
*9001324069*
Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
é ,QVWDOODWLHYRRUVFKULIW
â ,VWUX]LRQLSHULOPRQWDJJLR
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
× 0RQWHULQJVYHMOHGQLQJ
Ù
ô 0RQWDMN×ODYX]X
î Ημπροςιυηώξνλνμρίες
Ü 3DLJDOGXVMXKHQG
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
ë ,QVWUXNFMDPRQWDŰX
í ,QVWUXFŘLXQLGHPRQWDM
á 6]HUHOpVL~WPXWDWy
ð 1DYRGLOD]DPRQWDçR
Ö 0RQWiçQtQiYRG
ï 0RQWiçQ\QiYRG
à 8SXWH]DPRQWDçX
Ò Οωινανγπρανζίλνμρίε
ò 8SXWVWYRRSRVWDYOMDQMX
õ ΅μπροςιυϕώζλνμρίες
[
[
[
[
%
$
[
[
[
[
[ PP
[ PP
$
%

[
PP
$
PP
%
[
[
$
[
%

de
Ø
0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
%HDFKWHQ 6LH GLH 6LFKHUKHLWVYRUVFKULIWHQ XQG :DUQKLQZHLVH LQ GHU
0RQWDJHDQOHLWXQJGHU'XQVWDE]XJVKDXEH
9HUOHW]XQJVJHIDKU
■ %DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ
6FKXW]KDQGVFKXKHWUDJHQ
9HUOHW]XQJVJHIDKU
■ ,VWGDV*HUlWQLFKWRUGQXQJVJHPlEHIHVWLJWNDQQHVKHUDEIDO
OHQ $OOH %HIHVWLJXQJVHOHPHQWH PVVHQ IHVW XQG VLFKHU PRQWLHUW
ZHUGHQ
9HUOHW]XQJVJHIDKU
■ 'DV*HUlWLVWVFKZHU=XP%HZHJHQGHV*HUlWHVVLQG
3HUVRQHQHUIRUGHUOLFK1XUJHHLJQHWH+LOIVPLWWHOYHUZHQGHQ
6WURPVFKODJJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ'DV
$QVFKOXVVNDEHONDQQEHVFKlGLJWZHUGHQ$QVFKOXVVNDEHOZlK
UHQGGHU,QVWDOODWLRQQLFKWNQLFNHQRGHUHLQNOHPPHQ
6WURPVFKODJJHIDKU
'LH 7UHQQXQJ GHV *HUlWHV YRP 6WURPQHW] PXVV MHGHU]HLW P|JOLFK
VHLQ'DV*HUlWGDUIQXUDQHLQHYRUVFKULIWVPlLJLQVWDOOLHUWH
6FKXW]NRQWDNW6WHFNGRVHDQJHVFKORVVHQZHUGHQ:HQQGHU6WH
FNHUQDFKGHP(LQEDXQLFKWPHKUHUUHLFKEDULVWPXVVLQGHUIHVW
YHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQHLQH7UHQQYRUULFKWXQJLQGHQ
3KDVHQ QDFK GHQ (UULFKWXQJVEHVWLPPXQJHQ YRUJHVHKHQ ZHUGHQ
1XUHLQH(OHNWURIDFKNUDIWGDUIGLHIHVWYHUOHJWHHOHNWULVFKH,QVWDOOD
WLRQDXVIKUHQ:LUHPSIHKOHQHLQHQ)HKOHUVWURPVFKXW]VFKDOWHU
),6FKDOWHULP6WURPNUHLVGHU*HUlWHYHUVRUJXQJ]XLQVWDOOLHUHQ
(UVWLFNXQJVJHIDKU
9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU
SDFNXQJVPDWHULDOVSLHOHQODVVHQ
$EVHQNUDKPHQPRQWLHUHQ
0LWGHUEHLOLHJHQGHQ6FKDEORQHGLH%HIHVWLJXQJVSXQNWHDQGHU
.FKHQZDQGDQUHLHQ/|FKHUERKUHQ'EHOHLQGUFNHQXQG
GHQ$EVHQNUDKPHQDQVFKUDXEHQ%LOG
+LQZHLV 'LH8QWHUNDQWHGHU6FKDEORQHHQWVSULFKWGHU8QWHU
NDQWHGHUVHLWOLFKHQ2EHUVFKUlQNH
6SLQGHOOlQJHHLQVWHOOHQ'LH6SLQGHOOlQJHLVWYRQGHU$UWGHU
'XQVWDE]XJVKDXEHXQGYRQLKUHP*HZLFKWDEKlQJLJ%LOG
'LH]ZHL6FKUDXEHQVHLWOLFKELVDXI PPHLQGUHKHQ%LOG ¨
%LOG ©
1HW]DQVFKOXVVNDEHODQGHU'XQVWDE]XJVKDXEHHLQVWHFNHQXQG
LQGLH.DEHOIKUXQJDP$EVHQNUDKPHQHLQVHW]HQ
$FKWXQJ
'DV1HW]DQVFKOXVVNDEHOGDUIGXUFKGLH%HZHJXQJGHV$EVHQ
NUDKPHQVQLFKWEHVFKlGLJWZHUGHQ%LOG
'XQVWDE]XJVKDXEH HLQKlQJHQ XQG EHU GLH HQWVSUHFKHQGHQ %
JHODP$EVHQNUDKPHQIHVWVFKUDXEHQ%LOG
¨%LOG ©
'LH5RKUYHUELQGXQJKHUVWHOOHQ
+LQZHLV (VZLUGHLQIOH[LEOHU6FKODXFKEHQ|WLJW'HU6FKODXFK
PXVVLQDEJHVHQNWHP=XVWDQGGHU'XQVWDE]XJVKDXEHVWUDII
VHLQ
)HLQDEVWLPPXQJGHU)HGHUNUDIWGXUFK9HUlQGHUQGHU6SLQGHO
OlQJHYRUQHKPHQ%LOG
+LQZHLV 'LH'XQVWDE]XJVKDXEHPXVVLQGHUREHUHQ6WHOOXQJ
YHUEOHLEHQXQGVLFKQDFKGHP$XVUDVWHQVHOEVWWlWLJELVLQGHQ
XQWHUHQ$QVFKODJDEVHQNHQ
=XP$EVHQNHQGLH'XQVWDE]XJVKDXEHPLWWLJLP%HUHLFKGHU
*ULIIOHLVWHQDFKREHQGUFNHQ%LOG

en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
3URFHHGLQDFFRUGDQFHZLWKWKHVDIHW\UHJXODWLRQVDQGZDUQLQJV
VHWRXWLQWKHH[WUDFWRUKRRGLQVWDOODWLRQLQVWUXFWLRQV
5LVNRILQMXU\
■ &RPSRQHQWV LQVLGH WKH DSSOLDQFH PD\ KDYH VKDUS HGJHV :HDU
SURWHFWLYHJORYHV
5LVNRILQMXU\
■ 7KH DSSOLDQFH PD\ IDOO GRZQ LI LW KDV QRW EHHQ SURSHUO\ IDVWHQHG
LQSODFH$OOIDVWHQLQJFRPSRQHQWVPXVWEHIL[HGILUPO\DQG
VHFXUHO\
5LVNRILQMXU\
■ 7KHDSSOLDQFHLVKHDY\7RPRYHWKHDSSOLDQFH SHRSOHDUH
UHTXLUHG8VHRQO\VXLWDEOHWRROVDQGHTXLSPHQW
5LVNRIHOHFWULFVKRFN
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV7KHVH
PD\GDPDJHWKHFRQQHFWLQJFDEOH'RQRWNLQNRUSLQFKWKH
FRQQHFWLQJFDEOHGXULQJLQVWDOODWLRQ
5LVNRIHOHFWULFVKRFN
,WPXVWDOZD\VEHSRVVLEOHWRGLVFRQQHFWWKHDSSOLDQFHIURPWKH
SRZHUVXSSO\7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGWRD
SURWHFWLYHFRQWDFWVRFNHWWKDWKDVEHHQFRUUHFWO\LQVWDOOHG,IWKH
SOXJFDQQRORQJHUEHUHDFKHGDIWHULQVWDOODWLRQDQHQHUJ\
LVRODWLQJGHYLFHLQWKHSKDVHVPXVWEHSURYLGHGLQWKHSHUPDQHQW
HOHFWULFDOLQVWDOODWLRQLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHJXODWLRQV7KHSHUPDQHQWHOHFWULFDOLQVWDOODWLRQPXVWRQO\EH
ZLUHGE\DSURIHVVLRQDOHOHFWULFLDQ:HUHFRPPHQGLQVWDOOLQJD
UHVLGXDOFXUUHQWFLUFXLWEUHDNHU5&&%LQWKHDSSOLDQFHVSRZHU
VXSSO\FLUFXLW
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
)LWWLQJWKHORZHULQJIUDPH
8VH WKH HQFORVHG WHPSODWH WR PDUN RXW WKH DWWDFKPHQW SRLQWV RQ
WKH NLWFKHQ ZDOO GULOO WKH KROHV SXVK LQ WKH UDZO SOXJV DQG VFUHZ
RQWKHORZHULQJIUDPH²)LJ
1RWH 7KHERWWRPHGJHRIWKHWHPSODWHVKRXOGOLQHXSZLWKWKH
ERWWRPHGJHRIWKHXSSHUFDELQHWVDWWKHVLGHV
6HW WKH OHQJWK RI WKH VKDIW 7KH OHQJWK RI WKH VKDIW GHSHQGV RQ WKH
W\SHDQGZHLJKWRIWKHH[WUDFWRUKRRGXVHG²)LJ
6FUHZLQWKHWZRVFUHZVDWWKHVLGHVXQWLO PP²)LJ ¨
)LJ ©
3OXJWKHPDLQVFRQQHFWLRQFDEOHLQWRWKHGXVWH[WUDFWRUKRRG
DQGSODFHLWLQWKHFDEOHJXLGHRQWKHORZHULQJIUDPH
&DXWLRQ
7KHPDLQVFRQQHFWLRQFDEOHPXVWQRWEHGDPDJHGE\WKH
PRYHPHQWRIWKHORZHULQJIUDPH²)LJ
)LW WKH H[WUDFWRU KRRG DQG VFUHZ LW WLJKWO\ RQWR WKH ORZHULQJ IUDPH
XVLQJWKHEUDFNHWVSURYLGHG²)LJ
¨)LJ ©
0DNHWKHSLSHFRQQHFWLRQ
1RWH <RX ZLOO QHHG D IOH[LEOH KRVH WR GR WKLV 7KH KRVH PXVW EH
WDXWZKHQWKHH[WUDFWRUKRRGLVORZHUHG
$GMXVWWKHVSULQJWHQVLRQE\FKDQJLQJWKHOHQJWKRIWKHVKDIW²
)LJ
1RWH 7KH H[WUDFWRU KRRG PXVW UHPDLQ LQ WKH XSSHU SRVLWLRQ DQG
ORZHULWVHOIIXOO\RQFHUHOHDVHG
7R ORZHU LW SXVK WKH H[WUDFWRU KRRG XSZDUGV E\ SUHVVLQJ RQ WKH
FHQWUHRIWKHKDQGOHVWULS²)LJ
fr
Þ
1RWLFHGHPRQWDJH
: &RQVLJQHVGHVpFXULWpLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHPDQXHO&HQHVWTXDORUVTXHYRXVSRXUUH]
XWLOLVHU YRWUH DSSDUHLO FRUUHFWHPHQW HW HQ WRXWH VpFXULWp &RQVHUYHU
ODQRWLFHGXWLOLVDWLRQHWGHPRQWDJHSRXUXQXVDJHXOWpULHXURX
SRXUOHSURSULpWDLUHVXLYDQW
/DVpFXULWpGHO·DSSDUHLOjO·XVDJHHVWJDUDQWLHV·LODpWpHQFDVWUp
FRQIRUPpPHQWjODQRWLFHGHPRQWDJH/HPRQWHXUHVW
UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO HVW
LQVWDOOp
2EVHUYHUOHVSUHVFULSWLRQVGHVpFXULWpHWOHVDYHUWLVVHPHQWVGDQV
ODQRWLFHGHPRQWDJHGHODKRWWHDVSLUDQWH
5LVTXHGHEOHVVXUH
■ 'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHV
DUrWHVYLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5LVTXHGHEOHVVXUH
■ 6L ODSSDUHLO QHVW SDV FRUUHFWHPHQW IL[p LO SHXW WRPEHU 7RXV OHV
pOpPHQWV GH IL[DWLRQ GRLYHQW rWUH PRQWpV VROLGHPHQW HW GH IDoRQ
VUH
5LVTXHGHEOHVVXUH
■ /DSSDUHLOHVWORXUG SHUVRQQHVVRQWQpFHVVDLUHVSRXU
GpSODFHUODSSDUHLO8WLOLVHUH[FOXVLYHPHQWGHVPR\HQV
DSSURSULpV
5LVTXHGHFKRFpOHFWULTXH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV,O\DULVTXHGHQGRPPDJHPHQWGXFkEOHGDOLPHQWDWLRQ
3HQGDQWO·LQVWDOODWLRQYHLOOHUjQHSDVSOLHUQLFRLQFHUOHFkEOH
G·DOLPHQWDWLRQ
5LVTXHG·pOHFWURFXWLRQ
WRXW PRPHQW LO GRLW rWUH SRVVLEOH GH VpSDUHU ODSSDUHLO GX UpVHDX
pOHFWULTXH /DSSDUHLO GRLW XQLTXHPHQW rWUH UDFFRUGp j XQH SULVH GH
FRXUDQW GH VpFXULWp LQVWDOOpH GH PDQLqUH UpJOHPHQWDLUH 6L OD SULVH
QHVWSOXVDFFHVVLEOHDSUqVOLQVWDOODWLRQXQV\VWqPHFRXSHFLUFXLW
GDQVOHVSKDVHVHVWjSUpYRLUGDQVOLQVWDOODWLRQjFkEODJHIL[H
FRQIRUPpPHQWDX[GLVSRVLWLRQVGLQVWDOODWLRQ6HXOXQpOHFWULFLHQ
TXDOLILp HVW DXWRULVp j SURFpGHU j OLQVWDOODWLRQ pOHFWULTXH IL[H 1RXV
YRXVUHFRPPDQGRQVGLQVWDOOHUXQGLVMRQFWHXUGLIIpUHQWLHO
LQWHUUXSWHXU),GDQVOHFLUFXLWGDOLPHQWDWLRQGHODSSDUHLO
5LVTXHGDVSK\[LH
/HPDWpULHOGHPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H
SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[
G·HPEDOODJH
0RQWDJHGXNLWGHVXVSHQVLRQ
$YHF OH JDEDULW IRXUQL WUDFH] OHV SRLQWV GH IL[DWLRQ VXU OD SDURL GH
OD FXLVLQH SHUFH] OHV WURXV HQIRQFH]\ GHV FKHYLOOHV HW YLVVH] OH
NLWGHVXVSHQVLRQ)LJXUH
5HPDUTXH /H UHERUG LQIpULHXU GX JDEDULW FRUUHVSRQG DX UHERUG
LQIpULHXUGHVDUPRLUHVVXSpULHXUHVODWpUDOHV
5pJOH] OD ORQJXHXU GH EURFKH /D ORQJXHXU GH EURFKH GpSHQG GX
W\SHGHKRWWHDVSLUDQWHHWGHVRQSRLGV)LJXUH
9LVVH]OHVGHX[YLVODWpUDOHVGH PP)LJXUH ¨)LJXUH ©
%UDQFKH]OHFRUGRQGDOLPHQWDWLRQjODKRWWHDVSLUDQWHHW
LQVpUH]OHGDQVOHJXLGHGHFkEOHVXUOHNLWGHVXVSHQVLRQ
$WWHQWLRQ
/HFRUGRQGDOLPHQWDWLRQQHGRLWSDVrWUHHQGRPPDJpSDUOH
PRXYHPHQWGXNLWGHVXVSHQVLRQ)LJXUH
$FFURFKH] OD KRWWH DVSLUDQWH HW YLVVH]OD VXU OH NLW GH VXVSHQVLRQ
YLDOHVFLQWUHVFRUUHVSRQGDQWV)LJXUH ¨ILJXUH ©
5pDOLVH]XQHFRQQH[LRQGHWX\DX
5HPDUTXH 8QWX\DXIOH[LEOHHVWUHTXLV/HWX\DXGRLWrWUH
PDLQWHQXWHQGXORUVTXHODKRWWHHVWHQSRVLWLRQDIIDLVVpH
3URFpGH]DXUpJODJHILQGHOpODVWLFLWpHQPRGLILDQWODORQJXHXU
GHVEURFKHV)LJXUH
5HPDUTXH /D KRWWH DVSLUDQWH GRLW UHVWHU HQ SRVLWLRQ VXSpULHXUH
HW DSUqV GpFOHQFKHPHQW VDIIDLVVHU GHOOHPrPH MXVTXHQ EXWpH
LQIpULHXUH
3RXU ODIIDLVVHU DSSX\H] VXU OD KRWWH DVSLUDQWH DX PLOLHX GDQV OD
]RQHGHODEDJXHWWHSRLJQpH)LJXUH

