
*9001180020*
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
PLQ
PLQ
PLQ
¸

PLQ
PD[
PLQ
PLQ
PLQ
PLQ
PD[
PLQ
PLQ
[

D
PD[
/
9
9
99
1
a

JDV PEDU 4QN: P
K JK
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*
*

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$UEHLWHQLP*HUlWHLQQHUHQYRU5XIHQ6LH
JHJHEHQHQIDOOVXQVHUHQ.XQGHQGLHQVWDQ
9RUGHP(LQEDX
'LHVHV*HUlWHQWVSULFKW.ODVVHJHPl',1(1IU*DV
JHUlWH(LQEDXJHUlWH
'DV0|EHOLQZHOFKHVGDV*HUlWHLQJHEDXWZLUGPXVVDXVUHL
FKHQGIL[LHUWXQGVWDELOVHLQ
'LH QHEHQ GHP *HUlW EHILQGOLFKHQ 0|EHO GHUHQ 6FKLFKWZHUNVWRIIH
VRZLHGHUVLH]XVDPPHQKDOWHQGH/HLPGUIHQQLFKWDXVEUHQQED
UHQ0DWHULDOLHQEHVWHKHQXQGPVVHQKLW]HEHVWlQGLJVHLQ
'LHVHV*HUlWGDUIQLFKWEHU.KOVFKUlQNHQ:DVFKPDVFKLQHQ
6SOPDVFKLQHQRGHUlKQOLFKHQ*HUlWHQHLQJHEDXWZHUGHQ
'DV.RFKIHOGGDUIQXUEHUHLQHPEHOIWHWHQ%DFNRIHQHLQJHEDXW
ZHUGHQ
:LUGXQWHUGHP.RFKIHOGHLQ%DFNRIHQHLQJHEDXWNDQQGLH'LFNH
GHU$UEHLWVSODWWHGLHPLQLPDOJHIRUGHUWH'LFNHLQGLHVHU$QOHLWXQJ
EHUVFKUHLWHQ %HDFKWHQ 6LH GLH +LQZHLVH LQ GHU 0RQWDJHDQOHLWXQJ
GHV%DFNRIHQV
:HQQ HLQH 'XQVWDE]XJVKDXEH DQJHEUDFKW ZLUG PXVV GLHV JHPl
GHU 0RQWDJHDQOHLWXQJ XQG LPPHU XQWHU %HUFNVLFKWLJXQJ GHV YHUWL
NDOHQ0LQGHVWDEVWDQGV]XP.RFKIHOG$EE JHVFKHKHQ
9RUEHUHLWXQJGHV.FKHQP|EHOV$EE
1HKPHQ 6LH LQ GHU $UEHLWVIOlFKH HLQHQ $XVVFKQLWW PLW GHQ EHQ|WLJ
WHQ$EPHVVXQJHQYRU
%HL$UEHLWVIOlFKHQDXV+RO]ILUQLVVHQ6LHGLH6FKQLWWIOlFKHQPLW
6SH]LDOOHLPXPVLHYRU)HXFKWLJNHLW]XVFKW]HQ
%HILQGHW VLFK NHLQ %DFNRIHQ XQWHU GHP .RFKIHOG EULQJHQ 6LH HLQHQ
=ZLVFKHQERGHQDXVQLFKWEUHQQEDUHP0DWHULDO]%0HWDOORGHU
6SHUUKRO] PPXQWHUGHP%RGHQGHV.RFKIHOGHVDQ6RZLUG
HLQ=XJDQJ]XPXQWHUHQ7HLOGHV.RFKIHOGHVYHUKLQGHUW
'HU$EVWDQGGHV=ZLVFKHQERGHQV]XP1HW]DQVFKOXVVGHV*HUl
WHVPXVVPLQGHVWHQVPPEHWUDJHQ
(LQEDXGHV*HUlWV$EE
+LQZHLV =XP(LQEDXHQGHV.RFKIHOGHV6FKXW]KDQGVFKXKHYHU
ZHQGHQ
-HQDFK0RGHOONDQQGLH.OHEHGLFKWXQJEHUHLWVLP:HUNDQJH
EUDFKW ZRUGHQ VHLQ 'LH .OHEHGLFKWXQJ GDQQ NHLQHVIDOOV HQWIHUQHQ
VLHYHUKLQGHUW'XUFKVLFNHUQ:HQQGLH'LFKWXQJQLFKWZHUNVHLWLJ
DQJHEUDFKWZXUGHNOHEHQ6LHVLHDQGHQXQWHUHQ5DQGGHV.RFK
IHOGV
=XU%HIHVWLJXQJGHV*HUlWVDP(LQEDXP|EHO
(QWQHKPHQ6LHGLH.ODPPHUQGHP=XEHK|UEHXWHOXQGVFKUDX
EHQ 6LH VLH LQ GHU DQJHJHEHQHQ 3RVWLWLRQ DQ VR GDVV VLH VLFK IUHL
GUHKHQ
)JHQ6LHGDV.RFKIHOGPLWWLJHLQ
'UFNHQ6LHGLH5lQGHUVRODQJHQDFKXQWHQELVGHUJHVDPWH
5DQGDXIOLHJW
'UHKHQ6LHGLH.ODPPHUQXQG]LHKHQ6LHGLHVHIHVWDQ
'LH 3RVLWLRQ GHU .ODPPHUQ KlQJW YRQ GHU 'LFNH GHU $UEHLWVREHU
IOlFKHDE
'DV*HUlWGDUIQLFKWPLW6LOLNRQDXIGLH$UEHLWVSODWWHJHNOHEWZHU
GHQ
* * * * * * * * * *
* '''''$$&$
* ' ''''$$&$
* '' '''$$&$
* ''' ''$$&$
* '''' '$$&$
* ''''' $$&$
* %%%%%% '&'
* %%%%%%' &'
* &&&&&&&& &
* %%%%%%''&
*** (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

$XVEDXGHV.RFKIHOGHV
7UHQQHQ6LHGDV*HUlWYRQGHU6WURPXQG*DVYHUVRUJXQJ
6FKUDXEHQ 6LH GLH .ODPPHUQ DXI XQG IROJHQ 6LH GHQ (LQEDXVFKULW
WHQLQXPJHNHKUWHU5HLKHQIROJH
*DVDQVFKOXVV$EE
'HU*DVDQVFKOXVVPXVVVRDQJHRUGQHWVHLQGDVVGHU$EVSHUU
KDKQ]XJlQJOLFKLVW
$P(QGHGHV(LQJDQJVURKUV]XP*DVNRFKIHOGEHILQGHWVLFKHLQ
µ*HZLQGH PP'LHVHV*HZLQGHHUP|JOLFKW
■ (LQHQ)HVWDQVFKOXVV
■ (LQHQ$QVFKOXVVPLWHLQHP0HWDOOVFKODXFK/ PLQ P
PD[ P
%ULQJHQ6LHGLHPLWJHOLHIHUWH'LFKWXQJ]ZLVFKHQGHP
$XVODVVGHU6DPPHOOHLWXQJXQGGHP*DVDQVFKOXVVDQ
'HU 6FKODXFK VROOWH QLFKW LQ .RQWDNW ]X GHQ EHZHJOLFKHQ 7HLOHQ GHU
(LQEDXHLQKHLWJHODQJHQ]%HLQHU6FKXEODGHRGHUGXUFKgII
QXQJHQYHUOHJWZHUGHQGLHYHUVFKORVVHQZHUGHQN|QQWHQ
%HLP$QVFKOXVVHJDOZHOFKHU$UWGDUIGHU.UPPHUQLFKW
EHZHJWRGHUYHUGUHKW XQGVRDXVVHLQHUZHUNVHLWLJHQ3RVLWLRQ
JHEUDFKWZHUGHQ
:HQQ HLQ ]\OLQGULVFKHU $QVFKOXVV KHUJHVWHOOW ZHUGHQ VROO HUVHW]HQ
6LHGHQZHUNVHLWLJLQVWDOOLHUWHQ.UPPHUPLWGHP.UPPHUDXV
GHP=XEHK|UEHXWHO$EE D
9HUJHVVHQ6LHQLFKWGD]ZLVFKHQGLH'LFKWXQJDQ]XEULQJHQ
: *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'VHQ$EE
1HKPHQ6LHGLH5RVWH%UHQQHUGHFNHOXQG9HUWHLOHUDE
7DXVFKHQ6LHGLH'VHQPLWGHPEHUXQVHUHQ.XQGHQGLHQVW
HUKlOWOLFKHQ6FKOVVHOPLWGHU$UWLNHOQXPPHUDXVIU
'RSSHOEUHQQHUXQG'UHLIODPPHQEUHQQHU$UWLNHOQXPPHU
VLHKH$EE $FKWHQ6LHGDEHLEHVRQGHUVGDUDXI
GDVV GLH 'VH EHLP +HUDXVGUHKHQ RGHU %HIHVWLJHQ DP %UHQQHU
QLFKWDEEULFKW
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
%(LQVWHOOXQJGHU*DVKlKQH$EE
%HGLHQNQHEHODXINOHLQVWH6WXIHVWHOOHQ
%HGLHQNQHEHOYRQGHQ*DVKlKQHQDEQHKPHQ(VHUVFKHLQWHLQ
IOH[LEOHU*XPPLGLFKWULQJ0LWGHU6SLW]HGHV6FKUDXEHQGUHKHUV
DXIGLH(LQVWHOOVFKUDXEHGHV*DVKDKQVGUFNHQ
1LHPDOVGHQ'LFKWULQJDEQHKPHQ'LH'LFKWULQJHYHUKLQGHUQ
GHQ(LQWULWWYRQ)OVVLJNHLWHQXQG6FKPXW]LQV,QQHUHGHV*H
UlWVZDVGHVVHQ)XQNWLRQVWFKWLJNHLWEHHLQWUlFKWLJHQN|QQWH
6WHOOHQ6LHGLHPLQLPDOH*DV]XIXKUHLQLQGHP6LHGLH
%\SDVV6FKUDXEHPLWHLQHP6FKOLW]VFKUDXEHQ]LHKHUGUHKHQ
-H QDFK *DVDUW DXI GLH 6LH XPVWHOOHQ VLHKH 7DEHOOH PVVHQ
HQWVSUHFKHQGH6FKULWWHGXUFKJHIKUWZHUGHQ
$GLH%\SDVV6FKUDXEHQJDQ]DQ]LHKHQ
%GLH%\SDVV6FKUDXEHQELV]XPNRUUHNWHQ*DVDXVWULWWDQGHQ
%UHQQHUQORFNHUQ
& GLH %\SDVV6FKUDXEHQ PVVHQ YRQ HLQHP DXWRULVLHUWHQ )DFK
PDQQDXVJHWDXVFKWZHUGHQ
' QHKPHQ 6LH NHLQH 9HUlQGHUXQJHQ DQ GHQ %\SDVV6FKUDXEHQ
YRU
6WHOOHQ6LHVLFKHUGDVVEHLP'UHKHQGHV%HGLHQNQHEHOV]ZL
VFKHQ GHU K|FKVWHQ XQG GHU QLHGULJVWHQ 6WXIH GHU %UHQQHU QLFKW
DXVJHKWXQGHVQLFKW]XHLQHP)ODPPHQUFNVFKODJNRPPW
:HQQ6LHQLFKWDQGLH%\SDVV6FKUDXEHJHODQJHQVROOWHQEDXHQ
6LHGLH)HWWDXIIDQJVFKDOHGLHPLWGHPUHVWOLFKHQ.RFKIHOGYHU
VFKUDXEWLVWDXV=XP$EQHKPHQJHKHQ6LHZLHIROJWYRU
1HKPHQ 6LH DOOH 5RVWH %UHQQHUGHFNHO 9HUWHLOHU XQG %HGLHQNQH
EHODE
/RFNHUQ6LHGLH%UHQQHU6FKUDXEHQ
)U GHQ :LHGHUHLQEDX GHV *HUlWV IROJHQ 6LH GHQ $XVEDXDQZHL
VXQJHQLQXPJHNHKUWHU5HLKHQIROJH
1LHPDOVGLH*DVKDKQDFKVHGHPRQWLHUHQ$EE ,P)DOOHHLQHU
%HVFKlGLJXQJPXVVGHU*DVKDKQNRPSOHWWDXVJHWDXVFKWZHUGHQ
el
Ù
¨
¨
¨
(1

PP
··
■
■ / P
P
D
:
´<µ
$
%
E\SDVV
$E\SDVV
%E\SDVV
& E\SDVV
'E\SDVV
E\SDVV
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
7KHNLWFKHQXQLWLQZKLFKWKHDSSOLDQFHLVLQVWDOOHGPXVWEH
SURSHUO\VHFXUHGDQGVWDEOH
7KHNLWFKHQXQLWVQH[WWRWKHDSSOLDQFHWKHODPLQDWHGFRYHULQJ
DQGJOXHIRUDGKHULQJLWPXVWEHPDGHRIQRQIODPPDEOHDQG
KHDWUHVLVWDQWPDWHULDOV
7KLVDSSOLDQFHFDQQRWEHLQVWDOOHGDERYHIULGJHVZDVKLQJ
PDFKLQHVGLVKZDVKHUVRUVLPLODU
7KHKREPD\RQO\EHILWWHGDERYHDYHQWLODWHGRYHQ
,IDQRYHQLVLQVWDOOHGXQGHUQHDWKWKHKREWKHWKLFNQHVVVSHFLILHG
IRUWKHZRUNVXUIDFHPD\H[FHHGWKHPLQLPXPWKLFNQHVVVWDWHGLQ
WKHVH LQVWUXFWLRQV 2EVHUYH WKH LQIRUPDWLRQ LQ WKH RYHQ LQVWDOODWLRQ
LQVWUXFWLRQV
,IDQH[WUDFWRUIDQLVLQVWDOOHG\RXPXVWIROORZWKHLQVWUXFWLRQVLQ
WKHLQVWDOODWLRQPDQXDODOZD\VUHVSHFWLQJWKHPLQLPXPYHUWLFDO
GLVWDQFHIURPWKHKREILJ
3UHSDUDWLRQRIWKHNLWFKHQXQLWILJ
0DNHDQDSSURSULDWHVL]HFXWLQWKHZRUNVXUIDFH
6HDODOOZRUNVXUIDFHVPDGHRIZRRGZLWKVSHFLDOVHDOHUJOXHWR
SURWHFWLWDJDLQVWPRLVWXUHGDPDJH
,I WKHUH LV QR RYHQ EHQHDWK WKH KRE SXW D QRQIODPPDEOH VHSDUDWRU
HJPHWDORUSO\ZRRG PPIURPWKHEDVHRIWKHKRE7KLVZLOO
SUHYHQWDFFHVVWRWKHEDVHRIWKHKRE
7KHGLVWDQFHIURPWKHLQWHUPHGLDWHIORRUWRWKHPDLQVFRQQHFWLRQ
