
*9001093729*
Ø 0RQWDJHDQOHLWXQJ
é ,QVWDOODWLHYRRUVFKULIW
Þ 1RWLFHGHPRQWDJH
â ,VWUX]LRQLSHULOPRQWDJJLR
× 0RQWHULQJVYHMOHGQLQJ
Ý $VHQQXVRKMH
ê 0RQWHULQJVYHLOHGQLQJ
ó 0RQWHULQJVDQYLVQLQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
%
PLQ
:
5
$
$
$ PLQ
:
!
%
PLQ
=
PLQ
PLQ
=
[
&
D
PLQ
PLQ
E
PLQ
PLQ
PLQ

$WWHQWLRQ
3(
6
6

de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
6LFKHUKHLWVKLQZHLV'LH6LFKHUKHLWEHLP*HEUDXFKGHV*HUlWHV
LVWQXUJHZlKUOHLVWHWZHQQGHU(LQEDXWHFKQLVFKNRUUHNWXQG
JHPlGLHVHU0RQWDJHDQOHLWXQJYRUJHQRPPHQZXUGH)U6FKl
GHQGLHGXUFKHLQHQXQVDFKJHPlHQ(LQEDXHQWVWHKHQKDIWHW
GHU0RQWHXU
1DFK GHU ,QVWDOODWLRQ LVW VLFKHU]XVWHOOHQ GDVV GHU %HQXW]HU NHLQHQ
=XJDQJ]XGHQHOHNWULVFKHQ%DXWHLOHQKDW
'LHVHV*HUlWLVW]XU9HUZHQGXQJLQ+|KHQYRQELV]X
0HWHUQ]XJHODVVHQ
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
(OHNWULVFKHU$QVFKOXVV(UPXVVYRQHLQHPNRQ]HVVLRQLHUWHQ
)DFKPDQQYRUJHQRPPHQZHUGHQ'DEHLJHOWHQGLH%HVWLPPXQ
JHQGHU|UWOLFKHQ6WURPYHUVRUJHU
'DV*HUlWPXVVDQHLQHUIHVWHQ,QVWDOODWLRQDQJHVFKORVVHQVHLQ
XQGJHPlGHQ,QVWDOODWLRQVYRUVFKULIWHQPVVHQHQWVSUHFKHQGH
7UHQQVFKDOWHUHLQJHULFKWHWZHUGHQ
$QVFKOXVVW\SHQ'DV*HUlWJHK|UW]XU6FKXW]NODVVH ,XQGGDUI
QXULQ.RPELQDWLRQPLWHLQHPJHHUGHWHQ$QVFKOXVVYHUZHQGHW
ZHUGHQ
'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIU%HWULHEVVW|UXQ
JHQRGHUP|JOLFKH6FKlGHQGLHDXIHLQHIHKOHUKDIWHHOHNWULVFKH
,QVWDOODWLRQ]XUFN]XIKUHQVLQG
1HW]NDEHO 'DV1HW]NDEHOGDUIQXUYRQHLQHUDXWRULVLHUWHQ)DFK
NUDIWRGHUHLQHPDXVJHELOGHWHQ.XQGHQGLHQVWWHFKQLNHULQVWDOOLHUW
ZHUGHQ
(LQEDXP|JOLFKNHLWHQXQWHUGHU$UEHLWVSODWWH'DV,QGXNWLRQV
NRFKIHOG NDQQ QXU EHU %DFN|IHQ PLW /IWXQJ GHUVHOEHQ 0DUNH LQV
WDOOLHUWZHUGHQ8QWHUGHP.RFKIHOGN|QQHQNHLQH.KOVFKUlQNH
6SOPDVFKLQHQgIHQRKQH/IWXQJRGHU:DVFKPDVFKLQHQHLQJH
EDXWZHUGHQ
$E]XJVHVVH'HU$EVWDQG]ZLVFKHQGHU$E]XJVHVVHXQGGHP
.RFKIHOGPXVVPLQGHVWHQVGHPLQGHU0RQWDJHDQOHLWXQJIUGLH
$E]XJVHVVHDQJHJHEHQHQ$EVWDQGHQWVSUHFKHQ
.RFKIHOGXQG%DFNRIHQ%HLGHPVVHQYRQGHUJOHLFKHQ0DUNH
VHLQXQGEHUGLHJOHLFKHQ$QVFKOVVHYHUIJHQ $EE
'DV *UQ GHV $XINOHEHUV DP 1HW]NDEHO GHV .RFKIHOGHV PXVV GHP
*UQGHV$XINOHEHUVDP%DFNRIHQHQWVSUHFKHQ7ULIIWGLHVQLFKW
]X PXVV HLQ JHHLJQHWHU $GDSWHU EHLP 7HFKQLVFKHQ .XQGHQGLHQVW
EHVWHOOWZHUGHQ'LH5HIHUHQ]QXPPHUIUGHQ$GDSWHUODXWHW
$UEHLWVSODWWH6LHPXVVHEHQKRUL]RQWDOXQGVWDELOVHLQ'LH
$QZHLVXQJHQGHV$UEHLWVSODWWHQ+HUVWHOOHUVEHDFKWHQ
■ 'LH $UEHLWVSODWWH LQ GLH 6LH GDV .RFKIHOG HLQEDXHQ PXVV %HODV
WXQJHQYRQFD NJVWDQGKDOWHQ%HL%HGDUIGLH$UEHLWVSODWWH
PLWWHPSHUDWXUXQGZDVVHUEHVWlQGLJHP0DWHULDOYHUVWlUNHQ
■ 'LH (EHQKHLW GHV .RFKIHOGV HUVW EHUSUIHQ ZHQQ HV HLQJHEDXW
LVW
*DUDQWLH(LQXQVDFKJHPlHU(LQEDX$QVFKOXVVRGHUHLQHIHK
OHUKDIWH0RQWDJHIKUHQ]XP9HUOXVWGHU*DUDQWLH
+LQZHLV -HJOLFKH $UEHLWHQ DP *HUlWHLQQHUHQ HLQVFKOLHOLFK GHP
$XVWDXVFKGHV1HW]NDEHOVPVVHQYRPHLJHQVGDIUDXVJHELOGH
WHQ.XQGHQGLHQVWYRUJHQRPPHQZHUGHQ
9RUEHUHLWXQJGHU0|EHO$EELOGXQJHQ
(LQEDXP|EHO6LHPVVHQELVPLQGHVWHQV &WHPSHUDWXUEH
VWlQGLJVHLQ
$XVVFKQLWW6SlQHQDFKGHQ$XVVFKQLWWDUEHLWHQHQWIHUQHQ
6FKQLWWIOlFKHQ0LWKLW]HEHVWlQGLJHP0DWHULDOYHUVLHJHOQ
0RQWDJHEHU%DFN|IHQ$EELOGXQJD
$UEHLWVSODWWH6LHPXVVPLQGHVWHQV PPGLFNVHLQ
'HU$EVWDQG]ZLVFKHQGHU2EHUIOlFKHGHU$UEHLWVSODWWHXQGGHP
REHUHQ%HUHLFKGHU%DFNRIHQIURQWPXVVPPEHWUDJHQ
+LQZHLV 6FKODJHQ 6LH LQ GHU 0RQWDJHDQOHLWXQJ IU GHQ %DFNRIHQ
QDFKIDOOVGHU$EVWDQG]ZLVFKHQ.RFKIHOGXQG%DFNRIHQYHUJU|
HUWZHUGHQPXVV
%HOIWXQJ'HU$EVWDQG]ZLVFKHQ%DFNRIHQXQG.RFKIHOGPXVV
PLQGHVWHQVPPEHWUDJHQ
/IWXQJ$EELOGXQJ
8PHLQHNRUUHNWH)XQNWLRQVZHLVHGHV*HUlWV]XJDUDQWLHUHQ
PXVVGDV.RFKIHOGDQJHPHVVHQEHOIWHWZHUGHQ
'DGLH/IWXQJLPXQWHUHQ%HUHLFKGHV*HUlWVHLQHDXVUHLFKHQGH
)ULVFKOXIW]XIXKUEHQ|WLJWPVVHQGLH0|EHOHQWVSUHFKHQGDXVJH
OHJWVHLQ+LHU]XZLUG)ROJHQGHVEHQ|WLJW
■ HLQ0LQGHVWDEVWDQG]ZLVFKHQ0|EHOUFNVHLWHXQG.FKHQZDQG
VRZLH]ZLVFKHQ%DFNRIHQXQG.RFKIHOG $EELOGXQJD
■ HLQHgIIQXQJDPREHUHQ(QGHGHU0|EHOUFNVHLWH
$EELOGXQJ E
+LQZHLVH
■ :HQQGDV*HUlWLQHLQHU.RFKLQVHORGHUDQHLQHPDQGHUHQ
QLFKW EHVFKULHEHQHQ 3ODW] HLQJHEDXW ZLUG LVW HLQH DQJHPHVVHQH
%HOIWXQJGHV.RFKIHOGVVLFKHU]XVWHOOHQ
■ 'HQXQWHUHQ6RFNHOQLFKWKHUPHWLVFKDEVFKOLHHQ
*HUlWDQVFKOLHHQ$EELOGXQJ
'DV.RFKIHOGQXUDQVFKOLHHQZHQQHVVSDQQXQJVORVLVW6LFKH
UXQJHQDXVVFKDOWHQ
'DV.RFKIHOGYRUGHP0|EHOVWFNSODW]LHUHQ
6FKXW]OHLWHU 3( JUQJHOE GHV .RFKIHOGHV DQ (UGXQJVVWHOOH <
GHV%DFNRIHQVDQVFKUDXEHQ
+LQZHLV 'HU6FKXW]OHLWHU3( PXVVDOV(UVWHVDQJHVFKORVVHQ
XQGDOV/HW]WHVJHWUHQQWZHUGHQ
'HQ 3RO\%R[3ODVWLNVWHFNHUDP%DFNRIHQHLQVWHFNHQ
6FKUDXEHQGHV 3RO\%R[6WHFNHUVIHVWGUHKHQ
'DWHQOHLWXQJ 6DQVFKOLHHQ

*HUlWHLQEDXHQ$EELOGXQJHQ
+LQZHLV =XP(LQEDXHQGHV.RFKIHOGHV6FKXW]KDQGVFKXKHYHU
ZHQGHQ'LHQLFKWVLFKWEDUHQ)OlFKHQN|QQHQVFKDUIH.DQWHQDXI
ZHLVHQ
.RFKIHOGHLQVHW]HQ$EELOGXQJ
'DV*HUlWLQGLH(LQEDXQLVFKHHLQVFKLHEHQ
■ 1HW]NDEHOQLFKWHLQNOHPPHQXQGQLFKWEHUVFKDUIH.DQWHQIK
UHQ%HLXQWHUJHEDXWHP%DFNRIHQGLH/HLWXQJDQGHQKLQWHUHQ
(FNHQGHV%DFNRIHQV]XU$QVFKOXVVGRVHIKUHQ'LH/HLWXQJ
PXVVVRLQVWDOOLHUWZHUGHQGDVVVLHNHLQHKHLHQ6WHOOHQGHV
.RFKIHOGVRGHUGHV%DFNRIHQVEHUKUW
■ %HLJHIOLHVWHQ$UEHLWVSODWWHQ)OLHVHQIXJHQPLW6LOLNRQNDXWVFKXN
DEGLFKWHQ
.RFKIHOGLQGHQ$UEHLWVSODWWHQDXVVFKQLWWPLWHLQHU7LHIHYRQ
PPHLQVHW]HQ$EELOGXQJ
0LWWHGHV$UEHLWVSODWWHQDXVVFKQLWWHVPDUNLHUHQ
.RFKIHOGDXIVHW]HQ
'LH0DUNLHUXQJHQGHV.RFKIHOGUDKPHQVDQMHQHQGHU$UEHLWV
SODWWHDXVULFKWHQ
.RFKIHOGHLQGUFNHQ
■ 1HW]NDEHOQLFKWHLQNOHPPHQXQGQLFKWEHUVFKDUIH.DQWHQIK
UHQ%HLXQWHUJHEDXWHP%DFNRIHQGLH/HLWXQJDQGHQKLQWHUHQ
(FNHQGHV%DFNRIHQV]XU$QVFKOXVVGRVHIKUHQ'LH/HLWXQJ
PXVVVRLQVWDOOLHUWZHUGHQGDVVVLHNHLQHKHLHQ6WHOOHQGHV
.RFKIHOGVRGHUGHV%DFNRIHQVEHUKUW
■ %HLJHIOLHVWHQ$UEHLWVSODWWHQ)OLHVHQIXJHQPLW6LOLNRQNDXWVFKXN
DEGLFKWHQ
+LQZHLV hEHUSUIHQGHU%HWULHEVEHUHLWVFKDIW(UVFKHLQWLQGHU
$Q]HLJHGHV*HUlWHV
—…‹‹ “‹†‚„ RGHU “LVWHVQLFKWULFKWLJ
DQJHVFKORVVHQ'DV*HUlWYRQGHU6WURPYHUVRUJXQJWUHQQHQXQG
GHQ$QVFKOXVVGHV6WURPNDEHOVEHUSUIHQ
$XVEDXGHV*HUlWV
'DV*HUlWYRQGHU6WURP]XIXKUWUHQQHQ
%DFNRIHQKHUDXVQHKPHQXQGYRUGHP0|EHODEVWHOOHQ
'DWHQOHLWXQJ 6DEVWHFNHQ
6FKUDXEH GHU 3RO\%R[ O|VHQ XQG 3RO\%R[ KHUDXVQHKPHQ :lK
UHQGGHV$XVEDXVQLFKWDQGHQ.DEHOQ]LHKHQ
=XOHW]WGHQ6FKXW]OHLWHUYRQGHU(UGXQJVVFKUDXEHO|VHQ
.RFKIHOGYRQXQWHQKHUDXVGUFNHQ
$FKWXQJ
6FKlGHQ DP *HUlW 9HUVXFKHQ 6LH QLFKW GDV *HUlW GXUFK +HEHOQ
YRQREHQ]XHQWQHKPHQ
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
9HLOLJKHLGGHYHLOLJKHLGJHGXUHQGHKHWJHEUXLNLVDOOHHQ
JHJDUDQGHHUG LQGLHQ GH PRQWDJH LQ WHFKQLVFK RS]LFKW RS FRUUHFWH
ZLM]HHQLQRYHUHHQVWHPPLQJPHWGLWLQVWDOODWLHYRRUVFKULIW