nl
é
,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVLQVWUXFWLHV
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
8GLHQWGHYHLOLJKHLGVYRRUVFKULIWHQHQZDDUVFKXZLQJHQLQKHW
LQVWDOODWLHYRRUVFKULIWELMGHDI]XLJNDSLQDFKWWHQHPHQ
5LVLFRYDQOHWVHO
■ %HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
5LVLFRYDQOHWVHO
■ ,VKHWWRHVWHOQLHWQDDUEHKRUHQEHYHVWLJGGDQNDQKHWQDDU
EHQHGHQYDOOHQ$OOHEHYHVWLJLQJVVFKURHYHQPRHWHQYDVWHQ
YHLOLJZRUGHQJHPRQWHHUG
5LVLFRYDQOHWVHO
■ +HWWRHVWHOLV]ZDDU(U]LMQWZHH SHUVRQHQQRGLJRPKHW
DSSDUDDW WH EHZHJHQ $OOHHQ JHVFKLNWH KXOSPLGGHOHQ JHEUXLNHQ
*HYDDUYDQHHQHOHNWULVFKHVFKRN
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ+LHUGRRUNDQGHDDQVOXLWNDEHOEHVFKDGLJGUDNHQ
$DQVOXLWNDEHOQLHWNQLNNHQRIDINOHPPHQELMGHLQVWDOODWLH
*HYDDUYRRUHHQHOHNWULVFKHVFKRN
+HW DSSDUDDW PRHW RS HON JHZHQVW PRPHQW YDQ GH VWURRP NXQQHQ
ZRUGHQDIJHVORWHQ+HWPDJDOOHHQRSHHQJHDDUGHFRQWDFWGRRV
ZRUGHQ DDQJHVORWHQ GLH YROJHQV GH YRRUVFKULIWHQ LV JHwQVWDOOHHUG
:DQQHHUGHVWHNNHUQDGHLQERXZQLHWPHHUWRHJDQNHOLMNLVPRHW
GHJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU'HYDVWHDDQVOXLWLQJPDJDOOHHQGRRUHHQHOHNWULFLHQ
ZRUGHQDDQJHOHJG:LMDGYLVHUHQHHQDDUGOHNVFKDNHODDU),
VFKDNHODDULQGHVWURRPNULQJQDDUKHWDSSDUDDWWHLQVWDOOHUHQ
9HUVWLNNLQJVJHYDDU
9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW
PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ
1HHUODDWNDGHUPRQWHUHQ
0HWKHWPHHJHOHYHUGHVMDEORRQGHEHYHVWLJLQJVSXQWHQRSGH
NHXNHQPXXUPDUNHUHQJDWHQERUHQSOXJJHQLQGUXNNHQHQKHW
QHHUODDWNDGHUYDVWVFKURHYHQ$IE
$DQZLM]LQJ 'HRQGHUNDQWYDQKHWVMDEORRQNRPWRYHUHHQPHW
GHRQGHUNDQWYDQGHERYHQNDVWDDQGH]LMNDQW
/HQJWHYDQGHVSLOLQVWHOOHQ'HOHQJWHYDQGHVSLOLVDIKDQNHOLMN
YDQKHWW\SHHQKHWJHZLFKWYDQGHDI]XLJNDS$IE
'H WZHH VFKURHYHQ DDQ GH ]LMNDQW WRW PP LQGUDDLHQ $IE ¨
$IE
©
+HW QHWVQRHU YDQ GH DI]XLJNDS RS GH VWURRP DDQVOXLWHQ HQ LQ GH
NDEHOJHOHLGLQJYDQKHWQHHUODDWNDGHULQEUHQJHQ
$WWHQWLH
+HWQHWVQRHUPDJGRRUGHEHZHJLQJYDQKHWQHHUODDWNDGHUQLHW
EHVFKDGLJGUDNHQ$IE
$I]XLJNDSLQKDQJHQHQYLDGHEHWUHIIHQGHEHXJHOVDDQKHW
QHHUODDWNDGHUYDVWVFKURHYHQ$IE ¨$IE ©
'HEXLVYHUELQGLQJPDNHQ
$DQZLM]LQJ (ULVHHQIOH[LEHOHVODQJQRGLJ:DQQHHUGH
DI]XLJNDSQHHUJHODWHQLVGLHQWGHVODQJUHFKWWH]LMQ
'HYHHUNUDFKWILMQDIVWHPPHQGRRUGHOHQJWHYDQGHVSLOWH
YHUDQGHUHQ$IE
$DQZLM]LQJ 'H DI]XLJNDS PRHW LQ GH ERYHQVWH VWDQG EOLMYHQ HQ
QDKHWRQWJUHQGHOHQ]HOIVWDQGLJWRWLQGHRQGHUVWHDDQVODJQDDU
EHQHGHQNRPHQ
2P GH DI]XLJNDS QDDU EHQHGHQ WH ODWHQ NRPHQ GUXNW X KHP LQ KHW
PLGGHQYDQKHWJHELHGYDQGHJUHHSOLMVWQDDUERYHQ$IE
it
â
,VWUX]LRQLSHULOPRQWDJJLR
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
/HJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQLSHUOXVR6RORFRVuq
SRVVLELOHXWLOL]]DUHODSSDUHFFKLRLQPRGRVLFXURHFRUUHWWR
&XVWRGLUHFRQODPDVVLPDFXUDOHSUHVHQWLLVWUX]LRQLSHUOXVRHLO
PRQWDJJLRLQFDVRGLXQXWLOL]]RIXWXURRFHVVLRQHDWHU]L
/DVLFXUH]]DGLXWLOL]]RqJDUDQWLWDVRORLQFDVRGLLQVWDOOD]LRQH
VHFRQGROHUHJROHGLEXRQDWHFQLFDULSRUWDWHQHOOHLVWUX]LRQLGL
PRQWDJJLR/LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWR
IXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
2VVHUYDUHOHGLVSRVL]LRQLLQPDWHULDGLVLFXUH]]DHOHDYYHUWHQ]H
FRQWHQXWHQHOOH,VWUX]LRQLSHULOPRQWDJJLRGHOODFDSSDGL
DVSLUD]LRQH
3HULFRORGLOHVLRQL
■ $OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
3HULFRORGLOHVLRQL
■ 6HODSSDUHFFKLRQRQYLHQHILVVDWRFRUUHWWDPHQWHSXzFDGHUH
7XWWLJOLHOHPHQWLGLILVVDJJLRGHYRQRHVVHUHPRQWDWLLQPRGR
VDOGRHVLFXUR
3HULFRORGLOHVLRQL
■ /DSSDUHFFKLRqSHVDQWH3HUVSRVWDUORRFFRUURQR SHUVRQH
8WLOL]]DUHHVFOXVLYDPHQWHDXVLOLDGHJXDWL
3HULFRORGLVFRVVDHOHWWULFD
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL3RWUHEEHYHQLUHGDQQHJJLDWRLOFDYRGLFROOHJDPHQWR
'XUDQWHO·LQVWDOOD]LRQHIDUHDWWHQ]LRQHDQRQSLHJDUHRVHUUDUHLO
FDYRGLFROOHJDPHQWR
3HULFRORGLVFRVVDHOHWWULFD
6LGHYHSRWHUVHPSUHVHSDUDUHODSSDUHFFKLRGDOODUHWHHOHWWULFD
/DSSDUHFFKLRSXzHVVHUHFROOHJDWRVRODPHQWHDXQDSUHVDFRQ
PHVVDDWHUUDLQVWDOODWDVHFRQGROHLVWUX]LRQL6HGRSRLO
PRQWDJJLRODVSLQDQRQqSLUDJJLXQJLELOHGXUDQWHODSRVDILVVD
GHOOLQVWDOOD]LRQH HOHWWULFD SUHYHGHUH XQ GLVSRVLWLYR GL VHSDUD]LRQH
QHOOHIDVLVHJXHQWLDOODGHWHUPLQD]LRQHGHOODOOHVWLPHQWR6ROWDQWR
XQHOHWWULFLVWDDSSRVLWDPHQWHIRUPDWRSXzHVHJXLUHODSRVDILVVD
GHOOLQVWDOOD]LRQHHOHWWULFD1RLFRQVLJOLDPRGLLQVWDOODUHXQ
LQWHUUXWWRUHGLIIHUHQ]LDOHGLIIHUHQ]LDOHQHOFLUFXLWRHOHWWULFR
GHOODOLPHQWD]LRQHGHOODSSDUHFFKLR
3HULFRORGLVRIIRFDPHQWR
,OPDWHULDOHGLPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH
PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR
0RQWDJJLRGHOODFRUQLFHGLDEEDVVDPHQWR
6HUYHQGRVLGHOPRGHOORDOOHJDWRFRQWUDVVHJQDUHLSXQWLGL
ILVVDJJLRVXOODSDUHWHGHOODFXFLQDSUDWLFDUHLIRULLQVHULUHL
WDVVHOOLHDYYLWDUHODFRUQLFHGLDEEDVVDPHQWRILJXUD
$YYHUWHQ]D ,OERUGRLQIHULRUHGHOPRGHOORFRUULVSRQGHDOERUGR
LQIHULRUHGHLPRELOLDSHQVLOHODWHUDOL
5HJRODUHODOXQJKH]]DGHOODYLWHHOLFRLGDOH/DOXQJKH]]DGHOOD
YLWHHOLFRLGDOHGLSHQGHGDOODWLSRORJLDHGDOSHVRGHOODFDSSDGL
DVSLUD]LRQHILJXUD
6WULQJHUHILQRDPPOHGXHYLWLDLODWLILJXUD¨ILJXUD©
,QVHULUH LO FDYR GL FROOHJDPHQWR UHWH QHOOD FDSSD GL DVSLUD]LRQH H
LQWURGXUUHLOUHODWLYRFRQGRWWRQHOODFRUQLFHGLDEEDVVDPHQWR
$WWHQ]LRQH
,OFDYRGLFROOHJDPHQWRUHWHQRQGHYHHVVHUHGDQQHJJLDWRGDO
PRYLPHQWRGHOODFRUQLFHGLDEEDVVDPHQWRILJXUD
$SSHQGHUYLODFDSSDGLDVSLUD]LRQHHDYYLWDUODDOODFRUQLFHGL
DEEDVVDPHQWRVHUYHQGRVLGHOODVWDIIDFRUULVSRQGHQWHILJXUD
¨ILJXUD©
&UHDUHLOFROOHJDPHQWRSHULWXEL
$YYHUWHQ]D ËQHFHVVDULRXQWXERIOHVVLELOH,OWXERIOHVVLELOH
GHYHHVVHUHWHVRTXDQGRODFDSSDGLDVSLUD]LRQHqDEEDVVDWD
'HWHUPLQDUHLQGHWWDJOLRODIRU]DHODVWLFDPRGLILFDQGROD
OXQJKH]]DGHOODYLWHHOLFRLGDOHILJXUD
$YYHUWHQ]D /DFDSSDGLDVSLUD]LRQHGHYHULPDQHUHQHOOD
SRVL]LRQH VXSHULRUH H GRSR LO GLVLQQHVWR FDODUH DXWRQRPDPHQWH
ILQRDOODEDWWXWDLQIHULRUH
3HUDEEDVVDUHVSLQJHUHYHUVRODOWRODFDSSDGLDVSLUD]LRQHDO
FHQWURQHOODUHDGHOODPDQLJOLDLQWHJUDWDILJXUD

es
Û
,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
5HVSHWDUODVQRUPDVGHVHJXULGDG\DGYHUWHQFLDVSUHVHQWHVHQ
ODVLQVWUXFFLRQHVGHPRQWDMHGHODFDPSDQDH[WUDFWRUD
£3HOLJURGHOHVLRQHV
■ /DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
£3HOLJURGHOHVLRQHV
■ 6L HO DSDUDWR QR HVWi ILMDGR FRUUHFWDPHQWH SXHGH FDHUVH 7RGRV
ORVHOHPHQWRVGHILMDFLyQGHEHQPRQWDUVHGHELGDPHQWH
£3HOLJURGHOHVLRQHV
■ (ODSDUDWRHVSHVDGR3DUDPRYHUHODSDUDWRVHQHFHVLWDQ
SHUVRQDV8WLOL]DU~QLFDPHQWHORVPHGLRVDX[LOLDUHV
DSURSLDGRV
£3HOLJURGHGHVFDUJDHOpFWULFD
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV(O
FDEOH GH FRQH[LyQ SRGUtD UHVXOWDU GDxDGR 1R GREODU QL DSULVLRQDU
HOFDEOHGHFRQH[LyQGXUDQWHODLQVWDODFLyQ
£3HOLJURGHGHVFDUJDHOpFWULFD
'HEHVHUSRVLEOHGHVHQFKXIDUHODSDUDWRGHODUHGHOpFWULFDHQ
FXDOTXLHU PRPHQWR (O DSDUDWR VROR SRGUi FRQHFWDUVH D XQD WRPD
GHFRUULHQWHGHLQVWDODFLyQUHJODPHQWDULD\SURYLVWDGHWRPDGH
WLHUUD6HJ~QODQRUPDWLYDGHLQVWDODFLyQVLHOFRQHFWRU\DQRHV
DFFHVLEOHWUDVHOPRQWDMHODLQVWDODFLyQHOpFWULFDFRQWRPDGH
WLHUUD GHEHUi FRQVWDU GH XQ GLVSRVLWLYR GH VHSDUDFLyQ HQ ODV IDVHV
6RORXQHOHFWULFLVWDFXDOLILFDGRSXHGHHIHFWXDUODLQVWDODFLyQ
HOpFWULFDILMD6HUHFRPLHQGDODLQVWDODFLyQGHXQLQWHUUXSWRUGH
FRUULHQWHGHGHIHFWRLQWHUUXSWRUGLIHUHQFLDOHQHOFLUFXLWRGH
DOLPHQWDFLyQGHODSDUDWR
£3HOLJURGHDVIL[LD
(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH
ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH
0RQWDUHOPDUFRGHHQFDVWUH
&RQD\XGDGHODSODQWLOODDGMXQWDPDUFDUORVSXQWRVGHILMDFLyQ
HQODSDUHGGHODFRFLQDSHUIRUDUORVDJXMHURVLQWURGXFLUORV
WDFRV\DWRUQLOODUHOPDUFRGHHQFDVWUHILJXUD
1RWD (OERUGHLQIHULRUGHODSODQWLOODFRUUHVSRQGHDOERUGH
LQIHULRUGHORVDUPDULRVVXSHULRUHVODWHUDOHV
5HJXODUODORQJLWXGGHOYiVWDJR/DORQJLWXGGHOYiVWDJR
GHSHQGHUiGHOWLSRGHFDPSDQDH[WUDFWRUDGHKXPRV\GHVX
SHVRILJXUD
,QWURGXFLU ODWHUDOPHQWH DPERV WRUQLOORV KDVWD XQD SURIXQGLGDG GH
PPILJXUD
¨ILJXUD ©
(QFKXIDUHOFDEOHGHDOLPHQWDFLyQDODFDPSDQDH[WUDFWRUDGH
KXPRVHLQVHUWDUORHQODJXtDFDEOHGHOPDUFRGHHQFDVWUH
£$WHQFLyQ
(OFDEOHGHDOLPHQWDFLyQQRGHEHUiGDxDUVHSRUHOPRYLPLHQWR
GHOPDUFRGHHQFDVWUHILJXUD
&RORFDU OD FDPSDQD H[WUDFWRUD GH KXPRV \ DWRUQLOODU DO PDUFR GH
HQFDVWUH SRU PHGLR GH ORV HVWULERV FRUUHVSRQGLHQWHV ILJXUD ¨
ILJXUD
©
5HDOL]DUODXQLyQGHWXERV
1RWD (V QHFHVDULR XQ WXER IOH[LEOH (VWH WXER GHEH SHUPDQHFHU
WHQVDGRDOEDMDUORFRQUHVSHFWRDODFDPSDQDH[WUDFWRUDGH
KXPRV
5HDOL]DU XQ DMXVWH SUHFLVR GH OD IXHU]D GHO PXHOOH PRGLILFDQGR OD
ORQJLWXGGHOYiVWDJRILJXUD
1RWD /D FDPSDQD H[WUDFWRUD GH KXPRV GHEHUi SHUPDQHFHU HQ
ODSRVLFLyQVXSHULRUKDVWDTXHXQDYH]VXHOWDEDMHSRUVtVROD
KDVWDHOWRSHLQIHULRU
3DUDTXHEDMHSUHVLRQDUKDFLDDUULEDODFDPSDQDH[WUDFWRUDHQ
HOFHQWURSRUOD]RQDGHODPDQHWDILJXUD
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
: ,QGLFDo}HVGHVHJXUDQoDLPSRUWDQWHV
/HLDDWHQWDPHQWHRSUHVHQWHPDQXDO6yDVVLPSRGHUiXWLOL]DUR
VHX DSDUHOKR GH IRUPD VHJXUD H FRUUHFWD *XDUGH DV LQVWUXo}HV GH
XWLOL]DomRHPRQWDJHPSDUDFRQVXOWDVIXWXUDVRXSDUDIXWXURV
XWLOL]DGRUHV
6y FRP XPD PRQWDJHP HVSHFLDOL]DGD H HP FRQIRUPLGDGH FRP DV
LQVWUXo}HV GH PRQWDJHP SRGH VHU JDUDQWLGD D VHJXUDQoD GXUDQWH
DXWLOL]DomR2LQVWDODGRUpUHVSRQViYHOSHORIXQFLRQDPHQWR
FRUUHWRQRORFDOGHPRQWDJHP
2EVHUYH DV QRUPDV GH VHJXUDQoD H DV LQGLFDo}HV GH DGYHUWrQFLD
SUHVHQWHVQDVLQVWUXo}HVGHPRQWDJHPGRH[DXVWRU
3HULJRGHIHULPHQWRV
■ 2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDV
YLYDV8VHOXYDVGHSURWHomR
3HULJRGHIHULPHQWRV
■ 2 DSDUHOKR SRGH FDLU VH QmR HVWLYHU FRUUHWDPHQWH IL[DGR 7RGRV
RVHOHPHQWRVGHIL[DomRWrPGHVHUPRQWDGRVGHIRUPDIL[DH
VHJXUD
3HULJRGHIHULPHQWRV
■ 2DSDUHOKRpSHVDGR6mRQHFHVViULDV SHVVRDVSDUD
WUDQVSRUWDURDSDUHOKR8WLOL]DUDSHQDVPHLRVDX[LOLDUHV
DSURSULDGRV
3HULJRGHFKRTXHHOpWULFR
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
2 FDER GH OLJDomR SRGH ILFDU GDQLILFDGR 1mR GREUDU QHP HQWDODU R
FDERHOpWULFRGXUDQWHDLQVWDODomR
3HULJRGHFKRTXHHOpWULFR
'HYH H[LVWLU D SRVVLELOLGDGH GH GHVOLJDU R DSDUHOKR GD UHGH HOpWULFD
HPTXDOTXHUDOWXUD2DSDUHOKRGHYHVHUOLJDGRDSHQDVDXPD
WRPDGDGHFRQWDFWRGHVHJXUDQoDLQVWDODGDHPFRQIRUPLGDGH
FRPDVQRUPDV6HDILFKDGHL[DUGHHVWDUGLVSRQtYHODSyVD
PRQWDJHPQDLQVWDODomRHOpWULFDIL[DpQHFHVViULRTXHHVWHMD
SUHYLVWRXPGLVSRVLWLYRGHFRUWHQDVIDVHVGHDFRUGRFRPDV
UHJUDVGHLQVWDODomR$SHQDVXPHOHWULFLVWDSRGHHIHWXDUD
LQVWDODomRHOpWULFDIL[D5HFRPHQGDPRVDLQVWDODomRGHXP
GLVMXQWRU GLIHUHQFLDO LQWHUUXSWRU GH FRUUHQWH GLIHUHQFLDO UHVLGXDO QR
FLUFXLWRGHFRUUHQWHGDDOLPHQWDomRGRDSDUHOKR
3HULJRGHDVIL[LD
2PDWHULDOGHHPEDODJHPpSHULJRVRSDUDDVFULDQoDV1XQFD
GHL[HDVFULDQoDVEULQFDUHPFRPRPDWHULDOGHHPEDODJHP
0RQWDURDURUHEDL[DGR
0DUFDU RV SRQWRV GH IL[DomR QD SDUHGH GD FR]LQKD FRP R PROGH
LQFOXtGR)D]HURVIXURVLQVHULUDVEXFKDVHDSDUDIXVDURDUR
UHEDL[DGRILJXUD
1RWD $DUHVWDLQIHULRUGRPROGHFRUUHVSRQGHjDUHVWDLQIHULRU
GRVDUPiULRVVXSHULRUHVODWHUDLV
$MXVWDU R FRPSULPHQWR GR IXVR 2 FRPSULPHQWR GR IXVR GHSHQGH
GRWLSRGRH[DXVWRUHGRUHVSHWLYRSHVRILJXUD
(QURVFDU RV GRLV SDUDIXVRV ODWHUDLV DWp PP ILJXUD ¨ ILJXUD
©
,QVHULU R FDER GH OLJDomR QR H[DXVWRU H FRORFDU QR JXLD GH FDERV
QRDURUHEDL[DGR
$WHQomR
2FDERGHOLJDomRQmRSRGHVHUGDQLILFDGRGHYLGRj
PRYLPHQWDomRGRDURUHEDL[DGRILJXUD
6XVSHQGHURH[DXVWRUHDSDUDIXViORDRDURUHEDL[DGRQRV
UHVSHWLYRVHVWULERVILJXUD¨ILJXUD©
(VWDEHOHFHUDXQLmRGHWXERV
1RWD eQHFHVViULRXPWXERIOH[tYHO2WXERIOH[tYHOGHYHHVWDU
HVWLFDGRFRPRH[DXVWRUUHEDL[DGR
(IHWXDU R DMXVWH GD IRUoD GH WHQVmR DOWHUDQGR R FRPSULPHQWR GR
IXVRILJXUD
1RWD 2H[DXVWRUWHPGHSHUPDQHFHUQDSRVLomRVXSHULRUH
UHEDL[DUDXWRPDWLFDPHQWHSDUDREDWHQWHLQIHULRUDSyVD
DEHUWXUD
3DUD EDL[DU SUHVVLRQDU R H[DXVWRU SDUD FLPD QR FHQWUR GD ]RQD
GRSX[DGRUWLSRIULVRILJXUD

