Hoover HH64DBB3P User Manual
Displayed below is the user manual for HH64DBB3P by Hoover which is a product in the Hobs category. This manual has pages.
Related Manuals
&$1'< +229(5 *5283 65/ 9LD 3ULYDWD (GHQ )XPDJDOOL %UXJKHULR 0LODQR ,WDO\
+2%6
86(5 ,16758&7,216 *%
++'%;3
3,$1,&27785$
,6758=,21,'¶862(',,167$//$=,21( ,7
7$%/('(&8,6621
127,&('¶(03/2,(7'¶,167$//$7,21 )5
9$51e'(6.<
1$92'328ä,7Ď &=
.2&+08/'(
*(%5$8&+681',167$//$7,216$1:(,681*(1 '(
$1.$675(2&$.
.8//$1,0.,/$98=8 75
,1',&( ,7
,6758=,21,',6,&85(==$
$YYHUWHQ]HJHQHUDOL
6DOYDJXDUGLDGHOODPELHQWH
,QVWDOOD]LRQH
&ROOHJDPHQWRHOHWWULFR
&RQVLJOLVXLUHFLSLHQWLGLFRWWXUDSHULOSLDQR
8VR
3XOL]LDHPDQXWHQ]LRQH
5LVROX]LRQHGHOSUREOHPD
0DQXWHQ]LRQHDJJLXQWLYD
6200$,5( )5
&216,*1(6'(6e&85,7e
$YHUWLVVHPHQWVJpQpUDX[
3URWHFWLRQGHOHQYLURQQHPHQW
,QVWDOODWLRQ
5DFFRUGHPHQWpOHFWULTXH
&RQVHLOVFRQFHUQDQWOHVXVWHQVLOHVGH
FXLVLQHSRXUODWDEOHGHFXLVVRQ
8WLOLVDWLRQ
1HWWR\DJHHWHQWUHWLHQ
5pVROXWLRQGHSUREOqPHV
&RQWU{OHGHQWUHWLHQSUpOLPLQDLUH
2%6$+ &=
%(=3(ý12671Ë23$7ě(1Ë
9ãHREHFQiXSR]RUQČQt
2FKUDQDåLYRWQtKRSURVWĜHGt
,QVWDODFH
(OHNWULFNpSĜLSRMHQt
X'RSRUXþHQtRKOHGQČQiGREtSURYDUQRXGHVN
3RXåLWt
ýLãWČQtD~GUåED
ěHãHQtSUREOpPĤ
1iVOHGQiSpþH
&217(17 *%
6$)(7<,16758&7,216
*HQHUDOZDUQLQJV
3URWHFWLRQRIWKHHQYLURQPHQW
,QVWDOODWLRQ
(OHFWULFDOFRQQHFWLRQ
+REFRRNZDUHDGYLFH
8VH
&OHDQLQJDQGPDLQWHQDQFH
3UREOHPVROYLQJ
$IWHUFDUH
,1+$/7 '(
6,&+(5+(,76+,1:(,6(
$OOJHPHLQH:DUQKLQZHLVH
8PZHOWVFKXW]
,QVWDOODWLRQ
(OHNWULVFKHU$QVFKOXVV
7LSSV]XP.RFKJHVFKLUU
%HQXW]XQJ
5HLQLJXQJXQG:DUWXQJ
3UREOHPEHKHEXQJ
.XQGHQGLHQVW
ùdù1'(.ù/(5 75
*h9(1/ø.7$/ø0$7/$5,
*HQHOX\DUÕODU
dHYUHQLQNRUXQPDVÕ
.XUXOXP
(OHNWULNED÷ODQWÕVÕ
2FDNLoLQSLúLUPHJHUHFLWDYVL\HVL
.XOODQÕP
7HPL]OLNYHEDNÕP
6RUXQJLGHUPH
6DWÕúVRQUDVÕEDNÕP
*DUDQWL%HOJHVL
:H UHFRPPHQG \RX NHHS WKH LQVWUXFWLRQV IRU
LQVWDOODWLRQDQGXVHIRUODWHUUHIHUHQFHDQGEHIRUH
LQVWDOOLQJWKHKREQRWHLWVVHULDOQXPEHULQFDVH
\RXQHHGWRJHWKHOSIURPWKHDIWHUVDOHVVHUYLFH
:$51,1*WKHDSSOLDQFHDQGLWVDFFHVVLEOHSDUWV
EHFRPHKRWGXULQJXVH&DUHVKRXOGEHWDNHQWR
DYRLGWRXFKLQJKHDWLQJHOHPHQWV&KLOGUHQXQGHU
\HDUV RI DJH PXVW EH NHSW DZD\ IURP WKH
DSSOLDQFH XQOHVV WKH\ DUH FRQWLQXRXVO\
VXSHUYLVHG
:$51,1*XVHRQO\KREJXDUGVGHVLJQHGE\WKH
0DQXIDFWXUHU RI WKH FRRNLQJ DSSOLDQFH RU
LQGLFDWHGE\WKH0DQXIDFWXUHURIWKHDSSOLDQFHLQ
WKHLQVWUXFWLRQVIRUXVHDVVXLWDEOHRUKREJXDUGV
LQFRUSRUDWHG LQ WKH DSSOLDQFH 7KH XVH RI
LQDSSURSULDWHJXDUGVFDQFDXVHDFFLGHQWV
:$51,1*XQDWWHQGHGFRRNLQJRQDKREZLWKIDW
RURLOFDQEHGDQJHURXVDQGPD\UHVXOWLQILUH
1(9(5 WU\ WR H[WLQJXLVK D ILUH ZLWK ZDWHU EXW
VZLWFKRIIWKHDSSOLDQFHDQGWKHQFRYHUIODPHHJ
ZLWKDOLGRUDILUHEODQNHW
:$51,1*GDQJHURIILUHGRQRWVWRUHLWHPVRQ
WKHFRRNLQJVXUIDFHV
:$51,1*LIWKHVXUIDFHLVFUDFNHGGRQRWWRXFK
WKHJODVVDQGVZLWFKRIIWKHDSSOLDQFHWRDYRLGWKH
SRVVLELOLW\RIHOHFWULFVKRFN
7KLVDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHGIURP
\HDUV DQG DERYH DQG SHRSOH ZLWK UHGXFHG
SK\VLFDOVHQVRU\RUPHQWDOFDSDELOLWLHVRUODFNRI
H[SHULHQFH DQG NQRZOHGJH LI WKH\ KDYH EHHQ
JLYHQVXSHUYLVLRQRULQVWUXFWLRQFRQFHUQLQJXVHRI
WKHDSSOLDQFHLQDVDIHZD\DQGXQGHUVWDQGWKH
KD]DUGVLQYROYHG&KLOGUHQVKRXOGEHVXSHUYLVHG
WRHQVXUHWKDWWKH\GRQRWSOD\ZLWKWKHDSSOLDQFH
&OHDQLQJ DQG XVHU PDLQWHQDQFH VKDOO QRW EH
PDGHE\FKLOGUHQZLWKRXWVXSHUYLVLRQ
&$87,21 WKH FRRNLQJ SURFHVV PXVW EH
VXSHUYLVHG$VKRUWWHUPFRRNLQJSURFHVVKDVWR
EHVXSHUYLVHGFRQWLQXRXVO\
,WLVVWURQJO\UHFRPPHQGHGWRNHHSFKLOGUHQDZD\
IURPWKHFRRNLQJ]RQHVZKLOHWKH\DUHLQRSHUDWLRQ
RU ZKHQ WKH\ DUH VZLWFKHG RII VR ORQJ DV WKH
UHVLGXDOKHDWLQGLFDWRULVRQLQRUGHUWRSUHYHQW
WKHULVNVRIVHULRXVEXUQV
7KLVDSSOLDQFHLVQRWLQWHQGHGWREHRSHUDWHGE\
PHDQVRIDQH[WHUQDOWLPHURUVHSDUDWHUHPRWH
FRQWUROV\VWHP
,ISUHVHQWGRQRWWRVWDUHLQWRKDORJHQODPSKRE
HOHPHQWV
&RQQHFWDSOXJWRWKHVXSSO\FDEOHWKDWLVDEOHWR
EHDUWKHYROWDJHFXUUHQWDQGORDGLQGLFDWHGRQWKH
WDJDQGKDYLQJWKHHDUWKFRQWDFW7KHVRFNHWPXVW
EHVXLWDEOHIRUWKHORDGLQGLFDWHGRQWKHWDJDQG
PXVWEHKDYLQJWKHHDUWKFRQWDFWFRQQHFWHGDQG
LQRSHUDWLRQ7KHHDUWKFRQGXFWRULV\HOORZJUHHQ
LQFRORU7KLVRSHUDWLRQVKRXOGEHFDUULHGRXWE\D
6$)(7<,16758&7,216
VXLWDEO\ TXDOLILHG SURIHVVLRQDO ,Q FDVH RI
LQFRPSDWLELOLW\ EHWZHHQ WKH VRFNHW DQG WKH
DSSOLDQFH SOXJ DVN D TXDOLILHG HOHFWULFLDQ WR
VXEVWLWXWHWKHVRFNHWZLWKDQRWKHUVXLWDEOHW\SH
7KHSOXJDQGWKHVRFNHWPXVWEHFRQIRUPHGWRWKH
FXUUHQW QRUPV RI WKH LQVWDOODWLRQ FRXQWU\
&RQQHFWLRQWRWKHSRZHUVRXUFHFDQDOVREHPDGH
E\ SODFLQJ DQ RPQLSRODU EUHDNHU EHWZHHQ WKH
DSSOLDQFHDQGWKHSRZHUVRXUFHWKDWFDQEHDUWKH
PD[LPXPFRQQHFWHGORDGDQGWKDWLVLQOLQHZLWK
FXUUHQWOHJLVODWLRQ
7KH \HOORZJUHHQ HDUWK FDEOH VKRXOG QRW EH
LQWHUUXSWHG E\ WKH EUHDNHU 7KH VRFNHW RU
RPQLSRODUEUHDNHUXVHGIRUWKHFRQQHFWLRQVKRXOG
EH HDVLO\ DFFHVVLEOH ZKHQ WKH DSSOLDQFH LV
LQVWDOOHG
7KHGLVFRQQHFWLRQPD\EHDFKLHYHGE\KDYLQJWKH
SOXJDFFHVVLEOHRUE\LQFRUSRUDWLQJDVZLWFKLQWKH
IL[HGZLULQJLQDFFRUGDQFHZLWKWKHZLULQJUXOHV
,IWKHVXSSO\FRUGLVGDPDJHGLWPXVWEHUHSODFHG
E\ 0DQXIDFWXUHU LWV VHUYLFH DJHQW RU VLPLODUO\
TXDOLILHGSHRSOHLQRUGHUWRDYRLGDKD]DUG7KH
HDUWK FRQGXFWRU \HOORZJUHHQ PXVW EH ORQJHU
WKDQ PP RQ WKH WHUPLQDO EORFN VLGH 7KH
LQWHUQDOFRQGXFWRUVVHFWLRQVKRXOGEHDSSURSULDWH
WRWKHSRZHUDEVRUEHGE\WKHKRELQGLFDWHGRQ
WKH WDJ 7KH W\SH RI SRZHU FDEOH PXVW EH
+299)
'RQRWSXWPHWDOOLFREMHFWVVXFKDVNQLYHVIRUNV
VSRRQVRUOLGVRQWKHKRE7KH\FRXOGKHDWXS
$OXPLQXPIRLODQGSODVWLFSDQVPXVWQRWEHSODFHG
RQKHDWLQJ]RQHV
$IWHU HYHU\ XVH VRPH FOHDQLQJ RI WKH KRE LV
QHFHVVDU\ WR SUHYHQW WKH EXLOGXS RI GLUW DQG
JUHDVH,IOHIWWKLVLVUHFRRNHGZKHQWKHKRELV
XVHGDQGEXUQVJLYLQJRIIVPRNHDQGXQSOHDVDQW
VPHOOV QRW WR PHQWLRQ WKH ULVNV RI ILUH
SURSDJDWLRQ
1HYHUXVHDVWHDPRUKLJKSUHVVXUHVSUD\WRFOHDQ
WKHDSSOLDQFH
'RQRWWRXFKWKHKHDW]RQHVGXULQJRSHUDWLRQRU
IRUDZKLOHDIWHUXVH
1HYHU FRRN IRRG GLUHFWO\ RQ WKH JODVV FHUDPLF
KRE
$OZD\V XVH WKH DSSURSULDWH FRRNZDUH$OZD\V
SODFHWKHSDQLQWKHFHQWHURIWKHXQLWWKDW\RXDUH
FRRNLQJRQ
'RQRWSODFHDQ\WKLQJRQFRQWUROSDQHO
'RQRWXVHWKHKREDVDZRUNLQJVXUIDFH
'RQRWXVHWKHVXUIDFHDVDFXWWLQJERDUG
'RQRWVWRUHKHDY\LWHPVDERYHWKHKRE,IWKH\
GURSRQWRWKHKREWKH\PD\FDXVHGDPDJH
'RQRWXVHWKHKREIRUVWRUDJHRIDQ\LWHPV
'RQRWVOLGHFRRNZDUHDFURVVWKHKRE
*%
/HDYHDGLVWDQFHRIDWOHDVW
PPEHWZHHQ WKHKRE DQGWKH
EDFN ZDOO DQG RI DW OHDVW
PPEHWZHHQ WKHKRE DQGWKH
YHUWLFDOIXUQLWXUHRUZDOOVLQWKH
ODWHUDO VLGH ,I D IXUQLWXUH LV
LQVWDOOHG DERYH WKH KRE WKH
PLQLPXP GLVWDQFH UHTXLUHG LV
PP
:KHQLQVWDOOLQJDKRRGDERYH
WKH KRE SOHDVH FRQVXOW WKH
LQVWDOODWLRQ UHTXLUHPHQWV
VSHFLILHG IRU WKH KRRG EXW LQ
DQ\FDVHWKHGLVWDQFHEHWZHHQ
WKHKREDQGWKHKRRGPXVWQRW
EHORZHUWKDQPP
352'8&7&2'(7
,GHQWLILFDWLRQ3ODWHORFDWHGXQGHUWKHKREVERWWRPFDVLQJ
*(1(5$/:$51,1*6
%\ SODFLQJ WKH PDUN RQ WKLV DSSOLDQFH ZH DUH DVVXULQJ
FRPSOLDQFH WR DOO (XURSHDQ 6DIHW\ +HDOWK DQG (QYLURQPHQW
UHTXLUHPHQWVZKLFKDUHDSSOLFDEOHIRUWKLVSURGXFWFDWHJRU\
3527(&7,212)7+((19,5210(17
7KLVDSSOLDQFHLVPDUNHGDFFRUGLQJWR(XURSHDQ
'LUHFWLYH (8 RQ :DVWH (OHFWULFDO DQG
(OHFWURQLF(TXLSPHQW:(((
:((( FRQWDLQV ERWK SROOXWLQJ VXEVWDQFHV ZKLFK
FDQ FDXVH QHJDWLYH FRQVHTXHQFHV IRU WKH
HQYLURQPHQWDQGEDVLFFRPSRQHQWVZKLFKFDQEH
UHXVHG,WLVLPSRUWDQWWRKDYH:(((VXEMHFWHGWR
VSHFLILFWUHDWPHQWVLQRUGHUWRUHPRYHDQGGLVSRVH
SURSHUO\ DOOSROOXWDQWV DQGUHFRYHU DQGUHF\FOH DOO
PDWHULDOV
,QGLYLGXDOVFDQSOD\DQLPSRUWDQWUROHLQHQVXULQJWKDWWKH:(((
GRHVQRWEHFRPHDQHQYLURQPHQWDOLVVXHLWLVHVVHQWLDOWRIROORZ
VRPHEDVLFUXOHV
:(((VKDOOQRWEHWKUHDWHQHGDVKRXVHKROGZDVWH
:((( VKDOO EH KDQGOHG RYHU WR WKH UHOHYDQW FROOHFWLRQ SRLQWV
PDQDJHGE\WKHPXQLFLSDOLW\RUE\UHJLVWHUHGFRPSDQLHV,QPDQ\
&RXQWULHVIRUODUJH:(((KRPHFROOHFWLRQFRXOGEHSUHVHQW
,QPDQ\&RXQWULHVZKHQ\RXEX\DQHZDSSOLDQFHWKHROGRQH
PD\EHUHWXUQHGWRWKHUHWDLOHUZKRKDVWRFROOHFWLWIUHHRIFKDUJHRQ
D RQHWRRQH EDVLV DV ORQJ DV WKH DSSOLDQFH LV RI HTXLYDOHQW
W\SRORJ\DQGKDVWKHVDPHIXQFWLRQVDVWKHVXSSOLHGRQH
,167$//$7,21
,QVWDOOLQJDGRPHVWLFDSSOLDQFHLWLVDFRPSOLFDWHGRSHUDWLRQZKLFKLI
QRWFDUULHGRXWFRUUHFWO\FDQVHULRXVO\KDYHLPSDFWRQVDIHW\RIJRRGV
SURSHUWLHVRUSHRSOH)RUWKLVUHDVRQLWVKRXOGEHFDUULHGRXWE\D
SURIHVVLRQDOO\ TXDOLILHG SHUVRQ LQ DFFRUGDQFH ZLWK WHFKQLFDO
UHJXODWLRQV
,QWKHHYHQWWKDWWKLVDGYLFHLWLVLJQRUHGDQGLQVWDOODWLRQLVFDUULHGRXW
E\DQXQTXDOLILHGSHUVRQWKH0DQXIDFWXUHUGHFOLQHVDOOUHVSRQVLELOLW\
IRUDQ\WHFKQLFDOIDLOXUHRIWKHDSSOLDQFHZKHWKHURUQRWLWUHVXOWVLQ
GDPDJHRIJRRGVRUSURSHUWLHVRULQLQMXU\RISHRSOHRUDQLPDOV
$IWHUKDYLQJUHPRYHGWKHSDFNDJLQJSOHDVHEHVXUHWKDWWKHDSSOLDQFH
LWLVQRWGDPDJHGRWKHUZLVHFRQWDFWWKH5HWDLOHURU0DQXIDFWXUHU$IWHU
6DOHV6HUYLFH
0DNHVXUHWKDWWKHIXUQLWXUHLQZKLFKWKHDSSOLDQFHZLOOEHILWWHGDQGDOO
RWKHUIXUQLWXUHLQWKHQHDUE\DUHPDGHZLWKPDWHUL
OVZKLFKFDQZLWKVWDQGKLJKWHPSHUDWXUHVPLQ&
,QDGGLWLRQDOOGHFRUDWLYHODPLQDWHVVKRXOGEHIL[HGZLWKKLJKUHVLVWDQFH
JOXH
$SSOLDQFHFDQEHLQVWDOOHGLQD%XLOWLQIXUQLWXUHLQ³6WDQGDUG´RU³)OXVK´
PRGH
PP PP
PP
PP
PP
0LQPP
6WDQGDUGLQVWDOODWLRQ
SHULPHWHU
1RWH,QQHUSHULPHWHUGLPHQVLRQVDUHVDPHZLWKVWDQGDUGLQVWDOODWLRQ
PPFPKRE
PP
PPFPKRE
6ORWGHSWKPP
)OXVKLQVWDOODWLRQ
SHULPHWHU
:RUNWRSWKLFNQHVVVKRXOGEHEHWZHHQDQGPP
,IWKHERWWRPSDUWRIWKHKRELVDGMDFHQWWRDQDUHDQRUPDOO\DFFHVVLEOH
IRUKDQGOLQJRUFOHDQLQJRSHUDWLRQVDVHSDUDWRULWPXVWEHSXWPP
EHORZWKHERWWRPSDUWRIWKHKRE
PLQPP
:KHQLQVWDOOLQJDQRYHQXQGHUWKHKREVHSDUDWRUPXVWQRWEHSXWDQG
WKHPLQLPXPGLVWDQFHEHWZHHQWKHERWWRPSDUWRIWKHKREDQGWKH
RYHQPXVWQRWEHORZHUWKDQPP'RQRWLQVWDOOQRWFRROHGRYHQ
XQGHU WKLV KRE DQG LQVWDOO WKH RYHQ IROORZLQJ LWV RZQ LQVWDOODWLRQ
UHTXLUHPHQWV
PP
PLQ
*%
)/86+,167$//$7,21
$IWHUFKHFNLQJWKDWWKHSRVLWLRQRI
WKH KRE LV FRUUHFW ILOO WKH JDS
EHWZHHQWKHZRUNWRSDQGWKHKRE
ZLWKVLOLFRQHDGKHVLYH)ODWWHQWKH
VLOLFRQH OD\HU ZLWK D VFUDSHU RU
ZLWKZHWILQJHUGDPSHGZLWKZDWHU
DQGVRDSEHIRUHLWIRUPV
'R QRW XVH WKH KRE XQWLO WKH
VLOLFRQHOD\HULWLVFRPSOHWHO\GU\
$ZDWHUWLJKWVHDOJDVNHWLV
VXSSOLHG ZLWK WKH KRE )LW
WKHVHDOJDVNHWDURXQGWKH
ERWWRP KRE DV GHVFULEHG
DQG PDNH VXUH WKDW LW LV
SURSHUO\ILWWHGWRDYRLGDQ\
OHDNDJHLQWRWKHVXSSRUWLQJ
IXUQLWXUH
%RWWRP
1RUPDO)L[LQJ
*HWWKHIL[LQJFOLSVIURPDFFHVVRU\EDJ
DQGVFUHZWKHPLQWRWKHSRVLWLRQVKRZQ
RQ ERWWRP ER[ 'R QRW WLJKWHQ WKH
VFUHZVWREORFNFOLSVWKH\VKRXOGPRYH
IUHHO\
,QVHUWWKHKRELQFHQWHU
SRVLWLRQRIFXWRXW
7XUQWKHFOLSVDQGWLJKWHQ
WKHPIXOO\
4XLFN)L[LQJ'HSHQGLQJRQPRGHO
*HWIRXUVSULQJVIRUPDFFHVRU\EDJDQG
VFUHZWKHPRQWRERWWRPER[DVVKRZQ
LQILJXUH
&HQWHUDQGLQVHUWWKHKRE
3UHVVWKHVLGHVRIKREXQWLOLW
LV VXSSRUWHG DURXQG LWV
HQWLUHSHULPHWHU
*%
:
: :
:
:
:
:
:
:
:
:
:
>zKhdϭ
>zKhdϯ >zKhdϰ
/$<287
$FFRUGLQJWRPRGHO
212))
7,0(5
$GGLWLRQDOFRRNLQJ]RQHOHG
&RRNLQJ]RQHSURJUDPPLQJLQGLFDWRU
%ULGJH
&KLOGORFN
0HOWLQJ
%RLOLQJ
(/(&75,&$/&211(&7,21
>zKhdϮ
,QVWDOODWLRQPXVWFRQIRUPWRWKHVWDQGDUGVGLUHFWLYHV
0DQXIDFWXUHU GHFOLQHV DOO UHVSRQVLELOLW\ IRU DQ\ GDPDJH WKDW
PLJKWEHFDXVHGE\XQVXLWDEOHRUXQUHDVRQDEOHXVH
:$51,1*0DQXIDFWXUHUFDQQRWEHKHOGUHVSRQVLEOHIRUDQ\LQFLGHQW
RULWVFRQVHTXHQFHVWKDWPD\DULVHGXULQJWKHXVHRIDQDSSOLDQFHQRW
OLQNHGWRWKHHDUWKRUOLQNHGWRDQHDUWKZKRVHFRQWLQXLW\LVGHIHFWLYH
%HIRUH DQ\ HOHFWULFDO RSHUDWLRQ SOHDVH FKHFN WKH VXSSO\ WHQVLRQ
VKRZQRQWKHHOHFWULFLW\PHWHUWKHDGMXVWPHQWRIWKHFLUFXLWEUHDNHU
WKHFRQWLQXLW\RIWKHFRQQHFWLRQWRHDUWKWRWKHLQVWDOODWLRQDQGWKDWWKH
IXVHLVVXLWDEOH
7KHHOHFWULFDOFRQQHFWLRQWRWKHLQVWDOODWLRQVKRXOGEHPDGHDFFRUGLQJ
WRWKHUDWHGSRZHURIWKH$SSOLDQFHWKLVVKRXOGEHPDGHYLDDQ2PQL
SROHFXWRXWVZLWFK
,IWKHDSSOLDQFHKDVDVRFNHWRXWOHWLWPXVWEHLQVWDOOHGVRWKDWWKH
VRFNHWRXWOHWLVDFFHVVLEOH
7KH\HOORZJUHHQZLUHRIWKHSRZHUVXSSO\FDEOHPXVWEHFRQQHFWHGWR
WKHHDUWKRIERWKSRZHUVXSSO\DQGDSSOLDQFHWHUPLQDOV
)RUDQ\TXHVWLRQVUHJDUGLQJSRZHUVXSSO\FRUGUHIHUWR$IWHU6DOHV
6HUYLFHRUDTXDOLILHGWHFKQLFLDQ
,IWKHKRELVILWWHGZLWKSRZHUVXSSO\FRUGWKLVVKDOOEHFRQQHFWHGRQO\
WRDSRZHUVXSSO\RI9EHWZHHQSKDVHDQGQHXWUDO
,WLVKRZHYHUSRVVLEOHWRFRQQHFWWKHKREWR
7KUHH3KDVH9
7KUHH3KDVH91
7RSURFHHGWRWKHQHZFRQQHFWLRQSOHDVHIROORZEHORZLQVWUXFWLRQV
%HIRUH PDNLQJ WKH FRQQHFWLRQ PDNH VXUH WKDW WKH LQVWDOODWLRQ LV
SURWHFWHGE\DVXLWDEOHIXVHDQGWKDWLWLVILWWHGZLWKZLUHVRIDODUJH
HQRXJKVHFWLRQWRVXSSO\WKHDSSOLDQFHQRUPDOO\
7XUQRYHUWKHKREJODVVVLGHDJDLQVWWKHZRUNLQJWRSWDNLQJFDUHWR
SURWHFWWKHJODVV
2SHQWKHFRYHULQWKHIROORZLQJVHTXHQFH
XQVFUHZWKHFDEOHFODPS
ILQGWKHWZRWDEVORFDWHGRQWKHVLGHV
SXW WKH EODGH RI D IODW VFUHZGULYHU LQ IURQW RI HDFK WDE H
SXVKLQDQGSUHVV
UHPRYHWKHFRYHU
7RUHOHDVHWKHSRZHUVXSSO\FRUG
5HPRYHWKHVFUHZVUHWDLQLQJWKHWHUPLQDOEORFNZKLFK
FRQWDLQVWKHVKXQWEDUVDQGWKHFRQGXFWRUVRIWKHVXSSO\FRUG
3XOORXWWKHVXSSO\FRUG
2SHUDWLRQVWREHFDUULHGRXWWRPDNHDQHZFRQQHFWLRQ
&KRRVH WKH SRZHU VXSSO\ FDEOH LQ DFFRUGDQFH ZLWK WKH
UHFRPPHQGDWLRQVLQWKHWDEOH
3DVVWKHSRZHUVXSSO\FDEOHLQWRWKHFODPS
6WULSWKHHQGRIHDFKFRQGXFWRURIWKHVXSSO\FRUGRQDPPOHQJWK
E\ WDNLQJ LQ DFFRXQW WKH UHTXHVWHG OHQJWK RI WKH FRUG IRU WKH
FRQQHFWLRQWRWKHWHUPLQDOEORFN
$FFRUGLQJWRWKHLQVWDOODWLRQDQGZLWKWKHKHOSRIVKXQWEDUVZKLFK\RX
VKRXOG KDYH UHFRYHUHG LQ WKH ILUVW RSHUDWLRQ IL[ WKH FRQGXFWRU DV
VKRZQRQWKHFKDUW
)L[WKHFRYHU
6FUHZWKHFDEOHFODPS
1 1HXWUDO 7 (DUWK
0RQRSKDVH9a 7ZRSKDVHV9a
7KUHHSKDVHV9a 7KUHHSKDVHV91a
3K 3KDVH
&RQQHFWLRQWRWKHWHUPLQDOVRQWKHWHUPLQDOEORFN
$77(17,21
,ILWVKRXOGEHQHFHVVDU\WRUHSODFHWKHSRZHUVXSSO\FRUGFRQQHFWWKH
ZLUHLQDFFRUGDQFHZLWKIROORZLQJFRORUVFRGHV
/$<287
/$<287
02123+$6(RU7:23+$6(69a
&DEOH
+299)
&DEOH
+299)
&DEOH
+299)
[PP
[PP
[PP
[PP
[PP
[PP
7+5((3+$6(69a
7+5((3+$6(691a
1RWHPDNHVXUHWKHWHUPLQDOERDUGVFUHZVDUHWLJKW
2SHUDWLRQVWREHFDUULHGRXWWRPDNHDQHZFRQQHFWLRQ
&KRRVH WKH SRZHU VXSSO\ FDEOH LQ DFFRUGDQFH ZLWK WKH
UHFRPPHQGDWLRQVLQWKHWDEOH
3DVVWKHSRZHUVXSSO\FDEOHLQWRWKHFODPS
6WULSWKHHQGRIHDFKFRQGXFWRURIWKHVXSSO\
FRUGRQDPPOHQJWKE\WDNLQJLQDFFRXQW
WKH UHTXHVWHG OHQJWK RI WKH FRUG IRU WKH
FRQQHFWLRQWRWKHWHUPLQDOEORFN
$FFRUGLQJWRWKHLQVWDOODWLRQDQGZLWKWKHKHOS
RI VKXQW EDUV ZKLFK \RX VKRXOG KDYH
UHFRYHUHG LQ WKH ILUVW RSHUDWLRQ IL[ WKH
FRQGXFWRUDVVKRZQRQWKHFKDUW
)L[WKHFRYHU
6FUHZWKHFDEOHFODPS
*%
86(
6ZLWFK212))DKHDWHU]RQH
7RVZLWFK21DKHDWHU7RXFKSRZHUNH\GXULQJPVHF/RQJEHHS
ZLOOEHKHDUGDQGYDOXHZLOODSSHDULQWDUJHW]RQHGLJLWLQGLFDWLQJ
SRZHUOHYHO
,IDQ\FRRNLQJVWDJHLVLQSRVLWLRQWKLVGLVSOD\ZLOOVZLWFK2))
DXWRPDWLFDOO\ DIWHU VHFRQGV DQG WKH ]RQH 2)) VHTXHQFH ZLOO
VRXQG
,IWKHUHLVUHVLGXDOKHDWLQGLFDWLRQLQWKHGLVSOD\ZKLFKLV21EXWLQ
SRZHUZLOODSSHDUFKDQJLQJRYHU
,IORFNIXQFWLRQLVDFWLYH\RXFDQQRWVZLWFK21D]RQH
7RVZLWFK2))DKHDWHU7RXFKSRZHU NH\GXULQJ VHF 6KRUW
EHHSVZLOOEHKHDUGDQGQRWKLQJRU+YDOXHZLOODSSHDULQWDUJHW]RQH
GLJLWLIUHVLGXDOKHDWH[LVWV=RQHZLOOEH2))
,IDQ\FRRNLQJVWDJHLVLQSRVLWLRQWKLVGLVSOD\ZLOOVZLWFK2))
DXWRPDWLFDOO\ DIWHU VHFRQGV DQG WKH ]RQH 2)) VHTXHQFH ZLOO
VRXQG
,IWKHUHLVUHVLGXDOKHDWLQGLFDWLRQLQWKHGLVSOD\ZKLFKLV2))+
ZLOOEHGLVSOD\HG
(YHQORFNIXQFWLRQLVDFWLYH\RXFDQVZLWFK2))D]RQH
,IRQO\RQHKHDWHULVDFWLYHDQGWKLVRQHLVVZLWFKHGRII6KRUWEHHS
ZLOOEHKHDUGLQGLFDWLQJDOOFRRNWRSLV2II
+2%&22.:$5($'9,&(
8VLQJJRRGTXDOLW\FRRNZDUHLVFULWLFDOIRUVHWWLQJ
WKHEHVWSHUIRUPDQFHIURP\RXUKRE
$OZD\VXVHJRRGTXDOLW\FRRNZDUHZLWKSHUIHFWO\IODWDQGWKLFN
EDVHVXVLQJWKLVW\SHRIFRRNZDUHZLOOSUHYHQWKRWVSRWVWKDWFDXVH
IRRG WR VWLFN 7KLFN PHWDO SRWV DQG SDQV ZLOO SURYLGH DQ HYHQ
GLVWULEXWLRQRIKHDW
(QVXUH WKDW WKH EDVH RI WKH SRW RU SDQ LV GU\ ZKHQ ILOOLQJ
SDQVZLWKOLTXLGRUXVLQJRQHWKDWKDVEHHQVWRUHGLQWKHUHIULJHUDWRU
HQVXUHWKDWWKHEDVHRIWKHSDQLVFRPSOHWHO\GU\EHIRUH SODFLQJ LW RQ
WKHKRE7KLVZLOOKHOSWRDYRLGVWDLQLQJWKH KRE
8VHSDQVZKRVHGLDPHWHULVZLGHHQRXJKWRFRPSOHWHO\FRYHU
WKHVXUIDFHXQLWWKHVL]HRIWKHSDQVKRXOGEHQRVPDOOHU
WKDQWKHKHDWLQJDUHD,ILWLVVOLJKWO\ZLGHUWKHHQHUJ\ZLOOEHXVHGDWLWV
PD[LPXPHIILFLHQF\
7+(&+2,&(2)&22.:$5(7KHIROORZLQJLQIRUPDWLRQZLOOKHOS
\RXWRFKRRVHFRRNZDUHZKLFKZLOOJLYHJRRGSHUIRUPDQFH
6WDLQOHVV 6WHHO KLJKO\ UHFRPPHQGHG (VSHFLDOO\ JRRG ZLWK D
VDQGZLFKFODG EDVH7KH VDQGZLFKEDVH FRPELQHVWKHEHQHILWV RI
VWDLQOHVV VWHHO DSSHDUDQFH GXUDELOLW\ DQG VWDELOLW\ ZLWK WKH
DGYDQWDJHVRIDOXPLQLXPRUFRSSHUKHDWFRQGXFWLRQHYHQKHDW
GLVWULEXWLRQ
$OXPLQLXP KHDY\ ZHLJKW UHFRPPHQGHG *RRG FRQGXFWLYLW\
$OXPLQLXPUHVLGXHVVRPHWLPHVDSSHDUDVVFUDWFKHVRQWKHKREEXW
FDQEHUHPRYHGLIFOHDQHGLPPHGLDWHO\
%HFDXVHRILWVORZPHOWLQJSRLQWWKLQDOXPLQLXPVKRXOGQRWEHXVHG
&DVW,URQXVDEOHEXWQRWUHFRPPHQGHG3RRUSHUIRUPDQFH0D\
VFUDWFKWKHVXUIDFH
&RSSHU%RWWRP VWRQHZDUH KHDY\ ZHLJKW UHFRPPHQGHG *RRG
SHUIRUPDQFHEXWFRSSHUPD\OHDYHUHVLGXHVZKLFKFDQDSSHDUDV
VFUDWFKHV 7KH UHVLGXHV FDQ EH UHPRYHG DV ORQJ DV WKH KRE LV
FOHDQHGLPPHGLDWHO\+RZHYHUGRQRWOHWWKHVHSRWVERLO
GU\2YHUKHDWHGPHWDOFDQERQGWRJODVVKREV$QRYHUKHDWHGFRSSHU
SRWZLOOOHDYHDUHVLGXHWKDWZLOOSHUPDQHQWO\VWDLQWKHKRE
3RUFHODLQHQDPHO*RRGSHUIRPDQFHRQO\ZLWKDWKLQ\VPRRWKIODW
EDVH
*ODVVFHUDPLFQRWUHFRPPHQGHG3RRUSHUIRUPDQFH0D\VFUDWFK
WKHVXUIDFH
,QFUHDVH'HFUHDVHSRZHUOHYHO
:LWKDVKRUWSUHVVRQµ¶RUµµNH\V,QFUHDVHRUGHFUHDVHSRZHULQWKH
VHOHFWHG]RQHVGLJLW3
)RU/RQJ3UHVVHVLQRUNH\VSRZHUOHYHOLQFUHDVHVGHFUHDVHV
FRQWLQXRXVO\:LWKDIDVWLQFUHDVHSRZHUVWRSVDWOHYHODQGIRUD
KLJKHUSRZHUDQRWKHUVKRUWSUHVVLVQHHGHGRQWKHNH\1REHHS
VRXQGLVKHDUGZLWKIDVWLQFUHDVHGHFUHDVH
2QFH DUULYHG WR 3 SRZHU OHYHO SUHVVLQJ NH\ DJDLQ GRHV QRW
FKDQJHSRZHUOHYHOWR2QFHDUULYHGWRSRZHUOHYHOSUHVVLQJNH\
DJDLQGRHVQRWFKDQJHSRZHUOHYHOWR3
:LWKD]RQH21DWSRZHUOHYHOLIWKH]RQHLVKRWZLOOEOLQN
DOWHUQDWLYHO\$IWHUVHFRQGVZLOOGLVDSSHDUDQµ+¶OHWWHUZLOODSSHDU
IL[HGRQGLVSOD\
:KHQDKHDWHULVVHOHFWHGDQGµ¶µµNH\VDUHWRXFKHGDWWKHVDPH
WLPHSRZHUOHYHOZLOOJRWRµ¶EXWKHDWHUZLOOPDLQWDLQVHOHFWHGGXULQJ
VHFRQGV,IKHDWHUZDVWHPSRUL]HGWLPHUZLOOJRWR2II7KLVDFWLRQ
FDQ RQO\ EH GHYHORSHG LQ VHYHUDO FDVHV GHSHQGLQJ WRXFK FRQWURO
FRQILJXUDWLRQ7KH IROORZLQJ H[DPSOHV DUH IRU LQIRUPDWLRQ RQO\
3HUVRQDOH[SHULHQFHVKRXOGWKHQOHW\RXDGDSWWKHVHVHWWLQJVWR\RXU
WDVWHDQGKDELWV
&KLOG/RFN
7KH DFWLRQ ZLOO EH GRQH ZKHQORFNNH\LVWRXFKHG
7KHQDQ\WLPHZKHQDNH\ ZLOOEHWRXFKHGGLVSOD\VZLOOVKRZ/
GXULQJVHFKHDWLQJUHPDLQVDWWKHVDPHVWDWH
7RGHDFWLYDWH&KLOG/RFNIROORZWKHVDPHSURFHVVH[SODLQHGEHIRUH
7KHQ6KRUWEHHSZLOOEHKHDUGDQGGLVSOD\VZLOOVKRZQOHWWHU+REZLOO
UHPDLQXQORFNHG
1RWH$QDXWRPDWLFFKLOGORFNZLOOSURGXFHLQPLQXWHVDIWHUWRWDO
6ZLWFK2))RIWKHKRE7KLVIXQFWLRQZLOOKDSSHQVDXWRPDWLFDOO\EXW
SUHYLRXVO\LVQHFHVVDU\WRSURJUDPLW6HH8VHUVHWWLQJVSRLQW
*%
7RVZLWFK21GRXEOHH[WHQVLRQULQJDVVRFLDWHGPDLQ]RQHPXVWEH
DOUHDG\21DQG,QGLFDWLQJSRZHUOHYHOPXVWEHKLJKHUWKDQ
'RXEOH]RQH21
VW6KRUW3UHVVRQH[WHQVLRQNH\6ZLWFKHV21H[WHQVLRQULQJ/('
RYHUH[WHQVLRQNH\WXUQV21LI([WHQVLRQULQJLV21
QG6KRUW3UHVVRQH[WHQVLRQNH\6ZLWFKHV2))H[WHQVLRQULQJ
6KRUWEHHSHDFKSUHVVRQH[WHQVLRQNH\
7ULSOH]RQH21
VW6KRUW3UHVVRQH[WHQVLRQNH\6ZLWFKHV21VWH[WHQVLRQULQJ
/('RYHUH[WHQVLRQNH\WXUQV21LIVWH[WHQVLRQULQJLV21OHIW/('
LQFDVHRIWULSOH]RQHPLGGOHDQGRQO\/('LQFDVHRIGRXEOH]RQHQG
6KRUW 3UHVV RQ H[WHQVLRQ NH\ 6ZLWFKHV 21 QG H[WHQVLRQ ULQJ
/('VRYHUH[WHQVLRQNH\WXUQ21LIVWDQGQGH[WHQVLRQULQJVDUH
21
UG 6KRUW 3UHVV RQ H[WHQVLRQ NH\ 6ZLWFKHV 2)) VW DQG QG
H[WHQVLRQULQJV
6KRUWEHHSHDFKSUHVVRQH[WHQVLRQNH\
'RXEOH7ULSOH]RQHV
%ULGJHIXQFWLRQ
7KHEULGJHFDQEHHQDEOHGRQO\ZKHQERWKKHDWHUVDUHRII2QHKHDWHU
RI WKH EULGJH KDV EHHQ VHOHFWHG WR DFWLYDWH EULGJH IXQFWLRQ WRXFK
EULGJHNH\
$EHHSVRXQGVDQGWKH]RQH/('LVVZLWFKHGRQLIWKH]RQHLVHQDEOHG
%RWKEULGJHKHDWHUVZLOOEHVHOHFWHGDWWKHVDPHWLPH
2QFHWKHKHDWHUVVHOHFWHGLIWKHSRZHUOHYHOLVQRWWKHGHVLUHGSRZHU
OHYHOE\WKHNH\V
%RWKEULGJHKHDWHUGLVSOD\VZLOOVKRZVDPHSRZHUOHYHO
7KHIXQFWLRQZLOOILQLVK
,IWKHEULGJHNH\LVWRXFKHGLQVHWWLQJPRGH
,IXVHUVHOHFWVSRZHUOHYHO³´
2YHUIORZVHFXULW\
6RPHWKLQJDQREMHFWRUDOLTXLGLVSUHVVLQJDQ\NH\GXULQJPRUHWKDQ
V6KRUW%HHS/RQJEHHSHYHU\VZKLOHWKHNH\LVSUHVVHG
&RRNWRSZLOOWXUQ2II7KLVV\PEROZLOOPDLQWDLQEOLQNLQJZKLOHWKH
PDWWHUSHUVLVW
7LPHU
7RDFWLYDWHWLPHUKHDWHUPXVWEHVHOHFWHGDQGLWVSRZHUOHYHOPXVW
EHJUHDWHUWKDQ³´
6HOHFWWKH]RQHWREHWLPHG3RZHUOHYHORIWKH]RQHJUHDWHUWKDQ
6WDWLF LVGLVSOD\HGLQWKH]RQHEHLQJWLPHGLQWKHGLJLWV
UHVHUYHGIRUWKHWLPHU
:LWKRUNH\VWLPHUWLPHFDQEHFKRVHQ1R%HHSVDWWLPH
FKDQJH
3UHVVLQJ VLPXOWDQHRXVO\ WLPHU NH\V WKH WLPHU LV FDQFHOOHG
JRHVWR
,IWLPHURUNH\VLVPDLQWDLQHGSUHVVHGGXULQJ7%'WLPHWKHUH
LVTXLFNVHWWLQJ
:KHQVHWWLQJWLPHUWLPHLWLVSRVVLEOHWRJRIURPWRZLWK
NH\DQGIURPWRZLWKNH\
0D[LPXPWLPHPLQXWHV
:KHQWKHWLPHLVHODSVHGDQGWKHKRELVEHHSLQJSUHVVDQ\NH\DQG
WKHDODUPDQGGLJLWVHTXHQFHZLOOHQG
5HVLGXDO+HDW,QGLFDWRU,QUDGLDQWKHDWHUV!FDOFXODWHG
7KHVDPHLQGLFDWRUVFDQEHXVHGIRU³UHVLGXDOKHDW´LQGLFDWLRQDVZHOO
$WLPHWDEOHPXVWEHGHILQHGRQWKLVSXUSRVH5HVW+HDWWLPH ISRZHU
OHYHOZRUNLQJWLPH
:KLOH D WHPSHUDWXUH RQ WKH FRRN WRS JODVV VXUIDFH LV DERYH
R
&EWKHRU\YDOXHWKLVFRQGLWLRQZLOOEHVKRZQLQWKHDVVRFLDWHG
GLVSOD\E\PHDQVRIDQ³+´ R
7RJHQHUDWHDWHPSHUDWXUHDERYH &DKHDWLQJHOHPHQWKDVWREHLQ
RSHUDWLRQIRUFHUWDLQWLPHWKLVWLPHGHSHQGVRQWKHSRZHUOHYHO2QFH
WKLVWLPHKDVH[SLUHGWKHUHVLGXDOKHDWZDUQLQJZLOOEHVKRZQZKHQ
WKHKHDWLQJHOHPHQWLVVZLWFKHGRII
$XWRPDWLF6DIHW\2II
,I WKH SRZHU OHYHO LV QRW FKDQJHG GXULQJ D SUHVHW WLPH WKH
FRUUHVSRQGLQJKHDWHUWXUQVRIIDXWRPDWLFDOO\
7KHPD[LPXPWLPHDKHDWHUFDQVWD\RQGHSHQGVRQWKHVHOHFWHG
FRRNLQJOHYHO
3RZHUOHYHO 0D[WLPHRQKRXUV
127( ZKLOH DQ RYHUKHDWLQJ VLWXDWLRQ VKRXOG RFFXU GXULQJ WKH
RSHUDWLRQ RI WKH KLJKHVW SRZHU OHYHOV WKH +RE FRQWURO ZLOO
DXWRPDWLFDOO\DGMXVWWKHSRZHUOHYHOLQRUGHUWRSURWHFWWKHKREIURP
RYHUKHDWLQJ
&/($1,1*$1'0$,17(1$1&(
%HIRUHFDUU\LQJRXWDQ\PDLQWHQDQFHZRUNRQWKHKREDOORZLW WR
FRROGRZQ
2QO\ SURGXFWV FUHDPV DQG VFUDSHUV VSHFLILFDOO\ GHVLJQHG IRU
DJODVVFHUDPLFVXUIDFHVVKRXOGEHXVHG7KH\DUHREWDLQDEOHIURP
KDUGZDUHVWRUHV
$YRLGVSLOODJHVDVDQ\WKLQJZKLFKIDOOVRQWRWKHKREVXUIDFH ZLOO
TXLFNO\EXUQDQGZLOOPDNHFOHDQLQJPRUHGLIILFXOW
,WLVDGYLVDEOHWRNHHSDZD\IURPWKHKREDOOVXEVWDQFHVZKLFKDUH
OLDEOHWRPHOWVXFKDVSODVWLFLWHPVVXJDURUVXJDUEDVHGSURGXFWV
0$,17(1$1&(
3ODFHDIHZGURSVRIWKHVSHFLDOLVHGFOHDQLQJSURGXFWRQWKHKRE
VXUIDFH
5XE DQ\ VWXEERUQ VWDLQV ZLWK D VRIW FORWK RU ZLWK VOLJKWO\ GDPS
NLWFKHQSDSHU
:LSHZLWKDVRIWFORWKRUGU\NLWFKHQSDSHUXQWLOWKHVXUIDFHLVFOHDQ
,IWKHUHDUHVWLOOVRPHVWXEERUQVWDLQV
3ODFHDIHZPRUHGURSVRIVSHFLDOLVHGFOHDQLQJIOXLGRQWKHVXUIDFH
6FUDSHZLWKDVFUDSHUKROGLQJLWDWDQDQJOHRIWRWKHKREXQWLO
WKHVWDLQVGLVDSSHDU
:LSHZLWKDVRIWFORWKRUGU\NLWFKHQSDSHUXQWLOWKHVXUIDFHLVFOHDQ
5HSHDWWKHRSHUDWLRQLIQHFHVVDU\
*%
0HOWLQJIXQFWLRQ
$IWHUDKHDWHUKDVEHHQVHOHFWHGWRDFWLYDWHPHOWLQJIXQFWLRQ
6HOHFWPHOWLQJNH\
$WRQHVRXQGVDQGKHDWHUGLVSOD\VKRZV³8´
7KHKHDWHUZLOOZRUNDWSRZHUOHYHO³´
%HLQJWKHKHDWHUVHOHFWHG0HOWLQJIXQFWLRQZLOOILQLVK
,IVZLWFKHGRII
,ILWLVVHOHFWHGWRRWKHUSRZHUOHYHO
%RLOLQJ)XQFWLRQ
$IWHUDKHDWHUKDVEHHQVHOHFWHGWRDFWLYDWH%RLOLQJIXQFWLRQ
6HOHFW%RLOLQJNH\
$WRQHVRXQGVDQGKHDWHUGLVSOD\VKRZV³3´
7KHKHDWHUZLOOZRUNDWPD[LPXPSRZHUOHYHOIRUPLQXWHV
$IWHUWKHVHPLQXWHVDWRQHVRXQGVKHDWHUZLOOUHWXUQWROHYHO³´
,WLVSRVVLEOHWRDGMXVWWKHWLPHUWLPHZKLOHWKHWLPHULVSUHYLRXVO\
UXQQLQJ
3RZHURIWLPHG]RQHFDQEHPRGLILHGZLWKRXWFRQVHTXHQFHVRQWKH
WLPHUSURJUDPPLQJ
/DVWPLQXWHZLOOEHGLVSOD\HGE\VHFRQGV)RU9DULDQWVRQO\YLVLEOHLI
ZH HQWHU WKH WLPHU SURJUDPPLQJ ZKLOH WKH ODVW PLQXWH RI WKH
FRXQWGRZQ
3UHVVLQJWKH7LPHUNH\ZLWKRXWDQ\VHOHFWHG]RQHDQGZKHQQR
]RQHLVEHLQJWLPHGGRHVQRWKLQJ
3UHVVLQJWKH7LPHUNH\ZLWKRXWDQ\VHOHFWHG]RQHDQGZKHQPDQ\
]RQHVDUHEHLQJWLPHGWKHWLPHVKRZQLQWLPHGLJLWVFKDQJHVLQD
URWDWRU\ ZD\ DQG VKRZV WKH WLPH ZKRVH SRZHU GLVSOD\ KDV WKH
GHFLPDOSRLQW21
$OWHUQDWLYHO\3RZHUVDQGVLVGLVSOD\HGLQWKH]RQHEHLQJ
WLPHG
5HPDLQLQJWLPH LVGLVSOD\HGLQ WKHGLJLWVUHVHUYHG IRUWKH WLPHU ,I
PXOWLSOH]RQHVDUHWLPHGWKHVPDOOHVWUHPDLQLQJWLPHLVGLVSOD\HG
DQGWKHGHFLPDOSRLQWLVGLVSOD\HGLQWKHFRUUHVSRQGLQJ]RQH
