㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷 㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷㩷
)UDQoDLV)UHQFK
'pFODUDWLRQ&(GH&RQIRUP LWp
/HVRXVVLJQp3LHW5HQQHERRJGHODSDUWGX
UHSUpVHQWDQWDXWRULVpGpFODUHTXHODP DFKLQHGpFULW
FLGHVVRXVUpSRQGjWRXWHVOHV GLVSRVLWLRQV
DSSOLFDEOHVGH
'LUHFWLYH0DFKLQH&(
'LUHFWLYH&(VXUODFRP SDWLELOLWp
pOHFWURPDJQpWLTXH
'LUHFWLYH&(&(GHVpPLV VLRQV
VRQRUHVGDQVOHQYLURQQHP HQWGHVPDWpULHOV
GHVWLQpVjrWUHXWLOLVpjOH[WpULHXUGHV EDWLPHQWV
'HVFULSWLRQGHODPDFKLQH
D'HQRPLQDWLRQJpQpULTXH)UDLV HjQHLJH
E)RQFWLRQGpQHLJHU
F1RP&RP PHUFLDOG7\SH
H1XPpURGHVpULH
&RQVWUXFWHXU
5HSUpVHQWDQWDXWRULVp
5pIpUHQFHDX[QRUP HVKDUPRQLVpHV
$XWUHVQRUPHVHWV SpFLILFDWLRQV
'LUHFWLYHGHVpPLVV LRQVVRQRUHVGDQV
OHQYLURQQHPHQWGHVP DWpULHOVGHVWLQpVjrWUHXWLOLVp
jOH[WpULHXUGHVEDWLPHQWV
D3XLVVDQFHDFFRXV WLTXHPHVXUpH
E3XLVVDQFHDFFRXV WLTXHJDUDQWLH
F3DUDPpWUHGXEU XLW
G3URFpGXUHGpYDOXDWLRQGHFRQIRUP LWp
H2UJDQLVP HQRWLILp
)DLWj'DWH
,WDOLDQR,WDOLDQ
'LFKLDUD]LRQH&(GL&RQIRUPLWj
,OVRWWRVFULWWR3LHW5HQQHERRJLQTXDOLWjGL
UDSSUHVHQWDQWHDXWRUL]]DWRGLFKLDUDTXLGLVHJXLWR
FKHODPDFFKLQDV RWWRGHVFULWWDVRGGLVIDWXWWHOH
GLVSRVL]LRQLSHUWLQHQWLGHOOH
'LUHWWLYDPDFFKLQH&(
'LUHWWLYDVXOODFRPSDWLELOLWjHOHWWU RPDJQHWLFD
&(
'LUHWWLYDVXOODHPLVV LRQHDFXVWLFDGHOOHPDFFKLQHH
DWWUH]]DWXUHGHVWLQDWHDIXQ]LRQDUHDOODSHUWR
&(&(
'HVFUL]LRQHGHOODPDFFKLQD
D'HQRPLQD]LRQHJHQHULFD6SD]]DQHYH
E)XQ]LRQH5LPR]LRQHGLQHYH
F'HQRPLQD]LRQHFRPP HUFLDOHG7LSR
H1XPHURGLVHULH
&RVWUXWWRUH
5DSSUHVHQWDQWH$XWRUL]]DWR
5LIHULPHQWRDJOLVWDQGDU GDUPRQL]]DWL
$OWULVWDQGDUGRVSHFLI LFKH
'LUHWWLYDVXOODHPLVV LRQHDFXVWLFDGHOOHPDFFKLQH
HDWWUH]]DWXUHGHVWLQDWHDIXQ]LRQDUHDOODSHUWR
D/LYHOORGLSRWHQ]DVRQRUDPLVXUDWR
E/LYHOORGLSRWHQ]DVRQRUDJDUDQWLWR
