ARIETE 1342/05 Vintage Blue Manual de usuario

Marca: ARIETE

Modelo: 1342/05 Vintage Blue

Tipo: Manual de usuario

&2'  5(9GHO

02'

      

'H¶/RQJKL$SSOLDQFHV6UO

'LYLVLRQH&RPPHUFLDOH$ULHWH

9LD6DQ4XLULFR

&DPSL%LVHQ]LR),

(0DLOLQIR#DULHWHQHW

,QWHUQHWZZZDULHWHQHW

0DFFKLQDGDFDIIpÀOWUR

)LOWHUFRIIHH

&DIHWLqUHÀOWUH

)LOWHUNDIIHHPDVFKLQHQ

0iTXLQDGHFDIpÀOWUR

0iTXLQDGHFDIpFRPÀOWUR

.RIÀH]HWDSSDUDDWYRRUÀOWHUNRIÀH

ȃșȥįȟȓȗįȝȝțȜȡȫȜįĴȒ

Ʌɩɯɠɝɛɫɥɛ

)LJ

)LJ

)LJ )LJ

(

)

)LJ )LJ



$352326,72',48(6720$18$/(

$QFKHVHJOLDSSDUHFFKLVRQRVWDWLUHDOL]]DWLLQFRQIRUPLWjFRQOHVSHFL¿FKH1RUPDWLYHHXURSHH

YLJHQWLHVRQRSHUWDQWRSURWHWWLLQWXWWHOHSDUWLSRWHQ]LDOPHQWHSHULFRORVHOHJJHWHFRQDWWHQ]LRQH

TXHVWHDYYHUWHQ]HHXVDWHO¶DSSDUHFFKLRVRORSHUO¶XVRFXLqVWDWRGHVWLQDWRSHUHYLWDUHLQIRUWXQLH

GDQQL7HQHWHDSRUWDWDGLPDQRTXHVWROLEUHWWRSHUIXWXUHFRQVXOWD]LRQL4XDORUDYRJOLDWHFHGHUH

TXHVWRDSSDUHFFKLRDGDOWUHSHUVRQHULFRUGDWHYLGLLQFOXGHUHDQFKHTXHVWHLVWUX]LRQL

/HLQIRUPD]LRQLULSRUWDWHLQTXHVWRPDQXDOHVRQRPDUFDWHGDLVHJXHQWLVLPEROLFKHLQGLFDQR

3HULFRORSHULEDPELQL

3HULFRORGRYXWRDHOHWWULFLWj

3HULFRORGLGDQQLGHULYDQWLGDDOWUHFDXVH

$YYHUWHQ]DUHODWLYDDXVWLRQL

$WWHQ]LRQHGDQQLPDWHULDOL

86235(9,672

3RWHWHXVDUHODSSDUHFFKLRSHUSUHSDUDUHFDIIq4XHVWRDSSDUHFFKLRqVWDWRFRQFHSLWRVRORSHUXQ

XVRSULYDWRHGqTXLQGLGDFRQVLGHUDUVLLQDGHJXDWRO¶XVRSHUVFRSLFRPPHUFLDOLRLQGXVWULDOL2JQL

DOWURXWLOL]]RGHOODPDFFKLQDQRQqSUHYLVWRGDO&RVWUXWWRUHFKHVLHVLPHGDTXDOVLDVLUHVSRQVDELOLWj

SHUGDQQLGLRJQLQDWXUDJHQHUDWLGDXQLPSLHJRLPSURSULRGHOODPDFFKLQDVWHVVD/¶XVRLPSURSULR

GHWHUPLQDLQROWUHO¶DQQXOODPHQWRGLRJQLIRUPDGLJDUDQ]LD

5,6&+,5(6,'8,

/HFDUDWWHULVWLFKHFRVWUXWWLYHGHOO¶DSSDUHFFKLRRJJHWWRGHOODSUHVHQWHSXEEOLFD]LRQHQRQFRQVHQWR

QRGLSURWHJJHUHO¶XWLOL]]DWRUHGDOSRVVLELOHFRQWDWWRFRQVFKL]]LGLYDSRUHRDFTXDFDOGD

$WWHQ]LRQH

3HULFRORGLXVWLRQLFDXVDWRGDVSUX]]LRVFKL]]LGLDFTXDFDOGDRFDIIq1RQDSULUHLOFRSHUFKLR

TXDQGRO¶HURJD]LRQHqLQFRUVR

$99(57(1=(',6,&85(==$

/(**(5($77(17$0(17(/(,6758=,21,35,0$'(//·862

 /¶DSSDUHFFKLRqGHVWLQDWRVRORDGXVRGRPHVWLFRHQRQGHYHHVVHUHDGLELWRDG

XVRFRPPHUFLDOHRLQGXVWULDOH

 1RQVLDVVXPRQRUHVSRQVDELOLWjSHUXVRHUUDWRRSHULPSLHJKLGLYHUVLGDTXHOOL

SUHYLVWLGDOSUHVHQWHOLEUHWWR