IRUWKHDSSOLDQFHPXVWEHDWOHDVWPP
,QVWDOODWLRQRIDSSOLDQFHILJ
1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE
'HSHQGLQJRQWKHPRGHOWKHDGKHVLYHVHDOPD\EHIDFWRU\ILWWHG
,IWKLVLVWKHFDVHLWVKRXOGQRWEHUHPRYHGXQGHUDQ\
FLUFXPVWDQFHVVLQFHWKHDGKHVLYHVHDOSUHYHQWVOHDNV,IWKHVHDO
KDVQRWEHHQIDFWRU\ILWWHGDSSO\LWWRWKHXQGHUVLGHRIWKHKRE
)LWWLQJWKHDSSOLDQFHRQWRWKHNLWFKHQXQLW
5HPRYHWKHFOLSVIURPWKHDFFHVVRU\EDJDQGVFUHZWKHPLQWR
WKHSRVLWLRQLQGLFDWHGVRWKDWWKH\FDQWXUQIUHHO\
,QVHUWDQGFHQWUHWKHKRE
3UHVVWKHVLGHVRIWKHKREXQWLOLWLVVXSSRUWHGDURXQGLWVHQWLUH
SHULPHWHU
7XUQWKHFOLSVDQGWLJKWHQWKHPIXOO\
7KH SRVLWLRQ RI WKH FOLSV GHSHQGV RQ KRZ WKLFN WKH ZRUN VXUIDFH
LV
'RQRWVWLFNWKHKRERQWRWKHZRUNWRSZLWKVLOLFRQH
5HPRYDORIKRE
7XUQRIIWKHDSSOLDQFHVHOHFWULFLW\DQGJDVVXSSO\
8QVFUHZWKHFOLSVDQGSURFHHGLQWKHUHYHUVHRUGHUWRLQVWDOODWLRQ
*DVFRQQHFWLRQILJ
7KHJDVFRQQHFWLRQPXVWEHORFDWHGLQDSRVLWLRQZKHUHWKHVWRS
WDSLVDFFHVVLEOH
7KHHQGRIWKHLQOHWFRQQHFWLRQSRLQWRIWKHJDVKREKDVDµ
WKUHDG PPWKDWDOORZVIRU
■ $IL[HGFRQQHFWLRQ
■ &RQQHFWLRQXVLQJDIOH[LEOHSLSH/ PLQ PPD[ P
7KHZDWHUWLJKWVHDOVXSSOLHGPXVWEHLQVHUWHGEHWZHHQ
WKHPDQLIROGRXWOHWDQGWKHJDVVXSSO\
<RXPXVWSUHYHQWWKHSLSHIURPFRPLQJLQWRFRQWDFWZLWKPRYLQJ
SDUWVRIWKHNLWFKHQXQLWIRUH[DPSOHDGUDZHUDQGSUHYHQW
DFFHVVWRDQ\VSDFHVZKLFKPLJKWEHFRPHREVWUXFWHG
'RQRWPRYHWKH/WXEHIURPWKHIDFWRU\ILWWHGSRVLWLRQ
UHJDUGOHVVRIWKHFRQQHFWLRQW\SH
,I\RXQHHGWRPDNHDF\OLQGULFDOFRQQHFWLRQUHSODFHWKH
IDFWRU\ILWWHG/WXEHZLWKWKHRQHLQWKHDFFHVVRU\EDJILJ D
3OHDVHUHPHPEHUWRLQVHUWWKHVHDO
: 'DQJHURIOHDNV
,IDQ\FRQQHFWLRQLVKDQGOHGFKHFNWKHVHDO
7KHPDQXIDFWXUHULVQRWOLDEOHIRUDQ\FRQQHFWLRQOHDNLQJDIWHU
EHLQJKDQGOHG
(OHFWULFFRQQHFWLRQILJ
7KLVDSSOLDQFHLVW\SH´<µWKHVXSSO\FDEOHFDQRQO\EHFKDQJHG
E\WKH7HFKQLFDO$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
$&KDQJLQJWKHQR]]OHVILJ
5HPRYHWKHSDQVXSSRUWVEXUQHUFDSVDQGGLIIXVHUV
&KDQJHWKHQR]]OHVXVLQJWKHVSDQQHUFRGHFRGH
IRUGRXEOHIODPHEXUQHUVRUWULSOHIODPHEXUQHUV
SURYLGHGE\RXU7HFKQLFDO$VVLVWDQFH6HUYLFHVHHILJ WDNLQJ
VSHFLDOFDUHWRHQVXUHWKDWWKHQR]]OHGRHVQRWIDOOZKHQLWLV
UHPRYHGIURPRUILWWHGWRWKHEXUQHU
(QVXUHWKDWLWLVFRPSOHWHO\WLJKWHQHGLQRUGHUWRJXDUDQWHHWKH
VHDO
3ULPDU\DLUDGMXVWPHQWLVQRWQHFHVVDU\ZLWKWKHVHEXUQHUV
3RVLWLRQWKHGLIIXVHUVDQGEXUQHUFDSVRQWKHFRUUHVSRQGLQJ
ULQJV7KHSDQVXSSRUWVPXVWDOVREHSRVLWLRQHGFRUUHFWO\
%$GMXVWLQJWKHJDVYDOYHVILJ
7XUQWKHFRQWURONQREVWRWKHORZHVWVHWWLQJ
5HPRYH WKH FRQWURO NQREV IURP WKH JDV YDOYHV $ IOH[LEOH UXEEHU
VHDOLQJULQJZLOOEHYLVLEOH3XVKGRZQZLWKWKHWLSRID
VFUHZGULYHURQWKHJDVYDOYHVVHWWLQJVFUHZ
1HYHUUHPRYHWKHVHDOLQJULQJ6HDOLQJULQJVSUHYHQWOLTXLGV
DQG GLUW IURP ILQGLQJ WKHLU ZD\ LQWR WKH DSSOLDQFH DQG LPSDLULQJ LWV
DELOLW\WRIXQFWLRQSURSHUO\
$GMXVWWKHPLQLPXPULQJVHWWLQJE\WXUQLQJWKHE\SDVVVFUHZ
XVLQJDIODWKHDGVFUHZGULYHU
'HSHQGLQJRQWKHJDVWRZKLFK\RXUDSSOLDQFHLVJRLQJWREH
DGDSWHGVHHWDEOH LQILJ FDUU\RXWWKHFRUUHVSRQGLQJDFWLRQ
$ILUPO\WLJKWHQWKHE\SDVVVFUHZV
% ORRVHQ WKH E\SDVV VFUHZV XQWLO WKH JDV IORZ IURP WKH EXUQHUV
LVFRUUHFW
&WKHE\SDVVVFUHZVQHHGWREHFKDQJHGE\DQDXWKRULVHG
HQJLQHHU
'GRQRWWRXFKWKHE\SDVVVFUHZV
0DNHVXUHWKDWWKHIODPHGRHVQRWJRRXWDQGWKDWWKHUHDUHQR
IODVKEDFNVZKHQ\RXWXUQWKHFRQWURONQREEHWZHHQWKHKLJKHVW
DQGORZHVWVHWWLQJ
,I WKH E\SDVV VFUHZ FDQQRW EH DFFHVVHG GLVDVVHPEOH WKH JUHDVH
GULSWUD\ZKLFKLVILWWHGWRWKHKREZLWKDVHULHVRIVFUHZV7KH
IROORZLQJVWHSVPXVWEHWDNHQWRUHPRYHLW
5HPRYHDOOSDQVXSSRUWVEXUQHUFDSVGLIIXVHUVDQGFRQWURO
NQREV
5HPRYHWKHVFUHZVIURPWKHEXUQHUV
7RUHLQVWDOOWKHDSSOLDQFHSURFHHGLQWKHUHYHUVHRUGHUWR
GLVDVVHPEO\
1HYHU UHPRYH WKH JDV YDOYH VKDIW ILJ ,Q WKH HYHQW RI GDPDJH
WKHJDVYDOYHPXVWEHFRPSOHWHO\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
$QWHVGHODLQVWDODFLyQ
(VWH DSDUDWR FRUUHVSRQGH D OD FODVH VHJ~Q OD QRUPD (1
SDUDDSDUDWRVDJDVDSDUDWRHQFDVWUDGRHQXQPXHEOH
(OPXHEOHHQHOTXHVHLQVWDOHHODSDUDWRGHEHHVWDU
FRQYHQLHQWHPHQWHILMDGR\VHUHVWDEOH
/RV PXHEOHV SUy[LPRV DO DSDUDWR ORV UHYHVWLPLHQWRV HVWUDWLILFDGRV
\ODFRODTXHORVILMDGHEHQVHUGHPDWHULDOHVQRLQIODPDEOHV\
UHVLVWHQWHVDOFDORU
(VWHDSDUDWRQRVHSXHGHLQVWDODUVREUHQHYHUDVODYDGRUDV
ODYDYDMLOODVRVLPLODUHV
3DUDLQVWDODUODSODFDGHFRFFLyQVREUHXQKRUQRHVWHGHEHWHQHU
YHQWLODFLyQIRU]DGD
6LVHLQVWDODXQKRUQRGHEDMRGHODSODFDGHFRFFLyQHOJURVRU
PtQLPRLQGLFDGRSDUDODVXSHUILFLHGHWUDEDMRSXHGHVHUPD\RU
TXHHOLQGLFDGRHQHVWDVLQVWUXFFLRQHV2EVHUYHODVLQGLFDFLRQHV
GHODVLQVWUXFFLRQHVGHPRQWDMHGHOKRUQR
6LLQVWDODXQH[WUDFWRUWHQJDHQFXHQWDVXPDQXDOGHLQVWDODFLyQ
UHVSHWDQGRVLHPSUHODGLVWDQFLDYHUWLFDOPtQLPDDODSODFDGH
FRFFLyQILJ
3UHSDUDFLyQGHOPXHEOHILJ
+DJDXQFRUWHGHODVGLPHQVLRQHVQHFHVDULDVHQODVXSHUILFLHGH
WUDEDMR
(QVXSHUILFLHVGHWUDEDMRGHPDGHUDEDUQLFHODVVXSHUILFLHVGH
FRUWHFRQXQDFRODHVSHFLDOSDUDSURWHJHUODVGHODKXPHGDG
6LQRKD\XQKRUQRGHEDMRGHODSODFDGHFRFFLyQFRORTXHXQ
VHSDUDGRUGHPDWHULDOQRLQIODPDEOHSHMPHWDORPDGHUD
FRQWUDFKDSDGDD PPGHODEDVHGHODSODFDGHFRFFLyQ$Vt
LPSLGHHODFFHVRDODSDUWHLQIHULRUGHHVWD
/D GLVWDQFLD PtQLPD HQWUH HO VHSDUDGRU \ HO FDEOH GH DOLPHQWDFLyQ
GHEHVHUGH PP
,QVWDODFLyQGHODSDUDWRILJ
1RWD 8VDUJXDQWHVGHSURWHFFLyQDOLQVWDODUODSODFD
6HJ~Q PRGHOR OD MXQWD DGKHVLYD SXHGH VDOLU SXHVWD GH IiEULFD 6L
HVDVtQRODTXLWHEDMRQLQJ~QFRQFHSWRODMXQWDDGKHVLYDHYLWD
ILOWUDFLRQHV6LODMXQWDQRHVWiSXHVWDGHIiEULFDSpJXHODHQHO
ERUGHLQIHULRUGHODSODFDGHFRFFLyQ
3DUDODILMDFLyQGHODSDUDWRDOPXHEOHGHHQFDVWUDPLHQWR
6DTXHODVJUDSDVGHODEROVDGHDFFHVRULRV\DWRUQtOOHODVHQOD
SRVLFLyQLQGLFDGDGHMDQGRTXHJLUHQOLEUHPHQWH
(QFDVWUH\FHQWUHODSODFDGHFRFFLyQ
3UHVLRQHVREUHVXVH[WUHPRVKDVWDTXHVHDSR\HHQWRGRVX
SHUtPHWUR
*LUHODVJUDSDV\DSULpWHODVDIRQGR
/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
,QWHUFDOHODMXQWDGHHVWDQTXLGDGVXPLQLVWUDGDHQWUHOD
VDOLGDGHOFROHFWRU\ODDFRPHWLGDGHJDV
(YLWHHOFRQWDFWRGHOWXERFRQSDUWHVPyYLOHVGHODXQLGDGGH
HQFDVWUDPLHQWRSRUHMHPSORXQFDMyQ\HOSDVRDWUDYpVGH
HVSDFLRVTXHVHDQVXVFHSWLEOHVGHREVWUXLUVH
(QFXDOTXLHUDGHODVFRQH[LRQHVQRPXHYDQLJLUHHOFRGRGHOD
SRVLFLyQTXHVDOHGHIiEULFD
6LQHFHVLWDUHDOL]DUXQDFRQH[LyQFLOtQGULFDVXVWLWX\DHOFRGR
LQVWDODGRGHIiEULFDSRUHOGHODEROVDGHDFFHVRULRVILJ D
1RROYLGHLQWHUFDODUODMXQWD
: £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
$&DPELRGHLQ\HFWRUHVILJ
5HWLUHODVSDUULOODVWDSDVGHTXHPDGRU\GLIXVRUHV
&DPELHORVLQ\HFWRUHVXVDQGRODOODYHGLVSRQLEOHDWUDYpVGH
QXHVWURVHUYLFLRWpFQLFRFRQFyGLJRSDUDTXHPDGRUHV
GHGREOHRWULSOHOODPDFyGLJRYHUILJ 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
%5HJODMHGHORVJULIRVILJ
&RORTXHORVPDQGRVHQODSRVLFLyQGHPtQLPR
5HWLUHORVPDQGRVGHORVJULIRV6HHQFRQWUDUiFRQXQUHWpQGH
JRPDIOH[LEOH3UHVLRQHFRQODSXQWDGHOGHVWRUQLOODGRUSDUD
DFFHGHUDOWRUQLOORGHUHJXODFLyQGHOJULIR
-DPiVGHVPRQWHHOUHWpQ/RVUHWHQHVJDUDQWL]DQOD
HVWDQTXLGDG GHO LQWHULRU GHO DSDUDWR IUHQWH D OtTXLGRV \ VXFLHGDG
TXHSXHGHQLPSHGLUVXFRUUHFWRIXQFLRQDPLHQWR
5HJXOHHOIXHJRPtQLPRJLUDQGRHOWRUQLOORE\SDVVPHGLDQWHXQ
GHVWRUQLOODGRUGHSXQWDSODQD
'HSHQGLHQGRGHOJDVDOTXHYD\DDDGDSWDUVXDSDUDWRYHU