XLWJHYRHUGLV'HLQVWDOODWHXULVDDQVSUDNHOLMNYRRUVFKDGH
YHURRU]DDNWGRRUHHQRQJHVFKLNWHPRQWDJH
1DGHLQVWDOODWLHGLHQWHUYRRUWHZRUGHQJH]RUJGGDWGHJHEUXLNHU
JHHQWRHJDQJWRWGHHOHNWULVFKHFRPSRQHQWHQKHHIW
'LWDSSDUDDWLVWRHJHODWHQYRRUJHEUXLNWRWHHQKRRJWHWRW
PHWHU
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
(OHNWULVFKHDDQVOXLWLQJGH]HPDJDOOHHQZRUGHQXLWJHYRHUG
GRRUHHQEHYRHJGYDNPDQ'H]HZRUGWJHUHJHOGGRRUGH
YRRUVFKULIWHQYDQGHHOHNWULFLWHLWVPDDWVFKDSSLMYDQGH]RQH
+HWDSSDUDDWGLHQWRSHHQYDVWHLQVWDOODWLHWH]LMQDDQJHVORWHQHQ
GHEHWUHIIHQGHVFKHLGLQJVVFKDNHODDUVPRHWHQFRQIRUPGH
LQVWDOODWLHYRRUVFKULIWHQZRUGHQJHPRQWHHUG
7\SH DDQVOXLWLQJ KHW DSSDUDDW EHKRRUW WRW EHVFKHUPLQJVNODVVH ,
HQPDJDOOHHQZRUGHQJHEUXLNWLQFRPELQDWLHPHWHHQDDQVOXLWLQJ
PHWDDUGJHOHLGLQJ
'HIDEULNDQWLVQLHWDDQVSUDNHOLMNYRRUGHRQJHVFKLNWHZHUNLQJHQ
GHPRJHOLMNHVFKDGHYHURRU]DDNWGRRURQJHVFKLNWHHOHNWULVFKH
LQVWDOODWLHV
9RHGLQJVNDEHO 'HYRHGLQJVNDEHOPDJDOOHHQZRUGHQ
JHwQVWDOOHHUGGRRUHHQHUNHQGYDNPDQRIHHQJHVFKRROGH
WHFKQLFXVYDQGHVHUYLFHGLHQVW
0RQWDJHPRJHOLMNKHGHQRQGHUKHWZHUNEODG'H
LQGXFWLHNRRNSODDWNDQDOOHHQERYHQHHQRYHQPHWYHQWLODWLHYDQ
KHW]HOIGHPHUNZRUGHQJHwQVWDOOHHUG2QGHUGHNRRNSODDWNXQQHQ
JHHQNRHONDVWHQYDDWZDVPDFKLQHVRYHQV]RQGHUYHQWLODWLHRI
ZDVPDFKLQHVZRUGHQLQJHERXZG
$I]XLJNDS 'H DIVWDQG WXVVHQ GH DI]XLJNDS HQ GH NRRNSODDW GLHQW
WHQ PLQVWH WH YROGRHQ DDQ GH DIVWDQG GLH ZRUGW ZHHUJHJHYHQ LQ GH
PRQWDJHKDQGOHLGLQJYRRUGHDI]XLJNDS
.RRNSODDWHQRYHQ%HLGHPRHWHQYDQKHW]HOIGHPHUN]LMQHQ
EHVFKLNNHQRYHUGH]HOIGHDDQVOXLWLQJHQ $IE
'HJURHQHNOHXUYDQGHVWLFNHURSGHYRHGLQJVNDEHOYDQGH
NRRNSODDWGLHQWRYHUHHQWHNRPHQPHWGHNOHXUYDQGH
RYHQVWLFNHU ,V GLW QLHW KHW JHYDO GDQ GLHQW X HHQ JHVFKLNWH DGDSWHU
WH EHVWHOOHQ ELM GH WHFKQLVFKH VHUYLFHGLHQVW +HW UHIHUHQWLHQXPPHU
YRRUGHDGDSWHULV
:HUNEODGYODNKRUL]RQWDDOVWDELHO9ROJGHLQVWUXFWLHVYDQGH
IDEULNDQWYDQKHWZHUNEODGRS
■ +HW ZHUNEODG ZDDULQ X GH NRRNSODDW LQERXZW PRHW EHVWDQG ]LMQ
WHJHQHHQEHODVWLQJYDQFD NJ,QGLHQQRGLJKHWZHUNEODG
PHWWHPSHUDWXXUHQZDWHUEHVWHQGLJPDWHULDDOYHUVWHUNHQ
■ &RQWUROHHUSDVRIGHNRRNSODDWOLJWQDGDWGH]HLVJHPRQWHHUG
*DUDQWLHHHQRQJHVFKLNWHLQVWDOODWLHDDQVOXLWLQJRIPRQWDJH
KRXGWKHWYHUOLHVYDQGHJHOGLJKHLGYDQGHJDUDQWLHYDQKHW
SURGXFWLQ
$DQZLM]LQJ (ONH PDQLSXODWLH LQ KHW DSSDUDDW PHW LQEHJULS YDQ GH
YHUYDQJLQJYDQGHYRHGLQJVNDEHOPRHWZRUGHQXLWJHYRHUGGRRU
SHUVRQHHO YDQ GH 7HFKQLVFKH 'LHQVW PHW HHQ VSHFLILHNH RSOHLGLQJ
9RRUEHUHLGLQJYDQGHPHXEHOVDIE
,QERXZPHXEHOHQWHQPLQVWHEHVWDQGWHJHQHHQWHPSHUDWXXU
YDQ&
9ULMHUXLPWHYHUZLMGHUGHVSDDQGHUVQDGHVQLMZHUN]DDPKHGHQ
6QLMRSSHUYODNNHQDIGLFKWHQPHWKLWWHEHVWHQGLJPDWHULDDO
0RQWDJHERYHQGHRYHQDIED
:HUNEODGPRHWHHQGLNWHKHEEHQYDQWHQPLQVWH PP
'HDIVWDQGWXVVHQKHWRSSHUYODNYDQKHWZHUNEODGHQGH
ERYHQNDQWYDQKHWRYHQIURQWPRHWPPEHGUDJHQ
$DQZLM]LQJ :DQQHHU GH DIVWDQG WXVVHQ NRRNSODDW HQ RYHQ JURWHU
PRHW]LMQUDDGSOHHJGDQKHWLQVWDOODWLHYRRUVFKULIWELMGHRYHQ
9HQWLODWLHGHDIVWDQGWXVVHQGHRYHQHQGHNRRNSODDWGLHQW
PLQVWHQVPPWHEHGUDJHQ
9HQWLODWLHDIE
2PHHQMXLVWHZHUNLQJYDQKHWDSSDUDDWWHJDUDQGHUHQPRHWGH
NRRNSODDWQDDUEHKRUHQZRUGHQJHYHQWLOHHUG
2PGDWYRRUGHYHQWLODWLHRQGHULQKHWDSSDUDDWHHQYROGRHQGH
DDQYRHUYDQYHUVHOXFKWYHUHLVWLVPRHWHQGHPHXEHOVKLHURS
EHUHNHQG]LMQ+LHUYRRULVKHWYROJHQGHYHUHLVW
■ HHQPLQLPDOHDIVWDQGWXVVHQGHDFKWHUNDQWYDQKHWPHXEHOHQ
GHNHXNHQZDQGHYHQDOVWXVVHQGHRYHQHQGHNRRNSODDW $IE
D
■ HHQRSHQLQJDDQKHWERYHQVWHHLQGHYDQGHDFKWHUNDQWYDQKHW
PHXEHO $IE E
$DQZLM]LQJHQ
■ :DQQHHUKHWDSSDUDDWLQHHQNHXNHQHLODQGRIRSHHQDQGHUH
QLHWEHVFKUHYHQSODDWVZRUGWLQJHERXZGGLHQWGHNRRNSODDW
YRRU]LHQWH]LMQYDQHHQSDVVHQGHYHQWLODWLH
■ 'HRQGHUVWHSOLQWQLHWKHUPHWLVFKDIVOXLWHQ
$SSDUDDWDDQVOXLWHQDIE
'HNRRNSODDWDOOHHQDDQVOXLWHQZDQQHHUKLMVSDQQLQJVORRVLV
]HNHULQJHQXLWVFKDNHOHQ
'HNRRNSODDWYRRUKHWPHXEHOSODDWVHQ
$DUGOHLGLQJ 3(JURHQJHHOYDQGHNRRNSODDWDDQGH
DDUGLQJVSODDW
<YDQGHRYHQYDVWVFKURHYHQ
$DQZLM]LQJ 'HDDUGOHLGLQJ3( GLHQWKHWHHUVWWHZRUGHQ
DDQJHVORWHQ HQ KHW ODDWVW XLW KHW VWRSFRQWDFW WH ZRUGHQ JHKDDOG
'HSODVWLFVWHNNHU 3RO\ER[LQGHRYHQVWHNHQ
6FKURHYHQYDQGH 3RO\ER[VWHNNHUYDVWGUDDLHQ
'DWDOLMQ 6DDQVOXLWHQ

$SSDUDDWLQERXZHQDIE
$DQZLM]LQJ %LMKHWLQERXZHQYDQGHNRRNSODDWGLHQWX
YHLOLJKHLGVKDQGVFKRHQHQWHGUDJHQ'HQLHW]LFKWEDUH
RSSHUYODNNHQNXQQHQVFKHUSHNDQWHQKHEEHQ
.RRNSODDWLQEUHQJHQDIE
+HWDSSDUDDWLQGHLQERXZQLVVFKXLYHQ
■ =RUJHUYRRUGDWGHYRHGLQJVNDEHOQLHWEHNOHPGUDDNWHQQLHW
RYHUVFKHUSHUDQGHQZRUGWJHOHLG,VHUHHQRYHQRQGHUGH
NRRNSODDWJHSODDWVWGDQGHNDEHOYLDGHDFKWHUVWHKRHNHQYDQ
GH RYHQ QDDU GH DDQVOXLWGRRV OHLGHQ 'H OHLGLQJ PRHW ]R ZRUGHQ
JHwQVWDOOHHUGGDWHUJHHQFRQWDFWZRUGWJHPDDNWPHWKHWH
SODDWVHQYDQGHNRRNSODDWRIGHRYHQ
■ %LMEHWHJHOGHZHUNEODGHQGHYRHJHQYDQGHWHJHOVDIGLFKWHQ
PHWVLOLFRQHQUXEEHU
.RRNSODDWLQGHZHUNEODGXLWVQLMGLQJYDQPPGLHS
LQEUHQJHQDIE
+HWPLGGHQYDQGHZHUNEODGXLWVQLMGLQJPDUNHUHQ
.RRNSODDWSODDWVHQ
'HPDUNHULQJHQYDQGHNRRNSODDWRPOLMVWLQJRSppQOLMQEUHQJHQ
PHWGLHYDQKHWZHUNEODG
.RRNSODDWLQGUXNNHQ
■ =RUJHUYRRUGDWGHYRHGLQJVNDEHOQLHWEHNOHPGUDDNWHQQLHW
RYHUVFKHUSHUDQGHQZRUGWJHOHLG,VHUHHQRYHQRQGHUGH
NRRNSODDWJHSODDWVWGDQGHNDEHOYLDGHDFKWHUVWHKRHNHQYDQ
GH RYHQ QDDU GH DDQVOXLWGRRV OHLGHQ 'H OHLGLQJ PRHW ]R ZRUGHQ
JHwQVWDOOHHUGGDWHUJHHQFRQWDFWZRUGWJHPDDNWPHWKHWH
SODDWVHQYDQGHNRRNSODDWRIGHRYHQ
■ %LMEHWHJHOGHZHUNEODGHQGHYRHJHQYDQGHWHJHOVDIGLFKWHQ
PHWVLOLFRQHQUXEEHU
$DQZLM]LQJ &RQWUROHHURIKHWDSSDUDDWNODDULVYRRUJHEUXLN
YHUVFKLMQW
—…‹‹ “‹†‚„ RI “RSKHWGLVSOD\YDQKHWDSSDUDDW
GDQ LV KHW QLHW JRHG DDQJHVORWHQ+DDO GH VWHNNHU YDQ KHW DSSDUDDW
GDQXLWKHWVWRSFRQWDFWHQFRQWUROHHUGHDDQVOXLWLQJYDQGH
HOHNWULFLWHLWVNDEHO
'HPRQWDJHYDQKHWDSSDUDDW
+HWDSSDUDDWYDQGHVWURRPWRHYRHUORVNRSSHOHQ
2YHQXLWQHPHQHQYRRUKHWPHXEHOSODDWVHQ
'DWDOLMQ 6DIQHPHQ
6FKURHIYDQGH 3RO\%R[ORVGUDDLHQHQGH3RO\ER[DIQHPHQ
7LMGHQVGHGHPRQWDJHQLHWDDQGHNDEHOVWUHNNHQ
7RWVORWGHDDUGLQJVVFKURHIYDQGHDDUGOHLGLQJORVGUDDLHQ
.RRNSODDWYDQRQGHUXLWQDDUEXLWHQGUXNNHQ
$WWHQWLH
6FKDGHDDQKHWDSSDUDDW3UREHHUKHWDSSDUDDWQLHWWH
YHUZLMGHUHQGRRUKHWYDQERYHQDIRSWHWLOOHQ
fr
Þ
1RWLFHGHPRQWDJH
5HPDUTXHVLPSRUWDQWHV
6pFXULWp ODVpFXULWpSHQGDQWOXWLOLVDWLRQQHVWJDUDQWLHTXHVL
OLQVWDOODWLRQDpWpHIIHFWXpHGHPDQLqUHFRUUHFWHGXSRLQWGHYXH
WHFKQLTXHHWFRQIRUPpPHQWjFHVLQVWUXFWLRQVGHPRQWDJH
/LQVWDOODWHXU VHUD UHVSRQVDEOH GH WRXW GRPPDJH SURYRTXp SDU XQ
PRQWDJHLQFRUUHFW
$SUqVOLQVWDOODWLRQDVVXUH]YRXVTXHOXWLOLVDWHXUQDDXFXQDFFqV
DX[SLqFHVpOHFWULTXHV
&HWDSSDUHLOSHXWrWUHXWLOLVpjGHVKDXWHXUVDOODQWMXVTXj
PqWUHV
: 3RUWHXUVGLPSODQWVpOHFWURQLTXHV
/DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
