
GH *HEUDXFKVDQOHLWXQJ
HQ 8VHUPDQXDO
IU 1RWLFHGXWLOLVDWLRQ
LW ,VWUX]LRQLSHUO·XVR
QO *HEUXLNVDDQZLM]LQJ
.KOXQG*HIULHUNRPELQDWLRQ
)ULGJHIUHH]HU
5pIULJpUDWHXU &RQJpODWHXUFRPELQp
&RPELQD]LRQHIULJRULIHUR FRQJHODWRUH
.RHOGLHSYULHVFRPELQDWLH
.,) .,)

de
GH ,QKDOWVYHU]HLFKQLV
de*HEUDXFKVDQOHLWXQJ
(6LFKHUKHLWVKLQZHLVH
=XGLHVHU$QOHLWXQJ
([SORVLRQVJHIDKU
6WURPVFKODJJHIDKU
9HUEUHQQXQJVJHIDKUGXUFK.lOWH
9HUOHW]XQJVJHIDKU
%UDQGJHIDKU*HIDKUHQGXUFK
.lOWHPLWWHO
9HUPHLGXQJYRQ5LVLNHQIU.LQGHU
XQGJHIlKUGHWH3HUVRQHQ
6DFKVFKlGHQ
*HZLFKW
8%HVWLPPXQJVJHPlHU
*HEUDXFK
78PZHOWVFKXW]
9HUSDFNXQJ
$OWJHUlW
5$XIVWHOOHQXQG$QVFKOLHHQ
/LHIHUXPIDQJ
7HFKQLVFKH'DWHQ
*HUlWDXIVWHOOHQ
1LVFKHQPDH
6LGHE\VLGH$XIVWHOOXQJ
(QHUJLHVSDUHQ
9RUGHPHUVWHQ*HEUDXFK
(OHNWULVFKHU$QVFKOXVV
**HUlWNHQQHQOHUQHQ
*HUlW
%HGLHQHOHPHQWH
$XVVWDWWXQJ
1*HUlWEHGLHQHQ
*HUlWHLQVFKDOWHQ
*HUlWDXVVFKDOWHQXQGVWLOOOHJHQ
7HPSHUDWXUHLQVWHOOHQ
6XSHU.KOHQ
6XSHU*HIULHUHQ
8UODXEVPRGXV
M$ODUP
7UDODUP
7HPSHUDWXUDODUP
U.KOIDFK
%HLP(LQODJHUQEHDFKWHQ
.lOWH]RQHQLP.KOIDFKEHDFKWHQ
T)ULVFKNKOIDFK
*HPVHEHKlOWHU
)ULVFKNKOEHKlOWHU
/DJHU]HLWHQEHL &
W*HIULHUIDFK
.OHLQHUH/HEHQVPLWWHOPHQJH
HLQIULHUHQ
0D[LPDOHV*HIULHUYHUP|JHQ
*HIULHUYROXPHQYROOVWlQGLJQXW]HQ
7LHINKONRVWHLQNDXIHQ
%HLP(LQRUGQHQEHDFKWHQ
)ULVFKH/HEHQVPLWWHOHLQIULHUHQ
*HIULHUJXWDXIWDXHQ
=$EWDXHQ
.KOIDFK
*HIULHUIDFK

de
D5HLQLJHQ
$XVVWDWWXQJUHLQLJHQ
l*HUFKH
9%HOHXFKWXQJ
>*HUlXVFKH
1RUPDOH*HUlXVFKH
*HUlXVFKHYHUPHLGHQ
36W|UXQJHQZDVWXQ"
4.XQGHQGLHQVW
*HUlWH6HOEVWWHVW
5HSDUDWXUDXIWUDJXQG%HUDWXQJEHL
6W|UXQJHQ
*DUDQWLH

( 6LFKHUKHLWVKLQZHLVH
6LFKHUKHLWVKLQZHLVH
'LHVHV*HUlWHQWVSULFKWGHQ
HLQVFKOlJLJHQ
6LFKHUKHLWVEHVWLPPXQJHQIU
(OHNWURJHUlWH XQG LVW IXQNHQWVW|UW
'HU.lOWHNUHLVODXILVWDXI
'LFKWKHLWJHSUIW
=XGLHVHU$QOHLWXQJ
■ /HVHQXQGEHIROJHQ6LHGLH
*HEUDXFKVXQG
0RQWDJHDQOHLWXQJ6LH
HQWKDOWHQZLFKWLJH
,QIRUPDWLRQHQEHU$XIVWHOOHQ
*HEUDXFKXQG:DUWXQJGHV
*HUlWV
■ 'HU+HUVWHOOHUKDIWHWQLFKW
ZHQQ6LHGLH+LQZHLVHXQG
:DUQXQJHQGHU*HEUDXFKV
XQG0RQWDJHDQOHLWXQJ
PLVVDFKWHQ
■ %HZDKUHQ6LHDOOH8QWHUODJHQ
IUVSlWHUHQ*HEUDXFKXQGIU
QDFKIROJHQGH%HVLW]HUDXI
([SORVLRQVJHIDKU
■ 1LHHOHNWULVFKH*HUlWH
LQQHUKDOEGHV*HUlWV
YHUZHQGHQ] % +HL]JHUlWH
RGHUHOHNWULVFKH(LVEHUHLWHU
■ .HLQH3URGXNWHPLW
EUHQQEDUHQ7UHLEJDVHQ
] % 6SUD\GRVHQXQGNHLQH
H[SORVLYHQ6WRIIHLP*HUlW
ODJHUQ
■ +RFKSUR]HQWLJHQ$ONRKROQXU
GLFKWYHUVFKORVVHQXQG
VWHKHQGODJHUQ
■ $EJHVHKHQYRQGHQ
+HUVWHOOHUDQJDEHQNHLQH
]XVlW]OLFKHQ0DQDKPHQ
HUJUHLIHQXPGLH$EWDXXQJ]X
EHVFKOHXQLJHQ
6WURPVFKODJJHIDKU
8QVDFKJHPlH,QVWDOODWLRQHQ
XQG5HSDUDWXUHQN|QQHQGHQ
%HQXW]HUHUKHEOLFKJHIlKUGHQ
■ %HLP$XIVWHOOHQGHV*HUlWV
GDUDXIDFKWHQGDVVGLH
1HW]DQVFKOXVVOHLWXQJQLFKW
HLQJHNOHPPWRGHUEHVFKlGLJW
ZLUG
■ %HLEHVFKlGLJWHU
1HW]DQVFKOXVVOHLWXQJ*HUlW
VRIRUWYRP1HW]WUHQQHQ
■ .HLQH0HKUIDFKVWHFNGRVHQ
9HUOlQJHUXQJVNDEHORGHU
$GDSWHUYHUZHQGHQ
■ *HUlWQXUYRP+HUVWHOOHU
.XQGHQGLHQVWRGHUHLQHU
lKQOLFKTXDOLIL]LHUWHQ3HUVRQ
UHSDULHUHQODVVHQ
■ 1XU2ULJLQDOWHLOHGHV
+HUVWHOOHUVYHUZHQGHQ
%HLGLHVHQ7HLOHQ
JHZlKUOHLVWHWGHU+HUVWHOOHU
GDVVVLHGLH
6LFKHUKHLWVDQIRUGHUXQJHQ
HUIOOHQ

9HUEUHQQXQJVJHIDKUGXUFK
.lOWH
■ 1LH*HIULHUJXWVRIRUW²
QDFKGHPHVDXVGHP
*HIULHUIDFKJHQRPPHQZXUGH
²LQGHQ0XQGQHKPHQ
■ /lQJHUHQ .RQWDNW GHU +DXW PLW
*HIULHUJXW(LVXQGGHQ
5RKUHQLP*HIULHUIDFK
YHUPHLGHQ
9HUOHW]XQJVJHIDKU
%HKlOWHUPLWNRKOHQVlXUHKDOWLJHQ
*HWUlQNHQN|QQHQSODW]HQ
.HLQH%HKlOWHUPLW
NRKOHQVlXUHKDOWLJHQ*HWUlQNHQ
LP*HIULHUIDFKODJHUQ
%UDQGJHIDKU*HIDKUHQ
GXUFK.lOWHPLWWHO
,QGHQ5RKUHQGHV
.lOWHNUHLVODXIVIOLHWLQJHULQJHU
0HQJHHLQXPZHOWIUHXQGOLFKHV
DEHUEUHQQEDUHV.lOWHPLWWHO
5D(VVFKlGLJWQLFKWGLH
2]RQVFKLFKW XQG HUK|KW QLFKW GHQ
7UHLEKDXVHIIHNW:HQQGDV
.lOWHPLWWHODXVWULWWNDQQHVGLH
$XJHQYHUOHW]HQRGHUVLFK
HQW]QGHQ
■ 5RKUHQLFKWEHVFKlGLJHQ
%HL%HVFKlGLJXQJGHU5RKUH
■ )HXHUXQG=QGTXHOOHQYRP
*HUlWIHUQKDOWHQ
■ 5DXPOIWHQ
■ *HUlWDXVVFKDOWHQXQG
1HW]VWHFNHU]LHKHQ
■ .XQGHQGLHQVWUXIHQ
9HUPHLGXQJYRQ5LVLNHQIU
.LQGHUXQGJHIlKUGHWH
3HUVRQHQ
*HIlKUGHWVLQG
■ .LQGHU
■ 3HUVRQHQGLHN|USHUOLFK
SV\FKLVFKRGHULQLKUHU
:DKUQHKPXQJHLQJHVFKUlQNW
VLQG
■ 3HUVRQHQGLHQLFKWJHQJHQG
:LVVHQEHUGLHVLFKHUH
%HGLHQXQJGHV*HUlWVKDEHQ
0DQDKPHQ
■ 6LFKHUVWHOOHQ GDVV .LQGHU XQG
JHIlKUGHWH3HUVRQHQGLH
*HIDKUHQYHUVWDQGHQKDEHQ
■ (LQHIUGLH6LFKHUKHLW
YHUDQWZRUWOLFKH3HUVRQPXVV
.LQGHUXQGJHIlKUGHWH
3HUVRQHQDP*HUlW
EHDXIVLFKWLJHQRGHUDQOHLWHQ
■ 1XU.LQGHUDE-DKUHQGDV
*HUlWEHQXW]HQODVVHQ
■ %HL5HLQLJXQJXQG:DUWXQJ
.LQGHUEHDXIVLFKWLJHQ
■ 1LHPDOV.LQGHUPLWGHP*HUlW
VSLHOHQODVVHQ
(UVWLFNXQJVJHIDKU
■ %HL*HUlWPLW7UVFKORVV
6FKOVVHODXHU5HLFKZHLWH
YRQ.LQGHUQDXIEHZDKUHQ
■ 9HUSDFNXQJXQGGHUHQ7HLOH
QLFKW.LQGHUQEHUODVVHQ

6DFKVFKlGHQ
8P6DFKVFKlGHQ]XYHUPHLGHQ
■ 1LFKWDXI6RFNHO$XV]JH
RGHU7UHQWUHWHQRGHUGDUDXI
DEVWW]HQ
■ .XQVWVWRIIWHLOHXQG
7UGLFKWXQJHQ|OXQGIHWWIUHL
KDOWHQ
■ $P6WHFNHU]LHKHQ²QLFKWDP
$QVFKOXVVNDEHO
*HZLFKW
%HDFKWHQ6LHEHLP$XIVWHOOHQ
XQG 7UDQVSRUW GHV *HUlWHV GDVV
HVVHKUVFKZHUVHLQNDQQ
~ $XIVWHOORUWDXI 6HLWH
8 %HVWLPPXQJVJHPlHU
*HEUDXFK
%HVWLPPXQJVJHPlHU *HEUDXFK
9HUZHQGHQ6LHGLHVHV*HUlW
■ QXU]XP.KOHQXQG*HIULHUHQYRQ
/HEHQVPLWWHOQXQG]XU(LVEHUHLWXQJ
■ QXULP3ULYDWKDXVKDOWXQGLP
KlXVOLFKHQ8PIHOG
■ QXU JHPl GLHVHU *HEUDXFKVDQOHLWXQJ
'LHVHV*HUlWLVWIUHLQH1XW]XQJELV]X
HLQHU +|KH YRQ PD[LPDO 0HWHUQ EHU
GHP0HHUHVVSLHJHOEHVWLPPW
7 8PZHOWVFKXW]
8PZHOWVFKXW]
9HUSDFNXQJ
$OOH0DWHULDOLHQVLQGXPZHOWYHUWUlJOLFK
XQGZLHGHUYHUZHUWEDU
■ (QWVRUJHQ6LHGLH9HUSDFNXQJ
XPZHOWJHUHFKW
■ ,QIRUPLHUHQ6LHVLFKEHU
(QWVRUJXQJVZHJHEHL,KUHP
)DFKKlQGOHURGHUEHLGHU|IIHQWOLFKHQ
9HUZDOWXQJ
$OWJHUlW
'XUFKXPZHOWJHUHFKWH(QWVRUJXQJ
N|QQHQZHUWYROOH5RKVWRIIH
ZLHGHUJHZRQQHQZHUGHQ
::DUQXQJ
.LQGHUN|QQHQVLFKLP*HUlW
HLQVFKOLHHQXQGHUVWLFNHQ
■ 8P.LQGHUQGDV+LQHLQNOHWWHUQ]X
HUVFKZHUHQ$EODJHQXQG%HKlOWHU
QLFKWDXVGHP*HUlWQHKPHQ
■ .LQGHUYRPDXVJHGLHQWHQ*HUlW
IHUQKDOWHQ
$FKWXQJ
.lOWHPLWWHOXQGVFKlGOLFKH*DVH
N|QQHQDXVWUHWHQ
5RKUHGHV.lOWHPLWWHO.UHLVODXIVXQG
,VROLHUXQJQLFKWEHVFKlGLJHQ
1. 1HW]VWHFNHU]LHKHQ
2. 1HW]DQVFKOXVVOHLWXQJGXUFKWUHQQHQ
3. *HUlWIDFKJHUHFKWHQWVRUJHQODVVHQ
'LHVHV*HUlWLVWHQWVSUHFKHQGGHU
HXURSlLVFKHQ5LFKWOLQLH
(8EHU(OHNWURXQG
(OHNWURQLNDOWJHUlWH ZDVWH HOHFWULFDO
DQGHOHFWURQLFHTXLSPHQW:(((
JHNHQQ]HLFKQHW
'LH5LFKWOLQLHJLEWGHQ5DKPHQIUHLQH
(8ZHLWJOWLJH5FNQDKPHXQG
9HUZHUWXQJGHU$OWJHUlWHYRU

5 $XIVWHOOHQXQG
$QVFKOLHHQ
$XIVWHOOHQ XQG $QVFKOLHHQ
/LHIHUXPIDQJ
3UIHQ 6LH QDFK GHP $XVSDFNHQ DOOH 7HLOH
DXIHYHQWXHOOH7UDQVSRUWVFKlGHQ
:HQGHQ6LHVLFKEHL%HDQVWDQGXQJHQDQ
GHQ+lQGOHUEHLGHP6LHGDV*HUlW
HUZRUEHQKDEHQRGHUDQXQVHUHQ
.XQGHQGLHQVW
~ .XQGHQGLHQVWDXI 6HLWH
'LH/LHIHUXQJEHVWHKWDXVIROJHQGHQ
7HLOHQ
■ (LQEDXJHUlW
■ $XVVWDWWXQJPRGHOODEKlQJLJ
■ 0RQWDJHPDWHULDO
■ *HEUDXFKVDQOHLWXQJ
■ 0RQWDJHDQOHLWXQJ
■ .XQGHQGLHQVWKHIW
■ *DUDQWLHEHLODJH
■ ,QIRUPDWLRQHQ]X(QHUJLHYHUEUDXFK
XQG*HUlXVFKHQ
7HFKQLVFKH'DWHQ
.lOWHPLWWHO1XW]LQKDOWXQGZHLWHUH
WHFKQLVFKH$QJDEHQILQGHQ6LHDXIGHP
7\SHQVFKLOG
~ *HUlWNHQQHQOHUQHQDXI 6HLWH
*HUlWDXIVWHOOHQ
$XIVWHOORUW
-HPHKU.lOWHPLWWHOLQHLQHP*HUlWLVW
GHVWR JU|HU PXVV GHU 5DXP VHLQ LQ GHP
GDV*HUlWVWHKW,Q]XNOHLQHQ5lXPHQ
NDQQEHLHLQHP/HFNHLQEUHQQEDUHV
*DV/XIW*HPLVFKHQWVWHKHQ
3UR J.lOWHPLWWHOPXVVGHU5DXP
PLQGHVWHQV PóJURVHLQ'LH0HQJH
GHV.lOWHPLWWHOV,KUHV*HUlWVVWHKWDXI
GHP7\SHQVFKLOGLP,QQHUHQGHV*HUlWV
~ *HUlWNHQQHQOHUQHQDXI 6HLWH
'DV*HZLFKWGHV*HUlWHVNDQQMHQDFK
0RGHOOELV]X NJEHWUDJHQ
=XOlVVLJH5DXPWHPSHUDWXU
'LH]XOlVVLJH5DXPWHPSHUDWXUKlQJWYRQ
GHU.OLPDNODVVHGHV*HUlWVDE
$QJDEHQ]XU.OLPDNODVVHILQGHQ6LHDXI
GHP7\SHQVFKLOG
~ *HUlWNHQQHQOHUQHQDXI 6HLWH
'DV*HUlWLVWLQQHUKDOEGHU]XOlVVLJHQ
5DXPWHPSHUDWXUYROOIXQNWLRQVIlKLJ
:LUGHLQ*HUlWGHU.OLPDNODVVH61EHL
NlOWHUHQ5DXPWHPSHUDWXUHQEHWULHEHQ
N|QQHQ%HVFKlGLJXQJHQDP*HUlWELV]X
HLQHU5DXPWHPSHUDWXUYRQ &
DXVJHVFKORVVHQZHUGHQ
1LVFKHQPDH
1LVFKHQWLHIH
)UGDV*HUlWZLUGHLQH1LVFKHQWLHIHYRQ
FPHPSIRKOHQ%HLHLQHUNOHLQHUHQ
1LVFKHQWLHIH ² PLQGHVWHQV FP ² HUK|KW
VLFKGLH(QHUJLHDXIQDKPHJHULQJIJLJ
1LVFKHQEUHLWH
)UGDV*HUlWLVWHLQH,QQHQEUHLWHGHU
0|EHOQLVFKHYRQPLQGHVWHQV FP
QRWZHQGLJ%HL$EZHLFKXQJHQN|QQHQ
3UREOHPHEHLGHU*HUlWHLQVWDOODWLRQ
DXIWUHWHQ
6LGHE\VLGH$XIVWHOOXQJ
(LQH$XIVWHOOXQJGHU*HUlWH
QHEHQHLQDQGHULVWQXUPLWHLQHP$EVWDQG
YRQPLQGHVWHQV FPP|JOLFK
.OLPDNODVVH =XOlVVLJH5DXPWHPSHUDWXU
61 & &
1 & &
67 & &
7 & &

(QHUJLHVSDUHQ
:HQQ6LHGLHIROJHQGHQ+LQZHLVHEHIROJHQYHUEUDXFKW,KU*HUlWZHQLJHU6WURP
+LQZHLV 'LH$QRUGQXQJGHU$XVVWDWWXQJVWHLOHKDWNHLQHQ(LQIOXVVDXIGHQ
(QHUJLHYHUEUDXFKGHV*HUlWV
*HUlWDXIVWHOOHQ
*HUlWYRUGLUHNWHU6RQQHQHLQVWUDKOXQJVFKW]HQ 'DV*HUlWPXVVEHLQLHGULJHUHQ8PJH
EXQJVWHPSHUDWXUHQVHOWHQHUNKOHQXQGYHU
EUDXFKWGDGXUFKZHQLJHU6WURP
*HUlWPLWP|JOLFKVWJURHP$EVWDQG]X+HL]N|U
SHUQ+HUGXQGDQGHUHQ:lUPHTXHOOHQDXIVWHO
OHQ
FP]X(OHNWURRGHU*DVKHUGHQ
FP]XgORGHU.RKOHKHUGHQ
+LQZHLV :HQQGDVQLFKWP|JOLFKLVWHLQH,VR
OLHUSODWWH]ZLVFKHQ*HUlWXQG:lUPHTXHOOHDQ
EULQJHQ
$XIVWHOORUWPLWHLQHU5DXPWHPSHUDWXUYRQFD
&ZlKOHQ
1LVFKHQWLHIHYRQ FPYHUZHQGHQ
$FKWXQJ
9HUEUHQQXQJVJHIDKU
(LQ]HOQH7HLOHGHV*HUlWVZHUGHQEHL%HWULHE
KHL(LQH%HUKUXQJGLHVHU7HLOHNDQQ]X9HU
EUHQQXQJHQIKUHQ
'LH/XIWDQGHU5FNZDQGGHV*HUlWVHUZlUPW
VLFKQLFKWVRVWDUN'DV*HUlWYHUEUDXFKWZHQL
JHU6WURPZHQQGLHZDUPH/XIWDE]LHKHQNDQQ
1LFKW/IWXQJV|IIQXQJHQDEGHFNHQRGHU]XVWHO
OHQ
5DXPWlJOLFKOIWHQ
*HUlWQXW]HQ
*HUlWHWUQXUNXU]|IIQHQ 'LH/XIWLP*HUlWHUZlUPWVLFKQLFKWVRVWDUN
'DV *HUlW PXVV VHOWHQHU NKOHQ XQG YHUEUDXFKW
GDGXUFKZHQLJHU6WURP
*HNDXIWH /HEHQVPLWWHO LQ HLQHU .KOWDVFKH WUDQV
SRUWLHUHQXQGVFKQHOOLQV*HUlWOHJHQ
:DUPH /HEHQVPLWWHO XQG *HWUlQNH HUVW DENKOHQ
ODVVHQGDQQLQLQV*HUlWVWHOOHQ
*HIULHUJXW]XP$XIWDXHQLQV.KOIDFKOHJHQXP
GLH.lOWHGHV*HIULHUJXWV]XQXW]HQ
=ZLVFKHQGHQ/HEHQVPLWWHOQXQG]XGHU5FN
ZDQGLPPHUHWZDV3ODW]ODVVHQ
'LH /XIW NDQQ ]LUNXOLHUHQ XQG GLH /XIWIHXFKWLJNHLW
EOHLEW NRQVWDQW 'DV *HUlW PXVV VHOWHQHU NKOHQ
XQGYHUEUDXFKWGDGXUFKZHQLJHU6WURP
/HEHQVPLWWHOOXIWGLFKWYHUSDFNHQ
1LFKW/IWXQJV|IIQXQJHQDEGHFNHQRGHU]XVWHO
OHQ
'LH/XIWDQGHU5FNZDQGGHV*HUlWVHUZlUPW
VLFKQLFKWVRVWDUN'DV*HUlWYHUEUDXFKWZHQL
JHU6WURPZHQQGLHZDUPH/XIWDE]LHKHQNDQQ

9RUGHPHUVWHQ*HEUDXFK
1. ,QIRPDWHULDOHQWQHKPHQXQG
.OHEHVWUHLIHQVRZLH6FKXW]IROLH
HQWIHUQHQ
2. *HUlWUHLQLJHQ
~ 5HLQLJHQDXI 6HLWH
(OHNWULVFKHU$QVFKOXVV
$FKWXQJ
'DV*HUlWQLFKWDQHOHNWURQLVFKH
(QHUJLHVSDUVWHFNHUDQVFKOLHHQ
+LQZHLV 6LHN|QQHQGDV*HUlWDQ
QHW]JHIKUWHXQGDQVLQXVJHIKUWH
:HFKVHOULFKWHUDQVFKOLHHQ
1HW]JHIKUWH:HFKVHOULFKWHUZHUGHQEHL
3KRWRYROWDLNDQODJHQPLWGLUHNWHP
$QVFKOXVVDQGDV|IIHQWOLFKH6WURPQHW]
YHUZHQGHW %HL ,QVHOO|VXQJHQ PVVHQ 6LH
VLQXVJHIKUWH:HFKVHOULFKWHUYHUZHQGHQ
,QVHOO|VXQJHQ] %DXI6FKLIIHQRGHU
*HELUJVKWWHQKDEHQNHLQHQGLUHNWHQ
$QVFKOXVVDQGDV|IIHQWOLFKH6WURPQHW]
1. 1DFKGHP$XIVWHOOHQGHV*HUlWVPLW
GHP$QVFKOXVVPLQGHVWHQV 6WXQGH
ZDUWHQXP6FKlGHQDP9HUGLFKWHU]X
YHUPHLGHQ
2. *HUlWEHUHLQHYRUVFKULIWVPlLJ
LQVWDOOLHUWH6WHFNGRVHDQVFKOLHHQ
'LH6WHFNGRVHPXVVIROJHQGH'DWHQ
HUIOOHQ
$XHUKDOE(XURSDV3UIHQREGLH
DQJHJHEHQH6WURPDUWGHV*HUlWVPLW
GHQ:HUWHQ,KUHV6WURPQHW]HV
EHUHLQVWLPPW'LH$QJDEHQ]XP
*HUlWVWHKHQDXIGHP7\SHQVFKLOG
~ *HUlWNHQQHQOHUQHQDXI 6HLWH
3. *HUlWDQHLQH6WHFNGRVHLQGHU1lKH
GHV*HUlWVDQVFKOLHHQ
'LH6WHFNGRVHPXVVDXFKQDFKGHP
$XIVWHOOHQGHV*HUlWVIUHL]XJlQJOLFK
VHLQ
::DUQXQJ
6WURPVFKODJJHIDKU
)DOOVGLH/lQJHGHU
1HW]DQVFKOXVVOHLWXQJQLFKWDXVUHLFKW
YHUZHQGHQ6LHDXINHLQHQ)DOO
0HKUIDFKVWHFNGRVHQRGHU
9HUOlQJHUXQJVNDEHO.RQWDNWLHUHQ6LH
VWDWWGHVVHQGHQ.XQGHQGLHQVWIU
$OWHUQDWLYHQ
*HIULHUIDFKUHJHOPlLJDEWDXHQ (LQH5HLIVFKLFKWRGHU(LVLP*HIULHUIDFKYHU
VFKOHFKWHUWGLH.lOWHDEJDEHDQGDV*HIULHUJXW
XQGHUK|KWGHQ6WURPYHUEUDXFK
*HIULHUIDFKWUVRUJIlOWLJVFKOLHHQ 'DV*HIULHUIDFKYHUHLVWVWDUN'DV*HUlWPXVV
PHKUOHLVWHQGHU6WURPYHUEUDXFKHUK|KWVLFK
*HUlWQXW]HQ
6WHFNGRVHPLW 9 9
6FKXW]OHLWHU +]
6LFKHUXQJ $ $

* *HUlWNHQQHQOHUQHQ
*HUlW NHQQHQOHUQHQ
.ODSSHQ6LHGLHOHW]WH6HLWHPLWGHQ
$EELOGXQJHQDXV$EZHLFKXQJHQ
]ZLVFKHQ*HUlWXQG$EELOGXQJHQVLQGMH
QDFK$XVVWDWWXQJP|JOLFK
*HUlW
~%LOG !
1LFKWEHLDOOHQ0RGHOOHQ
%HGLHQHOHPHQWH
~%LOG "
# .KOIDFK
+ )ULVFKNKOIDFK
3 *HIULHUIDFK
()" %HGLHQHOHPHQWH
)* %HOHXFKWXQJ
)2 7UHQQSODWWHPLW
)HXFKWLJNHLWVUHJOHU
): *HPVHEHKlOWHU
)B )ULVFKNKOEHKlOWHU
)J *HIULHUJXWEHKlOWHUIODFK
)R *HIULHUJXWVFKDOH
)Z *HIULHUJXWEHKlOWHUJUR
)b *HIULHUJXWEHKlOWHUNOHLQ
)j 7\SHQVFKLOG
1" %XWWHUXQG.lVHIDFK
1* $EODJHIUJURH)ODVFKHQ
( 7DVWH #
6FKDOWHWGDV*HUlWHLQRGHUDXV
0 7DVWH VXSHU*HIULHUIDFK
6FKDOWHW 6XSHU*HIULHUHQ HLQ RGHU
DXV
8 7DVWH *HIULHUIDFK
6WHOOWGLH7HPSHUDWXUGHV
*HIULHUIDFKVHLQ
@ $Q]HLJH7HPSHUDWXU*HIULHUIDFK
=HLJWGLHHLQJHVWHOOWH7HPSHUDWXU
LQ &DQ
H 7DVWH DODUP
6FKDOWHWGHQ:DUQWRQDE
P K\SHU)UHVK &
'LH$Q]HLJHOHXFKWHWZHQQGDV
*HUlWLQ%HWULHELVW
X 7DVWH KROLGD\
6FKDOWHWGHQ8UODXEVPRGXVHLQ
RGHUDXV
` 7DVWH .KOIDFK
6WHOOWGLH7HPSHUDWXUGHV
.KOIDFKVHLQ
h $Q]HLJH7HPSHUDWXU.KOIDFK
=HLJWGLHHLQJHVWHOOWH7HPSHUDWXU
LQ &DQ
)" 7DVWH VXSHU.KOIDFK
6FKDOWHW6XSHU.KOHQHLQRGHU
DXV

$XVVWDWWXQJ
QLFKWEHLDOOHQ0RGHOOHQ
$EODJH
~%LOG #
6LHN|QQHQGLH$EODJHYDULLHUHQ
■ $EODJHKHUDXV]LHKHQXQG
KHUDXVQHKPHQ
9DULR$EODJH
~%LOG $
6LHN|QQHQKRKHV.KOJXW] %.DQQHQ
RGHU)ODVFKHQODJHUQ
■ 9RUGHUHQ7HLOGHU$EODJH
KHUDXVQHKPHQXQGXQWHUGHQKLQWHUHQ
7HLOVFKLHEHQ
*HPVHEHKlOWHU
~%LOG %
6LHN|QQHQGHQ%HKlOWHUKHUDXVQHKPHQ
■ %HKlOWHUKLQWHQDQKHEHQXQG
KHUDXVQHKPHQ
6LHN|QQHQGHQ%HKlOWHUHLQVHW]HQ
■ %HKlOWHUDXI$XV]XJVVFKLHQHQVHW]HQ
XQGLQGDV*HUlWVFKLHEHQ
*HIULHUJXWVFKDOH
~%LOG &
6LHN|QQHQGLH6FKDOHKHUDXVQHKPHQ
1. %HKlOWHUELV]XP$QVFKODJ
KHUDXV]LHKHQ
2. 6FKDOHDQKHEHQXQGKHUDXVQHKPHQ
*HIULHUJXWEHKlOWHU
~%LOG '
6LHN|QQHQGHQ%HKlOWHUKHUDXVQHKPHQ
■ %HKlOWHUELV]XP$QVFKODJ
KHUDXV]LHKHQYRUQHDQKHEHQXQG
KHUDXVQHKPHQ
$EVWHOOHU
~%LOG (
6LHN|QQHQGHQ$EVWHOOHUKHUDXVQHKPHQ
■ $EVWHOOHUQDFKREHQDQKHEHQXQG
KHUDXVQHKPHQ
)ODVFKHQKDOWHU
~%LOG )
:HQQ6LHGLH7U|IIQHQXQGVFKOLHHQ
■ 'HU)ODVFKHQKDOWHUYHUKLQGHUWGDVV
)ODVFKHQNLSSHQ
(LVVFKDOH
6LHN|QQHQ(LVZUIHOEHUHLWHQ
1. (LVVFKDOH ]X PLW :DVVHU IOOHQ XQG
LQGDV*HIULHUIDFKVWHOOHQ
+LQZHLV )HVWJHIURUHQH (LVVFKDOH QXU
PLWVWXPSIHP*HJHQVWDQGO|VHQ] %
/|IIHOVWLHO
2. =XP/|VHQGHU(LVZUIHO(LVVFKDOH
NXU]XQWHUIOLHHQGHV:DVVHUKDOWHQ
RGHUOHLFKWYHUZLQGHQ
.lOWHDNNX
%HLHLQHP6WURPDXVIDOORGHUHLQHU
6W|UXQJ
■ 'HU.lOWHDNNXYHU]|JHUWGLH
(UZlUPXQJGHVHLQJHODJHUWHQ
*HIULHUJXWV
+LQZHLV 'LH /DJHUGDXHU LVW DP OlQJVWHQ
ZHQQ 6LH GHQ .lOWHDNNX LP REHUVWHQ )DFK
DXIGLH/HEHQVPLWWHOOHJHQ
6LHN|QQHQGHQ.lOWHDNNX]XP
YRUEHUJHKHQGHQ.KOKDOWHQYRQ
/HEHQVPLWWHOQ] %LQHLQHU.KOWDVFKH
KHUDXVQHKPHQ

1 *HUlWEHGLHQHQ
*HUlW EHGLHQHQ
*HUlWHLQVFKDOWHQ
1. 7DVWH #GUFNHQ
'DV *HUlW EHJLQQW ]X NKOHQ :DUQWRQ
EOLQNHQGH7HPSHUDWXUDQ]HLJHGHV
*HIULHUIDFKVXQGOHXFKWHQGH
7DVWH DODUP]HLJHQDQGDVVGDV
*HIULHUIDFKQRFK]XZDUPLVW
2. 7DVWH DODUPGUFNHQ
'HU:DUQWRQVFKDOWHWDE
3. 'LH JHZQVFKWH 7HPSHUDWXU HLQVWHOOHQ
~ 7HPSHUDWXUHLQVWHOOHQ
DXI 6HLWH
+LQZHLVH]XP%HWULHE
■ 1DFKGHP(LQVFKDOWHQNDQQHV
PHKUHUH6WXQGHQGDXHUQELVGLH
HLQJHVWHOOWHQ7HPSHUDWXUHQHUUHLFKW
VLQG9RU(UUHLFKHQGHUJHZlKOWHQ
7HPSHUDWXUNHLQH/HEHQVPLWWHO
HLQOHJHQ
■ 'LH6WLUQVHLWHQGHV*HKlXVHVZHUGHQ
WHLOZHLVH OHLFKW EHKHL]W 'LHV YHUKLQGHUW
6FKZLW]ZDVVHUELOGXQJLP%HUHLFKGHU
7UGLFKWXQJ
■ :HQQVLFKGLH*HIULHUIDFK7UQDFK
GHP6FKOLHHQQLFKWVRIRUWZLHGHU
|IIQHQ OlVVW HLQHQ 0RPHQW ZDUWHQ ELV
VLFKGHUHQWVWDQGHQH8QWHUGUXFN
DXVJHJOLFKHQKDW
*HUlWDXVVFKDOWHQXQG
VWLOOOHJHQ
*HUlWDXVVFKDOWHQ
■ 7DVWH #GUFNHQ
'DV*HUlWNKOWQLFKWPHKU
*HUlWVWLOOOHJHQ
:HQQ6LHGDV*HUlWOlQJHUH=HLWQLFKW
EHQXW]HQ
1. 7DVWH #GUFNHQ
'DV*HUlWNKOWQLFKWPHKU
2. 1HW]VWHFNHU]LHKHQRGHU6LFKHUXQJ
DXVVFKDOWHQ
3. *HUlWUHLQLJHQ
4. *HUlWRIIHQODVVHQ
7HPSHUDWXUHLQVWHOOHQ
(PSIRKOHQH7HPSHUDWXU
.KOIDFK
■ 7DVWH VRRIWGUFNHQELVGLH
$Q]HLJHGLHJHZQVFKWH7HPSHUDWXU
]HLJW
)ULVFKNKOIDFK
'LH7HPSHUDWXULP)ULVFKNKOIDFKZLUG
QDKH &JHKDOWHQ
+LQZHLV :HQQVLFKDXIGHP.KOJXWLP
)ULVFKNKOIDFK)URVWELOGHW7HPSHUDWXU
ZlUPHUHLQVWHOOHQ ~ 6W|UXQJHQZDV
WXQ"DXI 6HLWH
*HIULHUIDFK
■ 7DVWH VRRIWGUFNHQELVGLH
$Q]HLJHGLHJHZQVFKWH7HPSHUDWXU
]HLJW
.KOIDFK &
*HIULHUIDFK ² &

6XSHU.KOHQ
%HLP6XSHU.KOHQNKOWGDV.KOIDFKVR
NDOWZLHP|JOLFK
6XSHU.KOHQHLQVFKDOWHQ] %
■ YRUGHP(LQOHJHQJURHU0HQJHQ
/HEHQVPLWWHO
■ ]XP6FKQHOONKOHQYRQ*HWUlQNHQ
+LQZHLV :HQQ6XSHU.KOHQ
HLQJHVFKDOWHWLVWNDQQHV]XYHUPHKUWHQ
*HUlXVFKHQNRPPHQ
1DFKFD 6WXQGHQVFKDOWHWGDV*HUlW
DXI1RUPDOEHWULHE
6XSHU.KOHQHLQDXVVFKDOWHQ
■ 7DVWH VXSHUGUFNHQ
:HQQ GDV 6XSHU.KOHQ HLQJHVFKDOWHW
LVWOHXFKWHWGLH7DVWH
6XSHU*HIULHUHQ
$XWRPDWLVFKHV6XSHU*HIULHUHQ
'DVDXWRPDWLVFKH6XSHU*HIULHUHQ
VFKDOWHWVLFKEHLP(LQOHJHQZDUPHU
/HEHQVPLWWHODXWRPDWLVFKHLQ
%HLP DXWRPDWLVFKHQ 6XSHU*HIULHUHQ NKOW
GDV*HIULHUIDFKGHXWOLFKNlOWHUDOVLP
1RUPDOEHWULHE
'XUFKGDV6XSHU*HIULHUHQZHUGHQ
/HEHQVPLWWHOVFKQHOOELV]XP.HUQ
GXUFKJHIURUHQ
+LQZHLV :HQQGDVDXWRPDWLVFKH
6XSHU*HIULHUHQ HLQJHVFKDOWHW LVW OHXFKWHW
GLH7DVWH VXSHUXQGHVNDQQ]X
YHUPHKUWHQ*HUlXVFKHQNRPPHQ
1DFK$EODXIGHVDXWRPDWLVFKHQ
6XSHU*HIULHUHQVVFKDOWHWGDV*HUlW
DXWRPDWLVFKDXI1RUPDOEHWULHE
$XWRPDWLVFKHV6XSHU*HIULHUHQPDQXHOO
DEEUHFKHQ
■ 7DVWH VXSHUGUFNHQ
0DQXHOOHV6XSHU*HIULHUHQ
%HLP PDQXHOOHQ 6XSHU*HIULHUHQ NKOW GDV
*HIULHUIDFKVRNDOWZLHP|JOLFK
6XSHU*HIULHUHQHLQVFKDOWHQ] %
■ XP/HEHQVPLWWHOVFKQHOOELV]XP.HUQ
GXUFK]XIULHUHQ
■ 6WXQGHQ YRU GHP (LQOHJHQ HLQHU
/HEHQVPLWWHOPHQJHDE NJ
■ ]XU$XVQXW]XQJGHVPD[
*HIULHUYHUP|JHQV
~ 0D[LPDOHV*HIULHUYHUP|JHQ
DXI 6HLWH
+LQZHLV :HQQ6XSHU*HIULHUHQ
HLQJHVFKDOWHWLVWNDQQHV]XYHUPHKUWHQ
*HUlXVFKHQNRPPHQ
1DFKFD ^ 7DJHQVFKDOWHWGDV*HUlW
DXI1RUPDOEHWULHE
6XSHU*HIULHUHQHLQDXVVFKDOWHQ
■ 7DVWH VXSHUGUFNHQ
:HQQGDV6XSHU*HIULHUHQ
HLQJHVFKDOWHWLVWOHXFKWHWGLH7DVWH
8UODXEVPRGXV
%HL OlQJHUHU $EZHVHQKHLW N|QQHQ 6LH GDV
*HUlWLQGHQHQHUJLHVSDUHQGHQ
8UODXEVPRGXVXPVWHOOHQ
'LH7HPSHUDWXULP.KOIDFKZLUG
DXWRPDWLVFKDXI &XPJHVWHOOW
/DJHUQ6LHZlKUHQGGLHVHU=HLWNHLQH
/HEHQVPLWWHOLP.KOIDFK
'LH7HPSHUDWXULP*HIULHUIDFKEOHLEW
XQYHUlQGHUW
8UODXEVPRGXVHLQDXVVFKDOWHQ
■ 7DVWH KROLGD\GUFNHQ
:HQQ GHU 8UODXEVPRGXV HLQJHVFKDOWHW
LVWOHXFKWHWGLH7DVWHXQGGLH$Q]HLJH
7HPSHUDWXU.KOIDFK]HLJWNHLQH
7HPSHUDWXUPHKUDQ

M $ODUP
$ODUP
7UDODUP
:HQQGLH*HUlWHWUOlQJHURIIHQVWHKW
VFKDOWHWVLFKGHU7UDODUPHLQ
■ 7UVFKOLHHQRGHU7DVWH DODUP
GUFNHQ
'HU:DUQWRQZLUGDEJHVFKDOWHW
7HPSHUDWXUDODUP
:HQQHVLP*HIULHUIDFK]XZDUPZLUG
VFKDOWHWVLFKGHU7HPSHUDWXUDODUPHLQ
$FKWXQJ
%HLP$XIWDXHQN|QQHQ%DNWHULHQ
HQWVWHKHQXQGGDV*HIULHUJXWNDQQ
YHUGHUEHQ
$QRGHUDXIJHWDXWHV*HIULHUJXWQLFKW
ZLHGHUHLQIULHUHQ
(UVW QDFK GHP .RFKHQ RGHU %UDWHQ HUQHXW
HLQIULHUHQ 'LH PD[LPDOH /DJHUGDXHU QLFKW
PHKUYROOQXW]HQ
+LQZHLV 2KQH *HIDKU IU GDV *HIULHUJXW
NDQQVLFKGHU$ODUPLQIROJHQGHQ)lOOHQ
HLQVFKDOWHQ
■ 'DV*HUlWZLUGLQ%HWULHEJHQRPPHQ
■ *URH0HQJHQIULVFKHU/HEHQVPLWWHO
ZHUGHQHLQJHOHJW
■ 'LH*HIULHUIDFK7ULVW]XODQJH
JH|IIQHW
:lUPVWH7HPSHUDWXUDQ]HLJHQXQG
:DUQWRQDXVVFKDOWHQ
■ 7DVWH DODUPGUFNHQ
'LH$Q]HLJH]HLJWNXU]GLHZlUPVWH
7HPSHUDWXUDQGLHLP*HIULHUIDFK
JHKHUUVFKWKDW'DQDFK]HLJWGLH
$Q]HLJHZLHGHUGLHHLQJHVWHOOWH
7HPSHUDWXUDQ
9RQGLHVHP=HLWSXQNWDQZLUGGLH
ZlUPVWH7HPSHUDWXUQHXHUPLWWHOWXQG
JHVSHLFKHUW
+LQZHLV 'LH7DVWH DODUPOHXFKWHW
ELVGLHHLQJHVWHOOWH7HPSHUDWXUZLHGHU
HUUHLFKWLVW
U .KOIDFK
.KOIDFK
'DV.KOIDFKHLJQHWVLFK]XP
$XIEHZDKUHQYRQ0LOFKSURGXNWHQ(LHUQ
IHUWLJHQ6SHLVHQ%DFNZDUHQJH|IIQHWHQ
.RQVHUYHQXQG+DUWNlVH
'LH7HPSHUDWXULVWYRQ & &
HLQVWHOOEDU
'XUFKGLH.KOODJHUXQJN|QQHQ6LHDXFK
KRFKYHUGHUEOLFKH/HEHQVPLWWHONXU]ELV
PLWWHOIULVWLJODJHUQ-HWLHIHUGLHJHZlKOWH
7HPSHUDWXUGHVWRODQJVDPHUODXIHQ
HQ]\PDWLVFKHFKHPLVFKHVRZLHDXFKGHU
9HUGHUEGXUFK0LNURRUJDQLVPHQDE(LQH
7HPSHUDWXUYRQ &RGHUGDUXQWHU
JHZlKUOHLVWHWGLHRSWLPDOH)ULVFKKDOWXQJ
XQG6LFKHUKHLWGHUJHODJHUWHQ
/HEHQVPLWWHO
%HLP(LQODJHUQEHDFKWHQ
■ )ULVFKHXQYHUVHKUWH/HEHQVPLWWHO
HLQODJHUQ
6REOHLEW)ULVFKHXQG4XDOLWlWOlQJHU
HUKDOWHQ
■ %HL)HUWLJSURGXNWHQXQGDEJHIOOWHQ
:DUHQ GDV YRP +HUVWHOOHU DQJHJHEHQH
0LQGHVWKDOWEDUNHLWVRGHU
9HUEUDXFKVGDWXPQLFKWEHUVFKUHLWHQ
■ 8P$URPD)DUEHXQG)ULVFKH]X
HUKDOWHQ/HEHQVPLWWHOJXWYHUSDFNW
RGHUDEJHGHFNWHLQODJHUQ
6RYHUPHLGHQ6LH
*HVFKPDFNVEHUWUDJXQJHQXQG
9HUIlUEXQJHQGHU.XQVWVWRIIWHLOH
■ :DUPH6SHLVHQXQG*HWUlQNHHUVW
DENKOHQ ODVVHQ GDQQ LQ GDV .KOIDFK
VWHOOHQ

.lOWH]RQHQLP.KOIDFK
EHDFKWHQ
'XUFKGLH/XIW]LUNXODWLRQLP.KOIDFK
HQWVWHKHQ=RQHQXQWHUVFKLHGOLFKHU.lOWH
.lOWHVWH=RQH
'LHNlOWHVWH=RQHLVWDXIGHU7UHQQSODWWH
XQGLP$EVWHOOHUIUJURH)ODVFKHQ
:lUPVWH=RQH
'LHZlUPVWH=RQHLVWDQGHU7UJDQ]
REHQ
+LQZHLVH
■ /DJHUQ 6LH LQ GHU ZlUPVWHQ =RQH ] %
+DUWNlVHXQG%XWWHU.lVHNDQQVR
VHLQ$URPDZHLWHUHQWIDOWHQGLH%XWWHU
EOHLEWVWUHLFKIlKLJ
■ /DJHUQ6LHHPSILQGOLFKH/HEHQVPLWWHO
ZLH] %)LVFK:XUVWXQG)OHLVFKLP
)ULVFKNKOIDFK ~ )ULVFKNKOIDFK
DXI 6HLWH
T )ULVFKNKOIDFK
)ULVFKNKOIDF K
'LH7HPSHUDWXULP)ULVFKNKOIDFKZLUG
QDKH &JHKDOWHQ
'LHQLHGULJH7HPSHUDWXUXQGGLHRSWLPDOH
/XIWIHXFKWHVLFKHUQLGHDOH
/DJHUEHGLQJXQJHQIUIULVFKH
/HEHQVPLWWHO
'XUFKGLH)ULVFKNKOODJHUXQJN|QQHQ6LH
IULVFKH/HEHQVPLWWHOELV]XGUHLPDOOlQJHU
IULVFKKDOWHQDOVLP.KOIDFK²IUQRFK
OlQJHUH)ULVFKHOlQJHUHQ1lKUVWRIIHUKDOW
XQGEHVVHUHQ*HVFKPDFN
*HPVHEHKlOWHU
~%LOG *
'HU*HPVHEHKlOWHULVWGHURSWLPDOH
/DJHURUWIUIULVFKHV2EVWXQG*HPVH
hEHUGHQ)HXFKWLJNHLWVUHJOHUGHU
7UHQQSODWWH XQG HLQH VSH]LHOOH $EGLFKWXQJ
N|QQHQ6LHGLH/XIWIHXFKWLJNHLWLP
*HPVHEHKlOWHUDQSDVVHQ
'LH/XIWIHXFKWLJNHLWLP*HPVHEHKlOWHU
N|QQHQ6LHQDFK$UWXQG0HQJHGHU
HLQ]XODJHUQGHQ:DUHHLQVWHOOHQ
■ EHUZLHJHQG2EVWVRZLHEHLKRKHU
%HODGXQJ²QLHGULJHUH/XIWIHXFKWLJNHLW
HLQVWHOOHQ
■ EHUZLHJHQG*HPVHVRZLHEHL
0LVFKEHODGXQJRGHUJHULQJHU
%HODGXQJ²K|KHUH/XIWIHXFKWLJNHLW
HLQVWHOOHQ
+LQZHLVH
■ .lOWHHPSILQGOLFKHV 2EVW ] % $QDQDV
%DQDQH3DSD\DXQG=LWUXVIUFKWH
XQG*HPVH] %$XEHUJLQHQ
*XUNHQ=XFFKLQL3DSULND7RPDWHQ
XQG.DUWRIIHOQVROOWHQ6LHIUGHQ
RSWLPDOHQ(UKDOWYRQ4XDOLWlWXQG
$URPDDXHUKDOEGHV*HUlWVEHL
7HPSHUDWXUHQYRQFLUFD
& &ODJHUQ
■ -HQDFK/DJHUPHQJHXQG/DJHUJXW
NDQQVLFKLP*HPVHEHKlOWHU
.RQGHQVZDVVHUELOGHQ
.RQGHQVZDVVHUPLWHLQHPWURFNHQHQ
7XFKHQWIHUQHQXQG/XIWIHXFKWLJNHLWLP
*HPVHEHKlOWHUEHUGHQ
)HXFKWLJNHLWVUHJOHUDQSDVVHQ
)ULVFKNKOEHKlOWHU
~%LOG !)B
'DV/DJHUNOLPDLP)ULVFKNKOEHKlOWHU
ELHWHWLGHDOH%HGLQJXQJHQ]XP
$XIEHZDKUHQYRQ)LVFK)OHLVFKXQG
:XUVW

/DJHU]HLWHQEHL &
'LH/DJHU]HLWHQVLQGDEKlQJLJYRQGHU
$XVJDQJVTXDOLWlW
W *HIULHUIDFK
*HIULHUIDFK
'DV*HIULHUIDFKHLJQHWVLFK]XP
■ /DJHUQYRQ7LHINKONRVW
■ +HUVWHOOHQYRQ(LVZUIHOQ
■ (LQIULHUHQYRQ/HEHQVPLWWHOQ
'LH7HPSHUDWXULVWYRQ² & ² &
HLQVWHOOEDU
'XUFKGLH*HIULHUODJHUXQJN|QQHQ6LH
YHUGHUEOLFKH/HEHQVPLWWHOQDKH]XRKQH
PHUNOLFKH4XDOLWlWVHLQEXHQODQJIULVWLJ
ODJHUQGDGLHWLHIHQ7HPSHUDWXUHQGHQ
9HUGHUEVWDUNYHUODQJVDPHQRGHU
VWRSSHQ$XVVHKHQ$URPDXQGDOOH
ZHUWYROOHQ,QKDOWVVWRIIHEOHLEHQ
ZHLWHVWJHKHQGHUKDOWHQ
'LHODQJIULVWLJH/DJHUXQJYRQ
/HEHQVPLWWHOQVROOWHEHL² &RGHU
GDUXQWHUHUIROJHQ
'LH=HLWVSDQQH]ZLVFKHQGHU(LQODJHUXQJ
IULVFKHU/HEHQVPLWWHOXQGGHPY|OOLJHQ
'XUFKIULHUHQLVWDEKlQJLJYRQIROJHQGHQ
)DNWRUHQ
■ HLQJHVWHOOWHU7HPSHUDWXU
■ $UWGHV/HEHQVPLWWHOV
■ )OOXQJGHV*HIULHUIDFKV
■ (LQODJHUXQJVPHQJHXQGDUW
.OHLQHUH/HEHQVPLWWHOPHQJH
HLQIULHUHQ
/HEHQVPLWWHOHLQIULHUHQ
■ LQGHUKLQWHQDXIGHQJURHQ
*HIULHUJXWEHKlOWHUDXIJHVHW]WHQ
*HIULHUJXWVFKDOHRGHULPIODFKHQ
*HIULHUJXWEHKlOWHU ~ *HUlW
NHQQHQOHUQHQDXI 6HLWH
■ YRQUHFKWVDXHQEHJLQQHQG
■ EUHLWIOlFKLJ
6RZHUGHQVLHDPVFKQHOOVWHQ
GXUFKJHIURUHQ
0D[LPDOHV*HIULHUYHUP|JHQ
'DVPD[LPDOH*HIULHUYHUP|JHQJLEWDQ
ZHOFKH 0HQJH /HEHQVPLWWHO LQ 6WXQGHQ
ELV]XP.HUQGXUFKJHIURUHQZHUGHQNDQQ
$QJDEHQ]XPPD[LPDOHQ
*HIULHUYHUP|JHQILQGHQ6LHDXIGHP
7\SHQVFKLOG
~ *HUlWNHQQHQOHUQHQDXI 6HLWH
=XU1XW]XQJGHVPD[LPDOHQ
*HIULHUYHUP|JHQVGDV6XSHU*HIULHUHQ
6WXQGHQ YRU GHP (LQOHJHQ GHU IULVFKHQ
/HEHQVPLWWHOHLQVFKDOWHQ
~ 6XSHU*HIULHUHQDXI 6HLWH
)ULVFKHU)LVFK0HHUHV
IUFKWH
ELV 7DJH
*HIOJHO)OHLVFK
JHNRFKWJHEUDWHQ
ELV 7DJH
5LQG6FKZHLQ/DPP
:XUVWZDUHQ$XIVFKQLWW
ELV 7DJH
5lXFKHUILVFK%URNNROL ELV 7DJH
6DODW)HQFKHO$SULNRVHQ
3IODXPHQ
ELV 7DJH
:HLFKNlVH-RJKXUW
4XDUN%XWWHUPLOFK%OX
PHQNRKO
ELV 7DJH

