
*9001303397*
Ø0RQWDJHDQOHLWXQJ
Ú,QVWDOODWLRQLQVWUXFWLRQV
â,VWUX]LRQLSHULOPRQWDJJLR
é,QVWDOODWLHYRRUVFKULIW
Þ1RWLFHGHPRQWDJH



%
&
PLQ
PLQ

PLQ
PLQ
PLQ
D E

F

G
D
PP

E
PP

F
FOLFN

7

D
E


D
E F

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
7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQĂFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIU%HWULHEVVW|UXQ
JHQRGHUP|JOLFKH6FKlGHQGLHDXIHLQHIHKOHUKDIWHHOHNWULVFKH
,QVWDOODWLRQ]XUFN]XIKUHQVLQG
1HW]NDEHO'DV1HW]NDEHOGDUIQXUYRQHLQHU]XJHODVVHQHQ)DFK
NUDIWRGHUYRQHLQHPDXVJHELOGHWHQ.XQGHQGLHQVWWHFKQLNHULQVWDO
OLHUWZHUGHQ'LHHUIRUGHUOLFKHQ$QVFKOXVVGDWHQEHILQGHQVLFKDXI
GHP7\SHQVFKLOGXQGLQGHQ$QVFKOXVVSOlQHQ
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
)UGLH,QVWDOODWLRQPVVHQGLHDNWXHOOJOWLJHQ%DXYRUVFKULIWHQ
XQGGLH9RUVFKULIWHQGHU|UWOLFKHQ6WURPXQG*DVYHUVRUJHU
EHDFKWHWZHUGHQ
%HLGHU$EOHLWXQJYRQ$EOXIWVLQGGLHEHK|UGOLFKHQXQGJHVHW]OL
FKHQ9RUVFKULIWHQ]%/DQGHVEDXRUGQXQJHQ]XEHDFKWHQ
/HEHQVJHIDKU
=XUFNJHVDXJWH9HUEUHQQXQJVJDVHN|QQHQ]X9HUJLIWXQJHQIK
UHQ
,PPHU IU DXVUHLFKHQG =XOXIW VRUJHQ ZHQQ GDV *HUlW LP $EOXIWEH
WULHEJOHLFK]HLWLJPLWHLQHUUDXPOXIWDEKlQJLJHQ)HXHUVWlWWHYHU
ZHQGHWZLUG
5DXPOXIWDEKlQJLJH)HXHUVWlWWHQ]%JDV|OKRO]RGHUNRKOH
EHWULHEHQH+HL]JHUlWH'XUFKODXIHUKLW]HU:DUPZDVVHUEHUHLWHU
EH]LHKHQ9HUEUHQQXQJVOXIWDXVGHP$XIVWHOOUDXPXQGIKUHQGLH
$EJDVHGXUFKHLQH$EJDVDQODJH]%.DPLQLQV)UHLH
,Q9HUELQGXQJPLWHLQHUHLQJHVFKDOWHWHQ/IWXQJZLUGGHU.FKH
XQGGHQEHQDFKEDUWHQ5lXPHQ5DXPOXIWHQW]RJHQRKQHDXVUHL
FKHQGH=XOXIWHQWVWHKWHLQ8QWHUGUXFN*LIWLJH*DVHDXVGHP
.DPLQRGHU$E]XJVVFKDFKWZHUGHQLQGLH:RKQUlXPH]XUFN
JHVDXJW
■ (VPXVVGDKHULPPHUIUDXVUHLFKHQGH=XOXIWJHVRUJWZHUGHQ
■ (LQ=XOXIW$EOXIWPDXHUNDVWHQDOOHLQVWHOOWGLH(LQKDOWXQJGHV
*UHQ]ZHUWHVQLFKWVLFKHU
(LQ JHIDKUORVHU %HWULHE LVW QXU GDQQ P|JOLFK ZHQQ GHU 8QWHUGUXFN
LP $XIVWHOOUDXP GHU )HXHUVWlWWH 3D PEDU QLFKW EHUVFKUHL
WHW'LHVNDQQHUUHLFKWZHUGHQZHQQGXUFKQLFKWYHUVFKOLHEDUH
gIIQXQJHQ]%LQ7UHQ)HQVWHUQLQ9HUELQGXQJPLWHLQHP
=XOXIW$EOXIWPDXHUNDVWHQRGHUGXUFKDQGHUHWHFKQLVFKH0D
QDKPHQGLH]XU9HUEUHQQXQJEHQ|WLJWH/XIWQDFKVWU|PHQNDQQ
'LH$EOXIWGDUIZHGHULQHLQHQLQ%HWULHEEHILQGOLFKHQ5DXFKRGHU
$EJDVNDPLQQRFKLQHLQHQ6FKDFKWZHOFKHUGHU(QWOIWXQJYRQ
$XIVWHOOXQJVUlXPHQYRQ)HXHUVWlWWHQGLHQWDEJHJHEHQZHUGHQ
6ROOGLH$EOXIWLQHLQHQ5DXFKRGHU$EJDVNDPLQJHIKUWZHUGHQ
GHUQLFKWLQ%HWULHELVWPXVVGLH=XVWLPPXQJGHV]XVWlQGLJHQ
6FKRUQVWHLQIHJHUPHLVWHUVHLQJHKROWZHUGHQ
=LHKHQ6LHLQMHGHP)DOOGHQ5DWGHV]XVWlQGLJHQ6FKRUQVWHLQIH
JHUPHLVWHUVKLQ]XGHUGHQJHVDPWHQ/IWXQJVYHUEXQGGHV+DX
VHVEHXUWHLOHQNDQQXQG,KQHQGLHSDVVHQGH0DQDKPH]XU
%HOIWXQJYRUVFKOlJW
%HL9HUZHQGXQJHLQHV)HQVWHUNRQWDNWVFKDOWHUVZLUGEHLJHVFKORV
VHQHP)HQVWHUGLH/IWXQJ3KDVH ĂGHU1HW]DQVFKOXVVOHLWXQJ
YRP1HW]JHWUHQQW
:LUG GLH /IWXQJ DXVVFKOLHOLFK LP 8POXIWEHWULHE HLQJHVHW]W LVW GHU
%HWULHERKQH(LQVFKUlQNXQJP|JOLFK
/HEHQVJHIDKU
=XUFNJHVDXJWH9HUEUHQQXQJVJDVHN|QQHQ]X9HUJLIWXQJHQIK
UHQ%HL,QVWDOODWLRQHLQHU/IWXQJPLWHLQHUUDXPOXIWDEKlQJLJHQ
)HXHUVWlWWHPXVVGLH6WURP]XIKUXQJGHU/IWXQJPLWHLQHUJHHLJ
QHWHQ6LFKHUKHLWVVFKDOWXQJYHUVHKHQZHUGHQ
%UDQGJHIDKU
'LH)HWWDEODJHUXQJHQLP)HWWILOWHUN|QQHQVLFKHQW]QGHQ,QGHU
1lKHGHV*HUlWHVQLHPLWRIIHQHU)ODPPHDUEHLWHQ]%IODPELH
UHQ *HUlW QXU GDQQ LQ GHU 1lKH HLQHU )HXHUVWlWWH IU IHVWH %UHQQ
VWRIIH ]% +RO] RGHU .RKOH LQVWDOOLHUHQ ZHQQ HLQH JHVFKORVVHQH
QLFKWDEQHKPEDUH$EGHFNXQJYRUKDQGHQLVW(VGDUINHLQHQ)XQ
NHQIOXJJHEHQ
9HUOHW]XQJVJHIDKU
■ 9HUlQGHUXQJHQDPHOHNWULVFKHQRGHUPHFKDQLVFKHQ$XIEDX
VLQG JHIlKUOLFK XQG N|QQHQ ]X )HKOIXQNWLRQHQ IKUHQ .HLQH 9HU
lQGHUXQJHQDPHOHNWULVFKHQRGHUPHFKDQLVFKHQ$XIEDXGXUFK
IKUHQ
9HUOHW]XQJVJHIDKU
■ %DXWHLOHGLHZlKUHQGGHU0RQWDJH]XJlQJOLFKVLQGN|QQHQ
VFKDUINDQWLJVHLQ6FKXW]KDQGVFKXKHWUDJHQ
9HUOHW]XQJVJHIDKU
■ 5RWLHUHQGH/IWHUVLQGHLQ9HUOHW]XQJVULVLNR*HUlWQXULQHLQJH
EDXWHP=XVWDQGHLQVFKDOWHQ1LHPDOVLPODXIHQGHQ%HWULHELQ
GLH$EOXIW|IIQXQJDQGHU*HUlWHUFNVHLWHJUHLIHQ
(UVWLFNXQJVJHIDKU
9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU
SDFNXQJVPDWHULDOVSLHOHQODVVHQ
'LHVHV*HUlWQLFKWDXI%RRWHQRGHULQ)DKU]HXJHQHLQEDXHQ
$UEHLWVSODWWH6LHPXVVHEHQKRUL]RQWDOXQGVWDELOVHLQ'LH
$QZHLVXQJHQGHV$UEHLWVSODWWHQ+HUVWHOOHUVEHDFKWHQ
:HQQGLH'LFNHGHU$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXW
ZLUGQLFKWGHQ9RUJDEHQHQWVSULFKWGLH$UEHLWVSODWWHPLWIHXHU
XQGZDVVHUIHVWHP0DWHULDOYHUVWlUNHQELVGLHHPSIRKOHQH0LQ
GHVWGLFNHHUUHLFKWLVW$QGHUQIDOOVLVWNHLQHDXVUHLFKHQGH6WDELOLWlW
JHJHEHQ
+LQZHLVH
■ 'LH$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXWZLUGVROOWH
%HODVWXQJHQYRQFD NJVWDQGKDOWHQ
■ $QSDVVXQJHQ GHU $UEHLWVREHUIOlFKH PVVHQ YRQ HLQHP VSH]LDOL
VLHUWHQ'LHQVWOHLVWHUJHPl(LQEDXVNL]]HYRUJHQRPPHQZHU
GHQ
$OOJHPHLQH+LQZHLVH
'LH 2EHUIOlFKHQ GHV *HUlWHV VLQG HPSILQGOLFK %HL GHU ,QVWDOODWLRQ
%HVFKlGLJXQJHQYHUPHLGHQ
$EOXIWEHWULHE
+LQZHLV 'LH$EOXIWGDUIZHGHULQHLQHQLQ%HWULHEEHILQGOLFKHQ
5DXFK RGHU $EJDVNDPLQ QRFK LQ HLQHQ 6FKDFKW ZHOFKHU GHU (QW
OIWXQJYRQ$XIVWHOOXQJVUlXPHQYRQ)HXHUVWlWWHQGLHQWDEJHJH
EHQZHUGHQ
6ROOGLH$EOXIWLQHLQHQ5DXFKRGHU$EJDVNDPLQJHIKUWZHUGHQ
GHUQLFKWLQ%HWULHELVWPXVVGLH=XVWLPPXQJGHV]XVWlQGLJHQ
6FKRUQVWHLQIHJHUPHLVWHUVHLQJHKROWZHUGHQ
$EOXIWOHLWXQJ
+LQZHLV )U%HDQVWDQGXQJHQGLHDXIGLH5RKUVWUHFNH]XUFN]X
IKUHQVLQGEHUQLPPWGHU+HUVWHOOHUGHV*HUlWHVNHLQH*HZlKU
OHLVWXQJ
■ 'DV*HUlWHUUHLFKWVHLQHRSWLPDOH/HLVWXQJGXUFKHLQNXU]HV
JHUDGOLQLJHV$EOXIWURKUXQGHLQHQP|JOLFKVWJURHQ5RKUGXUFK
PHVVHU
■ 'XUFKODQJHUDXH$EOXIWURKUHYLHOH5RKUE|JHQRGHU5RKUGXUFK
PHVVHUGLHNOHLQHUDOVĂPPVLQGZLUGGLHRSWLPDOH
$EVDXJOHLVWXQJQLFKWHUUHLFKWXQGGDV/IWHUJHUlXVFKZLUGODX
WHU
■ 'LH5RKUHRGHU6FKOlXFKH]XP9HUOHJHQGHU$EOXIWOHLWXQJPV
VHQDXVQLFKWEUHQQEDUHP0DWHULDOVHLQ
■ :LUGGLH$EOXIWGXUFKGLH$XHQZDQGJHOHLWHWVROOWHHLQ7HOHV
NRS0DXHUNDVWHQYHUZHQGHWZHUGHQ
5XQGURKUH
(VZLUGHLQ,QQHQGXUFKPHVVHUYRQ PPHPSIRKOHQ

)ODFKNDQlOH
'HU,QQHQTXHUVFKQLWWPXVVGHP'XUFKPHVVHUGHU5XQGURKUHHQW
VSUHFKHQ
ĂPPFDĂFP
■ )ODFKNDQlOHVROOWHQNHLQHVFKDUIHQ8POHQNXQJHQKDEHQ
■ %HLDEZHLFKHQGHQ5RKUGXUFKPHVVHUQ'LFKWVWUHLIHQHLQVHW]HQ
8POXIWEHWULHE
+LQZHLV 'DV*HUlWGDUIQXULPIHVWLQVWDOOLHUWHQ=XVWDQGXQGPLW
DQJHVFKORVVHQHU9HUURKUXQJEHWULHEHQZHUGHQ
(OHNWULVFKHU$QVFKOXVV
'LHHUIRUGHUOLFKHQ$QVFKOXVVGDWHQVWHKHQDXIGHP7\SHQVFKLOG
DP*HUlW
'LHVHV*HUlWHQWVSULFKWGHQ(*)XQNHQWVW|UEHVWLPPXQJHQ
1XUHLQNRQ]HVVLRQLHUWHU)DFKPDQQGDUIGDV*HUlWDQVFKOLHHQ
'DV*HUlWPXVVJHPlGHUQHXHVWHQ,((5LFKWOLQLHQ,QVWLWXWLRQ
RI(OHFWULFDO(QJLQHHUVLQVWDOOLHUWZHUGHQ%HL)DOVFKDQVFKOXVV
NDQQGDV*HUlWEHVFKlGLJWZHUGHQ
9HUJHZLVVHUQ 6LH VLFK GDVV GHU 6SDQQXQJVZHUW GHV 6WURPQHW]HV
PLWGHPDQJHJHEHQHQ:HUWDXIGHP7\SHQVFKLOGEHUHLQVWLPPW
6WHOOHQ6LHVLFKHUGDVVGDV6WURPQHW]RUGQXQJVJHPlJHHUGHW
LVWXQGGLH6LFKHUXQJXQGGDV.DEHOXQG/HLWXQJVV\VWHPGHV
*HElXGHVIUGLHHOHNWULVFKH/HLVWXQJGHV*HUlWHVDXVUHLFKHQG
GLPHQVLRQLHUWLVW
:HQQ6LHGDV$QVFKOXVVNDEHOYHUOHJHQIROJHQGH3XQNWHEHDFK
WHQ
■ .DEHOQLFKWHLQNOHPPHQRGHUTXHWVFKHQ
■ .DEHOYRQVFKDUIHQ.DQWHQIHUQKDOWHQ
■ .DEHOQLFKWPLWGHP0HWDOOJHKlXVHDQGHU*HUlWHXQWHUVHLWHLQ
%HUKUXQJEULQJHQGDGLHVHVKHLZLUG
9RU*HUlWHDQVFKOXVV+DXVLQVWDOODWLRQEHUSUIHQ$XIJHHLJQHWH
$EVLFKHUXQJ GHU +DXVLQVWDOODWLRQ DFKWHQ 6SDQQXQJ XQG )UHTXHQ]
GHV*HUlWHVPVVHQPLWGHUHOHNWULVFKHQ,QVWDOODWLRQEHUHLQVWLP
PHQVLHKH7\SHQVFKLOG
'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL
WHU$QVFKOXVVEHWULHEHQZHUGHQ
,Q GHU IHVWYHUOHJWHQ HOHNWULVFKHQ ,QVWDOODWLRQ HLQH 7UHQQYRUULFKWXQJ
LQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRUVHKHQ
'DV9HUOHJHQRGHUGHU$XVWDXVFKGHU$QVFKOXVVOHLWXQJGDUIQXU
YRP(OHNWURIDFKPDQQXQWHU%HUFNVLFKWLJXQJGHUHLQVFKOlJLJHQ
9RUVFKULIWHQDXVJHIKUWZHUGHQ
:HQQGLH1HW]DQVFKOXVVOHLWXQJGLHVHV*HUlWHVDXVJHWDXVFKW
ZLUGPXVVVLHGXUFKHLQH$QVFKOXVVOHLWXQJYRP7\S+ 99)
RGHUK|KHUZHUWLJHUVHW]WHQZHUGHQ(UIRUGHUOLFKHQ$GHUQTXHU
VFKQLWWHQWVSUHFKHQGGHU6WURPEHODVWXQJEHVWLPPHQ(LQ4XHU
VFKQLWW PP
LVWQLFKW]XOlVVLJ
%HLP$XVWDXVFKGHU1HW]DQVFKOXVVOHLWXQJNDQQHVYRUNRPPHQ
GDVVGDV*HUlWXPJHGUHKWZHUGHQPXVV,QGLHVHP)DOOGLH)LOWHU
DEGHFNXQJDEQHKPHQXQGGHQ%HKlOWHUXQGGHQ0HWDOOIHWWILOWHU
KHUDXVQHKPHQ 6RPLW YHUKLQGHUQ 6LH GDVV GLHVH %DXWHLOH KHUDXV
IDOOHQ
'LH$QVFKOXVVOHLWXQJQXUQDFKGHP$QVFKOXVVELOGDQVFKOLHHQ
%HL%HGDUIEHLOLJHQGH.XSIHUEUFNHQPRQWLHUHQ
'LH6WURPYHUVRUJXQJGHU/IWXQJHUIROJWEHU3KDVH
,QVWDOODWLRQYRUEHUHLWHQ
*HUlWHPDHXQG6LFKHUKHLWVDEVWlQGH
■ *HUlWHPDHIU8POXIWEHWULHEEHDFKWHQ %LOG $
■ *HUlWHPDHIU$EOXIWEHWULHEEHDFKWHQ %LOG %
■ 6LFKHUVWHOOHQ GDVV GDV *HUlW QDFK $EVFKOXVV GHU ,QVWDOODWLRQ IU
GHQ$NWLYNRKOHILOWHUZHFKVHOGLH/HHUXQJGHVhEHUODXIEHKlOWHUV
XQGGLH'HPRQWDJHGHU*HKlXVHDEGHFNXQJDXVUHLFKHQG
]XJlQJOLFKLVW %LOG &
■ 6LFKHUKHLWVDEVWlQGHEHDFKWHQ %LOG &
0|EHOEHUSUIHQ
■ 'DV(LQEDXP|EHOPXVVZDDJHUHFKWDXVJHULFKWHWXQGDXVUHL
FKHQGWUDJIlKLJVHLQ
■ 'DVPD[*HZLFKWGHV*HUlWVEHWUlJWFLUFD NJ
■ 'DV(LQEDXP|EHOPXVVELV&WHPSHUDWXUEHVWlQGLJVHLQ
■ 'LH 6WDELOLWlW GHV (LQEDXP|EHOV PXVV DXFK QDFK GHQ $XVVFKQLW
WDUEHLWHQJHZlKUOHLVWHWVHLQ
■ 'LH7UDJIlKLJNHLWXQGGLH6WDELOLWlWLQVEHVRQGHUHEHLGQQHQ
$UEHLWVSODWWHQLVWGXUFKJHHLJQHWH8QWHUNRQVWUXNWLRQHQVLFKHU
]XVWHOOHQ *HUlWHJHZLFKW LQNO ]XVlW]OLFKHU %HODGXQJ EHUFNVLFK
WLJHQ'DVYHUZHQGHWH9HUVWlUNXQJVPDWHULDOPXVVKLW]HXQG
IHXFKWLJNHLWVEHVWlQGLJVHLQ
■ $EKlQJLJYRQGHU9HUURKUXQJXQGGHU7LHIHGHU$UEHLWVSODWWH
PXVVGLH7LHIHGHU6FKXEIlFKHUXQWHUGHP*HUlWDQJHSDVVW
ZHUGHQ'LHREHUVWH6FKXEODGHPXVVHQWIHUQWZHUGHQXQGLVW
QLFKWQXW]EDU
■ 'HU $EVWDQG ]ZLVFKHQ GHU 2EHUIOlFKH GHU $UEHLWVSODWWH XQG GHP
REHUHQ%HUHLFKGHV6FKXEIDFKVPXVV PPEHWUDJHQ
■ .HLQH%DFN|IHQ.KOJHUlWH*HVFKLUUVSOHU:DVFKPDVFKLQHQ
RGHUDQGHUH*HUlWHXQWHUEDXHQ
+LQZHLV 'LH(EHQKHLWGHV*HUlWHVHUVWQDFKGHU,QVWDOODWLRQLQ
GHU(LQEDX|IIQXQJEHUSUIHQ
0|EHOYRUEHUHLWHQ
'HQ $XVVFKQLWW LQ GHU $UEHLWVSODWWH JHPl GHU (LQEDXVNL]]H KHU
VWHOOHQ %LOG
+LQZHLV 'HU:LQNHOGHU6FKQLWWIOlFKH]XU$UEHLWVSODWWHPXVV
EHWUDJHQ 'LH VHLWOLFKHQ $XVVFKQLWWNDQWHQ PVVHQ SODQ VHLQ
%HLP (LQEDX EHU HLQHP 6FKXEIDFK 0LQGHVWDEVWlQGH HLQKDOWHQ
%LOG &
'DVREHUVWH6FKXEIDFKHQWIHUQHQXQGDP0|EHOHLQHHQWVSUH
FKHQGSDVVHQGH9HUEOHQGXQJDQEULQJHQ
0|EHOXQG*HUlWIU8POXIWEHWULHEYRUEHUHLWHQ
0|EHODXVVFKQLWWKHUVWHOOHQ
,QGHU6RFNHOOHLVWHGHV0|EHOVHLQHQ/XIWDXVODVVKHUVWHOOHQ
+LQZHLV (LQHQ0LQGHVWTXHUVFKQLWWGHV/XIWDXVODVVHVYRQ
FD FPòYRUVHKHQ'LH$XVODVV|IIQXQJLQGHU6RFNHOEOHQGH
VRJURZLHP|JOLFKDXVIKUHQXPGHQ/XIW]XJXQGGDV*H
UlXVFKQLHGULJ]XKDOWHQ
8PHLQHQVW|UHQGHQ/XIW]XJLP)XEHUHLFK]XYHUPHLGHQGLH
/XIWDXVOlVVHEHL.RFK]HLOHQLQGHQ6RFNHOOHLVWHQGHU1DFKEDU
P|EHORGHUEHL.RFKLQVHOQKLQWHQRGHUVHLWOLFKKHUVWHOOHQ
0|EHOUFNZDQGHQWIHUQHQ
%HL%HGDUIREHUH/HLVWHDQGHU0|EHOUFNZDQGHQWIHUQHQ
$P KLQWHUHQ 5DQG GHV $UEHLWVSODWWHQDXVVFKQLWWV GHQ 0LWWHOSXQNW
EHVWLPPHQ XQG GLHVHQ XQG GLH EHLGHQ /LQLHQ VHQNUHFKW QDFK XQ
WHQDXIGHP0|EHOERGHQDEELOGHQ %LOG D
)L[LHUXQJVEOHFK DXI GHP 0|EHOERGHQ DQ GHQ 0LWWHOOLQLHQ DXVULFK
WHQ %LOG E
%HL6FKXEODGHQ8QWHUVWH6FKXEODGHYROOVWlQGLJVFKOLHHQ
)DOOVGDV)L[LHUXQJVEOHFK]XZHLWXQWHUGHU6FKXEODGHYHU
VFKZLQGHWGLHVHVLQ5LFKWXQJ0|EHOUFNVHLWHYHUVFKLHEHQ0LW
+LOIHGHU0DUNLHUXQJHQLP)L[LHUXQJVEOHFKGLHVHVSDUDOOHO]XU
0LWWHOOLQLHDXVULFKWHQ %LOG F
+LQZHLVH
■ )DOOVGHU$EVWDQG]ZLVFKHQ6FKXEODGHXQG0|EHOERGHQ]X
NOHLQLVWXPGDV)L[LHUXQJVEOHFKDXIGHP0|EHOERGHQIHVW]X
VFKUDXEHQGDV)L[LHUXQJVEOHFKXPGUHKHQXQGYRQ
XQWHQDP0|EHOERGHQIHVWVFKUDXEHQ %LOG E=XYRUGDV
)L[LHUXQJVEOHFKYRQREHQDXIGHP0|EHOERGHQDXVULFKWHQ
XPGLHNRUUHNWH3RVLWLRQGHV)L[LHUXQJVEOHFKHV]XEHVWLP
PHQ %LOG F
■ $EKlQJLJYRQGHU3RVLWLRQGHV)L[LHUXQJVEOHFKVGLHHQWVSUH
FKHQGH9HUOlQJHUXQJZlKOHQ
■ )DOOVGDV)L[LHUXQJVEOHFKQLFKWZHLWJHQXJQDFKKLQWHQ
JHVFKREHQZHUGHQNDQQ6FKXEODGHQPLWJHULQJHUHU7LHIH
YHUZHQGHQ
)DOOVQRWZHQGLJ$XVVFKQLWWLP0|EHOERGHQPLW+LOIHGHV)L[LH
UXQJVEOHFKHVDQ]HLFKQHQXQGKHUVWHOOHQ %LOG G
1DFK$XVVFKQLWWDUEHLWHQ6SlQHHQWIHUQHQ
+LQZHLV 6FKQLWWIOlFKHQKLW]HEHVWlQGLJXQGZDVVHUGLFKWYHUVLH
JHOQ
)L[LHUXQJVEOHFKIHVWVFKUDXEHQXQG'LIIXVRUIHVWNOLSVHQ
)DOOVGHU$EVWDQG]ZLVFKHQ6FKXEODGHXQG0|EHOERGHQDXV
UHLFKWGDV)L[LHUXQJVEOHFKPLW.XQVWVWRIIVFKUDXEHQYRQREHQ
DPXQWHUHQ)ODFKNDQDOERJHQIHVWVFKUDXEHQ %LOG D
+LQZHLV %HL%HGDUIXQWHUHQ)ODFKNDQDOERJHQGUHKHQGDPLW
VLFKGHU/XIWDXVODVVDXIGHUJHJHQEHUOLHJHQGHQ6HLWHEHILQGHW
)L[LHUXQJVEOHFKPLW+RO]VFKUDXEHQYRQREHQDP0|EHOERGHQ
IHVWVFKUDXEHQ %LOG D
+LQZHLV )DOOVGHU$EVWDQG]ZLVFKHQ6FKXEODGHXQG0|EHOER
GHQ]XNOHLQLVWXPGDV)L[LHUXQJVEOHFKDXIGHP0|EHOERGHQ
IHVW]XVFKUDXEHQ GDV )L[LHUXQJVEOHFK XP GUHKHQ XQG YRQ
XQWHQDP0|EHOERGHQIHVWVFKUDXEHQ %LOG E
'LIIXVRUDPXQWHUHQ)ODFKNDQDOERJHQIHVWNOLSVHQ %LOG F
2EHUHQ)ODFKNDQDOERJHQPRQWLHUHQ
%HL%HGDUIGLH9HUOlQJHUXQJDEKlQJLJYRQGHU3RVLWLRQGHV)L
[LHUXQJVEOHFKV XQG GHU 0|EHOWLHIH ZlKOHQ -H OlQJHU GLH 9HUOlQ
JHUXQJXPVRWLHIHUNDQQGLH6FKXEODGHVHLQ9HUOlQJHUXQJPLW
YLHU.XQVWVWRIIVFKUDXEHQDQGHU$XVODVV|IIQXQJGHV.RFKIHOGV
IHVWVFKUDXEHQ %LOG