F3DUDPHWULHP LVVLRQHDFXVWLFD
G3URFHGXUDGLYDOXWD]LRQHGHOODFRQIRUP LWj
H2UJDQLVP RQRWLILFDWR
)DWWRD'DWD
'HXWVFK*HUPDQ
(*.RQIRUP LWlWVHUNOlUXQJ
'HU8QWHU]HLFKQHU3LHW5HQQHERRJHUNOlUWKLHUP LW
LP1DPHQGHU %HYROOPlFKWLJWHQGDVVGDVKLHUXQWHU
JHQDQQWH0DVFKLQHDOOHQHLQVFKOlJLJHQ
%HVWLPP XQJHQGHUHQWVSULFKW
0DVFKLQHQULFKWOLQLH(*
5LFKWOLQLHGHU(OHNWURP DJQHWLVFKHQ.RPSDWLELOLWlW
(*
*HUlXVFKULFKWOLQLHLP )UHLHQ(*
(*
%HVFKUHLEXQJGHU0DVFKLQH
D$OOJHPHLQH%H]HLFKQXQJ6FKQHHIU lVH
E)XQNWLRQ6FKQHHUlXP HQ
F+DQGHOVEH]HLFKQXQJG7\S
H6HULHQQXPP HU
+HUVWHOOHU
%HYROOPlFKWLJWHU
9HUZHLVDXIKDUPRQLV LHUWH1RUPHQ
$QGHUH1RUPHQRGHU6SH]LILN DWLRQHQ
*HUlXVFKULFKWOLQLHLP )UHLHQ
DJHPHVVHQH/DXWV WlUNH
E6FKDOOHLVWXQJVSHJHO
F*HUlXVFKYRUJDEH
G.RQIRUPLWlWV EHZHUWXQJV$EODXI
H%HQDQQWH6WHOOH
2UW'DWXP
1HGHUODQGV'XWFK
(*YHUNODULQJYDQRYHUHHQV WHPPLQJ
2QGHUJHWHNHQGH3LHW5HQQHERRJLQQDDP YDQ
GHJHPDFKWLJGHYDQGHIDEULN DQWYHUNODDUWKLHUP HH
GDWKHWKLHURQGHUEHVFKUHYHQP DFKLQHYROGRHWDDQ
DOOHWRHSDVVHOLMNHEHSDOLQJHQYDQ
5LFKWOLMQ(*EHWUHII HQGHPDFKLQHV
5LFKWOLMQ(*EHWUHII HQGH
HOHNWURPDJQHWLV FKHRYHUHHQVWHPPLQJ
5LFKWOLMQ(*(*EHWUHI IHQGH
JHOXLGVHPLVVLH RSHQOXFKW
%HVFKULMYLQJYDQGHPD FKLQH
D$OJHPHQHEHQDP LQJ6QHHXZUXLPHU
E)XQFWLHVQHHXZUXLPHQ
F+DQGHOVEHQDPLQJG7 \SH
H6HULHQXPP HU
)DEULNDQW
*HPDFKWLJGHYDQGHIDEU LNDQW
5HIHUHHUWQDDUJHKDUP RQLVHHUGHQRUPHQ
$QGHUHQRUPHQRIV SHFLILFDWLHV
*HOXLGVHPLVV LHULFKWOLMQRSHQOXFKW
D*HPHWHQJHOXLGVYHU PRJHQVQLYHDX
E*HZDDUERUJGJHOXLGVYHUP RJHQVQLYHDX
F*HOXLGVSDUDP HWHU
G&RQIRUPLWHLWV EHRRUGHOLQJVSURFHGXUH
H$DQJHPHOGHLQVWDQWLH
3ODDWV'DWXP
'DQVN'DQLVK
()29(5(167(00(/6((5./5,1*
81'(57(*1('(3,(75(11(%22*3c
9(*1($)'(1$8725,6(5('(
5(356(7$17(5./5(5+(50('$7
0$6.,1(1620(5%(6.5(9(71('(1)25
23)</'(5$//(5(/(9$17(%(67(00(/6(5
