695160
2
Zoom out
Zoom in
Previous page
1/16
Next page
*9001264610*  

Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Ö 0RQWiçQtQiYRG
× 0RQWHULQJVYHMOHGQLQJ
Ù ̲͉͇͓͆́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ
Û ,QVWUXFFLRQHVGHPRQWDMH
Ý $VHQQXVRKMH
Þ 1RWLFHGHPRQWDJH
â ,VWUX]LRQLSHULOPRQWDJJLR
é ,QVWDOODWLHYRRUVFKULIW
ê 0RQWHULQJVYHLOHGQLQJ
ë ,QVWUXNFMDPRQWDŰX
ì ,QVWUXo}HVGHPRQWDJHP
î Ημπροςιυηώξνλνμρίες
ó 0RQWHULQJVDQYLVQLQJ
ô 0RQWDMN×ODYX]X




$
%







PLQ

PLQ
PD[
PLQ



PLQ

PLQ


PLQ

de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH%LOG
1XUHLQIDFKJHUHFKWHU(LQEDXQDFKGLHVHU0RQWDJHDQOHLWXQJ
JDUDQWLHUWHLQHQVLFKHUHQ*HEUDXFK%HL6FKlGHQGXUFKIDO
VFKHQ(LQEDXKDIWHWGHU0RQWHXU
'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW
VFKDGHQQLFKWDQVFKOLHHQ
0RQWDJHEOlWWHUIUGHQ(LQEDXYRQ=XEHK|UWHLOHQEHDFKWHQ
9HUSDFNXQJVPDWHULDOXQG.OHEHIROLHQYRU,QEHWULHEQDKPHDXV
GHP*DUUDXPXQGYRQGHU7UHQWIHUQHQ
(LQEDXP|EHOPVVHQELV &WHPSHUDWXUEHVWlQGLJVHLQ
DQJUHQ]HQGH0|EHOIURQWHQELV &
'DV*HUlWQLFKWKLQWHUHLQHU'HNRURGHU0|EHOWUHLQEDXHQ(V
EHVWHKW*HIDKUGXUFKhEHUKLW]XQJ
$XVVFKQLWWDUEHLWHQDP0|EHOYRUGHP(LQVHW]HQGHV*HUlWHV
GXUFKIKUHQ6SlQHHQWIHUQHQ'LH)XQNWLRQYRQHOHNWULVFKHQ
%DXWHLOHQNDQQEHHLQWUlFKWLJWZHUGHQ
=XU9HUPHLGXQJYRQ6FKQLWWYHUOHW]XQJHQ6FKXW]KDQGVFKXKH
WUDJHQ 7HLOH GLH ZlKUHQG GHU 0RQWDJH ]XJlQJOLFK VLQG N|QQHQ
VFKDUINDQWLJVHLQ
'LH*HUlWH$QVFKOXVVGRVHPXVVLP%HUHLFKGHUVFKUDIILHUWHQ
)OlFKH $RGHUDXHUKDOEGHV(LQEDXUDXPHVOLHJHQ
1LFKWEHIHVWLJWH0|EHOPLWHLQHPKDQGHOVEOLFKHQ:LQNHO %DQ
GHU:DQGEHIHVWLJHQ
0DJDEHQGHU%LOGHULQPP
: 7UlJHUYRQHOHNWURQLVFKHQ,PSODQWDWHQ
'DV*HUlWNDQQ3HUPDQHQWPDJQHWHHQWKDOWHQGLHHOHNWURQLVFKH
,PSODQWDWHZLH]%+HU]VFKULWWPDFKHURGHU,QVXOLQSXPSHQEHHLQ
IOXVVHQN|QQHQ'HVKDOEEHLGHU0RQWDJHHLQHQ0LQGHVWDEVWDQG
YRQFP]XHOHNWURQLVFKHQ,PSODQWDWHQHLQKDOWHQ
*HUlWXQWHU$UEHLWVSODWWH%LOG
=XU%HOIWXQJGHV*HUlWHVPXVVGHU=ZLVFKHQERGHQHLQHQ/I
WXQJVDXVVFKQLWWDXIZHLVHQ
$UEHLWVSODWWHDXI(LQEDXP|EHOEHIHVWLJHQ
:LUGGDV*HUlWXQWHUHLQHP.RFKIHOGHLQJHEDXWPVVHQGLHIRO
JHQGHQ0LQGHVWPDHHLQJHKDOWHQZHUGHQJHJHEHQHQIDOOVLQNOX
VLYH8QWHUNRQVWUXNWLRQ
PLQ
'
&
PLQ
PLQ
.RFKIHOGDUW D
DXIJHVHW]W
D
IOlFKHQEQGLJ
E
,QGXNWLRQVNRFKIHOG PP PP PP
9ROOIOlFKHQ
,QGXNWLRQVNRFKIHOG
PP PP PP
*DVNRFKIHOG PP PP PP
(OHNWURNRFKIHOG PP PP PP
D
E

$XIJUXQGGHVQRWZHQGLJHQ0LQGHVWDEVWDQGHV EHUJLEWVLFKGLH
PLQGHVWH$UEHLWVSODWWHQVWlUNH D
'LH0RQWDJHDQOHLWXQJGHV.RFKIHOGHVEHDFKWHQ
*HUlWLP+RFKVFKUDQN%LOG
=XU%HOIWXQJGHV*HUlWHVPVVHQGLH=ZLVFKHQE|GHQHLQHQ/I
WXQJVDXVVFKQLWWDXIZHLVHQ
:HQQGHU+RFKVFKUDQN]XVlW]OLFK]XGHQ(OHPHQW5FNZlQGHQ
HLQHZHLWHUH5FNZDQGKDWPXVVGLHVHHQWIHUQWZHUGHQ
*HUlWQXUVRKRFKHLQEDXHQGDVV=XEHK|USUREOHPORVHQWQRP
PHQZHUGHQNDQQ
(FNHLQEDX%LOG
'DPLW GLH *HUlWHWU JH|IIQHW ZHUGHQ NDQQ EHLP (FNHLQEDX 0DH
&EHUFNVLFKWLJHQ'DV0D 'LVWDEKlQJLJYRQGHU'LFNHGHU
0|EHOIURQWXQWHUGHP*ULII
*HUlWHOHNWULVFKDQVFKOLHHQ
'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL
WHU$QVFKOXVVEHWULHEHQZHUGHQ
'LH$EVLFKHUXQJPXVVJHPlGHU/HLVWXQJVDQJDEHDXIGHP
7\SHQVFKLOGXQGGHQORNDOHQ9RUVFKULIWHQHUIROJHQ
%HLDOOHQ0RQWDJHDUEHLWHQPXVVGDV*HUlWVSDQQXQJVORVVHLQ
'DV*HUlWGDUIQXUPLWGHUPLWJHOLHIHUWHQ$QVFKOXVVOHLWXQJDQJH
VFKORVVHQZHUGHQ6WHFNHQ6LHGLH$QVFKOXVVOHLWXQJDQGHU*HUl
WHUFNVHLWHDQ&OLFN
(LQHP$QVFKOXVVOHLWXQJLVWEHLP.XQGHQGLHQVWHUKlOWOLFK
'LH$QVFKOXVVOHLWXQJGDUIQXUGXUFKHLQH2ULJLQDOOHLWXQJEH]LHK
EDUEHUGHQ.XQGHQGLHQVWHUVHW]WZHUGHQ
'HU%HUKUXQJVVFKXW]PXVVGXUFKGHQ(LQEDXJHZlKUOHLVWHWVHLQ
$QVFKOXVVOHLWXQJPLW6FKXW]NRQWDNW6WHFNHU
'DV *HUlW GDUI QXU DQ HLQH YRUVFKULIWVPlLJ LQVWDOOLHUWH 6FKXW]NRQ
WDNW6WHFNGRVHDQJHVFKORVVHQZHUGHQ
:HQQGHU6WHFNHUQDFKGHP(LQEDXQLFKWPHKUHUUHLFKEDULVW
PXVVLQGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQHLQH7UHQQYRU
ULFKWXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU
JHVHKHQZHUGHQ
$QVFKOXVVOHLWXQJRKQH6FKXW]NRQWDNW6WHFNHU
1XUHLQNRQ]HVVLRQLHUWHU)DFKPDQQGDUIGDV*HUlWDQVFKOLHHQ
,QGHUIHVWYHUOHJWHQHOHNWULVFKHQ,QVWDOODWLRQLVWHLQH7UHQQYRUULFK
WXQJLQGHQ3KDVHQQDFKGHQ(UULFKWXQJVEHVWLPPXQJHQYRU]XVH
KHQ3KDVHXQG1HXWUDO´1XOO´/HLWHULQGHU$QVFKOXVVGRVH
LGHQWLIL]LHUHQ%HL)DOVFKDQVFKOXVVNDQQGDV*HUlWEHVFKlGLJW
ZHUGHQ
1XUQDFK$QVFKOXVVELOGDQVFKOLHHQ6SDQQXQJVLHKH7\SHQ
VFKLOG'LH$GHUQGHU1HW]DQVFKOXVVOHLWXQJHQWVSUHFKHQGGHU
)DUEFRGLHUXQJDQVFKOLHHQJUQJHOE 6FKXW]OHLWHU
<EODX
1XOO1HXWUDO/HLWHUEUDXQ 3KDVH$XHQOHLWHU
*HUlWEHIHVWLJHQ%LOG
 *HUlWJDQ]HLQVFKLHEHQXQGPLWWLJDXVULFKWHQ
 *HUlWIHVWVFKUDXEHQ
'HU6SDOW]ZLVFKHQ$UEHLWVSODWWHXQG*HUlWGDUIQLFKWGXUFK
]XVlW]OLFKH/HLVWHQYHUVFKORVVHQZHUGHQ
$Q GHQ 6HLWHQZlQGHQ GHV 8PEDXVFKUDQNHV GUIHQ NHLQH :lUPH
VFKXW]OHLVWHQDQJHEUDFKWZHUGHQ
$XVEDX
 *HUlWVSDQQXQJVORVPDFKHQ
 %HIHVWLJXQJVVFKUDXEHQO|VHQ
 *HUlWOHLFKWDQKHEHQXQGJDQ]KHUDXV]LHKHQ
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWLQIRUPDWLRQ²)LJ
7KH VDIH RSHUDWLRQ RI WKLV DSSOLDQFH FDQ RQO\ EH JXDUDQWHHG LI LW
KDV EHHQ LQVWDOOHG WR D SURIHVVLRQDO VWDQGDUG LQ DFFRUGDQFH ZLWK
WKHVH LQVWDOODWLRQ LQVWUXFWLRQV 7KH LQVWDOOHU VKDOO EH OLDEOH IRU DQ\
GDPDJHUHVXOWLQJIURPLQFRUUHFWLQVWDOODWLRQ
&KHFNWKHDSSOLDQFHIRUGDPDJHDIWHUXQSDFNLQJLW'RQRW
FRQQHFWWKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVLW
3URFHHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQVKHHWVIRULQVWDOOLQJ
DFFHVVRULHV
%HIRUH VWDUWLQJ XS WKH DSSOLDQFH UHPRYH DQ\ SDFNDJLQJ PDWHULDO
DQGDGKHVLYHILOPIURPWKHFRRNLQJFRPSDUWPHQWDQGWKHGRRU
)LWWHGXQLWVPXVWEHKHDWUHVLVWDQWXSWR &DQGDGMDFHQW
XQLWIURQWVXSWR &
'R QRW LQVWDOO WKH DSSOLDQFH EHKLQG D GHFRUDWLYH GRRU RU WKH GRRU
RIDNLWFKHQXQLWDVWKLVPD\FDXVHWKHDSSOLDQFHWRRYHUKHDW
$Q\FXWRXWVWKDWQHHGWREHPDGHLQWKHXQLWVVKRXOGEHPDGH
EHIRUH WKH DSSOLDQFH LV LQVWDOOHG 5HPRYH DQ\ VKDYLQJV DV WKH\
PD\SUHYHQWWKHHOHFWULFDOFRPSRQHQWVIURPZRUNLQJSURSHUO\
:HDU SURWHFWLYH JORYHV VR WKDW \RX GR QRW FXW \RXUVHOI3DUWV WKDW
DUHDFFHVVLEOHGXULQJLQVWDOODWLRQPD\KDYHVKDUSHGJHV
7KH PDLQV VRFNHW IRU WKH DSSOLDQFH PXVW HLWKHU EH ORFDWHG LQ WKH
KDWFKHGDUHD $RURXWVLGHRIWKHDUHDZKHUHWKHDSSOLDQFHLV
LQVWDOOHG
6HFXUH DQ\ XQVHFXUHG XQLWV WR WKH ZDOO XVLQJ D VWDQGDUG EUDFNHW
%
7KHGLPHQVLRQVLQWKHILJXUHVDUHLQPP
: :HDUHUVRIHOHFWURQLFLPSODQWV
7KHDSSOLDQFHPD\FRQWDLQSHUPDQHQWPDJQHWVZKLFKPD\DIIHFW
HOHFWURQLFLPSODQWVHJKHDUWSDFHPDNHUVRULQVXOLQSXPSV
7KHUHIRUHGXULQJLQVWDOODWLRQZHDUHUVRIHOHFWURQLFLPSODQWVPXVW
PDLQWDLQDPLQLPXPGLVWDQFHRIFPIURPWKHDSSOLDQFH
$SSOLDQFHXQGHUZRUNWRS²ILJ
7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUPXVWKDYHD
YHQWLODWLRQFXWRXW
6HFXUHWKHZRUNWRSWRWKHILWWHGXQLWV
,IWKHDSSOLDQFHLVLQVWDOOHGXQGHUDKREWKHIROORZLQJPLQLPXP
GLPHQVLRQVPXVWEHDGKHUHGWRLQFOXGLQJVXEVWUXFWXUHLI
DSSOLFDEOH
7KHPLQLPXPZRUNWRSWKLFNQHVV DLVEDVHGRQWKHUHTXLUHG
PLQLPXPFOHDUDQFH E
3URFHHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKH
KRE
$SSOLDQFHLQDWDOOXQLW)LJ
7RYHQWLODWHWKHDSSOLDQFHWKHLQWHUPHGLDWHIORRUVPXVWKDYHD
YHQWLODWLRQFXWRXW
,IWKHWDOOXQLWKDVDQRWKHUEDFNSDQHOLQDGGLWLRQWRWKHHOHPHQW
EDFNSDQHOVWKLVPXVWEHUHPRYHG
2QO\ ILW WKH DSSOLDQFH XS WR D KHLJKW ZKLFK DOORZV DFFHVVRULHV WR EH
HDVLO\UHPRYHG
&RUQHULQVWDOODWLRQ²)LJ
7RHQVXUHWKDWWKHDSSOLDQFHGRRUFDQEHRSHQHGLQDFRUQHU
LQVWDOODWLRQWDNHDFFRXQWRIGLPHQVLRQ &'LPHQVLRQ 'LV
GHSHQGHQWRQWKHWKLFNQHVVRIWKHXQLWIURQWXQGHUWKHKDQGOH
&RQQHFWLQJWKHDSSOLDQFHWRWKHHOHFWULFLW\VXSSO\
7KH DSSOLDQFH FRUUHVSRQGV WR SURWHFWLRQ FODVV DQG PXVW RQO\ EH
RSHUDWHGZLWKDSURWHFWLYHHDUWKFRQQHFWLRQ
7KH IXVH SURWHFWLRQ PXVW FRUUHVSRQG WR WKH SRZHU UDWLQJ VSHFLILHG
RQWKHDSSOLDQFHVUDWLQJSODWHDQGWRORFDOUHJXODWLRQV
7KHDSSOLDQFHPXVWEHGLVFRQQHFWHGIURPWKHSRZHUVXSSO\
ZKHQHYHULQVWDOODWLRQZRUNLVEHLQJFDUULHGRXW
+REW\SH D
6XUIDFH
PRXQWHG
D
)OXVKPRXQWHG
E
,QGXFWLRQKRE PP PP PP
)XOOVXUIDFH
LQGXFWLRQKRE
PP PP PP
*DVKRE PP PP PP
(OHFWULFKRE PP PP PP
D
E