9RUDXVVHW]XQJHQIUGDVPD[LPDOH
*HIULHUYHUP|JHQ
1. &LUFD 6WXQGHQEHYRU6LHIULVFKH
:DUHHLQOHJHQ6XSHU*HIULHUHQ
HLQVFKDOWHQ
~ 0DQXHOOHV6XSHU*HIULHUHQ
DXI 6HLWH
2. %HKlOWHUDXVGHP*HIULHUIDFKQHKPHQ
XQGGLH/HEHQVPLWWHOGLUHNWDXIGHQ
$EODJHQXQGGHP*HIULHUIDFKERGHQ
VWDSHOQ
3. =XHUVWGDVREHUVWH)DFKPLW
/HEHQVPLWWHOQIOOHQ'RUWZHUGHQVLH
DPVFKQHOOVWHQGXUFKJHIURUHQ
4. :HQQGDVREHUVWH)DFKQLFKW
DXVUHLFKWGLHYHUEOHLEHQGH0HQJHLP
GDUXQWHUOLHJHQGHQ)DFKYRQYRUQH
UHFKWVEHJLQQHQGODJHUQ
5. )ULVFKH/HEHQVPLWWHOP|JOLFKVWGLFKW
DQGHQ6HLWHQZlQGHQHLQIULHUHQ
*HIULHUYROXPHQYROOVWlQGLJ
QXW]HQ
8PGLHPD[LPDOH0HQJHDQ*HIULHUJXW
XQWHU]XEULQJHQ
■ $OOH$XVVWDWWXQJVWHLOHHQWQHKPHQ
■ /HEHQVPLWWHOGLUHNWDXIGHQ$EODJHQ
XQGGHP*HIULHUIDFKERGHQODJHUQ
7LHINKONRVWHLQNDXIHQ
■ $XIXQEHVFKlGLJWH9HUSDFNXQJ
DFKWHQ
■ $XI0LQGHVWKDOWEDUNHLWVGDWXPDFKWHQ
■ 'LH7HPSHUDWXULQGHU9HUNDXIVWUXKH
PXVV² &RGHUNlOWHUVHLQ
■ 'LH7LHINKONHWWHQLFKWXQWHUEUHFKHQ
7LHINKONRVWP|JOLFKVWLQHLQHU
,VROLHUWDVFKH WUDQVSRUWLHUHQ XQG VFKQHOO
LQGDV*HIULHUIDFKOHJHQ
%HLP(LQRUGQHQEHDFKWHQ
■ *U|HUH0HQJHQ/HEHQVPLWWHOLP
REHUVWHQ)DFKHLQIULHUHQ
'RUW ZHUGHQ VLH EHVRQGHUV VFKQHOO XQG
VFKRQHQGHLQJHIURUHQ
■ /HEHQVPLWWHOJURIOlFKLJLQGLH)lFKHU
RGHU*HIULHUJXWEHKlOWHUOHJHQ
■ (LQ]XIULHUHQGH/HEHQVPLWWHOQLFKWPLW
JHIURUHQHQ /HEHQVPLWWHOQ LQ %HUKUXQJ
EULQJHQ
%HL%HGDUIGXUFKJHIURUHQH
/HEHQVPLWWHOLQGLH*HIULHUJXWEHKlOWHU
XPVWDSHOQ
■ :LFKWLJ IU HLQZDQGIUHLH /XIW]LUNXODWLRQ
LP*HUlW
*HIULHUJXWEHKlOWHUELV]XP$QVFKODJ
HLQVFKLHEHQ
)ULVFKH /HEHQVPLWWHO HLQIULHUHQ
=XP(LQIULHUHQQXUIULVFKHXQG
HLQZDQGIUHLH/HEHQVPLWWHOYHUZHQGHQ
/HEHQVPLWWHOGLHJHNRFKWJHEUDWHQRGHU
JHEDFNHQYHU]HKUWZHUGHQVLQG
JHHLJQHWHUIUGDV(LQIULHUHQDOV
/HEHQVPLWWHOGLHURKYHU]HKUWZHUGHQ
9RUGHP(LQIULHUHQVLQGMHQDFK
/HEHQVPLWWHO9RUEHUHLWXQJVSUR]HVVH
GXUFK]XIKUHQXP1lKUZHUW$URPDXQG
)DUEHEHVWP|JOLFK]XHUKDOWHQ
■ *HPVHZDVFKHQ]HUNOHLQHUQ
EODQFKLHUHQ
■ 2EVWZDVFKHQHQWNHUQHQXQG
HYHQWXHOOVFKlOHQHYHQWXHOO=XFNHU
RGHU$VFRUELQVlXUHO|VXQJ]XIJHQ
+LQZHLVHGD]XILQGHQ6LHLQHLQVFKOlJLJHU
/LWHUDWXU

=XP(LQIULHUHQJHHLJQHW
■ %DFNZDUHQ
■ )LVFKXQG0HHUHVIUFKWH
■ )OHLVFK
■ :LOGXQG*HIOJHO
■ *HPVH2EVWXQG.UlXWHU
■ (LHURKQH6FKDOH
■ 0LOFKSURGXNWH] %.lVH%XWWHUXQG
4XDUN
■ IHUWLJH*HULFKWHXQG6SHLVHUHVWH] %
6XSSHQ(LQW|SIHJHJDUWHV)OHLVFK
JHJDUWHU)LVFK.DUWRIIHOVSHLVHQ
$XIOlXIHXQG6VSHLVHQ
=XP(LQIULHUHQQLFKWJHHLJQHW
■ *HPVHVRUWHQGLHEOLFKHUZHLVHURK
YHU]HKUWZHUGHQ] %%ODWWVDODWHRGHU
5DGLHVFKHQ
■ XQJHVFKlOWHRGHUKDUWJHNRFKWH(LHU
■ :HLQWUDXEHQ
■ JDQ]HbSIHO%LUQHQXQG3ILUVLFKH
■ -RJKXUW'LFNPLOFKVDXUH6DKQH
&UHPH)UDLFKHXQG0D\RQQDLVH
*HIULHUJXWYHUSDFNHQ
'LHULFKWLJH$UWGHU9HUSDFNXQJXQG
0DWHULDODXVZDKOEHVWLPPHQPDJHEOLFK
GHQ(UKDOWGHU3URGXNWTXDOLWlWXQG
YHUPHLGHWGLH(QWZLFNOXQJYRQ
*HIULHUEUDQG
1. /HEHQVPLWWHOLQGLH9HUSDFNXQJ
HLQOHJHQ
2. /XIWKHUDXVGUFNHQ
3. 9HUSDFNXQJOXIWGLFKWYHUVFKOLHHQ
GDPLWGLH/HEHQVPLWWHOGHQ
*HVFKPDFNQLFKWYHUOLHUHQRGHU
DXVWURFNQHQ
4. 9HUSDFNXQJPLW,QKDOWXQG
(LQIULHUGDWXPEHVFKULIWHQ
*HHLJQHWH9HUSDFNXQJ
■ .XQVWVWRII)ROLH
■ 6FKODXFK)ROLHDXV3RO\HWK\OHQ3(
■ $OX)ROLH
■ *HIULHUGRVHQ
*HHLJQHWH9HUVFKOVVH
■ *XPPLULQJH
■ .XQVWVWRII.OLSVH
■ .lOWHEHVWlQGLJH.OHEHElQGHU
1LFKWJHHLJQHWH9HUSDFNXQJ
■ 3DFNSDSLHU
■ 3HUJDPHQWSDSLHU
■ &HOORSKDQ
■ 0OOEHXWHOXQGJHEUDXFKWH
(LQNDXIVWWHQ
+DOWEDUNHLWGHV*HIULHUJXWHVEHL ² &
*HIULHUNDOHQGHU
'HUDXIJHGUXFNWH*HIULHUNDOHQGHUJLEWGLH
PD[LPDOH/DJHUGDXHULQ0RQDWHQEHL
HLQHUGXUFKJHKHQGHQ7HPSHUDWXUYRQ
² &DQ
)LVFK:XUVWIHUWLJH6SHL
VHQ%DFNZDUHQ
ELV]X 0RQDWH
*HIOJHO)OHLVFK ELV]X 0RQDWH
*HPVH2EVW ELV]X 0RQDWH

*HIULHUJXWDXIWDXHQ
'LH$XIWDXPHWKRGHLVWDQ/HEHQVPLWWHO
XQG9HUZHQGXQJV]ZHFNDQ]XSDVVHQXP
GLH3URGXNWTXDOLWlWEHVWP|JOLFK]X
HUKDOWHQ
$XIWDXPHWKRGHQ
■ LP.KOIDFKEHVRQGHUVJHHLJQHWIU
WLHULVFKH/HEHQVPLWWHOZLH)LVFK
)OHLVFK.lVH4XDUN
■ EHL5DXPWHPSHUDWXU%URW
■ 0LNURZHOOH/HEHQVPLWWHO]XP
VRIRUWLJHQ9HU]HKURGHUVRIRUWLJHU
=XEHUHLWXQJ
■ %DFNRIHQ+HUG/HEHQVPLWWHO]XP
VRIRUWLJHQ9HU]HKURGHUVRIRUWLJHU
=XEHUHLWXQJ
$FKWXQJ
$QRGHUDXIJHWDXWHV*HIULHUJXWQLFKW
ZLHGHUHLQIULHUHQ(UVWQDFKGHP
9HUDUEHLWHQ]XHLQHP)HUWLJJHULFKW
JHNRFKWRGHUJHEUDWHQN|QQHQ6LHHV
HUQHXWHLQIULHUHQ
'LH PD[LPDOH /DJHUGDXHU GHV *HIULHUJXWV
QLFKWPHKUYROOQXW]HQ
= $EWDXHQ
$EWDXHQ
.KOIDFK
'DV $EWDXHQ ZLUG DXWRPDWLVFK DXVJHIKUW
*HIULHUIDFK
'DGDV*HIULHUJXWQLFKWDQWDXHQGDUIWDXW
GDV *HIULHUIDFK QLFKW DXWRPDWLVFK DE (LQH
5HLIVFKLFKWLP*HIULHUIDFKYHUVFKOHFKWHUW
GLH.lOWHDEJDEHDQGDV*HIULHUJXWXQG
HUK|KWGHQ6WURPYHUEUDXFK
■ 5HLIVFKLFKWUHJHOPlLJHQWIHUQHQ
$FKWXQJ
6FKlGHQDQGHQ5RKUHQGHV
.lOWHNUHLVODXIVYHUPHLGHQ
$XVWUHWHQGHV.lOWHPLWWHONDQQGLH$XJHQ
YHUOHW]HQRGHUVLFKHQW]QGHQ
■ 1LFKW5HLIVFKLFKWRGHU(LVPLW0HVVHU
RGHUVSLW]HP*HJHQVWDQGDEVFKDEHQ
*HKHQ6LHZLHIROJWYRU
1. &D 6WXQGHQYRUGHP$EWDXHQGDV
6XSHU*HIULHUHQHLQVFKDOWHQ
'LH/HEHQVPLWWHOHUUHLFKHQGDGXUFK
VHKUWLHIH7HPSHUDWXUHQXQG6LH
N|QQHQGLH/HEHQVPLWWHOOlQJHUEHL
5DXPWHPSHUDWXUODJHUQ
2. *HIULHUJXWHQWQHKPHQXQGDQHLQHP
NKOHQ2UW]ZLVFKHQODJHUQ
3. *HUlWDXVVFKDOWHQ
4. 1HW]VWHFNHU]LHKHQRGHU6LFKHUXQJ
DXVVFKDOWHQ
5. 8P$EWDXYRUJDQJ]XEHVFKOHXQLJHQ
7RSIPLWKHLHP:DVVHUDXI
7RSIXQWHUVHW]HULQGDV*HIULHUIDFK
VWHOOHQ
6. 0LW7XFKRGHU6FKZDPP7DXZDVVHU
DXIZLVFKHQ
7. *HIULHUIDFKWURFNHQUHLEHQ
8. *HUlWHLQVFKDOWHQ
9. *HIULHUJXWHLQOHJHQ

D 5HLQLJHQ
5HLQLJHQ
$FKWXQJ
6FKlGHQDP*HUlWXQGGHQ
$XVVWDWWXQJVWHLOHQYHUPHLGHQ
■ .HLQHVDQGFKORULGRGHU
VlXUHKDOWLJHQ3XW]XQG/|VXQJVPLWWHO
YHUZHQGHQ
■ .HLQHVFKHXHUQGHQRGHUNUDW]HQGHQ
6FKZlPPHYHUZHQGHQ
$XIGHQPHWDOOLVFKHQ2EHUIOlFKHQ
NDQQ.RUURVLRQHQWVWHKHQ
■ 1LH$EODJHQXQG%HKlOWHULP
*HVFKLUUVSOHUUHLQLJHQ
'LH7HLOHN|QQHQVLFKYHUIRUPHQ
*HKHQ6LHZLHIROJWYRU
1. *HUlWDXVVFKDOWHQ
2. 1HW]VWHFNHU]LHKHQRGHU6LFKHUXQJ
DXVVFKDOWHQ
3. /HEHQVPLWWHOKHUDXVQHKPHQXQGDQ
HLQHPNKOHQ2UWODJHUQ
:HQQYRUKDQGHQ.lOWHDNNXDXIGLH
/HEHQVPLWWHOOHJHQ
4. :HQQYRUKDQGHQ:DUWHQELVGLH
5HLIVFKLFKWDEJHWDXWLVW
5. *HUlWPLWHLQHPZHLFKHQ7XFK
ODXZDUPHP:DVVHUXQGHWZDV
S+QHXWUDOHP6SOPLWWHOUHLQLJHQ
$FKWXQJ
'DV6SOZDVVHUGDUIQLFKWLQGLH
%HOHXFKWXQJRGHUGXUFKGDV
$EODXIORFK LQ GHQ 9HUGXQVWXQJVEHUHLFK
JHODQJHQ
6. 7UGLFKWXQJPLWNODUHP:DVVHU
DEZLVFKHQXQGJUQGOLFKWURFNHQ
UHLEHQ
7. *HUlWZLHGHUDQVFKOLHHQHLQVFKDOWHQ
XQG/HEHQVPLWWHOHLQOHJHQ
$XVVWDWWXQJUHLQLJHQ
=XP 5HLQLJHQ GLH YDULDEOHQ 7HLOH DXV GHP
*HUlWQHKPHQ
~ $XVVWDWWXQJDXI 6HLWH
7UHQQSODWWHXQG$EGHFNXQJ
*HPVHEHKlOWHU
7UHQQSODWWHKHUDXVQHKPHQ
~%LOG +
■ *ODVSODWWHHQWQHKPHQ+HEHODQGHU
8QWHUVHLWHEHLGVHLWLJGUFNHQ
7UHQQSODWWHQDFKYRUQH]LHKHQ
DQKHEHQXQGVHLWOLFK
KHUDXVVFKZHQNHQ
$EGHFNXQJ*HPVHEHKlOWHU
KHUDXVQHKPHQ
■ $EGHFNXQJDQKHEHQQDFKYRUQH
]LHKHQXQGVHLWOLFKKHUDXVVFKZHQNHQ
$EGHFNXQJ*HPVHEHKlOWHUXQG
7UHQQSODWWHHLQVHW]HQ
~%LOG ,
1. $EGHFNXQJ*HPVHEHKlOWHU
HLQVHW]HQ
2. 7UHQQSODWWHHLQVHW]HQ
3. *ODVSODWWHHLQVHW]HQ

$XV]XJVVFKLHQHQ
~%LOG -
$XV]XJVVFKLHQHQDXVEDXHQ
1. $XV]XJVVFKLHQHKHUDXV]LHKHQ
2. 9HUULHJHOXQJLQ3IHLOULFKWXQJVFKLHEHQ
3. $XV]XJVVFKLHQHYRPKLQWHUHQ%RO]HQ
O|VHQ
4. $XV]XJVVFKLHQH]XVDPPHQVFKLHEHQ
REHUKDOEGHVKLQWHUHQ%RO]HQVQDFK
KLQWHQVFKLHEHQXQGDXVUDVWHQ
$XV]XJVVFKLHQHQHLQEDXHQ
1. $XV]XJVVFKLHQHLPDXVJHIDKUHQHQ
=XVWDQGDXIGHQYRUGHUHQ%RO]HQ
VHW]HQ
2. $XV]XJVVFKLHQH]XP(LQUDVWHQOHLFKW
QDFKYRUQH]LHKHQ
3. $XV]XJVVFKLHQHDPKLQWHUHQ%RO]HQ
HLQVHW]HQ
4. 9HUULHJHOXQJQDFKKLQWHQVFKLHEHQ
l *HUFKH
*HU FKH
)DOOV6LHXQDQJHQHKPH*HUFKH
IHVWVWHOOHQ
1. *HUlWPLW(LQ$XV7DVWH #
DXVVFKDOWHQ
2. $OOH/HEHQVPLWWHODXVGHP*HUlW
KHUDXVQHKPHQ
3. ,QQHQUDXPUHLQLJHQ~ 5HLQLJHQ
DXI 6HLWH
4. $OOH9HUSDFNXQJHQUHLQLJHQ
5. 6WDUNULHFKHQGH/HEHQVPLWWHOOXIWGLFKW
YHUSDFNHQXP*HUXFKVELOGXQJ]X
YHUKLQGHUQ
6. *HUlWZLHGHUHLQVFKDOWHQ
7. /HEHQVPLWWHOHLQRUGQHQ
8. 1DFK 6WXQGHQSUIHQREHVHUQHXW
]X*HUXFKVELOGXQJJHNRPPHQLVW
9 %HOHXFKWXQJ
%HOHXFKWXQJ
,KU*HUlWLVWPLWHLQHUZDUWXQJVIUHLHQ
/('%HOHXFKWXQJDXVJHVWDWWHW
1XUGHU.XQGHQGLHQVWRGHUDXWRULVLHUWH
)DFKNUlIWHGUIHQGLH%HOHXFKWXQJ
UHSDULHUHQ
> *HUlXVFKH
*HUlXV FKH
1RUPDOH*HUlXVFKH
+LQZHLV :HQQGDVDXWRPDWLVFKHRGHU
PDQXHOOH6XSHU*HIULHUHQHLQJHVFKDOWHW
LVWNDQQHV]XYHUPHKUWHQ
%HWULHEVJHUlXVFKHQNRPPHQ
%UXPPHQ(LQ0RWRUOlXIW
] % .lOWHDJJUHJDW9HQWLODWRU
%OXEEHUQ6XUUHQRGHU*XUJHOQ
.lOWHPLWWHOIOLHWGXUFKGLH5RKUH
.OLFNHQ0RWRU6FKDOWHURGHU
0DJQHWYHQWLOHVFKDOWHQHLQRGHUDXV
.QDFNHQ$XWRPDWLVFKH$EWDXXQJHUIROJW
*HUlXVFKHYHUPHLGHQ
*HUlW VWHKW XQHEHQ *HUlW PLW +LOIH HLQHU
:DVVHUZDDJHDXVULFKWHQ)DOOVQ|WLJ
HWZDVXQWHUOHJHQ
%HKlOWHU$EODJHQRGHU$EVWHOOHU
ZDFNHOQRGHUNOHPPHQ
+HUDXVQHKPEDUH $XVVWDWWXQJVWHLOH SUIHQ
XQGHYHQWXHOOQHXHLQVHW]HQ
)ODVFKHQRGHU*HIlHEHUKUHQVLFK
)ODVFKHQRGHU*HIlH
DXVHLQDQGHUUFNHQ

3 6W|UXQJHQZDVWXQ"
6W|UXQJHQ ZDV WXQ"
%HYRU6LHGHQ.XQGHQGLHQVWUXIHQEHUSUIHQ6LHDQKDQGGLHVHU7DEHOOHRE6LHGLH
6W|UXQJVHOEVWEHKHEHQN|QQHQ
'LH7HPSHUDWXUZHLFKWVWDUNYRQGHU(LQVWHOOXQJDE
*HUlWIU 0LQXWHQDXVVFKDOWHQ
~
*HUlWDXVVFKDOWHQXQGVWLOOOHJHQ
DXI 6HLWH
:HQQGLH7HPSHUDWXU]XZDUPLVW7HPSHUDWXU
QDFKHLQSDDU6WXQGHQHUQHXWSUIHQ
:HQQ GLH 7HPSHUDWXU ]X NDOW LVW 7HPSHUDWXU DP
)ROJHWDJHUQHXWSUIHQ
.HLQH$Q]HLJHOHXFKWHW
'HU1HW]VWHFNHUVLW]WQLFKWIHVW 1HW]VWHFNHUDQVFKOLHHQ
'LH6LFKHUXQJZXUGHDXVJHO|VW 6LFKHUXQJHQSUIHQ
'HU6WURPLVWDXVJHIDOOHQ 3UIHQRE6WURPYRUKDQGHQLVW
$Q]HLJH]HLJW(DQ
'LH(OHNWURQLNKDWHLQHQ)HKOHUHUNDQQW .XQGHQGLHQVWUXIHQ
~
.XQGHQGLHQVWDXI 6HLWH
(LQ:DUQWRQHUW|QWXQGGLH7DVWHDODUPOHXFKWHW
7DVWH DODUPGUFNHQ$ODUPLVWDXVJHVFKDOWHW
*HUlWHWULVWRIIHQ *HUlWHWUVFKOLHHQ
%HXQG(QWOIWXQJV|IIQXQJHQVLQGYHUGHFNW %HXQG(QWOIWXQJV|IIQXQJHQIUHLUlXPHQ
(VZXUGHQJURH0HQJHQIULVFKHU/HEHQVPLWWHO
HLQJHODJHUW
0D[LPDOHV*HIULHUYHUP|JHQQLFKWEHUVFKUHLWHQ
$Q]HLJHEOLQNW:DUQWRQHUW|QWXQG7DVWHDODUPOHXFKWHW
7DVWH DODUPGUFNHQ$ODUPLVWDXVJHVFKDOWHW
*HUlWHWULVWRIIHQ *HUlWHWUVFKOLHHQ
%HXQG(QWOIWXQJV|IIQXQJHQVLQGYHUGHFNW %HXQG(QWOIWXQJV|IIQXQJHQIUHLUlXPHQ
(VZXUGHQJURH0HQJHQIULVFKHU/HEHQVPLWWHO
HLQJHODJHUW
0D[LPDOHV*HIULHUYHUP|JHQQLFKWEHUVFKUHLWHQ

$Q]HLJHEOLQNW
'LH7HPSHUDWXULP*HIULHUIDFKZDU]XZDUP 1DFK 'UFNHQ GHU 7DVWH DODUP ZLUG 6HNXQGHQ
ODQJGLHZlUPVWH7HPSHUDWXUDQJH]HLJWGLHLP
*HIULHUIDFK JHKHUUVFKW KDW 7DVWH DODUP GUFNHQ
'LH$Q]HLJHEOLQNWQLFKWPHKU
*HUlWNKOWQLFKW$Q]HLJHXQG%HOHXFKWXQJOHXFKWHQ
$XVVWHOOXQJVPRGXVHLQJHVFKDOWHW *HUlWH6HOEVWWHVWVWDUWHQ
~
*HUlWH6HOEVWWHVWDXI 6HLWH
1DFK$EODXIGHV3URJUDPPHVJHKWGDV*HUlWLQ
GHQ1RUPDOEHWULHEEHU
$XWRPDWLVFKHV6XSHU*HIULHUHQVFKDOWHWVLFKQLFKWHLQ
'DV*HUlWHQWVFKHLGHWVHOEVWVWlQGLJREGDV
DXWRPDWLVFKH 6XSHU*HIULHUHQ QRWZHQGLJ LVW XQG
VFKDOWHWHVDXWRPDWLVFKHLQRGHUDXV
,P)ULVFKNKOIDFKLVWHV]XZDUPRGHUNDOW
'LH6WDQGDUGHLQVWHOOXQJLVW]XKRFKRGHU]X
QLHGULJHLQJHVWHOOW] %)URVWLP)ULVFKNKO
IDFK
6LH N|QQHQ GLH 7HPSHUDWXU LP )ULVFKNKOIDFK XP
6WXIHQZlUPHURGHUNlOWHUHLQVWHOOHQ,VWGLH
7HPSHUDWXULP.KOIDFKDXI6WXIH HLQJHVWHOOW
KDWGDV)ULVFKNKOIDFKHLQH7HPSHUDWXUYRQ
QDKH &
7DVWH VXSHU.KOIDFKGUFNHQXQGJHGUFNW
KDOWHQELVGLH$Q]HLJH7HPSHUDWXU.KOIDFK
EOLQNW
7DVWH GUFNHQXPGLH(LQVWHOOXQJ]XYHU
lQGHUQ
6WXIH ² HQWVSULFKW GHU NlOWHVWHQ (LQVWHOOXQJ
6WXIHHQWVSULFKWGHUZlUPVWHQ(LQVWHO
OXQJ
1DFK HLQHU 0LQXWH ZLUG GLH HLQJHVWHOOWH 6WXIH
JHVSHLFKHUW

4 .XQGHQGLHQVW
.XQGHQGLHQVW
6ROOWH HV ,KQHQ QLFKW JHOLQJHQ GLH 6W|UXQJ
]XEHKHEHQZHQGHQ6LHVLFKELWWHDQ
XQVHUHQ.XQGHQGLHQVW:LUILQGHQLPPHU
HLQH SDVVHQGH /|VXQJ DXFK XP XQQ|WLJH
7HFKQLNHUEHVXFKH]XYHUPHLGHQ
'LH.RQWDNWGDWHQIUGHQ
QlFKVWJHOHJHQHQ .XQGHQGLHQVW ILQGHQ 6LH
KLHUE]ZLPEHLOLHJHQGHQ
.XQGHQGLHQVW9HU]HLFKQLV
*HEHQ6LHEHLP$QUXIELWWHGLH
(U]HXJQLV1XPPHU(1UXQGGLH
)HUWLJXQJVQXPPHU)'DQGLH6LHDXI
GHP7\SHQVFKLOGILQGHQ
~ *HUlWNHQQHQOHUQHQDXI 6HLWH
9HUWUDXHQ6LHDXIGLH.RPSHWHQ]GHV
+HUVWHOOHUV 6LH VWHOOHQ VRPLW VLFKHU GDVV
GLH5HSDUDWXUYRQJHVFKXOWHQ
6HUYLFHWHFKQLNHUQGXUFKJHIKUWZLUGGLH
PLWGHQ2ULJLQDO(UVDW]WHLOHQIU,KU
+DXVJHUlWDXVJHUVWHWVLQG
*HUlWH6HOEVWWHVW
,KU*HUlWYHUIJWEHUHLQ
6HOEVWWHVWSURJUDPPGDV)HKOHUDQ]HLJW
GLH,KU.XQGHQGLHQVWEHKHEHQNDQQ
1. *HUlWDXVVFKDOWHQXQG 0LQXWHQ
ZDUWHQ
2. *HUlWHLQVFKDOWHQ
3. ,QQHUKDOEGHUHUVWHQ 6HNXQGHQGLH
7DVWH VXSHU*HIULHUIDFKIU
6HNXQGHQ GUFNHQ XQG JHGUFNW
KDOWHQELVHLQDNXVWLVFKHV6LJQDO
HUW|QW
'DV6HOEVWWHVWSURJUDPPVWDUWHW
:lKUHQGGHU6HOEVWWHVWOlXIWHUW|QW
]ZLVFKHQGXUFKHLQODQJHVDNXVWLVFKHV
6LJQDO
■ :HQQQDFK(QGHGHV6HOEVWWHVWV
DNXVWLVFKH6LJQDOHHUW|QHQXQGGLH
HLQJHVWHOOWH7HPSHUDWXUDQJH]HLJW
ZLUG,KU*HUlWLVWLQ2UGQXQJ
■ :HQQQDFK(QGHGHV6HOEVWWHVWV
DNXVWLVFKH6LJQDOHHUW|QHQXQGGLH
7DVWH VXSHU*HIULHUIDFK 6HNXQGHQ
EOLQNW.XQGHQGLHQVWEHQDFKULFKWLJHQ
1DFK$EODXIGHV3URJUDPPVJHKWGDV
*HUlWLQGHQ1RUPDOEHWULHEEHU
5HSDUDWXUDXIWUDJ XQG %HUDWXQJ
EHL6W|UXQJHQ
'LH.RQWDNWGDWHQDOOHU/lQGHUILQGHQ6LH
LPEHLOLHJHQGHQ
.XQGHQGLHQVW9HU]HLFKQLV
*DUDQWLH
1lKHUH$QJDEHQ]X*DUDQWLH]HLWXQG
*DUDQWLHEHGLQJXQJHQLQ,KUHP/DQG
HUKDOWHQ6LHEHL,KUHP.XQGHQGLHQVW
,KUHP)DFKKlQGOHUXQGDXIXQVHUHU
,QWHUQHWVHLWH
'
$
&
+

en
HQ 7DEOHRIFRQWHQWV
en8VHUPDQXDO
(6DIHW\LQVWUXFWLRQV
$ERXWWKHVHLQVWUXFWLRQV
5LVNRIH[SORVLRQ
5LVNRIHOHFWULFVKRFN
5LVNRIFROGEXUQV
5LVNRILQMXU\
)LUHKD]DUG'DQJHUGXHWR
UHIULJHUDQWV
$YRLGLQJSODFLQJFKLOGUHQDQG
YXOQHUDEOHSHRSOHDWULVN
'DPDJH
:HLJKW
8,QWHQGHGXVH
7(QYLURQPHQWDOSURWHFWLRQ
3DFNDJLQJ
2OGDSSOLDQFHV
5,QVWDOODWLRQDQGFRQQHFWLRQ
6FRSHRIVXSSO\
7HFKQLFDOVSHFLILFDWLRQV
,QVWDOOLQJWKHDSSOLDQFH
5HFHVVGLPHQVLRQV
6LGHE\VLGHLQVWDOODWLRQ
7LSVIRUVDYLQJHQHUJ\
%HIRUHXVLQJ\RXUDSSOLDQFHIRUWKH
ILUVWWLPH
(OHFWULFDOFRQQHFWLRQ
**HWWLQJWRNQRZ\RXU
DSSOLDQFH
$SSOLDQFH
&RQWUROV
,QWHULRUILWWLQJV
12SHUDWLQJWKHDSSOLDQFH
6ZLWFKLQJRQWKHDSSOLDQFH
6ZLWFKLQJRIIDQGGLVFRQQHFWLQJWKH
DSSOLDQFH
6HWWLQJWKHWHPSHUDWXUH
6XSHUFRROLQJ
6XSHUIUHH]LQJ
+ROLGD\PRGH
M$ODUP
'RRUDODUP
7HPSHUDWXUHDODUP
U5HIULJHUDWRUFRPSDUWPHQW
1RWHZKHQVWRULQJIRRG
1RWHWKH FKLOO]RQHVLQ WKH
UHIULJHUDWRUFRPSDUWPHQW
T&RROIUHVKFRPSDUWPHQW
9HJHWDEOHFRQWDLQHU
&RROIUHVKFRQWDLQHU
6WRUDJHWLPHVDW &
W)UHH]HUFRPSDUWPHQW
)UHH]LQJVPDOODPRXQWVRIIRRG
0D[LPXPIUHH]LQJFDSDFLW\
)XOO\XWLOLVLQJWKHIUHH]HUYROXPH
3XUFKDVLQJIUR]HQIRRG
1RWHZKHQORDGLQJSURGXFWV
)UHH]LQJIUHVKIRRG
7KDZLQJIUR]HQIRRG
='HIURVWLQJ
5HIULJHUDWRUFRPSDUWPHQW
)UHH]HUFRPSDUWPHQW

en
D&OHDQLQJ
&OHDQLQJWKH HTXLSPHQW
l2GRXUV
9/LJKWLQJ
>1RLVHV
1RUPDOQRLVHV
3UHYHQWLQJQRLVHV
3)DXOWV²ZKDWWRGR"
4&XVWRPHUVHUYLFH
$SSOLDQFHVHOIWHVW
5HSDLURUGHUDQGDGYLFHRQIDXOWV
*XDUDQWHH

(6DIHW\LQVWUXFWLRQV
6DIHW\ LQVWUXFWLRQV
7KLVDSSOLDQFHFRPSOLHVZLWKWKH
UHOHYDQWVDIHW\UHJXODWLRQVIRU
HOHFWULFDODSSOLDQFHVDQGLVILWWHG
ZLWKQRLVHVXSSUHVVLRQ
7KH UHIULJHUDWLRQ FLUFXLW KDV EHHQ
FKHFNHGIRUOHDNV
$ERXWWKHVHLQVWUXFWLRQV
■ 5HDGDQGIROORZWKHRSHUDWLQJ
DQGLQVWDOODWLRQLQVWUXFWLRQV
7KH\FRQWDLQLPSRUWDQW
LQIRUPDWLRQRQKRZWRLQVWDOO
XVHDQGPDLQWDLQWKH
DSSOLDQFH
■ 7KHPDQXIDFWXUHULVQRWOLDEOH
LI\RXGLVUHJDUGWKH
LQVWUXFWLRQVDQGZDUQLQJVLQ
WKHRSHUDWLQJDQGLQVWDOODWLRQ
LQVWUXFWLRQV
■ 5HWDLQDOOGRFXPHQWVIRU
VXEVHTXHQW XVH RU IRU WKH QH[W
RZQHU
5LVNRIH[SORVLRQ
■ 1HYHUXVHHOHFWULFDSSOLDQFHV
LQVLGHWKHDSSOLDQFHHJ
KHDWHUVRUHOHFWULFLFHPDNHUV
■ 'RQRWVWRUHSURGXFWVZKLFK
FRQWDLQIODPPDEOHSURSHOODQW
HJVSUD\FDQVRUH[SORVLYH
VXEVWDQFHVLQWKHDSSOLDQFH
■ 6WRUHKLJKSHUFHQWDJHDOFRKRO
WLJKWO\ VHDOHG DQG LQ DQ XSULJKW
SRVLWLRQ
■ 'R QRW XVH DGGLWLRQDO PHDQV WR
DFFHOHUDWHWKHGHIURVWLQJ
SURFHVVRWKHUWKDQWKRVH
UHFRPPHQGHGE\WKH
PDQXIDFWXUHU
5LVNRIHOHFWULFVKRFN
,PSURSHU LQVWDOODWLRQV DQG UHSDLUV
PD\SXWWKHXVHUDWFRQVLGHUDEOH
ULVN
■ :KHQLQVWDOOLQJWKHDSSOLDQFH
HQVXUHWKDWWKHPDLQVFDEOHLV
QRWWUDSSHGRUGDPDJHG
■ ,I WKH PDLQV FDEOH LV GDPDJHG
LPPHGLDWHO\GLVFRQQHFWWKH
DSSOLDQFHIURPWKHHOHFWULFLW\
VXSSO\
■ 'RQRWXVHPXOWLSOHVRFNHWV
H[WHQVLRQOHDGVRUDGDSWHUV
■ +DYHWKHDSSOLDQFHUHSDLUHG
E\ WKH PDQXIDFWXUHU &XVWRPHU
6HUYLFHRUDVLPLODUO\TXDOLILHG
SHUVRQRQO\
■ 8VHRULJLQDOSDUWVVXSSOLHGE\
WKHPDQXIDFWXUHURQO\
7KHPDQXIDFWXUHUJXDUDQWHHV
WKDWWKHVHSDUWVVDWLVI\WKH
VDIHW\UHTXLUHPHQWV
5LVNRIFROGEXUQV
■ 1HYHUSXWIUR]HQIRRGVWUDLJKW
IURPWKHIUHH]HUFRPSDUWPHQW
LQWR\RXUPRXWK
■ $YRLGSURORQJHGFRQWDFWRI
VNLQZLWKIUR]HQIRRGLFHDQG
WKHWXEHVLQWKHIUHH]HU
FRPSDUWPHQW

5LVNRILQMXU\
&RQWDLQHUVZKLFKFRQWDLQ
FDUERQDWHGGULQNVPD\EXUVW
'RQRWVWRUHFRQWDLQHUVZKLFK
FRQWDLQFDUERQDWHGGULQNVLQWKH
IUHH]HUFRPSDUWPHQW
)LUHKD]DUG'DQJHUGXH
WRUHIULJHUDQWV
7KHWXEHVRIWKHUHIULJHUDWLRQ
FLUFXLWFRQYH\DVPDOOTXDQWLW\RI
DQHQYLURQPHQWDOO\IULHQGO\EXW
IODPPDEOHUHIULJHUDQW5D,W
GRHV QRW GDPDJH WKH R]RQH OD\HU
DQGGRHVQRWFRQWULEXWHWRWKH
JUHHQKRXVHHIIHFW,IUHIULJHUDQW
HVFDSHVLWPD\LQMXUH\RXUH\HV
RULJQLWH
■ 'RQRWGDPDJHWKHWXEHV
,IWKHWXEHVDUHGDPDJHG
■ .HHSQDNHGIODPHVDQG
LJQLWLRQ VRXUFHV DZD\ IURP WKH
DSSOLDQFH
■ 9HQWLODWHWKH URRP
■ 6ZLWFKRIIWKHDSSOLDQFHDQG
SXOORXWWKHPDLQVSOXJ
■ 3OHDVHFRQWDFW&XVWRPHU
6HUYLFH
$YRLGLQJSODFLQJFKLOGUHQDQG
YXOQHUDEOHSHRSOHDWULVN
$WULVNDUH
■ &KLOGUHQ
■ 3HRSOHZKRKDYHOLPLWHG
SK\VLFDOPHQWDORUVHQVRU\
DELOLWLHV
■ 3HRSOHZKRKDYHLQDGHTXDWH
NQRZOHGJHFRQFHUQLQJVDIH
RSHUDWLRQRIWKHDSSOLDQFH
0HDVXUHV
■ (QVXUHWKDWFKLOGUHQDQG
YXOQHUDEOHSHRSOHKDYH
XQGHUVWRRGWKHKD]DUGV
■ &KLOGUHQRUYXOQHUDEOHSHRSOH
PXVWEHVXSHUYLVHGE\D
UHVSRQVLEOH SHUVRQ ZKHQ XVLQJ
WKHDSSOLDQFH
■ 2QO\ FKLOGUHQ IURP \HDUV DQG
DERYHPD\XVHWKHDSSOLDQFH
■ 6XSHUYLVHFKLOGUHQZKLOHWKH
DSSOLDQFHLVEHLQJFOHDQHGRU
PDLQWDLQHG
■ 1HYHUDOORZFKLOGUHQWRSOD\
ZLWKWKHDSSOLDQFH
5LVNRIVXIIRFDWLRQ
■ ,I WKH DSSOLDQFH IHDWXUHV D ORFN
NHHSWKHNH\RXWRIWKHUHDFK
RIFKLOGUHQ
■ .HHSFKLOGUHQDZD\IURPWKH
SDFNDJLQJDQGLWVSDUWV
'DPDJH
7RSUHYHQWGDPDJH
■ 'RQRWVWDQGRUVXSSRUW
\RXUVHOIRQWKHEDVHUXQQHUV
RUGRRUV
■ .HHSSODVWLFSDUWVDQGGRRU
VHDOVIUHHRIRLODQGJUHDVH
■ 3XOOWKHPDLQVSOXJ²QRWWKH
SRZHUFRUG
:HLJKW
:KHQLQVWDOOLQJDQGWUDQVSRUWLQJ
WKH DSSOLDQFH QRWH WKDW LW PD\ EH
YHU\KHDY\
~ ,QVWDOODWLRQORFDWLRQ
RQ SDJH

8,QWHQGHGXVH
,QWHQGHG XVH
8VHWKLVDSSOLDQFH
■ RQO\ IRU WKH FRROLQJ DQG IUHH]LQJ RI IRRG
DQGIRUPDNLQJLFH
■ RQO\LQWKHKRPHDQGLQWKHKRPH
HQYLURQPHQW
■ RQO\DFFRUGLQJWRWKHVHRSHUDWLQJ
LQVWUXFWLRQV
7KLVDSSOLDQFHLVLQWHQGHGIRUXVHXSWRD
PD[LPXPKHLJKWRI PHWUHVDERYH
VHDOHYHO
7(QYLURQPHQWDO
SURWHFWLRQ
(QYLURQPHQWDO SURWHFWLRQ
3DFNDJLQJ
$OO PDWHULDOV DUH HQYLURQPHQWDOO\ VDIH DQG
UHF\FODEOH
■ 'LVSRVHRISDFNDJLQJLQDQ
HQYLURQPHQWDOO\IULHQGO\PDQQHU
■ 3OHDVHDVN\RXUGHDOHURULQTXLUHDW
\RXUORFDODXWKRULW\DERXWFXUUHQW
PHDQVRIGLVSRVDO
2OGDSSOLDQFHV
9DOXDEOHUDZPDWHULDOVFDQEHUHFODLPHG
E\UHF\FOLQJROGDSSOLDQFHV
::DUQLQJ
&KLOGUHQPD\EHFRPHORFNHGLQWKH
DSSOLDQFHDQGVXIIRFDWH
■ 7RSUHYHQWFKLOGUHQIURPFOLPELQJLQ
OHDYHVKHOYHVDQGFRQWDLQHUVLQWKH
DSSOLDQFH
■ .HHS FKLOGUHQ DZD\ IURP WKH UHGXQGDQW
DSSOLDQFH
&DXWLRQ
5HIULJHUDQWDQGKDUPIXOJDVHVPD\
HVFDSH
'R QRW GDPDJH WKH WXEHV RI WKH UHIULJHUDQW
FLUFXLWDQGLQVXODWLRQ
1. 5HPRYHWKHPDLQVSOXJ
2. 6HYHUWKHSRZHUFRUG
3. +DYHWKHDSSOLDQFHGLVSRVHGRI
SURIHVVLRQDOO\
7KLVDSSOLDQFHLVODEHOOHGLQ
DFFRUGDQFHZLWK(XURSHDQ
'LUHFWLYH(8FRQFHUQLQJ
XVHGHOHFWULFDODQGHOHFWURQLF
DSSOLDQFHV ZDVWH HOHFWULFDO DQG HOHFWURQLF
HTXLSPHQW:(((7KHJXLGHOLQH
GHWHUPLQHVWKHIUDPHZRUNIRUWKHUHWXUQ
DQGUHF\FOLQJRIXVHGDSSOLDQFHVDV
DSSOLFDEOHWKURXJKRXWWKH(8

5,QVWDOODWLRQDQG
FRQQHFWLRQ
,QVWDOODWLRQ DQG FRQQHFWLRQ
6FRSHRIVXSSO\
$IWHUXQSDFNLQJDOOSDUWVFKHFNIRUDQ\
GDPDJHLQWUDQVLW
,I\RXKDYHDQ\FRPSODLQWVFRQWDFWWKH
GHDOHUIURPZKRP\RXSXUFKDVHGWKH
DSSOLDQFHRURXUFXVWRPHUVHUYLFH
~ &XVWRPHUVHUYLFHRQ SDJH
7KHGHOLYHU\FRQVLVWVRIWKHIROORZLQJ
SDUWV
■ %XLOWLQDSSOLDQFH
■ ,QWHULRUILWWLQJVGHSHQGLQJRQPRGHO
■ ,QVWDOODWLRQPDWHULDO
■ 8VHUPDQXDO
■ ,QVWDOODWLRQLQVWUXFWLRQV
■ &XVWRPHUVHUYLFHERRNOHW
■ :DUUDQW\HQFORVXUH
■ ,QIRUPDWLRQ RQ WKH HQHUJ\ FRQVXPSWLRQ
DQGQRLVHV
7HFKQLFDOVSHFLILFDWLRQV
5HIULJHUDQWFXELFFDSDFLW\DQGIXUWKHU
WHFKQLFDOVSHFLILFDWLRQVFDQEHIRXQGRQ
WKHUDWLQJSODWH
~ *HWWLQJWRNQRZ\RXUDSSOLDQFH
RQ SDJH
,QVWDOOLQJWKHDSSOLDQFH
,QVWDOODWLRQORFDWLRQ
7KHPRUHUHIULJHUDQWDQDSSOLDQFH
FRQWDLQVWKHODUJHUWKHURRPPXVWEHLQ
ZKLFKWKHDSSOLDQFHLVVLWXDWHG,QURRPV
ZKLFK DUH WRR VPDOO OHDNLQJ UHIULJHUDQW FDQ
IRUPDIODPPDEOHJDVDLUPL[WXUH
3HU JRIUHIULJHUDQWWKHURRPPXVWEHDW
OHDVW PóLQVL]H7KHDPRXQWRI
UHIULJHUDQWLQ\RXUDSSOLDQFHLVLQGLFDWHG
RQWKHUDWLQJSODWHLQVLGHWKHDSSOLDQFH
~ *HWWLQJWRNQRZ\RXUDSSOLDQFH
RQ SDJH
7KHZHLJKWRIWKHDSSOLDQFHPD\EHXS
WR NJGHSHQGLQJRQWKHPRGHO
3HUPLWWHGURRPWHPSHUDWXUH
7KHSHUPLWWHGURRPWHPSHUDWXUHGHSHQGV
RQWKHFOLPDWLFFODVVRIWKHDSSOLDQFH
,QIRUPDWLRQRQWKHFOLPDWLFFODVVFDQEH
IRXQGRQWKHUDWLQJSODWH
~ *HWWLQJWRNQRZ\RXUDSSOLDQFH
RQ SDJH
7KHDSSOLDQFHLVIXOO\IXQFWLRQDOZLWKLQWKH
SHUPLWWHGURRPWHPSHUDWXUH
,IDQDSSOLDQFHRIFOLPDWLFFODVV61LV
RSHUDWHG DW FROGHU URRP WHPSHUDWXUHV WKH
DSSOLDQFHZLOOQRWEHGDPDJHGXSWRD
URRPWHPSHUDWXUHRI &
&DYLW\GLPHQVLRQV
&DYLW\GHSWK
$ FDYLW\GHSWKRI FPLV UHFRPPHQGHG
IRU WKH DSSOLDQFH,I WKH FDYLW\GHSWK
LV VPDOOHU²DW OHDVWFP²WKH HQHUJ\
FRQVXPSWLRQLQFUHDVHVVOLJKWO\
&DYLW\ZLGWK
$QLQVLGHFDYLW\ZLGWKRIDWOHDVW FPLV
UHTXLUHG IRU WKH DSSOLDQFH ,I WKLV LV QRW WKH
FDVHSUREOHPVPD\RFFXUZKHQLQVWDOOLQJ
WKHDSSOLDQFH
6LGHE\VLGHLQVWDOODWLRQ
,W LV RQO\ SRVVLEOH WR LQVWDOO DSSOLDQFHV VLGH
E\VLGHZLWKDJDSRIDWOHDVW FP
&OLPDWLFFDW
HJRU\
3HUPLWWHGURRPWHPSHUDWXUH
61 &&
1 &&
67 &&
7 &&

7LSVIRUVDYLQJHQHUJ\
,I\RXIROORZWKHLQVWUXFWLRQVEHORZ\RXUDSSOLDQFHZLOOXVHOHVVSRZHU
1RWH 7KHDUUDQJHPHQWRIWKHIHDWXUHVGRHVQRWDIIHFWWKHHQHUJ\FRQVXPSWLRQRIWKH
DSSOLDQFH
,QVWDOOLQJWKHDSSOLDQFH
.HHSWKHDSSOLDQFHRXWRIGLUHFWVXQOLJKW 7KHDSSOLDQFHPXVWFRROOHVVIUHTXHQWO\DWORZ
DPELHQWWHPSHUDWXUHVDQGWKHUHIRUHFRQVXPHV
OHVVSRZHU
,QVWDOOWKHDSSOLDQFHDVIDUDZD\DVSRVVLEOH
IURPKHDWLQJHOHPHQWVFRRNHUDQGRWKHUKHDW
VRXUFHV
FPWRHOHFWULFRUJDVFRRNHUV
FPWRDQRLORUVROLGIXHOFRRNHU
1RWH ,I WKLV LV QRW SRVVLEOH DWWDFK DQ LQVXODWLQJ
SODWHEHWZHHQWKHDSSOLDQFHDQGKHDWVRXUFH
6HOHFW DQ LQVWDOODWLRQ ORFDWLRQ DW D URRP WHPSHUD
WXUHRIDSSUR[ &
8VHDFDYLW\GHSWKRI FP
&DXWLRQ
5LVNRIEXUQV
,QGLYLGXDO SDUWV RI WKH DSSOLDQFH EHFRPH KRW GXU
LQJ RSHUDWLRQ 7RXFKLQJ WKHVH SDUWV PD\ UHVXOW LQ
EXUQV
7KHDLURQWKHUHDUSDQHORIWKHDSSOLDQFHGRHV
QRWZDUPXSVRLQWHQVHO\7KHDSSOLDQFHFRQ
VXPHVOHVVSRZHULIWKHZDUPDLUFDQHVFDSH
'RQRWFRYHURUEORFNWKHYHQWLODWLRQRSHQLQJV
9HQWLODWHWKHURRPGDLO\
8VLQJWKHDSSOLDQFH
2SHQWKHDSSOLDQFHGRRURQO\EULHIO\ 7KHDLULQWKHDSSOLDQFHGRHVQRWZDUPXSVR
LQWHQVHO\7KHDSSOLDQFHPXVWFRROOHVVIUH
TXHQWO\DQGWKHUHIRUHFRQVXPHVOHVVSRZHU
7UDQVSRUWSXUFKDVHGIRRGLQDFROGEDJDQG
SODFHTXLFNO\LQWKHDSSOLDQFH
$OORZZDUPIRRGDQGGULQNVWRFRROGRZQEHIRUH
SODFLQJLQWKHDSSOLDQFH
7KDZ IUR]HQ IRRG LQ WKH UHIULJHUDWRU FRPSDUWPHQW
LQRUGHUWRXWLOLVHWKHORZWHPSHUDWXUHRIWKHIUR
]HQIRRG
$OZD\VOHDYHDVSDFHEHWZHHQWKHIRRGDQGWKH
EDFNZDOO
7KHDLUFDQFLUFXODWHDQGWKHKXPLGLW\ZLOO
UHPDLQFRQVWDQW7KHDSSOLDQFHPXVWFRROOHVV
IUHTXHQWO\DQGWKHUHIRUHFRQVXPHVOHVVSRZHU
3DFNIRRGDLUWLJKW
'RQRWFRYHURUEORFNWKHYHQWLODWLRQRSHQLQJV 7KHDLURQWKHEDFNZDOORIWKHDSSOLDQFHGRHV
QRWZDUPXSVRLQWHQVHO\7KHDSSOLDQFHFRQ
VXPHVOHVVSRZHULIWKHZDUPDLUFDQHVFDSH

%HIRUHXVLQJ\RXUDSSOLDQFH
IRUWKHILUVWWLPH
1. 5HPRYH LQIRUPDWLRQ PDWHULDO DGKHVLYH
WDSHDQGSURWHFWLYHILOP
2. &OHDQWKHDSSOLDQFH
~ &OHDQLQJRQ SDJH
(OHFWULFDOFRQQHFWLRQ
&DXWLRQ
'R QRW FRQQHFW WKH DSSOLDQFH WR HOHFWURQLF
HQHUJ\VDYHUSOXJV
1RWH <RXFDQFRQQHFWWKHDSSOLDQFHWR
PDLQVFRQWUROOHGDQGVLQHFRQWUROOHG
LQYHUWHUV
0DLQVFRQWUROOHGLQYHUWHUVDUHXVHGIRU
SKRWRYROWDLF V\VWHPV ZKLFK DUH FRQQHFWHG
GLUHFWO\ WR WKH QDWLRQDO JULG 6LQHFRQWUROOHG
LQYHUWHUVPXVWEHXVHGIRULVRODWHG
DSSOLFDWLRQV,VRODWHGDSSOLFDWLRQVHJRQ
VKLSV RU LQ PRXQWDLQ ORGJHV ZKLFK DUH QRW
FRQQHFWHGGLUHFWO\WRWKHQDWLRQDOJULG
1. $IWHULQVWDOOLQJWKHDSSOLDQFHZDLWDW
OHDVWKRXUEHIRUHFRQQHFWLQJLWWR
SUHYHQWGDPDJLQJWKHFRPSUHVVRU
2. &RQQHFWWKHDSSOLDQFHYLDDFRUUHFWO\
LQVWDOOHGVRFNHW
7KHVRFNHWPXVWFRPSO\ZLWKWKH
IROORZLQJGDWD
2XWVLGH(XURSH&KHFNZKHWKHUWKH
LQGLFDWHGFXUUHQWW\SHRIWKHDSSOLDQFH
FRUUHVSRQGVZLWKWKHYDOXHVRI\RXU
SRZHU VXSSO\ $SSOLDQFH VSHFLILFDWLRQV
DUHRQWKHUDWLQJSODWH
~ *HWWLQJWRNQRZ\RXUDSSOLDQFH
RQ SDJH
3. &RQQHFW WKH DSSOLDQFH WR D VRFNHW QHDU
WKHDSSOLDQFH
7KHVRFNHWPXVWDOVREHIUHHO\
DFFHVVLEOHIROORZLQJLQVWDOODWLRQRIWKH
DSSOLDQFH
::DUQLQJ
5LVNRIHOHFWULFVKRFN
,IWKHOHQJWKRIWKHPDLQVFDEOHLV
LQDGHTXDWH QHYHU XVH PXOWLSOH VRFNHWV
RUH[WHQVLRQOHDGV,QVWHDGSOHDVH
FRQWDFW&XVWRPHU6HUYLFHIRU
DOWHUQDWLYHV
'HIURVWWKHIUHH]HUFRPSDUWPHQWUHJXODUO\ $OD\HURIKRDUIURVWRULFHLQWKHIUHH]HUFRP
SDUWPHQW LPSDLUV UHIULJHUDWLRQ RI WKH IUR]HQ IRRG
DQGLQFUHDVHVSRZHUFRQVXPSWLRQ
&ORVHWKHIUHH]HUFRPSDUWPHQWGRRUSURSHUO\ 7KHIUHH]HUFRPSDUWPHQWZLOOEHFRPHFRYHUHG
LQ WKLFN LFH ,I JUHDWHU GHPDQGV DUH PDGH RI WKH
DSSOLDQFHWKHSRZHUFRQVXPSWLRQZLOOLQFUHDVH
8VLQJWKHDSSOLDQFH
6RFNHWZLWK 9 9
&RQGXFWRU +]
)XVH $$

