
!"#$%&'$()*+#
,+-."/(.*0+&'$+/$1
2#$%&$11&*+-."/(.*0+-&.)0"0/3)14&5#60"#&/-*+3&$+%&-$7#&*.&60"&6/./"#&"#6#"#+(#

89:;<:;
,'=92;>:;&?>@<AB>2C?
=>2;&D&@B:8;,9:?&>:C&9=<2>;,9:?
&&&&&&&=29CB8;&@<>;B2<?
&&&&&&&=>:<E&>:C&@B:8;,9:?
&&&&&&&=>F&>;;<:;,9:G!<@92<&B?<H
&&&&&&&9=<2>;,:A&AB,C<
&&&&&&&?=<8,>E&@B:8;,9:
&&&&&&&8E<>:,:A&>:C&'>,:;<:>:8<
=>2;&I&;29B!E<?J99;,:A
&&&&&&&K>2:,:A&C,?=E>F
&&&&&&&9=<2>;,9:&=29!E<'?&L&?9EB;,9:?
&&&&&&&!>M,:A&;,=?
=>2;&N&,:A2<C,<:;?&>:C&2<8,=<?
&&&&&&&,:;29CB8;,9:&9@&!2<>C&,:A2<C,<:;?
&&&&&&&2<8,=<?&2<89''<:C<C
K>22>:;F&>:C&?<2O,8<
D
N
N
P
Q
DD
DQ
ID
IR
IR
IS
NP
PN
PR
PT
SI
ENGLISH

ENGLISH
!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!
,'=92;>:;&?>@<AB>2C?
=1#$-#&"#$%&$11&.)#&*+-."/(.*0+-&5#60"#&
/-*+3&.)*-&$UU1*($+.V
!"# $%&'(%#)*+,-.#/0%/1#2032#20%#4355#')25%2#6'523-%#/'((%7
*8',9*#2'#2032#*0'4,#',#20%#(32+,-#8532%"#:0%#(32+,-#
6'523-%#+*#;;<=7;><="
;"# ?'#,'2#'8%(32%#3,@#3885+3,/%#4+20#3#93A3-%9#/'(9#'(#
85)-#'(#3&2%(#+2#A35&),/2+',*#'(#+*#9('88%9#'(#93A3-%9#
+,#3,@#A3,,%("#B%2)(,#20%#3885+3,/%#2'#20%#A3,)&3/7
2)(%(#'(#20%#,%3(%*2#3)20'(+C%9#*%(6+/%#3-%,2#&'(#%D7
3A+,32+',.#(%83+(.#'(#%5%/2(+/35#'(#A%/03,+/35#39E)*27
A%,2"
F"# :'#8('2%/2#3-3+,*2#%5%/2(+/#*0'/1.#9'#,'2#+AA%(*%#20%#
>"# ?'#,'2#5%2#20%#/'(9#03,-#'6%(#20%#%9-%#'#23G5%#'(#
0'2#*)(&3/%"
H"# I*+,-#3//%**'(@#3223/0A%,2*#,'2#(%/'AA%,9%9#G@#
20%#3885+3,/%#A3,)&3/2)(%(#A3@#/3)*%#+,E)(+%*"
J"# K%%8#20%#A3/0+,%#343@#&('A#20%#0'2#*)(&3/%*"
L"# ?'#,'2#853/%#',#'(#,%3(#3#0'2#-3*.#%5%/2(+/#G)(,%(.#'(#
0%32%9#'6%,"
M"# ?'#,'2#2')/0#20%#A3/0+,%N*#A'6+,-#'(#*8+,,+,-#83(2*#
40%,#G31+,-"
O"# ?'#,'2#*4+2/0#',#20%#3885+3,/%#4+20')2#/'((%/25@#853/7
LQJWKHEUHDGSDQ¿OOHGZLWKLQJUHGLHQWV
!<"#?'#,'2#238#20%#G(%39#83,#40%,#@')#(%A'6%#+2#&('A#
20%#A3/0+,%.#3*#20+*#A3@#/3)*%#93A3-%"
!!"# #P%235#&'+5*#'(#'20%(#A32%(+35*#*0')59#,'2#G%#853/%9#+,#
20%#G(%39#A31%(#3*#20+*#/')59#/3)*%#3#&+(%#'(#*0'(2#
/+(/)+2"
!;"##:0+*#3885+3,/%#/3,#G%#)*%9#G@#/0+59(%,#3-%9#%+-02#
@%3(*#3,9#3G'6%#3,9#8%(*',*#4+20#(%9)/%9#80@*+/35.#
*%,*'(@.#'(#A%,235#/383G+5+2+%*#'(#53/1#'&#%D8%(+%,/%#
/'(9.#85)-*.#'(#0')*+,-#+,#432%(#'(#3,@#'20%(#5+Q)+9"

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;
"# 3,9#1,'45%9-%#+&#-+6%,#*)8%(6+*+',#'(#+,*2()/2+',#/',7
/%(,+,-#)*+,-#20%#3885+3,/%#*3&%5@#3,9#),9%(*23,9+,-#
20%#03C3(9*"#R0+59(%,#*0355#,'2#853@#4+20#20%#3885+3,/%#
3,9#*0355#,'2#9'#/5%3,+,-#3,9#)*%(#A3+,2%,3,/%#),7
5%**#20%@#3(%#'59%(#203,#%+-02#3,9#*)8%(6+*%9"#K%%8#
20%#3885+3,/%#3,9#/'(9#')2#'&#(%3/0#'&#/0+59(%,#),9%(#
!F"#?'#,'2#/'6%(#20%#G(%39#A31%(#4+20#3#2'4%5#'(#3,@#
'20%(#A32%(+35.#3*#0%32#3,9#*2%3A#A)*2#G%#3G5%#2'#%*7
/38%#&(%%5@"#S&#+2#+*#/'6%(%9#'(#/'A%*#+,2'#/',23/2#4+20#
FRPEXVWLEOHPDWHULDOD¿UHFDQEHFDXVHG
!>"#?'#,'2#'8%(32%#20%#3885+3,/%#&'(#'20%(#203,#+2*#+,2%,97
%9#)*%"
!H"#T543@*#)*%#20%#3885+3,/%#',#3#*%/)(%#3,9#9(@#*)(7
&3/%"
!J"#?'#,'2#)*%#')29''(*"
!L"#:0+*#3885+3,/%#03*#G%%,#+,/'(8'(32%9#4+20#3#-('),97
%9#85)-"#U5%3*%#%,*)(%#20%#4355#')25%2#+,#@')(#0')*%#
+*#4%557%3(20%9"
!M"#:0+*#3885+3,/%#+*#+,2%,9%9#2'#G%#)*%9#+,#0')*%0'59#
3,9#*+A+53(#3885+/32+',*.#*)/0#3*V
W#X23&+2/0%,#3(%3*#+,#*0'8*.#'&&+/%*.#3,9#'20%(#
4'(1+,-#%,6+(',A%,2*Y
W#Z3(A#0')*%*Y
W#$@#/5+%,2*#+,#0'2%5*.#A'2%5*.#3,9#'20%(#(%*+9%,7
2+3572@8%#%,6+(',A%,2*Y
W#$%9#3,9#G(%31&3*2#2@8%#%,6+(',A%,2*"
!O"#:0%#3885+3,/%#+*#,'2#+,2%,9%9#2'#G%#'8%(32%9#)2+5+C+,-#
3,#%D2%(,35#2+A%(#'(#*%83(32%#(%A'2%7/',2('5#*@*2%A"
;<"#?'#,'2#'8%(32%#20%#),+2#4+20')2#3#G(%39#83,#853/%9#+,#
20%#/03AG%(#2'#36'+9#93A3-+,-#20%#3885+3,/%"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
F
W& =29CB8;&@<>;B2<?
W& 89:;29E&=>:<E&>:C&!B;;9:?&
W& =>F&>;;<:;,9:&G!<@92<&B?<H
W& 9=<2>;,:A&AB,C<
W& ?=<8,>E&@B:8;,9:?
W& 8E<>:,:A&>:C&'>,:;<:>:8<
@B:8;,9:?&>:C&9=<2>;,9:?
=29CB8;&@<>;B2<?
@B:8;,9:?&>:C&9=<2>;,9:?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>
DX&:0+Y-.*(Z&5"#$%&U$+
I*%9#&'(#1,%39+,-.#&%(A%,2+,-.#G31+,-#3,9#0'59+,-#9')-0"
IX&'#$-/"*+3&(/U
ʎ
P%3*)(%#5+Q)+9#+,-(%9+%,2*"#
ʏ
P%3*)(%#8'49%(#+,-(%9+%,2*"
ʐ
2QHFXSRIÀRXUZHLJKVDSSUR[LPDWHO\J
NX&'#$-/"*+3&-U00+
:*8#3,9#2G*8#3(%#)*%9#&'(#A%3*)(+,-#*352.#*)-3(.#G)22%(.#
9(@#@%3*2.#%2/"
RX&J00Z
I*%9#&'(#231+,-#20%#1,%39+,-#83995%#')2#'&#G(%39
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
H
PX&M+#$%*+3&51$%#
I*%9#&'(#1,%39+,-#3,9#*2+((+,-
SX&,+3"#%*#+.&U$+
I*%9#2'#0'59#+,-(%9+%,2*#2032#4+55#G%#399%9#9)(+,-#20%#
G31+,-#8('/%**.#*)/0#3*#9(@#&()+2.#,)2*.#%2/"
!"#$%&'(%)"**%'+*,%-./."0.%12.%#3-14%42')+%'+%12.%56789:!%;<=!96<%
#3>.?%@A%,'(%+..B% '12.-%1''*4%"+%12.%#-'/.44%'A%C-.3B% D3E"+>F%#*.34.%
#-.#3-.%12.D%,'(-4.*A?%
=>:<E&>:C&@B:8;,9:?
@B:8;,9:?&>:C&9=<2>;,9:?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
J
DX&'#+/
S2#+*#)*%9#2'#*%2#9+&&%(%,2#8('-(3A*"#:0%#8('-(3A#4+55#63(@#
%3/0#2+A%#+2#+*#8(%**%9#[3//'A83,+%9#G@#3#*0'(2#G%%8\"#
U(%**#20%#G)22',#/',2+,)')*5@Y#20%#!;#A%,)*#4+55#G%#/@7
/5%9#2'#*0'4#',#20%#]R?"#
!"#$%5*.34.%-.A.-%1'%12.%B.13"*.B%'#.-31"'+%13C*.%3+B%-./"#.4%)2"/2%3-.%
3113/2.B%1'%53-1%G?%
IX&8010"
U(%**#20+*#G)22',#2'#*%5%/2#@')(#9%*+(%9#/'5'(#&'(#20%#/()*2.#
E,AJ;.#'<C,B'.#'(&C>2M"#
!"#$%!2"4%C(11'+%B'.4%H7!%3##*,%1'%12.%#-'>-3D4%!"#$%&3+B%'()?
NX&E0$6
U(%**#20+*#G)22',#2'#*%5%/2#20%#5'3&#*+C%#'%#G(%39"#
U5%3*%#,'2%#20%#2'235#'8%(32+',#2+A%#A3@#63(@#9%8%,9+,-#
',#20%#5'3&#*+C%*"#
!"#$%!2"4%C(11'+%B'.4%H7!%3##*,%1'%12.%I("/EF%8'(>2F%J3DF%:3E.F%3+B%
K3E.%#-'>-3D4?
RX&
I*%9#2'#+,/(%3*%#'(#9%/(%3*%#2+A%"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
L
PX&?.$".[?.0U
ʎ
:'#*23(2#3#8('-(3A.#8(%**#20%#?;>2;[?;9=#G)22',#
',/%"#T#*0'(2#G%%8#4+55#G%#0%3(9.#3,9#20%#24'#9'2*#+,#20%#
/&'EHJLQWRÀDVKWKHZRUNLQJOLJKWLOOXPLQDWHVDQGWKH
8('-(3A#*23(2*"#T,@#'20%(#G)22',#+*#+,3/2+632%9#%D/%82#20%#
X:TB:^X:_U#G)22',#3&2%(#3#8('-(3A#03*#G%-),"#:0+*#
&%32)(%#4+55#0%58#8(%6%,2#3,@#),+,2%,2+',35#9+*()82+',#2'#
20%#8('-(3A`*#'8%(32+',"#
ʏ
:'#*2'8#20%#8('-(3A^),5'/1#'(#(%*%2#20%#A3/0+,%.#
8(%**#20%#X:TB:^X:_U#G)22',#&'(#388('D+A32%5@#;#*%/7
',9*"#:0%,.#3#G%%8#4+55#G%#0%3(9
.
!"#$%%@A%C(11'+4% A3"*F%,'(%/3+% -.4.1%12.%D3/2"+.?% @A%12.%-.4.1% 3*4'%A3"*4F%
#*.34.%/'+13/1%(4%A'-%3A1.-L43*.%4.-0"/.?
ʐ
:'#83)*%#20%#8('-(3A.#8(%**#20%#?;>2;[?;9=#G)22',
',/%#2'#+,2%(()82#32#3,@#2+A%"#:0%#*%22+,-#4+55#G%#A%A'7
UL]HGDQGWKHZRUNLQJWLPHZLOOEHÀDVKHGRQWKH/&'
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
M
=>F&>;;<:;,9:&G!<@92<&B?<H
@B:8;,9:?&>:C&9=<2>;,9:?
DX&=1#$-#&()#(Z&*6&$11&U$".-&$+%&$((#--0"*#-&$"#&(0\Y
U1#.#&$+%&6"##&06&%$\$3#X
IX&81#$+&$11&.)#&U$".-&$((0"%*+3&.0&.)#&1$..#"&-#(.*0+]&
^8E<>:,:A&>:C&'>,:;<:>:8<X_
NX&80++#(.&.)#&U0`#"&-/UU14&(0""#(.14X&8)#(Z&.)$.&.)#&
701.$3#&06&.)#&`$11&0/.1#.&(0""#-U0+%-&.0&.)$.&-)0`+&
0+&.)#&"$.*+3&U1$.#X&;)#&"$.*+3&701.$3#&*-&#IIaOYIRaOX
RX&K)#+&.)#&U0`#"&-/UU14&*-&(0++#(.#%]&.)#"#&`*11&
5#&$&5##U]&$+%&^NVaa_&$UU#$"-&*+&.)#&%*-U1$4&$6.#"&$&
-)0".&.*\#X&!/.&.)#&%0.-&5#.`##+&.)#&^N_&$+%&^aa_&
GRQ¶WÀDVKFRQVWDQWO\7KHDUURZSRLQWVWRJDQG
'<C,B'X&,.&*-&.)#&%#6$/1.&-#..*+3X
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
O
!"#4$%
3?%=A1.-%12.%#').-% 4(##*,%"4%/'++./1.BF% 12.%D3/2"+.%"4% "+%3%413+BC,%
4131.F%3+B%12.-.%"4%+'%+..B%1'%#-.44%12.%M!=6!NM!75%C(11'+%1'%4)"1/2%"1%
'+?%5-.44%12.%M!=6!NM!75%C(11'+%(+1"*%3**%4.11"+>4%3-.%4.*./1.B?
C?%@A%12.%D3/2"+.%"4%*+,%"+% 12.%B.A3(*1%4.11"+>% 3A1.-%12.%#').-% "4%/'+L%
+./1.B%'-%3%)-'+>%#-'>-3DN4.11"+>%"4%4.*./1.B%3+B%12.%D3/2"+.%234%3*L
-.3B,%413-1.B%1'%)'-E%F%-./00&1%/&2,34,52,+6&7#11"8&9".&:&0/;"8<0&
1"&./0/1&1%/&)(;%=8/?%!2.+F%,'(%/3+%4.*./1%3%+.)%#-'>-3D?
PX&,+3"#%*#+.-&\#$-/"#\#+.&$+%&-#b/#+(#
ʎ
]+Q)+9#+,-(%9+%,2*V#a32%(.#&(%*0#A+51.#A+51#8'49%(#*'5)7
2+',.#%2/"#_G*%(6%#20%#5%6%5#'%#A%3*)(+,-#/)8#4+20#
@')(#%@%*#0'(+C',2355@"#
!"#4$%
3?%O2.+%D.34(-"+>%/''E"+>%'"*%'-%'12.-%"+>-.B".+14F%.+4(-.%12.%D.34(-L
"+>%/(#%"4%12'-'(>2*,%/*.3+.B%3+B%A-..%'A%-.4"B(.?
C?%@A%,'(%+..B%1'%3BB%.>>4%34%3+%"+>-.B".+1F%D"P%12.D%"+1'%*"Q("B%C.A'-.%
-.3B"+>%12.%4/3*.?
/?%O2.+%D.34(-"+>%4D3**%3D'(+14%'A%*"Q("B%"+>-.B".+14F%(4.%3%D.34(-L
LQJVSRRQDQGÀDWWHQWKHVXUIDFHLIWKHOLTXLGLVVOLJKWO\VWLFN\
ʏ
'U\LQJUHGLHQWVÀRXUPLONSRZGHUHWF6KDNHWKHFXS
OLJKWO\WRÀDWWHQWKHVXUIDFHRIWKHSRZGHUDQGWKHQUHDG
20%#/'((%/2#*/35%#0'(+C',2355@"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!<
!"#4$%
3?%8'%+'1%423E.%12.%/(#%A'-%*'+>%'-%423-#*,R%'12.-)"4.F%12.%#')B.-%D">21%
B.4/.+B%1'%3%4/3*.%*').-%123+%12.%-.Q(.41.B%3D'(+1?
C?!'%3//(-31.*,%D.34(-.%4D3**%3D'(+14%'A%B-,%"+>-.B".+14F%(4.%3%D.34L
(-"+>%4#''+%3+B%.+4(-.%12.%4(-A3/.%"4%*.0.*?
F2QHFXSRIÀRXUZHLJKVDSSUR[LPDWHO\J
ʐ
:@8+/355@.#5+Q)+9#+,-(%9+%,2*#5+1%#432%(#*0')59#G%#399%9#
&+(*2.#&'55'4%9#G@#*)-3(.#*352.#3,9#&5')("#b%3*2#'(#G31+,-#
SRZGHULVXVXDOO\DGGHGDVWKH¿QDOLQJUHGLHQW
!"#4$%
D7KHOLTXLGVKRXOGQRWZKROO\VRDNWKHÀRXU
!"#4$%
D7KHOLTXLGVKRXOGQRWZKROO\VRDNWKHÀRXU
E7KH\HDVWVKRXOGRQO\EHSODFHGRQGU\ÀRXU:LWK\RXU¿QJHUPDNH
DVPDOOLQGHQWDWLRQLQWKHPLGGOHRI WKHÀRXU$GG\HDVWWRWKHLQGHQL
131"'+F%D3E"+>%4(-.%"1% B'.4%+'1%/'D.%"+1'%B"-./1%/'+13/1%)"12% 12.%*"Q("B%
"+>-.B".+14%'-%43*1?
/?%O2.+%(4"+>%12.%B.*3,%A(+/1"'+%A'-%3+%.P1.+B.B%#.-"'BF%30'"B%3BB"+>%
#.-"423C*.%"+>-.B".+14%4(/2%34%.>>4F%A-.42%D"*EF%'-%A-("14?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!!
ʑ
$%&'(%#'8%(32+',.#8)2#20%#9(@#&()+2^,)2*#+,#20%#+,-(%9+%,2#
83,.#20%,#20%@#4+55#G%#399%9#+,2'#20%#G(%39#3)2'A32+/355@#
40%,#A31+,-#G(%39"
SX&<+7*"0+\#+.
:0%#*)--%*2%9#(''A#2%A8%(32)(%#+*#G%24%%,#!H#
Ǭ
#3,9#
F>
Ǭ
"
TX&?.#$\
X2%3A#A3@#%*/38%#20(')-0#20%#6%,2#*5+2*#9)(+,-#G31+,-"#
:0+*#+*#,'(A35"
QX&?0/+%
a0%,#20%#A3/0+,%#+*#(),,+,-#,'(A355@.#+2#4+55#A31%#3#*8%7
FL¿FVRXQG,IWKHVRXQGLVORXGHUWKDQQRUPDOSOHDVHJR
WRWKH7528%/(6+227,1*SDUWDQG¿QGDVROXWLRQ
9=<2>;,:A&AB,C<
@B:8;,9:?&>:C&9=<2>;,9:?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!;
3,9#20%,#231%#20%#83,#)8"#Z+,355@.#(%5%3*%#@')(#03,9*"
!"#4$%
3?=A1.-%12.%"+413**31"'+%"4% /'D#*.1.BF%#*.34.%/3-.A(**,%/2./E%)2.12.-%"1%
)34%4(//.44A(*F%1231%"4F%)2.12.-%12.-.%"4%+'%>3#%C.1)..+%12.%"+>-.B".+1%
C'P%3+B%12.%D3/2"+.?
DX&,+-.$11&.)#&*+3"#%*#+.&U$+&`)*()&($+&$/.0\$.*($114&
6##%&%"4&6"/*.[+/.-X
J0`&.0&$--#\51#V#c'59#20%#+,-(%9+%,2#83,#4+20#',%#
03,9.#A'6%#20%#G53/1#*4+2/0#')243(9#4+20#3,'20%(#03,9.#
3,9#8(%**#20%#83,#9'4,43(9"#T&2%(#+,*235532+',.#(%5%3*%#
@')(#03,9*"
J0`&.0&%*-$--#\51#V#c'59#20%#+,-(%9+%,2#83,#4+20#',%#
03,9.#A'6%#20%#G53/1#*4+2/0#')24'(9#4+20#3,'20%(#03,9.#
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!F
NX&'#$-/"#&$+%&U1$(#&*+3"#%*#+.-&*+.0&.)#&5"#$%&U$+X
!"#4$%
3?%5*.34.%/3-.A(**,%-.3B% 12.%S@+>-.B".+14%D.34(-.D.+1% 3+B%4.Q(.+/.T%
#3-1%"+%5=&%=!!<H!@7H%UK<;76<%9M<V?%=%-(CC.-%4#31(*3%"4%.44.+1"3*%
IRUPL[LQJWRSUHYHQWÀRXUFOXPSV
E7KHPD[LPXPTXDQWLW\RIÀRXUDQG\HDVWVHSDUDWHO\LVJDQGJ
C?%O2.12.-%'-%+'1%12.%"+>-.B".+1%#3+%"4%(4.BF%"1%D(41%C.%"+413**.B?
/?%!2.%D3/2"+.%)"**% 3(1'D31"/3**,%A..B%"+>-.B".+14?%O2.+%A..B"+>F%12.%
D3/2"+.%)"**%2(D%A'-%3C'(1%W%4./'+B4?%@1%"4%+'-D3*?
IX&,+-#".&.)#&Z+#$%*+3&U$%%1#&0+.0&.)#&%"*7#&-)$6.&-/(Y
(#--6/114X
!"#4$
D,WLVUHFRPPHQGHGWKDWWKHKROHEH¿OOHGZLWKKHDWUHVLVWLQJPDUJDULQH
C.A'-.%12.%E+.3B.-4%3-.%#*3/.BF%)2"/2%#-.0.+14%12.% B'(>2%A-'D%41"/EL
"+>%C.*')%12.D%3+B%3**')4%12.%E+.3B.-4%1'%C.%.34"*,%-.D'0.B%A-'D%12.%
C-.3B?
C?%5*.34.%/2./E%)2.12.-%12.%E+.3B"+>%#3BB*.%)34%"+413**.B%4(//.44A(**,?
+RZWRFRQ¿UPV#S%#+,*235532+',#+*#*)//%**&)5.#20%#E'+,2#
EHWZHHQWKHNQHDGLQJSDGGOHDQGWKHEDVHLVÀDWZLWKRXW
8('2()*+',.#3,9#20%#1,%39+,-#83995%#4+55#,'2#*031%#/3*)7
355@"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!>
RX&=1$(#&.)#&5"#$%&U$+&*+&U0-*.*0+&$+%&./"+&*.&(10(ZY
`*-#&/+.*1&*.&(1*(Z-&*+.0&U1$(#X&
T#/5+/1#4+55#G%#0%3(9"
PX&810-#&.)#&1*%&3#+.14&$+%&U1/3&.)#&U0`#"&(0"%&*+.0&$&
`$11&0/.1#.X
!"#4$%
D7KHUDWLQJYROWDJHLV993OHDVHFKHFNEHIRUHXVH
C?%=A1.-%12.%#').-% 4(##*,%"4%/'++./1.BF% 12.%D3/2"+.%"4% "+%3%413+BC,%
4131.F%3+B%12.-.%"4%+'%+..B%1'%#-.44%12.%M!=6!NM!75%C(11'+%1'%4)"1/2%"1%
'+?%5-.44%12.%M!=6!NM!75%C(11'+%(+1"*%3**%4.11"+>4%3-.%4.*./1.B?
/?%@A%12.%D3/2"+.%"4%+'1%"+%12.%B.A3(*1%4.11"+>%3A1.-%12.%#').-%"4%/'++./1L
.BF%-./00&1%/&2,34,52,+6& 7#11"8&9".&:&0/;"8<0&1"&./0/1&=1?% !2.+F%
,'(%/3+%4.*./1%3%+.)%#-'>-3D?%@A%%12.%-.4.1%A3"*4F%#*.34.%/'+13/1%(4%A'-%
3A1.-L43*.%4.-0"/.?
SX&="#--&.)#&'<:B&5/..0+&/+.*1&40/"&%#-*"#%&U"03"$\&
*-&-#1#(.#%X
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!H
TX&="#--&.)#&E9>@&5/..0+&.0&-#1#(.&.)#&%#-*"#%&-*c#&
JRUJ
QX&="#--&.)#&89E92&5/..0+&.0&-#1#(.&.)#&%#-*"#%&("/-.&
(010"X
!"#$%!2.%4(>>.41.B%C(11'+%4.Q(.+/.%"4%X<H9F%Y7=;F%3+B%:7Y76F%34%
B"AA.-.+1%#-'>-3D4%3+B%*'3A%4"Z.4%/'--.4#'+B%1'%B"AA.-.+1%C3E"+>%1"D.4?%
6HWWKHGHOD\WLPHE\SUHVVLQJEXWWRQ
!"#4$%
3?%!2"4%41.#%/3+%C.%4E"##.B%"A%,'(%)3+1%12.%C-.3B%D3E.-%1'%413-1%)'-E"+>%
"DD.B"31.*,?
C?%;'-%12.%>(?=8$%A(+/1"'+F%12"4%C(11'+%/3+%A-..*,%4.*./1%12.%C3E"+>%1"D.%
WRPLQXWHV
DaX&="#--&.)#&?;>2;[?;9=&5/..0+&.0&-.$".&.)#&\$Y
()*+#X
!"#4$%
3?%5*.34.%.+4(-.%1231%C.A'-.%,'(%#-.44%12.%M!=6!NM!75%C(11'+F%3**%4.1L
1"+>4%,'(%)3+1%UX<H9F%:7Y76F%Y7=;V%3-.%/'--./1?
C?%@A%12.%)-'+>%#-'>-3D%'-%4.11"+>%"4% 4.*./1.B%3+B%12.%D3/2"+.% 413-14F%
#-.44%12.%M!=6!NM!75%C(11'+%3>3"+%A'-%W%4./'+B4?%=A1.-%,'(% 2.3-%3%
C..#F%,'(%/3+%#-.44%'12.-%C(11'+4%1'%4.*./1%12.%/'--./1%#-'>-3D%3>3"+?%
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!J
DIX&>6.#"&.)#&U"0(#--&*-&(0\U1#.#]&40/&`*11&)#$"&Da&
5##U-X&F0/&($+&U"#--&.)#&?;>2;[?;9=&5/..0+&60"&
$50/.&I&-#(0+%-&.0&-.0U&.)#&\$()*+#]&0"&*.&`*11&Z##U&
`$"\&60"&D&)0/"X
!"#4$%
D7KHPDFKLQHZLOONHHSWKHEUHDGZDUPIRUKRXUDIWHUEDNLQJ:KHQ
,'([-.%-.3B,%1'%13E.% 12.%C-.3B%'(1%'A%12.%#3+F%#-.44% 12.%M!=6!NM!75%
C(11'+%A'-%W%4./'+B4%1'%.P"1%12"4%#-'>-3D?
C?%5*.34.%)3"1%1'%-(+%3%+.)%#-'>-3D%3A1.-%12.%#-.0"'(4%'+.%234%.+B.BF%
34%12.%1.D#.-31(-.%"4%0.-,%2">2%3+B% D3,%3AA./1%12.% +.)%C-.3BLD3E"+>%
#-'>-3D?
/?%M'D.%#-'>-3D4%.+1.-%3%A.-D.+131"'+%4131.%)"12%+'%4'(+B%3A1.-%E+.3BL
"+>%"4%/'D#*.1.?%!2"4%"4%+'-D3*?%5*.34.%B'%+'1%#-.44%12.%M!=6!NM!75%
C(11'+%'-%1(-+%'AA%12.%#').-?%
DDX&@0"&.)#&!$-*(]&@"#+()]&K)01#&K)#$.]&d/*(Z]&
?`##.]&B1."$&@$-.]&8$Z#]&$+%&?$+%`*()&U"03"$\-]&.)#&
\$()*+#&`*11&)/\&60"&$UU"0e*\$.#14&I&-#(0+%-&%/"*+3&
.)#&$/.0\$.*(&*+3"#%*#+.&6##%*+3&U"0(#--X&
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!L
DNX&9U#+&.)#&1*%X&;/"+&.)#&U$+&$+.*Y(10(Z`*-#]&$+%&
3#+.14&U/11&.)#&5"#$%&U$+&-."$*3).&/U&$+%&0/.&6"0\&.)#&
\$()*+#X
!"#$%70.+%D"114%3-.%3*)3,4%+..B.B%B(-"+>%12"4%41.#?%\-34#%12.% C-.3B%
SDQKDQGOH¿UPO\DV\RXSXOOLWRXW
DRX&B-#&$&+0+Y-.*(Z&.001&.0&3#+.14&100-#+&.)#&5"#$%f-&
-*%#-&6"0\&.)#&U$+X
!"#$%!2.%C-.3B%#3+%3+B%C-.3B%D3,%C.%0.-,%2'1]%=*)3,4%23+B*.%)"12%/3-.%
3+B%)3-.%'0.+%D"114?
DPX&;/"+&.)#&5"#$%&U$+&/U-*%#&%0`+&0+&$&(1#$+&(00ZY
*+3&-/"6$(#&$+%&3#+.14&-)$Z#&*.&/+.*1&.)#&5"#$%&6$11-&
0/.&0+.0&.)#&"$(ZX
DSX&A#+.14&6$11&.)#&5"#$%&6"0\&.)#&5"#$%&U$+&$+%&1#.&*.&
(001&.0&"00\&.#\U#"$./"#&5#60"#&-1*(*+3X
!"#$%K.A'-.%4*"/"+>%12.%*'3AF%(4.%12.%2''E%1'%-.D'0.%12.%E+.3B"+>%#3BB*.%
2"BB.+%'+%12.%C'11'D?%!2.%*'3A%"4%2'1?%5*.34.%3*)3,4%(4.%'0.+%D"114%1'%
-.D'0.%12.%E+.3B"+>%#3BB*.?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!M
=?%@+4.-1%12.%2''E%"+%12.%3P"4%'A%12.%E+.3B"+>%#3BB*.?%
K?%5(**%>.+1*,%3+B%12.+%-.*.34.%12.%E+.3B"+>%#3BB*.?
?=<8,>E&@B:8;,9:?
@B:8;,9:?&>:C&9=<2>;,9:?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
!O
DX&'#\0"4&@/+(.*0+
S%#8'4%(#*)885@#G(%31*#'&	)(+,-#G(%39#A31+,-.#20%#
8('/%**#4+55#/',2+,)%#3)2'A32+/355@#4+20+,#!<#A+,)2%*.#
%6%,#4+20')2#8(%**+,-#20%#X:TB:^X:_U#G)22',"#S%#
G(%31#2+A%#%D/%%9*#!<#A+,)2%*.#20%#A%A'(@#8('-(3A#
/3,,'2#G%#1%82.#3,9#20%#G(%39#A3/0+,%#A)*2#G%#(%*23(2%9"
!"#$%
@A%,'(%)3+1%1'%.P"1%12.%D.D'-,%A(+/1"'+F%#*.34.%B'%+'1%41'#%12.%D3/2"+.%
C,%1(-+"+>%'AA%12.%#').-?%J(41%-./00& 1%/&@2,34,52,+6A7#11"8&($(=8&
9".&:&0/;"8<0?%=A1.-%3%C..#% "4%2.3-BF%,'(% /3+%#(42%'12.-%C(11'+4%1'%
-.L4.*./1%12.%%#-'>-3D%,'(%B.4"-.?
IX&C#1$4&@/+(.*0+
$%&'(%#*23(2+,-.#@')#A)*2#*%5%/2#20%#8('-(3A.#G('4,+,-#
5%6%5.#3,9#9')-0#*+C%.#20%,#8(%**#########2'#+,/(%3*%#'(#9%7
/(%3*%#20%#9%53@#2+A%#+,#!<7A+,)2%#+,/(%A%,2*"#:0%#A3D+7
A)A#9%53@#2+A%#+*#DN&)0/"-"
!"#4$%
3?%!2.%1'13*%B(-31"'+%'A%'+.%#-'>-3D%"+/*(B.4%12.%C3E"+>%1"D.%3+B%B.*3,%
1"D.R%1231%"4F%12.%B(-31"'+%,'(%4.1%"4%.Q(3*%1'%B.*3,%1"D.%#*(4%C3E"+>%1"D.?
#
C?%!2"4%C(11'+%"4%*+,%3##*"/3C*.%A'-%12.%#-'>-3D4%BC1.(&D(01F%'()F%3+B%
>(?/?
/?%8'%+'1%(4.% .34"*,%#.-"423C*.%"+>-.B".+14F%4(/2%34%.>>4F%A-.42% D"*EF%
A-("14F%.1/?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;<
/?%=%/''E"+>%12.-D'D.1.-%"4%/-"1"/3*%A'-%D.34(-"+>%1.D#.-31(-.?%
B?%!2.%C-.3B%"4%3%*"11*.%B.+4.-%"+%1.P1(-.?
NX&d/*(Z&="03"$\
Z'(#20%#d)+/1#8('-(3A.#3#O<<-#9')-0#/3,#G%#G31%9#4+207
+,#;0!<#A+,)2%*"
Z'(#20%#I52(37Z3*2#8('-(3A.#3#J<<-#9')-0#/3,#G%#G31%9#
4+20+,#HO#A+,)2%*.#3,9#3#O<<-#9')-0#/3,#G%#G31%9#4+20+,#
!0O#A+,)2%*"#
!"#4$%
D+RWZDWHUVKRXOGEHEHWZHHQ&DQG&ZKHQXVHGDVDOLTXLG
"+>-.B".+1?
C?%=BB%"+>-.B".+14%1'%12.%C-.3B%#3+%"+%12.%'-B.-%D.+1"'+.B%"+%12.%-./"#.?%
8VXDOO\ZDWHURUOLTXLG VXEVWDQFHVVKRXOGEH DGGHG¿UVWIROORZHGE\
VXJDUVDOWDQGÀRXU\HDVWRUEDNLQJSRZGHUVKRXOGDOZD\VEHDGGHG
34%12.%*341%"+>-.B".+1?%
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;!
8E<>:,:A&>:C&'>,:;<:>:8<
@B:8;,9:?&>:C&9=<2>;,9:?
DX&C*-(0++#(.&.)#&\$()*+#&6"0\&.)#&U0`#"&$+%&1#.&*.&
(001&%0`+&5#60"#&(1#$+*+3X
IX&!"#$%&U$+V&2/5&*+-*%#&$+%&0/.-*%#&`*.)&$&%$\U&
(10.)X&
!"#4$%
3?%8'%+'1%(4.%423-#%'-%3C-34"0.%3>.+14%1'%#-'1./1%12.%+'+L41"/E%/'31"+>?
C?%X3E.%4(-.%1'%B-,%12.%#3+%/'D#*.1.*,%C.A'-.%"+413**"+>%"1%3+B%/'+1"+(L
"+>%1'%(4.%"1?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;;
/?%!2.%C-.3B%#3+%"4%B"42)342.-L43A.%/'D#'+.+14?
.QHDGLQJSDGGOH,IWKHNQHDGLQJSDGGOHLVGLI¿FXOW
.0&"#\07#&6"0\&.)#&$e1#]&40/&($+
D¿OOWKHFRQWDLQHUZLWKZDUPZDWHUDQGDOORZLWWRVRDN
&'(#388('D"#F<#A+,)2%*"#
G"#-%,25@#4+8%#20%#83995%#4+20#3#93A8#/'22',#/5'20"
!"#$%!2.%E+.3B"+>%#3BB*.4%3-.%B"42)342.-L43A.%/'D#'+.+14?
RX&E*%&$+%&`*+%0`V&81#$+&.)#&*+-*%#&$+%&0/.-*%#&06&
.)#&1*%&`*.)&$&-1*3).14&%$\U&(10.)X
!"#4$%
3?%O.%4(>>.41%)"#"+>%12.%*"B%)"12%3%B3D#%/*'12%"+41.3B%'A%B"4344.DC*"+>?%
@A%+..B.BF%,'(%/3+%A'**')%12.%41.#4%C.*')%1'%B"4344.DC*.%"1?
E"F&1"&<=0(00/)7C/$%7#.+%12.%*"BF%D3E.%12.%D3/2"+.%A'-D% 3+%3+>*.%
DERXWGHJUHHVDQGSXOOLWREOLTXHO\XSZDUGV
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;F
E"F&1"&(00/)7C/$%=*">+% 12.%*"B%)"12% 12.%C(/E*.%'+%12.%D3/2"+.%31%3+%
DQJOHDERXWGHJUHHVDQGSUHVVLWGLDJRQDOO\GRZQZDUG
C?%=A1.-%/*.3+"+>F%#*.34.%.+4(-.%12.%)31.-%"4%/'D#*.1.*,%3"-LB-".B%C.A'-.%
#-'/..B"+>%)"12%12.%"+413**31"'+%3+B%(43>.?
PX&J0/-*+3V&A#+.14&`*U#&.)#&0/.#"&-/"6$(#&06&.)#&
)0/-*+3&`*.)&$&`#.&(10.)X
!"#4$%
3?%8'%+'1%(4.%3+,%3C-34"0.%/*.3+.-%1'%/*.3+%34%12"4%)'(*B%B.>-3B.%12.%
2">2%#'*"42%'A%12.%4(-A3/.?%
C?%H.0.-%"DD.-4.%12.%2'(4"+>%"+%12.%)31.-%A'-%/*.3+"+>?
/?%9+B.-%+'-D3*%/"-/(D413+/.4F% 12.-.%)"**%C.% +'%A''B%*.A1%'+%12.%"++.-%
)3**%'A%12.%2'(4"+>%'-%12.%2.31"+>%1(C.?%@A%A''B%-.4"B(.%"4%A'(+B%U#'44"L
EO\GXHWRIHUPHQWDWLRQSUREOHPVUHVXOWLQJLQWKHRYHUÀRZRIGRXJK
#*.34.%)"#.%"1%)"12% 3%B3D#%/*'12%3+B%B-,%"1%3A1.-%12.%D3/2"+.%"4%/'DL
#*.1.*,%/''*.B?
SX&!#60"#&.)#&5"#$%&\$Z#"&*-&U$(Z#%&$`$4&60"&-.0"Y
$3#]&#+-/"#&.)$.
3"#+2#03*#/'A85%2%5@#/''5%9#9'4,"
G"#+2#+*#/5%3,#3,9#9(@"
/"#20%#*8'',#3,9#20%#1,%39+,-#83995%#3(%#8)2#+,#20%#9(347
%(.#3,9#20%#5+9#+*#/5'*%9"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;>
W& K>2:,:A&C,?=E>F
W& 9=<2>;,9:&=29!E<'?&L&?9EB;,9:?
W& !>M,:A&;,=?
;29B!E<?J99;,:A
K>2:,:A&C,?=E>F
;29B!E<?J99;,:A
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;H
DX&;)#&%*-U1$4&-)0`-&^JJJ_&G$((0\U$+*#%&54&P&5##U&
-0/+%-H&$6.#"&.)#&U"03"$\&-.$".-X
B%3*',V#
:0%#2%A8%(32)(%#+,*+9%#+*#*2+55#2''#0+-0"#
X'5)2+',V#
U(%**#20%#X:TB:^X:_U#G)22',.#'8%,#20%#5+9.#3,9#355'4#
20%#A3/0+,%#2'#/''5#9'4,#&'(#!<#2'#;<#A+,)2%*"
IX&;)#&%*-U1$4&-)0`-&^EEE_&G$((0\U$+*#%&54&P&5##U&
-0/+%-H&$6.#"&U"#--*+3&.)#&?;>2;[?;9=&5/..0+&G#eY
(#U.&.)#&U"03"$\&!>M<HX&
B%3*',V#
:0%#2%A8%(32)(%#+,*+9%#+*#2''#5'4"#
X'5)2+',V#
X2'8#G@#8(%**+,-#20%#X:TB:^X:_U#G)22',.#'8%,#20%#5+9.#
3,9#355'4#20%#G(%39#A31%(#2'#*+2#32#(''A#2%A8%(32)(%#&'(#
!<#2'#;<#A+,)2%*#G%&'(%#)*+,-#+2"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;J
NX&;)#&%*-U1$4&-)0`-&^<<a_&$6.#"&40/&)$7#&U"#--#%&
.)#&?;>2;[?;9=&5/..0+X
B%3*',V#
:0%#2%A8%(32)(%#*%,*'(#+*#9+*/',,%/2%9"#
X'5)2+',V#
U5%3*%#/0%/1#20%#*%,*'(#/3(%&)55@#4+20#3,#3)20'(+C%9#%D7
8%(2"
9=<2>;,9:&=29!E<'?&
L&?9EB;,9:?
;29B!E<?J99;,:A
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;L
DX&?\0Z#&(0\#-&0/.&06&.)#&5$Z*+3&(0\U$".\#+.&0"&
.)#&7#+.-X
B%3*',V#
:0%#+,-(%9+%,2*#*2+/1#2'#20%#G31+,-#/'A83(2A%,2#'(#')27
*+9%#20%#G31+,-#83,"
X'5)2+',V#
I,85)-#20%#3885+3,/%#3,9#/5%3,#20%#G31+,-#83,#3,9#/'A7
83(2A%,2"
IX&;)#&5"#$%&30#-&%0`+&*+&.)#&\*%%1#&$+%&*-&\0*-.&0+&
.)#&50..0\X
B%3*',V#
:0%#G(%39#*23@*#+,#20%#83,#2''#5',-#3&2%(#G31+,-#3,9#
43(A+,-"
X'5)2+',V#
:31%#20%#G(%39#')2#'%#G(%39#83,#G%&'(%#20%#43(A+,-#
&),/2+',#+*#'6%("
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;M
NX&,.&*-&+0.&#$-4&.0&.$Z#&.)#&5"#$%&0/.&06&.)#&5$Z*+3&
U$+X
B%3*',V#
:0%#G'22'A#'%#5'3&#+*#*2)/1#2'#20%#1,%39+,-#83995%"
X'5)2+',V
R5%3,#20%#1,%39+,-#83995%#3,9#*03&2*#3&2%(#20%#G31+,-#
8('-(3A*"
7LS,IQHHGHG¿OOWKHEDNLQJSDQZLWKZDUPZDWHUIRUPLQXWHV7KLV
)"**%D3E.%"1%.34,%1'%-.D'0.%3+B%/*.3+%12.%E+.3B"+>%#3BB*.?
RX&@10/"&%#U0-*.-&0+&.)#&5"#$%&("/-.X&
B%3*',V#
7KHÀRXULVQRWNQHDGHGZHOORQWKHVLGHVGXULQJNQHDG7
+,-"
X'5)2+',V#
R0%/1#40%20%(#20%#1,%39+,-#83995%#+*#+,*2355%9#/'((%/25@"
!"#$%@A%12.%"+413**31"'+%"4%4(//.44A(*F%12.%^'"+1%C.1)..+%12.%E+.3B"+>%#3BL
GOHDQGWKHEDVHVKRXOGEHÀDWZLWKRXWDQ\SURWUXVLRQDQGWKHNQHDGLQJ
#3BB*.%42'(*B%+'1%423E.%*''4.*,?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
;O
PX&;)#&*+3"#%*#+.-&$"#&+0.&\*e#%]&0"&.)#&5"#$%&*-&+0.&
5$Z#%&(0""#(.14X
B%3*',V#
ʎ
S,/'((%/2#8('-(3A#*%22+,-
X'5)2+',V#
R0%/1#20%#*%5%/2%9#A%,)#3,9#'20%(#*%22+,-*"
ʏ
:0%#X:TB:^X:_U#G)22',#+*#2')/0%9#40+5%#20%#A3/0+,%#
+*#4'(1+,-"
X'5)2+',V#
?'#,'2#)*%#20%#'(+-+,35#+,-(%9+%,2*.#3,9#*23(2#'6%(#3-3+,"#
_,/%#20%#A3/0+,%#03*#*23(2%9#'8%(32+,-.#85%3*%#(%&(3+,#
&('A#8(%**+,-#20%#X:TB:^X:_U#G)22',#3-3+,"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
F<
ʐ
:0%#5+9#+*#'8%,%9#*%6%(35#2+A%*#40+5%#20%#A3/0+,%#+*#
4'(1+,-"
X'5)2+',V#
T6'+9#'8%,+,-#20%#5+9#&(%Q)%,25@#),5%**#+2#+*#,%/%**3(@.#
*)/0#3*#40%,#399+,-#+,-(%9+%,2*"
ʑ
]',-#G53/1')2#0388%,*#40+5%#20%#A3/0+,%#+*#4'(1+,-"
X'5)2+',V
?'#,'2#)*%#20%#'(+-+,35#+,-(%9+%,2*.#3,9#*23(2#'6%(#3-3+,"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
F!
ʒ
:0%#('232+',#'%#1,%39+,-#83995%#+*#G5'/1%9"
X'5)2+',V#
3"#e,*)(%#20%#1,%39+,-#83995%#+*#,'2#'G*2()/2%9#G@#
-(3+,*"#U)55#')2#20%#G31+,-#83,#3,9#/0%/1#+%#9(+6%(*#
2)(,"
G"#S+*#+*#,'2#20%#/3*%.#*%,9#20%#3885+3,/%#2'#20%#/)*7
2'A%(#*%(6+/%"
SX&,.&%0#-&+0.&Z+#$%&%0/3)&U"0U#"14&$+%&\$Z#-&+0*-Y
#-X
B%3*',
:
:0%#G(%39#83,#3,9#1,%39+,-#83995%#3(%#,'2#+,*2355%9#/'(7
(%/25@"#
X'5)2+',V#
U5%3*%#+,*2355#20%A#3//'(9+,-#2'#20%#_UeBT:S_f#gIS?e#
83(2"#
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
F;
ʏ
:0%(%#+*#*'A%20+,-#4(',-#4+20#20%#G)22',"
X'5)2+',V#
U5%3*%#/',23/2#)*#+%#G)22',*#9'#,'2#4'(1#3&2%(#&'55'47
+,-#20%#*%Q)%,/%"
TX&;)#&-#..*+3&40/&`$+.&($++0.&5#&-#1#(.#%]&0"&.)#&
5/..0+&6$*1-X
B%3*',
:
ʎ
a(',-#'(9%(#'(%**+,-#G)22',*
X'5)2+',V
3"#U5%3*%#%,*)(%#355#20%#*%22+,-*#@')#43,2#[PefI.#
R_]_B.#]_TZ\#3(%#/'((%/2#G%&'(%#8(%**+,-#20%#X:TB:^
X:_U#G)22',"#:0%#*)--%*2%9#G)22',#*%Q)%,/%#+*#PefI.#
]_TZ.#R_]_B.#X:TB^X:_U"
G"#S#4(',-#8('-(3A^*%22+,-#+*#*%5%/2%9#3,9#20%#A3/0+,%#
*23(2*#2'#4'(1.#U"#--&.)#&?;>2[?;9=&5/..0+&$3$*+&60"&
I&-#(0+%-"#T&2%(#0%3(+,-#3#G%%8.#@')#/3,#8(%**#'20%(#
G)22',*#2'#*%5%/2#20%#/'((%/2#8('-(3A#3-3+,"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
FF
ʏ
:0%(%#+*#*'A%20+,-#4(',-#4+20#20%#G)22',"
X'5)2+',V#
U5%3*%#/',23/2#)*#+&#@')#8(%**#20%#G)22',*#3*#+,*2()/2%9#+,#
ʎ
.#3,9#20%@#*2+55#9'#,'2#4'(1"
QX&;)#&5$Z*+3&.*\#&($++0.&5#&*+("#$-#%&0"&%#("#$-#%&
`)#+&40/&U"#--&&&&&&&&X
B%3*',V
ʎ
:0%#9+*853@%9#2+A%#03*#(%3/0%9#20%#A3D+A)A^A+,+7
PXPWLPHVSHFL¿HGE\WKHVHOHFWHGSURJUDP
X'5)2+',V#
3"#U5%3*%#(%39#20%#hBeRSUeX#BeR_PPef?e?i#83(2.#
40+/0#*0'4*#20%#2'235#9)(32+',#'&#%3/0#8('-(3A"#
G"#U5%3*%#2(@#2'#+,/(%3*%#3,9#9%/(%3*%#2+A%#+,#(%6%(*%"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
F>
ʏ
:0%#A3/0+,%#+*#A35&),/2+',+,-.#3,9#20%#9'4,2+A%#+*#
PRUHH[WHQGHGWKDQVSHFL¿HGLQWKH³5(&,3(65(&207
Pef?e?i#*%/2+',"
X'5)2+',V#
U5%3*%#/',23/2#)*#+&#@')#8(%**#20%#G)22',*#3*#+,*2()/2%9#+,#
ʎ
.#3,9#20%@#*2+55#9'#,'2#4'(1"
,QWKHSURFHVVRIPDNLQJEUHDGDIWHUNQHDGLQJIRU
$&U#"*0%&06&.*\#]&.)#&Z+#$%*+3&-.0U-]&$+%&.)#&\$()*+#&
%0#-&+0.&"#-U0+%]&-/()&$-&5$Z*+3X
B%3*',V
ʎ
:0%#9')-0#+*#&%(A%,2+,-#3,9#4+55#4'(1#2@8+/355@#3&2%(#
&%(A%,232+',"
X'5)2+',V#
?'#,'2#9+*/',,%/2#20%#8'4%(#*)885@#'(#9'#'20%(#'8%(37
2+',*"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
FH
!>M,:A&;,=?
;29B!E<?J99;,:A
R3)2+',*V#
$%&'(%#A31+,-#G(%39.#85%3*%##
3"#(%39#20%#hS,-(%9+%,2*#A%3*)(%A%,2#3,9#*%Q)%,/%i#
*%/2+',#'&##UTb#T::ef:S_f#[$eZ_Be#IXe\#/3(%&)55@#
3,9#A%3*)(%#20%#+,-(%9+%,2*#/'((%/25@"
G"#A31%#*)(%#2032#20%#/'((%/2#8('-(3A#+*#*%5%/2%9#2'#/'A7
85%2%#20%#G(%39#A31+,-#3*#*2+8)532%9#+,#20%#h_UeBT:S_f#
gIS?ei#*%/2+',#'%#+,*2()/2+',#A3,)35"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
FJ
DX&;)#&5"#$%&"*-#-&.00&6$-.X
B%3*',V
ʎ
7KHUHLVDQH[FHVVRI\HDVWDQGÀRXUEXWQRWHQRXJK
*352"
X'5)2+',V#
U5%3*%#39E)*2#20%#8('8'(2+',*#'%#+,-(%9+%,2*#3,9#%,7
*)(%#2032#355#'%A#036%#G%%,#399%9"
ʏ
:0%#2%A8%(32)(%#+*#0+-0"
X'5)2+',V#
I*%#5+Q)+9#+,-(%9+%,2*#4+20#5'4%(#2%A8%(32)(%.#%*8%/+355@#
+,#43(A#4%320%("
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
FL
IX&;)#&5"#$%&%0#-&+0.&"*-#&$.&$11&0"&+0.&#+0/3)X
B%3*',V
ʎ
f'#@%3*2#32#355#'(#2''#5+225%"
X'5)2+',V
U5%3*%#39E)*2#20%#8('8'(2+',*#'%#+,-(%9+%,2*#3,9#%,7
*)(%#2032#355#'%A#036%#G%%,#399%9"
ʏ
eD8+(%9#'(#*235%#@%3*2
X'5)2+',V#
I*%#),'8%,%9#@%3*2#'(#@%3*2#2032#03*#G%%,#*2'(%9#8('87
%(5@"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
FM
ʐ
]+Q)+9#+*#2''#0'2"
X'5)2+',V
3"#I*%#3,'20%(#5+Q)+9#'(#5%36%#+2#2'#/''5#32#(''A#2%A8%(37
2)(%"#
E$GGWKHLQJUHGLHQWVLQWKHFRUUHFWRUGHUDVVSHFL¿HG
ʑ
:0%#@%3*2#03*#/'A%#+,2'#/',23/2#4+20#20%#5+Q)+9"
X'5)2+',V#
8VH\RXU¿QJHUWRPDNHDVPDOOLQGHQWDWLRQLQWKHPLGGOH
RIWKHÀRXU$GG\HDVWWRWKHLQGHQWDWLRQHQVXULQJLWGRHV
,'2#/'A%#+,2'#/',23/2#4+20#20%#5+Q)+9#+,-(%9+%,2*#'(#*352"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
FO
ʒ
:URQJÀRXUW\SHRUVWDOHÀRXU
X'5)2+',V
3"#U5%3*%#/3(%&)55@#(%39#20%#hSf:B_?IR:S_f#_Z#
$BeT?#SfgBe?Sef:Xi#3,9#hBeRSUei#83(2*#G%&'(%#G317
LQJDQGFKRRVLQJWKHULJKWÀRXUW\SH
E)UHVKÀRXULVVXSSRVHGWREHXVHG
ʓ
:''#A)/0#5+Q)+9
X'5)2+',V
3"#T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
G"#S%#4%320%(#+*#0)A+9.#9%/(%3*%#20%#5+Q)+9#G@#!#2'#;#
23G5%*8'',*"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
><
ʔ
:''#A)/0#*)-3(#'(#*352
X'5)2+',V
U5%3*%#39E)*2#20%#8('8'(2+',*#'%#+,-(%9+%,2*#3,9#%,7
*)(%#2032#355#'%A#036%#G%%,#399%9"
NX&;)#&%0/3)&"*-#-&.00&\/()&$+%&-U*11-&07#"&.)#&5$ZY
*+3&U$+X
B%3*',V
ʎ
S%#5+Q)+9#+*#2''#*'&2.#20%#@%3*2#&%(A%,2*#A'(%"
X'5)2+',V#
3"#R'((%/2#20%#3A'),2#'+Q)+9"#
G"#Sư%(7/',23+,+,-#+,-(%9+%,2*#3(%#)*%9.#20%#8('8'(2+',#
'%#5+Q)+9#2'#G%#399%9#A)*2#G%#9)5@#(%9)/%9"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>!
RX&;)#&5"#$%&30#-&%0`+&*+&.)#&\*%%1#X
B%3*',V
ʎ
:''#A)/0#5+Q)+9"
3"#Sư%(7/',23+,+,-#+,-(%9+%,2*#3(%#)*%9.#20%#8('8'(2+',#
'%#5+Q)+9#2'#G%#399%9#A)*2#G%#9)5@#(%9)/%9"
G"#S%#4%320%(#+*#0)A+9.#9%/(%3*%#20%#5+Q)+9#G@#!#2'#;#
23G5%*8'',*"
ʏ
:0%#2%A8%(32)(%#+*#0+-0"
X'5)2+',V#
I*%#5+Q)+9#+,-(%9+%,2*#4+20#5'4%(#2%A8%(32)(%.#%*8%/+355@#
+,#43(A#4%320%("
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>;
ʏ
:0%#&%(A%,232+',#+*#2''#*0'(2#'(#&3*2#'4+,-#2'#20%#%D7
/%**+6%#2%A8%(32)(%#'%#432%(#'(#20%#G31+,-#/03AG%(#
'(#%D/%**+6%#A'+*2,%**"
X'5)2+',V#
3"#I*%#3,'20%(#5+Q)+9#'(#5%36%#+2#2'#/''5#2'#(''A#2%A8%(37
2)(%"#
G"#?'#,'2#)*%#20%#2+A+,-#&),/2+',#+,#43(A#4%320%("#
PX&J#$74&$+%&1/\U4&-."/(./"#
B%3*',V
7RRPXFKÀRXUDQGQRWHQRXJKOLTXLG
X'5)2+',V
T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>F
ʏ
f'2#%,')-0#@%3*2#'(#*)-3(
X'5)2+',V
3"#T9E)*2#20%#+,-(%9+%,2#8('8'(2+',#3,9#/0%/1#2032#355#20%#
+,-(%9+%,2*#036%#G%%,#399%9"
E0DNHDVPDOOLQGHQWDWLRQLQWKHPLGGOHRIWKHÀRXUDQG
8)2#+,#20%#/()AG5%9#'(#9(@#@%3*2"#T6'+9#5%22+,-#20%#@%3*2#
3,9#20%#5+Q)+9#/'A%#+,2'#9+(%/2#/',23/2"
ʐ
:''#A)/0#9(@#&()+2.#40'5%#A%35.#'(#'20%(#9(@#+,-(%9+7
%,2*
X'5)2+',V#
T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>>
ʑ
eD8+(%9#'(#*235%#@%3*2
X'5)2+',V#
P31%#*)(%#2'#)*%#),'8%,%9#'(#8('8%(5@#8(%*%(6%9#@%3*2"
ʒ
a3(A#5+Q)+9#A31%*#20%#9')-0#(+*%#2''#Q)+/15@.#3,9#20%#
5'3&#&355*#+,#G%&'(%#G31+,-"
X'5)2+',V#
?'#,'2#)*%#20%#2+A+,-#&),/2+',#+,#43(A#4%320%("#Z'(#G%27
2%(#(%*)52*.#)*%#/'59#5+Q)+9*#+,*2%39#'�'2#',%*"#
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>H
ʓ
:''#A)/0#432%(
X'5)2+',V
3"#T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
G"#S%#4%320%(#+*#0)A+9.#(%9)/%#20%#5+Q)+9#G@#!#2'#;#237
G5%*8'',*"
SX&;)#&5"#$%&*-&+0.&5$Z#%&*+&.)#&(#+.#"X
B%3*',V
ʎ 6QQOWEJNKSWKFJWOKFKV[OQKUVKPITGFKGPVU
5QNWVKQP
!"
#T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
G"#S%#4%320%(#+*#0)A+9.#(%9)/%#20%#5+Q)+9#G@#!#2'#;#237
G5%*8'',*"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>J
TX&9U#+&0"&(0$"-#&-."/(./"#&0"&.00&\$+4&)01#-
B%3*',V
ʎ
:''#A)/0#5+Q)+9^0)A+9+2@
X'5)2+',V#
3"#T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
/"#S%#4%320%(#+*#0)A+9.#(%9)/%#20%#5+Q)+9#G@#!#2'#;#237
G5%*8'',*"
ʏ
f'#*352#
U5%3*%#39E)*2#20%#8('8'(2+',*#'%#+,-(%9+%,2*#3,9#%,7
*)(%#2032#355#'%A#036%#G%%,#399%9"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>L
ʐ
:''#A)/0#@%3*2
X'5)2+',V
T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
QX&'/-)"00\Y1*Z#]&/+5$Z#%&-/"6$(#
B%3*',V
ʎ
$(%39#6'5)A%#+*#2''#G+-#&'(#20%#83,"
X'5)2+',V#
$GMXVWWKHDPRXQWRIOLTXLGDQGÀRXU7KHPD[LPXPTXDQ7
WLW\RIÀRXULVJ
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>M
ʏ
:''#A)/0#@%3*2#
X'5)2+',V#
T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"#:0%#A3D+A)A#Q)3,2+2@#
'&#@%3*2#+*#J-"
ʐ
f'2#%,')-0#*352
X'5)2+',V
U5%3*%#39E)*2#20%#8('8'(2+',*#'%#+,-(%9+%,2*#3,9#%,7
*)(%#2032#355#'%A#036%#G%%,#399%9"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
>O
ʑ
:''#A)/0#*)-3(#'(#*4%%2#+,-(%9+%,2*
X'5)2+',V
T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
7KHVOLFHVDUHXQHYHQRUWKHUHDUHFOXPSVLQWKH
\*%%1#X
B%3*',V
$(%39#+*#,'2#/''5%9#%,')-0#[20%#638'(#03*#,'2#@%2#%*7
/38%9\"
X'5)2+',V#
B%A'6%#20%#G(%39#&('A#20%#83,#(+-02#3&2%(#G31+,-#3,9#5%2#
+2#/''5#',#3#(3/1#G%&'(%#*5+/+,-"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
H<
DaX&!$Z#%&5"#$%&*-&.00&-\$11X
B%3*',V
ʎ
:''#A)/0#*352
X'5)2+',V#
T9E)*2#20%#+,-(%9+%,2#8('8'(2+',"
ʏ
f'2#%,')-0#'(#*235%#@%3*2#/3)*%*#20%#9')-0#,'2#2'#&%(7
A%,2"
X'5)2+',V
3"#P31%#*)(%#2'#)*%#),'8%,%9#'(#8('8%(5@#8(%*%(6%9#
@%3*2"
G"#T9E)*2#20%#+,-(%9+%,2#8('8'(2+',#3,9#/0%/1#2032#355#20%#
+,-(%9+%,2*#036%#G%%,#399%9"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
H!
ʐ
f'2#%,')-0#5+Q)+9
X'5)2+',V
T9E)*2#20%#+,-(%9+%,2#8('8'(2+',#3,9#/0%/1#2032#355#20%#+,7
-(%9+%,2*#036%#G%%,#399%9"
ʑ
7KHZURQJW\SHRIÀRXUZDVXVHG
X'5)2+',V#
U5%3*%#/3(%&)55@#(%39#20%#hSf:B_?IR:S_f#_Z#$BeT?#
SfgBe?Sef:Xi#83(2#G%&'(%#G31+,-#3,9#/0''*+,-#20%#
ULJKWÀRXUW\SH
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
H;
DDX&!$Z#%&5"#$%&*-&.00&-\$11X
B%3*',V
ʎ
f'2#%,')-0#5+Q)+9
X'5)2+',V#
T9E)*2#20%#+,-(%9+%,2#8('8'(2+',#3,9#/0%/1#2032#355#20%#+,7
-(%9+%,2*#036%#G%%,#399%9"
ʏ
:0%#G31+,-#2+A%#+*#2''#5',-"
X'5)2+',V#
R3(%&)55@#(%39#20%#hBeRSUeXi#83(2#G%&'(%#G31+,-#3,9#
/0''*%#20%#(+-02#8('-(3A"
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
HF
ʐ
1RWHQRXJKRUVWDOHÀRXUFDXVHVWKHGRXJKQRWWRIHU7
A%,2"
X'5)2+',V#
3"#I,'8%,%9#'(#4%5578(%*%(6%9#@%3*2#*0')59#G%#)*%9"
G
#FLWUVVJGKPITGFKGPVRTQRQTVKQPCPFEJGEMVJCVCNN
VJGKPITGFKGPVUJCXGDGGPCFFGF
W& ,:;29CB8;,9:&9@&!2<>C&,:A2<C,<:;?
W& 2<8,=<?&2<89''<:C<C
,:A2<C,<:;?&>:C&2<8,=<?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
H>
,:;29CB8;,9:&9@&
!2<>C&,:A2<C,<:;?
,:A2<C,<:;?&>:C&2<8,=<?
%UHDGÀRXU
$(%39#&5')(#[35*'#/355%9#0+-07-5)2%,#&5')(\#+*#%53*2+/#3,9#
/3,#1%%8#20%#G(%39`*#*+C%#&('A#/'5538*+,-#3&2%(#(+*+,-"#S2#
/3,#G%#)*%9#2'#A31%#G(%39#4+20#3#53(-%#*+C%#3,9#G%22%(#
LQQHU¿EHU
3ODLQÀRXU
Z5')(#2032#/',23+,*#,'#G31+,-#8'49%(#+*#3885+/3G5%#&'(#
A31+,-#G(%39"
:KROHZKHDWÀRXU
a0'5%740%32#&5')(#+*#-('),9#&('A#-(3+,"#a0'5%740%32#
ÀRXULVKHDYLHUDQGPRUHQXWULHQWULFKWKDQRUGLQDU\ÀRXU
7KHEUHDGPDGHZLWKZKROHZKHDWÀRXULVXVXDOO\VPDOOLQ
VL]H6RPDQ\UHFLSHVXVXDOO\FRPELQHZKROHZKHDWÀRXU
RUEUHDGÀRXUWRDFKLHYHWKHEHVWUHVXOW
%ODFNZKHDWÀRXU
%ODFNZKHDWÀRXUDOVRQDPHG³URXJKÀRXU´LVDNLQGRI
0+-07&+G%(#&5')(.#3,9#+2#+*#*+A+53(#2'#40'5%740%32#&5')("#S2#
PXVWEHFRPELQHGZLWKDKLJKSURSRUWLRQRIEUHDGÀRXUWR
'G23+,#3#53(-%#*+C%#3&2%(#(+*+,-"
6HOIULVLQJÀRXU
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
HH
$W\SHRIÀRXUFRQWDLQLQJEDNLQJSRZGHULVXVHGIRUPDN7
+,-#/31%*#*8%/+355@"
&RUQÀRXUDQGRDWPHDOÀRXU
R'(,#&5')(#3,9#'32A%35#&5')(#3(%#-('),9#&('A#/'(,#3,9#
'32A%35#*%83(32%5@"#:0%@#3(%#399+2+6%#+,-(%9+%,2*#+,#
URXJKEUHDGXVHGWRHQKDQFHWKHÀDYRUDQGWH[WXUH
TX&?/3$"
X)-3(#+*#3,#%**%,2+35#+,-(%9+%,2#+,#+,/(%3*+,-#G(%39`*#
*4%%2#23*2%#3,9#/'5'("#S2#+*#35*'#/',*+9%(%9#,')(+*0A%,2#
+,#@%3*2#G(%39"#a0+2%#*)-3(#+*#)*)355@#)*%9"#$('4,#*)-3(.#
8'49%(%9#*)-3(.#'(#/'22',#*)-3(#A3@#G%#,%%9%9#G@#*8%7
/+35#(%Q)+(%A%,2"
QX&F#$-.&
T&2%(#@%3*2#8('/%**.#20%#@%3*2#4+55#8('9)/%#/3(G',#9+'D7
+9%"#:0%#/3(G',#9+'D+9%#4+55#%D83,9#20%#G(%39#3,9#A31%#
WKHLQQHU¿EHUVRIWHQ+RZHYHU\HDVWIDVWEUHHGLQJQHHGV
FDUERK\GUDWHVLQVXJDUDQGÀRXUDVQRXULVKPHQW
!"#4$%
3?%G#(81=1H&
WVSDFWLYHGU\\HDVW WVSLQVWDQW\HDVW
WVSDFWLYHGU\\HDVW WVSLQVWDQW\HDVW
WVSDFWLYHGU\\HDVW WVSLQVWDQW\HDVW
C?%21".($/
&.341%D(41% C.%41'-.B%"+%12.% -.A-">.-31'-F%34% 12.%A(+>(4%)"**%C.%E"**.B%31%
2">2%1.D#.-31(-.4?%K.A'-.%(4"+>F%/2./E%12.%#-'B(/1"'+%B31.%3+B%41'-3>.%
*"A.%'A%,'(-%,.341?% M1'-.%"1%C3/E%"+%12.%-.A-">.-31'-%34% 4''+%34%#'44"C*.%
3A1.-%.3/2%(4.?%!2.%D'41%/'DD'+%-.34'+%A'-%C-.3B%+'1%-"4"+>%"4%"+3/1"0.%
'-%4#'"*.B%,.341?
;I&,%/&F(H0&</0;.=7/<&7/C"F&F=CC&;%/;?&F%/1%/.&H"#.&H/(01&=0&9./0%&
(8<&(;1=J/I
6WHS3RXUFXSZDUPZDWHU
Ǭ
V%"+1'%3%D.34(-"+>%/(#?
6WHS$GGWVS:KLWHVXJDUWRWKHFXSDQGVWLUWKHQVSULQNOHWVS²
,.341%'0.-%12.%)31.-?
6WHS3ODFHWKHPHDVXULQJFXSLQDZDUPSODFHIRUDERXWPLQ'R
+'1%41"-%12.%)31.-?
6WHS7KHIURWKVKRXOGEHXSWRFXS2WKHUZLVHWKH\HDVWLVGHDGRU
"+3/1"0.?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
HJ
6DOW
6DOWLVQHFHVVDU\WRLPSURYHEUHDGÀDYRUDQGFUXVWFRORU
!"#$%H.0.-%(4.%1''%D(/2%43*1%"+%3%-./"#.?%_').0.-F%43*1%/3+%3*4'%-.41-3"+%
,.341%A-'D%-"4"+>F%4'%12.%C-.3B%)'(*B%C.%*3->.-%)"12'(1%43*1?
DaX&<33
e--*#/3,#+A8('6%#G(%39#2%D2)(%.#A31%#+2#A'(%#,)2(+2+')*.#
3,9#+,/(%3*%#*+C%"#c'4%6%(.#20%#%--#A)*2#G%#8%%5%9#3,9#
*2+((%9#%6%,5@"
!"#$%
3?%@A%,'(%+..B% 1'%3BB% .>>4% 34%3+% "+>-.B".+1F% D"P%12.D% "+1'% *"Q("B%C.L
A'-.%-.3B"+>%12.%4/3*.?%
C?%O2.+%,'(%(4.%12.%B.*3,%A(+/1"'+%A'-%3%*'+>%1"D.F%+.0.-%3BB%#.-"423L
C*.%"+>-.B".+14F%4(/2%34%.>>4?
DDX&A"#$-#]&5/..#"&$+%&7#3#.$51#&0*1
g(%3*%#/3,#*'&2%,#G(%39#3,9#9%53@#+2*#*2'(3-%#5+&%"#$)22%(#
*0')59#G%#A%52%9#'(#/0'88%9#+,2'#*A355#83(2+/5%*#G%&'(%#
)*%"
!"#$%O2.+%,'(%D.34(-.%/''E"+>%'"*%'-%'12.-%"+>-.B".+14F%/*.3+%12.%
D.34(-"+>%/(#%12'-'(>2*,%)"12'(1%3+,%'12.-%"+>-.B".+14?
DIX&!$Z*+3&U0`%#"
$31+,-#8'49%(#+*#)*%9#2'#0%58#G(%39#3,9#/31%*#(+*%#
Q)+/15@"#S2#/3,#8('9)/%#3+(.#40+/0#4+55#&'(A#G)GG5%*#2'#*'&7
2%,#20%#2%D2)(%#'&#G(%39#)2+5+C+,-#20%#/0%A+/35#8(+,/+85%"
DNX&?0%$
S2#+*#*+A+53(#2'#G31+,-#8'49%("#S2#/3,#35*'#G%#)*%9#+,#/'A7
G+,32+',#4+20#G31+,-#8'49%("
DRX&K$.#"&$+%&0.)#"&1*b/*%
g%,%(355@.#432%(#2%A8%(32)(%#G%24%%,#;<
Ǭ
#3,9#H<
Ǭ
#+*#
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
HL
20%#G%*2"#a32%(#A3@#G%#(%853/%9#4+20#&(%*0#A+51#'(#A+D%9#
4+20#;j#A+51#8'49%(.#%,03,/+,-#G(%39#&536'(#3,9#+A7
8('6+,-#/()*2#/'5'("#X'A%#(%/+8%*#A3@#/355#&'(#E)+/%#2'#%,7
KDQFHEUHDGÀDYRUHJDSSOHMXLFHRUDQJHMXLFHOHPRQ
E)+/%.#%2/"#
2<8,=<?&2<89''<:C<C
,:A2<C,<:;?&>:C&2<8,=<?
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
HM
DX&!$-*(&!"#$%V&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&"#3/1$"&
5"#$%&
IX&@"#+()&!"#$%V&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&`*.)*+&
$&10+3#"&"*-#&.*\#X&;)#&5"#$%&\$%#&*+&.)*-&U"03"$\&
.4U*($114&)$-&$&("*-U#"&("/-.&$+%&$&1*3).#"&.#e./"#X
NX&K)01#&K)#$.&!"#$%V&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&
`)01#&`)#$.&5"#$%X
RX&d/*(Z&!"#$%V&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&10$6&
`*.)*+&$&.*\#&1#--&.)$+&!$-*(&5"#$%X&
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
HO
PX&?`##.&!"#$%V&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&-`##.&
5"#$%
SX&A1/.#+&@"##V&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&31/.#+Y
6"##&&5"#$%
TX&B1."$&@$-.&!"#$%V&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&*+&
.)#&-)0".#-.&.*\#X&B-/$114]&.)#&5"#$%&*-&\0"#&U#.*.#&
$+%&"0/3)#"&.)$+&.)$.&\$%#&`*.)&.)#&d/*(Z&U"03"$\X
QX&C0/3)V&Z+#$%*+3&$+%&"*-*+3]&5/.&`*.)0/.&5$Z*+3]&
/-#%&.0&\$Z#&5"#$%&"011-]&U*cc$]&-.#$\#%&5"#$%]&#.(X
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
J<
-DPERLOLQJMDPVDQGPDUPDODGH)UXLWRUYHJHWDY
51#-&&\/-.&5#&()0UU#%&5#60"#&U/..*+3&.)#\&*+.0&.)#&
5"#$%&U$+X
DaX&8$Z#V&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&($Z#
DDX&?$+%`*()V&&Z+#$%*+3]&"*-*+3]&$+%&5$Z*+3&-$+%Y
`*()X&@0"&&
5$Z*+3&1*3).&.#e./"#&5"#$%&`*.)&$&.)*++#"&("/-.X
DIX&!$Z#V&!$Z#&Z+#$%#%&%0/3)X
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
J!
ENGLISH