WDEOD UHDOLFHODDFFLyQFRUUHVSRQGLHQWH
$DSUHWDUORVWRUQLOORVE\SDVVDIRQGR
%DIORMDUORVWRUQLOORVE\SDVVKDVWDODFRUUHFWDVDOLGDGHJDVGH
ORVTXHPDGRUHV
&ORVWRUQLOORVE\SDVVGHEHQVHUFDPELDGRVSRUXQWpFQLFR
DXWRUL]DGR
'QRPDQLSXODUORVWRUQLOORVE\SDVV
&RPSUXHEHTXHDOJLUDUHOPDQGRHQWUHHOPi[LPR\HOPtQLPR
HOTXHPDGRUQRVHDSDJDQLVHFUHDUHWURFHVRGHOODPD

6LQRHQFXHQWUDDFFHVRDOWRUQLOORE\SDVVGHVPRQWHODJUDVHUD
TXHHVWiILMDGDDOUHVWRGHODSODFDGHFRFFLyQSRUXQVLVWHPDGH
WRUQLOORV3DUDUHWLUDUODSURFHGDGHOVLJXLHQWHPRGR
4XLWHWRGDVODVSDUULOODVWDSDVGHORVTXHPDGRUHVGLIXVRUHV\
PDQGRV
6XHOWHORVWRUQLOORVGHORVTXHPDGRUHV
3DUDYROYHUDPRQWDUHODSDUDWRSURFHGDGHPRGRLQYHUVRDO
GHVPRQWDMH
1XQFD GHVPRQWH HO HMH GHO JULIR ILJ (Q FDVR GH DYHUtD FDPELH
HOJULIRFRPSOHWR
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
/HPHXEOHRODSSDUHLOVHUDLQVWDOOpGRLWrWUHIL[pFRUUHFWHPHQWHW
rWUHVWDEOH
/HVPHXEOHVSURFKHVGHODSSDUHLOOHVUHYrWHPHQWVVWUDWLILpVHWOD
FROOHTXLOHVIL[HGRLYHQWrWUHQRQLQIODPPDEOHVHWUpVLVWDQWVjOD
FKDOHXU
&HWDSSDUHLOQHSHXWSDVrWUHLQVWDOOpVXUGHVUpIULJpUDWHXUVGHV
PDFKLQHVjODYHUOHOLQJHGHVODYHYDLVVHOOHRXGDXWUHVDSSDUHLOV
VHPEODEOHV
/DWDEOHGHFXLVVRQGRLWrWUHHQFDVWUpHXQLTXHPHQWDXGHVVXV
GXQIRXUYHQWLOp
6LXQIRXUHVWHQFDVWUpVRXVODWDEOHGHFXLVVRQOpSDLVVHXUGX
SODQGHWUDYDLOSHXWrWUHVXSpULHXUHjOpSDLVVHXUPLQLPDOH
VSpFLILpHGDQVFHWWHQRWLFH5HVSHFWH]OHVFRQVLJQHVGHODQRWLFH
GHPRQWDJHGXIRXU
6LXQHKRWWHDVSLUDQWHHVWLQVWDOOpHLOIDXWSUHQGUHHQFRPSWHOHV
REVHUYDWLRQVGHVRQPDQXHOGLQVWDOODWLRQHWUHVSHFWHUWRXMRXUV
XQH GLVWDQFH YHUWLFDOH PLQLPXP SDU UDSSRUW j OD SODTXH GH FXLVVRQ
ILJ
3UpSDUDWLRQGXPHXEOHILJ
(IIHFWXH]XQHGpFRXSHVXUODVXUIDFHGHWUDYDLOVHORQOHV
GLPHQVLRQVQpFHVVDLUHV
3RXUGHVVXUIDFHVGHWUDYDLOHQERLVYHUQLVVH]OHVVXUIDFHVGH
GpFRXSHDYHFXQHFROOHVSpFLDOHSRXUOHVSURWpJHUGHOKXPLGLWp
6LOQ\DSDVGHIRXUVRXVODSODTXHGHFXLVVRQLQVWDOOH]XQ
VpSDUDWHXU GH PDWpULDX QRQ LQIODPPDEOH PpWDO RX FRQWUHSODTXp
j PPGHODEDVHGHODSODTXHGHFXLVVRQ&HODpYLWHDLQVLTXH
ODFKDOHXUQHVHUpSDQGHYHUVODSDUWLHLQIpULHXUH
/D GLVWDQFH HQWUH OH IDX[SODQFKHU HW OH UDFFRUGHPHQW GH ODSSDUHLO
DXVHFWHXUGRLWrWUHGDXPRLQVPP
,QVWDOODWLRQGHODSSDUHLOILJ
5HPDUTXH 3RXUOHQFDVWUHPHQWGHODSSDUHLOXWLOLVHUGHVJDQWV
GHSURWHFWLRQ
6HORQ OH PRGqOH OH MRLQW DGKpVLI SHXW rWUH SODFp GXVLQH 6L FHVW OH
FDVQHOHUHWLUH]VRXVDXFXQSUpWH[WHOHMRLQWDGKpVLIpYLWHOHV
ILOWUDWLRQV6LOHMRLQWQHVWSDVSODFpGXVLQHFROOH]OHVXUOHERUG
LQIpULHXUGHODSODTXHGHFXLVVRQ
3RXUODIL[DWLRQGHODSSDUHLODXPHXEOHGHQFDVWUHPHQW
6RUWH]OHVDJUDIHVGHODSRFKHGHVDFFHVVRLUHVHWYLVVH]OHV
GDQVODSRVLWLRQLQGLTXpHHQOHVODLVVDQWWRXUQHUOLEUHPHQW
(QFDVWUH]HWFHQWUH]ODSODTXHGHFXLVVRQ
$SSX\H]VXUVHVH[WUpPLWpVMXVTXjFHTXHOOHVDSSXLHVXUWRXW
VRQSpULPqWUH
7RXUQH]OHVDJUDIHVHWVHUUH]OHVjIRQG
/DSRVLWLRQGHVDJUDIHVGpSHQGGHOpSDLVVHXUGHODVXUIDFHGH
WUDYDLO
,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
,O IDXW LQWHUFDOHU OH MRLQW GpWDQFKpLWp IRXUQL HQWUH OD VRUWLH
GXFROOHFWHXUHWOHUDFFRUGHPHQWGHJD]
,OIDXWpYLWHUTXHFHWX\DXWRXFKHGHVSDUWLHVPRELOHVGHOXQLWp
GHQFDVWUHPHQWSDUH[HPSOHXQWLURLUHWTXLOSDVVHjWUDYHUVGHV
HVSDFHVSRXYDQWrWUHREVWUXpV
3RXUQLPSRUWHTXHOEUDQFKHPHQWQHERXJH]QLWRXUQH]OH
FRXGHGHODSRVLWLRQUpDOLVpHGXVLQH
6LYRXVGHYH]FUpHUXQUDFFRUGF\OLQGULTXHUHPSODFH]OHFRXGH
LQVWDOOpHQXVLQHSDUFHOXLGHODSRFKHGHVDFFHVVRLUHVILJ D
1RXEOLH]SDVGLQWHUFDOHUOHMRLQW
: 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
$&KDQJHPHQWGHVLQMHFWHXUVILJ
5HWLUH]OHVJULOOHVOHVFRXYHUFOHVGHEUOHXUHWOHVGLIIXVHXUV
&KDQJH] OHV LQMHFWHXUV HQ XWLOLVDQW OD FOp GLVSRQLEOH UpI
DXSUqVGHQRWUH6HUYLFHWHFKQLTXHSRXUEUOHXUVGRXEOHRX
WULSOH IODPPH UpI YRLU ILJ HQ IDLVDQW SDUWLFXOLqUHPHQW
DWWHQWLRQ j QH SDV GpORJHU OLQMHFWHXU HQ OH UHWLUDQW RX HQ OH IL[DQW
DXEUOHXU

3UHQH]VRLQGHOHVIL[HUjIRQGSRXUJDUDQWLUO·pWDQFKpLWp
&HVEUOHXUVQHUHTXLqUHQWDXFXQUpJODJHGHODLUSULPDLUH
3ODFH] OHV GLIIXVHXUV HW OHV FRXYHUFOHV GHV EUOHXUV VXU OHXUV IHX[
FRUUHVSRQGDQWV,OIDXGUDpJDOHPHQWSODFHUDGpTXDWHPHQWOHV
JULOOHV
%5pJODJHGXURELQHWGHJD]ILJ
5pJOH]ODPDQHWWHGHFRPPDQGHVXUODSRVLWLRQODSOXVSHWLWH
5HWLUH]ODPDQHWWHGHFRPPDQGHGHVURELQHWVGHJD]8QH
EDJXHGpWDQFKpLWpHQFDRXWFKRXFDSSDUDvW$SSX\H]DYHFOD
SRLQWHGXWRXUQHYLVSRXUDFFpGHUjODYLVGHUpJODJHGXURELQHW
GHJD]
1H UHWLUH] MDPDLV ODQQHDX GpWDQFKpLWp /DQQHDX GpWDQFKpLWp
HPSrFKH OHV OLTXLGHV HW OHV SRXVVLqUHV GH SpQpWUHU j OLQWpULHXU GH
ODSSDUHLOFHTXLHQWUDYHUDLWVRQERQIRQFWLRQQHPHQW
5pJOH]OHIHXPLQLPXPHQWRXUQDQWODYLVE\SDVVjODLGHGXQ
WRXUQHYLVjSRLQWHSODWH
(Q IRQFWLRQ GX W\SH GH JD] DXTXHO YRXV DGDSWHUH] YRWUH DSSDUHLO
FIWDEOHDX UpDOLVH]ODFWLRQFRUUHVSRQGDQWH
$VHUUH]OHVYLVE\SDVVjIRQG
% GHVVHUUH] OHV YLV E\SDVV MXVTXj REWHQLU OD VRUWLH FRUUHFWH GH
JD]GHVEUOHXUV
&OHVYLVE\SDVVGRLYHQWrWUHFKDQJpHVSDUXQWHFKQLFLHQ
DJUpp
'QHPDQLSXOH]SDVOHVYLVE\SDVV
$VVXUH]YRXV TXH OH EUOHXU QH VpWHLQW SDV ORUVTXH YRXV WRXUQH]
ODPDQHWWHGHFRPPDQGHHQWUHODSRVLWLRQODSOXVpOHYpHHWOD
SOXVEDVVHHWTXDXFXQUHWRXUGHIODPPHQHVHSURGXLW
6LYRXVQHWURXYH]SDVODFFqVjODYLVE\SDVVGpPRQWH]OD
OqFKHIULWHTXLHVWIL[pHDXUHVWHGHODSODTXHGHFXLVVRQSDUXQ
V\VWqPHGHYLV3RXUODUHWLUHUSURFpGH]GHODPDQLqUHVXLYDQWH
ÑWH]WRXVOHVJULOOHVFRXYHUFOHVGHVEUOHXUVGLIIXVHXUVHW
ERXWRQVGHFRPPDQGH
'HVVHUUH]OHVYLVGHVEUOHXUV
3RXUUHPRQWHUODSSDUHLOVXLYH]ODSURFpGXUHLQYHUVHDX
GpPRQWDJH
1HGpPRQWH]MDPDLVOD[HGXURELQHWGHJD]ILJ (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
$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
$IŌ]ŌODSRWFVDNV]HOOŌ]ŌYHOUHQGHONH]ŌVWŌI|OpV]DEDG
EHpStWHQL
+D D IŌ]ŌIHOOHW DOi VWŌ NHUO EHpStWpVUH D PXQNDODS YDVWDJViJD
W~OOpSKHWL D] ~WPXWDWyEDQ PHJDGRWW PLQLPiOLV YDVWDJViJRW 9HJ\H
ILJ\HOHPEHDVWŌV]HUHOpVL~WPXWDWyMiQDNXWDVtWiVDLW
3iUDHOV]tYyIHOV]HUHOpVHNRUN|YHVVHDQQDNV]HUHOpVL~WPXWDWyMiW
pVWDUWVDEHDPLQLPiOLVWiYROViJRWDEHUHQGH]pVpVDIŌ]ŌODS
N|]|WW iEUD
$E~WRUHOŌNpV]tWpVHiEUD
9iJMRQHJ\PHJIHOHOŌPpUHWŦQ\tOiVWDPXQNDDV]WDOIHOOHWpEH
)iEyONpV]OWPXQNDIHOOHWHVHWpQNHQMHEHDYiJiVLIHOOHWHW
VSHFLiOLVODNNDODPHO\YpGDQHGYHVVpJWŌO
+DDIŌ]ŌODSDODWWQHPWDOiOKDWyVWŌKHO\H]]HQHOHJ\QHP
J\~OpNRQ\HOYiODV]WyHOHPHWSOIpPYDJ\IXUQpUOHPH]W
PPUH D IŌ]ŌODS DODSMiWyO ÌJ\ PHJDNDGiO\R]]D D KR]]iIpUpVW D
IŌ]ŌODSDOVyUpV]pKH]
$]HOYiODV]WyODSpVDNpV]OpNKiOy]DWLFVDWODNR]yMDN|]|WWL
WiYROViJOHJDOiEEPPOHJ\HQ
$NpV]OpN]HPEHKHO\H]pViEUD
8WDVtWiV $IŌ]ŌIHOOHWEHpStWpVHNRUYLVHOMHQYpGŌNHV]W\ŦW
$NpV]OpNWtSXViWyOIJJŌHQD]|QWDSDGyW|PtWpVOHKHWJ\iULODJ
IHOV]HUHOW(]HVHWEHQVHPPLNpSSHQQHWiYROtWVDHOPLYHOD]
|QWDSDGyW|PtWpVPHJDNDGiO\R]]DDEHV]LYiUJiVW+DDW|PtWpV
QHPJ\iULODJIHOV]HUHOWHUŌVtWVHIHODIŌ]ŌODSDOVySHUHPpUH
$NpV]OpNE~WRUEDW|UWpQŌU|J]tWpVpKH]
9HJ\H NL D SiQWRNDW D WDUWR]pNRN ]DFVNyMiEyO PDMG iOOtWVD D]RNDW
DMHO]HWWSR]tFLyED~J\KRJ\OD]iQIRURJMDQDN
+HO\H]]HHOpVLJD]tWVDEHDIŌ]ŌODSRW
1\RPMDOHIHOpDIŌ]ŌODSV]pOHLW~J\KRJ\D]DWHOMHVIHOOHWpUH
WiPDV]NRGMRQ
+~]]DPHJDSiQWRNDWpVMyOV]RUtWVDEHŌNHW
$SiQWRNKHO\]HWHIJJDPXQNDDV]WDOYDVWDJViJiWyO