+LQZHLV =XU9HUEHVVHUXQJGHU$EVDXJOHLVWXQJGLHEHLOLHJHQ
GHQ'LFKWXQJHQHLQVHW]HQ
2EHUHQ)ODFKNDQDOERJHQDQGHU$XVODVV|IIQXQJGHV.RFKIHOGV
RGHUDQGHU9HUOlQJHUXQJIHVWVFKUDXEHQ
0|EHOXQG*HUlWIU$EOXIWEHWULHEYRUEHUHLWHQ
5HGX]LHUVWXW]HQRGHU)ODFKNDQDOERJHQPLWYLHU.XQVWVWRII
VFKUDXEHQDQGHU$XVODVV|IIQXQJGHV.RFKIHOGVRGHUDQGHU
9HUOlQJHUXQJIHVWVFKUDXEHQ %LOG
+LQZHLVH
■ %HL %HGDUI GLH HQWVSUHFKHQGH 9HUOlQJHUXQJ DP .RFKIHOG IHVW
VFKUDXEHQ-HOlQJHUGLH9HUOlQJHUXQJLVWXPVRWLHIHUNDQQ
GLH6FKXEODGHVHLQ %LOG
■ =XU9HUEHVVHUXQJGHU$EVDXJOHLVWXQJGLHEHLOLHJHQGHQ'LFK
WXQJHQHLQVHW]HQ
-H QDFK $EOXIWNRQILJXUDWLRQ IU GDV $EOXIWURKU HLQHQ $XVVFKQLWW LQ
GHUKLQWHUHQ0|EHOZDQGKHUVWHOOHQ0|EHOUFNZDQGHQWIHUQHQ
RGHUHLQHQ$XVVFKQLWWLP0|EHOERGHQKHUVWHOOHQ
1DFK$XVVFKQLWWDUEHLWHQ6SlQHHQWIHUQHQ
+LQZHLV 6FKQLWWIOlFKHQKLW]HEHVWlQGLJXQGZDVVHUGLFKWYHUVLH
JHOQ
*HUlWPRQWLHUHQ
: 6WURPVFKODJJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ'DV
$QVFKOXVVNDEHONDQQEHVFKlGLJWZHUGHQ$QVFKOXVVNDEHOZlK
UHQGGHU,QVWDOODWLRQQLFKWNQLFNHQRGHUHLQNOHPPHQ
: 9HUOHW]XQJVJHIDKU
%DXWHLOHGLHZlKUHQGGHU0RQWDJH]XJlQJOLFKVLQGN|QQHQ
VFKDUINDQWLJVHLQ6FKXW]KDQGVFKXKHWUDJHQ
.RFKIHOGHLQVHW]HQ
+DOWHVFKLHQHQDQEULQJHQ %LOG D
² :HQQ EHUHLWV +DOWHVFKLHQHQ DQJHEUDFKW VLQG GLHVH HQWIHUQHQ
XQGQHXHDQEULQJHQ
² %HLJHIOLHVWHQ$UEHLWVSODWWHQGLHXQWHUHQ*HZLQGHERKUXQJHQ
YHUZHQGHQ
² %HL$UEHLWVSODWWHQDXV6WHLQGLH6FKLHQHQDQNOHEHQGD]XKLW
]HEHVWlQGLJHQ]XP9HUNOHEHQYRQ0HWDOOXQG6WHLQJHHLJQH
WHQ.OHEVWRIIYHUZHQGHQ
'DV*HUlWLQGHQ$UEHLWVSODWWHQDXVVFKQLWWHLQVHW]HQ %LOG E
1HW]NDEHOQLFKWHLQNOHPPHQXQGQLFKWEHUVFKDUIH.DQWHQIK
UHQ 'LH /HLWXQJ PXVV VR LQVWDOOLHUW ZHUGHQ GDVV VLH NHLQH KHLHQ
6WHOOHQGHV.RFKIHOGVEHUKUW
*HUlWDQVFKOLHHQ
+LQZHLVH
■ %HL$EOXIWEHWULHEVROOWHHLQH5FNVWDXNODSSHPLWHLQHPPD[LPD
OHQgIIQXQJVGUXFNYRQ 3DHLQJHEDXWZHUGHQ,VWGHP*HUlW
NHLQH 5FNVWDXNODSSH EHLJHOHJW NDQQ VLH EHU GHQ )DFKKDQGHO
EH]RJHQZHUGHQ
■ :LUGGLH$EOXIWGXUFKGLH$XHQZDQGJHOHLWHWVROOWHHLQ7HOHV
NRS0DXHUNDVWHQYHUZHQGHWZHUGHQ
$EOXIWYHUELQGXQJKHUVWHOOHQ
$EOXIWURKUDP)ODFKNDQDOERJHQRGHU5HGX]LHUVWXW]HQEHIHVWL
JHQ %LOG
'LHHUODXEWH7LHIH7GHU6FKXEODGHPHVVHQGDEHL PP$E
VWDQG]XP$EOXIWURKUHLQKDOWHQ %LOG
9HUELQGXQJ]XU$EOXIW|IIQXQJKHUVWHOOHQ
9HUELQGXQJVVWHOOHQJHHLJQHWDEGLFKWHQ
8POXIWYHUELQGXQJKHUVWHOOHQ
)LOWHUPRGXODPXQWHUHQ)ODFKNDQDOERJHQIHVWNOLSVHQRGHUEHL
%HGDUIIHVWVFKUDXEHQ %LOG D
+LQZHLV %HL%HGDUI)LOWHUPRGXOGUHKHQGDPLWGDV6FKXEIDFK
IUGHQ$NWLYNRKOHILOWHUYRQGHUJHJHQEHUOLHJHQGHQ6HLWHJH|II
QHWZHUGHQNDQQ
'DVIOH[LEOH9HUELQGXQJVHOHPHQWDPREHUHQ)ODFKNDQDOERJHQ
IHVWNOLSVHQ
)LOWHUPRGXOXQGREHUHQ)ODFKNDQDOERJHQEHUGDVIOH[LEOH9HU
ELQGXQJVHOHPHQWYHUELQGHQ
+LQZHLVH
■ %HL%HGDUI9HUOlQJHUXQJHQ]ZLVFKHQGHP)LOWHUPRGXOXQG
GHPIOH[LEOHQ9HUELQGXQJVHOHPHQWPRQWLHUHQ
■ =XU9HUEHVVHUXQJGHU$EVDXJOHLVWXQJGLHEHLOLHJHQGHQ'LFK
WXQJHQHLQVHW]HQ
$OOH9HUVFKOXVVHOHPHQWHDP6FKXEIDFK|IIQHQ6FKXEIDFK|II
QHQ %LOG E
$NWLYNRKOHILOWHUHLQVHW]HQ %LOG F
6FKXEIDFKVFKOLHHQ
$OOH9HUVFKOXVVHOHPHQWHDP6FKXEIDFKVFKOLHHQ
'LHHUODXEWH7LHIH7GHU6FKXEODGHPHVVHQGDEHL PP$E
VWDQG]XP$EOXIWURKUHLQKDOWHQ %LOG
6WURPDQVFKOXVVKHUVWHOOHQ
■ 6SDQQXQJ6LHKH7\SHQVFKLOG
■ )DUENRGLHUXQJGHU1HW]DQVFKOXVVOHLWXQJ
JUQJHOE6FKXW]OHLWHU
<
EODX1HXWUDOOHLWHU1XOO
VFKZDU]EUDXQJUDX$XHQOHLWHU3KDVH
+LQZHLV hEHUSUIHQGHU%HWULHEVEHUHLWVFKDIW(UVFKHLQWLQGHU
$Q]HLJHGHV*HUlWHV
—…‹‹LVWHVQLFKWULFKWLJDQJHVFKORVVHQ
'DV*HUlWYRQGHU6WURPYHUVRUJXQJWUHQQHQXQGGHQ$QVFKOXVV
GHV6WURPNDEHOVEHUSUIHQ
$Q]HLJHDXI$EOXIWEHWULHERGHU8POXIWEHWULHE
XPVWHOOHQ
)UGHQ$EOXIWEHWULHEXQGGHQ8POXIWEHWULHEEHL%HGDUIGLH
$Q]HLJHGHUHOHNWURQLVFKHQ6WHXHUXQJLQGHQ*UXQGHLQVWHOOXQJHQ
HQWVSUHFKHQGXPVWHOOHQ
'D]X.DSLWHO *UXQGHLQVWHOOXQJHQLQGHU*HEUDXFKVDQOHLWXQJ
EHDFKWHQ
*HUlWGHPRQWLHUHQ
*HUlWYRP6WURPQHW]WUHQQHQ
$EOXIWNDQDOHQWIHUQHQRGHU8POXIWYHUELQGXQJHQO|VHQ
*HUlWYRQXQWHQKHUDXVGUFNHQ
$FKWXQJ
*HUlWHVFKDGHQ *HUlWQLFKWYRQREHQKHUDXVKHEHOQ
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
:HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIĂFPIURPWKHDSSOLDQFH
7KHPDQXIDFWXUHUVKDOODVVXPHQROLDELOLW\IRUPDOIXQFWLRQVRU
GDPDJHUHVXOWLQJIURPLQFRUUHFWHOHFWULFDOZLULQJ
0DLQV FDEOH7KH PDLQV FDEOH PXVW RQO\ EH LQVWDOOHG E\ D TXDOLILHG
SURIHVVLRQDORUE\DWUDLQHGDIWHUVDOHVHQJLQHHU7KHUHTXLUHG
FRQQHFWLRQGDWDLVORFDWHGRQWKHUDWLQJSODWHDQGLQWKHFLUFXLW
GLDJUDPV
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
)RU WKH LQVWDOODWLRQ REVHUYH WKH FXUUHQWO\ YDOLG EXLOGLQJ UHJXODWLRQV
DQGWKHUHJXODWLRQVRIWKHORFDOHOHFWULFLW\DQGJDVVXSSOLHUV
:KHQ FRQYH\LQJ WKH H[KDXVW DLU RIILFLDO DQG OHJDO UHJXODWLRQV HJ
VWDWHEXLOGLQJUHJXODWLRQVPXVWEHIROORZHG
'DQJHURIGHDWK
5LVNRISRLVRQLQJIURPIOXHJDVHVEHLQJGUDZQEDFNLQ
$OZD\VHQVXUHWKDWWKHUHLVDQDGHTXDWHVXSSO\RIIUHVKDLUWRWKH
URRPLIWKHDSSOLDQFHLVEHLQJRSHUDWHGLQDLUH[WUDFWLRQPRGHDW
WKHVDPHWLPHDVDQRQURRPVHDOHGKHDWLQJDSSOLDQFHLVEHLQJ
RSHUDWHG
1RQURRPVHDOHGKHDWLQJDSSOLDQFHVHJJDVRLOZRRGRU
FRDOEXUQLQJKHDWHUVFRQWLQXRXVIORZKHDWHUVRUZDWHUKHDWHUV
GUDZLQFRPEXVWLRQDLUIURPWKHURRPLQZKLFKWKH\DUHLQVWDOOHG
DQG GLVFKDUJH WKH H[KDXVW JDVHV RXWGRRUV WKURXJK DQ H[KDXVW JDV
V\VWHPHJDFKLPQH\

:LWKWKHYHQWLODWLRQV\VWHPVZLWFKHGRQDLULVH[WUDFWHGIURPWKH
NLWFKHQDQGWKHDGMDFHQWURRPV²ZLWKRXWDQDGHTXDWHVXSSO\RI
DLU WKH DLU SUHVVXUH IDOOV EHORZ DWPRVSKHULF SUHVVXUH 7R[LF JDVHV
IURPWKHFKLPQH\RUWKHH[WUDFWLRQVKDIWDUHVXFNHGEDFNHGLQWR
WKHOLYLQJVSDFH
■ 7KHUHPXVWWKHUHIRUHDOZD\VEHDQDGHTXDWHVXSSO\RIDLU
■ $VXSSO\DLUDLUH[WUDFWLRQGXFWDORQHLVQRWVXIILFLHQWWRHQVXUH
FRPSOLDQFHZLWKWKHOLPLW
,W LV RQO\ SRVVLEOH WR VDIHO\ RSHUDWH WKH DSSOLDQFH LI WKH SUHVVXUH LQ
WKHURRPLQZKLFKWKHKHDWLQJDSSOLDQFHLVLQVWDOOHGGRHVQRWGURS
PRUH WKDQ Ă3D ĂPEDU EHORZ DWPRVSKHULF SUHVVXUH 7KLV FDQ
EHDFKLHYHGLIWKHDLUQHHGHGIRUFRPEXVWLRQLVDEOHWRHQWHU
WKURXJKRSHQLQJVWKDWFDQQRWEHVHDOHGIRUH[DPSOHWKURXJK
GRRUV ZLQGRZV E\ PHDQV RI D VXSSO\DLUDLUH[WUDFWLRQ GXFW RU E\
RWKHUWHFKQLFDOPHDQV
7KH H[KDXVW DLU PXVW QRW EH FRQYH\HG LQWR D IXQFWLRQLQJ VPRNH RU
H[KDXVWJDVIOXHRULQWRDVKDIWWKDWLVXVHGWRYHQWLODWHURRPVLQ
ZKLFKKHDWLQJDSSOLDQFHVDUHLQVWDOOHG
,IWKHH[KDXVWDLULVWREHFRQYH\HGLQWRDQRQIXQFWLRQLQJVPRNH
RUH[KDXVWJDVIOXH\RXPXVWREWDLQWKHFRQVHQWRIWKHKHDWLQJ
HQJLQHHUUHVSRQVLEOH
$OZD\V FRQVXOW WKH KHDWLQJ HQJLQHHU UHVSRQVLEOH 7KH\ ZLOO EH DEOH
WRDVVHVVWKHKRXVHVHQWLUHYHQWLODWLRQVHWXSDQGVXJJHVWWKH
PRVWDSSURSULDWHYHQWLODWLRQPHDVXUHV
,IDZLQGRZFRQWDFWVZLWFKLVEHLQJXVHGWKHYHQWLODWLRQV\VWHP
SKDVH ĂLQWKHPDLQVSRZHUFDEOHZLOOEHGLVFRQQHFWHGIURPWKH
PDLQVSRZHUVXSSO\ZKHQWKHZLQGRZLVFORVHG
8QUHVWULFWHGRSHUDWLRQLVSRVVLEOHLIWKHYHQWLODWLRQV\VWHPLV
RSHUDWHGH[FOXVLYHO\LQDLUUHFLUFXODWLRQPRGH
5LVNRIGHDWK
5LVNRISRLVRQLQJIURPIOXHJDVHVEHLQJGUDZQEDFNLQ:KHQ
LQVWDOOLQJ D YHQWLODWLRQ V\VWHP LQ DQ RSHQIOXHG ERLOHU WKH HOHFWULFLW\
VXSSO\WRWKHYHQWLODWLRQV\VWHPPXVWEHSURYLGHGZLWKDVXLWDEOH
VDIHW\VZLWFK
5LVNRIILUH
*UHDVHGHSRVLWVLQWKHJUHDVHILOWHUPD\FDWFKILUH1HYHUZRUN
ZLWKQDNHGIODPHVFORVHWRWKHDSSOLDQFHHJIODPEpLQJ'RQRW
LQVWDOO WKH DSSOLDQFH QHDU D KHDWSURGXFLQJ DSSOLDQFH IRU VROLG IXHO
HJZRRGRUFRDOXQOHVVDFORVHGQRQUHPRYDEOHFRYHULV
DYDLODEOH7KHUHPXVWEHQRIO\LQJVSDUNV
5LVNRILQMXU\
■ &KDQJHVWRWKHHOHFWULFDORUPHFKDQLFDODVVHPEO\DUH
GDQJHURXVDQGPD\OHDGWRPDOIXQFWLRQV'RQRWPDNHDQ\
FKDQJHVWRWKHHOHFWULFDORUPHFKDQLFDODVVHPEO\
5LVNRILQMXU\
■ 3DUWVWKDWDUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUS
HGJHV:HDUSURWHFWLYHJORYHV
5LVNRILQMXU\
■ 7KHUHLVDULVNRILQMXU\ZKLOHWKHIDQLVURWDWLQJ'RQRWVZLWFK
WKH DSSOLDQFH RQ XQWLO LW KDV EHHQ LQVWDOOHG 1HYHU UHDFK LQWR WKH
DLUH[WUDFWLRQRSHQLQJRQWKHUHDURIWKHDSSOLDQFHZKLOHLWLVLQ
RSHUDWLRQ
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
'RQRWLQVWDOOWKLVDSSOLDQFHRQERDWVRULQYHKLFOHV
+REIODWKRUL]RQWDOVWDEOH)ROORZWKHKREPDQXIDFWXUHUV
LQVWUXFWLRQV
,IWKHWKLFNQHVVRIWKHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGGRHV
QRWFRPSO\ZLWKWKHVSHFLILFDWLRQVUHLQIRUFHWKHZRUNWRSXVLQJD
ILUHDQGZDWHUUHVLVWDQWPDWHULDOXQWLOLWUHDFKHVWKHPLQLPXP
WKLFNQHVV2WKHUZLVHVXIILFLHQWVWDELOLW\FDQQRWEHJXDUDQWHHG
1RWHV
■ 7KHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGVKRXOGEHDEOHWR
ZLWKVWDQGORDGVRIDSSUR[ NJ
■ $GDSWDWLRQVWRWKHZRUNVXUIDFHPXVWEHFDUULHGRXWE\D
VSHFLDOLVWVHUYLFHSURYLGHULQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
GLDJUDP
*HQHUDOLQIRUPDWLRQ
7KHVXUIDFHVRIWKHDSSOLDQFHDUHHDVLO\GDPDJHG$YRLG
GDPDJLQJWKHPGXULQJLQVWDOODWLRQ
([KDXVWDLUPRGH
1RWH 7KHH[KDXVWDLUPXVWQRWEHFRQYH\HGLQWRDIXQFWLRQLQJ
VPRNHRUH[KDXVWJDVIOXHRULQWRDVKDIWWKDWLVXVHGWRYHQWLODWH
URRPVLQZKLFKKHDWLQJDSSOLDQFHVDUHLQVWDOOHG
,IWKHH[KDXVWDLULVWREHFRQYH\HGLQWRDQRQIXQFWLRQLQJVPRNH
RUH[KDXVWJDVIOXH\RXPXVWREWDLQWKHFRQVHQWRIWKHKHDWLQJ
HQJLQHHUUHVSRQVLEOH
([KDXVWGXFW
1RWH 7KHDSSOLDQFHPDQXIDFWXUHUGRHVQRWSURYLGHDQ\ZDUUDQW\
IRUIDXOWVDWWULEXWDEOHWRWKHSLSHVHFWLRQ
■ 7KH DSSOLDQFH DFKLHYHV LWV RSWLPXP SHUIRUPDQFH E\ PHDQV RI D
VKRUWVWUDLJKWH[KDXVWDLUSLSHDQGDVODUJHDSLSHGLDPHWHUDV
SRVVLEOH
■ $V D UHVXOW RI ORQJ URXJK H[KDXVW DLU SLSHV PDQ\ SLSH EHQGV RU
SLSHGLDPHWHUVWKDWDUHVPDOOHUWKDQĂPPWKHRSWLPXP
H[WUDFWLRQSHUIRUPDQFHLVQRWDFKLHYHGDQGIDQQRLVHLV
LQFUHDVHG
■ 7KH SLSHV RU KRVHV IRU OD\LQJ WKH H[KDXVW DLU OLQH PXVW FRQVLVW RI
QRQFRPEXVWLEOHPDWHULDO
■ ,I WKH H[KDXVW DLU LV FRQYH\HG WKURXJK WKH RXWHU ZDOO D WHOHVFRSLF
ZDOOER[VKRXOGEHXVHG
5LVNRIGDPDJHIURPUHWXUQLQJFRQGHQVDWH,QVWDOOWKHH[KDXVW
GXFW LQ VXFK D ZD\ WKDW LW IDOOV DZD\ IURP WKH DSSOLDQFH VOLJKWO\
VORSH
5RXQGSLSHV
$QLQVLGHGLDPHWHURI PPLVUHFRPPHQGHG
)ODWGXFWV
7KHLQVLGHFURVVVHFWLRQPXVWEHWKHVDPHDVWKHGLDPHWHURIWKH
URXQGSLSHV
GLDĂPPFDĂFP
■ )ODWGXFWVVKRXOGQRWKDYHDQ\VKDUSEHQGV
■ 8VHVHDOLQJVWULSVIRUGLIIHUHQWSLSHGLDPHWHUV
&LUFXODWLQJDLUPRGH
1RWH 7KHDSSOLDQFHPXVWRQO\EHRSHUDWHGZKHQLWLVVHFXUHO\
LQVWDOOHGDQGWKHSLSHZRUNLVFRQQHFWHG
(OHFWULFDOFRQQHFWLRQ
7KHUHTXLUHGFRQQHFWLRQLQIRUPDWLRQLVRQWKHDSSOLDQFHV
LGHQWLILFDWLRQSODWH
7KLVDSSOLDQFHFRPSOLHVZLWKWKH(&LQWHUIHUHQFHVXSSUHVVLRQ
UHJXODWLRQV
2QO\DOLFHQVHGSURIHVVLRQDOPD\FRQQHFWWKHDSSOLDQFH7KH
DSSOLDQFHPXVWEHLQVWDOOHGLQDFFRUGDQFHZLWKWKHPRVWUHFHQW
,((,QVWLWXWHRI(OHFWULFDO(QJLQHHUVJXLGHOLQHV7KHDSSOLDQFH
PD\EHGDPDJHGLILWLVQRWFRQQHFWHGFRUUHFWO\
0DNH VXUH WKDW WKH YROWDJH RI WKH SRZHU VXSSO\ PDWFKHV WKH YDOXH
VSHFLILHGRQWKHUDWLQJSODWH
0DNH VXUH WKDW WKH SRZHU VXSSO\ LV SURSHUO\ HDUWKHG WKDW WKH IXVH
SURWHFWLRQLVVXIILFLHQWDQGWKHFDEOHZLULQJV\VWHPLQWKHEXLOGLQJ
LV VXIILFLHQWO\ GLPHQVLRQHG IRU WKH HOHFWULFDO SRZHU RI WKH DSSOLDQFH
&RPSO\ZLWKWKHIROORZLQJZKHQLQVWDOOLQJWKHSRZHUFDEOH
■ (QVXUHWKDWWKHFDEOHLVQRWSLQFKHGRUFUXVKHG
■ .HHSWKHFDEOHDZD\IURPVKDUSHGJHV
■ (QVXUHWKDWWKHFDEOHLVQRWLQFRQWDFWZLWKWKHPHWDOFDVLQJRQ
WKHXQGHUVLGHRIWKHDSSOLDQFHDVWKLVEHFRPHVKRW
&KHFNWKHKRXVHKROGZLULQJEHIRUHFRQQHFWLQJWKHDSSOLDQFH
(QVXUHWKDWWKHUHLVVXIILFLHQWIXVHSURWHFWLRQIRUWKHKRXVHKROG
ZLULQJ 7KH YROWDJH DQG IUHTXHQF\ RI WKH DSSOLDQFH PXVW PDWFK WKH
HOHFWULFDOZLULQJVHHUDWLQJSODWH
7KHDSSOLDQFHFRUUHVSRQGVWRSURWHFWLRQFODVV,DQGPXVWRQO\EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
,Q WKH SHUPDQHQW HOHFWULFDO ZLULQJ DQ HQHUJ\LVRODWLQJ GHYLFH PXVW
EHSURYLGHGLQWKHSKDVHVLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHTXLUHPHQWV
2QO\DTXDOLILHGHOHFWULFLDQZKRWDNHVWKHDSSURSULDWHUHJXODWLRQV
LQWRDFFRXQWPD\URXWHRUUHSODFHWKHFRQQHFWLQJFDEOH
,IWKHPDLQVSRZHUFDEOHIRUWKLVDSSOLDQFHLVUHSODFHGWKHQHZ
SRZHUFDEOHPXVWEHDQ+ 99)W\SHFDEOHRUDFDEOHZLWKD
KLJKHUUDWLQJ8VHWKHFXUUHQWORDGWRGHWHUPLQHZKLFKZLUHFURVV
VHFWLRQ\RXUHTXLUH$FURVVVHFWLRQRI PP
LVQRW
SHUPLVVLEOH
:KHQUHSODFLQJWKHSRZHUFDEOHWKHDSSOLDQFHPD\QHHGWREH
WXUQHGRYHU,QWKLVFDVHUHPRYHWKHILOWHUFRYHUDQGWDNHRXWWKH
FRQWDLQHUDQGWKHPHWDOJUHDVHILOWHU'RLQJWKLVZLOOSUHYHQWWKHVH
FRPSRQHQWVIURPIDOOLQJRXW