!"#$%&'()$*'$%+,-$'.*'/001%#23,#-4$5,5#4$6178-19 :1%*91%$*,5"1%9(#,15;*0)$('$*<,',#.*===83,#-4$5,5#4$6178-19
J;
K>22>:;F&>:C&?<2O,8<
!"# K+2/0%,#+,#20%#$'D#8('6+9%*#3#',%7@%3(#&)55#43((3,2@#
&('A#20%#932%#')(/03*%"#
;"# ,I\RXUEUHDGPDNHUIDLOVZLWKLQWKH¿UVW\HDURIRZQHU7
*0+8.#3,#+9%,2+/35#'(#/'A83(3G5%#(%853/%A%,2#4+55#G%#
9%5+6%(%9#2'#@')(#9''(#&(%%#'&#/03(-%"#b')(#(%853/%7
A%,2#),+2.#%D/5)9+,-#4'(,#83(2*.#4+55#35*'#G%#/'6%(%9#
G@#')(#',%7@%3(#5+A+2%9#43((3,2@"
F"# U(''&#')(/03*%#4+55#G%#(%Q)+(%9#2'#+,+2+32%#20%#/53+A"
>"# U5%3*%#*/3,#20%#dB#/'9%#2'#432/0#A'(%#+,*2()/2+',35#
6+9%'*"#
K$"+*+3
:0+*#3885+3,/%#/3,#G%#)*%9#G@#/0+59(%,#3-%9#&('A#M#@%3(*#3,9#
3G'6%#3,9#8%(*',*#4+20#(%9)/%9#80@*+/35.#*%,*'(@#'(# A%,235#
/383G+5+2+%*#'(#53/1#'&#%D8%(+%,/%#3,9#1,'45%9-%#+%@#036%#
G%%,#-+6%,#*)8%(6+*+',#'(#+,*2()/2+',#/',/%(,+,-#)*%#'%#387
85+3,/%#+,#3#*3&%#43@#3,9#),9%(*23,9#20%#03C3(9*#+,6'56%9"
R0+59(%,#*0355#,'2#853@#4+20#20%#3885+3,/%"#R5%3,+,-#3,9#)*%(#
A3+,2%,3,/%#*0355#,'2#G%#A39%#G@#/0+59(%,#4+20')2#*)8%(6+*+',"
ENGLISH

&IIaYIRaO[PaYSaJc
ENGLISH


0DFKLQHj3DLQ
0DQXHOG,QVWUXFWLRQV
/LVH]WRXWHVOHVLQVWUXFWLRQVDWWHQWLYHPHQWDYDQWXWLOLVDWLRQHWFRQVHUYH]FHPDQXHOSRXUUpIpUHQFHIXWXUH