sv
ó
0RQWHULQJVDQYLVQLQJ
: 9LNWLJDVlNHUKHWVDQYLVQLQJDU
/lV EUXNVDQYLVQLQJHQ QRJJUDQW 'HW lU YLNWLJW I|U DWW GX VND NXQQD
DQYlQGDHQKHWHQVlNHUWRFKSnUlWWVlWW6SDUDEUXNVRFK
PRQWHULQJVDQYLVQLQJHQI|UIUDPWLGDEUXNRFKHYHQWXHOOD
NRPPDQGHlJDUH
(QVlNHUDQYlQGQLQJNDQEDUDJDUDQWHUDVRPVSLVIOlNWHQ
PRQWHUDVSnIDFNPlVVLJWVlWWRFKLHQOLJKHWPHG
PRQWHULQJVDQYLVQLQJHQ ,QVWDOODW|UHQ DQVYDUDU I|U HQ IHOIUL IXQNWLRQ
SnSODWVHQ
)|OMVlNHUKHWVDQYLVQLQJDUQDRFKYDUQLQJDUQDLIOlNWHQV
PRQWHULQJVDQYLVQLQJ
6NDGHULVN
■ (QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
6NDGHULVN
■ 2PHQKHWHQLQWHlURUGHQWOLJWIlVWSnYlJJHQVnNDQGHQIDOOD
QHG$OODIlVWNRPSRQHQWHUPnVWHPRQWHUDVVWDGLJWRFKVlNHUW
6NDGHULVN
■ (QKHWHQlUWXQJ'HWNUlYVWYnSHUVRQHUI|UDWWIO\WWDHQKHWHQ
$QYlQGHQGDVWKlUI|UDYVHGGDKMlOSPHGHO
5LVNI|UHOVW|WDU
'HWILQQVNRPSRQHQWHULQXWLHQKHWHQVRPKDUYDVVDNDQWHU
$QVOXWQLQJVNDEHOQNDQVNDGDV$QVOXWQLQJVNDEHOQInULQWHYLNDV
HOOHUNOlPPDVYLGLQVWDOODWLRQHQ
5LVNI|UHOVW|W
'HWPnVWHDOOWLGJnDWWJ|UDHQKHWHQVWU|PO|V'XInUEDUDDQVOXWD
HQKHWHQ WLOO UlWW LQVWDOOHUDGH MRUGDGH HOXWWDJ 2P GHW LQWH JnU DWW Qn
NRQWDNWHQ HIWHU LQE\JJQDG Vn PnVWH GHQ IDVWD LQVWDOODWLRQHQ KD HQ
IDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD'HWlUEDUDEHK|ULJHOHNWULNHU
VRPInUJ|UDIDVWDQVOXWQLQJ9LUHNRPPHQGHUDUDWWGXLQVWDOOHUDU
HQMRUGIHOVEU\WDUH),EU\WDUHSnPDWQLQJHQWLOOHQKHWHQ
.YlYQLQJVULVN
)|USDFNQLQJVPDWHULDOlUIDUOLJWI|UEDUQ/nWDOGULJEDUQOHNDPHG
I|USDFNQLQJVPDWHULDOHW
0RQWHUDLQIDWWQLQJHQ
0DUNHUDIlVWSXQNWHUQDSnN|NVYlJJHQPHGGHQPHGI|OMDQGH
PDOOHQ ERUUD KnO VlWW L SOXJJ RFK VNUXYD IDVW LQIDWWQLQJHQ ELOG
$QYLVQLQJ 0DOOHQVXQGHUNDQWVNDPDWFKDXQGHUNDQWHQSn
|YHUVNnSHWLQWLOO
6WlOO LQ VSLQGHOOlQJGHQ6SLQGHOOlQJGHQ EHURU Sn IOlNWW\S RFK YLNW
ELOG
6NUXYDLGHVNUXYDUQDLVLGOHGWLOOVFD PPlUNYDUELOG ¨
ELOG ©
6lWWLVODGGHQSnIOlNWHQRFKGUDJHQRPLQIDWWQLQJHQV
NDEHOJHQRPI|ULQJ
2EV
6ODGGHQInULQWHWDVNDGDDYLQIDWWQLQJHQVU|UHOVHELOG
+lQJSnIOlNWHQRFKVNUXYDIDVWGHQLLQIDWWQLQJHQPHG
PDWFKDQGHE\JHOELOG ¨ELOG ©
5|UDQVOXW
$QYLVQLQJ 'XEHK|YHUHQIOH[LEHOVODQJ6ODQJHQVNDYDUD
VWUlFNWQlUIOlNWNnSDQlUQHGVlQNW
)LQMXVWHUD IMlGHUNUDIWHQ JHQRP DWW lQGUD VSLQGHOOlQJGHQ ELOG
$QYLVQLQJ )OlNWHQVNDVWDQQDL|YUHOlJHWRFKVMXQNDQHGWLOO
XQGUHDQVODJHWDYVLJVMlOYQlUGXVQlSSHUORVVGHQ
7U\FN XSSnW PLWW Sn IOlNWHQ YLG JUHSSOLVWHQ I|U DWW VlQND QHG %LOG
no
ê
0RQWHULQJVYHLOHGQLQJ
: 9LNWLJHVLNNHUKHWVDQYLVQLQJHU
/HV GHQQH EUXNVDQYLVQLQJHQ Q¡\H 'HW HU HQ IRUXWVHWQLQJ IRU DW GX
VNDO NXQQH EUXNH DSSDUDWHW Sn HQ VLNNHU RJ ULNWLJ PnWH 7D YDUH Sn
EUXNVRJPRQWHULQJVDQYLVQLQJHQVOLNDWGXNDQEUXNHGHQLJMHQ
VHQHUHHOOHUJLGHQYLGHUHWLOHYHQWXHOOHNRPPHQGHHLHUHDY
DSSDUDWHW
6LNNHUKHWHQXQGHUEUXNHQHUNXQJDUDQWHUWGHUVRPPRQWHULQJHQ
IRUHWDVIRUVNULIWVPHVVLJLKHQKROGWLOPRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
)¡OJ VLNNHUKHWVIRUVNULIWHQH RJ DGYDUVOHQH L PRQWHULQJVDQYLVQLQJHQ
WLODYWUHNNVKHWWHQ
)DUHIRUSHUVRQVNDGHU
■ .RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
)DUHIRUSHUVRQVNDGHU
■ +YLVDSSDUDWHWLNNHHUIRUVYDUOLJIHVWHWNDQGHWIDOOHQHG$OOH
IHVWHHOHPHQWHUPnYUHIDVWRJVLNNHUWPRQWHUW
)DUHIRUSHUVRQVNDGHU
■ $SSDUDWHWHUWXQJW'HWNUHYHV SHUVRQHUQnUDSSDUDWHWVNDO
IO\WWHV%UXNEDUHHJQHGHKMHOSHPLGOHU
)DUHIRUHOHNWULVNVW¡W
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU6WU¡PNDEHOHQ
NDQEOLVNDGHW6WU¡PNDEHOHQPnLNNHNQHNNHVHOOHUNOHPPHVLQQ
XQGHULQVWDOODVMRQHQ
)DUHIRUHOHNWULVNVW¡W
'HW Pn YUH PXOLJ n NREOH DSSDUDWHW IUD VWU¡PQHWWHW WLO HQKYHU WLG
$SSDUDWHWPnEDUHNREOHVWLOHQIRUVNULIWVPHVVLJPRQWHUWMRUGHW
VWLNNRQWDNW'HUVRPVW¡SVHOHWLNNHHUWLOJMHQJHOLJHWWHUPRQWHULQJ
PnGHWLKHQKROGWLOUHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQHLGHQ
IDVWHHOHNWULVNHLQVWDOODVMRQHQ'HQSHUPDQHQWHHOLQVWDOODVMRQHQ
PnNXQXWI¡UHVDYHOHNWULNHU9LDQEHIDOHUnLQVWDOOHUHHQ
IHLOVWU¡PEU\WHU),EU\WHULDSSDUDWHWVVWU¡PIRUV\QLQJVNUHWV
)DUHIRUNYHOQLQJ
(PEDOODVMHPDWHULDOHWHUIDUOLJIRUEDUQ%DUQPnDOGULInOHNHPHG
HPEDOODVMHQ
0RQWHUHVHQNHUDPPH
%UXNGHQPHGI¡OJHQGHVMDEORQJHQWLOnULVVHRSSIHVWHSXQNWHQH
Sn NM¡NNHQYHJJHQ ERUH KXOOHQH WU\NNH LQQ SOXJJHQH RJ VNUX IDVW
VHQNHUDPPHQELOGH
0HUN 8QGHUNDQWHQSnVMDEORQJHQWLOVYDUHUXQGHUNDQWHQSn
RYHUVNDSHQHYHGVLGHQ
6WLOOLQQVSLQGHOOHQJGHQ6SLQGHOOHQJGHQDYKHQJHUDYW\SHQ
YHQWLODWRURJGHQQHVYHNWELOGH
6NUX LQQ GH WR VNUXHQH Sn VLGHQ WLO GH VWLNNHU PP XW ELOGH ¨
ELOGH
©
3OXJJ L QHWWOHGQLQJHQ Sn YHQWLODWRUHQ RJ OHJJ GHQ L NDEHOI¡ULQJHQ
SnVHQNHUDPPHQ
2EV
3DVVSnDWQHWWOHGQLQJHQLNNHEOLUVNDGHWQnUVHQNHUDPPHQ
EHYHJHUVHJELOGH
+HNWSnSODVVYHQWLODWRUHQRJVNUXIDVWPHGE¡\OHQHSn
VHQNHUDPPHQELOGH ¨ELOGH ©
.REOHVDPPHQU¡UHQH
0HUN 7LO GHWWH WUHQJHU GX HQ IOHNVLEHO VODQJH 6ODQJHQ VNDO VLWWH
VWUDPWPRWYHQWLODWRUHQLVHQNHWSRVLVMRQ
)LQMXVWHUIMUNUDIWHQYHGnHQGUHVSLQGHOOHQJGHQELOGH
0HUN 9HQWLODWRUHQ VNDO KROGH VHJ L ¡YUH VWLOOLQJ RJ Vn VHQNH VHJ
DXWRPDWLVNWLOQHGUHVWRSS
7U\NN RSSRYHU PLGW Sn YHQWLODWRUHQ L RPUnGHW IRU JULSHOLVWHQ IRU n
VHQNHGHQELOGH

fi
Ý
$VHQQXVRKMH
: 7lUNHLWlWXUYDOOLVXXVRKMHLWD
/XH WlPl Nl\WW|RKMH KXROHOOLVHVWL 9DVWD VLWWHQ YRLW Nl\WWll ODLWHWWDVL
WXUYDOOLVHVWLMDRLNHLQ6lLO\WlNl\WW|MDDVHQQXVRKMHP\|KHPSll
Nl\WW|lWDLVHXUDDYDDNl\WWlMllYDUWHQ
7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ
DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD
PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD
2WDKXRPLRRQOLHVLWXXOHWWLPHQNl\WW|RKMHHVVDROHYDW
WXUYDPllUl\NVHWMDYDURLWXNVHW
/RXNNDDQWXPLVYDDUD
■ /DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
/RXNNDDQWXPLVYDDUD
■ -RVODLWHWWDHLROHNLLQQLWHWW\DVLDQPXNDLVHVWLVHYRLSXGRWD
.DLNNLNLLQQLW\VHOHPHQWLWSLWllNLLQQLWWllNXQQROODMDYDUPDVWL
/RXNNDDQWXPLVYDDUD
■ /DLWHRQSDLQDYD/DLWWHHQVLLUWlPLVHHQWDUYLWDDQ KHQNLO|l
.l\WlYDLQWDUNRLWXNVHHQVRSLYLDDSXYlOLQHLWl
6lKN|LVNXQYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW/LLWlQWlMRKWRYRLYDXULRLWXD9DUPLVWDHWWl
OLLWlQWlMRKWRHLWDLYXM\UNlOOHPXWNDOOHWDLMllSXULVWXNVLLQ
DVHQQXNVHQDLNDQD
6lKN|LVNXQYDDUD
/DLWWHHQLUURWWDPLQHQYHUNNRYLUUDVWDSLWllROODDLQDPDKGROOLVWD
/DLWWHHQ VDD OLLWWll DLQRDVWDDQ PllUl\VWHQPXNDLVHVWL DVHQQHWWXXQ
PDDGRLWHWWXXQSLVWRUDVLDDQ-RVSLVWRNNHHVHHQHLSllVH
DVHQQXNVHQMlONHHQHQllNlVLNVLNLLQWHlVlKN|OLLWlQWlRQ
YDUXVWHWWDYDDVHQQXVPllUl\VWHQPXNDLVHOODYDLKHMRKWRMHQ
NDWNDLVLPHOOD.LLQWHlQVlKN|DVHQQXNVHQVDDWHKGlYDLQ
VlKN|DVHQWDMD6XRVLWWHOHPPHDVHQWDPDDQYLNDYLUWDNDWNDLVLPHQ
),NDWNDLVLQODLWWHHQYLUUDQV\|W|QYLUWDSLLULLQ
7XNHKWXPLVYDDUD
3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ
OHLNNLlSDNNDXVPDWHULDDOLOOD
/DVNXUXQJRQDVHQWDPLQHQ
3LLUUlNLLQQLW\VSLVWHHWPXNDQDWRLPLWHWXOODPDOOLQWHHOODNHLWWL|Q
VHLQllQSRUDDUHLlWSDLQDUXXYLWXOSDWUHLNLLQMDNLLQQLWl
ODVNXUXQNRUXXYHLOODNXYD
+XRPDXWXV 0DOOLQWHHQDODUHXQDYDVWDDVLYXOODROHYDQ
\OlNDDSLQDODUHXQDD
6llGl NDUDQ SLWXXV .DUDQ SLWXXV ULLSSXX OLHVLWXXOHWWLPHQ W\\SLVWl
MDVHQSDLQRVWDNXYD
.LHUUl NDNVL UXXYLD VLYXLOOD VLVllQ VLWHQ HWWl QH MllYlW PP XORV
NXYD ¨NXYD ©
/LLWlYHUNNROLLWlQWlMRKWROLHVLWXXOHWWLPHHQMDDVHWDVH
ODVNXUXQJRVVDROHYDDQMRKGRQSLGLNNHHVHHQ
+XRPLR
/DVNXUXQJRQ OLLNH HL VDD YDXULRLWWDD YHUNNROLLWlQWlMRKWRD NXYD
5LSXVWDOLHVLWXXOHWLQSDLNDOOHHQMDNLLQQLWlUXXYHLOODODVNXUXQNRRQ
WlWlWDUNRLWXVWDYDUWHQROHYLHQNDDULHQDYXOODNXYD ¨
NXYD
©
0XRGRVWDSXWNLOLLWlQWl
+XRPDXWXV 7DUYLWDDQMRXVWDYDSXWNL3XWNHQSLWllROODNLUHl
NXQOLHVLWXXOHWLQRQODVNHWWXDODV
7HHMRXVLYRLPDQKLHQRVllW|PXXWWDPDOODNDUDQSLWXXWWD
NXYD
+XRPDXWXV /LHVLWXXOHWWLPHQSLWllS\V\l\OlDVHQQRVVDMD
ODVNHXWXDLWVHVWllQllULDVHQWRRQDODVNXQOXNLWXVYDSDXWHWDDQ
/DVNHDNVHVLOLHVLWXXOHWWLPHQDODVSDLQDOLHVLWXXOHWLQWD
WDUWXQWDOLVWDQNHVNHOWl\O|VSlLQNXYD
da
×
0RQWHULQJVYHMOHGQLQJ
: 9LJWLJHVLNNHUKHGVDQYLVQLQJHU
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHP'HWHUHQ
IRUXGVWQLQJIRUDWDSSDUDWHWNDQEHWMHQHVVLNNHUWRJNRUUHNW
2SEHYDUEUXJVRJPRQWDJHYHMOHGQLQJHQWLOVHQHUHEUXJHOOHUWLO
NRPPHQGHHMHUHDIDSSDUDWHW
6LNNHUKHGHQXQGHUEUXJHUNXQVLNUHWKYLVHPKWWHQHUEOHYHW
PRQWHUHWNRUUHNWLKWPRQWHULQJVYHMOHGQLQJHQ,QVWDOODW¡UHQKDU
DQVYDUHWIRUDWDSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
2YHUKROGVLNNHUKHGVIRUVNULIWHUQHRJDGYDUVOHUQHLHPKWWHQV
PRQWHULQJVYHMOHGQLQJ
)DUHIRUWLOVNDGHNRPVW
■ .RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
)DUHIRUWLOVNDGHNRPVW
■ +YLV DSSDUDWHW LNNH HU NRUUHNW IDVWJMRUW WLO YJJHQ NDQ GHQ IDOGH
QHG$OOHEHIVWLJHOVHVHOHPHQWHUVNDOYUHPRQWHUHWIDVWRJ
VLNNHUW
)DUHIRUWLOVNDGHNRPVW
■ (PKWWHQHUWXQJ'HUNUYHV SHUVRQHUIRUDWIO\WWH
HPKWWHQ$QYHQGNXQHJQHGHKMOSHPLGOHU
)DUHIRUHOHNWULVNVW¡G
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
7LOVOXWQLQJVNDEOHWNDQEOLYHEHVNDGLJHW6¡UJIRUDW
WLOVOXWQLQJVNDEOHWLNNHInUNQNHOOHUNRPPHULNOHPPHXQGHU
LQVWDOODWLRQHQ
)DUHIRUHOHNWULVNVW¡G
'HWVNDODOWLGYUHPXOLJWDWDIEU\GHVWU¡PIRUV\QLQJHQWLO
DSSDUDWHW$SSDUDWHWPnNXQWLOVOXWWHVHQIRUVNULIWVPVVLJW
LQVWDOOHUHWVLNNHUKHGVVWLNNRQWDNW+YLVVWLNNHWLNNHHUWLOJQJHOLJW
HIWHULQVWDOODWLRQHQVNDOGHULHQIDVWHOHNWULVNLQVWDOODWLRQYUH
PRQWHUHWHQDIEU\GHUDQRUGQLQJSnIDVHUQHLKHQKROGWLO
LQVWDOODWLRQVEHVWHPPHOVHUQH 'HQ IDVWH WLOVOXWQLQJ Pn NXQ XGI¡UHV
DIHQDXWRULVHUHWHOHNWULNHU9LDQEHIDOHUDWGHULQVWDOOHUHVHQ
IHMOVWU¡PVEHVN\WWHOVHVDIEU\GHU),DIEU\GHUL
VWU¡PIRUV\QLQJVNUHGVHQWLODSSDUDWHW
)DUHIRUNYOQLQJ
(PEDOODJHPDWHULDOHHUIDUOLJWIRUE¡UQ6¡UJIRUDWE¡UQLNNHOHJHU
PHGHPEDOODJHPDWHULDOH
0RQWHUHQHGVQNQLQJVUDPPH
0DUNHU EHIVWLJHOVHVSXQNWHUQH Sn N¡NNHQYJJHQ YHG KMOS DI
GHQYHGODJWHVNDEHORQERUKXOOHUQHVWG\YOHULRJVNUX
QHGVQNQLQJVUDPPHQSnILJXU
%HPUN 8QGHUNDQWHQDIVNDEHORQHQVYDUHUWLOXQGHUNDQWHQDI
RYHUVNDEHQHYHGVLGHQDI
,QGVWLO VSLQGHOOQJGHQ6SLQGHOOQJGHQ DIKQJHU DI HPKWWHQV
W\SHRJYJWILJXU
6NUX GH WR VNUXHU LQG L VLGHQ WLO GHU PDQJOHU PP ILJXU ¨ILJXU
©
6WLNQHWWLOVOXWQLQJVOHGQLQJHQLQGLHPKWWHQRJVWGHQLQGL
NDEHOI¡ULQJHQLQHGVQNQLQJVUDPPHQ
3DVSn
1HWWLOVOXWQLQJVOHGQLQJHQPnLNNHEOLYHEHVNDGLJHWDI
QHGVQNQLQJVUDPPHQVEHYJHOVHILJXU
+QJ HPKWWHQ RS RJ VNUX GHQ IDVW Sn QHGVQNQLQJVUDPPHQ
PHGGHSnJOGHQGHE¡MOHUILJXU¨ILJXU©
(WDEOHUU¡UIRUELQGHOVHQ
%HPUN 'HU VNDO EUXJHV HQ IOHNVLEHO VODQJH 1nU HPKWWHQ HU
VQNHWQHGVNDOVODQJHQYUHVWUDNWXG
)LQLQGVWLOIMHGHUNUDIWHQYHGDWQGUHVSLQGHOOQJGHQILJXU
%HPUN (PKWWHQVNDOIRUEOLYHLGHQ¡YHUVWHVWLOOLQJRJ
DXWRPDWLVN VQNH VLJ QHG WLO GHW QHGHUVWH DQVODJ QnU GHQ WDJHV
XGDILQGJUHE
(PKWWHQ VQNHV YHG DW WU\NNH RSDG Sn PLGWHQ DI JULEHVW\NNHW
ILJXU