**HWWLQJWRNQRZ\RXU
DSSOLDQFH
*HWWLQJ WR NQRZ \RXU DSSOLDQFH
)ROGRXWWKHODVWSDJHZLWKWKHGLDJUDPV
7KHDSSOLDQFHDQGGLDJUDPVPD\GLIIHU
DFFRUGLQJWRIHDWXUHV
$SSOLDQFH
~)LJ !
1RWDOOPRGHOV
&RQWUROV
~)LJ "
,QWHULRUILWWLQJV
QRWDOOPRGHOV
6KHOI
~)LJ #
<RXFDQYDU\WKHVKHOI
■ 3XOORXWDQGUHPRYHWKHVKHOI
# 5HIULJHUDWRUFRPSDUWPHQW
+ &RROIUHVKFRPSDUWPHQW
3 )UHH]HUFRPSDUWPHQW
()" &RQWUROV
)* /LJKWLQJ
)2 3DUWLWLRQZLWKKXPLGLW\
FRQWUROOHU
): 9HJHWDEOHFRQWDLQHU
)B &RROIUHVKFRQWDLQHU
)J )UHH]HUFRQWDLQHUIODW
)R )UHH]HUGUDZHU
)Z )UR]HQIRRGFRQWDLQHUODUJH
)b )UHH]HUFRQWDLQHUVPDOO
)j 5DWLQJSODWH
1" %XWWHUDQGFKHHVH
FRPSDUWPHQW
1* 7UD\IRUODUJHERWWOHV
( %XWWRQ #
6ZLWFKHVWKHDSSOLDQFHRQRURII
0 %XWWRQ VXSHUIUHH]HU
FRPSDUWPHQW
6ZLWFKHV6XSHUIUHH]LQJRQRURII
8 %XWWRQ IUHH]HUFRPSDUWPHQW
6HWVWKHWHPSHUDWXUHRIWKH
IUHH]HUFRPSDUWPHQW
@ )UHH]HU FRPSDUWPHQW WHPSHUDWXUH
GLVSOD\
,QGLFDWHVWKHVHWWHPSHUDWXUH
LQ &
H %XWWRQ DODUP
6ZLWFKHVWKHZDUQLQJVLJQDORII
P K\SHU)UHVK &
/LJKWV XS ZKHQ WKH DSSOLDQFH LV LQ
RSHUDWLRQ
X %XWWRQ KROLGD\
6ZLWFKHVKROLGD\PRGHRQRURII
` %XWWRQ UHIULJHUDWRU
FRPSDUWPHQW
6HWVWKHWHPSHUDWXUHRIWKH
UHIULJHUDWRUFRPSDUWPHQW
h 5HIULJHUDWRUFRPSDUWPHQW
WHPSHUDWXUHGLVSOD\
,QGLFDWHVWKHVHWWHPSHUDWXUH
LQ &
)" %XWWRQ VXSHUUHIULJHUDWRU
FRPSDUWPHQW
6ZLWFKHV6XSHUFRROLQJRQRURII

9DULRVKHOI
~)LJ $
<RXFDQVWRUHWDOOLWHPVHJFDQVRU
ERWWOHV
■ 7DNHRXWWKHIURQWSDUWRIWKHVKHOIDQG
SXVKXQGHUWKHUHDUSDUW
9HJHWDEOHFRQWDLQHU
~)LJ %
<RXFDQUHPRYHWKHFRQWDLQHU
■ /LIWWKH FRQWDLQHUDWUHDUDQG UHPRYH
<RXFDQLQVHUWWKHFRQWDLQHU
■ 3ODFHWKHFRQWDLQHURQWKHWHOHVFRSLF
UDLOVDQGSXVKLQWRWKHDSSOLDQFH
)UHH]HUWUD\
~)LJ &
<RXFDQUHPRYHWKHWUD\
1. 3XOOWKHFRQWDLQHURXWDOOWKHZD\
2. /LIWWUD\DQGUHPRYH
)UR]HQIRRGFRQWDLQHU
~)LJ '
<RXFDQUHPRYHWKHFRQWDLQHU
■ 3XOO RXW WKH FRQWDLQHU DOO WKH ZD\ OLIW DW
WKHIURQWDQGUHPRYH
6WRUDJHFRPSDUWPHQW
~)LJ (
<RX FDQ UHPRYH WKH VWRUDJH FRPSDUWPHQW
■ /LIWXSVWRUDJHFRPSDUWPHQWDQG
UHPRYH
%RWWOHKROGHU
~)LJ )
:KHQ\RXRSHQDQGFORVHWKHGRRU
■ 7KHERWWOHKROGHUSUHYHQWVWKHERWWOHV
IURPRYHUWXUQLQJ
,FHFXEHWUD\
<RXFDQPDNHLFHFXEHV
1. )LOOWKHLFHFXEHWUD\IXOOZLWKZDWHU
DQGSODFHLQWKHIUHH]HUFRPSDUWPHQW
1RWH ,IWKHLFHFXEHWUD\LVVWXFNWR
WKH IUHH]HU FRPSDUWPHQW ORRVHQ ZLWK D
EOXQWLPSOHPHQWRQO\HJVSRRQ
KDQGOH
2. 7RORRVHQWKH LFHFXEHVWZLVWWKH LFH
FXEHWUD\VOLJKWO\RU KROGEULHIO\XQGHU
IORZLQJZDWHU
,FHSDFN
,QWKHHYHQWRIDSRZHUIDLOXUHRUDIDXOW
■ 7KH LFH SDFN GHOD\V WKH ZDUPLQJ RI WKH
VWRUHGIUR]HQIRRG
1RWH 7KHORQJHVWVWRUDJHWLPHLV
REWDLQHGE\SODFLQJWKHLFHSDFNRQWKH
IRRGLQWKHWRSFRPSDUWPHQW
<RXFDQWDNHRXWWKHLFHSDFNIRU
WHPSRUDULO\NHHSLQJIRRGFRROHJLQD
FRROEDJ
12SHUDWLQJWKH
DSSOLDQFH
2SHUDWLQJ WKH DSSOLDQFH
6ZLWFKLQJRQWKHDSSOLDQFH
1. 3UHVVWKH #EXWWRQ
7KHDSSOLDQFHEHJLQVWR FRRO:DUQLQJ
VLJQDO IODVKLQJ WHPSHUDWXUH GLVSOD\ RQ
WKHIUHH]HUFRPSDUWPHQWDQGOLWEXWWRQ
DODUPLQGLFDWHWKDWWKHIUHH]HU
FRPSDUWPHQWLVVWLOOWRRZDUP
2. 3UHVVWKH DODUPEXWWRQ
7KH ZDUQLQJVLJQDOVZLWFKHVRII
3. 6HWWLQJWKHUHTXLUHGWHPSHUDWXUH
~ 6HWWLQJWKHWHPSHUDWXUH
RQ SDJH

2SHUDWLQJWLSV
■ $IWHUWKHDSSOLDQFHKDVEHHQVZLWFKHG
RQLWPD\WDNHVHYHUDOKRXUVXQWLOWKH
VHWWHPSHUDWXUHVKDYHEHHQUHDFKHG
'RQRWSXWLQDQ\IRRGXQWLOWKH
VHOHFWHGWHPSHUDWXUHKDVEHHQ
UHDFKHG
■ 7KH VLGHVRI WKH KRXVLQJDUHSDUWO\
KHDWHGVOLJKWO\7KLVSUHYHQWV
FRQGHQVDWLRQLQ WKH DUHDRI WKH GRRU
VHDO
■ ,I WKH IUHH]HU FRPSDUWPHQW GRRU FDQQRW
EHLPPHGLDWHO\UHRSHQHGDIWHULWKDV
EHHQ FORVHG ZDLW XQWLO WKH UHVXOWLQJ ORZ
SUHVVXUHKDVHTXDOLVHG
6ZLWFKLQJRIIDQG
GLVFRQQHFWLQJWKHDSSOLDQFH
6ZLWFKLQJRIIWKHDSSOLDQFH
■ 3UHVVWKH #EXWWRQ
7KHDSSOLDQFHQRORQJHUFRROV
'LVFRQQHFWLQJWKHDSSOLDQFH
,I\RXGRQRWXVHWKHDSSOLDQFHIRUD
SURORQJHGSHULRG
1. 3UHVVWKH #EXWWRQ
7KHDSSOLDQFHQRORQJHUFRROV
2. 3XOO RXW WKH PDLQV SOXJ RU VZLWFK RII WKH
IXVH
3. &OHDQWKHDSSOLDQFH
4. /HDYHWKHDSSOLDQFHRSHQ
6HWWLQJWKHWHPSHUDWXUH
5HFRPPHQGHGWHPSHUDWXUH
5HIULJHUDWRUFRPSDUWPHQW
■ .HHSSUHVVLQJWKHEXWWRQ XQWLOWKH
GLVSOD\LQGLFDWHVWKHUHTXLUHG
WHPSHUDWXUH
&RROIUHVKFRPSDUWPHQW
7KHWHPSHUDWXUHLQWKHFRROIUHVK
FRPSDUWPHQWLVNHSWDWDURXQG &
1RWH ,IIURVWIRUPVRQWKHIRRGLWHPVLQ
WKHFRROIUHVKFRPSDUWPHQWVHWDKLJKHU
WHPSHUDWXUH ~ )DXOWV²ZKDWWRGR"
RQ SDJH
)UHH]HUFRPSDUWPHQW
■ .HHSSUHVVLQJWKHEXWWRQ XQWLOWKH
GLVSOD\LQGLFDWHVWKHUHTXLUHG
WHPSHUDWXUH
6XSHUFRROLQJ
6XSHUFRROLQJFRROVWKHUHIULJHUDWRU
FRPSDUWPHQWDVFROGDVSRVVLEOH
6ZLWFKRQ VXSHUFRROLQJPRGHHJ
■ EHIRUHSODFLQJODUJHTXDQWLWLHVRIIRRG
LQWKHFRPSDUWPHQW
■ IRUFRROLQJGULQNVTXLFNO\
1RWH :KHQ VXSHU FRROLQJ LV VZLWFKHG RQ
LQFUHDVHGRSHUDWLQJQRLVHVPD\RFFXU
$IWHUKRXUVWKHDSSOLDQFHVZLWFKHVWR
QRUPDORSHUDWLRQ
6ZLWFKLQJ6XSHUFRROLQJRQRII
■ 3UHVVWKH VXSHUEXWWRQ
7KHEXWWRQLVOLWZKHQ6XSHUFRROLQJLV
VZLWFKHGRQ
5HIULJHUDWRUFRPSDUWPHQW &
)UHH]HUFRPSDUWPHQW ² &

6XSHUIUHH]LQJ
$XWRPDWLFVXSHUIUHH]LQJ
$XWRPDWLFVXSHUIUHH]LQJDXWRPDWLFDOO\
VZLWFKHVRQZKHQZDUPIRRGLVSODFHGLQ
WKHIUHH]HU
:LWKDXWRPDWLFVXSHUIUHH]LQJWKHIUHH]HU
FRPSDUWPHQWFRROVGRZQWRDPXFKORZHU
WHPSHUDWXUHWKDQIRUQRUPDOPRGH
6XSHUIUHH]LQJIUHH]HVIRRGTXLFNO\ULJKW
WKURXJKWRWKHFHQWUH
1RWH :KHQDXWRPDWLFVXSHUIUHH]LQJLV
VZLWFKHGRQWKH VXSHU EXWWRQOLJKWVXS
DQGLQFUHDVHGRSHUDWLQJQRLVHPD\RFFXU
2QFHWKHDXWRPDWLFVXSHUIUHH]LQJKDV
ILQLVKHGWKHDSSOLDQFHDXWRPDWLFDOO\
VZLWFKHVWRQRUPDOPRGH
0DQXDOO\FDQFHOOLQJDXWRPDWLFVXSHU
IUHH]LQJ
■ 3UHVV VXSHU EXWWRQ
0DQXDOVXSHUIUHH]LQJ
0DQXDOVXSHUIUHH]LQJFRROVWKHIUHH]HU
FRPSDUWPHQWDVFROGDVSRVVLEOH
6ZLWFKRQ VXSHUIUHH]LQJPRGHHJ
■ WRIUHH]HIRRGVROLGDVTXLFNO\DV
SRVVLEOH
■ KRXUVEHIRUHIUHH]LQJIRRG
ZHLJKLQJ NJRUPRUH
■ WRXVHWKHPD[IUHH]LQJFDSDFLW\
~ 0D[LPXPIUHH]LQJFDSDFLW\
RQ SDJH
1RWH :KHQVXSHUIUHH]LQJLVVZLWFKHG
RQLQFUHDVHGRSHUDWLQJQRLVHVPD\RFFXU
$IWHUDSSUR[ ^GD\VWKHDSSOLDQFH
VZLWFKHVWRQRUPDORSHUDWLRQ
6ZLWFKLQJ6XSHUIUHH]LQJRQRII
■ 3UHVVWKH VXSHUEXWWRQ
7KH EXWWRQ LV OLW ZKHQ 6XSHU IUHH]LQJ LV
VZLWFKHGRQ
+ROLGD\PRGH
,IOHDYLQJWKH DSSOLDQFHIRUD ORQJSHULRG
RI WLPH \RX FDQ VZLWFK WKH DSSOLDQFH RYHU
WR WKH HQHUJ\VDYLQJKROLGD\PRGH
7KHWHPSHUDWXUHLQWKHUHIULJHUDWRU
FRPSDUWPHQWLVDXWRPDWLFDOO\VZLWFKHG
WR &
'RQRWVWRUHDQ\IRRGLQ WKH UHIULJHUDWRU
FRPSDUWPHQWGXULQJWKLVWLPH
7KHWHPSHUDWXUHLQWKHIUHH]HU
FRPSDUWPHQWUHPDLQVXQFKDQJHG
6ZLWFKLQJKROLGD\PRGHRQRII
■ 3UHVVWKH KROLGD\EXWWRQ
:KHQ KROLGD\ PRGH LV VZLWFKHG RQ WKH
EXWWRQLVOLWDQGWKHUHIULJHUDWRU
FRPSDUWPHQWWHPSHUDWXUHGLVSOD\QR
ORQJHULQGLFDWHVDWHPSHUDWXUH
M$ODUP
$ODUP
'RRUDODUP
,IWKHDSSOLDQFHGRRULVRSHQIRUDZKLOH
WKHGRRUDODUPVZLWFKHVRQ
■ &ORVHWKHGRRURUSUHVV DODUP EXWWRQ
7KHZDUQLQJVLJQDOLVVZLWFKHGRII
7HPSHUDWXUHDODUP
,IWKHIUHH]HUFRPSDUWPHQWEHFRPHVWRR
ZDUPWKHWHPSHUDWXUHDODUPLVVZLWFKHG
RQ
&DXWLRQ
%DFWHULDPD\GHYHORSGXULQJWKH
WKDZLQJSURFHVVDQGVSRLOWKHIUR]HQ
IRRG
'RQRWUHIUHH]HWKDZLQJRUWKDZHGIRRG
5HIUHH]HIRRGRQO\DIWHUFRRNLQJ'RQRW
VWRUHWKHIUR]HQIRRGIRUWKHPD[LPXP
VWRUDJHSHULRG

1RWH 7KH DODUP PD\ EH DFWXDWHG ZLWKRXW
ULVNWRWKHIUR]HQIRRGLQWKHIROORZLQJ
FDVHV
■ 7KHDSSOLDQFHLVVZLWFKLQJRQ
■ /DUJHTXDQWLWLHVRIIUHVKIRRGDUHSXW
LQ
■ 7KHIUHH]HUFRPSDUWPHQWGRRUKDV
EHHQRSHQWRRORQJ
,QGLFDWLQJZDUPHVWWHPSHUDWXUHDQG
VZLWFKLQJRIIZDUQLQJVLJQDO
■ 3UHVVWKH DODUPEXWWRQ
7KHGLVSOD\EULHIO\LQGLFDWHVWKH
ZDUPHVWWHPSHUDWXUHUHDFKHGLQWKH
IUHH]HU FRPSDUWPHQW 7KHQ WKH GLVSOD\
LQGLFDWHVWKHVHWWHPSHUDWXUHDJDLQ
)URPWKLV WLPHRQ WKHZDUPHVW
WHPSHUDWXUHLV UHFDOFXODWHGDQGVDYHG
1RWH 7KHEXWWRQ DODUPUHPDLQVOLW
XQWLOWKHVHWWHPSHUDWXUHKDVEHHQ
UHDFKHGDJDLQ
U5HIULJHUDWRU
FRPSDUWPHQW
5HIULJHUDWRU FRPSDUWPHQW
7KHUHIULJHUDWRUFRPSDUWPHQWLVVXLWDEOH
IRUVWRULQJGDLU\SURGXFWVHJJVFRRNHG
PHDOVSDVWULHVSUHVHUYHVRQFHRSHQHG
DQGKDUGFKHHVH
7KHWHPSHUDWXUHFDQEHVHWIURP
& &
7KHUHIULJHUDWRUFRPSDUWPHQWFDQDOVREH
XVHG WR VWRUH KLJKO\ SHULVKDEOH IRRGV LQ WKH
VKRUWWRPHGLXPWHUP7KHORZHUWKH
VHOHFWHGWHPSHUDWXUHWKHVORZHUWKH
HQ]\PDWLFDQGFKHPLFDOSURFHVVHVDQG
GHWHULRUDWLRQE\PLFURRUJDQLVPV$
WHPSHUDWXUHRI &RUORZHUHQVXUHV
RSWLPXPIUHVKQHVVDQGVDIHW\RIWKH
VWRUHGIRRGV
1RWHZKHQVWRULQJIRRG
■ 6WRUHIUHVKXQGDPDJHGIRRG
7KHTXDOLW\DQGIUHVKQHVVZLOOWKHQ
EH UHWDLQHGIRUORQJHU
■ ,QWKHFDVHRIUHDG\SURGXFWVDQG
ERWWOHGJRRGVGRQRWH[FHHGWKH
PLQLPXPVHOOE\GDWHRUXVHE\GDWH
LQGLFDWHGE\WKHPDQXIDFWXUHU
■ 7R UHWDLQ DURPD FRORXU DQG IUHVKQHVV
SDFNRU FRYHUIRRGZHOOEHIRUHSODFLQJ
LWLQ WKHDSSOLDQFH
7KLVDYRLGVWUDQVIHUHQFHRIIODYRXUV
DQGGLVFRORXUDWLRQRIWKHSODVWLFSDUWV
■ /HDYHZDUPIRRGDQGGULQNVWRFRRO
GRZQEHIRUHSODFLQJWKHPLQWKH
UHIULJHUDWRUFRPSDUWPHQW
1RWHWKH FKLOO]RQHV
LQ WKH UHIULJHUDWRU
FRPSDUWPHQW
7KH DLUFLUFXODWLRQLQ WKH UHIULJHUDWRU
FRPSDUWPHQWFUHDWHVGLIIHUHQWFKLOO]RQHV
&ROGHVW]RQH
7KHFROGHVW]RQHLVRQWKHSDUWLWLRQDQGLQ
WKHVWRUDJHDUHDIRUODUJHERWWOHV
:DUPHVW]RQH
7KH ZDUPHVW ]RQH LV DW WKH YHU\ WRS RI WKH
GRRU
1RWHV
■ 6WRUHHJKDUGFKHHVHDQGEXWWHULQ
WKHZDUPHVW]RQH&KHHVHFDQWKHQ
FRQWLQXHWRUHOHDVHLWVDURPDDQGWKH
EXWWHUZLOOVWLOOEHHDV\WRVSUHDG
■ 6WRUHSHULVKDEOHIRRGVXFKDVILVK
VDXVDJHVDQGPHDWLQWKHFRROIUHVK
FRPSDUWPHQW ~ &RROIUHVK
FRPSDUWPHQWRQ SDJH

T &RROIUHVK
FRPSDUWPHQW
&RROIUHVK FRPSDUWPHQW
7KHWHPSHUDWXUHLQWKHFRROIUHVK
FRPSDUWPHQWLVNHSWDWDURXQG &
7KHORZWHPSHUDWXUHDQGWKHRSWLPXP
PRLVWXUHSURYLGHLGHDOVWRUDJHFRQGLWLRQV
IRUIUHVKIRRG
:LWKFRROIUHVKVWRUDJH\RXFDQNHHS
IUHVKIRRGVWXIIVIUHVKIRUXSWRWKUHHWLPHV
ORQJHUWKDQLQWKHUHIULJHUDWRU
FRPSDUWPHQW²IRUHYHQORQJHUIUHVKQHVV
QXWULHQWUHWHQWLRQDQGEHWWHUIODYRXU
9HJHWDEOHFRQWDLQHU
~)LJ *
7KHYHJHWDEOHFRQWDLQHULVWKHEHVW
VWRUDJHORFDWLRQIRUIUHVKIUXLWDQG
YHJHWDEOHV<RXFDQDGMXVWWKHKXPLGLW\LQ
WKHYHJHWDEOHFRQWDLQHUYLDWKHKXPLGLW\
FRQWUROOHURIWKHGLYLVLRQSODWHDQGD
VSHFLDOVHDO
7KHKXPLGLW\LQWKHYHJHWDEOHFRQWDLQHU
FDQEHVHWDFFRUGLQJWRWKHW\SHDQG
DPRXQWRISURGXFWVWREHVWRUHG
■ 0DLQO\ IUXLW DV ZHOO DV IRU D ODUJH ORDG ²
VHWORZHUDLUKXPLGLW\
■ 0DLQO\YHJHWDEOHVDVZHOODVIRUD
PL[HGRUVPDOOORDG²VHWKLJKHUDLU
KXPLGLW\
1RWHV
■ )UXLWVHQVLWLYHWRFROGHJSLQHDSSOH
EDQDQDSDSD\DDQGFLWUXVIUXLWDQG
YHJHWDEOHVVHQVLWLYHWRFROGHJ
DXEHUJLQHVFXFXPEHUVFRXUJHWWHV
SHSSHUVWRPDWRHVDQGSRWDWRHV
VKRXOG EH VWRUHG RXWVLGH WKH DSSOLDQFH
DWWHPSHUDWXUHVRIDSSUR[
& &IRURSWLPXP
SUHVHUYDWLRQRITXDOLW\DQGIODYRXU
■ &RQGHQVDWLRQPD\IRUPLQWKH
YHJHWDEOHFRQWDLQHUGHSHQGLQJRQWKH
IRRGDQGTXDQWLW\VWRUHG
5HPRYHFRQGHQVDWLRQZLWKDGU\FORWK
DQGDGMXVWWKHKXPLGLW\LQWKH
YHJHWDEOHFRQWDLQHUZLWKWKHKXPLGLW\
FRQWUROOHU
&RROIUHVKFRQWDLQHU
~)LJ !)B
7KHVWRUDJHFOLPDWHLQWKHFRROIUHVK
FRQWDLQHURIIHUVLGHDOFRQGLWLRQVIRUWKH
VWRUDJHRIILVKPHDWDQGVDXVDJH
6WRUDJHWLPHVDW &
7KHVWRUDJHWLPHVDUHGHSHQGHQWRQWKH
RULJLQDOTXDOLW\
)UHVKILVKVHDIRRG XSWR GD\V
3RXOWU\PHDW
ERLOHGIULHG
XSWR GD\V
%HHISRUNODPEVDXVDJH
SURGXFWVFROGPHDW
XSWR GD\V
6PRNHGILVKEURFFROL XSWR GD\V
6DODGJUHHQVIHQQHODSUL
FRWVSOXPV
XSWR GD\V
6RIWFKHHVH\RJKXUW
TXDUNEXWWHUPLONFDXOL
IORZHU
XSWR GD\V

W)UHH]HUFRPSDUWPHQW
)UHH]HU FRPSDUWPHQW
7KHIUHH]HUFRPSDUWPHQWLVVXLWDEOHIRU
■ VWRULQJIUR]HQIRRG
■ PDNLQJLFHFXEHV
■ IUHH]LQJIRRG
7KHWHPSHUDWXUHFDQEHVHWIURP
² &² &
7KHIUHH]HUFRPSDUWPHQWFDQEHXVHGWR
VWRUHSHULVKDEOHIRRGVORQJWHUPDOPRVW
ZLWKRXW DQ\ QRWLFHDEOH UHGXFWLRQ LQ TXDOLW\
DV WKH ORZ WHPSHUDWXUHV FRQVLGHUDEO\ VORZ
GRZQRUVWRSGHWHULRUDWLRQ$SSHDUDQFH
IODYRXUDQGDOOYDOXDEOHLQJUHGLHQWVDUH
ODUJHO\UHWDLQHG
/RQJWHUPVWRUDJHRIIRRGVKRXOGEHDW
² &RUORZHU
7KH WLPH EHWZHHQ SXWWLQJ IUHVK IRRG LQ WKH
IUHH]HUFRPSDUWPHQWDQGLWIUHH]LQJVROLG
GHSHQGVRQWKHIROORZLQJIDFWRUV
■ VHWWHPSHUDWXUH
■ W\SHRIIRRG
■ DPRXQWRIIRRGLQWKHIUHH]HU
FRPSDUWPHQW
■ TXDQWLW\DQGW\SHRIVWRUDJH
)UHH]LQJVPDOODPRXQWVRI
IRRG
)UHH]LQJIRRG
■ LQ WKH IUHH]HU WUD\ SRVLWLRQHG DW WKH UHDU
RQWKHODUJHIUHH]HUFRQWDLQHURULQWKH
IODWIUHH]HUFRQWDLQHU ~ *HWWLQJWR
NQRZ\RXUDSSOLDQFHRQ SDJH
■ VWDUWLQJIURPWKHRXWHUULJKW
■ RYHUDZLGHDUHD
)RRGZLOOIUHH]HPRVWTXLFNO\WKLVZD\
0D[LPXPIUHH]LQJFDSDFLW\
7KHPD[LPXPIUHH]LQJFDSDFLW\LQGLFDWHV
WKHTXDQWLW\RIIRRGWKDWFDQEHIUR]HQ
VROLGZLWKLQ KRXUV
,QIRUPDWLRQDERXWWKHPD[LPXPIUHH]LQJ
FDSDFLW\FDQEHIRXQGRQWKHUDWLQJSODWH
~ *HWWLQJWRNQRZ\RXUDSSOLDQFH
RQ SDJH
7RXVHWKHPD[LPXPIUHH]LQJFDSDFLW\
VZLWFKRQ6XSHUIUHH]LQJ KRXUVEHIRUH
SODFLQJWKHIUHVKIRRGLQWKHIUHH]HU
FRPSDUWPHQW
~ 6XSHUIUHH]LQJRQ SDJH
3UHUHTXLVLWHV IRU PD[ IUHH]LQJ FDSDFLW\
1. $SSUR[ KRXUV EHIRUH LQVHUWLQJ IUHVK
SURGXFHVZLWFKRQVXSHUIUHH]LQJ
~ 0DQXDOVXSHUIUHH]LQJ
RQ SDJH
2. 7DNHWKHFRQWDLQHURXWRIWKHIUHH]HU
FRPSDUWPHQWDQGVWDFNWKHIRRG
GLUHFWO\ RQ WKH VKHOYHV DQG RQ WKH IORRU
RIWKHIUHH]HUFRPSDUWPHQW
3. )LUVWILOOWKHXSSHUFRPSDUWPHQWZLWK
IRRG7KLVLVZKHUHWKHIRRGZLOOIUHH]H
PRVWTXLFNO\
4. ,IWKHWRSFRPSDUWPHQWLVLQDGHTXDWH
VWRUHWKHUHPDLQLQJTXDQWLW\LQWKH
FRPSDUWPHQWXQGHUQHDWKVWDUWLQJDW
WKHIURQWULJKWVLGH
5. )UHH]H IUHVK IRRG DV FORVH DV SRVVLEOH
WRWKHVLGHSDQHOV
)XOO\XWLOLVLQJWKHIUHH]HU
YROXPH
7RSODFHWKHPD[LPXPTXDQWLW\RIIUR]HQ
IRRGLQWKHIUHH]HUFRPSDUWPHQW
■ UHPRYHDOOILWWLQJV
■ 6WRUHIRRGGLUHFWO\RQWKHVKHOYHVDQG
RQWKHIORRURIWKHIUHH]HU
FRPSDUWPHQW

3XUFKDVLQJIUR]HQIRRG
■ &KHFNWKHSDFNDJLQJLVQRWGDPDJHG
■ &KHFNWKHUHLVDVHOOE\GDWH
■ 7KHWHPSHUDWXUHLQWKHVXSHUPDUNHW
IUHH]HUPXVWEH &RUORZHU
■ 'RQRWLQWHUUXSWWKHIUHH]LQJFKDLQ,I
SRVVLEOH WUDQVSRUW IUR]HQ IRRG LQ D FRRO
EDJDQGSODFHLQWKHIUHH]HU
FRPSDUWPHQWTXLFNO\
1RWHZKHQORDGLQJSURGXFWV
■ )UHH]HODUJHTXDQWLWLHVRIIRRGLQWKH
WRSFRPSDUWPHQW
7KLVLVZKHUHWKHIRRGZLOOIUHH]H
HVSHFLDOO\TXLFNO\DQGJHQWO\
■ 'LVWULEXWHIRRGLQWKHFRPSDUWPHQWVRU
IUR]HQIRRGFRQWDLQHUV
■ 'R QRW EULQJ IRRG ZKLFK LV WR EH IUR]HQ
LQWRFRQWDFWZLWKIUR]HQIRRG
,IUHTXLUHGUHVWDFNIUR]HQIRRGLQWKH
IUR]HQIRRGFRQWDLQHUV
■ ,PSRUWDQW IRU XQUHVWULFWHG DLU FLUFXODWLRQ
LQWKHDSSOLDQFH
SXVKLQIUR]HQIRRGFRQWDLQHUDOOWKH
ZD\
)UHH]LQJIUHVKIRRG
)UHH]HRQO\IUHVKDQGXQGDPDJHGIRRG
)RRGZKLFKLVERLOHGIULHGRUEDNHGLV
PRUH VXLWDEOH IRU IUHH]LQJ WKDQ IRRG ZKLFK
LVUDZ
%HIRUHIUHH]LQJIRRGPDNHSUHSDUDWLRQV
DSSURSULDWHWRWKHIRRGLQRUGHUWRUHWDLQ
WKHEHVWSRVVLEOHQXWULWLRQDOYDOXHIODYRXU
DQGFRORXU
■ 9HJHWDEOHVZDVKFKRSEODQFK
■ )UXLWZDVKSLWDQGSHUKDSVSHHO
SRVVLEO\DGGVXJDURUDVFRUELFDFLG
VROXWLRQ
,QIRUPDWLRQ RQ KRZ WR GR WKLV FDQ EH IRXQG
LQWKHUHOHYDQWOLWHUDWXUH
6XLWDEOHIRUIUHH]LQJ
■ %DNHGJRRGV
■ )LVKDQGVHDIRRG
■ 0HDW
■ 3RXOWU\DQGJDPH
■ 9HJHWDEOHVIUXLWDQGKHUEV
■ (JJVZLWKRXWVKHOOV
■ 'DLU\ SURGXFWV HJ FKHHVH EXWWHU DQG
TXDUN
■ 5HDG\ PHDOV DQG OHIWRYHUV HJ VRXSV
VWHZVFRRNHGPHDWDQGILVKSRWDWR
GLVKHVVRXIIOpVDQGGHVVHUWV
1RWVXLWDEOHIRUIUHH]LQJ
■ 7\SHVRIYHJHWDEOHVZKLFKDUHXVXDOO\
HDWHQUDZHJOHWWXFHRUUDGLVKHV
■ 8QSHHOHGRUKDUGERLOHGHJJV
■ *UDSHV
■ :KROHDSSOHVSHDUVDQGSHDFKHV
■ <RJKXUWVRXUHGPLONVRXUFUHDP
FUHPHIUDLFKHDQGPD\RQQDLVH
3DFNLQJIUR]HQIRRG
7KH FRUUHFW W\SH RI SDFNDJLQJ DQG PDWHULDO
VHOHFWLRQDUHGHFLVLYHIDFWRUVLQWKH
UHWHQWLRQRIWKHSURGXFWTXDOLW\DQG
SUHYHQWWKHGHYHORSPHQWRIIUHH]HUEXUQ
1. 3ODFHIRRGLQ SDFNDJLQJ
2. 5HPRYHDLU
3. 3DFNIRRGDLUWLJKWWRSUHYHQWLWIURP
ORVLQJIODYRXUDQGGU\LQJRXW
4. /DEHOSDFNDJLQJZLWKFRQWHQWVDQG
GDWHRI IUHH]LQJ
6XLWDEOHSDFNDJLQJ
■ 3ODVWLFILOP
■ 7XEXODUILOPPDGHRISRO\HWK\OHQH3(
■ $OXPLQLXPIRLO
■ )UHH]HUFRQWDLQHUV
6XLWDEOHORFNV
■ 5XEEHUEDQGV
■ 3ODVWLFFOLSV
■ &ROGUHVLVWDQWDGKHVLYHWDSH

1RWVXLWDEOHSDFNDJLQJ
■ :UDSSLQJSDSHU
■ *UHDVHSURRISDSHU
■ &HOORSKDQH
■ 5HIXVHEDJVDQGXVHGVKRSSLQJEDJV
6KHOIOLIHRIIUR]HQIRRGDW² &
)UHH]HUFDOHQGDU
7KHLPSULQWHGIUHH]HUFDOHQGDULQGLFDWHV
WKHPD[LPXPVWRUDJHGXUDWLRQLQPRQWKV
DWDFRQVWDQWWHPSHUDWXUHRI² &
7KDZLQJIUR]HQIRRG
7KHWKDZLQJPHWKRGPXVWEHDGMXVWHGWR
WKHIRRGDQGDSSOLFDWLRQLQRUGHUWRUHWDLQ
WKHEHVWSRVVLEOHSURGXFWTXDOLW\
7KDZLQJPHWKRGV
■ LQWKHUHIULJHUDWRUFRPSDUWPHQW
HVSHFLDOO\VXLWDEOHIRUDQLPDOEDVHG
IRRGVVXFKDVILVKPHDWFKHHVH
TXDUN
■ DWURRPWHPSHUDWXUHEUHDG
■ LQWKHPLFURZDYHIRRGIRULPPHGLDWH
FRQVXPSWLRQ RU LPPHGLDWH SUHSDUDWLRQ
■ LQ WKH RYHQFRRNHU IRRG IRU LPPHGLDWH
FRQVXPSWLRQ RU LPPHGLDWH SUHSDUDWLRQ
&DXWLRQ
'RQRWUHIUHH]HWKDZLQJRUWKDZHGIRRG
<RX FDQ RQO\ UHIUHH]H WKH IRRG ZKHQ LW KDV
EHHQXVHGIRUDUHDG\WRHDWPHDOERLOHG
RUIULHG
7KHIUR]HQIRRGFDQQRORQJHUEHVWRUHG
IRUWKHPD[LPXPGXUDWLRQ
='HIURVWLQJ
'HIURVWLQJ
5HIULJHUDWRUFRPSDUWPHQW
7KHGHIURVWSURFHVVLVSHUIRUPHG
DXWRPDWLFDOO\
)UHH]HUFRPSDUWPHQW
$VWKHIUR]HQIRRGPD\QRWVWDUWWKDZLQJ
WKHIUHH]HUFRPSDUWPHQWGRHVQRWGHIURVW
DXWRPDWLFDOO\$OD\HURIKRDUIURVWLQWKH
IUHH]HUFRPSDUWPHQWLPSDLUVUHIULJHUDWLRQ
RIWKHIUR]HQIRRGDQGLQFUHDVHVSRZHU
FRQVXPSWLRQ
■ 5HPRYHWKHOD\HURIIURVWUHJXODUO\
&DXWLRQ
$YRLGDQ\GDPDJHWRWKHSLSHVRIWKH
UHIULJHUDWLRQFLUFXLW
,IUHIULJHUDQWHVFDSHVLWPD\LQMXUH\RXU
H\HVRULJQLWH
■ 'R QRW VFUDSH RII KRDUIURVW RU LFH ZLWK D
NQLIHRUSRLQWHGREMHFW
3URFHHGDVIROORZV
1. 6ZLWFKRQWKHVXSHUIUHH]LQJDSSUR[
KRXUVEHIRUHGHIURVWLQJ
7KLVPHDQVWKDWWKHIRRGUHDFKHVYHU\
ORZWHPSHUDWXUHVDQGLWFDQEHVWRUHG
IRUORQJHUDWURRPWHPSHUDWXUH
2. 5HPRYHWKHIUR]HQIRRGDQGSODFH
WHPSRUDULO\LQDFRROORFDWLRQ
3. 6ZLWFKRIIWKHDSSOLDQFH
4. 3XOO RXW WKH PDLQV SOXJ RU VZLWFK RII WKH
IXVH
5. 7RDFFHOHUDWHWKHGHIURVWLQJSURFHVV
SODFHDSDQRIKRWZDWHURQDWULYHWLQ
WKHIUHH]HUFRPSDUWPHQW
6. :LSH XS WKH FRQGHQVDWLRQ ZDWHU ZLWK D
FORWKRUVSRQJH
7. :LSHWKHIUHH]HUFRPSDUWPHQWGU\
8. 6ZLWFKRQWKHDSSOLDQFH
9. 3XWWKHIUR]HQIRRGEDFNLQWRWKH
DSSOLDQFH
)LVKVDXVDJHUHDG\
PHDOVDQG FDNHV
DQG SDVWULHV
XS WR PRQWKV
0HDWSRXOWU\ XS WR PRQWKV
)UXLWYHJHWDEOHV XS WR PRQWKV

D&OHDQLQJ
&OHDQLQJ
&DXWLRQ
$YRLGGDPDJLQJWKHDSSOLDQFHDQGWKH
ILWWLQJV
■ 'RQRWXVHDEUDVLYHFKORULGHRUDFLGLF
FOHDQLQJDJHQWVRUVROYHQWV
■ 'RQRWXVHVFRXULQJRUDEUDVLYH
VSRQJHV
7KHPHWDOOLFVXUIDFHVPD\FRUURGH
■ 1HYHUFOHDQWKH VKHOYHVRU FRQWDLQHUV
LQ WKH GLVKZDVKHU
7KH SDUWVPD\EHFRPHGHIRUPHG
3URFHHGDVIROORZV
1. 6ZLWFKRIIWKHDSSOLDQFH
2. 3XOO RXW WKH PDLQV SOXJ RU VZLWFK RII WKH
IXVH
3. 7DNHRXWWKHIRRGDQGVWRUHLQDFRRO
ORFDWLRQ
,ISUHVHQWSODFHLFHSDFNRQ WKH IRRG
4. ,ISUHVHQWZDLWXQWLOWKHOD\HURIIURVW
KDVWKDZHG
5. &OHDQWKHDSSOLDQFHZLWKDVRIWFORWK
OXNHZDUPZDWHUDQGDOLWWOHS+QHXWUDO
ZDVKLQJXSOLTXLG
&DXWLRQ
7KH ULQVLQJ ZDWHU PXVW QRW UXQ LQWR WKH
OLJKWRUWKURXJKWKHGUDLQDJHKROHLQWR
WKHHYDSRUDWLRQDUHD
6. :LSH GRRU VHDO ZLWK FOHDU ZDWHU DQG GU\
WKRURXJKO\ZLWKDFORWK
7. 5HFRQQHFWDQGVZLWFKRQDSSOLDQFH
DQGSXWLQIRRG
&OHDQLQJWKH HTXLSPHQW
7R FOHDQ WDNH WKH YDULDEOH SDUWV RXW RI WKH
DSSOLDQFH
~ ,QWHULRUILWWLQJVRQ SDJH
3DUWLWLRQDQGYHJHWDEOHFRQWDLQHUFRYHU
7DNLQJRXWWKHSDUWLWLRQ
~)LJ +
■ 5HPRYHJODVVSODWHSUHVVOHYHUVRQ
WKHXQGHUVLGHRQERWKVLGHVSXOO
SDUWLWLRQIRUZDUGVOLIWDQGVZLYHORXWWR
WKHVLGH
7DNLQJRXWWKHYHJHWDEOHFRQWDLQHU
FRYHU
■ /LIWFRYHUSXOOIRUZDUGVDQGVZLYHORXW
WRWKHVLGH
,QVHUWLQJYHJHWDEOHFRQWDLQHUFRYHU
DQGSDUWLWLRQ
~)LJ ,
1. ,QVHUWYHJHWDEOHFRQWDLQHUFRYHU
2. ,QVHUWSDUWLWLRQ
3. ,QVHUWJODVVSODWH

7HOHVFRSLFUDLOV
~)LJ -
5HPRYLQJWHOHVFRSLFUDLOV
1. 3XOORXWWHOHVFRSLFUDLO
2. 3XVKORFNLQWKHGLUHFWLRQRIWKHDUURZ
3. 'HWDFK WHOHVFRSLF UDLO IURP WKH UHDU SLQ
4. 3XVKWHOHVFRSLFUDLOWRJHWKHUSXVK
EDFNZDUGVDERYHWKHUHDUSLQDQG
GLVHQJDJH
,QVWDOOLQJWHOHVFRSLFUDLOV
1. 3ODFHWKHH[WHQGHGWHOHVFRSLFUDLORQ
WKHIURQWSLQ
2. 3XOO WKH WHOHVFRSLF UDLO IRUZDUGV VOLJKWO\
XQWLOLWHQJDJHV
3. ,QVHUWWHOHVFRSLFUDLORQWKHUHDUSLQ
4. 3XVKORFNEDFNZDUGV
l 2GRXUV
2GRXUV
,I\RXH[SHULHQFHXQSOHDVDQWRGRXUV
1. 6ZLWFKRIIWKH DSSOLDQFHZLWK
WKH 2Q2IIEXWWRQ #
2. 7DNHDOOIRRGRXWRI WKH DSSOLDQFH
3. &OHDQWKHLQVLGH~ &OHDQLQJ
RQ SDJH
4. &OHDQDOOSDFNDJHV
5. 6HDOVWURQJVPHOOLQJIRRGLQ RUGHU
WR DYRLGRGRXUVIURPIRUPLQJ
6. 6ZLWFKWKHDSSOLDQFHRQDJDLQ
7. 6WRUHIRRGLQ WKH DSSOLDQFH
8. &KHFN ZKHWKHU WKH IRUPDWLRQ RI RGRXUV
LVVWLOORFFXUULQJDIWHU KRXUV
9/LJKWLQJ
/LJKWLQJ
<RXUDSSOLDQFHIHDWXUHVD
PDLQWHQDQFHIUHH/('OLJKW
2QO\FXVWRPHUVHUYLFHRUDXWKRULVHG
WHFKQLFLDQVPD\UHSDLUWKHOLJKW
>1RLVHV
1RLVH
1RUPDOQRLVHV
1RWH :KHQDXWRPDWLFRUPDQXDOVXSHU
IUHH]LQJLVVZLWFKHGRQLQFUHDVHG
RSHUDWLQJQRLVHVPD\RFFXU
'URQLQJ$PRWRULVUXQQLQJHJ
UHIULJHUDWLQJXQLWIDQ
%XEEOLQJEX]]LQJRUJXUJOLQJ
5HIULJHUDQWLVIORZLQJWKURXJKWKHWXEHV
&OLFNLQJ0RWRUVZLWFKHVRUVROHQRLG
YDOYHVDUHVZLWFKLQJRQDQGRII
&UDFNLQJ$XWRPDWLFWKDZLQJVXFFHVVIXO
3UHYHQWLQJQRLVHV
$SSOLDQFHLVQRWOHYHO$OLJQDSSOLDQFH
XVLQJ D VSLULW OHYHO ,I UHTXLUHG SODFH D OLWWOH
SDFNLQJXQGHUQHDWK

&RQWDLQHUVVKHOYHVRUVWRUDJH
FRPSDUWPHQWVZREEOHRUVWLFN&KHFN
WKHUHPRYDEOHILWWLQJVDQGUHLQVHUWLI
UHTXLUHG
%RWWOHVRUUHFHSWDFOHVDUHWRXFKLQJ
HDFKRWKHU0RYHERWWOHVRUUHFHSWDFOHV
DZD\IURPHDFKRWKHU
3)DXOWV²ZKDWWRGR"
)DXOWV ² ZKDW WR GR"
%HIRUH \RX FDOO FXVWRPHU VHUYLFH XVH WKLV WDEOH WR FKHFN ZKHWKHU \RX FDQ UHFWLI\ WKH IDXOW
\RXUVHOI
7HPSHUDWXUHGLIIHUVJUHDWO\IURPWKH VHWYDOXH
6ZLWFKRIIDSSOLDQFHIRUPLQXWHV
~
6ZLWFKLQJRIIDQGGLVFRQQHFWLQJWKH
DSSOLDQFHRQ SDJH
,IWKHWHPSHUDWXUHLVWRRZDUPFKHFNWHPSHUD
WXUHDJDLQDIWHUDFRXSOHRIKRXUV
,I WKH WHPSHUDWXUH LV WRR FROG FKHFN WHPSHUDWXUH
DJDLQRQWKHIROORZLQJGD\
'LVSOD\VGRQRWLOOXPLQDWH
7KHPDLQVSOXJKDVQRWEHHQLQVHUWHGSURSHUO\ &RQQHFWWKHPDLQVSOXJ
7KH IXVHKDVWULSSHG &KHFNWKH IXVHV
7KHSRZHUKDVIDLOHG &KHFNZKHWKHUWKH SRZHULVRQ
'LVSOD\LQGLFDWHV´(«µ
(OHFWURQLFVKDYHGHWHFWHGDIDXOW &DOOWKHDIWHUVDOHVVHUYLFH
~
&XVWRPHUVHUYLFHRQ SDJH
$ZDUQLQJVLJQDOVRXQGVDQGWKHDODUPEXWWRQLVOLW
3UHVVWKH DODUPEXWWRQ$ODUPLVVZLWFKHGRII
$SSOLDQFHGRRULVRSHQ &ORVHWKHDSSOLDQFHGRRU
9HQWLODWLRQRSHQLQJVKDYHEHHQFRYHUHG &OHDUYHQWLODWLRQRSHQLQJV
/DUJH TXDQWLWLHV RI IUHVK IRRG ZHUH SODFHG LQ WKH
DSSOLDQFH
'RQRWH[FHHGPD[IUHH]LQJFDSDFLW\
'LVSOD\IODVKHVZDUQLQJVLJQDOVRXQGVDQGEXWWRQDODUPLVOLW
3UHVVWKH DODUPEXWWRQ$ODUPLVVZLWFKHGRII
$SSOLDQFHGRRULVRSHQ &ORVHWKHDSSOLDQFHGRRU

9HQWLODWLRQRSHQLQJVKDYHEHHQFRYHUHG &OHDUYHQWLODWLRQRSHQLQJV
/DUJH TXDQWLWLHV RI IUHVK IRRG ZHUH SODFHG LQ WKH
DSSOLDQFH
'RQRWH[FHHGPD[IUHH]LQJFDSDFLW\
'LVSOD\IODVKHV
7KH WHPSHUDWXUHLQ WKH IUHH]HUFRPSDUWPHQW
ZDVWRRZDUP
:KHQ EXWWRQ DODUP KDV EHHQ SUHVVHG WKH ZDUP
HVWWHPSHUDWXUHUHDFKHGLQWKHIUHH]HUFRPSDUW
PHQW LV GLVSOD\HG IRU VHFRQGV 3UHVV WKH DODUP
EXWWRQ7KHGLVSOD\VWRSVIODVKLQJ
$SSOLDQFHLV QRWFRROLQJGLVSOD\DQGOLJKWLQJDUHOLW
6KRZURRPPRGHVZLWFKHGRQ 6WDUWWKHDSSOLDQFHVHOIWHVW
~
$SSOLDQFHVHOIWHVWRQ SDJH
:KHQWKH SURJUDPPHKDVHQGHGWKH DSSOLDQFH
VZLWFKHVRYHUWR QRUPDORSHUDWLRQ
$XWRPDWLFVXSHUIUHH]LQJGRHVQRWVZLWFKRQ
7KHDSSOLDQFHGHFLGHVLQGHSHQGHQWO\ZKHWKHU
DXWRPDWLFVXSHUIUHH]LQJLVUHTXLUHGDQG
VZLWFKHVLWRQRURIIDXWRPDWLFDOO\
,WLVWRRZDUPRUWRRFROGLQWKHFRROIUHVKFRPSDUWPHQW
7KH VWDQGDUGVHWWLQJKDVEHHQVHWWRRKLJKRU
ORZHJIURVWLQ WKH FRROIUHVKFRPSDUWPHQW
<RXFDQVHWWKHWHPSHUDWXUHLQWKHFRROIUHVK
FRPSDUWPHQW WR EH VHWWLQJV ZDUPHU RU FROGHU ,I
WKHWHPSHUDWXUHLQWKHUHIULJHUDWRUFRPSDUWPHQW
LVVHWWRVHWWLQJ WKHFRROIUHVKFRPSDUWPHQW
KDVDWHPSHUDWXUHRIDURXQG &
3UHVVDQGKROGWKHUHIULJHUDWRU
FRPSDUWPHQW VXSHUEXWWRQXQWLOWKHGLVSOD\
WHPSHUDWXUHUHIULJHUDWRUFRPSDUWPHQW
IODVKHV
3UHVV EXWWRQWRFKDQJHWKHVHWWLQJ
6HWWLQJ²FRUUHVSRQGVWRWKHFROGHVWVHW
WLQJ
6HWWLQJFRUUHVSRQGVWRWKHZDUPHVWVHW
WLQJ
7KHVHOHFWHGVHWWLQJLVVDYHGDIWHURQHPLQ
XWH
'LVSOD\IODVKHVZDUQLQJVLJQDOVRXQGVDQGEXWWRQDODUPLVOLW

4&XVWRPHUVHUYLFH
&XVWRPHU VHUYLFH
,I\RXDUHXQDEOHWRUHFWLI\WKHIDXOW
SOHDVHFRQWDFWRXUFXVWRPHUVHUYLFH:H
ZLOODOZD\VILQGDQDSSURSULDWHVROXWLRQLQ
RUGHUWRDYRLGXQQHFHVVDU\YLVLWVE\
HQJLQHHUV
7KHFRQWDFWLQIRUPDWLRQIRU\RXUQHDUHVW
FXVWRPHUVHUYLFHFDQEHIRXQGKHUHRURQ
WKHHQFORVHGFXVWRPHUVHUYLFHOLVW
:KHQFDOOLQJSOHDVHVWDWHWKHSURGXFW
QXPEHU (1U DQG WKH SURGXFWLRQ QXPEHU
)'ZKLFKFDQEHIRXQGRQWKHUDWLQJ
SODWH
~ *HWWLQJWRNQRZ\RXUDSSOLDQFH
RQ SDJH
7UXVWWKHH[SHUWLVHRIWKH
PDQXIDFWXUHU <RX FDQ WKHUHIRUH EH VXUH
WKDWWKHUHSDLULVFDUULHGRXWE\WUDLQHG
VHUYLFHWHFKQLFLDQVZKRFDUU\RULJLQDO
VSDUHSDUWVIRU\RXUGRPHVWLFDSSOLDQFHV
$SSOLDQFHVHOIWHVW
<RXUDSSOLDQFHIHDWXUHVDVHOIWHVW
SURJUDPPHZKLFKGLVSOD\VWKHIDXOWZKLFK
\RXUFXVWRPHUVHUYLFHFDQUHFWLI\
1. 6ZLWFKRIIWKHDSSOLDQFHDQGZDLW
PLQXWHV
2. 6ZLWFKRQWKHDSSOLDQFH
3. :LWKLQWKHILUVW VHFRQGVSUHVVDQG
KROGWKHIUHH]HUFRPSDUWPHQW VXSHU
EXWWRQIRU VHFRQGVXQWLODQ
DXGLEOHVLJQDOVRXQGV
7KHVHOIWHVWSURJUDPPHVWDUWV:KLOH
WKHVHOIWHVWLVUXQQLQJDORQJDXGLEOH
VLJQDOVRXQGVLQWKHPHDQWLPH
■ ,I DXGLEOH VLJQDOV VRXQG DIWHU WKH HQG
RI WKH VHOIWHVW DQG WKH VHW WHPSHUDWXUH
LVGLVSOD\HG\RXUDSSOLDQFHLV2.
■ ,IDWWKHHQGRIWKHVHOIWHVWDXGLEOH
VLJQDOVVRXQGDQGWKHIUHH]HU
FRPSDUWPHQW VXSHUEXWWRQIODVKHVIRU
VHFRQGVLQIRUPFXVWRPHUVHUYLFH
:KHQWKHSURJUDPPHKDVHQGHG
WKH DSSOLDQFHVZLWFKHVRYHUWRQRUPDO
RSHUDWLRQ
5HSDLURUGHUDQGDGYLFHRQ
IDXOWV
&RQWDFWLQIRUPDWLRQIRUDOOFRXQWULHVFDQ
EHIRXQGRQWKHHQFORVHGFXVWRPHU
VHUYLFHOLVW
*XDUDQWHH
'HWDLOHGLQIRUPDWLRQRQWKHZDUUDQW\
SHULRGDQGZDUUDQW\FRQGLWLRQVLQ\RXU
FRXQWU\DUHDYDLODEOHIURP\RXUFXVWRPHU
VHUYLFH\RXUGHDOHUDQGRQRXUZHEVLWH
*% &DOOVFKDUJHGDWORFDO
RUPRELOHUDWH
,( SHUPLQXWHDW
SHDN2IISHDN
SHUPLQXWH
86 WROOIUHH

fr
IU 7DEOHGHVPDWLqUHV
fr1RWLFHGXWLOLVDWLRQ
(&RQVLJQHVGHVpFXULWp
SURSRVGHFHWWHQRWLFH
5LVTXHG·H[SORVLRQ
5LVTXHG·pOHFWURFXWLRQ
5LVTXHGHQJHOXUHVSURYRTXpHVSDU
OHIURLG
5LVTXHGHEOHVVXUH
5LVTXHG·LQFHQGLHULVTXHVGXVDX
IOXLGHIULJRULJqQH
eYLWH]GHVULVTXHVSRXUOHVHQIDQWV
HWOHVSHUVRQQHVHQGDQJHU
'pJkWVPDWpULHOV
3RLGV
3UHVFULSWLRQVG·K\JLqQHDOLPHQWDLUH
8&RQIRUPLWpGXWLOLVDWLRQ
73URWHFWLRQGH
OHQYLURQQHPHQW
(PEDOODJH
$SSDUHLOXVDJp
5,QVWDOODWLRQHWEUDQFKHPHQW
&RQWHQXGHODOLYUDLVRQ
'RQQpHVWHFKQLTXHV
,QVWDOOHUO·DSSDUHLO
'LPHQVLRQVGHQLFKH
,QVWDOODWLRQVLGHE\VLGH
(FRQRPLHVG·pQHUJLH
$YDQWODSUHPLqUHXWLOLVDWLRQ
5DFFRUGHPHQWpOHFWULTXH
*3UpVHQWDWLRQGHO·DSSDUHLO
$SSDUHLO
(OpPHQWVGHFRPPDQGH
eTXLSHPHQW
18WLOLVDWLRQGHODSSDUHLO
0HWWUHODSSDUHLOVRXVWHQVLRQ
$UUrWHWUHPLVDJHGHO·DSSDUHLO
5pJOHUODWHPSpUDWXUH
6XSHUUpIULJpUDWLRQ
6XSHUFRQJpODWLRQ
0RGH9DFDQFHV
M$ODUPH
$ODUPHGHSRUWH
$ODUPHGHWHPSpUDWXUH
U&RPSDUWLPHQWUpIULJpUDWHXU
&RQVLJQHVGHUDQJHPHQW
7HQH]FRPSWHGHV GLIIpUHQWHV
]RQHVIURLGHVGDQVOH FRPSDUWLPHQW
UpIULJpUDWHXU
T&RPSDUWLPHQWIUDvFKHXU
%DFjOpJXPHV
%DFIUDvFKHXU
'XUpHVGHVWRFNDJHj &
W&RPSDUWLPHQWFRQJpODWHXU
&RQJHOHUXQHSHWLWHTXDQWLWp
GDOLPHQWV
&DSDFLWpGHFRQJpODWLRQPD[LPDOH
8WLOLVHUO·LQWpJUDOLWpGXYROXPHGH
FRQJpODWLRQ
$FKDWVGHSURGXLWVVXUJHOpV
$WWHQWLRQORUVGH UDQJHPHQW
&RQJpODWLRQGHSURGXLWVIUDLV
'pFRQJpODWLRQGHVSURGXLWV

fr
='pJLYUHUO·DSSDUHLO
&RPSDUWLPHQWUpIULJpUDWLRQ
&RPSDUWLPHQWFRQJpODWLRQ
D1HWWR\DJH
1HWWR\DJHGHVDFFHVVRLUHV
l2GHXUV
9eFODLUDJH
>%UXLWV
%UXLWVQRUPDX[
eYLWHUODJpQpUDWLRQGHEUXLWV
3'pUDQJHPHQWV4XHIDLUHVL«
46HUYLFHDSUqVYHQWH
$XWRGLDJQRVWLFGHO·DSSDUHLO
&RQVHLOVHWUpSDUDWLRQV
*DUDQWLH

