
*9001134282*
Ø 0RQWDJHDQOHLWXQJ
Ù
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Û ,QVWUXFFLRQHVGHPRQWDMH
Þ 1RWLFHGHPRQWDJH
á 6]HUHOpVL~WPXWDWy
â ,VWUX]LRQLSHULOPRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW
ë ,QVWUXNFMDPRQWDŰX
ì ,QVWUXo}HVGHPRQWDJHP
í ,QVWUXFŘLXQLGHPRQWDM
î Ημπροςιυηώξνλνμρίες
ô 0RQWDMN×ODYX]X
a
a
a
PLQ
PLQ
PLQ
PLQ
PLQ
PLQ
PLQ
PLQ
PLQPD[
PLQ
PLQ
PLQ
PLQ

[
D
/
9
9
99
1
a


=
/
D D
D D
D D
D
/
/
/
0
0
0
E
E
E
E
E E
0
0
0
0
0
0
0
E
E
0
0
0

0
$%

V
V
JDV PEDU 4QN: P
K JK =PP 0
* %
* %
* %
* %
* %
* %
* $
* $
* $
* $
* %
* %
* %
* %
* %
* %
* $
* $
* $
* $

*
%
*
%
*
%
*
%
*
%
*
%
*
$
*
$
*
$
*
$
*** (UGJDV $DUGJDV *D] QDWXUHO (UGJDV + (UJDV ( 1DWXUJDV *DV QDWXUDO 0DDNDDVX *D] QDWXUHO /DFT 1DWXUDO
JDV*DVQDWXUDOH*DVPHWDQR*iV1DWXUDO=HPQìSO\Q=HPHOMVNLSOLQ
* $DUGJDV*D]QDWXUHO(UGJDV//*D]QDWXUHO*URQLQJXH
**** )OVVLJJDV%XWDDQ3URSDDQ%XWDQR3URSDQR%XWDQ3URSDQ)OVVLJJDV%3)*DV%XWDDQL3URSDDQL
%XWDQH3URSDQH*3/%XWiQ3URSiQ
* %\JDV*DVPDQXIDFWXUDGR
JDV PEDU 4QN: P
K JK =PP 0

de
Ø
0RQWDJHDQOHLWXQJ
6LFKHUKHLWVKLQZHLVH
/HVHQ6LHGLH*HEUDXFKVDQZHLVXQJIUGDV*HUlWEHYRU6LHHV
LQVWDOOLHUHQXQGEHQXW]HQ
'LHLQGLHVHU$QOHLWXQJHQWKDOWHQHQ$EELOGXQJHQVLQGRULHQWDWLY
'HU +HUVWHOOHU LVW MHJOLFKHU 9HUDQWZRUWXQJ HQWKREHQ ZHQQ GLH
%HVWLPPXQJHQGLHVHV+DQGEXFKVQLFKWHLQJHKDOWHQZHUGHQ
'LHVHV *HUlW GDUI QXU DQ HLQHP DXVUHLFKHQG EHOIWHWHQ 2UW JHQXW]W
ZHUGHQ'DV*HUlWGDUIQLFKWDQHLQHQ6FKRUQVWHLQRGHUHLQH
$EJDVDQODJHDQJHVFKORVVHQZHUGHQ
$OOH,QVWDOODWLRQV$QVFKOXVV5HJHOXQJVXQG8PVWHOOXQJV
DUEHLWHQ DXI HLQH DQGHUH *DVDUW PVVHQ YRQ HLQHP DXWRULVLHU
WHQ )DFKPDQQ XQG XQWHU %HDFKWXQJ GHU MHZHLOV DQZHQGEDUHQ
5HJHOXQJHQXQGJHVHW]OLFKHQ9RUJDEHQVRZLHGHU9RUVFKULI
WHQGHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHUYRUJHQRPPHQ
ZHUGHQ %HVRQGHUH $XIPHUNVDPNHLW LVW GHQ IU GLH %HOIWXQJ
JHOWHQGHQ%HVWLPPXQJHQXQG5LFKWOLQLHQ]X]XZHQGHQ
)U8PVWHOOXQJVDUEHLWHQDXIHLQHDQGHUH*DVDUWHPSIHKOHQ
ZLUGHQ.XQGHQGLHQVW]XUXIHQ
'LHVHV*HUlWZXUGHDXVVFKOLHOLFKIUGLH9HUZHQGXQJLQ3ULYDW
KDXVKDOWHQHQWZRUIHQHLQHNRPPHU]LHOOHRGHUJHZHUEOLFKH1XW
]XQJ LVW QLFKW JHVWDWWHW 'LHVHV *HUlW GDUI QLFKW DXI -DFKWHQ RGHU LQ
:RKQZDJHQHLQJHEDXWZHUGHQ'LH*DUDQWLHJLOWQXUGDQQZHQQ
GDV*HUlWDXVVFKOLHOLFKIUVHLQHQYRUJHVHKHQHQ=ZHFNJHQXW]W
ZLUG
hEHUSUIHQ6LHYRUGHU,QVWDOODWLRQGHV*HUlWVGDVVGLH|UWOLFKHQ
9RUDXVVHW]XQJHQXQGGLHDXIGHP7\SHQVFKLOGDQJHJHEHQHQ
*HUlWHHLQVWHOOXQJHQ *DVDUW XQG GUXFN 1HQQOHLVWXQJ 6SDQQXQJ
PLWHLQDQGHUNRPSDWLEHOVLQG
6WHOOHQ6LHYRUGHU'XUFKIKUXQJMHJOLFKHU$UEHLWHQGLH
6WURPXQG*DV]XIXKUDE
'DV 1HW]NDEHO PXVV DP (LQEDXP|EHO JXW EHIHVWLJW ZHUGHQ GDPLW
HVQLFKWPLWKHLHQ7HLOHQGHV%DFNRIHQVRGHUGHV.RFKIHOGHVLQ
%HUKUXQJNRPPHQNDQQ
(OHNWULVFKH*HUlWHPVVHQLPPHUJHHUGHWZHUGHQ
1HKPHQ6LHNHLQH$UEHLWHQLP*HUlWHLQQHUHQYRU5XIHQ6LH
JHJHEHQHQIDOOVXQVHUHQ.XQGHQGLHQVWDQ
9RUGHP(LQEDX
'LHVHV*HUlWHQWVSULFKW.ODVVHJHPl',1(1IU*DV
JHUlWH(LQEDXJHUlWH
'LHVH*HUlWHVLQGXQWHUHLQDQGHUXQGRGHUPLWKHUN|PPOLFKHQ
.RFKIHOGHUQGHUVHOEHQ0DUNHNRPELQLHUEDULQGHPHLQ9HUELQ
GXQJVHOHPHQWYHUZHQGHWZLUG:HLWHUH,QIRUPDWLRQHQILQGHQ6LH
LP.DWDORJ
'DV0|EHOLQZHOFKHVGDV*HUlWHLQJHEDXWZLUGPXVVDXVUHL
FKHQGIL[LHUWXQGVWDELOVHLQ
'LH QHEHQ GHP *HUlW EHILQGOLFKHQ 0|EHO GHUHQ 6FKLFKWZHUNVWRIIH
VRZLHGHUVLH]XVDPPHQKDOWHQGH/HLPGUIHQQLFKWDXVEUHQQED
UHQ0DWHULDOLHQEHVWHKHQXQGPVVHQKLW]HEHVWlQGLJVHLQ
'LHVHV*HUlWGDUIQLFKWEHU.KOVFKUlQNHQ:DVFKPDVFKLQHQ
6SOPDVFKLQHQRGHUlKQOLFKHQ*HUlWHQHLQJHEDXWZHUGHQ
:HQQ6LHGDV.RFKIHOGEHUHLQHP%DFNRIHQLQVWDOOLHUHQPXVV
GLHVHUEHUHLQH=ZDQJVEHOIWXQJYHUIJHQhEHUSUIHQ6LHGLH
$EPHVVXQJHQGHV%DFNRIHQVLQ,KUHP,QVWDOODWLRQVKDQGEXFK
:HQQ HLQH 'XQVWDE]XJVKDXEH DQJHEUDFKW ZLUG PXVV GLHV JHPl
GHU 0RQWDJHDQOHLWXQJ XQG LPPHU XQWHU %HUFNVLFKWLJXQJ GHV YHUWL
NDOHQ0LQGHVWDEVWDQGV]XP.RFKIHOG$EE JHVFKHKHQ
9RUEHUHLWXQJGHV.FKHQP|EHOV$EE
1HKPHQ 6LH LQ GHU $UEHLWVIOlFKH HLQHQ $XVVFKQLWW PLW GHQ EHQ|WLJ
WHQ$EPHVVXQJHQYRU
:HQQ HV VLFK EHL GHP .RFKIHOG XP HLQ HOHNWULVFKHV RGHU JHPLVFK
WHV.RFKIHOG*DVXQGHOHNWULVFKKDQGHOWXQGVLFKNHLQ2IHQGDU
XQWHUEHILQGHWEULQJHQ6LHHLQHQ=ZLVFKHQERGHQDXVQLFKW
EUHQQEDUHP0DWHULDO]%0HWDOORGHU6SHUUKRO] PPXQWHU
GHP%RGHQGHV.RFKIHOGHVDQ6RZLUGHLQ=XJDQJ]XPXQWHUHQ
7HLO GHV .RFKIHOGHV YHUKLQGHUW:HQQ HV VLFK EHL GHP .RFKIHOG XP
HLQ*DVNRFKIHOGKDQGHOWZLUGHPSIRKOHQGHQ=ZLVFKHQERGHQLP
VHOEHQ$EVWDQG]XP.RFKIHOGDQ]XEULQJHQ
%HL$UEHLWVIOlFKHQDXV+RO]ILUQLVVHQ6LHGLH6FKQLWWIOlFKHQPLW
6SH]LDOOHLPXPVLHYRU)HXFKWLJNHLW]XVFKW]HQ
(LQEDXGHV*HUlWV$EE
+LQZHLV =XP(LQEDXHQGHV.RFKIHOGHV6FKXW]KDQGVFKXKHYHU
ZHQGHQ
'LH .ODPPHUQ XQG GLH .OHEHGLFKWXQJ XQWHUHU 5DQG GHV .RFKIHOG
VLQGEHUHLWVZHUNVHLWLJDQJHEUDFKW8QWHUNHLQHQ8PVWlQGHQHQW
IHUQHQ'LH.OHEHGLFKWXQJYHUKLQGHUW'XUFKVLFNHUQ
=XU)L[LHUXQJGHV*HUlWVDP(LQEDXP|EHO
'UHKHQ6LHGDV.RFKIHOGLQGLHULFKWLJH3RVLWLRQ
/RFNHUQ 6LH GLH 6FKUDXEHQ GHU .ODPPHUQ ELV VLH IUHL GUHKHQ (V
LVW QLFKW Q|WLJ GLH 6FKUDXEHQ GHU .ODPPHUQ YROOVWlQGLJ ]X O|VHQ
/HJHQ 6LH GDV .RFKIHOG LQ GHQ $UEHLWVSODWWHQDXVVFKQLWW XQG ULFK
WHQ6LHHV]HQWULHUWDXV'UFNHQ6LHGDV*DVNRFKIHOGDQGHQ
6HLWHQQDFKXQWHQELVHVNRPSOHWWDQGHQ5lQGHUQDXIOLHJW
'UHKHQ 6LH GLH .ODPPHUQ XQG VFKUDXEHQ 6LH VLH JUQGOLFK IHVW
'LH 6FKUDXEHQ GHU .ODPPHUQ PVVHQ VHQNUHFKW ]XP *HKlXVH
ERGHQVWHKHQ
'LH 3RVLWLRQ GHU .ODPPHUQ KlQJW YRQ GHU 'LFNH GHU $UEHLWVSODWWH
DE
'DV*HUlWGDUIQLFKWPLW6LOLNRQDXIGLH$UEHLWVSODWWHJHNOHEWZHU
GHQ
$XVEDXGHV.RFKIHOGHV
7UHQQHQ6LHGDV*HUlWYRQGHU6WURPXQG*DVYHUVRUJXQJ
6FKUDXEHQ 6LH GLH .ODPPHUQ DXI XQG IROJHQ 6LH GHQ (LQEDXVFKULW
WHQLQXPJHNHKUWHU5HLKHQIROJH
*DVDQVFKOXVV$EE
'HU*DVDQVFKOXVVPXVVVRDQJHRUGQHWVHLQGDVVGHU$EVSHUU
KDKQ]XJlQJOLFKLVW
$P (QGH GHV (LQJDQJVURKUV ]XP *DVNRFKIHOG EHILQGHW VLFK HLQ
µ*HZLQGH PP'LHVHV*HZLQGHHUP|JOLFKW
■ (LQHQ)HVWDQVFKOXVV
■ (LQHQ$QVFKOXVVPLWHLQHP0HWDOOVFKODXFK/ PLQ P
PD[ P
:HQQ6LHHLQHNRQLVFKH9HUELQGXQJKHUVWHOOHQP|FKWHQVHW]HQ
6LH GDV =XEHK|UWHLO PLW GHU 1XPPHU XQG GLH 'LFKWXQJ PLW
GHU1XPPHUJJILP/LHIHUXPIDQJHQWKDOWHQRGHUEHLP
.XQGHQGLHQVWHUKlOWOLFK]ZLVFKHQGHP(LQJDQJVURKUGHV*DV
NRFKIHOGHVXQGGHU*DV]XOHLWXQJHLQ%LOG
'HU 6FKODXFK VROOWH QLFKW LQ .RQWDNW ]X GHQ EHZHJOLFKHQ 7HLOHQ GHU
(LQEDXHLQKHLWJHODQJHQ]%HLQHU6FKXEODGHRGHUGXUFKgII
QXQJHQYHUOHJWZHUGHQGLHYHUVFKORVVHQZHUGHQN|QQWHQ
:HQQ HLQ KRUL]RQWDOHU *DVDQVFKOXVV KHUJHVWHOOW ZHUGHQ VROO OLHIHUW
,KQHQXQVHUWHFKQLVFKHU.XQGHQGLHQVWHLQHQ.UPPHUPLWGHU
$UWLNHOQXPPHUVRZLHHLQH'LFKWXQJPLWGHU$UWLNHOQXP
PHU$EE D
: *DVDXVWULWWVJHIDKU
1DFK$UEHLWHQDQHLQHU$QVFKOXVVVWHOOHGLHVHLPPHUDXI'LFKWKHLW
SUIHQ
'HU+HUVWHOOHUEHUQLPPWIUGHQ*DVDXVWULWWDQHLQHU$QVFKOXVV
VWHOOHDQGHU]XYRUKDQWLHUWZXUGHNHLQH9HUDQWZRUWXQJ
(OHNWULVFKHU$QVFKOXVV$EE
'DV *HUlW JHK|UW ]XP 7\S < 'DV =XOHLWXQJVNDEHO GDUI QLFKW YRP
%HQXW]HUVRQGHUQQXUYRP.XQGHQGLHQVWDXVJHWDXVFKWZHUGHQ
6RZRKO.DEHOW\SDOVDXFKPLQLPDOHU4XHUVFKQLWWPVVHQEHUFN
VLFKWLJWZHUGHQ
'LH.RFKIHOGHUZHUGHQPLW1HW]NDEHOPLWRGHURKQH6WHFNHUJHOLH
IHUW
0LW6WHFNHUDXVJHVWDWWHWH*HUlWHGUIHQQXULQYRUVFKULIWVPlLJ
DQJHEUDFKWHJHHUGHWH6WHFNGRVHQJHVWHFNWZHUGHQ
(VPXVVHLQDOOSROLJHU7UHQQVFKDOWHUPLWPLQGHVWHQV PP.RQ
WDNWDEVWDQGDQJHEUDFKWZHUGHQDXHUEHL$QVFKOXVVDQHLQHIUHL
]XJlQJOLFKH6WHFNGRVH
8PVWHOOXQJDXIHLQHDQGHUH*DVDUW
:HQQGLHHLQVFKOlJLJHQ%HVWLPPXQJHQGHVMHZHLOLJHQ/DQGHV
GLHVHUODXEHQNDQQGLHVHV*HUlWDXIDQGHUH*DVDUWHQXPJHVWHOOW
ZHUGHQVLHKH7\SHQVFKLOG'LHKLHUIUQRWZHQGLJHQ7HLOHEHILQ
GHQ VLFK LP PLWJHOLHIHUWHQ 8PEDXNLW MH QDFK 0RGHOO RGHU N|QQHQ
EHUGHQ.XQGHQGLHQVWEH]RJHQZHUGHQ
:,&+7,*%ULQJHQ6LHGHQ$XINOHEHUPLWGHUXPJHVWHOOWHQ*DVDUW
LQGHU1lKHGHV7\SHQVFKLOGHVDQ
(VPVVHQIROJHQGH6FKULWWHEHIROJWZHUGHQ
$XVWDXVFKGHU'VHQYRP6WDUN1RUPDOXQG6SDUEUHQQHU
GHV.RFKIHOGHV $EE
1HKPHQ6LHGLH5RVWH%UHQQHUGHFNHOXQG9HUWHLOHUDE
7DXVFKHQ6LHGLH'VHQPLWGHPEHUXQVHUHQ.XQGHQGLHQVW
HUKlOWOLFKHQ 6FKOVVHO PLW GHU $UWLNHOQXPPHU DXV VLHKH
$EE $FKWHQ6LHGDEHLEHVRQGHUVGDUDXIGDVVGLH'VH
EHLP+HUDXVGUHKHQRGHU%HIHVWLJHQDP%UHQQHUQLFKWDEEULFKW
6WHOOHQ 6LH VLFKHU VLH ELV ]XP $QVFKODJ HLQJHGUHKW ]X KDEHQ XP
HLQHJXWH$EGLFKWXQJ]XHUUHLFKHQ
%HLGLHVHQ%UHQQHUQPXVVNHLQH(LQVWHOOXQJGHU3ULPlUOXIWYRU
JHQRPPHQZHUGHQ

%ULQJHQ6LHGLH9HUWHLOHUXQG%UHQQHUGHFNHODXIGHQHQWVSUH
FKHQGHQ .RFKVWHOOHQ DQ 6HW]HQ 6LH DXHUGHP GLH 5RVWH NRUUHNW
HLQ
$XVWDXVFKGHU'VHQYRQGRSSHOIODPPLJHQ%UHQQHUQ
)U GHQ $XVWDXVFK GHU 'VHQ LVW HV HUIRUGHUOLFK GLH *ODVSODWWH PLW
GHQ3URILOHQGHV*HUlWVDXV]XEDXHQ'LH*ODVSODWWHLVWPLWGHP
5HVWGHV.RFKIHOGHVGXUFKHLQ&OLSV\VWHPYHUEXQGHQ
$XVEDXGHU*ODVSODWWHPLWGHQ3URILOHQ$EE
1HKPHQ6LHDOOH7RSIWUlJHU%UHQQHUGHFNHO%UHQQHUULQJHE]Z
%UHQQHUNHOFKHDE
/|VHQ6LHGLH6FKUDXEHQGHU%UHQQHU
9HUZHQGHQ6LHGHQ'HPRQWDJHKHEHOGHUEHUXQVHUHQ.XQ
GHQGLHQVWHUKlOWOLFKLVW&RGH/|VHQ6LHPLWKLOIHGHV
+HEHOV GLH YRUGHUH &OLSEHIHVWLJXQJ DQ GHU LQ $EE DQJH]HLJWHQ
6WHOOHMHQDFK.RFKIHOGPRGHOO
$FKWXQJ
%HQXW]HQ6LHGHQ+HEHOQXUDQGHQ*ODVNDQWHQGLHHLQ3URILO
RGHUHLQHQ5DKPHQDXIZHLVHQ
/|VHQ6LHGLHKLQWHUH&OLSEHIHVWLJXQJLQGHP6LHYRUVLFKWLJGLH
*ODVSODWWHPLWGHQ3URILOHQDQKHEHQ
$XVWDXVFKGHUlXHUHQ)ODPPHQGVH$EE D
/|VHQ 6LH GLH %HIHVWLJXQJVVFKUDXEH / XQG ]LHKHQ 6LH GLH +OVH
/QDFKKLQWHQXPOHLFKWHQ=XJDQJ]XU+DXSWGVH]XKDEHQ
$EE D
=LHKHQ 6LH GLH lXHUH )ODPPHQGVH KHUDXV LQGHP 6LH VLH QDFK
OLQNVGUHKHQ$EE DD
6FKUDXEHQ 6LH GLH QHXH lXHUH )ODPPHQGVH HLQ $EE DD
6FKDXHQ6LHLQGLH7DEHOOH
6WHOOHQ6LHGHQ$EVWDQGGHU5HJXOLHUKOVHIUGLH/XIW]XIXKU/
$EEDDXIGDV0D=HLQZLHLQGHU7DEHOOH DQJHJHEHQ
=LHKHQ6LHGLH%HIHVWLJXQJVVFKUDXEH/IHVW$EE D
$XVWDXVFKGHULQQHUHQ)ODPPHQGVH$EE E
6FKUDXEHQ6LHGDV7HLO0YRP7HLOGDVPLWHLQHP*HZLQGH
YHUVHKHQLVW+DOWHQ6LHGDIUGDVPLWGHP*HZLQGHYHUVHKHQH
7HLOJHJHQ$EE E
=LHKHQ6LHGLH+OVHDXVGHP7HLO0KHUDXV$EE E
%DXHQ6LHGLH(LQKHLW00GHV7HLOV0DXV$EE EE
=LHKHQ 6LH GLH LQQHUH )ODPPHQGVH 0 DXV GHP 7HLO 0 KHUDXV
$EE EE
6FKUDXEHQ 6LH GLH QHXH LQQHUH )ODPPHQGVH IHVW $EE EE
6FKDXHQ6LHLQGLH7DEHOOH
*HUlWPRQWLHUHQ
0RQWLHUHQ6LHDOOH.RPSRQHQWHQLQXPJHNHKUWHU5HLKHQIROJH]XU
'HPRQWDJH
(LQVWHOOXQJGHU*DVKlKQH
=XU(LQVWHOOXQJGHU*DVKlKQHPXVVGLH$EGHFNXQJGHV*DVNRFK
IHOGHVGHPRQWLHUWXQGGLH(OHNWURQLNNDUWHDEJHQRPPHQZHUGHQ
'HPRQWDJHGHU$EGHFNXQJ
'LH*DVSODWWHPLWGHQ3URILOHQDXVEDXHQZLHLP$EVFKQLWW $XV
EDXGHU*ODVSODWWHPLWGHQ3URILOHQEHVFKULHEHQ
'HPRQWDJHGHU(OHNWURQLNNDUWH$EE
'LH(OHNWURQLNNDUWHLVWGXUFK%HIHVWLJXQJVVWLIWHDQGHQ6HLWHQ
XQGLQGHU0LWWHDQGHU+DOWHUXQJEHIHVWLJW9RUVLFKWLJDXIGLH
%HIHVWLJXQJVVWLIWHGUFNHQRKQHGLHVH]XEHVFKlGLJHQ:HQQ
HLQ6WLIWEULFKWPXVVGLHJHVDPWH+DOWHUXQJDXVJHWDXVFKWZHU
GHQ
'DEHLLVWIROJHQGHUPDHQYRU]XJHKHQ
'LH6WLIWHDXIGHUHLQHQ6HLWHO|VHQ
'LH PLWWOHUHQ 6WLIWH O|VHQ 'D]X PLW GHQ )LQJHUQ DXI EHLGHQ 6HLWHQ
GUFNHQ
'LH6WLIWHDXIGHUDQGHUHQ6HLWHO|VHQXQGGLH(OHNWURQLNNDUWH
DEQHKPHQ
$FKWXQJ
'LH(OHNWURQLNNDUWHYRUVLFKWLJKDQGKDEHQ$QWLVWDWLN6FKXW]YHU
ZHQGHQRGHU(OHNWURQLNNDUWHDQGHQ5lQGHUQDQIDVVHQ1LH
PDOV2EHUIOlFKHQPLW.RPSRQHQWHQRGHU%DKQHQEHUKUHQ
'LH ]\OLQGULVFKHQ 7HLOH XQG )HGHUQ LP 6FKDIW GHV *DVKDKQV HQW
IHUQHQ
5HJXOLHUXQJGHV%\SDVVHV$EE
6LHKH7DEHOOH$EE %\SDVVVFKUDXEHQ 0EHL%HGDUIPLW
KLOIHHLQHV7RU[6FKUDXEHQGUHKHUVDQSDVVHQ$EE
$'LH%\SDVVVFKUDXEHQPVVHQIHVWDQJH]RJHQZHUGHQ
%'LH%\SDVVVFKUDXEHQPVVHQEQGLJPLWGHU)DVVXQJ
DEVFKOLHHQ
6WHOOHQ6LHVLFKHUGDVVEHLP'UHKHQGHV%HGLHQNQHEHOV]ZL
VFKHQ GHU K|FKVWHQ XQG GHU QLHGULJVWHQ 6WXIH GHU %UHQQHU QLFKW
DXVJHKWXQGHVQLFKW]XHLQHP)ODPPHQUFNVFKODJNRPPW
0RQWDJHGHU(OHNWURQLNNDUWHXQGGHU$EGHFNXQJ
,QHQWJHJHQJHVHW]WHU5HLKHQIROJHGHU'HPRQWDJHYHUIDKUHQ
1LHPDOVGLH*DVKDKQDFKVHGHPRQWLHUHQ,P)DOOHHLQHU
%HVFKlGLJXQJGHU.RPSRQHQWHQGHV*DVKDKQHVGLHVHQHUVHW
]HQ
.DOLEULHUXQJGHU(OHNWURQLN
6REDOGGDV*HUlWHUQHXWPRQWLHUWLVWGLH.DOLEULHUXQJGHU(OHNW
URQLNHQWVSUHFKHQGGHU$EELOGXQJGXUFKIKUHQ
1LHPDOVGLH*DVKDKQDFKVHGHPRQWLHUHQ,P)DOOHHLQHU
%HVFKlGLJXQJPXVVGHU*DVKDKQNRPSOHWWDXVJHWDXVFKWZHU
GHQ
el
Ù
¨
¨
¨
(1

¨
··
■
■ / P
P
D
:
´<µ
R
D
//
D
DD
DD
/D=
/D
E
0
E
0E
000EE
0 0
EE
EE
·
%\SDVV0
7RU[
$%\SDVV

%
KQHLN|RQD
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
6DIHW\SUHFDXWLRQV
5HDGWKHDSSOLDQFHVLQVWUXFWLRQVEHIRUHLQVWDOOLQJDQGXVLQJ
7KHLPDJHVVKRZQLQWKHVHLQVWUXFWLRQVDUHIRUJXLGDQFHRQO\
7KHPDQXIDFWXUHULVH[HPSWIURPDOOUHVSRQVLELOLW\LIWKH
UHTXLUHPHQWVRIWKLVPDQXDODUHQRWFRPSOLHGZLWK
7KLV DSSOLDQFH PXVW RQO\ EH XVHG LQ ZHOO YHQWLODWHG SODFHV ,W PXVW
QRWEHFRQQHFWHGWRDFRPEXVWLRQSURGXFWUHPRYDOGHYLFH
$OORSHUDWLRQVUHODWLQJWRLQVWDOODWLRQFRQQHFWLRQUHJXODWLRQ
DQGFRQYHUVLRQWRRWKHUJDVW\SHVPXVWEHFDUULHGRXWE\DQ
DXWKRULVHGLQVWDOODWLRQHQJLQHHUUHVSHFWLQJDOODSSOLFDEOH
UHJXODWLRQV VWDQGDUGV DQG WKH VSHFLILFDWLRQV RI WKH ORFDO JDV
DQGHOHFWULFLW\VXSSOLHUV6SHFLDODWWHQWLRQVKDOOEHSDLGWR
YHQWLODWLRQUHJXODWLRQV
,WLVUHFRPPHQGHG\RXFRQWDFWWKH7HFKQLFDO$VVLVWDQFH
6HUYLFHWRFKDQJHWRDQRWKHUJDVW\SH
7KLVDSSOLDQFHKDVEHHQGHVLJQHGIRUKRPHXVHRQO\QRWIRU
FRPPHUFLDO RU SURIHVVLRQDO XVH 7KLV DSSOLDQFH FDQQRW EH LQVWDOOHG
RQ\DFKWVRULQFDUDYDQV7KHZDUUDQW\ZLOORQO\EHYDOLGLIWKH
DSSOLDQFHLVXVHGIRUWKHSXUSRVHIRUZKLFKLWZDVGHVLJQHG
%HIRUHLQVWDOOLQJ\RXQHHGWRFKHFNWKDWORFDOGLVWULEXWLRQ
FRQGLWLRQVDUHFRPSDWLEOHZLWKWKHDSSOLDQFHVDGMXVWPHQW
LQGLFDWHGRQWKHVSHFLILFDWLRQVSODWHJDVW\SHDQGSUHVVXUH
SRZHUYROWDJH
%HIRUH\RXEHJLQWXUQRIIWKHDSSOLDQFHVHOHFWULFLW\DQGJDV
VXSSO\
7KHVXSSO\FDEOHPXVWEHDWWDFKHGWRWKHXQLWWRSUHYHQWLWIURP
WRXFKLQJKRWSDUWVRIWKHRYHQRUKRE
$SSOLDQFHVZLWKHOHFWULFDOVXSSO\PXVWEHHDUWKHG
'RQRWWDPSHUZLWKWKHDSSOLDQFHVLQWHULRU,IQHFHVVDU\FDOORXU
7HFKQLFDO$VVLVWDQFH6HUYLFH
%HIRUHLQVWDOOLQJ
7KLVDSSOLDQFHLVFODVVW\SHDFFRUGLQJWRWKH(1
UHJXODWLRQIRUJDVDSSOLDQFHVEXLOWLQDSSOLDQFH
7KHVHDSSOLDQFHVFDQEHFRPELQHGZLWKFRQYHQWLRQDOKREVRIWKH
VDPHPDNHXVLQJWKHMRLQWDFFHVVRU\6HHWKHFDWDORJXHIRU
GHWDLOV
7KHNLWFKHQXQLWLQZKLFKWKHDSSOLDQFHLVLQVWDOOHGPXVWEH
SURSHUO\VHFXUHGDQGVWDEOH
7KHNLWFKHQXQLWVQH[WWRWKHDSSOLDQFHWKHODPLQDWHGFRYHULQJ
DQG JOXH IRU DGKHULQJ LW PXVW EH PDGH RI QRQIODPPDEOH DQG KHDW
UHVLVWDQWPDWHULDOV
7KLVDSSOLDQFHFDQQRWEHLQVWDOOHGDERYHIULGJHVZDVKLQJ
PDFKLQHVGLVKZDVKHUVRUVLPLODU
$QRYHQPXVWKDYHIRUFHGYHQWLODWLRQWRLQVWDOODKREDERYHLW
&KHFNWKHGLPHQVLRQVRIWKHRYHQLQWKHLQVWDOODWLRQPDQXDO
,IDQH[WUDFWRUIDQLVLQVWDOOHG\RXPXVWIROORZWKHLQVWUXFWLRQVLQ
WKHLQVWDOODWLRQPDQXDODOZD\VUHVSHFWLQJWKHPLQLPXPYHUWLFDO
GLVWDQFHIURPWKHKREILJ
3UHSDUDWLRQRIWKHNLWFKHQXQLWILJ
0DNHDQDSSURSULDWHVL]HFXWLQWKHZRUNVXUIDFH
,IWKHKRELVHOHFWULFRUPL[HGJDVDQGHOHFWULFLW\DQGWKHUHLVQR
RYHQEHORZSODFHDQRQIODPPDEOHVHSDUDWRUHJPHWDORU
SO\ZRRG PPIURPWKHERWWRPRIWKHKRE7KLVZLOOSUHYHQW
DFFHVVWRWKHEDVHRIWKHKRE,IWKHKRELVJDVLWLV
UHFRPPHQGDEOHWRSODFHWKHVHSDUDWRUDWWKHVDPHGLVWDQFH
6HDODOOZRUNVXUIDFHVPDGHRIZRRGZLWKVSHFLDOVHDOHUJOXHWR
SURWHFWLWDJDLQVWPRLVWXUHGDPDJH
,QVWDOODWLRQRIDSSOLDQFHILJ
1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE
7KHFOLSVDQGDGKHVLYHVHDOXQGHUVLGHRIWKHKREDUHIDFWRU\
ILWWHG'RQRWUHPRYHWKHVHXQGHUDQ\FLUFXPVWDQFHV7KH
DGKHVLYHVHDOSUHYHQWVZDWHUVHHSDJH
6HFXULQJWKHDSSOLDQFHWRWKHILWWHGXQLW
7XUQWKHKRELQWRWKHFRUUHFWSRVLWLRQ
/RRVHQWKHVFUHZVRQWKHEUDFNHWVVRWKH\FDQWXUQIUHHO\<RX
GRQRWQHHGWRIXOO\XQGRWKHVFUHZVRQWKHEUDFNHWV
3ODFHWKHKRELQWKHZRUNWRSFXWRXWPDNLQJVXUHLWLVFHQWUDO
3UHVV GRZQ RQ WKH VLGHV RI WKH JDV KRE XQWLO LW LV UHVWLQJ IXOO\ RQ
WKHFXWRXWHGJHV
7XUQWKHEUDFNHWVDQGWLJKWO\VFUHZWKHPLQ7KHVFUHZVIRUWKH
EUDFNHWVPXVWEHYHUWLFDOWRWKHEDVHRIWKHKRXVLQJ
7KHSRVLWLRQRIWKHEUDFNHWVGHSHQGVRQWKHZRUNWRSWKLFNQHVV
'RQRWVWLFNWKHKRERQWRWKHZRUNWRSZLWKVLOLFRQH
5HPRYDORIKRE
7XUQRIIWKHDSSOLDQFHVHOHFWULFLW\DQGJDVVXSSO\
8QVFUHZWKHFOLSVDQGSURFHHGLQWKHUHYHUVHRUGHUWRLQVWDOODWLRQ
*DVFRQQHFWLRQILJ
7KHJDVFRQQHFWLRQPXVWEHORFDWHGLQDSRVLWLRQZKHUHWKHVWRS
WDSLVDFFHVVLEOH
7KHHQGRIWKHLQOHWFRQQHFWLRQSRLQWRIWKHJDVKREKDVDµ
WKUHDG PPWKDWDOORZVIRU
■ $IL[HGFRQQHFWLRQ
■ &RQQHFWLRQXVLQJDIOH[LEOHSLSH/ PLQ PPD[ P
,I\RXZDQWWRFUHDWHDFRQLFDOFRQQHFWLRQLQVHUWWKHDFFHVVRU\
ZLWK QXPEHU DQG WKH VHDO ZLWK QXPEHU LQFOXGHG LQ
WKHVFRSHRIGHOLYHU\RUDYDLODEOHIURPWKHDIWHUVDOHVVHUYLFH
EHWZHHQWKHJDVKRELQOHWSLSHDQGWKHJDVVXSSO\)LJ
<RXPXVWSUHYHQWWKHSLSHIURPFRPLQJLQWRFRQWDFWZLWKPRYLQJ
SDUWVRIWKHNLWFKHQXQLWIRUH[DPSOHDGUDZHUDQGSUHYHQW
DFFHVVWRDQ\VSDFHVZKLFKPLJKWEHFRPHREVWUXFWHG
,I\RXQHHGWRFRQQHFWWKHJDVVXSSO\KRUL]RQWDOO\RXU7HFKQLFDO
$VVLVWDQFH6HUYLFHFDQVXSSO\\RXZLWKDQ/WXEHFRGH
DQGDVHDOFRGH)LJ D
: 'DQJHURIOHDNV
,IDQ\FRQQHFWLRQLVKDQGOHGFKHFNWKHVHDO
7KHPDQXIDFWXUHULVQRWOLDEOHIRUDQ\FRQQHFWLRQOHDNLQJDIWHU
EHLQJKDQGOHG
(OHFWULFFRQQHFWLRQILJ
7KLVDSSOLDQFHLVW\SH´<µWKHVXSSO\FDEOHFDQRQO\EHFKDQJHG
E\WKH7HFKQLFDO$VVLVWDQFH6HUYLFHDQGQRWWKHXVHU7KHFDEOH
W\SHDQGPLQLPXPFURVVVHFWLRQPXVWEHUHVSHFWHG
7KHKREVDUHVXSSOLHGZLWKDSRZHUFDEOHZLWKRUZLWKRXWDZDOO
VRFNHWSOXJ
$SSOLDQFHVZLWKSOXJVPXVWRQO\EHFRQQHFWHGWRVRFNHWVWKDW
KDYHHDUWKZLUHVFRUUHFWO\LQVWDOOHG
3URYLGHDQRPQLSRODUFXWRIIVZLWFKZLWKDPLQLPXPFRQWDFW
RSHQLQJRI PPH[FHSWIRUSOXJFRQQHFWLRQVLIWKHXVHUKDV
DFFHVVWRLW
&KDQJLQJWKHJDVW\SH
,I WKH FRXQWU\V UHJXODWLRQV DOORZ WKLV DSSOLDQFH FDQ EH DGDSWHG WR
RWKHUW\SHVRIJDVVHHVSHFLILFDWLRQVSODWH7KHFRPSRQHQWV
UHTXLUHGIRUWKLVDUHLQWKHWUDQVIRUPDWLRQNLWVXSSOLHGGHSHQGLQJ
RQWKHPRGHORUDUHDYDLODEOHIURPRXU7HFKQLFDO$VVLVWDQFH
6HUYLFH
,PSRUWDQW $IWHU ILQLVKLQJ VWLFN WKH VWLFNHU LQGLFDWLQJ WKH QHZ JDV
W\SHFORVHWRWKHVSHFLILFDWLRQVSODWH
7KHIROORZLQJVWHSVVKRXOGEHWDNHQ
5HSODFLQJWKHQR]]OHVRQWKHKLJKRXWSXWQRUPDORXWSXWDQG
HFRQRP\KREEXUQHUVILJ
5HPRYHWKHSDQVXSSRUWVEXUQHUFDSVDQGGLIIXVHUV
&KDQJH WKH QR]]OHV XVLQJ WKH VSDQQHU FRGH SURYLGHG E\
RXU7HFKQLFDO$VVLVWDQFH6HUYLFHVHHILJ WDNLQJVSHFLDO
FDUHWRHQVXUHWKDWWKHQR]]OHGRHVQRWIDOOZKHQLWLVUHPRYHG
IURPRUILWWHGWRWKHEXUQHU
(QVXUHWKDWLWLVFRPSOHWHO\WLJKWHQHGLQRUGHUWRJXDUDQWHHWKH
VHDO
3ULPDU\DLUDGMXVWPHQWLVQRWQHFHVVDU\ZLWKWKHVHEXUQHUV
3RVLWLRQWKHGLIIXVHUVDQGEXUQHUFDSVRQWKHFRUUHVSRQGLQJ
ULQJV7KHSDQVXSSRUWVPXVWDOVREHSRVLWLRQHGFRUUHFWO\