 6LFRQVLJOLDGLFRQVHUYDUHJOLLPEDOOLRULJLQDOLSRLFKpO¶DVVLVWHQ]DJUDWXLWDQRQq

SUHYLVWDSHULJXDVWLFDXVDWLGDLPEDOORQRQDGHJXDWRGHOSURGRWWRDOPRPHQWR

GHOODVSHGL]LRQHDGXQ&HQWURGL$VVLVWHQ]DDXWRUL]]DWR

 /¶DSSDUHFFKLRqFRQIRUPHDOUHJRODPHQWR(&1RGHOVXL

PDWHULDOLLQFRQWDWWRFRQDOLPHQWL



3HULFRORSHULEDPELQL



/¶DSSDUHFFKLRSXzHVVHUHXVDWRGDLEDPELQLFRQXQHWjVXSHULRUHDDQQLVROR

VHVRQRVHJXLWLGDXQDSHUVRQDUHVSRQVDELOHRVHKDQQRULFHYXWROHLVWUX]LRQL

ULJXDUGDQWLO¶XWLOL]]RGHOO¶DSSDUHFFKLRLQVLFXUH]]DHGKDQQRFRPSUHVRLSHULFROL

SUHVHQWLGXUDQWHO¶XVR

 /HRSHUD]LRQLGLSXOL]LDHGLPDQXWHQ]LRQHGDSDUWHGHOO¶XWLOL]]DWRUHQRQGHYRQR

HVVHUHHIIHWWXDWHGDLEDPELQLDPHQRFKHQRQDEELDQRXQ¶HWjVXSHULRUHDDQQL

HRSHULQRVRWWRVRUYHJOLDQ]D$VVLFXUDUVLFKHLEDPELQLQRQJLRFKLQRFRQO¶DSSD

UHFFKLR

 7HQHUHVHPSUHO¶DSSDUHFFKLRHLOFDYRGLDOLPHQWD]LRQHIXRUL GDOOD SRUWDWD GL

EDPELQLFRQHWjLQIHULRUHDDQQL

 1RQODVFLDUSHQGHUHLOFDYRLQXQOXRJRGRYHSRWUHEEHHVVHUHDIIHUUDWRGDXQ

EDPELQR

 *OLHOHPHQWLGHOO¶LPEDOODJJLRQRQGHYRQRHVVHUHODVFLDWLDOODSRUWDWDGHLEDPELQL

LQTXDQWRSRWHQ]LDOLIRQWLGLSHULFROR

 $OORUFKpVLGHFLGDGLVPDOWLUHFRPHUL¿XWRTXHVWRDSSDUHFFKLRVLUDFFRPDQGDGL

UHQGHUORLQRSHUDQWHWDJOLDQGRQHLOFDYRGLDOLPHQWD]LRQH6LUDFFRPDQGDLQROWUH

GLUHQGHUHLQQRFXHTXHOOHSDUWLGHOO¶DSSDUHFFKLRVXVFHWWLELOLGLFRVWLWXLUHXQSHUL

FRORVSHFLDOPHQWHSHULEDPELQLFKHSRWUHEEHURVHUYLUVLGHOO¶DSSDUHFFKLRSHUL

SURSULJLRFKL

3HULFRORGRYXWRDHOHWWULFLWj

 /¶DSSDUHFFKLRSXzHVVHUHXVDWRGDSHUVRQHFKHKDQQRFDSDFLWj¿VLFKHVHQVR

ULDOLRPHQWDOLULGRWWHRSSXUHFRQPDQFDQ]DGLHVSHULHQ]DRGLFRQRVFHQ]DVROR

VHVRQRVHJXLWLGDXQDSHUVRQDUHVSRQVDELOHRVHKDQQRULFHYXWRHFRPSUHVROH

LVWUX]LRQLULJXDUGDQWLO¶XWLOL]]RGHOO¶DSSDUHFFKLRLQVLFXUH]]DHGKDQQRFRPSUHVR

LSHULFROLSUHVHQWLGXUDQWHO¶XVR

 3ULPD GL FROOHJDUH O¶DSSDUHFFKLR DOOD UHWH GL DOLPHQWD]LRQH FRQWUROODUHFKH OD

WHQVLRQHLQGLFDWDVXOODWDUJKHWWDSRVWDDOGLVRWWRGHOODPDFFKLQDFRUULVSRQGDD

TXHOODGHOODUHWHORFDOH

 /¶XVR GLSUROXQJKHHOHWWULFKHQRQDXWRUL]]DWH GDOIDEEULFDQWH GHOO¶DSSDUHFFKLR

SXzSURYRFDUHGDQQLHLQFLGHQWL

 3ULPD GL SURFHGHUH DOO¶RSHUD]LRQH GL ULHPSLPHQWR GHO VHUEDWRLR GHOO¶DFTXD

VFROOHJDUHO¶DSSDUHFFKLRGDOODSUHVDGLFRUUHQWH

 6H LO FDYR GL DOLPHQWD]LRQH q GDQQHJJLDWR HVVR GHYH HVVHUH VRVWLWXLWR GDO