(&RQVLJQHVGHVpFXULWp
&RQVLJQHV GH VpFXULWp
&HWDSSDUHLOHVWFRQIRUPHDX[
GLVSRVLWLRQVGHVpFXULWp
DSSOLFDEOHVDX[DSSDUHLOV
pOHFWULTXHVHWLOHVWGpSDUDVLWp
/H FLUFXLWIULJRULILTXHD VXEL
XQ FRQWU{OHG·pWDQFKpLWp
SURSRVGHFHWWHQRWLFH
■ 9HLOOH]OLUHHWUHVSHFWHUOH
FRQWHQXGHFHWWHQRWLFH
GXWLOLVDWLRQ HW GH PRQWDJH (OOH
FRQWLHQQHQWGHVUHPDUTXHV
LPSRUWDQWHVFRQFHUQDQW
O·LQVWDOODWLRQO·XWLOLVDWLRQHW
O·HQWUHWLHQGHO·DSSDUHLO
■ /HIDEULFDQWGpFOLQHWRXWH
UHVSRQVDELOLWp VL YRXV QH WHQH]
SDVFRPSWHGHVUHPDUTXHVHW
DYHUWLVVHPHQWVILJXUDQWGDQV
ODQRWLFHGHPRQWDJHHWFHOOH
GXWLOLVDWLRQ
■ 9HXLOOH]FRQVHUYHUWRXVFHV
GRFXPHQWVHQYXHG·XQH
UpXWLOLVDWLRQXOWpULHXUHRXSRXU
OHFDVRO·DSSDUHLOFKDQJHUDLW
GHSURSULpWDLUH
5LVTXHG·H[SORVLRQ
■ 1·XWLOLVH]MDPDLVG·DSSDUHLOV
pOHFWULTXHVjO·LQWpULHXUGH
O·DSSDUHLOS H[DSSDUHLOVGH
FKDXIIDJH PDFKLQH j JODoRQV
HWF
■ 1HVWRFNH]GDQVO·DSSDUHLOQL
SURGXLWVFRQWHQDQWGHVJD]
SURSXOVHXUVLQIODPPDEOHV
S H[ERPEHVDpURVROVQL
SURGXLWVH[SORVLIV
■ 1H FRQVHUYH] OHV ERXWHLOOHV GH
ERLVVRQV IRUWHPHQW DOFRROLVpHV
TX·KHUPpWLTXHPHQW IHUPpHV HW
GHERXW
■ +RUPLVOHVLQVWUXFWLRQVGX
IDEULFDQWSRXUQHSDVSUHQGUH
GHVPHVXUHVVXSSOpPHQWDLUHV
SRXUDFFpOpUHUOHGpJLYUDJH
5LVTXHG·pOHFWURFXWLRQ
/HVLQVWDOODWLRQVHWUpSDUDWLRQV
QRQHIIHFWXpHVGDQVOHVUqJOHV
SHXYHQWHQJHQGUHUGHVULVTXHV
FRQVLGpUDEOHVSRXUO·XWLOLVDWHXU
■ /RUVGHO·LQVWDOODWLRQGH
O·DSSDUHLOYHLOOH]jFHTXHOH
FRUGRQG·DOLPHQWDWLRQVHFWHXU
QHVRLWSDVFRLQFpQL
HQGRPPDJp
■ 6LOHFRUGRQG·DOLPHQWDWLRQ
VHFWHXUHVWHQGRPPDJp
GpEUDQFKH]LPPpGLDWHPHQW
O·DSSDUHLOGXVHFWHXU
■ 1·XWLOLVH]SDVGHEORF
PXOWLSULVHGHUDOORQJHQL
G·DGDSWDWHXU
■ 1HFRQILH]ODUpSDUDWLRQTX·DX
IDEULFDQWDXVHUYLFH
DSUqVYHQWHRXjXQH
SHUVRQQHSUpVHQWDQWXQH
TXDOLILFDWLRQpTXLYDOHQWH
■ 1·XWLOLVH]TXHGHVSLqFHVGH
UHFKDQJHG·RULJLQHYHQDQWGX
IDEULFDQW
/HIDEULFDQWJDUDQWLWTXHFHV
SLqFHVG·RULJLQHUHPSOLVVHQW
OHVH[LJHQFHVGHVpFXULWp

5LVTXHGHQJHOXUHV
SURYRTXpHVSDUOHIURLG
■ 1HSRUWH]MDPDLVGHVSURGXLWV
VXUJHOpVjODERXFKH
LPPpGLDWHPHQW DSUqV OHV DYRLU
VRUWLVGXFRPSDUWLPHQW
FRQJpODWHXU
■ eYLWH]WRXWFRQWDFWSURORQJp
GH ODSHDXDYHFOHSURGXLW
FRQJHOpODJODFHHWOHV
WXEXOXUHVSUpVHQWVGDQVOH
FRPSDUWLPHQWFRQJpODWHXU
5LVTXHGHEOHVVXUH
/HVUpFLSLHQWVFRQWHQDQWGHV
ERLVVRQVJD]HXVHVULVTXHQW
GpFODWHU
'DQVOHFRPSDUWLPHQW
FRQJpODWHXU QH UDQJH] MDPDLV GH
ERLVVRQVJD]HXVHV
5LVTXH
G·LQFHQGLHULVTXHVGXV
DXIOXLGHIULJRULJqQH
'DQVOHVWXEXOXUHVGXFLUFXLW
IULJRULILTXHFLUFXOHXQHSHWLWH
TXDQWLWpGHIOXLGHIULJRULJqQH
UHVSHFWXHX[GHO·HQYLURQQHPHQW
PDLVFRPEXVWLEOH5D,O
Q·DEvPH SDV OD FRXFKH G·R]RQH HW
Q·DFFURvWSDVO·HIIHWGHVHUUH/H
IOXLGH IULJRULJqQH ULVTXH HQ IX\DQW
GHEOHVVHUOHV\HX[RXGH
V·HQIODPPHU
■ 1HQGRPPDJH]SDVOHV
WXEXOXUHV
6LOHVWXEXOXUHVRQWpWp
HQGRPPDJpHV
■ eORLJQH]GHO·DSSDUHLOWRXWH
IODPPHRXVRXUFH
G·LQIODPPDWLRQ
■ $pUH]ODSLqFH
■ eWHLJQH]O·DSSDUHLOSXLV
GpEUDQFKH]OH
■ $SSHOH]OHVHUYLFH
DSUqVYHQWH
eYLWH]GHVULVTXHVSRXUOHV
HQIDQWVHWOHVSHUVRQQHVHQ
GDQJHU
3HUVRQQHVj ULVTXHV
■ OHVHQIDQWV
■ OHVSHUVRQQHVSUpVHQWDQWXQ
KDQGLFDSSK\VLTXHSV\FKLTXH
RXVHQVRULHO
■ OHVSHUVRQQHVTXLQHVDYHQW
SDVVXIILVDPPHQWFRPPHQW
XWLOLVHUODSSDUHLOGHPDQLqUH
VUH
0HVXUHV
■ $VVXUH]YRXVTXHOHVHQIDQWV
HWOHVSHUVRQQHVj ULVTXHVRQW
ELHQFRPSULVODQDWXUHGHV
GDQJHUV
■ 8QHSHUVRQQHUHVSRQVDEOHGH
ODVpFXULWpGRLWVXUYHLOOHURX
JXLGHUOHVHQIDQWVHWOHV
SHUVRQQHVHQGDQJHU
ORUVTX·HOOHVVHWURXYHQWSUqV
GHO·DSSDUHLO
■ 1HSHUPHWWH]O·XWLOLVDWLRQGH
O·DSSDUHLOTX·DX[HQIDQWVj
SDUWLUGHDQV

■ 6XUYHLOOH]OHVHQIDQWVSHQGDQW
OHQHWWR\DJHHWOD
PDLQWHQDQFH
■ 1HMDPDLVODLVVHUGHVHQIDQWV
MRXHUDYHFODSSDUHLO
5LVTXHGpWRXIIHPHQW
■ $SSDUHLOVpTXLSpVG·XQH
VHUUXUH UDQJH]OD FOpKRUV
GH SRUWpHGHVHQIDQWV
■ 1HSHUPHWWH]MDPDLVDX[
HQIDQWVGH MRXHUDYHF
O·HPEDOODJHHW VHVSLqFHV
FRQVWLWXWLYHV
'pJkWVPDWpULHOV
3RXU pYLWHU GHV GpJkWV PDWpULHOV
■ 1HYRXVVHUYH]MDPDLV
GX VRFOH GHV JOLVVLqUHV RX GHV
SRUWHVFRPPHPDUFKHSLHGV
HW QHYRXVDSSX\H]MDPDLV
GHVVXV
■ 9HLOOH]j FHTXHOHV SLqFHV
HQ PDWLqUHSODVWLTXHHWOHV
MRLQWVGHSRUWHVRLHQWH[HPSWV
GKXLOHHWGHJUDLVVH
■ 3RXU GpEUDQFKHU QH VDLVLVVH]
TXHODILFKHPkOHSDVOH
FRUGRQGHEUDQFKHPHQW
3RLGV
5DSSHOH]YRXVSHQGDQWOH
WUDQVSRUWHWOLQVWDOODWLRQGH
ODSSDUHLO TXH FH GHUQLHU SHXW rWUH
WUqVORXUG
~ /LHXG·LQVWDOODWLRQ
j OD SDJH
3UHVFULSWLRQVG·K\JLqQHDOLPH
QWDLUH
&RQIRUPpPHQW
j OD UpJOHPHQWDWLRQIUDQoDLVH
YLVDQWj HPSrFKHUODSUpVHQFH
GHOLVWHULDGDQVOHFRPSDUWLPHQW
UpIULJpUDWHXUQRXVYRXV
UHPHUFLRQVGHUHVSHFWHUOHV
FRQVLJQHVVXLYDQWHV
■ 1HWWR\H]IUpTXHPPHQWOH
FRPSDUWLPHQWLQWpULHXUGX
UpIULJpUDWHXUj O·DLGHG·XQ
GpWHUJHQWQRQDJUHVVLIQH
SURYRTXDQWSDVG·R[\GDWLRQ
GHV SLqFHV PpWDOOLTXHV XWLOLVH]
SDUH[GHO·HDXWLqGH
DGGLWLRQQpHG·XQSHXGH
SURGXLWj YDLVVHOOH
(QVXLWHGpVLQIHFWH]DYHFGH
O·HDXDGGLWLRQQpHGHYLQDLJUH
RX GH MXV GH FLWURQ OHV VXUIDFHV
TXHYRXVDYH]SUpDODEOHPHQW
QHWWR\pHVRXXWLOLVH]XQ
SURGXLWJHUPLFLGHHQYHQWH
GDQVOHFRPPHUFHHWDGDSWp
DX[UpIULJpUDWHXUVDYDQW
G·XWLOLVHUFHSURGXLWVXUOHV
SLqFHVPpWDOOLTXHVIDLWHVXQ
WHVWGHFRPSDWLELOLWpj XQ
HQGURLWSHXYLVLEOH
■ (QOHYH]OHVHPEDOODJHV
FRPPHUFLDX[DYDQWGHPHWWUH
OHVSURGXLWVDOLPHQWDLUHVGDQV
OHFRPSDUWLPHQWUpIULJpUDWHXU
SDUH[OHFDUWRQTXLUpXQLW
OHV SRWVGH \DRXUW

■ 3RXUpYLWHUWRXWH
FRQWDPLQDWLRQHQWUHGHV
SURGXLWV DOLPHQWDLUHV GH QDWXUH
GLIIpUHQWHUDQJH]OHVELHQ
VpSDUpVOHVXQVGHVDXWUHV
ELHQHPEDOOpVRXUDQJpVGDQV
GHVUpFLSLHQWVj FRXYHUFOH
■ $YDQWGH SUpSDUHUGHVSODWVHW
GHVDLVLUGHVSURGXLWV
DOLPHQWDLUHVODYH]YRXVOHV
PDLQV$YDQWGHSUpSDUHU
G·DXWUHVSODWVODYH]YRXV
j QRXYHDXOHVPDLQV
/DYH]OHVHQFRUHXQHIRLV
DYDQWGH SUHQGUHXQ UHSDV
■ /DYH] OHV XVWHQVLOHV GH FXLVLQH
GRQW YRXV YHQH] GH YRXV VHUYLU
DYDQWGHOHVUpXWLOLVHUFXLOOqUH
HQERLVSODQFKHGHGpFRXSH
FRXWHDXGHFXLVLQHHWF
8 &RQIRUPLWp GXWLOLVDWLRQ
&RQIRUPLWp GXWLOLVDWL RQ
8WLOLVH]FHWDSSDUHLO
■ 8QLTXHPHQW SRXU UpIULJpUHU HW FRQJHOHU
GHVSURGXLWVDOLPHQWDLUHVHWSRXU
SUpSDUHUGHODJODFH
■ 8QLTXHPHQWGDQVXQIR\HUHWGDQV
OHQYLURQQHPHQWGRPHVWLTXH
■ 8QLTXHPHQWHQFRQIRUPLWpDYHFOD
SUpVHQWHQRWLFHGXWLOLVDWLRQ
&HW DSSDUHLO HVW FRQoX SRXU XQH XWLOLVDWLRQ
MXVTXj XQH DOWLWXGH PD[LPDOH GH P
73URWHFWLRQGH
OHQYLURQQHPHQW
3URWHFWLRQ GH OHQYLURQQHPHQW
(PEDOODJH
7RXV OHV PDWpULDX[ VRQW FRPSDWLEOHV DYHF
O·HQYLURQQHPHQWHWUHF\FODEOHV
■ eOLPLQHUO·HPEDOODJHGDQVOH UHVSHFW
GH O·HQYLURQQHPHQW
■ 9HXLOOH]YRXVLQIRUPHUVXUOHVFLUFXLWV
GpOLPLQDWLRQDXSUqVGHYRWUH
UHYHQGHXURXGHODGPLQLVWUDWLRQ
SXEOLTXH
(OLPLQH]OHPEDOODJHHQ
UHVSHFWDQWOHQYLURQQHPHQW
$SSDUHLOXVDJp
/HXUpOLPLQDWLRQGDQVOHUHVSHFW
GH O·HQYLURQQHPHQW SHUPHW G·HQ UpFXSpUHU
GH SUpFLHXVHVPDWLqUHVSUHPLqUHV
:0LVHHQJDUGH
/HVHQIDQWVULVTXHGHVHQIHUPHUGDQV
ODSSDUHLOHWGHVDVSK\[LHU
■ 3RXUFRPSOLTXHUODSpQpWUDWLRQGHV
HQIDQWVGDQVODSSDUHLOQHUHWLUH]SDV
OHVFOD\HWWHVHW OHVEDFV
■ eORLJQH] OHV HQIDQWV GH O·DSSDUHLO TXL D
FHVVpGHVHUYLU
$WWHQWLRQ
/HIOXLGHIULJRULJqQHHWGHVJD]QRFLIV
SHXYHQWVHGpJDJHU
9HLOOH]j QHSDVHQGRPPDJHUOHV
WXEXOXUHVGXFLUFXLWIULJRULILTXHHWOLVRODQW
1. 'pEUDQFKHU OD ILFKH PkOH GH OD SULVH GH
FRXUDQW
2. 7UDQFKH]OH FRUGRQGH UDFFRUGHPHQW
DXVHFWHXU
3. )DLWHVpOLPLQHUODSSDUHLO
SURIHVVLRQQHOOHPHQW

&HWDSSDUHLOHVWPDUTXpVHORQOD
GLUHFWLYHHXURSpHQQH8(
UHODWLYH DX[ DSSDUHLOV pOHFWULTXHV HW
pOHFWURQLTXHVXVDJpVZDVWH
HOHFWULFDODQGHOHFWURQLFHTXLSPHQW
:(((
/DGLUHFWLYHGpILQLWOHFDGUHSRXUXQH
UHSULVHHWXQHUpFXSpUDWLRQGHVDSSDUHLOV
XVDJpVDSSOLFDEOHVGDQVOHVSD\V
GHOD&(
5,QVWDOODWLRQHW
EUDQFKHPHQW
,QVWDOODWLRQ HW EUDQF KHPHQW
&RQWHQXGHODOLYUDLVRQ
$SUqVDYRLUGpEDOOpYpULILH]WRXWHVOHV
SLqFHVSRXUGpWHFWHUG·pYHQWXHOVGpJkWV
GXVDXWUDQVSRUW
(QFDVGHUpFODPDWLRQYHXLOOH]YRXV
DGUHVVHUDXUHYHQGHXUDXSUqVGXTXHO
YRXVDYH]DFTXLVO·DSSDUHLORXDXSUqVGH
QRWUHVHUYLFHDSUqVYHQWH
~ 6HUYLFHDSUqVYHQWHj OD SDJH
/DOLYUDLVRQFRPSUHQGOHVSLqFHV
VXLYDQWHV
■ $SSDUHLOHQFDVWUDEOH
■ eTXLSHPHQWVHORQOHPRGqOH
■ 0DWpULHOGHPRQWDJH
■ 0RGHGHPSORL
■ 1RWLFHGHPRQWDJH
■ &DUQHWGHVHUYLFHDSUqVYHQWH
■ 3LqFHDQQH[HGHODJDUDQWLH
■ ,QIRUPDWLRQVUHODWLYHVjOD
FRQVRPPDWLRQG·pQHUJLHHWDX[EUXLWV
'RQQpHVWHFKQLTXHV
/D SODTXH VLJQDOpWLTXH PHQWLRQQH OH IOXLGH
IULJRULJqQHOHYROXPHXWLOHDLQVLTXH
G·DXWUHVGRQQpHVWHFKQLTXHV
~ 3UpVHQWDWLRQGHO·DSSDUHLO
j OD SDJH
,QVWDOOHUO·DSSDUHLO
/LHXG·LQVWDOODWLRQ
3OXVO·DSSDUHLOFRQWLHQWGHIOXLGH
IULJRULJqQHSOXVODSLqFHGDQVODTXHOOHLO
HVWLQVWDOOpGRLWrWUHJUDQGH'DQVOHV
SLqFHVWURSSHWLWHVXQPpODQJHJD]DLU
LQIODPPDEOHSHXWVHIRUPHUHQFDVGH
IXLWH
&RPSWH] PóGHYROXPHPLQLPXPGHOD
SLqFHSRXU JGHIOXLGHIULJRULJqQH/D
TXDQWLWpGHIOXLGHSUpVHQWHGDQVO·DSSDUHLO
HVWLQGLTXpHVXUODSODTXHVLJQDOpWLTXH
VLWXpHjO·LQWpULHXUGHFHGHUQLHU
~ 3UpVHQWDWLRQGHO·DSSDUHLO
j OD SDJH
6HORQOHPRGqOHOHSRLGVGHO·DSSDUHLO
SHXWDWWHLQGUH NJ

7HPSpUDWXUHDPELDQWHDGPLVVLEOH
/DWHPSpUDWXUHDPELDQWHDGPLVVLEOH
GpSHQGGHODFDWpJRULHFOLPDWLTXHGH
ODSSDUHLO
'HV LQGLFDWLRQV VXU OD FODVVH FOLPDWLTXH VH
WURXYHQWVXUODSODTXHVLJQDOpWLTXH
~ 3UpVHQWDWLRQGHO·DSSDUHLO
j OD SDJH
/DSSDUHLOHVWHQWLqUHPHQWRSpUDWLRQQHO
GDQVODSODJHGHWHPSpUDWXUHDPELDQWH
DGPLVVLEOH
6LXQDSSDUHLOGHODFDWpJRULHFOLPDWLTXH
61HVWXWLOLVpj GHVWHPSpUDWXUHV
DPELDQWHVSOXVEDVVHVLOQ·HVWSDV
SRVVLEOHG·H[FOXUHTXHO·DSSDUHLO
V·HQGRPPDJH MXVTXj XQH WHPSpUDWXUH GH
&
'LPHQVLRQVGHQLFKH
3URIRQGHXUGH QLFKH
8QHSURIRQGHXUGH QLFKHGH FPHVW
UHFRPPDQGpHSRXUFHWDSSDUHLO6LOD
QLFKHHVWPRLQVSURIRQGHSURIRQGHXU
PLQLPXP FPOD FRQVRPPDWLRQ
GpQHUJLHDXJPHQWHOpJqUHPHQW
/DUJHXUGHQLFKH
8QHODUJHXULQWpULHXUHGHODQLFKHG·DX
PRLQV FPHVWUHFRPPDQGpHSRXUFHW
DSSDUHLO(QFDVG·pFDUWVGHVSUREOqPHV
SHXYHQWVXUYHQLUORUVGHO·LQVWDOODWLRQGH
O·DSSDUHLOV
,QVWDOODWLRQVLGHE\VLGH
8QHLQVWDOODWLRQF{WHjF{WHGHVDSSDUHLOV
QHVWDXWRULVpHTXDYHFXQpFDUWHPHQWGH
FPPLQLPXP
(FRQRPLHVG·pQHUJLH
6LYRXVUHVSHFWH]OHVLQVWUXFWLRQVVXLYDQWHVYRWUHDSSDUHLOFRQVRPPHUDPRLQVGH
FRXUDQW
5HPDUTXH /·DJHQFHPHQWGHVSLqFHVG·pTXLSHPHQWQ·DDXFXQHLQIOXHQFHVXUOD
FRQVRPPDWLRQG·pQHUJLHGHO·DSSDUHLO
&DWpJRULH FOL
PDWLTXH
7HPSpUDWXUHDPELDQWHDG
PLVVLEOH
61 &&
1 &&
67 &&
7 &&
,QVWDOOHUO·DSSDUHLO
3URWpJH]ODSSDUHLOFRQWUHO·HQVROHLOOHPHQWGLUHFW (QSUpVHQFHGHWHPSpUDWXUHVDPELDQWHVDVVH]
EDVVHVODSSDUHLOGRLWUpIULJpUHUPRLQVVRXYHQW
HWLOFRQVRPPHGRQFPRLQVGHFRXUDQW
,QVWDOOH] ODSSDUHLO j OD SOXV JUDQGH GLVWDQFH SRV
VLEOHGXQUDGLDWHXUGXQHFXLVLQLqUHHWGDXWUHV
VRXUFHVGHFKDOHXU
FP SDU UDSSRUW DX[ FXLVLQLqUHV pOHFWULTXHV RX j
JD]
FPSDUUDSSRUWj XQDSSDUHLOGHFKDXIIDJH
DX IXHORX DXFKDUERQ
5HPDUTXH 6LFHQHVWSDVSRVVLEOHLOIDXWLQV
WDOOHUXQHSODTXHLVRODQWHHQWUHODSSDUHLOHWOD
VRXUFHGHFKDOHXU
&KRLVLVVH]XQOLHXGLQVWDOODWLRQRUqJQHXQH
WHPSpUDWXUHDPELDQWHGHQYLURQ &

8WLOLVH]XQHFDYLWpGH FPGHSURIRQGHXU
$WWHQWLRQ
5LVTXHGHEUOXUHV
&HUWDLQHVSLqFHVGHODSSDUHLOGHYLHQQHQWWUqV
FKDXGHV HQ VHUYLFH /H IDLW GH WRXFKHU FHV SLqFHV
SHXWSURYRTXHUGHVEUOXUHV
/DLUDXFRQWDFWGHODSDURLDUULqUHGHODSSDUHLO
QHVpFKDXIIHSDVDXVVLIRUWHPHQW/DSSDUHLO
FRQVRPPHPRLQVGHFRXUDQWVLODLUFKDXGSHXW
VpFKDSSHU
1HUHFRXYUH]HWQHERXFKH]SDVOHVRULILFHV
GDpUDWLRQ
$pUH]TXRWLGLHQQHPHQWODSLqFH
8WLOLVDWLRQGHODSSDUHLO
1RXYUH]ODSRUWHGHODSSDUHLOTXHEULqYHPHQW /DLUGDQVODSSDUHLOQHVpFKDXIIHSDVDXVVLIRU
WHPHQW/DSSDUHLOGRLWUpIULJpUHUSOXVUDUHPHQW
HWFRQVRPPHGHODVRUWHPRLQVGpOHFWULFLWp
7UDQVSRUWH]OHVSURGXLWVDOLPHQWDLUHVDFKHWpV
GDQV XQ VDF LVRWKHUPH HW UDQJH]OHV UDSLGHPHQW
GDQVODSSDUHLO
$WWHQGH]TXHOHVSODWVFKDXGVDLHQWUHIURLGL
DYDQWGHOHVUDQJHUGDQVODSSDUHLO
3RXUGpJHOHUOHVSURGXLWVFRQJHOpVUDQJH]OHV
GDQVOHFRPSDUWLPHQWUpIULJpUDWHXUSRXUSURILWHU
GXIURLGGHVSURGXLWVFRQJHOpV
/DLVVH]WRXMRXUVXQSHXGHSODFHHQWUHOHVSUR
GXLWVDOLPHQWDLUHVHWODSDURLDUULqUH
/DLU SHXW FLUFXOHU GH FHWWH PDQLqUH HW OKXPLGLWp
GHODLUGHPHXUHFRQVWDQWH/DSSDUHLOGRLWUpIUL
JpUHUSOXVUDUHPHQWHWFRQVRPPHGHODVRUWH
PRLQVGpOHFWULFLWp
(PEDOOH]KHUPpWLTXHPHQWOHVSURGXLWVDOLPHQ
WDLUHV
1HUHFRXYUH]HWQHERXFKH]SDVOHVRULILFHV
GDpUDWLRQ
/DLUDXFRQWDFWGHODSDURLDUULqUHGHODSSDUHLO
QHVpFKDXIIHSDVDXVVLIRUWHPHQW/DSSDUHLO
FRQVRPPHPRLQVGHFRXUDQWVLODLUFKDXGSHXW
VpFKDSSHU
'pJLYUH]UpJXOLqUHPHQWOHFRPSDUWLPHQWFRQJp
ODWLRQ
8QHFRXFKHGHJLYUHRXODJODFHGDQVOHFRP
SDUWLPHQWFRQJpODWLRQJrQHODFRPPXQLFDWLRQ
GXIURLGDX[DOLPHQWVFRQJHOpVHWDFFURvWOD
FRQVRPPDWLRQGHFRXUDQW
5HIHUPH]VRLJQHXVHPHQWODSRUWHGXFRPSDUWL
PHQWFRQJpODWHXU
/H FRPSDUWLPHQWFRQJpODWHXUVHJLYUHIRUWH
PHQW/DSSDUHLOGRLWIRXUQLUSOXVGHSXLVVDQFH
HWODFRQVRPPDWLRQGHFRXUDQWDXJPHQWH
,QVWDOOHUO·DSSDUHLO

$YDQWODSUHPLqUHXWLOLVDWLRQ
1. (QOHYHU OHV VXSSRUWV GLQIRUPDWLRQ SXLV
UHWLUHUOHVEDQGHVDGKpVLYHVHWOHILOP
SURWHFWHXU
2. 1HWWR\H]O·DSSDUHLO
~ 1HWWR\DJHj OD SDJH
5DFFRUGHPHQWpOHFWULTXH
$WWHQWLRQ
1HUDFFRUGH]SDVO·DSSDUHLOj XQHILFKH
pOHFWURQLTXHGpFRQRPLHGpQHUJLH
5HPDUTXH 9RXVSRXYH]UDFFRUGHU
ODSSDUHLOj GHVRQGXOHXUVSLORWpVSDUOH
UpVHDXHW SLORWpVHQRQGHVLQXVRwGDOH
/HVRQGXOHXUVSLORWpVSDUOH UpVHDX
VXWLOLVHQWVXUOHVLQVWDOODWLRQV
SKRWRYROWDwTXHVGLUHFWHPHQWUDFFRUGpHV
DX UpVHDXSXEOLFGpOHFWULFLWp'DQVOHV
VROXWLRQVHQvORWYRXVGHYUH]XWLOLVHUGHV
RQGXOHXUV SLORWpV HQ RQGH VLQXVRwGDOH /HV
VROXWLRQVHQvORWSDUH[HPSOHVXUOHV
EDWHDX[RXOHVUHIXJHVGHPRQWDJHQRQW
SDVGHUDFFRUGHPHQWGLUHFWDXUpVHDX
SXEOLFGpOHFWULFLWp
1. $SUqVOLQVWDOODWLRQGH ODSSDUHLO
DWWHQGH]DX PRLQV KHXUHDYDQWGHOH
UDFFRUGHUFDUFHODHPSrFKH
GHQGRPPDJHUOH FRPSUHVVHXU
2. 5DFFRUGH]ODSSDUHLOYLDXQHSULVH
IHPHOOHUpJOHPHQWDLUHPHQWLQVWDOOpH
/DSULVHGRLWUpSRQGUHDX[
VSpFLILFDWLRQVVXLYDQWHV
+RUVG·(XURSH 9pULILH]VL
OH SDUDPpWUDJHGXFRXUDQWLQGLTXp
SRXU ODSSDUHLO FRUUHVSRQG j FHOXL RIIHUW
SDUOHVHFWHXUGDQVYRWUHORFDOLWp/HV
LQGLFDWLRQVVHWURXYHQWVXUODSODTXH
VLJQDOpWLTXH
~ 3UpVHQWDWLRQGHO·DSSDUHLO
j OD SDJH
3. %UDQFKH]ODSSDUHLOVXUXQHSULVHGH
FRXUDQWSURFKHGHODSSDUHLO
&HWWHSULVHGRLWGHPHXUHUOLEUHPHQW
DFFHVVLEOHPrPHDSUqVDYRLULQVWDOOp
ODSSDUHLO
:0LVHHQJDUGH
5LVTXHG·pOHFWURFXWLRQ
1XWLOLVH]MDPDLVGHEORFPXOWLSULVHRX
GHUDOORQJHVLODORQJXHXUGXFRUGRQ
GDOLPHQWDWLRQVHFWHXUHVW
LQVXIILVDQWH'DQVFHFDVFRQWDFWH]OH
VHUYLFH DSUqVYHQWH TXL YRXV LQGLTXHUD
GHVDOWHUQDWLYHV
3ULVHDYHF 9 9
)LOGHWHUUH +]
)XVLEOH $$

*3UpVHQWDWLRQGH
O·DSSDUHLO
3UpVHQWDWLRQ GH O·DSSDUHLO
'pSOLH]OHYROHWLOOXVWUpVLWXpj ODGHUQLqUH
SDJH 6HORQ OpTXLSHPHQW GHV GLIIpUHQFHV
VRQWSRVVLEOHVHQWUHODSSDUHLOHWOHV
LOOXVWUDWLRQV
$SSDUHLO
~)LJ !
6HORQOHPRGqOH
(OpPHQWVGHFRPPDQGH
~)LJ "
# &RPSDUWLPHQWUpIULJpUDWHXU
+ &RPSDUWLPHQWIUDvFKHXU
3 &RPSDUWLPHQWFRQJpODWHXU
()" (OpPHQWVGHFRPPDQGH
)* eFODLUDJH
)2 &ORLVRQVpSDUDWULFHDYHF
UpJXODWHXUG·KXPLGLWp
): %DFjOpJXPHV
)B %DFIUDvFKHXU
)J 7LURLUjSURGXLWVFRQJHOpV
SODW
)R %DFjSURGXLWVFRQJHOpV
)Z %DFjSURGXLWVFRQJHOpV
JUDQG
)b 7LURLUjSURGXLWVFRQJHOpV
SHWLW
)j 3ODTXHVLJQDOpWLTXH
1" &DVLHUj EHXUUHHWj IURPDJH
1* &OD\HWWHj JUDQGHVERXWHLOOHV
( 7RXFKH #
$OOXPHRXpWHLQWODSSDUHLO
0 7RXFKH VXSHUFRPSDUWLPHQW
FRQJpODWHXU
$OOXPHRXpWHLQWOD
VXSHUFRQJpODWLRQ
8 7RXFKH FRPSDUWLPHQW
FRQJpODWHXU
5qJOHODWHPSpUDWXUHGX
FRPSDUWLPHQWFRQJpODWHXU
@ $IILFKDJHGHODWHPSpUDWXUHGDQV
OHFRPSDUWLPHQWFRQJpODWHXU
$IILFKHODWHPSpUDWXUHUpJOpH
HQ&
H 7RXFKH DODUP
eWHLQWODODUPHVRQRUH
P K\SHU)UHVK &
/HWpPRLQV·DOOXPHORUVTXH
O·DSSDUHLOHVWHQVHUYLFH
X 7RXFKH KROLGD\
$OOXPHRXpWHLQWOHPRGH
9DFDQFHV
` 7RXFKH FRPSDUWLPHQW
UpIULJpUDWHXU
5qJOHODWHPSpUDWXUHGX
FRPSDUWLPHQWUpIULJpUDWHXU
h $IILFKDJHGHODWHPSpUDWXUHGX
FRPSDUWLPHQWUpIULJpUDWHXU
$IILFKHODWHPSpUDWXUHUpJOpH
HQ&
)" 7RXFKH VXSHUFRPSDUWLPHQW
UpIULJpUDWHXU
$OOXPHRXpWHLQWOD
VXSHUUpIULJpUDWLRQ

eTXLSHPHQW
VHORQOH PRGqOH
&OD\HWWH
~)LJ #
9RXVSRXYH]YDULHUODSRVLWLRQGHV
FOD\HWWHV
■ 7LUH]ODFOD\HWWHj YRXVHWVRUWH]OD
&OD\HWWHUpWUDFWDEOH9DULR
~)LJ $
9RXVSRXYH]UDQJHUGHSURGXLWVKDXWV
j UpIULJpUHUSDUH[HPSOHYHUVHXVHVRX
ERXWHLOOHV
■ 5HWLUH]ODSDUWLHDYDQWGH OD FOD\HWWH
HW SRXVVH]ODVRXVODSDUWLHDUULqUH
%DFjOpJXPHV
~)LJ %
9RXVSRXYH]UHWLUHUOHUpFLSLHQW
■ VRXOHYH]OHUpFLSLHQWjODUULqUHHW
UHWLUH]OH
9RXVSRXYH]PHWWUHOHUpFLSLHQW
■ SRVH] OH UpFLSLHQW VXU OHV UDLOV GH VRUWLH
HWSRXVVH]OHGDQVODSSDUHLO
%DFjSURGXLWVFRQJHOpV
~)LJXUH &
9RXVSRXYH]UHWLUHUOHEDF
1. 7LUH]OHWLURLUMXVTXHQEXWpH
2. 6RXOHYH]OHEDFHWVRUWH]OH
%DFjSURGXLWVFRQJHOpV
~)LJ '
9RXVSRXYH]UHWLUHUOHEDF
■ 7LUH]OHEDFjYRXVMXVTX·jODEXWpH
VRXOHYH]OHjO·DYDQWSXLVH[WUD\H]OH
5DQJHPHQW
~)LJ (
9RXVSRXYH]UHWLUHUOHUDQJHPHQW
■ 6RXOHYH]OHUDQJHPHQWHWUHWLUH]OH
3RUWHERXWHLOOHV
~)LJ )
/RUVTXHYRXVRXYUH]HWIHUPH]ODSRUWH
■ /HSRUWHERXWHLOOHHPSrFKHOHV
ERXWHLOOHVGH VHUHQYHUVHU
%DFj JODoRQV
9RXVSRXYH]SUpSDUHUGHVJODoRQV
1. 5HPSOLVVH]OH EDFj JODoRQVDX[
DYHFGH O·HDXSXLVSODFH]OHGDQV
OH FRPSDUWLPHQWFRQJpODWHXU
5HPDUTXH 6LOHEDFHVWUHVWpFROOp
GDQVOHFRPSDUWLPHQWFRQJpODWHXU
Q·XWLOLVH]TX·XQLQVWUXPHQWpPRXVVp
SRXUOHGpFROOHUXQPDQFKHGHFXLOOHU
SDUH[
2. 3RXUHQOHYHUOHVJODoRQVGX EDF
SDVVH]OHEULqYHPHQWVRXVO·HDX
GX URELQHWRX GpIRUPH]OpJqUHPHQW
OH EDF
$FFXPXODWHXUGH IURLG
(QFDVGHSDQQHGHFRXUDQWRXGH
GpUDQJHPHQW
■ /DFFXPXODWHXUGHIURLGUHWDUGH
OH UpFKDXIIHPHQWGHVSURGXLWV
FRQJHOpVUDQJpV
5HPDUTXH /DGXUpHPD[LPDOHGH
VWRFNDJHHVWPD[LPDOHVL YRXVSODFH]
O·DFFXPXODWHXUGH IURLGVXUOHVSURGXLWV
DOLPHQWDLUHVVLWXpVGDQVOH FRPSDUWLPHQW
OH SOXVKDXW
9RXV SRXYH] VRUWLU ODFFXPXODWHXU GH IURLG
SRXUPDLQWHQLUWHPSRUDLUHPHQWGHV
SURGXLWV DOLPHQWDLUHV DX IUDLV SDU H[HPSOH
GDQVXQVDFLVRWKHUPH

18WLOLVDWLRQGHODSSDUHLO
8WLOLVD WLRQ GH ODSSD UHLO
0HWWUHODSSDUHLOVRXVWHQVLRQ
1. $SSX\H]VXUODWRXFKH #
/·DSSDUHLOFRPPHQFHj UpIULJpUHU
/DODUPHVRQRUHODIILFKDJHFOLJQRWDQW
GHWHPSpUDWXUHGXFRPSDUWLPHQW
FRQJpODWHXUHWODOOXPDJHGHODWRXFKH
DODUPLQGLTXHQWTXHOHFRPSDUWLPHQW
FRQJpODWHXUQHVWSDVHQFRUHDVVH]
IURLG
2. $SSX\H]VXUODWRXFKH DODUP
/·DODUPHVRQRUHV·pWHLQW
3. 5pJOH]ODWHPSpUDWXUHVRXKDLWpH
~ 5pJOHUODWHPSpUDWXUH
j OD SDJH
5HPDUTXHVFRQFHUQDQWOH
IRQFWLRQQHPHQWGHO·DSSDUHLO
■ $SUqVVRQDOOXPDJHO·DSSDUHLOSHXW
DYRLUEHVRLQGHSOXVLHXUVKHXUHVSRXU
DWWHLQGUHOHVWHPSpUDWXUHVUpJOpHV1H
UDQJH]SDVGHSURGXLWVDOLPHQWDLUHV
WDQWTXHODWHPSpUDWXUHFKRLVLHQHVW
SDVDWWHLQWH
■ /·DSSDUHLOFKDXIIHOpJqUHPHQWXQH
SDUWLHGH VHVVXUIDFHVIURQWDOHVSRXU
HPSrFKHUXQHFRQGHQVDWLRQG·HDX
GDQVOD ]RQHGX MRLQWGH SRUWH
■ 6LODSRUWHGXFRPSDUWLPHQW
FRQJpODWHXUQHVHODLVVHSDV
LPPpGLDWHPHQWURXYULUDSUqVO·DYRLU
IHUPpHDWWHQGH]XQPRPHQWSRXU
ODLVVHU j OD GpSUHVVLRQ UpJQDQW GDQV OH
FRPSDUWLPHQWOHWHPSVGHVHUpVRUEHU
$UUrWHWUHPLVDJHGHO·DSSDUHLO
eWHLQGUHODSSDUHLO
■ $SSX\H]VXUODWRXFKH #
/·DSSDUHLOQHUpIULJqUHSOXV
5HPLVDJHGHO·DSSDUHLO
6LODSSDUHLOGRLWUHVWHUORQJWHPSVKRUV
VHUYLFH
1. $SSX\H]VXUODWRXFKH #
/·DSSDUHLOQHUpIULJqUHSOXV
2. 'pEUDQFKH]ODILFKHGHODSULVHRX
UDPHQH]OHGLVMRQFWHXUHQSRVLWLRQ
pWHLQWH
3. 1HWWR\H]ODSSDUHLO
4. /DLVVH]ODSSDUHLORXYHUW
5pJOHUODWHPSpUDWXUH
7HPSpUDWXUHUHFRPPDQGpH
&RPSDUWLPHQWUpIULJpUDWHXU
■ $SSX\H]VXUODWRXFKH
UpSpWLWLYHPHQWMXVTXjFHTXHOD
WHPSpUDWXUHVRXKDLWpHVDIILFKH
&RPSDUWLPHQWIUDvFKHXU
/DWHPSpUDWXUHUpJQDQWGDQVOH
FRPSDUWLPHQWIUDvFKHXUHVWPDLQWHQXH
SURFKHGH&
5HPDUTXH 6LGXJLYUHVHIRUPHVXUOHV
SURGXLWVSODFpVGDQVOHFRPSDUWLPHQW
IUDvFKHXUUpJOH]ODWHPSpUDWXUHVXUXQH
YDOHXUSOXVpOHYpH ~ 'pUDQJHPHQWV
4XHIDLUHVL«j OD SDJH
&RPSDUWLPHQWFRQJpODWHXU
■ $SSX\H]VXUODWRXFKH
UpSpWLWLYHPHQWMXVTXjFHTXHOD
WHPSpUDWXUHVRXKDLWpHVDIILFKH
&RPSDUWLPHQWUpIULJpUDWHXU &
&RPSDUWLPHQWFRQJpODWHXU ² &

6XSHUUpIULJpUDWLRQ
3HQGDQWODVXSHUUpIULJpUDWLRQOH
FRPSDUWLPHQWUpIULJpUDWHXUUHIURLGLW
DX PD[LPXP
(QFOHQFKH]OD VXSHUUpIULJpUDWLRQSDUH[
GDQVOHVFDVVXLYDQWV
■ DYDQWGHUDQJHUGHJUDQGHVTXDQWLWpV
G·DOLPHQWV
■ SRXUUHIURLGLUUDSLGHPHQWGHVERLVVRQV
5HPDUTXH 6LYRXVDYH]DFWLYpOD
VXSHUUpIULJpUDWLRQO·DSSDUHLOSHXW
IRQFWLRQQHUSOXVEUX\DPPHQW
$X ERXW GH KHXUHV ODSSDUHLO UHYLHQW HQ
VHUYLFHQRUPDO
$OOXPHU eWHLQGUHODVXSHUUpIULJpUDWLRQ
■ $SSX\HUVXUODWRXFKH VXSHU
/HYR\DQWGHODWRXFKHHVWDOOXPpVL
YRXVDYH]DFWLYpODVXSHUUpIULJpUDWLRQ
6XSHUFRQJpODWLRQ
6XSHUFRQJpODWLRQDXWRPDWLTXH
/DVXSHUFRQJpODWLRQDXWRPDWLTXHVDFWLYH
DXWRPDWLTXHPHQWORUVGXUDQJHPHQW
GDOLPHQWVFKDXGV
3HQGDQW OD VXSHUFRQJpODWLRQ DXWRPDWLTXH
OHFRPSDUWLPHQWFRQJpODWLRQUHIURLGLW
VHQVLEOHPHQWSOXVTXHQVHUYLFHQRUPDO
$YHFODVXSHUFRQJpODWLRQOHVDOLPHQWV
VRQWFRQJHOpVUDSLGHPHQWjF±XU
5HPDUTXH /RUVTXH OD VXSHUFRQJpODWLRQ
DXWRPDWLTXHHVWDFWLYpHODWRXFKH VXSHU
HVWDOOXPpHHWODSSDUHLOSHXWIRQFWLRQQHU
SOXVEUX\DPPHQW
/RUVTXHODVXSHUFRQJpODWLRQDXWRPDWLTXH
HVWWHUPLQpHODSSDUHLOUHYLHQW
DXWRPDWLTXHPHQWHQVHUYLFHQRUPDO
$UUrWHU PDQXHOOHPHQW OD VXSHUFRQJpODWLRQ
DXWRPDWLTXH
■ $SSX\H]VXUODWRXFKH VXSHU
6XSHUFRQJpODWLRQPDQXHOOH
3HQGDQWODVXSHUFRQJpODWLRQPDQXHOOHOH
FRPSDUWLPHQWFRQJpODWLRQUHIURLGLWDX
PD[LPXP
$FWLYH]ODVXSHUFRQJpODWLRQSDUH[HPSOH
■ SRXUFRQJHOHUGHVSURGXLWV
DOLPHQWDLUHVjF±XUUDSLGHPHQW
■ KHXUHVDYDQWGHUDQJHU NJRX
SOXVGHSURGXLWVDOLPHQWDLUHV
■ SRXUSURILWHUGHODFDSDFLWpGH
FRQJpODWLRQPD[LPDOH
~ &DSDFLWpGHFRQJpODWLRQ
PD[LPDOHj OD SDJH
5HPDUTXH 6LYRXVDYH]DFWLYpOD
VXSHUFRQJpODWLRQO·DSSDUHLOSHXW
IRQFWLRQQHUSOXVEUX\DPPHQW
$XERXWGHMRXUVHW ^HQYLURQODSSDUHLO
UHYLHQWHQVHUYLFHQRUPDO
$OOXPHU eWHLQGUHODVXSHUFRQJpODWLRQ
■ $SSX\HUVXUODWRXFKH VXSHU
/HYR\DQWGHODWRXFKHHVWDOOXPpVL
YRXVDYH]DFWLYpODVXSHUFRQJpODWLRQ

0RGH9DFDQFHV
(Q FDV G·DEVHQFH SURORQJpH YRXV SRXYH]
FRPPXWHUO·DSSDUHLOVXUOHPRGH
9DFDQFHVpFRQRPHHQpQHUJLHOXLDXVVL
/DWHPSpUDWXUHGX FRPSDUWLPHQW
UpIULJpUDWHXUFRPPXWHDXWRPDWLTXHPHQW
VXU &
3HQGDQWFHWWHSpULRGHQHUDQJH]SDV
GH SURGXLWVDOLPHQWDLUHVGDQV
OH FRPSDUWLPHQWUpIULJpUDWHXU
/DWHPSpUDWXUHGDQVOHFRPSDUWLPHQW
FRQJpODWHXUUHVWHLQFKDQJpH
$OOXPHU eWHLQGUHOHPRGH9DFDQFHV
■ $SSX\H]VXUODWRXFKH KROLGD\
8QHIRLVOHPRGH9DFDQFHVDFWLYp
OD WRXFKHHVW DOOXPpHHW O·LQGLFDWHXU
GH WHPSpUDWXUHGXFRPSDUWLPHQW
UpIULJpUDWHXUQ·DIILFKHSOXVGH
WHPSpUDWXUH
M$ODUPH
$ODUPH
$ODUPHGHSRUWH
/·DODUPHGHSRUWHUHWHQWLWORUVTXHODSRUWH
GHO·DSSDUHLOUHVWHRXYHUWHORQJWHPSV
■ )HUPH]ODSRUWHRXDSSX\H]VXUOD
WRXFKH DODUP
/·DODUPHVRQRUHV·pWHLQW
$ODUPHGHWHPSpUDWXUH
6LODWHPSpUDWXUHPRQWHWURSGDQVOH
FRPSDUWLPHQWFRQJpODWLRQO·DODUPHGH
WHPSpUDWXUHUHWHQWLW
$WWHQWLRQ
3HQGDQWODGpFRQJpODWLRQGHV
EDFWpULHVSHXYHQWDSSDUDvWUHHWDOWpUHU
OHVDOLPHQWVFRQJHOpV
1HUHPHWWH]SDVjFRQJHOHUGHVDOLPHQWV
SDUWLHOOHPHQWRXHQWLqUHPHQWGpFRQJHOpV
&RQJHOH]GHQRXYHDXOHVDOLPHQWV
XQLTXHPHQWDSUqVOHVDYRLUFXLWVRXU{WLV
1·XWLOLVH]SOXVODGXUpHGHFRQVHUYDWLRQ
GDQVVRQLQWpJUDOLWp
5HPDUTXH /·DODUPH SHXW V·DFWLYHU GDQV
OHVFDVVXLYDQWVVDQVTX·LO\ DLWGHULVTXH
SRXUOHVDOLPHQWVFRQJHOpV
■ 0LVHHQVHUYLFHGHO·DSSDUHLO
■ 5DQJHPHQWGHJUDQGHVTXDQWLWpVGH
SURGXLWVDOLPHQWDLUHVIUDLV
■ 3RUWHGXFRPSDUWLPHQWFRQJpODWLRQ
UHVWpHRXYHUWHWURSORQJWHPSV
3RXU DIILFKHU OD WHPSpUDWXUH OD SOXV pOHYpH
TXLD UpJQpHW SRXUpWHLQGUHODODUPH
VRQRUH
■ $SSX\H]VXUODWRXFKH DODUP
/DWHPSpUDWXUHODSOXVpOHYpHTXL
D UpJQpGDQVOH FRPSDUWLPHQW
FRQJpODWHXUVDIILFKHEULqYHPHQW
(QVXLWHVDIILFKHj QRXYHDX
OD WHPSpUDWXUHTXLD pWpUpJOpH
$ SDUWLUGH FH PRPHQWOjO·DSSDUHLO
UHFRPPHQFHj GpWHUPLQHU
HW HQUHJLVWUHUOD WHPSpUDWXUHOD SOXV
pOHYpH
5HPDUTXH /D WRXFKH DODUP V·DOOXPH
MXVTXjFHTXHODWHPSpUDWXUHUpJOpH
VRLWjQRXYHDXDWWHLQWH

U&RPSDUWLPHQW
UpIULJpUDWHXU
&RPSDUWLPHQW UpIULJpU DWHXU
/HFRPSDUWLPHQWUpIULJpUDWHXUSHUPHWGH
FRQVHUYHUGHVSURGXLWVODLWLHUVGHVRHXIV
GHV DOLPHQWV FXLVLQpV GHV SkWLVVHULHV GHV
FRQVHUYHVRXYHUWHVHWGXIURPDJHjSkWH
GXUH
/DWHPSpUDWXUHHVWUpJODEOHHQWUH
& HW &
(QUDLVRQGX VWRFNDJHDX IURLGYRXV
SRXYH]DXVVLUDQJHUGHV GHQUpHVWUqV
SpULVVDEOHVj FRXUWHW PR\HQWHUPH3OXV
OD WHPSpUDWXUHFKRLVLHHVW EDVVHHW SOXV
OHV SURFHVVXVHQ]\PDWLTXHVHW FKLPLTXHV
DLQVLTXHOD GpWpULRUDWLRQSDUGHV
PLFURRUJDQLVPHVVRQWOHQWV8QH
WHPSpUDWXUHGH &RX LQIpULHXUH
JDUDQWLWXQ PDLQWLHQDX IUDLVRSWLPDODLQVL
TXHOD VpFXULWpGHVSURGXLWVDOLPHQWDLUHV
VWRFNpV
&RQVLJQHVGHUDQJHPHQW
■ 5DQJH]OHVSURGXLWVDOLPHQWDLUHVIUDLV
HWLQWDFWV
,OVFRQVHUYHURQWDLQVLSOXVORQJWHPSV
OHXUTXDOLWpHWOHXUIUDvFKHXU
■ 3URGXLWVWRXWSUrWVHWOLTXLGHV
FRQGLWLRQQpV UHVSHFWH]ODGDWHGH
FRQVHUYDWLRQPLQLPXPRXODGDWH
GH FRQVRPPDWLRQLQGLTXpHSDU
OH IDEULFDQW
■ 3RXUSUpVHUYHUODU{PHODWHLQWHHWOD
IUDvFKHXUUDQJH]OHVSURGXLWV
DOLPHQWDLUHVELHQHPEDOOpVRX
FRXYHUWV
9RXVpYLWH]DLQVLOHVFRPPXQLFDWLRQV
GRGHXUV HW TXH OHV SLqFHV HQ SODVWLTXH
VHFRORUHQW
■ $WWHQGH]TXHOHVSURGXLWVDOLPHQWDLUHV
FKDXGVHWOHVERLVVRQVDLHQWUHIURLGL
DYDQWGHOHVPHWWUHGDQV
OH FRPSDUWLPHQWUpIULJpUDWHXU
7HQH]FRPSWHGHV GLIIpUHQWHV
]RQHVIURLGHVGDQV
OH FRPSDUWLPHQWUpIULJpUDWHXU
/·DLUFLUFXODQWGDQVOH FRPSDUWLPHQW
UpIULJpUDWHXUIDLWTXHGHV ]RQHV
GLIIpUHPPHQWIURLGHVDSSDUDLVVHQW
=RQHODSOXVIURLGH
/D]RQHODSOXVIURLGHVHWURXYHVXUOD
SODTXHGHVpSDUDWLRQHWGDQVOHVXSSRUW
SRXUJUDQGHVERXWHLOOHV
=RQHODPRLQVIURLGH
/D]RQHODPRLQVIURLGHVHWURXYH
FRPSOqWHPHQWHQKDXWFRQWUHODSRUWH
5HPDUTXHV
■ 5DQJH]GDQVOD]RQHODPRLQVIURLGH
SDU H[OHIURPDJHjSkWHGXUHHWOH
EHXUUH'HODVRUWHOHIURPDJHSHXW
FRQWLQXHUGHGpYHORSSHUVRQDU{PHHW
OHEHXUUHGHPHXUHWDUWLQDEOH
■ 5DQJH] OHV DOLPHQWV IUDJLOHV SDU H[ OH
SRLVVRQODFKDUFXWHULHHWODYLDQGH
GDQVOHFRPSDUWLPHQWIUDvFKHXU
~ &RPSDUWLPHQWIUDvFKHXU
j OD SDJH