$OZD\VFRQQHFWWKHSRZHUFDEOHLQDFFRUGDQFHZLWKWKH
FRQQHFWLRQGLDJUDP,IQHFHVVDU\ILWWKHFRSSHUEULGJHVVXSSOLHG
7KHYHQWLODWLRQV\VWHPLVVXSSOLHGZLWKSRZHUYLDSKDVH
3UHSDULQJIRULQVWDOODWLRQ
$SSOLDQFHGLPHQVLRQVDQGVDIHW\FOHDUDQFHV
■ 7DNHLQWRDFFRXQWWKHDSSOLDQFHGLPHQVLRQVIRUDLUUHFLUFXODWLRQ
PRGH )LJ $
■ 7DNHLQWRDFFRXQWWKHDSSOLDQFHGLPHQVLRQVIRUDLUH[WUDFWLRQ
PRGH )LJ %
■ 0DNHVXUHWKDWRQFHLWLVLQVWDOOHGWKHUHZLOOEHDGHTXDWH
DFFHVVWRWKHDSSOLDQFHIRUUHSODFLQJWKHDFWLYDWHGFKDUFRDO
ILOWHU HPSW\LQJ WKH RYHUIORZ UHVHUYRLU DQG UHPRYLQJ WKH KRXVLQJ
FRYHU )LJ &
■ &RPSO\ZLWKWKHVDIHW\FOHDUDQFHV )LJ &
&KHFNLQJWKHILWWHGXQLW
■ 7KHILWWHGXQLWPXVWEHOHYHODQGKDYHVXIILFLHQWORDGEHDULQJ
FDSDFLW\
■ 7KHPD[ZHLJKWRIWKHDSSOLDQFHLVDSSUR[ NJ
■ 7KHILWWHGXQLWPXVWEHKHDWUHVLVWDQWXSWRĂ&
■ 7KHILWWHGXQLWPXVWVWLOOEHVWXUG\DIWHUWKHFXWRXWVKDYHEHHQ
PDGH
■ 8VHVXLWDEOHVXSSRUWLQJVWUXFWXUDOPHDVXUHVEHQHDWKWKH
ZRUNWRS HVSHFLDOO\ LI WKH ZRUNWRS LV QRW YHU\ WKLFN WR HQVXUH WKDW
LWLVERWKUREXVWDQGFDSDEOHRIEHDULQJWKHUHTXLUHGORDG7DNH
LQWRDFFRXQWWKHZHLJKWRIWKHDSSOLDQFHDQGDQ\DGGLWLRQDO
ORDGV7KHUHLQIRUFLQJPDWHULDOXVHGPXVWEHKHDWDQGPRLVWXUH
UHVLVWDQW
■ 7KHGHSWKRIWKHGUDZHUVXQGHUWKHDSSOLDQFHPXVWEHDGDSWHG
GHSHQGLQJRQWKHSLSHVDQGWKHGHSWKRIWKHZRUNWRS7KHWRS
GUDZHUPXVWEHUHPRYHGDQGFDQQRWEHXVHG
■ 7KH FOHDUDQFH EHWZHHQ WKH VXUIDFH RI WKH ZRUNWRS DQG WKH XSSHU
DUHDRIWKHGUDZHUPXVWEH PP
■ 'RQRWLQVWDOORYHQVUHIULJHUDWRUVGLVKZDVKHUVZDVKLQJ
PDFKLQHVRURWKHUDSSOLDQFHVXQGHUQHDWKWKHDSSOLDQFH
1RWH &KHFNWKDWWKHDSSOLDQFHLVOHYHORQFHLWKDVEHHQLQVWDOOHG
LQWKHLQVWDOODWLRQRSHQLQJ
3UHSDULQJWKHXQLWV
0DNHWKHFXWRXWLQWKHZRUNWRSDVVKRZQLQWKHLQVWDOODWLRQ
GUDZLQJ )LJ
1RWH 7KHDQJOHEHWZHHQWKHFXWVXUIDFHDQGWKHZRUNWRSPXVW
EH7KHFXWRXWHGJHVDWWKHVLGHVPXVWEHIODW
&RPSO\ZLWKWKHPLQLPXPFOHDUDQFHVZKHQLQVWDOOLQJRYHUD
GUDZHU )LJ &
5HPRYH WKH WRS GUDZHU DQG DWWDFK VXLWDEOH IDFLQJ WR WKH NLWFKHQ
XQLW
3UHSDULQJ WKH XQLW DQG DSSOLDQFH IRU XVH ZLWK DLU UHFLUFXODWLRQ
PRGH
0DNLQJDFXWRXWLQWKHXQLW
0DNHDQDLURXWOHWLQWKHXQLWVWRHNLFN
1RWH 7KHDLURXWOHWPXVWKDYHDPLQLPXPFURVVVHFWLRQRI
DSSUR[LPDWHO\ FPò 0DNH WKH RXWOHW RSHQLQJ LQ WKH WRH SDQHO
DVODUJHDVSRVVLEOHLQRUGHUWRNHHSGUDXJKWVDQGQRLVHWRD
PLQLPXP
7RSUHYHQWDQXQSOHDVDQWGUDXJKWDWIRRWOHYHOPDNHWKHDLU
RXWOHWVLQWKHWRHNLFNVRIWKHDGMDFHQWNLWFKHQXQLWVLI\RXU
DSSOLDQFHLVLQVWDOOHGDJDLQVWWKHZDOOLI\RXKDYHDFRRNLQJ
LVODQGPDNHWKHDLURXWOHWVDWWKHUHDURUDWWKHVLGHV
5HPRYHWKHNLWFKHQXQLWVEDFNSDQHO
,IQHFHVVDU\UHPRYHWKHXSSHUVWULSLQWKHXQLWVEDFNSDQHO
2QWKHUHDUHGJHRIWKHFXWRXWLQWKHZRUNWRSGHWHUPLQHWKH
FHQWUH SRLQW DQG PDUN WKLV DQG WKH WZR OLQHV YHUWLFDOO\ GRZQZDUGV
RQWKHERWWRPRIWKHXQLW )LJ D
&RUUHFWO\ SRVLWLRQ WKH IL[LQJ SODWH DJDLQVW WKH FHQWUH OLQHV RQ WKH
ERWWRPRIWKHXQLW )LJ E
,IGUDZHUVDUHILWWHG&ORVHWKHERWWRPGUDZHUIXOO\,IWKHIL[LQJ
SODWH GLVDSSHDUV WRR IDU XQGHUQHDWK WKH GUDZHU PRYH LW WRZDUGV
WKH UHDU RI WKH XQLW 8VH WKH PDUNLQJV RQ WKH IL[LQJ SODWH WR DOLJQ
LWSDUDOOHOWRWKHFHQWUHOLQH )LJ F
1RWHV
■ ,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH XQLW
LVWRRVPDOOWRVFUHZWKHIL[LQJSODWHWRWKHERWWRPRIWKHXQLW
WXUQ WKH IL[LQJ SODWH DQG VFUHZ LW WR WKH ERWWRP RI WKH XQLW
IURPEHORZ )LJ E%HIRUH\RXGRWKLVDOLJQWKHIL[LQJSODWH
RQWKHXQLWERWWRPIURPDERYHWRHVWDEOLVKZKHUHLWVKRXOGEH
SRVLWLRQHG )LJ F
■ &KRRVH WKH PRVW DSSURSULDWH H[WHQVLRQ EDVHG RQ WKH SRVLWLRQ
RIWKHIL[LQJSODWH
■ ,IWKHIL[LQJSODWHFDQQRWEHSXVKHGEDFNIDUHQRXJKXVH
VKDOORZHUGUDZHUV
,IQHFHVVDU\XVHWKHIL[LQJSODWHWRPDUNRXWDQGPDNHWKHFXW
RXWLQWKHXQLWERWWRP )LJ G
$IWHUPDNLQJWKHFXWRXWVUHPRYHDQ\VKDYLQJV
1RWH 6HDOFXWVXUIDFHVZLWKKHDWUHVLVWDQWDQGZDWHUSURRI
PDWHULDO
6HFXUHO\VFUHZLQJRQWKHIL[LQJSODWHDQGFOLSSLQJRQWKH
GLIIXVRU
,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH XQLW LV
VXIILFLHQWXVHSODVWLFVFUHZVWRVHFXUHWKHIL[LQJSODWHWRWKH
ORZHUIODWGXFWEHQGIURPDERYH )LJ D
1RWH ,IQHFHVVDU\WXUQWKHORZHUIODWGXFWEHQGVRWKDWWKHDLU
RXWOHWLVRQWKHRSSRVLWHVLGH
8VHZRRGHQVFUHZVWRVHFXUHWKHIL[LQJSODWHWRWKHERWWRPRI
WKHXQLWIURPDERYH )LJ D
1RWH ,I WKH FOHDUDQFH EHWZHHQ WKH GUDZHU DQG WKH ERWWRP RI WKH
XQLW LV WRR VPDOO WR VFUHZ WKH IL[LQJ SODWH WR WKH ERWWRP RI WKH XQLW
WXUQWKHIL[LQJSODWHDQGVFUHZLWWRWKHERWWRPRIWKHXQLW
IURPEHORZ )LJ E
&OLSWKHGLIIXVRUVHFXUHO\WRWKHORZHUIODWGXFWEHQG )LJ F
)LWWLQJWKHXSSHUIODWGXFWEHQG
,IUHTXLUHGFKRRVHWKHH[WHQVLRQEDVHGRQWKHSRVLWLRQRIWKH
IL[LQJSODWHDQGWKHXQLWGHSWK7KHORQJHUWKHH[WHQVLRQWKH
GHHSHU WKH GUDZHU FDQ EH 8VH IRXU SODVWLF VFUHZV WR VHFXUH WKH
H[WHQVLRQWRWKHKREVRXWOHWRSHQLQJ )LJ
1RWH 7RLPSURYHWKHVXFWLRQSRZHULQVHUWWKHHQFORVHGVHDOV
6FUHZWKHXSSHUIODWGXFWHOERZVHFXUHO\WRWKHKREVRXWOHW
RSHQLQJRUWKHH[WHQVLRQ
3UHSDULQJWKHXQLWDQGDSSOLDQFHIRUXVHZLWKDLUH[WUDFWLRQ
PRGH
8VHIRXUSODVWLFVFUHZVWRVHFXUHWKHUHGXFLQJFRQQHFWRURUIODW
GXFWHOERZWRWKHKREVRXWOHWRSHQLQJRUWKHH[WHQVLRQ )LJ
1RWHV
■ ,I QHFHVVDU\ VFUHZ WKH DSSURSULDWH H[WHQVLRQ WR WKH KRE 7KH
ORQJHUWKHH[WHQVLRQWKHGHHSHUWKHGUDZHUFDQEH )LJ
■ 7RLPSURYHWKHVXFWLRQSRZHULQVHUWWKHHQFORVHGVHDOV
'HSHQGLQJRQWKHDLUH[WUDFWLRQV\VWHPFRQILJXUDWLRQPDNHD
FXWRXWLQWKHUHDUSDQHORIWKHXQLWIRUWKHH[KDXVWDLUSLSH
UHPRYH WKH UHDU SDQHO RI WKH XQLW RU PDNH D FXWRXW LQ WKH ERWWRP
RIWKHXQLW
$IWHUPDNLQJWKHFXWRXWVUHPRYHDQ\VKDYLQJV
1RWH 6HDOFXWVXUIDFHVZLWKKHDWUHVLVWDQWDQGZDWHUSURRI
PDWHULDO
,QVWDOOLQJWKHDSSOLDQFH
: 5LVNRIHOHFWULFVKRFN
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV7KHVH
PD\GDPDJHWKHFRQQHFWLQJFDEOH'RQRWNLQNRUSLQFKWKH
FRQQHFWLQJFDEOHGXULQJLQVWDOODWLRQ
: 5LVNRILQMXU\
3DUWVWKDWDUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUS
HGJHV:HDUSURWHFWLYHJORYHV
,QVWDOOLQJWKHKRE
$WWDFKWKHPRXQWLQJUDLOV )LJ D
² ,IPRXQWLQJUDLOVKDYHDOUHDG\EHHQDWWDFKHGUHPRYHWKHVH
DQGDWWDFKQHZRQHV
² 8VHWKHORZHUWKUHDGHGKROHVIRUWLOHGZRUNWRSV
² )RUVWRQHZRUNWRSVDGKHUHWKHUDLOVWRGRWKLVXVHDKHDW
UHVLVWDQWDGKHVLYHVXLWDEOHIRUERQGLQJPHWDODQGVWRQH
3ODFHWKHDSSOLDQFHLQWRWKHFXWRXWLQWKHZRUNWRS )LJ E
'RQRWWUDSWKHPDLQVFDEOHRUURXWHLWRYHUVKDUSHGJHV7KH
FDEOHPXVWEHLQVWDOOHGVXFKWKDWLWGRHVQRWFRPHLQWRFRQWDFW
ZLWKDQ\KRWSDUWVRIWKHKRE
&RQQHFWLQJWKHDSSOLDQFH
1RWHV
■ )RUDLUH[WUDFWLRQPRGHDEDFNSUHVVXUHIODSZLWKDPD[LPXP
RSHQLQJSUHVVXUHRI 3DVKRXOGEHLQVWDOOHG,IDEDFN
SUHVVXUHIODSLVQRWLQFOXGHGZLWKWKHDSSOLDQFHRQHFDQEH
RUGHUHGIURPDVSHFLDOLVWUHWDLOHU
■ ,I WKH H[KDXVW DLU LV FRQYH\HG WKURXJK WKH RXWHU ZDOO D WHOHVFRSLF
ZDOOER[VKRXOGEHXVHG