&KDQJLQJWKHQR]]OHVRIGRXEOHIODPHEXUQHUV
,QRUGHUWRUHSODFHWKHQR]]OHVWKHDSSOLDQFHJODVVSODWHZLWKWKH
FXWRXWSURILOHVPXVWEHUHPRYHG7KHJODVVSODWHLVDWWDFKHGWR
WKHUHVWRIWKHKREE\PHDQVRIDFOLSV\VWHP
5HPRYLQJWKHJODVVSODWHZLWKWKHFXWRXWSURILOHVILJV
5HPRYHDOOSDQVXSSRUWVEXUQHUFDSVEXUQHUULQJVDQGEXUQHU
FXSV
8QGRWKHVFUHZVRQWKHEXUQHUV
8VHWKHUHPRYDOOHYHUZKLFKLVDYDLODEOHIURPRXUDIWHUVDOHV
VHUYLFHFRGH8VHWKHOHYHUWRORRVHQWKHIURQWFOLS
IDVWHQHUDWWKHSRLQWVKRZQLQILJ GHSHQGLQJRQWKHKREW\SH
&DXWLRQ
2QO\ XVH WKH OHYHU RQ WKH HGJHV RI WKH JODVV WKDW KDYH D FXWRXW
SURILOHRUDIUDPH
/RRVHQWKHUHDUFOLSIDVWHQHUE\FDUHIXOO\OLIWLQJWKHJODVVSODWH
ZLWKWKHFXWRXWSURILOHV
5HSODFLQJWKHH[WHUQDOIODPHQR]]OHILJ D
/RRVHQWKH/IDVWHQLQJVFUHZDQGSXOOWKH/VOHHYHEDFNWR
FUHDWHHDV\DFFHVVWRWKHPDLQQR]]OHILJ D
7XUQWKHH[WHUQDOIODPHQR]]OHDQWLFORFNZLVHDQGUHPRYHLW
ILJV DD
6FUHZ LQ WKH QHZ H[WHUQDO IODPH QR]]OH ILJV DD 6HH ILJ
6HW WKH GLVWDQFH IURP WKH DGMXVWPHQW VOHHYH IRU WKH / DLU VXSSO\
ILJ DWRWKHPHDVXUHPHQW=VHHILJ
6HFXUHO\WLJKWHQWKH/IDVWHQLQJVFUHZILJ D
5HSODFLQJWKHLQWHUQDOIODPHQR]]OHILJ E
8QVFUHZSDUW0IURPSDUW0ZKLFKLVSURYLGHGZLWKDWKUHDG
7R GR WKLV KROG LQ SODFH WKH SDUW SURYLGHG ZLWK WKH WKUHDG ILJ E
5HPRYHWKHVOHHYHIURPSDUW0ILJ E
5HPRYH WKH XQLW PDGH XS RI SDUWV 00 IURP SDUW 0 ILJV E
E
5HPRYHWKHLQWHULRUIODPHQR]]OH0IURPSDUW0ILJV EE
6HFXUHO\ WLJKWHQ WKH QHZ LQWHULRU IODPH QR]]OH ILJV EE 6HH
ILJ
,QVWDOOLQJWKHDSSOLDQFH
)LWDOOFRPSRQHQWVLQUHYHUVHVHTXHQFHWRUHPRYDO
$GMXVWLQJWKHJDVYDOYHV
7KH JDV KRE FRYHU DQG WKH SOXJLQ ERDUG PXVW EH UHPRYHG EHIRUH
\RXFDQDGMXVWWKHJDVYDOYHV
5HPRYLQJWKHFRYHU
5HPRYHWKHJODVVSODWHZLWKWKHFXWRXWSURILOHVDVGHVFULEHGLQ
WKHVHFWLRQHQWLWOHG 5HPRYLQJWKHJODVVSODWHZLWKWKHFXWRXW
SURILOHV
5HPRYLQJWKHSOXJLQERDUGILJ
7KHSOXJLQERDUGLVVHFXUHGWRWKHKROGHUE\IDVWHQLQJSLQVDW
WKH VLGHV DQG LQ WKH PLGGOH &DUHIXOO\ SUHVV RQ WKH IDVWHQLQJ SLQV
ZLWKRXWGDPDJLQJWKHP,IRQHRIWKHSLQVEUHDNVWKHHQWLUH
KROGHUPXVWEHUHSODFHG
3URFHHGDVIROORZV
5HOHDVHWKHSLQVRQRQHVLGH
5HOHDVHWKHPLGGOHSLQV7RGRWKLVSUHVVGRZQRQHLWKHUVLGH
ZLWK\RXUILQJHUV
5HOHDVHWKHSLQVRQWKHRWKHUVLGHDQGUHPRYHWKHSOXJLQ
ERDUG
&DXWLRQ
+DQGOH WKH SOXJLQ ERDUG ZLWK FDUH 8VH DQWLVWDWLF SURWHFWLRQ RU
KDQGOH WKH SOXJLQ ERDUG E\ LWV HGJHV 1HYHU WRXFK WKH VXUIDFHV
ZLWKFRPSRQHQWVRUWUDFNV
5HPRYHWKHF\OLQGULFDOSDUWVDQGVSULQJVIURPWKHJDVYDOYH
VWHP
$GMXVWLQJWKHE\SDVVILJ
6HHWDEOHLQILJ IRUWKHVHWWLQJRIWKHE\SDVVVFUHZV 0LQ
ILJ
$7KHE\SDVVVFUHZVPXVWEHWLJKWHQHGSURSHUO\
%7KHE\SDVVVFUHZVPXVWILQLVKIOXVKZLWKWKHILWWLQJ
0DNHVXUHWKDWWKHIODPHGRHVQRWJRRXWDQGWKDWWKHUHDUHQR
IODVKEDFNVZKHQ\RXWXUQWKHFRQWURONQREEHWZHHQWKHKLJKHVW
DQGORZHVWVHWWLQJ
)LWWLQJWKHSOXJLQERDUGDQGFRYHU
:RUNEDFNZDUGVWKURXJKWKHLQVWUXFWLRQVIRUUHPRYLQJWKHSOXJ
LQERDUGDQGFRYHU
1HYHUUHPRYHWKHJDVYDOYHVKDIW,IWKHFRPSRQHQWVLQWKHJDV
YDOYHDUHGDPDJHGUHSODFHWKHYDOYH
&DOLEUDWLQJWKHHOHFWURQLFV
$VVRRQDVWKHQHZDSSOLDQFHKDVEHHQLQVWDOOHGFDOLEUDWHWKH
HOHFWURQLFVLQDFFRUGDQFHZLWKWKHILJXUH
1HYHUUHPRYHWKHJDVYDOYHVKDIW,QWKHHYHQWRIGDPDJHWKH
JDVYDOYHPXVWEHFRPSOHWHO\UHSODFHG
es
Û
,QVWUXFFLRQHVGHPRQWDMH
,QGLFDFLRQHVGHVHJXULGDG
/HDODVLQVWUXFFLRQHVGHODSDUDWRDQWHVGHSURFHGHUDVX
LQVWDODFLyQ\XVR
/DVLPiJHQHVUHSUHVHQWDGDVHQHVWDVLQVWUXFFLRQHVWLHQHQ
FDUiFWHURULHQWDWLYR
(OIDEULFDQWHTXHGDH[HQWRGHWRGDUHVSRQVDELOLGDGVLQRVH
FXPSOHQODVGLVSRVLFLRQHVGHHVWHPDQXDO
(VWHDSDUDWRVHGHEHXWLOL]DU~QLFDPHQWHHQOXJDUHV
VXILFLHQWHPHQWHYHQWLODGRV1RVHGHEHFRQHFWDUDXQGLVSRVLWLYR
GHHYDFXDFLyQGHORVSURGXFWRVGHFRPEXVWLyQ
7RGRVORVWUDEDMRVGHLQVWDODFLyQFRQH[LyQUHJXODFLyQ\
DGDSWDFLyQ D RWURV WLSRV GH JDV GHEHQ VHU HIHFWXDGRV SRU XQ
WpFQLFRGHLQVWDODFLyQDXWRUL]DGRUHVSHWDQGRWRGDOD
QRUPDWLYD \ OHJLVODFLyQ DSOLFDEOHV \ ODV SUHVFULSFLRQHV GH ODV
FRPSDxtDVORFDOHVSURYHHGRUDVGHJDV\HOHFWULFLGDG6H
SRQGUiHVSHFLDODWHQFLyQDODVGLVSRVLFLRQHVDSOLFDEOHVHQ
FXDQWRDODYHQWLODFLyQ
6HUHFRPLHQGDOODPDUDQXHVWUR6HUYLFLR7pFQLFRSDUDOD
DGDSWDFLyQDRWURVWLSRVGHJDV
(VWHDSDUDWRKDVLGRGLVHxDGRVRORSDUDXVRGRPpVWLFRQR
HVWDQGR SHUPLWLGR VX XVR FRPHUFLDO R SURIHVLRQDO (VWH DSDUDWR QR
SXHGH VHU LQVWDODGR HQ \DWHV R FDUDYDQDV /D JDUDQWtD ~QLFDPHQWH
WHQGUiYDOLGH]HQFDVRGHTXHVHUHVSHWHHOXVRSDUDHOTXHIXH
GLVHxDGR
$QWHVGHODLQVWDODFLyQFRPSUXHEHTXHODVFRQGLFLRQHVGH
GLVWULEXFLyQORFDOVRQFRPSDWLEOHVFRQHOUHJODMHGHODSDUDWRTXH
ILJXUD HQ OD SODFD GH FDUDFWHUtVWLFDV QDWXUDOH]D \ SUHVLyQ GHO JDV
SRWHQFLDYROWDMH
$QWHV GH FXDOTXLHU DFWXDFLyQ FRUWH OD DOLPHQWDFLyQ HOpFWULFD \
GHJDVGHODSDUDWR
(OFDEOHGHDOLPHQWDFLyQGHEHILMDUVHDOPXHEOHSDUDHYLWDUTXH
WRTXHSDUWHVFDOLHQWHVGHOKRUQRRSODFDGHFRFFLyQ
/RV DSDUDWRV FRQ DOLPHQWDFLyQ HOpFWULFD GHEHQ FRQHFWDUVH D WLHUUD
REOLJDWRULDPHQWH
1RPDQLSXOHHOLQWHULRUGHODSDUDWR6LHVSUHFLVROODPHDQXHVWUR
6HUYLFLR7pFQLFR
$QWHVGHODLQVWDODFLyQ
(VWH DSDUDWR FRUUHVSRQGH D OD FODVH VHJ~Q OD QRUPD (1
SDUDDSDUDWRVDJDVDSDUDWRHQFDVWUDGRHQXQPXHEOH
(VWRV DSDUDWRV SXHGHQ VHU FRPELQDGRV HQWUH Vt \R FRQ SODFDV GH
FRFFLyQ FRQYHQFLRQDOHV GH OD PLVPD PDUFD XWLOL]DQGR HO DFFHVRULR
GHXQLyQ&RQVXOWHFDWiORJR
(OPXHEOHHQHOTXHVHLQVWDOHHODSDUDWRGHEHHVWDU
FRQYHQLHQWHPHQWHILMDGR\VHUHVWDEOH
/RV PXHEOHV SUy[LPRV DO DSDUDWR ORV UHYHVWLPLHQWRV HVWUDWLILFDGRV
\ODFRODTXHORVILMDGHEHQVHUGHPDWHULDOHVQRLQIODPDEOHV\
UHVLVWHQWHVDOFDORU
(VWHDSDUDWRQRVHSXHGHLQVWDODUVREUHQHYHUDVODYDGRUDV
ODYDYDMLOODVRVLPLODUHV
3DUDLQVWDODUODSODFDGHFRFFLyQVREUHXQKRUQRHVWHGHEHWHQHU
YHQWLODFLyQIRU]DGD&RPSUXHEHODVGLPHQVLRQHVGHOKRUQRHQVX
PDQXDOGHLQVWDODFLyQ
6LLQVWDODXQH[WUDFWRUWHQJDHQFXHQWDVXPDQXDOGHLQVWDODFLyQ
UHVSHWDQGRVLHPSUHODGLVWDQFLDYHUWLFDOPtQLPDDODSODFDGH
FRFFLyQILJ
3UHSDUDFLyQGHOPXHEOHILJ
+DJDXQFRUWHGHODVGLPHQVLRQHVQHFHVDULDVHQODVXSHUILFLHGH
WUDEDMR
6L OD SODFD GH FRFFLyQ HV HOpFWULFD R PL[WD JDV \ HOHFWULFLGDG \ QR
KD\XQKRUQRGHEDMRFRORTXHXQVHSDUDGRUGHPDWHULDOQR
LQIODPDEOHSHMPHWDORPDGHUDFRQWUDFKDSDGDD PPGHOD
EDVHGHODSODFDGHFRFFLyQ$VtLPSLGHHODFFHVRDODSDUWH
LQIHULRUGHHVWD6LODSODFDGHFRFFLyQHVGHJDVVHUHFRPLHQGD
FRORFDUHOVHSDUDGRUDODPLVPDGLVWDQFLD
(QVXSHUILFLHVGHWUDEDMRGHPDGHUDEDUQLFHODVVXSHUILFLHVGH
FRUWHFRQXQDFRODHVSHFLDOSDUDSURWHJHUODVGHODKXPHGDG

,QVWDODFLyQGHODSDUDWRILJ
1RWD 8VDUJXDQWHVGHSURWHFFLyQDOLQVWDODUODSODFD
/DVJUDSDV\ODMXQWDDGKHVLYDERUGHLQIHULRUGHODSODFDGH
FRFFLyQVDOHQSXHVWDVGHIiEULFD1RODVTXLWHEDMRQLQJ~Q
FRQFHSWR/DMXQWDDGKHVLYDHYLWDILOWUDFLRQHV
3DUDODILMDFLyQGHODSDUDWRDOPXHEOHGHHQFDVWUDPLHQWR
&RORTXHODSODFDGHFRFFLyQHQVXSRVLFLyQGHWUDEDMR
'HVDWRUQLOOHODVJUDSDVKDVWDTXHJLUHQOLEUHPHQWH1RHV
QHFHVDULRGHVDWRUQLOODUODVJUDSDVWRWDOPHQWH
(QFDVWUH\FHQWUHODSODFDGHFRFFLyQ3UHVLRQHVREUHORV
H[WUHPRVKDVWDTXHVHDSR\HHQWRGRVXSHUtPHWUR
*LUHODVJUDSDV\DSULpWHODVDIRQGR/RVWRUQLOORVGHODVJUDSDV
GHEHQHQWUDUHQVHQWLGRSHUSHQGLFXODUDODEDVHGHODFDUFDVD
/DSRVLFLyQGHODVJUDSDVGHSHQGHGHOHVSHVRUGHODVXSHUILFLH
GHWUDEDMR
(ODSDUDWRQRGHEHSHJDUVHFRQVLOLFRQDVREUHODVXSHUILFLHGH
WUDEDMR
'HVPRQWDMHGHODSODFDGHFRFFLyQ
'HVFRQHFWHHODSDUDWRGHODVWRPDVHOpFWULFD\GHJDV
'HVDWRUQLOOHODVJUDSDV\SURFHGDGHPRGRLQYHUVRDOPRQWDMH
&RQH[LyQGHJDVILJ
/DWRPDGHJDVGHEHHVWDUFRORFDGDGHPRGRTXHHOJULIRGH
FLHUUHTXHGHDFFHVLEOH
(OH[WUHPRGHODFRQH[LyQGHHQWUDGDGHODSODFDGHFRFFLyQGH
JDVHVWiSURYLVWRGHXQDURVFDGH·· PPTXHSHUPLWH
■ /DFRQH[LyQUtJLGD
■ /DFRQH[LyQFRQXQWXERIOH[LEOHPHWiOLFR/ PtQ P
Pi[ P
6LQHFHVLWDUHDOL]DUXQDFRQH[LyQFyQLFDLQVHUWHHQWUHODHQWUDGD
GH JDV GHO DSDUDWR \ OD DFRPHWLGD GH JDV HO DFFHVRULR FRQ FyGLJR
\ODMXQWDGHHVWDQTXLGDGFRQFyGLJR
VXPLQLVWUDGRV R GLVSRQLEOHV D WUDYpV GHO 6HUYLFLR 7pFQLFR )LJ
(YLWHHOFRQWDFWRGHOWXERFRQSDUWHVPyYLOHVGHODXQLGDGGH
HQFDVWUDPLHQWRSRUHMHPSORXQFDMyQ\HOSDVRDWUDYpVGH
HVSDFLRVTXHVHDQVXVFHSWLEOHVGHREVWUXLUVH
6LQHFHVLWDUHDOL]DUODFRQH[LyQGHJDVHQKRUL]RQWDOHQQXHVWUR
6HUYLFLR7pFQLFRGLVSRQHGHXQFRGRFRQHOFyGLJRPiV
XQDMXQWDFRQHOFyGLJR)LJ D
: £3HOLJURGHIXJD
6LPDQLSXODFXDOTXLHUFRQH[LyQFRPSUXHEHODHVWDQTXLGDG
(OIDEULFDQWHQRVHUHVSRQVDELOL]DVLDOJXQDFRQH[LyQSUHVHQWD
IXJDVWUDVKDEHUVLGRPDQLSXODGD
&RQH[LyQHOpFWULFDILJ
(VWHDSDUDWRHVGHOWLSR´<৽HOFDEOHGHHQWUDGDQRSXHGHVHU
FDPELDGRSRUHOXVXDULRVLQRSRUHO6HUYLFLR7pFQLFR6HGHEHQ
UHVSHWDUHOWLSRGHFDEOH\ODVHFFLyQPtQLPD
/DVSODFDVGHFRFFLyQVHVXPLQLVWUDQFRQXQFDEOHGH
DOLPHQWDFLyQFRQRVLQFODYLMD
/RVDSDUDWRVSURYLVWRVGHFODYLMDVRORVHGHEHQFRQHFWDUDFDMDV
GHHQFKXIHFRQWRPDGHWLHUUDGHELGDPHQWHLQVWDODGD
'HEHSUHYHUVHXQLQWHUUXSWRUGHFRUWHRPQLSRODUFRQDEHUWXUDGH
FRQWDFWR PtQ GH PP H[FHSWR HQ FRQH[LRQHV FRQ FODYLMD VL HVWD
HVDFFHVLEOHSDUDHOXVXDULR
&DPELRGHOWLSRGHJDV
6L OD QRUPDWLYD GHO SDtV OR SHUPLWH HVWH DSDUDWR VH SXHGH DGDSWDU
D RWURV JDVHV YHU SODFD GH FDUDFWHUtVWLFDV /DV SLH]DV QHFHVDULDV
SDUD HOOR HVWiQ HQ OD EROVD GH WUDQVIRUPDFLyQ VXPLQLVWUDGD VHJ~Q
PRGHORRGLVSRQLEOHHQQXHVWUR6HUYLFLR7pFQLFR
,PSRUWDQWH $O ILQDOL]DU FRORTXH OD HWLTXHWD DGKHVLYD LQGLFDQGR HO
QXHYRWLSRGHJDVFHUFDGHODSODFDGHFDUDFWHUtVWLFDV
/RVSDVRVDVHJXLUVRQORVVLJXLHQWHV
&DPELR GH LQ\HFWRUHV GH ORV TXHPDGRUHV UiSLGR VHPLUiSLGR
\DX[LOLDUGHODSODFDGHFRFFLyQ ILJ
5HWLUHODVSDUULOODVWDSDVGHTXHPDGRU\GLIXVRUHV
&DPELHORVLQ\HFWRUHVXVDQGRODOODYHGLVSRQLEOHDWUDYpVGH
QXHVWUR VHUYLFLR WpFQLFR FRQ FyGLJR YHU ILJ WHQLHQGR
HVSHFLDO FXLGDGR HQ TXH QR VH GHVSUHQGD HO LQ\HFWRU DO UHWLUDUOR
RILMDUORHQHOTXHPDGRU
$VHJ~UHVH GH DSUHWDUORV D IRQGR SDUD JDUDQWL]DU OD HVWDQTXLGDG
(QHVWRVTXHPDGRUHVQRKD\TXHUHDOL]DUUHJODMHGHODLUH
SULPDULR
&RORTXHORVGLIXVRUHV\ODVWDSDVGHORVTXHPDGRUHVHQVXV
FRUUHVSRQGLHQWHVIXHJRV$GHPiVGHEHUiFRORFDU
DGHFXDGDPHQWHODVSDUULOODV
&DPELRGHLQ\HFWRUHVGHORVTXHPDGRUHVGHGREOHOODPD
3DUDHIHFWXDUHOFDPELRGHLQ\HFWRUHVHVSUHFLVRGHVPRQWDUHO
FRQMXQWRFULVWDOPiVSHUILOHVGHODSDUDWR(OFRQMXQWRFULVWDOPiV
SHUILOHVHVWiILMDGRDOUHVWRGHODSODFDGHFRFFLyQSRUXQVLVWHPD
GHFOLSDMH
'HVPRQWDMHGHOFRQMXQWRFULVWDOPiVSHUILOHVILJ
4XLWH WRGDV ODV SDUULOODV WDSDV GH TXHPDGRU GLIXVRUHV \ PDQGRV
6XHOWHORVWRUQLOORVGHORVTXHPDGRUHV
8WLOLFHODSDODQFDGHGHVPRQWDMHGLVSRQLEOHDWUDYpVGHQXHVWUR
VHUYLFLRWpFQLFRFyGLJR/LEHUHHOFOLSDMHGHODQWHUR
DSOLFDQGRODSDODQFDHQOD]RQDVHxDODGDHQODILJXUD VHJ~Q
VXPRGHORGHSODFDGHFRFFLyQ
£$WHQFLyQ
ÔQLFDPHQWHDSOLTXHODSDODQFDVREUHORVFDQWRVGHOFULVWDOTXH
OOHYDQSHUILORPDUFR
/LEHUHHOFOLSDMHWUDVHUROHYDQWDQGRFRQFXLGDGRHOFRQMXQWR
FULVWDOPiVSHUILOHV
&DPELRGHOLQ\HFWRUGHOODPDH[WHULRUILJ D
6XHOWH HO WRUQLOOR GH VXMHFLyQ / \ UHWLUH HO FDVTXLOOR / KDFLD DWUiV
SDUDDFFHGHUIiFLOPHQWHDOLQ\HFWRUSULQFLSDOILJ D
([WUDLJD HO LQ\HFWRU GH OODPD H[WHULRU JLUiQGROR KDFLD OD L]TXLHUGD
ILJ DD
(QURVTXHHOQXHYRLQ\HFWRUGHOODPDH[WHULRUILJ DD9HU
ILJ
$MXVWH OD GLVWDQFLD HQ HO FDVTXLOOR UHJXODGRU GHO FDXGDO GH DLUH /
ILJ DGHDFXHUGRDOYDORU´=µYHUILJ
$SULHWHHOWRUQLOORGHVXMHFLyQ/ILJ D
&DPELRGHOLQ\HFWRUGHOODPDLQWHULRUILJ E
'HVHQURVTXHODSLH]D0GHODSLH]DURVFDGD06XMHWHSDUD
HOORODSLH]DURVFDGDHQVHQWLGRFRQWUDULRILJ E
([WUDLJDHOWXERGHODSLH]D0ILJ E
'HVPRQWHHOFRQMXQWR00GHODSLH]D0ILJ EE
([WUDLJDHOLQ\HFWRUGHOODPDLQWHULRU0GHODSLH]D0ILJ E
E
(QURVTXHHOQXHYRLQ\HFWRUGHOODPDLQWHULRUILJ EE9HU
ILJ
0RQWDMHGHODSDUDWR
5HDOLFHHOPRQWDMHGHWRGRVORVFRPSRQHQWHVGHIRUPDLQYHUVDDO
SURFHVRGHGHVPRQWDMH
5HJODMHGHORVJULIRV
3DUDHIHFWXDUHOUHJODMHGHORVJULIRVHVSUHFLVRGHVPRQWDUOD
JUDVHUDGHODSDUDWR\UHWLUDUODWDUMHWDHOHFWUyQLFD
'HVPRQWDMHGHODJUDVHUD
'HVPRQWHHOFRQMXQWRFULVWDOPiVSHUILOHVFRPRVHLQGLFDHQHO
DSDUWDGR 'HVPRQWDMHGHOFRQMXQWRFULVWDOPiVSHUILOHV
'HVPRQWDMHGHODWDUMHWDHOHFWUyQLFDILJ
/DWDUMHWDHOHFWUyQLFDHVWiILMDGDDODEDQGHMDSRUWDJULIRVSRU
XQDVSDWLOODVGHVXMHFLyQHQORVODWHUDOHV\OD]RQDFHQWUDO
3UHVLRQHODVSDWLOODVFRQSUHFDXFLyQSDUDQRGDxDUODV6LVH
URPSHDOJXQDSDWLOODVHGHEHVXVWLWXLUODEDQGHMDFRPSOHWD
3URFHGDGHOVLJXLHQWHPRGR
6XHOWHODVSDWLOODVGHXQODWHUDO
6XHOWHODVSDWLOODVFHQWUDOHVSUHVLRQDQGRHQDPERVODGRVFRQ
GRVGHGRV
6XHOWHODVSDWLOODVGHORWURODWHUDO\UHWLUHODWDUMHWDHOHFWUyQLFD
£$WHQFLyQ
0DQLSXOH FRQ FXLGDGR OD WDUMHWD HOHFWUyQLFD 8WLOLFH SURWHFFLRQHV
DQWLHVWiWLFDVRVXMpWHODSRUORVERUGHV1XQFDWRTXHODV
VXSHUILFLHVFRQFRPSRQHQWHVRSLVWDV
5HWLUHODVSLH]DVFLOtQGULFDV\PXHOOHVLQVHUWDGRVHQHOYiVWDJR
GHOJULIR
5HJXODFLyQGHOE\SDVVILJ
&RQVXOWH OD WDEOD ILJ SDUD DMXVWDU ORV WRUQLOORV E\SDVV 0 GH
ODILJ
$/RVWRUQLOORVE\SDVVGHEHQHVWDUDSUHWDGRVDIRQGR
%/RVWRUQLOORVE\SDVVGHEHQTXHGDUDOUDVGHVXDORMDPLHQWR
&RPSUXHEHTXHDOJLUDUHOPDQGRHQWUHHOPi[LPR\HOPtQLPR
HOTXHPDGRUQRVHDSDJDQLVHFUHDUHWURFHVRGHOODPD
0RQWDMHGHODWDUMHWDHOHFWUyQLFD\ODJUDVHUD
3URFHGDGHPRGRLQYHUVRDOGHVPRQWDMH
&DOLEUDFLyQGHOVLVWHPDHOHFWUyQLFR
8QD YH] PRQWDGR GH QXHYR HO DSDUDWR UHDOLFH OD FDOLEUDFLyQ GHO
VLVWHPDHOHFWUyQLFRVHJ~QVHLQGLFDHQODILJXUD
1XQFDGHVPRQWHHOHMHGHOJULIR(QFDVRGHDYHUtDFDPELHHO
JULIRFRPSOHWR