FRVWUXWWRUHRGDOVXRVHUYL]LR$VVLVWHQ]D7HFQLFDRFRPXQTXHGDXQDSHUVRQD

FRQTXDOL¿FDVLPLODUHLQPRGRGDSUHYHQLUHRJQLULVFKLR

 1RQPHWWHUHPDLOHSDUWLVRWWRWHQVLRQHDFRQWDWWRFRQO¶DFTXDSXzJHQHUDUVLXQ

FRUWRFLUFXLWR

 7RJOLHUHODVSLQDGDOODSUHVDSULPDGLRJQLLQWHUYHQWRGLSXOL]LDRGLPDQXWHQ]LRQH

 1RQLPPHUJHUHO¶DSSDUHFFKLRLQDFTXDRDOWULOLTXLGL



 1RQPHWWHUHPDLODSSDUHFFKLRYLFLQRRVRSUDXQODYDQGLQR

 1RQULPXRYHUHLOFRSHUFKLRLQIHULRUHGHOODSSDUHFFKLR1RQFLVRQRSDUWLLQWHUQH

GDXWLOL]]DUHRSXOLUH

3HULFRORGLGDQQLGHULYDQWLGDDOWUHFDXVH

 6FHJOLHUHXQDPELHQWHVXI¿FLHQWHPHQWHLOOXPLQDWRSXOLWRHFRQODSUHVDGLFRU

UHQWHIDFLOPHQWHDFFHVVLELOH

 (YLWDUHGLLPPHWWHUHQHOVHUEDWRLRXQDTXDQWLWjHFFHVVLYDGLDFTXD

 1RQODVFLDUHLQFXVWRGLWRO¶DSSDUHFFKLRPHQWUHqFROOHJDWRDOODUHWHHOHWWULFD

 /¶DSSDUHFFKLRGHYHHVVHUHXWLOL]]DWRHODVFLDWRDULSRVRVXXQDVXSHU¿FLHVWDELOH

 /¶DSSDUHFFKLR QRQ GHYH HVVHUHXWLOL]]DWRVHqVWDWRIDWWRFDGHUHVHYLVRQR

VHJQLGLGDQQLYLVLELOLRVHKDSHUGLWHGLDFTXD1RQXVDUHO¶DSSDUHFFKLRVHLO

FDYRHOHWWULFRRODVSLQDULVXOWDQRGDQQHJJLDWLRVHO¶DSSDUHFFKLRVWHVVRULVXOWD

GLIHWWRVR7XWWHOHULSDUD]LRQLFRPSUHVDODVRVWLWX]LRQHGHOFDYRGLDOLPHQWD]LR

QHGHYRQRHVVHUHHVHJXLWHVRODPHQWHGDO&HQWUR$VVLVWHQ]D$ULHWHRGDWHFQLFL

DXWRUL]]DWL$ULHWHLQPRGRGDSUHYHQLUHRJQLULVFKLR

$YYHUWHQ]DUHODWLYDDXVWLRQL

 1RQDSULUHLOFRSHUFKLRTXDQGRO¶HURJD]LRQHqLQFRUVR

 $WWHQGHUHFKHODSSDUHFFKLRVLVLDUDIIUHGGDWRSULPDGLULIRUQLUHLOVHUEDWRLRFRQ

DFTXDSHULFRORGLXVWLRQLFDXVDWHGDVFKL]]LGLDFTXDRYDSRUH

 1RQODVFLDUHODFDUDIIDYXRWDVRSUDODSLDVWUDGLULVFDOGDPHQWRFRQODPDFFKLQD

LQIXQ]LRQH3HULFRORGLURWWXUDGHOODFDUDIID3HULFRORGLXVWLRQLGRYXWRDOFRQWDWWR

FRQODFDUDIID

$WWHQ]LRQHGDQQLPDWHULDOL

 &ROORFDUHODPDFFKLQDVXXQSLDQRVWDELOHGRYHQRQSRVVDHVVHUHURYHVFLDWD

 1RQXVDUHODPDFFKLQDVHQ]DDFTXDSRLFKpLQWDOHFDVRODSRPSDVLEUXFHUHE

EH

 1RQULHPSLUHPDLLOVHUEDWRLRGHOO¶DFTXDFRQDFTXDFDOGDREROOHQWH

 1RQSRVL]LRQDUHODPDFFKLQDVXVXSHU¿FLPROWRFDOGHRQHOOHYLFLQDQ]HGL¿DP

PHOLEHUHSHUHYLWDUHFKHODFDUUR]]HULDSRVVDHVVHUHGDQQHJJLDWD

 ,OFDYRQRQGHYHWRFFDUHOHSDUWLFDOGHGHOODPDFFKLQD

 1RQXWLOL]]DUHDFTXDJDVVDWDDGGL]LRQDWDGLDQLGULGHFDUERQLFD

 1RQLQWURGXUUHPDLQHO¿OWURVRVWDQ]HGLYHUVHGDOFDIIqLQSROYHUH6LSRWUHEEHUR