T &RPSDUWLPHQW
IUDvFKHXU
&RPSDUWLPHQW IUDvFKHXU
/DWHPSpUDWXUHUpJQDQWGDQVOH
FRPSDUWLPHQWIUDvFKHXUHVWPDLQWHQXH
SURFKHGH &
/DEDVVHWHPSpUDWXUHHWO·KXPLGLWp
RSWLPDOHGHO·DLUFUpHQWGHVFRQGLWLRQVGH
UDQJHPHQWLGpDOHVSRXUOHVSURGXLWV
DOLPHQWDLUHVIUDLV
/HFRPSDUWLPHQWIUDvFKHXUSHUPHWGH
SUpVHUYHUODIUDvFKHXUGHVDOLPHQWVIUDLV
MXVTX·jWURLVIRLVSOXVORQJWHPSVTXHOH
FRPSDUWLPHQWUpIULJpUDWHXUGHPDLQWHQLU
DLQVLHQFRUHSOXVORQJWHPSVODIUDvFKHXU
GH SUpVHUYHU OHV VXEVWDQFHV QXWULWLYHV HW OH
JRW
%DFjOpJXPHV
~)LJ *
/HEDFjOpJXPHVHVWO·HQGURLWRSWLPDOR
VWRFNHUOHVIUXLWVHWOpJXPHVIUDLV/H
UpJXODWHXUG·KXPLGLWpGHODFORLVRQHWXQ
MRLQWVSpFLDOYRXVSHUPHWWHQWG·DMXVWHU
O·KXPLGLWpGHO·DLUGDQVOHEDFjOpJXPHV
9RXVSRXYH]DGDSWHUO·KXPLGLWpGHO·DLU
UpJQDQW GDQV OH EDF j OpJXPHV HQ IRQFWLRQ
GH OD QDWXUH HW GH OD TXDQWLWp GH SURGXLWV j
VWRFNHU
■ )UXLWVSULQFLSDOHPHQWRXEDFWUqV
UHPSOL UpJOH]XQHKXPLGLWpGHO·DLU
PRLQVpOHYpH
■ /pJXPHV SULQFLSDOHPHQW RX EDF UHPSOL
GHSURGXLWVGLIIpUHQWVRXIDLEOHPHQW
UHPSOL UpJOH]XQHKXPLGLWpGHO·DLU
SOXVpOHYpH
5HPDUTXHV
■ 3RXUSUpVHUYHUOHXUTXDOLWpHWOHXU
DU{PHLOHVWUHFRPPDQGpGHVWRFNHU
OHVIUXLWVSDUH[HPSOHOHVDQDQDV
EDQDQHVSDSD\HVDJUXPHVHWOHV
OpJXPHVSDUH[HPSOHOHVDXEHUJLQHV
FRQFRPEUHVFRXUJHWWHVSRLYURQV
WRPDWHVHWSRPPHVGHWHUUHTXL
FUDLJQHQWOHIURLGKRUVGHO·DSSDUHLOj
GHVWHPSpUDWXUHVFRPSULVHVHQWUH
& &
■ 6XLYDQWODTXDQWLWpHWODQDWXUHGHV
SURGXLWVVWRFNpVGHO·HDXSHXWVH
FRQGHQVHUGDQVOHEDFjOpJXPHV
5HWLUH]O·HDXFRQGHQVpHDYHFXQ
HVVXLHWRXW VHF HW DMXVWH] OKXPLGLWp GH
O·DLUGDQVOHEDFjOpJXPHVYLDOH
UpJXODWHXUG·KXPLGLWp
%DFIUDvFKHXU
~)LJXUH !)B
(QUDLVRQGXFOLPDWGHVWRFNDJHTXL\
UqJQH OH EDF IUDvFKHXU RIIUH GHV FRQGLWLRQV
LGpDOHVSRXUFRQVHUYHUOHSRLVVRQOD
YLDQGHHWODFKDUFXWHULH
'XUpHVGHVWRFNDJHj &
/HVGXUpHVGHVWRFNDJHVRQWIRQFWLRQGH
ODTXDOLWpLQLWLDOH
3RLVVRQIUDLVIUXLWVGH
PHU
MXVTXjMRXUV
9RODLOOHYLDQGH
FXLWHU{WLH
MXVTXjMRXUV
%±XISRUFDJQHDXFKDU
FXWHULHHQWUDQFKHV
MXVTXjMRXUV
3RLVVRQIXPpEURFROLV MXVTXjMRXUV
6DODGHIHQRXLODEULFRWV
SUXQHV
MXVTXjMRXUV
)URPDJHjSkWHPROOH
\DRXUWIURPDJHEODQF
EDEHXUUHFKRXIOHXU
MXVTXjMRXUV

W&RPSDUWLPHQW
FRQJpODWHXU
&RPSDUWLPHQW FRQJpODWHXU
/HFRPSDUWLPHQWFRQJpODWHXUFRQYLHQW
SRXUFHFL
■ SRXUVWRFNHUGHVSURGXLWVVXUJHOpV
■ SRXUSUpSDUDWLRQGH JODoRQV
■ SRXUFRQJHOHUGHVSURGXLWV
DOLPHQWDLUHV
/DWHPSpUDWXUHHVWUpJODEOHHQWUH
²&²&
/DFRQJpODWLRQYRXVSHUPHWGHVWRFNHU
ORQJWHPSVOHVGHQUpHVSpULVVDEOHVVDQV
SHUWHVQRWDEOHVGHTXDOLWpYXTXHOHV
EDVVHVWHPSpUDWXUHVUDOHQWLVVHQW
IRUWHPHQWODGpWpULRUDWLRQRXODVWRSSHQW
/DVSHFWODU{PHHWOHQVHPEOHGHV
LQJUpGLHQWVGHPHXUHQWSUpVHUYpVGDQV
OHXUWUqVODUJHPDMRULWp
/DWHPSpUDWXUHGHVWRFNDJHjORQJWHUPH
GHVSURGXLWVDOLPHQWDLUHVGRLWrWUH
GH ² &RXHQFRUHSOXVEDVVHV
/HWHPSVQpFHVVDLUHSRXUSHUPHWWUHDX[
SURGXLWVIUDLVUDQJpVDXFRQJpODWHXUGH
FRQJHOHUjF±XUGpSHQGGHVIDFWHXUV
VXLYDQWV
■ 7HPSpUDWXUHUpJOpH
■ 1DWXUHGXSURGXLWDOLPHQWDLUH
■ 'HJUpGHUHPSOLVVDJHGX
FRPSDUWLPHQWFRQJpODWLRQ
■ 4XDQWLWpHWW\SHGHVWRFNDJH
&RQJHOHUXQHSHWLWHTXDQWLWp
GDOLPHQWV
&RQJHOHUGHVDOLPHQWV
■ GDQVOHEDFjSURGXLWVFRQJHOpVSODFp
jODUULqUHVXUOHJUDQGWLURLUjSURGXLWV
FRQJHOpVRXGDQVOHWLURLUjSURGXLWV
FRQJHOpVSODW ~ 3UpVHQWDWLRQGH
O·DSSDUHLOj OD SDJH
■ HQFRPPHQoDQWSDUODGURLWH
■ ELHQpWDOHU
&HVW DLQVL TXLOV VHURQW FRQJHOpV j F±XU OH
SOXVUDSLGHPHQW
&DSDFLWpGHFRQJpODWLRQ
PD[LPDOH
/DFDSDFLWpGHFRQJpODWLRQPD[LPDOH
LQGLTXHTXHOOHTXDQWLWpG·DOLPHQWV
O·DSSDUHLOSHXWFRQJHOHUjF±XUHQ
KHXUHV
6XU OD SODTXH VLJQDOpWLTXH YRXV WURXYHUH]
GHVLQGLFDWLRQVFRQFHUQDQWODFDSDFLWpGH
FRQJpODWLRQPD[LPDOH
~ 3UpVHQWDWLRQGHO·DSSDUHLO
j OD SDJH
3RXU SURILWHU GH OD FDSDFLWp GH FRQJpODWLRQ
PD[LPDOHDFWLYH]ODVXSHUFRQJpODWLRQ
KHXUHVDYDQWGHUDQJHUOHVDOLPHQWV
IUDLV
~ 6XSHUFRQJpODWLRQj OD SDJH
&RQGLWLRQVSUpDODEOHVSRXUXQH
FDSDFLWpGHFRQJpODWLRQPD[LPDOH
1. KHXUHV HQYLURQ DYDQW GH UDQJHU GHV
SURGXLWVIUDLV DFWLYH]OD
VXSHUFRQJpODWLRQ
~ 6XSHUFRQJpODWLRQPDQXHOOH
j OD SDJH
2. 5HWLUH]OH UpFLSLHQWGX FRPSDUWLPHQW
FRQJpODWHXUHW GpSRVH]OHVSURGXLWV
DOLPHQWDLUHVGLUHFWHPHQWVXUOHV
FOD\HWWHVHW OHIRQGGX FRPSDUWLPHQW
FRQJpODWHXU
3. &RPPHQFH]SDUJDUQLUOH
FRPSDUWLPHQWVXSpULHXUDYHFGHV
SURGXLWVDOLPHQWDLUHV&HVWOj TXLOV
VHURQWFRQJHOpVj F±XUOHSOXV
UDSLGHPHQW
4. 6LOHFRPSDUWLPHQWVXSpULHXUQHVXIILW
SDVVWRFNH]ODTXDQWLWpUHVWDQWHGDQV
OH FRPSDUWLPHQWVLWXpHQGHVVRXV
HQ FRPPHQoDQWGXF{WpDYDQWGURLW
5. )DLWHVFRQJHOH]OHV SURGXLWV
DOLPHQWDLUHVIUDLVOH SOXVSUqVSRVVLEOH
GHVSDURLVODWpUDOHV

8WLOLVHUO·LQWpJUDOLWpGXYROXPH
GHFRQJpODWLRQ
3RXUORJHUODTXDQWLWpPD[LPDOHGH
SURGXLWVFRQJHOpV
■ UHWLUH]WRXWHVOHVSLqFHVGpTXLSHPHQW
■ 'pSRVH]OHVSURGXLWVDOLPHQWDLUHV
GLUHFWHPHQW VXU OHV FOD\HWWHV HW OH IRQG
GXFRPSDUWLPHQWFRQJpODWHXU
$FKDWVGHSURGXLWVVXUJHOpV
■ 9pULILH]TXHO·HPEDOODJHHVWLQWDFW
■ 9HLOOH]jODGDWHGHFRQVHUYDWLRQ
PLQLPXP
■ /DWHPSpUDWXUHGDQVOHFRQJpODWHXU
FRPPHUFLDOGRLWrWUHGH² &RX
PRLQV
■ 1·LQWHUURPSH]SDVODFKDvQHGXIURLG
XWLOLVH] GH SUpIpUHQFH XQ VDF LVRWKHUPH
SRXUOHWUDQVSRUWSXLVUDQJH]
UDSLGHPHQWOHVSURGXLWVGDQVOH
FRPSDUWLPHQWFRQJpODWLRQ
$WWHQWLRQORUVGH UDQJHPHQW
■ &RQJHOH] GHV TXDQWLWpV GDOLPHQWV SOXV
LPSRUWDQWHVGDQVOHFRPSDUWLPHQW
VXSpULHXU
&HVWOjTXLOVVHURQWFRQJHOpVOHSOXV
YLWHHWHQGRXFHXU
■ eWDOH] OHV SURGXLWV DOLPHQWDLUHV VXU XQH
JUDQGHVXUIDFHGDQVOHV
FRPSDUWLPHQWVRXOHVEDFVj SURGXLWV
FRQJHOpV
■ 9HLOOH]j FHTXHOHVSURGXLWV
DOLPHQWDLUHVj FRQJHOHUQHQWUHQWSDV
HQ FRQWDFWDYHFGDXWUHVGpMj
FRQJHOpV
6L QpFHVVDLUHUpRUGRQQH]OHVSURGXLWV
DOLPHQWDLUHVFRQJHOpVj F±XUGpMj
SUpVHQWVGDQVOHV EDFV
■ &RQVLJQHLPSRUWDQWHSRXUTXHODLU
FLUFXOHGHPDQLqUHLPSHFFDEOHGDQV
ODSSDUHLO
,QVpUH]OHEDFj SURGXLWVFRQJHOpV
MXVTXjODEXWpH
&RQJpODWLRQGHSURGXLWVIUDLV
3RXUFRQJHOHUOHVDOLPHQWVQ·XWLOLVH]TXH
GHVDOLPHQWVIUDLVHWG·XQDVSHFW
LPSHFFDEOH
/HVDOLPHQWVFRQVRPPpVFXLWV\FRPSULV
DXIRXUHWU{WLVVHSUrWHQWPLHX[jOD
FRQJpODWLRQ TXH OHV DOLPHQWV FRQVRPPpV
FUXV
$YDQWODFRQJpODWLRQLOIDXWVRXPHWWUHOHV
DOLPHQWVjGHVSURFHVVXVGHSUpSDUDWLRQ
GLIIpUHQWVVHORQODYDULpWpSRXUSUpVHUYHU
DXPLHX[OHXUYDOHXUQXWULWLYHOHXUDU{PH
HWOHXUFRXOHXU
■ /pJXPHV /DYDJHEUR\DJH
EODQFKLPHQW
■ )UXLWV /DYDJHGpQR\DXWDJHHW
pYHQWXHOOHPHQWpSOXFKDJH DMRXWH]OH
FDVpFKpDQWGXVXFUHRXGHODFLGH
DVFRUELTXHHQVROXWLRQ
9RXVWURXYHUH]GHVFRQVHLOVjFHVXMHW
GDQVODOLWWpUDWXUHVSpFLDOLVpH
9RQWDXFRQJpODWHXU
■ 3DLQHWSkWLVVHULH
■ 3RLVVRQHWIUXLWVGHPHU
■ 9LDQGH
■ /HJLELHUHWODYRODLOOH
■ )UXLWVOpJXPHVHWKHUEHV
■ /HV±XIVVDQVFRTXH
■ /HVSURGXLWVODLWLHUVSDUH[
OH IURPDJHOH EHXUUHHW OHIURPDJH
EODQF
■ /HVSODWVSUpFXLVLQpVHWUHVWHVGH
SODWVSDUH[HPSOHVRXSHVUDJRWV
YLDQGH FXLWH SRLVVRQ FXLW SODWV j EDVH
GHSRPPHVGHWHUUHVRXIIOpVHWPHWV
VXFUpV

1HYRQWSDVDXFRQJpODWHXU
■ 9DULpWpVGHOpJXPHVKDELWXHOOHPHQW
GpJXVWpHVFUXHVSDUH[HPSOHOHV
VDODGHVRXUDGLV
■ °XIVDYHFFRTXHRXOHV±XIVFXLWV
GXUV
■ 5DLVLQV
■ 3RPPHVSRLUHVSrFKHVHQWLqUHV
■ <DRXUWODLWFDLOOpFUqPHDFLGXOpH
FUqPHIUDvFKHHWPD\RQQDLVH
(PEDOOHUOHVVXUJHOpV
/D QDWXUHFRUUHFWHGH OHPEDOODJHHW OH
FKRL[GX PDWpULDXFRQGLWLRQQHQW
GH PDQLqUHGpWHUPLQDQWHOD SUpVHUYDWLRQ
GHOD TXDOLWpGXSURGXLWHW pYLWHQW
ODSSDULWLRQGHEUOXUHVSDUOHIURLG
1. 3ODFH]OHVDOLPHQWVGDQVO·HPEDOODJH
2. 3UHVVHUSRXUFKDVVHUO·DLU
3. )HUPH]KHUPpWLTXHPHQWOHPEDOODJH
DILQTXHOHVSURGXLWVDOLPHQWDLUHVQH
SHUGHQW SDVOHXUJRWRXQHVqFKHQW
SDV
4. ,QGLTXH]VXUO·HPEDOODJHOH FRQWHQXHW
OD GDWHGH FRQJpODWLRQ
(PEDOODJHDGDSWp
■ )HXLOOHVHQ SODVWLTXH
■ )HXLOOHVHQ SRO\pWK\OqQH
■ )HXLOOHVG·DOXPLQLXP
■ %RvWHVGH FRQJpODWLRQ
0R\HQVGHIHUPHWXUHDSSURSULpV
■ &DRXWFKRXFV
■ &OLSVHQ SODVWLTXH
■ 5XEDQVDGKpVLIVUpVLVWDQWVDXIURLG
(PEDOODJHQRQDSSURSULp
■ 3DSLHUG·HPEDOODJH
■ 3DSLHUVXOIXULVp
■ &HOORSKDQH
■ 6DFVSRXEHOOHVHW VDFVG·DFKDWGpMj
XWLOLVpV
'XUpHGH FRQVHUYDWLRQGX SURGXLW
FRQJHOpj ² &
&DOHQGULHUGHFRQJpODWLRQ
/HFDOHQGULHUGH FRQJpODWLRQLPSULPp
LQGLTXHOD GXUpHPD[LPDOHGHVWRFNDJH
HQPRLVj XQHWHPSpUDWXUHSHUPDQHQWH
GH ² &
'pFRQJpODWLRQGHVSURGXLWV
,OIDXWDGDSWHUODPpWKRGHGH
GpFRQJpODWLRQDXSURGXLWDOLPHQWDLUH
FRQFHUQpHWDXEXWGXWLOLVDWLRQDILQGH
SUpVHUYHUDXPLHX[ODTXDOLWpGXSURGXLW
0pWKRGHVGHGpFRQJpODWLRQ
■ 'DQVOHFRPSDUWLPHQWUpIULJpUDWHXU
FRQYLHQW SDUWLFXOLqUHPHQW DX[ GHQUpHV
GRULJLQH DQLPDOH FRPPH OH SRLVVRQ OD
YLDQGH OH IURPDJH HW OH IURPDJH EODQF
■ ODWHPSpUDWXUHDPELDQWHSDLQ
■ $XPLFURRQGHVSURGXLWVDOLPHQWDLUHV
GHVWLQpVjXQHFRQVRPPDWLRQRXXQH
SUpSDUDWLRQLPPpGLDWH
■ )RXU FXLVLQLqUHSURGXLWVDOLPHQWDLUHV
GHVWLQpVjXQHFRQVRPPDWLRQRXXQH
SUpSDUDWLRQLPPpGLDWH
$WWHQWLRQ
1HUHPHWWH]SDVjFRQJHOHUGHVSURGXLWV
DOLPHQWDLUHVSDUWLHOOHPHQWRXHQWLqUHPHQW
GpFRQJHOpV9RXVQHSRXYH]UHFRQJHOHU
TXDSUqVDYRLUWUDQVIRUPpODGHQUpHHQ
SODWSUrWjGpJXVWHUSODWFXLWDXIRXU
FRPSULV
1XWLOLVH]SOXVLQWpJUDOHPHQWODGXUpH
PD[LPDOHGHFRQVHUYDWLRQGXSURGXLW
FRQJHOp
3RLVVRQ FKDUFXWHULH SODWV
SUpFXLVLQpVSkWLVVHULHV
MXVTX·jPRLV
9LDQGHYRODLOOH MXVTX·jPRLV
)UXLWVOpJXPHV MXVTX·jPRLV

='pJLYUHUO·DSSDUHLO
'pJLYUH U O·DSSDUHLO
&RPSDUWLPHQWUpIULJpUDWLRQ
/DGpFRQJpODWLRQVHIIHFWXH
DXWRPDWLTXHPHQW
&RPSDUWLPHQWFRQJpODWLRQ
/HFRPSDUWLPHQWFRQJpODWLRQQH
GpFRQJqOHSDVDXWRPDWLTXHPHQWDILQTXH
OHV DOLPHQWV FRQJHOpV QH GpFRQJqOHQW SDV
8QHFRXFKHGHJLYUHJrQHOD
FRPPXQLFDWLRQGXIURLGDX[SURGXLWVHW
DFFURvWODFRQVRPPDWLRQGHFRXUDQW
■ eOLPLQHUUpJXOLqUHPHQWODFRXFKHGH
JLYUH
$WWHQWLRQ
eYLWH]WRXWGRPPDJHDX[WX\DX[GX
FLUFXLWGHUHIURLGLVVHPHQW
/H IOXLGH IULJRULJqQH ULVTXHUDLW HQ IX\DQW GH
EOHVVHUOHV\HX[RXGHVHQIODPPHU
■ 1HUDFOH]MDPDLVODFRXFKHGHJLYUH
DYHFXQFRXWHDXRXXQREMHWSRLQWX
3URFpGH]FRPPHVXLW
1. $OOXPH]ODVXSHUFRQJpODWLRQ
HQY KHXUHVDYDQWOHGpJLYUDJH
&HPRGHDPqQHOHVSURGXLWV
DOLPHQWDLUHVjWUqVEDVVHV
WHPSpUDWXUHVFHTXLYRXVSHUPHWGH
OHVVWRFNHUSOXVORQJWHPSVj
WHPSpUDWXUHDPELDQWH
2. 5HWLUH]OHVDOLPHQWVFRQJHOpVHW
VWRFNH]OHVGDQVXQHQGURLWIUDLV
3. 0HWWUHODSSDUHLOKRUVWHQVLRQ
4. 'pEUDQFKH]ODILFKHPkOHGXVHFWHXU
RXUDPHQH]OHGLVMRQFWHXUHQSRVLWLRQ
pWHLQWH
5. 3RXUDFFpOpUHUOHGpJLYUDJH SRVH]
GDQVOHFRPSDUWLPHQWFRQJpODWLRQXQ
GHVVRXVGHSODWHWXQHFDVVHUROH
UHPSOLHG·HDXFKDXGH
6. (VVX\H]O·HDXGHGpJLYUDJHDYHFXQ
FKLIIRQRXXQHpSRQJH
7. 3DVVH] XQ HVVXLHWRXW VHF SRXU VpFKHU
OHFRPSDUWLPHQWFRQJpODWLRQ
8. (QFOHQFKH]O·DSSDUHLO
9. 5DQJH]OHVSURGXLWVFRQJHOpV
D1HWWR\DJH
1HWWR\DJH
$WWHQWLRQ
eYLWH]GHQGRPPDJHUODSSDUHLOHW VHV
SLqFHVGpTXLSHPHQW
■ 1·XWLOLVH]DXFXQSURGXLWGHQHWWR\DJH
FRQWHQDQWGXVDEOHGXFKORUXUHRXGH
O·DFLGHQLDXFXQVROYDQW
■ 1·XWLOLVH]MDPDLVG·pSRQJHVDEUDVLYHV
RXVXVFHSWLEOHVGHUD\HU
'HOD FRUURVLRQSHXWDSSDUDvWUHVXU OHV
VXUIDFHVPpWDOOLTXHV
■ 1HQHWWR\H]MDPDLVOHVFOD\HWWHVHW OHV
EDFVDXODYHYDLVVHOOH
&HVSLqFHVSRXUUDLHQWVHGpIRUPHU
3URFpGH]FRPPHVXLW
1. 0HWWUHODSSDUHLOKRUVWHQVLRQ
2. 'pEUDQFKH]ODILFKHGHODSULVHRX
UDPHQH]OHGLVMRQFWHXUHQSRVLWLRQ
pWHLQWH
3. 6RUWH]OHVSURGXLWVDOLPHQWDLUHV
HW UDQJH]OHVGDQVXQ HQGURLWIUDLV
6LSUpVHQW 'pSRVH]ODFFXPXODWHXU
GH IURLGVXUOHV SURGXLWVDOLPHQWDLUHV
4. 6LSUpVHQWH$WWHQGH]TXHODFRXFKH
GHJLYUHDLWIRQGX
5. 1HQHWWR\H]O·DSSDUHLOTX·DYHF
XQ FKLIIRQGRX[GH O·HDXWLqGH
HW GX SURGXLWj YDLVVHOOHSUpVHQWDQW
XQ S+QHXWUH
$WWHQWLRQ
9HLOOH]j FHTXHOHDXGHULQoDJHQH
SpQqWUHSDVGDQVOpFODLUDJHHWTXHOOH
QH JDJQH SDV OD ]RQH GpYDSRUDWLRQ YLD
ORULILFHGpFRXOHPHQW
6. (VVX\H] OH MRLQW GH SRUWH DYHF GH OHDX
SURSUHHW IURWWH]VRLJQHXVHPHQWDYHF
XQFKLIIRQSRXUOHVpFKHU
7. 5HEUDQFKH]ODSSDUHLODOOXPH]OH
HW UDQJH]OHVSURGXLWVDOLPHQWDLUHV

1HWWR\DJHGHVDFFHVVRLUHV
3RXUQHWWR\HUUHWLUH]OHVSLqFHVYDULDEOHV
GH ODSSDUHLO
~ eTXLSHPHQWj OD SDJH
3ODTXH VpSDUDWULFH HW FRXYHUFOH GX EDF
jOpJXPHV
([WUDLUHODFORLVRQVpSDUDWULFH
~)LJXUH +
■ 5HWLUH]ODSODTXHHQYHUUHDSSX\H]
SDUGHVVRXVVXUOHVOHYLHUVWLUH]OD
FORLVRQVpSDUDWULFHHQDYDQW
VRXOHYH]ODSXLVIDLWHVODSLYRWHU
ODWpUDOHPHQWSRXUO·H[WUDLUH
5HWLUHUOHFRXYHUFOHGXEDFjOpJXPHV
■ 6RXOHYH] OH FRXYHUFOH WLUH]OH HQ DYDQW
HWIDLWHVOHEDVFXOHUODWpUDOHPHQWSRXU
O·H[WUDLUH
0HWWUHHQSODFHOHFRXYHUFOHGXEDFj
OpJXPHVHWODFORLVRQVpSDUDWULFH
~)LJXUH ,
1. 0HWWH]HQSODFHOHFRXYHUFOHGXEDFj
OpJXPHV
2. 0HWWH]HQSODFHODFORLVRQVpSDUDWULFH
3. 0HWWH]HQSODFHODSODTXHHQYHUUH
5DLOVGHVRUWLH
~)LJXUH -
'pSRVHUOHVUDLOVGHVRUWLH
1. ([WUD\H]OHUDLOGHVRUWLH
2. 3RXVVH]OHGLVSRVLWLIGHYHUURXLOODJH
GDQVOHVHQVGHODIOqFKH
3. 'pWDFKH]OHUDLOGHVRUWLHGXJRXMRQ
DUULqUH
4. &RPSULPH]OHUDLOGHVRUWLH
WpOHVFRSLTXHSRXVVH]OHHQDUULqUHDX
GHVVXVGXJRXMRQDUULqUHSXLV
GpFUDQWH]OH
,QFRUSRUHUOHVUDLOVGHVRUWLH
1. 3RVH]OHUDLOGHVRUWLHGpSOR\pVXUOH
JRXMRQDYDQW
2. 7LUH]OpJqUHPHQWOHUDLOGHVRUWLHHQ
DYDQWSRXUOHIDLUHHQFUDQWHU
3. 0HWWH]OHUDLOGHVRUWLHHQSODFHFRQWUH
OHJRXMRQDUULqUH
4. 3RXVVH]OHGLVSRVLWLIGHYHUURXLOODJH
YHUVO·DUULqUH

l 2GHXUV
2GHXUV
6LGHVRGHXUVGpVDJUpDEOHVVH
PDQLIHVWHQW
1. eWHLJQH]O·DSSDUHLOSDUOD WRXFKH
0DUFKH $UUrW #
2. 6RUWH]WRXVOHVSURGXLWVDOLPHQWDLUHV
GH O·DSSDUHLO
3. 1HWWR\HUOLQWpULHXUGH
ODSSDUHLO~ 1HWWR\DJHj OD SDJH
4. 1HWWR\HUWRXVOHVHPEDOODJHV
5. 3RXUHPSrFKHUODSSDULWLRQGRGHXUV
PHWWH] VRXV HPEDOODJH KHUPpWLTXH OHV
SURGXLWV DOLPHQWDLUHV TXL GpJDJHQW XQH
IRUWHRGHXU
6. 5DOOXPH]O·DSSDUHLO
7. 5DQJH]OHV SURGXLWVDOLPHQWDLUHV
8. $XERXWGHKHXUHVYpULILH]VLGH
QRXYHDXGHVRGHXUVVRQWDSSDUXHV
9eFODLUDJH
eFODLUDJH
9RWUHDSSDUHLOHVWpTXLSpG·XQpFODLUDJH
SDU/('QHGHPDQGDQWSDVG·HQWUHWLHQ
6HXOOHVHUYLFHDSUqVYHQWHRXGHV
VSpFLDOLVWHVDJUppVVRQWDXWRULVpV
j UpSDUHUOpFODLUDJH
>%UXLWV
%UXLWV
%UXLWVQRUPDX[
5HPDUTXH 6LODVXSHUFRQJpODWLRQ
DXWRPDWLTXHRXPDQXHOOHHVWDFWLYpH
O·DSSDUHLOSHXWIRQFWLRQQHUSOXV
EUX\DPPHQW
%RXUGRQQHPHQW 8QPRWHXUWRXUQHSDU
H[HPSOHOHJURXSHIULJRULILTXHXQ
YHQWLODWHXU
*DUJRXLOOLVURQIOHPHQWRXFODSRWLV
/H IOXLGHIULJRULJqQHFLUFXOHGDQVOHV
WX\DX[
&OLTXHWLV /H PRWHXUOHVLQWHUUXSWHXUV
RX OHVpOHFWURYDQQHVV·DOOXPHQW
V·pWHLJQHQW
&UDTXHPHQW OHGpJLYUDJHDXWRPDWLTXH
HVWHQFRXUV
eYLWHUODJpQpUDWLRQGHEUXLWV
/·DSSDUHLOQHUHSRVHSDVG·DSORPE
$MXVWH]O·DSSDUHLOj O·DLGHG·XQQLYHDX
j EXOOH6LQpFHVVDLUHLQVpUH]TXHOTXH
FKRVHVRXVODSSDUHLO
'HVUpFLSLHQWVFOD\HWWHVRX
UDQJHPHQWVYDFLOOHQWRXVHFRLQFHQW
9pULILH]OHVSLqFHVGpTXLSHPHQW
DPRYLEOHVHWUHPHWWH]OHVpYHQWXHOOHPHQW
HQSODFH
'HVERXWHLOOHVRX UpFLSLHQWVVH
WRXFKHQW eORLJQH]OHVERXWHLOOHVRX
UpFLSLHQWVOHVXQVGHVDXWUHV

3'pUDQJHPHQWV4XHIDLUHVL«
'pUDQ JHPHQWV 4XH IDLU H VL «
$YDQWG·DSSHOHUOH VHUYLFHDSUqVYHQWHYHXLOOH]YpULILHUVLOH WDEOHDXFLDSUqVQHYRXV
SHUPHWSDVGH VXSSULPHUOH GpUDQJHPHQWYRXVPrPH
/D WHPSpUDWXUHGpYLHIRUWHPHQWSDUUDSSRUWDXUpJODJH
eWHLJQH] ODSSDUHLO HW ODLVVH]OH pWHLQW PLQXWHV
~
$UUrWHWUHPLVDJHGHO·DSSDUHLO
j OD SDJH
6LOD WHPSpUDWXUHHVWWURSpOHYpHYpULILH]OD
j QRXYHDXDXERXWGH TXHOTXHVKHXUHV
6LODWHPSpUDWXUHHVWWURSEDVVHYpULILH]OD
j QRXYHDXOHMRXUVXLYDQW
$XFXQYR\DQWQHV·DOOXPH
)LFKHPkOHLQFRUUHFWHPHQWEUDQFKpHGDQVOD
SULVHGHFRXUDQW
5DFFRUGH]OD ILFKHPkOH
)XVLEOHJULOOp GLVMRQFWHXUGLVMRQFWp 9pULILH]OHVIXVLEOHV GLVMRQFWHXUV
8QHFRXSXUHGHFRXUDQWVHVWSURGXLWH 9pULILH]OD SUpVHQFHGH FRXUDQW
/·DIILFKDJHLQGLTXH(
/·pOHFWURQLTXHDGpWHFWpXQGpIDXW $SSHOH]OHVHUYLFHDSUqVYHQWH
~
6HUYLFHDSUqVYHQWHj OD SDJH
8QHDODUPHVRQRUHUHWHQWLWHWODWRXFKHDODUPVDOOXPH
$SSX\H]VXUODWRXFKH DODUP/DODUPHHVW
pWHLQWH
/D SRUWHGHODSSDUHLOHVWRXYHUWH )HUPH]ODSRUWHGHODSSDUHLO
/HVRULILFHVGHQWUpHHWGHVRUWLHGDLUVRQW
UHFRXYHUWV
'pJDJH]OHVRULILFHVGHQWUpHHW GHVRUWLHGDLU
'HJUDQGHVTXDQWLWpVGH SURGXLWVDOLPHQWDLUHV
IUDLVRQWpWpUDQJpV
1HGpSDVVH]SDVODFDSDFLWpGHFRQJpODWLRQ
PD[LPDOH
/HYR\DQWFOLJQRWHXQHDODUPHVRQRUHUHWHQWLWHW OD WRXFKHDODUPVDOOXPH
$SSX\HUVXUODWRXFKH DODUP/DODUPHHVW
pWHLQWH
/D SRUWHGHODSSDUHLOHVWRXYHUWH )HUPHUODSRUWHGHODSSDUHLO
2ULILFHVG·HQWUpHHWGHVRUWLHG·DLUUHFRXYHUWV 'pJDJH]OHVRULILFHVGHQWUpHHW GHVRUWLHGDLU
'HJUDQGHVTXDQWLWpVGH SURGXLWVDOLPHQWDLUHV
IUDLVRQWpWpUDQJpV
1HGpSDVVH]SDVOD FDSDFLWpGH FRQJpODWLRQ
PD[LPDOH

/DIILFKDJHFOLJQRWH
/D WHPSpUDWXUHD WURSPRQWpGDQV
OH FRPSDUWLPHQWFRQJpODWHXU
$SUqVDYRLUDSSX\pVXUOD WRXFKH DODUP
OD WHPSpUDWXUHOD SOXVpOHYpHTXLD UpJQpGDQV
OH FRPSDUWLPHQWFRQJpODWHXUVDIILFKHSHQGDQW
VHFRQGHV$SSX\HUVXUODWRXFKH DODUP/DIIL
FKDJHQHFOLJQRWHSOXV
/·DSSDUHLOQHUpIULJqUHSDVO·DIILFKDJHHWO·pFODLUDJHVRQWDOOXPpV
/·DSSDUHLOVHWURXYHHQPRGH([SRVLWLRQ /DQFH]OHVHOIWHVWGHO·DSSDUHLO
~
$XWRGLDJQRVWLFGHO·DSSDUHLOj OD SDJH
8QHIRLVOHSURJUDPPHH[pFXWpO·DSSDUHLOVH
UHPHWHQVHUYLFHQRUPDO
/DVXSHUFRQJpODWLRQDXWRPDWLTXHQHVDFWLYHSDV
/DSSDUHLOGpFLGHGHOXLPrPHVLODVXSHUFRQJp
ODWLRQDXWRPDWLTXHHVWQpFHVVDLUHHWODFWLYHRX
ODGpVDFWLYHDXWRPDWLTXHPHQW
/HFRPSDUWLPHQWIUDvFKHXUHVWWURSFKDXGRXWURSIURLG
/DWHPSpUDWXUHVWDQGDUGHVWUpJOpHVXUXQH
YDOHXU WURS KDXWH RX WURS EDVVH SDU H[HPSOH HQ
SUpVHQFHGHJLYUHGDQVOHFRPSDUWLPHQWIUDv
FKHXU
9RXVSRXYH]UpJOHUODWHPSpUDWXUHGDQVOHFRP
SDUWLPHQWIUDvFKHXUSOXVKDXWRXSOXVEDVGH
QLYHDX[6LODWHPSpUDWXUHGDQVOHFRPSDUWL
PHQWUpIULJpUDWHXUHVWUpJOpHVXUOHQLYHDX OH
FRPSDUWLPHQWIUDvFKHXUDXQHWHPSpUDWXUH
SURFKHGH &
$SSX\HUVXUODWRXFKH VXSHUFRPSDUWLPHQW
UpIULJpUDWHXU HW OD PDLQWHQLU HQIRQFpH MXVTXj
FHTXHODIILFKDJHGHWHPSpUDWXUHGXFRP
SDUWLPHQWUpIULJpUDWHXUFOLJQRWH
$SSX\HUVXUODWRXFKH SRXUPRGLILHUOH
UpJODJH
/HQLYHDXFRUUHVSRQGjODWHPSpUDWXUHOD
SOXVEDVVH
/H QLYHDX FRUUHVSRQG j OD WHPSpUDWXUH OD
SOXVpOHYpH
/HQLYHDXUpJOpHVWPpPRULVpDXERXWG·XQH
PLQXWH

46HUYLFHDSUqVYHQWH
6HUYL FH DSUqVYHQWH
6LYRXVQH SDUYHQH]SDVj VXSSULPHU
OH GpIDXWYHXLOOH]VYSYRXVDGUHVVHU
j QRWUHVHUYLFHDSUqVYHQWH1RXV
WURXYHURQVWRXMRXUVXQHVROXWLRQDGDSWpH
DXVVLDILQG·pYLWHUGHVGpSODFHPHQWV
LQXWLOHVGXWHFKQLFLHQ
9RXV WURXYHUH] LFL RX GDQV OH UpSHUWRLUH GX
VHUYLFHDSUqVYHQWHOHVGRQQpHV
SHUPHWWDQWGHFRQWDFWHUOHVHUYLFH
DSUqVYHQWHOHSOXVSURFKH
/RUVGH O·DSSHOYHXLOOH]LQGLTXHU
OH QXPpURGHVpULH(1UHWOH QXPpUR
GH IDEULFDWLRQ )' TXH YRXV WURXYHUH] VXU
OD SODTXHVLJQDOpWLTXH
~ 3UpVHQWDWLRQGHO·DSSDUHLO
j OD SDJH
)DLWHVFRQILDQFHDX[FRPSpWHQFHVGX
IDEULFDQW9RXVYRXVDVVXUHUH]DLQVLTXH
OHVUpSDUDWLRQVVRLHQWUpDOLVpHVSDUGHV
WHFKQLFLHQV GH 6$9 IRUPpV j FHW HIIHW TXL
GLVSRVHQWGHVSLqFHVGHUHFKDQJH
G·RULJLQHDGDSWpHVjYRVDSSDUHLOV
pOHFWURPpQDJHUV
$XWRGLDJQRVWLFGHO·DSSDUHLO
9RWUHDSSDUHLOFRPSUHQGXQ SURJUDPPH
GDXWRGLDJQRVWLFDIILFKDQWOHVGpIDXWVTXH
YRWUHVHUYLFHDSUqVYHQWHSHXWVXSSULPHU
1. eWHLJQH]O·DSSDUHLOHWDWWHQGH]
PLQXWHV
2. 0HWWH]O·DSSDUHLOVRXVWHQVLRQ
3. 'DQVOHV SUHPLqUHVVHFRQGHV
DSSX\H]VXUODWRXFKH VXSHUGX
FRPSDUWLPHQWFRQJpODWLRQSHQGDQW
VHFRQGHVHWPDLQWHQH]OD
HQIRQFpH MXVTXj OpPLVVLRQ GXQ VLJQDO
VRQRUH
/H SURJUDPPH GH VHOIWHVW GpPDUUH $X
FRXUVGXVHOIWHVWXQVLJQDOVRQRUH
ORQJUHWHQWLW
■ 6LjODILQGXVHOIWHVW VLJQDX[
VRQRUHVUHWHQWLVVHQWHWVLOD
WHPSpUDWXUHUpJOpHV·DIILFKH YRWUH
DSSDUHLOIRQFWLRQQHSDUIDLWHPHQW
■ 6LjODILQGXVHOIWHVW VLJQDX[
VRQRUHVUHWHQWLVVHQWHWVLOD
WRXFKH VXSHUGXFRPSDUWLPHQW
FRQJpODWLRQFOLJQRWHSHQGDQW
VHFRQGHV SUpYHQH]OHVHUYLFH
DSUqVYHQWH
8QHIRLVOHSURJUDPPHH[pFXWpO·DSSDUHLO
VHUHPHWHQVHUYLFHQRUPDO
&RQVHLOVHWUpSDUDWLRQV
9RXVWURXYHUH]OHVFRRUGRQQpHVGX
VHUYLFHDSUqVYHQWHGHVGLIIpUHQWVSD\V
GDQVODOLVWHFLMRLQWH
*DUDQWLH
9RXVUHFHYUH]GHVUHQVHLJQHPHQWV
GpWDLOOpVVXUOD GXUpHHW OHVFRQGLWLRQVGH
ODJDUDQWLHGDQVYRWUHSD\VDXSUqVGH
YRWUHVHUYLFHDSUqVYHQWHGH YRWUH
UHYHQGHXUHW VXUQRWUHVLWH,QWHUQHW
)5
%
&
+

it
LW ,QGLFH
it,VWUX]LRQLSHUO·XVR
(,VWUX]LRQLGLVLFXUH]]D
6XTXHVWROLEUHWWRGLVWUX]LRQL
3HULFRORGLHVSORVLRQH
3HULFRORGLVFRVVDHOHWWULFD
3HULFRORGLXVWLRQLGDIUHGGR
3HULFRORGLOHVLRQL
3HULFRORGLLQFHQGLRSHULFROLGD
UHIULJHUDQWH
(YLWDUHSHULFROLD EDPELQLH SHUVRQH
D ULVFKLR
'DQQLPDWHULDOL
3HVR
88VRFRUUHWWR
77XWHODGHOODPELHQWH
,PEDOODJJLR
$SSDUHFFKLRGLVPHVVR
5,QVWDOOD]LRQHHDOODFFLDPHQWR
&RQWHQXWRGHOODFRQIH]LRQH
'DWLWHFQLFL
,QVWDOOD]LRQHGHOODSSDUHFFKLR
'LPHQVLRQLQLFFKLD
,QVWDOOD]LRQHVLGHE\VLGH
5LVSDUPLRHQHUJHWLFR
3ULPDGHOSULPRXWLOL]]R
$OODFFLDPHQWRHOHWWULFR
*&RQRVFHUHODSSDUHFFKLR
$SSDUHFFKLR
(OHPHQWLGLFRPDQGR
&DUDWWHULVWLFKH
18WLOL]]DUHODSSDUHFFKLR
$FFHQVLRQHGHOO·DSSDUHFFKLR
6SHJQHUHHPHWWHUHIXRULVHUYL]LR
O·DSSDUHFFKLR
,PSRVWD]LRQHGHOODWHPSHUDWXUD
6XSHUUDIIUHGGDPHQWR
6XSHUFRQJHODPHQWR
0RGR9DFDQ]D
M$OODUPH
$OODUPHSRUWD
$OODUPHWHPSHUDWXUD
U)ULJRULIHUR
7HQHUHSUHVHQWHQHOOD
FRQVHUYD]LRQH
&RQVLGHUDUHOH ]RQHIUHGGHQHO
IULJRULIHUR
T9DQRD&
&DVVHWWRSHUYHUGXUH
&DVVHWWRD &
7HPSLGLFRQVHUYD]LRQHD &
W&RQJHODWRUH
&RQJHODUHSLFFROHTXDQWLWjGL
DOLPHQWL
0DVVLPDFDSDFLWjGL FRQJHODPHQWR
6IUXWWDUHLQWHUDPHQWHLOYROXPHXWLOH
$FTXLVWRGLDOLPHQWLVXUJHODWL
7HQHUHSUHVHQWHQHOODVLVWHPD]LRQH
&RQJHODPHQWRGLDOLPHQWLIUHVFKL
6FRQJHODPHQWRGLDOLPHQWLFRQJHODWL

it
=6EULQDPHQWR
)ULJRULIHUR
&RQJHODWRUH
D3XOL]LD
3XOLUHJOLHOHPHQWLLQGRWD]LRQH
DOO·DSSDUHFFKLR
l2GRUL
9,OOXPLQD]LRQH
>5XPRUL
5XPRULQRUPDOL
(YLWDUHLUXPRUL
3*XDVWL&KHIDUHVH"
46HUYL]LRGLDVVLVWHQ]DFOLHQWL
$XWRWHVWGHOO·DSSDUHFFKLR
2UGLQHGLULSDUD]LRQHHFRQVXOHQ]D
LQFDVRGLJXDVWL
*DUDQ]LD

(,VWUX]LRQLGLVLFXUH]]D
,VWUX]LRQL GL VLFXUH]]D
4XHVWRDSSDUHFFKLRq FRQIRUPH
DOOHYLJHQWLQRUPHGL VLFXUH]]D
SHUOH DSSDUHFFKLDWXUHHOHWWULFKH
HGq VFKHUPDWRFRQWUR
L UDGLRGLVWXUEL
/D WHQXWDHUPHWLFDGHOFLUFXLWR
UHIULJHUDQWHq VWDWDVRWWRSRVWD
D FRQWUROOR
6XTXHVWROLEUHWWRGLVWUX]LRQL
■ /HJJHUHH RVVHUYDUHOH
LVWUX]LRQLSHUOXVRHG
LO PRQWDJJLR (VVH FRQWHQJRQR
LPSRUWDQWLLQIRUPD]LRQLSHU
O·LQVWDOOD]LRQHO·XVRH OD
PDQXWHQ]LRQH
GHOO·DSSDUHFFKLR
■ ,O SURGXWWRUHQRQULVSRQGH
LQ FDVRGL LQRVVHUYDQ]DGHOOH
LVWUX]LRQLH DYYHUWHQ]HGHO
OLEUHWWR GL LVWUX]LRQL SHU OXVR HG
LO PRQWDJJLR
■ &RQVHUYDUHWXWWD
OD GRFXPHQWD]LRQHSHUOXVR
IXWXURH SHUHYHQWXDOL
VXFFHVVLYLSURSULHWDUL
3HULFRORGLHVSORVLRQH
■ 1RQ LQWURGXUUH PDL DSSDUHFFKL
HOHWWULFLDOO·LQWHUQRGL TXHVWR
HOHWWURGRPHVWLFR
HV DSSDUHFFKL
GL ULVFDOGDPHQWRRSURGXWWRUL
GL JKLDFFLRHOHWWULFL
■ 1RQFRQVHUYDUH
QHOODSSDUHFFKLRSURGRWWL
FRQWHQHQWLJDVSURSHOOHQWL
FRPEXVWLELOL DG HV ERPEROHWWH
VSUD\H VRVWDQ]HHVSORVLYH
■ &RQVHUYDUHODOFRODGDOWD
JUDGD]LRQHVROWDQWRLQ
FRQWHQLWRULHUPHWLFL
H LQ SRVL]LRQHYHUWLFDOH
■ $SDUWHOHLQGLFD]LRQLGHO
SURGXWWRUHQRQDGRWWDUH
XOWHULRULPLVXUHSHUDFFHOHUDUH
ORVEULQDPHQWR
3HULFRORGLVFRVVDHOHWWULFD
/HLQVWDOOD]LRQLHOHULSDUD]LRQL
HVHJXLWHLQPRGRQRQFRUUHWWR
SRVVRQR PHWWHUH OXWHQWH LQ JUDYH
SHULFROR
■ 'XUDQWHOLQVWDOOD]LRQH
GHOODSSDUHFFKLRSUHVWDUH
DWWHQ]LRQHFKHLOFDYRGL
DOLPHQWD]LRQHQRQUHVWL
LQFDVWUDWRHQRQVLGDQQHJJL
■ ,QFDVRGLGDQQLDOFDYRGL
DOLPHQWD]LRQHVFROOHJDUH
LPPHGLDWDPHQWH O·DSSDUHFFKLR
GDOODFRUUHQWH
■ 1RQXWLOL]]DUHSUHVHPXOWLSOH
SUROXQJKHRDGDWWDWRUL

■ )DUHULSDUDUHODSSDUHFFKLR
VRORGDOSURGXWWRUHGDO
VHUYL]LRGLDVVLVWHQ]DFOLHQWL
R GDXQDSHUVRQDLQSRVVHVVR
GLVLPLOHTXDOLILFD
■ 8WLOL]]DUH VROR ULFDPEL RULJLQDOL
GHOSURGXWWRUH
,OSURGXWWRUHJDUDQWLVFHFKH
TXHVWL ULFDPEL VRQR FRQIRUPL DL
UHTXLVLWLGLVLFXUH]]D
3HULFRORGLXVWLRQLGDIUHGGR
■ 1RQPHWWHUHLQERFFDDOLPHQWL
FRQJHODWLDSSHQDSUHVLGDO
FRQJHODWRUH
■ (YLWDUHLO FRQWDWWRSUROXQJDWR
GHOODSHOOHFRQSURGRWWL
VXUJHODWLJKLDFFLRH FRQL WXEL
QHOFRQJHODWRUH
3HULFRORGLOHVLRQL
, FRQWHQLWRULGL EHYDQGH
FRQWHQHQWLDQLGULGHFDUERQLFD
SRVVRQRHVSORGHUH
1RQFRQVHUYDUHQHOFRQJHODWRUH
FRQWHQLWRULFRQEHYDQGH
FRQWHQHQWLDQLGULGHFDUERQLFD
3HULFRORGL
LQFHQGLRSHULFROLGD
UHIULJHUDQWH
1HLWXELGHOFLUFXLWRGL
UDIIUHGGDPHQWRVFRUUHXQD
SLFFRODTXDQWLWjGLUHIULJHUDQWH
QRQLQTXLQDQWHPDLQILDPPDELOH
5D 1RQ GDQQHJJLD OR VWUDWR
GLR]RQRHQRQDXPHQWDOHIIHWWR
VHUUD,QFDVRGLIXRULXVFLWDLO
UHIULJHUDQWHSXzIHULUHJOLRFFKL
R LQFHQGLDUVL
■ 1RQGDQQHJJLDUHL WXEL
,Q FDVRGLGDQQRDL WXEL
■ 7HQHUHLOIXRFRHOHIRQWLGL
FDORUHORQWDQLGDOODSSDUHFFKLR
■ 9HQWLODUHODPELHQWH
■ 6SHJQHUHO·DSSDUHFFKLRHG
HVWUDUUHODVSLQD
G·DOLPHQWD]LRQH
■ 5LYROJHUVLDOVHUYL]LRGL
DVVLVWHQ]DFOLHQWL
(YLWDUHSHULFROLD EDPELQL
H SHUVRQHD ULVFKLR
6XVVLVWHSHULFRORSHU
■ EDPELQL
■ SHUVRQHFRQOLPLWLILVLFL
SVLFKLFLR GLSHUFH]LRQH
■ SHUVRQHQRQVXIILFLHQWHPHQWH
LQIRUPDWHVXOOXVRVLFXUR
GHOODSSDUHFFKLR
3URYYHGLPHQWL
■ DFFHUWDUVLFKHL EDPELQLH OH
SHUVRQHD ULVFKLRDEELDQR
FRPSUHVRL SHULFROL
■ 8QDSHUVRQDUHVSRQVDELOH
GHOODVLFXUH]]DqWHQXWRD
VRUYHJOLDUHRLVWUXLUHLEDPELQL
HOHSHUVRQHDULVFKLRLQ
UDSSRUWRFRQODSSDUHFFKLR
■ 3HUPHWWHUHO·XVR
GHOO·DSSDUHFFKLRVRORD
EDPELQLLQHWjGLDQQLR
VXSHULRUH
■ 6RUYHJOLDUHLEDPELQLGXUDQWH
ODSXOL]LDHODPDQXWHQ]LRQH
■ 1RQSHUPHWWHUHFKHLEDPELQL
JLRFKLQRFRQODSSDUHFFKLR

3HULFRORGLDVILVVLD
■ 3HUDSSDUHFFKLFRQVHUUDWXUD
GHOODSRUWDFRQVHUYDUHOD
FKLDYHIXRULGHOODSRUWDWDGHL
EDPELQL
■ 1RQDEEDQGRQDUHSDUWL
GHOO·LPEDOODJJLRFKHSRVVDQR
HVVHUHIRQWHGL JLRFRSHU
L EDPELQL
'DQQLPDWHULDOL
3HUHYLWDUHGDQQLPDWHULDOL
■ 1RQVDOLUHVX]RFFRORSDUWL
HVWUDLELOLR SRUWHQpVRVWHQHUVL
VXJOLVWHVVL
■ 7HQHUHOHSDUWLLQ PDWHULDOH
SODVWLFRH OHJXDUQL]LRQLGHOOH
SRUWHVHPSUHOLEHUHGD ROLR
H JUDVVR
■ (YLWDUHGL HVHUFLWDUHWUD]LRQL
VXOFDYROLQHDPD LPSXJQDUH
FRUUHWWDPHQWHOD VSLQD
3HVR
1HOOLQVWDOOD]LRQHH QHOWUDVSRUWR
GLTXHVWRDSSDUHFFKLR
FRQVLGHUDUH FKH q PROWR SHVDQWH
~ /XRJRG·LQVWDOOD]LRQH
D SDJLQD
88VRFRUUHWWR
8VR FRUUHWWR
8WLOL]]DUHTXHVWRDSSDUHFFKLR
■ VRORSHUUDIIUHGGDUHH FRQJHODUH
DOLPHQWLH SHUODSURGX]LRQH
GL JKLDFFLR
■ VRORQHOOXVRGRPHVWLFRH QHOODVIHUD
SULYDWD
■ VRORRVVHUYDQGRTXHVWHLVWUX]LRQLSHU
OXVR
4XHVWRDSSDUHFFKLRqSURJHWWDWRVRORSHU
OXWLOL]]RILQRDGXQDOWH]]DGLPDVVLPR
PHWULVXOOLYHOORGHOPDUH
77XWHODGHOODPELHQWH
7XWHOD GHOODPELHQWH
,PEDOODJJLR
7XWWLL PDWHULDOLVRQRFRPSDWLELOLFRQ
ODPELHQWHH ULFLFODELOL
■ 6LSUHJDGLVPDOWLUHOHFRQIH]LRQLQHO
ULVSHWWRGHOO·DPELHQWH
■ ,QIRUPDUVLVXOOHSRVVLELOLWj
GL VPDOWLPHQWRSUHVVRLO SURSULR
ULYHQGLWRUHVSHFLDOL]]DWRR SUHVVR
ODPPLQLVWUD]LRQHSXEEOLFD