0D[ L
$Q\FKDQJHLQWKHFRORXURIWKHJODVVFHUDPLFVXUIDFHGRHV
QRWDIIHFWLWVRSHUDWLRQRUWKHVWDELOLW\RIWKHVXUIDFH6XFK
GLVFRORUDWLRQVDUHPRVWO\DUHVXOWRIEXUQWIRRGUHVLGXHVRU
XVHRIFRRNZDUHPDGHRIPDWHULDOVVXFK DV DOXPLQLXP RU
FRSSHUWKHVHVWDLQVDUHGLIILFXOWWRUHPRYH
352%/(062/9,1*
7KHFRRNLQJ]RQHVGRQRWVLPPHURURQO\IU\JHQWO\
2QO\XVHIODWERWWRPHGSDQV,IOLJKWLVYLVLEOHEHWZHHQWKHSDQDQGWKH
KREWKH]RQHLVQRWWUDQVPLWWLQJKHDWFRUUHFWO\
7KHSDQERWWRPVKRXOGIXOO\FRYHUWKHGLDPHWHURIWKHVHOHFWHG]RQH
7KHFRRNLQJLVWRRVORZ
8QVXLWDEOHSDQVDUHEHLQJXVHG2QO\XVHIODWERWWRPHGXWHQVLOVWKDW
DUHKHDY\DQGKDYHDGLDPHWHUDWOHDVWWKHVDPH
DVWKHFRRNLQJ]RQH
6PDOOVFUDWFKHVRUDEUDVLRQVRQWKHKREVJODVVVXUIDFH
,QFRUUHFWFOHDQLQJ RU URXJKERWWRPHG SDQVDUH XVHG SDUWLFOHV OLNH
JUDLQVRIVDQGRUVDOWJHWEHWZHHQWKHKREDQGWKHERWWRPRIWKHSDQ
5HIHUWRWKH&/($1,1*VHFWLRQPDNHVXUHWKDWSDQERWWRPVDUH
FOHDQEHIRUHXVHDQGRQO\XVHVPRRWKERWWRPHGSDQV6FUDWFKHVFDQ
EHOHVVHQHGRQO\WKHFOHDQLQJLVGRQHFRUUHFWO\
$)(:+,176
)UHTXHQW FOHDQLQJ OHDYHV D SURWHFWLYH OD\HU ZKLFK LV HVVHQWLDO WR
SUHYHQW VFUDWFKHV DQG ZHDU 0DNH VXUH WKDW WKH VXUIDFH LV FOHDQ
EHIRUHXVLQJWKHKREDJDLQ7RUHPRYHPDUNVOHIWE\ZDWHUXVHDIHZ
GURSVRIZKLWHYLQHJDURUOHPRQMXLFH7KHQZLSHZLWKDEVRUEHQWSDSHU
DQGDIHZGURSVRIVSHFLDOLVHGFOHDQLQJIOXLG
7KHJODVVFHUDPLFVXUIDFHZLOOZLWKVWDQGVFUDSLQJIURPIODWERWWRPHG
FRRNLQJYHVVHOVKRZHYHULWLVDOZD\VEHWWHUWROLIWWKHPZKHQPRYLQJ
WKHPIURPRQH]RQHWRDQRWKHU
1%
'RQRWXVHDVSRQJHZKLFKLVWRRZHW
1HYHUXVHDNQLIHRUDVFUHZGULYHU
$VFUDSHUZLWKDUD]RUEODGHZLOOQRWGDPDJHWKHVXUIDFHDVORQJ
DVLWLVNHSWDWDQDQJOHRI
1HYHUOHDYH D VFUDSHUZLWK D UD]RUEODGHZLWKLQ WKHUHDFK RI
FKLOGUHQ
1HYHUXVHDEUDVLYHSURGXFWVRUVFRXULQJSRZGHUV
7KHPHWDOVXUURXQGWRVDIHO\FOHDQWKHPHWDOVXUURXQGZDVKZLWK
VRDSDQGZDWHUULQVHWKHQGU\ZLWKDVRIWFORWK
+HDWHUGLVSOD\ )DXOW $FWLRQ
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
,IHUURUKDVRFFXUUHGGLVFRQQHFWHGDQGFRQQHFWDJDLQWKHFRRNWRSWRWKHSRZHUVXSSO\,IHUURUSHUVLVW
FDOODIWHUVDOHVVHUYLFH,IHUURUDSSHDUVVXGGHQO\LQDQRUPDORSHUDWLRQFDOODIWHUVDOHVVHUYLFH
7RXFKFRQWUROVRIWZDUHHUURU
:DLW XQWLO WHPSHUDWXUH JRHV GRZQ &RRNWRS ZLOO DXWRPDWLFDOO\ UHFRYHUHG ZKHQ WHPSHUDWXUH
UHDFKHVDQRUPDOYDOXH
7RXFKFRQWURO]RQHLVWRRKRW
DQG KDV WXUQHG RII DOO WKH
KHDWHUV
:DLWXQWLOWHPSHUDWXUHJRHVGRZQ,IPHVVDJHSHUVLVWZKHQWHPSHUDWXUHUHDFKHVDQHQYLURQPHQW
YDOXHFDOODIWHUVDOHVVHUYLFH
7RXFK FRQWURO WHPSHUDWXUH
VHQVRUFDQEHGDPDJHG
:DLWXQWLOWHPSHUDWXUHJRHVGRZQ,IPHVVDJHSHUVLVWZKHQWHPSHUDWXUHUHDFKHVDQHQYLURQPHQW
YDOXHFDOODIWHUVDOHVVHUYLFH
7RXFKFRQWUROWHPSHUDWXUH
VHQVRUFDQEHGDPDJHG
6HHLIFRRNWRSLVPRXQWHGFRUUHFWO\%HVXUHWKDWNH\VWRXFKFRUUHFWO\WKHJODVVVXUIDFH
([FHVVLYHVHQVLWLYLW\
RQDQ\NH\
7KLVHUURULVDNH\ERDUGDXWRFKHFN,WGLVDSSHDUVZKHQDXWRFKHFNUHWXUQWRVHFXUHYDOXH,IHUURU
SHUVLVWFDOODIWHUVDOHVHUYLFH
6HFXULW\NH\ERDUGHUURU
7KLVHUURULVDVRIWZDUHDXWRFKHFN,WGLVDSSHDUVZKHQDXWRFKHFNUHWXUQWRVHFXUHYDOXH,IHUURU
SHUVLVWFDOODIWHUVDOHVHUYLFH
6HFXULW\VRIWZDUHHUURU
7KLVHUURULVDVRIWZDUHDXWRFKHFN,WGLVDSSHDUVZKHQDXWRFKHFNUHWXUQWRVHFXUHYDOXH,IHUURU
SHUVLVWFDOODIWHUVDOHVHUYLFH
6HFXULW\VRIWZDUHHUURU
$Q\UHOD\GULYHUFDQKDYHDQ\SUREOHPQ5HPRYHFRRNWRSIURPWKHSRZHUVXSSO\ZDLWDPLQXWH
DQGVZLWFKRQDJDLQ,IHUURUSHUVLVWFDOODIWHUVDOHVHUYLFH
5HOD\VVHFXULW\HUURU
$)7(5&$5(
%HIRUH FDOOLQJ RXW D 6HUYLFH (QJLQHHU SOHDVH FKHFN WKH
IROORZLQJ
²WKDWWKHSOXJLVFRUUHFWO\LQVHUWHGDQGIXVHG
,IWKHIDXOWFDQQRWEH LGHQWLILHGVZLWFKRIIWKHDSSOLDQFH²GRQRW
WDPSHUZLWKLW²FDOOWKH$IWHUFDUH6HUYLFH&HQWUH7KHDSSOLDQFHLV
VXSSOLHG ZLWK D JXDUDQWHH FHUWLILFDWH WKDW HQVXUHV WKDW LW ZLOO EH
UHSDLUHGIUHHRIFKDUJHDWWKH6HUYLFH&HQWUH
0HWDOPDUNV
'R QRW VOLGH DOXPLQLXP SDQV RQ WKH KRE 5HIHU WR WKH FOHDQLQJ
UHFRPPHQGDWLRQV
<RXXVHWKHFRUUHFWPDWHULDOVEXWWKHVWDLQVSHUVLVW
8VHDUD]RUEODGHDQGIROORZWKH&/($1,1*VHFWLRQ
'DUNVWDLQV
8VHDUD]RUEODGHDQGIROORZWKH&/($1,1*VHFWLRQ
/LJKWVXUIDFHVRQWKHKRE
0DUNVIURPDQDOXPLQLXPRUFRSSHUSDQEXWDOVRPLQHUDOZDWHURU
IRRGGHSRVLWVWKH\FDQEHUHPRYHGXVLQJWKHFUHDPFOHDQHU
&DUDPHOLVDWLRQRUPHOWHGSODVWLFRQWKHKRE
5HIHUWRWKH&/($1,1*VHFWLRQ
7KHKREGRHVQRWRSHUDWHRUFHUWDLQ]RQHVGRQWZRUN
7KHVKXQWVDUHQRWSRVLWLRQHGFRUUHFWO\RQWKHWHUPLQDOERDUG
+DYHDFKHFNPDGHWKDWWKHFRQQHFWLRQLVGRQHKHFRQWUROSDQHOLV
ORFNHG8QORFNWKHKRE
7KHKREGRHVQRWFXWRII
7KHFRQWUROSDQHOLVORFNHG8QORFNWKHKRE
)UHTXHQF\RIRQRIIRSHUDWLRQVIRUFRRNLQJ]RQHV
7KHRQRIIF\FOHVYDU\DFFRUGLQJWRWKHUHTXLUHGKHDWOHYHO
ORZOHYHOVKRUWRSHUDWLQJWLPH
KLJKOHYHOORQJRSHUDWLQJWLPH
7KHFRRNWRSLVQRWZRUNLQJ
&KHFN WKH FRQGLWLRQ RI WKH IXVHV FLUFXLW EUHDNHUV DW \RXU
ORFDWLRQ&KHFNWRVHHLI\RXDUHH[SHULHQFLQJDSRZHUIDLOXUH
7KHFRRNWRSKDVWXUQHGLWVHOIRII
7KHPDLQVZLWFK212))NH\ZDVDFFLGHQWDOO\WRXFKHGRUWKHUHLV
DQ\REMHFWDERYHDQ\NH\7XUQWKHXQLWRQDJDLQZLWKRXWDQ\REMHFW
DERXWWKHNH\ERDUG(QWHU\RXUVHWWLQJVDJDLQ
'LVSOD\)DQGQXPEHUV
,I)DQGQXPEHUVDSSHDUVLQWKHGLVSOD\\RXUXQLWKDVGHWHFWHGDIDXOW
7KHIROORZLQJWDEOHOLVWDFWLRQV\RXFDQWDNHWRFRUUHFWWKHSUREOHP
*%
,7
6LFRQVLJOLDGLFRQVHUYDUHOHLVWUX]LRQLGLXVRH
PRQWDJJLRSHUULIHULPHQWRVXFFHVVLYRHSULPDGL
PRQWDUH LO SLDQR GL FRWWXUD DQQRWDUH LO VXR
QXPHUR GL VHULH SHU ULFKLHGHUH DVVLVWHQ]D DO
6HUYL]LRSRVWYHQGLWD
$99(57(1=$OHOHWWURGRPHVWLFRHOHVXHSDUWL
DFFHVVLELOL GLYHQWDQR FDOGH GXUDQWH OXVR
3UHVWDUHDWWHQ]LRQHDGHYLWDUHTXDOVLDVLFRQWDWWR
FRQ OH UHVLVWHQ]H GL ULVFDOGDPHQWR 0DQWHQHUH
ORQWDQL GDOOHOHWWURGRPHVWLFR L EDPELQL GL HWj
LQIHULRUH DJOL DQQL D PHQR FKH QRQ VLDQR
FRQWLQXDPHQWHVXSHUYLVLRQDWL
$99(57(1=$XWLOL]]DUHXQLFDPHQWHSURWH]LRQL
SHUSLDQLGLFRWWXUDSURJHWWDWHGDOSURGXWWRUHGHOOD
FXFLQDRLQGLFDWHGDOSURGXWWRUH
GHOOHOHWWURGRPHVWLFRQHOOHLVWUX]LRQLGXVRFRPH
DGDWWH R DQFRUD SURWH]LRQL LQFRUSRUDWH
QHOOHOHWWURGRPHVWLFR/XWLOL]]RGLSURWH]LRQLQRQ
DGDWWHSXzSURYRFDUHLQFLGHQWL
$99(57(1=$ODFRWWXUDVHQ]DVRUYHJOLDQ]DVX
XQSLDQRGLFRWWXUDLQSUHVHQ]DGLJUDVVRRROLR
QHOODSHQWRODSXzHVVHUHSHULFRORVDFRQULVFKLR
GL LQFHQGL 121 FHUFDUH 0$, GL VSHJQHUH XQ
LQFHQGLR FRQ DFTXD EHQVu VSHJQHUH
OHOHWWURGRPHVWLFR H FRSULUH OD ILDPPD FRQ XQ
FRSHUFKLRRXQDFRSHUWDDQWLILDPPD
$99(57(1=$ SHULFROR GL LQFHQGLR QRQ
DSSRJJLDUHQXOODVXOOHVXSHUILFLGLFRWWXUD
$99(57(1=$VHOD VXSHUILFLH qFUHSDWDQRQ
WRFFDUH OD YHWURFHUDPLFD H VSHJQHUH
OHOHWWURGRPHVWLFR SHU HYLWDUH OD SRVVLELOLWj GL
HOHWWURFX]LRQL
/HOHWWURGRPHVWLFR SXz HVVHUH XWLOL]]DWR GD
EDPELQLGLHWjVXSHULRUHDDQQLHGDSHUVRQH
FRQULGRWWHFDSDFLWjILVLFKHVHQVRULDOLRPHQWDOL
RSSXUH SULYH GL HVSHULHQ]D H FRQRVFHQ]D VH
VXSHUYLVLRQDWH R LVWUXLWH ULJXDUGR DOOXVR
GHOOHOHWWURGRPHVWLFR LQ VLFXUH]]D H VH
FRPSUHQGRQRLULVFKLFKHGHULYDQRGDOOXVRGHOOR
VWHVVR , EDPELQL GRYUHEEHUR HVVHUH
VXSHUYLVLRQDWLSHUDVVLFXUDUVLFKHQRQJLRFKLQR
FRQ OHOHWWURGRPHVWLFR /D SXOL]LD H OD
PDQXWHQ]LRQHGDSDUWHGHOOXWHQWHQRQSRVVRQR
HVVHUHHIIHWWXDWHGDEDPELQLVHQ]DVXSHUYLVLRQH
$77(1=,21(LOSURFHVVRGLFRWWXUDGHYHHVVHUH
VXSHUYLVLRQDWR8QSURFHVVRGLFRWWXUDGLEUHYH
WHUPLQHGHYHHVVHUHVXSHUYLVLRQDWRLQFRQWLQXR
6L FRQVLJOLD YLYDPHQWH GL WHQHUH L EDPELQL D
GLVWDQ]D GDOOH ]RQH GL FRWWXUD TXDQGR TXHVWH
VRQRLQIXQ]LRQHRTXDQGRVRQRVSHQWHSHUWXWWR
LO WHPSR GXUDQWH LO TXDOH OLQGLFDWRUH GL FDORUH
UHVLGXR ULPDQH DWWLYR SHU HYLWDUH LO ULVFKLR GL
XVWLRQLJUDYL
4XHVWR HOHWWURGRPHVWLFR QRQ q FRQFHSLWR SHU
IXQ]LRQDUH FRQ WHPSRUL]]DWRUL HVWHUQL R FRQ
VLVWHPLGLFRPDQGRDGLVWDQ]DVHSDUDWL
6H q SUHVHQWH QRQ JXDUGDUH GLUHWWDPHQWH JOL
HOHPHQWLULVFDOGDWLGHOODODPSDGDDORJHQD
&ROOHJDUH DO FDYR GL DOLPHQWD]LRQH XQD VSLQD
GLPHQVLRQDWD SHU OD WHQVLRQH OD FRUUHQWH H OD
SRWHQ]D LQGLFDWH QHOOD WDUJKHWWD H GRWDWD GHO
FRQWDWWR GL WHUUD /D SUHVD GHYH HVVHUH
GLPHQVLRQDWD SHU OD SRWHQ]D LQGLFDWD VXOOD
WDUJKHWWD H GHYH DYHUH LO FRQWDWWR GL WHUUD
FROOHJDWRHIXQ]LRQDQWH,OFRQGXWWRUHGLWHUUDq
JLDOORYHUGH 4XHVWD RSHUD]LRQH GHYH HVVHUH
,6758=,21,',6,&85(==$
HVHJXLWD VROR GD XQ WHFQLFR DGHJXDWDPHQWH
DGGHVWUDWR,QFDVRGLLQFRPSDWLELOLWjWUDSUHVDH
VSLQD GHOOHOHWWURGRPHVWLFR ULFKLHGHUH DG XQ
WHFQLFR VSHFLDOL]]DWR GL VRVWLWXLUH OD SUHVD FRQ
XQDOWUDGLWLSRFRPSDWLELOH/DVSLQDHODSUHVD
GHYRQRHVVHUHFRQIRUPLDOOHQRUPDWLYHDWWXDOLGHO
SDHVHGLLQVWDOOD]LRQH
,O FROOHJDPHQWR DOOD UHWH GL DOLPHQWD]LRQH SXz
HVVHUH HIIHWWXDWR DQFKH FROORFDQGR XQ
LQWHUUXWWRUH DXWRPDWLFR RQQLSRODUH WUD
OHOHWWURGRPHVWLFRHOD UHWHGLDOLPHQWD]LRQHLQ
JUDGRGLVXSSRUWDUHLOFDULFRPDVVLPRFROOHJDWR
LQOLQHDFRQODOHJLVOD]LRQHFRUUHQWH
,O FDYR GL WHUUD JLDOORYHUGH QRQ GHYH HVVHUH
LQWHUURWWRGDOOLQWHUUXWWRUHDXWRPDWLFR/DSUHVDR
OLQWHUUXWWRUHDXWRPDWLFRRQQLSRODUHXWLOL]]DWLSHULO
FROOHJDPHQWR GHYRQR HVVHUH IDFLOPHQWH
DFFHVVLELOL DO PRPHQWR GHO PRQWDJJLR
GHOOHOHWWURGRPHVWLFR
/DGLVFRQQHVVLRQHSXzHVVHUHHVHJXLWDFRQOD
VSLQDDFFHVVLELOHRDJJLXQJHQGRXQLQWHUUXWWRUH
VXOFDEODJJLRILVVRQHOULVSHWWRGHOOHQRUPDWLYH
UHODWLYHDLFDEODJJL
6HLOFDYRGLDOLPHQWD]LRQHGHOOHOHWWURGRPHVWLFR
GRYHVVHHVVHUHGDQQHJJLDWRIDUORVRVWLWXLUHGDO
SURGXWWRUHGDOVXRVHUYL]LRWHFQLFRRGDWHFQLFL
TXDOLILFDWLSHUHYLWDUHULVFKL,OFRQGXWWRUHGLWHUUD
JLDOORYHUGHGHYHHVVHUHSLOXQJRGLPPVXO
ODWRGHOODPRUVHWWLHUD/DVH]LRQHGHLFRQGXWWRUL
LQWHUQLGHYHHVVHUHDGDWWDDOODSRWHQ]DDVVRUELWD
GDO SLDQR GL FRWWXUD FRPH LQGLFDWR VXOOD
WDUJKHWWD,OFDYRGLDOLPHQWD]LRQHGHYHHVVHUHGL
WLSR+299)
1RQ DSSRJJLDUH VXO SLDQR GL FRWWXUD RJJHWWL
PHWDOOLFL FRPH FROWHOOL IRUFKHWWH FXFFKLDL R
FRSHUFKL3RWUHEEHURVFDOGDUVLHFFHVVLYDPHQWH
1RQDSSRJJLDUHVXOOH]RQHULVFDOGDQWLSHOOLFROHGL
DOOXPLQLRHSDGHOOHLQSODVWLFD
'RSRRJQLXWLOL]]RqQHFHVVDULRSXOLUHLOSLDQRGL
FRWWXUD SHU HYLWDUH ODFFXPXOR GL VSRUFL]LD H
JUDVVR 6H FL VRQR DFFXPXOL GL TXHVWR WLSR
YHQJRQR FRWWL QXRYDPHQWH TXDQGR LO SLDQR GL
FRWWXUD YLHQH DFFHVR FUHDQGR IXPR H RGRUL
VJUDGHYROL SHU QRQ SDUODUH GHO ULVFKLR GL
SURSDJD]LRQHGLLQFHQGL
1RQXWLOL]]DUHPDLXQJHWWRGLYDSRUHRDGDOWD
SUHVVLRQHSHUODSXOL]LDGHOOHOHWWURGRPHVWLFR
1RQ WRFFDUH OH ]RQH ULVFDOGDQWL GXUDQWH LO
IXQ]LRQDPHQWRRSHUXQEUHYHSHULRGRGRSROXVR
1RQ FXRFHUH PDL JOL DOLPHQWL GLUHWWDPHQWH VXO
SLDQRGLFRWWXUDLQYHWURFHUDPLFD
8WLOL]]DUHVHPSUHLUHFLSLHQWLGLFRWWXUDDGDWWL
0HWWHUHVHPSUHODSHQWRODDOFHQWURGHOJUXSSR
VXO TXDOH VL VWD HIIHWWXDQGR OD FRWWXUD 1RQ
DSSRJJLDUHQXOODVXOSDQQHOORGLFRPDQGR
0DLXWLOL]]DUHLOSLDQRGLFRWWXUDFRPHVXSHUILFLHGL
ODYRUR
0DLXWLOL]]DUHLOSLDQRGLFRWWXUDFRPHWDJOLHUH
1RQDSSRJJLDUHRJJHWWLSHVDQWLDOGLVRSUDGHO
SLDQRGLFRWWXUD6HFDGRQRVXOSLDQRSRVVRQR
GDQQHJJLDUOR
1RQ XWLOL]]DUH LO SLDQR GL FRWWXUD SHU ULSRUYL
RJJHWWL
1RQIDUHVFLYRODUHLUHFLSLHQWLVXOSLDQRGLFRWWXUD
/DVFLDUH XQD GLVWDQ]D SDUL D
DOPHQR PP WUD LO SLDQR GL
FRWWXUDHLOPXURSRVWHULRUHHGL
DOPHQRPPWUDLOSLDQRGL
FRWWXUDHLOPRELOHYHUWLFDOHROH
SDUHWLVXO ODWR4XDORUDYHQJD
LQVWDOODWR XQ SHQVLOH VRSUD LO
SLDQR FRWWXUD OD GLVWDQ]D
PLQLPD ULFKLHVWD q SDUL D
PP
4XDQGRVLLQVWDOODXQDFDSSD
DOGLVRSUDGHOSLDQRGL
FRWWXUDFRQVXOWDUHLUHTXLVLWLGL
PRQWDJJLRVSHFLILFLSHUOD
FDSSDPDLQRJQLFDVROD
GLVWDQ]DWUDFDSSDHSLDQRGL
FRWWXUDQRQGHYHHVVHUH
LQIHULRUHDPP
&2',&(352'27727
7DUJKHWWDGLLGHQWLILFD]LRQHSRVWDVRWWRLOFDUWHULQIHULRUHGHOSLDQRGL
FRWWXUD
$99(57(1=(*(1(5$/,
$SSRQHQGRLOPDUFKLRVXTXHVWRHOHWWURGRPHVWLFRFRQIHUPLDPR
ODFRQIRUPLWjDWXWWLLUHTXLVLWLGLOHJJHHXURSHLGLVLFXUH]]DVDOXWHH
WXWHODDPELHQWDOHDSSOLFDELOLDTXHVWDFDWHJRULDGLSURGRWWL
6$/9$*8$5',$'(//$0%,(17(
4XHVWRHOHWWURGRPHVWLFRGLVSRQHGLFRQWUDVVHJQRDL
VHQVLGHOODGLUHWWLYDHXURSHD8(LQPDWHULDGL
ULILXWL GL DSSDUHFFKLDWXUH HOHWWULFKH HG HOHWWURQLFKH
5$((
, 5$(( FRQWHQJRQR VRVWDQ]H LQTXLQDQWL FKH
SRVVRQR FDXVDUH FRQVHJXHQ]H QHJDWLYH SHU
ODPELHQWH H L FRPSRQHQWL SULQFLSDOL FKH SRVVRQR
HVVHUH ULXWLOL]]DWL Ê LPSRUWDQWH FKH L 5$(( VLDQR
VRWWRSRVWLDWUDWWDPHQWLVSHFLILFLLQPRGRGDWRJOLHUHHVPDOWLUHLQ
PRGR FRUUHWWR JOL LQTXLQDQWL QRQFKp UHFXSHUDUH H ULFLFODUH WXWWL L
PDWHULDOL
6SHWWDDLVLQJROLLQGLYLGXLJDUDQWLUHFKHL5$((QRQGLYHQWLQRXQ
SUREOHPDDOLYHOORDPELHQWDOH(VLVWRQRDOFXQHUHJROHVSHFLILFKHGD
ULVSHWWDUH
L5$((QRQGHYRQRHVVHUHWUDWWDWLFRPHULILXWLGRPHVWLFL
L 5$(( GHYRQR HVVHUH DIILGDWL DJOL VSHFLDOL FHQWUL GL UDFFROWD
JHVWLWL GDL FRPXQL R GD VRFLHWj DXWRUL]]DWH ,Q PROWL VWDWL q
GLVSRQLELOHDQFKHXQVHUYL]LRGLUDFFROWDSRUWDDSRUWDSHUL5$((
,QPROWLVWDWLQHOFDVRGLDFTXLVWRGLQXRYLHOHWWURGRPHVWLFLTXHOOL
YHFFKLSRVVRQRHVVHUHDIILGDWLDOYHQGLWRUHFKHOLGHYHULWLUDUH
JUDWXLWDPHQWHLQQXPHURFRUULVSRQGHQWHDJOLHOHWWURGRPHVWLFL
DFTXLVWDWLDFRQGL]LRQHFKHLVLQJROLHOHWWURGRPHVWLFLVLDQRGLWLSR
VLPLOHHFRQOHVWHVVHIXQ]LRQLGLTXHOOLDFTXLVWDWL
,O PRQWDJJLR GL XQ HOHWWURGRPHVWLFR SXz HVVHUH XQRSHUD]LRQH
FRPSOLFDWD FKH VH QRQ YLHQH HIIHWWXDWD FRUUHWWDPHQWH SXz
PLQDFFLDUHJUDYHPHQWHODVLFXUH]]DGLSURGRWWLSURSULHWjRSHUVRQH
3HUTXHVWDUDJLRQHWDOHDWWLYLWjGHYHHVVHUHLQWUDSUHVDGDXQWHFQLFR
SURIHVVLRQDOPHQWH TXDOLILFDWR FKH OD HIIHWWXHUj LQ DFFRUGR FRQ OH
QRUPDWLYHWHFQLFKHLQYLJRUH
1HO FDVR LQ FXL TXHVWD SUHFDX]LRQH QRQ YHQJD ULVSHWWDWD H LO
PRQWDJJLRVLDHIIHWWXDWRGDXQWHFQLFRQRQTXDOLILFDWRLOSURGXWWRUH
GHFOLQDWXWWHOHUHVSRQVDELOLWjSHUJXDVWLWHFQLFLGHOOHOHWWURGRPHVWLFR
FKHSRVVDQRFDXVDUHRPHQRGDQQLDOOHFRVHRDLEHQLROHVLRQLDOOH
SHUVRQHRDJOLDQLPDOL
'RSRDYHUHWROWROLPEDOODJJLRDFFHUWDUVLFKHOHOHWWURGRPHVWLFRQRQ
VLDGDQQHJJLDWRLQFDVRFRQWUDULRFRQWDWWDUHLOULYHQGLWRUHRLOVHUYL]LR
GLDVVLVWHQ]DSRVWYHQGLWDGHOSURGXWWRUH
$FFHUWDUVLFKHLOPRELOHQHOTXDOHYHUUjLQVHULWROHOHWWURGRPHVWLFRH
WXWWLJOLDOWULDUUHGLQHOOHYLFLQDQ]HVLDQRGLXQPDWHULDOHLQJUDGRGL
UHVLVWHUHDWHPSHUDWXUHHOHYDWHPLQLPR&
,QROWUHWXWWLLODPLQDWLGHFRUDWLYLGHYRQRHVVHUHILVVDWLFRQFROODDGDOWD
UHVLVWHQ]D
/HOHWWURGRPHVWLFRSXzHVVHUHLQVWDOODWRLQXQPRELOHDGLQFDVVRLQ
PRGDOLWjVWDQGDUGRDILOR
PP PP
PP
PP
PP
0LQPP
3HULPHWURSHU
LQVWDOOD]LRQHDILOR
1RWD /H GLPHQVLRQL GHO SHULPHWUR LQWHUQR VRQR OH VWHVVH
GHOOLQVWDOOD]LRQHVWDQGDUG
PPFPKRE
PP
PPFPKRE
3URIRQGLWjLQFDYRPP
3HULPHWURSHU
LQVWDOOD]LRQHDILOR
/RVSHVVRUHGHOSLDQRGLODYRURGHYHHVVHUHFRPSUHVRWUDHPP
6H OD SDUWH LQIHULRUH GHO SLDQR GL FRWWXUD q DGLDFHQWH DG XQDUHD
QRUPDOPHQWHDFFHVVLELOHGXUDQWHODFRWWXUDRODSXOL]LDLQVHULUHXQ
VHSDUDWRUHPPVRWWRDOODEDVHGHOSLDQRGLFRWWXUD
PLQPP
,167$//$=,21(
4XDQGRVLLQVWDOODXQIRUQRDOGLVRWWRGHOSLDQRGLFRWWXUDQRQq
QHFHVVDULRLQVHULUHXQVHSDUDWRUHHODGLVWDQ]DPLQLPDWUDODSDUWH
LQIHULRUHGHOSLDQRGLFRWWXUDHGLOIRUQRQRQGHYHHVVHUHLQIHULRUHD
PP1RQPRQWDUHXQIRUQRQRQUDIIUHGGDWRDOGLVRWWRGLTXHVWR
SLDQRGLFRWWXUDHLQVWDOODUHLOIRUQRVHJXHQGRLUHODWLYLUHTXLVLWLGL
PRQWDJJLR
PP
PLQ
,7
,7
,167$//$=,21($),/2
'RSR DYHUH YHULILFDWR FKH OD
SRVL]LRQH GHO SLDQR GL FRWWXUD q
FRUUHWWD ULHPSLUH OR VSD]LR IUD
SLDQRGLODYRURHSLDQRGLFRWWXUD
FRQDGHVLYRVLOLFRQLFR$SSLDWWLUH
OR VWUDWR GL VLOLFRQH FRQ XQ
UDVFKLDWRUHREDJQDQGROHGLWDLQ
DFTXD H VDSRQH SULPD FKH
LQGXULVFD1RQXWLOL]]DUHLOSLDQRGL
FRWWXUDILQRDTXDQGRORVWUDWRGL
VLOLFRQH QRQ q SHUIHWWDPHQWH
DVFLXWWR
)LVVDJJLRQRUPDOH
8WLOL]]DUH OH IDVFHWWH GL
ILVVDJJLRSUHVHQWLQHOVDFFKHWWR
GHJOLDFFHVVRULHGDYYLWDUOHQHOOD
SRVL]LRQHLQGLFDWDVXOODVFDWROD
LQIHULRUH1RQVHUUDUHOHYLWLSHU
EORFFDUH FRPSOHWDPHQWH OH
IDVFHWWH GRYUHEEHUR PXRYHUVL
OLEHUDPHQWH
,QVHULUH LO SLDQR GL FRWWXUD
QHOOD SRVL]LRQH FHQWUDOH
GHOOLQWDJOLR
5XRWDUHOHIDVFHWWHH
VHUUDUOHDIRQGR
)LVVDJJLRUDSLGR$VHFRQGDGHO
PRGHOOR
3UHOHYDUHTXDWWURPROOHGDOVDFFKHWWR
DFFHVVRUL HG DYYLWDUOH VXOOD VFDWROD
LQIHULRUHFRPHLOOXVWUDWRLQILJXUD
&HQWUDUH HG LQVHULUH LO
SLDQRGLFRWWXUD
3UHPHUH L ODWL GHO SLDQR GL
FRWWXUD ILQR D TXDQGR QRQ
ULVXOWDVXSSRUWDWRVXOOLQWHUR
SHULPHWUR
&2//(*$0(172(/(775,&2
',6326,=,21(
',6326,=,21(
',6326,=,21(
',6326,=,21(
,O SLDQR GL FRWWXUD YLHQH
IRUQLWRFRQXQDJXDUQL]LRQH
GL WHQXWD 0RQWDUH OD
JXDUQL]LRQH GL WHQXWD
LQWRUQR DOOD SDUWH LQIHULRUH
GHO SLDQR GL FRWWXUD HG
DVVLFXUDUVLFKHVLDLQVHULWD
FRUUHWWDPHQWH SHU HYLWDUH
SHUGLWH VXL PRELOL GL
VXSSRUWRVRWWRVWDQWL
3DUWHLQIHULRUH
$VHFRQGDGHOPRGHOOR
$&&(6263(172
7,0(5
/(']RQDGLFRWWXUDDJJLXQWLYD
,QGLFDWRUHSURJUDPPL]RQDGLFRWWXUD
%ULGJH
6LFXUH]]DEDPELQL
)XVLRQH
%ROOLWXUD
:
: :
:
:
:
:
:
:
:
:
:
',6326,=,21( ',6326,=,21(
',6326,=,21(
',6326,=,21(
',6326,=,21(
,O PRQWDJJLR GHYH HVVHUH FRQIRUPH DOOH GLUHWWLYH H DJOL
VWDQGDUG ,O SURGXWWRUH GHFOLQD TXDOVLDVL UHVSRQVDELOLWj SHU
GDQQLFKHSRWUHEEHURHVVHUHFDXVDWLGDXWLOL]]RLQDSSURSULDWRR
LUUDJLRQHYROH
$99(57(1=$,O3URGXWWRUHQRQSXzHVVHUHULWHQXWRUHVSRQVDELOHGL
TXDOVLDVL LQFLGHQWH R GHOOH UHODWLYH FRQVHJXHQ]H FKH SRWHVVHUR
LQVRUJHUHGXUDQWHOXWLOL]]RGLXQHOHWWURGRPHVWLFRSULYRGLPHVVDD
WHUUDRSSXUHFROOHJDWRDGXQDWHUUDDYHQWHXQDFRQWLQXLWjGLIHWWRVD
3ULPD GL TXDOVLDVL IXQ]LRQDPHQWR HOHWWULFR FRQWUROODUH VHPSUH OD
WHQVLRQHGLDOLPHQWD]LRQHULSRUWDWDVXOFRQWDWRUHODUHJROD]LRQHGHO
VH]LRQDWRUH OD FRQWLQXLWj GHO FROOHJDPHQWR D WHUUD ULVSHWWR
DOOLPSLDQWRYHULILFDUHDQFKHFKHLOIXVLELOHVLDDSSURSULDWR
,O FROOHJDPHQWR HOHWWULFR DOOLPSLDQWR GHYH HVVHUH HIIHWWXDWR
ULVSHWWDQGR OD SRWHQ]D QRPLQDOH GHOOHOHWWURGRPHVWLFR FLz GHYH
HVVHUHHIIHWWXDWRWUDPLWHXQVH]LRQDWRUHPXOWLSRODUH
6HOHOHWWURGRPHVWLFRKDXQXVFLWDDSUHVDGHYHHVVHUHLQVWDOODWRLQ
PRGRFKHWDOHXVFLWDVLDDFFHVVLELOH
,OFDYRJLDOORYHUGHGHOFDYRGLDOLPHQWD]LRQHHOHWWULFDGHYHHVVHUH
FROOHJDWR DOOD WHUUD GHOODOLPHQWD]LRQH HOHWWULFD HG DL PRUVHWWL
GHOOHOHWWURGRPHVWLFR
3HU TXDOVLDVL GRPDQGD UHODWLYD DO FDYR GL DOLPHQWD]LRQH HOHWWULFD
ULYROJHUVL DO 6HUYL]LR GL $VVLVWHQ]D SRVWYHQGLWD R D XQ WHFQLFR
TXDOLILFDWR
6HLOSLDQRGLFRWWXUDqGRWDWRGLXQFDYRGLDOLPHQWD]LRQH
FROOHJDUORVRORDGXQDOLPHQWD]LRQHFRQWHQVLRQHGL9WUDOD
IDVHHLOQHXWUR
ÊFRPXQTXHVHPSUHSRVVLELOHFROOHJDUHLOSLDQRGLFRWWXUDD
7ULIDVH9
7ULIDVH91
3HU SURFHGHUH DO QXRYR FROOHJDPHQWR ULVSHWWDUH OH LVWUX]LRQL FKH
VHJXRQR
3ULPD GL HIIHWWXDUH LO FROOHJDPHQWR DFFHUWDUVL FKH OLPSLDQWR VLD
SURWHWWRGDXQIXVLELOHDSSURSULDWRHFKHVLDGRWDWRGLFDYLDYHQWLXQD
VH]LRQH VXIILFLHQWHPHQWH JUDQGH SHU DOLPHQWDUH QRUPDOPHQWH
OHOHWWURGRPHVWLFR
&DSRYROJHUHLOSLDQRGLFRWWXUDFRQODYHWURFHUDPLFDULYROWDYHUVRLO
SLDQRGLODYRURSUHVWDQGRDWWHQ]LRQHDSURWHJJHUHODYHWURFHUDPLFD
VYLWDUHODIDVFHWWDSHUFDYL
LQGLYLGXDUHOHGXHOLQJXHWWHVXLODWL
PHWWHUHODSXQWDGLXQFDFFLDYLWHSLDWWRGDYDQWLDOOHOLQJXHWWHH
VSLQJHUHDOOLQWHUQRHSUHPHUH
WRJOLHUHLOFRSHUFKLR
3HUVWDFFDUHLOFDYRGLDOLPHQWD]LRQHHOHWWULFD
7RJOLHUH OH YLWL FKH ILVVDQR OD PRUVHWWLHUD FKH FRQWLHQH OH
GHULYD]LRQLHLFRQGXWWRULGHOFDYRGLDOLPHQWD]LRQH
7LUDUHYHUVROHVWHUQRLOFDYRGLDOLPHQWD]LRQH
2SHUD]LRQLGDHIIHWWXDUHSHUXQQXRYRFROOHJDPHQWR
6FHJOLHUHLOFDYRGLDOLPHQWD]LRQHLQDFFRUGRFRQOHLQGLFD]LRQL
GHOODWDEHOOD
3DVVDUHLOFDYRGLDOLPHQWD]LRQHHOHWWULFDQHOODIDVFHWWD
6SHODUHOHVWUHPLWjGLRJQLFRQGXWWRUHGHOFDYRGLDOLPHQWD]LRQH
SHUFLUFDPPWHQHQGRLQFRQVLGHUD]LRQHODOXQJKH]]DULFKLHVWD
GHOFDYRSHULOFROOHJDPHQWRDOODPRUVHWWLHUD
6HFRQGRLOWLSRGLPRQWDJJLRXWLOL]]DUHOHGHYLD]LRQLUHFXSHUDWH
QHOODSULPDRSHUD]LRQHILVVDUHLOFRQGXWWRUHFRPHLQGLFDWRVXOOD
WDEHOOD
%ORFFDUHLOFRSHUFKLR
$YYLWDUHODIDVFHWWDSHUFDYL
1RWD DFFHUWDUVL FKH OH YLWL GHOOD PRUVHWWLHUD VLDQR
FRPSOHWDPHQWHDYYLWDWH
$SULUHLOFRSHUFKLRQHOODVHJXHQWHVHTXHQ]D
2SHUD]LRQLGDHIIHWWXDUHSHUXQQXRYRFROOHJDPHQWR
6FHJOLHUHLOFDYRGLDOLPHQWD]LRQHLQDFFRUGRFRQOHLQGLFD]LRQL
GHOODWDEHOOD
3DVVDUHLOFDYRGLDOLPHQWD]LRQHHOHWWULFDQHOODIDVFHWWD
6SHODUHOHVWUHPLWjGLRJQLFRQGXWWRUHGHOFDYRGLDOLPHQWD]LRQH
SHUFLUFDPPWHQHQGRLQFRQVLGHUD]LRQHODOXQJKH]]DULFKLHVWD
GHOFDYRSHULOFROOHJDPHQWRDOODPRUVHWWLHUD
$ VHFRQGD GHO WLSR GL PRQWDJJLR
XWLOL]]DUHOHGHYLD]LRQLUHFXSHUDWHQHOOD
SULPDRSHUD]LRQHILVVDUH LOFRQGXWWRUH
FRPHLQGLFDWRVXOODWDEHOOD
%ORFFDUHLOFRSHUFKLR
$YYLWDUHODIDVFHWWDSHUFDYL
'(5,9$=,21(
1 1HXWUR 7 7HUUD
3K )DVH
$77(1=,21(
QHOFDVRLQFXLIRVVHQHFHVVDULRVRVWLWXLUHLOFDYRGLDOLPHQWD]LRQH
FROOHJDUHLILOLLQDFFRUGRFRQLVHJXHQWLFRORULFRGLFL
',6326,=,21(
',6326,=,21(
0212)$6(2%,)$6(69a
&DYR
+299)
&DYR
+299)
&DYR
+299)
[PP
[PP
[PP
[PP
[PP
[PP
75,)$6(9a
75,)$6(91a
%/8
0$5521(
*,$//29(5'(
1HXWUR
)DVH
7HUUD
&ROOHJDPHQWRDLPRUVHWWLGHOODPRUVHWWLHUD
0RQRIDVH9a %LIDVH9a
7ULIDVH9a 7ULIDVH91a
,7
,7
862
&RPHDFFHQGHUHVSHJQHUHXQD]RQDGLULVFDOGDPHQWR
3HU DFFHQGHUH XQD ]RQD GL ULVFDOGDPHQWR WRFFDUH LO SXOVDQWH GL
DFFHQVLRQHSHUPVHF6LVHQWLUjXQELSSUROXQJDWRHGLOYDORUH
YHUUjYLVXDOL]]DWRQHOODFLIUDGHOOD]RQDGLGHVWLQD]LRQHLQGLFDQGRLO
OLYHOORGLSRWHQ]D
6HXQDTXDOVLDVLIDVHGLFRWWXUDqLQSRVL]LRQHLOGLVSOD\VLVSHJQH
DXWRPDWLFDPHQWHGRSRVHFRQGLHODVHTXHQ]DGLVSHJQLPHQWR]RQD
HPHWWHXQVHJQDOHDFXVWLFR
6HFqXQLQGLFD]LRQHGLFDORUHUHVLGXRVXOGLVSOD\DFFHVRPDFRQ
SRWHQ]DSDULDORYLHQHDFFHVRLQFRPPXWD]LRQH
6HODIXQ]LRQHGLEORFFRqDWWLYDQRQqSRVVLELOHDFFHQGHUHXQD
]RQD
3HUVSHJQHUHXQD]RQDGLULVFDOGDPHQWRWRFFDUHXQDTXDOVLDVL]RQDGL
ULVFDOGDPHQWRSHUXQSHULRGRGLVHF6LDYYHUWLUDQQRWUHEUHYLELS
QHOODFLIUDGHOOD ]RQDGLGHVWLQD]LRQH HQRQYHUUj YLVXDOL]]DWRQXOOD
RSSXUH+VHqSUHVHQWHFDORUHUHVLGXR/D]RQDVDUjVSHQWD
6HXQDTXDOVLDVLIDVHGLFRWWXUDqLQSRVL]LRQHLOGLVSOD\VL
VSHJQH DXWRPDWLFDPHQWH GRSR VHFRQGL H OD VHTXHQ]D GL
VSHJQLPHQWR]RQDHPHWWHXQVHJQDOHDFXVWLFR
6HFqXQLQGLFD]LRQHGLFDORUHUHVLGXRVXOGLVSOD\VSHQWRYHUUj
YLVXDOL]]DWR+
6HODIXQ]LRQHGLEORFFRqDWWLYDqSRVVLELOHVSHJQHUHXQD]RQD
6HqDWWLYDVRORXQD]RQDGLULVFDOGDPHQWRHDQFKHTXHVWDYLHQH
VSHQWDVLDYYHUWRQREUHYLELSSHULQGLFDUHFKHLOSLDQRGLFRWWXUDq
VSHQWR
&216,*/,68,5(&,3,(17,',&27785$
3(5,/3,$12
/XWLOL]]R GL UHFLSLHQWL GL FRWWXUD DSSURSULDWL q GL IRQGDPHQWDOH
LPSRUWDQ]DSHURWWHQHUHOHPLJOLRULSUHVWD]LRQLGDOSLDQRGLFRWWXUD
8WLOL]]DUH VHPSUH UHFLSLHQWL GL FRWWXUD GL EXRQD TXDOLWj FRQ
EDVL SHUIHWWDPHQWH SLDQH H VSHVVH OXWLOL]]R GL TXHVWR WLSR GL
UHFLSLHQWLGLFRWWXUDHYLWDODIRUPD]LRQHGLSXQWLSLFDOGLQHLTXDOLVL
DWWDFFDLOFLER3DGHOOHHSHQWROHVSHVVHLQPHWDOORJDUDQWLVFRQRXQD
GLVWULEX]LRQHUHJRODUHGHOFDORUH
$FFHUWDUVL FKH OD EDVH GHOOD SHQWROD R GHOOD SDGHOOD VLD
DVFLXWWDTXDQGRVLLQWURGXFHOLTXLGRQHOOHSDGHOOHRVHQHXWLOL]]DXQD
FKHHUDVWDWDULSRVWDLQIULJRULIHURDFFHUWDUVLFKHODEDVHGHOODSDGHOOD
VLDFRPSOHWDPHQWHDVFLXWWDSULPDGLDSSRJJLDUODVXOSLDQRGLFRWWXUD
,QTXHVWRPRGRVLHYLWDGLPDFFKLDUHLOSLDQRGLFRWWXUD
8WLOL]]DUH SHQWROH GL GLDPHWUR VXIILFLHQWHPHQWH ODUJR SHU
FRSULUHFRPSOHWDPHQWHODVXSHUILFLHOHGLPHQVLRQLGHOODSHQWROD
QRQ GHYRQR HVVHUH LQIHULRUL DOOD ]RQD GL ULVFDOGDPHQWR &RQ XQD
SHQWRODOHJJHUPHQWHSLJUDQGHOHQHUJLDYLHQHXWLOL]]DWDDOODPDVVLPD
HIILFLHQ]D
6&(/7$'(,5(&,3,(17,',&27785$/HLQIRUPD]LRQLULSRUWDWHTXL
GLVHJXLWRIDFLOLWDQRODVFHOWDGHLUHFLSLHQWLGLFRWWXUDDGDWWLSHUIRUQLUH
SUHVWD]LRQLRWWLPDOL
$FFLDLRLQRVVLGDELOHYLYDPHQWHFRQVLJOLDWR3DUWLFRODUPHQWH
HIILFDFHVHGRWDWRGLXQDEDVHFRQVWUDWRGRSSLRSODFFDWR/DEDVH
GRSSLDDEELQDLYDQWDJJLGHOODFFLDLRLQRVVLGDELOHDVSHWWRGXUDWDH
VWDELOLWjFRQLYDQWDJJLGLDOOXPLQLRHUDPHFRQGX]LRQHGLFDORUH
GLVWULEX]LRQHXQLIRUPHGHOFDORUH
$OOXPLQLRVLFRQVLJOLDGLWLSRSHVDQWH%XRQDFRQGXWWLYLWj$YROWHL
UHVLGXLGLDOOXPLQLRVLSUHVHQWDQRFRPHJUDIILVXOSLDQRGLFRWWXUDPDVL
HOLPLQDQRVHVLSXOLVFHLPPHGLDWDPHQWHLOSLDQR
6LVFRQVLJOLDOXWLOL]]RGLDOOXPLQLRVRWWLOHDFDXVDGHOVXREDVVRSXQWRGL
IXVLRQH
*KLVD XWLOL]]DELOH PD QRQ FRQVLJOLDWD 6FDUVH SUHVWD]LRQL 3Xz
JUDIILDUHODVXSHUILFLH
7HUUDFRWWD IRQGR LQ UDPH VL FRQVLJOLD GL WLSR SHVDQWH %XRQH
SUHVWD]LRQLPDLOUDPHSXzODVFLDUHUHVLGXLFKHVLSRVVRQRSUHVHQWDUH
FRPHJUDIIL,UHVLGXLVLSRVVRQRHOLPLQDUHVHLOSLDQRGLFRWWXUDYLHQH
SXOLWRLPPHGLDWDPHQWHÊSHUzLPSRUWDQWHQRQGLPHQWLFDUHLUHFLSLHQWL
YXRWLVXOIRUQHOORDFFHVR,OPHWDOORVXUULVFDOGDWRSXzOHJDUVLDOSLDQRGL
FRWWXUDLQYHWURFHUDPLFD8QUHFLSLHQWHGLFRWWXUDLQUDPHVXUULVFDOGDWR
ODVFLDUHVLGXLFKHPDFFKLDQRSHUPDQHQWHPHQWHLOSLDQRGLFRWWXUD
3RUFHOODQDVPDOWR %XRQH SUHVWD]LRQL VROR FRQ XQD EDVH SLDQD
VRWWLOHHOLVFLD
9HWURFHUDPLFD VFRQVLJOLDWD 6FDUVH SUHVWD]LRQL 3Xz JUDIILDUH OD