FDXVDUHJUDYLGDQQLDOO¶DSSDUHFFKLR

 1RQODVFLDUHODPDFFKLQDDWHPSHUDWXUDDPELHQWHLQIHULRUHD&LQTXDQWRLO

UHVLGXRG¶DFTXDQHOODFDOGDLDSRWUHEEHJKLDFFLDUHHSURYRFDUHGHLGDQQL

 1RQXVDUHO¶DSSDUHFFKLRDOO¶DSHUWR

 1RQODVFLDUHO¶DSSDUHFFKLRHVSRVWRDGDJHQWLDWPRVIHULFLSLRJJLDVROHHFF

 'RSRDYHUVWDFFDWRODVSLQDGLDOLPHQWD]LRQHHGRSRFKHOHSDUWLFDOGHVLVDUDQQR

IUHGGDWHO¶DSSDUHFFKLRGRYUjHVVHUHSXOLWRHVFOXVLYDPHQWHFRQXQSDQQRQRQ



DEUDVLYRDSSHQDLQXPLGLWRDJJLXQJHQGRSRFKHJRFFHGLGHWHUJHQWLQHXWULQRQ

DJJUHVVLYLQRQXVDUHPDLVROYHQWLFKHGDQQHJJLDQRODSODVWLFD

3UHFDX]LRQLQHOOXVRGHOODFDUDIID

 8WLOL]]DUHODFDUDIIDVRORFRQTXHVWDPDFFKLQDGDFDIIq1RQXWLOL]]DUHODFDUDIID

SHUVFDOGDUHLOFDIIqVRSUDXQIRUQHOORRDOWUHIRQWLGLFDORUH1RQPHWWHUHODFDUDI

IDQHOIRUQRDPLFURRQGHSHUVFDOGDUHLOFDIIq

 /DFDUDIIDGHYHHVVHUHXWLOL]]DWDVRORFRQODSLDVWUDGLULVFDOGDPHQWRLQGRWD]LR

QHFRQODSSDUHFFKLR

 3HUHYLWDUHURWWXUHGHOODFDUDIIDVROOHYDUODFRQFDXWHOD(YLWDUHGLXUWDUHODFDUDI

IDFRQWURDOWULRJJHWWLSHULFRORGLURWWXUDGHOYHWUR'XUDQWHLOULHPSLPHQWRGHOOD

FDUDIIDFRQDFTXDHYLWDUHGLFROSLUHLOUXELQHWWR

 1RQDSSRJJLDUHODFDUDIIDYXRWDVXVXSHU¿FLFDOGH

 1RQDSSRJJLDUHODFDUDIIDFDOGDVXVXSHU¿FLIUHGGHREDJQDWH$WWHQGHUHLOUDI

IUHGGDPHQWRGHOODFDUDIIDSULPDGLODYDUODRGLDJJLXQJHUHDFTXDIUHVFD

 1RQSXOLUHODFDUDIIDFRQVSXJQHPHWDOOLFKHGHWHUVLYLDEUDVLYLRDOWULPDWHULDOL

FKHSRVVRQRJUDI¿DUHLOYHWUR

 1RQXWLOL]]DUHODFDUDIIDVHqVWDWDULVFDOGDWDDVHFFRSHUWURSSRWHPSRVRVWLWX

LUODFRQXQDOWUDFDUDIIDRULJLQDOH

&216(59$5(6(035(48(67(,6758=,21,

'(6&5,=,21('(//$33$5(&&+,2

$&DUDIID .9DQRUDFFRJOLFDYR

%,PSXJQDWXUDGHOODFDUDIID / &DYRDOLPHQWD]LRQHVSLQD

&&RSHUFKLRFDUDIID 03LDVWUDGLULVFDOGDPHQWR

'%HFFXFFLRGLHURJD]LRQH 1'LVSOD\

(6HGHGHOSRUWD¿OWUR 202'(

)6HUEDWRLRDFTXD 36(/

*,QGLFDWRUHGLOLYHOORGHOODFTXD 4$872

+)LOWURFDIIq 53XOVDQWHGLLPSRVWD]LRQHGHOOHRUH+5

, 3RUWD¿OWURULPRYLELOH 63XOVDQWHGLLPSRVWD]LRQHGHLPLQXWL0,1

- &RSHUFKLRVHUEDWRLR

73XOVDQWHHURJD]LRQHFDIIq

VSHJQLPHQWR

'DWLGLLGHQWLÀFD]LRQH

1HOODWDUJKHWWDSRVWDVRWWRODEDVHGLDSSRJJLRGHOODPDFFKLQDVRQRULSRUWDWLLVHJXHQWLGDWLG¶LGHQ

WL¿FD]LRQHGHOODPDFFKLQD

 FRVWUXWWRUHHPDUFDWXUD&(

 PRGHOOR0RG

 QGLPDWULFROD61

 WHQVLRQHHOHWWULFDGLDOLPHQWD]LRQH9HIUHTXHQ]D+]

 SRWHQ]DHOHWWULFDDVVRUELWD:

 QXPHURYHUGHDVVLVWHQ]D

1HOOHHYHQWXDOLULFKLHVWHDL&HQWUL$VVLVWHQ]D$XWRUL]]DWLLQGLFDUHPRGHOORHQXPHURGLPDWULFROD



,6758=,21,3(5/862

0HVVDLQIXQ]LRQH

 &RQWUROODUHFKHODWHQVLRQHGHOODUHWHGRPHVWLFDVLDXJXDOHDTXHOODLQGLFDWDVXOODWDUJKHWWDGDWL

WHFQLFLGHOO¶DSSDUHFFKLR

 5LPXRYHUHLPDWHULDOLGHOOLPEDOODJJLRGDOOLQWHUQRHGDOOHVWHUQRGHOODSSDUHFFKLR

 3RVL]LRQDUHSRLODSSDUHFFKLRVXXQDVXSHU¿FLHSLDQD3RVL]LRQDUHODSSDUHFFKLRDGXQDGLVWDQ

]DGLDOPHQRFPGDSDUHWLPRELOLRDOWULDSSDUHFFKL

$WWHQ]LRQH

3HULFRORGLGDQQLDOODVXSHU¿FLHGLDSSRJJLRGHOODSSDUHFFKLR/DWHPSHUDWXUDHOHYDWDGHOODS

SDUHFFKLRSXzSURYRFDUHSODVWL¿FD]LRQLGHOOHVXSHU¿FLGLDSSRJJLR,QVHULUHXQSDQQRRXQD

WRYDJOLHWWDIUDODSSDUHFFKLRHODVXSHU¿FLHGLDSSRJJLR

$WWHQ]LRQH

3HULFRORGLVRYUDFFDULFRGHOODOLQHDHOHWWULFD3LDSSDUHFFKLFROOHJDWLDGXQXQLFDSUHVDHOHW

WULFDSXzJHQHUDUHXQFRUWRFLUFXLWR&ROOHJDUHODSSDUHFFKLRDGXQDSUHVDHOHWWULFDOLEHUDGD

DOWULHOHWWURGRPHVWLFL

 /DYDUHODFDUDIIDLOSRUWD¿OWURULPRYLELOHHLO¿OWURFDIIqFRQDFTXDFDOGDHVDSRQH6FLDFTXDUHHG

DVFLXJDUHLFRPSRQHQWL

 3RVL]LRQDUHLOSRUWD¿OWURULPRYLELOHQHOODVXDVHGH)LJ

/DYDOYRODGLÁXVVRSRVL]LRQDWDVXOIRQGRGHOSRUWDÀOWURULPRYLELOHGHYHHVVHUHLQVHULWDQHO

IRURFHQWUDOHGHOODVHGHGHOSRUWDÀOWUR

3ULPDDFFHQVLRQH

,QFDVRGLSULPDDFFHQVLRQHRGRSRXQSHULRGRGLLQXWLOL]]RVLUDFFRPDQGDGLIDUIXRULXVFL

UHDOPHQRGXHFDUDIIHGLDFTXDGDOFLUFXLWRLGUDXOLFRGHOODFDOGDLD

 5LHPSLUHLOVHUEDWRLRFRQDFTXDQDWXUDOHIUHVFD)LJ¿QRDOOLYHOORLQGLFDWRFRQ,OOLYHOOR

HTXLYDOHDOOLYHOORPDVVLPRGLDFTXDHDOQXPHURPDVVLPRGLWD]]HGLFDIIq&KLXGHUHLO

FRSHUFKLRGHOVHUEDWRLR

1RQULHPSLUH0$,LOVHUEDWRLRROWUHLOOLYHOORPDVVLPR

3HUTXHVWRODYDJJLRQRQLQVHULUHLOÀOWURFDIIqQHOSRUWDÀOWUR

 ,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWHHOHWWULFDFKHGHYHHVVHUHGRWDWDGLPHVVDDWHUUD

 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR09HUL¿FDUHFKHODYDOYRODGLÀXVVR

VLDSRVL]LRQDWDFRUUHWWDPHQWHVXOFRSHUFKLRGHOODFDUDIID

 3UHPHUHLOSXOVDQWHGLHURJD]LRQHFDIIq

 

