Bosch Induction Cooktop Owner's manual

*9001093634*  



Û ,QVWUXFFLRQHVGHPRQWDMH

Ø 0RQWDJHDQOHLWXQJ

Ú ,QVWDOODWLRQLQVWUXFWLRQV

Þ 1RWLFHGHPRQWDJH

â ,VWUX]LRQLSHULOPRQWDJJLR

é ,QVWDOODWLHYRRUVFKULIW

× 0RQWHULQJVYHMOHGQLQJ

ê 0RQWHULQJVYHLOHGQLQJ

ì ,QVWUXo}HVGHPRQWDJHP

ó 0RQWHULQJVDQYLVQLQJ

Ý $VHQQXVRKMH

î Ημπροςιυηώξνλνμρίες

ë ,QVWUXNFMDPRQWDŰX

ô 0RQWDMN×ODYX]X

Ù ̲͉͇͓͆́ͅ͇͕͔͕͔͉͓͌̓̾̓ͅ





PLQ













PLQ

PLQ









R 10

max. R 5

90º

6.5

+0,5















$ PLQ



[



&



PLQ

PLQ

PLQPLQ



D FE

PLQ

PLQ

PLQ

PLQ

PLQ

PLQ









99/1a

91a

GN/YE

991a

GN/YE

D E





,QVWUXFFLRQHVGHPRQWDMH

2EVHUYDFLRQHVLPSRUWDQWHV

6HJXULGDG OD VHJXULGDG GXUDQWH HO XVR VyOR HVWi JDUDQWL]DGD VL OD

LQVWDODFLyQVHKDHIHFWXDGRGHPDQHUDFRUUHFWDHQHODVSHFWR

WpFQLFR \ HQ FRQIRUPLGDG FRQ HVWDV LQVWUXFFLRQHV GH PRQWDMH /RV

GDxRVFDXVDGRVSRUXQPRQWDMHLQDGHFXDGRVHUiQ

UHVSRQVDELOLGDGGHOLQVWDODGRU

'HVSXpV GH UHDOL]DU OD LQVWDODFLyQ VH GHEH DVHJXUDU TXH HO XVXDULR

QRSXHGDDFFHGHUDQLQJ~QFRPSRQHQWHHOpFWULFR

(VWHDSDUDWRHVWiGLVHxDGRSDUDVXXVRHQDOWLWXGHVGHKDVWD

 PHWURV

: £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

&RQH[LyQHOpFWULFDVyORDFDUJRGHXQWpFQLFRHVSHFLDOLVWD

DXWRUL]DGR6HWHQGUiTXHUHJLUSRUODVGLVSRVLFLRQHVGHOD

FRPSDxtDDEDVWHFHGRUDGHHOHFWULFLGDGGHOD]RQD

(ODSDUDWRGHEHVHUFRQHFWDGRDXQDLQVWDODFLyQILMD\GHEHQVHU

LQFRUSRUDGRVPHGLRVGHGHVFRQH[LyQDODLQVWDODFLyQILMDGH

DFXHUGRDODVUHJODPHQWDFLRQHVGHODLQVWDODFLyQ

7LSR GH FRQH[LyQ HO DSDUDWR SHUWHQHFH D OD FODVH GH SURWHFFLyQ ,

\VyORSXHGHXWLOL]DUVHHQFRPELQDFLyQFRQXQDFRQH[LyQFRQ

FRQGXFWRUGHWRPDDWLHUUD

(OIDEULFDQWHQRVHKDFHUHVSRQVDEOHGHOIXQFLRQDPLHQWR

LQDGHFXDGR\GHORVSRVLEOHVGDxRVPRWLYDGRVSRULQVWDODFLRQHV

HOpFWULFDVQRDGHFXDGDV

&DEOHGHDOLPHQWDFLyQ VRORSXHGHVHULQVWDODGRSRUXQWpFQLFR

HVSHFLDOLVWDDXWRUL]DGRRSRUSHUVRQDOWpFQLFRGHO6HUYLFLRGH

$VLVWHQFLDFRQIRUPDFLyQHVSHFtILFD/RVGDWRVGHFRQH[LyQ

QHFHVDULRVHVWiQLQGLFDGRVHQODSODFDGHFDUDFWHUtVWLFDV\HQORV

HVTXHPDVGHFRQH[LyQ

0RQWDMH EDMR HQFLPHUD ODV SODFDV GH LQGXFFLyQ VROR SXHGHQ VHU

LQVWDODGDVVREUHFDMyQXKRUQRVFRQYHQWLODFLyQIRU]DGD'HEDMR

GHODSODFDGHFRFFLyQQRVHSXHGHQLQVWDODUIULJRUtILFRV

ODYDYDMLOODVKRUQRVVLQYHQWLODFLyQRODYDGRUDV

&DPSDQDH[WUDFWRUDODGLVWDQFLDPtQLPDHQWUHODFDPSDQD

H[WUDFWRUD\ODSODFDGHFRFFLyQGHEHVHUDOPHQRVODGLVWDQFLD

LQGLFDGDHQODVLQVWUXFFLRQHVGHPRQWDMHGHODFDPSDQDGH

H[WUDFFLyQ

(QFLPHUDSODQDKRUL]RQWDOHVWDEOH6LJDODVLQVWUXFFLRQHVGHO

IDEULFDQWHGHODHQFLPHUD

(ODSDUDWRVHSXHGHPRQWDUHQODVVLJXLHQWHVHQFLPHUDV

UHVLVWHQWHVDODWHPSHUDWXUD\DODJXD

■ (QFLPHUDVGHPiUPROSLHGUDQDWXUDO

■ (QFLPHUDVVLQWpWLFDV

■ (QFLPHUDV GH PDGHUD PDFL]D VyOR GH DFXHUGR FRQ HO IDEULFDQWH

GHODHQFLPHUDVHOODGRGHORVERUGHVGHUHFRUWH

■ 0RQWDMHHQRWURWLSRGHHQFLPHUDVVyORGHDFXHUGRFRQHO

IDEULFDQWHGHODHQFLPHUD

6LHOJURVRUGHODHQFLPHUDGRQGHVHLQVWDOHODSODFDHVPHQRUDO

HVSHFLILFDGRUHIXHUFHODHQFLPHUDFRQXQPDWHULDOUHVLVWHQWHDOD

WHPSHUDWXUD\DODJXDKDVWDFRQVHJXLUHOHVSHVRUPtQLPR

UHFRPHQGDGR'HRWUDIRUPDQRVHDOFDQ]DUiXQDHVWDELOLGDG

VXILFLHQWH

■ /DHQFLPHUDGRQGHVHLQVWDOHODSODFDGHEHVHUUHVLVWHQWHD

SHVRVGH NJDSUR[LPDGDPHQWH

■ /DSODQLWXGGHODSODFDGHFRFFLyQVyORGHEHFRPSUREDUVHXQD

YH]LQVWDODGDHQHOKXHFRGHHQFDVWUH



99/1a

91a

*1<(

991a

*1<(

PLQ

PLQ



PLQ





1RWDV

■ 1RXWLOL]DUDSR\RVSXQWXDOHVSDUDHQUDVDUHODSDUDWR

■ 7RGRVORVWUDEDMRVGHUHFRUWHGHODHQFLPHUDGHEHQVHU

UHDOL]DGRVSRUXQVHUYLFLRHVSHFLDOL]DGRGHDFXHUGRFRQHO

FURTXLV GH PRQWDMH (O UHFRUWH GHEH VHU OLPSLR \ SUHFLVR SXHVWR

TXH HO ERUGH FRUWDGR VH YH HQ OD VXSHUILFLH /LPSLH \ GHVHQJUDVH

ORVERUGHVGHUHFRUWHXWLOL]DQGRXQSURGXFWRGHOLPSLH]D

DGHFXDGR

*DUDQWtDXQDLQVWDODFLyQFRQH[LyQRPRQWDMHLQDGHFXDGR

VXSRQHODSpUGLGDGHYDOLGH]GHODJDUDQWtDGHOSURGXFWR

1RWD &XDOTXLHUPDQLSXODFLyQHQHOLQWHULRUGHODSDUDWR

LQFOX\HQGRHOFDPELRGHOFDEOHGHDOLPHQWDFLyQGHEHUiUHDOL]DUOR

~QLFDPHQWHSHUVRQDOWpFQLFRGHO6HUYLFLRGH$VLVWHQFLDFRQ

IRUPDFLyQHVSHFtILFD

3UHSDUDFLyQGHORVPXHEOHVGHPRQWDMH

ILJXUDV 

0XHEOHVHPSRWUDGRVUHVLVWHQWHVDXQDWHPSHUDWXUDGH&

FRPRPtQLPR

+XHFRUHWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH

6XSHUILFLHVGHFRUWHVHOODUFRQPDWHULDOUHVLVWHQWHDOFDORU

0RQWDMHVREUHHOFDMyQILJXUD D

(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH PP

/DGLVWDQFLDHQWUHODSDUWHVXSHULRUGHODHQFLPHUD\ODSDUWH

VXSHULRUGHOFDMyQGHEHVHUGH PP

1RWD 6LORVREMHWRVPHWiOLFRVTXHVHHQFXHQWUDQHQHOFDMyQ

DOFDQ]DQ WHPSHUDWXUDV HOHYDGDV GHELGR D OD UHFLUFXODFLyQ GHO DLUH

SURFHGHQWH GH OD YHQWLODFLyQ GH OD SODFD R VL VH JXDUGDQ SHTXHxRV

REMHWRVPHWiOLFRVSXQ]DQWHVFRPREURFKHWDVXVDUXQVRSRUWH

LQWHUPHGLRGHPDGHUD ILJXUD 

/DSODFDGHFRFFLyQHVWiGRWDGDGHXQYHQWLODGRUVLWXDGRHQOD

SDUWH LQIHULRU 1R GHEHUiQ JXDUGDUVH HQ HO FDMyQ REMHWRV SHTXHxRV

RSXQ]DQWHVSDSHOHVRWUDSRVGHFRFLQDVLQRVHXVDXQVRSRUWH

LQWHUPHGLR3RGUtDQSHUMXGLFDUODUHIULJHUDFLyQRHVWURSHDUHO

YHQWLODGRUDOVHUDEVRUELGRV(QWUHHOFRQWHQLGRGHOFDMyQ\OD

HQWUDGD GHO YHQWLODGRU GHEH GHMDUVH XQD GLVWDQFLD PtQLPD GH  FP

0RQWDMHVREUHKRUQRILJXUDE

(QFLPHUDGHEHWHQHUFRPRPtQLPRXQJURVRUGH  PP

1RWD &RQVXOWH ODV LQGLFDFLRQHV GH PRQWDMH GHO KRUQR SRU VL IXHUD

QHFHVDULRDXPHQWDUODGLVWDQFLDHQWUHODSODFDGHFRFFLyQ\HO

KRUQR

9HQWLODFLyQODGLVWDQFLDPtQLPDHQWUHHOKRUQR\ODSODFDGH

FRFFLyQGHEHGHVHUGH PP

1RWD 6RORHQHOFDVRGHLQVWDODUODSODFDGHFRFFLyQVREUHXQ

KRUQRGHGLVWLQWRIDEULFDQWHXWLOL]DUXQVRSRUWHLQWHUPHGLRGH

PDGHUD ILJXUD 

9HQWLODFLyQILJXUD 

3DUDDVHJXUDUXQFRUUHFWRIXQFLRQDPLHQWRGHODSDUDWRVHGHEH

WHQHUHQFXHQWDXQDDGHFXDGDYHQWLODFLyQGHODSODFDGHFRFFLyQ

(OYHQWLODGRUVLWXDGRHQODSDUWHLQIHULRUGHODSDUDWRGHEHDVSLUDU

VXILFLHQWHFDXGDOGHDLUHIUHVFRSRUORTXHORVPXHEOHVGHEHQGH

HVWDUDGDSWDGRVSDUDWDOSURSyVLWR3DUDHOORHVQHFHVDULR

■ XQDVHSDUDFLyQPtQLPDHQWUHODSDUWHWUDVHUDGHOPXHEOH\OD

SDUHGGHODFRFLQD\HQWUHODSDUWHVXSHULRUGHODHQFLPHUD\OD

SDUWHVXSHULRUGHOFDMyQ ILJXUD D

■ XQD DEHUWXUD HQ OD SDUWH VXSHULRU GH OD SDUHG WUDVHUD GHO PXHEOH

ILJXUD E

■ HQHOFDVRGHQRWHQHUXQDVHSDUDFLyQPtQLPDGH PPHQOD

SDUWHWUDVHUDGHOPXHEOHVHGHEHUiUHDOL]DUXQDDEHUWXUDHQOD

SDUWHLQIHULRUGHOPLVPR ILJXUD F

1RWDV

■ 6LHODSDUDWRVHLQVWDODHQLVODXRWURWLSRGHLQVWDODFLyQQR

GHVFULWD HV LPSUHVFLQGLEOH DVHJXUDU OD FRUUHFWD YHQWLODFLyQ GH OD

SODFDGHFRFFLyQ

■ 1RFHUUDUHO]yFDORLQIHULRUKHUPpWLFDPHQWH

,QVWDODUHODSDUDWRILJXUDV 

1RWD 8VDUJXDQWHVGHSURWHFFLyQDOLQVWDODUODSODFD/DV

VXSHUILFLHVQRYLVLEOHVSXHGHQWHQHUDULVWDVFRUWDQWHV

&RORFDUHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQHQ

DSDUDWRVVLQFDEOHSUHPRQWDGR

 'DUODYXHOWDDODSODFDGHFRFFLyQ\FRORFDUODVREUHODPLVPD

EDVHGHOHPEDODMHVREUHXQSDxRRVXSHUILFLHDSWDSDUDHYLWDU

UD\DGXUDV

 /HYDQWDUODWDSDGHODFDMDGHFRQH[LyQFRQD\XGDGHXQ

GHVWRUQLOODGRU ILJXUD 

 4XLWDU HO WRUQLOOR GH VXMHFLyQ \ OHYDQWDU OD DEUD]DGHUD FRQ D\XGD

GHXQGHVWRUQLOODGRU ILJXUD 

 &RQHFWDU H[FOXVLYDPHQWH VHJ~Q HO HVTXHPD GH FRQH[LRQDGR GH

ODFDMDGHFRQH[LyQ ILJXUD 

%10DUUyQ

%8$]XO

*1<(9HUGH\DPDULOOR

%.1HJUR

*<*ULV

1RWDV

■ 6LVHUHDOL]DODFRQH[LyQGHDFXHUGRDOHVTXHPD/1aVH

GHEHUiPRGLILFDUODGLVSRVLFLyQGHORVSXHQWHVVLJXLHQGRHO

HVTXHPDGHFRQH[LyQ

■ $VHJXUHVH GH TXH ORV WRUQLOORV GH OD FDMD GH FRQH[LyQ TXHGHQ

DSUHWDGRVGHVSXpVGHUHDOL]DUODFRQH[LyQGHORVFDEOHV

 )LMDUHOFDEOHGHDOLPHQWDFLyQFRQODDEUD]DGHUD\FRORFDUHO

WRUQLOORGHVXMHFLyQ ILJXUD D

 &HUUDUODWDSDGHODFDMDGHFRQH[LyQ

1RWD $ORMDU DGHFXDGDPHQWH ORV FDEOHV HQ OD ]RQD FHQWUDO GH OD

FDMDGHFRQH[LyQSDUDIDFLOLWDUHOFLHUUH

 (Q HO FDVR GH TXH HO FDEOH GH DOLPHQWDFLyQ LQWHUILHUD FRQ HO FDMyQ

ILMDU HO FDEOH FRQ OD EULGD DGMXQWD D OD EDVH GH OD SODFD GH FRFFLyQ

ILJXUD E

1RWD (QFDVRGHQHFHVLWDUXQFDEOHGHPD\RUORQJLWXGFRQWDFWH

FRQHO6HUYLFLRGH$VLVWHQFLD7pFQLFD

&RORFDUODSODFDGHFRFFLyQILJXUD

 ,QWURGXFLUHODSDUDWRXQLIRUPHPHQWHHQHOUHFRUWH

² 1RDSULVLRQDUHOFDEOHGHDOLPHQWDFLyQQLSDVDUORSRUERUGHV

DILODGRV6LKD\XQKRUQRPRQWDGRGHEDMRSDVDUHOFDEOHSRU

ODVHVTXLQDVWUDVHUDVGHOKRUQR'HEHFRORFDUVHGHPDQHUD

TXHQRWRTXHSDUWHVFDOLHQWHVGHODSODFDGHFRFFLyQRGHO

KRUQR

² (QHQFLPHUDVDOLFDWDGDVVHOODUODVMXQWDVHQWUHORVD]XOHMRV

FRQFDXFKRGHVLOLFRQD

 &RPSUREDUTXHODSODFDGHFRFFLyQTXHGHDQLYHOFRQOD

HQFLPHUD

 £$QWHVGHOVHOODGRFRQMXQWDKDGHUHDOL]DUQHFHVDULDPHQWH

XQDSUXHEDGHIXQFLRQDPLHQWR

5HMXQWH OD VHSDUDFLyQ SHULPpWULFD XWLOL]DQGR VLOLFRQD DGHFXDGD \

WHUPRUUHVLVWHQWHSHM 1RYDVLO



62WWRVHDO



6$OLVHOD

MXQWDGHKHUPHWL]DGRFRQHOSURGXFWRGHDOLVDGRUHFRPHQGDGR

SRUHOIDEULFDQWH2EVHUYHODVLQGLFDFLRQHVGHODVLOLFRQD1R

SRQJDHQPDUFKDHODSDUDWRKDVWDTXHODVLOLFRQDHVWp

FRPSOHWDPHQWH VHFD FRPR PtQLPR  KRUDV GHSHQGLHQGR GH OD

WHPSHUDWXUDDPELHQWH

(QQXHVWUR6HUYLFLRGH$VLVWHQFLD7pFQLFDVHSXHGHQDGTXLULU

VLOLFRQDVDGHFXDGDV

£$WHQFLyQ

(OXVRGHVLOLFRQDLQDGHFXDGDSURYRFDFDPELRVGHFRORU

SHUPDQHQWHVHQODVHQFLPHUDVGHPiUPROQDWXUDO

&RQHFWDUHODSDUDWRDODUHGHOpFWULFDILJXUD

■ 7HQVLyQYHUSODFDGHFDUDFWHUtVWLFDV

■ &RQHFWDUH[FOXVLYDPHQWHVHJ~QHOHVTXHPDGHFRQH[LyQ

%10DUUyQ

%8$]XO

*1<(9HUGH\DPDULOOR

%.1HJUR

*<*ULV

■ 6HJ~QHOWLSRGHFRQH[LyQSXHGHVHUQHFHVDULRPRGLILFDUOD

GLVSRVLFLyQGHORVWHUPLQDOHVVXPLQLVWUDGRVSRUIiEULFD3DUD

HOORVHUiQHFHVDULRFRUWDUORVWHUPLQDOHV\HOLPLQDUHODLVODQWH

QHFHVDULRSDUDFRORFDUXQWHUPLQDOTXHXQDGRVFDEOHV

1RWD &RPSUREDUHOIXQFLRQDPLHQWRVLHQHOSDQHOLQGLFDGRUGHO

DSDUDWRDSDUHFH

—…‹‹ “‹†‚„ y “VLJQLILFDTXHHVWiPDO

FRQHFWDGR'HVFRQHFWDUHODSDUDWRGHODUHG\FRPSUREDUOD

LQVWDODFLyQGHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQ\HQ

ODUHGHOpFWULFD

'HVPRQWDUHODSDUDWR

'HVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFD

5HWLUDU OD MXQWD GH VLOLFRQD GH WRGR HO FRQWRUQR GH OD SODFD FRQ XQD

KHUUDPLHQWDDGHFXDGD

([WUDHUODSODFDGHFRFFLyQHMHUFLHQGRSUHVLyQGHVGHDEDMR

£$WHQFLyQ

£'DxRVHQHODSDUDWR1RLQWHQWHH[WUDHUHODSDUDWRKDFLHQGR

SDODQFDGHVGHDUULED



0RQWDJHDQOHLWXQJ

:LFKWLJH+LQZHLVH

6LFKHUKHLWVKLQZHLV'LH6LFKHUKHLWEHLP*HEUDXFKGHV*HUlWHV

LVWQXUJHZlKUOHLVWHWZHQQGHU(LQEDXWHFKQLVFKNRUUHNWXQG

JHPlGLHVHU0RQWDJHDQOHLWXQJYRUJHQRPPHQZXUGH)U6FKl

GHQGLHGXUFKHLQHQXQVDFKJHPlHQ(LQEDXHQWVWHKHQKDIWHW

GHU0RQWHXU

1DFK GHU ,QVWDOODWLRQ LVW VLFKHU]XVWHOOHQ GDVV GHU %HQXW]HU NHLQHQ

=XJDQJ]XGHQHOHNWULVFKHQ%DXWHLOHQKDW

'LHVHV*HUlWLVW]XU9HUZHQGXQJLQ+|KHQYRQELV]X

 0HWHUQ]XJHODVVHQ

: 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

(OHNWULVFKHU$QVFKOXVV(UPXVVYRQHLQHPNRQ]HVVLRQLHUWHQ

)DFKPDQQYRUJHQRPPHQZHUGHQ'DEHLJHOWHQGLH%HVWLPPXQ

JHQGHU|UWOLFKHQ6WURPYHUVRUJHU

'DV*HUlWPXVVDQHLQHUIHVWHQ,QVWDOODWLRQDQJHVFKORVVHQVHLQ

XQGJHPlGHQ,QVWDOODWLRQVYRUVFKULIWHQPVVHQHQWVSUHFKHQGH

7UHQQVFKDOWHUHLQJHULFKWHWZHUGHQ

$QVFKOXVVW\SHQ'DV*HUlWJHK|UW]XU6FKXW]NODVVH ,XQGGDUI

QXULQ.RPELQDWLRQPLWHLQHPJHHUGHWHQ$QVFKOXVVYHUZHQGHW

ZHUGHQ

'HU+HUVWHOOHUEHUQLPPWNHLQH9HUDQWZRUWXQJIU%HWULHEVVW|UXQ

JHQRGHUP|JOLFKH6FKlGHQGLHDXIHLQHIHKOHUKDIWHHOHNWULVFKH

,QVWDOODWLRQ]XUFN]XIKUHQVLQG

1HW]NDEHO 'DV1HW]NDEHOGDUIQXUYRQHLQHU]XJHODVVHQHQ)DFK

NUDIWRGHUYRQHLQHPDXVJHELOGHWHQ.XQGHQGLHQVWWHFKQLNHULQVWDO

OLHUWZHUGHQ'LHHUIRUGHUOLFKHQ$QVFKOXVVGDWHQEHILQGHQVLFKDXI

GHP7\SHQVFKLOGXQGLQGHQ$QVFKOXVVSOlQHQ

0RQWDJHXQWHUGHU$UEHLWVSODWWH'DV,QGXNWLRQVNRFKIHOGNDQQ

QXUEHU6FKXEODGHQRGHU%DFN|IHQPLW*HEOlVHOIWXQJLQVWDOOLHUW

ZHUGHQ 8QWHU GHP .RFKIHOG N|QQHQ NHLQH .KOVFKUlQNH 6SOPD

VFKLQHQ %DFN|IHQ RKQH /IWXQJ RGHU :DVFKPDVFKLQHQ HLQJHEDXW

ZHUGHQ

$E]XJVHVVH'HU$EVWDQG]ZLVFKHQGHU$E]XJVHVVHXQGGHP

.RFKIHOGPXVVPLQGHVWHQVGHPLQGHU0RQWDJHDQOHLWXQJIUGLH

$E]XJVHVVHDQJHJHEHQHQ$EVWDQGHQWVSUHFKHQ

$UEHLWVSODWWH6LHPXVVHEHQKRUL]RQWDOXQGVWDELOVHLQ'LH

$QZHLVXQJHQGHV$UEHLWVSODWWHQ+HUVWHOOHUVEHDFKWHQ

'DV*HUlWNDQQLQIROJHQGHQKLW]HXQGZDVVHUIHVWHQ$UEHLWVSODW

WHQHLQJHEDXWZHUGHQ

■ $UEHLWVSODWWHQDXV0DUPRU1DWXUVWHLQ

■ 6\QWKHWLVFKH$UEHLWVSODWWHQ

■ $UEHLWVSODWWHQ DXV 0DVVLYKRO] QXU LQ hEHUHLQVWLPPXQJ PLW GHP

+HUVWHOOHUGHU$UEHLWVSODWWHYHUVLHJHOWH6FKQLWWNDQWHQ

■ 0RQWDJHDQGHUHU$UWHQYRQ$UEHLWVSODWWHQQXULQhEHUHLQVWLP

PXQJPLWGHP+HUVWHOOHUGHU$UEHLWVSODWWH

:HQQGLH'LFNHGHU$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXW

ZLUGQLFKWGHQ9RUJDEHQHQWVSULFKWGLH$UEHLWVSODWWHPLWIHXHU

XQGZDVVHUIHVWHP0DWHULDOYHUVWlUNHQELVGLHHPSIRKOHQH0LQ

GHVWGLFNHHUUHLFKWLVW$QGHUQIDOOVLVWNHLQHDXVUHLFKHQGH6WDELOLWlW

JHJHEHQ

■ 'LH$UEHLWVSODWWHLQGLHGDV.RFKIHOGHLQJHEDXWZLUGVROOWH

%HODVWXQJHQYRQFD NJVWDQGKDOWHQ

■ 'LH (EHQKHLW GHV .RFKIHOGV HUVW EHUSUIHQ ZHQQ HV HLQJHEDXW

LVW

+LQZHLVH

■ 8P GDV *HUlW ]X QLYHOOLHUHQ NHLQH 6WW]HQ DQ HLQ]HOQHQ 6WHOOHQ

YHUZHQGHQ

■ $QSDVVXQJHQ GHU $UEHLWVREHUIOlFKH PVVHQ YRQ HLQHP VSH]LDOL

VLHUWHQ'LHQVWOHLVWHUJHPl(LQEDXVNL]]HYRUJHQRPPHQZHU

GHQ'LH6FKQLWWNDQWHPXVVVDXEHUXQGSUl]LVHVHLQGDGHU

5DQGDXIGHU2EHUIOlFKHVLFKWEDULVW'LH6FKQLWWNDQWHQPLW

HLQHPHQWVSUHFKHQGHQ5HLQLJXQJVPLWWHOVlXEHUQXQGHQWIHWWHQ

*DUDQWLH(LQXQVDFKJHPlHU(LQEDX$QVFKOXVVRGHUHLQHIHK

OHUKDIWH0RQWDJHIKUHQ]XP9HUOXVWGHU*DUDQWLH

+LQZHLV -HJOLFKH $UEHLWHQ DP *HUlWHLQQHUHQ HLQVFKOLHOLFK GHP

$XVWDXVFKGHV1HW]NDEHOVPVVHQYRPHLJHQVGDIUDXVJHELOGH

WHQ.XQGHQGLHQVWYRUJHQRPPHQZHUGHQ

9RUEHUHLWXQJGHU0|EHO$EELOGXQJ 

(LQEDXP|EHO6LHPVVHQELVPLQGHVWHQV &WHPSHUDWXUEH

VWlQGLJVHLQ

$XVVFKQLWW6SlQHQDFKGHQ$XVVFKQLWWDUEHLWHQHQWIHUQHQ

6FKQLWWIOlFKHQ0LWKLW]HEHVWlQGLJHP0DWHULDOYHUVLHJHOQ

(LQEDXEHUHLQHP6FKXEIDFK$EELOGXQJ D

$EODJH0XVVEHUHLQH'LFNHYRQPLQGHVWHQV PPYHUIJHQ

'HU$EVWDQG]ZLVFKHQGHPREHUHQ%HUHLFKGHU$EODJHXQGGHP

REHUHQ%HUHLFKGHV6FKXEIDFKVPXVV PPEHWUDJHQ

+LQZHLV (LQHQ=ZLVFKHQERGHQDXV+RO]YHUZHQGHQZHQQVLFK

PHWDOOLVFKH*HJHQVWlQGHLQGHU6FKXEODGHDXIJUXQGGHU/XIWXP

ZlO]XQJEHLGHU%HOIWXQJGHV.RFKIHOGHVHUZlUPHQRGHUZHQQ

NOHLQH VSLW]H PHWDOOLVFKH *HJHQVWlQGH ZLH EHLVSLHOVZHLVH )OHLVFK

VSLHHLQGLHVHU6FKXEODGHDXIEHZDKUWZHUGHQ $EELOGXQJ 

'DV.RFKIHOGLVWDQGHU8QWHUVHLWHPLWHLQHP9HQWLODWRUDXVJHVWDW

WHW2KQH=ZLVFKHQERGHQGUIHQLQGHU6FKXEODGHNHLQHNOHLQHQ

RGHU VSLW]HQ *HJHQVWlQGH 3DSLHU RGHU .FKHQWFKHU DXIEHZDKUW

ZHUGHQ(VN|QQWHGLH.KOXQJEHHLQWUlFKWLJWRGHUGDV*HEOlVH

GXUFK$QVDXJHQEHVFKlGLJWZHUGHQ=ZLVFKHQGHP,QKDOWGHU

6FKXEODGHXQGGHP*HEOlVH(LQJDQJPXVVHLQ0LQGHVWDEVWDQG

YRQ FPHLQJHKDOWHQZHUGHQ

0RQWDJHEHUHLQHP%DFNRIHQ$EELOGXQJE

$EODJH0XVVEHUHLQH0LQGHVWGLFNHYRQ  PPYHUIJHQ

+LQZHLV 6FKODJHQ 6LH LQ GHU 0RQWDJHDQOHLWXQJ IU GHQ %DFNRIHQ

QDFKIDOOVGHU$EVWDQG]ZLVFKHQ.RFKIHOGXQG%DFNRIHQYHUJU|

HUWZHUGHQPXVV

%HOIWXQJ'HU$EVWDQG]ZLVFKHQ%DFNRIHQXQG.RFKIHOGPXVV

PLQGHVWHQVPPEHWUDJHQ

+LQZHLV :LUGGDV.RFKIHOGEHUHLQHP%DFNRIHQHLQHUDQGHUHQ

0DUNHHLQJHEDXWLVWHLQ=ZLVFKHQERGHQDXV+RO]]XYHUZHQGHQ

$EELOGXQJ

*HEOlVH$EELOGXQJ 

8PHLQHNRUUHNWH)XQNWLRQVZHLVHGHV*HUlWV]XJDUDQWLHUHQ

PXVVGDV.RFKIHOGDQJHPHVVHQEHOIWHWZHUGHQ

'DGLH/IWXQJLPXQWHUHQ%HUHLFKGHV*HUlWVHLQHDXVUHLFKHQGH

)ULVFKOXIW]XIXKUEHQ|WLJWPVVHQGLH0|EHOHQWVSUHFKHQGDXVJH

OHJWVHLQ+LHU]XZLUG)ROJHQGHVEHQ|WLJW

■ HLQ 0LQGHVWDEVWDQG ]ZLVFKHQ GHU 5FNVHLWH GHV 0|EHOV XQG GHU

.FKHQZDQG XQG ]ZLVFKHQ GHU 2EHUIOlFKH GHU $UEHLWVSODWWH XQG

GHPREHUHQ%HUHLFKGHU6FKXEODGH $EELOGXQJ D

■ HLQHgIIQXQJREHQDQGHU5FNVHLWHGHV0|EHOV

$EELOGXQJ E

■ )DOOVGHU0LQGHVWDEVWDQGYRQ PPDQGHU5FNVHLWHGHV

0|EHOVQLFKWJHJHEHQLVWPXVVDQGHU8QWHUVHLWHHLQHgIIQXQJ

DQJHOHJWZHUGHQ $EELOGXQJ F

+LQZHLVH

■ :HQQGDV*HUlWLQHLQHU.RFKLQVHORGHUDQHLQHPDQGHUHQ

QLFKW EHVFKULHEHQHQ 3ODW] HLQJHEDXW ZLUG LVW HLQH DQJHPHVVHQH

%HOIWXQJGHV.RFKIHOGVVLFKHU]XVWHOOHQ

■ 'HQXQWHUHQ6RFNHOQLFKWKHUPHWLVFKDEVFKOLHHQ

*HUlWHLQEDXHQ$EELOGXQJHQ 

+LQZHLV =XP(LQEDXHQGHV.RFKIHOGHV6FKXW]KDQGVFKXKHYHU

ZHQGHQ'LHQLFKWVLFKWEDUHQ)OlFKHQN|QQHQVFKDUIH.DQWHQDXI

ZHLVHQ

%HL*HUlWHQRKQHYRULQVWDOOLHUWHV.DEHOGDV1HW]NDEHOLQGLH

$QVFKOXVVGRVHHLQIKUHQ

 'DV .RFKIHOG XPGUHKHQ XQG DXI GHP %RGHQ GHU 9HUSDFNXQJ HL

QHP 7XFK RGHU HLQHU DQGHUHQ 2EHUIOlFKH DEOHJHQ XP .UDW]HU ]X

YHUPHLGHQ

 'HQ 'HFNHO GHU $QVFKOXVVGRVH PLWKLOIH HLQHV 6FKUDXEHQ]LHKHUV

DQKHEHQ $EELOGXQJ 

 'LH%HIHVWLJXQJVVFKUDXEHO|VHQXQGGLH6FKODXFKVFKHOOHPLWKLO

IHHLQHV6FKUDXEHQ]LHKHUVDQKHEHQ $EELOGXQJ

 1XUJHPl$EELOGXQJDQGHU$QVFKOXVVGRVHDQVFKOLHHQ

$EELOGXQJ 

%1%UDXQ

%8%ODX

*1<(*HOEXQG*UQ

%.6FKZDU]

*<*UDX

+LQZHLVH

■ :HQQ GHU $QVFKOXVV JHPl GHP $QVFKOXVVGLDJUDPP /1a

YRUJHQRPPHQZLUGLVWGLH$QRUGQXQJGHU%UFNHQGHP'LD

JUDPPHQWVSUHFKHQG]XlQGHUQ

■ 'DUDXIDFKWHQGDVVQDFKGHP$QVFKOXVVGHU.DEHOGLH

6FKUDXEHQDQGHU$QVFKOXVVGRVHIHVWJH]RJHQVLQG



 'DV1HW]NDEHOPLWGHU6FKODXFKVFKHOOHEHIHVWLJHQXQGGLH%H

IHVWLJXQJVVFKUDXEHDQ]LHKHQ $EELOGXQJ D

 'HQ'HFNHOGHU$QVFKOXVVGRVHVFKOLHHQ

+LQZHLV 'LH.DEHOLPPLWWOHUHQ%HUHLFKGHU$QVFKOXVVGRVHDQ

RUGQHQXPGHQ9HUVFKOXVV]XHUOHLFKWHUQ

 :HQQ GDV 1HW]NDEHO PLW GHU 6FKXEODGH LQWHUIHULHUW GDV .DEHO PLW

GHP EHLJHIJWHQ .DEHOELQGHU DQ GHU 8QWHUVHLWH GHV .RFKIHOGHV

EHIHVWLJHQ $EELOGXQJ E

+LQZHLV )DOOVHLQOlQJHUHV.DEHOEHQ|WLJWZLUGGHQ.XQGHQ

GLHQVWNRQWDNWLHUHQ

.RFKIHOGHLQVHW]HQ$EELOGXQJ 

 'DV*HUlWJOHLFKPlLJLQGLH1LVFKHHLQVFKLHEHQ

² 1HW]NDEHOQLFKWHLQNOHPPHQXQGQLFKWEHUVFKDUIH.DQWHQ

IKUHQ%HLXQWHUJHEDXWHP%DFNRIHQ/HLWXQJDQGHQKLQWHUHQ

(FNHQGHV%DFNRIHQV]XU$QVFKOXVVGRVHIKUHQ'LH/HLWXQJ

PXVVVRLQVWDOOLHUWZHUGHQGDVVVLHNHLQHKHLHQ6WHOOHQGHV

.RFKIHOGVRGHUGHV%DFNRIHQVEHUKUW

² %HLJHIOLHVWHQ$UEHLWVSODWWHQ)OLHVHQIXJHQPLW6LOLNRQNDXW

VFKXNDEGLFKWHQ

 'DUDXI DFKWHQ GDVV GDV .RFKIHOG DXI GHUVHOEHQ +|KH ZLH GLH $U

EHLWVSODWWHLVW

 9RUGHP9HUVLHJHOQGHU'LFKWXQJHQHLQHQHQWVSUHFKHQGHQ

)XQNWLRQVWHVWGXUFKIKUHQ

'HQ6SDOWULQJVXPPLWJHHLJQHWHPKLW]HEHVWlQGLJHP6LOLNRQ

YHUVLHJHOQ ] % 1RYDVLO



6 2WWRVHDO



6 'LH 'LFKWXQJ PLW

GHPYRP+HUVWHOOHUHPSIRKOHQHQ:HUN]HXJJOlWWHQ+HUVWHOOHU

KLQZHLVH]XP6LOLNRQEHDFKWHQ'DV*HUlWHUVWLQ%HWULHEQHK

PHQZHQQGDV6LOLNRQYROOVWlQGLJJHWURFNQHWLVWPLQGHVWHQV

 6WXQGHQMHQDFK8PJHEXQJVWHPSHUDWXU

(LQJHHLJQHWHV6LOLNRQNDQQEHUXQVHUHQ.XQGHQGLHQVWEH]R

JHQZHUGHQ

$FKWXQJ

'XUFK GLH 9HUZHQGXQJ YRQ XQJHHLJQHWHP 6LOLNRQ N|QQHQ GDXHU

KDIWH)DUEYHUlQGHUXQJHQDXI$UEHLWVSODWWHQDXV1DWXUPDUPRU

HQWVWHKHQ

*HUlWDQVFKOLHHQ$EELOGXQJ

■ 6SDQQXQJ6LHKH7\SHQVFKLOG

■ 1XUJHPl$QVFKOXVVGLDJUDPPDQVFKOLHHQ

%1%UDXQ

%8%ODX

*1<(*HOEXQG*UQ

%.6FKZDU]