fr
Þ
1RWLFHGHPRQWDJH
,QGLFDWLRQVGHVpFXULWp
/LVH]OHVLQVWUXFWLRQVGHODSSDUHLODYDQWGHSURFpGHUjVRQ
LQVWDOODWLRQHWjVRQXWLOLVDWLRQ
/HVLPDJHVGHFHWWHQRWLFHVRQWSURSRVpHVjWLWUHLQGLFDWLI
/HIDEULFDQWHVWH[HPSWGHWRXWHUHVSRQVDELOLWpVLOHV
LQVWUXFWLRQVGHFHWWHQRWLFHQHVRQWSDVUHVSHFWpHV
&HWDSSDUHLOGRLWrWUHXWLOLVpXQLTXHPHQWGDQVGHVHQGURLWV
VXIILVDPPHQWYHQWLOpV/DSSDUHLOQHGRLWSDVrWUHFRQQHFWpjXQ
GLVSRVLWLIGpYDFXDWLRQGHVSURGXLWVGHFRPEXVWLRQ
7RXVOHVWUDYDX[GLQVWDOODWLRQGHFRQQH[LRQGHUpJODJHHW
GDGDSWDWLRQjXQDXWUHW\SHGHJD]GRLYHQWrWUHUpDOLVpVSDU
XQWHFKQLFLHQDJUppTXLGRLWUHVSHFWHUOHVQRUPHVHWOD
OpJLVODWLRQDSSOLFDEOHVDLQVLTXHOHVSUHVFULSWLRQVGHV
VRFLpWpVORFDOHVIRXUQLVVHXVHVGpOHFWULFLWpHWGHJD]/HV
GLVSRVLWLRQVDSSOLFDEOHVTXDQWjODYHQWLODWLRQVHURQW
DWWHQWLYHPHQWUHVSHFWpHV
,OHVWUHFRPPDQGpGHIDLUHDSSHODX6HUYLFH7HFKQLTXHSRXU
ODGDSWDWLRQjXQDXWUHW\SHGHJD]
&HWDSSDUHLOQDpWpFRQoXTXHSRXUXQXVDJHGRPHVWLTXHVRQ
XVDJHFRPPHUFLDORXSURIHVVLRQQHOQHVWHQDXFXQFDVSHUPLV
&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpGDQVGHV\DFKWVRXGHV
FDUDYDQHV /D JDUDQWLH QH VHUD YDODEOH TXH VL OXVDJH SRXU OHTXHO LO
DpWpFRQoXDpWpUHVSHFWp
$YDQW OLQVWDOODWLRQ YpULILH] TXH OHV FRQGLWLRQV GH GLVWULEXWLRQ ORFDOH
VRQWFRPSDWLEOHVDYHFOHUpJODJHGHODSSDUHLOTXLILJXUHVXUOD
SODTXHVLJQDOpWLTXHQDWXUHHWSUHVVLRQGXJD]SXLVVDQFH
WHQVLRQ
$YDQWWRXWHLQWHUYHQWLRQFRXSH]ODOLPHQWDWLRQpOHFWULTXHHW
GHJD]GHODSSDUHLO
/HFkEOHGDOLPHQWDWLRQGRLWrWUHIL[pDXPHXEOHSRXUTXLOQH
WRXFKHSDVGHVSDUWLHVFKDXGHVGXIRXURXGHODSODTXHGH
FXLVVRQ
/HVDSSDUHLOVDOLPHQWpVpOHFWULTXHPHQWGRLYHQWrWUH
REOLJDWRLUHPHQWFRQQHFWpVjODWHUUH
1H PDQLSXOH] SDV OLQWpULHXU GH ODSSDUHLO /H FDV pFKpDQW DSSHOH]
QRWUH6HUYLFH7HFKQLTXH
$YDQWOLQVWDOODWLRQ
&HWDSSDUHLOFRUUHVSRQGjODFODVVHVHORQODQRUPH(1
SRXUOHVDSSDUHLOVjJD]DSSDUHLOHQFDVWUpGDQVXQPHXEOH
&HVDSSDUHLOVSHXYHQWrWUHFRPELQpVHQWUHHX[HWRXDYHFGHV
SODTXHVGHFXLVVRQFRQYHQWLRQQHOOHVGHODPrPHPDUTXHjODLGH
GHODFFHVVRLUHGXQLRQ&RQVXOWH]OHFDWDORJXH
/HPHXEOHRODSSDUHLOVHUDLQVWDOOpGRLWrWUHIL[pFRUUHFWHPHQWHW
rWUHVWDEOH
/HVPHXEOHVSURFKHVGHODSSDUHLOOHVUHYrWHPHQWVVWUDWLILpVHWOD
FROOHTXLOHVIL[HGRLYHQWrWUHQRQLQIODPPDEOHVHWUpVLVWDQWVjOD
FKDOHXU
&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpVXUGHVUpIULJpUDWHXUVGHV
PDFKLQHVjODYHUOHOLQJHGHVODYHYDLVVHOOHRXGDXWUHVDSSDUHLOV
VHPEODEOHV
3RXULQVWDOOHUODSODTXHGHFXLVVRQVXUXQIRXUFHOXLFLGRLW
GLVSRVHUGXQHYHQWLODWLRQIRUFpH9pULILH]OHVGLPHQVLRQVGXIRXU
GDQVOHPDQXHOGLQVWDOODWLRQ
6LXQHKRWWHDVSLUDQWHHVWLQVWDOOpHLOIDXWSUHQGUHHQFRPSWHOHV
REVHUYDWLRQVGHVRQPDQXHOGLQVWDOODWLRQHWUHVSHFWHUWRXMRXUV
XQH GLVWDQFH YHUWLFDOH PLQLPXP SDU UDSSRUW j OD SODTXH GH FXLVVRQ
ILJ
3UpSDUDWLRQGXPHXEOHILJ
(IIHFWXH]XQHGpFRXSHVXUODVXUIDFHGHWUDYDLOVHORQOHV
GLPHQVLRQVQpFHVVDLUHV
6LODSODTXHGHFXLVVRQHVWpOHFWULTXHRXPL[WHJD]HWpOHFWULFLWp
HW VLO Q\ D SDV GH IRXU GHVVRXV SODFH] XQ VpSDUDWHXU GH PDWpULDX
QRQ LQIODPPDEOH S H[ PpWDO RX ERLV FRQWUHSODTXp j PP GH OD
EDVH GH OD SODTXH GH FXLVVRQ $LQVL HVW HPSrFKp ODFFqV j OD SDUWLH
LQIpULHXUHGHFHOOHFL6LODSODTXHGHFXLVVRQHVWjJD]LOHVW
UHFRPPDQGpGHSODFHUOHVpSDUDWHXUjODPrPHGLVWDQFH
3RXUGHVVXUIDFHVGHWUDYDLOHQERLVYHUQLVVH]OHVVXUIDFHVGH
GpFRXSHDYHFXQHFROOHVSpFLDOHSRXUOHVSURWpJHUGHOKXPLGLWp
,QVWDOODWLRQGHODSSDUHLOILJ
5HPDUTXH 3RXUOHQFDVWUHPHQWGHODSSDUHLOXWLOLVHUGHVJDQWV
GHSURWHFWLRQ
/HVDJUDIHVHWOHMRLQWDGKpVLIERUGLQIpULHXUGHODSODTXHGH
FXLVVRQVRQWLQVWDOOpVHQXVLQH,OQHIDXWMDPDLVOHVHQOHYHU/H
MRLQWDGKpVLIpYLWHOHVILOWUDWLRQV
3RXUIL[HUODSSDUHLOVXUOHPHXEOHGHQFDVWUHPHQW
7RXUQH]ODWDEOHGHFXLVVRQGDQVODSRVLWLRQFRUUHFWH
'HVVHUUH]OHVYLVGHVDJUDIHVMXVTXjFHTXHOOHVWRXUQHQW
OLEUHPHQW&HQHVWSDVQpFHVVDLUHGHGHVVHUUHUFRPSOqWHPHQW
OHVYLVGHVDJUDIHV
3ODFH] OD WDEOH GH FXLVVRQ GDQV OD GpFRXSH GX SODQ GH WUDYDLO HW
FHQWUH]OD$SSX\H]VXUOHVF{WpVGHODWDEOHGHFXLVVRQjJD]
SRXUOHQIRQFHUMXVTXjFHTXHOOHUHSRVHVROLGHPHQWDXQLYHDX
GHVERUGV
7RXUQH]OHVDJUDIHVHWYLVVH]OHVIHUPHPHQW/HVYLVGHV
DJUDIHVGRLYHQWrWUHSRVLWLRQQpHVYHUWLFDOHPHQWSDUUDSSRUWDX
IRQGGXERvWLHU
/DSRVLWLRQGHVSLQFHVGpSHQGGHOpSDLVVHXUGXSODQGHWUDYDLO
,O QH IDXW SDV FROOHU ODSSDUHLO VXU OH SODQ GH WUDYDLO DYHF GX VLOLFRQH
'pPRQWDJHGHODSODTXHGHFXLVVRQ
'pEUDQFKH]ODSSDUHLOGHVSULVHVGHFRXUDQWpOHFWULTXHHWGXJD]
'pYLVVH]OHVDJUDIHVHWVXLYH]ODSURFpGXUHLQYHUVHDXPRQWDJH
%UDQFKHPHQWGHJD]ILJ
/HUDFFRUGGHJD]GRLWrWUHGLVSRVpGHWHOOHVRUWHTXHOHURELQHW
GDUUrWVRLWDFFHVVLEOH
/H[WUpPLWpGXEUDQFKHPHQWGHQWUpHGHODSODTXHGHFXLVVRQj
JD] HVW PXQLH GXQ ILOHW GXQ GHPLSRXFH PP TXL SHUPHW
■ 8QHFRQQH[LRQULJLGH
■ 8QH FRQQH[LRQ j ODLGH GXQ WX\DX IOH[LEOH PpWDOOLTXH / PLQ P
PD[ P
3RXUFUpHUXQHOLDLVRQFRQLTXHLQVWDOOH]ODFFHVVRLUHUpIpUHQFH
HWOHMRLQWUpIpUHQFHFRQWHQXVGDQVODOLYUDLVRQ
RXGLVSRQLEOHVDXSUqVGXVHUYLFHDSUqVYHQWHHQWUHOHWX\DX
GHQWUpHGHODSODTXHGHFXLVVRQjJD]HWODFRQGXLWHGDUULYpHGH
JD])LJXUH
,OIDXWpYLWHUTXHFHWX\DXWRXFKHGHVSDUWLHVPRELOHVGHOXQLWp
GHQFDVWUHPHQWSDUH[HPSOHXQWLURLUHWTXLOSDVVHjWUDYHUVGHV
HVSDFHVSRXYDQWrWUHREVWUXpV
6L YRXV DYH] EHVRLQ G·HIIHFWXHU XQ EUDQFKHPHQW GH JD] KRUL]RQWDO
QRWUH6HUYLFH7HFKQLTXHGLVSRVHG·XQFRXGHUpIpUHQFH
SOXVXQMRLQWUpIpUHQFH)LJ D
: 5LVTXHGHIXLWHV
6LYRXVPDQLSXOH]XQEUDQFKHPHQWYpULILH]VRQpWDQFKpLWp
/HIDEULFDQWQHSRXUUDrWUHWHQXUHVSRQVDEOHVLXQEUDQFKHPHQW
TXHOFRQTXHSUpVHQWHGHVIXLWHVDSUqVDYRLUpWpPDQLSXOp
%UDQFKHPHQWpOHFWULTXHILJ
&HWDSSDUHLOHVWGXW\SH´<µOHFkEOHGHQWUpHQHSHXWSDVrWUH
UHPSODFpSDUOXWLOLVDWHXUPDLVSDUOH6HUYLFH7HFKQLTXH/HW\SH
GHFkEOHHWODVHFWLRQPLQLPXPGRLYHQWrWUHUHVSHFWpV
/HV SODTXHV GH FXLVVRQ VRQW IRXUQLHV DYHF XQ FkEOH GDOLPHQWDWLRQ
DYHFRXVDQVEURFKHGHILFKHPkOH
/HVDSSDUHLOVPXQLVGXQHEURFKHQHSHXYHQWrWUHUDFFRUGpVTXj
GHVERvWLHUVGHILFKHPkOHDYHFXQHSULVHGHWHUUHGPHQW
LQVWDOOpH
,OIDXWLQVWDOOHUXQLQWHUUXSWHXUGHFRXSXUHRPQLSRODLUHDYHF
RXYHUWXUHGHFRQWDFWGDXPRLQV PPVDXISRXUGHV
EUDQFKHPHQWVjILFKHPkOHVLFHWWHGHUQLqUHHVWDFFHVVLEOHSDU
OXWLOLVDWHXU
&KDQJHPHQWGXW\SHGHJD]
6LODUpJOHPHQWDWLRQGXSD\VOHSHUPHWFHWDSSDUHLOSHXWrWUH
DGDSWpjGDXWUHVJD]YRLUSODTXHVLJQDOpWLTXH/HVSLqFHV
QpFHVVDLUHVSRXUFHODVHWURXYHQWGDQVODSRFKHWWHGH
WUDQVIRUPDWLRQIRXUQLHVHORQOHPRGqOHRXGLVSRQLEOHDXSUqVGH
QRWUH6HUYLFH7HFKQLTXH
,PSRUWDQW ODILQSODFH]OpWLTXHWWHDXWRFROODQWHHQLQGLTXDQWOH
QRXYHDXW\SHGHJD]SUqVGHODSODTXHVLJQDOpWLTXH
/HVSDVjVXLYUHVRQWOHVVXLYDQWV
eFKDQJHGHVLQMHFWHXUVGHVEUOHXUVSXLVVDQWVWDQGDUGHW
pFRGHODWDEOHGHFXLVVRQILJ
5HWLUH]OHVJULOOHVOHVFRXYHUFOHVGHEUOHXUHWOHVGLIIXVHXUV
&KDQJH]OHVLQMHFWHXUVHQXWLOLVDQWODFOpGLVSRQLEOHUpI
YRLUILJ HQIDLVDQWSDUWLFXOLqUHPHQWDWWHQWLRQjQH
SDVGpORJHUOLQMHFWHXUHQOHUHWLUDQWRXHQOHIL[DQWDXEUOHXU
3UHQH]VRLQGHOHVIL[HUjIRQGSRXUJDUDQWLUO·pWDQFKpLWp
&HVEUOHXUVQHUHTXLqUHQWDXFXQUpJODJHGHODLUSULPDLUH
3ODFH] OHV GLIIXVHXUV HW OHV FRXYHUFOHV GHV EUOHXUV VXU OHXUV IHX[
FRUUHVSRQGDQWV,OIDXGUDpJDOHPHQWSODFHUDGpTXDWHPHQWOHV
JULOOHV

eFKDQJHGHVLQMHFWHXUVGHEUOHXUVjGRXEOHIODPPH
3RXUpFKDQJHUOHVLQMHFWHXUVLOHVWQpFHVVDLUHGHGpPRQWHUOD
SODTXHGHYHUUHDYHFOHVSURILOVGHODSSDUHLO/DSODTXHGHYHUUH
HVWFRQQHFWpHDXUHVWHGHODWDEOHGHFXLVVRQSDUXQV\VWqPHGH
FOLSV
'pPRQWDJHGHODSODTXHGHYHUUHDYHFOHVSURILOVILJ
5HWLUH]WRXVOHVVXSSRUWVFDVVHUROHFKDSHDX[GHEUOHXU
FRXURQQHVGHEUOHXUHWFRUSVGHEUOHXU
'HVVHUUH]OHVYLVGHVEUOHXUV
8WLOLVH]OHOHYLHUGHGpPRQWDJHGLVSRQLEOHDXSUqVGHQRWUH
VHUYLFHDSUqVYHQWHFRGH'HVVHUUH]jODLGHGXOHYLHU
ODIL[DWLRQSDUFOLSDYDQWjOHQGURLWLQGLTXpjODILJVHORQOH
PRGqOHGHWDEOHGHFXLVVRQ
$WWHQWLRQ
8WLOLVH] XQLTXHPHQW OH OHYLHU VXU OHV ERUGV GX YHUUH SUpVHQWDQW XQ
SURILORXXQFDGUH
'HVVHUUH] OD IL[DWLRQ SDU FOLS DUULqUH HQ VRXOHYDQW DYHF SUpFDXWLRQ
ODSODTXHGHYHUUHDYHFOHVSURILOV
eFKDQJHGHVLQMHFWHXUVGHIODPPHH[WHUQHVILJ D
'HVVHUUH]ODYLVGHIL[DWLRQ/SXLVWLUH]OHPDQFKRQ/YHUV
ODUULqUHDILQGDFFpGHUSOXVIDFLOHPHQWjOLQMHFWHXUSULQFLSDO
ILJ D
([WUD\H]OLQMHFWHXUGHIODPPHH[WHUQHHQOHWRXUQDQWYHUVOD
JDXFKHILJ DD
9LVVH]OHQRXYHOLQMHFWHXUGHIODPPHH[WHUQHILJ DD
5HSRUWH]YRXVDXWDEOHDX
5pJOH] OpFDUW GX PDQFKRQ GH UpJODJH SRXU OD YHQWLODWLRQ / )LJ
DVXUODPHVXUH=FRPPHLQGLTXpGDQVOHWDEOHDX
6HUUH]ODYLVGHIL[DWLRQ/ILJ D
eFKDQJHGHVLQMHFWHXUVGHIODPPHLQWHUQHVILJ E
9LVVH]ODSDUWLH0GHODSDUWLHSRXUYXHGXQILOHWDJH7HQH]
SRXUFHIDLUHODSDUWLHSRXUYXHGXQILOHWDJHILJ E
([WUD\H]OHPDQFKRQGHODSDUWLH0ILJ E
'pPRQWH]OXQLWp00GHODSDUWLH0ILJ EE
([WUD\H] OLQMHFWHXU GH IODPPH LQWHUQH 0 GH OD SDUWLH 0 ILJ E
E
9LVVH]OHQRXYHOLQMHFWHXUGHIODPPHLQWHUQHILJ EE
5HSRUWH]YRXVDXWDEOHDX
0RQWHUODSSDUHLO
0RQWH]WRXVOHVFRPSRVDQWVGDQVORUGUHFKURQRORJLTXHLQYHUVH
GXGpPRQWDJH
5pJODJHGXURELQHWGHJD]
3RXU UpJOHU OH URELQHW GH JD] OH FDFKH GH OD WDEOH GH FXLVVRQ j JD]
GRLWrWUHGpPRQWpHWODFDUWHpOHFWURQLTXHGRLWrWUHUHWLUpH
'pPRQWDJHGXFDFKH
'pPRQWH]ODSODTXHGHYHUUHDYHFOHVSURILOVFRPPHGpFULW
GDQVODVHFWLRQ 'pPRQWDJHGHODSODTXHGHYHUUHDYHFOHV
SURILOV
'pPRQWDJHGHODFDUWHpOHFWURQLTXHILJ
/D FDUWH pOHFWURQLTXH HVW IL[pH SDU GHV WLJHVFRQWDFWV GH IL[DWLRQ
DX[ F{WpV HW DX FHQWUH GX VXSSRUW $SSX\H] DYHF SUpFDXWLRQ VXU
OHVWLJHVFRQWDFWGHIL[DWLRQHQYHLOODQWjQHSDVOHV
HQGRPPDJHU6LXQHWLJHFRQWDFWVHFDVVHLOIDXWUHPSODFHUOD
IL[DWLRQFRPSOqWH
3RXUFHIDLUHSURFpGH]FRPPHVXLW
'HVVHUUH]OHVWLJHVFRQWDFWVGXQF{Wp
'HVVHUUH]OHVWLJHVFRQWDFWFHQWUDOHV3RXUIDLUHSUHVVH]GHV
GHX[F{WpVDYHFOHVGRLJWV
'HVVHUUH]OHVWLJHVFRQWDFWVGHODXWUHF{WpHWUHWLUH]ODFDUWH
pOHFWURQLTXH
$WWHQWLRQ
0DQLSXOH]ODFDUWHpOHFWURQLTXHDYHFSUpFDXWLRQ8WLOLVH]XQH
SURWHFWLRQDQWLVWDWLTXHRXVDLVLVVH]ODFDUWHpOHFWURQLTXHSDUOHV
ERUGV1HWRXFKH]MDPDLVOHVVXUIDFHVRXOHVFRPSRVDQWVDYHF
GHVEDQGHV
(QOHYH]OHVSLqFHVF\OLQGULTXHVHWOHVUHVVRUWVGHODWLJHGX
URELQHWGHJD]
5pJXODWLRQGXE\SDVVILJ
9RLU OH WDEOHDX ILJ DGDSWH] DX EHVRLQ OHV YLV E\SDVV 0 j
ODLGHGXQWRXUQHYLV7RU[ILJ
$ OHVYLVE\SDVVGRLYHQWrWUHVHUUpHVIHUPHPHQW
% OHVYLVE\SDVVGRLYHQWDUULYHUDXUDVGHODGRXLOOH
$VVXUH]YRXVTXHOHEUOHXUQHVpWHLQWSDVORUVTXHYRXV
WRXUQH] OD PDQHWWH GH FRPPDQGH HQWUH OD SRVLWLRQ OD SOXV pOHYpH
HWODSOXVEDVVHHWTXDXFXQUHWRXUGHIODPPHQHVHSURGXLW
0RQWDJHGHODFDUWHpOHFWURQLTXHHWGXFDFKH
3URFpGH]GDQVORUGUHLQYHUVHGXGpPRQWDJH
1HGpPRQWH]MDPDLVOD[HGXURELQHWGHJD](QFDV
GHQGRPPDJHPHQWGHVFRPSRVDQWVGXURELQHWGHJD]
UHPSODFH]FHGHUQLHU
&DOLEUDJHGHOpOHFWURQLTXH
'qVTXHOHQRXYHODSSDUHLOHVWLQVWDOOpUpDOLVH]OHFDOLEUDJHGH
OpOHFWURQLTXHVHORQOLOOXVWUDWLRQ
1HGpPRQWH]MDPDLVOD[HGXURELQHWGHJD](QFDV
GHQGRPPDJHPHQWLOIDXWUHPSODFHUOHURELQHWGHJD]FRPSOHW
hu
á
6]HUHOpVL~WPXWDWy
%L]WRQViJLHOŌtUiVRN
%HV]HUHOpVpVKDV]QiODWHOŌWWROYDVVDHOD]XWDVtWiVRNDW
$KDV]QiODWLXWDVtWiVEDQV]HUHSOŌNpSHNWiMpNR]WDWyMHOOHJŦHN
$Np]LN|Q\YXWDVtWiVDLQDNILJ\HOPHQNtYOKDJ\iVDHVHWpQD
J\iUWyWVHPPLO\HQIHOHOŌVVpJQHPWHUKHOL
(]DNpV]OpNNL]iUyODJPHJIHOHOŌHQV]HOOŌ]ŌKHO\LVpJHNEHQ
KDV]QiOKDWy1HNDSFVROMDDNpV]OpNHWpJpVWHUPpNHN
HOWiYROtWiViUDV]ROJiOyEHUHQGH]pVKH]
$ EHV]HUHOpVVHO EHN|WpVVHO EHiOOtWiVVDO pV PiV WtSXV~ Ji]UD
YDOy iWiOOtWiVVDO NDSFVRODWRV V]HUHOpVW PHJIHOHOŌHQ NpS]HWW pV
DV]HUHOpVEHQMiUWDVV]DNHPEHUQHNNHOOYpJH]QLHD]
pUYpQ\EHQ OpYŌ V]DEiO\RN pV D KHO\L Ji] pV iUDPV]ROJiOWDWyN
HOŌtUiVDLQDNEHWDUWiViYDO$V]HOOŌ]pVUHYRQDWNR]y
HOŌtUiVRNUDNLHPHOWILJ\HOPHWNHOOIRUGtWDQL
0iVWtSXV~Ji]UDYDOyiWiOOtWiVHVHWpQNpUMNKRJ\IRUGXOMRQ
YHYŌV]ROJiODWXQNKR]
(]WDNpV]OpNHWNL]iUyODJKi]WDUWiVEDQW|UWpQŌKDV]QiODWUD
WHUYH]WpN.HUHVNHGHOPLpVQDJ\]HPLKDV]QiODWDQHP
PHJHQJHGHWW$NpV]OpNHWWLORVMDFKWRQYDJ\ODNyNRFVLEDQ
]HPEHKHO\H]QL$MyWiOOiVNL]iUyODJUHQGHOWHWpVV]HUŦKDV]QiODW
HVHWpQpUYpQ\HV
h]HPEHKHO\H]pVHOŌWWHOOHQŌUL]QLNHOOKRJ\DKHO\L
Ji]V]ROJiOWDWiVPHJIHOHOHDNpV]OpNPŦV]DNLDGDWODSRQ
IHOWQWHWHWWEHiOOtWiVDLQDNJi]IDMWiMDpVQ\RPiVDWHOMHVtWPpQ\
IHV]OWVpJ
0LHOŌWWEiUPLO\HQV]HUHOpVLPXQNiEDNH]GHQHYiODVV]DOHD
NpV]OpNHWDJi]pVHOHNWURPRVKiOy]DWUyO
$] iUDPHOOiWiVW EL]WRVtWy NiEHOW D E~WRUUD NHOO HUŌVtWHQL KRJ\ D] QH
pUKHVVHQDVWŌYDJ\DIŌ]ŌODSIRUUyUpV]HLKH]
$]HOHNWURPRVKiOy]DWKR]FVDWODNR]WDWRWWNpV]OpNHNI|OGHOpVpW
N|WHOH]ŌHQHONHOOYpJH]QL
1HQ\~OMRQDNpV]OpNEHOVHMpEH+DV]NVpJHVKtYMD
YHYŌV]ROJiODWXQNDW
h]HPEHKHO\H]pVHOŌWW
(]DNpV]OpNDJi]NpV]OpNHNUHYRQDWNR]y(1HV
V]DEYiQ\V]HULQWLRV]WiO\EDVRURODQGyE~WRUEDEHpStWHWW
NpV]OpN
(]HNDNpV]OpNHNNRPELQiOKDWyNHJ\PiVVDOpVYDJ\D]RQRV
PiUNiM~KDJ\RPiQ\RVWŦ]KHO\HNNHOFVDWODNR]iVWEL]WRVtWy
NLHJpV]tWŌVHJtWVpJpYHO/iVGDNDWDOyJXVW
$E~WRUDPHO\EHDNpV]OpNHWV]HUHOLOHJ\HQVWDELOpV
UHQGHONH]]HQDPHJIHOHOŌU|J]tWpVHNNHO
$NpV]OpNN|UQ\H]HWpEHQOpYŌE~WRURNDUpWHJHOWPXQNDODSpVD
UpWHJHNHWU|J]tWŌUDJDV]WyOHJ\HQKŌiOOypVQHPJ\~OpNRQ\
DQ\DJEyO
$NpV]OpNQHPV]HUHOKHWŌKŦWŌUHPRVyJpSUHPRVRJDWyJpSUH
YDJ\KDVRQOyEHUHQGH]pVUH
+DDIŌ]ŌODSRWVWŌI|OpV]HUHOLDVWŌQHNPHVWHUVpJHV
V]HOOŌ]pVVHONHOOUHQGHONH]QLH(OOHQŌUL]]HDVWŌPpUHWHLWDQQDN
V]HUHOpVL~WPXWDWyMDDODSMiQ
3iUDHOV]tYyIHOV]HUHOpVHNRUN|YHVVHDQQDNV]HUHOpVL~WPXWDWyMiW
pVWDUWVDEHDPLQLPiOLVWiYROViJRWDEHUHQGH]pVpVDIŌ]ŌODS
N|]|WW iEUD
$E~WRUHOŌNpV]tWpVHiEUD
9iJMRQHJ\PHJIHOHOŌPpUHWŦQ\tOiVWDPXQNDDV]WDOIHOOHWpEH
(OHNWURPRVYDJ\YHJ\HV]HPŦJi]pVYLOODPRV]HPŦIŌ]ŌODS
HVHWpQDPHQQ\LEHQDIŌ]ŌIHOOHWDODWWQHPWDOiOKDWyVWŌ
KHO\H]]HQHOHJ\QHPJ\~OpNRQ\HOYiODV]WyHOHPHWSOIpPYDJ\
IXUQpUOHPH]W PPUH D IŌ]ŌODS DODSMiWyO ÌJ\ PHJDNDGiO\R]]D D
KR]]iIpUpVW D IŌ]ŌODS DOVy UpV]pKH] *i]]HPŦ IŌ]ŌODS HVHWpQ D]
HOYiODV]WyHOHPHWDMiQORWWXJ\DQHNNRUDWiYROViJUDKHO\H]QL
)iEyONpV]OWPXQNDIHOOHWHVHWpQNHQMHEHDYiJiVLIHOOHWHW
VSHFLiOLVODNNDODPHO\YpGDQHGYHVVpJWŌO