&RQQHFWLQJWKHDLUH[WUDFWRU
$WWDFK WKH H[KDXVW DLU SLSH WR WKH IODW GXFW HOERZ RU WKH UHGXFLQJ
FRQQHFWRU )LJ
0HDVXUHWKHSHUPLWWHGGHSWK7RIWKHGUDZHU²PDNHVXUH\RX
OHDYHDFOHDUDQFHRI PPIURPWKHH[KDXVWDLUSLSH )LJ
&RQQHFWLWWRWKHH[KDXVWDLURSHQLQJ
8VHVXLWDEOHPHDQVWRVHDOWKHMRLQWV
(VWDEOLVKLQJWKHFRQQHFWLRQIRUWKHFLUFXODWHGDLU
&OLS RU LI QHFHVVDU\ VFUHZ WKH ILOWHU PRGXOH VHFXUHO\ WR WKH ORZHU
IODWGXFWHOERZ )LJ D
1RWH ,IQHFHVVDU\WXUQWKHILOWHUPRGXOHWRDOORZWKHGUDZHUIRU
WKH DFWLYDWHG FKDUFRDO ILOWHU WR EH RSHQHG IURP WKH RSSRVLWH VLGH
&OLSWKHIOH[LEOHFRQQHFWLQJHOHPHQWVHFXUHO\WRWKHXSSHUIODW
GXFWHOERZ
8VH WKH IOH[LEOH FRQQHFWLQJ HOHPHQW WR FRQQHFW WKH ILOWHU PRGXOH
WRWKHXSSHUIODWGXFWHOERZ
1RWHV
■ ,IQHFHVVDU\ILWH[WHQVLRQVEHWZHHQWKHILOWHUPRGXOHDQGWKH
IOH[LEOHFRQQHFWLQJHOHPHQW
■ 7RLPSURYHWKHVXFWLRQSRZHULQVHUWWKHHQFORVHGVHDOV
2SHQDOORIWKHORFNVRQWKHGUDZHU2SHQWKHGUDZHU )LJ E
,QVHUWWKHDFWLYDWHGFKDUFRDOILOWHU )LJ F
&ORVHWKHGUDZHU
&ORVHDOORIWKHORFNVRQWKHGUDZHU
0HDVXUHWKHSHUPLWWHGGHSWK7RIWKHGUDZHU²PDNHVXUH\RX
OHDYHDFOHDUDQFHRI PPIURPWKHH[KDXVWDLUSLSH )LJ
(VWDEOLVKLQJDFRQQHFWLRQWRWKHPDLQV
■ 9ROWDJH6HHWKHUDWLQJSODWH
■ &RORXUFRGLQJIRUWKHPDLQVSRZHUFDEOH
*UHHQ\HOORZ 3(FRQGXFWRU
<
%OXH1HXWUDOFRQGXFWRU
%ODFNEURZQJUH\/LYHSKDVHFRQGXFWRU
1RWH &KHFNWKDWWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ,I
—…‹‹
DSSHDUV RQ WKH DSSOLDQFHV GLVSOD\ WKH DSSOLDQFH LV QRW FRQQHFWHG
FRUUHFWO\'LVFRQQHFW LW IURP WKH SRZHU VXSSO\ DQG FKHFN WKH SRZHU
FRUGFRQQHFWLRQ
6ZLWFKLQJ WKH GLVSOD\ WR DLU H[WUDFWLRQ PRGH RU DLU
UHFLUFXODWLRQPRGH
)RUDLUH[WUDFWLRQPRGHDQGDLUUHFLUFXODWLRQPRGHLIQHFHVVDU\
VZLWFKWKHHOHFWURQLFFRQWUROXQLWVGLVSOD\DFFRUGLQJO\WRWKHEDVLF
VHWWLQJV
7RGRWKLVUHIHUWRWKH %DVLFVHWWLQJVVHFWLRQLQWKHLQVWUXFWLRQ
PDQXDO
5HPRYLQJWKHDSSOLDQFH
'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
5HPRYHWKHH[KDXVWDLUGXFWRUGLVFRQQHFWWKHDLUUHFLUFXODWLRQ
FRQQHFWLRQV
3XVKRXWWKHDSSOLDQFHIURPEHORZ
&DXWLRQ
'DPDJHWRWKHDSSOLDQFH 'RQRWSULVHRXWWKHDSSOLDQFHIURP
DERYH
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
3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLĂFP
,OFRVWUXWWRUHQRQVLDVVXPHDOFXQDUHVSRQVDELOLWjSHUHYHQWXDOL
JXDVWLRGDQQLULFRQGXFLELOLDXQLQVWDOOD]LRQHHOHWWULFDGLIHWWRVD
&DYR GL UHWHLO FDYR GL UHWH GHYH HVVHUH LQVWDOODWR HVFOXVLYDPHQWH
GDSHUVRQDOHVSHFLDOL]]DWRHDXWRUL]]DWRRGDXQWHFQLFRGHO
VHUYL]LRGLDVVLVWHQ]DFOLHQWLGHELWDPHQWHIRUPDWR,GDWLSHULO
FROOHJDPHQWRQHFHVVDULVRQRUHSHULELOLVXOODWDUJKHWWDGL
LGHQWLILFD]LRQHHQHJOLVFKHPLGLDOODFFLDPHQWR
6WDFFDUHODOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
3HU O·LQVWDOOD]LRQH q QHFHVVDULR ULVSHWWDUH OH GLVSRVL]LRQL LQ PDWHULD
GLHGLOL]LDDWWXDOPHQWHLQYLJRUHHOHQRUPHGHOIRUQLWRUHORFDOHGL
HOHWWULFLWjHJDV
3HU TXDQWR FRQFHUQH OD FRQGX]LRQH GHOODULD HVDXVWD q QHFHVVDULR
ULVSHWWDUHOHQRUPDWLYHGLOHJJHXIILFLDOLDGHVQRUPDWLYH
XUEDQLVWLFKHSURYLQFLDOL
3HULFRORGLPRUWH
,JDVGLFRPEXVWLRQHULDVSLUDWLSRVVRQRFDXVDUHDYYHOHQDPHQWR
ËQHFHVVDULRDVVLFXUDUHVHPSUHXQDOLPHQWD]LRQHGLDULD
VXIILFLHQWHTXDQGRODSSDUHFFKLRLQPRGDOLWjDHVWUD]LRQHGDULD
YLHQHXWLOL]]DWRFRQWHPSRUDQHDPHQWHDXQIRFRODUHGLSHQGHQWH
GDOODULDDPELHQWH
,IRFRODULFKHGLSHQGRQRGDOODWHPSHUDWXUDDPELHQWHSHUHVD
JDVROLROHJQDRFDUERQHVFDOGDEDJQRFDOGDLHHOHWWULFKH
ULVFDOGDQRODULDSHUODFRPEXVWLRQHSUHVHQWHQHOODVWDQ]DHG
HOLPLQDQRLJDVGLVFDULFRDOOHVWHUQRDWWUDYHUVRXQLPSLDQWRSHU
HVFDPLQR
,QVLHPHDOVLVWHPDGLDVSLUD]LRQHDWWLYDWRGDOODFXFLQDHGDOOH
VWDQ]HDGLDFHQWLYLHQHVRWWUDWWDGHOODULDVHQ]DXQDOLPHQWD]LRQH
VXIILFLHQWH GL DULD VL FUHD OD GHSUHVVLRQH , JDV YHOHQRVL GDO FDPLQR
RGDOODFDSSDGLDVSLUD]LRQHYHQJRQRULDVSLUDWLQHOOHVWDQ]H
■ $VVLFXUDUHVHPSUHXQDOLPHQWD]LRQHGLDULDVXIILFLHQWH
■ 8QDSHUWXUDQHOPXURSHUDOLPHQWD]LRQHVFDULFRDULDQRQ
JDUDQWLVFHLOULVSHWWRGHOYDORUHOLPLWH
8Q HVHUFL]LR VLFXUR q SRVVLELOH VROR VH OD GHSUHVVLRQH QHOOD VWDQ]D
LQFXLqLQVWDOODWRODSSDUHFFKLRQRQVXSHUDLĂ3DĂPEDU
4XHVWR q JDUDQWLWR VH SXz DIIOXLUH DULD QHOOD VWDQ]D QHFHVVDULD DOOD
FRPEXVWLRQHDWWUDYHUVRDSHUWXUHQRQILVVHSHUHVSRUWHILQHVWUH
LQFRPELQD]LRQHFRQXQFDQDOHGLDGGX]LRQHVFDULFRDULDRDOWUH
PLVXUHWHFQLFKH
/·DULD HVDXVWD QRQ GHYH HVVHUH LPPHVVD LQ XQ FDPLQR SHU LO IXPR
R SHU L JDV GL VFDULFR IXQ]LRQDQWH Qp LQ XQ SR]]R GL DHUD]LRQH GHL
ORFDOLGLLQVWDOOD]LRQHGLIRFRODUL
6HO·DULDHVDXVWDYLHQHLPPHVVDLQXQFDPLQRSHUIXPRRJDVGL
VFDULFRQRQLQIXQ]LRQHqQHFHVVDULRRWWHQHUHO·DXWRUL]]D]LRQHGL
XQWHFQLFRVSHFLDOL]]DWR
&RQVXOWDUHLQRJQLFDVRORVSD]]DFDPLQRFKHqLQJUDGRGL
JLXGLFDUHODYHQWLOD]LRQHFRPSOHVVLYDLQFDVDHSURSRUUHPLVXUH
DGHJXDWH
8WLOL]]DQGRXQLQWHUUXWWRUHDFRQWDWWRLQFDVRGLILQHVWUDFKLXVD
ODVSLUD]LRQH IDVH ĂGHO FDYR GL FROOHJDPHQWR DOOD UHWH q VWDFFDWD
GDOODUHWH
6HLOVLVWHPDGLDVSLUD]LRQHqXVDWRVRORQHOODPRGDOLWjDULFLUFROR
GDULDLOVXRHVHUFL]LRqSRVVLELOHVHQ]DOLPLWD]LRQL
3HULFRORGLPRUWH
,JDVGLFRPEXVWLRQHULDVSLUDWLSRVVRQRFDXVDUHDYYHOHQDPHQWR
,QVWDOODQGRXQVLVWHPDGLDVSLUD]LRQHFRQXQIRFRODUHGLSHQGHQWH
GDOODULDDPELHQWHODOLPHQWD]LRQHGHOODVSLUD]LRQHGHYHHVVHUH
SURYYLVWDGLXQDGHJXDWRFRPDQGRGLVLFXUH]]D
3HULFRORGLLQFHQGLR
,GHSRVLWLGLJUDVVRSUHVHQWLQHOILOWURSHUJUDVVLSRVVRQR
LQFHQGLDUVL 1RQ ODYRUDUH PDL QHOOH YLFLQDQ]H GHOODSSDUHFFKLR FRQ
ILDPPHOLEHUHDGHVILDPPHJJLDUH/·LQVWDOOD]LRQH
GHOO·DSSDUHFFKLRQHOOHYLFLQDQ]HGLXQIRFRODUHSHUFRPEXVWLELOL
VROLGLDGHVOHJQRRFDUERQHqFRQVHQWLWDVRORVHTXHVWRq
GRWDWRGLFRSHUWXUDFKLXVDHQRQHVWUDLELOH1RQGHYHHVVHUFL
SURGX]LRQHGLVFLQWLOOH

3HULFRORGLOHVLRQL
■ 0RGLILFKHDOOLPSLDQWRHOHWWULFRRPHFFDQLFRVRQRSHULFRORVHH
SRVVRQRFDXVDUHDQRPDOLHQHOIXQ]LRQDPHQWR1RQDSSRUWDUH
PRGLILFKHDOOLPSLDQWRHOHWWULFRRPHFFDQLFR
3HULFRORGLOHVLRQL
■ ,FRPSRQHQWLFRVWUXWWLYLFKHUHVWDQRVFRSHUWLGXUDQWHLO
PRQWDJJLR SRVVRQR HVVHUH DSSXQWLWL ,QGRVVDUH JXDQWL SURWHWWLYL
3HULFRORGLOHVLRQL
■ /H YHQWROH URWDQWL UDSSUHVHQWDQR XQ ULVFKLR GL OHVLRQL $FFHQGHUH
ODSSDUHFFKLRVRORTXDQGRqFRUUHWWDPHQWHLQVWDOODWR'XUDQWHLO
IXQ]LRQDPHQWR QRQ LQILODUH PDL OH PDQL QHOODSHUWXUD GHO VLVWHPD
GLYHQWLOD]LRQHVXOUHWURGHOODSSDUHFFKLR
3HULFRORGLVRIIRFDPHQWR
,OPDWHULDOHGLPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH
PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR
4XHVWRDSSDUHFFKLRQRQGHYHHVVHUHLQVWDOODWRVXEDUFKHR
YHLFROL
3LDQRGLODYRURSLDWWRRUL]]RQWDOHHVWDELOH$WWHQHUVLDOOH
LVWUX]LRQLGHOIDEEULFDQWHGHOSLDQRGLODYRUR
6HORVSHVVRUHGHOSLDQRGLODYRURDOOLQWHUQRGHOTXDOHYLHQH
LQFDVVDWRLOSLDQRGLFRWWXUDQRQFRUULVSRQGHDLUHTXLVLWLULFKLHVWL
ULQIRU]DUHLOSLDQRGLODYRURFRQPDWHULDOHUHIUDWWDULRHUHVLVWHQWH
DOODFTXDILQRDUDJJLXQJHUHORVSHVVRUHPLQLPRFRQVLJOLDWR,Q
FDVRFRQWUDULRQRQYLHQHJDUDQWLWDXQDVXIILFLHQWHVWDELOLWj
$YYHUWHQ]H
■ ,OSLDQRGLODYRURDOOLQWHUQRGHOTXDOHYLHQHLQFDVVDWRLOSLDQRGL
FRWWXUDGHYHHVVHUHLQJUDGRGLVRVWHQHUHFDULFKLGLFD NJ
■ (YHQWXDOLDGDWWDPHQWLGHOODVXSHUILFLHGLODYRURGHYRQRHVVHUH
HVHJXLWLGDXQIRUQLWRUHVSHFLDOL]]DWRVHFRQGRLGLVHJQLGL
PRQWDJJLR
,QGLFD]LRQLJHQHUDOL
/HVXSHUILFLGHOO·DSSDUHFFKLRVRQRGHOLFDWH(YLWDUHGDQQLGXUDQWH
OLQVWDOOD]LRQH
0RGDOLWjDVSLUD]LRQH
$YYHUWHQ]D /·DULDHVDXVWDQRQGHYHHVVHUHLPPHVVDLQXQ
FDPLQRSHULOIXPRRSHULJDVGLVFDULFRIXQ]LRQDQWHQpLQXQ
SR]]RGLDHUD]LRQHGHLORFDOLGLLQVWDOOD]LRQHGLIRFRODUL
6HO·DULDHVDXVWDYLHQHLPPHVVDLQXQFDPLQRSHUIXPRRJDVGL
VFDULFRQRQLQIXQ]LRQHqQHFHVVDULRRWWHQHUHO·DXWRUL]]D]LRQHGL
XQWHFQLFRVSHFLDOL]]DWR
6FDULFRGHOODULD
$YYHUWHQ]D ,OSURGXWWRUHGHOODSSDUHFFKLRQRQVLDVVXPHDOFXQD
UHVSRQVDELOLWjSHUOHFRQWHVWD]LRQLUHODWLYHDOFRQGRWWR
■ /DSSDUHFFKLR UDJJLXQJH OD PDVVLPD SUHVWD]LRQH FRQ XQ WXER GL
VFDULFRFRUWRHGULWWRFKHKDXQGLDPHWURSRVVLELOPHQWHJUDQGH
■ &RQ WXEL GHVSXOVLRQH DULD OXQJKL FKH SUHVHQWDQR PROWH FXUYH R
FKHKDQQRXQGLDPHWURLQIHULRUHDĂPPQRQVLUDJJLXQJHOD
SUHVWD]LRQHRWWLPDOHGLDVSLUD]LRQHHLOUXPRUHGHOODYHQWROD
DXPHQWD
■ ,WXELRLWXELIOHVVLELOLSHULOFRQGRWWRGLVFDULFRGHOODULDGHYRQR
HVVHUHLQPDWHULDOHLJQLIXJR
■ 6HO·DULDHVDXVWDYLHQHFRQGRWWDDWWUDYHUVRODSDUHWHHVWHUQDq
QHFHVVDULRXWLOL]]DUHXQDFDVVHWWDPXUDOHWHOHVFRSLFD
3HULFRORGLGDQQLGRYXWLDOULWRUQRGHOODFRQGHQVD,QVWDOODUHLO
FDQDOHGLHVSXOVLRQHLQSRVL]LRQHOHJJHUPHQWHVSLRYHQWHULVSHWWR
DOODSSDUHFFKLRGLGLVOLYHOOR
7XELURWRQGL
6LFRQVLJOLDXQGLDPHWURLQWHUQRGLĂPP
&DQDOLSLDWWL
/D VH]LRQH LQWHUQD GHYH FRUULVSRQGHUH DO GLDPHWUR GHL WXEL URWRQGL
ĂPPFDĂFP
■ ,FDQDOLSLDWWLQRQGHYRQRSUHVHQWDUHULQYLLWDJOLHQWL
■ 1HOFDVRGLGLDPHWULGLYHUVLGHOWXERXWLOL]]DUHVWULVFHGLWHQXWD
)XQ]LRQDPHQWRDULFLUFRORGDULD
$YYHUWHQ]D /DSSDUHFFKLRGHYHHVVHUHPHVVRLQIXQ]LRQHVROR
VHOLQVWDOOD]LRQHqDYYHQXWDLQPDQLHUDILVVDHLOFRQGRWWRq
FROOHJDWR
&ROOHJDPHQWRHOHWWULFR
,GDWLQHFHVVDULSHUODOODFFLDPHQWRVLWURYDQRVXOODWDUJKHWWDGL
LGHQWLILFD]LRQHGHOODSSDUHFFKLR
4XHVWRDSSDUHFFKLRqFRQIRUPHDLUHTXLVLWLGLSURWH]LRQH5),
GHOO·8QLRQH(XURSHD
/DOODFFLDPHQWRGHOODSSDUHFFKLRSXzHVVHUHHIIHWWXDWRVRORGDXQ
WHFQLFRDXWRUL]]DWR/DSSDUHFFKLRGHYHHVVHUHLQVWDOODWRLQ
PDQLHUDFRQIRUPHDOOHQXRYHGLUHWWLYH,((,QVWLWXWLRQRI(OHFWULFDO
(QJLQHHUV8QDOODFFLDPHQWRVFRUUHWWRGHOODSSDUHFFKLRSXz
FDXVDUQHLOGDQQHJJLDPHQWR
$FFHUWDUVLFKHLOYDORUHGHOODWHQVLRQHGHOODOLPHQWD]LRQHHOHWWULFD
FRLQFLGDFRQLOYDORUHLQGLFDWRVXOODWDUJKHWWDGLLGHQWLILFD]LRQH
$FFHUWDUVLFKHODPHVVDDWHUUDGHOODOLPHQWD]LRQHHOHWWULFDVLD
FRQIRUPH H FKH LO IXVLELOH H LO VLVWHPD GL FDYL H FRQGRWWL GHOOHGLILFLR
SHUODFRQGXWWXUDHOHWWULFDGHOODSSDUHFFKLRDEELDXQDSRUWDWD
VXIILFLHQWH
3HUODSRVDGHOFDYRGLFROOHJDPHQWRULVSHWWDUHLVHJXHQWLSXQWL
■ 1RQLQFDVWUDUHRVFKLDFFLDUHLOFDYR
■ 7HQHUHORQWDQRLOFDYRGDVSLJROLWDJOLHQWL
■ 1RQIDUHHQWUDUHLQFRQWDWWRLOFDYRFRQXQDOORJJLDPHQWRLQ
PHWDOORSRLFKpTXHVWXOWLPRVLVXUULVFDOGD
3ULPDGHOODOODFFLDPHQWRGHOODSSDUHFFKLRFRQWUROODUHOLPSLDQWR
GRPHVWLFR9HULILFDUHODFRUUHWWDSURWH]LRQHGHOOLPSLDQWR
GRPHVWLFR 7HQVLRQH H IUHTXHQ]D GHOODSSDUHFFKLR GHYRQR HVVHUH
FRPSDWLELOLFRQOLPSLDQWRHOHWWULFRYHGHUHODWDUJKHWWD
LGHQWLILFDWLYD
/DSSDUHFFKLRDSSDUWLHQHDOODFODVVHGLSURWH]LRQH,HSXz
IXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD
'XUDQWHODSRVDILVVDGHOOLQVWDOOD]LRQHHOHWWULFDSUHYHGHUHXQ
GLVSRVLWLYRGLVHSDUD]LRQHQHOOHIDVLFRQIRUPHPHQWHDOOH
GLVSRVL]LRQLGHOODOOHVWLPHQWR
/DSRVDRODVRVWLWX]LRQHGHOFDYRGLFROOHJDPHQWRSRVVRQR
HVVHUHHVHJXLWHXQLFDPHQWHGDXQHOHWWULFLVWDTXDOLILFDWRWHQHQGR
FRQWRGHOOHUHODWLYHLVWUX]LRQL
,O FDYRGL FROOHJDPHQWRDOODUHWHGLTXHVWRDSSDUHFFKLRGHYH
HVVHUHVRVWLWXLWRFRQXQFDYRGLFROOHJDPHQWRGLWLSR+ 99)R
GLYDORUHVXSHULRUH'HWHUPLQDUHODVH]LRQHGHLILOLQHFHVVDULD
FRQIRUPHPHQWHDOFDULFRHOHWWULFR8QDVH]LRQHĂPP
QRQq
FRQVHQWLWD
'XUDQWHODVRVWLWX]LRQHGHOFDYRGLFROOHJDPHQWRDOODUHWHSXz
HVVHUHQHFHVVDULRFDSRYROJHUHODSSDUHFFKLR,QTXHVWRFDVR
ULPXRYHUHODFRSHUWXUDILOWURHGHVWUDUUHLOFRQWHQLWRUHHLOILOWUR
JUDVVLPHWDOOLFR,QTXHVWRPRGRVLHYLWDFKHWDOLFRPSRQHQWL
FDGDQRIXRUL
&ROOHJDUHLOFDYRGLDOODFFLDPHQWRVROWDQWRDWWHQHQGRVLDOOR
VFKHPDGLFROOHJDPHQWR6HQHFHVVDULRPRQWDUHLSRQWLFHOOLLQ
UDPHIRUQLWLLQGRWD]LRQH
/DOLPHQWD]LRQHHOHWWULFDGHOVLVWHPDGLDVSLUD]LRQHDYYLHQHQHOOD
IDVH
3UHSDUD]LRQHGHOOLQVWDOOD]LRQH
'LPHQVLRQLGHOODSSDUHFFKLRHGLVWDQ]HGLVLFXUH]]D
■ 2VVHUYDUH OH GLPHQVLRQL GHOODSSDUHFFKLR SHU LO IXQ]LRQDPHQWR D
ULFLUFRORGDULD ILJ $
■ 2VVHUYDUH OH GLPHQVLRQL GHOODSSDUHFFKLR SHU LO IXQ]LRQDPHQWR D
HVWUD]LRQHGDULD ILJ %
■ $FFHUWDUVLFKHDOWHUPLQHGHOOLQVWDOOD]LRQHSHUODVRVWLWX]LRQH
GHOILOWURDFDUERQHDWWLYRGHOORVYXRWDPHQWRGHOVHUEDWRLRGL
WUDERFFRHGHOORVPRQWDJJLRGHOODFRSHUWXUDGHOODOORJJLDPHQWR
ODSSDUHFFKLRVLDVXIILFLHQWHPHQWHDFFHVVLELOH ILJ &
■ 2VVHUYDUHOHGLVWDQ]HGLVLFXUH]]D ILJ &
&RQWUROODUHLOPRELOH
■ ,OPRELOHGDLQFDVVRGHYHHVVHUHSRVWRLQSRVL]LRQHRUL]]RQWDOH
HGHVVHUHDEEDVWDQ]DUHVLVWHQWH
■ ,OSHVRPD[GHOODSSDUHFFKLRqSDULDFLUFD NJ
■ ,OPRELOHGDLQFDVVRGHYHHVVHUHWHUPRVWDELOHILQRDXQD
WHPSHUDWXUDGLĂ&
■ /DVWDELOLWjGHOPRELOHGDLQFDVVRGHYHHVVHUHJDUDQWLWDDQFKH
GRSRLODYRULGLWDJOLR
■ /DSRUWDWDHODVWDELOLWjLQSDUWLFRODUHSHUTXDQWRULJXDUGDSLDQL
GLODYRURVRWWLOLGHYRQRHVVHUHDVVLFXUDWHJUD]LHDVWUXWWXUH
VRWWRVWDQWL DGDWWH 2VVHUYDUH LO SHVR GHOODSSDUHFFKLR FRPSUHVR
LOFDULFRVXSSOHPHQWDUH,OPDWHULDOHXVDWRSHULOULQIRU]RGHYH
HVVHUHUHVLVWHQWHDOFDORUHHDOOXPLGLWj
■ 6XOOD EDVH GHOOD WXED]LRQH H GHOOD SURIRQGLWj GHO SLDQR GL ODYRUR
GHYHHVVHUHDGDWWDWDODSURIRQGLWjGHLFDVVHWWLVRWWR
ODSSDUHFFKLR ,O FDVVHWWR VXSHULRUH GHYH HVVHUH ULPRVVR H QRQ q
XWLOL]]DELOH
■ /DGLVWDQ]DWUDODVXSHUILFLHGHOSLDQRGLODYRURHODSDUWH
VXSHULRUHGHOFDVVHWWRGHYHHVVHUHGL PP
■ 1RQqFRQVHQWLWRLQFDVVDUHIRUQLIULJRULIHULODYDVWRYLJOLH
ODYDWULFLRDOWULDSSDUHFFKL
$YYHUWHQ]D 9HULILFDUHODSODQDULWjGHOODSSDUHFFKLRVRORGRSR
OLQVWDOOD]LRQHQHOODSHUWXUDGLPRQWDJJLR
3UHSDUD]LRQHGHLPRELOL
5HDOL]]DUHODSHUWXUDQHOSLDQRGLODYRURVHFRQGRLOGLVHJQRGL
PRQWDJJLR ILJ

