7HFKQLVFKHQ .XQGHQGLHQVW
EHVWHOOWZHUGHQ'LH5HIHUHQ]QXPPHUIUGHQ$GDSWHUODXWHW
$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 $UEHLWVREHUIOlFKH PVVHQ YRQ HLQHP VSH]LDOL
VLHUWHQ'LHQVWOHLVWHUJHPl‰(LQEDXVNL]]HYRUJHQRPPHQZHU
GHQ'LH6FKQLWWNDQWHPXVVVDXEHUXQGSUl]LVHVHLQGDGHU
5DQGDXIGHU2EHUIOlFKHVLFKWEDULVW'LH6FKQLWWNDQWHQPLW
HLQHPHQWVSUHFKHQGHQ5HLQLJXQJVPLWWHOVlXEHUQXQGHQWIHWWHQ
*DUDQWLH(LQXQVDFKJHPl‰HU(LQEDX$QVFKOXVVRGHUHLQHIHK
OHUKDIWH0RQWDJHIKUHQ]XP9HUOXVWGHU*DUDQWLH
+LQZHLV -HJOLFKH $UEHLWHQ DP *HUlWHLQQHUHQ HLQVFKOLH‰OLFK GHP
$XVWDXVFKGHV1HW]NDEHOVPVVHQYRPHLJHQVGDIUDXVJHELOGH
WHQ.XQGHQGLHQVWYRUJHQRPPHQZHUGHQ
*HUlWHLQEDXHQ$EELOGXQJHQ +LQZHLV =XP(LQEDXHQGHV.RFKIHOGHV6FKXW]KDQGVFKXKHYHU
ZHQGHQ'LHQLFKWVLFKWEDUHQ)OlFKHQN|QQHQVFKDUIH.DQWHQDXI
ZHLVHQ
.RFKIHOGHLQVHW]HQ
'DV.OHEHEDQGDXIGHP$EVDW]GHU$UEHLWVSODWWHDQEULQJHQ
$EELOGXQJ 'DV*HUlWJOHLFKPl‰LJLQGHQ$XVVFKQLWWHLQVHW]HQ
$EELOGXQJ ² 'DV1HW]NDEHOQLFKWHLQNOHPPHQXQGQLFKWEHUVFKDUIH.DQ
WHQ IKUHQ %HL HLQHP XQWHUJHEDXWHQ %DFNRIHQ GLH /HLWXQJ DQ
GHQKLQWHUHQ(FNHQGHV%DFNRIHQVHQWODQJ]XU$QVFKOXVV
GRVHIKUHQ'LH/HLWXQJPXVVVRLQVWDOOLHUWZHUGHQGDVVVLH
NHLQHKHL‰HQ6WHOOHQGHV.RFKIHOGVRGHUGHV%DFNRIHQV
EHUKUW
² %HL JHIOLHVWHQ $UEHLWVSODWWHQ 'LH )OLHVHQIXJHQ PLW 6LOLNRQNDXW
VFKXNDEGLFKWHQ
'DUDXIDFKWHQGDVVVLFKGDV.RFKIHOGDXIGHUVHOEHQ+|KHZLH
GLH $UEHLWVSODWWH EHILQGHW )DOOV GDV .RFKIHOG QLFKW DXI GHUVHOEHQ
+|KHLVWGLHQRWZHQGLJH$Q]DKOGHUPLWJHOLHIHUWHQ9HUDQNHUXQ
JHQLQVWDOOLHUHQXQGYRUVLFKWLJIHVW]LHKHQ $EELOGXQJ +LQZHLV .HLQHHOHNWULVFKHQ6FKUDXEHQGUHKHUYHUZHQGHQ
*HUlWDQVFKOLH‰HQ$EELOGXQJ 'DV.RFKIHOGQXUDQVFKOLH‰HQZHQQHVVSDQQXQJVORVLVW 6LFKH
UXQJHQDXVVFKDOWHQ 'DV.RFKIHOGYRUGHP0|EHOVWFNSODW]LHUHQ
6FKXW]OHLWHU 3( JUQJHOE GHV .RFKIHOGHV DQ (UGXQJVVWHOOH <
GHV%DFNRIHQVDQVFKUDXEHQ
+LQZHLV 'HU6FKXW]OHLWHU3( PXVVDOV(UVWHVDQJHVFKORVVHQ
XQGDOV/HW]WHVJHWUHQQWZHUGHQ
'HQ 3RO\%R[3ODVWLNVWHFNHUDP%DFNRIHQHLQVWHFNHQ
6FKUDXEHQGHV 3RO\%R[6WHFNHUVIHVWGUHKHQ
'DWHQOHLWXQJ 6DQVFKOLH‰HQ
9RUGHP9HUVLHJHOQGHU'LFKWXQJHQ $EELOGXQJ HLQHQHQW
VSUHFKHQGHQ)XQNWLRQVWHVWGXUFKIKUHQ
'HQ6SDOWULQJVXPPLWJHHLJQHWHPXQGKLW]HEHVWlQGLJHP6LOLNRQ
YHUVLHJHOQ] % PLW1RYDVLOŠ6RGHUPLW2WWRVHDOŠ6'LH
'LFKWIXJHPLWGHPYRP+HUVWHOOHUHPSIRKOHQHQ*OlWWPLWWHOJODWW
VWUHLFKHQ'LH+LQZHLVH]XP6LOLNRQEHDFKWHQ'DV*HUlWHUVWLQ
%HWULHEQHKPHQZHQQGDV6LOLNRQYROOVWlQGLJJHWURFNQHWLVW'DV
7URFNQHQ GDXHUW PLQGHVWHQV 6WXQGHQ XQG GLH 'DXHU LVW DEKlQ
JLJYRQGHU8PJHEXQJVWHPSHUDWXU
(LQHQJHHLJQHWHQ6LOLNRQNOHEHUN|QQHQ6LHEHUXQVHUHQ.XQGHQ
GLHQVWEH]LHKHQ
$FKWXQJ
(LQXQJHHLJQHWHU6LOLNRQNOHEHUNDQQEHL1DWXUPDUPRUGDXHUKDIWH
)DUEYHUlQGHUXQJHQYHUXUVDFKHQ
: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
*DUDQWLHHHQRQJHVFKLNWHLQVWDOODWLHDDQVOXLWLQJRIPRQWDJH
KRXGWKHWYHUOLHVYDQGHJHOGLJKHLGYDQGHJDUDQWLHYDQKHW
SURGXFWLQ
$DQZLM]LQJ (ONH PDQLSXODWLH LQ KHW DSSDUDDW PHW LQEHJULS YDQ GH
YHUYDQJLQJYDQGHYRHGLQJVNDEHOPRHWZRUGHQXLWJHYRHUGGRRU
SHUVRQHHO YDQ GH 7HFKQLVFKH 'LHQVW PHW HHQ VSHFLILHNH RSOHLGLQJ
*HUlWDXVEDXHQ
'DV*HUlWYRP6WURPQHW]QHKPHQ
: 6WURPVFKODJJHIDKU
%HLP$ENOHPPHQGHV.RFKIHOGHVYRP6WURPQHW]N|QQHQGLH
.OHPPHQ5FNVSDQQXQJIKUHQ'HUHOHNWULVFKH$QVFKOXVVGDUI
QXUYRQHLQHPNRQ]HVVLRQLHUWHQ)DFKPDQQGXUFKJHIKUWZHUGHQ
'LH 6LOLNRQGLFKWXQJ XP GDV .RFKIHOG KHUXP PLW HLQHP JHHLJQHWHQ
:HUN]HXJHQWIHUQHQ
%DFNRIHQKHUDXV]LHKHQXQGYRUGHP0|EHODEVWHOOHQ
1HW]OHLWXQJ 6DE]LHKHQ
'LH 6FKUDXEH GHV *HKlXVHV 3RO\%R[ O|VHQ XQG HQWIHUQHQ %HLP
(QWIHUQHQQLFKWDQGHQ.DEHOQ]LHKHQ
=XOHW]WGHQ6FKXW]OHLWHUYRQGHU(UGXQJVVFKUDXEHO|VHQ
'DV.RFKIHOGGXUFK'UXFNYRQXQWHQKHUDXVQHKPHQ
$FKWXQJ
*HUlWHVFKlGHQ1LFKWYHUVXFKHQGDV*HUlWYRQREHQKHUDXV]X
QHKPHQ
nl
é ,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
9RRUEHUHLGLQJYDQGHPHXEHOVDIE 9HLOLJKHLGGHYHLOLJKHLGJHGXUHQGHKHWJHEUXLNLVDOOHHQ
JHJDUDQGHHUG LQGLHQ GH PRQWDJH LQ WHFKQLVFK RS]LFKW RS FRUUHFWH
ZLM]HHQLQRYHUHHQVWHPPLQJPHWGLWLQVWDOODWLHYRRUVFKULIW
XLWJHYRHUGLV'HLQVWDOODWHXULVDDQVSUDNHOLMNYRRUVFKDGH
YHURRU]DDNWGRRUHHQRQJHVFKLNWHPRQWDJH
1DGHLQVWDOODWLHGLHQWHUYRRUWHZRUGHQJH]RUJGGDWGHJHEUXLNHU
JHHQWRHJDQJWRWGHHOHNWULVFKHFRPSRQHQWHQKHHIW
'LWDSSDUDDWLVWRHJHODWHQYRRUJHEUXLNWRWHHQKRRJWHWRW
PHWHU
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
(OHNWULVFKHDDQVOXLWLQJGH]HPDJDOOHHQZRUGHQXLWJHYRHUG
GRRUHHQEHYRHJGYDNPDQ'H]HZRUGWJHUHJHOGGRRUGH
YRRUVFKULIWHQYDQGHHOHNWULFLWHLWVPDDWVFKDSSLMYDQGH]RQH
+HWDSSDUDDWGLHQWRSHHQYDVWHLQVWDOODWLHWH]LMQDDQJHVORWHQHQ
GHEHWUHIIHQGHVFKHLGLQJVVFKDNHODDUVPRHWHQFRQIRUPGH
LQVWDOODWLHYRRUVFKULIWHQZRUGHQJHPRQWHHUG
7\SH DDQVOXLWLQJ KHW DSSDUDDW EHKRRUW WRW EHVFKHUPLQJVNODVVH ,
HQPDJDOOHHQZRUGHQJHEUXLNWLQFRPELQDWLHPHWHHQDDQVOXLWLQJ
PHWDDUGJHOHLGLQJ
'HIDEULNDQWLVQLHWDDQVSUDNHOLMNYRRUGHRQJHVFKLNWHZHUNLQJHQ
GHPRJHOLMNHVFKDGHYHURRU]DDNWGRRURQJHVFKLNWHHOHNWULVFKH
LQVWDOODWLHV
9RHGLQJVNDEHO 'HYRHGLQJVNDEHOPDJDOOHHQZRUGHQ
JHwQVWDOOHHUGGRRUHHQHUNHQGYDNPDQRIHHQJHVFKRROGH
WHFKQLFXVYDQGHVHUYLFHGLHQVW
0RQWDJHPRJHOLMNKHGHQRQGHUKHWZHUNEODG'H
LQGXFWLHNRRNSODDWNDQDOOHHQERYHQHHQRYHQPHWYHQWLODWLHYDQ
KHW]HOIGHPHUNZRUGHQJHwQVWDOOHHUG2QGHUGHNRRNSODDWNXQQHQ
JHHQNRHONDVWHQYDDWZDVPDFKLQHVRYHQV]RQGHUYHQWLODWLHRI
ZDVPDFKLQHVZRUGHQLQJHERXZG
$I]XLJNDS 'H DIVWDQG WXVVHQ GH DI]XLJNDS HQ GH NRRNSODDW GLHQW
WHQ PLQVWH WH YROGRHQ DDQ GH DIVWDQG GLH ZRUGW ZHHUJHJHYHQ LQ GH
PRQWDJHKDQGOHLGLQJYRRUGHDI]XLJNDS
.RRNSODDWHQRYHQ%HLGHPRHWHQYDQKHW]HOIGHPHUN]LMQHQ
EHVFKLNNHQRYHUGH]HOIGHDDQVOXLWLQJHQ $IE 'HJURHQHNOHXUYDQGHVWLFNHURSGHYRHGLQJVNDEHOYDQGH
NRRNSODDWGLHQWRYHUHHQWHNRPHQPHWGHNOHXUYDQGH
RYHQVWLFNHU ,V GLW QLHW KHW JHYDO GDQ GLHQW X HHQ JHVFKLNWH DGDSWHU
WH EHVWHOOHQ ELM GH WHFKQLVFKH VHUYLFHGLHQVW +HW UHIHUHQWLHQXPPHU
YRRUGHDGDSWHULV
:HUNEODGYODNKRUL]RQWDDOVWDELHO9ROJGHLQVWUXFWLHVYDQGH
IDEULNDQWYDQKHWZHUNEODGRS
+HWDSSDUDDWNDQLQGHYROJHQGHKLWWHHQZDWHUEHVWHQGLJH
ZHUNEODGHQZRUGHQLQJHERXZG
■ :HUNEODGHQYDQPDUPHUQDWXXUVWHHQ
■ 6\QWKHWLVFKHZHUNEODGHQ
■ :HUNEODGHQYDQPDVVLHIKRXWDOOHHQLQRYHUHHQVWHPPLQJPHW
GHIDEULNDQWYDQKHWZHUNEODG DIJHGLFKWHVQLMUDQGHQ
■ 0RQWDJHYDQDQGHUHVRRUWHQZHUNEODGHQDOOHHQLQ
RYHUHHQVWHPPLQJPHWGHIDEULNDQWYDQKHWZHUNEODG
,QERXZPHXEHOHQWHQPLQVWHEHVWDQGWHJHQHHQWHPSHUDWXXU
YDQƒ&
9ULMHUXLPWHYHUZLMGHUGHVSDDQGHUVQDGHVQLMZHUN]DDPKHGHQ
6QLMRSSHUYODNNHQDIGLFKWHQPHWKLWWHEHVWHQGLJPDWHULDDO
0RQWDJHERYHQGHRYHQDIED
:HUNEODGPRHWHHQGLNWHKHEEHQYDQWHQPLQVWH PP
$DQZLM]LQJ :DQQHHU GH DIVWDQG WXVVHQ NRRNSODDW HQ RYHQ JURWHU
PRHW]LMQUDDGSOHHJGDQKHWLQVWDOODWLHYRRUVFKULIWELMGHRYHQ
9HQWLODWLHGHDIVWDQGWXVVHQGHRYHQHQGHNRRNSODDWGLHQW
PLQVWHQVPPWHEHGUDJHQ
9HQWLODWLHDIE 2PHHQMXLVWHZHUNLQJYDQKHWDSSDUDDWWHJDUDQGHUHQPRHWGH
NRRNSODDWQDDUEHKRUHQZRUGHQJHYHQWLOHHUG