*<*UDX

■ -HQDFK$QVFKOXVVDUWPXVVHYHQWXHOOGLH$QRUGQXQJGHUYRP

:HUNJHOLHIHUWHQ.OHPPHQYHUlQGHUWZHUGHQ'DIUPVVHQ

HYHQWXHOOGLH.OHPPHQJHNU]WXQGGLH,VROLHUXQJHQWIHUQWZHU

GHQXPHLQH.OHPPHHLQ]XVHW]HQGLH]ZHL.DEHOYHUELQGHW

+LQZHLV hEHUSUIHQGHU%HWULHEVEHUHLWVFKDIW(UVFKHLQWLQGHU

$Q]HLJHGHV*HUlWHV

—…‹‹ “‹†‚„ RGHU “LVWHVQLFKWULFKWLJ

DQJHVFKORVVHQ'DV*HUlWYRQGHU6WURPYHUVRUJXQJWUHQQHQXQG

GHQ$QVFKOXVVGHV6WURPNDEHOVEHUSUIHQ

*HUlWDXVEDXHQ

'DV*HUlWYRP6WURPQHW]QHKPHQ

'LH 6LOLNRQGLFKWXQJ XP GDV .RFKIHOG KHUXP PLW HLQHP JHHLJQHWHQ

:HUN]HXJHQWIHUQHQ

'DV.RFKIHOGGXUFK'UXFNYRQXQWHQKHUDXVQHKPHQ

$FKWXQJ

*HUlWHVFKlGHQ1LFKWYHUVXFKHQGDV*HUlWYRQREHQKHUDXV]X

QHKPHQ

,QVWDOODWLRQLQVWUXFWLRQV

,PSRUWDQWQRWHV

6DIHW\ 6DIHW\ LQ XVH LV RQO\ JXDUDQWHHG LI WKH WHFKQLFDO LQVWDOODWLRQ

RIWKHKREKDVEHHQFDUULHGRXWFRUUHFWO\DQGLQDFFRUGDQFHZLWK

WKHDVVHPEO\LQVWUXFWLRQV7KHLQVWDOODWLRQWHFKQLFLDQVKDOOEH

OLDEOHIRUDQ\GDPDJHFDXVHGDVDUHVXOWRIXQVXLWDEOHLQVWDOODWLRQ

2QFHWKHDSSOLDQFHLVLQVWDOOHGPDNHVXUHWKDWWKHXVHUFDQQRW

DFFHVVWKHHOHFWULFDOFRPSRQHQWV

7KLVDSSOLDQFHLVRQO\SHUPLWWHGIRUXVHDWKHLJKWVXSWR

PHWUHV

: :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

(OHFWULF FRQQHFWLRQ 2QO\ E\ DQ DXWKRULVHG VSHFLDOLVW WHFKQLFLDQ

7KHJXLGHOLQHVVHWRXWE\WKHORFDOHOHFWULFLW\SURYLGHUPXVWEH

REVHUYHG

7KHDSSOLDQFHPXVWEHFRQQHFWHGWRDIL[HGLQVWDOODWLRQDQG

DSSURSULDWHLVRODWLQJVZLWFKHVPXVWEHVHWXSLQDFFRUGDQFHZLWK

WKHLQVWDOODWLRQLQVWUXFWLRQV

7\SHRIFRQQHFWLRQ7KHDSSOLDQFHIDOOVXQGHUSURWHFWLRQFODVV ,

DQGFDQRQO\EHXVHGLQFRPELQDWLRQZLWKDJURXQGLQJFRQGXFWRU

FRQQHFWLRQ

7KHPDQXIDFWXUHUDFFHSWVQRUHVSRQVLELOLW\IRUDQ\PDOIXQFWLRQRU

GDPDJHFDXVHGE\LQFRUUHFWHOHFWULFDOLQVWDOODWLRQV

0DLQVFDEOH 7KHPDLQVFDEOHPXVWRQO\EHLQVWDOOHGE\D

TXDOLILHGSURIHVVLRQDORUE\DWUDLQHGDIWHUVDOHVHQJLQHHU7KH

UHTXLUHGFRQQHFWLRQGDWDLVORFDWHGRQWKHUDWLQJSODWHDQGLQWKH

FLUFXLWGLDJUDPV

,QVWDOODWLRQEHORZWKHZRUNWRS7KHLQGXFWLRQKREFDQRQO\EH

LQVWDOOHGDERYHDVHWRIGUDZHUVRUDIDQYHQWLODWHGRYHQ

5HIULJHUDWRUV GLVKZDVKHUV ZDVKLQJ PDFKLQHV RU RYHQV ZLWKRXW D

YHQWLODWLRQV\VWHPFDQQRWEHLQVWDOOHGEHORZWKHKRE

([WUDFWLRQFKLPQH\7KHFOHDUDQFHEHWZHHQWKHH[WUDFWLRQ

FKLPQH\DQGWKHKREPXVWDWOHDVWPDWFKWKHFOHDUDQFHVSHFLILHG

IRUWKHH[WUDFWLRQFKLPQH\LQWKHLQVWDOODWLRQLQVWUXFWLRQV

+REIODWKRUL]RQWDOVWDEOH)ROORZWKHKREPDQXIDFWXUHUV

LQVWUXFWLRQV

7KHDSSOLDQFHFDQEHLQVWDOOHGLQWKHIROORZLQJKHDWDQGZDWHU

UHVLVWDQWZRUNVXUIDFHV

■ :RUNVXUIDFHVPDGHIURPPDUEOHQDWXUDOVWRQH

■ 6\QWKHWLFZRUNVXUIDFHV

■ 6ROLGZRRGZRUNVXUIDFHV2QO\LQDJUHHPHQWZLWKWKH

PDQXIDFWXUHURIWKHZRUNVXUIDFHVHDOHGFXWWLQJHGJHV

■ ,QVWDOOLQJRWKHUW\SHVRIZRUNVXUIDFHV2QO\LQDJUHHPHQWZLWK

WKHPDQXIDFWXUHURIWKHZRUNWRS

,IWKHWKLFNQHVVRIWKHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGGRHV

QRWFRPSO\ZLWKWKHVSHFLILFDWLRQVUHLQIRUFHWKHZRUNWRSXVLQJD

ILUHDQGZDWHUUHVLVWDQWPDWHULDOXQWLOLWUHDFKHVWKHPLQLPXP

WKLFNQHVV2WKHUZLVHVXIILFLHQWVWDELOLW\FDQQRWEHJXDUDQWHHG

■ 7KHZRUNWRSLQWRZKLFKWKHKRELVLQVWDOOHGVKRXOGZLWKVWDQG

ORDGVRIDSSUR[ NJ

■ 2QO\FKHFNWKHHYHQQHVVRIWKHKREDIWHULWKDVEHHQLQVWDOOHG

1RWHV

■ 7ROHYHOWKHDSSOLDQFHGRQRWXVHFRQQHFWLQJSLHFHVDW

LQGLYLGXDOSRLQWV

■ $GMXVWPHQWVWRWKHZRUNVXUIDFHPXVWEHFDUULHGRXWE\D

VSHFLDOLVWVHUYLFHSURYLGHULQDFFRUGDQFHZLWKWKHLQVWDOODWLRQ

GLDJUDP7KHFXWWLQJHGJHPXVWEHFOHDQDQGSUHFLVHEHFDXVH

WKH HGJH LV YLVLEOH RQ WKH VXUIDFH &OHDQ WKH FXWWLQJ HGJHV ZLWK D

VXLWDEOHFOHDQLQJDJHQWDQGGHJUHDVHWKHP

:DUUDQW\DQXQVXLWDEOHLQVWDOODWLRQFRQQHFWLRQRUDVVHPEO\ZLOO

LQYDOLGDWHWKHSURGXFWZDUUDQW\

1RWH $Q\FKDQJHWRWKHDSSOLDQFHVLQWHULRULQFOXGLQJFKDQJLQJ

WKHSRZHUFDEOHPXVWRQO\EHSHUIRUPHGE\VSHFLDOO\WUDLQHG

PHPEHUVRIWKH7HFKQLFDO$VVLVWDQFH6HUYLFH

3UHSDULQJWKHFXSERDUGILJXUH 

%XLOWLQNLWFKHQXQLWV0LQLPXPWHPSHUDWXUHUHVLVWDQFHRI&

*DS5HPRYHDQ\VKDYLQJVDIWHUSHUIRUPLQJFXWWLQJZRUN

&XWVXUIDFHV6HDOZLWKKHDWUHVLVWDQWPDWHULDO

$VVHPEO\RYHUGUDZHUILJXUH D

+REPXVWKDYHDPLQLPXPWKLFNQHVVRI PP

7KH GLVWDQFH EHWZHHQ WKH WRS RI WKH KRE DQG WKH WRS RI WKH GUDZHU

PXVWEH PP

1RWH 8VHDZRRGHQLQWHUPHGLDWHERWWRPLIPHWDOLWHPVLQWKH

GUDZHU UHDFK KLJK WHPSHUDWXUHV GXH WR WKH KRW DLU FLUFXODWHV ZKHQ

WKHKRELVYHQWLODWHGRULQFDVHWKDWVPDOOSRLQWHGPHWDOREMHFWV

VXFKDVVNHZHUVDUHXVHGWREHVWRUHGLQWKDWGUDZHU ILJXUH 

7KHUHLVDIDQRQWKHXQGHUVLGHRIWKHKRE,IQRLQWHUPHGLDWH

ERWWRPLVILWWHGVPDOORUSRLQWHGREMHFWVSDSHUDQGNLWFKHQFORWKV

PXVWQRWEHVWRUHGLQWKHGUDZHU6WRULQJWKHVHLWHPVLQWKHGUDZHU

PD\KLQGHUFRROLQJRUGDPDJHWKHIDQE\EHLQJVXFNHGXSLQWRLW

7KHUHPXVWEHDFOHDUDQFHRIDWOHDVW FPEHWZHHQWKHFRQWHQWV

RIWKHGUDZHUDQGWKHIDQHQWU\SRLQW

$VVHPEO\RYHURYHQILJXUHE

+REPXVWKDYHDPLQLPXPWKLFNQHVVRI  PP

1RWH ,IWKHGLVWDQFHEHWZHHQWKHKREDQGRYHQPXVWEH

LQFUHDVHGUHIHUWRWKHLQVWDOODWLRQLQVWUXFWLRQVIRUWKHRYHQ

9HQWLODWLRQ 7KH GLVWDQFH EHWZHHQ WKH RYHQ DQG WKH KRE PXVW EH DW

OHDVWPP



1RWH $ZRRGHQVHSDUDWLRQERDUGPXVWEHXVHGLIWKHKRELV

LQVWDOOHGDERYHDQRYHQPDGHE\DGLIIHUHQWPDQXIDFWXUHU

ILJ

9HQWLODWLRQILJXUH 

7RJXDUDQWHHWKDWWKHDSSOLDQFHZRUNVFRUUHFWO\WKHKREPXVWEH

VXIILFLHQWO\YHQWLODWHG

6LQFH WKH YHQWLODWLRQ LQ WKH ORZHU VHFWLRQ RI WKH DSSOLDQFH UHTXLUHV

DVXIILFLHQWVXSSO\RIIUHVKDLUWKHFXSERDUGVPXVWEHGHVLJQHG

DFFRUGLQJO\7KHIROORZLQJLVUHTXLUHGIRUWKLV

■ $ PLQLPXP FOHDUDQFH EHWZHHQ WKH UHDU RI WKH FXSERDUG DQG WKH

NLWFKHQZDOODQGEHWZHHQWKHVXUIDFHRIWKHZRUNWRSDQGWKH

XSSHUDUHDRIWKHGUDZHU ILJXUH D

■ $QRSHQLQJDWWKHWRSWRWKHUHDURIWKHFXSERDUG )LJXUH E

■ ,I WKH PLQLPXP FOHDUDQFH RI  PP LV QRW SURYLGHG DW WKH UHDU RI

WKHFXSERDUG\RXPXVWFUHDWHDQRSHQLQJRQWKHXQGHUVLGH

ILJXUH F

1RWHV

■ ,IWKHDSSOLDQFHLVLQVWDOOHGLQDQLVODQGXQLWRULQDQRWKHUORFDWLRQ

WKDWLVQRWGHVFULEHGKHUHDSSURSULDWHYHQWLODWLRQRIWKHKRE

PXVWEHJXDUDQWHHG

■ 'RQRWKHUPHWLFDOO\VHDOWKHORZHUEDVH

,QVWDOOLQJWKHDSSOLDQFHILJXUHV 

1RWH :HDUSURWHFWLYHJORYHVWRILWWKHKRE7KHQRQYLVLEOH

VXUIDFHVPD\KDYHVKDUSHGJHV

2Q DSSOLDQFHV WKDW GR QRW KDYH D SUHLQVWDOOHG FDEOH LQVHUW WKH

PDLQVFDEOHLQWRWKHVRFNHW

 7XUQ WKH KRE RYHU DQG SXW LW GRZQ RQ WKH EDVH RI WKH SDFNDJLQJ

DFORWKRUDQRWKHUVXUIDFHLQRUGHUWRSUHYHQWVFUDWFKHV

 8VHDVFUHZGULYHUWROLIWXSWKHVRFNHWVFRYHU ILJXUH 

 8QGRWKHPRXQWLQJVFUHZDQGXVHDVFUHZGULYHUWROLIWWKHKRVH

FODPS ILJXUH 

 2QO\FRQQHFWDVVKRZQLQWKHGLDJUDPRQWKHVRFNHW ILJXUH 

%1%URZQ

%8%OXH

*1<(<HOORZDQGJUHHQ

%.%ODFN

*<*UH\

1RWHV

■ ,IWKHFRQQHFWLRQKDVEHHQPDGHLQDFFRUGDQFHZLWK

FRQQHFWLRQGLDJUDP/1a\RXPXVWFKDQJHWKH

FRQILJXUDWLRQRIWKHEULGJHVLQDFFRUGDQFHZLWKWKHGLDJUDP

■ (QVXUHWKDWWKHVFUHZVDUHVFUHZHGLQWLJKWO\RQWKHVRFNHW

DIWHUWKHFDEOHVKDYHEHHQFRQQHFWHG

 8VHWKHKRVHFODPSWRVHFXUHWKHPDLQVFDEOHDQGWLJKWHQWKH

VHFXULQJVFUHZ ILJXUH D

 &ORVHWKHFRYHURQWKHVRFNHW

1RWH $UUDQJH WKH FDEOHV LQ WKH FHQWUDO DUHD RI WKH PDLQV VRFNHW

LQRUGHUWRIDFLOLWDWHWKHIDVWHQLQJ

 ,I WKH PDLQV FDEOH JHWV LQ WKH ZD\ RI WKH GUDZHU XVH WKH HQFORVHG

FDEOHWLHVWRVHFXUHWKHFDEOHWRWKHXQGHUVLGHRIWKHKRE

ILJXUH E

1RWH )RUDORQJHUFDEOH\RXPXVWFRQWDFWDIWHUVDOHVVHUYLFH

,QVWDOOLQJWKHKREILJXUH 

 3XVKWKHDSSOLDQFHHYHQO\LQWRWKHUHFHVV

² 'RQRWWUDSWKHPDLQVFDEOHDQGGRQRWURXWHLWRYHUVKDUS

HGJHV ,I WKH RYHQ LV D EXLOWXQGHU W\SH URXWH WKH FDEOH RQ WKH

UHDUFRUQHUVRIWKHRYHQWRWKHVRFNHW7KHOLQHPXVWEH

LQVWDOOHGLQVXFKDZD\WKDWLWGRHVQRWFRPHLQWRFRQWDFWZLWK

DQ\KRWVHFWLRQVRIWKHKRERUWKHRYHQ

² )RU WLOHG ZRUN VXUIDFHV 6HDO WKH WLOH MRLQWV ZLWK VLOLFRQH UXEEHU

 (QVXUHWKDWWKHKRELVDWWKHVDPHKHLJKWDVWKHZRUNWRS

 %HIRUHVHDOLQJWKHVHDOVFDUU\RXWDVXLWDEOHIXQFWLRQ

FKHFN

6HDODOODURXQGWKHJDSXVLQJVXLWDEOHKHDWUHVLVWDQWVLOLFRQH

HJ 1RYDVLO



62WWRVHDO



68VHWKHWRROWKDWLV

UHFRPPHQGHG E\ WKH PDQXIDFWXUHU WR VPRRWK WKH VHDO 2EVHUYH

WKHPDQXIDFWXUHUVLQVWUXFWLRQVUHJDUGLQJVLOLFRQH2QO\RSHUDWH

WKHDSSOLDQFHRQFHWKHVLOLFRQHKDVGULHGFRPSOHWHO\DWOHDVW

 KRXUVGHSHQGLQJRQWKHDPELHQWWHPSHUDWXUH

6XLWDEOHVLOLFRQHLVDYDLODEOHIURPRXUDIWHUVDOHVVHUYLFH

&DXWLRQ

8VLQJ XQVXLWDEOH VLOLFRQH PD\ UHVXOW LQ SHUPDQHQW GLVFRORXUDWLRQ

RIQDWXUDOPDUEOHZRUNVXUIDFHV

&RQQHFWLQJWKHDSSOLDQFHILJXUH

■ 9ROWDJH6HHWKHUDWLQJSODWH

■ 2QO\FRQQHFWDVVKRZQLQWKHFLUFXLWGLDJUDP

%1%URZQ

%8%OXH

*1<(<HOORZDQGJUHHQ

%.%ODFN

*<*UH\

■ 'HSHQGLQJRQWKHW\SHRIFRQQHFWLRQWKHDUUDQJHPHQWRIWKH

FODPSVVXSSOLHGE\WKHIDFWRU\PD\QHHGWREHFKDQJHG)RU

WKLVWKHFODPSVPD\KDYHWREHVKRUWHQHGDQGWKHLQVXODWLRQ

PD\ KDYH WR EH UHPRYHG LQ RUGHU WR LQVHUW D FODPS WKDW FRQQHFWV

WKHWZRFDEOHV

1RWH &KHFNWKDWWKHDSSOLDQFHLVUHDG\IRURSHUDWLRQ,I

—…‹‹

“‹†‚„ RU “ DSSHDUV RQ WKH DSSOLDQFHV GLVSOD\ WKH DSSOLDQFH LV

QRWFRQQHFWHGFRUUHFWO\'LVFRQQHFWLWIURPWKHSRZHUVXSSO\DQG

FKHFNWKHSRZHUFRUGFRQQHFWLRQ

5HPRYLQJWKHDSSOLDQFH

'LVFRQQHFWWKHDSSOLDQFHIURPWKHSRZHUVXSSO\

8VHDVXLWDEOHWRROWRUHPRYHWKHVLOLFRQHVHDOIURPDURXQGWKH

KRE

3UHVVRQWKHKREWRUHPRYHLWIURPEHORZ

&DXWLRQ

'DPDJH WR WKH DSSOLDQFH 'R QRW DWWHPSW WR UHPRYH WKH DSSOLDQFH

IURPDERYH

1RWLFHGHPRQWDJH

5HPDUTXHVLPSRUWDQWHV

6pFXULWp ODVpFXULWpSHQGDQWOXWLOLVDWLRQQHVWJDUDQWLHTXHVL

OLQVWDOODWLRQDpWpHIIHFWXpHGHPDQLqUHFRUUHFWHGXSRLQWGHYXH

WHFKQLTXHHWFRQIRUPpPHQWjFHVLQVWUXFWLRQVGHPRQWDJH

/LQVWDOODWHXU VHUD UHVSRQVDEOH GH WRXW GRPPDJH SURYRTXp SDU XQ

PRQWDJHLQFRUUHFW

$SUqVOLQVWDOODWLRQDVVXUH]YRXVTXHOXWLOLVDWHXUQDDXFXQDFFqV

DX[SLqFHVpOHFWULTXHV

&HWDSSDUHLOSHXWrWUHXWLOLVpjGHVKDXWHXUVDOODQWMXVTXj

  PqWUHV

: 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

&RQQH[LRQpOHFWULTXH QHSHXWrWUHHIIHFWXpHTXHSDUXQ

VSpFLDOLVWHDXWRULVp,OGHYUDVXLYUHOHVGLVSRVLWLRQVGXIRXUQLVVHXU

GpOHFWULFLWpGDQVOD]RQH

/DSSDUHLOGRLWrWUHUDFFRUGpjXQHLQVWDOODWLRQIL[HHWGHV

VHFWLRQQHXUVFRUUHVSRQGDQWVGRLYHQWDYRLUpWpLQVWDOOpV

FRQIRUPpPHQWDX[SUHVFULSWLRQVGLQVWDOODWLRQ

7\SHGHEUDQFKHPHQW ODSSDUHLOIDLWSDUWLHGHODFODVVHGH

SURWHFWLRQ ,HWQHSHXWrWUHXWLOLVpTXDYHFXQHSULVHSRVVpGDQWXQ

FRQGXFWHXUGHSULVHGHWHUUH

/HIDEULFDQWVHGpJDJHGHWRXWHUHVSRQVDELOLWpTXDQWDX

IRQFWLRQQHPHQWLQDSSURSULpHWDX[SRVVLEOHVGRPPDJHV

SURYRTXpVSDUGHVLQVWDOODWLRQVpOHFWULTXHVQRQDSSURSULpHV

&kEOHVHFWHXU  OHFkEOHVHFWHXUGRLWXQLTXHPHQWrWUHLQVWDOOpSDU

XQSHUVRQQHODXWRULVpRXSDUXQWHFKQLFLHQTXDOLILpGXVHUYLFH

DSUqVYHQWH/HVYDOHXUVGHUDFFRUGHPHQWUHTXLVHVVHWURXYHQW

VXUODSODTXHVLJQDOpWLTXHHWVXUOHVVFKpPDVGHFRQQH[LRQ

,QVWDOODWLRQVRXVXQSODQGHWUDYDLO ODWDEOHGHFXLVVRQj

LQGXFWLRQ SHXW XQLTXHPHQW rWUH LQVWDOOpH DXGHVVXV GH WLURLUV RX GH

IRXUVjYHQWLODWLRQIRUFpH,OQHVWSDVSRVVLEOHGHPRQWHUXQ

UpIULJpUDWHXUXQODYHYDLVVHOOHXQIRXUVDQVYHQWLODWLRQQLXQODYH

OLQJHVRXVODWDEOHGHFXLVVRQ

+RWWH ODGLVWDQFHHQWUHODKRWWHHWODWDEOHGHFXLVVRQGRLWDX

PLQLPXPFRUUHVSRQGUHjODGLVWDQFHLQGLTXpHSRXUODKRWWHGDQV

OHVLQVWUXFWLRQVGHPRQWDJH

3ODQGHWUDYDLO SODWKRUL]RQWDOVWDEOH5HVSHFWH]OHV

LQVWUXFWLRQVGXIDEULFDQWGXSODQGHWUDYDLO

/DSSDUHLOSHXWrWUHPRQWpGDQVOHVSODQVGHWUDYDLOUpIUDFWDLUHVHW

LPSHUPpDEOHVVXLYDQWV 

■ 3ODQVGHWUDYDLOHQPDUEUHSLHUUHQDWXUHOOH

■ 3ODQVGHWUDYDLOV\QWKpWLTXHV

■ 3ODQVGHWUDYDLOHQERLVPDVVLI XQLTXHPHQWHQDFFRUGDYHFOH

IDEULFDQWGXSODQGHWUDYDLODUrWHVGHFRXSHVQHWWHVVDQV

HIILORFKXUHV



■ 0RQWDJHGDXWUHVW\SHVGHSODQVGHWUDYDLO XQLTXHPHQWHQ

DFFRUGDYHFOHIDEULFDQWGXSODQGHWUDYDLO

6L OpSDLVVHXU GX SODQ GH WUDYDLO PRQWp GDQV OD WDEOH GH FXLVVRQ QH

FRUUHVSRQGSDVDX[LQGLFDWLRQVUHQIRUFHUOHSODQGHWUDYDLODYHF

XQPDWpULDXLPSHUPpDEOHHWUpIUDFWDLUHMXVTXjDWWHLQGUH

OpSDLVVHXUPLQLPDOHUHTXLVH6LQRQDXFXQHVWDELOLWpVXIILVDQWH

QHVWJDUDQWLH

■ /HSODQGHWUDYDLOTXLHVWPRQWpGDQVODWDEOHGHFXLVVRQGRLW

SRXYRLUVXSSRUWHUHQY NJ

■ 9pULILHUODSODQpLWpGHODWDEOHGHFXLVVRQXQHIRLVTXHOOHHVW

PRQWpH

5HPDUTXHV

■ 3RXUDOLJQHUODSSDUHLOQHSDVXWLOLVHUGHVXSSRUWVjGHVSRLQWV

LQGLYLGXHOV

■ /HVPRGLILFDWLRQVGHODVXUIDFHGHWUDYDLOGRLYHQWrWUHUpDOLVpHV

SDUXQIRXUQLVVHXUVSpFLDOLVpVHORQOHFURTXLVGLQVWDOODWLRQ

/DUrWHGHFRXSHGRLWrWUHSURSUHHWSUpFLVHFDUOHERUGHVW

YLVLEOH VXU OD VXUIDFH 1HWWR\HU HW GpJUDLVVHU OHV DUrWHV GH FRXSH

jODLGHGXQGpWHUJHQWDGDSWp

*DUDQWLH  XQH PDXYDLVH LQVWDOODWLRQ XQ PDXYDLV EUDQFKHPHQW RX

XQ PRQWDJH LQDGDSWp SHXYHQW FRQGXLUH j OD SHUWH GH YDOLGLWp GH OD

JDUDQWLHGXSURGXLW

5HPDUTXH  7RXWHPDQLSXODWLRQjOLQWpULHXUGHODSSDUHLO\

FRPSULVOHUHPSODFHPHQWGXFkEOHGDOLPHQWDWLRQGHYUDrWUH

HIIHFWXpHSDUGXSHUVRQQHOWHFKQLTXHGXVHUYLFHGDVVLVWDQFH

WHFKQLTXHD\DQWUHoXXQHIRUPDWLRQVSpFLILTXH

3UpSDUDWLRQGHVPHXEOHVILJXUH 

0HXEOHV HQFDVWUpV  FDSDEOHV GH UpVLVWHU j XQH WHPSpUDWXUH GDX

PRLQV &

&UHX[GHQFDVWUHPHQW UHWLUHUOHVFRSHDX[GXVjODGpFRXSH

6XUIDFHV GH GpFRXSH  VFHOOHU j ODLGH GXQ PDWpULDX UpVLVWDQW j OD

FKDOHXU

0RQWDJHVXUWLURLUVFKpPD D

3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH PP

/D GLVWDQFH HQWUH OD SDUWLH VXSpULHXUH GX SODQ GH WUDYDLO HW OD SDUWLH

VXSpULHXUHGXWLURLUGRLWrWUHGH PP

5HPDUTXH  8WLOLVH]XQIRQGGHVpSDUDWLRQHQERLVVLOHWLURLU

FRQWLHQWGHVREMHWVPpWDOOLTXHVTXLVpFKDXIIHQWjFDXVHGHOD

FLUFXODWLRQGHODLUORUVGHODYHQWLODWLRQGHODWDEOHGHFXLVVRQRX

VLOFRQWLHQWGHSHWLWVREMHWVPpWDOOLTXHVHWSRLQWXVFRPPHSDU

H[HPSOHGHVEURFKHWWHV ILJXUH 

/DWDEOHGHFXLVVRQHVWGRWpHGXQYHQWLODWHXUVRXVOHGHVVRXV

6DQVSODQFKHULQWHUPpGLDLUHYRXVQHGHYH]VWRFNHUDXFXQSHWLW

REMHW SRLQWX HQ SDSLHU QL DXFXQH VHUYLHWWH HQ SDSLHU &HOD SRXUUDLW

HPSrFKHUOHUHIURLGLVVHPHQWRXHQGRPPDJHUOHYHQWLODWHXUSDU

DVSLUDWLRQ(QWUHOHFRQWHQXGXWLURLUHWOHQWUpHGXYHQWLODWHXUXQH

GLVWDQFHPLQLPDOHGH FPGRLWrWUHUHVSHFWpH

0RQWDJHVXUIRXUVFKpPD E

3ODQGHWUDYDLO VRQpSDLVVHXUPLQLPXPGRLWrWUHGH  PP

5HPDUTXH  9HXLOOH]FRQVXOWHUODQRWLFHGHPRQWDJHGXIRXUVLOD

GLVWDQFHHQWUHODWDEOHGHFXLVVRQHWOHIRXUGRLWrWUHDJUDQGLH

9HQWLODWLRQ/DGLVWDQFHHQWUHOHIRXUHWODWDEOHGHFXLVVRQGRLW

rWUHGDXPRLQVPP

5HPDUTXH  6LODWDEOHGHFXLVVRQHVWLQVWDOOpHDXGHVVXVGXQ

IRXUGXQHDXWUHPDUTXHXQIRQGGHVpSDUDWLRQHQERLVGRLWrWUH

XWLOLVp ILJXUH

9HQWLODWLRQILJXUH 

$ILQ GH JDUDQWLU XQ IRQFWLRQQHPHQW FRUUHFW GH ODSSDUHLO OD WDEOH GH

FXLVVRQGRLWrWUHVXIILVDPPHQWYHQWLOpH

eWDQW GRQQp TXH OD YHQWLODWLRQ GDQV OD SDUWLH LQIpULHXUH GH ODSSDUHLO

UHTXLHUW XQH DPHQpH GDLU IUDLV VXIILVDQWH OHV PHXEOHV GRLYHQW rWUH