el
Ù
:
¨
■
■
■
),
PP¨©
¨
©
tr
ô
0RQWDMN×ODYX]X
: gQHPOLJYHQOLNX\DU×ODU×
%XN×ODYX]XGLNNDWOLFHRNX\XQX]$QFDNEXüHNLOGHFLKD]×JYHQOL
YHGRùUXELUELoLPGHNXOODQPDQ×]PPNQRODFDNW×U'DKDVRQUD
NXOODQ×OPDN]HUHYH\DEDüNDELULVLQLQNXOODQ×P×LoLQNXOODQ×PYH
PRQWDMN×ODYX]XQXPXKDID]DHGLQL]
6DGHFHPRQWDMN×ODYX]XQDJ|UH\DS×OP×üX]PDQFDELUNXUPD
VD\HVLQGHNXOODQ×PJYHQOLùLJDUDQWLHGLOPLüROXU<HUOHüLP
\HULQGHVRUXQVX]oDO×üPDGDQWHVLVDWo×VRUXPOXGXU
'DYOXPED]LOHLOJLOLJYHQOLNNXUDOODU×QDYHPRQWDMN×ODYX]XQGDNL
X\DU×ODUDX\XQX]
<DUDODQPDWHKOLNHVL
■ &LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFX
HOGLYHQOHUNXOODQ×Q×]
<DUDODQPDWHKOLNHVL
■ &LKD]JHUHNWLùLJLELVDELWOHQPHPLüVHGüHELOLU7PVDELWOHPH
HOHPDQODU×V×N×OP×üYHJYHQOLELUüHNLOGHPRQWHHGLOPLü
ROPDO×G×U
<DUDODQPDWHKOLNHVL
■ &LKD]Dù×UG×U&LKD]×QKDUHNHWHWWLULOPHVLLoLQ NLüLJHUHNOLGLU
<DOQ×]FDX\JXQ\DUG×PF×PDO]HPHOHULNXOODQ×Q×]
(OHNWULNoDUSPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU%DùODQW×NDEORVX
KDVDUJ|UHELOLU%DùODQW×NDEORVXQXNXUPDLüOHPLHVQDV×QGD
NDWODPD\×Q×]YH\DV×N×üW×UPD\×Q×]
(OHNWULNoDUSPDWHKOLNHVL
&LKD]×QHOHNWULNüHEHNHVLQGHQD\U×OPDV×KHU]DPDQPPNQ
ROPDO×G×U&LKD]VDGHFHNXUDOODUDX\JXQRODUDNNXUXOPXüELU
NRUXPDO×SUL]HWDN×OPDO×G×U0RQWDMVRQUDV×QGDILüHDUW×N
HULüLOHPH\HFHNVHVDELWG|üHQHQHOHNWULNWHVLVDW×QGDNXUXOXP
üDUWODU×QDX\JXQRODUDNID]ODELUNHVPHWHUWLEDW×WDN×OPDO×G×U6DELW
HOHNWULN WHVLVDW×Q× VDGHFH ELU HOHNWURQLN X]PDQ× JHUoHNOHüWLUPHOLGLU
*o ND\QDù×Q×Q DN×P GHYUHVLQH NDoDN DN×P NRUXPD üDOWHUL 5&'
PRQWDM×\DSPDQ×]×|QHULUL]
%RùXOPDWHKOLNHVL
$PEDODMPDO]HPHOHULoRFXNODULoLQWHKOLNHOLGLUdRFXNODU×QDPEDODM
PDO]HPHOHULLOHR\QDPDODU×QDNHVLQOLNOHL]LQYHUPH\LQL]
ĮQGLUPHoHUoHYHVLQLQPRQWHHGLOPHVL
9HULOHQüDEORQDJ|UHVDELWOHPHQRNWDODU×Q×PXWIDNGXYDU×QD
LüDUHWOH\LQL]GHOLNOHULGHOLQL]GEHOOHULLoHULWDN×Q×]YHLQGLUPH
oHUoHYHVLQLYLGDOD\×Q×]5HVLP
%LOJL ûDEORQXQ DOW NHQDU× \DQ VW GRODSODU×Q DOW NHQDU×QD NDUü×O×N
JHOLU
0LOX]XQOXùXQXD\DUOD\×Q×]0LOX]XQOXùXGDYOXPED]WUQHYH
GDYOXPED]Dù×UO×ù×QDJ|UHGHùLüLU5HVLP
ĮNLYLGD\×\DQODUGDQPP\HNDGDUV×N×Q×]5HVLP ¨
5HVLP
©
ûHEHNHEDùODQW×NDEORVXQXGDYOXPED]DWDN×Q×]YHLQGLUPH
oHUoHYHVLQGHNLNDEORN×ODYX]XQD\HUOHüWLULQL]
'LNNDW
ûHEHNHEDùODQW×NDEORVXLQGLUPHoHUoHYHVLQLQKDUHNHWL
QHGHQL\OHKDVDUJ|UPHPHOLGLU5HVLP
'DYOXPED]×DV×Q×]YHLOJLOLo×N×QW×ODU×NXOODQDUDNLQGLUPH
oHUoHYHVLQHYLGDOD\DQ×]5HVLP ¨5HVLP ©
%RUXEDùODQW×V×Q×ROXüWXUXQX]
%LOJL (VQHNELUKRUWXPJHUHNOLGLU+RUWXPGDYOXPED]LQGLULOPLü
GXUXPGD\NHQJHUJLQROPDO×G×U
0LOX]XQOXùXQXGHùLüWLUHUHN\D\JFQQLQFHD\DU×Q×\DS×Q×]
5HVLP
%LOJL 'DYOXPED]VWNRQXPGDNDOPDO×G×UYH\HULQGHQo×NW×NWDQ
VRQUDNHQGLOLùLQGHQDOWGD\DQDNQRNWDV×QDNDGDULQPHOLGLU
ĮQGLUPHNLoLQGDYOXPED]×NXOSSHUYD]×E|OJHVLQGHRUWDV×QGDQ
\XNDU×GRùUXEDVW×U×Q×]5HVLP

ru
î
Ημπροςιυηώξνλνμρίες
: Αίεμϊδςιίζίμηώξνρδτμηιδΰδζνξίπμνπρη
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηθίκνδθάθήλμάθΘηθιθζθΰίμάΪζ
ηΪνρβμφλωικΪάβεφηθβΫίαθιΪληθιθεφαθάΪμφλωικβΫθκθζ
ΛθοκΪηωγμίκνδθάθήλμάθιθχδλιενΪμΪπββββηλμκνδπβψιθ
ζθημΪΰνήεωήΪεφηίγςίέθβλιθεφαθάΪηβωβεβήεωιίκίήΪρβ
ηθάθζνάεΪήίεφπν
ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζβηλμκνδπββιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
ΛθΫεψήΪγμίηθκζυμίοηβδβΫίαθιΪληθλμββνδΪαΪηβωά
βηλμκνδπββιθζθημΪΰνάυμωΰδβ
Νξίπμνπρϋροίαληοναίμηώ
■ ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ
ΘιΪληθλμφμκΪάζβκθάΪηβω
■ Ώλεβ ικβΫθκ ηί αΪξβδλβκθάΪη ηΪήείΰΪσβζ θΫκΪαθζ θη ζθΰίμ
νιΪλμφΌλίχείζίημυδκίιείηβωήθεΰηυΫυμφηΪήϋΰηθ
νλμΪηθάείηυ
ΘιΪληθλμφμκΪάζβκθάΪηβω
■ ΙκβΫθκμωΰϋευγΎεωίέθιίκίζίσίηβωιθμκίΫνψμλω
ρίεθάίδΪΒλιθεφανγμίμθεφδθιθήοθήωσβίάλιθζθέΪμίεφηυί
λκίήλμάΪ
Νξίπμνπρϋςγίοίρνινλ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβρμθ
ζθΰίμιθάκίήβμφλθίήβηβμίεφηυγικθάθήΙκθλείήβμίρμθΫυ
λθίήβηβμίεφηυγικθάθήηίαΪΰβζΪελωβηίιίκίέβΫΪελω
Νξίπμνπρϋξνοίεδμηώόκδιροηφδπιηλρνινλ
ΘΫίλιίρφμίάθαζθΰηθλμφθμδεψρίηβωικβΫθκΪθμχείδμκθλίμβά
εψΫθγζθζίημΙκβΫθκζθΰηθιθήδεψρΪμφδλίμβμθεφδθρίκία
ικΪάβεφηθνλμΪηθάείηηνψκθαίμδνλαΪαίζεωψσβζδθημΪδμθζ
ΏλεβιθλείνλμΪηθάδβικβΫθκΪήθςμίιλίεφηθγάβεδβ
ηίάθαζθΰηθΫνήίμήθΫκΪμφλωμθάνλμΪηθάείηηθζηίιθήάβΰηθ
χείδμκθθΫθκνήθάΪηββήθεΰίηΫυμφικίήνλζθμκίηλιίπβΪεφηυγ
άυδεψρΪμίεφήεωκΪαζυδΪηβωάξΪαΪολθέεΪληθνλεθάβωζ
ζθημΪΰΪΖθημΪΰνλμΪηΪάεβάΪίζθέθηίιθήάβΰηθ
χείδμκθθΫθκνήθάΪηβωβζίίμικΪάθικθάθήβμφμθεφδθ
δάΪεβξβπβκθάΪηηυγχείδμκβδΖυκίδθζίηήνίζνλμΪηθάβμφ
νλμκθγλμάθαΪσβμηθέθθμδεψρίηβωΝΑΘάχείδμκβρίλδθγπίιβ
ληΪΫΰίηβωικβΫθκθά
Νξίπμνπρϋςγςχϋώ
ΝιΪδθάθρηυγζΪμίκβΪεικίήλμΪάεωίμθιΪληθλμφήεωήίμίγ
ΗβδθέήΪηίιθαάθεωγμίήίμωζβέκΪμφλνιΪδθάθρηυζζΪμίκβΪεθζ
πρίμναιίνξςπιίδλνθοίλϊ
Λ ιθζθσφψ ικβεΪέΪίζθέθ ςΪΫεθηΪ θΫθαηΪρφμί μθρδβ δκίιείηβω
ηΪλμίηίδνοηβικθλάίκεβμίθμάίκλμβωάλμΪάφμίήψΫίεββ
ικβάβημβμίθινλδΪίζνψκΪζνκβλ
ιίζίμηδ ΗβΰηωωδκθζδΪςΪΫεθηΪλθθμάίμλμάνίμηβΰηίγ
δκθζδίΫθδθάυοηΪάίληυοςδΪξθά
ΘμκίένεβκνγμίήεβηνςιβηήίεωΎεβηΪςιβηήίεωαΪάβλβμθμ
μβιΪάυμωΰδββίϋάίλΪκβλ
ΌάίκηβμίήάΪάβημΪλΫθδθάυολμθκθηηΪ ζζκβλ¨κβλ
©
ΙθήλθίήβηβμίλίμίάθγδΪΫίεφδάυμωΰδίβνεθΰβμίίέθά
δΪΫίείικθάθήηΪθινλδΪίζθγκΪζί
Αμηλίμηδ
ΛίμίάθγδΪΫίεφηίήθεΰίηΫυμφιθάκίΰήϋηικβήάβΰίηββ
θινλδΪίζθγκΪζυκβλ
ΝλμΪηθάβμί άυμωΰδν β ικβδκνμβμί δ θινλδΪίζθγ κΪζί βλιθεφανω
λθθμάίμλμάνψσβίλδθΫυκβλ
¨κβλ©
ΝλμΪηθάβμίλθίήβηβμίεφηνψμκνΫν
ιίζίμηδ ΌΪζιθηΪήθΫβμλωέβΫδβγςεΪηέΌθινσίηηθζ
ιθεθΰίηββάυμωΰδβςεΪηέήθεΰίηΫυμφηΪμωηνμ
ΌυιθεηβμίμθρηνψηΪλμκθγδννλβεβωικνΰβηυβαζίηβάήεβην
ςιβηήίεωκβλ
ιίζίμηδ ΌυμωΰδΪ ήθεΰηΪ θλμΪάΪμφλω ά άίκοηίζ ιθεθΰίηββ β
ΪάμθζΪμβρίλδβ θινλδΪμφλω ήθ ηβΰηίέθ νιθκΪ ιθλεί μθέθ δΪδ θηΪ
ΫνήίμκΪλξβδλβκθάΪηΪ
ΡμθΫυθινλμβμφάυμωΰδνθμθΰζβμίίϋάθΫεΪλμβκνρδβάάίκο
κβλ
et
Ü
3DLJDOGXVMXKHQG
: 2OXOLVHGRKXWXVQ}XGHG
/XJHJH VHH MXKHQG KRROLNDOW OlEL 9DLG VLLV VDDWH VHDGHW NlVLWVHGD
RKXWXOWMD}LJHVWL+RLGNHNDVXWXVMDSDLJDOGXVMXKHQGDOOHV
KLOLVHPDNVNDVXWDPLVHNVY}LVHDGPHMlUJPLVWHRPDQLNHWDUYLV
7XUYDOLQHNDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQH
WRLPXEYDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWX
W||HHVWYDVWXWDESDLJDOGDMD
-lUJLJH}KXSXKDVWLSDLJDOGXVMXKHQGLVROHYDLGRKXWXVHHVNLUMXMD
KRLDWXVL
9LJDVWXVWHRKW
■ 6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
9LJDVWXVWHRKW
■ 6HDGH PLV HL ROH Q}XHWHNRKDVHOW NLQQLWDWXG Y}LE DOOD NXNNXGD
.}LNNLQQLWXVGHWDLOLGSHDYDGROHPDNLQGODOWMDRKXWXOW
SDLJDOGDWXG
9LJDVWXVWHRKW
■ 6HDGHRQUDVNH6HDGPHOLLJXWDPLVHNVOlKHEYDMDLQLPHVW
.DVXWDJHYDLGVRELYDLGDELYDKHQGHLG
(OHNWULO||JLRKW
6HDGPH VLVHGHWDLOLG Y}LYDG ROOD WHUDYDWH VHUYDGHJD hKHQGXVMXKH
Y}LENDKMXVWDGDVDDGDhKHQGXVNDDEOLWHLWRKLSDLJDOGDPLVHDMDO
PXUGDHJDNLQQLNLLOXGD
(OHNWULO||JLRKW
6HDGHWSHDEROHPDLJDOY}LPDOLNYRROXY}UJXVWODKWLKHQGDGD
6HDGHRQYDOPLVYRROXY}UNXKHQGDPLVHNVMDVHGDWRKLE
KHQGDGDDLQXOWQ}XHWHNRKDVHOWSDLJDOGDWXGNDLWVHNRQWDNWLJD
YDUXVWDWXG SLVWLNXSHVVD .XL SLVWLN HL ROH SlUDVW SDLJDOGDPLVW HQDP
OLJLSllVHWDYWXOHEHOHNWULLQVWDOODWVLRRQLVHWWHQlKDIDDVLGH
ODKXWXVVHDGHYDVWDYDOWNHKWLYDWHOHHHVNLUMDGHOH
(OHNWULLQVWDOODWVLRRQLW|LGWRKLEWHKDDLQXOWHOHNWULDODVSHWVLDOLVW
6HDGPHJDVHRWXGYRROXULQJLVRRYLWDPHSDLJDOGDGD
ULNNHYRROXNDLWVHOOLWL),OOLWL
/lPEXPLVRKW
3DNNHPDWHUMDORQODVWHOHRKWOLN/DVWHOHLWRKLNXQDJLOXEDGD
SDNNHPDWHUMDOLJDPlQJLGD
5DDPLSDLJDOGDPLQH
.RPSOHNWLNXXOXYDåDEORRQLDELOPlUNLJHN||JLVHLQDOH
NLQQLWXVSXQNWLG SXXULJH DXJXG VXUXJH VLVVH WEOLG MD NLQQLWDJH
UDDPNUXYLGHJD²MRRQLV
0lUNXV äDEORRQLDOXPLQHVHUYYDVWDENOJPLVWHODNDSSLGH
DOXPLVHOHVHUYDOH
5HJXOHHULJH YlOMD VSLQGOL SLNNXV6SLQGOL SLNNXV V}OWXE }KXSXKDVWL
PXGHOLVWMDNDDOXVW²MRRQLV
.HHUDNHNDNVNOJPLVWNUXYLPPXODWXVHVVLVVH²MRRQLV ¨
MRRQLV
©
hKHQGDJHWRLWHMXKH}KXSXKDVWLJDMDVHDGNHVHHUDDPL
NDDEOLMXKLNXVVH
7lKHOHSDQX
7RLWHMXKH HL WRKL UDDPL OLLNXPLVH NlLJXV NDKMXVWDGD VDDGD ² MRRQLV
$VHWDJH}KXSXKDVWLNRKDOHMDNLQQLWDJHNUXYLGHJDUDDPL
YDVWDYDWHWXJHGHNRKDOHMRRQLV ¨MRRQLV ©
hKHQGDJHWRUXG
0lUNXV 9DMD OlKHE HODVWVHW YRROLNXW 9RROLN SHDE ROHPD SLQJXO
NXL}KXSXKDVWLRQODQJHWDWXG
5HJXOHHULJHYlOMDYHGUXM}XGVHOOHNVPXXWNHVSLQGOLSLNNXVW
MRRQLV
0lUNXV ¯KXSXKDVWLSHDEMllPDOHPLVVHDVHQGLVVHMDSlUDVW
YlOMDW}PEDPLVWODQJHPDDXWRPDDWVHOWNXQLDOXPLVHSLLULNXQL
/DQJHWDPLVHNVONDNH}KXSXKDVWLWSLLUGHOLLVWXNHVNNRKDMXXUHVW
OHV²MRRQLV