7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGZLWKWKHSRZHUFDEOH
SURYLGHG&RQQHFWWKHSRZHUFDEOHWRWKHEDFNRIWKHDSSOLDQFH
OLVWHQIRUWKHFOLFN
$PSRZHUFDEOHFDQEHREWDLQHGIURPWKHDIWHUVDOHVVHUYLFH
7KHSRZHUFDEOHPXVWRQO\EHUHSODFHGZLWKDFDEOHIURPWKH
RULJLQDOPDQXIDFWXUHUZKLFKFDQEHREWDLQHGIURPWKHDIWHUVDOHV
VHUYLFH
:KHQWKHDSSOLDQFHLVLQVWDOOHGSURWHFWLRQPXVWEHSURYLGHG
DJDLQVWDFFLGHQWDOFRQWDFWLQWKHIXWXUH
3RZHUFDEOHZLWKDSOXJZLWKHDUWKLQJFRQWDFW
7KHDSSOLDQFHPXVWRQO\EHFRQQHFWHGWRDQHDUWKLQJFRQWDFW
VRFNHWZKLFKKDVEHHQFRUUHFWO\LQVWDOOHG
,IWKHSOXJFDQQRORQJHUEHUHDFKHGDIWHUWKHLQVWDOODWLRQD
SDUWLWLRQPXVWEHSURYLGHGLQWKHSKDVHVLQWKHSHUPDQHQW
HOHFWULFDOLQVWDOODWLRQLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ
UHJXODWLRQV
3RZHUFDEOHZLWKRXWDSOXJZLWKHDUWKLQJFRQWDFW
2QO\DOORZDOLFHQVHGSURIHVVLRQDOWRFRQQHFWWKHDSSOLDQFH
,QWKHSHUPDQHQWHOHFWULFDOLQVWDOODWLRQDQDOOSROHLVRODWLQJVZLWFK
PXVWEHSURYLGHGLQDFFRUGDQFHZLWKWKHLQVWDOODWLRQUHJXODWLRQV
,GHQWLI\WKHSKDVHDQGQHXWUDOFRQGXFWRUVLQWKHVRFNHW7KH
DSSOLDQFHPD\EHGDPDJHGLILWLVQRWFRQQHFWHGFRUUHFWO\
2QO\FRQQHFWWKHKREDFFRUGLQJWRWKHFRQQHFWLRQGLDJUDP6HH
WKHUDWLQJSODWHIRUWKHYROWDJH&RQQHFWWKHZLUHVRIWKHPDLQV
SRZHUFDEOHDFFRUGLQJWRWKHFRORXUFRGLQJ*UHHQ\HOORZ 3(
FRQGXFWRU
<EOXH QHXWUDOFRQGXFWRUEURZQ OLYHH[WHUQDO
FRQGXFWRU
,QGLDRQO\
3OHDVH QRWH WKH GLIIHUHQW FRORXU FRGH IRU WKH ZLULQJ *UHHQ\HOORZ
3(FRQGXFWRU
<EODFN QHXWUDOFRQGXFWRUUHG OLYHFRQGXFWRU
SKDVHFRQGXFWRU
6HFXULQJWKHDSSOLDQFH²)LJ
 )XOO\LQVHUWWKHDSSOLDQFHDQGFHQWUHLW
 6FUHZWKHDSSOLDQFHLQWRSODFH
7KHJDSEHWZHHQWKHZRUNWRSDQGDSSOLDQFHPXVWQRWEHVHDOHG
E\DGGLWLRQDOVWULSV
7KHUPDOLQVXODWLRQVWULSVPXVWQRWEHILWWHGWRWKHVLGHSDQHOVRI
WKHVXUURXQGXQLW
5HPRYDO
 'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\
 8QGRWKHVHFXULQJVFUHZV
 /LIWWKHDSSOLDQFHVOLJKWO\DQGWKHQSXOOLWRXWFRPSOHWHO\
cs
Ö
0RQWiçQtQiYRG
'ŤOHçLWpSRN\Q\²REUi]HN
-HQRGERUQiYHVWDYEDSRGOHWRKRWRPRQWiçQtKRQiYRGX]DUXĀt
EH]SHĀQpSRXçtYiQt=DåNRG\]SŤVREHQpFK\EQRXYHVWDYERX
RGSRYtGiPRQWiçQtILUPD
3RY\EDOHQtVSRWŒHELĀ]NRQWUROXMWH9 SŒtSDGěSRåNR]HQtEěKHP
SŒHSUDY\VSRWŒHELĀQH]DSRMXMWH
őLďWHVHPRQWiçQtPLSRN\Q\SUR]DEXGRYiQtSŒtVOXåHQVWYt
3ŒHGXYHGHQtPGRSURYR]XRGVWUDŃWH] SHĀLFtKRSURVWRUX
D GYtŒHNREDORYìPDWHULiOD OHSLFtIyOLH
9HVWDYQìQiE\WHNPXVtEìWRGROQìYŤĀLWHSORWěDçGR &
SŒLOHKOpSŒHGQtKUDQ\QiE\WNXDçGR &
1H]DEXGRYiYHMWHVSRWŒHELĀ]DGHNRUDĀQtGYtŒNDQHERGYtŒND
VNŒtŃN\+UR]tQHEH]SHĀtSŒHKŒiWt
9ìŒH]\Y QiE\WNXSURYHďWHSŒHG]DVD]HQtPVSRWŒHELĀH
2GVWUDŃWHSLOLQ\)XQNFHHOHNWULFNìFKVRXĀiVWHNE\PRKODEìW
QHJDWLYQěRYOLYQěQD
$E\VWH]DEUiQLOLSRŒH]iQtSRXçtYHMWHRFKUDQQpUXNDYLFHÿiVWL
NWHUpMVRXSŒtVWXSQpSŒLPRQWiçLPRKRXPtWRVWUpKUDQ\
=iVXYNDSURSŒLSRMHQtVSRWŒHELĀHPXVtEìWXPtVWěQDY REODVWL
Y\åUDIRYDQpSORFK\ $QHERPLPRSURVWRU]DEXGRYiQt
VSRWŒHELĀH
1HXSHYQěQRX VNŒtŃNX SŒLSHYQěWH EěçQě SURGiYDQìP ~KHOQtNHP
%NHVWěQě
5R]PěU\QDREUi]FtFKMVRXY PP
: 1RVLWHOpHOHNWURQLFNìFKLPSODQWiWŤ
6SRWŒHELĀPŤçHREVDKRYDWSHUPDQHQWQtPDJQHW\NWHUpPRKRX
RYOLYŃRYDWHOHNWURQLFNpLPSODQWiW\QDSŒNDUGLRVWLPXOiWRU\QHER
LQ]XOLQRYpGiYNRYDĀH3URWRSŒLPRQWiçLGRGUçXMWHPLQLPiOQt
Y]GiOHQRVW FPRGHOHNWURQLFNìFKLPSODQWiWŤ
6SRWŒHELĀSRGSUDFRYQtGHVNRX²REUi]HN
3URRGYěWUiYiQtVSRWŒHELĀHPXVtEìWY PH]LGQXRGYěWUiYDFtYìŒH]
3UDFRYQtGHVNXSŒLSHYQěWHN YHVWDYQpPXQiE\WNX
-HOLVSRWŒHELĀYHVWDYěQSRGYDUQRXGHVNRXPXVtEìWGRGUçHQ\
QiVOHGXMtFtPLQLPiOQtUR]PěU\SŒtSDGQěYĀHWQěQRVQp
NRQVWUXNFH
1D]iNODGěSRWŒHEQpPLQLPiOQtY]GiOHQRVWL EY\SOìYiPLQLPiOQt
WORXåŚNDSUDFRYQtGHVN\ D
'RGUçXMWHPRQWiçQtQiYRGSURYDUQRXGHVNX
6SRWŒHELĀYHY\VRNpVNŒtŃFH²REUi]HN
3URRGYěWUiYiQtVSRWŒHELĀHPXVtEìWY PH]LGQHFKYěWUDFtYìŒH]
3RNXGPiY\VRNiVNŒtŃNDNURPě]DGQtFKVWěQSŒtVOXåQìFKSUYNŤ
GDOåt]DGQtVWěQXPXVtVHWDWR]DGQtVWěQDRGVWUDQLW
6SRWŒHELĀXPtVWěWHPD[LPiOQěGRWDNRYpYìåN\DE\VWHPRKOLEH]
SUREOpPŤY\MtPDWSŒtVOXåHQVWYt
9HVWDYEDGRURKX²REUi]HN
$E\E\ORPRçQRRWHYtUDWGYtŒNDVSRWŒHELĀHMHQXWQpSŒLYHVWDYEě
GRURKXGRGUçHWUR]PěU\ &5R]PěU ']iYLVtQDWORXåŚFHSŒHGQt
KUDQ\QiE\WNXSRGPDGOHP
3ŒLSRMHQtVSRWŒHELĀHN HOHNWULFNpPXSURXGX
6SRWŒHELĀRGSRYtGiVWXSQLRFKUDQ\ ,D VPtEìWSŒLSRMHQMHQ
NDEHOHPV RFKUDQQìPYRGLĀHP
-LåWěQtPXVtEìWSURYHGHQpSRGOHYìNRQXXYHGHQpKRQDW\SRYpP
åWtWNXD PtVWQtFKSŒHGSLVŤ
3ŒL YHåNHUìFK PRQWiçQtFK SUDFtFK PXVt EìW VSRWŒHELĀ RGSRMHQì RG
VtWě
6SRWŒHELĀ VPt EìW SŒLSRMHQ SRX]H SRPRFt SŒtYRGQtKR NDEHOX NWHUì
MHVRXĀiVWtGRGiYN\=DSRMWHSŒtYRGQtNDEHOQD]DGQtVWUDQě
VSRWŒHELĀH]DFYDNQRXW
3ŒtYRGQtNDEHOGORXKì PO]HREGUçHWX ]iND]QLFNpKRVHUYLVX
9 SŒtSDGěYìPěQ\VPtEìWSRXçLWSRX]HRULJLQiOQtNDEHONWHUìO]H
REGUçHWX ]iND]QLFNpKRVHUYLVX
2FKUDQDSURWLGRW\NXPXVtEìW]DMLåWěQDYHVWDYERX
3ŒtYRGQtNDEHOVH]iVWUĀNRXV RFKUDQQìPNROtNHP
6SRWŒHELĀVHVPt]DSRMRYDWSRX]HGRSŒHGSLVRYěQDLQVWDORYDQp
HOHNWULFNp]iVXYN\V RFKUDQQìPNROtNHP
3RNXGQHQt]iVWUĀNDSRSURYHGHQtYHVWDYE\SŒtVWXSQiPXVtVH
X SHYQpHOHNWULFNpLQVWDODFHSRXçtWRGSRMRYDĀIi]tSRGOHSŒHGSLVŤ
SURLQVWDODFL
3ŒtYRGQtNDEHOEH]]iVWUĀN\V RFKUDQQìPNROtNHP
(OHNWULFNpSŒLSRMHQtVPtSURYiGěWSRX]HNRQFHVRYDQìRGERUQtN
8 SHYQpHOHNWULFNpLQVWDODFHMHWŒHEDSRXçtWRGSRMRYDĀIi]tSRGOH
SŒHGSLVŤSURLQVWDODFL,GHQWLILNXMWHIi]RYpYRGLĀHD QXORYìYRG
Y SŒLSRMRYDFt]iVXYFH9 SŒtSDGěQHVSUiYQpKRSŒLSRMHQtPŤçH
GRMtWN SRåNR]HQtVSRWŒHELĀH
7\SYDUQpGHVN\ D
QDVD]HQi
D
Y URYLQě
E
LQGXNĀQtYDUQiGHVND  PP  PP PP
FHORSORåQi
LQGXNĀQtYDUQiGHVND
 PP  PP PP
SO\QRYiYDUQiGHVND  PP  PP PP
HOHNWULFNiYDUQiGHV
ND
 PP  PP PP
D
E

3ŒLSRMHQtSURYiGěMWHSRX]HSRGOHVFKpPDWXSŒLSRMHQt1DSěWtYL]
W\SRYìåWtWHN3ŒL]DSRMRYiQtYRGLĀŤVtŚRYpSŒtSRMN\GRGUçXMWH
EDUHYQpUR]OLåHQt]HOHQRçOXWì RFKUDQQìYRGLĀ
<PRGUì
QXORYìYRGLĀKQěGì Ii]HNUDMQtYRGLĀ
8SHYQěQtVSRWŒHELĀH²REUi]HN
 6SRWŒHELĀ]FHOD]DVXŃWHD VWŒHGRYěY\URYQHMWH
 6SRWŒHELĀSŒLåURXEXMWH
0H]HUDPH]LSUDFRYQtGHVNRXD VSRWŒHELĀHPVHQHVPt]DNUìYDW
çiGQìPLSŒtGDYQìPLOLåWDPL
1DSRVWUDQQtFKVWěQiFKYHVWDYQpVNŒtŃN\QHVPtEìWSŒLSHYQěQp
WHSHOQěL]RODĀQtOLåW\
'HPRQWiç
 6SRWŒHELĀRGSRMWHRGVtWě
 3RYROWHXSHYŃRYDFtåURXE\
 6SRWŒHELĀPtUQěQD]GYLKQěWHD ]FHODY\WiKQěWH
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJHDQYLVQLQJHUILJXU
.XQ NRUUHNW LQGE\JQLQJ L KHQKROG WLO GHQQH PRQWHULQJVYHMOHGQLQJ
VLNUHUVLNNHUEUXJ0RQW¡UHQKIWHUIRUVNDGHUVRPVN\OGHV
IRUNHUWLQGE\JQLQJ
.RQWUROOHUDSSDUDWHWQnUGHWHUSDNNHWXG$SSDUDWHWPnLNNH
WLOVOXWWHVKYLVGHWKDUWUDQVSRUWVNDGHU
)¡OJDQYLVQLQJHUQHLPRQWDJHEODGHQHYHGULQGE\JQLQJDI
WLOEHK¡UVGHOH
)MHUQHPEDOODJHPDWHULDOHRJNOEHIROLHIUDRYQUXPPHWRJ
RYQG¡UHQLQGHQLEUXJWDJQLQJHQ
,QGE\JQLQJVVNDEHVNDOYUHWHPSHUDWXUEHVWDQGLJHRSWLO&
RJIURQWHUSnWLOJUQVHQGHVNDEHRSWLO&
$SSDUDWHWPnLNNHLQGE\JJHVEDJHWGHNRUDWLRQVSDQHO)DUH
VRPI¡OJHDIRYHURSKHGQLQJ
8GVNULQJHUQHLLQGE\JQLQJVVNDEHWVNDOXGI¡UHVLQGHQ
DSSDUDWHWVWWHVSnSODGV)MHUQVSnQHUQH'HNDQIRUULQJH
HOHNWULVNHNRPSRQHQWHUVIXQNWLRQ
%UXJEHVN\WWHOVHVKDQGVNHUIRUDWXQGJnVQLWVnU'HUNDQYUH
GHOHPHGVNDUSHNDQWHUVRPHUWLOJQJHOLJHXQGHUPRQWDJHQ
7LOVOXWQLQJVGnVHQKYRUDSSDUDWHWWLOVOXWWHVVNDOYUHSODFHUHW
LQGHQIRUGHWVNUDYHUHGHRPUnGH $HOOHUXGHQIRU
LQGE\JQLQJVUXPPHW
,NNHIDVWJMRUWHN¡NNHQVNDEHVNDOIDVWJ¡UHVWLOYJJHQPHGHW
DOPLQGHOLJWYLQNHOEHVODJ %
0nOLLOOXVWUDWLRQHUHUDQJLYHWLPP
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU
2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH
LPSODQWDWHUYHGPRQWDJHQ
$SSDUDWXQGHUERUGSODGHILJXU
'HUVNDOYUHHQXGVNULQJLPHOOHPEXQGHQWLOYHQWLODWLRQDI
DSSDUDWHW
)DVWJ¡UERUGSODGHQWLON¡NNHQHOHPHQWHUQH
+YLVDSSDUDWHWEOLYHULQGE\JJHWXQGHUHQNRJHVHNWLRQVNDO
I¡OJHQGHPLQLPXPDIVWDQGHRYHUKROGHVHYHQWXHOWLQNOXVLYHHQ
XQGHUNRQVWUXNWLRQ
'HQQ¡GYHQGLJHPLQLPXPDIVWDQG EEHVWHPPHUGHQPLQGVWH
ERUGSODGHW\NNHOVH D
)¡OJDQYLVQLQJHUQHLPRQWHULQJVYHMOHGQLQJHQIRUNRJHVHNWLRQHQ
$SSDUDWLK¡MVNDEILJXU
,QGE\JQLQJVVNDEHWVPHOOHPEXQGHVNDOKDYHXGVNULQJHUWLO
YHQWLODWLRQ
+YLVK¡MVNDEHWXGRYHUHOHPHQWEDJYJJHQKDUHQGQXHQ
EDJYJVNDOGHQIMHUQHV
$SSDUDWHWPnLNNHLQGE\JJHVK¡MHUHRSSHHQGDWWLOEHK¡UHWNDQ
WDJHVXGXGHQSUREOHPHU
+M¡UQHLQGE\JQLQJILJXU
9HGKM¡UQHLQGE\JQLQJVNDOPnOHQH 'RYHUKROGHVIRUDWDSSDUDWHW
G¡UVNDONXQQHnEQHV0nOHW 'DIKQJHUDIP¡EHOIURQWHQV
W\NNHOVHXQGHUKnQGWDJHW
(OHNWULVNWLOVOXWQLQJ
$SSDUDWHWHUNODVVLILFHUHWLEHVN\WWHOVHVNODVVH ,RJPnNXQ
DQYHQGHVPHGVLNNHUKHGVMRUGIRUELQGHOVH
$IVLNULQJHQVNDOXGI¡UHVLKHQKROGWLOGHWDQJLYQHHIIHNWIRUEUXJSn
W\SHVNLOWHWRJGHORNDOHIRUVNULIWHU
$SSDUDWHWVNDOYUHXGHQHOHNWULVNVSQGLQJYHGDOOHIRUPHUIRU
PRQWDJHDUEHMGH
$SSDUDWHWPnNXQWLOVOXWWHVPHGGHQOHYHUHGHWLOVOXWQLQJVOHGQLQJ
6WLNWLOVOXWQLQJVOHGQLQJHQLQGSnEDJVLGHQDIDSSDUDWHWNOLN
'HUNDQInVHQWLOVOXWQLQJVOHGQLQJSnPKRVNXQGHVHUYLFH
7LOVOXWQLQJVOHGQLQJHQPnNXQXGVNLIWHVPHGHQRULJLQDO
WLOVOXWQLQJVOHGQLQJVRPNDQEHVWLOOHVYLDNXQGHVHUYLFH
,QGE\JQLQJHQVNDO\GHEHU¡ULQJVEHVN\WWHOVH
7LOVOXWQLQJVOHGQLQJPHGVWLNWLOVLNNHUKHGVNRQWDNW
$SSDUDWHWPnNXQWLOVOXWWHVWLOHQNRUUHNWLQVWDOOHUHW
VLNNHUKHGVVWLNNRQWDNW
+YLVVWLNNHWLNNHHUWLOJQJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQYUHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
7LOVOXWQLQJVOHGQLQJXGHQVWLNWLOVLNNHUKHGVNRQWDNW
$SSDUDWHWPnNXQWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
9HGHQIDVWHOHNWULVNLQVWDOODWLRQVNDOGHUYUHPRQWHUHWHQ
DIEU\GHUDQRUGQLQJSnIDVHUQHLKHQKROGWLO
LQVWDOODWLRQVEHVWHPPHOVHUQH,GHQWLILFHUIDVHRJQXOOHGHUL
WLOVOXWQLQJVGnVHQ+YLVDSSDUDWHWWLOVOXWWHVIRUNHUWNDQGHWEOLYH
EHVNDGLJHW
0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW9HGUVSQGLQJVH
W\SHVNLOW7LOVOXWQHWWLOVOXWQLQJVOHGQLQJHQVOHGHUHLKW
IDUYHPDUNHULQJHQ JU¡QJXO EHVN\WWHOVHVOHGHU
< EOn QXOOHGHU
EUXQ IDVH\GHUOHGHU
.XQIRU'DQPDUN
$SSDUDWHURSWLOPDNV N: $VHW\SHVNLOW
, 'DQPDUN HU DSSDUDWHW NXQ JRGNHQGW WLO EUXJ L IRUELQGHOVH PHG HQ
VWLNNRQWDNWW\SH(+YLVGHUNXQILQGHVHQVWLNNRQWDNWW\SH.Sn
WLOVOXWQLQJVVWHGHWVNDODSSDUDWHWWLOVOXWWHVPHGHQHJQHWDGDSWHU
.XQSnGHQQHPnGHNDQGHWVLNUHVDWDSSDUDWHWEOLYHUNRUUHNW
MRUGIRUEXQGHW'HQQHDGDSWHUNDQInVYLDNXQGHVHUYLFH
UHVHUYHGHOVQUHOOHUVRPHNVWUDWLOEHK¡U
D
E
7\SHNRJHVHNWLRQ D
3nVDW
D
3ODQPRQWHUHW
E
,QGXNWLRQVNRJHVHNWL
RQ
PP PP PP
)XOGIODGH
LQGXNWLRQVNRJHVHNWL
RQ
PP PP PP
*DVNRJHVHNWLRQ PP PP PP
(ONRJHVHNWLRQ PP PP PP