VXSHUILFLH
3UHPHQGREUHYHPHQWHLSXOVDQWLRVLDXPHQWDRGLPLQXLVFHOD
SRWHQ]DQHOODFLIUDGHOOH]RQHVHOH]LRQDWH3
3UHPHQGRDOXQJRLSXOVDQWLRLOOLYHOORGLSRWHQ]DDXPHQWD
GLPLQXLVFH LQ FRQWLQXR &RQ XQ DXPHQWR UDSLGR OD SRWHQ]D VL
LQWHUURPSHDOOLYHOORHSHUSRWHQ]DVXSHULRUHqQHFHVVDULRSUHPHUH
XOWHULRUPHQWH LO WDVWR 1RQ VL DWWLYD DOFXQ ELS FRQ DXPHQWR
GLPLQX]LRQHUDSLGL
8QDYROWDUDJJLXQWRLOOLYHOORGLSRWHQ]D3SUHPHQGRQXRYDPHQWH
LOOLYHOORGLSRWHQ]DQRQFDPELDD8QDYROWDDUULYDWRDOOLYHOORGL
SRWHQ]DSUHPHQGRQXRYDPHQWHLOOLYHOORGLSRWHQ]DQRQSDVVDD
3
&RQXQD]RQDDFFHVDDOLYHOORGLSRWHQ]DVHOD]RQDqFDOGDOR
ODPSHJJHUjDOWHUQDWLYDPHQWH'RSRVHFRQGLORVFRPSDUHHVXO
GLVSOD\YLHQHYLVXDOL]]DWDODOHWWHUD+LQFRQWLQXR
4XHVWDD]LRQHVLVYROJHTXDQGRYLHQHSUHPXWRLOSXOVDQWHGLEORFFR
4XLQGLRJQLYROWDFKHYLHQHSUHPXWRXQSXOVDQWHLOGLVSOD\YLVXDOL]]D
/SHUGXHVHFRQGL,OULVFDOGDPHQWRULPDQHQHOOHVWHVVHFRQGL]LRQL
3HUGLVDWWLYDUHODVLFXUH]]DEDPELQLVHJXLUHORVWHVVRSURFHVVRVRSUD
LQGLFDWR4XLQGLYLHQHHPHVVRXQEUHYHELSHLOGLVSOD\YLVXDOL]]DQ,O
SLDQRGLFRWWXUDVLVEORFFD
1RWD8QDVLFXUH]]DEDPELQLDXWRPDWLFDVLDWWLYDSHUPLQXWLGRSROR
VSHJQLPHQWRFRPSOHWRGHOSLDQRGLFRWWXUD4XHVWDIXQ]LRQHVLDWWLYD
DXWRPDWLFDPHQWH PD q QHFHVVDULR SURJUDPPDUOD LQ SUHFHGHQ]D
)DUHULIHULPHQWRDOSXQWR,PSRVWD]LRQL8WHQWH
$XPHQWRGLPLQX]LRQHGHOOLYHOORGLSRWHQ]D
2S]LRQH6LFXUH]]D%DPELQL
3HUDFFHQGHUHODQHOORGLHVWHQVLRQHGRSSLROD]RQDDVVRFLDWDGHYH
HVVHUHJLjDFFHVDHOLQGLFD]LRQHGLOLYHOORGLSRWHQ]DGHYHHVVHUH
VXSHULRUHD
=RQDDGRSSLRULVFDOGDPHQWRDFFHVD
/D SULPD EUHYH SUHVVLRQH VXO SXOVDQWH GHOOHVWHQVLRQH DFFHQGH
ODQHOORGLHVWHQVLRQH,O/('VXOSXOVDQWHGLHVWHQVLRQHVLDFFHQGHVH
ODQHOORGLHVWHQVLRQHqDFFHVR
/D VHFRQGD EUHYH SUHVVLRQH VXO SXOVDQWH GHOOHVWHQVLRQH VSHJQH
ODQHOORGLHVWHQVLRQH 6LDYYHUWHXQEUHYHELSRJQLYROWDFKHVL
SUHPHLOSXOVDQWHGLHVWHQVLRQH
=RQDDWULSORULVFDOGDPHQWRDFFHVD
/D SULPD EUHYH SUHVVLRQH VXO SXOVDQWH GHOOHVWHQVLRQH DFFHQGH LO
SULPR DQHOOR GL HVWHQVLRQH /(' VXO SXOVDQWH GL HVWHQVLRQH VL
DFFHQGH TXDQGR LO SULPR DQHOOR GL HVWHQVLRQH q DFFHVR LO /(' D
VLQLVWUDQHOFDVRGLWULSORULVFDOGDPHQWRTXHOORFHQWUDOHHOXQLFR/('
QHOFDVRGL]RQDGRSSLD
/DVHFRQGDEUHYHSUHVVLRQHVXOSXOVDQWHGHOOHVWHQVLRQHDFFHQGHLO
VHFRQGR DQHOOR GL HVWHQVLRQH /(' VXOODQHOOR GL HVWHQVLRQH VL
DFFHQGRQRVHLOSULPRHLOVHFRQGRDQHOORGLHVWHQVLRQHVRQRDFFHVL
/DWHU]DEUHYHSUHVVLRQHVXOSXOVDQWHGHOOHVWHQVLRQHVSHJQHLOSULPR
HLOVHFRQGRDQHOORGLHVWHQVLRQH6LDYYHUWHXQEUHYHELSRJQLYROWD
FKHVLSUHPHLOSXOVDQWHGLHVWHQVLRQH
=RQHDGRSSLRWULSORULVFDOGDPHQWR
)XQ]LRQHEULGJH
/DIXQ]LRQHEULGJHSXzHVVHUHDELOLWDWDXQLFDPHQWHTXDQGRHQWUDPEH
OH]RQHGLULVFDOGDPHQWRVRQRVSHQWH8QD]RQDGLULVFDOGDPHQWRGHO
EULGJHqVWDWDVHOH]LRQDWDSHUDWWLYDUHODIXQ]LRQHEULGJHVILRUDUHLO
SXOVDQWHEULGJH
6LDYYHUWHXQELSHLO/('GHOOD]RQDVLDFFHQGHVHOD]RQDqDELOLWDWD
(QWUDPEH OH ]RQH GL ULVFDOGDPHQWR GHOOD IXQ]LRQH EULGJH VRQR
VHOH]LRQDWHFRQWHPSRUDQHDPHQWH
4XDQGR OH ]RQH GL ULVFDOGDPHQWR VRQR VHOH]LRQDWH VH LO OLYHOOR GL
SRWHQ]DQRQqTXHOORGHVLGHUDWRXWLOL]]DUHLSXOVDQWLH
(QWUDPELLGLVSOD\GHOOD]RQDGLFRWWXUDFRQIXQ]LRQHEULGJHPRVWUDQR
ORVWHVVROLYHOORGLSRWHQ]D/DIXQ]LRQHILQLVFH
6HLQPRGDOLWjLPSRVWD]LRQHYLHQHVILRUDWRLOSXOVDQWHEULGJH
6HOXWHQWHVHOH]LRQDLOOLYHOORGLSRWHQ]D
6LFXUH]]DFRQWUROHIXRULXVFLWH
4XDOFRVDXQRJJHWWRRXQOLTXLGRVWDPDQWHQHQGRSUHPXWRXQ
TXDOVLDVLSXOVDQWHSHUSLGLVHFRQGLELSYHORFLELSOXQJR
RJQLVHFRQGLPHQWUHYLHQHSUHPXWRLOSXOVDQWH,OSLDQRGL
FRWWXUDVLVSHJQH4XHVWRVLPERORFRQWLQXDDODPSHJJLDUHSHU
WXWWRLOWHPSRLQFXLTXHVWDVLWXD]LRQHSHUVLVWH
7LPHU
/DIXQ]LRQHWLPHU SXzHVVHUHDWWLYDWD WUDPLWHLOUHODWLYR SXOVDQWHR
VILRUDQGRDOORVWHVVRWHPSRLSXOVDQWLH
,QHQWUDPELLFDVLOD]RQDGLULVFDOGDPHQWRGHYHHVVHUHVHOH]LRQDWD
HGLOUHODWLYROLYHOORGLSRWHQ]DGHYHHVVHUHVXSHULRUHD
6HOH]LRQDUHOD]RQDGDWHPSRUL]]DUH,OOLYHOORGLSRWHQ]DGHOOD]RQDq
VXSHULRUHDYLHQHYLVXDOL]]DWRILVVRQHOOD]RQDGDWHPSRUL]]DUH
QHOOHFLIUHULVHUYDWHDOWLPHU
&RQLSXOVDQWLRqSRVVLELOHVHOH]LRQDUHLOWHPSRGHOWLPHU
2JQLYROWDFKHLOWHPSRYDULDQRQVLDYYHUWHDOFXQELS
3UHPHQGRFRQWHPSRUDQHDPHQWHLSXOVDQWLWLPHULOWLPHUVL
D]]HUDYLVXDOL]]D]LRQH
6HLSXOVDQWLWLPHURVRQRPDQWHQXWLSUHPXWLGXUDQWHXQ
WHPSRGDGHWHUPLQDUHVLKDXQLPSRVWD]LRQHUDSLGD
'XUDQWHOLPSRVWD]LRQHGHOWHPSRGHOWLPHUqSRVVLELOHSDVVDUH
GDDFRQLOSXOVDQWHHGDDFRQLOSXOVDQWH
,OWHPSRPDVVLPRFRUULVSRQGHDPLQXWL
4XDQGRLOWHPSRqWUDVFRUVRHLOSLDQRGLFRWWXUDHPHWWHGHLELS
SUHPHUH XQ TXDOVLDVL SXOVDQWH SHU WHUPLQDUH OD VHTXHQ]D GL
LQVHULPHQWRHODOODUPH
ÊSRVVLELOHUHJRODUHLOWHPSRGHOWLPHUTXDQGRLOWLPHUHUDJLjLQ
IXQ]LRQH
/DSRWHQ]DGHOOH]RQHWHPSRUL]]DWHSXzHVVHUHPRGLILFDWDVHQ]D
FRQVHJXHQ]DVXOODSURJUDPPD]LRQHGHOWLPHU
/XOWLPRPLQXWRYHUUjYLVXDOL]]DWRLQVHFRQGLSHUDOFXQHYDULDQWL
YLVLELOH VROR DFFHGHQGR DOOD SURJUDPPD]LRQH GHO WLPHU GXUDQWH LO
FRQWRDOODURYHVFLDGHOOXOWLPRPLQXWR
3UHPHQGR LO SXOVDQWH WLPHU VHQ]D DYHUH VHOH]LRQDWR DOFXQD
]RQDHTXDQGRQRQFLVRQR]RQHWHPSRUL]]DWHQRQDFFDGHQXOOD
3UHPHQGR LO SXOVDQWH WLPHU VHQ]D DYHUH VHOH]LRQDWR DOFXQD
]RQD H TXDQGR PROWH VRQR VRJJHWWH D WHPSRUL]]D]LRQH LO WHPSR
YLVXDOL]]DWRQHOODFLIUDGHOWHPSRYDULDLQPRGRURWDWRULRLQGLFDQGRLO
WHPSRLOFXLGLVSOD\GLSRWHQ]DKDODYLUJRODGHFLPDOHDFFHVD
1HOOD ]RQD VRJJHWWD D WHPSRUL]]D]LRQH YLHQH YLVXDOL]]DWR LQ
DOWHUQDQ]DSRWHQ]DVHV
,OWHPSRULPDQHQWHqYLVXDOL]]DWRQHOOHFLIUHULVHUYDWHDOWLPHU6HPROWH
]RQHVRQRWHPSRUL]]DWHLOWHPSRSLEDVVRULPDQHQWHHODYLUJROD
GHFLPDOHqYLVXDOL]]DWDQHOOD]RQDFRUULVSRQGHQWH
,QGLFDWRUHGHOFDORUHUHVLGXR
LQ]RQHGLULVFDOGDPHQWRUDGLDQWL!FDOFRODWR
*OLVWHVVLLQGLFDWRULSRVVRQRHVVHUHXWLOL]]DWLDQFKHSHUOLQGLFD]LRQH
GHOFDORUHUHVLGXRÊQHFHVVDULRVWDELOLUHXQDWDEHOODRUDULDDWDOH
SURSRVLWR7HPSRGLFDORUHULPDQHQWH )OLYHOORGLSRWHQ]DWHPSRGL
ODYRUR
4XDQGR OD WHPSHUDWXUD VXOOD VXSHUILFLH LQ YHWURUHVLQD GHO SLDQR GL
FRWWXUDqVXSHULRUHD&YDORUHWHRULFRTXHVWDFRQGL]LRQHYLHQH
YLVXDOL]]DWDVXOUHODWLYRGLVSOD\WUDPLWHODOHWWHUD+
3HU RWWHQHUH XQD WHPSHUDWXUD VXSHULRUH D & XQD ]RQD GL
ULVFDOGDPHQWRGHYHHVVHUHLQIXQ]LRQHSHUXQFHUWRSHULRGRGLWHPSR
FKHGLSHQGHGDOOLYHOORGLSRWHQ]D8QDYROWDWUDVFRUVRTXHVWRWHPSR
ODVHJQDOD]LRQHGLFDORUHUHVLGXRYLHQHYLVXDOL]]DWDTXDQGROD]RQDGL
ULVFDOGDPHQWRYLHQHVSHQWD
6SHJQLPHQWRDXWRPDWLFRGLVLFXUH]]D
6HLOOLYHOORGLSRWHQ]DQRQqYDULDWRSHUXQWHPSRSUHLPSRVWDWROD
FRUULVSRQGHQWH]RQDGLULVFDOGDPHQWRVLVSHJQHLQDXWRPDWLFR
,OWHPSRPDVVLPRGXUDQWHLOTXDOHXQD]RQDGLULVFDOGDPHQWRSXz
UHVWDUHDFFHVDGLSHQGHGDOOLYHOORGLFRWWXUDVHOH]LRQDWR
/LYHOOR
GLSRWHQ]D 7HPSRPDVVLPR
GLDWWLYD]LRQHRUH
127$VHVLYHULILFDXQDVLWXD]LRQHGLVXUULVFDOGDPHQWRGXUDQWHLO
IXQ]LRQDPHQWRGHLPDVVLPLOLYHOOLGLSRWHQ]DLOFRPDQGRGHOSLDQRGL
FRWWXUDUHJRODDXWRPDWLFDPHQWHLOOLYHOORGLSRWHQ]DSHUSURWHJJHUHLO
SLDQRGLFRWWXUDGDLVXUULVFDOGDPHQWL
38/,=,$(0$187(1=,21(
3ULPD GL HIIHWWXDUH TXDOVLDVL DWWLYLWj GL PDQXWHQ]LRQH VXO SLDQR GL
FRWWXUDODVFLDUORUDIIUHGGDUH
8WLOL]]DUH XQLFDPHQWH SURGRWWL SDVWH GHWHUJHQWL H UDVFKLHWWL
SURJHWWDWL VSHFLILFDWDPHQWH SHU VXSHUILFL LQ YHWURFHUDPLFD 6RQR
UHSHULELOLQRUPDOPHQWHLQFRPPHUFLR
(YLWDUHVJRFFLRODPHQWLLQTXDQWRTXDOVLDVLVRVWDQ]DFKHFDGHVXOOD
VXSHUILFLH GHO SLDQR GL FRWWXUD EUXFLD UDSLGDPHQWH H QH UHQGH SL
GLIILFLOHODSXOL]LD
6LFRQVLJOLDGLWHQHUHORQWDQRGDOSLDQRGLFRWWXUDWXWWHOHVRVWDQ]H
FKHSRVVRQRVFLRJOLHUVLTXDOLRJJHWWLLQSODVWLFD]XFFKHURRSURGRWWLD
EDVHGL]XFFKHUR
0$187(1=,21(
9HUVDUHDOFXQHJRFFHGHOGHWHUJHQWHVSHFLILFRVXOODVXSHUILFLHGHO
SLDQRGLFRWWXUD
6IUHJDUHOHHYHQWXDOLPDFFKLHSLSHUVLVWHQWLFRQXQSDQQRPRUELGR
RFDUWDGDFXFLQDOHJJHUPHQWHLQXPLGLWD
$VFLXJDUHFRQXQSDQQRPRUELGRRFDUWDGDFXFLQDDVFLXWWDILQRDOOD
FRPSOHWDSXOL]LDGHOODVXSHUILFLH
,7
)XQ]LRQHIXVLRQH
4XDQGR XQD ]RQD GL FRWWXUD q VWDWD VHOH]LRQDWD SHU DWWLYDU
HODIXQ]LRQHGLIXVLRQH
6HOH]LRQDUHLOSXOVDQWHIXVLRQH
6LDWWLYDXQVHJQDOHDFXVWLFRHLOGLVSOD\GHOOD]RQDGLULVFDOGDPHQWR
YLVXDOL]]D8
/D]RQDGLFRWWXUDIXQ]LRQDDOLYHOORGLSRWHQ]D
(VVHQGRVHOH]LRQDWDOD]RQDGLULVFDOGDPHQWRODIXQ]LRQHIXVLRQHKD
WHUPLQH
6HqVSHQWD
6HqVHOH]LRQDWDDGXQDOWUROLYHOORGLSRWHQ]D
)XQ]LRQHEROOLWXUD
4XDQGRXQD]RQDGLFRWWXUDqVWDWDVHOH]LRQDWDSHUDWWLYDUHOD
IXQ]LRQHGLEROOLWXUD
6HOH]LRQDUHLOSXOVDQWH%ROOLWXUD
6LDWWLYDXQVHJQDOHDFXVWLFRHOD]RQDGLULVFDOGDPHQWRYLVXDOL]]D3
/D]RQDGLULVFDOGDPHQWRVLDWWLYDDOOLYHOORGLSRWHQ]DPDVVLPRSHU
PLQXWL'RSRTXHVWLPLQXWLVLDYYHUWHXQVHJQDOHDFXVWLFRHOD]RQD
GLULVFDOGDPHQWRULWRUQDDOOLYHOOR
0D[L
4XDOVLDVL YDULD]LRQH GL FRORUH GHOOD VXSHUILFLH LQ
YHWURFHUDPLFD QRQ LQIOXHQ]D LO UHODWLYR IXQ]LRQDPHQWR R OD
VWDELOLWj GHOOD VXSHUILFLH 7DOL VFRORULPHQWL VRQR
SULQFLSDOPHQWH GRYXWL D UHVLGXL GL DOLPHQWL FRPEXVWL R
GDOOXWLOL]]RGLUHFLSLHQWLGLFRWWXUDLQPDWHULDOLTXDOLDOOXPLQLRR
UDPHTXHVWLWLSLGLPDFFKLHVRQRGLIILFLOLGDHOLPLQDUH
$/&81,68**(5,0(17,
8QDSXOL]LDIUHTXHQWHODVFLDXQRVWUDWRSURWHWWLYRFKHqIRQGDPHQWDOH
SHUHYLWDUHJUDIILHXVXUD3ULPDGLXWLOL]]DUHQXRYDPHQWHLOSLDQRGL
FRWWXUDDFFHUWDUVLFKHODVXSHUILFLHVLDSXOLWD3HUWRJOLHUHVHJQLODVFLDWL
GDOODFTXDXWLOL]]DUHDOFXQHJRFFHGLDFHWRGLYLQRELDQFRRGLVXFFRGL
OLPRQH 4XLQGL DVFLXJDUH FRQ FDUWD DVVRUEHQWH H DOFXQH JRFFH GL
GHWHUJHQWHVSHFLILFR
/DVXSHUILFLHLQYHWURFHUDPLFDUHVLVWHDLJUDIILFDXVDWLGDUHFLSLHQWLGL
FRWWXUDDIRQGRSLDWWRWXWWDYLDVLFRQVLJOLDVHPSUHGLVROOHYDUOLTXDQGR
VLVSRVWDQRGDXQD]RQDDOODOWUD
1%
1RQXWLOL]]DUHPDLXQDVSXJQDWURSSREDJQDWD
1RQXWLOL]]DUHPDLXQFROWHOORRXQFDFFLDYLWH
8QUDVFKLHWWRFRQODPHWWDQRQGDQQHJJLDODVXSHUILFLHDSDWWR
FKHYHQJDPDQWHQXWRDGXQDQJRORGL
1RQ ODVFLDUH PDL XQ UDVFKLHWWR FRQ ODPHWWD DOOD SRUWDWD GHL
EDPELQL
1RQXWLOL]]DUHPDLSURGRWWLDEUDVLYLRGHWHUJHQWLLQSROYHUH
&RUQLFHPHWDOOLFD SHUSXOLUH LQPRGRVLFXUR ODFRUQLFH PHWDOOLFD
ODYDUHFRQDFTXDHVDSRQHULVFLDFTXDUHHTXLQGLDVFLXJDUHFRQXQ
SDQQRPRUELGR
5,62/8=,21('(/352%/(0$
/H]RQHGLFRWWXUDQRQFXRFLRQRDIXRFROHQWRRSSXUHIULJJRQR
VRORDEDVVDWHPSHUDWXUD
8WLOL]]DUHVRORUHFLSLHQWLGLFRWWXUDDIRQGRSLDWWR6HWUDLOUHFLSLHQWHGL
FRWWXUDHGLOSLDQRGLFRWWXUDVLLQWUDYHGHGHOORVSD]LROD]RQDQRQVWD
WUDVPHWWHQGRFRUUHWWDPHQWHLOFDORUH
,O IRQGR GHO UHFLSLHQWH GL FRWWXUD GHYH FRSULUH FRPSOHWDPHQWH LO
GLDPHWURGHOOD]RQDVHOH]LRQDWD
/DFRWWXUDqWURSSROHQWD
6L VWDQQR XWLOL]]DQGR UHFLSLHQWL GL FRWWXUD LQDGDWWL 8WLOL]]DUH VROR
UHFLSLHQWL D IRQGR SLDWWR SHVDQWL HG DYHQWL XQ GLDPHWUR FKH
FRUULVSRQGDDOPHQRDOOD]RQDGLFRWWXUD
3LFFROLJUDIILR DEUDVLRQL VXOODVXSHUILFLHLQ YHWURFHUDPLFD GHO
SLDQRGLFRWWXUD
3XOL]LDQRQFRUUHWWDRXWLOL]]RGLUHFLSLHQWLGLFRWWXUDDIRQGRUXYLGR
SDUWLFHOOHVLPLOLDJUDQHOOLGLVDEELDRVDOHWUDLOSLDQRGLFRWWXUDHLO
IRQGR GHO UHFLSLHQWH )DUH ULIHULPHQWR DOOD VH]LRQH 38/,=,$
DFFHUWDUVLFKHLUHFLSLHQWLVLDQRSXOLWLSULPDGHOOXVRHXWLOL]]DUHVROR
UHFLSLHQWLGLFRWWXUDDIRQGROLVFLR,JUDIILVLSRVVRQRULGXUUHVRORVHOD
SXOL]LD
*UDIILPHWDOOLFL
1RQIDUHVFLYRODUHL UHFLSLHQWL GL FRWWXUD VXO SLDQR GLFRWWXUD)DUH
ULIHULPHQWRDLVXJJHULPHQWLSHUODSXOL]LD
6LXWLOL]]DQRLPDWHULDOLDSSRVLWLPDOHPDFFKLHVRQRDQFRUDSUHVHQWL
8WLOL]]DUH XQD ODPHWWD H VHJXLUH TXDQWR LQGLFDWR QHOOD VH]LRQH
38/,=,$
0DFFKLHVFXUH
8WLOL]]DUH XQD ODPHWWD H VHJXLUH TXDQWR LQGLFDWR QHOOD VH]LRQH
38/,=,$
6XSHUILFLFKLDUHVXOSLDQRGLFRWWXUD
6HJQLODVFLDWLGDUHFLSLHQWLLQDOOXPLQLRRUDPHPDDQFKHGHSRVLWLGL
PLQHUDOLDFTXDRDOLPHQWLSRVVRQRHVVHUHULSXOLWLXWLOL]]DQGRODSDVWD
GHWHUJHQWH
)RUPD]LRQHGLFDUDPHOORRSODVWLFDIXVDVXOSLDQRGLFRWWXUD
)DUHULIHULPHQWRDOODVH]LRQH38/,=,$
,OSLDQRGLFRWWXUDQRQIXQ]LRQDRDOFXQH]RQHQRQIXQ]LRQDQR
/HGHYLD]LRQLQRQVRQRSRVL]LRQDWHFRUUHWWDPHQWHVXOODPRUVHWWLHUD
9HULILFDUHVHLOFROOHJDPHQWRqFRUUHWWRHVHLOSDQQHOORGLFRPDQGRq
EORFFDWR6EORFFDUHLOSLDQRGLFRWWXUD
,OSLDQRGLFRWWXUDQRQVLEORFFD
,OSDQQHOORFRPDQGLqEORFFDWR6EORFFDUHLOSLDQRGLFRWWXUD
)UHTXHQ]D GHOOH RSHUD]LRQL GL DFFHQVLRQHVSHJQLPHQWR GHOOH
]RQHGLFRWWXUD
,O FLFOL GL DFFHQVLRQHVSHJQLPHQWR YDULDQR D VHFRQGD GHO OLYHOOR GL
FDORUHULFKLHVWR
OLYHOOREDVVRWHPSRGLIXQ]LRQDPHQWREUHYH
OLYHOORDOWRWHPSRGLIXQ]LRQDPHQWROXQJR
,OSLDQRGLFRWWXUDQRQIXQ]LRQD
&RQWUROODUH OH FRQGL]LRQL GHL IXVLELOL LQWHUUXWWRUL DXWRPDWLFL
GHOODELWD]LRQH9HULILFDUHVHVLWUDWWDGLXQDPDQFDWDDOLPHQWD]LRQH
,OSLDQRGLFRWWXUDVLqVSHQWR
/LQWHUUXWWRUHSULQFLSDOHSXOVDQWHDFFHQVLRQHVSHJQLPHQWRqVWDWR
VILRUDWRLQYRORQWDULDPHQWHRFLVRQRRJJHWWLVXXQTXDOVLDVLSXOVDQWH
5LDFFHQGHUHOHOHWWURGRPHVWLFRVHQ]DDSSRJJLDUHQXOODVXLSXOVDQWL
,QVHULUHQXRYDPHQWHOHLPSRVWD]LRQL
'LVSOD\FRQ)HQXPHUL
6HODOHWWHUD)HGHLQXPHULFRPSDLRQRVXOGLVSOD\OHOHWWURGRPHVWLFR
KDULOHYDWRXQDQRPDOLD/DVHJXHQWHWDEHOODHOHQFDLSURYYHGLPHQWL
FRUUHWWLYLFKHVLSRVVRQRDGRWWDUHSHUFRUUHJJHUHLOSUREOHPDYLHQH
HIIHWWXDWDFRUUHWWDPHQWH
0$187(1=,21($**,817,9$
3ULPDGLULYROJHUVLDGXQWHFQLFRGHOO$VVLVWHQ]DFRQWUROODUH
TXDQWRVHJXH
²FKHODVSLQDVLDLQVHULWDFRUUHWWDPHQWHHGRWDWDGLIXVLELOL
6HQRQqSRVVLELOHLGHQWLILFDUHLOJXDVWRVSHJQHUHOHOHWWURGRPHVWLFR
²QRQPDQRPHWWHUOR²HFKLDPDUHLO&HQWURGL$VVLVWHQ]D7HFQLFD
SRVWYHQGLWD /HOHWWURGRPHVWLFR q IRUQLWR FRQ XQ FHUWLILFDWR GL
JDUDQ]LDFKH JDUDQWLVFH ODULSDUD]LRQHJUDWXLWD SUHVVR LO&HQWURGL
$VVLVWHQ]D
,7
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
6HVLqYHULILFDWRXQHUURUHVFROOHJDUHHULFROOHJDUHLOSLDQRGLFRWWXUDDOODOLPHQWD]LRQHHOHWWULFD6H
OHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD6HXQHUURUHVLYHULILFDLPSURYYLVDPHQWHGXUDQWHLO
QRUPDOHIXQ]LRQDPHQWRFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD
(UURUHVRIWZDUHFRPDQGR
VILRUDPHQWR
$WWHQGHUHFKHODWHPSHUDWXUDVFHQGD,OSLDQRGLFRWWXUDVLULSULVWLQDDXWRPDWLFDPHQWHTXDQGROD
WHPSHUDWXUDUDJJLXQJHXQYDORUHQRUPDOH
/D]RQDFRPDQGLDVILRUDPHQWR
qWURSSRFDOGDHGKDVSHQWR
WXWWHOH]RQHGLULVFDOGDPHQWR
$WWHQGHUHFKHODWHPSHUDWXUDVFHQGD6HLOPHVVDJJLRSHUVLVWHTXDQGRODWHPSHUDWXUDUDJJLXQJHTXHOOD
DPELHQWDOHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD
$WWHQGHUHFKHODWHPSHUDWXUDVFHQGD6HLOPHVVDJJLRSHUVLVWHTXDQGRODWHPSHUDWXUDUDJJLXQJHTXHOOD
DPELHQWDOHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD
,OVHQVRUHWHPSHUDWXUDGL
FRPDQGRDVILRUDPHQWRSXz
HVVHUHGDQQHJJLDWR
9HULILFDUHFKHLOSLDQRGLFRWWXUDVLDPRQWDWRFRUUHWWDPHQWH$FFHUWDUVLFKHLSXOVDQWLWRFFKLQR
FRUUHWWDPHQWHODVXSHUILFLHLQYHWURUHVLQD
3XOVDQWHHFFHVVLYDPHQWH
VHQVLELOH
4XHVWRHUURUHqXQFRQWUROORDXWRPDWLFRGHOODWDVWLHUD6FRPSDUHTXDQGRLOFRQWUROORDXWRPDWLFRULWRUQDDG
XQYDORUHGLVLFXUH]]D6HOHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD
(UURUHVLFXUH]]DWDVWLHUD
4XHVWRHUURUHqXQFRQWUROORDXWRPDWLFRGHOVRIWZDUH6FRPSDUHTXDQGRLOFRQWUROORDXWRPDWLFRULWRUQDDG
XQYDORUHGLVLFXUH]]D6HOHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD
(UURUHVLFXUH]]DWDVWLHUD
4XHVWRHUURUHqXQFRQWUROORDXWRPDWLFRGHOVRIWZDUH6FRPSDUHTXDQGRLOFRQWUROORDXWRPDWLFRULWRUQDDG
XQYDORUHGLVLFXUH]]D6HOHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD
(UURUHVLFXUH]]DWDVWLHUD
4XDOVLDVLGULYHUGHLUHOqSXzSUHVHQWDUHGHLSUREOHPL7RJOLHUHLOSLDQRGLFRWWXUDGDOODOLPHQWD]LRQH
DWWHQGHUHXQPLQXWRHULDFFHQGHUH6HOHUURUHSHUVLVWHFRQWDWWDUHODVVLVWHQ]DSRVWYHQGLWD
(UURUHGLVLFXUH]]DUHOq
$QRPDOLD $]LRQH
'LVSOD\GHOOD]RQD
GLULVFDOGDPHQWR
,OVHQVRUHWHPSHUDWXUDGL
FRPDQGRDVILRUDPHQWRSXz
HVVHUHGDQQHJJLDWR
6HFLVRQRDQFRUDPDFFKLHSHUVLVWHQWL
9HUVDUHDOWUHJRFFHGLGHWHUJHQWHVSHFLILFRVXOODVXSHUILFLHGHOSLDQR
GLFRWWXUD
5DVFKLDUHXWLOL]]DQGRXQUDVFKLHWWRPDQWHQHQGRORDGXQDQJRORGL
ULVSHWWR DO SLDQR GL FRWWXUD ILQR D TXDQGR OD PDFFKLD QRQ
VFRPSDUH
$VFLXJDUHFRQXQSDQQRPRUELGRRFDUWDGDFXFLQDDVFLXWWDILQRDOOD
FRPSOHWDSXOL]LDGHOODVXSHUILFLH
5LSHWHUHORSHUD]LRQHVHQHFHVVDULR
1RXV YRXV UHFRPPDQGRQV GH FRQVHUYHU OHV
LQVWUXFWLRQV GLQVWDOODWLRQ HW GXWLOLVDWLRQ SRXU
SRXYRLU OHV FRQVXOWHU XOWpULHXUHPHQW $YDQW
GLQVWDOOHUODWDEOHGHFXLVVRQQRWH]VRQQXPpUR
GHVpULHDXFDVRYRXVDXULH]EHVRLQGHODLGHGX
VHUYLFHDSUqVYHQWH
$9(57,66(0(17 ODSSDUHLO HW VHV SDUWLHV
DFFHVVLEOHVFKDXIIHQWSHQGDQWOXWLOLVDWLRQeYLWH]
GHWRXFKHUOHVpOpPHQWVFKDXIIDQWV/HVHQIDQWV
GH PRLQV GH DQV GRLYHQW rWUH WHQXV KRUV GH
SRUWpHGHODSSDUHLOVDXIVLOVVRQWVXUYHLOOpVHQ
SHUPDQHQFH
$9(57,66(0(17QXWLOLVH]TXXQGLVSRVLWLIGH
SURWHFWLRQGHYRWUHWDEOHGHFXLVVRQFRQoXSDUOH
IDEULFDQW GH YRWUH DSSDUHLO RX LQGLTXp GDQV OH
PDQXHOGXWLOLVDWLRQFRPPHpWDQWFRPSDWLEOHRX
ELHQ OH GLVSRVLWLI GH SURWHFWLRQ IRXUQL DYHF
ODSSDUHLO/XWLOLVDWLRQGXQGLVSRVLWLIGHSURWHFWLRQ
QRQDSSURSULpSHXWFDXVHUGHVDFFLGHQWV
$9(57,66(0(17 OXWLOLVDWLRQ GH OD WDEOH GH
FXLVVRQVDQVVXUYHLOODQFHDYHFPDQLSXODWLRQGH
JUDLVVH RX GKXLOH SHXW rWUH GDQJHUHX[ HW
SURYRTXHU XQ LQFHQGLH 1HVVD\H] -$0$,6
GpWHLQGUH XQ IHX DYHF GH OHDX PDLV pWHLJQH]
ODSSDUHLO SXLV FRXYUH] OD IODPPH DYHF XQ
FRXYHUFOH RX XQH FRXYHUWXUH DQWLIHX SDU
H[HPSOH
$9(57,66(0(17ULVTXHGLQFHQGLHQHVWRFNH]
SDVGpOpPHQWVVXUOHVVXUIDFHVGHFXLVVRQ
$9(57,66(0(17VLODVXUIDFHHVWILVVXUpHQH
WRXFKH] SDV OH YHUUH GH OD WDEOH HW pWHLJQH]
ODSSDUHLOSRXUpYLWHUWRXWULVTXHGpOHFWURFXWLRQ
&HWDSSDUHLOSHXWrWUHXWLOLVpSDUGHVHQIDQWVkJpV
GH DQV HW SOXV SDU GHV SHUVRQQHV GRQW OHV
FDSDFLWpV SK\VLTXHV VHQVRULHOOHV RX PHQWDOHV
VRQW UpGXLWHV RX SDU GHV SHUVRQQHV GpQXpHV
GH[SpULHQFHHWGHFRQQDLVVDQFHVPDLVTXLRQW
pWpLQIRUPpHVVXUODPDQLqUHGXWLOLVHUODSSDUHLO
HQWRXWHVpFXULWpVLHOOHVFRPSUHQQHQWOHVULVTXHV
LPSOLTXpV 6XUYHLOOH] OHV HQIDQWV DILQ TXLOV QH
MRXHQW SDV DYHF ODSSDUHLO /HQWUHWLHQ HW OH
QHWWR\DJHQHGRLYHQWSDVrWUHHIIHFWXpVSDUGHV
HQIDQWVVDQVVXUYHLOODQFH
$77(17,21 OD FXLVVRQ GHPDQGH GrWUH
VXUYHLOOpH/HVFXLVVRQVGHFRXUWHGXUpHGRLYHQW
rWUHVXUYHLOOpHVHQSHUPDQHQFH
,O HVW FKDXGHPHQW UHFRPPDQGp GpORLJQHU OHV
HQIDQWV GH OD ]RQH GH FXLVVRQ ORUVTXHOOH
IRQFWLRQQHRXPrPHTXDQGHOOHHVWpWHLQWHPDLV
TXHOLQGLFDWHXUGHFKDOHXUUpVLGXHOOHHVWHQFRUH
YLVLEOH DILQ GpYLWHU WRXW ULVTXH GH EUOXUHV
JUDYHV
&HWDSSDUHLOQHVWSDVFRQoXSRXUrWUHDFWLRQQp
SDU XQ WHPSRULVDWHXU H[WHUQH RX XQ V\VWqPH
VpSDUpGHFRPPDQGHjGLVWDQFH
6L YRWUH WDEOH GH FXLVVRQ HVW GRWpH GpOpPHQWV
KDORJqQHVQHQIL[H]SDVODOXPLqUH
%UDQFKHUOHFkEOHGDOLPHQWDWLRQVXUXQHSULVHGH
FRXUDQWTXLVXSSRUWHOHYROWDJHOHFRXUDQWHWOD
FKDUJHVRQWLQGLTXpVVXUOpWLTXHWWHHWYpULILHUOD
SUpVHQFH GXQH PLVH j OD WHUUH /D SULVH
GDOLPHQWDWLRQGRLWVXSSRUWHUODFKDUJHLQGLTXpH
VXUOpWLTXHWWHHWrWUHGRWpHGXQHPLVHjODWHUUHHQ
pWDWGHIRQFWLRQQHPHQW/HFkEOHFRQGXFWHXUGH
PLVHjODWHUUHHVWMDXQHHWYHUW&HWWHRSpUDWLRQ
GRLWrWUHH[pFXWpHSDUGXSHUVRQQHOTXDOLILp(Q
FDVGLQFRPSDWLELOLWpHQWUHODSULVHGDOLPHQWDWLRQ
HWODILFKHGXFkEOHGHODSSDUHLOGHPDQGHUjXQ
&216,*1(6'(6e&85,7e
)5
pOHFWULFLHQ SURIHVVLRQQHO GH UHPSODFHU OD SULVH
GDOLPHQWDWLRQ SDU XQ GLVSRVLWLI FRPSDWLEOH /D
ILFKH GX FkEOH GDOLPHQWDWLRQ HW OD SULVH
GDOLPHQWDWLRQ GRLYHQW rWUH FRQIRUPHV DX[
QRUPHVHQYLJXHXUGDQVOHSD\VGLQVWDOODWLRQ
,O HVW SRVVLEOH GH EUDQFKHU ODSSDUHLO j OD SULVH
GDOLPHQWDWLRQ HQ LQVWDOODQW XQ GLVMRQFWHXU
PXOWLSRODLUH TXL VXSSRUWH OD FKDUJH pOHFWULTXH
PD[LPDOH FRQIRUPpPHQW DX[ ORLV HQ YLJXHXU
HQWUHODSSDUHLOHWODSULVHGDOLPHQWDWLRQ
/HFRQGXFWHXUMDXQHHWYHUWGHPLVHjODWHUUHQH
GRLWSDVrWUHEORTXpSDUOHGLVMRQFWHXU/DSULVH
GDOLPHQWDWLRQRXOHGLVMRQFWHXUPXOWLSRODLUHXWLOLVp
SRXUOHEUDQFKHPHQWGRLWUHVWHUjWRXWPRPHQW
DFFHVVLEOHORUVGHOLQVWDOODWLRQGHODSSDUHLO
/HGpEUDQFKHPHQWGRLWVHIDLUHHQDFFpGDQWjOD
SULVH GDOLPHQWDWLRQ RX HQ SUpYR\DQW XQ
LQWHUUXSWHXUVXUOHFLUFXLWpOHFWULTXHIL[HFRQIRUPH
DX[QRUPHVpOHFWULTXHV
6LOHFkEOHGDOLPHQWDWLRQHVWHQGRPPDJpLOGRLW
rWUH UHPSODFp SDU OH IDEULFDQW VRQ DJHQW
GHQWUHWLHQ RX GHV SHUVRQQHV GRWpHV GX PrPH
W\SHGHTXDOLILFDWLRQDILQGpYLWHUWRXWULVTXH/H
FRQGXFWHXUGHPLVHjODWHUUHMDXQHHWYHUWGRLW
rWUHSOXVORQJGHPPGXF{WpGHODSODTXHj
ERUQHV/HGLDPqWUHLQWHUQHGXFkEOHFRQGXFWHXU
GRLWrWUH SURSRUWLRQQpj OD SXLVVDQFHDEVRUEpH
SDUODWDEOHGHFXLVVRQLQGLTXpHVXUOpWLTXHWWH
/H FkEOH GDOLPHQWDWLRQ UHTXLV HVW OH VXLYDQW
+99)
1HGpSRVH]MDPDLVGREMHWVHQPpWDOWHOVTXHGHV
FRXWHDX[IRXUFKHWWHVFXLOOHUVRXFRXYHUFOHVVXU
OD WDEOH GH FXLVVRQ ,OV SRXUUDLHQW GHYHQLU
EUODQWV
1H SRVH] MDPDLV GH SDSLHU DOXPLQLXP RX GH
UpFLSLHQWVHQSODVWLTXHVXUOHV]RQHVFKDXIIDQWHV
$SUqVFKDTXHXWLOLVDWLRQLOFRQYLHQWGHQHWWR\HUOD
WDEOHGHFXLVVRQDILQGpYLWHUODFFXPXODWLRQGH
VDOHWpHWGHJUDLVVH 'DQV OH FDV FRQWUDLUH OHV
UpVLGXV ULVTXHQW GH EUOHU ORUV GH OD SURFKDLQH
XWLOLVDWLRQGHODWDEOHGHFXLVVRQFDXVDQWIXPpHV
HWRGHXUVGpSODLVDQWHVSRXUQHSDVPHQWLRQQHU
OHVULVTXHVGLQFHQGLH
1XWLOLVH]MDPDLVGHYDSRULVDWHXUQLGHMHWjKDXWH
SUHVVLRQSRXUQHWWR\HUODSSDUHLO
1HWRXFKH]SDVOHV]RQHVFKDXIIDQWHVSHQGDQW
TXHOOHVIRQFWLRQQHQWQLSHQGDQWXQFHUWDLQWHPSV
DSUqVOHXUXWLOLVDWLRQ
1HIDLWHVMDPDLVFXLUHGDOLPHQWVGLUHFWHPHQWVXU
ODWDEOHGHFXLVVRQYLWURFpUDPLTXH
8WLOLVH] WRXMRXUV GHV XVWHQVLOHV GH FXLVVRQ
DGpTXDWV
3ODFH] WRXMRXUV YRWUH FDVVHUROH DX FHQWUH GX
IR\HUTXHYRXVXWLOLVH]1HGpSRVH]MDPDLVDXFXQ
REMHWVXUOHSDQQHDXGHFRPPDQGH
1XWLOLVH]MDPDLVYRWUHWDEOHGHFXLVVRQ FRPPH
SODQGHWUDYDLO
1XWLOLVH]SDVODVXUIDFHGHOD WDEOH GH FXLVVRQ
FRPPHSODQFKHjGpFRXSHU
1HUDQJH]SDVGREMHWVORXUGVVXUYRWUHWDEOHGH
FXLVVRQ6LOVWRPEDLHQWVXUODWDEOHGHFXLVVRQLOV
ULVTXHUDLHQWGHOHQGRPPDJHU
1XWLOLVH]SDVODWDEOHGHFXLVVRQSRXUUDQJHUGHV
REMHWV
1HIDLWHVSDVJOLVVHUGXVWHQVLOHVGHFXLVLQHVXUOD
WDEOHGHFXLVVRQ
/DLVVH]XQHGLVWDQFHPLQLPXP
GH PP HQWUH OD WDEOH GH
FXLVVRQHWOHPXUGXIRQGHWGH
PP HQWUH OD WDEOH GH
FXLVVRQHWOHPHXEOHYHUWLFDORX
PXUSUpVHQWVXU OH F{Wp 3RXU
OLQVWDOODWLRQ GXQ PHXEOH DX
GHVVXVGHODWDEOHGHFXLVVRQ
OD GLVWDQFH PLQLPXP UHTXLVH
HVWGHPP
6LYRXVVRXKDLWH]LQVWDOOHUXQH
KRWWHDXGHVVXVGHODWDEOHGH
FXLVVRQYHXLOOH]FRQVXOWHUOHV
FRQVLJQHVGLQVWDOODWLRQGHOD
KRWWHWRXWHQVDFKDQWTXHOD
GLVWDQFHPLQLPXPUHTXLVH
HQWUHWDEOHGHFXLVVRQHWKRWWH
QHSHXWSDVrWUHLQIpULHXUHj
PP
&2',&(352'8,77
3ODTXHGLGHQWLILFDWLRQVLWXpHVRXVOHFDLVVRQGHODWDEOHGHFXLVVRQ
$9(57,66(0(176*e1e5$8;
(Q SODoDQW OD PDUTXH VXU FHW DSSDUHLO QRXV FRQILUPRQV VD
FRQIRUPLWp j WRXWHV OHV QRUPHV HXURSpHQQHV GH SURWHFWLRQ GH
OHQYLURQQHPHQWGHODVDQWpHWGHVpFXULWpDSSOLFDEOHVjVDFDWpJRULH
GHSURGXLWV
3527(&7,21'(/(19,5211(0(17
&HWDSSDUHLOHVWPDUTXpGXV\PEROHFRUUHVSRQGDQW
j OD GLUHFWLYH HXURSpHQQH (8 VXU OHV
GpFKHWVGpTXLSHPHQWVpOHFWULTXHVHWpOHFWURQLTXHV
'(((
/DFDWpJRULH'(((UHFRXYUHjODIRLVOHVVXEVWDQFHV
SROOXDQWHVSRXYDQWDYRLUGHVUHWRPEpHVQpJDWLYHV
VXU OHQYLURQQHPHQW HW OHV FRPSRVDQWV GH EDVH
SRXYDQWrWUHUpXWLOLVpV,OHVWLPSRUWDQWGHVRXPHWWUH
OHVSURGXLWV'(((jGHVWUDLWHPHQWVVSpFLILTXHVDILQ
GHQUHWLUHUHWpOLPLQHUWRXVOHVSROOXDQWVGHPDQLqUHDGpTXDWHHW
GHQUpFXSpUHUHWUHF\FOHUWRXVOHVPDWpULDX[SRVVLEOHV
&KDTXHLQGLYLGXSHXWMRXHUXQU{OHLPSRUWDQWHQYHLOODQWjFHTXHOHV
SURGXLWV '((( QH GHYLHQQHQW SDV XQ SUREOqPH SRXU
OHQYLURQQHPHQW 3RXU FHOD LO HVW HVVHQWLHO GH VXLYUH TXHOTXHV
UqJOHVGHEDVH
/HV SURGXLWV '((( QH GRLYHQW SDV rWUH WUDLWpV FRPPH GHV
RUGXUHVPpQDJqUHV
/HV SURGXLWV '((( GRLYHQW rWUH UHPLV DX[ SRLQWV GH FROOHFWH
FRPSpWHQWVJpUpVSDUODPXQLFLSDOLWpRXGHVVRFLpWpVDXWRULVpHV
'DQVGHQRPEUHX[SD\VOHVSURGXLWV'(((HQFRPEUDQWVSHXYHQW
IDLUHOREMHWGXQHFROOHFWHjGRPLFLOH
'DQVGHQRPEUHX[SD\VORUVTXHYRXVDFKHWH]XQQRXYHO
DSSDUHLOODQFLHQSHXWrWUHUHWRXUQpDXGpWDLOODQWTXLHVWHQGHYRLU
GHOHUHWLUHUVDQVIUDLVVXUODEDVHGXQRXYHODFKDWORUVTXLOVDJLW
GXQpTXLSHPHQWGXPrPHW\SHHWD\DQWOHVPrPHVIRQFWLRQV
/LQVWDOODWLRQGXQDSSDUHLOPpQDJHUHVWXQHRSpUDWLRQFRPSOLTXpHTXL
VLHOOHQHVWSDVFRUUHFWHPHQWHIIHFWXpHSHXWDYRLUGHVFRQVpTXHQFHV
QpJDWLYHVVXUODVpFXULWpGHVELHQVGHVSURSULpWpVHWGHVSHUVRQQHV
&HVWSRXUTXRLFHWWHWkFKHGRLWrWUHHIIHFWXpHSDUXQSURIHVVLRQQHO
TXDOLILpHWFRQIRUPpPHQWjODUpJOHPHQWDWLRQWHFKQLTXHHQYLJXHXU
6LFHWWHUHFRPPDQGDWLRQQHVWSDVUHVSHFWpHHWTXHOLQVWDOODWLRQHVW
HIIHFWXpHSDUXQHSHUVRQQHQRQTXDOLILpHOHIDEULFDQWGpFOLQHWRXWH
UHVSRQVDELOLWpSRXUGHVSDQQHVWHFKQLTXHVGXSURGXLWHQWUDvQDQWRX
QRQGHVGRPPDJHVDX[ELHQVHWSURSULpWpVRXGHVEOHVVXUHVDX[
SHUVRQQHVHWDQLPDX[
$SUqVDYRLUUHWLUHUOHPEDOODJHGHYRWUHDSSDUHLOYpULILH]TXHFHOXLFL