$NpV]OpN]HPEHKHO\H]pViEUD
8WDVtWiV $IŌ]ŌIHOOHWEHpStWpVHNRUYLVHOMHQYpGŌNHV]W\ŦW
$NDSFVRNpVD]|QWDSDGyW|PtWpVDIŌ]ŌIHOOHWDOVyV]pOpQ
J\iULODJIHOYDQV]HUHOYH6HPPLO\HQN|UOPpQ\HNN|]|WWVH
WiYROtWVDHO$]|QWDSDGyW|PtWpVPHJDNDGiO\R]]DDV]LYiUJiVW
$NpV]OpNU|J]tWpVpKH]EHpStWHWWE~WRUUD
)RUJDVVDDIŌ]ŌIHOOHWHWDPHJIHOHOŌKHO\]HWEH
/D]tWVDPHJDNDSFVRNFVDYDUMDLWKRJ\V]DEDGRQIRURJMDQDN
1HPV]NVpJHVDNDSFVRNFVDYDUMDLWWHOMHVHQROGDQL
+HO\H]]HDIŌ]ŌIHOOHWHWDPXQNDODSNLYiJiVEDpVLJD]tWVD
N|]pSUH1\RPMDOHIHOpDJi]IŌ]ŌIHOOHWHWD]ROGDOiQiOPtJ
WHOMHVHQIHOQHPIHNV]LNDV]pOHNUH
)RUJDVVDDNDSFVRNDWpVFVDYDUR]]DEHŌNHW$NDSFVRN
FVDYDUMDLQDNDNpV]OpNDOMiUDPHUŌOHJHVHQNHOOiOOQLXN
$NDSFVRNKHO\]HWHDPXQNDODSYDVWDJViJiWyOIJJ
$NpV]OpNHWQHUDJDVV]DV]LOLNRQQDODPXQNDODSUD
$IŌ]ŌODSNLV]HUHOpVH
9iODVV]DOHDNpV]OpNHWDJi]pVHOHNWURPRVKiOy]DWUyO
2OGMDPHJDSiQWRNFVDYDUMDLWPDMGYpJH]]HHODEHV]HUHOpV
PŦYHOHWHLWIRUGtWRWWVRUUHQGEHQ
*i]FVDWODNR]WDWiV iEUD
$Ji]FVDWODNR]iVW~J\NHOOHOKHO\H]QLKRJ\D]iUyFVDS
KR]]iIpUKHWŌOHJ\HQ
$Ji]FVŌDJi]IŌ]ŌODSKR]HJ\µ PPPHQHWHOW
N|Q\|NNHOFVDWODNR]LN$N|Q\|NOHKHWŌYpWHV]L
■ $PHUHYFVDWODNR]WDWiVW
■ $KDMOpNRQ\IpPFVŌYHOW|UWpQŌFVDWODNR]WDWiVWKRVV] PLQ P
PD[ P
+DN~SRVFVDWODNR]iVWV]HUHWQHOpWUHKR]QLKHO\H]]HD
V]iP~WDUWR]pNRWpVDV]iP~W|PtWpVWDGRWWHVHWEHQD]
DODSNpV]OHWUpV]HYDJ\DYHYŌV]ROJiODWQiONDSKDWyDJi]
IŌ]ŌIHOOHWEHPHQHWLFV|YHpVDJi]EHYH]HWpVN|]piEUD
hJ\HOMHQ KRJ\ D FVŌ pV D NRQ\KDE~WRU PR]Jy UpV]HL SpOGiXO ILyN
QHpULQWNH]KHVVHQHNHJ\PiVVDOpVDFVŌQHKDODGMRQNHUHV]WO
RO\DQUpV]HNHQDPHO\HNPR]JiViWDNDGiO\R]KDWMD
+DYt]V]LQWHVJi]FVDWODNR]WDWiVHOYpJ]pVHV]NVpJHV
YHYŌV]ROJiODWXQNQiOEHV]HUH]KHWŌDDVNyGV]iP~
N|Q\|NYDODPLQWDDVNyGV]iP~W|PtWpVD iEUD
: ÉUDPWpVYHV]pO\H
0LXWiQPyGRVtWRWWDYDODPHO\LNFVDWODNR]iVWHOOHQŌUL]]HD
V]LJHWHOpVW
$J\iUWyQHPYiOODOIHOHOŌVVpJHWKDYDODPHO\LNFVDWODNR]iVQiO
V]LYiUJiVOpSIHOPLXWiQPyGRVtWRWWiNDFVDWODNR]iVW
(OHNWURPRVFVDWODNR]WDWiV iEUD
$NpV]OpN<WtSXV~DKiOy]DWLNiEHOWWLORVDIHOKDV]QiOyQDN
NLFVHUpOQLH]WFVDNDYHYŌV]ROJiODWYpJH]KHWLHO9HJ\H
ILJ\HOHPEHDNiEHOWtSXViWpVDV]NVpJHVPLQLPiOLV
NHUHV]WPHWV]HWHW
$IŌ]ŌODSRNKR]MiUyiUDPHOOiWiVWEL]WRVtWyNiEHONpWIpOHOHKHW
RO\DQDPHO\UHQGHONH]LNFVDWODNR]yGXJyYDOLOORO\DQDPHO\QHP
$FVDWODNR]yGXJyYDOHOOiWRWWNpV]OpNHNHWNL]iUyODJPHJIHOHOŌ
I|OGHOpVVHOUHQGHONH]ŌFVDWODNR]yDOM]DWKR]V]DEDGFVDWODNR]WDWQL
*RQGRVNRGQLNHOOHJ\PLQGHQIi]LVWPHJV]DNtWyIŌNDSFVROy
IHOV]HUHOpVpUŌO DPHO\ PLQ PPHV UpVW KDJ\ D] pULQWNH]ŌN N|]|WW
NLYpYHKDDIHOKDV]QiOyUHQGHONH]pVpUHiOOHJ\NRQQHNWRUpVD
FVDWODNR]iVH]HQNHUHV]WOW|UWpQLN
$Ji]WtSXViQDNPHJYiOWR]WDWiVD
+DD]DGRWWRUV]iJEDQpUYpQ\EHQOpYŌV]DEiO\RNHQJHGLND
NpV]OpNPiVWtSXV~Ji]RNNDOLV]HPHOWHWKHWŌOiVGDPŦV]DNL
DGDWODSRW$]iWDODNtWiVKR]V]NVpJHVHOHPHNDPHOOpNHOW
FVRPDJEDQ WDOiOKDWyN D NpV]OpN WtSXViWyO IJJŌHQ $ FVRPDJ D
YHYŌV]ROJiODWQiOLVEHV]HUH]KHWŌ
)RQWRV 9pJO KHO\H]]H HO D] ~M Ji]WtSXVW MHO|OŌ |QWDSDGyV FtPNpW
DPŦV]DNLDGDWODSN|]HOpEHQ
$N|YHWNH]ŌOpSpVHNHWNHOOYpJUHKDMWDQL
$ IŌ]ŌIHOOHWHQ OpYŌ HUŌV QRUPiO pV WDNDUpN pJŌN I~YyNiLQDN
FVHUpMH iEUD
(PHOMHOHDURVWpO\RNDWD]pJŌNIHGHOpWYDODPLQWD]pJŌIHMHNHW
&VHUpOMHNLDI~YyNiNDWDYHYŌV]ROJiODWXQNRQEHV]HUH]KHWŌ
NXOFVNyGV]iPVHJtWVpJpYHOOiVGD iEUiWNO|Q
ILJ\HOPHWIRUGtWYDDUUDKRJ\D]pJŌIHMUŌOYDOyHOWiYROtWiVDNRU
YDJ\RGDW|UWpQŌU|J]tWpVHNRUDI~YyNDQHYiOMRQV]pW
$V]LYiUJiVPHJDNDGiO\R]iVDpUGHNpEHQEL]RQ\RVRGMRQPHJ
DUUyOKRJ\WHOMHVHQEHFVDYDUWDDI~YyNiNDW
(]HQpJŌNHVHWpQQHPV]NVpJHVDSULPHUOHYHJŌEHiOOtWiVD
+HO\H]]HDI~YyNiNDWpVD]pJŌNIHGHOpWDPHJIHOHOŌKHO\UH$
URVWpO\RNDWLVKHO\H]]HHOPHJIHOHOŌHQ
$NHWWŌVOiQJ~pJŌNI~YyNiLQDNFVHUpMH
$I~YyNiNFVHUpMpKH]NLNHOOV]HUHOQLD]YHJODSRWDNpV]OpN
SURILOMDLYDOHJ\WW$]YHJODSRWHJ\NDSRFVUHQGV]HUN|WL|VV]HD
IŌ]ŌIHOOHWW|EELUpV]pYHO
$]YHJODSNLV]HUHOpVHDSURILORNNDOHJ\WW² iEUD
7iYROtWVD HO D] |VV]HV ID]pNWDUWyW pJŌIHMIHGHOHW pJŌIHMJ\ŦUŦW LOO
pJŌIHMNHO\KHW
/D]tWVDPHJDFVDYDURNDWD]pJŌQpO
+DV]QiOMDDYHYŌV]ROJiODWXQNRQNHUHV]WOEHV]HUH]KHWŌ
V]HUHOŌNXOFVRWNyG$NXOFVVHJtWVpJpYHOOD]tWVDPHJ
D]HOOVŌU|J]tWŌNDSFVRWDiEUiQPHJMHO|OWKHO\HQD
IŌ]ŌIHOOHWWtSXViWyOIJJŌHQ
)LJ\HOHP
$NXOFVRWFVDND]YHJODSD]RQV]pOHLQpOKDV]QiOMDDPHO\HN
SURILOODOYDJ\NHUHWWHOYDQQDNHOOiWYD
/D]tWVDPHJDKiWVyU|J]tWŌNDSFVRW~J\KRJ\yYDWRVDQ
PHJHPHOLD]YHJODSRWDSURILORNNDO
$NOVŌpJŌI~YyNDFVHUpMHD iEUD
/D]tWVD PHJ D] / U|J]tWŌFVDYDUW pV K~]]D KiWUD D] / KYHO\W
KRJ\N|QQ\HQKR]]iIpUKHVVHQDN|]SRQWLI~YyNiKR]D iEUD
$ NOVŌ pJŌI~YyND EDOUD FVDYDUiViYDO K~]]D NL D]W DD iEUD
&VDYDUMDEHD]~MNOVŌpJŌI~YyNiWDD iEUD7HNLQWVHPHJ
D] WiEOi]DWRW
$]/OHYHJŌEHPHQHWV]DEiO\R]yI~YyNiMiQDNWiYROViJiWiOOtWVD
D WiEOi]DWEDQPHJDGRWW=pUWpNUHDiEUD
+~]]DPHJD]/U|J]tWŌFVDYDUWD iEUD
$EHOVŌpJŌI~YyNDFVHUpMHE iEUD
&VDYDUMDOHD]0DONDWUpV]WDHVDONDWUpV]UŌODPHO\
FVDYDUPHQHWWHOYDQHOOiWYD(KKH]JRQGRVNRGMRQD
FVDYDUPHQHWWHOHOOiWRWWDONDWUpV]HOOHQWDUWiViUyOE iEUD
+~]]DNLDKYHO\WD]0DONDWUpV]EŌOE iEUD
6]HUHOMHNLD]0DONDWUpV]00HJ\VpJpW EE iEUD
+~]]DNLD]0EHOVŌpJŌI~YyNiWD]0DONDWUpV]EŌOE
E iEUD
&VDYDUMDEHD]~MEHOVŌpJŌI~YyNiWEE iEUD7HNLQWVHPHJ
D] WiEOi]DWRW
$NpV]OpNIHOV]HUHOpVH
$V]pWV]HUHOpVKH]KDMWVDYpJUHD]|VV]HVDONDWUpV]
|VV]HV]HUHOpVpWIRUGtWRWWVRUUHQGEHQ
$Ji]FVDSRNEHiOOtWiVD
$Ji]FVDSRNEHiOOtWiViKR]OHNHOOV]HUHOQLDJi]]HPŦIŌ]ŌIHOOHW
ERUtWiViWLOOHWYHD]HOHNWURQLNDLNiUW\iW
$ERUtWiVOHV]HUHOpVH
6]HUHOMHNLD]YHJODSRWDSURILORNNDO $]YHJODSNLV]HUHOpVHD
SURILORNNDOHJ\WWFtPŦUpV]EHQOHtUWPyGRQ
$]HOHNWURQLNDLNiUW\DOHV]HUHOpVHiEUD
$]HOHNWURQLNDLNiUW\iWDV]pOHLQpVN|]pSHQU|J]tWŌSHFNHN
NDSFVROMiNDWDUWyKR]ÐYDWRVDQQ\RPMDOHDU|J]tWŌSHFNHNHW
KRJ\ D]RN QH VpUOMHN +D D] HJ\LN SHFHN HOW|ULN D] HJpV] WDUWyW
NLNHOOFVHUpOQL
$N|YHWNH]ŌNpSSHQMiUMRQHO
/D]tWVDPHJDSHFNHNHWD]HJ\LNROGDORQ
/D]tWVDPHJDN|]pSVŌSHFNHNHW(KKH]D]XMMiYDOPLQGNpW
ROGDOUyOQ\RPMDPHJŌNHW
/D]tWVDPHJDSHFNHNHWDPiVLNROGDORQpVYHJ\HNLD]
HOHNWURQLNDLNiUW\iW
)LJ\HOHP
ÐYDWRVDQEiQMRQD]HOHNWURQLNDLNiUW\iYDO+DV]QiOMRQ
DQWLV]WDWLNXVYpGHOPHWYDJ\D]HOHNWURQLNDLNiUW\iWWDUWVDD
V]pOpQpOIRJYD6RKDQHpULQWVHPHJDNRPSRQHQVHNHWYDJ\
HOHNWURPRVSiO\iNDWWDUWDOPD]yIHOOHWHNHW
7iYROtWVD HO D Ji]FVDS V]iUiEDQ OpYŌ KHQJHUHV DONDWUpV]HNHW pV
UXJyNDW
$]iWHUHV]WŌV]DEiO\R]iVD iEUD
/iVGDWiEOi]DWRW iEUDD]iWHUHV]WŌFVDYDURNDW0
V]NVpJHVHWpQHJ\WRU[FVDYDUK~]yYDOLJD]tWVDEHiEUD
$$]iWHUHV]WŌFVDYDURNDWHUŌVHQPHJNHOOK~]QL
%$]iWHUHV]WŌFVDYDURNQDNPLQGLJDIRJODODWWDOHJ\V]LQWEHQ
NHOOOHQQLN
(OOHQŌUL]]HKRJ\D]pJŌQHPDOV]LNHNLLOOHWYHDOiQJQHP
FVDSHYLVV]DPLN|]EHQDNH]HOŌJRPERWDOHJDODFVRQ\DEEpV
OHJPDJDVDEEIRNR]DWN|]|WWHOIRUJDWMD

$]HOHNWURQLNDLNiUW\DpVDERUtWiVIHOV]HUHOpVH
+DMWVDYpJUHIRUGtWRWWVRUUHQGEHQDOHV]HUHOpVOpSpVHLW
6RKDQHV]HUHOMHOHDJi]FVDSWHQJHO\pW+DDJi]FVDS
DONDWUpV]HLPHJKLEiVRGQDNFVHUpOMHNLD]RNDW
$]HOHNWURQLNDNDOLEUiOiVD
$] ~M NpV]OpN EHV]HUHOpVpW N|YHWŌHQ YpJH]]H HO D] HOHNWURQLND
NDOLEUiOiViWD]iEUiQDNPHJIHOHOŌHQ
6RKD QH V]HUHOMH OH D Ji]FVDS WHQJHO\pW 6pUOpV HVHWpQ D WHOMHV
Ji]FVDSRWNLNHOOFVHUpOQL
it
â
,VWUX]LRQLSHULOPRQWDJJLR
,QGLFD]LRQLGLVLFXUH]]D
/HJJHUHDWWHQWDPHQWHOHLVWUX]LRQLGHOODSSDUHFFKLRSULPDGL
SURFHGHUHDOOLQVWDOOD]LRQHHDOOXVR
/HLPPDJLQLUDSSUHVHQWDWHLQTXHVWHLVWUX]LRQLKDQQRFDUDWWHUH
RULHQWDWLYR
,OFRVWUXWWRUHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLPDQFDWD
RVVHUYDQ]DGHOOHGLVSRVL]LRQLGHOSUHVHQWHPDQXDOH
/DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRVRORLQOXRJKL
VXIILFLHQWHPHQWHYHQWLODWL1RQGHYHHVVHUHFROOHJDWRDXQ
GLVSRVLWLYRGLHVSXOVLRQHGHLSURGRWWLGLFRPEXVWLRQH
7XWWH OH RSHUD]LRQL GL LQVWDOOD]LRQH FRQQHVVLRQH UHJROD]LRQH
HDGDWWDPHQWRDGDOWULWLSLGLJDVGHYRQRHVVHUHHIIHWWXDWHGD
XQWHFQLFRGLLQVWDOOD]LRQHDXWRUL]]DWRQHOULVSHWWRGHOOD
QRUPDWLYDHGHOODOHJLVOD]LRQHDSSOLFDELOLQRQFKpGHOOH
SUHVFUL]LRQLGHOOHVRFLHWjORFDOLGLIRUQLWXUDGLJDVHG
HOHWWULFLWj)DUHSDUWLFRODUHDWWHQ]LRQHDOOHGLVSRVL]LRQL
DSSOLFDELOLLQPDWHULDGLYHQWLOD]LRQH
3HUODGDWWDPHQWRDGDOWULWLSLGLJDVVLFRQVLJOLDGLULYROJHUVL
DOQRVWURVHUYL]LRWHFQLFR
4XHVWRDSSDUHFFKLRqVWDWRFRQFHSLWRHVFOXVLYDPHQWHSHUXVR
GRPHVWLFRQRQqFRQVHQWLWROXVRDVFRSLFRPPHUFLDOLR
SURIHVVLRQDOL4XHVWRDSSDUHFFKLRQRQSXzHVVHUHLQVWDOODWRLQ
\DFKWRFDPSHU/DJDUDQ]LDKDYDOLGLWjVRORLQFDVRYHQJD
ULVSHWWDWROXWLOL]]RSHUFXLqVWDWRFRQFHSLWR
3ULPD GHOOLQVWDOOD]LRQH YHULILFDUH FKH OH FRQGL]LRQL GL GLVWULEX]LRQH
ORFDOHVLDQRFRPSDWLELOLFRQODUHJROD]LRQHGHOODSSDUHFFKLR
LQGLFDWDWDUJDLGHQWLILFDWLYDWLSRHSUHVVLRQHGHOJDVSRWHQ]D
WHQVLRQH
3ULPDGLHIIHWWXDUHTXDOVLDVLRSHUD]LRQHVFROOHJDUH
ODOLPHQWD]LRQHHOHWWULFDHODOLPHQWD]LRQHGHOJDV
GHOODSSDUHFFKLR
,OFDYRGLDOLPHQWD]LRQHGHYHHVVHUHILVVDWRDOPRELOHSHUHYLWDUH
FKHWRFFKLSDUWLFDOGHGHOIRUQRRGHOSLDQRGLFRWWXUD
*OL DSSDUHFFKL FRQ DOLPHQWD]LRQH HOHWWULFD GHYRQR HVVHUH FROOHJDWL
REEOLJDWRULDPHQWHDWHUUD
1RQPDQLSRODUHOLQWHUQRGHOODSSDUHFFKLR2YHQHFHVVDULR
FRQWDWWDUHLOQRVWUR6HUYL]LR7HFQLFR
3ULPDGHOOLQVWDOOD]LRQH
4XHVWRDSSDUHFFKLRULHQWUDQHOODFODVVHGHOODQRUPD(1
SHUJOLDSSDUHFFKLDJDVDSSDUHFFKLRLQFDVVDWRLQXQPRELOH
8WLOL]]DQGRODFFHVVRULRGLXQLRQHTXHVWLDSSDUHFFKLSRVVRQR
HVVHUHFRPELQDWLWUDORURHRFRQSLDQLGLFRWWXUDFRQYHQ]LRQDOL
GHOODVWHVVDPDUFD&RQVXOWDUHLOFDWDORJR
,OPRELOHLQFXLVLLQVWDOODODSSDUHFFKLRGHYHHVVHUH
RSSRUWXQDPHQWHILVVDWRHGHYHHVVHUHVWDELOH
, PRELOL YLFLQL DOODSSDUHFFKLR L ULYHVWLPHQWL VWUDWLILFDWL H OD FROOD FRQ
FXLVRQRILVVDWLGHYRQRHVVHUHFRVWLWXLWLGDPDWHULDOHQRQ
LQILDPPDELOHHUHVLVWHQWHDOFDORUH
4XHVWRDSSDUHFFKLRQRQSXzHVVHUHLQVWDOODWRVXIULJRULIHUL
ODYDWULFLODYDVWRYLJOLHRHOHWWURGRPHVWLFLVLPLOL
3HULQVWDOODUHLOSLDQRGLFRWWXUDVXXQIRUQRYHULILFDUHFKH
TXHVWXOWLPRVLDGRWDWRGLYHQWLOD]LRQHIRU]DWD9HULILFDUHOH
GLPHQVLRQLGHOIRUQRQHOUHODWLYRPDQXDOHGLLQVWDOOD]LRQH
6HVLLQVWDOODXQHVWUDWWRUHIDUHULIHULPHQWRDOUHODWLYRPDQXDOHGL
LQVWDOOD]LRQHPDQWHQHQGRVHPSUHXQDGLVWDQ]DYHUWLFDOHPLQLPD
GDOSLDQRGLFRWWXUDILJ
3UHSDUD]LRQHGHOPRELOHILJ
(IIHWWXDUHXQWDJOLRGHOOHGLPHQVLRQLQHFHVVDULHVXOSLDQRGL
ODYRUR
6H LO SLDQR GL FRWWXUD q HOHWWULFR R PLVWR JDV HG HOHWWULFLWj H QRQ Fq
XQIRUQRQHOOD]RQDVRWWRVWDQWHFROORFDUHXQVHSDUDWRUHGL
PDWHULDOH QRQ LQILDPPDELOH DG HV PHWDOOR R OHJQR FRPSHQVDWR D
PPGDOODEDVHGHOSLDQRGLFRWWXUD,QWDOPRGRVHQH
LPSHGLVFHODFFHVVRDOODSDUWHLQIHULRUH6HLOSLDQRGLFRWWXUDqD
JDVVLUDFFRPDQGDGLFROORFDUHLOVHSDUDWRUHDOODVWHVVDGLVWDQ]D
6XLSLDQLGLODYRURLQOHJQRULILQLUHOHVXSHUILFLGLWDJOLRFRQXQD
FROODVSHFLDOHSHUSURWHJJHUOHGDOOXPLGLWj
,QVWDOOD]LRQHGHOODSSDUHFFKLRILJ
$YYHUWHQ]D 3HULOPRQWDJJLRGHOSLDQRGLFRWWXUDXVDUHJXDQWL
SURWHWWLYL
,ILVVDJJLHODJXDUQL]LRQHDGHVLYDERUGRLQIHULRUHGHOSLDQRGL
FRWWXUDVRQRJLjLQVWDOODWLGLIDEEULFD1RQULPXRYHUOLLQQHVVXQ
FDVR/DJXDUQL]LRQHDGHVLYDLPSHGLVFHOHLQILOWUD]LRQL
3HULOILVVDJJLRGHOODSSDUHFFKLRDOPRELOHGDLQFDVVR
5XRWDUHLOSLDQRGLFRWWXUDQHOODSRVL]LRQHFRUUHWWD
$OOHQWDUHOHYLWLGHLILVVDJJLILQFKpUXRWDQROLEHUDPHQWH1RQq
QHFHVVDULRDOOHQWDUHFRPSOHWDPHQWHOHYLWLGHLILVVDJJL
'LVSRUUHLOSLDQRGLFRWWXUDQHOIRURGLQFDVVRGHOSLDQRGLODYRUR
HFHQWUDUOR6SLQJHUHYHUVRLOEDVVRLOSLDQRGLFRWWXUDDJDV
SUHPHQGRVXLODWLILQFKpQRQSRJJLDFRPSOHWDPHQWHVXLERUGL
5XRWDUHLILVVDJJLHDYYLWDUOLFRPSOHWDPHQWH/HYLWLGHLILVVDJJL
GHYRQRHVVHUHSHUSHQGLFRODULDOODEDVHGHOODOORJJLDPHQWR
/DSRVL]LRQHGHLILVVDJJLGLSHQGHGDOORVSHVVRUHGHOSLDQRGL
ODYRUR
/DSSDUHFFKLRQRQGHYHHVVHUHLQFROODWRFRQLOVLOLFRQHDOSLDQRGL
ODYRUR
6PRQWDJJLRGHOSLDQRGLFRWWXUD
6FROOHJDUHODSSDUHFFKLRGDOOHSUHVHHOHWWULFKHHGDOODWWDFFRGHO
JDV
6YLWDUHOHJUDIIHHVHJXLUHLQPRGRLQYHUVRODSURFHGXUDGL
PRQWDJJLR
$WWDFFRGHOJDVILJ
,OUDFFRUGRGHOJDVGHYHHVVHUHGLVSRVWRLQPRGRFKHLOUXELQHWWR
VLDDFFHVVLELOH
/HVWUHPLWjGHOODFRQQHVVLRQHGLLQJUHVVRGHOSLDQRGLFRWWXUDD
JDVqGRWDWDGLILOHWWDWXUDGD·· PPFKHFRQVHQWH
■ ,OFROOHJDPHQWRULJLGR
■ ,OFROOHJDPHQWRFRQWXERIOHVVLELOHPHWDOOLFR/ PLQ P
PD[ P
6HVLGHVLGHUDUHDOL]]DUHXQFROOHJDPHQWRFRQLFRLQVHULUH
ODFFHVVRULRFRQLOQXPHURHODJXDUQL]LRQHFRQLOQXPHUR
HYHQW LQFOXVL QHO YROXPH GL IRUQLWXUD R GLVSRQLELOL SUHVVR LO
VHUYL]LRGLDVVLVWHQ]DFOLHQWLWUDLOWXERGHQWUDWDGHOSLDQRGL
FRWWXUDDJDVHLOFRQGRWWRGHOJDV)LJXUD
(YLWDUHLOFRQWDWWRGHOWXERFRQSDUWLPRELOLGHOOXQLWjGLQFDVVRDG
HVHPSLR XQ FDVVHWWR H QRQ HIIHWWXDUH LO SDVVDJJLR GHOOR VWHVVR LQ
VSD]LVRJJHWWLDSRVVLELOLRVWUX]LRQL
1HOFDVRLQFXLRFFRUUDUHDOL]]DUHODWWDFFRGHOJDVLQRUL]]RQWDOH
SUHVVR LO QRVWUR VHUYL]LR WHFQLFR VL SRVVRQR WURYDUH XQ JRPLWR FRQ
LOFRGLFHHXQJLXQWRFRQLOFRGLFH)LJ D
: 3HULFRORGLIXJKH
6HVLPDQLSRODTXDOXQTXHWLSRGLUDFFRUGRYHULILFDUQHODWHQXWD
,OIDEEULFDQWHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLFRQQHVVLRQL
FKHSUHVHQWLQRIXJKHGRSRODPDQLSROD]LRQHGHOOHVWHVVH
&RQQHVVLRQHHOHWWULFDILJ
4XHVWRDSSDUHFFKLRqGHOWLSR´<µ,OFDYRGLLQJUHVVRQRQSXz
HVVHUH FDPELDWR GDOOXWHQWH PD VROR GDO 6HUYL]LR 7HFQLFR 2FFRUUH
LQIDWWLULVSHWWDUHLOWLSRGLFDYRHODVH]LRQHPLQLPD
, SLDQL GL FRWWXUD YHQJRQR IRUQLWL GRWDWL GL FDYR GL DOLPHQWD]LRQH FRQ
RVHQ]DVSLQDHOHWWULFD
*OLDSSDUHFFKLPXQLWLGLVSLQDGHYRQRHVVHUHFROOHJDWLVROWDQWRD
SUHVHHOHWWULFKHFRQSUHVDGLWHUUDGHELWDPHQWHLQVWDOODWH
3UHYHGHUHXQVH]LRQDWRUHRQQLSRODUHFRQDSHUWXUDGLFRQWDWWRGL
DOPHQR PPWUDQQHFKHSHULFROOHJDPHQWLDVSLQDVHOXWHQWH
SXzDFFHGHUYL
&DPELRGHOWLSRGLJDV
6HODQRUPDWLYDGHOSDHVHORFRQVHQWHTXHVWRDSSDUHFFKLRSXz
HVVHUHDGDWWDWRDGDOWULWLSLGLJDVYWDUJDLGHQWLILFDWLYD,
FRPSRQHQWLQHFHVVDULDTXHVWDRSHUD]LRQHVLWURYDQRQHOODERUVD
NLWGLFRQYHUVLRQHLQGRWD]LRQHDVHFRQGDGHOPRGHOORR
GLVSRQLELOHSUHVVRLOQRVWUR6HUYL]LR7HFQLFR
,PSRUWDQWH$OWHUPLQHDSSOLFDUHOHWLFKHWWDDGHVLYDLQGLFDQGRLO
QXRYRWLSRGLJDVDFFDQWRDOODWDUJDLGHQWLILFDWLYD
3URFHGHUHFRPHLQGLFDWRGLVHJXLWR
6RVWLWX]LRQHGHJOLXJHOOLGHOEUXFLDWRUHJUDQGHQRUPDOHH
SLFFRORGHOSLDQRFRWWXUD ILJ
5LPXRYHUHOHJULJOLHLFRSHUFKLGHOEUXFLDWRUHHLGLIIXVRUL
6RVWLWXLUHJOLLQLHWWRULXVDQGRODFKLDYHGLVSRQLELOHSUHVVRLO
QRVWUR6HUYL]LR7HFQLFRFRGLFHYHGHUHILJXUD

IDFHQGRSDUWLFRODUHDWWHQ]LRQHFKHOLQLHWWRUHQRQVLGLVWDFFKL
TXDQGRWROWRRILVVDWRDOEUXFLDWRUH
$VVLFXUDUVLGLVHUUDUOLDIRQGRSHUJDUDQWLUQHODWHQXWD
,QTXHVWLEUXFLDWRULQRQqQHFHVVDULRHIIHWWXDUHODUHJROD]LRQH
GHOODULDSULPDULD
&ROORFDUHLGLIIXVRULHLFRSHUFKLGHLEUXFLDWRULVXLFRUULVSRQGHQWL
IXRFKL6LVWHPDUHFRUUHWWDPHQWHOHJULJOLH
6RVWLWX]LRQHGHJOLXJHOOLGHLEUXFLDWRULDGRSSLDILDPPD
3HUODVRVWLWX]LRQHGHJOLXJHOOLqQHFHVVDULRVPRQWDUHODSLDVWUDLQ
YHWUR FRQ L SURILOL GHOODSSDUHFFKLR /D SLDVWUD LQ YHWUR q FROOHJDWD DO
UHVWRGHOSLDQRGLFRWWXUDDWWUDYHUVRXQVLVWHPDGLDJJDQFL
6PRQWDJJLRGHOODSLDVWUDLQYHWURFRQLSURILOLILJ
7RJOLHUHWXWWLLVXSSRUWLSHQWRODLFRSHUFKLEUXFLDWRUHJOLDQHOOL
EUXFLDWRUHHOHFRSSHWWHEUXFLDWRUH
$OOHQWDUHOHYLWLGHLEUXFLDWRUL
8WLOL]]DUHODOHYDGLVJDQFLRGLVSRQLELOHSUHVVRLOQRVWURVHUYL]LR
GLDVVLVWHQ]DFOLHQWLFRG&RQODLXWRGHOODOHYD
DOOHQWDUHLOILVVDJJLRGHOODJJDQFLRDQWHULRUHLQFRUULVSRQGHQ]D
GHOSXQWRLQGLFDWRLQILJDVHFRQGDGHOPRGHOORGLSLDQRGL
FRWWXUD
$WWHQ]LRQH
8WLOL]]DUHODOHYDVRORLQFRUULVSRQGHQ]DGHLERUGLLQYHWURFKH
KDQQRXQSURILORRXQWHODLR
$OOHQWDUHLOILVVDJJLRGHOODJJDQFLRSRVWHULRUHVROOHYDQGRFRQ
FDXWHODODSLDVWUDLQYHWURFRQLSURILOL
6RVWLWX]LRQHGHOOXJHOORILDPPDHVWHUQRILJ D
$OOHQWDUH OD YLWH GL ILVVDJJLR / H WLUDUH LQGLHWUR OD ERFFROD / SHU
DFFHGHUHDJHYROPHQWHDOOXJHOORSULQFLSDOHILJ D
(VWUDUUHOXJHOORILDPPDHVWHUQRUXRWDQGRORYHUVRVLQLVWUD
ILJ DD
$YYLWDUHLOQXRYRXJHOORILDPPDHVWHUQRILJ DD&RQVXOWDUH
ODWDEHOOD
,PSRVWDUHODGLVWDQ]DGHOODEXVVRODGLUHJROD]LRQHSHUOHQWUDWD
GHOODULD/ILJDVXOODGLPHQVLRQH=FRPHLQGLFDWRQHOOD
WDEHOOD
6HUUDUHODYLWHGLILVVDJJLR/ILJ D
6RVWLWX]LRQHGHOOXJHOORILDPPDLQWHUQRILJ E
$YYLWDUHODSDUWH0GHOODSDUWHGRWDWDGLILOHWWDWXUD$WDOH
VFRSRWHQHUYLDSSRJJLDWDODSDUWHGRWDWDGLILOHWWDWXUDILJ E
(VWUDUUHODERFFRODGDOODSDUWH0ILJ E
6PRQWDUHOXQLWj00GHOODSDUWH0ILJ EE
(VWUDUUHOXJHOORILDPPDLQWHUQR0GDOODSDUWH0ILJ EE
)LVVDUH LO QXRYR XJHOOR ILDPPD LQWHUQR ILJ EE &RQVXOWDUH OD
WDEHOOD
0RQWDJJLRGHOO·DSSDUHFFKLR
0RQWDUHWXWWLLFRPSRQHQWLQHOORUGLQHLQYHUVRDOORVPRQWDJJLR
,PSRVWD]LRQHGHOOHYDOYROHGHOJDV
3HUOLPSRVWD]LRQHGHOOHYDOYROHGHOJDVODFRSHUWXUDGHOSLDQRGL
FRWWXUDDJDVGHYHHVVHUHVPRQWDWDHGHYHHVVHUHULPRVVDOD
VFKHGDHOHWWURQLFD
6PRQWDJJLRGHOODFRSHUWXUD
6PRQWDUHODSLDVWUDLQYHWURFRQLSURILOLFRPHGHVFULWWRQHOOD
VH]LRQH 6PRQWDJJLRGHOODSLDVWUDLQYHWURFRQLSURILOL
6PRQWDJJLRGHOODVFKHGDHOHWWURQLFDILJ
/DVFKHGDHOHWWURQLFDqILVVDWDDOVXSSRUWRWUDPLWHSHUQLGL
ILVVDJJLRVXLODWLHDOFHQWUR$WWHQ]LRQHDSUHPHUHLSHUQLGL
ILVVDJJLRVHQ]DGDQQHJJLDUOL6HXQSHUQRGLURPSHq
QHFHVVDULRVRVWLWXLUHOLQWHURVXSSRUWR
3URFHGHUHQHOPRGRVHJXHQWH
$OOHQWDUHLSHUQLGDXQODWR
$OOHQWDUH L SHUQL FHQWUDOL 3UHPHQGR TXLQGL FRQ OH GLWD GD HQWUDPEL
LODWL
$OOHQWDUHLSHUQLGDOODOWURODWRHULPXRYHUHODVFKHGDHOHWWURQLFD
$WWHQ]LRQH
0DQHJJLDUHFRQFXUDODVFKHGDHOHWWURQLFD8WLOL]]DUHXQD
SURWH]LRQHDQWLVWDWLFDRSSXUHDIIHUUDUHODVFKHGDHOHWWURQLFDGDL
ERUGL1RQWRFFDUHPDLOHVXSHUILFLRLFRPSRQHQWLFRQEDQGH
PDJQHWLFKH
5LPXRYHUHOHSDUWLFLOLQGULFKHHOHPROOHQHOFRUSRGHOODYDOYROD
GHOJDV
5HJROD]LRQHGHOE\SDVVILJ
9HGHUHODWDEHOODILJ VHQHFHVVDULRDGDWWDUHOHYLWLGL
E\SDVV 0FRQODLXWRGLXQFDFFLDYLWH7RU[ILJ
$OHYLWLGLE\SDVVGHYRQRHVVHUHILVVDWHVDOGDPHQWH
%/HYLWLGLE\SDVVGHYRQRFKLXGHUVLDOLYHOORFROVXSSRUWR
$FFHUWDUVLFKHUXRWDQGRODPDQRSRODGLFRPDQGRWUDLOOLYHOOR
PDVVLPRHTXHOORPLQLPRLOEUXFLDWRUHQRQVLVSHQJDHQRQYL
VLDULWRUQRGLILDPPD
0RQWDJJLRGHOODVFKHGDHOHWWURQLFDHGHOODFRSHUWXUD
3URFHGHUHQHOORUGLQHLQYHUVRDOORVPRQWDJJLR
1RQVPRQWDUHPDLODVVHGHOOHYDOYROHGHOJDV,QFDVRGL
GDQQHJJLDPHQWRGHLFRPSRQHQWLGHOODYDOYRODGHOJDV
VRVWLWXLUOD
&DOLEUD]LRQHGHOVLVWHPDHOHWWURQLFR
1RQDSSHQDLOQXRYRDSSDUHFFKLRYLHQHPRQWDWRHVHJXLUHOD
FDOLEUD]LRQHGHOVLVWHPDFRQIRUPHPHQWHDOODILJXUD
1RQVPRQWDUHPDLODVVHGHOOHYDOYROHGHOJDV,QFDVRGL
GDQQHJJLDPHQWRqQHFHVVDULRVRVWLWXLUHFRPSOHWDPHQWHOD
YDOYRODGHOJDV
nl
é
,QVWDOODWLHYRRUVFKULIW
9HLOLJKHLGVDDQZLM]LQJHQ
/HHVGHLQVWUXFWLHVYDQKHWDSSDUDDWDOYRUHQVRYHUWHJDDQWRWGH
LQVWDOODWLHHQKHWJHEUXLNHUYDQ
'HDIEHHOGLQJHQGLHELMGH]HDDQZLM]LQJHQVWDDQDIJHGUXNW]LMQ
VOHFKWVWHURULsQWDWLH
'HIDEULNDQWLVYULMYDQHONHYHUDQWZRRUGHOLMNKHLGLQGLHQGH
EHVFKLNNLQJHQYDQGH]HKDQGOHLGLQJQLHWQDJHOHHIGZRUGHQ
'LWDSSDUDDWPDJDOOHHQJHEUXLNWZRUGHQLQYROGRHQGH
JHYHQWLOHHUGHUXLPWHV+HWPDJQLHWZRUGHQDDQJHVORWHQRSHHQ
LQULFKWLQJYRRUGHDIYRHUYDQYHUEUDQGLQJVSURGXFWHQ
$OOHZHUN]DDPKHGHQEHWUHIIHQGHLQVWDOODWLHDIVWHOOLQJHQ
DDQSDVVLQJDDQHHQDQGHUJDVW\SHPRHWHQZRUGHQ
XLWJHYRHUGGRRUHHQEHNZDDPLQVWDOODWHXUZDDUELMDOOH
WRHSDVEDUH QRUPHQ HQ ZHWJHYLQJ HQ GH YRRUVFKULIWHQ YDQ GH
ORNDOHJDVHQHOHNWULFLWHLWVPDDWVFKDSSLMHQPRHWHQZRUGHQ
QDJHOHHIG(UZRUGWPHWQDPHJHOHWRSGHYRRUVFKULIWHQPHW
EHWUHNNLQJWRWYHQWLODWLH
9RRU GH DDQSDVVLQJ DDQ HHQ DQGHU JDVW\SH UDGHQ ZLM DDQ RP
RQ]H7HFKQLVFKH'LHQVWWHEHOOHQ
'LW DSSDUDDW LV XLWVOXLWHQG EHVWHPG YRRU KXLVKRXGHOLMN JHEUXLN +HW
LVQLHWWRHJHVWDDQKHWWHJHEUXLNHQYRRUSURIHVVLRQHOHRI
FRPPHUFwHOHGRHOHLQGHQ+HWDSSDUDDWPDJQLHWLQMDFKWHQRI
FDUDYDQVZRUGHQJHwQVWDOOHHUG'HJDUDQWLHJHOGWDOOHHQZDQQHHU
KHWDSSDUDDWRSGHMXLVWHZLM]HZRUGWJHEUXLNW
&RQWUROHHUYyyUGHLQVWDOODWLHRIGHYRRUZDDUGHQYDQORNDOH
GLVWULEXWLH FRPSDWLEHO ]LMQ PHW GH DIVWHOOLQJ YDQ KHW DSSDUDDW GLH LV
DDQJHJHYHQRSKHWJHJHYHQVSODDWMHDDUGHQGUXNYDQKHWJDV
YHUPRJHQYROWDJH
6OXLWYyyUHONHKDQGHOLQJGHVWURRPHQJDVWRHYRHUYDQKHW
DSSDUDDWDI
'HYRHGLQJVNDEHOPRHWZRUGHQYDVWJHPDDNWLQKHWPHXEHOVWXN
RP WH YRRUNRPHQ GDW GH]H FRQWDFW PDDNW PHW GH JHGHHOWHV YDQ GH
RYHQRIYDQGHNRRNSODDWGLHZDUPZRUGHQ
$SSDUDWHQPHWVWURRPWRHYRHUPRHWHQYHUSOLFKWJHDDUGZRUGHQ
0DQLSXOHHUGHELQQHQ]LMGHYDQKHWDSSDUDDWQLHW7HOHIRQHHU
LQGLHQQRGLJRQ]H7HFKQLVFKH'LHQVW
9yyUGHLQVWDOODWLH
'LW DSSDUDDW EHKRRUW WRW NODVVH YROJHQV GH QRUP (1 YRRU
JDVDSSDUDWHQDSSDUDDWLQJHERXZGLQHHQPHXEHO
'H]HDSSDUDWHQNXQQHQRQGHUOLQJHQRIPHWFRQYHQWLRQHOH
NRRNSODWHQ YDQ KHW]HOIGH PHUN JHFRPELQHHUG ZRUGHQ ZDDUELM KHW
YHUELQGLQJVDFFHVVRLUHPRHWZRUGHQJHEUXLNW5DDGSOHHJGH
FDWDORJXV
+HWPHXEHOVWXNZDDULQKHWDSSDUDDWJHwQVWDOOHHUGZRUGWPRHWRS
GHMXLVWHZLM]HEHYHVWLJG]LMQHQVWDELHOVWDDQ
0HXEHOVGLHLQGHEXXUWYDQKHWDSSDUDDWVWDDQGHJHODDJGH
EHNOHGLQJHQHQGHOLMPZDDUPHHGH]HJHSODNW]LMQPRHWHQQLHW
RQWYODPEDDUHQKLWWHEHVWHQGLJ]LMQ
'LWDSSDUDDWNDQQLHWJHwQVWDOOHHUGZRUGHQRSNRHONDVWHQ
ZDVPDFKLQHVYDDWZDVVHUVRIGHUJHOLMNH
2PHHQNRRNSODDWRSHHQRYHQWHLQVWDOOHUHQPRHWGH]HRYHU
JHIRUFHHUGHYHQWLODWLHEHVFKLNNHQ&RQWUROHHUGHDIPHWLQJHQYDQ
GHRYHQLQXZLQVWDOODWLHKDQGOHLGLQJ
$OVXHHQDI]XLJNDSLQVWDOOHHUWGRHGDWGDQYROJHQVGH
LQVWDOODWLHKDQGOHLGLQJHQKRXGDOWLMGGHPLQLPDOHYHUWLFDOHDIVWDQG
WRWGHNRRNSODDWDDQILJ
9RRUEHUHLGLQJYDQKHWPHXEHODIE
%UHQJHHQLQVQLMGLQJDDQYDQGHQRGLJHDIPHWLQJHQRSKHW
ZHUNYODN
,QGLHQGHNRRNSODDWHOHNWULVFKRIJHPHQJGJDVHQHOHNWULFLWHLWLV
HQ HU ]LFK JHHQ RYHQ RQGHU EHYLQGW SODDWV GDQ HHQ VFKHLGLQJVVWXN