2PGDWYRRUGHYHQWLODWLHRQGHULQKHWDSSDUDDWHHQYROGRHQGH
DDQYRHUYDQYHUVHOXFKWYHUHLVWLVPRHWHQGHPHXEHOVKLHURS
EHUHNHQG]LMQ+LHUYRRULVKHWYROJHQGHYHUHLVW
■ HHQPLQLPDOHDIVWDQGWXVVHQGHDFKWHUNDQWYDQKHWPHXEHOHQ
GHNHXNHQZDQGHYHQDOVWXVVHQGHRYHQHQGHNRRNSODDW $IE
D ■ HHQRSHQLQJDDQKHWERYHQVWHHLQGHYDQGHDFKWHUNDQWYDQKHW
PHXEHO $IE E $DQZLM]LQJHQ
■ :DQQHHUKHWDSSDUDDWLQHHQNHXNHQHLODQGRIRSHHQDQGHUH
QLHWEHVFKUHYHQSODDWVZRUGWLQJHERXZGGLHQWGHNRRNSODDW
YRRU]LHQWH]LMQYDQHHQSDVVHQGHYHQWLODWLH
■ 'HRQGHUVWHSOLQWQLHWKHUPHWLVFKDIVOXLWHQ
$SSDUDWHQPRQWHUHQDIEHHOGLQJHQ $DQZLM]LQJ %LMKHWLQERXZHQYDQGHNRRNSODDWGLHQWX
YHLOLJKHLGVKDQGVFKRHQHQWHGUDJHQ'HQLHW]LFKWEDUH
RSSHUYODNNHQNXQQHQVFKHUSHNDQWHQKHEEHQ
.RRNSODDWLQEUHQJHQ
'H ]HOINOHYHQGH WDSH RS GH DDQ]HW YDQ KHW ZHUNEODG DDQEUHQJHQ
$IE +HWDSSDUDDWJHOLMNPDWLJLQGHXLWVSDULQJSODDWVHQ
$IEHHOGLQJ ² =RUJHUYRRUGDWGHYRHGLQJVNDEHOQLHWEHNOHPGUDDNWHQQLHW
RYHUVFKHUSHUDQGHQZRUGWJHOHLG%LMHHQRQGHUJHERXZGH
RYHQGHOHLGLQJYLDGHDFKWHUVWHKRHNHQYDQGHRYHQQDDUGH
DDQVOXLWGRRV OHLGHQ 'H OHLGLQJ PRHW ]R ZRUGHQ JHwQVWDOOHHUG
GDWHUJHHQFRQWDFWZRUGWJHPDDNWPHWKHWHSODDWVHQYDQGH
NRRNSODDWRIGHRYHQ
² %LMEHWHJHOGHZHUNEODGHQGHYRHJHQYDQGHWHJHOVDIGLFKWHQ
PHWVLOLFRQHQUXEEHU
/HWHURSGDWGHNRRNSODDW]LFKRSGH]HOIGHKRRJWHEHYLQGWDOV
KHWZHUNEODG,QGLHQGHNRRNSODDW]LFKQLHWRSGH]HOIGHKRRJWH
EHYLQGWKHWEHQRGLJGHDDQWDOPHHJHOHYHUGHYHUDQNHULQJHQ
LQVWDOOHUHQHQYRRU]LFKWLJDDQWUHNNHQ $IE $DQZLM]LQJ *HHQHOHNWULVFKHVFKURHIPDFKLQHJHEUXLNHQ
3RVVLELOLWpVGHPRQWDJHVRXVOHSODQGHWUDYDLO ODWDEOHGH
FXLVVRQjLQGXFWLRQQHSHXWrWUHPRQWpHTX DXGHVVXVGHIRXUj
YHQWLODWLRQ GH OD PrPH PDUTXH ,O Q HVW SDV SRVVLEOH GH PRQWHU XQ
UpIULJpUDWHXUXQODYHYDLVVHOOHXQIRXUVDQVYHQWLODWLRQQLXQODYH
OLQJHVRXVODWDEOHGHFXLVVRQ
+RWWH ODGLVWDQFHHQWUHODKRWWHHWODWDEOHGHFXLVVRQGRLWDX
PLQLPXPFRUUHVSRQGUHjODGLVWDQFHLQGLTXpHSRXUODKRWWHGDQV
OHVLQVWUXFWLRQVGHPRQWDJH
7DEOHGHFXLVVRQHWIRXU GRLYHQWWRXVGHX[rWUHGHODPrPH
PDUTXHHWGLVSRVHUGHVPrPHVUDFFRUGHPHQWV )LJ /DSDUWLHYHUWHGHO DXWRFROODQWGXFkEOHVHFWHXUGHODWDEOHGH
FXLVVRQ GRLW FRwQFLGHU DYHF OD SDUWLH YHUWH GH O DXWRFROODQW GX IRXU
6LFHQ HVWSDVOHFDVLOIDXWFRPPDQGHUXQDGDSWDWHXUDSSURSULp
DXSUqVGXVHUYLFHDSUqVYHQWH/HQXPpURGHUpIpUHQFHGH
O DGDSWDWHXUHVW
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
*DUDQWLH XQH PDXYDLVH LQVWDOODWLRQ XQ PDXYDLV EUDQFKHPHQW RX
XQ PRQWDJH LQDGDSWp SHXYHQW FRQGXLUH j OD SHUWH GH YDOLGLWp GH OD
JDUDQWLHGXSURGXLW
5HPDUTXH 7RXWHPDQLSXODWLRQjO LQWpULHXUGHO DSSDUHLO\
FRPSULVOHUHPSODFHPHQWGXFkEOHG DOLPHQWDWLRQGHYUDrWUH
HIIHFWXpHSDUGXSHUVRQQHOWHFKQLTXHGXVHUYLFHG DVVLVWDQFH
WHFKQLTXHD\DQWUHoXXQHIRUPDWLRQVSpFLILTXH
$SSDUDDWDDQVOXLWHQ$IE 'HNRRNSODDWDOOHHQDDQVOXLWHQZDQQHHUKLMVSDQQLQJVORRVLV
]HNHULQJHQXLWVFKDNHOHQ 'HNRRNSODDWYRRUKHWPHXEHOSODDWVHQ
$DUGOHLGLQJ 3( JURHQJHHO YDQGHNRRNSODDWDDQGH
DDUGLQJVSODDW <YDQGHRYHQYDVWVFKURHYHQ
$DQZLM]LQJ 'HDDUGOHLGLQJ3( GLHQWKHWHHUVWWHZRUGHQ
DDQJHVORWHQ HQ KHW ODDWVW XLW KHW VWRSFRQWDFW WH ZRUGHQ JHKDDOG
'HSODVWLFVWHNNHU 3RO\ER[LQGHRYHQVWHNHQ
6FKURHYHQYDQGH 3RO\ER[VWHNNHUYDVWGUDDLHQ
'DWDOLMQ 6DDQVOXLWHQ
9RRUKHWDIVOXLWHQYDQGHDIGLFKWLQJHQ $IE HHQ
RYHUHHQNRPVWLJHIXQFWLHWHVWXLWYRHUHQ
'HYRHJDDQDOOHNDQWHQDIGLFKWHQPHWJHVFKLNWHHQ
KLWWHEHVWHQGLJHVLOLFRQHELMY1RYDVLOŠ6RIPHW2WWRVHDOŠ6
'H YRHJ PHW KHW GRRU GH IDEULNDQW DDQEHYROHQ PLGGHO JODGVWULMNHQ
$DQZLM]LQJHQ PEW GH VLOLFRQH LQ DFKW QHPHQ +HW DSSDUDDW SDV LQ
EHGULMIQHPHQZDQQHHUGHVLOLFRQHYROOHGLJLVJHGURRJG+HW
GURJHQGXXUPLQLPDDO XXUHQGHGXXULVDIKDQNHOLMNYDQGH
RPJHYLQJVWHPSHUDWXXU
8 NXQW HHQ JHVFKLNWH VLOLFRQHNLW YLD RQ]H NODQWHQVHUYLFH YHUNULMJHQ
$WWHQWLH
(HQRQJHVFKLNWHVLOLFRQHQOLMPNDQELMQDWXXUPDUPHUSHUPDQHQWH
NOHXUYHUDQGHULQJHQYHURRU]DNHQ
$SSDUDDWGHPRQWHUHQ
+HWDSSDUDDWYDQGHVWURRPKDOHQ
: *HYDDUYRRUHHQHOHNWULVFKHVFKRN
:DQQHHUGHNRRNSODDWYDQGHVWURRPZRUGWJHKDDOGNXQQHQGH
NOHPPHQJHODGHQEOLMYHQ+HWDSSDUDDWPDJDOOHHQGRRUHHQ
JHVFKRROGYDNPDQZRUGHQDDQJHVORWHQ
'HVLOLFRQHQGLFKWLQJURQGGHKHOHNRRNSODDWYHUZLMGHUHQPHW
JHVFKLNWJHUHHGVFKDS
2YHQQDDUEXLWHQWUHNNHQHQYRRUKHWPHXEHOSODDWVHQ
9RHGLQJVNDEHO 6YHUZLMGHUHQ
'H VFKURHI YDQ GH EHKXL]LQJ 3RO\ER[ ORVGUDDLHQ HQ YHUZLMGHUHQ
7LMGHQVKHWYHUZLMGHUHQQLHWDDQGHNDEHOVWUHNNHQ
7RWVORWGHDDUGOHLGLQJYDQGHDDUGLQJVVFKURHIORVPDNHQ
'HNRRNSODDWYHUZLMGHUHQGRRUGUXNYDQRQGHUHQXLWWHRHIHQHQ
$WWHQWLH
6FKDGHDDQKHWDSSDUDDW3UREHHUKHWDSSDUDDWQLHWYDQERYHQDI
WHYHUZLMGHUHQ
fr
Þ 1RWLFHGHPRQWDJH
5HPDUTXHVLPSRUWDQWHV
6pFXULWp ODVpFXULWpSHQGDQWO XWLOLVDWLRQQ HVWJDUDQWLHTXHVL
O LQVWDOODWLRQDpWpHIIHFWXpHGHPDQLqUHFRUUHFWHGXSRLQWGHYXH
WHFKQLTXHHWFRQIRUPpPHQWjFHVLQVWUXFWLRQVGHPRQWDJH
/ LQVWDOODWHXU VHUD UHVSRQVDEOH GH WRXW GRPPDJH SURYRTXp SDU XQ
PRQWDJHLQFRUUHFW
$SUqVO LQVWDOODWLRQDVVXUH]YRXVTXHO XWLOLVDWHXUQ DDXFXQDFFqV
DX[SLqFHVpOHFWULTXHV
&HWDSSDUHLOSHXWrWUHXWLOLVpjGHVKDXWHXUVDOODQWMXVTX j
PqWUHV
: 3RUWHXUVG LPSODQWVpOHFWURQLTXHV / DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
&RQQH[LRQpOHFWULTXH QHSHXWrWUHHIIHFWXpHTXHSDUXQ
VSpFLDOLVWHDXWRULVp,OGHYUDVXLYUHOHVGLVSRVLWLRQVGXIRXUQLVVHXU
G pOHFWULFLWpGDQVOD]RQH
/ DSSDUHLOGRLWrWUHUDFFRUGpjXQHLQVWDOODWLRQIL[HHWGHV
VHFWLRQQHXUVFRUUHVSRQGDQWVGRLYHQWDYRLUpWpLQVWDOOpV
FRQIRUPpPHQWDX[SUHVFULSWLRQVG LQVWDOODWLRQ
7\SHGHEUDQFKHPHQW O DSSDUHLOIDLWSDUWLHGHODFODVVHGH
SURWHFWLRQ ,HWQHSHXWrWUHXWLOLVpTX DYHFXQHSULVHSRVVpGDQWXQ
FRQGXFWHXUGHSULVHGHWHUUH
/HIDEULFDQWVHGpJDJHGHWRXWHUHVSRQVDELOLWpTXDQWDX
IRQFWLRQQHPHQWLQDSSURSULpHWDX[SRVVLEOHVGRPPDJHV
SURYRTXpVSDUGHVLQVWDOODWLRQVpOHFWULTXHVQRQDSSURSULpHV
&kEOHVHFWHXU OHFkEOHVHFWHXUGRLWXQLTXHPHQWrWUHLQVWDOOpSDU
XQSHUVRQQHODXWRULVpRXSDUXQWHFKQLFLHQTXDOLILpGXVHUYLFH
DSUqVYHQWH
3UpSDUDWLRQGHVPHXEOHVILJXUHV
0HXEOHV HQFDVWUpV FDSDEOHV GH UpVLVWHU j XQH WHPSpUDWXUH G DX
PRLQV ƒ&
&UHX[G HQFDVWUHPHQW UHWLUHUOHVFRSHDX[GXVjODGpFRXSH
6XUIDFHV GH GpFRXSH VFHOOHU j O DLGH G XQ PDWpULDX UpVLVWDQW j OD
FKDOHXU
0RQWDJHDXGHVVXVGHIRXUVILJXUHD
3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH PP
5HPDUTXH 9HXLOOH]FRQVXOWHUODQRWLFHGHPRQWDJHGXIRXUVLOD
GLVWDQFHHQWUHODWDEOHGHFXLVVRQHWOHIRXUGRLWrWUHDJUDQGLH
9HQWLODWLRQ/DGLVWDQFHHQWUHOHIRXUHWODWDEOHGHFXLVVRQGRLW
rWUHG DXPRLQVPP
9HQWLODWLRQILJXUH $ILQ GH JDUDQWLU XQ IRQFWLRQQHPHQW FRUUHFW GH O DSSDUHLO OD WDEOH GH
FXLVVRQGRLWrWUHVXIILVDPPHQWYHQWLOpH
eWDQW GRQQp TXH OD YHQWLODWLRQ GDQV OD SDUWLH LQIpULHXUH GH O DSSDUHLO
UHTXLHUW XQH DPHQpH G DLU IUDLV VXIILVDQWH OHV PHXEOHV GRLYHQW rWUH
DGDSWpVHQFRQVpTXHQFH,OFRQYLHQWSRXUFHIDLUHGHSURFpGHU
FRPPHVXLW ■ XQHGLVWDQFHPLQLPDOHHQWUHO DUULqUHGXPHXEOHHWOHPXUGHOD
FXLVLQHDLQVLTX HQWUHOHIRXUHWODWDEOHGHFXLVVRQ ILJXUHD ■ XQHRXYHUWXUHjO H[WUpPLWpVXSpULHXUHGHO DUULqUHGXPHXEOH