&RQQH[LRQpOHFWULTXH QHSHXWrWUHHIIHFWXpHTXHSDUXQ
VSpFLDOLVWHDXWRULVp,OGHYUDVXLYUHOHVGLVSRVLWLRQVGXIRXUQLVVHXU
GpOHFWULFLWpGDQVOD]RQH
/DSSDUHLOGRLWrWUHUDFFRUGpjXQHLQVWDOODWLRQIL[HHWGHV
VHFWLRQQHXUVFRUUHVSRQGDQWVGRLYHQWDYRLUpWpLQVWDOOpV
FRQIRUPpPHQWDX[SUHVFULSWLRQVGLQVWDOODWLRQ
7\SHGHEUDQFKHPHQW ODSSDUHLOIDLWSDUWLHGHODFODVVHGH
SURWHFWLRQ ,HWQHSHXWrWUHXWLOLVpTXDYHFXQHSULVHSRVVpGDQWXQ
FRQGXFWHXUGHSULVHGHWHUUH
/HIDEULFDQWVHGpJDJHGHWRXWHUHVSRQVDELOLWpTXDQWDX
IRQFWLRQQHPHQWLQDSSURSULpHWDX[SRVVLEOHVGRPPDJHV
SURYRTXpVSDUGHVLQVWDOODWLRQVpOHFWULTXHVQRQDSSURSULpHV
&kEOHVHFWHXU OHFkEOHVHFWHXUGRLWXQLTXHPHQWrWUHLQVWDOOpSDU
XQSHUVRQQHODXWRULVpRXSDUXQWHFKQLFLHQTXDOLILpGXVHUYLFH
DSUqVYHQWH
3RVVLELOLWpVGHPRQWDJHVRXVOHSODQGHWUDYDLO ODWDEOHGH
FXLVVRQjLQGXFWLRQQHSHXWrWUHPRQWpHTXDXGHVVXVGHIRXUj
YHQWLODWLRQ GH OD PrPH PDUTXH ,O QHVW SDV SRVVLEOH GH PRQWHU XQ
UpIULJpUDWHXUXQODYHYDLVVHOOHXQIRXUVDQVYHQWLODWLRQQLXQODYH
OLQJHVRXVODWDEOHGHFXLVVRQ
+RWWH ODGLVWDQFHHQWUHODKRWWHHWODWDEOHGHFXLVVRQGRLWDX
PLQLPXPFRUUHVSRQGUHjODGLVWDQFHLQGLTXpHSRXUODKRWWHGDQV
OHVLQVWUXFWLRQVGHPRQWDJH
7DEOHGHFXLVVRQHWIRXU GRLYHQWWRXVGHX[rWUHGHODPrPH
PDUTXHHWGLVSRVHUGHVPrPHVUDFFRUGHPHQWV )LJ
/DSDUWLHYHUWHGHODXWRFROODQWGXFkEOHVHFWHXUGHODWDEOHGH
FXLVVRQ GRLW FRwQFLGHU DYHF OD SDUWLH YHUWH GH ODXWRFROODQW GX IRXU
6LFHQHVWSDVOHFDVLOIDXWFRPPDQGHUXQDGDSWDWHXUDSSURSULp
DXSUqVGXVHUYLFHDSUqVYHQWH/HQXPpURGHUpIpUHQFHGH
ODGDSWDWHXUHVW
3ODQGHWUDYDLO SODWKRUL]RQWDOVWDEOH5HVSHFWH]OHV
LQVWUXFWLRQVGXIDEULFDQWGXSODQGHWUDYDLO
■ /HSODQGHWUDYDLOVXUOHTXHOYRXVLQVWDOOH]ODWDEOHGHFXLVVRQ
GRLWSRXYRLUVXSSRUWHUGHVFKDUJHVGHQY NJ6LQpFHVVDLUH
UHQIRUFH]OHSODQGHWUDYDLODYHFXQPDWpULDXUpVLVWDQWjOD
WHPSpUDWXUHHWjOHDX
■ 9pULILH]ODSODQpLWpGHODWDEOHGHFXLVVRQXQHIRLVTXHOOHHVW
PRQWpH
*DUDQWLH XQH PDXYDLVH LQVWDOODWLRQ XQ PDXYDLV EUDQFKHPHQW RX
XQ PRQWDJH LQDGDSWp SHXYHQW FRQGXLUH j OD SHUWH GH YDOLGLWp GH OD
JDUDQWLHGXSURGXLW
5HPDUTXH 7RXWHPDQLSXODWLRQjOLQWpULHXUGHODSSDUHLO\
FRPSULVOHUHPSODFHPHQWGXFkEOHGDOLPHQWDWLRQGHYUDrWUH
HIIHFWXpHSDUGXSHUVRQQHOWHFKQLTXHGXVHUYLFHGDVVLVWDQFH
WHFKQLTXHD\DQWUHoXXQHIRUPDWLRQVSpFLILTXH
3UpSDUDWLRQGHVPHXEOHVILJXUHV
0HXEOHV HQFDVWUpV FDSDEOHV GH UpVLVWHU j XQH WHPSpUDWXUH GDX
PRLQV &
&UHX[GHQFDVWUHPHQW UHWLUHUOHVFRSHDX[GXVjODGpFRXSH
6XUIDFHV GH GpFRXSH VFHOOHU j ODLGH GXQ PDWpULDX UpVLVWDQW j OD
FKDOHXU
0RQWDJHDXGHVVXVGHIRXUVILJXUHD
3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH PP
/DGLVWDQFHHQWUHODVXUIDFHGXSODQGHWUDYDLOHWODSDUWLH
VXSpULHXUHGHODIDoDGHGXIRXUGRLWrWUHGH PP
5HPDUTXH 9HXLOOH]FRQVXOWHUODQRWLFHGHPRQWDJHGXIRXUVLOD
GLVWDQFHHQWUHODWDEOHGHFXLVVRQHWOHIRXUGRLWrWUHDJUDQGLH
9HQWLODWLRQ/DGLVWDQFHHQWUHOHIRXUHWODWDEOHGHFXLVVRQGRLW
rWUHGDXPRLQVPP
9HQWLODWLRQILJXUH
$ILQ GH JDUDQWLU XQ IRQFWLRQQHPHQW FRUUHFW GH ODSSDUHLO OD WDEOH GH
FXLVVRQGRLWrWUHVXIILVDPPHQWYHQWLOpH
eWDQW GRQQp TXH OD YHQWLODWLRQ GDQV OD SDUWLH LQIpULHXUH GH ODSSDUHLO
UHTXLHUW XQH DPHQpH GDLU IUDLV VXIILVDQWH OHV PHXEOHV GRLYHQW rWUH
DGDSWpVHQFRQVpTXHQFH,OFRQYLHQWSRXUFHIDLUHGHSURFpGHU
FRPPHVXLW
■ XQHGLVWDQFHPLQLPDOHHQWUHODUULqUHGXPHXEOHHWOHPXUGHOD
FXLVLQHDLQVLTXHQWUHOHIRXUHWODWDEOHGHFXLVVRQ ILJXUHD
■ XQHRXYHUWXUHjOH[WUpPLWpVXSpULHXUHGHODUULqUHGXPHXEOH
ILJXUH E
5HPDUTXHV
■ 6LODSSDUHLOHVWPRQWpGDQVXQvORWGHFXLVVRQRXjXQDXWUH
HPSODFHPHQW QRQ GpFULW YHLOOHU j XQH YHQWLODWLRQ DGpTXDWH GH OD
WDEOHGHFXLVVRQ
■ 1HSDVIHUPHUOHVRFOHLQIpULHXUGHIDoRQKHUPpWLTXH
5DFFRUGHUODSSDUHLOILJXUH
5DFFRUGHUODWDEOHGHFXLVVRQXQLTXHPHQWORUVTXHOOHHVWKRUV
WHQVLRQFRXSHUOHVIXVLEOHV
3ODFHUODWDEOHGHFXLVVRQGHYDQWOHPHXEOH
9LVVHU OH FRQGXFWHXU GH SURWHFWLRQ 3( YHUWMDXQH GH OD WDEOH GH
FXLVVRQDXSRLQWGHPLVHjODWHUUH <GXIRXU
5HPDUTXH /H FRQGXFWHXU GH SURWHFWLRQ 3( GRLW rWUH UDFFRUGp
HQSUHPLHUHWrWUHGpEUDQFKpHQGHUQLHU
(QILFKHUOHFRQQHFWHXUHQSODVWLTXH 3RO\%R[GDQVOHIRXU
9LVVHUOHVYLVGXFRQQHFWHXU 3RO\%R[
5DFFRUGHUOHFkEOHGHGRQQpHV 6

0RQWHUODSSDUHLOILJXUHV
5HPDUTXH 3RXUOHQFDVWUHPHQWGHODSSDUHLOXWLOLVHUGHVJDQWV
GHSURWHFWLRQ/HVVXUIDFHVQRQYLVLEOHVSHXYHQWSUpVHQWHUGHV
DUrWHVFRXSDQWHV
0HWWUHODWDEOHGHFXLVVRQHQSODFHILJXUH
,QVpUHUODSSDUHLOGDQVODQLFKHGHQFDVWUHPHQW
■ 1H SDV FRLQFHU OH FkEOH G·DOLPHQWDWLRQ QH SDV OH WLUHU DXGHVVXV
GDUrWHVFRXSDQWHV(QFDVGHIRXULQVWDOOpHQGHVVRXVIDLUH
SDVVHUOHFkEOHDXQLYHDXGHVFRLQVDUULqUHGXIRXUMXVTXjOD
SULVHGHUDFFRUGHPHQW/HFkEOHGRLWrWUHLQVWDOOpGHPDQLqUHj
QHWRXFKHUDXFXQH]RQHFKDXGHGHODWDEOHGHFXLVVRQRXGX
IRXU
■ (QFDVGHSODQGHWUDYDLOFDUUHOppWDQFKpLILHUOHVMRLQWVGX
FDUUHODJHDYHFXQMRLQWHQVLOLFRQH
,QVpUHU OD WDEOH GH FXLVVRQ GDQV OD GpFRXSH GX SODQ GH WUDYDLO
DYHFXQHSURIRQGHXUGHPP)LJXUH
0DUTXHUOHPLOLHXGHODGpFRXSHGXSODQGHWUDYDLO
3RVHUODWDEOHGHFXLVVRQ
$OLJQHUOHVPDUTXDJHVGXFDGUHGHODWDEOHGHFXLVVRQDYHF
FHOOHVGXSODQGHWUDYDLO
)DLWHVUHQWUHUODWDEOHGHFXLVVRQHQDSSX\DQW
■ 1H SDV FRLQFHU OH FkEOH G·DOLPHQWDWLRQ QH SDV OH WLUHU DXGHVVXV
GDUrWHVFRXSDQWHV(QFDVGHIRXULQVWDOOpHQGHVVRXVIDLUH
SDVVHUOHFkEOHDXQLYHDXGHVFRLQVDUULqUHGXIRXUMXVTXjOD
SULVHGHUDFFRUGHPHQW/HFkEOHGRLWrWUHLQVWDOOpGHPDQLqUHj
QHWRXFKHUDXFXQH]RQHFKDXGHGHODWDEOHGHFXLVVRQRXGX
IRXU
■ (QFDVGHSODQGHWUDYDLOFDUUHOppWDQFKpLILHUOHVMRLQWVGX
FDUUHODJHDYHFXQMRLQWHQVLOLFRQH
5HPDUTXH 9pULILFDWLRQGHODGLVSRQLELOLWpGHVHUYLFH VL
—…‹‹
“‹†‚„ RX “DSSDUDvWGDQVODIILFKDJHGHODSSDUHLOFHGHUQLHU
QHVWSDVFRUUHFWHPHQWUDFFRUGp'pEUDQFKHUODSSDUHLOGH
ODOLPHQWDWLRQVHFWHXUHWYpULILHUFkEOHGDOLPHQWDWLRQ
'pPRQWDJHGHODSSDUHLO
'pEUDQFKH]ODSSDUHLO
5HWLUH]OHIRXUHWGpSRVH]OHGHYDQWOHPHXEOH
'pFRQQHFWH]ODOLJQHGHGRQQpHV 6
'pYLVVH]ODYLVGX SRO\ER[HWUHWLUH]OHSRO\ER[/RUVGHOD
GpSRVHQHWLUH]SDVVXUOHVFkEOHV
'pWDFKH] j OD ILQ OH FRQGXFWHXU GH SURWHFWLRQ GH OD YLV GH PLVH j OD
WHUUH
6RUWH]ODWDEOHGHFXLVVRQHQODSRXVVDQWSDUOHEDV
$WWHQWLRQ
'RPPDJHVVXUODSSDUHLO 1HWHQWH]SDVGHUHWLUHUODSSDUHLOHQ
IDLVDQWOHYLHUSRXUOHVRXOHYHUYHUVOHKDXW
it
â
,VWUX]LRQLSHULOPRQWDJJLR
,QGLFD]LRQLLPSRUWDQWL
6LFXUH]]DODVLFXUH]]DGXUDQWHOXVRqJDUDQWLWDVRORVH
OLQVWDOOD]LRQHqVWDWDHIIHWWXDWDLQPRGRFRUUHWWRGDOSXQWRGLYLVWD
WHFQLFR H LQ FRQIRUPLWj FRQ OH SUHVHQWL LVWUX]LRQL SHU LO PRQWDJJLR ,
GDQQLFDXVDWLGDXQPRQWDJJLRLQDGHJXDWRVDUDQQRGL
UHVSRQVDELOLWjGHOOLQVWDOODWRUH
$VHJXLWRGHOOLQVWDOOD]LRQHDFFHUWDUVLFKHOXWLOL]]DWRUHQRQDEELD
DFFHVVRDLFRPSRQHQWLHOHWWULFL
ËFRQVHQWLWRXWLOL]]DUHTXHVWRDSSDUHFFKLRILQRDGDOWH]]HGL
PHWUL
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
&ROOHJDPHQWR HOHWWULFR SXz HVVHUH HIIHWWXDWR VROR GD XQ WHFQLFR