$WWHQGHUHFKHWXWWDODFTXDFRQWHQXWDQHOVHUEDWRLR

VLDVFHVDQHOODFDUDIID$WWHQGHUHPLQXWLSHUIDUUDIIUHGGDUHODSSDUHFFKLR

 5LSHWHUHORSHUD]LRQHFRQXQDVHFRQGDFDUDIIDGLDFTXD$WWHQGHUHFKHWXWWDODFTXDFRQWHQXWD

QHOVHUEDWRLRVLDVFHVDQHOODFDUDIID

$GHVVRqSRVVLELOHSUHSDUDUHODSSDUHFFKLRHGHURJDUHODYRVWUDSULPDFDUDIIDGLFDIIq

3UHSDUD]LRQHGHOODPDFFKLQD

3ULPDGLDFFHQGHUHO·DSSDUHFFKLRDFFHUWDUVLFKHYLVLDDFTXDDVXIÀFLHQ]DDOO·LQWHUQRGHO

VHUEDWRLR



/HRSHUD]LRQLGLULHPSLPHQWRGLDFTXDGHYRQRHVVHUHHIIHWWXDWHFRQODVSLQDGHOFDYRGL

DOLPHQWD]LRQHHOHWWULFDVWDFFDWDGDOODSUHVDGLFRUUHQWH

 $SULUHLOFRSHUFKLRGHOVHUEDWRLR-/LQGLFDWRUHGLOLYHOOR*KDXQDVFDODJUDGXDWDGDD

RJQLQXPHURFRUULVSRQGHDOQXPHURGLWD]]HGLFDIIq5LHPSLUHODFDUDIIDFRQDFTXDQDWXUDOH

IUHVFD9HUVDUHODFTXDQHOVHUEDWRLR¿QRDOOLYHOORGHVLGHUDWRSHUWD]]HGLFDIIqHSHU

WD]]HGLFDIIq

 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR0



$WWHQ]LRQH

1RQXWLOL]]DUHODFDUDIIDVHSUHVHQWDURWWXUHVXOYHWURRVXOPDQLFR3HULFRORGLXVWLRQLFDXVDWR

GDOFRQWDWWRFRQLOFDIIqEROOHQWHGRYXWRDOODURWWXUDGHOODFDUDIID

1RQDSSRJJLDUHDOFXQRJJHWWRVRSUDLOFRSHUFKLRTXDQGRODSSDUHFFKLRqLQIXQ]LRQH

$WWHQ]LRQH

1RQDSULUHLOFRSHUFKLRTXDQGRO¶HURJD]LRQHqLQFRUVRSHULFRORGLXVWLRQLFDXVDWRGDVSUX]]L

RVFKL]]LGLDFTXDFDOGDRFDIIq

 3RVL]LRQDUHLO¿OWURFDIIqQHOSRUWD¿OWUR'RVDUHLOFDIIqQHO¿OWUR8QDWD]]DGLFDIIqHTXLYDOHDG

XQFXFFKLDLRUDVRGLFDIIqLQSROYHUH

 $EEDVVDUHODPDQLJOLDGHO¿OWURFDIIq&KLXGHUHLOFRSHUFKLRGHOVHUEDWRLR

 ,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWHHOHWWULFDFKHGHYHHVVHUHGRWDWDGLPHVVDDWHUUD,O

GLVSOD\VLDFFHQGHHORUDULRLQL]LDDODPSHJJLDUH$0 8WLOL]]DUHLWDVWL+5H0,1

SHULPSRVWDUHORUDORFDOH3UHPHUH6(/SHUFRQIHUPDUH6HQRQYLHQHSUHPXWRDOFXQWDVWRLO

GLVSOD\VLVSHJQHGRSRVHFRQGL

 3UHPHUHLOWDVWRFDIIq SHUDYYLDUHLOFLFORGLHURJD]LRQHGHOFDIIq$WWHQGHUHODIXRULXVFLWDGHO