ILJXUH E 5HPDUTXHV
■ 6LO DSSDUHLOHVWPRQWpGDQVXQvORWGHFXLVVRQRXjXQDXWUH
HPSODFHPHQW QRQ GpFULW YHLOOHU j XQH YHQWLODWLRQ DGpTXDWH GH OD
WDEOHGHFXLVVRQ
■ 1HSDVIHUPHUOHVRFOHLQIpULHXUGHIDoRQKHUPpWLTXH
it
0RQWHUO DSSDUHLOILJXUHV 5HPDUTXH 3RXUO HQFDVWUHPHQWGHO DSSDUHLOXWLOLVHUGHVJDQWV
GHSURWHFWLRQ/HVVXUIDFHVQRQYLVLEOHVSHXYHQWSUpVHQWHUGHV
DUrWHVFRXSDQWHV
0LVHHQSODFHGHODWDEOHGHFXLVVRQ
3ODFHUOHUXEDQDGKpVLIVXUODWUDQFKHGXSODQGHWUDYDLO
ILJXUH ,QWURGXLUHO DSSDUHLOGHPDQLqUHXQLIRUPHGDQVODGpFRXSH
ILJXUH ² 1HSDVFRLQFHUOHFkEOHVHFWHXUQHSDVOHWLUHUDXGHVVXV
G DUrWHVFRXSDQWHV(QFDVGHIRXULQVWDOOpHQGHVVRXVIDLUH
SDVVHUOHFkEOHOHORQJGHVFRLQVDUULqUHGXIRXUMXVTX jOD
SULVH GH UDFFRUGHPHQW /H FkEOH GRLW rWUH LQVWDOOp GH PDQLqUH j
QHWRXFKHUDXFXQH]RQHFKDXGHGHODWDEOHGHFXLVVRQRXGX
IRXU
² (QFDVGHSODQVGHWUDYDLOFDUUHOpV pWDQFKpLILHUOHVMRLQWVGX
FDUUHODJHDYHFXQMRLQWHQVLOLFRQH
9HLOOHUjFHTXHODWDEOHGHFXLVVRQVRLWjODPrPHKDXWHXUTXH
OHSODQGHWUDYDLO6LODWDEOHGHFXLVVRQQ HVWSDVjODPrPH
KDXWHXULQVWDOOHUOHQRPEUHUHTXLVG DQFUDJHVIRXUQLVHWOHV
VHUUHUDYHFSUpFDXWLRQ ILJXUH 5HPDUTXH 1HSDVXWLOLVHUGHWRXUQHYLVpOHFWULTXH
5DFFRUGHUO DSSDUHLOILJXUH
5DFFRUGHUODWDEOHGHFXLVVRQXQLTXHPHQWORUVTX HOOHHVWKRUV
WHQVLRQ FRXSHUOHVIXVLEOHV 3ODFHUODWDEOHGHFXLVVRQGHYDQWOHPHXEOH
9LVVHU OH FRQGXFWHXU GH SURWHFWLRQ 3( YHUWMDXQH GH OD WDEOH GH
FXLVVRQDXSRLQWGHPLVHjODWHUUH <GXIRXU
5HPDUTXH /H FRQGXFWHXU GH SURWHFWLRQ 3( GRLW rWUH UDFFRUGp
HQSUHPLHUHWrWUHGpEUDQFKpHQGHUQLHU
(QILFKHUOHFRQQHFWHXUHQSODVWLTXH 3RO\%R[GDQVOHIRXU
9LVVHUOHVYLVGXFRQQHFWHXU 3RO\%R[
5DFFRUGHUOHFkEOHGHGRQQpHV 6
$YDQWGHVFHOOHUOHVMRLQWV ILJXUH HIIHFWXHUXQWHVW
IRQFWLRQQHOFRUUHVSRQGDQW 6FHOOHUOHSRXUWRXUGHO LQWHUVWLFHjO DLGHGHVLOLFRQHDSSURSULpHW
UpVLVWDQWjODFKDOHXUSDUH[1RYDVLOŠ6RX2WWRVHDOŠ6
/LVVHUOHMRLQWjO DLGHG XQDJHQWOLVVDQWUHFRPPDQGpSDUOH
IDEULFDQW5HVSHFWHUOHVFRQVLJQHVFRQFHUQDQWOHVLOLFRQH)DLUH
IRQFWLRQQHUO DSSDUHLOXQLTXHPHQWORUVTXHOHVLOLFRQHHVW
HQWLqUHPHQW VHF /H VpFKDJH GXUH DX PRLQV KHXUHV HW OD GXUpH
GpSHQGGHODWHPSpUDWXUHDPELDQWH
9RXVSRXYH]YRXVSURFXUHUXQHFROOHVLOLFRQHDSSURSULpHDXSUqV
GHQRWUHVHUYLFHFOLHQW
$WWHQWLRQ
8QHFROOHVLOLFRQHLQDSSURSULpHSHXWSURYRTXHUGHVFKDQJHPHQWV
GHFRXOHXUGXUDEOHVVXUOHPDUEUHQDWXUHO
â ,VWUX]LRQLSHULOPRQWDJJLR
,QGLFD]LRQLLPSRUWDQWL
6LFXUH]]DODVLFXUH]]DGXUDQWHO XVRqJDUDQWLWDVRORVH
O LQVWDOOD]LRQHqVWDWDHIIHWWXDWDLQPRGRFRUUHWWRGDOSXQWRGLYLVWD
WHFQLFR H LQ FRQIRUPLWj FRQ OH SUHVHQWL LVWUX]LRQL SHU LO PRQWDJJLR ,
GDQQLFDXVDWLGDXQPRQWDJJLRLQDGHJXDWRVDUDQQRGL
UHVSRQVDELOLWjGHOO LQVWDOODWRUH
$VHJXLWRGHOO LQVWDOOD]LRQHDFFHUWDUVLFKHO XWLOL]]DWRUHQRQDEELD
DFFHVVRDLFRPSRQHQWLHOHWWULFL
ËFRQVHQWLWRXWLOL]]DUHTXHVWRDSSDUHFFKLRILQRDGDOWH]]HGL
PHWUL
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/ DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
&ROOHJDPHQWR HOHWWULFR SXz HVVHUH HIIHWWXDWR VROR GD XQ WHFQLFR
VSHFLDOL]]DWRDXWRUL]]DWRËRSSRUWXQRULVSHWWDUHOHGLVSRVL]LRQL
GHOODVRFLHWjGLIRUQLWXUDGLHQHUJLDHOHWWULFDORFDOH
/ DSSDUHFFKLRGHYHHVVHUHFROOHJDWRDXQ LQVWDOOD]LRQHILVVDHLQ
FRQIRUPLWjDOOHQRUPHUHODWLYHDOO LQVWDOOD]LRQHGHYRQRHVVHUH
SUHGLVSRVWLLFRUULVSRQGHQWLVH]LRQDWRUL
7LSRGLFROOHJDPHQWRO DSSDUHFFKLRDSSDUWLHQHDOODFODVVHGL
SURWH]LRQH ,HSXzHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHLQ
FRPELQD]LRQH FRQ XQD FRQQHVVLRQH GRWDWD GL FRQGXWWRUH GL PHVVD
DWHUUD
,OIDEEULFDQWHQRQqUHVSRQVDELOHGHOIXQ]LRQDPHQWRLQDGHJXDWRH
GHLSRVVLELOLGDQQLFDXVDWLGDLQVWDOOD]LRQLHOHWWULFKHQRQDGHJXDWH
&DYR GL UHWH LO FDYR GL UHWH GHYH HVVHUH LQVWDOODWR HVFOXVLYDPHQWH
GD SHUVRQDOH VSHFLDOL]]DWR DXWRUL]]DWR R GD XQ WHFQLFR GHO VHUYL]LR
GLDVVLVWHQ]DFOLHQWLGHELWDPHQWHIRUPDWR
3RVVLELOLWjGLPRQWDJJLRVRWWRLOSLDQRGLODYRURLOSLDQRGL
FRWWXUD D LQGX]LRQH SXz HVVHUH LQVWDOODWR VROWDQWR VRSUD L IRUQL FRQ
VLVWHPDGLDHUD]LRQHGHOORVWHVVRPDUFKLR$OGLVRWWRGHOSLDQRGL
FRWWXUDQRQSRVVRQRHVVHUHPRQWDWLIULJRULIHULODYDVWRYLJOLHIRUQL
VHQ]DVLVWHPDGLDHUD]LRQHRODYDWULFL
&HQWURGLDVSLUD]LRQHODGLVWDQ]DWUDLOFHQWURGLDVSLUD]LRQHHLO
SLDQRGLFRWWXUDGHYHFRUULVSRQGHUHDOPHQRDOODGLVWDQ]DLQGLFDWD
SHULOFHQWURGLDVSLUD]LRQHQHOOHLVWUX]LRQLSHULOPRQWDJJLR
3LDQRGLFRWWXUDHIRUQRGHYRQRHVVHUHHQWUDPELGHOORVWHVVR
PDUFKLRHGLVSRUUHGHJOLVWHVVLDOODFFLDPHQWL ILJ /DSDUWHYHUGHGHOO HWLFKHWWDDGHVLYDVXOFDYRGLUHWHGHOSLDQRGL
FRWWXUDGHYHFRUULVSRQGHUHDOODSDUWHYHUGHGHOO HWLFKHWWDDGHVLYD
VXOIRUQR6HFLzQRQVLYHULILFDqQHFHVVDULRRUGLQDUHXQ
DGDWWDWRUHDGHJXDWRSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFD,O
FRGLFHGLULIHULPHQWRSHUO DGDWWDWRUHq
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
*DUDQ]LDODJDUDQ]LDGHOSURGRWWRQRQqYDOLGDVHO LQVWDOOD]LRQH
ODFRQQHVVLRQHRLOPRQWDJJLRYHQJRQRHIIHWWXDWLLQPDQLHUD
LPSURSULD
'pSRVHGHO DSSDUHLO
'pEUDQFKH]O DSSDUHLOGXVHFWHXU
: 5LVTXHG·pOHFWURFXWLRQ /RUVTXHODWDEOHGHFXLVVRQHVWGpEUDQFKpHGXVHFWHXULOSHXW\
DYRLU XQ UHWRXU GH WHQVLRQ DX QLYHDX GHV ERUQHV /H UDFFRUGHPHQW
pOHFWULTXHGRLWXQLTXHPHQWrWUHUpDOLVpSDUXQVSpFLDOLVWH
FRQFHVVLRQQDLUH
5HWLUH]OHMRLQWHQVLOLFRQHWRXWDXWRXUGHODWDEOHGHFXLVVRQDYHF
XQRXWLODGpTXDW
([WUD\H]OHIRXUHWGpSRVH]OHGHYDQWOHPHXEOH
'pEUDQFKH]OHFkEOHpOHFWULTXH 6
'HVVHUUH]ODYLVGXERvWLHU SRO\ER[HWUHWLUH]OD1HWLUH]SDVVXU
OHVFkEOHVSRXUOHVRUWLU
'pWDFKH] j OD ILQ OH FRQGXFWHXU GH SURWHFWLRQ GH OD YLV GH PLVH j OD
WHUUH
6RUWH]ODWDEOHGHFXLVVRQHQODSRXVVDQWSDUGHVVRXV
$WWHQWLRQ
'RPPDJHVGHO DSSDUHLO 1HWHQWH]SDVGHVRUWLUO DSSDUHLOSDUOH
KDXW
$WWHQ]LRQH
8QDFROODVLOLFRQLFDQRQLGRQHDSXzFDXVDUHGHFRORUD]LRQL
LQGHOHELOLVXLSLDQLGLODYRURLQPDUPRQDWXUDOH
$YYHUWHQ]D 4XDOVLDVLWLSRGLPDQLSROD]LRQHDOO LQWHUQR
GHOO DSSDUHFFKLR LQFOXVD OD VRVWLWX]LRQH GHO FDYR GL DOLPHQWD]LRQH
GHYH HVVHUH HIIHWWXDWD HVFOXVLYDPHQWH GD SHUVRQDOH GHO VHUYL]LR GL
DVVLVWHQ]DWHFQLFDGHELWDPHQWHIRUPDWR
6PRQWDJJLRGHOO DSSDUHFFKLR
3UHSDUD]LRQHGHLPRELOLILJXUH 6FROOHJDUHO DSSDUHFFKLRGDOO DOLPHQWD]LRQHHOHWWULFD
: 3HULFRORGLVFRVVDHOHWWULFD
6WDFFDQGRLOIRUQRGDOODUHWHGRPHVWLFDLFDYLSRVVRQRFDXVDUH
XQDWHQVLRQHGLULWRUQR,OFROOHJDPHQWRHOHWWULFRGHYHHVVHUH
HVHJXLWRHVFOXVLYDPHQWHGDXQWHFQLFRVSHFLDOL]]DWRDXWRUL]]DWR
5LPXRYHUH OD JXDUQL]LRQH LQ VLOLFRQH DWWRUQR DO SLDQR GL FRWWXUD FRQ
XQDWWUH]]RLGRQHR
(VWUDUUHLOIRUQRHSRVL]LRQDUORGDYDQWLDOPRELOH
5LPXRYHUHLOFDYRGLUHWH 6
$OOHQWDUHHULPXRYHUHODYLWHGHOO DOORJJLDPHQWR 3RO\%R[1RQ
ULPXRYHUORWLUDQGRGDLFDYL
,QILQHVFROOHJDUHLOFRQGXWWRUHGLWHUUDGDOPRUVHWWRGLWHUUD
5LPXRYHUHLOSLDQRGLFRWWXUDSUHPHQGRGDOEDVVR
$WWHQ]LRQH
'DQQLDOO DSSDUHFFKLR1RQWHQWDUHGLHVWUDUUHO DSSDUHFFKLR
GDOO DOWR
0RELOLDGLQFDVVRUHVLVWHQWLDXQDWHPSHUDWXUDPLQLPDGLƒ&
)RURULPXRYHUHLWUXFLROLGRSROHRSHUD]LRQLGLWDJOLR
