8.

'

)
,QVWUXFWLRQ0DQXDO
3ODWH+HDW([FKDQJHUV (
0 0 0; 76
3
0; 0 0$
,

'.

),1

1/

58

3/

(/
3DUWQXPEHU

 7DEOHRIFRQWHQWV (QJOLVK

7DEOHRIFRQWHQWV

8.
'HVFULSWLRQ  
0DLQFRPSRQHQWV  
)XQFWLRQ  

,QVWDOODWLRQ  
5HTXLUHPHQWV  
/LIWLQJ  
5DLVLQJ 

2SHUDWLRQ  
6WDUWXS  
8QLWLQRSHUDWLRQ 
6KXWGRZQ 

0DLQWHQDQFH  
&OHDQLQJ,Q3ODFH&,3 
0DQXDOFOHDQLQJ 
5HJDVNHWLQJ 

+RZWRFRQWDFW$OID/DYDO
([FHSWIRUWKLV,QVWUXFWLRQ0DQXDOWKHIROORZLQJGRFXPHQWVDUHDOVR
&RQWDFWGHWDLOVIRUDOOFRXQWULHV LQFOXGHGLQWKLVVKLSPHQW
DUHFRQWLQXDOO\XSGDWHGRQRXU
ZHEVLWH ± 3ODWH+HDW([FKDQJHU3+(GUDZLQJ

3OHDVHYLVLWZZZDOIDODYDOFRP ± 3ODWHKDQJLQJOLVW
DQGFRQWDFW\RXUORFDO$OID /DYDO
5HSUHVHQWDWLYH ± 3DUWVOLVWZLWKH[SORGHGYLHZGUDZLQJ

3ODWH+HDW([FKDQJHU 8.
 (QJOLVK 1RWHV

1RWHV
8.

8. 3ODWH+HDW([FKDQJHU
 'HVFULSWLRQ (QJOLVK

'HVFULSWLRQ

8.
0DLQFRPSRQHQWV
&DUU\LQJEDU
&DUULHVWKHFKDQQHOSODWHV 6XSSRUW
)UDPHSODWH DQGWKHSUHVVXUHSODWH FROXPQ

7LJKWHQLQJEROWV
3UHVVWKHFKDQQHO
SODWHVWRJHWKHU

%ROW
SURWHFWLRQ

&RQQHFWLRQV
+ROHVWKURXJKWKH
IUDPHSODWHSHUPLWWLQJ
WKHPHGLDWRHQWHULQWR
WKHKHDWH[FKDQJHU

7KUHDGHGVWXGV
DURXQGWKHKROHVVH
FXUHWKHSLSHVWRWKH
DSSDUDWXV0HWDOOLFRU
UXEEHUW\SHOLQLQJV
PD\EHXVHGWRSUR
WHFWWKHKROHVDJDLQVW
FRUURVLRQ *XLGLQJEDU
.HHSVWKHFKDQQHO
SODWHVLQOLQHDWWKHLU
ORZHUHQG
3UHVVXUHSODWH
0RYHDEOHVWHHOSODWH,QVRPHFDVHV
SLSHVPD\EHFRQQHFWHGWRWKH
SUHVVXUHSODWH
&KDQQHOSODWHV
+HDWLVWUDQVIHUUHGIURPRQHPHGLXPWR
WKHRWKHUWKURXJKWKHWKLQFKDQQHOSODWHV

7KHQXPEHURISODWHVGHWHUPLQHVWKHWRWDO
KHDWWUDQVIHUVXUIDFH

3URWHFWLYHVKHHWV
6XSSOLHGRQUHTXHVW

3ODWH+HDW([FKDQJHU 8. 
 (QJOLVK 'HVFULSWLRQ

)XQFWLRQ
8.

7KHSODWHKHDWH[FKDQJHUFRQVLVWVRIDSDFNRI
FRUUXJDWHGPHWDOSODWHVZLWKSRUWKROHVIRUWKHSDV
VDJHRIWKHWZRIOXLGVEHWZHHQZKLFKKHDWWUDQVIHU
ZLOOWDNHSODFH
7KHSODWHSDFNLVDVVHPEOHGEHWZHHQDIUDPH
SODWHDQGDSUHVVXUHSODWHDQGFRPSUHVVHGE\
WLJKWHQLQJEROWV7KHSODWHVDUHILWWHGZLWKDJDVNHW
ZKLFKVHDOVWKHFKDQQHODQGGLUHFWVWKHIOXLGVLQWR
DOWHUQDWHFKDQQHOV7KHSODWHFRUUXJDWLRQSUR
PRWHVIOXLGWXUEXOHQFHDQGVXSSRUWVWKHSODWHV
DJDLQVWGLIIHUHQWLDOSUHVVXUH

7KH$SODWHLVDSODWH 7KH%SODWHLVDSODWH
KDQJLQJZLWKWKHFKHYURQ KDQJLQJZLWKWKHFKHY
SRLQWLQJGRZQZDUGV URQSRLQWLQJXSZDUGV

8.  3ODWH+HDW([FKDQJHU
 ,QVWDOODWLRQ (QJOLVK

,QVWDOODWLRQ

8.
5HTXLUHPHQWV

0XOWLSDVVXQLWV
&RQQHFWLRQVRQWKHSUHVVXUHSODWH
,WLVLPSRUWDQWWKDWWKHSODWHSDFNKDVEHHQ
WLJKWHQHGWRWKHFRUUHFWPHDVXUHPHQW
FKHFNDJDLQVWGUDZLQJEHIRUHWKHSLSHLV
FRQQHFWHG

(OERZ
7RPDNHLWHDVLHUWR
GLVFRQQHFWWKHSODWH
KHDWH[FKDQJHUDQHO
ERZVKRXOGEHIODQJHG
WRWKHFRQQHFWLRQLQWKH
SUHVVXUHSODWHGLUHFW
HGXSZDUGVRUVLGH
ZD\VDQGZLWKDQRWKHU
IODQJHORFDWHGMXVWRXW
VLGHWKHFRQWRXURIWKH
6SDFH KHDWH[FKDQJHU
PPPLQLPXPIUHH
VSDFHLVQHHGHGIRUOLIWLQJ
SODWHVLQDQGRXW

)RXQGDWLRQ
6KXWRIIYDOYHV ,QVWDOORQDIODWIRXQGDWLRQ
7REHDEOHWRRSHQWKH JLYLQJHQRXJKVXSSRUWWR
KHDWH[FKDQJHUVKXWRII WKHIUDPH
YDOYHVVKRXOGEHSURYLG
HGLQDOOFRQQHFWLRQV

1RWH
‡ %HIRUHFRQQHFWLQJDQ\SLSLQJPDNHVXUH
DOOIRUHLJQREMHFWVKDYHEHHQULQVHGRXWRI
WKHV\VWHP
‡ :KHQFRQQHFWLQJWKHSLSHV\VWHPPDNH
VXUHWKHSLSHVGRQRWVXEMHFWWKHSODWHKHDW
H[FKDQJHUWRVWUHVVRUVWUDLQ
‡ 7RDYRLGZDWHUKDPPHUGRQRWXVHIDVW
FORVLQJYDOYHV
6DIHW\YDOYHVVKRXOGEHLQVWDOOHGDFFRUGLQJWR
FXUUHQWSUHVVXUHYHVVHOUHJXODWLRQV
,I3+(VXUIDFHWHPSHUDWXUHLVH[SHFWHGWREHKRW
RUFROGWKH3+(VKRXOGEHLVRODWHG
,WLVUHFRPPHQGHGWKDWSURWHFWLYHVKHHWVDUH
XVHGWRFRYHUWKH3+(
)RUHDFKPRGHOGHVLJQSUHVVXUHVDQGWHPSHUD
WXUHVDUHPDUNHGRQWKHLGHQWLILFDWLRQSODWH
7KRVHPXVWQRWEHH[FHHGHG

3ODWH+HDW([FKDQJHU 8. 
 (QJOLVK ,QVWDOODWLRQ

/LIWLQJ
8.

:DUQLQJ
1HYHUOLIWE\WKHFRQQHFWLRQVRUWKHVWXGV
DURXQGWKHP6WUDSVVKRXOGEHXVHGZKHQ
OLIWLQJ3ODFHVWUDSVDFFRUGLQJWRSLFWXUH

000;76 0;00$

8.  3ODWH+HDW([FKDQJHU
 ,QVWDOODWLRQ (QJOLVK

5DLVLQJ

8.
3ODFHWZRWLPEHUEHDPVRQWKHIORRU 3ODFHVWUDSVDURXQGRQHEROWRQHDFKVLGH
 

/LIWWKHKHDWH[FKDQJHURIISDOOHWXVLQJHJ
 VWUDSV

/LIWWKHKHDWH[FKDQJHURIIWKHWLPEHU
 EHDPV

3ODFHWKHKHDWH[FKDQJHURQWKHWLPEHU
 EHDPV

/RZHUWKHKHDWH[FKDQJHUWRKRUL]RQWDO
 SRVLWLRQDQGSODFHLWRQWKHIORRU

3ODWH+HDW([FKDQJHU 8. 
 (QJOLVK 2SHUDWLRQ

2SHUDWLRQ
8.

6WDUWXS
1RWH ,IWKHUHLVDYDOYHDWWKHH[LWPDNHVXUHLW
,IVHYHUDOSXPSVDUHLQFOXGHGLQWKHV\V  LVIXOO\RSHQ
WHPPDNHVXUH\RXNQRZZKLFKRQH
2SHQWKHYHQWDQGVWDUWWKHSXPS
VKRXOGEHRSHQHGILUVW

1RWH
$GMXVWPHQWVRIIORZUDWHVVKRXOGEHPDGH 2SHQ
VORZO\LQRUGHUWRDYRLGWKHULVNRIZDWHU
KDPPHU

:DWHUKDPPHULVDVKRUWODVWLQJSUHVVXUH
SHDNWKDWFDQDSSHDUGXULQJVWDUWXSRU
VKXWGRZQRIDV\VWHPFDXVLQJOLTXLGVWR
WUDYHODORQJDSLSHDVDZDYHDWWKHVSHHG
RIVRXQG7KLVFDQFDXVHFRQVLGHUDEOH 2SHQWKHYDOYHVORZO\
GDPDJHWRWKHHTXLSPHQW

2SHQVORZO\
&KHFNWKDWPHDVXUHPHQW$LVFRUUHFW)RU
 $VHHHQFORVHG3+(GUDZLQJ

&KHFNWKDWWKHYDOYHLVFORVHGEHWZHHQWKH
 SXPSDQGWKHXQLWFRQWUROOLQJWKHV\VWHP :KHQDOODLULVRXWFORVHWKHYHQW
IORZUDWH

&ORVHG
&ORVH

2SHQ

5HSHDWVWHSV±IRUWKHVHFRQGPHGLD

8.  3ODWH+HDW([FKDQJHU
 2SHUDWLRQ (QJOLVK

8QLWLQRSHUDWLRQ 6KXWGRZQ

8.
1RWH 1RWH
$GMXVWPHQWVRIIORZUDWHVVKRXOGEHPDGH ,IVHYHUDOSXPSVDUHLQFOXGHGLQWKHV\VWHP
VORZO\LQRUGHUWRSURWHFWWKHV\VWHP PDNHVXUH\RXNQRZZKLFKRQHVKRXOGEH
DJDLQVWVXGGHQDQGH[WUHPHYDULDWLRQVRI VWRSSHGILUVW
WHPSHUDWXUHDQGSUHVVXUH
6ORZO\FORVHWKHYDOYHFRQWUROOLQJWKHIORZ
'XULQJRSHUDWLRQFKHFNWKDW
 UDWHRIWKHSXPS\RXDUHDERXWWRVWRS
PHGLDWHPSHUDWXUHVDQGSUHVVXUHVDUHZLWKLQ
&ORVH
WKHOLPLWVVWDWHGRQWKH3+(GUDZLQJ
QROHDNDJHVDSSHDUGXHWRIDXOW\WLJKWHQLQJ
RIWKHSODWHSDFNRUWRGHIHFWLYHRUGDPDJHG
JDVNHWV
FDUU\LQJEDUDQGJXLGLQJEDUDUHNHSWFOHDQ
DQGJUHDVHG
WKHEROWVDUHNHSWFOHDQDQGJUHDVHG

:KHQWKHYDOYHLVFORVHGVWRSWKHSXPS

5HSHDWVWHSV±IRUWKHRWKHUVLGH

,IWKHKHDWH[FKDQJHULVVKXWGRZQIRUVHY
 HUDOGD\VRUORQJHULWVKRXOGEHGUDLQHG
'UDLQLQJVKRXOGDOVREHGRQHLIWKHSURF
HVVLVVKXWGRZQDQGWKHDPELHQWWHPSHU
DWXUHLVEHORZIUHH]LQJWHPSHUDWXUHRIWKH
PHGLD'HSHQGLQJRQWKHPHGLDSURF
HVVHGLWLVDOVRUHFRPPHQGHGWRULQVHDQG
GU\LW

&OHDQDQG
JUHDVHG
1ROHDNDJH

$OZD\VFRQVXOW\RXUORFDO$OID/DYDORIILFHIRU
DGYLFHRQ
‡ QHZSODWHSDFNGLPHQVLRQVLI\RXLQWHQGWR
FKDQJHQXPEHURISODWHV
‡ VHOHFWLRQRIJDVNHWPDWHULDOLIRSHUDWLQJWHPSHU
DWXUHVDQGSUHVVXUHVDUHSHUPDQHQWO\
FKDQJHGRULIDQRWKHUPHGLXPLVWREHSURF
HVVHGLQWKH3+(

3ODWH+HDW([FKDQJHU 8. 
 (QJOLVK 0DLQWHQDQFH

0DLQWHQDQFH
8.

&OHDQLQJ,Q3ODFH&,3

7KH&OHDQLQJ,Q3ODFH&,3HTXLSPHQWSHUPLWV )ROORZWKHLQVWUXFWLRQVRIWKH&,3HTXLSPHQW

FOHDQLQJRIWKHSODWHKHDWH[FKDQJHUZLWKRXWRSHQ
LQJLW 7KHIROORZLQJ&,3PRGHOVFDQEHXVHG&,3
&,3&,3DQG&,3
,I&,3FDQQRWEHGRQHFOHDQLQJPXVWEHSHU
IRUPHGPDQXDOO\VHHVHFWLRQ³0DQXDOFOHDQLQJ´

&,3SHUIRUPV

‡ FOHDQLQJRIIRXOLQJDQGGHVFDOLQJRIOLPH
GHSRVLWV

‡ SDVVLYDWLRQRIFOHDQHGVXUIDFHVWRUHGXFHVXV
FHSWLELOLW\WRFRUURVLRQ

‡ QHXWUDOL]DWLRQRIFOHDQLQJOLTXLGVEHIRUHGUDLQ
LQJ

&OHDQLQJOLTXLGV

&OHDQLQJOLTXLG 'HVFULSWLRQ

$OID&DXV $VWURQJDONDOLQHOLTXLGIRUUHPRYLQJSDLQWIDWRLODQGELRORJLFDOGHSRVLWV
$OID3KRV $QDFLGFOHDQLQJOLTXLGIRUUHPRYLQJPHWDOOLFR[LGHVUXVWOLPHDQGRWKHU
LQRUJDQLFVFDOH
$OID3DVV $QDONDOLQHOLTXLGIRUSDVVLYDWLRQLQKLELWLRQRIFRUURVLRQ
$OID1HXWUD $VWURQJDONDOLQHOLTXLGIRUQHXWUDOL]DWLRQRI$OID3KRVEHIRUHGUDLQDJH
$OID36FDOH $QDFLGLFFOHDQLQJSRZGHUZLWKDFRUURVLRQLQKLELWRUSDUWLFXODUO\HIIHFWLYH
IRUUHPRYLQJRIFDOFLXPFDUERQDWHDQGRWKHULQRUJDQLFVFDOH
$OID31HXWUD $QDONDOLQHSRZGHUIRUQHXWUDOL]DWLRQRIXVHG$OID36FDOHSULRUWRGLV
SRVDO
$OID$GG $QHXWUDOFOHDQLQJVWUHQJWKHQHUWREHXVHGZLWK$OID3KRV$OID&DXVDQG
$OID36FDOH3URYLGHVEHWWHUFOHDQLQJUHVXOWVRQRLO\IDWW\VXUIDFHVDQG
ZKHUHELRORJLFDOJURZWKRFFXUV$OID$GGDOVRUHGXFHVDQ\IRDPLQJ
$OSDFRQ'HVFDODQW $QDFLGLFZDWHUEDVHGQRQKD]DUGRXVFOHDQLQJDJHQWGHVLJQHGIRU
UHPRYDORIVFDOHPDJQHWLWHDOJDHKXPXVPXVVHOVVKHOOILVKOLPHDQG
UXVW&RQWDLQLQJ%,2*(1$&7,9(DELRORJLFDOPL[WXUHPDGHIURPUHQHZ
DEOHPDWHULDOVDVDQDFWLYHLQJUHGLHQW
$OSDFRQ'HJUHDVHU $QHXWUDOGHJUHDVHUWREHXVHGZLWK$OSDFRQ'HVFDODQW(IIHFWLYHO\
UHPRYHVRLOIDWRUJUHDVHOD\HUVEXWDOVRUHGXFHVIRDPLQJ&RQWDLQLQJ
%,2*(1$&7,9(DELRORJLFDOPL[WXUHPDGHIURPUHQHZDEOHPDWHULDOV
DVDQDFWLYHLQJUHGLHQW

8.  3ODWH+HDW([FKDQJHU
 0DLQWHQDQFH (QJOLVK

0DQXDOFOHDQLQJ

8.
:DUQLQJ 2SHQLQJ
7RDYRLGKDQGLQMXULHVRZLQJWRVKDUSHGJHV
SURWHFWLYHJORYHVVKRXOGDOZD\VEHZRUQ :DUQLQJ
ZKHQKDQGOLQJSODWHVDQGSURWHFWLYHVKHHWV ,IWKHKHDWH[FKDQJHULV
KRWZDLWXQWLOLWKDVFRROHG
GRZQWRDERXW ƒ&
 ƒ)

'UDLQWKHSODWHKHDWH[FKDQJHU


,QVSHFWWKHVOLGLQJVXUIDFHVRIWKHFDUU\LQJ
 EDUDQGZLSHFOHDQ

3ODWH+HDW([FKDQJHU 8. 
 (QJOLVK 0DLQWHQDQFH

0DUNWKHSODWHDVVHPEO\RQWKHRXWVLGHE\ 7KHSDLUVRIEROWVWKDWDUHILWWHGZLWKEHDU
 DGLDJRQDOOLQH  LQJER[HVDUHRSHQHGDOWHUQDWHO\DQGGLDJ
8.

RQDOO\LQWZRVWHSVVHHILJXUHVEHORZ

6WHS %ROW1R 7RGLPHQVLRQ

 ±±± $
 ± RU ± 2SHQLQJ

%HFDUHIXOVRWKDWWKHIUDPHSODWHDQG
SUHVVXUHSODWHDUHDOZD\VLQSDUDOOHO
6NHZLQJRIWKHSUHVVXUHSODWHGXULQJRSHQ
LQJPXVWQRWH[FHHGPPWXUQVSHU
EROWDFURVVWKHZLGWKDQGPPWXUQV
SHUEROWYHUWLFDOO\
0DUN
6WHS/RRVHQWKHIRXUEROWVDOWHUQDWHO\
DQGGLDJRQDOO\XQWLOWKHSODWHSDFNDJH
0HDVXUHDQGQRWHGRZQWKHGLPHQVLRQ$ PHDVXUHV$


/RRVHQWKHEROWVZKLFKDUHQRWILWWHGZLWK 6WHS/RRVHQWKHWZRGLDJRQDOSDLUVRI
 EHDULQJER[HVDQGUHPRYHWKHP EROWVDUHORRVHQHGDOWHUQDWHO\DVVKRZQLQ
WKHILJXUHEHORZ

5HPRYH
WKHEROWV

5HPRYH
WKHEROWV

8.  3ODWH+HDW([FKDQJHU
 0DLQWHQDQFH (QJOLVK

2SHQWKHSODWHSDFNE\OHWWLQJWKHSUHVVXUH
 SODWHJOLGHRQWKHFDUU\LQJEDU

8.
,ISODWHVDUHWREHQXPEHUHGGRWKLVEHIRUH
UHPRYLQJWKHSODWHV

3ODWHVQHHGQRWWREHUHPRYHGLIFOHDQLQJ
LVGRQHXVLQJRQO\ZDWHULHZLWKRXWFOHDQ
LQJDJHQW

5HPRYH
WKHSODWHV

3ODWH+HDW([FKDQJHU 8. 
 (QJOLVK 0DLQWHQDQFH

0DQXDOFOHDQLQJRIRSHQHGXQLWV
8.

&DXWLRQ 1RWH
1HYHUXVHK\GURFKORULFDFLGZLWK %HFDUHIXOQRWWRGDPDJHWKHJDVNHWGXU
VWDLQOHVVVWHHOSODWHV:DWHURIPRUH LQJPDQXDOFOHDQLQJ 
WKDQ SSP&OPD\QRWEHXVHGIRU
WKHSUHSDUDWLRQRIFOHDQLQJVROXWLRQV
,WLVYHU\LPSRUWDQWWKDWFDUU\LQJEDUV
DQGVXSSRUWFROXPQVLQDOXPLQLXP
DUHSURWHFWHGDJDLQVWFKHPLFDOV

'HSRVLWVUHPRYDEOHZLWKZDWHUDQGEUXVK

3ODWHVQHHGQRWWREHUHPRYHGIURPWKHSODWHKHDWH[FKDQJHUGXULQJFOHDQLQJ

5HPRYHGHSRVLWVXVLQJDVRIWEUXVKDQG 5LQVHZLWKZDWHUXVLQJDKLJKSUHVVXUH
 UXQQLQJZDWHU  KRVH

'HSRVLWVQRWUHPRYDEOHZLWKZDWHUDQGEUXVK

3ODWHVPXVWEHUHPRYHGIURPWKHSODWHKHDWH[FKDQJHUGXULQJFOHDQLQJ

%UXVKZLWKFOHDQLQJDJHQW 5LQVHZLWKZDWHU
 

8.  3ODWH+HDW([FKDQJHU
 0DLQWHQDQFH (QJOLVK

&OHDQLQJDJHQWV± ,QFUXVWDWLRQVFDOLQJ

8.
 &RQFHQWUDWLRQPD[
7HPSHUDWXUHPD[ ƒ& ƒ)

,QFUXVWDWLRQ±6FDOLQJ 6HGLPHQW &OHDQLQJDJHQW

&DOFLXPFDUERQDWH &RUURVLRQSURGXFWV 1LWULFDFLG

&DOFLXPVXOSKDWH 0HWDOR[LGHV 6XOIDPLFDFLG
6LOLFDWHV 6LOW &LWULFDFLG
$OXPLQD 3KRVSKRULFDFLG
'LDWRPLFRUJDQLVPVDQG &RPSOH[LQJDJHQWV('7$17$
WKHLUH[FUHPHQWRIYDULRXV 6RGLXPSRO\SKRVSKDWHV
FRORXUV

&OHDQLQJDJHQWV±%LRORJLFDOJURZWKVOLPH
 &RQFHQWUDWLRQPD[
7HPSHUDWXUHPD[ ƒ& ƒ)

%LRORJLFDOJURZWK±6OLPH &OHDQLQJDJHQW

%DFWHULD 6RGLXPK\GUR[LGH
1HPDWRGHV 6RGLXPFDUERQDWH
3URWR]RD &OHDQLQJHIIHFWFDQEHFRQVLGHUDEO\LQFUHDVHGE\WKHDGGLWLRQRI
VPDOOTXDQWLWLHVRIK\SRFKORULWHRUDJHQWVIRUWKHIRUPDWLRQRIFRP
SOH[HVDQGVXUIDFWDQWV

&OHDQLQJDJHQWV±2LOUHVLGXHVDVSKDOWIDWV

'HSRVLW &OHDQLQJDJHQW

2LOUHVLGXHV 3DUDIILQLFQDSKWDEDVHGVROYHQWHJNHURVLQH

$VSKDOW
)DWV 1RWH
*DVNHWVLQ(3'0UXEEHUTXDOLWLHVVZHOOLQWKHVHPHGLD&RQWDFW
WLPHVKRXOGEHOLPLWHGWRPLQXWHV

&DXWLRQ
7KHIROORZLQJVROXWLRQVVKRXOGQRWEHXVHG
‡ .HWRQHVHJ$FHWRQH0HWK\OHW\ONH
WRQH0HWK\OLVREXW\ONHWRQH
‡ (VWHUVHJ(WK\ODFHWDWH%XW\ODFHWDWH
‡ +DORJHQDWHGK\GURFDUERQVHJ&KORUR
WKHQH&DUERQWHWUDFKORULGH)UHRQV
‡ $URPDWLFVHJ%HQ]HQH7ROXHQH

3ODWH+HDW([FKDQJHU 8. 
 (QJOLVK 0DLQWHQDQFH

&ORVLQJ
8.

&KHFNWKDWDOOWKHVHDOLQJVXUIDFHVDUH
 FOHDQ
%UXVKWKHWKUHDGVRIWKHEROWVFOHDQXVLQJ
 DVWHHOZLUHEUXVK/XEULFDWHWKHWKUHDGV
ZLWKDWKLQOD\HURIJUHDVHHJ*OHLWPR
3UHVVWKHSODWHDVVHPEO\WRJHWKHU7LJKW
 HQLQJLVGRQHLQWZRVWHSVVHHILJXUHVEH
ORZ%HFDUHIXOVRWKDWWKHIUDPHSODWHDQG
WKHSUHVVXUHSODWHDUHDOZD\VLQSDUDOOHO
6WHS %ROW1R 7RGLPHQVLRQ

RUHTXLYDOHQW  ± RU ± $

 ±±± $

6WHS7LJKWHQWKHWZRGLDJRQDOSDLUVRI
EROWVDOWHUQDWHO\XQWLOWKHSODWHSDFNDJH
PHDVXUHV$

$WWDFKJDVNHWVWRWKHSODWHVRUFKHFNWKDW
 DOOWKHJDVNHWVDUHSURSHUO\DWWDFKHG

1RWH
,IWKHJDVNHWLVZURQJO\SRVLWLRQHGLWZLOO
VKRZE\WKHIDFWWKDWLWULVHVRXWRIWKHJDV
NHWJURRYHRUWKDWLWLVSRVLWLRQHGRXWVLGH
WKHJURRYH

,QVHUWWKHSODWHVZLWKWKHKHUULQJERQHSDW
 WHUQSRVLWLRQHGLQDOWHUQDWHGLUHFWLRQVDQG
ZLWKWKHJDVNHWVWXUQHGWRZDUGVWKHIUDPH
SODWH
6WHS$IWHUWKDWEROWVDUHWLJKWHQHGDOWHU
QDWHO\DQGGLDJRQDOO\DVVKRZQLQWKHILJ
XUHEHORZ&KHFNWKHGLPHQVLRQ$GXULQJ
WLJKWHQLQJDWWKHSRVLWLRQVRIWKHEROWVWKDW
DUHEHLQJXVHG

8.  3ODWH+HDW([FKDQJHU
 0DLQWHQDQFH (QJOLVK

0D[WLJKWHQLQJWRUTXH ‡ 7KHSODWHSDFNDJHOHQJWKDWDOOEROWV
PXVWQRWGLIIHUPRUHWKDQ

1RWH
:KHQDSQHXPDWLFWLJKWHQLQJGHYLFHLVXVHG
VHHWDEOHEHORZIRUPD[LPXPWRUTXH0HDV
XUHGLPHQVLRQ$GXULQJWLJKWHQLQJ
8.
‡ ,IWKHXQLWGRHVQRWVHDOIXOO\LWFDQEH
WLJKWHQHGWRJLYHGLPHQVLRQ$
7KHPD[LPXPWLJKWHQLQJWRUTXHPXVW
QRWKRZHYHUEHH[FHHGHG

%ROW %ROWZLWKEHDULQJ %ROWZLWKZDVKHUV

VL]H ER[
1P .SP 1P .SP
0  
0  
0    
0    

)RUPDQXDOWLJKWHQLQJWKHWLJKWHQLQJWRUTXHKDVWR
EHHVWLPDWHG

,IGLPHQVLRQ$FDQQRWEHUHDFKHG
,IWKHSODWHVDUHFRUUHFWO\DVVHPEOHGWKH
‡ &KHFNWKHQXPEHURISODWHVDQGWKHGLPHQVLRQ$
‡ &KHFNWKDWDOOWKHQXWVDQGEHDULQJER[HVDUH
 HGJHVIRUPD³KRQH\FRPE´SDWWHUQVHH
SLFWXUHEHORZ
UXQQLQJIUHHO\,IQRWFOHDQDQGOXEULFDWHRU
UHSODFH ,IWKHSODWHSDFNKDVEHHQPDUNHGRQWKH
RXWVLGHVHHVWHSLQVHFWLRQ³2SHQLQJ´
7KHGLPHQVLRQ$FDQEHH[FHHGHGLQH[FHSWLRQDO FKHFNWKDWWKHSODWHVKDYHEHHQDVVHP
FDVHV7KHIROORZLQJSODWHSDFNDJHOHQJWKVFRXOG EOHGLQFRUUHFWRUGHU
WKHQEHDFFHSWHG

3ODWHSDFNDJHOHQJWKSODWH 3ODWHSDFNDJH
OHQJWKGLPHQVLRQ$
!PP $
±PP $
PP $

3ODFHWKHRWKHUEROWVLQSRVLWLRQ
 ‡ ,QVSHFWWKHZDVKHUV
‡ :KHQIXOO\WLJKWHQHGWKHEROWVVKRXOG
DOOEHHTXDOO\WHQVLRQHG
‡ 7KHGLIIHUHQFHEHWZHHQWKHSODWHSDFN
DJHOHQJWKVWKHGLPHQVLRQ$PHDV
XUHGDWDGMDFHQWEROWVVKRXOGQRW
H[FHHG
± PPZKHQ$PP
± PPZKHQ$!PP

3ODWH+HDW([FKDQJHU 8. 
 (QJOLVK 0DLQWHQDQFH

5HJDVNHWLQJ
8.

&OLSRQJDVNHWV
2SHQWKHSODWHKHDWH[FKDQJHUDFFRUGLQJ
 WRSDJH DQGUHPRYHWKHSODWHWKDWLVWR
KDYHDQHZJDVNHW
&OLS$'JDVNHWV0;0;
7KH&OLS$'JDVNHWUHSUHVHQWVDV\VWHPZLWKWKH
FRQYHQWLRQDO&OLSRQIDVWHQLQJDURXQGWKHSRUWVDQG
IDVWHQLQJE\PHDQVRIDGKHVLYHWDSHDORQJWKHVLGHV
RIWKHSODWHV

5HPRYHWKHROGJDVNHW 7KHXVHRIWKHDGKHVLYHWDSH*&LVDVLPSOHZD\

 WRREWDLQVHFXUHJDVNHWSRVLWLRQLQJ,WLVDGKHUHGWR
WKHJDVNHWJURRYHE\PHDQVRIDVSHFLDOWDSHSLVWRO
PDNLQJLWHDV\WRDSSO\WKHWDSHH[DFWO\ZKHUHZDQW
HG
$WWDFKWKHFOLSRQJDVNHWWRWKHSODWH6OLS
 WKHJDVNHWSURQJVXQGHUWKHHGJHRIWKH
SODWH 
2SHQWKHSODWHKHDWH[FKDQJHUDFFRUGLQJ
WRSDJH DQGUHPRYHWKHSODWHWKDWLVWR
KDYHDQHZJDVNHW

5HPRYHWKHROGJDVNHW

,WLVQRWQHFHVVDU\WRUHPRYHROGWDSHVDV
 WKHILOPLVYHU\WKLQ0DNHVXUHKRZHYHU
WKDWWKHJDVNHWJURRYHLVFOHDQDQGGU\

$GKHUHWDSHXVLQJWKHSLVWRO


1RWH
0DNHVXUHWKHWZRJDVNHWSURQJVDUHLQ
FRUUHFWSRVLWLRQ

3URFHHGZLWKWKHQH[WSODWHWREHUHJDVN
 HWHGXQWLODOOSODWHVLQQHHGRIUHJDVNHWLQJ
DUHGRQHZLWK

&ORVHWKHSODWHKHDWH[FKDQJHUDFFRUGLQJ
 WRSDJH 

$WWDFKWKHJDVNHWWRWKHSODWH6OLSWKHJDV

*OXHGJDVNHWV  NHWSURQJVXQGHUWKHHGJHRIWKHSODWH

6HSDUDWHJOXLQJLQVWUXFWLRQVZLOOEHGHOLYHUHGWR
JHWKHUZLWKWKHJOXH &ORVHWKHSODWHKHDWH[FKDQJHUDFFRUGLQJ
 WRSDJH 

8.  3ODWH+HDW([FKDQJHU
 ,QKDOWVYHU]HLFKQLV 'HXWVFK

,QKDOWVYHU]HLFKQLV

'
%HVFKUHLEXQJ  
+DXSWNRPSRQHQWHQ  
)XQNWLRQ  

,QVWDOODWLRQ  
$QIRUGHUXQJHQ  
+HEHQ  
$QKHEHQ  

%HWULHE 
,QEHWULHEQDKPH 
*HUlWLQ%HWULHE 
$EVFKDOWHQ  

:DUWXQJ  
$XWRPDWLVFKH$QODJHQUHLQLJXQJ&,3 
0DQXHOOH5HLQLJXQJ  
1HXDEGLFKWHQ 

6RN|QQHQ6LHVLFKPLW$OID
/DYDOLQ9HUELQGXQJVHW]HQ $X‰HUGLHVHU%HGLHQXQJVDQOHLWXQJVLQGDXFKGLHIROJHQGHQ
'RNXPHQWH
$XIXQVHUHU:HEVLWHILQGHQ6LH LQGLHVHU/LHIHUXQJHQWKDOWHQ
GLHDNWXHOOHQ$QVFKULIWHQIUGDV
MHZHLOLJH/DQG ± =HLFKQXQJGHV3ODWWHQZlUPHDXVWDXVFKHUV

%HVXFKHQ6LHXQVXQWHU ± /LVWHIUGLH+lQJHDQRUGQXQJGHU3ODWWHQ
ZZZDOIDODYDOFRPXQGZHQGHQ
6LHVLFKDQGHQ$OID /DYDO ± .RPSRQHQWHQOLVWHPLW([SORVLRQV]HLFKQXQJ
9HUWUDJVKlQGOHULQ,KUHU1lKH

3ODWWHQZlUPHWDXVFKHU '
 'HXWVFK +LQZHLVH

+LQZHLVH
'

' 3ODWWHQZlUPHWDXVFKHU
 %HVFKUHLEXQJ 'HXWVFK

%HVFKUHLEXQJ
+DXSWNRPSRQHQWHQ
7UDJEDONHQ

'
7UlJWGLH.DQDOSODWWHQ 6WW]
5DKPHQSODWWH XQGGLH'UXFNSODWWH VlXOH

6SDQQERO]HQ
'UFNHQGLH
.DQDOSODWWHQ
]XVDPPHQ

%RO]HQ
VFKXW]

$QVFKOVVH
%RKUXQJHQLQGHU
5DKPHQSODWWHGXUFK
GLHGDV0HGLXPLQGHQ
:lUPHWDXVFKHUJH
ODQJHQNDQQ

6WLIWVFKUDXEHQXP
GLH%RKUXQJHQ
VLFKHUQGLH/HLWXQJHQ
DP$SSDUDW0HWDOO
RGHU*XPPLHLQVlW]H
VFKW]HQGLH%RKU
XQJHQYRU.RUURVLRQ )KUXQJVVWDQJH
+lOWGLH.DQDO
SODWWHQDPXQWHUHQ
(QGHLQ3RVLWLRQ
'UXFNSODWWH
%HZHJOLFKH6WDKOSODWWH,QHLQLJHQ
)lOOHQN|QQHQ/HLWXQJHQDQGLH
'UXFNSODWWHDQJHVFKORV
VHQZHUGHQ
.DQDOSODWWHQ
'XUFKGLHGQQHQ.DQDOSODWWHQZLUG
:lUPHYRQHLQHP0HGLXP]XPDQGHUHQ
EHUWUDJHQ'LH*HVDPW:lUPHEHU
WUDJXQJVIOlFKHZLUGGXUFKGLH$Q]DKOGHU
3ODWWHQEHVWLPPW

6FKXW]EOHFKH
:HUGHQDXI$QIUDJH
JHOLHIHUW

3ODWWHQZlUPHWDXVFKHU ' 
 'HXWVFK %HVFKUHLEXQJ

)XQNWLRQ

'HU3ODWWHQZlUPHWDXVFKHUEHVWHKWDXVHLQHP
6WDSHOJHZHOOWHU0HWDOOSODWWHQPLW'XUFKODVV|II
QXQJHQIUGLHEHLGHQ0HGLHQ]ZLVFKHQGHQHQ
GHU:lUPHDXVWDXVFKVWDWWILQGHW
'
ERO]HQ]XVDPPHQJHKDOWHQ'LH3ODWWHQVLQGPLW
HLQHU'LFKWXQJYHUVHKHQGLHGHQ.DQDODEGLFKWHW
XQGGLH0HGLHQLQ$XVZHLFKNDQlOHOHLWHW'LH3ODW
WHQULIIHOXQJI|UGHUWGLH)OVVLJNHLWVWXUEXOHQ]XQG

VFKW]WGLH3ODWWHQYRU'UXFNXQWHUVFKLHGHQ
'HU3ODWWHQVWDSHOLVW]ZLVFKHQ5DKPHQSODWWHXQG
'UXFNSODWWHHLQJHEDXWXQGZLUGPLWWHOV6SDQQ

'LH$3ODWWHKlQJWPLW 'LH%3ODWWHKlQJWPLW
GHP*UlWHQPXVWHUQDFK GHP*UlWHQPXVWHUQDFK
XQWHQ REHQ

'  3ODWWHQZlUPHWDXVFKHU
 ,QVWDOODWLRQ 'HXWVFK

,QVWDOODWLRQ
$QIRUGHUXQJHQ

'XUFKODXIJHUlWH

'
$QVFKOVVHDQGHU'UXFNSODWWH
9RUGHP$QVFKOXVVGHU/HLWXQJPXVVGHU
3ODWWHQVWDSHODXIGDVNRUUHNWH0D‰IHVWJH
VFKUDXEWZHUGHQVLHKH=HLFKQXQJ

.QLHVWFN
=XPEHVVHUHQ$EWUHQ
QHQGHV3ODWWHQ
ZlUPHWDXVFKHUVVROOWH
HLQQDFKREHQRGHU
VHLWOLFKJHNUPPWHV
.QLHVWFNDQGHQ$Q
VFKOXVVGHU'UXFNSODW
WHJHIODQVFKWZHUGHQ
(LQZHLWHUHU)ODQVFK
VROOWHDX‰HQDP3URILO
3ODW]EHGDUI GHV:lUPHWDXVFKHUV
=XP+HUDXVKHEHQXQG(LQ DQJHEUDFKWZHUGHQ
VHW]HQGHU3ODWWHQLVWHLQ
)UHLUDXPYRQPLQGHVWHQV
PPHUIRUGHUOLFK

$EVSHUUYHQWLOH
8PGHQ:lUPHWDXVFKHU
|IIQHQ]XN|QQHQPV
VHQVlPWOLFKH$Q
VFKOVVHPLW$EVSHUU
YHQWLOHQYHUVHKHQZHU
GHQ
%LWWHEHDFKWHQ
‡ 9RUGHP$QVFKOXVVYRQ/HLWXQJHQNRQWURO
OLHUHQGDVVGLH$QODJHGXUFKJHVSOW
ZXUGHXP)UHPGN|USHU]XEHVHLWLJHQ
‡ %HLP$QVFKOXVVGHV/HLWXQJVV\VWHPV
GDUDXIDFKWHQGDVVGHU3ODWWHQZlUPH
WDXVFKHUGXUFKGLH/HLWXQJHQNHLQHU'UXFN
RGHU=XJNUDIWDXVJHVHW]WZLUG
‡ 8P:DVVHUVFKOlJH]XYHUPHLGHQNHLQH
6FKQHOOVFKOXVV9HQWLOHYHUZHQGHQ
8QWHUJUXQG
'DV*HUlWPXVVDXIHLQHP
IODFKHQ8QWHUJUXQGLQVWDOO
LHUWZHUGHQGHVVHQ
7UDJIlKLJNHLWIUGHQ
5DKPHQDXVJHOHJWLVW
6LFKHUKHLWVYHQWLOHVROOWHQJHPl‰GHQJHOWHQGHQ
'UXFNJHIl‰EHVWLPPXQJHQHLQJHEDXWZHUGHQ
)DOOVGLH2EHUIOlFKHGHV3ODWWHQZlUPHWDXVFKHUV
H[WUHPHQKHL‰HQRGHUNDOWHQ7HPSHUDWXUHQDXV
JHVHW]WZLUGVROOWHGDV*HUlWLVROLHUWZHUGHQ
(VZLUGHPSIRKOHQGHQ3ODWWHQZlUPHWDXVFKHU
PLW6FKXW]EOHFKHQ]XYHUNOHLGHQ
-HGHV*HUlWHPRGHOOLVWPLWHLQHP.HQQVFKLOG
YHUVHKHQDXIGHPGLH]XOlVVLJHQ'UFNHXQG
7HPSHUDWXUHQDQJHJHEHQVLQG'LHVH$QJDEHQ
GUIHQQLFKWEHUVFKULWWHQZHUGHQ

3ODWWHQZlUPHWDXVFKHU ' 
 'HXWVFK ,QVWDOODWLRQ

+HEHQ
:DUQXQJ
'DV*HUlWQLHDQ/HLWXQJVDQVFKOVVHQ
RGHU6WLIWERO]HQDQKHEHQ%HLP+HEHQ
VROOWHQ+HEHVHLOHYHUZHQGHWZHUGHQ
'

6HLOHJHPl‰$EELOGXQJDQEULQJHQ

000;76 0;00$

'  3ODWWHQZlUPHWDXVFKHU
 ,QVWDOODWLRQ 'HXWVFK

$QKHEHQ

=ZHL+RO]EDONHQDXIGHQ%RGHQOHJHQ


'
:lUPHWDXVFKHUXQWHU9HUZHQGXQJYRQ
 6HLOHQYRQGHU3DOHWWHKHEHQ

3ODWWHQZlUPHWDXVFKHUYRQGHQ+RO]
 EDONHQKHEHQ

3ODWWHQZlUPHWDXVFKHUDXI+RO]EDONHQDE
 VHW]HQ

:lUPHWDXVFKHULQKRUL]RQWDOHU3RVLWLRQ
 DEVHQNHQXQGDXIGHP%RGHQDEVHW]HQ

6HLOHXPGLH%RO]HQDQGHQHLQ]HOQHQ
 6HLWHQOHJHQ

3ODWWHQZlUPHWDXVFKHU ' 
 'HXWVFK %HWULHE

%HWULHE
,QEHWULHEQDKPH
%LWWHEHDFKWHQ )DOOVVLFKDP$XVJDQJHLQ9HQWLOEHILQGHW
)DOOVGDV6\VWHPPHKUHUH3XPSHQHQW  VWHOOHQ6LHVLFKHUGDVVHVYROOVWlQGLJ
'

KlOWEHUSUIHQ6LHZHOFKH3XPSH]XHUVW JH|IIQHWLVW
JH|IIQHWZHUGHQVROOWH (QWOIWXQJVNODSSH|IIQHQXQG3XPSH

%LWWHEHDFKWHQ
 VWDUWHQ

'LH5HJHOXQJGHU'XUFKIOXVVJHVFKZLQGLJ
NHLWVROOWHPLW9RUVLFKWHUIROJHQXPGDV 2IIHQ
5LVLNRYRQ:DVVHUVFKOlJHQ]XYHU
PHLGHQ

(LQ:DVVHUVFKODJLVWHLQHNXU]H'UXFN
VSLW]HGLHZlKUHQGGHV6WDUWVRGHUEHLP
$EVFKDOWHQGHU$QODJHDXIWUHWHQNDQQ
ZREHLVLFKGLH)OVVLJNHLWLQGHU/HLWXQJDOV
HLQH:HOOHPLW6FKDOOJHVFKZLQGLJNHLWIRUW 9HQWLOYRUVLFKWLJ|IIQHQ
SIODQ]W'LHVNDQQEHWUlFKWOLFKH6FKlGHQ
DQGHU$QODJHYHUXUVDFKHQ

hEHUSUIHQ6LHREGDV0D‰$NRUUHNWLVW

9RUVLFKWLJ|IIQHQ
0D‰$ 6LHKHEHLJHIJWH:lUPH
WDXVFKHU=HLFKQXQJ

hEHUSUIHQ6LHREGDV9HQWLO]ZLVFKHQ
 GHU3XPSHXQGGHP'XUFKIOXVVPHQJHQ
:HQQGLH/HLWXQJHQYROOVWlQGLJHQWOIWHW
UHJOHUJHVFKORVVHQLVW
 VLQG9HQWLOVFKOLH‰HQ

*HVFKORVVHQ

6FKOLH‰HQ

2IIHQ

6FKULWWIUGDV]ZHLWH0HGLXPZLHGHU
 KROHQ

'  3ODWWHQZlUPHWDXVFKHU
 %HWULHE 'HXWVFK

*HUlWLQ%HWULHE $EVFKDOWHQ

%LWWHEHDFKWHQ %LWWHEHDFKWHQ
'LH5HJHOXQJGHU'XUFKIOXVVJHVFKZLQGLJ )DOOVGDV6\VWHPPHKUHUH3XPSHQHQWKlOW
NHLWVROOWHPLW9RUVLFKWHUIROJHQXPGLH$Q EHUSUIHQ6LHZHOFKH3XPSH]XHUVWDEJH
ODJHYRUSO|W]OLFKHQXQGH[WUHPHQ VFKDOWHWZHUGHQVROOWH

'
7HPSHUDWXUXQG'UXFNVFKZDQNXQJHQ]X
VFKW]HQ 6FKOLH‰HQ6LHODQJVDPGDV'XUFKIOXVV
hEHUSUIHQ6LHZlKUHQGGHV%HWULHEVRE  UHJHOYHQWLOGHUDE]XVFKDOWHQGHQ3XPSH

6FKOLH‰HQ
7HPSHUDWXUXQG'UXFNGHU0HGLHQLP]XOlV
VLJHQ%HUHLFKOLHJHQVLHKH=HLFKQXQJ
NHLQH/HFNDJHDXIJUXQGIHKOHUKDIWIHVWJH
VFKUDXEWHP3ODWWHQVWDSHORGHUVFKDGKDIWHU
'LFKWXQJHQDXIWULWW
7UDJEDONHQXQG)KUXQJVVWDQJHVDXEHUXQG
JHVFKPLHUWVLQG
GLH%RO]HQVDXEHUXQGJHVFKPLHUWVLQG

1DFKGHP6FKOLH‰HQGHV9HQWLOV3XPSH
 DEVFKDOWHQ

6FKULWWIUGLHDQGHUH6HLWHZLHGHU
 KROHQ

)DOOVGHU:lUPHWDXVFKHUIUPHKUHUH
 7DJHXQGOlQJHUDEJHVFKDOWHWZLUGVROOWH
HUHQWOHHUWZHUGHQ(LQH(QWOHHUXQJVROOWH
DXFKGDQQHUIROJHQZHQQGHU3UR]HVVDE
JHVFKDOWHWZLUGXQGGLH8PJHEXQJVWHP
SHUDWXUXQWHUGHP*HIULHUSXQNWGHU
0HGLHQOLHJW-HQDFKYHUZHQGHWHP0HGL
XPVROOWHGDV*HUlWDXFKGXUFKJHVSOWXQG
JHWURFNQHWZHUGHQ

6DXEHUXQG
JHVFKPLHUW
.HLQH/HFNDJH

:HQGHQ6LHVLFKJUXQGVlW]OLFKDQ,KUH$OID
/DYDO9HUWUHWXQJ
‡ ZHQQ6LHGLH$Q]DKOGHU3ODWWHQlQGHUQP|FK
WHQXQG,QIRUPDWLRQHQ]XGHQQHXHQ$EPHV
VXQJHQGHV:lUPHWDXVFKHUVEHQ|WLJHQ
‡ ZHQQVLFK7HPSHUDWXUXQG'UXFNODXIHQG
lQGHUQRGHUHLQDQGHUHV0HGLXPLP:lUPH
WDXVFKHUYHUZHQGHWZHUGHQVROOXQGVLHGDKHU
%HUDWXQJ]XU$XVZDKOGHV'LFKWXQJVPDWHULDOV
EHQ|WLJHQ

3ODWWHQZlUPHWDXVFKHU ' 
 'HXWVFK :DUWXQJ

:DUWXQJ
$XWRPDWLVFKH$QODJHQUHLQLJXQJ&,3

0LWGHP&,3*HUlWNDQQGHU:lUPHWDXVFKHU )ROJHQGH&,30RGHOOHN|QQHQYHUZHQGHWZHUGHQ
'

JHUHLQLJWZHUGHQRKQHGDVVHUJH|IIQHWZHUGHQ &,3&,3&,3XQG&,3
PXVV
)DOOVNHLQH&,35HLQLJXQJP|JOLFKLVWPXVVGDV
*HUlWPDQXHOOJHUHLQLJWZHUGHQVLHKH$EVFKQLWW
³0DQXHOOH5HLQLJXQJ´
'LH&,35HLQLJXQJELHWHWIROJHQGH0|JOLFKNHLWHQ
‡ %HVHLWLJXQJYRQ9HUNUXVWXQJHQXQG.DONDE
ODJHUXQJHQ
‡ 3DVVLYLHUXQJYRQJHUHLQLJWHQ2EHUIOlFKHQ]XU
5HGX]LHUXQJGHU.RUURVLRQVDQIlOOLJNHLW
‡ 1HXWUDOLVLHUXQJYRQ5HLQLJXQJVIOVVLJNHLWHQ
YRUGHU(QWOHHUXQJ
)ROJHQ6LHGHQ$QZHLVXQJHQIUGDV&,3*HUlW

5HLQLJXQJVIOVVLJNHLWHQ

5HLQLJXQJVIOVVLJNHLW %HVFKUHLEXQJ

$OID&DXV (LQHVWDUNHDONDOLVFKH)OVVLJNHLW]XP(QWIHUQHQYRQ)DUEH)HWWHQgOHQ
XQGELRORJLVFKHQ$EODJHUXQJHQ
$OID3KRV (LQH5HLQLJXQJVVlXUH]XP(QWIHUQHQYRQPHWDOOLVFKHQ2[LGHQ5RVW
.DONXQGDQGHUHQDQRUJDQLVFKHQ6WRIIHQ
$OID3DVV (LQHDONDOLVFKH)OVVLJNHLW]XU3DVVLYLHUXQJ5RVWVFKXW]
$OID1HXWUD (LQHVWDUNHDONDOLVFKH)OVVLJNHLW]XU1HXWUDOLVLHUXQJYRQ$OID3KRVYRU
GHP(QWOHHUHQ
$OID36FDOH (LQVlXUHKDOWLJHV5HLQLJXQJVSXOYHUPLW.RUURVLRQVKHPPHUGDVLQV
EHVRQGHUHIUGLH%HVHLWLJXQJYRQ.DONVWHLQXQGDQGHUHQDQRUJDQLVFKHQ
$EODJHUXQJHQJHHLJQHWLVW
$OID31HXWUD (LQDONDOLVFKHV3XOYHU]XU1HXWUDOLVLHUXQJYRQ$OID36FDOHYRUGHP(QW
OHHUHQ
$OID$GG (LQQHXWUDOHU5HLQLJXQJVYHUVWlUNHUGHULQ9HUELQGXQJPLW$OID3KRV$OID
&DXVXQG$OID36FDOHYHUZHQGHWZHUGHQNDQQ6RUJWIUHLQHJUQG
OLFKHUH5HLQLJXQJYRQ|OLJHQXQGIHWWLJHQ)OlFKHQE]Z)OlFKHQGLHIU
ELRORJLVFKH$EODJHUXQJHQDQIlOOLJVLQG$OID$GGYHUPLQGHUWDX‰HUGHPGLH
6FKDXPELOGXQJ
$OSDFRQ'HVFDODQW (LQVlXUHKDOWLJHVZDVVHUEDVLHUWHVXQJLIWLJHV5HLQLJXQJVPLWWHOIUGLH
%HVHLWLJXQJYRQ.HVVHOVWHLQ0DJQHWLW$OJHQ+XPXV0XVFKHOQ6FKHOO
ILVFK.DONXQG5RVW(QWKlOWGHQDNWLYHQ:LUNVWRII%,2*(1$&7,9(HLQH
ELRORJLVFKH0LVFKXQJDXVUHF\FHOEDUHQ0DWHULDOLHQ
$OSDFRQ'HJUHDVHU (LQQHXWUDOHV(QWIHWWXQJVPLWWHO]XU9HUZHQGXQJPLW$OSDFRQ'HVFDODQW
(QWIHUQWZLUNVDPgO)HWWRGHU)HWWVFKLFKWHQXQGYHUPLQGHUWGLH6FKDXP
ELOGXQJ(QWKlOWGHQDNWLYHQ:LUNVWRII%,2*(1$&7,9(HLQHELRORJLVFKH
0LVFKXQJDXVUHF\FHOEDUHQ0DWHULDOLHQ

'  3ODWWHQZlUPHWDXVFKHU
 :DUWXQJ 'HXWVFK

0DQXHOOH5HLQLJXQJ

:DUQXQJ gIIQHQGHV*HUlWV
=XU9HUPHLGXQJYRQ+DQGYHUOHW]XQJHQ
GXUFKVFKDUIH.DQWHQVROOWHQEHLGHU+DQG :DUQXQJ
KDEXQJYRQ3ODWWHQXQG6FKXW]EOHFKHQVWHWV

'
%HLKHL‰HP:lUPH
6FKXW]KDQGVFKXKHJHWUDJHQZHUGHQ WDXVFKHUVWHWVZDUWHQELV
VLFKGLH7HPSHUDWXUDXI
 ƒ&DEJHNKOWKDW

3ODWWHQZlUPHWDXVFKHUHQWOHHUHQ


*OHLWIOlFKHQGHV7UDJEDONHQVSUIHQXQG
 VDXEHUZLVFKHQ

3ODWWHQZlUPHWDXVFKHU ' 
 'HXWVFK :DUWXQJ

$X‰HQVHLWHGHV3ODWWHQVWDSHOVGXUFKHLQH 'LHPLWGHQ/DJHUN|USHUQYHUVFKUDXEHQ
 GLDJRQDOH/LQLHPDUNLHUHQ  %RO]HQZHUGHQLQ]ZHL6FKULWWHQZHFKVHO
VHLWLJGLDJRQDOJHO|VWVLHKHXQWHQVWHKHQ
GH$EELOGXQJHQ

6FKULWW %RO]HQ1U $XI0D‰

'

 ±±± $
 ±RGHU± gIIQHQGHV
*HUlWV

$FKWHQ6LHGDUDXIGDVV5DKPHQSODWWH
XQG'UXFNSODWWHVWHWVSDUDOOHOOLHJHQ'LH
'UXFNSODWWHGDUIVLFKEHLPgIIQHQKRUL]RQ
WDOXPQLFKWPHKUDOVPP8PGUH
KXQJHQSUR%RO]HQXQGYHUWLNDOXPQLFKW
0DUNLHUHQ PHKUDOVPP8PGUHKXQJHQSUR
%RO]HQYHUVFKLHEHQ
6FKULWW'LHYLHU%RO]HQDEZHFKVHOQGXQG
0D‰$PHVVHQXQGQRWLHUHQ

GLDJRQDOO|VHQELVGHU3ODWWHQVWDSHO$
PLVVW

'LHQLFKWPLW/DJHUN|USHUQYHUVFKUDXEWHQ
 %RO]HQO|VHQXQGHQWIHUQHQ

(QWIHUQHQ
GHU%RO]HQ

(QWIHUQHQ
GHU%RO]HQ

'  3ODWWHQZlUPHWDXVFKHU
 :DUWXQJ 'HXWVFK

6FKULWW'LHEHLGHQGLDJRQDOHQ%RO]HQ
SDDUHDEZHFKVHOQGO|VHQVLHKHXQWHQ
VWHKHQGH$EELOGXQJHQ

'
3ODWWHQVWDSHOGXUFK9HUVFKLHEHQGHU
 'UXFNSODWWHDXIGHP7UDJEDONHQ|IIQHQ

'LHHLQ]HOQHQ3ODWWHQEHL%HGDUIYRUGHP
(QWIHUQHQQXPHULHUHQ

'LH3ODWWHQEUDXFKHQQLFKWHQWIHUQW]XZHU
GHQZHQQ]XU5HLQLJXQJQXU:DVVHU
RKQH5HLQLJXQJVPLWWHOYHUZHQGHWZLUG

(QWIHUQHQ
GHU3ODWWHQ

3ODWWHQZlUPHWDXVFKHU ' 
 'HXWVFK :DUWXQJ

0DQXHOOH5HLQLJXQJGHVJH|IIQHWHQ
*HUlWV

9RUVLFKW %LWWHEHDFKWHQ
5RVWIUHLH6WDKOSODWWHQQLHPLW6DO] 'DUDXIDFKWHQGDVVGLH'LFKWXQJZlK
'

VlXUHEHKDQGHOQ:DVVHUGDVPHKU UHQGGHUPDQXHOOHQ5HLQLJXQJQLFKWEH 
DOV 7HLOH&HQWKlOWGDUIQLFKW VFKlGLJWZLUG
]XU=XEHUHLWXQJYRQ5HLQLJXQJVIOV
VLJNHLWHQYHUZHQGHWZHUGHQ(VLVW
lX‰HUVWZLFKWLJ$OXPLQLXP7UDJ
EDONHQXQG6WW]VlXOHQYRUFKH
PLVFKHQ6WRIIHQ]XVFKW]HQ

$EODJHUXQJHQGLHPLW:DVVHUXQG%UVWHHQWIHUQWZHUGHQN|QQHQ

:lKUHQGGHU5HLQLJXQJEUDXFKHQGLH3ODWWHQGHV:lUPHWDXVFKHUVQLFKWHQWIHUQW]XZHUGHQ

$EODJHUXQJHQPLWWHOVZHLFKHU%UVWHXQG 0LW+RFKGUXFNVWUDKOHUDEVSOHQ
 IOLH‰HQGHP:DVVHUHQWIHUQHQ 

$EODJHUXQJHQGLHPLW:DVVHUXQG%UVWHQLFKWHQWIHUQWZHUGHQN|QQHQ

:lKUHQGGHU5HLQLJXQJPVVHQGLH3ODWWHQGHV:lUPHWDXVFKHUVHQWIHUQWZHUGHQ

%UVWHPLW5HLQLJXQJVPLWWHOYHUZHQGHQ 0LW:DVVHUDEVSOHQ
 

'  3ODWWHQZlUPHWDXVFKHU
 :DUWXQJ 'HXWVFK

5HLQLJXQJVPLWWHO±9HUNUXVWXQJ
 0D[.RQ]HQWUDWLRQ
0D[7HPSHUDWXU ƒ& ƒ

9HUNUXVWXQJ $EODJHUXQJ 5HLQLJXQJVPLWWHO

'
.DONVWHLQ .RUURVLRQVSURGXNWH 6DOSHWHUVlXUH
.DO]LXPVXOIDW 0HWDOOR[LGH 6XOIDPLGVlXUH
6LOLNDWH 6FKODPP =LWURQHQVlXUH
$OXPLQLXPR[LG 3KRVSKRUVlXUH
=ZHLDWRPLJH2UJDQLVPHQ .RPSOH[ELOGQHU('7$17$
XQGLKUHYHUVFKLHGHQIDUEL 1DWULXPSRO\SKRVSKDWH
JHQ$EODJHUXQJHQ

5HLQLJXQJVPLWWHO±2UJDQLVPHQ6FKOHLP
 0D[.RQ]HQWUDWLRQ
0D[7HPSHUDWXU ƒ&

2UJDQLVPHQ±6FKOHLP 5HLQLJXQJVPLWWHO

%DNWHULHQ bW]QDWURQ
1HPDWRGHQ)DGHQ 1DWULXPNDUERQDW
ZUPHU
3URWR]RHQ 'LH5HLQLJXQJVZLUNXQJNDQQGXUFK%HLPLVFKXQJNOHLQHU0HQJHQ
YRQ+\SRFKORULWRGHU.RPSOH[ELOGHUQXQGREHUIOlFKHQZLUNVDPHQ
6XEVWDQ]HQEHWUlFKWOLFKHUK|KWZHUGHQ

5HLQLJXQJVPLWWHO±gOUHVWH$VSKDOW)HWWH

$EODJHUXQJ 5HLQLJXQJVPLWWHO

gOUHVWH .HURVLQ/|VXQJVPLWWHO
$VSKDOW
)HWWH +LQZHLV
'LFKWXQJHQDXV(3'0*XPPLN|QQHQLQGLHVHQ0HGLHQDQVFKZHO
OHQ'LH.RQWDNW]HLWVROOWHGDKHUDXI0LQXWHQEHJUHQ]WZHUGHQ

9RUVLFKW
)ROJHQGH/|VXQJHQGUIHQQLFKWYHUZHQGHW
ZHUGHQ
‡ .HWRQ]%$FHWRQ0HWK\OHWK\ONHWRQ
0HWK\OLVREXW\ONHWRQ
‡ (VWHU]%(WK\ODFHWDW%XW\ODFHWDW
‡ +DORJHQLVLHUWH+\GURNDUERQH]%&KOR
URWKHQ.RKOHQVWRIIWHWUDFKORULG)UHRQH
‡ $URPDWHQ]%%HQ]HQ7ROXRO

3ODWWHQZlUPHWDXVFKHU ' 
 'HXWVFK :DUWXQJ

6FKOLH‰HQGHV*HUlWV

6lPWOLFKH'LFKWXQJVIOlFKHQDXI9HU 3ODWWHQVWDSHO]XVDPPHQGUFNHQ'DV$Q
 VFKPXW]XQJHQEHUSUIHQXQGJJIUHLQL
JHQ
 ]LHKHQHUIROJWLQ]ZHL6FKULWWHQVLHKHXQ
WHQVWHKHQGH$EELOGXQJHQ$FKWHQ6LH
GDUDXIGDVV5DKPHQSODWWHXQG'UXFNSODW
WHVWHWVSDUDOOHOOLHJHQ
'

%RO]HQJHZLQGHPLW'UDKWEUVWHVDXEHU
 EUVWHQ*HZLQGHOHLFKWHLQIHWWHQ]%PLW
*OHLWPRRb
6FKULWW %RO]HQ1U $XI0D‰
 ±RGHU± $
 ±±± $

6FKULWW'LH]ZHLGLDJRQDOHQ%RO]HQ
SDDUHDEZHFKVHOQGDQ]LHKHQELVGHU3ODW
WHQVWDSHO$PLVVW

'LFKWXQJHQDQGHQ3ODWWHQDQEULQJHQRGHU
 DOOH'LFKWXQJHQDXIRUGQXQJVJHPl‰HQ
6LW]SUIHQ

%LWWHEHDFKWHQ
'LH'LFKWXQJVLW]WIDOVFKZHQQVLHDXVGHU
'LFKWXQJVQXWKHUDXVTXLOOWRGHUVLFKDX‰HU
KDOEGHU1XWEHILQGHW

6FKULWW'DQDFKZHUGHQGLH%RO]HQ
3ODWWHQPLWGHP*UlWHQPXVWHULQDOWHUQLHU
 HQGHU5LFKWXQJHLQVHW]HQZREHLGLH
'LFKWXQJHQ]XU5DKPHQSODWWH]HLJHQ
DEZHFKVHOQGXQGGLDJRQDODQJH]RJHQ
VLHKHXQWHQVWHKHQGH$EELOGXQJHQ3RVL
WLRQGHUYHUZHQGHWHQ%RO]HQEHLP$Q
]LHKHQDXI0D‰$EHUSUIHQ

'  3ODWWHQZlUPHWDXVFKHU
 :DUWXQJ 'HXWVFK

0D[$Q]XJVPRPHQW 'LHDQGHUHQ%RO]HQLQ3RVLWLRQEULQJHQ
 ‡ 8QWHUOHJVFKHLEHQEHUSUIHQ
%LWWHEHDFKWHQ ‡ 1DFKGHP$Q]LHKHQVROOWHQGLH%RO]HQ
%HL9HUZHQGXQJHLQHVSQHXPDWLVFKHQ DOOHJOHLFKEHODVWHWVHLQ
‡ 'LH'LIIHUHQ]]ZLVFKHQGHQ3ODWWHQ
6FKUDXEJHUlWVLVWGHUXQWHQVWHKHQGHQ VWDSHOOlQJHQ0D‰$DQQHEHQHLQ
7DEHOOHGDVHQWVSUHFKHQGHPD[LPDOH0R DQGHUOLHJHQGHQ%RO]HQVROOWHQ

'
PHQW]XHQWQHKPHQ%HLP$Q]LHKHQ0D‰$ IROJHQGH:HUWHQLFKWEHUVFKUHLWHQ
PHVVHQ ± PPZHQQ$PP
± PPZHQQ$!PP
‡ 'LH3ODWWHQVWDSHOOlQJHDQDOOHQ%RO]HQ
%RO]HQ %RO]HQPLW %RO]HQPLW8QWHUOHJ GDUIXPQLFKWPHKUDOVDEZHLFKHQ
JU|‰H /DJHUN|USHU VFKHLEHQ ‡ :HQQGLH(LQKHLWQLFKWYROOVWlQGLJGLFKW
LVWNDQQVLHDXI0D‰$DQJH]R
1P .SP 1P .SP JHQZHUGHQ
‡ 'DVPD[LPDOH$Q]XJVPRPHQWGDUI
0   MHGRFKQLFKWEHUVFKULWWHQZHUGHQ