$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
6]HUHOMHDPHOOpNHOWYt]iOOyW|PtWpVWDJi]FVŌNLPHQHWH
pVDJi]FVDWODNR]iVN|]p
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
(J\LN FVDWODNR]iVWtSXV HVHWpQ VH PR]GtWVD HO pV QH LV KDMOtWVD HO
DN|Q\|NFV|YHW DEEyODKHO\]HWEŌODKRJ\DQD]DJ\iUEyO
NLNHUOW
+DKHQJHUHVFVDWODNR]iVUDYDQV]NVpJFVHUpOMHNLDJ\iULODJ
EHV]HUHOWN|Q\|NFV|YHWDWDUWR]pNRN]DFVNyMiEDQWDOiOKDWyYDO
D iEUD
1HIHOHGNH]]HQPHJDW|PtWpVEHKHO\H]pVpUŌO
: 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
$)~YyNiNFVHUpMHiEUD
(PHOMHOHDURVWpO\RNDWD]pJŌNIHGHOpWYDODPLQWD]pJŌIHMHNHW
&VHUpOMHNLDI~YyNiNDWDYHYŌV]ROJiODWXQNRQEHV]HUH]KHWŌ
NXOFVNyGV]iPNpWpVKiURPVRURVpJŌNHVHWpQ
VHJtWVpJpYHOOiVGD iEUiWNO|QILJ\HOPHWIRUGtWYD
DUUDKRJ\D]pJŌIHMUŌOYDOyHOWiYROtWiVDNRUYDJ\RGDW|UWpQŌ
U|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
%$Ji]FVDSRNEHiOOtWiVDiEUD
$NH]HOŌJRPERNDWiOOtWVDDOHJDODFVRQ\DEEIRNR]DWUD
9HJ\HOHDNH]HOŌJRPERNDWDJi]FVDSRNUyO0HJMHOHQLNHJ\
UXJDOPDV JXPLW|PtWpV (J\ FVDYDUK~]y KHJ\pYHO Q\RPMD PHJ D
Ji]FVDSEHiOOtWyFVDYDUMiW
6RKDQHYHJ\HNLDW|PtWŌJ\ŦUŦW$W|PtWŌJ\ŦUŦN
PHJDNDGiO\R]]iN KRJ\ IRO\DGpN YDJ\ V]HQQ\H]ŌGpV NHUOM|Q D
NpV]OpNEHOVHMpEHDPLEHIRO\iVROKDWQiDQQDN
PŦN|GŌNpSHVVpJpW
ÉOOtWVD EH D OHJNLVHEE IRNR]DWRW ~J\ KRJ\ HJ\ ODSRV FVDYDUK~]y
VHJtWVpJpYHOHOIRUJDWMDDE\SDVVFVDYDUW
$WWyOIJJŌHQKRJ\PLO\HQWtSXV~Ji]]DOIRJMD]HPHOWHWQLD
NpV]OpNHW OiVG WiEOi]DW YpJH]]H HO D N|YHWNH]Ō PŦYHOHWHN
HJ\LNpW
$+~]]DPHJWHOMHVHQDE\SDVVFVDYDURNDW
%+~]]DPHJDE\SDVVFVDYDURNDW~J\KRJ\D]pJŌNEH
PHJIHOHOŌPHQQ\LVpJŦJi]MXVVRQ
& $ E\SDVV FVDYDURNDW PHJIHOHOŌHQ NpS]HWW V]DNHPEHUUHO NHOO
NLFVHUpOWHWQL
'1HQ\~OMRQDE\SDVVFVDYDURNKR]
(OOHQŌUL]]HKRJ\D]pJŌQHPDOV]LNHNLLOOHWYHDOiQJQHP
FVDSHYLVV]DPLN|]EHQDNH]HOŌJRPERWDOHJDODFVRQ\DEEpV
OHJPDJDVDEEIRNR]DWN|]|WWHOIRUJDWMD
+DQHPIpUKR]]iDE\SDVVFVDYDUKR]V]HUHOMHOHD]VtUIRJy
WiOFiWDPHO\HWFVDYDURNVHJtWVpJpYHOU|J]tWHWWHNDIŌ]ŌODSKR]$
OHV]HUHOpVWDN|YHWNH]ŌPyGRQYpJH]]H
9HJ\HOHD]pJŌNIHGHOHLWDURVWpO\RNDWpVDNDSFVROyNDW
2OGMDPHJD]pJŌNFVDYDUMDLW
$]VtUIRJyWiOFDYLVV]DV]HUHOpVpKH]YpJH]]HHODOHV]HUHOpV
PŦYHOHWHLWIRUGtWRWWVRUUHQGEHQ
6RKDQHV]HUHOMHOHDJi]FVDSWHQJHO\pWiEUD6pUOpVHVHWpQ
DWHOMHVJi]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
,OPRELOHLQFXLVLLQVWDOODODSSDUHFFKLRGHYHHVVHUH
RSSRUWXQDPHQWHILVVDWRHGHYHHVVHUHVWDELOH
, PRELOL YLFLQL DOODSSDUHFFKLR L ULYHVWLPHQWL VWUDWLILFDWL H OD FROOD FRQ
FXLVRQRILVVDWLGHYRQRHVVHUHFRVWLWXLWLGDPDWHULDOHQRQ
LQILDPPDELOHHUHVLVWHQWHDOFDORUH
4XHVWRDSSDUHFFKLRQRQSXzHVVHUHLQVWDOODWRVXIULJRULIHUL
ODYDWULFLODYDVWRYLJOLHRHOHWWURGRPHVWLFLVLPLOL
,OSLDQRGLFRWWXUDSXzHVVHUHLQVWDOODWRHVFOXVLYDPHQWHVRSUDXQ
IRUQRYHQWLODWR
6HVLLQVWDOODXQIRUQRVRWWRLOSLDQRGLFRWWXUDORVSHVVRUHGHO
SLDQR GL ODYRUR SXz VXSHUDUH OR VSHVVRUH PLQLPR ULFKLHVWR LQGLFDWR
LQTXHVWRPDQXDOH3UHVWDUHDWWHQ]LRQHDOOHDYYHUWHQ]HSUHVHQWL
QHOOHLVWUX]LRQLSHULOPRQWDJJLRGHOIRUQR
6HVLLQVWDOODXQHVWUDWWRUHIDUHULIHULPHQWRDOUHODWLYRPDQXDOHGL
LQVWDOOD]LRQHPDQWHQHQGRVHPSUHXQDGLVWDQ]DYHUWLFDOHPLQLPD
GDOSLDQRGLFRWWXUDILJ
3UHSDUD]LRQHGHOPRELOHILJ
(IIHWWXDUHXQWDJOLRGHOOHGLPHQVLRQLQHFHVVDULHVXOSLDQRGL
ODYRUR
6XLSLDQLGLODYRURLQOHJQRULILQLUHOHVXSHUILFLGLWDJOLRFRQXQD
FROODVSHFLDOHSHUSURWHJJHUOHGDOOXPLGLWj
6H VRWWR LO SLDQR GL FRWWXUD QRQ Fq IRUQR FROORFDUH XQ VHSDUDWRUH GL
PDWHULDOHQRQLQILDPPDELOHDGHVPHWDOORRFRPSHQVDWRD
PPGDOODEDVHGHOSLDQRGLFRWWXUD,QWDOPRGRVHQH
LPSHGLVFHODFFHVVRDOODSDUWHLQIHULRUH
/DGLVWDQ]DGHOGRSSLRIRQGRGDOFROOHJDPHQWRHOHWWULFR
GHOODSSDUHFFKLRGHYHHVVHUHGLDOPHQRPP
,QVWDOOD]LRQHGHOODSSDUHFFKLRILJ
$YYHUWHQ]D 3HULOPRQWDJJLRGHOSLDQRGLFRWWXUDXVDUHJXDQWL
SURWHWWLYL
$VHFRQGDGHOPRGHOORODJXDUQL]LRQHDGHVLYDSXzHVVHUH
DSSOLFDWDLQIDEEULFD,QWDOFDVRQRQULPXRYHUODSHUQHVVXQ
PRWLYRODJXDUQL]LRQHDGHVLYDHYLWDOHLQILOWUD]LRQL6HOD
JXDUQL]LRQHQRQqDSSOLFDWDLQIDEEULFDLQFROODUODVXOERUGR
LQIHULRUHGHOSLDQRGLFRWWXUD
3HULOILVVDJJLRGHOODSSDUHFFKLRDOPRELOHGLLQFDVVR
(VWUDUUHOHJUDIIHGDOVDFFKHWWRGHJOLDFFHVVRULHDYYLWDUOHQHOOD
SRVL]LRQHLQGLFDWDODVFLDQGRFKHJLULQROLEHUDPHQWH
,QFDVVDUHHFHQWUDUHLOSLDQRGLFRWWXUD
3UHPHUHVXLERUGLILQRDGDSSRJJLDUHSHUIHWWDPHQWHWXWWRLO
SHULPHWUR
*LUDUHOHJUDIIHHVWULQJHUOHDIRQGR
/DSRVL]LRQHGHOOHJUDIIHGLSHQGHGDOORVSHVVRUHGHOSLDQRGL
ODYRUR
/DSSDUHFFKLRQRQGHYHHVVHUHLQFROODWRFRQLOVLOLFRQHDOSLDQRGL
ODYRUR
6PRQWDJJLRGHOSLDQRGLFRWWXUD
6FROOHJDUH ODSSDUHFFKLR GDOOH SUHVH HOHWWULFKH H GDOODWWDFFR GHO JDV
6YLWDUHOHJUDIIHHVHJXLUHLQPRGRLQYHUVRODSURFHGXUDGL
PRQWDJJLR

$WWDFFRGHOJDVILJ
,OUDFFRUGRGHOJDVGHYHHVVHUHGLVSRVWRLQPRGRFKHLOUXELQHWWR
VLDDFFHVVLELOH
/HVWUHPLWjGHOODFRQQHVVLRQHGLLQJUHVVRGHOSLDQRGLFRWWXUDD
JDVqGRWDWDGLILOHWWDWXUDGD·· PPFKHFRQVHQWH
■ ,OFROOHJDPHQWRULJLGR
■ ,OFROOHJDPHQWRFRQWXERIOHVVLELOHPHWDOOLFR/ PLQ P
PD[ P
,QVHULUHODJXDUQL]LRQHGLWHQXWDLQGRWD]LRQHIUDOXVFLWD
GHOFROOHWWRUHHLOUDFFRUGRGHOJDV
(YLWDUHLOFRQWDWWRGHOWXERFRQSDUWLPRELOLGHOOXQLWjGLQFDVVRDG
HVHPSLR XQ FDVVHWWR H QRQ HIIHWWXDUH LO SDVVDJJLR GHOOR VWHVVR LQ
VSD]LVRJJHWWLDSRVVLELOLRVWUX]LRQL
,QTXDOVLDVLFRQQHVVLRQH QRQPXRYHUHQpJLUDUHLOJRPLWRGDOOD
SRVL]LRQHVWDELOLWDLQIDEEULFD
1HOFDVRLQFXLRFFRUUDUHDOL]]DUHXQDFRQQHVVLRQHFLOLQGULFD
VRVWLWXLUHLOJRPLWRPRQWDWRLQIDEEULFDFRQTXHOORIRUQLWRQHO
VDFFKHWWRGHJOLDFFHVVRULILJ D
1RQVFRUGDUVLGLLQWHUFDODUHODJXDUQL]LRQH
: 3HULFRORGLIXJKH
6HVLPDQLSRODTXDOXQTXHWLSRGLUDFFRUGRYHULILFDUQHODWHQXWD
,OIDEEULFDQWHGHFOLQDRJQLUHVSRQVDELOLWjLQFDVRGLFRQQHVVLRQL
FKHSUHVHQWLQRIXJKHGRSRODPDQLSROD]LRQHGHOOHVWHVVH
&RQQHVVLRQHHOHWWULFDILJ
4XHVWRDSSDUHFFKLRqGHOWLSR´<µ,OFDYRGLLQJUHVVRQRQSXz
HVVHUH FDPELDWR GDOOXWHQWH PD VROR GDO 6HUYL]LR 7HFQLFR 2FFRUUH
LQIDWWLULVSHWWDUHLOWLSRGLFDYRHODVH]LRQHPLQLPD
, SLDQL GL FRWWXUD YHQJRQR IRUQLWL GRWDWL GL FDYR GL DOLPHQWD]LRQH FRQ
RVHQ]DVSLQDHOHWWULFD
*OLDSSDUHFFKLPXQLWLGLVSLQDGHYRQRHVVHUHFROOHJDWLVROWDQWRD
SUHVHHOHWWULFKHFRQSUHVDGLWHUUDGHELWDPHQWHLQVWDOODWH
3UHYHGHUHXQVH]LRQDWRUHRQQLSRODUHFRQDSHUWXUDGLFRQWDWWRGL
DOPHQR PPWUDQQHFKHSHULFROOHJDPHQWLDVSLQDVHOXWHQWH
SXzDFFHGHUYL
&DPELRGHOWLSRGLJDV
6HODQRUPDWLYDGHOSDHVHORFRQVHQWHTXHVWRDSSDUHFFKLRSXz
HVVHUHDGDWWDWRDGDOWULWLSLGLJDVYWDUJDLGHQWLILFDWLYD,
FRPSRQHQWLQHFHVVDULDTXHVWDRSHUD]LRQHVLWURYDQRQHOODERUVD
NLWGLFRQYHUVLRQHLQGRWD]LRQHDVHFRQGDGHOPRGHOORR
GLVSRQLELOHSUHVVRLOQRVWUR6HUYL]LR7HFQLFR
,PSRUWDQWH$OWHUPLQHDSSOLFDUHOHWLFKHWWDDGHVLYDLQGLFDQGRLO
QXRYRWLSRGLJDVDFFDQWRDOODWDUJDLGHQWLILFDWLYD
3URFHGHUHFRPHLQGLFDWRGLVHJXLWR
$6RVWLWX]LRQHGHJOLLQLHWWRULILJ
5LPXRYHUHOHJULJOLHLFRSHUFKLGHOEUXFLDWRUHHLGLIIXVRUL
6RVWLWXLUHJOLLQLHWWRULXVDQGRODFKLDYHGLVSRQLELOHSUHVVRLO
QRVWUR6HUYL]LR7HFQLFRFRGLFHSHULEUXFLDWRUL
DGRSSLDRWULSODILDPPDYHGHUHILJXUD IDFHQGRSDUWLFRODUH
DWWHQ]LRQHFKHOLQLHWWRUHQRQVLGLVWDFFKLTXDQGRWROWRRILVVDWR
DOEUXFLDWRUH
$VVLFXUDUVLGLVHUUDUOLDIRQGRSHUJDUDQWLUQHODWHQXWD
,QTXHVWLEUXFLDWRULQRQqQHFHVVDULRHIIHWWXDUHODUHJROD]LRQH
