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)UHQ FK
'pFODUDWLRQ &(GH&RQIRU PLWp
/HVRXVV LJQp3LHW5HQQ HERRJGHODS DUWGX
UHSUpVHQWDQWD XWRULVpGpF ODUHTXHODP DFKLQHGpF ULW
FLGHVVRXVU pSRQGjWRXWHV OHVGLVSRV LWLRQV
DSSOLFDEOHV GH
'LUHFWLYH0 DFKLQH &(
'LUHFWLY H&(V XUODFRP SDWLELOLWp
pOHFWURP DJQpWLTXH
'LUHFWLYH &( &(GHV pPLVVLRQV
VRQRUHVGDQV OHQYLURQ QHPHQWGHVP DWpULHOV
GHVWLQpVjr WUHXWLOLVpj OH[WpULHXUGHV EDWLPHQWV
'HVFULSWLRQ GHODP DFKLQH
D'HQRPLQDW LRQJpQpULTXH )UDLVHjQH LJH
E)RQFWLRQ GpQHLJHU
F1RP&RPP HUFLDOG7 \SH
H1XPpURGHVpULH
&RQVWUXFWHXU
5HSUpVHQWDQWD XWRULVp
5pIpUHQFH DX[QRUPHV KDUPRQLVpHV
$XWUHVQRUP HVHWVSpFLI LFDWLRQV
'LUHFWLYHG HVpPLV VLRQVVRQRUHVGDQV
OHQYLURQQHP HQWGHVP DWpULHOVGHVW LQpVjrWUHXWL OLVp
jOH[WpULHXU GHVEDWLP HQWV
D3XLVVDQF HDFFRXVWLTX HPHVXUpH
E3XLVVDQF HDFFRXVWLTX HJDUDQWLH
F3DUDP pWUHGXEUXLW
G3URFpGXU HGpYDOXDWL RQGHFRQI RUPLWp
H2UJDQLVP HQRWLILp
)DLWj 'DWH
,WDOLDQR,WDOLDQ
'LFKLDUD]LR QH&(GL&R QIRUPLWj
,OVRWWRVF ULWWR3LHW5HQ QHERRJLQTXDO LWjGL
UDSSUHVHQW DQWHDXWRUL]]D WRGLFKLDU DTXLGLVH JXLWR
FKHODP DFFKLQDVRWWRGHV FULWWDVRGGLVI DWXWWHOH
GLVSRVL]LRQ LSHUWLQHQW LGHOOH
'LUHWWLYDP DFFKLQH &(
'LUHWWLYDV XOODFRP SDWLELOLW jHOHWWURPDJQHW LFD
&(
'LUHWWLYDVX OODHPLV VLRQHDFXVWLFDG HOOHPDF FKLQHH
DWWUH]]DWXU HGHVWLQDWHDI XQ]LRQDUH DOODSHUWR
&( &(
'HVFUL]LR QHGHOODPDF FKLQD
D'HQRPLQD ]LRQHJHQHU LFD6SD ]]DQHYH
E)XQ]LR QH5LPR ]LRQHGLQHYH
F'HQRP LQD]LRQHFRPP HUFLDOH G7LSR
H1XPHURGLV HULH
&RVWUXWWRUH
5DSSUHVHQWDQW H$XWRUL]]DWR
5LIHULP HQWRDJOLVWDQGDU GDUP RQL]]DWL
$OWULVWD QGDUGRVSHF LILFKH
'LUHWWLYDVX OODHPLV VLRQHDFXVWLFDG HOOHPDF FKLQH
HDWWUH]]DWXU HGHVWLQDWHD IXQ]LRQDUHD OODSHUWR
D/LYHOOR GLSRWHQ]DV RQRUDP LVXUDWR
E/LYHOOR GLSRWHQ]DV RQRUDJDU DQWLWR