0  
0    
0    

%HLPPDQXHOOHQ$Q]LHKHQPXVVGDV$Q]XJVPRPHQW
JHVFKlW]WZHUGHQ

:HQQ0D‰$QLFKWHUUHLFKWZHUGHQNDQQ
‡ $Q]DKOGHU3ODWWHQXQG0D‰$EHUSUIHQ
‡ $OOH0XWWHUQXQG/DJHUN|USHUDXI)UHLODXIEHU
SUIHQ*HJHEHQHQIDOOVVlXEHUQVFKPLHUHQRGHU
DXVWDXVFKHQ

,Q$XVQDKPHIlOOHQGDUI0D‰$EHUVFKULWWHQZHUGHQ
,QGLHVHP)DOOJHOWHQIROJHQGHDN]HSWDEOH3ODWWHQ
%HLNRUUHNWHP=XVDPPHQEDXGHU3ODWWHQ
VWDSHOOlQJHQ
 PVVHQGLH.DQWHQHLQ:DEHQPXVWHU
ELOGHQVLHKHXQWHQVWHKHQGH$EELOGXQJ
3ODWWHQVWDSHOOlQJH3ODWWH 3ODWWHQVWDSHOOlQJH
)DOOVGHU3ODWWHQVWDSHODQGHU$X‰HQVHLWH
0D‰$ PDUNLHUWZXUGHVLHKH6WXIHLP$EVFKQLWW
!PP $ ³gIIQHQGHV*HUlWV´PXVVEHUSUIWZHU
GHQREGLH3ODWWHQLQGHUNRUUHNWHQ5HL
±PP $ KHQIROJHDQJHRUGQHWZXUGHQ

PP $

3ODWWHQZlUPHWDXVFKHU ' 
 'HXWVFK :DUWXQJ

1HXDEGLFKWHQ

$XIVWHFNGLFKWXQJHQ $'$XIVWHFNGLFKWXQJHQ0;0;

3ODWWHQZlUPHWDXVFKHUJHPl‰$QZHLVXQJ %HLGHQ$'$XIVWHFNGLFKWXQJHQKDQGHOWHVVLFKXP
 DXI6HLWH |IIQHQXQGGLHQHXDE]XGLFKW
HQGH3ODWWHKHUDXVQHKPHQ
HLQ6\VWHPEHLGHPGLHgIIQXQJHQPLWKHUN|PP
OLFKHQ$XIVWHFNGLFKWXQJHQDEJHGLFKWHWPLW.OHEH
'

EDQGDQGHQ6HLWHQGHU3ODWWHQEHIHVWLJWZHUGHQ

$OWH'LFKWXQJHQWIHUQHQ
 XQJHQ]XHUUHLFKHQ(VZLUGPLW+LOIHHLQHUVSH]LHOOHQ
1HXH$XIVWHFNGLFKWXQJDQGHU3ODWWHDQ
 EULQJHQ'LH'LFKWXQJVHQGHQXQWHUGLH
3ODWWHQNDQWHVFKLHEHQ
%LWWHEHDFKWHQ
hEHUSUIHQ6LHREGLHEHLGHQ'LFKWXQJV
HQGHQNRUUHNWDQOLHJHQ
)DKUHQ6LHGDQQPLWGHQQlFKVWHQDE]X
 GLFKWHQGHQ3ODWWHQIRUWELVDOOH3ODWWHQDE
JHGLFKWHWVLQG
'HQ3ODWWHQZlUPHWDXVFKHUJHPl‰$QZHL
 VXQJDXI6HLWH VFKOLH‰HQ
.OHEHGLFKWXQJHQ
6HSDUDWH.OHEHDQZHLVXQJHQZHUGHQ]XVDPPHQ
PLWGHP.OHEHUJHOLHIHUW
' 
'LH9HUZHQGXQJYRQ.OHEHEDQG*&LVWHLQHHLQ
IDFKH0HWKRGHXPHLQHQVLFKHUHQ6LW]GHU'LFKW
%DQGSLVWROHDQGLH'LFKWXQJVQXWJHNOHEWVRGDVVGDV
.OHEHEDQGJDQ]OHLFKWDQGHUJHZQVFKWHQ6WHOOH
DQJHEUDFKWZHUGHQNDQQ
3ODWWHQZlUPHWDXVFKHUJHPl‰$QZHLVXQJ
 DXI6HLWH |IIQHQXQGGLHQHXDE]XGLFKW
HQGH3ODWWHKHUDXVQHKPHQ
$OWH'LFKWXQJHQWIHUQHQ

$OWHV.OHEHEDQGPXVVQLFKWHQWIHUQWZHU
 GHQGDGHU)LOPVHKUGQQLVW6WHOOHQ6LH
MHGRFKVLFKHUGDVVGLH'LFKWXQJVQXWVDX
EHUXQGWURFNHQLVW
%DQGPLW+LOIHGHU3LVWROHDQEULQJHQ

'LFKWXQJDQGHU3ODWWHDQEULQJHQ'LH
 'LFKWXQJVHQGHQXQWHUGLH3ODWWHQNDQWH
VFKLHEHQ
'HQ3ODWWHQZlUPHWDXVFKHUJHPl‰$QZHL
 VXQJDXI6HLWH VFKOLH‰HQ
3ODWWHQZlUPHWDXVFKHU
 7DEOHGHVPDWLqUHV )UDQoDLV

7DEOHGHVPDWLqUHV

'HVFULSWLRQ  
3ULQFLSDX[FRPSRVDQWV 
)RQFWLRQQHPHQW  

)
,QVWDOODWLRQ  
&RQGLWLRQVUHTXLVHV  
/HYDJH  
0DQXWHQWLRQ  

8WLOLVDWLRQ 
0LVHHQURXWH  
$SSDUHLOHQIRQFWLRQQHPHQW  
$UUrW  

0DLQWHQDQFH  
1HWWR\DJHFKLPLTXH&,3&OHDQLQJ,Q3ODFH 
1HWWR\DJHPDQXHO 
5HPSODFHPHQWGHVMRLQWV  

&RPPHQWFRQWDFWHU$OID/DYDO
(QFRPSOpPHQWGHFHPDQXHOG¶LQVWUXFWLRQVOHVGRFXPHQWVVXLYDQWV
/HVGpWDLOVFRQFHUQDQWOHV VRQWpJDOHPHQW
SHUVRQQHVjFRQWDFWHUGDQV
LQFOXVGDQVFHWHQYRL
FKDTXHSD\VVRQW
FRQWLQXHOOHPHQWPLVjMRXUVXU
QRWUHVLWH:HE ± /HSODQG¶HQVHPEOHGHO¶pFKDQJHXUGHFKDOHXU

9HXLOOH]YLVLWHUOHVLWH ± /¶DUUDQJHPHQWGHVSODTXHV
ZZZDOIDODYDOFRPHWSUHQGUH
FRQWDFWDYHFYRWUHUHSUpVHQWDQW ± /DOLVWHGHVSLqFHVDYHFYXHpFODWpH
$OID ORFDO

eFKDQJHXUGHFKDOHXUjSODTXHV )
 )UDQoDLV 1RWHV

1RWHV
)

) eFKDQJHXUGHFKDOHXUjSODTXHV
 'HVFULSWLRQ )UDQoDLV

'HVFULSWLRQ
3ULQFLSDX[FRPSRVDQWV
%DUUHVXSSRUW
6XSSRUWHOHVSODTXHVHWOH 3LHGVXS
%kWLIL[H SODWHDXGHVHUUDJHPRELOH SRUW

)
7LUDQWVGHVHUUDJH
&RPSULPHQWOHVSODTXHV
G¶pFKDQJH

7XEHGH
SURWHFWLRQ
GHWLUDQW
5DFFRUGHPHQWV
'HVRXYHUWXUHVVXUOHEkWL
IL[HSHUPHWWHQWDX[
IOXLGHVGHFLUFXOHUGDQV
O¶pFKDQJHXUGHFKDOHXU

'HVJRXMRQVPRQWpV
DXWRXUGHVRXYHUWXUHV
DVVXUHQWODIL[DWLRQGHV
WX\DXWHULHVG¶DOLPHQWD
WLRQVXUO¶DSSDUHLO'HV
UHYrWHPHQWVPpWDOOLTXHV
RXHQFDRXWFKRXFSHX
YHQWrWUHXWLOLVpVSRXU
SURWpJHUOHVRXYHUWXUHV %DUUHGHJXLGDJH
GHODFRUURVLRQ 3RVLWLRQQHOHVSODTXHV
G¶pFKDQJHjOHXUH[
WUpPLWpLQIpULHXUH
3ODWHDXGHVHUUDJH
3ODWHDXHQDFLHUPRELOH'DQVFHUWDLQV
FDVGHVWXEXOXUHVG¶DOLPHQWDWLRQ
SHXYHQWrWUHUDFFRUGpHVVXU
OHSODWHDXGHVHUUDJH
3ODTXHVG¶pFKDQJH
/HWUDQVIHUWGHFKDOHXUHQWUHGHX[IOXLGHV
V¶HIIHFWXHjWUDYHUVOHVSODTXHVG¶pFKDQJH
UpDOLVpHVHQW{OHPLQFH

/HQRPEUHGHSODTXHVGpWHUPLQHODVXUIDFH
WRWDOHG¶pFKDQJHWKHUPLTXH

7{OHVGHSURWHFWLRQ
)RXUQLHVVXUGHPDQGH

eFKDQJHXUGHFKDOHXUjSODTXHV ) 
 )UDQoDLV 'HVFULSWLRQ

)RQFWLRQQHPHQW

/
pFKDQJHXUGHFKDOHXUjSODTXHVHVWFRQVWLWXp ODWpUDX[8QMRLQWSDUSODTXHDVVXUHO¶pWDQFKpLWp
G¶XQHQVHPEOHGHSODTXHVPpWDOOLTXHVHPERXWLHV GXFDQDODLQVLTXHODUpSDUWLWLRQGHVIOXLGHVGDQV
DXWUDYHUVGHVTXHOOHVV¶HIIHFWXHOHWUDQVIHUWGH OHVFDQDX[IRUPpVSDUGHX[SODTXHV/HVFRUUXJD
FKDOHXUHQWUHGHX[IOXLGHV WLRQVGHVSODTXHVIDYRULVHQWODWXUEXOHQFHGHV
IOXLGHVHWDVVXUHQWXQHERQQHWHQXHjODSUHVVLRQ
/HVSODTXHVVRQWSRVLWLRQQpHVGDQVXQEkWLFRPS GLIIpUHQWLHOOH
UHQDQWXQHSDUWLHIL[HHWXQSODWHDXGHVHUUDJH
PRELOHHWVRQWFRPSULPpHVDXPR\HQGHWLUDQWV
)

/DSODTXH$HVWSRVLWLRQ /DSODTXH%HVWSRVLWLRQQpH
QpHDYHFOHVFKHYURQV DYHFOHVFKHYURQVSRLQWDQW
SRLQWDQWYHUVOHEDV YHUVOHKDXW

)  eFKDQJHXUGHFKDOHXUjSODTXHV
 ,QVWDOODWLRQ )UDQoDLV

,QVWDOODWLRQ
&RQGLWLRQVUHTXLVHV

eFKDQJHXUVPXOWLSDVVH
5DFFRUGHPHQWVVXUOHSODWHDXGH
VHUUDJH
,OHVWLPSRUWDQWTXHOHVSODTXHVVRLHQWVHUUpHVj
ODERQQHFRWHYpULILHUVXUOHSODQDYDQWGHUDF
FRUGHUOHVWX\DXWHULHVG¶DOLPHQWDWLRQ

)
&RXGH
$ILQGHIDFLOLWHUOHGpPRQ
WDJHGHO¶pFKDQJHXUj
SODTXHVLOHVWUHFRP
PDQGpGHPRQWHUXQ
FRXGHVXUOHUDFFRUGH
PHQWGXSODWHDXGHVHU
UDJHRULHQWpYHUVOHKDXW
RXYHUVOHF{WpSRXUTXH
ODEULGHGHUDFFRUGHPHQW
jODWX\DXWHULHVRLWHQGH
KRUVGXSODQGHGpSODFH
(VSDFH PHQWGXSODWHDXGH
8QHVSDFHOLEUHPLQLPXPGH VHUUDJH
PPHVWUHTXLVSRXUSRXU
YRLULQVpUHURXUHWLUHUOHV
SODTXHV

6RFOH
9DQQHVG¶DUUrW 0RQWHUO¶DSSDUHLOVXUXQVRFOH
'HVYDQQHVG¶DUUrWGRLYHQW SODQVXIILVDPPHQWUREXVWH
rWUHPRQWpHVVXUWRXVOHV SRXUVXSSRUWHUOHEkWL
UDFFRUGHPHQWVDILQGH
SRXYRLUGpPRQWHU
O¶pFKDQJHXUjSODTXHV

1RWD
‡ $YDQWWRXWUDFFRUGHPHQWGHWX\DXWHULH
YpULILHUTXHOHV\VWqPHHVWQHWWR\pGHWRXW
REMHWpWUDQJHU
‡ /RUVGXUDFFRUGHPHQWGHVWX\DXWHULHVYpUL
ILHUTX¶HOOHVQ¶HQWUDvQHQWSDVGHVFRQ
WUDLQWHVHWGHVWHQVLRQVVXUO¶pFKDQJHXUGH
FKDOHXU
‡ 1HSDVXWLOLVHUGHYDQQHVjIHUPHWXUHUDS
LGHDILQG¶pYLWHUOHSKpQRPqQHGHFRXSGH
EpOLHU
,QVWDOOHUGHVVRXSDSHVGHV€UHWpFRQIRUPpPHQWDX[
UpJOHPHQWDWLRQVHQYLJXHXUUHODWLYHVDX[UpFLSLHQWV
VRXVSUHVVLRQ
,OHVWUHFRPPDQGpGHSUpYRLUXQHLVRODWLRQGH
O¶pFKDQJHXUORUVTXHODWHPSpUDWXUHGHSHDXGH
O¶pFKDQJHXUHVWpOHYpHRXEDVVH
,OHVWFRQVHLOOpGHUHFRXYULUO¶pFKDQJHXUGHFKDOHXU
G¶XQFDSRWGHSURWHFWLRQ
/HVSUHVVLRQVHWWHPSpUDWXUHVG¶pWXGHVRQWLQGLTXpHV
VXUODSODTXHVLJQDOpWLTXHGHFKDTXHPRGqOH&HV
YDOHXUVQHGRLYHQWMDPDLVrWUHGpSDVVpHV

eFKDQJHXUGHFKDOHXUjSODTXHV ) 
 )UDQoDLV ,QVWDOODWLRQ

/HYDJH
$YHUWLVVHPHQW
1HMDPDLVOHYHUO¶DSSDUHLOSDUOHVUDFFRUG
HPHQWVRXSDUOHVJRXMRQVDYRLVLQDQWV
8WLOLVHUGHVpOLQJXHVSRXUOHOHYDJHHWOHV
SRVLWLRQQHUFRPPHLOOXVWUp

000;76 0;00$
)

)  eFKDQJHXUGHFKDOHXUjSODTXHV
 ,QVWDOODWLRQ )UDQoDLV

0DQXWHQWLRQ

3ODFHUGHX[PDGULHUVVXUOHVRO )DLUHSDVVHUOHVpOLQJXHVDXWRXUG¶XQWLUDQW
  GHFKDTXHF{Wp

)
6RXOHYHUO¶pFKDQJHXUGHFKDOHXUGHODSDO
 HWWHjO¶DLGHG¶pOLQJXHVSDUH[HPSOH

6RXOHYHUO
pFKDQJHXUGHFKDOHXUGHV
 PDGULHUV

3ODFHUO
pFKDQJHXUGHFKDOHXUVXUOHV
 PDGULHUV

'HVFHQGUHO¶pFKDQJHXUGHFKDOHXUHQ
 SRVLWLRQKRUL]RQWDOHHWOHSRVHUVXUOHVRO

eFKDQJHXUGHFKDOHXUjSODTXHV ) 
 )UDQoDLV 8WLOLVDWLRQ

8WLOLVDWLRQ
0LVHHQURXWH
1RWD 6LXQHYDQQHHVWSODFpHjODVRUWLHV¶DV
$YDQWGHGpPDUUHUOHVSRPSHVYpULILHUVL
GHVLQVWUXFWLRQVLQGLTXHQWODSRPSHTXLGRLW
 VXUHUTX¶HOOHHVWHQWLqUHPHQWRXYHUWH

rWUHPLVHHQURXWHHQSUHPLHU(QO¶DE 2XYULUO¶pYHQWHWGpPDUUHUODSRPSH
VHQFHG¶LQVWUXFWLRQSDUWLFXOLqUHGpPDUUHU
OHFLUFXLWIURLGHQSUHPLHU 
1RWD
)

/HVUpJODJHVGHGpELWGRLYHQWV¶HIIHFWXHU 2XYHUW
OHQWHPHQWGHPDQLqUHjpYLWHUWRXWULVTXH
GHFRXSGHEpOLHU

/HFRXSGHEpOLHUVHPDQLIHVWHSDUXQSLF
GHSUHVVLRQGHFRXUWHGXUpHTXLSHXWVH
SURGXLUHORUVGHODPLVHHQURXWHRXGHO¶DU
UrWGXV\VWqPH,OVHPDQLIHVWHFRPPHXQH
RQGHGHFKRFVHGpSODoDQWGDQVOHOLTXLGH
jODYLWHVVHGXVRQ&HSKpQRPqQHULVTXH 2XYULUODYDQQHOHQWHPHQW
GHFDXVHUGHJUDYHVGRPPDJHVjO¶pTXLSH
PHQW 
2XYULUOHQWHPHQW
&RQWU{OHUTXHODFRWH$HVWFRUUHFWH3RXU
 $VHUHSRUWHUDXSODQGHO¶pFKDQJHXULQ
FOXV

/RUVTXHWRXWO¶DLUHVWSXUJpIHUPHUO¶pYHQW

9pULILHUTXHODYDQQHVLWXpHHQWUHODSRPSH
 HWO¶XQLWpFRPPDQGDQWOHGpELWGXV\VWqPH
HVWIHUPpH
)HUPHUOHQWHPHQW
)HUPpH

2XYHUWH

5pSpWHUOHVpWDSHVjSRXUOHGHX[LqPH
 FLUFXLW

)  eFKDQJHXUGHFKDOHXUjSODTXHV
 8WLOLVDWLRQ )UDQoDLV

$SSDUHLOHQIRQFWLRQQHPHQW $UUrW

1RWD 1RWD
/HVUpJODJHVGHGpELWVGRLYHQWV
HIIHFWXHU eWDEOLUG¶DERUGV¶LOH[LVWHGHVLQVWUXFWLRQVLQ
OHQWHPHQWSRXUSURWpJHUOHV\VWqPHFRQWUH GLTXDQWTXHOFLUFXLWGRLWrWUHDUUrWpHQSUH
PLHU(QO
DEVHQFHG
LQVWUXFWLRQSDUWLFXOLqUH
OHVYDULDWLRQVVRXGDLQHVHWH[WUrPHVGH DUUrWHUOHIOXLGHFKDXGHQSUHPLHU
WHPSpUDWXUHHWGHSUHVVLRQ
)HUPHUOHQWHPHQWODYDQQHFRQWU{ODQWOH
(QVHUYLFHYpULILHU
 GpELWGHODSRPSHTXLYDrWUHDUUrWpH

)
TXHOHVWHPSpUDWXUHVHWOHVSUHVVLRQVGXIOX
LGHQHGpSDVVHQWSDVOHVOLPLWHVVWLSXOpHVVXU )HUPHUOHQWHPHQW
OHVSODQVUHODWLIVjO¶pFKDQJHXUGHFKDOHXU
TX
LOQ¶DSSDUDvWSDVGHIXLWHVGXHVjXQVHU
UDJHLQFRUUHFWGHVSODTXHVRXjGHVMRLQWV
GpIHFWXHX[RXHQGRPPDJpV
TXHODEDUUHVXSSRUWHWODEDUUHGHJXLGDJH
VRQWSURSUHVHWJUDLVVpV
TXHOHVWLUDQWVVRQWSURSUHVHWJUDLVVpHV

/RUVTXHODYDQQHHVWIHUPpHDUUrWHUOD
 SRPSH
5pSpWHUOHVpWDSHVjSRXUO¶DXWUHFLU
 FXLW

/¶pFKDQJHXUGHFKDOHXUGRLWrWUHSXUJpV¶LO

 Q¶HVWSDVXWLOLVpSHQGDQWXQHSpULRGHSUR
ORQJpH/DSXUJHGRLWpJDOHPHQWrWUHUpD
OLVpHVLOHSURFpGpHVWDUUrWpHWTXHOD
WHPSpUDWXUHDPELDQWHVHWURXYHHQGHV
VRXVGXSRLQWGHFRQJpODWLRQGXIOXLGH(Q
IRQFWLRQGXIOXLGHXWLOLVpLOHVWpJDOHPHQW
UHFRPPDQGpGHULQFHUHWGHVpFKHU
O¶pFKDQJHXU

3URSUHVHW
JUDLVVpHV
3DVGHIXLWHV

7RXMRXUVFRQVXOWHUYRWUHUHSUpVHQWDQWORFDO$OID
/DYDOSRXUFRQQDvWUH
‡ ODQRXYHOOHFRWHGHVHUUDJHGXSDTXHWGH
SODTXHVVLYRXVDYH]O¶LQWHQWLRQGHFKDQJHUOH
QRPEUHGHSODTXHV
‡ OHFKRL[GXPDWpULDXGHVMRLQWVVLOHVSUHVVLRQV
HWOHVWHPSpUDWXUHVGHVHUYLFHFKDQJHQWHQ
SHUPDQHQFHRXVLXQDXWUHIOXLGHYDrWUHXWLOLVp
GDQVO¶pFKDQJHXU

eFKDQJHXUGHFKDOHXUjSODTXHV ) 
 )UDQoDLV 0DLQWHQDQFH

0DLQWHQDQFH
1HWWR\DJHFKLPLTXH&,3&OHDQLQJ,Q3ODFH

/¶pTXLSHPHQWGHQHWWR\DJHFKLPLTXH&,3SHUPHW 6XLYUHOHVLQVWUXFWLRQVUHODWLYHVjO¶pTXLSHPHQW&,3

GHQHWWR\HUO¶pFKDQJHXUjSODTXHVVDQVO¶RXYULU
/HVPRGqOHV&,3VXLYDQWVSHXYHQWrWUHXWLOLVpV
6LOHQHWWR\DJHFKLPLTXHQHSHXWSDVrWUHXWLOLVpOH &,3&,3&,3HW&,3
QHWWR\DJHGRLWV¶HIIHFWXHUPDQXHOOHPHQWYRLUOD
)

VHFWLRQ©1HWWR\DJHPDQXHOª

/HQHWWR\DJHFKLPLTXHDVVXUH

‡ OHQHWWR\DJHGHO¶HQFUDVVHPHQWHWODGLVVROX
WLRQGHVGpS{WVGHWDUWH

‡ ODSDVVLYDWLRQGHVVXUIDFHVQHWWR\pHVDILQGH
UpGXLUHOHXUVHQVLELOLWpjODFRUURVLRQ

‡ ODQHXWUDOLVDWLRQGHVOLTXLGHVGpWHUJHQWVDYDQW
ODSXUJH

/LTXLGHVGpWHUJHQWV

/LTXLGHGpWHUJHQW 'HVFULSWLRQ

$OID&DXV /LTXLGHIRUWHPHQWDOFDOLQSRXUOHQHWWR\DJHGHWUDFHVGHSHLQWXUHGH
JUDLVVHG¶KXLOHHWGHGpS{WVELRORJLTXHV
$OID3KRV /LTXLGHQHWWR\DQWDFLGHSRXUO¶pOLPLQDWLRQG¶R[\GHVPpWDOOLTXHVGHURXLOOH
GHWDUWUHHWG¶DXWUHVGpS{WVLQRUJDQLTXHV
$OID3DVV /LTXLGHDOFDOLQSRXUODSDVVLYDWLRQLQKLELWLRQGHODFRUURVLRQ
$OID1HXWUD /LTXLGHIRUWHPHQWDOFDOLQSRXUODQHXWUDOLVDWLRQGHO¶$OID3KRVDYDQWOD
SXUJH
$OID36FDOH 3RXGUHGpWHUJHQWHDFLGHFRQWHQDQWXQLQKLELWHXUGHFRUURVLRQSDU
WLFXOLqUHPHQWHIILFDFHSRXUO¶pOLPLQDWLRQGXFDUERQDWHGHFDOFLXPHWOHV
DXWUHVGpS{WVLQRUJDQLTXHV
$OID31HXWUD 3RXGUHDOFDOLQHSRXUODQHXWUDOLVDWLRQGHO¶$OID36FDOHXVDJpDYDQWVD
PLVHDXUHEXW
$OID$GG 8QHQULFKLVVDQWGHQHWWR\DJHQHXWUHjXWLOLVHUDYHF$OID3KRV$OID&DXVHW
$OID36FDOH2IIUHGHPHLOOHXUVUpVXOWDWVVXUGHVVXUIDFHVKXLOHXVHVRX
JUDLVVHXVHVHWHQSUpVHQFHGHFURLVVDQFHELRORJLTXH$OID$GGUpGXLW
pJDOHPHQWXQpYHQWXHOPRXVVDJH
$OSDFRQ'HVFDODQW $JHQWQHWWR\DQWDFLGHQRQGDQJHUHX[jEDVHG¶HDXFRQoXSRXUO¶pOLPLQD
WLRQGXWDUWUHGHODPDJQpWLWHGHVDOJXHVGHO¶KXPXVGHVPROOXVTXHV
GHVFUXVWDFpVGHODFKDX[HWGHODURXLOOH&RQWLHQWGHOD%,2*(1
$&7,9(FRPPHDJHQWDFWLIXQPpODQJHELRORJLTXHFRPSRVpGHVXE
VWDQFHVUHQRXYHODEOHV
$OSDFRQ'HJUHDVHU 8QGpJUDLVVDQWQHXWUHjXWLOLVHUDYHF$OSDFRQ'HVFDODQWeOLPLQHHIIL
FDFHPHQWO¶KXLOHODJUDLVVHRXOHVFRXFKHVGHSURGXLWOXEULILDQWWRXWHQ
UpGXLVDQWOHPRXVVDJH&RQWLHQWGHOD%,2*(1$&7,9(FRPPHDJHQW
DFWLIXQPpODQJHELRORJLTXHFRPSRVpGHVXEVWDQFHVUHQRXYHODEOHV

)  eFKDQJHXUGHFKDOHXUjSODTXHV
 0DLQWHQDQFH )UDQoDLV

1HWWR\DJHPDQXHO

$YHUWLVVHPHQW 2XYHUWXUHGHO¶pFKDQJHXU
$ILQG¶pYLWHUWRXWULVTXHGHEOHVVXUHVGXHVj
GHVERUGVWUDQFKDQWVLOHVWUHFRPPDQGpGH
WRXMRXUVSRUWHUGHVJDQWVGHSURWHFWLRQORUV $YHUWLVVHPHQW
GHPDQLSXODWLRQGHVSODTXHVHWGHVW{OHVGH 6LO¶pFKDQJHXUGHFKDOHXU
SURWHFWLRQ HVWFKDXGDWWHQGUHTX¶LO
UHIURLGLVVHMXVTX¶jXQH
WHPSpUDWXUHG¶HQYLURQ
ƒ&ƒ)

)
3XUJHUO
pFKDQJHXUGHFKDOHXU


&RQWU{OHUOHVVXUIDFHVGHIURWWHPHQWGHOD
 EDUUHVXSSRUWHWOHVQHWWR\HU

eFKDQJHXUGHFKDOHXUjSODTXHV ) 
 )UDQoDLV 0DLQWHQDQFH

0DUTXHUG¶XQHOLJQHGLDJRQDOHO¶HQVHPEOH
 GHVSODTXHVVXUO¶H[WpULHXU
/¶RXYHUWXUHGHVSDLUHVGHWLUDQWVTXLVRQW
 pTXLSpVGHSDOLHUVHVWjHIIHFWXHUHQGHX[
pWDSHVHQDOWHUQDQFHHWHQGLDJRQDOH
FRPPHLQGLTXpGDQVOHVILJXUHVFLGHV
VRXV

eWDSH 7LUDQWQƒ ¬ODFRWH

 ±±± $
 ±RX± 2XYHUWXUH
)

GH
O¶pFKDQJHXU

,OIDXWWRXMRXUVYHLOOHUjFHTXHOHEkWLIL[HHW
OHSODWHDXGHVHUUDJHPRELOHVRLHQWSDUDO
0DUTXHU OqOHV/¶LQFOLQDLVRQGXSODWHDXGHVHUUDJH
PRELOHSHQGDQWO¶RXYHUWXUHQHGRLWSDVGp
SDVVHUPPWRXUVSDUWLUDQWVXUOD
0HVXUHUHWQRWHUODFRWH$ ODUJHXUHWPPWRXUVSDUWLUDQWGDQV
 OHVHQVYHUWLFDO

eWDSHGHVVHUUHUOHVTXDWUHWLUDQWVHQDO
WHUQDQFHHWHQGLDJRQDOHMXVTX¶jFHTXH
O¶HPSLOHPHQWGHVSODTXHVPHVXUH$

'HVVHUUHUOHVWLUDQWVTXLQHVRQWSDV
 pTXLSpVGHSDOLHUVHWOHVUHWLUHU

(QOHYHU
OHVWLUDQWV

(QOHYHU
OHVWLUDQWV

)  eFKDQJHXUGHFKDOHXUjSODTXHV
 0DLQWHQDQFH )UDQoDLV

eWDSHGHVVHUUHUOHVGHX[SDLUHVGHWL
UDQWVHQDOWHUQDQFHHWHQGLDJRQDOHFRP
PHLQGLTXpGDQVODILJXUHFLGHVVRXV

)
)DLUHJOLVVHUOHSODWHDXGHVHUUDJHVXUOD
 EDUUHVXSSRUWDILQGHOLEpUHUO¶HQVHPEOH
GHVSODTXHV

6LOHVSODTXHVGRLYHQWrWUHQXPpURWpHVHI
IHFWXHUFHWWHRSpUDWLRQDYDQWGHOHVUHWLUHU

,OHVWQpFHVVDLUHGHUHWLUHUOHVSODTXHVGX
EkWLVLOHQHWWR\DJHHVWHIIHFWXpXQLTXH
PHQWjO¶HDXF¶HVWjGLUHVDQVSURGXLW
GpWHUJHQW

(QOHYHU
OHVSODTXHV

eFKDQJHXUGHFKDOHXUjSODTXHV ) 
 )UDQoDLV 0DLQWHQDQFH

1HWWR\DJHPDQXHOGHVDSSDUHLOVRXYHUWV

$WWHQWLRQ 1RWD
1HMDPDLVXWLOLVHUG¶DFLGHFKORUK\ 9HLOOHUjQHSDVHQGRPPDJHUOHMRLQWGX
GULTXHDYHFGHVSODTXHVHQDFLHULQ UDQWOHQHWWR\DJHPDQXHO 
R[\GDEOH1HSDVXWLOLVHUG¶HDX
FRQWHQDQWSOXVGH SSP&OSRXUOD
SUpSDUDWLRQGHVROXWLRQVGHQHWWR\
DJH,OHVWWUqVLPSRUWDQWGHSURWpJHU
OHVEDUUHVHWOHSLHGVXSSRUWHQDOX
)

PLQLXPFRQWUHO¶DJUHVVLRQGHSURGXLWV
FKLPLTXHV

'pS{WVSRXYDQWrWUHHQOHYpVDYHFGHO¶HDXHWXQHEURVVH

/HVSODTXHVQ¶RQWSDVEHVRLQG¶rWUHUHWLUpHVGXEkWLGHO¶pFKDQJHXUSRXUOHQHWWR\DJH

(QOHYHUOHVGpS{WVDXPR\HQG¶XQHEURVVH 5LQFHUjO¶HDXjO¶DLGHG¶XQpTXLSHPHQW
 VRXSOHHWGHO¶HDXFRXUDQWH  KDXWHSUHVVLRQ

'pS{WVQHSRXYDQWSDVrWUHHQOHYpVDYHFGHO¶HDXHWXQHEURVVH

/HVSODTXHVGRLYHQWrWUHUHWLUpHVGXEkWLGHO¶pFKDQJHXUSRXUOHQHWWR\DJH

)URWWHUDYHFXQSURGXLWQHWWR\DQW 5LQFHUjO¶HDX
 

)  eFKDQJHXUGHFKDOHXUjSODTXHV
 0DLQWHQDQFH )UDQoDLV

3URGXLWVGHQHWWR\DJH± ,QFUXVWDWLRQHQWDUWUDJH
 &RQFHQWUDWLRQPD[L
7HPSpUDWXUHPD[Lƒ&ƒ)

,QFUXVWDWLRQ±(QWDUWUDJH 'pS{W 3URGXLWGHQHWWR\DJH

&DUERQDWHGHFDOFLXP 3URGXLWVFRUURVLIV $FLGHQLWULTXH

6XOIDWHGHFDOFLXP 2[\GHVPpWDOOLTXHV $FLGHVXOIDPLTXH
6LOLFDWHV $UJLOHGHOLPRQ $FLGHFLWULTXH

)
$OXPLQH $FLGHSKRVSKRULTXH
2UJDQLVPHVGLDWRPLTXHV $JHQWVFRPSOH[DQWV('7$17$
HWOHXUVFRSUROLWKHVGHGLI 3RO\SKRVSKDWHVGHVRGLXP
IpUHQWHVFRXOHXUV

3URGXLWVGHQHWWR\DJH± &URLVVDQFHELRORJLTXHERXHV
 &RQFHQWUDWLRQPD[L
7HPSpUDWXUHPD[Lƒ&ƒ)

&URLVVDQFHELRORJLTXH
3URGXLWGHQHWWR\DJH
ERXHV

%DFWpULH +\GUR[\GHGHVRGLXP
1pPDWRGHV &DUERQDWHGHVRGLXP
3URWR]RDLUH /¶HIILFDFLWpGXQHWWR\DJHSHXWrWUHVHQVLEOHPHQWDPpOLRUpHSDU
O¶DGGLWLRQGHSHWLWHVTXDQWLWpVG¶K\SRFKORULWHRXG¶DJHQWVIDYRULVDQW
ODIRUPDWLRQGHFRPSOH[HVHWGHVXUIDFWDQWV

3URGXLWVGHQHWWR\DJH± 5pVLGXVG¶KXLOHDVSKDOWHFRUSVJUDV

'pS{W 3URGXLWGHQHWWR\DJH

5pVLGXVG
KXLOH 6ROYDQWSDUDIILQLTXHjEDVHGHQDSKWDSDUH[NpURVqQH
$VSKDOWH
&RUSVJUDV 1RWD
/HVMRLQWVpODVWRPqUHVGHTXDOLWpV(3'0RQWWHQGDQFHjJRQIOHU
GDQVFHVIOXLGHV/HWHPSVGHFRQWDFWGRLWrWUHOLPLWpjPLQXWHV

$WWHQWLRQ
/HVVROXWLRQVVXLYDQWHVQHGRLYHQWSDVrWUHXWL
OLVpHV
‡ &pWRQHVSDUH[DFpWRQHPpWK\OHpWK\OH
FpWRQHPpWK\OLVREXW\OFpWRQH
‡ (VWHUVSDUH[DFpWDWHG¶pWK\OHDFpWDWHGH
EXW\OH
‡ +\GURFDUEXUHVKDORJpQpVSDUH[FKOR
URWKqQHWpWUDFKORUXUHGHFDUERQHIUpRQV
‡ $URPDWHVSDUH[EHQ]qQHWROXqQH

eFKDQJHXUGHFKDOHXUjSODTXHV ) 
 )UDQoDLV 0DLQWHQDQFH

5HPRQWDJHGHO¶pFKDQJHXU

9pULILHUTXHWRXWHVOHVIDFHVGHMRLQWVVRQW
 SURSUHV
1HWWR\HUOHVILOHWDJHVGHVWLUDQWVjO¶DLGH
 G¶XQHEURVVHPpWDOOLTXH$SSOLTXHUXQH
ILQHFRXFKHGHJUDLVVHVXUOHVILOHWDJHV
SDUH[*OHLWPRRXpTXLYDOHQW
)
&RPSULPHUO¶HQVHPEOHGHVSODTXHV/H
 VHUUDJHVHGpURXOHHQGHX[WHPSVYRLUOHV
ILJXUHVFLGHVVRXV9HLOOHUWRXMRXUVjFH
TXHOHEkWLIL[HHWOHSODWHDXGHVHUUDJH
PRELOHVRLHQWSDUDOOqOHV
eWDSH 7LUDQWQR ¬ODFRWH

 ±RX± $
 ±±± $

eWDSH6HUUHUOHVGHX[SDLUHVGHWLUDQWV
HQGLDJRQDOHHWHQDOWHUQDQFHMXVTX¶jFH
TXHO¶HPSLOHPHQWGHVSODTXHVPHVXUH
$

)L[HUOHVMRLQWVVXUOHVSODTXHVRXYpULILHU
 TXHWRXVOHVMRLQWVRQWFRUUHFWHPHQWIL[pV

1RWD
8QMRLQWPDOSRVLWLRQQpGpSDVVHJpQpUDOH
PHQWGHVDJRUJHRXQ¶HVWSDVHQSODFH
GDQVVRQORJHPHQW

0RQWHUOHVSODTXHVHQDOWHUQDQWODGLUHF
 WLRQGHVFKHYURQVWRXWHVOHVGHX[SODTXHV
HWHQYpULILDQWTXHOHVMRLQWVVRQWRULHQWpV
IDFHDXEkWLIL[H
eWDSH/HVWLUDQWVVRQWHQVXLWHVHUUpV
DOWHUQDWLYHPHQWHWHQGLDJRQDOHWHOTX¶LO
OXVWUpVXUODILJXUHFLGHVVRXV9pULILHUOD
FRWH$SHQGDQWOHVHUUDJHDX[HQGURLWVGHV
WLUDQWVXWLOLVpV

)  eFKDQJHXUGHFKDOHXUjSODTXHV
 0DLQWHQDQFH )UDQoDLV

&RXSOHGHVHUUDJHPD[ ‡ /DORQJXHXUGHODSLOHGHSODTXHVQH
GRLWSDVSUpVHQWHUXQHGLIIpUHQFH
1RWD VXSpULHXUHjDXQLYHDXGHWRXVOHV
WLUDQWV
1HSDVGpSDVVHUOHFRXSOHPD[LPXPLQGLTXp ‡ 6LO¶DSSDUHLOQHSHXWSDVrWUHUHQGXSDU
GDQVOHWDEOHDXFLGHVVRXVHQFDVG¶XWLOLVD IDLWHPHQWpWDQFKHVHUUHUSRXUREWHQLU
WLRQG¶XQRXWLOGHVHUUDJHSQHXPDWLTXH ODFRWH$±,OQHIDXWFHSHQGDQW
0HVXUHUODFRWH$SHQGDQWOHVHUUDJH 
SDVGpSDVVHUOHFRXSOHGHVHUUDJH
PD[LPXP
7DLOOH 7LUDQWDYHFSDOLHU 7LUDQWDYHFURQ
GX GHOOHV

)
WLUDQW
1P .SP 1P .SP
0  
0  
0    
0    

(QFDVGHVHUUDJHPDQXHOLOIDXWIDLUHXQHHVWLPDWLRQ
GXFRXSOH

6¶LOHVWLPSRVVLEOHG¶REWHQLUODFRWH$
‡ 9pULILHUOHQRPEUHGHSODTXHVHWODFRWH$
‡ 9pULILHUVLWRXVOHVpFURXVHWOHVSDOLHUVERXJHQW
OLEUHPHQW'DQVOHFDVFRQWUDLUHQHWWR\HUHWOXEUL
ILHURXUHPSODFHU
6LOHVSODTXHVVRQWFRUUHFWHPHQWDVVHP
 EOpHVOHVERUGVIRUPHQWXQHVWUXFWXUH
HQ©QLGG¶DEHLOOHVªYRLUODILJXUH
FLGHVVRXV

/DFRWH$SHXWrWUHGpSDVVpHGDQVGHVFDVH[FHS 6LOHVSODTXHVRQWpWpPDUTXpHVG¶XQH
WLRQQHOV/HVORQJXHXUVVXLYDQWHVSHXYHQWDORUVrWUH OLJQHREOLTXHVXUO¶H[WpULHXUYRLUO¶pWDSH
WROpUpHVSRXUO¶HPSLODJHGHVSODTXHV VRXV©2XYHUWXUHGHO¶pFKDQJHXUªLOHVW
IDFLOHGHFRQWU{OHUVLHOOHVRQWpWpPRQWpHV
GDQVOHERQRUGUH
/RQJXHXUGHO¶HPSLODJH /RQJXHXUGHO¶HPSL
GHVSODTXHVSODTXH ODJHGHVSODTXHV
FRWH$
!PP $
±PP $
PP $

0HWWUHHQSODFHOHVDXWUHVWLUDQWV
 ‡ &RQWU{OHUOHVURQGHOOHV
‡ /RUVTX¶LOVVRQWVHUUpVjIRQGOHVWLUDQWV
GRLYHQWWRXVrWUHWHQGXVGHODPrPH
PDQLqUH
‡ /DGLIIpUHQFHHQWUHOHVORQJXHXUVGHV
SLOHVGHSODTXHVODFRWH$PHVXUpH
VXUGHVWLUDQWVYRLVLQVQHGRLWSDV
GpSDVVHU
± PPVL$PP
± PPVL$!PP

eFKDQJHXUGHFKDOHXUjSODTXHV ) 
 )UDQoDLV 0DLQWHQDQFH

5HPSODFHPHQWGHVMRLQWV

-RLQWVPRXOXUpV -RLQWV©&OLS$'ª0;0;

2XYULUO
pFKDQJHXUGHFKDOHXUFRQIRUPp /HMRLQWGLW©&OLS$'ªHVWXQHFRPELQDLVRQGHODIL[
 PHQWDX[LQVWUXFWLRQVGHODSDJH HWGp
SRVHUODSODTXHTXLQpFHVVLWHXQQRXYHDX
DWLRQPRXOXUpHFRQYHQWLRQQHOOHDXWRXUGHVUDFFRUGV
HWGHODIL[DWLRQDXPR\HQG¶XQUXEDQDGKpVLIOHORQJ
MRLQW GHVF{WpVGHVSODTXHV

/¶XWLOLVDWLRQGXUXEDQDGKpVLI*&HVWXQHPpWKRGH

VLPSOHTXLSHUPHWXQSRVLWLRQQHPHQWSUpFLVGXMRLQW
'pSRVHUOHMRLQWXVDJp ,OHVWFROOpGDQVODJRUJHGXMRLQWDYHFXQSLVWROHWj

)

EDQGHVSpFLDOTXLIDFLOLWHO¶DSSOLFDWLRQGHODEDQGHH[
DFWHPHQWjO¶HQGURLWYRXOX

2XYULUO
pFKDQJHXUGHFKDOHXUFRQIRUPp
(QFOHQFKHUOHMRLQWPRXOXUpVXUODSODTXH  PHQWDX[LQVWUXFWLRQVGHODSDJH HWGp

 5DEDWWUHOHVHUJRWVGHYHUURXLOODJHVRXVOD
SODTXH
SRVHUODSODTXHTXLQpFHVVLWHXQQRXYHDX
MRLQW

'pSRVHUOHMRLQWXVDJp

,OHVWLQXWLOHGHUHWLUHUO¶DQFLHQQHEDQGHFDU
 OHILOPHVWWUqVPLQFH,OIDXWFHSHQGDQW
V¶DVVXUHUTXHODJRUJHGXMRLQWHVWSURSUH
HWVqFKH

&ROOHUODEDQGHjO¶DLGHGXSLVWROHW


1RWD
9HLOOHUjFHTXHOHVGHX[HUJRWVVRLHQW
GDQVODSRVLWLRQFRUUHFWH

3RXUVXLYUHDYHFODSURFKDLQHSODTXHjUH
 JDUQLUMXVTX¶jFHWRXWHVOHVSODTXHVVRLHQW
FRPSOqWHV

5HIHUPHUO¶pFKDQJHXUGHFKDOHXUFRQ
 IRUPpPHQWDX[LQVWUXFWLRQVGHODSDJH 

)L[HUOHMRLQWjODSODTXH5DEDWWUHOHVHU
 JRWVGHYHUURXLOODJHVRXVODSODTXH

-RLQWVFROOpV
5HIHUPHUO¶pFKDQJHXUGHFKDOHXUFRQ
/HVLQVWUXFWLRQVGHFROODJHVpSDUpHVVRQWIRXUQLHV
DYHFODFROOH  IRUPpPHQWDX[LQVWUXFWLRQVGHODSDJH 

)  eFKDQJHXUGHFKDOHXUjSODTXHV
 ËQGLFH (VSDxRO

ËQGLFH

'HVFULSFLyQ  
&RPSRQHQWHVSULQFLSDOHV  
)XQFLyQ  

,QVWDODFLyQ  
&RQGLFLRQHVUHTXHULGDV  
,]DGRGHOHTXLSR  

(
3DUDHOHYDUHOHTXLSR 

)XQFLRQDPLHQWR  
$UUDQTXH  
8QLGDGHQIXQFLRQDPLHQWR  
3DUDGD  

0DQWHQLPLHQWR 
/LPSLH]DLQVLWX/,1  
/LPSLH]DPDQXDO 
&DPELRGHODMXQWDHVWDQFD  

&yPRSRQHUVHHQFRQWDFWR
FRQ$OID/DYDO

/DLQIRUPDFLyQSDUDSRQHUVHHQ
FRQWDFWRHQFDGDXQRGHORV
SDtVHVVHDFWXDOL]D
FRQVWDQWHPHQWHHQQXHVWUD
SiJLQDZHE
$GHPiVGHHVWH0DQXDOGHLQVWUXFFLRQHVWDPELpQVHLQFOX\HQ
ORVVLJXLHQWHVGRFXPHQWRV
± (VTXHPDGHOLQWHUFDPELDGRUGHFDORUGHSODFDV

6tUYDVHYLVLWDU ± /LVWDGHSODFDV
ZZZDOIDODYDOFRP\SRQHUVH
HQFRQWDFWRFRQVX ± /LVWDGHODVSLH]DVFRQVXGHVSLHFH
UHSUHVHQWDQWHORFDOGH$OID 
/DYDO

,QWHUFDPELDGRUGHFDORUGHSODFDV (
 (VSDxRO 1RWDV

1RWDV
(

( ,QWHUFDPELDGRUGHFDORUGHSODFDV
 'HVFULSFLyQ (VSDxRO

'HVFULSFLyQ
&RPSRQHQWHVSULQFLSDOHV
%DUUDVXVWHQWDGRUD
6RVWLHQHODVSODFDVGHFRQ &ROXPQD
3ODFDEDVWLGRU GXFFLyQ\ODSODFDGHSUHVLyQ GHDSR\R

3HUQRVWHQVRUHV
0DQWLHQHQXQLGDV
ODVSODFDVGH
FRQGXFFLyQ

(
3URWHF
FLyQGHO
SHUQR
&RQH[LRQHV
2ULILFLRVDWUDYpVGHOD
SODFDEDVWLGRUTXHSHU
PLWHQODHQWUDGDGHORV
PHGLRVWUDQVPLVRUHVDO
LQWHUFDPELDGRUGHFDORU

$OUHGHGRUGHORVRULILFL
RVXQRVHVSiUUDJRV
URVFDGRVILMDQODVWXE
HUtDVDODSDUDWR3DUD
SURWHJHUDORVRULILFLRVGH
ODFRUURVLyQGHEHQ
XVDUVHUHYHVWLPLHQWRV
LQWHULRUHVPHWiOLFRVRGH %DUUDJXtD
FDXFKR 0DQWLHQHDODVSODFDVGH
FRQGXFFLyQDOLQHDGDVHQ
VXH[WUHPRLQIHULRU
3ODFDGHSUHVLyQ
3ODFDPyYLOGHDFHUR(QDOJXQRVFDVRV
ODVWXEHUtDVSXHGHQFRQHFWDUVHD
ODSODFDGHSUHVLyQ

3ODFDVGHFRQXFFLyQ
(VWDVILQDVSODFDVVRQODVHQFDUJDGDVGH
WUDQVPLWLUHOFDORUGHXQRDRWURPHGLR

(OQ~PHURGHSODFDVGHWHUPLQDODVXSHUILFLH
WRWDOGHWUDQVIHUHQFLDGHFDORU

&KDSDVGHSURWHFFLyQ
6HVXPLQLVWUDQVLVHVROLFLWDQ

,QWHUFDPELDGRUGHFDORUGHSODFDV  ( 
 (VSDxRO 'HVFULSFLyQ

)XQFLyQ

(OLQWHUFDPELDGRUGHFDORUGHSODFDVFRQVWDGHXQ HVWiQSURYLVWDVGHXQDMXQWDHVWDQFDTXHVHOODHO
FRQMXQWRGHSODFDVPHWiOLFDVDFDQDODGDVFRQRUL FDQDO\HQYtDDORVIOXLGRVKDFLDFDQDOHVDOWHUQRV
ILFLRVSDUDSHUPLWLUHOSDVRGHGRVIOXLGRVHQWUHORV (ODFDQDODGRGHODVSODFDVSURYRFDXQUpJLPHQ
TXHVHUHDOL]DODWUDQVIHUHQFLDGHFDORU WXUEXOHQWRGHOIOXLGR\FRQWULEX\HDTXHODVSODFDV
UHVLVWDQDODSUHVLyQGLIHUHQFLDO
(OFRQMXQWRGHSODFDVHVWiPRQWDGRHQWUHXQD
SODFDEDVWLGRU\RWUDGHSUHVLyQ\VHPDQWLHQH
DSUHWDGRPHGLDQWHSHUQRVWHQVRUHV/DVSODFDV
(

/DSODFDGHWLSR$FXHOJD /DSODFDGHWLSR%FXHOJD
FRQOD9DSXQWDQGRKDFLD FRQOD9DSXQWDQGRKDFLD
DEDMR DUULED

(  ,QWHUFDPELDGRUGHFDORUGHSODFDV
 ,QVWDODFLyQ (VSDxRO

,QVWDODFLyQ
&RQGLFLRQHVUHTXHULGDV

8QLGDGHVGHSDVRVP~OWLSOHV
&RQH[LRQHVGHODSODFDGHSUHVLyQ
$QWHVGHFRQHFWDUODWXEHUtDHVLPSRUWDQWHTXH
HOFRQMXQWRGHODVSODFDVVHKD\DDSUHWDGRDOD
WHQVLyQFRUUHFWDREVHUYHHOGLEXMR

(
7XERDFRGDGR
3DUDIDFLOLWDUODGHVFRQ
H[LyQGHOLQWHUFDPELDGRU
GHFDORUGHSODFDVHQOD
SODFDGHSUHVLyQGHEH
DFRSODUVHXQWXERDFR
GDGRDODFRQH[LyQRUL
HQWDGRKDFLDDUULEDR
KDFLDORVODGRV\FRQRWUD
EULGDVLWXDGDHQHOH[WH
ULRUGHOFRQWRUQRGHO
LQWHUFDPELDGRUGHFDORU
(VSDFLR
6HQHFHVLWDXQPtQLPRGH
PPGHHVSDFLROLEUHSDUD
LQWURGXFLU\H[WUDHUODVSODFDV

%DVH
9iOYXODVGHFLHUUH ,QVWDOHHOHTXLSRVREUHXQD
3DUDSRGHUDEULUHOLQWHU EDVHSODQDTXHSURSRUFLRQH
FDPELDGRUGHFDORUWRGDV HOVXILFLHQWHDSR\RDOEDVWL
ODVFRQH[LRQHVGHEHQLU GRU
SURYLVWDVGHYiOYXODVGH
FLHUUH

£1RWD
‡ $QWHVGHFRQHFWDUFXDOTXLHUWXEHUtDDVHJ
~UHVHGHTXHVHKDQDSDUWDGRGHOVLVWHPD
WRGRVORVREMHWRVH[WUDxRV
‡ &XDQGRFRQHFWHHOVLVWHPDGHWXEHUtDV
DVHJ~UHVHGHTXHpVWDVQRVRPHWHQDO
LQWHUFDPELDGRUGHFDORUGHSODFDVDHVIXHU
]RVQLGHIRUPDFLRQHV
‡ 3DUDHYLWDUHOJROSHGHDULHWHQRXWLOLFHYiO
YXODVGHFLHUUHUiSLGR
'HEHUiQLQVWDODUVHYiOYXODVGHVHJXULGDGGH
DFXHUGRFRQODVUHJODPHQWDFLRQHVYLJHQWHVSDUD
UHFLSLHQWHVDSUHVLyQ
(OLQWHUFDPELDGRUGHFDORUGHSODFDVGHEHUiDLV
ODUVHVLVHHVSHUDTXHVXWHPSHUDWXUDVXSHUILFLDO
VHDFDOLHQWHRIUtD
6HUHFRPLHQGDHOXVRGHFKDSDVGHSURWHFFLyQ
SDUDFXEULUDOLQWHUFDPELDGRUGHFDORUGHSODFDV
(QODSODFDGHLGHQWLILFDFLyQGHFDGDPRGHORVH
LQGLFDQODVSUHVLRQHV\WHPSHUDWXUDVFDOFXODGDV
TXHQRGHEHQVXSHUDUVH

,QWHUFDPELDGRUGHFDORUGHSODFDV  ( 
 (VSDxRO ,QVWDODFLyQ

,]DGRGHOHTXLSR
£$GYHUWHQFLD
1XQFDOHYDQWHHOHTXLSRSRUODVFRQH[
LRQHVRORVHVSiUUDJRVTXHODVURGHDQ
8WLOLFHFRUUHDVFXDQGRSURFHGDDL]DUHO
HTXLSR&RORTXHODVFRUUHDVFRPRVH
PXHVWUDHQODILJXUD

000;76 0;00$
(

(  ,QWHUFDPELDGRUGHFDORUGHSODFDV
 ,QVWDODFLyQ (VSDxRO

3DUDHOHYDUHOHTXLSR

&RORTXHGRVOLVWRQHVGHPDGHUDHQHO &RORTXHODVFRUUHDVDOUHGHGRUGHXQSHUQR
 VXHOR  HQFDGDODGR

/HYDQWHHOLQWHUFDPELDGRUGHFDORUGHO
 SDOHWFRQODD\XGDGHFRUUHDVSRUHMHP
SOR

(
/HYDQWHHOLQWHUFDPELDGRUGHFDORUGHORV
 OLVWRQHVGHPDGHUD

&RORTXHHOLQWHUFDPELDGRUGHFDORUVREUH
 ORVOLVWRQHVGHPDGHUD

+DJDEDMDUHOLQWHUFDPELDGRUGHFDORUHQ
 SRVLFLyQKRUL]RQWDO\FROyTXHORVREUHHO
VXHOR

,QWHUFDPELDGRUGHFDORUGHSODFDV  ( 
 (VSDxRO )XQFLRQDPLHQWR

)XQFLRQDPLHQWR
$UUDQTXH
£1RWD 6LDODVDOLGDKD\XQDYiOYXODDVHJ~UHVH
6LHQHOVLVWHPDVHLQFOX\HQYDULDVERP  GHTXHHVWiWRWDOPHQWHDELHUWD
EDVDVHJ~UHVHGHTXHVDEHFXiOGHHOODV
$EUDHORULILFLRGHSXUJDGHDLUH\DUUDQTXH
GHEHDEULUVHHQSULPHUOXJDU
 ODERPED

£1RWD
3DUDHYLWDUHOULHVJRGHJROSHGHDULHWH $ELHUWR
DMXVWHOHQWDPHQWHORVFDXGDOHV

(OJROSHGHDULHWHHVHOSLFRGHSUHVLyQGH
(

HVFDVDGXUDFLyQTXHSXHGHDSDUHFHUGXU
DQWHHODUUDQTXHRHODSDJDGRGHXQVLVWH
PD\TXHSURYRFDTXHORVOtTXLGRVVH
GHVSODFHQSRUXQDWXEHUtDFRPRXQDRQGD
DODYHORFLGDGGHOVRQLGR(VWHHIHFWR $EUDOHQWDPHQWHODYiOYXOD
SXHGHSURGXFLUGDxRVFRQVLGHUDEOHVDO
HTXLSR

$EUDOHQWDPHQWH
&RPSUXHEHTXHODPHGLGD$HVFRUUHFWD
 YpDVHODILJXUDDGMXQWD

&RPSUXHEHTXHHVWiFHUUDGDODYiOYXOD

8QDYH]TXHKD\DVDOLGRHODLUHFLHUUHHO
HQWUHODERPED\ODXQLGDGTXHFRQWURODHO
FDXGDOGHOVLVWHPD
 RULILFLRGHSXUJD

&HUUDGR
&LHUUH

$ELHUWR

5HSLWDORVSDVRVDSDUDHOVHJXQGR
 PHGLRWUDQVPLVRU

(  ,QWHUFDPELDGRUGHFDORUGHSODFDV
 )XQFLRQDPLHQWR (VSDxRO

8QLGDGHQIXQFLRQDPLHQWR 3DUDGD

£1RWD
3DUDSURWHJHUDOVLVWHPDGHODVYDULD
FLRQHVH[WUHPDV\V~ELWDVGHSUHVLyQ\
WHPSHUDWXUDUHDOLFHOHQWDPHQWHODVUHJX
ODFLRQHVGHOFDXGDO
'XUDQWHHOIXQFLRQDPLHQWRFRPSUXHEHORVVLJX
LHQWHVSXQWRV 
/DVSUHVLRQHV\WHPSHUDWXUDVGHORVPHGLRV
WUDQVPLVRUHVVHHQFXHQWUDQGHQWURGHORV
OtPLWHVVHxDODGRVHQHOHVTXHPDGHOLQWHU
FDPELDGRUGHFDORUGHSODFDV
£1RWD
6LHQHOVLVWHPDVHLQFOX\HQYDULDVERPEDV
DVHJ~UHVHGHTXHVDEHFXiOGHHOODVGHEH
GHWHQHUVHHQSULPHUOXJDU
&LHUUHOHQWDPHQWHODYiOYXODTXHFRQWUROD
HOFDXGDOGHODERPEDTXHHVWiDSXQWRGH
SDUDU
&LHUUH

(
QRDSDUHFHQHVFDSHVGHELGRVDXQIDOORHQHO
DSUHWDGRGHOFRQMXQWRGHODVSODFDVRDMXQ
WDVHVWDQFDVGDxDGDVRGHIHFWXRVDV
ODEDUUDVXVWHQWDGRUD\ODEDUUDJXtDHVWiQ
OLPSLDV\HQJUDVDGDV
ORVSHUQRVHVWiQOLPSLRV\HQJUDVDGRV

3DUHODERPEDGHVSXpVGHFHUUDUODYiO
 YXOD

5HSLWDORVSDVRVDSDUDHORWURODGR

6LHOLQWHUFDPELDGRUGHFDORUKDHVWDGR
 SDUDGRGXUDQWHYDULRVGtDVGHEHSXU
JDUVH7DPELpQGHEHUHDOL]DUVHHOSXUJD
GRVLHOSURFHVRHVWiSDUDGR\OD
WHPSHUDWXUDDPELHQWHHVWiSRUGHEDMRGHO
SXQWRGHFRQJHODFLyQGHORVPHGLRVWUDQV
PLVRUHV$VLPLVPRVHUHFRPLHQGDTXHOR
DFODUH\VHTXHVHJ~QORVPHGLRVTXHKD\D
SURFHVDGR

/LPSLRV\
HQJUDVDGRV
1RKD\HVFDSHV

6LGHVHDFDPELDUHOQ~PHURGHSODFDVGHVX
HTXLSRRVHOHFFLRQDUHOPDWHULDOGHODVMXQWDV
HVWDQFDV
‡ SRUFDPELRSHUPDQHQWHHQODVSUHVLRQHVR
WHPSHUDWXUDVGHIXQFLRQDPLHQWRRVLGHEH
SURFHVDUXQPHGLRWUDQVPLVRUGLVWLQWRHQVX
LQWHUFDPELDGRUGHFDORUGHSODFDV
‡ VROLFLWHDVHVRUDPLHQWRVREUHODVGLPHQVLRQHV
GHOSDTXHWHGHSODFDVGHVXHTXLSRDOGLVWULEXL
GRUGH$OID/DYDOPiVFHUFDQR

,QWHUFDPELDGRUGHFDORUGHSODFDV  ( 
 (VSDxRO 0DQWHQLPLHQWR

0DQWHQLPLHQWR
/LPSLH]DLQVLWX/,1

(OHTXLSRGHOLPSLH]DLQVLWX/,1SHUPLWHUHDOL]DU 6LJDODVLQVWUXFFLRQHVGHOHTXLSRGH/,1

ODOLPSLH]DGHOLQWHUFDPELDGRUGHFDORUGHSODFDV
VLQDEULUOR 3XHGHQXVDUVHORVVLJXLHQWHVPRGHORVGH/,1
&,3&,3&,3\&,3
6LQRSXHGHUHDOL]DUOD/,1KiJDODPDQXDOPHQWH
FRQVXOWHHODSDUWDGR³/LPSLH]DPDQXDO´

)XQFLRQDPLHQWRGHOD/,1

‡ OLPSLH]DGHREVWUXFFLRQHV\GHVLQFUXVWDFLyQGH
(

ORVGHSyVLWRVGHFDO

‡ SDVLYDFLyQGHODVVXSHUILFLHVOLPSLDGDVSDUD
UHGXFLUVXVXVFHSWLELOLGDGDODFRUURVLyQ

‡ QHXWUDOL]DFLyQGHORVOtTXLGRVGHOLPSLH]DDQWHV
GHSXUJDUORV

/tTXLGRVGHOLPSLH]D

/tTXLGRGHOLPSLH]D 'HVFULSFLyQ

$OID&DXV /tTXLGRIXHUWHPHQWHDOFDOLQRSDUDODHOLPLQDFLyQGHSLQWXUDJUDVDDFHLWH
HLQFUXVWDFLRQHVELROyJLFDV
$OID3KRV /tTXLGRGHOLPSLH]DiFLGRSDUDODHOLPLQDFLyQGHy[LGRVPHWiOLFRVKHU
UXPEUHFDO\RWUDVLQFUXVWDFLRQHVLQRUJiQLFDV
$OID3DVV /tTXLGRDOFDOLQRSDUDSDVLYDFLyQLQKLELFLyQGHFRUURVLyQ
$OID1HXWUD /tTXLGRPX\DOFDOLQRSDUDODQHXWUDOL]DFLyQGH$OID3KRVDQWHVGHOYDFL
DGR
$OID36FDOH 3ROYRVGHOLPSLH]DiFLGRVFRQXQLQKLELGRUGHFRUURVLyQPX\HIHFWLYR
SDUDHOLPLQDUHOFDUERQDWRGHFDO\RWUDVLQFUXVWDFLRQHVLQRUJiQLFDV
$OID31HXWUD 3ROYRVDOFDOLQRVSDUDQHXWUDOL]DUHO$OID36FDOHXVDGRDQWHVGHGHVHFKDUVH
$OID$GG 5HIRU]DGRUGHOLPSLH]DQHXWURSDUDXVDUFRQ$OID3KRV$OID&DXV\$OID3
6FDOH3URSRUFLRQDXQPHMRUUHVXOWDGRGHOLPSLH]DHQVXSHUILFLHVDFHLWR
VDVJUDVDV\GRQGHVHSURGX]FDFUHFLPLHQWRELROyJLFR$OID$GGWDPELpQ
UHGXFHODIRUPDFLyQGHHVSXPD
$OSDFRQ'HVFDODQW $JHQWHGHOLPSLH]DiFLGREDVDGRHQDJXD\QRSHOLJURVR&UHDGRSDUDOD
HOLPLQDFLyQGHLQFUXVWDFLRQHVPDJQHWLWDDOJDVKXPXVPHMLOORQHVPDU
LVFRVFDO\y[LGR&RPRLQJUHGLHQWHDFWLYRFRQWLHQH%,2*(1$&7,9(
XQDPH]FODELROyJLFDIDEULFDGDGHPDWHULDOHVUHQRYDEOHV
$OSDFRQ'HJUHDVHU 'HVHQJUDVDGRUQHXWURDXVDUFRQ$OSDFRQ'HVFDODQW4XLWDHIHFWLYD
PHQWHFDSDVGHDFHLWHRJUDVD\WDPELpQUHGXFHODHVSXPD&RPR
LQJUHGLHQWHDFWLYRFRQWLHQH%,2*(1$&7,9(XQDPH]FODELROyJLFDIDEUL
FDGDGHPDWHULDOHVUHQRYDEOHV

(  ,QWHUFDPELDGRUGHFDORUGHSODFDV
 0DQWHQLPLHQWR (VSDxRO

/LPSLH]DPDQXDO

£$GYHUWHQFLD
3DUDHYLWDUTXHORVERUGHVFRUWDQWHVOH
SURYRTXHQKHULGDVHQODVPDQRVOOHYHVLHP
SUHJXDQWHVFXDQGRPDQLSXOHODVSODFDV\
ODVFKDSDVSURWHFWRUDV
$SHUWXUD
£$GYHUWHQFLD
6LHOLQWHUFDPELDGRUGH
FDORUHVWiFDOLHQWHHVSHUH
KDVWDTXHDOFDQFHODWHP
SHUDWXUDGHƒ&ƒ)
DQWHVGHDEULUOR

9DFtHHOLQWHUFDPELDGRUGHFDORUGHSODFDV


(
5HYLVHODVVXSHUILFLHVGHGHVOL]DPLHQWRGH
 ODEDUUDVXVWHQWDGRUD\OtPSLHODVFRQXQ
WUDSR

,QWHUFDPELDGRUGHFDORUGHSODFDV  ( 
 (VSDxRO 0DQWHQLPLHQWR

0DUTXHSRUODSDUWHH[WHUQDGHOFRQMXQWR /RVSDUHVGHSHUQRVTXHHVWpQPRQWDGRV
 GHODVSODFDVFRQXQDOtQHDHQGLDJRQDO  FRQFDMDVGHFRMLQHWHVVHDEULUiQDOWHUQDG
DPHQWH\HQGLDJRQDOHQGRVSDVRVYHD
ODVILJXUDVGHDEDMR

