Bosch Induction Cooktop Owner's manual

Type
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
%
DE

D FE
PLQ
PLQ
PLQ
PLQ
PLQ
PLQ

4
3
2
1
5
L
1
L
2
N
2
N
1
99/1a
91a
4
3
2
1
5
BK
GY
BN
GN/YE
L
1
L
2
N
BU
991a
GY
BK
BN
4
3
2
1
5
GN/YE
BU
L
N
D E

es
Û
,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
%.
%8
*<
*1<(
991a
%1
%.
%8
*<
*1<(
PLQ
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

de
Ø
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
en
Ú
,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
fr
Þ
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
it
â
,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
6HODSSDUHFFKLRYLHQHPRQWDWRLQXQDFXFLQDDLVRODRLQXQDOWUD
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
nl
é
,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

da
×
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
no
ê
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
ì
,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

sv
ó
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
fi
Ý
$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
ru
î
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
pl
ë
,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 QD WDEOLF]FH ]QDPLRQRZHM RUD] Z
VFKHPDWDFKSRãĉF]HĿ
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11
  • Page 12 12
  • Page 13 13
  • Page 14 14
  • Page 15 15
  • Page 16 16
  • Page 17 17
  • Page 18 18
  • Page 19 19
  • Page 20 20
  • Page 21 21
  • Page 22 22
  • Page 23 23
  • Page 24 24

Bosch Induction Cooktop Owner's manual

Type
Owner's manual

Ask a question and I''ll find the answer in the document

Finding information in a document is now easier with AI