GHOODULDSULPDULD
&ROORFDUHLGLIIXVRULHLFRSHUFKLGHLEUXFLDWRULVXLFRUULVSRQGHQWL
IXRFKL6LVWHPDUHFRUUHWWDPHQWHOHJULJOLH
%,PSRVWD]LRQHGHOOHYDOYROHGHOJDVILJ
3RUWDUHODPDQRSRODGLFRPDQGRVXOOLYHOORSLEDVVR
5LPXRYHUHOHPDQRSROHGLFRPDQGRGDOOHYDOYROHGHOJDV
&RPSDUHXQDWHQXWDGLJRPPDIOHVVLELOH3UHPHUHFRQODSXQWD
GHOFDFFLDYLWHSHUDFFHGHUHDOODYLWHGLUHJROD]LRQHGHOODYDOYROD
GHOJDV
1RQULPXRYHUHPDLODQHOORGLWHQXWD*OLDQHOOLGLWHQXWD
HYLWDQRFKHSHQHWULQRLOLTXLGLHORVSRUFRDOOLQWHUQR
GHOODSSDUHFFKLRHYHQWXDOLWjFKHSRWUHEEHFRPSURPHWWHUQHLO
IXQ]LRQDPHQWR
5HJRODUHLOIXRFRPLQLPRJLUDQGRODYLWHGLE\SDVVFRQXQ
FDFFLDYLWHDSXQWDSLDWWD
$ VHFRQGD GHO JDV XWLOL]]DWR GDOODSSDUHFFKLR Y WDEHOOD DJLUH
GLFRQVHJXHQ]D
$VWULQJHUHDIRQGROHYLWLGLE\SDVV
% DOOHQWDUH OH YLWL GL E\SDVV ILQR DOOD FRUUHWWD UHJROD]LRQH GHO JDV
LQXVFLWDGDLEUXFLDWRUL
&OHYLWLGLE\SDVVGHYRQRHVVHUHVRVWLWXLWHGDXQWHFQLFR
DXWRUL]]DWR
'QRQPDQLSRODUHOHYLWLGLE\SDVV
$FFHUWDUVLFKHUXRWDQGRODPDQRSRODGLFRPDQGRWUDLOOLYHOOR
PDVVLPR H TXHOOR PLQLPR LO EUXFLDWRUH QRQ VL VSHQJD H QRQ YL VLD
ULWRUQRGLILDPPD
6H QRQ VL ULHVFH DG DFFHGHUH DOOD YLWH GL E\SDVV VPRQWDUH OD SDUWH
VXSHULRUHGHOSLDQRGLFRWWXUDILVVDWDDOUHVWRGHOSLDQRGLFRWWXUD
GDXQVLVWHPDGLYLWL3HUULPXRYHUODSURFHGHUHFRPHVHJXH
7RJOLHUHWXWWHOHJULJOLHLFRSHUFKLGHLEUXFLDWRULLGLIIXVRULHOH
PDQRSROH
5LPXRYHUHOHYLWLGHLEUXFLDWRUL
3HUULPRQWDUHODSSDUHFFKLRLQYHUWLUHODSURFHGXUDGL
VPRQWDJJLR
1RQVPRQWDUHPDLODVVHGHOOHYDOYROHGHOJDV)LJ ,QFDVRGL
GDQQHJJLDPHQWR q QHFHVVDULR VRVWLWXLUH FRPSOHWDPHQWH OD YDOYROD
GHOJDV
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
+HWPHXEHOVWXNZDDULQKHWDSSDUDDWJHwQVWDOOHHUGZRUGWPRHWRS
GHMXLVWHZLM]HEHYHVWLJG]LMQHQVWDELHOVWDDQ
0HXEHOVGLHLQGHEXXUWYDQKHWDSSDUDDWVWDDQGHJHODDJGH
EHNOHGLQJHQHQGHOLMPZDDUPHHGH]HJHSODNW]LMQPRHWHQ
QLHWRQWYODPEDDUHQKLWWHEHVWHQGLJ]LMQ
'LWDSSDUDDWNDQQLHWJHwQVWDOOHHUGZRUGHQRSNRHONDVWHQ
ZDVPDFKLQHVYDDWZDVVHUVRIGHUJHOLMNH
'HNRRNSODDWPDJDOOHHQERYHQHHQJHYHQWLOHHUGHRYHQZRUGHQ
LQJHERXZG
:RUGWRQGHUGHNRRNSODDWHHQRYHQLQJHERXZGGDQNDQGHGLNWH
YDQKHWZHUNEODGGHPLQLPDDOYHUHLVWHGLNWHLQGH]H
JHEUXLNVDDQZLM]LQJRYHUVFKULMGHQ1HHPGHDDQZLM]LQJHQLQGH
LQVWDOODWLHKDQGOHLGLQJELMGHRYHQLQDFKW
$OVXHHQDI]XLJNDSLQVWDOOHHUWGRHGDWGDQYROJHQVGH
LQVWDOODWLHKDQGOHLGLQJHQKRXGDOWLMGGHPLQLPDOHYHUWLFDOHDIVWDQG
WRWGHNRRNSODDWDDQILJ
9RRUEHUHLGLQJYDQKHWPHXEHODIE
%UHQJHHQLQVQLMGLQJDDQYDQGHQRGLJHDIPHWLQJHQRSKHW
ZHUNYODN
9HUQLVYRRUKRXWHQZHUNYODNNHQGHVQLMYODNNHQPHWHHQVSHFLDOH
OLMPRPGH]HWHEHVFKHUPHQWHJHQYRFKW

3ODDWVLQGLHQHU]LFKJHHQRYHQEHYLQGWRQGHUGHNRRNSODDWHHQ
VFKHLGLQJVVWXNYDQQLHWRQWYODPEDDUPDWHULDDOEYPHWDDORI
JHODDJG KRXW RS PP YDQ GH EDVLV YDQ GH NRRNSODDW =R ZRUGW
WRHJDQJYHUPHGHQWRWGHRQGHU]LMGHKLHUYDQ
'HDIVWDQGYDQKHWWXVVHQVFKRWWRWGHHOHNWULVFKHDDQVOXLWLQJYDQ
KHWDSSDUDDWGLHQWPLQVWHQVPPWHEHGUDJHQ
,QVWDOODWLHYDQKHWDSSDUDDWDIE
$DQZLM]LQJ %LMKHWLQERXZHQYDQGHNRRNSODDWGLHQWX
YHLOLJKHLGVKDQGVFKRHQHQWHGUDJHQ
$IKDQNHOLMNYDQKHWPRGHONDQGH]HOINOHYHQGHSDNNLQJDOLQGH
IDEULHN]LMQJHSODDWVW$OVGDW]RLVYHUZLMGHUGH]HGDQLQJHHQ
JHYDOGH]HOINOHYHQGHSDNNLQJYRRUNRPWILOWUDWLHV$OVGHSDNNLQJ
QLHW LQ IDEULHN LV JHSODDWVW SODN GH]H GDQ DDQ GH RQGHUUDQG YDQ GH
NRRNSODDW
9RRUGHEHYHVWLJLQJYDQKHWDSSDUDDWDDQKHWLQERXZPHXEHO
+DDOGHNOHPPHQXLWGH]DNPHWDFFHVVRLUHVHQVFKURHIGH]H
YDVWLQGHDDQJHGXLGHVWDQG]RUJGDWGH]HYULMGUDDLHQ
%RXZGHNRRNSODDWLQHQFHQWUHHUGH]H
'UXNRSGHXLWHLQGHQWRWGDWGHSODDWRSGHKHOHRPWUHNVWHXQW
'UDDLGHNOHPPHQKHOHPDDODDQ
'HVWDQGYDQGHNOHPPHQLVDIKDQNHOLMNYDQGHGLNWHYDQKHW
ZHUNYODN
+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
9RHJGHELMJHOHYHUGHDIGLFKWSDNNLQJLQWXVVHQGHXLWODDW
YDQKHWVSUXLWVWXNHQGHJDVDDQVOXLWLQJ
9HUPLMGGDWGH]HVODQJFRQWDFWPDDNWPHWGHEHZHHJEDUH
RQGHUGHOHQYDQGHHHQKHLGZDDULQGHNRRNSODDWLVLQJHERXZG
HHQODGHELMYRRUEHHOGRIGDWKLMGRRUUXLPWHVORRSWGLHYHUVWRSW
NXQQHQUDNHQ
%LMEHLGHYHUELQGLQJHQGLHQWXHUYRRUWH]RUJHQ KHWNQLHVWXNQLHW
WHEHZHJHQRIWHGUDDLHQ WHQRS]LFKWHYDQGHVWDQGZDDULQKLM
YDQXLWGHIDEULHNNRPW
,QGLHQ X HHQ FLOLQGULVFKH DDQVOXLWLQJ PRHW PDNHQ YHUYDQJ GDQ KHW
GRRUGHIDEULHNJHwQVWDOOHHUGHNQLHVWXNGRRUGDWXLWGH]DNPHW
DFFHVVRLUHVDIE D
9HUJHHWQLHWRPGHSDNNLQJLQWHYRHJHQ
: /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
$9HUYDQJHQYDQGHLQVSXLWHUVDIE
9HUZLMGHUGHURRVWHUVKRHGMHVHQYHUVSUHLGHUV
9HUYDQJ GH LQVSXLWHUV PHW GH VOHXWHO GLH EHVFKLNEDDU LV YLD RQ]H
WHFKQLVFKH GLHQVW PHW FRGH YRRU EUDQGHUV PHW GXEEHOH
RIGULHGXEEHOHYODPFRGH]LH$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
%,QVWHOOLQJYDQGHJDVNUDQHQ$IE
%HGLHQLQJVNQRSLQGHNOHLQVWHVWDQG]HWWHQ
%HGLHQLQJVNQRSYDQGHJDVNUDQHQDIQHPHQ(UYHUVFKLMQWHHQ
IOH[LEHOHUXEEHUHQDIGLFKWLQJVULQJ0HWGHSXQWYDQGH
VFKURHYHQGUDDLHURSGHLQVWHOVFKURHIYDQGHJDVNUDDQGUXNNHQ
'HDIGLFKWLQJVULQJQRRLWDIQHPHQ'HDIGLFKWLQJVULQJHQ
YRRUNRPHQGDWHUYORHLVWRIRIYXLOLQKHWELQQHQVWHYDQKHW
DSSDUDDWNRPWZDWHHQQDGHOLJHLQYORHGRSGHZHUNLQJNDQ
KHEEHQ
6WHOGHPLQLPXPVWDQGDIGRRUGHE\SDVVERXWWHGUDDLHQPHW
HHQVFKURHYHQGUDDLHUPHWHHQYODNNHSXQW
9RHUDIKDQNHOLMNYDQKHWJDVZDDUDDQXZDSSDUDDWDDQJHSDVW
]DOZRUGHQ]LHWDEHO RQGHUVWDDQGHKDQGHOLQJXLW
$GUDDLGHE\SDVVERXWHQKHOHPDDODDQ
%PDDNGHE\SDVVERXWHQORVWRWGHFRUUHFWHJDVXLWODDWYDQGH
EUDQGHUV
&GHE\SDVVERXWHQPRHWHQZRUGHQYHUYDQJHQGRRUHHQ
EHYRHJGH7HFKQLVFKH'LHQVW
'PDQLSXOHHUGHE\SDVVERXWHQQLHW
'UDDLW X DDQ GH EHGLHQLQJVNQRS WXVVHQ GH KRRJVWH HQ GH ODDJVWH
VWDQG]RUJHUGDQYRRUGDWGHEUDQGHUQLHWXLWJDDWHQHUJHHQ
WHUXJVODJYDQYODPPHQSODDWVYLQGW
9LQGW X GH WRHJDQJ WRW GH E\SDVV ERXW QLHW ERXZ GH YHWSRW XLW GLH
EHYHVWLJGLVDDQGHUHVWYDQGHNRRNSODDWPHWHHQV\VWHHPYDQ
VFKURHYHQ *D RP GH]H WH YHUZLMGHUHQ RS RQGHUVWDDQGH ZLM]H WH
ZHUN
9HUZLMGHUDOOHURRVWHUVKRHGMHVYHUVSUHLGHUVHQNQRSSHQ
0DDNGHERXWHQYDQGHEUDQGHUVORV
*D RP KHW DSSDUDDW WHUXJ LQ WH ERXZHQ RS RPJHNHHUGH ZLM]H WH
ZHUNGDQELMGHGHPRQWDJH
1RRLW GH DV YDQ GH JDVNUDDQ GHPRQWHUHQ $IE ,V GH JDVNUDDQ
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\
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
3ã\Wę JU]HZF]ĉ PRŰQD ]DPRQWRZDþ Z\ãĉF]QLH QDG SLHNDUQLNLHP ]
ZHQW\ODFMĉ
-HŰHOL SRG Sã\Wĉ JU]HZF]ĉ ]DPRQWRZDQ\ EęG]LH SLHNDUQLN JUXERŔþ
EODWXURERF]HJRPRŰHE\þZLęNV]DQLŰZ\PDJDQDJUXERŔþ
PLQLPDOQDZQLQLHMV]HMLQVWUXNFML3U]HVWU]HJDþZVND]yZHN
]DZDUW\FKZLQVWUXNFMLPRQWDŰXSLHNDUQLND
:SU]\SDGNXLQVWDODFMLZ\FLĉJXNXFKHQQHJRQDOHŰ\SU]HVWU]HJDþ
]DOHFHĿ]DZDUW\FKZMHJRLQVWUXNFMLPRQWDŰXL]DFKRZDþ]DZV]H
PLQLPDOQĉRGOHJãRŔþZSLRQLHRGSã\W\NXFKHQNLU\V
3U]\JRWRZDQLHPHEODU\V
:\NRQDþZEODFLHZ\FLęFLHRSRGDQ\FKZ\PLDUDFK
:EODWDFKZ\NRQDQ\FK]GUHZQDQDOHŰ\SRZOHFSRZLHU]FKQLH
FLęFLDVSHFMDOQ\PNOHMHPZFHOXRFKURQ\SU]HGZLOJRFLĉ
-HŔOLSRGSã\WĉNXFKHQNLQLH]QDMGXMHVLęSLHNDUQLNQDOHŰ\
XPLHŔFLþHOHPHQWRGG]LHODMĉF\]QLHSDOQHJRPDWHULDãXQS]
PHWDOXOXE]HVNOHMNLZRGOHJãRŔFL PPRGSRGVWDZ\Sã\W\
NXFKHQNL:WHQVSRVyEXQLHPRŰOLZLDVLęGRVWęSGRGROQHMF]ęŔFL
Sã\W\
2GVWęSSã\W\SU]HJUDG]DMĉFHMGRSU]\ãĉF]DHOHNWU\F]QHJR