3DVR 1žGHSHUQR 'LVWDQFLD

 ±±± $
 ± R  $SHUWXUD

2EUHFRQFXLGDGRSDUDTXHODVSODFDV
EDVWLGRU\GHSUHVLyQHVWpQVLHPSUHSDUD
OHODV/DREOLFXLGDGGHODSODFDGHSUHVLyQ
DODEULUODQRGHEHUiH[FHGHUGHPP
(

YXHOWDVSRUSHUQRWUDQVYHUVDOPHQWHDOD
0DUFD DQFKXUD\PPYXHOWDVSRUSHUQR
YHUWLFDOPHQWH

0LGD\DQRWHODGLVWDQFLD$ 3DVR6XHOWHORVFXDWURSHUQRVDOWHUQDG
 DPHQWH\HQVHQWLGRGLDJRQDOKDVWDTXHHO
FRQMXQWRGHSODFDVPLGD$

6XHOWHORVSHUQRVTXHQRHVWpQPRQWDGRV
 FRQFDMDVGHFRMLQHWHV\UHWtUHORV

5HWLUH
ORVSHUQRV

5HWLUH
ORVSHUQRV

(  ,QWHUFDPELDGRUGHFDORUGHSODFDV
 0DQWHQLPLHQWR (VSDxRO

3DVR6XHOWHORVGRVSDUHVGHSHUQRV
GLDJRQDOHVDOWHUQDGDPHQWHWDOFRPRVH
PXHVWUDHQODILJXUDGHDEDMR

(
$EUDHOFRQMXQWRGHSODFDVGHVOL]DQGROD
 SODFDGHSUHVLyQSRUODEDUUDVXVWHQWDGRUD

6LHVQHFHVDULRQXPHUDUODVSODFDVKiJ
DORDQWHVGHVDFDUODV

6LODOLPSLH]DVyORYDDKDFHUVHFRQDJXD
VLQDJHQWHGHOLPSLH]DQRHVQHFHVDULR
UHWLUDUODVSODFDV

5HWLUH
ODVSODFDV

,QWHUFDPELDGRUGHFDORUGHSODFDV  ( 
 (VSDxRO 0DQWHQLPLHQWR

/LPSLH]DPDQXDOGHODVXQLGDGHVDELHU
WDV

£$GYHUWHQFLD £1RWD
1XQFDXVHiFLGRFORUKtGULFRFRQ 3URFXUHQRGDxDUODMXQWDHVWDQFDGXUDQWH
SODFDVGHDFHURLQR[LGDEOH1XQFD ODOLPSLH]DPDQXDO 
GHEHXVDUVHDJXDFX\RFRQWHQLGRGH
&OVHDVXSHULRUD SSPSDUDOD
SUHSDUDFLyQGHVROXFLRQHVGHOLPSLH
]D(VPX\LPSRUWDQWHTXHODEDUUD
VXVWHQWDGRUD\GHODFROXPQDGH
DSR\RGHDOXPLQLRHVWpQSURWHJLGDV
FRQWUDORVDJHQWHVTXtPLFRV
(

,QFUXVWDFLRQHVTXHSXHGHQHOLPLQDUVHFRQDJXD\XQFHSLOOR

1RHVQHFHVDULRUHWLUDUODVSODFDVGHOLQWHUFDPELDGRUGHFDORUGXUDQWHVXOLPSLH]D

(OLPLQHODVLQFUXVWDFLRQHVFRQXQFHSLOOR $FODUHFRQDJXDXWLOL]DQGRXQDPDQJXHUD
 VXDYH\DJXDFRUULHQWH  GHDOWDSUHVLyQ

,QFUXVWDFLRQHVTXHQRSXHGHQHOLPLQDUVHFRQDJXD\FHSLOOR
(VQHFHVDULRUHWLUDUODVSODFDVGHOLQWHUFDPELDGRUGHFDORUSDUDVXOLPSLH]D
&HSLOOHFRQXQDJHQWHGHOLPSLH]D $FODUHFRQDJXD
 

(  ,QWHUFDPELDGRUGHFDORUGHSODFDV
 0DQWHQLPLHQWR (VSDxRO

$JHQWHVGHOLPSLH]D ,QFUXVWDFLRQHVR[LGDFLyQ
 &RQFHQWUDFLyQPi[LPD
7HPSHUDWXUDPi[LPDƒ&ƒ)

,QFUXVWDFLyQR[LGDFLyQ 5HVLGXR $JHQWHGHOLPSLH]D

&DUERQDWRFiOFLFR 3URGXFWRVGHODFRUURVLyQ ÈFLGRQtWULFR

6XOIDWRFiOFLFR Ï[LGRVPHWiOLFRV ÈFLGRVXOIiPLFR
6LOLFDWRV )DQJR ÈFLGRFtWULFR
$O~PLQD ÈFLGRIRVIyULFR
'LDWRPHDV\VXVH[FUH $JHQWHVFRPSOHMDQWHV('7$17$
PHQWRVGHYDULRVFRORUHV 3ROLIRVIDWRVVyGLFRV

(
$JHQWHVGHOLPSLH]D'HVDUUROORELROyJLFRIDQJR
 &RQFHQWUDFLyQPi[LPD
7HPSHUDWXUDPi[LPDƒ&ƒ)

'HVDUUROORELROyJLFR
$JHQWHGHOLPSLH]D
%DUUR

%DFWHULDV +LGUy[LGRVyGLFR
1HPiWRGRV &DUERQDWRVyGLFR
3URWR]RRV 3XHGHDXPHQWDUVHFRQVLGHUDEOHPHQWHHOHIHFWROLPSLDGRUPHGLDQWH
ODDGLFLyQGHKLSRFORULWRRDJHQWHVSDUDODIRUPDFLyQGHFRPSOHMRV\
VXUIDFWDQWHV

$JHQWHVGHOLPSLH]D5HVLGXRVGHODFHLWHDVIDOWR\JUDVDV

,QFUXVWDFLyQ $JHQWHGHOLPSLH]D

5HVLGXRVGHODFHLWH 6ROYHQWHGHEDVHQDIWDSDUDItQLFRSHMTXHURVHQR

$VIDOWR
*UDVDV £1RWD
/DVMXQWDVGHFDXFKRFDOLGDG(3'0VHKLQFKDQHQHVRVPHGLRV(O
WLHPSRGHFRQWDFWRGHEHOLPLWDUVHDPLQXWRV

£$GYHUWHQFLD
1RGHEHQXVDUVHODVVROXFLRQHVVLJXLHQWHV
‡ &HWRQDVSHMDFHWRQDPHWLOHWLOFHWRQD
PHWLOLVREXWLOFHWRQD
‡ eVWHUHVSHMHWLODFHWDWREXWLODFHWDWR
‡ +LGURFDUEXURVKDORJHQDGRVSHMFORUR
WHQRWHWUDFORUXURGHFDUERQRIUHRQHV
‡ $URPiWLFRVSHMEHQFHQRWROXHQR

,QWHUFDPELDGRUGHFDORUGHSODFDV  ( 
 (VSDxRO 0DQWHQLPLHQWR

&LHUUH

&RPSUXHEHTXHWRGDVODVVXSHUILFLHVGH -XQWHWRGDVODVSODFDV(ODSUHWDGRVHUHD
 VHOODGRHVWpQOLPSLDV  OL]DHQGRVHWDSDVVHJ~QODVILJXUDVVLJX
LHQWHV3URFXUHTXHODVSODFDVEDVWLGRU\
GHSUHVLyQHVWpQVLHPSUHSDUDOHODV
&HSLOOHODVURVFDVGHORVSHUQRVFRQXQ
 FHSLOORGHS~DVGHDFHUR/XEULTXHODVUR
VFDVFRQXQDFDSDILQDGHJUDVDSHM
3DVR 1žGHSHUQR 'LVWDQFLD
*OHLWPRRHTXLYDOHQWH  ± R  $
 ±±± $

3DVR$SULHWHGHIRUPDDOWHUQDORVGRV
SDUHVGHSHUQRVTXHHVWiQHQGLDJRQDO
(

KDVWDTXHHOFRQMXQWRGHSODFDVPLGD
$

6XMHWHODVMXQWDVHVWDQFDVDODVSODFDVR
 FRPSUXHEHTXHWRGDVHOODVHVWpQELHQ
VXMHWDV

£1RWD
8QDPDODFRORFDFLyQGHODMXQWDHVWDQFD
VHSRQHHQHYLGHQFLDSRUHOKHFKRGHTXH
VREUHVDOHGHVXDFDQDODGXUDRQRHVWiHQ
FDMDGDHQHOOD

,QVHUWHODVSODFDVFRQORVH[WUHPRVHQIRU
 PDGH9DSXQWDQGRDOWHUQDWLYDPHQWHD
XQR\RWURODGR\FRQODVMXQWDVHVWDQFDV
JLUDGDVKDFLDODSODFDEDVWLGRU
3DVR$KRUDORVSHUQRVHVWiQDSUHWDGRV
GHIRUPDDOWHUQD\HQGLDJRQDOFRPRLQGL
FDODILJXUD&RQWUROHODGLPHQVLyQ$GXU
DQWHHODSULHWHHQODVSRVLFLRQHVGHORV
SHUQRVTXHVHXWLOLFHQ

(  ,QWHUFDPELDGRUGHFDORUGHSODFDV
 0DQWHQLPLHQWR (VSDxRO

3DUGHDSULHWHPi[ ‡ /DORQJLWXGGHORVFRQMXQWRVGHSODFDV
HQWRGRVORVSHUQRVQRGHEHUiGLIHULU
HQPiVGHO
£1RWD ‡ 6LODXQLGDGQRREWXUDFRPSOHWDPHQWH
&XDQGRVHXWLOLFHXQDKHUUDPLHQWDGHDSULHWH SXHGHDSUHWDUVHSDUDTXHGpODGLPHQ
QHXPiWLFDYHDODWDEODGHDEDMRSDUDHOSDU VLyQ$±6LQHPEDUJRQRGHEHUi
Pi[LPR0LGDODGLPHQVLyQ$GXUDQWHHO H[FHGHUVHHOSDUGHDSULHWHPi[LPR
DSULHWH 

7DP 3HUQRFRQFDMD 3HUQRFRQDUDQ

DxRGH GHFRMLQHWHV GHODV
SHUQR
1P .SP 1P .SP
0  

(
0  
0    
0    

6LHODSULHWHVHUHDOL]DPDQXDOPHQWHVHKDGHHVWL
PDUHOSDUGHDSULHWH
6LODVSODFDVVHKDQPRQWDGRGHPRGR
6LQRSXHGHDOFDQ]DUVHODGLPHQVLyQ$
‡ &RQWUROHHOQ~PHURGHSODFDV\ODGLPHQVLyQ$
 FRUUHFWRORVERUGHVIRUPDQXQGLEXMR
FRPRHOGHXQ³SDQDO´YpDVHODILJXUD
‡ &RQWUROHTXHWRGDVODVWXHUFDV\FDMDVGHFRML 6LVHPDUFyHOFRQMXQWRGHSODFDVSRU
QHWHVVHGHVOLFHQOLEUHPHQWH'HQRVHUDVtOtPS IXHUDYpDVHHOSDVRGHODSDUWDGR³$SHU
LHODV\OXEUtTXHODVRFiPELHODV WXUD´FRPSUXHEHTXHODVSODFDVVHKD\DQ
PRQWDGRHQHORUGHQFRUUHFWR
(QFDVRVH[FHSFLRQDOHVSXHGHH[FHGHUVHODGLPHQ
VLyQ$(QWRQFHVSXHGHQDFHSWDUVHODVVLJXLHQWHV
ORQJLWXGHVGHFRQMXQWRVGHSODFDV

/RQJLWXGSODFDGHFRQ /RQJLWXGGHFRQ
MXQWRGHSODFDV MXQWRGHSODFDV
GLPHQVLyQ$
!PP $
±PP $
PP $

&RORTXHORVRWURVSHUQRVHQVXVLWLR
 ‡ ,QVSHFFLRQHODVDUDQGHODV
‡ &XDQGRHVWpQFRPSOHWDPHQWHDSUHWD
GRVWRGRVORVSHUQRVGHEHUtDQHVWDU
VRPHWLGRVDODPLVPDWHQVLyQ
‡ /DGLIHUHQFLDHQWUHODVORQJLWXGHVGH
FRQMXQWRVGHSODFDVODGLPHQVLyQ$
PHGLGDHQSHUQRVDG\DFHQWHVQR
GHEHUtDH[FHGHUGH
± PPFXDQGR$PP
± PPFXDQGR$!PP

,QWHUFDPELDGRUGHFDORUGHSODFDV  ( 
 (VSDxRO 0DQWHQLPLHQWR

&DPELRGHODMXQWDHVWDQFD

-XQWDVFRQSUHVLOODV
$EUDHOLQWHUFDPELDGRUGHFDORUGHSODFDV
 VHJ~QVHLQGLFDHQODSiJLQD \UHWLUHOD
SODFDDODTXHVHGHEDFDPELDUODMXQWD
HVWDQFD
-XQWDVFRQSUHVLOOD$'0;0;
/DMXQWDFRQSUHVLOOD$'FRQVWLWX\HXQVLVWHPDFRQOD
ILMDFLyQFRQSUHVLOODFRQYHQFLRQDODOUHGHGRUGHORV
RULILFLRV\ILMDFLyQPHGLDQWHFLQWDDGKHVLYDDORODUJR
GHORVODGRVGHODVSODFDV

(OXVRGHFLQWDDGKHVLYD*&HVXQDPDQHUDVHQ

5HWLUHODMXQWDYLHMD
 FLOODGHREWHQHUXQSRVLFLRQDGRVHJXURGHODMXQWD
6HDGKLHUHDODDFDQDODGXUDGHODMXQWDPHGLDQWH
XQDSLVWRODGHFLQWDHVSHFLDOTXHIDFLOLWDODDSOL
FDFLyQGHODFLQWDH[DFWDPHQWHHQHOOXJDUGHVHDGR

$EUDHOLQWHUFDPELDGRUGHFDORUGHSODFDV

6XMHWHODMXQWDFRQSUHVLOODDODSODFD
 VHJ~QVHLQGLFDHQODSiJLQD \UHWLUHOD
(

'HVOLFHORVGLHQWHVGHODSUHVLOODSRUGH
SODFDDODTXHVHGHEDFDPELDUODMXQWD
EDMRGHOERUGHGHODSODFD
HVWDQFD

5HWLUHODMXQWDYLHMD

1RHVQHFHVDULRUHWLUDUODVFLQWDVDGKHVL
 YDVYLHMDVSXHVWRTXHODSHOtFXODHVPX\
GHOJDGD6LQHPEDUJRFHUFLyUHVHGHTXH
ODDFDQDODGXUDGHODMXQWDHVWpOLPSLD\VH
FD

$GKLHUDODFLQWDXVDQGRODSLVWROD


£1RWD
$VHJ~UHVHGHTXHORVGRVGLHQWHVGHODMXQWD
HVWpQHQSRVLFLyQFRUUHFWD

5HDOLFHHOPLVPRSURFHGLPLHQWRFRQWRGDV
 ODVSODFDVTXHQHFHVLWHQXQFDPELRGH
MXQWD

&LHUUHHOLQWHUFDPELDGRUGHFDORUGHSODFDV
 VHJ~QODVLQVWUXFFLRQHVGHODSiJLQD 

6XMHWHODMXQWDFRQSUHVLOODDODSODFD
-XQWDVHQFRODGDV  'HVOLFHORVGLHQWHVGHODSUHVLOODSRUGH
EDMRGHOERUGHGHODSODFD
-XQWRFRQODFRODVHVXPLQLVWUDQLQVWUXFFLRQHVGH
HQFRODGRVHSDUDGDV &LHUUHHOLQWHUFDPELDGRUGHFDORUGHSODFDV
 VHJ~QODVLQVWUXFFLRQHVGHODSiJLQD 

(  ,QWHUFDPELDGRUGHFDORUGHSODFDV
 ËQGLFH 3RUWXJXrV

ËQGLFH

'HVFULomR  
&RPSRQHQWHVSULQFLSDLV  
)XQFLRQDPHQWR  

,QVWDODomR  
5HTXLVLWRV  
,oDPHQWR  
(UHFomR 

2SHUDomR  
$FWLYDomR  
8QLGDGHHPRSHUDomR  

3
'HVDFWLYDomR  

0DQXWHQomR  
/LPSH]DQRORFDO&,3  
/LPSH]DPDQXDO  
6XEVWLWXLomRGDVMXQWDV 

&RPRHQWUDUHPFRQWDFWRFRP
D$OID/DYDO $OpPGHVWH0DQXDOGH,QVWUXo}HVDGRFXPHQWDomRVHJXLQWHWDPEpP
HVWiLQFOXtGDQHVWHIRUQHFLPHQWR
2VSRUPHQRUHVVREUHFRQWDFWRV
VmRSHUPDQHQWHPHQWH
DFWXDOL]DGRVQRQRVVRZHEVLWH
± 3HUPXWDGRUGHFDORUGHSODFDVGHVHQKR
4XHLUDYLVLWDU
ZZZDOIDODYDOFRPHHQWUDUHP ± /LVWDGHSRVLFLRQDPHQWRGDVSODFDV
FRQWDFWRFRPRVHX
5HSUHVHQWDQWHORFDOGD ± /LVWDGHSHoDVFRPGHVHQKR³H[SORGLGR´
$OID /DYDO

3HUPXWDGRUGHFDORUGHSODFDV 3
 3RUWXJXrV $QRWDo}HV

$QRWDo}HV
3

3 3HUPXWDGRUGHFDORUGHSODFDV
 'HVFULomR 3RUWXJXrV

'HVFULomR
&RPSRQHQWHVSULQFLSDLV
%DUUDGHVXSRUWH
6XSRUWDDVSODFDVGH &ROXQDGH
3ODFDGHFKDVVLV FDQDOHDSODFDGH DSRLR
SUHVVmR

3DUDIXVRVGHDSHUWR
&RPSULPHPDVSODFDVGH
FDQDOHQWUHVL

3URWHFomR

3
GRSDUDIXVR

/LJDo}HV
)XURVQDSODFDGH
FKDVVLVTXHSHUPLWHP
RDFHVVRGRVDJHQWHV
DRSHUPXWDGRUGHFDO
RU

3HUQRVURVFDGRVHP
YROWDGRVIXURVSUHQ
GHPDWXEDJHPDR
DSDUHOKR3RGHPVHU
XVDGDVFDPLVDVGH
ERUUDFKDRXPHWiOLFDV %DUUDGHJXLD
SDUDSURWHJHURVIXURV 0DQWpPDVH[WUHPL
FRQWUDDFRUURVmR GDGHVLQIHULRUHVGDV
SODFDVGHFDQDODOLQ
3ODFDGHSUHVVmR KDGDV
3ODFDGHDoRPyYHO3RUYH]HV
SRGHPHVWDUWXERVOLJDGRVj
SODFDGHSUHVVmR

3ODFDVGHFDQDO
2FDORUpWUDQVIHULGRGHXPDJHQWHSDUDR
RXWURDWUDYpVGDVGHOJDGDVSODFDVGHFDQDO

$iUHDGHWUDQVIHUrQFLDGHFDORUWRWDOpGDGD
SHORQ~PHURGHSODFDV

&KDSDVGHSURWHFomR
)RUQHFLGDVDSHGLGR

3HUPXWDGRUGHFDORUGHSODFDV 3 
 3RUWXJXrV 'HVFULomR

)XQFLRQDPHQWR

2SHUPXWDGRUGHFDORUGHSODFDVpFRPSRVWRSRU SHORVSDUDIXVRVGHDSHUWR$VSODFDVVmRPRQWD
XPDSLOKDGHSODFDVPHWiOLFDVFRUUXJDGDVFRP GDVFRPXPDMXQWDGHYHGDomRTXHWDPEpP
IXURVGHSRUWDSDUDDSDVVDJHPGRVGRLVIOXLGRV GLULJHRVDJHQWHVSDUDFDQDLVDOWHUQDGRV$FRUUX
DJHQWHVHQWUHRVTXDLVVHYDLSURFHVVDUDWUDQV JDomRGDVSODFDVSURPRYHDWXUEXOrQFLDGRIOXLGR
IHUrQFLDGHFDORU HPDQWpPDVPHVPDVVRESUHVVmRGLIHUHQFLDO

$SLOKDGHSODFDVpPRQWDGDHQWUHXPDSODFDGH
FKDVVLVHXPDSODFDGHSUHVVmRHFRPSULPLGD
3

$SODFD$HVWiSHQGX $SODFD%HVWiSHQGX
UDGDFRPDGLYLVDYLUDGD UDGDFRPDGLYLVDYLUDGD
SDUDEDL[R SDUDFLPD

3  3HUPXWDGRUGHFDORUGHSODFDV
 ,QVWDODomR 3RUWXJXrV

,QVWDODomR
5HTXLVLWRV

8QLGDGHVGHSDVVDJHPP~OWLSOD
/LJDo}HVQDSODFDGHSUHVVmR
eLPSRUWDQWHTXHDSLOKDGHSODFDVILTXH
DSHUWDGDjPHGLGDFRUUHFWDYHULILFDUQR
GHVHQKRDQWHVGHOLJDURVWXERV

-RHOKR
3DUDVLPSOLILFDUDUH

3
PRomRGRSHUPXWDGRU
GHFDORUGHSODFDV
GHYHIODQJHDUVHXP
MRHOKRQDOLJDomRGD
SODFDGHSUHVVmRYLUD
GRSDUDFLPDRXSDUDR
ODGRFRPRXWUDIODQJH
ORFDOL]DGDIRUDGRFRQ
WRUQRGRSHUPXWDGRU
(VSDoR GHFDORUPDVQDVXD
2HVSDoROLYUHPtQLPRSDUD SUR[LPLGDGHLPHGLDWD
UHPRYHUHLQVWDODUDVSODFDV
pGHPP

6XSRUWH
9iOYXODVGHFRUWH ,QVWDOHVREUHXPVXSRUWH
3DUDSRGHUDEULURSHU SODQRTXHGrDSRLRVXIL
PXWDGRUGHFDORUGH FLHQWHDRFKDVVLV
YHPVHUPRQWDGDV
YiOYXODVGHFRUWHHPWR
GDVDVOLJDo}HV
1RWD 'HYHPVHULQVWDODGDVYiOYXODVGHVHJXUDQoDTXH
‡ $QWHVGHOLJDUTXDOTXHUWXEDJHPYHULILTXH VDWLVIDoDPRVUHJXODPHQWRVUHIHUHQWHVDUHFLSL
VHIRUDPODYDGRVGRVLVWHPDWRGRVRVFRU HQWHVSUHVVXUL]DGRVHPYLJRU
SRVHVWUDQKRV
‡ $ROLJDUDWXEDJHPFHUWLILTXHVHGHTXHRV 6HDWHPSHUDWXUDVXSHUILFLDOGRSHUPXWDGRUGH
WXERVQmRH[HUFHPSUHVVmRRXWHQVmRVRE FDORUGHSODFDVIRUPXLWRTXHQWHRXIULDRPHVPR
UHRSHUPXWDGRUGHFDORU GHYHVHULVRODGR
‡ 3DUDHYLWDUFKRTXHKLGUiXOLFRRFKDPDGR 5HFRPHQGDPRVRXVRGHFKDSDVGHSURWHFomR
JROSHGHDUtHWHQmRXVHYiOYXODVGHIHFKR SDUDFREULURSHUPXWDGRUGHFDORUGHSODFDV
UiSLGR
(PFDGDPRGHORDVSUHVV}HVHWHPSHUDWXUDVGH
SURMHFWRHVWmRPDUFDGDVQDFKDSDGHLGHQWLIL
FDomR(VVHVYDORUHVQmRGHYHPVHUH[FHGLGRV

3HUPXWDGRUGHFDORUGHSODFDV 3 
 3RUWXJXrV ,QVWDODomR

,oDPHQWR
$GYHUWrQFLD
1XQFDLFHSHODVOLJDo}HVRXSHORVSHUQRV
HPVXDYROWD'HYHPVHUXVDGDVFLQWDV
SDUDLoDU&RORTXHDVFLQWDVGDIRUPDLQGL
FDGDQDILJXUD

000;76 0;00$
3

3  3HUPXWDGRUGHFDORUGHSODFDV
 ,QVWDODomR 3RUWXJXrV

(UHFomR

&RORTXHGRLVEDUURWHVGHPDGHLUDQRSLVR &RORTXHDVFLQWDVHPYROWDGHXPSDUD
  IXVRHPFDGDXPGRVODGRV

,FHRSHUPXWDGRUGHFDORUGDSDOHWH
 XVDQGRSH[FLQWDV

,FHRSHUPXWDGRUGHFDORUGRVEDUURWHVGH
 PDGHLUD

3
&RORTXHRSHUPXWDGRUGHFDORUVREUHRV
 EDUURWHVGHPDGHLUD

%DL[HRSHUPXWDGRUSDUDXPDSRVLomR
 KRUL]RQWDOHDSRLHRQRFKmR

3HUPXWDGRUGHFDORUGHSODFDV 3 
 3RUWXJXrV 2SHUDomR

2SHUDomR
$FWLYDomR
1RWD 6HH[LVWLUXPDYiOYXODjVDtGDHODGHYH
6HRVLVWHPDWLYHUPDLVGRTXHXPDERP  HVWDUWRWDOPHQWHDEHUWD
EDLQIRUPHVHVREUHTXDOOLJDUHPSULPHLUR $EUDDSXUJDHDUUDQTXHFRPDERPED
OXJDU 
1RWD $EHUWD
$VDILQDo}HVGHFDXGDOGHYHPVHUIHLWDV
OHQWDPHQWHSDUDHYLWDURULVFRGHFKRTXH
KLGUiXOLFRRFKDPDGRJROSHGHDUtHWH

2JROSHGHDUtHWHpXPSLFRGHSUHVVmRGH
SRXFDGXUDomRTXHSRGHRFRUUHUGXUDQWHD
DFWLYDomRRXGHVDFWLYDomRGRVLVWHPD
SURYRFDQGRXPDRQGDGHSURSDJDomRGH $EUDDYiOYXODOHQWDPHQWH
3

OtTXLGRDRORQJRGRWXERjYHORFLGDGHGR
VRP(VWHIHQyPHQRSRGHGDQLILFDUVHULD

PHQWHRVLVWHPD
$EUDOHQWDPHQWH
9HULILTXHVHDPHGLGD$HVWiFRUUHFWD
 9HMDDPHGLGD$QRGHVHQKRGRSHUPXWD
GRUGHFDORUGHSODFDVDQH[R

9HULILTXHVHDYiOYXODHQWUHDERPEDHD
 XQLGDGHGHFRQWURORGRFDXGDOGRVLVWHPD
HVWiIHFKDGD 
4XDQGRWLYHUVDtGRWRGRRDUIHFKHD
SXUJD

)HFKDGD

)HFKDGD

$EHUWD

5HSLWDDVDOtQHDVSDUDRVHJXQGR
 FLUFXLWR

3  3HUPXWDGRUGHFDORUGHSODFDV
 2SHUDomR 3RUWXJXrV

8QLGDGHHPRSHUDomR 'HVDFWLYDomR

1RWD
$VDILQDo}HVGRFDXGDOGHYHPVHUIHLWDV
OHQWDPHQWHSDUDHYLWDUYDULDo}HVV~ELWDVH
H[WUHPDVGDWHPSHUDWXUDHGDSUHVVmRQR
VLVWHPD
1RWD
6HRVLVWHPDWLYHUPDLVTXHXPDERPEDLQ
IRUPHVHVREUHTXDOGHVOLJDUHPSULPHLUROXJDU
)HFKHOHQWDPHQWHDYiOYXODTXHFRQWURODR

'XUDQWHRIXQFLRQDPHQWRYHULILTXHVH
 FDXGDOGDERPEDTXHYDLGHVOLJDU

)HFKDGD
DVWHPSHUDWXUDVHSUHVV}HVGRVDJHQWHV
ILFDPQRVOLPLWHVLQGLFDGRVQRGHVHQKRGR
SHUPXWDGRUGHFDORUGHSODFDV
QmRDSDUHFHPIXJDVGHYLGDVDRDSHUWRGHIL
FLHQWHGDSLOKDGHSODFDVRXDMXQWDVGHIHLWX
RVDVRXDYDULDGDV
DVEDUUDVGHVXSRUWHHDJXLDGHYHPVHUOLP
SDVHOXEULILFDGDVFRPPDVVD

3
RVSDUDIXVRVPDQWrPVHOLPSRVHFRP
PDVVD
4XDQGRDYiOYXODHVWLYHUIHFKDGDGHV
 OLJXHDERPED

5HSLWDDVDOtQHDVSDUDRRXWURODGR

6HRSHUPXWDGRUGHFDORUILFDUGHVDFWLYDGR
 GXUDQWHDOJXQVGLDVRXXPSHUtRGRPDLV
ORQJRGHYHVHUGUHQDGR7DPEpPGHYH
VHUIHLWDDGUHQDJHPVHRSURFHVVRIRU
GHVDFWLYDGRHDWHPSHUDWXUDDPELHQWHIRU
LQIHULRUjWHPSHUDWXUDGHFRQJHODomRGRV
DJHQWHV7DPEpPVHUHFRPHQGDTXHVHMD
HQ[DJXDGRHVHFRVHRVDJHQWHVSURFHV
VDGRVDVVLPRH[LJLUHP

/LPSRH
FRPPDVVD
6HPIXJDV

&RQVXOWHVHPSUHRVHXHVFULWyULRORFDOGD$OID
/DYDOQRTXHVHUHIHUHD
‡ GLPHQV}HVGHSODFDVQRYDVVHTXLVHUPRGL
ILFDURQ~PHURGHSODFDV
‡ HVFROKDGRPDWHULDOGDVMXQWDVVHDVFRQGLo}HV
GHSUHVVmRHWHPSHUDWXUDGHIXQFLRQDPHQWRVH
DOWHUDUHPGHIRUPDSHUPDQHQWHRXVHIRUSUR
FHVVDGRRXWURDJHQWHQRSHUPXWDGRUGHFDORU
GHSODFDV

3HUPXWDGRUGHFDORUGHSODFDV 3 
 3RUWXJXrV 0DQXWHQomR

0DQXWHQomR
/LPSH]DQRORFDO&,3

2HTXLSDPHQWRGHOLPSH]DQRORFDO&,3SHUPLWH 3RGHUmRVHUXWLOL]DGRVRVVHJXLQWHVPRGHORVGH

OLPSDURSHUPXWDGRUGHFDORUVHPRDEULU HTXLSDPHQWR&,3&,3&,3&,3H
&,3
6HQmRSXGHUVHUIHLWDDOLPSH]DQRORFDO&,3
YHMDDVHFomR/LPSH]DPDQXDO

&,3H[HFXWD

‡ DOLPSH]DDVVLPFRPRDGHVFDOFLILFDomRGDV
SODFDV

‡ DSDVVLYDomRGDVXSHUItFLHOLPSDSDUDUHGX]LUD
SURSHQVmRjFRUURVmR

‡ DQHXWUDOL]DomRGRVOtTXLGRVGHOLPSH]DDQWHV
GDGUHQDJHP
3

6LJDDVLQVWUXo}HVGRHTXLSDPHQWR&,3

/tTXLGRVGHOLPSH]D

/tTXLGRGHOLPSH]D 'HVFULomR

$OID&DXV 8PSURGXWRIRUWHPHQWHDOFDOLQRFiXVWLFRSDUDUHPRYHUWLQWDPDVVD

yOHRHGHSyVLWRVRUJkQLFRV
$OID3KRV 8POtTXLGRGHOLPSH]DiFLGRSDUDUHPRYHUy[LGRVPHWiOLFRVIHUUXJHP
FDOFiULRHRXWURVGHSyVLWRVLQRUJkQLFRV
$OID3DVV 8POtTXLGRDOFDOLQRSDVVLYDQWHLQLELGRUGDFRUURVmR
$OID1HXWUD 8POtTXLGRIRUWHPHQWHDOFDOLQRSDUDQHXWUDOL]DomRGH$OID3KRVDQWHVGD
GUHQDJHP
$OID36FDOH 8PSURGXWRGHOLPSH]DHPSyiFLGRFRPXPLQLELGRUGHFRUURVmRSDUWLFX
ODUPHQWHHILFD]QDUHPRomRGHGHSyVLWRVGHFDUERQDWRGHFiOFLRHLQRU
JkQLFRV
$OID31HXWUD 8PSURGXWRGHOLPSH]DHPSyDOFDOLQRSDUDDQHXWUDOL]DomRGH$OID3
VFDOHDQWHVGDUHPRomR
$OID$GG 8PSURGXWRGHOLPSH]DQHXWURHUHYLWDOL]DGRUDXWLOL]DUFRPR$OID3KRV
$OID&DXVH$OID36FDOH3HUPLWHREWHUPHOKRUHVUHVXOWDGRVGHOLPSH]D
HPVXSHUItFLHVROHRVDVHJRUGXURVDVHQDSUHVHQoDGHFUHVFLPHQWR
RUJkQLFR2$OID$GGWDPEpPUHGX]RVHIHLWRVGHHVSXPD
$OSDFRQ'HVFDODQW 8PDJHQWHGHOLPSH]DiFLGRQmRSHULJRVRHjEDVHGHiJXDGHVWLQDGRD
UHPRYHUGHSyVLWRVPDJQHWLWHDOJDVK~PXVPROXVFRVOLPRVHIHU
UXJHP&RQWpP%,2*(1$&7,9(XPDPLVWXUDRUJkQLFDjEDVHGH
PDWpULDVUHQRYDGRUDVTXHDFWXDPFRPRXPLQJUHGLHQWHDFWLYR
$OSDFRQ'HJUHDVHU 8PGHVHQJRUGXUDQWHQHXWURDXWLOL]DUFRP$OSDFRQ'HVFDODQW5HPRYH
FRPHILFiFLDFDPDGDVGHyOHRJRUGXUDRXPDVVDPDVUHGX]LJXDOPHQWH
RHIHLWRGHHVSXPD&RQWpP%,2*(1$&7,9(XPDPLVWXUDRUJkQLFDj
EDVHGHPDWpULDVUHQRYDGRUDVTXHDFWXDPFRPRXPLQJUHGLHQWHDFWLYR

3  3HUPXWDGRUGHFDORUGHSODFDV
 0DQXWHQomR 3RUWXJXrV

/LPSH]DPDQXDO

$GYHUWrQFLD
8VHVHPSUHOXYDVGHSURWHFomRDRPDQXVH
DUSODFDVHFKDSDVGHSURWHFomRSDUDQmR
IHULUDVPmRVHPDUHVWDVYLYDV
$EHUWXUD
$GYHUWrQFLD
6HRSHUPXWDGRUGHFDORU
HVWLYHUTXHQWHGHL[HR
DUUHIHFHUDDSUR[ ƒ&
 ƒ)

'UHQHRSHUPXWDGRUGHFDORUGHSODFDV


3
,QVSHFFLRQHDVVXSHUItFLHVGHGHVOL]D
 PHQWRGDEDUUDGHVXSRUWHHHVIUHJXHSDUD
OLPSDU

3HUPXWDGRUGHFDORUGHSODFDV 3 
 3RUWXJXrV 0DQXWHQomR

0DUTXHDSLOKDSRUIRUDFRPXPDOLQKDGLD 2VSDUHVGHSDUDIXVRVHTXLSDGRVFRPFKX
 JRQDO  PDFHLUDVGHYHPVHUGHVDSHUWDGRVGHIRU
PDDOWHUQDGDHQDGLDJRQDOHPGXDVIDVHV
YHUILJXUDVDEDL[R

)DVH 3DUDIXVR1ƒ 3DUDD

GLPHQVmR
 ±±± $
 ±RU± $EHUWXUD

7HQKDFXLGDGRSDUDPDQWHUVHPSUHSDUDOH
ODVDVSODFDVGHFKDVVLVHGHSUHVVmR$
REOLTXLGDGHGDSODFDGHSUHVVmRGXUDQWHD
DEHUWXUDQmRGHYHUiH[FHGHUPPYRO
WDVSRUSDUDIXVRDRQtYHOGDODUJXUDH
0DUFDomR PPYROWDVSRUSDUDIXVRQDYHUWLFDO
)DVH'HVDSHUWHRVTXDWURSDUDIXVRV
0HoDHDSRQWHDGLPHQVmR$ DOWHUQDGDPHQWHHQDGLDJRQDODWpTXHDSLO
3

 KDGHSODFDVWHQKDDPHGLGDGH$

'HVDSHUWHHUHWLUHRVSDUDIXVRVTXHQmR )DVH'HVDSHUWHRVGRLVSDUHVGLDJRQDLV
 WHQKDPFKXPDFHLUD GHSDUDIXVRVGHIRUPDDOWHUQDGDWDOFRPR
LQGLFDGRQDILJXUDDEDL[R

5HPRYHU
RVSDUDIXVRV

5HPRYHU
RVSDUDIXVRV

3  3HUPXWDGRUGHFDORUGHSODFDV
 0DQXWHQomR 3RUWXJXrV

$EUDDSLOKDGHSODFDVSHUPLWLQGRTXHD
 SODFDGHSUHVVmRGHVOL]HDRORQJRGDEDUUD
GHVXSRUWH

6HTXLVHUQXPHUDUDVSODFDVIDoDRDQWHV
GHDVUHPRYHU

6HDOLPSH]DIRUIHLWDVyFRPiJXDRXVH
MDVHPDJHQWHGHOLPSH]DDVSODFDVQmR
SUHFLVDPGHVHUUHPRYLGDV

3
5HPRYHU
DVSODFDV

3HUPXWDGRUGHFDORUGHSODFDV 3 
 3RUWXJXrV 0DQXWHQomR

/LPSH]DPDQXDOGHXQLGDGHVDEHUWDV

$WHQomR 1RWD
1XQFDXVHiFLGRFORUtGULFRHPSODFDV 7HQKDFXLGDGRSDUDQmRGDQLILFDUDMXQWD
GHDoRLQR[LGiYHO1mRGHYHVHUXVD GXUDQWHDOLPSH]DPDQXDO 
GDiJXDFRPPDLVGHSSP&OQD
SUHSDUDomRGHVROXo}HVGHOLPSH]D
ePXLWRLPSRUWDQWHTXHDVEDUUDVGH
VXSRUWHHFROXQDVGHDSRLRGHDOX
PtQLRVHMDPSURWHJLGDVFRQWUDRV
SURGXWRVTXtPLFRV

'HSyVLWRVTXHSRGHPVHUUHPRYLGRVFRPiJXDHHVFRYD

1mRpSUHFLVRUHPRYHUDVSODFDVGRSHUPXWDGRUGHFDORUGHSODFDVGXUDQWHDOLPSH]D
3

5HWLUHRVGHSyVLWRVFRPXPDHVFRYDPD (Q[DJXHFRPXPDPDQJXHLUDGHiJXDGH
 FLDHiJXDFRUUHQWH  DOWDSUHVVmR

'HSyVLWRVTXHQmRSRGHPVHUUHPRYLGRVFRPiJXDHHVFRYD

eSUHFLVRUHPRYHUDVSODFDVGRSHUPXWDGRUGHFDORUGHSODFDVGXUDQWHDOLPSH]D

(VFRYHFRPDJHQWHGHOLPSH]D (Q[DJXHFRPiJXD
 

3  3HUPXWDGRUGHFDORUGHSODFDV
 0DQXWHQomR 3RUWXJXrV

$JHQWHVGHOLPSH]D± ,QFUXVWDomRFDOFiULD
 &RQFHQWUDomRPi[LPD
7HPSHUDWXUDPi[ƒ&ƒ)

,QFUXVWDomRFDOFiULD 6HGLPHQWR $JHQWHGHOLPSH]D

&DUERQDWRGHFiOFLR 3URGXWRVFRUURVLYRV ÈFLGRQtWULFR

6XOIDWRGHFiOFLR Ï[LGRVPHWiOLFRV ÈFLGRVXOIkPLFR
6LOLFDWRV /DPD ÈFLGRFtWULFR
$OXPLQD ÈFLGRIRVIyULFR
2UJDQLVPRVGLDWyPLFRVH $JHQWHVFRPSOH[DQWHV('7$17$
UHVSHFWLYRVH[FUHPHQWRV 3ROLIRVIDWRVGHVyGLR
GHGLIHUHQWHVFRUHV

$JHQWHVGHOLPSH]D± &UHVFLPHQWRRUJkQLFROLPR
 &RQFHQWUDomRPi[LPD

3
7HPSHUDWXUDPi[ƒ&ƒ)

&UHVFLPHQWRRUJkQLFR
$JHQWHGHOLPSH]D
/LPR

%DFWpULDV +LGUy[LGRGHVyGLR
1HPiWRGRV &DUERQDWRGHVyGLR
3URWR]RiULRV 2HIHLWRGHOLPSH]DSRGHVHUVXEVWDQFLDOPHQWHPHOKRUDGRFRPD
DGLomRGHXPSRXFRGHKLSRFORULWRRXGHDJHQWHVSDUDDIRUPDomR
GHFRPSOH[RVHUHGXWRUHVGHWHQVmRVXSHUILFLDO

$JHQWHVGHOLPSH]D± 5HVtGXRVGHyOHRDOFDWUmRJRUGXUDV

'HSyVLWR $JHQWHGHOLPSH]D

5HVtGXRVGHyOHR 'LOXHQWHEDVHDGRHPQDIWDRXHPSDUDILQDSH[SHWUyOHRTXHUR

$OFDWUmR VHQH
*RUGXUDV
1RWD
$VMXQWDVGHERUUDFKD(3'0GLODWDPVHTXDQGRHPFRQWDFWRFRP
HVWHVDJHQWHV2WHPSRPi[LPRGHFRQWDFWRGHYHVHUOLPLWDGRD
PLQXWRV

$WHQomR
1mRGHYHPVHUXVDGDVDVVROXo}HVVHJXLQ
WHV
‡ &HWRQDVSH[DFHWRQDFHWRQDPHWL
OHWLOpQLFDFHWRQDPHWLOLVREXWtOLFD
‡ eVWHUHVSH[DFHWDWRHWtOLFRDFHWDWR
EXWtOLFR
‡ +LGURFDUERQHWRVKDORJHQDGRVSH[
FORURWHQRWHWUDFORUHWRGHFDUERQRIUH
RQV
‡ $URPiWLFRVSH[EHQ]HQRWROXHQR

3HUPXWDGRUGHFDORUGHSODFDV 3 
 3RUWXJXrV 0DQXWHQomR

)HFKR

9HULILTXHVHWRGDVDVVXSHUItFLHVGH $SHUWHDSLOKDGHSODFDV2DSHUWRGHYH
 YHGDomRHVWmROLPSDV  VHUIHLWRHPGXDVIDVHVYHMDDVILJXUDV
(VFRYHDV]RQDVURVFDGDVGRVSDUDIXVRV
 FRPXPDHVFRYDGHDUDPHSDUDOLPSDU
/XEULILTXHDV]RQDVURVFDGDVFRPXPD
DEDL[R7HQKDFXLGDGRSDUDPDQWHUVHP
SUHRSDUDOHOLVPRGDVSODFDVGHFKDVVLH
GHSUHVVmR

ILQDFDPDGDGHPDVVDSH[*OHLWPR )DVH 3DUDIXVR1ƒ 3DUDD

RXHTXLYDOHQWH GLPHQVmR
 ±RU± $
 ±±± $

)DVH$SHUWHRVGRLVSDUHVGLDJRQDLVGH
SDUDIXVRVDOWHUQDGDPHQWHDWpTXHDSLOKD
GHSODFDVWHQKDDPHGLGD$
3

3UHQGDDVMXQWDVQDVSODFDVRXYHULILTXH
 VHWRGDVDVMXQWDVHVWmREHPSUHVDV

1RWD
3RGHYHULILFDUVHDMXQWDILFDPDOSRVLFLRQ
DGDSHORIDFWRGHHODVDLUGDUHVSHFWLYD
UDQKXUDRXILFDUSRVLFLRQDGDIRUDGDUDQ
KXUD

(QILHDVSODFDVFRPRIHLWLRHPHVSLQKDGH
 SHL[HYLUDGRDOWHUQDGDPHQWHSDUDXPODGR
HSDUDRRXWURHFRPDVMXQWDVYLUDGDV
SDUDDSODFDGHFKDVVLV
)DVH'HSRLVRVSDUDIXVRVVmRDSHUWD
GRVDOWHUQDGDPHQWHHHPGLDJRQDOFRPR
VHPRVWUDQDILJXUDDEDL[R9HULILTXHD
GLPHQVmR$GXUDQWHRDSHUWRQDVSRVLo}HV
GRVSDUDIXVRVTXHHVWLYHUHPDVHUXWLOL]D
GRV

3  3HUPXWDGRUGHFDORUGHSODFDV
 0DQXWHQomR 3RUWXJXrV

%LQiULRPi[LPRGHDSHUWR ‡ 2FRPSULPHQWRGDSLOKDGHSODFDVDR
QtYHOGHWRGRVRVSDUDIXVRVQmRGHYHUi
1RWD YDULDUPDLVGH
6HIRUXWLOL]DGDXPDIHUUDPHQWDSQHXPiWLFD ‡ 6HDXQLGDGHQmRYHGDUWRWDOPHQWH
GHDSHUWRFRQVXOWDURTXDGURDEDL[RSDUDR SRGHUiVHUDSHUWDGDGHPRGRDREWHUD
ELQiULRPi[LPRGHDSHUWR0HoDDGLPHQVmR GLPHQVmR$&RQWXGRRELQiULR
$GXUDQWHRDSHUWR 
Pi[LPRGHDSHUWRQmRGHYHUiVHU
H[FHGLGR
7DPDQKR 3DUDIXVRFRP 3DUDIXVRFRP
GRSDUD FKXPDFHLUD DQLOKDV
IXVR
1P .SP 1P .SP
0  
0  
0    
0    

3
4XDQGRRDSHUWRIRUPDQXDORELQiULRGHDSHUWRGH
YHUiVHUFDOFXODGRSRUHVWLPDWLYD
6HQmRIRUSRVVtYHOREWHUDGLPHQVmR$
‡ 9HULILFDURQ~PHURGHSODFDVHDGLPHQVmR$
‡ 9HULILFDUVHWRGDVDVSRUFDVHFKXPDFHLUDVQmR 6HDVSODFDVHVWLYHUHPFRUUHFWDPHQWH
HVWmRHQFUDYDGDV6HHVWLYHUHPOLPSDUHOXEUL
ILFDURXVXEVWLWXLU  PRQWDGDVRVFDQWRVIRUPDPXPSDGUmR
HPIDYRGHPHOYHUILJXUDDEDL[R
$GLPHQVmR$SRGHUiVHUH[FHGLGDHPFDVRVH[FHS
FLRQDLV1HVWHVFDVRVVHUmRDGPLVVtYHLVRVVHJXLQ 6HDSLOKDWLYHUVLGRPDUFDGDSRUIRUDYHU
WHVFRPSULPHQWRVSDUDDVSLOKDVGHSODFDV IDVHQDVHFomR$EHUWXUDYHULILTXHVH
DVSODFDVIRUDPPRQWDGDVQDRUGHPFRU
&RPSULPHQWRGDSLOKDGH &RPSULPHQWRGD UHFWD
SODFDVSODFD SLOKDGHSODFDV
GLPHQVmR$
!PP $
±PP $
PP $

&RORFDURVRXWURVSDUDIXVRVQDVXD
 SRVLomR
‡ 9HULILFDUDVDQLOKDV
‡ 4XDQGRHVWLYHUHPWRWDOPHQWHDSHUWD
GRVRVSDUDIXVRVGHYHUmRWHUD
PHVPDWHQVmR
‡ $GLIHUHQoDGHYDORUHVUHJLVWDGDDR
QtYHOGRFRPSULPHQWRGDSLOKDGH
SODFDVGLPHQVmR$PHGLGRVQRV
SDUDIXVRVDGMDFHQWHVQmRGHYHUi
H[FHGHU
± PPTXDQGR$PP
± PPTXDQGR$!PP

3HUPXWDGRUGHFDORUGHSODFDV 3 
 3RUWXJXrV 0DQXWHQomR

6XEVWLWXLomRGDVMXQWDV

-XQWDVGHHQFDL[H
$EUDRSHUPXWDGRUGHFDORUGHSODFDVFRQ
 IRUPHLQGLFDGRQDSiJLQDHUHPRYDD
SODFDTXHYDLOHYDUXPDMXQWDQRYD
-XQWDV&OLS$'0;0;
$VMXQWDV&OLS$'LQFOXHPRVLVWHPDFRQYHQFLRQDO
GHHQFDL[HjYROWDGRVRULItFLRVHXPDILWDDGHVLYD
DSOLFDGDDRORQJRGDSDUWHODWHUDOGDVSODFDV

$ILWDDGHVLYD*&FRQVWLWXLXPDIRUPDVLPSOHVGH

5HWLUHDMXQWDYHOKD IL[DUDMXQWDQDVXDSRVLomReFRODGDQDUDQKXUDGD
 MXQWDFRPXPDSOLFDGRUHVSHFLDOTXHSHUPLWHFROR
FDUIDFLOPHQWHDILWDQRORFDOGHVHMDGRFRPWRGDD
SUHFLVmR

$EUDRSHUPXWDGRUGHFDORUGHSODFDVFRQ


3UHQGDDMXQWDGHHQFDL[HQDSODFD(QILH
DVOLQJXHWDVGDMXQWDSDUDEDL[RGRFDQWR  IRUPHLQGLFDGRQDSiJLQDHUHWLUHDSODFD
TXHYDLOHYDUXPDMXQWDQRYD
GDSODFD
5HWLUHDMXQWDYHOKD

3

1mRpQHFHVViULRUHPRYHUDILWDDQWLJD
 XPDYH]TXHHVWDWHPXPDFDPDGDPXLWR
ILQD$VVHJXUHVHQRHQWDQWRGHTXHD
UDQKXUDGDMXQWDHVWHMDOLPSDHVHFD

&ROHDILWDFRPRDSOLFDGRU


1RWD
9HULILTXHVHDVGXDVOLQJXHWDVGDMXQWDILFD
UDPQDSRVLomRFRUUHFWD

&RQWLQXHFRPDSODFDVHJXLQWHTXHSUH
 FLVHGHMXQWDQRYDDWpTXHHVWHMDPWRGDV
FRQFOXtGDV

)HFKHRSHUPXWDGRUGHFDORUGHSODFDVGR
 PRGRLQGLFDGRQDSiJLQD 

)L[HDMXQWDQDSODFD(QILHDVOLQJXHWDVGD

-XQWDVGHFRODU  MXQWDSRUEDL[RGRFDQWRGDSODFD

6HUmRIRUQHFLGDVLQVWUXo}HVGHFRODJHPMXQWD
PHQWHFRPDFROD )HFKHRSHUPXWDGRUGHFDORUGHSODFDVGR
 PRGRLQGLFDGRQDSiJLQD 

3  3HUPXWDGRUGHFDORUGHSODFDV
 ,QGLFH ,WDOLDQR

,QGLFH

'HVFUL]LRQH  
&RPSRQHQWLSULQFLSDOL  
)XQ]LRQH  

,QVWDOOD]LRQH  
5HTXLVLWL  
3UHFDX]LRQLSHULOVROOHYDPHQWR  
6ROOHYDPHQWR  

)XQ]LRQDPHQWR  
$YYLDPHQWR  
8QLWjLQIXQ]LRQH  
6SHJQLPHQWR 

0DQXWHQ]LRQH  
&OHDQLQJ,Q3ODFH&,3 

,
3XOL]LDPDQXDOH  
6RVWLWX]LRQHGHOOHJXDUQL]LRQL  

&RPHFRQWDWWDUH$OID/DYDO
2OWUHDOSUHVHQWH0DQXDOHLVWUX]LRQLODGRFXPHQWD]LRQHDOOHJDWDDOOD
,GHWWDJOLSHULFRQWDWWLLQWXWWLL IRUQLWXUDFRPSUHQGHDQFKH
3DHVLYHQJRQRDJJLRUQDWL
FRQWLQXDPHQWHVXOQRVWURVLWR ± 'LVHJQRGHOORVFDPELDWRUHGLFDORUHDSLDVWUH3+(
ZHE
± /LVWDGLVRVSHQVLRQHGHOOHSLDVWUH
9LVLWDUHLOVLWRZZZDOIDODYDOFRP
HULYROJHUVLDOSURSULR ± /LVWDGHLULFDPELFRQFRPSOHVVLYR
UDSSUHVHQWDQWH$OID /DYDO

6FDPELDWRUHGLFDORUHDSLDVWUH ,
 ,WDOLDQR 1RWH

1RWH
,

, 6FDPELDWRUHGLFDORUHDSLDVWUH
 'HVFUL]LRQH ,WDOLDQR

'HVFUL]LRQH
&RPSRQHQWLSULQFLSDOL
%DUUDGLVXSSRUWR
6XSSRUWDOHSLDVWUH &RORQQDGL
3LDVWUDGHOWHODLR VFDQDODWHHODSLDVWUDGL VXSSRUWR
SUHVVLRQH

%XOORQLGLILVVDJJLR
3UHPRQROHSLDVWUH
VFDQDODWHIUDORUR

%XOORQHGL
SURWH]LRQH

&ROOHJDPHQWL

,
,IRULQHOODSLDVWUDGHO
WHODLRFRQVHQWRQRDO
PH]]RGLHQWUDUHQHOOR
VFDPELDWRUHGLFDORUH

,SULJLRQLHULILOHWWDWL
LQWRUQRDLIRULDVVL
FXUDQRLWXELDOGLV
SRVLWLYR3HU
SURWHJJHUHLIRULGDOOD
FRUURVLRQHqSRVVLELOH
XWLOL]]DUHPRGDQD
WXUHLQJRPPDR %DUUDJXLGD
PHWDOOLFKH 0DQWLHQHDOOLQHDWH
OHSLDVWUHVFDQDODWH
VXOODWRLQIHULRUH
3LDVWUDGLSUHVVLRQH
3LDVWUDPRELOHGLDFFLDLR,QDOFXQL
FDVLLWXELSRVVRQRHVVHUH
FROOHJDWLDOODSLDVWUDGL
SUHVVLRQH
3LDVWUHVFDQDODWH
,OFDORUHYLHQHWUDVIHULWRGDXQPH]]R
DOO¶DOWURWUDPLWHSLDVWUHVFDQDODWHVRWWLOL

,OQXPHURGLSLDVWUHGHWHUPLQDODVXSHU
ILFLHWRWDOHGLWUDVIHULPHQWRGHOFDORUH

/DPLHUHSURWHWWLYH
)RUQLWHVXULFKLHVWD

6FDPELDWRUHGLFDORUHDSLDVWUH , 
 ,WDOLDQR 'HVFUL]LRQH

)XQ]LRQH

/RVFDPELDWRUHGLFDORUHDSLDVWUHqFRVWLWXLWRGD
XQJUXSSRGLSLDVWUHPHWDOOLFKHRQGXODWHFRQIRUL
SHULOSDVVDJJLRGHLGXHIOXLGLWUDLTXDOLDYYLHQHLO
WUDVIHULPHQWRGLFDORUH
,OJUXSSRGLSLDVWUHqLQVWDOODWRWUDXQDSLDVWUDGHO
WHODLRHGXQDSLDVWUDGLSUHVVLRQHHFRPSUHVVRGDL
,
EXOORQLGLILVVDJJLR/HSLDVWUHVRQRGRWDWHGLXQD
JXDUQL]LRQHFKHPHWWHDWHQXWDLOFDQDOHHGLULJHL
IOXLGLLQFDQDOLDOWHUQDWL/¶RQGXOD]LRQHGHOOHSLDV
WUHIDYRULVFHODWXUEROHQ]DGHLIOXLGLHGHYLWDFKHOH
SLDVWUHVLDQRVRJJHWWHDGLIIHUHQ]HGLSUHVVLRQH

/DSLDVWUD$qXQDSLDVWUD /DSLDVWUD%qXQDSLDV
VRVSHVDFRQODPRGDQDW WUDVRVSHVDFRQODPR
XUDYHUVRLOEDVVR GDQDWXUDYHUVRO¶DOWR

,  6FDPELDWRUHGLFDORUHDSLDVWUH
 ,QVWDOOD]LRQH ,WDOLDQR

,QVWDOOD]LRQH
5HTXLVLWL

8QLWj0XOWLSDVV
&ROOHJDPHQWLVXOODSLDVWUDGLSUHVVLRQH
(¶LPSRUWDQWHFKHLOJUXSSRGLSLDVWUHVLDVHU
UDWRDOODPLVXUDFRUUHWWDFRQWUROODUHLOGLVHJQR
SULPDGLFROOHJDUHLOWXER

*RPLWR
3HUDJHYRODUHORVFRO
OHJDPHQWRGHOORVFDP
ELDWRUHGLFDORUHD
SLDVWUHRFFRUUHFROOH
JDUHXQJRPLWRDOFRO
OHJDPHQWRQHOOD

,
SLDVWUDGLSUHVVLRQH
GLUHWWRYHUVRO¶DOWRRODW
HUDOPHQWHFRQXQ¶DOWUD
IODQJLDVLWXDWDDSSHQD
6SD]LR DOO¶HVWHUQRGHOODVDJR
3HUO¶LQVHULPHQWRHO¶HVWUD]L PDGHOORVFDPELDWRUH
RQHGHOOHSLDVWUHRFFRUUH GLFDORUH
XQRVSD]LRGLDOPHQR
PP

9DOYROHGL
%DVDPHQWR
LQWHUFHWWD]LRQH ,QVWDOODUHO¶XQLWjVXXQEDVD
3HUFRQVHQWLUHO¶DSHUWXUD PHQWRVXIILFLHQWHPHQWHUHVLVW
GHOORVFDPELDWRUHGL HQWHSHUVRVWHQHUHLOWHODLR
FDORUHWXWWLLUDFFRUGL
GHYRQRHVVHUHGRWDWLGL
YDOYROHGLLQWHUFHWWD]LRQH

1RWD
‡ 3ULPDGLFROOHJDUHTXDOVLDVLFRQGXWWXUD
DFFHUWDUVLFKHQRQVLDQRULPDVWLFRUSLHVWUD
QHLQHOVLVWHPD
‡ ,QVHGHGLFROOHJDPHQWRDFFHUWDUVLFKHL
WXELQRQLPSRQJDQRVROOHFLWD]LRQLVXOOR
VFDPELDWRUHGLFDORUHDSLDVWUH
‡ 3HUHYLWDUHLOFROSRG¶DULHWHQRQXWLOL]]DUH
YDOYROHDFKLXVXUDUDSLGD
/HYDOYROHGLVLFXUH]]DGHYRQRHVVHUHLQVWDOODWH
LQEDVHDOOHQRUPDWLYHYLJHQWLLQPHULWRDLUHFLSL
HQWLLQSUHVVLRQH
6HVLSUHYHGHFKHODVXSHUILFLHGHOORVFDPELDWRUH
GLFDORUHGLYHQWLPROWRFDOGDRIUHGGDORVFDP
ELDWRUHGLFDORUHGHYHHVVHUHLVRODWR
6LUDFFRPDQGDGLFRSULUHORVFDPELDWRUHGL
FDORUHFRQOHODPLHUHSURWHWWLYH
/DWDUJKHWWDGLLGHQWLILFD]LRQHGLRJQLPRGHOOR
ULSRUWDOHSUHVVLRQLHOHWHPSHUDWXUHQRPLQDOL
(VVHQRQGHYRQRHVVHUHVXSHUDWH

6FDPELDWRUHGLFDORUHDSLDVWUH , 
 ,WDOLDQR ,QVWDOOD]LRQH

3UHFDX]LRQLSHULOVROOHYDPHQWR
$YYHUWHQ]D
1RQVROOHYDUHPDLLUDFFRUGLRSSXUHLSUL
JLRQLHULLQWRUQRDGHVVL3HULOVROOHYDPHQ
WRDYYDOHUVLGLLPEUDFDWXUH3RVL]LRQDUHOH
LPEUDFDWXUHFRPHLQILJXUD

000;76 0;00$
,

,  6FDPELDWRUHGLFDORUHDSLDVWUH
 ,QVWDOOD]LRQH ,WDOLDQR

6ROOHYDPHQWR

3RVL]LRQDUHGXHWUDYLGLOHJQRVXO 3RVL]LRQDUHOHLPEUDFDWXUHLQWRUQRDGXQ
 SDYLPHQWR  EXOORQHVXRJQLODWR

6ROOHYDUHORVFDPELDWRUHGLFDORUHGDOSDO
 OHWXWLOL]]DQGRDGHVOHLPEUDFDWXUH

6ROOHYDUHORVFDPELDWRUHGLFDORUHGDOOH
 WUDYLGLOHJQR

,
3RVL]LRQDUHORVFDPELDWRUHGLFDORUHVXOOH
 WUDYLGLOHJQR

$EEDVVDUHORVFDPELDWRUHGLFDORUHLQ
 SRVL]LRQHRUL]]RQWDOHHGDSSRJJLDUORVXO
SDYLPHQWR

6FDPELDWRUHGLFDORUHDSLDVWUH , 
 ,WDOLDQR )XQ]LRQDPHQWR

)XQ]LRQDPHQWR
$YYLDPHQWR
1RWD 4XDORUDYLVLDXQDYDOYRODDOO¶XVFLWDDFFHU
4XDORUDLOVLVWHPDLQFOXGDSLSRPSH  WDUVLFKHVLDFRPSOHWDPHQWHDSHUWD
DFFHUWDUVLGLVDSHUHTXDOHGHYHHVVHUHDS
$SULUHORVILDWRHGDYYLDUHODSRPSD
HUWDSHUSULPD

1RWD
/HUHJROD]LRQLGLSRUWDWDGHYRQRHVVHUH $SULUH
HIIHWWXDWHOHQWDPHQWHSHUHYLWDUHLOULVFKLR
GLFROSRG¶DULHWH

,OFROSRG¶DULHWHqXQEUHYHSLFFRGLSUHV
VLRQHFKHSXzYHULILFDUVLLQIDVHGLDYYLD
PHQWRRVSHJQLPHQWRGLXQVLVWHPDFKH
SURYRFDODIRUPD]LRQHGLXQ¶RQGDFKHDW
WUDYHUVDLOWXERDOODYHORFLWjGHOVXRQR $SULUHOHQWDPHQWHODYDOYROD
(VVRSXzSURYRFDUHJUDYLGDQQLDOO¶DWWUH]
]DWXUD

,

$SULUHOHQWDPHQWH
&RQWUROODUHFKHODPLVXUD$VLDFRUUHWWD
 3HUODPLVXUD$YHGHUHLOGLVHJQR3+(DO
OHJDWR

&RQWUROODUHFKHODYDOYRODWUDODSRPSDH
 O¶XQLWjFKHFRQWUROODODSRUWDWDQHOVLVWHPD 4XDQGRqXVFLWDWXWWDO¶DULDFKLXGHUHOR
VLDFKLXVD
 VILDWR

&KLXVD
&KLXGHUH

$SULUH

5LSHWHUHLSXQWLSHULOVHFRQGRPH]]R

,  6FDPELDWRUHGLFDORUHDSLDVWUH
 )XQ]LRQDPHQWR ,WDOLDQR

8QLWjLQIXQ]LRQH 6SHJQLPHQWR

1RWD
/HUHJROD]LRQLGLSRUWDWDGHYRQRHVVHUH
HIIHWWXDWHOHQWDPHQWHSHUSURWHJJHUHLOVLV
WHPDGDYDULD]LRQLHVWUHPHGLWHPSHUDWXUD
HSUHVVLRQH
'XUDQWHLOIXQ]LRQDPHQWRFRQWUROODUHFKH
1RWD
4XDORUDLOVLVWHPDLQFOXGDSLSRPSHDFFHU
WDUVLGLVDSHUHTXDOHGHYHHVVHUHVSHQWDSHU
SULPD
&KLXGHUHOHQWDPHQWHODYDOYRODFKHFRQW
 UROODODSRUWDWDGHOODSRPSDGDVSHJQHUH

OHWHPSHUDWXUHHOHSUHVVLRQLGHLPH]]LULHQ &KLXGHUH
WULQRQHLOLPLWLLQGLFDWLVXOGLVHJQR3+(
QRQVLYHULILFKLQRSHUGLWHLQVHJXLWRDOO¶HUUDWR
VHUUDJJLRGHOJUXSSRGLSLDVWUHRSSXUHD
JXDUQL]LRQLGLIHWWRVH
ODEDUUDGLVXSSRUWRHODEDUUDJXLGDVLDQR
SXOLWHHGLQJUDVVDWH
LEXOORQLVLDQRSXOLWLHGLQJUDVVDWL

'RSRDYHUFKLXVRODYDOYRODVSHJQHUHOD

,
 SRPSD

5LSHWHUHLSXQWLSHUO¶DOWURODWR

4XDORUDUHVWLVSHQWRSHUGLYHUVLJLRUQLRS
 SXUHSLDOXQJRORVFDPELDWRUHGLFDORUH
GHYHHVVHUHVSXUJDWR,OVLVWHPDGHYHHV
VHUHVSXUJDWRDQFKHVHLOSURFHVVRGHYH
HVVHUHVRVSHVRHODWHPSHUDWXUDDPELHQWH
qLQIHULRUHDOSXQWRGLFRQJHODPHQWRGHO
PH]]R$VHFRQGDGHOPH]]RXWLOL]]DWRVL
UDFFRPDQGDDQFKHGLULVFLDFTXDUHHG
DVFLXJDUHLOVLVWHPD