DGDSWpVHQFRQVpTXHQFH,OFRQYLHQWSRXUFHIDLUHGHSURFpGHU

FRPPHVXLW 

■ XQHGLVWDQFHPLQLPDOHHQWUHOHGRVGXPHXEOHHWOHPXUGHOD

FXLVLQHHWHQWUHODVXUIDFHGXSODQGHWUDYDLOHWODSDUWLH

VXSpULHXUHGXWLURLU ILJXUH D

■ XQHRXYHUWXUHHQKDXWjODUULqUHGXPHXEOH ILJXUH E

■ 6L OD GLVWDQFH PLQLPDOH GH  PP QHVW SDV UHVSHFWpH j ODUULqUH

GXPHXEOHXQHRXYHUWXUHGRLWrWUHFUppHDXIRQG ILJXUH F

5HPDUTXHV

■ 6LODSSDUHLOHVWPRQWpGDQVXQvORWGHFXLVVRQRXjXQDXWUH

HPSODFHPHQW QRQ GpFULW YHLOOHU j XQH YHQWLODWLRQ DGpTXDWH GH OD

WDEOHGHFXLVVRQ

■ 1HSDVIHUPHUOHVRFOHLQIpULHXUGHIDoRQKHUPpWLTXH

0RQWHUODSSDUHLOILJXUHV 

5HPDUTXH  3RXUOHQFDVWUHPHQWGHODSSDUHLOXWLOLVHUGHVJDQWV

GHSURWHFWLRQ/HVVXUIDFHVQRQYLVLEOHVSHXYHQWSUpVHQWHUGHV

DUrWHVFRXSDQWHV

(QFDVGDSSDUHLOVDQVFkEOHSUpLQVWDOOpLQWURGXLUHOHFkEOH

VHFWHXUGDQVODSULVHGHUDFFRUGHPHQW

 5HWRXUQHUODWDEOHGHFXLVVRQHWSODFHUXQFKLIIRQRXXQHDXWUH

VXUIDFHVXUOHIRQGGHOHPEDOODJHSRXUpYLWHUWRXWHUD\XUH

 6RXOHYHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQWjODLGHGXQ

WRXUQHYLV ILJXUH 

 'HVVHUUHUODYLVGHIL[DWLRQHWVRXOHYHUOHFROOLHUGHVHUUDJHj

ODLGHGXQWRXUQHYLV ILJXUH

 (IIHFWXHUOHUDFFRUGHPHQWjODSULVHGHUDFFRUGHPHQW

XQLTXHPHQWFRQIRUPpPHQWjODILJXUH ILJXUH 

%1 PDUURQ

%8 EOHX

*1<( MDXQHHWYHUW

%. QRLU

*< JULV

5HPDUTXHV

■ /RUVTXHOHUDFFRUGHPHQWHVWHIIHFWXpVHORQOHVFKpPDGH

UDFFRUGHPHQW/1aLOFRQYLHQWGHPRGLILHUODGLVSRVLWLRQ

GHVSRQWVGHIDoRQFRUUHVSRQGDQWHDXVFKpPDGH

UDFFRUGHPHQW

■ 9HLOOHU j FH TXH OHV YLV VRLHQW VROLGHPHQW IL[pHV VXU OD SULVH GH

UDFFRUGHPHQWDSUqVDYRLUUDFFRUGpOHFkEOH

 )L[HU OH FkEOH VHFWHXU DYHF OH FROOLHU GH VHUUDJH HW VHUUHU OD YLV GH

IL[DWLRQ ILJXUH D

 )HUPHUOHFKDSHDXGHODSULVHGHUDFFRUGHPHQW

5HPDUTXH  'LVSRVHUOHVFkEOHVGDQVODSDUWLHFHQWUDOHGHOD

SULVHGHUDFFRUGHPHQWDILQGHIDFLOLWHUODIHUPHWXUH

 6L OH FkEOH VHFWHXU LQWHUIqUH DYHF OH WLURLU IL[HU OH FkEOH j OD SDUWLH

LQIpULHXUHGHODWDEOHGHFXLVVRQjODLGHGXVHUUHFkEOHMRLQW

ILJXUH E

5HPDUTXH  6L YRXV DYH] EHVRLQ GXQ FkEOH SOXV ORQJ FRQWDFWHU OH

VHUYLFHDSUqVYHQWH

0RQWHUODWDEOHGHFXLVVRQILJXUH 

 (QFDVWUHUODSSDUHLOGDQVODQLFKHGHPDQLqUHXQLIRUPH

² 1HSDVFRLQFHUOHFkEOHVHFWHXUQHSDVOHWLUHUDXGHVVXV

GDUrWHVFRXSDQWHV(QFDVGHIRXULQVWDOOpHQGHVVRXVIDLUH

SDVVHUOHFkEOHDXQLYHDXGHVFRLQVDUULqUHGXIRXUMXVTXjOD

SULVH GH UDFFRUGHPHQW /H FkEOH GRLW rWUH LQVWDOOp GH PDQLqUH j

QHWRXFKHUDXFXQH]RQHFKDXGHGHODWDEOHGHFXLVVRQRXGX

IRXU

² (QFDVGHSODQGHWUDYDLOFDUUHOppWDQFKpLILHUOHVMRLQWVGX

FDUUHODJHDYHFXQMRLQWHQVLOLFRQH

 9HLOOHU j FH TXH OD WDEOH GH FXLVVRQ VRLW j OD PrPH KDXWHXU TXH OH

SODQGHWUDYDLO

 $YDQWGHVFHOOHUOHVMRLQWVLOIDXWHIIHFWXHUXQWHVW

IRQFWLRQQHOFRUUHVSRQGDQW 

6FHOOHU OLQWHUVWLFH j ODLGH GXQ VLOLFRQH UpVLVWDQW j OD FKDOHXU SDU

H[1RYDVLO



62WWRVHDO



6/LVVHUOHMRLQWDYHFORXWLO

UHFRPPDQGpSDUOHIDEULFDQW2EVHUYHUOHVFRQVLJQHVGX

IDEULFDQW SRXU OH VLOLFRQH )DLUH IRQFWLRQQHU ODSSDUHLO XQLTXHPHQW

ORUVTXHOHVLOLFRQHHVWHQWLqUHPHQWVHFDXPLQLPXP KHXUHV

DSUqVVDSRVHVHORQODWHPSpUDWXUHHQYLURQQDQWH

8QVLOLFRQHDSSURSULpSHXWrWUHDFKHWpDXSUqVGHQRWUHVHUYLFH

DSUqVYHQWH

$WWHQWLRQ

/XWLOLVDWLRQGHVLOLFRQHQRQDSSURSULpSHXWHQWUDvQHUGHV

GpFRORUDWLRQV GXUDEOHV VXU OHV SODQV GH WUDYDLO HQ PDUEUH QDWXUHO

5DFFRUGHUODSSDUHLOILJXUH

■ 3RXUODWHQVLRQ YRLUODSODTXHVLJQDOpWLTXH

■ 3URFpGHUDXUDFFRUGHPHQWXQLTXHPHQWVHORQOHVFKpPDGH

UDFFRUGHPHQW 

%1 PDUURQ

%8 EOHX

*1<( MDXQHHWYHUW

%. QRLU

*< JULV

■ 6HORQOHW\SHGHUDFFRUGHPHQWODGLVSRVLWLRQGHVERUQHV

IRXUQLHVSDUOXVLQHGRLWpYHQWXHOOHPHQWrWUHPRGLILpH3RXUFH

IDLUHLOIDXWpYHQWXHOOHPHQWUDFFRXUFLUOHVERUQHVHWHQOHYHU

OLVRODQWSRXUXWLOLVHUXQHERUQHUHOLDQWGHX[FkEOHV



5HPDUTXH  9pULILFDWLRQGHODGLVSRQLELOLWpGHVHUYLFH VL

—…‹‹

“‹†‚„ RX “DSSDUDvWGDQVODIILFKDJHGHODSSDUHLOFHGHUQLHU

QHVWSDVFRUUHFWHPHQWUDFFRUGp'pEUDQFKHUODSSDUHLOGH

ODOLPHQWDWLRQVHFWHXUHWYpULILHUFkEOHGDOLPHQWDWLRQ

'pPRQWDJHGHODSSDUHLO

'pEUDQFKHUODSSDUHLOGXVHFWHXU

5HWLUHUOHMRLQWHQVLOLFRQHWRXWDXWRXUGHODWDEOHGHFXLVVRQDYHF

XQRXWLODGpTXDW

6RUWLUODWDEOHGHFXLVVRQHQSRXVVDQWSDUGHVVRXV

$WWHQWLRQ

'RPPDJHV GH ODSSDUHLO  1H SDV HVVD\HU GH VRUWLU ODSSDUHLO SDU OH

KDXW

,VWUX]LRQLSHULOPRQWDJJLR

,QGLFD]LRQLLPSRUWDQWL

6LFXUH]]DODVLFXUH]]DGXUDQWHOXVRqJDUDQWLWDVRORVH

OLQVWDOOD]LRQHqVWDWDHIIHWWXDWDLQPRGRFRUUHWWRGDOSXQWRGLYLVWD

WHFQLFR H LQ FRQIRUPLWj FRQ OH SUHVHQWL LVWUX]LRQL SHU LO PRQWDJJLR ,

GDQQLFDXVDWLGDXQPRQWDJJLRLQDGHJXDWRVDUDQQRGL

UHVSRQVDELOLWjGHOOLQVWDOODWRUH

$VHJXLWRGHOOLQVWDOOD]LRQHDFFHUWDUVLFKHOXWLOL]]DWRUHQRQDEELD

DFFHVVRDLFRPSRQHQWLHOHWWULFL

ËFRQVHQWLWRXWLOL]]DUHTXHVWRDSSDUHFFKLRILQRDGDOWH]]HGL

 PHWUL

: 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

&ROOHJDPHQWR HOHWWULFR SXz HVVHUH HIIHWWXDWR VROR GD XQ WHFQLFR

VSHFLDOL]]DWRDXWRUL]]DWRËRSSRUWXQRULVSHWWDUHOHGLVSRVL]LRQL

GHOODVRFLHWjGLIRUQLWXUDGLHQHUJLDHOHWWULFDORFDOH

/DSSDUHFFKLRGHYHHVVHUHFROOHJDWRDXQLQVWDOOD]LRQHILVVDHLQ

FRQIRUPLWjDOOHQRUPHUHODWLYHDOOLQVWDOOD]LRQHGHYRQRHVVHUH

SUHGLVSRVWLLFRUULVSRQGHQWLVH]LRQDWRUL

7LSRGLFROOHJDPHQWRODSSDUHFFKLRDSSDUWLHQHDOODFODVVHGL

SURWH]LRQH ,HSXzHVVHUHXWLOL]]DWRHVFOXVLYDPHQWHLQ

FRPELQD]LRQH FRQ XQD FRQQHVVLRQH GRWDWD GL FRQGXWWRUH GL PHVVD

DWHUUD

,OIDEEULFDQWHQRQqUHVSRQVDELOHGHOIXQ]LRQDPHQWRLQDGHJXDWRH

GHLSRVVLELOLGDQQLFDXVDWLGDLQVWDOOD]LRQLHOHWWULFKHQRQDGHJXDWH

&DYR GL UHWH LO FDYR GL UHWH GHYH HVVHUH LQVWDOODWR HVFOXVLYDPHQWH

GDSHUVRQDOHVSHFLDOL]]DWRHDXWRUL]]DWRRGDXQWHFQLFRGHO

VHUYL]LRGLDVVLVWHQ]DFOLHQWLGHELWDPHQWHIRUPDWR,GDWLSHULO

FROOHJDPHQWRQHFHVVDULVRQRUHSHULELOLVXOODWDUJKHWWDGL

LGHQWLILFD]LRQHHQHJOLVFKHPLGLDOODFFLDPHQWR

0RQWDJJLR VRWWR LO SLDQR GL ODYRUR ,O SLDQR GL ODYRUR D LQGX]LRQH

SXzHVVHUHLQVWDOODWRVRORVXFDVVHWWLRIRUQLFRQYHQWLOD]LRQH

IRU]DWD $O GL VRWWR GHO SLDQR GL FRWWXUD QRQ SRVVRQR HVVHUH PRQWDWL

IULJRULIHULODYDVWRYLJOLHIRUQLVHQ]DVLVWHPDGLDHUD]LRQHR

ODYDWULFL

&HQWURGLDVSLUD]LRQHODGLVWDQ]DWUDLOFHQWURGLDVSLUD]LRQHHLO

SLDQRGLFRWWXUDGHYHFRUULVSRQGHUHDOPHQRDOODGLVWDQ]DLQGLFDWD

SHULOFHQWURGLDVSLUD]LRQHQHOOHLVWUX]LRQLSHULOPRQWDJJLR

3LDQRGLODYRURSLDWWRRUL]]RQWDOHHVWDELOH$WWHQHUVLDOOH

LVWUX]LRQLGHOIDEEULFDQWHGHOSLDQRGLODYRUR

/DSSDUHFFKLRSXzHVVHUHLQFDVVDWRQHLVHJXHQWLSLDQLGLODYRUR

UHIUDWWDULHUHVLVWHQWLDOODFTXD

■ SLDQLGLODYRURLQPDUPRSLHWUDQDWXUDOH

■ SLDQLGLODYRURLQPDWHULDOHVLQWHWLFR

■ SLDQLGLODYRURLQOHJQRPDVVLFFLRVRORLQDFFRUGRFRQOH

LQGLFD]LRQLIRUQLWHGDOSURGXWWRUHGHOSLDQRGLODYRURERUGLGL

WDJOLRVLJLOODWL

■ PRQWDJJLRGLDOWULWLSLGLSLDQRGLODYRURVRORLQDFFRUGRFRQOH

LQGLFD]LRQLIRUQLWHGDOSURGXWWRUHGHOSLDQRGLODYRUR

6HORVSHVVRUHGHOSLDQRGLODYRURDOOLQWHUQRGHOTXDOHYLHQH

LQFDVVDWRLOSLDQRGLFRWWXUDQRQFRUULVSRQGHDLUHTXLVLWLULFKLHVWL

ULQIRU]DUHLOSLDQRGLODYRURFRQPDWHULDOHUHIUDWWDULRHUHVLVWHQWH

DOODFTXDILQRDUDJJLXQJHUHORVSHVVRUHPLQLPRFRQVLJOLDWR,Q

FDVRFRQWUDULRQRQYLHQHJDUDQWLWDXQDVXIILFLHQWHVWDELOLWj

■ ,OSLDQRGLODYRURDOOLQWHUQRGHOTXDOHYLHQHLQFDVVDWRLOSLDQRGL

FRWWXUDGHYHHVVHUHLQJUDGRGLVRVWHQHUHFDULFKLGLFD NJ

■ &RQWUROODUH OD SODQDULWj GHO SLDQR GL FRWWXUD VROR GRSR FKH q VWDWR

LQFDVVDWR

$YYHUWHQ]H

■ 3HUOLYHOODUHODSSDUHFFKLRQRQXWLOL]]DUHVRVWHJQLLQVLQJROL

SXQWL

■ (YHQWXDOLDGDWWDPHQWLGHOODVXSHUILFLHGLODYRURGHYRQRHVVHUH

HVHJXLWLGDXQIRUQLWRUHVSHFLDOL]]DWRVHFRQGRLGLVHJQLGL

PRQWDJJLR ,O ERUGR GL WDJOLR GHYH HVVHUH SXOLWR H SUHFLVR SRLFKp

LOPDUJLQHqYLVLELOHVXOODVXSHUILFLH3XOLUHHVJUDVVDUHLERUGLGL

WDJOLRFRQXQDSSRVLWRGHWHUJHQWH

*DUDQ]LDODJDUDQ]LDGHOSURGRWWRQRQqYDOLGDVHOLQVWDOOD]LRQH

ODFRQQHVVLRQHRLOPRQWDJJLRYHQJRQRHIIHWWXDWLLQPDQLHUD

LPSURSULD

$YYHUWHQ]D 4XDOVLDVLWLSRGLPDQLSROD]LRQHDOOLQWHUQR

GHOODSSDUHFFKLR LQFOXVD OD VRVWLWX]LRQH GHO FDYR GL DOLPHQWD]LRQH

GHYH HVVHUH HIIHWWXDWD HVFOXVLYDPHQWH GD SHUVRQDOH GHO VHUYL]LR GL

DVVLVWHQ]DWHFQLFDGHELWDPHQWHIRUPDWR

3UHSDUD]LRQHGHLPRELOLILJXUD 

0RELOLDGLQFDVVRUHVLVWHQWLDXQDWHPSHUDWXUDPLQLPDGL&

)RURULPXRYHUHLWUXFLROLGRSROHRSHUD]LRQLGLWDJOLR

6XSHUILFLGLWDJOLRFKLXGHUOHHUPHWLFDPHQWHFRQPDWHULDOH

UHVLVWHQWHDOFDORUH

0RQWDJJLRVRSUDLOFDVVHWWRILJXUD D

,OSLDQRGLODYRURGHYHDYHUHXQRVSHVVRUHPLQLPRGL PP

/DGLVWDQ]DWUDODSDUWHVXSHULRUHGHOSLDQRGLODYRURHODSDUWH

VXSHULRUHGHOFDVVHWWRGHYHHVVHUHGL PP

$YYHUWHQ]D 8WLOL]]DUHXQULSLDQRLQWHUPHGLRLQOHJQRVHQHO

FDVVHWWRVLSRVVRQRVXUULVFDOGDUHRJJHWWLPHWDOOLFLDFDXVDGHO

ULFLUFRORGHOODULDGXUDQWHODHUD]LRQHGHOSLDQRFRWWXUDRVHLQ

TXHVWRFDVVHWWRYHQJRQRFRQVHUYDWLRJJHWWLPHWDOOLFLSLFFROLH

DSSXQWLWLFRPHDGHVHPSLRVWHFFKLQLSHUVSLHGLQL ILJXUD

,OSLDQRGLFRWWXUDGLVSRQHGLXQDYHQWRODSRVWDQHOODSDUWH

LQIHULRUH,QXQFDVVHWWRVHQ]DULSLDQRLQWHUPHGLRQRQGHYRQR

HVVHUHFRQVHUYDWLSLFFROLRJJHWWLDSSXQWLWLFDUWDRFDQRYDFFL

3RWUHEEHHVVHUHFRPSURPHVVRLOSURFHVVRGLUDIIUHGGDPHQWRR

ODVSLUD]LRQHGHOODYHQWROD7UDLOFRQWHQXWRGHOFDVVHWWRH

OLQJUHVVRGHOODYHQWRODGHYHHVVHUHULVSHWWDWDXQDGLVWDQ]D

PLQLPDGLFP

0RQWDJJLRVXIRUQRILJXUDE

,OSLDQRGLODYRURGHYHDYHUHXQRVSHVVRUHPLQLPRGL  PP

$YYHUWHQ]D &RQWUROODUH QHOOH LVWUX]LRQL SHU LO PRQWDJJLR GHO IRUQR

VHODGLVWDQ]DWUDSLDQRFRWWXUDHIRUQRGHYHHVVHUHDXPHQWDWD

9HQWLOD]LRQH OD GLVWDQ]D WUD IRUQR H SLDQR GL FRWWXUD GHYH HVVHUH GL

DOPHQRPP

$YYHUWHQ]D 6HLOSLDQRFRWWXUDYLHQHPRQWDWRVXXQIRUQRGL

XQDOWUDPDUFDqQHFHVVDULRXWLOL]]DUHXQULSLDQRLQWHUPHGLRLQ

OHJQR ILJXUD

9HQWLOD]LRQHILJXUD 

3HU JDUDQWLUH LO FRUUHWWR IXQ]LRQDPHQWR GHOODSSDUHFFKLR LO SLDQR GL

FRWWXUDGHYHHVVHUHDGHJXDWDPHQWHDHUDWR

3RLFKp LO VLVWHPD GL DHUD]LRQH QHOOD SDUWH LQIHULRUH GHOODSSDUHFFKLR

QHFHVVLWDGLXQVXIILFLHQWHDSSRUWRGLDULDSXOLWDLPRELOLGHYRQR

HVVHUHSUHGLVSRVWLLQPRGRDGHJXDWR$WDOHVFRSRqQHFHVVDULR

TXDQWRVHJXH

■ XQDGLVWDQ]DPLQLPDWUDLOUHWURGHOPRELOHHODSDUHWHGHOOD

FXFLQDHWUDODVXSHUILFLHGHOSLDQRGLODYRURHODSDUWHVXSHULRUH

GHOFDVVHWWR ILJXUD D

■ XQDSHUWXUDLQDOWRVXOUHWURGHOPRELOH ILJXUD E

■ 6HQRQqSUHVHQWHODGLVWDQ]DPLQLPDGLPPVXOUHWURGHO

PRELOH GHYH HVVHUH SUHGLVSRVWD XQDSHUWXUD QHOOD SDUWH LQIHULRUH

ILJXUD F

$YYHUWHQ]H

■ 6HODSSDUHFFKLRYLHQHPRQWDWRLQXQDFXFLQDDLVRODRLQXQDOWUD

FROORFD]LRQHQRQGHVFULWWDLQTXHVWRPDQXDOHqQHFHVVDULR

SURYYHGHUHDXQDHUD]LRQHDGHJXDWDGHOSLDQRGLFRWWXUD

■ 1RQFKLXGHUHHUPHWLFDPHQWHOR]RFFRORLQIHULRUH

0RQWDJJLRGHOODSSDUHFFKLRILJXUH 

$YYHUWHQ]D 3HULOPRQWDJJLRGHOSLDQRGLFRWWXUDXVDUHJXDQWL

SURWHWWLYL/HVXSHUILFLQRQYLVLELOLSRWUHEEHURSUHVHQWDUHERUGL

WDJOLHQWL

1HJOL DSSDUHFFKL VHQ]D FDYR SUHLQVWDOODWR LQWURGXUUH LO FDYR GL

UHWHQHOODSUHVDGLFROOHJDPHQWR

 &DSRYROJHUHLOSLDQRGLFRWWXUDHGHSRVLWDUORVXOIRQGR

GHOOLPEDOODJJLR VX XQ SDQQR R VX XQDOWUD VXSHUILFLH SHU HYLWDUH

GLJUDIILDUOR

 6ROOHYDUHLOFRSHUFKLRGHOODSUHVDGLFROOHJDPHQWRFRQODLXWRGL

XQFDFFLDYLWH ILJXUD 

 $OOHQWDUH OD YLWH GL ILVVDJJLR H VROOHYDUH OD IDVFHWWD VWULQJLWXER FRQ

ODLXWRGLXQFDFFLDYLWH ILJXUD



 (IIHWWXDUHODOODFFLDPHQWRDOODSUHVDGLFROOHJDPHQWR

HVFOXVLYDPHQWHLQFRQIRUPLWjDTXDQWRPRVWUDWRLQILJXUD

ILJXUD 

%1PDUURQH

%8EOX

*1<(JLDOORHYHUGH

%.QHUR

*<JULJLR

$YYHUWHQ]H

■ 6HODOODFFLDPHQWRYLHQHHVHJXLWRVHFRQGRORVFKHPDGL

FROOHJDPHQWR/1aODGLVSRVL]LRQHGHLSRQWLFHOOLGHYH

HVVHUHPRGLILFDWDVHFRQGRORVFKHPD

■ 3UHVWDUHDWWHQ]LRQHDFKHOHYLWLVXOODSUHVDGLFROOHJDPHQWR

YHQJDQRVHUUDWHGRSRLOFROOHJDPHQWRGHLFDYL

 )LVVDUH LO FDYR GL UHWH FRQ OD IDVFHWWD VWULQJLWXER H VHUUDUH OD YLWH

GLILVVDJJLR ILJXUD D

 &KLXGHUHLOFRSHUFKLRGHOODSUHVDGLFROOHJDPHQWR

$YYHUWHQ]D 'LVSRUUHLOFDYRQHOODSDUWHLQWHUQDGHOODSUHVDGL

FROOHJDPHQWRSHUIDFLOLWDUQHODFKLXVXUD

 6H LO FDYR GL UHWH LQWHUIHULVFH FRQ LO FDVVHWWR ILVVDUH LO FDYR QHOOD

SDUWHLQIHULRUHGHOSLDQRGLFRWWXUDVHUYHQGRVLGHOODIDVFHWWD

VHUUDFDYLIRUQLWDLQGRWD]LRQH ILJXUDE

$YYHUWHQ]D 6HqQHFHVVDULRXQFDYRSLOXQJRFRQWDWWDUHLO

VHUYL]LRGLDVVLVWHQ]DFOLHQWL

,QVHULPHQWRGHOSLDQRGLFRWWXUDILJXUD 

 6SLQJHUHO·DSSDUHFFKLRQHOODQLFFKLDLQPRGRELODQFLDWR

² )DUH LQ PRGR FKH LO FDYR GL UHWH QRQ ULPDQJD LQFDVWUDWR H QRQ

SDVVL VX VSLJROL YLYL ,Q FDVR GL IRUQL VRWWRVWDQWL SRUWDUH LO FDYR

DOODSUHVDGLFROOHJDPHQWRIDFHQGRORSDVVDUHGDOODQJROR

SRVWHULRUHGHOIRUQR,OFDYRGHYHHVVHUHSRVL]LRQDWRLQPRGR

FKHQRQHQWULLQFRQWDWWRFRQDOFXQD]RQDFDOGDGHOSLDQRGL

FRWWXUDRGHOIRUQR

² ,Q FDVR GL SLDQL GL ODYRUR SLDVWUHOODWL FKLXGHUH D WHQXWD OH IXJKH

WUDOHSLDVWUHOOHPHGLDQWHJRPPDVLOLFRQLFD

 9HULILFDUH FKH LO SLDQR GL FRWWXUD VLD DOOD VWHVVD DOWH]]D GHO SLDQR

GLODYRUR

 3ULPDGLVLJLOODUHOHJLXQWXUHHVHJXLUHXQFRUULVSRQGHQWH

WHVWIXQ]LRQDOH

6LJLOODUHORVSD]LRLQWRUQRFRQVLOLFRQHDGDWWRHUHVLVWHQWHDO

FDORUHDG HV 1RYDVLO



62WWRVHDO



6/HYLJDUHOD

VLJLOODWXUDFRQODWWUH]]RFRQVLJOLDWRGDOSURGXWWRUH5LVSHWWDUHOH

LQGLFD]LRQL GHO SURGXWWRUH UHODWLYH DO VLOLFRQH 0HWWHUH LQ IXQ]LRQH

ODSSDUHFFKLRVROWDQWRTXDQGRLOVLOLFRQHVLqFRPSOHWDPHQWH

DVFLXJDWRDOPHQR RUHDVHFRQGDGHOODWHPSHUDWXUD

DPELHQWH

3UHVVRLOQRVWURVHUYL]LRGLDVVLVWHQ]DFOLHQWLSXzHVVHUH

DFTXLVWDWRXQVLOLFRQHDGDWWR

$WWHQ]LRQH

/XWLOL]]RGLVLOLFRQHQRQDGDWWRSXzSURYRFDUHYDULD]LRQL

FURPDWLFKHSHUPDQHQWLVXLSLDQLGLODYRURLQPDUPRQDWXUDOH

$OODFFLDPHQWRGHOODSSDUHFFKLRILJXUD

■ 7HQVLRQHYHGHUHODWDUJKHWWDGLLGHQWLILFD]LRQH

■ (IIHWWXDUHODOODFFLDPHQWRHVFOXVLYDPHQWHLQFRQIRUPLWjDO

UHODWLYRVFKHPD

%1PDUURQH

%8EOX

*1<(JLDOORHYHUGH

%.QHUR

*<JULJLR

■ $ VHFRQGD GHO WLSR GL DOODFFLDPHQWR GHYH HVVHUH HYHQWXDOPHQWH

PRGLILFDWDODGLVSRVL]LRQHGHLPRUVHWWLIRUQLWLGLIDEEULFD$WDOH

VFRSRSRWUHEEHHVVHUHHYHQWXDOPHQWHQHFHVVDULRDFFRUFLDUHL

PRUVHWWL H ULPXRYHUH OLVRODPHQWR SHU LPSLHJDUH XQ PRUVHWWR FKH

XQLVFHGXHFDYL

$YYHUWHQ]D 9HULILFDGHOORVWDWRRSHUDWLYRVHVXOGLVSOD\

GHOODSSDUHFFKLR FRPSDUH

—…‹‹ “‹†‚„ R “ ODSSDUHFFKLR QRQ

qFROOHJDWRFRUUHWWDPHQWH6WDFFDUHODSSDUHFFKLR

GDOODOLPHQWD]LRQHHOHWWULFDHYHULILFDUHODOODFFLDPHQWRGHOFDYR

HOHWWULFR

6PRQWDJJLRGHOODSSDUHFFKLR

6FROOHJDUHODSSDUHFFKLRGDOODOLPHQWD]LRQHHOHWWULFD

5LPXRYHUH OD JXDUQL]LRQH LQ VLOLFRQH DWWRUQR DO SLDQR GL FRWWXUD FRQ

XQDWWUH]]RLGRQHR

5LPXRYHUHLOSLDQRGLFRWWXUDSUHPHQGRGDOEDVVR