,)/*(
0$6.,1',5(.7,9()
(0&',5(.7,9()
',5(.7,92067- (0,66,21()
()
%(6.5,9(/6($)352'8.7(7
D)//(6%(7(*1(/6(6QHVO\QJH
E$19(1'(/6(6QHU\GQLQJ
F+$1'(/6%(7(*1(/6(G7 <3(
H6(5,(1800(5
352'8&(17
$8725,6(5(75(356(17 $17
5()(5(1&(7,/+$5021,6(5('(
67$1'$5'(5
$1'5(67$1'$5'(5(//(5
63(),),.$7,21(5
',5(.7,92067- (0,66,21)5$0$6.,1(5
7,/8'(1'56%58*
D0c/7/<'())(.71,9($8
E*$5$17(5(7/<'())(.7 1,9($8
F67-3$5$0(7 (5
G352&('85()25
29(5(1667(00(/6(6985'(5,1*
H%(0<1',*(725*$1
67(''$72
ǼȜȜȘȞȚțȐ* UHHN
(.ǻȒȜȦıȘıȣȝȝȩȡijȦıȘȢ
ȅțȐIJȦșȚȣʌȠȖİȖȡĮȝȝȑȞȠȢ3LHW5HQQHERRJİț
ȝȑȡȠȣȢIJȠȣİȟȠȣıȚȠįȠIJȘȝȑȞȠȣĮȞIJȚʌȡȠıȫʌȠȣȝİIJȠ
ʌĮȡȫȞįȘȜȫȞȦȩIJȚIJȠʌĮȡĮțȐIJȦʌİȡȚȖȡĮijȩȝİȞȠ
ȩȤȘȝĮʌȜȘȡȠȓȩȜİȢIJȚȢıȤİIJȚțȑȢʌȡȠįȚĮȖ ȡĮijȑȢIJȠȣ
ȅįȘȖȓĮǼȀȖȚĮȝȘȤĮȞȑȢ
ȅįȘȖȓĮǼȀȖȚĮIJȘȞȘȜİțIJȡȠȝĮȖȞȘIJȚțȒ
ıȣȝȕĮIJȩIJȘIJĮ
ȅįȘȖȓĮǼȀ(.ȖȚĮIJȠİʌȓʌİįȠ
șȠȡȪȕȠȣıİİȟȦIJİȡȚțȠȪȢȤȫȡȠȣȢ
ȆİȡȚȖȡĮijȒȝȘȤĮȞȒȝĮIJȠȢ
DīİȞȚțȒȠȞȠȝĮıȓĮǼțȤȚȠȞȚıIJ Țțȩ
EȁİȚIJȠȣȡȖȓĮȖȚĮİțȤȚȠȞȚıȝȩȢ
FǼȝʌȠȡȚțȒȠȞȠȝĮıȓĮGȉ ȪʌȠȢ
HǹȡȚșȝȩȢıİȚȡȐȢʌĮȡĮȖȦȖȒȢ
ȀĮIJĮıțİȣĮıIJȒȢ
ǼȟȠȣıȚȠįȠIJȘȝȑȞȠȢĮȞIJȚʌȡȩıȦʌȠȢ
ǹȞĮijȠȡȐıİİȞĮȡȝȠȞȚıȝȑȞĮʌȡȩIJȣʌĮ
ȁȠȚʌȐʌȡȩIJȣʌĮȒʌȡȠįȚĮȖȡĮijȑȢ
ȅįȘȖȓĮİʌȚʌȑįȠȣșȠȡȪȕȠȣİȟȦIJİȡȚțȫȞȤȫȡȦȞ
DȂİIJȡȘșİȓıĮȘȤȘIJȚțȒȑȞIJĮıȘ
EǼȖȖȣȘȝȑȞȘȘȤȘIJȚțȒȑȞIJĮıȘ
FǾȤȘIJȚțȒʌĮȡȐȝİIJȡȠȢ
GǻȚĮįȚțĮıȓĮʌȚıIJȠʌȠȓȘıȘȢ
HȅȡȖĮȞȚıȝȩȢʌȚıIJȠʌȠȓȘıȘȢ
ǾįȠțȚȝȒȑȖȚȞİǾȝİȡȠȝȘȞȓĮ
6YHQVND6ZHGLVK
(*I|UVlN UDQRP|YHUHQVVWlP PHOVH
8QGHUWHFNQDG3LHW5HQQHERJSnXSSGUDJDY
DXNWRULVHUDGUHSUHV HQWDQWGHNODUHUDUKlUPHGDWW
PDVN LQHQEHVNULYHQQHGDQIXOOI|OMHU DOODUHOHYDQWD
EHVWlPP HOVHUHQO
'LUHNWLY(*JlOODQGHP DVNLQHU
'LUHNWLY(*JlOODQGHHOHN WURPDJQHWLVN
NRPSDWLELOLWHW
'LUHNWLY(*(*JlOODQGHEXOOHU
XWRPKXV
0DVNLQEHVN ULYQLQJ
D$OOPlQEHQlP QLQJ6Q|VOXQJD
E)XQNWLRQIO\WWDVQ|
F2FKYDUXQDP QG7\S
H6HULHQXPP HU
7LOOYHUNDU H
$XNWRULVHUDGUHSUHV HQWDQW