lt
ä
0RQWDYLPRLQVWUXNFLMD
: 6YDUEŠVVDXJRVQXURG\PDL
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉ7LNWDGDJDOėVLWHVDXJLDLLU
WLQNDPDLQDXGRWLVVDYRSULHWDLVX,åVDXJRNLWHQDXGRMLPRLU
PRQWDYLPRLQVWUXNFLMĉNDGJDOėWXPėWHYėOLDXSDVLQDXGRWLDUED
SHUGXRWLQDXMDPVDYLQLQNXL
3ULHWDLVDVVDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDL
VXPRQWXRWDVODLNDQWLVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXV
DWOLHNDQWLVDVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PR
YLHWRMH
$WNUHLSNLWHGėPHVĭĭJDUWUDXNLRPRQWDYLPRLQVWUXNFLMRMHSDWHLNWXV
VDXJRVLUĭVSėMDPXRVLXVQXURG\PXV
3DYRMXVVXVLçHLVWL
■ 3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
3DYRMXVVXVLçHLVWL
■ -HLSULHWDLVDVSULWYLUWLQWDVQHWLQNDPDLMLVJDOLQXNULVWL9LVL
WYLUWLQLPRHOHPHQWDLWXULEŠWLWYLUWDLLUVDXJLDLSULYHUçWL
3DYRMXVVXVLçHLVWL
■ 3ULHWDLVDV\UDVXQNXV3ULHWDLVXLSDWUDXNWLUHLNLD DVPHQŨ
1DXGRNLWHWLNWLQNDPDVSDJDOELQHVSULHPRQHV
(OHNWURVVPŠJLRSDYRMXV
3ULHWDLVR YLGXMH HVDQĀLRV NRQVWUXNFLQėV GDO\V JDOL EŠWL DåWULRV -RV
JDOLSDçHLVWLHOHNWURVODLGĉ0RQWXRGDPLQHSHUOHQNLWHLU
QHSULVSDXVNLWHSULMXQJLPRNDEHOLR
(OHNWURVVPŠJLRSDYRMXV
7XULEŠWLĭPDQRPDEHWNXULXRPHWXDWMXQJWLSULHWDLVĉQXRVURYėV
WLHNLPR WLQNOR 3ULHWDLVĉ SULMXQJWL JDOLPD WLN SULH OL]GR VX DSVDXJLQLX
NRQWDNWXVXPRQWXRWRSDJDOUHLNDODYLPXV-HLNLåWXNDVDWOLNXV
PRQWDYLPRGDUEXVQHSDVLHNLDPDVSDJDOPRQWDYLPRWDLV\NOHV
EŠWLQD QXPDW\WL VWDFLRQDULRMH HOHNWURV LQVWDOLDFLMRMH ID]LŨ DWMXQJLPR
ĭUHQJLQĭ6WDFLRQDULĉMĉHOHNWURVLQVWDOLDFLMĉJDOLĭUHQJWLWLN
NYDOLILNXRWDV HOHNWULNDV 5HNRPHQGXRMDPH HOHNWURV VURYėV WLHNLPR
JUDQGLQėMHVXPRQWXRWLMXQJWXYĉVXOLHNDPRVLRVVURYėVDSVDXJD
5&'MXQJWXYĉ
.\ODSDYRMXVXçGXVWL
3DNXRWėSDYRMLQJDYDLNDPV1LHNXRPHWQHOHLVNLWHçDLVWLYDLNDPV
VXSDNXRWėVPHGçLDJRPLV
1XOHLGçLDPRMRUėPRPRQWDYLPDV
3DJDOSULGėWĉåDEORQĉDQWYLUWXYėVVLHQRVSDç\PėNLWHWYLUWLQLPR
WDåNXVLåJUęçNLWHVN\OHVĭVSDXVNLWHNDLåĀLXVLUSULVXNLWH
QXOHLGçLDPĉMĭUėPĉ²SDY
3DVWDED äDEORQRDSDWLQLVNUDåWDVDWLWLQNDåRQLQėVYLUåXWLQėV
VSLQWHOėVDSDWLQĭNUDåWĉ
1XVWDW\NLWHVXNOLRLOJĭ6XNOLRLOJLVSULNODXVRQXRJDUŨULQNWXYR
UŠåLHVLUQXRMRVYRULR²SDY
'XYDUçWXVåRQHĭVXNLWHGDXJLDXVLD PP² SDY¨ SDY©
3ULMXQJLPR SULH HO WLQNOR ODLGĉ SULMXQNLWH SULH JDUWUDXNLR LU NDEHOLR
ĭYDGĉĭVWDW\NLWHĭQXOHLGçLDPĉMĭUėPĉ
'ėPHVLR
3ULMXQJLPRSULHHOWLQNORODLGDVQHJDOLEŠWLSDçHLVWDVMXGDQW
QXOHLGçLDPDMDPUėPXL² SDY
ĬNDELQNLWH JDUWUDXNĭ LU QDXGRGDPL DWLWLQNDPĉ DSNDEĉ SULVXNLWH SULH
QXOHLGçLDPRMRUėPR² SDY¨ SDY©
3ULMXQNLWHYDP]GçLXV
3DVWDED 5HLNDOLQJDODQNVWLçDUQDæDUQDWXULEŠWLĭWHPSWDNDL
JDUŨULQNWXYDV\UDQXOHLVWRMHSDGėW\MH
6S\UXRNOėV MėJĉ WLQNDPDL SULWDLN\NLWH NHLVGDPL VXNOLR LOJĭ ² SDY
3DVWDED *DUŨ ULQNWXYDV WXUL OLNWL YLUåXWLQėMH SDGėW\MH LU DWILNVDYXV
WXULSDWVQXVLOHLVWLLNLDSDWLQėVDWUDPRV
1RUėGDPLQXOHLVWLJDUŨULQNWXYĉFHQWUHUDQNHQRVVULW\MH
SDVSDXVNLWHĭYLUåŨ²SDY
lv
å
0RQWąçDVLQVWUXNFLMD
: 6YDUĩJLGURåĩEDVQRWHLNXPL
8]PDQĩJLL]ODVLHWåROLHWRåDQDVSDPąFĩEX7LNDLWDGMŠVYDUēVLHW
GURåL XQ SDUHL]L OLHWRW åR LHUĩFL /LHWRåDQDV SDPąFĩEX VDJODEąMLHW ODL
YDUēWXWRL]PDQWRWYēOąNYDLDUĩMDQHSLHFLHåDPVQRGRW
QąNDPDMDPĩSDåQLHNDP
/LHWRåDQDLUGURåDWLNDLWDGMDX]VWąGĩåDQDLUWHKQLVNLSDUHL]DXQ
DWELOVWĩJDSDPąFĩEDL3DUSDUHL]XLHNąUWDVGDUEĩEXX]VWąGĩåDQDV
YLHWąDWELOGX]VWąGĩWąMV
,HYēURMLHW GURåĩEDV QRUąGĩMXPXV XQ EUĩGLQąMXPXV NDV LHWYHUWL WYDLNX
QRVŠFēMDX]VWąGĩåDQDVLQVWUXNFLMą
6DYDLQRMXPXULVNV
■ ,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
6DYDLQRMXPXULVNV
■ -D LHUĩFH QDY SDUHL]L SLHVWLSULQąWD Wą YDU QRNULVW 9LVL VWLSULQąMXPL
MąX]VWąGDVWLQJULXQGURåL
6DYDLQRMXPXULVNV
■ ,HUĩFHLUVPDJD/DLLHUĩFLYDUēWXSąUYLHWRWLUQHSLHFLHåDPDV
SHUVRQDV,]PDQWRMLHWWLNDLSLHPēURWXVSDOĩJOĩG]HNĹXV
6WUąYDVWULHFLHQDULVNV
,HUĩFHV LHNåēMąP GHWDĹąP YDU EŠW DVDV PDODV XQ VWŠUL 7LH YDU ERMąW
SLHVOēJXPDNDEHOL8]VWąGĩåDQDVODLNąQHORNLHWXQQHLHVSĩOēMLHW
SLHVOēJXPDNDEHOL
6WUąYDVWULHFLHQDULVNV
-ąQRGURåLQDLHVSēMDMHENXUąODLNąDWYLHQRWLHUĩFLQRVWUąYDVWĩNOD
,HUĩFLGUĩNVWSLHVOēJWWLNDLQRWHLNXPLHPDWELOVWRåLL]YHLGRWDL
DL]VDUJNRQWDNWDOLJ]GDL-DSēFLHEŠYēåDQDVNRQWDNWGDNåDLYDLUV
QDYLHVSēMDPVSLHNĹŠWILNVēWLLHUĩNRWDMąHOHNWURLQVWDOąFLMąMąLHEŠYē
IąçXDWYLHQRWąMLHUĩFHVDVNDŁąDUHOHNWURLHNąUWXX]VWąGĩåDQDV
QRWHLNXPLHP)LNVēWRHOHNWURLQVWDOąFLMXGUĩNVWLHUĩNRWWLNDL
SURIHVLRQąOVHOHNWULĴLV,HVDNąPLHNąUWDVEDURåDQDVVWUąYDVĴēGē
X]VWąGĩWQRSOŠGHVVWUąYDVDL]VDUJVOēG]L),VOēG]L
1RVPDNåDQDVULVNV
,HSDNRMXPDPDWHULąOLLUEĩVWDPLEēUQLHP1HNDGQHĹDXMLHWEēUQLHP
URWDĹąWLHVDULHSDNRMXPDPDWHULąOX
1RODLåDQDVVDWYDUDPRQWąçD
$UNRPSOHNWąFLMąLHNĹDXWRåDEORQXDW]ĩPēMLHWVWLSULQąMXPDYLHWDV
X]YLUWXYHVVLHQDVL]XUELHWFDXUXPXVLHVSLHGLHWGĩEHĹXVXQ
SLHVNUŠYēMLHWQRODLåDQDVVDWYDUX ²DWW
1RUąGĩMXPV äDEORQDDSDNåēMąPDODDWELOVWVąQXDXJåēMą
VNDSMDDSDNåēMDLPDODL
5HJXOēMLHWYąUSVWDVJDUXPX9ąUSVWDVJDUXPVLUDWNDUĩJVQR
WYDLNDQRVŠFēMDYHLGDXQVYDUD ² DWW
,HVNUŠYēMLHWGLYDVVNUŠYHVVąQRVOĩG] PP ² DWW¨ DWW©
,HVSUDXGLHWSLHVOēJNDEHOLWYDLNDQRVŠFēMąXQLHYLHWRMLHWWR
QRODLåDQDVVDWYDUDNDEHĹXNDQąOą
8]PDQĩEX
1RODLåDQDVVDWYDUDNXVWĩEDQHGUĩNVWERMąWSLHVOēJNDEHOL ² DWW
,HNDULHWWYDLNDQRVŠFēMXXQSLHVNUŠYēMLHWWRSLHDWELOVWĩJDMąP
QRODLåDQDVVDWYDUDVNDYąP ² DWW
¨ DWW©
6DYLHQRMLHWDUFDXUXOēP
1RUąGĩMXPV ,UQHSLHFLHåDPDHODVWĩJDåĹŠWHQH1RODLVWąWYDLND
QRVŠFēMDVWąYRNOĩåĹŠWHQHLLUMąEŠWQRVWLHSWDL
5HJXOēMLHWHODVWĩEXPDLQRWYąUSVWDVJDUXPX ² DWW
1RUąGĩMXPV 7YDLNDQRVŠFēMDPMąSDOLHNDXJåēMąSR]ĩFLMąSēF
DWEORĴēåDQDVWDPSDWVWąYĩJLMąQRODLçDVOĩG]DWGXUHLDSDNåēMą
SR]ĩFLMą
/DLQRODLVWXWYDLNDQRVŠFēMXSDVSLHGLHWWRYLGXVGDĹąX]DXJåX
VSLHçRWX]VDWYHUåDQDVOĩVWHV ² DWW