$WWHQ]LRQH

'DQQLDOODSSDUHFFKLR1RQWHQWDUHGLHVWUDUUHODSSDUHFFKLR

GDOODOWR

,QVWDOODWLHYRRUVFKULIW

%HODQJULMNHDDQZLM]LQJHQ

9HLOLJKHLGGHYHLOLJKHLGJHGXUHQGHKHWJHEUXLNLVDOOHHQ

JHJDUDQGHHUG LQGLHQ GH PRQWDJH LQ WHFKQLVFK RS]LFKW RS FRUUHFWH

ZLM]HHQLQRYHUHHQVWHPPLQJPHWGLWLQVWDOODWLHYRRUVFKULIW

XLWJHYRHUGLV'HLQVWDOODWHXULVDDQVSUDNHOLMNYRRUVFKDGH

YHURRU]DDNWGRRUHHQRQJHVFKLNWHPRQWDJH

1DGHLQVWDOODWLHGLHQWHUYRRUWHZRUGHQJH]RUJGGDWGHJHEUXLNHU

JHHQWRHJDQJWRWGHHOHNWULVFKHFRPSRQHQWHQKHHIW

'LWDSSDUDDWLVWRHJHODWHQYRRUJHEUXLNWRWHHQKRRJWHWRW

 PHWHU

: '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

(OHNWULVFKHDDQVOXLWLQJGH]HPDJDOOHHQZRUGHQXLWJHYRHUG

GRRUHHQEHYRHJGYDNPDQ'H]HZRUGWJHUHJHOGGRRUGH

YRRUVFKULIWHQYDQGHHOHNWULFLWHLWVPDDWVFKDSSLMYDQGH]RQH

+HWDSSDUDDWGLHQWRSHHQYDVWHLQVWDOODWLHWH]LMQDDQJHVORWHQHQ

GHEHWUHIIHQGHVFKHLGLQJVVFKDNHODDUVPRHWHQFRQIRUPGH

LQVWDOODWLHYRRUVFKULIWHQZRUGHQJHPRQWHHUG

7\SH DDQVOXLWLQJ KHW DSSDUDDW EHKRRUW WRW EHVFKHUPLQJVNODVVH ,

HQPDJDOOHHQZRUGHQJHEUXLNWLQFRPELQDWLHPHWHHQDDQVOXLWLQJ

PHWDDUGJHOHLGLQJ

'HIDEULNDQWLVQLHWDDQVSUDNHOLMNYRRUGHRQJHVFKLNWHZHUNLQJHQ

GHPRJHOLMNHVFKDGHYHURRU]DDNWGRRURQJHVFKLNWHHOHNWULVFKH

LQVWDOODWLHV

9RHGLQJVNDEHO 'HYRHGLQJVNDEHOPDJDOOHHQGRRUHHQHUNHQG

YDNPDQRIHHQJHVFKRROGHWHFKQLFXVYDQGHNODQWHQVHUYLFH

ZRUGHQ JHwQVWDOOHHUG 'H YHUHLVWH DDQVOXLWJHJHYHQV EHYLQGHQ ]LFK

RSKHWW\SHSODDWMHHQLQGHDDQVOXLWVFKHPDV

0RQWDJHRQGHUKHWZHUNEODG'HLQGXFWLHNRRNSODDWNDQDOOHHQ

ZRUGHQJHwQVWDOOHHUGERYHQODGHQRIRYHQVPHWOXFKWYHQWLODWLH

2QGHUGHNRRNSODDWNXQQHQJHHQNRHONDVWHQYDDWZDVPDFKLQHV

RYHQV]RQGHUYHQWLODWLHRIZDVPDFKLQHVZRUGHQLQJHERXZG

$I]XLJNDS 'H DIVWDQG WXVVHQ GH DI]XLJNDS HQ GH NRRNSODDW GLHQW

WHQ PLQVWH WH YROGRHQ DDQ GH DIVWDQG GLH ZRUGW ZHHUJHJHYHQ LQ GH

PRQWDJHKDQGOHLGLQJYRRUGHDI]XLJNDS

:HUNEODGYODNKRUL]RQWDDOVWDELHO9ROJGHLQVWUXFWLHVYDQGH

IDEULNDQWYDQKHWZHUNEODGRS

+HWDSSDUDDWNDQLQGHYROJHQGHKLWWHHQZDWHUEHVWHQGLJH

ZHUNEODGHQZRUGHQLQJHERXZG

■ :HUNEODGHQYDQPDUPHUQDWXXUVWHHQ

■ 6\QWKHWLVFKHZHUNEODGHQ

■ :HUNEODGHQYDQPDVVLHIKRXWDOOHHQLQRYHUHHQVWHPPLQJPHW

GHIDEULNDQWYDQKHWZHUNEODGDIJHGLFKWHVQLMUDQGHQ

■ 0RQWDJHYDQDQGHUHVRRUWHQZHUNEODGHQDOOHHQLQ

RYHUHHQVWHPPLQJPHWGHIDEULNDQWYDQKHWZHUNEODG

:DQQHHUGHGLNWHYDQKHWZHUNEODGZDDULQGHNRRNSODDWZRUGW

JHPRQWHHUG QLHW DDQ GH YHUHLVWH PDDW YROGRHW PRHW KHW ZHUNEODG

PHWKLWWHHQZDWHUEHVWHQGLJPDWHULDDOZRUGHQYHUVWHYLJGWRWGH

DDQEHYROHQ PLQLPDOH GLNWH LV EHUHLNW $QGHUV NDQ JHHQ YROGRHQGH

VWDELOLWHLWZRUGHQJHJDUDQGHHUG

■ +HWZHUNEODGZDDULQGHNRRNSODDWZRUGWJHPRQWHHUGPRHW

EHVWDQG]LMQWHJHQHHQEHODVWLQJYDQFD NJ

■ &RQWUROHHUSDVRIGHNRRNSODDWYODNVWDDWDOVKLMLVJHPRQWHHUG

$DQZLM]LQJHQ

■ *HEUXLN JHHQ VWHXQHQ RS DI]RQGHUOLMNH SOHNNHQ RP KHW DSSDUDDW

WHQLYHOOHUHQ

■ $DQSDVVLQJHQDDQKHWZHUNRSSHUYODNPRHWHQGRRUHHQ

JHVSHFLDOLVHHUGHGLHQVWYHUOHQHUYROJHQVKHWLQERXZVFKHPD

ZRUGHQXLWJHYRHUG'HVQLMNDQWPRHW]XLYHUHQSUHFLHV]LMQ

RPGDWGHUDQGRSKHWRSSHUYODN]LFKWEDDULV'HVQLMNDQWHQPHW

HHQJHVFKLNWUHLQLJLQJVPLGGHOVFKRRQPDNHQHQRQWYHWWHQ



*DUDQWLHHHQRQJHVFKLNWHLQVWDOODWLHDDQVOXLWLQJRIPRQWDJH

KRXGWKHWYHUOLHVYDQGHJHOGLJKHLGYDQGHJDUDQWLHYDQKHW

SURGXFWLQ

$DQZLM]LQJ (ONH PDQLSXODWLH LQ KHW DSSDUDDW PHW LQEHJULS YDQ GH

YHUYDQJLQJYDQGHYRHGLQJVNDEHOPRHWZRUGHQXLWJHYRHUGGRRU

SHUVRQHHO YDQ GH 7HFKQLVFKH 'LHQVW PHW HHQ VSHFLILHNH RSOHLGLQJ

9RRUEHUHLGLQJYDQGHPHXEHOVDIEHHOGLQJ 

,QERXZPHXEHOHQWHQPLQVWHEHVWDQGWHJHQHHQWHPSHUDWXXU

YDQ&

9ULMHUXLPWHYHUZLMGHUGHVSDDQGHUVQDGHVQLMZHUN]DDPKHGHQ

6QLMRSSHUYODNNHQDIGLFKWHQPHWKLWWHEHVWHQGLJPDWHULDDO

0RQWDJHRSGHODGHDIEHHOGLQJ D

:HUNEODGPRHWHHQGLNWHKHEEHQYDQWHQPLQVWH PP

'HDIVWDQGWXVVHQGHERYHQ]LMGHYDQGHNRRNSODDWHQGH

ERYHQ]LMGHYDQGHODGHPRHW PPEHGUDJHQ

$DQZLM]LQJ :DQQHHUPHWDOHQYRRUZHUSHQLQGHODGHWLMGHQVGH

YHQWLODWLHYDQGHNRRNSODDWZDUPZRUGHQRIDOVHULQGHODGH

NOHLQHSXQWLJHPHWDOHQYRRUZHUSHQZRUGHQEHZDDUG]RDOV

YOHHVVSLH]HQGLHQWHHQWXVVHQVFKRWYDQKRXWWHZRUGHQJHEUXLNW

$IE 

'HNRRNSODDWEHVFKLNWDDQGHRQGHUNDQWRYHUHHQYHQWLODWRU

=RQGHUWXVVHQVFKRWPRJHQHULQGHODGHJHHQNOHLQHRISXQWLJH

YRRUZHUSHQSDSLHURIYDDWGRHNHQZRUGHQEHZDDUG'LWNDQ

LQYORHGKHEEHQRSGHNRHOLQJRIGHYHQWLODWRUNDQGRRUDDQ]XLJHQ

EHVFKDGLJG UDNHQ 7XVVHQ GH LQKRXG YDQ GH ODGH HQ GH YHQWLODWRU

LQJDQJPRHWHHQPLQLPDOHDIVWDQGYDQ FPZRUGHQ

DDQJHKRXGHQ

0RQWDJHRSHHQRYHQDIEHHOGLQJE

:HUNEODGPRHWHHQGLNWHKHEEHQYDQWHQPLQVWH  PP

$DQZLM]LQJ :DQQHHU GH DIVWDQG WXVVHQ NRRNSODDW HQ RYHQ JURWHU

PRHW]LMQUDDGSOHHJGDQKHWLQVWDOODWLHYRRUVFKULIWELMGHRYHQ

9HQWLODWLHGHDIVWDQGWXVVHQGHRYHQHQGHNRRNSODDWGLHQW

PLQVWHQVPPWHEHGUDJHQ

$DQZLM]LQJ :RUGWGHNRRNSODDWLQJHERXZGERYHQHHQRYHQYDQ

HHQDQGHUPHUNGDQGLHQWHHQWXVVHQVFKRWYDQKRXWWHZRUGHQ

JHEUXLNW $IE

9HQWLODWLHDIEHHOGLQJ 

2PHHQMXLVWHZHUNLQJYDQKHWDSSDUDDWWHJDUDQGHUHQPRHWGH

NRRNSODDWQDDUEHKRUHQZRUGHQJHYHQWLOHHUG

2PGDWYRRUGHYHQWLODWLHRQGHULQKHWDSSDUDDWHHQYROGRHQGH

DDQYRHUYDQYHUVHOXFKWYHUHLVWLVPRHWHQGHPHXEHOVKLHURS

EHUHNHQG]LMQ+LHUYRRULVKHWYROJHQGHYHUHLVW

■ HHQPLQLPDOHDIVWDQGWXVVHQGHDFKWHUNDQWYDQKHWPHXEHOHQ

GH NHXNHQZDQG HQ WXVVHQ KHW RSSHUYODN YDQ KHW ZHUNEODG HQ GH

ERYHQNDQWYDQGHODGH $IE D

■ HHQ RSHQLQJ ERYHQ DDQ GH DFKWHUNDQW YDQ KHW PHXEHO $IE E

■ LQGLHQ DDQ GH DFKWHUNDQW YDQ KHW PHXEHO JHHQ PLQLPDOH DIVWDQG

YDQPPDDQZH]LJLVPRHWGHRQGHUNDQWYDQHHQRSHQLQJ

ZRUGHQYRRU]LHQ $IE F

$DQZLM]LQJHQ

■ :DQQHHUKHWDSSDUDDWLQHHQNHXNHQHLODQGRIRSHHQDQGHUH

QLHWEHVFKUHYHQSODDWVZRUGWLQJHERXZGGLHQWGHNRRNSODDW

YRRU]LHQWH]LMQYDQHHQSDVVHQGHYHQWLODWLH

■ 'HRQGHUVWHSOLQWQLHWKHUPHWLVFKDIVOXLWHQ

$SSDUDDWLQERXZHQDIE 

$DQZLM]LQJ %LMKHWLQERXZHQYDQGHNRRNSODDWGLHQWX

YHLOLJKHLGVKDQGVFKRHQHQWHGUDJHQ'HQLHW]LFKWEDUH

RSSHUYODNNHQNXQQHQVFKHUSHNDQWHQKHEEHQ

%LM DSSDUDWHQ ]RQGHU YRRUDI JHwQVWDOOHHUGH NDEHO GH QHWNDEHO

LQGHDDQVOXLWGRRVVWHNHQ

 'HNRRNSODDWRPGUDDLHQHQRSGHYHUSDNNLQJHHQGRHNRIHHQ

DQGHURSSHUYODNOHJJHQRPNUDVVHQWHYRRUNRPHQ

 +HWGHNVHOYDQGHDDQVOXLWGRRVPEYHHQVFKURHYHQGUDDLHU

RSWLOOHQ $IE 

 'HEHYHVWLJLQJVVFKURHIORVGUDDLHQHQGHVODQJNOHPPEYHHQ

VFKURHYHQGUDDLHURSWLOOHQ $IE

 $OOHHQDDQVOXLWHQYROJHQVGHDIEHHOGLQJRSGHFRQWDFWGRRV

$IE 

%1%UXLQ

%8%ODXZ

*1<(*HHOHQJURHQ

%.=ZDUW

*<*ULMV

$DQZLM]LQJHQ

■ :DQQHHUGHDDQVOXLWLQJZRUGWXLWJHYRHUGYROJHQVKHW

DDQVOXLWVFKHPD/1aGLHQWGHSODDWVLQJYDQGHEUXJJHQ

DDQGHKDQGYDQKHWVFKHPDWHZRUGHQYHUDQGHUG

■ /HWHURSGDWGHVFKURHYHQYDQGHFRQWDFWGRRVQDGDWGH

NDEHOV]LMQDDQJHVORWHQZRUGHQYDVWJHGUDDLG

 'HYRHGLQJVNDEHOPHWGHVODQJNOHPEHYHVWLJHQHQGH

EHYHVWLJLQJVVFKURHIDDQWUHNNHQ $IE D

 'HGHNVHOYDQGHFRQWDFWGRRVVOXLWHQ

$DQZLM]LQJ 'H NDEHOV LQ KHW PLGGHOVWH GHHO YDQ GH FRQWDFWGRRV

SODDWVHQRPKHWVOXLWHQWHYHUJHPDNNHOLMNHQ

 :DQQHHUGHQHWNDEHOLQWHUIHUHHUWPHWGHELMJHYRHJGH

NDEHOELQGHUGHNDEHOPHWGHELMJHYRHJGHNDEHOELQGHU

EHYHVWLJHQDDQGHRQGHUNDQWYDQGHNRRNSODDW $IE E

$DQZLM]LQJ 1HHPFRQWDFWRSPHWGHNODQWHQGLHQVWLQGLHQHHQ

ODQJHUHNDEHOQRGLJLV

.RRNSODDWLQEUHQJHQDIE 

 +HWDSSDUDDWJHOLMNPDWLJLQGHQLVVFKXLYHQ

² =RUJHUYRRUGDWGHYRHGLQJVNDEHOQLHWEHNOHPGUDDNWHQQLHW

RYHUVFKHUSHUDQGHQZRUGWJHOHLG,VHUHHQRYHQRQGHUGH

NRRNSODDW JHSODDWVW GDQ GH NDEHO YLD GH DFKWHUVWH KRHNHQ YDQ

GHRYHQQDDUGHDDQVOXLWGRRVVWRSFRQWDFWOHLGHQ'HOHLGLQJ

PRHW]RZRUGHQJHwQVWDOOHHUGGDWHUJHHQFRQWDFWZRUGW

JHPDDNWPHWKHWHSODDWVHQYDQGHNRRNSODDWRIGHRYHQ

² %LMEHWHJHOGHZHUNEODGHQGHYRHJHQYDQGHWHJHOVDIGLFKWHQ

PHWVLOLFRQHQUXEEHU

 /HWHURSGDWGHNRRNSODDWRSGH]HOIGHKRRJWHVWDDWDOVKHW

ZHUNEODG

 9yyUKHWDIVOXLWHQYDQGHGLFKWLQJHQHHQIXQFWLHWHVW

XLWYRHUHQ

'H YRHJ DDQ DOOH NDQWHQ DIGLFKWHQ PHW JHVFKLNWH KLWWHEHVWHQGLJH

VLOLFRQHELMY 1RYDVLO



62WWRVHDO



6'HDIGLFKWLQJ

JODGPDNHQPHWGRRUGHIDEULNDQWDDQEHYROHQJHUHHGVFKDS

1HHP GH LQVWUXFWLHV YDQ GH IDEULNDQW YRRU GH VLOLFRQH LQ DFKW +HW

DSSDUDDWSDVLQJHEUXLNQHPHQZDQQHHUGHVLOLFRQHJHKHHOLV

JHGURRJGPLQVWHQV XXUDIKDQNHOLMNYDQGH

RPJHYLQJVWHPSHUDWXXU

*HVFKLNWH VLOLFRQH NDQ ZRUGHQ EHWURNNHQ YLD RQ]H VHUYLFHGLHQVW

$WWHQWLH

'RRUKHWJHEUXLNYDQQLHWJHVFKLNWHVLOLFRQHNXQQHQEOLMYHQGH

NOHXUYHUDQGHULQJHQRSZHUNEODGHQYDQQDWXXUPDUPHURQWVWDDQ

$SSDUDDWDDQVOXLWHQDIE

■ 6SDQQLQJ]LHKHWW\SHSODDWMH

■ 8LWVOXLWHQGDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD

%1%UXLQ

%8%ODXZ

*1<(*HHOHQJURHQ

%.=ZDUW

*<*ULMV

■ $IKDQNHOLMNYDQGHDDQVOXLWZDDUGHPRHWHYHQWXHHOGHSODDWVLQJ

YDQGHGRRUGHIDEULHNJHOHYHUGHNOHPPHQZRUGHQYHUDQGHUG

+LHUYRRULVKHWZHOOLFKWQRGLJGHNOHPPHQLQWHNRUWHQHQGH

LVRODWLH WH YHUZLMGHUHQ ]RGDW HHQ NOHP NDQ ZRUGHQ DDQJHEUDFKW

GLHWZHHNDEHOVYHUELQGW

$DQZLM]LQJ &RQWUROHHURIKHWDSSDUDDWNODDULVYRRUJHEUXLN

YHUVFKLMQW

—…‹‹ “‹†‚„ RI “RSKHWGLVSOD\YDQKHWDSSDUDDW

GDQ LV KHW QLHW JRHG DDQJHVORWHQ+DDO GH VWHNNHU YDQ KHW DSSDUDDW

GDQXLWKHWVWRSFRQWDFWHQFRQWUROHHUGHDDQVOXLWLQJYDQGH

HOHNWULFLWHLWVNDEHO

$SSDUDDWGHPRQWHUHQ

+DDOGHVWHNNHUYDQKHWDSSDUDDWXLWKHWQHWVWRSFRQWDFW

9HUZLMGHU GH VLOLFRQHQDIGLFKWLQJ URQGRP GH NRRNSODDW PHW JHVFKLNW

JHUHHGVFKDS

'HNRRNSODDWYHUZLMGHUHQGRRUGUXNYDQRQGHUHQXLWWHRHIHQHQ

$WWHQWLH

6FKDGHDDQKHWDSSDUDDW3UREHHUQLHWRPKHWDSSDUDDWYDQ

ERYHQDIWHYHUZLMGHUHQ



0RQWHULQJVYHMOHGQLQJ

9LJWLJHKHQYLVQLQJHU

6LNNHUKHGVLNNHUKHGXQGHUEUXJNDQNXQJDUDQWHUHVKYLV

LQVWDOODWLRQHQHUXGI¡UWSnHQNRUUHNWWHNQLVNPnGHRJL

RYHUHQVVWHPPHOVHPHGPRQWHULQJVLQVWUXNWLRQHUQH6NDGHUGHU

RSVWnUSJDIRUNHUWPRQWHULQJHULQVWDOODW¡UHQVDQVYDU

(IWHU LQVWDOODWLRQ VNDO GHW VLNUHV DW EUXJHUHQ LNNH KDU DGJDQJ WLO GH

HOHNWULVNHNRPSRQHQWHU

'HWWHDSSDUDWHUWLOODGWWLOEUXJRSWLOHQK¡MGHSnPHWHURYHU

KDYHW

: 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

(OHNWULVN WLOVOXWQLQJ Pn NXQ IRUHWDJHV DI HQ XGGDQQHW HOHNWULNHU

5HJXODWLYHUQHIUDHOIRUV\QLQJVVHOVNDEHWLRPUnGHWVNDOI¡OJHV

$SSDUDWHWVNDOYUHWLOVOXWWHWWLOHQIDVWLQVWDOODWLRQRJLKHQKROGWLO

LQVWDOODWLRQVIRUVNULIWHUQHVNDOGHUYUHLQVWDOOHUHWHQSDVVHQGH

VLNNHUKHGVDIEU\GHU

7LOVOXWQLQJVW\SHDSSDUDWHWWLOK¡UHUEHVN\WWHOVHVNODVVH ,RJPn

XGHOXNNHQGHDQYHQGHVVDPPHQPHGHQWLOVOXWQLQJPHG

MRUGIRUELQGHOVH

)DEULNDQWHQIUDVLJHUVLJHWKYHUWDQVYDUIRUIRUNHUWIXQNWLRQRJ

PXOLJHVNDGHUGHUVN\OGHVIRUNHUWHOHNWULVNLQVWDOODWLRQ

1HWNDEHO 1HWNDEOHW Pn NXQ LQVWDOOHUHV DI HQ DXWRULVHUHW IDJPDQG

HOOHUDIHQXGGDQQHWNXQGHVHUYLFHWHNQLNHU'HQ¡GYHQGLJH

WLOVOXWQLQJVGDWDILQGHVSnW\SHVNLOWHWRJSnWLOVOXWQLQJVWHJQLQJHUQH

0RQWDJHXQGHUERUGSODGHQ,QGXNWLRQVNRJHVHNWLRQHQNDQNXQ

LQVWDOOHUHVRYHUVNXIIHUHOOHURYQHVRPYHQWLOHUHVPHGYHQWLODWRU

'HUNDQLNNHLQGE\JJHVN¡OHVNDEHRSYDVNHPDVNLQHU

XYHQWLOHUHGHRYQHHOOHUYDVNHPDVNLQHUXQGHUNRJHWRSSHQ

(PKWWH$IVWDQGHQPHOOHPHPKWWHQRJNRJHWRSSHQVNDOVRP

PLQLPXPVYDUHWLOGHQDIVWDQGGHUHUDQI¡UWLHPKWWHQV

PRQWDJHYHMOHGQLQJ

%RUGSODGHSODQYDQGUHWVWDELO)¡OJERUGSODGHIDEULNDQWHQV

DQYLVQLQJHU

$SSDUDWHWNDQLQGE\JJHVLI¡OJHQGHYDUPHRJYDQGEHVWDQGLJH

ERUGSODGHU

■ %RUGSODGHUDIPDUPRUQDWXUVWHQ

■ %RUGSODGHUDIV\QWHWLVNHPDWHULDOHU

■ %RUGSODGHUDIPDVVLYWWU.XQLRYHUHQVVWHPPHOVHPHG

ERUGSODGHQVSURGXFHQWIRUVHJOHQGHVQLWNDQWHU

■ ,QGE\JQLQJLDQGUHW\SHUERUGSODGHU.XQLRYHUHQVVWHPPHOVH

PHGERUGSODGHQVSURGXFHQW

+YLVW\NNHOVHQDIGHQERUGSODGHVRPNRJHVHNWLRQHQVNDO

LQGE\JJHVLLNNHRSI\OGHUNUDYHQHVNDOERUGSODGHQIRUVWUNHV

PHGHWLOGRJYDQGIDVWPDWHULDOHVnGHQRSQnUGHQDQEHIDOHGH

PLQLPXPW\NNHOVH,PRGVDWIDOGHUVWDELOLWHWHQLNNHWLOVWUNNHOLJ

■ %RUGSODGHQKYRUNRJHWRSSHQHULQGE\JJHWVNDONXQQHWnOH

EHODVWQLQJHUSnRSWLOFDNJ

■ .RQWUROOHUI¡UVWDWNRJHWRSSHQHUSODQHIWHULQGE\JQLQJHQ

$QYLVQLQJHU

■ $SSDUDWHWPnLNNHQLYHOOHUHVLQGWLOYDQGUHWXGHOXNNHQGHYHG

XQGHUVW¡WWHOVHDIHQNHOWHSXQNWHU

■ 7LOSDVQLQJHQ DI DUEHMGVIODGHQ VNDO XGI¡UHV DI HQ VSHFLDOIDJPDQG

LKW LQGE\JQLQJVWHJQLQJHQ 6QLWNDQWHUQH VNDO YUH XGI¡UW NODUW RJ

SUFLVWIRUGLNDQWHUQHHUV\QOLJHSnRYHUIODGHQ6QLWNDQWHUQH

VNDOUHQVHVRJDIIHGWHVPHGHWHJQHWUHQJ¡ULQJVPLGGHO

*DUDQWLHQIRUNHUWLQVWDOODWLRQWLOVOXWQLQJHOOHUPRQWHULQJEHW\GHU

DWSURGXNWJDUDQWLHQERUWIDOGHU

%HPUN (QKYHU QGULQJ L DSSDUDWHWV LQGUH KHUXQGHU XGVNLIWQLQJ

DIIRUV\QLQJVNDEOHWVNDOXGI¡UHVDIVUOLJWXGGDQQHWSHUVRQDOHL

YRUHVWHNQLVNHVHUYLFHDIGHOLQJ

.ODUJ¡ULQJDILQGE\JQLQJVVNDEILJXU

0¡EOHUPHGXGVNULQJHUPRGVWDQGVG\JWLJHRYHUIRU

WHPSHUDWXUHURSWLOPLQ&

8GVNULQJIMHUQVSnQHUQHQnUXGVNULQJVDUEHMGHWHUXGI¡UW

8GVNULQJVNDQWHUIRUHWDJIRUVHJOLQJPHGYDUPHUHVLVWHQW

PDWHULDOH

0RQWHULQJRYHUHQVNXIIHILJXU D

%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ PP

$IVWDQGHQ PHOOHP WRSSHQ DI ERUGSODGHQ RJ WRSSHQ DI VNXIIHQ VNDO

YUH PP

%HPUN 'HUVNDODQYHQGHVHQPHOOHPEXQGDIWUKYLVVNXIIHQ

LQGHKROGHUPHWDOGHOHVRPNDQEOLYHRSYDUPHWSnJUXQGDI

OXIWFLUNXODWLRQHQLIRUELQGHOVHPHGYHQWLODWLRQHQDINRJHVHNWLRQHQ

HOOHUKYLVGHURSEHYDUHVVPnVSLGVHPHWDOJHQVWDQGHLVNXIIHQ

VRPIHNVVWHJHVSLG ILJXU 

'HUHUSODFHUHWHQYHQWLODWRUSnXQGHUVLGHQDINRJHVHNWLRQHQ

8GHQPHOOHPEXQGPnGHULNNHRSEHYDUHVVPnHOOHUVSLGVH

JHQVWDQGHSDSLUHOOHUYLVNHVW\NNHULVNXIIHQ.¡OLQJHQNDQEOLYH

UHGXFHUHWHOOHUYHQWLODWRUHQNDQEOLYHEHVNDGLJHWKYLVGHUVXJHV

JHQVWDQGHLQGLGHQ'HUVNDOPLQLPXPYUHHQDIVWDQGSn FP

PHOOHPJHQVWDQGHQHLVNXIIHQRJYHQWLODWRUHQVLQGJDQJVnEQLQJ

0RQWHULQJRYHUHQRYQILJXUE

%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ  PP

%HPUN 6HHIWHULPRQWDJHYHMOHGQLQJHQIRURYQHQKYLV

DIVWDQGHQPHOOHPNRJHWRSRJRYQVNDOIRU¡JHV

9HQWLODWLRQ$IVWDQGHQPHOOHPRYQRJNRJHVHNWLRQVNDOYUH

PLQGVWPP

%HPUN +YLVNRJHVHNWLRQHQEOLYHULQGE\JJHWRYHUHQRYQDIHW

DQGHW PUNH VNDO GHU DQYHQGHV HQ PHOOHPEXQG DI WU ILJXU 

9HQWLODWLRQILJXU 

.RJHWRSSHQVNDOYUHSDVVHQGHYHQWLOHUHWLPRGVDWIDOGNDQGHW

LNNHJDUDQWHUHVDWGHQIXQJHUHUNRUUHNW

(IWHUVRP YHQWLODWLRQHQ DI GHQ XQGHUVWH GHO DI DSSDUDWHW NUYHU HQ

WLOVWUNNHOLJVWRUOXIWWLOI¡UVHOVNDOLQGE\JQLQJVVNDEHWLQGUHWWHV

WLOVYDUHQGH+HUWLOVNDOI¡OJHQGHXGI¡UHV

■ (QPLQLPXPDIVWDQGPHOOHPEDJVLGHQDILQGE\JQLQJVVNDEHWRJ

N¡NNHQYJJHQ RJ PHOOHP RYHUVLGHQ DI ERUGSODGHQ RJ VNXIIHQV

¡YHUVWHGHO ILJXUD

■ (QnEQLQJSnEDJVLGHQDILQGE\JQLQJVVNDEHW ILJXUE

■ +YLV GHU LNNH HU PXOLJKHG IRU DW RYHUKROGH PLQLPXPDIVWDQGHQ Sn

 PP Sn EDJVLGHQ DI LQGE\JQLQJVVNDEHW VNDO GHU HWDEOHUHV HQ