$YYHUWHQ]D /DQJROR GHOOD VXSHUILFLH GL WDJOLR ULVSHWWR DO SLDQR GL
ODYRURGHYHHVVHUHGL,ERUGLODWHUDOLGHOODSHUWXUDGHYRQR
HVVHUHOLVFL
,Q FDVR GL PRQWDJJLR VRSUD XQR VFRPSDUWR VFRUUHYROH ULVSHWWDUH
OHGLVWDQ]HLQGLFDWH ILJ &
5LPXRYHUHORVFRPSDUWRVFRUUHYROHVXSHULRUHHVXOPRELOH
PRQWDUHXQDFRSHUWXUDDGHJXDWD
3UHSDUD]LRQHGHOPRELOHHGHOODSSDUHFFKLRSHULO
IXQ]LRQDPHQWRDGDULDGLULFLUFROR
3UDWLFDUHLOIRURGLLQFDVVRGHOPRELOH
5HDOL]]DUHXQRVFDULFRSHUODULDQHOOR]RFFRORGHOPRELOH
$YYHUWHQ]D 3UHYHGHUHXQDVH]LRQHPLQLPDGHOORVFDULFRSHU
ODULD GL FLUFD FPò (VHJXLUH ODSHUWXUD GL VFDULFR QHO SDQQHOOR
GHOOR]RFFRORGHOODPDJJLRUGLPHQVLRQHSRVVLELOHSHUOLPLWDUHLO
IOXVVRGDULDHLOUXPRUH
3HUHYLWDUHODSUHVHQ]DIDVWLGLRVDGLXQIOXVVRGDULDQHOODUHD
GHOOR]RFFRORQHOOHFXFLQHDPXURFUHDUHXQDSUHVDGXVFLWD
GHOODULDQHJOL]RFFROLGHLPRELOLDGLDFHQWLRSSXUHQHOOHFXFLQHD
LVRODQHOODSDUWHSRVWHULRUHRODWHUDOH
5LPXRYHUHODSDUHWHSRVWHULRUHGHOPRELOH
6HQHFHVVDULRULPXRYHUHLOOLVWHOORVXSHULRUHVXOODSDUHWH
SRVWHULRUHGHOPRELOH
6XOERUGRVXSHULRUHGHOIRURGLQFDVVRGHOSLDQRGLODYRUR
GHWHUPLQDUHLOSXQWRFHQWUDOHHVHJQDUHOHGXHOLQHH
YHUWLFDOPHQWHYHUVRLOEDVVRVXOIRQGRGHOPRELOH ILJ D
$OOLQHDUHODODPLHUDGLILVVDJJLRVXOIRQGRGHOPRELOHEDVDQGRVL
VXOOHOLQHHFHQWUDOL ILJ E
6HFLVRQRFDVVHWWLFKLXGHUHFRPSOHWDPHQWHLOFDVVHWWRSLLQ
EDVVR6HODODPLHUDGLILVVDJJLRVFRPSDUHHFFHVVLYDPHQWH
VRWWRDOFDVVHWWRVSLQJHUODYHUVRLOODWRSRVWHULRUHGHOPRELOH
&RQODLXWRGHOOHPDUFDWXUHQHOODODPLHUDGLILVVDJJLRDOOLQHDUOD
SDUDOOHODPHQWHDOODOLQHDFHQWUDOH ILJ F
$YYHUWHQ]H
■ 6HODGLVWDQ]DWUDFDVVHWWRHIRQGRGHOPRELOHqWURSSRFRUWD
SHUDYYLWDUHODODPLHUDGLILVVDJJLRVXOIRQGRUXRWDUHOD
ODPLHUDGLILVVDJJLRGLHDYYLWDUODVXOIRQGRGHOPRELOH
GDOEDVVR ILJ E,QQDQ]LWXWWRDOOLQHDUHODODPLHUDGL
ILVVDJJLRGDOODOWRVXOIRQGRGHOPRELOHSHUGHWHUPLQDUQHOD
FRUUHWWDSRVL]LRQH ILJ F
■ 6FHJOLHUHODSUROXQJDFRUULVSRQGHQWHLQIXQ]LRQHGHOOD
SRVL]LRQHGHOODODPLHUDGLILVVDJJLR
■ 6HODODPLHUDGLILVVDJJLRQRQYLHQHVSLQWDDEEDVWDQ]D
LQGLHWURXWLOL]]DUHFDVVHWWLFRQSURIRQGLWjSLULGRWWD
6HQHFHVVDULRVHJQDUHHUHDOL]]DUHXQDSHUWXUDQHOIRQGRGHO
PRELOHFRQODLXWRGHOODODPLHUDGLILVVDJJLR ILJ G
5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR
$YYHUWHQ]D 6LJLOODUH OH VXSHUILFL GL WDJOLR LQ PRGR UHIUDWWDULR H D
WHQXWDVWDJQD
$YYLWDUH OD ODPLHUD GL ILVVDJJLR H ILVVDUH FRQ FOLSV LO GLIIXVRUH
6HODGLVWDQ]DWUDLOFDVVHWWRHLOIRQGRGHOPRELOHqVXIILFLHQWH
DYYLWDUH OD ODPLHUD GL ILVVDJJLR FRQ YLWL LQ SODVWLFD GDOODOWR H VXOOD
FXUYDLQIHULRUHGHOFDQDOHSLDWWR ILJ D
$YYHUWHQ]D 6H QHFHVVDULR UXRWDUH OD FXUYD LQIHULRUH GHO FDQDOH
SLDWWRDIILQFKpORVFDULFRGHOODULDVLWURYLVXOODWRRSSRVWR
$YYLWDUHODODPLHUDGLILVVDJJLRFRQYLWLSHUOHJQRGDOODOWRHVXO
IRQGRGHOPRELOH ILJ D
$YYHUWHQ]D 6HODGLVWDQ]DWUDFDVVHWWRHIRQGRGHOPRELOHq
WURSSR FRUWD SHU DYYLWDUH OD ODPLHUD GL ILVVDJJLR VXO IRQGR UXRWDUH
OD ODPLHUD GL ILVVDJJLR GL H DYYLWDUOD VXO IRQGR GHO PRELOH GDO
EDVVR ILJ E
)LVVDUH FRQ FOLS LO GLIIXVRUH VXOOD FXUYD LQIHULRUH GHO FDQDOH SLDWWR
ILJ F
0RQWDJJLRGHOODFXUYDGHOFDQDOHSLDWWR
6HQHFHVVDULRVFHJOLHUHODSUROXQJDLQIXQ]LRQHGHOODSRVL]LRQH
GHOODODPLHUDGLILVVDJJLRHGHOODSURIRQGLWjGHOPRELOH3Lq
OXQJDODSUROXQJDSLSURIRQGRSXzHVVHUHLOFDVVHWWR$YYLWDUH
OD SUROXQJD FRQ TXDWWUR YLWL LQ SODVWLFD VXOODSHUWXUD GL VFDULFR GHO
SLDQRFRWWXUD ILJ
$YYHUWHQ]D 3HU PLJOLRUDUH OD SUHVWD]LRQH GL DVSLUD]LRQH LQVHULUH
OHJXDUQL]LRQLIRUQLWH
$YYLWDUHODFXUYDGHOFDQDOHSLDWWRVXOODSHUWXUDGLVFDULFRGHO
SLDQRFRWWXUDRVXOODSUROXQJD
3UHSDUD]LRQH GHO PRELOH H GHOODSSDUHFFKLR SHU OD PRGDOLWj GL
DVSLUD]LRQH
$YYLWDUH L ERFFKHWWRQL GL ULGX]LRQH R OD FXUYD GHO FDQDOH SLDWWR FRQ
TXDWWURYLWLLQSODVWLFDVXOODSHUWXUDGLVFDULFRGHOSLDQRFRWWXUDR
VXOODSUROXQJD ILJ
$YYHUWHQ]H
■ 6HQHFHVVDULRDYYLWDUHODUHODWLYDSUROXQJDVXOSLDQRFRWWXUD
3LqOXQJDODSUROXQJDSLSURIRQGRSXzHVVHUHLOFDVVHWWR
ILJ
■ 3HUPLJOLRUDUHODSUHVWD]LRQHGLDVSLUD]LRQHLQVHULUHOH
JXDUQL]LRQLIRUQLWH
,Q IXQ]LRQH GHOOD FRQILJXUD]LRQH GHOOR VFDULFR GDULD SHU LO WXER GL
VFDULFRSUDWLFDUHXQDSHUWXUDQHOODSDUHWHSRVWHULRUHGHOPRELOH
ULPXRYHUHODSDUHWHSRVWHULRUHRSUDWLFDUHXQDSHUWXUDQHOIRQGR
GHOPRELOH
5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR
$YYHUWHQ]D 6LJLOODUH OH VXSHUILFL GL WDJOLR LQ PRGR UHIUDWWDULR H D
WHQXWDVWDJQD
0RQWDJJLRGHOO·DSSDUHFFKLR
: 3HULFRORGLVFRVVDHOHWWULFD
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL3RWUHEEHYHQLUHGDQQHJJLDWRLOFDYRGLFROOHJDPHQWR
'XUDQWHO·LQVWDOOD]LRQHIDUHDWWHQ]LRQHDQRQSLHJDUHRVHUUDUHLO
FDYRGLFROOHJDPHQWR
: 3HULFRORGLOHVLRQL
,FRPSRQHQWLFRVWUXWWLYLFKHUHVWDQRVFRSHUWLGXUDQWHLOPRQWDJJLR
SRVVRQRHVVHUHDSSXQWLWL,QGRVVDUHJXDQWLSURWHWWLYL
,QVHULPHQWRGHOSLDQRGLFRWWXUD
0RQWDUHOHJXLGHGLVXSSRUWR ILJ D
² 6HOHJXLGHGLVXSSRUWRVRQRJLjPRQWDWHULPXRYHUOHH
PRQWDUHTXHOOHQXRYH
² 3HULSLDQLGLODYRURSLDVWUHOODWLXWLOL]]DUHLIRULILOHWWDWLLQIHULRUL
² 3HU L SLDQL GL ODYRUR LQ SLHWUD LQFROODUH OH JXLGH XWLOL]]DUH D WDOH
VFRSRGHOODGHVLYRUHVLVWHQWHDOFDORUHHDGDWWRDLQFROODUH
PHWDOORHSLHWUD
,QVHULUHODSSDUHFFKLRQHOIRURGLQFDVVRGHOSLDQRGLODYRUR
ILJ E
)DUHLQPRGRFKHLOFDYRGLUHWHQRQULPDQJDLQFDVWUDWRHQRQ
SDVVL VX VSLJROL YLYL ,O FDYR GHYH HVVHUH SRVL]LRQDWR LQ PRGR FKH
QRQHQWULLQFRQWDWWRFRQDOFXQD]RQDFDOGDGHOSLDQRFRWWXUD
&ROOHJDUHODSSDUHFFKLR
$YYHUWHQ]H
■ 1HOIXQ]LRQDPHQWRDHVWUD]LRQHGDULDGHYHHVVHUHPRQWDWRXQ
UDFFRUGRDOHWWDWRFRQXQDSUHVVLRQHGDSHUWXUDPDVVLPDGL
3D6HFRQODSSDUHFFKLRQRQqIRUQLWRLOUDFFRUGRDOHWWDWRq
SRVVLELOHUHSHULUORLQXQQHJR]LRVSHFLDOL]]DWR
■ 6HO·DULDHVDXVWDYLHQHFRQGRWWDDWWUDYHUVRODSDUHWHHVWHUQDq
QHFHVVDULRXWLOL]]DUHXQDFDVVHWWDPXUDOHWHOHVFRSLFD
5HDOL]]D]LRQHGHOFROOHJDPHQWRDOORVFDULFRGHOODULD
)LVVDUHLOWXERGLVFDULFRVXOODFXUYDGHOFDQDOHSLDWWRRDO
PDQLFRWWRGLULGX]LRQH ILJ
0LVXUDUHODSURIRQGLWj7FRQVHQWLWDGHOFDVVHWWRULVSHWWDQGR
PPGLGLVWDQ]DGDOWXERGLVFDULFR ILJ
5HDOL]]DUHLOFROOHJDPHQWRDOODSHUWXUDSHUORVFDULFRGHOODULD
6LJLOODUHHUPHWLFDPHQWHLSXQWLGLFROOHJDPHQWR
5HDOL]]D]LRQHGHOFROOHJDPHQWRGLULFLUFRORGDULD
)LVVDUH FRQ OH FOLS LO PRGXOR ILOWUR VXOOD FXUYD LQIHULRUH GHO FDQDOH
SLDWWRRVHQHFHVVDULRDYYLWDUOR ILJ D
$YYHUWHQ]D 6HQHFHVVDULRUXRWDUHLOPRGXORILOWURSHUSRWHU
DSULUH OR VFRPSDUWR VFRUUHYROH SHU LO ILOWUR D FDUERQH DWWLYR GDO ODWR
RSSRVWR
)LVVDUH FRQ FOLS OHOHPHQWR GL FROOHJDPHQWR IOHVVLELOH VXOOD FXUYD
VXSHULRUHGHOFDQDOHSLDWWR
&ROOHJDUHLOPRGXORILOWURHODFXUYDVXSHULRUHGHOFDQDOHSLDWWR
VXOOHOHPHQWRGLFROOHJDPHQWRIOHVVLELOH
$YYHUWHQ]H
■ 6HQHFHVVDULRPRQWDUHOHSUROXQJKHWUDLOPRGXORILOWURH
OHOHPHQWRGLFROOHJDPHQWRIOHVVLELOH
■ 3HUPLJOLRUDUHODSUHVWD]LRQHGLDVSLUD]LRQHLQVHULUHOH
JXDUQL]LRQLIRUQLWH
$SULUHWXWWLJOLHOHPHQWLGLFKLXVXUDVXOORVFRPSDUWRVFRUUHYROH
$SULUHORVFRPSDUWRVFRUUHYROH ILJ E
,QVHULUHLOILOWURDFDUERQHDWWLYR ILJ F
&KLXGHUHORVFRPSDUWRVFRUUHYROH
&KLXGHUH WXWWL JOL HOHPHQWL GL FKLXVXUD VXOOR VFRPSDUWR VFRUUHYROH
0LVXUDUHODSURIRQGLWj7FRQVHQWLWDGHOFDVVHWWRULVSHWWDQGR
PPGLGLVWDQ]DGDOWXERGLVFDULFR ILJ

5HDOL]]D]LRQHGHOFROOHJDPHQWRHOHWWULFR
■ 7HQVLRQHYHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH
■ &RGLILFDGHLFRORULGHOFDYRGLFROOHJDPHQWRGHOODSSDUHFFKLR
9HUGHJLDOORFRQGXWWRUHGLWHUUD
<
%OXFRQGXWWRUHQHXWUR]HUR
1HURPDUURQHJULJLRFRQGXWWRUHHVWHUQRIDVH
$YYHUWHQ]D 9HULILFDGHOORVWDWRRSHUDWLYRVHVXOGLVSOD\
GHOODSSDUHFFKLRFRPSDUH
—…‹‹ODSSDUHFFKLRQRQqFROOHJDWR
FRUUHWWDPHQWH6WDFFDUHODSSDUHFFKLRGDOODOLPHQWD]LRQHHOHWWULFD
HYHULILFDUHODOODFFLDPHQWRGHOFDYRHOHWWULFR
3DVVDJJLRGHOOLQGLFDWRUHDOODPRGDOLWj
DVSLUD]LRQHDULFLUFRORRDOIXQ]LRQDPHQWRDGDULD
GLULFLUFROR
6HQHFHVVDULRSHULOIXQ]LRQDPHQWRDHVWUD]LRQHGDULDHLO
IXQ]LRQDPHQWRDULFLUFRORGDULDRFFRUUHPRGLILFDUH
RSSRUWXQDPHQWHOLQGLFDWRUHGHOFRQWUROORHOHWWURQLFRQHOOH
LPSRVWD]LRQLGLEDVH
$WDOHVFRSRFRQVXOWDUHLOFDSLWROR ,PSRVWD]LRQLGLEDVHQHOOH
LVWUX]LRQLSHUOXVR
6PRQWDJJLRGHOODSSDUHFFKLR
6WDFFDUHODSSDUHFFKLRGDOODUHWHHOHWWULFD
5LPXRYHUHLOFDQDOHGLVFDULFRRLFROOHJDPHQWLGLULFLUFRORGDULD
(VWUDUUHODSSDUHFFKLRVSLQJHQGRORGDOEDVVR
$WWHQ]LRQH
'DQQLDOODSSDUHFFKLR 1RQVROOHYDUHODSSDUHFFKLRWLUDQGROR
GDOODOWR
nl
é
,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVĂFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
'HIDEULNDQWLVQLHWYHUDQWZRRUGHOLMNYRRUEHGULMIVVWRULQJHQRI
PRJHOLMNHVFKDGHDOVJHYROJYDQHHQRQMXLVWHHOHNWULVFKH
LQVWDOODWLH
9RHGLQJVNDEHO'HYRHGLQJVNDEHOPDJDOOHHQGRRUHHQHUNHQG
YDNPDQRIHHQJHVFKRROGHWHFKQLFXVYDQGHNODQWHQVHUYLFH
ZRUGHQ JHwQVWDOOHHUG 'H YHUHLVWH DDQVOXLWJHJHYHQV EHYLQGHQ ]LFK
RSKHWW\SHSODDWMHHQLQGHDDQVOXLWVFKHPDV
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW
%LMGHLQVWDOODWLHPRHWHQGHDFWXHOHJHOGLJHERXZYRRUVFKULIWHQHQ
GHYRRUVFKULIWHQYDQGHSODDWVHOLMNHVWURRPHQJDVOHYHUDQFLHULQ
DFKWZRUGHQJHQRPHQ
7HQ DDQ]LHQ YDQ GH DIYRHUOXFKW GLHQHQ GH RYHUKHLGV HQ ZHWWHOLMNH
YRRUVFKULIWHQ]RDOVORNDOHERXZYHURUGHQLQJHQLQDFKWWHZRUGHQ
JHQRPHQ
/HYHQVJHYDDU
7HUXJJH]RJHQYHUEUDQGLQJVJDVVHQNXQQHQOHLGHQWRWYHUJLIWLJLQJ
$OWLMG YRRU YROGRHQGH OXFKWWRHYRHU ]RUJHQ ZDQQHHU GH OXFKWDIYRHU
SODDWVYLQGWLQHHQUXLPWHPHWHHQYXXUEURQGLHJHEUXLNPDDNWYDQ
GHDDQZH]LJHOXFKW
.RRNWRHVWHOOHQ GLH GH OXFKW LQ GH UXLPWH YHUEUXLNHQ ELMY DSSDUDWHQ
GLHRSJDVROLHKRXWRINROHQZRUGHQJHVWRRNWJHLVHUV
ZDUPZDWHUWRHVWHOOHQWUHNNHQGHYHUEUDQGLQJVOXFKWXLWGHUXLPWH
YDQRSVWHOOLQJHQYRHUHQGHJDVVHQYLDHHQDIYRHUELMY
VFKRRUVWHHQDIQDDUEXLWHQ
,QFRPELQDWLHPHWHHQLQJHVFKDNHOGHYHQWLODWLHZRUGWDDQGH
NHXNHQHQDDQGHUXLPWHVHUQDDVWOXFKWRQWWURNNHQ]RQGHU
YROGRHQGHWRHJHYRHUGHOXFKWRQWVWDDWHUHHQRQGHUGUXN*LIWLJH
JDVVHQXLWGHVFKRRUVWHHQRIKHWDIYRHUNDQDDOZRUGHQGDQ
WHUXJJH]RJHQLQGHZRRQUXLPWH
■ =RUJGDDURPDOWLMGYRRUYROGRHQGHWRHJHYRHUGHOXFKW
■ (HQ YHQWLODWLHNDVW LQ GH PXXU DOOHHQ LV QLHW YROGRHQGH RP DDQ GH
PLQLPDOHHLVHQWHYROGRHQ
8NXQWKHWDSSDUDDWDOOHHQGDQ]RQGHUULVLFRJHEUXLNHQZDQQHHU
GH RQGHUGUXN LQ GH UXLPWH ZDDULQ KHW NRRNWRHVWHO ]LFK EHYLQGW QLHW
JURWHU LV GDQ Ă3D ĂPEDU 'LW NDQ ZRUGHQ EHUHLNW ZDQQHHU GH
YRRUGHYHUEUDQGLQJEHQRGLJGHOXFKWGRRUQLHWDIVOXLWEDUH
RSHQLQJHQELMYLQGHXUHQUDPHQLQFRPELQDWLHPHWHHQ
YHQWLODWLHNDVW LQ GH PXXU RI GRRU DQGHUH WHFKQLVFKH YRRU]LHQLQJHQ
NDQZRUGHQWRHJHYRHUG
'HDIYRHUOXFKWPDJQLHWZRUGHQZHJJHOHLGYLDHHQURRNRI
DIYRHUJDVVFKRRUVWHHQGLHLQJHEUXLNLVHQRRNQLHWYLDHHQ
VFKDFKWGLHGLHQWYRRUGHRQWOXFKWLQJYDQUXLPWHVPHW
VWRRNSODDWVHQ
.RPW GH DIYRHUOXFKW WHUHFKW LQ HHQ URRN RI DIYRHUJDVVFKRRUVWHHQ
GLHQLHWLQJHEUXLNLVGDQGLHQWXHHQYDNEHNZDPH
VFKRRUVWHHQYHJHUWHUDDGSOHJHQ
5DDGSOHHJLQLHGHUJHYDOKHWEHGULMIGDWLQXZKXLV]RUJWYRRUGH
VFKRRUVWHHQUHLQLJLQJ'LWEHGULMILVLQVWDDWKHWWRWDOH
YHQWLODWLHV\VWHHPYDQXZKXLVWHEHRRUGHOHQHQNDQHHQYRRUVWHO
GRHQYRRUSDVVHQGHPDDWUHJHOHQRSKHWJHELHGYDQGH
OXFKWWRHYRHU
%LMKHWJHEUXLNYDQHHQYHQVWHUFRQWDFWVFKDNHODDUZRUGHQELMHHQ
JHVORWHQYHQVWHUGHYHQWLODWLHHQKHWYHUZDUPLQJVHOHPHQW
OLQNVDFKWHUIDVHĂYDQGHHOHNWULVFKHDDQVOXLWNDEHOYDQKHWQHW
ORVJHNRSSHOG
,QGLHQGHYHQWLODWLHDOOHHQPHWUHFLUFXODWLHZRUGWJHEUXLNWLVHHQ
RQEHSHUNWJHEUXLNPRJHOLMN
/HYHQVJHYDDU
7HUXJJH]RJHQ YHUEUDQGLQJVJDVVHQ NXQQHQ OHLGHQ WRW YHUJLIWLJLQJ
%LMGHLQVWDOODWLHYDQHHQYHQWLODWLHPHWHHQYXXUEURQGLHJHEUXLN
PDDNWYDQGHDDQZH]LJHOXFKWPRHWGHVWURRPWRHYRHUYDQGH
YHQWLODWLHYRRU]LHQZRUGHQYDQHHQJHVFKLNWH
YHLOLJKHLGVVFKDNHOLQJ
%UDQGJHYDDU
'HYHWDI]HWWLQJHQLQKHWYHWILOWHUNXQQHQRQWEUDQGHQ,QGHEXXUW
YDQKHWDSSDUDDWQRRLWZHUNHQPHWHHQRSHQYODPELMY
IODPEHUHQ +HW DSSDUDDW DOOHHQ LQ GH EXXUW YDQ HHQ YXXUEURQ YRRU
YDVWH EUDQGVWRIIHQ ELMY KRXW RI NROHQ LQVWDOOHUHQ ZDQQHHU HU HHQ
DIJHVORWHQ QLHW YHUZLMGHUEDUH DIVFKHUPLQJ DDQZH]LJ LV (U PRJHQ
JHHQYRQNHQZHJVSULQJHQ
5LVLFRYDQOHWVHO
■ :LM]LJLQJHQDDQGHHOHNWULVFKHRIPHFKDQLVFKHRSERXZ]LMQ
JHYDDUOLMNHQNXQQHQOHLGHQWRWIXQFWLHVWRULQJHQ*HHQ
ZLM]LJLQJHQDDQGHHOHNWULVFKHRIPHFKDQLVFKHRSERXZ
DDQEUHQJHQ
5LVLFRYDQOHWVHO
■ 2QGHUGHOHQGLHWLMGHQVGHPRQWDJHWRHJDQNHOLMN]LMQNXQQHQ
VFKHUSHUDQGHQKHEEHQ'UDDJYHLOLJKHLGVKDQGVFKRHQHQ
*HYDDUYRRUOHWVHO
■ 5RWHUHQGHYHQWLODWRUHQYRUPHQHHQULVLFRRSOHWVHO+HW
DSSDUDDWDOOHHQLQVFKDNHOHQLQLQJHERXZGHWRHVWDQG7LMGHQV
KHW JHEUXLN QRRLW PHW XZ KDQGHQ LQ GH YHQWLODWLHRSHQLQJ DDQ GH
DFKWHUNDQWYDQKHWDSSDUDDWNRPHQ
9HUVWLNNLQJVJHYDDU
9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW
PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ
'LWWRHVWHOQLHWELMERWHQRIYDDUWXLJHQLQERXZHQ
:HUNEODGYODNKRUL]RQWDDOVWDELHO9ROJGHLQVWUXFWLHVYDQGH
IDEULNDQWYDQKHWZHUNEODGRS
:DQQHHUGHGLNWHYDQKHWZHUNEODGZDDULQGHNRRNSODDWZRUGW
JHPRQWHHUG QLHW DDQ GH YHUHLVWH PDDW YROGRHW PRHW KHW ZHUNEODG
PHWKLWWHHQZDWHUEHVWHQGLJPDWHULDDOZRUGHQYHUVWHYLJGWRWGH
DDQEHYROHQ PLQLPDOH GLNWH LV EHUHLNW $QGHUV NDQ JHHQ YROGRHQGH
VWDELOLWHLWZRUGHQJHJDUDQGHHUG