&217(18
0(685(6'(6e&85,7e,03257$17(6
3$57,()21&7,216(723e5$7,216
&$5$&7e5,67,48(6'8352'8,7!!!!!!!
3$11($8(7)21&7,216!!!!!
$77(17,21$9$1787,/,6$7,21!!!!!!!
!!!!!!!
*8,'('87,/,6$7,21
)21&7,2163e&,$/(!!!!!!!
1(772<$*((7(175(7,(1
3$57,('e3$11$*(
!!!!!!!$)),&+$*('$/(57(
!!!!!!!352%/Ê0(6'23e5$7,2162/87,216
&216(,/6'(&8,6621
3$57,(,1*5e',(176(75(&(77(6
!!!!!!!,1752'8&7,21'(6,1*5e',(176¬3$,1
5(&(77(65(&200$1'e(6
*$5$17,((76(59,&(
"
#
#
$
%
""
"%
&"
&'
&'
&(
#$
$#
$'
$)
(&
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!
0(685(6'(6e&85,7e,03257$17(6
9HXLOOH]OLUHWRXWHVOHVLQVWUXFWLRQV
DYDQWGXWLOLVHUFHWDSSDUHLO
$YDQWXWLOLVDWLRQYpULILH]TXHODWHQVLRQGHODSULVHPXUDOH
FRUUHVSRQGjFHOOHLQGLTXpHVXUODSODTXHVLJQDOpWLTXH/D
WHQVLRQQRPLQDOHHVWGH99
1XWLOLVH]DXFXQDSSDUHLODYHFXQFRUGRQRXXQHSULVH
HQGRPPDJpVRXDSUqVTXLODLWpWpGpIHFWXHX[
WRPEpRXHQGRPPDJpGHTXHOTXHPDQLqUHTXHFH
VRLW5HQYR\H]ODSSDUHLODXIDEULFDQWRXDXVHUYLFH
DSUqVYHQWHDJUppOHSOXVSURFKHSRXUXQH[DPHQ
XQHUpSDUDWLRQRXXQDMXVWHPHQWpOHFWULTXHRX
PpFDQLTXH
3RXUpYLWHUOHVFKRFVpOHFWULTXHVQHSORQJH]SDVOH
FRUGRQOHVSULVHVRXOHERvWLHUGDQVOHDXRXGDQVWRXW
DXWUHOLTXLGH
1HODLVVH]SDVOHFRUGRQSHQGUHDXERUGGXQHWDEOHRX
GXQHVXUIDFHFKDXGH
/XWLOLVDWLRQGDFFHVVRLUHVQRQUHFRPPDQGpVSDUOH
IDEULFDQWGHODSSDUHLOSHXWFDXVHUGHVEOHVVXUHV
*DUGH]ODPDFKLQHORLQGHVVXUIDFHVFKDXGHV
1HSODFH]SDVODSSDUHLOVXURXSUqVGXQEUOHXUjJD]
FKDXGGXQHSODTXHpOHFWULTXHRXGXQIRXUFKDXIIp
1HWRXFKH]SDVDX[SLqFHVPRELOHVRXWRXUQDQWHVGHOD
PDFKLQHSHQGDQWODFXLVVRQ
1HPHWWH]SDVODSSDUHLOHQPDUFKHVDQVDYRLU
FRUUHFWHPHQWSODFpODFXYHjSDLQUHPSOLHGLQJUpGLHQWV
1HWDSH]SDVVXUODFXYHjSDLQORUVTXHYRXVOD
UHWLUH]GHODPDFKLQHFHODSRXUUDLWODHQGRPPDJHU
1HSODFH]SDVGHIHXLOOHVGHPpWDORXGDXWUHV
PDWpULDX[GDQVODPDFKLQHjSDLQFDUFHODSRXUUDLW
SURYRTXHUXQLQFHQGLHRXXQFRXUWFLUFXLW
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"
&HWDSSDUHLOSHXWrWUHXWLOLVpSDUGHVHQIDQWVkJpVGHKXLW
DQVHWSOXVHWSDUGHVSHUVRQQHVDX[FDSDFLWpVSK\VLTXHV
VHQVRULHOOHVRXPHQWDOHVUpGXLWHVRXPDQTXDQWGH[SpULHQFHHW
GHFRQQDLVVDQFHVLOVVRQWVXSHUYLVpVRXLQVWUXLWVFRQFHUQDQW
OXWLOLVDWLRQGHODSSDUHLOHQWRXWHVpFXULWpHWODFRPSUpKHQVLRQ
GHVGDQJHUV/HVHQIDQWVQHGRLYHQWSDVMRXHUDYHFODSSDUHLO
QLHIIHFWXHUOHQHWWR\DJHHWOHQWUHWLHQVDQVVXUYHLOODQFHVLOVRQW
PRLQVGHKXLWDQV*DUGH]ODSSDUHLOHWOHFRUGRQKRUVGH
SRUWpHGHVHQIDQWVGHPRLQVGH
1HFRXYUH]SDVODPDFKLQHjSDLQDYHFXQHVHUYLHWWHRX
WRXWDXWUHPDWpULHOFDUODFKDOHXUHWODYDSHXUGRLYHQW
SRXYRLUVpFKDSSHUOLEUHPHQW6LHOOHHVWFRXYHUWHRXHQWUH
HQFRQWDFWDYHFXQPDWpULHOFRPEXVWLEOHXQLQFHQGLHSHXW
VHSURGXLUH
1XWLOLVH]SDVODSSDUHLOSRXUGDXWUHVXVDJHVTXHFHX[
SUpYXV
8WLOLVH]WRXMRXUVODSSDUHLOVXUXQHVXUIDFHVUHHWVqFKH
1HSDVXWLOLVHUjOH[WpULHXU
&HWDSSDUHLOHVWpTXLSpGXQHSULVHDYHFWHUUH$VVXUH]
YRXVTXHODSULVHPXUDOHGHYRWUHPDLVRQHVWELHQPLVHjOD
WHUUH
&HWDSSDUHLOHVWGHVWLQpjrWUHXWLOLVpGDQVGHV
HQYLURQQHPHQWVGRPHVWLTXHVHWVLPLODLUHVWHOVTXH
± =RQHVGHFXLVLQHGXSHUVRQQHOGDQVOHVPDJDVLQV
EXUHDX[HWDXWUHVHQYLURQQHPHQWVGHWUDYDLO
± )HUPHV
± 3DUGHVFOLHQWVGDQVGHVK{WHOVPRWHOVHWDXWUHV
HQYLURQQHPHQWVGHW\SHUpVLGHQWLHO
± (QYLURQQHPHQWVGHW\SHFKDPEUHVGK{WHV
/DSSDUHLOQHVWSDVGHVWLQpjrWUHDFWLRQQpjODLGHGXQH
PLQXWHULHH[WHUQHRXGXQV\VWqPHGHWpOpFRPPDQGHVpSDUp
1HIDLWHVSDVIRQFWLRQQHUOXQLWpVDQVXQHFXYHjSDLQ
SODFpHGDQVODFKDPEUHSRXUpYLWHUGHQGRPPDJHUODSSDUHLO
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#
&$5$&7e5,67,48(6'8352'8,7
3$11($8'(&2175Ð/((7%287216
$77(17,21$9$1787,/,6$7,21
*8,'('87,/,6$7,21
)21&7,21663e&,$/(6
1(772<$*((7(175(7,(1
)21&7,216(723e5$7,216
&$5$&7e5,67,48(6'8352'8,7
)21&7,216(723e5$7,216
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$
0RXOHjSDLQDQWLDGKpVLI
8WLOLVpSRXUSpWULUIHUPHQWHUFXLUHHWFRQWHQLUODSkWH
7DVVHjPHVXUHU
① 0HVXUHUOHVLQJUÏGLHQWVOLTXLGHV
② 0HVXUHUOHVLQJUpGLHQWVHQSRXGUH
③ 8QHWDVVHGHIDULQHSqVHHQYLURQJ
&XLOOqUHjPHVXUHU
7VSHWWEVSVRQWXWLOLVpVSRXUPHVXUHUOHVHOOHVXFUH
OHEHXUUHODOHYXUHVqFKHHWF
&URFKHW
8WLOLVpSRXUUHWLUHUODSDOHGHSpWULVVDJHGXSDLQ
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%
/DPHGHSpWULVVDJH
8WLOLVpHSRXUSpWULUHWPpODQJHU
%DFjLQJUpGLHQWV
8WLOLVpSRXUFRQWHQLUOHVLQJUpGLHQWVTXLVHURQW
DMRXWpVSHQGDQWOHSURFHVVXVGHFXLVVRQFRPPHOHV
IUXLWVVHFVOHVQRL[HWF
&RQVHLO 9RXV QH UHFHYUH] TXH OHV SLqFHV PRQWUpHV VXU OD SDJH
&$5$&7e5,67,48(6 '8 352'8,7 6L YRXV DYH] EHVRLQ GDXWUHV
RXWLOVORUVGHODIDEULFDWLRQGXSDLQYHXLOOH]OHVSUpSDUHUYRXVPrPH
3$11($8(7)21&7,216
)21&7,216(723e5$7,216
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
&
"* +,-.
,O HVW XWLOLVp SRXU GpILQLU GLIIpUHQWV SURJUDPPHV /H
SURJUDPPH YDULH j FKDTXH SUHVVLRQ DFFRPSDJQpH GXQ
ELSFRXUW$SSX\H]FRQWLQXHOOHPHQWVXUOHERXWRQOHV
PHQXVVHURQWDIILFKpVF\FOLTXHPHQWVXUOpFUDQ/&'
&RQVHLO9HXLOOH]YRXVUpIpUHUDXWDEOHDXGRSpUDWLRQGpWDLOOpHWDX[
UHFHWWHVTXLVRQWMRLQWVjOD3DUWLH
&* &RXOHXU
$SSX\H]VXUFHERXWRQSRXUVpOHFWLRQQHUODFRXOHXU
GpVLUpHSRXUODFURWH/e*(502<(1RX)21&e
&RQVHLO&HERXWRQQHVW3$6DSSOLFDEOHDX[SURJUDPPHV3kWHHW
&RQILWXUH
7DLOOHGXSDLQ
$SSX\H]VXUFHERXWRQSRXUVpOHFWLRQQHUODWDLOOHGX
SDLQ
9HXLOOH]QRWHUTXHOHWHPSVWRWDOGRSpUDWLRQSHXWYDULHU
HQIRQFWLRQGHVWDLOOHVGHSDLQ
&RQVHLO&HERXWRQQHVW3$6DSSOLFDEOHDX[SURJUDPPHV5DSLGH
3kWH&RQILWXUH*kWHDXHW&XLVVRQ
'*!
8WLOLVpSRXUDXJPHQWHURXGLPLQXHUOHWHPSV
&HODLQGLTXHOHSURJUDPPH
TXHYRXVDYH]FKRLVL
/HWHPSVGRSpUDWLRQSRXU
FKDTXHSURJUDPPH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
'
'pPDUUHU$UUrWHU
① 3RXUGpPDUUHUXQSURJUDPPHDSSX\H]XQHIRLVVXUOH
ERXWRQ'e0$55(5$55Ç7(58QELSFRXUWVHUDHQWHQGXHW
OHVGHX[SRLQWVVXUOpFUDQ/&'FRPPHQFHQWjFOLJQRWHUOD
OXPLqUHGHIRQFWLRQQHPHQWVDOOXPHHWOHSURJUDPPH
FRPPHQFH7RXWDXWUHERXWRQHVWGpVDFWLYpH[FHSWpOHERXWRQ
'e0$55(5$55Ç7(5DSUqVOHGpEXWGXQSURJUDPPH&HWWH
IRQFWLRQQDOLWpDLGHUDjSUpYHQLUWRXWHLQWHUUXSWLRQLQYRORQWDLUH
GHORSpUDWLRQGXSURJUDPPH
② 3RXUDUUrWHUOHSURJUDPPHGpYHUURXLOOHURXUpLQLWLDOLVHUOD
PDFKLQHDSSX\H]VXUOHERXWRQ'e0$55(5$55Ç7(5
SHQGDQWHQYLURQVHFRQGHV(QVXLWHXQELSVHUDHQWHQGX
&RQVHLO6LOHVERXWRQVpFKRXHQWYRXVSRXYH]UpLQLWLDOLVHUODPDFKLQH
6LODUpLQLWLDOLVDWLRQpFKRXHpJDOHPHQWYHXLOOH]QRXVFRQWDFWHUSRXUOH
VHUYLFHDSUqVYHQWH
③ 3RXUPHWWUHOHSURJUDPPHHQSDXVHDSSX\H]XQHIRLVVXUOH
ERXWRQ'e0$55(5$55Ç7(5SRXULQWHUURPSUHjWRXW
PRPHQW/HUpJODJHVHUDPpPRULVpHWOHWHPSVGHWUDYDLOVHUD
DIILFKpFOLJQRWDQWVXUOpFUDQ/&'
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
(
$77(17,21$9$1787,/,6$7,21
)21&7,216(723e5$7,216
9HXLOOH]YpULILHUVLWRXWHVOHVSLqFHVHWDFFHVVRLUHV
VRQWFRPSOHWVHWVDQVGRPPDJH
1HWWR\H]WRXWHVOHVSDUWLHVVHORQODVHFWLRQVXLYDQWH
1(772<$*((7(175(7,(1
&RQQHFWH]FRUUHFWHPHQWODOLPHQWDWLRQpOHFWULTXH
9pULILH]TXHODWHQVLRQGHODSULVHPXUDOHFRUUHVSRQGj
FHOOHLQGLTXpHVXUODSODTXHVLJQDOpWLTXH/DWHQVLRQ
QRPLQDOHHVWGH99
/RUVTXHODOLPHQWDWLRQpOHFWULTXHHVWFRQQHFWpHLO
\DXUDXQELSHWDSSDUDvWUDVXUODIILFKDJH
DSUqVXQFRXUWPRPHQW0DLVOHVSRLQWVHQWUHOH
HWQHFOLJQRWHQWSDVFRQVWDPPHQW/DIOqFKH
SRLQWHYHUVJHW02<(1&HVWOHUpJODJHSDU
GpIDXW
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
)
&RQVHLOV
D $SUqVODFRQQH[LRQGHODOLPHQWDWLRQpOHFWULTXHODPDFKLQHHVWHQpWDWGH
YHLOOHHWLOQHVWSDVQpFHVVDLUHGDSSX\HUVXUOHERXWRQ'e0$55(5
$55Ç7(5SRXUODOOXPHU$SSX\H]VXUOHERXWRQ'e0$55(5$55Ç7(5
MXVTXjFHTXHWRXVOHVUpJODJHVVRLHQWVpOHFWLRQQpV
E 6LODPDFKLQHQHVW3$6GDQVOHUpJODJHSDUGpIDXWDSUqVTXHODOLPHQWDWLRQ
VRLWFRQQHFWpHRXXQPDXYDLVSURJUDPPHUpJODJHHVWVpOHFWLRQQpHWTXHOD
PDFKLQHDGpMjFRPPHQFpjIRQFWLRQQHUDSSX\H]VXUOHERXWRQ'e0$55(5
$55Ç7(5SHQGDQWVHFRQGHVSRXUUpLQLWLDOLVHUODPDFKLQH(QVXLWHYRXV
SRXYH]VpOHFWLRQQHUXQQRXYHDXSURJUDPPH
0HVXUHGHVLQJUpGLHQWVHWVpTXHQFH
① ,QJUpGLHQWVOLTXLGHV(DXODLWIUDLVVROXWLRQGHODLWHQ
SRXGUHHWF2EVHUYH]OHQLYHDXGHODWDVVHjPHVXUHU
DYHFYRV\HX[jOKRUL]RQWDOH
&RQVHLOV
D /RUVGHODPHVXUHGKXLOHGHFXLVVRQRXGDXWUHVLQJUpGLHQWV
DVVXUH]YRXVTXHODWDVVHjPHVXUHUHVWSDUIDLWHPHQWSURSUHHWVDQV
UpVLGXV
E 6LYRXVGHYH]DMRXWHUGHV°XIVHQWDQWTXLQJUpGLHQWPpODQJH]OHV
GDQVOHOLTXLGHDYDQWGHOLUHOpFKHOOH
F /RUVGHODPHVXUHGHSHWLWHVTXDQWLWpVGLQJUpGLHQWVOLTXLGHV
XWLOLVH]XQHFXLOOqUHjPHVXUHUHWDSODWLVVH]ODVXUIDFHVLOHOLTXLGH
HVWOpJqUHPHQWFROODQW
② ,QJUpGLHQWVVHFV IDULQHODLWHQ SRXGUH HWF 6HFRXH]
OpJqUHPHQW OD WDVVH SRXU DSODWLU OD VXUIDFHGH ODSRXGUH
SXLVOLVH]OpFKHOOHFRUUHFWHjOKRUL]RQWDOH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!*
&RQVHLOV
D 1HVHFRXH]SDVODWDVVHWURSORQJWHPSVRXEUXVTXHPHQWVLQRQOD
SRXGUHSRXUUDLWGHVFHQGUHjXQHpFKHOOHLQIpULHXUHjODTXDQWLWp
GHPDQGpH
E 3RXUPHVXUHUSUpFLVpPHQWGHSHWLWHVTXDQWLWpVGLQJUpGLHQWVVHFV
XWLOLVH]XQHFXLOOqUHjPHVXUHUHWDVVXUH]YRXVTXHODVXUIDFHHVWGH
QLYHDX
F 8QHWDVVHGHIDULQHSqVHHQYLURQJ
③ (Q UqJOH JpQpUDOH OHV LQJUpGLHQWV OLTXLGHV FRPPH OHDX
GRLYHQWrWUHDMRXWpVHQSUHPLHUVXLYLVGXVXFUHGXVHOHWGHOD
IDULQH/DOHYXUH RX OD SRXGUH jSkWHHVW JpQpUDOHPHQW DMRXWpH
HQGHUQLHULQJUpGLHQW
&RQVHLOV
D /HOLTXLGHQHGRLWSDVWRWDOHPHQWDEVRUEHUODIDULQH
&RQVHLOV
D /HOLTXLGHQHGRLWSDVWRWDOHPHQWDEVRUEHUODIDULQH
E /D OHYXUH GRLW XQLTXHPHQW rWUH SODFpH VXU GH ODIDULQH VqFKH$YHF
YRWUHGRLJWIDLWHVXQHSHWLWHLQGHQWDWLRQDXPLOLHXGHODIDULQH$MRXWH]OD
OHYXUHGDQV OLQGHQWDWLRQHQYHLOODQWjFHTXHOOHQHVRLWSDV HQFRQWDFW
GLUHFWDYHFOHVLQJUpGLHQWVOLTXLGHVRXOHVHO
F /RUVGHOXWLOLVDWLRQGHODIRQFWLRQGHUHWDUGSRXUXQHSpULRGH
SURORQJpHpYLWH]GDMRXWHUGHVLQJUpGLHQWVSpULVVDEOHVWHOVTXHGHV
°XIVGXODLWIUDLVRXGHVIUXLWV
/HYXUHRXELFDUERQDWH
,QJUpGLHQWVVHFV
(DXRXOLTXLGH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!!
④ $YDQWORSpUDWLRQPHWWH]OHVIUXLWVVHFVQRL[GDQVOH
EDFjLQJUpGLHQWVSXLVLOVVHURQWDMRXWpVDXWRPDWLTXHPHQW
GDQVOHSDLQORUVGHODIDEULFDWLRQ
(QYLURQQHPHQW
/DWHPSpUDWXUHDPELDQWHVXJJpUpHHVWHQWUH℃HW
℃
9DSHXU
'HODYDSHXUSHXWVpFKDSSHUSDUOHVIHQWHVGH
YHQWLODWLRQSHQGDQWODFXLVVRQ&HODHVWQRUPDO
6RQ
/RUVTXHODPDFKLQHIRQFWLRQQHQRUPDOHPHQWHOOH
pPHWXQVRQVSpFLILTXH6LOHVRQHVWSOXVIRUWTXHOD
QRUPDOHYHXLOOH]FRQVXOWHUODSDUWLH'e3$11$*(
SRXUWURXYHUXQHVROXWLRQ
)21&7,216(723e5$7,216
*8,'('87,/,6$7,21
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
&RQVHLOV
D $SUqVOLQVWDOODWLRQYHXLOOH]YpULILHUDWWHQWLYHPHQWVLHOOHDUpXVVL
FHVWjGLUHVLOQ\DSDVGHMHXHQWUHODERvWHjLQJUpGLHQWVHWOD
PDFKLQH
,QVWDOOH]OHEDFjLQJUpGLHQWVTXLSHXWDOLPHQWHU
DXWRPDWLTXHPHQWHQIUXLWVVHFVQRL[
&RPPHQWDVVHPEOHU7HQH]OHEDFjLQJUpGLHQWVGXQHPDLQ
GpSODFH]OLQWHUUXSWHXUQRLUYHUVOH[WpULHXUDYHFODXWUHPDLQHW
DSSX\H]YHUVOHEDVVXUOHEDF$SUqVOLQVWDOODWLRQUHOkFKH]YRV
PDLQV
&RPPHQWGpPRQWHU7HQH]OHEDFjLQJUpGLHQWVGXQHPDLQ
GpSODFH]OLQWHUUXSWHXUQRLUYHUVOH[WpULHXUDYHFODXWUHPDLQSXLV
VRXOHYH]OHEDF(QILQUHOkFKH]YRVPDLQV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!#
0HVXUH]HWSODFH]OHVLQJUpGLHQWVGDQVOHPRXOHjSDLQ
&RQVHLOV
D 9HXLOOH]OLUHDWWHQWLYHPHQWODSDUWLH0HVXUHGHVLQJUpGLHQWVHW
VpTXHQFHGDQV$77(17,21$9$1787,/,6$7,218QHVSDWXOHHQ
FDRXWFKRXFHVWHVVHQWLHOOHSRXUPpODQJHUDILQGpYLWHUOHVJUXPHDX[GH
IDULQH
E /DTXDQWLWpPD[LPDOHGHIDULQHHWGHOHYXUHVpSDUpPHQWHVWGHJ
HWJ
E 4XHOHEDFjLQJUpGLHQWVVRLWXWLOLVpRXQRQLOGRLWrWUHLQVWDOOp
F /DPDFKLQHDOLPHQWHUDDXWRPDWLTXHPHQWHQLQJUpGLHQWV/RUVGH
ODOLPHQWDWLRQODPDFKLQHpPHWWUDXQERXUGRQQHPHQWSHQGDQWHQYLURQ
VHFRQGHV&HVWQRUPDO
,QVpUH]ODSDOHGHSpWULVVDJHVXUODUEUH
GHQWUDvQHPHQWDYHFVXFFqV
&RQVHLOV
D ,OHVWUHFRPPDQGpGHUHPSOLUOHWURXDYHFGHODPDUJDULQHUpVLVWDQWHj
ODFKDOHXUDYDQWGHSODFHUOHVSpWULVVHXUVFHTXLHPSrFKHODSkWHGH
FROOHUHQGHVVRXVGHX[HWSHUPHWGHUHWLUHUIDFLOHPHQWOHVSpWULVVHXUVGX
SDLQ
E 9HXLOOH]YpULILHUVLODSDOHGHSpWULVVDJHDpWpLQVWDOOpHDYHFVXFFqV
&RPPHQW FRQILUPHU 6L OLQVWDOODWLRQ HVW UpXVVLH OD
MRQFWLRQHQWUH OD SDOH GHSpWULVVDJH HWOD EDVHHVW SODWH
VDQVVDLOOLHHWODSDOHGHSpWULVVDJHQHERXJHUDSDVGH
PDQLqUHDOpDWRLUH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!$
3ODFH]OHPRXOHjSDLQHQSRVLWLRQHWWRXUQH]OH
GDQVOHVHQVGHVDLJXLOOHVGXQHPRQWUHMXVTXjFH
TXLOFOLTXHHQSODFH
8QFOLFVHUDHQWHQGX
)HUPH]GRXFHPHQWOHFRXYHUFOHHWEUDQFKH]OH
FRUGRQGDOLPHQWDWLRQGDQVXQHSULVHPXUDOH
&RQVHLOV
D/DWHQVLRQQRPLQDOHHVWGH999HXLOOH]YpULILHUDYDQW
XWLOLVDWLRQ
E $SUqVODFRQQH[LRQGHODOLPHQWDWLRQODPDFKLQHHVWHQpWDWGHYHLOOHHWLO
QHVWSDVQpFHVVDLUHGDSSX\HUVXUOHERXWRQ'e0$55(5$55Ç7(5SRXU
ODOOXPHU$SSX\H]VXUOHERXWRQ'e0$55(5$55Ç7(5MXVTXjFHTXH
WRXVOHVUpJODJHVVRLHQWVpOHFWLRQQpV
F 6LODPDFKLQHQHVWSDVGDQVOHUpJODJHSDUGpIDXWDSUqVTXHODOLPHQWDWLRQ
VRLWFRQQHFWpHDSSX\H]VXUOHERXWRQ'e0$55(5$55Ç7(5SHQGDQW
VHFRQGHVSRXUODUpLQLWLDOLVHU(QVXLWHYRXVSRXYH]VpOHFWLRQQHUXQ
QRXYHDXSURJUDPPH6LODUpLQLWLDOLVDWLRQpFKRXHYHXLOOH]QRXVFRQWDFWHU
SRXUOHVHUYLFHDSUqVYHQWH
$SSX\H]VXUOHERXWRQ0(18MXVTXjFHTXHYRWUH
SURJUDPPHGpVLUpVRLWVpOHFWLRQQp
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!%
$SSX\H]VXUOHERXWRQ/2$)SRXUVpOHFWLRQQHUOD
WDLOOHGpVLUpHJRXJ
$SSX\H]VXUOHERXWRQ&2/25SRXUVpOHFWLRQQHUOD
FRXOHXUGHFURWHGpVLUpH
&RQVHLO/RUGUHGHERXWRQVVXJJpUpHVW0(18/2$)HW&2/25FDU
GLIIpUHQWVSURJUDPPHVHWWDLOOHVGHSDLQFRUUHVSRQGHQWjGLIIpUHQWV
WHPSVGHFXLVVRQ
5pJOH]OHGpODLHQDSSX\DQWVXUOHERXWRQ
&RQVHLOV
D &HWWHpWDSHSHXWrWUHRPLVHVLYRXVVRXKDLWH]TXHODPDFKLQHj
SDLQFRPPHQFHjIRQFWLRQQHULPPpGLDWHPHQW
E 3RXUODIRQFWLRQGHFXLVVRQFHERXWRQSHXWVpOHFWLRQQHUOLEUHPHQW
OHWHPSVGHFXLVVRQGHjPLQXWHV
$SSX\H]VXUOHERXWRQ'e0$55(5$55Ç7(5
SRXUGpPDUUHUODPDFKLQH
&RQVHLOV
D 9HXLOOH]YRXVDVVXUHUTXHDYDQWGDSSX\HUVXUOHERXWRQ'e0$55(5
$55Ç7(5WRXVOHVUpJODJHVTXHYRXVVRXKDLWH]0(18&2/25/2$)
VRQWFRUUHFWV
E 6LOHPDXYDLVSURJUDPPHRXUpJODJHHVWVpOHFWLRQQpHWTXHODPDFKLQH
FRPPHQFHDSSX\H]jQRXYHDXVXUOHERXWRQ'e0$55(5$55Ç7(5
SHQGDQWVHFRQGHV$SUqVDYRLUHQWHQGXXQELSYRXVSRXYH]DSSX\HU
VXUGDXWUHVERXWRQVSRXUVpOHFWLRQQHUjQRXYHDXOHERQSURJUDPPH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!&
$SUqVODILQGXSURFHVVXVYRXVHQWHQGUH]ELSV
9RXV SRXYH] DSSX\HU VXU OH ERXWRQ 'e0$55(5
$55Ç7(5SHQGDQWHQYLURQVHFRQGHVSRXUDUUrWHUOD
PDFKLQHRXHOOHPDLQWLHQGUDOHSDLQDXFKDXGSHQGDQW
KHXUH
&RQVHLOV
D /DPDFKLQHJDUGHUDOHSDLQDXFKDXGSHQGDQWKHXUHDSUqVOD
FXLVVRQ/RUVTXHYRXVrWHVSUrWjUHWLUHUOHSDLQGXPRXOHDSSX\H]
VXUOHERXWRQ'e0$55(5$55Ç7(5SHQGDQWVHFRQGHVSRXU
TXLWWHUFHSURJUDPPH
E 9HXLOOH] DWWHQGUH OD ILQ GXQ SURJUDPPH DYDQW GHQ GpPDUUHU XQ
QRXYHDXFDUODWHPSpUDWXUHHVWWUqVpOHYpHHWSHXWDIIHFWHUOHQRXYHDX
SURJUDPPHGHIDEULFDWLRQGHSDLQ
F &HUWDLQV SURJUDPPHV HQWUHQW GDQV XQ pWDW GH IHUPHQWDWLRQ VDQV
pPHWWUHGHVRQXQHIRLVOHSpWULVVDJHWHUPLQp&HODHVWQRUPDO9HXLOOH]
QH SDV DSSX\HU VXU OH ERXWRQ 'e0$55(5$55Ç7(5 QL pWHLQGUH
ODSSDUHLO
3RXU OHV SURJUDPPHV %DVLTXH )UDQoDLV 3DLQ
FRPSOHW 5DSLGH 6XFUp 8OWUD 5DSLGH *kWHDX HW
6DQGZLFKODPDFKLQHERXUGRQQHUDSHQGDQWHQYLURQ
VHFRQGHV SHQGDQW OH SURFHVVXV GDMRXW DXWRPDWLTXH
GHVLQJUpGLHQWV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!'
2XYUH] OH FRXYHUFOH 7RXUQH] OH PRXOH GDQV OH
VHQV DQWLKRUDLUHHW WLUH]OH GRXFHPHQWWRXW GURLW YHUV
OHKDXWSRXUOHVRUWLUGHODPDFKLQH
$VWXFH'HVJDQWVGHIRXUVRQWWRXMRXUVQpFHVVDLUHVSRXUFHWWH
pWDSH6DLVLVVH]IHUPHPHQWODSRLJQpHGXPRXOHjSDLQORUVTXH
YRXVOHUHWLUH]
8WLOLVH]XQRXWLOQRQDGKpVLISRXUGpWDFKHU
GRXFHPHQWOHVF{WpVGXSDLQGXPRXOH
$VWXFH/HPRXOHjSDLQHWOHSDLQSHXYHQWrWUHWUqVFKDXGV
0DQLSXOH]WRXMRXUVDYHFVRLQHWSRUWH]GHVJDQWVGHIRXU
5HWRXUQH] OH PRXOH j SDLQ j OHQYHUV VXU XQH
VXUIDFH GH FXLVVRQ SURSUH HW VHFRXH]OH GRXFHPHQW
MXVTXjFHTXHOHSDLQWRPEHVXUODJULOOH
/DLVVH]OHSDLQWRPEHUGRXFHPHQWGXPRXOHj
SDLQHWODLVVH]OHUHIURLGLUjWHPSpUDWXUHDPELDQWH
DYDQWGHOHWUDQFKHU
$VWXFH$YDQWGHWUDQFKHUOHSDLQXWLOLVH]OHFURFKHWSRXUUHWLUHUODSDOH
GH SpWULVVDJH FDFKpH DX IRQG /H SDLQ HVW FKDXG 9HXLOOH] WRXMRXUV
XWLOLVHUGHVJDQWVGHIRXUSRXUUHWLUHUODSDOHGHSpWULVVDJH
5HIURLGLUjXQHWHPSpUDWXUHDSSURSULpH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!(
$ ,QVpUH]OHFURFKHWGDQVOD[HGHODSDOHGHSpWULVVDJH
% 7LUH]GRXFHPHQWSXLVUHOkFKH]ODSDOHGHSpWULVVDJH
)21&7,21663e&,$/(6
)21&7,216(723e5$7,216
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
!)
)RQFWLRQ0pPRLUH
6LODOLPHQWDWLRQpOHFWULTXHHVWFRXSpHSHQGDQWODIDEULFDWLRQ
GXSDLQOHSURFHVVXVFRQWLQXHUDDXWRPDWLTXHPHQWGDQVOHV
PLQXWHVPrPHVDQVDSSX\HUVXUOHERXWRQ'e0$55(5
$55Ç7(56LODFRXSXUHGpSDVVHPLQXWHVOHSURJUDPPH
GHPpPRLUHQHSHXWSDVrWUHFRQVHUYpHWODPDFKLQHjSDLQ
GRLWrWUHUHGpPDUUpH
$VWXFH
6LYRXVVRXKDLWH]TXLWWHUODIRQFWLRQPpPRLUHQHVWRSSH]SDVODPDFKLQHHQ
FRXSDQWODOLPHQWDWLRQ$SSX\H]VLPSOHPHQWjQRXYHDXVXUOHERXWRQ
³'e0$55(5$55Ç7(5´SHQGDQWVHFRQGHV$SUqVXQELSYRXVSRXYH]
DSSX\HUVXUGDXWUHVERXWRQVSRXUUHVpOHFWLRQQHUOHSURJUDPPHTXHYRXV
GpVLUH]
)RQFWLRQGH'pODL
$YDQWGHGpPDUUHUYRXVGHYH]VpOHFWLRQQHUOHSURJUDPPH
OHQLYHDXGHEUXQLVVDJHHWODWDLOOHGHODSkWHSXLVDSSX\H]
VXUSRXUDXJPHQWHURXGLPLQXHUOHWHPSVGHGpODLSDU
LQFUpPHQWVGHPLQXWHV/HGpODLPD[LPXPHVWGH
KHXUHV
&RQVHLOV
D /DGXUpHWRWDOHGXQSURJUDPPHLQFOXWOHWHPSVGHFXLVVRQHWOH
WHPSVGHGpODLFHVWjGLUHTXHODGXUpHTXHYRXVUpJOH]HVWpJDOHDX
WHPSVGHGpODLSOXVOHWHPSVGHFXLVVRQ
E &HERXWRQQHVW3$6DSSOLFDEOHSRXUOHVSURJUDPPHV8OWUD
5DSLGH&RQILWXUHHW&XLVVRQ
F 1HSDVXWLOLVHUGLQJUpGLHQWVIDFLOHPHQWSpULVVDEOHVWHOVTXHGHV
°XIVGXODLWIUDLVGHVIUXLWVHWF
7HPSVDIILFKp
jOpFUDQ
7HPSVGHUHWDUG &XLVVRQ
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"*
F 8QWKHUPRPqWUHGHFXLVLQHHVWHVVHQWLHOSRXUPHVXUHUODWHPSpUDWXUH
G /HSDLQHVWXQSHXSOXVGHQVHHQWH[WXUH
3URJUDPPH5DSLGH
3RXUOHSURJUDPPH5DSLGHXQHSkWHGHJSHXWrWUH
FXLWHHQKPLQXWHV
3RXUOHSURJUDPPH8OWUD5DSLGHXQHSkWHGHJ
SHXWrWUHFXLWHHQPLQXWHVHWXQHSkWHGHJHQ
KPLQXWHV
&RQVHLOV
D /HDXFKDXGHGRLWrWUHHQWUH&HW&ORUVTXHOOHHVWXWLOLVpH
FRPPHLQJUpGLHQWOLTXLGH
E $MRXWH]OHVLQJUpGLHQWVGDQVOHPRXOHjSDLQGDQVORUGUHPHQWLRQQp
GDQVODUHFHWWH+DELWXHOOHPHQWOHDXRXOHVVXEVWDQFHVOLTXLGHVGRLYHQW
rWUHDMRXWpHVHQSUHPLHUVXLYLHVSDUOHVXFUHOHVHOHWODIDULQHOD
OHYXUHRXODSRXGUHjOHYHUGRLWWRXMRXUVrWUHDMRXWpHHQGHUQLHU
/HYDGXUDRELFDUERQDWR
,QJUHGLHQWHVVHFRV
$JXDROtTXLGR
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"!
1(772<$*((7(175(7,(1
)21&7,216(723e5$7,216
'pEUDQFKH]ODPDFKLQHGHODOLPHQWDWLRQpOHFWULTXH
HWODLVVH]ODUHIURLGLUDYDQWGHODQHWWR\HU
0RXOHjSDLQ)URWWH]OLQWpULHXUHWOH[WpULHXU
DYHFXQFKLIIRQKXPLGH
&RQVHLOV
D 1XWLOLVH]SDVGDJHQWVWUDQFKDQWVRXDEUDVLIVSRXU
SURWpJHUOHUHYrWHPHQWDQWLDGKpVLI
E $VVXUH]YRXVGHVpFKHUFRPSOqWHPHQWOHPRXOHDYDQWGHOH
UpLQVWDOOHUHWGHFRQWLQXHUjOXWLOLVHU
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
""
F /HPRXOHjSDLQHVWFRPSDWLEOHDYHFOHODYHYDLVVHOOH
3DOHGHSpWULVVDJH6LODSDOHGHSpWULVVDJHHVW
GLIILFLOHjUHWLUHUGHOD[HYRXVSRXYH]
D UHPSOLUOHUpFLSLHQWGHDXWLqGHHWOHODLVVHUWUHPSHU
SHQGDQWHQYLURQPLQXWHV
E HVVX\HUGRXFHPHQWODSDOHDYHFXQFKLIIRQHQFRWRQ
KXPLGH
&RQVHLO/HVSDOHVGHSpWULVVDJHVRQWFRPSDWLEOHVDYHFOHODYH
YDLVVHOOH
&RXYHUFOHHWIHQrWUH1HWWR\H]OLQWpULHXUHW
OH[WpULHXUGXFRXYHUFOHDYHFXQFKLIIRQOpJqUHPHQW
KXPLGH
&RQVHLOV
D 1RXVVXJJpURQVGHVVX\HUOHFRXYHUFOHDYHFXQFKLIIRQKXPLGHDX
OLHXGHOHGpPRQWHU6LQpFHVVDLUHYRXVSRXYH]VXLYUHOHVpWDSHVFL
GHVVRXVSRXUOHGpPRQWHU
&RPPHQWGpPRQWHU2XYUH]OHFRXYHUFOHIRUPH]XQDQJOHDYHFOD
PDFKLQHHQYLURQGHJUpVHWWLUH]OHREOLTXHPHQWYHUVOHKDXW
7UHPSHUSHQGDQWPLQ
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"#
&RPPHQWDVVHPEOHU$OLJQH]OHFRXYHUFOHDYHFODERXFOHVXUOD
PDFKLQHjXQDQJOHHQYLURQGHJUpVHWDSSX\H]OH
REOLTXHPHQWYHUVOHEDV
E $SUqVOHQHWWR\DJHDVVXUH]YRXVTXHOHDXHVWFRPSOqWHPHQW
VpFKpHjODLUDYDQWGHSURFpGHUjOLQVWDOODWLRQHWjOXWLOLVDWLRQ
%RvWLHU(VVX\H]GRXFHPHQWODVXUIDFHH[WpULHXUH
GXERvWLHUDYHFXQFKLIIRQKXPLGH
&RQVHLOV
D 1XWLOLVH]DXFXQQHWWR\DQWDEUDVLISRXUQHWWR\HUFDUFHOD
SRXUUDLWGpJUDGHUOHSROLpOHYpGHODVXUIDFH
E 1HMDPDLVLPPHUJHUOHERvWLHUGDQVOHDXSRXUOHQHWWR\DJH
F (QWHPSVQRUPDOLOQHGHYUDLW\DYRLUDXFXQUpVLGXDOLPHQWDLUHVXUOD
SDURL LQWpULHXUH GX ERvWLHU RX VXU OH WXEH FKDXIIDQW 6L GHV UpVLGXV
DOLPHQWDLUHV VRQW WURXYpV SRVVLEOHPHQW j FDXVH GH SUREOqPHV GH
IHUPHQWDWLRQ HQWUDvQDQW XQ GpERUGHPHQW GH SkWHYHXLOOH] OHV HVVX\HU
DYHF XQ FKLIIRQ KXPLGH HW VpFKHU DSUqV TXH OD PDFKLQH VRLW
FRPSOqWHPHQWUHIURLGLH
$YDQWGHUDQJHUODPDFKLQHjSDLQSRXUOHVWRFNDJH
DVVXUH]YRXVTXH
D HOOHDFRPSOqWHPHQWUHIURLGL
E HOOHHVWSURSUHHWVqFKH
F ODFXLOOqUHHWODSDOHGHSpWULVVDJHVRQWUDQJpHVGDQVOH
WLURLUHWOHFRXYHUFOHHVWIHUPp
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"$
$)),&+$*('$/(57(
352%/Ê0(6'23e5$7,2162/87,216
&216(,/6'(&8,6621
'e3$11$*(
$)),&+$*('$/(57(
'e3$11$*(
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"%
/DIILFKDJHPRQWUH©+++ªDFFRPSDJQpGHELSV
DSUqVOHGpEXWGXSURJUDPPH
5DLVRQ
/DWHPSpUDWXUHLQWpULHXUHHVWHQFRUHWURSpOHYpH
6ROXWLRQ
$SSX\H]VXUOHERXWRQ'e0$55(5$55Ç7(5RXYUH]OH
FRXYHUFOHHWODLVVH]ODPDFKLQHUHIURLGLUSHQGDQWj
PLQXWHV
/DIILFKDJHPRQWUH©///ªDFFRPSDJQpGHELSV
DSUqVDYRLUDSSX\pVXUOHERXWRQ'e0$55(5
$55Ç7(5VDXISRXUOHSURJUDPPH&8,6621
5DLVRQ
/DWHPSpUDWXUHLQWpULHXUHHVWWURSEDVVH
6ROXWLRQ
$UUrWH]HQDSSX\DQWVXUOHERXWRQ'e0$55(5
$55Ç7(5RXYUH]OHFRXYHUFOHHWODLVVH]ODPDFKLQHj
SDLQDWWHLQGUHODWHPSpUDWXUHDPELDQWHSHQGDQWj
PLQXWHVDYDQWGHOXWLOLVHU
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"&
/DIILFKDJHPRQWUH©((ªDSUqVDYRLU
DSSX\pVXUOHERXWRQ'e0$55(5$55Ç7(5
5DLVRQ
/HFDSWHXUGHWHPSpUDWXUHHVWGpFRQQHFWp
6ROXWLRQ
9HXLOOH]YpULILHUVRLJQHXVHPHQWOHFDSWHXUDYHFXQ
H[SHUWDXWRULVp
352%/Ê0(6'23e5$7,21
62/87,216
'e3$11$*(
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"'
'HODIXPpHVRUWGXFRPSDUWLPHQWGHFXLVVRQRX
GHVpYHQWV
5DLVRQ
/HVLQJUpGLHQWVFROOHQWDXFRPSDUWLPHQWGHFXLVVRQRXj
OH[WpULHXUGXPRXOHjSDLQ
6ROXWLRQ
'pEUDQFKH]ODSSDUHLOHWQHWWR\H]OHPRXOHjSDLQHWOH
FRPSDUWLPHQW
/HSDLQVDIIDLVVHDXPLOLHXHWHVWKXPLGHHQEDV
5DLVRQ
/HSDLQUHVWHWURSORQJWHPSVGDQVOHPRXOHDSUqVOD
FXLVVRQHWOHPDLQWLHQDXFKDXG
6ROXWLRQ
5HWLUH]OHSDLQGXPRXOHjSDLQDYDQWODILQGHOD
IRQFWLRQGHPDLQWLHQDXFKDXG
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
"(
,OQHVWSDVIDFLOHGHUHWLUHUOHSDLQGXPRXOHjSDLQ
5DLVRQ
/HIRQGGHODPLFKHHVWFROOpjODSDOHGHSpWULVVDJH
6ROXWLRQ
1HWWR\H]ODSDOHGHSpWULVVDJHHWOHVD[HVDSUqVOHV
SURJUDPPHVGHFXLVVRQ
&RQVHLO6LQpFHVVDLUHUHPSOLVVH]OHPRXOHjSDLQGHDXWLqGH
SHQGDQWPLQXWHV&HODIDFLOLWHUDOHUHWUDLWHWOHQHWWR\DJHGHOD
SDOHGHSpWULVVDJH
'HVGpS{WVGHIDULQHVXUODFURWHGXSDLQ
5DLVRQ
/DIDULQHQHVWSDVELHQSpWULHVXUOHVF{WpVSHQGDQWOH
SpWULVVDJH
6ROXWLRQ
9pULILH]VLODSDOHGHSpWULVVDJHHVWFRUUHFWHPHQW
LQVWDOOpH
&RQVHLO 6L OLQVWDOODWLRQ HVW UpXVVLH OD MRQFWLRQ HQWUH OD SDOH GH
SpWULVVDJHHWOD EDVH GRLWrWUHSODWHVDQV DXFXQH VDLOOLHHWODSDOH GH
SpWULVVDJHQHGRLWSDVERXJHUOLEUHPHQW
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
")
/HVLQJUpGLHQWVQHVRQWSDVPpODQJpVRXOH
SDLQQHVWSDVFRUUHFWHPHQWFXLW
5DLVRQ
① 5pJODJHLQFRUUHFWGXSURJUDPPH
6ROXWLRQ
9pULILH]OHPHQXVpOHFWLRQQpHWOHVDXWUHVUpJODJHV
② /HERXWRQ'e0$55(5$55Ç7(5DpWpWRXFKp
SHQGDQWTXHODPDFKLQHIRQFWLRQQDLW
6ROXWLRQ
1HUpXWLOLVH]SDVOHVLQJUpGLHQWVRULJLQDX[HW
UHFRPPHQFH]8QHIRLVODPDFKLQHHQIRQFWLRQQHPHQW
YHXLOOH]pYLWHUGHSUHVVHUjQRXYHDXOHERXWRQ
'e0$55(5$55Ç7(5
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#*
③ /HFRXYHUFOHDpWpRXYHUWSOXVLHXUVIRLVSHQGDQWTXHOD
PDFKLQHIRQFWLRQQDLW
6ROXWLRQ
eYLWH]GRXYULUIUpTXHPPHQWOHFRXYHUFOHjPRLQVTXHFHODQH
VRLWQpFHVVDLUHFRPPHORUVGHODMRXWGLQJUpGLHQWV
④ 8QHFRXSXUHGHFRXUDQWSURORQJpHVHSURGXLW
SHQGDQWTXHODPDFKLQHIRQFWLRQQH
6ROXWLRQ
1HUpXWLOLVH]SDVOHVLQJUpGLHQWVRULJLQDX[HW
UHFRPPHQFH]
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#!
⑤ /DURWDWLRQGHODSDOHGHSpWULVVDJHHVWEORTXpH
6ROXWLRQ
D $VVXUH]YRXVTXHODSDOHGHSpWULVVDJHQHVWSDV
REVWUXpHSDUGHVJUDLQV5HWLUH]OHPRXOHjSDLQHW
YpULILH]VLOHVHQWUDvQHXUVWRXUQHQW
E 6LFHQHVWSDVOHFDVHQYR\H]ODSSDUHLODXVHUYLFH
FOLHQW
(OOHQHSpWULWSDVFRUUHFWHPHQWODSkWHHWIDLWGX
EUXLW
5DLVRQ
/HPRXOHjSDLQHWODSDOHGHSpWULVVDJHQHVRQWSDV
FRUUHFWHPHQWLQVWDOOpV
6ROXWLRQ
9HXLOOH]OHVLQVWDOOHUFRQIRUPpPHQWjODSDUWLH*8,'(
'23e5$7,21
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#"
②,O\DXQSUREOqPHDYHFOHERXWRQ
6ROXWLRQ
9HXLOOH]QRXVFRQWDFWHUVLOHVERXWRQVQH
IRQFWLRQQHQWSDVDSUqVDYRLUVXLYLODVpTXHQFH
/HUpJODJHTXHYRXVVRXKDLWH]QHSHXWSDVrWUH
VpOHFWLRQQpRXOHERXWRQQHIRQFWLRQQHSDV
5DLVRQ
①2UGUHLQFRUUHFWGHSUHVVLRQGHVERXWRQV
6ROXWLRQ
D$VVXUH]YRXVTXHWRXVOHVUpJODJHVTXHYRXVVRXKDLWH]
0(18&28/(857$,//('83$,1VRQWFRUUHFWVDYDQWGH
SUHVVHUOHERXWRQ'e0$55(5$55Ç7(5/RUGUHGHERXWRQV
VXJJpUpHVW0(187$,//('83$,1&28/(85'e0$55(5
$55Ç7(5
E6LXQSURJUDPPHRXXQUpJODJHLQFRUUHFWHVWVpOHFWLRQQpHW
TXHODPDFKLQHFRPPHQFHjIRQFWLRQQHUDSSX\H]GHQRXYHDX
VXUOHERXWRQ'e0$55(5$55Ç7(5SHQGDQWVHFRQGHV
$SUqVDYRLUHQWHQGXXQELSYRXVSRXYH]DSSX\HUVXUGDXWUHV
ERXWRQVSRXUVpOHFWLRQQHUjQRXYHDXOHSURJUDPPHFRUUHFW
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
##
② ,O\DXQSUREOqPHDYHFOHERXWRQ
6ROXWLRQ
9HXLOOH]QRXVFRQWDFWHUVLYRXVDSSX\H]VXUOHVERXWRQV
FRPPHLQGLTXpGDQV①HWTXLOVQHIRQFWLRQQHQW
WRXMRXUVSDV
/HWHPSVGHFXLVVRQQHSHXWrWUHDXJPHQWpRX
GLPLQXpORUVTXHYRXVDSSX\H]VXU
5DLVRQ
① /HWHPSVDIILFKpDDWWHLQWOHWHPSVPD[LPXP
PLQLPXPVSpFLILpSDUOHSURJUDPPHVpOHFWLRQQp
6ROXWLRQ
D 9HXLOOH]OLUHODSDUWLH©5(&(77(65(&200$1'e(6ª
TXLPRQWUHODGXUpHWRWDOHGHFKDTXHSURJUDPPH
E (VVD\H]GDXJPHQWHUHWGHGLPLQXHUOHWHPSVGDQVOH
VHQVLQYHUVH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#$
② /DPDFKLQHHVWGpIHFWXHXVHHWODUUrWGXUHSOXV
ORQJWHPSVTXHVSpFLILpGDQVODVHFWLRQ©5(&(77(6
5(&200$1'e(6ª
6ROXWLRQ
9HXLOOH]QRXVFRQWDFWHUVLYRXVDSSX\H]VXUOHVERXWRQV
FRPPHLQGLTXpGDQV①HWTXLOVQHIRQFWLRQQHQW
WRXMRXUVSDV
'DQV OH SURFHVVXV GH IDEULFDWLRQ GX SDLQ DSUqV
DYRLU SpWUL SHQGDQW XQ FHUWDLQ WHPSV OH SpWULVVDJH
VDUUrWHHWODPDFKLQH QH UpSRQG SDVFRPPHSRXUOD
FXLVVRQ
5DLVRQ
① /DSkWHIHUPHQWHHWIRQFWLRQQHUDQRUPDOHPHQWDSUqVOD
IHUPHQWDWLRQ
6ROXWLRQ
1HGpFRQQHFWH]SDVODOLPHQWDWLRQpOHFWULTXHQLQHIDLWHV
GDXWUHVRSpUDWLRQV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#%
'e3$11$*(
&216(,/6'(&8,6621
3UpFDXWLRQV
$YDQWGHIDLUHGXSDLQYHXLOOH]
DOLUHDWWHQWLYHPHQWODVHFWLRQ©0HVXUHGHVLQJUpGLHQWVHW
VpTXHQFHªGH$77(17,21$9$1787,/,6$7,21HW
PHVXUHUFRUUHFWHPHQWOHVLQJUpGLHQWV
EYRXVDVVXUHUTXHOHSURJUDPPHFRUUHFWHVWVpOHFWLRQQp
SRXUFRPSOpWHUODIDEULFDWLRQGXSDLQFRPPHVWLSXOpGDQV
ODVHFWLRQ©*8,'('23e5$7,21ªGXPDQXHO
GLQVWUXFWLRQV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#&
/HSDLQOqYHWURSYLWH
5DLVRQ
① ,O\DXQH[FqVGHOHYXUHHWGHIDULQHPDLVSDVDVVH]
GHVHO
6ROXWLRQ
9HXLOOH]DMXVWHUOHVSURSRUWLRQVGHVLQJUpGLHQWVHWYRXV
DVVXUHUTXHWRXVRQWpWpDMRXWpV
② /DWHPSpUDWXUHHVWpOHYpH
6ROXWLRQ
8WLOLVH]GHVLQJUpGLHQWVOLTXLGHVjWHPSpUDWXUH
SOXVEDVVHVXUWRXWSDUWHPSVFKDXG
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#'
/HSDLQQHOqYHSDVGXWRXWRXSDVDVVH]
5DLVRQ
① 3DVGHOHYXUHGXWRXWRXWURSSHX
6ROXWLRQ
9HXLOOH]DMXVWHUOHVSURSRUWLRQVGHVLQJUpGLHQWVHWYRXV
DVVXUHUTXHWRXVRQWpWpDMRXWpV
② /HYXUHSpULPpHRXUDVVLH
6ROXWLRQ
8WLOLVH]GHODOHYXUHQRQRXYHUWHRXGHODOHYXUH
TXLDpWpFRUUHFWHPHQWVWRFNpH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#(
③/HOLTXLGHHVWWURSFKDXG
6ROXWLRQ
D8WLOLVH]XQDXWUHOLTXLGHRXODLVVH]OHUHIURLGLU
jWHPSpUDWXUHDPELDQWH
E$MRXWH]OHVLQJUpGLHQWVGDQVORUGUHFRUUHFW
FRPPHVSpFLILp
④/DOHYXUHHVWHQWUpHHQFRQWDFWDYHFOHOLTXLGH
6ROXWLRQ
8WLOLVH]YRWUHGRLJWSRXUIDLUHXQHSHWLWHLQGHQWDWLRQDX
PLOLHXGHODIDULQH$MRXWH]ODOHYXUHGDQVOLQGHQWDWLRQ
HQYRXVDVVXUDQWTXHOOHQHVRLWSDVHQFRQWDFWDYHFOHV
LQJUpGLHQWVOLTXLGHVRXOHVHO
/HYXUHRXELFDUERQDWH
,QJUpGLHQWVVHFV
(DXRXOLTXLGH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
#)
⑤ 7\SHGHIDULQHLQFRUUHFWRXIDULQHUDVVLH
6ROXWLRQ
D 9HXLOOH]OLUHDWWHQWLYHPHQWOHVSDUWLHV©,1752'8&7,21
'(6,1*5e',(176¬3$,1ªHW©5(&(77(ªDYDQWGHFXLUH
HWGHFKRLVLUOHERQW\SHGHIDULQH
E ,OHVWUHFRPPDQGpGXWLOLVHUGHODIDULQHIUDvFKH
⑥ 7URSGHOLTXLGH
6ROXWLRQ
D $MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
E 6LOHWHPSVHVWKXPLGHUpGXLVH]OHOLTXLGHGHj
FXLOOqUHVjVRXSH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$*
⑦7URSGHVXFUHRXGHVHO
6ROXWLRQ
9HXLOOH]DMXVWHUOHVSURSRUWLRQVGHVLQJUpGLHQWVHWYRXV
DVVXUHUTXHWRXVRQWpWpDMRXWpV
/DSkWHOqYHWURSHWGpERUGHGXPRXOHjSDLQ
5DLVRQ
①6LOHOLTXLGHHVWWURSIOXLGHODOHYXUHIHUPHQWH
GDYDQWDJH
6ROXWLRQ
D&RUULJH]ODTXDQWLWpGHOLTXLGH
E6LGHVLQJUpGLHQWVFRQWHQDQWGHOHDXVRQW
XWLOLVpVODSURSRUWLRQGHOLTXLGHDMRXWpGRLWrWUH
GPHQWUpGXLWH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$!
/HSDLQVDIIDLVVHDXPLOLHX
5DLVRQ
① 7URSGHOLTXLGH
D 6LGHVLQJUpGLHQWVFRQWHQDQWGHOHDXVRQWXWLOLVpVOD
SURSRUWLRQGHOLTXLGHDMRXWpGRLWrWUHGPHQWUpGXLWH
E 6LOHWHPSVHVWKXPLGHUpGXLVH]OHOLTXLGHGHj
FXLOOqUHVjVRXSH
② /DWHPSpUDWXUHHVWpOHYpH
6ROXWLRQ
8WLOLVH]GHVLQJUpGLHQWVOLTXLGHVjWHPSpUDWXUH
SOXVEDVVHVXUWRXWSDUWHPSVFKDXG
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$"
②/DIHUPHQWDWLRQHVWWURSFRXUWHRXUDSLGHjFDXVHGHOD
WHPSpUDWXUHH[FHVVLYHGHOHDXRXGHODFKDPEUHGH
FXLVVRQRXGXQHKXPLGLWpH[FHVVLYH
6ROXWLRQ
D8WLOLVH]XQDXWUHOLTXLGHRXODLVVH]OHUHIURLGLUj
WHPSpUDWXUHDPELDQWH
E1HSDVXWLOLVHUODIRQFWLRQGHPLQXWHULHSDUWHPSVFKDXG
6WUXFWXUHORXUGHHWJUXPHOHXVH
5DLVRQ
7URSGHIDULQHHWSDVDVVH]GHOLTXLGH
6ROXWLRQ
$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$#
② 3DVDVVH]GHOHYXUHRXGHVXFUH
6ROXWLRQ
D $MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWVHWYpULILH]TXH
WRXVOHVLQJUpGLHQWVRQWpWpDMRXWpV
E )DLWHV XQH SHWLWH LQGHQWDWLRQ DX PLOLHX GH OD IDULQH HW
PHWWH]\ODOHYXUHpPLHWWpHRXVqFKHeYLWH]TXHODOHYXUH
HWOHOLTXLGHHQWUHQWHQFRQWDFWGLUHFW
③ 7URSGHIUXLWVVHFVGHIDULQHFRPSOqWHRX
GDXWUHVLQJUpGLHQWVVHFV
6ROXWLRQ
$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$$
④/HYXUHH[SLUpHRXUDVVLH
6ROXWLRQ
$VVXUH]YRXVGXWLOLVHUGHODOHYXUHQRQRXYHUWHRX
FRUUHFWHPHQWFRQVHUYpH
⑤8QOLTXLGHFKDXGIDLWOHYHUODSkWHWURSUDSLGHPHQWHW
OHSDLQVDIIDLVVHDYDQWODFXLVVRQ
6ROXWLRQ
1XWLOLVH]SDVODIRQFWLRQGHPLQXWHULHSDUWHPSVFKDXG
3RXUGHPHLOOHXUVUpVXOWDWVXWLOLVH]GHVOLTXLGHVIURLGV
SOXW{WTXHFKDXGV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$%
⑥ 7URSGHDX
6ROXWLRQ
D $MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
E 6LOHWHPSVHVWKXPLGHUpGXLVH]OHOLTXLGHGHj
FXLOOqUHVjVRXSH
/HSDLQQHVWSDVFXLWDXFHQWUH
5DLVRQ
① 7URSGHOLTXLGHKXPLGLWpLQJUpGLHQWVKXPLGHV
6ROXWLRQ
D $MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
E 6LOHWHPSVHVWKXPLGHUpGXLVH]OHOLTXLGHGHj
FXLOOqUHVjVRXSH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$&
6WUXFWXUHRXYHUWHRXJURVVLqUHRXWURSGHWURXV
5DLVRQ
① 7URSGHOLTXLGHKXPLGLWp
6ROXWLRQ
D $MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
F 6LOHWHPSVHVWKXPLGHUpGXLVH]OHOLTXLGHGHj
FXLOOqUHVjVRXSH
② 3DVGHVHO
9HXLOOH]DMXVWHUOHVSURSRUWLRQVGHVLQJUpGLHQWVHWYRXV
DVVXUHUTXHWRXVRQWpWpDMRXWpV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$'
③ 7URSGHOHYXUH
6ROXWLRQ
$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
6XUIDFHQRQFXLWHVHPEODEOHjXQFKDPSLJQRQ
5DLVRQ
① /HYROXPHGXSDLQHVWWURSJUDQGSRXUOHPRXOH
6ROXWLRQ
$MXVWH]ODTXDQWLWpGHOLTXLGHHWGHIDULQH/DTXDQWLWp
PD[LPDOHGHIDULQHHVWGHJ
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$(
②7URSGHOHYXUH
6ROXWLRQ
$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV/DTXDQWLWp
PD[LPDOHGHOHYXUHHVWGHJ
③3DVDVVH]GHVHO
6ROXWLRQ
9HXLOOH]DMXVWHUOHVSURSRUWLRQVGHVLQJUpGLHQWVHWYRXV
DVVXUHUTXHWRXVRQWpWpDMRXWpV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
$)
④ 7URSGHVXFUHRXGLQJUpGLHQWVVXFUpV
6ROXWLRQ
$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
/HVWUDQFKHVVRQWLQpJDOHVRXLO\DGHVJUXPHDX[
DXPLOLHX
5DLVRQ
/HSDLQQHVWSDVVXIILVDPPHQWUHIURLGLODYDSHXUQHVW
SDVHQFRUHpFKDSSpH
6ROXWLRQ
5HWLUH]OHSDLQGXPRXOHLPPpGLDWHPHQWDSUqVODFXLVVRQ
HWODLVVH]OHUHIURLGLUVXUXQHJULOOHDYDQWGHOHWUDQFKHU
5HIURLGLUjXQHWHPSpUDWXUHDSSURSULpH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%*
/HSDLQFXLWHVWWURSSHWLW
5DLVRQ
① 7URSGHVHO
6ROXWLRQ
$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWV
② 3DVDVVH]GHOHYXUHRXOHYXUHUDVVLHHPSrFKHODSkWH
GHIHUPHQWHU
6ROXWLRQ
D $VVXUH]YRXVGXWLOLVHUGHODOHYXUHQRQRXYHUWHRX
FRUUHFWHPHQWFRQVHUYpH
E $MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWVHWYpULILH]TXH
WRXVOHVLQJUpGLHQWVRQWpWpDMRXWpV
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%!
③3DVDVVH]GHOLTXLGH
6ROXWLRQ
$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWVHWYpULILH]TXHWRXV
OHVLQJUpGLHQWVRQWpWpDMRXWpV
④7\SHGHIDULQHLQFRUUHFW
6ROXWLRQ
9HXLOOH]OLUHDWWHQWLYHPHQWODSDUWLH©,1752'8&7,21
'(6,1*5e',(176¬3$,1ªDYDQWGHFXLUHHW
FKRLVLVVH]OHERQW\SHGHIDULQH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%"
/HSDLQFXLWHVWWURSSHWLW
5DLVRQ
① 3DVDVVH]GHOLTXLGH
6ROXWLRQ
$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWVHWYpULILH]TXHWRXV
OHVLQJUpGLHQWVRQWpWpDMRXWpV
② /HWHPSVGHFXLVVRQHVWWURSORQJ
6ROXWLRQ
/LVH]DWWHQWLYHPHQWODSDUWLH©5(&(77(6ªDYDQW
GHFXLUHHWFKRLVLVVH]OHERQSURJUDPPH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%#
③3DVDVVH]GHIDULQHRXIDULQHUDVVLHTXLHPSrFKHOD
SkWHGHIHUPHQWHU
6ROXWLRQ
D8WLOLVH]GHODOHYXUHQRQRXYHUWHRXELHQFRQVHUYpH
E$MXVWH]ODSURSRUWLRQGHVLQJUpGLHQWVHWYpULILH]TXH
WRXVOHVLQJUpGLHQWVRQWpWpDMRXWpV
,1752'8&7,21'(6,1*5e',(176¬3$,1
5(&(77(65(&200$1'e(6
,1*5e',(176(75(&(77(6
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%$
,1752'8&7,21
'(6,1*5e',(176
¬3$,1
,1*5e',(176(75(&(77(6
)DULQHjSDLQ
/DIDULQHjSDLQDXVVLDSSHOpHIDULQHjKDXWHWHQHXUHQ
JOXWHQHVWpODVWLTXHHWHPSrFKHOHSDLQGHVDIIDLVVHU
DSUqVDYRLUOHYp(OOHSHXWrWUHXWLOLVpHSRXUIDLUHGXSDLQ
GHJUDQGHWDLOOHDYHFXQHPHLOOHXUHILEUHLQWHUQH
)DULQHWRXWXVDJH
/DIDULQHTXLQHFRQWLHQWSDVGHSRXGUHjOHYHUHVW
DSSURSULpHSRXUODIDEULFDWLRQGXSDLQ
)DULQHGHEOpHQWLHU
/DIDULQHGHEOpHQWLHUHVWPRXOXHjSDUWLUGHJUDLQHQWLHU
(OOHHVWSOXVORXUGHHWSOXVULFKHHQQXWULPHQWVTXHOD
IDULQHRUGLQDLUH/HSDLQIDLWDYHFGHODIDULQHGHEOpHQWLHU
HVWJpQpUDOHPHQWGHSHWLWHWDLOOH'HQRPEUHXVHVUHFHWWHV
FRPELQHQWGRQFODIDULQHGHEOpHQWLHUDYHFGHODIDULQHj
SDLQSRXUREWHQLUOHPHLOOHXUUpVXOWDW
)DULQHGHEOpQRLU
/DIDULQHGHEOpQRLUpJDOHPHQWDSSHOpH©IDULQHJURVVLqUH
ªHVWXQHVRUWHGHIDULQHjKDXWHWHQHXUHQILEUHV
VLPLODLUHjODIDULQHGHEOpHQWLHU(OOHGRLWrWUHFRPELQpH
DYHFXQHIRUWHSURSRUWLRQGHIDULQHjSDLQSRXUREWHQLUXQH
JUDQGHWDLOOHDSUqVODOHYpH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%%
)DULQHDXWROHYDQWH
8QW\SHGHIDULQHFRQWHQDQWGHODSRXGUHjOHYHUXWLOLVpH
VSpFLDOHPHQWSRXUODIDEULFDWLRQGHJkWHDX[
)DULQHGHPDwVHWIDULQHGDYRLQH
/DIDULQHGHPDwVHWODIDULQHGDYRLQHVRQWPRXOXHVVpSDUpPHQWj
SDUWLUGHPDwVHWGDYRLQH&HVRQWGHVLQJUpGLHQWVDGGLWLRQQHOV
GDQVOHSDLQUXVWLTXHXWLOLVpVSRXUDPpOLRUHUODVDYHXUHWODWH[WXUH
6XFUH
/HVXFUHHVWXQLQJUpGLHQWHVVHQWLHOSRXUDXJPHQWHUOHJRWVXFUp
HWODFRXOHXUGXSDLQ,OHVWDXVVLFRQVLGpUpFRPPHQRXUULVVDQW
GDQVOHSDLQGHOHYXUH/HVXFUHEODQFHVWJpQpUDOHPHQWXWLOLVp'X
VXFUHEUXQGXVXFUHHQSRXGUHRXGXVXFUHGHFRWRQSHXYHQWrWUH
QpFHVVDLUHVVHORQOHVEHVRLQVVSpFLDX[
/HYXUH
$SUqVOHSURFHVVXVGHOHYXUHFHOOHFLSURGXLWGXGLR[\GHGH
FDUERQH/HGLR[\GHGHFDUERQHSHUPHWDXSDLQGHJRQIOHUHW
DGRXFLWODILEUHLQWHUQH&HSHQGDQWODOHYXUHDEHVRLQGHJOXFLGHV
GDQVOHVXFUHHWODIDULQHFRPPHQRXUULWXUHSRXUVHPXOWLSOLHU
UDSLGHPHQW
&RQVHLOV
D 4XDQWLWp
FjWKpGHOHYXUHDFWLYHVqFKH FjWKpGHOHYXUHLQVWDQWDQpH
FjWKpGHOHYXUHDFWLYHVqFKH FjWKpGHOHYXUHLQVWDQWDQpH
FjWKpGHOHYXUHDFWLYHVqFKH FjWKpGHOHYXUHLQVWDQWDQpH
E &RQVHUYDWLRQ
/DOHYXUHGRLWrWUHFRQVHUYpHDXUpIULJpUDWHXUFDUOHFKDPSLJQRQPHXUWj
KDXWHWHPSpUDWXUH$YDQWXWLOLVDWLRQ YpULILH] ODGDWHGHSURGXFWLRQ HW OD
GXUpH GH FRQVHUYDWLRQ GH YRWUH OHYXUH 5DQJH]OD GH QRXYHDX DX
UpIULJpUDWHXUGqVTXHSRVVLEOHDSUqVFKDTXHXWLOLVDWLRQ/DUDLVRQODSOXV
FRXUDQWHSRXUODTXHOOHOHSDLQQHOqYHSDVHVWODOHYXUHLQDFWLYHRXJkWpH
F /HVPpWKRGHVGpFULWHVFLGHVVRXVSHUPHWWURQWGHYpULILHUVLYRWUH
OHYXUHHVWIUDvFKHHWDFWLYH
eWDSH9HUVH]WDVVHGHDXWLqGH
℃
GDQVXQYHUUH
PHVXUHXUeWDSH$MRXWH]FjWKpGHVXFUHEODQFGDQVOHYHUUHHW
UHPXH]SXLVVDXSRXGUH]FjWKpGHOHYXUHVXUOHDX
eWDSH3ODFH]OHYHUUHPHVXUHXUGDQVXQHQGURLWFKDXGSHQGDQW
HQYLURQPLQ1HUHPXH]SDVOHDX
eWDSH/DPRXVVHGHYUDLWDWWHLQGUHWDVVH6LQRQODOHYXUHHVWPRUWH
RXLQDFWLYH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%&
6HO
/HVHOHVWQpFHVVDLUHSRXUDPpOLRUHUODVDYHXUGXSDLQHWOD
FRXOHXUGHODFURWH
&RQVHLO1XWLOLVH]MDPDLVWURSGHVHOGDQVXQHUHFHWWH&HSHQGDQWOH
VHOSHXWpJDOHPHQWUHVWUHLQGUHODOHYpHGHODOHYXUHGRQFOHSDLQVHUDLW
SOXVJUDQGVDQVVHO
¯XI
/HV°XIVSHXYHQWDPpOLRUHUODWH[WXUHGXSDLQOHUHQGUH
SOXVQXWULWLIHWDXJPHQWHUVDWDLOOH&HSHQGDQWO°XIGRLW
rWUHSHOpHWPpODQJpXQLIRUPpPHQW
&RQVHLO
D 6LYRXVGHYH]DMRXWHUGHV°XIVFRPPHLQJUpGLHQWPpODQJH]OHV
GDQVOHOLTXLGHDYDQWGHOLUHOpFKHOOH
E /RUVTXHYRXVXWLOLVH]ODIRQFWLRQGHGpODLSHQGDQWORQJWHPSV
QDMRXWH]MDPDLVGLQJUpGLHQWVSpULVVDEOHVWHOVTXHGHV°XIV
*UDLVVHEHXUUHHWKXLOHYpJpWDOH
/DJUDLVVHSHXWDGRXFLUOHSDLQHWUHWDUGHUVDGXUpHGH
FRQVHUYDWLRQ/HEHXUUHGRLWrWUHIRQGXRXFRXSpHQ
SHWLWHVSDUWLFXOHVDYDQWXWLOLVDWLRQ
&RQVHLO/RUVTXHYRXVPHVXUH]GHOKXLOHGHFXLVVRQRXGDXWUHV
LQJUpGLHQWVQHWWR\H]VRLJQHXVHPHQWODWDVVHPHVXUHXVHVDQVDXFXQ
DXWUHLQJUpGLHQW
3RXGUHjOHYHU
/DSRXGUHjOHYHUHVWXWLOLVpHSRXUDLGHUOHSDLQHWOHV
JkWHDX[jOHYHUUDSLGHPHQW(OOHSHXWSURGXLUHGHODLUTXL
IRUPHUDGHVEXOOHVSRXUDGRXFLUODWH[WXUHGXSDLQHQ
XWLOLVDQWOHSULQFLSHFKLPLTXH
/012
,OHVWVLPLODLUHjODSRXGUHjOHYHU,OSHXWpJDOHPHQWrWUH
XWLOLVpHQFRPELQDLVRQDYHFODSRXGUHjOHYHU
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%'
(DXHWDXWUHVOLTXLGHV
*pQpUDOHPHQW OD WHPSpUDWXUH GH OHDX HQWUH ℃ HW
℃ HVWODPHLOOHXUH/HDXSHXWrWUHUHPSODFpH SDU GX
ODLW IUDLV RX PpODQJpH DYHF GH ODLW HQ SRXGUH
DPpOLRUDQW DLQVL OD VDYHXU GX SDLQ HW OD FRXOHXU GH OD
FURWH&HUWDLQHVUHFHWWHVSHXYHQWQpFHVVLWHUGXMXVSRXU
DPpOLRUHU OD VDYHXU GX SDLQ SDU H[HPSOH GX MXV GH
SRPPHGRUDQJHGHFLWURQHWF
5(&(77(65(&200$1'e(6
,1*5e',(176(75(&(77(6
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%(
3DLQ%DVLTXHSpWULVVDJHOHYpHHWFXLVVRQGX
SDLQRUGLQDLUH
3DLQ)UDQoDLVSpWULVVDJHOHYpHHWFXLVVRQDYHFXQ
WHPSVGHOHYpHSOXVORQJ/HSDLQSURGXLWGDQVFH
SURJUDPPHDJpQpUDOHPHQWXQHFURWHSOXV
FURXVWLOODQWHHWXQHWH[WXUHSOXVOpJqUH
3DLQ&RPSOHWSpWULVVDJHOHYpHHW
FXLVVRQGXSDLQGHEOpHQWLHU
3DLQ5DSLGHSpWULVVDJHOHYpHHWFXLVVRQGX
SDLQHQPRLQVGHWHPSVTXHOHSDLQ%DVLTXH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
%)
3DLQ6XFUpSpWULVVDJHOHYpHHWFXLVVRQGX
SDLQVXFUp
6DQV*OXWHQSpWULVVDJHOHYpHHWFXLVVRQGX
SDLQVDQVJOXWHQ
3DLQ 8OWUD 5DSLGH SpWULVVDJH OHYpH HW FXLVVRQ
GDQVOHWHPSVOHSOXVFRXUW+DELWXHOOHPHQWOHSDLQ
HVWSOXVSHWLWHWSOXVUXJXHX[TXHFHOXLUpDOLVpDYHF
OHSURJUDPPH5DSLGH
3kWHSpWULVVDJHHWOHYpHPDLVVDQVFXLVVRQ
XWLOLVpHSRXUIDLUHGHVSHWLWVSDLQVGHVSL]]DVGXSDLQ
FXLWjODYDSHXUHWF
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
&*
&RQILWXUHFXLVVRQGHVFRQILWXUHVHWGHV
PDUPHODGHV/HVIUXLWVRXOpJXPHVGRLYHQWrWUH
KDFKpVDYDQWGrWUHPLVGDQVOHPRXOHjSDLQ
*kWHDXSpWULVVDJHOHYpHHWFXLVVRQGHJkWHDX[
6DQGZLFKSpWULVVDJHOHYpHHWFXLVVRQGX
SDLQjVDQGZLFK3RXUFXLUHXQSDLQGHWH[WXUH
OpJqUHDYHFXQHFURWHSOXVILQH
&XLVVRQFXLVVRQGHSkWHSpWULH
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
&!
FRANÇAIS