nEQLQJLEXQGHQ ILJXUF

$QYLVQLQJHU

■ 'HWVNDOVLNUHVDWNRJHVHNWLRQHQEOLYHUWLOVWUNNHOLJWYHQWLOHUHW

KYLVDSSDUDWHWVNDOLQGE\JJHVLHQNRJH¡HOOHUSnHWDQGHWVWHG

VRPLNNHHUEHVNUHYHWKHU

■ 'HQXQGHUVWHVRNNHOPnLNNHOXNNHVKHUPHWLVN

,QGE\JQLQJDIDSSDUDWILJXU

%HPUN $QYHQGEHVN\WWHOVHVKDQGVNHUYHGPRQWDJHQDI

NRJHVHNWLRQHQ'HUNDQYUHVNDUSHNDQWHUSnGHLNNHV\QOLJH

IODGHU

9HGDSSDUDWHUXGHQIRULQVWDOOHUHWNDEHOVNDOQHWNDEOHWI¡UHV

LQGLWLOVOXWQLQJVGnVHQ

 9HQG NRJHWRSSHQ RP RJ OJ GHQ Sn EXQGHQ DI HPEDOODJHQ Sn

HW NOGH HOOHU DQGHQ IRUP IRU RYHUIODGH KYRU HQ LNNH EOLYHU ULGVHW

 /¡IWWLOVOXWQLQJVGnVHQVGNVHORSYHGKMOSDIHQVNUXHWUNNHU

ILJXU

 6NUX EHIVWLJHOVHVVNUXHQ XG RJ O¡IW VSQGHEnQGHW YHG KMOS DI

HQVNUXHWUNNHU ILJXU

 0nNXQWLOVOXWWHVWLOWLOVOXWQLQJVGnVHQLKWWHJQLQJHQ ILJXU 

%1EUXQ

%8EOn

*1<(JU¡QRJJXO

%.VRUW

*<JUn

$QYLVQLQJHU

■ +YLVWLOVOXWQLQJHQIRUHWDJHVLKWWLOVOXWQLQJVGLDJUDP/1a

VNDONRUWVOXWQLQJVE¡MOHUQHVSODFHULQJQGUHVVYDUHQGHWLO

GLDJUDPPHW

■ .RQWUROOHUDWVNUXHUQHLWLOVOXWQLQJVGnVHQHUVSQGWIDVWWLO

HIWHUWLOVOXWQLQJHQDINDEOHUQH

 )DVWJ¡UQHWNDEOHWPHGVSQGHEnQGHWRJVSQG

EHIVWLJHOVHVVNUXHQWLO ILJXUD

 /XNWLOVOXWQLQJVGnVHQVGNVHO

%HPUN 3ODFHUNDEOHUQHLPLGWHURPUnGHWDIWLOVOXWQLQJVGnVHQ

IRUDWOHWWHOXNQLQJHQ

 )DVWJ¡UQHWNDEOHWSnXQGHUVLGHQDINRJHVHNWLRQHQPHGGHW

YHGODJWHNDEHOEnQGKYLVQHWNDEOHWIRUKLQGUHUVNXIIHQV

EHYJHOVH ILJXU E

%HPUN .RQWDNWNXQGHVHUYLFHKYLVGHWHUQ¡GYHQGLJWPHGHW

OQJHUHNDEHO



3ODFHULQJDINRJHWRSSHQILJXU

 3ODFHUDSSDUDWHWFHQWUHUHWLQLFKHQ

² 1HWNDEOHWPnLNNHNRPPHLNOHPPHRJLNNHOJJHVRYHU

VNDUSH NDQWHU +YLV GHU HU LQGE\JJHW HQ RYQ QHGHQXQGHU VNDO

OHGQLQJHQI¡UHVRYHURYQHQVEDJHUVWHKM¡UQHUWLO

WLOVOXWQLQJVGnVHQ/HGQLQJHQVNDOLQVWDOOHUHVVnGHQLNNH

NRPPHULEHU¡ULQJPHGYDUPHVWHGHUSnNRJHWRSSHQHOOHUSn

RYQHQ

² %RUGSODGHUPHGIOLVHEHOJQLQJ)OLVHUQHVIXJHUVNDOWWQHV

PHGVLOLNRQHJXPPL

 6¡UJIRUDWNRJHWRSSHQKDUVDPPHK¡MGHVRPERUGSODGHQ

 8GI¡UHQIXQNWLRQVWHVWLQGHQGHQHQGHOLJHIRUVHJOLQJDI

DIWWQLQJHQ

6SDOWHQUXQGWRPNRJHWRSSHQVNDOIRUVHJOHVPHGHQHJQHW

YDUPHEHVWDQGLJVLOLNRQHIHNV1RYDVLO



62WWRVHDO



6

*ODWDIWWQLQJHQPHGGHWYUNW¡MVRPHUDQEHIDOHWDI

SURGXFHQWHQ2YHUKROGSURGXFHQWHQVDQYLVQLQJHURPVLOLNRQHQ

7DJI¡UVWDSSDUDWHWLEUXJQnUVLOLNRQHQHUIXOGVWQGLJW¡U

PLQLPXPWLPHUDIKQJLJWDIWHPSHUDWXUHQLRPJLYHOVHUQH

'HUNDQEHVWLOOHVHJQHWVLOLNRQHYLDYRUHVNXQGHVHUYLFH

3DVSn

$QYHQGHOVHDIXHJQHWVLOLNRQHNDQPHGI¡UHSHUPDQHQWH

PLVIDUYQLQJHUDIERUGSODGHUDIQDWXUPDUPRU

7LOVOXWQLQJDIDSSDUDWILJXU

■ 6SQGLQJ6HW\SHVNLOW

■ 0nNXQWLOVOXWWHVLKWWLOVOXWQLQJVGLDJUDPPHW

%1EUXQ

%8EOn

*1<(JU¡QRJJXO

%.VRUW

*<JUn

■ $IKQJLJWDIWLOVOXWQLQJVPnGHQVNDOSODFHULQJHQDINOHPPHUQH

VRPHUOHYHUHWIUDIDEULNNHQVVLGHHYWQGUHV+HUWLOVNDO

NOHPPHUQH HYHQWXHOW DINRUWHV RJ LVROHULQJHQ IMHUQHV IRU DW NXQQH

SODFHUHHQNOHPPHGHUIRUELQGHUWRNDEOHU

%HPUN .RQWUROOHURPDSSDUDWHWHUNODUWLOGULIW+YLV

—…‹‹

“‹†‚„ HOOHU “YLVHVLDSSDUDWHWVLQGLNDWRUHUGHWLNNHWLOVOXWWHW

NRUUHNW$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHWRJNRQWUROOHU

VWU¡PNDEOHWVWLOVOXWQLQJ

$IPRQWHULQJDIDSSDUDW

$IEU\GVWU¡PIRUV\QLQJHQWLODSSDUDWHW

)MHUQVLOLNRQHWWQLQJHQUXQGWRPNRJHWRSSHQPHGHWHJQHW

YUNW¡M

7DJNRJHWRSSHQXGYHGDWWU\NNHGHQRSQHGHIUD

3DVSn

%HVNDGLJHOVHDIDSSDUDWHW)RUV¡JLNNHDWWDJHDSSDUDWHWXG

RSSHIUD

0RQWHULQJVYHLOHGQLQJ

9LNWLJHKHQYLVQLQJHU

6LNNHUKHWVLNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJDY

DSSDUDWHWHUWHNQLVNNRUUHNWXWI¡UWRJLKHQKROGWLO

PRQWHULQJVYHLOHGQLQJHQ,QVWDOODW¡UHQHUDQVYDUOLJIRUVNDGHUVRP

VN\OGHVIHLODNWLJPRQWHULQJ

(WWHU LQVWDOODVMRQHQ Pn GHW VLNUHV DW EUXNHUHQ LNNH KDU WLOJDQJ WLO GH

HOHNWULVNHNRPSRQHQWHQH

'HWWHDSSDUDWHWHUJRGNMHQWIRUEUXNLK¡\GHUSnLQQWLO PHWHU

: 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

(OHNWULVN WLONREOLQJ Pn NXQ XWI¡UHV DY HQ NYDOLILVHUW WHNQLNHU 'HQ

ORNDOHVWU¡POHYHUDQG¡UVUHWQLQJVOLQMHUVNDOI¡OJHV

$SSDUDWHWPnNREOHVWLOHQIDVWLQVWDOODVMRQGHWPnLQVWDOOHUHV

VNLOOHEU\WHUHLVDPVYDUPHGLQVWDOODVMRQVIRUVNULIWHQH

7\SH WLONREOLQJ DSSDUDWHW WLOK¡UHU EHVN\WWHOVHVNODVVH , RJ Pn NXQ

EUXNHVVDPPHQPHGHQMRUGHWVWLNNRQWDNW

3URGXVHQWHQVWnULNNHDQVYDUOLJIRUIHLOEUXNRJHYHQWXHOOHVNDGHU

JUXQQHWXHJQHGHHOHNWULVNHLQVWDOODVMRQHU

6WU¡PNDEHO ,QVWDOOHULQJDYVWU¡PNDEHOVNDOEDUHXWI¡UHVDYHQ

DXWRULVHUWIDJPDQQHOOHUHQJRGNMHQWVHUYLFHWHNQLNHU1¡GYHQGLJH

WLONREOLQJVGDWDILQQHUGXSnW\SHVNLOWHWRJNREOLQJVVNMHPDHW

0RQWHULQJXQGHUEHQNHSODWHQ,QGXNVMRQVWRSSHQNDQNXQ

PRQWHUHVRYHUVNXIIHUHOOHUVWHNHRYQHUPHGYHQWLODVMRQVYLIWH

9HUNHQNM¡OHVNDSRSSYDVNPDVNLQHOOHUVWHNHRYQXWHQYHQWLODVMRQ

HOOHUYDVNHPDVNLQNDQPRQWHUHVXQGHUNRNHWRSSHQ

9HQWLODWRU$YVWDQGHQPHOORPYHQWLODWRUHQRJNRNHWRSSHQPn

YUHPLQVWOLNHVWRUVRPGHQDYVWDQGHQVRPHUDQJLWWL

PRQWHULQJVDQYLVQLQJHQIRUYHQWLODWRUHQ

%HQNHSODWHIODWYDQQUHWWRJVWDELO)¡OJLQVWUXNVMRQHQHIUD

SURGXVHQWHQDYNRNHWRSSHQ

$SSDUDWHWNDQLQVWDOOHUHVLI¡OJHQGHYDUPHRJYDQQEHVWDQGLJH

EHQNHSODWHU

■ %HQNHSODWHUDYPDUPRUQDWXUVWHLQ

■ 6\QWHWLVNHEHQNHSODWHU

■ %HQNHSODWHU DY PDVVLYW WUH NXQ HWWHU DYWDOH PHG SURGXVHQWHQ DY

EHQNHSODWHQIRUVHJOHGHVQLWWNDQWHU

■ 0RQWHULQJLDQGUHW\SHUEHQNHSODWHUNXQHWWHUDYWDOHPHG

SURGXVHQWHQDYEHQNHSODWHQ

'HUVRPEHQNHSODWHQVRPNRNHWRSSHQLQVWDOOHUHVLLNNHRSSI\OOHU

NUDYHQHWLOW\NNHOVHPnGHQIRUVWHUNHVPHGHWEUDQQRJ

YDQQEHVWDQGLJ PDWHULDOH VOLN DW GHQ DQEHIDOWH PLQLPXPVW\NNHOVHQ

RSSQnV(OOHUVEOLULNNHVWDELOLWHWHQJRGQRN

■ %HQNHSODWHQVRPNRNHWRSSHQVNDOLQVWDOOHUHVLVNDOWnOHHQ

EHODVWQLQJSnFDNJ

■ )¡UVWQnUNRNHWRSSHQHULQVWDOOHUWVNDOGXVMHNNHDWGHQHUSn

VDPPHQLYnVRPEHQNHSODWHQ

0HUNQDGHU

■ ,NNHEUXNHQNHOWVWnHQGHVW¡WWHUIRUnVWLOOHDSSDUDWHWLYDWHU

■ 7LOSDVQLQJHUDYDUEHLGVRYHUIODWHQPnXWI¡UHVDYHQVSHVLDOLVHUW

VHUYLFHPDQQLKHQKROGWLOPRQWHULQJVWHJQLQJHULVDPVYDUPHG

LQQE\JJLQJVVNLVVHQH6QLWWNDQWHQPnYUHUHQWRJQ¡\DNWLJ

WLOVNnUHWGDNDQWHQHUV\QOLJSnRYHUIODWHQ5HQJM¡URJDYIHWW

VQLWWNDQWHQHPHGHWHJQHWUHQJM¡ULQJVPLGGHO

*DUDQWLHQIHLODNWLJLQVWDOODVMRQWLONREOLQJHOOHUPRQWDVMHYLO

DQQXOOHUHJDUDQWLHQ

0HUN (QKYHUPRGLILNDVMRQDYDSSDUDWHWVLQGUHLQNOXGHUWE\WWHDY

VWU¡POHGQLQJHQPnNXQXWI¡UHVDYRSSOUWWHNQLVNSHUVRQHOOIUD

YnUVHUYLFHDYGHOLQJ

.ODUJM¡UHP¡EHOHWILJXU 

,QQHE\JGHP¡EOHUPnWnOHHQWHPSHUDWXUSnPLQVW&

+XOURPPHWIMHUQDOOHVSRQHWWHUXWVNMULQJHQ

.XWWHIODWHQHIRUVHJOHPHGHWYDUPHEHVWDQGLJVWRII

0RQWDVMHRYHUVNXIIHQILJXU D

%HQNHSODWHPnKDHQPLQVWHW\NNHOVHSn PP

$YVWDQGHQPHOORPRYHUVLGHQDYNRNHWRSSHQRJRYHUVLGHQDY

VNXIIHQPnYUHPLQVW PP

0HUN %UXNHQPHOORPSODWHDYWUHGHUVRPPHWDOOJMHQVWDQGHUL

VNXIIHQYDUPHVRSSSnJUXQQDYOXIWVLUNXODVMRQHQQnUNRNHWRSSHQ

OXIWHV HOOHU GHUVRP GHW RSSEHYDUHV VPn VSLVVH PHWDOOJMHQVWDQGHU

LGHQQHVNXIIHQVRPIRUHNVHPSHONM¡WWVS\G ELOGH 

.RNHWRSSHQHUXWVW\UWPHGHQYHQWLODWRUSnXQGHUVLGHQ8WHQ

PHOORPSODWHPnGHWLNNHRSSEHYDUHVVPnHOOHUVNDUSH

JMHQVWDQGHUSDSLUHOOHUNM¡NNHQKnQGNOULVNXIIHQ'HWNDQKDHQ

QHJDWLYLQQYLUNQLQJSnNM¡OLQJHQHOOHUVNDGHYLIWHQGHUVRPGH

VXJHVLQQ0HOORPLQQKROGHWLVNXIIHQRJLQQO¡SHWWLOYLIWHQPnGHW

YUHHQPLQLPXPVDYVWDQGSn FP

0RQWDVMHRYHURYQILJXUE

%HQNHSODWHPnKDHQPLQVWHW\NNHOVHSn  PP

0HUN 6OnRSSLPRQWHULQJVDQYLVQLQJHQWLOVWHNHRYQHQGHUVRP

DYVWDQGHQPHOORPSODWHWRSSHQRJVWHNHRYQHQPn¡NHV

9HQWLODVMRQ'HWPnYUHHQDYVWDQGSnPLQVWPPPHOORP

VWHNHRYQHQRJSODWHWRSSHQ

0HUN +YLVNRNHWRSSHQHUPRQWHUWRYHUHQVWHNHRYQIUDHQDQQHQ

SURGXVHQWPnGHWEUXNHVHQPHOORPSODWHDYWUH ILJXU

9HQWLODVMRQILJXU 

)RUnVLNUHDWDSSDUDWHWIXQJHUHUNRUUHNWPnNRNHWRSSHQYUH

WLOVWUHNNHOLJYHQWLOHUW

)RUGLYHQWLODVMRQHQLGHQQHGUHGHOHQDYDSSDUDWHWWUHQJHU

WLOVWUHNNHOLJWLOI¡UVHODYIULVNOXIWPnP¡EHOHWYUHSODVVHUWVOLNDW

GHWODUVHJJM¡UH)¡OJHQGHIRUXWVHWWHV

■ HQPLQLPXPVDYVWDQGPHOORPP¡EHOHWVEDNVLGHRJ

NM¡NNHQYHJJHQRJPHOORPEHQNHSODWHQVRYHUIODWHRJGHQ¡YUH

GHOHQDYVNXIIHQ ILJXU D

■ HQnSQLQJLGHQ¡YUHGHOHQDYP¡EHOHWVEDNVLGH ILJXU E

■ +YLVPLQVWHDYVWDQGHQSn PPSnEDNVLGHQDYP¡EHOHWLNNH

RYHUKROGHVPnGHWODJHVHQnSQLQJSnXQGHUVLGHQ ILJXU F



0HUNQDGHU

■ 'HUVRP DSSDUDWHW VNDO LQVWDOOHUHV Sn HQ NM¡NNHQ¡\ HOOHU HW DQQHW

VWHGHQQGHWVRPHUEHVNUHYHWKHUPnGXV¡UJHIRUWLOVWUHNNHOLJ

YHQWLODVMRQIRUNRNHWRSSHQ

■ 1HGUHVRNNHOPnLNNHOXNNHVKHUPHWLVN

0RQWHUHDSSDUDWHWILJXU 

0HUN %UXNKDQVNHUYHGLQQE\JJLQJDYSODWHWRSSHQ)ODWHQHVRP

LNNHHUV\QOLJHNDQKDVNDUSHNDQWHU

3n DSSDUDWHU XWHQ IRUKnQGVLQVWDOOHUW NDEHO VNDO VWU¡PNDEHOHQ

I¡UHVLQQLVWLNNRQWDNWHQ

 6QXNRNHWRSSHQRJSODVVHUGHQLHVNHQSnHWNOHGHHOOHUHQ

DQQHQRYHUIODWHIRUnXQQJnULSHU

 /¡IWRSSGHNVHOHWWLOVWLNNRQWDNWHQYHGKMHOSDYHQVNUXWUHNNHU

ILJXU 

 /¡VQHIHVWHVNUXHQRJO¡IWRSSVODQJHNOHPPHQPHGHQ

VNUXWUHNNHU ILJXU 

 7LONREOLQJWLOVWLNNRQWDNWHQPnVNMHLKHQKROGWLOILJXUHQ ILJXU 

%1EUXQ

%8EOn

*1<(JXORJJU¡QQ

%.VYDUW

*<JUn

0HUNQDGHU

■ 'HUVRPWLONREOLQJHQJM¡UHVLKHQKROGWLONREOLQJVVNMHPD/

1aPnEURHQHRUGQHVLVDPVYDUPHGNREOLQJVVNMHPDHW

■ 6¡UJIRUDWVNUXHQHSnVWLNNRQWDNWHQHUVWUDPPHWHWWHUDW

NDEOHQHHUNREOHWWLO

 )HVW VWU¡PNDEHOHQ PHG HQ VODQJHNOHPPH RJ WUHNN WLO IHVWHVNUXHQ

ILJXU D

 /XNNGHNVHOHWWLOVWLNNRQWDNWHQ

0HUN 3ODVVHUNDEOHQHLPLGWUHGHODYVWLNNRQWDNWHQVOLNDWGHQ

EOLUOHWWHUHnOXNNH

 'HUVRPVWU¡POHGQLQJHQNRPPHULYHLHQIRUVNXIIHQIHVWHUGX

OHGQLQJHQSnXQGHUVLGHQDYNRNHWRSSHQPHGGHQYHGODJWH

NDEHOVWULSVHQ ILJXU E

0HUN .RQWDNWNXQGHVHUYLFHKYLVGXWUHQJHUHQOHQJUHOHGQLQJ

0RQWHUHNRNHWRSSILJXU 

 6N\YDSSDUDWHWIRUVLNWLJLQQLQLVMHQ

² 6WU¡PNDEHOHQ Pn LNNH NRPPH L NOHP HOOHU WUHNNHV RYHU VNDUSH

NDQWHU+YLVGHWHUPRQWHUWVWHNHRYQXQGHUNRNHWRSSHQPn

OHGQLQJHQOHJJHVUXQGWKM¡UQHQHSnEDNVLGHQDYVWHNHRYQHQ

RJWLOVWLNNRQWDNWHQ/HGQLQJHQPnSODVVHUHVVOLNDWGHQLNNH

NRPPHULNRQWDNWPHGYDUPHGHOHUDYNRNHWRSSHQHOOHU

VWHNHRYQHQ

² 3nIOLVODJWHEHQNHSODWHU)OLVHIXJHQHPnWHWWHVPHG

VLOLNRQPDVVH

 3DVVSnDWNRNHWRSSHQHULVDPPHK¡\GHVRPEHQNHSODWHQ

 )¡UWHWQLQJHQHIRUVHJOHVPnGHWXWI¡UHVHQIXQNVMRQVWHVW

7HWWVSDOWHQUXQGWNRNHWRSSHQPHGYDUPHEHVWDQGLJVLOLNRQ

IHNV 1RYDVLO



62WWRVHDO



6*ODWWWHWQLQJHQPHG

YHUNW¡\HWVRPDQEHIDOHVDYSURGXVHQWHQ)¡OJSURGXVHQWHQV

DQYLVQLQJHUIRUEUXNDYVLOLNRQ,NNHWDDSSDUDWHWLEUXNI¡U

VLOLNRQHWHUW¡UNHWKHOWPLQVW WLPHUDYKHQJLJDY

RPJLYHOVHVWHPSHUDWXUHQ

(JQHWVLOLNRQNDQEHVWLOOHVKRVYnUNXQGHVHUYLFH

2EV

9HGEUXNDYIHLOW\SHVLOLNRQNDQGHWRSSVWnSHUPDQHQWH

IDUJHHQGULQJHUSnEHQNHSODWHUDYQDWXUOLJPDUPRU

.REOHWLODSSDUDWHWILJXU

■ 6SHQQLQJVHW\SHVNLOW

■ 7LONREOLQJPnXWI¡UHVLVDPVYDUPHGNREOLQJVVNMHPDHW

%1EUXQ

%8EOn

*1<(JXORJJU¡QQ

%.VYDUW

*<JUn

■ $YKHQJLJDYWLONREOLQJVW\SHPnHYHQWXHOWSODVVHULQJHQDY

NOHPPHQH VRP I¡OJHU PHG IUD IDEULNNHQ HQGUHV )RU n VHWWH LQQ

HQNOHPPHVRPIRUELQGHUWRNDEOHUPnNOHPPHQHRP

Q¡GYHQGLJIRUNRUWHVRJLVRODVMRQHQIMHUQHV

0HUN .RQWUROOHURPDSSDUDWHWHUNODUWWLOEUXN9LVHV

—…‹‹

“‹†‚„ HOOHU “LDSSDUDWHWVGLVSOD\HUGHWLNNHULNWLJWLONREOHW

.REOHDSSDUDWHWIUDVWU¡PPHQRJNRQWUROOHUDWVWU¡POHGQLQJHQHU

ULNWLJNREOHWWLO

7DXWDSSDUDWHW

.REOHDSSDUDWHWIUDVWU¡PQHWWHW

)MHUQVLOLNRQWHWQLQJHQUXQGWNRNHWRSSHQPHGHWHJQHWYHUNW¡\

7U\NNNRNHWRSSHQXWQHGHQIUD

2EV

6NDGHUSnDSSDUDWHW,NNHIRUV¡NnWDXWDSSDUDWHWRYHQIUD

ptpt

,QVWUXo}HVGHPRQWDJHP

,QVWUXo}HVLPSRUWDQWHV

6HJXUDQoD D VHJXUDQoD GXUDQWH D XWLOL]DomR Vy HVWi JDUDQWLGD VH

DLQVWDODomRWLYHUVLGRHIHFWXDGDGHIRUPDFRUUHFWDDQtYHO

WpFQLFRHGHDFRUGRFRPHVWDVLQVWUXo}HVGHPRQWDJHP2V

GDQRVFDXVDGRVSRUXPDPRQWDJHPLQDGHTXDGDVHUmRGD

UHVSRQVDELOLGDGHGRLQVWDODGRU

$SyVDLQVWDODomRpQHFHVViULRDVVHJXUDUTXHRXWLOL]DGRUQmR

WHPDFHVVRDRVFRPSRQHQWHVHOpWULFRV

(VWHDSDUHOKRpSHUPLWLGRSDUDVHUXVDGRDWp PHWURVGH

DOWXUD

: 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

/LJDomRHOpFWULFDGHYHVHUHIHFWXDGDDSHQDVSRUXPWpFQLFR

HVSHFLDOLVWDDXWRUL]DGRHGHDFRUGRFRPDVGLVSRVLo}HVGD

FRPSDQKLDGHIRUQHFLPHQWRHOpFWULFRGD]RQD

2 DSDUHOKR WHP GH HVWDU OLJDGR D XPD LQVWDODomR IL[D H GH DFRUGR

FRPRVUHJXODPHQWRVGHLQVWDODomRGHYHPVHULQVWDODGRV

LQWHUUXSWRUHVVHFFLRQDGRUHV

7LSRGHOLJDomRRDSDUHOKRSHUWHQFHjFODVVHGHSURWHFomR ,H

DSHQDVSRGHVHUXWLOL]DGRHPFRPELQDomRFRPXPDOLJDomRFRP

FRQGXWRUGHWRPDGDGHWHUUD

2 IDEULFDQWH QmR VH UHVSRQVDELOL]D SHOR IXQFLRQDPHQWR LQFRUUHFWR

HSRUSRVVtYHLVGDQRVSURYRFDGRVSRULQVWDODo}HVHOpFWULFDV

LQDGHTXDGDV

&DER GH UHGH R FDER GH UHGH DSHQDV SRGH VHU LQVWDODGR SRU XP

WpFQLFRDXWRUL]DGRRXSRUXPWpFQLFRGRVHUYLoRGHDVVLVWrQFLD

WpFQLFDFRPIRUPDomRHVSHFtILFD2VGDGRVGHOLJDomR

QHFHVViULRVHQFRQWUDPVHQDSODFDGHFDUDFWHUtVWLFDVHQRV

HVTXHPDVGHOLJDomR

0RQWDJHPSRUEDL[RGDEDQFDGDGHWUDEDOKR$SODFDGH

LQGXomR DSHQDV SRGH VHU LQVWDODGD SRU FLPD GH JDYHWDV RX IRUQRV

FRPYHQWLODGRU3RUEDL[RGDSODFDGHFR]LQKDUQmRSRGHPVHU

LQFRUSRUDGRVIULJRUtILFRVPiTXLQDVGHODYDUORXoDIRUQRVVHP

YHQWLODomRQHPPiTXLQDVGHODYDUURXSD

([DXVWRUDGLVWkQFLDHQWUHRH[DXVWRUHDSODFDGHFR]LQKDUWHP

GH FRUUHVSRQGHU SHOR PHQRV j GLVWkQFLD LQGLFDGD QDV LQVWUXo}HV

GHPRQWDJHPGRH[DXVWRU

%DQFDGDSODQDKRUL]RQWDOHVWiYHO6LJDDVLQVWUXo}HVGR

IDEULFDQWHGDEDQFDGD

2DSDUHOKRSRGHVHUPRQWDGRHPEDQFDGDVGHWUDEDOKR

UHVLVWHQWHVDRFDORUHjiJXD

■ %DQFDGDVGHWUDEDOKRHPPiUPRUHSHGUDQDWXUDO

■ %DQFDGDVGHWUDEDOKRVLQWpWLFDV

■ %DQFDGDV GH WUDEDOKR HP PDGHLUD PDFLoD DSHQDV DSyV DFRUGR

GR IDEULFDQWH GD EDQFDGD GH WUDEDOKR DUHVWDV GH FRUWH VHODGDV

■ 0RQWDJHPGHRXWURVWLSRVGHEDQFDGDVGHWUDEDOKRDSHQDV

DSyVDFRUGRGRIDEULFDQWHGDEDQFDGDGHWUDEDOKR

6HDHVSHVVXUDGDEDQFDGDGHWUDEDOKRQDTXDOpLQFRUSRUDGDD

SODFDGHFR]LQKDUQmRFRUUHVSRQGHUDRVUHTXLVLWRVUHIRUFHD

EDQFDGD GH WUDEDOKR FRP PDWHULDO UHVLVWHQWH DR IRJR H j iJXD DWp

VHUDWLQJLGDDHVSHVVXUDPtQLPDUHFRPHQGDGD&DVRFRQWUiULR

QmRWHUiHVWDELOLGDGHVXILFLHQWH

■ $EDQFDGDGHWUDEDOKRQDTXDODSODFDGHFR]LQKDUp

LQFRUSRUDGDGHYHUHVLVWLUDFDUJDVGHDSUR[ NJ

■ 9HULILTXHRQLYHODPHQWRGDSODFDGHFR]LQKDUDSHQDVTXDQGR

HVWDHVWLYHUPRQWDGD

1RWDV

■ 3DUDQLYHODURDSDUHOKRQmRXWLOL]HDSRLRVHPORFDLVLQGLYLGXDLV

■ $VDGDSWDo}HVQDVXSHUItFLHGHWUDEDOKRWrPGHVHUHIHWXDGDV

SRUXPSUHVWDGRUGHVHUYLoRVHVSHFLDOL]DGRHPFRQIRUPLGDGH

FRP R HVERoR GH HQFDVWUDPHQWR $ DUHVWD GH FRUWH WHP GH HVWDU

OLPSD H SUHFLVD SRLV R UHERUGR GD VXSHUItFLH HVWi YLVtYHO /LPSH

HOXEULILTXHDVDUHVWDVGHFRUWHFRPXPSURGXWRGHOLPSH]D

FRUUHVSRQGHQWH