QHVW SDV HQGRPPDJp 'DQV OH FDV FRQWUDLUH FRQWDFWH] YRWUH
GpWDLOODQWRXQRWUHVHUYLFHDSUqVYHQWH
9pULILH]TXHOHPHXEOHGDQVOHTXHOODSSDUHLOVHUDLQVWDOOpHWWRXVOHV
DXWUHV PHXEOHV j SUR[LPLWp GH FHOXLFL VRLHQW FRQVWUXLWV DYHF GHV
PDWpULDX[TXLVXSSRUWHQWOHVKDXWHVWHPSpUDWXUHVPLQ&
(QRXWUHWRXVOHVVWUDWLILpVGpFRUDWLIVGRLYHQWrWUHIL[pVDYHFXQHFROOH
UpVLVWDQWjODFKDOHXU
,OHVWSRVVLEOHGLQVWDOOHUODSSDUHLOGDQVXQPHXEOHHQFDVWUpGHIDoRQ
VWDQGDUGRX©DXUDVª
PP PP
PP
PP
PP
0LQPP
/DUJHXUGXSpULPqWUH
GLQVWDOODWLRQSDUHQFDVWUHPHQW
5HPDUTXHOHVGLPHQVLRQVGXSpULPqWUHLQWHUQHVRQWOHVPrPHVTXH
SRXUXQHLQVWDOODWLRQVWDQGDUG
PPFPKRE
PP
PPFPKRE
3URIRQGHXUGHODUDLQXUHPP
/DUJHXUGXSpULPqWUH
GHOLQVWDOODWLRQSDU
HQFDVWUHPHQW
/pSDLVVHXUGXSODQGHWUDYDLOGRLWrWUHFRPSULVHHQWUHHWPP
6LODSDUWLHLQIpULHXUHGHODWDEOHGHFXLVVRQFRQILQHDYHFXQ
HVSDFHDFFHVVLEOHSRXUGHVRSpUDWLRQVGHPDQXWHQWLRQRXGH
QHWWR\DJHXQSDQQHDXGHVpSDUDWLRQGRLWrWUHLQVWDOOpPPDX
GHVVRXVGHODWDEOHGHFXLVVRQ
PLQPP
,167$//$7,21
/LQVWDOODWLRQGXQIRXUDXGHVVRXVGHODWDEOHGHFXLVVRQQHUHTXLHUW
SDVGHSDQQHDXGHVpSDUDWLRQPDLVODGLVWDQFHPLQLPXPHQWUHOD
SDUWLHLQIpULHXUHGHODWDEOHGHFXLVVRQHWOHIRXUGRLWrWUHGHPP
6HXOXQIRXUDYHFV\VWqPHGHUHIURLGLVVHPHQWSHXWrWUHLQVWDOOpVRXV
ODWDEOHGHFXLVVRQVHORQVHVSURSUHVFRQVLJQHVGLQVWDOODWLRQ
PP
PLQ
)5
,167$//$7,213$5(1&$675(0(17
9pULILH]TXHODWDEOHGHFXLVVRQ
HVWFRUUHFWHPHQWLQVWDOOpHSXLV
pWDOH]GHODFROOHDXVLOLFRQHDX
QLYHDXGHOLQWHUVWLFHHQWUHOH
SODQGHWUDYDLOHWODWDEOHGH
FXLVVRQ$SODWLVVH]ODFRXFKHGH
VLOLFRQHDYHFXQUDFORLURXXQ
GRLJWPRXLOOpjOHDX
VDYRQQHXVHDYDQWTXHOOHQH
VqFKH
1XWLOLVH]SDVODWDEOHGHFXLVVRQ
DYDQWTXHODFRXFKHGHVLOLFRQHQHVRLWFRPSOqWHPHQWVqFKH
)L[DWLRQRUGLQDLUH
6DLVLVVH]OHVSDWWHVGHIL[DWLRQ
FRQWHQXHV GDQV OH VDFKHW GH
YLVVHULH HW YLVVH]OHV GDQV OD
SRVLWLRQ LQGLTXpH VXU OH ERvWLHU
LQIpULHXUQHVHUUH]SDVOHVYLVj
IRQG SRXU QH SDV EORTXHU OHV
SDWWHV HOOHV GRLYHQW UHVWHU
PRELOHV
,QVpUH] ODWDEOHGH FXLVVRQ
DXFHQWUHGXSODQGHGpFRXSH
7RXUQH]OHVSDWWHVGHIL[DWLRQ
HWVHUUH]OHVjIRQG
)L[DWLRQUDSLGHVHORQOHPRGqOH
6DLVLVVH] TXDWUH UHVVRUWV
FRQWHQXV GDQV OH VDFKHW GH
YLVVHULHHWYLVVH]OHVVXUOHERvWLHU
LQIpULHXUFRPPHLOOXVWUp
&HQWUH] OD WDEOH GH
FXLVVRQHWLQVpUH]OD
([HUFH] XQH SUHVVLRQ VXU
OHV F{WpV GH OD WDEOH GH
FXLVVRQSRXUTXHOOHDGKqUH
jVRQVXSSRUWVXUWRXWVRQ
SpULPqWUH
8QMRLQWGpWDQFKpLWpjOHDX
HVWIRXUQLDYHFODWDEOHGH
FXLVVRQ 3RVH] OH MRLQW
GpWDQFKpLWpELHQ
VRLJQHXVHPHQWWRXWDXWRXU
GHODSDUWLHLQIpULHXUHGHOD
WDEOH GH FXLVVRQ FRPPH
LOOXVWUp DILQ GHPSrFKHU
WRXWHIXLWHGDQVOHPHXEOH
GHQFDVWUHPHQW
3DUWHLQIHULRUH
)5
6&+e0$
6&+e0$
6&+e0$
6&+e0$
6HORQOHPRGqOH
212))
©ª
©ª
7(0325,6$7(85
/('VXSSOpPHQWDLUH]RQHGHFXLVVRQ
,QGLFDWHXUGHSURJUDPPDWLRQGHOD]RQHGHFXLVVRQ
3RQW
9HUURXLOODJHHQIDQW
)DLUHIRQGUH
)DLUHERXLOOLU
:
: :
:
:
:
:
:
:
:
:
:
6&+e0$ 6&+e0$
6&+e0$ 6&+e0$
6&+e0$
5$&&25'(0(17e/(&75,48(
©/LQVWDOODWLRQGRLWrWUHFRQIRUPHDX[QRUPHVHWGLUHFWLYHVª/H
IDEULFDQWGpFOLQHWRXWHUHVSRQVDELOLWpHQFDVGHGRPPDJHGj
XQHXWLOLVDWLRQQRQFRQIRUPHRXQRQUDLVRQQDEOH
$9(57,66(0(17 /H IDEULFDQW GpFOLQH WRXWH UHVSRQVDELOLWp SRXU
WRXWLQFLGHQWRXVHVFRQVpTXHQFHVSRXYDQWrWUHGXHVjOXVDJHGXQ
DSSDUHLOQRQPLVjODWHUUHRXGRQWODFRQWLQXLWpGHPLVHjODWHUUHHVW
GpIHFWXHXVH
$YDQW WRXW EUDQFKHPHQW pOHFWULTXH YpULILH] WRXMRXUV OD WHQVLRQ
GDOLPHQWDWLRQ LQGLTXpH VXU OH FRPSWHXU pOHFWULTXH OLQVWDOODWLRQ GX
FRXSHFLUFXLWODFRQWLQXLWpGHODPLVHjODWHUUHGHOLQVWDOODWLRQHWOD
FRPSDWLELOLWpGXIXVLEOH
/H EUDQFKHPHQW pOHFWULTXH GH OLQVWDOODWLRQ GRLW FRUUHVSRQGUH j OD
SXLVVDQFHQRPLQDOHGHODSSDUHLO EUDQFKHUODSSDUHLOjODLGHGXQ
LQWHUUXSWHXUELSRODLUH
6LODSSDUHLOHVWpTXLSpGXQHSULVHGHFRXUDQWLOFRQYLHQWGHYHLOOHUORUV
GHOLQVWDOODWLRQjFHTXHODSULVHUHVWHDFFHVVLEOH
/HFkEOHMDXQHHWYHUWGXFRUGRQGDOLPHQWDWLRQGRLWrWUHPLVjODWHUUH
GHVERUQHVGDOLPHQWDWLRQHWGHVERUQHVGHODSSDUHLO
7RXWH TXHVWLRQ FRQFHUQDQW OH FRUGRQ GDOLPHQWDWLRQ pOHFWULTXH GRLW
rWUHDGUHVVpHDXVHUYLFHDSUqVYHQWHRXjXQWHFKQLFLHQTXDOLILp
6LODWDEOHGHFXLVVRQHVWpTXLSpHGXQFRUGRQGDOLPHQWDWLRQFHOXLFL
GRLW REOLJDWRLUHPHQW rWUH UDFFRUGp DX VHFWHXU 9 HQWUH OD
SKDVHHWOHQHXWUH
,OHVWWRXWHIRLVSRVVLEOHGHEUDQFKHUODWDEOHGHFXLVVRQj
7ULSKDVpV9
7ULSKDVpV91
3RXUSURFpGHUDXQRXYHDXEUDQFKHPHQWVXLYH]OHVLQVWUXFWLRQVFL
GHVVRXV
$YDQWGHUpDOLVHUOHEUDQFKHPHQWDVVXUH]YRXVTXHOLQVWDOODWLRQHVW
SURWpJpHSDUXQIXVLEOHDGpTXDWHWTXHOOHHVWpTXLSpHGHFkEOHVGH
VHFWLRQVXIILVDQWHSRXUDOLPHQWHUQRUPDOHPHQWODSSDUHLO
5HWRXUQH]ODWDEOHGHFXLVVRQF{WpYHUUHVXUOHSODQGHWUDYDLOHQ
SUHQDQWVRLQGHSURWpJHUOHYHUUH
GpYLVVH]OHVHUUHFkEOH©ª
ORFDOLVH]OHVGHX[SDWWHVVLWXpHVVXUOHVF{WpV
LQWURGXLVH]XQWRXUQHYLVSODWGHYDQWOHVSDWWHV©ªHW©ª
HQIRQFH]HWDSSX\H]
GpSRVH]OHFRXYHUFOH
3RXUUHWLUHUOHFRUGRQGDOLPHQWDWLRQ
5HWLUH]OHVYLVIL[DQWODSODTXHjERUQHVFRQWHQDQWOHVEDUUHV
VKXQWHWOHVFRQGXFWHXUVGXFRUGRQGDOLPHQWDWLRQ
5HWLUH]OHFRUGRQGDOLPHQWDWLRQ
2SpUDWLRQVQpFHVVDLUHVSRXUUpDOLVHUXQQRXYHDX
EUDQFKHPHQW
FKRLVLVVH]OHFRUGRQGDOLPHQWDWLRQHQIRQFWLRQGHV
UHFRPPDQGDWLRQVGXWDEOHDX
)DLWHVSDVVHUOHFRUGRQGDQVOHVHUUHFkEOH
'pFRXYUH]OH[WUpPLWpGHFKDTXHILOGXFRUGRQGDOLPHQWDWLRQVXU
PPHQWHQDQWFRPSWHGHODORQJXHXUGHFRUGRQQpFHVVDLUH
SRXUOHEUDQFKHPHQWjODSODTXHjERUQHV
6HORQOLQVWDOODWLRQHWDYHFODLGHGHVEDUUHVVKXQWTXHYRXVDYH]
UpFXSpUpHVjODSUHPLqUHpWDSHIL[H]OHFRQGXFWHXUFRPPHLQGLTXp
VXUOHJUDSKLTXH
)L[H]OHFRXYHUFOH
9LVVH]OHVHUUHFkEOH
2XYUH]OHFRXYHUFOHVHORQOHVpWDSHVVXLYDQWHV
5HPDUTXHYpULILH]TXHOHVYLVGXERUQLHUVRQWELHQVHUUpHV
2SpUDWLRQVQpFHVVDLUHVSRXUUpDOLVHUXQQRXYHDX
EUDQFKHPHQW
&KRLVLVVH]OHFRUGRQGDOLPHQWDWLRQHQIRQFWLRQGHV
UHFRPPDQGDWLRQVGXWDEOHDX
)DLWHVSDVVHUOHFRUGRQGDQVOHVHUUHFkEOH
'pFRXYUH]OH[WUpPLWpGHFKDTXHILOGXFRUGRQGDOLPHQWDWLRQVXU
PPHQWHQDQWFRPSWHGHODORQJXHXUGHFRUGRQQpFHVVDLUH
SRXUOHEUDQFKHPHQWjODSODTXHj
ERUQHV
6HORQOLQVWDOODWLRQHWDYHFODLGHGHV
EDUUHVVKXQWTXHYRXVDYH]UpFXSpUpHVj
ODSUHPLqUHpWDSHIL[H]OHFRQGXFWHXU
FRPPHLQGLTXpVXUOHJUDSKLTXH
)L[H]OHFRXYHUFOH
9LVVH]OHVHUUHFkEOH
6+817
1 1HXWUH 7 7HUUH
3K 3KDVH
$77(17,21
6LOHFRUGRQGDOLPHQWDWLRQGRLWrWUHUHPSODFpFRQQHFWH]OHQRXYHDX
FRUGRQFRQIRUPpPHQWDX[FRXOHXUVFRGHVVXLYDQWV
',6326,7,21
',6326,7,21
02123+$6e6RX%,3+$6e69a
&kEOH
+299)
&kEOH
+299)
&kEOH
+299)
[PP
[PP
[PP
[PP
[PP
[PP
75,3+$6e69a
75,3+$6e691a
%/8(
0$5521
-$81(9(57
1HXWUH
6RXVWHQVLRQ
7HUUH
%UDQFKHPHQWDX[ERUQHVGHODSODTXHjERUQHV
0RQRSKDVpV9a %LSKDVpV9a
7ULSKDVpV9a 7ULSKDVpV91a
)5
87,/,6$7,21
$OOXPHUeWHLQGUHXQIR\HUGHFXLVVRQ
3RXUDOOXPHUXQIR\HUGHFXLVVRQ WRXFKH]OD]RQHGH
FRPPDQGHFRUUHVSRQGDQWH SHQGDQWPV 8QORQJ
ELSUHWHQWLWHWOHFKLIIUH©ªVDIILFKHSRXUFHWWH]RQHLQGLTXDQWOH
QLYHDXGHFKDXIIH
6LOHQLYHDXGHFXLVVRQHVWVXU©ªFHWDIILFKDJHVLQWHUURPSW
DXWRPDWLTXHPHQWDXERXWGHVHFRQGHVHWOHVLJQDOGHFRXSXUHGH
FHWWH]RQHUHWHQWLW
6LO\DSUpVHQFHGHFKDOHXUUpVLGXHOOHDYHFQLYHDXGHFKDXIIHpJDO
j©ªFH©ªFOLJQRWH
6LODIRQFWLRQGHYHUURXLOODJHHVWDFWLYpHYRXVQHSRXYH]DFWLYHU
GH]RQHGHFXLVVRQ
3RXUpWHLQGUHXQIR\HUWRXFKH]VD]RQHGHFRPPDQGHSHQGDQWV
7URLVELSVVRQRUHVUHWHQWLVVHQWHWVLO\DFKDOHXUUpVLGXHOOHODOHWWUH©
+ªVDIILFKH/D]RQHGHFRPPDQGHGXIR\HUHVWDORUVpWHLQWH
6LOHQLYHDXGHFXLVVRQHVWVXU©ªFHWDIILFKDJHVLQWHUURPSW
DXWRPDWLTXHPHQWDXERXWGHVHFRQGHVHWOHVLJQDOGHFRXSXUHGH
OD]RQHGHFRPPDQGHUHWHQWLW
6LO \DFKDOHXU UpVLGXHOOHPDLV TXHOD]RQH GHFRPPDQGH HVW
pWHLQWHOHOHWWUH©+ªVDIILFKH
0rPH VL OD IRQFWLRQ GH YHUURXLOODJH HVW DFWLYpH YRXV SRXYH]
pWHLQGUHXQH]RQHGHFRPPDQGH
6LXQVHXOIR\HUGHFXLVVRQHVWDFWLYpHWTXHFHOXLFLHVWHQVXLWH
pWHLQWELSVVRQRUHVUHWHQWLVVHQWSRXULQGLTXHUTXHWRXWOHSODQGH
FXLVVRQHVWpWHLQW
&216(,/6&21&(51$17/(6867(16,/(6
'(&8,6,1(3285/$7$%/('(&8,6621
,OHVWLPSRUWDQWGXWLOLVHUGHVXVWHQVLOHVGHFXLVVRQGHERQQHTXDOLWpDILQ
GREWHQLUOHVPHLOOHXUVUpVXOWDWVDYHFYRWUHWDEOHGHFXLVVRQ
8WLOLVH] WRXMRXUV GHV XVWHQVLOHV GH FXLVVRQ GH TXDOLWp DX[
IRQGV SDUIDLWHPHQW SODWV HW pSDLV OXWLOLVDWLRQ GH FH W\SH
GXVWHQVLOHV pYLWHUD OHV SRLQWV FKDXGV FDXVDQW ODGKpUHQFH GHV
DOLPHQWV/HVFDVVHUROHVHWSRrOHVpSDLVVHVDVVXUHQWXQHGLVWULEXWLRQ
KRPRJqQHGHODFKDOHXU
$VVXUH]YRXVTXHOHGHVVRXVGHODFDVVHUROHRXGHODSRrOHHVW
VHFORUVTXHYRXVUHPSOLVVH]YRWUHFDVVHUROHGHOLTXLGHRXORUVTXH
YRXVHQXWLOLVH]XQHSUpFpGHPPHQWUDQJpHDXUpIULJpUDWHXUDVVXUH]
YRXVTXHOHGHVVRXVHVWELHQVHFDYDQWGHOHSRVHUVXUODWDEOHGH
FXLVVRQ&HODpYLWHUDGHWkFKHUODWDEOHGHFXLVVRQ
8WLOLVH]GHVFDVVHUROHVGRQWOHGLDPqWUHHVWDVVH]ODUJHSRXU
UHFRXYULUWRXWHODVXUIDFHGXIR\HUODWDLOOHGHODFDVVHUROHQHGRLW
SDVrWUHLQIpULHXUHjFHOOHGXIR\HU6LHOOHHVWXQSHXSOXVJUDQGH
OpQHUJLHVHUDH[SORLWpHDXPD[LPXP
&+2,; '(6 867(16,/(6 '( &8,6621 /HV LQIRUPDWLRQV
VXLYDQWHV YRXV DLGHURQW j FKRLVLU GHV XVWHQVLOHV GH FXLVVRQ
SHUIRUPDQWV
$FLHULQR[\GDEOHQRXVOHUHFRPPDQGRQVYLYHPHQW1RWDPPHQWOHV
PRGqOHVDYHFIRQGSODWHQVDQGZLFK/HIRQGHQVDQGZLFKDOOLHOHV
DYDQWDJHVGHODFLHULQR[\GDEOHHVWKpWLTXHGXUDELOLWpHWUpVLVWDQFH
HW GH ODOXPLQLXP RX GX FXLYUH FRQGXFWLRQ WKHUPLTXH GLVWULEXWLRQ
KRPRJqQHGHODFKDOHXU
$OXPLQLXPQRXVUHFRPPDQGRQVOHVPRGqOHVH[WUDORXUGV%RQQH
FRQGXFWLYLWp/HVUpVLGXVGDOXPLQLXPODLVVHQWSDUIRLVGHVUD\XUHVVXU
OD WDEOH GH FXLVVRQ PDLV HOOHV VpOLPLQHQW VL HOOHV VRQW QHWWR\pHV
LPPpGLDWHPHQW
(QUDLVRQGHVRQSRLQWGHIXVLRQEDVODOXPLQLXPILQQHGRLWSDVrWUH
XWLOLVp
)RQWHHOOHSHXWrWUHXWLOLVpHPDLVQRXVQHODUHFRPPDQGRQVSDV
/HVSHUIRUPDQFHVODLVVHQWjGpVLUHU(OOHULVTXHGHUD\HUODVXUIDFH
)RQGHQFXLYUHIDwHQFHQRXVUHFRPPDQGRQVOHVPRGqOHVH[WUD
ORXUGV%RQQHVSHUIRUPDQFHVPDLVOHFXLYUHULVTXHGHODLVVHUGHV
UpVLGXVUHVVHPEODQWjGHVUD\XUHV/HVUpVLGXVSHXYHQWrWUHpOLPLQpV
VLODWDEOHGHFXLVVRQHVWLPPpGLDWHPHQWQHWWR\pH4XRLTXLOHQVRLW
QHODLVVH]SDVFHVFDVVHUROHVFKDXIIHUjYLGH/HPpWDOVXUFKDXIIp
ULVTXH GDGKpUHU DX[ SODTXHV YLWURFpUDPLTXHV 8QH FDVVHUROH HQ
FXLYUH VXUFKDXIIpH ODLVVHUD XQH WUDFH LQGpOpELOH VXU OD WDEOH GH
FXLVVRQ
3RUFHODLQHpPDLOERQQHVSHUIRUPDQFHVXQLTXHPHQWDYHFXQSHWLW
IRQGOLVVHHWSODW
9LWURFpUDPLTXHQRQUHFRPPDQGpH/HVSHUIRUPDQFHVODLVVHQWj
GpVLUHU(OOHULVTXHGHUD\HUODVXUIDFH
(Q DSSX\DQW EULqYHPHQW VXU © ª RX © ª YRXV DXJPHQWH] RX
GLPLQXH]OHQLYHDXGHFKDXIIHGHOD]RQHVpOHFWLRQQpH
3
(QDSSX\DQWSOXVORQJXHPHQWVXU©ªRX©ªOHQLYHDXGH
FKDXIIHDXJPHQWHRXGLPLQXHGHPDQLqUHFRQWLQXH/DXJPHQWDWLRQ
UDSLGH GX QLYHDX GH FKDXIIH DWWHLQW OH QLYHDX HW SRXU XQ QLYHDX
HQFRUHSOXVpOHYpDSSX\H]EULqYHPHQWVXUODWRXFKH©ª$XFXQELS
QHUHWHQWLWDYHFODXJPHQWDWLRQRXODGLPLQXWLRQUDSLGHGXQLYHDXGH
FKDXIIH
8QHIRLVVXU©3ªVLYRXVDSSX\H]XQHQRXYHOOHIRLVVXUODWRXFKH
©ªFHODQHUDPqQHSDVOHQLYHDXGHUpJODJHj©ª'HPrPHXQH
IRLVVXU©ªVLYRXVDSSX\H]XQHQRXYHOOHIRLVVXUODWRXFKH©ªFHOD
QHUDPqQHSDVOHQLYHDXGHUpJODJHVXU©3ª
6LXQH]RQHGHFRPPDQGHHVWDFWLYpHDYHFUpJODJHVXU©ªHW
TXLO\DFKDOHXUUpVLGXHOOHOH©ªFOLJQRWHVHFRQGHVDSUqVOH©ª
GLVSDUDvWHWODOHWWUH©+ªIL[HVDIILFKH
&HWWHDFWLRQHVWDFWLYpHHQDSSX\DQWVXUODWRXFKHGHYHUURXLOODJH
(QVXLWH FKDTXH IRLV TXRQ DSSXLH VXU XQH WRXFKH OD OHWWUH © /ª
VDIILFKHSHQGDQWVHFRQGHVHWOHQLYHDXGHFKDXIIHUHVWHOHPrPH
3RXUGpVDFWLYHUOHYHUURXLOODJHHQIDQWVXLYUHODPrPHSURFpGXUHTXH
FHOOHLQGLTXpHSOXVKDXW(QVXLWHXQELSUHWHQWLWHWOpFUDQDIILFKHOD
OHWWUH©Qª/DWDEOHGHFXLVVRQQHVWSOXVYHUURXLOOpH
5HPDUTXH/H YHUURXLOODJH HQIDQW HVWDXWRPDWLTXHPHQWDFWLYp
PLQXWHV DSUqV ODUUrW WRWDO GH OD WDEOH GH FXLVVRQ &HWWH IRQFWLRQ
LQWHUYLHQWDXWRPDWLTXHPHQWVLHOOHDSUpDODEOHPHQWpWpSURJUDPPpH
&RQVXOWH]OHSDUDJUDSKH©5pJODJHSHUVRQQDOLVpª
$XJPHQWHU'LPLQXHUOHQLYHDXGHFKDXIIH
2SWLRQYHUURXLOODJHHQIDQW
)5
3RXUDFWLYHUOpODUJLVVHPHQWGRXEOHGHOD]RQHGHFXLVVRQOD]RQH
SULQFLSDOHDVVRFLpHGRLWGpMj rWUH DOOXPpH j XQ QLYHDXGHFKDXIIH
VXSpULHXUj©ª
$OOXPDJHGHOD]RQHGRXEOHGHFXLVVRQ
$SSX\H] EULqYHPHQW VXU OD WRXFKH GpODUJLVVHPHQW TXL DFWLYHUD
OpODUJLVVHPHQW GX IR\HU GH FXLVVRQ /H /(' GH OD WRXFKH
GpODUJLVVHPHQWDIILFKH21VLOpODUJLVVHPHQWGXIR\HUGHFXLVVRQHVW
DFWLYp
$SSX\H] XQH GHX[LqPH IRLV EULqYHPHQW VXU ODOD WRXFKH
GpODUJLVVHPHQWTXLpWHLQWOpODUJLVVHPHQWGXIR\HUGHFXLVVRQ8QELS
UHWHQWLWFKDTXHIRLVTXHYRXVDSSX\H]VXUODWRXFKHGpODUJLVVHPHQW
$OOXPDJHGHOD]RQHWULSOHGHFXLVVRQ
$SSX\H]EULqYHPHQWVXUODWRXFKHGpODUJLVVHPHQWTXLDOOXPHUDOHHU
pODUJLVVHPHQW GX IR\HU GH FXLVVRQ /XQ GHV /(' GH OD WRXFKH
GpODUJLVVHPHQW DIILFKH 21 VL OH HU pODUJLVVHPHQW GX IR\HU GH
FXLVVRQHVWDFWLYp/('F{WpJDXFKHSRXUXQIR\HUWULSOHGHFXLVVRQ
/('GXPLOLHXOHVHXOH[LVWDQWSRXUXQIR\HUGRXEOHGHFXLVVRQ
$SSX\H]XQHGHX[LqPHIRLVEULqYHPHQWVXUODWRXFKHGpODUJLVVHPHQW
TXLDFWLYHOHGHX[LqPHpODUJLVVHPHQWGXIR\HUGHFXLVVRQ'HX[/('
GHODWRXFKHGpODUJLVVHPHQWGX IR\HUVDOOXPHQWVLOHHUHWOHq
pODUJLVVHPHQWGXIR\HUGHFXLVVRQVRQWDOOXPpV
$SSX\H]XQHWURLVLqPHIRLVEULqYHPHQWVXUODWRXFKHGpODUJLVVHPHQW
TXLpWHLQWOHHUHWOHqpODUJLVVHPHQWGXIR\HUGHFXLVVRQ
8Q ELS UHWHQWLW FKDTXH IRLV TXH YRXV DSSX\H] VXU OD WRXFKH
GpODUJLVVHPHQW
'RXEOHU7ULSOHUOD]RQHGHFXLVVRQ
)RQFWLRQGHSRQW
/DIRQFWLRQGHSRQWQHSHXWrWUHDFWLYpHTXHORUVTXHOHVGHX[IR\HUV
VRQWpWHLQWV/XQGHVIR\HUVGXSRQWDpWpVpOHFWLRQQpSRXUDFWLYHUOD
IRQFWLRQGHSRQWDSSX\H]VXUODWRXFKHSRQW
8QELSUHWHQWLWHWOH/('GHOD]RQHVDOOXPHVLOD]RQHGHFRPPDQGH
HVWDFWLYpH
/HVGHX[IR\HUVGXSRQWVRQWDFWLYpVHQPrPHWHPSV
8QH IRLV TXH OHV GHX[ IR\HUV VRQW DFWLYpV YRXV SRXYH] UpJOHU OH
QLYHDXGHFKDXIIHHQDSSX\DQWVXUOHVWRXFKHV©ªHW©ª
/HVGHX[IR\HUVGXSRQWDIILFKHOHPrPHQLYHDXGHFKDXIIH$UUrWGHOD
IRQFWLRQ
HQ DSSX\DQW VXU OD WRXFKH IRQFWLRQ GH SRQW HQ PRGH GH
SDUDPpWUDJH
6LOXWLOLVDWHXUUqJOHOHQLYHDXGHFKDXIIHVXU©ª
6pFXULWpGpERUGHPHQW
8Q REMHW RX XQ OLTXLGH IDLW SUHVVLRQ VXU XQH RX SOXVLHXUV WRXFKHV
SHQGDQWSOXVGHVELSVUHWHQWLVVHQWVXLYLVGXQORQJELSWRXWHVOHV
VDXVVLORQJWHPSVTXHODRXOHVWRXFKHVVXELVVHQWWHOOHSUHVVLRQ
/D WDEOH GH FXLVVRQ VpWHLQW &H V\PEROH FOLJQRWH WDQW TXH FH
SUREOqPHSHUVLVWH
7HPSRULVDWHXU
3RXUPHWWUHOHWHPSRULVDWHXUHQPDUFKHLOIDXWTXXQIR\HUDLWpWp
VpOHFWLRQQpjXQQLYHDXGHFKDXIIHVXSpULHXUj©ª
&KRLVLVVH]OD]RQHTXHYRXVYRXOH]WHPSRULVHU/HQLYHDXGHFKDXIIH
GRLW rWUH VXSpULHXU j © ª /H V\PEROH VWDWLTXH VDIILFKH HQ
FRUUHVSRQGDQFHGHOD]RQHFKRLVLHSRXUODWHPSRULVDWLRQ/HVFKLIIUHV
©ªVDIILFKHQWHQFRUUHVSRQGDQFHGHODIRQFWLRQGHWHPSRULVDWLRQ
$SSX\H]VXUOHVWRXFKHV©ªRX©ªSRXUFKRLVLUODGXUpHGH
WHPSRULVDWLRQ $XFXQ ELS QH UHWHQWLW ORUVTXH YRXV FKDQJH] FHWWH
GXUpH
(QDSSX\DQWVLPXOWDQpPHQWVXUOHVWRXFKHV©ªHW©ª OD
WHPSRULVDWLRQHVWDQQXOpHHOOHDIILFKH
(QDSSX\DQWVXU OHV WRXFKHV ©ª HW © ªGX WHPSRULVDWHXU
SHQGDQWXQFHUWDLQWHPSVYRXVHIIHFWXH]XQUpJODJHUDSLGH
3RXUUpJOHUOHWHPSRULVDWHXUODWRXFKH©ªSHUPHWGDOOHUGH©
ªj©ªHWODWRXFKH©ªGH©ªj©ª
'XUpHPD[LPXPPLQXWHV
8QH IRLV FH WHPSV pFRXOp OD WDEOH GH FXLVVRQ FRPPHQFH j
VRQQHU DSSX\H] VXU QLPSRUWH TXHOOH WRXFKH SRXU IDLUH FHVVHU
ODODUPH
,OHVWSRVVLEOHGHPRGLILHUODYDOHXUGXWHPSRULVDWHXUDORUVPrPH
TXLOHVWGpMjHQIRQFWLRQ
/HQLYHDXGHFKDXIIHGHV]RQHVWHPSRULVpHVSHXWrWUHPRGLILp
VDQVFRQVpTXHQFHVSRXUOHUpJODJHGXWHPSRULVDWHXU
/D GHUQLqUH PLQXWH VDIILFKHUD HQ VHFRQGHV VXU FHUWDLQHV
YHUVLRQVYLVLEOHXQLTXHPHQWVLYRXVHQWUH]GDQVODSURJUDPPDWLRQGX
WHPSRULVDWHXUSHQGDQWODGHUQLqUHPLQXWHGXFRPSWHjUHERXUV
6L YRXV DSSX\H] VXU OD WRXFKH GH WHPSRULVDWLRQ VDQV DYRLU
VpOHFWLRQQpGH]RQHHWTXDQGDXFXQH]RQHQHVWWHPSRULVpHFHODQD
SDVGHVXLWH
6L YRXV DSSX\H] VXU OD WRXFKH GH WHPSRULVDWLRQ VDQV DYRLU
VpOHFWLRQQpGH]RQHHWTXDQGSOXVLHXUV]RQHVVRQWWHPSRULVpHVOD
GXUpHLQGLTXpHFKDQJHGDQVOHVHQVGHVDLJXLOOHVGXQHPRQWUHHW
LQGLTXHODGXUpHGHODIILFKDJHGRQWOHSRLQWGHVGpFLPDOHVHVWDFWLYp
6LQRQ HQWUH] V HW V VDIILFKH GDQV OD ]RQH GH
WHPSRULVDWLRQ
/H FRPSWH j UHERXUV VDIILFKH GDQV OHV HVSDFHV GDIILFKDJH GH OD
WHPSRULVDWLRQ6LSOXVLHXUV]RQHVVRQWWHPSRULVpHVFHVWODYDOHXUOD
SOXV SHWLWH GX FRPSWH j UHERXUV TXL VDIILFKH HW OHV GpFLPDOHV
VDIILFKHQWHQFRUUHVSRQGDQFHGHOD]RQHFRQFHUQpH
,QGLFDWHXUGHFKDOHXUUpVLGXHOOH
SRXUOHVIR\HUVjUD\RQQHPHQW!FDOFXOp
'HPrPHRQSHXWXWLOLVHUOHVPrPHVLQGLFDWHXUVSRXUPRQWUHUOD©
FKDOHXUUpVLGXHOOHª8QWDEOHDXGHVGXUpHVHVWGpILQLGDQVFHEXW
'XUpH GH FKDOHXU UpVLGXHOOH I QLYHDX GH FKDXIIH GXUpH GH
IRQFWLRQQHPHQW
4XDQGODWHPSpUDWXUHVXUOHSODQGHFXLVVRQYLWURFpUDPLTXHHVWpJDOH
jHQYLURQ&YDOHXUWKpRULTXHFHWWHFRQGLWLRQHVWLQGLTXpHSDUXQ
©+ªVDIILFKDQWHQFRUUHVSRQGDQFHGXIR\HUFRQFHUQp
3RXU JpQpUHU XQH WHPSpUDWXUH VXSpULHXUH j & WHO IR\HU GRLW
IRQFWLRQQHUGHSXLVXQFHUWDLQWHPSVHWFHWWHGXUpHGpSHQGGXQLYHDX
GH FKDXIIH 8QH IRLV FH WHPSV pFRXOp ODYHUWLVVHPHQW GH FKDOHXU
UpVLGXHOOHVDIILFKHDXPRPHQWROHIR\HUHVWpWHLQW
$UUrWDXWRPDWLTXH
6LOHQLYHDXGHFKDXIIHQHFKDQJHSDVSHQGDQWXQFHUWDLQWHPSV
SUpGpWHUPLQpLO\DDUUrWDXWRPDWLTXHGXIR\HUFRUUHVSRQGDQW
/DGXUpHPD[LPDOHGHIRQFWLRQQHPHQWGXQIR\HUGpSHQGGXQLYHDX
GHFKDXIIHUpJOp
1LYHDXGH
FKDXIIH
'XUpHPD[
KHXUHV
5(0$548(VLO\DULVTXHGHVXUFKDXIIHGjODFWLYDWLRQGX
QLYHDX GH FKDXIIH PD[LPXP OD WDEOH GH FXLVVRQ UqJOH
DXWRPDWLTXHPHQWVRQQLYHDXGHFKDXIIHSRXUVHSURWpJHU
1(772<$*((7(175(7,(1
$YDQWWRXWHRSpUDWLRQGHQWUHWLHQODLVVH]UHIURLGLUODWDEOHGHFXLVVRQ
8WLOLVH] XQLTXHPHQW GHV SURGXLWV FUqPHV HW UDFOHXUV
VSpFLILTXHPHQW FRQoXV SRXU OHV VXUIDFHV YLWURFpUDPLTXHV ,OV
VDFKqWHQWGDQVOHFRPPHUFH
eYLWH]OHVGpERUGHPHQWVFDUWRXWHVXEVWDQFHVHUHQYHUVDQWVXUOD
WDEOHGHFXLVVRQEUOHUDSLGHPHQWHWUHQGUDOHQHWWR\DJHSOXVGLIILFLOH
1RXVUHFRPPDQGRQVGpYLWHUGXWLOLVHUGHVVXEVWDQFHVULVTXDQWGH
IRQGUHSODVWLTXHVXFUHSURGXLWVjEDVHGHVXFUHjSUR[LPLWpGHOD
WDEOHGHFXLVVRQ
(175(7,(1
9HUVH]TXHOTXHVJRXWWHVGXQGpWHUJHQWVSpFLILTXHVXUODWDEOHGH
FXLVVRQ
)URWWH]OHVWDFKHVWHQDFHVjODLGHGXQFKLIIRQGRX[RXGHSDSLHU
DEVRUEDQWOpJqUHPHQWKXPLGH
(VVX\H]DYHFXQFKLIIRQGRX[RXGXSDSLHUDEVRUEDQWVHFMXVTXj
FHTXHODVXUIDFHVRLWSURSUH
6LGHVWDFKHVVXEVLVWHQW
9HUVH]TXHOTXHVJRXWWHVVXSSOpPHQWDLUHVGHGpWHUJHQWVSpFLILTXH
VXUODWDEOHGHFXLVVRQ
)5
)RQFWLRQ©IDLUHIRQGUHª
$FWLYDWLRQGHODIRQFWLRQ)DLUHIRQGUHDSUqV VpOHFWLRQ G X Q
IR\HUGHFXLVVRQ
DSSX\H]VXUODWRXFKH)DLUHIRQGUH
XQVLJQDOVRQRUHUHWHQWLWHWODIILFKDJHGXIR\HULQGLTXH©8ª
OHIR\HUIRQFWLRQQHUDDXQLYHDXGHFKDXIIH©ª
/HIR\HUpWDQWVpOHFWLRQQpODIRQFWLRQ)DLUHIRQGUHVHWHUPLQHUD
VLHOOHHVWGpVDFWLYpH
VLXQDXWUHQLYHDXGHFKDXIIHHVWVpOHFWLRQQp
)RQFWLRQ©IDLUHERXLOOLUª
$FWLYDWLRQGHODIRQFWLRQ)DLUHERXLOOLUDSUqV VpOHFWLRQGXQ
IR\HUGHFXLVVRQ
DSSX\H]VXUODWRXFKH)DLUHERXLOOLU
XQVLJQDOVRQRUHUHWHQWLWHWODIILFKDJHGXIR\HULQGLTXH©3ª
/HIR\HU IRQFWLRQQHUD DXQLYHDXPD[LPXP GH FKDXIIHSHQGDQW
PLQXWHV¬ODILQGHFHVPLQXWHVXQVLJQDOVRQRUHUHWHQWLWHWOH
QLYHDXGHFKDXIIHGHVFHQGDXQLYHDX©ª
0D[L
7RXWHYDULDWLRQGHODFRXOHXUGXYHUUHYLWURFpUDPLTXHQD
SDVGLQIOXHQFHVXUVRQIRQFWLRQQHPHQWQLVXUODVROLGLWp
GH VD VXUIDFH /HV YDULDWLRQV GH FRXOHXU VRQW SRXU OD
SOXSDUWGXHVjGHVUpVLGXVDOLPHQWDLUHVEUOpVRXjGHV
XVWHQVLOHV GH FXLVLQH HQ DOXPLQLXP RX HQ FXLYUH FHV
GHUQLqUHVVRQWGLIILFLOHVjpOLPLQHU
*UDWWH]jODLGHGXQUDFOHXUHQOHWHQDQWjXQDQJOHGHSDU
UDSSRUWjODWDEOHGHFXLVVRQMXVTXjGLVSDULWLRQGHODWDFKH
(VVX\H]DYHFXQFKLIIRQGRX[RXGXSDSLHUDEVRUEDQWVHFMXVTXj
FHTXHODVXUIDFHVRLWSURSUH
5HFRPPHQFH]VLQpFHVVDLUH
48(/48(6&216(,/6
/HQHWWR\DJHIUpTXHQWFUpHXQHFRXFKHSURWHFWULFHHVVHQWLHOOHSRXU
pYLWHUOHVUD\XUHVHWOXVXUHGHODWDEOHGHFXLVVRQ$VVXUH]YRXVTXH
ODVXUIDFHGHODWDEOHGHFXLVVRQHVWSURSUHDYDQWGHODUpXWLOLVHU3RXU
pOLPLQHUOHVWUDFHVGHDXXWLOLVH]TXHOTXHVJRXWWHVGHYLQDLJUHEODQF
RX GH MXV GH FLWURQ 3XLV HVVX\H] DYHF GX SDSLHU DEVRUEDQW HW
TXHOTXHVJRXWWHVGHGpWHUJHQWVSpFLILTXH
/D VXUIDFH YLWURFpUDPLTXH UpVLVWH DX[ UD\XUHV GHV XVWHQVLOHV GH
FXLVVRQjIRQGSODW7RXWHIRLVLOHVWSUpIpUDEOHGHOHVVRXOHYHUSRXUOHV
GpSODFHUGXQH]RQHGHFXLVVRQjODXWUH
1%
5e62/87,21'(352%/Ê0(6
/HV]RQHVGHFXLVVRQQHSHUPHWWHQWSDVGHIDLUHPLMRWHURXQH
IRQWIULUHTXjSHWLWIHX
8WLOLVH]XQLTXHPHQWGHVFDVVHUROHVjIRQGSODW6LGHODOXPLqUHSDVVH
HQWUHODFDVVHUROHHWODWDEOHGHFXLVVRQOD]RQHGHFXLVVRQQHSHXW
SDVFRUUHFWHPHQWWUDQVPHWWUHODFKDOHXU
/HIRQGGHFDVVHUROHGRLWFRXYULUHQWLqUHPHQWOHGLDPqWUHGHOD]RQH
VpOHFWLRQQpH
/DFXLVVRQHVWWURSOHQWH
/HVFDVVHUROHVXWLOLVpHVQHVRQWSDVDGDSWpHV8WLOLVH]XQLTXHPHQW
GHVXVWHQVLOHVGHFXLVVRQjIRQGSODWORXUGHWGRQWOHGLDPqWUHHVWDX
PRLQVpJDOjFHOXLGHOD]RQHGHFXLVVRQ
3HWLWHV UD\XUHV RX WUDFHV GDEUDVLRQ VXU OD VXUIDFH
YLWURFpUDPLTXH
1HWWR\DJHLQDGDSWp RXXWLOLVDWLRQ GHFDVVHUROHV jIRQG QRQOLVVH
SDUWLFXOHVWHOOHVTXHGHVJUDLQVGHVDEOHRXGXVHOHQWUHODSODTXHGH
FXLVVRQ HW OH IRQG GH OD FDVVHUROH &RQVXOWH] OH FKDSLWUH ©
1(772<$*(ª$VVXUH]YRXVTXHOHIRQGGHVFDVVHUROHVHVWSURSUH
DYDQWGHYRXVHQVHUYLUHWXWLOLVH]XQLTXHPHQWGHVFDVVHUROHVjIRQG
OLVVH9RXVSRXYH]UpGXLUHOHQRPEUHGHUD\XUHVSDUXQQHWWR\DJH
VRLJQp
7UDFHVGHPpWDO
1H IDLWHV SDV JOLVVHU OHV FDVVHUROHV HQ DOXPLQLXP VXU OD VXUIDFH
YLWURFpUDPLTXH5HSRUWH]YRXVDX[UHFRPPDQGDWLRQVGHQHWWR\DJH
9RXVXWLOLVH]OHERQPDWpULHOPDLVOHVWDFKHVSHUVLVWHQW8WLOLVH]XQH
ODPHGHUDVRLUHWVXLYH]OHVFRQVLJQHVGXFKDSLWUH©1(772<$*(ª
7DFKHVIRQFpHV
8WLOLVH] XQH ODPH GH UDVRLU HW VXLYH] OHV FRQVLJQHV GX FKDSLWUH©
1(772<$*(ª
=RQHVFODLUHVVXUODWDEOHGHFXLVVRQ
,OVDJLWSHXWrWUHGHWUDFHVGHFDVVHUROHVHQDOXPLQLXPRXHQFXLYUH
RXHQFRUHGHGpS{WVPLQpUDX[GHDXRXGDOLPHQWVYRXVSRXYH]OHV
pOLPLQHUjODLGHGXQGpWHUJHQWHQFUqPH
&DUDPpOLVDWLRQRXSODVWLTXHIRQGXVXUODWDEOHGHFXLVVRQ
&RQVXOWH]OHFKDSLWUH©1(772<$*(ª
/D WDEOH GH FXLVVRQ RX FHUWDLQHV ]RQHV GH FXLVVRQ QH
IRQFWLRQQHQWSDV
/HVVKXQWVQHVRQWSDVELHQSRVLWLRQQpVVXUOHERUQLHU
)DLWHV YpULILHU TXH OD FRQQH[LRQ HVW FRQIRUPH HW FRQWU{OH] TXH OH
SDQQHDX GH FRPPDQGH HVW YHUURXLOOp 'pYHUURXLOOH] OD WDEOH GH
FXLVVRQ
/DWDEOHGHFXLVVRQQHVDUUrWHSDV
/HSDQQHDXGHFRPPDQGHHVWYHUURXLOOp'pYHUURXLOOH]ODWDEOHGH
FXLVVRQ
)UpTXHQFHGHVF\FOHVGHPDUFKHDUUrWGHV]RQHVGHFXLVVRQ
/HVF\FOHVGHPDUFKHDUUrWYDULHQWHQIRQFWLRQGXQLYHDXGHFKDOHXU
UHTXLV
QLYHDXIDLEOHWHPSVGDFWLYLWpFRXUW
QLYHDXpOHYpWHPSVGDFWLYLWpORQJ
/HSODQGHFXLVVRQQHIRQFWLRQQHSDV
&RQWU{OH] OpWDW GHV IXVLEOHV HW GX GLVMRQFWHXU GH YRWUH FLUFXLW
pOHFWULTXH9pULILH]VLO\DXQHSDQQHGHFRXUDQW
/HSODQGHFXLVVRQVHVWpWHLQW
/H FRPPXWDWHXU SULQFLSDO WRXFKH 212)) D pWp DFWLRQQp
DFFLGHQWHOOHPHQW RX XQ REMHW TXHOFRQTXH HVW SUpVHQW VXU XQH RX
SOXVLHXUVWRXFKHVeOLPLQH]OHRXOHVREMHWVSUpVHQWVVXUOHSDQQHDX
GHFRPPDQGH6DLVLVVH]jQRXYHDXYRVSDUDPqWUHVGHUpJODJH
/DOHWWUH©)ªHWGHVFKLIIUHVVRQWDIILFKpV
6LXQ©)ªHWGHVFKLIIUHVVDIILFKHQWYRWUHDSSDUHLODGpWHFWpXQH
GpIDLOODQFH/HWDEOHDXVXLYDQWYRXVLQGLTXHOHVDFWLRQVSRVVLEOHVGH
UpVROXWLRQGXSUREOqPH
&2175Ð/('(175(7,(135e/,0,1$,5(
$YDQWGHIDLUHDSSHOjXQWHFKQLFLHQGHQWUHWLHQYHXLOOH]YpULILHU
OHVSRLQWVVXLYDQWV
ODSULVHHVWFRUUHFWHPHQWEUDQFKpHHWOHIXVLEOHHVWHQERQpWDW
6LYRXVQHSDUYHQH]SDVjLGHQWLILHUOHUUHXUpWHLJQH]ODSSDUHLO1HOH
PRGLILH] SDV $SSHOH] OH FHQWUH 6$9 /DSSDUHLO HVW IRXUQL DYHF
FHUWLILFDW GH JDUDQWLH TXL YRXV DVVXUH XQH UpSDUDWLRQ JUDWXLWH DX
FHQWUH6$9
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
6LXQHHUUHXUVHVWSURGXLWHGpEUDQFKH]SXLVUHEUDQFKH]OHFkEOHGDOLPHQWDWLRQ6LOHUUHXUSHUVLVWH
DSSHOH]OHVHUYLFHDSUqVYHQWH6LOHUUHXUDSSDUDLWjOLPSURYLVWHDXFRXUVGXIRQFWLRQQHPHQWRUGLQDLUH
DSSHOH]OHVHUYLFHDSUqVYHQWH
(UUHXUGXORJLFLHOGHFRPPDQGH
WDFWLOH
$WWHQGH]TXHODWHPSpUDWXUHDLWFKXWp/HSODQGHFXLVVRQVHUHPHWWUDHQPDUFKHGqVTXHODWHPSpUDWXUH
VHUDUHGHYHQXHQRUPDOH
/D]RQHGHFRPPDQGHWDFWLOHHVW
WURSFKDXGHFHTXLDGpVDFWLYp
WRXVOHVIR\HUVGHFXLVVRQ
$WWHQGH]TXHODWHPSpUDWXUHDLWFKXWp6LFHPHVVDJHSHUVLVWHTXDQGODWHPSpUDWXUHDWWHLQWWHOOHYDOHXU
DPELDQWHDSSHOH]OHVHUYLFHDSUqVYHQWH
$WWHQGH]TXHODWHPSpUDWXUHDLWFKXWp6LFHPHVVDJHSHUVLVWHTXDQGODWHPSpUDWXUHDWWHLQWWHOOHYDOHXU
DPELDQWHDSSHOH]OHVHUYLFHDSUqVYHQWH
/HFDSWHXUGHWHPSpUDWXUHj
FRPPDQGHWDFWLOHHVWSHXW
rWUHHQGRPPDJp
9pULILH]TXHOHSODQGHFXLVVRQHVWFRUUHFWHPHQWPRQWp&RQWU{OH]TXHOHVWRXFKHVVRQWELHQDXFRQWDFW
GHODSODTXHHQYHUUHYLWURFpUDPLTXH
6HQVLELOLWpH[FHVVLYHGH
WRXWHVOHVWRXFKHV
&HWWHHUUHXUUpVXOWHGXQFRQWU{OHDXWRPDWLTXHGXFODYLHU(OOHGLVSDUDvWTXDQGOHFRQWU{OHDXWRPDWLTXH
GpWHFWHXQHYDOHXUDFFHSWDEOH6LOHUUHXUSHUVLVWHDSSHOH]OHVHUYLFHDSUqVYHQWH