6HUYLFHVDSUqVYHQWHVXSSRUW#NLWFKHQLQWKHER[FRP 3RXUSOXVGLQIRUPDWLRQVYHXLOOH]YLVLWHUZZZNLWFKHQLQWKHER[FRP
&"
*$5$17,((76(59,&(
.LWFKHQLQWKH%R[RIIUHXQHJDUDQWLHFRPSOqWHGXQ
DQjSDUWLUGHODGDWHGDFKDW
6LYRWUHPDFKLQHjSDLQWRPEHHQSDQQHGXUDQWOD
SUHPLqUHDQQpHGHSRVVHVVLRQXQUHPSODFHPHQW
LGHQWLTXHRXFRPSDUDEOHYRXVVHUDOLYUp
JUDWXLWHPHQWjYRWUHGRPLFLOH9RWUHXQLWpGH
UHPSODFHPHQWjOH[FHSWLRQGHVSLqFHVXVpHVVHUD
pJDOHPHQWFRXYHUWHSDUQRWUHJDUDQWLHOLPLWpHGXQ
DQ
8QHSUHXYHGDFKDWVHUDQpFHVVDLUHSRXULQLWLHUOD
UpFODPDWLRQ
9HXLOOH]VFDQQHUOHFRGH45SRXUUHJDUGHUSOXVGH
YLGpRVGLQVWUXFWLRQV
$YHUWLVVHPHQW
&HWDSSDUHLOSHXWrWUHXWLOLVp SDU GHV HQIDQWVkJpVGH
DQV HW SOXV HW SDU GHV SHUVRQQHV DX[ FDSDFLWpV
SK\VLTXHV VHQVRULHOOHV RX PHQWDOHV UpGXLWHV RX
PDQTXDQW GH[SpULHQFH HW GH FRQQDLVVDQFHV VLOV RQW
UHoX XQH VXSHUYLVLRQ RX GHV LQVWUXFWLRQV FRQFHUQDQW
OXWLOLVDWLRQGHODSSDUHLOGHPDQLqUHVUHHWFRPSUHQQHQW
OHVULVTXHVLPSOLTXpV
/HV HQIDQWV QH GRLYHQW SDV MRXHU DYHF ODSSDUHLO /H
QHWWR\DJH HW OHQWUHWLHQ SDU OXWLOLVDWHXU QH GRLYHQW SDV
rWUHHIIHFWXpVSDUGHVHQIDQWVVDQVVXSHUYLVLRQ
FRANÇAIS

^ŝǀŽƵƐĂǀĞnjĚĞƐƋƵĞƐƚŝŽŶƐ
ŶΖŚĞƐŝƚĞnjƉĂƐ
Ă
ŶŽƵƐĐŽŶƚĂĐƚĞƌ
6XSSRUW#NLWFKHQLQWKHER[FRP
:
<
&DSDFLWHQRPLQDOH
)DEULTXHHQ&KLQH
8WLOLVDWLRQGRPHVWLTXHXQLTXHPHQW
(OLPLQDWLRQUHVSHFWXHXVHGHOHQYLURQQHPHQW
9RXVSRXYH]DLGHUjSURWpJHUOHQYLURQQHPHQW
9HXLOOH]YRXVUDSSHOHUGHUHVSHFWHUOHV
UpJOHPHQWDWLRQVORFDOHV
UHPHWWH]OHVpTXLSHPHQWVpOHFWULTXHVKRUVVHUYLFH
jXQFHQWUHGHWUDLWHPHQWGHVGpFKHWVDSSURSULp
FRANÇAIS


%URWEDFNDXWRPDW
%HGLHQXQJVDQOHLWXQJ
/HVHQ6LHDOOH$QZHLVXQJHQYRUGHU%HQXW]XQJVRUJIlOWLJGXUFKXQGEHZDKUHQ6LHGLHVHIU
VSlWHUHV1DFKVFKODJHQDXI

,1+$/7
:,&+7,*(6,&+(5+(,76+,1:(,6(
7(,/)81.7,21(181'%(',(181*
!!!!!!!352'8.70(5.0$/(
!!!!!!!%(',(1)(/'81')81.7,21(1
%($&+7(1925*(%5$8&+!!!!!!!
!!!!!!!
%(75,(%6$1/(,781*
!!!!!!!63(=,$/)81.7,21!!!!!!!
5(,1,*81*81':$5781*
7(,/)(+/(568&+(
!!!!!!!$1=(,*(921:$5181*(1
!!!!!!!%(75,(%667g581*(181'/g681*(1
%$&.7,336
7(,/=87$7(181'5(=(37(
!!!!!!!(,1)h+581*,1',(%527=87$7(1
(03)2+/(1(5(=(37(
*$5$17,(81'6(59,&(
"
#
#
$
%
""
"%
&"
&'
&'
&(
#$
$#
$'
$)
(&
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!
:,&+7,*(6,&+(5+(,76+,1:(,6(
%LWWHOHVHQ6LHDOOH$QZHLVXQJHQ
EHYRU6LHGLHVHV*HUlWEHQXW]HQ
hEHUSUIHQ6LHYRUGHU%HQXW]XQJREGLH6SDQQXQJGHU6WHFNGRVHPLW
GHUDXIGHP7\SHQVFKLOGDQJHJHEHQHQ6SDQQXQJEHUHLQVWLPPW'LH
1HQQVSDQQXQJEHWUlJW99
%HWUHLEHQ6LHNHLQ*HUlWPLWHLQHPEHVFKlGLJWHQ.DEHORGHU
6WHFNHUQDFKGHPHVQLFKWIXQNWLRQLHUWRGHUKHUXQWHUJHIDOOHQLVW
RGHUDXIDQGHUH:HLVHEHVFKlGLJWZXUGH*HEHQ6LHGDV*HUlW]XU
hEHUSUIXQJ5HSDUDWXURGHU]XUHOHNWULVFKHQRGHUPHFKDQLVFKHQ
(LQVWHOOXQJDQGHQ+HUVWHOOHURGHUGHQQlFKVWJHOHJHQHQ
DXWRULVLHUWHQ6HUYLFH]XUFN
8PVLFKYRUHLQHPHOHNWULVFKHQ6FKODJ]XVFKW]HQGUIHQ.DEHO
6WHFNHURGHU*HKlXVHQLFKWLQ:DVVHURGHUDQGHUH)OVVLJNHLWHQ
JHWDXFKWZHUGHQ
/DVVHQ6LHGDV.DEHOQLFKWEHUGHQ5DQGHLQHV7LVFKHVRGHUHLQHU
KHLHQ2EHUIOlFKHKlQJHQ
'LH9HUZHQGXQJYRQQLFKWYRP+HUVWHOOHUHPSIRKOHQHQ=XEHK|UWHLOHQ
NDQQ9HUOHW]XQJHQYHUXUVDFKHQ
+DOWHQ6LHGDV*HUlWIHUQYRQKHLHQ2EHUIOlFKHQ
6WHOOHQ6LHHVQLFKWDXIRGHULQGLH1lKHHLQHVKHLHQ*DVKHUGV
(OHNWURNRFKHUVRGHUEHKHL]WHQ2IHQV
%HUKUHQ6LHNHLQHEHZHJOLFKHQRGHUURWLHUHQGHQ7HLOHGHV*HUlWV
EHLP%DFNHQ
6FKDOWHQ6LHGDV*HUlWQLFKWHLQRKQHGDVVGLH%URWIRUPNRUUHNWPLW
=XWDWHQJHIOOWLVW
.ORSIHQ6LHQLFKWDXIGLH%URWIRUPZHQQ6LHVLHDXVGHP*HUlW
QHKPHQGDGLHV6FKlGHQYHUXUVDFKHQNDQQ
0HWDOOIROLHQRGHUDQGHUH0DWHULDOLHQVROOWHQQLFKWLQGHQ
%URWEDFNDXWRPDWHQJHOHJWZHUGHQGDGLHVHLQHQ%UDQGRGHU
.XU]VFKOXVVYHUXUVDFKHQN|QQWH
'LHVHV*HUlWNDQQYRQ.LQGHUQDEDFKW-DKUHQXQG3HUVRQHQPLW
HLQJHVFKUlQNWHQSK\VLVFKHQVHQVRULVFKHQRGHUJHLVWLJHQ)lKLJNHLWHQ
RGHUPDQJHOQGHU(UIDKUXQJXQG.HQQWQLVEHQXW]WZHUGHQZHQQVLH
EHDXIVLFKWLJWZHUGHQRGHU$QZHLVXQJHQ]XPVLFKHUHQ*HEUDXFKGHV
*HUlWVHUKDOWHQXQGGLH*HIDKUHQYHUVWHKHQ.LQGHUGUIHQQLFKWPLW
GHP*HUlWVSLHOHQXQGNHLQH5HLQLJXQJXQG:DUWXQJGXUFKIKUHQHV
VHLGHQQVLHVLQGlOWHUDOVDFKW-DKUHXQGZHUGHQEHDXIVLFKWLJW+DOWHQ
6LHGDV*HUlWXQGGDV.DEHODXHU5HLFKZHLWHYRQ.LQGHUQXQWHU
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"
'HFNHQ6LHGHQ%URWEDFNDXWRPDWHQQLFKWPLWHLQHP
+DQGWXFKRGHUDQGHUHP0DWHULDODEGD:lUPHXQG
'DPSIIUHLHQWZHLFKHQN|QQHQPVVHQ:HQQHU
DEJHGHFNWLVWRGHUPLWEUHQQEDUHP0DWHULDOLQ.RQWDNW
NRPPWNDQQHLQ%UDQGHQWVWHKHQ
%HWUHLEHQ6LHGDV*HUlWQXUIUVHLQHQ
YRUJHVHKHQHQ=ZHFN
9HUZHQGHQ6LHGDV*HUlWLPPHUDXIHLQHUVLFKHUHQ
XQGWURFNHQHQ2EHUIOlFKH
1LFKWLP)UHLHQYHUZHQGHQ
'LHVHV*HUlWLVWPLWHLQHPJHHUGHWHQ6WHFNHU
DXVJHVWDWWHW%LWWHVWHOOHQ6LHVLFKHUGDVVGLH6WHFNGRVH
LQ,KUHP+DXVJXWJHHUGHWLVW
'LHVHV*HUlWLVW]XU9HUZHQGXQJLQ+DXVKDOWHQXQG
lKQOLFKHQ$QZHQGXQJHQYRUJHVHKHQZLH]XP%HLVSLHO
± 0LWDUEHLWHUNFKHQEHUHLFKHLQ*HVFKlIWHQ%URVXQG
DQGHUHQ$UEHLWVXPJHEXQJHQ
± %DXHUQKlXVHU
± 9RQ.XQGHQLQ+RWHOV0RWHOVXQGDQGHUHQ
ZRKQlKQOLFKHQ8PJHEXQJHQ
± 3HQVLRQHQXQGlKQOLFKH8PJHEXQJHQ
'DV*HUlWLVWQLFKWGDIUYRUJHVHKHQPLWHLQHPH[WHUQHQ
7LPHURGHUHLQHPVHSDUDWHQ)HUQVWHXHUXQJVV\VWHPEHWULHEHQ
]XZHUGHQ
%HWUHLEHQ6LHGDV*HUlWQLFKWRKQHHLQH%URWIRUPLP*HUlW
XP6FKlGHQDP*HUlW]XYHUPHLGHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#
352'8.70(5.0$/(
%(',(1)(/'81'7$67(1
%($&+7(1925*(%5$8&+
%(75,(%6$1/(,781*
63(=,$/)81.7,21(1
5(,1,*81*81':$5781*
)81.7,21(181'%(',(181*
352'8.70(5.0$/(
)81.7,21(181'%(',(181*
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$
$QWLKDIW%URWIRUP
:LUG]XP.QHWHQ)HUPHQWLHUHQ%DFNHQXQG+DOWHQGHV
7HLJHVYHUZHQGHW
0HVVEHFKHU
① 0HVVHQYRQIOVVLJHQ=XWDWHQ
② 0HVVHQYRQSXOYHUI|UPLJHQ=XWDWHQ
③ (LQ%HFKHU0HKOZLHJWXQJHIlKUJ
0HVVO|IIHO
7VSXQG7EVSZHUGHQ]XP0HVVHQYRQ6DO]=XFNHU
%XWWHU7URFNHQKHIHXVZYHUZHQGHW
+DNHQ
:LUGYHUZHQGHWXPGLH.QHWSDGGHODXVGHP%URW]XQHKPHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
%
.QHWNOLQJH
:LUG]XP.QHWHQXQG5KUHQYHUZHQGHW
=XWDWHQEHKlOWHU
:LUGYHUZHQGHWXP=XWDWHQ]XKDOWHQGLHZlKUHQGGHV
%DFNSUR]HVVHVKLQ]XJHIJWZHUGHQZLH7URFNHQIUFKWH
1VVHXVZ
7LSS 6LH HUKDOWHQ QXU GLH 7HLOH GLH DXI GHU 6HLWH GHU
352'8.70(5.0$/(JH]HLJWZHUGHQ:HQQ6LHDQGHUH :HUN]HXJH
LP 3UR]HVV GHU %URWKHUVWHOOXQJ EHQ|WLJHQ EHUHLWHQ 6LH GLHVH ELWWH
VHOEVWYRU
%(',(1)(/'81')81.7,21(1
)81.7,21(181'%(',(181*
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
&
"* 0HQ
:LUGYHUZHQGHWXPYHUVFKLHGHQH3URJUDPPHHLQ]XVWHOOHQ'DV
3URJUDPP lQGHUW VLFK MHGHV 0DO ZHQQ HV JHGUFNW ZLUG
EHJOHLWHW YRQ HLQHP NXU]HQ 3LHSWRQ 'UFNHQ 6LH GLH 7DVWH
NRQWLQXLHUOLFKGLH0HQVZHUGHQDXIGHP/&'DQJH]HLJW
7LSS%LWWHEH]LHKHQ6LHVLFKDXIGLHGHWDLOOLHUWH%HWULHEVWDEHOOHXQGGLH
5H]HSWHGLHLQ7HLOEHLJHIJWVLQG
&* )DUEH
'UFNHQ6LHGLHVH7DVWHXPGLHJHZQVFKWH)DUEHIUGLH.UXVWH
DXV]XZlKOHQ+(//0,77(/RGHU'81.(/
7LSS'LHVH7DVWHJLOW1,&+7IUGLH3URJUDPPH7HLJXQG0DUPHODGH
/DLE
'UFNHQ6LHGLHVH7DVWHXPGLH/DLEJU|HGHV%URWHV
DXV]XZlKOHQ
%LWWHEHDFKWHQ6LHGDVVGLH*HVDPWEHWULHEV]HLWMHQDFK/DLEJU|HQ
YDULLHUHQNDQQ
7LSS'LHVH7DVWHJLOW1,&+7IUGLH3URJUDPPH6FKQHOO7HLJ
0DUPHODGH.XFKHQXQG%DFNHQ
'*!
:LUGYHUZHQGHWXPGLH=HLW]XHUK|KHQRGHU]XYHUULQJHUQ
'LHV]HLJWGDVJHZlKOWH
3URJUDPPDQ
'LH%HWULHEV]HLWIUMHGHV
3URJUDPP
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
'
6WDUW6WRSS
① 8PHLQ3URJUDPP]XVWDUWHQGUFNHQ6LHHLQPDOGLH
67$57672337DVWH(LQNXU]HU3LHSWRQLVW]XK|UHQXQGGLH
EHLGHQ3XQNWHLP/&'EHJLQQHQ]XEOLQNHQGDV$UEHLWVOLFKW
OHXFKWHWDXIXQGGDV3URJUDPPVWDUWHW1DFK%HJLQQHLQHV
3URJUDPPVLVWMHGHDQGHUH7DVWHGHDNWLYLHUWDXHUGHU
67$57672337DVWH'LHVH)XQNWLRQKLOIWXQEHDEVLFKWLJWH
8QWHUEUHFKXQJHQGHV3URJUDPPEHWULHEV]XYHUKLQGHUQ(
② 8PGDV3URJUDPP]XVWRSSHQHQWVSHUUHQRGHUGLH0DVFKLQH
]XUFN]XVHW]HQ GUFNHQ 6LH GLH 67$57672337DVWH HWZD
6HNXQGHQODQJ'DQQZLUGHLQ3LHSWRQ]XK|UHQVHLQ
7LSS:HQQ7DVWHQYHUVDJHQN|QQHQ6LHGLH0DVFKLQH]XUFNVHW]HQ
:HQQGHU5HVHWHEHQIDOOVIHKOVFKOlJWNRQWDNWLHUHQ6LHXQVELWWHIUGHQ
.XQGHQGLHQVW
③ 8PGDV3URJUDPP]XSDXVLHUHQGUFNHQ6LHGLH67$57
672337DVWHHLQPDOXPMHGHU]HLW]XXQWHUEUHFKHQ'LH
(LQVWHOOXQJZLUGJHVSHLFKHUWXQGGLH$UEHLWV]HLWZLUGDXIGHP
/&'EOLQNHQGDQJH]HLJW
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
)
$&+781*925*(%5$8&+
)81.7,21(181'%(75,(%
%LWWHEHUSUIHQ6LHREDOOH7HLOHXQG=XEHK|UWHLOH
YROOVWlQGLJXQGXQEHVFKlGLJWVLQG
5HLQLJHQ6LHDOOH7HLOHJHPlGHPVSlWHUHQ
$EVFKQLWWÄ5(,1,*81*81':$5781*³
6FKOLHHQ6LHGLH6WURPYHUVRUJXQJNRUUHNWDQ
hEHUSUIHQ6LHREGLH6SDQQXQJGHU6WHFNGRVHPLW
GHUDXIGHP7\SHQVFKLOGDQJHJHEHQHQ6SDQQXQJ
EHUHLQVWLPPW'LH1HQQVSDQQXQJEHWUlJW
99
:HQQGLH6WURPYHUVRUJXQJDQJHVFKORVVHQLVW
HUW|QWHLQ3LHSWRQXQGNXU]GDUDXIHUVFKHLQWij
LP'LVSOD\'LH3XQNWH]ZLVFKHQijXQGij
EOLQNHQMHGRFKQLFKWVWlQGLJ'HU3IHLO]HLJWDXIJ
XQG0,77(/(VLVWGLH6WDQGDUGHLQVWHOOXQJ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
*
7LSSV
D 1DFKGHPGLH6WURPYHUVRUJXQJKHUJHVWHOOWLVWEHILQGHWVLFKGLH0DVFKLQH
LP6WDQGE\0RGXVXQGHVLVWQLFKWQRWZHQGLJGLH67$5767237DVWH]X
GUFNHQXPVLHHLQ]XVFKDOWHQ'UFNHQ6LHGLH67$5767237DVWHHUVW
QDFKGHPDOOH(LQVWHOOXQJHQDXVJHZlKOWZXUGHQ
E :HQQGLH0DVFKLQHQDFKGHP$QVFKOLHHQGHV6WURPV1,&+7LQGHU
6WDQGDUGHLQVWHOOXQJLVWRGHUHLQIDOVFKHV3URJUDPPHLQHIDOVFKH(LQVWHOOXQJ
JHZlKOWZXUGHXQGGLH0DVFKLQHEHUHLWV]XDUEHLWHQEHJRQQHQKDWGUFNHQ
6LHGLH67$5767237DVWH6HNXQGHQODQJXPGLH0DVFKLQH
]XUFN]XVHW]HQ'DQDFKN|QQHQ6LHHLQQHXHV3URJUDPPZlKOHQ
0HVVXQJXQG5HLKHQIROJHGHU=XWDWHQ
ʎ )OVVLJH=XWDWHQ:DVVHUIULVFKH0LOFK
0LOFKSXOYHUO|VXQJXVZ%HREDFKWHQ6LHGHQ)OOVWDQG
GHV0HVVEHFKHUVKRUL]RQWDOPLW,KUHQ$XJHQ
7LSSV
D :HQQ6LH6SHLVH|ORGHUDQGHUH=XWDWHQPHVVHQVWHOOHQ6LHVLFKHU
GDVVGHU0HVVEHFKHUJUQGOLFKJHUHLQLJWXQGIUHLYRQ5FNVWlQGHQLVW
E :HQQ6LH(LHUDOV=XWDWKLQ]XIJHQPVVHQPLVFKHQ6LHVLHYRU
GHP$EOHVHQGHU6NDODLQ)OVVLJNHLWHLQ
F :HQQ6LHNOHLQH0HQJHQDQIOVVLJHQ=XWDWHQPHVVHQ
YHUZHQGHQ6LHHLQHQ0HVVO|IIHOXQGJOlWWHQ6LHGLH2EHUIOlFKH
ZHQQGLH)OVVLJNHLWOHLFKWNOHEULJLVW
ʏ 7URFNHQH =XWDWHQ 0HKO 0LOFKSXOYHU XVZ 6FKWWHOQ 6LH
GHQ%HFKHUOHLFKWXPGLH2EHUIOlFKHGHV3XOYHUV]XJOlWWHQ
XQGOHVHQ6LHGDQQGLHNRUUHNWH6NDODKRUL]RQWDODE
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!+
7LSSV
D 6FKWWHOQ6LHGHQ%HFKHUQLFKWODQJHRGHUVFKDUIVRQVWN|QQWHGDV
3XOYHUDXIHLQHQLHGULJHUHDOVGLHDQJHIRUGHUWH0HQJHDEVLQNHQ
E 8PNOHLQH0HQJHQDQWURFNHQHQ=XWDWHQJHQDX]XPHVVHQ
YHUZHQGHQ6LHHLQHQ0HVVO|IIHOXQGVWHOOHQ6LHVLFKHUGDVVGLH
2EHUIOlFKHHEHQLVW
F (LQ%HFKHU0HKOZLHJWXQJHIlKUJ
ʐ ,QGHU5HJHOVROOWHQIOVVLJH=XWDWHQZLH:DVVHU]XHUVW
KLQ]XJHIJWZHUGHQJHIROJWYRQ=XFNHU6DO]XQG0HKO+HIH
RGHU%DFNSXOYHUZLUGEOLFKHUZHLVHDOVOHW]WH=XWDWKLQ]XJHIJW
7LSSV
D 'LH)OVVLJNHLWVROOWHGDV0HKOQLFKWYROOVWlQGLJHLQZHLFKHQ
7LSSV
D 'LH)OVVLJNHLWVROOWHGDV0HKOQLFKWYROOVWlQGLJHLQZHLFKHQ
E 'LH+HIHVROOWHQXUDXIWURFNHQHP0HKOSODW]LHUWZHUGHQ0DFKHQ6LH
PLW ,KUHP )LQJHU HLQH NOHLQH 9HUWLHIXQJ LQ GHU 0LWWH GHV 0HKOV *HEHQ
6LHGLH+HIHLQGLH9HUWLHIXQJXQGDFKWHQ6LHGDUDXIGDVVVLHQLFKWLQ
GLUHNWHQ.RQWDNWPLWGHQIOVVLJHQ=XWDWHQRGHUGHP6DO]NRPPW
F :HQQ6LHGLH9HU]|JHUXQJVIXQNWLRQIUHLQHQOlQJHUHQ=HLWUDXP
YHUZHQGHQYHUPHLGHQ6LHHVOHLFKWYHUGHUEOLFKH=XWDWHQZLH(LHU
IULVFKH0LOFKRGHU)UFKWHKLQ]X]XIJHQ
+HIHRGHU6RGD
7URFNHQH=XWDWHQ
:DVVHURGHU)OVVLJNHLW
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!!
ʑ 9RUGHP%HWULHEOHJHQ6LHGLH7URFNHQIUFKWH1VVHLQ
GHQ=XWDWHQEHKlOWHUGDQQZHUGHQVLHEHLP%URWEDFNHQ
DXWRPDWLVFKGHP%URWKLQ]XJHIJW
8PJHEXQJ
'LHHPSIRKOHQH5DXPWHPSHUDWXUOLHJW]ZLVFKHQ℃
XQG℃
'DPSI
:lKUHQGGHV%DFNHQVNDQQ'DPSIGXUFKGLH
/IWXQJVVFKOLW]HHQWZHLFKHQ'LHVLVWQRUPDO
*HUlXVFK
:HQQGLH0DVFKLQHQRUPDOIXQNWLRQLHUWPDFKWVLHHLQ
EHVWLPPWHV*HUlXVFK:HQQGDV*HUlXVFKODXWHUDOV
QRUPDOLVWJHKHQ6LHELWWH]XP$EVFKQLWW
)(+/(568&+(XQGILQGHQ6LHHLQH/|VXQJ
)81.7,21(181'%(75,(%
%(75,(%6$1/(,781*
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
7LSSV
D 1DFKGHPGLH,QVWDOODWLRQDEJHVFKORVVHQLVWEHUSUIHQ6LHELWWH
VRUJIlOWLJREVLHHUIROJUHLFKZDUGKREHVNHLQH/FNH]ZLVFKHQGHP
=XWDWHQEHKlOWHUXQGGHU0DVFKLQHJLEW
,QVWDOOLHUHQ6LHGHQ=XWDWHQEHKlOWHUGHU
7URFNHQIUFKWH1VVHDXWRPDWLVFK]XIKUHQNDQQ
6R PRQWLHUHQ 6LH +DOWHQ 6LH GHQ =XWDWHQEHKlOWHU PLW HLQHU
+DQG EHZHJHQ 6LH GHQ VFKZDU]HQ 6FKDOWHU PLW GHU DQGHUHQ
+DQG QDFK DXHQ XQG GUFNHQ6LH GHQ %HKlOWHU QDFK XQWHQ
1DFKGHU,QVWDOODWLRQODVVHQ6LHGLH+lQGHORV
6RGHPRQWLHUHQ6LH+DOWHQ6LHGHQ=XWDWHQEHKlOWHUPLWHLQHU
+DQGEHZHJHQ6LHGHQVFKZDU]HQ6FKDOWHUPLWGHUDQGHUHQ
+DQGQDFKDXHQXQGKHEHQ6LHGDQQGHQ%HKlOWHUKRFK
/DVVHQ6LHDEVFKOLHHQG,KUH+lQGHORV
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!#
0HVVHQ6LHGLH=XWDWHQDEXQGJHEHQ6LHVLHLQGLH%URWIRUP
7LSSV
D %LWWHOHVHQ6LHGHQ$EVFKQLWWÄ0HVVXQJXQG5HLKHQIROJHGHU=XWDWHQ³
LQ$&+781*925*(%5$8&+VRUJIlOWLJGXUFK(LQ*XPPLVSDWHOLVW
XQHUOlVVOLFKXP.OXPSHQELOGXQJ]XYHUPHLGHQ
E 'LHPD[LPDOH0HQJHDQ0HKOXQG+HIHEHWUlJWMHZHLOVJXQGJ
E 8QDEKlQJLJGDYRQREGHU=XWDWHQEHKlOWHUYHUZHQGHWZLUGPXVVHU
LQVWDOOLHUWVHLQ
F 'LH0DVFKLQHZLUG=XWDWHQDXWRPDWLVFK]XIKUHQ%HLP=XIKUHQVXPPW
GLH0DVFKLQHHWZD6HNXQGHQODQJ'DVLVWQRUPDO
6HW]HQ6LHGDV.QHWSDGGHOHUIROJUHLFK
DXIGLH$QWULHEVZHOOH
7LSSV
D (VZLUGHPSIRKOHQGDV/RFKYRUGHP(LQVHW]HQGHU.QHWHUPLW
KLW]HEHVWlQGLJHU0DUJDULQH]XIOOHQZDVYHUKLQGHUWGDVVGHU7HLJ
GDUXQWHUNOHEHQEOHLEWXQGGLH.QHWHUOHLFKWDXVGHP%URWHQWIHUQWZHUGHQ
N|QQHQ
E %LWWHEHUSUIHQ6LHREGDV.QHWSDGGHOHUIROJUHLFKLQVWDOOLHUWZXUGH
6REHVWlWLJHQ6LH :HQQGLH,QVWDOODWLRQHUIROJUHLFKLVW
LVW GLH 9HUELQGXQJ ]ZLVFKHQ GHP .QHWSDGGHO XQG GHU
%DVLV IODFK RKQH 9RUVSUXQJ XQG GDV .QHWSDGGHO ZLUG
QLFKW]XIlOOLJZDFNHOQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!$
6HW]HQ6LHGLH%URWIRUPHLQXQGGUHKHQ6LHVLHLP
8KU]HLJHUVLQQELVVLHHLQUDVWHW
(LQ.OLFNJHUlXVFKZLUGJHK|UW
6FKOLHHQ6LHGHQ'HFNHOVDQIWXQGVWHFNHQ6LH
GDV6WURPNDEHOLQHLQH6WHFNGRVH
7LSSV
D'LH1HQQVSDQQXQJEHWUlJW99%LWWHYRU*HEUDXFK
EHUSUIHQ
E 1DFKGHPGLH6WURPYHUVRUJXQJKHUJHVWHOOWLVWEHILQGHWVLFKGLH0DVFKLQH
LP6WDQGE\0RGXVXQGHVLVWQLFKWQRWZHQGLJGLH67$5767237DVWH]X
GUFNHQXPVLHHLQ]XVFKDOWHQ'UFNHQ6LHGLH67$5767237DVWHELV
DOOH(LQVWHOOXQJHQDXVJHZlKOWVLQG
F :HQQGLH0DVFKLQHQDFKGHP$QVFKOLHHQGHV6WURPVQLFKWLQGHU
6WDQGDUGHLQVWHOOXQJLVWGUFNHQ6LHGLH67$5767237DVWH6HNXQGHQ
ODQJXPVLH]XUFN]XVHW]HQ'DQDFKN|QQHQ6LHHLQQHXHV3URJUDPP
ZlKOHQ:HQQGHU5HVHWIHKOVFKOlJWNRQWDNWLHUHQ6LHXQVELWWHIUGHQ
.XQGHQGLHQVW
'UFNHQ6LHGLH0(1h7DVWHELV,KUJHZQVFKWHV
3URJUDPPDXVJHZlKOWLVW
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!%
'UFNHQ6LHGLH/2$)7DVWHXPGLHJHZQVFKWH
*U|HJRGHUJDXV]XZlKOHQ
'UFNHQ6LHGLH&2/257DVWHXPGLHJHZQVFKWH
.UXVWHQIDUEHDXV]XZlKOHQ
7LSS'LHYRUJHVFKODJHQH7DVWHQUHLKHQIROJHLVW0(1h/2$)XQG
&2/25GDYHUVFKLHGHQH3URJUDPPHXQG/DLEJU|HQ
XQWHUVFKLHGOLFKHQ%DFN]HLWHQHQWVSUHFKHQ
6WHOOHQ6LHGLH9HU]|JHUXQJV]HLWHLQLQGHP6LH
GLH7DVWHGUFNHQ
7LSSV
D 'LHVHU6FKULWWNDQQEHUVSUXQJHQZHUGHQZHQQ6LHP|FKWHQGDVV
GHU%URWEDFNDXWRPDWVRIRUWPLWGHU$UEHLWEHJLQQW
E )UGLH%DFNIXQNWLRQNDQQGLHVH7DVWHGLH%DFN]HLWIUHLZlKOHQ
ELV0LQXWHQ
'UFNHQ6LHGLH67$5767237DVWHXPGLH
0DVFKLQH]XVWDUWHQ
7LSSV
D %LWWHVWHOOHQ6LHVLFKHUGDVVYRUGHP'UFNHQGHU67$576723
7DVWHDOOH(LQVWHOOXQJHQ0(1h&2/25/2$)NRUUHNWVLQG
E :HQQGDVIDOVFKH3URJUDPPRGHUGLHIDOVFKH(LQVWHOOXQJJHZlKOW
ZXUGHXQGGLH0DVFKLQHVWDUWHWGUFNHQ6LHGLH67$5767237DVWH
HUQHXWIU6HNXQGHQ1DFKGHP6LHHLQHQ3LHSWRQJHK|UWKDEHQ
N|QQHQ6LHDQGHUH7DVWHQGUFNHQXPGDVULFKWLJH3URJUDPPHUQHXW
DXV]XZlKOHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!&
1DFKGHPGHU3UR]HVVDEJHVFKORVVHQLVWK|UHQ
6LH3LHSW|QH6LHN|QQHQGLH67$5767237DVWH
HWZD6HNXQGHQODQJGUFNHQXPGLH0DVFKLQH
DQ]XKDOWHQRGHUVLHKlOWGDV%URW6WXQGHZDUP
7LSSV
D 'LH0DVFKLQHKlOWGDV%URWQDFKGHP%DFNHQ6WXQGHZDUP
:HQQ6LHEHUHLWVLQGGDV%URWDXVGHU)RUP]XQHKPHQGUFNHQ6LH
GLH67$5767237DVWH6HNXQGHQODQJXPGLHVHV3URJUDPP]X
EHHQGHQ
E %LWWHZDUWHQ6LHELVGDVYRUKHULJH3URJUDPPEHHQGHWLVWEHYRU6LH
HLQQHXHV3URJUDPPVWDUWHQGD GLH 7HPSHUDWXU VHKUKRFK LVWXQGGDV
QHXH%URWEDFNSURJUDPPEHHLQWUlFKWLJHQNDQQ
F (LQLJH3URJUDPPHJHKHQQDFKGHP.QHWHQLQHLQHQ
)HUPHQWDWLRQV]XVWDQGEHURKQHGDVVHLQ*HUlXVFK]XK|UHQLVW'DV
LVWQRUPDO%LWWHGUFNHQ6LHQLFKWGLH67$5767237DVWHRGHUVFKDOWHQ
6LHGLH6WURPYHUVRUJXQJDXV
%HLGHQ3URJUDPPHQ%DVLF)UHQFK:KROH:KHDW
4XLFN6ZHHW8OWUD)DVW&DNHXQG6DQGZLFKVXPPW
GLH0DVFKLQHZlKUHQGGHVDXWRPDWLVFKHQ
=XWDWHQ]XIKUXQJVSUR]HVVHVHWZD6HNXQGHQODQJ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!'
gIIQHQ6LHGHQ'HFNHO'UHKHQ6LHGLH)RUPJHJHQ
GHQ8KU]HLJHUVLQQXQG]LHKHQ6LHGLH%URWIRUPJHUDGH
QDFKREHQXQGKHUDXVDXVGHU0DVFKLQH
7LSS2IHQKDQGVFKXKHVLQGEHLGLHVHP6FKULWWLPPHUHUIRUGHUOLFK
+DOWHQ6LHGHQ*ULIIGHU%URWIRUPIHVWZlKUHQG6LHVLH
KHUDXV]LHKHQ
9HUZHQGHQ6LHHLQQLFKWNOHEHQGHV:HUN]HXJ
XPGLH6HLWHQGHV%URWHVYRUVLFKWLJYRQGHU)RUP]X
O|VHQ
7LSS'LH%URWIRUPXQGGDV%URWN|QQHQVHKUKHLVHLQ*HKHQ6LH
LPPHUYRUVLFKWLJYRUXQGYHUZHQGHQ6LH2IHQKDQGVFKXKH
'UHKHQ 6LH GLH %URWIRUP DXI HLQH VDXEHUH
.RFKIOlFKH XP XQG VFKWWHOQ 6LH VLH VDQIW ELV GDV
%URWDXIGHQ5RVWIlOOW
/DVVHQ6LHGDV%URWVDQIWDXVGHU%URWIRUPIDOOHQ
XQGNKOHQ6LHHVDXI5DXPWHPSHUDWXUDEEHYRU6LH
HVVFKQHLGHQ
7LSS%HYRU6LHGDV%URWVFKQHLGHQYHUZHQGHQ6LHGHQ+DNHQXPGDV
.QHWSDGGHO ]X HQWIHUQHQ GDV VLFK XQWHQ YHUELUJW 'DV %URW LVW KHL
%LWWH YHUZHQGHQ 6LH LPPHU 2IHQKDQGVFKXKH XP GDV .QHWSDGGHO ]X
HQWIHUQHQ
$XIHLQHJHHLJQHWH7HPSHUDWXUDENKOHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!)
$ 6HW]HQ6LHGHQ+DNHQLQGLH$FKVHGHV.QHWSDGGHOVHLQ
% =LHKHQ6LHYRUVLFKWLJDP.QHWSDGGHOXQGODVVHQ6LHHVGDQQORV
63(=,$/)81.7,21(1
)81.7,21(181'%(75,(%
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!*
6SHLFKHUIXQNWLRQ
:HQQGLH6WURPYHUVRUJXQJZlKUHQGGHV%URWEDFNHQV
XQWHUEURFKHQZLUGVHW]WGHU3UR]HVVDXWRPDWLVFKLQQHUKDOE
YRQ0LQXWHQIRUWDXFKRKQHGDVVGLH67$5767237DVWH
JHGUFNWZLUGhEHUVWHLJWGLH8QWHUEUHFKXQJV]HLW0LQXWHQ
NDQQGDV6SHLFKHUSURJUDPPQLFKWJHKDOWHQZHUGHQXQGGLH
%URWPDVFKLQHPXVVQHXJHVWDUWHWZHUGHQ
7LSS
:HQQ6LHGLH6SHLFKHUIXQNWLRQEHHQGHQP|FKWHQVWRSSHQ6LHGLH0DVFKLQH
ELWWHQLFKWGXUFK$XVVFKDOWHQGHU6WURPYHUVRUJXQJ'UFNHQ6LHHLQIDFK
HUQHXWIU6HNXQGHQGLHÄ67$576723³7DVWH1DFKGHPHLQ3LHSWRQ
]XK|UHQLVWN|QQHQ6LHDQGHUH7DVWHQGUFNHQXPGDVJHZQVFKWH
3URJUDPPQHXDXV]XZlKOHQ
9HU]|JHUXQJVIXQNWLRQ
9RUGHP6WDUWPVVHQ6LHGDV3URJUDPPGHQ
%UlXQXQJVJUDGXQGGLH7HLJJU|HDXVZlKOHQGDQQ
GUFNHQ6LHXPGLH9HU]|JHUXQJV]HLWLQ0LQXWHQ
6FKULWWHQ]XHUK|KHQRGHU]XYHUULQJHUQ'LHPD[LPDOH
9HU]|JHUXQJV]HLWEHWUlJW6WXQGHQ
7LSSV
D 'LH*HVDPWGDXHUHLQHV3URJUDPPVXPIDVVWGLH%DFN]HLWXQGGLH
9HU]|JHUXQJV]HLWGDVKHLWGLHYRQ,KQHQHLQJHVWHOOWH'DXHUHQWVSULFKW
GHU9HU]|JHUXQJV]HLWSOXVGHU%DFN]HLW
E 'LHVH7DVWHLVW1,&+7DQZHQGEDUIUGLH3URJUDPPH8OWUD)DVW
0DUPHODGHXQG%DFNHQ
F 9HUZHQGHQ6LHNHLQHOHLFKWYHUGHUEOLFKHQ=XWDWHQZLH(LHU
IULVFKH0LOFK)UFKWHXVZ
=HLWDXIGHP
%LOGVFKLUP
DQJH]HLJW
9HU]|JHUXQJV]HLW %DFNHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"+
F (LQ.RFKWKHUPRPHWHULVWHQWVFKHLGHQGIUGLH0HVVXQJGHU7HPSHUDWXU
G 'DV%URWLVWHWZDVGLFKWHULQGHU7H[WXU
6FKQHOOSURJUDPP
)UGDV6FKQHOOSURJUDPPNDQQHLQJ7HLJLQK
0LQXWHQJHEDFNHQZHUGHQ
)UGDV8OWUD)DVW3URJUDPPNDQQHLQJ7HLJLQ
0LQXWHQXQGHLQJ7HLJLQK0LQXWHQJHEDFNHQ
ZHUGHQ
7LSSV
D +HLHV:DVVHUVROOWH]ZLVFKHQ&XQG&OLHJHQZHQQHVDOV
IOVVLJH=XWDWYHUZHQGHWZLUG
E )JHQ6LH=XWDWHQLQGHU5HLKHQIROJHKLQ]XGLHLP5H]HSWHUZlKQW
ZLUGhEOLFKHUZHLVHVROOWHQ:DVVHURGHUIOVVLJH6XEVWDQ]HQ]XHUVW
KLQ]XJHIJWZHUGHQJHIROJWYRQ=XFNHU6DO]XQG0HKO+HIHRGHU
%DFNSXOYHUVROOWHLPPHUDOVOHW]WH=XWDWKLQ]XJHIJWZHUGHQ
/HYDGXUDRELFDUERQDWR
,QJUHGLHQWHVVHFRV
$JXDROtTXLGR
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"!
5(,1,*81*81':$5781*
)81.7,21(181'%(75,(%
7UHQQHQ6LHGLH0DVFKLQHYRP6WURPXQG
ODVVHQ6LHVLHDENKOHQEHYRU6LHPLWGHU
5HLQLJXQJEHJLQQHQ
%URWIRUP,QQHQXQGDXHQPLWHLQHPIHXFKWHQ
7XFKDEUHLEHQ
7LSSV
D 9HUZHQGHQ6LHNHLQHVFKDUIHQRGHUDEUDVLYHQ5HLQLJXQJVPLWWHOXPGLH
$QWLKDIWEHVFKLFKWXQJ]XVFKW]HQ
E 6WHOOHQ6LHVLFKHUGDVVGLH)RUPYROOVWlQGLJJHWURFNQHWLVWEHYRU
VLHZLHGHUHLQJHVHW]WXQGZHLWHUYHUZHQGHWZLUG
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
""
F 'LH%URWIRUPLVWVSOPDVFKLQHQJHHLJQHW
.QHWSDGGHO:HQQGDV.QHWSDGGHOVFKZHUYRQ
GHU$FKVH]XHQWIHUQHQLVWN|QQHQ6LH
D GHQ%HKlOWHUPLWZDUPHP:DVVHUIOOHQXQGHWZD
0LQXWHQHLQZHLFKHQODVVHQ
E GDV3DGGHOYRUVLFKWLJPLWHLQHPIHXFKWHQ
%DXPZROOWXFKDEZLVFKHQ
7LSS'LH.QHWSDGGHOVLQGVSOPDVFKLQHQJHHLJQHW
'HFNHOXQG)HQVWHU5HLQLJHQ6LHGLH,QQHQXQG
$XHQVHLWHGHV'HFNHOVPLWHLQHPOHLFKWIHXFKWHQ7XFK
7LSSV
D :LUHPSIHKOHQGHQ'HFNHOPLWHLQHPIHXFKWHQ7XFKDE]XZLVFKHQ
DQVWDWWLKQ]X]HUOHJHQ)DOOVQRWZHQGLJN|QQHQ6LHGLHIROJHQGHQ
6FKULWWH]XU'HPRQWDJHEHIROJHQ
'HPRQWDJHgIIQHQ6LHGHQ'HFNHOEULQJHQ6LHGLH0DVFKLQHLQHLQHQ
:LQNHOHWZD*UDGXQG]LHKHQ6LHLKQVFKUlJQDFKREHQ
0LQXWHQHLQZHLFKHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"#
0RQWDJH5LFKWHQ6LHGHQ'HFNHOLQHLQHP:LQNHOHWZD
*UDGDQGHU6FKQDOOHGHU0DVFKLQHDXVXQGGUFNHQ6LHLKQ
VFKUlJQDFKXQWHQ
E 1DFKGHU5HLQLJXQJVWHOOHQ6LHELWWHVLFKHUGDVVGDV:DVVHU
YROOVWlQGLJDQGHU/XIWJHWURFNQHWLVWEHYRU6LHPLWGHU0RQWDJHXQG
1XW]XQJIRUWIDKUHQ
*HKlXVH:LVFKHQ6LHGLH$XHQVHLWHGHV
*HKlXVHVYRUVLFKWLJPLWHLQHPIHXFKWHQ7XFKDE
7LSSV
D 9HUZHQGHQ6LHNHLQHDEUDVLYHQ5HLQLJXQJVPLWWHOGDGLHVHGHQ
+RFKJODQ]GHU2EHUIOlFKHEHHLQWUlFKWLJHQZUGHQ
E 7DXFKHQ6LHGDV*HKlXVHQLHPDOV]XP5HLQLJHQLQ:DVVHU
F 8QWHU QRUPDOHQ 8PVWlQGHQ VROOWHQ VLFK NHLQH /HEHQVPLWWHOUHVWH DQ
GHU ,QQHQZDQG GHV *HKlXVHV RGHU DP +HL]URKU EHILQGHQ )DOOV GRFK
/HEHQVPLWWHOUHVWH JHIXQGHQ ZHUGHQ P|JOLFKHUZHLVH DXIJUXQG YRQ
*lUXQJVSUREOHPHQGLH]XHLQHPhEHUODXIHQGHV7HLJVIKUHQZLVFKHQ
6LHGLHVHPLWHLQHPIHXFKWHQ7XFKDEXQGWURFNQHQ6LHVLHQDFKGHPGLH
0DVFKLQHYROOVWlQGLJDEJHNKOWLVW
%HYRUGHU%URWEDFNDXWRPDW]XU/DJHUXQJ
ZHJJHSDFNWZLUGVWHOOHQ6LHVLFKHUGDVV
D HUYROOVWlQGLJDEJHNKOWLVW
E HUVDXEHUXQGWURFNHQLVW
F GHU/|IIHOXQGGDV.QHWSDGGHOLQGHU6FKXEODGH
YHUVWDXWVLQGXQGGHU'HFNHOJHVFKORVVHQLVW
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"$
:$51$1=(,*(
%(75,(%667g581*(1/g681*(1
%$&.7,336
)(+/(568&+(
:$51$1=(,*(
)(+/(568&+(
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"%
'DV'LVSOD\]HLJWÄ+++³EHJOHLWHWYRQ3LHSW|QHQ
QDFKGHP6WDUWGHV3URJUDPPVDQ
*UXQG
'LH,QQHQWHPSHUDWXULVWQRFK]XKRFK
/|VXQJ
'UFNHQ6LHGLH67$5767237DVWH|IIQHQ6LHGHQ'HFNHO
XQGODVVHQ6LHGLH0DVFKLQHELV0LQXWHQDENKOHQ
'DV'LVSOD\]HLJWÄ///³EHJOHLWHWYRQ3LHSW|QHQ
QDFK GHP 'UFNHQ GHU 67$5767237DVWH DQ DXHU
EHLP3URJUDPP%$.(
*UXQG
'LH,QQHQWHPSHUDWXULVW]XQLHGULJ
/|VXQJ
6WRSSHQ6LHGLH0DVFKLQHGXUFK'UFNHQGHU67$57
67237DVWH|IIQHQ6LHGHQ'HFNHOXQGODVVHQ6LHGHQ
%URWEDFNDXWRPDWHQELV0LQXWHQEHL
5DXPWHPSHUDWXUVWHKHQEHYRU6LHLKQEHQXW]HQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"&
'DV'LVSOD\]HLJWÄ((³DQQDFKGHP6LHGLH
67$5767237DVWHJHGUFNWKDEHQ
*UXQG
'HU7HPSHUDWXUVHQVRULVWQLFKWDQJHVFKORVVHQ
/|VXQJ
%LWWHEHUSUIHQ6LHGHQ6HQVRUVRUJIlOWLJPLW
HLQHPDXWRULVLHUWHQ)DFKPDQQ
%(75,(%667g581*(1
/g681*(1
)(+/(568&+(
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"'
5DXFKWULWWDXVGHP%DFNIDFKRGHUGHQ
/IWXQJVVFKOLW]HQDXV
*UXQG
'LH=XWDWHQNOHEHQDP%DFNIDFKRGHUDXHUKDOEGHU
%DFNIRUP
/|VXQJ
=LHKHQ6LHGHQ6WHFNHUGHV*HUlWHVXQGUHLQLJHQ6LHGLH
%DFNIRUPXQGGDV%DFNIDFK
'DV%URWVLQNWLQGHU0LWWHHLQXQGLVWDP%RGHQ
IHXFKW
*UXQG
'DV%URWEOHLEW]XODQJHQDFKGHP%DFNHQXQG
:DUPKDOWHQLQGHU)RUP
/|VXQJ
1HKPHQ6LHGDV%URWYRUGHP(QGHGHU
:DUPKDOWHIXQNWLRQDXVGHU%URWIRUP
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
")
(VLVWQLFKWHLQIDFKGDV%URWDXVGHU%DFNIRUP
]XQHKPHQ
*UXQG
'HU%RGHQGHV/DLEHVNOHEWDP.QHWSDGGHO
/|VXQJ
5HLQLJHQ6LHGDV.QHWSDGGHOXQGGLH$FKVHQQDFK
GHQ%DFNSURJUDPPHQ
7LSS%HL%HGDUIN|QQHQ6LHGLH%DFNIRUP0LQXWHQPLWZDUPHP
:DVVHUIOOHQ'LHVHUOHLFKWHUWGDV(QWIHUQHQXQG5HLQLJHQGHV
.QHWSDGGHOV
0HKODEODJHUXQJHQDXIGHU%URWNUXVWH
*UXQG
'DV0HKOZLUGZlKUHQGGHV.QHWHQVDQGHQ6HLWHQ
QLFKWJXWHLQJHDUEHLWHW
/|VXQJ
hEHUSUIHQ6LHREGDV.QHWSDGGHONRUUHNWLQVWDOOLHUW
LVW
7LSS :HQQ GLH ,QVWDOODWLRQ HUIROJUHLFK LVW VROOWH GLH 9HUELQGXQJ
]ZLVFKHQ GHP .QHWSDGGHO XQG GHU %DVLV IODFK VHLQ RKQH MHGH
$XVEXFKWXQJXQGGDV.QHWSDGGHOVROOWHVLFKQLFKWORFNHUEHZHJHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
"*
'LH=XWDWHQVLQGQLFKWJHPLVFKWRGHUGDV%URW
LVWQLFKWULFKWLJJHEDFNHQ
*UXQG
① )DOVFKH3URJUDPPHLQVWHOOXQJ
/|VXQJ
hEHUSUIHQ6LHGDVDXVJHZlKOWH0HQXQGDQGHUH
(LQVWHOOXQJHQ
② 'LH67$5767237DVWHZLUGEHUKUWZlKUHQGGLH
0DVFKLQHOlXIW
/|VXQJ
9HUZHQGHQ6LHQLFKWGLHXUVSUQJOLFKHQ=XWDWHQXQG
EHJLQQHQ6LHHUQHXW6REDOGGLH0DVFKLQHLQ%HWULHELVW
YHUPHLGHQ6LHHVELWWHGLH67$5767237DVWHHUQHXW
]XGUFNHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#+
③ 'HU'HFNHOZLUGPHKUPDOVJH|IIQHWZlKUHQGGLH
0DVFKLQHLQ%HWULHELVW
/|VXQJ
gIIQHQ6LHGHQ'HFNHOQXUEHL%HGDUI]XP%HLVSLHOZHQQ
=XWDWHQKLQ]XJHIJWZHUGHQPVVHQQLFKWKlXILJ
④ (LQOlQJHUHU6WURPDXVIDOOWULWWDXIZlKUHQGGLH
0DVFKLQHLQ%HWULHELVW
/|VXQJ
9HUZHQGHQ6LHQLFKWGLHXUVSUQJOLFKHQ=XWDWHQXQG
VWDUWHQ6LHHUQHXW
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#!
ʒ
'LH5RWDWLRQGHV.QHWSDGGHOVLVWEORFNLHUW
/|VXQJ
D 6WHOOHQ6LHVLFKHUGDVVGDV.QHWSDGGHOQLFKWGXUFK
.|UQHUEORFNLHUWZLUG=LHKHQ6LHGLH%DFNIRUPKHUDXV
XQGSUIHQ6LHREVLFKGLH$QWULHEHGUHKHQ
E :HQQGLHVQLFKWGHU)DOOLVWVHQGHQ6LHGDV*HUlW
]XP.XQGHQGLHQVW
(VNQHWHWGHQ7HLJQLFKWULFKWLJXQGPDFKW
*HUlXVFKH
*UXQG
'LH%URWIRUPXQGGDV.QHWSDGGHOVLQGQLFKWNRUUHNW
LQVWDOOLHUW
/|VXQJ
%LWWHLQVWDOOLHUHQ6LHVLHJHPlGHP7HLO
Ä%(75,(%6$1/(,781*³
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#"
② (VOLHJWHLQ3UREOHPPLWGHU7DVWHYRU
/|VXQJ
%LWWHNRQWDNWLHUHQ6LHXQVZHQQGLH7DVWHQQDFK
%HIROJHQGHU6HTXHQ]QLFKWIXQNWLRQLHUHQ
'LHJHZQVFKWH(LQVWHOOXQJNDQQQLFKWDXVJHZlKOW
ZHUGHQRGHUGLH7DVWHIXQNWLRQLHUWQLFKW
*UXQG
① )DOVFKH5HLKHQIROJHEHLP'UFNHQGHU7DVWHQ
/|VXQJ
D 6WHOOHQ6LHVLFKHUGDVVDOOHJHZQVFKWHQ(LQVWHOOXQJHQ
0(1h)$5%(/2$)NRUUHNWVLQGEHYRU6LHGLH67$57
67237DVWHGUFNHQ'LHYRUJHVFKODJHQH7DVWHQUHLKHQIROJHLVW
0(1h/2$))$5%(67$576723
E :HQQHLQIDOVFKHV3URJUDPPHLQHIDOVFKH(LQVWHOOXQJJHZlKOW
ZXUGHXQGGLH0DVFKLQH]XDUEHLWHQEHJLQQWGUFNHQ6LHGLH
67$5767237DVWHHUQHXWIU6HNXQGHQ1DFKGHP6LH
HLQHQ3LHSWRQJHK|UWKDEHQN|QQHQ6LHDQGHUH7DVWHQGUFNHQ
XPGDVULFKWLJH3URJUDPPHUQHXWDXV]XZlKOHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
##
ʏ
(VOLHJWHLQ3UREOHPPLWGHU7DVWHYRU
/|VXQJ
%LWWHNRQWDNWLHUHQ6LHXQVZHQQ6LHGLH7DVWHQJHPl
$QZHLVXQJLQ①GUFNHQXQGVLHGHQQRFKQLFKWIXQNWLRQLHUHQ
'LH%DFN]HLWNDQQQLFKWHUK|KWRGHUYHUULQJHUW
ZHUGHQZHQQ6LHGUFNHQ
*UXQG
① 'LHDQJH]HLJWH=HLWKDWGLHYRPDXVJHZlKOWHQ
3URJUDPPIHVWJHOHJWHPD[LPDOHPLQLPDOH=HLWHUUHLFKW
/|VXQJ
D %LWWHOHVHQ6LHGHQ$EVFKQLWWÄ(03)2+/(1(
5(=(37(³GHUGLH*HVDPWGDXHUMHGHV3URJUDPPV]HLJW
E 9HUVXFKHQ6LHGLH=HLWLQXPJHNHKUWHU5HLKHQIROJH]X
HUK|KHQXQG]XYHUULQJHUQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#$
② 'LH0DVFKLQHLVWGHIHNWXQGGLH$XVIDOO]HLWLVWOlQJHU
DOVLP$EVFKQLWWÄ(03)2+/(1(5(=(37(³DQJHJHEHQ
/|VXQJ
%LWWHNRQWDNWLHUHQ6LHXQVZHQQ6LHGLH7DVWHQJHPl
$QZHLVXQJLQ①GUFNHQXQGVLHGHQQRFKQLFKW
IXQNWLRQLHUHQ
,P 3UR]HVV GHV %URWEDFNHQV QDFKGHP GHU 7HLJ
HLQH=HLWODQJ JHNQHWHW ZXUGHVWRSSWGDV .QHWHQ XQG
GLH0DVFKLQHUHDJLHUWQLFKWPHKUZLHEHLP%DFNHQ
*UXQG
① 'HU7HLJJlUWXQGZLUGQDFKGHU*lUXQJQRUPDO
IXQNWLRQLHUHQ
/|VXQJ
8QWHUEUHFKHQ6LHQLFKWGLH6WURPYHUVRUJXQJRGHUIKUHQ
6LHDQGHUH2SHUDWLRQHQGXUFK
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#%
)(+/(568&+(
%$&.7,336
9RUVLFKWVPDQDKPHQ
9RUGHP%URWEDFNHQELWWH
D GHQ$EVFKQLWWÄ0HVVXQJXQG5HLKHQIROJHGHU=XWDWHQ³
LP7HLO$&+781*925*(%5$8&+VRUJIlOWLJOHVHQ
XQGGLH=XWDWHQNRUUHNWDEPHVVHQ
E VLFKHUVWHOOHQGDVVGDVULFKWLJH3URJUDPPDXVJHZlKOW
LVWXPGLH%URWKHUVWHOOXQJJHPlGHP$EVFKQLWW
Ä%(75,(%6$1/(,781*³LQGHU%HGLHQXQJVDQOHLWXQJ
DE]XVFKOLHHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#&
'DV%URWJHKW]XVFKQHOODXI
*UXQG
① =XYLHO+HIHXQG0HKODEHUQLFKWJHQXJ6DO]
/|VXQJ
%LWWHSDVVHQ6LHGLH0HQJHQYHUKlOWQLVVHGHU=XWDWHQDQ
XQGVWHOOHQ6LHVLFKHUGDVVDOOHKLQ]XJHIJWZXUGHQ
② 'LH7HPSHUDWXULVWKRFK
/|VXQJ
9HUZHQGHQ6LHIOVVLJH=XWDWHQPLWQLHGULJHUHU
7HPSHUDWXUEHVRQGHUVEHLZDUPHP:HWWHU
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#'
'DV%URWJHKWJDUQLFKWRGHUQLFKWJHQXJDXI
*UXQG
① .HLQH+HIHRGHU]XZHQLJ+HIH
/|VXQJ
%LWWHSDVVHQ6LHGLH0HQJHQYHUKlOWQLVVHGHU=XWDWHQ
DQXQGVWHOOHQ6LHVLFKHUGDVVDOOHKLQ]XJHIJW
ZXUGHQ
② $EJHODXIHQHRGHUDOWH+HIH
/|VXQJ
9HUZHQGHQ6LHXQJH|IIQHWH+HIHRGHU+HIH
GLHULFKWLJJHODJHUWZXUGH
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#)
③ 'LH)OVVLJNHLWLVW]XKHL
/|VXQJ
D 9HUZHQGHQ6LHHLQHDQGHUH)OVVLJNHLWRGHU
ODVVHQ6LHVLHDXI5DXPWHPSHUDWXUDENKOHQ
E *HEHQ6LHGLH=XWDWHQLQGHUULFKWLJHQ5HLKHQIROJHKLQ]X
ZLHDQJHJHEHQ
④ 'LH+HIHNDPLQ.RQWDNWPLWGHU)OVVLJNHLW
/|VXQJ
0DFKHQ6LHPLW,KUHP)LQJHUHLQHNOHLQH9HUWLHIXQJLQ
GHU0LWWHGHV0HKOV*HEHQ6LHGLH+HIHLQGLH
9HUWLHIXQJXQGDFKWHQ6LHGDUDXIGDVVVLHQLFKWPLW
GHQIOVVLJHQ=XWDWHQRGHUGHP6DO]LQ.RQWDNWNRPPW
+HIHRGHU6RGD
7URFNHQH=XWDWHQ
:DVVHURGHU)OVVLJNHLW
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
#*
⑤ )DOVFKHU0HKUW\SRGHUDOWHV0HKO
/|VXQJ
D %LWWHOHVHQ6LHVRUJIlOWLJGHQ$EVFKQLWWÄ(,1)h+581*,1
',(%527=87$7(1³XQGÄ5(=(37³YRUGHP%DFNHQXQG
ZlKOHQ6LHGHQULFKWLJHQ0HKUW\S
E (VVROOWHIULVFKHV0HKOYHUZHQGHWZHUGHQ
⑥ =XYLHO)OVVLJNHLW
/|VXQJ
D 3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
E :HQQGDV:HWWHUIHXFKWLVWUHGX]LHUHQ6LHGLH
)OVVLJNHLWXPELV(VVO|IIHO
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$+
⑦ =XYLHO=XFNHURGHU6DO]
/|VXQJ
%LWWHSDVVHQ6LHGLH0HQJHQYHUKlOWQLVVHGHU=XWDWHQDQ
XQGVWHOOHQ6LHVLFKHUGDVVDOOHKLQ]XJHIJWZXUGHQ
'HU7HLJJHKW]XVWDUNDXIXQGOlXIWEHUGLH
%DFNIRUP
*UXQG
① :HQQGLH)OVVLJNHLW]XZHLFKLVWJlUWGLH
+HIHVWlUNHU
/|VXQJ
D .RUULJLHUHQ6LHGLH0HQJHGHU)OVVLJNHLW
E :HQQ]XWDWHQKDOWLJH)OVVLJNHLWHQYHUZHQGHW
ZHUGHQPXVVGLH]X]XIJHQGH)OVVLJNHLWVPHQJH
HQWVSUHFKHQGUHGX]LHUWZHUGHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$!
'DV%URWVLQNWLQGHU0LWWHHLQ
*UXQG
① =XYLHO)OVVLJNHLW
D :HQQ]XWDWHQKDOWLJH)OVVLJNHLWHQYHUZHQGHWZHUGHQPXVV
GLH]X]XIJHQGH)OVVLJNHLWVPHQJHHQWVSUHFKHQGUHGX]LHUW
ZHUGHQ
E :HQQGDV:HWWHUIHXFKWLVWUHGX]LHUHQ6LHGLH
)OVVLJNHLWXPELV(VVO|IIHO
② 'LH7HPSHUDWXULVWKRFK
/|VXQJ
9HUZHQGHQ6LHIOVVLJH=XWDWHQPLWQLHGULJHUHU
7HPSHUDWXUEHVRQGHUVEHLZDUPHP:HWWHU
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$"
② 'LH*lUXQJLVW]XNXU]RGHU]XVFKQHOODXIJUXQGGHU
EHUPlLJHQ7HPSHUDWXUGHV:DVVHUVRGHUGHU
%DFNNDPPHURGHUEHUPlLJHU)HXFKWLJNHLW
/|VXQJ
D 9HUZHQGHQ6LHHLQHDQGHUH)OVVLJNHLWRGHUODVVHQ6LH
VLHDXI5DXPWHPSHUDWXUDENKOHQ
E 9HUZHQGHQ6LHGLH=HLWIXQNWLRQEHLZDUPHP:HWWHUQLFKW
6FKZHUHXQGNOXPSLJH6WUXNWXU
*UXQG
=XYLHO0HKOXQGQLFKWJHQXJ)OVVLJNHLW
/|VXQJ
3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$#
② 1LFKWJHQXJ+HIHRGHU=XFNHU
/|VXQJ
D 3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQXQG
EHUSUIHQ6LHREDOOH=XWDWHQKLQ]XJHIJWZXUGHQ
E 0DFKHQ 6LH HLQH NOHLQH 9HUWLHIXQJ LQ GHU 0LWWH GHV
0HKOVXQG JHEHQ 6LH GLH]HUEU|VHOWH RGHUWURFNHQH +HIH
KLQHLQ9HUPHLGHQ6LHGLUHNWHQ.RQWDNW]ZLVFKHQ+HIHXQG
)OVVLJNHLW
③ =XYLHO7URFNHQIUFKWH9ROONRUQRGHUDQGHUHWURFNHQH
=XWDWHQ
/|VXQJ
3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$$
④ $EJHODXIHQHRGHUDOWH+HIH
/|VXQJ
6WHOOHQ6LHVLFKHUGDVV6LHXQJH|IIQHWHRGHUULFKWLJ
JHODJHUWH+HIHYHUZHQGHQ
⑤ :DUPH)OVVLJNHLWOlVVWGHQ7HLJ]XVFKQHOO
DXIJHKHQXQGGHU/DLEIlOOWHLQEHYRUHUJHEDFNHQZLUG
/|VXQJ
9HUZHQGHQ6LHGLH=HLWIXQNWLRQEHLZDUPHP:HWWHU
QLFKW)UEHVVHUH(UJHEQLVVHYHUZHQGHQ6LHNDOWH
DQVWHOOHYRQKHLHQ)OVVLJNHLWHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$%
⑥ =XYLHO:DVVHU
/|VXQJ
D 3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
E :HQQGDV:HWWHUIHXFKWLVWUHGX]LHUHQ6LHGLH
)OVVLJNHLWXPELV(VVO|IIHO
'DV%URWLVWLQGHU0LWWHQLFKWGXUFKJHEDFNHQ
*UXQG
① =XYLHO)OVVLJNHLW)HXFKWLJNHLWIHXFKWH=XWDWHQ
/|VXQJ
D 3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
E :HQQGDV:HWWHUIHXFKWLVWUHGX]LHUHQ6LHGLH
)OVVLJNHLWXPELV(VVO|IIHO
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$&
2IIHQHRGHUJUREH6WUXNWXURGHU]XYLHOH/|FKHU
*UXQG
① =XYLHO)OVVLJNHLW)HXFKWLJNHLW
/|VXQJ
D 3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
F :HQQGDV:HWWHUIHXFKWLVWUHGX]LHUHQ6LHGLH
)OVVLJNHLWXPELV(VVO|IIHO
② .HLQ6DO]
%LWWHSDVVHQ6LHGLH0HQJHQYHUKlOWQLVVHGHU=XWDWHQ
DQXQGVWHOOHQ6LHVLFKHUGDVVDOOHKLQ]XJHIJWZXUGHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$'
③ =XYLHO+HIH
/|VXQJ
3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
3LO]DUWLJHXQJHEDFNHQH2EHUIOlFKH
*UXQG
① 'DV%URWYROXPHQLVW]XJURIUGLH)RUP
/|VXQJ
3DVVHQ6LHGLH0HQJHDQ)OVVLJNHLWXQG0HKODQ'LH
PD[LPDOH0HQJHDQ0HKOEHWUlJWJ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$)
② =XYLHO+HIH
/|VXQJ
3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ'LH
PD[LPDOH0HQJHDQ+HIHEHWUlJWJ
③ 1LFKWJHQXJ6DO]
/|VXQJ
%LWWHSDVVHQ6LHGLH0HQJHQYHUKlOWQLVVHGHU=XWDWHQ
DQXQGVWHOOHQ6LHVLFKHUGDVVDOOHKLQ]XJHIJWZXUGHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
$*
④ =XYLHO=XFNHURGHUVH=XWDWHQ
/|VXQJ
3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
'LH6FKHLEHQVLQGXQJOHLFKPlLJRGHUHVJLEW
.OXPSHQLQGHU0LWWH
*UXQG
'DV%URWLVWQLFKWDXVUHLFKHQGDEJHNKOWGHU'DPSILVW
QRFKQLFKWHQWZLFKHQ
/|VXQJ
1HKPHQ6LHGDV%URWVRIRUWQDFKGHP%DFNHQDXVGHU
)RUPXQGODVVHQ6LHHVDXIHLQHP*LWWHUDENKOHQEHYRU
6LHHVVFKQHLGHQ
$XIHLQHJHHLJQHWH7HPSHUDWXUDENKOHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
%+
'DVJHEDFNHQH%URWLVW]XNOHLQ
*UXQG
① =XYLHO6DO]
/|VXQJ
3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
② 1LFKWJHQXJRGHUDOWH+HIHYHUXUVDFKWGDVVGHU7HLJ
QLFKWIHUPHQWLHUW
/|VXQJ
D 6WHOOHQ6LHVLFKHUGDVV6LHXQJH|IIQHWHRGHUULFKWLJ
JHODJHUWH+HIHYHUZHQGHQ
E 3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
XQGEHUSUIHQ6LHREDOOH=XWDWHQKLQ]XJHIJW
ZXUGHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
%!
③ 1LFKWJHQXJ)OVVLJNHLW
/|VXQJ
3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQXQG
EHUSUIHQ6LHREDOOH=XWDWHQKLQ]XJHIJWZXUGHQ
④ 'HUIDOVFKH0HKOW\SZXUGHYHUZHQGHW
/|VXQJ
%LWWHOHVHQ6LHVRUJIlOWLJGHQ$EVFKQLWWÄ(,1)h+581*
,1',(%527=87$7(1³YRUGHP%DFNHQXQGZlKOHQ
6LHGHQULFKWLJHQ0HKOW\S
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
%"
'DVJHEDFNHQH%URWLVW]XNOHLQ
*UXQG
① 1LFKWJHQXJ)OVVLJNHLW
/|VXQJ
3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQXQG
EHUSUIHQ6LHREDOOH=XWDWHQKLQ]XJHIJWZXUGHQ
② 'LH%DFN]HLWLVW]XODQJ
/|VXQJ
/HVHQ6LHVRUJIlOWLJGHQ$EVFKQLWWÄ5(=(37(³YRU
GHP%DFNHQXQGZlKOHQ6LHGDVULFKWLJH3URJUDPP
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
%#
③ 1LFKWJHQXJRGHUDOWHV0HKOYHUXUVDFKWGDVVGHU7HLJ
QLFKWIHUPHQWLHUW
/|VXQJ
D 8QJH|IIQHWHRGHUJXWNRQVHUYLHUWH+HIHVROOWHYHUZHQGHW
ZHUGHQ
E 3DVVHQ6LHGDV0HQJHQYHUKlOWQLVGHU=XWDWHQDQ
XQGEHUSUIHQ6LHREDOOH=XWDWHQKLQ]XJHIJW
ZXUGHQ
(,1)h+581*,1',(%527=87$7(1
(03)2+/(1(5(=(37(
=87$7(181'5(=(37(
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
%$
(,1)h+581*,1
',(%527=87$7(1
=87$7(181'5(=(37(
%URWPHKO
%URWPHKODXFKDOVKRFKJOXWHQKDOWLJHV0HKOEHNDQQWLVW
HODVWLVFKXQGYHUKLQGHUWGDVVGDV%URWQDFKGHP
$XIJHKHQ]XVDPPHQIlOOW(VNDQQYHUZHQGHWZHUGHQXP
%URWPLWJURHU*U|HXQGEHVVHUHULQQHUHU)DVHU]X
EDFNHQ
:HL]HQPHKO
0HKORKQH%DFNSXOYHULVWJHHLJQHWIUGLH%URWKHUVWHOOXQJ
9ROONRUQPHKO
9ROONRUQPHKOZLUGDXV*HWUHLGHJHPDKOHQ(VLVWVFKZHUHU
XQGQlKUVWRIIUHLFKHUDOVJHZ|KQOLFKHV0HKO'DVGDUDXV
KHUJHVWHOOWH%URWLVWLQGHU5HJHONOHLQ9LHOH5H]HSWH
NRPELQLHUHQGDKHURIW9ROONRUQPHKOPLW%URWPHKOXPGDV
EHVWH(UJHEQLV]XHU]LHOHQ
6FKZDU]PHKO
6FKZDU]PHKODXFKÄUDXHV0HKO³JHQDQQWLVWHLQH$UWYRQ
KRFKIDVHULJHP0HKOXQGlKQHOW9ROONRUQPHKO(VPXVVPLW
HLQHPKRKHQ$QWHLODQ%URWPHKONRPELQLHUWZHUGHQXP
QDFKGHP$XIJHKHQHLQHJURH*U|H]XHUUHLFKHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!!
6HOEVWWUHLEHQGHV0HKO
(LQH0HKODUWGLH%DFNSXOYHUHQWKlOWZLUGVSH]LHOO]XP
.XFKHQEDFNHQYHUZHQGHW
0DLVXQG+DIHUPHKO
0DLVXQG+DIHUPHKOZHUGHQVHSDUDWDXV0DLVXQG+DIHU
JHPDKOHQ6LHVLQG=XVDW]VWRIIHLQJUREHP%URWGLHGD]X
GLHQHQGHQ*HVFKPDFNXQGGLH7H[WXU]XYHUEHVVHUQ
=XFNHU
=XFNHULVWHLQZHVHQWOLFKHU%HVWDQGWHLOXPGHQVHQ
*HVFKPDFNXQGGLH)DUEHGHV%URWHV]XHUK|KHQ(UJLOWDXFK
DOV1DKUXQJIU+HIHLP+HIHEURWhEOLFKHUZHLVHZLUGZHLHU
=XFNHUYHUZHQGHW%UDXQHU=XFNHU3XGHU]XFNHURGHU
%DXPZROO]XFNHUN|QQHQQDFKVSH]LHOOHP%HGDUIHUIRUGHUOLFK
VHLQ
+HIH
1DFKGHP+HIHSUR]HVVSURGX]LHUWGLH+HIH.RKOHQGLR[LGGDV
GDV%URWDXIEOlKWXQGGLHLQQHUH)DVHUZHLFKPDFKW-HGRFK
EHQ|WLJWGLHVFKQHOOH9HUPHKUXQJGHU+HIH.RKOHQK\GUDWHLQ
=XFNHUXQG0HKODOV1DKUXQJ
7LSSV
D 0HQJH
7/DNWLYH7URFNHQKHIH 7/,QVWDQW+HIH
7/DNWLYH7URFNHQKHIH 7/,QVWDQW+HIH
7/DNWLYH7URFNHQKHIH 7/,QVWDQW+HIH
E /DJHUXQJ
+HIH PXVV LP .KOVFKUDQN DXIEHZDKUW ZHUGHQ GD GHU 3LO] EHL KRKHQ
7HPSHUDWXUHQ VWLUEW hEHUSUIHQ 6LH YRU GHU 9HUZHQGXQJ GDV
+HUVWHOOXQJVGDWXPXQGGLH/DJHUGDXHU,KUHU+HIH/DJHUQ6LHVLHQDFK
MHGHP *HEUDXFK VR VFKQHOO ZLH P|JOLFK ZLHGHU LP .KOVFKUDQN 'HU
KlXILJVWH*UXQGIUQLFKWDXIJHKHQGHV%URWLVWLQDNWLYHRGHUYHUGRUEHQH
+HIH
F 'LHIROJHQGHQ6FKULWWHEHUSUIHQRE,KUH+HIHIULVFKXQGDNWLY
LVW
6FKULWW*LHHQ6LH7DVVHZDUPHV:DVVHU
℃
LQHLQ
0HVVEHFKHU6FKULWW)JHQ6LH7/ZHLHQ=XFNHUKLQ]XXQGUKUHQ
6LHXPGDQQVWUHXHQ6LH7/+HIHEHUGDV:DVVHU
6FKULWW6WHOOHQ6LHGHQ0HVVEHFKHUDQHLQHQZDUPHQ2UWIUHWZD
0LQXWHQ5KUHQ6LHGDV:DVVHUQLFKWXP
6FKULWW'HU6FKDXPVROOWHELV]X7DVVHDXIVWHLJHQ$QGHUQIDOOVLVW
GLH+HIHWRWRGHULQDNWLY
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!"
6DO]
6DO]LVWQRWZHQGLJXPGHQ*HVFKPDFNGHV%URWHV]X
YHUEHVVHUQXQGGLH.UXVWHQIDUEH]XLQWHQVLYLHUHQ
7LSS9HUZHQGHQ6LHQLHPDOV]XYLHO6DO]LQHLQHP5H]HSW-HGRFK
NDQQ6DO]DXFKGDV$XIJHKHQGHU+HIHKHPPHQVRGDVVGDV%URW
RKQH6DO]JU|HUZlUH
(L
(LHUN|QQHQGLH7H[WXUGHV%URWHVYHUEHVVHUQHV
QDKUKDIWHUPDFKHQXQGGLH*U|HHUK|KHQ'DV(LPXVV
MHGRFKJHVFKlOWXQGJOHLFKPlLJYHUUKUWZHUGHQ
7LSS
D :HQQ6LH(LHUDOV=XWDWKLQ]XIJHQPVVHQPLVFKHQ6LHGLHVHYRU
GHP$EPHVVHQLQ)OVVLJNHLWHLQ
E 9HUZHQGHQ6LHQLHPDOVOHLFKWYHUGHUEOLFKH=XWDWHQZLH(LHUZHQQ
6LHGLH9HU]|JHUXQJVIXQNWLRQEHUHLQHQOlQJHUHQ=HLWUDXPQXW]HQ
)HWW%XWWHUXQG3IODQ]HQ|O
)HWWNDQQGDV%URWZHLFKHUPDFKHQXQGVHLQH/DJHUIlKLJNHLW
YHUOlQJHUQ%XWWHUVROOWHYRUGHU9HUZHQGXQJJHVFKPRO]HQ
RGHULQNOHLQH3DUWLNHOJHVFKQLWWHQZHUGHQ
7LSS:HQQ6LH6SHLVH|ORGHUDQGHUH=XWDWHQPHVVHQUHLQLJHQ6LH
GHQ0HVVEHFKHUJUQGOLFKRKQHGDVVDQGHUH=XWDWHQ]XUFNEOHLEHQ
%DFNSXOYHU
%DFNSXOYHUZLUGYHUZHQGHWXP%URWXQG.XFKHQVFKQHOO
DXIJHKHQ]XODVVHQ(VHU]HXJW/XIWGLH%ODVHQELOGHWXQG
GLH7H[WXUGHV%URWHVGXUFKFKHPLVFKH3ULQ]LSLHQZHLFK
PDFKW
!"#$
bKQHOWGHP%DFNSXOYHUXQGNDQQDXFKLQ.RPELQDWLRQPLW
%DFNSXOYHUYHUZHQGHWZHUGHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!"
:DVVHUXQGDQGHUH)OVVLJNHLWHQ
$OOJHPHLQLVWHLQH:DVVHUWHPSHUDWXU]ZLVFKHQ℃XQG
℃DPEHVWHQ:DVVHUNDQQGXUFKIULVFKH0LOFKHUVHW]W
RGHU PLW 0LOFKSXOYHU JHPLVFKW ZHUGHQ XP GHQ
*HVFKPDFN GHV %URWHV ]X YHUEHVVHUQ XQG GLH
.UXVWHQIDUEH ]X LQWHQVLYLHUHQ (LQLJH 5H]HSWH N|QQHQ
6DIW HUIRUGHUQ XP GHQ *HVFKPDFN GHV %URWHV ]X
YHUVWlUNHQ]%$SIHOVDIW2UDQJHQVDIW=LWURQHQVDIWXVZ
(03)2+/(1(5(=(37(
=87$7(181'5(=(37(
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!#
%DVLVEURW.QHWHQ$XIJHKHQXQG%DFNHQYRQ
QRUPDOHP%URW
)UDQ]|VLVFKHV%URW.QHWHQ$XIJHKHQXQG%DFNHQ
PLWOlQJHUHU$XIJHK]HLW'DV%URWDXVGLHVHP
3URJUDPPKDWW\SLVFKHUZHLVHHLQHNQXVSULJHUH.UXVWH
XQGHLQHOHLFKWHUH7H[WXU
9ROONRUQEURW.QHWHQ$XIJHKHQXQG
%DFNHQYRQ9ROONRUQEURW
6FKQHOOEURW.QHWHQ$XIJHKHQXQG%DFNHQ
YRQ%URWLQNU]HUHU=HLWDOV%DVLVEURW
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!"
6HV%URW.QHWHQ$XIJHKHQXQG%DFNHQYRQ
VHP%URW
*OXWHQIUHLHV%URW.QHWHQ$XIJHKHQXQG
%DFNHQYRQJOXWHQIUHLHP%URW
8OWUD6FKQHOOEURW .QHWHQ $XIJHKHQ XQG %DFNHQ
LQ GHU NU]HVWHQ =HLW *HZ|KQOLFK LVW GDV %URW
NOHLQHUXQGUDXHUDOVGDVPLWGHP6FKQHOOSURJUDPP
KHUJHVWHOOWH
7HLJ.QHWHQXQG$XIJHKHQMHGRFKRKQH%DFNHQ
YHUZHQGHWIUGLH+HUVWHOOXQJYRQ%U|WFKHQ3L]]D
JHGlPSIWHP%URWXVZ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!"
0DUPHODGH.RFKHQYRQ0DUPHODGHQXQG
.RQILWUHQ2EVWRGHU*HPVHPXVVYRUGHP
(LQOHJHQLQGLH%URWIRUPJHKDFNWZHUGHQ
.XFKHQ.QHWHQ$XIJHKHQXQG%DFNHQYRQ.XFKHQ
6DQGZLFK.QHWHQ$XIJHKHQXQG%DFNHQYRQ
6DQGZLFKEURW)UGLH+HUVWHOOXQJYRQ%URWPLW
OHLFKWHU7H[WXUXQGGQQHUHU.UXVWH
%DFNHQ%DFNHQYRQJHNQHWHWHP7HLJ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP
!#
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

.XQGHQGLHQVWVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!$
*$5$17,(81'6(59,&(
.LWFKHQLQWKH%R[ELHWHWHLQHHLQMlKULJH
9ROOJDUDQWLHDE.DXIGDWXP
6ROOWH,KU%URWEDFNDXWRPDWLQQHUKDOEGHVHUVWHQ
-DKUHVQDFKGHP.DXIDXVIDOOHQZLUG,KQHQ
NRVWHQORVHLQHLGHQWLVFKHRGHUYHUJOHLFKEDUH
(UVDW]PDVFKLQHJHOLHIHUW,KU(UVDW]JHUlW
DXVJHQRPPHQDEJHQXW]WH7HLOHZLUGHEHQIDOOV
GXUFKXQVHUHHLQMlKULJHHLQJHVFKUlQNWH*DUDQWLH
DEJHGHFNW
(LQ.DXIQDFKZHLVZLUGEHQ|WLJWXPGHQ$QVSUXFK
JHOWHQG]XPDFKHQ
%LWWHVFDQQHQ6LHGHQ45&RGHXPZHLWHUH
/HKUYLGHRVDQ]XVFKDXHQ
:DUQXQJ
'LHVHV*HUlWNDQQYRQ.LQGHUQDE-DKUHQXQGYRQ
3HUVRQHQPLWHLQJHVFKUlQNWHQN|USHUOLFKHQ
VHQVRULVFKHQRGHUJHLVWLJHQ)lKLJNHLWHQRGHU
PDQJHOQGHU(UIDKUXQJXQG.HQQWQLVEHQXW]WZHUGHQ
ZHQQVLHEHDXIVLFKWLJWZHUGHQRGHU$QZHLVXQJHQ]XP
VLFKHUHQ*HEUDXFKGHV*HUlWVHUKDOWHQKDEHQXQGGLH
GDPLWYHUEXQGHQHQ*HIDKUHQYHUVWHKHQ
.LQGHUGUIHQQLFKWPLWGHP*HUlWVSLHOHQ5HLQLJXQJXQG
%HQXW]HUZDUWXQJGUIHQQLFKWYRQ.LQGHUQRKQH$XIVLFKW
GXUFKJHIKUWZHUGHQ
)UZHLWHUH,QIRUPDWLRQHQEHVXFKHQ6LHELWWHZZZNLWFKHQLQWKHER[FRP
DEUTSCH

tĞŶŶ^ŝĞ&ƌĂŐĞŶŚĂďĞŶƐƚĞŚĞŶ
ǁŝƌ/ŚŶĞŶŐĞƌŶĞ njƵƌ sĞƌĨƵŐƵŶŐ
6XSSRUW#NLWFKHQLQWKHER[FRP
0RGHOO1U
!..52./9.$?
!..)2='77?
+HUJHVWHOOWLQ&KLQD
1XUIUGHQ+DXVJHEUDXFK
8PZHOWIUHXQGOLFKH(QWVRUJXQJ
>
%?
6FKW]HQ6LHGLH8PZHOW
%LWWHEHDFKWHQ6LHGLHORNDOHQ9RUVFKULIWHQ
*HEHQ6LHQLFKWIXQNWLRQLHUHQGH(OHNWURJHUlWH
EHLHLQHUJHHLJQHWHQ(QWVRUJXQJVVWHOOHDE
DEUTSCH


0DFFKLQDSHULO3DQH
0DQXDOHGL,VWUX]LRQL
/HJJHUHDWWHQWDPHQWHWXWWHOHLVWUX]LRQLSULPDGHOOXVRHFRQVHUYDUHLOPDQXDOHSHUIXWXUHFRQVXOWD]LRQL