6XSHUILFLGLWDJOLRFKLXGHUOHHUPHWLFDPHQWHFRQPDWHULDOH
UHVLVWHQWHDOFDORUH
0RQWDJJLRVRSUDLOIRUQRILJXUDD
,OSLDQRGLODYRURGHYHDYHUHXQRVSHVVRUHPLQLPRGL PP
$YYHUWHQ]D &RQWUROODUH QHOOH LVWUX]LRQL SHU LO PRQWDJJLR GHO IRUQR
VHODGLVWDQ]DWUDSLDQRFRWWXUDHIRUQRGHYHHVVHUHDXPHQWDWD
9HQWLOD]LRQH OD GLVWDQ]D WUD IRUQR H SLDQR GL FRWWXUD GHYH HVVHUH GL
DOPHQRPP
6LVWHPDGLDHUD]LRQHILJXUD
3HU JDUDQWLUH LO FRUUHWWR IXQ]LRQDPHQWR GHOO DSSDUHFFKLR LO SLDQR GL
FRWWXUDGHYHHVVHUHDGHJXDWDPHQWHDHUDWR
3RLFKp LO VLVWHPD GL DHUD]LRQH QHOOD SDUWH LQIHULRUH GHOO DSSDUHFFKLR
QHFHVVLWDGLXQVXIILFLHQWHDSSRUWRGLDULDSXOLWDLPRELOLGHYRQR
HVVHUHSUHGLVSRVWLLQPRGRDGHJXDWR$WDOHVFRSRqQHFHVVDULR
TXDQWRVHJXH
■ XQDGLVWDQ]DPLQLPDWUDODSDUWHSRVWHULRUHGHOPRELOHHOD
SDUHWHGHOODFXFLQDFRPHSXUHWUDLOIRUQRHLOSLDQRGLFRWWXUD
ILJXUDD ■ XQ DSHUWXUDDOO HVWUHPLWjLQDOWRGHOODSDUWHSRVWHULRUHGHOPRELOH
ILJXUD E $YYHUWHQ]H
■ 6H O DSSDUHFFKLR YLHQH PRQWDWR LQ XQD FXFLQD D LVROD R LQ XQ DOWUD
FROORFD]LRQHQRQGHVFULWWDLQTXHVWRPDQXDOHqQHFHVVDULR
SURYYHGHUHDXQ DHUD]LRQHDGHJXDWDGHOSLDQRGLFRWWXUD
■ 1RQFKLXGHUHHUPHWLFDPHQWHOR]RFFRORLQIHULRUH
da
× 0RQWHULQJVYHMOHGQLQJ
9LJWLJHKHQYLVQLQJHU
6LNNHUKHGVLNNHUKHGXQGHUEUXJNDQNXQJDUDQWHUHVKYLV
LQVWDOODWLRQHQHUXGI¡UWSnHQNRUUHNWWHNQLVNPnGHRJL
RYHUHQVVWHPPHOVHPHGPRQWHULQJVLQVWUXNWLRQHUQH6NDGHUGHU
RSVWnUSJDIRUNHUWPRQWHULQJHULQVWDOODW¡UHQVDQVYDU
(IWHU LQVWDOODWLRQ VNDO GHW VLNUHV DW EUXJHUHQ LNNH KDU DGJDQJ WLO GH
HOHNWULVNHNRPSRQHQWHU
'HWWHDSSDUDWHUWLOODGWWLOEUXJRSWLOHQK¡MGHSnPHWHURYHU
KDYHW
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
(OHNWULVN WLOVOXWQLQJ Pn NXQ IRUHWDJHV DI HQ XGGDQQHW HOHNWULNHU
5HJXODWLYHUQHIUDHOIRUV\QLQJVVHOVNDEHWLRPUnGHWVNDOI¡OJHV
$SSDUDWHWVNDOY UHWLOVOXWWHWWLOHQIDVWLQVWDOODWLRQRJLKHQKROGWLO
LQVWDOODWLRQVIRUVNULIWHUQHVNDOGHUY UHLQVWDOOHUHWHQSDVVHQGH
VLNNHUKHGVDIEU\GHU
7LOVOXWQLQJVW\SHDSSDUDWHWWLOK¡UHUEHVN\WWHOVHVNODVVH ,RJPn
XGHOXNNHQGHDQYHQGHVVDPPHQPHGHQWLOVOXWQLQJPHG
MRUGIRUELQGHOVH
)DEULNDQWHQIUDVLJHUVLJHWKYHUWDQVYDUIRUIRUNHUWIXQNWLRQRJ
PXOLJHVNDGHUGHUVN\OGHVIRUNHUWHOHNWULVNLQVWDOODWLRQ
1HWNDEHO 1HWNDEOHW Pn NXQ LQVWDOOHUHV DI HQ DXWRULVHUHW IDJPDQG
HOOHUDIHQXGGDQQHWNXQGHVHUYLFHWHNQLNHU
,QGE\JQLQJVPXOLJKHGHUXQGHUERUGSODGH
,QGXNWLRQVNRJHWRSSHQ NDQ NXQ LQVWDOOHUHV RYHU YHQWLOHUHGH RYQH DI
VDPPHP UNH'HUNDQLNNHLQVWDOOHUHVN¡OHVNDEH
RSYDVNHPDVNLQHU XYHQWLOHUHGH RYQH HOOHU RSYDVNHPDVNLQHU XQGHU
NRJHWRSSHQ
(PK WWH$IVWDQGHQPHOOHPHPK WWHQRJNRJHWRSSHQVNDOVRP
PLQLPXPVYDUHWLOGHQDIVWDQGGHUHUDQI¡UWLHPK WWHQV
PRQWDJHYHMOHGQLQJ
.RJHWRS RJ RYQ6NDO Y UH DI VDPPH P UNH RJ KDYH GH VDPPH
WLOVOXWQLQJHU ILJXU 'HWJU¡QQHSnP UNDWHQSnNRJHWRSSHQVQHWNDEHOVNDOVWHPPH
RYHUHQV PHG P UNDWHQ Sn RYQHQ +YLV GHWWH LNNH HU WLOI OGHW VNDO
GHUEHVWLOOHVHQSDVVHQGHDGDSWHUKRVWHNQLVNNXQGHVHUYLFH
$GDSWHUHQKDUI¡OJHQGHUHIHUHQFHQXPPHU
%RUGSODGHSODQYDQGUHWVWDELO)¡OJERUGSODGHIDEULNDQWHQV
DQYLVQLQJHU
$SSDUDWHWNDQLQGE\JJHVLI¡OJHQGHYDUPHRJYDQGEHVWDQGLJH
ERUGSODGHU
■ %RUGSODGHUDIPDUPRUQDWXUVWHQ
■ %RUGSODGHUDIV\QWHWLVNHPDWHULDOHU
■ %RUGSODGHUDIPDVVLYWWU .XQLRYHUHQVVWHPPHOVHPHG
ERUGSODGHQVSURGXFHQW IRUVHJOHQGHVQLWNDQWHU
■ ,QGE\JQLQJLDQGUHW\SHUERUGSODGHU.XQLRYHUHQVVWHPPHOVH
PHGERUGSODGHQVSURGXFHQW
0RQWDJJLRGHOO DSSDUHFFKLRILJXUH $YYHUWHQ]D 3HULOPRQWDJJLRGHOSLDQRGLFRWWXUDXVDUHJXDQWL
SURWHWWLYL/HVXSHUILFLQRQYLVLELOLSRWUHEEHURSUHVHQWDUHERUGL
WDJOLHQWL
,QVHULPHQWRGHOSLDQRGLFRWWXUD
$SSOLFDUHLOQDVWURDGHVLYRVXOODVFDQDODWXUDGHOSLDQRGLODYRUR
ILJXUD ,QVHULUH O DSSDUHFFKLR LQ PRGR ELODQFLDWR QHOO DSHUWXUD ILJXUD ² )DUH LQ PRGR FKH LO FDYR GL UHWH QRQ ULPDQJD LQFDVWUDWR H QRQ
SDVVLVXVSLJROLYLYL,QFDVRVLDSUHVHQWHXQIRUQRQHOODSDUWH
VRWWRVWDQWHSRUWDUHLOFDYRDOODSUHVDGLFROOHJDPHQWR
IDFHQGRORSDVVDUHOXQJRO DQJRORSRVWHULRUHGHOIRUQR,OFDYR
GHYH HVVHUH SRVL]LRQDWR LQ PRGR FKH QRQ HQWUL LQ FRQWDWWR FRQ
DOFXQD]RQDFDOGDGHOSLDQRFRWWXUDRGHOIRUQR
² ,Q FDVR GL SLDQL GL ODYRUR SLDVWUHOODWL FKLXGHUH D WHQXWD OH IXJKH
WUDOHSLDVWUHOOHPHGLDQWHJRPPDVLOLFRQLFD
9HULILFDUH FKH LO SLDQR FRWWXUD VLD DOOD VWHVVD DOWH]]D GHO SLDQR GL
ODYRUR 6H LO SLDQR GL FRWWXUD QRQ q DOOD VWHVVD DOWH]]D LQVWDOODUH
ODTXDQWLWjQHFHVVDULDGLDQFRUDJJLIRUQLWLLQGRWD]LRQHHVHUUDUOL
FRQDWWHQ]LRQH ILJXUD $YYHUWHQ]D 1RQXWLOL]]DUHDYYLWDWRULHOHWWULFL
$OODFFLDPHQWRGHOO DSSDUHFFKLRILJXUD
&ROOHJDUH LO SLDQR GL FRWWXUD VROR LQ DVVHQ]D GL WHQVLRQH VSHJQHUH
LIXVLELOL &ROORFDUHLOSLDQRGLFRWWXUDGDYDQWLDOPRELOH
$YYLWDUHLOFRQGXWWRUHGLWHUUD 3( YHUGHJLDOOR GHOSLDQRGL
FRWWXUDDOSXQWRGLPHVVDDWHUUD <GHOIRUQR
$YYHUWHQ]D ,OFRQGXWWRUHGLWHUUD3( GHYHHVVHUHFROOHJDWR
FRPHSULPRHOHPHQWRHGHYHHVVHUHVWDFFDWRFRPHXOWLPR
,QVHULUHODVSLQDLQSODVWLFD 3RO\%R[VXOIRUQR
6HUUDUHOHYLWLGHOODVSLQD 3RO\%R[
&ROOHJDUHLOFDYRGDWL 6
3ULPDGLVLJLOODUHOHJLXQWXUH ILJXUD HVHJXLUHXQ
FRUULVSRQGHQWHWHVWIXQ]LRQDOH
6LJLOODUH OR VSD]LR LQWRUQR FRQ VLOLFRQH DGDWWR H UHVLVWHQWH DO FDORUH
DG HV 1RYDVLOŠ6R2WWRVHDOŠ6/HYLJDUHODIXJDFRQ
O DWWUH]]RFRQVLJOLDWRGDOSURGXWWRUH5LVSHWWDUHOHDYYHUWHQ]HVXO
VLOLFRQH0HWWHUHLQIXQ]LRQHO DSSDUHFFKLRVROWDQWRTXDQGRLO
VLOLFRQH VL q FRPSOHWDPHQWH DVFLXJDWR /D GXUDWD GHOO DVFLXJDWXUD
DOPHQRRUHGLSHQGHGDOODWHPSHUDWXUDDPELHQWH
3UHVVRLOQRVWURFHQWURGLDVVLVWHQ]DFOLHQWLqGLVSRQLELOHXQDFROOD
VLOLFRQLFDDGDWWD
6S QGVNUXHUQHSn 3RO\%R[VWLNNHWWLO
7LOVOXWGDWDOHGQLQJHQ 6
+YLVW\NNHOVHQDIGHQERUGSODGHVRPNRJHVHNWLRQHQVNDO
LQGE\JJHVLLNNHRSI\OGHUNUDYHQHVNDOERUGSODGHQIRUVW UNHV
PHGHWLOGRJYDQGIDVWPDWHULDOHVnGHQRSQnUGHQDQEHIDOHGH
PLQLPXPW\NNHOVH,PRGVDWIDOGHUVWDELOLWHWHQLNNHWLOVWU NNHOLJ
■ %RUGSODGHQKYRUNRJHWRSSHQHULQGE\JJHWVNDONXQQHWnOH
EHODVWQLQJHUSnRSWLOFDNJ
■ .RQWUROOHUI¡UVWDWNRJHWRSSHQHUSODQHIWHULQGE\JQLQJHQ
$QYLVQLQJHU
■ $SSDUDWHWPnLNNHQLYHOOHUHVLQGWLOYDQGUHWXGHOXNNHQGHYHG
XQGHUVW¡WWHOVHDIHQNHOWHSXQNWHU
■ 7LOSDVQLQJHQ DI DUEHMGVIODGHQ VNDO XGI¡UHV DI HQ VSHFLDOIDJPDQG
LKW LQGE\JQLQJVWHJQLQJHQ 6QLWNDQWHUQH VNDO Y UH XGI¡UW NODUW RJ
SU FLVWIRUGLNDQWHUQHHUV\QOLJHSnRYHUIODGHQ6QLWNDQWHUQH
VNDOUHQVHVRJDIIHGWHVPHGHWHJQHWUHQJ¡ULQJVPLGGHO
*DUDQWLHQIRUNHUWLQVWDOODWLRQWLOVOXWQLQJHOOHUPRQWHULQJEHW\GHU
DWSURGXNWJDUDQWLHQERUWIDOGHU
%HP UN (QKYHU QGULQJ L DSSDUDWHWV LQGUH KHUXQGHU XGVNLIWQLQJ
DIIRUV\QLQJVNDEOHWVNDOXGI¡UHVDIV UOLJWXGGDQQHWSHUVRQDOHL
YRUHVWHNQLVNHVHUYLFHDIGHOLQJ
8GI¡UHQIXQNWLRQVWHVWDIDSSDUDWHWLQGHQGHQHQGHOLJH
IRUVHJOLQJDIDIW WQLQJHQ ILJXU 6SDOWHQUXQGWRPNRJHWRSSHQVNDOIRUVHJOHVPHGHJQHWRJ
YDUPHEHVWDQGLJ VLOLNRQH IHNV 1RYDVLOŠ 6 2WWRVHDOŠ 66WU\J
W WQLQJVIXJHQJODWPHGGHWY UNW¡MVRPHUDQEHIDOHWDI
SURGXFHQWHQ2YHUKROGDQYLVQLQJHUQHIRUVLOLNRQHQ7DJLNNH
DSSDUDWHW L EUXJ I¡U VLOLNRQHQ HU IXOGVW QGLJ W¡UUHW 7¡UULQJHU YDUHU