pl
ë
,QVWUXNFMDPRQWDŰX
: :DŰQHZVND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD
1DOHŰ\ GRNãDGQLH SU]HF]\WDþ QLQLHMV]ĉ LQVWUXNFMę =DSR]QDQLH VLę ]
QLĉSR]ZROLQDEH]SLHF]QHLZãDŔFLZHXŰ\WNRZDQLHXU]ĉG]HQLD
,QVWUXNFMęREVãXJLLPRQWDŰXQDOHŰ\]DFKRZDþGRSyŮQLHMV]HJR
ZJOĉGXOXEGODNROHMQHJRXŰ\WNRZQLND
%H]SLHF]HĿVWZRSRGF]DVXŰ\WNRZDQLD]DSHZQLRQHMHVWW\ONRSR
SUDZLGãRZ\P ]DPRQWRZDQLX ]JRGQLH ] LQVWUXNFMĉ PRQWDŰX 0RQWHU
MHVWRGSRZLHG]LDOQ\]DSUDZLGãRZHG]LDãDQLHZPLHMVFXLQVWDODFML
XU]ĉG]HQLD
3U]HVWU]HJDþZVND]yZHNEH]SLHF]HĿVWZDRUD]RVWU]HŰHĿ
]DZDUW\FKZLQVWUXNFMLPRQWDŰXRNDSX
1LHEH]SLHF]HĿVWZRREUDŰHĿ
■ (OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
1LHEH]SLHF]HĿVWZRREUDŰHĿ
■ -HŔOLXU]ĉG]HQLHQLHMHVWSUDZLGãRZRSU]\PRFRZDQHPRŰH
VSDŔþ :V]\VWNLH HOHPHQW\ PRFXMĉFH PXV]ĉ E\þ ]DPRQWRZDQH
VWDUDQQLHLGRNãDGQLH
1LHEH]SLHF]HĿVWZRREUDŰHĿ
■ 8U]ĉG]HQLH MHVW FLęŰNLH 'R SU]HQRV]HQLD XU]ĉG]HQLD SRWU]HEQH
Vĉ RVRE\8Ű\ZDþZ\ãĉF]QLHRGSRZLHGQLFKQDU]ęG]L
SRPRFQLF]\FK
1LHEH]SLHF]HĿVWZRSRUDŰHQLDSUĉGHPHOHNWU\F]Q\P
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH0RŰHWR
GRSURZDG]LþGRXV]NRG]HQLDSU]HZRGXSU]\ãĉF]HQLRZHJR1LH
]DJLQDþDQLQLH]DFLVNDþNDEODSU]\ãĉF]HQLRZHJRSRGF]DV
LQVWDORZDQLD
1LHEH]SLHF]HĿVWZRSRUDŰHQLDSUĉGHP
2GãĉF]HQLHXU]ĉG]HQLDRG]DVLODQLDPXVLE\þPRŰOLZHZNDŰGHM
FKZLOL8U]ĉG]HQLHPRŰQDSRGãĉF]\þZ\ãĉF]QLHGRJQLD]GD]
X]LHPLHQLHP]DLQVWDORZDQHJR]JRGQLH]SU]HSLVDPL-HŰHOL
SR ]DEXGRZDQLXXU]ĉG]HQLDQLHEęG]LHGRVWęSXGRZW\F]NL
ZyZF]DVZVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML-HG\QLHRVRED]XSUDZQLHQLDPLHOHNWU\ND
PRŰHGRNRQDþVWDãHMLQVWDODFMLHOHNWU\F]QHM=DOHFDP\
]DLQVWDORZDQLHZ\ãĉF]QLNDUyŰQLFRZRSUĉGRZHJRZ\ãĉF]QLN53
ZREZRG]LHHOHNWU\F]Q\P]DVLODQLDXU]ĉG]HQLD
1LHEH]SLHF]HĿVWZRXGXV]HQLD
2SDNRZDQLH MHVW QLHEH]SLHF]QH GOD G]LHFL 1LH SR]ZDODþ G]LHFLRP
QD]DEDZęRSDNRZDQLHP
0RQWDŰUDP\WHOHVNRSRZHM
=D SRPRFĉ GRãĉF]RQHJR V]DEORQX Z\]QDF]\þ QD ŔFLDQLH NXFKQL
SXQNW\ PRFRZDQLD Z\ZLHUFLþ RWZRU\ ZFLVQĉþ NRãNL UR]SRURZH L
SU]\NUęFLþUDPęWHOHVNRSRZĉU\V
:VND]yZND 'ROQDNUDZęGŮV]DEORQXRGSRZLDGDGROQHM
NUDZęG]LERF]Q\FKV]DIHNJyUQ\FK
8VWDZLþ GãXJRŔþ ZU]HFLRQD'ãXJRŔþ ZU]HFLRQD ]DOHŰ\ RG URG]DMX
RNDSXRUD]MHJRFLęŰDUXU\V
:NUęFLþSRERNDFKŔUXE\QDJãęERNRŔþ PPU\V ¨
U\V ©
3U]HZyG]DVLODMĉF\SRGãĉF]\þGRRNDSXLXPLHŔFLþZNRU\WNX
NDEORZ\PQDUDPLHWHOHVNRSRZHM
8ZDJD
5XFKUDP\WHOHVNRSRZHMQLHPRŰHSRZRGRZDþXV]NRG]HQLD
SU]HZRGX]DVLODMĉFHJRU\V
2NDS]DZLHVLþLSU]\NUęFLþGRUDP\WHOHVNRSRZHMSU]\XŰ\FLX
RGSRZLHGQLFKNDEãĉNyZU\V
¨U\V ©
:\NRQDþ]ãĉF]HUXURZH
:VND]yZND 3RWU]HEQ\MHVWHODVW\F]Q\ZĉŰ:ĉŰPXVLE\þ
QDSLęW\JG\RNDSMHVWZSR]\FMLRSXV]F]RQHM
:\UHJXORZDþQDSLęFLHVSUęŰ\Q\SRSU]H]]PLDQęGãXJRŔFL
ZU]HFLRQDU\V
:VND]yZND 2NDS PXVL SR]RVWDZDþ Z SRãRŰHQLX JyUQ\P D SR
RGEORNRZDQLXVDPRF]\QQLHRSXV]F]DþVLęGRSR]LRPXGROQHJR
RJUDQLF]QLND
:FHOXREQLŰHQLDQDFLVQĉþRNDSSRŔURGNXZRNROLF\OLVWZ\
XFKZ\WRZHMGRJyU\U\V
ro
í
,QVWUXFŘLXQLGHPRQWDM
: ,QVWUXFŘLXQLGHVLJXUDQŘćLPSRUWDQWH
&LWLŘLFXDWHQŘLHDFHVWHLQVWUXFŘLXQL1XPDLDVWIHOYHŘLSXWHDVć
IRORVLŘLDSDUDWXOFRUHFWüLvQVLJXUDQŘć3ćVWUDŘLLQVWUXFŘLXQLOHGH
XWLOL]DUH üL GH PRQWDM SHQWUX R FRQVXOWDUH XOWHULRDUć VDX SHQWUX D OH
vQPkQDXQRUYLLWRULSURSULHWDUL
1XPDLODPRQWDMXOUHJXODPHQWDUFRUHVSXQ]ćWRULQVWUXFŘLXQLLGH
PRQWDMHVWHJDUDQWDWćVLJXUDQŘDODXWLOL]DUH,QVWDODWRUXOHVWH
UHVSRQVDELOSHQWUXIXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
$FRUGDŘLDWHQŘLHGLVSR]LŘLLORUGHVLJXUDQŘćüLLQGLFDŘLLORUGH
DYHUWL]DUHGLQLQVWUXFŘLXQLOHGHPRQWDMDOHKRWHL
3HULFROGHUćQLUH
■ &RPSRQHQWHOH GLQ LQWHULRUXO DSDUDWXOXL SRW DYHD PXFKLL DVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
3HULFROGHUćQLUH
■ 'DFć DSDUDWXO QX HVWH IL[DW FRUHVSXQ]ćWRU DFHVWD SRDWH FćGHD
7RDWHHOHPHQWHOHGHIL[DUHWUHEXLHPRQWDWHELQHüLVLJXU
3HULFROGHUćQLUH
■ $SDUDWXOHVWHJUHX/DPLüFDUHDDSDUDWXOXLWUHEXLHVćSDUWLFLSH
SHUVRDQH)RORVLŘLQXPDLPLMORDFHGHDVLVWHQŘćDGHFYDWH
3HULFROGHHOHFWURFXWDUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
&DEOXOGHUDFRUGDUHVHSRDWHGHWHULRUD1XvQGRLŘLüLQXSULQGHŘL
FDEOXOGHUDFRUGDUHvQWLPSXOLQVWDOćULL
3HULFROGHHOHFWURFXWDUH
6HSDUDUHDDSDUDWXOXLGHODUHŘHDXDGHFXUHQWWUHEXLHVćVHSRDWć
IDFHRULFkQG$SDUDWXOSRDWHILFRQHFWDWGRDUODRSUL]ćFXFRQWDFW
GHSURWHFŘLHLQVWDODWćUHJXODPHQWDU'DFćüWHFKHUXOQXPDLHVWH
DFFHVLELOGXSćPRQWDMvQLQVWDODŘLDHOHFWULFćSHUPDQHQWćWUHEXLH
SUHYć]XWXQVHSDUDWRUGHID]HFRQIRUPGLVSR]LŘLLORUFXSULYLUHOD
LQVWDODUH1XPDLXQVSHFLDOLVWHOHFWULFLDQDUHYRLHVćH[HFXWH
LQVWDODŘLD HOHFWULFć IL[ć 9ć UHFRPDQGćP Vć LQVWDODŘL XQ vQWUHUXSćWRU
FXSURWHFŘLHGLIHUHQŘLDOćvQWUHUXSćWRU),vQFLUFXLWXOGHDOLPHQWDUH
HOHFWULFćDODSDUDWXOXL
3HULFROGHVXIRFDUH
0DWHULDOXOGHDPEDODMHVWHSHULFXORVSHQWUXFRSLL1XOćVDŘL
QLFLRGDWćFRSLLLVćVHMRDFHFXPDWHULDOGHDPEDODM
0RQWDUHDUDPHLGHFRERUkUH
&XüDEORQXODWDüDWPDUFDŘLSXQFWHOHGHIL[DUHSHSHUHWHOHGLQ
EXFćWćULH H[HFXWDŘL JćXULOH LQWURGXFHŘL GLEOXULOH üL IL[DŘL UDPD GH
FRERUkUHFXüXUXEXUL)LJXUD
,QGLFDŘLH 0DUJLQHD LQIHULRDUć D üDEORQXOXL FRUHVSXQGH PDUJLQLL
LQIHULRDUHDGXODSXULORUODWHUDOHVXVSHQGDWH
5HJODŘL OXQJLPHD IXVXULORU /XQJLPHD IXVXULORU GHSLQGH GH WLSXO GH
KRWćüLGHJUHXWDWHDDFHVWHLD)LJXUD
ÍQüXUXEDŘLFHOHGRXćüXUXEXULvQODWHUDOSkQćOD PP
)LJXUD
¨)LJXUD ©
,QWURGXFHŘLFDEOXOGHFRQHFWDUHODUHŘHDODKRWćüLLQVWDODŘLOvQ
JKLGDMXOGHFDEOXGHSHUDPDGHFRERUkUH
$WHQŘLH
&DEOXOGHFRQHFWDUHODUHŘHDQXWUHEXLHVćILHGHWHULRUDWSULQ
PLüFDUHDUDPHLGHFRERUkUH)LJXUD
6XVSHQGDŘL KRWD üL IL[DŘLR FX üXUXEXUL SH UDPD GH FRERUkUH SULQ
LQWHUPHGLXOEULGHORUFRUHVSXQ]ćWRDUH)LJXUD ¨)LJXUD ©
(IHFWXDŘLFRQH[LXQHDFRQGXFWHL
,QGLFDŘLH (VWHQHFHVDUXQIXUWXQIOH[LELO)XUWXQXOWUHEXLHVćILH
vQWLQVODRGLVWDQŘćPDLPLFćIDŘćGHKRWć
([HFXWDŘL DMXVWDUHD GH SUHFL]LH D IRUŘHL DUFXULORU SULQ PRGLILFDUHD
OXQJLPLLIXVXULORU)LJXUD
,QGLFDŘLH +RWD WUHEXLH Vć UćPkQć vQ SR]LŘLD VXSHULRDUć üL GXSć
GHEORFDUHWUHEXLHVćFRERDUHDXWRPDWSkQćvQRSULWRUXOLQIHULRU
3HQWUXFRERUkUHDSćVDŘLKRWDvQ]RQDFHQWUDOćVXSHULRDUćSH
üWUDLIXOPkQHUXOXL)LJXUD

hu
á
6]HUHOpVL~WPXWDWy
: )RQWRVEL]WRQViJLHOŌtUiVRN
*RQGRVDQROYDVVDHOH]WD]~WPXWDWyW&VDNtJ\WXGMDNpV]OpNpW
KHO\HVHQpVEL]WRQViJRVDQNH]HOQL$KDV]QiODWLpVV]HUHOpVL
~WPXWDWyWŌUL]]HPHJDNpVŌEELKDV]QiODWKR]YDJ\DNpVŌEEL
WXODMGRQRVV]iPiUD
&VDNDV]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpV
HVHWpQJDUDQWiOWD]]HPEL]WRQViJ$V]HUHOŌIHOHOŌVDIHOiOOtWiVL
KHO\HQYDOyNLIRJiVWDODQPŦN|GpVpUW
9HJ\HILJ\HOHPEHDSiUDHOV]tYy|VV]HV]HUHOpVL~WPXWDWyMiEDQ
WDOiOKDWyEL]WRQViJLHOŌtUiVRNDWpVILJ\HOPH]WHWpVHNHW
6pUOpVYHV]pO\
■ $NpV]OpNEHOVŌUpV]HLQHNV]pOHpOHVOHKHW9LVHOMHQ
YpGŌNHV]W\ŦW
6pUOpVYHV]pO\
■ +DDNpV]OpNQLQFVV]DNV]HUŦHQU|J]tWYHOHHVKHW0LQGHQ
U|J]tWŌHOHPHWIL[HQpVEL]WRQViJRVDQNHOOIHOV]HUHOQL
6pUOpVYHV]pO\
■ $NpV]OpNQHKp]$NpV]OpNPR]JDWiViKR]V]HPpO\UHYDQ
V]NVpJ&VDNDONDOPDVVHJpGHV]N|]WKDV]QiOMRQ
ÉUDPWpVYHV]pO\
$NpV]OpNEHOVŌUpV]HLQHNV]pOHpOHVOHKHW$FVDWODNR]yNiEHO
PHJVpUOKHW$FVDWODNR]yNiEHOWV]HUHOpVN|]EHQQHW|UMHPHJ
YDJ\FVtSMHEH
ÉUDPWpVYHV]pO\
$NpV]OpNOHJ\HQEiUPLNRUOHYiODV]WKDWyDKiOy]DWUyO$
NpV]OpNHWFVDNHOŌtUiVV]HUŦHQIHOV]HUHOWYpGŌpULQWNH]ŌV
GXJDV]ROyDOM]DWKR] V]DEDG FVDWODNR]WDWQL +D D FVDWODNR]yGXJy D
EHV]HUHOpVXWiQQHPHOpUKHWŌIL[HOHNWURPRVFVDWODNR]WDWiV
HVHWpQDV]DEiO\R]iVRNQDNPHJIHOHOŌHQDIi]LVRNDWOHYiODV]Wy
EHUHQGH]pVVHONHOOHOOiWQL&VDNYLOODPRVViJLV]DNHPEHU
NLYLWHOH]KHWLDIL[FVDWODNR]WDWiVW-DYDVROMXNKLEDiUDP
YpGŌNDSFVROy),UHOpEHV]HUHOpVpWDNpV]OpNHOOiWiV
iUDPN|UpEH
)XOODGiVYHV]pO\
$FVRPDJROyDQ\DJDJ\HUHNHNUHQp]YHYHV]pO\HV6RKDQH
KDJ\MDKRJ\DJ\HUPHNHNMiWVV]DQDNDFVRPDJROyDQ\DJRNNDO
6OO\HV]WŌNHUHWEHV]HUHOpVH
$ PHOOpNHOW VDEORQ VHJtWVpJpYHO NDUFROMD EH D U|J]tWpVL SRQWRNDW
D NRQ\KD IDOiED I~UMD NL D O\XNDNDW Q\RPMD EHOpMN D GEHOHNHW
PDMGFVDYDUR]]DDKHO\pUHDVOO\HV]WŌNHUHWHW²iEUD
8WDVtWiV $ VDEORQ DOVy pOH D] ROGDOVy IHQWL V]HNUpQ\ DOVy pOpQHN
IHOHOPHJ
ÉOOtWVDEHDWHQJHO\KRVV]iW$WHQJHO\KRVV]DDSiUDHOV]tYy
IDMWiMiWyOpVDQQDNV~O\iWyOIJJ²iEUD
$]ROGDOWHOKHO\H]NHGŌNpWFVDYDUWPPPpO\VpJLJFVDYDUMDEH
²iEUD
¨ iEUD©
&VDWODNR]WDVVDDWiSNiEHOWDSiUDHOV]tYyKR]pVYH]HVVHiWD
VOO\HV]WŌNHUHWNiEHOYH]HWŌMpEH
)LJ\HOHP
$WiSNiEHOQHPVpUOKHWDVOO\HV]WŌNHUHWPR]JiVD
N|YHWNH]WpEHQ²iEUD
$NDVV]DIHODSiUDHOV]tYyWpVDVOO\HV]WŌNHUHWPHJIHOHOŌVtQMH
IHOHWWK~]]DPHJDFVDYDURNDW² iEUD¨iEUD©
9pJH]]HHODFVŌFVDWODNR]WDWiVW
8WDVtWiV )OH[LELOLV W|POŌ V]NVpJHV $ W|POŌQHN IHV]HVQHN NHOO
OHQQLHKDDSiUDHOV]tYyOHYDQVOO\HV]WYH
$ UXJyHUŌ ILQRPKDQJROiViW D WHQJHO\ KRVV]iQDN YiOWR]WDWiViYDO
YpJH]KHWLHO²iEUD
8WDVtWiV $SiUDHOV]tYyQDNIHOVŌiOOiVEDQNHOOPDUDGQLDpVD
NLUHWHV]HOpVXWiQPDJiWyONHOOD]DOVyWN|]ŌEHFV~V]QLD
$OHVOO\HV]WpVKH]Q\RPMDIHOIHOpDSiUDHOV]tYyWN|]pSHQD
IRJDQW\~OpFQpO²iEUD
sl
ð
1DYRGLOD]DPRQWDçR
: 3RPHPEQDYDUQRVWQDQDYRGLOD
6NUEQRSUHEHULWHWDQDYRGLOD]DXSRUDER6DPRWDNRERVWHODKNR
DSDUDWXSRUDEOMDOLYDUQRLQSUDYLOQR6KUDQLWHQDYRGLOD]DXSRUDER
LQPRQWDçR]DSR]QHMåRXSRUDERDOL]DQDVOHGQMHJDODVWQLND
9DUQRVWPHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQH
PRQWDçHYVNODGX]QDYRGLOL]DPRQWDçR0RQWHUMHRGJRYRUHQ]D
EUH]KLEQRGHORYDQMHQDPHVWXSRVWDYLWYH
8SRåWHYDMWHYDUQRVWQHSUHGSLVHLQRSR]RULODYQDYRGLOLK]D
PRQWDçRPDSH
1HYDUQRVWWHOHVQLKSRåNRGE
■ 6HVWDYQL GHOL Y DSDUDWX LPDMR ODKNR RVWUH URERYH 1RVLWH ]DåĀLWQH
URNDYLFH
1HYDUQRVWWHOHVQLKSRåNRGE
■ ÿHDSDUDWQLSUDYLOQRSULWUMHQODKNRSDGH9VLSULWUGLOQLHOHPHQWL
PRUDMRELWLWUGQRLQYDUQRPRQWLUDQL
1HYDUQRVWWHOHVQLKSRåNRGE
■ $SDUDWMHWHçHN=DSUHPLNDQMHDSDUDWDVWDSRWUHEQLRVHEL
8SRUDEOMDMWHOHSULPHUQHSULSRPRĀNH
1HYDUQRVWXGDUDHOHNWULĀQHJDWRND
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH3ULNOMXĀQLNDEHO
VHODKNRSRåNRGXMH0HGQDPHVWLWYLMRQHSUHSRJQLWHDOLXNOHåĀLWH
SULNOMXĀQHJDNDEOD
1HYDUQRVWXGDUDHOHNWULĀQHJDWRND
,]NOMXĀLWHYDSDUDWDL]HOHNWULĀQHJDRPUHçMDPRUDELWLYHGQR
RPRJRĀHQD$SDUDWODKNRSULNORSLWHOHQDYDUQRVWQRYWLĀQLFRNLMH
QDPHåĀHQDYVNODGXVSUHGSLVLÿHYWLĀSRYJUDGQMLQLYHĀ
GRVHJOMLYPRUDELWLYHOHNWULĀQLQDSHOMDYLSUHGYLGHQDQDSUDYD]D
SUHNLQLWHY WRND Y ID]DK Y VNODGX V SUHGSLVL R QDVWDYLWYDK (OHNWULĀQR
PRQWDçR ODKNR RSUDYL VDPR NYDOLILFLUDQ HOHNWULĀDU 3ULSRURĀDPR GD
YQDSDMDOQLWRNRNURJDSDUDWDQDPHVWLWH]DåĀLWQRVWLNDORQD
GLIHUHQĀQLWRN),VWLNDOR
1HYDUQRVW]DGXåLWYH
(PEDODçQLPDWHULDOMHQHYDUHQ]DRWURNH1LNROLQHGRYROLWH
RWURNRPGDVHLJUDMR]HPEDODçQLPPDWHULDORP
0RQWDçDWHOHVNRSVNHJDRNYLUMD
2]QDĀLWHSULWUGLOQDPHVWDQDNXKLQMVNLVWHQL]XSRUDERSULORçHQH
åDEORQHL]YUWDMWHOXNQMHYVWDYLWH]LGQHYORçNHLQSULYLMWH
WHOHVNRSVNLRNYLU²VOLND
2SRPED 6SRGQMLUREåDEORQHQDMXVWUH]DVSRGQMHPXUREX
VWUDQVNLK]JRUQMLKSRKLåWYHQLKHOHPHQWRY
1DVWDYLWHGROçLQRYUHWHQD'ROçLQDYUHWHQDMHRGYLVQDRGYUVWH
QDSHLQQMHQHWHçH²VOLND
9LMDNDQDVWUDQHKSULYLMWHGRPP²VOLND¨VOLND©
9VWDYLWH RPUHçQL SULNOMXĀQL NDEHO Y QDSR LQ JD QDPHVWLWH Y YRGLOD
]DNDEHOQDWHOHVNRSVNHPRNYLUMX
3R]RU
7HOHVNRSVNL RNYLU PHG SUHPLNDQMHP QH VPH SRåNRGRYDWL NDEOD ²
VOLND
1DPHVWLWHQDSRLQMRSULYLMWHSUHNRXVWUH]QLKORNRYQD
WHOHVNRSVNHPRNYLUMX²VOLND
¨VOLND©
3RYHçLWHFHYL
2SRPED 3RWUHEXMHWH JLENR FHY .R MH QDSD VSXåĀHQD PRUD ELWL
FHYQDSHWD
6LOR Y]PHWL QDWDQĀQR QDVWDYLWH V VSUHPLQMDQMHP GROçLQH YUHWHQD
²VOLND
2SRPED 1DSDPRUDRVWDWLY]JRUQMHPSRORçDMXLQVHSR
VSURVWLWYLVDPRGHMQRVSXVWLWLGRVSRGQMHJDSULVORQD
=DVSXVWGYLJQLWHQDSRSRVUHGLQLYSUHGHOXURĀDMD²VOLND