VSHFLDOL]]DWRDXWRUL]]DWRËRSSRUWXQRULVSHWWDUHOHGLVSRVL]LRQL
GHOODVRFLHWjGLIRUQLWXUDGLHQHUJLDHOHWWULFDORFDOH
/DSSDUHFFKLRGHYHHVVHUHFROOHJDWRDXQLQVWDOOD]LRQHILVVDHLQ
FRQIRUPLWjDOOHQRUPHUHODWLYHDOOLQVWDOOD]LRQHGHYRQRHVVHUH
SUHGLVSRVWLLFRUULVSRQGHQWLVH]LRQDWRUL
7LSRGLFROOHJDPHQWRODSSDUHFFKLRDSSDUWLHQHDOODFODVVHGL
SURWH]LRQH ,HSXzHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHLQ
FRPELQD]LRQH FRQ XQD FRQQHVVLRQH GRWDWD GL FRQGXWWRUH GL PHVVD
DWHUUD
,OIDEEULFDQWHQRQqUHVSRQVDELOHGHOIXQ]LRQDPHQWRLQDGHJXDWRH
GHLSRVVLELOLGDQQLFDXVDWLGDLQVWDOOD]LRQLHOHWWULFKHQRQDGHJXDWH
&DYR GL UHWH LO FDYR GL UHWH GHYH HVVHUH LQVWDOODWR HVFOXVLYDPHQWH
GD SHUVRQDOH VSHFLDOL]]DWR DXWRUL]]DWR R GD XQ WHFQLFR GHO VHUYL]LR
GLDVVLVWHQ]DFOLHQWLGHELWDPHQWHIRUPDWR
3RVVLELOLWjGLPRQWDJJLRVRWWRLOSLDQRGLODYRURLOSLDQRGL
FRWWXUD D LQGX]LRQH SXz HVVHUH LQVWDOODWR VROWDQWR VRSUD L IRUQL FRQ
VLVWHPDGLDHUD]LRQHGHOORVWHVVRPDUFKLR$OGLVRWWRGHOSLDQRGL
FRWWXUDQRQSRVVRQRHVVHUHPRQWDWLIULJRULIHULODYDVWRYLJOLHIRUQL
VHQ]DVLVWHPDGLDHUD]LRQHRODYDWULFL
&HQWURGLDVSLUD]LRQHODGLVWDQ]DWUDLOFHQWURGLDVSLUD]LRQHHLO
SLDQRGLFRWWXUDGHYHFRUULVSRQGHUHDOPHQRDOODGLVWDQ]DLQGLFDWD
SHULOFHQWURGLDVSLUD]LRQHQHOOHLVWUX]LRQLSHULOPRQWDJJLR
3LDQRGLFRWWXUDHIRUQRGHYRQRHVVHUHHQWUDPELGHOORVWHVVR
PDUFKLRHGLVSRUUHGHJOLVWHVVLDOODFFLDPHQWL ILJ
/DSDUWHYHUGHGHOOHWLFKHWWDDGHVLYDVXOFDYRGLUHWHGHOSLDQRGL
FRWWXUDGHYHFRUULVSRQGHUHDOODSDUWHYHUGHGHOOHWLFKHWWDDGHVLYD
VXOIRUQR6HFLzQRQVLYHULILFDqQHFHVVDULRRUGLQDUHXQ
DGDWWDWRUHDGHJXDWRSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFD,O
FRGLFHGLULIHULPHQWRSHUODGDWWDWRUHq
3LDQRGLODYRURSLDWWRRUL]]RQWDOHHVWDELOH$WWHQHUVLDOOH
LVWUX]LRQLGHOIDEEULFDQWHGHOSLDQRGLODYRUR
■ ,OSLDQRGLODYRURDOOLQWHUQRGHOTXDOHGHYHHVVHUHLQFDVVDWRLO
SLDQRFRWWXUDGHYHHVVHUHLQJUDGRGLVRVWHQHUHFDULFKLGLFD
NJ6HQHFHVVDULRUDIIRU]DUHLOSLDQRGLODYRURFRQGHO
PDWHULDOHUHVLVWHQWHDOFDORUHHDOODFTXD
■ &RQWUROODUH OD SODQDULWj GHO SLDQR GL FRWWXUD VROR GRSR FKH q VWDWR
LQFDVVDWR
*DUDQ]LDODJDUDQ]LDGHOSURGRWWRQRQqYDOLGDVHOLQVWDOOD]LRQH
ODFRQQHVVLRQHRLOPRQWDJJLRYHQJRQRHIIHWWXDWLLQPDQLHUD
LPSURSULD
$YYHUWHQ]D 4XDOVLDVLWLSRGLPDQLSROD]LRQHDOOLQWHUQR
GHOODSSDUHFFKLR LQFOXVD OD VRVWLWX]LRQH GHO FDYR GL DOLPHQWD]LRQH
GHYH HVVHUH HIIHWWXDWD HVFOXVLYDPHQWH GD SHUVRQDOH GHO VHUYL]LR GL
DVVLVWHQ]DWHFQLFDGHELWDPHQWHIRUPDWR
3UHSDUD]LRQHGHLPRELOLILJXUH
0RELOLDGLQFDVVRUHVLVWHQWLDXQDWHPSHUDWXUDPLQLPDGL&
)RURULPXRYHUHLWUXFLROLGRSROHRSHUD]LRQLGLWDJOLR
6XSHUILFLGLWDJOLRFKLXGHUOHHUPHWLFDPHQWHFRQPDWHULDOH
UHVLVWHQWHDOFDORUH
0RQWDJJLRVRSUDLOIRUQRILJXUDD
,OSLDQRGLODYRURGHYHDYHUHXQRVSHVVRUHPLQLPRGL PP
/DGLVWDQ]DWUDODVXSHUILFLHGHOSLDQRGLODYRURHLOODWRVXSHULRUH
GHOODSDUWHDQWHULRUHGHOIRUQRGHYHHVVHUHGLPP
$YYHUWHQ]D &RQWUROODUH QHOOH LVWUX]LRQL SHU LO PRQWDJJLR GHO IRUQR
VHODGLVWDQ]DWUDSLDQRFRWWXUDHIRUQRGHYHHVVHUHDXPHQWDWD
9HQWLOD]LRQH OD GLVWDQ]D WUD IRUQR H SLDQR GL FRWWXUD GHYH HVVHUH GL
DOPHQRPP
6LVWHPDGLDHUD]LRQHILJXUD
3HU JDUDQWLUH LO FRUUHWWR IXQ]LRQDPHQWR GHOODSSDUHFFKLR LO SLDQR GL
FRWWXUDGHYHHVVHUHDGHJXDWDPHQWHDHUDWR
3RLFKp LO VLVWHPD GL DHUD]LRQH QHOOD SDUWH LQIHULRUH GHOODSSDUHFFKLR
QHFHVVLWDGLXQVXIILFLHQWHDSSRUWRGLDULDSXOLWDLPRELOLGHYRQR
HVVHUHSUHGLVSRVWLLQPRGRDGHJXDWR$WDOHVFRSRqQHFHVVDULR
TXDQWRVHJXH
■ XQDGLVWDQ]DPLQLPDWUDODSDUWHSRVWHULRUHGHOPRELOHHOD
SDUHWHGHOODFXFLQDFRPHSXUHWUDLOIRUQRHLOSLDQRGLFRWWXUD
ILJXUDD
■ XQDSHUWXUDDOOHVWUHPLWjLQDOWRGHOODSDUWHSRVWHULRUHGHOPRELOH
ILJXUD E
$YYHUWHQ]H
■ 6H ODSSDUHFFKLR YLHQH PRQWDWR LQ XQD FXFLQD D LVROD R LQ XQDOWUD
FROORFD]LRQHQRQGHVFULWWDLQTXHVWRPDQXDOHqQHFHVVDULR
SURYYHGHUHDXQDHUD]LRQHDGHJXDWDGHOSLDQRGLFRWWXUD
■ 1RQFKLXGHUHHUPHWLFDPHQWHOR]RFFRORLQIHULRUH
$OODFFLDPHQWRGHOODSSDUHFFKLRILJXUD
&ROOHJDUH LO SLDQR GL FRWWXUD VROR LQ DVVHQ]D GL WHQVLRQH VSHJQHUH
LIXVLELOL
&ROORFDUHLOSLDQRGLFRWWXUDGDYDQWLDOPRELOH
$YYLWDUHLOFRQGXWWRUHGLWHUUD 3(YHUGHJLDOORGHOSLDQRGL
FRWWXUDDOSXQWRGLPHVVDDWHUUD <GHOIRUQR
$YYHUWHQ]D ,OFRQGXWWRUHGLWHUUD3( GHYHHVVHUHFROOHJDWR
FRPHSULPRHOHPHQWRHGHYHHVVHUHVWDFFDWRFRPHXOWLPR
,QVHULUHODVSLQDLQSODVWLFD 3RO\%R[VXOIRUQR
6HUUDUHOHYLWLGHOODVSLQD 3RO\%R[
&ROOHJDUHLOFDYRGDWL 6

0RQWDJJLRGHOODSSDUHFFKLRILJXUH
$YYHUWHQ]D 3HULOPRQWDJJLRGHOSLDQRGLFRWWXUDXVDUHJXDQWL
SURWHWWLYL/HVXSHUILFLQRQYLVLELOLSRWUHEEHURSUHVHQWDUHERUGL
WDJOLHQWL
,QVHULPHQWRGHOSLDQRGLFRWWXUDILJXUD
,QVHULUHODSSDUHFFKLRQHOODQLFFKLDGLQFDVVR
■ )DUHLQPRGRFKHLOFDYRGLUHWHQRQULPDQJDLQFDVWUDWRHQRQ
SDVVLVXVSLJROLYLYL,QFDVRGLIRUQLVRWWRVWDQWLSRUWDUHLOFDYR
DOODSUHVDGLFROOHJDPHQWRIDFHQGRORSDVVDUHGDOODQJROR
SRVWHULRUHGHOIRUQR,OFDYRGHYHHVVHUHSRVL]LRQDWRLQPRGR
FKHQRQHQWULLQFRQWDWWRFRQDOFXQD]RQDFDOGDGHOSLDQRGL
FRWWXUDRGHOIRUQR
■ ,QFDVRGLSLDQLGLODYRURSLDVWUHOODWLFKLXGHUHDWHQXWDOHIXJKH
WUDOHSLDVWUHOOHPHGLDQWHJRPPDVLOLFRQLFD
,QVHULUHLOSLDQRGLFRWWXUDQHOIRURGLQFDVVRGHOSLDQRGL
ODYRURFRQSURIRQGLWjILJXUD
6HJQDUHLOFHQWURGHOIRURGLQFDVVRGHOSLDQRGLODYRUR
3RVL]LRQDUHLOSLDQRGLFRWWXUD
$OOLQHDUHOHPDUFDWXUHVXOWHODLRGHOSLDQRGLFRWWXUDLQ
FRUULVSRQGHQ]DGLTXHOOHVXOSLDQRGLODYRUR
6SLQJHUHLOSLDQRGLFRWWXUDLQVHGH
■ )DUHLQPRGRFKHLOFDYRGLUHWHQRQULPDQJDLQFDVWUDWRHQRQ
SDVVLVXVSLJROLYLYL,QFDVRGLIRUQLVRWWRVWDQWLSRUWDUHLOFDYR
DOODSUHVDGLFROOHJDPHQWRIDFHQGRORSDVVDUHGDOODQJROR
SRVWHULRUHGHOIRUQR,OFDYRGHYHHVVHUHSRVL]LRQDWRLQPRGR
FKHQRQHQWULLQFRQWDWWRFRQDOFXQD]RQDFDOGDGHOSLDQRGL
FRWWXUDRGHOIRUQR
■ ,QFDVRGLSLDQLGLODYRURSLDVWUHOODWLFKLXGHUHDWHQXWDOHIXJKH
WUDOHSLDVWUHOOHPHGLDQWHJRPPDVLOLFRQLFD
$YYHUWHQ]D 9HULILFDGHOORVWDWRRSHUDWLYRVHVXOGLVSOD\
GHOODSSDUHFFKLR FRPSDUH
—…‹‹ “‹†‚„ R “ ODSSDUHFFKLR QRQ
qFROOHJDWRFRUUHWWDPHQWH6WDFFDUHODSSDUHFFKLR
GDOODOLPHQWD]LRQHHOHWWULFDHYHULILFDUHODOODFFLDPHQWRGHOFDYR
HOHWWULFR
6PRQWDJJLRGHOODSSDUHFFKLR
6WDFFDUHODSSDUHFFKLRGDOODFRUUHQWH
(VWUDUUHLOIRUQRHSRVL]LRQDUORGDYDQWLDOPRELOH
6FROOHJDUHLOFDYRGDWL6
$OOHQWDUHODYLWHGHO3RO\%R[HULPXRYHUHLO3RO\%R[1RQ
VPRQWDUORWLUDQGRLFDYL
,QILQHVFROOHJDUHLOFRQGXWWRUHGLWHUUDGDOPRUVHWWRGLWHUUD
(VWUDUUHLOSLDQRFRWWXUDVSLQJHQGRORGDOEDVVR
$WWHQ]LRQH
'DQQLDOODSSDUHFFKLR1RQWHQWDUHGLHVWUDUUHODSSDUHFFKLR
VROOHYDQGRORGDOODOWR
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJHKHQYLVQLQJHU
6LNNHUKHGVLNNHUKHGXQGHUEUXJNDQNXQJDUDQWHUHVKYLV
LQVWDOODWLRQHQHUXGI¡UWSnHQNRUUHNWWHNQLVNPnGHRJL
RYHUHQVVWHPPHOVHPHGPRQWHULQJVLQVWUXNWLRQHUQH6NDGHUGHU
RSVWnUSJDIRUNHUWPRQWHULQJHULQVWDOODW¡UHQVDQVYDU
(IWHU LQVWDOODWLRQ VNDO GHW VLNUHV DW EUXJHUHQ LNNH KDU DGJDQJ WLO GH