+YLVVWLNNHWLNNHHUWLOJQJHOLJWHIWHULQVWDOODWLRQHQVNDOGHULHQ
IDVWHOHNWULVNLQVWDOODWLRQYUHPRQWHUHWHQDIEU\GHUDQRUGQLQJSn
IDVHUQHLKHQKROGWLOLQVWDOODWLRQVEHVWHPPHOVHUQH
$SSDUDWHURYHU N: $VHW\SHVNLOW
$SSDUDWHWPnLNNHWLOVOXWWHVPHGVWLNNHWWLO
VLNNHUKHGVVWLNNRQWDNWHQ'HUHUIDUHIRUHOHNWULVNVW¡G$SSDUDWHW
Pn NXQ WLOVOXWWHV PHG HQ IDVW WLOVOXWQLQJ VRP NXQ Pn XGI¡UHV DI HQ
DXWRULVHUHWIDJPDQG
)DVWJ¡UHDSSDUDWILJXU
 6N\GDSSDUDWHWKHOWLQGRJFHQWUHUGHW
 6NUXDSSDUDWHWIDVW
6SDOWHQPHOOHPERUGSODGHRJDSSDUDWPnLNNHOXNNHVPHGHNVWUD
OLVWHU
'HUPnLNNHSODFHUHVOLVWHUWLOYDUPHEHVN\WWHOVHSn
LQGE\JQLQJVVNDEHWVVLGHYJJH
$IPRQWHULQJ
 6¡UJIRUDWDSSDUDWHWHUXGHQVSQGLQJ
 6NUXPRQWHULQJVVNUXHUQHXG
 /¡IWDSSDUDWHWOLGWRJWUNGHWKHOWXG
el
Ù
̯̓͆͂̾̈́͐͉̻̈́͂̀͒͑͒̀͑͆͐
̵͉͎̓͏͕͓͋͌̿͖͇͇͓͑͆́͐͋̨͋͌͝͏̓
̬͚͎͌͆͑͗͑͒̽͉̻̈́͂̀͒͑͒̀͑͆͔͑͛͋͗͌̀͋·͓̼̀͒͐͈͒͐͎̓͆͂̾̈́͐
͓͑͌̀͏͎͚͋͊͂͆͑͆͐ ͓̻͈̈́͂͂͒̀ ͒͆͌ ͔̀͑̀͊̽ ͈͎͓͊̈́͒͏͂̾̀ ̲̈́ ̈́͏̾͒͗͑͆
͎͓͈͎͓̓͆͋͏͇͎͂͆͛͌͈̼͆͋͐ͅ̀͚̻͇͎͊͐͉̻̈́͂̀͒͑͒̀͑͆͒͆͌͓͇̈́͛͌͆
͔̼͏͈̈́͎͉̻̈́͂̀͒̀͑͒͒͆͐
̬̻̈́͒͒͆͌͔̀̀̾͏̈́͑͆̀͚͒͆͓͉͓͑͑̈́̀͑̾̀̼͍̈́͊͂͒̈́͒͆͓͉͓͑͑̈́̽̲̈́
̈́͏̾͒͗͑͆͈̻͆͋͐ͅ͉̻̀͒͒͆͔͎͋̈́͒̀͏̻͋͆͌͒͆͌͓̼͑͌̓͑̈́͒̈́
̰͏͎̼͍͑͒̈́͒̀͔͛͊͊̀͓͑͌̀͏͎͚͋͊͂͆͑͆͐͈͂̀͒͆͌͉̻̈́͂̀͒͑͒̀͑͆͒͗͌
͍̈́̀͏̻͒͆͋͒͗͌
̢͎͉͋̀͏͛͌̈́͒̈́͒̀͓͈͉̻͊͓͉͓͑͑̈́̀͑̾̀͐͉͈̀͈͒͐͉͎͈͉̼͊͊͆͒͐
͋̈́͋́͏̻͌̈́͐ ͏͈͌ ͒͆ ͇̼͑͆ ͑̈́ ͈͎͓͊̈́͒͏͂̾̀ ̀͚ ͎͒ ͕͜͏͎ ͈͋̀͂̈́͏̼͎͋̀͒͐
͉͈̀͒͆͌͚͏͒̀
̳̀͎͈͕͈͚̈́͌͒͋̈́͌̀ͅ͎͓̻͌͒͊͈̀͏̼͈̈́͌̀͈̈́̾͌̀͇͉͈͉̻̀͌̈́͒͑͒͆
͇̈́͏͎͉͋͏̀͑̾̀̼͕͋͏͈͎͓͒͐&͎͈̓̈́͈͎͈͉̼͂̈́͒͌͐͏͎͚͖͈͑̈́͐͒͗͌
͎͓͌͒͊̀͈͌͜̼͕͋͏͈&
̬͆͌͎͒͎͇̈́͒̽͑̈́͒̈́͒͆͓͉͓͑͑̈́̽̾͑͗̀͚͈͋̀͈͉͎͈͉̓̀͑͋͆͒̽͚͏͒̀
̽͚͏͒̀͎͓͌͒͊̀͈͎͛̴̻͏͕͈̈́͉͓͎̾͌̓͌͐͓̈́͏͇̼͏͋̀͌͑͆͐
̰͏͎̀͂͋̀͒͎͈̽͑͒̈́͈͒͐̈́͏͂̀͑̾̈́͐͉͎̽͐͒͗͌͎͈̻̀͌͂͋͒͗͌͎͑͒
͎͓̻͌͒͊͈͏͈͌͒͆͌͎͒͎͇̼͒͆͑͆͒͆͐͓͉͓͑͑̈́̽͐̢͔͈̀͏̼͑͒̈́͒̀
̀͚́͊͆͒̀͏͈͎͈͌̾̓̀͂͏̼͈̀ͅ̧͈͎͓͊̈́͒͏͂̾̀͒͗͌͉͆͊̈́͒͏͈͉͌͜
͍̈́̀͏̻͒͆͋͒͗͌͋͎͏̈́̾͌̀̈́͆͏̈́̀͑͒̈́̾̀͏͈͉̻͌͆͒
̤͈̀͒͆͌̀͎͔͓͂̽͒͏͓͈̀͋̀͒͑͋͌͜͔͎͏̻͒̈́̻͈͂͌͒̀
͏͎͑͒̀͑̾̀͐̥͍̀͏͒̽͋̀͒̀͒̀͎͎̾̀͉̻̀͒͒͆͈̻̓͏͉͈̈́̀͒͆͐
͓͑͌̀͏͎͚͋͊͂͆͑͆͐͈̈́̾͌̀͏͎͈̻͑͒͋͎͏̈́̾͌̀͈̈́̾͌̀͉͎͔͒̈́͏̻
̳͎͉͎͓͒̾͑͛͌̓̈́͑͆͐͒͗͌͓͉͓͑͑̈́͌͜͏̼͈̈́͌̀́͏͉͈̾͑̈́͒̀͑͒͆͌
̈́͏͈͎͕̽͒͆͐͂͏͎͉͈̼̀͋͋͑̀͑͋͌͆͐̈́͈͔̻͈͌̈́̀͐ $̽̼͍͗̀͚͎͒͕͜͏͎
͎͒͎͇̼͒͆͑͆͐
̲͒̈́͏̈́͑͒̈́͜͒̀͋͆͑͒̈́͏̼̈́͗͋͌̀͎͓̻͌͒͊͈̀͋̈́͈͋̀͓͇͈̼͑͌͆͑͋͌͆
͂͗͌̾̀͎͓͒̈́͋͎͏͎͓̾ %͎͑͒͌͎͕͎͒̾
῭͈̻͈͑͒͑̈́͐͒͗͌͈͉͚̈́͌͗͌͑̈́PP
: ̸͇͓͑͒́͉͍͇͕͌͒͑͏͋͌͟͏͔͕͇͚͑͋́͘͏͇͎͕͇͖͔͉͓͗͞
̧ ͓͉͓͑͑̈́̽ ͋͎͏̈́̾ ͌̀ ̈́͏͈̼͕͈̈́ ͚͈͎͓͋͌͋͐ ͋̀͂͌̽͒̈́͐ ͎͈ ͎͎͎͈̾ ͋͎͏͎͛͌
͌̀̈́͆͏̻͎͓̈́͑͌̀͏͈͉̻͌͆͒͒̀͉͆͊̈́͒͏͎͈͉̻͌͎͈͕͑͒̈́̾̀͔͓̈́͋͛͒̈́͑͆͐͕
͎͚́͆͋̀͒̓͒̈́͐͉̀͏͈̻̓͐̽̀͌͒͊̾̈́͐͈͎͓͌͑͊̾͌͆͐̤͈·͓͚̀͒͉̻̀͒͒͆
͓͑͌̀͏͎͚͋͊͂͆͑͆͒͆͏̽͑͒̈́͈͋̀̻͕͈̈́͊͑͒͆̀͚͑͒̀͑͆FP̀͚͒̀
͉͆͊̈́͒͏͎͈͉̻͌͎͈͕͑͒̈́̾̀͔͓̈́͋͛͒̈́͑͆͐
̵͖͔͇͖͌̀͕͚͌̾̓͝͕͑͏̾͌͑ͅ͇͔͓͒̓́̓ͅ̨͋͌
̤͈̀͎͒͌̀̈́͏͈͚͑͋͒͆͐͓͉͓͑͑̈́̽͐͏̼͈̈́͎͈̻͎̈́͌̓͋̈́͑͐̻͎͒͐͌̀̼͕͈̈́
̼͌̀̻͎͈͌͂͋̀͍̈́̀̈́͏͈͎͑͋͛
̲͒̈́͏̈́͑͒̈́͜͎͒͌̻͉͎͂̈́͏͂̀͑̾̀͐̻͌͗͑͒̀͎͈͕͈͚̈́͌͒͋̈́͌̀ͅ͎͓̻͌͒͊͈̀
̥̻͌͆͓͉͓͑͑̈́̽͎͒͎͇͇̈́͒͆̈́̾͉̻͒͗̀͚͈͋̀̻́͑͆͈̈́͑͒͌͜͏̼͈̈́͌̀
͒͆͏͇͎͆͛͌͎͈͉͚͎͓͇̀͊̈́͐̻͕͈̈́͊͑͒̈́͐͈̻͈̓̀͑͒͑̈́͐͕͎̼̈́͌̓̈́͋͌͗͐
͓͑͋̈́͏͈͎̼͊̀͋́̀͌͋͌͆͐͒͆͐͓͎͉͉͓̀͒̀͑̈́̽͐
̫͚͂͗͒͆͐̀̀͏̀̾͒͆͒͆͐̻͕͈̈́͊͑͒͆͐̀͚͑͒̀͑͆͐ E͏͎͉͛͈͒̈́͎͒
̻͕͈͎̈́͊͑͒̻͕͎͐͎͓͒̻͉͎͓͂̈́͏͂̀͑̾̀͐ D
̰͏͎̼͍͑͒̈́͈͒͐͎̓͆͂̾̈́͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐͒͆͐̻́͑͆͐͈̈́͑͒͌͜
̵͖͔͇͖͌̀͔͇͙͉͍͝͏͕͖͍͑̾͋̨͋͌
̤͈̀͎͒͌̀̈́͏͈͚͑͋͒͆͐͓͉͓͑͑̈́̽͐͏̼͈̈́͎͈͈̻͎͈̈́͌̓͋̈́͑̻͎͈͒͌̀̼͕͎͓͌
̼͌̀̻͎͈͌͂͋̀͍̈́̀̈́͏͈͎͑͋͛
̞͒̀͌͎͒͖͚͆͊͎͓̻͌͒͊͈̼͕͈̈́͏͚͇͑̈́͒̀͑͒̀̾͑͗͎͈͕͒͋̀͒̀͜͒͗͌
͍͕̈́͗͏͈͑͒͌͜͎͈͕͑͒̈́̾͗͌̼͌̀̈́͈̼͎͊͌̾͑͗͎͕͒̾͗͋̀͏̼͈̈́͓͚̀͒͌̀
͔͈̀̀͏͇̈́̈́̾
̳͎͎͇̈́͒̽͑͒̈́͒͆͓͉͓͑͑̈́̽͚͎͋͌͚͎͒͑͖̻͆͊͑͒̈́͜͌̀͋͎͏͎͛͌͌̀
̀͎͉͋̀͏͎͈͛͌͌͒̀͒̀͍̈́̀͏͒̽͋̀͒̀͕͗͏̾͐͏͚́͊͆͋̀
̶͑͕͉͔͉͑͊̿͔͇͚ͅ͏́̓̨͋͌
̤͈̀͌̀͋͎͏̈́̾͌̀͎͍͈̀͌̾̈́͆͚͏͒̀͒͆͐͓͉͓͑͑̈́̽͐͉̻̀͒͒͆͌
͎͒͎͇̼͒͆͑͆ ͑̈́ ͂͗͌̾̀ ̻͊́̈́͒̈́ ͓͚͖͆ ͈͒͐ ͈̻͈̓̀͑͒͑̈́͐ & ̧ ͈̻̓͑͒̀͑͆ '
͍̈́̀͏̻͈͒͒̀ ̀͚ ͎͒ ̻͕͎͐ ͒͆͐ ͏͚͎͖͑͆͐ ͎͓͒ ͎͓͌͒͊̀͈͎͛ ͉̻͒͗ ̀͚ ͒͆
͊̀́̽
̪͍͇͕͌͒͋͌̀͔͞͏͇͔͉͆͕͉͓͔͖͔͇͖͓͌̀
̧͓͉͓͑͑̈́̽̀͌͒̀͎͉͏͈̾͌̈́͒̀͑͒͆͌͉͎̀͒͆͂͏̾̀͏͎͑͒̀͑̾̀͐ ,͉͈̀
̈́͈͒͏̼͈̈́͒̀͌̀͈͎͓͊̈́͒͏͂̈́̾͚͎͋͌͋̈́͑͛͌̓̈́͑͆͎̀͂͗͂͛͏͎͑͒̀͑̾̀͐
͂̈́̾͗͑͆
̧͔̻͈̀͑͊̈́̀͏̼͈̈́͌̀̀͌͒̀͎͉͏͈̾͌̈́͒̀͑͒̀͎͈͕͑͒̈́̾̀͈͕͎͑͛͐͑͒͆͌
͈͉͌̀̾̓̀͒͛͎͓͉͈̀͈͑͒͐͎͒͈͉̼͐͏͎͈̓̀͂͏͔̼̀͐
̲̈́͚͊̈́͐͈͒͐̈́͏͂̀͑̾̈́͐͓͑͌̀͏͎͚͋͊͂͆͑͆͐͏̼͈̈́͆͓͉͓͑͑̈́̽͌̀
́͏͉͈̾͑̈́͒̀͉͚̈́͒͐̻͒͑͆͐
̧͓͉͓͑͑̈́̽̈́͈͒͏̼͈̈́͒̀͌̀͓͇͑͌̓̈́̈́̾͚͎͋͌͋̈́͎͒͓̼͎͑͌͆͋͋͌͉͈͎̀͊̓͜
͑͛͌̓̈́͑͆͐̲͓̼͌̓͑͒̈́͎͒͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐͑͒͆͌̾͑͗͓͊̈́͏̻͒͆͐
͓͉͓͑͑̈́̽͐͉͈͉͊
̛͌̀͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐P͈̈́̾͌̀͈͇̼͈͎̓̀͑͋͑͒͆͌͓͆͏̈́͑̾̀
͍͓̈́͆͏̼͒͆͑͆͐̈́͊̀͒͌͜
̳͎͉͈͎̀͊̓͜͑͛͌̓̈́͑͆͐̈́͈͒͏̼͈̈́͒̀͌̀͈͉͇̀͌͒̀͒̀͑͒̀̈́̾͚͎͋͌͋̈́̼͌̀
͈͎͂͌̽͑͉͈͎̀͊̓͜͈͇̼͈͎̓̀͑͋̼͋͑͗͒͆͐͓͆͏̈́͑̾̀͐͍͓̈́͆͏̼͒͆͑͆͐
̈́͊̀͒͌͜
̧͏͎͑͒̀͑̾̀̈́͔̀̽͐͏̼͈̈́͌̀͍͔͈̈́̀͑̀͊̾̈́͒̀ͅ͋̈́͒͆͌͎͒͎͇̼͒͆͑͆
7\SH(
7\SH.
̨͓́͆͑͔͉͓̈́̾͇͔͕͋͟͏ D
̓͝̾͏͚
D
͔͋͝͇͆̓͎͇͕͉͏
͇͋͗̾͏͇͋̓
E
̥͈͉̀͂͗͂̽̻́͑͆͈̈́͑͒
͌͜
PP PP PP
̥͈͉̀͂͗͂̽̻́͑͆͈̈́͑͒
͌͜͓͎͈͉͑͌͊̽͐̈́͈͔̻
͈͌̈́̀͐
PP PP PP
̣̻͑͆͈̈́͑͒͌͜̀̈́͏͎͓̾ PP PP PP
̧͉͊̈́͒͏͈͉̽̻́͑͆͈̈́͑͒
͌͜
PP PP PP
D
E

̭͍̓͆͋͑͟͔͞͏͇͔͉͓͆͎͇͓͗͋͔͑͌͑͞
̧͓͉͓͑͑̈́̽̈́͈͒͏̼͈̈́͒̀͌̀͓͇͑͌̓̈́̈́̾͚͎͋͌͑̈́͈͋̀͏̾̀ͅ͎͉͎͑͛͎͓
͈̈́̾͌̀͉̼̈́͂̀͒̈́͑͒͆͋͌͆͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐
̥̻͌ ͎͒ ͔͈͐ ̻͋̈́͒ ͒͆͌ ͎͒͎͇̼͒͆͑͆ ̓̈́͌ ͈̈́̾͌̀ ̼͎͊͌ ͏͎͈͚͑͒ ͏̼͈̈́ ͑͒͆
͚͈͋͌͋͆͉͆͊̈́͒͏͈͉̽͉̻̈́͂̀͒͑͒̀͑͆͌̀͏͎̼́͊͈̈́͒̀͈͋̀͈̻͍̓͒̀͆
͈͉͎̓̀̽͐͈͑͒͐͔̻͈͑̈́͐͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐͉̻̈́͂̀͒͑͒̀͑͆͐
̭͍̓͆͋͑͟͔͞͏͇͔͉͓͆͚͓͒́͘͓͗͋͔͑͌͑͞
̬͚͎͌̼͌̀͐͈͎͕͎̀̓̈́͛͐͉̻̈́͂̀͒̀͑͒͒͆͐̈́͈͒͏̼͈̈́͒̀͌̀͓̼͈͑͌̓͑̈́͒͆
͓͉͓͑͑̈́̽
̲͒͆͚͈͋͌͋͆͉͆͊̈́͒͏͈͉̽͉̻̈́͂̀͒͑͒̀͑͆͏̼͈̈́͌̀͏͎̼́͊͈̈́͒̀͈͋̀
͈̻͍̓͒̀͆͈͉͎̓̀̽͐͈͑͒͐͔̻͈͑̈́͐͔͑͛͋͗͌̀͋̈́͎͓͒͐͉͎͈͎̀͌͌͑͋͛͐
͉̻̈́͂̀͒͑͒̀͑͆͐̥͍͉̀͏͈́͑͒̈́͜͎͓͒͐͎̀͂͗͂͛͐͒͗͌͔̻͑̈́͗͌͉͈̀͎͒͌
͎͓̼̓͒̈́͏͎͚̀͂͗͂̼͋͆̓͌͎͑͒͉͎͓͒̾͑͛͌̓̈́͑͆͐̲̈́̈́͏̾͒͗͑͆
͔̼̈́͑̀͊͋͌͆͐͑͛͌̓̈́͑͆͐͋͎͏̈́̾͆͓͉͓͑͑̈́̽͌̀͓͎͑͒̈́̾͈̻͆͋ͅ
̲͓̼͌̓͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͚͎͋͌ ͔͑͛͋͗͌̀ ͋̈́ ͎͒ ͕̼͈͎͑̓ ͑͛͌̓̈́͑͆͐ ̤͈̀ ͒͆͌
̻͒͑͆̼́͊̈́͑͒͆͌͈͉͌̀̾̓̀͒͛͎͓̲͓̼͌̓͑͒̈́͎͓͒͐͉͎͓͊͌͐͜͎͓͒
͉͎͓̀͊͗̓̾͑͛͌̓̈́͑͆͐͔͑͛͋͗͌̀͋̈́͒̀͎͈͕̀͌͒̾͑͒̀͕͏͋̀͒̀͜
̰͏̻͈͎͉͑͌̾͒͏͈͎͌ ̢͚͂͗͂͐ ͏͎͑͒̀͑̾̀͐
< ͋͊̈́ ̯͓̼̓͒̈́͏͎͐ ͚̀͂͗͂͐
̼͋͆̓͌͉͔̼̀ ̵̻͑͆͍̈́͗͒̈́͏͈͉͚͐͚̀͂͗͂͐
̵͕͇͚͔͉͒̿͕͉͓͔͖͔͇͖͓͌̀̨͋͌
 ̲͏͍͒̈́͜͒͆͓͉͓͑͑̈́̽̈́͌͒̈́͊͐͜̼͋͑̀͉͈̀͉̈́͌͒͏̻͏̼̈́͒͒͆͌
 ̣͈̓͑͒̈́͜͉̻̀͊͒͆͓͉͓͑͑̈́̽
̧͕͈͑͑͋̽͍͋̈́͒̀͛͎͓͒̻͉͎͓͂̈́͏͂̀͑̾̀͐͉͈̀͒͆͐͓͉͓͑͑̈́̽͐̓̈́͌
̈́͈͒͏̼͈̈́͒̀͌̀͉͓͔͇̀͊̈́̾̀͚͏͚͇͑̈́͒̀͕̻͉͈͆̀
̲͒̀͓͊̈́͏͈͉̻͎͈͕͒͋̀͒̀͜͎͓͒͎͓͌͒͊̀͈͎͛͎͈͕͈͎̈́͌͒͑͋͛̓̈́͌
̈́͈͒͏̼͈̈́͒̀͌̀͎͒͎͇͇͎̈́͒͆͛͌͕̻͉͈͆̀͇̈́͏͎͋͏͎͑͒̀͑̾̀͐
̥͇͔͉͗̓́͒
 ̨̼͑͒̈́͒͆͓͉͓͑͑̈́̽͉͚̈́͒͐̻͒͑͆͐
 ̫͛͑͒̈́͈͒͐́̾̓̈́͐͑͒̈́͏̼͗͑͆͐
 ̢͉͌̀͑͆͑͒̈́͜͔̈́͊̀͏̻͒͆͓͉͓͑͑̈́̽͉͈̀͒͏͍̀́̽͒̈́͒͆͌̈́͌͒̈́͊͐͜̼͍͗
es
Û
,QVWUXFFLRQHVGHPRQWDMH
$GYHUWHQFLDVLPSRUWDQWHVILJXUD
6RORXQPRQWDMHSURIHVLRQDOVHJ~QHVWDVLQVWUXFFLRQHVGH
PRQWDMH JDUDQWL]D XQ XVR VHJXUR (Q FDVR GH GDxRV GHELGR D XQ
PRQWDMHHUUyQHRODUHVSRQVDELOLGDGVHUiGHOLQVWDODGRU
&RPSUREDUHODSDUDWRWUDVVDFDUORGHOHPEDODMH(O
HOHFWURGRPpVWLFRQRGHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGR
GDxRVGXUDQWHHOWUDQVSRUWH
7HQHUHQFXHQWDODVKRMDVGHLQVWUXFFLRQHVSDUDODLQVWDODFLyQ
GHORVDFFHVRULRV
$QWHVGHSRQHUHQPDUFKDHOHOHFWURGRPpVWLFRUHWLUDUHO
PDWHULDO GH HPEDODMH \ ODV OiPLQDV DGKHUHQWHV GH OD SXHUWD \ GHO
LQWHULRUGHOHOHFWURGRPpVWLFR
/RVPXHEOHVGRQGHVHDORMDHOHOHFWURGRPpVWLFRGHEHQSRGHU
UHVLVWLUXQDWHPSHUDWXUDGHKDVWD &\ORVIURQWDOHVGHORV
PXHEOHVDG\DFHQWHVKDVWD &
1RLQVWDODUHODSDUDWRGHWUiVGHXQDSXHUWDGHFRUDWLYDRGH
PXHEOH([LVWHULHVJRGHVREUHFDOHQWDPLHQWR
/OHYDUDFDERORVWUDEDMRVGHUHFRUWHHQHOPXHEOHDQWHVGH
FRORFDUHOHOHFWURGRPpVWLFR5HWLUDUODVYLUXWDV3RGUtDQDIHFWDU
DOIXQFLRQDPLHQWRGHORVFRPSRQHQWHVHOpFWULFRV
/OHYDUJXDQWHVSURWHFWRUHVSDUDHYLWDUFRUWHV/DVSLH]DVTXH
HVWpQDFFHVLEOHVGXUDQWHHOPRQWDMHSXHGHQWHQHUORVERUGHV
DILODGRV
/DWRPDGHFRUULHQWHGHOHOHFWURGRPpVWLFRGHEHTXHGDUGHQWUR
GHOD]RQDGHODVXSHUILFLHVRPEUHDGD $RIXHUDGHOHVSDFLRGH
PRQWDMH
)LMDUDODSDUHGORVPXHEOHVTXHQRHVWpQILMDGRVFRQXQD
HVFXDGUDHVWiQGDU %
/DVPHGLGDVGHODVLPiJHQHVHVWiQHQPP
: £3HUVRQDVFRQLPSODQWHVHOHFWUyQLFRV
(ODSDUDWRSXHGHFRQWHQHULPDQHVSHUPDQHQWHVORVFXDOHV
SXHGHQUHSHUFXWLUHQHOFRUUHFWRIXQFLRQDPLHQWRGHLPSODQWHV
HOHFWUyQLFRVFRPRPDUFDSDVRVRERPEDVGHLQVXOLQD3RUHOOR
GXUDQWHHOPRQWDMHHVQHFHVDULRPDQWHQHUXQDGLVWDQFLDPtQLPD
GHFPUHVSHFWRDLPSODQWHVHOHFWUyQLFRV
$SDUDWRGHEDMRGHODHQFLPHUDILJXUD
3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ
XQDUDQXUDGHYHQWLODFLyQ
)LMDUODHQFLPHUDVREUHHOPXHEOHHPSRWUDGR
6LHODSDUDWRVHPRQWDGHEDMRGHXQDSODFDGHFRFFLyQGHEHQ
UHVSHWDUVHODVVLJXLHQWHVPHGLGDVPtQLPDVHQFDVRQHFHVDULR
LQFOXLGDODHVWUXFWXUDLQIHULRU
(QIXQFLyQGHODVPHGLGDVPtQLPDVUHTXHULGDV EVHGHWHUPLQDOD
FDSDFLGDGPtQLPDGHODHQFLPHUD D
7HQHUHQFXHQWDODVLQVWUXFFLRQHVGHPRQWDMHGHODSODFDGH
FRFFLyQ
$SDUDWRHQXQDUPDULRHQDOWRILJXUD
3DUDSRGHUYHQWLODUHODSDUDWRHOSLVRVHSDUDGRUGHEHFRQWDUFRQ
XQDUDQXUDGHYHQWLODFLyQ
&XDQGRHODUPDULRHQDOWRFXHQWDFRQRWUDSODFDSRVWHULRU
DGLFLRQDO DO PDUJHQ GH ODV SODFDV SRVWHULRUHV HVWD GHEH UHWLUDUVH
1RPRQWDUHODSDUDWRGHPDVLDGRDOWRDILQGHSRGHUUHWLUDUORV
DFFHVRULRVVLQSUREOHPDV
0RQWDMHHQHVTXLQDILJXUD
3DUDTXHVHDSRVLEOHDEULUODSXHUWDGHODSDUDWRREVHUYDUXQD
GLVWDQFLD &HQHOPRQWDMHHQHVTXLQD/DPHGLGD 'GHSHQGHGHO
JURVRUGHOIURQWDOGHOPXHEOHEDMRHOWLUDGRU
&RQH[LyQGHODSDUDWRDODUHGHOpFWULFD
(OHOHFWURGRPpVWLFRSHUWHQHFHDODFODVHGHSURWHFFLyQ ,\VROR
SXHGH XWLOL]DUVH FRQHFWDGR D XQD FRQH[LyQ FRQ FRQGXFWRU GH WRPD
DWLHUUD
/DSURWHFFLyQSRUIXVLEOHGHEHFRQILJXUDUVHGHDFXHUGRFRQORV
GDWRV GH SRWHQFLD LQGLFDGRV HQ OD SODFD GH FDUDFWHUtVWLFDV \ FRQ OD
QRUPDWLYDORFDO
(OHOHFWURGRPpVWLFRGHEHHVWDUVLQWHQVLyQSDUDSRGHUUHDOL]DUORV
WUDEDMRVGHPRQWDMH
(ODSDUDWRVRORSXHGHFRQHFWDUVHFRQHOFDEOHGHFRQH[LyQ
VXPLQLVWUDGR&RQHFWDUHOFDEOHGHFRQH[LyQHQODSDUWHSRVWHULRU
GHODSDUDWRGHEHRtUVHXQFOLF
3XHGHDGTXLULUVHXQFDEOHGHFRQH[LyQGH PDWUDYpVGHO
6HUYLFLRGH$WHQFLyQDO&OLHQWH
(OFDEOHGHFRQH[LyQVRORSXHGHVHUVXVWLWXLGRSRUXQFDEOH
RULJLQDO TXH SXHGH VROLFLWDUVH D WUDYpV GHO 6HUYLFLR GH $WHQFLyQ DO
&OLHQWH
0HGLDQWHHOPRQWDMHGHEHJDUDQWL]DUVHODSURWHFFLyQFRQWUD
FRQWDFWRDFFLGHQWDO
&DEOHGHFRQH[LyQFRQFRQHFWRUFRQFRQWDFWRGHSXHVWDD
WLHUUD
(OHOHFWURGRPpVWLFRVRORSRGUiFRQHFWDUVHDXQDWRPDGH
FRUULHQWHGHLQVWDODFLyQUHJODPHQWDULD\SURYLVWDGHWRPDDWLHUUD
6HJ~QODVQRUPDVVLHOFRQHFWRU\DQRHVDFFHVLEOHWUDVHO
PRQWDMH OD LQVWDODFLyQ HOpFWULFD FRQ WRPD GH WLHUUD GHEHUi FRQVWDU
GHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV
7LSRGHSODFD D
HQFDVWUDGD
D
DUDVGHODVX
SHUILFLH
E
3ODFDGHLQGXFFLyQ PP PP PP
6XSHUILFLHGH
3ODFDGHLQGXFFLyQ
PP PP PP
3ODFDGHFRFFLyQGH
JDV
PP PP PP
3ODFDGHFRFFLyQ
HOpFWULFD
PP PP PP
D
E