PLQLPXP WLPHURJGHQHQGHOLJHYDULJKHGDIK QJHUDIGH
RPJLYHQGHWHPSHUDWXUHU
'HU NDQ EHVWLOOHV HQ HJQHW VLOLNRQHNO EHU KRV YRUHV NXQGHVHUYLFH
3DVSn
8HJQHW VLOLNRQHNO EHU NDQ PHGI¡UH SHUPDQHQWH PLVIDUYQLQJHU Sn
QDWXUPDUPRU
$IPRQWDJHDIDSSDUDW
$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHW
: )DUHIRUHOHNWULVNVW¡G
'HUNDQVWDGLJY UHVWU¡PSnNRJHVHNWLRQHQVNOHPPHUQnUGH
DIEU\GHV IUD VWU¡PQHWWHW 'HQ HOHNWULVNH WLOVOXWQLQJ Pn NXQ XGI¡UHV
DIHQDXWRULVHUHWHOHNWULNHU
)MHUQVLOLNRQHW WQLQJHQUXQGWRPNRJHVHNWLRQHQPHGHWHJQHW
Y UNW¡M
7U NRYQHQXGRJVWLOGHQIRUDQLQGE\JQLQJVP¡EOHW
7U NQHWOHGQLQJHQ 6DI
6NUX VNUXHQ XG DI 3RO\ERNVHQV NDELQHW RJ IMHUQ GHW 3DV Sn LNNH
DWWU NNHLNDEOHUQH
6NUXWLOVLGVWEHVN\WWHOVHVOHGQLQJHQDIMRUGWLOVOXWQLQJVVNUXHQ
7DJNRJHVHNWLRQHQXGYHGDWWU\NNHGHQRSQHGHIUD
3DVSn
%HVNDGLJHOVHDIDSSDUDWHW)RUV¡JLNNHDWWDJHDSSDUDWHWXG
RSSHIUD
.ODUJ¡ULQJDILQGE\JQLQJVVNDEILJXU
0¡EOHUPHGXGVN ULQJHUPRGVWDQGVG\JWLJHRYHUIRU
WHPSHUDWXUHURSWLOPLQƒ&
8GVN ULQJIMHUQVSnQHUQHQnUXGVN ULQJVDUEHMGHWHUXGI¡UW
8GVN ULQJVNDQWHUIRUHWDJIRUVHJOLQJPHGYDUPHUHVLVWHQW
PDWHULDOH
0RQWDJHRYHURYQILJXUD
%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ PP
%HP UN 6HHIWHULPRQWDJHYHMOHGQLQJHQIRURYQHQKYLV
DIVWDQGHQPHOOHPNRJHWRSRJRYQVNDOIRU¡JHV
9HQWLODWLRQ$IVWDQGHQPHOOHPRYQRJNRJHVHNWLRQVNDOY UH
PLQGVWPP
9HQWLODWLRQILJXU
.RJHWRSSHQVNDOY UHSDVVHQGHYHQWLOHUHWLPRGVDWIDOGNDQGHW
LNNHJDUDQWHUHVDWGHQIXQJHUHUNRUUHNW
(IWHUVRP YHQWLODWLRQHQ DI GHQ XQGHUVWH GHO DI DSSDUDWHW NU YHU HQ
WLOVWU NNHOLJVWRUOXIWWLOI¡UVHOVNDOLQGE\JQLQJVVNDEHWLQGUHWWHV
WLOVYDUHQGH+HUWLOVNDOI¡OJHQGHXGI¡UHV
■ (QPLQLPXPDIVWDQGPHOOHPLQGE\JQLQJVVNDEHWVEDJVLGHRJ
N¡NNHQY JJHQVDPWPHOOHPRYQRJNRJHWRS ILJXUD ■ (QnEQLQJ¡YHUVWSnEDJVLGHQDILQGE\JQLQJVVNDEHW ILJXU E $QYLVQLQJHU
■ 'HWVNDOVLNUHVDWNRJHVHNWLRQHQEOLYHUWLOVWU NNHOLJWYHQWLOHUHW
KYLVDSSDUDWHWVNDOLQGE\JJHVLHQNRJH¡HOOHUSnHWDQGHWVWHG
VRPLNNHHUEHVNUHYHWKHU
■ 'HQXQGHUVWHVRNNHOPnLNNHOXNNHVKHUPHWLVN
fi
Ý $VHQQXVRKMH
7lUNHLWlYLKMHLWl
7XUYDOOLVXXVNl\WW|WXUYDOOLVXXVRQWDDWWXDLQRDVWDDQVLOORLQNXQ
DVHQQXV RQ VXRULWHWWX WHNQLVHVWL RLNHLQ MD QlLGHQ DVHQQXVRKMHLGHQ
PXNDDQ9LUKHHOOLVHVWlDVHQQXNVHVWDDLKHXWXYDWYDKLQJRWRYDW
DVHQWDMDQYDVWXXOOD
$VHQQXNVHQMlONHHQRQYDUPLVWHWWDYDHWWlNl\WWlMlHLSllVH
NlVLNVLVlKN|lMRKWDYLLQUDNHQQHRVLLQ
7lPlQODLWWHHQNl\WW|RQVDOOLWWXHQLQWllQ PHWULQ
NRUNHXGHVVD
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
6lKN|OLLWlQWlOLLWlQQlQVDDVXRULWWDDYDLQYDOWXXWHWWXDODQ
DVLDQWXQWLMD.\WNHQQlVVlRQQRXGDWHWWDYDSDLNDOOLVHQ
VlKN|QWRLPLWWDMDQVllQW|Ml
/DLWHSLWllOLLWWllNLLQWHllQOLLWlQWllQMDODLWWHHVVDRQROWDYD
DVHQQXVPllUl\VWHQPXNDLVHWHURWXVNDWNDLVLPHW
/LLWlQWlW\\SSL ODLWWHHQ VXRMDXVOXRNND RQ , MD VLWl YRLGDDQ Nl\WWll
YDLQPDDGRLWHWXOODVlKN|OLLWlQQlOOl
9DOPLVWDMDHLRWDYDVWXXWDYLUKHHOOLVHVWlWRLPLQQDVWDMD
PDKGROOLVLVWDYDKLQJRLVWDMRWNDDLKHXWXYDWYLUKHHOOLVLVWl
VlKN|DVHQQXNVLVWD
9HUNNRMRKWR 9HUNNRMRKGRQVDDDVHQWDDYDLQYDOWXXWHWWX
DPPDWWLDVHQWDMDWDLDVLDQPXNDLVHQNRXOXWXNVHQVDDQXW
KXROWRSDOYHOXWHNQLNNR
$VHQQXVPDKGROOLVXXGHWW\|WDVRQDODSXROHOOD
,QGXNWLRNHLWWRWDVRYRLGDDQDVHQWDDYDLQVDPDDPHUNNLlROHYLHQ
WXXOHWXNVHOODYDUXVWHWWXMHQXXQLHQ\OlSXROHOOH.HLWWRWDVRQ
DODSXROHOOHHLVDDDVHQWDDMllNDDSSLDDVWLDQSHVXNRQHWWDLOPDQ
WXXOHWXVWDROHYDDXXQLDWDLS\\NLQSHVXNRQHWWD
/LHVLWXXOHWLQ/LHVLWXXOHWWLPHQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQ
SLWllROODYlKLQWllQOLHVLWXXOHWWLPHQDVHQQXVRKMHHVVDDQQHWXQ
HWlLV\\GHQPXNDLQHQ
.HLWWRWDVRMDXXQL0ROHPSLHQSLWllROODVDPDDPHUNNLlMDQLLVVl
SLWllROODVDPDQODLVHWOLLWlQQlW NXYD .HLWWRWDVRQYHUNNRMRKGRVVDROHYDQWDUUDQYLKUHlQSLWllYDVWDWD
XXQLQWDUUDQYLKUHll-RVQlLQHLROHRQWLODWWDYDVRYHOWXYD
DGDSWHULWHNQLVHVWlKXROWRSDOYHOXVWD$GDSWHULQYLLWHQXPHURRQ
,QGE\JQLQJDIDSSDUDWILJXU %HP UN $QYHQGEHVN\WWHOVHVKDQGVNHUYHGPRQWDJHQDI
NRJHVHNWLRQHQ'HUNDQY UHVNDUSHNDQWHUSnGHLNNHV\QOLJH
IODGHU
,V WQLQJDINRJHWRS
$QEULQJNO EHEnQGHWSnDQO JVIDOVHQLERUGSODGHQ ILJXU 3ODFHUDSSDUDWHWFHQWUDOWLXGVN ULQJHQ ILJXU ² 1HWNDEOHWPnLNNHNRPPHLNOHPPHHOOHUO JJHVRYHUVNDUSH
NDQWHU+YLVGHUHULQGE\JJHWHQRYQQHGHQXQGHUVNDO
OHGQLQJHQI¡UHVODQJVPHGRYQHQVEDJHUVWHKM¡UQHUWLO
WLOVOXWQLQJVGnVHQ/HGQLQJHQVNDOLQVWDOOHUHVVnGHQLNNH
NRPPHULEHU¡ULQJPHGYDUPHVWHGHUSnNRJHVHNWLRQHOOHU
RYQ
² 9HGIOLVHEHODJWHERUGSODGHU)OLVHUQHVIXJHUVNDOW WQHVPHG
VLOLNRQH
6¡UJIRUDWNRJHVHNWLRQHQHUSODFHUHWPHGVDPPHK¡MGHVRP
ERUGSODGHQ+YLVNRJHWRSSHQLNNHKDUVDPPHK¡MGHVNDOGHW
Q¡GYHQGLJHDQWDODIGHOHYHUHGHIRUDQNULQJHULQVWDOOHUHVRJ
IRUVLJWLJWVS QGHVWLO ILJXU %HP UN 'HUPnLNNHDQYHQGHVHOHNWULVNVNUXHWU NNHU
7LOVOXWQLQJDIDSSDUDWHWILJXU .RJHVHNWLRQHQPnNXQWLOVOXWWHVQnUGHQHUXGHQVS QGLQJ VOn
VLNULQJHQIUD 3ODFHUNRJHVHNWLRQHQLLQGE\JQLQJVVNDEHW
6NUX NRJHVHNWLRQHQV EHVN\WWHOVHVOHGQLQJ 3( JU¡QJXO IDVW Sn
RYQHQVMRUGIRUELQGHOVHVVWHG <
%HP UN %HVN\WWHOVHVOHGQLQJHQ3( VNDOWLOVOXWWHVI¡UVWRJ
WDJHVDIWLOVLGVW
6WLN 3RO\%R[HQVNXQVWVWRIVWLNLQGLRYQHQ
.HLWWRWDVRWDVDLQHQYDDNDVXRUDYDNDD1RXGDWDNHLWWRWDVRQ
YDOPLVWDMDQRKMHLWD
/DLWHYRLGDDQDVHQWDDVHXUDDYLLQNXXPXXWWDMDYHWWlNHVWlYLLQ
W\|WDVRLKLQ
■ 0DUPRULDOXRQQRQNLYHlROHYDWW\|WDVRW
■ 6\QWHHWWLVHWW\|WDVRW
■ 0DVVLLYLSXXWDROHYDWW\|WDVRWYDLQW\|WDVRQYDOPLVWDMDQOXYDOOD
WLLYLVWHW\WOHLNNDXVUHXQDW
■ 0XXWDPDWHULDDOLDROHYLHQW\|WDVRMHQDVHQQXVYDLQW\|WDVRQ
YDOPLVWDMDQOXYDOOD
-RVW\|WDVRQSDNVXXVMRKRQNHLWWRWDVRDVHQQHWDDQHLYDVWDD
PllUl\NVLlYDKYLVWDW\|WDVRDWXOHQMDYHGHQNHVWlYlOOl
PDWHULDDOLOODNXQQHVVXRVLWHOWXYlKLPPlLVSDNVXXVRQVDDYXWHWWX
0XXWRLQOXMXXVHLROHULLWWlYl
■ 7\|WDVRQMRKRQNHLWWRWDVRDVHQQHWDDQSLWllNHVWllQ NJQ
NXRUPLWXVWD
■ 7DUNDVWDNHLWWRWDVRQSLQQDQWDVDLVXXVYDVWDNXQVHRQ
DVHQQHWWXSDLNDOOHHQ
+XRPDXWXNVLD
■ 6RYLWWDDNVHVLODLWWHHQYDDNDWDVRRQlOlNl\WlWXNLD\NVLWWlLVLVVl
NRKGLVVD
■ 7\|WDVRQSLQQDQVRYLWXNVHWRQWHHWHWWlYlDPPDWWLDVHQWDMDOOD
DVHQQXVSLLUXVWXVWHQ PXNDDQ /HLNNDXVUHXQDQ SLWll ROOD SXKGDV
MDWlVPlOOLQHQNRVNDUHXQDQlN\\\OlSLQQDOOD3XKGLVWDMD
OHLNNDXVUHXQDWVRYHOWXYDOODSXKGLVWXVDLQHHOODMDSRLVWDQLLVWl
UDVYD
7DNXXYLUKHHOOLQHQDVHQQXVWDLOLLWlQWlPLWlW|LWXRWWHHQWDNXXQ
+XRPDXWXV /DLWWHHQVLVlRVLHQNlVLWWHO\PXNDDQOXNLHQ
YLUWDMRKGRQYDLKWRWXOHHMlWWllYDVWDDYDQNRXOXWXNVHQVDDQHHQ
KXROWRSDOYHOXQVXRULWHWWDYDNVL
.DOXVWHLGHQYDOPLVWHOXNXYDW 6LVllQUDNHQQHWXWNDOXVWHHWNHVWlYlWYlKLQWllQƒ&
OlPS|WLODQ
$VHQQXVDXNNRSRLVWDODVWXWOHLNNDXVWRLPHQSLWHLGHQMlONHHQ
/HLNNDXVSLQQDWWLLYLVWlOlPP|QNHVWlYlOOlPDWHULDDOLOOD
$VHQQXVXXQLHQ\OlSXROHOOHNXYDD
7\|WDVRSDNVXXGHQRQROWDYDYlKLQWllQ PP
+XRPDXWXV .DWVR RKMHHW XXQLQ DVHQQXVRKMHHVWD MRV NHLWWRWDVRQ
MDXXQLQYlOLVWlHWlLV\\WWlRQVXXUHQQHWWDYD
,OPDQYDLKWR8XQLQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQSLWllROOD
YlKLQWllQPP