F3DUDP HWULHPLV VLRQHDFXVWLFD
G3URFHGXU DGLYDOXWD ]LRQHGHOODFR QIRUPLWj
H2UJDQLVP RQRWLILFDWR
)DWWRD 'DWD
'HXWVFK*HUPDQ
(*.RQIRUP LWlWVHUN OlUXQJ
'HU8QWHU ]HLFKQHU3L HW5HQQHERRJHUN OlUWKLHUP LW
LP1DP HQGHU%HYROOP lFKWLJWHQGDV VGDVKLHUX QWHU
JHQDQQWH0DV FKLQHDOOH QHLQVF KOlJLJHQ
%HVWLPP XQJHQGHUHQWV SULFKW
0DVFKLQH QULFKWOLQ LH(*
5LFKWOLQL HGHU(OHN WURPDJQHWLVFKH Q.RPSDWLEL OLWlW
(*
*HUlXVFKU LFKWOLQLHLP )UHLHQ (*
(*
%HVFKU HLEXQJGHU0DV FKLQH
D$OOJHP HLQH%H]HLF KQXQJ6FKQ HHIUlVH
E)XQNWLRQ 6FKQHHUlXP HQ
F+DQGHOVEH ]HLFKQXQJ G7 \S
H6HULHQQXP PHU
+HUVWHOOHU
%HYROOP lFKWLJWHU
9HUZHLV DXIKDUP RQLVLHUWH1RUP HQ
$QGHUH1RUP HQRGHU6S H]LILNDWLRQHQ
*HUlXVFKULF KWOLQLHLP )UHLHQ
DJHPHV VHQH/DXWVWlUN H
E6FKDOO HLVWXQJVSHJHO
F*HUlXVFKY RUJDEH
G.RQIRUP LWlWVEHZHUWXQJV $EODXI
H%HQDQQWH 6WHOOH
2UW 'DWXP
1HGHUODQGV'XWFK
(*YHUNODU LQJYDQRYHUHHQ VWHPP LQJ
2QGHUJHWHN HQGH3LHW5 HQQHERRJLQQ DDPYDQ
GHJHP DFKWLJGHYDQGHIDE ULNDQWYHUN ODDUWKLHUP HH
GDWKHWKLHUR QGHUEHVFKUHY HQPDFKLQH YROGRHWDDQ
DOOHWRHSDVV HOLMNHEHSD OLQJHQYDQ
5LFKWOLMQ (* EHWUHII HQGHPDFKLQHV
5LFKWOLMQ (*EHWUHII HQGH
HOHNWURP DJQHWLVFKHRYHUH HQVWHPP LQJ
5LFKWOLMQ (* (* EHWUHIIHQGH
JHOXLGVHP LVVLHRSHQOXF KW
%HVFKU LMYLQJYDQGHP DFKLQH
D$OJHP HQHEHQDPLQJ 6QHHXZUXLP HU
E)XQFWLHV QHHXZUXLP HQ
F+DQGHOVEHQ DPLQJ G7\SH
H6HULHQXPP HU
)DEULN DQW
*HPDF KWLJGHYDQGHI DEULN DQW
5HIHUHHUW QDDUJHKDUP RQLVHHUGHQRUP HQ
$QGHUHQRUP HQRIVSHF LILFDWLHV
*HOXLGV HPLVVLHU LFKWOLMQRSHQ OXFKW
D*HP HWHQJHOXLGVYHUP RJHQVQLYHDX
E*HZDDUERU JGJHOXLGV YHUPRJHQV QLYHDX
F*HOXLGVS DUDPHWHU
G&RQIRUP LWHLWVEHRRUGHOLQ JVSURFHGXUH
H$DQJHP HOGHLQVWDQWL H
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$6.,1',5( .7,9()
(0&',5(.7 ,9 ()