(UUHXUVpFXULWpGXFODYLHU
&HWWHHUUHXUUpVXOWHGXQFRQWU{OHDXWRPDWLTXHGXORJLFLHO(OOHGLVSDUDvWTXDQGOHFRQWU{OHDXWRPDWLTXH
GpWHFWHXQHYDOHXUDFFHSWDEOH6LOHUUHXUSHUVLVWHDSSHOH]OHVHUYLFHDSUqVYHQWH
(UUHXUVpFXULWpGXFODYLHU
&HWWHHUUHXUUpVXOWHGXQFRQWU{OHDXWRPDWLTXHGXORJLFLHO(OOHGLVSDUDvWTXDQGOHFRQWU{OHDXWRPDWLTXH
GpWHFWHXQHYDOHXUDFFHSWDEOH6LOHUUHXUSHUVLVWHDSSHOH]OHVHUYLFHDSUqVYHQWH
(UUHXUVpFXULWpGXFODYLHU
/HVSLORWHVGHUHODLVVRQWVXVFHSWLEOHVGXQHPXOWLWXGHGHSUREOqPHV&RXSH]ODOLPHQWDWLRQGXSODQGH
FXLVVRQSHQGDQWXQHPLQXWHSXLVUHEUDQFKH]6LOHUUHXUSHUVLVWHDSSHOH]OHVHUYLFHDSUqVYHQWH
(UUHXUVpFXULWpGHVUHODLV
3UREOqPH 6ROXWLRQ
$IILFKDJHIR\HU
GHFXLVVRQ
/HFDSWHXUGHWHPSpUDWXUHj
FRPPDQGHWDFWLOHHVWSHXWrWUH
HQGRPPDJp
1HSDVXWLOLVHUGpSRQJHWURSKXPLGH
1HMDPDLVXWLOLVHUGHFRXWHDXRXGHWRXUQHYLV
8QUDFOHXUpTXLSp GXQH ODPH GH UDVRLUQHQGRPPDJHSDVOD
VXUIDFHWDQWTXLOHVWPDLQWHQXjXQDQJOHGH
1H SDV ODLVVHU OH UDFOHXU DYHF ODPH GH UDVRLU j OD SRUWpH GHV
HQIDQWV
1HMDPDLVXWLOLVHUGHSURGXLWVDEUDVLIVRXGHSRXGUHjUpFXUHU
%RUGXUHPpWDOOLTXH3RXUQHWWR\HUODERUGXUHPpWDOOLTXHHQWRXWH
VpFXULWp ODYH] j OHDX HW DX VDYRQ ULQFH] SXLV VpFKH] DYHF XQ
FKLIIRQGRX[
)5
'RSRUXþXMHPH YiP DE\VWH VL XFKRYDOL SRN\Q\
SURLQVWDODFLDSRXåLWtSURSR]GČMãtSRWĜHEXDSĜHG
LQVWDODFtYDUQpGHVN\VLSR]QDPHQHMWHMHMtVpULRYp
þtVOR SUR SĜtSDG åH E\VWH SRWĜHERYDOL SRPRF
SRSURGHMQtKRVHUYLVX
832=251ċ1Ë6SRWĜHELþDMHKRSĜtVWXSQpþiVWL
VHEČKHPSRXåtYiQt]DKĜtYDMtQDY\VRNRXWHSORWX
'iYHMWHSR]RUDE\VWHVHQHGRWNOLWRSQêFKþOiQNĤ
'ČWL GR OHW YČNX PXVHMt EêW PLPR GRVDK
VSRWĜHELþH SRNXG QHMVRX SRG QHXVWiOêP
GRKOHGHP
832=251ċ1Ë 3RXåtYHMWH SRX]H RFKUDQQRX
]iEUDQX YDUQp GHVN\ QDYUåHQRX YêUREFHP
YDUQpKR VSRWĜHELþH QHER ]iEUDQX NWHURX
YêUREFHVSRWĜHELþHR]QDþtYQiYRGXNSRXåLWt]D
YKRGQRX QHER ]iEUDQX ]DEXGRYDQRX GR
VSRWĜHELþH 3RXåLWt QHYKRGQêFK RFKUDQQêFK
]iEUDQPĤåH]SĤVRELWQHKRG\
832=251ċ1Ë 9DĜHQt EH] GR]RUX QD YDUQp
GHVFH V WXNHP QHER ROHMHP PĤåH EêW
QHEH]SHþQp D ]SĤVRELW SRåiU 1LNG\ VH
QHSRNRXãHMWH XKDVLW SRåiU YRGRX Y\SQČWH
VSRWĜHELþ D SRWRP ]DNU\MWH SODPHQ QDSĜ
SRNOLþNRXQHERSURWLSRåiUQtGHNRX
832=251ċ1Ë 1HEH]SHþt SRåiUX QD YDUQpP
SRYUFKXQLFQHVNODGXMWH
832=251ċ1Ë3RNXG MH SRYUFK SUDVNOê
QHGRWêNHMWH VH VNOD D VSRWĜHELþ Y\SQČWH DE\
QHGRãORN~UD]XHOHNWULFNêPSURXGHP
7HQWRVSRWĜHELþVPČMtSRXåtYDWGČWLVWDUãtOHWD
RVRE\VHVQtåHQêPLI\]LFNêPLVP\VORYêPLQHER
GXãHYQtPL VFKRSQRVWPL QHER EH] SDWĜLþQêFK
]NXãHQRVWtD]QDORVWtSRNXGMVRXSRGGRKOHGHP
RVRE\RGSRYČGQp]DMHMLFKEH]SHþQRVWSĜtSDGQČ
E\O\SRXþHQpREH]SHþQpPSRXåtYiQtVSRWĜHELþH
DUR]XPČMtPRåQêPQHEH]SHþtP'ČWLE\PČO\EêW
GRKOHGHPDE\VH]DMLVWLORåHVLVHVSRWĜHELþHP
QHEXGRXKUiW'ČWLQHVPČMtEH]GR]RUXGRVSČOêFK
VSRWĜHELþþLVWLWDQLSURYiGČWþLQQRVWL~GUåE\
32=259DĜHQtPXVtSUREtKDWSRGGRKOHGHP1D
NUiWNêSURFHVYDĜHQtMHQXWQpGRKOtåHWQHXVWiOH
'ĤUD]QČ GRSRUXþXMHPH DE\ VH GČWL
QHSĜLEOLåRYDO\NYDUQêP]yQiPYGREČNG\MVRXY
SURYR]X QHER MVRX Y\SQXWp DOH LQGLNiWRU
]E\WNRYpKR WHSOD VYtWt DE\ VH ]DEUiQLOR UL]LNX
YiåQêFKSRSiOHQLQ
7HQWRVSRWĜHELþQHQtXUþHQNSRXåtYiQtSRPRFt
H[WHUQtKR þDVRYDþH QHER VDPRVWDWQpKR
GiONRYpKRRYOiGiQt
-HOLMLPLYDUQiGHVNDY\EDYHQDQHGtYHMWHVHSR
GHOãtGREXQDSUYN\YDUQpGHVN\VKDORJHQRYêPL
åiURYNDPL
3ĜLSRMWH]iVWUþNX N QDSiMHFtPXNDEHOX NWHUê MH
VFKRSHQY\GUåHWQDSČWtSURXGD]iWČåXYHGHQp
QD ãWtWNX D NWHUê MH RSDWĜHQ X]HPĖRYDFtP
NRQWDNWHP=iVXYNDPXVtEêWYKRGQiSUR]DWtåHQt
XYHGHQpQDãWtWNXDPXVtPtW]DSRMHQêDIXQNþQt
X]HPĖRYDFt NRQWDNW 8]HPĖRYDFt YRGLþ Pi
%(=3(ý12671Ë23$7ě(1Ë
&=
åOXWR]HOHQRXEDUYX7XWRRSHUDFLE\PČOSURYiGČW
RGERUQtN V YKRGQRX NYDOLILNDFt 9 SĜtSDGČ
QHVOXþLWHOQRVWL PH]L ]iVXYNRX D ]iVWUþNRX
VSRWĜHELþĤSRåiGHMWHNYDOLILNRYDQpKRHOHNWULNiĜH
DE\ ]iVXYNX QDKUDGLO MLQêP YKRGQêP W\SHP
=iVWUþND L ]iVXYND PXVHMt RGSRYtGDW SODWQêP
QRUPiP]HPČLQVWDODFH
3ĜLSRMHQtNQDSiMHFtPX]GURMLO]HSURYpVWWDNpWDN
åH PH]L VSRWĜHELþHP D ]GURMHP HQHUJLH NWHUê
]YOiGQHPD[LPiOQtSĜLSRMHQRX]iWČåDNWHUêMHY
VRXODGX VH VWiYDMtFtPL SUiYQtPL SĜHGSLV\ MH
XPtVWČQRPQLSROiUQtY\StQDþ
äOXWR]HOHQê X]HPĖRYDFt NDEHO E\ QHPČO EêW
SĜHUXãHQY\StQDþHP=iVXYNDQHERRPQLSROiUQt
Y\StQDþ SRXåtYDQê SUR SĜLSRMHQt E\ PČO EêW SĜL
LQVWDODFLVSRWĜHELþHVQDGQRSĜtVWXSQê
2GSRMHQt O]H ]DMLVWLW SĜtVWXSQRX ]iVWUþNRX QHER
]DþOHQČQtP VStQDþH Y SHYQpP ]DSRMHQt Y
VRXODGXVSUDYLGO\HOHNWURLQVWDODFH
-HOLQDSiMHFtNDEHOSRãNR]HQPXVtMHMY\PČQLW
YêUREFHMHKRDXWRUL]RYDQêVHUYLVQHERSRGREQČ
NYDOLILNRYDQp RVRE\ DE\ QHGRãOR NH Y]QLNX
QHEH]SHþQêFK VLWXDFt =HPQtFt YRGLþ
åOXWR]HOHQê PXVt EêW QD VWUDQČ VYRUNRYQLFH
GHOãt QHå PP 9QLWĜQt þiVW YRGLþĤ E\ PČOD
RGSRYtGDW YêNRQX DEVRUERYDQpPX YDUQRX
GHVNRX XYHGHQR QD ãWtWNX 7\S QDSiMHFtKR
NDEHOXPXVtEêW+299)
1D YDUQRX GHVNX QHSRNOiGHMWH åiGQp NRYRYp
SĜHGPČW\MDNRQRåHYLGOLþN\OåtFHQHERSRNOLþN\
0RKO\E\VH]DKĜiWQDYHOPLY\VRNRXWHSORWX
1D]yQ\RKĜHYXVHQHVPČMtXPLVĢRYDWKOLQtNRYp
IyOLHDQLSODVWRYpQiGRE\
3RNDåGpPSRXåLWtMHQXWQpYDUQRXGHVNXY\þLVWLW
DE\VH]DEUiQLORKURPDGČQtQHþLVWRWDPDVWQRW\
3RNXG VH W\WR QHþLVWRW\ D PDVWQRWD QD YDUQp
GHVFHSRQHFKDMtMVRXSĜLMHMtPSRXåtYiQt]QRYX
]DKĜtYiQ\ D VSDORYiQ\ ]D Y]QLNX NRXĜH D
QHSĜtMHPQêFK ]iSDFKĤ QHPOXYČ R UL]LNX ãtĜHQt
SRåiUX
.þLãWČQtVSRWĜHELþHQLNG\QHSRXåtYHMWHSiUXDQL
Y\VRNRWODNêSRVWĜLN
1HGRWêNHMWHVHWHSHOQêFK]yQEČKHPSURYR]XD
SRQČMDNRXGREXSRSRXåLWt
-tGORQHSĜLSUDYXMWHQLNG\SĜtPRQD
VNORNHUDPLFNpYDUQpGHVFH
9åG\SRXåtYHMWHRGSRYtGDMtFtQiGREt
1iGREXYåG\XPtVWČWHGRVWĜHGXMHGQRWN\QD
NWHUpYDĜtWH1LFQHSRNOiGHMWHQDRYOiGDFtSDQHO
9DUQRXGHVNXQHSRXåtYHMWHMDNRSUDFRYQt
SORFKX
3RYUFKGHVN\QHSRXåtYHMWHMDNRNUiMHFtSUNpQNR
1DGYDUQRXGHVNRXQHXNOiGHMWHWČåNpSĜHGPČW\
3RNXGE\QDGHVN\VSDGO\PRKO\E\]SĤVRELW
MHMtSRãNR]HQt
1DYDUQRXGHVNXQHRGNOiGHMWHåiGQpSĜHGPČW\
1iGREtSRYDUQpGHVFHQHSRVXQXMWH
1HFKWHPH]LYDUQRXGHVNRXD
]DGQtVWČQRXPH]HUXQHMPpQČ
PPDPH]LYDUQRXGHVNRXD
YHUWLNiOQtP QiE\WNHP QHER
VWČQDPL QD ERþQt VWUDQČ
QHMPpQČPP3RNXGMHQDG
YDUQRX GHVNRX LQVWDORYiQ
QiE\WHNSRåDGRYDQi
PLQLPiOQt Y]GiOHQRVW MH
PP
3ĜLLQVWDODFLRGVDYDþHSDUQDG
YDUQRXGHVNX VH ĜLćWH
SRåDGDYN\ QD LQVWDODFL
RGVDYDþH SDU DOH Y åiGQpP
SĜtSDGČ QHVPt EêW Y]GiOHQRVW
PH]LYDUQRX GHVNRXD
RGVDYDþHPSDUNUDWãtQHå
PP
.Ï'352'8.787
,GHQWLILNDþQtãWtWHNXPtVWČQêSRGVSRGQtPNU\WHPYDUQpGHVN\
8PtVWČQtP]QDþN\&(QDWHQWRVSRWĜHELþMVPHSRWYUGLOLVKRGX
VH YãHPL SĜtVOXãQêPL HYURSVNêPL SRåDGDYN\ QD EH]SHþQRVW
RFKUDQX ]GUDYt D åLYRWQtKR SURVWĜHGt NWHUp VH Y]WDKXMt QD WXWR
NDWHJRULLYêURENĤ
2&+5$1$ä,9271Ë+235267ě('Ë
7HQWR VSRWĜHELþ MH R]QDþHQ Y VRXODGX V HYURSVNRX
VPČUQLFt (8 R OLNYLGDFL HOHNWULFNpKR D
HOHNWURQLFNpKR]DĜt]HQt:(((
:(((REVDKXMH]QHþLãĢXMtFtOiWN\NWHUpPRKRXPtW
QHJDWLYQt GRSDG QD åLYRWQt SURVWĜHGt D ]iNODGQt
VRXþiVWN\NWHUpO]H]QRYXSRXåtW-HQXWQpSURYpVW
VSHFLiOQt ]SUDFRYiQt :((( DE\ VH RGVWUDQLO\ D
VSUiYQČ ]OLNYLGRYDO\ YãHFKQ\ ]QHþLãĢXMtFt OiWN\ D
]tVNDO\D]UHF\NORYDO\YãHFKQ\PDWHULiO\
-HGQRWOLYFLPRKRXKUiWGĤOHåLWRXUROLSĜL]DMLãĢRYiQtWRKRDE\VH
:(((QHVWDODSĜtWČåtSURåLYRWQtSURVWĜHGt-HQH]E\WQpGRGUåRYDW
QČNROLN]iNODGQtFKSUDYLGHO
:(((VHQHVPtOLNYLGRYDWMDNRGRPRYQtRGSDG
:(((VHPXVtSĜHGDWQDSĜtVOXãQpVEČUQpPtVWRSRGVSUiYRX
REFH QHER DXWRUL]RYDQêFK VSROHþQRVWt 9 PQRKD ]HPtFK MH
]DYHGHQRGEČU:(((YGRPiFQRVWHFK
9PQRKD]HPtFKO]HSĜL]DNRXSHQtQRYpKRVSRWĜHELþHYUiWLWVWDUê
VSRWĜHELþSURGHMFLNWHUêMHSRYLQHQMHMRGHEUDWEH]SODWQČNXV]D
NXVSRNXGMHVSRWĜHELþREGREQpKRW\SXDPiVWHMQRXIXQNFLMDNR
GRGDQêVSRWĜHELþ
,QVWDODFH GRPiFtKR VSRWĜHELþH PĤåH EêW NRPSOLNRYDQi RSHUDFH
NWHUi SRNXG QHQt SURYHGHQD VSUiYQČ PĤåH YiåQČ RYOLYQLW
EH]SHþQRVW]ERåtPDMHWNXþLRVRE=WRKRWRGĤYRGXMLPXVtSURYiGČW
RGERUQČNYDOLILNRYDQiRVREDYVRXODGXVWHFKQLFNêPLSĜHGSLV\
9SĜtSDGČåHE\VHWDWRGRSRUXþHQtLJQRURYDODDLQVWDODFLSURYHGOD
QHNYDOLILNRYDQi RVRED YêUREFH RGPtWi YHãNHURX RGSRYČGQRVW ]D
SĜtSDGQpWHFKQLFNpVHOKiQtVSRWĜHELþHEH]RKOHGXQDWR]GDPiQHER
QHPi]DQiVOHGHNSRãNR]HQt]ERåtþLPDMHWNXQHER]UDQČQtRVREþL
]YtĜDW
3R RGVWUDQČQt REDOX VH XMLVWČWH åH VSRWĜHELþ QHQt SRãNR]HQ 9
RSDþQpP SĜtSDGČ VH REUDĢWH QD RGGČOHQt SRSURGHMQtFK VOXåHE
SURGHMFHQHERYêUREFH
8MLVWČWHVHåHQiE\WHNGRNWHUpKRVHVSRWĜHELþLQVWDOXMHDYHãNHUê
SĜLOHKOê QiE\WHN MH Y\UREHQ ] PDWHULiOĤ NWHUp RGROiYDMt Y\VRNêP
WHSORWiPPLQ&
.URPČ WRKR E\ PČO\ EêW YãHFKQ\ GHNRUDWLYQt ODPLQiW\ XSHYQČQ\
SRPRFtWHSHOQČRGROQpKROHSLGOD
6SRWĜHELþ O]H QDLQVWDORYDW GR YHVWDYČQpKR QiE\WNX Y UHåLPX
Ä6WDQGDUG³QHERÄ)OXVK³
PP PP
PP
PP
PP
0LQPP
,QVWDODþQtREYRGY
SĜtSDGČLQVWDODFHÄ)OXVK³
3R]QiPND9QLWĜQtREYRGRYpUR]PČU\MVRXVKRGQpVHVWDQGDUGQt
LQVWDODFt
PPFPKRE
PP
PPFPKRE
+ORXENDRWYRUXPP
,QVWDODþQtREYRGY
SĜtSDGČLQVWDODFHÄ)OXVK³
3UDFRYQtGHVNDPXVtPtWWORXãĢNXPP
6RXVHGtOLVSRGQtþiVWYDUQpGHVN\VREODVWtNWHUiMHEČåQČSĜtVWXSQi
SURPDQLSXODFLQHERþLãWČQtMHQXWQpXPtVWLWSRGVSRGQtþiVWYDUQp
GHVN\RGGČORYDþRWORXãĢFHPP
PLQPP
,167$/$&(
3ĜL LQVWDODFL WURXE\ SRG YDUQRX GHVNX QHO]H RGGČORYDþ SRXåtW D
PLQLPiOQt Y]GiOHQRVW PH]L VSRGQt þiVWt YDUQp GHVN\ D WURXERX
QHVPtEêWNUDWãtQHåPP1HLQVWDOXMWHSRGWXWRYDUQRXGHVNX
WURXEX EH] FKOD]HQt 7URXEX QDLQVWDOXMWH SRGOH MHMtFK YODVWQtFK
SRåDGDYNĤQDLQVWDODFL
PP
PLQ
9â(2%(&1È832=251ċ1Ë
&=
,167$/$&()/86+
3R]NRQWURORYiQtVSUiYQpSRORK\
YDUQpGHVN\Y\SOĖWHPH]HU\PH]L
SUDFRYQtGHVNRXDYDUQRXGHVNRX
VLOLNRQRYêPOHSLGOHP
6LOLNRQRYRX YUVWYX ]DURYQHMWH
ãNUDENRX QHER PRNUêP SUVWHP
QDPRþHQêPGRYRG\ V PêGOHP
QHå]DWYUGQH
9DUQRX GHVNX QHSRXåtYHMWH
GRNXG QHEXGH VLOLNRQRYi YUVWYD
]FHODVXFKi
1RUPiOQtXSHYQČQt
9\MPČWHXSHYĖRYDFtVYRUN\]H
ViþNX V SĜtVOXãHQVWYtP D
]DãURXEXMWH MH GR SRORK\
]REUD]HQp YH VSRGQt VWUDQČ
1HXWDKXMWHãURXE\YH
VYRUNiFK PČO\ E\ VH YROQČ
SRK\ERYDW
8PtVWČWH YDUQRX GHVNX GR
VWĜHGXYêĜH]X
2WiþHMWH VYRUNDPL D ]FHOD MH
XWiKQČWH
5\FKOpXSHYQČQt9]iYLVORVWLQD
PRGHOX
9\MPČWHþW\ĜLSUXåLQ\]HViþNXV
SĜtVOXãHQVWYtPD]DãURXEXMWHMH
GR VSRGQt VWUDQ\ MDN MH
]REUD]HQRQDREUi]NX
=DURYQHMWH D YORåWH
YDUQRXGHVNX
6WODþXMWH VWUDQ\ YDUQp
GHVN\ GRNXG QHEXGH
GHVND SR FHOpP REYRGX
SRGORåHQD
(/(.75,&.e3ě,32-(1Ë
8632ěÈ'È1Ë 8632ěÈ'È1Ë
8632ěÈ'È1Ë 8632ěÈ'È1Ë
9RGČRGROQp WČVQČQt MH
GRGiYiQRVYDUQRX
GHVNRX 1DPRQWXMWH
WČVQČQt QD VSRGQt VWUDQX
GOHSRSLVXDXMLVWČWHVLåH
MH VSUiYQČ XSHYQČQR
DE\VWHVHY\KQXOL~QLNXGR
QRVQpKRQiE\WNX
6SRGQtVWUDQD
&=
8632ěÈ'È1Ë
8632ěÈ'È1Ë
8632ěÈ'È1Ë
8632ěÈ'È1Ë
9]iYLVORVWLQDPRGHOX
=$39<3
ij
ij
ý$629$ý
.RQWURONDSĜtGDYQpYDUQp]yQ\
.RQWURONDSURJUDPRYiQtYDUQp]yQ\
0ĤVWHN
'ČWVNiSRMLVWND
5R]PUD]HQt
9DU
:
: :
:
:
:
:
:
:
:
:
:
8632ěÈ'È1Ë
Ä,QVWDODFH PXVt RGSRYtGDW QRUPiP D VPČUQLFtP³ 9êUREFH
QHRGSRYtGi]DåiGQpãNRG\NWHUpE\O\]SĤVREHQpQHYKRGQêP
QHERQHSĜLPČĜHQêPSRXåLWtP
9$529È1Ë9êUREFHQH]RGSRYtGi]DåiGQpQHKRG\]SĤVREHQpSĜL
SRXåtYiQt VSRWĜHELþH NWHUê QHQt X]HPQČQ QHER QHQt X]HPQČQ
VSUiYQČDQL]DQiVOHGN\WDNRYêFKQHKRG
3ĜHGNDåGRXHOHNWULFNRXRSHUDFt]NRQWUROXMWHQDSiMHFtQDSČWtNWHUpMH
XYHGHQp QD HOHNWURPČUX QDVWDYHQt MLVWLþH NRQWLQXLWX X]HPQČQt
]DĜt]HQtDYKRGQRVWSRMLVWN\
(OHNWULFNp SĜLSRMHQt N ]DĜt]HQt MH QXWQp SURYpVW SRGOH MPHQRYLWpKR
YêNRQXVSRWĜHELþH7RVHSURYHGHSĜHVY\StQDþVRWYRU\
3RNXGMHVSRWĜHELþY\EDYHQ]iVXYNRXPXVtEêWQDLQVWDORYiQWDNDE\
E\OD]iVXYNDSĜtVWXSQi
äOXWê]HOHQêYRGLþQDSiMHFtKRNDEHOXPXVtEêWSĜLSRMHQNX]HPQČQt
QDSiMHFtKR]GURMHDSyOĤ]DĜt]HQt
-DNpNROLGRWD]\WêNDMtFtVHQDSiMHFtKRNDEHOXVPČĜXMWHQDSRSURGHMQt
VHUYLVQHERNYDOLILNRYDQpKRWHFKQLND
3RNXG MH YDUQi GHVND QDSiMHQD QDSiMHFtP NDEHOHP PĤåH EêW
SĜLSRMHQSRX]HNQDSiMHFtPXQDSČWt9PH]LIi]tDVWĜHGHP
9DUQRXGHVNXMHYãDNPRåQpSĜLSRMLWN
7ĜLIi]H9
7ĜLIi]H91
&KFHWHOL SĜHMtW N QRYpKR SĜLSRMHQt SRVWXSXMWH SRGOH QiVOHGXMtFtFK
SRN\QĤ
3ĜHG SĜLSRMHQtP VH XMLVWČWH åH MH ]DĜt]HQt FKUiQČQR YKRGQRX
SRMLVWNRX D åH MH RSDWĜHQR YRGLþL GRVWDWHþQČ YHONpKR SUĤĜH]X SUR
QRUPiOQtQDSiMHQtVSRWĜHELþH
2WRþWHYDUQRXGHVNXVNOHQČQRXVWUDQRXSURWLSUDFRYQtSORãHDGEHMWH
QDRFKUDQXVNOD
RGãURXEXMWHNDEHORYRXVYRUNXij
QDMGČWHGYDMD]êþN\XPtVWČQpSRVWUDQiFK
SRORåWHþHSHOSORFKpKRãURXERYiNXSĜHGNDåGêMD]êþHNij
Dij]DWODþWHDVWLVNQČWH
RGHMPČWHNU\W
8YROQČQtQDSiMHFtKRNDEHOX
9\MPČWHãURXE\NWHUpGUåtVYRUNRYQLFLNWHUiREVDKXMH
]NUDWRYDFtW\þHDYRGLþHQDSiMHFtKRNDEHOX
9\WiKQČWHQDSiMHFtNDEHO
2SHUDFHQH]E\WQpNY\WYRĜHQtQRYpKRSĜLSRMHQt
=YROWHQDSiMHFtNDEHOYVRXODGXVGRSRUXþHQtPLXYHGHQêPL
YWDEXOFH
1DSiMHFtNDEHOSĜHWiKQČWHGRVYRUN\
6ORXSQČWHNRQHFNDåGpKRYRGLþHQDSiMHFtKRNDEHOXQD
GpOFHPPSĜLþHPåSĜLKOpGQHWHNSRåDGRYDQpGpOFHNDEHOX
SURSĜLSRMHQtNHVYRUNRYQLFL
9]iYLVORVWLQD]DĜt]HQtXSHYQČWHSRPRFt]NUDWRYDFtFKW\þt
NWHUpE\VWHPČOLPtW]SUYQtKRNURNXYRGLþSRGOHREUi]NX
8SHYQČWHNU\W
=DãURXEXMWHNDEHORYRXVYRUNX
2WHYĜHWHNU\WYQiVOHGXMtFtPSRĜDGt
3R]QiPND8MLVWČWHVHåHMVRXãURXE\VYRUNRYQLFHWČVQČ
XWDåHQp
2SHUDFHQH]E\WQpNY\WYRĜHQtQRYpKRSĜLSRMHQt
=YROWHQDSiMHFtNDEHOYVRXODGXVGRSRUXþHQtPLXYHGHQêPL
YWDEXOFH
1DSiMHFtNDEHOSĜHWiKQČWHGRVYRUN\
6ORXSQČWHNRQHFNDåGpKRYRGLþHQDSiMHFtKRNDEHOXQD
GpOFHPPSĜLþHPåSĜLKOpGQHWHN
SRåDGRYDQpGpOFHNDEHOXSURSĜLSRMHQt
NHVYRUNRYQLFL
9]iYLVORVWLQD]DĜt]HQtXSHYQČWH
SRPRFt]NUDWRYDFtFKW\þtNWHUpE\VWH
PČOLPtW]SUYQtKRNURNXYRGLþSRGOH
REUi]NX
8SHYQČWHNU\W
=DãURXEXMWHNDEHORYRXVYRUNX
=.5$&29$&Ë
35232-.$
1 6WĜHG 7 =HPQČQt
3K )i]H
832=251ċ1Ë
%XGHOL QXWQp Y\PČQLW QDSiMHFt NDEHO ]DSRMWH GUiW\ SRGOH
QiVOHGXMtFtFKEDUHYNyGĤ
8632ěÈ'È1Ë
8632ěÈ'È1Ë
-('1$)È=(QHER'9ċ)È=(9a
.DEHO
+299)
.DEHO
+299)
.DEHO
+299)
[PP
[PP
[PP
[PP
[PP
[PP
7ě,)È=(9a
7ě,)È=(91a
02'5È
+1ċ'È
ä/872=(/(1é
6WĜHGQt
)i]RYê
=HPQLFt
3ĜLSRMHQtNHVYRUNiPQDVYRUNRYQLFL
-HGQDIi]H9a 'YČIi]H9a
7ĜLIi]H9a 7ĜLIi]H91a
&=
328ä,7Ë
=DSQXWtY\SQXWt]yQ\RKĜHYX
3UR]DSQXWtSORWêQN\SRGUåWHVWLVNQXWpWODþtWNRVSXãWČQtSORWêQN\SR
GREXPV=D]QtGORXKpStSQXWtDY]yQČVHREMHYtKRGQRWDij
7DWRþtVOLFHR]QDþXMH~URYHĖYêNRQX
-HOLQČMDNêVWXSHĖYDĜHQtYSROR]HGLVSOHMVHSRVHNXQGiFK
DXWRPDWLFN\Y\SQHD]D]QtWyQY\SQXWt]yQ\
3RNXGQDGLVSOHMLNWHUêMH]DSQXWêDYãDNYSROR]HVYtWtLQGLNiWRU
]E\WNRYpKRWHSODEXGHEOLNDWij
-HOLDNWLYQtIXQNFH]iPNXQHO]H]yQX]DSQRXW
3URY\SQXWtSORWêQN\SRGUåWHVWLVNQXWRX]yQXNWHUpNROLSORWêQN\SR
GREXV=D]QtWĜLNUiWNiStSQXWtDQDPtVWČþtVOLFHFtORYp]yQ\VH
QHREMHYt QLF QHER VH REMHYt KRGQRWD Ä+³ SRNXG MH QD SORWêQFH
]E\WNRYpWHSOR=yQDEXGHY\SQXWi
-HOLQČMDNêVWXSHĖYDĜHQtYSROR]HGLVSOHMVHSRVHNXQGiFK
DXWRPDWLFN\Y\SQHD]D]QtWyQY\SQXWt]yQ\
3RNXG QD GLVSOHML NWHUê MH Y\SQXWê VYtWt LQGLNiWRU ]E\WNRYpKR
WHSOD]REUD]tVHÄ+³
'23258ý(1Ë2+/('1ċ1È'2%Ë
3529$5128'(6.8
3RXåLWtNYDOLWQtKRQiGREtMHUR]KRGXMtFtSUR]tVNiQtQHMOHSãtKR
YêNRQX]YDUQpGHVN\
9åG\SRXåtYHMWHNYDOLWQtQiGREtVGRNRQDOHSORFKêPDVLOQêP
GQHPSRXåtYiQtWRKRWRW\SXQiGREt]DEUiQtY\WYiĜHQtKRUNêFKPtVW
NWHUp]SĤVREXMtSĜLOQXWtSRWUDYLQ6LOQpNRYRYpKUQFHDSiQYH]DMLVWt
URYQRPČUQpUR]ORåHQtWHSOD
=DMLVWČWHDE\GQRKUQFHQHERSiQYHE\ORVXFKpSRNXGSOQtWH
QiGRE\ WHNXWLQRX QHER SRXåtYiWH WHNXWLQX NWHUi E\OD XORåHQD Y
OHGQLþFHWDNVHSĜHGXPtVWČQtPQiGRE\QDYDUQRXGHVNXXMLVWČWHåH
GQR QiGRE\ MH ]FHOD VXFKp 7R SRPĤåH ]DPH]LW ]QHþLãWČQt YDUQp
GHVN\
3RXåtYHMWHQiGRE\MHKRåSUĤPČUMHGRVWDWHþQČãLURNêQDWR
DE\]FHOD]DNU\ORSRYUFKRYRXMHGQRWNXYHOLNRVWSiQYHE\QHPČOD
EêWPHQãtQHåSORFKDRKĜHYX3RNXGMHRQČFRãLUãtMHWR]iUXNRX
Y\XåLWtHQHUJLHVPD[LPiOQt~þLQQRVWt
92/%$ 1È'2%Ë 1iVOHGXMtFt LQIRUPDFH YiP SRPRKRX Y\EUDW
QiGREtNWHUp]DMLVWtGREUêYêNRQ
1HUH]RYiRFHOYêUD]QČGRSRUXþHQR2E]YOiãWČGREUpVH
VHQGYLþRYêPGQHP6HQGYLþRYpGQRVSRMXMHYêKRG\QHUH]RYpRFHOL
Y]KOHGRGROQRVWDVWDELOLWDVYêKRGDPLKOLQtNXQHERPČGLYHGHQt
WHSODURYQRPČUQpUR]ORåHQtWHSOD
+OLQtN GRSRUXþXMH VH Y\ããt KPRWQRVW 'REUi YRGLYRVW +OLQtNRYp
]E\WN\ QČNG\ Y\SDGDMt MDNR ãNUiEDQFH QD YDUQp GHVFH DOH O]H MH
RGVWUDQLWRNDPåLWêPY\þLãWČQtP
9]KOHGHPNQt]NpPXERGXWDYHQtE\VHQHPČOSRXåtYDWWHQNêKOLQtN
/LWLQDSRXåLWHOQiDOHQHGRSRUXþXMHVH1t]NêYêNRQ0ĤåHSRYUFK
SRãNUiEDW
0ČGČQp GQR NDPHQLQD GRSRUXþXMH VH Y\ããt KPRWQRVW 'REUê
YêNRQDOH PČćPĤåH ]DQHFKDW]E\WN\ NWHUpPRKRXY\SDGDWMDNR
ãNUiEDQFH7\WR]E\WN\O]HRGVWUDQLWSRNXGYDUQRXGHVNXRNDPåLWČ
Y\þLVWtWH1HQHFKiYHMWHYãDNW\WRKUQFHYDĜLWQDVXFKR3ĜHKĜiWêNRY
VHPĤåHNHVNOHQČQêPYDUQêP GHVNiP SĜLOHSLW 3ĜHKĜiWê PČGČQê
KUQHF]DQHFKi]E\WN\NWHUpYDUQRXGHVNXWUYDOHSRVNYUQt
3RUFHOiQVPDOW'REUêYêNRQSRX]HVWHQNêPKODGNêPDSORFKêP
GQHP
6NORNHUDPLND QHGRSRUXþXMH VH 1t]Nê YêNRQ 0ĤåH SRYUFK
SRãNUiEDW
.UiWNêP VWLVNQXWtP WODþtWHN ij D ij ]YêãtWH QHER VQtåtWH YêNRQ
SURVWĜHGQLFWYtPþtVOLFH]YROHQêFK]yQ3
9SĜtSDGČGORXKpKRVWLVNQXWtWODþtWHNQHERVHYêNRQ]Y\ãXMH
QHERVQLåXMHU\FKOH9SĜtSDGČU\FKOpKR]Y\ãRYiQtVHYêNRQ]DVWDYt
QDDY\ããtYêNRQY\åDGXMHGDOãtNUiWNpVWLVNQXWtWODþtWND%ČKHP
U\FKOpKR]Y\ãRYiQtQHERVQLåRYiQtYêNRQXQH]D]QtåiGQê]YXNRYê
VLJQiO
-DNPLOHGRViKQHWH~URYQČYêNRQX3RSČWRYQpVWLVNQXWtWODþtWND
QH]PČQt~URYHĖYêNRQXQD-DNPLOHGRViKQHWH~URYQČYêNRQX
RSČWRYQpVWLVNQXWtWODþtWNDQH]PČQt~URYHĖYêNRQXQD3
3RNXGMH]yQDY\SQXWiV~URYQtYêNRQXSDNYSĜtSDGČåHMH
KRUNiEXGHEOLNDW3RYWHĜLQiFK]PL]tDQDGLVSOHMLVHMLåEH]
EOLNiQtREMHYtStVPHQRÄ+³
7HQWR NURN SURYHGHWH VWLVNQXWtPWODþtWND]iPNX
3RWp NG\NROL VH GRWNQHWH WODþtWNDQDGLVSOHMtFK VH]REUD]tÄ/³
SRGREXVHNXQG2KĜHY]ĤVWDQHEH]H]PČQ\
3ĜHMHWHOL VL GČWVNRX SRMLVWNX GHDNWLYRYDW RSDNXMWH YêãH SRSVDQê
SRVWXS3RWp]D]QtNUiWNpStSQXWtDQDGLVSOHMLVH]REUD]tStVPHQRÄQ³
9DUQiGHVND]ĤVWDQHRGHPNQXWi
3R]QiPND $XWRPDWLFNi GČWVNi SRMLVWND VH ]DSQH PLQXW SR
FHONRYpPY\SQXWtYDUQpGHVN\7DWRIXQNFHVHVSXVWtDXWRPDWLFN\DOH
MHQH]E\WQpMLQHMSUYHQDSURJUDPRYDW9L]ERG8åLYDWHOVNpQDVWDYHQt
=YêãHQtVQtåHQt~URYQČYêNRQX
'ČWVNiSRMLVWND
=yQXO]HY\SQRXWLSRNXGMHDNWLYQtIXQNFH]iPNX
-HOLDNWLYQtSRX]HMHGQDSORWêQNDDWXY\SQHWH]D]QtþW\ĜLNUiWNi
StSQXWtNWHUi]QDþtåHMHFHOiYDUQiGHVNDY\SQXWi
&=
3ĜHMHWHOL VL ]DSQRXW GYRMLWRX UR]ãLĜRYDFt SORWêQNX PXVt MLå EêW
SĜLGUXåHQiKODYQt]yQD]DSQXWiDXYHGHQi~URYHĖYêNRQXPXVtEêW
Y\ããtQHå
=DSQXWtGYRMLWp]yQ\
3UYQtNUiWNpVWLVNQXWtWODþtWNDUR]ãtĜHQt]DSQHUR]ãLĜRYDFtSORWêQNX
3RNXG MH UR]ãLĜRYDFt SORWêQND ]DSQXWi UR]VYtWt VH NRQWUROND QDG
WODþtWNHPUR]ãtĜHQt
'UXKpNUiWNpVWLVNQXWtWODþtWNDUR]ãtĜHQtY\SQHUR]ãLĜRYDFtSORWêQNX
.UiWNpStSQXWtSĜLNDåGpPVWLVNQXWtWODþtWNDUR]ãtĜHQt
=DSQXWtWURMLWp]yQ\
3UYQt NUiWNp VWLVNQXWt WODþtWND UR]ãtĜHQt ]DSQH SUYQt UR]ãLĜRYDFt
SORWêQNX 3RNXG MH ]DSQXWi SUYQt UR]ãLĜRYDFt SORWêQND UR]VYtWt VH
MHGQD NRQWUROND QDG WODþtWNHP UR]ãtĜHQt OHYi NRQWUROND Y SĜtSDGČ
WURMLWp]yQ\SURVWĜHGQtDMHGLQiNRQWURONDYSĜtSDGČGYRMLWp]yQ\
'UXKp NUiWNp VWLVNQXWt WODþtWND UR]ãtĜHQt ]DSQH GUXKRX UR]ãLĜRYDFt
SORWêQNX3RNXGMH]DSQXWiSUYQtLGUXKiUR]ãLĜRYDFtSORWêQNDUR]VYtWt
VHGYČNRQWURON\QDGWODþtWNHPUR]ãtĜHQt
7ĜHWtNUiWNpVWLVNQXWtWODþtWNDUR]ãtĜHQtY\SQHSUYQtLGUXKRXUR]ãLĜRYDFt
SORWêQNX
.UiWNpStSQXWtSĜLNDåGpPVWLVNQXWtWODþtWNDUR]ãtĜHQt
'YRMLWpWURMLWp]yQ\
)XQNFHPĤVWNX
0ĤVWHNO]HDNWLYRYDWSRX]HYSĜtSDGČåHMVRXREČSORWêQN\Y\SQXWp
3R]YROHQtMHGQpSORWêQN\]PĤVWNXDNWLYXMWHIXQNFLPĤVWNXGRW\NHP
WODþtWNDPĤVWNX
%XGHOL]yQDDNWLYRYiQD]D]QtStSQXWtD]DSQHVHNRQWUROND]yQ\
2EČSORWêQN\PĤVWNXEXGRX]YROHQ\VRXþDVQČ
3R]YROHQtSORWêQHNO]H~URYHĖYêNRQXXSUDYLWGOHSRWĜHE\SRPRFt
WODþtWHND
2EDGLVSOHMHSURSRMHQêFKSORWêQHNEXGRXXND]RYDWVWHMQRX~URYHĖ
YêNRQX8NRQþHQtIXQNFH
'RWNQHWHOLVHWODþtWNDPĤVWNXYUHåLPXQDVWDYHQt
=YROtOLXåLYDWHO~URYHĖYêNRQXij
=DEH]SHþHQtSURWLSĜHWHþHQt
1ČFRSĜHGPČWQHERWHNXWLQDWODþtQDMDNpNROLWODþtWNRSRGREXGHOãt
QHå V NUiWNi StSQXWt GORXKp StSQXWt NDåGêFK V SĜL
VRXþDVQpPVWLVNQXWtWODþtWND9DUQiGHVNDVHY\SQH3RGREX
WRKRWRSUREOpPXEXGHWHQWRV\PEROQHXVWiOHEOLNDW
ýDVRYDþ
3URDNWLYDFLþDVRYDþHMHQXWQp]YROLWSORWêQNXDMHMt~URYHĖYêNRQX
PXVtEêWY\ããtQHå
9RERXSĜtSDGHFKMHQXWQp]YROLWSORWêQNXDMHMt~URYHĖYêNRQXPXVt
EêWY\ããtQHå
=YROWH]yQXXQtåVLSĜHMHWHQDVWDYLWþDVRYDþÒURYHĖYêNRQX]yQX
PXVtEêWY\ããtQHå9þDVRYDQp]yQČVHREMHYtVWDWLFNp
$QDPtVWČþtVOLFY\KUD]HQêFKSURþDVRYDþVHREMHYtij
ýDVþDVRYDþHO]HQDVWDYLWSRPRFtWODþtWHNijDij3ĜL]PČQČ
þDVXQH]D]Qt]YXNRYêVLJQiO
6RXþDVQêPVWLVNQXWtPWODþtWHNþDVRYDþHijVHþDVRYDþ]UXãt
SĜHMGHQD
3RNXG WODþtWND þDVRYDþH ij QHER ij ]ĤVWDQRX VWLVNQXWD SR
XUþLWRXGREXGRMGHNU\FKOpPXQDVWDYHQt
3ĜLQDVWDYRYiQtþDVRYDþHO]HSĜHMtW]ijQDijSRPRFtWODþtWND
ijDijQDijSRPRFtWODþtWNDij
0D[LPiOQtGREDMHPLQXW
.G\å þDV Y\SUãt D YDUQi GHVND EXGH StSDW VWLVNQČWH MDNpNROL
WODþtWNRDODUPDRGSRþtWiYiQtVHY\SQRX
ýDVþDVRYDþHO]H]PČQLWLEČKHPRGSRþtWiYiQt
9êNRQ þDVRYDQp ]yQ\ O]H ]PČQLW EH] YOLYX QD SURJUDPRYiQt
þDVRYDþH
3RVOHGQt PLQXWD VH RGSRþtWiYi SR VHNXQGiFK X QČNWHUêFK
PRåQRVWtMHWRYLGLWHOQpSRX]HYSĜtSDGČåH]DGiPHSURJUDPRYiQt
þDVRYDþHEČKHPSRVOHGQtPLQXW\RGSRþWX
6WLVNQXWtWODþtWNDþDVRYDþHEH]]YROHQtNRQNUpWQt]yQ\SRNXG
QHQtþDVRYDQiåiGQi]yQDQHEXGHPtWåiGQê~þLQHN
6WLVNQXWtWODþtWNDþDVRYDþHEH]]YROHQtNRQNUpWQt]yQ\SRNXGMH
RGSRþtWiYiQRQČNROLN]yQ]SĤVREtåHVHSRPRFtþtVOLF]REUD]tþDV\
MHGHQSRGUXKpPVWtPåHVH]REUD]XMHþDVSORWêQN\QDMHMtPåGLVSOHML
MHWHþND
3ĜtSDGQČVHYþDVRYDQp]yQČ]REUD]tYêNRQVDV
=EêYDMtFtþDVVH]REUD]tQDPtVWČþtVOLFY\KUD]HQêFKSURþDVRYDþ-H
OL þDVRYiQR QČNROLN ]yQ ]REUD]t VH QHMNUDWãt ]EêYDMtFt þDV D Y
SĜtVOXãQp]yQČVH]REUD]tWHþND
.RQWUROND]E\WNRYpKRWHSOD
XViODYêFKRKĜtYDþĤ!Y\SRþWHQR
6WHMQpNRQWURON\O]HWDNpSRXåtWSURR]QDPRYiQtÄ]E\WNRYpKRWHSOD³
3URWHQWR~þHOMHQXWQpGHILQRYDWKDUPRQRJUDP'RED]E\WNRYpKR
WHSOD I~URYHĖYêNRQXGREDVSXãWČQt
.G\åMHWHSORWDQDVNOHQČQpPSRYUFKXYDUQpGHVN\Y\ããtQHå&
WHRUHWLFNi KRGQRWD EXGH WR ]REUD]HQR QD SĜtVOXãQpP GLVSOHML
SRPRFtKRGQRW\Ä+³
$E\VHY\JHQHURYDODWHSORWDY\ããtQHå&PXVtEêWWRSQêþOiQHNY
SURYR]XSRXUþLWRXGREXSĜLþHPåWDWRGRED]iYLVtQD~URYQLYêNRQX
-DNPLOH WDWR GRED XSO\QH SR Y\SQXWt WRSQpKR þOiQNX VH ]REUD]t
XSR]RUQČQtQD]E\WNRYpWHSOR
)XQNFHDXWRPDWLFNpKREH]SHþQRVWQtKRY\SQXWt
3RNXG SR SĜHGHP QDVWDYHQRX GREX QHGRMGH NH ]PČQČ ~URYQČ
YêNRQXSĜtVOXãQiSORWêQNDVHDXWRPDWLFN\Y\SQH
0D[LPiOQtGREDSRNWHURXPĤåHSORWêQND]ĤVWDW]DSQXWi]iYLVtQD
]YROHQp~URYQLYDĜHQt
6WXSHĖ
YêNRQX 0D[GRED
VSXãWČQtKRGLQ\
32=1È0.$ 3RNXG GRMGH SĜL SURYR]X V QHMY\ããtPL ~URYQČPL
YêNRQXNSĜHKĜiWtRYOiGiQtYDUQpGHVN\DXWRPDWLFN\]PČQt~URYHĖ
YêNRQXDE\WDNFKUiQLORYDUQRXGHVNXSĜHGSĜHKĜiWtP
ý,â7ċ1Ë$Ò'5ä%$
3ĜHGSURYiGČQtPMDNpNROLY~GUåE\QDYDUQpGHVFHMLQHFKWHQHMSUYH
Y\FKODGQRXW
3RXåtYHMWHSRX]HYêUREN\NUpP\DãNUDEN\NWHUpMVRXVSHFLiOQČ
XUþHQp SUR VNORNHUDPLFNp SRYUFK\ -VRX N GRVWiQt Y SĜtVOXãQêFK
REFKRGHFK
9\KQČWHVHUR]OLWtSURWRåHYãHFRVSDGQHQDSORFKXYDUQpGHVN\VH
U\FKOHVSiOtDþLãWČQtSDNEXGHREWtåQČMãt
'RSRUXþXMHVHXGUåRYDWYGRVWDWHþQpY]GiOHQRVWLRGYDUQpGHVN\
YãHFKQ\OiWN\NWHUpVHPRKRXUR]WDYLWMDNRMVRXQDSĜtNODGSODVWRYp
SĜHGPČW\FXNUQHERYêUREN\QDEi]LFXNUX
Ò'5ä%$
8PtVWČWH QD SRYUFK YDUQp GHVN\ QČNROLN NDSHN VSHFLiOQtKR
þLVWLFtKRSURVWĜHGNX
1HþLVWRW\ RGVWUDĖXMWH SRPRFt PČNNpKR KDGĜtNX QHER PtUQČ
QDYOKþHQpKRNXFK\ĖVNpKRSDStUX
8WtUHMWHPČNNêP KDGĜtNHPQHERVXFKêP NXFK\ĖVNêPSDStUHP
GRNXGSRYUFKQHEXGHþLVWê
9SĜtSDGČåHVHVWiOHY\VN\WXMtRGROQpVNYUQ\
8PtVWČWHQDSRYUFKQČNROLNNDSHNVSHFLiOQtþLVWLFtNDSDOLQ\
2ãNUiEHMWHMHãNUDENRXNWHURXGUåWHNYDUQpGHVFHSRG~KOHP
GRNXGVNYUQ\QH]PL]t
8WtUHMWHPČNNêP KDGĜtNHPQHERVXFKêP NXFK\ĖVNêPSDStUHP
GRNXGSRYUFKQHEXGHþLVWê
9SĜtSDGČSRWĜHE\SRVWXSRSDNXMWH
&=
3R]YROHQtSORWêQN\DNWLYXMWHIXQNFLYDUXWDNWR
=YROWHWODþtWNRYDUX
=D]Qt]YXNRYêVLJQiODQDGLVSOHMLVH]REUD]tÄ3³
3ORWêQNDEXGHVSXãWČQDQDQHMY\ããt~URYHĖYêNRQXSRGREXPLQXW
3RWČFKWRPLQXWiFK]D]Qt]YXNRYêVLJQiODSORWêQNDVHSĜHSQHQD
~URYHĖij
)XQNFHUR]PUD]HQt
3R]YROHQtSORWêQN\DNWLYXMWHIXQNFLUR]PUD]HQtWDNWR
=YROWHWODþtWNRUR]PUD]HQt
=D]Qt ]YXNRYê VLJQiO D QD GLVSOHML VH ]REUD]t Ä8³ 3ORWêQND EXGH
VSXãWČQDQD~URYQLYêNRQXij
3R]YROHQtSORWêQN\VHIXQNFHUR]PUD]HQtXNRQþt
YSĜtSDGČY\SQXWt
SĜHSQXWtPQDMLQRX~URYHĖYêNRQX
)XQNFHYDUX
0D[L
3ĜtSDGQi ]PČQD EDUY\ VNORNHUDPLFNpKR SRYUFKX QHPi
YOLY QD MHKR SURYR] DQL QD VWDELOLWX SRYUFKX 7DNRYp
]EDUYHQtMHYČWãLQRXYêVOHGNHP]E\WNĤVSiOHQêFKSRWUDYLQ
QHER SRXåtYiQt QiGRE\ ] PDWHULiOĤ MDNR MH KOLQtN QHER
PČć7\WRVNYUQ\VHWČåNRRGVWUDĖXMt
1ċ.2/,.32=1È0(.