HOHNWULVNHNRPSRQHQWHU
'HWWHDSSDUDWHUWLOODGWWLOEUXJRSWLOHQK¡MGHSnPHWHURYHU
KDYHW
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
(OHNWULVN WLOVOXWQLQJ Pn NXQ IRUHWDJHV DI HQ XGGDQQHW HOHNWULNHU
5HJXODWLYHUQHIUDHOIRUV\QLQJVVHOVNDEHWLRPUnGHWVNDOI¡OJHV
$SSDUDWHWVNDOYUHWLOVOXWWHWWLOHQIDVWLQVWDOODWLRQRJLKHQKROGWLO
LQVWDOODWLRQVIRUVNULIWHUQHVNDOGHUYUHLQVWDOOHUHWHQSDVVHQGH
VLNNHUKHGVDIEU\GHU
7LOVOXWQLQJVW\SHDSSDUDWHWWLOK¡UHUEHVN\WWHOVHVNODVVH ,RJPn
XGHOXNNHQGHDQYHQGHVVDPPHQPHGHQWLOVOXWQLQJPHG
MRUGIRUELQGHOVH
)DEULNDQWHQIUDVLJHUVLJHWKYHUWDQVYDUIRUIRUNHUWIXQNWLRQRJ
PXOLJHVNDGHUGHUVN\OGHVIRUNHUWHOHNWULVNLQVWDOODWLRQ
1HWNDEHO 1HWNDEOHW Pn NXQ LQVWDOOHUHV DI HQ DXWRULVHUHW IDJPDQG
HOOHUDIHQXGGDQQHWNXQGHVHUYLFHWHNQLNHU
,QGE\JQLQJVPXOLJKHGHUXQGHUERUGSODGH
,QGXNWLRQVNRJHWRSSHQ NDQ NXQ LQVWDOOHUHV RYHU YHQWLOHUHGH RYQH DI
VDPPHPUNH'HUNDQLNNHLQVWDOOHUHVN¡OHVNDEH
RSYDVNHPDVNLQHU XYHQWLOHUHGH RYQH HOOHU RSYDVNHPDVNLQHU XQGHU
NRJHWRSSHQ
(PKWWH$IVWDQGHQPHOOHPHPKWWHQRJNRJHWRSSHQVNDOVRP
PLQLPXPVYDUHWLOGHQDIVWDQGGHUHUDQI¡UWLHPKWWHQV
PRQWDJHYHMOHGQLQJ
.RJHWRS RJ RYQ6NDO YUH DI VDPPH PUNH RJ KDYH GH VDPPH
WLOVOXWQLQJHU ILJXU
'HWJU¡QQHSnPUNDWHQSnNRJHWRSSHQVQHWNDEHOVNDOVWHPPH
RYHUHQV PHG PUNDWHQ Sn RYQHQ +YLV GHWWH LNNH HU WLOIOGHW VNDO
GHUEHVWLOOHVHQSDVVHQGHDGDSWHUKRVWHNQLVNNXQGHVHUYLFH
$GDSWHUHQKDUI¡OJHQGHUHIHUHQFHQXPPHU
%RUGSODGHSODQYDQGUHWVWDELO)¡OJERUGSODGHIDEULNDQWHQV
DQYLVQLQJHU
■ %RUGSODGHQKYRUNRJHVHNWLRQHQLQGE\JJHVVNDONXQQHWnOH
EHODVWQLQJHU Sn RS WLO FD NJ 2P Q¡GYHQGLJW VNDO ERUGSODGHQ
IRUVWUNHVPHGWHPSHUDWXURJYDQGEHVWDQGLJWPDWHULDOH
■ .RQWUROOHUI¡UVWDWNRJHVHNWLRQHQHUSODQHIWHULQGE\JQLQJHQ
*DUDQWLHQIRUNHUWLQVWDOODWLRQWLOVOXWQLQJHOOHUPRQWHULQJEHW\GHU
DWSURGXNWJDUDQWLHQERUWIDOGHU
%HPUN (QKYHU QGULQJ L DSSDUDWHWV LQGUH KHUXQGHU XGVNLIWQLQJ
DIIRUV\QLQJVNDEOHWVNDOXGI¡UHVDIVUOLJWXGGDQQHWSHUVRQDOHL
YRUHVWHNQLVNHVHUYLFHDIGHOLQJ
.ODUJ¡ULQJDILQGE\JQLQJVVNDEILJXU
0¡EOHUPHGXGVNULQJHUPRGVWDQGVG\JWLJHRYHUIRU
WHPSHUDWXUHURSWLOPLQ&
8GVNULQJIMHUQVSnQHUQHQnUXGVNULQJVDUEHMGHWHUXGI¡UW
8GVNULQJVNDQWHUIRUHWDJIRUVHJOLQJPHGYDUPHUHVLVWHQW
PDWHULDOH
0RQWDJHRYHURYQILJXUD
%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ PP
$IVWDQGHQPHOOHPRYHUVLGHQDIERUGSODGHQRJGHQ¡YHUVWHGHODI
RYQHQVIRUVLGHVNDOYUH PP
%HPUN 6HHIWHULPRQWDJHYHMOHGQLQJHQIRURYQHQKYLV
DIVWDQGHQPHOOHPNRJHWRSRJRYQVNDOIRU¡JHV
9HQWLODWLRQ$IVWDQGHQPHOOHPRYQRJNRJHVHNWLRQVNDOYUH
PLQGVWPP
9HQWLODWLRQILJXU
.RJHWRSSHQVNDOYUHSDVVHQGHYHQWLOHUHWLPRGVDWIDOGNDQGHW
LNNHJDUDQWHUHVDWGHQIXQJHUHUNRUUHNW
(IWHUVRP YHQWLODWLRQHQ DI GHQ XQGHUVWH GHO DI DSSDUDWHW NUYHU HQ
WLOVWUNNHOLJVWRUOXIWWLOI¡UVHOVNDOLQGE\JQLQJVVNDEHWLQGUHWWHV
WLOVYDUHQGH+HUWLOVNDOI¡OJHQGHXGI¡UHV
■ (QPLQLPXPDIVWDQGPHOOHPLQGE\JQLQJVVNDEHWVEDJVLGHRJ
N¡NNHQYJJHQVDPWPHOOHPRYQRJNRJHWRS ILJXUD
■ (QnEQLQJ¡YHUVWSnEDJVLGHQDILQGE\JQLQJVVNDEHW ILJXU E
$QYLVQLQJHU
■ 'HWVNDOVLNUHVDWNRJHVHNWLRQHQEOLYHUWLOVWUNNHOLJWYHQWLOHUHW
KYLVDSSDUDWHWVNDOLQGE\JJHVLHQNRJH¡HOOHUSnHWDQGHWVWHG
VRPLNNHHUEHVNUHYHWKHU
■ 'HQXQGHUVWHVRNNHOPnLNNHOXNNHVKHUPHWLVN
7LOVOXWQLQJDIDSSDUDWILJXU
.RJHVHNWLRQHQPnNXQWLOVOXWWHVQnUGHQHUXGHQVSQGLQJVOn
VLNULQJHQIUD
3ODFHUNRJHVHNWLRQHQLLQGE\JQLQJVVNDEHW
6NUX NRJHVHNWLRQHQV EHVN\WWHOVHVOHGQLQJ 3( JU¡QJXO IDVW Sn
RYQHQVMRUGIRUELQGHOVHVVWHG <
%HPUN %HVN\WWHOVHVOHGQLQJHQ3( VNDOWLOVOXWWHVI¡UVWRJ
WDJHVDIWLOVLGVW
6WLN 3RO\%R[HQVNXQVWVWRIVWLNLQGLRYQHQ
6SQGVNUXHUQHSn 3RO\%R[VWLNNHWWLO
7LOVOXWGDWDOHGQLQJHQ 6

,QGE\JQLQJDIDSSDUDWILJXU
%HPUN $QYHQGEHVN\WWHOVHVKDQGVNHUYHGPRQWDJHQDI
NRJHVHNWLRQHQ'HUNDQYUHVNDUSHNDQWHUSnGHLNNHV\QOLJH
IODGHU
3ODFHULQJDINRJHWRSSHQILJXU
6N\GDSSDUDWHWLQGLLQGE\JQLQJVQLFKHQ
■ 1HWNDEOHW Pn LNNH NRPPH L NOHPPH RJ LNNH OJJHV RYHU VNDUSH
NDQWHU +YLV GHU HU LQGE\JJHW HQ RYQ QHGHQXQGHU VNDO OHGQLQJHQ
I¡UHVRYHURYQHQVEDJHUVWHKM¡UQHUWLOWLOVOXWQLQJVGnVHQ
/HGQLQJHQVNDOLQVWDOOHUHVVnGHQLNNHNRPPHULEHU¡ULQJPHG
YDUPHVWHGHUSnNRJHWRSSHQHOOHUSnRYQHQ
■ %RUGSODGHUPHGIOLVHEHOJQLQJ)OLVHUQHVIXJHUVNDOWWQHV
PHGVLOLNRQHJXPPL
6WNRJHWRSSHQSnSODGVLXGVNULQJHQLERUGSODGHQVRP
VNDOKDYHHQG\EGHSnPPILJXU
0DUNHUPLGWHQDIXGVNULQJHQLERUGSODGHQ
6WNRJHWRSSHQLXGVNULQJHQ
,QGMXVWHU PDUNHULQJHUQH Sn NRJHWRSSHQV UDPPH Vn GH VYDUHU WLO
PDUNHULQJHUQHSnERUGSODGHQ
7U\NNRJHWRSSHQSnSODGV
■ 1HWNDEOHW Pn LNNH NRPPH L NOHPPH RJ LNNH OJJHV RYHU VNDUSH
NDQWHU +YLV GHU HU LQGE\JJHW HQ RYQ QHGHQXQGHU VNDO OHGQLQJHQ
I¡UHVRYHURYQHQVEDJHUVWHKM¡UQHUWLOWLOVOXWQLQJVGnVHQ
/HGQLQJHQVNDOLQVWDOOHUHVVnGHQLNNHNRPPHULEHU¡ULQJPHG
YDUPHVWHGHUSnNRJHWRSSHQHOOHUSnRYQHQ
■ %RUGSODGHUPHGIOLVHEHOJQLQJ)OLVHUQHVIXJHUVNDOWWQHV
PHGVLOLNRQHJXPPL
%HPUN .RQWUROOHURPDSSDUDWHWHUNODUWLOGULIW+YLV
—…‹‹
“‹†‚„ HOOHU “YLVHVLDSSDUDWHWVLQGLNDWRUHUGHWLNNHWLOVOXWWHW
NRUUHNW$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHWRJNRQWUROOHU
VWU¡PNDEOHWVWLOVOXWQLQJ
$IPRQWDJHDIDSSDUDW
$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHW
7DJRYQHQXGRJVWLOGHQIRUDQLQGE\JQLQJVP¡EOHW
7UNGDWDNDEOHW 6XGDIVWLNNHW
6NUXVNUXHQL 3RO\ERNVHQXGRJWDJ3RO\ERNVHQXG7UNLNNHL
NDEOHUQHXQGHUGHPRQWDJHQ
6NUXWLOVLGVWEHVN\WWHOVHVOHGQLQJHQDIMRUGWLOVOXWQLQJVVNUXHQ
7U\NNRJHVHNWLRQHQRSQHGHIUD
3DVSn
6NDGHUSnDSSDUDWHW)RUV¡JLNNHDWWDJHDSSDUDWHWXGRSSHIUD
YHGKMOSDIHQO¡IWHVWDQJ
fi
Ý
$VHQQXVRKMH
7lUNHLWlYLKMHLWl
7XUYDOOLVXXVNl\WW|WXUYDOOLVXXVRQWDDWWXDLQRDVWDDQVLOORLQNXQ
DVHQQXV RQ VXRULWHWWX WHNQLVHVWL RLNHLQ MD QlLGHQ DVHQQXVRKMHLGHQ
PXNDDQ9LUKHHOOLVHVWlDVHQQXNVHVWDDLKHXWXYDWYDKLQJRWRYDW
DVHQWDMDQYDVWXXOOD
$VHQQXNVHQMlONHHQRQYDUPLVWHWWDYDHWWlNl\WWlMlHLSllVH
NlVLNVLVlKN|lMRKWDYLLQUDNHQQHRVLLQ
7lPlQODLWWHHQNl\WW|RQVDOOLWWXHQLQWllQ PHWULQ
NRUNHXGHVVD
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
6lKN|OLLWlQWlOLLWlQQlQVDDVXRULWWDDYDLQYDOWXXWHWWXDODQ
DVLDQWXQWLMD.\WNHQQlVVlRQQRXGDWHWWDYDSDLNDOOLVHQ
VlKN|QWRLPLWWDMDQVllQW|Ml
/DLWHSLWllOLLWWllNLLQWHllQOLLWlQWllQMDODLWWHHVVDRQROWDYD
DVHQQXVPllUl\VWHQPXNDLVHWHURWXVNDWNDLVLPHW
/LLWlQWlW\\SSL ODLWWHHQ VXRMDXVOXRNND RQ , MD VLWl YRLGDDQ Nl\WWll
YDLQPDDGRLWHWXOODVlKN|OLLWlQQlOOl
9DOPLVWDMDHLRWDYDVWXXWDYLUKHHOOLVHVWlWRLPLQQDVWDMD
PDKGROOLVLVWDYDKLQJRLVWDMRWNDDLKHXWXYDWYLUKHHOOLVLVWl
VlKN|DVHQQXNVLVWD
9HUNNRMRKWR 9HUNNRMRKGRQVDDDVHQWDDYDLQYDOWXXWHWWX
DPPDWWLDVHQWDMDWDLDVLDQPXNDLVHQNRXOXWXNVHQVDDQXW
KXROWRSDOYHOXWHNQLNNR
$VHQQXVPDKGROOLVXXGHWW\|WDVRQDODSXROHOOD
,QGXNWLRNHLWWRWDVRYRLGDDQDVHQWDDYDLQVDPDDPHUNNLlROHYLHQ