XU]ĉG]HQLDPXVLZ\QRVLþPLQLPXPPP
,QVWDODFMDXU]ĉG]HQLDU\V
:VND]yZND 3RGF]DVPRQWDŰXSã\W\JU]HZF]HMXŰ\ZDþUęNDZLF
RFKURQQ\FK
:]DOHŰQRŔFLRGPRGHOXXU]ĉG]HQLDXV]F]HONDVDPRSU]\OHSQD
PRŰH ]RVWDþ SU]\PRFRZDQD IDEU\F]QLH 1LH QDOHŰ\ MHM ZyZF]DV Z
ŰDGQ\PZ\SDGNX]GHMPRZDþSRQLHZDŰXV]F]HOND
VDPRSU]\OHSQD]DSRELHJDVĉF]HQLX-HŰHOLXV]F]HONDQLH]RVWDãD
]DãRŰRQDIDEU\F]QLHQDOHŰ\MĉQDNOHLþQDGROQ\PEU]HJXSã\W\
NXFKHQNL
:FHOX]DPRFRZDQLDXU]ĉG]HQLDZPHEOX
:\MĉþXFKZ\W\]WRUHENL]DNFHVRULDPLLSU]\NUęFLþZH
ZVND]DQ\PSRãRŰHQLXWDNE\PRJã\VZRERGQLHVLęREUDFDþ
:VXQĉþSã\WęNXFKHQNLLXVWDZLþFHQWUDOQLHZZ\FLęFLXPHEOD
3U]\FLVQĉþ EU]HJL Sã\W\ NXFKHQNL Z WHQ VSRVyE DE\ FDã\P VZRLP
REZRGHPVSRF]\ZDãDQDSRGVWDZLH
2EUyFLþXFKZ\W\LGRFLVQĉþMHGRNRĿFD
3RãRŰHQLHXFKZ\WyZ]DOHŰ\RGJUXERŔFLEODWX
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
=DãRŰ\þ GRVWDUF]RQĉ XV]F]HONę PLęG]\ Z\MŔFLH NROHNWRUD
DSU]HZyGGRSURZDG]DMĉF\JD]
1DOHŰ\]DSRELHFVW\NDQLXVLęSU]HZRGX]UXFKRP\PLF]ęŔFLDPL
]DEXGRZ\QDSU]\NãDGV]XIODGĉLSU]HFKRG]HQLXSU]H]PLHMVFD
NWyUHPRJĉ]RVWDþ]DMęWHSU]H]EORNXMĉFHSU]HVWU]HĿSU]HGPLRW\
%H]Z]JOęGXQDURG]DMSRãĉF]HQLD QLHQDOHŰ\QLJG\SRUXV]Dþ
DQLREUDFDþ]ãĉF]HPNRODQNRZ\P ]PLHQLDMĉFMHJRSRãRŰHQLH
IDEU\F]QH
-HŔOLZ\PDJDQHMHVWZ\NRQDQLH]ãĉF]DF\OLQGU\F]QHJRQDOHŰ\
Z\PLHQLþ]ãĉF]HNRODQNRZH]DPRQWRZDQHIDEU\F]QLHQD]ãĉF]H
]QDMGXMĉFHVLęZWRUHEFH]DNFHVRULDPLU\V D
3URV]ęSDPLęWDþR]DãRŰHQLXXV]F]HONL
: 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]\5\V
=GMĉþUXV]W\QDNãDGNLSDOQLNDLG\IX]RU\
:\PLHQLþG\V]H]DSRPRFĉNOXF]DGRVWęSQHJRZQDV]\P
6HUZLVLH7HFKQLF]Q\PNRGSURGXNWXQDWRPLDVWZ
SU]\SDGNXSDOQLNyZRSRGZyMQ\POXESRWUyMQ\PZLHĿFX
SãRPLHQLNRGSURGXNWXSDWU]U\V ]ZUDFDMĉF
V]F]HJyOQĉXZDJęQDWRDE\QLHRGHUZDþG\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\
%8VWDZLDQLHNXUNyZJD]RZ\FKU\V
8VWDZLþSRNUęWãDREVãXJLQDQDMPQLHMV]\VWRSLHĿ
=GMĉþSRNUęWãDREVãXJL]NXUNyZJD]RZ\FK3RMDZLVLę
HODVW\F]Q\JXPRZ\SLHUŔFLHĿXV]F]HOQLDMĉF\&]XENLHP
ŔUXERNUęWDQDFLVQĉþŔUXEęUHJXODF\MQĉNXUNDJD]RZHJR
:ŰDGQ\PZ\SDGNXQLH]GHMPRZDþSLHUŔFLHQLD
XV]F]HOQLDMĉFHJR3LHUŔFLHQLHXV]F]HOQLDMĉFH]DSRELHJDMĉ
SU]HGRVWDZDQLXVLęSã\QyZL]DQLHF]\V]F]HĿGRZQęWU]D
XU]ĉG]HQLDFRPRJãRE\PLHþQHJDW\ZQ\ZSã\ZQDMHJR
G]LDãDQLH
:\UHJXORZDþSãRPLHĿPLQLPDOQ\REUDFDMĉFŔUXEę]ãĉF]NL
SU]HMŔFLRZHM]DSRPRFĉŔUXERNUęWX]SãDVNĉNRĿFyZNĉ
:]DOHŰQRŔFLRGURG]DMXJD]XGRNWyUHJRGRVWRVRZ\ZDQH
EęG]LH XU]ĉG]HQLH SDWU] WDEHOD QDOHŰ\ Z\NRQDþ QDVWęSXMĉFH
F]\QQRŔFL
$QDFLVQĉþGRNRĿFDŔUXE\]ãĉF]HNSU]HMŔFLRZ\FK
% SROX]RZDþ ŔUXE\ ]ãĉF]HN SU]HMŔFLRZ\FK GR PRPHQWX JG\ JD]
]DF]QLHSUDZLGãRZRZ\GRE\ZDþVLę]SDOQLNyZ

&ŔUXE\]ãĉF]HNSU]HMŔFLRZ\FKSRZLQQ\E\þZ\PLHQLDQHSU]H]
XSUDZQLRQHJRSUDFRZQLND6HUZLVX7HFKQLF]QHJR
'QLHPDQLSXORZDþŔUXEDPL]ãĉF]HNSU]HMŔFLRZ\FK
8SHZQLþ VLę ŰH SDOQLN QLH JDŔQLH SU]\ REUDFDQLX SRNUęWãD REVãXJL
PLęG]\ QDMZ\ŰV]\P D QDMQLŰV]\P VWRSQLHP PRF\ L QLH GRFKRG]L
GRFRIDQLDVLęSãRPLHQLD
-HŰHOLQLHPRŰQDGRVWDþVLęGRŔUXE\]ãĉF]NLSU]HMŔFLRZHM
Z\PRQWRZDþIRUPęQDWãXV]F]SU]\PRFRZDQĉGRSã\W\NXFKHQNL
]DSRPRFĉV\VWHPXŔUXE:FHOXMHMZ\MęFLDQDOHŰ\SRVWęSRZDþ
ZVSRVyEQDVWęSXMĉF\
=GMĉþ ZV]\VWNLH UXV]W\ QDNãDGNL ] SDOQLNyZ G\IX]RU\ RUD] Z\Mĉþ
SRNUęWãD
:\NUęFLþŔUXE\]SDOQLNyZ
:FHOXSRQRZQHJR]DPRQWRZDQLDIRUP\QDWãXV]F]QDOHŰ\
Z\NRQDþF]\QQRŔFLGHPRQWDŰXZRGZURWQHMNROHMQRŔFL
1LJG\QLHGHPRQWRZDþRVLNXUNDJD]RZHJRU\V :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
(VWHDSDUHOKRFRUUHVSRQGHjFODVVHVHJXQGRDQRUPD(1
SDUDDSDUHOKRVDJiVDSDUHOKRHQFDVWUDGRQXPPyYHO
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
$SODFDGHFR]LQKDUVySRGHVHUPRQWDGDVREUHXPIRUQR
YHQWLODGR
6HIRUPRQWDGRXPIRUQRSRUEDL[RGDSODFDGHFR]LQKDUD
HVSHVVXUDGDEDQFDGDSRGHXOWUDSDVVDUDHVSHVVXUDPtQLPD
H[LJLGDSRUHVWHPDQXDO5HVSHLWHDVLQGLFDo}HVFRQVWDQWHVGDV
LQVWUXo}HVGHPRQWDJHPGRIRUQR
6HLQVWDODUXPH[WUDFWRUGHYHWHUHPFRQWDRUHVSHFWLYRPDQXDO
GHLQVWDODomRUHVSHLWDQGRVHPSUHDGLVWkQFLDYHUWLFDOPtQLPDHP
UHODomRjSODFDGHFR]HGXUDILJ
3UHSDUDomRGRPyYHOILJ
5HDOL]HXPFRUWHGDVGLPHQV}HVQHFHVViULDVQDVXSHUItFLHGH
WUDEDOKR
(PVXSHUItFLHVGHWUDEDOKRGHPDGHLUDHQYHUQL]HDVVXSHUItFLHV
GHFRUWHFRPXPDFRODHVSHFLDOSDUDDVSURWHJHUGDKXPLGDGH
6H QmR KRXYHU XP IRUQR SRU EDL[R GD SODFD GH FR]HGXUD FRORTXH
XPVHSDUDGRUGHPDWHULDOQmRLQIODPiYHOSRUH[GHPHWDORX
PDGHLUDFRQWUDSODFDGDD PPGDEDVHGDSODFDGHFR]HGXUD
$VVLPLPSHGHRDFHVVRjSDUWHLQIHULRUGHVWD
$GLVWkQFLDGRIXQGRIDOVRjOLJDomRHOpWULFDGRDSDUHOKRWHPGH
VHUGHSHORPHQRVPP
,QVWDODomRGRDSDUHOKRILJ
1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU
6HJXQGRRPRGHORDMXQWDDGHVLYDSRGHYLUFRORFDGDGHIiEULFD
6HIRUHVVHRFDVRQmRDUHPRYDGHIRUPDDOJXPDDMXQWD
DGHVLYDLPSHGHDVLQILOWUDo}HV6HDMXQWDQmRYLHUFRORFDGDGH
IiEULFDFROHDQDPDUJHPLQIHULRUGDSODFDGHFR]HGXUD
3DUDDIL[DomRGRDSDUHOKRQRPyYHOGHHQFDVWUDPHQWR
5HWLUH RV JUDPSRV GR FRQMXQWR GH DFHVVyULRV H DSDUDIXVHRV QD
SRVLomRLQGLFDGDGHL[DQGRTXHHVWHVURGHPOLYUHPHQWH
(QFDVWUHHFHQWUHDSODFDGHFR]HGXUD
3UHVVLRQHVREUHRVVHXVH[WUHPRVDWpTXHVHDSRLHHPWRGRR
VHXSHUtPHWUR
*LUHRVJUDPSRVHDSHUWHRVEHP
$ SRVLomR GRV JUDPSRV GHSHQGH GD HVSHVVXUD GD VXSHUItFLH GH
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
,QWHUFDOHDMXQWDGHHVWDQTXHLGDGHIRUQHFLGDHQWUHD
VDtGDGRFROHFWRUHDHQWUDGDGHJiV
(YLWH R FRQWDFWR GR WXER FRP TXDOTXHU SDUWH PyYHO GD XQLGDGH GH
HQFDVWUDPHQWRSRUH[HPSORXPDJDYHWDEHPFRPRDVXD
SDVVDJHPSRUHVSDoRVTXHSRVVDPILFDUREVWUXtGRV
(PTXDOTXHUXPDGDVOLJDo}HVQmRPRYDQHPURGHRFRWRYHOR
GDSRVLomRTXHYHPGHIiEULFD
3DUDUHDOL]DUXPDOLJDomRFRPWXEDJHPFLOtQGULFDVXEVWLWXDR
FRWRYHOR LQVWDODGR GH IiEULFD SHOR FRWRYHOR LQFOXtGR QR FRQMXQWR GH
DFHVVyULRVILJ D
1mRVHHVTXHoDGHLQWHUFDODUDMXQWD
: 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
$6XEVWLWXLomRGRVLQMHFWRUHVILJ
5HWLUHDVJUHOKDVDVWDPSDVGHTXHLPDGRUHRVGLIXVRUHV
6XEVWLWXDRVLQMHFWRUHVXVDQGRDFKDYHGLVSRQLELOL]DGDSHOR
QRVVRVHUYLoRGHDVVLVWrQFLDWpFQLFDFRPRFyGLJR
SDUDTXHLPDGRUHVGHFKDPDGXSODRXWULSODFyGLJR
YHUILJ WHQGRHVSHFLDODWHQomRSDUDTXHRLQMHFWRUQmRVH
VROWHDRUHWLUiORRXIL[iORDRTXHLPDGRU
$SHUWHEHPRVLQMHFWRUHVSDUDJDUDQWLUDHVWDQTXHLGDGH
1HVWHV TXHLPDGRUHV QmR p QHFHVViULR UHDOL]DU D UHJXODomR GR DU
SULPiULR
&RORTXHRVGLIXVRUHVHDVWDPSDVGRVTXHLPDGRUHVQRV
UHVSHFWLYRVOXJDUHV$OpPGLVVRGHYHFRORFDUDGHTXDGDPHQWH
DVJUHOKDV
%5HJXODomRGDVWRUQHLUDVGHJiVILJ
&RORTXHRVFRPDQGRVQRQtYHOPDLVEDL[R
5HWLUHRVFRPDQGRVGDVWRUQHLUDVGHJiV6XUJHXPDQHOGH
YHGDomRHPERUUDFKDIOH[tYHO&RPDSRQWDGDFKDYHGH
SDUDIXVRVSUHVVLRQHRSDUDIXVRGHDMXVWHGDWRUQHLUDGHJiV
1XQFDUHWLUHRDQHOGHYHGDomR2VDQpLVGHYHGDomR
LPSHGHPDHQWUDGDGHOtTXLGRVHGHVXMLGDGHQRLQWHULRUGR
DSDUHOKRRTXHSUHMXGLFDDVXDIXQFLRQDOLGDGH
5HJXOH D FKDPD PtQLPD URGDQGR R SDUDIXVR E\SDVV DWUDYpV GH
XPDFKDYHGHIHQGDVGHSRQWDSODQD
&RQVRDQWH R JiV DR TXDO YDL DGDSWDU R DSDUHOKR YHU WDEHOD
HIHFWXHDDFomRFRUUHVSRQGHQWH
$DSHUWDUEHPRVSDUDIXVRVE\SDVV
%DIURX[DURVSDUDIXVRVE\SDVVDWpFRQVHJXLUDVDtGDGHJiV
FRUUHFWDGRVTXHLPDGRUHV
&RVSDUDIXVRVE\SDVVGHYHPVHUVXEVWLWXtGRVSRUXPWpFQLFR
DXWRUL]DGR