ýDVWp þLãWČQt ]DQHFKiYi RFKUDQQRX YUVWYX NWHUi MH QH]E\WQi N
RFKUDQČ SĜHG SRãNUiEiQtP D RSRWĜHEHQtP 3ĜHG RSČWRYQêP
SRXåLWtP YDUQp GHVN\ VH XMLVWČWH åH MH SRYUFK þLVWê &KFHWHOL
RGVWUDQLW VNYUQ\ ]SĤVREHQp YRGRX SRXåLMWH QČNROLN NDSHN EtOpKR
RFWD QHER FLWURQRYp ãĢiY\ 3DN XWĜHWH DEVRUSþQtP SDStUHP D
QČNROLNDNDSNDPLVSHFLiOQtþLVWLFtNDSDOLQ\
6NORNHUDPLFNê SRYUFK MH RGROQê YĤþL SRãNUiEiQt RG QiGRE V
SORFKêPGQHPQLFPpQČMHYåG\YKRGQpMHSĜLSĜHVXQX]MHGQp]yQ\
GRGUXKp]YHGQRXW
32=1
1HSRXåtYHMWHSĜtOLãPRNURXKRXEX
1LNG\QHSRXåtYHMWHQĤåDQLãURXERYiN
âNUDENDVåLOHWNRXQHSRãNRGtSRYUFKSRNXGVHSRXåtYiSRG
~KOHP
1LNG\QHQHFKiYHMWHãNUDENXVåLOHWNRXYGRVDKXGČWt
1LNG\QHSRXåtYHMWHDEUD]LYQtSĜtSUDYN\DQLSUDFtSUiãN\
.RYRYpRNUDMHNRYRYpRNUDMHEH]SHþQČY\þLVWtWHSRNXGMH
XP\MHWHPêGOHPDYRGRXRSOiFKQHWHDSRWpRVXãtWHPČNNêP
KDGĜtNHP
ě(â(1Ë352%/e0ģ
9DUQp]yQ\PDMtVODEêYêNRQ
3RXåtYHMWH SRX]H SiQYH V SORFKêP GQHP -HOL PH]L SiQYt D
GHVNRXYLGČWVYČWOR]yQDQHSĜHQiãtVSUiYQČWHSOR
'QRSiQYHE\PČOR]FHODSRNUêWSUĤPČU]YROHQp]yQ\
9DĜHQtMHSĜtOLãSRPDOp
3RXåtYiWHQHYKRGQpQiGRE\3RXåtYHMWHSRX]HQiGRE\VSORFKêP
GQHPNWHUpMHWČåNpDPiSUĤPČUSĜLQHMPHQãtPVWHMQêMDNRYDUQi
]yQD
0DOpãNUiEDQFHQHERRGČUN\QDSRYUFKXVNODYDUQpGHVN\
âSDWQČMLþLVWtWHQHERSRXåtYiWHSiQYHVKUXERXVSRGQtþiVWt0H]L
YDUQRXGHVNXDVSRGQtþiVWSiQYHVHGRVWDO\þiVWLFHMDNRStVHN
QHERVĤO9L]NDSLWRODÄý,â7ċ1˳3ĜHGSRXåLWtPVHXMLVWČWHåH
VSRGQtþiVWSiQYHMHþLVWiDSRXåtYHMWHSRX]HSiQYHVKODGNêP
GQHPâNUiEDQFHO]HVSUiYQêPþLãWČQtPRPH]LW
6WRS\SRNRYX
1HSRVXQXMWHKOLQtNRYpQiGREtSRYDUQpGHVFH9L]GRSRUXþHQtSUR
þLãWČQt
3RXåtYiWHVSUiYQpPDWHULiO\DOHVNYUQ\SĜHWUYiYDMt3RXåtYHMWH
åLOHWNXDSRVWXSXMWHSRGOHNDSLWRO\Äý,â7ċ1˳
7PDYpVNYUQ\
3RXåtYHMWHåLOHWNXDSRVWXSXMWHSRGOHNDSLWRO\Äý,â7ċ1˳
6YČWOpSORãN\QDYDUQpGHVFH
6WRS\ SR KOLQtNRYpP QHER PČGČQpP QiGREt DOH WDNp ]E\WN\
PLQHUiOĤYRG\QHERSRWUDYLQ/]HMHRGVWUDQLWSRPRFtNUpPRYpKR
þLVWLFtKRSURVWĜHGNX
.DUDPHOL]DFHQHERUR]WDYHQêSODVWQDYDUQpGHVFH
9L]NDSLWRODÄý,â7ċ1˳
9DUQiGHVNDQHIXQJXMHQHERQČNWHUp]yQ\QHIXQJXMt
=NUDFRYDFtSURSRMN\QHMVRXVSUiYQČXPtVWČQ\QDVYRUNRYQLFL
8MLVWČWHVHåHMHVSUiYQp]DSRMHQt2YOiGDFtSDQHOMHX]DPþHQ
2GHPNQČWHYDUQRXGHVNX
9DUQiGHVNDQHO]HY\SQRXW
2YOiGDFtSDQHOMHX]DPþHQ2GHPNQČWHYDUQRXGHVNX
)UHNYHQFH]DStQiQtY\StQiQtYDUQêFK]yQ
&\NO\]DStQiQtDY\StQiQt]iYLVtQDSRåDGRYDQp~URYQLWHSOD
Qt]Ni~URYHĖNUiWNiGREDSURYR]X
Y\VRNi~URYHĖGORXKiGREDSURYR]X
9DUQiGHVNDQHIXQJXMH
=NRQWUROXMWH VWDY SRMLVWHNMLVWLþĤ =NRQWUROXMWH ]GD QHGRãOR N
YêSDGNXSURXGX
9DUQiGHVNDVHVDPDY\SQH
'RãOR N QiKRGQpPX GRWHNX KODYQtKR VStQDþH WODþtWNR
]DSQXWtY\SQXWt QHER MH QD QČMDNpP WODþtWNX QČMDNê SĜHGPČW
=QRYX VSRWĜHELþ ]DSQČWH EH] SĜHGPČWX QD WODþtWNiFK =QRYX
]DGHMWHVYpQDVWDYHQt
)DþtVODQDGLVSOHML
3RNXGVHQDGLVSOHMLREMHYt)DþtVODVSRWĜHELþ]MLVWLO]iYDGX9
QiVOHGXMtFtWDEXOFHMVRXXYHGHQ\NURN\NRGVWUDQČQtSUREOpPX
1È6/('1È3eý(
'ĜtYHQHå]DYROiWHVHUYLVQtKRWHFKQLND]NRQWUROXMWH
QiVOHGXMtFt
²]GDMH]iVWUþNDVSUiYQČYORåHQDDRSDWĜHQDSRMLVWNRX
3RNXGQHO]H]MLVWLWYDGXY\SQČWH]DĜt]HQt²QHXSUDYXMWHKR²
]DYROHMWHVHUYLVQtVWĜHGLVNRQiVOHGQpSpþH=DĜt]HQtMHGRGiYiQRV
JDUDQþQtPFHUWLILNiWHPNWHUê]DMLãĢXMHåHEXGHEH]SODWQČRSUDYHQR
YVHUYLVQtPVWĜHGLVNX
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
3RNXGGRãORNFK\EČYDUQRXGHVNXRGSRMWHD]QRYXSĜLSRMWHNQDSiMHQt3RNXGFK\EDSĜHWUYiYi]DYROHMWH
SRSURGHMQtVHUYLV3RNXGVHFK\EDQiKOHREMHYtEČKHPEČåQpKRSURYR]X]DYROHMWHSRSURGHMQtVHUYLV
&K\ED VRIWZDUX GRW\NRYpKR
RYOiGiQt
3RþNHMWHDåWHSORWDSRNOHVQH$åWHSORWDGRViKQHQRUPiOQtKRGQRW\YDUQiGHVNDVHDXWRPDWLFN\YUiWtGR
SĤYRGQtKRVWDYX
=yQD GRW\NRYpKR RYOiGiQt MH
SĜtOLã KRUNi D Y\SQXOD YãHFKQ\
SORWêQN\
3RþNHMWHDåWHSORWDSRNOHVQH3RNXGXSR]RUQČQtSĜHWUYiYiNG\åWHSORWDGRViKQHWHSORW\RNROQtKRSURVWĜHGt
]DYROHMWHSRSURGHMQtVHUYLV
3RþNHMWHDåWHSORWDSRNOHVQH3RNXGXSR]RUQČQtSĜHWUYiYiNG\åWHSORWDGRViKQHWHSORW\RNROQtKRSURVWĜHGt
]DYROHMWHSRSURGHMQtVHUYLV
0ĤåH EêW SRãNR]HQR þLGOR
WHSORW\GRW\NRYpKRRYOiGiQt
3RGtYHMWH VH ]GD MH YDUQi GHVND VSUiYQČ QDLQVWDORYDQi 8MLVWČWH VH åH VH WODþtWND VSUiYQČ GRWêNDMt
VNOHQČQpKRSRYUFKX
1DGPČUQiFLWOLYRVWQD
QČNWHUpPWODþtWNX
7DWRFK\EDMHDXWRPDWLFNRXNRQWURORXWODþtWHN=PL]tNG\åVHDXWRPDWLFNiNRQWURODQDYUiWtQDEH]SHþQRX
KRGQRWX3RNXGFK\EDSĜHWUYiYi]DYROHMWHSRSURGHMQtVHUYLV
&K\EDWODþtWHN
7DWRFK\EDMHDXWRPDWLFNRXNRQWURORXVRIWZDUX=PL]tNG\åVHDXWRPDWLFNiNRQWURODQDYUiWtQDEH]SHþQRX
KRGQRWX3RNXGFK\EDSĜHWUYiYi]DYROHMWHSRSURGHMQtVHUYLV
&K\EDWODþtWHN
7DWRFK\EDMHDXWRPDWLFNRXNRQWURORXVRIWZDUX=PL]tNG\åVHDXWRPDWLFNiNRQWURODQDYUiWtQDEH]SHþQRX
KRGQRWX3RNXGFK\EDSĜHWUYiYi]DYROHMWHSRSURGHMQtVHUYLV
&K\EDWODþtWHN
3UREOpPPĤåHEêWXNWHUpKRNROLUHOpRYpKRþOiQNX2GSRMWHYDUQRXGHVNXRGQDSiMHQtFKYLONXSRþNHMWHD
]QRYXMLSĜLSRMWH3RNXGFK\EDSĜHWUYiYi]DYROHMWHSRSURGHMQtVHUYLV
&K\EDEH]SHþQRVWLUHOp
3RUXFKD .URN
'LVSOHMSORWêQN\
0ĤåHEêWSRãNR]HQRþLGORWHSORW\
GRW\NRYpKRRYOiGiQt
&=
:LUHPSIHKOHQGLHVH$QOHLWXQJIUGLH0RQWDJH
VRZLH]XP VSlWHUHQ1DFKVFKODJHQ
DXI]XEHZDKUHQ 1RWLHUHQ 6LH VLFK YRU GHU
0RQWDJH GHV .RFKIHOGV GLH 6HULHQQXPPHU IU
GHQ)DOOGDVV6LHGLH+LOIHGHV.XQGHQGLHQVWHVLQ
$QVSUXFKQHKPHQPVVHQ
:$5181* :lKUHQG GHV *HEUDXFKV ZHUGHQ
GDV*HUlWXQGGHVVHQ]XJlQJOLFKHQ7HLOHKHL
(V PXVV GDUDXI JHDFKWHW ZHUGHQ GLH
+HL]HOHPHQWHQLFKW]XEHUKUHQ.LQGHUXQWHU
-DKUHQ PVVHQ YRP *HUlW IHUQJHKDOWHQ RGHU
SHUPDQHQWEHDXIVLFKWLJWZHUGHQ
:$5181*9HUZHQGHQ6LHDXVVFKOLHOLFKHLQHQ
.RFKIHOGVFKXW] GHU YRP +HUVWHOOHU GHV
.RFKJHUlWVHQWZLFNHOWZXUGHYRP
*HUlWHKHUVWHOOHULQGHU%HGLHQXQJVDQOHLWXQJDOV
JHHLJQHW JHQDQQW ZLUG RGHU %HVWDQGWHLO GHV
.RFKIHOGVLVW'LH%HQXW]XQJHLQHVXQJHHLJQHWHQ
.RFKIHOGVFKXW]HVNDQQ]X8QIlOOHQIKUHQ
:$5181* 8QEHDXIVLFKWLJWHV .RFKHQ DXI
HLQHP.RFKIHOGPLW)HWWRGHUgONDQQJHIlKUOLFK
VHLQXQG]XHLQHP%UDQGIKUHQ9HUVXFKHQ6LH
1,(0$/6HLQHQ%UDQGPLW:DVVHU]XO|VFKHQ
VRQGHUQVFKDOWHQ6LHGDV*HUlWDXVXQGHUVWLFNHQ
6LHGLH)ODPPHGDQQ]%PLWHLQHP'HFNHORGHU
HLQHU)HXHUO|VFKGHFNH
:$5181* %UDQGJHIDKU /HJHQ 6LH QLHPDOV
*HJHQVWlQGHDXIGHQ.RFKIOlFKHQDE
:$5181*)DOOVGLH2EHUIOlFKH]HUEURFKHQLVW
GUIHQ 6LH GDV *ODV NHLQHVIDOOV DQIDVVHQ
6FKDOWHQ6LHGDV*HUlWDXVXPGLH0|JOLFKNHLW
HLQHV6WURPVFKODJV]XYHUPHLGHQ
'LHVHV*HUlWGDUIYRQ.LQGHUQDE-DKUHQXQG
3HUVRQHQ PLW HLQJHVFKUlQNWHQ N|USHUOLFKHQ
VHQVRULVFKHQ RGHU JHLVWLJHQ )lKLJNHLWHQ RGHU
RKQH (UIDKUXQJ XQG :LVVHQ EHQXW]W ZHUGHQ
ZHQQVLHEHDXIVLFKWLJWZHUGHQRGHU$QZHLVXQJHQ
IUGHQVLFKHUHQ*HEUDXFKGHV*HUlWVHUKDOWHQ
XQGGLHGDPLWYHUEXQGHQHQ*HIDKUHQYHUVWDQGHQ
KDEHQ.LQGHUVROOWHQEHDXIVLFKWLJWZHUGHQXP
VLFKHU]XJHKHQ GDVV VLH QLFKW DP *HUlW
KHUXPVSLHOHQ.LQGHUGUIHQGDV*HUlWQXUXQWHU
%HDXIVLFKWLJXQJUHLQLJHQXQGLQVWDQGKDOWHQ
$&+781*'HU.RFKYRUJDQJPXVVEHDXIVLFKWLJW
ZHUGHQ (LQ NXU]]HLWLJHU .RFKYRUJDQJ PXVV
SHUPDQHQWEHUZDFKWZHUGHQ
(V ZLUG GULQJHQG HPSIRKOHQ .LQGHU YRQ GHQ
.RFK]RQHQIHUQ]XKDOWHQZHQQGLHVHLQ%HWULHE
VLQG RGHU QDFKGHP VLH DXVJHVFKDOWHW ZXUGHQ
VRODQJHGLH5HVWZlUPHDQ]HLJHQRFKDNWLYLVWXP
GLH *HIDKU VFKZHUHU 9HUEUHQQXQJHQ ]X
YHUPHLGHQ
'DV*HUlW LVWQLFKW GDIUYRUJHVHKHQ PLW+LOIH
HLQHUH[WHUQHQ=HLWVFKDOWXKURGHUHLQHUVHSDUDWHQ
)HUQVWHXHUXQJEHWULHEHQ]XZHUGHQ
9HUPHLGHQ6LHHVLQGLH
+DORJHQODPSHQHOHPHQWHGHV.RFKIHOGVVRIHUQ
YRUKDQGHQ]XEOLFNHQ
6FKOLHHQ6LHHLQHQ6WHFNHUDQGDV6WURPNDEHO
DQGHUIUGLHDXIGHP7\SHQVFKLOGDQJHJHEHQHQ
6SDQQXQJV 6WURP XQG %HODVWXQJVZHUWH
JHHLJQHW LVW XQG HLQHQ 6FKXW]NRQWDNW KDW 'LH
6WHFNGRVH PXVV IU GLH DXI GHP 7\SHQVFKLOG
DQJHJHEHQH/DVWJHHLJQHWVHLQXQGEHUHLQHQ
IXQNWLRQVIlKLJHQ 6FKXW]NRQWDNW YHUIJHQ 'HU
6FKXW]OHLWHU KDW GLH )DUEH *HOE*UQ 'LHVH
6,&+(5+(,76+,1:(,6(
'(
$UEHLW GDUI QXU YRQ TXDOLIL]LHUWHP 3HUVRQDO
GXUFKJHIKUW ZHUGHQ )DOOV 6WHFNGRVH XQG
*HUlWHVWHFNHUQLFKWNRPSDWLEHOVLQGZHQGHQ6LH
VLFKDQHLQHQTXDOLIL]LHUWHQ(OHNWULNHUXPHLQHQ
HQWVSUHFKHQGHQ $XVWDXVFK YRU]XQHKPHQ
6WHFNHU XQG 6WHFNGRVH PVVHQ GHQ JHOWHQGHQ
9RUVFKULIWHQGHVMHZHLOLJHQ/DQGHVHQWVSUHFKHQ
'HU $QVFKOXVV DQ GLH 6SDQQXQJVYHUVRUJXQJ
NDQQ DXFK HUIROJHQ LQGHP HLQ DOOSROLJHU
7UHQQVFKDOWHU]ZLVFKHQ*HUlWXQG
6SDQQXQJVTXHOOH LQVWDOOLHUW ZLUG GHU IU GLH
PD[LPDOHDQJHVFKORVVHQH/DVWJHHLJQHWLVWXQG
GHQJHOWHQGHQ9RUVFKULIWHQHQWVSULFKW
'HU JHOEJUQH 6FKXW]OHLWHU GDUI QLFKW YRP
7UHQQVFKDOWHUXQWHUEURFKHQZHUGHQ'LHIUGHQ
$QVFKOXVV YHUZHQGHWH 6WHFNGRVH E]Z GHU
DOOSROLJH 7UHQQVFKDOWHU PXVV OHLFKW HUUHLFKEDU
VHLQZHQQGDV*HUlWLQVWDOOLHUWLVW
'LH 7UHQQXQJ NDQQ GXUFK HLQHQ ]XJlQJOLFKHQ
6WHFNHU RGHU HLQHQ YRUVFKULIWVPlLJ LQ GLH
)HVWYHUGUDKWXQJ HLQJHEXQGHQHQ 6FKDOWHU
HUIROJHQ
(LQ EHVFKlGLJWHV 1HW]NDEHO PXVV GXUFK GHQ
+HUVWHOOHU VHLQHQ :DUWXQJVWHFKQLNHU RGHU
lKQOLFK TXDOLIL]LHUWH 3HUVRQHQ DXVJHWDXVFKW
ZHUGHQ XP P|JOLFKH *HIDKUHQ ]X YHUPHLGHQ
'HU 6FKXW]OHLWHU JHOEJUQ PXVV DXI GHU
.OHPPOHLVWHQVHLWH OlQJHU DOV PP VHLQ 'HU
LQWHUQH /HLWHUDEVFKQLWW PXVV IU GLH DXI GHP
7\SHQVFKLOG DQJHJHEHQH YRP .RFKIHOG
DEVRUELHUWH /HLVWXQJ DXVJHOHJW VHLQ 'DV
6WURPNDEHOPXVVYRP7\S+299)VHLQ
0HWDOOREMHNWH ZLH 0HVVHU *DEHOQ /|IIHO XQG
'HFNHOGUIHQQLFKWDXIGHU.RFKIOlFKHDEJHOHJW
ZHUGHQ6LHN|QQWHQKHLZHUGHQ
$XIGHQ.RFK]RQHQGUIHQZHGHU$OXPLQLXPIROLH
QRFK.XQVWVWRIIVFKDOHQDEJHOHJWZHUGHQ
'DV .RFKIHOG PXVV QDFK MHGHU %HQXW]XQJ
JHUHLQLJWZHUGHQGDPLWVLFKNHLQ 6FKPXW] XQG
)HWW DEODJHUW$QGHUQIDOOV ZHUGHQ VROFKH 5HVWH
EHLGHUQlFKVWHQ%HQXW]XQJHUKLW]WXQGN|QQHQ
YHUEUHQQHQ ZDV ]X 5DXFKHQWZLFNOXQJ XQG
XQDQJHQHKPHQ *HUFKHQ VFKOLPPVWHQIDOOV
VRJDU]XU%UDQGHQWZLFNOXQJIKUHQNDQQ
5HLQLJHQ 6LH GDV *HUlW NHLQHVIDOOV PLW HLQHP
'DPSIRGHU+RFKGUXFNVSUD\
:lKUHQGGHV%HWULHEVVRZLHIUHLQHJHZLVVH=HLW
GDQDFK GUIHQ GLH .RFK]RQHQ QLFKW EHUKUW
ZHUGHQ
/HEHQVPLWWHO GUIHQ NHLQHVIDOOV GLUHNW DXI GHP
*ODVNHUDPLN.RFKIHOGJHJDUWZHUGHQ
%HQXW]HQ6LHVWHWVJHHLJQHWHV.RFKJHVFKLUU
6WHOOHQ6LHGDV.RFKJHIlLPPHULQGLH0LWWHGHV
MHZHLOLJHQ.RFKIHOGV6WHOOHQ6LHQLFKWVDXIGDV
%HGLHQIHOG
%HQXW]HQ 6LH GDV .RFKIHOG QLFKW DOV
$UEHLWVIOlFKH
%HQXW]HQ 6LH GDV .RFKIHOG QLFKW DOV
6FKQHLGXQWHUODJH
/DJHUQ 6LH NHLQH VFKZHUHQ *HJHQVWlQGH EHU
GHP.RFKIHOG%HLP+HUXQWHUIDOOHQN|QQWHQ6LH
GDV.RFKIHOGEHVFKlGLJHQ
%HQXW]HQ 6LH GDV .RFKIHOG QLFKW DOV
$EODJHIOlFKH
6FKLHEHQ6LH.RFKW|SIHQLFKWEHUGDV.RFKIHOG
/DVVHQ6LHPLQGHVWHQVPP
$EVWDQG ]ZLVFKHQ .RFKIHOG
XQG5FNZDQGVRZLH
PLQGHVWHQV PP $EVWDQG
]ZLVFKHQ .RFKIHOG XQG
YHUWLNDOHQ 0|EHOQ RGHU
:lQGHQ DQ GHU /DWHUDOVHLWH
hEHUGHP.RFKIHOG
DQJHEUDFKWH
(LQULFKWXQJVJHJHQVWlQGH
PVVHQ HLQHQ $EVWDQG YRQ
PLQGHVWHQVPPKDEHQ
)DOOVEHUGHP.RFKIHOGHLQH
+DXEHLQVWDOOLHUWZHUGHQVROO
EHDFKWHQ6LHELWWHGLH
HQWVSUHFKHQGHQ
,QVWDOODWLRQVDQIRUGHUXQJHQ,Q
MHGHP)DOOGDUIGHU$EVWDQG
]ZLVFKHQ.RFKIHOGXQG+DXEH
MHGRFKQLFKWJHULQJHUDOV
PPVHLQ
352'8&7&2'(
7\SHQVFKLOGDP*HKlXVHXQWHUWHLOGHV.RFKIHOGVDQJHEUDFKW
$//*(0(,1(:$51+,1:(,6(
0LWGHU9HUZHQGXQJGHV .HQQ]HLFKHQVDXIGLHVHP3URGXNW
EHVWlWLJHQZLUGDVVVlPWOLFKHUHOHYDQWHQ6LFKHUKHLWV*HVXQGKHLWV
XQG8PZHOWYRUVFKULIWHQHLQJHKDOWHQZHUGHQGLHIUGLHVHV3URGXNWLQ
(XURSDJHVHW]OLFKIHVWJHOHJWVLQG
80:(/76&+87=
'LHVHV *HUlW LVW HQWVSUHFKHQG GHU (85LFKWOLQLH
(& IU (OHNWUR XQG (OHNWURQLN$OWJHUlWH
:(((JHNHQQ]HLFKQHW
(OHNWUR XQG (OHNWURQLN$OWJHUlWH HQWKDOWHQ VRZRKO
XPZHOWVFKlGOLFKH6WRIIHGLHQHJDWLYHQ)ROJHQIUGLH
8PZHOW YHUXUVDFKHQ DOV DXFK ZLHGHUYHUZHQGEDUH
*UXQGVWRIIH(VLVWZLFKWLJ(OHNWURXQG(OHNWURQLN
$OWJHUlWH VSH]LILVFKHQ %HKDQGOXQJHQ ]X
XQWHU]LHKHQ XP DOOH 6FKDGVWRIIH ]X HQWIHUQHQ XQG
RUGQXQJVJHPl]XHQWVRUJHQVRZLHDOOH0DWHULDOLHQ]XUHF\FHOQ
-HGHUNDQQGD]XEHLWUDJHQGDVV$OWHOHNWURJHUlWHQLFKW]XHLQHP
8PZHOWSUREOHP ZHUGHQ 'DKHU VROOWHQ XQEHGLQJW HLQLJH
*UXQGUHJHOQEHDFKWHWZHUGHQ
(OHNWUR XQG (OHNWURQLN$OWJHUlWH GUIHQ QLFKW DOV +DXVPOO
HQWVRUJWZHUGHQ
(OHNWURXQG(OHNWURQLN$OWJHUlWHPVVHQGHQHQWVSUHFKHQGHQ
6DPPHOVWHOOHQ GHU *HPHLQGH RGHU GDYRQ UHJLVWULHUWHQ
8QWHUQHKPHQ EHUJHEHQ ,Q YLHOHQ /lQGHUQ NDQQ HV IU JURH
(OHNWURXQG(OHNWURQLN$OWJHUlWHVSH]LHOOH6DPPHOVWHOOHQJHEHQ
,QYLHOHQ/lQGHUQN|QQHQEHLP.DXIHLQHVQHXHQ*HUlWV$OWJHUlWH
DQ+lQGOHUGLH HLQHQNRVWHQORVHQ ]X8PWDXVFKYRUQHKPHQ
PVVHQ]XUFNJHJHEHQZHUGHQ VRODQJHGDV*HUlWGHPVHOEHQ
7\S HQWVSULFKW XQG EHU GLH JOHLFKHQ )XQNWLRQHQ ZLH GDV
EHUHLWJHVWHOOWH*HUlWYHUIJW
'LH 0RQWDJH HLQHV +DXVKDOWVJHUlWV NDQQ HLQ NRPSOH[HU 9RUJDQJ
VHLQGHUEHLXQVDFKJHPlHU$XVIKUXQJHUQVWKDIWH)ROJHQIUGLH
6LFKHUKHLWYRQ*WHUQ6DFKZHUWHQRGHU3HUVRQHQKDEHQNDQQ$XV
GLHVHP*UXQGPXVVGLHVH$UEHLWYRQHLQHUSURIHVVLRQHOOJHVFKXOWHQ
3HUVRQ XQG LQ hEHUHLQVWLPPXQJ PLW GHQ JHOWHQGHQ WHFKQLVFKHQ
9RUVFKULIWHQGXUFKJHIKUWZHUGHQ
6ROOWH GLHVHU +LQZHLV LJQRULHUW XQG GLH 0RQWDJH GXUFK HLQH
XQTXDOLIL]LHUWH 3HUVRQ GXUFKJHIKUW ZHUGHQ OHKQW GHU +HUVWHOOHU
MHJOLFKH+DIWXQJIUGHQWHFKQLVFKEHGLQJWHQ$XVIDOOGHV3URGXNWVDE
XQDEKlQJLJ GDYRQ RE GLHVHU $XVIDOO 6FKlGHQ DQ *WHUQ RGHU
6DFKZHUWHQRGHU9HUOHW]XQJHQYRQ3HUVRQHQRGHU7LHUHQQDFKVLFK
]LHKW
9HUJHZLVVHUQ6LHVLFKQDFKGHP(QWIHUQHQGHU9HUSDFNXQJGDVVGDV
*HUlW XQEHVFKlGLJW LVW$QGHUQIDOOV ZHQGHQ 6LH VLFK ELWWH DQ GHQ
9HUNlXIHURGHUGHQ.XQGHQGLHQVWGHV+HUVWHOOHUV
$FKWHQ6LHGDUDXIGDVVGHU(LQULFKWXQJVJHJHQVWDQGLQGDV.RFKIHOG
HLQJHEDXW ZLUG VRZLH VRQVWLJHV DQJUHQ]HQGHV 0RELOLDU DXV
0DWHULDOLHQ EHVWHKW GDV KRKHQ 7HPSHUDWXUHQ PLQ &
ZLGHUVWHKHQNDQQ
'DUEHU KLQDXV PVVHQ DOOH GHNRUDWLYHQ /DPLQDWH PLW
KLW]HEHVWlQGLJHP.OHEHUEHIHVWLJWVHLQ
'DV *HUlW NDQQ DXI VWDQGDUGPlLJH RGHU EQGLJH $UW HLQJHEDXW
ZHUGHQ
PP PP
PP
PP
PP
0LQPP
)OlFKHQEQGLJH
,QVWDOODWLRQ
+LQZHLV 'HU ,QQHQGXUFKPHVVHU LVW GHUVHOEH ZLH EHL GHU
6WDQGDUGLQVWDOODWLRQ
PPFPKRE
PP
PPFPKRE
6FKOLW]WLHIHPP
)OlFKHQEQGLJH
,QVWDOODWLRQ
'LH$UEHLWVSODWWHVROOWH]ZLVFKHQPPXQGPPGLFNVHLQ
)DOOVGLHXQWHUH)OlFKHGHV.RFKIHOGVDQHLQHQ%HUHLFKJUHQ]WGHU
EHLP+DQWLHUHQRGHU5HLQLJHQQRUPDOHUZHLVH]XJlQJOLFKLVWLVWXQWHU
GHP 8QWHUWHLO GHV .RFKIHOGV HLQH $EWUHQQXQJ YRQ PP
YRU]XVHKHQ
PLQPP
,167$//$7,21
)DOOVXQWHUGHP.RFKIHOGHLQ2IHQLQVWDOOLHUWZLUGGDUIGLH
$EWUHQQXQJQLFKWDQJHEUDFKWZHUGHQXQGGHU0LQGHVWDEVWDQG
]ZLVFKHQGHPXQWHUHQ7HLOGHV.RFKIHOGVXQGGHP2IHQGDUIQLFKW
NOHLQHUDOVPPVHLQ8QWHUGLHVHP.RFKIHOGGDUINHLQ
XQJHNKOWHU2IHQLQVWDOOLHUWZHUGHQ%HLGHU0RQWDJHVLQGGLH
,QVWDOODWLRQVDQIRUGHUXQJHQGHV2IHQV]XEHUFNVLFKWLJHQ
PP
PLQ
'(
)/b&+(1%h1',*( ,167$//$7,211DFKGHP 6LH EHUSUIW
KDEHQGDVVGDV.RFKIHOGNRUUHNW
SRVLWLRQLHUW LVW IOOHQ 6LH GHQ
6SDOW]ZLVFKHQ$UEHLWVSODWWHXQG
.RFKIHOG PLW 6LOLNRQNOHEHU
*OlWWHQ6LHGLH6LOLNRQVFKLFKWPLW
HLQHP 6FKDEHU RGHU HLQHP
)LQJHU XQG HWZDV 6HLIHQODXJH
EHYRUHVDXVKlUWHW
%HQXW]HQ6LHGDV.RFKIHOGHUVW
ZHQQGLH 6LOLNRQVFKLFKW
DXVJHKlUWHWLVW
1RUPDO%HIHVWLJXQJ
1HKPHQ6LHGLH
%HIHVWLJXQJVFOLSVDXVGHP
=XEHK|UEHXWHOXQGVFKUDXEHQ
6LHVLHDQGHUDP8QWHUNDVWHQ
PDUNLHUWHQ3RVLWLRQIHVW
=LHKHQ6LHGLH6FKUDXEHQQXU
VRIHVWDQGDVVVLFKGLH&OLSV
QRFKIUHLEHZHJHQN|QQHQ
6HW]HQ6LHGDV.RFKIHOGLQ
GLH0LWWHGHU$XVVSDUXQJHLQ
'UHKHQ6LHGLH&OLSVXQG
]LHKHQ6LHVLHYROOVWlQGLJIHVW
6FKQHOOEHIHVWLJXQJ-HQDFK
0RGHOO
1HKPHQ6LHYLHU)HGHUQDXVGHP
=XEHK|UEHXWHOXQGVFKUDXEHQ6LH
VLHZLHLQGHU$EELOGXQJJH]HLJWDP
8QWHUNDVWHQIHVW
=HQWULHUHQ6LHGDV.RFKIHOGXQG
VHW]HQ6LHHVHLQ
'UFNHQ6LHDXIGLH6HLWHQ
GHV.RFKIHOGVELVHVDP
JHVDPWHQ8PIDQJDXIOLHJW
(/(.75,6&+(5$16&+/866
$125'181* $125'181*
$125'181* $125'181*
$125'181*
$125'181*
$125'181*
$125'181*
=XP/LHIHUXPIDQJGHV
.RFKIHOGVJHK|UWHLQH
ZDVVHUXQGXUFKOlVVLJH
$EGLFKWXQJ%ULQJHQ6LH
GLH$EGLFKWXQJZLH
EHVFKULHEHQXPGDV
8QWHUWHLOKHUXPDQXQG
DFKWHQ6LHGDUDXIGDVV
VLHNRUUHNWVLW]WGDPLW
NHLQH)OVVLJNHLWHQLQGLH
WUDJHQGHQ0|EHOVWFNHHLQGULQJHQN|QQHQ
8QWHUVHLWH
'(
:
: :
:
:
:
:
:
:
:
:
:
-HQDFK0RGHOO
(,1$86
ij
ij
7,0(5
=XVlW]OLFKH.RFK]RQHQ/('
.RFK]RQHQ3URJUDPPLHUDQ]HLJH
%UFNH
.LQGHUVLFKHUXQJ
6FKPHO]HQ
.RFKHQ
$125'181*
'LH0RQWDJHPXVVGHQJHOWHQGHQ5LFKWOLQLHQHQWVSUHFKHQ³
'HU+HUVWHOOHUOHKQWMHGH9HUDQWZRUWXQJIU6FKlGHQDEGLH
VLFKDXIHLQH XQJHHLJQHWH RGHUXQVDFKJHPlH%HQXW]XQJ
]XUFNIKUHQODVVHQ
:$5181*'HU+HUVWHOOHUKDIWHWQLFKWIU9RUNRPPQLVVHRGHU
GHUHQ)ROJHQGLHP|JOLFKHUZHLVHEHLGHU%HQXW]XQJHLQHV*HUlWV
DXIWUHWHQ GDV QLFKW DQ 0DVVH DQJHVFKORVVHQ LVW RGHU HLQH
IHKOHUKDIWH0DVVHYHUELQGXQJDXIZHLVW
hEHUSUIHQ6LHYRUGHPHOHNWULVFKHQ%HWULHEVWHWVGLHDXIGHP
6WURP]lKOHUDQJHJHEHQH9HUVRUJXQJVVSDQQXQJGLH(LQVWHOOXQJ
GHV 7UHQQVFKDOWHUV GLH 'XUFKJlQJLJNHLW GHU 0DVVHYHUELQGXQJ
]XP*HUlWXQGGLH(LJQXQJGHU6LFKHUXQJ
'HU HOHNWULVFKH$QVFKOXVV GHU ,QVWDOODWLRQ PXVV LQ
hEHUHLQVWLPPXQJPLWGHU1HQQOHLVWXQJGHV*HUlWVHUIROJHQ'LHV
VROOWHEHUHLQHQDOOSROLJHQ7UHQQVFKDOWHUHUIROJHQ
)DOOVGDV*HUlWHLQH6WHFNGRVHKDWPXVVGLHVHVRLQVWDOOLHUWVHLQ
GDVVVLHMHGHU]HLW]XJlQJOLFKLVW
'HUJHOEJUQH/HLWHUGHV1HW]NDEHOVPXVVPLW0DVVHVRZRKODQ
GHU 1HW]VWURPYHUVRUJXQJ DOV DXFK DQ GHQ *HUlWHDQVFKOVVHQ
YHUEXQGHQZHUGHQ
%HL )UDJHQ ]XP 1HW]NDEHO ZHQGHQ VLFK 6LH ELWWH DQ GHQ
.XQGHQGLHQVWRGHUHLQHQTXDOLIL]LHUWHQ7HFKQLNHU
'DV .RFKIHOG KDW HLQ 1HW]NDEHO PLW GHP HV QXU DQ HLQH
6SDQQXQJVYHUVRUJXQJPLW9]ZLVFKHQGHQ3KDVHQRGHU
]ZLVFKHQ3KDVHXQG1XOOOHLWHUDQJHVFKORVVHQZHUGHQNDQQ
'DV.RFKIHOGNDQQDXFKZLHIROJWDQJHVFKORVVHQZHUGHQ
3KDVHQ9
3KDVHQ91
)U GHQ QHXHQ $QVFKOXVV VLQG IROJHQGH $QZHLVXQJHQ ]X
EHDFKWHQ
$FKWHQ6LHYRUGHP+HUVWHOOHQGHV$QVFKOXVVHVGDUDXIGDVVGDV
*HUlW GXUFK HLQH JHHLJQHWH 6LFKHUXQJ JHVFKW]W LVW XQG GLH
$QVFKOXVVOHLWXQJHQ IU HLQH QRUPDOH 9HUVRUJXQJ GHV *HUlWV
DXVJHOHJWVLQG
/HJHQ6LHGDV.RFKIHOGPLWGHU*ODVVHLWHDXIGLH$UEHLWVIOlFKH
$FKWHQ6LHGDUDXIGDVVGDV*ODVJHVFKW]WLVW
6FKUDXEHQ6LHGLH.DEHONOHPPHijORV
,QQHQEHILQGHQVLFK]ZHLVHLWOLFKH/DVFKHQ
6HW]HQ6LHHLQHQ6FKOLW]VFKUDXEHQGUHKHUYRUQDQMHGHU/DVFKH
DQijXQGijXQGGUFNHQ6LH
(QWIHUQHQ6LHGLH$EGHFNXQJ
1HW]NDEHOHQWIHUQHQ
/|VHQ 6LH GLH 6FKUDXEHQ GHV .OHPPHQEORFNV PLW GHQ
$E]ZHLJVSDQJHQXQGGHQ/HLWHUQGHV1HW]NDEHOV
=LHKHQ6LHGDV1HW]NDEHOKHUDXV
(LQHQQHXHQ$QVFKOXVVKHUVWHOOHQ
1HKPHQ 6LH HLQ 1HW]NDEHO GDV GHQ $QJDEHQ LQ GHU 7DEHOOH
HQWVSULFKW
)KUHQ6LHGDV1HW]NDEHOLQGLH.OHPPHHLQ
(QWIHUQHQ 6LH PP GHU ,VROLHUXQJ DQ MHGHP /HLWHUHQGH GHV
1HW]NDEHOVEHUFNVLFKWLJHQ6LHGDEHLGLHHUIRUGHUOLFKH/lQJHGHV
.DEHOVIUGHQ$QVFKOXVVDP.OHPPHQEORFN
±
6FKOLHHQ6LHGLH/HLWHUHQWVSUHFKHQGGHUMHZHLOLJHQ,QVWDOODWLRQ
XQGPLW+LOIHGHU]XYRUEHLVHLWHJHOHJWHQ$E]ZHLJVSDQJHQZLHLQGHU
7DEHOOHJH]HLJWDQ
%ULQJHQ6LHGLH$EGHFNXQJZLHGHUDQ
6FKUDXEHQ6LHGLH.DEHONOHPPHZLHGHUIHVW
+LQZHLV$FKWHQ6LHGDUDXIGDVVGLH6FKUDXEHQGHU.OHPPOHLVWH
IHVWDQJH]RJHQVLQG
gIIQHQ6LHGLH$EGHFNXQJLQGHUQDFKVWHKHQGHQ5HLKHQIROJH
(LQHQQHXHQ$QVFKOXVVKHUVWHOOHQ
1HKPHQ 6LH HLQ 1HW]NDEHO GDV GHQ $QJDEHQ LQ GHU 7DEHOOH
HQWVSULFKW
)KUHQ6LHGDV1HW]NDEHOLQGLH.OHPPHHLQ
(QWIHUQHQ 6LH PP GHU ,VROLHUXQJ DQ MHGHP /HLWHUHQGH GHV
1HW]NDEHOVEHUFNVLFKWLJHQ6LHGDEHLGLHHUIRUGHUOLFKH/lQJHGHV
.DEHOVIUGHQ$QVFKOXVVDP.OHPPHQEORFN
6FKOLHHQ6LHGLH/HLWHUHQWVSUHFKHQG
GHUMHZHLOLJHQ,QVWDOODWLRQXQGPLW+LOIHGHU
]XYRU EHLVHLWHJHOHJWHQ $E]ZHLJVSDQJHQ
ZLHLQGHU7DEHOOHJH]HLJWDQ
%ULQJHQ6LHGLH$EGHFNXQJZLHGHUDQ
6FKUDXEHQ6LHGLH.DEHONOHPPHZLHGHU
IHVW
$%=:(,*
1 1XOOOHLWHU 7 0DVVH
3K 3KDVH
$&+781*
)DOOVGDV1HW]NDEHODXVJHWDXVFKWZHUGHQPXVVVFKOLHHQ6LHGLH
/HLWHUHQWVSUHFKHQGIROJHQGHP)DUEFRGHDQ
$125'181*
$125'181*
(,13+$6,*RGHU=:(,3+$6,*9a
.DEHO
+299)
.DEHO
+299)
.DEHO
+299)
[PP
[PP
[PP
[PP
[PP
[PP
'5(,3+$6,*9a
'5(,3+$6,*91a
%/$8
%5$81
*(/%*5h1
1XOOOHLWHU
6SDQQXQJVIKUHQG
0DVVH
$QVFKOXVVDQGHQ.OHPPHQGHV.OHPPHQEORFNV
3KDVH9a 3KDVHQ9a
3KDVHQ9a 3KDVHQ91a
'(
%(187=81*
.RFK]RQHQHLQDXVVFKDOWHQ
=XP (LQVFKDOWHQ HLQHU .RFK]RQH E H U K U H Q 6 L H G D V
HQWVSUHFKHQGH%HGLHQIHOGIU PVHF (V HUIROJW HLQ ODQJHU
3LHSWRQ XQG LQ GHU .RFK]RQHQDQ]HLJH HUVFKHLQW GHU :HUW ij DOV
+LQZHLVDXIGLH/HLVWXQJVVWXIH
)DOOV HLQH .RFK]RQH LQ GHU 3RVLWLRQ ij YHUEOHLEW VFKDOWHW VLFK
GLHVH$Q]HLJH QDFK 6HNXQGHQDXWRPDWLVFK$86XQG GLH=RQH
$867RQIROJHHUW|QW
)DOOV EHL DXVJHVFKDOWHWHU .RFK]RQH /HLVWXQJVVWXIH ij QRFK
5HVWZlUPHYRUKDQGHQLVWZLUGZHFKVHOQGijZLOODQJH]HLJW
%HL DNWLYLHUWHU 6SHUUIXQNWLRQ NDQQ HLQH .RFK]RQH QLFKW
HLQJHVFKDOWHWZHUGHQ
=XP $866&+$/7(1 HLQHU .RFK]RQH EHUKUHQ 6LH GDV
HQWVSUHFKHQGH%HGLHQIHOGIU6HNXQGHQ'DUDXIKLQVLQGGUHLNXU]H
3LHSW|QH ]X K|UHQ XQG DXI GHU ]XJHK|ULJHQ $Q]HLJH HUVFKHLQW
HQWZHGHUNHLQ:HUWRGHUÄ+³IDOOVQRFK5HVWZlUPHYRUKDQGHQLVW'LH
.RFK]RQHLVWGDPLWDXVJHVFKDOWHW
)DOOV HLQH .RFK]RQH LQ GHU 3RVLWLRQ ij YHUEOHLEW VFKDOWHW VLFK
GLHVH$Q]HLJH QDFK 6HNXQGHQDXWRPDWLVFK$86XQG GLH=RQH
$867RQIROJHHUW|QW
)DOOVEHLDXVJHVFKDOWHWHU.RFK]RQHQRFK5HVWZlUPHYRUKDQGHQ
LVWZLUGÄ+³ZLOODQJH]HLJW
$XFK EHL DNWLYLHUWHU 6SHUUIXQNWLRQ NDQQ HLQH .RFK]RQH
DXVJHVFKDOWHWZHUGHQ
)DOOVQXUHLQH.RFK]RQHDNWLYLVWXQGGLHVHDXVJHVFKDOWHWZLUG
VLQG YLHU NXU]H 3LHSW|QH DOV +LQZHLV GDUDXI ]X K|UHQ GDVV GDV
JHVDPWH.RFKIHOGDXVJHVFKDOWHWLVW
7,336=80.2&+*(6&+,55
9RUDXVVHW]XQJIUHLQHRSWLPDOH1XW]XQJ,KUHV.RFKIHOGVLVW
GLH9HUZHQGXQJKRFKZHUWLJHQ.RFKJHVFKLUUV
%HQXW]HQ6LHVWHWVTXDOLWDWLYJXWHV.RFKJHVFKLUUPLWHLQHP
DEVROXWSODQHQXQGGLFNHQ%RGHQ'LHVH$UWYRQ.RFKJHVFKLUUKDW
NHLQH VR JHQDQQWHQ Ä+RW 6SRWV³ GLH HLQ $QKDIWHQ GHV *DUJXWV
YHUXUVDFKHQ 0HWDOOW|SIH XQG SIDQQHQ PLW HLQHP GLFNHQ %RGHQ
VRUJHQIUHLQHJOHLFKPlLJH+LW]HYHUWHLOXQJ
$FKWHQ6LHGDUDXIGDVVGHU%RGHQGHV7RSIVRGHUGHU3IDQQH
WURFNHQ LVW ZHQQ 6LH .RFKJHVFKLUU PLW )OVVLJNHLW IOOHQ RGHU
.RFKJHVFKLUUEHQXW]HQGDVLP.KOVFKUDQNVWDQGPVVHQ6LHGDUDXI
DFKWHQ GDVV GHU %RGHQ GHV .RFKJHVFKLUUV YROOVWlQGLJ WURFNHQ LVW
EHYRU 6LH HV DXI GDV .RFKIHOG VWHOOHQ 6R YHUPHLGHQ 6LH HLQH
9HUVFKPXW]XQJGHV.RFKIHOGV
%HQXW]HQ 6LH .RFKJHVFKLUU GHVVHQ 'XUFKPHVVHU GHU
MHZHLOLJHQ .RFK]RQH HQWVSULFKW GDV .RFKJHVFKLUU VROOWH QLFKW
NOHLQHUDOVGHU+HL]EHUHLFKVHLQ%HLHLQHPJU|HUHQ'XUFKPHVVHU
ZLUGPHKU(QHUJLHDXIJHZHQGHWXPGHQPD[LPDOHQ:LUNXQJVJUDG]X
HUUHLFKHQ
:$+/ '(6 .2&+*(6&+,556 ± 'LH IROJHQGHQ +LQZHLVH VROOHQ
,KQHQEHLGHU:DKOGHVJHHLJQHWHQ.RFKJHVFKLUUVKHOIHQ
(GHOVWDKOVHKUHPSIHKOHQVZHUW,QVEHVRQGHUHPLWHLQHP6DQGZLFK
%RGHQ 'HU 6DQGZLFK%RGHQ YHUHLQW GLH 9RUWHLOH YRQ (GHOVWDKO
(UVFKHLQXQJVELOG+DOWEDUNHLWXQG6WDELOLWlWPLWGHQHQYRQ$OXPLQLXP
RGHU.XSIHU:lUPHOHLWXQJJOHLFKPlLJH:lUPHYHUWHLOXQJ
$OXPLQLXP KRKHV *HZLFKW HPSIHKOHQVZHUW *XWH /HLWIlKLJNHLW
0LWXQWHUVLQG$OXPLQLXPUFNVWlQGHDOV.UDW]HUDXIGHP.RFKIHOG]X
VHKHQGLHVLFKMHGRFKEHLXPJHKHQGHU5HLQLJXQJHQWIHUQHQODVVHQ
:HJHQ VHLQHV QLHGULJHQ 6FKPHO]SXQNWV VROOWH NHLQ GQQHV
$OXPLQLXP.RFKJHVFKLUUYHUZHQGHWZHUGHQ
*XVVHLVHQ EHQXW]EDU DEHU QLFKW HPSIRKOHQ 6FKOHFKWHV
/HLVWXQJVYHUKDOWHQ.DQQGLH2EHUIOlFKH]HUNUDW]HQ
.XSIHUERGHQ 6WHLQ]HXJ KRKHV *HZLFKWHPSIHKOHQVZHUW *XWHV
/HLVWXQJVYHUKDOWHQZREHL.XSIHU5FNVWlQGHKLQWHUODVVHQNDQQGLH
DOV .UDW]HU HUVFKHLQHQ 'LHVH 5FNVWlQGH ODVVHQ VLFK HQWIHUQHQ
ZHQQ GDV .RFKIHOG XPJHKHQG JHUHLQLJW ZLUG $OOHUGLQJV GDUI EHL
GLHVHQ 7|SIH GLH )OVVLJNHLW QLHPDOV YROOVWlQGLJ YHUGDPSIHQ
hEHUKLW]WHV0HWDOONDQQDP*ODVNHUDPLN.RFKIHOGKDIWHQEOHLEHQ(LQ
EHUKLW]WHU .XSIHUWRSI KLQWHUOlVVW GDXHUKDIWH 5FNVWlQGH DXI GHP
.RFKIHOG
3RU]HOODQ(PDLOOH *XWHV /HLVWXQJVYHUKDOWHQ QXU EHL JODWWHP
IODFKHP%RGHQ
*ODVNHUDPLNQLFKWHPSIHKOHQVZHUW6FKOHFKWHV/HLVWXQJVYHUKDOWHQ
.DQQGLH2EHUIOlFKH]HUNUDW]HQ
'XUFK HLQHQ NXU]HQ 'UXFN DXI GLH 7DVWH ij RGHU ij HUK|KHQ E]Z
YHUULQJHUQ6LHGLH/HLVWXQJVVWXIHGHUJHZlKOWHQ.RFK]RQHVFKULWWZHLVH
3
'XUFK ODQJHV 'UFNHQ DXI ij RGHU ij ZLUG GLH /HLVWXQJVVWXIH
NRQWLQXLHUOLFK HUK|KWYHUULQJHUW %HL UDVFKHU (UK|KXQJ VWRSSW GLH
/HLVWXQJVVWXIHEHLijIUPHKU/HLVWXQJLVWHLQZHLWHUHU'UXFNDXIGLH
7DVWHijHUIRUGHUOLFK%HLHLQHUUDVFKHQ(UK|KXQJ9HUULQJHUXQJLVWNHLQ
3LHSWRQ]XK|UHQ
:HQQ GLH /HLVWXQJVVWXIH Ä3³ HUUHLFKW LVW HUIROJW GXUFK HUQHXWHV
%HWlWLJHQ GHU 7DVWH ij NHLQ :HFKVHO ]XU /HLVWXQJVVWXIH ij
'HVJOHLFKHQHUIROJWEHL(UUHLFKHQGHU/HLVWXQJVVWXIHijGXUFKHUQHXWHV
%HWlWLJHQGHU7DVWHijNHLQ:HFKVHO]XU/HLVWXQJVVWXIHÄ3³
:HQQHLQHHLQJHVFKDOWHWH.RFK]RQHDXI/HLVWXQJVVWXIHijJHVWHOOW
ZLUGXQGQRFKKHLLVWEOLQNWGLH$Q]HLJHijDEZHFKVHOQG1DFK
6HNXQGHQ YHUVFKZLQGHW GLH $Q]HLJH ij XQG HV HUVFKHLQW GHU
%XFKVWDEHÄ+³
:HQQ HLQH .RFK]RQH DXVJHZlKOW LVW XQG GLH7DVWHQ ij XQG ij
JOHLFK]HLWLJEHWlWLJWZHUGHQZHFKVHOWGLH/HLVWXQJVVWXIHDXIijZREHL
GLH.RFK]RQHMHGRFKIUZHLWHUH6HNXQGHQDXVJHZlKOWEOHLEW)DOOV
GLH .RFK]RQH ]HLWJHVFKDOWHW ZDU JHKW GHU 7LPHU DXV -H QDFK
.RQILJXUDWLRQ GHU %HUKUXQJVVWHXHUXQJ LVW GLHVHU 9RUJDQJ QXU LQ
EHVWLPPWHQ)lOOHQP|JOLFK'LHIROJHQGHQ%HLVSLHOHGLHQHQOHGLJOLFK
]XU,QIRUPDWLRQ1XW]HQ6LHGDQQ,KUHSHUV|QOLFKH(UIDKUXQJXPGLHVH
(LQVWHOOXQJHQDQ,KUH.RFKJHZRKQKHLWHQXQGYRUOLHEHQDQ]XSDVVHQ
'LHVH )XQNWLRQ ZLUG DNWLYLHUW ZHQQ PDQ GLH 6SHUUWDVWH
GUFNW
: L U G G D U D X I K L Q H L Q H EHOLHELJH 7DVWH JHGUFNW ]HLJW GLH
$Q]HLJH]ZHL6HNXQGHQODQJGHQ%XFKVWDEHQÄ/³ZREHLGLHMHZHLOLJH
/HLVWXQJVVWXIHEHVWHKHQEOHLEW
8PGLH.LQGHUVLFKHUXQJZLHGHUDXV]XVFKDOWHQIKUHQ6LHGHQVHOEHQ
9RUJDQJHUQHXWDXV'DUDXIKLQLVWHLQNXU]HU3LHSWRQ]XK|UHQXQGGLH
$Q]HLJH]HLJWGHQ%XFKVWDEHQÄQ³'DV.RFKIHOGEOHLEWHQWVSHUUW
+LQZHLV0LQXWHQQDFKGHPGDV.RFKIHOGNRPSOHWWDXVJHVFKDOWHW
ZXUGH ZLUG HLQH DXWRPDWLVFKH .LQGHUVLFKHUXQJ DNWLYLHUW 'LHVH
)XQNWLRQ ZLUG ]ZDU DXWRPDWLVFK DNWLYLHUW PXVV MHGRFK ]XYRU
SURJUDPPLHUWZHUGHQ6LHKHÄ%HQXW]HUHLQVWHOOXQJHQ³
/HLVWXQJVVWXIHHUK|KHQYHUULQJHUQ
.LQGHUVLFKHUXQJ
'(
8P GHQ (UZHLWHUXQJVULQJ HLQ]XVFKDOWHQ PXVV GLH ]XJHK|ULJH
+DXSW]RQHEHUHLWVHLQJHVFKDOWHWVHLQXQGHLQHK|KHUH/HLVWXQJVVWXIH
DOVijDQJH]HLJWZHUGHQ
'RSSHO]RQHHLQVFKDOWHQ
(LQNXU]HU'UXFNDXIGLH(UZHLWHUXQJVWDVWHVFKDOWHWGLH]XVlW]OLFKH
.RFK]RQHHLQ'LH/('EHUGHU(UZHLWHUXQJVWDVWHOHXFKWHWZHQQGHU
(UZHLWHUXQJVULQJHLQJHVFKDOWHWLVW
(LQ NXU]HU 'UXFN DXI GLH (UZHLWHUXQJVULQJWDVWH VFKDOWHW GLH
]XVlW]OLFKH.RFK]RQHZLHGHUDXV
%HLMHGHU%HWlWLJXQJDXIGLH(UZHLWHUXQJVWDVWHLVWHLQ3LHSWRQ]X
K|UHQ
'UHLIDFK]RQHHLQVFKDOWHQ
(LQ NXU]HU 'UXFN DXI GLH (UZHLWHUXQJVWDVWH VFKDOWHW GLH HUVWH
]XVlW]OLFKH .RFK]RQH HLQ :HQQ GHU HUVWH (UZHLWHUXQJVULQJ
HLQJHVFKDOWHWLVWOHXFKWHW/('EHUGHU(UZHLWHUXQJVWDVWHEHLHLQHU
'UHLIDFK]RQHGLHOLQNH/('EHLHLQHU'RSSHO]RQHQXUGLHPLWWOHUH/('
(LQNXU]HU'UXFNDXIGLH(UZHLWHUXQJVULQJWDVWHVFKDOWHWGLH]ZHLWH
]XVlW]OLFKH .RFK]RQH HLQ :HQQ GHU HUVWH XQG GHU ]ZHLWH
(UZHLWHUXQJVULQJ HLQJHVFKDOWHW VLQG OHXFKWHQ /('V EHU GHU
(UZHLWHUXQJVWDVWH
(LQNXU]HU'UXFNDXIGLH(UZHLWHUXQJVULQJWDVWHVFKDOWHWGHQHUVWHQ
XQGGHQ]ZHLWHQ(UZHLWHUXQJVULQJZLHGHUDXV
%HLMHGHU%HWlWLJXQJDXIGLH(UZHLWHUXQJVWDVWHLVWHLQ3LHSWRQ]XK|UHQ
'RSSHO'UHLIDFK]RQHQ
%UFNHQIXQNWLRQ
'LH %UFNH NDQQ QXU DNWLYLHUW ZHUGHQ ZHQQ EHLGH .RFK]RQHQ
DXVJHVFKDOWHWVLQG1DFKGHPHLQH.RFK]RQHGHU%UFNHDXVJHZlKOW
ZXUGHNDQQGXUFK%HWlWLJHQGHU%UFNHQWDVWHGLH%UFNHQIXQNWLRQ
DNWLYLHUWZHUGHQ
:HQQ GLH .RFK]RQH DNWLYLHUW LVW HUW|QW HLQ 3LHSWRQ XQG GLH
.RFK]RQHQ/('ZLUGHLQJHVFKDOWHW
%HLGH%UFNHQNRFK]RQHQZHUGHQJOHLFK]HLWLJDXVJHZlKOW
1DFK$XVZDKO GHU .RFK]RQHQ NDQQ PLW GHU 7DVWH ij E]Z ij GLH
JHZQVFKWH/HLVWXQJVVWXIHHLQJHVWHOOWZHUGHQ
)U EHLGH %UFNHQNRFK]RQHQ ZLUG GLHVHOEH /HLVWXQJVVWXIH
DQJH]HLJW'LH)XQNWLRQZLUGEHHQGHW
ZHQQGLH%UFNHQWDVWHLP(LQVWHOOPRGXVEHWlWLJWZLUG
ZHQQGLH/HLVWXQJVVWXIHijJHZlKOWZLUG
hEHUKLW]XQJVVFKXW]
(WZDVHLQ*HJHQVWDQGRGHU)OVVLJNHLWÄEHWlWLJW³HLQH7DVWHOlQJHU
DOVIQI6HNXQGHQ$OOH6HNXQGHQVLQG]ZHLNXU]H3LHSW|QHXQGHLQ
ODQJHU3LHSWRQ]XK|UHQ'DV.RFKIHOGZLUGDXVJHVFKDOWHW
6RODQJHGLH6LWXDWLRQDQKlOWEOLQNWGLHVHV6\PERO
7LPHU
8PGHQ7LPHUHLQ]XVFKDOWHQPXVVHLQH.RFK]RQHDXVJHZlKOWXQG
GLH/HLVWXQJVVWXIHJU|HUDOVÄijVHLQ´
:lKOHQ6LHGLHJHZQVFKWH.RFK]RQH'LH/HLVWXQJVVWXIHPXVV
JU|HUDOVijVHLQ)UGLHJHZlKOWH.RFK]RQHZLUGDQJH]HLJW
'LH)HOGHUijVLQGIUGHQ7LPHUUHVHUYLHUW
0LWGHU7DVWHijRGHUijVWHOOHQ6LHGLHJHZQVFKWH=HLWHLQ%HL
(LQVWHOOXQJVlQGHUXQJHQLVWNHLQ3LHSWRQ]XK|UHQ
'XUFKJOHLFK]HLWLJHV %HWlWLJHQGHU7DVWHQij XQGij ZLUGGHU
7LPHUVWRUQLHUWJHKW]Xij
=XU 6FKQHOOHLQVWHOOXQJ GHV 7LPHUV ZLUG GLH 7DVWH ij RGHU ij
JHGUFNWJHKDOWHQ
%HLP(LQVWHOOHQGHV7LPHUVN|QQHQ6LHPLWGHU7DVWHijYRQij
]XijXQGPLWGHU7DVWHijYRQij]XijZHFKVHOQ
'LHPD[LPDOH7LPHUHLQVWHOOXQJEHWUlJW0LQXWHQ
:HQQGLH=HLWDEJHODXIHQLVWXQGGDV.RFKIHOGSLHSWGUFNHQ6LH
HLQH EHOLHELJH 7DVWH XP GHQ $ODUP XQG GLH 7LPHUIXQNWLRQ ]X
GHDNWLYLHUHQ
(V LVW P|JOLFK HLQH EHUHLWV YRUJHQRPPHQH 7LPHUHLQVWHOOXQJ
VSlWHUQRFK]XlQGHUQ
'LH /HLVWXQJVVWXIH GHU JHZlKOWHQ .RFK]RQH NDQQ YHUlQGHUW
ZHUGHQRKQHGDVVVLFKGLHVDXIGLH7LPHUSURJUDPPLHUXQJDXVZLUNW