FDIIqQHOODFDUDIIDVLQRDOFRPSOHWDPHQWRGHOFLFORVHOH]LRQDWRQXPHURGLWD]]H

 ÊSRVVLELOHLQWHUURPSHUHOHURJD]LRQHGHOFDIIqSULPDGHOFRPSOHWDPHQWRGHOFLFORGLHURJD]LRQH

 HVWUDUUHODWD]]DYHGL)XQ]LRQHSDXVDSHUVHUYLUHLOFDIIq

 SUHPHUHLOSXOVDQWHFDIIq¿QRDTXDQGRODSSDUHFFKLRQRQHPHWWHXQEHHSHVLVSHJQHODVSLD

OXPLQRVDGHOPHGHVLPRWDVWR

8QDYROWDHIIHWWXDWRORVSHJQLPHQWRDXWRPDWLFRRGHVLGHUDWRODSLDVWUDGLULVFDOGDPHQWRLQL]LHUj

DULVFDOGDUVL

/DVFLDUHLOFRSHUFKLRVXOODFDUDIIDSHUPDQWHQHUHFDOGRLOFDIIqHSHUVHUYLUHLOFDIIqVHQ]D

SHULFRORGLVFRWWDWXUH

 3UHQGHUHODFDUDIIDWUDPLWHOLPSXJQDWXUD,QFOLQDUHOHJJHUPHQWHODFDUDIIDHYHUVDUHLOFDIIq

FDOGRLQXQDWD]]D

 3UHPHUHHULODVFLDUHLOWDVWRFDIIq SHUVSHJQHUHODSSDUHFFKLR

1RQPXRYHUHODSSDUHFFKLRTXDQGRODFDUDIIDRLOVHUEDWRLRFRQWHQJRQROLTXLGLFDOGL$WWHQ

GHUHLOFRPSOHWRUDIIUHGGDPHQWRGHOODSSDUHFFKLR

/DTXDQWLWjGLDFTXDHURJDWDQHOODFDUDIIDVDUjXQSRPHQRULVSHWWRDTXHOODYHUVDWDQHO

VHUEDWRLR8QSRGLDFTXDVDUjDVVRUELWDGDOODSROYHUHGHOFDIIqHGDOÀOWUR

,PSRVWD]LRQHGHOORUD

 3UHPHUHLOWDVWR+5SHUVHOH]LRQDUHORUD3UHPHUHHPDQWHQHUHSUHPXWRLOWDVWR+5SHULPSR

VWDUHORUDGHVLGHUDWDSLYHORFHPHQWH



 3UHPHUHLOWDVWR0,1SHUVHOH]LRQDUHLPLQXWL3UHPHUHHPDQWHQHUHSUHPXWRLOWDVWR0,1SHU

LPSRVWDUHLPLQXWLGHVLGHUDWLSLYHORFHPHQWH

 4XDQGRORUDLPSRVWDWDqHVDWWDSUHPHUHLOWDVWR6(//DSSDUHFFKLRHPHWWHXQEHHS

 3HUUHLPSRVWDUHORUDSUHPHUHLOWDVWR02'(VHLYROWH¿QRDTXDQGRLOVLPEROR QRQODPSHJ

JLD3UHPHUHLOWDVWR6(//RUDULRLQL]LDDODPSHJJLDUH$GHVVRqSRVVLELOHLPSRVWDUHORUDFRPH

GHVFULWWRQHLSXQWLSUHFHGHQWL

,PSRVWD]LRQHGHOFLFORDXWRPDWLFR

3UHPHUHHWHQHUHSUHPXWRLOWDVWR$872¿QFKpVXOGLVSOD\QRQODPSHJJLDODVFULWWD352*5$00

LQVLHPHDOVLPEROR 6HJXLUHLOPHWRGRGLLPSRVWD]LRQHGHOORUDSHULPSRVWDUHRUHHPLQXWL3UH

PHUHLOWDVWR$872R6(/SHUFRQIHUPDUH/DSSDUHFFKLRHPHWWHXQEHHSHVXOGLVSOD\FRPSDUH

ORUDDWWXDOHHLOVLPERORGHOWLPHU ODSSDUHFFKLRDYYLHUjXQFLFORGLHURJD]LRQHGHOFDIIqDOORUD

LPSRVWDWD