'QmRPDQLSXODURVSDUDIXVRVE\SDVV
&HUWLILTXHVH GH TXH DR URGDU RV FRPDQGRV R TXHLPDGRU QmR VH
GHVOLJDHQWUHRQtYHOPDLVDOWRHRPDLVEDL[RHQmRKiXP
UHWRUQRGDFKDPD
6HQmRHQFRQWUDURDFHVVRDRSDUDIXVRE\SDVVGHVPRQWHD
SLQJDGHLUDTXHHVWiIL[DQDSDUWHUHVWDQWHGDSODFDGHFR]HGXUD
SRUXPVLVWHPDGHSDUDIXVRV3DUDUHPRYrODSURFHGDGR
VHJXLQWHPRGR
5HPRYD WRGDV DV JUHOKDV WDPSDV GRV TXHLPDGRUHV GLIXVRUHV H
FRPDQGRV
'HVDSHUWHRVSDUDIXVRVGRVTXHLPDGRUHV
3DUD YROWDU D PRQWDU R DSDUHOKR SURFHGD GH PRGR LQYHUVR DR GD
GHVPRQWDJHP
1XQFDGHVPRQWHRUHELWHGDWRUQHLUDGHJiVILJ (PFDVRGH
GDQRVDWRUQHLUDGHJiVWHPGHVHUWURFDGDSRUFRPSOHWR
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
0RELODvQFDUHVHLQVWDOHD]ćDSDUDWXOWUHEXLHVćILHIL[DWćvQWUXQ
PRGFRQYHQDELOüLVćILHVWDELOć
0RELOHOHDSURSLDWHGHDSDUDWvQYHOLüXULOHVWUDWLILFDWHüLDGH]LYXO
FDUHOHIL[HD]ćWUHEXLHVćILHGLQPDWHULDOHQHLQIODPDELOHüL
UH]LVWHQWHODFćOGXUć
$FHVWDSDUDWQXVHSRDWHLQVWDODGHDVXSUDIULJLGHUHORUPDüLQLORU
GHVSćODWUXIHPDüLQLORUGHVSćODWYDVHVDXVLPLODUH
3OLWDWUHEXLHVćILHvQFRUSRUDWćQXPDLGHDVXSUDXQXLFXSWRUFX
YHQWLODUH
'DFćHVWHvQFRUSRUDWXQFXSWRUVXESOLWćJURVLPHDSOćFLLGHOXFUX
SRDWHILGLIHULWćGHPćVXUćWRULOHGLQDFHVWPDQXDO5HVSHFWDŘL
LQGLFDŘLLOHGLQPDQXDOXOGHPRQWDMDOFXSWRUXOXL
'DFćLQVWDODŘLRKRWćDYHŘLvQYHGHUHPDQXDOXOVćXGHLQVWDODUH
UHVSHFWkQGvQWRWGHDXQDGLVWDQŘDYHUWLFDOćPLQLPćIDŘćGHSOLWDGH
JćWLWILJ
3UHJćWLUHDPRELOHLILJ
5HDOL]DŘL R WćLHWXUć vQ VXSUDIDŘD GH OXFUX GH GLPHQVLXQLOH QHFHVDUH
3HVXSUDIHŘHGHOXFUXGLQOHPQDSOLFDŘLXQDGH]LYVSHFLDOSH
VXSUDIHŘHOHGHWćLHUHSHQWUXDOHSURWHMDGHXPLGLWDWH
'DFć QX H[LVWć XQ FXSWRU VXE SOLWD GH JćWLW DPSODVDŘL XQ VHSDUDWRU
GLQPDWHULDOQHLQIODPDELOGHH[PHWDOVDXSODFDMOD PPGH
ED]D SOLWHL GH JćWLW $VWIHO VH vPSLHGLFć DFFHVXO OD SDUWHD LQIHULRDUć
DDFHVWHLD
'LVWDQŘD GH OD SDOLHUXO LQWHUPHGLDU OD UDFRUGXO OD UHŘHD DO DSDUDWXOXL
WUHEXLHVćILHGHFHOSXŘLQPP
,QVWDODUHDDSDUDWXOXLILJ
,QGLFDŘLH /DPRQWDUHDSOLWHLIRORVLŘLPćQXüLGHSURWHFŘLH
ÍQ IXQFŘLH GH PRGHO JDUQLWXUD DGH]LYć SRDWH IL PRQWDWć GLQ IDEULFć
ÍQDFHVWFD]QXRGHPRQWDŘLVXEQLFLRIRUPćJDUQLWXUDDGH]LYć
HYLWćVFXUJHULOH'DFćJDUQLWXUDQXHVWHPRQWDWćGLQIDEULFć
PRQWDŘLRODPDUJLQHDLQIHULRDUćDSOLWHLGHJćWLW
3HQWUXIL[DUHDDSDUDWXOXLvQPRELODGHvQFDVWUDUH
6FRDWHŘL FOHPHOH GLQ SXQJD FX DFFHVRULL üL vQüXUXEDŘLOH vQ SR]LŘLD
LQGLFDWćOćVkQGVćVHURWHDVFćOLEHUH
ÍQFDVWUDŘLüLFHQWUDŘLSOLWDGHJćWLW
$SćVDŘLSHH[WUHPLWćŘLOHDFHVWHLDSkQćFkQGVHVSULMLQćSHWRW
SHULPHWUXOVćX
5RWLŘLFOHPHOHüLVWUkQJHŘLOHSkQćODFDSćW
3R]LŘLDFOHPHORUGHSLQGHGHJURVLPHDVXSUDIHŘHLGHOXFUX
$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
,QWHUFDODŘL JDUQLWXUD GH HWDQüHLWDWH IXUQL]DWć vQWUH LHüLUHD
GLQFROHFWRUüLUDFRUGXOGHJD]
(YLWDŘLFRQWDFWXOWXEXOXLFXSćUŘLOHPRELOHDOHXQLWćŘLLGHvQFDVWUDUH
GHH[HPSOXXQVHUWDUüLWUHFHUHDSULQVSDŘLLOHFDUHVXQW
VXVFHSWLELOHGHEORFDUH
ÍQRULFDUHGLQWUHFRQH[LXQLQXPLüFDŘLQLFLQXURWLŘLFRWXOGLQ
SR]LŘLDvQFDUHLHVHGLQIDEULFć
'DFćWUHEXLHVćUHDOL]DŘLRFRQHFWDUHFLOLQGULFćvQORFXLŘLFRWXO
LQVWDODWGLQIDEULFćFXFHOGLQSXQJDFXDFFHVRULLILJ D
1XXLWDŘLVćLQWHUFDODŘLJDUQLWXUD
: 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
$6FKLPEDUHDLQMHFWRDUHORUILJ
6FRDWHŘLJUćWDUHOHFDSDFHOHDU]ćWRUXOXLüLGLIX]RDUHOH
6FKLPEDŘL LQMHFWRDUHOH XWLOL]kQG FKHLD GLVSRQLELOć SULQ LQWHUPHGLXO
VHUYLFLXOXL QRVWUX WHKQLF FX FRGXO SHQWUX DU]ćWRDUHOH FX
IODFćUć GXEOć VDX WULSOć FRG YH]L ILJ DYkQG GHRVHELWć
JULMć Vć QX VH GHSULQGć LQMHFWRUXO OD VFRDWHUHD VDX IL[DUHD VD GLQ
DU]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
%5HJODUHDURELQHWHORUGHJD]ILJ
3R]LŘLRQDŘLEXWRQXOGHFRQWUROSHWUHDSWDFHDPDLUHGXVć
6FRDWHŘL EXWRDQHOH GH FRQWURO GH SH URELQHWHOH GH JD] $SDUH XQ
LQHOGHHWDQüDUHIOH[LELOGLQFDXFLXF$SćVDŘLFXYkUIXO
üXUXEHOQLŘHLSHüXUXEXOGHUHJODUHDURELQHWXOXLGHJD]
1XVFRDWHŘLQLFLRGDWćLQHOXOGHHWDQüDUH,QHOHOHGHHWDQüDUH
vPSLHGLFćSćWUXQGHUHDOLFKLGHORUüLDPXUGćULHLvQLQWHULRUXO
DSDUDWXOXL OXFUX FDUH DU SXWHD DIHFWD FDSDFLWDWHD GH IXQFŘLRQDUH
5HJODŘLIRFXOODPLQLPURWLQGüXUXEXOE\SDVVFXDMXWRUXOXQHL
üXUXEHOQLŘHFXYkUISODW
ÍQIXQFŘLHGHWLSXOGHJD]ODFDUHYDILDGDSWDWDSDUDWXOGYV
FRQVXOWDŘLWDEHOXO UHDOL]DŘLDFŘLXQHDFRUHVSXQ]ćWRDUH
$VWUkQJHŘLüXUXEXULOHE\SDVVSkQćODFDSćW
% VOćELŘL üXUXEXULOH E\SDVV SkQć OD LHüLUHD FRUHFWć D JD]XOXL GLQ
DU]ćWRDUH
&üXUXEXULOHE\SDVVWUHEXLHVćILHVFKLPEDWHGHFćWUHXQ
WHKQLFLDQDXWRUL]DW
'QXPDQHYUDŘLüXUXEXULOHE\SDVV
$VLJXUDŘLYćFćODURWLUHDEXWRQXOXLGHFRQWUROvQWUHWUHDSWDFHD
PDLPDUHüLFHDPDLPLFćDU]ćWRUXOQXVHVWLQJHüLFćQXVH
SURGXFHRvQWRDUFHUHDIOćFćULL
'DFćQXJćVLŘLDFFHVXOODüXUXEXOE\SDVVGHPRQWDŘLUHFLSLHQWXO
SHQWUXJUćVLPH FDUHHVWHIL[DWGHUHVWXOSOLWHLGHJćWLWSULQWUXQ
VLVWHPGHüXUXEXUL3HQWUXDOVFRDWHSURFHGDŘLvQPRGXOXUPćWRU
6FRDWHŘLWRDWHJUćWDUHOHFDSDFHOHDU]ćWRDUHORUGLIX]RDUHOHüL
FRPHQ]LOH
(OLEHUDŘLüXUXEXULOHDU]ćWRDUHORU
3HQWUXDUHPRQWDDSDUDWXOSURFHGDŘLvQVHQVLQYHUVGHPRQWćULL
1XGHPRQWDŘLQLFLRGDWćD[XOURELQHWXOXLGHJD]ILJ ÍQFD]XO
XQHLGHWHULRUćULURELQHWXOGHJD]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
ΔνοθηηΪωμνζΫΪάδθμθκνψάλμκΪβάΪίμλωάΪκθρηΪωιΪηίεφ
ήθεΰηΪΫυμφαΪδκίιείηΪβνλμθγρβάΪ
ΛθικβδΪλΪψσΪωλωλάΪκθρηθγιΪηίεφψζίΫίεφλεθβλμυί
θΫεβπθάθρηυίιθδκυμβωβαΪδκίιεωψσβγβοδείγήθεΰηυΫυμφ
ηίάθλιεΪζίηωψσβζβλωβμίκζθλμθγδβζβ
ΎΪηηυγικβΫθκηίεφαωνλμΪηΪάεβάΪμφηΪήοθεθήβεφηβδΪζβ
λμβκΪεφηυζβζΪςβηΪζβιθλνήθζθίρηυζβζΪςβηΪζββήκνέθγ
ιθήθΫηθγμίοηβδθγ
ΌΪκθρηνψ ιΪηίεφ ζθΰηθ άλμκΪβάΪμφ μΪδΰί ηΪή ήνοθάυζ ςδΪξθζ
ηθμθεφδθίλεβθηωάεωίμλωάίημβεβκνίζυζ
ΙκβνλμΪηθάδίιθήάΪκθρηθγιΪηίεφψήνοθάθέθςδΪξΪμθεσβηΪ
λμθείςηβπυζθΰίμικίάυςΪμφηίθΫοθήβζυγζβηβζνζ
νδΪαΪηηυγάχμθζκνδθάθήλμάίΌχμθζλενρΪίλείήνγμί
νδΪαΪηβωζκνδθάθήλμάΪιθζθημΪΰνήνοθάθέθςδΪξΪ
ΙκβνλμΪηθάδίάυμωΰηθέθνλμκθγλμάΪηίθΫοθήβζθλείήθάΪμφ
βηλμκνδπβωζλθθμάίμλμάνψσίέθκνδθάθήλμάΪιθζθημΪΰν
λθΫεψήΪωζβηβζΪεφηθίκΪλλμθωηβίιθάίκμβδΪεβζίΰήν
άΪκθρηθγιΪηίεφψβάυμωΰδθγκβλ
Ξνγβνρναιίρςλΰϊοηπ
ΙκθήίεΪγμίάλμθείςηβπίθμάίκλμβίηνΰηυοκΪαζίκθά
ΏλεβλμθείςηβπΪάυιθεηίηΪβαήίκίάΪιθδκθγμίιθάίκοηθλμφ
λκίαΪλιίπβΪεφηυζέίκζίμβδθζρμθΫυαΪσβμβμφίίθμήίγλμάβω
άεΪέβ
ΏλεβιθήάΪκθρηθγιΪηίεφψηίζθημβκνίμλωήνοθάθγςδΪξ
λείήνίμνλμΪηθάβμφιίκίέθκθήδνβαηίάθλιεΪζίηωψσίέθλω
ζΪμίκβΪεΪηΪικβζίκβαζίμΪεεΪβεβξΪηίκυηΪκΪλλμθωηββ
ζζθμηβΰηίγιθάίκοηθλμβάΪκθρηθγιΪηίεβΜΪδβζθΫκΪαθζ
ήθλμνιδηβΰηίγρΪλμβάΪκθρηθγιΪηίεβΫνήίμιίκίδκυμ
ΚΪλλμθωηβί ζίΰήν ικθζίΰνμθρηθγ ιθεδθγ β ζίλμθζ ιθήδεψρίηβω
ικβΫθκΪδχείδμκθλίμβήθεΰηθΫυμφηίζίηίίζζ
Λνμρίεξοηΰνοίοηπ
ιίζίμηδ Ικβ νλμΪηθάδί άΪκθρηθγ ιΪηίεβ βλιθεφανγμί αΪσβμηυί
ιίκρΪμδβ
ΗίδθμθκυίζθήίεβιθλμΪάεωψμλωλνλμΪηθάείηηθγηΪξΪΫκβδί
δείωσίγλωικθδεΪήδθγΏλεβικθδεΪήδΪνλμΪηθάείηΪηβάδθίζ
λενρΪίηίληβζΪγμίίίδείωσΪωλωικθδεΪήδΪικίήθμάκΪσΪίμ
ιθήμίδΪηβίΏλεβικθδεΪήδΪηίνλμΪηθάείηΪηΪξΪΫκβδί
ικβδείγμίίίδηβΰηίζνδκΪψάΪκθρηθγιΪηίεβ
ΡμθΫυαΪδκίιβμφάΪκθρηνψιΪηίεφάμνζΫί
ΌθαφζβμίβαιΪδίμΪλικβηΪήείΰηθλμωζβαΪΰβζυβικβάβημβμί
βοάιθδΪαΪηηθζηΪκβλνηδίιθεθΰίηββμΪδρμθΫυθηβζθέεβ
λάθΫθήηθάκΪσΪμφλω
ΌλμΪάφμίάΪκθρηνψιΪηίεφάιθήέθμθάείηηθίθμάίκλμβίβ
άυκθάηωγμίίί