UHIHUHQVWLOO|YHUHQVV WlPPDQGHVWDQGDUGHU
$QGUDVWDQGDUGHUHOOHUVSHF LILNDWLRQHU
'LUHNWLYI|UEXOOHU XWRPKXV
D8SSPlWWOMXGQLYn
E*DUDQWHUDGOMXGQLYn
F%XOOHUSDUDP HWHU
G)|UIDUDQGHI|U EHG|PQLQJ
H$QPlOGDRUJDQ
8WIlUGDWYLG'DWXP
(VSDxRO6SDQLVK
'HFODUDFLyQGH&RQIRUP LGDG&(
(ODEDMRILUPDQWH3LHW5HQQHERRJHQ
UHSUHVHQWDFLyQGHOUHSUHVHQWDQWHDXWRU L]DGR
DGMXQWRGHFODUDTXHODPiTXLQDDEDM RGHVFULWD
FXPSOHODVFOiXV XODVUHOHYDQWHVGH
'LUHFWLYD&(GHPDTXLQDULD
'LUHFWLYD&(GHFRPSDWLELOLGDG
HOHFWURPDJQpWLFD
'LUHFWLYD&(&(GHUXLGR
H[WHULRU
'HVFULSFLyQGHODP iTXLQD
D'HQRPLQDFLyQJHQpULFD4 XLWDQLHYHV
E)XQFLyQ4XLWDUQLHYH
F'HQRPLQDFLyQFRP HUFLDOG7LSR
H1~PHURGHVHULH
)DEULFDQWH
5HSUHVHQWDQWHDXWRUL]DGR
5HIHUHQFLDGHORVHVWiQGDUKDU PRQL]DGRV
2WURVHVWiQGDURHVSHFLI LFDFLRQHV
'LUHFWLYDVREUHUXLGRH[WHULRU
D3RWHQFLDVRQRUD0HGLGD
E3RWHQFLDVRQRUD*DUDQWL]DGD
F3DUiPHWURV UXLGR
G3URFHGLPLHQWRHYDOXDFLyQF RQIRUPLGDG
H2UJDQLVP RQRWLILFDGR
5HDOL]DGRHQ)HFKD
5RPkQă5RPDQLDQ
&('HFODUDWLHGH&RQIRUP LWDWH
6XEVHPQDWXO3LHW5HQQHERRJLQQXP HOH
UHSUH]HQWDQWXOXLDXWRUL]DWGHFODUSULQSUH]HQWD
IDSWXOFDHFKLSDP HQWXOGHVFULVPDLMRV LQGHSOLQHVWH
WRDWHFRQGLWLLOHQHFHVDUHGLQ
'LUHFWLYD&(SULYLQGHFKLSDP HQWXO
'LUHFWLYD&(SULYLQGFRP SDWLELOLWDWHD
HOHFWURPDJQHWLFD
'LUHFWLYD&(&(SULYLQG
SROXDUHDIRQLFDLQVSDWLXGHVF KLV
'HVFULHUHDHFKLSDP HQWXOXL
D'HQXPLUHJHQHULFD) UH]DSHQWUXFXUDWDW]DSDGD
E'RPHQLXGHXWLOL]DUHLQGHSDUWDUHD]DSH]LL
F'HQXPLUHF RPHUFLDOD G7LS
H6HULHSURGXV
3URGXFDWRU
5HSUH]HQWDQWXO$XWRUL]DW
5HIHULQWDODVWDQGDUGHOHDUP RQL]DWH
$OWHVWDQGDUGHVDXQRUPH
'LUHFWLYDSULYLQGSROXDUHDIRQLFDLQV SDWLXLQFKLV
D3XWHUHDDFXVWLFDP DVXUDWD
E3XWHUHDFXVWLFDP D[LPJDUDQWDWD
F,QGLFHSROXDUHIRQLFD
G3URFHGXUDGHHYDOXDUHDFRQIRU PLWDWLL
H1RWLILFDUL
(PLVDOD'DWD
ࠪफӟෟMK+BMA,glbb0 /.-/.-05/480/