',5(.7,92 067- (0,66,21 ()
()
%(6.5,9( /6($)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(7 5(356(17 $17
5()(5(1& (7,/+$5 021,6(5(' (
67$1'$5'(5
$1'5(67 $1'$5'(5(// (5
63(),),.$7 ,21(5
',5(.7,92 067- (0,66,21)5$ 0$6.,1(5
7,/8'(1'56%5 8*
D0c/7/ <'())(.71,9($8
E*$5$17 (5(7/<'()) (.71,9($8
F67 -3$5$0(7(5
G352&('85()25
29(5(1667 (00(/6( 6985'(5,1*
H%(0<1',*(725*$1
67(' '$7 2
ǼȜȜȘȞ ȚțȐ*UHHN
(.ǻȒȜȦıȘ ıȣȝȝȩȡijȦıȘȢ
ȅțȐIJȦșȚȣʌȠȖİȖ ȡĮȝȝȑȞȠȢ3LH W5HQQHERRJİț
ȝȑȡȠȣȢIJȠȣİȟȠȣ ıȚȠįȠIJȘȝȑȞȠȣĮȞIJȚ ʌȡȠıȫʌȠȣȝİIJȠ
ʌĮȡȫȞįȘȜȫ ȞȦȩIJȚIJȠʌĮȡ ĮțȐIJȦʌİȡȚȖȡĮijȩȝİȞȠ
ȩȤȘȝĮʌȜȘȡȠ ȓȩȜİȢIJȚȢıȤİIJȚț ȑȢʌȡȠįȚĮȖȡĮijȑȢIJȠ ȣ
ȅįȘȖȓĮ ǼȀȖȚ ĮȝȘȤĮȞȑȢ
ȅįȘȖȓĮ ǼȀȖ ȚĮIJȘȞȘȜİț IJȡȠȝĮȖȞȘIJȚțȒ
ıȣȝȕĮIJȩIJȘIJĮ
ȅįȘȖȓĮ ǼȀ (.Ȗ ȚĮIJȠİʌȓʌİįȠ
șȠȡȪȕȠȣıİİȟȦIJİȡ ȚțȠȪȢȤȫȡȠȣȢ
ȆİȡȚȖȡĮijȒȝȘȤĮȞȒȝĮIJȠȢ
DīİȞ ȚțȒȠȞ ȠȝĮıȓ ĮǼ țȤȚȠȞȚıIJ Țțȩ
EȁİȚIJȠȣȡȖȓĮȖ ȚĮİțȤȚȠȞȚıȝȩȢ
FǼȝʌȠȡȚțȒȠ ȞȠȝĮıȓĮ GȉȪʌȠȢ
HǹȡȚșȝȩȢıİ ȚȡȐȢʌĮȡĮȖȦ ȖȒȢ
ȀĮIJĮıțİȣĮıIJȒȢ
ǼȟȠȣıȚȠįȠIJ ȘȝȑȞȠȢĮȞIJȚʌ ȡȩıȦʌȠȢ
ǹȞĮijȠȡȐıİİ ȞĮȡȝȠȞȚıȝȑȞĮ ʌȡȩIJȣʌĮ
ȁȠȚʌȐʌȡȩIJ ȣʌĮȒʌȡȠįȚ ĮȖȡĮijȑȢ
ȅįȘȖȓĮİʌȚʌȑįȠȣșȠȡȪȕ ȠȣİȟȦIJİȡȚțȫȞȤȫȡȦȞ
DȂİIJȡȘșİȓıĮȘȤ ȘIJȚțȒȑȞIJĮıȘ
EǼȖȖȣȘȝȑȞȘ ȘȤȘIJȚțȒȑȞIJĮıȘ
FǾȤȘIJȚțȒʌĮȡȐȝİIJȡȠȢ
Gǻ ȚĮįȚțĮı ȓĮʌȚ ıIJȠʌȠȓ ȘıȘȢ
HȅȡȖĮȞȚıȝȩȢ ʌȚıIJȠʌȠȓȘı ȘȢ
ǾįȠțȚȝȒȑȖȚȞ İǾȝİ ȡȠȝȘȞȓĮ
6YHQVND 6ZHGLVK
(*I|UV lNUDQRP|YHUHQV VWlPP HOVH
8QGHUWHFN QDG3LHW5HQQHERJS nXSSGUDJDY
DXNWRULVHU DGUHSUHVHQWDQ WGHNODUHU DUKlUPHGDWW
PDVNLQHQEHV NULYHQ QHGDQIXOOI |OMHUDOODUH OHYDQWD
EHVWlPP HOVHUHQO
'LUHNWLY (* JlOODQGHP DVNLQHU
'LUHNWLY (*Jl OODQGHHOHN WURPDJQHWLVN
NRPSDWLELO LWHW
'LUHNWLY (* (* JlOODQGH EXOOHU
XWRPKXV
0DVNLQEHV NULYQLQJ
D$OOP lQEHQlPQLQJ6 Q|VOXQJD
E)XQNWLRQI O\WWDVQ|
F2FKYDUXQDP QG7 \S
H6HULHQXPP HU
7LOOYHUN DUH
$XNWRU LVHUDGUHSUHVHQWD QW
UHIHUHQVWL OO|YHUHQVV WlPPDQGHVWDQGDU GHU