ΗΪΰζβμίηΪδκΪωιΪηίεβμΪδρμθΫυάΪκθρηΪωιΪηίεφθιίκεΪλφ
ηΪδκΪγλμθείςηβπυιθάλίζνιίκβζίμκν
ΚΪαάίκηβμίαΪΰβζυβμνέθαΪμωηβμίβο
ΙθεθΰίηβίαΪΰβζθάαΪάβλβμθμμθεσβηυλμθείςηβπυ
ΑΪικίσΪίμλωικβδείβάΪμφικβΫθκδλμθείςηβπίλιθζθσφψ
λβεβδθηΪ

Γδλνμρίεαίονφμνθξίμδκη
ΘμλθίήβηβμίικβΫθκθμχείδμκθλίμββθμέΪαθικθάθήΪ
ΘμδκνμβμίάβημυαΪΰβζθάβιθάμθκβμίήίγλμάβωάυιθεηίηηυίάθ
άκίζωζθημΪΰΪάθΫκΪμηθζιθκωήδί
Ξνγικύφδμηδβίζίοηπ
ΙθήδεψρίηβίδέΪανήθεΰηθΫυμφθλνσίλμάείηθμΪδβζθΫκΪαθζ
ρμθΫυΫυελάθΫθήηυγήθλμνιδαΪιθκηθζνδκΪην
ΗΪδθηπίάινλδηθέθιΪμκνΫδΪάΪκθρηθγιΪηίεββζίίμλωκίαφΫΪ
ήβΪζίμκθζµ ζζιθαάθεωψσΪωθΫίλιίρβμφ
■ ΰίλμδθίλθίήβηίηβί
■ λθίήβηίηβίλέβΫδβζζίμΪεεβρίλδβζςεΪηέθζ
ζβη ήεβηΪ ζζΪδλ ήεβηΪ ζ
ΖίΰήνθμάίκλμβίζάοθήηθέθιΪμκνΫδΪβέΪαθάθγμκνΫθγ
ηίθΫοθήβζθνλμΪηθάβμφνιεθμηβμίεφηνψικθδεΪήδν
ιθλμΪάεωίζνψάζίλμίλάΪκθρηθγιΪηίεφψ
ΗίθΫοθήβζθβλδεψρβμφλθικβδθληθάίηβίςεΪηέΪλιθήάβΰηυζβ
ρΪλμωζβζίΫίεβάδθμθκνψάλμκΪβάΪίμλωάΪκθρηΪωιΪηίεφ
ηΪικβζίκλάυήάβΰηυζβωσβδΪζβΪμΪδΰίικθοθΰήίηβί
ςεΪηέΪάζίλμΪοδθμθκυίζθένμθδΪαΪμφλωαΪέκθζθΰήίηηυζβ
ΔΪδβζΫυηβΫυεθλθίήβηίηβίμδκϋζώπγαηβίρϋηκη
ξνανοίφηαίρϋινκδμνβαιθεθΰίηβωάδθμθκθίθηθΫυεθ
νλμΪηθάείηθηΪαΪάθήί
ΏλεβηίθΫοθήβζθάυιθεηβμφπβεβηήκβρίλδθίλθίήβηίηβί
αΪζίηβμί δθείηθ νλμΪηθάείηηθί ηΪ αΪάθήί ηΪ δθείηθ βα ιΪδίμΪ λ
ικβηΪήείΰηθλμωζβκβλ D
ΗίαΪΫνήφμίνλμΪηθάβμφνιεθμηβμίεφηνψικθδεΪήδν
: 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
$Ζίλδμίεηικδοναοηπ
ΛηβζβμίκίςίμδβδκυςδβέθκίεθδβκΪλλίδΪμίεβ
ΑΪζίηβμίΰβδείκυλιθζθσφψδεψρΪβζίψσίέθλωάικθήΪΰί
άηΪςίζλίκάβληθζπίημκίΪκμβδνεΔθηξθκδΪ
ήάθγηθέθβεβμκθγηθέθιεΪζίηβΪκμβδνελζκβλ
μσΪμίεφηθλείήωαΪμίζρμθΫυάικθπίλλίληωμβωΰβδείκΪβεβ
ίέθαΪδκίιείηβωηΪέθκίεδίθηηίλθλδθρβε
ΝΫίήβμίλφάμθζρμθΰβδείκυμσΪμίεφηθικβΰΪμυρμθΫυ
θΫίλιίρβμφέίκζίμβρηθλμφέθκίεθδ
ΌήΪηηυοέθκίεδΪοηίηνΰηθικθβαάθήβμφκίένεβκθάδνιθήΪρβ
ιίκάβρηθέθάθαήνοΪ
ΝλμΪηθάβμί κΪλλίδΪμίεβ β δκυςδβ έθκίεθδ ηΪ λθθμάίμλμάνψσβί
δθηξθκδβΜΪδΰίλείήνίμήθεΰηυζθΫκΪαθζνλμΪηθάβμφ
κίςίμδβ
%Μίπρονθιίβίζναϊτιοίμναοηπ
ΝλμΪηθάβμίκίένεωμθκυηΪλΪζνψηβαδνψλμνιίηφ
ΛηβζβμίκίένεωμθκυλέΪαθάυοδκΪηθάΜίιίκφζθΰηθνάβήίμφ
έβΫδθίκίαβηθάθίνιεθμηβμίεφηθίδθεφπθΗΪΰζβμίδθηπθζ
θμάϋκμδβηΪκίένεβκθάθρηυγάβημέΪαθάθέθδκΪηΪ
Μηινβγίμδπμηλίθρδςξκνρμηρδκϋμνδινκϋυν
ΝιεθμηβμίεφηυίδθεφπΪικίήθμάκΪσΪψμικθηβδηθάίηβί
ΰβήδθλμίγβαΪέκωαηίηβγάηνμκφικβΫθκΪδθμθκυίζθένμ
ιθάεβωμφηΪίέθξνηδπβθηβκθάΪηβί
ΘμκίένεβκνγμίζβηβζΪεφηνψάίεβρβηνιεΪζίηβιθάίκηνά
ΫΪγιΪληυγάβημλιθζθσφψιεθλδθγθμάίκμδβ
ΌαΪάβλβζθλμβθμάβήΪέΪαΪδδθμθκθζνάυΪήΪιμβκνίμίλάθγ
ικβΫθκλζμΪΫεβπν άυιθεηβμίλείήνψσβίήίγλμάβω
$αΪδκνμβμίΫΪγιΪληυίάβημυήθθμδΪαΪ
%θλεΪΫφμίΫΪγιΪληυίάβημυιθδΪέΪαηίΫνήίμικΪάβεφηθ
άυοθήβμφβαέθκίεθδ
&αΪζίηνΫΪγιΪληυοάβημθάζθΰίμικθβαάθήβμφμθεφδθ
λιίπβΪεβλμβζίψσβγλθθμάίμλμάνψσνψδάΪεβξβδΪπβψ
'ηβδΪδβοήίγλμάβγλΫΪγιΪληυζβάβημΪζβικθβαάθήβμφηί
ηνΰηθ
ΝΫίήβμίλφρμθικβιθάθκθμίκίένεωμθκΪθμλΪζθγάυλθδθγήθ
λΪζθγ ηβαδθγ λμνιίηβ έθκίεδΪ ηί άυδεψρΪίμλω β ηί ικθβλοθήβμ
θμήΪρβιεΪζίηβ
ΏλεβάυηίζθΰίμίηΪγμβήθλμνιδΫΪγιΪληθζνάβημν
ήίζθημβκνγμί κΪΫθρνψ ιΪηίεφ χείδμκθικβΫθκΪ δθμθκΪω δκίιβμλω
δ θλμΪεφηυζ χείζίημΪζ λ ιθζθσφψ λβλμίζυ άβημθά ΡμθΫυ ληωμφ
χμνιΪηίεφάυιθεηβμίλείήνψσβίήίγλμάβω
ΛηβζβμίάλίκίςίμδβδκυςδβέθκίεθδκΪλλίδΪμίεββκνρδβ
νικΪάείηβω
ΘλεΪΫφμίάβημυδκίιείηβωέθκίεθδ
ΡμθΫυνλμΪηθάβμφκΪΫθρνψιΪηίεφηΪζίλμθιθάμθκβμίχμβ
ήίγλμάβωάθΫκΪμηθζιθκωήδί
ΗβδθέήΪηίληβζΪγμίθλφέΪαθάθέθδκΪηΪκβλ ΌλενρΪί
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]
&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]
2FDNVDGHFHKDYDODQG×UPDO×ELUI×U×Q×Q]HULQHPRQWHHGLOHELOLU
2FDù×QDOW×QDELUI×U×QPRQWHHGLOLUVHoDO×üPDWH]JDK×NDO×QO×ù×EX
N×ODYX]GDWDOHSHGLOHQPLQLPXPNDO×QO×ù×DüDELOLU)×U×Q×QPRQWDM
N×ODYX]XQGDNLX\DU×ODUDGLNNDWHGLQL]
+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×]
$KüDSoDO×üPDWH]JkKODU×QGDNHVLP\]H\LQLQHPGHQNRUXPDN
DPDF×\OD|]HOELUFLODLOHYHUQLNOH\LQL]

(ùHUDOWWDELUI×U×Q\RNVDSLüLUPHWH]JDK×Q×QDOWN×VP×Q×Q PP
DOW×QD\DQPD]PDO]HPHGHQ|UQHùLQPHWDOYH\DDWHüHGD\DQ×NO×
NRQWUSODN\DS×OP×üD\UDF×\HUOHüWLULQL]%|\OHFHDOWN×VPDJLULü
HQJHOOHQPLüROXU
$UDUDI×QFLKD]×QüHEHNHEDùODQW×V×QDPHVDIHVLHQD]PP
ROPDO×G×U
&LKD]×QNXUXOXPXûHNLO
%LOJL 2FDù×QPRQWDM×LoLQNRUX\XFXHOGLYHQNXOODQ×Q×]
0RGHOHEDùO×RODUDN\DS×üNDQFRQWDIDEULNDGDQPRQWHHGLOPLü
RODUDNJHOHELOLU(ùHUEXüHNLOGHJHOLUVHKLoELUVXUHWOH
o×NDUWPD\×Q×]\DS×üNDQFRQWDV×]×QW×ODUDHQJHOROXU(ùHUFRQWD
IDEULNDGDQPRQWHHGLOPLüRODUDNJHOPH]VHSLüLUPHWH]JDK×Q×QDOW
N×VP×QD\DS×üW×U×Q×]
&LKD]×PRELO\D\DEDùODPDNLoLQ
.OLSVOHULDNVHVXDUVHWLQGHQo×NDU×Q×]YHUDKDWoDG|QHELOPHOHULQL
VDùOD\DUDNEHOLUWLOHQSR]LV\RQGDYLGDOD\×Q×]
3LüLUPHWH]JDK×Q×RUWDOD\×Q×]YHFLKD]×\HUOHüWLULQL]
<]H\LQWPoHYUHVLQLGHVWHNOH\HQHNDGDUNHQDUODU×QGDQ
EDVW×U×Q×]
.OLSVOHULG|QGUQ]YHV×N×FDYLGDOD\×Q×]
.OLSVOHULQSR]LV\RQXoDO×üPD\]H\LQLQNDO×QO×ù×QDEDùO×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
.ROHNW|Uo×N×ü×LOHJD]JLULüLDUDV×QDYHULOHQV×]G×UPD]O×NFRQWDV×Q×
WDN×Q×]
%RUXQXQDQNDVWUHQLWHVLQLQKDUHNHWOLN×V×PODU×LOH|UQHùLQELU
oHNPHFHWHPDVHWPHVLQLYHHQJHOOHQHELOHFHN\HUOHUGHQJHoLüLQL
|QOH\LQL]
%DùODQW×ODU×QKLoELULVLQGH GLUVHùLQIDEULNDo×N×üSR]LV\RQXQX
GHùLüWLUPH\LQL]
6LOLQGLULNEDùODQW×\DS×OPDV×JHUHNLUVHIDEULNDGDPRQWHHGLOHQ
GLUVHùLDNVHVXDUoDQWDV×QGDNL\OHGHùLüWLULQL]ûHNLO D
&RQWD\×WDNPD\×XQXWPD\×Q×]
: 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
$%UO|UXFXQXQGHùLüWLULOPHVLüHN
,]JDUDODU×EUO|UNDSDNODU×Q×YHDOHYGDù×W×F×ODU×o×NDU×Q×]
7HNQLN6HUYLVLPL]GHQNRGQXPDUDV×LOHWHPLQ
HGLOHELOHFHNRODQDQDKWDU×NXOODQDUDNEUO|UXoODU×Q×GHùLüWLULQL]
oLIWDOHYOLEUO|UOHULoLQNRGQXPDUDV×EN]ûHNLO
EUO|UHWDNDUNHQYH\Do×NDU×UNHQEUO|UXFXQXQGüPHPHVLQH
GLNNDWHGLQL]
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
%*D]YDQDODU×Q×QD\DU×ûHNLO
.XPDQGDGùPHVLQLHQGüNNDGHPH\HD\DUOD\×Q×]
.XPDQGDGùPHVLQLJD]YDQDV×QGDQV|NQ](VQHNELUODVWLN
KDONDFRQWDJ|UQU7RUQDYLGDQ×QVLYULXFXQXJD]YDQDV×Q×Q
D\DUYLGDV×QDEDVW×U×Q×]
+DONDFRQWD\×DVODo×NDUPD\×Q×]+DONDFRQWDODUV×Y×ODU×QYH
SLVOLNOHULQFLKD]LoLQHJLUPHVLQLYHFLKD]×QIRQNVL\RQODU×Q×N|W
HWNLOHPHVLQLHQJHOOHU
']XoOXWRUQDYLGDLOHE\SDVVYLGDV×Q×oHYLUHUHNHQGüNDOHYL
D\DUOD\×Q×]
&LKD]×Q×]×QEDùODQDFDù×JD]WLSLQHJ|UHEN]WDEOR LOJLOL
D\DUODU×JHUoHNOHüWLULQL]
$E\SDVVYLGDODU×Q×L\LFHV×N×üW×U×Q×]
%E\SDVVYLGDODU×Q×EUO|UOHULQGRùUXJD]o×N×üODU×QDNDGDU
V×N×üW×U×Q×]
&E\SDVVYLGDODU×\HWNLOLELUVHUYLVWDUDI×QGDQGHùLüWLULOPHOLGLU
'E\SDVVYLGDODU×QDPGDKDOHHWPH\LQL]
.XPDQGDGùPHVLQLoHYLUHUHNEUO|UQHQ\NVHN
NDGHPHVLQGHQHQGüNNDGHPHVLQHJHoHUNHQDOHYLQ
V|QPHGLùLQGHQYHELUDOHYWHSPHVLROPDG×ù×QGDQHPLQROXQX]
%\SDVVYLGD\DHULüLPEXOXQPD]VDSLüLUPHWH]JDK×Q×QJHULNDODQ
N×VP×QDELUYLGDVLVWHPLLOHEDùO×RODQ\DùV×oUDPDDSDUDW×Q×
V|NQ]d×NDUPDNLoLQDüDù×GDNL\ROXL]OH\LQL]
7PEUO|UNDSDNODU×Q××]JDUDODU×YHNXPDQGDGùPHOHULQL
V|NQ]
%UO|UOHULQYLGDODU×Q×o×NDU×Q×]
<Dù V×oUDWPD DSDUDW×Q× WHNUDU WDNPDN LoLQ V|NPH LüOHPOHULQLQ WHUVL
ELUV×UD\ODGHYDPHGLQL]
$VODJD]YDQDV×DNV×Q×V|NPH\LQL]üHNLO %LUKDVDUGXUXPXQGD
JD]YDQDV×Q×QNRPSOHGHùLüWLULOPHVLJHUHNLU