$SSDUHFFKLRGLVPHVVR
8Q FRUUHWWRVPDOWLPHQWRQHOULVSHWWR
GHOO·HFRORJLDSHUPHWWHGL UHFXSHUDUH
PDWHULHSULPHSUHJLDWH
:$YYLVR
, EDPELQLSRVVRQRUHVWDUHLPSULJLRQDWL
QHOODSSDUHFFKLRH VRIIRFDUH
■ 3HUUHQGHUHGLIILFLOHDLEDPELQL
OLQJUHVVRQHOODSSDUHFFKLRQRQ
ULPXRYHUHGDOVXRLQWHUQRULSLDQL
H FRQWHQLWRUL
■ 7HQHUHL EDPELQLORQWDQR
GDOODSSDUHFFKLRGLVPHVVR
$WWHQ]LRQH
3RVVLELOHIXRUXVFLWDGLUHIULJHUDQWH
H JDVGDQQRVL
1RQGDQQHJJLDUHL WXELGHOFLUFXLWR
UHIULJHUDQWHH OLVRODPHQWR
1. 6WDFFDUHODVSLQDGLDOLPHQWD]LRQH
2. 7URQFDUHLOFDYRGL DOODFFLDPHQWRDOOD
UHWH
3. )DUHVPDOWLUHODSSDUHFFKLRD UHJROD
GDUWH
4XHVWRDSSDUHFFKLRGLVSRQHGL
FRQWUDVVHJQR DL VHQVL GHOOD GLUHWWLYD
HXURSHD8(LQPDWHULDGL
DSSDUHFFKLHOHWWULFLHGHOHWWURQLFL
ZDVWH HOHFWULFDO DQG HOHFWURQLF HTXLSPHQW
:(((
4XHVWDGLUHWWLYDGHILQLVFHOHQRUPHSHUOD
UDFFROWDHLOULFLFODJJLRGHJOLDSSDUHFFKL
GLVPHVVLYDOLGHVXWXWWRLOWHUULWRULR
GHOO·8QLRQH(XURSHD
5,QVWDOOD]LRQHH
DOODFFLDPHQWR
,QVWDOOD]LRQH H DOODFFLDPHQWR
&RQWHQXWRGHOODFRQIH]LRQH
'RSRLOGLVLPEDOODJJLRFRQWUROODUHFKH
QHVVXQFRPSRQHQWHSUHVHQWLGDQQLGRYXWL
DOWUDVSRUWR
,QFDVRGLFRQWHVWD]LRQLULYROJHUVLDO
IRUQLWRUHSUHVVRLOTXDOHO·DSSDUHFFKLRq
VWDWRDFTXLVWDWRRSSXUHDOQRVWURVHUYL]LR
GLDVVLVWHQ]DFOLHQWL
~ 6HUYL]LRGLDVVLVWHQ]DFOLHQWL
D SDJLQD
/DGRWD]LRQHFRPSUHQGHLVHJXHQWL
FRPSRQHQWL
■ $SSDUHFFKLRGDLQFDVVR
■ $FFHVVRULDVHFRQGRGHOPRGHOOR
■ 0DWHULDOHGLPRQWDJJLR
■ ,VWUX]LRQLSHUOXVR
■ ,QVWUX]LRQLSHUO·LQVWDOOD]LRQH
■ /LEUHWWRGHOFHQWURGLDVVLVWHQ]D
WHFQLFDDXWRUL]]DWR
■ $OOHJDWRGLJDUDQ]LDFRQYHQ]LRQDOH
■ ,QIRUPD]LRQL VXO FRQVXPR HQHUJHWLFR H
VXLSRVVLELOLUXPRUL
'DWLWHFQLFL
,O UHIULJHUDQWH LO FRQWHQXWR XWLOH HG DOWUL GDWL
WHFQLFLVRQRLQGLFDWLVXOODWDUJKHWWD
SRUWDGDWL
~ &RQRVFHUH ODSSDUHFFKLR D SDJLQD

,QVWDOOD]LRQHGHOODSSDUHFFKLR
/XRJRG·LQVWDOOD]LRQH
/DSSDUHFFKLR GHYH HVVHUH FROORFDWR LQ XQ
ORFDOHGLGLPHQVLRQLDGHJXDWHLQ
SURSRU]LRQHDOODTXDQWLWjGLUHIULJHUDQWH
FRQWHQXWDQHOODSSDUHFFKLR,QDPELHQWL
WURSSRSLFFROLLQ FDVRGL IXJDVL SXz
IRUPDUHXQD PLVFHODLQILDPPDELOHG·DULD
H JDV
,O OXRJR G·LQVWDOOD]LRQH GHYH GLVSRUUH GL XQ
YROXPHPLQLPRGL PóRJQL JGL
UHIULJHUDQWH /D TXDQWLWj GL UHIULJHUDQWH GHO
YRVWURDSSDUHFFKLRq LQGLFDWDVXOOD
WDUJKHWWDG·LGHQWLILFD]LRQHDOO·LQWHUQR
GHOO·DSSDUHFFKLR
~ &RQRVFHUH ODSSDUHFFKLR D SDJLQD
$VHFRQGDGHOPRGHOORODSSDUHFFKLRSXz
SHVDUHILQRD NJ
7HPSHUDWXUDDPELHQWHDPPHVVD
/DWHPSHUDWXUDDPELHQWHDPPHVVD
GLSHQGHGDOODFODVVHFOLPDWLFD
GHOODSSDUHFFKLR
/DFODVVHFOLPDWLFDq LQGLFDWDVXOOD
WDUJKHWWDSRUWDGDWL
~ &RQRVFHUH ODSSDUHFFKLR D SDJLQD
1HLOLPLWLGHOODWHPSHUDWXUDDPELHQWH
DPPHVVDODSSDUHFFKLRq SLHQDPHQWH
HIILFLHQWH
6HXQDSSDUHFFKLRGHOODFODVVHFOLPDWLFD
61 YLHQH PHVVR LQ IXQ]LRQH D WHPSHUDWXUH
DPELHQWH LQIHULRUL SRVVRQR HVVHUH HVFOXVL
GDQQLDOO·DSSDUHFFKLRILQRDG XQD
WHPSHUDWXUDDPELHQWHGL &
'LPHQVLRQLQLFFKLD
3URIRQGLWjGHOODQLFFKLD
3HUODSSDUHFFKLRVL FRQVLJOLD
XQD SURIRQGLWj GHOOD QLFFKLD GL FP 8QD
PLQRUHSURIRQGLWjGHOODQLFFKLD² PLQLPR
FP²IDDXPHQWDUHOHJJHUPHQWH
ODVVRUELPHQWRGLHQHUJLD
/DUJKH]]DQLFFKLD
3HUODSSDUHFFKLRqQHFHVVDULDXQD
ODUJKH]]DLQWHUQDGHOODQLFFKLDGHOPRELOH
GLDOPHQR FP,QFDVRFRQWUDULR
SRVVRQRHPHUJHUHSUREOHPLGXUDQWH
OLQVWDOOD]LRQHGHOODSSDUHFFKLR
,QVWDOOD]LRQHVLGHE\VLGH
Ë SRVVLELOH FROORFDUH JOL DSSDUHFFKL XQR GL
ILDQFRDOODOWURPDQWHQHQGRXQDGLVWDQ]D
PLQLPDGLFP
&ODVVH FOLPD
WLFD
7HPSHUDWXUDDPELHQWHDP
PHVVD
61 &&
1 &&
67 &&
7 &&

5LVSDUPLRHQHUJHWLFR
2VVHUYDQGROHDYYHUWHQ]HVHJXHQWLODSSDUHFFKLRFRQVXPDPHQRHQHUJLDHOHWWULFD
$YYHUWHQ]D /D GLVSRVL]LRQHGHOOHSDUWLGHOODWWUH]]DWXUDQRQLQFLGHVXOFRQVXPRGL
HQHUJLDGHOODSSDUHFFKLR
,QVWDOOD]LRQHGHOODSSDUHFFKLR
3URWHJJHUHODSSDUHFFKLRGDOODOXFHGLUHWWDGHO
VROH
$ SL EDVVH WHPSHUDWXUH DPELHQWH ODSSDUHFFKLR
GHYHUDIIUHGGDUHFRQPLQRUHIUHTXHQ]D
H FRQVXPDSHUFLzPHQRHQHUJLDHOHWWULFD
'LVSRUUHODSSDUHFFKLRDOODPDJJLRUHGLVWDQ]D
SRVVLELOHGD UDGLDWRULSLDQRGL FRWWXUDH DOWUH
IRQWLGL FDORUH
'DFXFLQHHOHWWULFKHRDJDVFP
'DVWXIHDGROLRR D FDUERQH FP
$YYHUWHQ]D 4XDQGR TXHVWR QRQ q SRVVLELOH LQ
VHULUHXQ SDQQHOORLVRODQWHIUDDSSDUHFFKLR
H IRQWHGLFDORUH
6FHJOLHUHXQOXRJRGLLQVWDOOD]LRQHFRQ XQDWHP
SHUDWXUDDPELHQWHGL FD &
8WLOL]]DUHXQDSURIRQGLWjGHOODQLFFKLDGL FP
$WWHQ]LRQH
3HULFRORGLVFRWWDWXUH
6LQJROHSDUWLGHOODSSDUHFFKLRVLULVFDOGDQRGX
UDQWHLO IXQ]LRQDPHQWR8QFRQWDWWRFRQTXHVWH
SDUWLSXzFDXVDUHXVWLRQL
/DULDFLUFRODQWHOXQJROD SDUHWHSRVWHULRUH
GHOODSSDUHFFKLRQRQVL ULVFDOGDHFFHVVLYD
PHQWH/DSSDUHFFKLRFRQVXPDPHQRHQHUJLD
HOHWWULFDVHODULDFDOGDSXzGHIOXLUH
1RQ FRSULUH R RVWUXLUH OH DSHUWXUH GL YHQWLOD]LRQH
9HQWLODUHODPELHQWHRJQLJLRUQR
8VRGHOODSSDUHFFKLR
$SULUH OD SRUWD GHOODSSDUHFFKLR VROR EUHYHPHQWH 6LHYLWDFRVuXQHFFHVVLYRULVFDOGDPHQWR
GHOODULDQHOODSSDUHFFKLR/DSSDUHFFKLRGHYH
UDIIUHGGDUHFRQPLQRUHIUHTXHQ]DH FRQVXPD
FRVuPHQRHQHUJLDHOHWWULFD
7UDVSRUWDUHJOLDOLPHQWLDFTXLVWDWLLQXQDERUVD
WHUPLFDH PHWWHUOLVXELWRQHOODSSDUHFFKLR
/DVFLDUHUDIIUHGGDUHJOLDOLPHQWLHOHEHYDQGH
FDOGLSULPDGLLQWURGXUOLQHOODSSDUHFFKLR
3HUVFRQJHODUHJOLDOLPHQWLVXUJHODWLPHWWHUOLQHO
IULJRULIHURSHUVIUXWWDUHLO IUHGGRDFFXPXODWRGDL
VXUJHODWL
/DVFLDUHVHPSUHXQSRFRGL VSD]LRIUDJOLDOL
PHQWLH ODSDUHWHSRVWHULRUH
/DULDSXzFRVuFLUFRODUHH OXPLGLWjUHVWD
FRVWDQWH/DSSDUHFFKLRGHYHUDIIUHGGDUHFRQ
PLQRUH IUHTXHQ]D H FRQVXPD FRVu PHQR HQHUJLD
HOHWWULFD
&RQVHUYDUHJOLDOLPHQWLLQ FRQIH]LRQLHUPHWLFKH

3ULPDGHOSULPRXWLOL]]R
1. 3UHOHYDUHLO PDWHULDOHLQIRUPDWLYR
H ULPXRYHUHLOQDVWURDGHVLYRH OD
SHOOLFRODSURWHWWLYD
2. 3XOLUHO·DSSDUHFFKLR
~ 3XOL]LDD SDJLQD
$OODFFLDPHQWRHOHWWULFR
$WWHQ]LRQH
1RQFROOHJDUHODSSDUHFFKLRDGXQDSUHVD
D ULVSDUPLRHQHUJHWLFRHOHWWURQLFD
$YYHUWHQ]D /DSSDUHFFKLRSXzHVVHUH
FROOHJDWRDGLQYHUWHUJHVWLWLGDOODUHWHHG
D LQYHUWHUVLQXVRLGDOL
*OLLQYHUWHUJHVWLWLGDOODUHWHVRQRXWLOL]]DWL
LQ LPSLDQWLIRWRYROWDLFLFRQFROOHJDPHQWR
GLUHWWRDOODUHWHHOHWWULFDSXEEOLFD,QFDVR
GLVROX]LRQLDGLVRODXWLOL]]DUHLQYHUWHU
VLQXVRLGDOL/HVROX]LRQLDGLVRODDGHV
VXOOHQDYLR LQEDLWHGLPRQWDJQDQRQ
KDQQRXQDOODFFLDPHQWRGLUHWWRDOODUHWH
HOHWWULFDSXEEOLFD
1. 3HU HYLWDUH GDQQL DO FRPSUHVVRUH GRSR
OLQVWDOOD]LRQHGHOODSSDUHFFKLR
DWWHQGHUHDOPHQR RUDSULPDGL
FROOHJDUOR
2. &ROOHJDUHODSSDUHFFKLRWUDPLWHXQD
SUHVDHOHWWULFDLQVWDOODWDD QRUPD
/D SUHVD HOHWWULFD GHYH VRGGLVIDUH L GDWL
VHJXHQWL
)XRULGHOO(XURSDYHULILFDUHVHLO WLSR
GL FRUUHQWHLQGLFDWRGHOODSSDUHFFKLR
FRLQFLGHFRQL YDORULGHOODSURSULDUHWH
HOHWWULFD, GDWLGHOODSSDUHFFKLRVRQR
LQGLFDWLVXOODWDUJKHWWDSRUWDGDWL
~ &RQRVFHUHODSSDUHFFKLR
D SDJLQD
3. &ROOHJDUHODSSDUHFFKLRDGXQDSUHVD
HOHWWULFDLQ SURVVLPLWjGHOODSSDUHFFKLR
/DSUHVDGHYHHVVHUHOLEHUDPHQWH
DFFHVVLELOHDQFKHGRSROLQVWDOOD]LRQH
GHOODSSDUHFFKLR
:$YYLVR
3HULFRORGLVFRVVDHOHWWULFD
6HLOFDYRGLDOLPHQWD]LRQHQRQq
VXIILFLHQWHPHQWHOXQJRQRQXWLOL]]DUH
LQQHVVXQFDVRSUHVHPXOWLSOHR
SUROXQJKH&RQWDWWDUHLOVHUYL]LRGL
DVVLVWHQ]DFOLHQWLSHUOHSRVVLELOL
DOWHUQDWLYH
1RQ FRSULUH R RVWUXLUH OH DSHUWXUH GL YHQWLOD]LRQH /DULDFLUFRODQWHOXQJROD SDUHWHSRVWHULRUH
GHOODSSDUHFFKLRQRQVL ULVFDOGDHFFHVVLYD
PHQWH/DSSDUHFFKLRFRQVXPDPHQRHQHUJLD
HOHWWULFDVHODULDFDOGDSXzGHIOXLUH
6EULQDUHUHJRODUPHQWHLOFRQJHODWRUH 8QRVWUDWRGLEULQDRJKLDFFLRQHOFRQJHODWRUH
UDOOHQWDLOSDVVDJJLRGHOIUHGGRDJOLDOLPHQWL
FRQJHODWLHDXPHQWDLOFRQVXPRGLHQHUJLDHOHW
WULFD
&KLXGHUHFRUUHWWDPHQWHODSRUWDGHOFRQJHODWRUH ,OFRQJHODWRUHIRUPDPROWRJKLDFFLR6SUHFRGL
HQHUJLDDFDXVDGLDOWRFRQVXPRGLFRUUHQWH
HOHWWULFD
8VRGHOODSSDUHFFKLR
3UHVDFRQ 99
/LQHDGLWHUUD +]
)XVLELOH $$

*&RQRVFHUH
ODSSDUHFFKLR
&RQRVFHUH ODSSDUHFFKLR
$SULUHOXOWLPDSDJLQDFRQOHILJXUH
$ VHFRQGDGHOODGRWD]LRQHVRQRSRVVLELOL
GLIIHUHQ]HIUD DSSDUHFFKLRH ILJXUH
$SSDUHFFKLR
~)LJXUD !
1RQLQWXWWLLPRGHOOL
(OHPHQWLGLFRPDQGR
~)LJXUD "
&DUDWWHULVWLFKH
QRQLQ WXWWLL PRGHOOL
5LSLDQR
~)LJXUD #
/DSRVL]LRQHGHOULSLDQRqYDULDELOH
■ HVWUDUUHLOULSLDQRHULPXRYHUOR
# )ULJRULIHUR
+ 9DQRD&
3 &RQJHODWRUH
()" (OHPHQWLGLFRPDQGR
)* ,OOXPLQD]LRQH
)2 5LSLDQRGL VHSDUD]LRQHFRQ
UHJRODWRUHXPLGLWj
): &DVVHWWRSHUYHUGXUH
)B &DVVHWWRD &
)J &DVVHWWRVXUJHODWLSLDWWR
)R &DVVHWWRVXUJHODWL
)Z &DVVHWWRVXUJHODWLJUDQGH
)b &DVVHWWRVXUJHODWLSLFFROR
)j 7DUJKHWWDLGHQWLILFDWLYD
1" 6FRPSDUWRSHUEXUURH
IRUPDJJLR
1* 5LSLDQRSHU ERWWLJOLHJUDQGL
( 3XOVDQWH #
$FFHQGHR VSHJQHODSSDUHFFKLR
0 3XOVDQWH VXSHUFRQJHODWRUH
$WWLYDR GLVDWWLYD
LO VXSHUFRQJHODPHQWR
8 3XOVDQWH FRQJHODWRUH
5HJRODODWHPSHUDWXUDGHO
FRQJHODWRUH
@ 'LVSOD\WHPSHUDWXUDFRQJHODWRUH
,QGLFDLQ &ODWHPSHUDWXUD
UHJRODWD
H 3XOVDQWH DODUP
'LVDWWLYDLOVHJQDOHDFXVWLFR
P K\SHU)UHVK &
/LQGLFDWRUHqDFFHVRTXDQGR
ODSSDUHFFKLRqLQIXQ]LRQH
X 3XOVDQWH KROLGD\
$WWLYDUHRGLVDWWLYDUHODPRGDOLWj
YDFDQ]D
` 3XOVDQWH IULJRULIHUR
5HJRODODWHPSHUDWXUDGHO
IULJRULIHUR
h 'LVSOD\WHPSHUDWXUDIULJRULIHUR
,QGLFDLQ &ODWHPSHUDWXUD
UHJRODWD
)" 3XOVDQWH VXSHUIULJRULIHUR
$WWLYDR GLVDWWLYD
LO VXSHUUDIIUHGGDPHQWR

5LSLDQRYDULDELOH
~)LJXUD $
3RVVRQRHVVHUHLQWURGRWWLFRQWHQLWRULDOWL
DG HVEULFFKLR ERWWLJOLH
■ (VWUDUUHOD SDUWHDQWHULRUHGHOULSLDQR
H VSLQJHUODVRWWROD SDUWHSRVWHULRUH
&DVVHWWRSHUYHUGXUH
~)LJXUD %
,OFDVVHWWRSXzHVVHUHULPRVVR
■ 6ROOHYDUHLOFDVVHWWRGDGLHWURHG
HVWUDUOR
ËSRVVLELOHLQVHULUHLOFDVVHWWR
■ ,QVHULUHLOFDVVHWWRVXOOHJXLGHGL
HVWUD]LRQHHVSLQJHUOR
QHOODSSDUHFFKLR
9DVVRLRVXUJHODWL
~ILJXUD &
,OYDVVRLRSXzHVVHUHULPRVVR
1. HVWUDUUHLOFDVVHWWRILQRDEDWWXWD
2. 6ROOHYDUHLOYDVVRLRHULPXRYHUOR
&DVVHWWRVXUJHODWL
~)LJXUD '
,OFDVVHWWRSXzHVVHUHULPRVVR
■ (VWUDUUHLOFDVVHWWRILQRDOO·DUUHVWR
VROOHYDUORDYDQWLHGHVWUDUOR
%DOFRQFLQR
~)LJXUD (
,OEDOFRQFLQRSXzHVVHUHULPRVVR
■ 6ROOHYDUHHGHVWUDUUHLOEDOFRQFLQR
)HUPDERWWLJOLH
~)LJXUD )
4XDQGRVLDSUHH FKLXGHODSRUWD
■ ,O IHUPDERWWLJOLHLPSHGLVFHOD FDGXWD
GL ERWWLJOLH
9DVFKHWWDGHO JKLDFFLR
3RVVRQRHVVHUHSURGRWWLFXEHWWL
GL JKLDFFLR
1. 5LHPSLUHODYDVFKHWWDGHOJKLDFFLRSHU
FRQDFTXDHLQVHULUODQHO
FRQJHODWRUH
$YYHUWHQ]D 6WDFFDUHODYDVFKHWWD
GHOJKLDFFLRHYHQWXDOPHQWHDWWDFFDWD
VRORFRQXQRJJHWWRQRQDFXPLQDWR
PDQLFRGLFXFFKLDLR
2. 3HUVWDFFDUHL FXEHWWLGL JKLDFFLR
PHWWHUHEUHYHPHQWHOD YDVFKHWWDVRWWR
DFTXDFRUUHQWHRSSXUHWRUFHUOD
OHJJHUPHQWH
$FFXPXODWRULGHOIUHGGR
,Q FDVRGL LQWHUUX]LRQHGHOOHQHUJLD
HOHWWULFDR GLXQJXDVWR
■ /DFFXPXODWRUHGL IUHGGRULWDUGD
LO ULVFDOGDPHQWRGHLVXUJHODWL
FRQVHUYDWLQHOOLQWHUQR
$YYHUWHQ]D /DPDVVLPDGXUDWD
GL FRQVHUYD]LRQHVLUDJJLXQJHGHSRQHQGR
ODFFXPXODWRUHGL IUHGGRVRSUDJOLDOLPHQWL
QHOSULPRVFRPSDUWRVXSHULRUH
/DFFXPXODWRUHGL IUHGGRSXzHVVHUH
XWLOL]]DWRSHU ODWHPSRUDQHD
FRQVHUYD]LRQH DO IUHVFR GL DOLPHQWL DG HV
LQXQDERUVDWHUPLFD

18WLOL]]DUHODSSDUHFFKLR
8WLOL]]DUH ODSSDUHFFKLR
$FFHQVLRQHGHOO·DSSDUHFFKLR
1. 3UHPHUHLOWDVWR #
/·DSSDUHFFKLRLQL]LDD UDIIUHGGDUH
6HJQDOHDFXVWLFRGLVSOD\WHPSHUDWXUD
GHOFRQJHODWRUHLQWHUPLWWHQWHH
WDVWR DODUPDFFHVRLQGLFDQRFKHOD
WHPSHUDWXUDQHOFRQJHODWRUHqDQFRUD
WURSSRDOWD
2. 3UHPHUHLOWDVWR DODUP
,O VHJQDOHDFXVWLFRVL GLVDWWLYD
3. 5HJRODUHODWHPSHUDWXUDGHVLGHUDWD
~ ,PSRVWD]LRQHGHOODWHPSHUDWXUD
D SDJLQD
,VWUX]LRQLSHULOIXQ]LRQDPHQWR
■ 'RSR O·DFFHQVLRQH SRVVRQR WUDVFRUUHUH
GLYHUVHRUHSULPDFKHOHWHPSHUDWXUH
UHJRODWHYHQJDQRUDJJLXQWH1RQ
LQWURGXUUHDOLPHQWLSULPDFKHVLDVWDWD
UDJJLXQWDODWHPSHUDWXUDVFHOWD
■ ,O ODWRDQWHULRUHGHOO·DSSDUHFFKLRq LQ
SDUWHOHJJHUPHQWHULVFDOGDWRTXHVWR
LPSHGLVFHOD IRUPD]LRQHGL FRQGHQVD
QHOOD]RQDGHOOD JXDUQL]LRQH
GHOOD SRUWD
■ 6HODSRUWDGHOFRQJHODWRUHGRSR
DYHUODFKLXVDRSSRQHUHVLVWHQ]DDG
XQDQXRYDDSHUWXUDDWWHQGHUHXQ
DWWLPR ILQFKp OH SUHVVLRQL LQWHUQH QRQ VL
VLDQRFRPSHQVDWH
6SHJQHUHHPHWWHUHIXRUL
VHUYL]LRO·DSSDUHFFKLR
6SHJQLPHQWRGHOO·DSSDUHFFKLR
■ 3UHPHUHLOWDVWR #
/·DSSDUHFFKLRQRQUDIIUHGGDSL
0HWWHUHIXRULVHUYL]LRO·DSSDUHFFKLR
4XDQGRQRQVLXVDO·DSSDUHFFKLRSHUXQ
OXQJRSHULRGR
1. 3UHPHUHLOWDVWR #
/·DSSDUHFFKLRQRQUDIIUHGGDSL
2. (VWUDUUHODVSLQDGLDOLPHQWD]LRQHR
GLVLQVHULUHLOGLVSRVLWLYRGLVLFXUH]]D
3. 3XOLUHO·DSSDUHFFKLR
4. /DVFLDUHDSHUWRO·DSSDUHFFKLR
,PSRVWD]LRQHGHOOD
WHPSHUDWXUD
7HPSHUDWXUDFRQVLJOLDWD
)ULJRULIHUR
■ 3UHPHUHULSHWXWDPHQWHLO SXOVDQWH
ILQFKpLO GLVSOD\QRQLQGLFD
OD WHPSHUDWXUDGHVLGHUDWD
9DQRD&
/DWHPSHUDWXUDGHOYDQRD&VL
PDQWLHQHYLFLQRD&
$YYHUWHQ]D 6HVXJOLDOLPHQWLUHIULJHUDWL
QHOYDQRD&VLIRUPDJKLDFFLR
UHJRODUHODWHPSHUDWXUDVXXQYDORUHSL
DOWR ~ *XDVWL&KHIDUHVH"
D SDJLQD
&RQJHODWRUH
■ 3UHPHUHULSHWXWDPHQWHLO SXOVDQWH
ILQFKpLO GLVSOD\QRQLQGLFD
OD WHPSHUDWXUDGHVLGHUDWD
)ULJRULIHUR &
&RQJHODWRUH ² &

6XSHUUDIIUHGGDPHQWR
&RQLO VXSHUUDIIUHGGDPHQWRLOIULJRULIHUR
UDIIUHGGDDO PDVVLPRGHOODSRWHQ]D
,QVHULUHLO VXSHUUDIIUHGGDPHQWRSHU HV
■ SULPDG·LQWURGXUUHJUDQGLTXDQWLWj
GL DOLPHQWL
■ SHUUDIIUHGGDUHUDSLGDPHQWHEHYDQGH
$YYHUWHQ]D &RQ LO VXSHUUDIIUHGGDPHQWR
DWWLYDWRLO UXPRUHGHOODSSDUHFFKLR
DXPHQWD
'RSR RUHODSSDUHFFKLRFRPPXWD
D IXQ]LRQDPHQWRQRUPDOH
$WWLYDUHGLVDWWLYDUHLO
VXSHUUDIIUHGGDPHQWR
■ 3UHPHUHLOWDVWR VXSHU
,OSXOVDQWHqDFFHVRTXDQGRLO
VXSHUUDIIUHGGDPHQWRqLQVHULWR
6XSHUFRQJHODPHQWR
6XSHUFRQJHODPHQWRDXWRPDWLFR
,O VXSHUFRQJHODPHQWR DXWRPDWLFR VL DWWLYD
DXWRPDWLFDPHQWHTXDQGRVLLQVHULVFRQR
DOLPHQWLFDOGL
&RQLOVXSHUFRQJHODPHQWRDXWRPDWLFRLO
FRQJHODWRUHUDIIUHGGDPROWRGLSLFKH
GXUDQWHLOIXQ]LRQDPHQWRQRUPDOH
&RQLOVXSHUFRQJHODPHQWRJOLDOLPHQWL
YHQJRQRFRQJHODWLFRPSOHWDPHQWHLQ
PRGRUDSLGR
$YYHUWHQ]D &RQLOVXSHUFRQJHODPHQWR
DXWRPDWLFRLQVHULWRLOWDVWR VXSHUq
DFFHVRHLOUXPRUHGHOODSSDUHFFKLR
SRWUHEEHDXPHQWDUH
$OWHUPLQHGHOVXSHUFRQJHODPHQWR
DXWRPDWLFRODSSDUHFFKLRWRUQD
DXWRPDWLFDPHQWHDOIXQ]LRQDPHQWR
QRUPDOH
3HULQWHUURPSHUHPDQXDOPHQWHLO
VXSHUFRQJHODPHQWRDXWRPDWLFR
■ 3UHPHUHLOWDVWR VXSHU
6XSHUFRQJHODPHQWRPDQXDOH
&RQLOVXSHUFRQJHODPHQWRPDQXDOHLO
FRQJHODWRUHUDIIUHGGDDO PDVVLPRGHOOD
SRWHQ]D
,QVHULUHLOVXSHUFRQJHODPHQWRDGHV
■ SHUFRQJHODUHUDSLGDPHQWH
H FRPSOHWDPHQWHJOLDOLPHQWL
■ RUHSULPDGLLQWURGXUUHXQD
TXDQWLWjGLJHQHULDOLPHQWDULGL NJR
VXSHULRUH
■ SHUXWLOL]]DUHODPDVVLPDFDSDFLWjGL
FRQJHODPHQWR
~ 0DVVLPDFDSDFLWj
GL FRQJHODPHQWRD SDJLQD
$YYHUWHQ]D &RQLOVXSHUFRQJHODPHQWR
LQVHULWRLOUXPRUHGHOODSSDUHFFKLR
SRWUHEEHDXPHQWDUH
'RSRFD ^JLRUQLODSSDUHFFKLR
FRPPXWDDIXQ]LRQDPHQWRQRUPDOH
$WWLYDUHGLVDWWLYDUH LO VXSHUFRQJHODPHQWR
■ 3UHPHUHLOWDVWR VXSHU
,OSXOVDQWHqDFFHVRTXDQGRLO
VXSHUFRQJHODPHQWRqLQVHULWR
0RGR9DFDQ]D
,QFDVRGLDVVHQ]DSUROXQJDWDVLSXz
FRPPXWDUHO·DSSDUHFFKLRQHOPRGR
9DFDQ]DSHULOULVSDUPLRHQHUJHWLFR
/DWHPSHUDWXUDQHOIULJRULIHURYLHQH
LPSRVWDWDDXWRPDWLFDPHQWHD &
,QTXHVWRSHULRGRQRQLPPHWWHUHDOLPHQWL
QHOIULJRULIHUR
/DWHPSHUDWXUDGHOFRQJHODWRUHUHVWD
LQYDULDWD
$WWLYDUHGLVDWWLYDUHOD PRGDOLWjYDFDQ]D
■ 3UHPHUHLOWDVWR KROLGD\
4XDQGR OD PRGDOLWj YDFDQ]D q DWWLYDWD
LOSXOVDQWHVLDFFHQGHHGLO GLVSOD\
WHPSHUDWXUDGHOIULJRULIHURQRQLQGLFD
SLOD WHPSHUDWXUD

M$OODUPH
$OODUPH
$OODUPHSRUWD
6H OD SRUWD GHOODSSDUHFFKLR UHVWD DSHUWD D
OXQJRVLDWWLYDODOODUPHSRUWD
■ &KLXGHUHODSRUWDRSUHPHUHLO
WDVWR DODUP
,OVHJQDOHDFXVWLFRYLHQHGLVDWWLYDWR
$OODUPHWHPSHUDWXUD
4XDQGROD WHPSHUDWXUDQHO FRQJHODWRUH
DXPHQWDWURSSRVFDWWDODOODUPH
WHPSHUDWXUD
$WWHQ]LRQH
'XUDQWHORVFRQJHODPHQWRSRVVRQR
VYLOXSSDUVL EDWWHUL H L SURGRWWL VXUJHODWL
SRVVRQRGHWHULRUDUVL
1RQ ULFRQJHODUH JOL DOLPHQWL SDU]LDOPHQWH R
FRPSOHWDPHQWHGHFRQJHODWL
5LFRQJHODUHVRORGRSRODFRWWXUD
&RQVLGHUDUHXQDGXUDWDGLFRQVHUYD]LRQH
LQIHULRUH
$YYHUWHQ]D 6HQ]DSHULFRORSHUJOL
DOLPHQWL VXUJHODWL ODOODUPH SXz DWWLYDUVL QHL
FDVLVHJXHQWL
■ /DSSDUHFFKLRYLHQHPHVVR
LQ IXQ]LRQH
■ 9HQJRQRLQWURGRWWHJUDQGLTXDQWLWj
GL DOLPHQWLIUHVFKL
■ 3RUWDGHO FRQJHODWRUHDSHUWDSHU
WURSSRWHPSR
9LVXDOL]]DUHODPDVVLPDWHPSHUDWXUD
UDJJLXQWDH GLVDWWLYDUHLO VHJQDOHDFXVWLFR
■ 3UHPHUHLOWDVWR DODUP
,O GLVSOD\LQGLFDEUHYHPHQWH
OD PDVVLPDWHPSHUDWXUDUDJJLXQWD
QHO FRQJHODWRUH'RSRLO GLVSOD\LQGLFD
GL QXRYROD WHPSHUDWXUDUHJRODWD
,QL]LDQGRGD TXHVWRPRPHQWR
OD PDVVLPDWHPSHUDWXUDYLHQH
GL QXRYRULOHYDWDH PHPRUL]]DWD
$YYHUWHQ]D ,OWDVWR DODUPUHVWD
DFFHVRILQFKpODWHPSHUDWXUDUHJRODWD
QRQqVWDWDGLQXRYRUDJJLXQWD
U)ULJRULIHUR
)ULJRULIHUR
,OIULJRULIHURqDGDWWRSHUFRQVHUYDUH
ODWWLFLQL XRYD FLEL SURQWL SURGRWWL GD IRUQR
FRQVHUYH DSHUWH H IRUPDJJLR D SDVWD GXUD
/DWHPSHUDWXUDSXzHVVHUHUHJRODWDGD
& D &
0HGLDQWHFRQVHUYD]LRQHLQIULJRULIHUR
DQFKHDOLPHQWLDOWDPHQWHGHSHULELOL
SRVVRQRHVVHUHFRQVHUYDWLD EUHYH
R PHGLRWHUPLQH4XDQWRSLEDVVD
q OD WHPSHUDWXUDVHOH]LRQDWDWDQWRSL
OHQWDPHQWHVLVYLOXSSDLOGHWHULRUDPHQWR
HQ]LPDWLFRFKLPLFRR FDXVDWR
GD PLFURUJDQLVPL8QDWHPSHUDWXUDGL
&R LQIHULRUHJDUDQWLVFHOD
FRQVHUYD]LRQHGHOODIUHVFKH]]DRWWLPDOH
H ODVLFXUH]]DGHJOLDOLPHQWLFRQVHUYDWL
7HQHUHSUHVHQWHQHOOD
FRQVHUYD]LRQH
■ &RQVHUYDUHDOLPHQWLIUHVFKLH LQWHJUL
&RVuODTXDOLWjH ODIUHVFKH]]DVL
FRQVHUYDQRSLD OXQJR
■ 3HUSURGRWWLSURQWLH DOLPHQWL
FRQIH]LRQDWLQRQVXSHUDUHOD GDWD
PLQLPDGL FRQVHUYD]LRQHR ODGDWDGL
FRQVXPRLQGLFDWDGDOSURGXWWRUH
■ 6LVWHPDUH JOL DOLPHQWL EHQ FRQIH]LRQDWL
R FRSHUWLSHUFRQVHUYDUHDURPD
FRORUHH IUHVFKH]]D
6LHYLWDQRFRVuWUDVPLVVLRQLGLJXVWR
H DOWHUD]LRQHGL FRORUHGHOOHSDUWLLQ
PDWHULDOHVLQWHWLFR
■ /DVFLDUHUDIIUHGGDUHDOLPHQWL
H EHYDQGHFDOGLH VRORGRSRLQWURGXUOL
QHOIULJRULIHUR

&RQVLGHUDUH OH ]RQH IUHGGH QHO
IULJRULIHUR
/D FLUFROD]LRQHGHOO·DULDQHOIULJRULIHUR
JHQHUDGHOOH]RQHFRQWHPSHUDWXUH
GLIIHUHQWL
/D]RQDSLIUHGGD
/D]RQDSLIUHGGDqVXOULSLDQRGL
VHSDUD]LRQHHQHOEDOFRQFLQRSHUERWWLJOLH
JUDQGL
=RQDPHQRIUHGGD
/D ]RQD PHQR IUHGGD q QHOOD SDUWH SL DOWD
GHOODSRUWD
1RWH
■ &RQVHUYDUH QHOOD ]RQD PHQR IUHGGD DG
HVIRUPDJJLRGXURHEXUUR,O
IRUPDJJLRSXzFRVuFRQWLQXDUHD
GLIIRQGHUHLOVXRDURPDHLOEXUURUHVWD
VSDOPDELOH
■ &RQVHUYDUHJOLDOLPHQWLGHOLFDWLDGHV
SHVFHVDOXPLHFDUQHQHOYDQR
D& ~ 9DQRD&D SDJLQD
T 9DQRD&
9DQRD&
/DWHPSHUDWXUDGHOYDQRD&VL
PDQWLHQHYLFLQRD&
/D EDVVD WHPSHUDWXUD H LO OLYHOOR GL XPLGLWj
RWWLPDOHJDUDQWLVFRQRFRQGL]LRQLGL
FRQVHUYD]LRQHLGHDOLSHUJOLDOLPHQWL
IUHVFKL
1HOYDQRD&JOLDOLPHQWLIUHVFKL
SRVVRQR HVVHUH FRQVHUYDWL IUHVFKL SHU XQD
GXUDWDILQRDWUHYROWHPDJJLRUHULVSHWWR
DOODQRUPDOH]RQDIULJRSHUFRQVHUYDUH
IUHVFKH]]DVRVWDQ]HQXWULWLYHHJXVWR
DQFRUDSLDOXQJR
&DVVHWWRSHUYHUGXUH
~)LJXUD *
,OFDVVHWWRSHUYHUGXUHqLOOXRJRGL
FRQVHUYD]LRQHRWWLPDOHSHUIUXWWDH
YHUGXUDIUHVFKH/XPLGLWjGHOODULDQHO
FDVVHWWRSHUYHUGXUHSXzHVVHUHDGDWWDWD
SHUPH]]RGHO UHJRODWRUHXPLGLWjGHO
ULSLDQRGLVHSDUD]LRQHH GLXQDVSHFLDOH
JXDUQL]LRQH
/XPLGLWj GHOODULD QHO FDVVHWWR SHU YHUGXUH
SXzHVVHUHUHJRODWDD VHFRQGDGHOWLSR
H GHOOD TXDQWLWj GHL SURGRWWL GD FRQVHUYDUH
■ SUHYDOHQWHPHQWHIUXWWDHLQ FDVR
GL FDULFRHOHYDWRUHJRODUHXQXPLGLWj
GHOODULDSLEDVVD
■ SUHYDOHQWHPHQWHYHUGXUDHLQFDVR
GL FDULFRPLVWRR GLFDULFRULGRWWR
UHJRODUHXQD PDJJLRUHXPLGLWjGHOODULD
$YYHUWHQ]H
■ 3HUODFRQVHUYD]LRQHRWWLPDOHGHOOD
TXDOLWjHGHOODURPDGLIUXWWDDGHV
DQDQDVEDQDQHSDSDLDHGDJUXPLH
RUWDJJLDGHVPHODQ]DQHFHWULROL
]XFFKLQH SHSHURQL SRPRGRUL H SDWDWH
FKHWHPRQRLOIUHGGRFRQVHUYDUHL
SURGRWWLIXRULGDOODSSDUHFFKLRD
WHPSHUDWXUHGLFLUFD & &
■ $ VHFRQGD GHOOD TXDQWLWj H GHO SURGRWWR
FRQVHUYDWRQHOFDVVHWWRSHUYHUGXUH
SXzIRUPDUVLFRQGHQVD
5LPXRYHUHODFRQGHQVDFRQXQSDQQR
DVFLXWWRHDGDWWDUHO·XPLGLWjGHOO·DULD
QHOFDVVHWWRSHUYHUGXUHFRQLO
UHJRODWRUHXPLGLWj
&DVVHWWRD &
~)LJXUD !)B
,OFOLPDGLFRQVHUYD]LRQHQHOFDVVHWWRD
& RIIUH FRQGL]LRQL LGHDOL SHU FRQVHUYDUH
SHVFHFDUQHHVDOXPL

7HPSLGLFRQVHUYD]LRQHD &
,WHPSLGLFRQVHUYD]LRQHGLSHQGRQRGDOOD
TXDOLWjGLSDUWHQ]DGHJOLDOLPHQWL
W&RQJHODWRUH
&RQJHODWRUH
,OFRQJHODWRUHq DGDWWRSHU
■ FRQVHUYDUHVXUJHODWL
■ SURGXUUHFXEHWWLGL JKLDFFLR
■ FRQJHODUHDOLPHQWL
/DWHPSHUDWXUDSXzHVVHUHUHJRODWDGD
² &² &
&RQODFRQVHUYD]LRQHQHOFRQJHODWRUHJOL
DOLPHQWLGHWHULRUDELOLSRVVRQRHVVHUH
FRQVHUYDWLD OXQJRVHQ]DDSSUH]]DELOL
SHUGLWHGLTXDOLWjSRLFKpOHEDVVH
WHPSHUDWXUHUDOOHQWDQRQRWHYROPHQWH
R DGGLULWWXUDDUUHVWDQRLO GHWHULRUDPHQWR
/DVSHWWRODURPDH WXWWHOH SUH]LRVH
VRVWDQ]HVLFRQVHUYDQRLQPDVVLPDSDUWH
LQWHJUH
/DFRQVHUYD]LRQHD OXQJRWHUPLQHGHJOL
DOLPHQWLYDHVHJXLWDD² &R D
WHPSHUDWXUHSLEDVVH
,OWHPSRQHFHVVDULRSHULOFRQJHODPHQWR
FRPSOHWRGLDOLPHQWLIUHVFKLGLSHQGHGDL
IDWWRULVHJXHQWL
■ WHPSHUDWXUDUHJRODWD
■ JHQHUHGLDOLPHQWR
■ ULHPSLPHQWRGHOFRQJHODWRUH
■ TXDQWLWjH WLSRGL FRQVHUYD]LRQH
&RQJHODUHSLFFROHTXDQWLWjGL
DOLPHQWL
3HUFRQJHODUHDOLPHQWL
■ GLVSRUOLQHOYDVVRLRVXUJHODWLSRVWR
QHOODSDUWHSRVWHULRUHGHOFDVVHWWR
VXUJHODWLJUDQGHRQHOFDVVHWWR
VXUJHODWLSLDWWR ~ &RQRVFHUH
ODSSDUHFFKLRD SDJLQD
■ LQL]LDQGRGDOODSDUWHHVWHUQDDGHVWUD
■ GLVWULEXHQGROLVXXQDPSLDVXSHUILFLH
&RVuYHQJRQRFRPSOHWDPHQWHFRQJHODWL
QHOPRGRSLUDSLGR
0DVVLPDFDSDFLWj
GL FRQJHODPHQWR
/DPDVVLPDFDSDFLWjGLFRQJHODPHQWR
LQGLFDOD TXDQWLWjGL DOLPHQWLFKHSXz
HVVHUHFRPSOHWDPHQWHFRQJHODWD
LQ RUH
6XOODWDUJKHWWDSRUWDGDWLVRQRULSRUWDWLL
GDWLGHOODPD[FDSDFLWjGLFRQJHODPHQWR
~ &RQRVFHUH ODSSDUHFFKLR D SDJLQD
3HUVIUXWWDUHODPDVVLPDFDSDFLWjGL
FRQJHODPHQWRDFFHQGHUHLO
VXSHUFRQJHODPHQWR RUHSULPDGL
LQWURGXUUHJOLDOLPHQWLIUHVFKL
~ 6XSHUFRQJHODPHQWRD SDJLQD
3HVFHIUHVFRIUXWWLGL
PDUH
ILQRD JLRUQL
3ROODPHFDUQHFRWWLDUUR
VWLWL
ILQRD JLRUQL
0DQ]RVXLQRDJQHOOR
VDOXPLDIIHWWDWL
ILQRD JLRUQL
3HVFHDIIXPLFDWREURFFROL ILQRD JLRUQL
,QVDODWDILQRFFKLRDOEL
FRFFKHSUXJQH
ILQRD JLRUQL
)RUPDJJLRDSDVWDPRU
ELGD\RJXUWULFRWWDODWWL
FHOORFDYROILRUH
ILQRD JLRUQL

&RQGL]LRQLSHUODPD[ FDSDFLWj
GL FRQJHODPHQWR
1. &LUFD RUH SULPD GL LQWURGXUUH SURGRWWL
IUHVFKLDFFHQGHUHLO
VXSHUFRQJHODPHQWR
~ 6XSHUFRQJHODPHQWRPDQXDOH
D SDJLQD
2. 7RJOLHUHL FRQWHQLWRULGDO FRQJHODWRUH
H DFFXPXODUHJOL DOLPHQWLGLUHWWDPHQWH
VXLULSLDQLH VXOIRQGRGHOFRQJHODWRUH
3. 5LHPSLUH FRQ JOL DOLPHQWL SULPD LO SULPR
VFRPSDUWR VXSHULRUH 4XL HVVL YHQJRQR
FRPSOHWDPHQWH FRQJHODWL QHO PRGR SL
UDSLGR
4. 6HOR VFRPSDUWRVXSHULRUHQRQ
q VXIILFLHQWHFRQVHUYDUHODTXDQWLWj
UHVWDQWHQHOORVFRPSDUWRVRWWRVWDQWH
LQL]LDQGRGDDYDQWLD GHVWUD
5. &RQJHODUHJOLDOLPHQWLIUHVFKL
SRVVLELOPHQWHYLFLQRDOOHSDUHWLODWHUDOL
6IUXWWDUH LQWHUDPHQWH LO YROXPH
XWLOH
3HUVLVWHPDUHOD PDVVLPDTXDQWLWj
GL VXUJHODWL
■ 5LPXRYHUHWXWWHOH SDUWL
GHOODWWUH]]DWXUDLQWHUQD
■ 'HSRUUHJOLDOLPHQWLGLUHWWDPHQWHVXL
ULSLDQLH VXOIRQGRGHOFRQJHODWRUH
$FTXLVWRGLDOLPHQWLVXUJHODWL
■ 3UHVWDUHDWWHQ]LRQHFKHODFRQIH]LRQH
QRQVLDGDQQHJJLDWD
■ 3UHVWDUHDWWHQ]LRQHDOODGDWDGL
VFDGHQ]D
■ /DWHPSHUDWXUD
QHOOHVSRVLWRUHFRQJHODWRUHGLYHQGLWD
GHYHHVVHUH² &RLQIHULRUH
■ 1RQ LQWHUURPSHUH OD FDWHQD GHO IUHGGR
WUDVSRUWDUHJOLDOLPHQWLVXUJHODWL
SRVVLELOPHQWHLQXQDERUVDWHUPLFDH
ULSRUOLSRLDOSLSUHVWRQHOFRQJHODWRUH
7HQHUHSUHVHQWHQHOOD
VLVWHPD]LRQH
■ &RQJHODUHJUDQGLTXDQWLWjGL DOLPHQWL
QHOORVFRPSDUWRVXSHULRUH
,QHVVRVL FRQJHODQRLQ PRGR
SDUWLFRODUPHQWHUDSLGRH GHOLFDWR
■ 'HSRUUHJOLDOLPHQWLVSDUVLVXOOD
VXSHUILFLH QHJOL VFRPSDUWL R QHL FDVVHWWL
VXUJHODWL
■ 1RQPHWWHUHJOLDOLPHQWLGD VXUJHODUH
D FRQWDWWRFRQJOLDOLPHQWLVXUJHODWL
6HQHFHVVDULRVSRVWDUHJOLDOLPHQWL
VXUJHODWLQHLFDVVHWWLGHL VXUJHODWL
■ ,PSRUWDQWHSHUOD SHUIHWWDFLUFROD]LRQH
GHOODULDQHOODSSDUHFFKLR
6SLQJHUH QHOOLQWHUQR L FDVVHWWL VXUJHODWL
ILQRDOO·DUUHVWR
&RQJHODPHQWRGLDOLPHQWL
IUHVFKL
&RQJHODUHVROWDQWRDOLPHQWLIUHVFKLH
LQWHJUL
*OLDOLPHQWLFKHVLFRQVXPDQRFRWWL
DUURVWLWLR FRWWLLQ IRUQRVRQRSLDGDWWLSHU
LO FRQJHODPHQWRULVSHWWRDJOLDOLPHQWLFKH
VLFRQVXPDQRFUXGL
3ULPDGHOFRQJHODPHQWRD VHFRQGD
GHOODOLPHQWRHVHJXLUHL SURFHVVL
GL SUHSDUD]LRQHSHUFRQVHUYDUHDOPHJOLR
LO YDORUHQXWULWLYRODURPDH LO FRORUH
■ 9HUGXUDODYDUHVPLQX]]DUH
VEROOHQWDUH
■ )UXWWDODYDUHVQRFFLRODUHHG
HYHQWXDOPHQWHVEXFFLDUHDJJLXQJHUH
HYHQWXDOPHQWH]XFFKHURR VROX]LRQH
GL DFLGRDVFRUELFR
,QGLFD]LRQLDSURSRVLWRVRQRGLVSRQLELOLLQ
ULFHWWDULRULYLVWHGLFXFLQD

6RQRLGRQHLSHULO FRQJHODPHQWR
■ 3URGRWWLGDIRUQR
■ 3HVFHH IUXWWLGL PDUH
■ &DUQH
■ 6HOYDJJLQDH SROODPH
■ 9HUGXUDIUXWWDHG HUEHDURPDWLFKH
■ 8RYDVHQ]DEXFFLD
■ /DWWLFLQLDGHVIRUPDJJLREXUUR
H TXDUN
■ $OLPHQWL SURQWL H UHVLGXL GL SLHWDQ]H DG
HVPLQHVWUHSLDWWLXQLFLFDUQHFRWWD
SHVFH FRWWR DOLPHQWL GL SDWDWH VIRUPDWL
H GROFL
1RQVRQRLGRQHLSHULOFRQJHODPHQWR
■ , WLSLGL RUWDJJLFKHVROLWDPHQWH
VL FRQVXPDQRFUXGLDGHVLQVDODWDLQ
IRJOLDR UDYDQHOOL
■ 8RYDQRQVEXFFLDWHR XRYDVRGH
■ 8YD
■ 0HOHSHUHH SHVFKHLQWHUH
■ <RJXUWODWWHFDJOLDWRSDQQDDFLGD
FUqPHIUDLFKHH PDLRQHVH
&RQIH]LRQDPHQWRGLDOLPHQWLVXUJHODWL
,O JLXVWRWLSRGL LPEDOODJJLRH VFHOWDGHO
PDWHULDOHLQIOXHQ]DQRLQ PRGR
GHWHUPLQDQWHODFRQVHUYD]LRQHGHOOD
TXDOLWjGHOSURGRWWRHGHYLWDQROR VYLOXSSR
GLXVWLRQHGDIUHGGR
1. ,QWURGXUUHO·DOLPHQWRQHOODFRQIH]LRQH
2. )DUHXVFLUHO·DULD
3. &KLXGHUHOH FRQIH]LRQLD WHQXWDGDULD
SHUHYLWDUHFKHJOLDOLPHQWLSHUGDQRLO
JXVWRR SRVVDQRHVVLFFDUVL
4. 6FULYHUHVXOODFRQIH]LRQHLO FRQWHQXWR
H OD GDWDGL FRQJHODPHQWR
,PEDOODJJLRLGRQHR
■ )LOPGL SODVWLFD
■ )LOPWXERODUHLQSROLHWLOHQH3(
■ )LOPGLDOOXPLQLR
■ &RQWHQLWRULIUHH]HU
&KLXVXUHDGDWWH
■ $QHOOLGLJRPPD
■ &OLSGLSODVWLFD
■ 1DVWULDGHVLYLUHVLVWHQWLDOIUHGGR
&RQIH]LRQLQRQDGDWWH
■ &DUWDGDLPEDOODJJLR
■ &DUWDSHUJDPHQD
■ &HOORIDQ
■ 6DFFKHWWL SHU ULILXWL H ERUVH GHOOD VSHVD
XVDWH
'XUDWDGLFRQVHUYD]LRQHGHLSURGRWWL
VXUJHODWLD² &
&DOHQGDULRGLFRQJHODPHQWR
,OFDOHQGDULRGLFRQJHODPHQWRVWDPSDWR
LQGLFD OD PDVVLPD GXUDWD GL FRQVHUYD]LRQH
LQPHVLDG XQDWHPSHUDWXUDFRVWDQWH
GL² &
3HVFHVDOVLFFLDSLHWDQ]H
SURQWHSURGRWWLGDIRUQR
ILQRD PHVL
&DUQHSROODPH ILQRD PHVL
)UXWWDYHUGXUD ILQRD PHVL