YDQQLHWRQWYODPEDDUPDWHULDDOEYPHWDDORIJHODDJGKRXWRS
PPYDQGHEDVLVYDQGHNRRNSODDW=RZRUGWWRHJDQJ
YHUPHGHQWRWGHRQGHU]LMGHKLHUYDQ,QGLHQKHWHHQJDVNRRNSODDW
LVZRUGWDDQEHYROHQKHWVFKHLGLQJVVWXNRSGH]HOIGHDIVWDQGWH
SODDWVHQ
9HUQLVYRRUKRXWHQZHUNYODNNHQGHVQLMYODNNHQPHWHHQVSHFLDOH
OLMPRPGH]HWHEHVFKHUPHQWHJHQYRFKW
,QVWDOODWLHYDQKHWDSSDUDDWDIE
$DQZLM]LQJ %LMKHWLQERXZHQYDQGHNRRNSODDWGLHQWX
YHLOLJKHLGVKDQGVFKRHQHQWHGUDJHQ
'HNOHPPHQHQGHOLMPGLFKWLQJRQGHUVWHUDQGYDQGHNRRNSODDW
]LMQVWDQGDDUGDDQJHEUDFKW,QJHHQJHYDOYHUZLMGHUHQ'H
OLMPGLFKWLQJJDDWOHNNDJHWHJHQ
8EHYHVWLJWKHWDSSDUDDWDOVYROJWDDQKHWLQERXZPHXEHO
'UDDLGHNRRNSODDWLQGHMXLVWHSRVLWLH
=HWGHVFKURHYHQYDQGHNOHPPHQORVWRW]HYULMGUDDLHQ'H
VFKURHYHQKRHYHQQLHWYROOHGLJWHZRUGHQORVJHGUDDLG
/HJGHNRRNSODDWLQGHXLWVQLMGLQJYDQKHWZHUNEODGHQFHQWUHHU
KHP]RUJYXOGLJ'UXNGHJDVNRRNSODDWDDQGH]LMNDQWHQQDDU
EHQHGHQWRWKLMYROOHGLJDDQVOXLWRSGHUDQGHQOLJW
'UDDLDDQGHNOHPPHQHQVFKURHI]HVWHYLJYDVW'HVFKURHYHQ
PRHWHQORRGUHFKWRSGHERGHPYDQGHEHKXL]LQJVWDDQ
'HSRVLWLHYDQGHNOHPPHQLVDIKDQNHOLMNYDQGHGLNWHYDQKHW
ZHUNEODG
+HWDSSDUDDWPDJQLHWPHWVLOLFRQHQNLWRSKHWZHUNEODGZRUGHQ
YDVWJHOLMPG
8LWERXZYDQGHNRRNSODDW
6OXLWKHWDSSDUDDWDIYDQGHHOHNWULFLWHLWVHQJDVDDQVOXLWLQJ
'UDDL GH NOHPPHQ ORV HQ JD RS RPJHNHHUGH ZHUNZLM]H WH ZHUN DOV
ELMGHPRQWDJH
*DVDDQVOXLWLQJILJ
'HJDVDDQVOXLWLQJPRHW]RDDQJHOHJG]LMQGDWGHDIVOXLWNUDDQ
WRHJDQNHOLMNLV
+HW XLWHLQGH YDQ GH LQODDWFROOHFWRU YDQ GH JDVNRRNSODDW LV YRRU]LHQ
YDQHHQVFKURHIGUDDGYDQ·· PP0HWGH]H
VFKURHIGUDDGLVPRJHOLMN
■ (HQVWDUUHYHUELQGLQJ
■ $DQVOXLWLQJPHWHHQPHWDOHQIOH[LEHOHVODQJ/ PLQ P
PD[ P
:LOWXHHQFRQLVFKHYHUELQGLQJPDNHQSODDWVGDQKHWDFFHVVRLUH
PHWQXPPHUHQGHGLFKWLQJPHWQXPPHUHYWELM
GH OHYHULQJ LQEHJUHSHQ RI WH YHUNULMJHQ ELM GH VHUYLFHGLHQVW WXVVHQ
GHLQYRHUSLMSYDQGHJDVNRRNSODDWHQGHJDVWRHYRHU$IE
9HUPLMGGDWGH]HVODQJFRQWDFWPDDNWPHWGHEHZHHJEDUH
RQGHUGHOHQYDQGHHHQKHLGZDDULQGHNRRNSODDWLVLQJHERXZG
HHQODGHELMYRRUEHHOGRIGDWKLMGRRUUXLPWHVORRSWGLHYHUVWRSW
NXQQHQUDNHQ
,QGLHQGHJDVDDQVOXLWLQJKRUL]RQWDDOGLHQWXLWJHYRHUGWHZRUGHQ
]LMQ ELM RQ]H WHFKQLVFKH GLHQVW HHQ NQLHVWXN PHW FRGH HQ
HHQDIGLFKWLQJPHWFRGHYHUNULMJEDDU$IE D
: /HNJHYDDU
,QGLHQHHQDDQVOXLWLQJJHPDQLSXOHHUGZRUGWFRQWUROHHUGH
OHNGLFKWKHLG
'HIDEULNDQWLVQLHWDDQVSUDNHOLMNDOVHHQDDQVOXLWLQJOHNNHQ
YHUWRRQWQDGDWGH]HJHPDQLSXOHHUGLV
(OHNWULVFKHDDQVOXLWLQJILJ
'LWDSSDUDDWLVYDQKHWW\SH´<µGHLQYRHUNDEHOPDJQLHW
YHUYDQJHQZRUGHQGRRUGHJHEUXLNHUPDDUGRRUGH7HFKQLVFKH
'LHQVW +HW W\SH NDEHO HQ GH PLQLPXPGRRUVQHGH GLHQHQ WH ZRUGHQ
JHUHVSHFWHHUG
'HNRRNSODWHQZRUGHQJHOHYHUGPHWHHQYRHGLQJVNDEHOPHWRI
]RQGHUVWHNNHU
$SSDUDWHQ GLH YRRU]LHQ ]LMQ YDQ HHQ VWHNNHU PRJHQ DOOHHQ RS HHQ
JRHGJHDDUGVWRSFRQWDFWZRUGHQDDQJHVORWHQ
(UPRHWHHQRPQLSRODLUHRQGHUEUHNLQJVVFKDNHODDUYRRU]LHQ
ZRUGHQPHWHHQPLQLPDOHFRQWDFWRSHQLQJYDQ PPEHKDOYHELM
HHQ VWHNNHUDDQVOXLWLQJ LQGLHQ GH]H JHPDNNHOLMN EHUHLNEDDU LV YRRU
GHJHEUXLNHU
9HUDQGHULQJYDQJDVW\SH
,QGLHQGHQRUPYDQKHWODQGKHWWRHODDWPDJGLWDSSDUDDW
DDQJHSDVWZRUGHQDDQDQGHUHJDVVHQ]LHJHJHYHQVSODDWMH'H
KLHUYRRUEHQRGLJGHRQGHUGHOHQEHYLQGHQ]LFKLQKHWJHOHYHUGH
RPYRUPLQJVSDNNHWDIKDQNHOLMNYDQKHWPRGHO+HWSDNNHWLV
EHVFKLNEDDUELMRQ]HWHFKQLVFKHGLHQVW
%HODQJULMN3ODDWVWHQVORWWHGHVWLFNHUGLHKHWQLHXZHJDVW\SH
DDQGXLGWGLFKWELMKHWJHJHYHQVSODDWMH
9ROJRQGHUVWDDQGHVWDSSHQRS
9HUYDQJLQJYDQGHNRSSHQYDQGHVWHUNHQRUPDOHHQ
KXOSEUDQGHUYDQGHNRRNSODDW $IE
9HUZLMGHUGHURRVWHUVKRHGMHVHQYHUVSUHLGHUV
9HUYDQJ GH LQVSXLWHUV PHW GH VOHXWHO GLH EHVFKLNEDDU LV YLD RQ]H
WHFKQLVFKHGLHQVWPHWFRGH]LH$IE =RUJGDWGH
LQVSXLWHUQLHWORVUDDNWELMKHWYHUZLMGHUHQRIEHYHVWLJHQKLHUYDQ
RSGHEUDQGHU
'UDDLGH]HJRHGDDQRPGHOHNGLFKWKHLGWHJDUDQGHUHQ
9RRU GH]H EUDQGHUV GLHQW GH DIVWHOOLQJ YDQ GH SULPDLUH OXFKW QLHW
WHZRUGHQXLWJHYRHUG
3ODDWV GH YHUVSUHLGHUV HQ GH KRHGMHV RS GH RYHUHHQVWHPPHQGH
SLWWHQ'HURRVWHUVPRHWHQERYHQGLHQQDDUEHKRUHQJHSODDWVW
ZRUGHQ
9HUYDQJLQJYDQGHNRSSHQYDQEUDQGHUVPHWGXEEHOHYODP
2P GH NRSSHQ WH YHUYDQJHQ GLHQW GH JODVSODDW PHW GH SURILHOHQ WH
ZRUGHQYHUZLMGHUGYDQKHWDSSDUDDW'HJODVSODDWLVGPYHHQ
FOLSV\VWHHPYHUERQGHQPHWGHUHVWYDQGHNRRNSODDW
9HUZLMGHULQJYDQGHJODVSODDWPHWGHSURILHOHQ$IE
1HHP DOOH SDQQHQKRXGHUV EUDQGHUGHNVHOV HQ EUDQGHUULQJHQ RI
EUDQGHUNHONHQDI
'UDDLGHVFKURHYHQYDQGHEUDQGHUORV
*HEUXLNGHGHPRQWDJHKHQGHOGLHYHUNULMJEDDULVYLDRQ]H
VHUYLFHGLHQVW FRGH 0DDN PEY GH KHQGHO GH YRRUVWH
FOLSEHYHVWLJLQJ ORV ]RDOV ZHHUJHJHYHQ LQ DIE 'H SODDWV ZDDU
GH]H]LFKEHYLQGWLVDIKDQNHOLMNYDQKHWW\SHNRRNSODDW
$WWHQWLH
*HEUXLNGHKHQGHODOOHHQELMGHJOD]HQNDQWHQGLHHHQSURILHORI
NDGHUKHEEHQ
0DDNGHDFKWHUVWHFOLSEHYHVWLJLQJORVGRRUGHJODVSODDWPHWGH
SURILHOHQYRRU]LFKWLJRSWHWLOOHQ
9HUYDQJLQJYDQGHEXLWHQVWHEUDQGHUNRS$IE D
'UDDLEHYHVWLJLQJVVFKURHI/ORVHQWUHNKXOV/QDDUDFKWHUHQ
RPJHPDNNHOLMNELMGHKRRIGNRSWHNXQQHQNRPHQ$IE D
7UHN GH EXLWHQVWH EUDQGHUNRS QDDU EXLWHQ GRRU KHP QDDU OLQNV WH
GUDDLHQ$IE DD
6FKURHIGHQLHXZHEXLWHQVWHEUDQGHUNRSLQ$IE DD
5DDGSOHHJWDEHO
6WHO GH DIVWDQG YDQ GH UHJHOKXOV YRRU GH OXFKWWRHYRHU / $IE D
LQRSPDDW=]RDOVDDQJHJHYHQLQGHWDEHO
'UDDLEHYHVWLJLQJVVFKURHI/YDVW$IE D
9HUYDQJLQJYDQGHELQQHQVWHEUDQGHUNRS$IE E
6FKURHIGHHO0ORVYDQGHHOGDWYRRU]LHQLVYDQHHQ
VFKURHIGUDDG+RXGWKLHUYRRUKHWGHHOGDWYRRU]LHQLVYDQHHQ
VFKURHIGUDDGWHJHQ$IE E
7UHNGHKXOVXLWGHHO0$IE E
9HUZLMGHUHHQKHLG00YDQKHWGHHO0$IE EE
7UHNGHELQQHQVWHEUDQGHUNRS0XLWKHWGHHO0$IE EE
6FKURHIGHQLHXZHELQQHQVWHEUDQGHUNRSYDVW$IE EE
5DDGSOHHJWDEHO
$SSDUDDWPRQWHUHQ
0RQWHHUDOOHRQGHUGHOHQLQGHRPJHNHHUGHYROJRUGHYDQGH
GHPRQWDJH
,QVWHOOLQJYDQGHJDVNUDQHQ
9RRUKHWLQVWHOOHQYDQGHJDVNUDQHQPRHWGHDIGHNNLQJYDQGH
JDVNRRNSODDWJHGHPRQWHHUGHQGHHOHNWURQLVFKHNDDUWZRUGHQ
DIJHQRPHQ
'HPRQWDJHYDQGHDIGHNNLQJ
'HJODVSODDWPHWGHSURILHOHQGHPRQWHUHQ]RDOVEHVFKUHYHQLQ
SDUDJUDDI 'HPRQWDJHYDQGHJDVSODDWPHWGHSURILHOHQ
'HPRQWDJHYDQGHHOHNWURQLVFKHNDDUW$IE
'HHOHNWURQLVFKHNDDUW]LWGRRUPLGGHOYDQEHYHVWLJLQJVSHQQHQ
DDQ GH UDQGHQ HQ LQ KHW PLGGHQ YDVW DDQ GH KRXGHU 9RRU]LFKWLJ
RSGHEHYHVWLJLQJVSHQQHQGUXNNHQ]RQGHU]HWHEHVFKDGLJHQ
$OVHUHHQSHQEUHHNWPRHWGHKRXGHULQ]LMQJHKHHOZRUGHQ
YHUYDQJHQ
+LHUELMJDDWXDOVYROJWWHZHUN
'HSHQQHQDDQGHHQHNDQWORVGUDDLHQ
'HPLGGHOVWHSHQQHQORVGUDDLHQ+LHUYRRUPHWXZYLQJHUVRS
EHLGHNDQWHQGUXNNHQ
'H SHQ DDQ GH DQGHUH NDQW ORVGUDDLHQ HQ GH HOHNWURQLVFKH NDDUW
DIQHPHQ

$WWHQWLH
'HHOHNWURQLVFKHNDDUWYRRU]LFKWLJEHKDQGHOHQ0DDNJHEUXLN
YDQ DQWLVWDWLVFKH EHYHLOLJLQJ RI SDN GH HOHNWURQLVFKH NDDUW DDQ GH
UDQGHQYDVW1RRLWRSSHUYODNNHQPHWRQGHUGHOHQRIEDQHQ
DDQUDNHQ
'HFLOLQGULVFKHRQGHUGHOHQHQYHUHQLQGHVFKDFKWYDQGH
JDVNUDDQYHUZLMGHUHQ
5HJHOLQJYDQGHE\SDVV$IE
=LHGHWDEHO$IE %\SDVVVFKURHYHQ 0]RQRGLJPHW
EHKXOSYDQHHQWRU[VFKURHYHQGUDDLHUDDQSDVVHQ$IE
$'HE\SDVVVFKURHYHQGLHQHQYDVWWHZRUGHQDDQJHGUDDLG
%'HE\SDVVVFKURHYHQPRHWHQJRHGDDQVOXLWHQRSGH
RPOLMVWLQJ
'UDDLWXDDQGHEHGLHQLQJVNQRSWXVVHQGHKRRJVWHHQGH
ODDJVWH VWDQG ]RUJ HU GDQ YRRU GDW GH EUDQGHU QLHW XLWJDDW HQ HU
JHHQWHUXJVODJYDQYODPPHQSODDWVYLQGW
0RQWDJHYDQGHHOHNWURQLVFKHNDDUWHQGHDIGHNNLQJ
,QGHRPJHNHHUGHYROJRUGHDOVELMGHGHPRQWDJHWHZHUNJDDQ
1RRLWGHDVYDQGHJDVNUDDQGHPRQWHUHQ=LMQHURQGHUGHOHQ
YDQGHJDVNUDDQEHVFKDGLJGGDQPRHWHQGH]HZRUGHQ
YHUYDQJHQ
.DOLEUDWLHYDQKHWHOHNWURQLVFKV\VWHHP
=RGUDKHWQLHXZHDSSDUDDWJHPRQWHHUGLVGHNDOLEUDWLHYDQGH
HOHNWURQLFDXLWYRHUHQ]RDOVZHHUJHJHYHQRSGHDIEHHOGLQJ
1RRLWGHDVYDQGHJDVNUDDQGHPRQWHUHQ,VGHJDVNUDDQ
EHVFKDGLJGGDQPRHWKLMYROOHGLJZRUGHQYHUYDQJHQ
pl
ë
,QVWUXNFMDPRQWDŰX
:VND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD
3U]HGSU]\VWĉSLHQLHPGRLQVWDODFMLLXŰ\WNRZDQLDXU]ĉG]HQLD
QDOHŰ\]DSR]QDþVLę]LQVWUXNFMĉ
,OXVWUDFMHSU]HGVWDZLRQHZQLQLHMV]HMLQVWUXNFMLPDMĉFKDUDNWHU
RULHQWDF\MQ\
3URGXFHQWQLHSRQRVLMDNLHMNROZLHNRGSRZLHG]LDOQRŔFLZ
SU]\SDGNXJG\]DOHFHQLD]DZDUWHZQLQLHMV]HMLQVWUXNFMLQLH
EęGĉSU]HVWU]HJDQH
7RXU]ĉG]HQLHSRZLQQRE\þXŰ\WNRZDQHZ\ãĉF]QLHZPLHMVFDFK
SRVLDGDMĉF\FKRGSRZLHGQLĉZHQW\ODFMę1LHQDOHŰ\SRGãĉF]Dþ
XU]ĉG]HQLDGRVSU]ęWXVãXŰĉFHJRGRXVXZDQLDSURGXNWyZ
VSDODQLD
:V]\VWNLHF]\QQRŔFL]ZLĉ]DQH]LQVWDODFMĉSRGãĉF]HQLHP
UHJXODFMĉLGRVWRVRZDQLHPXU]ĉG]HQLDGRLQQ\FKURG]DMyZ
JD]XSRZLQQ\E\þZ\NRQ\ZDQHSU]H]XSUDZQLRQHJR
LQVWDODWRUDVHUZLVXWHFKQLF]QHJR]JRGQLH]RERZLĉ]XMĉF\PL
QRUPDPLLSU]HSLVDPLRUD]]DU]ĉG]HQLDPLORNDOQ\FK
GRVWDZFyZHQHUJLLHOHNWU\F]QHMLJD]X1DOHŰ\]ZUyFLþ
V]F]HJyOQĉXZDJęQDRERZLĉ]XMĉFHSU]HSLV\Z]DNUHVLH
ZHQW\ODFML
:FHOXGRVWRVRZDQLDXU]ĉG]HQLDGR]DVLODQLDLQQ\PL
URG]DMDPLJD]X]DOHFDVLęNRQWDNW]QDV]\P6HUZLVHP
7HFKQLF]Q\P
8U]ĉG]HQLH]RVWDãR]DSURMHNWRZDQHZ\ãĉF]QLHGRXŰ\WNX
GRPRZHJRQLHGR]ZRORQHMHVWMHJRXŰ\WNRZDQLHZ
]DVWRVRZDQLDFKKDQGORZ\FKOXESURIHVMRQDOQ\FK1LHQDOHŰ\
LQVWDORZDþXU]ĉG]HQLDQDMDFKWDFKDQLZSU]\F]HSDFK
NHPSLQJRZ\FK*ZDUDQFMDEęG]LHZDŰQDZ\ãĉF]QLHZSU]\SDGNX
SU]HVWU]HJDQLDSU]HZLG]LDQHJRVSRVREXXŰ\WNRZDQLDXU]ĉG]HQLD
3U]HGLQVWDODFMĉXU]ĉG]HQLDQDOHŰ\XSHZQLþVLęŰHSDUDPHWU\
JD]X L SUĉGX NWyUH Vĉ GRVWDUF]DQH SU]H] ORNDOQ\FK GRVWDZFyZ Vĉ
]JRGQH]SDUDPHWUDPLUHJXODFMLXU]ĉG]HQLD]QDMGXMĉF\PLVLęQD
WDEOLF]FH]QDPLRQRZHMURG]DMLFLŔQLHQLHJD]XPRFQDSLęFLH
3U]HGZ\NRQDQLHPMDNLHMNROZLHNF]\QQRŔFLQDOHŰ\RGFLĉþ
]DVLODQLHHOHNWU\F]QHLGRSã\ZJD]XGRXU]ĉG]HQLD
3U]HZyG ]DVLODMĉF\ SRZLQLHQ ]RVWDþ SU]\PRFRZDQ\ GR XU]ĉG]HQLD
ZWHQVSRVyEDE\]DSRELHFMHJR]HWNQLęFLX]JRUĉF\PLF]ęŔFLDPL
SLHNDUQLNDOXESã\W\NXFKHQNL
8U]ĉG]HQLDNRU]\VWDMĉFH]]DVLODQLDHOHNWU\F]QHJRSRZLQQ\
RERZLĉ]NRZRSRVLDGDþX]LHPLHQLH
1LH QDOHŰ\ Z\NRQ\ZDþ ŰDGQ\FK F]\QQRŔFL ZH ZQęWU]X XU]ĉG]HQLD
:UD]LHSRWU]HE\QDOHŰ\VNRQWDNWRZDþVLę]QDV]\P6HUZLVHP
7HFKQLF]Q\P
3U]HG]DLQVWDORZDQLHP
8U]ĉG]HQLHVSHãQLDZ\PRJLNODV\]JRGQLH]QRUPĉ(1
GRW\F]ĉFĉXU]ĉG]HĿJD]RZ\FKXU]ĉG]HQLHGR]DEXGRZ\
8U]ĉG]HQLDPRŰQDGRZROQLHãĉF]\þ]HVREĉLOXE]H
VWDQGDUGRZ\PLSã\WDPLNXFKHQHNWHMVDPHMPDUNL]
Z\NRU]\VWDQLHPHOHPHQWyZãĉF]ĉF\FK3URVLP\]DSR]QDþVLę]
LQIRUPDFMDPL]DPLHV]F]RQ\PLZQDV]\PNDWDORJX
0HEHO Z NWyU\P ]RVWDQLH ]DLQVWDORZDQH XU]ĉG]HQLH SRZLQLHQ E\þ
RGSRZLHGQLR]DPRFRZDQ\LVWDELOQ\
0HEOH]QDMGXMĉFHVLęZSREOLŰXXU]ĉG]HQLDSRNU\FLD]ODPLQDWX
RUD]NOHMXŰ\ZDQ\GRLFK]DPRFRZDQLDSRZLQQ\E\þZ\NRQDQH]
PDWHULDãyZQLHSDOQ\FKLRGSRUQ\FKQDZ\VRNĉWHPSHUDWXUę
8U]ĉG]HQLHQLHPRŰHE\þLQVWDORZDQHQDORGyZNDFKSUDONDFK
]P\ZDUNDFKOXESRGREQ\PVSU]ęFLH
$E\PyF]DLQVWDORZDþSã\WęNXFKHQNLQDSLHNDUQLNXSLHNDUQLN
SRZLQLHQE\þZ\SRVDŰRQ\ZV\VWHPZ\PXV]RQHMZHQW\ODFML
6SUDZG]LþZ\PLDU\SLHNDUQLNDZLQVWUXNFMLPRQWDŰX
:SU]\SDGNXLQVWDODFMLZ\FLĉJXNXFKHQQHJRQDOHŰ\SU]HVWU]HJDþ
]DOHFHĿ]DZDUW\FKZMHJRLQVWUXNFMLPRQWDŰXL]DFKRZDþ]DZV]H
PLQLPDOQĉRGOHJãRŔþZSLRQLHRGSã\W\NXFKHQNLU\V
3U]\JRWRZDQLHPHEODU\V
:\NRQDþZEODFLHZ\FLęFLHRSRGDQ\FKZ\PLDUDFK
-HŰHOLSRGHOHNWU\F]QĉOXEPLHV]DQĉJD]RZRHOHNWU\F]QĉSã\Wĉ
NXFKHQNLQLHMHVW]DLQVWDORZDQ\SLHNDUQLNQDOHŰ\]DVWRVRZDþ
HOHPHQWRGG]LHODMĉF\]PDWHULDãXQLHSDOQHJRQDSU]\NãDG]H
VNOHMNLOXE]PHWDOXZRGOHJãRŔFLPPRGSRGVWDZ\]DEXGRZ\
Sã\W\NXFKHQNL:WHQVSRVyEXQLHPRŰOLZLDVLęGRVWęSGRGROQHM
F]ęŔFLSã\W\:SU]\SDGNXSã\W\NXFKHQNLJD]RZHM]DOHFDQHMHVW
XPLHV]F]HQLHHOHPHQWXRGG]LHODMĉFHJRZWHMVDPHMRGOHJãRŔFL
:EODWDFKZ\NRQDQ\FK]GUHZQDQDOHŰ\SRZOHFSRZLHU]FKQLH
FLęFLDVSHFMDOQ\PNOHMHPZFHOXRFKURQ\SU]HGZLOJRFLĉ
,QVWDODFMDXU]ĉG]HQLDU\V
:VND]yZND 3RGF]DVPRQWDŰXSã\W\JU]HZF]HMXŰ\ZDþUęNDZLF
RFKURQQ\FK
8FKZ\W\LXV]F]HONDVDPRSU]\OHSQDGROQDNUDZęGŮSã\W\
JU]HZF]HMVĉ]DPRFRZDQHIDEU\F]QLH:ŰDGQ\PZ\SDGNXQLH
QDOHŰ\LFKXVXZDþ8V]F]HONDVDPRSU]\OHSQD]DSRELHJD
SU]HFLHNDQLXSã\QyZ
0RFRZDQLHXU]ĉG]HQLDZPHEODFKGR]DEXGRZ\
2EUyFLþSã\WęJU]HZF]ĉXVWDZLDMĉFZHZãDŔFLZHMSR]\FML
3ROX]RZDþŔUXE\XFKZ\WyZWDNDE\PRJã\VLęVZRERGQLH
REUDFDþ&DãNRZLWHRGNUęFHQLHŔUXEXFKZ\WyZQLHMHVW
NRQLHF]QH
:ãRŰ\þSã\WęJU]HZF]ĉZZ\FLęFLHEODWXURERF]HJRL
Z\ŔURGNRZDþ*D]RZĉSã\WęJU]HZF]ĉQDFLVQĉþSRERNDFKZ
GyãDE\MHMNUDZęG]LHFDãNRZLFLHRSDUã\VLęQDSRGVWDZLH
2EUyFLþ XFKZ\W\ L GRNãDGQLH MH GRNUęFLþ œUXE\ XFKZ\WyZ PXV]ĉ
E\þXVWDZLRQHSLRQRZRZVWRVXQNXGRSRGVWDZ\REXGRZ\
3R]\FMDXFKZ\WyZ]DOHŰ\RGJUXERŔFLEODWXURERF]HJR
8U]ĉG]HQLDQLHZROQRPRFRZDþQDEODFLHURERF]\P]DSRPRFĉ
VLOLNRQX
'HPRQWDŰSã\W\NXFKHQNL
2GãĉF]\þXU]ĉG]HQLHRGSUĉGXLRGFLĉþGRSã\ZJD]X
2GNUęFLþXFKZ\W\LZ\NRQDþF]\QQRŔFLPRQWDŰXZRGZURWQHM
NROHMQRŔFL
3RGãĉF]DQLHJD]XU\V
8U]ĉG]HQLHQDOHŰ\ZWDNLVSRVyESRGãĉF]\þGRJD]XDE\
]DSHZQLRQ\E\ãGRVWęSGRNXUNDRGFLQDMĉFHJRGRSã\ZJD]X
=DNRĿF]HQLHNROHNWRUDZHMŔFLRZHJRSã\W\NXFKHQNLJD]RZHMMHVW
Z\SRVDŰRQHZ]ãĉF]HNRODQNRZH]JZLQWHPRZ\PLDU]H··
PPNWyUHXPRŰOLZLD
■ 6]W\ZQHSRãĉF]HQLH
■ 3RãĉF]HQLH]DSRPRFĉHODVW\F]QHJRSU]HZRGX]PHWDOX
/ PLQ PPDNV P
:FHOXZ\NRQDQLDSRãĉF]HQLDVWRŰNRZHJRXPLHŔFLþHOHPHQW
Z\SRVDŰHQLDRQXPHU]HRUD]XV]F]HONęRQXPHU]H
HZHQW]DZDUWHZGRVWDZLHOXEGRVWęSQHZVHUZLVLH
PLęG]\NROHNWRUHPZHMŔFLRZ\PJD]RZHMSã\W\JU]HZF]HMD
SU]HZRGHPGRSURZDG]DMĉF\PJD]5\V
1DOHŰ\]DSRELHFVW\NDQLXVLęSU]HZRGX]UXFKRP\PLF]ęŔFLDPL
]DEXGRZ\QDSU]\NãDGV]XIODGĉLSU]HFKRG]HQLXSU]H]PLHMVFD
NWyUHPRJĉ]RVWDþ]DMęWHSU]H]EORNXMĉFHSU]HVWU]HĿSU]HGPLRW\
-HŔOLZ\PDJDQHMHVWZ\NRQDQLHSR]LRPHJRSRGãĉF]HQLDJD]X
QDV]6HUZLV7HFKQLF]Q\RIHUXMHRGSRZLHGQLH]ãĉF]HNRODQNRZH
NRGSURGXNWXLXV]F]HONęNRGSURGXNWX
5\V D
: 1LHEH]SLHF]HĿVWZRXODWQLDQLDVLęJD]X
3RSU]HSURZDG]HQLXMDNLFKNROZLHNF]\QQRŔFLSU]\HOHPHQWDFK
SRGãĉF]HQLDJD]XQDOHŰ\VSUDZG]LþV]F]HOQRŔþSRãĉF]HĿ
3URGXFHQWQLHSRQRVLRGSRZLHG]LDOQRŔFLZSU]\SDGNXJG\
SRãĉF]HQLHXWUDFLV]F]HOQRŔþQDVNXWHNZ\NRQDQ\FKRSHUDFML