3XOLWLHG
LQJUDVVDWL
1HVVXQDSHUGLWD

&RQWDWWDUHVHPSUHLOSURSULRUDSSUHVHQWDQWH$OID
/DYDOSHULQIRUPD]LRQLVX
‡ QXRYHGLPHQVLRQLGHOJUXSSRGLSLDVWUHTXDORUD
VLLQWHQGDFDPELDUHLOQXPHURGLSLDVWUH
‡ VFHOWDGHOPDWHULDOHGHOOHJXDUQL]LRQLVHOHWHP
SHUDWXUHHOHSUHVVLRQLGLHVHUFL]LRVRQRFDPEL
DWHSHUPDQHQWHPHQWHRVLXWLOL]]DXQDOWUR
PH]]RQHOORVFDPELDWRUHGLFDORUH

6FDPELDWRUHGLFDORUHDSLDVWUH , 
 ,WDOLDQR 0DQXWHQ]LRQH

0DQXWHQ]LRQH
&OHDQLQJ,Q3ODFH&,3

,OJUXSSR&OHDQLQJ,Q3ODFH&,3FRQVHQWHGLSX 6HJXLUHOHLVWUX]LRQLGHOJUXSSR&,3

OLUHORVFDPELDWRUHGLFDORUHDSLDVWUHVHQ]DDSULUOR
3RVVRQRHVVHUHXWLOL]]DWLLVHJXHQWLPRGHOOL&,3
4XDORUDODSXOL]LD&,3QRQVLDSRVVLELOHLOVLVWHPD &,3&,3&,3H&,3
GHYHHVVHUHSXOLWRPDQXDOPHQWHYHGHUHVH]LRQH
³3XOL]LDPDQXDOH´

,OJUXSSR&,3HIIHWWXD

‡ ULPR]LRQHGHOODIXOLJJLQHHGHLGHSRVLWLGLFDO
FDUH

‡ SDVVLYD]LRQHGHOOHVXSHUILFLSXOLWHSHUULGXUUHOD
VHQVLELOLWjDOODFRUURVLRQH

‡ QHXWUDOL]]D]LRQHGHLGHWHUJHQWLSULPDGHOOR
VSXUJR

'HWHUJHQWL
,

'HWHUJHQWH 'HVFUL]LRQH

$OID&DXV /LTXLGRDOFDOLQRIRUWHSHUODULPR]LRQHGLYHUQLFHJUDVVLROLHGHSRVLWLELR
ORJLFL
$OID3KRV 'HWHUJHQWHDFLGRSHUODULPR]LRQHGLRVVLGLPHWDOOLFLUXJJLQHFDOFDUHHGDOWUL
VDOLLQRUJDQLFL
$OID3DVV /LTXLGRDOFDOLQRSHUSDVVLYD]LRQHLQLEL]LRQHGHOODFRUURVLRQH
$OID1HXWUD /LTXLGRDOFDOLQRIRUWHSHUODQHXWUDOL]]D]LRQHGL$OID3KRVSULPDGHOORVSXUJR
$OID36FDOH 'HWHUJHQWHDFLGXORLQSROYHUHFRQLQLELWRUHGHOODFRUURVLRQHSDUWLFRODUPHQWH
HIILFDFHSHUODULPR]LRQHGLFDUERQDWRGLFDOFLRHGDOWURFDOFDUHLQRUJDQLFR
$OID31HXWUD 'HWHUJHQWHDOFDOLQRLQSROYHUHSHUODQHXWUDOL]]D]LRQHGL$OID36FDOHSULPD
GHOORVPDOWLPHQWR
$OID$GG 'HWHUJHQWHQDWXUDOHUDIIRU]DWRUHGDXWLOL]]DUHFRQ$OID3KRV$OID&DXVH$OID
36FDOH$VVLFXUDPLJOLRULULVXOWDWLGLSXOL]LDVXVXSHUILFLXQWHHJUDVVHH
GRYHVLYHULILFDXQDSUROLIHUD]LRQHELRORJLFD$OID$GGULGXFHDQFKHO¶HYHQWX
DOHIRUPD]LRQHGLVFKLXPD
$OSDFRQ'HVFDODQW 'HWHUJHQWHDFLGXORDEDVHG¶DFTXDQRQSHULFRORVRSHUODULPR]LRQHGLFDO
FDUHPDJQHWLWHDOJKHKXPXVPXVFROLFRQFKLJOLHFDOFHHUXJJLQH&RQ
WLHQHFRPHLQJUHGLHQWHDWWLYR%,2*(1$&7,9(PLVFHODELRORJLFDFRVWLWXLWD
GDPDWHULDOLULQQRYDELOL
$OSDFRQ'HJUHDVHU 6JUDVVDQWHQHXWURGDXWLOL]]DUHFRQ$OSDFRQ'HVFDODQW5LPXRYHHIILFDFH
PHQWHVWUDWLGLROLRHJUDVVRHULGXFHODIRUPD]LRQHGLVFKLXPD&RQWLHQH
FRPHLQJUHGLHQWHDWWLYR%,2*(1$&7,9(PLVFHODELRORJLFDFRVWLWXLWDGD
PDWHULDOLULQQRYDELOL

,  6FDPELDWRUHGLFDORUHDSLDVWUH
 0DQXWHQ]LRQH ,WDOLDQR

3XOL]LDPDQXDOH

$YYHUWHQ]D $SHUWXUD
3HUHYLWDUHOHVLRQLGRYXWHDLERUGLDSSXQWLWL
WUDWWDUHVHPSUHOHSLDVWUHHOHODPLHUHSURWHW $YYHUWHQ]D
WLYHFRQJXDQWLSURWHWWLYL 6HORVFDPELDWRUHGL
FDORUHqFDOGRDWWHQGHUH
FKHVLUDIIUHGGLDFLUFD
ƒ&ƒ)

6SXUJDUHORVFDPELDWRUHGLFDORUHD
 SLDVWUH

,
&RQWUROODUHOHVXSHUILFLGLVFRUULPHQWRGHOOD
 EDUUDGLVXSSRUWRHSXOLUOH

6FDPELDWRUHGLFDORUHDSLDVWUH , 
 ,WDOLDQR 0DQXWHQ]LRQH

7UDFFLDUHXQDOLQHDGLDJRQDOHDOO¶HVWHUQR /HFRSSLHGLEXOORQLPRQWDWHFRQOHVFDWROH
 GHOJUXSSRGLSLDVWUH  GHLFXVFLQHWWLGHYRQRHVVHUHDOOHQWDWHLQ
VHTXHQ]DLQGXHIDVLYHGHUHVHJXHQWL
ILJXUH

)DVH 1ƒEXOORQH 0LVXUD

 ±±± $
 ± R  $SHUWXUD

3UHVWDUHDWWHQ]LRQHDIILQFKpODSLDVWUDGHO
WHODLRHODSLDVWUDGLSUHVVLRQHVLDQRVHP
SUHSDUDOOHOH,OGLVDVVDPHQWRGHOODSLDVWUD
GLSUHVVLRQHGXUDQWHO¶DSHUWXUDQRQGHYH
VXSHUDUHPPJLULSHUEXOORQHLQ
ODUJKH]]DHPPJLULSHUEXOORQHLQ
/LQHD YHUWLFDOH
)DVH$OOHQWDUHLTXDWWUREXOORQLLQVHTX
0LVXUDUHHGDQQRWDUHODGLPHQVLRQH$ HQ]DILQFKpLOJUXSSRGLSLDVWUHQRQPLVXUD
 $
,

$OOHQWDUHLEXOORQLQRQPRQWDWLFRQOH )DVH$OOHQWDUHOHGXHFRSSLHRSSRVWHGL
 VFDWROHGHLFXVFLQHWWLHULPXRYHUOL EXOORQLLQVHTXHQ]DFRPHLOOXVWUDWRQHOOD
VHJXHQWHILJXUD

5LPXRYHUH
LEXOORQL

5LPXRYHUH
LEXOORQL

,  6FDPELDWRUHGLFDORUHDSLDVWUH
 0DQXWHQ]LRQH ,WDOLDQR

$SULUHLOJUXSSRGLSLDVWUHIDFHQGRVFRUUHUH
 ODSLDVWUDGLSUHVVLRQHVXOODEDUUDGLVXS
SRUWR

6HOHSLDVWUHGHYRQRHVVHUHQXPHUDWH
QXPHUDUOHSULPDGLULPXRYHUHOHSLDVWUH

/HSLDVWUHQRQGHYRQRHVVHUHULPRVVHVH
ODSXOL]LDYLHQHHIIHWWXDWDVRODPHQWHFRQ
DFTXDFLRqVHQ]DGHWHUJHQWH

,
5LPXRYHUH
OHSLDVWUH

6FDPELDWRUHGLFDORUHDSLDVWUH , 
 ,WDOLDQR 0DQXWHQ]LRQH

3XOL]LDPDQXDOHGHOOHXQLWjDSHUWH

$WWHQ]LRQH 1RWD
1RQXWLOL]]DUHPDLDFLGRFORULGULFRFRQ 3UHVWDUHDWWHQ]LRQHDQRQGDQQHJJLDUHOD
SLDVWUHLQDFFLDLRLQR[3HUODSUH JXDUQL]LRQHGXUDQWHODSXOL]LDPDQXDOH 
SDUD]LRQHGHOODVROX]LRQHGHWHUJHQWH
QRQXWLOL]]DUHDFTXDFRQSLGL
 SSP&O(¶PROWRLPSRUWDQWHFKH
OHEDUUHHOHFRORQQHGLVXSSRUWRLQDO
OXPLQLRVLDQRSURWHWWHGDOOHVRVWDQ]H
FKLPLFKH

'HSRVLWLHOLPLQDELOLFRQDFTXDHVSD]]ROD

/HSLDVWUHQRQGHYRQRHVVHUHULPRVVHGDOORVFDPELDWRUHGLFDORUHDSLDVWUHGXUDQWHODSXOL]LD

5LPXRYHUHLGHSRVLWLFRQXQDVSD]]ROD 5LVFLDFTXDUHFRQDFTXDXWLOL]]DQGRXQ
 PRUELGDHGDFTXDFRUUHQWH  IOHVVLELOHDGDOWDSUHVVLRQH
,

'HSRVLWLQRQHOLPLQDELOLFRQDFTXDHVSD]]ROD

/HSLDVWUHGHYRQRHVVHUHULPRVVHGDOORVFDPELDWRUHGLFDORUHDSLDVWUHGXUDQWHODSXOL]LD

6SD]]RODHGHWHUJHQWH 5LVFLDFTXDUHFRQDFTXD
 

,  6FDPELDWRUHGLFDORUHDSLDVWUH
 0DQXWHQ]LRQH ,WDOLDQR

'HWHUJHQWL± ,QFURVWD]LRQLFDOFDUH
 &RQFHQWUD]LRQHPD[
7HPSHUDWXUDPD[ƒ&ƒ)

,QFURVWD]LRQL±FDOFDUH 6HGLPHQWR 'HWHUJHQWH

&DUERQDWRGLFDOFLR 3URGRWWLGLFRUURVLRQH $FLGRQLWULFR

6ROIXURGLFDOFLR 2VVLGLPHWDOOLFL $FLGRVXOIDPLFR
6LOLFDWL $UJLOOD $FLGRFLWULFR
$OOXPLQD $FLGRIRVIRULFR
2UJDQLVPLGLDWRPLFLHUHOD $JHQWLFRPSOHVVDQWL('7$17$
WLYLHVFUHPHQWLGLYDUL 3ROLIRVIDWLGLVRGLR
FRORUL

'HWHUJHQWL± 3UROLIHUD]LRQHELRORJLFDIDQJKL
 &RQFHQWUD]LRQHPD[
7HPSHUDWXUDPD[ƒ&ƒ)

3UROLIHUD]LRQHELRORJLFD±
'HWHUJHQWH

,
IDQJKL

%DWWHUL ,GURVVLGRGLVRGLR
1HPDWRGL &DUERQDWRGLVRGLR
3URWR]RL /¶HIIHWWRGLSXOL]LDSXzHVVHUHDXPHQWDWRQRWHYROPHQWHFRQ
O¶DJJLXQWDGLSLFFROHTXDQWLWjGLLSRFORULWRRDJHQWLSHUODIRUPD]LRQH
GLFRPSOHVVLHWHQVLRDWWLYL

'HWHUJHQWL± 5HVLGXLG¶ROLRDVIDOWRJUDVVL

'HSRVLWR 'HWHUJHQWH

5HVLGXLG¶ROLR 6ROYHQWHSDUDIILQLFRDEDVHGLQDIWDDGHVFKHURVHQH

$VIDOWR
*UDVVL 1RWD
/HJXDUQL]LRQLLQJRPPD(3'0VLGLVVROYRQRLQTXHVWLPH]]L,O
WHPSRGLFRQWDWWRGHYHHVVHUHOLPLWDWRDPLQXWL

$WWHQ]LRQH
1RQXWLOL]]DUHOHVHJXHQWLVROX]LRQL
‡ &KHWRQLDGHVDFHWRQHPHWLOHWLO
FKHWRQHPHWLOLVREXWLOFKHWRQH
‡ (VWHULDGHVHWLODFHWDWREXWLODFHWDWR
‡ ,GURFDUEXULDORJHQDWLDGHVFORURWHQH
WHWUDFORUXURGLFDUERQLRIUHRQL
‡ $URPDWLFLDGHVEHQ]HQHWROXHQH

6FDPELDWRUHGLFDORUHDSLDVWUH , 
 ,WDOLDQR 0DQXWHQ]LRQH

&KLXVXUD

&RQWUROODUHFKHWXWWHOHVXSHUILFLGLWHQXWD 3UHPHUHOHSLDVWUHIUDORUR,OVHUUDJJLRDY
 VLDQRSXOLWH  YLHQHLQGXHIDVLYHGHUHOHVHJXHQWLILJXUH
3UHVWDUHDWWHQ]LRQHDIILQFKpODSLDVWUDGHO
WHODLRHODSLDVWUDGLSUHVVLRQHVLDQRVHP
3XOLUHOHILOHWWDWXUHGHLEXOORQLFRQXQD SUHSDUDOOHOH
 VSD]]RODGLDFFLDLR/XEULILFDUHOHILOHWWDW
XUHFRQXQVRWWLOHVWUDWRGLJUDVVRDGHV )DVH 1ƒEXOORQH 0LVXUD
*OHLWPRRHTXLYDOHQWH  ± R ± $
 ±±± $

)DVH6HUUDUHLQVHTXHQ]DOHGXHFRSSLH
GLEXOORQLGLDJRQDOLILQFKpLOJUXSSRGLSLDV
WUDQRQPLVXUD$
,

)LVVDUHOHJXDUQL]LRQLDOOHSLDVWUHRFRQWURO
 ODUHFKHWXWWHOHJXDUQL]LRQLVLDQRILVVDWH
FRUUHWWDPHQWH

1RWD
/¶HUUDWRSRVL]LRQDPHQWRGHOOHJXDUQL]LRQLq
LQGLFDWRGDOIDWWRFKHODJXDUQL]LRQHIXRUL
HVFHRSSXUHqSRVL]LRQDWDDOO¶HVWHUQRGHOOD
UHODWLYDVFDQDODWXUD

,QVHULUHOHSLDVWUHFRQOHSDUWLDOLVFDGL
 SHVFHLQGLUH]LRQLDOWHUQDWHHOHJXDUQL]LRQL
JLUDWHYHUVRODSLDVWUDGHOWHODLR
)DVH6HUUDUHLEXOORQLDOWHUQDWLYDPHQWH
HGLDJRQDOPHQWHFRPHLOOXVWUDWRQHOOD
VHJXHQWHILJXUD'XUDQWHLOVHUUDJJLRFRQ
WUROODUHODGLPHQVLRQH$QHOOHSRVL]LRQLGHL
EXOORQLXWLOL]]DWL

,  6FDPELDWRUHGLFDORUHDSLDVWUH
 0DQXWHQ]LRQH ,WDOLDQR

&RSSLDGLVHUUDJJLRPD[ ‡ /DOXQJKH]]DGHOJUXSSRGLSLDVWUHVX
WXWWLLEXOORQLQRQGHYHGLIIHULUHGLROWUH
1RWD O¶
4XDORUDVLXWLOL]]LXQGLVSRVLWLYRGLVHUUDJJLR ‡ 6HO¶XQLWjQRQqFRPSOHWDPHQWHDEDW
SQHXPDWLFRYHGHUHODVHJXHQWHWDEHOODSHU WXWDSXzHVVHUHVHUUDWDILQRDOOD
ODFRSSLDPDVVLPD0LVXUDUHODGLPHQVLRQH GLPHQVLRQH$7XWWDYLDODFRSSLD
$GXUDQWHLOVHUUDJJLR  GLVHUUDJJLRPDVVLPDQRQGHYHHVVHUH
VXSHUDWD
0LVXUD %XOORQHFRQ %XOORQHFRQ
GHO VFDWRODGHO URQGHOOH
EXOORQH FXVFLQHWWR
1P .SP 1P .SP
0  
0  
0    
0    

3HULOVHUUDJJLRPDQXDOHODFRSSLDGLVHUUDJJLRGHYH
HVVHUHVWLPDWD

,
4XDORUDQRQVLRWWHQJDODGLPHQVLRQH$
‡ &RQWUROODUHLOQXPHURGLSLDVWUHHOD 6HOHSLDVWUHVRQRLQVWDOODWHFRUUHWWDPHQWH
GLPHQVLRQH$
‡ &RQWUROODUHFKHWXWWLLGDGLHOHVFDWROHGHLFXVFL
 LERUGLIRUPDQRXQ³QLGRG¶DSH´YHGHUH
VHJXHQWHILJXUD
QHWWLVLPXRYDQROLEHUDPHQWH,QFDVRFRQWUDULR
SXOLUHHOXEULILFDUHRVRVWLWXLUH 6HLOJUXSSRGLSLDVWUHqPDUFDWRHVWHUQD
PHQWHYHGHUHLOSXQWRQHOODVH]LRQH
,QFDVLHFFH]LRQDOLODGLPHQVLRQH$SXzHVVHUH ³$SHUWXUD´FRQWUROODUHFKHOHSLDVWUHVLDQR
VXSHUDWD6RQRTXLQGLDFFHWWDELOLOHVHJXHQWLOXQJ VWDWHPRQWDWHQHOO¶RUGLQHFRUUHWWR
KH]]HGHOJUXSSRGLSLDVWUH

/XQJKH]]DJUXSSRGL /XQJKH]]DJUXSSRGL
SLDVWUHSLDVWUD SLDVWUHGLPHQVLRQH$
!PP $
±PP $
PP $

0HWWHUHJOLDOWULEXOORQLLQSRVL]LRQH
 ‡ &RQWUROODUHOHURQGHOOH
‡ 8QDYROWDVHUUDWLLEXOORQLGHYRQR
HVVHUHWHQVLRQDWLDOORVWHVVRPRGR
‡ /DGLIIHUHQ]DGLOXQJKH]]DGHOJUXSSR
GLSLDVWUHGLPHQVLRQH$PLVXUDWDVX
EXOORQLDGLDFHQWLQRQGHYHVXSHUDUH
± PPTXDQGR$PP
± PPTXDQGR$!PP

6FDPELDWRUHGLFDORUHDSLDVWUH , 
 ,WDOLDQR 0DQXWHQ]LRQH

6RVWLWX]LRQHGHOOHJXDUQL]LRQL

*XDUQL]LRQLDVFDWWR *XDUQL]LRQL&OLS$'0;0;

$SULUHORVFDPELDWRUHGLFDORUHDSLDVWUH /HJXDUQL]LRQL&OLS$'VRQRFRVWLWXLWHGDXQDWWDFFR
 FRPHLQGLFDWRDSDJLQD HULPXRYHUHOD
SLDVWUDLQFXLRFFRUUHLQVWDOODUHODQXRYD
DVFDWWRFRQYHQ]LRQDOHLQWRUQRDOOHSRUWHHYHQJRQR
ILVVDWHFRQQDVWURDGHVLYROXQJRLODWLGHOOHSLDVWUH
JXDUQL]LRQH
/¶XWLOL]]RGLQDVWURDGHVLYR*&qXQVHPSOLFH
PHWRGRSHUJDUDQWLUHLOFRUUHWWRSRVL]LRQDPHQWRGHOOH
5LPXRYHUHODYHFFKLDJXDUQL]LRQH JXDUQL]LRQL(VVRYLHQHILVVDWRDOODVFDQDODWXUDGHOOD
 JXDUQL]LRQHFRQXQDSLVWRODVSHFLDOHFKHSHUPHWWHGL
DSSOLFDUHLOQDVWURHVDWWDPHQWHQHOODSRVL]LRQH
GHVLGHUDWD

$SULUHORVFDPELDWRUHGLFDORUHDSLDVWUH


)LVVDUHODJXDUQL]LRQHDVFDWWRVXOODSLDV
WUD,QILODUHOHDOHWWHGHOODJXDUQL]LRQHVRWWR
 FRPHLQGLFDWRDSDJLQD HULPXRYHUHOD
SLDVWUDLQFXLRFFRUUHLQVWDOODUHODQXRYD
LOERUGRGHOODSLDVWUD JXDUQL]LRQH

5LPXRYHUHODYHFFKLDJXDUQL]LRQH

1RQqQHFHVVDULRULPXRYHUHLOYHFFKLR

,

QDVWURLQTXDQWRODSHOOLFRODqPROWRVRWWLOH
7XWWDYLDDFFHUWDUVLFKHODVFDQDODWXUDGHO
ODJXDUQL]LRQHVLDDVFLXWWDHSXOLWD

)LVVDUHLOQDVWURXWLOL]]DQGRODSLVWROD


1RWD
$FFHUWDUVLFKHOHGXHDOHWWHGHOODJXDUQL]LRQ
VLDQRSRVL]LRQDWHFRUUHWWDPHQWH

5LSHWHUHODSURFHGXUDSHUWXWWHOHSLDVWUHLQ
 FXLRFFRUUHVRVWLWXLUHODJXDUQL]LRQH

&KLXGHUHORVFDPELDWRUHGLFDORUHDSLDVWUH
 FRPHLQGLFDWRDSDJLQD 

)LVVDUHODJXDUQL]LRQHDOODSLDVWUD,QILODUH
*XDUQL]LRQLLQFROODWH
6HJXLUHOHLVWUX]LRQLGLLQFROODJJLRVHSDUDWHIRUQLWH
 OHDOHWWHGHOODJXDUQL]LRQHVRWWRLOERUGR
GHOODSLDVWUD
LQVLHPHDOODFROOD
&KLXGHUHORVFDPELDWRUHGLFDORUHDSLDVWUH
 FRPHLQGLFDWRDSDJLQD 

,  6FDPELDWRUHGLFDORUHDSLDVWUH
 ,QQHKnOOVI|UWHFNQLQJ 6YHQVND

,QQHKnOOVI|UWHFNQLQJ

%HVNULYQLQJ  
+XYXGNRPSRQHQWHU  
)XQNWLRQ  

,QVWDOODWLRQ  
.UDY  
/\IW  
8SSVlWWQLQJ 

'ULIW 
,JnQJVlWWQLQJ  
(QKHWHQLGULIW 
$YVWlQJQLQJ  

8QGHUKnOO  
5HQJ|ULQJSnSODWV&,3&OHDQLQJ,Q3ODFH 
0DQXHOOUHQJ|ULQJ  
2PSDFNQLQJ 

6nKlUNRQWDNWDUGX$OID/DYDO
7LOOVDPPDQVPHGGHQKlULQVWUXNWLRQVKDQGERNHQLQJnUlYHQI|OMDQGH
.RQWDNWGHWDOMHUI|UDOODOlQGHU GRNXPHQW
XSSGDWHUDVUHJHOEXQGHWSnYnU LOHYHUDQVHQ
ZHEESODWV
9lONRPPHQDWWEHV|ND
ZZZDOIDODYDOFRPRFKDWW
NRQWDNWDGLQORNDOD$OID /DYDO
UHSUHVHQWDQW
3ODWWYlUPHYl[ODUH
± 5LWQLQJ|YHUSODWWYlUPHYl[ODUHQ3+(
± 3ODWWXSSKlQJQLQJVOLVWD
± $UWLNHOI|UWHFNQLQJPHGVSUlQJVNLVV
6
 6YHQVND $QWHFNQLQJDU

$QWHFNQLQJDU
6

6 3ODWWYlUPHYl[ODUH
 %HVNULYQLQJ 6YHQVND

%HVNULYQLQJ
+XYXGNRPSRQHQWHU
%lUD[HO
%lUXSSGHSURILO 6WDWLY
6WDWLYSODWWD HUDGHSODWWRUQD SHODUH
RFKWU\FNSODWWDQ

'UDJEXOWDU
7U\FNHU
VDPPDQ
SODWWRUQD

%XOW
VN\GG

$QVOXWQLQJDU
+nOJHQRPVWDWLYSODW
WDQGlUPHGLHUQDOHGV
LQLUHVSXWXUYlUPH
Yl[ODUHQ

6
*lQJWDSSDUUXQW
KnOHQI|UDWWIlVWD
U|UHQLYl[ODUHQ0HW
DOOHOOHUJXPPLIRGHU
NDQDQYlQGDVI|UDWW
VN\GGDKnOHQPRWNRU
URVLRQ
6W\UD[HO
+nOOHUSODWWRUQDSn
SODWVLQHGHUGHOHQ

7U\FNSODWWD
)O\WWEDUVWnOSODWWD,YLVVDIDOONDQ
U|UHQDQVOXWDVLWU\FNSODWWDQ

3URILOSODWWRU
9lUPH|YHUI|UVPHOODQPHGLHUQDJHQRP
NDQDOHULGHWXQQDSODWWRUQD

$QWDOHWSODWWRUEHVWlPPHUVWRUOHNHQSn
GHQVDPPDQODJGDYlUPH|YHUI|ULQJV\WDQ

6N\GGVSOnWDU
NDQOHYHUHUDVSnEHJlUDQ

3ODWWYlUPHYl[ODUH 6 
 6YHQVND %HVNULYQLQJ

)XQNWLRQ

3ODWWYlUPHYl[ODUHQEHVWnUDYHWWSDNHWSURILOHUDGH 3ODWWRUQDlUI|UVHGGDPHGHQSDFNQLQJVRPWlWDU
PHWDOOSODWWRUPHGLQRFKXWORSSVKnOI|UGHWYnPH RFKVW\UPHGLHIO|GHWLQLDOWHUQHUDQGHNDQDOHU
GLHUQDPHOODQYLONDYlUPH|YHUI|ULQJHQVNDVNH 3ODWWRUQDVSURILOHULQJJHQHUHUDUWXUEXOHQVLPHGLHW
RFKVW|GHUSODWWRUQDPRWGLIIHUHQWLDOWU\FN
3ODWWSDNHWHWPRQWHUDVPHOODQHQVWDWLYSODWWDRFK
HQWU\FNSODWWDRFKVSlQQVLKRSPHGGUDJEXOWDU
6

$SODWWDQlUXSSKlQJG %SODWWDQlUXSSKlQJG
PHGILVNEHQVP|QVWUHW PHGILVNEHQVP|QVWUHW
SHNDQGHQHGnW SHNDQGHXSSnW

6  3ODWWYlUPHYl[ODUH
 ,QVWDOODWLRQ 6YHQVND

,QVWDOODWLRQ
.UDY

9l[ODUHPHGPXOWLSDVVDJH
$QVOXWQLQJDUSnWU\FNSODWWDQ
'HWlUYLNWLJWDWWSODWWSDNHWHWKDUVSlQWVLKRS
WLOOUlWWPnWWMlPI|UPHGULWQLQJHQLQQDQ
U|UHWDQVOXWV

.U|N
)|UDWWJ|UDGHWOlWWDUH
DWWGHPRQWHUDSODWW
YlUPHYl[ODUHQE|UHQ
U|UNU|NIlVWDVYLGDQ
VOXWQLQJHQLWU\FNSODW
WDQULNWDGXSSnWHOOHUL
VLGOHGRFKPHGGHQ
DQGUDIOlQVHQSUHFLV
XWDQI|UYlUPHYl[OD
UHQVNRQWXU

6
8WU\PPH
(WWIULWWXWU\PPHSnPLQVW
PPEHK|YVI|UE\WHDY
SODWWRUQD

$YVWlQJQLQJV )XQGDPHQW
YHQWLOHU 0RQWHUDSnHWWSODQWIXQGD
$OODDQVOXWQLQJDUE|U PHQWVRPJHUVWDWLYHWWLOO
I|UVHVPHGDYVWlQJ UlFNOLJWPHGVW|G
QLQJVYHQWLOHUI|UDWW
YlUPHYl[ODUHQVND
NXQQD|SSQDV
2EV ,QVWDOOHUDVlNHUKHWVYHQWLOHUHQOLJWJlOODQGHWU\FN
‡ .RQWUROOHUDDWWDOODIUlPPDQGHI|UHPnO WDQNVI|UHVNULIWHU
VSRODWVXWXUV\VWHPHWLQQDQU|UHQNRSSODV
LQ 2P\WDQSnYlUPHYl[ODUHQI|UYlQWDVEOLP\FNHW
‡ 6HWLOODWWU|UHQLQWHXWVlWWHUYlUPHYl[ODUHQ YDUPHOOHUNDOOE|UYl[ODUHQLVROHUDV
I|UVSlQQLQJHOOHUSnIUHVWQLQJ
‡ $QYlQGLQWHVQDEEVWlQJDQGHYHQWLOHUI|U 9LUHNRPPHQGHUDUDWWVN\GGVSOnWDUDQYlQGVVRP
DWWXQGYLNDWU\FNVW|WDU WlFNHUSODWWYlUPHYl[ODUHQ

)|UYDUMHPRGHOODQJHVEHUlNQLQJVWU\FNRFK
±WHPSHUDWXUSnLGHQWLILHULQJVVN\OWHQ'HVVD
YlUGHQInULQWH|YHUVNULGDV

3ODWWYlUPHYl[ODUH 6 
 6YHQVND ,QVWDOODWLRQ

/\IW
9DUQLQJ
/\IWDOGULJLDQVOXWQLQJDUQDHOOHULEXOWDUQD
VRPVLWWHUUXQWGHP$QYlQGLVWlOOHWOlPS
OLJDUHPPDUYLGO\IW3ODFHUDUHPPDUQD
HQOLJWELOGHQ

000;76 0;00$
6

6  3ODWWYlUPHYl[ODUH
 ,QVWDOODWLRQ 6YHQVND

8SSVlWWQLQJ

/lJJWYnWUlEMlONDUSnJROYHW /lJJUHPPDUQDUXQWHQEXOWSnYDUMHVLGD
 

/\IWYlUPHYl[ODUHQIUnQODVWSDOOHQPHG
 KMlOSDYWH[UHPPDU

/\IWXSSYlUPHYl[ODUHQIUnQWUlEMlONDUQD


6
6WlOOYlUPHYl[ODUHQSnWUlEMlONDUQD


6lQNQHUYlUPHYl[ODUHQLKRULVRQWHOOWOlJH
 RFKVWlOOGHQSnJROYHW

3ODWWYlUPHYl[ODUH 6 
 6YHQVND 'ULIW

'ULIW
,JnQJVlWWQLQJ
2EV 2PGHWILQQVHQYHQWLOYLGXWJnQJHQVND
6HWLOODWWGXYHWYLONHQSXPSVRPVND|SS  GHQYDUDKHOW|SSHQ
QDVI|UVWRPGHWILQQVIOHUDSXPSDULV\V
gSSQDYHQWLOHQRFKVWDUWDSXPSHQ
WHPHW

2EV
)O|GHVKDVWLJKHWHQE|UMXVWHUDVOnQJVDPW gSSQD
I|UDWWXQGYLNDULVNI|UWU\FNVW|WDU

(QWU\FNVW|WlUHQNRUWYDULJWU\FNWRSSVRP
NDQLQWUlIIDYLGLJnQJN|UQLQJHOOHUDYVWlQJ
QLQJDYHWWV\VWHPRFKOHGDWLOODWWYlWVND
VWU|PPDUOlQJVHWWU|UPHGOMXGHWVKDVWLJ
KHW'HWWDNDQRUVDNDVWRUVNDGDLXWUXVW
QLQJHQ gSSQDYHQWLOHQVDNWD

gSSQDVDNWD
.RQWUROOHUDDWW$PnWWHWlUNRUUHNW$PnWW
 WHWDQJHVSnGHQELIRJDGHULWQLQJHQ|YHU
SODWWYlUPHYl[ODUHQ
6

.RQWUROOHUDDWWYHQWLOHQlUVWlQJGPHOODQ
 SXPSHQRFKIO|GHVUHJXODWRUQLV\VWHPHW 6WlQJYHQWLOHQQlUDOOOXIWKDUW|PWVXW

6WlQJG
6WlQJ

gSSHQ

8SSUHSDVWHJI|UGHWDQGUDPHGLHW

6  3ODWWYlUPHYl[ODUH
 'ULIW 6YHQVND

(QKHWHQLGULIW $YVWlQJQLQJ

2EV 2EV
)O|GHVKDVWLJKHWHQE|UMXVWHUDVOnQJVDPW 6HWLOODWWGXYHWYLONHQSXPSVRPVNDVWlQJ
I|UDWWLQWHXWVlWWDV\VWHPHWI|USO|WVOLJD DVDYI|UVWRPGHWILQQVIOHUDSXPSDULV\V
RFKH[WUHPDWHPSHUDWXURFKWU\FNI|UlQG WHPHW
ULQJDU
6WlQJVDNWDYHQWLOHQVRPUHJOHUDUIO|GHV
.RQWUROOHUDQlUDQOlJJQLQJHQlULGULIWDWW
 KDVWLJKHWHQWLOOGHQSXPSVRPVNDVWlQJ
DV
PHGLHUQDVWHPSHUDWXUHURFKWU\FNOLJJHULQRP
GHJUlQVYlUGHQVRPDQJHVSnULWQLQJHQ
6WlQJ
LQJDOlFNRUXSSVWnUSnJUXQGDYIHODNWLJ
VSlQQLQJDYSODWWSDNHWHWHOOHUDYIHODNWLJD
HOOHUVNDGDGHSDFNQLQJDU
VWDWLYSHODUHElURFKVW\UD[HOKnOOVUHQDRFK
LQVPRUGD
EXOWDUQDKnOOVUHQDRFKLQVPRUGD

6WlQJDYSXPSHQQlUYHQWLOHQlUVWlQJG


6
8SSUHSDVWHJSnGHQDQGUDVLGDQ

2PYlUPHYl[ODUHQVNDVWlQJDVDYXQGHU
 HQOlQJUHSHULRGE|UGHQW|PPDV'HQE|U
RFNVnW|PPDVRPEHDUEHWQLQJVSURFHVVHQ
DYEU\WVQlURPJLYQLQJVWHPSHUDWXUHQlU
XQGHUPHGLHWVIU\VSXQNW%HURHQGHSn
YLONHWPHGLXPVRPDQYlQGVE|UGHQRFN
VnVSRODVRFKWRUNDV

5HQDRFK
LQVPRUGD
,QJHWOlFNDJH

5nGJ|UDOOWLGPHGGLQORNDOD$OID/DYDOnWHU
I|UVlOMDUHLIDOOGXEHK|YHULQIRUPDWLRQRP
‡ GLPHQVLRQHUQDSnQ\DSODWWVDWVHURPGXWlQNHU
lQGUDDQWDOHWSODWWRU
‡ YLONHWSDFNQLQJVPDWHULDOGXE|UYlOMDRPDUEHWV
WHPSHUDWXURFK±WU\FNVNDlQGUDVYDUDNWLJW
HOOHURPHWWQ\WWPHGLXPVNDDQYlQGDVLSODWW
YlUPHYl[ODUHQ

3ODWWYlUPHYl[ODUH 6 
 6YHQVND 8QGHUKnOO

8QGHUKnOO
5HQJ|ULQJSnSODWV&,3&OHDQLQJ,Q3ODFH

'n&,3XWUXVWQLQJDQYlQGVNDQSODWWYlUPHYl[ )|OMLQVWUXNWLRQHUQDVRPPHGI|OMHU&,3XWUXVWQLQJHQ
ODUHQUHQJ|UDVXWDQDWWGHQEHK|YHU|SSQDV
)|OMDQGH&,3PRGHOOHUNDQDQYlQGDV&,3
2PGHWLQWHJnUDWWDQYlQGD&,3PHWRGHQPnVWH &,3&,3RFK&,3
UHQJ|ULQJHQXWI|UDVI|UKDQGVHDYVQLWWHW0DQXHOO
UHQJ|ULQJ

9LG&,3UHQJ|ULQJVNHUI|OMDQGH

‡ I|URUHQLQJDURFKNDONDYODJULQJDUWDVERUW

‡ UHQJMRUGD\WRUSDVVLYHUDVI|UDWWPRWYHUNDNRU
URVLRQ

‡ UHQJ|ULQJVYlWVNRUQHXWUDOLVHUDVLQQDQGHW|PV
XW

7YlWWYlWVNRU

7YlWWYlWVND %HVNULYQLQJ
6

$OID&DXV (QVWDUNWDONDOLVNYlWVNDVRPDQYlQGVI|UDWWWDERUWIlUJIHWWROMDRFK
RUJDQLVNDEHOlJJQLQJDU
$OID3KRV (WWVXUWUHQJ|ULQJVPHGHOVRPDYOlJVQDUPHWDOOR[LGURVWNDONRFKDQGUD
RRUJDQLVNDEHOlJJQLQJDU
$OID3DVV (QDONDOLVNYlWVNDVRPlUDYVHGGI|USDVVLYHULQJNRUURVLRQVGlPSQLQJ
$OID1HXWUD (QVWDUNWDONDOLVNYlWVNDVRPQHXWUDOLVHUDU$OID&DUERQHOOHU$OD3KRV
LQQDQPHGOHQKlOOVXWLDYORSSHW
$OID36FDOH (WWVXUWUHQJ|ULQJVSXOYHUPHGHWWNRUURVLRQVVN\GGVPHGHOVRPlUVSHFLHOOW
OlPSOLJWI|UDWWDYOlJVQDNDOFLXPNDUERQDWRFKDQGUDRRUJDQLVNDEHOlJJ
QLQJDU
$OID31HXWUD (WWDONDOLVNWSXOYHUVRPDQYlQGVI|UDWWQHXWUDOLVHUDI|UEUXNDW$OID36FDOH
LQQDQGHWNDVWDV
$OID$GG (QQHXWUDOUHQJ|ULQJVI|UVWlUNDUHVRPDQYlQGVWLOOVDPPDQVPHG
$OID3KRV$OID&DXVRFK$OID36FDOH0HGOHWI|UK|MHUUHQJ|ULQJVHIIHNWHQ
SnROMLJDIHWD\WRURFKSn\WRUPHGRUJDQLVNDEHOlJJQLQJDU$OID$GGPLQ
VNDURFNVnVNXPQLQJ
$OSDFRQ'HVFDODQW (WWVXUWYDWWHQEDVHUDWLFNHKlOVRIDUOLJWUHQJ|ULQJVPHGHOVRPlUDYVHWWI|U
DWWDYOlJVQDEHOlJJQLQJDUPDJQHWLWDOJHUKXPXVPXVVORUVNDOGMXUNDON
RFKURVW,QQHKnOOHU%,2*(1$&7,9(VRPDNWLYLQJUHGLHQVHQELRORJLVN
EODQGQLQJVRPEHVWnUDYI|UQ\EDUDlPQHQ
$OSDFRQ'HJUHDVHU (WWQHXWUDOWDYIHWWQLQJVPHGHOVRPDQYlQGVPHG$OSDFRQ'HVFDODQW
$YOlJVQDUHIIHNWLYWROMDIHWWRFKVP|UMPHGHOPHQPLQVNDURFNVnVNXP
QLQJ,QQHKnOOHU%,2*(1$&7,9(VRPDNWLYLQJUHGLHQVHQELRORJLVN
EODQGQLQJVRPEHVWnUDYI|UQ\EDUDlPQHQ

6  3ODWWYlUPHYl[ODUH
 8QGHUKnOO 6YHQVND

0DQXHOOUHQJ|ULQJ

9DUQLQJ gSSQDQGH
6N\GGVKDQGVNDUVNDDOOWLGDQYlQGDVYLG
KDQWHULQJDYSODWWRURFKVN\GGVSOnWDUI|UDWW 9DUQLQJ
XQGYLNDDWWVNDUSDNDQWHURUVDNDUVNDGRU /nWYlUPHYl[ODUHQNDOOQD
RPGHQlUYDUPWLOORP
NULQJ ƒ& ƒ

7|PSODWWYlUPHYl[ODUHQ


6
,QVSHNWHUDJOLG\WRUQDSnElUD[HOQRFKWRU
 NDUHQW

3ODWWYlUPHYl[ODUH 6 
 6YHQVND 8QGHUKnOO

0lUNXWVLGDQDYSODWWVDWVHQPHGHWWGLDJR gSSQDGHEXOWSDUVRPKDUODJHUVNnODU
 QDOWVWUHFN  Yl[HOYLVRFKGLDJRQDOWHQOLJWELOGHUQD
QHGDQ

6WHJ %XOWQU 7LOOPnWWHW

 ±±± $
 ±HOOHU± gSSQDQGH

9DUQRJDPHGDWWVWDWLYSODWWDQRFKWU\FN
SODWWDQKHODWLGHQlUSDUDOOHOOD1lUSODWW
SDNHWHW|SSQDVInUWU\FNSODWWDQLQWH
VQHGVWlOODVPHUlQPPYDUYSHU
EXOWSnEUHGGHQRFKPPYDUYSHU
EXOWYHUWLNDOW
0lUN
6WHJ/RVVDGHI\UDEXOWDUQDYl[HOYLVRFK
GLDJRQDOWWLOOVSODWWSDNHWHWKDUPnWWHW
0lWRFKVNULYXSS$PnWWHW $

6

/RVVDGHEXOWDUVRPLQWHKDUODJHUVNnODU 6WHJ/RVVDEXOWDUQDYl[HOYLVGLDJRQDOW
 RFKWDERUWGHP HQOLJWELOGHQQHGDQ

7DERUW
EXOWDUQD

7DERUW
EXOWDUQD

6  3ODWWYlUPHYl[ODUH
 8QGHUKnOO 6YHQVND

gSSQDSODWWSDNHWHWJHQRPDWWOnWDWU\FN
 SODWWDQJOLGDXWOlQJVElUD[HOQ

2PSODWWRUQDVNDQXPUHUDVJ|UGXGHW
LQQDQGXWDUERUWGHP

3ODWWRUQDEHK|YHULQWHGHPRQWHUDVRPGH
HQGDVWVNDUHQJ|UDVPHGYDWWHQGYVXWDQ
UHQJ|ULQJVPHGHO

7DERUW
SODWWRUQD

3ODWWYlUPHYl[ODUH 6 
 6YHQVND 8QGHUKnOO

0DQXHOOUHQJ|ULQJDY|SSQDGHHQKHWHU

9LNWLJW 2EV
$QYlQGDOGULJVDOWV\UDSnURVWIULDSODW 9DUI|UVLNWLJVnDWWGXLQWHVNDGDUSDFN
WRU9DWWHQPHGK|JUHNORUKDOWlQ QLQJHQYLGPDQXHOOUHQJ|ULQJ 
 SSPInLQWHDQYlQGDVYLGEHUHG
QLQJDYUHQJ|ULQJVO|VQLQJDU'HWlU
P\FNHWYLNWLJWDWWVW\UD[ODURFKVWDWLY
SHODUHDYDOXPLQLXPVN\GGDVPRW
NHPLNDOLHU

%HOlJJQLQJDUVRPNDQWDVERUWPHGYDWWHQRFKERUVWH

3ODWWRUQDEHK|YHULQWHGHPRQWHUDVIUnQSODWWYlUPHYl[ODUHQYLGUHQJ|ULQJ

7DJERUWEHOlJJQLQJDUQDPHGHQPMXN 6SRODYDWWHQPHGHQK|JWU\FNVVODQJ
 ERUVWHRFKULQQDQGHYDWWHQ 
6

%HOlJJQLQJDUVRPLQWHNDQWDVERUWPHGYDWWHQRFKERUVWH

3ODWWRUQDPnVWHGHPRQWHUDVIUnQSODWWYlUPHYl[ODUHQXQGHUUHQJ|ULQJHQ

%RUVWDPHGUHQJ|ULQJVPHGHO 6SRODUHQWPHGYDWWHQ
 

6  3ODWWYlUPHYl[ODUH
 8QGHUKnOO 6YHQVND

5HQJ|ULQJVPHGHO± 3DQQVWHQVNDOQLQJ
 0D[NRQFHQWUDWLRQ
0D[WHPSHUDWXUƒ&

3DQQVWHQ±VNDOQLQJ 6HGLPHQW 5HQJ|ULQJVPHGHO

.DOFLXPNDUERQDW .RUURVLRQVSURGXNWHU 6DOSHWHUV\UD

.DOFLXPVXOIDW 0HWDOOR[LGHU 6XOIDPLFDFLGDPLQRVXOIRQLVNV\UD
6LOLNDWHU 6ODP &LWURQV\UD
$OXPLQLXPR[LG )RVIRUV\UD
7YnDWRPLVNDRUJDQLVPHU .RPSOH[ELOGDUH('7$17$
RFKGHUDVH[NUHPHQWL 1DWULXPSRO\IRVIDWHU
ROLNDIlUJHU

5HQJ|ULQJVPHGHO± %LRORJLVNWLOOYl[WVODP
 0D[NRQFHQWUDWLRQ
0D[WHPSHUDWXUƒ&

%LRORJLVNWWLOOYl[W±VODP 5HQJ|ULQJVPHGHO

%DNWHULHU 1DWULXPK\GUR[LGNDXVWLNVRGD

1HPDWRGHU 1DWULXPNDUERQDWNULVWDOOVRGD

6
3URWR]RHU 5HQJ|ULQJVHIIHNWHQNDQI|UElWWUDVDYVHYlUWJHQRPWLOOVDWVDYVPn
PlQJGHUK\SRNORULWHOOHUPHGHOI|UDWWELOGDNRPSOH[ELOGQLQJDURFK
\WDNWLYDlPQHQ

5HQJ|ULQJVPHGHO±2OMHUHVWHUDVIDOWIHWWHU

%HOlJJQLQJ 5HQJ|ULQJVPHGHO

2OMHUHVWHU 3DUDIILQROMDQDIWDEDVHUDWO|VQLQJVPHGHOWH[IRWRJHQ

$VIDOW
)HWWHU 2EV
*XPPLSDFNQLQJDUDY(3'0W\SVYlOOHULGHQQDW\SDYPHGLHU.RQ
WDNWWLGHQE|UGlUI|ULQWHYDUDOlQJUHlQPLQXWHU

9LNWLJW
)|OMDQGHO|VQLQJVPHGHOE|ULQWHDQYlQGDV
‡ .HWRQHUWH[$FHWRQPHW\OHW\ONHWRQ
PHW\OLVREXW\ONHWRQ
‡ (VWHUWH[HW\ODFHWDWEXW\ODFHWDW
‡ +DORJHQDNROYlWHQWH[NORURWHQ
NROWHWUDNORULGIUHRQHU
‡ $URPDWHUWH[EHQVHQWROXRO

3ODWWYlUPHYl[ODUH 6 
 6YHQVND 8QGHUKnOO

6WlQJQLQJ

.RQWUROOHUDDWWDOODWlWQLQJV\WRUlUUHQD 3UHVVDLKRSSODWWRUQD'UDnWLWYnVWHJHQ
  OLJWILJXUHUQDQHGDQ9DUQRJDPHGDWW
VWDWLYSODWWDQRFKWU\FNSODWWDQKHODWLGHQlU
%RUVWDUHQWEXOWJlQJRUQDPHGHQVWnO SDUDOOHOOD
 ERUVWH6P|UMJlQJRUQDPHGHWWWXQWODJHU
IHWWWH[*OHLWPRHOOHUPRWVYDUDQGH 6WHJ %XOWQU 7LOOPnWWHW
 ±HOOHU± $
 ±±± $

6WHJ'UDnWEXOWDUQDYl[HOYLVGLDJRQDOW
WLOOVSODWWSDNHWHWKDUPnWWHW$

)lVWSDFNQLQJDUQDSnSODWWRUQDHOOHUNRQW
 UROOHUDDWWDOODSDFNQLQJDUVLWWHURUGHQWOLJW
IDVW

2EV
2PSDFNQLQJHQVLWWHUIHOVHUPDQGHW
6

JHQRPDWWGHQVWLFNHUXSSXUSDFNQLQJV
VSnUHWHOOHUOLJJHUXWDQI|UVSnUHW

6lWWLQSODWWRUQDPHGILVNEHQVP|QVWUHW
 SODFHUDWLDOWHUQHUDQGHULNWQLQJRFKPHG
SDFNQLQJDUQDPRWVWDWLYSODWWDQ
6WHJ)RUWVlWWDWWGUDnWEXOWDUQDYl[HOYLV
RFKGLDJRQDOWHQOLJWELOGHQQHGDQ.RQWURO
OHUD$PnWWHWPHOODQEXOWDUQDYLGnWGUDJ
QLQJHQ

6  3ODWWYlUPHYl[ODUH
 8QGHUKnOO 6YHQVND

+|JVWDnWGUDJQLQJVPRPHQW
2EV
2PHWWWU\FNOXIWVYHUNW\JDQYlQGVJlOOHUGHnW
GUDJQLQJVPRPHQWVRPYLVDVLQHGDQVWnHQGH
WDEHOO0lW$PnWWHWXQGHUnWGUDJQLQJHQ
‡ 2PHQKHWHQLQWHlUIXOOVWlQGLJWWlWNDQ
GHQGUDVnWWLOOPnWWHW$±+|JVWD
WLOOnWQDnWGUDJQLQJVPRPHQWInUGRFN
LQWH|YHUVNULGDV

%XOW %XOWPHGODJHUVNnO %XOWPHGEULFNRU

VWRU
OHN
1P .SP 1P .SP
0  
0  
0    
0    

2PPDQXHOOnWGUDJQLQJDQYlQGVPnVWHnWGUDJQLQJV
2PSODWWRUQDlUNRUUHNWPRQWHUDGHELOGDU
PRPHQWHWEHUlNQDV
 NDQWHUQDHWWYD[NDNHP|QVWHUHQOLJW
QHGDQVWnHQGHELOG
*|UI|OMDQGHRPGHWLQWHJnUDWWXSSQn$PnWWHW
2PXWVLGDQDYSODWWSDNHWHWKDUPlUNWVVH
‡ .RQWUROOHUDDQWDOHWSODWWRURFK$PnWWHW VWHJLDYVQLWWgSSQDQGHNDQGXNRQW
‡ .RQWUROOHUDDWWDOODPXWWUDURFKODJHUVNnODUO|SHU UROOHUDDWWSODWWRUQDPRQWHUDWVLUlWWRUG
IULWW,DQQDWIDOOUHQJ|URFKVP|UMHOOHUE\WXWGHP QLQJ

6
$PnWWHWInU|YHUVNULGDVLXQGDQWDJVIDOO,VnGDQDIDOO
NDQI|OMDQGHOlQJGHUSnSODWWSDNHWHWDFFHSWHUDV

3ODWWSDNHWVOlQJGSODWWD 3ODWWSDNHWVOlQJG$
PnWW
!PP $
±PP $
PP $

6lWW|YULJDEXOWDUSnSODWV
 ‡ ,QVSHNWHUDEULFNRUQD
‡ 1lUSDNHWHWlUIXOOWnWGUDJHWVNDDOOD
EXOWDUQDYDUDOLNDKnUWVSlQGD
‡ 6NLOOQDGHQPHOODQSODWWSDNHWVOlQJGHUQD
$PnWWHWPlWWYLGDQJUlQVDQGHEXOWDU
InULQWH|YHUVNULGD
± PPQlU$PP
± PPQlU$!PP

‡ 3ODWWSDNHWVOlQJGHQYLGDOODEXOWDUQDInU
LQWHDYYLNDPHUlQ

3ODWWYlUPHYl[ODUH 6 
 6YHQVND 8QGHUKnOO

2PSDFNQLQJ

&OLSRQSDFNQLQJDU
gSSQDSODWWYlUPHYl[ODUHQHQOLJWLQVWUXN
 WLRQHUQDSnVLGDQ RFKWDERUWSODWWDQVRP
VNDI|UVHVPHGQ\SDFNQLQJ
&OLS$'SDFNQLQJDU0;0;
&OLS$'SDFNQLQJDUlUHWWV\VWHPPHGNRQYHQWLRQHOOD
FOLSRQIlVWHQUXQW|SSQLQJDUQDRFKNOLVWHUUHPVRU
OlQJVSODWWRUQDVVLGRU

.OLVWHUUHPVRU*&lUHWWHQNHOWVlWWDWWInSDFNQLQJ

7DERUWGHQJDPODSDFNQLQJHQ DUQDDWWVLWWDVlNHUWSnSODWV'HWIlVWVYLGSDFNQLQJV
 VSnUHWPHGKMlOSDYHQVSHFLHOOSLVWROPHGYLONHQGHW
lUOlWWDWWVlWWDNOLVWHUUHPVDQH[DNWGlUPDQYLOOKD
GHQ

gSSQDSODWWYlUPHYl[ODUHQHQOLJWLQVWUXN


)lVWFOLSRQSDFNQLQJHQSnSODWWDQ6WLFNLQ
SDFNQLQJVKDNDUQDXQGHUNDQWHQSnSODW  WLRQHUQDSnVLGDQ RFKWDERUWSODWWDQVRP
VNDI|UVHVPHGQ\SDFNQLQJ
WDQ
7DERUWGHQJDPODSDFNQLQJHQ

'HWlULQWHQ|GYlQGLJWDWWWDERUWJDPPDO
 WHMSHIWHUVRPKLQQDQlUP\FNHWWXQQPHQ
GHWlUYLNWLJWDWWSDFNQLQJVVSnUHWlUUHQW
RFKWRUUW

)lVWNOLVWHUUHPVDQPHGKMlOSDYSLVWROHQ

6

2EV
.RQWUROOHUDDWWGHWYnSDFNQLQJVKDNDUQDVLWWHU
UlWW

)RUWVlWWSnVDPPDVlWWWLOOVDOODSODWWRUVRP
 EHK|YHURPSDFNQLQJlUIlUGLJD

6WlQJSODWWYlUPHYl[ODUHQHQOLJWLQVWUXN
 WLRQHUQDSnVLGDQ 

)lVWSDFNQLQJHQSnSODWWDQ6WLFNLQSDFN
/LPPDGHSDFNQLQJDU
6HSDUDWOLPLQVWUXNWLRQPHGI|OMHUOLPI|USDFNQLQJHQ
 QLQJVKDNDUQDXQGHUNDQWHQSnSODWWDQ

6WlQJSODWWYlUPHYl[ODUHQHQOLJWLQVWUXN
 WLRQHUQDSnVLGDQ 

6  3ODWWYlUPHYl[ODUH
 ,QGKROG 'DQVN

,QGKROG

%HVNULYHOVH  
+RYHGNRPSRQHQWHU  
)XQNWLRQ  

,QVWDOODWLRQ  
.UDY  
/¡IW 
+ YHRS  

'ULIW 
6WDUW  
(QKHGHQLGULIW 
/XNQLQJ  

9HGOLJHKROGHOVH 
&,3UHQJ¡ULQJ  
0DQXHOUHQJ¡ULQJ 
8GVNLIWQLQJDISDNQLQJHU  

'.

.RQWDNW$OID/DYDO
.RQWDNWRSO\VQLQJHUIRUDOOHODQGH
RSGDWHUHVO¡EHQGHSnYRUHV
ZHEVWHG
8GRYHUGHQQH,QVWUXNWLRQVYHMOHGQLQJHUI¡OJHQGHGRNXPHQWHU
YHGODJWLGHQQHSDNNH
± 7HJQLQJRYHUSODGHYDUPHYHNVOHUHQ

%HV¡JZZZDOIDODYDOFRPRJ ± 2SK QJQLQJVOLVWHIRUSODGHU
NRQWDNWGHQORNDOH$OID /DYDO
IRUKDQGOHU ± /LVWHRYHUNRPSRQHQWHUPHGVSU QJVNLWVH

3ODGHYDUPHYHNVOHU '.
 'DQVN 1RWDWHU

1RWDWHU
'.

'. 3ODGHYDUPHYHNVOHU
 %HVNULYHOVH 'DQVN

%HVNULYHOVH
+RYHGNRPSRQHQWHU
% UHVNLQQH
% UHUNDQDOSODGHUQHRJ 6WD
5DPPHSODGH WU\NSODGHQ WLYV¡MOH

7 WQLQJVEROWH
7U\NNDQDOSODG
HUQH

%HVN\W
WHOVH
DIEROWH
)RUELQGHOVHU
+XOOHULJHQQHPUDP
PHSODGHQVRPWLOODGHU
PHGLHWDWVWU¡PPHLQGL
YDUPHYHNVOHUHQ

*HYLQGWDSSHRP
NULQJKXOOHUQHIDVWJ¡U
U¡UHQHWLODSSDUDWHW

'.
0HWDOHOOHUJXPPL
IRULQJHUNDQDQYHQGHV
WLODWEHVN\WWHKXOOHUQH
PRGNRUURVLRQ
6W\UHVNLQQH
+ROGHUNDQDOSODGHUQH
SnSODGVLGHQQHGHU
VWHHQGH
7U\NSODGH
%HY JHOLJVWnOSODGH,QRJOHWLOI OGH
NDQU¡UHQHY UHIRUEXQGHWWLO
WU\NSODGHQ
.DQDOSODGHU
9DUPHRYHUI¡UHVIUDHWPHGLHWLOHWDQGHW
JHQQHPGHW\QGHNDQDOSODGHU

$QWDOOHWDISODGHUEHVWHPPHUGHWVDPOHGH
YDUPHRYHUI¡UVHOVDUHDO

%HVN\WWHOVHVSODGHU
/HYHUHVHIWHU¡QVNH

3ODGHYDUPHYHNVOHU '. 
 'DQVN %HVNULYHOVH

)XQNWLRQ

3ODGHYDUPHYHNVOHUHQEHVWnUDIHQVWDNE¡OJHPHW
DOSODGHUPHGnEQLQJHUKYRULJHQQHPGHWRY VN
HUVWU¡PPHULPHOOHPKYLONHYDUPHXGYHNVOLQJHQ
IRUHJnU
3ODGHVWDNNHQVDPOHVPHOOHPHQUDPPHSODGHRJ
HQWU\NSODGHRJVDPPHQVS QGHVPHGVS QG
'.
LQJVEROWH3ODGHUQHXGVW\UHVPHGHQSDNQLQJ
VRPW WQHUNDQDOHQRJVW\UHUY VNHUQHLQGLKYHU
VLQHNDQDOHU%¡OJHUQHLSODGHUQHJLYHUWXUEXOHQVL
Y VNHQRJXQGHUVW¡WWHUSODGHUQHPRGGLIIHUHQV
WU\N

$SODGHQHUHQSODGH %SODGHQHUHQSODGH
VRPK QJHUPHG9IRU VRPK QJHUPHG9IRU
PHQSHJHQGHQHGDG PHQSHJHQGHRSDG

'.  3ODGHYDUPHYHNVOHU
 ,QVWDOODWLRQ 'DQVN

,QVWDOODWLRQ
.UDY

0XOWLSDVVHQKHGHU
)RUELQGHOVHUSnWU\NSODGHQ
'HWHUYLJWLJWDWSODGHVWDNNHQHUEOHYHW
WLOVS QGWWLONRUUHNWWU\NNRQWUROOpUPHGWHJ
QLQJHQLQGHQU¡UHWWLOVOXWWHV

.Q U¡U
)RUDWJ¡UHGHWOHWWHUH
DWDIPRQWHUHSODGH
YDUPHYHNVOHUHQVNDO
HWNQ U¡URPE¡MHVWLO
WLOVOXWQLQJHQLWU\NSODG
HQPHGUHWQLQJRSDG
HOOHUWLOVLGHQRJHQGQX
HQRPE¡MQLQJVNDO
SODFHUHVOLJHXGHQIRU
YDUPHYHNVOHUHQVNRQ
$IVWDQG WXU
'HUNU YHVPLQGVW
PPIULSODGVWLODWO¡IWHSODG
HUQHLQGRJXG

'.
)XQGDPHQW
$IVS UULQJVYHQWLOHU (QKHGHQVNDOLQVWDOOHUHV
)RUDWYDUPHYHNVOHUHQ SnHWIODGWIXQGDPHQWVRP
VNDONXQQHnEQHVVNDO JLYHUWLOVWU NNHOLJXQGHU
GHUSODFHUHVDIVS U VW¡WWHOVHWLOUDPPHQ
ULQJVYHQWLOHULDOOHWLOVOXW
QLQJHU
%HP UN 6LNNHUKHGVYHQWLOHUVNDOLQVWDOOHUHVLKHQKROGWLO
‡ ,QGHQGHUWLOVOXWWHVU¡UVNDOGXNRQWUROOHUH J OGHQGHUHJOHUIRUWU\NEHKROGHUH
DWDOOHIUHPPHGOHJHPHUHUUHQVHWXGDIV\V +YLVYDUPHYHNVOHUHQVRYHUIODGHWHPSHUDWXUIRU
WHPHW
YHQWHVDWEOLYHK¡MHOOHUODYE¡UYDUPHYHNVOHUHQ
‡ 1nUU¡UV\VWHPHWWLOVOXWWHVVNDOGXNRQWURO LVROHUHV
OHUHDWU¡UHQHLNNHXGV WWHUSODGHYDUPH
YHNVOHUHQIRUWU\NHOOHUEHODVWQLQJ 'HWDQEHIDOHVDWDQYHQGHEHVN\WWHQGHSODGHUWLO
‡ )RUDWXQGJnWU\NVW¡GPnGHULNNHEUXJHV DWG NNHYDUPHYHNVOHUHQ
K¡MKDVWLJKHGVYHQWLOHU )RUKYHUPRGHOHUGHVLJQWU\NRJWHPSHUDWXUHU
WU\NWSnLGHQWLILNDWLRQVSODGHQ'LVVHPnLNNH
RYHUVNULGHV

3ODGHYDUPHYHNVOHU '. 
 'DQVN ,QVWDOODWLRQ

/¡IW
$GYDUVHO
0nDOGULJO¡IWHVLWLOVOXWQLQJHUQHHOOHU
EROWHQHRPNULQJGHP'HUVNDODQYHQGHV
VWURSSHUQnUYDUPHYHNVOHUHQO¡IWHV
3ODFpUVWURSSHUQHVRPYLVWSnLOOXVWUDWLR
QHQ

000;76 0;00$
'.

'.  3ODGHYDUPHYHNVOHU
 ,QVWDOODWLRQ 'DQVN

+ YHRS

3ODFpUWRVW\NNHUW¡PPHUSnJXOYHW 3ODFpUVWURSSHURPNULQJHQEROWSnKYHU
  VLGH

/¡IWYDUPHYHNVOHUHQIUDSDOOHQIHNVYHG
 KM OSDIVWURSSHU

/¡IWYDUPHYHNVOHUHQY NIUDW¡PPHUHW


3ODFpUYDUPHYHNVOHUHQSnGHWRVW\NNHU
 W¡PPHU

'.
6 QNYDUPHYHNVOHUHQWLOYDQGUHWSRVLWLRQ
 RJSODFpUGHQSnJXOYHW

3ODGHYDUPHYHNVOHU '. 
 'DQVN 'ULIW

'ULIW
6WDUW
%HP UN +YLVGHUHUHQYHQWLOSnDIJDQJHQVNDOGHQ
+YLVV\VWHPHWLQGHKROGHUIOHUHSXPSHU  Y UHKHOWnEHQ
VNDOGXNRQWUROOHUHKYLONHQGHUVNDOnEQHV
cEQXGOXIWQLQJVYHQWLOHQRJVWDUWSXPSHQ
I¡UVW

%HP UN
)ORZKDVWLJKHGHQVNDOUHJXOHUHVODQJVRPW cEHQ
IRUDWXQGJnWU\NVW¡G

7U\NVW¡GHUHWNRUWYDULJWNUDIWLJWWU\NVRP
NDQRSVWnXQGHUVWDUWHOOHUOXNQLQJDIHW
V\VWHPRJIRUnUVDJHDWY VNHEHY JHU
VLJJHQQHPHWU¡UVRPHQE¡OJHPHG
O\GHQVKDVWLJKHG'HWWHNDQPHGI¡UHEH
W\GHOLJVNDGHSnV\VWHPHW cEQYHQWLOHQODQJVRPW

cEQODQJVRPW
.RQWUROOpUDW$PnOHWHUNRUUHNW)RU$VH
 YHGODJWHWHJQLQJDIYDUPHYHNVOHUHQ
'.