&217(1872
0,685(',6,&85(==$,03257$17,
3$57()81=,21,(23(5$=,21,
&$5$77(5,67,&+('(/352'2772
3$11(//2()81=,21,!!!!!!!
$77(1=,21(35,0$'(//862!!!!!!!
!!!!!!!
*8,'$$//862
)81=,21,63(&,$/,!!!!!!!
38/,=,$(0$187(1=,21(
3$57(5,62/8=,21('(,352%/(0,
!!!!!!!9,68$/,==$=,21('(*/,$99,6,
!!!!!!!352%/(0,',)81=,21$0(172(62/8=,21,
&216,*/,3(5/$&27785$
3$57(,1*5(',(17,(5,&(77(
!!!!!!!,1752'8=,21($*/,,1*5(',(17,3(5,/3$1(
5,&(77(&216,*/,$7(
*$5$1=,$(6(59,=,2
"
#
#
$
%
""
"%
&"
&'
&'
&(
#$
$#
$'
$)
(&
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!
0,685(',6,&85(==$,03257$17,
6LSUHJDGLOHJJHUHWXWWHOHLVWUX]LRQL
SULPDGLXWLOL]]DUHODSSDUHFFKLR
3ULPDGHOOXVRYHULILFDUHFKHODWHQVLRQHGHOODSUHVDGL
FRUUHQWHFRUULVSRQGDDTXHOODLQGLFDWDVXOODWDUJKHWWDGL
LGHQWLILFD]LRQH/DWHQVLRQHQRPLQDOHqGL99
1RQXWLOL]]DUHDSSDUHFFKLFRQFDYRRVSLQD
GDQQHJJLDWLQpGRSRFKHKDQQRPDQLIHVWDWR
PDOIXQ]LRQDPHQWLVRQRVWDWLXUWDWLRGDQQHJJLDWLLQ
TXDOVLDVLPRGR5HVWLWXLUHODSSDUHFFKLRDOSURGXWWRUH
R DOSLYLFLQRDJHQWHGLVHUYL]LRDXWRUL]]DWRSHUXQ
FRQWUROORXQDULSDUD]LRQHRXQDJJLXVWDPHQWR
HOHWWULFRRPHFFDQLFR
3HUSURWHJJHUVLGDOOHVFRVVHHOHWWULFKHQRQLPPHUJHUH
LOFDYRODVSLQDRLOFRUSRGHOODSSDUHFFKLRLQDFTXDRDOWUL
OLTXLGL
1RQODVFLDUHFKHLOFDYRSHQ]ROLGDOERUGRGLXQWDYROR
R GLXQDVXSHUILFLHFDOGD
/XVRGLDFFHVVRULQRQUDFFRPDQGDWLGDOSURGXWWRUH
GHOODSSDUHFFKLRSXzFDXVDUHLQIRUWXQL
7HQHUHODPDFFKLQDORQWDQDGDOOHVXSHUILFLFDOGH
1RQSRVL]LRQDUHODSSDUHFFKLRYLFLQRRVXXQIRUQHOORD
JDVFDOGRXQDSLDVWUDHOHWWULFDRXQIRUQRDFFHVR
1RQWRFFDUHOHSDUWLPRELOLRURWDQWLGHOODPDFFKLQD
GXUDQWHODFRWWXUDGHOSDQH
1RQDFFHQGHUHODSSDUHFFKLRVHQ]DDYHUFRUUHWWDPHQWH
LQVHULWRODWHJOLDGHOSDQHULHPSLWDFRQJOLLQJUHGLHQWL
1RQEDWWHUHVXOODWHJOLDGHOSDQHTXDQGRODVLULPXRYH
GDOODPDFFKLQDSRLFKpFLzSRWUHEEHFDXVDUHGDQQL
1RQLQVHULUHIRJOLGLPHWDOORRDOWULPDWHULDOLQHO
IRUQHWWRSHUSDQHSRLFKpSRWUHEEHURFDXVDUHLQFHQGLR
FRUWRFLUFXLWL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"
4XHVWRDSSDUHFFKLRSXzHVVHUHXWLOL]]DWRGDEDPELQLGLHWj
SDULRVXSHULRUHDRWWRDQQLHGDSHUVRQHFRQFDSDFLWjILVLFKH
VHQVRULDOLRPHQWDOLULGRWWHRPDQFDQ]DGLHVSHULHQ]DH
FRQRVFHQ]DVHVRUYHJOLDWLRLVWUXLWLVXOOXVRVLFXUR
GHOODSSDUHFFKLRHVXOODFRPSUHQVLRQHGHLULVFKL,EDPELQLQRQ
GHYRQRJLRFDUHFRQODSSDUHFFKLRQpHVHJXLUHSXOL]LDH
PDQXWHQ]LRQHVHQ]DVXSHUYLVLRQHVHQRQVRQRPDJJLRULGL
RWWRDQQL7HQHUHODSSDUHFFKLRHLOFDYRIXRULGDOODSRUWDWDGHL
EDPELQLDOGLVRWWRGHL
1RQFRSULUHLOIRUQHWWRSHUSDQHFRQXQDVFLXJDPDQRR
DOWURPDWHULDOHSRLFKpLOFDORUHHLOYDSRUHGHYRQRSRWHU
VIXJJLUHOLEHUDPHQWH6HYLHQHFRSHUWRRHQWUDLQFRQWDWWR
FRQPDWHULDOLFRPEXVWLELOLSXzFDXVDUHXQLQFHQGLR
1RQXWLOL]]DUHODSSDUHFFKLRSHUVFRSLGLYHUVLGDTXHOOL
SUHYLVWL
8WLOL]]DUHVHPSUHODSSDUHFFKLRVXXQDVXSHUILFLHVLFXUD
HDVFLXWWD
1RQXWLOL]]DUHDOODSHUWR
4XHVWRDSSDUHFFKLRqGRWDWRGLXQDVSLQDFRQPHVVDD
WHUUD$VVLFXUDUVLFKHODSUHVDGLFRUUHQWHQHOODSURSULD
DELWD]LRQHVLDEHQFROOHJDWDDWHUUD
4XHVWRDSSDUHFFKLRqGHVWLQDWRDGHVVHUHXWLOL]]DWRLQ
DPELHQWLGRPHVWLFLHVLPLOLFRPH
$UHHFXFLQDGHOSHUVRQDOHLQQHJR]LXIILFLHDOWULDPELHQWL
ODYRUDWLYL
&DVHGLFDPSDJQD
'DFOLHQWLLQDOEHUJKLPRWHOHDOWULDPELHQWLGLWLSR
UHVLGHQ]LDOH
$PELHQWLGLWLSREHGDQGEUHDNIDVW
/DSSDUHFFKLRQRQqGHVWLQDWRDGHVVHUHD]LRQDWR
XWLOL]]DQGRXQWLPHUHVWHUQRRXQVLVWHPDGLFRQWUROORUHPRWR
VHSDUDWR
1RQD]LRQDUHOXQLWjVHQ]DXQDWHJOLDGHOSDQHSRVL]LRQDWD
QHOODFDPHUDSHUHYLWDUHGLGDQQHJJLDUHODSSDUHFFKLR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#
&$5$77(5,67,&+('(/352'2772
3$11(//2',&21752//2(38/6$17,
$77(1=,21(35,0$'(//862
*8,'$$//862
)81=,21,63(&,$/,
38/,=,$(0$187(1=,21(
)81=,21,(23(5$=,21,
&$5$77(5,67,&+('(/352'2772
)81=,21,(23(5$=,21,
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$
7HJOLDDQWLDGHUHQWH
8WLOL]]DWDSHULPSDVWDUHIHUPHQWDUHFXRFHUHH
FRQWHQHUHOLPSDVWR
0LVXULQR
① 0LVXUDUHJOLLQJUHGLHQWLOLTXLGL
② 0LVXUDUHJOLLQJUHGLHQWLLQSROYHUH
③ 8QPLVXULQRGLIDULQDSHVDFLUFDJ
&XFFKLDLRGRVDWRUH
7VSHWEVSVRQRXVDWLSHUPLVXUDUHVDOH]XFFKHUR
EXUUROLHYLWRVHFFRHFF
*DQFLR
8WLOL]]DWRSHUHVWUDUUHODSDODGLPSDVWRGDOSDQH
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%
3DODGLPSDVWR
8WLOL]]DWDSHULPSDVWDUHHPHVFRODUH
&RQWHQLWRUHSHULQJUHGLHQWL
8WLOL]]DWRSHUFRQWHQHUHLQJUHGLHQWLFKHYHUUDQQR
DJJLXQWLGXUDQWHLOSURFHVVRGLFRWWXUDFRPHIUXWWD
VHFFDQRFLHFF
&RQVLJOLR 5LFHYHUHWH VROR OH SDUWL PRVWUDWH QHOOD SDJLQD GHOOH
&$5$77(5,67,&+( '(/ 352'2772 6H QHFHVVLWDWH GL DOWUL
VWUXPHQWLQHOSURFHVVRGLSDQLILFD]LRQHSUHSDUDWHOLGDYRL
3$11(//2()81=,21,
)81=,21,(23(5$=,21,
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
&
"* +,-.
8WLOL]]DWR SHU LPSRVWDUH GLYHUVL SURJUDPPL ,O SURJUDPPD
YDULDRJQLYROWDFKHYLHQHSUHPXWRDFFRPSDJQDWRGDXQ
EUHYHELS3UHPHUHFRQWLQXDPHQWHLOSXOVDQWHLPHQX
VDUDQQRYLVXDOL]]DWLFLFOLFDPHQWHVXOGLVSOD\/&'
&RQVLJOLR)DUHULIHULPHQWRDOODWDEHOODGLIXQ]LRQDPHQWRGHWWDJOLDWDH
DOOHULFHWWHDOOHJDWHDOOD3DUWH
&* &RORUH
3UHPHUHTXHVWRSXOVDQWHSHUVHOH]LRQDUHLOFRORUH
GHVLGHUDWRSHUODFURVWD&+,$520(',2R6&852
&RQVLJOLR4XHVWRSXOVDQWH121VLDSSOLFDDLSURJUDPPL,PSDVWRH
0DUPHOODWD
'LPHQVLRQHGHOSDQH
3UHPHUHTXHVWRSXOVDQWHSHUVHOH]LRQDUHOD
GLPHQVLRQHGHOSDQH
1RWD,OWHPSRWRWDOHGLIXQ]LRQDPHQWRSXzYDULDUHD
VHFRQGDGHOOHGLPHQVLRQLGHOSDQH
&RQVLJOLR4XHVWRSXOVDQWH121VLDSSOLFDDLSURJUDPPL9HORFH
,PSDVWR0DUPHOODWD7RUWDH&RWWXUD
'*!
8WLOL]]DWRSHUDXPHQWDUHRGLPLQXLUHLOWHPSR
4XHVWRLQGLFDLOSURJUDPPD
FKHDYHWHVFHOWR
,OWHPSRGLIXQ]LRQDPHQWR
SHUFLDVFXQSURJUDPPD
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
'
$YYLR6WRS
① 3HUDYYLDUHXQSURJUDPPDSUHPHUHLOSXOVDQWH$99,2
6723XQDYROWD6LVHQWLUjXQEUHYHELSHLGXHSXQWLVXO
GLVSOD\/&'LQL]LDQRDODPSHJJLDUHVLDFFHQGHODOXFHGL
IXQ]LRQDPHQWRHLOSURJUDPPDLQL]LD7XWWLJOLDOWULSXOVDQWLVRQR
GLVDWWLYDWLWUDQQHLOSXOVDQWH$99,26723GRSROLQL]LRGLXQ
SURJUDPPD4XHVWDFDUDWWHULVWLFDDLXWHUjDSUHYHQLUHTXDOVLDVL
LQWHUUX]LRQHLQYRORQWDULDGHOIXQ]LRQDPHQWRGHOSURJUDPPD
② 3HU LQWHUURPSHUH LO SURJUDPPDVEORFFDUH R UHVHWWDUH OD
PDFFKLQDSUHPHUHLOSXOVDQWH$99,26723SHUFLUFDVHFRQGL
3RLVLVHQWLUjXQELS
&RQVLJOLR6HLSXOVDQWLQRQIXQ]LRQDQRqSRVVLELOHUHVHWWDUHOD
PDFFKLQD6HDQFKHLOUHVHWQRQIXQ]LRQDFRQWDWWDWHFLSHULOVHUYL]LR
SRVWYHQGLWD
③ 3HUPHWWHUHLQSDXVDLOSURJUDPPDSUHPHUHLOSXOVDQWH
$99,26723XQDYROWDSHULQWHUURPSHUHLQTXDOVLDVLPRPHQWR
/LPSRVWD]LRQHYHUUjPHPRUL]]DWDHLOWHPSRGLODYRURYHUUj
YLVXDOL]]DWRODPSHJJLDQWHVXOGLVSOD\/&'
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
(
$77(1=,21(35,0$'(//862
)81=,21,(23(5$=,21,
&RQWUROODUHVHWXWWHOHSDUWLHJOLDFFHVVRULVRQR
FRPSOHWLHSULYLGLGDQQL
3XOLUHWXWWHOHSDUWLVHFRQGRODVH]LRQHVXFFHVVLYD
³38/,=,$(0$187(1=,21(´
&ROOHJDUHFRUUHWWDPHQWHODOLPHQWD]LRQH9HULILFDUH
FKHODWHQVLRQHGHOODSUHVDFRUULVSRQGDDTXHOOD
LQGLFDWDVXOODWDUJKHWWDGLLGHQWLILFD]LRQH/DWHQVLRQH
QRPLQDOHqGL99
4XDQGRODOLPHQWD]LRQHqFROOHJDWDVLVHQWLUjXQ
ELSH³´DSSDULUjVXOGLVSOD\GRSRXQEUHYH
LQWHUYDOOR0DLSXQWLWUDLO³´H³´QRQ
ODPSHJJLDQRFRVWDQWHPHQWH/DIUHFFLDSXQWDDJ
H0(',2ÊOLPSRVWD]LRQHSUHGHILQLWD
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
)
6XJJHULPHQWL
D 8QDYROWDFROOHJDWDODOLPHQWD]LRQHODPDFFKLQDVLWURYDLQVWDWRGLVWDQGE\
HQRQqQHFHVVDULRSUHPHUHLOSXOVDQWH$99,26723SHUDFFHQGHUOD
3UHPHUHLOSXOVDQWH$99,26723ILQRDTXDQGRQRQYHQJRQRVHOH]LRQDWH
WXWWHOHLPSRVWD]LRQL
E 6HODPDFFKLQDQRQqQHOOLPSRVWD]LRQHSUHGHILQLWDGRSRFKH
ODOLPHQWD]LRQHqVWDWDFROOHJDWDRqVWDWRVHOH]LRQDWRXQSURJUDPPD
LPSRVWD]LRQHHUUDWRHODPDFFKLQDKDJLjLQL]LDWRDIXQ]LRQDUHSUHPHUHLO
SXOVDQWH$99,26723SHUVHFRQGLSHUUHVHWWDUHODPDFFKLQD4XLQGLq
SRVVLELOHVHOH]LRQDUHXQQXRYRSURJUDPPD
0LVXUD]LRQHHVHTXHQ]DGHJOLLQJUHGLHQWL
① ,QJUHGLHQWLOLTXLGL$FTXDODWWHIUHVFRVROX]LRQHGL
ODWWHLQSROYHUHHFF2VVHUYDUHLOOLYHOORGHOPLVXULQRFRQ
JOLRFFKLRUL]]RQWDOPHQWH
6XJJHULPHQWL
D 4XDQGRVLPLVXUDOROLRGDFXFLQDRDOWULLQJUHGLHQWLDVVLFXUDUVLFKH
LOPLVXULQRVLDFRPSOHWDPHQWHSXOLWRHSULYRGLUHVLGXL
E 6HqQHFHVVDULRDJJLXQJHUHXRYDFRPHLQJUHGLHQWHPHVFRODUOHQHL
OLTXLGLSULPDGLOHJJHUHODVFDOD
F 4XDQGRVLPLVXUDQRSLFFROHTXDQWLWjGLLQJUHGLHQWLOLTXLGL
XWLOL]]DUHXQFXFFKLDLRGRVDWRUHHDSSLDWWLUHODVXSHUILFLHVHLOOLTXLGR
qOHJJHUPHQWHDSSLFFLFRVR
② ,QJUHGLHQWLVHFFKLIDULQD ODWWH LQSROYHUH HFF $JLWDUH
OHJJHUPHQWH LO ELFFKLHUH SHU DSSLDWWLUH OD VXSHUILFLH GHOOD
SROYHUHHSRLOHJJHUHODVFDODFRUUHWWDRUL]]RQWDOPHQWH
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!*
6XJJHULPHQWL
D 1RQDJLWDUHLOELFFKLHUHDOXQJRREUXVFDPHQWHDOWULPHQWLODSROYHUH
SRWUHEEHVFHQGHUHDXQDVFDODLQIHULRUHDOODTXDQWLWjULFKLHVWD
E 3HUPLVXUDUHFRQSUHFLVLRQHSLFFROHTXDQWLWjGLLQJUHGLHQWLVHFFKL
XWLOL]]DUHXQFXFFKLDLRGRVDWRUHHDVVLFXUDUVLFKHODVXSHUILFLHVLD
OLYHOODWD
F 8QELFFKLHUHGLIDULQDSHVDFLUFDJ
③ 7LSLFDPHQWH JOL LQJUHGLHQWL OLTXLGL FRPH ODFTXD GHYRQR
HVVHUH DJJLXQWL SHU SULPL VHJXLWL GD ]XFFKHUR VDOH H IDULQD ,O
OLHYLWRRLOOLHYLWRLQSROYHUHYLHQHGL VROLWRDJJLXQWRFRPHXOWLPR
LQJUHGLHQWH
6XJJHULPHQWL
D ,OOLTXLGRQRQGHYHLQ]XSSDUHFRPSOHWDPHQWHODIDULQD
6XJJHULPHQWL
D ,OOLTXLGRQRQGHYHLQ]XSSDUHFRPSOHWDPHQWHODIDULQD
E ,OOLHYLWRGHYHHVVHUHSRVL]LRQDWRVRORVXOODIDULQDDVFLXWWD&RQLOGLWR
IDUH XQ SLFFROR LQFDYR DO FHQWUR GHOOD IDULQD $JJLXQJHUH LO OLHYLWR
QHOOLQFDYR DVVLFXUDQGRVL FKH QRQ YHQJD D FRQWDWWR GLUHWWR FRQ JOL
LQJUHGLHQWLOLTXLGLRLOVDOH
F 4XDQGRVLXWLOL]]DODIXQ]LRQHGLULWDUGRSHUXQSHULRGRSUROXQJDWR
HYLWDUHGLDJJLXQJHUHLQJUHGLHQWLGHSHULELOLFRPHXRYDODWWHIUHVFRR
IUXWWD
/LHYLWRRELFDUERQDWR
,QJUHGLHQWLVHFFKL
$FTXDROLTXLGR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!!
④ 3ULPDGHOIXQ]LRQDPHQWRPHWWHUHODIUXWWDVHFFDQRFL
QHOFRQWHQLWRUHGHJOLLQJUHGLHQWLSRLVDUDQQRDJJLXQWL
DXWRPDWLFDPHQWHDOSDQHGXUDQWHODSUHSDUD]LRQH
$PELHQWH
/DWHPSHUDWXUDDPELHQWHVXJJHULWDqWUD℃H℃
9DSRUH
,OYDSRUHSXzIXRULXVFLUHGDOOHIHVVXUHGLYHQWLOD]LRQH
GXUDQWHODFRWWXUD4XHVWRqQRUPDOH
6XRQR
4XDQGRODPDFFKLQDIXQ]LRQDQRUPDOPHQWHHPHWWH
XQVXRQRVSHFLILFR6HLOVXRQRqSLIRUWHGHOQRUPDOH
FRQVXOWDUHODVH]LRQH5,62/8=,21('(,352%/(0,
SHUWURYDUHXQDVROX]LRQH
)81=,21,(23(5$=,21,
*8,'$$//862
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
6XJJHULPHQWL
D 'RSRFKHOLQVWDOOD]LRQHqFRPSOHWDWDFRQWUROODUHDWWHQWDPHQWHVHq
VWDWDHVHJXLWDFRQVXFFHVVRRVVLDVHQRQFLVRQRVSD]LWUDLO
FRQWHQLWRUHGHJOLLQJUHGLHQWLHODPDFFKLQD
,QVWDOODUHLOFRQWHQLWRUHGHJOLLQJUHGLHQWLFKHSXz
DOLPHQWDUHDXWRPDWLFDPHQWHIUXWWDVHFFDQRFL
&RPHPRQWDUH7HQHUHLOFRQWHQLWRUHGHJOLLQJUHGLHQWLFRQXQD
PDQR PXRYHUH OLQWHUUXWWRUH QHUR YHUVR OHVWHUQR FRQ ODOWUD
PDQR H SUHPHUH LO FRQWHQLWRUH YHUVR LO EDVVR 'RSR
OLQVWDOOD]LRQHULODVFLDUHOHPDQL
&RPHVPRQWDUH7HQHUHLOFRQWHQLWRUHGHJOLLQJUHGLHQWLFRQXQD
PDQRPXRYHUHOLQWHUUXWWRUHQHURYHUVROHVWHUQRFRQODOWUDPDQR
HSRLVROOHYDUHLOFRQWHQLWRUH,QILQHULODVFLDUHOHPDQL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!#
0LVXUDUHHSRVL]LRQDUHJOLLQJUHGLHQWLQHOODWHJOLD
GHOSDQH
6XJJHULPHQWL
D /HJJHUHDWWHQWDPHQWHODSDUWH0LVXUD]LRQHHVHTXHQ]DGHJOL
LQJUHGLHQWLLQ$77(1=,21(35,0$'(//8628QDVSDWRODLQ
JRPPDqHVVHQ]LDOHSHUPHVFRODUHSHUSUHYHQLUHJUXPLGLIDULQD
E /DTXDQWLWjPDVVLPDGLIDULQDHOLHYLWRVHSDUDWDPHQWHqJHJ
E ,QGLSHQGHQWHPHQWHGDOOXVRGHOFRQWHQLWRUHGHJOLLQJUHGLHQWLHVVRGHYH
HVVHUHLQVWDOODWR
F /DPDFFKLQDDOLPHQWHUjDXWRPDWLFDPHQWHJOLLQJUHGLHQWL'XUDQWH
ODOLPHQWD]LRQHODPDFFKLQDHPHWWHUjXQURQ]LRSHUFLUFDVHFRQGLÊ
QRUPDOH
,QVHULUHODSDODGLPSDVWRVXOODOEHURPRWRUHFRQ
VXFFHVVR
6XJJHULPHQWL
D 6LUDFFRPDQGDGLULHPSLUHLOIRURFRQPDUJDULQDUHVLVWHQWHDOFDORUH
SULPDGLSRVL]LRQDUHJOLLPSDVWDWRULFLzLPSHGLVFHFKHOLPSDVWRVL
DWWDFFKLVRWWRGLHVVLHSHUPHWWHDJOLLPSDVWDWRULGLHVVHUHULPRVVL
IDFLOPHQWHGDOSDQH
E &RQWUROODUHVHODSDODGLPSDVWRqVWDWDLQVWDOODWDFRQVXFFHVVR
&RPHFRQIHUPDUH6HOLQVWDOOD]LRQHqULXVFLWDOD
JLXQ]LRQHWUDODSDODGLPSDVWRHODEDVHqSLDWWDVHQ]D
VSRUJHQ]HHODSDODGLPSDVWRQRQVLPXRYHUj
FDVXDOPHQWH
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!$
3RVL]LRQDUHODWHJOLDGHOSDQHHUXRWDUODLQVHQVR
RUDULRILQRDTXDQGRQRQVLVHQWHXQFOLF
6LVHQWLUjXQFOLF
&KLXGHUHGHOLFDWDPHQWHLOFRSHUFKLRHFROOHJDUH
LOFDYRGLDOLPHQWD]LRQHDXQDSUHVDGLFRUUHQWH
6XJJHULPHQWL
D/DWHQVLRQHQRPLQDOHq999HULILFDUHSULPD
GHOOXVR
E 8QDYROWDFROOHJDWDODOLPHQWD]LRQHODPDFFKLQDVLWURYDLQVWDWRGL
VWDQGE\HQRQqQHFHVVDULRSUHPHUHLOSXOVDQWH$99,26723SHU
DFFHQGHUOD3UHPHUHLOSXOVDQWH$99,26723ILQRDTXDQGRQRQYHQJRQR
VHOH]LRQDWHWXWWHOHLPSRVWD]LRQL
F 6HODPDFFKLQDQRQqQHOOLPSRVWD]LRQHSUHGHILQLWDGRSRFKH
ODOLPHQWD]LRQHqVWDWDFROOHJDWDSUHPHUHLOSXOVDQWH$99,26723SHU
VHFRQGLSHUUHVHWWDUOD4XLQGLqSRVVLELOHVHOH]LRQDUHXQQXRYR
SURJUDPPD6HLOUHVHWIDOOLVFHFRQWDWWDUHLOVHUYL]LRSRVWYHQGLWD
3UHPHUHLOSXOVDQWH0(18ILQRDTXDQGRQRQYLHQH
VHOH]LRQDWRLOSURJUDPPDGHVLGHUDWR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!%
3UHPHUHLOSXOVDQWH/2$)SHUVHOH]LRQDUHOD
GLPHQVLRQHGHVLGHUDWDJRJ
3UHPHUHLOSXOVDQWH&2/25SHUVHOH]LRQDUHLO
FRORUHGHVLGHUDWRGHOODFURVWD
6XJJHULPHQWR/DVHTXHQ]DGLSXOVDQWLVXJJHULWDq0(18/2$)H
&2/25SRLFKpGLYHUVLSURJUDPPLHGLPHQVLRQLGHOSDQH
FRUULVSRQGRQRDGLYHUVLWHPSLGLFRWWXUD
,PSRVWDUHLOWHPSRGLULWDUGRSUHPHQGRLOSXOVDQWH
6XJJHULPHQWL
D 4XHVWRSDVVDJJLRSXzHVVHUHRPHVVRVHVLGHVLGHUDFKHOD
PDFFKLQDSHULOSDQHLQL]LDODYRUDUHLPPHGLDWDPHQWH
E 3HUODIXQ]LRQHGLFRWWXUDTXHVWRSXOVDQWHSXzVHOH]LRQDUH
OLEHUDPHQWHLOWHPSRGLFRWWXUDGDDPLQXWL
3UHPHUHLOSXOVDQWH$99,26723SHUDYYLDUHOD
PDFFKLQD
6XJJHULPHQWL
D $VVLFXUDUVLFKHSULPDGLSUHPHUHLOSXOVDQWH67$576723WXWWHOH
LPSRVWD]LRQLGHVLGHUDWH0(18&2/25/2$)VLDQRFRUUHWWH
E 6HYLHQHVHOH]LRQDWRLOSURJUDPPDROLPSRVWD]LRQHVEDJOLDWDHOD
PDFFKLQDLQL]LDSUHPHUHQXRYDPHQWHLOSXOVDQWH$99,26723SHU
VHFRQGL'RSRDYHUVHQWLWRXQELSqSRVVLELOHSUHPHUHDOWULSXOVDQWLSHU
VHOH]LRQDUHQXRYDPHQWHLOSURJUDPPDFRUUHWWR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!&
$O WHUPLQH GHO SURFHVVR VL VHQWLUDQQR ELS Ê
SRVVLELOHSUHPHUHLOSXOVDQWH$99,26723SHUFLUFD
VHFRQGLSHUIHUPDUHODPDFFKLQDRSSXUHFRQWLQXHUjD
PDQWHQHUHLOSDQHFDOGRSHURUD
6XJJHULPHQWL
D /DPDFFKLQDPDQWHUUjLOSDQHFDOGRSHURUDGRSRODFRWWXUD
4XDQGRVLqSURQWLDULPXRYHUHLOSDQHGDOODWHJOLDSUHPHUHLOSXOVDQWH
$99,26723SHUVHFRQGLSHUXVFLUHGDTXHVWRSURJUDPPD
E $WWHQGHUH GL DYYLDUHXQ QXRYRSURJUDPPDGRSR FKHLO SUHFHGHQWH q
WHUPLQDWR SRLFKp OD WHPSHUDWXUD qPROWR DOWD H SRWUHEEH LQIOXHQ]DUH LO
QXRYRSURJUDPPDGLSDQLILFD]LRQH
F $OFXQLSURJUDPPLHQWUDQRLQXQRVWDWRGLIHUPHQWD]LRQHVHQ]D
HPHWWHUHVXRQLGRSRFKHOLPSDVWRqFRPSOHWR4XHVWRqQRUPDOH6L
SUHJDGLQRQSUHPHUHLOSXOVDQWH$99,26723RVSHJQHUH
ODOLPHQWD]LRQH
3HULSURJUDPPL%DVH)UDQFHVH,QWHJUDOH9HORFH
'ROFH 8OWUD 9HORFH 7RUWD H 6DQGZLFK OD PDFFKLQD
URQ]HUj SHU FLUFD VHFRQGL GXUDQWH LO SURFHVVR GL
DOLPHQWD]LRQHDXWRPDWLFDGHJOLLQJUHGLHQWL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!'
$SULUH LO FRSHUFKLR 5XRWDUH OD WHJOLD LQ VHQVR
DQWLRUDULR H WLUDUOD GHOLFDWDPHQWH YHUVR ODOWR H IXRUL
GDOODPDFFKLQD
6XJJHULPHQWR6LFRQVLJOLDVHPSUHOXVRGLJXDQWLGDIRUQRGXUDQWH
TXHVWRSDVVDJJLR$IIHUUDUHVDOGDPHQWHLOPDQLFRGHOODWHJOLDPHQWUH
VLHVWUDH
8WLOL]]DUHXQRVWUXPHQWRDQWLDGHUHQWHSHU
DOOHQWDUHGHOLFDWDPHQWHLODWLGHOSDQHGDOODWHJOLD
6XJJHULPHQWR/DWHJOLDHLOSDQHSRVVRQRHVVHUHPROWRFDOGL
0DQHJJLDUHVHPSUHFRQFXUDHXVDUHJXDQWLGDIRUQR
&DSRYROJHUH OD WHJOLD GHO SDQH VX XQD VXSHUILFLH
SXOLWDHDJLWDUODGHOLFDWDPHQWHILQFKpLOSDQHQRQFDGH
VXOODJULJOLD
/DVFLDUHFDGHUHGHOLFDWDPHQWHLOSDQHGDOODWHJOLD
HODVFLDUORUDIIUHGGDUHDWHPSHUDWXUDDPELHQWHSULPD
GLWDJOLDUOR
6XJJHULPHQWR 3ULPD GL WDJOLDUH LO SDQH XWLOL]]DUH LO JDQFLR SHU
ULPXRYHUH OD SDOD LPSDVWDWULFH QDVFRVWD VXO IRQGR ,O SDQH q FDOGR
8WLOL]]DUHVHPSUHJXDQWLGDIRUQRSHUULPXRYHUHODSDODLPSDVWDWULFH
5DIIUHGGDUHILQRDXQDWHPSHUDWXUDDGDWWD
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!(
$ ,QVHULUHLOJDQFLRQHOODVVHGHOODSDODLPSDVWDWULFH
% 7LUDUHGHOLFDWDPHQWHHSRLULODVFLDUHODSDODLPSDVWDWULFH
)81=,21,63(&,$/,
)81=,21,(23(5$=,21,
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
!)
)XQ]LRQH0HPRULD
6HODOLPHQWD]LRQHYLHQHLQWHUURWWDGXUDQWHODSUHSDUD]LRQHGHO
SDQHLOSURFHVVRFRQWLQXHUjDXWRPDWLFDPHQWHHQWURPLQXWL
DQFKHVHQ]DSUHPHUHLOSXOVDQWH67$5767236HLOWHPSRGL
LQWHUUX]LRQHVXSHUDLPLQXWLLOSURJUDPPDGLPHPRULDQRQ
SXzHVVHUHPDQWHQXWRHODPDFFKLQDSHULOSDQHGHYHHVVHUH
ULDYYLDWD
6XJJHULPHQWR
6HVLGHVLGHUDXVFLUHGDOODIXQ]LRQHGLPHPRULDQRQVSHJQHUHODPDFFKLQD
VSHJQHQGRODOLPHQWD]LRQH3UHPHUHVHPSOLFHPHQWHLOSXOVDQWH$99,2
6723QXRYDPHQWHSHUVHFRQGL'RSRDYHUVHQWLWRXQELSqSRVVLELOH
SUHPHUHDOWULSXOVDQWLSHUULVHOH]LRQDUHLOSURJUDPPDGHVLGHUDWR
)XQ]LRQH5LWDUGR
3ULPDGLLQL]LDUHqQHFHVVDULRVHOH]LRQDUHLOSURJUDPPDLO
OLYHOORGLGRUDWXUDHODGLPHQVLRQHGHOOLPSDVWRSRLSUHPHUH
SHUDXPHQWDUHRGLPLQXLUHLOWHPSRGLULWDUGRLQ
LQFUHPHQWLGLPLQXWL,OWHPSRPDVVLPRGLULWDUGRqGL
RUH
6XJJHULPHQWL
D /DGXUDWDWRWDOHGLXQSURJUDPPDLQFOXGHLOWHPSRGLFRWWXUDHLO
WHPSRGLULWDUGRRYYHURODGXUDWDLPSRVWDWDqXJXDOHDOWHPSRGLULWDUGR
SLLOWHPSRGLFRWWXUD
E 4XHVWRSXOVDQWH121VLDSSOLFDDLSURJUDPPL8OWUD9HORFH
0DUPHOODWDH&RWWXUD
F 1RQXWLOL]]DUHLQJUHGLHQWLIDFLOPHQWHGHSHULELOLFRPHXRYDODWWH
IUHVFRIUXWWDHFF
7HPSRYLVXDOL]]DWR
VXOORVFKHUPR
7HPSRGLULWDUGR &RWWXUD
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"*
F 8QWHUPRPHWURGDFXFLQDqIRQGDPHQWDOHSHUPLVXUDUHODWHPSHUDWXUD
G ,OSDQHDYUjXQDFRQVLVWHQ]DOHJJHUPHQWHSLGHQVD
3URJUDPPD9HORFH
3HULOSURJUDPPD9HORFHXQLPSDVWRGLJSXz
HVVHUHFRWWRLQKPLQXWL
3HULOSURJUDPPD8OWUD9HORFHXQLPSDVWRGLJSXz
HVVHUHFRWWRLQPLQXWLHXQLPSDVWRGLJLQK
PLQXWL
6XJJHULPHQWL
D /DFTXDFDOGDGRYUHEEHHVVHUHWUD&H&TXDQGRXWLOL]]DWD
FRPHLQJUHGLHQWHOLTXLGR
E $JJLXQJHUHJOLLQJUHGLHQWLQHOODWHJOLDGHOSDQHQHOORUGLQHPHQ]LRQDWR
QHOODULFHWWD'LVROLWRODFTXDROHVRVWDQ]HOLTXLGHGRYUHEEHURHVVHUH
DJJLXQWHSHUSULPHVHJXLWHGD]XFFKHURVDOHHIDULQDLOOLHYLWRRLO
OLHYLWRLQSROYHUHGRYUHEEHURVHPSUHHVVHUHDJJLXQWLFRPHXOWLPR
LQJUHGLHQWH
/LHYLWRRELFDUERQDWR
,QJUHGLHQWLVHFFKL
$FTXDROLTXLGR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"!
38/,=,$(0$187(1=,21(
)81=,21,(23(5$=,21,
6FROOHJDUHODPDFFKLQDGDOODFRUUHQWHH
ODVFLDUODUDIIUHGGDUHSULPDGLSXOLUOD
7HJOLDGHOSDQH3XOLUHLQWHUQDPHQWHHG
HVWHUQDPHQWHFRQXQSDQQRXPLGR
6XJJHULPHQWL
D 1RQXVDUHDJHQWLWDJOLHQWLRDEUDVLYLSHUSURWHJJHUHLO
ULYHVWLPHQWRDQWLDGHUHQWH
E $VVLFXUDUVLGLDVFLXJDUHFRPSOHWDPHQWHODWHJOLDSULPDGLLQVWDOODUOD
HFRQWLQXDUHDXVDUOD
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
""
F /DWHJOLDGHOSDQHqDGDWWDDOODODYDVWRYLJOLH
3DODLPSDVWDWULFH6HODSDODLPSDVWDWULFHq
GLIILFLOHGDULPXRYHUHGDOODVVHqSRVVLELOH
D ULHPSLUHLOFRQWHQLWRUHFRQDFTXDFDOGDHODVFLDUORLQ
DPPROORSHUFLUFDPLQXWL
E SXOLUHGHOLFDWDPHQWHODSDODFRQXQSDQQRGLFRWRQH
XPLGR
6XJJHULPHQWR/HSDOHLPSDVWDWULFLVRQRFRPSRQHQWLDGDWWLDOOD
ODYDVWRYLJOLH
&RSHUFKLRHILQHVWUD3XOLUHLQWHUQDPHQWHHG
HVWHUQDPHQWHLOFRSHUFKLRFRQXQSDQQROHJJHUPHQWH
XPLGR
6XJJHULPHQWL
D 6XJJHULDPRGLSXOLUHLOFRSHUFKLRFRQXQSDQQRXPLGRDQ]LFKp
VPRQWDUOR6HQHFHVVDULRqSRVVLELOHVHJXLUHLSDVVDJJLVRWWRSHU
VPRQWDUOR
&RPHVPRQWDUH$SULUHLOFRSHUFKLRLQFOLQDUHODPDFFKLQDGLXQDQJROR
FLUFDJUDGLHWLUDUORREOLTXDPHQWHYHUVRODOWR
$PPROODUHSHUPLQ
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"#
&RPHDVVHPEODUH$OOLQHDUHLOFRSHUFKLRFRQODILEELDVXOOD
PDFFKLQDDGXQDQJRORFLUFDJUDGLHSUHPHUHGLDJRQDOPHQWH
YHUVRLOEDVVR
E 'RSRODSXOL]LDDVVLFXUDUVLFKHODFTXDVLDFRPSOHWDPHQWH
DVFLXJDWDDOODULDSULPDGLSURFHGHUHFRQOLQVWDOOD]LRQHHOXVR
6WUXWWXUD3XOLUHGHOLFDWDPHQWHODVXSHUILFLH
HVWHUQDGHOODVWUXWWXUDFRQXQSDQQRXPLGR
6XJJHULPHQWL
D 1RQXWLOL]]DUHGHWHUJHQWLDEUDVLYLSHUODSXOL]LDLQTXDQWR
SRWUHEEHURGDQQHJJLDUHODOXFHQWH]]DGHOODVXSHUILFLH
E 1RQLPPHUJHUHPDLODVWUXWWXUDLQDFTXDSHUODSXOL]LD
F ,Q FRQGL]LRQL QRUPDOL QRQ GRYUHEEHUR HVVHUFL UHVLGXL GL FLER VXOOD
SDUHWHLQWHUQD GHOOD VWUXWWXUDRVXO WXER GLULVFDOGDPHQWR6H VLWURYDQR
UHVLGXLGLFLERSRVVLELOPHQWHDFDXVDGLSUREOHPLGLIHUPHQWD]LRQHFKH
ULVXOWDQR QHO WUDERFFR GHOOLPSDVWR SXOLUH FRQ XQ SDQQR XPLGR H
DVFLXJDUHGRSRFKHODPDFFKLQDVLqFRPSOHWDPHQWHUDIIUHGGDWD
3ULPDFKHODPDFFKLQDSHULOSDQHVLDULSRVWDSHUOD
FRQVHUYD]LRQHDVVLFXUDUVLFKH
D VLDFRPSOHWDPHQWHUDIIUHGGDWD
E VLDSXOLWDHDVFLXWWD
F LOFXFFKLDLRHODSDODGLPSDVWRVLDQRULSRVWLQHO
FDVVHWWRHLOFRSHUFKLRVLDFKLXVR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"$
9,68$/,==$=,21(',$99,6,
352%/(0,',)81=,21$0(172(62/8=,21,
&216,*/,3(5/$&27785$
5,62/8=,21('(,352%/(0,
9,68$/,==$=,21(',$99,6,
5,62/8=,21('(,352%/(0,
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"%
,OGLVSOD\PRVWUD³+++´DFFRPSDJQDWRGD
VHJQDOLDFXVWLFLGRSRODYYLRGHOSURJUDPPD
0RWLYR
/DWHPSHUDWXUDLQWHUQDqDQFRUDWURSSRDOWD
6ROX]LRQH
3UHPHUHLOSXOVDQWH$99,26723DSULUHLOFRSHUFKLRH
ODVFLDUHUDIIUHGGDUHODPDFFKLQDSHUDPLQXWL
,OGLVSOD\PRVWUD³///´DFFRPSDJQDWRGDVHJQDOL
DFXVWLFLGRSRDYHUSUHPXWRLOSXOVDQWH$99,26723
HFFHWWRLOSURJUDPPD%$.(
0RWLYR
/DWHPSHUDWXUDLQWHUQDqWURSSREDVVD
6ROX]LRQH
,QWHUURPSHUHSUHPHQGRLOSXOVDQWH$99,26723DSULUHLO
FRSHUFKLRHODVFLDUHFKHODPDFFKLQDSHULOSDQHVLDGDWWL
DOODWHPSHUDWXUDDPELHQWHSHUDPLQXWLSULPDGL
XVDUOD
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"&
,OGLVSOD\PRVWUD³((´GRSRDYHUSUHPXWRLO
SXOVDQWH$99,26723
0RWLYR
,OVHQVRUHGLWHPSHUDWXUDqVFROOHJDWR
6ROX]LRQH
6LSUHJDGLFRQWUROODUHDWWHQWDPHQWHLOVHQVRUHFRQ
XQHVSHUWRDXWRUL]]DWR
352%/(0,',)81=,21$0(172
(62/8=,21,
5,62/8=,21('(,352%/(0,
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"'
(VFHIXPRGDOFRPSDUWLPHQWRGLFRWWXUDRGDOOH
DSHUWXUHGLYHQWLOD]LRQH
0RWLYR
*OLLQJUHGLHQWLVLDWWDFFDQRDOFRPSDUWLPHQWRGLFRWWXUDR
DOOHVWHUQRGHOODWHJOLD
6ROX]LRQH
6FROOHJDUHODSSDUHFFKLRHSXOLUHODWHJOLDHLO
FRPSDUWLPHQWRGLFRWWXUD
,OSDQHVLDEEDVVDDOFHQWURHGqXPLGRVXO
IRQGR
0RWLYR
,OSDQHULPDQHQHOODWHJOLDWURSSRDOXQJRGRSROD
FRWWXUDHLOULVFDOGDPHQWR
6ROX]LRQH
(VWUDUUHLOSDQHGDOODWHJOLDSULPDFKHODIXQ]LRQHGL
PDQWHQLPHQWRLQFDOGRWHUPLQL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
"(
1RQqIDFLOHHVWUDUUHLOSDQHGDOODWHJOLD
0RWLYR
,OIRQGRGHOSDQHqDWWDFFDWRDOODSDODLPSDVWDWULFH
6ROX]LRQH
3XOLUHODSDODLPSDVWDWULFHHJOLDOEHULGRSRL
SURJUDPPLGLFRWWXUD
6XJJHULPHQWR6HQHFHVVDULRULHPSLUHODWHJOLDFRQDFTXDFDOGD
SHUPLQXWL4XHVWRUHQGHUjIDFLOHULPXRYHUHHSXOLUHODSDOD
LPSDVWDWULFH
'HSRVLWLGLIDULQDVXOODFURVWDGHOSDQH
0RWLYR
/DIDULQDQRQqEHQLPSDVWDWDVXLODWLGXUDQWH
OLPSDVWR
6ROX]LRQH
9HULILFDUHFKHODSDODLPSDVWDWULFHVLDLQVWDOODWD
FRUUHWWDPHQWH
6XJJHULPHQWR 6H OLQVWDOOD]LRQH q ULXVFLWD OD JLXQ]LRQH WUD OD SDOD
LPSDVWDWULFHHODEDVHGRYUHEEHHVVHUHSLDWWDVHQ]DDOFXQDVSRUJHQ]D
HODSDODLPSDVWDWULFHQRQGRYUHEEHRVFLOODUHOLEHUDPHQWH
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
")
*OLLQJUHGLHQWLQRQVRQRPLVFHODWLRLOSDQHQRQ
qFRWWRFRUUHWWDPHQWH
0RWLYR
① ,PSRVWD]LRQHGHOSURJUDPPDHUUDWD
6ROX]LRQH
&RQWUROODUHLOPHQXVHOH]LRQDWRHDOWUHLPSRVWD]LRQL
② ,OSXOVDQWH$99,26723qVWDWRSUHPXWRPHQWUHOD
PDFFKLQDqLQIXQ]LRQH
6ROX]LRQH
1RQXWLOL]]DUHJOLLQJUHGLHQWLRULJLQDOLHULFRPLQFLDUHGD
FDSR8QDYROWDFKHODPDFFKLQDKDLQL]LDWRDIXQ]LRQDUH
VLSUHJDGLDVWHQHUVLGDOSUHPHUHQXRYDPHQWHLOSXOVDQWH
$99,26723
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#*
③ ,OFRSHUFKLRqVWDWRDSHUWRGLYHUVHYROWHPHQWUHODPDFFKLQD
qLQIXQ]LRQH
6ROX]LRQH
(YLWDUHGLDSULUHIUHTXHQWHPHQWHLOFRSHUFKLRDPHQRFKHQRQ
VLDQHFHVVDULRDGHVHPSLRTXDQGRVLDJJLXQJRQRLQJUHGLHQWL
④ 6LYHULILFDXQLQWHUUX]LRQHSUROXQJDWD
GHOODOLPHQWD]LRQHPHQWUHODPDFFKLQDqLQIXQ]LRQH
6ROX]LRQH
1RQXWLOL]]DUHJOLLQJUHGLHQWLRULJLQDOLHULFRPLQFLDUHGD
FDSR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#!
⑤ /DURWD]LRQHGHOODSDODLPSDVWDWULFHqEORFFDWD
6ROX]LRQH
D $VVLFXUDUVLFKHODSDODLPSDVWDWULFHQRQVLDRVWUXLWD
GDJUDQHOOL(VWUDUUHODWHJOLDHFRQWUROODUHVHLGULYHU
JLUDQR
E ,QFDVRFRQWUDULRLQYLDUHODSSDUHFFKLRDOVHUYL]LR
FOLHQWL
1RQLPSDVWDFRUUHWWDPHQWHOLPSDVWRHSURGXFH
UXPRUL
0RWLYR
/DWHJOLDGHOSDQHHODSDODLPSDVWDWULFHQRQVRQRLQVWDOODWH
FRUUHWWDPHQWH
6ROX]LRQH
,QVWDOODUOHVHFRQGRODSDUWHGHOOD*8,'$
$//23(5$=,21(
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#"
② &qTXDOFRVDFKHQRQYDFRQLOSXOVDQWH
6ROX]LRQH
&RQWDWWDUFLVHLSXOVDQWLQRQIXQ]LRQDQRGRSRDYHU
VHJXLWRODVHTXHQ]D
/LPSRVWD]LRQHGHVLGHUDWDQRQSXzHVVHUH
VHOH]LRQDWDRLOSXOVDQWHQRQIXQ]LRQD
0RWLYR
① 2UGLQHVEDJOLDWRQHOODSUHVVLRQHGHLSXOVDQWL
6ROX]LRQH
D $VVLFXUDUVLFKHWXWWHOHLPSRVWD]LRQLGHVLGHUDWH0(18
&2/25/2$)VLDQRFRUUHWWHSULPDGLSUHPHUHLOSXOVDQWH
$99,26723/DVHTXHQ]DGLSXOVDQWLVXJJHULWDq0(18
/2$)&2/25$99,26723
E 6HYLHQHVHOH]LRQDWRXQSURJUDPPDLPSRVWD]LRQHHUUDWRHOD
PDFFKLQDLQL]LDDIXQ]LRQDUHSUHPHUHLOSXOVDQWH$99,26723
QXRYDPHQWHSHUVHFRQGL'RSRDYHUVHQWLWRXQELSq
SRVVLELOHSUHPHUHDOWULSXOVDQWLSHUVHOH]LRQDUHQXRYDPHQWHLO
SURJUDPPDFRUUHWWR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
##
② &qTXDOFRVDFKHQRQYDFRQLOSXOVDQWH
6ROX]LRQH
&RQWDWWDUFLVHVLSUHPRQRLSXOVDQWLFRPHLVWUXLWRLQ①H
TXHVWLDQFRUDQRQIXQ]LRQDQR
,OWHPSRGLFRWWXUDQRQSXzHVVHUHDXPHQWDWRR
GLPLQXLWRTXDQGRVLSUHPH
0RWLYR
① ,OWHPSRYLVXDOL]]DWRKDUDJJLXQWRLOWHPSRPDVVLPR
PLQLPRVSHFLILFDWRGDOSURJUDPPDVHOH]LRQDWR
6ROX]LRQH
D /HJJHUHODSDUWH5,&(77(&216,*/,$7(FKHPRVWUD
ODGXUDWDWRWDOHGLFLDVFXQSURJUDPPD
E 3URYDUHDGDXPHQWDUHHGLPLQXLUHLOWHPSRDOFRQWUDULR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#$
② /DPDFFKLQDqJXDVWDHLOWHPSRGLLQDWWLYLWjqSL
OXQJRGLTXDQWRVSHFLILFDWRQHOODVH]LRQH5,&(77(
&216,*/,$7(
6ROX]LRQH
6HVLSUHPRQRLSXOVDQWLFRPHLQGLFDWRLQ①HTXHVWL
DQFRUDQRQIXQ]LRQDQRFRQWDWWDWHFL
'XUDQWHLOSURFHVVRGLSDQLILFD]LRQHGRSRXQ
SHULRGRGLLPSDVWROLPSDVWRVLIHUPDHODPDFFKLQD
QRQULVSRQGHFRPHDGHVHPSLRODFRWWXUD
0RWLYR
① /LPSDVWRVWDIHUPHQWDQGRHIXQ]LRQHUjQRUPDOPHQWH
GRSRODIHUPHQWD]LRQH
6ROX]LRQH
1RQVFROOHJDUHODOLPHQWD]LRQHRHIIHWWXDUHDOWUH
RSHUD]LRQL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#%
5,62/8=,21('(,352%/(0,
&216,*/,3(5/$&27785$
3UHFDX]LRQL
3ULPDGLIDUHLOSDQHSHUIDYRUH
D OHJJHUHDWWHQWDPHQWHODVH]LRQH0LVXUD]LRQHH
VHTXHQ]DGHJOLLQJUHGLHQWLGL$77(1=,21(35,0$
'(//862HPLVXUDUHFRUUHWWDPHQWHJOLLQJUHGLHQWL
E DVVLFXUDUVLFKHLOSURJUDPPDFRUUHWWRVLDVHOH]LRQDWR
SHUFRPSOHWDUHODSDQLILFD]LRQHFRPHVWDELOLWRQHOOD
VH]LRQH*8,'$$//23(5$=,21(GHOPDQXDOHGL
LVWUX]LRQL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#&
,OSDQHOLHYLWDWURSSRYHORFHPHQWH
0RWLYR
① &qXQHFFHVVRGLOLHYLWRHIDULQDPDQRQDEEDVWDQ]D
VDOH
6ROX]LRQH
5HJRODUHOHSURSRU]LRQLGHJOLLQJUHGLHQWLHDVVLFXUDUVLFKH
WXWWLVLDQRVWDWLDJJLXQWL
② /DWHPSHUDWXUDqDOWD
6ROX]LRQH
8WLOL]]DUHLQJUHGLHQWLOLTXLGLDWHPSHUDWXUDSL
EDVVDVSHFLDOPHQWHLQWHPSRFDOGR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#'
,OSDQHQRQOLHYLWDDIIDWWRRQRQVXIILFLHQWHPHQWH
0RWLYR
① 1LHQWHOLHYLWRRQRQDEEDVWDQ]D
6ROX]LRQH
5HJRODUHOHSURSRU]LRQLGHJOLLQJUHGLHQWLHDVVLFXUDUVL
FKHWXWWLVLDQRVWDWLDJJLXQWL
② /LHYLWRVFDGXWRRYHFFKLR
6ROX]LRQH
8WLOL]]DUHOLHYLWRQRQDSHUWRROLHYLWRFKHqVWDWR
FRQVHUYDWRFRUUHWWDPHQWH
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#(
③ ,OOLTXLGRqWURSSRFDOGR
6ROX]LRQH
D 8WLOL]]DUHXQDOWUROLTXLGRRODVFLDUOR
UDIIUHGGDUHDWHPSHUDWXUDDPELHQWH
E $JJLXQJHUHJOLLQJUHGLHQWLQHOORUGLQHFRUUHWWRFRPH
VSHFLILFDWR
④ ,OOLHYLWRqYHQXWRDFRQWDWWRFRQLOOLTXLGR
6ROX]LRQH
8VDUHLOGLWRSHUIDUHXQDSLFFRODLQFDYDWXUDQHOPH]]R
GHOODIDULQD$JJLXQJHUHLOOLHYLWRQHOOLQFDYDWXUD
DVVLFXUDQGRVLFKHQRQYHQJDDFRQWDWWRFRQJOL
LQJUHGLHQWLOLTXLGLRLOVDOH
/LHYLWRRELFDUERQDWR
,QJUHGLHQWLVHFFKL
$FTXDROLTXLGR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
#)
⑤ 7LSRGLIDULQDVEDJOLDWRRIDULQDYHFFKLD
6ROX]LRQH
D /HJJHUHDWWHQWDPHQWHOHSDUWL,1752'8=,21('(*/,
,1*5(',(17,3(5,/3$1(H5,&(77$SULPDGLFXRFHUHH
VFHJOLHUHLOWLSRGLIDULQDJLXVWR
E 8WLOL]]DUHIDULQDIUHVFD
⑥ 7URSSROLTXLGR
6ROX]LRQH
D 5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
E 6HLOWHPSRqXPLGRULGXUUHLOOLTXLGRGLR
FXFFKLDL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$*
⑦ 7URSSR]XFFKHURRVDOH
6ROX]LRQH
5HJRODUHOHSURSRU]LRQLGHJOLLQJUHGLHQWLHDVVLFXUDUVL
FKHWXWWLVLDQRVWDWLDJJLXQWL
/LPSDVWROLHYLWDWURSSRHWUDERFFDGDOOD
WHJOLD
0RWLYR+
① 6HLOOLTXLGRqWURSSRPRUELGRLOOLHYLWR
IHUPHQWDGLSL
6ROX]LRQH
D &RUUHJJHUHODTXDQWLWjGLOLTXLGR
E 6HVLXWLOL]]DQRLQJUHGLHQWLFRQWHQHQWLDFTXDOD
SURSRU]LRQHGLOLTXLGRGDDJJLXQJHUHGHYHHVVHUH
DGHJXDWDPHQWHULGRWWD
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$!
,OSDQHVLDEEDVVDDOFHQWUR
0RWLYR
① 7URSSROLTXLGR
D 6HVLXWLOL]]DQRLQJUHGLHQWLFRQWHQHQWLDFTXDODSURSRU]LRQH
GLOLTXLGRGDDJJLXQJHUHGHYHHVVHUHDGHJXDWDPHQWHULGRWWD
E 6HLOWHPSRqXPLGRULGXUUHLOOLTXLGRGLR
FXFFKLDL
② /DWHPSHUDWXUDqDOWD
6ROX]LRQH
8WLOL]]DUHLQJUHGLHQWLOLTXLGLDWHPSHUDWXUDSL
EDVVDVSHFLDOPHQWHLQWHPSRFDOGR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$"
② /DIHUPHQWD]LRQHqWURSSRFRUWDRYHORFHDFDXVD
GHOOHFFHVVLYDWHPSHUDWXUDGHOODFTXDRGHOODFDPHUDGL
FRWWXUDRGHOOHFFHVVLYDXPLGLWj
6ROX]LRQH
D 8WLOL]]DUHXQDOWUROLTXLGRRODVFLDUORUDIIUHGGDUHD
WHPSHUDWXUDDPELHQWH
E 1RQXWLOL]]DUHODIXQ]LRQHGLWHPSRUL]]D]LRQHLQ
WHPSRFDOGR
6WUXWWXUDSHVDQWHHJUXPRVD
0RWLYR
7URSSDIDULQDHQRQDEEDVWDQ]DOLTXLGR
6ROX]LRQH
5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$#
② 1RQDEEDVWDQ]DOLHYLWRR]XFFKHUR
6ROX]LRQH
D 5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWLH
YHULILFDUHFKHWXWWLJOLLQJUHGLHQWLVLDQRVWDWLDJJLXQWL
E )DUH XQD SLFFROD LQFDYDWXUD QHO PH]]R GHOOD IDULQD H
LQVHULUHLOOLHYLWRVEULFLRODWRRVHFFR(YLWDUHFKHLOOLHYLWRHLO
OLTXLGRYHQJDQRDFRQWDWWRGLUHWWR
③ 7URSSLIUXWWLVHFFKLIDULQDLQWHJUDOHRDOWUL
LQJUHGLHQWLVHFFKL
6ROX]LRQH
5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$$
④ /LHYLWRVFDGXWRRYHFFKLR
6ROX]LRQH
$VVLFXUDUVLGLXWLOL]]DUHOLHYLWRQRQDSHUWRR
FRQVHUYDWRFRUUHWWDPHQWH
⑤ ,OOLTXLGRFDOGRIDOLHYLWDUHOLPSDVWRWURSSR
UDSLGDPHQWHHLOSDQHVLDEEDVVDSULPDGHOODFRWWXUD
6ROX]LRQH
1RQXWLOL]]DUHODIXQ]LRQHGLWHPSRUL]]D]LRQHLQWHPSR
FDOGR3HUULVXOWDWLPLJOLRULXVDUHOLTXLGLIUHGGLLQYHFHGL
FDOGL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$%
⑥ 7URSSDDFTXD
6ROX]LRQH
D 5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
E 6HLOWHPSRqXPLGRULGXUUHLOOLTXLGRGLR
FXFFKLDL
,OSDQHQRQqFRWWRDOFHQWUR
0RWLYR
① 7URSSROLTXLGRXPLGLWjLQJUHGLHQWLXPLGL
6ROX]LRQH
D 5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
E 6HLOWHPSRqXPLGRULGXUUHLOOLTXLGRGLR
FXFFKLDL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$&
6WUXWWXUDDSHUWDRJURVVRODQDRSSXUHWURSSLEXFKL
0RWLYR
① 7URSSROLTXLGRXPLGLWj
6ROX]LRQH
D 5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
F 6HLOWHPSRqXPLGRULGXUUHLOOLTXLGRGLR
FXFFKLDL
② 0DQFDQ]DGLVDOH
6LSUHJDGLUHJRODUHOHSURSRU]LRQLGHJOLLQJUHGLHQWLH
DVVLFXUDUVLFKHWXWWLVLDQRVWDWLDJJLXQWL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$'
③ 7URSSROLHYLWR
6ROX]LRQH
5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
6XSHUILFLHFRPHXQIXQJRQRQFRWWD
0RWLYR
① ,OYROXPHGHOSDQHqWURSSRJUDQGHSHUODWHJOLD
6ROX]LRQH
5HJRODUHODTXDQWLWjGLOLTXLGRHIDULQD/DTXDQWLWjPDVVLPD
GLIDULQDqJ
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$(
② 7URSSROLHYLWR
6ROX]LRQH
5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL/DTXDQWLWj
PDVVLPDGLOLHYLWRqJ
③ 1RQDEEDVWDQ]DVDOH
6ROX]LRQH
6LSUHJDGLUHJRODUHOHSURSRU]LRQLGHJOLLQJUHGLHQWLH
DVVLFXUDUVLFKHWXWWLVLDQRVWDWLDJJLXQWL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
$)
④ 7URSSR]XFFKHURRLQJUHGLHQWLGROFL
6ROX]LRQH
5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
/HIHWWHVRQRLUUHJRODULRFLVRQRJUXPLDOFHQWUR
0RWLYR
,OSDQHQRQqVXIILFLHQWHPHQWHUDIIUHGGDWRLOYDSRUHQRQ
qDQFRUDXVFLWR
6ROX]LRQH
5LPXRYHUHLOSDQHGDOODWHJOLDVXELWRGRSRODFRWWXUDH
ODVFLDUORUDIIUHGGDUHVXXQDJULJOLDSULPDGLDIIHWWDUOR
5DIIUHGGDUHILQRDXQDWHPSHUDWXUDDGDWWD
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%*
,OSDQHFRWWRqWURSSRSLFFROR
0RWLYR
① 7URSSRVDOH
6ROX]LRQH
5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWL
② /LHYLWRLQVXIILFLHQWHRYHFFKLRFKHLPSHGLVFHOD
IHUPHQWD]LRQHGHOOLPSDVWR
6ROX]LRQH
D $VVLFXUDUVLGLXWLOL]]DUHOLHYLWRQRQDSHUWRR
FRUUHWWDPHQWHFRQVHUYDWR
E 5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWLH
YHULILFDUHFKHWXWWLJOLLQJUHGLHQWLVLDQRVWDWLDJJLXQWL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%!
③1RQDEEDVWDQ]DOLTXLGR
6ROX]LRQH
5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWLHYHULILFDUHFKH
WXWWLJOLLQJUHGLHQWLVLDQRVWDWLDJJLXQWL
④ÊVWDWRXWLOL]]DWRXQWLSRGLIDULQDVEDJOLDWR
6ROX]LRQH
/HJJHUHDWWHQWDPHQWHODSDUWH,1752'8=,21('(*/,
,1*5(',(17,3(5,/3$1(SULPDGLFXRFHUHH
VFHJOLHUHLOWLSRGLIDULQDJLXVWR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%"
,OSDQHFRWWRqWURSSRSLFFROR
0RWLYR
①1RQDEEDVWDQ]DOLTXLGR
6ROX]LRQH
5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWLHYHULILFDUHFKH
WXWWLJOLLQJUHGLHQWLVLDQRVWDWLDJJLXQWL
②,OWHPSRGLFRWWXUDqWURSSROXQJR
6ROX]LRQH
/HJJHUHDWWHQWDPHQWHODVH]LRQH5,&(77(SULPDGL
FXRFHUHHVFHJOLHUHLOSURJUDPPDJLXVWR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%#
③)DULQDQRQVXIILFLHQWHRYHFFKLDLPSHGLVFHDOOLPSDVWR
GLIHUPHQWDUH
6ROX]LRQH
D6LGRYUHEEHXWLOL]]DUHOLHYLWRQRQDSHUWRREHQ
FRQVHUYDWR
E5HJRODUHODSURSRU]LRQHGHJOLLQJUHGLHQWLH
YHULILFDUHFKHWXWWLJOLLQJUHGLHQWLVLDQRVWDWLDJJLXQWL
,1752'8=,21('(*/,,1*5(',(17,3(5,/3$1(
5,&(77(&216,*/,$7(
,1*5(',(17,(5,&(77(
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%$
,1752'8=,21('(*/,
,1*5(',(17,3(5,/3$1(
,1*5(',(17,(5,&(77(
)DULQDSHUSDQH
/DIDULQDSHUSDQHDQFKHFKLDPDWDIDULQDDGDOWR
FRQWHQXWRGLJOXWLQHqHODVWLFDHPDQWLHQHODIRUPDGHO
SDQHGRSRODOLHYLWD]LRQH3XzHVVHUHXVDWDSHUIDUHSDQL
GLJUDQGLGLPHQVLRQLHFRQXQDPLJOLRUHVWUXWWXUDLQWHUQD
)DULQD
)DULQDFKHQRQFRQWLHQHOLHYLWRFKLPLFRqDGDWWDSHUIDUHLO
SDQH
)DULQDLQWHJUDOH
/DIDULQDLQWHJUDOHqPDFLQDWDGDOJUDQRLQWHURÊSL
SHVDQWHHULFFDGLQXWULHQWLULVSHWWRDOODIDULQDRUGLQDULD,O
SDQHIDWWRFRQIDULQDLQWHJUDOHqGLVROLWRGLGLPHQVLRQLSL
SLFFROH0ROWHULFHWWHFRPELQDQRTXLQGLODIDULQDLQWHJUDOH
FRQODIDULQDSHUSDQHSHURWWHQHUHLOPLJOLRUULVXOWDWR
)DULQDGLJUDQRQHUR
/DIDULQDGLJUDQRQHURDQFKHFKLDPDWDIDULQDJUH]]Dq
XQDIDULQDDGDOWDILEUDVLPLOHDOODIDULQDLQWHJUDOH'HYH
HVVHUHFRPELQDWDFRQXQDDOWDSURSRU]LRQHGLIDULQDSHU
SDQHSHURWWHQHUHJUDQGLGLPHQVLRQLGRSRODOLHYLWD]LRQH
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%%
)DULQDDXWROLHYLWDQWH
8QWLSRGLIDULQDFKHFRQWLHQHLOOLHYLWRFKLPLFRXVDWR
VSHFLDOPHQWHSHUIDUHGROFL
)DULQDGLPDLVHIDULQDGDYHQD
/DIDULQDGLPDLVHODIDULQDGDYHQDVRQRPDFLQDWH
ULVSHWWLYDPHQWHGDPDLVHDYHQD6RQRLQJUHGLHQWLDJJLXQWLYLQHL
SDQLUXVWLFLXVDWLSHUPLJOLRUDUHLOVDSRUHHODFRQVLVWHQ]D
=XFFKHUR
/R]XFFKHURqXQLQJUHGLHQWHHVVHQ]LDOHSHUDXPHQWDUHLO
VDSRUHGROFHHLOFRORUHGHOSDQHÊFRQVLGHUDWRDQFKHXQ
QXWULPHQWRQHOSDQHOLHYLWDWR'LVROLWRVLXWLOL]]DOR]XFFKHUR
ELDQFR=XFFKHURGLFDQQD]XFFKHURDYHORR]XFFKHURILODWR
SRVVRQRHVVHUHQHFHVVDULVXULFKLHVWDVSHFLDOH
/LHYLWR
'RSRLOSURFHVVRGLOLHYLWD]LRQHLOOLHYLWRSURGXFHDQLGULGH
FDUERQLFD/DQLGULGHFDUERQLFDHVSDQGHLOSDQHH
DPPRUELGLVFHODVWUXWWXUDLQWHUQD7XWWDYLDODUDSLGD
SUROLIHUD]LRQHGHOOLHYLWRULFKLHGHFDUERLGUDWLSUHVHQWLQHOOR
]XFFKHURHQHOODIDULQDFRPHQXWULPHQWR
6XJJHULPHQWL
D4XDQWLWj
FXFFKLDLQRGLOLHYLWRVHFFRDWWLYR FXFFKLDLQRGLOLHYLWRLVWDQWDQHR
FXFFKLDLQLGLOLHYLWRVHFFRDWWLYR FXFFKLDLQRGLOLHYLWRLVWDQWDQHR
FXFFKLDLQLGLOLHYLWRVHFFRDWWLYR FXFFKLDLQLGLOLHYLWRLVWDQWDQHR
E&RQVHUYD]LRQH
,OOLHYLWRGHYHHVVHUHFRQVHUYDWRLQIULJRULIHURSRLFKpLOIXQJRPXRUHDG
DOWHWHPSHUDWXUH3ULPDGLXVDUORFRQWUROODUHODGDWDGLSURGX]LRQHHOD
GXUDWD GL FRQVHUYD]LRQH GHO OLHYLWR 5LSRUOR QXRYDPHQWH LQ IULJRULIHUR LO
SLSUHVWRSRVVLELOHGRSRRJQLXVR/DUDJLRQHSLFRPXQHSHUFXLLOSDQH
QRQOLHYLWDqLOOLHYLWRLQDWWLYRRURYLQDWR
F,SDVVDJJLGHVFULWWLGLVHJXLWRVHUYLUDQQRDYHULILFDUHVHLOYRVWUR
OLHYLWRqIUHVFRHDWWLYR
3DVVR9HUVDUHWD]]DGLDFTXDFDOGD
℃
LQXQPLVXULQR
3DVVR$JJLXQJHUHFXFFKLDLQRGL]XFFKHURELDQFRQHOPLVXULQRH
PHVFRODUHSRLFRVSDUJHUHFXFFKLDLQLGLOLHYLWRVXOODFTXD
3DVVR3RVL]LRQDUHLOPLVXULQRLQXQOXRJRFDOGRSHUFLUFDPLQXWL
1RQPHVFRODUHODFTXD
3DVVR/DVFKLXPDGRYUHEEHDUULYDUHILQRDWD]]D$OWULPHQWLLOOLHYLWR
qPRUWRRLQDWWLYR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%&
6DOH
,OVDOHqQHFHVVDULRSHUPLJOLRUDUHLOVDSRUHGHOSDQHHLOFRORUH
GHOODFURVWD
6XJJHULPHQWR1RQXVDUHPDLWURSSRVDOHLQXQDULFHWWD7XWWDYLDLO
VDOHSXzDQFKHOLPLWDUHODOLHYLWD]LRQHGHOOLHYLWRTXLQGLLOSDQHVDUHEEH
SLJUDQGHVHQ]DVDOH
8RYR
/HXRYDSRVVRQRPLJOLRUDUHODFRQVLVWHQ]DGHOSDQHUHQGHUOR
SLQXWULHQWHHDXPHQWDUQHODGLPHQVLRQH7XWWDYLDOXRYRGHYH
HVVHUHVEXFFLDWRHPHVFRODWRXQLIRUPHPHQWH
6XJJHULPHQWR
D 6HGHYLDJJLXQJHUHXRYDFRPHLQJUHGLHQWHPHVFRODOHFRQLOOLTXLGR
SULPDGLOHJJHUHODVFDOD
E 4XDQGRXWLOL]]LODIXQ]LRQHGLULWDUGRSHUPROWRWHPSRQRQ
DJJLXQJHUHPDLLQJUHGLHQWLGHSHULELOLFRPHOHXRYD
*UDVVLEXUURHROLRYHJHWDOH
,JUDVVLSRVVRQRDPPRUELGLUHLOSDQHHULWDUGDUQHOD
FRQVHUYD]LRQH,OEXUURGRYUHEEHHVVHUHVFLROWRR
WDJOLDWRLQSLFFROHSDUWLFHOOHSULPDGHOOXVR
6XJJHULPHQWR4XDQGRPLVXULOROLRGDFXFLQDRDOWULLQJUHGLHQWLSXOLVFL
EHQHLOPLVXULQRVHQ]DDOWULLQJUHGLHQWL
/LHYLWRFKLPLFR
,OOLHYLWRFKLPLFRqXVDWRSHUDLXWDUHLOSDQHHLGROFLD
OLHYLWDUHUDSLGDPHQWH3XzSURGXUUHDULDFKHIRUPHUj
EROOHSHUDPPRUELGLUHODFRQVLVWHQ]DGHOSDQHXWLOL]]DQGR
LOSULQFLSLRFKLPLFR
%LFDUERQDWR
ÊVLPLOHDOOLHYLWRFKLPLFR3XzDQFKHHVVHUHXVDWRLQ
FRPELQD]LRQHFRQLOOLHYLWRFKLPLFR
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%'
$FTXDHDOWULOLTXLGL
*HQHUDOPHQWHXQDWHPSHUDWXUDGHOODFTXDWUD℃H
℃qODPLJOLRUH/DFTXDSXzHVVHUHVRVWLWXLWDFRQODWWH
IUHVFRRPLVFHODWDFRQLOGLODWWHLQSROYHUH
PLJOLRUDQGRLOVDSRUHGHOSDQHHLOFRORUHGHOODFURVWD
$OFXQHULFHWWHSRVVRQRULFKLHGHUHOXVRGLVXFFKLSHU
PLJOLRUDUHLOVDSRUHGHOSDQHDGHVHPSLRVXFFRGLPHOD
VXFFRGDUDQFLDVXFFRGLOLPRQHHFF
5,&(77(&216,*/,$7(
,1*5(',(17,(5,&(77(
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%(
3DQH%DVHLPSDVWROLHYLWD]LRQHHFRWWXUDGHO
SDQHQRUPDOH
3DQH)UDQFHVHLPSDVWROLHYLWD]LRQHHFRWWXUDFRQXQ
WHPSRGLOLHYLWD]LRQHSLOXQJR,OSDQHSURGRWWRLQ
TXHVWRSURJUDPPDKDWLSLFDPHQWHXQDFURVWDSL
FURFFDQWHHXQDFRQVLVWHQ]DSLOHJJHUD
3DQH,QWHJUDOHLPSDVWROLHYLWD]LRQHH
FRWWXUDGHOSDQHLQWHJUDOH
3DQH9HORFHLPSDVWROLHYLWD]LRQHHFRWWXUDGHO
SDQHLQXQWHPSRLQIHULRUHULVSHWWRDO3DQH%DVH
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
%)
3DQH'ROFHLPSDVWROLHYLWD]LRQHHFRWWXUDGHO
SDQHGROFH
3DQH6HQ]D*OXWLQHLPSDVWROLHYLWD]LRQHH
FRWWXUDGHOSDQHVHQ]DJOXWLQH
3DQH8OWUD9HORFHLPSDVWROLHYLWD]LRQHHFRWWXUD
QHO PLQRU WHPSR SRVVLELOH 'L VROLWR LO SDQH q SL
SLFFROR H SL UXYLGR ULVSHWWR D TXHOOR IDWWR FRQ LO
SURJUDPPD9HORFH
,PSDVWRLPSDVWRHOLHYLWD]LRQHPDVHQ]DFRWWXUD
XVDWRSHUIDUHSDQLQLSL]]DSDQHDOYDSRUHHFF
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
&*
0DUPHOODWDEROOLWXUDGLPDUPHOODWHHFRQIHWWXUH
/DIUXWWDROHYHUGXUHGHYRQRHVVHUHWULWDWHSULPDGL
HVVHUHPHVVHQHOODWHJOLDGHOSDQH
7RUWDLPSDVWROLHYLWD]LRQHHFRWWXUDGHOODWRUWD
6DQGZLFKLPSDVWROLHYLWD]LRQHHFRWWXUDGHO
VDQGZLFK3HUFXRFHUHSDQHGLFRQVLVWHQ]D
OHJJHUDFRQXQDFURVWDSLVRWWLOH
&RWWXUDFRWWXUDGLLPSDVWLJLjLPSDVWDWL
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
&!
ITALIANA