7XXOHWXVNXYD -RWWDODLWWHHQRLNHDWRLPLQWDYRLGDDQWDDWDNHLWWRWDVRDRQ
WXXOHWHWWDYDDVLDQPXNDLVHVWL
.RVNDWXXOHWXVWDYDUWHQWDUYLWDDQODLWWHHQDODRVDVVDULLWWlYlUDLWWLLQ
LOPDQ WXOR WlPl RQ RWHWWDYD KXRPLRRQ NDOXVWHLGHQ DVHQQXNVHVVD
7lWlYDUWHQWDUYLWDDQVHXUDDYLD
■ PLQLPLHWlLV\\VNDOXVWHHQWDNDVLYXQMDNHLWWL|QVHLQlQYlOLVVl
VHNlXXQLQMDNHLWWRWDVRQYlOLVVl NXYDD ■ DXNNRNDOXVWHHQWDNDVLYXQ\OlUHXQDVVD NXYD E +XRPDXWXNVLD
■ -RVODLWHDVHQQHWDDQNHLWWL|VDDUHNNHHVHHQWDLPXXKXQ
SDLNNDDQMRWDWlVVlHLROHNXYDWWXRQYDUPLVWHWWDYDNHLWWRWDVRQ
DVLDQPXNDLQHQWXXOHWXV
■ bOlVXOMHDODVRNNHOLDLOPDWLLYLLNVL
/DLWWHHQDVHQWDPLQHQNXYDW +XRPDXWXV .l\WlNHLWWRWDVRDDVHQWDHVVDVLVXRMDNlVLQHLWl
1lN\PlWW|PLVVlROHYLVVDSLQQRLVVDYRLROODWHUlYLlUHXQRMD
.HLWWRWDVRQDVHQQXV
$VHQQDWLLYLVWHQDXKDW\|WDVRQDXNRQRODNNHHVHHQ NXYD $VHWDODLWHNHVNHOOHDXNNRD NXYD ² bOlMlWlYHUNNRMRKWRDSXULVWXNVLLQWDLYLHVLWlWHUlYLHQNXOPLHQ
\OL-RVNHLWWRWDVRQDOODRQXXQLYLHMRKWRXXQLQWDNDNXOPLD
P\|WHQOLLWlQWlUDVLDDQ-RKWRRQDVHQQHWWDYDVLWHQHWWlVHHL
NRVNHWDNHLWWRWDVRQWDLXXQLQNXXPLDRVLD
² -RVW\|WDVRRQNDDNHORLW7LLYLVWlNDDNHOLVDXPDWVLOLNRQLOOD
9DUPLVWDHWWlNHLWWRWDVRRQW\|WDVRQNDQVVDVDPDOOD
NRUNHXGHOOD-RVNHLWWRWDVRHLROHVDPDOODNRUNHXGHOODDVHQQD
WDUYLWWDYDPllUlPXNDQDWRLPLWHWWXMDNDQQDWWLPLDMDNLULVWlQH
YDURYDVWL NXYD +XRPDXWXV bOlNl\WlVlKN|WRLPLVWDUXXYLQYllQQLQWl
/DLWWHHQOLLWWlPLQHQNXYD /LLWlNHLWWRWDVRYDLQNXQVHRQMlQQLWWHHW|Q N\WNHVXODNNHHWSRLV
SllOWl $VHWDNHLWWRWDVRNDOXVWHHQHWHHQ
.LHUUl NHLWWRWDVRQ VXRMDMRKGLQ 3( YLKUHlNHOWDLQHQ NLLQQL XXQLQ
PDDGRLWXVSLVWHHVHHQ <
+XRPDXWXV 6XRMDMRKGLQ3( SLWllOLLWWllHQVLPPlLVHQlMD
LUURWWDDYLLPHLVHQl
/LLWl 3RO\%R[PXRYLSLVWRNHXXQLLQ
.LULVWl 3RO\%R[SLVWRNNHHQUXXYLW
/LLWlGDWDMRKWR 6
7DUNDVWDWRLPLQWDHQQHQNXLQVXOMHWWLLYLVWHHW NXYD 7LLYLVWlUDNRMRNDSXROHOWDWDUNRLWXNVHHQVRYHOWXYDOODMDNXXPXXWWD
NHVWlYlOOl VLOLNRQLOOD HVLP 1RYDVLOŠ 6 WDL 2WWRVHDOŠ 6 7DVRLWD
WLLYLVWHVDXPDYDOPLVWDMDQVXRVLWWHOHPDOODWDVRLWWHHOOD1RXGDWD
VLOLNRQLDNRVNHYLDRKMHLWD2WDODLWHNl\WW||QYDVWDNXQVLOLNRQLRQ
Wl\VLQNXLYXQXW.XLYXPLQHQNHVWllYlKLQWllQ WXQWLDMD
NXLYXPLVDLNDULLSSXX\PSlULVW|QOlPS|WLODVWD
7DUNRLWXNVHHQ VRSLYDD VLOLNRQLD YRLW KDQNNLD KXROWRSDOYHOXVWDPPH
+XRPLR
7DUNRLWXNVHHQVRSLPDWRQVLOLNRQLOLLPDYRLDLKHXWWDDDLWRRQ
PDUPRULLQS\V\YLlYlULPXXWRNVLD
/DLWWHHQLUURWXV
,UURWDODLWHVlKN|YHUNRVWD
: 6lKN|LVNXQYDDUD
.XQ NHLWWRWDVR LUURWHWDDQ VlKN|YHUNRVWD OLLWWLPLLQ YRL MllGl MlQQLWH
6lKN|OLLWlQQlQVDDWHKGlYDLQDPPDWWLDVHQWDMD
3RLVWDVLOLNRQLWLLYLVWHNHLWWRWDVRQ\PSlULOWlVRSLYDOODW\|NDOXOOD
9HGlXXQLSRLVSDLNDOWDDQMDDVHWDVHNHLWWL|NDOXVWHHQHWHHQ
,UURWDYHUNNRMRKWR 6
,UURWD 3RO\%R[NRWHORQUXXYLMDRWDSRLVSDLNDOWDDQbOlYHGl
LUURWWDHVVDVLMRKGRLVWD
,UURWDORSXNVLVXRMDMRKGLQPDDGRLWXVUXXYLVWD
2WDNHLWWRWDVRDOKDDOWDSlLQSDLQDPDOODSRLVSDLNDOWDDQ
+XRPLR
9DURYDXULRLWWDPDVWDODLWHWWDbOl\ULWlLUURWWDDODLWHWWD\OKllOWl
NlVLQ
no
ê 0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU
6LNNHUKHWVLNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJDY
DSSDUDWHWHUWHNQLVNNRUUHNWXWI¡UWRJLKHQKROGWLO
PRQWHULQJVYHLOHGQLQJHQ,QVWDOODW¡UHQHUDQVYDUOLJIRUVNDGHUVRP
VN\OGHVIHLODNWLJPRQWHULQJ
(WWHU LQVWDOODVMRQHQ Pn GHW VLNUHV DW EUXNHUHQ LNNH KDU WLOJDQJ WLO GH
HOHNWULVNHNRPSRQHQWHQH
'HWWHDSSDUDWHWHUJRGNMHQWIRUEUXNLK¡\GHUSnLQQWLO PHWHU
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
(OHNWULVN WLONREOLQJ Pn NXQ XWI¡UHV DY HQ NYDOLILVHUW WHNQLNHU 'HQ
ORNDOHVWU¡POHYHUDQG¡UVUHWQLQJVOLQMHUVNDOI¡OJHV
$SSDUDWHWPnNREOHVWLOHQIDVWLQVWDOODVMRQGHWPnLQVWDOOHUHV
VNLOOHEU\WHUHLVDPVYDUPHGLQVWDOODVMRQVIRUVNULIWHQH
7\SH WLONREOLQJ DSSDUDWHW WLOK¡UHU EHVN\WWHOVHVNODVVH , RJ Pn NXQ
EUXNHVVDPPHQPHGHQMRUGHWVWLNNRQWDNW
3URGXVHQWHQVWnULNNHDQVYDUOLJIRUIHLOEUXNRJHYHQWXHOOHVNDGHU
JUXQQHWXHJQHGHHOHNWULVNHLQVWDOODVMRQHU
6WU¡PNDEHO 6WU¡PNDEHOVNDOEDUHLQVWDOOHUHVDYHQDXWRULVHUW
IDJPDQQHOOHUHQJRGNMHQWVHUYLFHWHNQLNHU
0RQWHULQJVPXOLJKHW XQGHU EHQNHSODWHQ ,QGXNVMRQVWRSSHQ NDQ
EDUHLQVWDOOHUHVRYHUVWHNHRYQHUDYVDPPHPHUNHPHGOXIWLQJ
9HUNHQNM¡OHVNDSRSSYDVNPDVNLQVWHNHRYQXWHQOXIWLQJHOOHU
YDVNHPDVNLQNDQVHWWHVLQQXQGHUNRNHWRSSHQ
9HQWLODWRU$YVWDQGHQPHOORPYHQWLODWRUHQRJNRNHWRSSHQPn
Y UHPLQVWOLNHVWRUVRPGHQDYVWDQGHQVRPHUDQJLWWL
PRQWHULQJVDQYLVQLQJHQIRUYHQWLODWRUHQ
.RNHWRSSRJVWHNHRYQHU%HJJHPnY UHDYVDPPHPHUNHRJ
Y UHXWVW\UWPHGVDPPHWLONREOLQJHU ILJ 'HWJU¡QQHNOLVWUHPHUNHWSnVWU¡PNDEHOHQWLONRNHWRSSHQPn
WLOVYDUHGHWJU¡QQHNOLVWUHPHUNHWSnVWHNHRYQHQ(OOHUVPnGHW
EHVWLOOHVHQHJQHWDGDSWHUIUDWHNQLVNNXQGHVHUYLFH
5HIHUDQVHQXPPHUHWWLODGDSWHUHQHU
%HQNHSODWHIODWYDQQUHWWRJVWDELO)¡OJLQVWUXNVMRQHQHIUD
SURGXVHQWHQDYNRNHWRSSHQ
$SSDUDWHWNDQLQVWDOOHUHVLI¡OJHQGHYDUPHRJYDQQEHVWDQGLJH
EHQNHSODWHU
■ %HQNHSODWHUDYPDUPRUQDWXUVWHLQ
■ 6\QWHWLVNHEHQNHSODWHU
■ %HQNHSODWHU DY PDVVLYW WUH NXQ HWWHU DYWDOH PHG SURGXVHQWHQ DY
EHQNHSODWHQ IRUVHJOHGHVQLWWNDQWHU
■ 0RQWHULQJLDQGUHW\SHUEHQNHSODWHUNXQHWWHUDYWDOHPHG
SURGXVHQWHQDYEHQNHSODWHQ
'HUVRPEHQNHSODWHQVRPNRNHWRSSHQLQVWDOOHUHVLLNNHRSSI\OOHU
NUDYHQHWLOW\NNHOVHPnGHQIRUVWHUNHVPHGHWEUDQQRJ
YDQQEHVWDQGLJ PDWHULDOH VOLN DW GHQ DQEHIDOWH PLQLPXPVW\NNHOVHQ
RSSQnV(OOHUVEOLULNNHVWDELOLWHWHQJRGQRN
■ %HQNHSODWHQVRPNRNHWRSSHQVNDOLQVWDOOHUHVLVNDOWnOHHQ
EHODVWQLQJSnFDNJ
■ )¡UVWQnUNRNHWRSSHQHULQVWDOOHUWVNDOGXVMHNNHDWGHQHUSn
VDPPHQLYnVRPEHQNHSODWHQ
0HUNQDGHU
■ ,NNHEUXNHQNHOWVWnHQGHVW¡WWHUIRUnVWLOOHDSSDUDWHWLYDWHU
■ 7LOSDVQLQJHUDYDUEHLGVRYHUIODWHQPnXWI¡UHVDYHQVSHVLDOLVHUW
VHUYLFHPDQQLKHQKROGWLOPRQWHULQJVWHJQLQJHULVDPVYDUPHG
LQQE\JJLQJVVNLVVHQH6QLWWNDQWHQPnY UHUHQWRJQ¡\DNWLJ
WLOVNnUHWGDNDQWHQHUV\QOLJSnRYHUIODWHQ5HQJM¡URJDYIHWW
VQLWWNDQWHQHPHGHWHJQHWUHQJM¡ULQJVPLGGHO
*DUDQWLHQIHLODNWLJLQVWDOODVMRQWLONREOLQJHOOHUPRQWDVMHYLO
DQQXOOHUHJDUDQWLHQ
0HUN (QKYHUPRGLILNDVMRQDYDSSDUDWHWVLQGUHLQNOXGHUWE\WWHDY
VWU¡POHGQLQJHQPnNXQXWI¡UHVDYRSSO UWWHNQLVNSHUVRQHOOIUD
YnUVHUYLFHDYGHOLQJ
.ODUJM¡UHP¡EHOILJXU ,QQHE\JGHP¡EOHUPnWnOHHQWHPSHUDWXUSnPLQVWƒ&
+XOURPPHWIMHUQDOOHVSRQHWWHUXWVNM ULQJHQ
.XWWHIODWHQHIRUVHJOHPHGHWYDUPHEHVWDQGLJVWRII
0RQWHULQJRYHUVWHNHRYQHUILJXU D
%HQNHSODWHPnKDHQPLQVWHW\NNHOVHSn PP
0HUN 6OnRSSLPRQWHULQJVDQYLVQLQJHQWLOVWHNHRYQHQGHUVRP
DYVWDQGHQPHOORPSODWHWRSSHQRJVWHNHRYQHQPn¡NHV
9HQWLODVMRQ'HWPnY UHHQDYVWDQGSnPLQVWPPPHOORP
VWHNHRYQHQRJSODWHWRSSHQ
9HQWLODVMRQILJXU )RUnVLNUHDWDSSDUDWHWIXQJHUHUNRUUHNWPnNRNHWRSSHQY UH
WLOVWUHNNHOLJYHQWLOHUW
)RUGLYHQWLODVMRQHQLGHQQHGUHGHOHQDYDSSDUDWHWWUHQJHU
WLOVWUHNNHOLJWLOI¡UVHODYIULVNOXIWPnP¡EHOHWY UHSODVVHUWVOLNDW
GHWODUVHJJM¡UH)¡OJHQGHIRUXWVHWWHV
■ (QPLQVWHDYVWDQGPHOORPEDNVLGHQDYP¡EHOHWRJ
NM¡NNHQYHJJHQVDPWPHOORPVWHNHRYQHQRJNRNHWRSSHQ
ILJXU D ■ (QnSQLQJYHG¡YUHHQGHDYEDNVLGHQSnP¡EHOHW ILJXU E 0HUNQDGHU
■ 'HUVRP DSSDUDWHW VNDO LQVWDOOHUHV Sn HQ NM¡NNHQ¡\ HOOHU HW DQQHW