3RGãĉF]DQLHSUĉGXU\V
-HVWWRXU]ĉG]HQLHW\SX´<µSU]HZyGZHMŔFLRZ\QLHPRŰHE\þ
Z\PLHQLDQ\SU]H]XŰ\WNRZQLNDOHF]Z\ãĉF]QLHSU]H]6HUZLV
7HFKQLF]Q\1DOHŰ\]DFKRZDþRGSRZLHGQLURG]DMSU]HZRGXRUD]
PLQLPDOQ\SU]HNUyM
3ã\W\NXFKHQNLVĉGRVWDUF]DQHZUD]]SU]HZRGHP]DVLODQLD
]DRSDWU]RQ\PZHZW\F]NęOXEEH]QLHM
8U]ĉG]HQLDZ\SRVDŰRQHZHZW\F]NęPRŰQDSRGãĉF]DþZ\ãĉF]QLH
GR SXV]HN ] JQLD]GNLHP SRVLDGDMĉF\FK SUDZLGãRZR ]DLQVWDORZDQH
X]LHPLHQLH
1DOHŰ\SDPLęWDþRZLHORELHJXQRZ\PZ\ãĉF]QLNXRGFLQDMĉF\P
]DVLODQLH ] SU]\QDMPQLHM PLOLPHWURZ\P RGVWęSHP VW\NRZ\P QLH
GRW\F]\SRGãĉF]HQLD]DSRPRFĉZW\F]NLJG\MHVWRQDGRVWęSQD
GODXŰ\WNRZQLND
=PLDQDURG]DMXJD]X
-HŔOL]H]ZDODMĉQDWRSU]HSLV\RERZLĉ]XMĉFHZGDQ\PNUDMX
XU]ĉG]HQLH PRŰQD GRVWRVRZDþ GR ]DVLODQLD LQQ\PL URG]DMDPL JD]X
SDWU]WDEOLF]ND]QDPLRQRZDXU]ĉG]HQLD1LH]EęGQHF]ęŔFL
]QDMGXMĉVLęZWRUHEFH]]HVWDZHPXPRŰOLZLDMĉF\P]PLDQę
]DVLODQLDJD]RZHJRNWyUD]RVWDãD]DãĉF]RQDZ]DOHŰQRŔFLRG
PRGHOXOXENWyUĉPRŰQDQDE\þZQDV]\P6HUZLVLH7HFKQLF]Q\P
:DŰQH 3R]DNRĿF]HQLXSUDF\ZSREOLŰXWDEOLF]NL]QDPLRQRZHM
QDOHŰ\SU]\NOHLþQDNOHMNęLQIRUPXMĉFĉMDNLPURG]DMHPJD]X
XU]ĉG]HQLHMHVW]DVLODQH
1DOHŰ\Z\NRQDþQDVWęSXMĉFHF]\QQRŔFL
:\PLDQDG\V]SDOQLNDRGGXŰHMPRF\SDOQLND]Z\NãHJRL
SDOQLNDRV]F]ęGQHJRSã\W\JU]HZF]HM U\V
=GMĉþUXV]W\QDNãDGNLSDOQLNDLG\IX]RU\
:\PLHQLþG\V]H]DSRPRFĉNOXF]DGRVWęSQHJRZQDV]\P
6HUZLVLH7HFKQLF]Q\PNRGSURGXNWXSDWU]U\V
]ZUDFDMĉF V]F]HJyOQĉ XZDJę QD WR DE\ QLH RGHUZDþ G\V]\ SU]\
Z\FLĉJDQLXOXEPRFRZDQLXMHMZSDOQLNX
1DOHŰ\PRFQRGRNUęFLþG\V]HZFHOX]DSHZQLHQLDV]F]HOQRŔFL
XNãDGX
:W\FKSDOQLNDFKQLHMHVWNRQLHF]QHZ\UHJXORZDQLHGRSã\ZX
SRZLHWU]DSRGVWDZRZHJR
=DãRŰ\þ G\IX]RU\ L QDNãDGNL SDOQLNyZ QD RGSRZLHGQLFK SDOQLNDFK
3RQDGWRQDOHŰ\SUDZLGãRZR]DãRŰ\þUXV]W\
:\PLDQDG\V]SDOQLNyZRSRGZyMQ\PZLHĿFXSãRPLHQL
:FHOXZ\PLDQ\G\V]NRQLHF]QHMHVW]GHPRQWRZDQLHSã\W\
V]NODQHMXU]ĉG]HQLD]SURILODPL3ã\WDV]NODQDMHVWSRãĉF]RQD]
SR]RVWDãĉF]ęŔFLĉSã\W\JU]HZF]HM]DSRPRFĉV\VWHPX]DFLVNyZ
'HPRQWDŰSã\W\V]NODQHM]SURILODPLU\V
=GMĉþ ZV]\VWNLH UXV]W\ QDGSDOQLNRZH QDNU\ZNL SLHUŔFLHQLH RUD]
NRãSDNLSDOQLNyZ
2GNUęFLþŔUXE\SDOQLNyZ
8Ű\þGŮZLJQLGHPRQWDŰRZHMNWyUĉPRŰQDQDE\þZQDV]\P
VHUZLVLHNRG=DSRPRFĉGŮZLJQL]ZROQLþSU]HGQLH
]DFLVNL Z PLHMVFX ZLGRF]Q\P QD U\V Z ]DOHŰQRŔFL RG PRGHOX
Sã\W\JU]HZF]HM
8ZDJD
8Ű\ZDþGŮZLJQLZ\ãĉF]QLHQDNUDZęG]LDFKSã\W\V]NODQHMNWyUH
]DEH]SLHF]RQHVĉSURILOHPOXEUDPĉ
=ZROQLþ W\OQH ]DFLVNL XQRV]ĉF RVWURŰQLH Sã\Wę V]NODQĉ ] SURILODPL
:\PLDQDG\V]\SãRPLHQLD]HZQęWU]QHJRU\V D
2GNUęFLþŔUXEęPRFXMĉFĉ/LSRFLĉJQĉþWXOHMę/GRW\ãXDE\
X]\VNDþãDWZ\GRVWęSGRG\V]\JãyZQHMU\V D
:\MĉþG\V]ęSãRPLHQLD]HZQęWU]QHJRREUDFDMĉFMĉZOHZR
U\V DD
:NUęFLþQRZĉG\V]ęSãRPLHQLD]HZQęWU]QHJRU\V DD
=DSR]QDþVLę]LQIRUPDFMDPLSRGDQ\PLZWDEHOL
:\UHJXORZDþ RGOHJãRŔþ Z WXOHL UHGXNF\MQHM VWUXPLHQLD SRZLHWU]D
/U\V DGRZDUWRŔFL=SRGDQHMZWDEHOL
'RNUęFLþŔUXEęPRFXMĉFĉ/U\V D
:\PLDQDG\V]\SãRPLHQLDZHZQęWU]QHJRU\V E
2GNUęFLþ HOHPHQW 0 RG JZLQWRZDQHJR HOHPHQWX : W\P FHOX
SU]\WU]\PDþHOHPHQWJZLQWRZDQ\Z\ZLHUDMĉFQDQLHJRVLãę
VNLHURZDQĉZNLHUXQNXSU]HFLZQ\PU\V E
:\MĉþWXOHMę]HOHPHQWX0U\V E
:\PRQWRZDþPRGXã00HOHPHQWX0U\V EE
:\NUęFLþG\V]ęSãRPLHQLDZHZQęWU]QHJR0]HOHPHQWX0
U\V EE
'RNUęFLþQRZĉG\V]ęSãRPLHQLDZHZQęWU]QHJRU\V EE
=DSR]QDþVLę]LQIRUPDFMDPLSRGDQ\PLZWDEHOL
0RQWDŰXU]ĉG]HQLD
=DPRQWRZDþZV]\VWNLHHOHPHQW\ZRGZURWQHMNROHMQRŔFLQLŰZ
SU]\SDGNXGHPRQWDŰX
8VWDZLDQLHNXUNyZJD]RZ\FK
:FHOXXVWDZLHQLDNXUNyZJD]RZ\FKQDOHŰ\]GHPRQWRZDþ
SRNU\ZęJD]RZHMSã\W\JU]HZF]HMLZ\MĉþSã\WNęGUXNRZDQĉ
'HPRQWDŰSRNU\Z\
=GHPRQWRZDþSã\WęV]NODQĉ]SURILODPLZVSRVyERSLVDQ\Z
UR]G]LDOH 'HPRQWDŰSã\W\V]NODQHM]SURILODPL
'HPRQWDŰSã\WNLGUXNRZDQHMU\V
3ã\WNDGUXNRZDQDMHVWPRFRZDQDZXFKZ\FLH]DSRPRFĉ
VZRU]QLPRFXMĉF\FK]QDMGXMĉF\FKVLęSRERNDFKRUD]QD
ŔURGNX2VWURŰQLHQDFLVQĉþQDVZRU]QLHPRFXMĉFHQLH
SRZRGXMĉFLFKXV]NRG]HQLD-HŔOLMHGHQ]HVZRU]QLSęNQLH
NRQLHF]QDMHVWZ\PLDQDFDãHJRXFKZ\WX
:yZF]DVQDOHŰ\SRVWęSRZDþZRSLVDQ\SRQLŰHMVSRVyE
=ZROQLþVZRU]QLHSRMHGQHMVWURQLH
=ZROQLþ ŔURGNRZH VZRU]QLH : W\P FHOX QDFLVNDþ SDOFDPL ] REX
VWURQ
=ZROQLþVZRU]QLHSRGUXJLHMVWURQLHLZ\MĉþSã\WNęGUXNRZDQĉ
8ZDJD
= Sã\WNĉ GUXNRZDQĉ QDOHŰ\ REFKRG]Lþ VLę RVWURŰQLH 8Ű\þ RVãRQ\
DQW\VWDW\F]QHMOXEWU]\PDþSã\WNęGUXNRZDQĉ]DNUDZęG]LH
1LJG\QLHGRW\NDþSRZLHU]FKQL]NRPSRQHQWDPLOXE]
SRãĉF]HQLDPLHOHNWU\F]Q\PLŔFLHŰNDPL
8VXQĉþHOHPHQW\F\OLQGU\F]QHRUD]VSUęŰ\Q\]ãRŰ\VNDNXUND
JD]RZHJR
5HJXODFMD]DZRUXREHMŔFLRZHJRU\V
3DWU]WDEHODU\V ŔUXE\REHMŔFLRZH 0GRSDVRZDþZUD]LH
SRWU]HE\]DSRPRFĉŔUXERNUęWDWRU[U\V
$œUXE\REHMŔFLRZHPXV]ĉE\þGRNUęFRQHGRRSRUX
%œUXE\REHMŔFLRZHLRSUDZDPXV]ĉ]QDMGRZDþVLęZMHGQHM
SãDV]F]\ŮQLH
8SHZQLþVLęŰHSDOQLNQLHJDŔQLHSU]\REUDFDQLXSRNUęWãD
REVãXJLPLęG]\QDMZ\ŰV]\PDQDMQLŰV]\PVWRSQLHPPRF\LQLH
GRFKRG]LGRFRIDQLDVLęSãRPLHQLD
0RQWDŰSã\WNLGUXNRZDQHMLSRNU\Z\
:\NRQDþZRGZURWQHMNROHMQRŔFLF]\QQRŔFL]ZLĉ]DQH]
GHPRQWDŰHP
1LJG\QLHGHPRQWRZDþRVLNXUNDJD]RZHJR:SU]\SDGNX
XV]NRG]HQLDNRPSRQHQWyZNXUNDJD]RZHJRQDOHŰ\Z\PLHQLþ
NXUHN
.DOLEUDFMDXNãDGXHOHNWURQLF]QHJR
3RXNRĿF]HQLXPRQWDŰXQRZHJRXU]ĉG]HQLDSU]HSURZDG]Lþ
NDOLEUDFMęXNãDGXHOHNWURQLF]QHJR]JRGQLH]U\VXQNLHP
1LJG\QLHGHPRQWRZDþRVLNXUNDJD]RZHJR:SU]\SDGNX
XV]NRG]HQLDQDOHŰ\Z\PLHQLþFDã\NXUHNJD]RZ\
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVGHVHJXUDQoD
/HLDDVLQVWUXo}HVGRDSDUHOKRDQWHVGHSURFHGHUjLQVWDODomRH
XWLOL]DomR
$V LPDJHQV DSUHVHQWDGDV DR ORQJR GDV LQVWUXo}HV VHUYHP DSHQDV
SDUDRULHQWDomR
2 IDEULFDQWH ILFD LVHQWR GH TXDOTXHU WLSR GH UHVSRQVDELOLGDGH
FDVRQmRVHFXPSUDPDVGLVSRVLo}HVGHVWHPDQXDO
(VWHDSDUHOKRGHYHVHUDSHQDVXWLOL]DGRHPORFDLVFRPXPD
YHQWLODomRDGHTXDGD1mRGHYHVHUOLJDGRDXPGLVSRVLWLYRGH
HYDFXDomRGRVSURGXWRVGHFRPEXVWmR
7RGRVRVWUDEDOKRVGHLQVWDODomROLJDomRUHJXODomRH
DGDSWDomRDRXWURVWLSRVGHJiVGHYHPVHUHIHFWXDGRVSRU
XPWpFQLFRGHLQVWDODomRDXWRUL]DGRUHVSHLWDQGRWRGDVDV
UHJXODPHQWDo}HVHOHJLVODomRDSOLFiYHLVEHPFRPRR
HVWLSXODGRSHODVHPSUHVDVORFDLVIRUQHFHGRUDVGHJiVH
HOHFWULFLGDGH 'HYH SUHVWDU SDUWLFXODU DWHQomR jV GLVSRVLo}HV
DSOLFiYHLVUHODWLYDPHQWHjYHQWLODomR
5HFRPHQGDVHFKDPDURQRVVR6HUYLoRGH$VVLVWrQFLD
7pFQLFDSDUDDDGDSWDomRDRXWURVWLSRVGHJiV
(VWHDSDUHOKRIRLXQLFDPHQWHFRQFHELGRSDUDXWLOL]DomR
GRPpVWLFDQmRSRGHQGRSRULVVRVHUXWLOL]DGRSDUDILQV
FRPHUFLDLV RX SURILVVLRQDLV (VWH DSDUHOKR QmR SRGH VHU LQVWDODGR
HPLDWHVRXFDUDYDQDV$JDUDQWLDDSHQDVVHUiYiOLGDFDVRR
DSDUHOKRVHMDXWLOL]DGRFRUUHFWDPHQWHHSDUDRVILQVDTXHVH
GHVWLQD
$QWHV GD LQVWDODomR YHULILTXH VH DV FRQGLo}HV GH GLVWULEXLomR ORFDO
VmR FRPSDWtYHLV FRP D UHJXODomR GR DSDUHOKR TXH p DSUHVHQWDGD
QDSODFDGHFDUDFWHUtVWLFDVQDWXUH]DHSUHVVmRGRJiVSRWrQFLD
YROWDJHP
$QWHVGHTXDOTXHUSURFHGLPHQWRFRUWHDDOLPHQWDomR
HOpFWULFDHGHJiVGRDSDUHOKR

2FDERGHDOLPHQWDomRGHYHVHUIL[RDRPyYHOSDUDHYLWDUTXH
HQWUH HP FRQWDFWR FRP DV SDUWHV TXHQWHV GR IRUQR RX GD SODFD GH
FR]HGXUD
2VDSDUHOKRVFRPDOLPHQWDomRHOpFWULFDGHYHPVHU
REULJDWRULDPHQWHOLJDGRVjWHUUD
1mRPDQLSXOHRLQWHULRUGRDSDUHOKR6HQHFHVViULRFRQWDFWHR
QRVVR6HUYLoRGH$VVLVWrQFLD7pFQLFD
$QWHVGDLQVWDODomR
(VWH DSDUHOKR FRUUHVSRQGH j FODVVH VHJXQGR D QRUPD (1
SDUDDSDUHOKRVDJiVDSDUHOKRHQFDVWUDGRQXPPyYHO
(VWHVDSDUHOKRVSRGHPVHUFRPELQDGRVHQWUHVLHRXFRPSODFDV
GHFR]HGXUDFRQYHQFLRQDLVGDPHVPDPDUFDDWUDYpVGD
XWLOL]DomRGRDFHVVyULRGHXQLmR&RQVXOWHRFDWiORJR
2 PyYHO RQGH VH LQVWDOD R DSDUHOKR GHYH HVWDU FRQYHQLHQWHPHQWH
IL[DGRHGHYHVHUHVWiYHO
2VPyYHLVSUy[LPRVGRDSDUHOKRRVUHYHVWLPHQWRVHVWUDWLILFDGRV
H D FROD TXH RV IL[D GHYHP WUDWDUVH GH PDWHULDLV QmR LQIODPiYHLV
HUHVLVWHQWHVDRFDORU
(VWH DSDUHOKR QmR SRGH VHU LQVWDODGR VREUH IULJRUtILFRV PiTXLQDV
GHODYDUURXSDPiTXLQDVGHODYDUORLoDRXDSDUHOKRVVLPLODUHV
3DUDLQVWDODUDSODFDGHFR]HGXUDVREUHXPIRUQRHVWHGHYH
LQFOXLUXPPHFDQLVPRGHYHQWLODomRIRUoDGD9HULILTXHDV
GLPHQV}HVGRIRUQRQRVHXPDQXDOGHLQVWDODomR
6HLQVWDODUXPH[WUDFWRUGHYHWHUHPFRQWDRUHVSHFWLYRPDQXDO
GHLQVWDODomRUHVSHLWDQGRVHPSUHDGLVWkQFLDYHUWLFDOPtQLPDHP
UHODomRjSODFDGHFR]HGXUDILJ
3UHSDUDomRGRPyYHOILJ
5HDOL]HXPFRUWHGDVGLPHQV}HVQHFHVViULDVQDVXSHUItFLHGH
WUDEDOKR
6H D SODFD GH FR]HGXUD IRU HOpFWULFD RX PLVWD JiV H HOHFWULFLGDGH
HVHQmRKRXYHUXPIRUQRSRUEDL[RGDPHVPDFRORTXHXP
VHSDUDGRU GH PDWHULDO QmR LQIODPiYHO SRU H[ GH PHWDO RX PDGHLUD
FRQWUDSODFDGDD PPGDEDVHGDSODFDGHFR]HGXUD$VVLP
LPSHGH R DFHVVR j SDUWH LQIHULRU GHVWD 6H D SODFD GH FR]HGXUD IRU
DJiVUHFRPHQGDVHTXHFRORTXHRVHSDUDGRUjPHVPD
GLVWkQFLD
(PVXSHUItFLHVGHWUDEDOKRGHPDGHLUDHQYHUQL]HDVVXSHUItFLHV
GHFRUWHFRPXPDFRODHVSHFLDOSDUDDVSURWHJHUGDKXPLGDGH
,QVWDODomRGRDSDUHOKRILJ
1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU
2VJUDPSRVHDMXQWDDGHVLYDPDUJHPLQIHULRUGDSODFDGH
FR]HGXUDMiYrPLQVWDODGRVGHIiEULFD1mRRVUHWLUHGHIRUPD
DOJXPD$MXQWDDGHVLYDLPSHGHDVLQILOWUDo}HV
3DUDIL[DURDSDUHOKRQRPyYHOSDUDHQFDVWUDU
9LUHDSODFDGHFR]LQKDUSDUDDSRVLomRFRUUHWD
6ROWHRVSDUDIXVRVQRVJUDPSRVDWpHVWHVJLUDUHPOLYUHPHQWH
1mR p QHFHVViULR VROWDU QD WRWDOLGDGH RV SDUDIXVRV GRV JUDPSRV
&RORTXH D SODFD GH FR]LQKDU QR QLFKR GD EDQFDGD GH WUDEDOKR H
DOLQKHDDRFHQWUR3UHVVLRQHSDUDEDL[RDSODFDGHFR]LQKDUD
JiV QDV SDUWHV ODWHUDLV DWp DVVHQWDU FRPSOHWDPHQWH QRV ERUGRV
9LUH RV JUDPSRV H DSDUDIXVHRV FRP ILUPH]D 2V SDUDIXVRV GRV
JUDPSRVGHYHPHVWDUQDYHUWLFDOHPUHODomRDRIXQGRGDFDL[D
$SRVLomRGRVJUDPSRVGHSHQGHGDHVSHVVXUDGDEDQFDGDGH
WUDEDOKR
2DSDUHOKRQmRGHYHVHUIL[DGRFRPVLOLFRQHjEDQFDGDGH
WUDEDOKR
'HVPRQWDJHPGDSODFDGHFR]HGXUD
'HVOLJXHRDSDUHOKRGDVWRPDGDVHOpFWULFDHGHJiV
'HVDSDUDIXVHRVJUDPSRVHSURFHGDGHPRGRLQYHUVRDRGD
PRQWDJHP
/LJDomRDJiVILJ
$ OLJDomR GR DSDUHOKR j UHGH GH JiV WHP GH VHU UHDOL]DGD GH IRUPD
DTXHDWRUQHLUDGHIHFKRILTXHDFHVVtYHO
$ H[WUHPLGDGH GR FRQHFWRU GH HQWUDGD GD SODFD GH FR]HGXUD D JiV
HVWiHTXLSDGDFRPXPDURVFDGH·· PPTXHSHUPLWH
■ 5HDOL]DUXPDOLJDomRUtJLGD
■ (IHFWXDUDOLJDomRFRPXPWXERIOH[tYHOPHWiOLFR/ PtQ P
Pi[ P
6HGHVHMDUHVWDEHOHFHUXPDOLJDomRFyQLFDFRORTXHRDFHVVyULR
FRPRQ~PHURHRYHGDQWHFRPRQ~PHUR
LQFOXtGRQRYROXPHGHIRUQHFLPHQWRRXGLVSRQtYHOQDDVVLVWrQFLD
WpFQLFDHQWUHRWXERGHHQWUDGDGDSODFDGHFR]LQKDUDJiVHR
WXERGHDOLPHQWDomRGHJiV)LJ
(YLWH R FRQWDFWR GR WXER FRP TXDOTXHU SDUWH PyYHO GD XQLGDGH GH
HQFDVWUDPHQWRSRUH[HPSORXPDJDYHWDEHPFRPRDVXD
SDVVDJHPSRUHVSDoRVTXHSRVVDPILFDUREVWUXtGRV
3DUDUHDOL]DUDOLJDomRDJiVQDKRUL]RQWDORQRVVR6HUYLoRGH
$VVLVWrQFLD7pFQLFDGLVSRQLELOL]DXPFRWRYHORFyGLJRH
XPDMXQWDFyGLJR)LJ D
: 3HULJRGHIXJD
6HPDQLSXODUTXDOTXHUOLJDomRYHULILTXHDHVWDQTXHLGDGH
2IDEULFDQWHQmRVHUHVSRQVDELOL]DVHDOJXPDOLJDomRDSUHVHQWDU
IXJDVGHSRLVGHWHUVLGRPDQLSXODGD
/LJDomRHOpFWULFDILJ
(VWHDSDUHOKRpGRWLSR´<µRFDERGHHQWUDGDQmRSRGHVHU
PXGDGR SHOR XWLOL]DGRU Vy R 6HUYLoR GH $VVLVWrQFLD 7pFQLFD GHYH
ID]rOR'HYHVHPSUHUHVSHLWDUVHDVHFomRPtQLPDHRWLSRGH
FDER
$VSODFDVGHFR]HGXUDVmRIRUQHFLGDVFRPXPFDERGH
DOLPHQWDomRFRPRXVHPILFKD
2VDSDUHOKRVIRUQHFLGRVFRPILFKDVyGHYHPVHUOLJDGRVD
WRPDGDVGHWHUUDGHYLGDPHQWHLQVWDODGDV
'HYHSUHYHUVHXPLQWHUUXSWRURPQLSRODUFRPXPDDEHUWXUDGH
FRQWDFWR PtQLPD GH PP H[FHSWR HP OLJDo}HV FRP ILFKD VH HVWD
HVWLYHUDFHVVtYHODRXWLOL]DGRU
0XGDQoDGRWLSRGHJiV
6H DV UHJXODPHQWDo}HV GR SDtV R SHUPLWLUHP HVWH DSDUHOKR SRGH
VHUDGDSWDGRDRXWURVWLSRVGHJiVYHUSODFDGHFDUDFWHUtVWLFDV
$VSHoDVQHFHVViULDVSDUDWDOHVWmRLQFOXtGDVQRVDFRGH
WUDQVIRUPDomRIRUQHFLGRFRQVRDQWHRPRGHORRXGLVSRQtYHLVQR
QRVVR6HUYLoRGH$VVLVWrQFLD7pFQLFD
,PSRUWDQWH$RWHUPLQDUFRORTXHDHWLTXHWDDGHVLYDLQGLFDQGRR
QRYRWLSRGHJiVSUy[LPRGDSODFDGHFDUDFWHUtVWLFDV
2VSDVVRVDVHJXLUVmRRVVHJXLQWHV
6XEVWLWXLomRGRVELFRVGRTXHLPDGRUUiSLGRQRUPDOH
HFRQyPLFRGDSODFDGHFR]LQKDU ILJ
5HWLUHDVJUHOKDVDVWDPSDVGHTXHLPDGRUHRVGLIXVRUHV
6XEVWLWXDRVLQMHFWRUHVXVDQGRDFKDYHGLVSRQLELOL]DGDSHOR
QRVVR VHUYLoR GH DVVLVWrQFLD WpFQLFD FRP R FyGLJR YHU
ILJ WHQGR HVSHFLDO DWHQomR SDUD TXH R LQMHFWRU QmR VH VROWH
DRUHWLUiORRXIL[iORDRTXHLPDGRU
$SHUWHEHPRVLQMHFWRUHVSDUDJDUDQWLUDHVWDQTXHLGDGH
1HVWHV TXHLPDGRUHV QmR p QHFHVViULR UHDOL]DU D UHJXODomR GR DU
SULPiULR
&RORTXHRVGLIXVRUHVHDVWDPSDVGRVTXHLPDGRUHVQRV
UHVSHFWLYRVOXJDUHV$OpPGLVVRGHYHFRORFDUDGHTXDGDPHQWH
DVJUHOKDV
6XEVWLWXLomRGRVELFRVGRVTXHLPDGRUHVGHFKDPDGXSOD
3DUDVXEVWLWXLURVELFRVpQHFHVViULRGHVPRQWDUDSODFDGHJiV
FRPRVSHUILVGRDSDUHOKR$SODFDGHJiVHVWiXQLGDDRUHVWRGD
SODFDGHFR]LQKDUSRUXPVLVWHPDGHJUDPSRV
'HVPRQWDJHPGDSODFDGHJiVFRPRVSHUILVILJ
5HWLUHWRGRVRVVXSRUWHVSDUDSDQHODVWDPSDVGRTXHLPDGRU
DQpLVGRTXHLPDGRURXERFDV
6ROWHRVSDUDIXVRVGRVTXHLPDGRUHV
8WLOL]HDDODYDQFDGHGHVPRQWDJHPTXHSRGHVHUREWLGDMXQWR
GD QRVVD DVVLVWrQFLD WpFQLFD FyGLJR &RP D DODYDQFD
VROWHDIL[DomRSRUJUDPSRGDSDUWHGDIUHQWHQRORFDOLQGLFDGR
QDILJ FRQIRUPHRPRGHORGDSODFDGHFR]LQKDU
$WHQomR
8WLOL]H D DODYDQFD DSHQDV QRV FDQWRV GH YLGUR TXH DSUHVHQWHP
XPSHUILORXXPFDL[LOKR
6ROWHDIL[DomRSRUJUDPSRGDSDUWHGHWUiVOHYDQWDQGRFRP
FXLGDGRDSODFDGHJiVFRPRVSHUILV
6XEVWLWXLomRGRELFRGDFKDPDH[WHULRUILJ D
6ROWHRSDUDIXVRGHIL[DomR/HSX[HRFDVTXLOKR/SDUDWUiV
SDUDIDFLOLWDURDFHVVRDRELFRSULQFLSDOILJ D
3X[HRELFRGDFKDPDH[WHULRUSDUDIRUDJLUDQGRRSDUDD
HVTXHUGDILJ DD
$SDUDIXVH R QRYR ELFR GD FKDPD H[WHULRU ILJ DD &RQVXOWH D
WDEHOD
$MXVWH D GLVWkQFLD GR FDVTXLOKR GH UHJXODomR SDUD D DOLPHQWDomR
GHDU/ILJ DQDPHGLGD=WDOFRPRLQGLFDGRQDWDEHOD
$SHUWHRSDUDIXVRGHIL[DomR/ILJ D
6XEVWLWXLomRGRELFRGDFKDPDLQWHULRUILJ E
$SDUDIXVHDSHoD0GDSHoDTXHSRVVXLXPDURVFD3DUD
LVVRVHJXUHDFRPDSHoDHTXLSDGDFRPURVFDILJ E
3X[HRFDVTXLOKRGDSHoD0SDUDIRUDILJ E