$QGUDVWD QGDUGHUHOOHU VSHFLI LNDWLRQHU
'LUHNWLYI |UEXOOHUXWRP KXV
D8SSPlWWOM XGQLYn
E*DUDQWHUD GOMXGQLYn
F%XOOHUSDU DPHWHU
G)|UIDU DQGHI|UEHG|P QLQJ
H$QPlOGD RUJDQ
8WIlUGDWYLG 'DW XP
(VSDxRO6SDQLVK
'HFODUDFLyQ GH&RQIRUP LGDG&(
(ODEDMRI LUPDQWH3LHW5 HQQHERRJHQ
UHSUHVHQWDF LyQGHOUHSUHV HQWDQWHDXWRUL ]DGR
DGMXQWRGHFO DUDTXHODP iTXLQDDEDMRGHV FULWD
FXPSOHODV FOiXVXODVU HOHYDQWHVGH
'LUHFWLY D&(G HP DTXLQDULD
'LUHFWLY D&( GHFRP SDWLELOLGDG
HOHFWURP DJQpWLFD
'LUHFWLYD &( &(GHU XLGR
H[WHULRU
'HVFULSFL yQGHODPiTXL QD
D'HQRPLQDF LyQJHQpULF D4XLWDQLHY HV
E)XQFLyQ4 XLWDUQLHYH
F'HQRP LQDFLyQFRPHUF LDOG7 LSR
H1~PHURGHVHULH
)DEULFDQWH
5HSUHVHQWD QWHDXWRUL]DG R
5HIHUHQFL DGHORVHVWiQG DUKDUPRQL ]DGRV
2WURVHVWiQ GDURHVSHFLI LFDFLRQHV
'LUHFWLY DVREUHUXLG RH[WHULRU
D3RWHQFLD VRQRUD0H GLGD
E3RWHQFL DVRQRUD*DUDQW L]DGD
F3DUiP HWURVUXLGR
G3URFHGLP LHQWRHYDOXDF LyQFRQIRUP LGDG
H2UJDQLVP RQRWLILFDG R
5HDOL]DGRHQ )HF KD
5RPkQă5RPDQLDQ
&('HFODUDWLHGH&R QIRUPLWDWH
6XEVHP QDWXO3LHW5HQQH ERRJLQQXP HOH
UHSUH]HQWDQWX OXLDXWRUL ]DWGHFODUSU LQSUH]HQW D
IDSWXOFD HFKLSDPHQWXOG HVFULVP DLMRVLQGHSO LQHVWH
WRDWHFRQGLWL LOHQHFHVDU HGLQ
'LUHFWLY D&(SU LYLQGHFK LSDPHQWXO
'LUHFWLY D&( SULYLQGFRP SDWLELOLWDW HD
HOHFWURP DJQHWLFD
'LUHFWLY D&( &(SU LYLQG
SROXDUHDIRQ LFDLQVSD WLXGHVFKLV
'HVFULHUH DHFKLSDP HQWXOXL
D'HQXPLU HJHQHULFD)U H]DSHQWUX FXUDWDW]DSD GD
E'RPHQLXG HXWLOL]DUH LQGHSDUWDU HD]DSH]L L
F'HQXP LUHFRPHUFLDODG 7LS
H6HULHSUR GXV
3URGXFDW RU
5HSUH]HQWD QWXO$XWRUL ]DW
5HIHULQWDO DVWDQGDUGHOH DUP RQL]DWH
$OWHVWDQG DUGHVDXQRUP H
'LUHFWLY DSULYLQGSR OXDUHDI RQLFDLQVSD WLXLQFKLV
D3XWHUHD DFXVWLFDP DVXUDWD
E3XWHUHDFXV WLFDPD[ LPJDUDQWDWD
F,QGLFHSRO XDUHIRQLFD
G3URFHGXU DGHHYDOXDUHD FRQIRUP LWDWLL
H1RWLILFDUL
(PLVDOD 'DWD