cs
Ö
0RQWiçQtQiYRG
: 'ŤOHçLWpEH]SHĀQRVWQtSRN\Q\
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRG-HGLQěWDNPŤçHWHVYŤMVSRWŒHELĀ
VSUiYQěD EH]SHĀQěSRXçtYDW1iYRGN SRXçLWtD QiYRGN PRQWiçL
XVFKRYHMWHSURSR]GěMåtSRXçLWtQHERSURGDOåtKRPDMLWHOH
%H]SHĀQpSRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpYHVWDYEě
SRGOH QiYRGX N PRQWiçL 7HFKQLN SURYiGěMtFt LQVWDODFL RGSRYtGi ]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
'RGUçXMWHEH]SHĀQRVWQtSŒHGSLV\D YìVWUDçQiXSR]RUQěQt
Y QiYRGXN PRQWiçLRGVDYDĀHSDU
1HEH]SHĀt~UD]X
■ 6RXĀiVWLXYQLWŒVSRWŒHELĀHPRKRXPtWRVWUpKUDQ\1RVWH
RFKUDQQpUXNDYLFH
1HEH]SHĀtSRUDQěQt
■ 3RNXGQHQtVSRWŒHELĀŒiGQěXSHYQěQìPŤçHVSDGQRXW
9åHFKQ\XSHYŃRYDFtSUYN\PXVtEìWSHYQěD EH]SHĀQě
QDPRQWRYDQp
1HEH]SHĀt~UD]X
■ 6SRWŒHELĀMHWěçNì3URSŒHPLVŚRYiQtVSRWŒHELĀHMVRX]DSRWŒHEt
RVRE\3RXçtYHMWHSRX]HYKRGQpSRPŤFN\
1HEH]SHĀt~UD]XHOHNWULFNìPSURXGHP
6RXĀiVWLXYQLWŒVSRWŒHELĀHPRKRXPtWRVWUpKUDQ\0ŤçHGRMtW
N SRåNR]HQtSŒLSRMRYDFtKRNDEHOX3ŒLSRMRYDFtNDEHOSŒLLQVWDODFL
QH]DODPXMWHDQLQHXVNŒtSQěWH
1HEH]SHĀt~UD]XHOHNWULFNìPSURXGHP
0XVtEìWNG\NROLPRçQpRGSRMLWVSRWŒHELĀRGHOHNWULFNpVtWě
6SRWŒHELĀVHVPt]DSRMRYDWSRX]HGRSŒHGSLVRYěQDLQVWDORYDQp
HOHNWULFNp]iVXYN\V RFKUDQQìPNROtNHP3RNXGQHQt]iVWUĀNDSR
SURYHGHQtYHVWDYE\SŒtVWXSQiMHWŒHEDXSHYQpHOHNWULFNp
LQVWDODFHSRXçtWRGSRMRYDĀIi]tSRGOHSŒHGSLVŤSURLQVWDODFL
3HYQRXHOHNWULFNRXLQVWDODFLVPtSURYpVWSRX]HHOHNWULNiŒ
'RSRUXĀXMHPHGRHOHNWULFNpKRRNUXKXSURQDSiMHQtVSRWŒHELĀH
QDLQVWDORYDWSURXGRYìFKUiQLĀ),VStQDĀ
1HEH]SHĀtXGXåHQt
2EDORYìPDWHULiOMHQHEH]SHĀQìSURGěWL1LNG\QHGRYROWHGěWHP
DE\VLKUiO\V REDORYìPPDWHULiOHP
0RQWiçVQLçRYDFtKRUiPHĀNX
3RPRFtSŒLORçHQpåDEORQ\VLQDNXFK\ŃVNRX]HďY\]QDĀWH
XSHYŃRYDFtERG\Y\YUWHMWHRWYRU\QDVDďWHKPRçGLQN\
D SŒLåURXEXMWHVQLçRYDFtUiPHĀHN²REUi]HN
8SR]RUQěQt 'ROQtKUDQDåDEORQ\RGSRYtGiGROQtKUDQě
SRVWUDQQtFKKRUQtFKVNŒtQěN
1DVWDYWH GpONX YŒHWHQD 'pOND YŒHWHQD ]iYLVt QD GUXKX RGVDYDĀH
SDUD MHKRKPRWQRVWL²REUi]HN
=DåURXEXMWH GYD åURXE\ QD VWUDQiFK D QHFKWH MH Y\ĀQtYDW PP ²
REUi]HN ¨REUi]HN ©
=DSRMWHGRRGVDYDĀHSDUVtŚRYìNDEHOD QDVDďWHKRGRYHGHQt
YHVQLçRYDFtPUiPX
3R]RU
6tŚRYìNDEHOVHQHVPtSŒLSRK\EXVQLçRYDFtKRUiPXSRåNRGLW²
REUi]HN
=DYěVWHRGVDYDĀSDUD SŒLåURXEXMWHKRSRPRFtSŒtVOXåQìFK
GUçiNŤNHVQLçRYDFtPXUiPX²REUi]HN
¨REUi]HN ©
3ŒLSRMWHWUXENX
8SR]RUQěQt -H]DSRWŒHEtSUXçQiKDGLFH+DGLFHPXVtEìW
QDSQXWiNG\çMHRGVDYDĀSDUYHVQtçHQpPVWDYX
-HPQpSŒL]SŤVREHQtVtO\SUXçLQ\SURYHďWH]PěQRXGpON\
YŒHWHQD²REUi]HN
8SR]RUQěQt 2GVDYDĀSDUPXVt]ŤVWDWY KRUQtSROR]HD SR
RGDUHWRYiQtVHPXVtVDPRĀLQQěVSXVWLWN GROQtPXGRUD]X
3URVQtçHQt]DWODĀWHRGVDYDĀSDUXSURVWŒHGOLåW\SURXFKRSHQt
QDKRUX²REUi]HN
sk
ï
0RQWiçQ\QiYRG
: '{OHçLWpEH]SHĀQRVWQpXSR]RUQHQLD
7HQWRQiYRGVLVWDURVWOLYRSUHĀtWDMWH/HQSRWRPP{çHWHVSRWUHELĀ
REVOXKRYDŚEH]SHĀQHD VSUiYQH1iYRGQDSRXçtYDQLH
D PRQWiçQ\QiYRGVLRGORçWHQDQHVNRUåLHSRXçLWLHDOHERSUH
QDVOHGXM~FHKRYODVWQtNDVSRWUHELĀD
/HQSULRGERUQHMPRQWiçL]RGSRYHGDM~FHMWRPXWRPRQWiçQHPX
QiYRGXMH]DUXĀHQiEH]SHĀQRVŚSULSRXçtYDQt,QåWDODWpUMH
]RGSRYHGQì]DEH]FK\EQpIXQJRYDQLHQDPLHVWHLQåWDOiFLH
'RGUçLDYDMWHEH]SHĀQRVWQpSUHGSLV\D YìVWUDçQpXSR]RUQHQLD
XYHGHQpY QiYRGHQDPRQWiçRGViYDĀDSiU
1HEH]SHĀHQVWYRSRUDQHQLD
■ 6~ĀLDVWN\ YR YQ~WUL VSRWUHELĀD P{çX PDŚ RVWUp KUDQ\ 3RXçtYDMWH
RFKUDQQpUXNDYLFH
1HEH]SHĀHQVWYRSRUDQHQLD
■ .HďVSRWUHELĀQLHMHULDGQHXSHYQHQìP{çHVSDGQ~Ś9åHWN\
XSHYŃRYDFLHSUYN\PXVLDE\ŚSHYQHD EH]SHĀQHQDPRQWRYDQp
1HEH]SHĀHQVWYRSRUDQHQLD
■ 6SRWUHELĀMHŚDçNì1DPDQLSXOiFLXVSRWUHELĀRPV~SRWUHEQp
RVRE\3RXçtYDMWHOHQYKRGQpSRP{FN\
1HEH]SHĀHQVWYR~UD]XHOHNWULFNìPSU~GRP
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3ULSiMDFt
NiEHO VD P{çH SRåNRGLŚ 3ULSiMDFt NiEHO SRĀDV LQåWDOiFLH QH]ORPWH
DOHERQH]DFYLNQLWH
1HEH]SHĀHQVWYR]iVDKXHOHNWULFNìPSU~GRP
2GSRMHQLHVSRWUHELĀD]HOHNWULFNHMVLHWHPXVtE\ŚYçG\PRçQp
6SRWUHELĀ VD VPLH SULSRMLŚ OHQ GR ]iVXYN\ V RFKUDQQìP NRQWDNWRP
NWRUiMHQDLQåWDORYDQiSRGĻDSUHGSLVRY$NQLHMH]iVWUĀNDSR
PRQWiçLYLDFSUtVWXSQiPXVtVDYSHYQHXORçHQHMHOHNWULFNHM
LQåWDOiFLLSRĀtWDŚVUR]GHĻRYDFtP]DULDGHQtPYRIi]DFKSRGĻD
XVWDQRYHQtRLQåWDOiFLL3HYQHXORçHQ~HOHNWULFN~LQåWDOiFLXVPLH
XURELŚOHQRGERUQtNYREODVWLHOHNWULN\9HOHNWULFNRPREYRGH
QDSiMDQLDVSRWUHELĀDRGSRU~ĀDPHQDLQåWDORYDŚSU~GRYìFKUiQLĀ
),SUHStQDĀ
1HEH]SHĀHQVWYRXGXVHQLD
2EDORYìPDWHULiOSUHGVWDYXMHQHEH]SHĀHQVWYRSUHGHWL1LNG\
QHQHFKDMWHGHWLKUDŚVDV REDORYìPPDWHULiORP
0RQWiç]DS~åŚDFLHKRUiPX
3RPRFRXSULORçHQHMåDEOyQ\QD]QDĀWHXSHYŃRYDFLHERG\
QDĀUWQLWHLFKQDNXFK\QVN~VWHQXY\YŎWDMWHRWYRU\YWODĀWH
UR]SHUN\D SULVNUXWNXMWH]DS~åŚDFtUiP²REUi]RN
8SR]RUQHQLH 'ROQiKUDQDåDEOyQ\]RGSRYHGiGROQHMKUDQH
ERĀQìFKKRUQìFKVNULQLHN
1DVWDYWH GķçNX YUHWHQD 'ķçND YUHWHQD ]iYLVt RG GUXKX RGViYDĀD
SiUD MHKRKPRWQRVWL²REUi]RN
=DVNUXWNXMWHQDERNRFKGYHVNUXWN\WDNDE\Y\ĀQLHYDOL PP²
REUi]RN
¨REUi]RN ©
6LHŚRYìSULSiMDFtNiEHO]DVXŃWHGRRGViYDĀDSiUD YORçWHGR
YHGHQLDNiEODQD]DS~åŚDFRPUiPH
3R]RU
6LHŚRYìSULSiMDFtNiEHOVDQHVPLHSRåNRGLŚSRK\ERP
]DS~åŚDFLHKRUiPX²REUi]RN
2GViYDĀSiU]DYHVWHD SULVNUXWNXMWH]DSUtVOXåQìVWUPHŃQD
]DS~åŚDFRPUiPH²REUi]RN ¨REUi]RN ©
=DEH]SHĀWHSUHSRMHQLHSRWUXELD
8SR]RUQHQLH 3RXçLWHIOH[LELOQ~KDGLFX+DGLFDPXVtE\Ś
Y ]DSXVWHQRPVWDYHRGViYDĀDSiUQDWLDKQXWi
1DVWDYWHMHPQHSUXçQRVŚ]PHQRXGķçN\YUHWHQD²REUi]RN
8SR]RUQHQLH 2GViYDĀSiUPXVt]RVWDŚY KRUQHMSRORKHD SR
Y\VXQXWtVDPRĀLQQHNOHVQ~ŚGRGROQpKRGRUD]X
1D ]DSXVWHQLH SRWODĀWH RGViYDĀ SiU Y VWUHGH Y REODVWL ~FKRSRYHM
OLåW\QDKRU²REUi]RN

hr
à
8SXWH]DPRQWDçX
: 9DçQHVLJXUQRVQHQDSRPHQH
3DçOMLYR SURĀLWDMWH RYH XSXWH 6DPR WDGD PRçHWH VLJXUQR L SUDYLOQR
XSUDYOMDWLXUHđDMHP8SXWH]DXSRUDEXLPRQWDçXVDĀXYDMWH]D
NDVQLMXXSRUDEXLOL]DVOMHGHþHJNRULVQLND
6DPRNRGSUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçX
MH]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ
]DEHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
3ULGUçDYDMWHVHVLJXUQRVQLKSURSLVDLXSR]RUHQMDXXSXWDPD]D
PRQWDçXNXKLQMVNHQDSH
2SDVQRVWRGR]OMHGH
■ 6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
2SDVQRVWRGR]OMHGH
■ $NRXUHđDMQLMHSURSLVQRSULĀYUåþHQPRçHSDVWL6YLSULĀYUVQL
HOHPHQWLPRUDMXELWLĀYUVWRLVLJXUQRPRQWLUDQL
2SDVQRVWRGR]OMHGH
■ 8UHđDMMHWHçDN=DSRPLFDQMHXUHđDMDSRWUHEQHVX RVREH
.RULVWLWHVDPRSULPMHUHQDSRPDJDOD
2SDVQRVWRGVWUXMQRJXGDUD
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD3ULNOMXĀQL
NDEHOVHPRçHRåWHWLWL7LMHNRPLQVWDODFLMHQHVDYLMDMWHLQHVWLåþLWH
SULNOMXĀQLNDEHO
2SDVQRVWRGVWUXMQRJXGDUD
,VNOMXĀLYDQMHXUHđDMDL]HOHNWULĀQHPUHçHPRUDELWLRPRJXþHQRX
VYDNRPWUHQXWNX8UHđDMVHVPLMHSULNOMXĀLWLVDPRQDSURSLVQR
LQVWDOLUDQXXWLĀQLFXVD]DåWLWQLPNRQWDNWRP$NRXWLNDĀQDNRQ
XJUDGQMH YLåH QLMH GRVWXSDQ RQGD X ILNVQR SRVWDYOMHQRM HOHNWULĀQRM
LQVWDODFLMLWUHEDSUHGYLGMHWLQDSUDYX]DUD]GYDMDQMHXID]DPD
VXNODGQRRGUHGEDPD]DSRVWDYOMDQMH6DPRHOHNWURWHKQLĀDUVPLMH
L]YUåLWL ILNVQR SRVWDYOMDQMH HOHNWULĀQH LQVWDODFLMH 3UHSRUXĀXMHPR GD
LQVWDOLUDWH]DåWLWQXVWURMQXVNORSNX=6VNORSNXXVWUXMQRPNUXJX
QDSDMDQMDXUHđDMD
2SDVQRVWRGJXåHQMD
$PEDODçQL PDWHULMDO RSDVDQ MH ]D GMHFX 'MHFL QLNDGD QH GRSXVWLWH
LJUDQMHVDPEDODçQLPPDWHULMDORP
0RQWDçDVSXVWLYRJRNYLUD
3RPRþXLVSRUXĀHQHåDEORQHXFUWDMWHWRĀNH]DSULĀYUåþLYDQMHQD
NXKLQMVNRP]LGXL]EXåLWHUXSHXWLVQLWHWLSOHLSULĀYUVWLWHVSXVWLYL
RNYLU6OLND
1DSRPHQD 'RQMLUXEåDEORQHRGJRYDUDGRQMHPUXEXERĀQLK
JRUQMLKHOHPHQDWD
1DPMHVWLWH GXOMLQX YUHWHQD 'XOMLQD YUHWHQD RYLVL R YUVWL NXKLQMVNH
QDSHLQMH]LQRMWHçLQL6OLND
'YD YLMND XYUQLWH ERĀQR QD UD]PDN GR PP 6OLND ¨ VOLND ©
0UHçQLSULNOMXĀQLNDEHOXWDNQLWHXNXKLQMVNXQDSXLXPHWQLWHX
NDEHOVNXYRGLOLFXQDVSXVWLYRPRNYLUX
2SUH]
0UHçQL SULNOMXĀQL NDEHO QH VPLMH VH RåWHWLWL SRPLFDQMHP VSXVWLYRJ
RNYLUD6OLND
2EMHVLWHNXKLQMVNXQDSXLSRPRþXRGJRYDUDMXþLKGUçDĀD
SULĀYUVWLWHQDVSXVWLYLRNYLU6OLND ¨VOLND ©
3ULĀYUVWLWHFLMHYQLVSRM
1DSRPHQD %LW þH YDP SRWUHEQR IOHNVLELOQR FULMHYR &ULMHYR PRUD
ELWLQDSHWRXVSXåWHQRPSRORçDMXQDSH
6LOXRSUXJHILQRXJRGLWHSURPMHQRPGXOMLQHYUHWHQD6OLND
1DSRPHQD .XKLQMVNDQDSDPRUDRVWDWLXJRUQMHPSRORçDMXL
VSXVWLWLVHDXWRPDWVNLQDNRQRWSXåWDQMDGRGRQMHJJUDQLĀQLND
=DVSXåWDQMHNXKLQMVNXQDSXSULWLVQLWHSUHPDJRUHXVUHGLQL
XKYDWQHOHWYH6OLND
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
: Αίεμηςιίζίμηώζίΰδζνξίπμνπρ
ΙκθρίμίμίάηβζΪμίεηθηΪλμθωσθμθκτδθάθήλμάθΛΪζθμθέΪάΪ
ζθΰίμίήΪθΫλενΰάΪμίλβένκηθβικΪάβεηθνκίήΪλβΛτοκΪηίμί
κτδθάθήλμάθμθ αΪ νιθμκίΫΪ β ζθημΪΰ αΪ ιθδτληΪ νιθμκίΫΪ βεβ αΪ
λείήάΪσβωικβμίΰΪμίε
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθβηλμκνδπβωμΪαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
ΛιΪαάΪγμίικίήιβλΪηβωμΪαΪΫίαθιΪληθλμβνδΪαΪηβωμΪαΪ
ικίήνικίΰήίηβίάκτδθάθήλμάθμθαΪζθημΪΰηΪΪΫλθκΫΪμθκΪ
Νξίπμνπρνρμίοίμώαίμδ
■ ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
ΘιΪληθλμθμηΪκΪηωάΪηί
■ Ίδθ νκίήτμ ηί ί ικΪάβεηθ αΪδκίιίη μθγ ζθΰί ήΪ ιΪήηί Όλβρδβ
ίείζίημβαΪαΪδκίιάΪηίμκωΫάΪήΪλΪαήκΪάθβΫίαθιΪληθ
ζθημβκΪηβ
ΘιΪληθλμθμηΪκΪηωάΪηί
■ ΝκίήτμίμίΰτδΑΪικίζίλμάΪηίηΪνκίήΪλΪηίθΫοθήβζβ
εβπΪΒαιθεαάΪγμίλΪζθιθήοθήωσβιθζθσηβλκίήλμάΪ
Νξίπμνπρνρρνιναςγίο
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΔΪΫίετμαΪ
λάτκαάΪηίζθΰίήΪλίιθάκίήβΔΪΫίετμαΪλάτκαάΪηίιθάκίζί
ηΪβηλμΪεΪπβωμΪηίΫβάΪήΪλίθέτάΪβεβαΪσβιάΪ
Νξίπμνπρνρρνιναςγίο
ΘμήίεωηίμθηΪνκίήΪθμίείδμκβρίλδΪμΪζκίΰΪμκωΫάΪήΪί
άταζθΰηθ ιθ άλωδθ άκίζί Νκίήτμ ζθΰί ήΪ λί λάτκαάΪ λΪζθ δτζ
βηλμΪεβκΪηλιθκίήικίήιβλΪηβωμΪικίήιΪαίηδθημΪδμΊδθ
σίιλίετμλείήζθημΪΰΪάίρίηίζθΰίήΪλίήθλμβέηίά
ηίιθήάβΰηθικθδΪκΪηΪμΪίείδμκθβηλμΪεΪπβωμκωΫάΪήΪλί
ικίήάβήβλίιΪκΪμθκάτάξΪαβμίλιθκίήδθηλμκνδμβάηβμί
κΪαιθκίήΫβΛΪζθίείδμκθμίοηβδζθΰίήΪβαάτκςάΪ
ξβδλβκΪηΪμΪ ίείδμκθβηλμΪεΪπβω Ηβί ικίιθκτράΪζί βηλμΪεβκΪηί
ηΪαΪσβμίηικίδτλάΪρλκίσνέκίςίημθδ),ικίδτλάΪρά
μθδθάΪμΪάίκβέΪηΪαΪοκΪηάΪηίμθηΪνκίήΪ
Νξίπμνπρνρζίγςχίαίμδ
ΘιΪδθάτρηβωμζΪμίκβΪείθιΪλίηαΪήίπΪΗβδθέΪηί
ιθαάθεωάΪγμίηΪήίπΪήΪβέκΪωμλθιΪδθάτρηβωζΪμίκβΪε
Λνμρηοίμδμίπαίκώψίρίπδοίλιί
ΛικβεθΰίηβωςΪΫεθηηΪικΪάίμίμθρδβμίαΪαΪδκίιάΪηίάτκον
δνοηίηλδΪμΪλμίηΪικθΫβγμίθμάθκβμίικβμβληίμίήψΫίεβμίβ
αΪάβγμίλάΪεωσΪμΪκΪζδΪξβέ
ιίζίμηδ ΎθεηβωμκτΫηΪςΪΫεθηΪθμέθάΪκωηΪήθεηβωκτΫηΪ
λμκΪηβρηβμίέθκηβςδΪξθάί
ΗΪλμκθγμίήτεΰβηΪμΪηΪςιβηήίεΪΎτεΰβηΪμΪηΪςιβηήίεΪ
αΪάβλβθμάβήΪηΪΪΫλθκΫΪμθκΪβθμηίέθάθμθμίέεθξβέ
ΎάΪμΪάβημΪλμκΪηβρηθήΪλίαΪάβημωμήθζζξβέ
¨ξβέ
©
ΔΪΫίετμ αΪ λάτκαάΪηί δτζ ζκίΰΪμΪ ήΪ λί άδΪκΪ ά ΪΫλθκΫΪμθκΪ
βήΪλίιθλμΪάβδΪΫίεηβωάθήΪρδτζλάΪεωσΪμΪκΪζδΪ
Αμηλίμηδ
ΔΪΫίετμ αΪ λάτκαάΪηί δτζ ζκίΰΪμΪ ηί ΫβάΪ ήΪ λί ιθάκίΰήΪ θμ
ήάβΰίηβίμθηΪλάΪεωσΪμΪλίκΪζδΪξβέ
ΑΪδΪρίμίΪΫλθκΫΪμθκΪβαΪάβγμίικίαλτθμάίμηβμίλδθΫβαΪ
λάΪεωσΪμΪκΪζδΪξβέ
¨ξβέ©
ΝλμΪηθάίμίλάτκαάΪηίηΪμκτΫβμί
ιίζίμηδ ΗνΰίηίέτάδΪάζΪκδνρΖΪκδνρτμμκωΫάΪήΪί
θΫμίέηΪμάλάΪείηθλτλμθωηβίηΪΪΫλθκΫΪμθκΪ
ΒαάτκςίμίξβηθηΪιΪλάΪηίηΪικνΰβηηΪμΪλβεΪρκίαικθζωηΪ
ηΪήτεΰβηΪμΪηΪςιβηήίεΪξβέ
ιίζίμηδ ΊΫλθκΫΪμθκτμ μκωΫάΪ ήΪ θλμΪηί ά έθκηΪ ιθαβπβω β ήΪ
λί λάΪεω λείή βαδΪκάΪηί λΪζθλμθωμίεηθ ήθ ήθεηβω θέκΪηβρβμίε
ΑΪλάΪεωηίικβμβληίμίΪΫλθκΫΪμθκΪπίημκΪεηθάαθηΪμΪηΪ
εΪγλμηΪμΪηΪήκτΰδΪμΪηΪέθκίξβέ