VWHGHQQGHWVRPHUEHVNUHYHWKHUPnGXV¡UJHIRUWLOVWUHNNHOLJ
YHQWLODVMRQIRUNRNHWRSSHQ
■ 1HGUHVRNNHOPnLNNHOXNNHVKHUPHWLVN
0RQWHUHDSSDUDWHWILJXU 0HUN %UXNKDQVNHUYHGLQQE\JJLQJDYSODWHWRSSHQ)ODWHQHVRP
LNNHHUV\QOLJHNDQKDVNDUSHNDQWHU
0RQWHUHNRNHWRSS
/HJJOLPEnQGHWODQJVNDQWHQSnXWVNM ULQJHQLEHQNHSODWHQ
ILJXU 6HWWDSSDUDWHWMHYQWLQQLXWVNM ULQJHQ ILJXU ² 6WU¡PNDEHOHQ Pn LNNH NRPPH L NOHP HOOHU WUHNNHV RYHU VNDUSH
NDQWHU+YLVGHWHUPRQWHUWVWHNHRYQXQGHUNRNHWRSSHQPn
OHGQLQJHQOHJJHVUXQGWKM¡UQHQHSnEDNVLGHQDYVWHNHRYQHQ
RJWLOVWLNNRQWDNWHQ/HGQLQJHQPnSODVVHUHVVOLNDWGHQLNNH
NRPPHULNRQWDNWPHGYDUPHGHOHUDYNRNHWRSSHQHOOHU
VWHNHRYQHQ
² 3nDUEHLGVSODWHUVRPEHVWnUDYIOLVHU)XJHQHPnWHWWHVPHG
VLOLNRQPDVVH
3DVVSnDWNRNHWRSSHQHULVDPPHK¡\GHVRPEHQNHSODWHQ
+YLV NRNHWRSSHQ LNNH HU Sn VDPPH K¡\GH VNDO GHW Q¡GYHQGLJH
DQWDOO PHGI¡OJHQGH IRUDQNULQJHU LQVWDOOHUHV RJ WUHNNHV IRUVLNWLJ WLO
HWWHUEHKRY ILJXU 0HUN ,NNHEUXNHOHNWULVNVNUXWUHNNHU
.REOHWLODSSDUDWHWILJXU .RNHWRSSHQPnEDUHNREOHVWLOQnUGHQHUVSHQQLQJVIUL VOnDY
VLNULQJHQ 6HWWNRNHWRSSHQIRUDQP¡EHOHW
6NUXNRNHWRSSHQVMRUGOHGQLQJ 3( JU¡QQJXO WLO
MRUGLQJVSXQNWHW <SnVWHNHRYQHQ
0HUN -RUGOHGQLQJHQ3( PnNREOHVWLOI¡UVWRJNREOHVIUDVLVW
6HWWSODVWSOXJJHQ 3RO\%R[LQQLVWHNHRYQHQ
7UHNNWLOVNUXHQHWLO 3RO\%R[SOXJJHQ
.REOHWLOGDWDOHGQLQJHQ 6
)¡UWHWQLQJHQHIRUVHJOHV ILJXU PnGHWXWI¡UHVHQ
IXQNVMRQVWHVW
7HWWVSDOWHQUXQGWNRNHWRSSHQPHGYDUPHEHVWDQGLJVLOLNRQIHNV
PHG1RYDVLOŠ6HOOHUPHG2WWRVHDOŠ6*ODWWWHWQLQJVIXJHQ
PHGGHWJODWWHPLGGHOHWVRPDQEHIDOHVDYSURGXVHQWHQ)¡OJ
DQYLVQLQJHQHIRUVLOLNRQHW,NNHWDDSSDUDWHWLEUXNI¡UVLOLNRQHWHU
KHOWW¡UNHW7¡UNLQJHQWDUPLQVW WLPHURJW¡UNHWLGHQDYKHQJHU
DYRPJLYHOVHVWHPSHUDWXUHQ
(JQHWVLOLNRQNDQEHVWLOOHVKRVNXQGHVHUYLFH
2EV
%UXNDYXHJQHWVLOLNRQNDQIRUnUVDNHSHUPDQHQWHIDUJHHQGULQJHU
SnQDWXUPDUPRU
'HPRQWHUHDSSDUDW
.REOHDSSDUDWHWIUDVWU¡PQHWWHW
: )DUHIRUHOHNWULVNVW¡W
1nUGXNREOHUSODWHWRSSHQIUDVWU¡PQHWWHWNDQNOHPPHQHIRUWVDWW
Y UHVSHQQLQJVI¡UHQGH(OLQVWDOODVMRQHQPnNXQXWI¡UHVDY
IDJIRON
)MHUQVLOLNRQWHWQLQJHQUXQGWSODWHWRSSHQPHGHWHJQHWYHUNW¡\
7UHNNXWVWHNHRYQHQRJVHWWGHQIRUDQNM¡NNHQHOHPHQWHW
7UHNNXWVWU¡POHGQLQJHQ 6
/¡VQHRJWDXWVNUXHQHL SRO\ERNVKXVHW,NNHWUHNNLOHGQLQJHQH
YHGIMHUQLQJ
/¡VQHWLOVOXWWMRUGOHGQLQJHQIUDMRUGLQJVVNUXHQ
7U\NNSODWHWRSSHQXWQHGHQIUD
2EV
6NDGHUSnDSSDUDWHW,NNHIRUV¡NnWDXWDSSDUDWHWRYHQIUD
sv
ó 0RQWHULQJVDQYLVQLQJ
9LNWLJWDWWREVHUYHUD
6lNHUKHWVlNHUKHWHQYLGDQYlQGQLQJJDUDQWHUDVXQGHU
I|UXWVlWWQLQJ DWW LQVWDOODWLRQHQ KDU XWI|UWV NRUUHNW RFK L HQOLJKHW PHG
GHQQDPRQWHULQJVDQYLVQLQJ6NDGRURUVDNDGHDYIHODNWLJ
PRQWHULQJlUPRQW|UHQVDQVYDU
6HWLOOVnDQYlQGDUHQLQWHNRPPHUnWHONRPSRQHQWHUQDHIWHU
LQVWDOODWLRQ
(QKHWHQlUEDUDDYVHGGI|UDQYlQGQLQJXSSWLOO P|K
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
(ODQVOXWQLQJInUHQGDVWXWI|UDVDYHQEHK|ULJIDFNPDQ
)|UHVNULIWHUQDIUnQGHQORNDODHOOHYHUDQW|UHQVNDOOI|OMDV
(QKHWHQ NUlYHU IDVW LQVWDOODWLRQ RFK PRQWHULQJ PHG OlPSOLJ EU\WDUH
HQOLJWLQVWDOODWLRQVDQYLVQLQJDUQD
$QVOXWQLQJVW\SDSSDUDWHQWLOOK|UVN\GGVNODVV ,RFKInUHQGDVW
DQYlQGDVPHGHQMRUGDGDQVOXWQLQJ
7LOOYHUNDUHQWDULQJHWDQVYDUI|UIHODNWLJIXQNWLRQHOOHUVNDGRU
RUVDNDGHDYIHODNWLJHOLQVWDOODWLRQ
6ODGGHQ GHWlUEDUDEHK|ULJHOHNWULNHUHOOHUXWELOGDG
VHUYLFHWHNQLNHUVRPInULQVWDOOHUDVODGGHQ
,QE\JJQDGVDOWHUQDWLYXQGHUElQNVNLYDGXInUEDUDLQVWDOOHUD
LQGXNWLRQVKlOODU|YHUXJQDUDYVDPPDPlUNHPHG
YHQWLODWLRQVIOlNW'HWInULQWHILQQDVN\OVNnSGLVNPDVNLQXJQXWDQ
YHQWLODWLRQVIOlNWHOOHUWYlWWPDVNLQXQGHUKlOOHQ
8WVXJDYVWnQGHWPHOODQXWVXJRFKKlOOVNDPLQVWYDUDDQJLYHW
DYVWnQGLPRQWHULQJVDQYLVQLQJHQ
+lOORFKXJQVNDYDUDDYVDPPDPlUNHRFKKDVDPPD
DQVOXWQLQJDU ILJ 'HWJU|QDSnGHNDOHQSnVODGGHQWLOOKlOOHQVNDPDWFKDGHWJU|QD
SnXJQHQVGHNDO*|UGHWLQWHGHWVnPnVWHGXEHVWlOODHQ
PDWFKDQGHDGDSWHUDYVHUYLFH5HIHUHQVQXPUHWI|UDGDSWHUQlU
%lQNVNLYDSODQYnJUlWVWDELO)|OMLQVWUXNWLRQHUQDIUnQ
ElQNVNLYDQVWLOOYHUNDUH
(QKHWHQJnUDWWPRQWHUDLI|OMDQGHYlUPHRFKYDWWHQWnOLJD
ElQNVNLYRU
■ ElQNVNLYRUDYPDUPRUQDWXUVWHQ
■ ODPLQDWVNLYRU
■ %lQNVNLYRULPDVVLYWWUlEDUDRPGXI|OMHUDQYLVQLQJDUQDIUnQ
WLOOYHUNDUHQDYElQNVNLYDQ IRJDGHNDQWHU
■ 0RQWHULQJDYDQGUDVODJVElQNVNLYRUEDUDRPGXI|OMHU
DQYLVQLQJDUQDIUnQWLOOYHUNDUHQDYElQNVNLYDQ
bU ElQNVNLYDQ GX VND PRQWHUD KlOOHQ L LQWH WLOOUlFNOLJW WMRFN I|UVWlUN
GHQPHGEUDQGVlNHUWRFKYDWWHQWnOLJWPDWHULDOVnDWWGXXSSQnU
UHNRPPHQGHUDGPLQLPLWMRFNOHN$QQDUVJHUGHQLQWHWLOOUlFNOLJ
VWDELOLWHW
■ %lQNVNLYDQ GX VND PRQWHUD KlOOHQ L VND NODUD EHODVWQLQJDU Sn FD
NJ
■ .RQWUROOHUDLQWHDWWKlOOHQlUSODQI|UUlQGHQVLWWHUL
$QYLVQLQJ
■ $QYlQGLQWHVW|GQnJRQVWDQVI|UDWWInHQKHWHQLYnJ
■ $QSDVVQLQJDUDYElQNVNLYDQHQOLJWLQE\JJQDGVULWQLQJHQNUlYHU
VSHFLDOLVWKDQWYHUNDUH8UWDJVNDQWHUQDPnVWHYDUDUHQDRFK
H[DNWDHIWHUVRPNDQWHQV\QVRYDQSn5HQJ|URFKIHWWDDY
XUWDJVNDQWHUQDPHGOlPSOLJWUHQJ|ULQJVPHGHO
*DUDQWLYLGIHODNWLJPRQWHULQJHOOHUDQVOXWQLQJJlOOHULQWH
SURGXNWJDUDQWLQ
$QYLVQLQJ cWJlUGHUSnDSSDUDWHQVLQVLGDLQNOXVLYHE\WHDY
VWU|PNDEHOInUHQGDVWXWI|UDVDYVlUVNLOWXWELOGDGSHUVRQDOIUnQ
.XQGWMlQVW
)|UEHUHGDVWRPPDUQDELOG ,QE\JJGDVNnSWnOWHPSHUDWXUHUSnXSSWLOOƒ&
8WU\PPHDYOlJVQDVnJVSnQHQHIWHUXUVNlUQLQJVDUEHWHW
6NlU\WRUI|UVHJODPHGYlUPHEHVWlQGLJWPDWHULDO
,QE\JJQDG|YHUXJQELOGD
%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP
$QYLVQLQJ 7LWWDLXJQHQVPRQWHULQJVDQYLVQLQJRPDYVWnQGHW
PHOODQKlOORFKXJQPnVWHYDUDVW|UUH
9HQWLODWLRQDYVWnQGHWPHOODQXJQRFKKlOOVNDYDUDPLQPP
9HQWLODWLRQELOG +lOOHQNUlYHUDQJLYHQYHQWLODWLRQI|UDWWHQKHWHQVNDIXQJHUD
RUGHQWOLJW
9HQWLODWLRQHQ XQGHU HQKHWHQ NUlYHU EUD IULVNOXIWVLQWDJ Vn VWRPPHQ
PnVWHKDPDWFKDQGHXWIRUPQLQJ)|OMDQGHNUlYV
■ NUlYHUPLQLPLDYVWnQGPHOODQVWRPU\JJRFKYlJJVDPWPHOODQ
XJQRFKKlOO ELOGD ■ NUlYHUHQ|SSQLQJXSSWLOOSnVWRPU\JJHQ ELOG E $QYLVQLQJ
■ 0RQWHUDU GX HQKHWHQ L HQ N|NV| HOOHU Sn DQQDQ SODWV VRP VDNQDU
EHVNULYQLQJVHWLOOVnDWWKlOOHQInUUlWWYHQWLODWLRQ
■ 'HQXQGUHVRFNHOQInULQWHYDUDKHUPHWLVNWWLOOVOXWHQ
0RQWHUDHQKHWHQELOG $QYLVQLQJ $QYlQGVN\GGVKDQGVNDUYLGPRQWHULQJDYKlOOHQ'H
GROGD\WRUQDNDQKDYDVVDNDQWHU
6lWWDLKlOOHQ
6lWWHQWHMSELWSnElQNVNLYDQVDYVDWV ELOG &HQWUHUDHQKHWHQLXUWDJHW ELOG ² 6HWLOOVnDWWVODGGHQLQWHEOLUNOlPGHOOHUGUDJHQ|YHUYDVVD
NDQWHU9LGXQGHUE\JJGXJQGUDVODGGHQWLOOYlJJXWWDJHWYLD
XJQHQVEDNUHK|UQ'UDOHGQLQJHQVnDWWGHQLQWHNRPPHUL
NRQWDNWPHGKHWDVWlOOHQSnKlOOHOOHUXJQ
² .DNODGHElQNVNLYRUPMXNIRJDNDNOHWPHGVLOLNRQ
6HWLOOVnDWWKlOOHQlULK|MGPHGElQNVNLYDQbUKlOOHQLQWHL
K|MGPRQWHUDGHWDQWDOVRPEHK|YVDYGHPHGI|OMDQGHIlVWHQD
RFKGUDnWI|UVLNWLJW ELOG $QYLVQLQJ $QYlQGLQWHVNUXYGUDJDUH
$QVOXWDHQKHWHQELOG
+lOOHQVNDYDUDVSlQQLQJVO|VYLGDQVOXWQLQJ VlNULQJDUQDDY 6lWWKlOOHQIUDPI|UVWRPPHQ
6NUXYD IDVW KlOOHQV VN\GGVMRUG 3( JU|QJXO L XJQHQV MRUGSXQNW
<
$QYLVQLQJ $QVOXW DOOWLG VN\GGVMRUGHQ 3( I|UVW RFK NRSSOD ORVV