&DEOHGHFRQH[LyQVLQFRQHFWRUFRQFRQWDFWRGHSXHVWDD
WLHUUD
/DFRQH[LyQGHODSDUDWRGHEHUHDOL]DUVHH[FOXVLYDPHQWHSRUXQ
WpFQLFRHVSHFLDOLVWDDXWRUL]DGR
6HJ~QODVQRUPDVODLQVWDODFLyQHOpFWULFDFRQWRPDGHWLHUUD
GHEHUiGLVSRQHUGHXQGLVSRVLWLYRGHVHSDUDFLyQHQODVIDVHV
,GHQWLILFDUHOFRQGXFWRUGHIDVH\HOFRQGXFWRUQHXWUR©FHURªGH
ODWRPDGHFRUULHQWH(ODSDUDWRSXHGHUHVXOWDUGDxDGRVLQRVH
FRQHFWDGHODIRUPDDGHFXDGD
&RQHFWDUHODSDUDWRVHJ~QHOHVTXHPDGHFRQH[LyQ&RQVXOWDUOD
WHQVLyQHQODSODFDGHFDUDFWHUtVWLFDV&RQHFWDUORVFRQGXFWRUHV
GHOFDEOHGHFRQH[LyQDODUHGGHDFXHUGRFRQODFRGLILFDFLyQSRU
FRORUHV YHUGHDPDULOOR WRPD D WLHUUD
< D]XO FHUR FRQGXFWRU
QHXWURPDUUyQ IDVHFRQGXFWRUH[WHULRU
)LMDUHODSDUDWRILJXUD
 ,QWURGXFLUHODSDUDWRSRUFRPSOHWR\FHQWUDUOR
 $WRUQLOODUHODSDUDWR
(OHVSDFLRHQWUHODHQFLPHUD\HODSDUDWRQRGHEHREVWUXLUVHFRQ
OLVWRQHVVXSOHPHQWDULRV
(QODVSDUHGHVODWHUDOHVGHODUPDULRGHVPRQWDEOHQRVHSXHGHQ
PRQWDUOLVWRQHVWpUPLFRV
'HVPRQWDMH
 'HVFRQHFWDUHODSDUDWRGHODFRUULHQWH
 $IORMDUORVWRUQLOORVGHDMXVWH
 /HYDQWDUOLJHUDPHQWHHODSDUDWR\H[WUDHUORSRUFRPSOHWR
fi
Ý
$VHQQXVRKMH
7lUNHLWlRKMHLWDNXYD
/DLWWHHQWXUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQVHDVHQQHWDDQ
DVLDQPXNDLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ9llUlVWl
DVHQQXNVHVWDMRKWXYLVWDYDKLQJRLVWDYDVWDDDVHQWDMD
7DUNDVWDODLWHNXQROHWSXUNDQXWVHQSDNNDXNVHVWD-RV
ODLWWHHVVDRQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q
1RXGDWDOLVlRVLHQDVHQQXVWDNRVNHYLDDVHQQXVRKMHLWD
3RLVWDSDLNNDXVPDWHULDDOLMDOLLPDNDOYRWXXQLWLODVWDMDOXXNXVWD
HQQHQODLWWHHQNl\WW||QRWWRD
.DOXVWHLGHQMRLKLQODLWHDVHQQHWDDQSLWllNHVWllOlPS|WLODD
 &YLHUHVVlROHYLHQNDOXVWHLGHQHWXRVLHQYlKLQWllQ
OlPS|WLODD &
bOl DVHQQD ODLWHWWD VRPLVWH WDL NDOXVWHRYHQ WDDNVH 9DDUDQD RQ
\OLNXXPHQHPLQHQ
7HHNDOXVWHHQOHLNNDXVW\|WHQQHQODLWWHHQDVHQWDPLVWD3RLVWD
ODVWXW6lKN|LVWHQUDNHQQHRVLHQWRLPLQWDYRLKlLULLQW\l
.l\Wl VXRMDNlVLQHLWl MRWWD YlOWlW YLLOWRKDDYDW 2VDW MRLKLQ SllVHW
DVHQQXNVHQDLNDQDNlVLNVLYRLYDWROODWHUlYlUHXQDLVLD
/DLWWHHQOLLWlQWlUDVLDQWXOHHROODYLLYRLWHWXQSLQQDQDOXHHOOD $WDL
DVHQQXVDOXHHQXONRSXROHOOD
.LLQQLWlLUUDOOLVHWNDOXVWHHW\OHLVHVWLVDDWDYDQDROHYDOOD
NXOPDOHY\OOl %VHLQllQ
.XYLHQPLWDWPP
: (OHNWURQLVWHQLPSODQWWLHQNl\WWlMlW
/DLWWHHVVDYRLROODNHVWRPDJQHHWWHMDMRWNDYRLYDWYDLNXWWDD
HOHNWURQLVLLQLPSODQWWHLKLQHVLPHUNLNVLV\GlPHQWDKGLVWLPLLQWDL
LQVXOLLQLSXPSSXLKLQ3LGlVHQWlKGHQDVHQQXNVHQ\KWH\GHVVl
YlKLQWllQFPQHWlLV\\VHOHNWURQLVLLQLPSODQWWHLKLQ
/DLWHW\|WDVRQDOODNXYD
9lOLSRKMDVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ
.LLQQLWlW\|WDVRNDOXVWHHVHHQ
-RVODLWHDVHQQHWDDQNHLWWRWDVRQDOOHRQQRXGDWHWWDYDVHXUDDYLD
PLQLPLPLWWRMDWDUYLWWDHVVDDOODROHYDUDNHQQHPXNDDQOXNLHQ
7DUYLWWDYDQPLQLPLHWlLV\\GHQ EWDNLDW\|WDVRQYlKLPPlLVYDKYXXV
RQ D
1RXGDWDNHLWWRWDVRQDVHQQXVRKMHWWD
/DLWHNRUNHDVVDNDDSLVVDNXYD
9lOLSRKMLVVDSLWllROODUDNRODLWWHHQWXXOHWXVWDYDUWHQ
-RVNRUNHDVVDNDDSLVVDRQHOHPHQWWLWDNDVHLQLHQOLVlNVLWRLQHQ
WDNDVHLQlVHRQSRLVWHWWDYD
$VHQQD ODLWH YDLQ QLLQ NRUNHDOOH HWWl YDUXVWHHW VDD RWHWWXD KHOSRVWL
XORV
$VHQQXVNXOPDDQNXYD
-RWWDODLWWHHQOXXNNXVDDGDDQDYDWWXDRWDNXOPDDQDVHQWDHVVDVL
KXRPLRRQ PLWDW & 0LWWD ' ULLSSXX NDOXVWHHQ HWXRVDQ SDNVXXGHVWD
NDKYDQDODSXROHOOD
/DLWWHHQOLLWWlPLQHQVlKN|YHUNNRRQ
/DLWWHHQVXRMDOXRNNDRQ ,MDVHQNl\WW|RQVDOOLWWXYDLQ
PDDGRLWXVOLLWlQQlQNDQVVD
6XRMDXVRQWHKWlYlW\\SSLNLOYHVVlPDLQLWXQWHKRWLHGRQMD
SDLNDOOLVWHQPllUl\VWHQPXNDDQ
/DLWWHHVVDHLVDDROODMlQQLWHWWlDVHQQXVW|LWlWHKWlHVVl
/DLWWHHQVDDOLLWWllYDLQPXNDQDWRLPLWHWXQOLLWlQWlMRKGRQNDQVVD
.\WNHOLLWlQWlMRKWRODLWWHHQWDNDVLYXOOHNOLN
+XROWRSDOYHOXVWDRQVDDWDYDQDPHWULQOLLWlQWlMRKWR
/LLWlQWlMRKGRQ VDD YDLKWDD YDLQ DONXSHUlLVHHQ OLLWlQWlMRKWRRQ MRND
RQVDDWDYDQDKXROWRSDOYHOXVWD
$VHQQXNVHQSLWllWDDWDNRVNHWXVVXRMD
/LLWlQWlMRKWRMRVVDPDDGRLWHWWXSLVWRNH
/DLWWHHQ VDD OLLWWll DLQRDVWDDQ PllUl\VWHQPXNDLVHVWL DVHQQHWWXXQ
PDDGRLWHWWXXQSLVWRUDVLDDQ
-RVSLVWRNNHHVHHQHLSllVHDVHQQXNVHQMlONHHQHQllNlVLNVL
NLLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ
PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD
/LLWlQWlMRKWRMRVVDHLPDDGRLWHWWXDSLVWRNHWWD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDVHQWDMD
.LLQWHlVlKN|OLLWlQWlRQYDUXVWHWWDYDDVHQQXVPllUl\VWHQ
PXNDLVHOODYDLKHMRKWRMHQNDWNDLVLPHOOD<NVLO|LYDLKHMDQROODMRKWR
OLLWlQWlUDVLDVVD-RVOLLWlQWlWHKGllQYllULQODLWHYRLYDXULRLWXD
/LLWlODLWHYDLQOLLWlQWlNXYDQPXNDDQ-lQQLWHNVW\\SSLNLOSL/LLWl
YHUNNROLLWlQWlMRKGRQMRKWLPHWYlULNRRGLHQPXNDDQYLKUHl
NHOWDLQHQ VXRMDMRKGLQ
<VLQLQHQ QROODQROODMRKGLQUXVNHD
YDLKHYDLKHMRKGLQ
.HLWWRWDVRQW\\SSL D
SllOOHDVHQ
QHWWX
D
VDPDQWDVRLQHQ
DVHQQXV
E
,QGXNWLRNHLWWRWDVR PP PP PP
7l\VLSLQWDLQHQ
LQGXNWLRNHLWWRWDVR
PP PP PP
.DDVXNHLWWRWDVR PP PP PP
6lKN|NHLWWRWDVR PP PP PP
D
E