$DQZLM]LQJHQ
■ +HWZHUNEODGZDDULQGHNRRNSODDWZRUGWJHPRQWHHUGPRHW
EHVWDQG]LMQWHJHQHHQEHODVWLQJYDQFD NJ
■ $DQSDVVLQJHQDDQKHWZHUNRSSHUYODNPRHWHQGRRUHHQ
JHVSHFLDOLVHHUGHGLHQVWYHUOHQHUYROJHQVKHWLQERXZVFKHPD
ZRUGHQXLWJHYRHUG
$OJHPHQHDDQZLM]LQJHQ
'HRSSHUYODNNHQYDQKHWDSSDUDDW]LMQJHYRHOLJ9RRUNRP
EHVFKDGLJLQJWLMGHQVGHLQVWDOODWLH
*HEUXLNPHWDIYRHUOXFKW
$DQZLM]LQJ 'HDIYRHUOXFKWPDJQLHWYLDHHQURRNRI
DIYRHUJDVVFKRRUVWHHQ GLH LQ JHEUXLN LV RI YLD HHQ VFKDFKW GLH GLHQW
YRRUGHRQWOXFKWLQJYDQUXLPWHVPHWVWRRNSODDWVHQZRUGHQ
ZHJJHOHLG
.RPW GH DIYRHUOXFKW WHUHFKW LQ HHQ URRN RI DIYRHUJDVVFKRRUVWHHQ
GLHQLHWLQJHEUXLNLVGDQGLHQWXHHQYDNEHNZDPH
VFKRRUVWHHQYHJHUWHUDDGSOHJHQ
/XFKWDIYRHU
$DQZLM]LQJ 9RRUNODFKWHQGLHWHZLMWHQ]LMQDDQGHEHEXL]LQJ
VWDDWGHIDEULNDQWYDQKHWDSSDUDDWQLHWJDUDQW
■ +HWDSSDUDDWZHUNWKHWEHVWZDQQHHUKHWZRUGWDDQJHVORWHQRS
HHQNRUWHUHFKWHDIYRHUEXLVPHWHHQ]RJURRWPRJHOLMNH
GLDPHWHU
■ %LMJHEUXLNYDQODQJHDIYRHUEXL]HQPHWHHQUXZHELQQHQNDQW
YHHOERFKWHQRIEXLVGLDPHWHUVNOHLQHUGDQĂPPZRUGWGH
RSWLPDOHOXFKWDIYRHUFDSDFLWHLWQLHWEHKDDOGHQLVKHW
YHQWLODWLHJHOXLGKDUGHU
■ 'HEXL]HQRIGHVODQJHQGLHYRRUGHOXFKWDIYRHUZRUGHQ
JHEUXLNWGLHQHQYDQHHQQLHWEUDQGEDDUPDWHULDDOWH]LMQ
■ :RUGW GH DIYRHUOXFKW GRRU GH EXLWHQPXXU JHOHLG GDQ UDGHQ ZLM X
DDQHHQWHOHVFRRSPXXUNDVWWHJHEUXLNHQ
%HVFKDGLJLQJVJHYDDUGRRUFRQGHQVDDWWHUXJORRS
/XFKWDIYRHUNDQDDO YDQXLW KHW DSSDUDDW OLFKW KHOOHQG LQVWDOOHUHQ
YHUORRS
5RQGHEXL]HQ
:LMDGYLVHUHQHHQELQQHQGLDPHWHUYDQ PP
3ODWWHEXL]HQ
'HELQQHQGLDPHWHUPRHWRYHUHHQNRPHQPHWGHGLDPHWHUYDQGH
URQGHEXL]HQ
ĂPPFDĂFP
■ 3ODWWHEXL]HQPRJHQJHHQVFKHUSHERFKWHQKHEEHQ
■ *HEUXLNELMHHQDIZLMNHQGHEXLVGLDPHWHUHHQDIGLFKWVWULS
*HEUXLNPHWFLUFXODWLHOXFKW
$DQZLM]LQJ +HWDSSDUDDWPDJDOOHHQZRUGHQJHEUXLNWZDQQHHU
KHWJRHGLVJHwQVWDOOHHUGHQGHOHLGLQJHQ]LMQDDQJHVORWHQ
(OHNWULVFKHDDQVOXLWLQJ
'HYHUHLVWHDDQVOXLWJHJHYHQVVWDDQRSKHWW\SHSODDWMHYDQKHW
DSSDUDDW
'LWDSSDUDDWYROGRHWDDQGHRQWVWRULQJVYRRUVFKULIWHQYDQGH(*
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
+HWDSSDUDDWGLHQWYROJHQVGHQLHXZVWH,((ULFKWOLMQHQ,QVWLWXWLRQ
RI (OHFWULFDO (QJLQHHUV WH ZRUGHQ JHwQVWDOOHHUG %LM HHQ YHUNHHUGH
DDQVOXLWLQJNDQKHWDSSDUDDWEHVFKDGLJGUDNHQ
9HU]HNHU X HUYDQ GDW GH VSDQQLQJVZDDUGH YDQ KHW HOHNWULFLWHLWVQHW
RYHUHHQNRPWPHWGHDDQJHJHYHQZDDUGHRSKHWW\SHSODDWMH
=RUJHUYRRUGDWKHWHOHNWULFLWHLWVQHWYROJHQVYRRUVFKULIWJHDDUGLV
HQGH]HNHULQJKHWVQRHUHQKHWOHLGLQJV\VWHHPYDQKHWJHERXZ
YROGRHQGH JHGLPHQVLRQHHUG ]LMQ YRRU KHW HOHNWULVFK YHUPRJHQ YDQ
KHWDSSDUDDW
/HWELMKHWOHJJHQYDQKHWDDQVOXLWVQRHURSGHYROJHQGHSXQWHQ
■ +HWVQRHUPDJQLHWEHNOHPGUDNHQRILQJHGUXNWZRUGHQ
■ +HWVQRHUPDJQLHWLQGHEXXUWNRPHQYDQVFKHUSHUDQGHQ
■ 6QRHUQLHWPHWGHPHWDOHQEHKXL]LQJWHJHQGHRQGHUNDQWYDQ
KHWDSSDUDDWLQFRQWDFWEUHQJHQRPGDWGH]HKHHWZRUGW
9RRUDDQVOXLWLQJYDQKHWDSSDUDDWGHKXLVLQVWDOODWLHFRQWUROHUHQ
/HWHURSGDWGHKXLVLQVWDOODWLHJRHGEHYHLOLJGLV6SDQQLQJHQ
IUHTXHQWLHYDQKHWDSSDUDDWPRHWHQRYHUHHQVWHPPHQPHWGH
HOHNWULVFKHLQVWDOODWLH]LHKHWW\SHSODDWMH
+HWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVH,HQPDJDOOHHQPHW
HHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
'HJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHGLHQWYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU
+HWDDQEUHQJHQYDQKHWVWRSFRQWDFWRIKHWYHUYDQJHQYDQGH
DDQVOXLWOHLGLQJPDJDOOHHQGRRUHHQHOHNWURWHFKQLFXVPHW
LQDFKWQHPLQJYDQGHJHOGHQGHYRRUVFKULIWHQZRUGHQXLWJHYRHUG
$OV GH HOHNWULVFKH DDQVOXLWNDEHO YDQ GLW DSSDUDDW ZRUGW YHUYDQJHQ
PRHWGLWHHQDDQVOXLWNDEHOYDQKHWW\SH+ 99)RI
KRRJZDDUGLJHU]LMQ9HUHLVWHGUDDGGLDPHWHURYHUHHQNRPVWLJGH
VWURRPEHODVWLQJEHSDOHQ(HQGLDPHWHUĂPP
LVQLHW
WRHJHVWDDQ
%LMKHWYHUYDQJHQYDQGHQHWDDQVOXLWOHLGLQJNDQKHWJHEHXUHQGDW
KHWDSSDUDDWPRHWZRUGHQRPJHGUDDLG,QGLWJHYDOGH
ILOWHUDIGHNNLQJYHUZLMGHUHQHQKHWUHVHUYRLUHQGHPHWDOHQYHWILOWHU
YHUZLMGHUHQ+LHUGRRUYHUKLQGHUWXGDWGH]HFRPSRQHQWHQHUXLW
YDOOHQ
'HDDQVOXLWOHLGLQJDOOHHQYROJHQVKHWDDQVOXLWVFKHPDDDQVOXLWHQ
,QGLHQQRGLJGHELMEHKRUHQGHNRSHUEUXJJHQPRQWHUHQ
'HVWURRPYRRU]LHQLQJYDQGHYHQWLODWLHJHEHXUWYLDIDVH
,QVWDOODWLHYRRUEHUHLGHQ
$SSDUDDWDIPHWLQJHQHQYHLOLJKHLGVDIVWDQGHQ
■ +RXGUHNHQLQJPHWGHDSSDUDDWDIPHWLQJHQYRRUOXFKWFLUFXODWLH
$IE $
■ +RXG YRRU GH DIYRHUOXFKW UHNHQLQJ PHW GH DSSDUDDWDIPHWLQJHQ
$IE %
■ =RUJHUYRRUGDWKHWDSSDUDDWQDKHWDIVOXLWHQYDQGHLQVWDOODWLH
YROGRHQGH WRHJDQNHOLMN LV RP GH DFWLHYH NRROILOWHUV WH YHUYDQJHQ
KHWRYHUORRSUHVHUYRLUOHHJWHPDNHQHQGHDIGHNNLQJYDQGH
EHKXL]LQJWHGHPRQWHUHQ $IE &
■ +RXGUHNHQLQJPHWGHYHLOLJKHLGVDIVWDQGHQ $IE &
0HXEHOFRQWUROHUHQ
■ +HW LQERXZPHXEHO PRHW KRUL]RQWDDO XLWJHULFKW ]LMQ HQ YROGRHQGH
GUDDJYHUPRJHQEH]LWWHQ
■ +HWPD[JHZLFKWYDQKHWDSSDUDDWEHGUDDJWFLUFD NJ
■ +HWLQERXZPHXEHOPRHWEHVWDQG]LMQWHJHQHHQWHPSHUDWXXU
YDQPD[LPDDO&
■ 'HVWDELOLWHLWYDQKHWLQERXZPHXEHOPRHWRRNQDGH
XLWVQLMZHUN]DDPKHGHQJHZDDUERUJG]LMQ
■ 9RRUDOELMGXQQHZHUNEODGHQGLHQWGRRUPLGGHOYDQJHVFKLNWH
RQGHUFRQVWUXFWLHVWHZRUGHQJH]RUJGYRRUYROGRHQGH
GUDDJYHUPRJHQHQVWDELOLWHLW+RXGUHNHQLQJPHWKHWJHZLFKW
YDQKHWDSSDUDDWLQFOEHODGLQJ+HWJHEUXLNWH
YHUVWHUNLQJVPDWHULDDOGLHQWKLWWHHQYRFKWEHVWHQGLJWH]LMQ
■ $IKDQNHOLMNYDQGHEXL]HQHQGHGLHSWHYDQKHWZHUNEODGPRHW
GHGLHSWHYDQGHODGHQRQGHUKHWDSSDUDDWZRUGHQDDQJHSDVW
'HERYHQVWHODGHPRHWYHUZLMGHUGZRUGHQHQLVQLHWEUXLNEDDU
■ 'HDIVWDQGWXVVHQKHWRSSHUYODNYDQKHWZHUNEODGHQGH
ERYHQNDQWYDQGHODGHPRHW PPEHGUDJHQ
■ *HHQ RYHQV NRHODSSDUDWHQ YDDWZDVPDFKLQHV ZDVPDFKLQHV RI
DQGHUHDSSDUDWHQRQGHUERXZHQ
$DQZLM]LQJ 3DV QD LQVWDOODWLH LQ GH LQERXZRSHQLQJ FRQWUROHUHQ RI
KHWDSSDUDDWZDWHUSDVLV
0HXEHOYRRUEHUHLGHQ
0DDNGHXLWVQLMGLQJLQKHWZHUNEODGDDQGHKDQGYDQGH
LQERXZWHNHQLQJ $IE
$DQZLM]LQJ 'H KRHN YDQ KHW VQLMYODN WRW KHW ZHUNEODG PRHW
EHGUDJHQ'H]LMUDQGHQYDQGHXLWVQLMGLQJGLHQHQYODNWH]LMQ
+RXGELMLQERXZERYHQHHQODGHPLQLPDOHDIVWDQGHQDDQ
$IE &
'H ERYHQVWH ODGH YHUZLMGHUHQ HQ HHQ SDVVHQGH DIVFKHUPLQJ RS
KHWPHXEHODDQEUHQJHQ
0HXEHOHQDSSDUDDWYRRUEHUHLGHQYRRUOXFKWFLUFXODWLH
0HXEHOXLWVQLMGLQJPDNHQ
,QGHYRRUVWHSOLQWYDQKHWPHXEHOHHQOXFKWXLWODDWPDNHQ
$DQZLM]LQJ =RUJHUYRRUGDWGHOXFKWXLWODDWHHQPLQLPDOH
GLDPHWHUYDQFD FPòKHHIW0DDNGHXLWODDWRSHQLQJLQGH
VRNNHOSODDW]RJURRWPRJHOLMN]RGDWHUZHLQLJWUHNHQ]RPLQ
PRJHOLMNJHOXLGRQWVWDDW
2PHHQVWRUHQGHWUHNLQKHWYRHWJHGHHOWHWHYHUPLMGHQGH
OXFKWXLWODWHQ ELM NHXNHQEORNNHQ LQ GH SOLQWHQ YDQ GH DDQVOXLWHQGH
PHXEHOHQRIELMNRRNHLODQGHQDFKWHUDDQRIDDQGH]LMNDQW
DDQEUHQJHQ
$FKWHUNDQWYDQKHWPHXEHOYHUZLMGHUHQ
'HERYHQVWHOLMVWDDQGHDFKWHUNDQWYDQKHWPHXEHO]RQRGLJ
YHUZLMGHUHQ
%HSDDOKHWPLGGHOSXQWRSGHDFKWHUVWHUDQGYDQGH
ZHUNEODGXLWVQLMGLQJ HQ JHHI GLW HQ GH EHLGH OLMQHQ ORRGUHFKW QDDU
EHQHGHQZHHURSGHERGHPYDQKHWPHXEHO $IE D
0RQWDJHSODDWXLWOLMQHQRSGHPLGGHOOLMQYDQGHERGHPYDQKHW
PHXEHO $IE E