6FRQJHODPHQWRGLDOLPHQWL
FRQJHODWL
3HUFRQVHUYDUHDOPHJOLRODTXDOLWjGHO
SURGRWWRLOPHWRGRGLVFRQJHODPHQWRYD
DGHJXDWRDOODOLPHQWRH DOOXVRSUHYLVWR
0HWRGLGLVFRQJHODPHQWR
■ QHOIULJRULIHURSDUWLFRODUPHQWHDGDWWR
SHUDOLPHQWLGLRULJLQHDQLPDOHFRPH
SHVFHFDUQHIRUPDJJLRTXDUN
■ D WHPSHUDWXUDDPELHQWHSDQH
■ PLFURRQGHDOLPHQWLSHULOFRQVXPR
LPPHGLDWRRODSUHSDUD]LRQH
LPPHGLDWD
■ IRUQRIRUQHOORDOLPHQWLSHULOFRQVXPR
LPPHGLDWRRODSUHSDUD]LRQH
LPPHGLDWD
$WWHQ]LRQH
1RQ ULFRQJHODUH JOL DOLPHQWL SDU]LDOPHQWH R
FRPSOHWDPHQWHGHFRQJHODWL5LFRQJHODUH
VRORGRSRDYHUWUDVIRUPDWRLOSURGRWWRLQ
DOLPHQWRSURQWRFRWWRRDUURVWR
&RQVLGHUDUHXQDGXUDWDGLFRQVHUYD]LRQH
LQIHULRUHGHOSURGRWWRVXUJHODWR
=6EULQDPHQWR
6EULQDPHQWR
)ULJRULIHUR
/RVFRQJHODPHQWRYLHQHHVHJXLWR
DXWRPDWLFDPHQWH
&RQJHODWRUH
3HU HYLWDUH FKH JOL DOLPHQWL VL VFRQJHOLQR LO
FRQJHODWRUHQRQHVHJXHORVEULQDPHQWR
DXWRPDWLFDPHQWH8QRVWUDWRGLEULQDQHO
FRQJHODWRUHUDOOHQWDLOSDVVDJJLRGHO
IUHGGRDJOLDOLPHQWLFRQJHODWLHDXPHQWDLO
FRQVXPRGLHQHUJLDHOHWWULFD
■ 5LPXRYHUHUHJRODUPHQWHORVWUDWRGL
EULQD
$WWHQ]LRQH
1RQGDQQHJJLDUHLWXELGHOFLUFXLWRGL
UDIIUHGGDPHQWR
,QFDVRGLIXRULXVFLWDLOUHIULJHUDQWHSXz
SURYRFDUHOHVLRQLDJOLRFFKLR LQFHQGLDUVL
■ 1RQUDVFKLDUHORVWUDWRGLEULQDRSSXUH
LOJKLDFFLRFRQXQFROWHOORRFRQXQ
RJJHWWRDFXPLQDWR
3URFHGHUHFRPHVHJXH
1. $WWLYDUHODIXQ]LRQH
VXSHUFRQJHODPHQWRFD RUHSULPD
GHOORVEULQDPHQWR
*OLDOLPHQWLUDJJLXQJRQRFRVu
WHPSHUDWXUHPROWREDVVHHSRVVRQR
HVVHUHFRQVHUYDWLDWHPSHUDWXUD
DPELHQWHSLDOXQJR
2. 7RJOLHUHJOLDOLPHQWLFRQJHODWLH
FROORFDUOLLQXQOXRJRIUHVFR
3. 6SHJQHUHO·DSSDUHFFKLR
4. (VWUDUUHODVSLQDGLDOLPHQWD]LRQHR
GLVLQVHULUHLOGLVSRVLWLYRGLVLFXUH]]D
5. 3HU DFFHOHUDUH OR VEULQDPHQWR PHWWHUH
QHO FRQJHODWRUH XQD SHQWROD FRQ DFTXD
EROOHQWHVXXQVRWWRSHQWROD
6. 5LPXRYHUHODFTXDSURGRWWDGDOOR
VFRQJHODPHQWRFRQXQSDQQRRXQD
VSXJQD
7. $VFLXJDUHLOFRQJHODWRUH
8. $FFHQGHUHO·DSSDUHFFKLR
9. ,QWURGXUUHJOLDOLPHQWLFRQJHODWL

D3XOL]LD
3XOL]LD
$WWHQ]LRQH
(YLWDUH GDQQL DOODSSDUHFFKLR H DOOH VXH
GRWD]LRQL
■ 3HUODSXOL]LDQRQXWLOL]]DUHSURGRWWL
DEUDVLYLSURGRWWLDEDVHGLFORUR
VROYHQWLRDFLGL
■ 1RQXVDUHVSXJQHDEUDVLYHRVSXJQH
FKHJUDIILDQR
6XOOHVXSHUILFLPHWDOOLFKHSXzIRUPDUVL
FRUURVLRQH
■ 1RQ ODYDUH L ULSLDQL HG L FRQWHQLWRUL QHOOD
ODYDVWRYLJOLH
4XHVWLHOHPHQWLVL SRVVRQRGHIRUPDUH
3URFHGHUHFRPHVHJXH
1. 6SHJQHUHO·DSSDUHFFKLR
2. (VWUDUUHODVSLQDGLDOLPHQWD]LRQHR
GLVLQVHULUHLOGLVSRVLWLYRGLVLFXUH]]D
3. (VWUDUUHJOLDOLPHQWLH FRQVHUYDUOLLQXQ
OXRJRIUHVFR
6HGLVSRQLELOHPHWWHUHVXJOLDOLPHQWL
ODFFXPXODWRUHGLIUHGGR
4. 6HSUHVHQWHDWWHQGHUHFKHORVWUDWRGL
EULQDVLVLDVFLROWR
5. 3XOLUHO·DSSDUHFFKLRFRQXQSDQQR
PRUELGRHDFTXDWLHSLGDOHJJHUPHQWH
VDSRQDWD
$WWHQ]LRQH
/DFTXDGLODYDJJLRQRQGHYH
SHQHWUDUHQHOOLOOXPLQD]LRQH R
DWWUDYHUVRLOIRURGLVFDULFRQHOOD]RQD
GLHYDSRUD]LRQH
6. 6WURILQDUHODJXDUQL]LRQHGHOODSRUWD
FRQDFTXDSXUDHDVFLXJDUOD
DFFXUDWDPHQWH
7. &ROOHJDUHGLQXRYRODSSDUHFFKLR
DFFHQGHUORH LQWURGXUUHJOLDOLPHQWL
3XOLUH JOL HOHPHQWL LQ GRWD]LRQH
DOO·DSSDUHFFKLR
3HUODSXOL]LDHVWUDUUHGDOODSSDUHFFKLROH
SDUWLYDULDELOL
~ &DUDWWHULVWLFKHD SDJLQD
5LSLDQR GL VHSDUD]LRQH H FRSHUFKLR GHO
FDVVHWWRSHUYHUGXUH
5LPR]LRQHGHOULSLDQRGL VHSDUD]LRQH
~)LJXUD +
■ 7RJOLHUHODODVWUDGLYHWURSUHPHUHOH
OHYHQHOODSDUWHLQIHULRUHVXHQWUDPELL
ODWLWLUDUHLOULSLDQRGLVHSDUD]LRQHLQ
DYDQWLVROOHYDUORHGHVWUDUOR
LQFOLQDQGROR
(VWUD]LRQHGHOFRSHUFKLRGHOFDVVHWWR
SHUYHUGXUH
■ 6ROOHYDUHLOFRSHUFKLRWLUDUORLQDYDQWL
HGHVWUDUORUXRWDQGRORODWHUDOPHQWH
,QVHULPHQWR GHO FRSHUFKLR GHO FDVVHWWR
SHUYHUGXUHHGHOULSLDQR
GL VHSDUD]LRQH
~)LJXUD ,
1. ,QVHULUHLOFRSHUFKLRGHOFDVVHWWRSHU
YHUGXUH
2. ,QVHULUHLOULSLDQRGLVHSDUD]LRQH
3. ,QVHULUHODODVWUDGLYHWUR

*XLGHWHOHVFRSLFKH
~)LJXUD -
6PRQWDJJLRGHOOHJXLGHWHOHVFRSLFKH
1. (VWUDUUHODJXLGDWHOHVFRSLFD
2. 6SLQJHUHLOIHUPRQHOODGLUH]LRQHGHOOD
IUHFFLD
3. 6JDQFLDUHODJXLGDWHOHVFRSLFDGDO
SHUQRSRVWHULRUH
4. 5LFKLXGHUHODJXLGDWHOHVFRSLFD
VSLQJHUODDOO·LQWHUQRVRSUDLOSHUQR
SRVWHULRUHHGLQFDVWUDUOD
0RQWDJJLRGHOOHJXLGHWHOHVFRSLFKH
1. $SSRJJLDUHODJXLGDFRPSOHWDPHQWH
HVWUDWWDVXOSHUQRDQWHULRUH
2. 3HULQFDVWUDUODQHOVXRDOORJJLDPHQWR
WLUDUHODJXLGDOHJJHUPHQWHLQDYDQWL
3. ,QQHVWDUHODJXLGDWHOHVFRSLFDQHO
SHUQRSRVWHULRUH
4. 6SLQJHUHLOIHUPRYHUVRLOIRQGR
l 2GRUL
2GRUL
1HOFDVRVLDYYHUWDQRRGRULVJUDGHYROL
1. 6SHJQHUH O·DSSDUHFFKLR FRQ LO SXOVDQWH
$FFHVR6SHQWR #
2. (VWUDUUHWXWWLJOLDOLPHQWL
GDOO·DSSDUHFFKLR
3. 3XOLUHLOYDQRLQWHUQR~ 3XOL]LD
D SDJLQD
4. 3XOLUHWXWWHOHFRQIH]LRQL
5. 3HULPSHGLUHOD IRUPD]LRQHGL RGRUL
VLJLOODUHHUPHWLFDPHQWHJOLDOLPHQWL
FKH HPDQDQRIRUWHRGRUH
6. $FFHQGHUHGLQXRYRODSSDUHFFKLR
7. ,QVHULUHJOLDOLPHQWL
8. 'RSRRUHFRQWUROODUHVHVLqGL
QXRYRVYLOXSSDWRRGRUH
9,OOXPLQD]LRQH
,OOXPLQD]LRQH
/·DSSDUHFFKLR q GRWDWR GL XQ·LOOXPLQD]LRQH
D/('HVHQWHGDPDQXWHQ]LRQH
6RORLO VHUYL]LRDVVLVWHQ]DFOLHQWLR WHFQLFL
VSHFLDOL]]DWLVRQRDXWRUL]]DWLD ULSDUDUH
OLOOXPLQD]LRQH
>5XPRUL
5XPRU L
5XPRULQRUPDOL
$YYHUWHQ]D &RQLOVXSHUFRQJHODPHQWR
DXWRPDWLFRRPDQXDOHLQVHULWRLUXPRULGL
IXQ]LRQDPHQWRSRVVRQRDXPHQWDUH
5RQ]LRXQ PRWRUHq LQ IXQ]LRQHDGHV
JUXSSRIULJRULIHURYHQWROD
5LEROOLUHIUXVFuRR JRUJRJOuR
UHIULJHUDQWHFKHVFRUUHDWWUDYHUVRL WXEL
&OLFFKHWWLR,QVHULPHQWRR GLVLQVHULPHQWR
GHOPRWRUHGL LQWHUUXWWRULR HOHWWURYDOYROH
&UHSLWLRHVHFX]LRQHVEULQDPHQWR
DXWRPDWLFR
(YLWDUHLUXPRUL
$SSRJJLRQRQOLYHOODWR
GHOODSSDUHFFKLR/LYHOODUHODSSDUHFFKLR
FRQXQDOLYHOODD EROODGDULD6H
QHFHVVDULRLQVHULUHVRWWRVSHVVRUL
&RQWHQLWRUHULSLDQLR EDOFRQFLQL
YLEUDQRR VRQREORFFDWLFRQWUROODUHOH
SDUWLGLDWWUH]]DWXUDHVWUDLELOLHG
HYHQWXDOPHQWHUHLQVHULUOH
%RWWLJOLHR FRQWHQLWRULVLWRFFDQR
GLVWDQ]LDUHOH ERWWLJOLHR L FRQWHQLWRUL

3*XDVWL&KHIDUHVH"
*XD VWL &KH IDUH VH"
3ULPDGLULYROJHUVLDOVHUYL]LRDVVLVWHQ]DFOLHQWLYHULILFDUHVXOODEDVHGLTXHVWDWDEHOODVH
VLULHVFHDGHOLPLQDUHGDVROLOHDQRPDOLHGLIXQ]LRQDPHQWR
/D WHPSHUDWXUDVL GLVFRVWDQRWHYROPHQWHGDOOHLPSRVWD]LRQLLQL]LDOL
6SHJQHUHODSSDUHFFKLRSHUPLQXWL
~
6SHJQHUHHPHWWHUHIXRULVHUYL]LR
O·DSSDUHFFKLRD SDJLQD
6H OD WHPSHUDWXUD q WURSSR HOHYDWD FRQWUROODUH GL
QXRYRODWHPSHUDWXUDGRSRFLUFDGXHRUH
6HODWHPSHUDWXUDq WURSSREDVVDFRQWUROODUH
GL QXRYRODWHPSHUDWXUDLOJLRUQRVHJXHQWH
7XWWHOH VSLHVSHQWH
/D VSLQD G·DOLPHQWD]LRQH QRQ q LQVHULWD FRUUHWWD
PHQWH
&ROOHJDUHOD VSLQDGL DOLPHQWD]LRQH
Ë LQWHUYHQXWRLOGLVSRVLWLYRGLVLFXUH]]D &RQWUROODUHLO GLVSRVLWLYRHOHWWULFRGL VLFXUH]]D
0DQFDOHQHUJLDHOHWWULFD &RQWUROODUHVHYLq HQHUJLDHOHWWULFD
,OGLVSOD\LQGLFD(«
,OVLVWHPDHOHWWURQLFRKDULFRQRVFLXWRXQHUURUH 5LYROJHUVLDOVHUYL]LRGLDVVLVWHQ]DFOLHQWL
~
6HUYL]LRGLDVVLVWHQ]DFOLHQWLD SDJLQD
9LHQHHPHVVRXQVHJQDOHDFXVWLFRHLOWDVWRDODUPVLDFFHQGH
3UHPHUHLOWDVWR DODUP/DOODUPHqGLVDWWLYDWR
/DSRUWDGHOODSSDUHFFKLRq DSHUWD &KLXGHUHODSRUWDGHOODSSDUHFFKLR
/H DSHUWXUH GL DIIOXVVR H GHIOXVVR GHOODULD VRQR
RVWUXLWH
/LEHUDUHOH DSHUWXUHGL DIIOXVVRH GHIOXVVR
GHOODULD
6RQRVWDWHFRQVHUYDWHJUDQGLTXDQWLWj
GL DOLPHQWLIUHVFKL
1RQVXSHUDUHOD FDSDFLWjPDVVLPD
GL FRQJHODPHQWR
,OGLVSOD\ODPSHJJLDYLHQHHPHVVRXQVHJQDOHDFXVWLFRHLOSXOVDQWHDODUPq DFFHVR
3UHPHUHLOWDVWR DODUP/DOODUPHq GLVDWWLYDWR
/DSRUWDGHOODSSDUHFFKLRq DSHUWD &KLXGHUHODSRUWDGHOODSSDUHFFKLR
, SDVVDJJL GHOO·DULD SHU O·DHUD]LRQH VRQR RVWUXLWL /LEHUDUHOH DSHUWXUHGL DIIOXVVRH GHIOXVVR
GHOODULD
6RQRVWDWHFRQVHUYDWHJUDQGLTXDQWLWj
GL DOLPHQWLIUHVFKL
1RQVXSHUDUHOD FDSDFLWjPDVVLPD
GL FRQJHODPHQWR

/LQGLFDWRUHODPSHJJLD
/DWHPSHUDWXUDQHOFRQJHODWRUHq WURSSRHOH
YDWD
'RSRDYHUHSUHPXWRLOSXOVDQWH DODUPYLHQH
YLVXDOL]]DWDSHU VHFRQGLOD WHPSHUDWXUDSL
HOHYDWDUDJJLXQWDQHO FRQJHODWRUH3UHPHUHLO
WDVWR DODUP,OGLVSOD\QRQODPSHJJLDSL
/DSSDUHFFKLRQRQUDIIUHGGDOLQGLFDWRUHH OLOOXPLQD]LRQHVRQR DFFHVL
,OSURJUDPPDGLPRVWUDWLYRqDWWLYR $YYLDUHODXWRWHVWGHOODSSDUHFFKLR
~
$XWRWHVWGHOO·DSSDUHFFKLRD SDJLQD
$OODILQHGHOSURJUDPPDODSSDUHFFKLRSDVVDDO
IXQ]LRQDPHQWRQRUPDOH
,OVXSHUFRQJHODPHQWRDXWRPDWLFRQRQVLDWWLYD
/DSSDUHFFKLRGHFLGHDXWRQRPDPHQWHVHq
QHFHVVDULRLOVXSHUFRQJHODPHQWRDXWRPDWLFRH
ORDWWLYDRGLVDWWLYDDXWRPDWLFDPHQWH
,OYDQRD &qWURSSRFDOGRRWURSSRIUHGGR
/D UHJROD]LRQH VWDQGDUG q LPSRVWDWD WURSSR DOWD
RWURSSREDVVDDGHVJHORQHOYDQRD &
/DWHPSHUDWXUDQHOYDQRD &SXzHVVHUH
DXPHQWDWDRDEEDVVDWDGLOLYHOOL6HODWHPSH
UDWXUDQHOIULJRULIHURqLPSRVWDWDVXOOLYHOORLO
YDQRD &KDXQDWHPSHUDWXUDSURVVLPDD
&
3UHPHUHLOWDVWR VXSHUGHOIULJRULIHURH
WHQHUORSUHPXWRILQFKpOLQGLFDWRUHGLWHPSH
UDWXUDGHOIULJRULIHURQRQODPSHJJLD
3UHPHUHLOWDVWR SHUPRGLILFDUHOLPSRVWD
]LRQH
*UDGR ² UHJROD]LRQH GHOOD WHPSHUDWXUD SL
IUHGGD
*UDGR²UHJROD]LRQHGHOOD WHPSHUDWXUD
SLDOWD
7UDVFRUVR XQ PLQXWR LO JUDGR LPSRVWDWR YLHQH
PHPRUL]]DWR

46HUYL]LRGLDVVLVWHQ]D
FOLHQWL
6HUYL]LR GL DVVLVWHQ]D FOLHQWL
&RQWDWWDWHLOQRVWURVHUYL]LRDVVLVWHQ]D
FOLHQWLQHOFDVRLQFXLQRQqSRVVLELOH
ULVROYHUHHYHQWXDOLDQRPDOLHGL
IXQ]LRQDPHQWR7URYLDPRVHPSUHXQD
VROX]LRQHLGRQHDDQFKHSHUHYLWDUHXQD
LQXWLOHXVFLWDGHOWHFQLFR
/·HOHQFRGHLFHQWULGLDVVLVWHQ]DSLYLFLQL
VRQRLQGLFDWLRIRUQLELOLGDOVHUYL]LR
DVVLVWHQ]DFOLHQWL
$OOD FKLDPDWD LQGLFDUH OD VLJOD GHO SURGRWWR
(1UHLOQXPHURGLIDEEULFD]LRQH)'
FKHVLWURYDQRVXOODWDUJKHWWDSRUWDGDWL
~ &RQRVFHUH ODSSDUHFFKLR D SDJLQD
)LGDWHYLGHOODFRPSHWHQ]DGHO
FRVWUXWWRUH/DFRPSHWHQ]DGHO
SURGXWWRUHHGHLWHFQLFLGHLFHQWULGL
DVVLVWHQ]DDXWRUL]]DWLJDUDQWLVFRQROD
TXDOLWjGHOOHULSDUD]LRQLFRQO·LPSLHJRGL
SDUWLGLULFDPELRRULJLQDOL
$XWRWHVWGHOO·DSSDUHFFKLR
/DSSDUHFFKLRGLVSRQHGLXQSURJUDPPD
GL DXWRWHVWFKHLQGLFDL JXDVWLFKHLO
VHUYL]LRDVVLVWHQ]DFOLHQWLSXzULSDUDUH
1. 6SHJQHUH O·DSSDUHFFKLR HG DWWHQGHUH
PLQXWL
2. $FFHQGHUHODSSDUHFFKLR
3. (QWURLSULPL VHFRQGLWHQHUH
SUHPXWR LO WDVWR VXSHU GHO FRQJHODWRUH
SHU VHFRQGLILQFKpQRQYLHQH
HPHVVRXQVHJQDOHDFXVWLFR
,O SURJUDPPDGL DXWRWHVWKD LQL]LR
'XUDQWHO·DXWRWHVWYLHQHHPHVVRXQ
OXQJRVHJQDOHDFXVWLFR
■ 6HDOODILQHGHOODXWRWHVWYHQJRQR
HPHVVLVHJQDOLDFXVWLFLHYLHQH
YLVXDOL]]DWDODWHPSHUDWXUDLPSRVWDWD
ODSSDUHFFKLRIXQ]LRQDUHJRODUPHQWH
■ 6HDOODILQHGHOODXWRWHVWYLHQHHPHVVR
YROWHLOVHJQDOHDFXVWLFRHLOWDVWRGHO
FRQJHODWRUH VXSHUODPSHJJLDSHU
VHFRQGLLQIRUPDUHLOVHUYL]LRGL
DVVLVWHQ]DFOLHQWL
$OODILQHGHOSURJUDPPDODSSDUHFFKLR
SDVVDDOIXQ]LRQDPHQWRQRUPDOH
2UGLQHGLULSDUD]LRQHH
FRQVXOHQ]DLQFDVRGLJXDVWL
,GDWLGLFRQWDWWRGLWXWWLLSDHVLVRQR
UHSHULELOLQHOOHOHQFRGHLFHQWULGL
DVVLVWHQ]DFOLHQWLDOOHJDWR
*DUDQ]LD
3HUDYHUHPDJJLRULGHWWDJOLVXOODGXUDWD
GHOODJDUDQ]LDHVXOOHFRQGL]LRQLGL
JDUDQ]LDQHOSURSULRSDHVHULYROJHUVLDO
SURSULRVHUYL]LRDVVLVWHQ]DFOLHQWLDO
SURSULRULYHQGLWRUHVSHFLDOL]]DWR
R FRQVXOWDUHLOQRVWURVLWR,QWHUQHW
, /LQHDYHUGH
&
+

nl
QO ,QKRXG
nl*HEUXLNVDDQZLM]LQJ
(9HLOLJKHLGVYRRUVFKULIWHQ
2YHUGH]HJHEUXLNVDDQZLM]LQJ
([SORVLHJHYDDU
*HYDDUYRRUHOHNWULVFKHVFKRNNHQ
9HUEUDQGLQJVJHYDDUGRRUNRX
5LVLFRRSOHWVHO
%UDQGJHYDDUJHYDUHQGRRURIYDQ
KHWNRHOPLGGHO
9HUPLMGHQYDQULVLFRVYRRUNLQGHUHQ
HQNZHWVEDUHSHUVRQHQ
0DWHULsOHVFKDGH
*HZLFKW
8&RUUHFWJHEUXLNYDQKHW
DSSDUDDW
70LOLHXEHVFKHUPLQJ
9HUSDNNLQJ
2XGHDSSDUDWHQ
5,QVWDOOHUHQHQDDQVOXLWHQ
,QKRXGYDQGHYHUSDNNLQJ
7HFKQLVFKHJHJHYHQV
$SSDUDDWLQVWDOOHUHQ
1LVPDWHQ
6LGHE\VLGHRSVWHOOLQJ
(QHUJLHEHVSDUHQ
9RRUKHWHHUVWHJHEUXLN
(OHNWULVFKHDDQVOXLWLQJ
*+HWDSSDUDDWOHUHQNHQQHQ
$SSDUDDW
%HGLHQLQJVHOHPHQWHQ
8LWUXVWLQJ
1$SSDUDDWEHGLHQHQ
$SSDUDDWLQVFKDNHOHQ
$SSDUDDWXLWVFKDNHOHQHQEXLWHQ
ZHUNLQJVWHOOHQ
7HPSHUDWXXULQVWHOOHQ
6XSHUNRHOHQ
6XSHUYULH]HQ
9DNDQWLHPRGXV
M$ODUP
'HXUDODUP
7HPSHUDWXXUDODUP
U.RHOYDN
,QDFKWQHPHQELMKHWEHZDUHQ
/HWRSGH NRXGH]RQHVLQ
KHW NRHOYDN
T9HUVNRHOUXLPWH
*URHQWHODGH
9HUVNRHOODGH
%HZDDUWLMGHQELM &
W9ULHVYDN
.OHLQHUHKRHYHHOKHGHQ
OHYHQVPLGGHOHQLQYULH]HQ
0D[LPDDOLQYULHVYHUPRJHQ
9ULHVYHUPRJHQYROOHGLJEHQXWWHQ
'LHSYULHVSURGXFWHQLQNRSHQ
$WWHQWLHELMKHWLQUXLPHQ
9HUVHOHYHQVPLGGHOHQLQYULH]HQ
2QWGRRLHQYDQGLHSYULHVZDUHQ

nl
=2QWGRRLHQ
.RHOYDN
9ULHVYDN
D6FKRRQPDNHQ
6FKRRQPDNHQYDQKHWLQWHULHXU
l/XFKWMHV
99HUOLFKWLQJ
>*HOXLGHQ
1RUPDOHJHOXLGHQ
9RRUNRPHQYDQJHOXLGHQ
36WRULQJHQZDWWHGRHQ"
46HUYLFHGLHQVW
=HOIWHVWDSSDUDDW
9HU]RHNRPUHSDUDWLHHQDGYLHVELM
VWRULQJHQ
*DUDQWLH

(9HLOLJKHLGVYRRU
VFKULIWHQ
9HLOLJKHLGVYRRUVFKULIWHQ
'LWDSSDUDDWYROGRHWDDQGH
JHOGHQGHYHLOLJKHLGVEHSDOLQJHQ
YRRUHOHNWULVFKHDSSDUDWXXUHQ
KHWLVUDGLRRQWVWRRUG
+HWNRHOFLUFXLWLV RSGLFKWKHLG
JHFRQWUROHHUG
2YHUGH]HJHEUXLNVDDQZLM]LQJ
■ /HHV GH JHEUXLNVDDQZLM]LQJ HQ
GHPRQWDJHKDQGOHLGLQJHQ
QHHPGH]HLQDFKW8YLQGW
GDDULQEHODQJULMNHLQIRUPDWLH
RYHUSODDWVLQJJHEUXLNHQ
RQGHUKRXGYDQKHWDSSDUDDW
■ 'HIDEULNDQWLVQLHW
DDQVSUDNHOLMNZDQQHHU
X GH DDQZLM]LQJHQHQ
ZDDUVFKXZLQJHQLQ
GH JHEUXLNVDDQZLM]LQJHQGH
PRQWDJHKDQGOHLGLQJQHJHHUW
■ %HZDDUDOOHGRFXPHQWHQYRRU
ODWHU JHEUXLN HQ YRRU HYHQWXHOH
YROJHQGHHLJHQDDUV
([SORVLHJHYDDU
■ 1RRLWHOHNWULVFKHDSSDUDWHQLQ
KHWDSSDUDDWJHEUXLNHQ
ELMY YHUZDUPLQJVDSSDUDWHQ RI
HOHNWULVFKHLMVEHUHLGHUV
■ *HHQSURGXFWHQPHW
EUDQGEDUHGULMIJDVVHQ
ELMY VSXLWEXVVHQHQJHHQ
H[SORVLHYHVWRIIHQLQKHW
DSSDUDDWRSVODDQ
■ 'UDQNHQPHWHHQKRRJ
DOFRKROSHUFHQWDJHDOWLMGJRHG
DIJHVORWHQHQVWDDQGEHZDUHQ
■ $IJH]LHQYDQGH
DDQEHYHOLQJHQYDQGH
IDEULNDQWJHHQDDQYXOOHQGH
PDDWUHJHOHQQHPHQRPKHW
RQWGRRLHQWHYHUVQHOOHQ
*HYDDUYRRUHOHNWULVFKH
VFKRNNHQ
2QYDNNXQGLJHLQVWDOODWLHHQ
UHSDUDWLHVNXQQHQJURRWJHYDDU
RSOHYHUHQYRRUGHJHEUXLNHUYDQ
KHWDSSDUDDW
■ %LMKHWRSVWHOOHQYDQKHW
DSSDUDDWHURSOHWWHQGDWKHW
DDQVOXLWVQRHUQLHWZRUGW
DIJHNOHPGRIEHVFKDGLJG
■ %LMHHQEHVFKDGLJG
DDQVOXLWVQRHUPDDNKHW
DSSDUDDWGLUHFWORVYDQKHW
VWURRPQHW
■ *HEUXLNJHHQPHHUYRXGLJH
VWRSFRQWDFWHQ YHUOHQJVQRHUHQ
RIDGDSWHUV
■ +HWDSSDUDDWXLWVOXLWHQGODWHQ
UHSDUHUHQ GRRU GH IDEULNDQW GH
VHUYLFHGLHQVWRIHHQDQGHUH
JHNZDOLILFHHUGHSHUVRRQ
■ *HEUXLNDOOHHQRULJLQHOH
RQGHUGHOHQYDQGHIDEULNDQW
'HIDEULNDQWJDUDQGHHUWGDW
GH]HRQGHUGHOHQYROGRHQDDQ
GHYHLOLJKHLGVHLVHQ

9HUEUDQGLQJVJHYDDUGRRUNRX
■ 'LHSYULHVZDUHQQDGDWX]HXLW
KHWYULHVYDNKHEWJHKDDOG
QRRLWRQPLGGHOOLMNLQGHPRQG
QHPHQ
■ 9RRUNRP GDW GH KXLG ODQJGXULJ
LQFRQWDFWNRPWPHW
GLHSYULHVZDUHQLMVHQGH
EXL]HQLQKHWYULHVYDN
5LVLFRRSOHWVHO
)OHVVHQRIEOLNMHVPHW
NRRO]XXUKRXGHQGHGUDQNNXQQHQ
EDUVWHQ
*HHQIOHVVHQRIEOLNMHVPHW
NRRO]XXUKRXGHQGHGUDQNLQKHW
YULHVYDNEHZDUHQ
%UDQGJHYDDUJHYDUHQ
GRRURIYDQKHW
NRHOPLGGHO
'RRUGHOHLGLQJHQYDQKHW
NRHOFLUFXLWVWURRPWHHQNOHLQH
KRHYHHOKHLGPLOLHXYULHQGHOLMN
PDDUEUDQGEDDUNRHOPLGGHO
5D'LWLVQLHWVFKDGHOLMN
YRRU GH R]RQODDJ HQ YHUKRRJW KHW
EURHLNDVHIIHFWQLHW9ULMNRPHQG
NRHOPLGGHONDQHFKWHURRJOHWVHO
YHURRU]DNHQRIYODPYDWWHQ
■ /HLGLQJHQQLHWEHVFKDGLJHQ
%LMEHVFKDGLJLQJYDQGH
OHLGLQJHQ
■ 9XXUHQRQWVWHNLQJVEURQQHQ
XLWGHEXXUWYDQKHWDSSDUDDW
KRXGHQ
■ 'HUXLPWHYHQWLOHUHQ
■ +HWDSSDUDDWXLWVFKDNHOHQHQ
GHVWHNNHUXLWKHWVWRSFRQWDFW
WUHNNHQ
■ 1HHPFRQWDFWRSPHWGH
VHUYLFHGLHQVW
9HUPLMGHQYDQULVLFRVYRRU
NLQGHUHQHQNZHWVEDUH
SHUVRQHQ
(UEHVWDDWJHYDDUYRRU
■ NLQGHUHQ
■ SHUVRQHQPHWOLFKDPHOLMNH
JHHVWHOLMNHRI]LQWXLJOLMNH
EHSHUNLQJHQ
■ SHUVRQHQGLHRQYROGRHQGH
NHQQLVKHEEHQRYHUGHYHLOLJH
EHGLHQLQJYDQKHWDSSDUDDW
0DDWUHJHOHQ
■ =RUJGDWNLQGHUHQHQ
NZHWVEDUHSHUVRQHQEHJULMSHQ
ZDWGHJHYDUHQ]LMQ
■ (HQYRRUGHYHLOLJKHLG
YHUDQWZRRUGHOLMNHSHUVRRQ
PRHWWRH]LFKWKRXGHQRS
NLQGHUHQHQNZHWVEDUH
SHUVRQHQELMKHWDSSDUDDWRI
KHQLQVWUXHUHQ
■ $OOHHQNLQGHUHQYDQDIMDDU
KHWDSSDUDDWODWHQJHEUXLNHQ
■ %LMUHLQLJLQJHQRQGHUKRXG
WRH]LFKWKRXGHQRSNLQGHUHQ
■ /DDWNLQGHUHQQRRLWPHWKHW
DSSDUDDWVSHOHQ

.DQVRSVWLNNHQ
■ %LM HHQDSSDUDDWPHWGHXUVORW
6OHXWHOEXLWHQEHUHLNYDQ
NLQGHUHQRSEHUJHQ
■ 9HUSDNNLQJVPDWHULDDOHQ
RQGHUGHOHQYDQKHWDSSDUDDW
]LMQJHHQVSHHOJRHGYRRU
NLQGHUHQ
0DWHULsOHVFKDGH
2PPDWHULsOHVFKDGHWH
YRRUNRPHQ
■ 1LHWRSGHVRNNHO
XLWVFKXLIGHOHQRIGHXUHQVWDDQ
RIOHXQHQ
■ .XQVWVWRIRQGHUGHOHQHQ
GHXUDIGLFKWLQJHQROLHHQ
YHWYULMKRXGHQ
■ $DQGHVWHNNHUWUHNNHQ²QLHW
DDQGHDDQVOXLWNDEHO
*HZLFKW
+RXG HU ELM SODDWVLQJ HQ WUDQVSRUW
YDQKHWDSSDUDDWUHNHQLQJPHH
GDWKHWDSSDUDDWHUJ]ZDDUNDQ
]LMQ
~ 'HMXLVWHRSVWHOSODDWV
RS SDJLQD
8 &RUUHFW JHEUXLN YDQ KHW
DSSDUDDW
%HVWHPPLQJ YDQ KHW DSSDUDDW
*HEUXLNGLWDSSDUDDW
■ XLWVOXLWHQG YRRU KHW NRHOHQ HQ LQYULH]HQ
YDQOHYHQVPLGGHOHQHQYRRU
LMVEHUHLGLQJ
■ XLWVOXLWHQGYRRUSULYpJHEUXLNHQ
KXLVKRXGHOLMNJHEUXLN
■ XLWVOXLWHQGYROJHQVGH]H
JHEUXLNVDDQZLM]LQJ
'LWDSSDUDDWLVEHVWHPGYRRUJHEUXLNWRW
RSKRRJWHQYDQPD[LPDDO PHWHU
ERYHQ]HHQLYHDX
70LOLHXEHVFKHUPLQJ
0LOLHXEHVFKHUPLQJ
9HUSDNNLQJ
$OOHPDWHULDOHQ]LMQRQVFKDGHOLMNYRRUKHW
PLOLHXHQNXQQHQKHUJHEUXLNWZRUGHQ
■ =RUJGDWGHYHUSDNNLQJ
PLOLHXYULHQGHOLMNZRUGWDIJHYRHUG
■ ,QIRUPDWLHRYHUKHWDIYRHUHQYDQDIYDO
HQKHWRXGHDSSDUDDWNXQWX RSYUDJHQ
ELM XZ VSHFLDDO]DDN RI ELM GH JHPHHQWH

2XGHDSSDUDWHQ
'RRU HHQ PLOLHXYULHQGHOLMNH DIYRHU NXQQHQ
ZDDUGHYROOHJURQGVWRIIHQZRUGHQ
WHUXJJHZRQQHQ
::DDUVFKXZLQJ
.LQGHUHQNXQQHQ]LFK]HOILQKHW
DSSDUDDWRSVOXLWHQHQVWLNNHQ
■ /HJSODWHDXVHQODGHVQLHWXLWKHW
DSSDUDDW QHPHQ RP WH YRRUNRPHQ GDW
NLQGHUHQLQKHWDSSDUDDWNUXLSHQ
■ .LQGHUHQXLWGHEXXUWYDQHHQ
DIJHGDQNWDSSDUDDWKRXGHQ
$WWHQWLH
(UNDQNRHOPLGGHOHQVFKDGHOLMNJDV
YULMNRPHQ
%XL]HQYDQGHNRHOPLGGHONULQJORRSHQ
LVRODWLHQLHWEHVFKDGLJHQ
1. 6WHNNHUXLWKHWVWRSFRQWDFWKDOHQ
2. $DQVOXLWVQRHUGRRUNQLSSHQ
3. $SSDUDDWRSGHVNXQGLJHZLM]HODWHQ
DIYRHUHQ
'LWDSSDUDDWLVJHNHQPHUNWLQ
RYHUHHQVWHPPLQJ PHW GH (XURSHVH
ULFKWOLMQ(8EHWUHIIHQGH
DIJHGDQNWHHOHNWULVFKHHQ
HOHNWURQLVFKHDSSDUDWXXUZDVWHHOHFWULFDO
DQGHOHFWURQLFHTXLSPHQW:(((
'HULFKWOLMQJHHIWKHWNDGHUDDQYRRUGHLQ
GH (8 JHOGLJH WHUXJQHPLQJ HQ YHUZHUNLQJ
YDQRXGHDSSDUDWHQ
5,QVWDOOHUHQHQ
DDQVOXLWHQ
,QVWDOOHUHQ HQ DDQVOXLWHQ
,QKRXGYDQGHYHUSDNNLQJ
&RQWUROHHUQDKHWXLWSDNNHQDOOH
RQGHUGHOHQRSHYHQWXHOHWUDQVSRUWVFKDGH
9RRUNODFKWHQNXQWXWHUHFKWELMGHZLQNHO
ZDDUXKHWDSSDUDDWKHEWDDQJHVFKDIWRI
ELMRQ]HVHUYLFHGLHQVW
~ 6HUYLFHGLHQVWRS SDJLQD
'HOHYHULQJEHVWDDWXLWGHYROJHQGH
RQGHUGHOHQ
■ ,QERXZDSSDUDDW
■ 8LWUXVWLQJPRGHODIKDQNHOLMN
■ 0RQWDJHPDWHULDDO
■ *HEUXLNVDDQZLM]LQJ
■ ,QVWDOODWLHYRRUVFKULIW
■ .ODQWHQVHUYLFHERHNMH
■ *DUDQWLHELMODJH
■ ,QIRUPDWLHRYHUHQHUJLHYHUEUXLNHQ
JHOXLGHQ
7HFKQLVFKHJHJHYHQV
.RHOPLGGHO QHWWR LQKRXG YDQ KHW DSSDUDDW
HQ DQGHUH WHFKQLVFKH JHJHYHQV YLQGW X RS
KHWW\SHSODDWMH
~ +HWDSSDUDDWOHUHQNHQQHQ
RS SDJLQD

$SSDUDDWLQVWDOOHUHQ
'HMXLVWHRSVWHOSODDWV
+RHPHHUNRXGHPLGGHOKHWDSSDUDDW
EHYDWGHVWHJURWHUPRHWGHUXLPWH]LMQ
ZDDULQKHWDSSDUDDWZRUGWRSJHVWHOG,Q
HHQWHNOHLQHUXLPWHNDQELMHHQOHNHHQ
RQWYODPEDDUPHQJVHOYDQJDVHQOXFKW
RQWVWDDQ
3HU JNRXGHPLGGHOPRHWKHWYHUWUHN
PLQVWHQV PóJURRW]LMQ'HKRHYHHOKHLG
NRXGHPLGGHO LQ XZ DSSDUDDW YLQGW X RS KHW
W\SHSODDWMHDDQGHELQQHQNDQWYDQKHW
DSSDUDDW
~ +HWDSSDUDDWOHUHQNHQQHQ
RS SDJLQD
+HWJHZLFKWYDQKHWDSSDUDDWNDQ
DIKDQNHOLMNYDQKHWPRGHO
WRW NJ EHGUDJHQ
7RHJHVWDQHRPJHYLQJVWHPSHUDWXXU
'HWRHJHVWDQHELQQHQWHPSHUDWXXULV
DIKDQNHOLMNYDQGHNOLPDDWNODVVHYDQKHW
DSSDUDDW
,QIRUPDWLH RYHU GH NOLPDDWNODVVH YLQGW X RS
KHWW\SHSODDWMH
~ +HWDSSDUDDWOHUHQNHQQHQ
RS SDJLQD
+HW DSSDUDDW LV YROOHGLJ IXQFWLRQHHO ELQQHQ
GHWRHJHVWDQHELQQHQWHPSHUDWXXU
:DQQHHUHHQDSSDUDDWXLWNOLPDDWNODVVH
61ZRUGWJHEUXLNWELMHHQODJHUH
ELQQHQWHPSHUDWXXUNXQQHQ
EHVFKDGLJLQJHQDDQKHWDSSDUDDWZRUGHQ
XLWJHVORWHQ WRW HHQ ELQQHQWHPSHUDWXXU YDQ
&
1LVPDWHQ
1LVGLHSWH
9RRU KHW DSSDUDDW ZRUGW HHQ QLVGLHSWH YDQ
FPDDQEHYROHQ%LMHHQNOHLQHUH
QLVGLHSWH² PLQVWHQVFP²ZRUGWKHW
HQHUJLHYHUEUXLNLHWVKRJHU
1LVEUHHGWH
9RRUKHWDSSDUDDWLVHHQPHXEHOQLVPHW
HHQELQQHQEUHHGWHYDQPLQLPDDO FP
QRGLJ%LMDIZLMNLQJHQNXQQHQSUREOHPHQ
RSWUHGHQWLMGHQVGHLQVWDOODWLHYDQKHW
DSSDUDDW
6LGHE\VLGHRSVWHOOLQJ
'HDSSDUDWHQPRJHQVOHFKWVPHWHHQ
PLQLPDOHWXVVHQDIVWDQGYDQ FPQDDVW
HONDDUZRUGHQRSJHVWHOG
.OLPDDWNODV
VH
7RHJHVWDQHRPJHYLQJVWHP
SHUDWXXU
61 &&
1 &&
67 &&
7 &&

(QHUJLHEHVSDUHQ
:DQQHHUX GHYROJHQGHDDQZLM]LQJHQRSYROJWYHUEUXLNWXZDSSDUDDWPLQGHUVWURRP
$DQZLM]LQJ 'HSODDWVLQJYDQGHXLWUXVWLQJVRQGHUGHOHQKHHIWJHHQLQYORHGRSKHW
HQHUJLHYHUEUXLNYDQKHWDSSDUDDW
$SSDUDDWLQVWDOOHUHQ
$SSDUDDWQLHWEORRWVWHOOHQDDQGLUHFW]RQOLFKW %LMHHQODJHRPJHYLQJVWHPSHUDWXXUKRHIWKHW
DSSDUDDWPLQGHUYDDNWHNRHOHQHQYHUEUXLNW
GDDUGRRUPLQGHUVWURRP
+HWDSSDUDDW]RYHUPRJHOLMNYDQUDGLDWRUHQIRU
QXLVHQDQGHUHZDUPWHEURQQHQSODDWVHQ
1DDVWHOHNWULVFKHRIJDVIRUQXL]HQ FP
1DDVWHHQFYLQVWDOODWLH FP
$DQZLM]LQJ $OV GDW QLHW PRJHOLMN LV HHQ LVRODWLH
SODDWDDQEUHQJHQWXVVHQKHWDSSDUDDWHQGH
ZDUPWHEURQ
(HQ RSVWHOSODDWV PHW HHQ ELQQHQWHPSHUDWXXU YDQ
FD &NLH]HQ
(HQQLVGLHSWHYDQFPDDQKRXGHQ
$WWHQWLH
*HYDDUYRRUYHUEUDQGLQJ
6RPPLJHRQGHUGHOHQYDQKHWDSSDUDDWZRUGHQ
WLMGHQVKHWJHEUXLNKHHW$DQUDNLQJYDQGH]HRQ
GHUGHOHQNDQEUDQGZRQGHQYHURRU]DNHQ
'HOXFKWELMGHDFKWHUZDQGYDQKHWDSSDUDDW
ZRUGWQLHW]RZDUP+HWDSSDUDDWYHUEUXLNWPLQ
GHUVWURRPZDQQHHUGHZDUPHOXFKWNDQZHJ
WUHNNHQ
9HQWLODWLHRSHQLQJHQQLHWDIGHNNHQRIYHUVSHUUHQ
'HUXLPWHGDJHOLMNVOXFKWHQ
*HEUXLNYDQKHWDSSDUDDW
'HXUYDQKHWDSSDUDDWVOHFKWVNRUWRSHQHQ 'H OXFKW LQ KHW DSSDUDDW ZRUGW QLHW YHHO ZDUPHU
+HWDSSDUDDWKRHIWPLQGHUYDDNWHNRHOHQHQ
YHUEUXLNWGDDUGRRUPLQGHUVWURRP
*HNRFKWHOHYHQVPLGGHOHQLQHHQNRHOWDVWUDQV
SRUWHUHQHQVQHOLQKHWDSSDUDDWOHJJHQ
:DUPHOHYHQVPLGGHOHQHQGUDQNHQHHUVWODWHQ
DINRHOHQHQGDDUQDLQKHWDSSDUDDWOHJJHQ
'LHSYULHVZDUHQ WHU RQWGRRLLQJ LQ KHW NRHOYDN OHJ
JHQRPGHNRXGHYDQGHGLHSYULHVZDUHQWH
EHQXWWHQ
$OWLMGZDWUXLPWHRSHQODWHQWXVVHQGHOHYHQVPLG
GHOHQHQGHDFKWHUZDQG
'HOXFKWNDQFLUFXOHUHQHQGHOXFKWYRFKWLJKHLG
EOLMIWFRQVWDQW+HWDSSDUDDWKRHIWPLQGHUYDDN
WHNRHOHQHQYHUEUXLNWGDDUGRRUPLQGHUVWURRP
/HYHQVPLGGHOHQOXFKWGLFKWYHUSDNNHQ
9HQWLODWLHRSHQLQJHQQLHWDIGHNNHQRIYHUVSHUUHQ 'HOXFKWELMGHDFKWHUZDQGYDQKHWDSSDUDDW
ZRUGWQLHW]RZDUP+HWDSSDUDDWYHUEUXLNWPLQ
GHUVWURRPZDQQHHUGHZDUPHOXFKWNDQZHJ
WUHNNHQ

9RRUKHWHHUVWHJHEUXLN
1. ,QIRPDWHULDDOHUXLWQHPHQHQ]RZHO
SODNEDQGDOVEHVFKHUPIROLH
YHUZLMGHUHQ
2. $SSDUDDWVFKRRQPDNHQ
~ 6FKRRQPDNHQRS SDJLQD
(OHNWULVFKHDDQVOXLWLQJ
$WWHQWLH
+HWDSSDUDDWQLHWDDQVOXLWHQRSHHQ
HOHNWURQLVFKHHOHFWURQLVFKH
HQHUJLHEHVSDUHQGHVWHNNHU
$DQZLM]LQJ 8NXQWKHWDSSDUDDW
DDQVOXLWHQRSQHWYRHGLQJVLQYHUWHUVHQ
VLQXVLQYHUWHUV
1HWYRHGLQJVLQYHUWHUVZRUGHQJHEUXLNWELM
IRWRYROWDwVFKHLQVWDOODWLHVPHW
UHFKWVWUHHNVH DDQVOXLWLQJ RS KHW RSHQEDUH
HOHNWULFLWHLWVQHW%LMORVVWDDQGHV\VWHPHQ
GLHQWXVLQXVLQYHUWHUVJHEUXLNHQ
/RVVWDDQGH V\VWHPHQ ELMY RS VFKHSHQ RI
LQEHUJKXWWHQKHEEHQJHHQUHFKWVWUHHNVH
DDQVOXLWLQJRSKHWRSHQEDUH
HOHNWULFLWHLWVQHW
1. 1DSODDWVLQJYDQKHWDSSDUDDW
PLQVWHQV XXUZDFKWHQPHW
DDQVOXLWHQRPEHVFKDGLJLQJYDQ
GH FRPSUHVVRUWH YRRUNRPHQ
2. +HWDSSDUDDWDDQVOXLWHQRSHHQ
YROJHQVGHYRRUVFKULIWHQJHwQVWDOOHHUG
VWRSFRQWDFW
+HWVWRSFRQWDFWPRHWYROGRHQDDQGH
YROJHQGHYRRUZDDUGHQ
%XLWHQ(XURSDFRQWUROHUHQRIGH
YHUPHOGHVWURRPVRRUWYDQKHW
DSSDUDDWRYHUHHQNRPWPHWGH
ZDDUGHQYDQXZHOHNWULFLWHLWVQHW'H
JHJHYHQVYDQKHWDSSDUDDWVWDDQRS
KHWW\SHSODDWMH
~ +HWDSSDUDDWOHUHQNHQQHQ
RS SDJLQD
3. 6OXLWKHWDSSDUDDWDDQRSHHQ
VWRSFRQWDFWLQGHEXXUWYDQKHW
DSSDUDDW
+HWVWRSFRQWDFWPRHWRRNQDKHW
RSVWHOOHQYDQKHWDSSDUDDWJRHG
EHUHLNEDDU]LMQ
::DDUVFKXZLQJ
*HYDDUYRRUHHQHOHNWULVFKHVFKRN
,QGLHQKHWDDQVOXLWVQRHUQLHWODQJ
JHQRHJLVPDJXLQJHHQJHYDO
PHHUYRXGLJHVWRSFRQWDFWHQRI
YHUOHQJVQRHUHQJHEUXLNHQ1HHPLQ
SODDWVGDDUYDQFRQWDFWRSPHWGH
NODQWHQVHUYLFHYRRUDOWHUQDWLHYH
RSORVVLQJHQ
9ULHVYDNUHJHOPDWLJRQWGRRLHQ (HQ ODDJ ULMS RI LMV LQ KHW YULHVYDN YHUPLQGHUW GH
DIJLIWH YDQ NRXGH DDQ GH GLHSYULHVZDUHQ HQ YHU
KRRJWKHWHQHUJLHYHUEUXLN
'HXUYDQKHWYULHVYDN]RUJYXOGLJVOXLWHQ (UWUHHGWVWHUNHLMVYRUPLQJLQKHWYULHVYDNRS
+HWDSSDUDDWPRHWYDNHUNRHOHQHQYHUEUXLNW
PHHUVWURRP
*HEUXLNYDQKHWDSSDUDDW
6WRSFRQWDFW PHW 9 9
$DUGOHLGLQJ +]
=HNHULQJ $$

*+HWDSSDUDDWOHUHQ
NHQQHQ
+HW DSSDUDDW OHUHQ NHQQHQ
.ODSKHWODDWVWHEODGPHWDIEHHOGLQJHQ
RSHQ $IKDQNHOLMN YDQ GH XLWUXVWLQJ NXQQHQ
HUYHUVFKLOOHQ]LMQWXVVHQXZDSSDUDDWHQ
GHDIEHHOGLQJHQ
$SSDUDDW
~$IE !
1LHWELMDOOHPRGHOOHQ
%HGLHQLQJVHOHPHQWHQ
~$IE "
8LWUXVWLQJ
QLHWELMDOOHPRGHOOHQ
/HJSODWHDX
~$IE #
8NXQWKHWOHJSODWHDXYDULsUHQ
■ /HJSODWHDXHUXLWWUHNNHQHQ
YHUZLMGHUHQ
# .RHOYDN
+ 9HUVNRHOUXLPWH
3 9ULHVYDN
()" %HGLHQLQJVHOHPHQWHQ
)* 9HUOLFKWLQJ
)2 6FKHLGLQJVSODDWPHW
YRFKWLJKHLGVUHJHODDU
): *URHQWHODGH
)B 9HUVNRHOODGH
)J 'LHSYULHVODGHYODN
)R 'LHSYULHVODGH
)Z 'LHSYULHVODGHJURRW
)b 'LHSYULHVODGHNOHLQ
)j 7\SHSODDWMH
1" %RWHUHQNDDVYDN
1* 9DNYRRUJURWHIOHVVHQ
( 7RHWV #
6FKDNHOWKHWDSSDUDDWLQRIXLW
0 7RHWV VXSHUYULHVYDN
6FKDNHOW KHW VXSHUYULH]HQ LQ RI XLW
8 7RHWV YULHVYDN
6WHOWGHWHPSHUDWXXUYDQKHW
YULHVYDNLQ
@ ,QGLFDWLH WHPSHUDWXXU GLHSYULHVYDN
7RRQWGHLQJHVWHOGHWHPSHUDWXXU
LQ &
H 7RHWV DODUP
6FKDNHOWKHWDODUPVLJQDDOXLW
P K\SHU)UHVK &
'HLQGLFDWLHEUDQGWDOVKHW
DSSDUDDWLQZHUNLQJLV
X 7RHWV KROLGD\
6FKDNHOWGHYDNDQWLHPRGXVLQRI
XLW
` 7RHWV NRHOYDN
6WHOWGHWHPSHUDWXXUYDQKHW
NRHOYDNLQ
h ,QGLFDWLHWHPSHUDWXXUNRHOYDN
7RRQWGHLQJHVWHOGHWHPSHUDWXXU
LQ &
)" 7RHWV VXSHUNRHOYDN
6FKDNHOWKHWVXSHUNRHOHQLQRIXLW