*DUDQWLDXPDLQVWDODomROLJDomRRXPRQWDJHPLQDGHTXDGD

LPSOLFDDDQXODomRGDJDUDQWLDGRSURGXWR

1RWD 4XDOTXHUPDQLSXODomRQRLQWHULRUGRDSDUHOKRLQFOXLQGRD

PXGDQoDGRFDERGHDOLPHQWDomRGHYHVHUUHDOL]DGD

H[FOXVLYDPHQWHSRUSHVVRDOWpFQLFRGR6HUYLoRGH$VVLVWrQFLD

FRPIRUPDomRHVSHFtILFD

3UHSDUDomRGRPyYHOILJXUD 

0yYHLVHQFDVWUDGRVUHVLVWHQWHVDXPDWHPSHUDWXUDPtQLPDGH

&

&DYLGDGHUHPRYHUDVDSDUDVGHPDGHLUDDSyVRVWUDEDOKRVGH

FRUWH

6XSHUItFLHVGHFRUWHYHGDUFRPPDWHULDOUHVLVWHQWHDRFDORU

0RQWDJHPVREUHDJDYHWDILJXUD D

%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP

$GLVWkQFLDHQWUHDSDUWHVXSHULRUGDEDQFDGDHDSDUWHVXSHULRU

GDJDYHWDGHYHVHUGH PP

1RWD &DVRVHMDPJXDUGDGRVQHVWDJDYHWDSHTXHQRVREMHWRV

PHWiOLFRVFRPRSH[HVSHWRVRXFDVRRVREMHWRVPHWiOLFRV

JXDUGDGRVQDJDYHWDDTXHoDPGHYLGRjFLUFXODomRGRDUGXUDQWH

DYHQWLODomRGDSODFDGHFR]LQKDUXWLOL]HXPIXQGRLQWHUPpGLRGH

PDGHLUD ILJXUD 

$SODFDGHFR]LQKDUSRVVXLXPYHQWLODGRUQRODGRLQIHULRU6HP

IXQGRLQWHUPpGLRQmRVHSRGHJXDUGDUREMHWRVSHTXHQRVRX

SRQWLDJXGRV SDSHO RX SDQRV GH FR]LQKD QD JDYHWD $ UHIULJHUDomR

SRGH ILFDU DIHWDGD RX R YHQWLODGRU GDQLILFDGR DWUDYpV GD DVSLUDomR

(QWUH R FRQWH~GR GD JDYHWD H D HQWUDGD GR YHQWLODGRU p QHFHVViULR

UHVSHLWDUXPDGLVWkQFLDPtQLPDGHFP

0RQWDJHPVREUHRIRUQRILJXUDE

%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH  PP

1RWD &RQVXOWHDVLQVWUXo}HVGHPRQWDJHPGRIRUQRFDVRVHMD

QHFHVViULRDXPHQWDUDGLVWkQFLDHQWUHDSODFDGHFR]LQKDUHR

IRUQR

9HQWLODomRDGLVWkQFLDHQWUHRIRUQRHDSODFDGHFR]LQKDUGHYH

VHUQRPtQLPRGHPP

1RWD 6HDSODFDGHFR]LQKDUHVWLYHUPRQWDGDSRUFLPDGHXP

IRUQRGHXPDRXWUDPDUFDGHYHVHUXVDGRXPIXQGRLQWHUPpGLR

HPPDGHLUD ILJXUD

9HQWLODomRILJXUD 

3DUD JDUDQWLU XP IXQFLRQDPHQWR FRUUHWR GR DSDUHOKR p QHFHVViULR

YHQWLODUDSODFDGHFR]LQKDUDGHTXDGDPHQWH

&RPR D YHQWLODomR QD SDUWH LQIHULRU GR DSDUHOKR QHFHVVLWD GH XPD

DOLPHQWDomRVXILFLHQWHGHDUIUHVFRRVPyYHLVWrPGHVHU

GLPHQVLRQDGRVHPFRQIRUPLGDGH3DUDLVVRpQHFHVViULRR

VHJXLQWH

■ XPD GLVWkQFLD PtQLPD HQWUH D SDUWH GH WUiV GR PyYHO H D SDUHGH

GD FR]LQKD H HQWUH D VXSHUItFLH GD EDQFDGD GH WUDEDOKR H D SDUWH

VXSHULRUGDJDYHWD ILJXUD D

■ XPDDEHUWXUDHPFLPDQDSDUWHGHWUiVGRPyYHO ILJXUD E

■ &DVRDGLVWkQFLDPtQLPDGH PPQDSDUWHGHWUiVGRPyYHO

QmRHVWHMDDVVHJXUDGDpQHFHVViULRFULDUXPDDEHUWXUDQD

SDUWHLQIHULRU ILJXUD F

1RWDV

■ 6HRDSDUHOKRIRULQFRUSRUDGRQXPDLOKDRXQXPRXWURORFDO

GLIHUHQWHQmRGHVFULWRGHYHSURYLGHQFLDUVHXPDYHQWLODomR

DGHTXDGDGDSODFDGHFR]LQKDU

■ 1mRILQDOL]HRFDVTXLOKRLQIHULRUGHIRUPDKHUPpWLFD

0RQWDURDSDUHOKRILJXUDV 

1RWD 8WLOL]HOXYDVGHSURWHomRSDUDPRQWDUDSODFDGHFR]LQKDU

$VVXSHUItFLHVTXHQmRVmRYLVtYHLVSRGHPDSUHVHQWDUDUHVWDV

YLYDV

1RFDVRGHDSDUHOKRVVHPFDERSUpLQVWDODGRLQWURGX]DR

FDERGHUHGHQDWRPDGDGHOLJDomR

 9LUH D SODFD GH FR]LQKDU H SRXVHD VREUH R IXQGR GD HPEDODJHP

XPSDQRRXXPDRXWUDVXSHUItFLHGHIRUPDDHYLWDUULVFRV

 /HYDQWHDWDPSDGDWRPDGDGHOLJDomRFRPDDMXGDGHXPD

FKDYHGHIHQGDV ILJXUD 

 6ROWH R SDUDIXVR GH IL[DomR H OHYDQWH D EUDoDGHLUD GD PDQJXHLUD

FRPDDMXGDGHXPDFKDYHGHIHQGDV ILJXUD

 /LJXHDWRPDGDGHOLJDomRDSHQDVGHDFRUGRFRPDILJXUD

ILJXUD 

%1FDVWDQKR

%8D]XO

*1<(DPDUHORHYHUGH

%.SUHWR

*<FLQ]HQWR

1RWDV

■ 6HDOLJDomRIRUUHDOL]DGDGHDFRUGRFRPRHVTXHPDGH

OLJDo}HV/1aDGLVSRVLomRGDVSRQWHVGHYHVHUDOWHUDGD

GHDFRUGRFRPRHVTXHPD

■ 3UHVWHDWHQomRSDUDTXHRVSDUDIXVRVHVWHMDPEHP

DSHUWDGRVQDWRPDGDGHOLJDomRGHSRLVGDOLJDomRGRV

FDERV

 )L[HRFDERGHUHGHFRPDEUDoDGHLUDGDPDQJXHLUDHDSHUWHR

SDUDIXVRGHIL[DomR ILJXUD D

 )HFKHDWDPSDGDWRPDGDGHOLJDomR

1RWD $UUXPHRVFDERVQRFHQWURGDWRPDGDGHOLJDomRSDUD

IDFLOLWDURIHFKR

 6H R FDER GH UHGH LQIHULU FRP D JDYHWD HVWH GHYH VH IL[DGR FRP

RDJUXSDGRUGHFDERVIRUQHFLGRQDSDUWHLQIHULRUGDSODFDGH

FR]LQKDU ILJXUD E

1RWD 6HIRUQHFHVViULRXPFDERPDLVFRPSULGRFRQWDFWHR

VHUYLoRGHDVVLVWrQFLD

,QVHULUDSODFDGHFR]LQKDUILJXUD 

 ,QWURGX]DRDSDUHOKRXQLIRUPHPHQWHQRQLFKR

² 1mR HQWDOH R FDER GH UHGH QHP R SDVVH SRU DUHVWDV YLYDV 6H

H[LVWLUXPIRUQRLQVWDODGRSRUEDL[RSDVVHRFDERSHORV

FDQWRVSRVWHULRUHVGRIRUQRDWpjWRPDGDGHOLJDomR2FDER

WHPGHVHULQVWDODGRGHIRUPDDQmRWRFDUHPQHQKXPORFDO

TXHQWHGDSODFDGHFR]LQKDURXGRIRUQR

² 1RFDVRGHEDQFDGDVGHWUDEDOKRODGULOKDGDVYHGHDVMXQWDV

GRVODGULOKRVFRPERUUDFKDGHVLOLFRQH

 3UHVWHDWHQomRSDUDTXHDSODFDGHFR]LQKDUVHMDGDPHVPD

DOWXUDGDEDQFDGDGHWUDEDOKR

 $QWHVGDVHODJHPGDVYHGDo}HVH[HFXWHXPWHVWHGH

IXQFLRQDPHQWRFRUUHVSRQGHQWH

6HOHDIROJDHPUHGRUFRPVLOLFRQHDGHTXDGRHUHVLVWHQWHDR

FDORU SRU H[ 1RYDVLO



6 2WWRVHDO



6 $OLVH R YHGDQWH FRP

DIHUUDPHQWDUHFRPHQGDGDSHORIDEULFDQWH2EVHUYHDV

LQVWUXo}HV GR IDEULFDQWH GR VLOLFRQH $SHQDV FRORTXH R DSDUHOKR

HPIXQFLRQDPHQWRTXDQGRRVLOLFRQHHVWLYHUFRPSOHWDPHQWH

VHFR SHORV PHQRV  KRUDV FRQIRUPH D WHPSHUDWXUD DPELHQWH

3RGHUiDGTXLULUXPVLOLFRQHDGHTXDGRQRVQRVVRV6HUYLoRVGH

$VVLVWrQFLD7pFQLFD

$WHQomR

$XWLOL]DomRGHXPVLOLFRQHGHVDGHTXDGRSRGHSURYRFDU

DOWHUDo}HVSHUPDQHQWHVQDFRUGDVEDQFDGDVHPPiUPRUH

QDWXUDO

/LJDURDSDUHOKRILJXUD

■ 7HQVmRYHUSODFDGHFDUDFWHUtVWLFDV

■ /LJXHDSHQDVGHDFRUGRFRPRHVTXHPDGHOLJDo}HV

%1FDVWDQKR

%8D]XO

*1<(DPDUHORHYHUGH

%.SUHWR

*<FLQ]HQWR

■ 'HSHQGHQGRGRWLSRGHOLJDomRpSRVVtYHOTXHVHWHQKDGH

DOWHUDUDGLVSRVLomRGRVWHUPLQDLVIRUQHFLGRVSHODIiEULFD3DUD

LVVRSRGHUiVHUQHFHVViULRHQFXUWDURVWHUPLQDLVHUHPRYHUR

LVRODPHQWRSDUDFRORFDUXPWHUPLQDOTXHXQDGRLVFDERV

1RWD 9HULILFDomR GD RSHUDFLRQDOLGDGH VH VXUJLU

—…‹‹ “‹†‚„

RX “QRYLVRUGRDSDUHOKRLVVRVLJQLILFDTXHRDSDUHOKRQmRHVWi

OLJDGRFRUUHWDPHQWH'HVOLJXHRDSDUHOKRGDDOLPHQWDomRHOpWULFD

HYHULILTXHDOLJDomRGRFDERHOpWULFR

'HVPRQWDURDSDUHOKR

'HVOLJXHRDSDUHOKRGDUHGHHOpWULFD

5HPRYD R YHGDQWH HP VLOLFRQH HP UHGRU GD SODFD GH FR]LQKDU FRP

XPDIHUUDPHQWDDGHTXDGD

5HPRYDDSODFDGHFR]LQKDUSUHVVLRQDQGRGHVGHDSDUWHGH

EDL[R

$WHQomR

3HULJRGHGDQRVQRDSDUHOKR1mRWHQWHUHPRYHURDSDUHOKRSHOD

SDUWHGHFLPD



0RQWHULQJVDQYLVQLQJ

9LNWLJWDWWREVHUYHUD

6lNHUKHWVlNHUKHWHQYLGDQYlQGQLQJJDUDQWHUDVXQGHU

I|UXWVlWWQLQJ DWW LQVWDOODWLRQHQ KDU XWI|UWV NRUUHNW RFK L HQOLJKHW PHG

GHQQDPRQWHULQJVDQYLVQLQJ6NDGRURUVDNDGHDYIHODNWLJ

PRQWHULQJlUPRQW|UHQVDQVYDU

6HWLOOVnDQYlQGDUHQLQWHNRPPHUnWHONRPSRQHQWHUQDHIWHU

LQVWDOODWLRQ

(QKHWHQlUEDUDDYVHGGI|UDQYlQGQLQJXSSWLOO P|K

: 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

(ODQVOXWQLQJInUHQGDVWXWI|UDVDYHQEHK|ULJIDFNPDQ

)|UHVNULIWHUQDIUnQGHQORNDODHOOHYHUDQW|UHQVNDOOI|OMDV

(QKHWHQ NUlYHU IDVW LQVWDOODWLRQ RFK PRQWHULQJ PHG OlPSOLJ EU\WDUH

HQOLJWLQVWDOODWLRQVDQYLVQLQJDUQD

$QVOXWQLQJVW\SDSSDUDWHQWLOOK|UVN\GGVNODVV ,RFKInUHQGDVW

DQYlQGDVPHGHQMRUGDGDQVOXWQLQJ

7LOOYHUNDUHQWDULQJHWDQVYDUI|UIHODNWLJIXQNWLRQHOOHUVNDGRU

RUVDNDGHDYIHODNWLJHOLQVWDOODWLRQ

6ODGGHQ GHWlUEDUDEHK|ULJHOHNWULNHUHOOHUXWELOGDG

VHUYLFHWHNQLNHUVRPInULQVWDOOHUDVODGGHQ'XKLWWDU

DQVOXWQLQJVLQIRQSnPlUNVN\OWHQRFKLNRSSOLQJVVFKHPDQD

0RQWHULQJ XQGHU ElQNVNLYD LQGXNWLRQVKlOO JnU EDUD DWW LQVWDOOHUD

|YHUOnGDHOOHUXJQPHGYHQWLODWLRQVIOlNW'HWInULQWHILQQDV

N\OVNnSGLVNPDVNLQXJQXWDQYHQWLODWLRQVIOlNWHOOHUWYlWWPDVNLQ

XQGHUKlOOHQ

8WVXJDYVWnQGHWPHOODQXWVXJRFKKlOOVNDPLQVWYDUDDQJLYHW

DYVWnQGLPRQWHULQJVDQYLVQLQJHQ

%lQNVNLYDSODQYnJUlWVWDELO)|OMLQVWUXNWLRQHUQDIUnQ

ElQNVNLYDQVWLOOYHUNDUH

(QKHWHQJnUDWWPRQWHUDLI|OMDQGHYlUPHRFKYDWWHQWnOLJD

ElQNVNLYRU

■ ElQNVNLYRUDYPDUPRUQDWXUVWHQ

■ ODPLQDWVNLYRU

■ %lQNVNLYRULPDVVLYWWUlEDUDRPGXI|OMHUDQYLVQLQJDUQDIUnQ

WLOOYHUNDUHQDYElQNVNLYDQIRJDGHNDQWHU

■ 0RQWHULQJDYDQGUDVODJVElQNVNLYRUEDUDRPGXI|OMHU

DQYLVQLQJDUQDIUnQWLOOYHUNDUHQDYElQNVNLYDQ

bU ElQNVNLYDQ GX VND PRQWHUD KlOOHQ L LQWH WLOOUlFNOLJW WMRFN I|UVWlUN

GHQPHGEUDQGVlNHUWRFKYDWWHQWnOLJWPDWHULDOVnDWWGXXSSQnU

UHNRPPHQGHUDGPLQLPLWMRFNOHN$QQDUVJHUGHQLQWHWLOOUlFNOLJ

VWDELOLWHW

■ %lQNVNLYDQ GX VND PRQWHUD KlOOHQ L VND NODUD EHODVWQLQJDU Sn FD

 NJ

■ .RQWUROOHUDLQWHDWWKlOOHQlUSODQI|UUlQGHQVLWWHUL

$QYLVQLQJ

■ $QYlQGLQWHVW|GQnJRQVWDQVI|UDWWInHQKHWHQLYnJ

■ $QSDVVQLQJDUDYElQNVNLYDQHQOLJWLQE\JJQDGVULWQLQJHQNUlYHU

VSHFLDOLVWKDQWYHUNDUH8UWDJVNDQWHUQDPnVWHYDUDUHQDRFK

H[DNWDHIWHUVRPNDQWHQV\QVRYDQSn5HQJ|URFKIHWWDDY

XUWDJVNDQWHUQDPHGOlPSOLJWUHQJ|ULQJVPHGHO

*DUDQWLYLGIHODNWLJPRQWHULQJHOOHUDQVOXWQLQJJlOOHULQWH

SURGXNWJDUDQWLQ

$QYLVQLQJ cWJlUGHUSnDSSDUDWHQVLQVLGDLQNOXVLYHE\WHDY

VWU|PNDEHOInUHQGDVWXWI|UDVDYVlUVNLOWXWELOGDGSHUVRQDOIUnQ

.XQGWMlQVW

)|UEHUHGDVWRPPDUQDELOG 

,QE\JJGDVNnSWnOWHPSHUDWXUHUSnXSSWLOO&

8WU\PPHDYOlJVQDVnJVSnQHQHIWHUXUVNlUQLQJVDUEHWHW

6NlU\WRUI|UVHJODPHGYlUPHEHVWlQGLJWPDWHULDO

0RQWHULQJSnOnGDELOG D

%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW PP

$YVWnQGHWPHOODQElQNVNLYDQV|YUHGHORFKOnGDQV|YUHGHOVND

YDUD PP

$QYLVQLQJ $QYlQG HWW WUlK\OOSODQ RP OnGDQ LQQHKnOOHU PHWDOOGHODU

HOOHUVPnVSHWVLJDPHWDOOI|UHPnOVRPWH[JULOOVSHWWVRPEOLU

XSSYlUPGDDYOXIWFLUNXODWLRQHQIUnQKlOOYHQWLODWLRQHQ ILJ 

+lOOHQKDUHQIOlNWSnXQGHUVLGDQ)|UYDUDLQWHVPnHOOHUVSHWVLJD

I|UHPnOSDSSHUHOOHUN|NVKDQGGXNDULOnGDQRPK\OOSODQVDNQDV

'HWNDQSnYHUNDN\OQLQJHQHOOHUVNDGDIOlNWHQRPQnJRWVXJVLQ

'HWVNDYDUDHWWPLQLPLDYVWnQGSnFPPHOODQOnGLQQHKnOOHWRFK

IOlNWLQVXJHW

0RQWHULQJ|YHUXJQELOGE

%lQNVNLYDGHQE|UKDHQWMRFNOHNSnPLQVW  PP

$QYLVQLQJ 7LWWDLXJQHQVPRQWHULQJVDQYLVQLQJRPDYVWnQGHW

PHOODQKlOORFKXJQPnVWHYDUDVW|UUH

9HQWLODWLRQDYVWnQGHWPHOODQXJQRFKKlOOVNDYDUDPLQPP

$QYLVQLQJ ,QVWDOOHUDU GX KlOOHQ |YHU XJQ DY DQQDW PlUNH DQYlQG

WUlK\OOSODQ ELOG

9HQWLODWLRQELOG 

+lOOHQNUlYHUDQJLYHQYHQWLODWLRQI|UDWWHQKHWHQVNDIXQJHUD

RUGHQWOLJW

9HQWLODWLRQHQ XQGHU HQKHWHQ NUlYHU EUD IULVNOXIWVLQWDJ Vn VWRPPHQ

PnVWHKDPDWFKDQGHXWIRUPQLQJ)|OMDQGHNUlYV

■ KnOOPLQLPLDYVWnQGHWPHOODQVWRPU\JJRFKYlJJRFKPHOODQ

ElQNVNLYDRFKOnG|YHUGHO ELOG D

■ GHWVNDILQQDVHQ|SSQLQJXSSWLOOSnVWRPU\JJHQ ELOG E

■ JnUGHWLQWHInWLOOPLQLPLDYVWnQGRP PPSnVWRPU\JJHQVn

PnVWHGXJ|UDHQ|SSQLQJSnXQGHUVLGDQ ELOG F

$QYLVQLQJ

■ 0RQWHUDU GX HQKHWHQ L HQ N|NV| HOOHU Sn DQQDQ SODWV VRP VDNQDU

EHVNULYQLQJVHWLOOVnDWWKlOOHQInUUlWWYHQWLODWLRQ

■ 'HQXQGUHVRFNHOQInULQWHYDUDKHUPHWLVNWWLOOVOXWHQ

0RQWHUDHQKHWHQELOG 

$QYLVQLQJ $QYlQGVN\GGVKDQGVNDUYLGPRQWHULQJDYKlOOHQ'H

GROGD\WRUQDNDQKDYDVVDNDQWHU

(QKHWHUXWDQI|UPRQWHUDGVODGGI|ULQVODGGHQL

NRSSOLQJVGRVDQ

 9lQGKlOOHQRFKOlJJGHQSnERWWHQDYI|USDFNQLQJHQHQ

KDQGGXNHOOHUDQQDQ\WDVnDWWGHQLQWHEOLUUHSDG

 /\IWORFNHWWLOONRSSOLQJVGRVDQPHGPHMVHO ELOG 

 /RVVDIlVWVNUXYHQRFKO\IWVODQJNOlPPDQPHGPHMVHO ELOG 

 $QVOXWDOOWLGVRPELOGHQSnNRSSOLQJVGRVDQDQJHU ELOG 

%1EUXQ

%8EOn

*1<(JXOJU|Q

%.VYDUW

*<JUn

$QYLVQLQJ

■ $QVOXWHUGXHQOLJWNRSSOLQJVVFKHPD/1aVnPnVWHGX

lQGUDE\JOLQJDUQDVRPVFKHPDWDQJHU

■ 6H WLOO Vn DWW VNUXYDUQD L NRSSOLQJVGRVDQ lU RUGHQWOLJW nWGUDJQD

HIWHUVODGGDQVOXWQLQJHQ

 )lVWVODGGHQPHGVODQJNOlPPDQRFKGUDnWIlVWVNUXYHQ

ELOG D

 6lWWSnORFNHWWLOONRSSOLQJVGRVDQ

$QYLVQLQJ 3ODFHUDVODGGHQPLWWLNRSSOLQJVGRVDQVnJnUGHW

OlWWDUHDWWVWlQJD

 *nUVODGGHQHPRWOnGDQIlVWXSSVODGGHQPHGGHPHGI|OMDQGH

EXQWEDQGHQSnXQGHUVLGDQDYKlOOHQ ELOG E

$QYLVQLQJ %HK|YHUGXOlQJUHVODGGNRQWDNWDVHUYLFH

6lWWDLKlOOHQELOG

 6NMXWLQHQKHWHQMlPQWLQLVFKHQ

² 6HWLOOVnDWWVODGGHQLQWHEOLUNOlPGHOOHUGUDJHQ|YHUYDVVD

NDQWHU9LGXQGHUE\JJGXJQGUDVODGGHQWLOOYlJJXWWDJHWYLD

XJQHQVEDNUHK|UQ'UDOHGQLQJHQVnDWWGHQLQWHNRPPHUL

NRQWDNWPHGKHWDVWlOOHQSnKlOOHOOHUXJQ

² .DNODGHElQNVNLYRUPMXNIRJDNDNOHWPHGVLOLNRQ

 6HWLOOVnDWWKlOOHQlULK|MGPHGElQNVNLYDQ

 )XQNWLRQVSURYDLQQDQGXWlWIRJDU

)RJDVSDOWHQUXQWRPPHGOlPSOLJWYlUPHEHVWlQGLJWVLOLNRQ

WH[ 1RYDVLO



62WWRVHDO



6*OlWWDWlWQLQJHQPHGGHW

YHUNW\J VRP WLOOYHUNDUHQ UHNRPPHQGHUDU )|OM VLOLNRQWLOOYHUNDUHQV

DQYLVQLQJDU$QYlQGLQWHHQKHWHQI|UUlQVLOLNRQHWWRUNDWKHOW

PLQVW WLPPDUEHURHQGHSnRPJLYQLQJHQVWHPSHUDWXU

'XKLWWDUUlWWVLOLNRQKRVVHUYLFH

2EV

$QYlQGHU GX IHO VLOLNRQ NDQ GX In SHUPDQHQWD IlUJI|UlQGULQJDU Sn

PDUPRUElQNVNLYRU



$QVOXWDHQKHWHQELOG

■ 6SlQQLQJVHPlUNVN\OWHQ

■ $QVOXWDOOWLGVRPNRSSOLQJVVFKHPDWDQJHU

%1EUXQ

%8EOn

*1<(JXOJU|Q

%.VYDUW

*<JUn

■ bQGUD IDEULNVE\JOLQJHQ Vn DWW GHQ PDWFKDU DQVOXWQLQJVW\SHQ RP

GHWEHK|YV'XPnVWHHYHQWXHOOWNRUWDE\JOLQJDUQDRFKWDERUW

LVROHULQJHQI|UDWWVlWWDLE\JOLQJHQVRPNRSSODULKRSOHGDUQD

$QYLVQLQJ .RQWUROOHUD DWW HQKHWHQ lU UHGR DWW DQYlQGD InU GX XSS

—…‹‹ “‹†‚„ HOOHU “SnHQKHWHQVGLVSOD\VnlUGHQLQWHUlWW

DQVOXWHQ *|U HQKHWHQ VWU|PO|V RFK NRQWUROOHUD VODGGDQVOXWQLQJHQ

7DXUHQKHWHQ

*|UHQKHWHQVWU|PO|V

7DERUWVLOLNRQIRJHQUXQWKlOOHQPHGOlPSOLJWYHUNW\J

7U\FNXSSKlOOHQXQGHULIUnQ

2EV

5LVNI|UVNDGRUSnHQKHWHQ)|UV|NLQWHWDXUHQKHWHQRYDQLIUnQ

$VHQQXVRKMH

7lUNHLWlYLKMHLWl

7XUYDOOLVXXVNl\WW|WXUYDOOLVXXVRQWDDWWXDLQRDVWDDQVLOORLQNXQ

DVHQQXV RQ VXRULWHWWX WHNQLVHVWL RLNHLQ MD QlLGHQ DVHQQXVRKMHLGHQ

PXNDDQ9LUKHHOOLVHVWlDVHQQXNVHVWDDLKHXWXYDWYDKLQJRWRYDW

DVHQWDMDQYDVWXXOOD

$VHQQXNVHQMlONHHQRQYDUPLVWHWWDYDHWWlNl\WWlMlHLSllVH

NlVLNVLVlKN|lMRKWDYLLQUDNHQQHRVLLQ

7lPlQODLWWHHQNl\WW|RQVDOOLWWXHQLQWllQ PHWULQ

NRUNHXGHVVD

: (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

6lKN|OLLWlQWlOLLWlQQlQVDDVXRULWWDDYDLQYDOWXXWHWWXDODQ

DVLDQWXQWLMD.\WNHQQlVVlRQQRXGDWHWWDYDSDLNDOOLVHQ

VlKN|QWRLPLWWDMDQVllQW|Ml

/DLWHSLWllOLLWWllNLLQWHllQOLLWlQWllQMDODLWWHHVVDRQROWDYD

DVHQQXVPllUl\VWHQPXNDLVHWHURWXVNDWNDLVLPHW

/LLWlQWlW\\SSL ODLWWHHQ VXRMDXVOXRNND RQ , MD VLWl YRLGDDQ Nl\WWll

YDLQPDDGRLWHWXOODVlKN|OLLWlQQlOOl

9DOPLVWDMDHLRWDYDVWXXWDYLUKHHOOLVHVWlWRLPLQQDVWDMD

PDKGROOLVLVWDYDKLQJRLVWDMRWNDDLKHXWXYDWYLUKHHOOLVLVWl

VlKN|DVHQQXNVLVWD

9HUNNRMRKWR 9HUNNRMRKGRQVDDDVHQWDDYDLQYDOWXXWHWWX

DPPDWWLDVHQWDMDWDLDVLDQPXNDLVHQNRXOXWXNVHQVDDQXW

KXROWRSDOYHOXWHNQLNNR7DUYLWWDYDWOLLWlQWlWLHGRWO|\W\YlW

W\\SSLNLOYHVWlMDOLLWlQWlNDDYLRLVWD

$VHQQXVW\|WDVRQDODSXROHOOH,QGXNWLRNHLWWRWDVRYRLGDDQ

DVHQWDDYDLQYHWRODDWLNRQWDLSXKDOOLQWXXOHWXNVHOODYDUXVWHWXQ

XXQLQ\OlSXROHOOH.HLWWRWDVRQDODSXROHOOHHLVDDDVHQWDD

MllNDDSSLDDVWLDQSHVXNRQHWWDLOPDQWXXOHWXVWDROHYDDXXQLDWDL

S\\NLQSHVXNRQHWWD

/LHVLWXXOHWLQ/LHVLWXXOHWWLPHQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQ

SLWllROODYlKLQWllQOLHVLWXXOHWWLPHQDVHQQXVRKMHHVVDDQQHWXQ

HWlLV\\GHQPXNDLQHQ

.HLWWRWDVRWDVDLQHQYDDNDVXRUDYDNDD1RXGDWDNHLWWRWDVRQ

YDOPLVWDMDQRKMHLWD

/DLWHYRLGDDQDVHQWDDVHXUDDYLLQNXXPXXWWDMDYHWWlNHVWlYLLQ

W\|WDVRLKLQ

■ 0DUPRULDOXRQQRQNLYHlROHYDWW\|WDVRW

■ 6\QWHHWWLVHWW\|WDVRW

■ 0DVVLLYLSXXWDROHYDWW\|WDVRWYDLQW\|WDVRQYDOPLVWDMDQOXYDOOD

WLLYLVWHW\WOHLNNDXVUHXQDW

■ 0XXWDPDWHULDDOLDROHYLHQW\|WDVRMHQDVHQQXVYDLQW\|WDVRQ

YDOPLVWDMDQOXYDOOD

-RVW\|WDVRQSDNVXXVMRKRQNHLWWRWDVRDVHQQHWDDQHLYDVWDD

PllUl\NVLlYDKYLVWDW\|WDVRDWXOHQMDYHGHQNHVWlYlOOl

PDWHULDDOLOODNXQQHVVXRVLWHOWXYlKLPPlLVSDNVXXVRQVDDYXWHWWX

0XXWRLQOXMXXVHLROHULLWWlYl

■ 7\|WDVRQMRKRQNHLWWRWDVRDVHQQHWDDQSLWllNHVWllQ NJQ

NXRUPLWXVWD

■ 7DUNDVWDNHLWWRWDVRQSLQQDQWDVDLVXXVYDVWDNXQVHRQ

DVHQQHWWXSDLNDOOHHQ

+XRPDXWXNVLD

■ 6RYLWWDDNVHVLODLWWHHQYDDNDWDVRRQlOlNl\WlWXNLD\NVLWWlLVLVVl

NRKGLVVD

■ 7\|WDVRQSLQQDQVRYLWXNVHWRQWHHWHWWlYlDPPDWWLDVHQWDMDOOD

DVHQQXVSLLUXVWXVWHQ PXNDDQ /HLNNDXVUHXQDQ SLWll ROOD SXKGDV

MDWlVPlOOLQHQNRVNDUHXQDQlN\\\OlSLQQDOOD3XKGLVWDMD

OHLNNDXVUHXQDWVRYHOWXYDOODSXKGLVWXVDLQHHOODMDSRLVWDQLLVWl

UDVYD

7DNXXYLUKHHOOLQHQDVHQQXVWDLOLLWlQWlPLWlW|LWXRWWHHQWDNXXQ

+XRPDXWXV /DLWWHHQVLVlRVLHQNlVLWWHO\PXNDDQOXNLHQ

YLUWDMRKGRQYDLKWRWXOHHMlWWllYDVWDDYDQNRXOXWXNVHQVDDQHHQ

KXROWRSDOYHOXQVXRULWHWWDYDNVL

.DOXVWHLGHQYDOPLVWHOXNXYDW 

6LVllQUDNHQQHWXWNDOXVWHHWNHVWlYlWYlKLQWllQ&

OlPS|WLODQ

$VHQQXVDXNNRSRLVWDODVWXWOHLNNDXVWRLPHQSLWHLGHQMlONHHQ

/HLNNDXVSLQQDWWLLYLVWlOlPP|QNHVWlYlOOlPDWHULDDOLOOD

/DDWLNRQSllOOHDVHQWDPLQHQNXYD D

7\|WDVRSDNVXXGHQRQROWDYDYlKLQWllQ PP

.HLWWRWDVRQ\OlUHXQDQMDODDWLNRQ\OlUHXQDQYlOLLQRQMlWHWWlYl

 PPWLODD

+XRPDXWXV .l\WlSXLVWDYlOLSRKMDDMRVODDWLNRVVDRQ

PHWDOOLHVLQHLWlMRWNDOlPSHQHYlWLOPDQNLHUURQYDLNXWXNVHVWD

NHLWWRWDVRQWXXOHWXNVHQ\KWH\GHVVlWDLMRVODDWLNRVVDVlLO\WHWllQ

SLHQLlWHUlYLlPHWDOOLHVLQHLWlNXWHQHVLPHUNLNVLSDLVWLQYDUWDLWD

NXYD 

.HLWWRWDVRQ DODRVDVVD RQ WXXOHWLQ -RV YlOLSRKMDD HL ROH DVHQQHWWX

ODDWLNRVVDHLVDDVlLO\WWllSLHQLlWDLWHUlYLlHVLQHLWlSDSHULDWDL

NHLWWL|OLLQRMD(VLQHHWYRLYDWKHLNHQWllWXXOHWXVWDWDLYDXULRLWWDD

SXKDOOLQWDMRVQHWXOHYDWLPHW\LNVLSXKDOWLPHQVLVllQ/DDWLNRQ

VLVlOO|QMDSXKDOWLPHQWXOROLLWlQQlQYlOLVHQHWlLV\\GHQSLWllROOD

YlKLQWllQ FP

$VHQWDPLQHQXXQLQ\OlSXROHOOHNXYDE

7\|WDVRSDNVXXGHQRQROWDYDYlKLQWllQ  PP

+XRPDXWXV .DWVR RKMHHW XXQLQ DVHQQXVRKMHHVWD MRV NHLWWRWDVRQ

MDXXQLQYlOLVWlHWlLV\\WWlRQVXXUHQQHWWDYD

,OPDQYDLKWR8XQLQMDNHLWWRWDVRQYlOLVHQHWlLV\\GHQSLWllROOD

YlKLQWllQPP

+XRPDXWXV -RVNHLWWRWDVRDVHQQHWDDQWRLVWDPHUNNLlROHYDQ

XXQLQ\OlSXROHOOHRQNl\WHWWlYlSXLVWDYlOLSRKMDD NXYD

7XXOHWXVNXYD 

-RWWDODLWWHHQRLNHDWRLPLQWDYRLGDDQWDDWDNHLWWRWDVRDRQ

WXXOHWHWWDYDDVLDQPXNDLVHVWL

.RVNDWXXOHWXVWDYDUWHQWDUYLWDDQODLWWHHQDODRVDVVDULLWWlYlUDLWWLLQ

LOPDQ WXOR WlPl RQ RWHWWDYD KXRPLRRQ NDOXVWHLGHQ DVHQQXNVHVVD

7lWlYDUWHQWDUYLWDDQVHXUDDYLD

■ YlKLPPlLVHWlLV\\VNDOXVWHHQWDNDVHLQlQMDNHLWWL|QVHLQlQMD

W\|WDVRQ\OlSLQQDQMDODDWLNRQ\OlRVDQYlOLOOl NXYD D

■ DXNNR\OKllOOlNDOXVWHHQWDNDVLYXOOD NXYD E

■ -RVNDOXVWHHQWDNDVLYXQPLQLPLHWlLV\\V PPHLWRWHXGX

DODSXROHOOHRQWHKWlYlDXNNR NXYD F

+XRPDXWXNVLD

■ -RVODLWHDVHQQHWDDQNHLWWL|VDDUHNNHHVHHQWDLPXXKXQ

SDLNNDDQMRWDWlVVlHLROHNXYDWWXRQYDUPLVWHWWDYDNHLWWRWDVRQ

DVLDQPXNDLQHQWXXOHWXV

■ bOlVXOMHDODVRNNHOLDLOPDWLLYLLNVL

/DLWWHHQDVHQWDPLQHQNXYDW 

+XRPDXWXV .l\WlNHLWWRWDVRDDVHQWDHVVDVLVXRMDNlVLQHLWl

1lN\PlWW|PLVVlROHYLVVDSLQQRLVVDYRLROODWHUlYLlUHXQRMD

-RVODLWWHHVVDHLROHYDOPLLNVLDVHQQHWWXDMRKWRDYLH

YHUNNRMRKWROLLWlQWlUDVLDDQ

 .llQQlNHLWWRWDVR\O|VDODLVLQMDDVHWDVHSDNNDXNVHQSRKMDQ

SllOOHOLLQDOOHWDLPXXOOHSLQQDOOHMRWWDYlOWlWQDDUPXXQWXPLVHQ

 1RVWDOLLWlQWlUDVLDQNDQWWDUXXYLPHLVVHOLQDYXOOD NXYD 

 ,UURWDNLLQQLW\VUXXYLMDQRVWDNLULVWLQWlUXXYLPHLVVHOLQDYXOOD

NXYD

 /LLWlOLLWlQWlUDVLDDQYDLQNXYDQRVRLWWDPDOODWDYDOOD NXYD 

%1UXVNHD

%8VLQLQHQ

*1<(NHOWDLQHQMDYLKUHl

%.PXVWD

*<KDUPDD



+XRPDXWXNVLD

■ .XQOLLWlQWlWHKGllQOLLWlQWlNDDYLRQ/1aPXNDDQRQ

VLOORLWXVWHQMlUMHVW\VWlPXXWHWWDYDNDDYLRWDYDVWDDYDVWL

■ 9DUPLVWDHWWlOLLWlQWlUDVLDVVDROHYDWUXXYLWRQMRKWRMHQ

OLLWWlPLVHQMlONHHQNLULVWHWW\

 .LLQQLWl YHUNNRMRKWR NLULVWLPHOOl MD NLULVWl NLLQQLW\VUXXYL NXYD D

 6XOMHOLLWlQWlUDVLDQNDQVL

+XRPDXWXV 6LMRLWDMRKGRWOLLWlQWlUDVLDQNHVNHOOHMRWWD

VXONHPLQHQRQKHOSRPSDD

 -RVYHUNNRMRKWRMDODDWLNNRRYDWSllOOHNNlLQNLLQQLWlMRKWR

PXNDQDWRLPLWHWXOODMRKWRVLWHHOOlNHLWWRWDVRQDODSXROHOOH

NXYD E

+XRPDXWXV -RVWDUYLWVHWSLGHPPlQMRKGRQRWD\KWH\V

KXROWRSDOYHOXXQ

.HLWWRWDVRQDVHQWDPLQHQNXYD 

 7\|QQlODLWHNHVNHOOHDVHQQXVWLODD

² bOlMlWlYHUNNRMRKWRDSXULVWXNVLLQWDLYLHVLWlWHUlYLHQNXOPLHQ

\OL-RVNHLWWRWDVRQDOODRQXXQLYLHMRKWRXXQLQWDNDNXOPLVWD

OLLWlQWlUDVLDDQ-RKWRRQDVHQQHWWDYDVLWHQHWWlVHHLNRVNHWD

NHLWWRWDVRQWDLXXQLQNXXPLDRVLD

² -RVW\|WDVRRQNDDNHORLWXWLLYLVWlNDDNHOLVDXPDWVLOLNRQLOOD

 9DUPLVWDHWWlNHLWWRWDVRRQW\|WDVRQNDQVVDVDPDOOD

NRUNHXGHOOD

 7DUNDVWDWRLPLQWDHQQHQNXLQVXOMHWWLLYLVWHHW

7LLYLVWl UDNR MRND SXROHOWD WDUNRLWXNVHHQ VRYHOWXYDOOD NXXPXXWWD

NHVWlYlOOl VLOLNRQLOOD HVLP 1RYDVLO



6 2WWRVHDO



6 7DVRLWD

WLLYLVWHYDOPLVWDMDQVXRVLWWHOHPDOODW\|NDOXOOD1RXGDWDVLOLNRQLQ

YDOPLVWDMDQ RKMHLWD 2WD ODLWH Nl\WW||Q YDVWD NXQ VLOLNRQL RQ Wl\VLQ

NXLYXQXWYlKLQWllQ WXQWLD\PSlULVW|QOlPS|WLODVWDULLSSXHQ

6RSLYDDVLOLNRQLDRQVDDWDYDQDKXROWRSDOYHOXVWDPPH

+XRPLR

7DUNRLWXNVHHQVRYHOWXPDWWRPDQVLOLNRQLQNl\WW|YRLDLKHXWWDD

S\V\YLlYlOLPXXWRNVLDDLWRDPDUPRULDROHYLLQW\|WDVRLKLQ

/DLWWHHQOLLWWlPLQHQNXYD

■ -lQQLWHNVW\\SSLNLOSL

■ /LLWlYDLQOLLWlQWlNDDYLRQPXNDDQ

%1UXVNHD

%8VLQLQHQ

*1<(NHOWDLQHQMDYLKUHl

%.PXVWD

*<KDUPDD

■ /LLWlQWlW\\SLVWlULLSSXHQVDDWHWDDQWHKWDDOWDWRLPLWHWWXMHQ

NLLQQLNNHLGHQVLMDLQWLDMRXWXDPXXWWDPDDQ.LLQQLNNHLWlRQWlWl

YDUWHQPDKGROOLVHVWLO\KHQQHWWlYlMDHULVWHSRLVWHWWDYDMRWWD

YRLGDDQDVHQWDDNDNVLMRKWRD\KGLVWlYlNLLQQLNH

+XRPDXWXV 7DUNDVWD ODLWWHHQ Nl\WW|YDOPLXV MRV ODLWWHHQ Ql\WW||Q

LOPHVW\\

—…‹‹ “‹†‚„ WDL “ ODLWH HL ROH RLNHLQ OLLWHWW\ ,UURWD ODLWH

VlKN|YHUNRVWDMDWDUNDVWDYLUWDMRKGRQOLLWlQWl

/DLWWHHQLUURWXV

,UURWDODLWHVlKN|YHUNRVWD

3RLVWDVLOLNRQLWLLYLVWHNHLWWRWDVRQ\PSlULOWlVRSLYDOODW\|NDOXOOD

2WDNHLWWRWDVRDOKDDOWDSlLQSDLQDPDOODSRLVSDLNDOWDDQ

+XRPLR

/DLWHYDXULRWbOl\ULWlLUURWWDDODLWHWWD\OKllOWlNlVLQ

Ημπροςιυηώξνλνμρίες

Αίεμϊδςιίζίμηώ

Ρδτμηιίΰδζνξίπμνπρη΋ίαθιΪληΪωχδλιενΪμΪπβωικβΫθκΪ

έΪκΪημβκνίμλωμθεφδθάμθζλενρΪίίλεβίέθνλμΪηθάδΪβ

ιθήδεψρίηβίδχείδμκθλίμβάυιθεηίηυικΪάβεφηθλμίοηβρίλδθγ

μθρδβακίηβωβάλθθμάίμλμάββλήΪηηυζκνδθάθήλμάθζιθ

ζθημΪΰνΘμάίμλμάίηηθλμφαΪιθάκίΰήίηβωικβρβηθγδθμθκυο

ιθλενΰβεηίικΪάβεφηυγζθημΪΰικβΫθκΪηίλίμικθβαάθήβμίεφ

ζθημΪΰηυοκΪΫθμ

ΙθθδθηρΪηββζθημΪΰΪικθδθημκθεβκνγμίρμθΫυνιθεφαθάΪμίεω

θμλνμλμάθάΪεήθλμνιδχείδμκβρίλδβζδθζιθηίημΪζ

ΧδλιενΪμΪπβωήΪηηθέθικβΫθκΪήθινλδΪίμλωηΪάυλθμίήθ

 ζίμκθά

: 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

Ξνγικύφδμηδιόκδιρονπδρηήθεΰηθικθβαάθήβμφλωμθεφδθ

ΪμμίλμθάΪηηυζλιίπβΪεβλμθζΙκβχμθζηίθΫοθήβζθ

ικβήίκΰβάΪμφλωβηλμκνδπβγζίλμηθγχείδμκθληΪΫΰΪψσίγ

δθζιΪηββ

ΝλμΪηθάδΪικβΫθκΪήθεΰηΪΫυμφλμΪπβθηΪκηθγΛθέεΪληθ

ικίήιβλΪηβωζιθνλμΪηθάδίλείήνίμικίήνλζθμκίμφ

λθθμάίμλμάνψσβίκΪαζυδΪψσβίνλμκθγλμάΪ

ΑηγξνγικύφδμηώήΪηηυγικβΫθκλθθμάίμλμάνίμδεΪλλν

αΪσβμυ ,βζθΰίμβλιθεφαθάΪμφλωμθεφδθικβνλεθάββηΪεβρβω

αΪαίζείηβω

Ικθβαάθήβμίεφ ηί ηίλίμ θμάίμλμάίηηθλμβ αΪ ηίδθκκίδμηνψ κΪΫθμν

ικβΫθκΪβάθαζθΰηυίιθάκίΰήίηβωάυαάΪηηυίηίικΪάβεφηθ

ικθάίήίηηυζιθήδεψρίηβίζδχείδμκθλίμβ

Πδρδανθιίΰδκϋ νλμΪηθάδΪλίμίάθέθδΪΫίεωήθεΰηΪ

θλνσίλμάεωμφλωμθεφδθλιίπβΪεβλμθζλήθινλδθζβεβ

εβπίηαβκθάΪηηυζ λθμκνήηβδθζ λίκάβληθγ λενΰΫυ ΗίθΫοθήβζΪω

βηξθκζΪπβωθιΪκΪζίμκΪοιθήδεψρίηβωλθήίκΰβμλωηΪμβιθάθγ

μΪΫεβρδίβάζθημΪΰηυολοίζΪο

΢πρίμναιίξνγπρνκδχμηυδθβηήνδπβθηηΪωάΪκθρηΪωιΪηίεφ

ζθΰίμΫυμφνλμΪηθάείηΪμθεφδθηΪήςδΪξΪζβήεωιθήθέκίάΪ

ιθλνήυβεβήνοθάυζβςδΪξΪζβλλβλμίζθγάίημβεωπββ

ΝλμΪηθάδΪοθεθήβεφηβδθάιθλνήθζθίρηυοζΪςβηήνοθάυο

ςδΪξθάΫίαλβλμίζυάίημβεωπβββεβλμβκΪεφηυοζΪςβηιθή

άΪκθρηθγιΪηίεφψηίάθαζθΰηΪ

ΑϊρώειίκΪλλμθωηβίζίΰήνάυμωΰδθγβάΪκθρηθγιΪηίεφψ

ήθεΰηθλθθμάίμλμάθάΪμφζβηβζΪεφηθζνκΪλλμθωηβψνδΪαΪηηθζν

ήεωάυμωΰδβάκνδθάθήλμάίιθχδλιενΪμΪπββ

ΠρνκδχμηυίιεθλδΪωέθκβαθημΪεφηΪωνλμθγρβάΪωΛείήνγμί

βηλμκνδπβωζικθβαάθήβμίεωλμθείςηβπυ

ΝλμΪηθάδΪ ικβΫθκΪ ζθΰίμ άυιθεηωμφλω ά λμθείςηβπΪο βα ΰΪκθ β

άεΪέθνλμθγρβάθέθζΪμίκβΪεΪμΪδθέθδΪδ

■ ΖκΪζθκηΪμνκΪεφηυγδΪζίηφ