'HVPRQWHDXQLGDGH00GDSHoD0ILJ EE
3X[HRELFRGDFKDPDLQWHULRU0SDUDIRUDGDSHoD0ILJ E
E
$SDUDIXVH R QRYR ELFR GD FKDPD LQWHULRU ILJ EE &RQVXOWH D
WDEHOD
0RQWDURDSDUHOKR
0RQWHWRGRVRVFRPSRQHQWHVQDVHTXrQFLDLQYHUVDGD
GHVPRQWDJHP
5HJXODomRGDVWRUQHLUDVGHJiV
3DUDUHJXODUDVWRUQHLUDVGHJiVpQHFHVViULRGHVPRQWDUD
FREHUWXUDGDSODFDGHFR]LQKDUDJiVHUHWLUDURFDUWmRHOHWUyQLFR
'HVPRQWDJHPGDFREHUWXUD
'HVPRQWHDSODFDGHJiVFRPRVSHUILVWDOFRPRGHVFULWRQD
VHFomR 'HVPRQWDJHPGDSODFDGHYLGURFRPRVSHUILV
'HVPRQWDJHPGRFDUWmRHOHWUyQLFRILJ
2FDUWmRHOHWUyQLFRHVWiSUHVRDRVXSRUWHSHORVSHUQRVGH
IL[DomRODWHUDLVHFHQWUDLV3URFHGDFRPFXLGDGRDRSUHVVLRQDU
RVSHUQRVGHIL[DomRSDUDQmRRVGDQLILFDU6HXPSHUQRVH
SDUWLUVHUiQHFHVViULRVXEVWLWXLUWRGRRVXSRUWH
3DUDLVVRGHYHSURFHGHUVHGDVHJXLQWHIRUPD
6ROWHRVSHUQRVGHXPODGR
6ROWH RV SHUQRV GR FHQWUR 3DUD LVVR SUHVVLRQH FRP RV GHGRV GH
DPERVRVODGRV
6ROWHRVSHUQRVGRRXWURODGRHUHWLUHRFDUWmRHOHWUyQLFR
$WHQomR
0DQXVHLHRFDUWmRHOHWUyQLFRFRPFXLGDGR8VHXPDSURWHomR
DQWLHVWiWLFD RX VHJXUH QR FDUWmR HOHWUyQLFR SHODV ERUGDV 1XQFD
WRTXHQDVVXSHUItFLHVFRPFRPSRQHQWHVQHPEDQGDV
5HPRYD DV SHoDV FLOtQGULFDV H DV PRODV QD KDVWH GD WRUQHLUD GH
JiV
5HJXODomRGRE\SDVVILJ
&RQVXOWHDWDEHOD ILJ VHQHFHVViULRDGDSWHSDUDIXVRVGH
E\SDVV0FRPDDMXGDGHXPDFKDYHGHSDUDIXVRV7RU[
ILJ
$2VSDUDIXVRVGHE\SDVVWrPGHHVWDUEHPDSHUWDGRV
%2VSDUDIXVRVGHE\SDVVWrPGHIHFKDUMXQWDPHQWHFRPD
IL[DomR
&HUWLILTXHVHGHTXHDRURGDURVFRPDQGRVRTXHLPDGRUQmR
VHGHVOLJDHQWUHRQtYHOPDLVDOWRHRPDLVEDL[RHQmRKiXP
UHWRUQRGDFKDPD
0RQWDJHPGRFDUWmRHOHWUyQLFRHGDFREHUWXUD
([HFXWHQDVHTXrQFLDLQYHUVDGDGHVPRQWDJHP
1XQFDGHVPRQWHRUHELWHGDWRUQHLUDGHJiV6HRV
FRPSRQHQWHVGDWRUQHLUDGHJiVHVWLYHUHPGDQLILFDGRV
VXEVWLWXDRV
&DOLEUDomRGRVLVWHPDHOHWUyQLFR
$VVLPTXHRQRYRDSDUHOKRHVWLYHUPRQWDGRH[HFXWHD
FDOLEUDomRGRVLVWHPDHOHWUyQLFRGHDFRUGRFRPDILJXUD
1XQFD GHVPRQWH R UHELWH GD WRUQHLUD GH JiV (P FDVR GH GDQRV
DWRUQHLUDGHJiVWHPGHVHUWURFDGDSRUFRPSOHWR
ro
í
,QVWUXFŘLXQLGHPRQWDM
,QGLFDŘLLUHIHULWRDUHODVLJXUDQŘć
&LWLŘLLQVWUXFŘLXQLOHDSDUDWXOXLvQDLQWHVćWUHFHŘLODLQVWDODUHDüL
XWLOL]DUHDDFHVWXLD
,PDJLQLOHSUH]HQWDWHvQDFHVWHLQVWUXFŘLXQLVXQWFXVFRSRULHQWDWLY
3URGXFćWRUXO HVWH H[RQHUDW GH RULFH UćVSXQGHUH GDFć QX VXQW
vQGHSOLQLWHGLVSR]LŘLLOHGLQDFHVWPDQXDO
$FHVWDSDUDWWUHEXLHVćILHXWLOL]DWH[FOXVLYvQORFXULFXYHQWLODŘLH
VXILFLHQWć (VWH LQWHU]LVć FRQHFWDUHD OD XQ GLVSR]LWLY GH HYDFXDUH D
SURGXüLORUGHDUGHUH
7RDWHOXFUćULOHGHLQVWDODUHFRQHFWDUHUHJODUHüLDGDSWDUHOD
DOWH WLSXUL GH JD] WUHEXLH Vć ILH UHDOL]DWH GH FćWUH XQ WHKQLFLDQ
DXWRUL]DWUHVSHFWkQGWRDWHQRUPHOHüLOHJLVODŘLDDSOLFDELOHüL
GLVSR]LŘLLOHFRPSDQLLORUORFDOHIXUQL]RDUHGHJD]üLHQHUJLH
HOHFWULFć6HYDDFRUGDRDWHQŘLHGHRVHELWćGLVSR]LŘLLORU
DSOLFDELOHvQFHHDFHSULYHüWHYHQWLODŘLD
(VWHUHFRPDQGDWVćDSHODŘLOD6HUYLFLXOQRVWUXWHKQLFSHQWUX
DGDSWDUHDODDOWHWLSXULGHJD]
$FHVWDSDUDWDIRVWFRQFHSXWGRDUSHQWUXX]FDVQLFQHILLQG
SHUPLVćXWLOL]DUHDVDvQVFRSXULFRPHUFLDOHVDXSURIHVLRQDOH
$FHVW DSDUDW QX SRDWH IL LQVWDODW SH LDKWXUL VDX UXORWH *DUDQŘLD YD IL
YDODELOćQXPDLGDFćVHUHVSHFWćXWLOL]DUHDSHQWUXFDUHDIRVW
GHVWLQDW
ÍQDLQWHGHLQVWDODUHYHULILFDŘLFRPSDWLELOLWDWHDGLQWUHFRQGLŘLLOHGH
GLVWULEXLUH ORFDOć FX UHJODMXO DSDUDWXOXL FDUH ILJXUHD]ć SH SOćFXŘD FX
FDUDFWHULVWLFLWLSXOüLSUHVLXQHDJD]XOXLSXWHUHDWHQVLXQHD
ÍQDLQWHGHRULFHDFŘLXQHvQWUHUXSHŘLDOLPHQWDUHDHOHFWULFćüL
FHDFXJD]DDSDUDWXOXL
&DEOXOGHDOLPHQWDUHWUHEXLHIL[DWGHPRELOćSHQWUXDQXDWLQJH
SćUŘLILHUELQŘLDOHFXSWRUXOXLVDXDOHSOLWHLGHJćWLW
$SDUDWHOHFXDOLPHQWDUHHOHFWULFćWUHEXLHFRQHFWDWHREOLJDWRULXOD
vPSćPkQWDUH
1X LQWHUYHQLŘL vQ LQWHULRUXO DSDUDWXOXL 'DFć HVWH QHFHVDU DSHODŘL OD
6HUYLFLXOQRVWUXWHKQLF
ÍQDLQWHGHLQVWDODUH
$FHVWDSDUDWFRUHVSXQGHFXFODVDFRQIRUPQRUPHL(1
SHQWUXDSDUDWHSHED]ćGHJD]DSDUDWvQFDVWUDWvQWURPRELOć
$FHVWHDSDUDWHSRWILFRPELQDWHvQWUHHOHüLVDXFXSOLWHGHJćWLW
FRQYHQŘLRQDOH GH DFHHDüL PDUFć XWLOL]kQG DFFHVRULXO GH vPELQDUH
&RQVXOWDŘLFDWDORJXO
0RELODvQFDUHVHLQVWDOHD]ćDSDUDWXOWUHEXLHVćILHIL[DWćvQWUXQ
PRGFRQYHQDELOüLVćILHVWDELOć
0RELOHOHDSURSLDWHGHDSDUDWvQYHOLüXULOHVWUDWLILFDWHüLDGH]LYXO
FDUHOHIL[HD]ćWUHEXLHVćILHGLQPDWHULDOHQHLQIODPDELOHüL
UH]LVWHQWHODFćOGXUć
$FHVWDSDUDWQXVHSRDWHLQVWDODGHDVXSUDIULJLGHUHORUPDüLQLORU
GHVSćODWUXIHPDüLQLORUGHVSćODWYDVHVDXVLPLODUH
3HQWUX D LQVWDOD SOLWD GH JćWLW GHDVXSUD XQXL FXSWRU DFHVWD WUHEXLH
Vć GLVSXQć GH YHQWLODUH IRUŘDWć 9HULILFDŘL GLPHQVLXQLOH FXSWRUXOXL vQ
PDQXDOXOGHLQVWDODUHDODFHVWXLD
'DFćLQVWDODŘLRKRWćDYHŘLvQYHGHUHPDQXDOXOVćXGHLQVWDODUH
UHVSHFWkQGvQWRWGHDXQDGLVWDQŘDYHUWLFDOćPLQLPćIDŘćGHSOLWDGH
JćWLWILJ
3UHJćWLUHDPRELOHLILJ
5HDOL]DŘL R WćLHWXUć vQ VXSUDIDŘD GH OXFUX GH GLPHQVLXQLOH QHFHVDUH
'DFćSOLWDGHJćWLWHVWHHOHFWULFćVDXPL[WćJD]üLHOHFWULFLWDWHüL
QXH[LVWćXQFXSWRUGHGHVXEWSODVDŘLXQVHSDUDWRUGHPDWHULDO
QHLQIODPDELOGHH[PHWDOVDXSODFDMODPPGHED]DSOLWHLGH
JćWLW$VWIHOVHvPSLHGLFćDFFHVXOODSDUWHDLQIHULRDUćD
DFHVWHLD'DFćSOLWDGHJćWLWHVWHSHJD]HVWHUHFRPDQGDWć
SODVDUHDVHSDUDWRUXOXLODDFHHDüLGLVWDQŘć
3HVXSUDIHŘHGHOXFUXGLQOHPQDSOLFDŘLXQDGH]LYVSHFLDOSH
VXSUDIHŘHOHGHWćLHUHSHQWUXDOHSURWHMDGHXPLGLWDWH
,QVWDODUHDDSDUDWXOXLILJ
,QGLFDŘLH /DPRQWDUHDSOLWHLIRORVLŘLPćQXüLGHSURWHFŘLH
&OHPHOH üL JDUQLWXULOH DGH]LYH PDUJLQHD LQIHULRDUć D SOLWHL GH JćWLW
VXQWPRQWDWHGLQIDEULFćQXGHPRQWDŘLSHQWUXQLFLXQPRWLY
*DUQLWXUDHYLWćRULFHLQILOWUDUH
3HQWUXIL[DUHDDSDUDWXOXLODPRELODGHvQFRUSRUDUH
URWLŘLSOLWDvQSR]LŘLDFRUHFWć
6OćELŘL üXUXEXULOH FOHPHORU GH IL[DUH SkQć VH URWHVF OLEHU 1X HVWH
QHFHVDUVćGHVIDFHŘLFRPSOHWüXUXEXULOHFOHPHORUGHIL[DUH
$üH]DŘLSOLWDvQGHFXSDMXOEODWXOXLGHOXFUXüLDOLQLDŘLRFHQWUDW
$SćVDŘLSOLWDSHJD]GLQSćUŘLOHODWHUDOHvQMRVSkQćVWćFRPSOHW
SHPDUJLQL
5RWLŘLFOHPHOHGHIL[DUHüLvQüXUXEDŘLOHVWUkQVûXUXEXULOH
FOHPHORUGHIL[DUHWUHEXLHVćVWHDYHUWLFDOSHED]DFDUFDVHL
3R]LŘLDFOHPHORUGHIL[DUHGHSLQGHGHJURVLPHDEODWXOXLGHOXFUX
$SDUDWXOQXWUHEXLHOLSLWFXVLOLFRQSHSODFDGHOXFUX
'HPRQWDUHDSOLWHLGHJćWLW
'HFRQHFWDŘLDSDUDWXOGHODDOLPHQWDUHDHOHFWULFćüLFHDGHJD]
'HüXUXEDŘLFOHPHOHüLSURFHGDŘLvQPRGLQYHUVPRQWćULL
&RQHFWDUHODJD]ILJ
5DFRUGXO OD JD] WUHEXLH UHDOL]DW DVWIHO vQFkW URELQHWXO GH vQWUHUXSHUH
VćILHDFFHVLELO
&DSćWXOUDFRUGXOXLGHLQWUDUHDSOLWHLGHJćWLWSHJD]HVWHSUHYć]XW
FXXQILOHWGH·· PPFDUHSHUPLWH
■ &RQHFWDUHDULJLGć
■ &RQHFWDUHDFXXQWXEIOH[LELOPHWDOLF/ PLQ PPD[ P
'DFćGRULŘLVćUHDOL]DŘLROHJćWXUćFRQLFćIRORVLŘLDFFHVRULXOFX
QXPćUXO üL JDUQLWXUD FX QXPćUXO GDFć HVWH FD]XO
FRQŘLQXWć vQ SDFKHWXO GH OLYUDUH VDX GLVSRQLELOć vQ XQLWDWHD VHUYLFH
vQWUHWXEXOGHLQWUDUHDOSOLWHLSHJD]üLDOLPHQWDUHDFXJD])LJ
(YLWDŘLFRQWDFWXOWXEXOXLFXSćUŘLOHPRELOHDOHXQLWćŘLLGHvQFDVWUDUH
GHH[HPSOXXQVHUWDUüLWUHFHUHDSULQVSDŘLLOHFDUHVXQW
VXVFHSWLELOHGHEORFDUH

'DFć WUHEXLH Vć UHDOL]DŘL FRQHFWDUHD OD JD] SH RUL]RQWDOć VHUYLFLXO
QRVWUXWHKQLFGLVSXQHGHXQFRWFXFRGXO SOXVRJDUQLWXUć
FXFRGXO )LJ D
: 3HULFROGHVFXUJHUH
'DFćPDQHYUDŘLYUHXQUDFRUGYHULILFDŘLHWDQüHLWDWHD
3URGXFćWRUXOQXSRDWHILWUDVODUćVSXQGHUHGDFćYUHXQUDFRUG
SUH]LQWćVFXUJHULGXSćFHDIRVWPDQHYUDW
&RQH[LXQHHOHFWULFćILJ
$FHVW DSDUDW HVWH GH WLSXO ´<µ FDEOXO GH DOLPHQWDUH QX SRDWH Vć ILH
VFKLPEDWGHFćWUHXWLOL]DWRUFLGHFćWUH6HUYLFLXOWHKQLF7UHEXLH
UHVSHFWDWWLSXOGHFDEOXüLVHFŘLXQHDPLQLPć
3OLWHOH GH JćWLW VXQW IXUQL]DWH FX XQ FDEOX GH DOLPHQWDUH FX VDX IćUć
üWHFKHU
$SDUDWHOHSUHYć]XWHFXüWHFKHUWUHEXLHGRDUVćILHFRQHFWDWHOD
SUL]ćFDUHVćGLVSXQćGHvPSćPkQWDUHLQVWDODWćFRUHFW
7UHEXLHSUHYć]XWXQvQWUHUXSćWRUGHFLUFXLWRPQLSRODUFX
GHVFKLGHUHDFRQWDFWXOXLGHPLQLP PPFXH[FHSŘLDFRQH[LXQLORU
ODSUL]ćGDFćDFHDVWDHVWHDFFHVLELOćSHQWUXXWLOL]DWRU
6FKLPEDUHDWLSXOXLGHJD]
'DFćOHJLVODŘLDŘćULLSHUPLWHDFHVWDSDUDWSRDWHILDGDSWDWODDOWH
WLSXUL GH JD] FRQVXOWDŘL SOćFXŘD FX FDUDFWHULVWLFL 3LHVHOH QHFHVDUH
SHQWUX DFHDVWD VXQW vQ JHDQWD GH WUDQVIRUPDUH IXUQL]DWć vQ IXQFŘLH
GHPRGHOGLVSRQLELOćOD6HUYLFLXOQRVWUXWHKQLF
,PSRUWDQW /DILQDOSR]LŘLRQDŘLHWLFKHWDDGH]LYćFDUHLQGLFćQRXO
WLSGHJD]vQDSURSLHUHDSOćFXŘHLFXFDUDFWHULVWLFL
3DüLLFDUHWUHEXLHXUPDŘLVXQWXUPćWRULL
ÍQORFXLUHDGX]HORUDU]ćWRUXOXLSXWHUQLFQRUPDOüLDFHOXL
SXWHUQLFDOHSOLWHL ILJ
6FRDWHŘLJUćWDUHOHFDSDFHOHDU]ćWRUXOXLüLGLIX]RDUHOH
6FKLPEDŘL LQMHFWRDUHOH XWLOL]kQG FKHLD GLVSRQLELOć SULQ LQWHUPHGLXO
VHUYLFLXOXLQRVWUXWHKQLFFXFRGXOYH]LILJ DYkQG
GHRVHELWćJULMćVćQXVHGHSULQGćLQMHFWRUXOODVFRDWHUHDVDX
IL[DUHDVDGLQDU]ćWRU
$YHŘLJULMćVćOHVWUkQJHŘLSkQćODFDSćWSHQWUXDJDUDQWD
HWDQüHLWDWHD
ÍQDFHVWHDU]ćWRDUHQXWUHEXLHVćILHUHDOL]DWćUHJODUHDDHUXOXL
SULPDU
3R]LŘLRQDŘLGLIX]RDUHOHüLFDSDFHOHDU]ćWRDUHORUvQORFDüXULOH
FRUHVSXQ]ćWRDUH ÍQ SOXV YD WUHEXL Vć SR]LŘLRQDŘL vQ PRG FRUHFW üL
JUćWDUHOH
ÍQORFXLUHDGX]HORUDU]ćWRDUHORUFXIODFćUćGXEOć
3HQWUXvQORFXLUHDGX]HORUHVWHQHFHVDUćGHPRQWDUHDSOćFLLGH
VWLFOć FX SURILOHOH DSDUDWXOXL3ODFD GH VWLFOć HVWH vPELQDWć FX UHVWXO
SOLWHLSULQWUXQVLVWHPFXFOLSVXUL
'HPRQWDUHDSOćFLLGHVWLFOćFXSURILOHOHILJ
ÍQGHSćUWDŘLWRDWHVXSRUWXULOHSHQWUXRDOHFDSDFHOHDU]ćWRDUHORU
LQHOHOHDU]ćWRDUHORUUHVSHFWLYFRUSXULOHDU]ćWRDUHORU
'HVIDFHŘLüXUXEXULOHDU]ćWRDUHORU
8WLOL]DŘLSkUJKLDGHGHPRQWDUHGLVSRQLELOćSULQXQLWDWHDQRDVWUć
GHVHUYLFHFRG&XDMXWRUXOSkUJKLHLGHVIDFHŘLFOLSVXO
GH IL[DUH GLQ IDŘć vQ ORFXO LQGLFDW vQ ILJ vQ IXQFŘLH GH PRGHOXO GH
SOLWć
$WHQŘLH
8WLOL]DŘL SkUJKLD QXPDL OD DFHOH PDUJLQL DOH VWLFOHL FDUH SUH]LQWć XQ
SURILOVDXRUDPć
'HVIDFHŘL FOLSVXO GH IL[DUH GLQ VSDWH ULGLFkQG FX DWHQŘLH SODFD GH
VWLFOćFXSURILOHOH
ÍQORFXLUHDGX]HLSHQWUXIOćFćULOHH[WHULRDUHILJ D
'HVIDFHŘLüXUXEXOGHIL[DUH/üLWUDJHŘLPDQüRQXO/vQVSUH
SDUWHDGLQVSDWHSHQWUXDDYHDXQDFFHVPDLXüRUODGX]D
SULQFLSDOćILJ D
6FRDWHŘLGX]DSHQWUXIOćFćULOHH[WHULRDUHURWLQGVSUHVWkQJD
ILJ DD
ÍQüXUXEDŘLQRXDGX]ćSHQWUXIOćFćULOHH[WHULRDUHILJ DD
&RQVXOWDŘLWDEHOXO
5HJODŘL GLVWDQŘD PDQüRQXOXL GH UHJODUH SHQWUX DOLPHQWDUHD FX DHU
/ILJDODGLPHQVLXQHD=GXSćFXPHVWHLQGLFDWvQWDEHO
6WUkQJHŘLüXUXEXOGHIL[DUH/ILJ D
ÍQORFXLUHDGX]HLSHQWUXIOćFćULOHLQWHULRDUHILJ E
'HüXUXEDŘL SLHVD 0 GH SH SLHVD FDUH HVWH SUHYć]XWć FX ILOHW
ÍQDFHVWVFRSŘLQHŘLIHUPGHSLHVDSUHYć]XWćFXILOHWILJ E
6FRDWHŘLPDQüRQXOGLQSLHVD0ILJ E
'HPRQWDŘLXQLWDWHD00DSLHVHL0ILJ EE
6FRDWHŘL GX]D SHQWUX IOćFćULOH LQWHULRDUH 0 GLQ SLHVD 0 ILJ E
E
ÍQüXUXEDŘLQRXDGX]ćSHQWUXIOćFćULOHLQWHULRDUHILJ EE
&RQVXOWDŘLWDEHOXO
0RQWDUHDDSDUDWXOXL
0RQWDŘL WRDWH FRPSRQHQWHOH vQ RUGLQH LQYHUVć GHFkW DŘL SURFHGDW OD
GHPRQWDUH
5HJODUHDURELQHWHORUGHJD]
3HQWUX UHJODUHD URELQHWHORU GH JD] WUHEXLH GHPRQWDW FDSDFXO SOLWHL
FXJD]üLWUHEXLHVFRDVćSODFDHOHFWURQLFć
'HPRQWDUHDFDSDFXOXL
'HPRQWDŘL SODFD GH VWLFOć FX SURILOHOH GXSć FXP D IRVW GHVFULV vQ
SDUDJUDIXO 'HPRQWDUHDSOćFLLGHVWLFOćFXSURILOHOH
'HPRQWDUHDSOćFLLHOHFWURQLFHILJ
3ODFDHOHFWURQLFćHVWHIL[DWćSHVXSRUWFXüWLIWXULGHIL[DUHSH
SćUŘLOH ODWHUDOH üL vQ PLMORF $SćVDŘL FX JULMć SH üWLIWXULOH GH IL[DUH
IćUć D OH GHWHULRUD 'DFć VH UXSH XQ üWLIW WUHEXLH vQORFXLW vQWUHJXO
VXSRUW
3URFHGDŘLGXSćFXPXUPHD]ć
'HVSULQGHŘLüWLIWXULOHGHSHRSDUWH
'HVSULQGHŘLüWLIWXULOHGLQPLMORF3HQWUXDFHVWDDSćVDŘLFX
GHJHWHOHSHDPEHOHSćUŘL
'HVSULQGHŘLüWLIWXULOHGHSHSDUWHDFHDODOWćüLVFRDWHŘLSODFD
HOHFWURQLFć
$WHQŘLH
0kQXLŘLFXJULMćSODFDHOHFWURQLFć)RORVLŘLSURWHFŘLHDQWLVWDWLFć
VDXDSXFDŘLSODFDHOHFWURQLFćGHPDUJLQL1XDWLQJHŘLQLFLRGDWć
VXSUDIHŘHOHFXFRPSRQHQWHVDXFLUFXLWH
ÍQGHSćUWDŘL SLHVHOH FLOLQGULFH üL DUFXULOH GLQ WLMD URELQHWXOXL GH JD]
5HJODUHDE\SDVVXOXLILJ
$VHYHGHDWDEHOXOILJ GDFćHVWHQHFHVDUDMXVWDŘL
üXUXEXULOHGHE\SDVV 0FXDMXWRUXOXQHLüXUXEHOQLŘH7RU[
ILJ
$üXUXEXULOHGHE\SDVVWUHEXLHVWUkQVHELQH
%üXUXEXULOHGHE\SDVVWUHEXLHDüH]DWHFRSODQDUFXGXOLD
$VLJXUDŘLYćFćODURWLUHDEXWRQXOXLGHFRQWUROvQWUHWUHDSWDFHD
PDLPDUHüLFHDPDLPLFćDU]ćWRUXOQXVHVWLQJHüLFćQXVH
SURGXFHRvQWRDUFHUHDIOćFćULL
0RQWDMXOSOćFLLHOHFWURQLFHüLDOFDSDFXOXL
3URFHGDŘLvQRUGLQHLQYHUVćGHPRQWćULL
1XGHPRQWDŘLQLFLRGDWćD[XOURELQHWXOXLGHJD]ÍQFD]XOXQHL
GHWHULRUćULDFRPSRQHQWHORUURELQHWXOXLGHJD]vQORFXLŘL
URELQHWXO
&DOLEUDUHDVLVWHPXOXLHOHFWULF
,PHGLDWFHQRXODSDUDWHVWHPRQWDWH[HFXWDŘLFDOLEUDUHD
VLVWHPXOXLHOHFWULFFRQIRUPILJXULL
1XGHPRQWDŘLQLFLRGDWćD[XOURELQHWXOXLGHJD]ÍQFD]XOXQHL
GHWHULRUćULURELQHWXOGHJD]WUHEXLHVFKLPEDWFRPSOHW
ru
î
Ημπροςιυηώξνλνμρίες
Ξοίαηκίρδτμηιηΰδζνξίπμνπρη
ΙίκίήηΪρΪεθζζθημΪΰΪβχδλιενΪμΪπββάηβζΪμίεφηθβανρβμί
κνδθάθήλμάθδχείδμκθικβΫθκν
ΙκβάίήίηηυίάήΪηηθζκνδθάθήλμάίκβλνηδβωάεωψμλω
θκβίημβκθάθρηυζβ
Ξοημδαϊξνκμδμηηημπροςιυηθπνγδοείψητπώαγίμμνλ
οςινανγπραδξονηζανγηρδκϋνπανΰνεγίδρπώνραπώινθ
νραδρπραδμμνπρη
ΎΪηηυγικβΫθκζθΰηθνλμΪηΪάεβάΪμφμθεφδθάοθκθςθ
ικθάίμκβάΪίζυοιθζίσίηβωοΌΪκθρηνψιΪηίεφηίεφαω
ιθήλθίήβηωμφδήυζθοθήνήεωθμάθήΪήυζθάυοέΪαθά
Απδνξδοίυηηξνςπρίμναιδξνγικύφδμηύιόκδιρονπδρη
μίκίγιδηίγίξρίυηηιγοςβνλςαηγςβίζίγνκεμϊ
ξονανγηρϋπώπδορησηυηοναίμμϊλπξδυηίκηπρνλα
πννραδρπραηηπναπδληγδθπραςύψηλημνολίληη
ζίινμνγίρδκϋπρανλίρίιεδπξοδγξηπίμηώληλδπρμϊτβίζν
ηόκδιρονπμίΰείύψητινλξίμηθΝπνΰνδαμηλίμηδπκδγςδρ
ςγδκηρϋροδΰναίμηώλιαδμρηκώυηη
Γκώίγίξρίυηηξοηΰνοίιγοςβνλςαηγςβίζίοδινλδμγςδλ
παώζίρϋπώπμίχηλπδοαηπμϊλυδμρονλ
ΎΪηηυγικβΫθκικίήηΪαηΪρίηβλδεψρβμίεφηθήεωΫυμθάθέθ
βλιθεφαθάΪηβωβηίζθΰίμικβζίηωμφλωάικθζυςείηηυοβεβ
δθζζίκρίλδβοπίεωοΎΪηηυγικβΫθκηίεφαωνλμΪηΪάεβάΪμφηΪ
ωομΪο βεβ ά ΪάμθδίζιίκΪο ΪκΪημβω ικθβαάθήβμίεω ήίγλμάβμίεφηΪ
μθεφδθάλενρΪίβλιθεφαθάΪηβωικβΫθκΪιθηΪαηΪρίηβψ
ΙίκίήνλμΪηθάδθγηίθΫοθήβζθικθάίκβμφλθθμάίμλμάνψμεβ
οΪκΪδμίκβλμβδβζίλμηυοκΪλικίήίεβμίεφηυολίμίγάβήβ
ήΪάείηβί έΪαΪ ζθσηθλμφ β ηΪικωΰίηβί χείδμκθλίμβ ηΪλμκθγδΪζ
ικβΫθκΪ

Ξδοδγ ξοναδγδμηδλ κύΰϊτ γδθπραηθ μδνΰτνγηλν ξδοδιοϊρϋ
ξνγίφςβίζίηόκδιρονόμδοβηηιγίμμνλςόκδιρονξοηΰνος
ΔΪΫίεφιβμΪηβωηίθΫοθήβζθαΪδκίιβμφηΪμνζΫίρμθΫυηί
ήθινλδΪμφίέθλθικβδθληθάίηβωληΪέκίάΪψσβζβλωήίμΪεωζβ
ήνοθάθέθςδΪξΪβεβάΪκθρηθγιΪηίεβ
ΙκβΫθκυκΪΫθμΪψσβίθμχείδμκθλίμβθΫωαΪμίεφηθήθεΰηυΫυμφ
αΪαίζείηυ
ΗίεφαωάηθλβμφβαζίηίηβωάθάηνμκίηηβίχείζίημυικβΫθκΪ
ΏλεβηίθΫοθήβζθικθβαάίλμβκίζθημθΫκΪμβμίλφάηΪς
λίκάβληυγπίημκ
Ξδοδγμίφίκνλςπρίμναιη
ΎΪηηυγ ικβΫθκ θμηθλβμλω δ μκίμφίζν δεΪλλν αΪσβμυ ιθ λμΪηήΪκμν
(1ήεωέΪαθάυοικβΫθκθάάλμκθίηηθίθΫθκνήθάΪηβί
ΎΪηηυίιΪηίεβζθένμδθζΫβηβκθάΪμφλωζίΰήνλθΫθγββεβλ
θΫυρηυζβάΪκθρηυζβιΪηίεωζβχμθγΰίζΪκδβλιθζθσφψ
λθίήβηβμίεφηθγιεΪηδβΏίζθΰηθηΪγμβάηΪςίζδΪμΪεθέί
ΔνοθηηΪωμνζΫΪάδθμθκνψάλμκΪβάΪίμλωάΪκθρηΪωιΪηίεφ
ήθεΰηΪΫυμφαΪδκίιείηΪβνλμθγρβάΪ
ΛθικβδΪλΪψσΪωλωλάΪκθρηθγιΪηίεφψζίΫίεφλεθβλμυί
θΫεβπθάθρηυίιθδκυμβωβαΪδκίιεωψσβγβοδείγήθεΰηυΫυμφ
ηίάθλιεΪζίηωψσβζβλωβμίκζθλμθγδβζβ
ΎΪηηυγικβΫθκηίεφαωνλμΪηΪάεβάΪμφηΪήοθεθήβεφηβδΪζβ
λμβκΪεφηυζβζΪςβηΪζβιθλνήθζθίρηυζβζΪςβηΪζββήκνέθγ
ιθήθΫηθγμίοηβδθγ
ΏλεβμκίΫνίμλωνλμΪηθάβμφάΪκθρηνψιΪηίεφηΪήήνοθάυζ
ςδΪξθζλείήνίμάυΫκΪμφζθήίεφήνοθάθέθςδΪξΪλλβλμίζθγ
ικβηνήβμίεφηθγ άίημβεωπββ Ικθάίκφμί κΪαζίκυ ήνοθάθέθ ςδΪξΪ
άλθθμάίμλμάνψσίζκνδθάθήλμάίιθζθημΪΰν
ΙκβνλμΪηθάδίάυμωΰηθέθνλμκθγλμάΪηίθΫοθήβζθλείήθάΪμφ
βηλμκνδπβωζλθθμάίμλμάνψσίέθκνδθάθήλμάΪιθζθημΪΰν
λθΫεψήΪωζβηβζΪεφηθίκΪλλμθωηβίιθάίκμβδΪεβζίΰήν
άΪκθρηθγιΪηίεφψβάυμωΰδθγκβλ
Ξνγβνρναιίρςλΰϊοηπ
ΙκθήίεΪγμίάλμθείςηβπίθμάίκλμβίηνΰηυοκΪαζίκθά
ΙκβνλμΪηθάδίχείδμκβρίλδθγβεβδθζΫβηβκθάΪηηθγέΪαθάυίβ
χείδμκβρίλδβίδθηξθκδβάΪκθρηθγιΪηίεβΫίαήνοθάθέθςδΪξΪ
ηίθΫοθήβζθιθλμΪάβμφιθήηίγιίκίέθκθήδνβα
ηίάθλιεΪζίηωψσίέθλωζΪμίκβΪεΪηΪικβζίκβαζίμΪεεΪβεβ
ξΪηίκηθέθεβλμΪηΪκΪλλμθωηββ ζζθμθληθάΪηβωάΪκθρηθγ
ιΪηίεβΜΪδβζθΫκΪαθζήθλμνιδηβΰηίγρΪλμβιΪηίεβΫνήίμ
ιίκίδκυμΌλενρΪίέΪαθάθγάΪκθρηθγιΪηίεβμΪδΰί
κίδθζίηήνίμλωνλμΪηθάβμφιίκίέθκθήδνηΪμθζΰίκΪλλμθωηββ
ΏλεβλμθείςηβπΪάυιθεηίηΪβαήίκίάΪιθδκθγμίιθάίκοηθλμφ
λκίαΪλιίπβΪεφηυζέίκζίμβδθζρμθΫυαΪσβμβμφίίθμήίγλμάβω
άεΪέβ
Λνμρίεξοηΰνοίοηπ
ιίζίμηδ Ικβ νλμΪηθάδί άΪκθρηθγ ιΪηίεβ βλιθεφανγμί αΪσβμηυί
ιίκρΪμδβ
ΑΪΰβζυβέίκζίμβρηΪωικθδεΪήδΪιθηβΰηίζνδκΪψάΪκθρηθγ
ιΪηίεβνλμΪηΪάεβάΪψμλωηΪαΪάθήίΗβάδθίζλενρΪίηί
ληβζΪγμίβοΔείωσΪωλωικθδεΪήδΪικίήθμάκΪσΪίμιθήμίδΪηβί
ΑΪδκίιείηβίικβΫθκΪηΪάλμκθίηηθγζίΫίεβ
ΙκΪάβεφηθκΪλιθεθΰβμίάΪκθρηνψιΪηίεφ
ΘλεΪΫφμίάβημυάλδθΫΪομΪδρμθΫυθηβλάθΫθήηθ
ιθάθκΪρβάΪεβλφΙθεηθλμφψάυάθκΪρβάΪμφάβημυάλδθΫΪοηί
μκίΫνίμλω
ΝλμΪηθάβμίάΪκθρηνψιΪηίεφάάυκίαίλμθείςηβπυβ
άυκθάηωγμίιθπίημκνΘμΰβζΪγμίδκΪωάΪκθρηθγιΪηίεβάηβα
ιθδΪθηβηίΫνήνμιεθμηθικβείέΪμφιθάλίζνιίκβζίμκν
ΙθάίκηβμίλδθΫυβιθεηθλμφψικβδκνμβμίβοΌβημυήεωλδθΫ
ήθεΰηυΫυμφκΪλιθεθΰίηυλμκθέθιίκιίηήβδνεωκηθδήην
δθκινλΪ
ΙθεθΰίηβίλδθΫαΪάβλβμθμμθεσβηυλμθείςηβπυ
ΑΪικίσΪίμλωικβδείβάΪμφικβΫθκδλμθείςηβπίλιθζθσφψ
λβεβδθηΪ
Γδλνμρίεαίονφμνθξίμδκη
ΘμλθίήβηβμίικβΫθκθμχείδμκθλίμββθμέΪαθικθάθήΪ
ΘμδκνμβμίάβημυαΪΰβζθάβιθάμθκβμίήίγλμάβωάυιθεηίηηυίάθ
άκίζωζθημΪΰΪάθΫκΪμηθζιθκωήδί
Ξνγικύφδμηδβίζίοηπ
ΙθήδεψρίηβίδέΪανήθεΰηθΫυμφθλνσίλμάείηθμΪδβζθΫκΪαθζ
ρμθΫυΫυελάθΫθήηυγήθλμνιδαΪιθκηθζνδκΪην
ΗΪδθηπίάινλδηθέθιΪμκνΫδΪάΪκθρηθγιΪηίεββζίίμλωκίαφΫΪ
ήβΪζίμκθζµ ζζιθαάθεωψσΪωθΫίλιίρβμφ
■ ΰίλμδθίλθίήβηίηβί
■ λθίήβηίηβίλέβΫδβζζίμΪεεβρίλδβζςεΪηέθζ
ζβη ήεβηΪ ζζΪδλ ήεβηΪ ζ
ΙκβδθηβρίλδθζλθίήβηίηββάλμΪάφμίικβηΪήείΰηθλμφιθή
ηθζίκθζβνιεθμηβμίεφιθήηθζίκθζ
ιθλμΪάεωψμλωάδθζιείδμίβεβζθένμΫυμφικβθΫκίμίηυά
λίκάβληθγλενΰΫίζίΰήνάινλδηθγμκνΫθγέΪαθάθγάΪκθρηθγ
ιΪηίεββμκνΫθγιθήάθήΪέΪαΪΚβλ
ΗίθΫοθήβζθβλδεψρβμφλθικβδθληθάίηβίςεΪηέΪλιθήάβΰηυζβ
ρΪλμωζβζίΫίεβάδθμθκνψάλμκΪβάΪίμλωάΪκθρηΪωιΪηίεφ
ηΪικβζίκλάυήάβΰηυζβωσβδΪζβΪμΪδΰίικθοθΰήίηβί
ςεΪηέΪάζίλμΪοδθμθκυίζθένμθδΪαΪμφλωαΪέκθζθΰήίηηυζβ
ΏλεβηίθΫοθήβζθλήίεΪμφιθήάθήδνέΪαΪέθκβαθημΪεφηθάηΪςίζ
λίκάβληθζπίημκίζθΰηθικβθΫκίλμβδθείηθμκνΫυΪκμβδνε
ΪμΪδΰίικθδεΪήδνΪκμβδνε3βλ D
: Πςψδπραςδρνξίπμνπρϋςρδφιηβίζί
Ιθλείάηίλίηβωβαζίηίηβγάλθίήβηβμίεφηνψδθηλμκνδπβψ
ικθάίκφμίίίέίκζίμβρηθλμφ
ΙκθβαάθήβμίεφηίηίλίμθμάίμλμάίηηθλμβαΪνμίρδνέΪαΪά
λθίήβηίηβωοάυιθεηίηηυοιθεφαθάΪμίείζβεββλιθεηβμίείζ
ζθημΪΰηυοκΪΫθμ
Ξνγικύφδμηδιόκδιρονπδρηοηπ
ΎΪηηυγικβΫθκθμηθλβμλωδδεΪλλν´<µηίήθινλδΪίμλωαΪζίηΪ
δΪΫίεωιβμΪηβωιθεφαθάΪμίείζχμθζθΰίμήίεΪμφμθεφδθ
λίκάβληυγπίημκΗίθΫοθήβζθνρβμυάΪμφμβιδΪΫίεωβίέθ
ζβηβζΪεφηθίλίρίηβί
ΌΪκθρηυίιΪηίεβιθλμΪάεωψμλωλδΪΫίείζιβμΪηβωδθμθκυγ
ζθΰίμηίβζίμφςμίιλίεφηθγάβεδβ
ΙκβΫθκυληΪΫΰίηηυίςμίιλίεφηθγάβεδθγζθΰηθιθήδεψρΪμφ
μθεφδθδκθαίμδΪζλικΪάβεφηθνλμΪηθάείηηυζαΪαίζείηβίζ
ΗίθΫοθήβζθικίήνλζθμκίμφκΪαζυδΪψσίίνλμκθγλμάθήεωάλίο
ιθεψλθάικβΫθκΪλάθαήνςηυζαΪαθκθζζίΰήνδθημΪδμΪζβηί
ζίηίί ζζαΪβλδεψρίηβίζλενρΪίάιθήλθίήβηίηβωλ
βλιθεφαθάΪηβίζκθαίμδβίλεβιθεφαθάΪμίεφβζίίμδηίγήθλμνι
Ώγίξρίυηώιγοςβνλςαηγςβίζί
ΏλεβχμθκΪακίςίηθηθκζΪζβλμκΪηυήΪηηυγικβΫθκζθΰηθ
ηΪλμκθβμφήεωβλιθεφαθάΪηβωλήκνέβζβάβήΪζβέΪαΪλζ
μΪΫεβρδνλοΪκΪδμίκβλμβδΪζβΗίθΫοθήβζυίήεωχμθέθήίμΪεβ
ηΪοθήωμλωάιθλμΪάεωίζθζληίδθμθκυζβζθήίεωζβηΪΫθκίήεω
ΪήΪιμΪπββ δθμθκυγ μΪδΰί ζθΰηθ ικβθΫκίλμβ ά ηΪςίζ λίκάβληθζ
πίημκί
Αμηλίμηδ ΙθλείθδθηρΪηβωκΪΫθμυηΪδείγμίκωήθζλμΪΫεβρδθγ
λοΪκΪδμίκβλμβδΪζβάΪκθρηθγιΪηίεβχμβδίμδνλνδΪαΪηβίζ
ηθάθέθάβήΪέΪαΪ
ΗίθΫοθήβζθάυιθεηβμφλείήνψσβίήίγλμάβω
Ζίλδμίσνοπςμνιγκώβνοδκιηξναϊχδμμνθλνψμνπρη
πρίμγίορμνθβνοδκιηηόινμνληφμνθινμσνοιηαίονφμνθ
ξίμδκη οηπ
ΛηβζβμίκίςίμδβδκυςδβέθκίεθδβκΪλλίδΪμίεβ
ΑΪζίηβμίΰβδείκυλιθζθσφψδεψρΪβζίψσίέθλωάικθήΪΰί
άηΪςίζλίκάβληθζπίημκίΪκμβδνελζκβλ
μσΪμίεφηθλείήωαΪμίζρμθΫυάικθπίλλίληωμβωΰβδείκΪβεβ
ίέθαΪδκίιείηβωηΪέθκίεδίθηηίλθλδθρβε
ΝΫίήβμίλφάμθζρμθΰβδείκυμσΪμίεφηθικβΰΪμυρμθΫυ
θΫίλιίρβμφέίκζίμβρηθλμφέθκίεθδ
ΌήΪηηυοέθκίεδΪοηίηνΰηθικθβαάθήβμφκίένεβκθάδνιθήΪρβ
ιίκάβρηθέθάθαήνοΪ
ΝλμΪηθάβμί κΪλλίδΪμίεβ β δκυςδβ έθκίεθδ ηΪ λθθμάίμλμάνψσβί
δθηξθκδβΜΪδΰίλείήνίμήθεΰηυζθΫκΪαθζνλμΪηθάβμφ
κίςίμδβ
Ζίλδμίσνοπςμνιγκώβνοδκνιπγανθμϊλξκίλδμδλ
ΎεωαΪζίηυξθκλνηθδηίθΫοθήβζθληωμφλμίδεωηηνψιΪηίεφλ
ικθξβεωζβικβΫθκΪΛμίδεωηηΪωιΪηίεφλθίήβηίηΪλθλμΪεφηθγ
ρΪλμφψάΪκθρηθγιΪηίεβλιθζθσφψαΪΰβζθά
Πμώρηδπρδικώμμνθξίμδκηπξονσηκώληοηπ
Ληβζβμίάλίκίςϋμδβήεωιθλνήυδκυςδβέθκίεθδ
ιεΪζίκΪλλίδΪμίεββεβδθκινλυέθκίεθδ
Όυδκνμβμίάβημυέθκίεθδ
ΒλιθεφανγμίήίζθημΪΰηυγκυρΪέδθμθκυγζθΰηθικβθΫκίλμβ
ρίκίαηΪςνλίκάβληνψλενΰΫνδθήΛιθζθσφψ
κυρΪέΪθλεΪΫφμίιίκίήηβγαΪΰβζηΪνρΪλμδίιθδΪαΪηηθζηΪ
κβλάαΪάβλβζθλμβθμζθήίεβάΪκθρηθγιΪηίεβ
Αμηλίμηδ
Βλιθεφανγμί κυρΪέ ά θΫεΪλμβ μθεφδθ μίο λμίδεωηηυο δκθζθδ ήεω
δθμθκυοικίήνλζθμκίηικθξβεφβεβκΪζδΪ
ΘλεΪΫφμίαΪήηβγαΪΰβζθλμθκθΰηθικβιθήηβζΪωλμίδεωηηνψ
ιΪηίεφλικθξβεωζβ
Ζίλδμίαμδχμδθσνοπςμιηξκίλδμηοηπ D
Όυάίκηβμί δκίιϋΰηυγ Ϋθεμ / β θμμωηβμί άμνεδν / ηΪαΪή ρμθΫυ
θΫίλιίρβμφήθλμνιδέεΪάηθγξθκλνηδίκβλ D
ΒαάείδβμίάηίςηψψξθκλνηδνιεΪζίηβιθάίκηνάίϋάείάθ
κβλ DD
ΌδκνμβμίηθάνψάηίςηψψξθκλνηδνιεΪζίηβκβλ DDΛζ
μΪΫεβπν
ΝλμΪηθάβμίκΪλλμθωηβίήεωκίένεβκθάθρηθγάμνεδβιθήΪρβ
άθαήνοΪ/κβλ DηΪαηΪρίηβί=δΪδνδΪαΪηθάμΪΫεβπί