'LHOHW]WH0LQXWHZLUGLQ6HNXQGHQDQJH]HLJW9DULDQWHQVLQGQXU
]X VHKHQ ZHQQ GLH 7LPHUSURJUDPPLHUXQJ ZlKUHQG GHU OHW]WHQ
0LQXWHGHV&RXQWGRZQDXIJHUXIHQZLUG
:LUG GLH 7LPHUWDVWH JHGUFNW ZHQQ NHLQH .RFK]RQH
DXVJHZlKOWZXUGHXQGNHLQH.RFK]RQHSURJUDPPLHUWLVWJHVFKLHKW
QLFKWV
:LUG GLH 7LPHUWDVWH JHGUFNW ZHQQ NHLQH .RFK]RQH
DXVJHZlKOWLVWXQGPHKUHUH.RFK]RQHQSURJUDPPLHUWVLQGlQGHUW
VLFKGLH=HLWDQ]HLJHGHU5HLKHQDFKXQGHVZLUGGLH=HLWDQJH]HLJW
EHLGHUHQ/HLVWXQJVVWXIHGHU'H]LPDOSXQNWHLQJHVFKDOWHWLVW
$OWHUQDWLY ZLUG GLH /HLVWXQJVVWXIH V XQG V LQ GHU
SURJUDPPLHUWHQ.RFK]RQHDQJH]HLJW
'LHYHUEOHLEHQGH=HLWZLUGLQGHQIUGHQ7LPHUUHVHUYLHUWHQ)HOGHUQ
DQJH]HLJW:HQQ PHKUHUH.RFK]RQHQ SURJUDPPLHUW VLQGZLUGGLH
NU]HVWHYHUEOHLEHQGH=HLWDQJH]HLJWZREHLGHU'H]LPDOSXQNWLQGHU
HQWVSUHFKHQGHQ.RFK]RQHDQJH]HLJWZLUG
5HVWZlUPHDQ]HLJH
'LHVHOEHQ $Q]HLJHQ N|QQHQ DXFK DOV 5HVWZlUPHDQ]HLJH EHQXW]W
ZHUGHQ 'LHVEH]JOLFK PXVV HLQH =HLWWDEHOOH GHILQLHUW ZHUGHQ
5HVWZlUPHGDXHU I/HLVWXQJVVWXIH%HWULHEVGDXHU
:HQQ GLH 7HPSHUDWXU DXI GHU *ODVREHUIOlFKH K|KHU DOV &
WKHRUHWLVFKHU:HUWLVWZLUGGLHVHU=XVWDQGLP]XJHK|ULJHQ'LVSOD\
GXUFKHLQÄ+³DQJH]HLJW
'DPLWGLH7HPSHUDWXUPHKUDOV &HUUHLFKWPXVVHLQ+HL]HOHPHQW
HLQH JHZLVVH =HLW ODQJ LQ %HWULHE JHZHVHQ VHLQ 'LHV LVW YRQ GHU
/HLVWXQJVVWXIHDEKlQJLJ1DFKGHPGLHVH=HLWDEJHODXIHQLVWZLUGGLH
5HVWZlUPHZDUQXQJDQJH]HLJWZHQQGDV+HL]HOHPHQWDXVJHVFKDOWHW
ZLUG
$XWRPDWLVFKH6LFKHUKHLWVDEVFKDOWXQJ
:HQQ VLFK GLH /HLVWXQJVVWXIH IU HLQH YRUJHJHEHQH 'DXHU QLFKW
lQGHUWZLUGGLHHQWVSUHFKHQGH.RFK]RQHDXWRPDWLVFKDEJHVFKDOWHW
'LHPD[LPDOH'DXHUIUGLHHLQH.RFK]RQHHLQJHVFKDOWHWVHLQNDQQ
KlQJWYRQGHUJHZlKOWHQ/HLVWXQJVVWXIHDE
/LYHOOR
GLSRWHQ]D 7HPSRPDVVLPR
GLDWWLYD]LRQHRUH
+,1:(,6 6ROOWH HV ZlKUHQG GHV %HWULHEV PLW GHU K|FKVWHQ
/HLVWXQJVVWXIH ]X HLQHU hEHUKLW]XQJVVLWXDWLRQ NRPPHQ ZLUG GLH
/HLVWXQJVVWXIHYRQ GHU.RFKIHOGVWHXHUXQJDXWRPDWLVFKDQJHSDVVW
XPGDV.RFKIHOGYRUHLQHUhEHUKLW]XQJ]XVFKW]HQ
5(,1,*81*81':$5781*
/DVVHQ 6LH GDV .RFKIHOG DENKOHQ EHYRU 6LH LUJHQGZHOFKH
0DQDKPHQWUHIIHQ
9HUZHQGHQ 6LH DXVVFKOLHOLFK 3URGXNWH 5HLQLJXQJVPLWWHO XQG
6FKDEHU GLH VSH]LHOO IU *ODVNHUDPLNIOlFKHQ YRUJHVHKHQ VLQG
6ROFKH3URGXNWHILQGHQ6LHLP)DFKKDQGHO
9HUPHLGHQ6LH9HUVFKWWXQJHQZHLODOOHVZDVDXIGLH2EHUIOlFKH
GHV.RFKIHOGVJHUlWUDVFKHLQEUHQQWXQGGDV5HLQLJHQHUVFKZHUW
'DKHUVROOWHQDOOH0DWHULDOLHQYRP.RFKIHOGIHUQJHKDOWHQZHUGHQ
GLHVFKPHO]HQN|QQWHQZLHEHLVSLHOVZHLVH.XQVWVWRIIH=XFNHURGHU
]XFNHUEDVLHUWH3URGXNWH
,167$1'+$/781*
*HEHQ6LHHLQLJH7URSIHQHLQHUVSH]LHOOHQ5HLQLJXQJVIOVVLJNHLW
DXIGLH.RFKIHOGREHUIOlFKH
(QWIHUQHQ 6LH 5FNVWlQGH PLW HLQHP ZHLFKHQ 7XFK RGHU
DQJHIHXFKWHWHP.FKHQSDSLHU
:LVFKHQ6LHPLWHLQHPWURFNHQHQ7XFKRGHU.FKHQSDSLHUQDFK
ELVGLH2EHUIOlFKHVDXEHULVW
)DOOVLPPHUQRFK5FNVWlQGHYRUKDQGHQVLQG
*HEHQ6LHHWZDVYRQGHUVSH]LHOOHQ5HLQLJXQJVIOVVLJNHLWDXIGLH
.RFKIHOGREHUIOlFKH
)DKUHQ6LHPLWHLQHQ.RFKIHOGVFKDEHULP:LQNHOYRQEHUGDV
.RFKIHOGELVGLH5FNVWlQGHYHUVFKZXQGHQVLQG
:LVFKHQ6LHPLWHLQHPWURFNHQHQ7XFKRGHU.FKHQSDSLHUQDFK
ELVGLH2EHUIOlFKHVDXEHULVW
:LHGHUKROHQ6LHGHQ9RUJDQJEHL%HGDUI
'(
6FKPHO]IXQNWLRQ
6R DNWLYLHUHQ 6LH QDFK $XVZDKO GHU .RFK]RQH GLH 6FKP
HO]IXQNWLRQ
%HWlWLJHQ6LHGLH6FKPHO]WDVWH
(VHUW|QWHLQ3LHSWRQXQGGLH.RFK]RQH]HLJWÄ8³'LH.RFK]RQH
DUEHLWHWPLW/HLVWXQJVVWXIHij
'LH.RFK]RQHLVWDXVJHZlKOW'LH6FKPHO]IXQNWLRQZLUGEHHQGHW
ZHQQ6LHDXVJHVFKDOWHWZLUG
ZHQQHLQHDQGHUH/HLVWXQJVVWXIHJHZlKOWZLUG
.RFKIXQNWLRQ
6RDNWLYLHUHQ6LHQDFK$XVZDKOGHU.RFK]RQHGLH.RFKIXQNWLRQ
%HWlWLJHQ6LHGLH.RFKWDVWH
(VHUW|QWHLQ3LHSWRQXQGGLH.RFKIHOGDQ]HLJH]HLJWÄ3³
'LH .RFK]RQH DUEHLWHW QXQ 0LQXWHQ ODQJ DXI GHU PD[LPDOHQ
/HLVWXQJVVWXIH1DFK$EODXIGLHVHU0LQXWHQHUW|QWHLQ3LHSWRQXQG
GLH.RFK]RQHJHKW]XUFNDXI/HLVWXQJVVWXIHij
0D[L
)DUEYHUlQGHUXQJHQ GHU *ODVNHUDPLNREHUIOlFKH KDEHQ
NHLQHUOHL$XVZLUNXQJDXIGHUHQ)XQNWLRQRGHU6WDELOLWlW
'HUDUWLJH 9HUIlUEXQJHQ VLQG LQ GHU 5HJHO DXI
DQJHEUDQQWH /HEHQVPLWWHOUHVWH RGHU GLH 9HUZHQGXQJ
YRQ.RFKJHVFKLUU]XUFN]XIKUHQGDVDXV0DWHULDOLHQ
ZLH$OXPLQLXPRGHU.XSIHUEHVWHKW'LHVH5FNVWlQGH
VLQGVFKZHUZLHGHU]XHQWIHUQHQ
(,1,*(7,336
+lXILJHV5HLQLJHQKLQWHUOlVVWHLQH6FKXW]VFKLFKWGLHZHVHQWOLFKLVW
XP.UDW]HUXQG9HUVFKOHLVSXUHQ]XYHUKLQGHUQ$FKWHQ6LHGDUDXI
GDVV GLH 2EHUIOlFKH VDXEHU LVW EHYRU 6LH GDV .RFKIHOG ZLHGHU
EHQXW]HQ :DVVHUVSXUHQ HQWIHUQHQ 6LH PLW HLQ SDDU 7URSIHQ
+DXVKDOWVHVVLJ RGHU =LWURQHQVDIW :LVFKHQ 6LH DQVFKOLHHQG PLW
HLQHP VDXJIlKLJHQ 3DSLHUWXFK XQG HLQLJHQ 7URSIHQ VSH]LHOOHU
5HLQLJXQJVIOVVLJNHLWQDFK
'LH *ODVNHUDPLNREHUIOlFKH KlOW HEHQE|GLJHP .RFKJHVFKLUU ]ZDU
VWDQGGHQQRFKVROOWH.RFKJHVFKLUUVWHWVDQJHKREHQZHUGHQXPHV
DXIHLQHDQGHUHQ.RFK]RQH]XVWHOOHQ
+LQZHLV
%HQXW]HQ6LHNHLQHQ]XQDVVHQ6FKZDPP
%HQXW]HQ6LHQLHPDOVHLQ0HVVHURGHUHLQHQ6FKUDXEHQGUHKHU
(LQ6FKDEHUPLWHLQHU5DVLHUNOLQJHYHUXUVDFKWNHLQH6FKlGHQDXI
GHU 2EHUIOlFKH VRODQJH HU LQ HLQHP :LQNHO YRQ JHKDOWHQ
ZLUG
+DOWHQ 6LH .RFKIHOGVFKDEHU LPPHU DXHUKDOE GHU 5HLFKZHLWH
YRQ.LQGHUQ
%HQXW]HQ6LHQLHPDOVDEUDVLYH3URGXNWHRGHU6FKHXHUSXOYHU
'LH 0HWDOOHLQIDVVXQJ 5HLQLJHQ 6LH GLH 0HWDOOHLQIDVVXQJ PLW
+DXVKDOWVUHLQLJHUXQG:DVVHUXQGZLVFKHQ6LHVLHGDQQPLWHLQHP
ZHLFKHQ7XFKWURFNHQ
352%/(0%(+(%81*
'LH.RFK]RQHQZHUGHQQLFKWRGHUQXUPlLJKHL
%HQXW]HQ 6LH DXVVFKOLHOLFK HEHQE|GLJHV .RFKJHVFKLUU :HQQ
]ZLVFKHQ.RFKJHVFKLUUXQG.RFK]RQH/LFKW]XVHKHQLVWILQGHWNHLQH
NRUUHNWH+LW]HEHUWUDJXQJVWDWW
'DV .RFKJHVFKLUU VROOWH GHQVHOEHQ 'XUFKPHVVHU ZLH GLH EHQXW]WH
.RFK]RQHKDEHQ
'HU*DUYRUJDQJGDXHUW]XODQJH
(V ZXUGH XQJHHLJQHWHV .RFKJHVFKLUU EHQXW]W 9HUZHQGHQ 6LH QXU
HEHQE|GLJHV VFKZHUHV .RFKJHVFKLUU PLW PLQGHVWHQV GHPVHOEHQ
'XUFKPHVVHUZLHGLH.RFK]RQH
.OHLQH.UDW]HURGHU$EQXW]XQJDXIGHU*ODVIOlFKHGHV.RFKIHOGV
8QVDFKJHPlH 5HLQLJXQJ RGHU %HQXW]XQJ YRQ .RFKJHVFKLUU PLW
UDXHP %RGHQ 3DUWLNHO 6DQG 6DO] XVZ ]ZLVFKHQ .RFKIHOG XQG
%RGHQGHV.RFKJHVFKLUUV6LHKH$EVFKQLWWÄ5(,1,*81*³$FKWHQ6LH
YRUGHU%HQXW]XQJGDUDXIGDVVGHU%RGHQGHV.RFKJHVFKLUUVVDXEHU
LVW XQG EHQXW]HQ 6LH QXU .RFKJHVFKLUU PLW HLQHP JODWWHQ SODQHQ
%RGHQ 'XUFK RUGQXQJVJHPlH 5HLQLJXQJ ODVVHQ VLFK .UDW]HU
YHUPHLGHQ
0HWDOOVSXUHQ
6FKLHEHQ6LH$OXPLQLXPNRFKW|SIHQLFKWEHUGDV.RFKIHOG%HDFKWHQ
6LHGLH5HLQLJXQJVKLQZHLVH
9HUZHQGHQ6LHJHHLJQHWH0DWHULDOLHQ6ROOWHQ5FNVWlQGHEOHLEHQ
EHQXW]HQ 6LH HLQHQ VSH]LHOOHQ .RFKIHOGVFKDEHU %HIROJHQ 6LH GLH
+LQZHLVHXQWHUÄ5(,1,*81*³
'XQNOH5FNVWlQGH
%HQXW]HQ6LHHLQHQVSH]LHOOHQ.RFKIHOGVFKDEHUXQGEHIROJHQ6LHGLH
+LQZHLVHXQWHUÄ5(,1,*81*³
+HOOH)OlFKHQDXIGHP.RFKIHOG
6SXUHQ YRQ $OXPLQLXP RGHU .XSIHUNRFKJHVFKLUU VRZLH 0LQHUDO
:DVVHU RGHU /HEHQVPLWWHOUFNVWlQGH N|QQHQ PLW HLQHP
.RFKIHOGUHLQLJHUHQWIHUQWZHUGHQ
.DUDPHOLVDWLRQ RGHU JHVFKPRO]HQHU .XQVWVWRII DXI GHP
.RFKIHOG
%HIROJHQ6LHGLH+LQZHLVHXQWHUÄ5(,1,*81*³
'DV.RFKIHOGE]ZEHVWLPPWH.RFK]RQHQIXQNWLRQLHUHQQLFKW
'LH $QVFKOVVH DQ GHU .OHPPOHLVWH ZXUGHQ QLFKW NRUUHNW
YRUJHQRPPHQ
hEHUSUIHQ 6LH RE GLH $QVFKOVVH HQWVSUHFKHQG GHQ +LQZHLVH
DXVJHIKUWZXUGHQRGHUGDV%HGLHQIHOGJHVSHUUWLVW+HEHQ6LHGLH
6SHUUHDXI
'DV.RFKIHOGOlVVWVLFKQLFKWDEVFKDOWHQ
'DV%HGLHQIHOGLVWJHVSHUUW+HEHQ6LHGLH6SHUUHDXI
.RFK]RQHQVFKDOWHQVLFKZLHGHUKROWHLQXQGDXV
'LH(LQ$XVVFKDOW]\NOHQYDULLHUHQMHQDFKHUIRUGHUOLFKHU+LW]H
JHULQJH+LW]HNXU]H%HWULHEVGDXHU
VWDUNH+LW]HODQJH%HWULHEVGDXHU
'DV.RFKIHOGIXQNWLRQLHUWQLFKW
hEHUSUIHQ6LHGHQ=XVWDQGGHU6LFKHUXQJHQ7UHQQVFKDOWHU3UIHQ
6LHREHLQ6WURPDXVIDOOYRUOLHJW
'DV.RFKIHOGKDWVLFKVHOEVWlQGLJDEJHVFKDOWHW
'HU +DXSWVFKDOWHU (,1$867DVWH ZXUGH YHUVHKHQWOLFK EHWlWLJW
RGHU HLQ *HJHQVWDQG DXI HLQHU 7DVWH DEJHVWHOOW (QWIHUQHQ 6LH
HYHQWXHOOH*HJHQVWlQGHYRP%HGLHQIHOGXQGVFKDOWHQ6LHGDV*HUlW
ZLHGHUHLQ1HKPHQ6LHGLHJHZQVFKWHQ(LQVWHOOXQJHQHUQHXWYRU
$XIGHP'LVSOD\ZLUGÄ)³XQG=DKOHQDQJH]HLJW
:HQQGDV'LVSOD\Ä)³XQG=DKOHQDQ]HLJWOLHJWHLQH*HUlWHVW|UXQJ
YRU'LHQDFKVWHKHQGH7DEHOOHHQWKlOW0DQDKPHQXPGDV3UREOHP
]XEHKHEHQ
.81'(1',(167
%HYRU6LHVLFKDQHLQHQ:DUWXQJVWHFKQLNHUZHQGHQEHUSUIHQ
6LHELWWH
± RE GHU 1HW]VWHFNHU NRUUHNW DQ HLQHU DEJHVLFKHUWHQ 6WHFNGRVH
DQJHVFKORVVHQLVW
)DOOVVLFKGHU)HKOHUQLFKWIHVWVWHOOHQOlVVWVFKDOWHQ6LHGDV*HUlWDXV
XQGZHQGHQVLFKXPJHKHQGDQGHQ.XQGHQGLHQVW'DV*HUlWZLUGPLW
HLQHU*DUDQWLHDXVJHOLHIHUWGLHVLFKHUVWHOOWGDVVHVNRVWHQORVYRP
.XQGHQGLHQVWUHSDULHUWZLUG
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
%HLHLQHU6W|UXQJGDV*HUlWYRQGHU6SDQQXQJVYHUVRUJXQJDEWUHQQHQXQGHUQHXWZLHGHUDQVFKOLHHQ
6ROOWHGLH6W|UXQJEHVWHKHQEOHLEHQGHQ.XQGHQGLHQVWEHQDFKULFKWLJHQ)DOOVGLH6W|UXQJXQYHUPLWWHOW
EHLQRUPDOHP%HWULHEDXIWULWWGHQ.XQGHQGLHQVWEHQDFKULFKWLJHQ
%HUKUXQJVVWHXHUXQJV6RIWZDUHIHKOHU
:DUWHQ6LHELVGLH7HPSHUDWXUVLQNW'DV.RFKIHOGZLUGDXWRPDWLVFKZLHGHUEHWULHEVEHUHLWZHQQGLH
7HPSHUDWXUGHQQRUPDOHQ:HUWHUUHLFKWKDW
'LH%HUKUXQJVVWHXHUXQJV]RQHLVW]XKHL
XQGKDWDOOH.RFK]RQHQDEJHVFKDOWHW
:DUWHQ6LHELVGLH7HPSHUDWXUVLQNW6ROOWHGLH6W|UXQJEHVWHKHQEOHLEHQQDFKGHPGLH7HPSHUDWXUGHQ
QRUPDOHQ:HUWHUUHLFKWKDWGHQ.XQGHQGLHQVWEHQDFKULFKWLJHQ
:DUWHQ6LHELVGLH7HPSHUDWXUVLQNW6ROOWHGLH6W|UXQJEHVWHKHQEOHLEHQQDFKGHPGLH7HPSHUDWXUGHQ
QRUPDOHQ:HUWHUUHLFKWKDWGHQ.XQGHQGLHQVWEHQDFKULFKWLJHQ
'HU%HUKUXQJVVWHXHUXQJV
7HPSHUDWXUVHQVRULVWHYHQWXHOOEHVFKlGLJW
3UIHQ6LHREGDV.RFKIHOGNRUUHNWPRQWLHUWLVW6WHOOHQ6LHVLFKHUGLH7DVWHQDXIGHU*ODVREHUIOlFKH
NRUUHNW]XEHUKUHQ
$XHUJHZ|KQOLFKH7DVWHQUHDNWLRQ
'LHVHU)HKOHULVWHLQHDXWRPDWLVFKH%HGLHQIHOGSUIXQJ(UYHUVFKZLQGHWVREDOGGLHDXWRPDWLVFKH
3UIXQJZLHGHUHLQHQVLFKHUHQ:HUWHUJLEW6ROOWHGHU)HKOHUEHVWHKHQEOHLEHQGHQ.XQGHQGLHQVW
EHQDFKULFKWLJHQ
%HGLHQIHOGVLFKHUKHLWVIHKOHU
'LHVHU)HKOHULVWHLQHDXWRPDWLVFKH6RIWZDUHSUIXQJ(UYHUVFKZLQGHWVREDOGGLHDXWRPDWLVFKH3UIXQJ
ZLHGHUHLQHQVLFKHUHQ:HUWHUJLEW6ROOWHGHU)HKOHUEHVWHKHQEOHLEHQGHQ.XQGHQGLHQVW
EHQDFKULFKWLJHQ
%HGLHQIHOGVLFKHUKHLWVIHKOHU
'LHVHU)HKOHULVWHLQHDXWRPDWLVFKH6RIWZDUHSUIXQJ(UYHUVFKZLQGHWVREDOGGLHDXWRPDWLVFKH3UIXQJ
ZLHGHUHLQHQVLFKHUHQ:HUWHUJLEW6ROOWHGHU)HKOHUEHVWHKHQEOHLEHQGHQ.XQGHQGLHQVW
EHQDFKULFKWLJHQ
%HGLHQIHOGVLFKHUKHLWVIHKOHU
(YHQWXHOOOLHJWHLQ5HODLVSUREOHPYRU7UHQQHQ6LHGDV.RFKIHOGYRQGHU6SDQQXQJVYHUVRUJXQJZDUWHQ
6LHHLQH0LQXWHXQGVFKDOWHQ6LHHVGDQQZLHGHUHLQ6ROOWHGHU)HKOHUEHVWHKHQEOHLEHQGHQ
.XQGHQGLHQVWEHQDFKULFKWLJHQ
5HODLVVLFKHUKHLWVIHKOHU
6W|UXQJ 0DQDKPH
.RFKIHOGDQ]HLJH
'HU%HUKUXQJVVWHXHUXQJV
7HPSHUDWXUVHQVRULVWHYHQWXHOOEHVFKlGLJW
'(
.XUXOXP YH NXOODQÕP WDOLPDWODUÕQÕ GDKD VRQUD
EDúYXUPDN ]HUH VDNODPDQÕ]Õ YH RFD÷ÕQ
NXUXOXPXQX JHUoHNOHúWLUPHGHQ |QFH VDWÕú
VRQUDVÕ VHUYLV DOPDQÕ] JHUHNWL÷LQGH NXOODQPDN
]HUHVHULQXPDUDVÕQÕQRWHWPHQL]LWDYVL\HHGHUL]
8<$5, &LKD] YH HULúLOHELOLU SDUoDODUÕ NXOODQÕP
VÕUDVÕQGD VÕFDN ROXU ,VÕWPD HOHPDQODUÕQD
GRNXQPDPD\D GLNNDW HGLOPHOLGLU \DúÕQGDQ
NoN oRFXNODU VUHNOL RODUDN J|]HWLP DOWÕQGD
ROPDGÕNODUÕVUHFHFLKD]GDQX]DNWXWXOPDOÕGÕU
8<$5, <DOQÕ]FD SLúLUPH FLKD]ÕQÕQ hUHWLFLVL
WDUDIÕQGDQ WDVDUODQPÕú YH\D NXOODQÕP
WDOLPDWODUÕQGD hUHWLFL WDUDIÕQGDQ EHOLUWLOHQ RFDN
NRUXPDODUÕQÕ \D GD FLKD]OD ELUOLNWH YHULOHQ RFDN
NRUXPDODUÕQÕ NXOODQÕQ 8\JXQ ROPD\DQ
NRUXPDODUÕQNXOODQÕOPDVÕND]DODUDQHGHQRODELOLU
8<$5,*|]HWLPVL]ELUúHNLOGHNDWÕYH\DVÕYÕ\D÷
LOH RFD÷ÕQ ]HULQGH \DSÕODQ SLúLUPH LúOHPOHUL
WHKOLNHOLRODELOLUYH\DQJÕQDQHGHQRODELOLU<DQJÕQÕ
+ød%ø5 =$0$1 VX\OD V|QGUPH\L GHQHPH\LQ
EXQXQ \HULQH FLKD]Õ NDSDWÕQ YH NDSDN \D GD
\DQJÕQEDWWDQL\HVLJLELELUDOHWOHDOHYOHULQ]HULQL
|UWQ
8<$5, <DQJÕQ WHKOLNHVL 3LúLUPH \]H\OHULQGH
Hú\DEÕUDNPD\ÕQ
8<$5,<]H\GHoDWODNYDUVDFDPDGRNXQPD\ÕQ
YH HOHNWULN oDUSPDVÕ RODVÕOÕ÷ÕQÕ |QOHPHN LoLQ
FLKD]ÕNDSDWÕQ
%XFLKD]J|]HWLPDOWÕQGDYH\DFLKD]ÕQJYHQOLELU
úHNLOGHNXOODQÕPÕQDLOLúNLQWDOLPDWODUÕQYHULOPHVLYH
LOJLOLWHKOLNHOHULQ DQODúÕOPDVÕKDOLQGH \DúÕQGDQ
E\NoRFXNODUYHIL]LNVHOGX\XVDO\DGD]LKLQVHO
HQJHOL EXOXQDQ YH\D \HWHUOL GHQH\LP YH ELOJL\H
VDKLS ROPD\DQ NLúLOHU WDUDIÕQGDQ NXOODQÕODELOLU
dRFXNODU FLKD] LOH R\QDPDGÕNODUÕQGDQ HPLQ
ROPDN DPDFÕ\OD J|]HWLP DOWÕQGD WXWXOPDOÕGÕU
7HPL]OLN YH NXOODQÕFÕ EDNÕPÕ LúOHPOHUL J|]HWLP
DOWÕQGD ROPD\DQ oRFXNODU WDUDIÕQGDQ
\DSÕOPDPDOÕGÕU
'ø..$7 3LúLUPH LúOHPL J|]HWLP DOWÕQGD
\DSÕOPDOÕGÕU.ÕVDVUHOLELUSLúLUPHLúOHPLVUHNOL
RODUDNJ|]HWLPDOWÕQGDWXWXOPDOÕGÕU
&LGGL\DQÕNULVNLQL|QOHPHNLoLQSLúLUPHE|OJHOHUL
oDOÕúÕUGXUXPGD\NHQYH\DNDSDOÕ\NHQNDOÕQWÕÕVÕ
J|VWHUJHVL DoÕN ROGX÷X VUHFH oRFXNODUÕQ EX
E|OJHOHUGHQ X]DN WXWXOPDODUÕ |QHPOH WDYVL\H
HGLOLU
%XFLKD]KDULFL]DPDQOD\ÕFÕYH\DD\UÕELUX]DNWDQ
NXPDQGDVLVWHPL\ROX\ODNXOODQÕOPDNLoLQGH÷LOGLU
9DUVD KDORMHQ ODPEDOÕ RFDN HOHPDQODUÕQD
GR÷UXGDQEDNPD\ÕQ
%HVOHPH NDEORVXQD HWLNHWWH EHOLUWLOHQ JHULOLPL
DNÕPÕ YH \N NDOGÕUDELOHFHN WRSUDN ED÷ODQWÕVÕ
RODQ ELU ILú WDNÕQ 3UL]LQ HWLNHWWH EHOLUWLOHQ \NH
X\JXQ WRSUDN ED÷ODQWÕVÕ \DSÕOPÕú YH oDOÕúÕU
GXUXPGDROPDVÕJHUHNLU7RSUDNODPDLOHWNHQLVDUÕ
*h9(1/ø.7$/ø0$7/$5,
\HúLOUHQNOLGLU%XLúOHP\DOQÕ]FDX\JXQ\HWNLQOL÷H
VDKLS SHUVRQHO WDUDIÕQGDQ JHUoHNOHúWLULOPHOLGLU
3UL]OH FLKD]ÕQ ILúL DUDVÕQGD X\XPVX]OXN ROPDVÕ
GXUXPXQGD \HWNLQ ELU HOHNWULN XVWDVÕQGDQ SUL]L
X\JXQWLSWHELUSUL]OHGH÷LúWLUPHVLQLLVWH\LQ)LúYH
SUL] NXUXOXPXQ \DSÕOGÕ÷Õ ONHGH JHoHUOL RODQ
QRUPODUDX\JXQROPDOÕGÕU
*o ND\QD÷Õ ED÷ODQWÕVÕ FLKD]OD Jo ND\QD÷Õ
DUDVÕQDPDNVLPXPED÷OÕ\NNDOGÕUDELOHFHNYH
JHoHUOLPHY]XDWDX\JXQRODQRPQLSRODUELUGHYUH
NHVLFL\HUOHúWLULOHUHNGH\DSÕODELOLU
6DUÕ\HúLO WRSUDNODPD NDEORVX GHYUH NHVLFL
WDUDIÕQGDQ NHVLQWL\H X÷UDWÕOPDPDOÕGÕU 3UL] YH\D
ED÷ODQWÕ LoLQ NXOODQÕODQ RPQLSRODU GHYUH NHVLFL
FLKD]ÕQNXUXOXPX\DSÕOGÕ÷ÕQGDNROD\FDHULúLOHELOLU
GXUXPGDROPDOÕGÕU
%D÷ODQWÕILúLQHULúLOHELOLUGXUXPGDWXWXOPDVÕYH\D
NDEORODPDNXUDOODUÕQDX\JXQúHNLOGHVDELWNDEOR
WHVLVDWÕQD ELU DQDKWDUÕQ HNOHQPHVL \ROX\OD
NHVLOHELOLU
%HVOHPH NDEORVX KDVDUOÕ\VD WHKOLNH\L |QOHPHN
DPDFÕ\ODhUHWLFLhUHWLFLQLQVHUYLVWHPVLOFLVLYH\D
EHQ]HULELU\HWNLQNLúLWDUDIÕQGDQGH÷LúWLULOPHOLGLU
7RSUDNLOHWNHQLVDUÕ\HúLOXoEOR÷XWDUDIÕQGD
PPGHQ X]XQ ROPDOÕGÕU øo LOHWNHQOHU E|OP
RFD÷ÕQ DOGÕ÷Õ JFH X\JXQ ROPDOÕGÕU DOÕQDQ Jo
HWLNHWWH EHOLUWLOLU *o NDEORVX +299) WLSL
ROPDOÕGÕU
%ÕoDN oDWDO NDúÕN YH\D NDSDN JLEL PHWDO
QHVQHOHUL RFD÷ÕQ ]HULQH NR\PD\ÕQ %X JLEL
QHVQHOHUÕVÕQDELOLU
$OPLQ\XP IRO\R YH SODVWLN NDSODU ÕVÕWPD
E|OJHOHULQH\HUOHúWLULOPHPHOLGLU
+HU NXOODQÕPGDQ VRQUD NLU YH \D÷ ELULNLPLQL
|QOHPHNLoLQRFD÷ÕQWHPL]OHQPHVLJHUHNLU%XJLEL
NDOÕQWÕODU RFD÷ÕQ ]HULQGH EÕUDNÕOÕUVD RFDN
NXOODQÕOGÕ÷ÕQGD WHNUDU SLúHUHN GXPDQ YH KRú
ROPD\DQ NRNXODUÕQ ROXúPDVÕQD D\UÕFD DOHYLQ
\D\ÕOPDVÕULVNLQHQHGHQROXU
&LKD]ÕWHPL]OHPHNLoLQKLoELU]DPDQEXKDUYH\D
\NVHNEDVÕQoOÕVSUH\NXOODQPD\ÕQ
dDOÕúPDVÕUDVÕQGDYH\DNXOODQÕPGDQNÕVDELUVUH
VRQUDÕVÕWPDE|OJHOHULQHGRNXQPD\ÕQ
+LoELU]DPDQ\HPHNOHULGR÷UXGDQFDPVHUDPLN
RFD÷ÕQ]HULQGHSLúLUPH\LQ
+HU]DPDQX\JXQSLúLUPHJHUHoOHULNXOODQÕQ
7HQFHUH\LKHU]DPDQ\HPHNSLúLUPHNLoLQ]HULQH
NR\GX÷XQX] ELULPLQ RUWDVÕQD \HUOHúWLULQ .RQWURO
SDQHOLQLQ]HULQHKLoELUúH\NR\PD\ÕQ
2FD÷ÕoDOÕúPD\]H\LRODUDNNXOODQPD\ÕQ
2FD÷ÕoDOÕúPDNHVPHWDKWDVÕRODUDNNXOODQPD\ÕQ
2FD÷ÕQ VW NÕVPÕQGD D÷ÕU Hú\DODU VDNODPD\ÕQ
2FD÷ÕQ ]HULQH D÷ÕU ELU úH\LQ GúPHVL KDVDUD
QHGHQRODELOLU
2FD÷ÕKLoELUHú\D\ÕVDNODPDNLoLQNXOODQPD\ÕQ
3LúLUPHJHUHoOHULQLRFD÷ÕQ]HULQGHND\GÕUPD\ÕQ
75
2FDNODDUNDGXYDUDUDVÕQGDHQ
D] PP \DQ WDUDIODUGD GD
RFDNOD GLNH\ PRELO\D YH\D
GXYDUODU DUDVÕQGD HQ D]
PP PHVDIH EÕUDNÕQ 2FD÷ÕQ
]HULQH ELU PRELO\D PRQWH
HGLOHFHNVH JHUHNHQ PLQLPXP
PHVDIHPPGLU
2FD÷ÕQ ]HULQH GDYOXPED]
PRQWH HGHUNHQ OWIHQ
GDYOXPED] LoLQ EHOLUWLOHQ
NXUXOXP JHUHNVLQLPOHULQH
EDúYXUXQDQFDNKHUGXUXPGD
RFDNOD GDYOXPED] DUDVÕQGDNL
PHVDIH HQ D] PP
ROPDOÕGÕU
352'8&7&2'(7
.LPOLN3ODNDVÕRFD÷ÕQDOWPXKDID]DVÕQÕQDOWÕQGDEXOXQXU
*(1(/8<$5,/$5
%XFLKD]ÕQ]HULQGHEXOXQDQ LúDUHWLEXUQNDWHJRULVLLoLQ
JHoHUOLRODQWP$YUXSD*YHQOLN6D÷OÕNYHdHYUHJHUHNVLQLPOHULQH
X\JXQOX÷XQJDUDQWLHGLOGL÷LDQODPÕQDJHOLU
d(95(1ø1.25810$6,
%XFLKD]$WÕN(OHNWULNOLYH(OHNWURQLN7HoKL]DWODU
:((( KDNNÕQGD $YUXSD 3DUODPHQWRVX YH
.RQVH\ 'LUHNWLILQH $% X\JXQOXN LúDUHWL
WDúÕPDNWDGÕU
:((( KHP NLUOHWLFL PDGGHOHUL oHYUH ]HULQGH
ROXPVX] HWNLOHUH QHGHQ RODELOHFHN PDGGHOHUL
KHP GH WHNUDU NXOODQÕODELOHFHN WHPHO ELOHúHQOHUL
NDSVDU7PNLUOHWLFLOHULQG]JQúHNLOGHoÕNDUÕOÕS
DWÕOPDVÕYHWPPDO]HPHOHULQJHULND]DQÕOÕSJHUL
G|QúWUOPHVLLoLQ:(((QLQEHOLUOLLúOHPOHUGHQ
JHoLULOPHVL|QHPOLGLU
.LúLOHU :(((QLQ oHYUH\H \|QHOLN ELU VRUXQ WHúNLO HWPHPHVLQL
VD÷ODPD NRQXVXQGD |QHPOL ELU URO R\QD\DELOLUOHU ED]Õ WHPHO
NXUDOODUDX\XOPDVÕWHPHO|QHPWDúÕU
:(((HYVHODWÕNRODUDNPXDPHOHJ|UPHPHOLGLU
:(((EHOHGL\H YH\DWHVFLOOLúLUNHWOHU WDUDIÕQGDQ\|QHWLOHQ LOJLOL
WRSODPD QRNWDODUÕQD WHVOLP HGLOPHOLGLU %LUoRN ONHGH E\N
:(((OHULoLQHYGHQWHVOLPDOPDKL]PHWLVXQXOPDNWDGÕU
%LUoRNONHGH\HQLELUFLKD]VDWÕQDOGÕ÷ÕQÕ]GDHVNLFLKD]VDWÕFÕ\D
LDGHHGLOHELOLUFLKD]VD÷ODQDQ\HQLFLKD]ODELUHELUD\QÕWLSWHROPDVÕ
YH D\QÕ IRQNVL\RQODUÕ WDúÕPDVÕ úDUWÕ\OD VDWÕFÕ WDUDIÕQGDQ FUHWVL]
WHVOLPDOÕQDELOLU
.858/80
%LU EH\D] Hú\DQÕQ NXUXOXPX GR÷UX úHNLOGH \DSÕOPD]VD Hú\DODUÕQ
PDOODUÕQ YH\D LQVDQODUÕQ JYHQOL÷LQL FLGGL ELoLPGH HWNLOH\HELOHFHN
NDUPDúÕN ELU LúOHPGLU %X QHGHQOH WHNQLN \|QHWPHOLNOHUH X\JXQ
úHNLOGH SURIHV\RQHO \HWNLQOL÷H VDKLS ELU NLúL WDUDIÕQGDQ
JHUoHNOHúWLULOPHOLGLU
hUHWLFLEXWDYVL\HQLQJ|]|QQGHEXOXQGXUXOPDPDVÕYHNXUXOXPXQ
\HWNLQROPD\DQELUNLúLWDUDIÕQGDQJHUoHNOHúWLULOPHVLKDOLQGHHú\D\D
GDPDOODUÕQKDVDUJ|UPHVLYH\DLQVDQ\DGDKD\YDQODUÕQ\DUDUODQPDVÕ
LOHVRQXoODQÕSVRQXoODQPDGÕ÷ÕQDEDNÕOPDNVÕ]ÕQFLKD]ODLOJLOLWHNQLN
DUÕ]DODUDLOLúNLQKLoELUVRUXPOXOXNNDEXOHWPH]
$PEDODMÕoÕNDUGÕNWDQVRQUDOWIHQFLKD]ÕQKDVDUOÕROPDGÕ÷ÕQGDQHPLQ
ROXQ KDVDU YDUVD 6DWÕFÕ\OD YH\D hUHWLFLQLQ 6DWÕú 6RQUDVÕ 6HUYLV
E|OP\OHLOHWLúLPHJHoLQ
&LKD]ÕQ PRQWH HGLOHFH÷L PRELO\DQÕQ YH \DNÕQGDNL GL÷HU WP
PRELO\DODUÕQ\NVHNVÕFDNOÕ÷DPLQ&GD\DQÕNOÕPDO]HPHOHUGHQ
UHWLOGL÷LQGHQHPLQROXQ
%XQDHNRODUDNWPGHNRUDWLIODPLQDWODU\NVHNGD\DQÕNOÕOÕ÷DVDKLS
\DSÕúWÕUÕFÕ\ODVDELWOHQPLúROPDOÕGÕU
&LKD] ³6WDQGDUW´ YH\D ³*|PPH´ PRGXQGD DQNDVWUH PRELO\D LoLQH
NXUXODELOLU
PP PP
PP
PP
PP
0LQPP
*|PPHNXUXOXPoHYUHVL
1RWøooHYUHER\XWODUÕVWDQGDUWNXUXOXPLOHD\QÕGÕU
PPFPKRE
PP
PPFPKRE
<XYDGHULQOL÷LPP
*|PPHNXUXOXPoHYUHVL
7H]JDKNDOÕQOÕ÷ÕLOHPPDUDVÕQGDROPDOÕGÕU
2FD÷ÕQ DOW E|OP QRUPDOGH NXOODQÕP YH\D WHPL]OLN LúOHPOHUL LoLQ
HULúLOHELOLUELUDODQDELWLúLNVHRFD÷ÕQDOWE|OPQQPPDOWÕQDELU
VHSDUDW|U\HUOHúWLULOPHOLGLU
PLQPP
2FD÷ÕQ DOWÕQD IÕUÕQ PRQWH HGLOLUNHQ VHSDUDW|U NXOODQÕOPDPDOÕGÕU YH
RFD÷ÕQDOWE|OP\OHIÕUÕQDUDVÕQGDNLPLQLPXPPHVDIHHQD]PP
ROPDOÕGÕU %X RFD÷ÕQ DOWÕQD VR÷XWPDOÕ IÕUÕQ PRQWH HWPH\LQ YH IÕUÕQ
NXUXOXPXQXNHQGLNXUXOXPJHUHNVLQLPOHULQHJ|UHJHUoHNOHúWLULQ
PP
PLQ
75
*g00(.858/80
2FD÷ÕQ NRQXPXQXQ GR÷UX
ROGX÷XQX NRQWURO HWWLNWHQ VRQUD
WH]JDKODRFDNDUDVÕQGDNLERúOX÷X
VLOLNRQ \DSÕúWÕUÕFÕ\OD GROGXUXQ
6LOLNRQNDWPDQÕ GRQPDGDQ|QFH
ELU VSDWXOD\OD YH\D VX\D YH
VDEXQD EDWÕUGÕ÷ÕQÕ] ÕVODN
SDUPDNODUÕQÕ]ODG]OHúWLULQ
6LOLNRQ NDWPDQ WDPDPHQ
NXUX\DQD NDGDU RFD÷Õ
NXOODQPD\ÕQ
2FDNODELUOLNWHVXJHoLUPH]
ELU FRQWD YHULOLU &RQWD\Õ
DoÕNODQDQ úHNLOGH RFD÷ÕQ
DOW NÕVPÕQÕQ HWUDIÕQD WDNÕQ
YH GHVWHNOH\HQ PRELO\D\D
VÕ]ÕQWÕ ROPDVÕQÕ |QOHPHN
LoLQ G]JQ WDNÕOGÕ÷ÕQGDQ
HPLQROXQ
$OW
1RUPDO6DELWOHPH
$NVHVXDU SRúHWLQGHQ VDELWOHPH
NOLSVOHULQL DOÕQ YH DOWWDNL NXWXGD
J|VWHULOHQ úHNLOGH \HULQH YLGDOD\ÕQ
9LGDODUÕ NOLSVOHUL HQJHOOH\HFHN úHNLOGH
VÕNPD\ÕQ EXQODUÕQ VHUEHVWoH KDUHNHW
HGHELOPHOHULJHUHNLU
2FD÷Õ R\XN DODQÕQ
RUWDVÕQD\HUOHúWLULQ
.OLSVOHUL G|QGUHUHN
WDPDPHQVÕNÕQ
+Õ]OÕ6DELWOHPH0RGHOHED÷OÕRODUDN
$NVHVXDU SRúHWLQGHQ G|UW \D\ DOÕQ YH
EXQODUÕ úHNLOGH J|VWHULOGL÷L JLEL DOWWDNL
NXWX\DYLGDOD\ÕQ
2FD÷ÕRUWDOD\ÕS\HUOHúWLULQ
7P oHYUHVL GHVWHNOHQHQH
NDGDU RFD÷ÕQ NHQDUODUÕQD
EDVWÕUÕQ
75
:
: :
:
:
:
:
:
:
:
:
:
<(5/(ùø0
0RGHOH*|UH
$oPD.DSDPD
³´
³´
=DPDQOD\ÕFÕ
øNLOLhoOE|OJH
,VÕWÕFÕE|OJHVHYL\HJ|VWHUJHVL
.|SUIRQNVL\RQX
dRFXNNLOLGL
(ULWPH
.D\QDWPD
(/(.75ø.%$ö/$17,6,
<(5/(ùø0
<(5/(ùø0 <(5/(ùø0
<(5/(ùø0
<(5/(ùø0
<(5/(ùø0
<(5/(ùø0
<(5/(ùø0
.XUXOXP VWDQGDUWODUD YH GLUHNWLIOHUH X\JXQ úHNLOGH
\DSÕOPDOÕGÕU hUHWLFL X\JXQVX] YH\D PDNXO ROPD\DQ
NXOODQÕPGDQ ND\QDNODQDELOHFHN KDVDUODUD LOLúNLQ WP
VRUXPOXOXNODUÕUHGGHGHU
8<$5,7RSUDNED÷ODQWÕVÕ\DSÕOPDPÕúYH\DGHYDPOÕOÕ÷ÕNXVXUOX
RODFDNúHNLOGHWRSUD÷DED÷ODQPÕúELUFLKD]ÕQNXOODQÕPÕVÕUDVÕQGD
ROXúDELOHFHN ROD\ODUGDQ YH\D EXQODUÕQ VRQXoODUÕQGDQ UHWLFL
VRUXPOXWXWXODPD]
(OHNWULNOH oDOÕúWÕUPDGDQ |QFH OWIHQ HOHNWULN |OoHUGH J|VWHULOHQ
EHVOHPHJHULOLPLQLNXUXOXPXQWRSUDNED÷ODQWÕVÕQÕQGHYDPOÕOÕ÷ÕQÕ
YHVLJRUWDQÕQX\JXQOX÷XQXNRQWUROHGLQ
.XUXOXPXQ HOHNWULN ED÷ODQWÕVÕ &LKD]ÕQ QRPLQDO JFQH J|UH
\DSÕOPDOÕGÕUED÷ODQWÕoRNNXWXSOXNHVPHúDOWHUL\OHVD÷ODQPDOÕGÕU
&LKD]GD SUL] oÕNÕúÕ YDUVD NXUXOXP SUL]LQ HULúLOHELOLU ROPDVÕQÕ
VD÷OD\DFDNúHNLOGH\DSÕOPDOÕGÕU
*oEHVOHPHNDEORVXQXQVDUÕ\HúLONDEORVXJoND\QD÷ÕYHFLKD]
XoODUÕQÕQWRSUD÷ÕQDED÷ODQPDOÕGÕU
*oEHVOHPHNDEORVX\ODLOJLOLWPVRUXODULoLQ6DWÕú6RQUDVÕ6HUYLV
E|OPQHYH\D\HWNLQELUWHNQLV\HQHGDQÕúÕQ
2FDNJoEHVOHPHNDEORVX\ODGRQDWÕOPÕúVDEXNDEOR\DOQÕ]FDID]
LOHQ|WUDUDVÕQGD9JoEHVOHPHVLQHED÷ODQPDOÕGÕU
$QFDNRFDNDúD÷ÕGDNLOHUHGHED÷ODQDELOLU
ho)D]9
ho)D]91
<HQL ED÷ODQWÕ\OD GHYDP HWPHN LoLQ OWIHQ DúD÷ÕGDNL WDOLPDWODUÕ
X\JXOD\ÕQ
%D÷ODQWÕ\Õ \DSPDGDQ |QFH NXUXOXPXQ X\JXQ ELU VLJRUWD\OD
NRUXQGX÷XQGDQYHFLKD]DQRUPDOEHVOHPHVD÷ODPDNLoLQ\HWHUOL
JHQLúOLNWHELUE|OPHVDKLSNDEORODUODGRQDWÕOGÕ÷ÕQGDQHPLQROXQ
&DPÕNRUXPD\DGLNNDWHGHUHNRFD÷ÕFDP\]H\LWH]JDKDJHOHFHN
úHNLOGHEDúDúD÷ÕoHYLULQ
.DSD÷ÕDúD÷ÕGDNLVÕUD\ODDoÕQ
.DEORNHOHSoHVLLV|NQ
.HQDUODUGDEXOXQDQLNLoÕNÕQWÕ\ÕEXOXQ
'] ELU WRUQDYLGDQÕQ D÷]ÕQÕ oÕNÕQWÕ YH Q |QQH
\HUOHúWLULQLWLQYHEDVWÕUÕQ
.DSD÷ÕoÕNDUÕQ
*oEHVOHPHNDEORVXQXoÕNDUPDNLoLQ
%HVOHPHNDEORVXQXQSDUDOHOoXEXNODUÕQÕYHLOHWNHQOHULQLLoHUHQ
XoEOR÷XQXWXWDQYLGDODUÕV|NQ
%HVOHPHNDEORVXQXoHNHUHNoÕNDUÕQ
<HQLED÷ODQWÕ\DSPDNLoLQJHUoHNOHúWLULOHFHNLúOHPOHU
7DEORGDNLWDYVL\HOHUHX\JXQJoEHVOHPHNDEORVXQXVHoLQ
*oEHVOHPHNDEORVXQXNHOHSoHGHQJHoLULQ
8oEOR÷XQDED÷ODQWÕLoLQJHUHNHQNDEORX]XQOX÷XQXGDJ|]
|QQGH EXOXQGXUDUDN EHVOHPH NDEORVXQXQ KHU ELU LOHWNHQLQLQ
XFXQXPPX]XQOXNWDVÕ\ÕUÕQ
.XUXOXPDX\JXQ úHNLOGH YH LONLúOHPGHDoÕ÷DoÕNDUGÕ÷ÕQÕ]
SDUDOHOoXEXNODUÕQ\DUGÕPÕ\ODLOHWNHQLWDEORGDJ|VWHULOHQúHNLOGH
VDELWOH\LQ
.DSD÷ÕWDNÕQ
.DEORNHOHSoHVLYLGDOD\DUDNWDNÕQ
1RW7HUPLQDONXWXVXYLGDODUÕQÕQVÕNÕROGX÷XQGDQHPLQROXQ
1 1|WU 7 7RSUDN
3K )D]
'ø..$7
*oEHVOHPHNDEORVXQXQGH÷LúWLULOPHVLJHUHNLUVHNDEOR\X
DúD÷ÕGDNLUHQNOHUHNRGODUDX\JXQúHNLOGHED÷OD\ÕQ
<(5/(ùø0
<(5/(ùø0
7(.)$=YH\Dø.ø)$=9a
.DEOR
+299)
.DEOR
+299)
.DEOR
+299)
[PP
[PP
[PP
[PP
[PP
[PP
hd)$=9a
hd)$=91a
75
<HQLED÷ODQWÕ\DSPDNLoLQJHUoHNOHúWLULOHFHNLúOHPOHU
7DEORGDNLWDYVL\HOHUHX\JXQJoEHVOHPHNDEORVXQXVHoLQ
*oEHVOHPHNDEORVXQXNHOHSoHGHQJHoLULQ
8o EOR÷XQD ED÷ODQWÕ LoLQ JHUHNHQ NDEOR X]XQOX÷XQX GD J|]
|QQGH EXOXQGXUDUDN EHVOHPH
NDEORVXQXQ KHU ELU LOHWNHQLQLQ XFXQX
PPX]XQOXNWDVÕ\ÕUÕQ
.XUXOXPDX\JXQúHNLOGHYHLONLúOHPGH
DoÕ÷D oÕNDUGÕ÷ÕQÕ] SDUDOHO oXEXNODUÕQ
\DUGÕPÕ\OD LOHWNHQL WDEORGD J|VWHULOHQ
úHNLOGHVDELWOH\LQ
.DSD÷ÕWDNÕQ
.DEORNHOHSoHVLYLGDOD\DUDNWDNÕQ
3$5$/(/
d8%8./$5
0$9ø
.$+9(5(1*ø
6$5,<(ùø/
1|WU
$NÕP
7RSUDN
8oEOR÷XQGDNLXoODUDED÷ODQWÕ
7HNID]9a øNLID]9a
hoID]91ahoID]9a
.8//$1,0
,VÕWÕFÕE|OJHVLQL$oPD.DSDPD
%LUÕVÕWÕFÕ\Õ$d,.GXUXPDJHWLUPHNLoLQDoPDNDSDPDEXWRQXQD
VDQL\HER\XQFDGRNXQXQ8]XQELUELSVHVLGX\XOXUYHKHGHIE|OJHQLQ
KDQHVLQGHJoVHYL\HVLQLJ|VWHUHQGH÷HULJ|UQU
+HUKDQJL ELU SLúLUPH DúDPDVÕ NRQXPXQGD\VD EX HNUDQ
VDQL\HVRQUDRWRPDWLN RODUDN .$3$/,GXUXPD JHoHU YH E|OJHLoLQ
.$3$/,VHNDQVÕGX\XOXU
(NUDQGD$d,.GXUXPGDROXSJoNRQXPXQGDEXOXQDQNDOÕQWÕÕVÕ
J|VWHUJHVLYDUVDELOJLVL\DQÕSV|QHU
.LOLWIRQNVL\RQXHWNLQVHELUE|OJH\L$d,.GXUXPDJHWLUHPH]VLQL]
%LUÕVÕWÕFÕ\Õ.$3$/,GXUXPDJHWLUPHNLoLQDoPDNDSDPDEXWRQXQD
VDQL\H ER\XQFD GRNXQXQ NÕVD ELS VHVL GX\XOXU YH KHGHI E|OJH
KDQHVLQGHKLoELUELOJLJ|UQPH]\DGDNDOÕQWÕÕVÕPHYFXWVD+GH÷HUL
J|VWHULOLU%|OJH.$3$/,GXUXPDJHoHU
+HUKDQJL ELU SLúLUPH DúDPDVÕ NRQXPXQGD\VD EX HNUDQ
VDQL\HVRQUDRWRPDWLN RODUDN .$3$/,GXUXPD JHoHU YH E|OJHLoLQ
.$3$/,VHNDQVÕGX\XOXU
(NUDQGD.$3$/,GXUXPGD\NHQNDOÕQWÕ ÕVÕJ|VWHUJHVL YDUVD+
ELOJLVL\DQÕSV|QHU
.LOLWIRQNVL\RQXHWNLQROGX÷XQGDELOHELUE|OJH\L.$3$/,GXUXPD
JHWLUHELOLUVLQL]
6DGHFHELUÕVÕWÕFÕHWNLQVHYHEXÕVÕWÕFÕNDSDOÕGXUXPDJHWLULOLUVH
NÕVDELSVHVLGX\XOXUYHWPSLúLUPH\]H\LQLQ.DSDOÕGXUXPDJHoWL÷LQL
EHOLUWLU
2&$.ødø13øùø50(*(5(&ø7$96ø<(6ø
2FD÷ÕQÕ]GDQHQL\LSHUIRUPDQVÕDOPDNLoLQL\LNDOLWHGHSLúLUPH
JHUHoOHULQLQNXOODQÕOPDVÕoRN|QHPOLGLU
+HU]DPDQWDPDPHQG]YHNDOÕQWDEDQOÕL\LNDOLWHGHSLúLUPH
JHUHoOHULNXOODQÕQ%XWUSLúLUPHJHUHoOHULQLQNXOODQÕOPDVÕ\HPH÷LQ
\DSÕúPDVÕQD QHGHQ RODQ VÕFDN QRNWDODUÕQ ROXúPDVÕQÕ |QOHU .DOÕQ
PHWDOWHQFHUHOHUYHWDYDODUHúLWÕVÕGD÷ÕOÕPÕVD÷ODU
7HQFHUHYH\DWDYDQÕQWDEDQÕQÕQNXUXROGX÷XQGDQHPLQROXQ
7HQFHUHOHUH VÕYÕ GROGXUXUNHQ YH\D EX]GRODEÕQGD VDNODQPÕú ELU
WHQFHUH NXOODQÕUNHQ WHQFHUH\L RFD÷ÕQ ]HULQH \HUOHúWLUPHGHQ |QFH
WDEDQÕQÕQ WDPDPHQ NXUX ROGX÷XQGDQ HPLQ ROXQ %|\OHFH RFD÷ÕQ
OHNHOHQPHVLQL|QOH\HELOLUVLQL]
dDSÕ\]H\ ELULPLQLWDPDPHQNDSOD\DFDN NDGDUJHQLúRODQ
WHQFHUHOHU NXOODQÕQ 7HQFHUHQLQ ER\XWX ÕVÕWPD DODQÕQGDQ NoN
ROPDPDOÕGÕU7HQFHUHÕVÕWPDDODQÕQGDQELUD]GDKDE\NROGX÷XQGD
HQHUMLPDNVLPXPYHULPOLOLNOHNXOODQÕOÕU
3øùø50( *(5(&ø 6(dø0ø $úD÷ÕGDNL ELOJLOHU L\L SHUIRUPDQV
VD÷OD\DFDNSLúLUPHJHUHoOHULVHoPHQL]NRQXVXQGD\DUGÕPFÕRODFDNWÕU
3DVODQPD]dHOLN.HVLQOLNOHWDYVL\HHGLOLU6DQGYLoWLSLNDSODPD
WDEDQOÕSLúLUPHJHUHoOHUL|]HOOLNOHL\LVRQXoYHULU6DQGYLoWLSLWDEDQ
SDVODQPD]oHOL÷LQDYDQWDMODUÕQÕJ|UQúGD\DQÕNOÕOÕNYHNDUDUOÕOÕN
DOPLQ\XPYH\DEDNÕUÕQDYDQWDMODUÕ\ODÕVÕLOHWLPLHúLWÕVÕGD÷ÕOÕPÕ
ELUDUD\DJHWLULU
$OPLQ\XP$÷ÕUJHUHoOHUWDYVL\HHGLOLUø\LLOHWLPVD÷ODU$OPLQ\XP
NDOÕQWÕODUÕED]HQRFD÷ÕQ]HULQGHoL]LNRODUDNJ|UQHELOLUDQFDNKHPHQ
WHPL]OHQLUVHJLGHULOHELOLU
'úNHULPHQRNWDVÕQHGHQL\OHLQFHDOPLQ\XPNXOODQÕOPDPDOÕGÕU
'|NPH 'HPLU .XOODQÕODELOLU DQFDN WDYVL\H HGLOPH] 'úN
SHUIRUPDQVYHULU<]H\GHoL]LOPH\HQHGHQRODELOLU
%DNÕU7DEDQOÕ7Dú3LúLUPH*HUHoOHUL$÷ÕUJHUHoOHUWDYVL\HHGLOLUø\L
SHUIRUPDQV VD÷ODU DQFDN EDNÕU oL]LN JLEL J|UQHELOHFHN NDOÕQWÕODU
EÕUDNDELOLU.DOÕQWÕODURFDNKHPHQWHPL]OHQGL÷LQGHJLGHULOHELOLU$QFDN
EXWUWHQFHUHOHULQND\QD\ÕSNXUXPDVÕQDL]LQYHUPH\LQ$úÕUÕÕVÕQDQ
PHWDO FDP RFD÷D \DSÕúDELOLU $úÕUÕ ÕVÕQPÕú EDNÕU WHQFHUH RFD÷ÕQ
]HULQGHNDOÕFÕOHNHOHUHQHGHQRODFDNNDOÕQWÕODUEÕUDNDELOLU
3RUVHOHQHPD\H %X WU JHUHoOHU \DOQÕ]FD LQFH SU]V] YH G]
WDEDQOÕROGXNODUÕQGDL\LSHUIRUPDQVVD÷ODU
&DPVHUDPLN7DYVL\H HGLOPH] 'úN SHUIRUPDQV YHULU <]H\GH
oL]LOPH\HQHGHQRODELOLU
*oVHYL\HVLQLDUWÕUPDD]DOWPD
YH\DWXúODUÕQDNÕVDFDEDVDUDNVHoLOLE|OJHQLQKDQHVLQGHNLJo
VHYL\HVLQLDUWÕUÕSD]DOWDELOLUVLQL]3
YH\DWXúODUÕQDX]XQEDVÕOGÕ÷ÕQGDJoVHYL\HVLVUHNOLRODUDN
DUWDUD]DOÕU*oVHYL\HVLKÕ]OÕDUWÕUÕOGÕ÷ÕQGDJoVHYL\HGDGXUXUYH
GDKD\NVHNJoLoLQWXúXQDELUNH]GDKDNÕVDFDEDVÕOPDVÕJHUHNLU
+Õ]OÕDUWÕUPDD]DOWPDVÕUDVÕQGDELSVHVLGX\XOPD]
3JoVHYL\HVLQH JHOLQGL÷LQGH WXúXQD WHNUDUEDVDUVDQÕ]Jo
VHYL\HVLDJHWLULOPH]JoVHYL\HVLQHJHOLQGL÷LQGHWXúXQDWHNUDU
EDVDUVDQÕ]JoVHYL\HVL3\HJHWLULOPH]
JoVHYL\HVLQGH$d,.GXUXPGDRODQELUE|OJHVÕFDNVDELOJLVL
\DQÕSV|QHUVDQL\HVRQUDND\EROXUYHHNUDQGDVUHNOLRODUDN+
KDUILJ|VWHULOLU
%LU ÕVÕWÕFÕ VHoLOL ROGX÷XQGD YH LOH WXúODUÕQD D\QÕ DQGD
EDVÕOGÕ÷ÕQGDJoVHYL\HVLDJHOLUDPDÕVÕWÕFÕVDQL\HER\XQFDVHoLOL
NDOÕU,VÕWÕFÕVUHVLX]DWÕOGÕ\VD]DPDQOD\ÕFÕ.DSDOÕGXUXPXQDJHoHU%X
LúOHP GRNXQPD\OD NRQWURO \DSÕODQGÕUPDVÕQD ED÷OÕ RODUDN oHúLWOL
GXUXPODUGD ROXúDELOLU $úD÷ÕGD YHULOHQ |UQHNOHU \DOQÕ]FD ELOJL
DPDoOÕGÕU .LúLVHO GHQH\LPOHULQL] EX D\DUODUÕ ]HYNLQL]H YH
DOÕúNDQOÕNODUÕQÕ]DJ|UHX\DUODPDQÕ]ÕVD÷OD\DFDNWÕU
dRFXN.LOLGL
%X LúOHP NLOLW WXúXQD EDVÕOGÕ÷ÕQGD\DSÕOÕU
%XQGDQVRQUDKHUKDQJLELU WXúD GRNXQXOGX÷XQGD HNUDQGD
VDQL\HER\XQFD/KDUILJ|VWHULOLU,VÕWÕFÕD\QÕGXUXPGDNDOÕU
dRFXN.LOLGLQLGHYUHGÕúÕEÕUDNPDNLoLQGDKD|QFHDoÕNODQDQLúOHPL
X\JXOD\ÕQ$UGÕQGDQ NÕVD ELU ELS VHVL GX\XOXU YH HNUDQGD Q KDUIL
J|VWHULOLU2FD÷ÕQNLOLGLDoÕNNDOÕU
1RW 2FDN WDPDPHQ .DSDOÕ GXUXPD JHWLULOGLNWHQ GDNLND VRQUD
RWRPDWLN oRFXN NLOLGL GHYUH\H JLUHU %X IRQNVL\RQ RWRPDWLN RODUDN
JHUoHNOHúWLULOLU DQFDN |QFHGHQ SURJUDPODQPÕú ROPDVÕ JHUHNLU
.XOODQÕFÕD\DUODUÕNRQXVXQDEDNÕQ
75
øNLOLJHQLúOHWPHKDONDVÕQÕ$d,.GXUXPDJHWLUPHNLoLQLOJLOLDQDE|OJHQLQ
$d,.YHJ|VWHULOHQJoVHYL\HVLQLQGDQ\NVHNROPDVÕJHUHNLU
øNLOLE|OJH$d,.