■ ΛβημίμβρίλδβίζΪμίκβΪευ

■ ΖΪλλβάηθίήίκίάθμθεφδθάλθθμάίμλμάββλνδΪαΪηβωζβ

βαέθμθάβμίεωλμθείςηβπυαΪιίρΪμΪηηυίθΫκίαηυίδκθζδβ

■ ΖθημΪΰλμθείςηβπήκνέβομβιθάμθεφδθάλθθμάίμλμάββλ

νδΪαΪηβωζββαέθμθάβμίεωλμθείςηβπυ

ΏλεβμθεσβηΪλμθείςηβπυάδθμθκνψνλμΪηΪάεβάΪίμλωάΪκθρηΪω

ιΪηίεφηίλθθμάίμλμάνίμνδΪαΪηβωζνδκίιβμίλμθείςηβπνλ

ιθζθσφψΰΪκθβάεΪέθλμθγδθέθζΪμίκβΪεΪμΪδρμθΫυΫυεΪ

ήθλμβέηνμΪκίδθζίηήνίζΪωζβηβζΪεφηΪωμθεσβηΪΒηΪρί

ηίάθαζθΰηθθΫίλιίρβμφήθλμΪμθρηνψλμΪΫβεφηθλμφνλμΪηθάδβ

■ ΛμθείςηβπΪάδθμθκνψνλμΪηΪάεβάΪίμλωάΪκθρηΪωιΪηίεφ

ήθεΰηΪάυήίκΰβάΪμφηΪέκναδνικβζ δέ

■ Κθάηθλμφ νλμΪηθάδβ άΪκθρηθγ ιΪηίεβ λείήνίμ ικθάίκωμφ μθεφδθ

ιθλείάυιθεηίηβωνλμΪηθάδβ

΢ιίζίμηώ

■ ΎεωμθέθρμθΫυάυλμΪάβμφικβΫθκιθνκθάηψηίβλιθεφανγμί

θιθκυηΪθμήίεφηυονρΪλμδΪο

■ ΙθήέθηδΪλμθείςηβπυήθεΰηΪάυιθεηωμφλωλιίπβΪεβλμθζά

λθθμάίμλμάββλνλμΪηθάθρηυζρίκμίΰθζΘΫκίαηΪωδκθζδΪ

ήθεΰηΪΫυμφρβλμθγβμθρηθγμΪδδΪδδκΪγιθάίκοηθλμβΫνήίμ

άβήίηιθλείάυιθεηίηβωκΪΫθμυΘΫκίαηυίδκθζδβλείήνίμ

αΪρβλμβμφβθΫίαΰβκβμφιθήοθήωσβζρβλμωσβζλκίήλμάθζ

ΒίοίμρηώηίικΪάβεφηΪωνλμΪηθάδΪιθήδεψρίηβίβεβζθημΪΰ

άείδνμαΪλθΫθγθμζίηνέΪκΪημββικθβαάθήβμίεω

΢ιίζίμηδ ΕψΫυίήίγλμάβωλάηνμκίηηβζβδθζιθηίημΪζβ

ικβΫθκΪ άδεψρΪω αΪζίην δΪΫίεω ιβμΪηβω ήθεΰηυ ικθβαάθήβμφλω

λιίπβΪεβλμΪζβλίκάβληθέθπίημκΪ

Ξνγβνρναιίλδΰδκηοηπ 

ΛδΰδκϋγκώαπροίηαίδλνθΰϊρνανθρδτμηιηήθεΰηΪ

άυήίκΰβάΪμφμίζιίκΪμνκνηίζίηίί &

ΝραδοπρηδιθλείάυκίαΪηβωθμάίκλμβωνΫίκβμίθιβεδβ

ΞναδοτμνπρϋποδζίθΫκΪΫθμΪγμίέίκζίμβδθζρμθΫυθΫίλιίρβμφ

ίέθμίκζθλμθγδθλμφ

Λνμρίεμίγαϊγαηεμϊλώψηινλοηπςμνι D

ΛμθείςηβπΪήθεΰηΪβζίμφμθεσβηνηίζίηίί ζζ

ΚΪλλμθωηβί ζίΰήν άίκοηίγ ρΪλμφψ λμθείςηβπυ β άίκοηίγ ρΪλμφψ

άυήάβΰηθέθωσβδΪήθεΰηθλθλμΪάεωμφ ζζ

΢ιίζίμηδ ΒλιθεφανγμίικθζίΰνμθρηνψιθεδνβαήίκίάΪίλεβά

άυήάβΰηθζωσβδίάλάωαβλπβκδνεωπβίγάθαήνοΪικβ

άίημβεβκθάΪηββάΪκθρηθγιΪηίεβηΪέκίάΪψμλωζίμΪεεβρίλδβί

ικίήζίμυβεβάχμθζωσβδίοκΪηωμλωηίΫθεφςβίθλμκυί

ζίμΪεεβρίλδβίικίήζίμυμΪδβίδΪδςΪζινκυ οηπ

ΛηβΰηίγλμθκθηυάΪκθρηθγιΪηίεβνλμΪηθάείηάίημβεωμθκΙκβ

θμλνμλμάββικθζίΰνμθρηθγιθεδβάάυήάβΰηθζωσβδίηίεφαω

οκΪηβμφηίΫθεφςβίβεβθλμκυίικίήζίμυΫνζΪένβεβδνοθηηυί

ιθεθμίηπΪΧμθζθΰίμλμΪμφικβρβηθγληβΰίηβωχξξίδμβάηθλμβ

θοεΪΰήίηβωβεβιθάκίΰήίηβωάίημβεωμθκΪάλείήλμάβίβο

άλΪλυάΪηβω ΚΪλλμθωηβί ζίΰήν λθήίκΰβζυζ άυήάβΰηθέθ ωσβδΪ

βάοθήηυζθμάίκλμβίζάίημβεωμθκΪήθεΰηθλθλμΪάεωμφηίζίηίί

λζ



΢πρίμναιίμίγγςτναϊλχιίσνλοηπςμνιE

ΛμθείςηβπΪήθεΰηΪβζίμφμθεσβηνηίζίηίί  ζζ

΢ιίζίμηδ ΘΫκΪμβμίλφδκνδθάθήλμάνιθζθημΪΰνήνοθάθέθ

ςδΪξΪίλεβμκίΫνίμλωνάίεβρβμφκΪλλμθωηβίζίΰήνήνοθάυζ

ςδΪξθζβάΪκθρηθγιΪηίεφψ

ΌίημβεωπβωκΪλλμθωηβίζίΰήνήνοθάυζςδΪξθζβάΪκθρηθγ

ιΪηίεφψήθεΰηθλθλμΪάεωμφηίζίηίίζζ

΢ιίζίμηδ ΏλεβάΪκθρηΪωιΪηίεφνλμΪηΪάεβάΪίμλωηΪήήνοθάυζ

ςδΪξθζήκνέθγζΪκδβλείήνίμβλιθεφαθάΪμφικθζίΰνμθρηνψ

ιθεδνβαήίκίάΪ οηπ

Αδμρηκώυηώοηπ 

ΎεωικΪάβεφηθέθξνηδπβθηβκθάΪηβωικβΫθκΪλείήνίμθΫίλιίρβμφ

ίέθηΪήείΰΪσνψάίημβεωπβψ

ΙθλδθεφδνήεωλβλμίζυάίημβεωπββάηβΰηίγρΪλμβικβΫθκΪ

ηίθΫοθήβζΪιθήΪρΪήθλμΪμθρηθέθδθεβρίλμάΪηΪκνΰηθέθάθαήνοΪ

ζίΫίεφήθεΰηΪΫυμφβλιθεηίηΪλθθμάίμλμάνψσβζθΫκΪαθζΎεω

χμθέθιθμκίΫνίμλωάυιθεηβμφλείήνψσίί

■ ΖβηβζΪεφηθίκΪλλμθωηβίζίΰήναΪήηίγλμίηδθγζίΫίεββ

λμίηθγδνοηβζίΰήνιθάίκοηθλμφψλμθείςηβπυβάίκοηίγ

ρΪλμφψςδΪξΪήεωιθήθέκίάΪ οηπ D

■ ΘμάίκλμβίηΪαΪήηίγλμίηδίζίΫίεβλάίκον οηπ E

■ ΏλεβθμλνμλμάνίμζβηβζΪεφηθίκΪλλμθωηβί ζζζίΰήν

αΪήηίγλμίηδθγζίΫίεββλμίηθγμθηΪηβΰηίγλμθκθηίλείήνίμ

άυιθεηβμφθμάίκλμβί οηπ F

΢ιίζίμηώ

■ ΏλεβικβΫθκνλμΪηθάείηάθλμκθάηθγδνοθηηθγμνζΫίβεβά

ήκνέθζηίθιβλΪηηθζαήίλφζίλμίλείήνίμθΫίλιίρβμφ

λθθμάίμλμάνψσνψάίημβεωπβψάΪκθρηθγιΪηίεβ

■ ΗίαΪδκυάΪγμίηβΰηβγπθδθεφέίκζίμβρηθ

΢πρίμναηρδξοηΰνοοηπ 

΢ιίζίμηδ Ικβ νλμΪηθάδί άΪκθρηθγ ιΪηίεβ βλιθεφανγμί αΪσβμηυί

ιίκρΪμδβΗίδθμθκυίηίικθλζΪμκβάΪίζυίιθάίκοηθλμβζθένμ

βζίμφθλμκυίδκΪω

Ξοηςπρίμναιδξοηΰνοναΰδζξοδγαίοηρδκϋμν

πλνμρηοναίμμνβνιίΰδκώμδνΰτνγηλνξοναδπρηπδρδανθ

ιίΰδκϋιονζδριδ

 ΙίκίάίκηβμίάΪκθρηνψιΪηίεφβιθεθΰβμίηΪήηθνιΪδθάδβ

ιθεθμίηπί βεβ ήκνένψ ιθάίκοηθλμφ μΪδ ρμθΫυ βαΫίΰΪμφ πΪκΪιβη

 Ιθήηβζβμίδκυςδνκθαίμδβλιθζθσφψθμάϋκμδβ οηπ 

 ΌυάίκηβμίδκίιϋΰηυγΫθεμβιθήηβζβμίςεΪηέθάυγοθζνμλ

ιθζθσφψθμάϋκμδβ οηπ

 Όυιθεηωγμί ιθήδεψρίηβί ά λθθμάίμλμάββ λ κβλνηδθζ ηΪ κθαίμδί

οηπ

%1δθκβρηίάυγ

%8λβηβγ

*1<(ΰϋεμυγβαίεϋηυγ

%.ρϋκηυγ

*<λίκυγ

΢ιίζίμηώ

■ Ώλεβ ιθήδεψρίηβί άυιθεηωίμλω ά λθθμάίμλμάββ λ ήβΪέκΪζζθγ

ιθήδεψρίηβω/1aλείήνίμβαζίηβμφκΪλιθεθΰίηβί

ιίκίζυρίδάλθθμάίμλμάββλήβΪέκΪζζθγ

■ ΛείήβμίαΪμίζρμθΫυιθλείιθήδεψρίηβωδΪΫίείγάβημυηΪ

κθαίμδίΫυεβδκίιδθαΪμωηνμυ

 ΑΪξβδλβκνγμίλίμίάθγδΪΫίεφςεΪηέθάυζοθζνμθζβαΪμωηβμί

δκίιϋΰηυγάβημοηπD

 ΑΪδκθγμίδκυςδνκθαίμδβ

΢ιίζίμηδ ΔΪΫίεβάπίημκΪεφηθγρΪλμβκθαίμδβκΪλιθεθΰβμί

μΪδβζθΫκΪαθζρμθΫυδκυςδΪείέδθαΪδκυάΪεΪλφ

 ΏλεβλίμίάθγδΪΫίεφΫνήίμαΪήίάΪμφαΪάυήάβΰηθγωσβδ

αΪξβδλβκνγμί ίέθ λ ιθζθσφψ ικβεΪέΪίζθγ δΪΫίεφηθγ λμωΰδβ ηΪ

ηβΰηίγλμθκθηίάΪκθρηθγιΪηίεβ οηπE

΢ιίζίμηδ ΏλεβμκίΫνίμλωΫθείίήεβηηυγδΪΫίεφλάωΰβμίλφλ

λίκάβληθγλενΰΫθγ

΢πρίμναηρδαίονφμςύξίμδκϋοηπ 

 ΚΪάηθζίκηθάλμΪάφμίικβΫθκάηβςν

² ΗίήθινλδΪγμίαΪσίζείηβωλίμίάθέθδΪΫίεωηίμωηβμίίέθ

ρίκίαθλμκυίδκθζδβΙκβηβΰηίζκΪλιθεθΰίηββήνοθάθέθ

ςδΪξΪικθάίήβμίικθάθήρίκίααΪήηβίνέευήνοθάθέθςδΪξΪ

δ κθαίμδί Ικθάθή ήθεΰίη Ϋυμφ λζθημβκθάΪη μΪδβζ θΫκΪαθζ

ρμθΫυ θη ηί ικβδΪλΪελω δ έθκωρβζ νρΪλμδΪζ άΪκθρηθγ ιΪηίεβ

βεβήνοθάθέθςδΪξΪ

² ΝκΪΫθρίγιθάίκοηθλμβθΫεβπθάΪηηθγδΪξίεφηθγιεβμδθγ

αΪέίκζίμβαβκνγμίςάυιεβμθδλβεβδθηθάυζέίκζίμβδθζ

 ΛείήβμίαΪμίζρμθΫυάΪκθρηΪωιΪηίεφηΪοθήβεΪλφηΪμθγΰί

άυλθμίρμθβλμθείςηβπΪ

 Ξδοδγρδλιίιβδολδρηζηοναίρϋςξκνρμηρδκηαϊξνκμηρδ

πννραδρπραςύψςύξοναδοιςσςμιυηνμηοναίμηώ

ΑΪέίκζίμβαβκνγμίαΪαθκιθιίκβζίμκνιθήοθήωσβζ

ΰΪκθικθρηυζλβεβδθηθζηΪικβζίκ 1RYDVLO



62WWRVHDO



6ΑΪρβλμβμίνιεθμηίηβίβλιθεφανωήεωχμθέθ

κίδθζίηήθάΪηηθίικθβαάθήβμίείζλκίήλμάθΚΪΫθμΪωλ

λβεβδθηθζ λθΫεψήΪγμί νδΪαΪηβω ικθβαάθήβμίεω ΧδλιενΪμΪπβω

ικβΫθκΪ ήθινλδΪίμλω μθεφδθ ιθλεί μθέθ δΪδ λβεβδθη ιθεηθλμφψ

άυλθοηίμζβη ρΪλΪάαΪάβλβζθλμβθμμίζιίκΪμνκυ

θδκνΰΪψσίγλκίήυ

ΙθήοθήωσβγλβεβδθηζθΰηθαΪδΪαΪμφρίκίαηΪςνλίκάβληνψ

λενΰΫν

Αμηλίμηδ

ΒλιθεφαθάΪηβίηίιθήοθήωσίέθλβεβδθηΪζθΰίμικβάίλμβδ

βαζίηίηβψπάίμΪλμθείςηβπυβαηΪμνκΪεφηθέθζκΪζθκΪ

Ξνγικύφηρδξοηΰνοοηπ

■ ΗΪικωΰίηβίλζηΪμβιθάθγμΪΫεβρδί

■ ΙθήδεψρίηβίθΫωαΪμίεφηθάυιθεηωγμίάλθθμάίμλμάββλ

ήβΪέκΪζζθγιθήδεψρίηβω

%1δθκβρηίάυγ

%8λβηβγ

*1<(ΰϋεμυγβαίεϋηυγ

%.ρϋκηυγ

*<λίκυγ

■ ΌαΪάβλβζθλμβθμνλεθάβγιθήδεψρίηβωηίθΫοθήβζθβαζίηβμφ

κΪλικίήίείηβίδείζζιθλμΪάεωίζυοάδθζιείδμίΎεωχμθέθ

ικβηίθΫοθήβζθλμβλείήνίμαΪδθκθμβμφδείζζυβνήΪεβμφ

βαθεωπβψ ρμθΫυ νλμΪηθάβμφ δείζζν λθίήβηωψσνψ ήάΪ δΪΫίεω

΢ιίζίμηδ ΙκθάίκδΪέθμθάηθλμβδκΪΫθμίίλεβηΪήβλιείί

ικβΫθκΪιθωάεωίμλω

—…‹‹ “‹†‚„ βεβ “ικβΫθκιθήδεψρϋη

ηίικΪάβεφηθΘμδεψρβμίικβΫθκθμβλμθρηβδΪιβμΪηβωβ

ικθάίκφμίιθήδεψρίηβίδΪΫίεω

Γδλνμρίεξοηΰνοί

ΘμλθίήβηβμίικβΫθκθμχείδμκθλίμβ

ΝήΪεβμίλβεβδθηθάθίνιεθμηίηβίάθδκνέάΪκθρηθγιΪηίεβλ

ιθζθσφψιθήοθήωσίέθβηλμκνζίημΪ

ΗΪΰβζΪωληβανάυηφμίάΪκθρηνψιΪηίεφ

Αμηλίμηδ

ΙθάκίΰήίηβίικβΫθκΪΗίιυμΪγμίλφάυηνμφικβΫθκλάίκον

,QVWUXNFMDPRQWDŰX

:DŰQHZVND]yZNL

%H]SLHF]HĿVWZREH]SLHF]HĿVWZRSRGF]DVXŰ\WNRZDQLD

]DSHZQLRQHMHVWZ\ãĉF]QLHZSU]\SDGNXJG\XU]ĉG]HQLH]RVWDãR

]DLQVWDORZDQHSRSUDZQLHSRGZ]JOęGHPWHFKQLF]Q\PL]JRGQLH]

QLQLHMV]ĉLQVWUXNFMĉPRQWDŰX=DV]NRG\SRZVWDãHZZ\QLNX

QLHRGSRZLHGQLHJRPRQWDŰXRGSRZLHG]LDOQDEęG]LHRVRED

LQVWDOXMĉFD

3R XNRĿF]HQLX LQVWDODFML QDOHŰ\ XSHZQLþ VLę ŰH XŰ\WNRZQLN QLH PD

GRVWęSXGRHOHNWU\F]Q\FKHOHPHQWyZNRQVWUXNF\MQ\FK

8U]ĉG]HQLHPRŰHE\þXŰ\WNRZDQHQDZ\VRNRŔFLDFKGR

 PHWUyZ

: 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

3RGãĉF]HQLHHOHNWU\F]QHSRZLHU]DþZ\ãĉF]QLHXSRZDŰQLRQHPX

WHFKQLNRZLVSHFMDOLŔFLH1DOHŰ\SU]HVWU]HJDþUR]SRU]ĉG]HĿ

PLHMVFRZHMILUP\GRVWDUF]DMĉFHMHQHUJLęHOHNWU\F]Qĉ

8U]ĉG]HQLHQDOHŰ\SRGãĉF]\þGRVWDãHMLQVWDODFMLD]JRGQLH]

SU]HSLVDPLGRW\F]ĉF\PLLQVWDODFML]DPRQWRZDþRGSRZLHGQLH

UR]ãĉF]QLNLRGVLHFLHOHNWU\F]QHM

5RG]DMSRGãĉF]HQLDXU]ĉG]HQLHSRVLDGDVWRSLHĿRFKURQ\ ,L

PRŰQDJRXŰ\ZDþZ\ãĉF]QLH]X]LHPLRQ\PSU]\ãĉF]HP

3URGXFHQWQLHSRQRVLRGSRZLHG]LDOQRŔFL]DQLHZãDŔFLZH

IXQNFMRQRZDQLHXU]ĉG]HQLDLHZHQWXDOQHV]NRG\VSRZRGRZDQH

SU]H]QLHZãDŔFLZĉLQVWDODFMęHOHNWU\F]Qĉ

3U]HZyG ]DVLODMĉF\ 3U]HZyG ]DVLODMĉF\ PRŰH E\þ ]DLQVWDORZDQ\

Z\ãĉF]QLHSU]H]SRVLDGDMĉFHJRRGSRZLHGQLHXSUDZQLHQLD

VSHFMDOLVWęOXEZ\NZDOLILNRZDQHJRWHFKQLNDVHUZLVX1LH]EęGQH

GDQH SU]\ãĉF]HQLRZH SRGDQH Vĉ QD WDEOLF]FH ]QDPLRQRZHM RUD] Z

VFKHPDWDFKSRãĉF]HĿ

Page is loading ...

Bosch Induction Cooktop Owner's manual

Related papers

Other documents