%LMODGHQRQGHUVWHODGHYROOHGLJVOXLWHQ9HUGZLMQWGH
PRQWDJHSODDWWHYHURQGHUGHODGHYHUSODDWVKHPGDQLQGH
ULFKWLQJ YDQ GH DFKWHUNDQW YDQ KHW PHXEHO /LMQ KHP PHW EHKXOS
YDQGHPDUNHULQJHQRSGHPRQWDJHSODDWSDUDOOHODDQGH
PLGGHOOLMQXLW $IE F
$DQZLM]LQJHQ
■ ,VGHDIVWDQGWXVVHQODGHHQPHXEHOERGHPWHNOHLQRPGH
PRQWDJHSODDWYDVWWHVFKURHYHQDDQGHERGHPYDQKHW
PHXEHO GUDDL GH PRQWDJHSODDW GDQ HQ VFKURHI KHP YDQ
RQGHUHQYDVWDDQGHERGHPYDQKHWPHXEHO $IE E'H
PRQWDJHSODDW HHUVW YDQ ERYHQDI XLWOLMQHQ RS GH ERGHP YDQ KHW
PHXEHORPGHFRUUHFWHSRVLWLHHUYDQWHEHSDOHQ $IE F
■ $IKDQNHOLMNYDQGHSRVLWLHYDQGHPRQWDJHSODDWGHMXLVWH
YHUOHQJLQJNLH]HQ
■ .DQGHPRQWDJHSODDWQLHWYHUJHQRHJQDDUDFKWHUHQZRUGHQ
JHSODDWVWJHEUXLNGDQODGHQGLHPLQGHUGLHS]LMQ
=R QRGLJ PHW EHKXOS YDQ GH PRQWDJHSODDW LQ GH ERGHP YDQ KHW
PHXEHOHHQXLWVQLMGLQJWHNHQHQHQPDNHQ $IE G
1DXLWVQLMZHUN]DDPKHGHQGHVSDDQGHUVYHUZLMGHUHQ
$DQZLM]LQJ 6QLMYODNNHQKLWWHEHVWHQGLJHQZDWHUGLFKWDIGLFKWHQ
0RQWDJHSODDWHQGLIIXVRUYDVWFOLSVHQ
:DQQHHUHUYROGRHQGHDIVWDQGLVWXVVHQGHODGHHQGHERGHP
YDQKHWPHXEHOGHPRQWDJHSODDWPHWNXQVWVWRIVFKURHYHQYDQ
ERYHQDI YDVWVFKURHYHQ DDQ GH RQGHUVWH ERFKW YDQ GH SODWWH EXLV
$IE D
$DQZLM]LQJ =R QRGLJ DDQ GH RQGHUVWH ERFKW YDQ GH SODWWH EXLV
GUDDLHQ]RGDWGHOXFKWXLWODDW]LFKDDQGHDQGHUHNDQWEHYLQGW
0RQWDJHSODDW PHW KRXWVFKURHYHQ YDQ ERYHQ DDQ GH ERGHP YDQ
KHWPHXEHOEHYHVWLJHQ $IE D
$DQZLM]LQJ ,V GH DIVWDQG WXVVHQ ODGH HQ PHXEHOERGHP WH NOHLQ
RPGHPRQWDJHSODDWYDVWWHVFKURHYHQDDQGHERGHPYDQKHW
PHXEHOGUDDLGHPRQWDJHSODDWGDQHQVFKURHIKHPYDQ
RQGHUHQYDVWDDQGHERGHPYDQKHWPHXEHO $IE E
'LIIXVRUYDVWFOLSVHQDDQGHRQGHUVWHERFKWYDQGHSODWWHEXLV
$IE F
%RYHQVWHERFKWYDQGHSODWWHEXLVPRQWHUHQ
'H YHUOHQJLQJ ]R QRGLJ NLH]HQ DIKDQNHOLMN YDQ GH SRVLWLH YDQ GH
PRQWDJHSODDWHQGHPHXEHOGLHSWH+RHODQJHUGHYHUOHQJLQJ
KRHGLHSHUGHODGHNDQ]LMQ'HYHUOHQJLQJPHWYLHUNXQVWVWRI
YDVWVFKURHYHQDDQGHDI]XLJRSHQLQJYDQGHNRRNSODDW $IE
$DQZLM]LQJ 9RRUKHWYHUEHWHUHQYDQKHWDI]XLJYHUPRJHQGH
ELMJHOHYHUGHDIGLFKWLQJHQSODDWVHQ
'HERYHQVWHERFKWYDQGHSODWWHEXLVYDVWVFKURHYHQDDQGH
DI]XLJRSHQLQJYDQGHNRRNSODDWRIDDQGHYHUOHQJLQJ
0HXEHOHQDSSDUDDWYRRUEHUHLGHQYRRUOXFKWDIYRHU
9HUORRSVWXNRIGHERFKWYDQGHSODWWHEXLVPHWYLHUNXQVWVWRI
VFKURHYHQDDQGHXLWODDWRSHQLQJYDQGHNRRNSODDWRIDDQGH
YHUOHQJLQJYDVWVFKURHYHQ $IE
$DQZLM]LQJHQ
■ =RQRGLJHHQSDVVHQGHYHUOHQJLQJDDQGHNRRNSODDW
YDVWVFKURHYHQ+RHODQJHUGHYHUOHQJLQJLVGHVWHGLHSHUGH
ODGHNDQ]LMQ $IE
■ 9RRUKHWYHUEHWHUHQYDQKHWDI]XLJYHUPRJHQGHELMJHOHYHUGH
DIGLFKWLQJHQSODDWVHQ
$IKDQNHOLMN YDQ GH FRQILJXUDWLH YDQ GH OXFKWDIYRHU HHQ XLWVQLMGLQJ
YRRUGHDIYRHUEXLVPDNHQLQGHDFKWHUVWHPHXEHOZDQGGH
DFKWHUNDQWYDQKHWPHXEHOYHUZLMGHUHQRIHHQXLWVQLMGLQJLQGH
ERGHPYDQKHWPHXEHOPDNHQ
1DXLWVQLMZHUN]DDPKHGHQGHVSDDQGHUVYHUZLMGHUHQ
$DQZLM]LQJ 6QLMYODNNHQKLWWHEHVWHQGLJHQZDWHUGLFKWDIGLFKWHQ
$SSDUDDWPRQWHUHQ
: *HYDDUYDQHHQHOHNWULVFKHVFKRN
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ+LHUGRRUNDQGHDDQVOXLWNDEHOEHVFKDGLJGUDNHQ
$DQVOXLWNDEHOQLHWNQLNNHQRIDINOHPPHQELMGHLQVWDOODWLH
: 5LVLFRYDQOHWVHO
2QGHUGHOHQGLHWLMGHQVGHPRQWDJHWRHJDQNHOLMN]LMQNXQQHQ
VFKHUSHUDQGHQKHEEHQ'UDDJYHLOLJKHLGVKDQGVFKRHQHQ
.RRNSODDWLQEUHQJHQ
%HYHVWLJLQJVUDLOVDDQEUHQJHQ $IE D
² :DQQHHUHUDOEHYHVWLJLQJVUDLOV]LMQDDQJHEUDFKWGH]H
YHUZLMGHUHQHQQLHXZHDDQEUHQJHQ
² %LMEHWHJHOGHZHUNSODWHQGHRQGHUVWHGUDDGERULQJHQ
JHEUXLNHQ
² %LMZHUNEODGHQYDQVWHHQGHUDLOVYDVWOLMPHQJHEUXLNKLHUYRRU
KLWWHEHVWHQGLJHOLMPGLHJHVFKLNWLVYRRUKHWYHUOLMPHQYDQ
PHWDDOHQVWHHQ
+HWDSSDUDDWLQGHXLWVQLMGLQJYDQKHWZHUNEODGSODDWVHQ
$IE E
=RUJ HUYRRU GDW GH YRHGLQJVNDEHO QLHW EHNOHPG UDDNW HQ QLHW RYHU
VFKHUSHUDQGHQZRUGWJHOHLG'HOHLGLQJPRHW]RZRUGHQ
JHwQVWDOOHHUGGDWHUJHHQFRQWDFWZRUGWJHPDDNWPHWKHWH
SODDWVHQYDQGHNRRNSODDW
$SSDUDDWDDQVOXLWHQ
$DQZLM]LQJHQ
■ 9RRUGHDIYRHUOXFKWGLHQWHHQVWXZNOHSPHWHHQPD[LPDOH
RSHQLQJVGUXNYDQ 3DWHZRUGHQLQJHERXZG,VHUJHHQ
VWXZNOHSELMKHWDSSDUDDWJHYRHJGGDQNDQGH]HZRUGHQ
YHUNUHJHQELMVSHFLDDO]DNHQ
■ :RUGWGHDIYRHUOXFKWGRRUGHEXLWHQPXXUJHOHLGGDQGLHQWHU
HHQWHOHVFRRSPXXUNDVWWHZRUGHQJHEUXLNW
/XFKWDIYRHUYHUELQGLQJPDNHQ
/XFKWDIYRHUEXLVEHYHVWLJHQDDQGHERFKWYDQGHSODWWHEXLVRI
KHWYHUORRSVWXN $IE
'H WRHJHVWDQH GLHSWH 7 YDQ GH ODGH PHWHQ KLHUELM ĂPP DIVWDQG
WRWGHDIYRHUEXLVLQDFKWQHPHQ $IE
9HUELQGLQJPDNHQPHWGHOXFKWDIYRHURSHQLQJ
9HUELQGLQJVSXQWHQJRHGDIGLFKWHQ
&LUFXODWLHOXFKWYHUELQGLQJPDNHQ
)LOWHUPRGXOHYDVWFOLSVHQDDQGHRQGHUVWHERFKWYDQGHSODWWH
EXLVRI]RQRGLJYDVWVFKURHYHQ $IE D
$DQZLM]LQJ =R QRGLJ DDQ GH ILOWHUPRGXOH GUDDLHQ ]RGDW GH ODGH
YRRUGHDFWLHYHNRROILOWHUYDQGHDQGHUHNDQWNDQZRUGHQ
JHRSHQG
+HW IOH[LEHOH YHUELQGLQJVHOHPHQW DDQ GH ERYHQVWH ERFKW YDQ GH
SODWWHEXLVYDVWFOLSVHQ
)LOWHUPRGXOH HQ GH ERYHQVWH ERFKW YDQ GH SODWWH EXLV YHUELQGHQ
YLDKHWIOH[LEHOHYHUELQGLQJVHOHPHQW
$DQZLM]LQJHQ
■ =R QRGLJ YHUOHQJLQJHQ PRQWHUHQ WXVVHQ GH ILOWHUPRGXOH HQ KHW
IOH[LEHOHYHUELQGLQJVHOHPHQW
■ 9RRUKHWYHUEHWHUHQYDQKHWDI]XLJYHUPRJHQGHELMJHOHYHUGH
DIGLFKWLQJHQSODDWVHQ
$OOHVOXLWLQJVHOHPHQWHQYDQGHODGHRSHQHQ/DGHRSHQHQ
$IE E
$FWLHYHNRROILOWHULQEUHQJHQ $IE F
/DGHVOXLWHQ
$OOHVOXLWLQJVHOHPHQWHQYDQGHODGHVOXLWHQ
'H WRHJHVWDQH GLHSWH 7 YDQ GH ODGH PHWHQ KLHUELM ĂPP DIVWDQG
WRWGHDIYRHUEXLVLQDFKWQHPHQ $IE
6WURRPDDQVOXLWHQ
■ 6SDQQLQJ]LHKHWW\SHSODDWMH
■ .OHXUFRGHULQJYDQGHHOHNWULVFKHDDQVOXLWOHLGLQJ
JURHQJHHODDUGGUDDG
<
EODXZQXOOHLGHUQXO
]ZDUWEUXLQJULMVEXLWHQGUDDGIDVH
$DQZLM]LQJ &RQWUROHHURIKHWDSSDUDDWNODDULVYRRUJHEUXLN
YHUVFKLMQW
—…‹‹RSKHWGLVSOD\YDQKHWDSSDUDDWGDQLVKHWQLHW
JRHGDDQJHVORWHQ+DDOGHVWHNNHUYDQKHWDSSDUDDWGDQXLWKHW
VWRSFRQWDFWHQFRQWUROHHUGHDDQVOXLWLQJYDQGHHOHNWULFLWHLWVNDEHO
'LVSOD\RPVFKDNHOHQQDDUOXFKWDIYRHURI
OXFKWFLUFXODWLH
9RRUGHOXFKWDIYRHUHQOXFKWFLUFXODWLHPRHWKHWGLVSOD\YDQGH
HOHNWURQLVFKHUHJHOLQJ]RQRGLJLQGHEDVLVLQVWHOOLQJHQZRUGHQ
RPJHVFKDNHOG
=LHKLHUYRRUKHWKRRIGVWXN %DVLVLQVWHOOLQJHQLQGH
JHEUXLNVDDQZLM]LQJ
$SSDUDDWGHPRQWHUHQ
$SSDUDDWORVNRSSHOHQYDQKHWVWURRPQHW
/XFKWDIYRHUNDQDDOYHUZLMGHUHQRIOXFKWFLUFXODWLHYHUELQGLQJHQ
ORVNRSSHOHQ
+HWDSSDUDDWYDQRQGHUXLWQDDUEXLWHQGUXNNHQ
$WWHQWLH
6FKDGHDDQKHWDSSDUDDW +HWDSSDUDDWHUQLHWYDQERYHQDI
XLWWLOOHQ

fr
Þ
1RWLFHGHPRQWDJH
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
/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
3RUWHXUVGLPSODQWVpOHFWURQLTXHV
/DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHĂFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
/HIDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpSRXUGHVGpUDQJHPHQWV
RXGRPPDJHVpYHQWXHOVGXVjXQHLQVWDOODWLRQpOHFWULTXH
LQFRUUHFWH
&kEOHVHFWHXU OHFkEOHVHFWHXUGRLWXQLTXHPHQWrWUHLQVWDOOpSDU
XQSHUVRQQHODXWRULVpRXSDUXQWHFKQLFLHQTXDOLILpGXVHUYLFH
DSUqVYHQWH/HVYDOHXUVGHUDFFRUGHPHQWUHTXLVHVVHWURXYHQW
VXUODSODTXHVLJQDOpWLTXHHWVXUOHVVFKpPDVGHFRQQH[LRQ
$YDQWWRXWWUDYDLOFRXSHUODOLPHQWDWLRQpOHFWULTXH
/·LQVWDOODWLRQGRLWDYRLUOLHXHQUHVSHFWDQWOHVSUHVFULSWLRQV
DFWXHOOHPHQWHQYLJXHXUGDQVOHEkWLPHQWDLQVLTXHOHV
SUHVFULSWLRQVSXEOLpHVSDUOHVFRPSDJQLHVGLVWULEXWULFHV
G·pOHFWULFLWpHWGHJD]
/HPRGHGpYDFXDWLRQGHODLUYLFLpGHYUDrWUHFRQIRUPHDX[
DUUrWpV PXQLFLSDX[ SUpIHFWRUDX[ HW DX[ SUHVFULSWLRQV OpJDOHV SDU
H[DX[RUGRQQDQFHVSXEOLTXHVDSSOLFDEOHVDXEkWLPHQW
'DQJHUGHPRUW
,OH[LVWHXQULVTXHGLQWR[LFDWLRQSDUUpDVSLUDWLRQGHVJD]GH
FRPEXVWLRQ
(QFDVGXWLOLVDWLRQVLPXOWDQpHGHODSSDUHLOHQPRGHpYDFXDWLRQ
H[WpULHXUHHWGXQIR\HUjFRPEXVWLRQDOLPHQWpHQDLUDPELDQW
YHLOOH]LPSpUDWLYHPHQWjFHTXHODSSRUWGDLUVRLWVXIILVDQW
/HVIR\HUVjDLUDPELDQWSDUH[HPSOHOHVFKDXIIDJHVjJD]j
ERLV j ILRXO RX j FKDUERQ OHV FKDXIIHHDX LQVWDQWDQpV OHV EDOORQV
GHDXFKDXGHSUpOqYHQWODLUGHFRPEXVWLRQGDQVODSLqFHRLOV
VRQWLQVWDOOpVHWUHMHWWHQWOHVJD]GHIXPpHjODLUOLEUHSDUXQ
V\VWqPHVSpFLILTXHSDUH[HPSOHFKHPLQpH
$VVRFLpjXQHYHQWLODWLRQHQPDUFKHGHODLUHVWSUpOHYpGDQVOD
FXLVLQHHWGDQVOHVSLqFHVYRLVLQHVVLODSSRUWGDLUIUDLVHVWWURS
IDLEOH XQH GpSUHVVLRQ VH IRUPH 'HV JD] WR[LTXHV SURYHQDQW GH OD
FKHPLQpHRXGXFRQGXLWGpYDFXDWLRQVRQWUpDVSLUpVGDQVOHV
SLqFHVGKDELWDWLRQ
■ ,OIDXWGRQFWRXMRXUVVDVVXUHUTXHODSSRUWGDLUIUDLVHVW
VXIILVDQW
■ 8QFDLVVRQPXUDOGHQWUpHHWGHVRUWLHGDLUQHVXIILWSDVj
DVVXUHUODYDOHXUPLQLPDOHQpFHVVDLUH
/HIRQFWLRQQHPHQWVUGHODSSDUHLOQHVWSRVVLEOHTXHVLOD
GpSUHVVLRQGDQVODSLqFHRHVWLQVWDOOpOHIR\HUQHGpSDVVHSDV
Ă3DĂPEDU&HWWHYDOHXUQHVWUpDOLVDEOHTXHVLODSSRUWGDLU
IUDLVQpFHVVDLUHjODFRPEXVWLRQHVWDVVXUpSDUGHVRXYHUWXUHV
QRQREWXUDEOHVSDUH[HPSOHGDQVGHVSRUWHVRXIHQrWUHV
DVVRFLpHVjXQFDLVVRQPXUDOGHQWUpHHWGHVRUWLHGDLURXELHQ
SDUGDXWUHVPR\HQVWHFKQLTXHV
/·DLUVRUWDQWQHGRLWSpQpWUHUQLGDQVXQHFKHPLQpHHQVHUYLFH
GHVWLQpH j pYDFXHU OD IXPpH RX GHV JD] EUOpV QL GDQV XQH JDLQH
VHUYDQWjDpUHUOHVORFDX[RVRQWLQVWDOOpVGHVIR\HUVj
FRPEXVWLRQ
6LO·DLUYLFLpFLUFXOHSDUXQHFKHPLQpHQRQHQVHUYLFHGHVWLQpHj
pYDFXHUODIXPpHRXGHVJD]EUOpVYRXVGHYUH]GDERUGREWHQLU
O·DFFRUGGXUDPRQHXUFRPSpWHQWGDQVYRWUHTXDUWLHU
'HPDQGH]WRXMRXUVFRQVHLODXPDvWUHUDPRQHXUFRPSpWHQWTXL
SRXUUD pYDOXHU OHQVHPEOH GX UpVHDX GH YHQWLODWLRQ GH OD PDLVRQ HW
YRXVSURSRVHUOHPR\HQOHPLHX[DGDSWpSRXUODpUDWLRQ
/RUVTXHYRXVXWLOLVH]XQFRQWDFWHXUGHIHQrWUHODYHQWLODWLRQ
SKDVHĂGXFRUGRQGDOLPHQWDWLRQVHFWHXUVRQWFRXSpHVGX
UpVHDXHQFDVGHIHQrWUHIHUPpH
6L OD YHQWLODWLRQ HVW XWLOLVpH H[FOXVLYHPHQW HQ PRGH UHFLUFXODWLRQ GH
ODLUOHIRQFWLRQQHPHQWHVWSRVVLEOHVDQVUHVWULFWLRQ
'DQJHUGHPRUW
,OH[LVWHXQULVTXHGLQWR[LFDWLRQSDUUpDVSLUDWLRQGHVJD]GH
FRPEXVWLRQ/RUVGHOLQVWDOODWLRQGXQHYHQWLODWLRQDYHFXQIR\HU
H[SORLWDQWODLUDPELDQWODOLPHQWDWLRQpOHFWULTXHGHODYHQWLODWLRQ
GRLWrWUHPXQLHGXQFLUFXLWGHVpFXULWpDSSURSULp
5LVTXHGLQFHQGLH
/HV GpS{WV GH JUDLVVH GDQV OH ILOWUH j JUDLVVH SHXYHQW VHQIODPPHU
1H MDPDLV WUDYDLOOHU DYHF XQH IODPPH QXH j SUR[LPLWp GH ODSSDUHLO
SDUH[IODPEHU1·LQVWDOOHUO·DSSDUHLOjSUR[LPLWpG·XQIR\HUj
FRPEXVWLEOHVVROLGHVSDUH[ERLVRXFKDUERQTX·HQSUpVHQFH
G·XQFRXYHUFOHIHUPpHWQRQDPRYLEOH$XFXQHSURMHFWLRQ
G·pWLQFHOOHVQHGRLWDYRLUOLHX
5LVTXHGHEOHVVXUH
■ 'HVPRGLILFDWLRQVVXUODFRQVWUXFWLRQpOHFWULTXHRXPpFDQLTXH
VRQWGDQJHUHXVHVHWSHXYHQWFRQGXLUHjGHV
G\VIRQFWLRQQHPHQWV1HSDVHIIHFWXHUGHVPRGLILFDWLRQVVXUOD
FRQVWUXFWLRQpOHFWULTXHRXPpFDQLTXH
5LVTXHGHEOHVVXUH
■ 'HVSLqFHVDFFHVVLEOHVSHQGDQWOHPRQWDJHSHXYHQWSRVVpGHU
GHVDUrWHVFRXSDQWHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5LVTXHGHEOHVVXUHV
■ /HVYHQWLODWHXUVWRXUQDQWVLPSOLTXHQWXQULVTXHGHEOHVVXUH
8WLOLVH]XQLTXHPHQWODSSDUHLOXQHIRLVTXLOHVWPRQWp
1DFFpGH] MDPDLV j OD VRUWLH GDLU DX GRV GH ODSSDUHLO ORUVTXH FH
GHUQLHUIRQFWLRQQH
5LVTXHGDVSK\[LH
/HPDWpULHOGHPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H
SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[
G·HPEDOODJH
1HSDVLQVWDOOHUFHWDSSDUHLOVXUGHVEDWHDX[RXGDQVGHV
YpKLFXOHV
3ODQGHWUDYDLO SODWKRUL]RQWDOVWDEOH5HVSHFWH]OHV
LQVWUXFWLRQVGXIDEULFDQWGXSODQGHWUDYDLO
6L OpSDLVVHXU GX SODQ GH WUDYDLO PRQWp GDQV OD WDEOH GH FXLVVRQ QH
FRUUHVSRQGSDVDX[LQGLFDWLRQVUHQIRUFHUOHSODQGHWUDYDLODYHF
XQPDWpULDXLPSHUPpDEOHHWUpIUDFWDLUHMXVTXjDWWHLQGUH
OpSDLVVHXUPLQLPDOHUHTXLVH6LQRQDXFXQHVWDELOLWpVXIILVDQWH
QHVWJDUDQWLH
5HPDUTXHV
■ /HSODQGHWUDYDLOTXLHVWPRQWpGDQVODWDEOHGHFXLVVRQGRLW
SRXYRLUVXSSRUWHUHQY NJ
■ /HVPRGLILFDWLRQVGHODVXUIDFHGHWUDYDLOGRLYHQWrWUHUpDOLVpHV
SDUXQIRXUQLVVHXUVSpFLDOLVpVHORQOHFURTXLVGLQVWDOODWLRQ
&RQVLJQHVJpQpUDOHV
/HV VXUIDFHV GH O·DSSDUHLO VRQW IUDJLOHV /RUV GH O·LQVWDOODWLRQ pYLWH]
GHOHVHQGRPPDJHU
0RGHeYDFXDWLRQGHO·DLU
5HPDUTXH /·DLUYLFLpQHGRLWSpQpWUHUQLGDQVXQHFKHPLQpHHQ
VHUYLFHGHVWLQpHjpYDFXHUODIXPpHRXGHVJD]EUOpVQLGDQV
XQH JDLQH VHUYDQW j DpUHU OHV ORFDX[ R VRQW LQVWDOOpV GHV IR\HUV j
FRPEXVWLRQ
6LO·DLUYLFLpFLUFXOHSDUXQHFKHPLQpHQRQHQVHUYLFHGHVWLQpHj
pYDFXHUODIXPpHRXGHVJD]EUOpVYRXVGHYUH]GDERUGREWHQLU
O·DFFRUGGXUDPRQHXUFRPSpWHQWGDQVYRWUHTXDUWLHU
&RQGXLWGpYDFXDWLRQ
5HPDUTXH /HIDEULFDQWGHODSSDUHLOQDVVXPHDXFXQHJDUDQWLH
SRXUOHVSUREOqPHVGHIRQFWLRQQHPHQWOLpVjODWX\DXWHULH
■ /DSSDUHLODWWHLQWXQUHQGHPHQWGDXWDQWPHLOOHXUTXHOHWX\DX
GpYDFXDWLRQHVWFRXUWHWGURLWHWTXHVRQGLDPqWUHHVWJUDQG
■ 6LOHVWX\DX[GpYDFXDWLRQVRQWORQJVSUpVHQWHQWGHQRPEUHX[
FRXGHVRXRQWXQGLDPqWUHLQIpULHXUjĂPPODSXLVVDQFH
PD[LPDOHGDVSLUDWLRQQHVHUDSDVDWWHLQWHHWOHYHQWLODWHXUIHUD
SOXVGHEUXLW