6HUYL]LSRVWYHQGLWDVXSSRUW#NLWFKHQLQWKHER[FRP
3HUXOWHULRULLQIRUPD]LRQLVLSUHJDGLYLVLWDUHZZZNLWFKHQLQWKHER[FRP
&"
*$5$1=,$(6(59,=,2
.LWFKHQLQWKH%R[RIIUHXQDJDUDQ]LDFRPSOHWDGL
XQDQQRGDOODGDWDGLDFTXLVWR
6HODWXDPDFFKLQDSHULOSDQHVLJXDVWDGXUDQWHLO
SULPRDQQRGLSURSULHWjYHUUjFRQVHJQDWD
JUDWXLWDPHQWHDOODWXDSRUWDXQDVRVWLWX]LRQH
LGHQWLFDRFRPSDUDELOH/DWXDXQLWjGLVRVWLWX]LRQH
HVFOXVLLSH]]LXVDWLVDUjDQFKHVVDFRSHUWDGDOOD
QRVWUDJDUDQ]LDOLPLWDWDGLXQDQQR
6DUjULFKLHVWDODSURYDGDFTXLVWRSHUDYYLDUHOD
ULFKLHVWD
6LSUHJDGLVFDQVLRQDUHLOFRGLFH45SHUJXDUGDUH
XOWHULRULYLGHRLVWUX]LRQDOL
$WWHQ]LRQH
4XHVWRDSSDUHFFKLRSXzHVVHUHXWLOL]]DWRGDEDPELQLGDL
DQQLLQVXHGDSHUVRQHFRQFDSDFLWjILVLFKHVHQVRULDOL
R PHQWDOL ULGRWWH R FRQ PDQFDQ]D GL HVSHULHQ]D H
FRQRVFHQ]D VH KDQQR ULFHYXWR VXSHUYLVLRQH R LVWUX]LRQL
VXOOXVRGHOODSSDUHFFKLRLQPRGRVLFXURHFRPSUHQGRQRL
ULVFKLFRLQYROWL
, EDPELQL QRQ GHYRQR JLRFDUH FRQ ODSSDUHFFKLR /D
SXOL]LD H OD PDQXWHQ]LRQH GD SDUWH GHJOL XWHQWL QRQ
GHYRQRHVVHUHHIIHWWXDWHGDEDPELQLVHQ]DVXSHUYLVLRQH
ITALIANA

VXSSRUW#NLWFKHQLQWKHER[FRP
&DSDFLWDQRPLQDOH
3URGRWWRLQ&LQD
6RORSHUXVRGRPHVWLFR
6PDOWLPHQWRHFRFRPSDWLELOH
-
/
3XRLDLXWDUHDSURWHJJHUHODPELHQWH
5LFRUGDWLGL ULVSHWWDUHOHQRUPDWLYHORFDOL
FRQVHJQDODSSDUHFFKLDWXUDHOHWWULFDQRQ
IXQ]LRQDQWHDXQFHQWURGLVPDOWLPHQWRULILXWL
DSSURSULDWR
ITALIANA