/DLWWHHQNLLQQLWWlPLQHQNXYD
 7\|QQlODLWHNXQQROODSDLNDOOHHQMDNRKGLVWDNHVNHOOH
 .LLQQLWlODLWHUXXYHLOOD
7\|WDVRQMDODLWWHHQYlOLVWlUDNRDHLVDDVXONHDOLVlOLVWRLOOD
.DDSLQVLYXVHLQLLQHLVDDDVHQWDDOlPS|VXRMDOLVWRMD
,UURWXV
 3RLVWDODLWWHHVWDMlQQLWH
 ,UURWDNLLQQLW\VUXXYLW
 1RVWDODLWHWWDNHY\HVWLMDYHGlVHNRNRQDDQXORV
fr
Þ
1RWLFHGHPRQWDJH
&RQVLJQHVLPSRUWDQWHVILJ
6HXOHXQHLQVWDOODWLRQHIIHFWXpHVHORQFHWWHQRWLFHGHPRQWDJH
JDUDQWLWXQHXWLOLVDWLRQHQWRXWHVpFXULWp(QFDVGHGRPPDJHV
UpVXOWDQWGXQHLQVWDOODWLRQLQFRUUHFWHOLQVWDOODWHXUHVW
UHVSRQVDEOH
&RQWU{OH]OpWDWGHODSSDUHLODSUqVODYRLUGpEDOOp1HOH
UDFFRUGH]SDVVLOSUpVHQWHGHVDYDULHVGHWUDQVSRUW
5HVSHFWH]OHQRWLFHGHPRQWDJHSRXUOLQVWDOODWLRQGHV
DFFHVVRLUHV
$YDQWODPLVHHQVHUYLFHUHWLUH]OHPDWpULDXGHPEDOODJHHWOHV
ILOPVDGKpVLIVGXFRPSDUWLPHQWGHFXLVVRQHWVXUODSRUWH
/HV PHXEOHV GHQFDVWUHPHQW GRLYHQW UpVLVWHU j XQH WHPSpUDWXUH
MXVTXj&HWODIDoDGHGHVPHXEOHVYRLVLQVMXVTXj&
1LQVWDOOH] SDV ODSSDUHLO GHUULqUH XQH SRUWH GH PHXEOH QL GHUULqUH
XQHSRUWHGpFRUDWLYH,OH[LVWHXQULVTXHGHVXUFKDXIIH
5pDOLVH] OHV WUDYDX[ GH GpFRXSH VXU OH PHXEOH DYDQW OD PLVH HQ
SODFH GH ODSSDUHLO (QOHYH] OHV FRSHDX[ /H IRQFWLRQQHPHQW GHV
FRPSRVDQWVpOHFWULTXHVSHXWrWUHFRPSURPLV
3RUWH]GHVJDQWVGHSURWHFWLRQSRXUpYLWHUGHVFRXSXUHV
&HUWDLQHV SLqFHV DFFHVVLEOHV ORUV GX PRQWDJH SHXYHQW SRVVpGHU
GHVDUrWHVFRXSDQWHV
/DSULVHGHUDFFRUGHPHQWGHODSSDUHLOGRLWVHVLWXHUGDQVOD
]RQHGHODVXUIDFHKDFKXUpH $RXjOH[WpULHXUGHOHVSDFH
GHQFDVWUHPHQW
/HV PHXEOHV QRQ IL[pV GRLYHQW rWUH IL[pV DX PXU DX PR\HQ GXQH
pTXHUUH %XVXHOOHGXFRPPHUFH
0HVXUHVGHVILJXUHVHQPP
: 3RUWHXUVGLPSODQWVpOHFWURQLTXHV
/DSSDUHLOSHXWFRQWHQLUGHVDLPDQWVSHUPDQHQWVTXLSHXYHQW
LQIOXHUVXUGHVLPSODQWVpOHFWURQLTXHVSDUH[VWLPXODWHXUV
FDUGLDTXHVRXSRPSHVjLQVXOLQH3RXUFHWWHUDLVRQORUVGX
PRQWDJHUHVSHFWHUXQHGLVWDQFHPLQLPXPGHFPSDUUDSSRUW
DX[LPSODQWVpOHFWURQLTXHV
$SSDUHLOVRXVOHSODQGHWUDYDLOILJ
3RXUODYHQWLODWLRQGHODSSDUHLOOHSODQFKHULQWHUPpGLDLUHGRLW
SUpVHQWHUXQHGpFRXSHGHYHQWLODWLRQ
)L[H]OHSODQGHWUDYDLOVXUOHPHXEOHGHQFDVWUHPHQW
6LODSSDUHLOHVWHQFDVWUpVRXVXQHWDEOHGHFXLVVRQOHV
GLPHQVLRQVPLQLPDOHVVXLYDQWHVGRLYHQWrWUHUHVSHFWpHVOHFDV
pFKpDQWFRQVWUXFWLRQVXSSRUWLQFOXVH
(QUDLVRQGHODGLVWDQFHPLQLPDOHQpFHVVDLUH EOpSDLVVHXU
PLQLPDOHGXSODQGHWUDYDLOTXLHQGpFRXOHHVW D
5HVSHFWH]ODQRWLFHGHPRQWDJHGHODWDEOHGHFXLVVRQ
$SSDUHLOGDQVXQHDUPRLUHILJ
3RXUODpUDWLRQGHODSSDUHLOOHVIDX[SODQFKHUVGRLYHQWSUpVHQWHU
XQHGpFRXSHGHYHQWLODWLRQ
6LODUPRLUHSRVVqGHXQSDQQHDXDUULqUHHQSOXVGHVSDQQHDX[
DUULqUHGHVpOpPHQWVFHOXLFLGRLWrWUHHQOHYp
1LQVWDOOHUODSSDUHLOTXjXQHWHOOHKDXWHXUTXHOHVDFFHVVRLUHV
SXLVVHQWrWUHUHWLUpVVDQVSUREOqPH
(QFDVWUHPHQWDQJXODLUHILJ
$ILQGHSRXYRLURXYULUODSRUWHGHODSSDUHLOUHVSHFWHUOHVFRWHV &
HQFDVGHQFDVWUHPHQWDQJXODLUH/DFRWH 'HVWIRQFWLRQGH
OpSDLVVHXUGHODIDoDGHGXPHXEOHVRXVODSRLJQpH
5DFFRUGHPHQWpOHFWULTXHGHODSSDUHLO
/DSSDUHLOUpSRQGjODFODVVHGHSURWHFWLRQ,HWGRLWXQLTXHPHQW
rWUHXWLOLVpDYHFXQHSULVHjFRQGXFWHXUGHSURWHFWLRQ
/DSURWHFWLRQSDUIXVLEOHGRLWVHIIHFWXHUFRQIRUPpPHQWj
OLQGLFDWLRQGHSXLVVDQFHVXUODSODTXHVLJQDOpWLTXHHWDX[
SUHVFULSWLRQVORFDOHV
3RXU WRXV OHV WUDYDX[ GH PRQWDJH ODSSDUHLO GRLW rWUH KRUV WHQVLRQ
/DSSDUHLOGRLWXQLTXHPHQWrWUHUDFFRUGpDXPR\HQGXFRUGRQ
GDOLPHQWDWLRQVHFWHXUIRXUQL&RQQHFWH]OHFRUGRQGDOLPHQWDWLRQ
VHFWHXUDXGRVGHODSSDUHLOFOLFVRQRUH 
8Q FRUGRQ GDOLPHQWDWLRQ VHFWHXU GH  P HVW HQ YHQWH DXSUqV GX
VHUYLFHDSUqVYHQWH
/HFRUGRQGDOLPHQWDWLRQVHFWHXUGRLWXQLTXHPHQWrWUHUHPSODFp
SDUXQFRUGRQGRULJLQHTXLSHXWrWUHFRPPDQGpDXSUqVGX
VHUYLFHDSUqVYHQWH
/D SURWHFWLRQ FRQWUH OHV FRQWDFWV DFFLGHQWHOV GRLW rWUH JDUDQWLH SDU
OHPRQWDJH
&kEOHGHUDFFRUGHPHQWDYHFILFKHDYHFWHUUH
/DSSDUHLOGRLWLPSpUDWLYHPHQWrWUHUDFFRUGpjXQHSULVHGH
FRXUDQWGHVpFXULWpLQVWDOOpHGHPDQLqUHUpJOHPHQWDLUH
6LODSULVHQHVWSOXVDFFHVVLEOHDSUqVOLQVWDOODWLRQGDQV
OLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQVOHV
SKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
GLQVWDOODWLRQ
&kEOHGHUDFFRUGHPHQWVDQVILFKHDYHFWHUUH
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
'DQVOLQVWDOODWLRQjFkEODJHIL[HXQV\VWqPHFRXSHFLUFXLWGDQV
OHVSKDVHVHVWjSUpYRLUFRQIRUPpPHQWDX[UpJOHPHQWDWLRQV
GLQVWDOODWLRQ,GHQWLILH]OHFRQGXFWHXUGHSKDVHHWOHFRQGXFWHXU
QHXWUHGDQVODSULVHGHUDFFRUGHPHQW/DSSDUHLOULVTXHGrWUH
HQGRPPDJpHQFDVGHUDFFRUGHPHQWLQFRUUHFW
,OGRLWrWUHUDFFRUGpXQLTXHPHQWFRQIRUPpPHQWDXVFKpPDGH
UDFFRUGHPHQW3RXUODWHQVLRQUHSRUWH]YRXVjODSODTXH
VLJQDOpWLTXH 5DFFRUGH] OHV ILOV GX FkEOH GH UDFFRUGHPHQW VHFWHXU
FRQIRUPpPHQWDXFRGHGHFRXOHXUV YHUWMDXQH FRQGXFWHXUGH
SURWHFWLRQ
<EOHX QHXWUHPDUURQ SKDVHFRQGXFWHXU
H[WpULHXU
)L[HUODSSDUHLOILJ
 3RXVVHUODSSDUHLOMXVTXDXIRQGHWOHFHQWUHU
 9LVVHUODSSDUHLO
/pFDUWHQWUHOHSODQGHWUDYDLOHWODSSDUHLOQHGRLWSDVrWUHREWXUp
SDUGHVEDJXHWWHVVXSSOpPHQWDLUHV
'HVEDJXHWWHVGHSURWHFWLRQWKHUPLTXHQHGRLYHQWSDVrWUH
PRQWpHVVXUOHVSDURLVODWpUDOHVGXPHXEOHGHQFDVWUHPHQW
'pSRVH
 0HWWUHODSSDUHLOKRUVWHQVLRQ
 'HVVHUUHUOHVYLVGHIL[DWLRQ
 6RXOHYHUOpJqUHPHQWODSSDUHLOHWOHUHWLUHUFRPSOqWHPHQW
D
E
7\SHGHWDEOHGH
FXLVVRQ
D
SRVp
D
DIIOHXUDQW
E
7DEOHjLQGXFWLRQ  PP PP PP
7DEOH GH FXLVVRQ j LQ
GXFWLRQ
SOHLQHVXUIDFH
 PP  PP PP
7DEOHGHFXLVVRQDX
JD]
 PP PP PP
7DEOHGHFXLVVRQ
pOHFWULTXH
 PP  PP PP

it
â
,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL)LJXUD
6RORXQPRQWDJJLRDUHJRODG·DUWHVHFRQGRTXHVWHLVWUX]LRQL
JDUDQWLVFH XQ XVR VLFXUR ,Q FDVR GL GDQQL GRYXWL D XQ PRQWDJJLR
VFRUUHWWRODUHVSRQVDELOLWjULFDGHVXFKLKDPRQWDWR
ODSSDUHFFKLR
&RQWUROODUHODSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL
IRVVHUR YHULILFDWL GDQQL GD WUDVSRUWR QRQ FROOHJDUH ODSSDUHFFKLR
2VVHUYDUHODJXLGDGLPRQWDJJLRSHULFRPSRQHQWLGHJOL
DFFHVVRUL
5LPXRYHUHLOPDWHULDOHGLLPEDOODJJLRHODSHOOLFRODDGHVLYDGDO
YDQRFRWWXUDHGDOORVSRUWHOORSULPDGHOODPHVVDLQIXQ]LRQH
,PRELOLGDLQFDVVRGHYRQRHVVHUHWHUPRVWDELOLILQRDXQD
WHPSHUDWXUDSDULD&HLPRELOLDGLDFHQWLILQRD&
1RQ PRQWDUH ODSSDUHFFKLR GLHWUR D XQR VSRUWHOOR GHFRUDWLYR R D
XQRVSRUWHOORGHOPRELOH6XVVLVWHLOSHULFRORGL
VXUULVFDOGDPHQWR
&RPSOHWDUHLODYRULGLWDJOLRVXOPRELOHSULPDGHOOLQVHULPHQWR
GHOODSSDUHFFKLR5LPXRYHUHLWUXFLROLLQTXDQWRSRVVRQR
SUHJLXGLFDUHLOIXQ]LRQDPHQWRGHLFRPSRQHQWLHOHWWULFL
,QGRVVDUHJXDQWLSURWHWWLYLSHUHYLWDUHGLSURFXUDUVLIHULWHGD
WDJOLR/HSDUWLFKHUHVWDQRVFRSHUWHGXUDQWHLOPRQWDJJLR
SRVVRQRHVVHUHDSSXQWLWH
/DSUHVDGLFROOHJDPHQWRGHOODSSDUHFFKLRGHYHWURYDUVL
DOOLQWHUQRGHOODUHDWUDWWHJJLDWD $RDOOHVWHUQRGHOODUHDGL
LQFDVVR
)LVVDUHLOPRELOHDOODSDUHWHFRQXQDQJRODUH %GLVSRQLELOHLQ
FRPPHUFLR
1HOOHILJXUHOHPLVXUHVRQRHVSUHVVHLQPP
: 3RUWDWRULGLLPSLDQWLHOHWWURQLFL
/DSSDUHFFKLRSXzFRQWHQHUHPDJQHWLSHUPDQHQWLFKHSRVVRQR
DJLUHVXJOLLPSLDQWLHOHWWURQLFLTXDOLDGHVSDFHPDNHURSRPSHGL
LQVXOLQD3HUWDQWRDOPRPHQWRGHOPRQWDJJLRLSRUWDWRULGLLPSLDQWL
HOHWWURQLFLGHYRQRPDQWHQHUHXQDGLVWDQ]DPLQLPDGLFP
$SSDUHFFKLRVRWWRLOSLDQRGLODYRURILJXUD
3HUODYHQWLOD]LRQHGHOODSSDUHFFKLRRFFRUUHXQDIHVVXUDGL
YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR
)LVVDUHLOSLDQRGLODYRURDOPRELOHGDLQFDVVR
6HODSSDUHFFKLRYLHQHLQFDVVDWRVRWWRXQSLDQRFRWWXUDYDQQR
ULVSHWWDWHOHVHJXHQWLPLVXUHPLQLPHHYHQWXDOPHQWHLQFOXVD
VRWWRVWUXWWXUD
6XOODEDVHGHOODGLVWDQ]DPLQLPDQHFHVVDULD EULVXOWDORVSHVVRUH
PLQLPRGHOSLDQRGLODYRUR D
5LVSHWWDUHOHLVWUX]LRQLSHULOPRQWDJJLRGHOSLDQRFRWWXUD
$SSDUHFFKLRLQXQPRELOHDOWR)LJXUD
3HUODYHQWLOD]LRQHGHOODSSDUHFFKLRRFFRUUHXQDIHVVXUDGL
YHQWLOD]LRQHQHOULSLDQRLQWHUPHGLR
6HROWUHDLSDQQHOOLSRVWHULRULGHOOHOHPHQWRXQPRELOHDOWRKDXQ
XOWHULRUHSDQQHOORSRVWHULRUHTXHVWXOWLPRGHYHHVVHUHULPRVVR
0RQWDUHODSSDUHFFKLRDXQDOWH]]DWDOHGDSRWHUSUHOHYDUHJOL
DFFHVVRULVHQ]DSUREOHPL
0RQWDJJLRDQJRODUH)LJXUD
3HU SHUPHWWHUH ODSHUWXUD GHOOD SRUWD WHQHUH FRQWR GHOOD PLVXUD GHO
PRQWDJJLRDQJRODUH &/DPLVXUD 'GLSHQGHGDOORVSHVVRUHGHO
IURQWDOHGHOPRELOHVRWWRODPDQLJOLD
&ROOHJDPHQWRHOHWWULFRGHOODSSDUHFFKLR
/DSSDUHFFKLR DSSDUWLHQH DOOD FODVVH GL SURWH]LRQH , HG q LQ JUDGR
GLIXQ]LRQDUHVRORVHGRWDWRGLXQFRQGXWWRUHGLWHUUD
/DSURWH]LRQHDYYLHQHVHFRQGROLQGLFD]LRQHGLSRWHQ]DVXOOD
WDUJKHWWDGLLGHQWLILFD]LRQHHQHOULVSHWWRGHOOHGLVSRVL]LRQLORFDOL
'XUDQWHWXWWHOHRSHUD]LRQLGLPRQWDJJLRODSSDUHFFKLRGHYH
HVVHUHVHQ]DWHQVLRQH
$OODFFLDUH ODSSDUHFFKLR HVFOXVLYDPHQWH PHGLDQWH LO FDYR IRUQLWR LQ
GRWD]LRQH&ROOHJDUHLOFDYRGLDOLPHQWD]LRQHDOODSDUWHSRVWHULRUH
GHOODSSDUHFFKLRFOLF
ËSRVVLELOHULFKLHGHUHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFDXQ
FDYRGLDOLPHQWD]LRQHGLP
6RVWLWXLUHLOFDYRGLDOLPHQWD]LRQHXQLFDPHQWHFRQXQFDYR
RULJLQDOHGLVSRQLELOHSUHVVRLOVHUYL]LRGLDVVLVWHQ]DWHFQLFD
/DSURWH]LRQHGDFRQWDWWRGHYHHVVHUHJDUDQWLWDWUDPLWHLO
PRQWDJJLR
&DYRGLFROOHJDPHQWRFRQVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
/DSSDUHFFKLRSXzHVVHUHFROOHJDWRVRODPHQWHDXQDSUHVDFRQ
PHVVDDWHUUDLQVWDOODWDVHFRQGROHLVWUX]LRQL
6HGRSRLOPRQWDJJLRODVSLQDQRQqSLUDJJLXQJLELOHGXUDQWHOD
SRVDILVVDGHOOLQVWDOOD]LRQHHOHWWULFDSUHYHGHUHXQGLVSRVLWLYRGL
VHSDUD]LRQHQHOOHIDVLVHJXHQWLDOODGHWHUPLQD]LRQH
GHOODOOHVWLPHQWR
&DYRGLFROOHJDPHQWRVHQ]DVSLQDFRQVLVWHPDGLFRQWDWWRGL
SURWH]LRQH
/DOODFFLDPHQWRGHOODSSDUHFFKLRSXzHVVHUHHIIHWWXDWRVRORGDXQ
WHFQLFRDXWRUL]]DWR
'XUDQWH OD SRVD ILVVD GHOOLQVWDOOD]LRQH HOHWWULFD q GD SUHYHGHUH XQ
GLVSRVLWLYRGLVHSDUD]LRQHQHOOHIDVLFRQIRUPHPHQWHDOOH
GLVSRVL]LRQLGHOODOOHVWLPHQWR1HOODSUHVDGLFROOHJDPHQWR
LQGLYLGXDUHXQFRQGXWWRUHGLIDVHHXQRQHXWUR´]HURµ8Q
DOODFFLDPHQWRVFRUUHWWRGHOODSSDUHFFKLRSXzFRPSRUWDUQHLO
GDQQHJJLDPHQWR
$WWHQHUVLVHPSUHDOORVFKHPDGLDOODFFLDPHQWR3HUODWHQVLRQH
YHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH&ROOHJDUHLILOLGHOFDYRGL
FROOHJDPHQWRDOODUHWHHOHWWULFDULVSHWWDQGRLFRORULYHUGHJLDOOR
FRQGXWWRUHGLWHUUD
<EOX ]HURFRQGXWWRUHQHXWURPDUURQH
IDVHFRQGXWWRUHHVWHUQR
)LVVDJJLRGHOODSSDUHFFKLR)LJXUD
 ,QVHULUHODSSDUHFFKLRILQRLQIRQGRHFHQWUDUOR
 )LVVDUHODSSDUHFFKLRFRQOHYLWL
1RQFKLXGHUHORVSD]LRWUDLOSLDQRGLODYRURHODSSDUHFFKLRFRQ
XOWHULRULOLVWHOOL
6XOOHSDUHWLODWHUDOLGHOPRELOHQRQGHYHHVVHUHFROORFDWRDOFXQ
OLVWHOORGLLVRODPHQWRWHUPLFR
6PRQWDJJLR
 6FROOHJDUHODSSDUHFFKLR
 6YLWDUHOHYLWLGLILVVDJJLR
 6ROOHYDUHOHJJHUPHQWHODSSDUHFFKLRHGHVWUDUORFRPSOHWDPHQWH
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ$IE
9HLOLJ JHEUXLN LV DOOHHQ JHJDUDQGHHUG ELM HHQ GHVNXQGLJH LQERXZ
YROJHQVGH]HPRQWDJHKDQGOHLGLQJ'HPRQWHXULVDDQVSUDNHOLMN
YRRUVFKDGHDOVJHYROJYDQHHQYHUNHHUGHLQERXZ
&RQWUROHHUKHWDSSDUDDWQDKHWXLWSDNNHQ1LHWDDQVOXLWHQLQ
JHYDOYDQWUDQVSRUWVFKDGH
%LMGHLQERXZYDQDFFHVVRLUHVGLHQWX]LFKWHKRXGHQDDQGH
EHVFKULMYLQJLQGHPRQWDJHEODGHQ
9RRUKHWHHUVWHJHEUXLNYHUSDNNLQJVPDWHULDDOHQSODNIROLH
YHUZLMGHUHQXLWGHELQQHQUXLPWHHQYDQGHGHXU
7LSRGLSLDQRFRWWX
UD
D
ULDO]DWR
D
DILOR
E
3LDQRFRWWXUDDLQGX
]LRQH
PP PP PP
3LDQRFRWWXUDFRQ
VLVWHPDDLQGX]LRQH
VXOOLQWHUDVXSHUILFLH
PP PP PP
3LDQRFRWWXUDDJDV PP PP PP
3LDQR FRWWXUD HOHWWULFR PP PP PP
D
E