9DULRSODWHDX
~$IE $
8NXQWKRJHYRRUZHUSHQNRHOHQELMY
NDQQHQRIIOHVVHQ
■ +HWYRRUVWHGHHOYDQKHWOHJSODWHDX
YHUZLMGHUHQHQRQGHUKHWDFKWHUVWH
GHHOVFKXLYHQ
*URHQWHODGH
~$IE %
8NXQWGHODGHYHUZLMGHUHQ
■ /DGHDFKWHUDDQLHWVRSWLOOHQHQ
YHUZLMGHUHQ
8NXQWGHODGHDDQEUHQJHQ
■ /DGHRSGHUDLOVSODDWVHQHQLQKHW
DSSDUDDWVFKXLYHQ
'LHSYULHVVFKDDO
~$IE &
8NXQWGHVFKDDOYHUZLMGHUHQ
1. /DGHWRWGHDDQVODJHUXLWWUHNNHQ
2. 6FKDDORSWLOOHQHQYHUZLMGHUHQ
'LHSYULHVODGH
~$IE '
8NXQWGHODGHYHUZLMGHUHQ
■ 5HVHUYRLUWRWDDQGHDDQVODJ
XLWWUHNNHQYRRUDDQRSWLOOHQHQ
YHUZLMGHUHQ
9RRUUDDGYDNNHQ
~$IE (
8NXQWKHWIOHVVHQUHNYHUZLMGHUHQ
■ )OHVVHQUHNRSWLOOHQHQYHUZLMGHUHQ
)OHVVHQKRXGHU
~$IE )
:DQQHHUXGHGHXURSHQWHQVOXLW
■ +HW IOHVVHQUHN YRRUNRPW GDW GH IOHVVHQ
NDQWHOHQ
,-VEDNMH
8NXQWLMVEORNMHVPDNHQ
1. +HWLMVEDNMHYRRUPHWZDWHUYXOOHQ
HQLQKHWYULHVYDN]HWWHQ]HWWHQ
$DQZLM]LQJ +HW YDVWJHYURUHQ LMVEDNMH
DOOHHQ PHW HHQ ERW YRRUZHUS ORVPDNHQ
ELMYVWHHOYDQHHQOHSHO
2. 2PGH LMVEORNMHVORVWH PDNHQ
KHW LMVEDNMH LHWV YHUEXLJHQ RI NRUW RQGHU
VWURPHQGZDWHUKRXGHQ
.RXGHDFFX
%LMVWURRPXLWYDORIHHQVWRULQJ
■ +HWNRHOHOHPHQW]RUJWHUYRRUGDWGH
RSJHVODJHQ GLHSYULHVZDUHQ ODQJ]DPHU
RSZDUPHQ
$DQZLM]LQJ 'HEHZDDUWLMGLVKHWODQJVW
ZDQQHHUXKHWNRHOHOHPHQWLQKHW
ERYHQVWHYDNRSGHOHYHQVPLGGHOHQOHJW
8NXQWKHWNRHOHOHPHQWXLWKHWYULHVYDN
QHPHQRPHUWLMGHOLMNOHYHQVPLGGHOHQWH
NRHOHQELMYLQHHQNRHOWDV
1$SSDUDDWEHGLHQHQ
$SSDUDD W EHGL HQHQ
$SSDUDDWLQVFKDNHOHQ
1. 7RHWV #LQGUXNNHQ
+HWDSSDUDDWEHJLQWWHNRHOHQ(HQ
DODUPVLJQDDOHHQNQLSSHUHQGH
WHPSHUDWXXULQGLFDWLHYDQKHW
GLHSYULHVYDNHQHHQEUDQGHQGH
WRHWV DODUPJHYHQDDQGDWKHW
GLHSYULHVYDNQRJWHZDUPLV
2. 7RHWV DODUPLQGUXNNHQ
+HWDODUPVLJQDDOJDDWXLW
3. 'HJHZHQVWHWHPSHUDWXXULQVWHOOHQ
~ 7HPSHUDWXXULQVWHOOHQ
RS SDJLQD

2SPHUNLQJHQELMYRRUKHWJHEUXLN
■ 1DKHWLQVFKDNHOHQNDQKHWHHQDDQWDO
XUHQGXUHQYRRUGDWGHLQJHVWHOGH
WHPSHUDWXUHQ]LMQEHUHLNW*HHQ
OHYHQVPLGGHOHQLQUXLPHQYRRUGDWGH
LQJHVWHOGHWHPSHUDWXXULVEHUHLNW
■ 'HYRRU]LMGHYDQKHWDSSDUDDWDFKWHU
GHGHXUZRUGWJHGHHOWHOLMNOLFKW
YHUZDUPGZDDUGRRUGHYRUPLQJYDQ
FRQGHQVZDWHULQGHEXXUWYDQGH
GHXUDIGLFKWLQJZRUGWYRRUNRPHQ
■ :DQQHHUGHGHXUYDQGH
GLHSYULHVUXLPWHQDKHWVOXLWHQQLHW
GLUHFW ZHHU JHRSHQG NDQ ZRUGHQ GLHQW
XHYHQWHZDFKWHQWRWGHRQGHUGUXNLV
YHUGZHQHQ
$SSDUDDWXLWVFKDNHOHQHQ
EXLWHQZHUNLQJVWHOOHQ
$SSDUDDWXLWVFKDNHOHQ
■ 7RHWV #LQGUXNNHQ
+HWDSSDUDDWNRHOWQLHWPHHU
$SSDUDDWEXLWHQZHUNLQJVWHOOHQ
$OVXKHWDSSDUDDWODQJHUHWLMGQLHW
JHEUXLNW
1. 7RHWV #LQGUXNNHQ
+HWDSSDUDDWNRHOWQLHWPHHU
2. 'HVWHNNHUXLWKHWVWRSFRQWDFWWUHNNHQ
RIGH]HNHULQJXLWVFKDNHOHQ
3. $SSDUDDWVFKRRQPDNHQ
4. $SSDUDWRSHQODWHQ
7HPSHUDWXXULQVWHOOHQ
$DQEHYROHQWHPSHUDWXXU
.RHOYDN
■ 7RHWV PHHUPDDOVLQGUXNNHQWRW
GH JHZHQVWH WHPSHUDWXXU YHUVFKLMQW RS
GHGLVSOD\
9HUVNRHOUXLPWH
'H WHPSHUDWXXU LQ GH YHUVNRHOUXLPWH ZRUGW
RSFLUFD &JHKRXGHQ
$DQZLM]LQJ :DQQHHUULMSRSGHNOHLQH
NRHOSURGXFWHQLQGHYHUVNRHOUXLPWH
YRRUNRPW'HWHPSHUDWXXUZDUPHU
LQVWHOOHQ ~ 6WRULQJHQZDWWHGRHQ"
RS SDJLQD
9ULHVYDN
■ 7RHWV PHHUPDDOVLQGUXNNHQWRW
GH JHZHQVWH WHPSHUDWXXU YHUVFKLMQW RS
GHGLVSOD\
6XSHUNRHOHQ
%LMKHWVXSHUNRHOHQZRUGWKHWNRHOYDN]R
NRXGDOVPRJHOLMNLV
+HWVXSHUNRHOHQLQVFKDNHOHQELMY
■ YyyUKHWLQODGHQYDQJURWH
KRHYHHOKHGHQOHYHQVPLGGHOHQ
■ YRRUKHWVQHONRHOHQYDQGUDQNHQ
$DQZLM]LQJ :DQQHHUVXSHUNRHOHQLV
LQJHVFKDNHOGZRUGWKHWDSSDUDDWLHWV
OXLGHU
1DXXUVFKDNHOWKHWDSSDUDDWRYHURS
KHWQRUPDOHZHUNLQJ
6XSHUNRHOHQLQXLWVFKDNHOHQ
■ 7RHWV VXSHULQGUXNNHQ
'HWRHWVEUDQGWDOVKHW
VXSHUNRHOV\VWHHPLVLQJHVFKDNHOG
.RHOYDN &
9ULHVYDN ² &

6XSHUYULH]HQ
$XWRPDWLVFKVXSHUYULH]HQ
+HWDXWRPDWLVFKHVXSHUYULH]HQVFKDNHOW
ELMKHWLQUXLPHQYDQZDUPH
OHYHQVPLGGHOHQDXWRPDWLVFKLQ
%LMKHWDXWRPDWLVFKHVXSHUYULH]HQNRHOW
KHWYULHVYDNRSHHQDDQ]LHQOLMNODJHUH
WHPSHUDWXXUGDQELMGHQRUPDOHZHUNLQJ
'RRUKHWVXSHUYULH]HQZRUGHQ
OHYHQVPLGGHOHQVQHOWRWLQGHNHUQ
GLHSJHYURUHQ
$DQZLM]LQJ $OVKHWDXWRPDWLVFKH
VXSHUYULH]HQLQJHVFKDNHOGLVEUDQGWGH
WRHWV VXSHU HQ NXQQHQ GH EHGULMIVJHOXLGHQ
WRHQHPHQ
1DDIORRSYDQKHWDXWRPDWLVFKH
VXSHUYULH]HQVFKDNHOWKHWDSSDUDDWRYHU
RSGHQRUPDOHZHUNLQJ
$XWRPDWLVFKVXSHUYULH]HQKDQGPDWLJ
DQQXOHUHQ
■ 7RHWV VXSHULQGUXNNHQ
+DQGPDWLJVXSHUYULH]HQ
%LMKHWKDQGPDWLJVXSHUYULH]HQNRHOWKHW
YULHVYDNRSHHQ]RODDJPRJHOLMNH
WHPSHUDWXXU
+HWVXSHUYULH]HQLQVFKDNHOHQELMY
■ RPOHYHQVPLGGHOHQVQHOWRWLQGHNHUQ
LQWHYULH]HQ
■ XXUYyyURSVODJYDQHHQ
OHYHQVPLGGHOKRHYHHOKHLGYDQDI NJ
■ RPKHWPD[YULHVYHUPRJHQWH
EHQXWWHQ
~ 0D[LPDDOLQYULHVYHUPRJHQ
RS SDJLQD
$DQZLM]LQJ $OVKHWVXSHUYULH]HQ
LQJHVFKDNHOGLVNXQQHQGH
EHGULMIVJHOXLGHQWRHQHPHQ
1D FD ^ GDJ VFKDNHOW KHW DSSDUDDW RYHU
RSKHWQRUPDOHZHUNLQJ
6XSHUYULH]HQLQXLWVFKDNHOHQ
■ 7RHWV VXSHULQGUXNNHQ
'HWRHWVEUDQGWDOVKHW
VXSHUYULHVV\VWHHPLVLQJHVFKDNHOG
9DNDQWLHPRGXV
%LMODQJHUHDIZH]LJKHLGNXQWXKHW
DSSDUDDWLQGHHQHUJLHEHVSDUHQGH
YDNDQWLHPRGXV]HWWHQ
'HWHPSHUDWXXULQKHWNRHOYDNZRUGW
DXWRPDWLVFKRS &RPJHVFKDNHOG
*HGXUHQGH GH]H WLMG JHHQ OHYHQVPLGGHOHQ
LQKHWNRHOYDNRSVODDQ
'HWHPSHUDWXXULQKHWGLHSYULHVYDNEOLMIW
RQJHZLM]LJG
9DNDQWLHPRGXVLQXLWVFKDNHOHQ
■ 7RHWV KROLGD\LQGUXNNHQ
$OV GH YDNDQWLHPRGXV LV LQJHVFKDNHOG
EUDQGWGHWRHWVHQJHHIWGH
WHPSHUDWXXULQGLFDWLHYDQKHWNRHOYDN
JHHQWHPSHUDWXXUPHHUDDQ
M$ODUP
$ODUP
'HXUDODUP
$OVGHGHXUYDQKHWDSSDUDDWODQJHUHWLMG
RSHQVWDDWZRUGWKHWGHXUDODUP
LQJHVFKDNHOG
■ 'HXUVOXLWHQRIWRHWV DODUPLQGUXNNHQ
+HWDODUPVLJQDDOZRUGWXLWJHVFKDNHOG

7HPSHUDWXXUDODUP
:DQQHHUKHWWHZDUPZRUGWLQKHW
YULHVYDNZRUGWKHWWHPSHUDWXXUDODUP
JHDFWLYHHUG
$WWHQWLH
%LMKHWRQWGRRLHQNDQEDFWHULHYRUPLQJ
RSWUHGHQ HQ NXQQHQ GH GLHSYULHVZDUHQ
EHGHUYHQ
+DOIRIJHKHHORQWGRRLGHGLHSYULHVZDUHQ
QLHWRSQLHXZLQYULH]HQ
+HWYRHGVHOSDVQDKHWNRNHQRIEUDGHQ
RSQLHXZLQYULH]HQ'HPD[LPDOH
EHZDDUWLMGQLHWPHHUWHQYROOHEHQXWWHQ
$DQZLM]LQJ ,Q GH YROJHQGH JHYDOOHQ NDQ
HHQDODUPVLJQDDONOLQNHQ]RQGHUGDWHU
JHYDDUYRRUGHGLHSYULHVZDUHQEHVWDDW
■ +HWDSSDUDDWZRUGWLQJHEUXLN
JHQRPHQ
■ (UZRUGHQJURWHKRHYHHOKHGHQYHUVH
OHYHQVPLGGHOHQLQJHUXLPG
■ 'HGHXUYDQKHWYULHVYDNVWDDWWHODQJ
RSHQ
+RRJVWHWHPSHUDWXXUZHHUJHYHQHQ
DODUPVLJQDDOXLWVFKDNHOHQ
■ 7RHWV DODUPLQGUXNNHQ
'HLQGLFDWLHWRRQWNRUWGHKRRJVWH
WHPSHUDWXXUGLHLQKHWGLHSYULHVYDN
KHHIWJHKHHUVW'DDUQDWRRQWGH
LQGLFDWLHZHHUGHLQJHVWHOGH
WHPSHUDWXXU
9DQDIGLWPRPHQWZRUGWGHZDUPVWH
WHPSHUDWXXURSQLHXZEHSDDOGHQ
RSJHVODJHQ
$DQZLM]LQJ 7RHWV DODUPEUDQGWWRW
GHLQJHVWHOGHWHPSHUDWXXUZHHULV
EHUHLNW
U.RHOYDN
.RHOYDN
+HWNRHOYDNLVJHVFKLNWYRRUKHWEHZDUHQ
YDQPHONSURGXFWHQHLHUHQEHUHLGH
JHUHFKWHQEDNSURGXFWHQJHRSHQGH
FRQVHUYHQHQKDUGHNDDV
'HWHPSHUDWXXULVYDQ & &
LQVWHOEDDU
'RRUGHNRHORSVODJNXQWX RRN]HHU
EHGHUIHOLMNHOHYHQVPLGGHOHQRS NRUWH
RI PLGGHOODQJH WHUPLMQ EHZDUHQ +RH ODJHU
GH WHPSHUDWXXUKRHODQJ]DPHU
GH JLVWLQJVSURFHVVHQGH FKHPLVFKH
SURFHVVHQHQKHWEHGHUIGRRU
PLFURRUJDQLVPHQYHUORRSW(HQ
WHPSHUDWXXU YDQ & RI ODJHU ZDDUERUJW
HHQ RSWLPDOH YHUVKHLG HQ YHLOLJKHLG YDQ GH
OHYHQVPLGGHOHQ
,QDFKWQHPHQELMKHWEHZDUHQ
■ 9HUVH RQEHVFKDGLJGH OHYHQVPLGGHOHQ
LQUXLPHQ
=REOLMIWGHNZDOLWHLWHQGHYHUVKHLG
ODQJHUEHZDDUG
■ %LMNDQWHQNODDUSURGXFWHQHQ
JHERWWHOGHSURGXFWHQGHGRRUGH
IDEULNDQWYHUPHOGH
KRXGEDDUKHLGVGDWXP RI JHEUXLNVGDWXP
QLHWRYHUVFKULMGHQ
■ 'H OHYHQVPLGGHOHQJRHGYHUSDNW
RI DIJHGHNWLQUXLPHQRP
DURPDVPDDNNOHXUHQYHUVKHLGWH
EHZDUHQ
=RYRRUNRPWXVPDDNYHUPHQJLQJHQ
YHUNOHXULQJYDQGHNXQVWVWRI
RQGHUGHOHQ
■ :DUPHJHUHFKWHQHQGUDQNHQHHUVW
ODWHQDINRHOHQGDQLQKHWNRHOYDN
]HWWHQ

/HWRSGH NRXGH]RQHV
LQ KHW NRHOYDN
'RRUGH OXFKWFLUFXODWLHLQ GH NRHOUXLPWH
RQWVWDDQYHUVFKLOOHQGH NRXGH]RQHV
.RXGVWH]RQH
'HNRXGVWH]RQHLVRSGHVFKHLGLQJVSODDW
HQLQKHWYDNYRRUJURWHIOHVVHQ
:DUPVWH]RQH
'HZDUPVWH]RQHEHYLQGW]LFKKHOHPDDO
ERYHQDDQLQGHGHXU
2SPHUNLQJHQ
■ %HZDDU LQ GH ZDUPVWH ]RQH ELMY KDUGH
NDDVHQERWHU+LHUGRRUNRPWKHW
DURPDYDQGHNDDVEHWHUWRW
RQWZLNNHOLQJHQEOLMIWGHERWHU
VPHHUEDDU
■ %HZDDUJHYRHOLJHOHYHQVPLGGHOHQ
]RDOVYLVZRUVWHQYOHHVLQGH
YHUVNRHOUXLPWH ~ 9HUVNRHOUXLPWH
RS SDJLQD
T 9HUVNRHOUXLPWH
9HUVNRHOUXLPWH
'HWHPSHUDWXXULQGHYHUVNRHOUXLPWH
ZRUGWRSFLUFD &JHKRXGHQ
'HODJHWHPSHUDWXXUHQGHRSWLPDOH
OXFKWYRFKWLJKHLG]RUJHQYRRULGHDOH
RPVWDQGLJKHGHQYRRUKHWEHZDUHQYDQ
YHUVHOHYHQVPLGGHOHQ
'RRU GH YHUVNRHOPRJHOLMNKHLG NXQW X YHUVH
OHYHQVPLGGHOHQWRWZHOGULHNHHUODQJHU
YHUV KRXGHQ GDQ LQ KHW NRHOYDN ² YRRU KHW
ODQJHU YHUV EOLMYHQ HHQ ODQJHU EHKRXG YDQ
YRHGLQJVVWRIIHQHQHHQEHWHUHVPDDN
*URHQWHODGH
~$IE *
'HJURHQWHODGHLVGHRSWLPDOHSODDWVYRRU
KHWEHZDUHQYDQYHUVIUXLWHQYHUVH
JURHQWH0HWGHYRFKWLJKHLGVUHJHODDUYDQ
GHVFKHLGLQJVSODDWHQHHQVSHFLDOH
DIGLFKWLQJ NXQW X GH OXFKWYRFKWLJKHLG LQ GH
JURHQWHODGHDDQSDVVHQ
'H OXFKWYRFKWLJKHLG LQ GH JURHQWHODGH NXQW
XLQVWHOOHQDIKDQNHOLMNYDQKHWVRRUWHQGH
KRHYHHOKHLGEHZDDUGHOHYHQVPLGGHOHQ
■ RYHUZHJHQG IUXLW HQ ELM KRJH EHODGLQJ ²
ODJHUHOXFKWYRFKWLJKHLGLQVWHOOHQ
■ RYHUZHJHQGJURHQWHHQELMJHPHQJGH
EHODGLQJRIJHULQJHEHODGLQJ²KRJHUH
OXFKWYRFKWLJKHLGLQVWHOOHQ
$DQZLM]LQJHQ
■ .RXGHJHYRHOLJHVRRUWHQIUXLWELMY
DQDQDVEDQDQHQSDSDMDVHQ
FLWUXVYUXFKWHQHQJURHQWHELMY
DXEHUJLQHVNRPNRPPHUVFRXUJHWWHV
SDSULNDWRPDWHQHQDDUGDSSHOV
GLHQHQYRRUHHQRSWLPDDOEHKRXGYDQ
NZDOLWHLWHQDURPDEXLWHQKHWDSSDUDDW
RSWHPSHUDWXUHQYDQFLUFD
& &WHZRUGHQEHZDDUG
■ $IKDQNHOLMNYDQGHVRRUW
OHYHQVPLGGHOHQ HQ GH KRHYHHOKHLG NDQ
]LFKLQGHJURHQWHODGHFRQGHQVZDWHU
YRUPHQ
&RQGHQVZDWHUYHUZLMGHUHQPHWHHQ
GURJHGRHNHQGHOXFKWYRFKWLJKHLGLQ
GH JURHQWHODGH DDQSDVVHQ PHW EHKXOS
YDQGHYRFKWLJKHLGVUHJHODDU

9HUVNRHOODGH
~$IE !)B
+HWNOLPDDWLQYHUVNRHOODGHELHGWLGHDOH
RPVWDQGLJKHGHQYRRUKHWEHZDUHQYDQ
YLVYOHHVHQZRUVW
%HZDDUWLMGHQELM &
'HEHZDDUWLMGHQ]LMQDIKDQNHOLMNYDQGH
XLWJDQJVNZDOLWHLW
W9ULHVYDN
9ULHVYDN
+HWYULHVYDNLVJHVFKLNWYRRU
■ EHZDUHQYDQGLHSYULHVSURGXFWHQ
■ PDNHQYDQLMVEORNMHV
■ RPOHYHQVPLGGHOHQLQWHYULH]HQ
'HWHPSHUDWXXULVLQVWHOEDDUYDQ
² &² &
'RRUGLHSYULHVRSVODJNXQWX EHGHUIHOLMNH
OHYHQVPLGGHOHQYULMZHO]RQGHU
NZDOLWHLWVDIQDPHODQJGXULJEHZDUHQ
RPGDWGHODJHWHPSHUDWXXUKHWEHGHUI
VWHUNYHUWUDDJWRIVWRS]HW+HWXLWHUOLMNKHW
DURPDHQDOOHEHODQJULMNHLQKRXGVVWRIIHQ
EOLMYHQJURWHQGHHOVEHKRXGHQ
/DQJGXULJEHZDUHQYDQOHYHQVPLGGHOHQ
PRHWRSHHQWHPSHUDWXXUYDQ² &RI
ODJHUJHEHXUHQ
'HWLMGGLHQRGLJLV RPYHUVH
OHYHQVPLGGHOHQYROOHGLJGLHSWHYULH]HQ
LV DIKDQNHOLMNYDQGH YROJHQGHIDFWRUHQ
■ LQJHVWHOGHWHPSHUDWXXU
■ VRRUWOHYHQVPLGGHO
■ YXOOLQJYDQKHWYULHVYDN
■ EHZDDUGHKRHYHHOKHLGHQVRRUW
OHYHQVPLGGHOHQ
.OHLQHUHKRHYHHOKHGHQ
OHYHQVPLGGHOHQLQYULH]HQ
/HYHQVPLGGHOHQLQYULH]HQ
■ LQGHDFKWHUDDQRSGHJURWH
GLHSYULHVODGHJHSODDWVWH
GLHSYULHVVFKDDORILQGHYODNNH
GLHSYULHVODGH ~ +HWDSSDUDDWOHUHQ
NHQQHQRS SDJLQD
■ UHFKWVEXLWHQEHJLQQHQG
■ RYHUHHQEUHHGYODN
=RZRUGHQGH]HKHWVQHOVWGLHSJHYURUHQ
0D[LPDDOLQYULHVYHUPRJHQ
+HWPD[LPDOHLQYULHVYHUPRJHQJHHIWGH
KRHYHHOKHLGOHYHQVPLGGHOHQDDQGLHLQ
XXUWRWLQGHNHUQNDQZRUGHQ
LQJHYURUHQ
*HJHYHQVRYHUKHWPD[LPDOH
LQYULHVYHUPRJHQYLQGWXRSKHW
W\SHSODDWMH
~ +HWDSSDUDDWOHUHQNHQQHQ
RS SDJLQD
2PKHWPD[LPDOHLQYULHVYHUPRJHQWH
EHQXWWHQ KHW VXSHUYULH]HQ XXU YRRUGDW
GHYHUVHOHYHQVPLGGHOHQZRUGHQ
LQJHUXLPGLQVFKDNHOHQ
~ 6XSHUYULH]HQRS SDJLQD
9HUVHYLV]HHYUXFKWHQ WRW GDJHQ
*HYRJHOWHYOHHV
JHNRRNWJHEUDGHQ
WRW GDJHQ
5XQGYOHHVYDUNHQVYOHHV
ODPVYOHHVZRUVWEURRGEH
OHJ
WRW GDJHQ
*HURRNWHYLVEURFFROL WRW GDJHQ
6ODYHQNHODEULNR]HQ
SUXLPHQ
WRW GDJHQ
=DFKWHNDDV\RJKXUW
NZDUNNDUQHPHONEORHP
NRRO
WRW GDJHQ

9RRUZDDUGHQYRRUPD[
LQYULHVYHUPRJHQ
1. &LUFD XXUYRRUGDWXYHUVHZDDU
LQUXLPWVXSHUYULH]HQLQVFKDNHOHQ
~ +DQGPDWLJVXSHUYULH]HQ
RS SDJLQD
2. +RXGHUVXLWKHWYULHVYDNQHPHQHQGH
OHYHQVPLGGHOHQUHFKWVWUHHNVRSGH
OHJSODWHDXVHQGHYULHVYDNERGHP
VWDSHOHQ
3. (HUVWKHWERYHQVWHYDNYXOOHQPHW
OHYHQVPLGGHOHQ'DDUZRUGHQ]HKHW
VQHOVWGLHSJHYURUHQ
4. :DQQHHUKHWERYHQVWHYDNQLHWJURRW
JHQRHJLVGHUHVWHUHQGHKRHYHHOKHLG
LQUXLPHQLQKHWYDNHURQGHUWH
EHJLQQHQUHFKWVYRRUDDQ
5. 9HUVHOHYHQVPLGGHOHQ]RGLFKW
PRJHOLMNELMGH]LMZDQGHQLQYULH]HQ
9ULHVYHUPRJHQYROOHGLJ
EHQXWWHQ
2PGHPD[LPDOHKRHYHHOKHLG
GLHSYULHVZDUHQRQGHUWHEUHQJHQ
■ $OOHXLWUXVWLQJVGHOHQYHUZLMGHUHQ
■ /HYHQVPLGGHOHQUHFKWVWUHHNVRSGH
OHJSODWHDXVHQGHERGHPYDQKHW
YULHVYDNOHJJHQ
'LHSYULHVSURGXFWHQLQNRSHQ
■ 2SRQEHVFKDGLJGHYHUSDNNLQJOHWWHQ
■ 2SKRXGEDDUKHLGVGDWXPOHWWHQ
■ 'HWHPSHUDWXXULQGH
VXSHUPDUNWYULH]HUPRHW² &RI
NRXGHU]LMQ
■ 'HGLHSYULHVNHWHQQLHWRQGHUEUHNHQ
GHGLHSYULHVSURGXFWHQOLHIVWLQHHQ
NRHOWDVWUDQVSRUWHUHQHQVQHOLQKHW
YULHVYDNOHJJHQ
$WWHQWLHELMKHWLQUXLPHQ
■ *URWHKRHYHHOKHGHQOHYHQVPLGGHOHQ
LQYULH]HQLQKHWERYHQVWHYDN
'DDUZRUGHQ]HELM]RQGHUVQHOHQ
EHKRHG]DDPLQJHYURUHQ
■ /HYHQVPLGGHOHQXLWJHVSUHLGLQGH
YDNNHQRIGLHSYULHVODGHVOHJJHQ
■ ,QWHYULH]HQOHYHQVPLGGHOHQQLHWLQ
DDQUDNLQJEUHQJHQPHWLQJHYURUHQ
OHYHQVPLGGHOHQ
7RWLQGHNHUQEHYURUHQ
OHYHQVPLGGHOHQHYHQWXHHOLQGH
GLHSYULHVODGHVRPVWDSHOHQ
■ %HODQJULMNYRRUHHQJRHGH
OXFKWFLUFXODWLHLQKHWDSSDUDDW
'LHSYULHVODGHWRWDDQGHDDQVODJ
LQVFKXLYHQ
9HUVHOHYHQVPLGGHOHQ
LQYULH]HQ
8LWVOXLWHQGYHUVHHQRQEHULVSHOLMNH
OHYHQPLGGHOHQLQYULH]HQ
/HYHQVPLGGHOHQ GLH JHNRRNW JHEUDGHQ RI
JHEDNNHQZRUGHQJHFRQVXPHHUG]LMQ
JHVFKLNWHUYRRULQYULH]HQGDQ
OHYHQVPLGGHOHQGLHUDXZZRUGHQJHJHWHQ
2PYRHGLQJVZDDUGHDURPDHQNOHXU]R
JRHGPRJHOLMNWHEHKRXGHQGLHQHQGH
OHYHQVPLGGHOHQYRRUEHUHLGWHZRUGHQ
■ *URHQWHZDVVHQNOHLQHUPDNHQ
EODQFKHUHQ
■ )UXLWZDVVHQRQWSLWWHQHQHYHQWXHHO
VFKLOOHQHYHQWXHHOVXLNHURI
DVFRUELQH]XXURSORVVLQJWRHYRHJHQ
$DQZLM]LQJHQGDDURYHUYLQGWX LQGH
GHVEHWUHIIHQGHOLWHUDWXXU

*HVFKLNWYRRULQYULH]HQ
■ EURRGHQEDQNHW
■ YLVHQ]HHYUXFKWHQ
■ YOHHV
■ ZLOGHQJHYRJHOWH
■ JURHQWHIUXLWHQNUXLGHQ
■ HLHUHQ]RQGHUVFKDDO
■ PHONSURGXFWHQELMYNDDVERWHUHQ
NZDUN
■ EHUHLGHJHUHFKWHQHQNOLHNMHV]RDOV
VRHS VWRRIVFKRWHOV JDDU YOHHV HQ JDUH
YLV DDUGDSSHOJHUHFKWHQ RYHQVFKRWHOV
HQ]RHWHWRHWMHV
1LHWJHVFKLNWRPLQWHYULH]HQ
■ JURHQWHVRRUWHQGLHPHHVWDOUDXZ
ZRUGHQJHJHWHQ]RDOVNURSVODHQ
UDGLMVMHV
■ RQJHSHOGHRIKDUGJHNRRNWHHLHUHQ
■ ZLMQGUXLYHQGUXLYHQ
■ KHOHDSSHOVSHUHQHQSHU]LNHQ
■ \RJKXUWGLNNH]XUHPHON]XUHURRP
FUqPHIUDvFKHHQPD\RQDLVH
'LHSYULHVZDUHQYHUSDNNHQ
'HMXLVWHYHUSDNNLQJHQPDWHULDDONHX]H
EHSDOHQLQ EHODQJULMNHPDWHKHWEHKRXG
YDQGH SURGXFWNZDOLWHLWHQKHWYRRUNRPHQ
YDQYULHVEUDQG
1. /HYHQVPLGGHOHQLQ GH YHUSDNNLQJ
OHJJHQ
2. /XFKWHUXLWGUXNNHQ
3. 9HUSDNNLQJOXFKWGLFKWDIVOXLWHQRPWH
YRRUNRPHQ GDW GH OHYHQVPLGGHOHQ KXQ
VPDDNYHUOLH]HQRIXLWGURJHQ
4. 9HUPHOGRSGH SDNMHVLQKRXGHQ
LQYULHVGDWXP
$OVYHUSDNNLQJJHVFKLNW
■ NXQVWVWRIIROLH
■ ZUDSIROLHYDQSRO\HWK\OHHQ3(
■ DOXPLQLXPIROLH
■ GLHSYULHVGR]HQ
*HVFKLNWHDIVOXLWLQJHQ
■ UXEEHUULQJHQ
■ NXQVWVWRIFOLSV
■ NRXGHEHVWHQGLJSODNEDQG
2QJHVFKLNWHYHUSDNNLQJ
■ LQSDNSDSLHU
■ SHUNDPHQWSDSLHU
■ FHOORIDDQ
■ YXLOQLV]DNNHQHQSODVWLF]DNNHQ
+RXGEDDUKHLGYDQGHGLHSYULHVZDUHQ
ELM² &
'LHSYULHVNDOHQGHU
'HHURSJHGUXNWHYULHVNDOHQGHUJHHIWGH
PD[LPDOHEHZDDUWLMGLQPDDQGHQDDQELM
HHQFRQVWDQWHWHPSHUDWXXUYDQ² &
9LVZRUVWNODDUJHPDDNWH
JHUHFKWHQEURRGHQEDQ
NHW
WRWPDDQGHQ
9OHHVJHYRJHOWH WRWPDDQGHQ
*URHQWHIUXLW WRWPDDQGHQ

2QWGRRLHQYDQGLHSYULHVZDUHQ
'HRQWGRRLPHWKRGHGLHQWWH ZRUGHQ
DDQJHSDVWDDQKHWOHYHQVPLGGHOHQKHW
JHEUXLNVGRHORPGHSURGXFWNZDOLWHLW]R
JRHGPRJHOLMNWHEHKRXGHQ
2QWGRRLPHWKRGHQ
■ LQKHWNRHOYDNYRRUDOJHVFKLNWYRRU
GLHUOLMNHOHYHQVPLGGHOHQ]RDOVYLV
YOHHVNDDVNZDUN
■ RSNDPHUWHPSHUDWXXUEURRG
■ PDJQHWURQOHYHQVPLGGHOHQYRRU
GLUHFWHFRQVXPSWLHRIGLUHFWH
WRHEHUHLGLQJ
■ RYHQIRUQXLVOHYHQVPLGGHOHQYRRU
GLUHFWHFRQVXPSWLHRIGLUHFWH
WRHEHUHLGLQJ
$WWHQWLH
+DOIRIJHKHHORQWGRRLGHGLHSYULHVZDUHQ
QLHWRSQLHXZLQYULH]HQ3DVQDGDWKHWLV
YHUZHUNW WRW HHQ SDQNODDU JHUHFKW JHNRRNW
RIJHEUDGHQNXQWX KHWRSQLHXZ
LQYULH]HQ
'HPD[LPDOHRSVODJWLMGYDQKHW
GLHSYULHVZDUHQQLHWPHHUYROOHGLJ
EHQXWWHQ
=2QWGRRLHQ
2QWGRRLHQ
.RHOYDN
+HWRQWGRRLHQZRUGWDXWRPDWLVFK
XLWJHYRHUG
9ULHVYDN
2PGDWGHGLHSYULHVZDUHQQLHWPRJHQ
RQWGRRLHQZRUGWKHWYULHVYDNQLHW
DXWRPDWLVFK RQWGRRLG (HQ ODDJ ULMS RI LMV LQ
KHWYULHVYDNYHUPLQGHUWGHDIJLIWHYDQ
NRXGH DDQ GH GLHSYULHVZDUHQ HQ YHUKRRJW
KHWHQHUJLHYHUEUXLN
■ 'HODDJULMSRILMVUHJHOPDWLJ
YHUZLMGHUHQ
$WWHQWLH
6FKDGHDDQGHOHLGLQJHQYDQKHW
NRHOFLUFXLWYRRUNRPHQ
9ULMNRPHQGNRHOPLGGHONDQRRJOHWVHO
YHURRU]DNHQRIYODPYDWWHQ
■ (HQODDJULMSRILMVQLHWPHWHHQPHVRI
HHQVFKHUSYRRUZHUSDIVFKUDSHQ
*DDOVYROJWWHZHUN
1. &D XXUYRRUKHWRQWGRRLHQKHW
VXSHUYULH]HQLQVFKDNHOHQ
'HOHYHQVPLGGHOHQZRUGHQGDDUGRRU
WRW]HHUODJHWHPSHUDWXUHQDIJHNRHOG
]RGDWXGH]HODQJHURS
NDPHUWHPSHUDWXXUNXQWEHZDUHQ
2. 'LHSYULHVZDUHQYHUZLMGHUHQHQ
WXVVHQWLMGVRSHHQNRHOHSODDWV
EHZDUHQ
3. $SSDUDDWXLWVFKDNHOHQ
4. 'HVWHNNHUXLWKHWVWRSFRQWDFWWUHNNHQ
RIGH]HNHULQJXLWVFKDNHOHQ
5. 2PKHWRQWGRRLSURFHVWHYHUVQHOOHQ
HHQSDQPHWKHHWZDWHURSHHQ
RQGHU]HWWHULQKHWYULHVYDN]HWWHQ
6. 0HWHHQGRHNRIVSRQVKHWVPHOWZDWHU
RSQHPHQ
7. 9ULHVYDNGURRJZULMYHQ
8. $SSDUDDWLQVFKDNHOHQ
9. 'LHSYULHVZDUHQLQKHWGLHSYULHVYDN
OHJJHQ

D6FKRRQPDNHQ
6FKRRQPDNHQ
$WWHQWLH
%HVFKDGLJLQJYDQKHWDSSDUDDWHQGH
XLWUXVWLQJVRQGHUGHOHQYHUPLMGHQ
■ *HEUXLNJHHQVFKRRQPDDNRI
RSORVPLGGHOHQGLH]DQGFKORULGHRI
]XUHQEHYDWWHQ
■ *HHQVFKXUHQGHRINUDVVHQGH
VSRQVMHVJHEUXLNHQ
2SGHPHWDOHQRSSHUYODNNHQNDQ
FRUURVLHRQWVWDDQ
■ 'H OHJSODWHDXVHQYRRUUDDGYDNNHQ
PRJHQQLHWLQ GH DIZDVDXWRPDDW
JHUHLQLJGZRUGHQ
=HNXQQHQYHUYRUPHQ
*DDOVYROJWWHZHUN
1. $SSDUDDWXLWVFKDNHOHQ
2. 'HVWHNNHUXLWKHWVWRSFRQWDFWWUHNNHQ
RIGH]HNHULQJXLWVFKDNHOHQ
3. /HYHQVPLGGHOHQ YHUZLMGHUHQ HQ RS HHQ
NRHOHSODDWVEHZDUHQ
'H NRXGHDFFXLQGLHQDDQZH]LJRS
GH OHYHQVPLGGHOHQOHJJHQ
4. ,QGLHQDDQZH]LJ:DFKWHQWRWGH
ULMSODDJLVRQWGRRLG
5. +HWDSSDUDDWVFKRRQPDNHQPHW
HHQ ]DFKWHGRHNHQ ODXZZDWHU
PHW HHQVFKHXWMHS+ QHXWUDDO
VFKRRQPDDNPLGGHO
$WWHQWLH
+HWDIZDVZDWHUPDJQLHWLQGH
YHUOLFKWLQJRIYLDKHWDIYRHUJDWLQKHW
YHUGDPSLQJVJHGHHOWHWHUHFKWNRPHQ
6. 'HXUDIGLFKWLQJDIYHJHQPHWVFKRRQ
ZDWHUHQJRHGDIGURJHQ
7. $SSDUDDW ZHHU DDQVOXLWHQ LQVFKDNHOHQ
HQOHYHQVPLGGHOHQLQUXLPHQ
6FKRRQPDNHQ YDQ KHW LQWHULHXU
'HYDULDEHOHRQGHUGHOHQXLWKHWDSSDUDDW
QHPHQ
~ 8LWUXVWLQJRS SDJLQD
6FKHLGLQJVSODDWHQDIGHNNLQJ
JURHQWHODGH
6FKHLGLQJVSODDWYHUZLMGHUHQ
~$IE +
■ *ODVSODDWYHUZLMGHUHQKHQGHODDQGH
RQGHU]LMGH DDQ EHLGH ]LMGHQ LQGUXNNHQ
VFKHLGLQJVSODDWQDDUYRUHQWUHNNHQ
RSWLOOHQHQ]LMZDDUWVQDDUEXLWHQ
GUDDLHQ
$IGHNNLQJYDQGHJURHQWHODGH
YHUZLMGHUHQ
■ $IGHNNLQJRSWLOOHQQDDUYRUHQWUHNNHQ
HQ]LMZDDUWVQDDUEXLWHQGUDDLHQ
$IGHNNLQJYDQGHJURHQWHODGHHQ
VFKHLGLQJVSODDWDDQEUHQJHQ
~$IE ,
1. $IGHNNLQJYDQGHJURHQWHODGH
DDQEUHQJHQ
2. 6FKHLGLQJVSODDWDDQEUHQJHQ
3. *ODVSODDWDDQEUHQJHQ

8LWWUHNEDUHUDLOV
~$IE -
8LWWUHNEDUHUDLOVGHPRQWHUHQ
1. 'HUDLOXLWWUHNNHQ
2. 9HUJUHQGHOLQJLQGHULFKWLQJYDQGHSLMO
VFKXLYHQ
3. 8LWWUHNEDUHUDLOORVPDNHQYDQGH
DFKWHUVWHSHQ
4. 8LWWUHNEDUHUDLOLQHONDDUVFKXLYHQ
ERYHQGHDFKWHUVWHSHQQDDUDFKWHUHQ
VFKXLYHQHQRQWJUHQGHOHQ
8LWWUHNEDUHUDLOVPRQWHUHQ
1. 8LWWUHNEDUH UDLO LQ XLWJHWURNNHQ WRHVWDQG
RSGHYRRUVWHSHQ]HWWHQ
2. 8LWWUHNEDUHUDLORPYDVWWHNOLNNHQLHWV
QDDUYRUHQWUHNNHQ
3. 8LWWUHNEDUHUDLORSGHDFKWHUVWHSHQ
HULQ]HWWHQ
4. 9HUJUHQGHOLQJQDDUDFKWHUHQVFKXLYHQ
l /XFKWMHV
/XFKWMHV
$OVXRQDDQJHQDPHOXFKWMHVUXLNW
1. $SSDUDDWXLWVFKDNHOHQPHW
GH $DQ8LWWRHWV #
2. $OOHOHYHQVPLGGHOHQXLWKHWDSSDUDDW
KDOHQ
3. 'HELQQHQUXLPWH
UHLQLJHQ~ 6FKRRQPDNHQ
RS SDJLQD
4. $OOHYHUSDNNLQJHQUHLQLJHQ
5. 6WHUNUXLNHQGHOHYHQVPLGGHOHQ
OXFKWGLFKWYHUSDNNHQRPOXFKWMHVWH
YRRUNRPHQ
6. $SSDUDDWZHHULQVFKDNHOHQ
7. /HYHQVPLGGHOHQLQUXLPHQ
8. 1DXXUFRQWUROHUHQRIHURSQLHXZ
OXFKWMHV]LMQRQWVWDDQ
99HUOLFKWLQJ
9HUOLFKWL QJ
+HWDSSDUDDWLVYRRU]LHQYDQHHQ
RQGHUKRXGVYULMH/('YHUOLFKWLQJ
$OOHHQGHNODQWHQVHUYLFHRIHHQ
JHDXWRULVHHUGH YDNPDQ PDJ GH YHUOLFKWLQJ
UHSDUHUHQ
>*HOXLGHQ
*HOXLGHQ
1RUPDOHJHOXLGHQ
$DQZLM]LQJ $OVKHWDXWRPDWLVFKRI
KDQGPDWLJVXSHUYULH]HQLVLQJHVFKDNHOG
NXQQHQGHEHGULMIVJHOXLGHQWRHQHPHQ
%URPPHQ(UORRSWHHQPRWRUELMY
NRHODJJUHJDDWYHQWLODWRU
%RUUHOHQ]RHPHQRIJRUJHOHQ
.RHOPLGGHOVWURRPWGRRUGH EXL]HQ
.OLNJHOXLGHQ0RWRUVFKDNHODDURI
PDJQHHWYHQWLHOHQVFKDNHOHQLQXLW
*HNUDDNDXWRPDWLVFKHRQWGRRLLQJZRUGW
XLWJHYRHUG
9RRUNRPHQYDQJHOXLGHQ
+HWDSSDUDDWVWDDWQLHWZDWHUSDV+HW
DSSDUDDWPHWEHKXOSYDQHHQZDWHUSDV
VWHOOHQ,QGLHQQRGLJHULHWVRQGHUOHJJHQ
/DGHVOHJSODWHDXVRIIOHVVHQUHNNHQ
ZLHEHOHQRINOHPPHQ8LWQHHPEDUH
XLWUXVWLQJVRQGHUGHOHQFRQWUROHUHQHQ
HYHQWXHHORSQLHXZDDQEUHQJHQ
)OHVVHQRIVHUYLHVJRHGUDNHQHONDDU
)OHVVHQRIVFKDOHQXLWHONDDU]HWWHQ

36WRULQJHQZDWWHGRHQ"
6WRULQJHQ ZDW WH GRHQ"
&RQWUROHHUDDQGHKDQGYDQGH]HWDEHORIX GHVWRULQJ]HOINXQWYHUKHOSHQYRRUGDWX GH
NODQWHQVHUYLFHEHOW
'H WHPSHUDWXXUZLMNWHUJDIYDQGH LQVWHOOLQJ
$SSDUDDW PLQXWHQXLWVFKDNHOHQ
~
$SSDUDDWXLWVFKDNHOHQHQEXLWHQZHUNLQJ
VWHOOHQRS SDJLQD
:DQQHHUGH WHPSHUDWXXUWH KRRJLVGHWHPSHUD
WXXUQD HHQSDDUXXURSQLHXZFRQWUROHUHQ
:DQQHHUGHWHPSHUDWXXUWH ODDJLVGHWHPSHUD
WXXUGH YROJHQGHGDJRSQLHXZFRQWUROHUHQ
*HHQHQNHOHLQGLFDWLHEUDQGW
'H VWHNNHU]LWQLHWJRHGLQ KHW VWRSFRQWDFW 6WHNNHULQ KHW VWRSFRQWDFWVWHNHQ
'H]HNHULQJLVJHDFWLYHHUG =HNHULQJHQFRQWUROHUHQ
'HVWURRPLVXLWJHYDOOHQ &RQWUROHUHQRIHUVWURRPLV
'H LQGLFDWLHJHHIW(DDQ
'HHOHNWURQLFDKHHIWHHQIRXWJHFRQVWDWHHUG &RQWDFWRSQHPHQPHWGHVHUYLFHGLHQVW
~
6HUYLFHGLHQVWRS SDJLQD
(UNOLQNWHHQDODUPVLJQDDOHQWRHWVDODUPEUDQGW
7RHWV DODUPLQGUXNNHQ+HWDODUPLVXLWJHVFKD
NHOG
'HGHXUYDQKHWDSSDUDDWLVRSHQ $SSDUDDWGHXUVOXLWHQ
'HEHHQRQWOXFKWLQJVRSHQLQJHQ]LMQDIJHGHNW 'HEHOXFKWLQJVHQRQWOXFKWLQJVRSHQLQJHQYULM
PDNHQ
(U]LMQJURWHKRHYHHOKHGHQYHUVHOHYHQVPLGGH
OHQRSJHVODJHQ
0D[LPDDOLQYULHVYHUPRJHQQLHWRYHUVFKULMGHQ
'HLQGLFDWLHNQLSSHUWKHWDODUPVLJQDDONOLQNWHQWRHWVDODUPEUDQGW
7RHWV DODUPLQGUXNNHQ+HWDODUPLVXLWJHVFKD
NHOG
'HGHXUYDQKHWDSSDUDDWLVRSHQ $SSDUDDWGHXUVOXLWHQ
'HEHHQRQWOXFKWLQJVRSHQLQJHQ]LMQDIJHGHNW 'HEHOXFKWLQJVHQRQWOXFKWLQJVRSHQLQJHQYULM
PDNHQ
(U]LMQJURWHKRHYHHOKHGHQYHUVHOHYHQVPLGGH
OHQRSJHVODJHQ
0D[LQYULHVFDSDFLWHLWQLHWRYHUVFKULMGHQ

,QGLFDWLHEUDQGW
'HWHPSHUDWXXULQKHWYULHVYDNZDVWHKRRJ 1D KHW LQGUXNNHQ YDQ GH WRHWV DODUP ZRUGW JHGX
UHQGHYLMIVHFRQGHQGH ZDUPVWHWHPSHUDWXXU
DDQJHJHYHQGLHLQ KHWYULHVYDNKHHIWJHKHHUVW
7RHWV DODUP LQGUXNNHQ 'H LQGLFDWLH NQLSSHUW QLHW
PHHU
+HWDSSDUDDWNRHOWQLHWGHLQGLFDWLHHQYHUOLFKWLQJEUDQGHQ
3UHVHQWDWLHOLFKWLQJHVFKDNHOG =HOIWHVWVWDUWHQ
~
=HOIWHVWDSSDUDDWRS SDJLQD
1DDIORRSYDQKHWSURJUDPPDVFKDNHOWKHWDSSD
UDDWZHHURYHURSKHWQRUPDOHJHEUXLN
$XWRPDWLVFKVXSHUYULH]HQVFKDNHOWQLHWLQ
+HWDSSDUDDWEHVOLVW]HOIVWDQGLJRIKHWDXWRPDWL
VFKHVXSHUYULH]HQQRGLJLVHQVFKDNHOWGH]H
IXQFWLHDXWRPDWLVFKLQRIXLW
+HWLVWHZDUPRINRXGLQKHWYHUVNRHOYDN
'HVWDQGDDUGLQVWHOOLQJLVWHKRRJRIWHODDJ
LQJHVWHOGELMYELMYRUVWLQKHWYHUVNRHOYDN
8NXQWGHWHPSHUDWXXULQKHWYHUVNRHOYDN
VWDQGHQZDUPHURINRXGHULQVWHOOHQ$OVGH
WHPSHUDWXXULQKHWNRHOYDNRSVWDQG LVLQJH
VWHOG KHHIW KHW YHUVNRHOYDN HHQ WHPSHUDWXXU YDQ
RPVWUHHNV &
7RHWV VXSHU 9ULHVYDN LQGUXNNHQ HQ LQJHGUXNW
KRXGHQ WRWGDW GH LQGLFDWLH 7HPSHUDWXXU NRHO
YDNNQLSSHUW
7RHWV LQGUXNNHQRPGHLQVWHOOLQJWHZLM]L
JHQ
6WDQG²LVGHNRXGVWHLQVWHOOLQJ
6WDQGLVGHZDUPVWHLQVWHOOLQJ
1DHHQPLQXXWZRUGWGHLQJHVWHOGHVWDQG
RSJHVODJHQ

46HUYLFHGLHQVW
6HUYLFHGLHQVW
$OVKHWXQLHWOXNWRPGHVWRULQJ]HOIWH
YHUKHOSHQNXQWXFRQWDFWRSQHPHQPHW
RQ]HNODQWHQVHUYLFH:LMYLQGHQDOWLMGHHQ
SDVVHQGHRSORVVLQJRRNRPHHQRQQRGLJ
EH]RHNYDQGHPRQWHXUWHYRRUNRPHQ
'HFRQWDFWJHJHYHQVYDQGH
GLFKWVWELM]LMQGH6HUYLFHGLHQVWYLQGWXKLHU
RILQGHOLMVWPHW6HUYLFHGLHQVWDGUHVVHQ
9HUPHOGELMKHWWHOHIRRQJHVSUHNDXEKHW
IDEULNDDWQXPPHU(1UHQKHW
SURGXFWQXPPHU)'GLHXRSKHW
W\SHSODDWMHYLQGW
~ +HWDSSDUDDWOHUHQNHQQHQ
RS SDJLQD
9HUWURXZRSGHFRPSHWHQWLHYDQGH
IDEULNDQW8EHQWHUGDQYDQYHU]HNHUG
GDWGHUHSDUDWLHGRRUHUYDUHQWHFKQLFL
ZRUGWXLWJHYRHUGGLHJHEUXLNPDNHQYDQ
GHRULJLQHOHUHVHUYHRQGHUGHOHQYRRUXZ
DSSDUDDW
=HOIWHVWDSSDUDDW
8ZDSSDUDDWEHVFKLNWRYHUHHQ
]HOIWHVWSURJUDPPDGDWIRXWHQDDQJHHIW
GLHXZNODQWHQVHUYLFHNDQYHUKHOSHQ
1. $SSDUDDWXLWVFKDNHOHQHQ PLQXWHQ
ZDFKWHQ
2. $SSDUDDWLQVFKDNHOHQ
3. %LQQHQGHHHUVWH VHFRQGHQGH
WRHWV VXSHU9ULHVYDNJHGXUHQGH
VHFRQGHQLQGUXNNHQHQ
LQJHGUXNWKRXGHQWRWHUHHQ
JHOXLGVVLJQDDONOLQNW
+HW ]HOIWHVWSURJUDPPD VWDUW 7HUZLMO GH
]HOIWHVWZRUGWXLWJHYRHUGNOLQNW
RQGHUWXVVHQHHQODQJJHOXLGVVLJQDDO
■ $OVQDDIORRSYDQGH]HOIWHVW
JHOXLGVVLJQDOHQNOLQNHQHQGH
LQJHVWHOGHWHPSHUDWXXUZRUGW
ZHHUJHJHYHQXZDSSDUDDWLVLQRUGH
■ $OVQDDIORRSYDQGH]HOIWHVW
JHOXLGVVLJQDOHQNOLQNHQHQGH
WRHWV VXSHU9ULHVYDN VHFRQGHQ
NQLSSHUWFRQWDFWRSQHPHQPHW
GH 6HUYLFHGLHQVW
1D DIORRS YDQ KHW SURJUDPPD VFKDNHOW KHW
DSSDUDDWZHHURYHURSKHWQRUPDOH
JHEUXLN
9HU]RHNRPUHSDUDWLHHQ
DGYLHVELMVWRULQJHQ
'HFRQWDFWJHJHYHQVLQDOOHODQGHQYLQGWX
LQGHELMJHVORWHQOLMVWPHW
6HUYLFHGLHQVWDGUHVVHQ
*DUDQWLH
0HHULQIRUPDWLHRYHUGHJDUDQWLHSHULRGH
HQ GH JDUDQWLHYRRUZDDUGHQ LQ XZ ODQG ]LMQ
YHUNULMJEDDUELMXZNODQWHQVHUYLFHXZ
VSHFLDDO]DDNHQRSRQ]HZHEVLWH
1/
%

6

6

!
"
& &
#
+;
C
K
3

#$
%&
'(

)*
+,
-
2
1
4
3

+HUJHVWHOOWYRQ%6++DXVJHUlWH*PE+XQWHU0DUNHQOL]HQ]GHU6LHPHQV$*
0DQXIDFWXUHGE\%6++DXVJHUlWH*PE+XQGHU7UDGHPDUN/LFHQVHRI6LHPHQV$*
)DEULTXpSDU%6++DXVJHUlWH*PE+WLWXODLUHGHVGURLWVG·XWLOLVDWLRQGHODĂPDUTXH6LHPHQV$*
3URGRWWRGD%6++DXVJHUlWH*PE+LQTXDQWROLFHQ]LDWDULRGHOPDUFKLRGL6LHPHQV$*
*HIDEULFHHUGGRRU%6++DXVJHUlWH*PE+RQGHUKDQGHOVPHUNOLFHQWLHYDQ6LHPHQV$*
*8001082158*
8001082158 (9808)
GHHQIULWQO