0iTXLQDGH3DQ
0DQXDOGH,QVWUXFFLRQHV
/HDWRGDVODVLQVWUXFFLRQHVGHWHQLGDPHQWHDQWHVGHXVDU\JXiUGHORSDUDUHIHUHQFLDIXWXUD

&217(1,'2
35(&$8&,21(6,03257$17(6
3$57()81&,21(6<23(5$&,21(6
&$5$&7(5Ë67,&$6'(/352'8&72
3$1(/<)81&,21(6
35(&$8&,21(6$17(6'(86$5
*8Ë$'(23(5$&,Ï1
)81&,Ï1(63(&,$/
/,03,(=$<0$17(1,0,(172
3$57(62/8&,Ï1'(352%/(0$6
9,68$/,=$&,Ï1'($'9(57(1&,$6
352%/(0$6'(23(5$&,Ï1<62/8&,21(6
&216(-263$5$+251($5
3$57(,1*5(',(17(6<5(&(7$6
,1752'8&&,Ï1'(/26,1*5(',(17(63$5$(/3$1
5(&(7$65(&20(1'$'$6
*$5$17Ë$<6(59,&,2
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!
35(&$8&,21(6,03257$17(6
3RUIDYRUOHDWRGDVODVLQVWUXFFLRQHV
DQWHVGHXWLOL]DUHVWHDSDUDWR
$QWHVGHXVDUYHULILTXHTXHHOYROWDMHGHOHQFKXIHGH
SDUHGFRUUHVSRQGDDOLQGLFDGRHQODSODFDGHFDUDFWHUtVWLFDV
(OYROWDMHQRPLQDOHVGH99
1RRSHUHQLQJ~QDSDUDWRFRQXQFRUGyQRHQFKXIH
GDxDGRRGHVSXpVGHTXHKD\DIXQFLRQDGRPDORVL
VHKDFDtGRRGDxDGRGHDOJXQDPDQHUD'HYXHOYDHO
DSDUDWRDOIDEULFDQWHRDODJHQWHGHVHUYLFLR
DXWRUL]DGRPiVFHUFDQRSDUDVXH[DPHQUHSDUDFLyQ
R DMXVWHHOpFWULFRRPHFiQLFR
3DUDSURWHJHUVHFRQWUDHOFKRTXHHOpFWULFRQR
VXPHUMDHOFRUGyQORVHQFKXIHV
1RGHMHTXHHOFRUGyQFXHOJXHGHOERUGHGHXQD
PHVDRVXSHUILFLHFDOLHQWH
(OXVRGHDFFHVRULRVQRUHFRPHQGDGRVSRUHO
IDEULFDQWHGHODSDUDWRSXHGHFDXVDUOHVLRQHV
0DQWHQJDODPiTXLQDDOHMDGDGHODVVXSHUILFLHV
FDOLHQWHV
1RFRORTXHVREUHRFHUFDGHXQTXHPDGRUGHJDV
FDOLHQWHXQTXHPDGRUHOpFWULFRRXQKRUQR
FDOHQWDGR
1RWRTXHODVSDUWHVPyYLOHVRJLUDWRULDVGHOD
PiTXLQDGXUDQWHHOKRUQHDGR
1RHQFLHQGDHODSDUDWRVLQKDEHUFRORFDGR
FRUUHFWDPHQWHODSDQHUDOOHQDGHLQJUHGLHQWHV
1RJROSHHODSDQHUDFXDQGRODUHWLUHGHODPiTXLQD
\DTXHHVWRSRGUtDFDXVDUGDxRV
"1RVHGHEHQFRORFDUOiPLQDVGHPHWDOXRWURV
PDWHULDOHVHQODSDQLILFDGRUD\DTXHHVWRSRGUtD
FDXVDUXQLQFHQGLRRXQFRUWRFLUFXLWR
"(VWHDSDUDWRSXHGHVHUXWLOL]DGRSRUQLxRVGHRFKR
DxRVHQDGHODQWH\SHUVRQDVFRQFDSDFLGDGHVItVLFDV
QLODFDUFDVDHQDJXDQLHQQLQJ~QRWUROtTXLGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#
VHQVRULDOHVRPHQWDOHVUHGXFLGDVRIDOWDGHH[SHULHQFLD\
FRQRFLPLHQWRVLVHOHVVXSHUYLVDRLQVWUX\HVREUHHOXVRVHJXUR
GHODSDUDWR\VHOHVKDFHHQWHQGHUORVSHOLJURV/RVQLxRVQR
GHEHQMXJDUFRQHODSDUDWRQLUHDOL]DUODOLPSLH]D\
PDQWHQLPLHQWRGHOXVXDULRDPHQRVTXHWHQJDQPiVGHRFKR
DxRV\HVWpQVXSHUYLVDGRV0DQWHQJDHODSDUDWR\HOFRUGyQ
IXHUDGHODOFDQFHGHORVQLxRVPHQRUHVGHRFKRDxRV
1RFXEUDODSDQLILFDGRUDFRQXQDWRDOODQLFRQQLQJ~Q
RWURPDWHULDO\DTXHHOFDORU\HOYDSRUGHEHQSRGHU
HVFDSDUOLEUHPHQWH6LVHFXEUHRHQWUDHQFRQWDFWR
FRQPDWHULDOFRPEXVWLEOHSXHGHSURYRFDUVHXQ
LQFHQGLR
1RRSHUHHODSDUDWRSDUDRWURVXVRVTXHQRVHDQORV
SUHYLVWRV
6LHPSUHXWLOLFHHODSDUDWRVREUHXQDVXSHUILFLHVHJXUD
\VHFD
1RORXVHDODLUHOLEUH
(VWHDSDUDWRHVWiHTXLSDGRFRQXQHQFKXIHFRQ
FRQH[LyQDWLHUUD$VHJ~UHVHGHTXHHOHQFKXIHGHOD
SDUHGHQVXFDVDHVWpELHQFRQHFWDGRDWLHUUD
(VWHDSDUDWRHVWiGHVWLQDGRDVHUXWLOL]DGRHQKRJDUHV
\DSOLFDFLRQHVVLPLODUHVFRPR
± ÈUHDVGHFRFLQDSDUDSHUVRQDOHQWLHQGDVRILFLQDV\RWURV
HQWRUQRVODERUDOHV
± &DVDVGHFDPSR
± 3RUFOLHQWHVHQKRWHOHVPRWHOHV\RWURVDPELHQWHV
UHVLGHQFLDOHV
± $PELHQWHVGHWLSREHGDQGEUHDNIDVW
(ODSDUDWRQRHVWiGLVHxDGRSDUDVHURSHUDGRXWLOL]DQGRXQ
WHPSRUL]DGRUH[WHUQRRXQVLVWHPDGHFRQWUROUHPRWR
VHSDUDGR
1RRSHUHODXQLGDGVLQXQDSDQHUDFRORFDGDHQODFiPDUD
SDUDHYLWDUGDxDUHODSDUDW
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$
&$5$&7(5Ë67,&$6'(/352'8&72
3$1(/'(&21752/<%2721(6
35(&$8&,21(6$17(6'(86$5
*8Ë$'(23(5$&,Ï1
)81&,21(6(63(&,$/(6
/,03,(=$<0$17(1,0,(172
)81&,21(6<23(5$&,21(6
&$5$&7(5Ë67,&$6'(/352'8&72
)81&,21(6<23(5$&,21(6
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%
3DQHUDDQWLDGKHUHQWH
8WLOL]DGDSDUDDPDVDUIHUPHQWDUKRUQHDU\PDQWHQHUOD
PDVD
7D]DPHGLGRUD
① 0HGLULQJUHGLHQWHVOtTXLGRV
② 0HGLULQJUHGLHQWHVHQSROYR
③ 8QDWD]DGHKDULQDSHVDDSUR[LPDGDPHQWHJ
&XFKDUDPHGLGRUD
6HXWLOL]DQFXFKDUDGLWDV\FXFKDUDGDVSDUDPHGLUVDO
D]~FDUPDQWHTXLOODOHYDGXUDVHFDHWF
*DQFKR
8WLOL]DGRSDUDVDFDUODSDOHWDGHDPDVDGRGHOSDQ
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&
3DOHWDGHDPDVDGR
8WLOL]DGDSDUDDPDVDU\PH]FODU
5HFLSLHQWHSDUDLQJUHGLHQWHV
8WLOL]DGRSDUDFRQWHQHULQJUHGLHQWHVTXHVHDxDGLUiQ
GXUDQWHHOSURFHVRGHKRUQHDGRFRPRIUXWDVVHFDV
QXHFHVHWF
&RQVHMR 6ROR UHFLELUi ODV SDUWHV PRVWUDGDV HQ OD SiJLQD GH
&$5$&7(5Ë67,&$6'(/352'8&726LQHFHVLWDRWUDVKHUUDPLHQWDV
HQHOSURFHVRGHKDFHUSDQSRUIDYRUSUHSiUHODVXVWHGPLVPR
3$1(/<)81&,21(6
)81&,21(6<23(5$&,21(6
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
'
0HQX
6H XWLOL]D SDUD FRQILJXUDU GLIHUHQWHV SURJUDPDV (O
SURJUDPDYDULDUiFDGDYH]TXHVHSUHVLRQHDFRPSDxDGR
GHXQEUHYHELS3UHVLRQHHOERWyQFRQWLQXDPHQWHORV
PHQ~VVHPRVWUDUiQFtFOLFDPHQWHHQODSDQWDOOD/&'
&RQVHMR&RQVXOWHODWDEODGHRSHUDFLyQGHWDOODGD\ODVUHFHWDVTXHVH
DGMXQWDQHQOD3DUWH
&RORU
3UHVLRQHHVWHERWyQSDUDVHOHFFLRQDUHOFRORUGHVHDGR
SDUDODFRUWH]D&/$520(',2R26&852
&RQVHMR(VWHERWyQ12VHDSOLFDDORVSURJUDPDVGH0DVD\
0HUPHODGD
7DPDxRGHO3DQ
3UHVLRQHHVWHERWyQSDUDVHOHFFLRQDUHOWDPDxRGHO
SDQ
7HQJDHQFXHQWDTXHHOWLHPSRWRWDOGHRSHUDFLyQSXHGH
YDULDUGHSHQGLHQGRGHORVWDPDxRVGHOSDQ
&RQVHMR(VWHERWyQ12VHDSOLFDDORVSURJUDPDV5iSLGR0DVD
0HUPHODGD3DVWHO\+RUQHDU
8WLOL]DGRSDUDDXPHQWDURGLVPLQXLUHOWLHPSR
(VWRLQGLFDHOSURJUDPDTXHKD
VHOHFFLRQDGR
(OWLHPSRGHRSHUDFLyQSDUD
FDGDSURJUDPD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
(
,QLFLDU'HWHQHU
① )*+*",-,.,*+"/-"0+12+*3*4"0+56,1-5"57"819:-";<;=;>?@
ABCB<B?"/-*"D5EF"G5"56./.H*+I"/-"8+5D5"8,0"J"716"K16"0/-916
5-"7*"0*-9*77*"L=A".135-E*+I-"*"0*+0*K5*+M"7*"7/E"K5
N/-.,1-*3,5-91"65",7/3,-*"J"57"0+12+*3*".13,5-E*F"=/*7O/,5+
19+1"819:-"O/5K*",-*.9,D1"5P.5091"57"819:-";<;=;>?@ABCB<B?
K560/Q6"K5"O/5"H*".135-E*K1"/-"0+12+*3*F"B69*
.*+*.95+R69,.*"*J/K*+I"*"0+5D5-,+"./*7O/,5+",-95++/0.,:-"-1
,-95-.,1-*K*"5-"7*"105+*.,:-"K57"0+12+*3*F
② 3DUDGHWHQHUHOSURJUDPDGHVEORTXHDURUHLQLFLDUODPiTXLQD
SUHVLRQHHOERWyQ,1,&,$5'(7(1(5GXUDQWHDSUR[LPDGDPHQWH
VHJXQGRV(QWRQFHVVHHVFXFKDUiXQELS
&RQVHMR6LORVERWRQHVIDOODQSXHGHUHLQLFLDUODPiTXLQD6LHOUHLQLFLR
WDPELpQIDOODSRUIDYRUFRQWiFWHQRVSDUDVHUYLFLRSRVWYHQWD
③ 3DUDSDXVDUHOSURJUDPDSUHVLRQHHOERWyQ,1,&,$5
'(7(1(5XQDYH]SDUDLQWHUUXPSLUHQFXDOTXLHUPRPHQWR/D
FRQILJXUDFLyQVHPHPRUL]DUi\HOWLHPSRGHWUDEDMRVHPRVWUDUi
SDUSDGHDQGRHQODSDQWDOOD/&'
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
S
35(&$8&,21(6$17(6'(86$5
)81&,21(6<23(5$&,21(6
9HULILTXHVLWRGDVODVSDUWHV\DFFHVRULRVHVWiQ
FRPSOHWRV\VLQGDxRV
/LPSLHWRGDVODVSDUWHVVHJ~QODVHFFLyQSRVWHULRU
/,03,(=$<0$17(1,0,(172
&RQHFWHFRUUHFWDPHQWHHOVXPLQLVWURGHHQHUJtD
9HULILTXHTXHHOYROWDMHGHOHQFKXIHGHSDUHG
FRUUHVSRQGDDOLQGLFDGRHQODSODFDGHFDUDFWHUtVWLFDV
(OYROWDMHQRPLQDOHV99
&XDQGRVHFRQHFWDHOVXPLQLVWURGHHQHUJtDVH
HVFXFKDUiXQELS\DSDUHFHUiHQODSDQWDOOD
GHVSXpVGHXQFRUWRWLHPSR3HURORVSXQWRVHQWUHHO
\QRSDUSDGHDQFRQVWDQWHPHQWH/DIOHFKD
DSXQWDDJ\0(',2(VODFRQILJXUDFLyQ
SUHGHWHUPLQDGD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
T
&RQVHMRV
D 'HVSXpVGHFRQHFWDUHOVXPLQLVWURGHHQHUJtDODPiTXLQDHVWiHQHVWDGR
GHHVSHUD\QRHVQHFHVDULRSUHVLRQDUHOERWyQ,1,&,$5'(7(1(5SDUD
HQFHQGHUOD3UHVLRQHHOERWyQ,1,&,$5'(7(1(5KDVWDTXHWRGDVODV
FRQILJXUDFLRQHVHVWpQVHOHFFLRQDGDV
E 6LODPiTXLQD12HVWiHQODFRQILJXUDFLyQSUHGHWHUPLQDGDGHVSXpVGHTXH
VHFRQHFWDODHQHUJtDRVHVHOHFFLRQDXQSURJUDPDDMXVWHLQFRUUHFWR\OD
PiTXLQD\DKDFRPHQ]DGRDIXQFLRQDUSUHVLRQHHOERWyQ,1,&,$5'(7(1(5
GXUDQWHVHJXQGRVSDUDUHLQLFLDUODPiTXLQD/XHJRSXHGHVHOHFFLRQDUXQ
QXHYRSURJUDPD
0HGLFLyQ\VHFXHQFLDGHLQJUHGLHQWHV
ʎ ;-2+5K,5-956"7RO/,K16U">2/*4"75.H5"N+56.*4"617/.,:-"K5
75.H5"5-"017D14"59.F"V865+D5"57"-,D57"K5"7*"9*E*"35K,K1+*
.1-"6/6"1W16"H1+,E1-9*735-95F
&RQVHMRV
D $OPHGLUDFHLWHGHFRFLQDXRWURVLQJUHGLHQWHVDVHJ~UHVHGHTXHOD
WD]DPHGLGRUDHVWpFRPSOHWDPHQWHOLPSLD\OLEUHGHUHVLGXRV
E 6LQHFHVLWDDJUHJDUKXHYRVFRPRLQJUHGLHQWHPp]FOHORVHQOtTXLGR
DQWHVGHOHHUODHVFDOD
F $OPHGLUSHTXHxDVFDQWLGDGHVGHLQJUHGLHQWHVOtTXLGRVXVHXQD
FXFKDUDPHGLGRUD\DSODQHODVXSHUILFLHVLHOOtTXLGRHVOLJHUDPHQWH
SHJDMRVR
ʏ ,QJUHGLHQWHV VHFRV KDULQDOHFKH HQ SROYRHWF $JLWH
OLJHUDPHQWHODWD]DSDUDDSODQDUODVXSHUILFLHGHOSROYR\
OXHJROHDODHVFDODFRUUHFWDKRUL]RQWDOPHQWH
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!X
&RQVHMRV
D 1RDJLWHODWD]DGHPDQHUDSURORQJDGDREUXVFDGHORFRQWUDULRHO
SROYRSRGUtDGHVFHQGHUDXQDHVFDODPHQRUTXHODFDQWLGDGVROLFLWDGD
E 3DUDPHGLUFRQSUHFLVLyQSHTXHxDVFDQWLGDGHVGHLQJUHGLHQWHV
VHFRVXVHXQDFXFKDUDPHGLGRUD\DVHJ~UHVHGHTXHODVXSHUILFLHHVWp
QLYHODGD
F 8QDWD]DGHKDULQDSHVDDSUR[LPDGDPHQWHJ
ʐ 7tSLFDPHQWHORVLQJUHGLHQWHVOtTXLGRVFRPRHODJXDVHGHEHQ
DxDGLU SULPHUR VHJXLGRV SRU HO D]~FDU OD VDO \ OD KDULQD /D
OHYDGXUDRHOSROYRGHKRUQHDUJHQHUDOPHQWHVHDxDGHQFRPRHO
~OWLPRLQJUHGLHQWH
&RQVHMRV
D (OOtTXLGRQRGHEHHPSDSDUFRPSOHWDPHQWHODKDULQD
&RQVHMRV
D (OOtTXLGRQRGHEHHPSDSDUFRPSOHWDPHQWHODKDULQD
E /DOHYDGXUDVRORGHEHFRORFDUVHVREUHODKDULQDVHFD&RQVXGHGR
KDJD XQD SHTXHxD LQGHQWDFLyQ HQ HO PHGLR GH OD KDULQD $xDGD OD
OHYDGXUD D OD LQGHQWDFLyQ DVHJXUiQGRVHGH TXH QRHQWUH HQ FRQWDFWR
GLUHFWRFRQORVLQJUHGLHQWHVOtTXLGRVRODVDO
F $OXWLOL]DUODIXQFLyQGHUHWUDVRSRUXQSHUtRGRSURORQJDGRHYLWH
DxDGLULQJUHGLHQWHVSHUHFHGHURVFRPRKXHYRVOHFKHIUHVFDRIUXWDV
/HYDGXUDRELFDUERQDWR
,QJUHGLHQWHVVHFRV
$JXDROtTXLGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!!
ʑ $QWHVGHRSHUDUFRORTXHODVIUXWDVVHFDVQXHFHVHQHO
UHFLSLHQWHSDUDLQJUHGLHQWHVOXHJRVHDxDGLUiQ
DXWRPiWLFDPHQWHDOSDQGXUDQWHODHODERUDFLyQ
$PELHQWH
/DWHPSHUDWXUDDPELHQWHVXJHULGDHVWiHQWUH℃\
℃
9DSRU
(OYDSRUSXHGHHVFDSDUDWUDYpVGHODVUDQXUDVGH
YHQWLODFLyQGXUDQWHHOKRUQHDGR(VWRHVQRUPDO
6RQLGR
&XDQGRODPiTXLQDIXQFLRQDQRUPDOPHQWHHPLWLUiXQ
VRQLGRHVSHFtILFR6LHOVRQLGRHVPiVIXHUWHGHOR
QRUPDOSRUIDYRUYD\DDODVHFFLyQGH62/8&,Ï1'(
352%/(0$6\HQFXHQWUHXQDVROXFLyQ
*8Ë$'(23(5$&,Ï1
)81&,21(6<23(5$&,21(6
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!#
&RQVHMRV
D 'HVSXpVGHFRPSOHWDUODLQVWDODFLyQSRUIDYRUUHYLVH
FXLGDGRVDPHQWHVLIXHH[LWRVDHVGHFLUVLQRKD\HVSDFLRHQWUHODFDMD
GHLQJUHGLHQWHV\ODPiTXLQD
,QVWDOHHOUHFLSLHQWHSDUDLQJUHGLHQWHVTXHSXHGH
DOLPHQWDUDXWRPiWLFDPHQWHIUXWDVVHFDVQXHFHV
&yPR PRQWDU 6RVWHQJD HO UHFLSLHQWH SDUD LQJUHGLHQWHVFRQ
XQD PDQR PXHYD HO LQWHUUXSWRU QHJUR KDFLD DIXHUD FRQ OD
RWUD PDQR \ SUHVLRQH HO UHFLSLHQWH KDFLD DEDMR'HVSXpVGH
ODLQVWDODFLyQVXHOWHODVPDQRV
&yPRGHVPRQWDU6RVWHQJDHOUHFLSLHQWHSDUDLQJUHGLHQWHVFRQ
XQDPDQRPXHYDHOLQWHUUXSWRUQHJURKDFLDDIXHUDFRQODRWUD
PDQR\OXHJROHYDQWHHOUHFLSLHQWH)LQDOPHQWHVXHOWHODVPDQRV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!$
0LGD\FRORTXHORVLQJUHGLHQWHVHQODSDQHUD
&RQVHMRV
D 3RUIDYRUOHDFXLGDGRVDPHQWHODSDUWHGH0HGLFLyQ\VHFXHQFLDGH
LQJUHGLHQWHVHQ35(&$8&,21(6$17(6'(86$58QDHVSiWXOD
GHJRPDHVHVHQFLDOSDUDPH]FODU\HYLWDUJUXPRVGHKDULQD
E /DFDQWLGDGPi[LPDGHKDULQD\OHYDGXUDSRUVHSDUDGRHVGHJ\
J
E ,QGHSHQGLHQWHPHQWHGHVLVHXVDHOUHFLSLHQWHSDUDLQJUHGLHQWHVGHEH
HVWDULQVWDODGR
F /DPiTXLQDDOLPHQWDUiDXWRPiWLFDPHQWHORVLQJUHGLHQWHV$ODOLPHQWDUOD
PiTXLQD]XPELUiGXUDQWHDSUR[LPDGDPHQWHVHJXQGRV(VQRUPDO
,QVHUWHODSDOHWDGHDPDVDGRHQHOHMHGH
DFFLRQDPLHQWRFRQp[LWR
&RQVHMRV
D 6HUHFRPLHQGDOOHQDUHORULILFLRFRQPDUJDULQDUHVLVWHQWHDOFDORUDQWHV
GHFRORFDUORVDPDVDGRUHVORTXHSUHYLHQHTXHODPDVDVHSHJXH
GHEDMRGHHOORV\SHUPLWHTXHORVDPDVDGRUHVVHUHWLUHQIiFLOPHQWHGHO
SDQ
E 3RUIDYRUYHULILTXHVLODSDOHWDGHDPDVDGRVHLQVWDOyFRQp[LWR
&yPR FRQILUPDU 6L OD LQVWDODFLyQ HV H[LWRVD OD XQLyQ
HQWUH OD SDOHWD GH DPDVDGR \ OD EDVH HV SODQD VLQ
SURWXEHUDQFLDV\ODSDOHWDGHDPDVDGRQRVHPRYHUiDO
D]DU
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!%
&RORTXHODSDQHUDHQSRVLFLyQ\JtUHODHQVHQWLGR
KRUDULRKDVWDTXHHQFDMHFRQXQFOLF
6HHVFXFKDUiXQFOLF
&LHUUHODWDSDVXDYHPHQWH\HQFKXIHHOFDEOHGH
DOLPHQWDFLyQHQXQWRPDFRUULHQWH
&RQVHMRV
D(OYROWDMHQRPLQDOHV993RUIDYRUYHULItTXHORDQWHV
GHXVDU
E 'HVSXpVGHFRQHFWDUHOVXPLQLVWURGHHQHUJtDODPiTXLQDHVWiHQHVWDGR
GHHVSHUD\QRHVQHFHVDULRSUHVLRQDUHOERWyQ,1,&,$5'(7(1(5SDUD
HQFHQGHUOD3UHVLRQHHOERWyQ,1,&,$5'(7(1(5KDVWDTXHVH
VHOHFFLRQHQWRGRVORVDMXVWHV
F 6LODPiTXLQDQRHVWiHQODFRQILJXUDFLyQSUHGHWHUPLQDGDGHVSXpVGH
FRQHFWDUODHQHUJtDSUHVLRQHHOERWyQ,1,&,$5'(7(1(5GXUDQWH
VHJXQGRVSDUDUHLQLFLDUOD/XHJRSXHGHVHOHFFLRQDUXQQXHYRSURJUDPD6L
HOUHLQLFLRIDOODSRUIDYRUFRQWiFWHQRVSDUDHOVHUYLFLRSRVWYHQWD
3UHVLRQHHOERWyQ0(1ÒKDVWDTXHVHVHOHFFLRQHHO
SURJUDPDGHVHDGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!&
3UHVLRQHHOERWyQ/2$)SDUDVHOHFFLRQDUHOWDPDxR
GHVHDGRJRJ
3UHVLRQHHOERWyQ&2/25SDUDVHOHFFLRQDUHOFRORU
GHVHDGRGHODFRUWH]D
&RQVHMR/DVHFXHQFLDVXJHULGDGHERWRQHVHV0(1Ò/2$)\
&2/25\DTXHGLIHUHQWHVSURJUDPDV\WDPDxRVGHSDQFRUUHVSRQGHQ
DGLIHUHQWHVWLHPSRVGHKRUQHDGR
$MXVWHHOWLHPSRGHUHWUDVRSUHVLRQDQGRHOERWyQ
&RQVHMRV
D (VWHSDVRVHSXHGHRPLWLUVLGHVHDTXHODSDQLILFDGRUDFRPLHQFHD
IXQFLRQDULQPHGLDWDPHQWH
E 3DUDODIXQFLyQGH+RUQHDGRHVWHERWyQSXHGHVHOHFFLRQDU
OLEUHPHQWHHOWLHPSRGHKRUQHDGRGHDPLQXWRV
3UHVLRQHHOERWyQ,1,&,$5'(7(1(5SDUDLQLFLDU
ODPiTXLQD
&RQVHMRV
D $VHJ~UHVHGHTXHDQWHVGHSUHVLRQDUHOERWyQ,1,&,$5'(7(1(5
WRGRVORVDMXVWHVTXHGHVHD0(1Ò&2/25/2$)VHDQFRUUHFWRV
E 6LVHVHOHFFLRQDXQSURJUDPDRDMXVWHLQFRUUHFWR\ODPiTXLQD
FRPLHQ]DSUHVLRQHHOERWyQ,1,&,$5'(7(1(5QXHYDPHQWHGXUDQWH
VHJXQGRV'HVSXpVGHHVFXFKDUXQELSSXHGHSUHVLRQDURWURVERWRQHV
SDUDVHOHFFLRQDUHOSURJUDPDFRUUHFWRQXHYDPHQWH
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!'
'HVSXpV GH TXH HO SURFHVR HVWp FRPSOHWR
HVFXFKDUiELSV3XHGHSUHVLRQDUHOERWyQ,1,&,$5
'(7(1(5GXUDQWHDSUR[LPDGDPHQWHVHJXQGRVSDUD
GHWHQHU OD PiTXLQD R PDQWHQGUi HO SDQ FDOLHQWH
GXUDQWHKRUD
&RQVHMRV
D /DPiTXLQDPDQWHQGUiHOSDQFDOLHQWHGXUDQWHKRUDGHVSXpVGH
KRUQHDU&XDQGRHVWpOLVWRSDUDVDFDUHOSDQGHODSDQHUDSUHVLRQHHO
ERWyQ,1,&,$5'(7(1(5GXUDQWHVHJXQGRVSDUDVDOLUGHHVWH
SURJUDPD
E (VSHUHSDUDHMHFXWDUXQQXHYRSURJUDPDGHVSXpVGHTXHHODQWHULRU
KD\DWHUPLQDGR\DTXHOD WHPSHUDWXUD HV PX\ DOWD \ SXHGH DIHFWDU HO
QXHYRSURJUDPDGHHODERUDFLyQGHSDQ
F $OJXQRVSURJUDPDVHQWUDQHQXQHVWDGRGHIHUPHQWDFLyQVLQVRQLGR
GHVSXpV GH TXH WHUPLQD HO DPDVDGR (VWR HV QRUPDO 3RU IDYRU QR
SUHVLRQHHOERWyQ,1,&,$5'(7(1(5QLDSDJXHODHQHUJtD
3DUD ORV SURJUDPDV %iVLFR )UDQFpV ,QWHJUDO
5iSLGR 'XOFH 8OWUD 5iSLGR 3DVWHO \ 6iQGZLFK OD
PiTXLQD ]XPELUi DSUR[LPDGDPHQWH GXUDQWH
VHJXQGRV GXUDQWH HO SURFHVR GH DOLPHQWDFLyQ
DXWRPiWLFDGHLQJUHGLHQWHV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!(
$EUDODWDSD*LUHODSDQHUDHQVHQWLGRDQWLKRUDULR
\ VXDYHPHQWH WLUH GH HOOD KDFLD DUULED \ IXHUD GH OD
PiTXLQD
&RQVHMR6LHPSUHVHQHFHVLWDQJXDQWHVGHKRUQRGXUDQWHHVWHSDVR
6XMHWHILUPHPHQWHHODVDGHODSDQHUDDOVDFDUOD
8WLOLFHXQDKHUUDPLHQWDDQWLDGKHUHQWHSDUDVROWDU
VXDYHPHQWHORVODGRVGHOSDQGHODSDQHUD
&RQVHMR£/DSDQHUD\HOSDQSXHGHQHVWDUPX\FDOLHQWHV0DQHMH
VLHPSUHFRQFXLGDGR\XVHJXDQWHVGHKRUQR
9ROWHHODSDQHUDERFDDEDMRVREUHXQDVXSHUILFLH
GH FRFLQD OLPSLD \ DJtWHOD VXDYHPHQWH KDVWD TXH HO
SDQFDLJDVREUHODUHMLOOD
'HMHFDHUVXDYHPHQWHHOSDQGHODSDQHUD\GpMHOR
HQIULDUDWHPSHUDWXUDDPELHQWHDQWHVGHFRUWDUOR
&RQVHMR$QWHVGHFRUWDUHOSDQXVHHOJDQFKRSDUDUHWLUDUODSDOHWDGH
DPDVDGRRFXOWDHQODSDUWHLQIHULRU(OSDQHVWiFDOLHQWH6LHPSUHXVH
JXDQWHVGHKRUQRSDUDUHWLUDUODSDOHWDGHDPDVDGR
(QIUtHKDVWDDOFDQ]DUXQDWHPSHUDWXUDDGHFXDGD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!S
$ ,QVHUWHHOJDQFKRHQHOHMHGHODSDOHWDGHDPDVDGR
% 7LUHVXDYHPHQWH\OXHJRVXHOWHODSDOHWDGHDPDVDGR
)81&,21(6(63(&,$/(6
)81&,21(6<23(5$&,21(6
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!T
)XQFLyQGH0HPRULD
6LHOVXPLQLVWURGHHQHUJtDVHLQWHUUXPSHGXUDQWHOD
HODERUDFLyQGHOSDQHOSURFHVRFRQWLQXDUiDXWRPiWLFDPHQWH
GHQWURGHORVPLQXWRVLQFOXVRVLQSUHVLRQDUHOERWyQ
,1,&,$5'(7(1(56LHOWLHPSRGHLQWHUUXSFLyQVXSHUDORV
PLQXWRVHOSURJUDPDGHPHPRULDQRVHSXHGHPDQWHQHU
\ODSDQLILFDGRUDGHEHUHLQLFLDUVH
&RQVHMR
6LGHVHDVDOLUGHODIXQFLyQGHPHPRULDSRUIDYRUQRGHWHQJDODPiTXLQD
DSDJDQGRODHQHUJtD6LPSOHPHQWHSUHVLRQHHOERWyQ³,1,&,$5'(7(1(5´
QXHYDPHQWHGXUDQWHVHJXQGRV'HVSXpVGHHVFXFKDUXQELSSXHGH
SUHVLRQDURWURVERWRQHVSDUDYROYHUDVHOHFFLRQDUHOSURJUDPDTXHGHVHH
)XQFLyQGH5HWUDVR
$QWHVGHFRPHQ]DUGHEHVHOHFFLRQDUHOSURJUDPDHOQLYHO
GHGRUDGR\HOWDPDxRGHODPDVDOXHJRSUHVLRQH
SDUD DXPHQWDU R GLVPLQXLU HO WLHPSR GH UHWUDVR HQ
LQFUHPHQWRVGHPLQXWRV(OWLHPSRPi[LPRGHUHWUDVR
HVGHKRUDV
&RQVHMRV
D /DGXUDFLyQWRWDOGHXQSURJUDPDLQFOX\HHOWLHPSRGHKRUQHDGR\HO
WLHPSRGHUHWUDVRHVGHFLUODGXUDFLyQTXHHVWDEOHFHHVLJXDODOWLHPSR
GHUHWUDVRPiVHOWLHPSRGHKRUQHDGR
E (VWHERWyQ12HVDSOLFDEOHSDUDORVSURJUDPDV8OWUD5iSLGR
0HUPHODGD\+RUQHDU
F 1RXVHLQJUHGLHQWHVIiFLOPHQWHSHUHFHGHURVFRPRKXHYRVOHFKH
IUHVFDIUXWDVHWF
7LHPSR
PRVWUDGR
HQODSDQWDOOD
7LHPSRGH
UHWDUGR
+RUQHDGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#X
F 8QWHUPyPHWURGHFRFLQDHVFUXFLDOSDUDPHGLUODWHPSHUDWXUD
G (OSDQHVXQSRFRPiVGHQVRHQWH[WXUD
3URJUDPD5iSLGR
3DUDHOSURJUDPD5iSLGRXQDPDVDGHJVHSXHGH
KRUQHDUHQKPLQXWRV
3DUDHOSURJUDPD8OWUD5iSLGRXQDPDVDGHJVH
SXHGHKRUQHDUHQPLQXWRV\XQDPDVDGHJVH
SXHGHKRUQHDUHQKPLQXWRV
&RQVHMRV
D (ODJXDFDOLHQWHGHEHHVWDUHQWUH&\&FXDQGRVHXVHFRPR
LQJUHGLHQWHOtTXLGR
E $xDGDORVLQJUHGLHQWHVDODSDQHUDHQHORUGHQPHQFLRQDGRHQOD
UHFHWD8VXDOPHQWHHODJXDXRWUDVVXVWDQFLDVOtTXLGDVGHEHQDxDGLUVH
SULPHURVHJXLGDVSRUHOD]~FDUODVDO\ODKDULQDODOHYDGXUDRHOSROYR
GHKRUQHDUVLHPSUHGHEHQDxDGLUVHFRPRHO~OWLPRLQJUHGLHQWH
/HYDGXUDRELFDUERQDWR
,QJUHGLHQWHVVHFRV
$JXDROtTXLGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#!
/,03,(=$<0$17(1,0,(172
)81&,21(6<23(5$&,21(6
'HVFRQHFWHODPiTXLQDGHODHQHUJtD\GpMHOD
HQIULDUDQWHVGHOLPSLDUOD
3DQHUD)URWHSRUGHQWUR\SRUIXHUDFRQXQSDxR
K~PHGR
&RQVHMRV
D 1RXVHDJHQWHVFRUWDQWHVRDEUDVLYRVSDUDSURWHJHUHO
UHFXEULPLHQWRDQWLDGKHUHQWH
E $VHJ~UHVHGHVHFDUFRPSOHWDPHQWHODSDQHUDDQWHVGHLQVWDODUOD\
FRQWLQXDUXViQGROD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
##
F /DSDQHUDHVDSWDSDUDODYDYDMLOODV
3DOHWDGHDPDVDGR6LODSDOHWDGHDPDVDGRHV
GLItFLOGHUHWLUDUGHOHMHSXHGH
D OOHQDUHOUHFLSLHQWHFRQDJXDWLELD\GHMDUORHQUHPRMR
GXUDQWHDSUR[LPDGDPHQWHPLQXWRV
E OLPSLDUVXDYHPHQWHODSDOHWDFRQXQSDxRGHDOJRGyQ
K~PHGR
&RQVHMR/DVSDOHWDVGHDPDVDGRVRQFRPSRQHQWHVDSWRVSDUD
ODYDYDMLOODV
7DSD\YHQWDQD/LPSLHHOLQWHULRU\HOH[WHULRUGHOD
WDSDFRQXQSDxROLJHUDPHQWHK~PHGR
&RQVHMRV
D 6XJHULPRVOLPSLDUODWDSDFRQXQSDxRK~PHGRHQOXJDUGH
GHVPRQWDUOD6LHVQHFHVDULRSXHGHVHJXLUORVSDVRVDFRQWLQXDFLyQ
SDUDGHVPRQWDUOD
&yPRGHVPRQWDU$EUDODWDSDIRUPHXQiQJXORFRQODPiTXLQDXQRV
JUDGRV\WLUHGHHOODREOLFXDPHQWHKDFLDDUULED
5HPRMDUGXUDQWHPLQ
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#$
&yPRPRQWDU$OLQHHODWDSDFRQODKHELOODHQODPiTXLQDHQXQ
iQJXORXQRVJUDGRV\SUHVLyQHODGLDJRQDOPHQWHKDFLDDEDMR
E 'HVSXpVGHOLPSLDUDVHJ~UHVHGHTXHHODJXDHVWpFRPSOHWDPHQWH
VHFDGDDODLUHDQWHVGHSURFHGHUFRQODLQVWDODFLyQ\HOXVR
&DUFDVD/LPSLHVXDYHPHQWHODVXSHUILFLHH[WHULRU
GHODFDUFDVDFRQXQSDxRK~PHGR
&RQVHMRV
D 1RXVHQLQJ~QOLPSLDGRUDEUDVLYRSDUDOLPSLDU\DTXHHVWR
GHJUDGDUtDHODOWREULOORGHODVXSHUILFLH
E 1XQFDVXPHUMDODFDUFDVDHQDJXDSDUDOLPSLDUOD
F (QFLUFXQVWDQFLDV QRUPDOHVQRKDEUiUHVWRVGHFRPLGDHQOD SDUHG
LQWHULRU GH OD FDUFDVD R HQ HO WXER GH FDOHQWDPLHQWR 6L VH HQFXHQWUD
UHVLGXRGHFRPLGDSRVLEOHPHQWHGHELGRDSUREOHPDVGHIHUPHQWDFLyQ
UHVXOWDQGR HQ HO GHVERUGDPLHQWR GH OD PDVD OtPSLHOR FRQ XQ SDxR
K~PHGR \ VpTXHOR GHVSXpV GH TXH OD PiTXLQD VH KD\D HQIULDGR
FRPSOHWDPHQWH
$QWHVGHJXDUGDUODSDQLILFDGRUDSDUDDOPDFHQDUOD
DVHJ~UHVHGHTXH
D HVWpFRPSOHWDPHQWHHQIULDGD
E HVWpOLPSLD\VHFD
F ODFXFKDUD\ODSDOHWDGHDPDVDGRHVWpQJXDUGDGDVHQ
HOFDMyQ\ODWDSDHVWpFHUUDGD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#%
3$17$//$'($'9(57(1&,$
352%/(0$6'(23(5$&,Ï1<62/8&,21(6
&216(-263$5$+251($5
62/8&,Ï1'(352%/(0$6
3$17$//$'($'9(57(1&,$
62/8&,Ï1'(352%/(0$6
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#&
/DSDQWDOODPXHVWUD³+++´DFRPSDxDGRGH
VRQLGRVGHELSGHVSXpVGHLQLFLDUHOSURJUDPD
0RWLYRU"
/DWHPSHUDWXUDLQWHULRUVLJXHVLHQGRGHPDVLDGRDOWD"
6ROXFLyQ"
3UHVLRQHHOERWyQ,1,&,$5'(7(1(5DEUDODWDSD\GHMH
TXHODPiTXLQDVHHQIUtHGXUDQWHDPLQXWRV
/D SDQWDOOD PXHVWUD ³///´ DFRPSDxDGR GH
VRQLGRV GH ELS GHVSXpV GH SUHVLRQDU HO ERWyQ
,1,&,$5'(7(1(5H[FHSWRHOSURJUDPD+251($5
0RWLYR
/DWHPSHUDWXUDLQWHULRUHVGHPDVLDGREDMD"
6ROXFLyQ"
'HWHQJDSUHVLRQDQGRHOERWyQ,1,&,$5'(7(1(5DEUD
ODWDSD\GHMHTXHODSDQLILFDGRUDVHDFOLPDWHDOD
WHPSHUDWXUDDPELHQWHGXUDQWHDPLQXWRVDQWHVGH
XVDUOD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#'
/DSDQWDOODPXHVWUD³((´GHVSXpVGHKDEHU
SUHVLRQDGRHOERWyQ,1,&,$5'(7(1(5
0RWLYR
(OVHQVRUGHWHPSHUDWXUDHVWiGHVFRQHFWDGR
6ROXFLyQ
3RUIDYRUUHYLVHHOVHQVRUFXLGDGRVDPHQWHFRQXQ
H[SHUWRDXWRUL]DGR
352%/(0$6'(23(5$&,Ï1
<62/8&,21(6
62/8&,Ï1'(352%/(0$6
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#(
6DOHKXPRGHOFRPSDUWLPHQWRGHKRUQHDGRRGHODV
YHQWLODFLRQHV
0RWLYR"
/RVLQJUHGLHQWHVVHDGKLHUHQDOFRPSDUWLPHQWRGH
KRUQHDGRRIXHUDGHODSDQHUD
6ROXFLyQ
'HVHQFKXIHHODSDUDWR\OLPSLHODSDQHUD\HO
FRPSDUWLPHQWR
(OSDQVHKXQGHHQHOPHGLR\HVWiK~PHGRHQOD
SDUWHLQIHULRU
0RWLYRU"
(OSDQSHUPDQHFHHQODSDQHUDGHPDVLDGRWLHPSR
GHVSXpVGHKRUQHDU\FDOHQWDU
6ROXFLyQ
6DTXHHOSDQGHODSDQHUDDQWHVGHTXHWHUPLQHOD
IXQFLyQGHFDOHQWDPLHQWR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#S
1RHVIiFLOVDFDUHOSDQGHODSDQHUD
0RWLYRU"
/DEDVHGHOSDQHVWiSHJDGDDODSDOHWDGHDPDVDGR
6ROXFLyQ
/LPSLHODSDOHWDGHDPDVDGR\ORVHMHVGHVSXpVGHORV
SURJUDPDVGHKRUQHDGR
&RQVHMR6LHVQHFHVDULROOHQHODSDQHUDFRQDJXDWLELDGXUDQWH
PLQXWRV(VWRIDFLOLWDUiODH[WUDFFLyQ\OLPSLH]DGHODSDOHWDGH
DPDVDGR
'HSyVLWRVGHKDULQDHQODFRUWH]DGHOSDQ
0RWLYR"
/DKDULQDQRVHDPDVDELHQHQORVODWHUDOHVGXUDQWHHO
DPDVDGR
6ROXFLyQ
9HULILTXHVLODSDOHWDGHDPDVDGRHVWiLQVWDODGD
FRUUHFWDPHQWH
&RQVHMR 6L OD LQVWDODFLyQ HV H[LWRVD OD XQLyQ HQWUH OD SDOHWD GH
DPDVDGR \ OD EDVH GHEH VHU SODQD VLQ QLQJXQD SURWXEHUDQFLD \ OD
SDOHWDGHDPDVDGRQRGHEHPRYHUVHGHPDQHUDVXHOWD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
#T
/RVLQJUHGLHQWHVQRVHPH]FODQRHOSDQQRVH
KRUQHDFRUUHFWDPHQWH
0RWLYRU"
ʎ
&RQILJXUDFLyQLQFRUUHFWDGHOSURJUDPD
6ROXFLyQ
9HULILTXHHOPHQ~VHOHFFLRQDGR\RWURVDMXVWHV
ʏ 6HWRFDHOERWyQ,1,&,$5'(7(1(5PLHQWUDVOD
PiTXLQDHVWiIXQFLRQDQGR
6ROXFLyQ
1RXVHORVLQJUHGLHQWHVRULJLQDOHV\FRPLHQFHGHQXHYR
8QDYH]TXHODPiTXLQDKD\DFRPHQ]DGRDRSHUDUHYLWH
SUHVLRQDUQXHYDPHQWHHOERWyQ,1,&,$5'(7(1(5
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$X
ʐ /DWDSDVHDEUHYDULDVYHFHVPLHQWUDVODPiTXLQDHVWi
IXQFLRQDQGR
6ROXFLyQ
(YLWHDEULUODWDSDIUHFXHQWHPHQWHDPHQRVTXHVHD
QHFHVDULRFRPRFXDQGRVHDxDGHQLQJUHGLHQWHV
ʑ
2FXUUHXQDSDJyQSURORQJDGRPLHQWUDVODPiTXLQD
HVWiWUDEDMDQGR
6ROXFLyQ
1RXVHORVLQJUHGLHQWHVRULJLQDOHV\FRPLHQFHGH
QXHYR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$!
ʒ
/DURWDFLyQGHODSDOHWDGHDPDVDGRHVWiEORTXHDGD
6ROXFLyQ
D $VHJ~UHVHGHTXHODSDOHWDGHDPDVDGRQRHVWp
REVWUXLGDSRUJUDQRV6DTXHODSDQHUD\YHULILTXHVLORV
FRQGXFWRUHVJLUDQ
E 6LHVWHQRHVHOFDVRHQYtHHODSDUDWRDOVHUYLFLRDO
FOLHQWH
1RDPDVDFRUUHFWDPHQWHODPDVD\KDFHUXLGRV
0RWLYR
/DSDQHUD\ODSDOHWDGHDPDVDGRQRHVWiQLQVWDODGDV
FRUUHFWDPHQWH
6ROXFLyQ
,QVWiOHODVGHDFXHUGRFRQODVHFFLyQGH*8Ë$'(
23(5$&,Ï1
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$#
ʏ
+D\DOJRPDOFRQHOERWyQ
6ROXFLyQ
3RUIDYRUFRQWiFWHQRVVLORVERWRQHVQRIXQFLRQDQ
GHVSXpVGHVHJXLUODVHFXHQFLD
1RVHSXHGHVHOHFFLRQDUODFRQILJXUDFLyQGHVHDGD
R HOERWyQIDOOD
0RWLYR
① 2UGHQLQFRUUHFWRDOSUHVLRQDUORVERWRQHV
6ROXFLyQ
D $VHJ~UHVHGHTXHWRGDVODVFRQILJXUDFLRQHVTXHGHVHD
0(1Ò&2/25/2$)VHDQFRUUHFWDVDQWHVGHSUHVLRQDUHO
ERWyQ,1,&,$5'(7(1(5/DVHFXHQFLDGHERWRQHVVXJHULGDHV
0(1Ò/2$)&2/25,1,&,$5'(7(1(5
E 6LVHVHOHFFLRQDXQSURJUDPDDMXVWHLQFRUUHFWR\ODPiTXLQD
FRPLHQ]DDIXQFLRQDUSUHVLRQHHOERWyQ,1,&,$5'(7(1(5
QXHYDPHQWHGXUDQWHVHJXQGRV'HVSXpVGHHVFXFKDUXQ
ELSSXHGHSUHVLRQDURWURVERWRQHVSDUDVHOHFFLRQDUHOSURJUDPD
FRUUHFWRQXHYDPHQWH
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$$
ʏ
+D\DOJRPDOFRQHOERWyQ
6ROXFLyQ
3RUIDYRUFRQWiFWHQRVVLSUHVLRQDORVERWRQHVVHJ~QODV
LQVWUXFFLRQHVHQ①\D~QQRIXQFLRQDQ
(OWLHPSRGHKRUQHDGRQRVHSXHGHDXPHQWDUR
GLVPLQXLUFXDQGRSUHVLRQD
0RWLYR
① (OWLHPSRPRVWUDGRKDDOFDQ]DGRHOWLHPSRPi[LPR
PtQLPRHVSHFLILFDGRSRUHOSURJUDPDVHOHFFLRQDGR
6ROXFLyQ
D 3RUIDYRUOHDODSDUWHGH5(&(7$6
5(&20(1'$'$6TXHPXHVWUDODGXUDFLyQWRWDOGHFDGD
SURJUDPD
E ,QWHQWHDXPHQWDU\GLVPLQXLUHOWLHPSRHQRUGHQLQYHUVR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$%
ʏ
/DPiTXLQDHVWiIXQFLRQDQGRPDO\HOWLHPSRGH
LQDFWLYLGDGHVPiVSURORQJDGRTXHHOHVSHFLILFDGRHQ
ODVHFFLyQ5(&(7$65(&20(1'$'$6
6ROXFLyQ
3RUIDYRUFRQWiFWHQRVVLSUHVLRQDORVERWRQHVVHJ~QODV
LQVWUXFFLRQHVHQ①\D~QQRIXQFLRQDQ
(Q HO SURFHVR GH KDFHU SDQ GHVSXpV GH DPDVDU
GXUDQWHXQSHUtRGRGHWLHPSRHODPDVDGRVHGHWLHQH
\ODPiTXLQDQRUHVSRQGHFRPRDOKRUQHDU
0RWLYR
① /DPDVDHVWiIHUPHQWDQGR\IXQFLRQDUiQRUPDOPHQWH
GHVSXpVGHODIHUPHQWDFLyQ
6ROXFLyQ
1RGHVFRQHFWHHOVXPLQLVWURHOpFWULFRQLUHDOLFHRWUDV
RSHUDFLRQHV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$&
&216(-263$5$+251($5
62/8&,Ï1'(352%/(0$6
3UHFDXFLRQHV
$QWHVGHKDFHUSDQSRUIDYRU
D OHDFXLGDGRVDPHQWHODVHFFLyQ0HGLFLyQ \VHFXHQFLD
GH LQJUHGLHQWHV GH 35(&$8&,21(6 $17(6 '(
86$5\PLGDORVLQJUHGLHQWHVFRUUHFWDPHQWH
E DVHJ~UHVHGHTXHHOSURJUDPDFRUUHFWRHVWp
VHOHFFLRQDGRSDUDFRPSOHWDUODHODERUDFLyQGHOSDQVHJ~Q
ORHVWLSXODGRHQODVHFFLyQ*8Ë$'(23(5$&,Ï1GHO
PDQXDOGHLQVWUXFFLRQHV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$'
(OSDQVXEHGHPDVLDGRUiSLGR
0RWLYRU
ʎ +D\XQH[FHVRGHOHYDGXUD\KDULQDSHURQRVXILFLHQWH
VDO
6ROXFLyQ
3RUIDYRUDMXVWHODVSURSRUFLRQHVGHORVLQJUHGLHQWHV\
DVHJ~UHVHGHTXHWRGRVKD\DQVLGRDxDGLGRV
ʏ
/DWHPSHUDWXUDHVDOWD
6ROXFLyQ
8VHLQJUHGLHQWHVOtTXLGRVDPHQRUWHPSHUDWXUD
HVSHFLDOPHQWHHQFOLPDFiOLGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$(
(OSDQQRVXEHHQDEVROXWRRQRORVXILFLHQWH
0RWLYRU
ʎ
11"H*J"75D*K/+*"1"H*J"3/J"01.*F
6ROXFLyQ
3RUIDYRUDMXVWHODVSURSRUFLRQHVGHORVLQJUHGLHQWHV\
DVHJ~UHVHGHTXHWRGRVKD\DQVLGRDxDGLGRV
ʏ
/HYDGXUDFDGXFDGDRYLHMD
6ROXFLyQ
8VHOHYDGXUDVLQDEULUROHYDGXUDTXHKD\DVLGR
DOPDFHQDGDFRUUHFWDPHQWH
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$S
ʐ
(OOtTXLGRHVWiGHPDVLDGRFDOLHQWH
6ROXFLyQ
D 8VHRWUROtTXLGRRGpMHORHQIULDUDWHPSHUDWXUD
DPELHQWH
E $xDGDORVLQJUHGLHQWHVHQHORUGHQFRUUHFWRFRPRVH
HVSHFLILFD
ʑ
/DOHYDGXUDKDHQWUDGRHQFRQWDFWRFRQHOOtTXLGR
6ROXFLyQ
8VHVXGHGRSDUDKDFHUXQDSHTXHxDLQGHQWDFLyQHQHO
PHGLRGHODKDULQD$xDGDODOHYDGXUDHQODLQGHQWDFLyQ
DVHJXUiQGRVHGHTXHQRHQWUHHQFRQWDFWRFRQORV
LQJUHGLHQWHVOtTXLGRVRODVDO
/HYDGXUDRELFDUERQDWR
,QJUHGLHQWHVVHFRV
$JXDROtTXLGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
$T
ʒ
7LSRGHKDULQDLQFRUUHFWRRKDULQDUDQFLD
6ROXFLyQ
D 3RUIDYRUOHDFXLGDGRVDPHQWHODVVHFFLRQHV
³,1752'8&&,Ï1'(/26,1*5(',(17(63$5$(/3$1´\
³5(&(7$´DQWHVGHKRUQHDU\HOHJLUHOWLSRGHKDULQDDGHFXDGR
E 6HVXSRQHTXHVHGHEHXVDUKDULQDIUHVFD
ʓ
'HPDVLDGROtTXLGR
6ROXFLyQ
D $MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
E 6LHOFOLPDHVK~PHGRUHGX]FDHOOtTXLGRHQD
FXFKDUDGDV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%X
ʔ
'HPDVLDGRD]~FDURVDO
6ROXFLyQ
3RUIDYRUDMXVWHODVSURSRUFLRQHVGHORVLQJUHGLHQWHV\
DVHJ~UHVHGHTXHWRGRVKD\DQVLGRDxDGLGRV
/DPDVDVXEHGHPDVLDGR\VHGHVERUGDGHOD
SDQHUD
0RWLYRU
ʎ
6LHOOtTXLGRHVGHPDVLDGREODQGRODOHYDGXUD
IHUPHQWDPiV
6ROXFLyQ
D &RUULMDODFDQWLGDGGHOtTXLGR
E 6LVHXWLOL]DQLQJUHGLHQWHVTXHFRQWLHQHQDJXDOD
SURSRUFLyQGHOOtTXLGRDDxDGLUGHEHUHGXFLUVH
DGHFXDGDPHQWH
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%!
(OSDQVHKXQGHHQHOPHGLR
0RWLYRU
ʎ
'HPDVLDGROtTXLGR
D 6LVHXWLOL]DQLQJUHGLHQWHVTXHFRQWLHQHQDJXDODSURSRUFLyQ
GHOOtTXLGRDDxDGLUGHEHUHGXFLUVHDGHFXDGDPHQWH
E 6LHOFOLPDHVK~PHGRUHGX]FDHOOtTXLGRGHD
FXFKDUDGDV
ʏ
/DWHPSHUDWXUDHVDOWD
6ROXFLyQ
8VHLQJUHGLHQWHVOtTXLGRVDPHQRUWHPSHUDWXUD
HVSHFLDOPHQWHHQFOLPDFiOLGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%#
ʏ /DIHUPHQWDFLyQHVGHPDVLDGRFRUWDRUiSLGDGHELGRD
OD WHPSHUDWXUD H[FHVLYD GHO DJXD R GH OD FiPDUD GH
KRUQHDGRRDODH[FHVLYDKXPHGDG
6ROXFLyQ
D 8VHRWUROtTXLGRRGpMHORHQIULDUDWHPSHUDWXUD
DPELHQWH
E 1RXVHODIXQFLyQGHSURJUDPDFLyQHQFOLPDFiOLGR
(VWUXFWXUDSHVDGD\JUXPRVD
0RWLYR
'HPDVLDGDKDULQD\QRVXILFLHQWHOtTXLGR
6ROXFLyQ
$MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%$
ʏ
1RVXILFLHQWHOHYDGXUDRD]~FDU
6ROXFLyQ
D $MXVWHODSURSRUFLyQGHLQJUHGLHQWHV\YHULILTXHTXH
WRGRVORVLQJUHGLHQWHVKD\DQVLGRDxDGLGRV
E +DJD XQD SHTXHxD LQGHQWDFLyQ HQ HO PHGLR GH OD
KDULQD\FRORTXHODOHYDGXUDGHVPHQX]DGDRVHFD(YLWH
TXHODOHYDGXUD\HOOtTXLGRHQWUHQHQFRQWDFWRGLUHFWR
ʐ 'HPDVLDGDIUXWDVHFDKDULQDLQWHJUDOXRWURV
LQJUHGLHQWHVVHFRV
6ROXFLyQ
$MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%%
ʑ
/HYDGXUDFDGXFDGDRYLHMD
6ROXFLyQ
$VHJ~UHVHGHXVDUOHYDGXUDVLQDEULURFRUUHFWDPHQWH
FRQVHUYDGD
ʒ (OOtTXLGRFDOLHQWHKDFHTXHODPDVDVXEDGHPDVLDGR
UiSLGR\HOSDQVHKXQGHDQWHVGHKRUQHDU
6ROXFLyQ
1RXVHODIXQFLyQGHSURJUDPDFLyQHQFOLPDFiOLGR3DUD
PHMRUHVUHVXOWDGRVXVHOtTXLGRVIUtRVHQOXJDUGH
FDOLHQWHV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%&
ʓ
'HPDVLDGDDJXD
6ROXFLyQ
D $MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
E 6LHOFOLPDHVK~PHGRUHGX]FDHOOtTXLGRGHD
FXFKDUDGDV
(OSDQQRHVWiKRUQHDGRHQHOFHQWUR
0RWLYRU
ʎ 'HPDVLDGROtTXLGRKXPHGDGLQJUHGLHQWHVK~PHGRV
6ROXFLyQ
D $MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
E 6LHOFOLPDHVK~PHGRUHGX]FDHOOtTXLGRGHD
FXFKDUDGDV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%'
(VWUXFWXUDDELHUWDRJUXHVDRGHPDVLDGRV
DJXMHURV
0RWLYR
① 'HPDVLDGROtTXLGRKXPHGDG
6ROXFLyQ
D $MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
F 6LHOFOLPDHVK~PHGRUHGX]FDHOOtTXLGRGHD
FXFKDUDGDV
ʏ
6LQVDO
$MXVWHODVSURSRUFLRQHVGHORVLQJUHGLHQWHV\DVHJ~UHVH
GHTXHWRGRVKD\DQVLGRDxDGLGRV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%(
ʐ
'HPDVLDGDOHYDGXUD
6ROXFLyQ
$MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
6XSHUILFLHVLQKRUQHDU\FRQIRUPDGHKRQJR
0RWLYR
① (OYROXPHQGHOSDQHVGHPDVLDGRJUDQGHSDUDODSDQHUD
6ROXFLyQ
$MXVWHODFDQWLGDGGHOtTXLGR\KDULQD/DFDQWLGDGPi[LPDGH
KDULQDHVJ
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%S
ʏ
'HPDVLDGDOHYDGXUD
6ROXFLyQ
$MXVWHODSURSRUFLyQGHLQJUHGLHQWHV/DFDQWLGDGPi[LPD
GHOHYDGXUDHVJ
ʐ
)DOWDGHVDO
6ROXFLyQ
$MXVWHODVSURSRUFLRQHVGHORVLQJUHGLHQWHV\DVHJ~UHVH
GHTXHWRGRVKD\DQVLGRDxDGLGRV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
%T
ʑ
'HPDVLDGRD]~FDURLQJUHGLHQWHVGXOFHV
6ROXFLyQ
$MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
/DVUHEDQDGDVVRQLUUHJXODUHVRKD\JUXPRVHQHO
PHGLR
0RWLYR
(OSDQQRVHKDHQIULDGRORVXILFLHQWHHOYDSRUD~QQRKD
HVFDSDGR
6ROXFLyQ
5HWLUHHOSDQGHODSDQHUDMXVWRGHVSXpVGHKRUQHDU\
GpMHORHQIULDUHQXQDUHMLOODDQWHVGHFRUWDUOR
(QIUtHKDVWDDOFDQ]DUXQDWHPSHUDWXUDDGHFXDGD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&X
(OSDQKRUQHDGRHVGHPDVLDGRSHTXHxR
0RWLYR
① 'HPDVLDGDVDO
6ROXFLyQ
$MXVWHODSURSRUFLyQGHLQJUHGLHQWHV
ʏ /HYDGXUDLQVXILFLHQWHRFDGXFDGDLPSLGHTXHODPDVD
IHUPHQWH
6ROXFLyQ
D $VHJ~UHVHGHXVDUOHYDGXUDVLQDEULURFRUUHFWDPHQWH
FRQVHUYDGD
E $MXVWHODSURSRUFLyQGHLQJUHGLHQWHV\YHULILTXHTXH
WRGRVORVLQJUHGLHQWHVKD\DQVLGRDxDGLGRV
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&!
ʐ
1RKD\VXILFLHQWHOtTXLGR
6ROXFLyQ
$MXVWHODSURSRUFLyQGHLQJUHGLHQWHV\YHULILTXHTXHWRGRV
ORVLQJUHGLHQWHVKD\DQVLGRDxDGLGRV
ʑ
6HXWLOL]yXQWLSRLQFRUUHFWRGHKDULQD
6ROXFLyQ
3RUIDYRUOHDFXLGDGRVDPHQWHODVHFFLyQ
³,1752'8&&,Ï1'(/26,1*5(',(17(63$5$(/
3$1´DQWHVGHKRUQHDU\HOLMDHOWLSRGHKDULQDDGHFXDGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&#
(OSDQKRUQHDGRHVGHPDVLDGRSHTXHxR
0RWLYR
ʎ
<RKD\VXILFLHQWHOtTXLGR
6ROXFLyQ
$MXVWHODSURSRUFLyQGHLQJUHGLHQWHV\YHULILTXHTXHWRGRV
ORVLQJUHGLHQWHVKD\DQVLGRDxDGLGRV
ʏ
(OWLHPSRGHKRUQHDGRHVGHPDVLDGRODUJR
6ROXFLyQ
/HDFXLGDGRVDPHQWHODVHFFLyQ³5(&(7$6´DQWHVGH
KRUQHDU\HOLMDHOSURJUDPDDGHFXDGR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&$
ʐ +DULQDLQVXILFLHQWHRYLHMDLPSLGHTXHODPDVD
IHUPHQWH
6ROXFLyQ
D 'HEHXVDUVHOHYDGXUDVLQDEULURELHQFRQVHUYDGD
E $MXVWHODSURSRUFLyQGHLQJUHGLHQWHV\YHULILTXHTXH
WRGRVORVLQJUHGLHQWHVKD\DQVLGRDxDGLGRV
,1752'8&&,Ï1'(/26,1*5(',(17(63$5$(/3$1
5(&(7$65(&20(1'$'$6
,1*5(',(17(6<5(&(7$6
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&%
,1752'8&&,Ï1'(
/26,1*5(',(17(6
3$5$(/3$1
,1*5(',(17(6<5(&(7$6
+DULQDGHSDQ
/DKDULQDGHSDQWDPELpQOODPDGDKDULQDGHDOWRJOXWHQ
HVHOiVWLFD\D\XGDDPDQWHQHUHOWDPDxRGHOSDQVLQTXH
VHFRODSVHGHVSXpVGHOHYDQWDU6HSXHGHXVDUSDUD
KDFHUSDQHVGHJUDQWDPDxR\PHMRUILEUDLQWHUQD
+DULQDFRP~Q
+DULQDTXHQRFRQWLHQHSROYRGHKRUQHDU\HVDSOLFDEOH
SDUDKDFHUSDQ
+DULQDLQWHJUDO
/DKDULQDLQWHJUDOVHPXHOHGHOJUDQR(VPiVSHVDGD\
ULFDHQQXWULHQWHVTXHODKDULQDRUGLQDULD(OSDQKHFKR
FRQKDULQDLQWHJUDOVXHOHVHUSHTXHxRHQWDPDxR3RU
HVRPXFKDVUHFHWDVFRPELQDQKDULQDLQWHJUDORKDULQDGH
SDQSDUDREWHQHUHOPHMRUUHVXOWDGR
+DULQDGHWULJRQHJUR
/DKDULQDGHWULJRQHJURWDPELpQOODPDGD³KDULQD
JUXHVD´HVXQWLSRGHKDULQDDOWDHQILEUDVLPLODUDOD
KDULQDLQWHJUDO'HEHFRPELQDUVHFRQXQDDOWDSURSRUFLyQ
GHKDULQDGHSDQSDUDREWHQHUXQJUDQWDPDxRGHVSXpV
GHOHYDQWDU
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&&
+DULQDOHXGDQWH
8QWLSRGHKDULQDTXHFRQWLHQHSROYRGHKRUQHDUVHXWLOL]D
HVSHFLDOPHQWHSDUDKDFHUSDVWHOHV
+DULQDGHPDt]\KDULQDGHDYHQD
/DKDULQDGHPDt]\ODKDULQDGHDYHQDVHPXHOHQGHPDt]\
DYHQDUHVSHFWLYDPHQWH6RQLQJUHGLHQWHVDGLFLRQDOHVHQSDQHV
U~VWLFRVXWLOL]DGRVSDUDUHDO]DUHOVDERU\ODWH[WXUD
$]~FDU
(OD]~FDUHVXQLQJUHGLHQWHHVHQFLDOSDUDDXPHQWDUHOVDERU
GXOFH\HOFRORUGHOSDQ7DPELpQVHFRQVLGHUDXQDOLPHQWR
SDUDODOHYDGXUDHQHOSDQGHOHYDGXUD8VXDOPHQWHVHXWLOL]D
D]~FDUEODQFR3XHGHQHFHVLWDUVHD]~FDUPRUHQRD]~FDUHQ
SROYRRD]~FDUGHDOJRGyQSRUUHTXHULPLHQWRVHVSHFLDOHV
/HYDGXUD
'HVSXpVGHOSURFHVRGHOHYDGXUDHVWDSURGXFHGLy[LGRGH
FDUERQR(OGLy[LGRGHFDUERQRH[SDQGHHOSDQ\VXDYL]DOD
ILEUDLQWHUQD6LQHPEDUJRODOHYDGXUDQHFHVLWDFDUERKLGUDWRV
HQD]~FDU\KDULQDFRPRDOLPHQWRSDUDVXUiSLGDUHSURGXFFLyQ
&RQVHMRV
D &DQWLGDG
FGWDGHOHYDGXUDDFWLYDVHFD FGWDGHOHYDGXUDLQVWDQWiQHD
FGWDGHOHYDGXUDDFWLYDVHFD FGWDGHOHYDGXUDLQVWDQWiQHD
FGWDGHOHYDGXUDDFWLYDVHFD FGWDGHOHYDGXUDLQVWDQWiQHD
!" $OPDFHQDPLHQWR
/D OHYDGXUD GHEH DOPDFHQDUVH HQ HO UHIULJHUDGRU\D TXH HO KRQJR VH
PXHUH D DOWDV WHPSHUDWXUDV $QWHV GH XVDUOD YHULILTXH OD IHFKD GH
SURGXFFLyQ \ OD YLGD ~WLO GH VX OHYDGXUD *XiUGHOD GH QXHYR HQ HO
UHIULJHUDGRUORDQWHVSRVLEOHGHVSXpVGHFDGDXVR/DUD]yQPiVFRP~Q
SRUODTXHHOSDQQRVXEHHVSRUOHYDGXUDLQDFWLYDRHVWURSHDGD
F /RVSDVRVGHVFULWRVDFRQWLQXDFLyQFRPSUREDUiQVLVXOHYDGXUD
HVWiIUHVFD\DFWLYD
3DVR9LHUWDWD]DGHDJXDWLELD
℃
HQXQDWD]DPHGLGRUD
3DVR$xDGDFGWDGHD]~FDUEODQFDDODWD]D\UHPXHYDOXHJR
HVSROYRUHHFGWDGHOHYDGXUDVREUHHODJXD
3DVR&RORTXHODWD]DPHGLGRUDHQXQOXJDUFiOLGRGXUDQWHXQRV
PLQ1RUHPXHYDHODJXD
3DVR/DHVSXPDGHEHOOHJDUKDVWDWD]D'HORFRQWUDULRODOHYDGXUD
HVWiPXHUWDRLQDFWLYD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!"
6DO
/DVDOHVQHFHVDULDSDUDPHMRUDUHOVDERUGHOSDQ\HOFRORUGH
ODFRUWH]D
&RQVHMR1XQFDXVHGHPDVLDGDVDOHQXQDUHFHWD6LQHPEDUJRODVDO
WDPELpQSXHGHUHVWULQJLUHOOHYDQWDPLHQWRGHODOHYDGXUDSRUORTXHHO
SDQVHUtDPiVJUDQGHVLQVDO
+XHYR
/RVKXHYRVSXHGHQPHMRUDUODWH[WXUDGHOSDQKDFHUOR
PiVQXWULWLYR\DXPHQWDUVXWDPDxR6LQHPEDUJRHO
KXHYRGHEHVHUSHODGR\EDWLGRXQLIRUPHPHQWH
&RQVHMR
D 6LQHFHVLWDDxDGLUKXHYRVFRPRLQJUHGLHQWHPp]FOHORVFRQOtTXLGR
DQWHVGHOHHUODHVFDOD
E &XDQGRXVHODIXQFLyQGHUHWDUGRSRUPXFKRWLHPSRQXQFDDxDGD
LQJUHGLHQWHVSHUHFHGHURVFRPRKXHYRV
*UDVDPDQWHTXLOOD\DFHLWHYHJHWDO
/DJUDVDSXHGHVXDYL]DUHOSDQ\UHWUDVDUVXYLGD~WLOGH
DOPDFHQDPLHQWR/DPDQWHTXLOODGHEHGHUUHWLUVHR
FRUWDUVHHQSHTXHxDVSDUWtFXODVDQWHVGHXVDU
&RQVHMR&XDQGRPLGDDFHLWHGHFRFLQDXRWURVLQJUHGLHQWHVOLPSLH
FRPSOHWDPHQWHODWD]DPHGLGRUDVLQQLQJ~QRWURLQJUHGLHQWH
3ROYRGHKRUQHDU
(OSROYRGHKRUQHDUVHXWLOL]DSDUDD\XGDUDTXHHOSDQ\
ORVSDVWHOHVVXEDQUiSLGDPHQWH3XHGHSURGXFLUDLUHTXH
IRUPDUiEXUEXMDVSDUDVXDYL]DUODWH[WXUDGHOSDQ
XWLOL]DQGRHOSULQFLSLRTXtPLFR
!"#$
(VVLPLODUDOSROYRGHKRUQHDU7DPELpQSXHGHXVDUVHHQ
FRPELQDFLyQFRQHOSROYRGHKRUQHDU
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&(
$JXD\RWURVOtTXLGRV
*HQHUDOPHQWH OD WHPSHUDWXUD GHO DJXD HQWUH ℃ \
℃ HV OD PHMRU (O DJXD SXHGH VHU UHHPSOD]DGD SRU
OHFKH IUHVFD R PH]FODGD FRQ OHFKH HQ SROYR DO
PHMRUDQGR HO VDERU GHO SDQ \ HO FRORU GH OD FRUWH]D
$OJXQDV UHFHWDV SXHGHQ UHTXHULU MXJR SDUD UHDO]DU HO
VDERU GHO SDQ SRU HMHPSOR MXJR GH PDQ]DQD MXJR GH
QDUDQMDMXJRGHOLPyQHWF
5(&(7$65(&20(1'$'$6
,1*5(',(17(6<5(&(7$6
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
!"
3DQ%iVLFRDPDVDGROHYDGR\KRUQHDGRGHSDQ
UHJXODU
3DQ)UDQFpVDPDVDGROHYDGR\KRUQHDGRFRQXQ
WLHPSRGHOHYDGRPiVODUJR(OSDQKHFKRHQHVWH
SURJUDPDWtSLFDPHQWHWLHQHXQDFRUWH]DPiVFUXMLHQWH\
XQDWH[WXUDPiVOLJHUD
3DQGH7ULJR,QWHJUDODPDVDGROHYDGR\
KRUQHDGRGHSDQGHWULJRLQWHJUDO
3DQ5iSLGRDPDVDGROHYDGR\KRUQHDGRGH
SDQHQXQWLHPSRPHQRUTXHHOSDQEiVLFR
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
&T
3DQ'XOFHDPDVDGROHYDGR\KRUQHDGRGHSDQ
GXOFH
3DQ6LQ*OXWHQDPDVDGROHYDGR\KRUQHDGRGH
SDQVLQJOXWHQ
3DQ 8OWUD 5iSLGR DPDVDGR OHYDGR \ KRUQHDGR
HQ HO WLHPSR PiV FRUWR *HQHUDOPHQWH HO SDQ HV
PiV SHTXHxR \ PiV iVSHUR TXH HO KHFKR FRQ HO
SURJUDPD5iSLGR
0DVDDPDVDGR\OHYDGRSHURVLQKRUQHDGRXVDGR
SDUDKDFHUEROORVGHSDQSL]]DSDQDOYDSRUHWF
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
'X
0HUPHODGDFRFFLyQGHPHUPHODGDV\MDOHDV/DV
IUXWDVRYHUGXUDVGHEHQVHUSLFDGDVDQWHVGH
SRQHUODVHQODSDQHUD
3DVWHODPDVDGROHYDGR\KRUQHDGRGHSDVWHOHV
6iQGZLFKDPDVDGROHYDGR\KRUQHDGRGH
ViQGZLFK3DUDKRUQHDUSDQGHWH[WXUDOLJHUDFRQ
XQDFRUWH]DPiVILQD
+RUQHDU+RUQHDUPDVDDPDVDGD
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
'!
ESPAÑOL

6HUYLFLRVSRVWYHQWDVXSSRUW#NLWFKHQLQWKHER[FRP 3DUDPiVLQIRUPDFLyQSRUIDYRUYLVLWHZZZNLWFKHQLQWKHER[FRP
'#
*$5$17Ë$<6(59,&,2
.LWFKHQLQWKH%R[RIUHFHXQDJDUDQWtDFRPSOHWDGH
XQDxRGHVGHODIHFKDGHFRPSUD
6LVXSDQLILFDGRUDIDOODGHQWURGHOSULPHUDxRGH
SURSLHGDGVHOHHQWUHJDUiXQDXQLGDGLGpQWLFDR
FRPSDUDEOHVLQFRVWRDOJXQRGLUHFWDPHQWHDVX
GRPLFLOLR6XXQLGDGGHUHHPSOD]RH[FOX\HQGRODV
SDUWHVGHVJDVWDGDVWDPELpQHVWDUiFXELHUWDSRU
QXHVWUDJDUDQWtDOLPLWDGDGHXQDxR
6HUHTXHULUiSUXHEDGHFRPSUDSDUDLQLFLDUHO
UHFODPR
3RUIDYRUHVFDQHHHOFyGLJR45SDUDYHUPiV
YLGHRVLQVWUXFWLYRV
$GYHUWHQFLD
(VWH DSDUDWR SXHGHVHU XWLOL]DGRSRU QLxRV DSDUWLU GHDxRV
GH HGDG \ SHUVRQDV FRQ FDSDFLGDGHV ItVLFDVVHQVRULDOHV
R PHQWDOHV UHGXFLGDV R IDOWD GH H[SHULHQFLD \ FRQRFLPLHQWR
VLHPSUH TXH KD\DQ UHFLELGR VXSHUYLVLyQ RLQVWUXFFLyQ VREUH
HO XVR VHJXUR GHO DSDUDWR \FRPSUHQGDQ ORV
ULHVJRVLQYROXFUDGRV
/RV QLxRV QR GHEHQ MXJDU FRQ HO DSDUDWR /D OLPSLH]D \
HOPDQWHQLPLHQWR SRU SDUWH GHO XVXDULR QR GHEHQ
VHUUHDOL]DGRVSRUQLxRVVLQVXSHUYLVLyQ
)DEULFDQWH
*XDQJ 'RQJ ;LQEDR (OHFWULFDO $SSOLDQFHV +ROGLQJV &R /WG
=KHQJKH6RXWK5RDG/HOLX7RZQ6KXQGHGLVWULFW)RVKDQ&LW\
*XDQJGRQJ&KLQD
1DPH:2FHDQ7UDGLQJ*PE+
$GGUHVV:$QKDOWHU6WU%HUOLQ*HUPDQ\
&RQWDFW3HUVRQ0U=KL\L-LDQJ
7HO
(0DLOHDU#RFHDQWUDGLQJGH
ESPAÑOL

!"#$%&'($'#&($)&
*&)+,-$'.&#/.,)
0&+$.1/,'.&#/.,)
2,3,1/(,('.&#/.,)
4$15&'$.'25/.,
6&)&'3,%,'"7&'(&#$7+/1&
889:8;9*<=9:>94?
!"#$#%&'#(%)&$#*&+",)'(%),")$,-#()&$+#,%.,
-0"$($',@"(,%','3%&+$A$%'$)'#$(/&',#B/$.+$C
D$1"$%($'%$73$+,%'),7'%$A"),1/&.$7')&1,)$7E
$.+%$A"$'$)'$F"/3&'$)$1+%/1&'F"$'.&'G".1/&.$','
".1$.+%$'($'(/73&7/1/>.'($'%$7/("$7',($1",(&H
/#).#,%,)&"*0%&)12,*0%.&3)%()
-0-,),%)'(%.&'.&2%(45

TVQQPSU!GSFUUBDPN
0DQXIDFWXHUń
1DPHń=KRQJ6KDQ$QPLU(OHFWULFDO$SSOLDQFH&R/WG
$GGUHVVń+HWDL,QGXVWU\=RQH'RQJIHQJ=KRQJVKDQ*XDQJGRQJ&KLQD
$IWHUVDOHV(PDLOVXSSRUW#IUHWWDFRP
1DPH2FHDQ7UDGLQJ*PE+
$GGUHVV$QKDOWHU6WU%HUOLQ*HUPDQ\
&RQWDFW3HUVRQ0U=KL\L-LDQJ
7HO
(0DLOHDU#RFHDQWUDGLQJGH
6, 3&1
&$ 3&1
1DPH2&($16833257/7'
$GGUHVV$PEHU2IILFH/XPLQRXV+RXVH6RXWK5RZ0LOWRQNH\QHV0.)5
&RQWDFW3HUVRQ/LVD+DR
7HO
(0DLO,QIR#WRSRX[XQFRP
!" #!$
!"#$%&'($")&*+",-).&/#01
2,,+$33%&2)4"56$+&76+89:;&9:<=>;&?$+5-);&/$+#")@
AB)6"(6&C$+3B)%&D+8E4-@-&F-").
*$5%&::G<H>:IJKLKMM<<
NHD"-5%&$"+OB($")6+",-).8,$
%&'()&*+(,-.
/P").&QB).&R-)0"B&N5$(6+-("5&2SS5-")($3&1B5,-).3&AB8;&T6,&
E4$).4$&7BP64&UB",;&T$5-P&*BV);&74P),$&,-36+-(6;&WB34")&A-6@;&
/P").,B).;&A4-)"
XQN