.RQWUROOpUDWYHQWLOHQPHOOHPSXPSHQRJ
 GHQHQKHGVRPVW\UHUV\VWHPHWVIORZKDV /XNXGOXIWQLQJVYHQWLOHQQnUDOOXIWHUXGH
WLJKHGHUOXNNHW

/XNNHW
/XN

cEHQ

*HQWDJWULQIRUGHWDQGHWPHGLH

'.  3ODGHYDUPHYHNVOHU
 'ULIW 'DQVN

(QKHGHQLGULIW /XNQLQJ

%HP UN %HP UN
)ORZKDVWLJKHGHQVNDOMXVWHUHVODQJVRPW +YLVV\VWHPHWLQGHKROGHUIOHUHSXPSHUVNDO
IRUDWEHVN\WWHV\VWHPHWPRGSOXGVHOLJHRJ GXNRQWUROOHUHKYLONHQGHUVNDOVWRSSHVI¡UVW
NUDIWLJHXGVYLQJLWHPSHUDWXURJWU\N

/XNODQJVRPWYHQWLOHQLPHQVGXNRQWURO
8QGHUGULIWHQVNDOGHWNRQWUROOHUHVDW
 OHUHUIORZKDVWLJKHGHQIRUGHQSXPSHGXHU
YHGDWVWRSSH
PHGLHWVWHPSHUDWXURJWU\NHULQGHQIRUGH
JU QVHUGHUHUDQJLYHWSnWHJQLQJHQWLO
/XN
YDUPHYHNVOHUHQ
GHULNNHRSVWnUXW WKHGHUVRPI¡OJHDIIRU
NHUWWLOVS QGLQJDISODGHVWDNNHQHOOHUVRP
I¡OJHDIGHIHNWHHOOHUEHVNDGLJHGHSDNQLQJHU
E UHVNLQQHQRJVW\UHVNLQQHQKROGHVUHQHRJ
VPXUWH
EROWHQHKROGHVUHQHRJVPXUWH

6WRSSXPSHQQnUYHQWLOHQHUOXNNHW

*HQWDJWULQIRUGHQDQGHQVLGH

+YLVYDUPHYHNVOHUHQVNDOY UHOXNNHWL


'.
O QJHUHWLGE¡UGHQW¡PPHVIRUY VNH
9DUPHYHNVOHUHQE¡URJVnW¡PPHVKYLV
SURFHVVHQOXNNHVRJGHQRPJLYHQGHWHP
SHUDWXUHUXQGHUPHGLHWVIU\VHSXQNW$I
K QJLJWDIY VNHUQHHUGHWWLOUnGHOLJWDW
UHQVHRJW¡UUHYDUPHYHNVOHUHQ

5HQHRJ
VPXUWH
,QJHQXW WKHG

.RQWDNWDOWLGGHWORNDOH$OID/DYDONRQWRUIRUDWIn
UnGJLYQLQJRP
‡ Q\HGLPHQVLRQHUSnSODGHVWDNNHQKYLVGX
¡QVNHUDW QGUHDQWDOOHWDISODGHU
‡ YDOJDIPDWHULDOHWLOSDNQLQJHQKYLVGULIWVWHP
SHUDWXUHUQHRJWU\NNHW QGUHVSHUPDQHQWHOOHU
KYLVGHUVNDODQYHQGHVHWDQGHWPHGLHLYDUPH
YHNVOHUHQ

3ODGHYDUPHYHNVOHU '. 
 'DQVN 9HGOLJHKROGHOVH

9HGOLJHKROGHOVH
&,3UHQJ¡ULQJ

8GVW\UHWWLO&,3UHQJ¡ULQJ&OHDQLQJ,Q3ODFHJ¡U )¡OJLQVWUXNWLRQHUQHIRU&,3XGVW\UHW

GHWPXOLJWDWUHQJ¡UHSODGHYDUPHYHNVOHUHQXGHQ
DWnEQHGHQ )¡OJHQGH&,3PRGHOOHUNDQDQYHQGHV&,3
&,3&,3RJ&,3
+YLV&,3UHQJ¡ULQJLNNHNDQXGI¡UHVVNDO
UHQJ¡ULQJHQIRUHWDJHVPDQXHOW6HDIVQLWWHW
0DQXHOUHQJ¡ULQJ

&,3UHQJ¡ULQJRPIDWWHU

‡ IMHUQHOVHDINDONEHO JQLQJHURJDQGUHVODJV
EHO JQLQJHU

‡ SDVVLYHULQJDIUHQJMRUWHRYHUIODGHUIRUDWJ¡UH
GHPPLQGHXGVDWWHIRUNRUURVLRQ

‡ QHXWUDOLVHULQJDIUHQJ¡ULQJVPLGOHULQGHQ
XGW¡PQLQJ

5HQJ¡ULQJVPLGOHU

5HQJ¡ULQJVPLGGHO %HVNULYHOVH

$OID&DXV (QVW UNWDONDOLVNY VNHWLOIMHUQHOVHDIPDOLQJIHGWROLHRJELRORJLVNH
DIOHMULQJHU
$OID3KRV (QV\UHEDVHUHWUHQVHY VNHWLOIMHUQHOVHDIPHWDOR[LGHUUXVWNDONRJ
'.

DQGUHLNNHRUJDQLVNHEHO JQLQJHU
$OID3DVV (QDONDOLVNY VNHWLOSDVVLYHULQJIRUHE\JJHOVHDINRUURVLRQ
$OID1HXWUD (QVW UNWDONDOLVNY VNHWLOQHXWUDOLVHULQJDI$OID3KRVLQGHQXGW¡PQLQJ
$OID36FDOH (WV\UHKROGLJWUHQJ¡ULQJVSXOYHUPHGHQNRUURVLRQVK PPHQGHHIIHNW
VRPLV UHUHIIHNWLYWLOIMHUQHOVHDINDOFLXPNDUERQDWRJDQGUHLNNHRUJDQL
VNHEHO JQLQJHU
$OID31HXWUD (WDONDOLVNSXOYHUWLOQHXWUDOLVHULQJDIEUXJW$OID36FDOHLQGHQGHWERUW
VNDIIHV
$OID$GG (WQHXWUDOWPLGGHOWLOVW\UNHOVHDIUHQJ¡ULQJVHIIHNWLYLWHWHQGHUVNDO
DQYHQGHVVDPPHQPHG$OID3KRV$OID&DXVRJ$OID36FDOH*LYHUHQ
EHGUHUHQJ¡ULQJDIROLHUHGHIHGWHGHRYHUIODGHURJVWHGHUKYRUGHURSVWnU
ELRORJLVNY NVW$OID$GGUHGXFHUHURJVnHYHQWXHOVNXPGDQQHOVH
$OSDFRQ'HVFDODQW (WV\UHKROGLJWYDQGEDVHUHWRJLNNHVNDGHOLJWUHQJ¡ULQJVPLGGHOVRPHU
EHUHJQHWWLOIMHUQHOVHDIEHO JQLQJHUPDJQHWLWDOJHUKXPXVPXVOLQJHU
EO¡GG\UNDONRJUXVW,QGHKROGHU%,2*(1$&7,9(HQELRORJLVNEODQGLQJ
GHUIUHPVWLOOHVDIJHQEUXJHOLJHPDWHULDOHUVRPHQDNWLYLQJUHGLHQV
$OSDFRQ'HJUHDVHU (WQHXWUDOWDIIHGWQLQJVPLGGHOGHUVNDODQYHQGHVVDPPHQPHG$OSDFRQ
'HVFDODQW)MHUQHUHIIHNWLYWEHO JQLQJHUDIROLHHOOHUIHGWPHQEHJU QVHU
RJVnVNXPGDQQHOVH,QGHKROGHU%,2*(1$&7,9(HQELRORJLVNEODQGLQJ
GHUIUHPVWLOOHVDIJHQEUXJHOLJHPDWHULDOHUVRPHQDNWLYLQJUHGLHQV

'.  3ODGHYDUPHYHNVOHU
 9HGOLJHKROGHOVH 'DQVN

0DQXHOUHQJ¡ULQJ

$GYDUVHO cEQLQJ
%HVN\WWHOVHVKDQVNHUE¡UDOWLGE UHVYHG
KnQGWHULQJDISODGHUQHRJEHVN\WWHOVHVSODG $GYDUVHO
HUQHIRUDWXQGJnVNDGHUSnK QGHUQHIUDGH +YLVYDUPHYHNVOHUHQHU
VNDUSHNDQWHU YDUPVNDOGXYHQWHWLOGHQ
HUN¡OHWQHGWLORPNULQJ
 ƒ&

7¡PSODGHYDUPHYHNVOHUHQ


'.
,QVSLFpUJOLGHIODGHUQHSnE UHVNLQQHQRJ
 W¡UGHQUHQ

3ODGHYDUPHYHNVOHU '. 
 'DQVN 9HGOLJHKROGHOVH

0DUNpUSODGHDJJUHJDWHWSn\GHUVLGHQPHG 'HWSDUEROWHVRPHUXGVW\UHWPHGNXJOH
 HQGLDJRQDOOLQMH  KROGHUHnEQHVVNLIWHYLVRJGLDJRQDOWLWR
WULQVHQHGHQVWnHQGHILJXUHU

7ULQ %ROWQU 7LODIVWDQGHQ

 ±±± $
 ±HOOHU± cEQLQJ

9 URPK\JJHOLJPHGDWUDPPHSODGHQRJ
WU\NSODGHQDOWLGHUSDUDOOHOOH7U\NSODGHQV
DIYLJHOVHXQGHUnEQLQJPnLNNHRYHUVWLJH
PPRPGUHMQLQJHUSUEROWKHQRYHU
EUHGGHQRJPPRPGUHMQLQJHUSU
EROWORGUHW
0DUNpU
7ULQ/¡VQGHILUHEROWHVNLIWHYLVLGLDJR
QDOWP¡QVWHULQGWLOSODGHVWDNNHQKDUPnOHW
2SPnODIVWDQGHQ$RJQRWpUGHQ $

'.

/¡VQEROWHQHVRPLNNHHUXGVW\UHWPHG 7ULQ/¡VQGHWRGLDJRQDOHSDUEROWH
 NXJOHKROGHUHRJIMHUQGHP VNLIWHYLVVRPYLVWSnILJXUHQKHUXQGHU

)MHUQ
EROWHQH

)MHUQ
EROWHQH

'.  3ODGHYDUPHYHNVOHU
 9HGOLJHKROGHOVH 'DQVN

cEQSODGHVWDNNHQYHGDWODGHWU\NSODGHQ
 JOLGHSnE UHVNLQQHQ

+YLVSODGHUQHVNDOQXPPHUHUHVVNDOGHWWH
J¡UHVLQGHQSODGHUQHWDJHVDI

'HWHULNNHQ¡GYHQGLJWDWIMHUQHSODGHUQH
KYLVGHUNXQVNDOUHQJ¡UHVPHGYDQGGYV
XGHQUHQJ¡ULQJVPLGGHO

)MHUQ
SODGHUQH

'.

3ODGHYDUPHYHNVOHU '. 
 'DQVN 9HGOLJHKROGHOVH

0DQXHOUHQJ¡ULQJDInEQHGHHQKHGHU

)RUVLJWLJ %HP UN
%UXJDOGULJVDOWV\UHWLOSODGHULUXVWIULW 3DVSnLNNHDWEHVNDGLJHSDNQLQJHUQHXQ
VWnO9DQGPHGHWNORULGLQGKROGGHU GHUPDQXHOUHQJ¡ULQJ 
RYHUVWLJHU SSPPnLNNHEUXJHV
WLOUHQJ¡ULQJVPLGOHU'HWHUPHJHW
YLJWLJWDWE UHVNLQQHURJVWDWLYV¡MOHU
LDOXPLQLXPHUEHVN\WWHWPRGNHPLND
OLHU

%HO JQLQJHUGHUNDQIMHUQHVPHGYDQGRJE¡UVWH

'HWHULNNHQ¡GYHQGLJWDWIMHUQHSODGHUQHIUDSODGHYDUPHYHNVOHUHQXQGHUUHQJ¡ULQJHQ

)MHUQEHO JQLQJHUQHPHGHQEO¡GE¡UVWH 6N\OHIWHUPHGYDQGYHGKM OSDIHQ
 RJULQGHQGHYDQG  K¡MWU\NVVODQJH
'.

%HO JQLQJHUGHULNNHNDQIMHUQHVPHGYDQGRJE¡UVWH

'HWHUQ¡GYHQGLJWDWIMHUQHSODGHUQHIUDSODGHYDUPHYHNVOHUHQXQGHUUHQJ¡ULQJHQ

6NUXEPHGUHQJ¡ULQJVPLGGHO 6N\OHIWHUPHGYDQG
 

'.  3ODGHYDUPHYHNVOHU
 9HGOLJHKROGHOVH 'DQVN

5HQJ¡ULQJVPLGOHU± .HGHOVWHQEHO JQLQJ
 .RQFHQWUDWLRQPDNV
7HPSHUDWXUPDNVƒ&

.HGHOVWHQ±EHO JQLQJ 6HGLPHQW 5HQJ¡ULQJVPLGGHO

.DOFLXPNDUERQDW .RUURVLRQVSURGXNWHU 6DOSHWHUV\UH

.DOFLXPVXOIDW 0HWDOR[LGHU 6XOIDPLQV\UH
6LOLNDWHU 6ODP &LWURQV\UH
$OXPLQLXPR[LG )RVIRUV\UH
'LDWRPLVNHRUJDQLVPHURJ .RPSOHNVELQGHUH('7$17$
GHUHVHNVNUHPHQWHULIRU 1DWULXPSRO\IRVIDWHU
VNHOOLJHIDUYHU

5HQJ¡ULQJVPLGOHU± %LRORJLVNY NVWVODP
 .RQFHQWUDWLRQPDNV
7HPSHUDWXUPDNVƒ&

%LRORJLVNY NVW±6ODP 5HQJ¡ULQJVPLGGHO

%DNWHULHU 1DWULXPK\GUR[LG
1HPDWRGHU 1DWULXPNDUERQDW
3URWR]RHU 5HQJ¡ULQJVHIIHNWHQNDQ¡JHVEHW\GHOLJWYHGWLOI¡UHOVHDIVPn
P QJGHUK\SRNORULWHOOHUPLGOHUWLOGDQQHOVHDINRPSOHNVHUHOOHUWHQ
VLGHU

'.
5HQJ¡ULQJVPLGOHU± 2OLHUHVWHUDVIDOWIHGWVWRIIHU

%HO JQLQJ 5HQJ¡ULQJVPLGGHO

2OLHUHVWHU 2SO¡VQLQJVPLGGHOEDVHUHWSnSDUDIILQVNQDIWDIHNVSHWUROHXP

$VIDOW
)HGWVWRIIHU %HP UN
3DNQLQJHUL(3'0JXPPLNYDOLWHWHUVYXOPHURSLGLVVHPHGLHU.RQ
WDNWWLGHQE¡UEHJU QVHVWLOPLQXWWHU

)RUVLJWLJ
)¡OJHQGHRSO¡VQLQJHUE¡ULNNHEUXJHV
‡ .HWRQHUIHNVDFHWRQHPHWK\OHW\ONH
WRQPHWK\OLVREXW\ONHWRQ
‡ (VWHUHIHNVHWK\ODFHWDWEXW\ODFHWDW
‡ +DORJHQHUHGHNXOEULQWHUIHNVFKOR
URWKHQHFDUERQWHWUDFKORULGIUHRQHU
‡ $URPDWLVNHVWRIIHUIHNVEHQ]HQWRO
XHQ

3ODGHYDUPHYHNVOHU '. 
 'DQVN 9HGOLJHKROGHOVH

/XNQLQJ

.RQWUROOpUDWDOOHW WQLQJVIODGHUHUUHQH 7U\NSODGHUQHVDPPHQ7LOVS QGLQJHQ
  IRUHWDJHVLWRWULQVHILJXUHUQHQHGHQIRU
9 URPK\JJHOLJPHGDWUDPPHSODGHQRJ
%¡UVWEROWHQHVJHYLQGUHQHPHGHQVWnO WU\NSODGHQDOWLGHUSDUDOOHOOH
 E¡UVWH6P¡UJHYLQGHQHPHGHWW\QGWODJ
IHGWIHNV*OHLWPRHOOHUWLOVYDUHQGH 7ULQ %ROWQU 7LODIVWDQGHQ
 ±HOOHU± $
 ±±± $

7ULQ6WUDPGHWRSDUEROWHLGLDJRQDOW
P¡QVWHULQGWLOSODGHVWDNNHQKDUPnOHW
$

6 WSDNQLQJHUSnSODGHUQHHOOHUNRQWURO
 OpUDWDOOHSDNQLQJHUQHHUNRUUHNW
PRQWHUHW

%HP UN
+YLVSDNQLQJHQHUSODFHUHWIRUNHUWNDQGHW
VHVYHGDWGHQVWLNNHUXGDIULOOHQHOOHUDW
GHQHUSODFHUHWXGHQIRUULOOHQ
'.

,QGV WSODGHUQHPHGVLOGHEHQVP¡QVWHUHW
 VNLIWHYLVSODFHUHWLKYHUVLQUHWQLQJRJPHG
SDNQLQJHUQHYHQGWPRGUDPPHSODGHQ
7ULQ+HUHIWHUVWUDPPHVEROWHQHVNLIWHYLV
RJGLDJRQDOWVRPYLVWSnILJXUHQKHUXQGHU
.RQWUROOpUDIVWDQGHQ$PHQVEROWHQH
VWUDPPHVYHGSODFHULQJHQDIGHEROWHGHU
DQYHQGHV

'.  3ODGHYDUPHYHNVOHU
 9HGOLJHKROGHOVH 'DQVN

0DNVLPDOWWLOVS QGLQJVPRPHQW
%HP UN
1nUHQWU\NOXIWGUHYHWWLOVS QGLQJVHQKHG
EUXJHVVNDOGHWPDNVLPDOHPRPHQWLQHGHQ
VWnHQGHWDEHORYHUKROGHV2SPnODIVWDQGHQ
$XQGHUWLOVS QGLQJ 
‡ 3ODGHVWDNNHQVO QJGHYHGDOOHEROWH
PnLNNHYDULHUHPHGPHUHHQG
‡ +YLVHQKHGHQLNNHVOXWWHUIXOGVW QGLJW
W WNDQGHQVWUDPPHVWLODIVWDQGHQ$
'HWPDNVLPDOHWLOVS QGLQJVPR
PHQWPnGRJLNNHRYHUVNULGHV

%ROW %ROWPHGNXJOH %ROWPHGVS QG

VW¡U KROGHU VNLYHU
UHOVH
1P .SP 1P .SP
0  
0  
0    
0    

9HGPDQXHOWLOVS QGLQJVNDOWLOVS QGLQJVPRPHQWHW
YXUGHUHV

+YLVDIVWDQGHQ$LNNHNDQRSQnV
‡ .RQWUROOpUDQWDOOHWDISODGHURJDIVWDQGHQ$
‡ .RQWUROOpUDWDOOHP¡WULNNHURJNXJOHKROGHUHO¡EHU
IULW,PRGVDWIDOGVNDOGHUHQVHVRJVP¡UUHVHOOHU
XGVNLIWHV
+YLVSODGHUQHHUNRUUHNWVDPOHWGDQQHU
 NDQWHUQHHWVHNVNDQWHWP¡QVWHUVRPYLVW
SnILJXUHQQHGHQIRU
+YLVSODGHVWDNNHQHUIRUV\QHWPHGPDUN
HULQJHUSn\GHUVLGHQVHWULQLDIVQLWWHW
cEQLQJVNDOGXNRQWUROOHUHDWSODGHUQH
'LPHQVLRQHQ$NDQRYHUVNULGHVLV UOLJHWLOI OGH,
HUEOHYHWVDPOHWLNRUUHNWU NNHI¡OJH
GHWWHWLOI OGHNDQI¡OJHQGHO QJGHDISODGHVWDNNHQ

'.
DFFHSWHUHV

/ QJGHDISODGHVWDN / QJGHDI
SODGH SODGHVWDNGLPHQ
VLRQ$
!PP $
±PP $
PP $

3ODFpUGHDQGUHEROWHLNRUUHNWSRVLWLRQ
 ‡ ,QVSLFpUVS QGVNLYHUQH
‡ 1nUGHHUKHOWWLOVS QGWVNDODOOHEROWH
KDYHVDPPHVS QGLQJ
‡ )RUVNHOOHQPHOOHPSODGHVWDNNHQHV
O QJGHDIVWDQGHQ$PnOWYHG
WLOVW¡GHQGHEROWHPnLNNHRYHUVWLJH
± PPQnU$PP
± PPQnU$!PP

3ODGHYDUPHYHNVOHU '. 
 'DQVN 9HGOLJHKROGHOVH

8GVNLIWQLQJDISDNQLQJHU

&OLSRQSDNQLQJHU
cEQSODGHYDUPHYHNVOHUHQVRPEHVNUHYHW
 SnVLGH RJIMHUQGHQSODGHVRPVNDOIRU
V\QHVPHGHQQ\SDNQLQJ
&OLS$'SDNQLQJHU0;0;
&OLS$'SDNQLQJHQEHWHJQHUHWV\VWHPPHGGHQ
WUDGLWLRQHOOHFOLSRQIDVWJ¡ULQJRPNULQJnEQLQJHUQH
RJIDVWJ¡ULQJYHGKM OSDINO EHEnQGODQJVVLGHUQH
DISODGHUQH

)MHUQGHQJDPOHSDNQLQJ %UXJHQDINO EHEnQG*&HUHQHQNHOPnGHDW

 RSQnVLNNHUSODFHULQJDISDNQLQJHUQH'HWNO EHV
IDVWWLOSDNQLQJHQVULOOHYHGKM OSDIHQVSHFLHO
WDSHSLVWROVRPJ¡UGHWOHWDWSODFHUHNO EHEnQGHW
PHJHWSU FLVW
0RQWpUFOLSRQSDNQLQJHQSnSODGHQ)¡U
 SDNQLQJHQVJUHELQGXQGHUSODGHQVNDQW

cEQSODGHYDUPHYHNVOHUHQVRPEHVNUHYHW
SnVLGH RJIMHUQGHQSODGHVRPVNDOIRU
V\QHVPHGHQQ\SDNQLQJ

)MHUQGHQJDPOHSDNQLQJ

'HWHULNNHQ¡GYHQGLJWDWIMHUQHJDPPHOW
 NO EHEnQGGDILOPHQHUPHJHWW\QG0HQ
NRQWUROOpUDWSDNQLQJHQVULOOHHUUHQRJW¡U

3nI¡UNO EHEnQGHWPHGSLVWROHQ

'.

%HP UN
6¡UJIRUDWSDNQLQJHQVWRJUHEHUSODFHUHW
NRUUHNW

)RUWV WPHGGHQQ VWHSODGHLQGWLOGXHU
 LJHQQHPDOOHSODGHUVRPVNDOIRUV\QHV
PHGQ\SDNQLQJ

/XNSODGHYDUPHYHNVOHUHQVRPEHVNUHYHW
 SnVLGH 

0RQWpUSDNQLQJHQSnSODGHQ)¡USDNQLQJ
3nNO EHWSDNQLQJHU
/LPHQOHYHUHVPHGVHSDUDWHLQVWUXNWLRQHURPSn
 HQVJUHELQGXQGHUSODGHQVNDQW

NO EQLQJ
/XNSODGHYDUPHYHNVOHUHQVRPEHVNUHYHW
 SnVLGH 

'.  3ODGHYDUPHYHNVOHU
 6LVlOW| 6XRPL

6LVlOW|

.XYDXV  
7lUNHLPPlWRVDW  
7RLPLQWD  

$VHQQXV  
9DDWLPXNVHW  
1RVWR  
1RVWRNXOMHWXVDOXVWDOWD 

7RLPLQWD  
.l\QQLVW\V  
<NVLNN|WRLPLQQDVVD  
3\Vl\W\V  

.XQQRVVDSLWR  
$OID/DYDOLQ\KWH\VWLHGRW
(ULPDLGHQ\NVLW\LVNRKWDLVHW
\KWH\VWLHGRWO|\W\YlW
LQWHUQHWVLYXLOWDPPH
.l\RVRLWWHVVD
ZZZDOIDODYDOFRPMDRWD
\KWH\WWlSDLNDOOLVHHQ$OID /DYDO
MlOOHHQP\\MllQ
/HY\OlPP|QYDLKGLQ
&,3SXKGLVWXV&OHDQLQJ,Q3ODFH  
3XKGLVWXVNlVLQ 
7LLYLVWHHQYDLKWDPLQHQ  
),1
7RLPLWXNVHHQVLVlOW\YlWWlPlQRKMHNLUMDQOLVlNVL
VHXUDDYDWDVLDNLUMDW
± /HY\OlPP|QYDLKWLPHQSLLUXVWXNVHW
± /HY\OXHWWHOR
± 2VDOXHWWHORMDLUWRRVDSLLUURV
),1
 6XRPL 0HUNLQW|Ml

0HUNLQW|Ml
),1

),1 /HY\OlPP|QYDLKGLQ
 .XYDXV 6XRPL

.XYDXV
7lUNHLPPlWRVDW
.DQQDWLQWDQNR
.DQQDWWHOHHNDQDYD 7XNLSDONNL
5XQNROHY\ OHY\MlMDSDLQHOHY\l

.LLQQLW\VUXXYLW
3LWlYlW
NDQDYDOHY\W
\KGHVVl

5XXYLQ
VXRMXV

/LLWlQQlW
5XQNROHY\QUHLlWMRL
GHQNDXWWDYlOLWWlMlDLQ
HHWSllVHYlW
OlPP|QYDLKWLPHHQ

5HLNLHQ\PSlULOOl
ROHYLHQNLHUUHWDSSLHQ
DYXOODSXWNHWNLLQ
QLWHWllQODLWWHHVHHQ
5HLlWYRLGDDQVXRMDWD
NRUURRVLROWDPHWDOOLWDL
NXPLVLOODVLVlSllOO\V
2KMDLQWDQNR

),1
WHLOOl
3LWllNDQDYD
OHY\MHQDODRVDWVD
PDQVXXQWDLVHVVD
3DLQHOHY\ OLQMDVVD
6LLUUHWWlYlWHUlVOHY\-RLVVDNLQ
WLODQWHLVVDSXWNHWYRLGDDQOLLWWll
SDLQHOHY\\Q
.DQDYDOHY\W
/lPS|VLLUW\\YlOLWWlMlDLQHHVWDWRLVHHQ
RKXLGHQNDQDYDOHY\MHQYlOLW\NVHOOl

/lPP|QVLLUWRSLQQDQVXXUXXVULLSSXX
OHY\MHQPllUlVWl

6XRMXVOHY\W
7RLPLWHWDDQS\\QQ|VWl

/HY\OlPP|QYDLKGLQ ),1 
 6XRPL .XYDXV

7RLPLQWD

/HY\OlPP|QYDLKGLQPXRGRVWXXDDOWRPHWDOOL MRNDHULVWllNDQDYDQMDMRKWDDQHVWHHWYXRURWWDL
OHY\SDNDVWDMRVVDRQWXQQHOLDXNRWNDKGHOOHQHV VLLQNDQDYLLQ/HY\MHQDDOORWXVOLVllQHVWHHQ
WHHOOHMRLGHQYlOLOOlOlPP|QVLLUWRWDSDKWXX S\|UWHLWlMDDQWDDOHY\LOOHWXNHDSDLQHHURMDYDV
WDDQ
5XQNROHY\QMDSDLQHOHY\QYlOLVVlROHYDOHY\SDNND
RQNLULVWHWW\NLLQQLW\VUXXYHLOOD/HY\LVVlRQWLLYLVWH
),1

$OHY\QQXROLNXYLRWRVRLW %OHY\QQXROLNXYLRW
WDYDWDODVSlLQ RVRLWWDYDW\O|VSlLQ

),1  /HY\OlPP|QYDLKGLQ
 $VHQQXV 6XRPL

$VHQQXV
9DDWLPXNVHW

0RQLOLLWlQWl\NVLN|W
/LLWlQQlWSDLQHOHY\\Q
2QWlUNHllHWWlOHY\SDNNDRQNLULVWHWW\
RLNHDQPLWWDLVNHNVLWDUNLVWDSLLUXVWXNVHVWD
HQQHQSXWNHQOLLWWlPLVWl

3ROYLSXWNL
/HY\OlPP|QYDLKWL
PHQLUWLN\WNHQWlKHO
SRWWXXNXQSROYLSXWNL
NLLQQLWHWllQSDLQHOHY\Q
OLLWlQQlVWlMRNR
\O|VSlLQWDLVLYXOOHQLLQ
HWWlWRLQHQODLSSDOLLWRV
RQKHWLOlPP|QYDLKWL
PHQllULYLLYRMHQ
XONRSXROHOOD
7LOD
/HY\MHQVLLUWlPLVHHQVLVllQ
MDXORVWDUYLWDDQHVWHHW|QWl
WLODDYlKLQWllQPP

3RKMD
6XONXYHQWWLLOLW $VHQQDODLWHWDVDLVHOOH

),1
.DLNNLOLLWlQQlWRQYDUX SRKMDOOHQLLQHWWlUXQNRRQ
VWHWWDYDVXONXYHQWWLL WXNHYDVWL
OHLOOlMRWWD
OHY\OlPP|QYDLKGLQ
YRLGDDQDYDWD
+XRPDD 7XUYDYHQWWLLOLWRQDVHQQHWWDYDQ\N\LVWHQ
‡ 9DUPLVWDHQQHQSXWNLHQOLLWWlPLVWlHWWl SDLQHODLWWHLWDNRVNHYLHQVllG|VWHQPXNDDQ
NDLNNLYLHUDDWHVLQHHWRQKXXKGRWWXSRLV
MlUMHVWHOPlVWl -RVOHY\OlPP|QYDLKWLPHQOlPS|WLODQHGHO
‡ 9DUPLVWDSXWNLMlUMHVWHOPlQOLLWWlPLVHQ O\WHWllQROHYDQNXXPDWDLN\OPlODLWHRQHULVWHW
\KWH\GHVVlHWWHLOHY\OlPP|QYDLKWLPHHQ WlYl
NRKGLVWXMlQQLWWHLWlWDLYllQW|l
‡ 9HVLLVNXQYlOWWlPLVHNVLlOlNl\WlSLNDVXO /HY\OlPP|QYDLKWLPHQVXRMDDPLVWDVXRMXVOHY\LO
NXYHQWWLLOHMl OlVXRVLWHOODDQ

-RNDLVHQPDOOLQPLWRLWXVSDLQHMDOlPS|WLODRQ
PHUNLWW\WXQQLVWHOHY\\Q1LLWlHLVDD\OLWWll

/HY\OlPP|QYDLKGLQ ),1 
 6XRPL $VHQQXV

1RVWR
9DURLWXV
bOlNRVNDDQQRVWDODLWHWWDOLLWLQUHL
LVWlWDL
QLLGHQ\PSlULOOlROHYLVWDWDSHLVWD1RVWDP
LVHHQRQNl\WHWWlYlKLKQRMD$VHWDKLKQDW
NXWHQNXYDVVD

000;76 0;00$
),1

),1  /HY\OlPP|QYDLKGLQ
 $VHQQXV 6XRPL

1RVWRNXOMHWXVDOXVWDOWD

$VHWDNDNVLSXXSDONNLDODWWLDOOH 3XMRWDKLKQDWUXXYLQ\PSlULNXPPDOWDNLQ
  SXROHOWD

1RVWDOlPP|QYDLKGLQNXOMHWXVDOXVWDOWD
 HVLPKLKQRMHQDYXOOD

1RVWDOlPP|QYDLKGLQSXXSDONHLOWD


$VHWDOlPP|QYDLKGLQSXXSDONHLOOH


/DVNHOlPP|QYDLKGLQYDDNDDVHQWRRQ
 ODWWLDOOH

),1

/HY\OlPP|QYDLKGLQ ),1 
 6XRPL 7RLPLQWD

7RLPLQWD
.l\QQLVW\V
+XRPDD -RVSRLVWRDXNRVVDRQYHQWWLLOLYDUPLVWD
-RVMlUMHVWHOPllQVLVlOW\\XVHLWDSXPSSX  HWWlVHRQWl\VLQDXNL
MDYDUPLVWDHWWlWLHGlWPLNlQLLVWlRQDYDW $YDDLOPDUHLNlMDDORLWDSXPSSDXV
WDYDHQVLQ

+XRPDD
$XNL
9LUWDXVPllULHQVllG|WRQWHKWlYlKLWDDVWL
YHVLLVNXMHQYlOWWlPLVHNVL

9HVLLVNXRQO\K\WDLNDLQHQSDLQHKXLSSX
MRNDVDDWWDDLOPHWlMlUMHVWHOPlQNl\Q
QLVW\NVHQWDLS\Vl\W\NVHQ\KWH\GHVVl
3DLQHHQVHXUDXNVHQDQHVWHHWOLLNNXYDW
SXWNHVVDDDOWRPDLVHVWLllQHQQRSHXGHOOD
7lPlYRLDLKHXWWDDKXRPDWWDYLDYDXULRLWD $YDDYHQWWLLOLKLWDDVWL
ODLWWHLVWROOH 
$YDDKLWDDVWL
7DUNLVWDHWWlPLWWD$RQRLNHD.DWVR$
 PLWWDPXNDQDWRLPLWHWXVWDSLLUXVWXNVHVWD
),1

7DUNLVWDHWWlSXPSXQMDMlUMHVWHOPlQYLU
 WDXVPllUllRKMDDYDQ\NVLN|QYlOLQHQ
YHQWWLLOLRQNLLQQL 
.XQNDLNNLLOPDRQSRLVWXQXWVXOMHLOPD
UHLNl

.LLQQL
6XOMH

$XNL

7RLVWDYDLKHHWWRLVHQYlOLWWlMlDLQHHQ
 NRKGDOOD

),1  /HY\OlPP|QYDLKGLQ
 7RLPLQWD 6XRPL

<NVLNN|WRLPLQQDVVD 3\Vl\W\V

+XRPDD +XRPDD
9LUWDXVPllULHQVllG|WRQWHKWlYlKLWDDVWL -RVMlUMHVWHOPllQVLVlOW\\XVHLWDSXPSSXMD
MlUMHVWHOPlQVXRMHOHPLVHNVLlNLOOLVLOWlMD YDUPLVWDHWWlWLHGlWPLNlQLLVWlRQS\Vl\WHW
M\UNLOWlOlPS|WLODQMDSDLQHHQYDLKWHOXLOWD WlYlHQVLQ

6XOMHN\VHLVHQSXPSXQYLUWDXVWDVllWlYl
7DUNLVWDWRLPLQQDQDLNDQDHWWl
 YHQWWLLOLKLWDDVWL
YlOLWWlMlDLQHLGHQOlPS|WLODWMDSDLQHHWRYDW
6XOMH
OHY\OlPP|QYDLKWLPHQSLLUXVWXNVHVVDPDLQL
WXLVVDUDMRLVVD
OHY\SDNDQYLUKHHOOLVHQNLULVW\NVHQWDLYLDOOLV
WHQWDLYDXULRLWXQHLGHQWLLYLVWHLGHQDLKHXWWD
PLDYXRWRMDHLHVLLQQ\
WXNLSDONNLNDQQDWLQWDQNRMDRKMDLQWDQNRRYDW
SXKWDDWMDUDVYDWXW
UXXYLWRYDWSXKWDDWMDUDVYDWXW

.XQYHQWWLLOLRQVXOMHWWXS\Vl\WlSXPSSX

7RLVWDYDLKHHWWRLVHOODSXROHOOD

-RVOlPP|QYDLKGLQS\Vl\WHWllQXVHDQ
 SlLYlQDMDNVLWDLVLWlSLWHPPlNVLDLNDDVHRQ
W\KMHQQHWWlYl7\KMHQQ\VRQWHKWlYlP\|V
VLOORLQNXQWRLPLQWDS\Vl\WHWllQRORVXKWHLV
VDMRLVVD\PSlULVW|QOlPS|WLODRQYlOLW
WlMlDLQHLGHQMllW\PLVOlPS|WLODDDOKDLVHPSL

),1
.l\WHW\VWlYlOLWWlMlDLQHLVWDULLSSXHQRQ
VXRVLWHOWDYDDKXXGHOODMDNXLYDWDODLWH

3XKWDDWMD
UDVYDWXW
(LYXRWRD

.\V\DLQDSDLNDOOLVHOWD$OID/DYDOWRLPLWWDMDOWD
QHXYRMDVHXUDDYLLQ
‡ XXGHQOHY\SDNDQPLWDWMRVOHY\MHQOXNXPllUll
DLRWDDQPXXWWDD
‡ YDOLWWDYDWLLYLVWHPDWHULDDOLMRVNl\WW|OlPS|WLORMD
MDSDLQHLWDPXXWHWDDQS\V\YlVWLWDLMRVOHY\OlP
P|QYDLKWLPHVVDDLRWDDQNl\WWllWRLVWDYlOLW
WlMlDLQHWWD

/HY\OlPP|QYDLKGLQ ),1 
 6XRPL .XQQRVVDSLWR

.XQQRVVDSLWR
&,3SXKGLVWXV&OHDQLQJ,Q3ODFH

&,3SXKGLVWXVODLWWHLVWRQDYXOODOHY\OlPP|QYDLKGLQ 6HXUDDYLD&,3PDOOHMDYRLGDDQNl\WWll&,3
YRLGDDQSXKGLVWDDODLWHWWDDYDDPDWWD &,3&,3MD&,3

-RV&,3SXKGLVWXVWDHLYRLWHKGlSXKGLVWXVRQ
WHKWlYlNlVLQNDWVRNRKWD3XKGLVWXVNlVLQ

&,3SXKGLVWXVPXRGRVWXXVHXUDDYLVWDYDLKHLVWD

‡ OLDQMDNDONNLVDRVWXPLHQSRLVWR

‡ SXKGLVWHWWXMHQSLQWRMHQSDVVLYRLQWLNRUURRVLR
KHUNN\\GHQYlKHQWlPLVHNVL

‡ SXKGLVWXVDLQHLGHQQHXWUDORLQWLHQQHQW\KMHQ
Q\VWl

1RXGDWD&,3ODLWWHLVWRQRKMHLWD

3XKGLVWXVQHVWHHW

3XKGLVWXVQHVWH .XYDXV

$OID&DXV 9DKYDVWLHPlNVLQHQQHVWHPDDOLQUDVYDQ|OM\QMDRUJDDQLVWHQMllPLHQ
SRLVWRRQ
$OID3KRV +DSDQSXKGLVWXVQHVWHPHWDOOLRNVLGLHQUXRVWHHQNDONLQMDPXLGHQHSlRU
JDDQLVWHQVDRVWXPLHQSRLVWRRQ
$OID3DVV (PlNVLQHQQHVWHSDVVLYRLQWLLQNRUURRVLRQLQKLELRLQWLLQ
$OID1HXWUD 9DKYDVWLHPlNVLQHQQHVWH$OID3KRVQHVWHHQQHXWUDORLQWLLQHQQHQW\KMHQ
Q\VWl
),1

$OID36FDOH +DSDQSXKGLVWXVMDXKHMRNDVLVlOWllNRUURRVLRQHVWRDLQHWWDMDSRLVWDDHULW
WlLQWHKRNNDDVWLNDOVLXPNDUERQDDWWLMDPXXWHSlRUJDDQLVHWNHUURVWXPDW
$OID31HXWUD (PlNVLQHQMDXKH$OID36FDOHSXKGLVWXVDLQHHQQHXWUDORLQWLLQHQQHQ
KlYLWWlPLVWl
$OID$GG 1HXWUDDOLOLVlSXKGLVWXVDLQHMRNDVRSLL$OID3KRV$OID&DXVMD$OID3
6FDOHSXKGLVWXVDLQHLGHQNDQVVD$QWDDSDUHPPDQSXKGLVWXVWXORNVHQ
|OM\LVLOOlMDUDVYDLVLOODSLQRLOODVHNlNRKGLVVDMRLVVDRQELRORJLVWDNDVYXD
$OID$GGYlKHQWllP\|VYDDKWRDPLVWD
$OSDFRQ'HVFDODQW +DSDQMDYDDUDWRQYHVLOLXNRLQHQSHVXDLQHMRNDRQWDUNRLWHWWXVDRVWXP
LHQPDJQHWLLWLQOHYLHQPDDDLQHNVHQVLPSXNRLGHQl\ULlLVWHQNDONLQMD
UXRVWHHQSRLVWRRQ6HQVLVlOWlYlDNWLLYLQHQDLQHRQ%,2*(1$&7,9(
XXGHOOHHQNl\WHWWlYLVWlPDWHULDDOHLVWDWHKW\ELRORJLQHQVHRV
$OSDFRQ'HJUHDVHU 1HXWUDDOLUDVYDQSRLVWDMDMRWDNl\WHWllQ$OSDFRQ'HVFDODQWLQNDQVVD
3RLVWDDWHKRNNDDVWL|OM\lMDUDVYDDVHNlYlKHQWllYDDKWRDPLVWD6HQVLV
lOWlYlDNWLLYLQHQDLQHRQ%,2*(1$&7,9(XXGHOOHHQNl\WHWWlYLVWlPDWHUL
DDOHLVWDWHKW\ELRORJLQHQVHRV

),1  /HY\OlPP|QYDLKGLQ
 .XQQRVVDSLWR 6XRPL

3XKGLVWXVNlVLQ

9DURLWXV /DLWWHHQDYDDPLQHQ
.l\WlDLQDVXRMDNlVLQHLWlNXQNlVLWWHOHW
OHY\MlMDVXRMXVOHY\MlWHUlYLHQUHXQRMHQ 9DURLWXV
DLKHXWWDPLHQYDPPRMHQHVWlPLVHNVL -RVOlPP|QYDLKGLQRQNX
XPDDQQDVHQMllKW\l
NXQQHVOlPS|WLODRQQRLQ
 ƒ&

7\KMHQQlOHY\OlPP|QYDLKGLQ


),1
7DUNDVWDNDQQDWLQWDQJRQOLXNXSLQWDMD
 S\\KLNXLYDNVL

/HY\OlPP|QYDLKGLQ ),1 
 6XRPL .XQQRVVDSLWR

0HUNLWVHOHY\MHQMlUMHVW\VXONRSXROHOOH /DDNHULNRWHORLGHQUXXYLWDYDWDDQYXRU
 YLQRYLLYDOOD  RQSHUllQYLQRWWDLQMDNDKGHVVDYDLKHHVVD
NDWVRDOODROHYLDNXYLD

9DLKH 5XXYLQUR .LULVWlPLW

WDDQ
 ±±± $
 ±WDL± /DLWWHHQ
DYDDPLQHQ

+XROHKGLHWWlUXQNRMDSDLQHOHY\RYDWDLQD
\KGHQVXXQWDLVHW3DLQHOHY\QYLQRXWXPDHL
VDDROODDYDDPLVHQDLNDQD\OLPP
 NLHUURVWDSHUUXXYLOHYH\VVXXQWDDQMD\OL
0HUNLWVH  PPNLHUURVWDSHUUXXYLS\VW\VXRUDDQ

9DLKH/|\VllQHOMllUXXYLDYXRURQSHUllQ
0LWWDDMDPHUNLWVHPXLVWLLQPLWWD$ YLQRWWDLQNXQQHVOHY\SDNDQPLWWDRQ$

),1

/|\VllODDNHULNRWHORLKLQVRSLPDWWRPDW 9DLKH/|\VllNDKWDYLQRWWDLVWDUXXYLSD
 UXXYLWMDLUURWDQH ULDYXRURWHOOHQDOODROHYDQNXYDQRVRLWWD
PDOODWDYDOOD

,UURWD
UXXYLW

,UURWD
UXXYLW

),1  /HY\OlPP|QYDLKGLQ
 .XQQRVVDSLWR 6XRPL

$YDDOHY\SDNNDVLLUWlPlOOlSDLQHOHY\l
 NDQQDWLQWDQJROOD

-RVOHY\WQXPHURLGDDQVHRQWHKWlYlWHQ
QHQOHY\MHQLUURWWDPLVWD

/HY\MlHLWDUYLWVHLUURWWDDMRVSXKGLVWXN
VHHQNl\WHWllQSHONNllYHWWlLOPDQSXK
GLVWXVDLQHWWD

,UURWD
OHY\W

),1

/HY\OlPP|QYDLKGLQ ),1 
 6XRPL .XQQRVVDSLWR

$YDWXQ\NVLN|QSXKGLVWXVNlVLQ

9DURLWXV +XRPDD
bOlNRVNDDQNl\WlVXRODKDSSRD 9DURHWWHLWLLYLVWHYDKLQJRLWXNlVLQSXKGLV
+&/UXRVWXPDWWRPLLQWHUlVOHY\LKLQ WXNVHQDLNDQD 
9HWWlMRQNDNORULGLSLWRLVRLVXXVRQ\OL
 PJOHLVDDNl\WWllSXKGLVWXVOLX
RVWHQYDOPLVWDPLVHHQ2QHULWWlLQ
WlUNHllVXRMDWDDOXPLLQLVHWNDQQDWLQ
WDQJRWMDWXNLSDONLWNHPLNDDOHLOWD

9HGHOOlMDKDUMDOODLUWRDYDOLND

/HY\MlHLWDUYLWVHLUURWWDDOHY\OlPP|QYDLKWLPHVWDSXKGLVWXNVHQDMDNVL

.l\WlOLDQSRLVWDPLVHHQSHKPHllKDUMDD +XXKWHOHYHGHOOlNl\WWlPlOOlNRUNHDSDLQH
 MDMXRNVHYDDYHWWl  OHWNXD
),1

9HGHOOlMDKDUMDOODLUWRDPDWRQOLND

/HY\WRQLUURWHWWDYDOHY\OlPP|QYDLKWLPHVWDSXKGLVWXNVHQDMDNVL

+DUMDDSXKGLVWXVDLQHHQNDQVVD +XXKWHOHYHGHOOl
 

),1  /HY\OlPP|QYDLKGLQ
 .XQQRVVDSLWR 6XRPL

3XKGLVWXVDLQHHW± .DUVWDWVDRVWXPDW
 3LWRLVXXVHQLQW
/lPS|WLODHQLQWƒ&

.DUVWD6DRVWXPD .HUURVWXPD 3XKGLVWXVDLQH

.DOVLXPNDUERQDDWWL .RUURRVLRWXRWWHHW 7\SSLKDSSR

.DOVLXPVXOIDDWWL 0HWDOOLRNVLGLW 6XOIDPLGLKDSSR
6LOLNDDWLW 6LOWWL 6LWUXXQDKDSSR
$OXPLLQLRNVLGL )RVIRULKDSSR
.DNVLDWRPLVHWMlUMHVW .RPSOHNVLQPXRGRVWDMDW('7$17$
HOPlWMDQLLGHQHULYlULVHW 1DWULXPSRO\IRVIDDWLW
KDMRDPLVWXRWWHHW

3XKGLVWXVDLQHHW±%LRORJLQHQNDVYXOLPD
 3LWRLVXXVHQLQW
/lPS|WLODHQLQWƒ&

%LRORJLQHQNDVYX/LPD 3XKGLVWXVDLQH

%DNWHHULW 1DWULXPK\GURNVLGL
6XNNXODPDGRW 1DWULXPNDUERQDDWWL
$ONXHOlLPHW 3XKGLVWXVWHKRDYRLGDDQNDVYDWWDDKXRPDWWDYDVWLOLVllPlOOlSLHQLl
PllULlK\SRNORULLWWLDWDLNRPSOHNVLQPXRGRVWDMLDVHNlSLQWDDNWLLYLVLD
DLQHLWD

3XKGLVWXVDLQHHW±gOM\MllPlWDVYDOWWLUDVYDW

),1
-llPl 3XKGLVWXVDLQH

gOM\MllPlW 3DUDILLQLVHWQDIWDSRKMDLVHWOLXRWWLPHWHVLPYDORSHWUROL

$VYDOWWL
5DVYDW +XRPDD
1lPlDLQHHWDLKHXWWDYDW(3'0NXPLVWHQWLLYLVWHLGHQWXUSRDPLVWD
.RVNHWXVDLNDRQUDMRLWHWWDYDPLQXXWWLLQ

9DURLWXV
6HXUDDYLD\KGLVWHLWlHLVDDNl\WWll
‡ .HWRQLWHVLPDVHWRQLPHW\\OLHW\\OLNHWRQL
PHW\\OLVREXW\\OLNHWRQL
‡ (VWHULWHVLPHW\\OLDVHWDDWWLEXW\\OLD
VHWDDWWL
‡ +DORJHQRLGXWKLLOLYHG\WHVLPNORURWHHQL
KLLOLWHWUDNORULGLIUHRQLW
‡ $URPDDWWLVHW\KGLVWHHWHVLPEHQWVHHQLWRO
XHHQL

/HY\OlPP|QYDLKGLQ ),1 
 6XRPL .XQQRVVDSLWR

6XONHPLQHQ

7DUNLVWDHWWlNDLNNLWLLYLVWHSLQQDWRYDW 3DLQDOHY\W\KWHHQ/HY\MHQNLULVW\VWHK
 SXKWDDW  GllQNDKGHVVDYDLKHHVVDNDWVRDOODROH
YDNXYD+XROHKGLHWWlUXQNRMDSDLQHOHY\
RYDWDLQD\KGHQVXXQWDLVHW
3XKGLVWDUXXYLHQNLHUWHHWWHUlVKDUMDOOD
 9RLWHOHNLHUWHHWRKXHOWLUDVYDOODHVLP
*OHLWPRWDLYDVWDDYD
9DLKH 5XXYLQUR .LULVWlPLW
WDDQ
 ±WDL± $
 ±±± $

9DLKH.LULVWlNDKWDYLQRWWDLVWDUXXYLSDULD
YXRURWHOOHQNXQQHVOHY\SDNDQPLWWDRQ
$

.LLQQLWlWLLYLVWHHWOHY\LKLQWDLWDUNDVWDHWWl
 QHRYDWNXQQROODNLLQQL

+XRPDD
-RVWLLYLVWHRQYllUlVVlNRKGDVVDVH
QRXVHHWLLYLVWHXUDVWDXORVWDLRQXUDQ
XONRSXROHOOD

$VHWDOHY\WSDLNDOOHHQQLLQHWWlNDODQUXR 9DLKH.LULVWlVLWWHQUXXYLWYXRURWHOOHQMD

),1

WRNXYLRWWXOHYDWYXRURWHOOHQYDVWDNNDLVLLQ YLQRVWLSRLNLWWDLQDOODROHYDQNXYDQRVRLWWD
VXXQWLLQMDWLLYLVWHHWNRKWLUXQNROHY\l PDOODWDYDOOD7DUNDVWD$PLWWDUXXYLHQ
NLULVWlPLVHQDLNDQD

),1  /HY\OlPP|QYDLKGLQ
 .XQQRVVDSLWR 6XRPL

6XXULQYllQW|PRPHQWWL ‡ -RVODLWHHLVXONHXGXWl\VLQVHYRLGDDQ
NLULVWllPLWWDDQ$6XXULQWD
+XRPDD YllQW|PRPHQWWLDHLNXLWHQNDDQVDD
-RVNLULVWlPLVHHQNl\WHWllQSDLQHLOPDW\|ND \OLWWll
OXDNDWVRVXXULQYllQW|PRPHQWWLDOODROH
YDVWDWDXOXNRVWD0LWWDD$PLWWDNLULVW\NVHQ
DLNDQD

5XX 5XXYLMDODDNHULNR 5XXYLMDDOXVODDWDW

YLNRNR WHOR
1P .SP 1P .SP
0  
0  
0    
0    

.lVLQNLULVWHWWlHVVlYllQW|PRPHQWWLRQDUYLRLWDYD
-RVOHY\WRQNRRWWXRLNHLQQLLGHQUHXQDW
-RV$PLWWDDHLVDDYXWHWD
‡ 7DUNDVWDOHY\MHQOXNXPllUlMD$PLWWD
 PXRGRVWDYDWKXQDMDNHQQRNXYLRQNDWVR
DOOD
‡ 7DUNDVWDHWWlNDLNNLPXWWHULWMDODDNHULWOLLNNXYDW
HVWHHWW|PlVWL-ROOHLSXKGLVWDMDYRLWHOHWDLYDLKGD -RVOHY\SDNNDRQPHUNLWW\XONRSXROHOWD
WLODOOHXXGHW NDWVRYDLKHNRKGDVVD/DLWWHHQ
DYDDPLQHQWDUNLVWDHWWlOHY\WRYDWRLNHDV
$PLWWDYRLGDDQ\OLWWllSRLNNHXVWDSDXNVLVVD6HX VDMlUMHVW\NVHVVl
UDDYDWOHY\SDNDQSLWXXGHWYRLGDDQWlOO|LQK\YlNV\l

/HY\SDNDQSLWXXVOHY\ /HY\SDNDQSLWXXV
$PLWWD
!PP $

),1
±PP $
PP $

$VHWDPXXWUXXYLWSDLNDOOHHQ
 ‡ 7DUNDVWDDOXVODDWDW
‡ .XQNLULVW\VRQYDOPLVNDLNNLHQUXXYLHQ
RQROWDYDD\KWlNLUHlOOl
‡ .XQOHY\SDNDQSLWXXVPLWDWDDQ
YLHUHNNlLVLVWlUXXYHLVWDPLWWD$HUR
WXVHLVDDROODVXXUHPSLNXLQ
± PPNXQ$RQPP
± PPNXQ$RQ!PP

‡ .XQOHY\SDNDQSLWXXVPLWDWDDQNDLNLVWD
UXXYHLVWDHURWXVHLVDDROOD\OL

/HY\OlPP|QYDLKGLQ ),1 
 6XRPL .XQQRVVDSLWR

7LLYLVWHHQYDLKWDPLQHQ

1LSLVWLPHOOlYDUXVWHWXWWLLYLVWHHW 1LSLVWLPHOOlYDUXVWHWXW$'WLLYLVWHHW0;

$YDDOHY\OlPP|QVLLUULQVLYXQRKMHLGHQ
 PXNDDQMDSRLVWDOHY\MRQNDWLLYLVWHRQ
YDLKGHWWDYD
0;
1LSLVWLPHOOlYDUXVWHWXW$'WLLYLVWHHWNLLQQLWHWllQ
QLSLVWLPHOOlWXQQHOLDXNNRRQMDNLULVWHWllQWHLSLOOlOHY\
MHQVLYXMDSLWNLQ

,UURWDYDQKDWLLYLVWH 7HLSLQ*&DYXOODWLLYLVWHNLLQQLWHWllQKHOSRVWL

 SDLNDOOHHQ6HNLLQQLWHWllQWLLYLVWHHQXUDDQHULW\LVHOOl
WHLSSLSLVWRROLOODMRQNDDYXOODWHLSSLRQKHOSSRODLWWDD
MXXULRLNHDDQNRKWDDQ


.LLQQLWlQLSLVWLPHOOlYDUXVWHWWXWLLYLVWH
OHY\\Q7\|QQlWLLYLVWHHQVDNDUDWOHY\QUH
XQRMHQDOOH
$YDDOHY\OlPP|QVLLUULQVLYXQ RKMHLGHQ
 PXNDDQMDSRLVWDOHY\MRQNDWLLYLVWHRQ
YDLKGHWWDYD
,UURWDYDQKDWLLYLVWH

9DQKDDWHLSSLlHLWDUYLWVHSRLVWDDNRVND
 VHRQK\YLQRKXWWD9DUPLVWDNXLWHQNLQHWWl
WLLYLVWHHQXUDRQSXKGDVMDNXLYD

.LLQQLWlWHLSSLSLVWRROLQDYXOOD


+XRPDD
9DUPLVWDHWWlPROHPPDWWLLYLVWHHQ
VDNDUDWRYDWNRKGDOODDQ
),1

7RLVWDHGHOOLVHWWRLPHQSLWHHWNXQQHV
 YDLKWRDWDUYLWVHYDWWLLYLVWHHWRQXXVLWWX

6XOMHOHY\OlPP|QYDLKGLQVLYXQRKMHL
 GHQPXNDDQ

/LLPDWXWWLLYLVWHHW
(ULOOLVHWOLLPDXVRKMHHWWRLPLWHWDDQOLLPDQPXNDQD
.LLQQLWlWLLYLVWHOHY\\Q7\|QQlWLLYLVWHHQ
 VDNDUDWOHY\QUHXQRMHQDOOH
6XOMHOHY\OlPP|QYDLKGLQVLYXQRKMHL
 GHQPXNDDQ

),1  /HY\OlPP|QYDLKGLQ
 ,QKRXGVRSJDYH 1HGHUODQGV

,QKRXGVRSJDYH

%HVFKULMYLQJ  
+RRIGFRPSRQHQWHQ  
:HUNLQJ 

,QVWDOODWLH  
9HUHLVWHQ 
+LMVHQ 
2SVWHOOHQ 

%HGLHQLQJ 
,QEHGULMIVWHOOLQJ 
8QLWLQEHGULMI 
8LWVFKDNHOHQ  

2QGHUKRXG 
7HUSODDWVHUHLQLJHQ&,3&OHDQLQJ,Q3ODFH 
+DQGPDWLJUHLQLJHQ 
3DNNLQJHQYHUYDQJHQ  

1/

+RHXFRQWDFWNXQWRSQHPHQ
PHW$OID/DYDO %HKRXGHQVGH]HKDQGOHLGLQJ]LMQRRNGHYROJHQGHGRFXPHQWHQ
LQEHJUHSHQLQGH]HOHYHULQJ
'HFRQWDFWLQIRUPDWLHYRRUDOOH
ODQGHQZRUGWFRQVWDQW ± 7HNHQLQJYDQGHSODWHQZDUPWHZLVVHODDU3+( SODWHKHDW
JHDFWXDOLVHHUGRSRQ]HZHEVLWH H[FKDQJHU

%H]RHNZZZDOIDODYDOFRPHQ ± 3ODWHQRSKDQJRYHU]LFKW
QHHPFRQWDFWRSPHWXZ
SODDWVHOLMNH$OID /DYDOYHVWLJLQJ ± 2QGHUGHOHQOLMVWPHWH[SORVLHWHNHQLQJ

3ODWHQZDUPWHZLVVHODDU 1/
 1HGHUODQGV 2SPHUNLQJHQ

2SPHUNLQJHQ
1/

1/ 3ODWHQZDUPWHZLVVHODDU
 %HVFKULMYLQJ 1HGHUODQGV

%HVFKULMYLQJ
+RRIGFRPSRQHQWHQ
'UDDJVWDQJ
'UDDJWGHNDQDDOSODWHQ 6WHXQNRORP
)UDPHSODDW HQGHGUXNSODDW

6SDQERXWHQ
'UXNGHNDQDDO
SODWHQVDPHQ

%RXW
EHVFKHUPLQJ

$DQVOXLWLQJHQ
2SHQLQJHQLQGH
IUDPHSODDWZDDUGRRU
GHYORHLVWRILQGH
ZDUPWHZLVVHODDUNDQ
VWURPHQ

'HEXL]HQZRUGHQ
URQGGHRSHQLQJHQ
PHWVFKURHIERXWHQ
DDQGHZDUPWHZLVVH
ODDUEHYHVWLJG0HW
DOHQRIUXEEHUHQ
YRHULQJHQNXQQHQ *HOHLGHVWDQJ
ZRUGHQJHEUXLNWRP +RXGWKHWRQ
GHRSHQLQJHQWHJHQ GHUHLQGHYDQGH
URHVWWHEHVFKHUPHQ NDQDDOSODWHQLQOLMQ
'UXNSODDW
1/

9HUSODDWVEDUHVWDOHQSODDW,QEHSDDOGH
JHYDOOHQNXQQHQEXL]HQZRUGHQ
DDQJHVORWHQRSGHGUXN
SODDW
.DQDDOSODWHQ
:DUPWHZRUGWYLDGHGXQQHNDQDDOSODWHQ
RYHUJHGUDJHQYDQKHWHQHPHGLXPQDDU
KHWDQGHUH
+HWWRWDOHRSSHUYODNYRRUGHZDUPWHRYHU
GUDFKWKDQJWDIYDQKHWDDQWDOSODWHQ

%HVFKHUPSODWHQ
2SDDQYUDDJOHYHUEDDU

3ODWHQZDUPWHZLVVHODDU 1/ 
 1HGHUODQGV %HVFKULMYLQJ

:HUNLQJ

'HSODWHQZDUPWHZLVVHODDUEHVWDDWXLWHHQSDNNHW PHWHHQSDNNLQJGLHKHWNDQDDODIGLFKWHQGH
PHWDOHQJROISODWHQPHWGRRUODDWRSHQLQJHQYRRU YORHLVWRIIHQQDDUDOWHUQHUHQGHNDQDOHQOHLGW'H
GHWZHHYORHLVWRIIHQZDDUWXVVHQGHZDUPWHRYHU JROYHQGHYRUPYDQGHSODDWEHYRUGHUWGHYRUPLQJ
GUDFKWPRHWSODDWVYLQGHQ YDQZHUYHOLQJHQLQGHYORHLVWRIHQRQGHUVWHXQWGH
SODWHQWHJHQGHGLIIHUHQWLDDOGUXN
+HWSODWHQSDNNHWGDW]LFKWXVVHQHHQIUDPHSODDW
HQHHQGUXNSODDWEHYLQGWZRUGWVDPHQJHGUXNW
GRRUVSDQERXWHQ'HSODWHQZRUGHQJHPRQWHHUG
1/

'H$SODDWKDQJWPHWGH 'H%SODDWKDQJWPHWGH
NHSHUQHHUZDDUWV NHSHURSZDDUWV

1/  3ODWHQZDUPWHZLVVHODDU
 ,QVWDOODWLH 1HGHUODQGV

,QVWDOODWLH
9HUHLVWHQ

6DPHQJHVWHOGHXQLWV
$DQVOXLWLQJHQRSGHGUXNSODDW
+HWLVEHODQJULMNGDWKHWSODWHQSDNNHWPHW
KHWMXLVWHPRPHQWLVDDQJHKDDOGFRQWUROHU
HQRSGHWHNHQLQJYRRUGDWGHEXLVZRUGW
DDQJHVORWHQ

(OOHERRJVWXN
2PKHWORVNRSSHOHQ
YDQGHSODWHQ
ZDUPWHZLVVHODDUWH
YHUHHQYRXGLJHQGLHQW
HHQHOOHERRJVWXNPHW
IOHQVWHZRUGHQ
JHPRQWHHUGRSGH
DDQVOXLWLQJLQGHGUXN
SODDWRSZDDUWVRI]LM
ZDDUWVJHULFKWPHW
5XLPWH HHQDQGHUHIOHQVQHW
9RRUKHWPRQWHUHQHQGH EXLWHQGHFRQWRXUHQ
PRQWHUHQYDQGHSODWHQLV YDQGHZDUPWHZLVVH
HHQYULMHUXLPWHQRGLJYDQ ODDU
PLQVWHQVPP

2QGHUJURQG
$IVOXLWHUV ,QVWDOOHHUGHZDUPWHZLVVH
2PGHZDUPWHZLVVHODDU ODDURSHHQYODNNHRQGHU
WHNXQQHQRSHQHQ JURQGGLHKHWIUDPH
PRHWHQDOOHDDQVOXLW YROGRHQGHRQGHUVWHXQLQJ
LQJHQZRUGHQYRRU]LHQ ELHGW
YDQDIVOXLWHUV
1/

1% 9HLOLJKHLGVNOHSSHQGLHQHQWHZRUGHQJHSODDWVW
‡ =RUJHUYRRUGDWDOOHYUHHPGHYRRUZHUSHQ
XLWKHWV\VWHHP]LMQJHVSRHOGYRRUGDW
EXL]HQZRUGHQDDQJHVORWHQ
‡ =RUJHUELMKHWDDQVOXLWHQYDQEXL]HQYRRU
GDWGHEXL]HQJHHQVSDQQLQJRIEHODVWLQJ
XLWRHIHQHQRSGHSODWHQZDUPWHZLVVHODDU
‡ 7HUYRRUNRPLQJYDQZDWHUVODJPRJHQJHHQ
VQHOVOXLWHQGHNOHSSHQZRUGHQJHEUXLNW
RYHUHHQNRPVWLJGHJHOGHQGHGUXNYDWHQYRRU
VFKULIWHQ
$OVPHQYHUZDFKWGDWGHRSSHUYODNWHWHPSHUDWX
XUYDQGH3+(WHKRRJRIODDJ]DO]LMQPRHWGH
3+(ZRUGHQJHwVROHHUG
:LMDGYLVHUHQKHWJHEUXLNYDQEHVFKHUPSODWHQ
RPGH3+(DIWHGHNNHQ
'HRQWZHUSVSDQQLQJHQHQWHPSHUDWXUHQYRRU
GHYHUVFKLOOHQGHXLWYRHULQJHQVWDDQYHUPHOGRS
KHWW\SHSODDWMH'H]HZDDUGHQPRJHQQLHW
ZRUGHQRYHUVFKUHGHQ

3ODWHQZDUPWHZLVVHODDU 1/ 
 1HGHUODQGV ,QVWDOODWLH

+LMVHQ
:DDUVFKXZLQJ
1RRLWKLMVHQDDQGHDDQVOXLWLQJHQRIGH
WDSERXWHQURQGRPGHDDQVOXLWLQJHQ9RRU
KHWKLMVHQPRHWHQOXVVHQZRUGHQJHEUXLNW

000;76 0;00$
1/

1/  3ODWHQZDUPWHZLVVHODDU
 ,QVWDOODWLH 1HGHUODQGV

2SVWHOOHQ

3ODDWVWZHHKRXWHQEDONHQRSGHYORHU %UHQJDDQZHHUV]LMGHQOXVVHQDDQRPHHQ
  ERXW

+LMVGHZDUPWHZLVVHODDUYDQGHSDOOHWPHW
 JHEUXLNPDNLQJYDQOXVVHQ

+LMVGHZDUPWHZLVVHODDUYDQGHKRXWHQ
 EDONHQ

3ODDWVGHZDUPWHZLVVHODDURSGHKRXWHQ
 EDONHQ

/DDWGHZDUPWHZLVVHODDULQKRUL]RQWDOH
 SRVLWLHRSGHYORHU]DNNHQ

1/

3ODWHQZDUPWHZLVVHODDU 1/ 
 1HGHUODQGV %HGLHQLQJ

%HGLHQLQJ
,QEHGULMIVWHOOLQJ
1% $OVHUHHQNOHSELMGHXLWODDWLVJHPRQWHHUG
$OVKHWV\VWHHPYHUVFKHLGHQHSRPSHQ  ]RUJHUGDQYRRUGDWGH]HNOHSYROOHGLJJH
RSHQGLV
EHYDW]RUJHUGDQYRRUGDWXZHHWZHONH
DOVHHUVWHPRHWZRUGHQJHRSHQG 2SHQGHRQWOXFKWLQJVRSHQLQJHQVWDUWGH
 SRPS
1%
'HVWURPLQJVVQHOKHLGPRHWODQJ]DDP
*HRSHQG
ZRUGHQDIJHVWHOGRPKHWULVLFRYDQZDWHU
VODJWHYRRUNRPHQ