GHQVLVW
6lWWL 3RO\%R[SODVWNRQWDNWHQLXJQHQ
'UDnWVNUXYDUQDWLOO 3RO\%R[NRQWDNWHQ
$QVOXWGDWDNDEHOQ 6
)XQNWLRQVSURYDLQQDQGXWlWIRJDU ELOG 0MXNIRJDVSDOWHQUXQWRPPHGOlPSOLJWYlUPHEHVWlQGLJWVLOLNRQ
WH[ PHG1RYDVLOŠ6HOOHU2WWRVHDOŠ6*OlWWDWlWIRJHQPHG
GHWJOlWWQLQJVPHGHOVRPWLOOYHUNDUHQUHNRPPHQGHUDU)|OM
DQYLVQLQJDUQDWLOOVLOLNRQHW$QYlQGLQWHHQKHWHQI|UUlQVLOLNRQHW
WRUNDW KHOW 'HW WDU PLQVW WLPPDU I|U IRJHQ DWW WRUND EHURHQGH Sn
RPJLYQLQJVWHPSHUDWXUHQ
'XNDQEHVWlOODOlPSOLJVLOLNRQIRJKRVVHUYLFH
2EV
2OlPSOLJVLOLNRQIRJNDQJHSHUPDQHQWDIlUJI|UlQGULQJDUSn
QDWXUPDUPRU
7DXUHQKHWHQ
*|UHQKHWHQVWU|PO|V
: 5LVNI|UHOVW|W
3OLQWDUQDNDQJHUHWXUVSlQQLQJYLGORVVQLQJDYKlOOHQV
HODQVOXWQLQJ'HWlUEDUDEHK|ULJHOHNWULNHUVRPInUJ|UD
HODQVOXWQLQJHQ
7DERUWVLOLNRQIRJHQUXQWKlOOHQPHGOlPSOLJWYHUNW\J
'UDXWXJQHQRFKVWlOOGHQIUDPI|UVWRPPHQ
'UDXUVODGGHQ 6
/RVVDRFKWDERUWVNUXYHQWLOO SOLQWNRSSOLQJVK|OMHW'UDLQWHL
VODGGHQ
/RVVDWLOOVLVWVN\GGVMRUGHQIUnQMRUGVNUXYHQ
7U\FNXSSKlOOHQXQGHULIUnQ
2EV
5LVNI|UVNDGRUSnHQKHWHQ)|UV|NLQWHWDXUHQKHWHQRYDQLIUnQ
en
Ú ,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
6DIHW\ 6DIHW\ LQ XVH LV RQO\ JXDUDQWHHG LI WKH WHFKQLFDO LQVWDOODWLRQ
RIWKHKREKDVEHHQFDUULHGRXWFRUUHFWO\DQGLQDFFRUGDQFHZLWK
WKHDVVHPEO\LQVWUXFWLRQV7KHLQVWDOODWLRQWHFKQLFLDQVKDOOEH
OLDEOHIRUDQ\GDPDJHFDXVHGDVDUHVXOWRIXQVXLWDEOHLQVWDOODWLRQ
2QFHWKHDSSOLDQFHLVLQVWDOOHGPDNHVXUHWKDWWKHXVHUFDQQRW
DFFHVVWKHHOHFWULFDOFRPSRQHQWV
7KLVDSSOLDQFHLVRQO\SHUPLWWHGIRUXVHDWKHLJKWVXSWR
PHWUHV
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
(OHFWULF FRQQHFWLRQ 2QO\ E\ DQ DXWKRULVHG VSHFLDOLVW WHFKQLFLDQ
7KHJXLGHOLQHVVHWRXWE\WKHORFDOHOHFWULFLW\SURYLGHUPXVWEH
REVHUYHG
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRDIL[HGLQVWDOODWLRQDQG
DSSURSULDWHLVRODWLQJVZLWFKHVPXVWEHVHWXSLQDFFRUGDQFHZLWK
WKHLQVWDOODWLRQLQVWUXFWLRQV
7\SHRIFRQQHFWLRQ7KHDSSOLDQFHIDOOVXQGHUSURWHFWLRQFODVV ,
DQGFDQRQO\EHXVHGLQFRPELQDWLRQZLWKDJURXQGLQJFRQGXFWRU
FRQQHFWLRQ
7KHPDQXIDFWXUHUDFFHSWVQRUHVSRQVLELOLW\IRUDQ\PDOIXQFWLRQRU
GDPDJHFDXVHGE\LQFRUUHFWHOHFWULFDOLQVWDOODWLRQV
0DLQVFDEOH 7KHPDLQVFDEOHPXVWRQO\EHLQVWDOOHGE\DQ
DXWKRULVHGSURIHVVLRQDORUE\DWUDLQHGDIWHUVDOHVHQJLQHHU
,QVWDOODWLRQ RSWLRQV IRU EHORZ D ZRUNWRS 7KH LQGXFWLRQ KRE FDQ
RQO\EHLQVWDOOHGDERYHRYHQVZLWKYHQWLODWLRQDQGIURPWKHVDPH
EUDQG1RUHIULJHUDWRUVGLVKZDVKHUVRYHQVZLWKRXWYHQWLODWLRQRU
ZDVKLQJPDFKLQHVFDQEHLQVWDOOHGEHORZWKHKRE
([WUDFWLRQFKLPQH\7KHFOHDUDQFHEHWZHHQWKHH[WUDFWLRQ
FKLPQH\DQGWKHKREPXVWDWOHDVWPDWFKWKHFOHDUDQFHVSHFLILHG
IRUWKHH[WUDFWLRQFKLPQH\LQWKHLQVWDOODWLRQLQVWUXFWLRQV
(QVXUHWKDWWKHKRELVDWWKHVDPHKHLJKWDVWKHZRUNWRS,IWKH
+RE DQG RYHQ%RWK PXVW EH IURP WKH VDPH EUDQG DQG PXVW KDYH
WKHVDPHFRQQHFWLRQV ILJ 7KHJUHHQLQWKHVWLFNHURQWKHKRE VPDLQVFDEOHPXVWPDWFKWKH
JUHHQLQWKHVWLFNHURQWKHRYHQ,IWKH\GRQRWPDWFK\RXPXVW
RUGHUDVXLWDEOHDGDSWRUIURPWHFKQLFDODIWHUVDOHVVHUYLFH7KH
UHIHUHQFHQXPEHUIRUWKHDGDSWRULV
+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
:DUUDQW\DQXQVXLWDEOHLQVWDOODWLRQFRQQHFWLRQRUDVVHPEO\ZLOO
LQYDOLGDWHWKHSURGXFWZDUUDQW\
1RWH $Q\FKDQJHWRWKHDSSOLDQFH VLQWHULRULQFOXGLQJFKDQJLQJ
WKHSRZHUFDEOHPXVWRQO\EHSHUIRUPHGE\VSHFLDOO\WUDLQHG
PHPEHUVRIWKH7HFKQLFDO$VVLVWDQFH6HUYLFH
KRELVQRWDWWKHVDPHKHLJKWLQVWDOODQGFDUHIXOO\WLJKWHQWKH
VXSSOLHGDQFKRUV ILJXUH 1RWH 'RQRWXVHDQHOHFWULFVFUHZGULYHU
&RQQHFWLQJWKHDSSOLDQFHILJXUH 0DNHVXUHWKHKRELVQRWFRQQHFWHGWRDSRZHUVXSSO\EHIRUH
FRQQHFWLQJLW VZLWFKRIIWKHFLUFXLWEUHDNHUV 3RVLWLRQWKHKRELQIURQWRIWKHXQLW
6FUHZ WKH SURWHFWLYH HDUWK FRQGXFWRU 3( JUHHQ\HOORZ IRU WKH
KREWRWKHHDUWKLQJSRLQW <RQWKHRYHQ
1RWH 7KHSURWHFWLYHHDUWKFRQGXFWRU 3(PXVWEHFRQQHFWHG
ILUVWDQGGLVFRQQHFWHGODVW
3OXJWKH SRO\ER[SODVWLFSOXJLQWRWKHRYHQ
7LJKWHQWKHVFUHZVRQWKH SRO\ER[SOXJ
&RQQHFWWKH 6GDWDOLQH
%HIRUHVHDOLQJWKHDSSOLDQFHLQWRWKHZRUNWRS ILJXUH FKHFNWKDWLWZRUNVFRUUHFWO\
6HDODOODURXQGWKHJDSXVLQJVXLWDEOHKHDWUHVLVWDQWVLOLFRQH
HJ 1RYDVLOŠ6RU2WWRVHDOŠ66PRRWKWKHVHDOMRLQWZLWKD
VPRRWKHUUHFRPPHQGHGE\WKHPDQXIDFWXUHU)ROORZWKH
LQVWUXFWLRQVIRUWKHVLOLFRQH'RQRWRSHUDWHWKHDSSOLDQFHXQWLOWKH
VLOLFRQHKDVGULHGFRPSOHWHO\'U\LQJWDNHVDWOHDVWKRXUVDQG
WKHWLPHUHTXLUHGGHSHQGVRQWKHDPELHQWWHPSHUDWXUH
$VXLWDEOHVLOLFRQHDGKHVLYHFDQEHREWDLQHGIURPRXUDIWHUVDOHV
VHUYLFH
&DXWLRQ
8QVXLWDEOH VLOLFRQH DGKHVLYHV FDQ FDXVH SHUPDQHQW GLVFRORXUDWLRQ
LQQDWXUDOPDUEOH
5HPRYLQJWKHDSSOLDQFH
3UHSDULQJWKHFXSERDUGILJXUHV %XLOWLQNLWFKHQXQLWV0LQLPXPWHPSHUDWXUHUHVLVWDQFHRIƒ&
*DS5HPRYHDQ\VKDYLQJVDIWHUSHUIRUPLQJFXWWLQJZRUN
&XWVXUIDFHV6HDOZLWKKHDWUHVLVWDQWPDWHULDO
,QVWDOOLQJDERYHDQRYHQILJXUHD
+REPXVWKDYHDPLQLPXPWKLFNQHVVRI PP
1RWH ,IWKHGLVWDQFHEHWZHHQWKHKREDQGRYHQPXVWEH
LQFUHDVHGUHIHUWRWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKHRYHQ
9HQWLODWLRQ 7KH GLVWDQFH EHWZHHQ WKH RYHQ DQG WKH KRE PXVW EH DW
OHDVWPP
9HQWLODWLRQILJXUH
7RJXDUDQWHHWKDWWKHDSSOLDQFHZRUNVFRUUHFWO\WKHKREPXVWEH
VXIILFLHQWO\YHQWLODWHG
6LQFH WKH YHQWLODWLRQ LQ WKH ORZHU VHFWLRQ RI WKH DSSOLDQFH UHTXLUHV
DVXIILFLHQWVXSSO\RIIUHVKDLUWKHFXSERDUGVPXVWEHGHVLJQHG
DFFRUGLQJO\7KHIROORZLQJLVUHTXLUHGIRUWKLV
■ $PLQLPXPGLVWDQFHEHWZHHQWKHUHDURIWKHFXSERDUGDQGWKH
NLWFKHQZDOODQGEHWZHHQWKHRYHQDQGWKHKRE ILJXUHD ■ $QRSHQLQJDWWKHWRSHQGRIWKHUHDURIWKHFXSERDUG
ILJXUH E 1RWHV
■ ,I WKH DSSOLDQFH LV LQVWDOOHG LQ DQ LVODQG XQLW RU LQ DQRWKHU ORFDWLRQ
WKDWLVQRWGHVFULEHGKHUHDSSURSULDWHYHQWLODWLRQRIWKHKRE
PXVWEHJXDUDQWHHG
■ 'RQRWKHUPHWLFDOO\VHDOWKHORZHUEDVH
'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
: 5LVNRIHOHFWULFDOVKRFN
:KHQGLVFRQQHFWLQJWKHFRRNWRSIURPWKHPDLQVWKHWHUPLQDOV
FRXOGUHPDLQFKDUJHG(OHFWULFDOLQVWDOODWLRQLVRQO\DOORZHGE\DQ
DXWKRUL]HGVSHFLDOLVWWHFKQLFLDQ
8VHDVXLWDEOHWRROWRUHPRYHWKHVLOLFRQHVHDOIURPDURXQGWKH
KRE
6OLGHWKHRYHQRXWDQGSODFHLWLQIURQWRIWKHXQLW
5HPRYHPDLQVOHDG 6
8QGRDQGUHPRYHWKHVFUHZLQWKH SRO\ER[KRXVLQJ:KHQ
UHPRYLQJGRQRWSXOORQWKHFDEOHV
)LQDOO\GLVFRQQHFWWKHFRQGXFWRUIURPWKHHDUWKLQJVFUHZ
5HPRYHWKHKREE\SXVKLQJLWIURPEHORZ
&DXWLRQ
'DPDJH WR WKH DSSOLDQFH 'R QRW DWWHPSW WR UHPRYH WKH DSSOLDQFH
IURPDERYH
,QVWDOOLQJWKHDSSOLDQFHILJXUHV 1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE7KHQRQYLVLEOH
VXUIDFHVPD\KDYHVKDUSHGJHV
,QVWDOOLQJWKHKRE
$WWDFKDGKHVLYHWDSHWRWKHHGJHRIWKHZRUNWRS ILJXUH 3ODFHWKHDSSOLDQFHHYHQO\LQWRWKHFXWRXW ILJXUH ² (QVXUHWKDWWKHPDLQVFDEOHLVQRWWUDSSHGRUSLQFKHGDQGGR
QRW URXWH LW RYHU VKDUS HGJHV ,I WKH RYHQ LV D EXLOWXQGHU W\SH
URXWH WKH FDEOH DORQJ WKH UHDU FRUQHUV RI WKH RYHQ WR WKH PDLQV
VRFNHW 7KH FDEOH PXVW EH LQVWDOOHG VXFK WKDW LW GRHV QRW FRPH
LQWRFRQWDFWZLWKDQ\KRWSDUWVRIWKHKRERURYHQ
² 6HDOWKHWLOHMRLQWVRQWLOHGZRUNVXUIDFHVZLWKVLOLFRQHUXEEHU