ΑΪμωηβμίδκίιϋΰηυγΫθεμ/κβλ D
Ζίλδμίαμςροδμμδθσνοπςμιηξκίλδμηοηπ E
ΘμδκνμβμίρΪλμφ0θμρΪλμβληΪΫΰϋηηθγκίαφΫθγΎεωχμθέθ
ικβήίκΰβάΪγμίληΪΫΰϋηηνψκίαφΫθγρΪλμφκβλ E
ΒαάείδβμίάμνεδνβαρΪλμβ0κβλ E
Ληβζβμίχείζίημ00ρΪλμβ0κβλ EE
ΒαάείδβμίάηνμκίηηψψξθκλνηδνιεΪζίηβ0βαρΪλμβ0
κβλ EE
ΌδκνμβμίηθάνψάηνμκίηηψψξθκλνηδνιεΪζίηβκβλ EE
ΛζμΪΫεβπν
πρίμναιίξοηΰνοί
ΝλμΪηθάβμίάλίδθζιθηίημυάθΫκΪμηθζήεωήίζθημΪΰΪιθκωήδί
Μίπρονθιίβίζναϊτιοίμνα
ΎεωηΪλμκθγδβέΪαθάυοδκΪηθάηίθΫοθήβζθληωμφαΪσβμηνψ
ιΪηίεφέΪαθάθγάΪκθρηθγιΪηίεββχείδμκθηηνψιεΪμν
Πμώρηδζίψηρμνθξίμδκη
ΛηβζβμίλμίδεωηηνψιΪηίεφλικθξβεωζβδΪδθιβλΪηθά
κΪαήίεί ΛηωμβίλμίδεωηηθγιΪηίεβλικθξβεωζβ
Πμώρηδόκδιρονμμνθξκίρϊοηπ
ΧείδμκθηηΪωιεΪμΪαΪξβδλβκθάΪηΪηΪήίκΰΪμίείιθΫθδΪζβά
λίκίήβηί λ ιθζθσφψ δκίιϋΰηυο ςμβξμθά Θλμθκθΰηθ ηΪΰζβμί
ηΪδκίιϋΰηυίςμβξμυμΪδρμθΫυηίιθάκίήβμφβοΏλεβ
λεθζΪίμλωθήβηςμβξμηίθΫοθήβζθαΪζίηβμφάίλφήίκΰΪμίεφ
Ύεωχμθέθάυιθεηβμίλείήνψσίί
ΘλεΪΫφμίςμβξμυλθήηθγλμθκθηυ
ΘλεΪΫφμί λκίήηβί ςμβξμυ Ύεω χμθέθ ηΪΰζβμί ιΪεφπΪζβ λ θΫίβο
λμθκθη
ΘλεΪΫφμίςμβξμυηΪήκνέθγλμθκθηίβληβζβμίχείδμκθηηνψ
ιεΪμν
Αμηλίμηδ
ΛχείδμκθηηθγιεΪμθγλείήνίμθΫκΪσΪμφλωθλμθκθΰηθ
ΒλιθεφανγμίλκίήλμάθΪημβλμΪμβρίλδθγαΪσβμυβεβ
νήίκΰβάΪγμίχείδμκθηηνψιεΪμναΪδκΪωΗβδθέήΪηί
ικβδΪλΪγμίλφδιθάίκοηθλμωζλήθκθΰδΪζββεβδδθζιθηίημΪζ
Ληβζβμί πβεβηήκβρίλδβί ήίμΪεβ β ικνΰβηυ ά λμίκΰηί έΪαθάθέθ
δκΪηΪ
Οδβςκηοναιίΰίθξίπίοηπ
ΛζμΪΫεβπνκβλ ικβηίθΫοθήβζθλμβκίένεβκθάθρηυί
άβημυ 0ζθΰηθθμκίένεβκθάΪμφλιθζθσφψθμάϋκμδβ725;
κβλ
$κίένεβκθάθρηυίάβημυ ήθεΰηυΫυμφαΪμωηνμυ
%κίένεβκθάθρηυίάβημυ ήθεΰηυιεθμηθικβείέΪμφδ
νέενΫείηβψ
ΝΫίήβμίλφρμθικβιθάθκθμίκίένεωμθκΪθμλΪζθγάυλθδθγήθ
λΪζθγ ηβαδθγ λμνιίηβ έθκίεδΪ ηί άυδεψρΪίμλω β ηί ικθβλοθήβμ
θμήΪρβιεΪζίηβ
πρίμναιίόκδιρονμμνθξκίρϊηζίψηρμνθξίμδκη
ΌυιθεηβμίήίγλμάβωάθΫκΪμηθζήεωήίζθημΪΰΪιθκωήδί
ΗβδθέήΪηίληβζΪγμίθλφέΪαθάθέθδκΪηΪΙκβιθάκίΰήίηββ
δθζιθηίημθάέΪαθάθέθδκΪηΪαΪζίηβμίίέθ
Ιίκηΰοναιίόκδιρονμηιη
ΙθλείζθημΪΰΪικβΫθκΪικθάίήβμίδΪεβΫκθάδνχείδμκθηβδβ
λθέεΪληθκβλνηδν
ΗβδθέήΪηίληβζΪγμίθλφέΪαθάθέθδκΪηΪΌλενρΪί
ιθάκίΰήίηβωλείήνίμιθεηθλμφψαΪζίηβμφέΪαθάυγδκΪη
tr
ô
0RQWDMN×ODYX]X
*YHQOLN|QHULOHUL
&LKD]×NXUPDGDQYH\DNXOODQPDGDQ|QFHWDOLPDWODU×RNX\XQX]
%XWDOLPDWODUGD\HUDODQUHVLPOHUELOJLOHQGLUPHDPDoO×G×U
%X N×ODYX]GDNL NXUDOODUD X\XOPDG×ù× WDNGLUGH UHWLFL KHUKDQJL
ELUVRUXPOXOXNWDQPXDIRODFDNW×U
%X FLKD] \DOQ×]FD \HWHULQFH KDYDODQG×U×ODQ \HUOHUGH NXOODQ×OPDO×G×U
+HUKDQJLELU\DQPDUQOHULWDKOL\HFLKD]×QDEDùODQPDPDO×G×U
%WQNXUXOXPEDùODQW×D\DUODPDYHJD]WLSLQHJ|UH
X\DUODPDLüOHPOHUL\HWNLOLELUWHNQLV\HQWDUDI×QGDQONHGHNL
VWDQGDUWODUD YH \UUONWHNL NDQXQL \|QHUJHOHU LOH \HUHO JD] YH
HOHNWULNWHGDULNoLVLüLUNHWLQWDOLPDWODU×QDX\JXQRODUDN
JHUoHNOHüWLULOPHOLGLU+DYDODQG×UPDLOHLOJLOLJHoHUOL
G]HQOHPHOHUH|]HOELUGLNNDWJ|VWHULOHFHNWLU
'LùHUJD]WLSOHULQHX\DUODPDJHUHNWLùLQGH7HNQLN6HUYLVLPL]L
oDù×UPDQ×]|QHULOLU
%XFLKD]HYGHNXOODQ×PLoLQWDVDUODQP×üW×UWLFDULYH\DSURIHV\RQHO
DPDoODUOD NXOODQ×ODPD] %X FLKD] \DW YH\D NDUDYDQODUD NXUXODPD]
*DUDQWLVDGHFHWDVDU×PDPDF×QDX\JXQNXOODQ×OPDV×GXUXPXQGD
JHoHUOLGLU
.XUXOXPGDQ|QFH\HUHOJD]WHGDULNüDUWODU×Q×Q|]HOOLNSODNDV×QGD
\HUDODQFLKD]G]HQOHPHVL\OHJD]×Q|]HOOLùLYHEDV×QF×Jo
YROWDMX\XPOXROXSROPDG×ù×Q×NRQWUROHGLQL]
+HUKDQJLELULüOHPGHQ|QFHFLKD]×QJD]YHHOHNWULN
EHVOHPHVLQLNHVLQL]
(OHNWULNNDEORVXI×U×QYH\DSLüLUPHWH]JDK×Q×QV×FDNN×V×PODU×QD
WHPDVHWPHPHVLLoLQPXWIDNPRELO\DV×QDVDELWOHQPHOLGLU
(OHNWULNEHVOHPHVLLOHoDO×üDQFLKD]ODU×QWPEDùODQW×ODU×PXWODND
WRSUDNODQPDO×G×U
&LKD]×QLoN×VP×Q×NXUFDODPD\×Q×]*HUHNLUVH7HNQLN6HUYLVLPL]L
oDù×U×Q×]
.XUXOXPGDQ|QFH
%X(1JD]O×FLKD]ODUQRUPXQDJ|UHV×Q×IELUFLKD]G×U
PRELO\D\DJ|PPHFLKD]
%XFLKD]ODUNHQGLLoOHULQGHYHYH\DD\Q×PDUND\DDLWJHOHQHNVHO
SLüLUPHWH]JDKODU×LOHHNDNVHVXDUODUNXOODQ×ODUDNELUOHüWLULOHELOLU
.DWDORùDEDN×Q×]
&LKD]×QPRQWHHGLOGLùLPRELO\DG]JQüHNLOGHVDELWOHQPLüYH
KDUHNHWVL]ROPDO×G×U
&LKD]\DN×Q×QGDNLPRELO\DODU\]H\NDSODPDODU×YHEXQODU×
ELUELULQH\DS×üW×UDQWXWNDO\DQ×F×ROPDPDO×YH×V×\DGD\DQ×NO×
ROPDO×G×U
%XFLKD]EX]GRODE×oDPDü×UPDNLQHVLEXODü×NPDNLQHVLYH
EHQ]HULHü\DODU×Q]HULQHNXUXODPD]
3LüLUPHWH]JDK×Q×ELUI×U×Q×Q]HULQHNXUPDNLoLQEXI×U×Q\DSD\ELU
KDYDODQG×UPD\DVDKLSROPDO×G×U)×U×Q×QER\XWODU×Q×NXUXOXP
N×ODYX]XQGDQNRQWUROHGLQL]
+DYDODQG×UPD NXUDUNHQ NXUXOXP N×ODYX]XQX GLNNDWH DO×Q×] SLüLUPH
WH]JDK×QDPLQLPXPGLNH\X]DNO×ùDX\XQX]ûHNLO
0RELO\DQ×QKD]×UODQPDV×ûHNLO
dDO×üPD\]H\LQLQ]HULQHEHOLUWLOHQ|OoOHUGHELUNHVLNDo×Q×]
&LKD]×Q×]HOHNWULNOLYH\DoRNOXJD]YHHOHNWULNLVHYHDOW×QGDI×U×Q
EXOXQPX\RUVDFLKD]×QWDEDQ×QDPPX]DNRODFDNüHNLOGH
\DQPD]PDO]HPHGHQ\DS×OP×üELUD\UDo\HUOHüWLULQL]|UQHùLQ
PHWDO\DGDDKüDSNRQWUSODN%|\OHFHDOWN×VPDJLULüHQJHOOHQPLü
ROXU&LKD]×Q×]JD]O×LVH\LQHD\Q×PHVDIHGHELUD\UDo
\HUOHüWLULOPHVLWDYVL\HHGLOLU
$KüDSoDO×üPDWH]JkKODU×QGDNHVLP\]H\LQLQHPGHQNRUXPDN
DPDF×\OD|]HOELUFLODLOHYHUQLNOH\LQL]
&LKD]×QNXUXOXPXûHNLO
%LOJL 2FDù×QPRQWDM×LoLQNRUX\XFXHOGLYHQNXOODQ×Q×]
%UDNHWOHU YH \DS×üW×U×F× FRQWD RFDù×Q DOW NHQDU× |QFHGHQ IDEULNDGD
WDN×OP×üW×U+LoELUNRüXODOW×QGDEXQODU×o×NDUWPD\×Q×]<DS×üW×UPD
FRQWDV×V×]×QW×\×HQJHOOHU
&LKD]×QPRQWDM×Q\DS×ODFDù×PRELO\DODUDPRQWDM×LoLQ
2FDù×GRùUXSR]LV\RQDoHYLULQL]
%UDNHWF×YDWDODU×Q×NROD\FDG|QHQHNDGDUJHYüHWLQL]%UDNHW
F×YDWDODU×Q×WDPDPHQV|NPHNJHUHNOLGHùLOGLU
2FDù×oDO×üPDWH]JDK×NHVLGLQH\HUOHüWLULQL]YHPHUNH]OH\HUHN
KL]DOD\×Q×]*D]O×RFDù×\DQODU×QGDQDüDù×EDVW×UDUDNNHQDUODUD
WDPRODUDNRWXUPDV×Q×VDùOD\×Q×]
%UDNHWOHUL G|QGUQ] YH V×N×FD YLGDOD\×Q×] 6×N×üW×UPD F×YDWDODU×
J|YGHWDEDQ×QDGLNH\NRQXPGDROPDO×G×U
%UDNHWOHULQSR]LV\RQXoDO×üPDWH]JDK×Q×QSR]LV\RQXQDEDùO×G×U
&LKD]VLOLNRQODoDO×üPDWH]JDK×QD\DS×üW×U×ODPD]
&LKD]×QV|NOPHVL
&LKD]×QHOHNWULNYHJD]EDùODQW×V×Q×NDSDW×Q×]
.OLSVOHULo×NDU×Q×]YHPRQWDM×QWHUVLELUV×UD\ODGHYDPHGLQL]
*D]O×EDùODQW×ûHNLO
*D]EDùODQW×V×NDSDWPDPXVOXùXQDHULüLOHELOLQHFHNüHNLOGH
\DS×OP×üROPDO×G×U
*D]O×SLüLUPHWH]JDK×JLULüEDùODQW×V×Q×QXFX··OLN PP
ELU\LYLOHGRQDW×OP×üW×UEXDüDù×GDNLOHULVDùODU
■ 'D\DQ×NO×ELUEDùODQW×
■ (VQHNPHWDOERUXOXEDùODQW×/ PLQ PPDNV P
.RQLNELUEDùODQW×HOGHHWPHNLVWL\RUVDQ×]QXPDUDO×
DNVHVXDUSDUoDV×Q×YHQXPDUDO×FRQWD\×WHVOLPDW
NDSVDP×QDGDKLOGLUYH\DPüWHULKL]PHWOHULQGHQWHPLQHGLOHELOLU
JD] RFDù×Q×Q JLULü ERUXVX LOH JD] KDWW× DUDV×QD PRQWH HGLQL] 5HVLP
%RUXQXQDQNDVWUHQLWHVLQLQKDUHNHWOLN×V×PODU×LOH|UQHùLQELU
oHNPHFHWHPDVHWPHVLQLYHHQJHOOHQHELOHFHN\HUOHUGHQJHoLüLQL
|QOH\LQL]
*D]O×EDùODQW×Q×]×\DWD\RODUDNEDùODPDQ×]JHUHNLUVH7HNQLN
6HUYLVLPL]VL]HNRGQXPDUDV×RODQELUGLUVHNYHNRG
QXPDUDV×RODQELUFRQWDVDùOD\DELOLUûHNLO D

: 6×]×QW×WHKOLNHVL
+HUKDQJLELUEDùODQW×GHùLüLNOLùLJHUHNOLROGXùXQGDV×]G×UPD\DS×S
\DSPDG×ù×Q×NRQWUROHGLQL]
+HUKDQJLELUJD]EDùODQW×V×NXUFDODQPDVRQXFXV×]×QW×\DSW×ù×
WDNGLUGHUHWLFLILUPDVRUXPOXOXNNDEXOHWPH]
(OHNWULNOLEDùODQW×ûHNLO
%X FLKD] ´<µ WLSLQGHQGLU *LULü NDEORVX NXOODQ×F× WDUDI×QGDQ 7HNQLN
6HUYLVROPDGDQGHùLüWLULOHPH].DEORWLSLQHYHPLQLPXPNDO×QO×ùD
GLNNDWHWPHNJHUHNPHNWHGLU
3LüLUPHWH]JDKODU×ILüOLYH\DILüVL]ELUEHVOHPHNDEORVXLOHELUOLNWH
WHGDULNHGLOLU
)LüOHULRODQFLKD]ODUVDGHFHX\JXQüHNLOGH\HUOHüWLULOPLü
WRSUDNODPDJLULüOLSUL]NXWXODU×QDEDùODQPDO×G×U
0LQLPXPNRQWDNDo×NO×ù× PPRODQELURPQLSRODUDN×PNHVLFL
WHPLQHGLOPHOLGLUSUL]OLEDùODQW×ODUKDULoHùHUNXOODQ×F×WDUDI×QGDQ
HULüLOHELOL\RUVD
*D]WLSLQLQGHùLüWLULOPHVL
hONHVWDQGDUWODU×L]LQYHUGLùLWDNGLUGHFLKD]IDUNO×JD]WLSOHULQH
X\DUODQDELOLU|]HOOLNOHUWDEORVXQDEDN×Q×]%XQXQLoLQJHUHNOLRODQ
SDUoDODUPRGHOHJ|UHWHPLQHGLOHQYH\D7HNQLN6HUYLVLPL]GH
PHYFXWEXOXQDQWUDQVIRUPDV\RQGRQDQ×PoDQWDV×QGD
EXOXQPDNWDG×U
gQHPOL6RQRODUDN\HQLJD]WLSLQLJ|VWHUHQHWLNHWL|]HOOLNOHU
WDEORVXQXQ\DQ×QD\DS×üW×U×Q×]
Į]OHQHFHNDG×PODUüXüHNLOGHGLU
2FDNWDNLJoOQRUPDOYHHNRQRPLNEUO|UOHULQ
HQMHNW|UOHULQLQGHùLüWLULOPHVL ûHNLO
,]JDUDODU×EUO|UNDSDNODU×Q×YHDOHYGDù×W×F×ODU×o×NDU×Q×]
7HNQLN6HUYLVLPL]GHQNRGQXPDUDV×LOHWHPLQ
HGLOHELOHFHNRODQDQDKWDU×NXOODQDUDNEUO|UXoODU×Q×GHùLüWLULQL]
EN]ûHNLO EUO|UHWDNDUNHQYH\Do×NDU×UNHQEUO|UXFXQXQ
GüPHPHVLQHGLNNDWHGLQL]
6×]G×UPD]O×ù×JDUDQWLHWPHNLoLQL\LFHV×N×OG×ù×QGDQHPLQROXQX]
%XEUO|UOHUGHSULPHUKDYDG]HQOHPHVLQLJHUoHNOHüWLUPH\H
JHUHN\RNWXU
$OHYGDù×W×F×ODU×YHEUO|UNDSDNODU×Q×LOJLOLN×V×PODU×QDWDN×Q×]
$\U×FD×]JDUDODU×QX\JXQRODUDNWDN×OPDV×JHUHNOLGLU
dLIWDOHYOLEUO|UOHULQPHPHOHULQLQGHùLüWLULOPHVL
0HPHOHULQGHùLüWLULOPHVLLoLQFDPSODNDQ×QFLKD]SURILOOHUL\OH
ELUOLNWH V|NOPHVL JHUHNOLGLU &DP SODND RFDù×Q JHUL NDODQ N×VP×QD
ELUNOLSVVLVWHPLLOHEDùODQP×üW×U
&DPSODNDQ×QSURILOOHUOHELUOLNWHV|NOPHVLûHNLO
7PRFDN×]JDUDODU×Q×EUO|UNDSDNODU×Q×EUO|UELOH]LNOHULQLYE
EUO|UEDüO×ù×QGDQo×NDU×Q×]
%UO|UQYLGDODU×Q×V|NQ]
0üWHULKL]PHWOHULPL]GHQWHPLQHGHELOHFHùLQL]V|NPHNROXQX
NXOODQ×Q×]NRG.RO\DUG×P×\ODRFDNPRGHOLQHEDùO×
RODUDNûHNLOGHJ|VWHULOHQNRQXPGDEXOXQDQ|QNOLSV
VDELWOHPHVLQLV|NQ]
'LNNDW
.ROXVDGHFHELUSURILOHYH\DoHUoHYH\HWHPDVHGHQFDP
NHQDUODU×QGDNXOODQ×Q×]
&DPSODND\×SURILOOHUOHELUOLNWHGLNNDWOLFHNDOG×UDUDNDUNDNOLSV
VDELWOHPHVLQLV|NQ]
'×üDOHYPHPHVLQLQLQGHùLüWLULOPHVLûHNLO D
6DELWOHPHYLGDV×/LV|NQ]YHDQDPHPH\HGDKDUDKDW
XODüDELOPHNLoLQNRYDQ/\LDUND\DoHNLQL]ûHNLO D
6RODoHYLUHUHNG×üDOHYPHPHVLQLG×üDU×oHNLQL]ûHNLO DD
<HQLG×üDOHYPHPHVLQLV×N×FDYLGDOD\×Q×]ûHNLO DD%N]
ûHNLO
/KDYDEHVOHPHVLûHNLO DLoLQNRQWURONRYDQ×Q×QPHVDIHVLQL
WDEORGDEHOLUWLOHQ=|OoVQHD\DUOD\×Q×]%N]ûHNLO
6DELWOHPHYLGDV×/LV×N×Q×]ûHNLO D
ĮoDOHYPHPHVLQLQLQGHùLüWLULOPHVLûHNLO E
3DUoD0GLüOLRODQSDUoD\HYLGDOD\×Q×]%XQXQLoLQGLüOL
SDUoD\×NRQWUDWXWXQX]ûHNLO E
.RYDQ×SDUoD0GHQG×üDU×oHNLQL]ûHNLO E
3DUoD0LQ00ELULPLQLV|NQ]ûHNLO EE
ĮoDOHYPHPHVL0SDUoD0GHQG×üDU×oHNLQL]ûHNLO EE
<HQLLoDOHYPHPHVLQLV×N×FDYLGDOD\×Q×]ûHNLO EE%N]
ûHNLO
&LKD]×QPRQWHHGLOPHVL
7PSDUoDODU×V|NPHLüOHPLQGHNLV×UD\×WHUVWHQX\JXOD\DUDN
PRQWHHGLQL]
*D]YDQDODU×Q×QD\DU×
*D]YDQDODU×Q×D\DUODPDNLoLQRFDNNDSDù×Q×V|NQ]YH
HOHNWURQLNNDUW×Q×o×NDU×Q×]
.DSDù×QV|NOPHVL
&DPSODND\×SURILOOHUOHELUOLNWHV|NQ]EXQXQQDV×O\DS×ODFDù×
&DPSODNDQ×QSURILOOHUOHELUOLNWHV|NOPHVLE|OPQGH
Do×NODQP×üW×U
(OHNWURQLNNDUW×Q×QV|NOPHVLûHNLO
(OHNWURQLNNDUW×VDELWOHPHSLPOHUL\OH\DQODUGDQYHWXWXFX\OD
RUWDGDQVDELWOHQPLüWLU6DELWOHPHSLPOHULQHGLNNDWOLFHEDVW×U×Q×]
DPDSLPOHUHKDVDUYHUPH\LQL]%LUSLPN×U×O×UVDWPWXWXFXQXQ
GHùLüWLULOPHVLJHUHNOLGLU
%XQXQLoLQDüDù×GDNL\|QWHPLNXOODQ×Q×]
%LUWDUDIWDNLSLPOHULV|NQ]
2UWDGDNL SLPOHUL V|NQ] %XQXQ LoLQ SDUPDNODU×Q×]OD LNL \DQGDQ
EDVW×U×Q×]
'LùHUWDUDIWDNLSLPOHULV|NQ]YHHOHNWURQLNNDUW×Q×o×NDUW×Q×]
'LNNDW
(OHNWURQLNNDUW×QDGLNNDWHGLQL]$QWLVWDWLNNRUX\XFXNXOODQ×Q×]
YH\DNHQDUODU×QGDQV×N×FDWXWXQX]$VOD\]H\OHUHYH\DKDWODUD
VDKLSELOHüHQOHUHGRNXQPD\×Q×]
*D]YDQDV×Q×QüDIW×QGDNL\D\ODU×YHVLOLQGLULNSDUoDODU×o×NDUW×Q×]
%D\SDV×QNRQWUROHGLOPHVLûHNLO
%N]7DEORûHNLO ED\SDVYLGDODU×Q× 0JHUHNLUVHELU7RU[
WRUQDYLGDLOHD\DUOD\×Q×]ûHNLO
$%D\SDVYLGDODU×V×N×OPDO×G×U
%%D\SDVYLGDODU×VRNHWHWHPDVHGHFHNELoLPGHNDSDW×OPDO×G×U
.XPDQGDGùPHVLQLoHYLUHUHNEUO|UQHQ\NVHN
NDGHPHVLQGHQHQGüNNDGHPHVLQHJHoHUNHQDOHYLQ
V|QPHGLùLQGHQYHELUDOHYWHSPHVLROPDG×ù×QGDQHPLQROXQX]
(OHNWURQLNNDUW×Q×QYHNDSDù×QWDN×OPDV×
6|NPHLüOHPLQGHNLDG×PODU×WHUVV×UD\ODX\JXOD\×Q×]
$VODJD]YDQDV×DNV×Q×V|NPH\LQL]*D]YDQDV×SDUoDODU×Q×Q
KDVDUJ|UPHVLGXUXPXQGDEXQODU×GHùLüWLULQL]
(OHNWURQLNVLVWHPNDOLEUDV\RQX
<HQLFLKD]PRQWHHGLOGLùLQGHHOHNWURQLNVLVWHPNDOLEUDV\RQXQX
üHNLOX\DU×QFD\UWQ]
$VODJD]YDQDV×DNV×Q×V|NPH\LQL]%LUKDVDUGXUXPXQGDJD]
YDQDV×Q×QNRPSOHGHùLüWLULOPHVLJHUHNLU