,QERXZPHXEHOVGLHQHQEHVWDQGWH]LMQWHJHQHHQWHPSHUDWXXU
YDQPD[LPDDO &DDQJUHQ]HQGHYRRU]LMGHQYDQPHXEHOV
WHJHQHHQWHPSHUDWXXUYDQPD[LPDDO &
+HWDSSDUDDWQLHWLQERXZHQDFKWHUHHQGHFRURIPHXEHOGHXU
'DQEHVWDDWKHWULVLFRYDQRYHUYHUKLWWLQJ
9RHU XLWVQLMGLQJVZHUN]DDPKHGHQ DDQ KHW PHXEHO XLW YRRUGDW KHW
DSSDUDDWZRUGWJHSODDWVW6SDQHQYHUZLMGHUHQ'H]HNXQQHQ
LQYORHGKHEEHQRSGHZHUNLQJYDQHOHNWULVFKHFRPSRQHQWHQ
'UDDJZHUNKDQGVFKRHQHQWHUYRRUNRPLQJYDQ
VQLMZRQGHQ2QGHUGHOHQ GLH WLMGHQV GH PRQWDJH WRHJDQNHOLMN ]LMQ
NXQQHQVFKHUSHUDQGHQKHEEHQ
'HFRQWDFWGRRVYDQKHWDSSDUDDWGLHQW]LFKLQKHWJHELHGYDQ
KHWJHDUFHHUGHYODN $RIEXLWHQGHLQERXZUXLPWHWHEHYLQGHQ
1LHWEHYHVWLJGHPHXEHOVPHWHHQJHEUXLNHOLMNHLQGHKDQGHO
YHUNULMJEDUHKDDN %DDQGHZDQGEHYHVWLJHQ
0DDWDDQGXLGLQJHQYDQGHDIEHHOGLQJHQLQPP
: 'UDJHUVYDQHOHNWURQLVFKHLPSODQWDWHQ
+HW DSSDUDDW NDQ SHUPDQHQWPDJQHWHQ EHYDWWHQ GLH HOHNWURQLVFKH
LPSODQWDWHQ]RDOVSDFHPDNHUVRILQVXOLQHSRPSHQNXQQHQ
EHwQYORHGHQ+RXGGDDURPELMGHPRQWDJHHHQDIVWDQGYDQ
PLQVWHQVFPWRWHOHNWURQLVFKHLPSODQWDWHQDDQ
$SSDUDDWRQGHUZHUNEODG$IE
0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQWKHW
WXVVHQVFKRWWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ
:HUNEODGEHYHVWLJHQRSKHWLQERXZPHXEHO
:RUGWKHWDSSDUDDWRQGHUHHQNRRNSODDWLQJHERXZGGDQPRHWHQ
GHYROJHQGHPLQLPDOHDIPHWLQJHQLQDFKWZRUGHQJHQRPHQ
HYHQWXHHOLQFOXVLHIRQGHUERXZ
2SEDVLVYDQGHYHUHLVWHPLQLPDOHDIVWDQG ELVGHPLQLPDOHGLNWH
YDQKHWZHUNEODG D
+RXGXDDQKHWLQVWDOODWLHYRRUVFKULIWYRRUGHNRRNSODDW
$SSDUDDWLQERYHQNDVW$IEHHOGLQJ
0HWKHWRRJRSGHOXFKWWRHYRHUYDQKHWDSSDUDDWGLHQHQGH
WXVVHQVFKRWWHQWHEHVFKLNNHQRYHUHHQYHQWLODWLHRSHQLQJ
:DQQHHUGHERYHQNDVWQDDVWGHHOHPHQWDFKWHUZDQGHQQRJHHQ
DFKWHUZDQGKHHIWGLHQWGH]HYHUZLMGHUGWHZRUGHQ
+HWDSSDUDDWQLHWWHKRRJLQERXZHQ]RGDWGHWRHEHKRUHQHU
]RQGHUSUREOHHPXLWJHQRPHQNXQQHQZRUGHQ
+RHNLQERXZ$IE
2PHUYRRUWH]RUJHQGDWGHGHXUYDQKHWDSSDUDDWNDQZRUGHQ
JHRSHQGGLHQWX]LFKELMGHKRHNLQERXZWHKRXGHQDDQGH
DIPHWLQJHQ &$IPHWLQJ 'LVDIKDQNHOLMNYDQGHGLNWHYDQKHW
PHXEHOIURQWRQGHUGHJUHHS
$SSDUDDWHOHNWULVFKDDQVOXLWHQ
+HWDSSDUDDWYROGRHWDDQEHYHLOLJLQJVNODVVH ,HQPDJDOOHHQPHW
HHQJHDDUGHDDQVOXLWLQJZRUGHQJHEUXLNW
'H]HNHULQJGLHQWLQRYHUHHQVWHPPLQJWH]LMQPHWGH
YHUPRJHQVRSJDYHRSKHWW\SHSODDWMHHQGHORNDOHYRRUVFKULIWHQ
%LM DOOH PRQWDJHZHUN]DDPKHGHQ GLHQW KHW DSSDUDDW VSDQQLQJVORRV
WH]LMQ
+HWDSSDUDDWPDJDOOHHQPHWGHPHHJHOHYHUGHDDQVOXLWNDEHO
ZRUGHQDDQJHVORWHQ6WHHNGHVWHNNHUYDQGHDDQVOXLWNDEHOLQGH
DFKWHUNDQWYDQKHWDSSDUDDWNOLN
%LMGHVHUYLFHGLHQVWLVHHQPDDQVOXLWNDEHOYHUNULMJEDDU
'H DDQVOXLWNDEHO PDJ DOOHHQ ZRUGHQ YHUYDQJHQ GRRU HHQ RULJLQHOH
NDEHOGLHYHUNULMJEDDULVELMGHVHUYLFHGLHQVW
'HEHVFKHUPLQJWHJHQDDQUDNLQJGLHQWGRRUGHLQERXZWH]LMQ
JHZDDUERUJG
$DQVOXLWNDEHOPHWJHDDUGHVWHNNHU
+HWDSSDUDDWPDJDOOHHQRSHHQJHDDUGHFRQWDFWGRRVZRUGHQ
DDQJHVORWHQGLHYROJHQVGHYRRUVFKULIWHQLVJHwQVWDOOHHUG
:DQQHHUGHVWHNNHUQDGHLQERXZQLHWPHHUWRHJDQNHOLMNLVPRHW
GHJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU
$DQVOXLWNDEHO]RQGHUJHDDUGHVWHNNHU
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
'HJHwQVWDOOHHUGHHOHNWULVFKHLQVWDOODWLHGLHQWYROJHQVGH
RSERXZYRRUVFKULIWHQLQGHIDVHQWHZRUGHQYRRU]LHQYDQHHQ
VHSDUDWRU)DVHHQQHXWUDDOQXOOHLGHULQKHWVWRSFRQWDFW
LGHQWLILFHUHQ%LMHHQYHUNHHUGHDDQVOXLWLQJNDQKHWDSSDUDDW
ZRUGHQEHVFKDGLJG
$OOHHQDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD'HVSDQQLQJVWDDW
YHUPHOGRSKHWW\SHSODDWMH'HDGHUVYDQGHKRRIGOHLGLQJ
QHWDDQVOXLWLQJ DDQVOXLWHQ YROJHQV GH NOHXUFRGHULQJ JURHQJHHO
DDUGOHLGLQJ
<EODXZ QXOQHXWUDDOOHLGLQJEUXLQ IDVH
EXLWHQOHLGLQJ
$SSDUDDWEHYHVWLJHQ$IE
 $SSDUDDWYROOHGLJLQVFKXLYHQHQFHQWULVFKXLWULFKWHQ
 $SSDUDDWYDVWVFKURHYHQ
'H VSOHHW WXVVHQ ZHUNEODG HQ DSSDUDDW PDJ QLHW GRRU H[WUD OLMVWHQ
ZRUGHQDIJHVORWHQ
$DQGH]LMZDQGHQYDQGHRPERXZNDVWPRJHQJHHQ
LVRODWLHSURILHOHQZRUGHQDDQJHEUDFKW
'HPRQWDJH
 0DDNKHWDSSDUDDWVSDQQLQJVORRV
 %HYHVWLJLQJVVFKURHYHQORVGUDDLHQ
 +HWWRHVWHOOLFKWRSWLOOHQHQKHOHPDDOQDDUEXLWHQWUHNNHQ
no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHKHQYLVQLQJHU²ELOGH
.XQHQIRUVNULIWVPHVVLJPRQWHULQJLKHQKROGWLOGHQQH
PRQWHULQJVYHLOHGQLQJHQJDUDQWHUHUHQVLNNHUEUXN0RQW¡UHQ
VWnUDQVYDUOLJIRUVNDGHUVRPRSSVWnUSJDIHLOPRQWHULQJ
.RQWUROOHUDSSDUDWHWHWWHUDWGXKDUSDNNHWGHWXW,NNHNREOHWLO
DSSDUDWHWKYLVGHWHUEOLWWVNDGHWXQGHUWUDQVSRUW
)¡OJYHLOHGQLQJHQYHGPRQWHULQJDYWLOEHK¡U
)MHUQDOOHPEDOODVMHLQNOIROLHIUDRYQVURPPHWRJDSSDUDWG¡UHQ
I¡UDSSDUDWHWWDVLEUXN
,QQE\JJLQJVPRGXOHUPnWnOHWHPSHUDWXUHUSnLQQWLO &RJ
HOHPHQWIURQWHULRPUnGHWPnWnOHLQQWLO &
$SSDUDWHW Pn LNNH PRQWHUHV EDN HQ S\QWH HOOHU VNDSG¡U 'HW HU
IDUHIRURYHURSSKHWLQJ
8WVNMULQJHU L NM¡NNHQHOHPHQWHU Pn IRUHWDV I¡U DSSDUDWHW VHWWHV
Sn SODVV )MHUQ VSRQ 9LUNHPnWHQ WLO GH HOHNWULVNH NRPSRQHQWHQH
NDQSnYLUNHV
%UXNYHUQHKDQVNHUIRUnXQQJnNXWWVNDGHU'HOHUVRPHU
WLOJMHQJHOLJHXQGHUPRQWHULQJNDQKDVNDUSHNDQWHU
9HJJXWWDNIRUDSSDUDWHWPnOLJJHLRPUnGHWYHGGHQVNUDYHUWH
IODWHQ $HOOHUXWHQIRULQQE\JJLQJVRPUnGHW
.M¡NNHQHOHPHQWHUVRPLNNHHUIHVWHWVNUXVIDVWWLOYHJJHQPHG
HWYDQOLJYLQNHOMHUQ %
0nOLILJXUHQHLPP
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQQHKROGHSHUPDQHQWPDJQHWHUVRPNDQSnYLUNH
HOHNWURQLVNHLPSODQWDWHUVRPIHNVSDFHPDNHUHHOOHU
LQVXOLQSXPSHU+ROGGHUIRUHQPLQVWHDYVWDQGSn FPWLO
HOHNWURQLVNHLPSODQWDWHUYHGPRQWHULQJHQ
7\SHNRRNSODDW D
RSERXZ
D
YODNJHPRQWHHU
GH
E
PHWGRRUORSHQG
NRRNRSSHUYODN
PP PP PP
LQGXFWLHNRRNSODDW
PHWGRRUORSHQG
NRRNRSSHUYODN
PP PP PP
*DVNRRNSODDW PP PP PP
(OHNWULVFKHNRRNSODDW PP PP PP
D
E

$SSDUDWXQGHUEHQNHSODWHQ²ILJXU
)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQKDHQ
XWVNnUHWOXIWHnSQLQJ
)HVWEHQNHSODWHQSnNM¡NNHQHOHPHQWHW
+YLVDSSDUDWHWEOLUE\JJHWLQQXQGHUHQSODWHWRSSPnI¡OJHQGH
PLQVWHPnORYHUKROGHVHYHQWXHOWLQNOXVLYHXQGHUVWHOO
3JDGHQQ¡GYHQGLJHPLQVWHDYVWDQGHQ EEOLUPLQVWHVW\UNHQSn
EHQNHSODWHQ D
)¡OJPRQWHULQJVDQYLVQLQJHQIRUSODWHWRSSHQ
$SSDUDWLK¡\VNDSILJXU
)RUDWDSSDUDWHWVNDONXQQHXWOXIWHVPnPHOORPSODWHQHKD
XWVNnUHGHOXIWHnSQLQJHU
1nUK¡\VNDSHWLWLOOHJJWLOHOHPHQWEDNYHJJHQHKDUHQGDHQ
EDNYHJJPnGHQQHIMHUQHV
$SSDUDWHWPnE\JJHVLQQVOLNDWWLOEHK¡UHWNDQWDVXWXWHQ
SUREOHPHU
,QQE\JJLQJLKM¡UQHU²ILJXU
)RUDWDSSDUDWG¡UHQVNDONXQQHnSQHVPnGHWWDVKHQV\QWLO
PnOHQH &YHGLQQE\JJLQJLKM¡UQHU0nOHW 'HUDYKHQJLJDY
W\NNHOVHQSnHOHPHQWIURQWHQXQGHUKnQGWDNHW
.REOHDSSDUDWHWWLOVWU¡P
$SSDUDWHWHULVDPVYDUPHGEHVN\WWHOVHVNODVVH ,RJPnEDUH
NREOHVWLOHQMRUGHWVWLNNRQWDNW
$SSDUDWHWPnVLNUHVLKHQKROGWLORSSO\VQLQJHQHSnW\SHVNLOWHWRJ
ORNDOHIRUVNULIWHU
9HGDOWPRQWHULQJVDUEHLGPnDSSDUDWHWYUHVSHQQLQJVO¡VW
$SSDUDWHWVNDOEDUHNREOHVWLOPHGGHQPHGI¡OJHQGH
WLONREOLQJVOHGQLQJHQ6HWWLWLONREOLQJVOHGQLQJHQSnEDNVLGHQDY
DSSDUDWHWNOLNN
7LONREOLQJVOHGQLQJSnPNDQInVKRVNXQGHVHUYLFH
7LONREOLQJVOHGQLQJHQPnEDUHHUVWDWWHVDYHQRULJLQDOOHGQLQJVRP
InVKRVNXQGHVHUYLFH
0RQWHULQJHQPnLNNHLQQVNUHQNHEHU¡ULQJVEHVN\WWHOVHQ
7LONREOLQJVOHGQLQJPHGMRUGHWVW¡SVHO
$SSDUDWHWPnEDUHNREOHVWLOHQIRUVNULIWVPHVVLJPRQWHUWMRUGHW
VWLNNRQWDNW
'HUVRPVW¡SVHOHWLNNHHUWLOJMHQJHOLJHWWHUPRQWHULQJPnGHWL
KHQKROGWLOUHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQHLGHQIDVWH
HOHNWULVNHLQVWDOODVMRQHQ
7LONREOLQJVOHGQLQJXWHQMRUGHWVW¡SVHO
$SSDUDWHWPnEDUHWLONREOHVDYHQJRGNMHQWIDJSHUVRQ
,GHQIDVWHHOHNWULVNHLQVWDOODVMRQHQVNDOGHWLKHQKROGWLO
UHJHOYHUNHWYUHHQVNLOOHEU\WHULIDVHQH,GHQWLILVHUIDVHRJ
Q¡\WUDOOHGHUQXOOHGHULVWLNNRQWDNWHQ$SSDUDWHWNDQEOL¡GHODJW
YHGIHLOWLONREOLQJ
7LONREOLQJHQ Pn VNMH LKW WLONREOLQJVVNLVVHQ 6SHQQLQJ VH W\SHVNLOW
/HGHUQHLWLONREOLQJVOHGQLQJHQPnNREOHVWLOLVDPVYDUPHG
IDUJHNRGLQJHQJU¡QQJXO MRUGOHGQLQJ
<EOn QXOO
Q¡\WUDOOHGHUEUXQ IDVH\WWHUOHGHU
)HVWLQJDYDSSDUDWHW²ILJXU
 6N\YDSSDUDWHWKHOWLQQRJPLGWVWLOOGHW
 6NUXIDVWDSSDUDWHW
*OLSHQPHOORPDUEHLGVSODWHQRJDSSDUDWHWPnLNNHOXNNHVDY
HNVWUDOLVWHU
3nVLGHYHJJHQHWLORPE\JJLQJVVNDSHWVNDOGHWLNNHIHVWHVQRHQ
YDUPHEHVN\WWHOVHVOLVWHU
8WPRQWHULQJ
 .REOHDSSDUDWHWVSHQQLQJVO¡VW
 /¡VQHIHVWHVNUXHQH
 /¡IWDSSDUDWHWOLWWRSSRJWUHNNGHWKHOWXW
pl
ë
,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNLU\V
7\ONRPRQWDŰZ\NRQDQ\]JRGQLH] QLQLHMV]ĉLQVWUXNFMĉPRQWDŰX
JZDUDQWXMHEH]SLHF]QĉHNVSORDWDFMęXU]ĉG]HQLD=DV]NRG\
SRZVWDãHZZ\QLNXQLHZãDŔFLZHJRPRQWDŰXRGSRZLDGDPRQWHU
3RUR]SDNRZDQLXQDOHŰ\VSUDZG]LþVWDQXU]ĉG]HQLD1LH
SRGãĉF]DþMHŔOLXU]ĉG]HQLH]RVWDãRXV]NRG]RQHSRGF]DV
WUDQVSRUWX
3U]HVWU]HJDþZVND]yZHNSRGDQ\FKQDNDUWDFKGRW\F]ĉF\FK
PRQWDŰXHOHPHQWyZZ\SRVDŰHQLD
3U]HGXUXFKRPLHQLHPXVXQĉþ]NRPRU\SLHNDUQLNDRUD]]GU]ZL
PDWHULDã\RSDNRZDQLRZHLIROLHNOHMĉFH
0HEOHGR]DEXGRZ\PXV]ĉE\þRGSRUQHQDWHPSHUDWXUęGR
&DSU]\OHJDMĉFHGRXU]ĉG]HQLDIURQW\PHEOLGR&
1LHPRQWRZDþXU]ĉG]HQLD]DGU]ZLDPLGHNRUDF\MQ\PLDQL]D
GU]ZLDPLPHEOD,VWQLHMHU\]\NRSU]HJU]DQLD
0HEOHQDOHŰ\GRFLQDþSU]HGZVWDZLHQLHPXU]ĉG]HQLD8VXQĉþ
ZLyU\0RJĉRQH]DNãyFDþIXQNFMRQRZDQLHHOHPHQWyZ
HOHNWU\F]Q\FK
1DOHŰ\QRVLþUęNDZLFHRFKURQQHFKURQLĉFHSU]HG
VNDOHF]HQLHP(OHPHQW\NWyUHVĉGRVWęSQHSRGF]DVPRQWDŰX
PRJĉPLHþRVWUHNUDZęG]LH
*QLD]GRSU]\ãĉF]HQLRZHXU]ĉG]HQLDPXVL]QDMGRZDþVLęZ
]DNUHVNRZDQ\PREV]DU]H $OXESR]DREV]DUHP]DEXGRZ\
0HEOHNWyUHQLHVĉSU]\PRFRZDQHQDOHŰ\SU]\WZLHUG]LþGR
ŔFLDQ\SU]\SRPRF\NĉWRZQLND %
:\PLDU\QDU\VXQNDFKSRGDQHVĉZPP
: 8Ű\WNRZQLF\LPSODQWyZHOHNWURQLF]Q\FK
8U]ĉG]HQLHPRŰH]DZLHUDþPDJQHV\WUZDãHNWyUHPRJĉPLHþ
ZSã\ZQDG]LDãDQLHLPSODQWyZHOHNWURQLF]Q\FKQSUR]UXV]QLNyZ
VHUFDOXESRPSLQVXOLQRZ\FK'ODWHJRSRGF]DVPRQWDŰXQDOHŰ\
]DFKRZDþRGOHJãRŔþFRQDMPQLHM FPRGLPSODQWyZ
HOHNWURQLF]Q\FK
8U]ĉG]HQLHSRGEODWHPURERF]\PU\V
:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\FLH
SU]HJUDG]DMĉFHMPXVLE\þRWZyUZHQW\ODF\MQ\
3U]\PRFRZDþEODWURERF]\GRPHEOL
:SU]\SDGNXPRQWDŰXXU]ĉG]HQLDSRGSã\WĉJU]HZF]ĉQDOHŰ\
XZ]JOęGQLþSRQLŰV]HZ\PLDU\PLQLPDOQHZW\PHZHQWXDOQĉ
NRQVWUXNFMęQRŔQĉ
7\SHSODWHWRSS D
WUDGLVMRQHOO
D
SODQR
E
,QGXNVMRQVWRSS PP PP PP
6RQHIUL
LQGXNVMRQVWRSS
PP PP PP
*DVVWRSS PP PP PP
*ODVVNHUDPLVNSODWH
WRSS
PP PP PP
D
E
D
E