:DWHUVODJLVHHQNRUWVWRQGLJHGUXNSLHNGLH
NDQRQWVWDDQWLMGHQVKHWLQVFKDNHOHQRI
XLWVFKDNHOHQYDQHHQV\VWHHPZDDUELMHHQ
YORHLVWRIJROI]LFKPHWGHVQHOKHLGYDQJHOX
LGGRRUHHQOHLGLQJYRRUWSODQW'LWIHQRP
HHQNDQDDQ]LHQOLMNHVFKDGHDDQGH 2SHQGHNOHSODQJ]DDP
DSSDUDWXXUYHURRU]DNHQ 
&RQWUROHHURIDIVWDQG$MXLVWLV9RRUDI 2SHQODQJ]DDP
 VWDQG$]LHGHELMJHOHYHUGH3+(WHNH
QLQJ

&RQWUROHHURIGHNOHSWXVVHQGHSRPSHQ
 GHXQLWGLHGHVWURPLQJVVQHOKHLGLQKHW
6OXLWGHRQWOXFKWLQJVRSHQLQJQDGDWDOOH
V\VWHHPUHJHOWJHVORWHQLV
 OXFKWLVRQWVQDSW
1/

*HVORWHQ

6OXLW

*HRSHQG

+HUKDDOVWDS±YRRUGHWZHHGH
 YORHLVWRI

1/  3ODWHQZDUPWHZLVVHODDU
 %HGLHQLQJ 1HGHUODQGV

8QLWLQEHGULMI 8LWVFKDNHOHQ

1% 1%
'HVWURPLQJVVQHOKHGHQPRHWHQODQJ]DDP $OVKHWV\VWHHPYHUVFKHLGHQHSRPSHQ
ZRUGHQDIJHVWHOGRPKHWV\VWHHPWHEH EHYDW]RUJHUGDQYRRUGDWXZHHWZHONHDOV
YHLOLJHQWHJHQSORWVHOLQJHHQEXLWHQ HHUVWHPRHWZRUGHQXLWJHVFKDNHOG
VSRULJHWHPSHUDWXXUHQGUXN
6OXLWODQJ]DDPGHNOHSGLHGHVWURPLQJV
VFKRPPHOLQJHQ
&RQWUROHHUWHUZLMOGHZDUPWHZLVVHODDULQEHGULMILV
 VQHOKHLGUHJHOWYDQGHSRPSGLHXZLOW
XLWVFKDNHOHQ
6OXLW
RIGHYORHLVWRIWHPSHUDWXUHQHQGUXNNHQELQ
QHQGHOLPLHWHQEOLMYHQGLHVWDDQDDQJHJHYHQ
RSGHWHNHQLQJYDQGH3+(
RSPRJHOLMNOHNNDJHVYHURRU]DDNWGRRUKHW
QLHWJRHGDDQGUDDLHQYDQKHWSODWHQSDNNHWRI
GRRUGHIHFWHRIEHVFKDGLJGHSDNNLQJHQ
RIGHGUDDJVWDQJHQJHOHLGHVWDQJJRHG
VFKRRQHQJHVPHHUG]LMQ
RIGHERXWHQVFKRRQHQJHVPHHUG]LMQ
6FKDNHOGHSRPSXLWQDGDWGHNOHSLVJH
 VORWHQ

+HUKDDOVWDS±YRRUGHDQGHUH]LMGH

$OVGHZDUPWHZLVVHODDUPHHUGHUHGDJHQ
 RIYRRUHHQODQJHUHSHULRGHEXLWHQEHGULMI
ZRUGWJHVWHOGPRHWKLMZRUGHQDIJHWDSW
+HWV\VWHHPGLHQWRRNWHZRUGHQDIJHWDSW
DOVKHWSURFHVZRUGWVWRSJH]HWHQGHRP
JHYLQJVWHPSHUDWXXUODJHULVGDQKHW
YULHVSXQWYDQGHYORHLVWRI$IKDQNHOLMNYDQ
GHYHUZHUNWHPHGLDYHUGLHQWKHWDDQEHY
HOLQJRPGHZDUPWHZLVVHODDUXLWWHVSRH
OHQHQWHGURJHQ 1/

6FKRRQHQ
JHVPHHUG
*HHQOHNNDJH

5DDGSOHHJDOWLMGGHSODDWVHOLMNHYHVWLJLQJYDQ$OID
/DYDOYRRUDGYLH]HQRYHU
‡ QLHXZHSODWHQSDNNHWDIPHWLQJHQDOVXKHWDDQWDO
SODWHQZLOWZLM]LJHQ
‡ JHVFKLNWHSDNNLQJPDWHULDOHQDOVGHEHGULMIVWHP
SHUDWXUHQHQGUXNNHQSHUPDQHQW]LMQJHZLM]LJG
RIDOVGH3+(YRRUHHQDQGHUPHGLXPPRHW
ZRUGHQJHEUXLNW

3ODWHQZDUPWHZLVVHODDU 1/ 
 1HGHUODQGV 2QGHUKRXG

2QGHUKRXG
7HUSODDWVHUHLQLJHQ&,3&OHDQLQJ,Q3ODFH

0HWEHKXOSYDQ&,3XLWUXVWLQJNDQGHSODWHQ 9ROJGHDDQZLM]LQJHQYDQGH&,3XLWUXVWLQJ
ZDUPWHZLVVHODDUZRUGHQJHUHLQLJG]RQGHUKHP
HHUVWWHRSHQHQ 'HYROJHQGH&,3PRGHOOHQNXQQHQZRUGHQJHEUXLNW
&,3&,3&,3HQ&,3
$OVGH]HUHLQLJLQJVPHWKRGHQLHWPRJHOLMNLVPRHW
GHZDUPWHZLVVHODDUKDQGPDWLJZRUGHQJHUHLQLJG
=LHKHWKRRIGVWXN³+DQGPDWLJUHLQLJHQ´

0HWGH&,3XLWUXVWLQJNDQPHQ

‡ YHURQWUHLQLJLQJHQHQNDONDI]HWWLQJHQYHUZLM
GHUHQ

‡ JHUHLQLJGHRSSHUYODNNHQSDVVLYHUHQRPKHW
URHVWJHYDDUWHUHGXFHUHQ

‡ UHLQLJLQJVYORHLVWRIIHQQHXWUDOLVHUHQYyyUKHW
DIWDSSHQ

5HLQLJLQJVYORHLVWRIIHQ

5HLQLJLQJVYORHLVWRI %HVFKULMYLQJ

$OID&DXV (HQVWHUNDONDOLVFKHYORHLVWRIYRRUKHWYHUZLMGHUHQYDQYHUIYHWROLHHQELROR
JLVFKHGHSRVLWLHV
$OID3KRV (HQ]XUHUHLQLJLQJVYORHLVWRIYRRUKHWYHUZLMGHUHQYDQPHWDDOR[LGHQURHVWNDON
HQDQGHUHDQRUJDQLVFKHDI]HWWLQJHQ
$OID3DVV (HQDONDOLVFKHSDVVLYHULQJVYORHLVWRIWHJHQJDDQYDQURHVWYRUPLQJ
$OID1HXWUD (HQVWHUNDONDOLVFKHYORHLVWRIRP$OID3KRVYyyUKHWDIWDSSHQWHQHXWUDOLVHUHQ
$OID36FDOH (HQ]XXUUHLQLJLQJVSRHGHUPHWHHQDQWLURHVWPLGGHOYRRUDOJRHGJHVFKLNWYRRU
KHWYHUZLMGHUHQYDQFDOFLXPFDUERQDDWHQDQGHUHDQRUJDQLVFKHDDQ]HWVHOV
$OID31HXWUD (HQDONDOLVFKSRHGHUYRRUKHWQHXWUDOLVHUHQYDQJHEUXLNWH$OID36FDOHYRRUDI
1/

JDDQGDDQGHYHUZLMGHULQJ
$OID$GG (HQQHXWUDOHUHLQLJLQJVYHUVWHUNHUYRRUJHEUXLNPHW$OID3KRV$OID&DXVHQ$OID
36FDOH*HHIWEHWHUHUHLQLJLQJVUHVXOWDWHQRSROLHKRXGHQGHHQYHWWHRSSHU
YODNNHQZDDURS]LFKELRORJLVFKHDDQZDVYRRUGRHW$OID$GGUHGXFHHUWRRNHONH
ZLOOHNHXULJHVFKXLPYRUPLQJ
$OSDFRQ'HVFDODQW (HQ]XXURQVFKDGHOLMNUHLQLJLQJVPLGGHORSZDWHUEDVLVYRRUGHYHUZLMGHULQJ
YDQDDQ]HWVHOVPDJQHWLHWDOJHQKXPXVZHHNGLHUHQVFKDDOGLHUHQNDONHQ
URHVW%HYDWGHZHUN]DPHVWRI%,2*(1$&7,9(HHQELRORJLVFKPHQJVHOGDW
JHPDDNWZRUGWYDQYHUQLHXZEDUHPDWHULDOHQ
$OSDFRQ'HJUHDVHU (HQQHXWUDDORQWYHWWLQJVPLGGHOYRRUJHEUXLNPHW$OSDFRQ'HVFDODQW9HUZLMGHUW
HIIHFWLHIROLHYHWRIVPHHUYHWODJHQPDDUUHGXFHHUWRRNVFKXLPYRUPLQJ%HYDW
GHZHUN]DPHVWRI%,2*(1$&7,9(HHQELRORJLVFKPHQJVHOGDWJHPDDNW
ZRUGWYDQYHUQLHXZEDUHPDWHULDOHQ

1/  3ODWHQZDUPWHZLVVHODDU
 2QGHUKRXG 1HGHUODQGV

+DQGPDWLJUHLQLJHQ

:DDUVFKXZLQJ 2SHQHQ
7HUYRRUNRPLQJYDQYHUZRQGLQJHQYHURRU
]DDNWGRRUVFKHUSHUDQGHQGLHQWPHQDOWLMG :DDUVFKXZLQJ
KDQGVFKRHQHQWHGUDJHQWLMGHQVZHUN]DDP $OVGHZDUPWHZLVVHODDU
KHGHQDDQSODWHQHQEHVFKHUPSODWHQ ZDUPLVGLHQWPHQWH
ZDFKWHQWRWKLMLVDIJH
NRHOGWRWFLUFD ƒ&
 ƒ)

7DSGHSODWHQZDUPWHZLVVHODDUDI


,QVSHFWHHUHQUHLQLJGHYHUVFKXLIEDUH
 RSSHUYODNNHQYDQGHGUDDJVWDQJ
1/

3ODWHQZDUPWHZLVVHODDU 1/ 
 1HGHUODQGV 2QGHUKRXG

7HNHQHHQGLDJRQDOHOLMQRSGHEXLWHQNDQW 'HERXWSDUHQGLHPHWODJHUEXVVHQ]LMQ
 YDQGHSODWHQXQLW  JHPRQWHHUGZRUGHQEHXUWHOLQJVHQGLDJR
QDDOLQWZHHVWDSSHQJHRSHQG]LHRQGHU
VWDDQGHLOOXVWUDWLHV

6WDS %RXWQXPPHU 9RRUDIPHW

LQJ
 ±±± $
 ±RI± 2SHQHQ

=RUJHUYRRUGDWGHIUDPHSODDWHQGUXNSODDW
DOWLMGHYHQZLMGLJ]LMQ'HVFKHHIKHLGYDQGH
GUXNSODDWPDJWLMGHQVKHWRSHQHQQLHWJURW
HU]LMQGDQPPVODJHQSHUERXW
0HUNWHNHQ RYHUGHEUHHGWHHQKRRJVWHQVPP
VODJHQSHUERXWYHUWLFDDO

0HHWDIVWDQG$RSHQQRWHHUKHWUHVXOWDDW 6WDS'UDDLGHYLHUERXWHQEHXUWHOLQJVHQ
 GLDJRQDDOORVWRWKHWSODWHQSDNNHWGH
DIPHWLQJ$KHHIW

9HUZLMGHUERXWHQGLHQLHW]LMQJHPRQWHHUG
 PHWGUDDJEXVVHQ
1/

9HUZLMGHU
GHERXWHQ

9HUZLMGHU
GHERXWHQ

1/  3ODWHQZDUPWHZLVVHODDU
 2QGHUKRXG 1HGHUODQGV

6WDS'UDDLGHEHLGHGLDJRQDOHERXW
SDUHQEHXUWHOLQJVORVYROJHQVRQGHU
VWDDQGHLOOXVWUDWLH

2SHQKHWSODWHQSDNNHWGRRUGHGUXNSODDW
 RYHUGHGUDDJVWDQJWHODWHQJOLMGHQ

$OVGHSODWHQPRHWHQZRUGHQJHQXPPHUG
GRHGLWGDQYRRUGDWXGHSODWHQYHUZLMGHUW

'HSODWHQKRHYHQQLHWWHZRUGHQYHUZLMGHUG
DOVXGHZDUPWHZLVVHODDUDOOHHQPHWZDWHU
UHLQLJWGXV]RQGHUUHLQLJLQJVPLGGHO

1/

9HUZLMGHU
GHSODWHQ

3ODWHQZDUPWHZLVVHODDU 1/ 
 1HGHUODQGV 2QGHUKRXG

+DQGPDWLJUHLQLJHQYDQJHRSHQGHXQLWV

:DDUVFKXZLQJ 1%
*HEUXLNQRRLW]RXW]XXURSURHVWYUL /HWRSGDWXGHSDNNLQJQLHWEHVFKDGLJW
MVWDOHQSODWHQ:DWHUPHWPHHUGDQ WLMGHQVKHWKDQGPDWLJUHLQLJHQ 
 SSP&OPDJQLHWZRUGHQJHEUXLNW
YRRUKHWEHUHLGHQYDQUHLQLJLQJV
RSORVVLQJHQ+HWLV]HHUEHODQJULMN
GDWGUDDJVWDQJHQHQVWHXQNRORPPHQ
YDQDOXPLQLXPZRUGHQEHVFKHUPG
WHJHQFKHPLVFKHSURGXFWHQ

$I]HWWLQJHQGLHNXQQHQZRUGHQYHUZLMGHUGPHWZDWHUHQHHQERUVWHO

'HSODWHQKRHYHQQLHWWHZRUGHQYHUZLMGHUGXLWGHSODWHQZDUPWHZLVVHODDU

9HUZLMGHUDI]HWWLQJHQPHWEHKXOSYDQHHQ 6SRHOQDPHWZDWHUPHWEHKXOSYDQHHQ
 ]DFKWHERUVWHOHQVWURPHQGZDWHU  KRJHGUXNVODQJ

$I]HWWLQJHQGLHQLHWNXQQHQZRUGHQYHUZLMGHUGPHWZDWHUHQHHQERUVWHO

'HSODWHQPRHWHQZRUGHQYHUZLMGHUGXLWGHSODWHQZDUPWHZLVVHODDU
1/

5HLQLJPHWERUVWHOHQUHLQLJLQJVPLGGHO 1DVSRHOHQPHWZDWHU
 

1/  3ODWHQZDUPWHZLVVHODDU
 2QGHUKRXG 1HGHUODQGV

5HLQLJLQJVPLGGHOHQ± $DQVODJYHUZLMGHULQJ
 &RQFHQWUDWLHPD[
7HPSHUDWXXUPD[ƒ&ƒ)

$DQVODJ±9HUZLMGHULQJ 5HVLGX 5HLQLJLQJVPLGGHO

&DOFLXPFDUERQDDW &RUURVLHSURGXFWHQ 6DOSHWHU]XXU

&DOFLXPVXOIDDW 0HWDDOR[LGHQ 6XOIDPLQH]XXU
6LOLFDDW 6LOW &LWURHQ]XXU
$OXPLQLXPR[LGH )RVIRU]XXU
'LDWRPLVFKHRUJDQLVPHQ &RPSOH[YRUPHUV('7$17$
HQKXQXLWVFKHLGLQJLQYHU 1DWULXPSRO\IRVIDWHQ
VFKLOOHQGHNOHXUHQ

5HLQLJLQJVPLGGHOHQ± %LRORJLVFKHDDQZDVVOLMP
 &RQFHQWUDWLHPD[
7HPSHUDWXXUPD[ƒ&ƒ)

%LRORJLVFKHDDQZDV±
5HLQLJLQJVPLGGHO
6OLMP

%DFWHULsQ 1DWULXPK\GUR[LGH
1HPDWRGHQ 1DWULXPFDUERQDDW
3URWR]RD +HWUHLQLJLQJVUHVXOWDDWNDQDDQ]LHQOLMNZRUGHQYHUEHWHUGGRRU
WRHYRHJLQJYDQNOHLQHKRHYHHOKHGHQK\SRFKORULHWRIPLGGHOHQYRRU
GHYRUPLQJYDQFRPSOH[HQHQRSSHUYODNWHDFWLHYHVWRIIHQ

5HLQLJLQJVPLGGHOHQ± 2OLHUHVLGXHQDVIDOWYHWWHQ

$I]HWWLQJ 5HLQLJLQJVPLGGHO

2OLHUHVLGXHQ 2SORVPLGGHORSEDVLVYDQSDUDIILQHKRXGHQGHQDIWDELMYNHURVLQH

$VIDOW
9HWWHQ 1%
1/

3DNNLQJHQYDQ(3'0UXEEHU]HWWHQXLWLQGH]HPHGLD'HFRQWDFW
WLMGPRHWGDDURPZRUGHQEHSHUNWWRWPLQXWHQ

:DDUVFKXZLQJ
'HYROJHQGHRSORVVVLQJHQPRJHQQLHW
ZRUGHQJHEUXLNW
‡ .HWRQHQELMYDFHWRQPHWK\OHW\ONHWRQ
PHWK\OLVREXW\ONHWRQ
‡ (VWHUVELMYHWK\ODFHWDDWEXW\ODFHWDDW
‡ *HKDORJHQHHUGHNRROZDWHUVWRIYHUELQG
LQJHQELMYFKORRUHWKHHQWHWUDFKORRUN
RROVWRIIUHRQHQ
‡ $URPDWLVFKHNRROZDWHUVWRIYHUELQGLQJHQ
ELMYEHQ]HHQWROXHHQ

3ODWHQZDUPWHZLVVHODDU 1/ 
 1HGHUODQGV 2QGHUKRXG

6OXLWHQ

&RQWUROHHURIDOOHDIGLFKWLQJVRSSHUYODNNHQ 'UXNKHWSODWHQSDNNHWVDPHQ+HWDDQ
 VFKRRQ]LMQ  GUDDLHQGLHQWLQWZHHVWDSSHQSODDWVWH
YLQGHQ]LHRQGHUVWDDQGHLOOXVWUDWLHV=RUJ
HUYRRUGDWGHIUDPHSODDWHQGHGUXNSODDW
%RUVWHOGHVFKURHIGUDDGYDQGHERXWHQ DOWLMGHYHQZLMGLJ]LMQ
 VFKRRQPHWEHKXOSYDQHHQVWDDOERUVWHO
6PHHUGHVFKURHIGUDDGLQPHWHHQGXQ
6WDS %RXWQXPPHU 9RRUDIPHWLQJ

ODDJMHVPHHUYHWELMY*OHLWPRRIJHOLMN  ±RI± $

ZDDUGLJ
 ±±± $
6WDS'UDDLGHWZHHGLDJRQDOHERXWSDUHQ
EHXUWHOLQJVYDVWWRWKHWSODWHQSDNNHW$
PHHW

%HYHVWLJSDNNLQJHQRSGHSODWHQRIFRQ
 WUROHHURIDOOHSDNNLQJHQQDDUEHKRUHQ]LMQ
JHPRQWHHUG

1%
$OVHHQSDNNLQJQLHWJRHGRS]LMQSODDWV]LW
]DOGLWEOLMNHQXLWIHLWGDWKLMERYHQGHSDN
NLQJJURHIXLWVWHHNWRIEXLWHQGHJURHIOLJW
6WDS'UDDLGHERXWHQYHUYROJHQV
EHXUWHOLQJVHQGLDJRQDDOYDVW]LHRQGHU
VWDDQGHILJXXU&RQWUROHHUWLMGHQVKHW
3ODDWVGHSODWHQPHWKHWYLVJUDDWSURILHOLQ DDQGUDDLHQDIVWDQG$YDQGHJHEUXLNWH
 ZLVVHOHQGHULFKWLQJHQPHWGHSDNNLQJHQ
QDDUGHIUDPHSODDWWRHJHULFKW
ERXWHQ
1/

1/  3ODWHQZDUPWHZLVVHODDU
 2QGHUKRXG 1HGHUODQGV

0D[DDQKDDOPRPHQW ‡ 'HSODWHQSDNNHWOHQJWHPDJELMDOOH
ERXWHQKRRJVWHQVYHUVFKLOOHQ
1% ‡ $OVGHHHQKHLGQLHWYROOHGLJLVDIJH
:DQQHHUHHQSQHXPDWLVFKPRPHQWJHUHHG GLFKWNDQKLMZRUGHQDDQJHKDDOGRS
VFKDSZRUGWJHEUXLNW]LHRQGHUVWDDQGHWDEHO DIVWDQG$+HWPD[LPDOHDDQKDDO
YRRUKHWPD[LPDOHDDQKDDOPRPHQW0HHWDI
VWDQG$WLMGHQVKHWDDQGUDDLHQ PRPHQWPDJHFKWHUQLHWZRUGHQRYHU
VFKUHGHQ

%RXW %RXWPHWVWHXQEXV %RXWPHWVOXLWULQ

JURRW JHQ
WH
1P .SP 1P .SP
0  
0  
0    
0    

%LMKDQGPDWLJDDQGUDDLHQPRHWKHWDDQKDDOPRPHQW
ZRUGHQJHVFKDW

$OVDIVWDQG$QLHWNDQZRUGHQJHKDDOG
$OVGHSODWHQFRUUHFW]LMQJHPRQWHHUGYRU
‡ &RQWUROHHUKHWDDQWDOSODWHQHQDIVWDQG$
‡ &RQWUROHHURIDOOHPRHUHQHQODJHUEXVVHQRQEH  PHQGHUDQGHQHHQ³KRQLQJJUDDW´SDWURRQ
OHPPHUGNXQQHQGUDDLHQ=RQLHWUHLQLJHQHQ
VPHUHQRI]RQRGLJYHUYDQJHQ
$IVWDQG$PDJLQXLW]RQGHUOLMNHJHYDOOHQZRUGHQ
]LHRQGHUVWDDQGHDIEHHOGLQJ
$OVKHWSODWHQSDNNHWDDQGHEXLWHQNDQWLV
JHPDUNHHUG]LHVWDSKRRIGVWXN
RYHUVFKUHGHQ'HYROJHQGHSODWHQSDNNHWOHQJWHNDQ ³2SHQHQ´FRQWUROHHUGDQRIGHSODWHQLQ
GDQZRUGHQJHDFFHSWHHUG GHMXLVWHYROJRUGH]LMQJHPRQWHHUG

3ODWHQSDNNHWOHQJWHSODDW 3ODWHQSDNNHWOHQJWH
DIVWDQG$
!PP $
±PP $
PP $
1/

3ODDWVGHDQGHUHERXWHQ
 ‡ ,QVSHFWHHUGHULQJHQ
‡ 'HERXWHQPRHWHQDOOHPDDOJHOLMNZDDU
GLJZRUGHQDDQJHKDDOGPHWKHWYROOH
DDQKDDOPRPHQW
‡ +HWYHUVFKLOWXVVHQGHSODWHQSDNNHW
OHQJWHDIVWDQG$JHPHWHQDDQGH
QDDVWOLJJHQGHERXWHQPDJQLHWJURWHU
]LMQGDQ
± PPDOV$PP
± PPDOV$!PP

3ODWHQZDUPWHZLVVHODDU 1/ 
 1HGHUODQGV 2QGHUKRXG

3DNNLQJHQYHUYDQJHQ

.OHPSDNNLQJHQ &OLS$'SDNNLQJHQ0;0;

2SHQGHSODWHQZDUPWHZLVVHODDUYROJHQV 'H&OLS$'SDNNLQJFRPELQHHUWGHQRUPDOHNOHP
 GHDDQZLM]LQJHQRSSDJLQD HQYHUZLMGHU
GHSODDWZDDUYDQGHSDNNLQJPRHWZRUGHQ
EHYHVWLJLQJURQGGHRSHQLQJHQPHWHHQEHYHVWLJLQJ
GPYSODNEDQGODQJVGH]LMGHQYDQGHSODWHQ
YHUYDQJHQ
0HWJHEUXLNPDNLQJYDQSODNEDQG*&NXQQHQSDN
NLQJHQHHQYRXGLJHQYHLOLJLQSRVLWLHZRUGHQJH
9HUZLMGHUGHRXGHSDNNLQJ SODDWVW+LMZRUGWLQGHSDNNLQJJOHXIJHNOHHIGPHW
 HHQSODNEDQGSLVWRROZDDUPHHSODNEDQGPDNNHOLMN
RSGHJHZHQVWHSODDWVNDQZRUGHQDDQJHEUDFKW

2SHQGHSODWHQZDUPWHZLVVHODDUYROJHQV

%HYHVWLJGHNOHPSDNNLQJRSGHSODDW'UXN
 GHDDQZLM]LQJHQRSSDJLQD HQYHUZLMGHU
GHSODDWZDDUYDQGHSDNNLQJPRHWZRUGHQ
 GHYRUNWDQGHQYDQGHSDNNLQJRQGHUGH
UDQGYDQGHSODDW
YHUYDQJHQ

9HUZLMGHUGHRXGHSDNNLQJ

+HWRXGHSODNEDQGKRHIWQLHWWHZRUGHQ
 YHUZLMGHUGRPGDWKHWODDJMH]HHUGXQLV
=RUJHUHFKWHUZHOYRRUGDWGHSDNNLQJ
JOHXIVFKRRQHQGURRJLV

.OHHIKHWSODNEDQGYDVWPHWKHWSLVWRRO


1%
=RUJHUYRRUGDWGHEHLGHYRUNWDQGHQYDQ
GHSDNNLQJFRUUHFWJHSODDWVW]LMQ

*DQXYHUGHUPHWGHYROJHQGHSODDWWRWDOOH
1/

 DQGHUHSODWHQZDDUYDQGHSDNNLQJHQ
PRHWHQZRUGHQYHUYDQJHQJHUHHG]LMQ

6OXLWGHSODWHQZDUPWHZLVVHODDUYROJHQVGH
 DDQZLM]LQJHQRSSDJLQD 

%HYHVWLJGHSDNNLQJRSGHSODDW'UXNGH
 YRUNWDQGHQYDQGHSDNNLQJRQGHUGHUDQG
YDQGHSODDW
*HOLMPGHSDNNLQJHQ
%LMGHOLMPZRUGHQDI]RQGHUOLMNHDDQZLM]LQJHQYRRU 6OXLWGHSODWHQZDUPWHZLVVHODDUYROJHQVGH
KHWOLMPHQJHOHYHUG
 DDQZLM]LQJHQRSSDJLQD 

1/  3ODWHQZDUPWHZLVVHODDU
 sĺ»Æ¼¶Ã¾» rÉÇÇÀ¾¿

sĺ»Æ¼¶Ã¾»

pžǶþ» 
pÇÃĸÃÑ»º»È¶Á¾ 
vÉÃÀ̾ÄþÆĸ¶Ã¾» 

uÇȶÃĸÀ¶ 
o»Ä·Ëĺ¾ÂÑ»ÉÇÁĸ¾µ 
qĺлÂ
uÇȶÃĸÀ¶ 

ÀÇÅÁɶȶ̾µ 
i¶ÅÉÇÀ¸ÓÀÇÅÁɶȶ̾Ô
ÀÇÅÁɶȶ̾µÉÇÈÆÄ¿Çȸ¶ 
dÑÀÁÔͻþ» 

p·ÇÁɼ¾¸¶Ã¾»
l¶ÀķƶȾÈÒǵ¸ÀÄÂŶþÔ
$OID/DYDO
lÄÃȶÀÈöµ¾ÃÊÄƶ̾µÅÄ
¸Ç»ÂÇÈƶöÂûÅÆ»ÆѸÃÄ
Ä·ÃĸÁµ»Èǵööλ¸»·
Ƕ¿È»
qÄǻȾȻÅļ¶ÁÉ¿Çȶ¸»·
ɽ»ÁZZZDOIDODYDOFRP¾
Ǹµ¼¾È»ÇÒÇ»ÇÈÃÑÂ
ÅÆ»ºÇȶ¸¾È»Á»ÂÀÄÂŶþ¾
$OID /DYDO
Пластинчатый теплообменник
p;ÇÈÀ¶ö»ÇÈ»&,3 
rÉÍöµÄ;ÇÈÀ¶ 
i¶Â»Ã¶ÅÆÄÀÁ¶ºÀ¾ 
58
lÆÄ»öÇÈĵϻ¹ÄrÉÀĸĺÇȸ¶ÅÄÓÀÇÅÁɶȶ̾¾¸ÀÄÂÅÁ»ÀÈ
ÅÄÇȶ¸À¾¸ËĺµÈȶÀ¼»
ÇÁ»ºÉÔϾ»ºÄÀÉ»ÃÈÑ
§ y»ÆÈ»¼ÅÁ¶ÇȾÃͶÈĹÄÈ»ÅÁÄķ»ÃþÀ¶
§ sžÇÄÀÅ帻ÇÃÑËÅÁ¶ÇȾÃ
§ q»Æ»Í»ÃÒͶÇÈ»¿ÇÄÇ·ÄÆÄÍÃÑÂÍ»ÆÈ»¼ÄÂ
58
 rÉÇÇÀ¾¿ qƾ»Ͷþµ

qƾ»Ͷþµ
58

58 Пластинчатый теплообменник
 pžǶþ» rÉÇÇÀ¾¿

pžǶþ»
pÇÃĸÃÑ»º»È¶Á¾
o»ÇÉϾ¿ÇȻƼ»ÃÒ
o»Ç»ÈÀ¶Ã¶ÁÒÃÑ»ÅÁ¶ÇȾÃÑ pÅÄÆöµ
pÅÄÆöµ ¾Åƾ¼¾ÂÃÉÔÅÁ¶ÇȾÃÉ ÇÈÄ¿À¶
ÅÁ¶ÇȾö

sȵ¹¾¸¶ÔϾ»·ÄÁÈÑ
sļ¾ȻÀ¶Ã¶ÁÒÃÑ»
ÅÁ¶ÇȾÃѸ»ÇÈ»

i¶Ï¾È¶
·ÄÁÈĸ

sÄ»º¾Ã»Ã¾µ
pȸ»ÆÇȾµ¸ÄÅÄÆÃÄ¿
ÅÁ¶ÇȾûͻƻ½
ÀÄÈÄÆѻȻÅÁÄÃÄǾȻÁÒ
ÅÄÇÈÉŶ»È¸
È»ÅÁÄķ»ÃþÀ

r»½Ò·Ä¸Ñ»ΞÁÒÀ¾
¸ÄÀÆɹÄȸ»ÆÇȾ¿ºÁµ
ÅƾÇÄ»º¾Ã»Ã¾µÈÆÉ·À
¶ÅŶƶÈÉfÁµ½¶Ï¾ÈÑ o¶Åƶ¸
Äȸ»ÆÇȾ¿ÄÈÀÄÆÆĽ¾¾ ÁµÔϾ¿
ÂĹÉȾÇÅÄÁҽĸ¶ÈÒǵ ÇȻƼ»ÃÒ
»ȶÁÁ¾Í»ÇÀ¾»¾Á¾ uº»Æ¼¾¸¶»È
Æ»½¾ÃĸѻÅÆÄÀÁ¶ºÀ¾ À¶Ã¶ÁÒÃÑ»
ÅÁ¶ÇȾÃѸ
ÆĸÃÄÂ
ÅÄÁļ»Ã¾¾
qƾ¼¾ÂöµÅÁ¶ÇȾö Çþ½É
qĺ¸¾¼Ã¶µÇȶÁÒöµÅÁ¶ÇȾöd
ûÀÄÈÄÆÑËÇÁÉͶµËÈÆÉ·ÑÂĹÉÈ
ÅƾÇÄ»º¾ÃµÈÒǵÀ
Åƾ¼¾ÂÃÄ¿
ÅÁ¶ÇȾû
58

l¶Ã¶ÁÒÃÑ»ÅÁ¶ÇȾÃÑ
t»ÅÁÄŻƻº¶»ÈǵÄÈĺÃĹÄÃÄǾȻÁµö
ºÆɹĿͻƻ½ÈÄÃÀ¾»À¶Ã¶ÁÒÃÑ»ÅÁ¶ÇȾÃÑ

lÄÁ¾Í»ÇȸÄÂÅÁ¶ÇȾÃÄÅÆ»º»Áµ»Èǵķ϶µ
Åĸ»ÆËÃÄÇÈÒÈ»ÅÁÄŻƻº¶Í¾

i¶Ï¾ÈÃÑ»ŶûÁ¾
qÄÇȶ¸ÁµÔÈǵÅÄÄȺ»ÁÒÃÄÂɽ¶À¶½É

Пластинчатый теплообменник 58 1
 rÉÇÇÀ¾¿ pžǶþ»

vÉÃÀ̾ÄþÆĸ¶Ã¾»

qÁ¶ÇȾÃͶÈÑ¿È»ÅÁÄķ»ÃþÀÇÄÇÈľÈ¾½ö·Äƶ ÅÆÄÀÁ¶ºÀ¶Â¾ÀÄÈÄÆÑ»ÉÅÁÄÈõÔÈÀ¶Ã¶Á¾
¹ÄÊƾÆĸ¶ÃÃÑË»ȶÁÁ¾Í»ÇÀ¾ËÅÁ¶ÇȾÃÇ öÅƶ¸ÁµÔȼ¾ºÀÄÇȾ¸ºÆɹ¾»À¶Ã¶ÁÑ
Äȸ»ÆÇȾµÂ¾ºÁµÅÆÄËļº»Ã¾µº¸É˼¾ºÀÄÇÈ»¿ eÄÊƾÆĸ¶ÃÃÄ»ÇÈÆĻþ»ÅÁ¶ÇȾÃÇÅÄÇÄ·ÇȸɻÈ
»¼ºÉÀÄÈÄÆѾ¾ÅÆľÇËĺ¾ÈÈ»ÅÁÄŻƻº¶Í¶ ½¶¸¾ËƻþÔ¼¾ºÀÄÇȾ¾É»ÃÒζ»È¸Á¾µÃ¾»
ŻƻŶºÄ¸º¶¸Á»Ã¾µöÅÁ¶ÇȾÃÑ
o¶·ÄÆÅÁ¶ÇȾÃÇÄ·¾Æ¶»Èǵ»¼ºÉÄÅÄÆÃÄ¿¾
Åƾ¼¾ÂÃÄ¿ÅÁ¶ÇȾö¾¾Ǽ¾Â¶»Èǵ
Çȵ¹¾¸¶ÔϾ¾·ÄÁȶ¾qÁ¶ÇȾÃÑÇö·¼»ÃÑ
58

qÁ¶ÇȾö$ÓÈÄ
qÁ¶ÇȾö%ÓÈÄÅÁ¶ÇȾö
ÅÁ¶ÇȾöÀÄÈÄƶµ
ÀÄÈÄƶµÉÇȶö¸Á¾¸¶»ÈǵÇ
ÉÇȶö¸Á¾¸¶»ÈǵÇ
»ÁÄÍÃÑÂƾÇÉÃÀÄÂ
»ÁÄÍÃÑÂƾÇÉÃÀÄÂ
öÅƶ¸Á»ÃÃѸ¸»ÆË
öÅƶ¸Á»ÃÃѸþ½

58  Пластинчатый теплообменник
 uÇȶÃĸÀ¶ rÉÇÇÀ¾¿

uÇȶÃĸÀ¶
o»Ä·Ëĺ¾ÂÑ»ÉÇÁĸ¾µ

nÃĹÄËĺĸѻ¾½º»Á¾µ
sÄ»º¾Ã»Ã¾µöÅƾ¼¾ÂÃÄ¿
ÅÁ¶ÇȾû
q»Æ»ºÅĺÇÄ»º¾Ã»Ã¾»ÂÈÆÉ·ûķËĺ¾ÂÄ
ÍÈÄ·Ñö·ÄÆÅÁ¶ÇȾ÷ÑÁǼ¶ÈºÄÉÀ¶½¶ÃÃĹÄ
ƶ½Â»Æ¶ÇÂÍ»ÆÈ»¼

lÄÁ»ÃÄ
fÁµÈĹÄÍÈÄ·Ñ
Ä·Á»¹Í¾ÈÒº»ÂÄÃȶ¼
ÅÁ¶ÇȾÃͶÈĹÄ
È»ÅÁÄķ»ÃþÀ¶À
Äȸ»ÆÇȾÔö
Åƾ¼¾ÂÃÄ¿ÅÁ¶ÇȾû
ÇÁ»ºÉ»ÈÉÇȶÃĸ¾ÈÒö
ÊÁ¶Ã»ÌÀÄÁ»ÃÄ
öÅƶ¸Á»ÃÃÄ»¸¸»ÆË
¾Á¾¸ÇÈÄÆÄÃɾ
Çö·¼»ÃÃÄ»»Ï»ĺþÂ
qÆÄÇÈƶÃÇÈ¸Ä ÊÁ¶ÃÌ»Â
fÁµÉÇȶÃĸÀ¾¾º»ÂÄÃȶ¼¶ ƶÇÅÄÁļ»ÃÃѸû
ÅÁ¶ÇȾÃûķËĺ¾ÂÄ ÀÄÃÈÉƶ
ǸķĺÃÄ»ÅÆÄÇÈƶÃÇȸÄû È»ÅÁÄķ»ÃþÀ¶
»û»ÂÂ

pÅÄƶ
i¶ÅÄÆÃÑ»¸»ÃȾÁ¾ uÇȶö¸Á¾¸¶¿È»ö
yÈķѾ»ÈÒ
ÅÁÄÇÀÉÔÄÅÄÆÉ
¸Ä½ÂļÃÄÇÈÒÄÈÀÆѸ¶ÈÒ
Ä·»ÇŻ;¸¶ÔÏÉÔ
È»ÅÁÄķ»ÃþÀö¸Ç»Ë
ºÄÇȶÈÄÍÃÉÔÅĺº»Æ¼ÀÉ
ŶÈÆÉ·À¶ËºÄÁ¼ÃÑ·ÑÈÒ
ƶÂÑ
ÉÇȶÃĸÁ»Ãѽ¶ÅÄÆÃÑ»
¸»ÃȾÁ¾

dþ¶þ» qÆ»ºÄËƶþȻÁÒÃÑ»ÀÁ¶Å¶ÃѺÄÁ¼ÃÑ
… q»Æ»ºÅĺÇÄ»º¾Ã»Ã¾»ÂÈÆÉ·ÄÅÆĸĺĸÉ·» ÉÇȶö¸Á¾¸¶ÈÒǵÇĹÁ¶ÇÃĺ»¿ÇȸÉÔϾÂ
º¾È»ÇÒ¸ÈÄÂÍÈĸǻÅÄÇÈÄÆÄÃþ»ÅÆ»ºÂ»ÈÑ ÅÆ»ºÅ¾Ç¶Ã¾µÂÅÄƶ·ÄÈ»ÇÆ»½»Æ¸É¶Æ¶Â¾Åĺ
58

ɺ¶Á»ÃѾ½ǾÇÈ»ÂÑÅÉÈ»ÂÅÆÄÂѸ¶Ã¾µ
… qƾÅĺÇÄ»º¾Ã»Ã¾¾ÈÆÉ·ÇÁ»º¾È»½¶È»Â
ÍÈÄ·ÑÄþû¸Ñ½Ñ¸¶Á¾º¶¸Á»Ã¾»ö
ÅÁ¶ÇȾÃͶÈÑ¿È»ÅÁÄķ»ÃþÀ¾Á¾»¹Ä
ƶÇȵ¼»Ã¾»
… dľ½·»¼¶Ã¾»¹¾ºÆ¶¸Á¾Í»ÇÀĹÄɺ¶Æ¶û
Åƾ»õ¿È»·ÑÇÈÆĽ¶ÀÆѸ¶ÔϾ»Çµ
¸»ÃȾÁ¾
º¶¸Á»Ã¾»Â
gÇÁ¾ļ¾º¶»Â¶µÈ»ÂŻƶÈÉƶÅĸ»ÆËÃÄÇȾ
È»ÅÁÄķ»ÃþÀ¶ÄÍ»ÃÒ¸ÑÇÄÀ¶¾Á¾þ½À¶ÄÃ
ºÄÁ¼»Ã·ÑÈÒ½¶ÀÆÑÈ
r»ÀÄ»úɻÈǵÅƾ»ûþ»½¶Ï¾ÈÃÑËŶûÁ»¿
ºÁµÈĹÄÍÈķѽ¶ÀÆÑÈÒÈ»ÅÁÄķ»ÃþÀ
r¶ÇÍ»ÈÃÑ»º¶¸Á»Ã¾»¾È»ÂŻƶÈÉƶºÁµÀ¶¼ºÄ¿
Âĺ»Á¾ÉÀ¶½Ñ¸¶ÔÈǵöŶÇÅÄÆÈÃÄ¿ȶ·Á¾ÍÀ»jË
ÅÆ»¸Ñλþ»ûºÄÅÉÇÀ¶»Èǵ

Пластинчатый теплообменник 58 3
 rÉÇÇÀ¾¿ uÇȶÃĸÀ¶

qĺлÂ
qÆ»ºÉÅÆ»¼º»Ã¾»
o¾ÀĹº¶ûÅĺþ¶¿È»È»ÅÁÄķ»ÃþÀ½¶
ÇÄ»º¾Ã¾È»ÁÒÃÑ»Äȸ»ÆÇȾµ¾Á¾ΞÁÒÀ¾
¸ÄÀÆɹþËfÁµÅĺл¶ÇÁ»ºÉ»È
¾ÇÅÄÁҽĸ¶ÈÒÇÈÆÄÅÑi¶ÀƻžȻÇÈÆÄÅÑ
À¶ÀÉÀ¶½¶ÃÄöƾÇÉÃÀ»

000;76 0;00$
58

58  Пластинчатый теплообменник
 uÇȶÃĸÀ¶ rÉÇÇÀ¾¿

uÇȶÃĸÀ¶

qÄÁļ¾È»º¸¶º»Æ»¸µÃÃÑË·ÆÉÇÀ¶öÅÄÁ p·»ÆþȻÇÈÆÄÅѸÄÀÆɹĺÃĹÄ·ÄÁȶö
  À¶¼ºÄ¿ÇÈÄÆÄû

qĺþ¾ȻÈ»ÅÁÄķ»ÃþÀÇÅĺºÄöÇ
 ÅÄÂÄÏÒÔÇÈÆÄÅ

sþ¾ȻÈ»ÅÁÄķ»ÃþÀǺ»Æ»¸µÃÃÑË
 ·ÆÉÇÀĸ

qÄÇȶ¸ÒȻȻÅÁÄķ»ÃþÀöº»Æ»¸µÃÃÑ»
 ·ÆÉÇÀ¾

pÅÉÇȾȻÈ»ÅÁÄķ»ÃþÀ¸¹Äƾ½ÄÃȶÁÒÃÄ»
 ÅÄÁļ»Ã¾»¾ÅÄ»ÇȾȻ»¹ÄöÅÄÁÉ

58

Пластинчатый теплообменник 58 5
 rÉÇÇÀ¾¿ ÀÇÅÁɶȶ̾µ

ÀÇÅÁɶȶ̾µ
i¶ÅÉÇÀ¸ÓÀÇÅÁɶȶ̾Ô
dþ¶þ» gÇÁ¾ö¸ÑËĺ»ÉÇȶÃĸÁ»Ã¸»ÃȾÁÒ
gÇÁ¾¸ǾÇȻ»ƶ·Äȶ»ÈûÇÀÄÁÒÀÄ  É·»º¾È»ÇÒ¸ÈÄÂÍÈÄÄÃÅÄÁÃÄÇÈÒÔÄÈÀÆÑÈ
öÇÄÇĸÄÅÆ»º»Á¾È»À¶ÀÄ¿¾½þ˺ÄÁ¼»Ã
pÈÀÆÄ¿È»¸»ÃȾÁÒ¾¸ÀÁÔ;ȻöÇÄÇ
¸ÀÁÔͶÈÒǵŻƸÑÂ

dþ¶þ»
r»¹ÉÁ¾ÆĸÀÉƶÇËĺ¶ÇÁ»ºÉ»È¸ÑÅÄÁõÈÒ pÈÀÆÑÈ
»ºÁ»ÃÃÄÍÈķѾ½·»¼¶ÈÒÄŶÇÃÄÇȾ
¸Ä½Ã¾ÀÃĸ»Ã¾µ¹¾ºÆ¶¸Á¾Í»ÇÀĹÄɺ¶Æ¶

e¾ºÆ¶¸Á¾Í»ÇÀ¾¿ɺ¶ÆÅÆ»ºÇȶ¸Áµ»ÈÇÄ·Ä¿
ÀƶÈÀĸƻ»ÃÃÑ¿ÇÀ¶ÍÄÀº¶¸Á»Ã¾µÀÄÈÄÆÑ¿
Âļ»È¸Ä½Ã¾À¶ÈÒÅƾ¸ÀÁÔͻþ¾¾Á¾
¸ÑÀÁÔͻþ¾ǾÇÈ»ÂѸѽѸ¶ÔϾ¿
Żƻ»ϻþ»¼¾ºÀÄÇȾÅÄÈÆÉ·»¸¸¾º»
¸ÄÁÃÑÇÄÇÀÄÆÄÇÈÒÔ½¸ÉÀ¶ÈÄÂļ»È n»ºÁ»ÃÃÄÄÈÀÆÄ¿È»¸»ÃȾÁÒ
Åƾ¸»ÇȾÀ½Ã¶Í¾È»ÁÒÃÑÂÅĸƻ¼º»Ã¾µÂ
Ä·ÄÆɺĸ¶Ã¾µ

qÆĸ»ÆÒÈ»Åƶ¸¾ÁÒÃÄÇÈÒƶ½Â»Æ¶$ pÈÀÆÑÈÒ»ºÁ»ÃÃÄ
 r¶½Â»Æ$ÇÂöÅƾÁ¶¹¶»ÂÄÂÍ»ÆÈ»¼»
È»ÅÁÄķ»ÃþÀ¶

u·»º¾È»ÇÒ¸ÈÄÂÍÈĸ»ÃȾÁÒ»¼ºÉ
 öÇÄÇľÉÇÈÆÄ¿ÇȸÄÂÆ»¹ÉÁ¾ÆÉÔϾÂ
lĹº¶¸Ñ¿º»È¸»ÇҸĽºÉ˽¶ÀÆÄ¿È»
ƶÇËĺ¸ǾÇȻ»½¶ÀÆÑÈ
 ¸»ÃȾÁÒ

i¶ÀÆÑÈ

i¶ÀÆÑÈ
58

pÈÀÆÑÈ

qĸÈÄƾȻζ¹¾ºÁµ¸ÈÄÆĹÄ
 È»ÅÁÄÃÄǾȻÁµ

58  Пластинчатый теплообменник
 ÀÇÅÁɶȶ̾µ rÉÇÇÀ¾¿

ÀÇÅÁɶȶ̾µÉÇÈÆÄ¿Çȸ¶ dÑÀÁÔͻþ»

dþ¶þ» dþ¶þ»
r»¹ÉÁ¾ÆĸÀÉƶÇËĺ¶ÇÁ»ºÉ»È¸ÑÅÄÁõÈÒ gÇÁ¾¸ǾÇȻ»ƶ·Äȶ»ÈûÇÀÄÁÒÀÄöÇÄÇĸ
»ºÁ»ÃÃĺÁµÍÈÄ·ÑûºÄÅÉÇȾÈÒÆ»½À¾Ë¾ ÄÅÆ»º»Á¾È»À¶ÀÄ¿¾½þ˺ÄÁ¼»Ã
ǾÁÒÃÑËÀÄÁ»·¶Ã¾¿È»ÂŻƶÈÉÆѾ ¸ÑÀÁÔͶÈÒǵŻƸÑÂ
º¶¸Á»Ã¾µ¸ǾÇȻ»
n»ºÁ»ÃÃĽ¶ÀÆÄ¿È»¸»ÃȾÁÒÆ»¹ÉÁµÈÄƶ
dĸƻµÓÀÇÅÁɶȶ̾¾ÅÆĸ»ÆÒÈ»ÍÈÄ
 ƶÇËĺ¶öÇÄǶÀÄÈÄÆÑ¿¸Ñö»ƻ¸¶»È»ÇÒ
ÄÇȶÃĸ¾ÈÒ
È»ÂŻƶÈÉƶ¾º¶¸Á»Ã¾»È»ÅÁÄÃÄǾȻÁ»¿
öËĺµÈǵ¸ÅÆ»º»Á¶ËÉÀ¶½¶ÃÃÑËö i¶ÀÆÑÈ
Í»ÆÈ»¼»È»ÅÁÄķ»ÃþÀ¶
ûÈÅƾ½Ã¶ÀĸÉÈ»ÍÀ¾¾½½¶ûºÄÇȶÈÄÍÃÄ¿
Çȵ¼À¾ö·ÄƶÅÁ¶ÇȾþÁ¾Åĸƻ¼º»ÃÃÑË
ÅÆÄÀÁ¶ºÄÀ
ûÇÉϾ¿¾öÅƶ¸ÁµÔϾ»ÇȻƼþ;ÇÈÑ
¾Ƕ½¶ÃÑ
·ÄÁÈÑ;ÇÈѾǶ½¶ÃÑ

lĹº¶¸»ÃȾÁҷɺ»È½¶ÀÆÑÈÄÇȶÃĸ¾È»
 öÇÄÇ

qĸÈÄƾȻζ¹¾ºÁµºÆɹĿÇÈÄÆÄÃÑ

gÇÁ¾È»ÅÁÄķ»ÃþÀÄÈÀÁÔͶ»Èǵö
 ûÇÀÄÁÒÀĺû¿¾Á¾ö·ÄÁ»»ºÁ¾È»ÁÒÃÑ¿
Żƾĺ»¹ÄÇÁ»ºÉ»ÈÄÇÉξÈÒ
t»ÅÁÄķ»ÃþÀÇÁ»ºÉ»ÈȶÀ¼»ÄÇÉζÈÒ
»ÇÁ¾ƶ·Äȶ½¶ÀÄÃͻö¶È»ÂŻƶÈÉƶ
ÄÀÆɼ¶ÔÏ»¿ÇÆ»ºÑþ¼»È»ÂŻƶÈÉÆÑ
½¶Â»Æ½¶Ã¾µÈ»ÅÁÄÃÄǾȻÁµd½¶¸¾Ç¾ÂÄÇȾ
ÄȾÇÅÄÁҽɻÂĹÄÈ»ÅÁÄÃÄǾȻÁµ
Æ»ÀÄ»úɻÈǵȶÀ¼»ÅÆÄÅÄÁÄÇÀ¶ÈÒ
È»ÅÁÄķ»ÃþÀ¾¸ÑÇÉξÈÒ»¹Ä

y¾ÇÈÑ»¾
Ƕ½¶ÃÃÑ»
o»ÈÉÈ»ÍÀ¾
58

dÁÔ·Ä»¸Æ»Âµķƶ϶¿È»ÇÒ¸»ÇÈÃÄ»
ÅÆ»ºÇȶ¸¾È»ÁÒÇȸÄ$OID/DYDOÅĸÄÅÆÄǶÂ
… ƶ½Â»Æĸö·ÄƶÅÁ¶ÇȾøÇÁÉͶ»
ûķËĺ¾ÂÄÇȾ¾½Â»Ã»Ã¾µ;ÇÁ¶ÅÁ¶ÇȾÃ
… ¸Ñ·Äƶ¶Ȼƾ¶Á¶ÅÆÄÀÁ¶ºÄÀ»ÇÁ¾
¾½Â»Ã»ÃÑƶ·Ä;»È»ÂŻƶÈÉƶ¾º¶¸Á»Ã¾»
¾Á¾¸È»ÅÁÄķ»ÃþÀ»ºÄÁ¼»Ã
¾ÇÅÄÁҽĸ¶ÈÒǵºÆɹĿÈ»ÅÁÄÃÄǾȻÁÒ

Пластинчатый теплообменник 58 7
 rÉÇÇÀ¾¿ p·ÇÁɼ¾¸¶Ã¾»

p·ÇÁɼ¾¸¶Ã¾»
p;ÇÈÀ¶ö»ÇÈ»&,3

p·ÄÆɺĸ¶Ã¾»ºÁµÄ;ÇÈÀ¾ö»ÇÈ»&,3 sÁ»ºÉ¿È»ÉÀ¶½¶Ã¾µÂÅľÇÅÄÁҽĸ¶Ã¾ÔÄ·ÄÆɺĸ¶Ã¾µ

ÅĽ¸ÄÁµ»ÈÄ;϶ÈÒÅÁ¶ÇȾÃͶÈÑ¿È»ÅÁÄķ»ÃþÀ &,3
ûÄÈÀÆѸ¶µ»¹Ä
nļÃľÇÅÄÁҽĸ¶ÈÒÇÁ»ºÉÔϾ»Âĺ»Á¾&,3&,3
gÇÁ¾ûȸĽÂļÃÄÇȾ¾ÇÅÄÁҽĸ¶ÈÒ&,3Ä;ÇÈÀ¶ &,3&,3¾&,3
ºÄÁ¼Ã¶¸ÑÅÄÁõÈÒǵ¸ÆÉÍÃÉÔÇÂƶ½º»Á©rÉÍöµ
Ä;ÇÈÀ¶ª

&,3¸ÑÅÄÁõ»È

… Ä;ÇÈÀÉÄȽ¶¹Æµ½Ã»Ã¾¿¾ɺ¶Á»Ã¾»öÀ¾Å¾
¾½¸»ÇÈÀĸÑËÄǶºÀĸ

… ŶÇǾ¸¶Ì¾ÔÄ;ϻÃÃÑËÅĸ»ÆËÃÄÇÈ»¿ºÁµ
É»ÃÒλþµÅĺ¸»Æ¼»ÃÃÄÇȾÀÄÆÆĽ¾¾

… û¿ÈƶÁ¾½¶Ì¾Ô;ÇȵϾ˼¾ºÀÄÇÈ»¿Żƻº
ÇÁ¾¸ÄÂ

y¾ÇȵϾ»¼¾ºÀÄÇȾ

y¾Çȵ϶µ¼¾ºÀÄÇÈÒ pžǶþ»

$OID&DXV s¾ÁÒÃĺ»¿ÇȸÉÔ϶µÏ»ÁÄÍöµ¼¾ºÀÄÇÈÒºÁµɺ¶Á»Ã¾µÀƶÇÀ¾¼¾Æ¶¶ÇÁ¶
¾·¾ÄÁĹ¾Í»ÇÀ¾ËÄÈÁļ»Ã¾¿

$OID3KRV l¾ÇÁÄÈöµ;Çȵ϶µ¼¾ºÀÄÇÈÒºÁµɺ¶Á»Ã¾µÄÀ¾ÇÁĸ»ȶÁÁĸƼ¶¸Í¾ÃÑ
öÀ¾Å¾¾ºÆɹ¾ËûÄƹ¶Ã¾Í»ÇÀ¾ËÄÈÁļ»Ã¾¿

$OID3DVV {»ÁÄÍöµ¼¾ºÀÄÇÈÒºÁµŶÇǾ¸¶Ì¾¾ÅÆ»ºÄȸƶϻþµÀÄÆÆĽ¾¾

$OID1HXWUD s¾ÁÒÃĺ»¿ÇȸÉÔ϶µÏ»ÁÄÍöµ¼¾ºÀÄÇÈÒºÁµû¿ÈƶÁ¾½¶Ì¾¾$OID3KRV
ŻƻºÄÇÉλþ»Â

$OID36FDOH l¾ÇÁÑ¿;ÇȵϾ¿ÅÄÆÄÎÄÀǶÃȾÀÄÆÆĽ¾ÄÃÃÄ¿ºÄ·¶¸ÀÄ¿ÀÄÈÄÆÑ¿
ÄÇÄ·»ÃÃÄÓÊÊ»ÀȾ¸ÃÄɺ¶Áµ»ÈÄÈÁļ»Ã¾µÀ¶Æ·ÄöȶÀ¶ÁÒ̾µ¾ºÆɹ¾»
ûÄƹ¶Ã¾Í»ÇÀ¾»ÄÈÁļ»Ã¾µ

$OID31HXWUD {»ÁÄÍÃÄ¿ÅÄÆÄÎÄÀºÁµû¿ÈƶÁ¾½¶Ì¾¾¾ÇÅÄÁҽĸ¶ÃÃĹÄÅÄÆÄÎÀ¶$OID3
6FDOHŻƻº»¹ÄÉȾÁ¾½¶Ì¾»¿
$OID$GG o»¿ÈƶÁÒÃÄ»ÉǾÁ¾¸¶ÔÏ»»ÇÆ»ºÇȸÄÅÆ»ºÃ¶½Ã¶Í»ÃÃÄ»ºÁµ¾ÇÅÄÁҽĸ¶Ã¾µ
Çĸ»ÇÈÃÄÇ$OID3KRV$OID&DXV¾$OID36FDOHp·»ÇŻ;¸¶»ÈÁÉÍλ»
À¶Í»ÇȸÄÄ;ÇÈÀ¾¶ÇÁµÃ¾ÇÈÑ˾¼¾ÆÃÑËÅĸ»ÆËÃÄÇÈ»¿¶ȶÀ¼»
58

Åĸ»ÆËÃÄÇÈ»¿ÅÄÀÆÑÈÑË·¾ÄÁĹ¾Í»ÇÀ¾Â¾ķƶ½Ä¸¶Ã¾µÂ¾$OID$GGȶÀ¼»
Çþ¼¶»ÈÅ»ÃÄķƶ½Ä¸¶Ã¾»

$OSDFRQ'HVFDODQW l¾ÇÁÄ»ÄÇÃĸ¶ÃÃÄ»ö¸Äº»·»½ÄŶÇÃÄ»;Çȵϻ»ÇÆ»ºÇȸĺÁµÇõȾµ
ɺ¶Á»Ã¾µÄÀ¶Á¾ÃѶ¹Ã»È¾È¶¸ÄºÄÆÄÇÁ»¿¹ÉÂÉǶ¾º¾¿ÂÄÁÁÔÇÀĸ
¾½¸»ÇȾ¾Ƽ¶¸Í¾ÃÑsĺ»Æ¼¾È¶ÀȾ¸ÃÑ¿¾Ã¹Æ»º¾»ÃÈ%,2*(1$&7,9(§
·¾ÄÁĹ¾Í»ÇÀ¾¿ÇÄÇȶ¸¾½¸ÄÇÇȶÃĸ¾ÂÑ˸»Ï»Çȸ

$OSDFRQ'HJUHDVHU p·»½¼¾Æ¾¸¶ÔÏ»»¸»Ï»ÇȸĺÁµÇĸ»ÇÈÃĹľÇÅÄÁҽĸ¶Ã¾µÇ$OSDFRQ'HV
FDODQWÊÊ»ÀȾ¸ÃÄɺ¶Áµ»È¶ÇÁľ¼¾Æ¶ȶÀ¼»Çþ¼¶»È
Å»ÃÄķƶ½Ä¸¶Ã¾»sĺ»Æ¼¾È¶ÀȾ¸ÃÑ¿¾Ã¹Æ»º¾»ÃÈ%,2*(1$&7,9(§
·¾ÄÁĹ¾Í»ÇÀ¾¿ÇÄÇȶ¸¾½¸ÄÇÇȶÃĸ¾ÂÑ˸»Ï»Çȸ

58  Пластинчатый теплообменник
 p·ÇÁɼ¾¸¶Ã¾» rÉÇÇÀ¾¿

rÉÍöµÄ;ÇÈÀ¶

qÆ»ºÉÅÆ»¼º»Ã¾» pÈÀÆÑȾ»
fÁµÈĹÄÍÈÄ·ÑÅÆ»ºÄȸƶȾÈÒ
Èƶ¸Â¾Æĸ¶Ã¾»ÆÉÀÄ·ÄÇÈÆÑ»ÀƶµÅƾ qÆ»ºÉÅÆ»¼º»Ã¾»
ķƶ·ÄÈÀ»ÅÁ¶ÇȾþ½¶Ï¾ÈÃÑËŶûÁ»¿ÇÁ» gÇÁ¾È»ÅÁÄķ»ÃþÀ
ºÉ»È¸Ç»¹º¶öº»¸¶ÈÒ½¶Ï¾ÈÃѻŻÆͶÈÀ¾ ¹ÄƵ;¿Åĺļº¾È»ÅÄÀ¶
ÄÃûÄÇÈÑûÈÅƾ»ÆÃĺÄ
 ƒ& ƒ)

pÇÉξȻÅÁ¶ÇȾÃͶÈÑ¿È»ÅÁÄķ»ÃþÀ


pÇÂÄÈƾȻÇÀÄÁÒ½µÏ¾»Åĸ»ÆËÃÄÇȾ
 ûÇÉÏ»¹ÄÇȻƼõ¾ÅÆÄÈƾȻ¾Ë
58

Пластинчатый теплообменник 58 9
 rÉÇÇÀ¾¿ p·ÇÁɼ¾¸¶Ã¾»

sº»Á¶¿È»¶ÆÀ¾ÆĸÀÉö·ÄƶÅÁ¶ÇȾà t»ŶÆÑ·ÄÁÈĸÀÄÈÄÆÑ»ÉÇȶÃĸÁ»ÃѸ
 ÇöÆɼ¾ÅÆĸ»ºµº¾¶¹ÄöÁÒÃÉÔÅÄÁÄÇÉ
 ·ÉÀǶËÄÈÀÆѸ¶ÔÈǵÅÄÄͻƻºÃľ¸
º¾¶¹ÄöÁÒÃÄÂöÅƶ¸Á»Ã¾¾¸º¸¶ÓȶŶÀ¶À
ÅÄÀ¶½¶ÃÄþ¼»

ȶŠcÄÁȲ fÄƶ½Â»Æ¶

 §§§ $
 § ¾Á¾ § pÈÀÆÑȾ»

sÁ»º¾È»½¶È»ÂÍÈÄ·ÑÄÅÄÆöµ¾
Åƾ¼¾ÂöµÅÁ¶ÇȾöÅÄÇÈĵÃÃÄ·ÑÁ¾
ŶƶÁÁ»ÁÒÃѺÆɹºÆɹÉj½¹¾·Åƾ¼¾ÂÃÄ¿
ÅÁ¶ÇȾÃÑÅƾÄÈÀÆѸ¶Ã¾¾ûºÄÁ¼»Ã
ÅÆ»¸ÑζÈÒÂÂÅĸÄÆÄȶÀ¶¼ºÄ¹Ä
·ÄÁȶÅÄξƾû¾ÂÂÅĸÄÆÄȶ
n¶ÆÀ¾ÆĸÀ¶ À¶¼ºÄ¹Ä·ÄÁȶÅĸ»ÆȾÀ¶Á¾
ȶÅdÑÀÆÉ;¸¶¿È»ÅÄŻƻ»ÃÃÄ
j½Â»ÆÒÈ»¾½¶Å¾Î¾È»ƶ½Â»Æ$ º¾¶¹ÄöÁÒÃÄÓȾÍ»ÈÑÆ»·ÄÁȶÅÄÀ¶ö·ÄÆ

 ÅÁ¶ÇȾÃû·Éº»Èº¶¸¶ÈÒÅÄÀ¶½¶Ã¾µ$

dÑÀÆÉȾȻ¾¾½¸Á»À¾È»·ÄÁÈÑÀÄÈÄÆÑ»û ȶÅqÄÇÁ»ÓÈĹÄ·ÄÁÈѽ¶Èµ¹¾¸¶ÔÈǵ
 ÉÇȶÃĸÁ»ÃѸ·ÉÀǶË ÅÄŻƻ»ÃÃĺ¾¶¹ÄöÁÒÃÄÀ¶ÀÅÄÀ¶½¶ÃÄö
ÇÁ»ºÉÔÏ»ÂƾÇÉÃÀ»

j½¸Á»À¾È»
·ÄÁÈÑ
58

j½¸Á»À¾È»
·ÄÁÈÑ

58  Пластинчатый теплообменник
 p·ÇÁɼ¾¸¶Ã¾» rÉÇÇÀ¾¿

pÈÀÆÄ¿È»ö·ÄÆÅÁ¶ÇȾÃǺ¸¾Ãɸ
 Åƾ¼¾ÂÃÉÔÅÁ¶ÇȾÃÉÅÄûÇÉÏ»ÂÉ
ÇȻƼÃÔ

gÇÁ¾ÅÁ¶ÇȾÃÑÃɼÃÄÅÆÄÃÉ»Æĸ¶ÈÒ
Ǻ»Á¶¿È»ÓÈÄŻƻºÈ»ÂÀ¶À¾ËÇþ¶ÈÒ

sþ¶ÈÒÅÁ¶ÇȾÃÑûÄ·µ½¶È»ÁÒÃÄ»ÇÁ¾
Ä;ÇÈÀ¶ÅÆľ½¸Äº¾ÈǵÈÄÁÒÀĸĺĿÈH·»½
;Çȵϻ¹ÄÇÆ»ºÇȸ¶

j½¸Á»À¾È»
ÅÁ¶ÇȾÃÑ

58

Пластинчатый теплообменник 58 11
 rÉÇÇÀ¾¿ p·ÇÁɼ¾¸¶Ã¾»

rÉÍöµÄ;ÇÈÀ¶ÄÈÀÆÑÈĹÄÉÇÈÆÄ¿Çȸ¶

pÇÈÄÆļÃÄ dþ¶þ»
o¾ÀĹº¶ûÅƾ»õ¿È»ÇÄÁµÃÉÔ sÁ»º¾È»½¶È»ÂÍÈÄ·ÑÅƾÆÉÍÃÄ¿Ä;ÇÈÀ»