WXXOHWXNVHOODYDUXVWHWWXMHQXXQLHQ\OlSXROHOOH.HLWWRWDVRQ
DODSXROHOOHHLVDDDVHQWDDMllNDDSSLDDVWLDQSHVXNRQHWWDLOPDQ
WXXOHWXVWDROHYDDXXQLDWDLS\\NLQSHVXNRQHWWD
/LHVLWXXOHWLQ/LHVLWXXOHWWLPHQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQ
SLWllROODYlKLQWllQOLHVLWXXOHWWLPHQDVHQQXVRKMHHVVDDQQHWXQ
HWlLV\\GHQPXNDLQHQ
.HLWWRWDVRMDXXQL0ROHPSLHQSLWllROODVDPDDPHUNNLlMDQLLVVl
SLWllROODVDPDQODLVHWOLLWlQQlW NXYD
.HLWWRWDVRQYHUNNRMRKGRVVDROHYDQWDUUDQYLKUHlQSLWllYDVWDWD
XXQLQWDUUDQYLKUHll-RVQlLQHLROHRQWLODWWDYDVRYHOWXYD
DGDSWHULWHNQLVHVWlKXROWRSDOYHOXVWD$GDSWHULQYLLWHQXPHURRQ
.HLWWRWDVRWDVDLQHQYDDNDVXRUDYDNDD1RXGDWDNHLWWRWDVRQ
YDOPLVWDMDQRKMHLWD
■ 7\|WDVRQMRKRQNHLWWRWDVRDVHQQHWDDQSLWllNHVWllQ NJQ
NXRUPLWXV9DKYLVWDW\|WDVRWDUYLWWDHVVDOlPP|QMD
YHGHQNHVWlYlOOlPDWHULDDOLOOD
■ 7DUNDVWDNHLWWRWDVRQSLQQDQWDVDLVXXVYDVWDNXQVHRQ
DVHQQHWWXSDLNDOOHHQ
7DNXXYLUKHHOOLQHQDVHQQXVWDLOLLWlQWlPLWlW|LWXRWWHHQWDNXXQ
+XRPDXWXV /DLWWHHQVLVlRVLHQNlVLWWHO\PXNDDQOXNLHQ
YLUWDMRKGRQYDLKWRWXOHHMlWWllYDVWDDYDQNRXOXWXNVHQVDDQHHQ
KXROWRSDOYHOXQVXRULWHWWDYDNVL
.DOXVWHLGHQYDOPLVWHOXNXYDW
6LVllQUDNHQQHWXWNDOXVWHHWNHVWlYlWYlKLQWllQ&
OlPS|WLODQ
$VHQQXVDXNNRSRLVWDODVWXWOHLNNDXVWRLPHQSLWHLGHQMlONHHQ
/HLNNDXVSLQQDWWLLYLVWlOlPP|QNHVWlYlOOlPDWHULDDOLOOD
$VHQQXVXXQLHQ\OlSXROHOOHNXYDD
7\|WDVRSDNVXXGHQRQROWDYDYlKLQWllQ PP
7\|WDVRQ \OlSLQQDQ MD XXQLQ HWXRVDQ \OlDOXHHQ YlOLVHQ HWlLV\\GHQ
SLWllROODPP
+XRPDXWXV .DWVR RKMHHW XXQLQ DVHQQXVRKMHHVWD MRV NHLWWRWDVRQ
MDXXQLQYlOLVWlHWlLV\\WWlRQVXXUHQQHWWDYD
,OPDQYDLKWR8XQLQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQSLWllROOD
YlKLQWllQPP
7XXOHWXVNXYD
-RWWDODLWWHHQRLNHDWRLPLQWDYRLGDDQWDDWDNHLWWRWDVRDRQ
WXXOHWHWWDYDDVLDQPXNDLVHVWL
.RVNDWXXOHWXVWDYDUWHQWDUYLWDDQODLWWHHQDODRVDVVDULLWWlYlUDLWWLLQ
LOPDQ WXOR WlPl RQ RWHWWDYD KXRPLRRQ NDOXVWHLGHQ DVHQQXNVHVVD
7lWlYDUWHQWDUYLWDDQVHXUDDYLD
■ PLQLPLHWlLV\\VNDOXVWHHQWDNDVLYXQMDNHLWWL|QVHLQlQYlOLVVl
VHNlXXQLQMDNHLWWRWDVRQYlOLVVl NXYDD
■ DXNNRNDOXVWHHQWDNDVLYXQ\OlUHXQDVVD NXYD E
+XRPDXWXNVLD
■ -RVODLWHDVHQQHWDDQNHLWWL|VDDUHNNHHVHHQWDLPXXKXQ
SDLNNDDQMRWDWlVVlHLROHNXYDWWXRQYDUPLVWHWWDYDNHLWWRWDVRQ
DVLDQPXNDLQHQWXXOHWXV
■ bOlVXOMHDODVRNNHOLDLOPDWLLYLLNVL
/DLWWHHQOLLWWlPLQHQNXYD
/LLWlNHLWWRWDVRYDLQNXQVHRQMlQQLWWHHW|QN\WNHVXODNNHHWSRLV
SllOWl
$VHWDNHLWWRWDVRNDOXVWHHQHWHHQ
.LHUUl NHLWWRWDVRQ VXRMDMRKGLQ 3( YLKUHlNHOWDLQHQ NLLQQL XXQLQ
PDDGRLWXVSLVWHHVHHQ <
+XRPDXWXV 6XRMDMRKGLQ3( SLWllOLLWWllHQVLPPlLVHQlMD
LUURWWDDYLLPHLVHQl
/LLWl 3RO\%R[PXRYLSLVWRNHXXQLLQ
.LULVWl 3RO\%R[SLVWRNNHHQUXXYLW
/LLWlGDWDMRKWR 6
/DLWWHHQDVHQWDPLQHQNXYDW
+XRPDXWXV .l\WlNHLWWRWDVRDDVHQWDHVVDVLVXRMDNlVLQHLWl
1lN\PlWW|PLVVlROHYLVVDSLQQRLVVDYRLROODWHUlYLlUHXQRMD
.HLWWRWDVRQDVHQWDPLQHQNXYD
7\|QQlODLWHDVHQQXVWLODDQ
■ bOl MlWl YHUNNRMRKWRD SXULVWXNVLLQ WDL YLH VLWl WHUlYLHQ NXOPLHQ \OL
-RVNHLWWRWDVRQDOODRQXXQLYLHMRKWRXXQLQWDNDNXOPLVWD
OLLWlQWlUDVLDDQ-RKWRRQDVHQQHWWDYDVLWHQHWWlVHHLNRVNHWD
NHLWWRWDVRQWDLXXQLQNXXPLDRVLD
■ -RVW\|WDVRRQNDDNHORLWXWLLYLVWlNDDNHOLVDXPDWVLOLNRQLOOD
.HLWWRWDVRQ DVHQWDPLQHQ SDLNDOOHHQ W\|WDVRQ DXNNRRQ MRQND
V\Y\\VRQPPNXYD
0HUNLWVHW\|WDVRQDXNRQNHVNLNRKWD
$VHWDNHLWWRWDVRSDLNDOOHHQ
.RKGLVWDNHLWWRWDVRQNHK\NVHQPHUNLQQlWW\|WDVRQPHUNLQW|LKLQ

3DLQDNHLWWRWDVRVLVllQ
■ bOl MlWl YHUNNRMRKWRD SXULVWXNVLLQ WDL YLH VLWl WHUlYLHQ NXOPLHQ \OL
-RVNHLWWRWDVRQDOODRQXXQLYLHMRKWRXXQLQWDNDNXOPLVWD
OLLWlQWlUDVLDDQ-RKWRRQDVHQQHWWDYDVLWHQHWWlVHHLNRVNHWD
NHLWWRWDVRQWDLXXQLQNXXPLDRVLD
■ -RVW\|WDVRRQNDDNHORLWXWLLYLVWlNDDNHOLVDXPDWVLOLNRQLOOD
+XRPDXWXV 7DUNDVWD ODLWWHHQ Nl\WW|YDOPLXV MRV ODLWWHHQ Ql\WW||Q
LOPHVW\\
—…‹‹ “‹†‚„ WDL “ ODLWH HL ROH RLNHLQ OLLWHWW\ ,UURWD ODLWH
VlKN|YHUNRVWDMDWDUNDVWDYLUWDMRKGRQOLLWlQWl
/DLWWHHQLUURWXV
,UURWDODLWHVlKN|YHUNRVWD
2WDXXQLSRLVSDLNDOWDDQMDDVHWDVHNHLWWL|NDOXVWHHQHWHHQ
,UURWDGDWDMRKWR 6
,UURWD 3RO\%R[NRWHORQUXXYLMDRWD3RO\%R[SRLVSDLNDOWDDQbOl
YHGlLUURWWDHVVDVLMRKGRLVWD
,UURWDORSXNVLVXRMDMRKGLQPDDGRLWXVUXXYLVWD
3DLQDNHLWWRWDVRDOKDDOWDSlLQSRLVSDLNDOWDDQ
+XRPLR
9DUR YDXULRLWWDPDVWD ODLWHWWD bOl \ULWl LUURWWDD ODLWHWWD \OKllOWl SlLQ
YLSXDPDOOD
no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU
6LNNHUKHWVLNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJDY
DSSDUDWHWHUWHNQLVNNRUUHNWXWI¡UWRJLKHQKROGWLO
PRQWHULQJVYHLOHGQLQJHQ,QVWDOODW¡UHQHUDQVYDUOLJIRUVNDGHUVRP
VN\OGHVIHLODNWLJPRQWHULQJ
(WWHU LQVWDOODVMRQHQ Pn GHW VLNUHV DW EUXNHUHQ LNNH KDU WLOJDQJ WLO GH
HOHNWULVNHNRPSRQHQWHQH
'HWWHDSSDUDWHWHUJRGNMHQWIRUEUXNLK¡\GHUSnLQQWLO PHWHU
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
(OHNWULVN WLONREOLQJ Pn NXQ XWI¡UHV DY HQ NYDOLILVHUW WHNQLNHU 'HQ
ORNDOHVWU¡POHYHUDQG¡UVUHWQLQJVOLQMHUVNDOI¡OJHV
$SSDUDWHWPnNREOHVWLOHQIDVWLQVWDOODVMRQGHWPnLQVWDOOHUHV
VNLOOHEU\WHUHLVDPVYDUPHGLQVWDOODVMRQVIRUVNULIWHQH
7\SH WLONREOLQJ DSSDUDWHW WLOK¡UHU EHVN\WWHOVHVNODVVH , RJ Pn NXQ
EUXNHVVDPPHQPHGHQMRUGHWVWLNNRQWDNW
3URGXVHQWHQVWnULNNHDQVYDUOLJIRUIHLOEUXNRJHYHQWXHOOHVNDGHU
JUXQQHWXHJQHGHHOHNWULVNHLQVWDOODVMRQHU
6WU¡PNDEHO 6WU¡PNDEHOVNDOEDUHLQVWDOOHUHVDYHQDXWRULVHUW
IDJPDQQHOOHUHQJRGNMHQWVHUYLFHWHNQLNHU
0RQWHULQJVPXOLJKHW XQGHU EHQNHSODWHQ ,QGXNVMRQVWRSSHQ NDQ
EDUHLQVWDOOHUHVRYHUVWHNHRYQHUDYVDPPHPHUNHPHGOXIWLQJ
9HUNHQNM¡OHVNDSRSSYDVNPDVNLQVWHNHRYQXWHQOXIWLQJHOOHU
YDVNHPDVNLQNDQVHWWHVLQQXQGHUNRNHWRSSHQ
9HQWLODWRU$YVWDQGHQPHOORPYHQWLODWRUHQRJNRNHWRSSHQPn
YUHPLQVWOLNHVWRUVRPGHQDYVWDQGHQVRPHUDQJLWWL
PRQWHULQJVDQYLVQLQJHQIRUYHQWLODWRUHQ
.RNHWRSSRJVWHNHRYQHU%HJJHPnYUHDYVDPPHPHUNHRJ
YUHXWVW\UWPHGVDPPHWLONREOLQJHU ILJ
'HWJU¡QQHNOLVWUHPHUNHWSnVWU¡PNDEHOHQWLONRNHWRSSHQPn
WLOVYDUHGHWJU¡QQHNOLVWUHPHUNHWSnVWHNHRYQHQ(OOHUVPnGHW
EHVWLOOHVHQHJQHWDGDSWHUIUDWHNQLVNNXQGHVHUYLFH
5HIHUDQVHQXPPHUHWWLODGDSWHUHQHU
%HQNHSODWHIODWYDQQUHWWRJVWDELO)¡OJLQVWUXNVMRQHQHIUD
SURGXVHQWHQDYNRNHWRSSHQ
■ %HQNHSODWHQVRPSODWHWRSSHQVNDOLQVWDOOHUHVLVNDOWnOHHQ
EHODVWQLQJSnFD NJ9HGEHKRYPnEHQNHSODWHQIRUVWHUNHV
PHGWHPSHUDWXURJYDQQEHVWDQGLJPDWHULDOH
■ )¡UVWQnUSODWHWRSSHQHULQVWDOOHUWVNDOGXVMHNNHDWGHQOLJJHU
MHYQW
*DUDQWLHQIHLODNWLJLQVWDOODVMRQWLONREOLQJHOOHUPRQWDVMHYLO
DQQXOOHUHJDUDQWLHQ
0HUN (QKYHUPRGLILNDVMRQDYDSSDUDWHWVLQGUHLQNOXGHUWE\WWHDY
VWU¡POHGQLQJHQPnNXQXWI¡UHVDYRSSOUWWHNQLVNSHUVRQHOOIUD
YnUVHUYLFHDYGHOLQJ
.ODUJM¡UHP¡EHOILJXU
,QQHE\JGHP¡EOHUPnWnOHHQWHPSHUDWXUSnPLQVW&
+XOURPPHWIMHUQDOOHVSRQHWWHUXWVNMULQJHQ
.XWWHIODWHQHIRUVHJOHPHGHWYDUPHEHVWDQGLJVWRII
0RQWHULQJRYHUVWHNHRYQHUILJXU D