■ /HVWX\DX[ULJLGHVRXVRXSOHVFRQVWLWXDQWOHFRQGXLW
GpYDFXDWLRQGRLYHQWrWUHIDEULTXpVGDQVXQPDWpULDXQRQ
LQIODPPDEOH
■ 6LO·DLUYLFLpWUDYHUVHODSDURLH[WpULHXUHLOIDXGUDLWXWLOLVHUXQH
YHQWRXVHWpOHVFRSLTXH
5LVTXHGHQGRPPDJHPHQWSDUOHUHIOX[GHFRQGHQVDW,QVWDOOHUOH
FRQGXLWGDLUYLFLpOpJqUHPHQWLQFOLQpYHUVOHEDVjSDUWLUGH
ODSSDUHLOGHSHQWH
7X\DX[URQGV
1RXVUHFRPPDQGRQVXQGLDPqWUHLQWpULHXUGH PP
*DLQHVSODWHV
/DVHFWLRQLQWpULHXUHGRLWFRUUHVSRQGUHDXGLDPqWUHGHVWX\DX[
URQGV
ĂPPHQYĂFP
■ /HV JDLQHV SODWHV QH GRLYHQW SDV SUpVHQWHU GH GpYRLHPHQWV WURS
LPSRUWDQWV
■ 6L GHV WX\DX[ GH SOXVLHXUV GLDPqWUHV VRQW XWLOLVpV LO IDXW SUpYRLU
GHVEDQGHVGpWDQFKpLWp
)RQFWLRQQHPHQWHQPRGHUHF\FODJH
5HPDUTXH /DSSDUHLOGRLWXQLTXHPHQWrWUHH[SORLWpjOpWDW
IHUPHPHQWIL[pHWDYHFODWX\DXWHULHUDFFRUGpH
%UDQFKHPHQWpOHFWULTXH
/HVGRQQpHVGHUDFFRUGHPHQWQpFHVVDLUHVVHWURXYHQWVXUOD
SODTXHVLJQDOpWLTXHVXUODSSDUHLO
&HWDSSDUHLOHVWFRQIRUPHDX[GLVSRVLWLRQV&(UpJLVVDQW
O·DQWLSDUDVLWDJH
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
/DSSDUHLO GRLW rWUH LQVWDOOp FRQIRUPpPHQW DX[ GHUQLqUHV GLUHFWLYHV
,((,QVWLWXWLRQRI(OHFWULFDO(QJLQHHUV/DSSDUHLOULVTXHGrWUH
HQGRPPDJpHQFDVGHUDFFRUGHPHQWLQFRUUHFW
$VVXUH]YRXVTXHODWHQVLRQGDOLPHQWDWLRQFRQFRUGHDYHFOD
YDOHXULQGLTXpHVXUODSODTXHVLJQDOpWLTXH
9HLOOH]jFHTXHOHUpVHDXpOHFWULTXHVRLWFRUUHFWHPHQWPLVjOD
WHUUHHWTXHOHIXVLEOHHWOHV\VWqPHGHFkEOHVHWGHOLJQHVGX
EkWLPHQWVRLHQWVXIILVDPPHQWGLPHQVLRQQpVSRXUODSXLVVDQFH
pOHFWULTXHGHODSSDUHLO
/RUVGHODSRVHGXFkEOHGDOLPHQWDWLRQUHVSHFWH]OHVSRLQWV
VXLYDQWV
■ 1HSDVSLQFHURXpFUDVHUOHFkEOH
■ eORLJQHUOHFkEOHGHVDUrWHVFRXSDQWHV
■ 1HPHWWH]SDVOHFkEOHDYHFOHERvWLHUPpWDOOLTXHHQFRQWDFW
DYHFOHGHVVRXVGHODSSDUHLOFDUFHOXLFLFKDXIIH
$YDQWGHUDFFRUGHUODSSDUHLOYpULILH]OLQVWDOODWLRQGRPHVWLTXH
9HLOOH]jXQHSURWHFWLRQSDUIXVLEOHVXIILVDQWHGHOLQVWDOODWLRQ
GRPHVWLTXH/DWHQVLRQHWODIUpTXHQFHGHODSSDUHLOGRLYHQW
FRUUHVSRQGUHjOLQVWDOODWLRQpOHFWULTXHYRLUODSODTXH
VLJQDOpWLTXH
/DSSDUHLOHVWFRQIRUPHjODFODVVHGHSURWHFWLRQ,HWGRLW
XQLTXHPHQWrWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ
'DQVOLQVWDOODWLRQjFkEODJHIL[HSUpYR\H]XQV\VWqPHFRXSH
FLUFXLWGDQVOHVSKDVHVFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
GLQVWDOODWLRQ
6HXOXQpOHFWULFLHQDJUppHVWKDELOLWpjLQVWDOOHURXjUHPSODFHUOH
FkEOH GH UDFFRUGHPHQW HQ UHVSHFWDQW OHV SUHVFULSWLRQV HQ YLJXHXU
6LOHFRUGRQGDOLPHQWDWLRQVHFWHXUGHFHWDSSDUHLOHVWpFKDQJpLO
GRLWrWUHUHPSODFpSDUXQFRUGRQGDOLPHQWDWLRQVHFWHXUGXW\SH
+ 99)RXVXSpULHXU'pWHUPLQH]ODVHFWLRQGHFkEOHUHTXLVH
VHORQODFKDUJHGHFRXUDQW8QHVHFWLRQĂPP
QHVWSDV
DXWRULVpH
/RUV GX UHPSODFHPHQW GX FRUGRQ GDOLPHQWDWLRQ VHFWHXU LO VH SHXW
TXH ODSSDUHLO GRLYH rWUH UHWRXUQp 'DQV FH FDV UHWLUH] OH FDSRW GX
ILOWUHHWOHUpVHUYRLUSXLVUHWLUH]OHILOWUHjJUDLVVHPpWDOOLTXH9RXV
HPSrFKH]DLQVLWRXWHFKXWHGHFHVFRPSRVDQWV
5DFFRUGH]H[FOXVLYHPHQWODOLJQHGHUDFFRUGHPHQWVHORQOH
VFKpPD GH UDFFRUGHPHQW 6L QpFHVVDLUH IL[H] OHV SRQWV HQ FXLYUH
IRXUQLV
/DOLPHQWDWLRQpOHFWULTXHGHODYHQWLODWLRQVHIDLWYLDODSKDVH
3UpSDUHUO·LQVWDOODWLRQ
'LPHQVLRQVGHODSSDUHLOHWGLVWDQFHVGHVpFXULWp
■ 7HQH]FRPSWHGHVGLPHQVLRQVGHODSSDUHLOSRXUOHPRGH
UHFLUFXODWLRQGHODLU ILJ $
■ 7HQH]FRPSWHGHVGLPHQVLRQVGHODSSDUHLOSRXUOHPRGH
pYDFXDWLRQH[WpULHXUH ILJ %
■ $VVXUH]YRXVTXHODSSDUHLOUHVWHVXIILVDPPHQWDFFHVVLEOHXQH
IRLVOHPRQWDJHWHUPLQpSRXUSRXYRLUFKDQJHUOHILOWUHjFKDUERQ
DFWLIYLGHUOHUpVHUYRLUGHWURSSOHLQHWGpPRQWHUOHFDSRWGX
ERvWLHU ILJ &
■ 5HVSHFWH]OHVGLVWDQFHVGHVpFXULWp ILJ &
9pULILHUOpWDWGXPHXEOH
■ /HPHXEOHGHQFDVWUHPHQWGRLWrWUHSRVpjOKRUL]RQWDOHHW
SRVVpGHUXQHFDSDFLWpGHFKDUJHVXIILVDQWH
■ /HSRLGVPD[GHODSSDUHLOHVWGHQYLURQ NJ
■ /HPHXEOHGHQFDVWUHPHQWGRLWUpVLVWHUjGHVWHPSpUDWXUHV
MXVTXj&
■ /DVWDELOLWpGXPHXEOHGHQFDVWUHPHQWGRLWrWUHJDUDQWLHPrPH
DSUqVOHVWUDYDX[GHGpFRXSH
■ /DFDSDFLWpGHFKDUJHHWODVWDELOLWpHQSDUWLFXOLHUHQFDVGH
SODQVGHWUDYDLOILQVGRLYHQWrWUHDVVXUpHVSDUGHVVRXV
VWUXFWXUHV DSSURSULpHV 3UHQH] HQ FRPSWH OH SRLGV GH ODSSDUHLO
\FRPSULVVDFKDUJHVXSSOpPHQWDLUH/HPDWpULDXGH
UHQIRUFHPHQWXWLOLVpGRLWrWUHUpVLVWDQWjODFKDOHXUHWj
OKXPLGLWp
■ 6HORQODWX\DXWHULHHWODSURIRQGHXUGXSODQGHWUDYDLOOD
SURIRQGHXU GHV WLURLUV HQ GHVVRXV GH ODSSDUHLO GRLW rWUH DGDSWpH
/HWLURLUVXSpULHXUGRLWrWUHUHWLUpHWQHVWSDVXWLOLVDEOH
■ /DGLVWDQFHHQWUHODVXUIDFHGXSODQGHWUDYDLOHWODSDUWLH
VXSpULHXUHGXWLURLUGRLWrWUHGH PP
■ 1HSDVLQVWDOOHUGHIRXUUpIULJpUDWHXUODYHYDLVVHOOHODYHOLQJH
RXDXWUHVDSSDUHLOVHQGHVVRXV
5HPDUTXH 9pULILH]ODSODQpLWpGHODSSDUHLOVHXOHPHQWDSUqV
OLQVWDOODWLRQGDQVORXYHUWXUHGHQFDVWUHPHQW
3UpSDUDWLRQGXPHXEOH
5pDOLVH]ODGpFRXSHGDQVOHSODQGHWUDYDLOFRQIRUPpPHQWDX
FURTXLVGLQVWDOODWLRQ ILJ
5HPDUTXH /DQJOH GX FKDQW GH OD GpFRXSH SDU UDSSRUW DX SODQ
GH WUDYDLO GRLW rWUH GH /HV ERUGV GH GpFRXSH ODWpUDX[ GRLYHQW
rWUHSODQV
2EVHUYH] OHV GLVWDQFHV PLQLPDOHV HQ FDV GH PRQWDJH DXGHVVXV
GXQWLURLU ILJ &
5HWLUH]OHWLURLUVXSpULHXUHWPHWWH]HQSODFHXQUHFRXYUHPHQW
DSSURSULpVXUOHPHXEOH
3UpSDUDWLRQGXPHXEOHHWGHODSSDUHLOSRXUOHPRGH
5HF\FODJHGDLU
5pDOLVDWLRQGHODGpFRXSHGDQVOHPHXEOH
&UpH]XQHVRUWLHGDLUGDQVODSOLQWKHDYDQWGXPHXEOH
5HPDUTXH 3UpYR\H]XQHVHFWLRQPLQLPDOHGHODVRUWLHGDLU
GHQY FPò&RQIHFWLRQQH]XQHRXYHUWXUHGHVRUWLHDXVVL
JUDQGH TXH SRVVLEOH GDQV OH EDQGHDX GX VRFOH DILQ GH PLQLPLVHU
OHFRXUDQWGDLUHWOHEUXLW
3RXUpYLWHUXQFRXUDQWGDLUJrQDQWGDQVOD]RQHGHSLHGFUpH]
GHV VRUWLHV GDLU GDQV OHV SOLQWKHV GHV PHXEOHV DYRLVLQDQWV GH OD
FXLVLQHRXGHUULqUHRXVXUOHVF{WpVGHVvORWVGHFXLVVRQ
5HWLUH]ODSDURLDUULqUHGXPHXEOH
5HWLUH] VL QpFHVVDLUH OD EDJXHWWH VXSpULHXUH GH OD SDURL DUULqUH GX
PHXEOH
'pWHUPLQH]OHFHQWUHGXERUGDUULqUHGHODGpFRXSHGXSODQGH
WUDYDLO HW UHSRUWH] FHOXLFL DLQVL TXH OHV GHX[ OLJQHV YHUWLFDOHPHQW
YHUVOHEDVVXUOHIRQGLQIpULHXUGXPHXEOH ILJ D
2ULHQWH] OD W{OH GH IL[DWLRQ HQ IRQFWLRQ GHV OLJQHV PpGLDQHV VXU OH
IRQGLQIpULHXUGXPHXEOH ILJ E
3RXUOHVWLURLUV IHUPH]OHWLURLULQIpULHXU6LODW{OHGHIL[DWLRQ
UHQWUHWURSORLQVRXVOHWLURLUGpSODFH]FHOOHFLHQGLUHFWLRQGHOD
SDURLDUULqUHODLGHGHVPDUTXDJHVGHODW{OHGHIL[DWLRQ
SRVLWLRQQH]FHOOHFLGHIDoRQjFHTXHOOHVRLWSDUDOOqOHjODOLJQH
PpGLDQH ILJ F
5HPDUTXHV
■ 6LODGLVWDQFHHQWUHOHWLURLUHWOHIRQGLQIpULHXUGXPHXEOHHVW
WURSIDLEOHSRXUIL[HUODW{OHGHIL[DWLRQDXIRQGLQIpULHXUGX
PHXEOHWRXUQH]ODSODTXHGHIL[DWLRQGHHWIL[H]OD
GHSXLVOHEDVDXIRQGLQIpULHXUGXPHXEOH ILJ E
3RVLWLRQQH] DXSDUDYDQW OD W{OH GH IL[DWLRQ GHSXLV OH KDXW VXU OH
IRQGLQIpULHXUGXPHXEOHSRXUGpWHUPLQHUODSRVLWLRQFRUUHFWH
GHODW{OHGHIL[DWLRQ ILJ F
■ &KRLVLVVH]ODUDOORQJHFRUUHVSRQGDQWHSRXUOHFRQGXLWGH
UHF\FODJHGDLUHQIRQFWLRQGHODSRVLWLRQGHODW{OHGHIL[DWLRQ
■ 8WLOLVH] GHV WLURLUV PRLQV SURIRQGV VL OD W{OH GH IL[DWLRQ QH SHXW
SDVrWUHVXIILVDPPHQWSRXVVpHYHUVODUULqUH
6L QpFHVVDLUH WUDFH] OHV OLJQHV GH GpFRXSH j ODLGH GH OD W{OH GH
IL[DWLRQVXUOHIRQGLQIpULHXUGXPHXEOH ILJ G
(QOHYH]OHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH
5HPDUTXH 6FHOOH]OHVFKDQWVGHGpFRXSHGHIDoRQ
WKHUPRVWDEOHHWpWDQFKH

9LVVDJHGHOHW{OHGHIL[DWLRQHWFOLSVDJHGXGLIIXVHXU
6LODGLVWDQFHHQWUHOHWLURLUHWOHIRQGGXPHXEOHHVWVXIILVDQWH
IL[H] OD W{OH GH IL[DWLRQ j ODLGH GH YLV SRXU SODVWLTXH GHSXLV OH KDXW
DXFRXGHLQIpULHXUGHJDLQHSODWH ILJ D
5HPDUTXH 6LQpFHVVDLUHWRXUQH]OHFRXGHLQIpULHXUGHJDLQH
SODWHDILQTXHODVRUWLHGDLUVHWURXYHGHF{WpRSSRVp
)L[H]ODW{OHGHIL[DWLRQjODLGHGHYLVjERLVGHSXLVOHKDXWDX
IRQGLQIpULHXUGXPHXEOH ILJ D
5HPDUTXH 6LODGLVWDQFHHQWUHOHWLURLUHWOHIRQGLQIpULHXUGX
PHXEOHHVWWURSIDLEOHSRXUIL[HUODW{OHGHIL[DWLRQDXIRQG
LQIpULHXUGXPHXEOHWRXUQH]ODSODTXHGHIL[DWLRQGHHW
IL[H]ODGHSXLVOHEDVDXIRQGLQIpULHXUGXPHXEOH ILJ E
&OLSVH] OH GLIIXVHXU DX FRXGH LQIpULHXU GH OD JDLQH SODWH ILJ F
0RQWDJHGXFRXGHVXSpULHXUGHJDLQHSODWH
&KRLVLVVH]VLQpFHVVDLUHODUDOORQJHHQIRQFWLRQGHODSRVLWLRQ
GHODW{OHGHIL[DWLRQHWGHODSURIRQGHXUGXPHXEOH3OXVOD
UDOORQJHHVWORQJXHSOXVOHWLURLUSHXWrWUHSURIRQG)L[H]OD
UDOORQJHjODLGHGHTXDWUHYLVSRXUSODVWLTXHDXQLYHDXGH
ORXYHUWXUHGHVRUWLHGHODWDEOHGHFXLVVRQ ILJ
5HPDUTXH 3RXU DPpOLRUHU OD SXLVVDQFH GDVSLUDWLRQ SRVH] OHV
MRLQWVGpWDQFKpLWpIRXUQLV
)L[H] OH FRXGH VXSpULHXU GH JDLQH SODWH j ODLGH GH TXDWUH YLV SRXU
SODVWLTXH DX QLYHDX GH ORXYHUWXUH GH VRUWLH GH OD WDEOH GH FXLVVRQ
RXGHODUDOORQJH
3UpSDUDWLRQGXPHXEOHHWGHODSSDUHLOSRXUOHPRGH
eYDFXDWLRQH[WpULHXUH
)L[H] OH PDQFKRQ UpGXFWHXU RX OH FRXGH GH OD JDLQH SODWH j ODLGH
GH TXDWUH YLV SRXU SODVWLTXH DX QLYHDX GH ORXYHUWXUH GH VRUWLH GH
ODWDEOHGHFXLVVRQRXGHODUDOORQJH ILJ
5HPDUTXHV
■ 6LQpFHVVDLUHIL[H]ODUDOORQJHFRUUHVSRQGDQWHjODLGHGHYLV
jODWDEOHGHFXLVVRQ3OXVODUDOORQJHHVWORQJXHSOXVOHWLURLU
SHXWrWUHSURIRQG ILJ
■ 3RXUDPpOLRUHUODSXLVVDQFHGDVSLUDWLRQSRVH]OHVMRLQWV
GpWDQFKpLWpIRXUQLV
(Q IRQFWLRQ GH OD FRQILJXUDWLRQ GX FRQGXLW GpYDFXDWLRQ UpDOLVH]
XQHGpFRXSHGDQVODSDURLDUULqUHGXPHXEOHUHWLUH]ODSDURL
DUULqUH GX PHXEOH RX UpDOLVH] XQH GpFRXSH GDQV OH IRQG LQIpULHXU
GXPHXEOH
5HWLUH]OHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH
5HPDUTXH 6FHOOH]OHVFKDQWVGHGpFRXSHGHIDoRQ
WKHUPRVWDEOHHWpWDQFKH
0RQWHUODSSDUHLO
: 5LVTXHGHFKRFpOHFWULTXH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV,O\DULVTXHGHQGRPPDJHPHQWGXFkEOHGDOLPHQWDWLRQ
3HQGDQWO·LQVWDOODWLRQYHLOOHUjQHSDVSOLHUQLFRLQFHUOHFkEOH
G·DOLPHQWDWLRQ
: 5LVTXHGHEOHVVXUH
'HVSLqFHVDFFHVVLEOHVSHQGDQWOHPRQWDJHSHXYHQWSRVVpGHU
GHVDUrWHVFRXSDQWHV3RUWHUGHVJDQWVGHSURWHFWLRQ
0LVHHQSODFHGHODWDEOHGHFXLVVRQ
0RQWH]OHVEDUUHWWHVGHIL[DWLRQ ILJ D
² 6LOHVEDUUHWWHVGHIL[DWLRQVRQWGpMjPRQWpHVUHWLUH]OHVHW
PRQWH]HQGHQRXYHOOHV
² (QFDVGHSODQVGHWUDYDLOFDUUHOpVXWLOLVH]OHVDOpVDJHV
WDUDXGpVLQIpULHXUV
² (Q FDV GH SODQV GH WUDYDLO HQ SLHUUH FROOH] OHV UDLOV GH IL[DWLRQ
XWLOLVH]SRXUFHODXQHFROOHUpVLVWDQWHjODWHPSpUDWXUH
DGDSWpHDXFROODJHGHPpWDX[HWGHSLHUUH
,QVWDOOH]ODSSDUHLOGDQVODGpFRXSHGXSODQGHWUDYDLO ILJ E
1HFRLQFH]SDVOHFkEOHVHFWHXUQHOHWLUH]SDVDXGHVVXV
GDUrWHVFRXSDQWHV/HFkEOHGRLWrWUHLQVWDOOpGHPDQLqUHjQH
WRXFKHUDXFXQH]RQHFKDXGHGHODWDEOHGHFXLVVRQ
%UDQFKHUODSSDUHLO
5HPDUTXHV
■ (QPRGHpYDFXDWLRQH[WpULHXUHXQFODSHWDQWLUHWRXUGRLWrWUH
LQVWDOOpDYHFXQHSUHVVLRQGRXYHUWXUHGH 3D6LXQFODSHW
DQWLUHWRXUQHVWSDVMRLQWjODSSDUHLOLOHVWHQYHQWHGDQVOH
FRPPHUFHVSpFLDOLVp
■ 6L O·DLU YLFLp WUDYHUVH OD SDURL H[WpULHXUH LO IDXW XWLOLVHU XQ FDLVVRQ
WpOHVFRSLTXHPXUDO
5pDOLVHUOHUDFFRUGHPHQWGHOpYDFXDWLRQGHODLU
)L[H]OHFRQGXLWG·pYDFXDWLRQFRQWUHOHFRXGHGHJDLQHSODWHRX
OHPDQFKRQUpGXFWHXU ILJ
0HVXUH] OD SURIRQGHXU 3 DXWRULVpH GX WLURLU FH IDLVDQW UHVSHFWH]
XQpFDUWGH PPSDUUDSSRUWDXFRQGXLWGpYDFXDWLRQ ILJ
(IIHFWXH]ODMRQFWLRQYHUVORULILFHGpYDFXDWLRQGDLU
eWDQFKH]OHV]RQHVGHMRQFWLRQGHIDoRQDSSURSULpH
5pDOLVHUOHUDFFRUGHPHQWGHODLUGHFLUFXODWLRQ
&OLSVH] OH PRGXOH GH ILOWUH DX FRXGH LQIpULHXU GH OD JDLQH SODWH RX
IL[H]OHjODLGHGHYLVVLQpFHVVDLUH ILJ D
5HPDUTXH 6L QpFHVVDLUH WRXUQH] OH PRGXOH GH ILOWUH SRXU TXH
OHWLURLUGXILOWUHjFKDUERQDFWLISXLVVHrWUHRXYHUWGHSXLVOHF{Wp
RSSRVp
&OLSVH]OpOpPHQWGHIL[DWLRQIOH[LEOHDXFRXGHVXSpULHXUGHOD
JDLQHSODWH
5HOLH] OH PRGXOH GH ILOWUH HW OH FRXGH VXSpULHXU GH OD JDLQH SODWH
jODLGHGHOpOpPHQWGHIL[DWLRQIOH[LEOH
5HPDUTXHV
■ 6LQpFHVVDLUHPRQWH]GHVUDOORQJHVHQWUHOHPRGXOHGHILOWUH
HWOpOpPHQWGHIL[DWLRQIOH[LEOH
■ 3RXUDPpOLRUHUODSXLVVDQFHGDVSLUDWLRQSRVH]OHVMRLQWV
GpWDQFKpLWpIRXUQLV
2XYUH]WRXVOHVYROHWVGHIHUPHWXUHVXUOHWLURLU2XYUH]OHWLURLU
ILJ E
0HWWH]OHILOWUHjFKDUERQDFWLIHQSODFH ILJ F
)HUPH]OHWLURLU
)HUPH]WRXVOHVYROHWVGHIHUPHWXUHVXUOHWLURLU
0HVXUH] OD SURIRQGHXU 3 DXWRULVpH GX WLURLU FH IDLVDQW UHVSHFWH]
XQpFDUWGH PPSDUUDSSRUWDXFRQGXLWGpYDFXDWLRQ ILJ
5pDOLVHUOHUDFFRUGHPHQWpOHFWULTXH
■ 3RXUODWHQVLRQ YRLUODSODTXHVLJQDOpWLTXH
■ &RGHFRXOHXUGXFRUGRQGDOLPHQWDWLRQVHFWHXU
YHUWMDXQH FRQGXFWHXUGHSURWHFWLRQ
<
EOHX FRQGXFWHXUQHXWUHQXO
QRLUPDUURQJULV FRQGXFWHXUH[WHUQHSKUDVH
5HPDUTXH 9pULILFDWLRQGHODGLVSRQLELOLWpGHVHUYLFH VL
—…‹‹
DSSDUDvWGDQVODIILFKDJHGHODSSDUHLOFHGHUQLHUQHVWSDV
FRUUHFWHPHQWUDFFRUGp'pEUDQFKH]ODSSDUHLOGHODOLPHQWDWLRQ
VHFWHXUHWYpULILH]OHFkEOHGDOLPHQWDWLRQ
&RPPXWDWLRQGHO·DIILFKDJHVXUOHPRGH
eYDFXDWLRQH[WpULHXUHRXOHPRGH5HF\FODJHGDLU
3RXUOHPRGHpYDFXDWLRQH[WpULHXUHHWOHPRGHUHFLUFXODWLRQGH
ODLUPRGLILH]VLQpFHVVDLUHODIILFKDJHGHODFRPPDQGH
pOHFWURQLTXHHQFRQVpTXHQFHGDQVOHVUpJODJHVGHEDVH
3RXU FH IDLUH FRQVXOWH] OH FKDSLWUH 5pJODJHV GH EDVH GH OD QRWLFH
GXWLOLVDWLRQ
'pPRQWHUODSSDUHLO
'pEUDQFKHUO·DSSDUHLOGXUpVHDXpOHFWULTXH
'pWDFKH]OHFRQGXLWGpYDFXDWLRQRXOHVFRQGXLWVGHUHF\FODJH
GDLU
)DLWHVVRUWLUODSSDUHLOHQOHSRXVVDQWSDUOHEDV
$WWHQWLRQ
5LVTXHVGHGpWpULRUDWLRQGHODSSDUHLO 1H[WUD\H]SDV
ODSSDUHLOSDUOHKDXWHQIDLVDQWOHYLHU