À¾ÇÁÄÈɺÁµÄ;ÇÈÀ¾ÅÁ¶ÇȾþ½ ûÅĸƻº¾ÈÒÅÆÄÀÁ¶ºÀ¾
ûƼ¶¸»ÔÏ»¿ÇȶÁ¾dĺÉÇ
Çĺ»Æ¼¶Ã¾»ÂËÁÄƶ¸Ñλ
 ÅÆľÁÁ»¾ÇÅÄÁҽĸ¶ÈÒºÁµ
Åƾ¹ÄÈĸÁ»Ã¾µ;Çȵϻ¹ÄƶÇȸÄƶ
ûÁÒ½µbÁÔ¾þ»¸Ñ»ûÇÉϾ»
ÇȻƼþ¾ÄÅÄÆÃÑ»ÇÈÄ¿À¾ûķËĺ¾ÂÄ
½¶Ï¾È¾ÈÒÄȸĽº»¿Çȸ¾µ˾¾À¶Èĸ

pÈÁļ»Ã¾µɺ¶Áµ»ÂÑ»¸ÄºÄ¿¾Ï»ÈÀÄ¿

sþ¶ÈÒºÁµÄ;ÇÈÀ¾ÅÁ¶ÇȾÃÑÇÅÁ¶ÇȾÃͶÈĹÄÈ»ÅÁÄķ»ÃþÀ¶ûķµ½¶È»ÁÒÃÄ

uº¶Á¾È»ÄÈÁļ»Ã¾µÇÅÄÂÄÏÒÔµ¹ÀÄ¿ qÆÄÅÄÁÄϾȻÇÈÆÉ»¿¸ÄºÑÅĺº¶¸Á»Ã¾»Â
 Ï»ÈÀ¾¾ÅÆÄÈÄÍÃÄ¿¸ÄºÑ


pÈÁļ»Ã¾µûɺ¶Áµ»ÂÑ»¸ÄºÄ¿¾Ï»ÈÀÄ¿

fÁµÄ;ÇÈÀ¾ûķËĺ¾ÂÄÇõÈÒÅÁ¶ÇȾÃÑÇÅÁ¶ÇȾÃͶÈĹÄÈ»ÅÁÄķ»ÃþÀ¶

p;ÇȾȻÏ»ÈÀÄ¿Ç;ÇȵϾÂÇÆ»ºÇȸÄ qÆÄÅÄÁÄϾȻ¸ÄºÄ¿
 
58

58  Пластинчатый теплообменник
 p·ÇÁɼ¾¸¶Ã¾» rÉÇÇÀ¾¿

p;϶ÔϾ»ÇÆ»ºÇȸ¶§p·Æ¶½Ä¸¶Ã¾»ÄÀ¶Á¾ÃѾÁ¾öÀ¾Å¾
 lÄÃÌ»ÃÈƶ̾µÇ»Ǿ
n¶ÀÇÈ»ÂŻƶÈÉƶ ƒ& ƒ)

pÀ¶Á¾Ã¶öÀ¾ÅÒ pÈÁļ»Ã¾µ y¾Çȵϻ»ÇÆ»ºÇȸÄ

l¶Æ·ÄöÈÀ¶ÁÒ̾µ qÆĺÉÀÈÑÀÄÆÆĽ¾¾ b½ÄÈöµÀ¾ÇÁÄȶ

sÉÁÒʶÈÀ¶ÁÒ̾µ pÀǾºÑ»ȶÁÁĸ sÉÁÒʶ¾Ãĸ¶µÀ¾ÇÁÄȶ

s¾Á¾À¶ÈÑ jÁ m¾ÂÄÃöµÀ¾ÇÁÄȶ
eÁ¾ÃĽ»Â vÄÇÊÄÆöµÀ¾ÇÁÄȶ

f¾¶ÈľͻÇÀ¾»Äƹ¶Ã¾½ÂÑ lÄÂÅÁ»ÀÇÄķƶ½ÉÔϾ»¶¹»ÃÈÑ('7$

¾¾ËÓÀÇÀƻ»ÃÈÑ 17$
ƶ½Á¾ÍÃĹÄ̸»È¶ qÄÁ¾ÊÄÇʶÈÑöÈƾµ

y¾ÇȵϾ»ÇÆ»ºÇȸ¶§ c¾ÄÁĹ¾Í»ÇÀÄ»ķƶÇȶþ»ÇÁ¾½Ò
 lÄÃÌ»ÃÈƶ̾µÇ»Ǿ
n¶ÀÇÈ»ÂŻƶÈÉƶ ƒ& ƒ)

c¾ÄÁĹ¾Í»ÇÀÄ»ķƶÇȶþ»
y¾Çȵϻ»ÇÆ»ºÇȸÄ
ÇÁ¾½Ò

c¶ÀȻƾ¾ gºÀ¾¿öÈÆ

o»Â¶ÈÄºÑ l¶Æ·ÄöÈöÈƾµ
qÆÄÈĽĶ y¾ÇȵϾ¿ÓÊÊ»ÀÈÂļÃÄÇÉÏ»Çȸ»ÃÃÄÅĸÑǾÈÒÅÉȻºķ¶¸Á»Ã¾µ
û·ÄÁÒξËÀÄÁ¾Í»Çȸ¹¾ÅÄËÁÄƾȶ¾Á¾ÀÄÂÅÁ»ÀÇÄķƶ½ÉÔϾË
¶¹»ÃÈĸ¾Åĸ»ÆËÃÄÇÈÃĶÀȾ¸ÃÑ˸»Ï»Çȸ

y¾ÇȵϾ»ÇÆ»ºÇȸ¶§n¶½ÉȶÇʶÁÒȼ¾ÆÑ

pÈÁļ»Ã¾µ y¾Çȵϻ»ÇÆ»ºÇȸÄ

n¶½ÉÈ r¶ÇȸÄƾȻÁÒöÄÇÃĸ»ŶƶʾÃĸÑËÊƶÀ̾¿ûÊȾöÅƾ»Æ

bÇʶÁÒÈ À»ÆÄǾÃ
h¾ÆÑ
dþ¶þ»
uÅÁÄÈþȻÁ¾¾½Æ»½¾ÃÑ(3'0¸ȶÀ¾ËÇÆ»º¶Ëö·É˶ÔÈdƻµ
ÀÄÃȶÀȶûºÄÁ¼ÃÄÅÆ»¸ÑζÈÒ¾ÃÉÈ

pÇÈÄÆļÃÄ
58

sÁ»ºÉÔϾ»ƶÇȸÄÆÑÅƾ»õÈÒûÁÒ½µ
… l»ÈÄÃÑöÅƾ»Æ¶Ì»ÈÄÃ
»ȾÁÓȾÁÀ»ÈÄûȾÁ¾½Ä·ÉȾÁÀ»ÈÄÃ
… sÁļÃÑ»ÓʾÆÑöÅƾ»ÆÓȾÁ¶Ì»È¶È
·ÉȾÁ¶Ì»È¶È
… e¶ÁĹ»Ã¾½¾Æĸ¶ÃÃÑ»¹¾ºÆÄÀ¶Æ·ÄöÈÑ
öÅƾ»ÆËÁÄÆÄÊ»ÃÍ»ÈÑÆ»ËËÁÄƾÇÈÑ¿
ɹÁ»ÆĺÊÆ»ÄÃÑ
… bÆĶȾͻÇÀ¾»ÇÄ»º¾Ã»Ã¾µöÅƾ»Æ
·»Ã½ÄÁÈÄÁÉÄÁ

Пластинчатый теплообменник 58 13
 rÉÇÇÀ¾¿ p·ÇÁɼ¾¸¶Ã¾»

i¶ÀÆÑȾ»

qÆĸ»ÆÒÈ»;ÇÈÄÈɸǻËÉÅÁÄÈþȻÁÒÃÑË sȵþȻö·ÄÆÅÁ¶ÇȾÃi¶Èµ¹¾¸¶¿È»¸º¸¶
 Åĸ»ÆËÃÄÇÈ»¿  ÓȶŶÇÂƾÇÉÃÀ¾þ¼»sÁ»º¾È»½¶È»Â
ÍÈÄ·ÑÄÅÄÆöµ¾Åƾ¼¾ÂöµÅÁ¶ÇȾö
ÅÄÇÈĵÃÃÄ·ÑÁ¾ŶƶÁÁ»ÁÒÃѺÆɹºÆɹÉ
p;ÇȾȻÇÅÄÂÄÏÒÔÅÆĸÄÁÄÍÃÄ¿Ï»ÈÀ¾
 Æ»½Ò·É·ÄÁÈĸo¶Ã»Ç¾È»öÆ»½Ò·ÉÈÄÃÀ¾¿
ÇÁÄ¿Ƕ½À¾öÅƾ»Æ*OHLWPR¾Á¾
ȶŠcÄÁȲ fÄƶ½Â»Æ¶
ÓÀ¸¾¸¶Á»ÃÈ  §¾Á¾§ $

 §§§ $

ȶÅi¶Èµ¹¾¸¶¿È»º¸»º¾¶¹ÄöÁÒÃÑ»
ŶÆÑ·ÄÁÈĸÅÄŻƻ»ÃÃĺÄÈ»ËÅÄÆÅÄÀ¶
ƶ½Â»Æö·ÄƶûÇȶûÈƶ¸ÃÑÂ$

qƾÀƻžȻÅÆÄÀÁ¶ºÀ¾ÀÅÁ¶ÇȾö¾Á¾
 ÅÆĸ»ÆÒÈ»¾ËÀÆ»ÅÁ»Ã¾»

dþ¶þ»
gÇÁ¾ÉÅÁÄÈþȻÁÒöµÅÆÄÀÁ¶ºÀ¶ƶ½Â»Ï»Ã¶
ûÅƶ¸¾ÁÒÃÄÄö·Éº»È¸ÑÇÈÉŶÈÒ¾½Ŷ½¶
¾Á¾ÅÆÄËĺ¾ÈҸû»¹Ä

dÇȶ¸ÒÈ»ÅÁ¶ÇȾÃÑͻƻºÉµ¾Ë»ÁÄÍÃÄ¿
 ÇÈÆÉÀÈÉÆÄ¿¸ÅÆÄȾ¸ÄÅÄÁļÃÑË
öÅƶ¸Á»Ã¾µËÇÅÆÄÀÁ¶ºÀ¶Â¾¸ÇÈÄÆÄÃÉ
ÄÅÄÆÃÄ¿ÅÁ¶ÇȾÃÑ
58
ȶÅqÄÇÁ»ÓÈĹÄ·ÄÁÈѽ¶Èµ¹¾¸¶ÔÈǵ
ÅÄŻƻ»ÃÃĺ¾¶¹ÄöÁÒÃÄÀ¶ÀÅÄÀ¶½¶ÃÄö
ÇÁ»ºÉÔÏ»ÂƾÇÉÃÀ»i¶Èµ¹¾¸¶µ
¾ÇÅÄÁҽɻÂÑ»·ÄÁÈѾ½Â»Æµ¿È»
ƶÇÇÈĵþ»$

58  Пластинчатый теплообменник
 p·ÇÁɼ¾¸¶Ã¾» rÉÇÇÀ¾¿

n¶ÀÇÂÄ»ÃȽ¶Èµ¼À¾ …
dþ¶þ»
…
gÇÁ¾¸Ñ¾ÇÅÄÁҽɻȻÅû¸Â¶È¾Í»ÇÀÄ»
½¶Èµ¹¾¸¶ÔÏ»»ÉÇÈÆÄ¿ÇȸĶÀǾ¶ÁÒÃÑ¿
ÀÆÉȵϾ¿ÂÄ»ÃÈǸÅƾ¸»º»ÃÃÄ¿þ¼»
ȶ·Á¾Ì»qƾ½¶Èµ¹¾¸¶Ã¾¾¾½Â»ÆÒÈ»
ƶÇÇÈĵþ»$
d»Á¾Í¾ÃѺÁ¾ÃÑŶÀ»È¶ÅÁ¶ÇȾÃ
¾½Â»Æ»ÃÃÑ»ö¸Ç»Ë·ÄÁȶËûºÄÁ¼ÃÑ
ƶÇËĺ¾ÈÒǵ·ÄÁ»»Í»Âö
gÇÁ¾ÉÇÈÆÄ¿ÇȸÄûÅÄÁÃÄÇÈÒÔ
¹»Æ»ȾÍÃÄƶÇÇÈĵþ»$ÂļÃÄ
É»ÃÒξÈÒºÄ$pºÃ¶ÀÄ
¶ÀǾ¶ÁÒÃÑ¿ÀÆÉȵϾ¿ÂÄ»ÃÈ
½¶Èµ¼À¾ÅÆ»¸ÑζÈÒûÁÒ½µ

r¶½ cÄÁÈÇ·ÉÀÇÄ¿ cÄÁÈÇζ¿·¶Â¾

Ȯ
·ÄÁȶ

o .SP o .SP
0  

0  

0    

0    

qƾ½¶Èµ¹¾¸¶Ã¾¾¸ÆÉÍÃÉÔÀÆÉȵϾ¿ÂÄ»ÃÈÇÁ»ºÉ»È
ƶÇÇ;ȶÈÒ

gÇÁ¾û¸Ä½ÂļÃÄÉÇȶÃĸ¾ÈÒƶÇÇÈĵþ»$
gÇÁ¾ÅÁ¶ÇȾÃÑÇķƶÃÑÅƶ¸¾ÁÒÃÄÀƶµ
…
…
qÆĸ»ÆÒÈ»;ÇÁÄÅÁ¶ÇȾþƶÇÇÈĵþ»$
u·»º¾È»ÇÒÍÈĸǻ¹¶¿À¾¾·ÉÀÇѸƶ϶ÔÈǵ
 ķƶ½ÉÔÈ©ÇÄÈĸѿªɽÄÆÇÂÇÁ»ºÉÔϾ¿
ƾÇÉÃÄÀ
ǸķĺÃÄdÅÆÄȾ¸ÃÄÂÇÁÉͶ»Ä;ÇȾȻǶ¼ÒÈ»
¾Á¾½¶Â»Ã¾È»¾Ë gÇÁ¾ö·ÄÆÅÁ¶ÇȾ÷ÑÁ¶ÆÀ¾Æĸ¶ÃÅÄ
¸Ã»Îû¿ÇÈÄÆÄûÇÂζ¹¸ƶ½º»Á»
d¾ÇÀÁÔ;ȻÁÒÃÑËÇÁÉͶµËƶÇÇÈĵþ»$Âļ»È ©pÈÀÆÑȾ»ªÅÆĸ»ÆÒÈ»ÅĶÆÀ¾ÆĸÀ»
ÅÆ»¸ÑζÈÒǵqƾ»ÂÁ»ÂÑÇÁ»ºÉÔϾ»¸»Á¾Í¾ÃÑ Åƶ¸¾ÁÒÃÄÇÈÒÅÄƵºÀ¶Ç·ÄÆÀ¾ÅÁ¶ÇȾÃ
ºÁ¾ÃÑŶÀ»È¶ÅÁ¶ÇȾÃ

fÁ¾Ã¶ŶÀ»È¶ÅÁ¶ÇȾà fÁ¾Ã¶ŶÀ»È¶
ÅÁ¶ÇȾö ÅÁ¶ÇȾÃƶÇÇÈĵþ»
$

!ÂÂ $

§Â $
ÂÂ $

uÇȶÃĸ¾È»ö»ÇÈÄÄÇȶÁÒÃÑ»·ÄÁÈÑ
58

 … pÇÂÄÈƾȻζ¿·Ñ
… i¶Èµ¼À¶¸Ç»Ë·ÄÁÈĸºÄÁ¼Ã¶·ÑÈÒ
ƶ¸ÃÄ»ÆÃÄ¿
… r¶ÇËļº»Ã¾»¸¸»Á¾Í¾Ã¶ËŶÀ»Èĸ
ÅÁ¶ÇȾÃûƶÇÇÈĵþ»$¾½Â»Æ»ÃÃÑË
öÇÄÇ»ºÃ¾Ë·ÄÁȶËûºÄÁ¼ÃÄ
ÅÆ»¸ÑζÈÒ
§ ÂÂÀĹº¶$ÂÂ
§ ÂÂÀĹº¶$!ÂÂ

Пластинчатый теплообменник 58 15
 rÉÇÇÀ¾¿ p·ÇÁɼ¾¸¶Ã¾»

i¶Â»Ã¶ÅÆÄÀÁ¶ºÀ¾
i¶Ï»ÁÀ¾¸¶ÔϾ»ÇµÅÆÄÀÁ¶ºÀ¾
pÈÀÆÄ¿È»ÅÁ¶ÇȾÃͶÈÑ¿È»ÅÁÄķ»ÃþÀ
 ÆÉÀĸĺÇȸɵÇÒÉÀ¶½¶Ã¾µÂ¾öÇÈÆ ¾
¾½¸Á»À¾È»ÅÁ¶ÇȾÃÉöÀÄÈÄÆÄ¿ÃɼÃÄ
½¶Â»Ã¾ÈÒÅÆÄÀÁ¶ºÀÉ
qÆÄÀÁ¶ºÀ¾&OLS$'0;0;
qÆÄÀÁ¶ºÀ¶&OLS$'ÅÆ»ºÇȶ¸Áµ»ÈÇÄ·Ä¿ǾÇÈ»ÂÉÇ
Ä·ÑÍÃѽ¶Ï»ÁÀ¾¸¶ÔϾÂǵ½¶¼¾ÂĸÄÀÆɹ
Äȸ»ÆÇȾ¿ÀÄÈÄƶµÀƻžÈǵÅƾÅÄÂÄϾÁ¾ÅÀÄ¿
Á»ÃÈѸºÄÁÒÀƶ»¸ÅÁ¶ÇȾÃ

jÇÅÄÁҽĸ¶Ã¾»Á¾ÅÀÄ¿Á»ÃÈÑ*&§ÓÈÄÅÆÄÇÈÄ¿

sþ¾ȻÇȶÆÉÔÅÆÄÀÁ¶ºÀÉ ÇÅÄÇÄ·Åƶ¸¾ÁÒÃÄ¿ÉÇȶÃĸÀ¾ÅÆÄÀÁ¶ºÀ¾qÁ»ÃÀ¶

 ½¶ÀÆ»ÅÁµ»Èǵ¸Ŷ½»ÅÆÄÀÁ¶ºÀ¾ÇÅÄÂÄÏÒÔ
ÇŻ̾¶ÁÒÃĹÄžÇÈÄÁ»È¶Åĺ¶ÔÏ»¹ÄÅÁ»ÃÀÉÍÈÄ
ÅĽ¸ÄÁµ»È½¶ÀƻžÈÒÅÁ»ÃÀÉÈÄÍÃĸÈÆ»·É»ÂÄ»ÇÈ»

pÈÀÆÄ¿È»ÅÁ¶ÇȾÃͶÈÑ¿È»ÅÁÄķ»ÃþÀ


qƾÀƻžȻ½¶Ï»ÁÀ¾¸¶ÔÏÉÔǵÅÆÄÀÁ¶ºÀÉÀ
ÅÁ¶ÇȾûi¶Åƶ¸ÒÈ»¸ÑÇÈÉÅÑÅÆÄÀÁ¶ºÀ¾
ÅĺÀƶ¿ÅÁ¶ÇȾÃÑ
 ÆÉÀĸĺÇȸɵÇÒÉÀ¶½¶Ã¾µÂ¾öÇÈÆ ¾
¾½¸Á»À¾È»ÅÁ¶ÇȾÃÉöÀÄÈÄÆÄ¿ÃɼÃÄ
½¶Â»Ã¾ÈÒÅÆÄÀÁ¶ºÀÉ

sþ¾ȻÇȶÆÉÔÅÆÄÀÁ¶ºÀÉ

t¶ÀÀ¶ÀÈÄÁϾöÅÁ»ÃÀ¾ÄÍ»ÃÒ¶Á¶ÇȶÆÉÔ
 ÅÁ»ÃÀÉɺ¶ÁµÈÒûķµ½¶È»ÁÒÃÄpºÃ¶ÀÄ
ûķËĺ¾ÂÄÉ·»º¾ÈÒǵÍÈÄŶ½ÅÆÄÀÁ¶ºÀ¾
;ÇÈÑ¿¾ÇÉËÄ¿

i¶ÀƻžȻÅÁ»ÃÀÉÇÅÄÂÄÏÒÔžÇÈÄÁ»È¶


dþ¶þ»
sÁ»º¾È»½¶È»ÂÍÈķѸÑÇÈÉÅÑÅÆÄÀÁ¶ºÀ¾
öËĺ¾Á¾ÇÒ¸Åƶ¸¾ÁÒÃÄÂÅÄÁļ»Ã¾¾

q»Æ»Ëĺ¾È»ÀÇÁ»ºÉÔÏ»¿ÅÁ¶ÇȾûö
 ÀÄÈÄÆÄ¿ÃɼÃĽ¶Â»Ã¾ÈÒÅÆÄÀÁ¶ºÀɾ
º¶Á»»ÅÄÀ¶û·ÉºÉȽ¶Â»Ã»ÃѸǻ
Åĸƻ¼º»ÃÃÑ»ÅÆÄÀÁ¶ºÀ¾

i¶ÀÆÄ¿È»ÅÁ¶ÇȾÃͶÈÑ¿È»ÅÁÄķ»ÃþÀ

58

ÆÉÀĸĺÇȸɵÇÒÉÀ¶½¶Ã¾µÂ¾öÇÈÆ 

qƾÀƻžȻÅÆÄÀÁ¶ºÀÉÀÅÁ¶ÇȾû

qƾÀÁ»¾¸¶»ÂÑ»ÅÆÄÀÁ¶ºÀ¾
 i¶Åƶ¸ÒÈ»¸ÑÇÈÉÅÑÅÆÄÀÁ¶ºÀ¾ÅĺÀƶ¿
ÅÁ¶ÇȾÃÑ
jÃÇÈÆÉÀ̾¾ÅÄÇÀÁ»¾¸¶Ã¾ÔÅÄÇȶ¸ÁµÔÈǵ¸
ÀÄÂÅÁ»ÀÈ»ÇÀÁ»»Â
i¶ÀÆÄ¿È»ÅÁ¶ÇȾÃͶÈÑ¿È»ÅÁÄķ»ÃþÀ
 ÆÉÀĸĺÇȸɵÇÒÉÀ¶½¶Ã¾µÂ¾öÇÈÆ 

58  Пластинчатый теплообменник
 6SLVWUHÐFL 3ROVNL

6SLVWUHÑFL

2SLV  
*¥oZQHHOHPHQW\NRQVWUXNF\MQH  
=DVDGDG]LD¥DQLD 

,QVWDODFMD 
:\PDJDQLD 
3RGQRV]HQLH  
8VWDZLHQLHZ\PLHQQLND  

(NVSORDWDFMD  
5R]UXFK  
8U]¹G]HQLHZWUDNFLHSUDF\ 
:\¥¹F]DQLH  

.RQVHUZDFMD  
:MDNLVSRVoEVNRQWDNWRZD²
VL¿]ILUPº$OID/DYDO
6]F]HJo¥RZHGDQHNRQWDNWRZH
GODZV]\VWNLFKNUDMoZV¹QD
ELHܹFRDNWXDOL]RZDQHQD
QDV]HMVWURQLHLQWHUQHWRZHM
:L¾FHMLQIRUPDFMLPRÜQD]QDOHÚ±
QDQDV]HMVWURQLHLQWHUQHWRZHM
ZZZDOIDODYDOFRP3URVLP\
VNRQWDNWRZD±VL¾]QDMEOLÜV]\P
SU]HGVWDZLFLHOHPILUP\
$OID /DYDO
3¥\WRZ\Z\PLHQQLNFLHS¥D
&]\V]F]HQLHFKHPLF]QH&,3…&OHDQLQJ,Q3ODFH 
&]\V]F]HQLHU¾F]QH 
:\PLDQDXV]F]HOHN  
2SUoF]QLQLHMV]HMLQVWUXNFMLREV¥XJLGRXU]¹G]HQLDGR¥¹F]RQH]RVWD¥\
UoZQLHÜQDVW¾SXM¹FHGRNXPHQW\
… 5\VXQHNWHFKQLF]Q\S¥\WRZHJRZ\PLHQQLNDFLHS¥D
3/
… 6SHF\ILNDFMDSDNLHWXS¥\W
… :\ND]HOHPHQWoZ]GR¥¹F]RQ\PU\VXQNLHPZLGRNX
UR]PRQWRZDQHJRZ\PLHQQLND
3/
 3ROVNL 8ZDJL

8ZDJL
3/

3/ 3¥\WRZ\Z\PLHQQLNFLHS¥D
 2SLV 3ROVNL

2SLV
*¥oZQHHOHPHQW\NRQVWUXNF\MQH
%HONDQRÑQD
3RGWU]\PXMHS¥\W\NDQD¥RZH 3RGSRUD
3¥\WDF]R¥RZD LS¥\W¾GRFLVNRZ¹
VWD¥D

ÐUXE\ÑFLVNDMºFH
'RFLVNDM¹GRVLHELH
S¥\W\NDQD¥RZH

2V¥RQD
ÑUXE\

.Uo²FH
2GSRZLHGQLRUR]PLHV]F
]RQHRWZRU\ZS¥\FLH
F]R¥RZHMSR]ZDODM¹
ZSURZDG]L±PHGLDGR
ZHZQ¹WU]Z\PLHQQLND

1DJZLQWRZDQHV]SLOH
ZRNo¥RWZRUoZXPRÜOL
ZLDM¹SRG¥¹F]HQLH
NR¥QLHU]\UXURFL¹JoZGR
Z\PLHQQLND:]DOHÜQRÐ
FLRG]DVWRVRZDQLDVWR
VXMHVL¾Z\¥RÜHQLH
PHWDOLF]QHOXE %HONDSURZDG]ºFD
JXPRZH&KURQL¹RQH :\UoZQXMHS¥\W\ND
RWZRU\SU]HGNRUR]M¹ QD¥RZHZGROQHMF]¾ÐFL

3¥\WDGRFLVNRZD
5XFKRPDS¥\WDVWDORZD:QLHNWoU\FK
SU]\SDGNDFKZS¥\FLHGRFLVNRZHM
Z\NRQDQHV¹NUo±FHGR
SRG¥¹F]HQLDLQVWDODFML
3¥\W\NDQD¥RZH
&LHS¥RSU]HND]\ZDQHMHVW]MHGQHJRPHGLXP
GRGUXJLHJRSU]H]FLHQNLHS¥\W\NDQD¥RZH

2GOLF]E\S¥\W]DOHÜ\FD¥NRZLWDSRZLHU]FKQLD
3/

Z\PLDQ\FLHS¥D

2V¥RQ\]DEH]SLHF]DMºFH
'RVWDUF]DQHQDܹGDQLH

3¥\WRZ\Z\PLHQQLNFLHS¥D 3/ 
 3ROVNL
=DVDGDG]LD¥DQLD
3¥\WRZ\Z\PLHQQLNFLHS¥DVN¥DGDVL¾]SDNLHWX
SRID¥GRZDQ\FKS¥\WPHWDORZ\FKZ\SRVDÜRQ\FKZ
RWZRU\XPRÜOLZLDM¹FHSU]HS¥\ZGZoFKPHGLoZ
SRPL¾G]\NWoU\PLGRNRQXMHVL¾Z\PLDQDFLHS¥D
3DNLHWS¥\W]DPRQWRZDQ\MHVWSRPL¾G]\S¥\W¹
2SLV
EDPLÐFLVNDM¹F\PL3¥\W\Z\SRVDÜRQHV¹ZXV]F
]HON¾XV]F]HOQLDM¹F¹NDQD¥LNLHUXM¹F¹PHGLDGR
LQQ\FKNDQD¥oZ3RID¥GRZDQLHS¥\WSU]\F]\QLDVL¾
GR]ZL¾NV]HQLDWXUEXOHQFMLSU]HS¥\ZXLFKURQLMH
SU]HGUoÜQLFDPLFLÐQLHQLD
F]R¥RZ¹VWD¥¹DS¥\W¹GRFLVNRZ¹LÐFLÐQL¾W\ÐUX
3/

3¥\WD$MHVWS¥\W¹] 3¥\WD%MHVWS¥\W¹]
MRGH¥N¹VNLHURZDQDZGo¥ MRGH¥N¹VNLHURZDQDZ
JoU¾

3/  3¥\WRZ\Z\PLHQQLNFLHS¥D
 ,QVWDODFMD 3ROVNL

,QVWDODFMD
:\PDJDQLD

8U]ºG]HQLDZLHORSU]HS¥\ZRZH
3R¥ºF]HQLDQDS¥\FLHGRFLVNRZHM
3U]HGSRG¥¹F]HQLHPUXUSDNLHWS¥\WSRZLQLHQ
]RVWD±VNU¾FRQ\]RGSRZLHGQL¹VL¥¹SDWU]
U\VXQHN

,QVWDODFMHUXURZH
:SU]\SDGNXZ\PLHQ
QLNoZZLHORELHJRZ\FK
VWRVXMHVL¾SU]\¥¹F]DZ
S¥\FLHGRFLVNRZHM:\MÐ
FLDUXURZHZS¥\FLH
GRFLVNRZHMSRZLQQ\E\±
Z\NRQDQH]NRODQLNR¥QL
HU]\OXEÐUXEDQNoZZ
WDNLVSRVoEDE\PRÜQD
E\¥RRG¥¹F]\±F]¾Ð±UXUR
FL¹JXL]DEH]SLHF]\±
2GOHJ¥RѲ PRÜOLZRбRGVXQL¾FLD
:\PDJDQHMHVWFRQDMPQLHM S¥\W\GRFLVNRZHM
 PPZROQHMSU]HVWU]HQL
QDZ\MPRZDQLHLZVWDZLDQLH
S¥\W

3RGVWDZD
=DZRU\RGFLQDMºFH :\PLHQQLN]DPRQWRZD±QD
$E\XPRÜOLZL±UR]HEUDQLH S¥DVNLHMSRGVWDZLHGDM¹FHM
Z\PLHQQLNDFLHS¥DQD RGSRZLHGQLHSRGSDUFLHGOD
ZV]\VWNLFKUXURFL¹JDFK UDP\
SRZLQQ\E\±]DLQVWDOR
ZDQH]DZRU\RGFLQDM¹FH

8ZDJD
w 3U]HGSRG¥¹F]HQLHPLQVWDODFMLUXURZHMXS
HZQL±VL¾F]\]ZQ¾WU]DV\VWHPX
Z\S¥XNDQH]RVWD¥\ZV]\VWNLHFLD¥DREFH
w 3RG¥¹F]DM¹FXN¥DGUXUVSUDZG]L±F]\QLH
Z\ZR¥XM¹RQHREFL¹ÜHQLDOXEQDSU¾ÜHÆ
Z\PLHQQLNDFLHS¥D
=DLQVWDORZDQH]DZRU\EH]SLHF]HÆVWZDSRZLQQ\
RGSRZLDGD±RERZL¹]XM¹F\PSU]HSLVRPGRW\F]¹F\P
]ELRUQLNoZFLÐQLHQLRZ\FK
-HÐOLSU]HZLGXMHVL¾ÜHWHPSHUDWXUDSRZLHU]FKQL
Z\PLHQQLNDE¾G]LHEDUG]RZ\VRNDOXEQLVNDZ\PLHQ
QLNSRZLQLHQ]RVWD±SRNU\W\L]RODFM¹
=DOHFDVL¾RNU\FLHZ\PLHQQLNDRV¥RQDPL]DEH]SLHF
3/

w :FHOXXQLNQL¾FLDXGHU]HÆZRGQ\FKQLH
PRQWRZD±V]\ENR]DP\NDM¹F\FKVL¾
]DZRUoZ
]DM¹F\PL
.DÜG\PRGHOZ\SRVDÜRQ\MHVWZWDEOLF]N¾]QDPL
RQRZ¹]DZLHUDM¹F¹ZDUWRÐFLFLÐQLHÆLWHPSHUDWXU
QRPLQDOQ\FK3U]HNUDF]DQLHW\FKZDUWRÐFLMHVWQLH
GR]ZRORQH

3¥\WRZ\Z\PLHQQLNFLHS¥D 3/ 
 3ROVNL ,QVWDODFMD

3RGQRV]HQLH
2VWU]HÝHQLH
1LHSRGQRVL±Z\PLHQQLND]DSU]\¥¹F]DOXE
JZLQWRZDQHV]SLOHZRNo¥QLFK'RSRG
QRV]HQLDQDOHÜ\XÜ\±WDÐP=D¥RÜ\±
WDÐP\]JRGQLH]HZVND]DQLDPLQD
U\VXQNX

000;76 0;00$
3/

3/  3¥\WRZ\Z\PLHQQLNFLHS¥D
 ,QVWDODFMD 3ROVNL

8VWDZLHQLHZ\PLHQQLND

8PLHÐFL±QDSRG¥RÜXGZLHGUHZQLDQH 3U]HSDVD±WDÐP¾ZRNo¥MHGQHMÐUXE\SR
 EHONL  NDÜGHMVWURQLH

8QLHбZ\PLHQQLN]SDOHW\Z\NRU]\VWXM¹F
 GRWHJRFHOXWDÐP\

8QLHбZ\PLHQQLNFLHS¥D]GUHZQLDQ\FK
 EHOHN

3RVWDZL±Z\PLHQQLNFLHS¥DQDGUHZQLDQ
 \FKEHONDFK

2SXÐFL±Z\PLHQQLNWDNDE\VWDQ¹¥QD
 SRG¥RÜXZSR]\FMLSR]LRPHM

3/

3¥\WRZ\Z\PLHQQLNFLHS¥D 3/ 
 3ROVNL (NVSORDWDFMD

(NVSORDWDFMD
5R]UXFK
8ZDJD -HÐOLQDNUo±FXZ\ORWRZ\P]DPRQWRZDQ\
-HÐOLV\VWHPZ\SRVDÜRQ\MHVWZNLONDSRPS  MHVW]DZoUQDOHÜ\VSUDZG]L±F]\MHVWRQ
FD¥NRZLFLHRWZDUW\
QDOHÜ\VL¾XSHZQL±NWoUD]QLFKSRZLQQD
E\±XUXFKRPLRQDMDNRSLHUZV]D 2WZRU]\±RGSRZLHWU]QLNLXUXFKRPL±SRP
 S¾
8ZDJD
5HJXODFMDQDW¾ÜHQLDSU]HS¥\ZXSRZLQQD 2WZDUW\
E\±GRNRQ\ZDQDSRZROLDE\XQLNQ¹±U\]\
NDXGHU]HQLDZRGQHJR

8GHU]HQLHZRGQHMHVWNUoWNRWUZD¥\P
VNRNLHPFLÐQLHQLDNWoU\PRÜHSRMDZL±VL¾
ZWUDNFLHUR]UXFKXOXE]DP\NDQLDV\VWHPX
LZ\ZR¥D±SU]HPLHV]F]HQLHVL¾PHGLDZLQ
VWDODFMLUXURZHM]SU¾GNRÐFL¹GÚZL¾NX 3RZROLRWZRU]\±]DZoU
=MDZLVNRWDNLHPRÜHVSRZRGRZD±
SRZDÜQHXV]NRG]HQLHXU]¹G]HQLD

6SUDZG]L±F]\Z\PLDU$MHVWSUDZLG¥RZ\ 2WZLHUD±SRZROL
 :\PLDU$SRGDQ\MHVWQDGR¥¹F]RQ\P
U\VXQNXZ\PLHQQLND

6SUDZG]L±F]\]DZoUSRPL¾G]\SRPS¹D
 PRGX¥HPVWHUXM¹F\PQDW¾ÜHQLHP
SU]HS¥\ZXZV\VWHPLHMHVW]DPNQL¾W\ 
2GSRZLHWU]\±Z\PLHQQLN

=DPNQL¾W\
=DPNQL¾W\
3/

2WZDUW\

3RZWoU]\±F]\QQRÐFL…GODGUXJLHM
 VWURQ\

3/  3¥\WRZ\Z\PLHQQLNFLHS¥D
 (NVSORDWDFMD 3ROVNL

8U]ºG]HQLHZWUDNFLHSUDF\ :\¥ºF]DQLH
8ZDJD 8ZDJD
5HJXODFMDQDW¾ÜHQLDSU]HS¥\ZXSRZLQQD -HÐOLV\VWHPZ\SRVDÜRQ\MHVWZNLONDSRPS
E\±GRNRQ\ZDQDSRZROLDE\]DEH]SLHF QDOHÜ\VL¾XSHZQL±NWoUD]QLFKSRZLQQDE\±
]\±V\VWHPSU]HGQDJ¥\PLLJZD¥WRZQ\PL ]DWU]\PDQDMDNRSLHUZV]D
ZDKDQLDPLWHPSHUDWXU\LFLÐQLHQLD
3RZROL]DPNQ¹±]DZoUVWHUXM¹F\
:WUDNFLHSUDF\QDOHÜ\VSUDZG]L±F]\
 QDW¾ÜHQLHPSU]HS¥\ZXSRPS\NWoUDPD
]RVWD±Z\¥¹F]RQD
ZDUWRÐFLWHPSHUDWXU\LFLÐQLHQLDPHGLoZ
]QDMGXM¹VL¾ZGRSXV]F]DOQ\FKJUDQLFDFK =DPNQL¾W\
SU]HGVWDZLRQ\FKQDU\VXQNX
QLHPDZ\FLHNoZVSRZRGRZDQ\FKQLH
GRN¥DGQ\PGRNU¾FHQLHPSDNLHWXS¥\WOXE
ZDGOLZ\PLF]\XV]NRG]RQ\PLXV]F]HONDPL
EHONDQRÐQDRUD]EHONDSURZDG]¹FDV¹
F]\VWHLQDVPDURZDQH
ÐUXE\V¹F]\VWHLQDVPDURZDQH

3R]DPNQL¾FLX]DZRUXZ\¥¹F]\±SRPS¾

3RZWoU]\±F]\QQRÐFL…GODGUXJLHM
 VWURQ\
-HÐOLZ\PLHQQLNFLHS¥DE¾G]LHZ\¥¹F]RQ\
 SU]H]NLONDGQLOXEG¥XÜHMQDOHÜ\JR
RSUoÜQL±1DOHÜ\JRRSUoÜQL±UoZQLHÜZ
SU]\SDGNXJG\Z\PLHQQLNMHVWZ\¥¹F]RQ\
DWHPSHUDWXUDRWRF]HQLDMHVWQLÜV]DRG
SXQNWX]DPDU]DQLDPHGLXP:]DOHÜQRÐFL
RGVWRVRZDQHJRPHGLXP]DOHFDVL¾Uo
ZQLHÜSU]HS¥XNDQLHLZ\VXV]HQLHZ\PLHQ
QLND

&]\VWHL
QDVPDURZDQH
%H]Z\FLHNoZ

=DZV]HQDOHÜ\VNRQWDNWRZD±VL¾]QDMEOLÜV]\P
SU]HGVWDZLFLHOHPILUP\$OID/DYDOZFHOXX]\VND
QLDLQIRUPDFMLQDWHPDW
w Z\PLDUoZQRZHJRSDNLHWXS¥\WMHÐOLSU]HZLG\
3/

ZDQDMHVW]PLDQDLFKOLF]E\
w Z\ERUXPDWHULD¥XXV]F]HOHNMHÐOLWHPSHUDWXUDL
FLÐQLHQLHURERF]HVWDOHVL¾]PLHQLDM¹OXEMHÐOLZ
Z\PLHQQLNXPDE\±VWRVRZDQHLQQHPHGLXP

3¥\WRZ\Z\PLHQQLNFLHS¥D 3/ 
 3ROVNL .RQVHUZDFMD

.RQVHUZDFMD
&]\V]F]HQLHFKHPLF]QH&,3…&OHDQLQJ,Q3ODFH

8U]¹G]HQLHGRFKHPLF]QHJRF]\V]F]HQLDQD 3RVW¾SRZD±]JRGQLH]]DOHFHQLDPLGODXU]¹G]HQLD
PLHMVFX&,3XPRÜOLZLDF]\V]F]HQLHZ\PLHQQLND &,3
EH]NRQLHF]QRÐFLMHJRUR]PRQWRZDQLD
,VWQLHMHPRÜOLZRбVWRVRZDQLDQDVW¾SXM¹F\FKPRGHOL
-HÐOLF]\V]F]HQLH]DSRPRF¹XU]¹G]HQLD&,3QLH XU]¹G]HÆGRF]\V]F]HQLDFKHPLF]QHJR&,3
MHVWPRÜOLZHQDOHÜ\MHZ\NRQD±U¾F]QLHSDWU] &,3&,3&,3L&,3
F]¾Ð±&]\V]F]HQLHU¾F]QH

=DSRPRF¹XU]¹G]HQLD&,3PRÜQD

w Z\F]\ÐFL±RVDGLXVXQ¹±NDPLHÆ

w GRNRQD±SDV\ZDFMLRF]\V]F]RQ\FKSRZL
HU]FKQLZFHOXRJUDQLF]HQLDSRGDWQRÐFLQD
NRUR]M¾

w ]QHXWUDOL]RZD±ÐURGNLF]\V]F]¹FHSU]HG
RSUoÜQLHQLHP

3¥\Q\F]\V]F]ºFH

3¥\QF]\V]F]¹F\ 2SLV

$OID&DXV 6LOQLHDONDOLF]Q\S¥\QGRXVXZDQLDIDUE\W¥XV]F]XROHMXLRVDGoZELRORJLF
]Q\FK
$OID3KRV .ZDVRZ\S¥\QF]\V]F]¹F\GRXVXZDQLDWOHQNoZPHWDOLF]Q\FKUG]\NDPLHQLDL
LQQ\FK]JRU]HOLQQLHRUJDQLF]Q\FK
$OID3DVV $ONDOLF]Q\S¥\QGRSDV\ZDFML]DEH]SLHF]HQLDSU]HGNRUR]M¹
$OID1HXWUD 6LOQLHDONDOLF]Q\S¥\QGRQHXWUDOL]DFMLÐURGND$OID3KRVSU]HGRSUoÜQLHQLHP
$OID36FDOH .ZDVRZ\SURV]HNF]\V]F]¹F\]LQKLELWRUHPNRUR]MLV]F]HJoOQLHHIHNW\ZQ\Z
SU]\SDGNXXVXZDQLDZ¾JODQXZDSQLRZHJRRUD]LQQ\FK]JRU]HOLQQLHRUJDQLF
]Q\FK
$OID31HXWUD 3URV]HNDONDOLF]Q\GRQHXWUDOL]DFMLXÜ\WHJRÐURGND$OID36FDOHSU]HGXW\O
L]DFM¹
$OID$GG 1HXWUDOQ\Z]PDFQLDF]F]\V]F]¹F\GRVWRVRZDQLD]HÐURGNDPL$OID3KRV$OID
&DXVL$OID36FDOH=DSHZQLDOHSV]HUH]XOWDW\F]\V]F]HQLD]DROHMRQ\FK
W¥XVW\FKSRZLHU]FKQLRUD]SRZLHU]FKQLQDNWoU\FKZ\VW¾SXMHQDURÐOELRORJLF
]QDÏURGHN$OID$GG]PQLHMV]DWDNÜHHIHNWSLHQLHQLD
$OSDFRQ'HVFDODQW .ZDVRZ\]EXGRZDQ\QDED]LHZRG\EH]SLHF]Q\ÐURGHNF]\V]F]¹F\
SU]H]QDF]RQ\GRXVXZDQLD]JRU]HOLQPDJQHW\WXJORQoZSUoFKQLF\
RPX¥NoZVNRUXSLDNoZNDPLHQLDLUG]\=DZLHUD%,2*(1$&7,9(ELRORJ
3/

LF]Q¹PLHV]DQN¾Z\NRQDQ¹]RGQDZLDOQ\FKPDWHULD¥oZMDNRDNW\ZQHJR
VN¥DGQLND
$OSDFRQ'HJUHDVHU 1HXWUDOQ\ÐURGHNRGW¥XV]F]DM¹F\GRVWRVRZDQLD]HÐURGNLHP$OSDFRQ'HVFD
ODQW6NXWHF]QLHXVXZDROHMW¥XV]F]OXEZDUVWZ\VPDUoZDOH]PQLHMV]DWHÜ
HIHNWSLHQLHQLD=DZLHUD%,2*(1$&7,9(ELRORJLF]Q¹PLHV]DQN¾Z\NRQDQ¹
]RGQDZLDOQ\FKPDWHULD¥oZMDNRDNW\ZQHJRVN¥DGQLND

3/  3¥\WRZ\Z\PLHQQLNFLHS¥D
 .RQVHUZDFMD 3ROVNL

&]\V]F]HQLHU¿F]QH

2VWU]HÝHQLH 5R]PRQWRZDQLH
:FHOXXQLNQL¾FLDREUDÜHÆVSRZRGRZDQ\FK
RVWU\PLNUDZ¾G]LDPLSU]HGUR]SRF]¾FLHP 2VWU]HÝHQLH
SUDF\SU]\S¥\WDFKLRV¥RQDFK]DEH]SLHF -HÐOLZ\PLHQQLNFLHS¥DMHVW
]DM¹F\FK]D¥RÜ\±U¾NDZLFHRFKURQQH JRU¹F\QDOHÜ\RGF]HND±
DÜRVW\JQLHGRWHPSHUDWX
U\RN u&

2SUoÜQL±S¥\WRZ\Z\PLHQQLNFLHS¥D


2F]\ÐFL±LQDVPDURZD±SRZLHU]FKQL¾
 ÐOL]JRZ¹EHONLQRÐQHMLZ\WU]H±MHGR
F]\VWD
3/

3¥\WRZ\Z\PLHQQLNFLHS¥D 3/ 
 3ROVNL .RQVHUZDFMD

2]QDF]\±SDNLHWS¥\WRG]HZQ¹WU]]DSR 3DU\ÐUXEÐFLÐOHVSDVRZDQ\FK]¥RÜ\VNDPL
 PRF¹XNRÐQHMOLQLL  V¹RWZLHUDQHQDSU]HPLHQQLHSRSU]HN¹WQHM
ZGZoFKHWDSDFKSDWU]U\VXQNLSRQLÜHM

(WDS 1UÐUXE\ 'RZ\PLDUX

 ……… $
 …OXE… 5R]PRQWRZ
DQLH

=ZUoFL±XZDJ¾E\S¥\WDF]R¥RZDVWD¥DL

S¥\WDGRFLVNRZDXVWDZLRQHE\¥\UoZQROH
JOH=XNRVRZDQLHS¥\W\GRFLVNRZHMSRGF
]DVRWZLHUDQLDQLHPRÜHSU]HNUDF]D±
PP REURW\QDÑUXE¿QDV]HURNRбL
PPREURWoZQDÑUXE¿ZSLRQLH
2]QDF]\±
(WDS2GNU¾FL±QDSU]HPLHQQLHF]WHU\
ÐUXE\SRSU]HN¹WQHMGRSoNLZ\PLDUSDNL
=PLHU]\±L]DQRWRZD±Z\PLDU$PLHU]\±
 SU]\ÐUXEDFKÐFLVNDM¹F\FK
HWXS¥\WQLHRVL¹JQLH$

2GNU¾FL±ÐUXE\NWoUHQLHV¹ÐFLÐOHVSD (WDS2GNU¾FL±QDSU]HPLHQQLHGZLHSDU\
 VRZDQH]¥RÜ\VNDPLLXVXQ¹±MH ÐUXESRSU]HN¹WQHMMDNSRND]DQRQD
SRQLÜV]\PU\VXQNX

:\PRQWRZD±
ÐUXE\
3/

:\PRQWRZD±
ÐUXE\

3/  3¥\WRZ\Z\PLHQQLNFLHS¥D
 .RQVHUZDFMD 3ROVNL

3U]HVXQ¹±S¥\WN¾GRFLVNRZ¹Z\PLHQQLND
 GRNRÆFDEHONLQRÐQHM5R]VXQ¹±SDNLHW
S¥\W

-HÐOLS¥\W\PDM¹E\±SRQXPHURZDQH
QDOHÜ\WR]UREL±SU]HGLFKZ\PRQWRZ
DQLHP

3¥\WQLHWU]HEDZ\PRQWRZ\ZD±MHÐOL
F]\V]F]HQLHE¾G]LHZ\NRQDQHW\ONRZRG¹
EH]ÐURGNDF]\V]F]¹FHJR

:\PRQWRZD±
S¥\W\

3/

3¥\WRZ\Z\PLHQQLNFLHS¥D 3/ 
 3ROVNL .RQVHUZDFMD

5¿F]QHF]\V]F]HQLHS¥\WZ\PLHQQLND

2VWU]HÝHQLH 8ZDJD
1LHXÜ\ZD±NZDVXVROQHJRGRS¥\W]H 8ZDÜD±E\ZWUDNFLHF]\V]F]HQLDU¾F]QH
VWDOLQLHUG]HZQHM'RSU]\JRWRZDQLD JRQLHXV]NRG]L±XV]F]HONL 
UR]WZRUXF]\V]F]¹FHJRQLHPRÜHE\±
XÜ\WDZRGD]DZLHUDM¹FDZL¾FHMQLÜ
 SSPFKORUX1DOHÜ\SDPL¾WD±R
]DEH]SLHF]HQLXEHOHNQRÐQ\FKLDOX
PLQLRZHMSRGSRU\ZVSLHUDM¹F\FK
SU]HGG]LD¥DQLHPÐURGNoZFKHPLF
]Q\FK

2VDG\GDMºFHVL¿XVXZD²]DSRPRFºZRG\LV]F]RWNL

3¥\W\QLHPXV]¹E\±Z\PRQWRZDQHGRF]\V]F]HQLD]S¥\WRZHJRZ\PLHQQLNDFLHS¥D

8VXQ¹±RVDG]DSRPRF¹PL¾NNLHMV]F]RWNL 3U]HS¥XND±ZRG¹SRGZ\VRNLP
 LELHܹFHMZRG\  FLÐQLHQLHP

2VDG\QLHGDMºFHVL¿XVXZD²]DSRPRFºZRG\LV]F]RWNL

'RF]\V]F]HQLDS¥\W\PXV]¹E\±Z\PRQWRZDQH]S¥\WRZHJRZ\PLHQQLNDFLHS¥D

6]F]RWND]HÐURGNLHPF]\V]F]¹F\P 3U]HS¥XND±ZRG¹
 
3/

3/  3¥\WRZ\Z\PLHQQLNFLHS¥D
 .RQVHUZDFMD 3ROVNL

ÐURGNLF]\V]F]ºFH… RVDG\NU\VWDOLF]QHNDPLHÇ
 0DNVVW¿ÝHQLH
0DNVWHPSHUDWXUD u&

2VDG\NU\VWDOLF]QH…
2VDG ÏURGHNF]\V]F]¹F\
NDPLHÆ

:¾JODQZDSQLRZ\ 3URGXNW\NRUR]ML .ZDVD]RWRZ\

6LDUF]DQZDSQLRZ\ 7OHQNLPHWDOL .ZDVDPLGRVXOIRQRZ\
.U]HPLDQ\ 0X¥ .ZDVF\WU\QRZ\
7OHQHNJOLQRZ\ .ZDVIRVIRURZ\
2NU]HPNL =ZL¹]NL]¥RÜRQH('7$17$
3ROLIRVIRUDQ\VRGRZH

ÐURGNLF]\V]F]ºFH… QDURÑOHELRORJLF]QHV]ODP
 0DNVVW¿ÝHQLH
0DNVWHPSHUDWXUD u&

1DURÐOELRORJLF]QD…
ÏURGHNF]\V]F]¹F\
V]ODP

%DNWHULH :RGRURWOHQHNVRGRZ\
1LFLHQLH :¾JODQVRGRZ\
3LHUZRWQLDNL 6NXWHF]QRбF]\V]F]HQLDPRÜQD]QDF]QLH]ZL¾NV]\±GRGDM¹F
QLHZLHON¹LORбSRGFKORU\QXOXEÐURGNoZGRUHDNFMLNRPSOHNVRZDQLD
LSRZLHU]FKQLRZRF]\QQ\FK

ÐURGNLF]\V]F]ºFH… UHV]WNLROHMXDVIDOWXW¥XV]F]oZ

2VDG ÏURGHNF]\V]F]¹F\

5HV]WNLROHMX 5R]SXV]F]DOQLNRSDUW\QDEHQ]\QLHSDUDILQRZHMQSQDIWD

$VIDOW
7¥XV]F]H 8ZDJD
8V]F]HONL](3'0UR]SXV]F]DM¹VL¾ZW\FKVXEVWDQFMDFK&]DVNRQ
WDNWXQDOHÜ\RJUDQLF]\±GRPLQXW

2VWU]HÝHQLH
1LHQDOHÜ\XÜ\ZD±SRQLÜV]\FKUR]WZRUoZ
w .HWRQ\QSDFHWRQNHWRQPHW\ORZR
HW\OHQRZ\NHWRQPHW\ORZRL]REXW\ORZ\
3/

w (VWU\QSRFWDQHW\OXRFWDQEXW\OX
w &KORURLIOXRURSRFKRGQHZ¾JORZRGRUoZ
QSFKORURWHQ\OF]WHURFKORUHNZ¾JOD
IUHRQ\
w =ZL¹]NLDURPDW\F]QHQSEHQ]HQWROXHQ

3¥\WRZ\Z\PLHQQLNFLHS¥D 3/ 
 3ROVNL .RQVHUZDFMD

=¥RÝHQLH

6SUDZG]L±F]\ZV]\VWNLHSRZLHU]FKQLH ÏFLVQ¹±SDNLHWS¥\W'RFLÐQL¾FLHGRNRQ\
 XV]F]HOQLDM¹FHV¹F]\VWH  ZDQHMHVWGZXHWDSRZRSDWU]U\VXQNLSR
QLÜHM=ZUoFL±XZDJ¾E\S¥\WDF]R¥RZD
VWD¥DLS¥\WDGRFLVNRZDXVWDZLRQHE\¥\
2F]\ÐFL±GUXFLDQ¹V]F]RWN¹JZLQW\ÐUXE UoZQROHJOH
 1DVPDURZD±JZLQW\ÐUXEFLHQN¹ZDUVWZ¹
VPDUXQS*OHLWPROXESRGREQ\P (WDS 1UÐUXE\ 'RZ\PLDUX
 …OXE… $
 ……… $

(WDS'RNU¾FL±QDSU]HPLHQQLHGZLHSDU\
ÐUXESRSU]HN¹WQHMGRRVL¹JQL¾FLDZ\PLDUX
SDNLHWXS¥\W$

=D¥RÜ\±XV]F]HONLQDS¥\W\OXEVSUDZG]L±
 F]\ZV]\VWNLHV¹SUDZLG¥RZRSU]\PRFR
ZDQH

8ZDJD
1LHSUDZLG¥RZRX¥RÜRQDXV]F]HONDE¾G]LH
Z\VWDZD¥DSRQDGURZHNXV]F]HONLOXE]QD
MG]LHVL¾SR]DURZNLHP

:VWDZLD±S¥\W\MRGH¥N¹VNLHURZDQ¹
 QDSU]HPLHQQLHLXV]F]HON¹]ZUoFRQ¹Z
NLHUXQNXS¥\W\F]R¥RZHMVWD¥HM
(WDS3RWHPGRNU¾FL±QDSU]HPLHQQLH
ÐUXE\SRSU]HN¹WQHM]JRGQLH]SRQLÜV]\P
U\VXQNLHP6SUDZG]L±Z\PLDU$SRGF]DV
GRNU¾FDQLDZRGSRZLHGQLPSR¥RÜHQLX
XÜ\ZDQ\FKÐUXE
3/

3/  3¥\WRZ\Z\PLHQQLNFLHS¥D
 .RQVHUZDFMD 3ROVNL

0DNV\PDOQ\PRPHQWREURWRZ\SRGF]DVGRNU¿
FDQLD
8ZDJD
:SU]\SDGNXVWRVRZDQLDSQHXPDW\F]QHJR
XU]¹G]HQLDGRNU¾FDM¹FHJRQDOHÜ\]DSR]QD±
VL¾]SRQLÜV]¹WDEHO¹GRW\F]¹F¹PDNV\PDO
QHJRPRPHQWXREURWRZHJR=PLHU]\±Z\P
LDU$SRGF]DVGRNU¾FDQLD
w '¥XJRбSDNLHWXS¥\WQDZV]\VWNLFKÐUX
EDFKQLHPRÜHVL¾UoÜQL±RZL¾FHM
QLÜ 
w -HÐOLXU]¹G]HQLHQLHMHVWFD¥NRZLFLH
XV]F]HOQLRQHPRÜQDMHÐFLVQ¹±DE\
X]\VND±Z\PLDU$1LHPRÜQD
MHGQDNSU]HNURF]\±PDNV\PDOQHJR
PRPHQWXGRNU¾FDQLD

5R]PLDU ÏUXED]¥RÜ\VN ÏUXED]

ÐUXE\ LHP SRGN¥DGNDPL
1P .SP 1P .SP
0  
0  
0    
0    

:SU]\SDGNXGRNU¾FDQLDU¾F]QHJRPRPHQWGRNU¾
FDQLDQDOHÜ\RV]DFRZD±
-HÑOLQLHPRÝQDX]\VND²Z\PLDUX$
-HÐOLSDNLHWS¥\WMHVW]¥RÜRQ\SUDZLG¥RZR
w 6SUDZG]L±OLF]E¾S¥\WLZ\PLDU$
w 6SUDZG]L±F]\ZV]\VWNLHQDNU¾WNLL¥RÜ\VND
 NUDZ¾G]LHXWZRU]¹Z]oUSODVWUDPLRGX
WDNMDNQDSRQLÜV]\PU\VXQNX
SRUXV]DM¹VL¾VZRERGQLH-HÐOLQLHQDOHÜ\MH
RF]\ÐFL±LQDVPDURZD±OXEZ\PLHQL± -HÐOLSDNLHWS¥\W]RVWD¥R]QDF]RQ\RG]H
:Z\M¹WNRZ\FKSU]\SDGNDFKZ\PLDU$PRÜQD ZQ¹WU]SDWU]F]\QQRбZF]¾ÐFL5R]
SU]HNURF]\±$NFHSWRZDQHPRJ¹E\±ZoZF]DVQDV PRQWRZDQLHVSUDZG]L±F]\ZV]\VWNLH
W¾SXM¹FHG¥XJRÐFLSDNLHWXS¥\W S¥\W\]RVWD¥\]¥RÜRQHZSUDZLG¥RZHMNROH
MQRÐFL
'¥XJRбSDNLHWXS¥\WS¥\WD '¥XJRбSDNLHWXS¥\W
Z\PLDU$
!PP $
…PP $
PP $

8PLHÐFL±SR]RVWD¥HÐUXE\ZRGSRZLHGQLP
 PLHMVFX
w 6SUDZG]L±SRGN¥DGNL
w 3RFD¥NRZLW\PGRNU¾FHQLXÐUXE\
SRZLQQ\E\±UoZQRPLHUQLHQDSU¾ÜRQH
3/

w 5oÜQLFDPL¾G]\G¥XJRÐFLDPLSDNLHWX
S¥\WZ\PLDU$]PLHU]RQDQD
V¹VLDGXM¹F\FKÐUXEDFKQLHSRZLQQD
SU]HNUDF]D±
… PPJG\$PP
… PPJG\$!PP

3¥\WRZ\Z\PLHQQLNFLHS¥D 3/ 
 3ROVNL .RQVHUZDFMD

:\PLDQDXV]F]HOHN

=DFLVNLXV]F]HOHN
5R]PRQWRZD±S¥\WRZ\Z\PLHQQLNFLHS¥D
 ]JRGQLH]]DOHFHQLDPLQDVWURQLH LZ\M¹±
S¥\W¾QDNWoUHMPD]RVWD±]D¥RÜRQDQRZD
XV]F]HOND
8V]F]HONL]DFLVNRZH$'0;0;
8V]F]HOND]DFLVNRZD$'VWDQRZLV\VWHPVN¥DGDM¹F\
VL¾]NRQZHQFMRQDOQHJRPRFRZDQLD]DFLVNRZHJR
ZRNo¥SRUWoZRUD]PRFRZDQLD]DSRPRF¹WDÐP\
VDPRSU]\OHSQHMZ]G¥XÜEU]HJoZS¥\W

=DVWRVRZDQLHWDÐP\VDPRSU]\OHSQHM*&WRSURV

=GM¹±VWDU¹XV]F]HON¾ W\VSRVoEX]\VNDQLDVROLGQHJRXPLHMVFRZLHQLDXV]F
 ]HONL-HVWRQDSU]\NOHMDQDGRURZNDXV]F]HONL]D
SRPRF¹VSHFMDOQHJRSLVWROHWXQDWDÐP¾FRXPRÜO
LZLD¥DWZHSU]\PRFRZDQLHWDÐP\GRN¥DGQLHZ
PLHMVFXZNWoU\PMHVWSRWU]HEQD

3U]\PRFRZD±]DFLVNLXV]F]HONLGRS¥\W\ 5R]PRQWRZD±S¥\WRZ\Z\PLHQQLNFLHS¥D
 8¥RÜ\±XV]F]HON¾ZURZNX  ]JRGQLH]]DOHFHQLDPLQDVWURQLH LZ\M¹±
S¥\W¾QDNWoUHMPD]RVWD±]D¥RÜRQDQRZD
XV]F]HOND

=GM¹±VWDU¹XV]F]HON¾

1LHWU]HEDXVXZD±VWDU\FKWDÐPSRQLHZDÜ
 IROLDMHVWEDUG]RFLHQND1DOHÜ\VL¾MHGQDN
XSHZQL±ÜHURZHNXV]F]HONLMHVWF]\VW\L
VXFK\

3U]\NOHL±WDÐP¾SU]\XÜ\FLXSLVWROHWX


8ZDJD
6SUDZG]L±F]\ZV]\VWNLH]DF]HS\XV]F]HO
NLV¹ZRGSRZLHGQLHMSR]\FML

-HÐOLXV]F]HONLPDM¹E\±Z\PLHQLRQHZLQ
 Q\FKS¥\WDFKZ\NRQD±WHVDPHF]\QQRÐFL
GODLQQ\FKXV]F]HOHN

=¥RÜ\±S¥\WRZ\Z\PLHQQLNFLHS¥D]JRGQLH]
 ]DOHFHQLDPLQDVWURQLH 
3/

3U]\PRFRZD±XV]F]HON¾GRS¥\W\8¥RÜ\±
8V]F]HONLNOHMRQH
2VREQDLQVWUXNFMDNOHMHQLD]RVWDQLHGRVWDUF]RQD
 XV]F]HON¾ZURZNX

=¥RÜ\±S¥\WRZ\Z\PLHQQLNFLHS¥D]JRGQLH]
UD]HP]NOHMHP
 ]DOHFHQLDPLQDVWURQLH 

3/  3¥\WRZ\Z\PLHQQLNFLHS¥D
 ­¼Ê¾Ç¾ÏÍÂÎÆÂÔÌɺÊÖÊ ¢ÈÈÄÊÆǹ

®½Ë¿È¿ÐÎÃÏÇÃÕÍÊ»Ë×Ë

®ÃÏÇÁÏ¿Ô¼  
§ÚÎƾÂ˾ÎѻɾѾ 
žÎÔ»ÈÂÆÑÌÒÎÀ¼¾Ï

£ÁÈ¿ÒºÑÒ¿ÑÅ 
žÍ¾ÆÑ»ÐÂÆÏ
žÊÚÕÖÐÄ 
ŸÌÄÅÄÑÆǹɺоÀƾÑÄʾÊÚÕÖÐÄ 

µÃÇÏÇÑÊÚÐÈ¿Ç©ÃÇÒÍÓÏÁ½¿ 
¥ºÐÄÐÂÈÂÆÑÌÒÎÀ¼¾
§¾Ñ¹ÑÄÁƹÎÇÂƾÑÄÏÈÂÆÑÌÒÎÀ¼¾Ï 
±ÂÎɾÑÆÐÉÙÏÈÂÆÑÌÒÎÀ¼¾Ï 

±ÓËÒ¼ÏÅÑÅ 
¢ËÌÍÈÆÐÉÙÏÂÍÆÑÙÍÆÌÒǾžÎÆÐÉÌÚ&,3 
§¾Å¾ÎÆÐÉÙÏÉÂÑÌÔºÎÆ 
žÈȾÀ»ÓȾÊÑÃÛÊ  

£ÎÇÈÍÇË×˽¿ÊÃÒÅË%PJE
0EZEP

°ÑÄÊÑÌÍÌÅÂм¾ɾÏÐÑÌZHE
ž¿Î¼ÑÂÍÈÄÎÌÓÌμÂÏǾÆ
ÐÑÌÆÔ¼¾ÀƾÂÍÆÇÌÆÊÖʼ¾É ¢ÇÑÙϾÍÙ¾ÒÑÙÑÌÂÀÔÂÆμÁÆÌÌÁÄÀÆÛÊÔλÐÄÏɾüÉÂÑÄÉÌʹÁ¾
ÑÄÊÂѾÆμ¾ɾÏÐÂÙÈÂÏÑÆÏ ;ξÁ¼ÁÌÊѾÆǾÆѾ¾ÇÙÈÌÒžºÊÑÒ;
ÔÛÎÂÏѾÌÍ̼¾
ÂÊÄÉÂÎÛÊÌÊѾÆÐÒÊÂÔÛÏ
­¾Î¾Ç¾ÈÌÚÉÂÂÍÆÐÇÂÓżÑÂÑÄ
ÁÆÂÚÅÒÊÐÄ[[[EPJEPEZEPGSQ
ǾÆÂÍÆÇÌÆÊÖÊ»ÐÑÂÉÂÑÌÊ
ÑÌÍÆÇÙ¾ÊÑÆÍÎÙÐÖÍÌÑÄÏ
$OID /DYDO
¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
v °ÔºÁÆÌÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ3+(
v ¨¼ÐѾ¾Ê¹ÎÑÄÐÄÏÍȾÇÛÊ
v ¨¼ÐѾÂ˾ÎÑÄɹÑÖÊɾÍÂÆÇÙÊÆлÑÌÒÏÐÂÉÂÀºÅÒÊÐÄ
(/
(/
 ¢ÈÈÄÊÆǹ °ÄÉÂÆÛÐÂÆÏ