1DSRGVWDZLHZ\PDJDQHMZDUWRŔFLPLQLPDOQHJRRGVWęSX E
RNUHŔODQDMHVWPLQLPDOQDJUXERŔþEODWXURERF]HJR D
3U]HVWU]HJDþLQVWUXNFMLPRQWDŰXSã\W\JU]HZF]HM
8U]ĉG]HQLHZV]DIFHZ\VRNLHMU\V
:FHOX]DSHZQLHQLDZHQW\ODFMLXU]ĉG]HQLDZSã\WDFK
SU]HJUDG]DMĉF\FKPXVLE\þRWZyUZHQW\ODF\MQ\
-HŰHOL V]DIND Z\VRND SRVLDGD RSUyF] W\OQ\FK ŔFLDQHN PRGXãRZ\FK
GRGDWNRZĉ ŔFLDQNę W\OQĉ PXVL RQD ]QDMGRZDþ VLę Z RGSRZLHGQLHM
RGOHJãRŔFL
8U]ĉG]HQLHQDOHŰ\]DPRQWRZDþQDWDNLHMZ\VRNRŔFLDE\PRŰOLZH
E\ãRVZRERGQHZ\MPRZDQLHZ\SRVDŰHQLD
0RQWDŰQDURŰQ\U\V
$E\ZSU]\SDGNXPRQWDŰXQDURŰQHJRPRŰOLZHE\ãRRWZRU]HQLH
GU]ZLF]HNXU]ĉG]HQLDQDOHŰ\XZ]JOęGQLþZ\PLDU &:\PLDU '
]DOHŰ\RGJUXERŔFLIURQWXPHEOLSRGXFKZ\WHP
3RGãĉF]DQLHXU]ĉG]HQLDGRVLHFLHOHNWU\F]QHM
8U]ĉG]HQLHRGSRZLDGDNODVLHRFKURQ\ ,LPRŰHE\þXŰ\WNRZDQH
Z\ãĉF]QLHMHŔOLMHVWSRGãĉF]RQHGRSU]HZRGXX]LHPLDMĉFHJR
%H]SLHF]QLNGRSDVRZDþ]JRGQLH]SDUDPHWUDPLPRF\SRGDQ\PL
QDWDEOLF]FH]QDPLRQRZHMLRERZLĉ]XMĉF\PLSU]HSLVDPLORNDOQ\PL
3RGF]DV ZV]\VWNLFK SUDF PRQWDŰRZ\FK QDOHŰ\ Z\ãĉF]\þ ]DVLODQLH
XU]ĉG]HQLD
8U]ĉG]HQLHPRŰQDSRGãĉF]\þGRVLHFLZ\ãĉF]QLH]DSRPRFĉ
GRVWDUF]RQHJRSU]HZRGXSU]\ãĉF]HQLRZHJR3RGãĉF]\þSU]HZyG
SU]\ãĉF]HQLRZ\]W\ãXXU]ĉG]HQLDNOLN
3U]HZyGSU]\ãĉF]HQLRZ\RGãXJRŔFLPPRŰQDQDE\þZ
VHUZLVLH
3U]HZyGSU]\ãĉF]HQLRZ\PRŰQDZ\PLHQLþZ\ãĉF]QLHQDSU]HZyG
RU\JLQDOQ\NWyU\PRŰQDQDE\þZVHUZLVLH
0RQWDŰPXVL]DSHZQLþRFKURQęSU]HGQLH]DPLHU]RQ\P
GRWNQLęFLHP
3U]HZyGSU]\ãĉF]HQLRZ\]ZW\F]Nĉ]X]LHPLHQLHP
8U]ĉG]HQLHPRŰQDSRGãĉF]\þZ\ãĉF]QLHGRJQLD]GD]
X]LHPLHQLHP]DLQVWDORZDQHJR]JRGQLH]SU]HSLVDPL
-HŰHOL SR ]DEXGRZDQLX XU]ĉG]HQLD QLH EęG]LH GRVWęSX GR ZW\F]NL
ZyZF]DVZVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML
3U]HZyGSU]\ãĉF]HQLRZ\EH]ZW\F]NL]X]LHPLHQLHP
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPLHOHNWU\F]Q\PL
:SU]\SDGNXVWDãHMLQVWDODFMLHOHNWU\F]QHMQDOHŰ\XZ]JOęGQLþ
UR]ãĉF]QLNL]RODF\MQ\ID]]JRGQLH]RERZLĉ]XMĉF\PLSU]HSLVDPL
GRW\F]ĉF\PLLQVWDODFML1DOHŰ\]LGHQW\ILNRZDþSU]HZyGID]RZ\L
]HURZ\ZJQLHŮG]LHSU]\ãĉF]HQLRZ\P1LHZãDŔFLZHSRGãĉF]HQLH
PRŰHGRSURZDG]LþGRXV]NRG]HQLDXU]ĉG]HQLD
3RGãĉF]DþZ\ãĉF]QLHZHGãXJVFKHPDWXSRGãĉF]HQLD1DSLęFLH
SDWU]WDEOLF]ND]QDPLRQRZDů\ã\SU]HZRGXSU]\ãĉF]HQLRZHJR
SRGãĉF]Dþ]JRGQLH]R]QDF]HQLHPNRORUyZ]LHORQRŰyãW\
SU]HZyGX]LHPLDMĉF\
<QLHELHVNL SU]HZyG]HURZ\EUĉ]RZ\
SU]HZyGID]RZ\SU]HZyG]HZQęWU]Q\
0RFRZDQLHXU]ĉG]HQLDU\V
 8U]ĉG]HQLHFDãNRZLFLHZVXQĉþXVWDZLDMĉFSRŔURGNX
 3U]\PRFRZDþXU]ĉG]HQLHŔUXEDPL
1LHZROQRSU]\VãDQLDþGRGDWNRZĉOLVWZĉV]F]HOLQ\SRPLęG]\
EODWHPURERF]\PDXU]ĉG]HQLHP
1DERF]Q\FKŔFLDQNDFKV]DINLGRREXGRZ\QLHZROQRXPLHV]F]Dþ
RVãRQWHUPLF]Q\FK
'HPRQWDŰ
 :\ãĉF]\þ]DVLODQLHXU]ĉG]HQLD
 2GNUęFLþŔUXE\PRFXMĉFH
 8U]ĉG]HQLHOHNNRXQLHŔþLFDãNRZLFLHZ\FLĉJQĉþ
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHVILJXUD
6yXPDPRQWDJHPFRUUHWDUHVSHLWDQGRHVWDVLQVWUXo}HVGH
PRQWDJHP JDUDQWH XPD XWLOL]DomR VHJXUD 2V GDQRV FDXVDGRV
SRUXPDPRQWDJHPLQDGHTXDGDVmRGDUHVSRQVDELOLGDGHGR
LQVWDODGRU
([DPLQHRDSDUHOKRGHSRLVGHRGHVHPEDODU6HIRUHP
GHWHWDGRVGDQRVGHWUDQVSRUWHQmROLJXHRDSDUHOKR
2EVHUYHDVILFKDVGHPRQWDJHPSDUDDLQVWDODomRGH
DFHVVyULRV
5HPRYD D HPEDODJHP H DV SHOtFXODV DXWRFRODQWHV GR LQWHULRU GR
DSDUHOKRHGDSRUWDDQWHVGDFRORFDomRHPIXQFLRQDPHQWR
2VPyYHLVGHHQFDVWUDUWrPGHVHUUHVLVWHQWHVDWHPSHUDWXUDV
DWp&HDVIUHQWHVGRVPyYHLVDGMDFHQWHVDWp&
1mRPRQWHRDSDUHOKRDWUiVGHXPDSRUWDGHFRUDWLYDRXGHXP
PyYHO+iULVFRGHDTXHFLPHQWRH[FHVVLYR
5HDOL]HRVWUDEDOKRVGHDEHUWXUDQRPyYHODQWHVGDFRORFDomR
GRDSDUHOKR5HPRYDDVDSDUDV2IXQFLRQDPHQWRGRV
FRPSRQHQWHVHOpWULFRVSRGHVHUDIHWDGR
3DUDHYLWDUIHULPHQWRVSRUFRUWHGHYHPVHUXWLOL]DGDVOXYDVGH
SURWHomR$VSHoDVTXHILFDPDFHVVtYHLVGXUDQWHDPRQWDJHP
SRGHPWHUDUHVWDVDILDGDV
$WRPDGDGHOLJDomRGRDSDUHOKRGHYHUiVLWXDUVHQD]RQD
VRPEUHDGD $RXIRUDGRHVSDoRGHLQVWDODomR
)L[H RV PyYHLV VROWRV j SDUHGH FRP XP HVTXDGUR GLVSRQtYHO QR
FRPpUFLR %
0HGLGDVLQGLFDGDVQDVLPDJHQVHPPP
: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV
2DSDUHOKRSRGHFRQWHUtPDQHVSHUPDQHQWHVTXHSRGHPDIHWDU
LPSODQWHVHOHWUyQLFRVSRUH[HPSORSDFHPDNHUVRXERPEDVGH
LQVXOLQD3RULVVRGXUDQWHDPRQWDJHPGHYHUHVSHLWDUVHXPD
GLVWkQFLDPtQLPDGHFPHPUHODomRDRVLPSODQWHVHOHWUyQLFRV
$SDUHOKRVREDEDQFDGDILJXUD
3DUD D YHQWLODomR GR DSDUHOKR R IXQGR IDOVR GHYH DSUHVHQWDU XPD
DEHUWXUDGHYHQWLODomR
)L[DUDEDQFDGDQRPyYHOSDUDHQFDVWUDU
6H R DSDUHOKR IRU HQFDVWUDGR SRU EDL[R GH XPD SODFD GH FR]LQKDU
DVVHJXLQWHVPHGLGDVPtQLPDVWrPGHVHUUHVSHLWDGDVVHIRUR
FDVRLQFOXVLYDPHQWHDHVWUXWXUDLQIHULRU
5RG]DMSã\W\JU]HZ
F]HM
D
QDNãDGDQD
QDEODW
D
PRQWRZDQDQD
UyZQL]SR
ZLHU]FKQLĉEODWX
E
LQGXNF\MQDSã\WD
JU]HZF]D
PP PP PP
SHãQRSRZLHU]FKQLRZD
LQGXNF\MQDSã\WD
JU]HZF]D
PP PP PP
JD]RZDSã\WD
JU]HZF]D
PP PP PP
HOHNWU\F]QDSã\WD
JU]HZF]D
PP PP PP
7LSRGHSODFDGHFR
]LQKDU
D
VDOLHQWH
D
SODQDjVXSHUIt
FLH
E
3ODFDGHLQGXomR PP PP PP
3ODFD GH FR]LQKDU SRU
LQGXomR
GHVXSHUItFLHLQWHJUDO
PP PP PP
3ODFDDJiV PP PP PP
3ODFDHOpWULFD PP PP PP
D
E

&RPEDVHQDGLVWkQFLDPtQLPDQHFHVViULD EUHVXOWDDHVSHVVXUD
PtQLPDGDEDQFDGD D
5HVSHLWHDVLQVWUXo}HVGHPRQWDJHPGDSODFDGHFR]LQKDU
$SDUHOKRQRDUPiULRYHUWLFDOILJXUD
3DUDDYHQWLODomRGRDSDUHOKRRVIXQGRVLQWHUPpGLRVGHYHP
DSUHVHQWDUXPDDEHUWXUDGHYHQWLODomR
6HRDUPiULRYHUWLFDOWLYHUXPDSDUHGHWUDVHLUDSDUDDOpPGDV
SDUHGHVWUDVHLUDVGRHOHPHQWRHODGHYHVHUUHPRYLGD
0RQWDURDSDUHOKRDXPDDOWXUDPi[LPDTXHSHUPLWDUHWLUDURV
DFHVVyULRVVHPSUREOHPDV
,QVWDODomRGHFDQWRILJXUD
'H PRGR D FRQVHJXLU DEULU D SRUWD GR DSDUHOKR UHVSHLWH D PHGLGD
&DTXDQGRGDLQVWDODomRGHFDQWR$PHGLGD 'GHSHQGHGD
HVSHVVXUDGDIUHQWHGRPyYHOSRUEDL[RGRSX[DGRU
/LJDomRHOpWULFDGRDSDUHOKR
2DSDUHOKRFRUUHVSRQGHjFODVVHGHSURWHomR,HVySRGHVHU
FRORFDGR HP IXQFLRQDPHQWR DWUDYpV GH XPD OLJDomR FRP FRQGXWRU
GHSURWHomR
$VHJXUDQoDWHPGHVHUJDUDQWLGDGHDFRUGRFRPDLQGLFDomRGH
SRWrQFLDSUHVHQWHQDSODFDGHFDUDFWHUtVWLFDVHFRPDVQRUPDLV
ORFDLV
2DSDUHOKRWHPGHHVWDUGHVOLJDGRGDFRUUHQWHGXUDQWHD
UHDOL]DomRGHTXDOTXHUWUDEDOKRGHPRQWDJHP
2DSDUHOKRVySRGHVHUOLJDGRFRPRFDERGHOLJDomRIRUQHFLGR
,QWURGX]DRFDERGHOLJDomRQDSDUWHGHWUiVGRDSDUHOKRFOLF
1R6HUYLoRGH$VVLVWrQFLD7pFQLFDSRGHUiDGTXLULUXPFDERGH
OLJDomRGHP
2FDERGHOLJDomRDSHQDVSRGHVHUVXEVWLWXtGRSRUXPFDER
RULJLQDOGLVSRQtYHOQR6HUYLoRGH$VVLVWrQFLD7pFQLFD
$SURWHomRFRQWUDFRQWDFWRDFLGHQWDOGHYHILFDUDVVHJXUDGDQD
PRQWDJHP
&DERGHOLJDomRFRPILFKDGHOLJDomRjWHUUD
2 DSDUHOKR GHYH VHU OLJDGR DSHQDV D XPD WRPDGD GH FRQWDFWR GH
VHJXUDQoDLQVWDODGDHPFRQIRUPLGDGHFRPDVQRUPDV
6HDILFKDGHL[DUGHHVWDUGLVSRQtYHODSyVDPRQWDJHPQD
LQVWDODomRHOpWULFDIL[DpQHFHVViULRTXHHVWHMDSUHYLVWRXP
GLVSRVLWLYRGHFRUWHQDVIDVHVGHDFRUGRFRPDVUHJUDVGH
LQVWDODomR
&DERGHOLJDomRVHPILFKDGHOLJDomRjWHUUD
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
1DLQVWDODomRHOpWULFDIL[DGHYHHVWDUSUHYLVWRXPGLVSRVLWLYRGH
FRUWH QDV IDVHV GH DFRUGR FRP DV UHJUDV GH LQVWDODomR ,GHQWLILTXH
RVFRQGXWRUHVGHIDVHHQHXWUR]HURGDWRPDGDGHOLJDomR
8PDOLJDomRHUUDGDSRGHGDQLILFDURDSDUHOKR
/LJXH DSHQDV GH DFRUGR FRP R HVTXHPD GH OLJDo}HV 7HQVmR YHU
SODFDGHFDUDFWHUtVWLFDV/LJXHRVFRQGXWRUHVGRFDERGH
DOLPHQWDomR GH DFRUGR FRP D FRGLILFDomR GH FRUHV YHUGHDPDUHOR
FRQGXWRUGHSURWHomR
<D]XO ]HURFRQGXWRUQHXWUR
FDVWDQKR IDVHFRQGXWRUH[WHUQR
)L[DURDSDUHOKRILJXUD
 ,QVLUDWRWDOPHQWHRDSDUHOKRHFHQWUHR
 $SDUDIXVDURDSDUHOKR
2 HVSDoR HQWUH D EDQFDGD H R DSDUHOKR QmR SRGH VHU YHGDGR FRP
UpJXDVDGLFLRQDLV
1DVSDUHGHVODWHUDLVGRDUPiULRGHVPRQWiYHOQmRSRGHPVHU
FRORFDGDVUpJXDVGHSURWHomRWpUPLFD
'HVPRQWDJHP
 'HVOLJXHRDSDUHOKRGDFRUUHQWH
 'HVDSHUWHRVSDUDIXVRVGHIL[DomR
 /HYDQWHOLJHLUDPHQWHRDSDUHOKRHUHWLUHRFRPSOHWDPHQWHSDUD
IRUD
ru
î
Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ৯οηπ
΋ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζήΪηηθγβηλμκνδπββ
ιθζθημΪΰνΑΪιθάκίΰήίηβωβααΪηίικΪάβεφηθγνλμΪηθάδβ
θμάίμλμάίηηθλμφηίλϋμλΫθκσβδ
ΚΪλιΪδνγμίβθλζθμκβμίικβΫθκΗίιθήδεψρΪγμίικβΫθκίλεβ
θηΫυειθάκίΰήϋηάθάκίζωμκΪηλιθκμβκθάδβ
ΘΫκΪμβμίάηβζΪηβίηΪζθημΪΰηυίιεΪλμβηυήεωνλμΪηθάδβ
ικβηΪήείΰηθλμίγ
ΙίκίήηΪρΪεθζχδλιενΪμΪπββνήΪεβμίνιΪδθάθρηυγζΪμίκβΪεβ
δείγδνψιεϋηδνβακΪΫθρίγδΪζίκυβλήάίκπυικβΫθκΪ
ΖίΫίεφήεωάλμκΪβάΪηβωήθεΰηΪάυήίκΰβάΪμφμίζιίκΪμνκνήθ
 &ΪλθλίήηβίξΪλΪήυ ²ήθ Λ
ΗίνλμΪηΪάεβάΪγμίικβΫθκαΪήίδθκΪμβάηθγηΪδεΪήδθγβεβ
ζίΫίεφηθγήάίκπίγΌικθμβάηθζλενρΪίάθαηβδηίμθιΪληθλμφ
ιίκίέκίάΪ
ΚΪΫθμυιθάυιθεηίηβψάυκίαθάηΪζίΫίεβάυιθεηωγμίιίκίή
νλμΪηθάδθγικβΫθκΪΝήΪεβμίθιβεδβΘηβζθένμηΪκνςβμφ
κΪΫθμνχείδμκβρίλδβοδθζιθηίημθά
ΡμθΫυ ηί ιθκίαΪμφλω άθ άκίζω ζθημΪΰΪ βλιθεφανγμί αΪσβμηυί
ιίκρΪμδβΎίμΪεβθμδκυμυίικβζθημΪΰίζθένμΫυμφθλμκυζβ
ΚθαίμδΪήεωιθήδεψρίηβωικβΫθκΪήθεΰηΪηΪοθήβμφλωά
αΪςμκβοθάΪηηθγθΫεΪλμβ $βεβαΪικίήίεΪζβάλμκΪβάΪίζθέθ
ζθήνεω
ΗίαΪδκίιεϋηηυίζθήνεβικβδκίιβμίδλμίηίλιθζθσφψ
θΫυρηθέθνέθεδΪ %
ΚΪαζίκυηΪκβλνηδΪονδΪαΪηυάζζ
: Κηυίηλδύψηδόκδιρονμμϊδηλξκίμρίρϊ
ΌικβΫθκζθένμΫυμφάλμκθίηυιθλμθωηηυίζΪέηβμυ
άθαήίγλμάνψσβίηΪχείδμκθηηυίβζιεΪημΪμυηΪικβζίκηΪ
δΪκήβθλμβζνεωμθκ βεβ βηΰίδμθκ βηλνεβηΪ Ιθχμθζν ικβ ζθημΪΰί
λείήνίμλθΫεψήΪμφζβηβζΪεφηθίκΪλλμθωηβίήθχείδμκθηηυο
βζιεΪημΪμθάλζ
Ξοηΰνοξνγπρνκδχμηυδθ৯οηπ
ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηθγ
ιίκίέθκθήδίήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ
ΑΪδκίιβμίλμθείςηβπνηΪζθήνεωο
ΙκβνλμΪηθάδίικβΫθκΪιθήάΪκθρηθγιΪηίεφψηίθΫοθήβζθ
νρίλμφλείήνψσβίζβηβζΪεφηθήθινλμβζυίκΪαζίκυικβ
ηίθΫοθήβζθλμβάδεψρΪωκΪαζίκυθληθάΪηβω
ΌπίεωολθΫεψήίηβωηίθΫοθήβζθέθζβηβζΪεφηθέθκΪλλμθωηβω E
θικίήίεωίμλωλείήνψσΪωζβηβζΪεφηΪωμθεσβηΪλμθείςηβπυ D
ΛθΫεψήΪγμίβηλμκνδπβψιθζθημΪΰνάΪκθρηθγιΪηίεβ
΢πρίμναιίξοηΰνοίαχιίσινκνμμς²οηπ
ΎεωθΫίλιίρίηβωάίημβεωπββικβΫθκΪάκΪαήίεβμίεφηυο
ιίκίέθκθήδΪοήθεΰηθΫυμφθμάίκλμβίήεωάίημβεωπββ
ΌλενρΪίίλεβςδΪξδθεθηηΪβζίίμιθζβζθαΪήηβολμίηθδ
θμήίεφηυο λίδπβγ ήθιθεηβμίεφηθ αΪήηψψ λιεθςηνψ λμίηδν μθ ίϋ
λείήνίμληωμφ
ΝλμΪηΪάεβάΪγμίικβΫθκυηΪμΪδθγάυλθμίηΪδθμθκθγΫνήίμ
νήθΫηθάυηβζΪμφικβηΪήείΰηθλμβ
Ρηξαίονφμνθξίμδ
κη
D
ςπρίμνακδμ
μίώ
D
αοναδμϋπξν
αδοτμνπρϋύ
E
ΒηήνδπβθηηΪωάΪκθρ
ηΪωιΪηίεφ
ζζ  ζζ ζζ
ΒηήνδπβθηηΪωάΪκθρ
ηΪωιΪηίεφ
λθλιεθςηθγαθηθγ
ηΪέκίάΪ
ζζ ζζ ζζ
΍ΪαθάΪωάΪκθρηΪωιΪ
ηίεφ
 ζζ  ζζ ζζ
ΧείδμκβρίλδΪωάΪ
κθρηΪωιΪηίεφ
ζζ  ζζ ζζ
D
E