*HQLúOHWPH WXúXQD LON NH] NÕVDFD EDVÕOGÕ÷ÕQGD JHQLúOHWPH KDONDVÕ
$d,. GXUXPD JHOLU *HQLúOHWPH KDONDVÕ $d,. GXUXPGD\NHQ
JHQLúOHWPHWXúXQXQ]HULQGHNL/('\DQDU
*HQLúOHWPH WXúXQD WHNUDU NÕVDFD EDVÕOGÕ÷ÕQGD JHQLúOHWPH KDONDVÕ
.$3$/,GXUXPDJHOLU*HQLúOHWPHWXúXQDKHUEDVÕOGÕ÷ÕQGDNÕVDELU
ELSVHVLGX\XOXU
hoOE|OJH$d,.
JHQLúOHWPHWXúXQDLONNH]NÕVDFDEDVÕOGÕ÷ÕQGDJHQLúOHWPHKDONDVÕ
$d,. GXUXPD JHOLU JHQLúOHWPH KDONDVÕ $d,. GXUXPGD\VD
JHQLúOHWPHWXúXQXQ]HULQGHNL/('<$1$5oOE|OJHLoLQVROGDNL
/('LNLOLE|OJHLoLQVDGHFHRUWDGDNLWHN/('
*HQLúOHWPHWXúXQDWHNUDUNÕVDFDEDVÕOGÕ÷ÕQGDJHQLúOHWPHKDONDVÕ
$d,.GXUXPDJHOLUYHJHQLúOHWPHKDONDODUÕ$d,.GXUXPGD\VD
JHQLúOHWPHWXúXQXQ]HULQGHNL/('<$1$5
*HQLúOHWPH WXúXQD oQF NH] NÕVDFD EDVÕOGÕ÷ÕQGD YH
JHQLúOHWPHKDONDODUÕ.$3$/,GXUXPDJHOLU
*HQLúOHWPHWXúXQDKHUEDVÕOGÕ÷ÕQGDNÕVDELUELSVHVLGX\XOXU
øNLOLhoOE|OJHOHU
.|SUIRQNVL\RQX
.|SU \DOQÕ]FD LNL ÕVÕWÕFÕ GD NDSDOÕ\NHQ HWNLQOHúWLULOHELOLU .|SU
IRQNVL\RQXQXQGRNXQPDWLNN|SUWXúXQXHWNLQOHúWLUPHNLoLQN|SUQQ
ELUÕVÕWÕFÕVÕVHoLOLU
%LUELSVHVLGX\XOXUYHE|OJHHWNLQOHúWLULOGL\VHE|OJH/('L\DQDU
$\QÕDQGDLNLN|SUÕVÕWÕFÕVÕELUGHQVHoLOHFHNWLU
,VÕWÕFÕODUVHoLOGLNWHQVRQUDJoVHYL\HVLLVWHQHQD\DUGDGH÷LOVHYH
WXúODUÕQÕNXOODQDUDND\DUOD\ÕQ
øNLN|SUÕVÕWÕFÕVÕGDD\QÕJoVHYL\HVLQLJ|VWHULU)RQNVL\RQDúD÷ÕGDNL
GXUXPODUGDNDSDWÕOÕU
$\DUPRGXQGDN|SUWXúXQDGRNXQXOGX÷XQGD
.XOODQÕFÕ³´JoVHYL\HVLQLVHoWL÷LQGH
7DúPDJYHQOL÷L
%LUúH\ELUQHVQHYH\DVÕYÕKHUKDQJLELUWXúDVDQL\HGHQX]XQVUH
EDVWÕ÷ÕQGDGHYUH\HJLUHU7XúDEDVÕOÕUNHQKHUVDQL\HGHELU.ÕVD
ELSVHVL 8]XQELS VHVLGX\XOXU3LúLUPH \]H\L.DSDOÕ GXUXPD
JHoHU 6RUXQ GHYDP HWWL÷L VUHFH EX VHPERO \DQÕS V|QPH\L
VUGUU
=DPDQOD\ÕFÕ
=DPDQOD\ÕFÕIRQNVL\RQXNHQGLQHDLWWXúD\DGDD\QÕDQGDYH
WXúODUÕQDGRNXQDUDNHWNLQOHúWLULOHELOLU
øNLGXUXPGDGDÕVÕWÕFÕQÕQVHoLOLROPDVÕYHJoVHYL\HVLQLQGDQE\N
ROPDVÕJHUHNLU
=DPDQODQDFDN E|OJH\L VHoLQ %|OJHQLQ Jo VHYL\HVL GDQ E\N
ROPDOÕGÕU =DPDQODQDQ E|OJHGH VUHNOL RODUDN J|UQWOHQLU
+DQHOHUGHNL]DPDQOD\ÕFÕLoLQD\UÕOPÕúWÕU
YH\D WXúODUÕQÕ NXOODQDUDN ]DPDQOD\ÕFÕ VUHVL VHoLOHELOLU
6UHGH÷LúWLULOGL÷LQGHELSVHVLGX\XOPD]
=DPDQOD\ÕFÕGDNL WXúODUÕQD D\QÕ DQGD EDVÕOGÕ÷ÕQGD
]DPDQOD\ÕFÕLSWDOHGLOLUGH÷HULQHG|QHU
=DPDQOD\ÕFÕQÕQYH\D WXúODUÕ7%'VUHVL ER\XQFDEDVÕOÕ
WXWXOXUVDKÕ]OÕELUD\DU\DSÕOÕU
=DPDQOD\ÕFÕVUHVL D\DUODQÕUNHQWXúX\OD GDQD
WXúX\ODGDGDQDJHoLOHELOLU
0DNVLPXPVUHGDNLNDGÕU
6UH GROGX÷XQGD YH RFDNWDQ ELS VHVL JHOPH\H EDúODGÕ÷ÕQGD
KHUKDQJL ELU WXúD EDVDUDN DODUP YH KDQH VHNDQVÕQÕ
.DOÕQWÕ,VÕ*|VWHUJHVL5DG\DQÕVÕWÕFÕODUGD!KHVDSODQÕU
³.DOÕQWÕÕVÕ´J|VWHULPLLoLQGHD\QÕJ|VWHUJHOHUNXOODQÕODELOLU%XDPDoOD
ELUVUHWDEORVXWDQÕPODQPDOÕGÕU.DOÕQWÕ,VÕVUHVL IJoVHYL\HVL
oDOÕúPDVUHVL
2FD÷ÕQ FDP \]H\LQGHNL VÕFDNOÕN &QLQ WHRULN GH÷HU
]HULQGH\VHEXGXUXPLOJLOLHNUDQGD³+´KDUIL\OHJ|VWHULOLU
&QLQ]HULQGHELUVÕFDNOÕNROXúPDVÕLoLQELUÕVÕWPDHOHPDQÕQÕQELU
VUHGLUoDOÕúÕ\RUROPDVÕJHUHNLUEXVUHJoVHYL\HVLQHED÷OÕRODUDN
GH÷LúLU %X VUH GROGX÷XQGD ÕVÕWPD HOHPDQÕ NDSDWÕOGÕNWDQ VRQUD
NDOÕQWÕÕVÕX\DUÕVÕJ|VWHULOLU
2WRPDWLN*YHQOLN.DSDWPD
*oVHYL\HVL |QFHGHQ D\DUODQPÕúVUHER\XQFD GH÷LúPH]VHLOJLOL
ÕVÕWÕFÕRWRPDWLNRODUDNNDSDQÕU
,VÕWÕFÕQÕQ DoÕN NDODELOHFH÷L PDNVLPXP VUH VHoLOHQ SLúLUPH
VHYL\HVLQHJ|UHGH÷LúLU
*oVHYL\HVL 0D[VUHVDDW
127 (Q \NVHN Jo VHYL\HOHUL NXOODQÕOÕUNHQ DúÕUÕ ÕVÕQPD GXUXPX
ROXúXUVD2FDNNRQWURORFD÷ÕDúÕUÕÕVÕQPD\DNDUúÕNRUXPDNLoLQJo
VHYL\HVLQLRWRPDWLNRODUDND\DUODU
7(0ø=/ø.9(%$.,0
2FDNWD KHUKDQJL ELU EDNÕP LúOHPL \DSPDGDQ |QFH VR÷XPDVÕQÕ
EHNOH\LQ
<DOQÕ]FDFDPVHUDPLN\]H\OHULoLQ|]HORODUDNWDVDUODQPÕúUQOHU
NUHPOHU YH VSDWXODODU NXOODQÕOPDOÕGÕU %X UQOHU QDOEXUGDQ VDWÕQ
DOÕQDELOLU
2FDN \]H\LQH GúHQ KHU úH\ KÕ]OD \DQDFD÷Õ YH WHPL]OL÷L
]RUODúWÕUDFD÷ÕLoLQG|NOPHOHUGHQNDoÕQÕQ
3ODVWLNHú\DODUúHNHUYH\DúHNHUED]OÕUQOHUJLELHUL\HELOHFHNWP
PDGGHOHULQRFDNWDQX]DNWXWXOPDVÕWDYVL\HHGLOLU
%$.,0
%LUNDoGDPOD|]HOWHPL]OLNUQQRFDN\]H\LQHGDPODWÕQ
øQDWoÕOHNHOHUL\XPXúDNELUEH]OHYH\DKDILIoHQHPOHQGLULOPLúND÷ÕW
KDYOX\ODRYXQ
<]H\ WHPL]OHQHQH NDGDU \XPXúDN ELU EH] YH\D NXUX ND÷ÕW
KDYOX\ODVLOLQ
+kOkLQDWoÕOHNHOHUYDUVD
%LUNDoGDPODGDKD|]HOWHPL]OLNVÕYÕVÕQÕ\]H\HGDPODWÕQ
2FD÷DDoÕ\OD WXWWX÷XQX] ELU VSDWXOD NXOODQDUDNOHNHoÕNDQD
NDGDUND]Õ\ÕQ
<]H\ WHPL]OHQHQH NDGDU \XPXúDN ELU EH] YH\D NXUX ND÷ÕW
KDYOX\ODVLOLQ
*HUHNLUVHEXLúOHPLWHNUDUOD\ÕQ
75
(ULWPHIRQNVL\RQX
%LU ÕVÕWÕFÕ VHoLOGLNWHQ VRQUD HULWPH IRQNVL\RQXQX oDOÕúW
ÕUPDNLoLQ
(ULWPHWXúXQDEDVÕQÕ]
%LSVHVLGX\XOXUYHÕVÕWÕFÕJ|VWHUJHVL³8´RODUDNJ|UQU
,VÕWÕFÕVHYL\HGHoDOÕúÕU
6HoLOHQ ÕVÕWÕFÕGD HULWPH IRQNVL\RQX DúD÷ÕGDNL GXUXPODUGD
VRQODQGÕUÕOÕU
2FDNNDSDWÕOGÕ÷ÕQGD
<DGDÕVÕWÕFÕIDUNOÕELUVHYL\H\HD\DUODQGÕ÷ÕQGD
.D\QDWPDIRQNVL\RQX
%LU ÕVÕWÕFÕ VHoLOGLNWHQ VRQUD ND\QDWPD IRQNVL\RQXQX
oDOÕúWÕUPDNLoLQ
.D\QDWPDWXúXQDEDVÕQÕ]
%LSVHVLGX\XOXUYHÕVÕWÕFÕJ|VWHUJHVL³3´RODUDNJ|UQU
,VÕWÕFÕPDNVLPXPVHYL\HGHGNER\XQFDoDOÕúÕU,VÕWÕFÕGNVRQXQGD
ELSVHVLLOHVHYL\H\HGúHU
6HoLOHQ ÕVÕWÕFÕGD ND\QDWPD IRQNVL\RQX DúD÷ÕGDNL GXUXPODUGD
VRQODQGÕUÕOÕU
2FDNNDSDWÕOGÕ÷ÕQGD
<DGDÕVÕWÕFÕIDUNOÕELUVHYL\H\HD\DUODQGÕ÷ÕQGD
VRQODQGÕUDELOLUVLQL]
=DPDQOD\ÕFÕ oDOÕúÕUNHQ ]DPDQOD\ÕFÕ VUHVLQL D\DUODPDN
PPNQGU
=DPDQODQPÕú E|OJHQLQ JF ]DPDQOD\ÕFÕ SURJUDPÕQÕ
HWNLOHPHGHQGH÷LúWLULOHELOLU
6RQ GDNLND VDQL\H RODUDN J|VWHULOLU %D]Õ PRGHOOHUGH \DOQÕ]FD
VRQGDNLNDJHULVD\ÕPÕVÕUDVÕQGD]DPDQOD\ÕFÕSURJUDPÕQDJLULOGL÷LQGH
J|VWHULOLU
+LoELUE|OJHVHoLOLGH÷LONHQYHKLoELUE|OJH]DPDQODQPDGÕ÷ÕQGD
=DPDQOD\ÕFÕWXúXQDEDVDUVDQÕ]KLoELUúH\ROPD]
+LoELU E|OJH VHoLOL GH÷LONHQ YH ELUGHQ oRN E|OJH
]DPDQODQGÕ÷ÕQGD=DPDQOD\ÕFÕWXúXQDEDVDUVDQÕ]VUHKDQHOHULQGH
J|VWHULOHQ VUH G|QúPO úHNLOGH GH÷LúLU YH Jo J|VWHUJHVLQGH
RQGDOÕNQRNWDVÕQÕQ$d,.ROGX÷XE|OJHQLQVUHVLJ|VWHULOLU
=DPDQODQDQ E|OJHGH G|QúPO RODUDN *o V YH V
J|VWHULOLU
.DODQVUH ]DPDQOD\ÕFÕLoLQD\UÕODQ KDQHOHUGHJ|UQWOHQLU%LUGHQ
oRNE|OJH]DPDQODPÕúVDNDODQHQNÕVDVUHJ|UQWOHQLUYHRQGDOÕN
QRNWDVÕLOJLOLE|OJHGHJ|VWHULOLU
0D[ L
&DP VHUDPLN \]H\GHNL UHQN GH÷LúLNOLNOHUL \]H\LQ
oDOÕúPDVÕQÕ YH\D NDUDUOÕOÕ÷ÕQÕ HWNLOHPH] %X JLEL UHQN
GH÷LúLPOHUL JHQHOOLNOH \DQPÕú \HPHN NDOÕQWÕODUÕQGDQ YH\D
DOPLQ\XPYH\DEDNÕUJLELPDO]HPHOHUGHQ\DSÕOPÕúSLúLUPH
JHUHoOHULQLQ NXOODQÕOPDVÕQGDQ ND\QDNODQÕU %X OHNHOHULQ
oÕNDUÕOPDVÕ]RUGXU
62581*ø'(50(
3LúLUPHE|OJHOHULKDILIoHND\QDWPÕ\RUYH\DNÕ]DUWPÕ\RU
<DOQÕ]FDG]WDEDQOÕWHQFHUHOHUNXOODQÕQ7HQFHUH\OHRFDN
DUDVÕQGDÕúÕNJ|UQ\RUVDE|OJHÕVÕ\ÕGR÷UXLOHWPHPHNWHGLU
7HQFHUHWDEDQÕQÕQVHoLOLE|OJHQLQoDSÕQÕWDPDPHQNDSODPDVÕ
JHUHNLU
3LúLUPHoRN\DYDú
8\JXQROPD\DQWHQFHUHOHUNXOODQÕOPDNWDGÕU<DOQÕ]FDG]WDEDQOÕ
D÷ÕUYHHQD]SLúLUPHE|OJHVLQLQNLQHHúLWoDSWDSLúLUPHJHUHoOHUL
NXOODQÕQ
2FD÷ÕQFDP\]H\LQGHNoNoL]LNOHUYHDúÕQPDODUYDU
<DQOÕúWHPL]OHPH\|QWHPOHULYH\DVHUWWDEDQOÕWHQFHUHOHU
NXOODQÕOPÕúWÕURFDNODWHQFHUHQLQWDEDQÕDUDVÕQGDNXPYH\DWX]
JLELSDUoDFÕNODUNDOPÕúWÕU7HPL]OLNE|OPQHEDNÕQ
.XOODQPDGDQ|QFHWHQFHUHWDEDQODUÕQÕQWHPL]ROGX÷XQGDQHPLQ
ROXQYH\DOQÕ]FDSU]V]WDEDQOÕWHQFHUHOHUNXOODQÕQdL]LNOHU
%ø5.$dø38&8
6ÕNoD WHPL]OHPH oL]LOPH\L YH DúÕQPD\Õ |QOHPHN LoLQ JHUHNOL RODQ
NRUX\XFX ELU NDWPDQ ROXúWXUXU 2FD÷Õ WHNUDU NXOODQPDGDQ |QFH
\]H\LQ WHPL] ROGX÷XQGDQ HPLQ ROXQ 6X OHNHOHULQL oÕNDUPDN LoLQ
ELUNDoGDPODEH\D]VLUNHYH\DOLPRQVX\XNXOODQÕQ$UGÕQGDQHPLFL
ND÷ÕWODYHELUNDoGDPOD|]HOWHPL]OHPHVÕYÕVÕ\ODVLOLQ
&DP VHUDPLN \]H\ G] WDEDQOÕ WHQFHUHOHULQ VUWQPHVLQH NDUúÕ
GD\DQÕNOÕGÕUDQFDNWHQFHUHOHULELU\]H\GHQGL÷HULQHWDúÕPDQÕQHQL\L
\ROXWHQFHUH\LNDOGÕUDUDNWDúÕPDNWÕU
127
dRNÕVODNELUVQJHUNXOODQPD\ÕQ
+LoELU]DPDQEÕoDNYH\DWRUQDYLGDNXOODQPD\ÕQ
DoÕ\OD WXWXOGX÷X VUHFH EÕoDNOÕ ELU VSDWXOD \]H\H ]DUDU
YHUPH]
%ÕoDNOÕ VSDWXOD\Õ NHVLQOLNOH oRFXNODUÕQ HULúHELOHFH÷L ELU \HUGH
EÕUDNPD\ÕQ
+LoELU]DPDQDúÕQGÕUÕFÕUQOHUYH\DRYPDWR]ODUÕNXOODQPD\ÕQ
0HWDOoHUoHYH0HWDOoHUoHYH\LJYHQOLúHNLOGHWHPL]OHPHNLoLQVXYH
VDEXQOD\ÕND\ÕQGXUXOD\ÕQYH\XPXúDNELUEH]OHNXUXOD\ÕQ
,VÕWÕFÕHNUDQÕ
)
)F
)W
)(
)E
)8)-
)$
)&)G
)U
+DWDROXúWX\VDSLúLUPH\]H\LQLQJoEHVOHPHVLQLNHVLSWHNUDUED÷OD\ÕQ+DWDGHYDPHGHUVHVDWÕú
VRQUDVÕVHUYLVLDUD\ÕQ+DWDQRUPDOoDOÕúPDVÕUDVÕQGDDQLGHQROXúXUVDVDWÕúVRQUDVÕVHUYLVLDUD\ÕQ
'RNXQPDWLNNRQWURO\D]ÕOÕP
KDWDVÕ
6ÕFDNOÕNGúHQHNDGDUEHNOH\LQ6ÕFDNOÕNQRUPDOGH÷HUHXODúÕQFDSLúLUPH\]H\LRWRPDWLNRODUDN
QRUPDOHG|QHU
'RNXQPDWLNNRQWUROE|OJHVL
oRNVÕFDNWÕUYHWPÕVÕWÕFÕODUÕ
NDSDWPÕúWÕU
6ÕFDNOÕNGúHQHNDGDUEHNOH\LQ0HVDMGHYDPHGHUVHVÕFDNOÕNQRUPDOGH÷HUHXODúWÕ÷ÕQGDVDWÕú
VRQUDVÕVHUYLVLDUD\ÕQ
'RNXQPDWLNNRQWUROVÕFDNOÕN
VHQV|UKDVDUJ|UPúRODELOLU
6ÕFDNOÕNGúHQHNDGDUEHNOH\LQ0HVDMGHYDPHGHUVHVÕFDNOÕNQRUPDOGH÷HUHXODúWÕ÷ÕQGDVDWÕú
VRQUDVÕVHUYLVLDUD\ÕQ
'RNXQPDWLNNRQWUROVÕFDNOÕN
VHQV|UKDVDUJ|UPúRODELOLU
3LúLUPH\]H\LQLQGR÷UXPRQWHHGLOGL÷LQLNRQWUROHGLQ7XúODUÕQFDP\]H\HGR÷UXúHNLOGH
GRNXQGX÷XQGDQHPLQROXQ
+HUKDQJLELUWXúWDDúÕUÕ
KDVVDVL\HWYDUGÕU
%XRWRPDWLNNODY\HNRQWUROGU2WRPDWLNNRQWUROJYHQOLGH÷HUHJHULG|QG÷QGHKDWDND\EROXU
+DWDGHYDPHGHUVHVDWÕúVRQUDVÕVHUYLVLDUD\ÕQ
*YHQOLNNODY\HVLKDWDVÕ
%XRWRPDWLN\D]ÕOÕPNRQWUROGU2WRPDWLNNRQWUROJYHQOLGH÷HUHJHULG|QG÷QGHKDWDND\EROXU
+DWDGHYDPHGHUVHVDWÕúVRQUDVÕVHUYLVLDUD\ÕQ
*YHQOLNNODY\HVLKDWDVÕ
%XRWRPDWLN\D]ÕOÕPNRQWUROGU2WRPDWLNNRQWUROJYHQOLGH÷HUHJHULG|QG÷QGHKDWDND\EROXU
+DWDGHYDPHGHUVHVDWÕúVRQUDVÕVHUYLVLDUD\ÕQ
*YHQOLNNODY\HVLKDWDVÕ
+HUKDQJLELUU|OHVUFVQGHVRUXQRODELOLU3LúLUPH\]H\LQLJoEHVOHPHVLQGHQoÕNDUÕQELU
GDNLNDEHNOH\LQYHWHNUDUDoÕQ+DWDGHYDPHGHUVHVDWÕúVRQUDVÕVHUYLVLDUD\ÕQ
5|OHJYHQOLNKDWDVÕ
6$7,ù6215$6,%$.,0
6HUYLV0KHQGLVLoD÷ÕUPDGDQ|QFHOWIHQDúD÷ÕGDNLOHULNRQWURO
HGLQ
²ILúLQWDNÕOÕYHVLJRUWDOÕROGX÷XQGDQHPLQROXQ
$UÕ]DQÕQ QHGHQL EHOLUOHQHPL\RUVD FLKD]Õ NDSDWÕQ NXUFDODPD\ÕQ YH
6DWÕú 6RQUDVÕ 6HUYLV 0HUNH]LQL DUD\ÕQ &LKD] 6HUYLV 0HUNH]LQGH
FUHWVL]RQDUÕOPDVÕQÕVD÷OD\DQELUJDUDQWLEHOJHVL\OHELUOLNWHYHULOLU
DQFDNWHPL]OL÷LQGR÷UX\DSÕOPDVÕ\ODD]DOWÕODELOLU
0HWDONDOÕQWÕODUÕ
$OPLQ\XPWHQFHUHOHULRFD÷ÕQ]HULQGHND\GÕUPD\ÕQ7HPL]OLN
WDYVL\HOHULQHEDNÕQ
'R÷UXPDO]HPHOHULNXOODQGÕ÷ÕQÕ]KDOGHOHNHOHUoÕNPÕ\RUVD%ÕoDN
NXOODQÕQYH7(0ø=/ø.E|OPQHEDNÕQ
.R\XUHQNOLOHNHOHU
%ÕoDNNXOODQÕQYH7(0ø=/ø.E|OPQHEDNÕQ
2FD÷ÕQ]HULQGHNLDoÕNUHQNOL\]H\OHU
$OPLQ\XPYH\DEDNÕUWHQFHUHOHULQ\DQÕVÕUDPLQHUDOVXYH\D
\L\HFHNNDOÕQWÕODUÕRODELOLUEXOHNHOHUNUHPWHPL]OH\LFLNXOODQÕODUDN
WHPL]OHQHELOLU
2FD÷ÕQ]HULQGHNDUDPHOL]DV\RQYH\DHULPLúSODVWLN
7(0ø=/ø.E|OPQHEDNÕQ
2FDNYH\DEHOLUOLE|OJHOHUoDOÕúPÕ\RU
3DUDOHOoXEXNODUWHUPLQDONXWXVXQGDGR÷UX\HUOHúWLULOPHPLúWLU
%D÷ODQWÕQÕQGR÷UX\DSÕOÕS\DSÕOPDGÕ÷ÕQÕNRQWUROHGLQ.RQWURO
SDQHOLNLOLWOLGLU2FD÷ÕQNLOLGLQLDoÕQ
2FDNNDSDQPÕ\RU
.RQWUROSDQHOLNLOLWOLGLU2FD÷ÕQNLOLGLQLDoÕQ
3LúLUPHE|OJHOHULLoLQDoPDNDSDPDLúOHPOHULQLQVÕNOÕ÷Õ
$oPDNDSDPDG|QJOHULJHUHNOLÕVÕVHYL\HVLQHJ|UHGH÷LúLU
GúNVHYL\HNÕVDoDOÕúPDVUHVL
\NVHNVHYL\HX]XQoDOÕúPDVUHVL
3LúLUPH\]H\LoDOÕúPÕ\RU
%XOXQGX÷XQX]\HUGHNLVLJRUWDODUÕQGHYUHNHVLFLOHULQGXUXPXQX
NRQWUROHGLQ(OHNWULNNHVLQWLVLROXSROPDGÕ÷ÕQÕNRQWUROHGLQ
3LúLUPH\]H\LNHQGLNHQGLQHNDSDQGÕ
<DQOÕúOÕNODDQDG÷PH\H$d0$.$3$0$WXúXQDGRNXQXOPXú
YH\DELUWXúXQ]HULQHELUQHVQH\OHEDVÕOÕ\RURODELOLU7XúODUD
KLoELUúH\LQEDVPDGÕ÷ÕQGDQHPLQRODUDNELULPLWHNUDUDoÕQ
$\DUODUÕQÕ]ÕWHNUDUJLULQ
(NUDQGD)YHVD\ÕODUJ|UQ\RU
(NUDQGD)YHVD\ÕODUJ|VWHULOL\RUVDELULPLQL]ELUDUÕ]DDOJÕODPÕúWÕU
6RUXQXG]HOWPHNLoLQDúD÷ÕGDYHULOHQLúOHPOHUOLVWHVLQHEDNÕQ
75
øúOHP
$UÕ]D
h5(7ú&ú)ú50$
&$1'<+229(5*5283
9LD3ULYDWD()XPDJDOOL%UXJKHULR0%,7$/<
7HO)D[
ZZZFDQG\JURXSFRP
ú7+$/$7&,)ú50$
&$1'<+229(5(852$6,$(9*(5(d/(5ú6$19(7ú&$û
úoHUHQN|\0K+DO<ROX&GdD\×U<ROX6N1R
6D\DUúü0HUNH]L.DW$WDüHKLUú67$1%8/7h5.ú<(
7HO)D[
ZZZKRRYHUFRPWUVHUYLV#KRRYHUFRPWU
$1.$675(2&$.
$QNDVWUHRFDNNXOODQPDN×ODYX]XQGDJ|VWHULOGLùLüHNLOGHNXOODQ×OPDV×YH\HWNLOLN×OG×ù×P×]VHUYLVHOHPDQODU×G×ü×QGDNLüDK×VODUWDUDI×QGDQEDN×P×RQDU×P×
YH\D EDüND ELU QHGHQOH PGDKDOH HGLOPHPLü ROPDV× üDUW×\OD EWQ SDUoDODU× GDKLO ROPDN ]HUH WDPDP× PDO]HPH LüoLOLN YH UHWLP KDWDODU×QD NDUü×
UQQWHVOLPWDULKLQGHQLWLEDUHQhd<,/6h5(ú/(&$1'<+229(5(852$6,$$û7$5$),1'$1*$5$17ú('ú/0úû7ú5
0DO×QEWQSDUoDODU×GDKLOROPDN]HUHWDPDP×JDUDQWLNDSVDP×QGDG×U
0DO×QD\×SO×ROGXùXQXQDQODü×OPDV×GXUXPXQGDWNHWLFLVD\×O×7NHWLFLQLQ.RUXQPDV×+DNN×QGD.DQXQXQLQFLPDGGHVLQGH\HUDODQ
D6DW×ODQ×JHULYHUPH\HKD]×UROGXùXQXELOGLUHUHNV|]OHüPHGHQG|QPH
E6DW×ODQ×DO×NR\XSD\×SRUDQ×QGDVDW×üEHGHOLQGHLQGLULPLVWHPH
F$ü×U×ELUPDVUDIJHUHNWLUPHGLùLWDNGLUGHEWQPDVUDIODU×VDW×F×\DDLWROPDN]HUHVDW×ODQ×QFUHWVL]RQDU×OPDV×Q×LVWHP
oúPNDQYDUVDVDW×ODQ×QD\×SV×]ELUPLVOLLOHGHùLüWLULOPHVLQLLVWHPHVHoLPOLNKDNODU×QGDQELULQLNXOODQDELOLU
7NHWLFLQLQ .DQXQXQ PDGGHVLQGH \HU DODQ VHoLPOLN KDNODU×QGDQ FUHWVL] RQDU×P KDNN×Q× VHoPHVL GXUXPXQGD VDW×F× LüoLOLN PDVUDI× GHùLüWLULOHQ
SDUoDEHGHOL\DGDEDüNDKHUKDQJLELUDGDOW×QGDKLoELUFUHWWDOHSHWPHNVL]LQPDO×QRQ×U×P×Q×\DSPDNYH\D\DSW×UPDNOD\NPOGU7NHWLFLFUHWVL]
RQDU×PKDNN×Q×UHWLFLYH\DLWKDODWo×\DNDUü×GDNXOODQ×ODELOLU6DW×F×UHWLFLYHLWKDODWo×WNHWLFLQLQEXKDNN×Q×NXOODQPDV×QGDQPWHVHOVLOHQVRUXPOXGXU
7NHWLFLQLQFUHWVL]RQDU×PKDNN×Q×NXOODQPDV×KDOLQGHPDO×Q
*DUDQWLVUHVLLoLQGHWHNUDUDU×]DODQPDV×
7DPLULLoLQJHUHNHQD]DPLVUHQLQDü×OPDV×
7DPLULQLQPPNQROPDG×ù×Q×Q\HWNLOLVHUYLVLVWDV\RQXVDW×F×UHWLFLYH\DLWKDODWo×WDUDI×QGDQELUUDSRUODEHOLUOHQPHVLGXUXPODU×QGD
WNHWLFLPDO×QEHGHOLDGHVLQLDO×SD\×SRUDQ×QGDEHGHQLQGLULPLQLYH\DLPNDQYDUVDPDO×QD\×SV×]PLVOLLOHGHùLüWLULOPHVLQLVDW×F×GDQWDOHSHGHELOLU6DW×F×
WNHWLFLQLQWDOHELQLUHGGHWPH]%XWDOHELQ\HULQHJHWLULOPHPHVLGXUXPXQGDVDW×F×UHWLFLYHLWKDODWo×PWHVHOVLOHQVRUXPOXGXU
*DUDQWLX\JXODPDV×V×UDV×QGDGHùLüWLULOHQPDO×QJDUDQWLVUHVLVDW×QDO×QDQPDO×QNDODQJDUDQWLVUHVLLOHV×Q×UO×G×U
0DO×Q WDPLU VUHVL Lü JQQ JHoHPH] %X VUH JDUDQWL VUHVL LoHULVLQGH PDOD LOLüNLQ DU×]DQ×Q \HWNLOL VHUYLV LVWDV\RQXQD YH\D VDW×F×\D ELOGLULPL
WDULKLQGH JDUDQWL VUHVL G×ü×QGD LVH PDO×Q \HWNLOL VHUYLV LVWDV\RQXQD WHVOLP WDULKLQGHQ LWLEDUHQ EDüODU 0DO×Q DU×]DV×Q×Q Lü JQ LoHULVLQGH
JLGHULOHPHPHVL KDOLQGH UHWLFL YH\D LWKDODWo× PDO×Q WNHWLFLQLQ NXOODQ×P×QD WDKVLV HWPHN ]RUXQGDG×U 0DO×Q JDUDQWL VUHVL LoHULVLQGH DU×]DODQPDV×
GXUXPXQGDWDPLUGHJHoHQVUHJDUDQWLVUHVLQHHNOHQLU
0DO×QNXOODQPDN×ODYX]XQGD\HUDODQKXVXVODUDX\N×U×NXOODQ×OPDV×QGDQND\QDNODQ×QDU×]DODUJDUDQWLNDSVDP×G×ü×QGDG×U
7NHWLFL JDUDQWLGHQ GRùDQ KDNODU×Q×Q NXOODQ×OPDV× LOH LOJLOL RODUDN o×NDELOHFHN X\XüPD]O×NODUGD \HUOHüLP \HULQLQ EXOXQGXùX YH\D WNHWLFL LüOHPLQLQ
\DS×OG×ù×\HUGHNL7NHWLFL+DNHP+H\HWLQHYH\D7NHWLFL0DKNHPHVLQHEDüYXUDELOLU
*DUDQWLEHOJHVLQLQWHNHPPOHWWLULOHUHNWNHWLFL\HYHULOPHVLYHEX\NPOOùQ\HULQHJHWLULOGLùLQLQLVSDW×VDW×F×\DDLWWLU
6DW×ODQPDODLOLüNLQRODUDNG]HQOHQHQIDWXUDODUJDUDQWLEHOJHVL\HULQHJHoPH]
6DW×F×WDUDI×QGDQEX*DUDQWL%HOJHVLQLQYHULOPHPHVLGXUXPXQGDWNHWLFL*PUNYH7LFDUHW%DNDQO×ù×7NHWLFLQLQ.RUXQPDV×YH3L\DVD*|]HWLPL*HQHO
0GUOùQHEDüYXUDELOLU
%XE|OPUQDOG×ù×Q×]<HWNLOL6DW×F×LP]DOD\DFDNYHNDüHOH\HFHNWLU
%XJDUDQWLEHOJHVLLOHNHVLOHQIDWXUDJDUDQWLVUHVLER\XQFDJDUDQWLEHOJHVLLOHPXKDID]DHGLOPHVL|QHULOLU
&$1'<+229(5(852$6,$(9*(5(d/(5ú6$19(7ú&$û
<HWNLOLVHUYLVOHULPL]GHQKL]PHWWDOHELQL]ROGXùXQGDYH\DUQOHULPL]OHLOJLOLJHQHO|QHULYHWDOHSOHULQL]LoLQDüDù×GDNLQXPDUDGDQXODüDELOLUVLQL]
6DELWWHOHIRQODUGDQYH\DFHSWHOHIRQODU×QGDQDODQNRGXoHYLUPHGHQDUD\×Q×]
hUQQ]NXOODQPDGDQ |QFH PRQWDMYH NXOODQPD N×ODYX]XQXPXWODND RNX\XQX] hUQQPRQWDM YH NXOODQ×PN×ODYX]XQGD \HU DODQKXVXVODUD D\N×U×
NXOODQ×OPDV×NXOODQ×PKDWDODU×YHFLKD]×QVWDQGDUWNXOODQ×PüDUWODU×DPDoODU×KDULFLQGHNXOODQ×OPDV×KDOLQGHUQJDUDQWLNDSVDP×G×ü×QGDNDODFDNW×U
hUQQVWDQGDUWYHVRUXQVX]oDO×üPDNRüXOODU×Q×QVDùODQPDV×LoLQJHUHNOL]RUXQOXRODQPRQWDMYHNXOODQ×PN×ODYX]XQGDEHOLUWLOHQWHNQLN|]HOOLNOHULQLQVX
EDV×QF×YROWDMGHùHULJD]EHVOHPHEDV×QF×VLJRUWDGHùHULWRSUDNODPD\DN×WFLQVL\DN×WNDOLWHVLYEX\JXQROPDPDV×VDELWROPDPDV×YHYH\DGHùLüNHQ
ROPDV×KDOLQGHFLKD]GDPH\GDQDJHOHELOHFHNDU×]DODUYHVRUXQODUJDUDQWLNDSVDP×G×ü×QGDNDODFDNW×U
&DQG\+RRYHU(XURDVLDWDUDI×QGDQVDùODQDQJDUDQWLüDUWODU×DüDù×GDNLNRüXOODUGDJHoHUVL]RODFDNW×U
hUQH\HWNLOLVHUYLVG×ü×QGDNLNLüLOHUWDUDI×QGDQPGDKDOHHGLOPHVLHOHNWULNVXNHVLQWLVLYHUQGHQND\QDNODQPD\DQNDoDNODUJDUDQWLNDSVDP×G×ü×QGDG×U
.XOODQ×PKDWDODU×QGDQGROD\×ROXüDQDU×]DYHKDVDUODUHOHNWULNJD]VXWHVLVDW×YHYH\DWHVLVDWHNLSPDQODU×QHGHQL\OHPH\GDQDJHOHELOHFHNDU×]DODUJDUDQWL
NDSVDP×G×ü×QGDG×U
hUQQPüWHUL\HXODüW×U×OPDV×VRQUDV×\DS×ODQWDü×PDLüOHPLQHEDùO×DU×]DYHKDVDUODUWNHWLFLWDUDI×QGDQ\DS×ODQ\DQO×üGHSRODPDYHRUWDPNRüXOODU×
QHGHQL\OHFLKD]GDPH\GDQDJHOHQKDVDUODUYHDU×]DODUJDUDQWLNDSVDP×G×ü×QGDG×U
+DWDO×HOHNWULNWHVLVDW×UQQ]HULQGHEHOLUWLOHQYROWDMGDQIDUNO×YROWDMGDNXOODQ×OPDV×YH\DüHEHNHYROWDM×QGDNLGDOJDODQPDODUVRQXFXROXüDQDU×]DYH
KDVDUODUGRùDODIHWOHUUQGHQND\QDNODQPD\DQKDULFLIL]LNLG×üHWNHQOHUPHYVLPVHOKDYDüDUWODU×YHoHYUHVHOHWNHQOHUGHSUHP\DQJ×QVHOVXEDVPDV×
üLGGHWOLU]JDU\×OG×U×PGüPHVLNLUHoQHPUXWXEHWWR]QDNOL\HWDü×PDUQQGRQDPDUX]NDOPDV×VXVX]oDO×üPDYEQHGHQL\OHROXüDQDU×]DODUJDUDQWL
NDSPDV×G×ü×QGDNDODFDNW×U
.XOODQ×PN×ODYX]XQGDEHOLUWLOHQKXVXVODUDD\N×U×NXOODQ×OPDV×QGDQND\QDNODQDQDU×]DODUYHKDVDUODU
<XNDU×GDEHOLUWLOHQDU×]DODU×QJLGHULOPHVLFUHWNDUü×O×ù×\DS×O×U
hUQQNXOODQ×P|PURQ\×OG×U%XUQQWDQ×PODQG×ù×üHNLOGHoDO×üDELOPHVLLoLQJHUHNOL\HGHNSDUoDODU×EXOXQGXUPDVUHVLGLU
hUHWLP\HUL7UNL\HGLU
7h.(7ú&ú+ú=0(7/(5ú
7h.(7ú&ú+$77,
*$5$17ú%(/*(6ú
0RGHO
%DQGUROYH6HUL1R
7HVOLP7DULKL<HUL
)DWXUD7DULKL1R
6DW×F×)LUPDhQYDQ×
$GUHV
7HO)D[
6DW×F×)LUPD.DüHYHúP]D
*HQHO0GU
75
*%
7KH PDQXIDFWXUHU ZLOO QRW EH UHVSRQVLEOH IRU DQ\ LQDFFXUDF\ UHVXOWLQJ IURP SULQWLQJ RU WUDQVFULSW HUURUV FRQWDLQHG LQ WKLV EURFKXUH :H UHVHUYH WKH ULJKW
WR FDUU\ RXW PRGLILFDWLRQV WR SURGXFWV DV UHTXLUHG LQFOXGLQJ WKH LQWHUHVWV RI FRQ VXPSWLRQ ZLWKRXW SUHMXGLFH WR WKH FKDUDFWHUL VWLFV UHODWLQJ WR VDIHW\ RU
IXQFWLRQ
5(9
,7
,O3URGXWWRUHQRQVLDVVXPHUHVSRQVDELOLWjSHUHYHQWXDOLHUURULGLVWDPSDRHUURULGLWUDVFUL]LRQHDOOLQWHUQRGLTXHVWDEURFKXUH&LULVHUYLDPRLOGLULWWRGLDSSRUWDUH
PRGLILFKHDLSURGRWWLDVHFRQGDGHOOHQHFHVVLWjFRPSUHVLJOLLQWHUHVVLGLFRQVXPRVHQ]DLQIOXHQ]DDOFXQDVXOOHFDUDWWHULVWLFKHUHODWLYHDVLFXUH]]DRIXQ]LRQDPHQWR
)5
/HIDEULFDQWQHSRXUUDrWUHWHQXSRXUUHVSRQVDEOHGHWRXWHLQH[DFWLWXGHUpVXOWDQWGHUUHXUVGLPSUHVVLRQRXGHWUDQVFULSWLRQFRQWHQXHVGDQVFHWWHEURFKXUH1RXVQRXV
UpVHUYRQVOHGURLWGDSSRUWHUOHFDVpFKpDQWGHVPRGLILFDWLRQVDX[SURGXLWV\FRPSULVGDQVOLQWpUrWGHODFRQVRPPDWLRQHWVDQVSUpMXGLFHGHVFDUDFWpULVWLTXHV
UHODWLYHVjODVpFXULWpHWDX[IRQFWLRQV
&=
9êUREFHQH]RGSRYtGi]DQHSĜHVQRVWLY\SOêYDMtFt]SĜtSDGQêFKFK\ESĜLWLVNXQHERSĜHNOHSĤYWpWREURåXĜH9\KUD]XMHPHVLSUiYRSURYiGČW~SUDY\SURGXNWĤSRGOH
SRWĜHE\YþHWQČREODVWLVSRWĜHE\DQLåE\E\O\GRWþHQ\YODVWQRVWLWêNDMtFtVHEH]SHþQRVWLQHERIXQNFH
'(
'HU+HUVWHOOHUKDIWHWQLFKWIU8QJHQDXLJNHLWHQDXIJUXQGYRQ)HKOHUQEHL'UXFNRGHU1LHGHUVFKULIWGLHLQGLHVHU%URVFKUHHQWKDOWHQVHLQN|QQHQ:LUEHKDOWHQXQVGDV
5HFKWYRUMHQDFK%HGDUI9HUlQGHUXQJHQDP3URGXNWYRU]XQHKPHQHLQVFKOLHOLFK%HODQJHGHV9HUEUDXFKVXQEHVFKDGHWGHU6LFKHUKHLWVRGHU)XQNWLRQVPHUNPDOH
75
%XEURúUGHEXOXQDQEDVNÕYH\D\D]ÕP\DQOÕúODUÕQDED÷OÕROXúDELOHFHNKDWDODUGDQUHWLFLVRUXPOXGH÷LOGLU*YHQOLNYH\DLúOHYVHOOLN|]HOOLNOHULHWNLDOWÕQGDNDOPDNVÕ]ÕQ
WNHWLFLOHULQPHQIDDWOHULGkKLOROPDN]HUHUQOHULPL]GHGH÷LúLNOLN\DSPDKDNNÕPÕ]VDNOÕGÕU