sr
ò
8SXWVWYRRSRVWDYOMDQMX
: 9DçQHQDSRPHQH]DVLJXUQRVW
3DçOMLYRSURĀLWDMWHRYRXSXWVWYR-HGLQRWDNRPRçHWHVLJXUQRL
SUDYLOQRGDUXNXMHWH9DåLPXUHđDMHP6DĀXYDMWHXSXWVWYR]D
XSRWUHEXLPRQWDçX]DQHNXNDVQLMXXSRWUHEXLOL]DVOHGHþHJ
YODVQLND
6DPRXVOXĀDMXVWUXĀQHXJUDGQMHXVNODGXVDXSXWVWYRP]D
PRQWDçX]DJDUDQWRYDQDMHVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHU
MHRGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
3ULGUçDYDMWHVHEH]EHGQRVQLKXSXWVWDYDLXSR]RUHQMDL]XSXWVWYD
]DPRQWDçXDVSLUDWRUD
2SDVQRVWRGSRYUHGH
■ .RPSRQHQWHXQXWDUXUHđDMDPRJXGDLPDMXRåWUHLYLFH1RVLWH
]DåWLWQHUXNDYLFH
2SDVQRVWRGSRYUHGH
■ $NRXUHđDMQLMHSUDYLOQRSULĀYUåþHQPRçHGDSDGQH6YL
HOHPHQWL]DSULĀYUåþLYDQMHPRUDMXGDEXGXĀYUVWRLVLJXUQR
PRQWLUDQL
2SDVQRVWRGSRYUHGH
■ 8UHđDMMHWHçDN=DSRPHUDQMHXUHđDMDQHRSKRGQHVXRVREH
8SRWUHEOMDYDMWHVDPRDGHNYDWQDSRPRþQDVUHGVWYD
2SDVQRVWRGVWUXMQRJXGDUD
.RPSRQHQWHXQXWDUXUHđDMDPRJXGDLPDMXRåWUHLYLFH3ULNOMXĀQL
NDEOPRçHGDVHRåWHWL7RNRPLQVWDODFLMHQHPRMWHGDVDYLMHWHLOL
SULNOMHåWLWHSULNOMXĀQLNDEO
2SDVQRVWRGVWUXMQRJXGDUD
2GYDMDQMHXUHđDMDVDVWUXMQHPUHçHPRUDGDEXGHPRJXþHX
VYDNRPWUHQXWNX8UHđDMVPHWHGDSULNOMXĀLWHVDPRQDSURSLVQR
LQVWDOLUDQX XWLĀQLFX VD ]DåWLWQLP NRQWDNWRP $NR QDNRQ XJUDGQMH QH
PRçHYLåHGDVHSULVWXSLXWLNDĀXNRGILNVQHHOHNWULĀQHLQVWDODFLMH
SRWUHEQRMHREH]EHGLWLUD]GYDMDĀXID]DPDXVNODGXVD
RGJRYDUDMXþLPSURSLVLPD6DPRVWUXĀQLHOHNWULĀDUVPHGDL]YHGH
HOHNWULĀQXLQVWDODFLMXNRMDVHILNVQRSRVWDYOMD3UHSRUXĀXMHPRGD
VHLQVWDOLUD]DåWLWQLXUHđDMGLIHUHQFLMDOQHVWUXMH=8'6XVWUXMQRP
NROXNRMHQDSDMDXUHđDM
2SDVQRVWRGJXåHQMD
$PEDODçQL PDWHULMDO MH RSDVDQ ]D GHFX 'HFL QLNDGD QH GDMWH GD VH
LJUDMXVDDPEDODçQLPPDWHULMDORP
0RQWLUDQMHUDPD]DVSXåWDQMH
3RPRþXGRELMHQRJåDEORQDREHOHçLWHWDĀNHSULĀYUåþLYDQMDQD
NXKLQMVNRP]LGXL]EXåLWHRWYRUHJXUQLWHWLSORYHLSULWHJQLWHUDP
]DVSXåWDQMH²VOLND
1DSRPHQD 'RQMDLYLFDåDEORQDSRNODSDVHVDGRQMRPLYLFRP
ERĀQLK]LGRYD
3RGHåDYDQMHGXçLQHåUDID'XçLQDåUDIDWUHEDGDEXGH
SULODJRđHQDDVSLUDWRUXLQMHJRYRMWHçLQL²VOLND
'YDERĀQDåUDIDGXçLQHGR PP²VOLND ¨VOLND ©
.DEO]DQDSDMDQMHDVSLUDWRUDXEDFLWHXXYRGQLFX]DNDEOQD
DVSLUDWRUX
2SUH]
3RPHUDQMHDVSLUDWRUDQHVPHGDRåWHWLNDEO]DQDSDMDQMH²
VOLND
=DåUDILWH DVSLUDWRU L SULĀYUVWLWH RGJRYDUDMXþH GUçDĀH ]D DVSLUDWRU
²VOLND ¨VOLND ©
1DSUDYLWHVSRMFHYL
1DSRPHQD 3RWUHEQRMHVDYLWOMLYRFUHYR&UHYRPRUDGDEXGH
GREURVSRMHQRXVSXåWHQRPSRORçDMXDVSLUDWRUD
)LQRSRGHVLWHMDĀLQXRSUXJHSURPHQRPGXçLQHåUDID²VOLND
1DSRPHQD $VSLUDWRU PRUD XYHN GD VWRML X SRGLJQXWRP SRORçDMX
D QDNRQ SUHNLGD UDGD PRçH DXWRPDWVNL GD VH VSXVWL QD GRQML QLYR
=DVSXåWDQMHSULWLVQLWHQDJRUHDVSLUDWRUQDVUHGLQLXSUHGHOX
UXĀNH²VOLND
ukuk
õ
΅μπροςιυϕώζλνμρίες
: Ξοίαηκίρδτμϕιηΰδζξδιη
ΚίμίεφηθικθρβμΪγμίπψϐηλμκνδπϐψΜϐεφδβμθήϐΌβαζθΰίμί
ίδλιενΪμνάΪμβ ικβεΪή Ϋίαιίρηθ μΪ ικΪάβεφηθ ΑΫίκίΰϐμφ ϐηλμκνδπϐϑ
αζθημΪΰνμΪίδλιενΪμΪπϐϑήεωιθήΪεφςθέθδθκβλμνάΪηηωΪΫθ
ιίκίήΪρϐϑοϐηςθζνδθκβλμνάΪρίάϐ
ΕβςίδάΪεϐξϐδθάΪηΪνλμΪηθάδΪνάϐήιθάϐήηθλμϐαϐηλμκνδπϐώψα
ζθημΪΰνέΪκΪημνώΫίαιίδνίδλιενΪμΪπϐϑΖθημΪΰηβδηίλί
άϐήιθάϐήΪεφηϐλμφαΪΫίαήθέΪηηνκθΫθμνικβεΪήνηΪζϐλπϐ
άλμΪηθάείηηω
ΑάίκηϐμφνάΪένηΪικβιβλβαμίοηϐδβΫίαιίδβμΪιθιίκίήΰίηηωά
ϐηλμκνδπϐϑανλμΪηθάδβάβμωΰηθέθδθάιΪδΪ
Μδΰδζξδιίροίαλςαίμϋ
■ ΎίμΪεϐάλίκίήβηϐικβεΪήνζθΰνμφΫνμβέθλμκβζβ
κίδθζίηήνώζθηΪήωέμβαΪοβληϐκνδΪάβπϐ
+HΫHαιHδDμκΪάζνάΪηηω
■ Ωδσθ ικβεΪή ηί αΪδκϐιείηβγ ηΪείΰηβζ ρβηθζ άϐη ζθΰί άιΪλμβ
ΝλϐδκϐιβεφηϐίείζίημβιθάβηηϐΫνμβζϐπηθγηΪήϐγηθ
αΪξϐδλθάΪηβζβ
ΗίΫίαιίδΪμκΪάζνάΪηφ
■ ΙκβεΪήήθλβμφάΪΰδβγΣθΫιίκίλνηνμβγθέθιθμκϐΫηθ
εψήβηβΚίδθζίηήνώζθάβδθκβλμθάνάΪμβικβπφθζνεβςί
άϐήιθάϐήηϐήθιθζϐΰηϐαΪλθΫβ
Μδΰδζξδιίςγίοςπροςλνλ
ΎίμΪεϐάλίκίήβηϐικβεΪήνζθΰνμφΫνμβέθλμκβζβςηνκΰβάείηηω
ζθΰίιθςδθήβμβλφΑΪΫθκθηωώμφλωαέβηΪμβΪΫθαΪμβλδΪμβςηνκ
ΰβάείηηωιϐήρΪλνλμΪηθάδβ
΅πμςϓμδΰδζξδιίςοίεδμμώδκδιροηφμηλπροςλνλ
Όϐή·ώήηΪηηωικβλμκθψάϐήζίκίΰϐζΪώΫνμβζθΰεβάβζαΪάΰήβ
ΙκβλμκϐγήθαάθεωώμφλωιϐήδεψρΪμβήθκθαίμδβϐααΪοβληβζ
δθημΪδμθζ σθ ΫνεΪ άλμΪηθάείηΪ αέϐήηθ α ηΪλμΪηθάΪζβ Ωδσθ ιϐλεω
ζθημΪΰνηίαΪΫίαιίρίηθήθλμνιήθςμίδίκΪιθάβηίηΫνμβ
ιίκίήΫΪρίηβγκθαιθήϐεψάΪρνξΪαΪοάϐήιθάϐήηθήθάδΪαϐάθδα
ζθημΪΰνΗίκνοθζίίείδμκβρηίάλμΪηθάείηηωικθάθήβμφλωεβςί
δάΪεϐξϐδθάΪηβζίείδμκβδθζΖβκίδθζίηήνώζθάλμΪηθάβμβ
ΪάμθζΪμβρηβγαΪιθΫϐΰηβγιίκίζβδΪρνζίκίΰϐσθαΪΫίαιίρνώ
ΰβάείηηωικβλμκθψ
Μδΰδζξδιίςγςχδμμώ
ΝιΪδθάδΪικβεΪήνηίΫίαιίρηΪήεωήϐμίγΝΰθήηθζνάβιΪήδνηί
ήθαάθεωγμίήϐμωζέκΪμβλωανιΪδθάδθψ
Λνμρίεοίληψννξςπιίϓρϋπώ
ΑΪήθιθζθέθψςΪΫεθηνωδβγάοθήβμφήθδθζιείδμνιθαηΪρμί
μθρδβδκϐιείηηωικθλάίκήεϐμφθμάθκβάδνοθηηϐγλμϐηϐάμβληϐμφ
ήψΫίεϐμΪικβέάβημϐμφκΪζνσθθινλδΪώμφλωζΪε
Αιίζϕαιί ΗβΰηωδκΪγδΪςΪΫεθηνάϐήιθάϐήΪώδκΪγπϐΫϐρηθϑ
άίκοηφθϑςΪξβ
ΗΪεΪςμνγμίήθάΰβηνςιβηήίεωΎθάΰβηΪςιβηήίεωαΪείΰβμφ
άϐήμβινάβμωΰδβμΪϑϑάΪέβζΪε
ΌδκνμϐμφήάΪέάβημβαΫθδϐάμΪδσθΫηΪιθάίκοηϐαΪεβςβεθλω
ζζϑοήθάΰβηβζΪε
¨ζΪε©
ΌλμΪάμίζίκίΰίάβγδΪΫίεφνάβμωΰδνμΪνδΪΫίείικθάϐήκΪζβ
σθθινλδΪώμφλω
αίβί
Λεϐήδνγμί αΪ μβζ σθΫ ζίκίΰίάβγ δΪΫίεφ ηί ιθςδθήβάλω ιϐή ρΪλ
κνονκΪζβσθθινλδΪώμφλωζΪε
ΗΪάϐλμφμίάβμωΰηβγδθάιΪδϐικβέάβημϐμφάϐήιθάϐήηβζβήνΰδΪζβ
ηΪκΪζϐσθθινλδΪώμφλωζΪε
¨ζΪε©
Α·ώήηΪγμίμκνΫβ
Αιίζϕαιί ΎεωπφθέθαηΪήθΫβμφλωέηνρδβγςεΪηέΔθεβάβμωΰδΪ
αηΪοθήβμφλωάθινσίηθζνλμΪηϐςεΪηέζΪώΫνμβηΪμωέηνμβζ
ΌβδθηΪγμίμθρηίκίένεψάΪηηωλβεβηΪμωέηίηηωικνΰβηβ
αζϐηψψρβήθάΰβηνςιβηήίεωζΪε
Αιίζϕαιί ΌβμωΰδΪ ιθάβηηΪ αΪεβςΪμβλω ν άίκοηφθζν ιθεθΰίηηϐ
μΪλΪζθλμϐγηθθινλμβμβλωήθηβΰηφθέθνιθκνιϐλεω
κθαΫεθδνάΪηηω
ΎεωθινλδΪηηωικβμβληϐμφάβμωΰηβγδθάιΪδάέθκνιθπίημκνά
θΫεΪλμϐκνρδβζΪε