Λνμρίεαςβκς৯οηπ
ΡμθΫυήάίκφζθέεΪλάθΫθήηθθμδκυάΪμφλωικβζθημΪΰίάνέεΪο
νρβμυάΪγμίκΪλλμθωηβί &νδΪαΪηηθίηΪκβλνηδίΚΪαζίκ '
λδεΪήυάΪίμλω βα μθεσβηυ ξκθημΪεφηυο ιΪηίείγ ζίΫίεβ β άυλθμυ
κνρίδ
Ξνγικύφδμηδξοηΰνοίιόκδιρονπδρη
ΙκβΫθκλθθμάίμλμάνίμδεΪλλναΪσβμυιθχμθζνθηήθεΰίη
χδλιενΪμβκθάΪμφλωμθεφδθλιθήδεψρϋηηυζαΪαίζεωψσβζ
ικθάθήθζ
ΛβλμίζΪαΪσβμυικίήθοκΪηβμίεωζβηΪλμκΪβάΪίμλωά
λθθμάίμλμάββλιθδΪαΪμίεωζβζθσηθλμβνδΪαΪηηυζβηΪμβιθάθγ
μΪΫεβρδίβλνσίλμάνψσβζβζίλμηυζβμκίΫθάΪηβωζβ
ΙκβάυιθεηίηββεψΫυοζθημΪΰηυοκΪΫθμικβΫθκήθεΰίηΫυμφ
θΫίλμθρίη
ΙκβΫθκ ζθΰηθ ιθήδεψρΪμφ μθεφδθ ικβ ιθζθσβ λίμίάθέθ ικθάθήΪ
άοθήωσίέθάδθζιείδμιθλμΪάδβΙθήλθίήβηβμίλίμίάθγικθάθήδ
αΪήηίγλμίηδίικβΫθκΪήθσίερδΪ
ΛίμίάθγικθάθήήεβηθγζζθΰηθαΪδΪαΪμφάλίκάβληθγ
λενΰΫί
ΛίμίάθγικθάθήζθΰηθαΪζίηβμφμθεφδθμΪδβζΰίαΪδΪαΪηηυζά
λίκάβληθγλενΰΫί
ΙκβνλμΪηθάδίθΫίλιίρφμίαΪσβμνθμικβδθληθάίηβω
Πδρδανθξονανγπαηκινθπζίζδλκώύψηλινμρίιρνλ
ΙκβΫθκζθΰηθιθήδεψρΪμφδλίμβμθεφδθρίκίαικΪάβεφηθ
νλμΪηθάείηηνψκθαίμδνλαΪαίζεωψσβζδθημΪδμθζ
ΏλεβιθλείνλμΪηθάδβικβΫθκΪήθςμίιλίεφηθγάβεδβ
ηίάθαζθΰηθΫνήίμήθΫκΪμφλωμθάνλμΪηθάείηηθζηίιθήάβΰηθ
χείδμκθθΫθκνήθάΪηββήθεΰίηΫυμφικίήνλζθμκίηλιίπβΪεφηυγ
άυδεψρΪμίεφήεωκΪαζυδΪηβωάξΪαΪολθέεΪληθνλεθάβωζ
ζθημΪΰΪ
Πδρδανθξονανγπαηκινθΰδζζίζδλκώύψδβνινμρίιρί
ΙθήδεψρίηβίικβΫθκΪήθεΰηθάυιθεηωμφλωμθεφδθ
δάΪεβξβπβκθάΪηηυζλιίπβΪεβλμθζ
Ό νλμΪηθάείηηθζ ηίιθήάβΰηθ χείδμκθθΫθκνήθάΪηββ ήθεΰίη Ϋυμφ
ικίήνλζθμκίηλιίπβΪεφηυγάυδεψρΪμίεφήεωκΪαζυδΪηβωά
ξΪαΪολθέεΪληθνλεθάβωζζθημΪΰΪΘικίήίεβμίξΪαθάυγβ
ηίγμκΪεφηυγηνείάθγδθημΪδμυάκθαίμδίΗίικΪάβεφηθί
ιθήδεψρίηβίζθΰίμλμΪμφικβρβηθγιθάκίΰήίηβωικβΫθκΪ
ΙθήδεψρΪγμίμθεφδθάλθθμάίμλμάββλθλοίζθγιθήδεψρίηβω
ΗΪικωΰίηβίνδΪαΪηθηΪμβιθάθγμΪΫεβρδίΙκθάθήΪλίμίάθέθ
δΪΫίεωήθεΰηυιθήλθίήβηωμφλωάλθθμάίμλμάββλπάίμθάθγ
ζΪκδβκθάδθγΰϋεμθαίεϋηυγ αΪαίζεωψσβγικθάθή
<λβηβγ
ηθεφηίγμκΪεφηυγικθάθήδθκβρηίάυγ ξΪαΪξΪαθάυγ
ικθάθή
Ζίιοδξκδμηδξοηΰνοί³οηπ
 ΑΪήάβηφμίικβΫθκήθνιθκΪβάυκθάηωγμίιθπίημκν
 ΑΪδκίιβμίικβΫθκλιθζθσφψάβημθά
ΑΪαθκζίΰήνλμθείςηβπίγβικβΫθκθζηίεφαωαΪδκυάΪμφ
ήθιθεηβμίεφηθγιεΪηδθγ
ΑΪικίσΪίμλωνλμΪηΪάεβάΪμφηΪΫθδθάυολμίηδΪοςδΪξΪήεω
άλμκΪβάΪηβωμίιεθβαθεωπβθηηυίιεΪηδβ
Γδλνμρίε
 ΘΫίλμθρφμίικβΫθκ
 ΘλεΪΫφμίάβημυδκίιείηβω
 ΙκβιθήηβζβμίβάυηφμίικβΫθκ
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDUELOG
6lNHUDQYlQGQLQJI|UXWVlWWHUSURIIVLJPRQWHULQJHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UVNDGRUVRP
XSSVWnUSnJUXQGDYIHODNWLJLQE\JJQDG
.RQWUROOHUDHQKHWHQHIWHUXSSDFNQLQJ$QVOXWLQWHHQKHWHQRP
GHQKDUWUDQVSRUWVNDGRU
)|OMPRQWHULQJVEODGHQI|UWLOOEHK|UVPRQWHULQJ
7D ERUW I|USDFNQLQJVPDWHULDO RFK VN\GGVIROLHU IUnQ XJQVXWU\PPH
RFKOXFNDI|UHDQYlQGQLQJ
6WRPPDUQDVNDWnODWHPSHUDWXUHUXSSWLOO&OXFNRURFK
OnGIURQWHULQWLOOXSSWLOO&
0RQWHUDLQWHHQKHWHQEDNRPGHNRUHOOHUVWRPOXFND5LVNI|U
|YHUKHWWQLQJ
*|UXUWDJHQLVWRPPDUQDLQQDQGXVlWWHULHQKHWHQ7DERUW
VSnQHQ'HNDQSnYHUNDHONRPSRQHQWHUQDVIXQNWLRQ
$QYlQGVN\GGVKDQGVNDUVnXQGYLNHUGXVNlUVNDGRU'X
NRPPHUnWGHODUYLGPRQWHULQJVRPNDQKDYDVVDNDQWHU
9lJJXWWDJHWI|UDQVOXWQLQJHQPnVWHVLWWDLQRPRPUnGHW $HOOHU
XWDQI|ULQE\JJQDGVXWU\PPHW
)lVWO|VDVWRPPDUPHGYDQOLJDP|EHOYLQNODU %PRWYlJJHQ
0nWWXSSJLIWHUQDLELOGHUQDlULPP
: 2PGXKDUHOHNWURQLVNDLPSODQWDW
(QKHWHQNDQLQQHKnOODSHUPDQHQWPDJQHWHUVRPNDQSnYHUND
HOHNWURQLVNDLPSODQWDWVRPWH[SDFHPDNHURFKLQVXOLQSXPSDU
+nOOFPPLQLPLDYVWnQGYLGLQVWDOODWLRQRPGXKDUHOHNWURQLVND
LPSODQWDW
(QKHWXQGHUElQNVNLYDELOG
+\OOSODQHWVNDKDHWWYHQWLODWLRQVXUWDJVnDWWHQKHWHQEOLU
YHQWLOHUDG
)lVWElQNVNLYDQLVWRPPHQ
,QE\JJQDGXQGHUKlOONUlYHUDWWGXKnOOHUI|OMDQGHPLQLPLPnWWHY
LQNOXVLYHVWRPPH
1|GYlQGLJWPLQLPLDYVWnQG EJHUPLQElQNVNLYWMRFNOHN D
)|OMKlOOHQVPRQWHULQJVDQYLVQLQJ
(QKHWLK|JVNnSELOG
+\OOSODQHQVNDKDYHQWLODWLRQVXUWDJI|UHQKHWHQ
)LQQV GHW I|UXWRP HOHPHQWEDNVLGRUQD lYHQ U\JJ Sn K|JVNnSHW Vn
PnVWHGXWDERUWGHQ
0RQWHUDLQWHHQKHWHQK|JUHlQDWWGXVPLGLJWNDQWDXUWLOOEHK|U
+|UQPRQWHULQJELOG
7DKlQV\QWLOOPnWW &VnDWWOXFNDQWLOOHQKHWHQJnUDWW|SSQDYLG
K|UQPRQWHULQJ0nWW 'lUREHURHQGHDYIURQWWMRFNOHNHQXQGHU
EHVODJHW
(ODQVOXWDHQKHWHQ
(QKHWHQKDUVN\GGVNODVV,RFKVNDKDMRUGDGHODQVOXWQLQJ
$YVlNUDHQOLJWDQJLYHQHIIHNWSnW\SVN\OWHQRFKORNDODI|UHVNULIWHU
(QKHWHQVNDYDUDVSlQQLQJVO|VYLGDOOVODJVPRQWHULQJ
$QVOXWEDUDHQKHWHQPHGGHQPHGI|OMDQGHVODGGHQ6lWWL
NRQWDNWHQVQlSSHUIDVWSnHQKHWHQVEDNVLGD
'HWJnUDWWEHVWlOODPVODGGKRVVHUYLFH
'XInUEDUDE\WDXWVODGGHQPRWRULJLQDOVODGGVRPGXEHVWlOOHUDY
VHUYLFH
,QVWDOODWLRQHQPnVWHJHHWWIXOOJRWWSHWVN\GG
6ODGGPHGMRUGDGNRQWDNW
'XInUEDUDDQVOXWDHQKHWHQWLOOUlWWLQVWDOOHUDGHMRUGDGHHOXWWDJ
2PGHWLQWHJnUDWWQnNRQWDNWHQHIWHULQE\JJQDGVnPnVWHGHQ
IDVWDLQVWDOODWLRQHQKDHQIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD
$QVOXWQLQJVNDEHOXWDQMRUGDGNRQWDNW
'HWlUEDUDEHK|ULJHOHNWULNHUVRPInUHODQVOXWDHQKHWHQ
)DVWLQVWDOODWLRQNUlYHUIDVDYVNLOMDUHHQOLJWI|UHVNULIWHUQD
,GHQWLILHUDIDVRFKQHXWUDOOHGDUHQROODLNRSSOLQJVGRVDQ
)HODQVOXWQLQJNDQVNDGDHQKHWHQ
'XInUEDUDDQVOXWDHQOLJWHOVFKHPDW6SlQQLQJVHW\SVN\OWHQ
$QVOXWOHGDUQDLHODQVOXWQLQJHQHQOLJWIlUJPlUNQLQJHQJU|QJXO
MRUGOHGDUH
<EOn QROODQHXWUDOOHGDUHEUXQ IDVIDVOHGDUH
+lOOW\S D
RYDQSnOLJ
JDQGH
D
LQIlOOGPRQWH
ULQJ
E
LQGXNWLRQVKlOO PP PP PP
+HOWlFNDQGH
LQGXNWLRQVKlOO
PP PP PP
*DVKlOO PP PP PP
(OKlOO PP PP PP
D
E

)lVWDHQKHWHQELOG
 6NMXWLQHQKHWHQKHOWRFKFHQWUHUDGHQ
 6NUXYDIDVWHQKHWHQ
6HWLOOVnDWWLQWHDQGUDOLVWHUWlFNHUVSDOWHQPHOODQElQNVNLYDRFK
HQKHW
'HWInULQWHVLWWDQnJUDWHUPRVN\GGVOLVWHUSnVLGRYlJJDUQDL
RPE\JJQDGVVWRPPHQ
'HPRQWHULQJ
 *|UHQKHWHQVSlQQLQJVO|V
 /RVVDIlVWVNUXYDUQD
 /\IWHQKHWHQQnJRWRFKGUDVHGDQXWGHQKHOWRFKKnOOHW
tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU5HVLP
&LKD]×Q PRQWDM× DQFDN EX PRQWDM WDOLPDW×QGD WDULI HGLOHQ üHNLOGH
XVXOQHX\JXQRODUDN\DS×OP×üVDFLKD]×QJYHQOLNXOODQ×P×V|]
NRQXVXRODELOLU<DQO×üPRQWDMGDQND\QDNODQDQDU×]DODUGDQ
PRQWDM×\DSDQNLüLVRUXPOXGXU
$PEDODM×Do×OG×NWDQVRQUDFLKD]NRQWUROHGLOPHOLGLU%LUQDNOL\H
KDVDU×ROPDV×GXUXPXQGDFLKD]EDùODQW×V×\DS×OPDPDO×G×U
$NVHVXDUODU×QPRQWDM×LoLQPRQWDMVD\IDODU×QDGLNNDWHGLQL]
&LKD]×oDO×üW×UPDGDQ|QFHDPEDODMPDO]HPHOHULQLYH\DS×üNDQO×
EDQWODU×SLüLUPHE|OPQGHQYHNDSDNWDQo×NDU×Q×]
*|PPHPRELO\DODU &OLNV×FDNO×ùDNDGDU\DQPRELO\D
\]H\OHULLVH &OLNV×FDNO×ùDNDGDUGD\DQ×NO×ROPDO×G×U
&LKD]×ELUGHNRUYH\DPRELO\DNDSDù×Q×QDUNDV×QDPRQWH
HWPH\LQL]$ü×U××V×QPDQHGHQL\OHWHKOLNHROXüWXUXU
0RELO\DGD\DS×ODFDNNHVLPLüOHULFLKD]WDN×OPDGDQ|QFH
\DS×OPDO×G×U7DODüODU×WHPL]OH\LQL](OHNWULNOLQLWHOHULQLüOHYL
ROXPVX]HWNLOHQHELOLU
<DUDODQPDODU×|QOHPHNLoLQNRUX\XFXHOGLYHQWDN×OPDO×G×U
0RQWDMHVQDV×QGDHULüLOHELOHQSDUoDODU×QNHQDUODU×NHVNLQRODELOLU
&LKD]EDùODQW×SUL]LWDUDO×\]H\DODQ× $GDYH\DPRQWDME|OJHVL
G×ü×QGDROPDO×G×U
6DELWOHQPH\HQPRELO\DODUX\JXQELUDo×\OD %GXYDUD
VDELWOHQPHOLGLU
5HVLPOHULQ|OoPELOJLOHULPPFLQVLQGHQGLU
: (OHNWURQLNLPSODQWWDü×\DQODU
&LKD]GDNDO×F×P×NQDW×VODUPHYFXWRODELOLU%XP×NQDW×VODU
HOHNWURQLNLPSODQWDV\RQODU×|UQHùLQNDOSSLOLQLYH\DLQVOLQ
SRPSDODU×Q×HWNLOH\HELOLU%XQHGHQOHPRQWDMV×UDV×QGDHOHNWURQLN
LPSODQWWDü×\DQODUHQD]FPX]DNGXUPDO×G×U
&LKD]oDO×üPDWH]JDK×Q×QDOW×QD\HUOHüWLULOHFHNVH5HVLP
&LKD]×QKDYDODQG×U×OPDV×LoLQDUDUDIWDKDYDODQG×UPDE|OP
EXOXQPDO×G×U
dDO×üPDWH]JDK×PRQWDMPRELO\DV×QDVDELWOHQPHOLGLU
&LKD]ELURFDù×QDOW×QDPRQWHHGLOLUVHDüDù×GDNLDVJDUL|OoOHUH
X\XOPDV×JHUHNOLGLUJHUHNLUVHDOWNRQVWUNVL\RQGDKLO
*HUHNOLPLQLPXPPHVDIH EQHGHQL\OHDVJDULoDO×üPDWH]JDK×
NDO×QO×ù× DRUWD\Do×NDU
2FDNPRQWDMN×ODYX]XQDGLNNDWHGLQL]
%R\GRODE×QGDNLFLKD]5HVLP
&LKD]×Q KDYDODQG×U×OPDV× LoLQ DUD UDIODUGD ELU KDYDODQG×UPD E|OP
EXOXQPDO×G×U
(ùHUHOHPDQDUNDGXYDU×QDHNRODUDNER\GRODE×Q×QGDELUDUND
GXYDU×YDUVDEXQXQo×NDUW×OPDV×JHUHNOLGLU
&LKD]VDGHFHDNVHVXDUODU×QNROD\O×NODo×NDUW×ODELOHFHùLELU
\NVHNOLùHPRQWHHGLOPHOLGLU
.|üHPRQWDM×5HVLP
&LKD]NDSDù×Q×QDo×ODELOPHVLLoLQN|üHPRQWDM×V×UDV×QGD &
|OoVQH GLNNDW HGLOPHOLGLU ' |OoV WXWDPDù×Q DOW N×VP×QGD NDODQ
PRELO\DQ×Q|QFHSKHVLQLQNDO×QO×ù×QDEDùO×G×U
&LKD]×QHOHNWULNEDùODQW×V×Q×Q\DS×OPDV×
&LKD]NRUXPDV×Q×I×, HDLWWLUYHVDGHFHWRSUDNODPDNDEORVX
EDùODQW×V×LOHoDO×üW×U×ODELOLU
6LJRUWDWDQ×W×PSODNDV×]HULQGHNLJoGHùHULQHJ|UHYH\HUHO
\|QHWPHOLNOHUHX\JXQRODUDNVHoLOPHOLGLU
%WQPRQWDMLüOHPOHULV×UDV×QGDFLKD]×QüHEHNHEDùODQW×V×NHVLN
ROPDO×G×U
&LKD]\DOQ×]ELUOLNWHWHVOLPHGLOHQEDùODQW×NDEORVXLOH
EDùODQPDO×G×U%DùODQW×NDEORVXQXFLKD]×QDUNDWDUDI×QDWDN×Q×]
.OLN
PX]DWPDNDEORVXPüWHULKL]PHWOHULQGHQWHPLQHGLOHELOLU
%DùODQW×NDEORVXVDGHFHPüWHULKL]PHWOHULQGHQWHPLQHGLOHQ
RULMLQDOELUNDEORLOHGHùLüWLULOPHOLGLU
0RQWDMV×UDV×QGDELUHOHNWULNWHPDVNRUX\XFXVXPHYFXWROPDO×G×U
.RUXPDNRQWDNO×ILüEDùODQW×KDWW×
&LKD]VDGHFHNXUDOODUDX\JXQRODUDNNXUXOPXüNRUXPDO×NRQWDN
SUL]HWDN×OPDO×G×U
0RQWDMVRQUDV×QGDILüHDUW×NHULüLOHPH\HFHNVHVDELWG|üHQHQ
HOHNWULNWHVLVDW×QGDNXUXOXPüDUWODU×QDX\JXQRODUDNID]ODELU
NHVPHWHUWLEDW×WDN×OPDO×G×U
.RUXPDNRQWDNO×ILüROPDGDQEDùODQW×KDWW×
&LKD]×QHOHNWULNEDùODQW×V×VDGHFHHùLWLPOLELUX]PDQWDUDI×QGDQ
\DS×OPDO×G×U
6DELW G|üHQHQ HOHNWULN WHVLVDW×QGD NXUXOXP üDUWODU×QD X\JXQ RODUDN
ID]ODELUNHVPHWHUWLEDW×WDN×OPDO×G×U)D]YHQ|WUV×I×UNDEOR
EDùODQW× SUL]LQGH WDQ×PODQPDO×G×U +DWDO× ELU EDùODQW× FLKD]×Q ]DUDU
J|UPHVLQHVHEHSRODELOLU
6DGHFHEDùODQW×üHPDV×QDJ|UHEDùOD\×Q×]*HULOLPLoLQWLS
SODNDV×QDEDN×Q×]ûHEHNHEDùODQW×KDWW×NDEORODU×UHQN
NRGODPDV×QDX\JXQüHNLOGHEDùODQPDO×G×U<HüLOVDU×
7RSUDNODPD NDEORVX
< PDYL V×I×U Q|WU NDEOR NDKYHUHQJL )D]
G×üLOHWNHQ
&LKD]×QVDELWOHQPHVLUHVLP
 &LKD]×WDPDPHQLoHULLWLQL]YHRUWDOD\×Q×]
 &LKD]×V×N×FDYLGDOD\×Q×]
dDO×üPDWH]JDK×YHFLKD]DUDV×QGDNLDUDO×NHNSHUYD]ODUOD
NDSDW×OPDPDO×G×U
7DGLOHGLOHQGRODE×Q\DQGXYDUODU×QD×V×NRUXPDoXEXNODU×Q×Q
WDN×OPDV×JHUHNOLGLU
6|NPH
 &LKD]×QHOHNWULNJLULüLQLNHVLQL]
 6DELWOHPHYLGDODU×Q×V|NQ]
 &LKD]×KDILIoHNDOG×U×Q×]YHWDPDPHQG×üDU×oHNLQL]
D
E
2FDNWU D
\HUOHüWLULOGL
D
\]H\HV×I×U
E
ĮQGNVL\RQOXRFDN PP PP PP
7DP\]H\
ĮQGNVL\RQOXRFDN
PP PP PP
*D]O×RFDN PP PP PP
(OHNWULNOLRFDN PP PP PP
2


Need help? Post your question in this forum.

Forumrules


Report abuse

Libble takes abuse of its services very seriously. We're committed to dealing with such abuse according to the laws in your country of residence. When you submit a report, we'll investigate it and take the appropriate action. We'll get back to you only if we require additional details or have more information to share.

Product:

For example, Anti-Semitic content, racist content, or material that could result in a violent physical act.

For example, a credit card number, a personal identification number, or an unlisted home address. Note that email addresses and full names are not considered private information.

Forumrules

To achieve meaningful questions, we apply the following rules:

Register

Register getting emails for Bosch HSG856XC6 at:


You will receive an email to register for one or both of the options.


Get your user manual by e-mail

Enter your email address to receive the manual of Bosch HSG856XC6 in the language / languages: All languages as an attachment in your email.

The manual is 0,82 mb in size.

 

You will receive the manual in your email within minutes. If you have not received an email, then probably have entered the wrong email address or your mailbox is too full. In addition, it may be that your ISP may have a maximum size for emails to receive.

Others manual(s) of Bosch HSG856XC6

Bosch HSG856XC6 User Manual - German - 76 pages

Bosch HSG856XC6 User Manual - Dutch - 76 pages


The manual is sent by email. Check your email

If you have not received an email with the manual within fifteen minutes, it may be that you have a entered a wrong email address or that your ISP has set a maximum size to receive email that is smaller than the size of the manual.

The email address you have provided is not correct.

Please check the email address and correct it.

Your question is posted on this page

Would you like to receive an email when new answers and questions are posted? Please enter your email address.



Info