±ÅÊÃÇÜÑÃÇÐ
(/

(/ ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
 ­ÂÎÆÀξӻ ¢ÈÈÄÊÆǹ

®ÃÏÇÁÏ¿Ô¼
¨ÛÏÇ¿ÃÌ¿ÏҼʿҿ
´»ÏÍÓÑ¿ϺÀÂÍÐ
®ÉºÈ¿ ³ºÎÂÆÑÆÏÍȹÇÂÏÁƾÚÈÌÒ ±ÒÛÉÍÐ
ÎÉ¿ÇѽÍÓ Ç¾ÆÑÄÊÍȹǾͼÂÐÄÏ ÑÒ¼ÏÇÌÅÐ

ªÎÍÓÉÚËÇ¿ÑÛÑÔÇÌÅÐ
­¾Ñ»ÐÑÂɾüÑÆÏ
ÍȹÇÂÏÁƾÚÈÌÒ

®ÏÍÑÒ¿ÒÃÓÒÇÈÚ
ÊÎÍÓÉÍËÇÍÛ

±ÓË»ÑÃÇÐ
¬ÍºÏÐÑÄÊÍȹǾ
ÍȾÆмÌÒÌÆÌÍ̼ÂÏ
ÂÍÆÑκÍÌÒÊÑÄʼÐÌÁÌ
ÑÖÊɺÐÖÊÉÂѾÓÌιÏ
ÅÂÎÉÙÑÄѾÏÐÑÌÊ
ÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ

³ÒÑÂÒѹÉÍÌÒÈÙÊƾÉÂ
ÐͼÎÖɾѾÌÍ̼¾
ÑÌÍÌÅÂÑÌÚÊѾÆÀÚÎÖ
¾ÍÙÑÆÏÌͺÏ
¾ÐӾȼÃÌÒÊÑÌÒÏ
¾ÀÖÀÌÚÏÐÑÄÐÒÐÇÂÒ»
©ÍÌÎÌÚÊʾ ¯ºÀÂÍÐÍÂÅÁÚÐ
ÔÎÄÐÆÉÌÍÌÆÄÅÌÚÊ ¡Æ¾ÑÄμÑÆÏÍȹÇÂÏ
ÉÂѾÈÈÆǺÏ» ÁƾÚÈÌÒÐÂÂÒż¾
ÂȾÐÑÆǺÏÂÍÂÊÁÚÐÂÆÏ ÀξÉÉ»ÐÑÌǹÑÖ
ÀƾÍÎÌÐѾм¾ÑÖÊ ¹ÇÎÌÑÌÒÏ
®ÉºÈ¿νÃÑÅÐ
ÌÍÛʾÍÙÑÄ §ÆÊÄѻԾÈÚ¿ÁÆÊÄÍȹǾ°Â
Áƹ¿ÎÖÐÄ ÌÎÆÐɺÊÂÏÍÂÎÆÍÑÛÐÂÆÏÌƾÀÖÀ̼
ÉÍÌÎÌÚÊʾÐÒÊÁÂÅÌÚÊÐÑÄÊ
ÍȹǾͼÂÐÄÏ
®ÉºÈÃÐÂÇ¿ÛÉÍÓ
¤ÅÂÎÉÙÑÄѾÉÂѾÁ¼ÁÂѾƾÍÙÑ̺ʾɺÐÌ
ÉÂѾÓÌιÏÅÂÎÉÙÑÄѾÏÐÑ̹ÈÈÌɺÐÖÑÖÊ
ÈÂÍÑÛÊÍȾÇÛÊÁƾÚÈÌÒ

¬¾ÎÆÅÉÙÏÑÖÊÍȾÇÛÊǾÅÌμÃÂÆÑÄÊÌÈÆÇ»
ÂÍÆÓ¹ÊÂƾÉÂѹÁÌÐÄÏÅÂÎÉÙÑÄѾÏ

®ÏÍÑÒ¿ÒÃÓÒÇȺÔÛÉÉ¿
¡Æ¾Ñ¼ÅÂÊѾÆǾѹ;ξÀÀÂȼ¾
(/

¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ (/ 
 ¢ÈÈÄÊÆǹ ­ÂÎÆÀξӻ
ŸÏÕ¼ÉÃÇÒÍÓÏÁ½¿Ð
¬ÂʾÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂϾÍÌÑÂȼѾÆ
¾ÍٺʾÐÂѾÒȾÇÖÑÛÊÉÂѾÈÈÆÇÛÊÍȾÇÛÊÉÂ
ÐÑÙÉƾÀƾÑÄÁ¼ÌÁÌÑÖÊÁÚÌÎÂÒÐÑÛÊÉÂѾËÚÑÖÊ
ÌÍ̼ÖÊÐÒÊÑÂȼѾÆÄÉÂѹÁÌÐÄÑÄÏÅÂÎÉÙÑÄѾÏ
¤ÍȹǾž¼ʾÆ
¾Ê¾ÎÑÄɺÊÄÉÂÑÄÁƹѾËÄ
±ÌÐÂÑÍȾÇÛÊÐÒʾÎÉÌÈÌÀ¼ѾÆÉÂѾËÚÉƾÏ
ÍȹǾÏÍȾÆмÌÒǾÆÉƾÏÍȹǾÏͼÂÐÄÏǾÆ
ÐÒÉÍƺÃÂѾÆÉÂÉÍÌÒÈÙÊƾÐÚÐÓÆËÄϬÆÍȹÇÂÏ
¼ʾÆÂÓÌÁƾÐɺÊÂÏÉÂÓȹÊÑÃÂÏÍÌÒ
ÐÑÂÀ¾ÊÌÍÌÆÌÚÊÑÌÁ¼¾ÒÈÌǾÆǾÑÂÒÅÚÊÌÒÊѾ
ÎÂÒÐѹÐÂÂʾÈȾÇÑÆÇÌÚÏÁƾÚÈÌÒϤ¾ÒȹÇÖÐÄÑÄÏ
ÍȹǾÏÍÎ̹ÀÂÆÑÄÊÑÒοÛÁÄÎÌ»ÑÌÒÒÀÎÌÚǾÆ
ÍÎÌÐѾÑÂÚÂÆÑÄÊÍȹǾ¾ÍÙÑÄÁƾÓÌÎÆÇ»ͼÂÐÄ
¤ÍȹǾŸ¼ʾƾʾÎÑÄɺÊÄ
ÉÂÑÄÁƹѾËÄFKHYURQ
FKHYURQÕ¾ÎÌÇÙǾÈÌ Õ¾ÎÌÇÙǾÈÌÐÑξÉɺÊÄ
(/

ÐÑξÉɺÊÄÍÎÌÏѾǹÑÖ ÍÎÌÏѾÂ͹ÊÖ

(/  ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
 ¢ÀǾѹÐѾÐÄ ¢ÈÈÄÊÆǹ

£ÁÈ¿ÒºÑÒ¿ÑÅ
ŸÎ¿ÇÒ¼ÑÃÇÐ

ªÍ˺ÂÃÐÎÍÉÉ¿ÎɼÐÂÇ»ÉÃÓÑÅÐ
±ÓË»ÑÃÇÐκË×ÑÒÅËÎɺȿνÃÑÅÐ
¢¼Ê¾ÆÐÄɾÊÑÆÇÙÄÐÚÐÓÆËÄÑÌÒÐÂÑÍȾÇÛÊʾÀ¼ÊÂÆ
ÐÖÐѹÁ¼ÑÂÑÌÐÔºÁÆÌÍÎÆÊÀ¼ÊÂÆÄÐÚÊÁÂÐÄÑÌÒ
¾ÀÖÀÌÚ

¡×˽¿
 Æ¾ÂÒÇÌÈÙÑÂÎÄ
¾ÍÌÐÚÊÁÂÐÄÑÌÒ
ÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ
ÉÂÍȹÇÂÏÂÊÛÐÑÂÉÂ
ÉƾÓȹÊÑþºÊ¾
ÐÒÊÁÂÑÆÇÙÂ˹ÎÑÄɾÐÂ
ÐԻɾÀÖʼ¾ÏÐÑÄ
ÐÚÊÁÂÐÄÑÄÏÍȹǾÏ
ͼÂÐÄÏÐÑξÉɺÊÌ
ÍÎÌÏѾÂ͹ÊÖ»ÍÎÌÏ
ѾÍȹÀƾǾÆÉÂÉƾ
£ÉÃÛÆÃÏÍÐÕÜÏÍÐ ¹ÈÈÄÓȹÊÑþ¾ÇÎÆ¿ÛÏ
žÍ¾ÆѼѾÆÂÈÂÚÅÂÎÌÏÔÛÎÌÏ ºËÖ¾ÍÙÑÌÍÂμÀξÉɾ
ÑÌÒȹÔÆÐÑÌÊPPÀƾÑÄÊ ÑÌÒÂʾÈȹÇÑÄ
ÍÎÌÐÅ»ÇÄǾÆÑÄʾӾ¼ÎÂÐÄ ÅÂÎÉÙÑÄѾÏ
ÑÖÊÍȾÇÛÊ

 ºÑÅ
 ¿ÉÀ½ÂÃÐÂÇ¿ÈÍμР¢ÀǾѾÐÑ»ÐÑÂÑÄÉÌʹÁ¾
 Æ¾ʾÉÍÌμÑÂʾ ÐÂÉƾÂͼÍÂÁÄ¿¹ÐÄÍÌÒʾ
¾Ê̼ÀÂÑÂÑÌÊÂʾÈȹÇÑÄ ;κÔÂÆÂ;ÎÇ»ÐÑ»ÎÆËÄ
ÅÂÎÉÙÑÄѾÏÍκÍÂÆʾ ÐÑÌÍȾ¼ÐÆÌ
ÑÌÍÌÅÂÑ»ÐÂÑ¿¾È¿¼ÁÂÏ
ÁƾÇÌÍ»ÏÐÂÙÈÂÏÑÆÏ
ÐÒÊÁºÐÂÆÏ
±ÅÊý×ÑÅ ­ÎºÍÂÆʾÂÀǾѾÐÑ»ÐÂÑ¿¾È¿¼ÁÂϾÐӾȼ¾Ï
­ÎÆÊÐÒÊÁºÐÂÑÂÑÌÒϾÀÖÀÌÚϿ¿¾ÆÖżÑÂÙÑÆ ÐÚÉÓÖʾÉÂÑÌÒÏÆÐÔÚÌÊÑÂÏǾÊÌÊÆÐÉÌÚÏÍÂμ
ÑÌÐÚÐÑÄɾºÔÂÆÂÇÍÈÒżǾȹÛÐÑÂʾ ÍÆÂÐÑÆÇÛÊÁÌÔ¼ÖÊ
¾ÍÌɾÇÎÒÊÅÌÚÊÙȾѾ˺ʾÐÛɾѾ žÊÄÂÍÆÓ¹ÊÂƾÑÌÒÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ
™Ñ¾ÊÐÒÊÁºÂÑÂÑÌÐÚÐÑÄɾ¾ÀÖÀÛÊ ¾Ê¾ÉºÊÂѾÆʾ¼ʾÆǾÒÑ»»ÇÎÚ¾ÍκÍÂÆʾ
¿Â¿¾ÆÖżÑÂÙÑÆÌƾÀÖÀ̼ÁÂÊÒÍÌ¿¹ÈÈÌÒÊÑÌÊ ÉÌÊÛÐÂÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ
ÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏÐÂѹÐÂÆÏ»
ǾѾÍÌÊ»ÐÂÆÏ °ÒÊÆÐѹѾÆʾÔÎÄÐÆÉÌÍÌÆ»ÐÂÑÂÍÎÌÐѾÑÂÒÑÆǹ
 Æ¾ʾ¾ÍÌÓÚÀÂÑÂÑÌÒÁξÒÈÆÇÙÍÈ»ÀɾÉÄ ÓÚÈȾÀƾʾǾÈÚÕÂÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ
ÔÎÄÐÆÉÌÍÌÆ»ÐÂÑ¿¾È¿¼ÁÂÏɾÍÙÑÌÉÌ ¬ÆÑÆɺÏͼÂÐÄÏǾÆÅÂÎÉÌÇξм¾ÏÐÔÂÁƾÐÉÌÚÀƾ
ÇȼÐÆÉÌ ǹÅÂÉÌÊѺÈ̾ʾÀιÓÌÊѾÆÐÑÄÊÍÆʾǼÁ¾
¾Ê¾ÀÊÛÎÆÐÄÏ©ÄÊÒÍÂο¾¼ÊÂѾÒѺÏÑÆÏÑÆɺÏ
(/

¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ (/ 
 ¢ÈÈÄÊÆǹ ¢ÀǾѹÐѾÐÄ

ŸËÛÖ×ÑÅ
®ÏÍÃÇÂÍÎͽÅÑÅ
©ÄʾÊÒÕÛÊÂÑÂÍÌѺÑÄÉÌʹÁ¾¾ÍÙÑÆÏ
ÐÒÊÁºÐÂÆÏ»¾ÍÙѾÓÒÑÂÒѹÉÍÌÒÈÙÊƾÍÌÒ
¿Î¼ÐÇÌÊѾÆÀÚÎÖ¾ÍÙÑÆÏÐÒÊÁºÐÂÆϠƾÑÄÊ
¾ÊÚÕÖÐÄÑÄÏÉÌʹÁ¾ÏÍκÍÂÆʾ
ÔÎÄÐÆÉÌÍÌƼÑÂÆɹÊÑÂϱÌÍÌÅÂÑ»ÐÑÂÑÌÒÏ
ÆɹÊÑÂÏÙÍÖÏÁ¼ÔÊÂÆÄÂÆÇÙʾ

111<87 1<11%
(/

(/  ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
 ¢ÀǾѹÐѾÐÄ ¢ÈÈÄÊÆǹ

 ÍÅÆÅÒÇȺʻѿÁÇ¿ÒÅË¿ËÛÖ×ÑÅ

±ÌÍÌÅÂÑ»ÐÑÂÁÚÌËÚÈÆʾÁÌǹÎƾÐÑÌ ­ÂιÐÑÂÑÌÒÏÆɹÊÑÂÏÀÚÎÖ¾Íٺʾ
 Á¹ÍÂÁÌ
 ÉÍÌÒÈÙÊÆÐÂǹÅÂÍÈÂÒι

žÊ¾ÐÄÇÛÐÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾϾÍÙ
 ÑÄÊ;ȺѾÔÎÄÐÆÉÌÍÌÆÛÊѾÏÆɹÊÑÂÏ

žÊ¾ÐÄÇÛÐÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾϾÍÙ
 ѾËÚÈÆʾÁÌǹÎƾ

±ÌÍÌÅÂÑ»ÐÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ
 ͹ÊÖÐѾËÚÈÆʾÁÌǹÎƾ

§¾Ñ¿¹ÐÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏÐÂ
 ÌÎÆÃÙÊÑƾźÐÄǾÆÑÌÍÌÅÂÑ»ÐÑÂÑÌÊÐÑÌ
Á¹ÍÂÁÌ

(/

¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ (/ 
 ¢ÈÈÄÊÆǹ ´ÂÆÎÆÐÉÙÏǾƨÂÆÑÌÒÎÀ¼¾

µÃÇÏÇÑÊÚÐÈ¿Ç©ÃÇÒÍÓÏÁ½¿
¦»ÑÅÑÃÉÃÇÒÍÓÏÁ½¿
±ÅÊý×ÑÅ žÊÒ͹ÎÔÂÆ¿¾È¿¼Á¾ÐÑÄʺËÌÁ̿¿¾ÆÖżÑÂ
žÊÑÌÐÚÐÑÄɾÍÂÎÆȾɿ¹ÊÂÆÍÂÎÆÐÐÙÑÂÎÂÏ  ÙÑƼʾÆÂÊÑÂÈÛϾÊÌÆÇÑ»
¾ÍÙɼ¾¾ÊÑȼÂϿ¿¾ÆÖżÑÂÙÑÆÀÊÖμÃÂÑÂ
žÊ̼ËÑÂÑÄÊÌÍ»Â˾ºÎÖÐÄÏǾÆÂÇÇÆÊ»ÐÑÂ
ÍÌƾÍκÍÂÆʾÑÂżÍÎÛÑÄÐÂÈÂÆÑÌÒÎÀ¼¾
 ÑÄʾÊÑȼ¾

±ÅÊý×ÑÅ
 Æ¾ʾ¾ÍÌÓÚÀÂÑÂÑÌÊǼÊÁÒÊÌÓÂÏ¿ÓÉÇÈÍÛ žÊÌÆÇÑ»
ÎɼÁÊ¿ÒÍÐÎÒÅɼÃÂÑÂÑÄÊ;ÎÌÔ»¾ÎÀ¹

±ÌÒÁξÒÈÆÇÙÍÈ»Àɾ»ÒÁξÒÈÆÇ»
ÇÎÌÚÐÄ»ÇÎÌÚÐÄÚÁ¾ÑÌÏ¼ʾÆÉƾ¾ÆÔÉ»
ͼÂÐÄÏÉÆÇλÏÁƹÎÇÂƾÏÍÌÒÉÍÌμʾ
ÍÎÌÇÚÕÂÆǾѹÑÄʺʾÎËÄÈÂÆÑÌÒÎÀ¼¾Ï»ÑÌÊ
ÑÂÎɾÑÆÐÉÙÈÂÆÑÌÒÎÀ¼¾ÏÑÌÒÐÒÐѻɾÑÌÏǾÆ
¾Ê¾ÀǹÃÂÆѾÒÀιʾÇÆÊÄÅÌÚÊǾѹÉ»ÇÌÏ
ÂÊÙϾÀÖÀÌÚоʺʾÇÚɾÉÂÑÄÊѾÔÚÑÄѾ žÊ̼ËÑÂÑÄ¿¾È¿¼Á¾¾ÎÀ¹
ÑÌÒ»ÔÌÒ§¹ÑÆѺÑÌÆÌÉÍÌμʾÍÎÌǾȺÐÂÆ
ÐÄɾÊÑÆÇ»ÃÄÉƹÐÑÌÊÂËÌÍÈÆÐÉÙ

žÊ̼ËѾÎÀ¹

ŸÂ¿¾ÆÖżÑÂÙÑÆľÍÙÐѾÐÄž¼ʾÆÐÖÐÑ»
 Á¼ÑÂÑÌÐÒÊÄÉɺÊÌÐÔºÁÆÌ

ŸÂ¿¾ÆÖżÑÂÙÑÆÄ¿¾È¿¼Á¾ÂȺÀÔÌÒ;ÎÌÔ»Ï
 ÑÌÒÐÒÐѻɾÑÌÏÉÂѾËÚÑÄϾÊÑȼ¾ÏǾÆÑÄÏ
ÉÌʹÁ¾Ï¼ʾÆÇÈÂÆÐÑ» 
™Ñ¾Ê¿ÀÂÆÙÈÌÏ̾ºÎ¾ÏÇȼÐÑÂÑÄÊÌÍ»
Â˾ºÎÖÐÄÏ

§ÈÂÆÐÑ»

§ÈÂÆÐÑ»

žÊÌÆÇÑ»

¢Í¾Ê¾È¹¿ÂÑÂѾ¿»É¾Ñ¾ºÖÏÀƾÑÌ

(/

ÁÂÚÑÂÎÌɺÐÌÉÂѾÓÌιÏÅÂÎÉÙÑÄѾÏ

(/  ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
 ´ÂÆÎÆÐÉÙÏǾƨÂÆÑÌÒÎÀ¼¾
¨¿ÒºÒÅÂǺÏÈÃÇ¿ÒÅÐÉÃÇÒÍÓÏÁ½¿Ð
±ÅÊý×ÑÅ
¬ÆÎÒÅɼÐÂÆÏÑÄÏ;ÎÌÔ»ÏÍκÍÂÆʾ
À¼ÊÌÊѾƾÎÀ¹ÀƾʾÍÎÌÐѾÑÂÚÂÑÂÑÌ
ÐÚÐÑÄɾ¾ÍÙ˾ÓÊÆǺÏǾƾÇξ¼ÂÏ
ÁƾÇÒɹÊÐÂÆÏÅÂÎÉÌÇξм¾ÏǾÆͼÂÐÄÏ
§¾Ñ¹ÑÄÁƹÎÇÂƾÑÄÏÈÂÆÑÌÒÎÀ¼¾Ïʾ¿Â¿¾ÆÛÊÂÐÑÂÙÑÆ 
ÌÆÑÆɺÏÅÂÎÉÌÇξм¾ÏǾÆͼÂÐÄÏÑÖÊɺÐÖ
ÉÂѾÓÌιÏÅÂÎÉÙÑÄѾϿμÐÇÌÊѾÆɺоÐѾ
ÙÎƾÍÌҾʾÀιÓÌÊѾÆÐÑÌÐÔºÁÆÌÑÌÒ
ÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
ÁÂÊÒ͹ÎÔÌÒÊÁƾÎÎ̺ÏÈÙÀÖÂÐÓ¾ÈɺÊÄÏ
ÐÚÐÓÆËÄÏÑÌÒÐÂÑÍȾÇÛÊ»ÈÙÀÖ
ÂȾÑÑÖɾÑÆÇÛÊ»ǾÑÂÐÑξÉɺÊÖÊÓȾÊÑÃÛÊ
ÄÓºÎÌÒоι¿ÁÌÏǾÆÄι¿ÁÌÏÌÁÄÀÙϼʾÆ
ǾžκÏǾÆÀξоÎÆÐɺÊÂÏ
ѾÉÍÌÒÈÙÊƾ¼ʾÆǾžιǾÆÀξоÎÆÐɺʾ
§¾Å¾Î¹ǾÆ
ÀξоÎÆÐɺʾ
žÍÌÒм¾ÁƾÎÎÌÛÊ
ª¾ÐÒÉ¿ÌÒÈÂÚÂÐÑÂ͹ÊÑÌÑÂÑÌÊÑÌÍÆÇÙ
¾ÊÑÆÍÎÙÐÖÍÌÑÄÏ$OID/DYDOÀƾѾÂË»Ï
u ÁƾÐѹÐÂÆÏÑÌÒʺÌÒÐÂÑÍȾÇÛʾÊÐÇÌÍÂÚÂÑÂʾ
¢ÈÈÄÊÆǹ
²ÃÏÊ¿ÒÇÑÊÚÐÉÃÇÒÍÓÏÁ½¿Ð
±ÅÊý×ÑÅ
žÊÑÌÐÚÐÑÄɾÍÂÎÆȾɿ¹ÊÂÆÍÂÎÆÐÐÙÑÂÎÂÏ
¾ÍÙɼ¾¾ÊÑȼÂϿ¿¾ÆÖżÑÂÙÑÆÀÊÖμÃÂÑÂ
ÍÌƾÍκÍÂÆʾÑÂżÍÎÛÑÄÂÇÑÙÏÈÂÆÑÌÒÎÀ¼¾Ï
§È¼ÐѾÎÀ¹ÑÄ¿¾È¿¼Á¾ÂȺÀÔÌÒ;ÎÌÔ»Ï
ÑÄϾÊÑȼ¾ÏÍÌÒÍÎÙÇÂÆѾÆʾźÐÂÑÂÂÇÑÙÏ
ÈÂÆÑÌÒÎÀ¼¾Ï
§ÈÂÆÐÑÙ
©ÙÈÆÏÇȼÐÂÑÂÑÄ¿¾È¿¼Á¾źÐÑÂÑÄʾÊÑȼ¾
 ÂÇÑÙÏÈÂÆÑÌÒÎÀ¼¾Ï
¢Í¾Ê¾È¹¿ÂÑÂѾ¿»É¾Ñ¾ºÖÏÀƾÑÄʹÈÈÄ
 ÍÈÂÒι
žÊÍÎÙÇÂÆѾÆʾ¾Ó»ÐÂÑÂÑÌÊÂʾÈȹÇÑÄ
 ÅÂÎÉÙÑÄѾÏÂÇÑÙÏÈÂÆÑÌÒÎÀ¼¾ÏÀƾÉÂÀ¹ÈÌ
ÔÎÌÊÆÇÙÁƹÐÑÄɾ¾ÍÌÐÑξÀÀ¼ÐÑÂѾɺо
ÉÂѾÓÌιÏÅÂÎÉÙÑÄѾÏžÍÌÐÑιÀÀÆÐÄ
ÍκÍÂÆÂͼÐÄÏʾǹÊÂÑÂǹÅÂÓÌιÍÌÒ
ÑÂÎɾѼÃÂÑÂÑÄÈÂÆÑÌÒÎÀ¼¾ÑÌÒÂʾÈȹÇÑÄ
ÅÂÎÉÙÑÄѾÏǾÆÄÅÂÎÉÌÇξм¾ÑÌÒÔÛÎÌÒ
¼ʾÆǹÑÖ¾ÍÙÑÌÐÄɼÌÍ»ËÄÏÑÖÊɺÐÖÊ
ÉÂѾÓÌιÏÅÂÎÉÙÑÄѾÏ°ÒÊÆÐѹѾÆÂͼÐÄÏ
ʾÂÇÍȺÊÂÑÂǾÆʾÐÑÂÀÊÛÊÂÑÂÑÌÊ
ÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾϾʹÈÌÀ¾ÉÂÑ̼ÁÌÏ
ÑÖÊɺÐÖÊÉÂѾÓÌιÏÅÂÎÉÙÑÄѾÏÍÌÒ
ÔÎÄÐÆÉÌÍÌÆÌÚÊѾÆ
¾ÈȹËÂÑÂÑÌʾÎÆÅÉÙÍÌÐÙÑÄѾÑÖÊÍȾÇÛÊ
u ÂÍÆÈÌÀ»ÒÈÆÇÌÚÓȾÊÑÃÛʾÊÐÇÌÍÂÚÂÑÂʾ
¾ÈȹËÂÑÂÉÙÊÆɾÑÆÏÑÆɺÏÅÂÎÉÌÇξм¾ÏǾÆ
ͼÂÐÄÏÈÂÆÑÌÒÎÀ¼¾Ï»¾ÊÍÎÙÇÂÆѾÆʾ
ÔÎÄÐÆÉÌÍÌÆ»ÐÂѹÈÈÌɺÐÌÉÂѾÓÌιÏ
ÅÂÎÉÙÑÄѾÏÐÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏÉÂ
ÍȹÇÂÏ
(/

¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ (/ 
 ¢ÈÈÄÊÆǹ °ÒÊÑ»ÎÄÐÄ

±ÓËÒ¼ÏÅÑÅ
£ÌÍÎÉÇÑÊÚÐÃÎÇÒÚÎÇÍÓÈ¿Æ¿ÏÇÑÊÍÛ'-4

¬ÂËÌÍÈÆÐÉÙÏÂÍÆÑÙÍÆÌÒǾžÎÆÐÉÌÚ&,3ÂÍÆÑκÍÂÆ žÇÌÈÌÒÅ»ÐÑÂÑÆÏÌÁÄÀ¼ÂÏÑÌÒÂËÌÍÈÆÐÉÌÚ&,3

ÑÌÊǾžÎÆÐÉÙÑÌÒÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏÔÖμÏʾ
ÔÎÂƹÃÂѾÆʾÑÌʾÊ̼ËÂÑ ©ÍÌμÑÂʾÔÎÄÐÆÉÌÍÌƼÑÂѾ;ξǹÑÖÉÌÊѺȾ
ÂËÌÍÈÆÐÉÌÚ&,3&,3&,3&,3ǾÆ&,3
žÊÁÂʼʾÆÁÒʾÑÙÊʾÀ¼ÊÂÆǾžÎÆÐÉÙÏÉÂÑÌÊ
ÂËÌÍÈÆÐÉÙ&,3ÍκÍÂÆʾǾžμÐÂÑÂÑÌÊÂʾÈȹÇÑÄ
ÅÂÎÉÙÑÄѾÏÉÂÑÌÔºÎÆÁ¼ÑÂÑÄÊÂÊÙÑÄѾ
§¾Å¾ÎÆÐÉÙÏÉÂÑÌÔºÎÆ

¬ÂËÌÍÈÆÐÉÙÏ&,3ÂÇÑÂȼÑÆÏ;ξǹÑÖÂÎÀ¾Ð¼ÂÏ

u ¾ÍÌɾÇÎÚÊÂÆÑÆϾǾžÎмÂÏǾƾӾÆμÑÆÏ
ÂʾÍÌźÐÂÆϾȹÑÖÊ

u ;ÅÄÑÆÇÌÍÌƼÑÆÏǾžÎÆÐɺÊÂÏÂÍÆÓ¹ÊÂÆÂÏÛÐÑÂ
ʾÉÂÆÖżÌǼÊÁÒÊÌÏÁƹ¿ÎÖÐÄÏ

u ÂËÌÒÁÂÑÂÎÛÊÂÆѾÒÀιǾžÎÆÐÉÌÚÍÎÆʾÍÙÑÄÊ
¾ÍÌÐÑιÀÀÆÐÄ

³ÁϺÈ¿Æ¿ÏÇÑÊÍÛ

²ÀÎÙǾžÎÆÐÉÌÚ ­ÂÎÆÀξӻ

$OID&DXV ¦ÐÔÒÎÙ¾ÈǾÈÆÇÙÒÀÎÙÀƾÑÄʾÍÌɹÇÎÒÊÐÄ¿¾Ó»ÏȼÍÌÒÏȾÁÆÌÚǾÆ
¿ÆÌÈÌÀÆÇÛÊÆÃÄɹÑÖÊ

$OID3KRV ™ËÆÊÌÒÀÎÙǾžÎÆÐÉÌÚÀƾÑÄʾÍÌɹÇÎÒÊÐÄÌËÂÆÁ¼ÖÊÉÂѹÈÈÖÊÐÇÌÒÎƹÏ
¾È¹ÑÖÊǾƹÈÈÖʾÊÙÎÀ¾ÊÖÊÆÃÄɹÑÖÊ

$OID3DVV žÈǾÈÆÇÙÒÀÎÙÀƾ;ÅÄÑÆÇÌÍ̼ÄÐľÍÌÑÎÌÍ»Áƹ¿ÎÖÐÄÏ

$OID1HXWUD ¦ÐÔÒÎÙ¾ÈǾÈÆÇÙÒÀÎÙÀƾÑÄÊÂËÌÒÁÂѺÎÖÐÄÑÖÊÒÀÎÛÊ$OID&DUERQǾÆ
$OID3KRVÍÎÆʾÍÙÑÄʾÍÌÐÑιÀÀÆÐÄ

$OID36FDOH ™ËÆÊÄÐÇÙÊÄǾžÎÆÐÉÌÚÉÂ;ιÀÌÊѾ¾Ê¾ÐÑÌÈ»ÏÑÄÏÁƹ¿ÎÖÐÄÏÍÌÒ¼ʾÆ
ÆÁƾ¼ÑÂξ¾ÍÌÑÂÈÂÐɾÑÆÇÙÀƾÑÄʾÍÌɹÇÎÒÊÐÄÑÌÒ¾ÊÅξÇÆÇÌھпÂÐѼÌÒ
ǾƹÈÈÖʾÊÙÎÀ¾ÊÖÊÆÃÄɹÑÖÊ

$OID31HXWUD žÈǾÈÆÇ»ÐÇÙÊÄÀƾÑÄÊÂËÌÒÁÂѺÎÖÐÄÑÌÒÔÎÄÐÆÉÌÍÌÆÄɺÊÌÒ$OID36FDOH
ÍÎÆʾÍÙÑÄʾÍÙÎÎÆÕ»ÑÌÒ
$OID$GG ¬ÒÁºÑÂÎÌÂÊÆÐÔÒÑÆÇÙǾžÎÆÐÉÌÚÍÌÒÍÎÌÌμÃÂѾÆÀƾÔλÐÄɾüÉÂѾ
$OID3KRV$OID&DXVǾÆ$OID36FDOH­ÎÌÐÓºÎÂÆǾÈÚÑÂξ¾ÍÌÑÂȺÐɾѾÐÑÌ
ǾžÎÆÐÉÙÈÆ;ÎÛÊÂÍÆÓ¾ÊÂÆÛÊǾÅÛÏǾÆÂÍÆÓ¾ÊÂÆÛÊÙÍÌҾʾÍÑÚÐÐÌÊѾÆ
¿ÆÌÈÌÀÆǹÆûɾѾ±Ì$OID$GGÉÂÆÛÊÂÆÂͼÐÄÏÑÌʾÓÎÆÐÉÙ

$OSDFRQ'HVFDODQW ™ËÆÊ̾ǼÊÁÒÊÌÍÎÌ×ÙÊǾžÎÆÐÉÌÚÉ¿¹ÐÄÑÌÊÂÎÙÐÔÂÁƾÐɺÊÌÀƾÑÄÊ
¾Ó¾¼ÎÂÐľȹÑÖÊɾÀÊÄѼÑĹÈÀÄÏÔÌÚÉÌÒÉÒÁÆÛÊÌÐÑξÇÙÁÂÎÉÖÊ
¾Ð¿ÂÐÑÙÈÆÅÌÒǾÆÐÇÌÒÎƹÏ­ÂÎƺÔÂÆ%,2*(1$&7,9(ºÊ¾¿ÆÌÈÌÀÆÇÙɼÀɾ
¾ÍپʾÊÂÛÐÆɾÒÈÆǹÖÏÂÊÂÎÀÙÐÒÐѾÑÆÇÙ

$OSDFRQ'HJUHDVHU ¬ÒÁºÑÂÎÌǾžÎÆÐÑÆÇÙÈÆ;ÎÛÊÌÒÐÆÛÊÍÌÒÔÎÄÐÆÉÌÍÌƼѾÆɾüÉÂÑÌ$OSD
FRQ'HVFDODQWžÍÌɾÇÎÚÊÂƾÍÌÑÂÈÂÐɾÑÆǹѾȹÁƾѾÀιоǾÆǹÅÂ
¹ÈÈÄÈÆ;λÌÒм¾ÂÊÛѾÒÑÙÔÎÌʾÉÂÆÛÊÂÆǾÆÑÌʾÓÎÆÐÉÙ­ÂÎƺÔÂÆ%,2
*(1$&7,9(ºÊ¾¿ÆÌÈÌÀÆÇÙɼÀɾ¾ÍپʾÊÂÛÐÆɾÒÈÆǹÖÏÂÊÂÎÀÙ
(/

ÐÒÐѾÑÆÇÙ

(/  ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
 °ÒÊÑ»ÎÄÐÄ ¢ÈÈÄÊÆǹ

¨¿Æ¿ÏÇÑÊÚÐÊÃÒÍÕ»ÏÇ

®ÏÍÃÇÂÍÎͽÅÑÅ €ËÍÇÁÊ¿
 Æ¾ÑÄʾÍÌÓÒÀ»ÑξÒɾÑÆÐÉÌÚÑÖÊÔÂÎÆÛÊ
¾ÍÙÇÌÓÑÂκϾÇɺÏÓÌιÑÂ͹ÊÑÌÑÂÀ¹ÊÑƾ ®ÏÍÃÇÂÍÎͽÅÑÅ
ÙѾÊÍƹÊÂÑÂÑÆÏÍȹÇÂÏǾÆѾÍÎÌÐѾÑÂÒÑÆǹ žÊÌÂʾÈȹÇÑÄÏ
ÓÚÈȾ ÅÂÎÉÙÑÄѾϼʾÆǾÒÑÙÏ
ÍÂÎÆɺÊÂѺÖÏÙÑÌÒ
ÇÎÒÛÐÂÆÍÂμÍÌÒ &
 )

žÍÌÐÑξÀÀ¼ÐÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ


¢ÍÆÅÂÖλÐÑÂÑÆÏÌÈÆО¼ÊÌÒÐÂÏÂÍÆÓ¹ÊÂÆÂÏ
 ÑÄÏÓºÎÌÒоÏι¿ÁÌÒǾÆǾžμÐÑÂÑÆÏÉÂ
ºÊ¾;ʼ
(/

¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ (/ 
 ¢ÈÈÄÊÆǹ °ÒÊÑ»ÎÄÐÄ

©¾ÎǹÎÂÑÂÑÌÐÒÀÇÎÙÑÄɾÑÖÊÍȾÇÛÊÉ ±¾ÃÂÚÀÄÉÍÌÒÈÌÊÆÛÊÍÌÒÁƾźÑÌÒÊ¿¹ÐÂÆÏ
 ÉƾÁƾÀÛÊƾÀξÉÉ»ÐÑÌÂËÖÑÂÎÆÇÙÑÌÒ
 ºÁξÐÄϾÊ̼ÀÌÊѾÆÂʾÈȹËǾÆÁƾÀÖʼÖÏ
Á¼ÑÂÑÆÏÐÔÂÑÆǺÏÂÆÇÙÊÂÏ

Ÿ»É¾ žÎÉÍÌÒÈÌÊÆÌÚ °ÑÄÁƹÐѾÐÄ

 vvv $
 v »  ÊÌÆÀɾ

¤ÍȹǾÍȾÆмÌÒǾÆÄÍȹǾͼÂÐÄÏÍκÍÂÆ
͹ÊÑÌÑÂʾ¼ʾÆ;ιÈÈÄÈÂϤÐÑκ¿ÈÖÐÄ
ÑÄÏÍȹǾÏͼÂÐÄÏǾѹÑ̹ÊÌÆÀɾÁÂÊ
ÍκÍÂÆʾÒÍÂο¾¼ÊÂÆѾPPÎɼÏÃÇÐ
ÎÃÏÇÑÒÏÍԻп˺ÊÎÍÓÉÚËÇǾÅ
ÙÈÌÑÌ
ÍȹÑÌÏǾÆѾPPÎɼÏÃÇÐ
ÎÃÏÇÑÒÏÍԻп˺ÊÎÍÓÉÚËÇǾѾÇÙÎÒÓ¾
©¾ÎǹÎÂÑÂ
Ÿ»É¾«ÂÐÓ¼ËÑÂѾѺÐÐÂξÉÍÌÒÈÙÊƾ
ÂʾÈȹËǾÆÁƾÀÖʼÖÏɺÔÎÆÏÙÑÌÒÑÌÐÂÑ
©ÂÑλÐÑÂǾÆǾѾÀιÕÑÂÑÄÁƹÐѾÐÄž ÍȾÇÛÊÓѹÐÂÆÐÑÄÁƹÐѾÐÄ$


«ÂÐÓ¼ËÑÂѾÉÍÌÒÈÙÊƾÍÌÒÁÂÁƾźÑÌÒÊ Ÿ»É¾«ÂÐÓ¼ËÑÂѾÁÚÌÁƾÀÛÊƾÃÂÚÀÄ
 ¿¹ÐÂÆϺÁξÐÄÏǾƾӾÆκÐÑÂѾ ÉÍÌÒÈÌÊÆÛÊÂʾÈȹËÙÍÖÏÓ¾¼ÊÂѾÆÐÑÄ
¾ÊѼÐÑÌÆÔÄÂÆÇÙʾ
žÓ¾ÆκÐÑÂ
ѾÉÍÌÒÈÙÊƾ

žÓ¾ÆκÐÑÂ
ѾÉÍÌÒÈÙÊƾ
(/

(/  ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
 °ÒÊÑ»ÎÄÐÄ ¢ÈÈÄÊÆǹ

žÊ̼ËÑÂÑÌÐÂÑÍȾÇÛʾӻÊÌÊѾÏÑÄÊ
 ÍȹǾͼÂÐÄÏʾÀÈÆÐÑλÐÂÆ͹ÊÖÐÑÄ
ÓºÎÌÒоι¿ÁÌ

žÊÍκÍÂÆʾ¾ÎÆÅÉ»ÐÂÑÂÑÆÏÍȹÇÂÏǹÊÑÂ
ÑÌÍÎÆÊÑÆϾӾÆκÐÂÑÂ

¡ÂÔÎÂƹÃÂѾÆʾ¾Ó¾ÆκÐÂÑÂÑÆÏÍȹÇÂϾÊ
ÔÎÄÐÆÉÌÍÌƼÑÂÉÙÊÌÊÂÎÙÀƾÑÌÊǾžÎÆÐÉÙ
ǾÆÙÔÆǹÍÌÆÌÒÀÎÙǾžÎÆÐÉÌÚ

žÓ¾ÆκÐÑÂ
ÑÆÏÍȹÇÂÏ

(/

¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ (/ 
 ¢ÈÈÄÊÆǹ °ÒÊÑ»ÎÄÐÄ

¨¿Æ¿ÏÇÑÊÚÐÒ×Ë¿ËÍÇÁÊ»Ë×ËÊÍ˺Â×Ë
ÊÃÒÍÕ»ÏÇ

®ÏÍÑÍÕ¼ ±ÅÊý×ÑÅ
©ÄÔÎÄÐÆÉÌÍÌƼÑÂÍÌѺÒÁÎÌÔÈÖÎÆÇÙ ­ÎÌкËÑÂʾÉÄÊÍÎÌǾȺÐÂÑÂÃÄÉƹÐÑÄ

ÌËÚÐÂÍȹÇÂϾÍÙ¾ÊÌ˼ÁÖÑÌÔ¹ÈÒ¿¾ ÓȹÊÑþÙѾÊǾžμÃÂÑÂÑÄÉÌʹÁ¾ÉÂÑÌ
©ÄÔÎÄÐÆÉÌÍÌƼÑÂÊÂÎÙÐÇÈÄÎÙÑÄѾÏ ÔºÎÆ
ÍÌÒÒÍÂο¾¼ÊÂÆѾ SSP &OÀƾÑÄÊ
;ξÐÇÂÒ»ÁƾÈÒɹÑÖÊǾžÎÆÐÉÌÚ
¢¼Ê¾ÆÍÌÈÚÐÄɾÊÑÆÇÙʾÍÎÌÐѾÑÂÚÂÑÂ
¾ÍÙÔÄÉÆǺÏÌÒмÂÏÑÆÏÓºÎÌÒÐÂÏ
ι¿ÁÌÒÏǾÆÑÌÒÏÐÑÚÈÌÒÏÐÑ»ÎÆËÄÏÍÌÒ
¼ʾÆǾѾÐÇÂÒ¾Ðɺʾ¾ÍÙ¾ÈÌÒɼÊÆÌ

§Ä¼Ê¿Ò¿ÎÍÓ¿Ô¿ÇÏÍÛËÒ¿ÇÊÃËÃÏÚÈ¿ÇÀÍÛÏÒÑ¿
¡ÂÊÔÎÂƹÃÂѾÆʾ¾Ó¾ÆκÐÂÑÂÑÆÏÍȹÇÂϾÍÙÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏǾѹÑÄÁƹÎÇÂƾÑÌÒǾžÎÆÐÉÌÚ
žÍÌɾÇÎÚÊÂÑÂѾÆûɾѾÔÎÄÐÆÉÌÍÌÆÛÊѾÏ «ÂÍÈÚÊÂÑÂÔÎÄÐÆÉÌÍÌÆÛÊѾÏÊÂÎÙÒÍÙ
 ÉƾɾȾǻ¿ÌÚÎÑоǾÆÑÎÂÔÌÚÉÂÊÌÊÂÎÙ
 ͼÂÐÄ

§Ä¼Ê¿Ò¿ÎÍÓÂÃË¿Ô¿ÇÏÍÛËÒ¿ÇÊÃËÃÏÚÈ¿ÇÀÍÛÏÒÑ¿
­ÎºÍÂÆʾ¾Ó¾ÆκÐÂÑÂÑÆÏÍȹÇÂϾÍÙÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏǾѹÑÄÁƹÎÇÂƾÑÌÒǾžÎÆÐÉÌÚ
ŸÌÒÎÑмÐÑÂÉÂÒÀÎÙǾžÎÆÐÉÌÚ «ÂÍÈÚÊÂÑÂÉÂÊÂÎÙ
 
(/

(/  ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
 °ÒÊÑ»ÎÄÐÄ ¢ÈÈÄÊÆǹ

³ÁϺÈ¿Æ¿ÏÇÑÊÍÛ £ÎÇȿƽÑÃÇÐÃË¿ÎÍÆ»ÑÃÇпɺÒ×Ë
 ª»ÁÇÑÒÅÑÓÁÈ»ËÒÏ×ÑÅ
ª»ÁÇÑÒÅÆÃÏÊÍÈϿѽ¿ Ž' Ž*

¢ÍÆǾżÐÂÆÏÂʾÍÌźÐÂÆÏ
—ÃÄɾ ²ÀÎÙǾžÎÆÐÉÌÚ
¾È¹ÑÖÊ

žÊÅξÇÆÇپпºÐÑÆÌ ­ÎÌ×ÙÊѾÁƹ¿ÎÖÐÄÏ ªÆÑÎÆÇÙÌËÚ

¥ÂÆÆÇپпºÐÑÆÌ ¬Ë¼ÁƾÉÂѹÈÈÖÊ °ÌÒÈÓ¾ÉÆÇÙÌËÚ

­ÒÎÆÑÆǹ¹È¾Ñ¾ ¨¹ÐÍÄ §ÆÑÎÆÇÙÌËÚ

¬Ë¼ÁÆ̾ÈÌÒÉÆʼÌÒ ³ÖÐÓÌÎÆÇÙÌËÚ

¡Æ¾ÑÌÉÆÇ̼ÌÎÀ¾ÊÆÐÉ̼ǾÆ ­¾Î¹ÀÌÊÑÂÏÐÒÉÍÈÌÇÌÍ̼ÄÐÄÏ('7$17$

ÌÆÂÇÇμÐÂÆÏÑÌÒÏР­ÌÈÒÓÖÐÓÌÎÆǹ¹È¾Ñ¾ʾÑμÌÒ
ÁƹÓÌξÔÎÛɾѾ

³ÁϺÈ¿Æ¿ÏÇÑÊÍÛ  ÇÍÉÍÁÇȼ¿ËºÎÒÓÌÅɺÑÎÅ
 ª»ÁÇÑÒÅÑÓÁÈ»ËÒÏ×ÑÅ
ª»ÁÇÑÒÅÆÃÏÊÍÈϿѽ¿ Ž' Ž*

ŸÆÌÈÌÀÆÇ»¾Ê¹ÍÑÒËÄ
²ÀÎÙǾžÎÆÐÉÌÚ
¨¹ÐÍÄ

Ÿ¾ÇÑ»Îƾ ²ÁÎÌ˼ÁÆÌÑÌÒʾÑμÌÒ

ªÄɾÑÛÁÄ žÊÅξÇÆÇÙʹÑÎÆÌ

­ÎÖÑÙÃÖ¾ ±Ì¾ÍÌѺÈÂÐɾÑÌÒǾžÎÆÐÉÌÚÉÍÌμʾÂÊÆÐÔÒżÐÄɾÊÑÆǹÉÂÑÄÊ
ÍÎÌÐÅ»ÇÄÉÆÇλÏÍÌÐÙÑÄѾÏÒÍÌÔÈÖÎÆÛÁÌÒϹȾÑÌÏ»¾ÊÑÆÁξÐÑÄμÖÊÀƾ
ÑÌÐÔÄɾÑÆÐÉÙÐÒÉÍÈÙÇÖÊǾÆѾÐÆÂÊÂÎÀÛÊ

³ÁϺÈ¿Æ¿ÏÇÑÊÍÛ ³ÎÍÉýÊÊ¿Ò¿É¿ÂÇÍÛºÑÔ¿ÉÒÍÐɽÎÅ

¢ÍÆǹÅÆÐÄ ²ÀÎÙǾžÎÆÐÉÌÚ

²ÍÌȼÉɾѾȾÁÆÌÚ ­¾Î¾ÓÆÊÆÇÙÏÁƾÈÚÑÄÏÉ¿¹ÐÄÑÄʹÓžÍÔÇÄÎÌüÊÄ

ÐÓ¾ÈÑÌÏ
¨¼ÍÄ ±ÅÊý×ÑÅ
¬ÆÓȹÊÑÃÂϾÍÙÂȾÐÑÆÇÙ(3'0ÁÆÌÀÇÛÊÌÊѾÆÙѾʺÎÔÌÊѾÆÐÂÂ;ӻÉÂ
¾ÒѹѾÒÈÆǹ¬ÔÎÙÊÌÏÂ;ӻÏÍκÍÂÆʾÍÂÎÆÌμÃÂѾÆÐѾÈÂÍѹ

®ÏÍÑÍÕ¼
©ÄÔÎÄÐÆÉÌÍÌƼÑÂѾ;ξǹÑÖÁƾÈÚɾѾ
u §ÂÑÙÊÂÏÍÔ¾ÇÂÑÙÊÄ
ÉÂÅÒÈ̾ÆÅÒÈÌÇÂÑÙÊÄÉÂÅÒÈÌ
ÆÐÌ¿ÌÒÑÒÈÌÇÂÑÙÊÄ
u ¢ÐѺÎÂÏÍÔÌËÆÇÙϾÆÅÒÈÂÐѺξÏ
ÌËÆÇÙÏ¿ÌÒÑÒÈÂÐѺξÏ
u žÈÌÀÌÊÖɺÊÌÆÒÁÎÌÀÌʹÊÅξÇÂÏ
ÍÔÔÈÖÎÌźÊÆÌÑÂÑξÔÈÖιÊÅξǾÏ
ÓκÌÊ
(/

u žÎÖɾÑÆǹÍÔ¿ÂÊÃÙÈÆÌÑÌÈÌÒÙÈÆÌ

¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ (/ 
 ¢ÈÈÄÊÆǹ °ÒÊÑ»ÎÄÐÄ

¨ÉýÑÇÊÍ

ŸÂ¿¾ÆÖżÑÂÙÑÆÙÈÂÏÌÆÂÍÆÓ¹ÊÂÆÂÏ ­ÆºÐÑÂÑÌÐÒÀÇÎÙÑÄɾÑÖÊÍȾÇÛʱÌ
 ÐÑÂÀ¾ÊÌÍ̼ÄÐÄϼʾÆǾžκÏ  ÐÓ¼ËÆÉÌÀ¼ÊÂѾÆÐÂÁÚÌ¿»É¾Ñ¾Á¼ÑÂÑÆÏ
ÐÔÂÑÆǺÏÂÆÇÙÊÂÏ¤ÍȹǾÍȾÆмÌÒǾÆÄ
ÍȹǾͼÂÐÄÏÍκÍÂÆ͹ÊÑÌÑÂʾ¼ʾÆ
§¾Å¾Î¼ÐÑÂѾÐÍÂÆÎÛɾѾÑÖÊÉÍÌÒÈÌÊÆÛÊ ;ιÈÈÄÈÂÏ
 ÉÂÉƾÐÒÎɾÑÙ¿ÌÒÎÑо¨Æ͹ÊÂÑÂѾ
ÐÍÂÆÎÛɾѾÉÂȼÀÌÀιÐÌ*OHLWPR» Ÿ»É¾ žÎÉÍÌÒÈÌÊÆÌÚ °ÑÄÁƹÐѾÐÄ
ÆÐÌÁÚʾÉÌ
 v »  $

 vvv $

Ÿ»É¾°Ó¼ËÑÂѾÁÚÌÁƾÀÛÊƾÃÂÚÀÄ
ÉÍÌÒÈÌÊÆÛÊÂʾÈȹ˺ÖÏÙÑÌÒÑÌÐÂÑ
ÍȾÇÛÊÓŹÐÂÆÐÑÄÁƹÐѾÐÄž

±ÌÍÌÅÂÑ»ÐÑÂÑÆÏÓȹÊÑÃÂÏÐÑÆÏÍȹÇÂÏ»
 ¾ÊÌÆÓȹÊÑÃÂϿμÐÇÌÊѾÆ»ÁÄÐÑÆÏÍȹÇÂÏ
¿Â¿¾ÆÖżÑÂÙÑÆÙÈÂÏÌÆÓȹÊÑÃÂÏ
ÂÓ¾ÎÉÙÃÌÒÊÐÖÐѹ

±ÅÊý×ÑÅ
¤ÂÐÓ¾ÈɺÊÄÑÌÍÌźÑÄÐÄÉƾÏÓȹÊÑþÏ
ÁƾÍÆÐÑÛÊÂѾƾÍÙÑÌÀÂÀÌÊÙÏÙÑÆÄÓȹÊÑþ
¾Ê¾ÐÄÇÛÊÂѾƺËÖ¾ÍÙÑ̾ÒȹÇÆÑÄÏ»¼ʾÆ
ÑÌÍÌÅÂÑÄɺÊĺËÖ¾ÍÙÑ̾ÒȹÇÆ

±ÌÍÌÅÂÑ»ÐÑÂÑÆÏÍȹÇÂÏÉÂÑÌ
 Õ¾ÎÌÇÙǾÈÌÐÑξÉɺÊÌÍÎÌÏÂʾÈȹË
ǾÑÂÒÅÚÊÐÂÆÏǾÆÉÂÑÆÏÓȹÊÑÃÂÏ
ÐÑξÉɺÊÂÏÍÎÌÏÑÄÊÍȹǾÍȾÆмÌÒ
(/
Ÿ»É¾§¾ÑÙÍÆÊÐÓ¼ËÑÂѾÉÍÌÒÈÙÊƾ
ÂʾÈȹËǾÆÁƾÀÖʼÖÏÙÍÖÏÓ¾¼ÊÂѾÆÐÑÄ
ÐÔÂÑÆÇ»ÂÆÇÙʾ§¾Ñ¹ÑÄÁƹÎÇÂƾÑÄÏ
ÐÚÐÓÆËÄÏÂȺÀÔÂÑÂÑÄÁƹÐѾÐÄ$ÐѾ
ÐÄɼ¾ÑÖÊÉÍÌÒÈÌÊÆÛÊÍÌÒÐÓ¼ÀÀÂÑÂ

(/  ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ
 °ÒÊÑ»ÎÄÐÄ ¢ÈÈÄÊÆǹ

ª»ÁÇÑÒÅÏÍμÑÛÑÔÇÌÅÐ u ±ÌÉ»ÇÌÏÑÌÒÐÂÑÍȾÇÛÊÐÂÙȾѾ
ÉÍÌÒÈÙÊƾÁÂÊÍκÍÂÆʾÁƾӺÎÂÆ
±ÅÊý×ÑÅ ÍÂÎÆÐÐÙÑÂÎ̾ÍÙ
u ¢¹ÊÄÉÌʹÁ¾ÁÂÊÐÑÂÀ¾ÊÌÍÌƼѾÆ
¢¹ÊÔÎÄÐÆÉÌÍÌƼѾÂÎÙÇÈÂÆÁÌÁ¼ÑÂÑÌ
ÍÈ»ÎÖÏÉÍÌμÑÂʾÑÄÐÓ¼ËÂÑÂ
ÐÔÂÑÆÇÙͼʾǾÉÂÑÆÏɺÀÆÐÑÂÏÎÌͺÏ
ÍÂξÆѺÎÖɺÔÎÆʾÓѹÐÂÑÂÐÂ
ÐÚÐÓÆËÄϧ¾Ñ¹ÑÄÁƹÎÇÂƾÑÄÏÐÚÐÓÆËÄÏ
 ÁƹÐѾÐÄ$¶ÐÑÙÐÌÁÂÊÍκÍÂÆʾ
ÉÂÑιÑÂÑÄÁƹÐѾÐÄ$
ÒÍÂο¼ÑÂÑÄɺÀÆÐÑÄÎÌÍ»ÐÚÐÓÆËÄÏ

©ºÀÂÅÌÏ ©ÍÌÒÈÙÊÆÉ ©ÍÌÒÈÙÊÆÉÂ

ÉÍÌÒÈÌÊÆÌÚ ¿¹ÐĺÁξÐÄÏ ÎÌÁºÈÂÏ
1P .SP 1P .SP

0  

0  

0    

0    

¢¹ÊÐÓ¼ÀÀÂÑÂÉÂÑÌÔºÎÆÄÎÌÍ»ÐÚÐÓÆËÄÏÒÍÌÈÌÀ¼ÃÂѾÆ
ǾÑ
ÂÇѼÉÄÐÄ

£ºËÂÃËÊÎÍÏýÒÃË¿ÃÎÇÒÛÕÃÒÃÒÅÂǺÑÒ¿ÑÅ%
u ¢ÈºÀËÑÂÑÌʾÎÆÅÉÙÑÖÊÍȾÇÛÊǾÆÑÄÁƹÐѾÐÄ$
u ŸÂ¿¾ÆÖżÑÂÙÑÆÙȾѾ;ËÆɹÁƾǾÆÌÆ¿¹ÐÂÆÏ
žÊÌÆÍȹÇÂϺÔÌÒÊÐÒʾÎÉÌÈÌÀÄżÐÖÐѹ
ºÁξÐÄÏÇÆÊÌÚÊѾÆÂÈÂÚÅÂξ¢¹ÊÙÔÆǾžμÐÑÂǾÆ
ÈÆ͹ÊÂѺѾ»¾ÊÑÆǾѾÐÑ»ÐÑÂѾ  ÌƾÇɺÏÑÌÒÏÐÔÄɾѼÃÌÒÊÇÒÕºÈÄÁ¼ÑÂ
ÑÄÊÂÆÇÙʾ;ξǹÑÖ
²ÍºÎ¿¾ÐÄÑÄÏÁƹÐѾÐÄÏ$ÂÍÆÑκÍÂѾÆÐÂÂ˾ÆÎÂÑÆǺÏ
žÊºÔÂÑÂɾÎǹÎÂÆÑÌÂËÖÑÂÎÆÇÙɺÎÌÏÑÌÒ
ÉÙÊÌÊÍÂÎÆÍÑÛÐÂÆÏ°ÑÆÏÍÂÎÆÍÑÛÐÂÆϾÒѺϼʾÆ
ÐÂÑÍȾÇÛÊÁ¼Ñ¿»É¾ÂÊÙÑÄѾ
ÁÒʾÑÙʾÀ¼ÊÌÒʾÍÌÁÂÇѹѾ¾ÇÙÈÌҞɻÇÄÐÂÑ
ÊÌÆÀɾ¿Â¿¾ÆÖżÑÂÙÑÆÌÆÍȹÇÂϺÔÌÒÊ
ÍȾÇÛÊ
ÐÒʾÎÉÌÈÌÀÄżÉÂÑÄÐÖÐÑ»ÐÂÆι

©»ÇÌÏÐÂÑÍȾÇÛÊÍȹǾ ©»ÇÌÏÐÂÑÍȾÇÛÊ
ÁƹÐѾÐÄž

!PP $

PP $

PP $

±ÌÍÌÅÂÑ»ÐÑÂѾ¹ÈȾÁÚÌÉÍÌÒÈÙÊƾÐÑÄ
 źÐÄÑÌÒÏ

u ¢ÍÆÅÂÖλÐÑÂÑÆÏÎÌÁºÈÂÏ
u °ÂǾѹÐѾÐÄÍÈ»ÎÌÒÏÐÚÐÓÆËÄÏѾ
ÉÍÌÒÈÙÊƾÍκÍÂÆʾ¼ʾÆÙȾÒÍÙ
ÐÒÊÅ»ÇÂϼÐÄÏѹÐÄÏ
u ¤ÁƾÓÌι¾Ê¹ÉÂоÐѾÉ»ÇÄÑÌÒÐÂÑ
ÍȾÇÛÊÁƹÐѾÐÄ$ÍÌÒÉÂÑÎÛÊѾÆÐÂ
ÀÂÆÑÌÊÆǹÉÍÌÒÈÙÊƾÁÂÊÍκÍÂÆʾ
ÒÍÂο¾¼ÊÂÆ
v ѾPPÙѾÊ$PP
(/

v ѾPPÙѾÊ$!PP

¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ (/ 
 ¢ÈÈÄÊÆǹ °ÒÊÑ»ÎÄÐÄ

ŸÉÉ¿Á¼ÔÉ¿ËÒÄÜË

¨ÍÓÊÎ×Ò»ÐÔɺËÒÄÃÐ
žÊ̼ËÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ
 ÐÚÉÓÖʾÉÂÑÆÏÌÁÄÀ¼ÂÏÑÄÏÐÂȼÁ¾Ï ǾÆ
¾Ó¾ÆκÐÑÂÑÄÊÍȹǾÐÑÄÊÌÍ̼¾ÍÎÙÇÂÆѾÆ
ʾÑÌÍÌÅÂÑ»ÐÂÑÂǾÆÊÌÚÎÀƾÓȹÊÑþ
´ÉºËÒÄÃÐ'PMT%(1<1<
¤ÓȹÊÑþ&OLS$'¼ʾƺʾÐÚÐÑÄɾÍÌÒÐÒÊÁÒ¹ÃÂÆÑÄ
ÐÒÉ¿¾ÑÆÇ»sÇÌÒÉÍÖÑ»tÐÑÂκÖÐÄÀÚÎÖ¾ÍÙѾÐÑÙÉƾ
ÉÂÑÄÐÑÂκÖÐÄÉÂÑÄ¿Ì»ÅÂƾÇÌÈÈÄÑÆÇ»ÏѾÆʼ¾ÏǾѹ
É»ÇÌÏÑÖÊÍÈÂÒÎÛÊÑÖÊÍȾÇÛÊ

¤ÔλÐÄÇÌÈÈÄÑÆÇ»ÏѾÆʼ¾Ï*&¼ʾƺʾϾÍÈÙÏ

žÓ¾ÆκÐÑÂÑÄÊ;ÈƹÓȹÊÑþ ÑÎÙÍÌÏÁƾÐÓ¹ÈÆÐÄÏÑÄϾÐÓ¾ÈÌÚÏÑÌÍÌźÑÄÐÄÏÑÖÊ

 ÓȾÊÑÃÛʤѾÆʼ¾¾ÒÑ»ÂÍÆÇÌÈȹѾÆÐÑ̾ÒȹÇÆÑÄÏ
ÓȹÊÑþÏÉÂÑÄ¿Ì»ÅÂƾÂÊÙÏÂÆÁÆÇÌÚÂÎÀ¾È¼ÌÒ
ÂÓ¾ÎÉÌÀ»ÏÑÌÌÍ̼ÌÁÆÂÒÇÌÈÚÊÂÆÑÄÊÑÌÍÌźÑÄÐÄÑÄÏ
ѾÆʼ¾ÏÐѾÐÄɼ¾¾ÇÎÆ¿ÛÏÍÌÒÔÎÂƹÃÂѾÆ

±ÌÍÌÅÂÑ»ÐÑÂÑÄÊÇÌÒÉÍÖÑ»ÓȹÊÑþÐÑÄÊ

žÊ̼ËÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ
ÍȹǾ­ÂιÐÑÂÑÆÏÍÎÌÂËÌÔºÏÑÄÏ
ÓȹÊÑþÏǹÑÖ¾ÍÙÑÌÔ¼ÈÌÏÑÄÏÍȹǾÏ  ÐÚÉÓÖʾÉÂÑÆÏÌÁÄÀ¼ÂÏÑÄÏÐÂȼÁ¾Ï ǾÆ
¾Ó¾ÆκÐÑÂÑÄÊÍȹǾÐÑÄÊÌÍ̼¾ÍÎÙÇÂÆѾÆ
ʾÑÌÍÌÅÂÑ»ÐÂÑÂǾÆÊÌÚÎÀƾÓȹÊÑþ

žÓ¾ÆκÐÑÂÑÄÊ;ÈƹÓȹÊÑþ

¡ÂÔÎÂƹÃÂѾÆʾ¾Ó¾ÆκÐÂÑÂÑÆÏ;ÈƺÏ
 ÇÌÈÈÄÑÆǺÏѾÆʼÂÏÁÆÙÑƼʾÆÍÌÈÚÈÂÍѺÏ
ŸÂ¿¾ÆÖżÑÂÙÉÖÏÙÑÆÑ̾ÒȹÇÆÑÄÏ
ÓȹÊÑþϼʾÆÐÑÂÀÊÙǾÆǾžÎÙ
§ÌÈÈ»ÐÑÂÑÄÊѾÆʼ¾ÉÂÑÄ¿Ì»ÅÂƾÑÌÒ
 ÂÆÁÆÇÌÚÂÎÀ¾È¼ÌÒÂÓ¾ÎÉÌÀ»Ï

±ÅÊý×ÑÅ
ŸÂ¿¾ÆÖżÑÂÙÑÆÌÆÁÚÌÍÎÌÂËÌÔºÏÑÄÏ
ÓȹÊÑþϿμÐÇÌÊѾÆÐÑÄÐÖÐÑ»źÐÄ

°ÒÊÂÔ¼ÐÑÂÉÂÑÄÊÂÍÙÉÂÊÄÍȹǾÇÌǺÖÏ
 ÙÑÌÒÑÌÍÌÅÂÑ»ÐÂÑÂÓȹÊÑÃÂÏÐÂÙÈÂÏÑÆÏ
ÍȹÇÂÏÍÌÒÔÎÂƹÃÌÊѾÆǾÆÊÌÚÎÀÆÂÏ
ÓȹÊÑÃÂÏ

§È¼ÐÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ
 ÐÚÉÓÖʾÉÂÑÆÏÌÁÄÀ¼ÂÏÑÄÏÐÂȼÁ¾Ï 

§ÌÈÈ»ÐÑÂÑÄÓȹÊÑþÐÑÄÊÍȹǾ­ÂιÐÑÂ

±ÓÁÈÍÉÉÍÛÊÃËÃÐÔɺËÒÄÃÐ  ÑÆÏÍÎÌÂËÌÔºÏÑÄÏÓȹÊÑþÏǹÑÖ¾ÍÙÑÌ
Ô¼ÈÌÏÑÄÏÍȹǾÏ
«ÂÔÖÎÆÐѺÏÌÁÄÀ¼ÂÏÐÒÀÇÙÈÈÄÐÄÏ;κÔÌÊѾÆɾü
ÉÂÑÄÊÇÙÈȾ
§È¼ÐÑÂÑÌÊÂʾÈȹÇÑÄÅÂÎÉÙÑÄѾÏ

(/

ÐÚÉÓÖʾÉÂÑÆÏÌÁÄÀ¼ÂÏÑÄÏÐÂȼÁ¾Ï 

(/  ¢Ê¾ÈȹÇÑÄÏÅÂÎÉÙÑÄѾÏÉÂÍȹÇÂÏ