%HQNHSODWHPnKDHQPLQVWHW\NNHOVHSn PP
'HWPnYUHPPDYVWDQGPHOORPEHQNHSODWHQVRYHUIODWHRJ
GHQ¡YUHGHOHQDYIUHPVLGHQSnVWHNHRYQHQ
0HUN 6OnRSSLPRQWHULQJVDQYLVQLQJHQWLOVWHNHRYQHQGHUVRP
DYVWDQGHQPHOORPSODWHWRSSHQRJVWHNHRYQHQPn¡NHV
9HQWLODVMRQ'HWPnYUHHQDYVWDQGSnPLQVWPPPHOORP
VWHNHRYQHQRJSODWHWRSSHQ
9HQWLODVMRQILJXU
)RUnVLNUHDWDSSDUDWHWIXQJHUHUNRUUHNWPnNRNHWRSSHQYUH
WLOVWUHNNHOLJYHQWLOHUW
)RUGLYHQWLODVMRQHQLGHQQHGUHGHOHQDYDSSDUDWHWWUHQJHU
WLOVWUHNNHOLJWLOI¡UVHODYIULVNOXIWPnP¡EHOHWYUHSODVVHUWVOLNDW
GHWODUVHJJM¡UH)¡OJHQGHIRUXWVHWWHV
■ (QPLQVWHDYVWDQGPHOORPEDNVLGHQDYP¡EHOHWRJ
NM¡NNHQYHJJHQVDPWPHOORPVWHNHRYQHQRJNRNHWRSSHQ
ILJXU D
■ (QnSQLQJYHG¡YUHHQGHDYEDNVLGHQSnP¡EHOHW ILJXU E
0HUNQDGHU
■ 'HUVRP DSSDUDWHW VNDO LQVWDOOHUHV Sn HQ NM¡NNHQ¡\ HOOHU HW DQQHW
VWHGHQQGHWVRPHUEHVNUHYHWKHUPnGXV¡UJHIRUWLOVWUHNNHOLJ
YHQWLODVMRQIRUNRNHWRSSHQ
■ 1HGUHVRNNHOPnLNNHOXNNHVKHUPHWLVN
.REOHWLODSSDUDWHWILJXU
.RNHWRSSHQPnEDUHNREOHVWLOQnUGHQHUVSHQQLQJVIULVOnDY
VLNULQJHQ
6HWWNRNHWRSSHQIRUDQP¡EHOHW
6NUXNRNHWRSSHQVMRUGOHGQLQJ 3(JU¡QQJXOWLO
MRUGLQJVSXQNWHW <SnVWHNHRYQHQ
0HUN -RUGOHGQLQJHQ3( PnNREOHVWLOI¡UVWRJNREOHVIUDVLVW
6HWWSODVWSOXJJHQ 3RO\%R[LQQLVWHNHRYQHQ
7UHNNWLOVNUXHQHWLO 3RO\%R[SOXJJHQ
.REOHWLOGDWDOHGQLQJHQ 6
0RQWHUHDSSDUDWILJXU
0HUN %UXNKDQVNHUYHGLQQE\JJLQJDYSODWHWRSSHQ)ODWHQHVRP
LNNHHUV\QOLJHNDQKDVNDUSHNDQWHU
0RQWHUHNRNHWRSSILJXU
6N\YDSSDUDWHWLQQLQLVMHQ
■ 6WU¡PNDEHOHQPnLNNHNRPPHLNOHPHOOHUWUHNNHVRYHUVNDUSH
NDQWHU+YLVGHWHUPRQWHUWVWHNHRYQXQGHUNRNHVRQHQPn
OHGQLQJHQ OHJJHV UXQGW KM¡UQHQH Sn EDNVLGHQ DY VWHNHRYQHQ RJ
WLOVWLNNRQWDNWHQ/HGQLQJHQPnSODVVHUHVVOLNDWGHQLNNH
NRPPHULNRQWDNWPHGYDUPHGHOHUDYNRNHWRSSHQHOOHU
VWHNHRYQHQ
■ 3nIOLVODJWHEHQNHSODWHU)OLVHIXJHQHPnWHWWHVPHG
VLOLNRQPDVVH
6HWW NRNHWRSSHQ LQQ L XWVQLWWHW Sn EHQNHSODWHQ PHG HQ G\EGH
Sn PPILJXU
0DUNHUPLGWHQDYXWVQLWWHWLEHQNHSODWHQ
6HWWSnNRNHWRSSHQ
-XVWHUPDUNHULQJHQHSnNRNHWRSSHQVUDPPHLKHQKROGWLO
EHQNHSODWHQ
7U\NNSnSODVVNRNHWRSSHQ
■ 6WU¡PNDEHOHQPnLNNHNRPPHLNOHPHOOHUWUHNNHVRYHUVNDUSH
NDQWHU+YLVGHWHUPRQWHUWVWHNHRYQXQGHUNRNHVRQHQPn
OHGQLQJHQ OHJJHV UXQGW KM¡UQHQH Sn EDNVLGHQ DY VWHNHRYQHQ RJ
WLOVWLNNRQWDNWHQ/HGQLQJHQPnSODVVHUHVVOLNDWGHQLNNH
NRPPHULNRQWDNWPHGYDUPHGHOHUDYNRNHWRSSHQHOOHU
VWHNHRYQHQ
■ 3nIOLVODJWHEHQNHSODWHU)OLVHIXJHQHPnWHWWHVPHG
VLOLNRQPDVVH
0HUN .RQWUROOHURPDSSDUDWHWHUNODUWWLOEUXN9LVHV
—…‹‹
“‹†‚„ HOOHU “LDSSDUDWHWVGLVSOD\HUGHWLNNHULNWLJWLONREOHW
.REOHDSSDUDWHWIUDVWU¡PPHQRJNRQWUROOHUDWVWU¡POHGQLQJHQHU
ULNWLJNREOHWWLO

$SSDUDWHWVRSSE\JQLQJ
.REOHDSSDUDWHWIUDVWU¡PWLOI¡UVHOHQ
7DXWVWHNHRYQHQRJVHWWGHQIRUDQNM¡NNHQHOHPHQWHW
.REOHIUDGDWDOHGQLQJHQ 6
/¡VQHVNUXHQL SRO\ERNVHQRJWDXWSRO\ERNVHQ,NNHWUHNNL
NDEOHQHXQGHUGHPRQWHULQJHQ
/¡VQHWLOVOXWWMRUGOHGQLQJHQIUDMRUGLQJVVNUXHQ
7U\NNXWSODWHWRSSHQIUDXQGHUVLGHQ
2EV
6NDGHUSnDSSDUDWHW,NNHIRUV¡NnYLSSHRSSDSSDUDWHWRYHQIUD
YHGKMHOSDYYHUNW¡\
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJWDWWREVHUYHUD
6lNHUKHWVlNHUKHWHQYLGDQYlQGQLQJJDUDQWHUDVXQGHU
I|UXWVlWWQLQJ DWW LQVWDOODWLRQHQ KDU XWI|UWV NRUUHNW RFK L HQOLJKHW PHG
GHQQDPRQWHULQJVDQYLVQLQJ6NDGRURUVDNDGHDYIHODNWLJ
PRQWHULQJlUPRQW|UHQVDQVYDU
6HWLOOVnDQYlQGDUHQLQWHNRPPHUnWHONRPSRQHQWHUQDHIWHU
LQVWDOODWLRQ
(QKHWHQlUEDUDDYVHGGI|UDQYlQGQLQJXSSWLOO P|K
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
(ODQVOXWQLQJInUHQGDVWXWI|UDVDYHQEHK|ULJIDFNPDQ
)|UHVNULIWHUQDIUnQGHQORNDODHOOHYHUDQW|UHQVNDOOI|OMDV
(QKHWHQ NUlYHU IDVW LQVWDOODWLRQ RFK PRQWHULQJ PHG OlPSOLJ EU\WDUH
HQOLJWLQVWDOODWLRQVDQYLVQLQJDUQD
$QVOXWQLQJVW\SDSSDUDWHQWLOOK|UVN\GGVNODVV ,RFKInUHQGDVW
DQYlQGDVPHGHQMRUGDGDQVOXWQLQJ
7LOOYHUNDUHQWDULQJHWDQVYDUI|UIHODNWLJIXQNWLRQHOOHUVNDGRU
RUVDNDGHDYIHODNWLJHOLQVWDOODWLRQ
6ODGGHQ GHWlUEDUDEHK|ULJHOHNWULNHUHOOHUXWELOGDG
VHUYLFHWHNQLNHUVRPInULQVWDOOHUDVODGGHQ
,QE\JJQDGVDOWHUQDWLYXQGHUElQNVNLYDGXInUEDUDLQVWDOOHUD
LQGXNWLRQVKlOODU|YHUXJQDUDYVDPPDPlUNHPHG
YHQWLODWLRQVIOlNW'HWInULQWHILQQDVN\OVNnSGLVNPDVNLQXJQXWDQ
YHQWLODWLRQVIOlNWHOOHUWYlWWPDVNLQXQGHUKlOOHQ
8WVXJDYVWnQGHWPHOODQXWVXJRFKKlOOVNDPLQVWYDUDDQJLYHW
DYVWnQGLPRQWHULQJVDQYLVQLQJHQ
+lOORFKXJQVNDYDUDDYVDPPDPlUNHRFKKDVDPPD
DQVOXWQLQJDU ILJ
'HWJU|QDSnGHNDOHQSnVODGGHQWLOOKlOOHQVNDPDWFKDGHWJU|QD
SnXJQHQVGHNDO*|UGHWLQWHGHWVnPnVWHGXEHVWlOODHQ
PDWFKDQGHDGDSWHUDYVHUYLFH5HIHUHQVQXPUHWI|UDGDSWHUQlU
%lQNVNLYDSODQYnJUlWVWDELO)|OMLQVWUXNWLRQHUQDIUnQ
ElQNVNLYDQVWLOOYHUNDUH
■ %lQNVNLYDQ GX VND PRQWHUD KlOOHQ L VND NODUD EHODVWQLQJDU Sn FD
NJ)|UVWlUNElQNVNLYDQPHGWHPSHUDWXURFKYDWWHQWnOLJW
PDWHULDORPGHWEHK|YV
■ .RQWUROOHUDLQWHDWWKlOOHQlUSODQI|UUlQGHQVLWWHUL
*DUDQWLYLGIHODNWLJPRQWHULQJHOOHUDQVOXWQLQJJlOOHULQWH
SURGXNWJDUDQWLQ
$QYLVQLQJ cWJlUGHUSnDSSDUDWHQVLQVLGDLQNOXVLYHE\WHDY
VWU|PNDEHOInUHQGDVWXWI|UDVDYVlUVNLOWXWELOGDGSHUVRQDOIUnQ
.XQGWMlQVW
)|UEHUHGDVWRPPDUQDELOG
,QE\JJGDVNnSWnOWHPSHUDWXUHUSnXSSWLOO&
8WU\PPHDYOlJVQDVnJVSnQHQHIWHUXUVNlUQLQJVDUEHWHW
6NlU\WRUI|UVHJODPHGYlUPHEHVWlQGLJWPDWHULDO
,QE\JJQDG|YHUXJQELOGD
%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP
$YVWnQGHWPHOODQElQNVNLYDRFKXJQVIURQWHQV|YHUGHOVNDYDUD
PP
$QYLVQLQJ 7LWWDLXJQHQVPRQWHULQJVDQYLVQLQJRPDYVWnQGHW
PHOODQKlOORFKXJQPnVWHYDUDVW|UUH
9HQWLODWLRQDYVWnQGHWPHOODQXJQRFKKlOOVNDYDUDPLQPP
9HQWLODWLRQELOG
+lOOHQNUlYHUDQJLYHQYHQWLODWLRQI|UDWWHQKHWHQVNDIXQJHUD
RUGHQWOLJW
9HQWLODWLRQHQ XQGHU HQKHWHQ NUlYHU EUD IULVNOXIWVLQWDJ Vn VWRPPHQ
PnVWHKDPDWFKDQGHXWIRUPQLQJ)|OMDQGHNUlYV
■ NUlYHUPLQLPLDYVWnQGPHOODQVWRPU\JJRFKYlJJVDPWPHOODQ
XJQRFKKlOO ELOGD
■ NUlYHUHQ|SSQLQJXSSWLOOSnVWRPU\JJHQ ELOG E
$QYLVQLQJ
■ 0RQWHUDU GX HQKHWHQ L HQ N|NV| HOOHU Sn DQQDQ SODWV VRP VDNQDU
EHVNULYQLQJVHWLOOVnDWWKlOOHQInUUlWWYHQWLODWLRQ
■ 'HQXQGUHVRFNHOQInULQWHYDUDKHUPHWLVNWWLOOVOXWHQ
$QVOXWDHQKHWHQELOG
+lOOHQVNDYDUDVSlQQLQJVO|VYLGDQVOXWQLQJVlNULQJDUQDDY
6lWWKlOOHQIUDPI|UVWRPPHQ
6NUXYD IDVW KlOOHQV VN\GGVMRUG 3( JU|QJXO L XJQHQV MRUGSXQNW
<
$QYLVQLQJ $QVOXW DOOWLG VN\GGVMRUGHQ 3( I|UVW RFK NRSSOD ORVV
GHQVLVW
6lWWL 3RO\%R[SODVWNRQWDNWHQLXJQHQ
'UDnWVNUXYDUQDWLOO 3RO\%R[NRQWDNWHQ
$QVOXWGDWDNDEHOQ 6
0RQWHUDHQKHWHQELOG
$QYLVQLQJ $QYlQGVN\GGVKDQGVNDUYLGPRQWHULQJDYKlOOHQ'H
GROGD\WRUQDNDQKDYDVVDNDQWHU
6lWWDLKlOOHQELOG
6NMXWDLQHQKHWHQLLQE\JJQDGVQLVFKHQ
■ 6HWLOOVnDWWVODGGHQLQWHEOLUNOlPGHOOHUGUDJHQ|YHUYDVVD
NDQWHU9LGXQGHUE\JJGXJQGUDVODGGHQWLOOYlJJXWWDJHWYLD
XJQHQVEDNUHK|UQ'UDOHGQLQJHQVnDWWGHQLQWHNRPPHUL
NRQWDNWPHGKHWDVWlOOHQSnKlOOHOOHUXJQ
■ .DNODGHElQNVNLYRUPMXNIRJDNDNOHWPHGVLOLNRQ
+lOOLQE\JJQDGLPPGMXSWXUWDJELOG
0DUNHUDPLWWHQSnXUWDJHWLElQNVNLYDQ
6lWWLKlOOHQ
3DVVDLQPDUNHULQJDUQDSnKlOOLQIDWWQLQJHQPRWElQNVNLYDQV
6QlSSIDVWKlOOHQ
■ 6HWLOOVnDWWVODGGHQLQWHEOLUNOlPGHOOHUGUDJHQ|YHUYDVVD
NDQWHU9LGXQGHUE\JJGXJQGUDVODGGHQWLOOYlJJXWWDJHWYLD
XJQHQVEDNUHK|UQ'UDOHGQLQJHQVnDWWGHQLQWHNRPPHUL
NRQWDNWPHGKHWDVWlOOHQSnKlOOHOOHUXJQ
■ .DNODGHElQNVNLYRUPMXNIRJDNDNOHWPHGVLOLNRQ
$QYLVQLQJ .RQWUROOHUD DWW HQKHWHQ lU UHGR DWW DQYlQGD InU GX XSS
—…‹‹ “‹†‚„ HOOHU “SnHQKHWHQVGLVSOD\VnlUGHQLQWHUlWW
DQVOXWHQ *|U HQKHWHQ VWU|PO|V RFK NRQWUROOHUD VODGGDQVOXWQLQJHQ
7DXUHQKHWHQ
*|UHQKHWHQVWU|PO|V
7DXUXJQHQRFKVWlOOGHQIUDPI|UVWRPPHQ
'UDXUGDWDNDEHOQ 6
/RVVDVNUXYHQWLOO SOLQWNRSSOLQJHQRFKWDORVVGHQ'UDLQWHL
NDEODUQDYLGGHPRQWHULQJHQ
/RVVDWLOOVLVWVN\GGVMRUGHQIUnQMRUGVNUXYHQ
7U\FNXSSKlOOHQXQGHULIUnQ
2EV
5LVNI|UVNDGRUSnHQKHWHQ)|UV|NLQWHDWWElQGDXUHQKHWHQ
RYDQLIUnQ

en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
6DIHW\ 6DIHW\ LQ XVH LV RQO\ JXDUDQWHHG LI WKH WHFKQLFDO LQVWDOODWLRQ
RIWKHKREKDVEHHQFDUULHGRXWFRUUHFWO\DQGLQDFFRUGDQFHZLWK
WKHDVVHPEO\LQVWUXFWLRQV7KHLQVWDOODWLRQWHFKQLFLDQVKDOOEH
OLDEOHIRUDQ\GDPDJHFDXVHGDVDUHVXOWRIXQVXLWDEOHLQVWDOODWLRQ
2QFHWKHDSSOLDQFHLVLQVWDOOHGPDNHVXUHWKDWWKHXVHUFDQQRW
DFFHVVWKHHOHFWULFDOFRPSRQHQWV
7KLVDSSOLDQFHLVRQO\SHUPLWWHGIRUXVHDWKHLJKWVXSWR
PHWUHV
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
(OHFWULF FRQQHFWLRQ 2QO\ E\ DQ DXWKRULVHG VSHFLDOLVW WHFKQLFLDQ
7KHJXLGHOLQHVVHWRXWE\WKHORFDOHOHFWULFLW\SURYLGHUPXVWEH
REVHUYHG
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRDIL[HGLQVWDOODWLRQDQG
DSSURSULDWHLVRODWLQJVZLWFKHVPXVWEHVHWXSLQDFFRUGDQFHZLWK
WKHLQVWDOODWLRQLQVWUXFWLRQV
7\SHRIFRQQHFWLRQ7KHDSSOLDQFHIDOOVXQGHUSURWHFWLRQFODVV ,
DQGFDQRQO\EHXVHGLQFRPELQDWLRQZLWKDJURXQGLQJFRQGXFWRU
FRQQHFWLRQ
7KHPDQXIDFWXUHUDFFHSWVQRUHVSRQVLELOLW\IRUDQ\PDOIXQFWLRQRU
GDPDJHFDXVHGE\LQFRUUHFWHOHFWULFDOLQVWDOODWLRQV
0DLQVFDEOH 7KHPDLQVFDEOHPXVWRQO\EHLQVWDOOHGE\DQ
DXWKRULVHGSURIHVVLRQDORUE\DWUDLQHGDIWHUVDOHVHQJLQHHU
,QVWDOODWLRQ RSWLRQV IRU EHORZ D ZRUNWRS 7KH LQGXFWLRQ KRE FDQ
RQO\EHLQVWDOOHGDERYHRYHQVZLWKYHQWLODWLRQDQGIURPWKHVDPH
EUDQG1RUHIULJHUDWRUVGLVKZDVKHUVRYHQVZLWKRXWYHQWLODWLRQRU
ZDVKLQJPDFKLQHVFDQEHLQVWDOOHGEHORZWKHKRE
([WUDFWLRQFKLPQH\7KHFOHDUDQFHEHWZHHQWKHH[WUDFWLRQ
FKLPQH\DQGWKHKREPXVWDWOHDVWPDWFKWKHFOHDUDQFHVSHFLILHG
IRUWKHH[WUDFWLRQFKLPQH\LQWKHLQVWDOODWLRQLQVWUXFWLRQV
+RE DQG RYHQ%RWK PXVW EH IURP WKH VDPH EUDQG DQG PXVW KDYH
WKHVDPHFRQQHFWLRQV ILJ
7KHJUHHQLQWKHVWLFNHURQWKHKREVPDLQVFDEOHPXVWPDWFKWKH
JUHHQLQWKHVWLFNHURQWKHRYHQ,IWKH\GRQRWPDWFK\RXPXVW
RUGHUDVXLWDEOHDGDSWRUIURPWHFKQLFDODIWHUVDOHVVHUYLFH7KH
UHIHUHQFHQXPEHUIRUWKHDGDSWRULV
+REIODWKRUL]RQWDOVWDEOH)ROORZWKHKREPDQXIDFWXUHUV
LQVWUXFWLRQV
■ 7KHZRUNWRSLQWRZKLFK\RXLQVWDOOWKHKREVKRXOGEHDEOHWR
ZLWKVWDQGORDGVRIDSSUR[ NJ,IQHFHVVDU\VWUHQJWKHQWKH
ZRUNWRSZLWKWHPSHUDWXUHDQGZDWHUUHVLVWDQWPDWHULDO
■ 2QO\FKHFNWKHHYHQQHVVRIWKHKREDIWHULWKDVEHHQLQVWDOOHG
:DUUDQW\DQXQVXLWDEOHLQVWDOODWLRQFRQQHFWLRQRUDVVHPEO\ZLOO
LQYDOLGDWHWKHSURGXFWZDUUDQW\
1RWH $Q\FKDQJHWRWKHDSSOLDQFHVLQWHULRULQFOXGLQJFKDQJLQJ
WKHSRZHUFDEOHPXVWRQO\EHSHUIRUPHGE\VSHFLDOO\WUDLQHG
PHPEHUVRIWKH7HFKQLFDO$VVLVWDQFH6HUYLFH
3UHSDULQJWKHFXSERDUGILJXUHV
%XLOWLQNLWFKHQXQLWV0LQLPXPWHPSHUDWXUHUHVLVWDQFHRI&
*DS5HPRYHDQ\VKDYLQJVDIWHUSHUIRUPLQJFXWWLQJZRUN
&XWVXUIDFHV6HDOZLWKKHDWUHVLVWDQWPDWHULDO
,QVWDOOLQJDERYHDQRYHQILJXUHD
:RUNWRS0XVWKDYHDPLQLPXPWKLFNQHVVRI PP
7KHFOHDUDQFHEHWZHHQWKHVXUIDFHRIWKHZRUNWRSDQGWKHWRSRI
WKHIURQWRIWKHRYHQPXVWEH PP
1RWH ,IWKHGLVWDQFHEHWZHHQWKHKREDQGRYHQPXVWEH
LQFUHDVHGUHIHUWRWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKHRYHQ
9HQWLODWLRQ 7KH GLVWDQFH EHWZHHQ WKH RYHQ DQG WKH KRE PXVW EH DW
OHDVWPP
9HQWLODWLRQILJXUH
7RJXDUDQWHHWKDWWKHDSSOLDQFHZRUNVFRUUHFWO\WKHKREPXVWEH
VXIILFLHQWO\YHQWLODWHG
6LQFH WKH YHQWLODWLRQ LQ WKH ORZHU VHFWLRQ RI WKH DSSOLDQFH UHTXLUHV
DVXIILFLHQWVXSSO\RIIUHVKDLUWKHFXSERDUGVPXVWEHGHVLJQHG
DFFRUGLQJO\7KHIROORZLQJLVUHTXLUHGIRUWKLV
■ $PLQLPXPGLVWDQFHEHWZHHQWKHUHDURIWKHFXSERDUGDQGWKH
NLWFKHQZDOODQGEHWZHHQWKHRYHQDQGWKHKRE ILJXUHD
■ $QRSHQLQJDWWKHWRSHQGRIWKHUHDURIWKHFXSERDUG
ILJXUH E
1RWHV
■ ,I WKH DSSOLDQFH LV LQVWDOOHG LQ DQ LVODQG XQLW RU LQ DQRWKHU ORFDWLRQ
WKDWLVQRWGHVFULEHGKHUHDSSURSULDWHYHQWLODWLRQRIWKHKRE
PXVWEHJXDUDQWHHG
■ 'RQRWKHUPHWLFDOO\VHDOWKHORZHUEDVH
&RQQHFWLQJWKHDSSOLDQFHILJXUH
0DNHVXUHWKHKRELVQRWFRQQHFWHGWRDSRZHUVXSSO\EHIRUH
FRQQHFWLQJLWVZLWFKRIIWKHFLUFXLWEUHDNHUV
3RVLWLRQWKHKRELQIURQWRIWKHXQLW
6FUHZ WKH SURWHFWLYH HDUWK FRQGXFWRU 3( JUHHQ\HOORZ IRU WKH
KREWRWKHHDUWKLQJSRLQW <RQWKHRYHQ
1RWH 7KHSURWHFWLYHHDUWKFRQGXFWRU 3(PXVWEHFRQQHFWHG
ILUVWDQGGLVFRQQHFWHGODVW
3OXJWKH SRO\ER[SODVWLFSOXJLQWRWKHRYHQ
7LJKWHQWKHVFUHZVRQWKH SRO\ER[SOXJ
&RQQHFWWKH 6GDWDOLQH
,QVWDOOLQJWKHDSSOLDQFHILJXUHV
1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE7KHQRQYLVLEOH
VXUIDFHVPD\KDYHVKDUSHGJHV
,QVWDOOLQJWKHKREILJXUH
3XVKWKHDSSOLDQFHLQWRWKHLQVWDOODWLRQUHFHVV
■ 'RQRWWUDSWKHPDLQVFDEOHDQGGRQRWURXWHLWRYHUVKDUS
HGJHV,IWKHRYHQLVDEXLOWXQGHUW\SHURXWHWKHFDEOHRQWKH
UHDU FRUQHUV RI WKH RYHQ WR WKH VRFNHW 7KH OLQH PXVW EH LQVWDOOHG
LQVXFKDZD\WKDWLWGRHVQRWFRPHLQWRFRQWDFWZLWKDQ\KRW
VHFWLRQVRIWKHKRERUWKHRYHQ
■ )RUWLOHGZRUNVXUIDFHV6HDOWKHWLOHMRLQWVZLWKVLOLFRQHUXEEHU
,QVHUW WKH KRE LQWR D ZRUNWRS FXWRXW ZLWK D GHSWK RI PP ²
)LJXUH
0DUNWKHFHQWUHRIWKHZRUNWRSFXWRXW
3XWWKHKRELQSODFH
$OLJQWKHPDUNLQJVRQWKHKREIUDPHZLWKWKRVHRIWKHZRUNWRS
3UHVVLQWKHKRE
■ 'RQRWWUDSWKHPDLQVFDEOHDQGGRQRWURXWHLWRYHUVKDUS
HGJHV,IWKHRYHQLVDEXLOWXQGHUW\SHURXWHWKHFDEOHRQWKH
UHDU FRUQHUV RI WKH RYHQ WR WKH VRFNHW 7KH OLQH PXVW EH LQVWDOOHG
LQVXFKDZD\WKDWLWGRHVQRWFRPHLQWRFRQWDFWZLWKDQ\KRW
VHFWLRQVRIWKHKRERUWKHRYHQ
■ )RUWLOHGZRUNVXUIDFHV6HDOWKHWLOHMRLQWVZLWKVLOLFRQHUXEEHU
1RWH &KHFNWKDWWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ,I
—…‹‹
“‹†‚„ RU “ DSSHDUV RQ WKH DSSOLDQFHV GLVSOD\ WKH DSSOLDQFH LV
QRWFRQQHFWHGFRUUHFWO\'LVFRQQHFWLWIURPWKHSRZHUVXSSO\DQG
FKHFNWKHSRZHUFRUGFRQQHFWLRQ
8QLQVWDOOLQJWKHDSSOLDQFH
'LVFRQQHFWWKHDSSOLDQFHIURPWKHPDLQV
5HPRYHWKHRYHQDQGSRVLWLRQLWLQIURQWRIWKHNLWFKHQXQLW
'LVFRQQHFWWKHGDWDFDEOH 6
/RRVHQWKH 3RO\%R[VFUHZDQGUHPRYHLW'RQRWSXOOWKHFDEOHV
GXULQJUHPRYDO
)LQDOO\ORRVHQWKHVFUHZVJURXQGLQJSRLQW
3XVKWKHKREXSZDUGVIURPEHORZWRUHPRYHLW
&DXWLRQ
'DPDJHWRWKHDSSOLDQFH'RQRWWU\WRUHPRYHWKHDSSOLDQFHE\
SU\LQJLWRXWIURPDERYH