3HUDQQXOODUHODSLDQL¿FD]LRQHHOHLPSRVWD]LRQLSUHFHGHQWHPHQWHGH¿QLWHqVXI¿FLHQWHSUHPHUH

QXRYDPHQWHLOWDVWR$872

,PSRVWD]LRQHGHOOLQWHQVLWjGHOFDIIq

/DSSDUHFFKLRKDXQDIXQ]LRQHFKHSHUPHWWHGLUHJRODUHOLQWHQVLWjGHOFDIIqSHUDGDWWDUORDLSURSUL

JXVWL

1RUPDOH

3UHPHUHLO WDVWR02'(XQD YROWD,O VLPEROR LQL]LDD ODPSHJJLDUH

3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH4XHVWDPRGDOLWjFRUULVSRQGHDOOD

LPSRVWD]LRQHGLIDEEULFD

0HGLR

3UHPHUHLOWDVWR02'(GXHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH

3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH,OVLPEROR UHJRODOHURJD]LRQH

FRQVLGHUDQGRXQDFDUDIIDGLFDIIq4XHVWRVLWUDGXFHLQXQFDIIqSLDUR

PDWLFR

)RUWH

3UHPHUHLOWDVWR02'(WUHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH

3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH,OVLPEROR UHJRODOHURJD

]LRQHHLOWHPSRGLLQIXVLRQHFRQVLGHUDQGRXQDFDUDIIDGLFDIIq4XHVWRVL

WUDGXFHLQXQFDIIqSLIRUWH

0RGDOLWjWD]]H 3UHPHUHLOWDVWR02'(TXDWWURYROWH,OVLPEROR LQL]LDDODPSHJ

JLDUH3UHPHUHLOWDVWR6(/SHUFRQIHUPDUH/DPRGDOLWjWD]]HSHUPHW

WHGLSUHSDUDUHLOFDIIqSHUXQPDVVLPRGLWD]]H1HOVHUEDWRLRGHOODFTXD

GHYHHVVHUHYHUVDWDVRODPHQWHXQDTXDQWLWjGLDFTXDFRUULVSRQGHQWHDO

OLYHOORGHOODFDUDIIDOOVLPEROR UHJRODDXWRPDWLFDPHQWHOHURJD

]LRQHSHURWWHQHUHLOPDVVLPRJXVWRSHUSLFFROHTXDQWLWjGLFDIIq,GHDOH

SHUXQPDVVLPRGLWD]]HGLFDIIq

6HQHO VHUEDWRLRqSUHVHQWH SLDFTXDOHURJD]LRQH QRQWHUPLQHUj

ÀQRDTXDQGRWXWWDODFTXDQRQVDUjHURJDWDQHOODFDUDIID

'RSRDYHUVHOH]LRQDWROLPSRVWD]LRQHGHVLGHUDWDSUHPHUHLOWDVWRFDIIq /DSSDUHFFKLRHPHWWH

XQEHHSHGLQL]LDOHURJD]LRQHGHOFDIIq



)XQ]LRQHSDXVDSHUVHUYLUHLOFDIIq

3HUVHUYLUHLOFDIIqSULPDFKHVLDFRPSOHWDWDOHURJD]LRQHGHOFDIIqQHOODFDUDIIDEDVWDULPXRYHUHOD

FDUDIIDGDOODSLDVWUDGLULVFDOGDPHQWR

$WWHQGHUHOHURJD]LRQHGLDOPHQRWD]]HGLFDIIqSULPDGLULPXRYHUHODFDUDIID

/HURJD]LRQHVLLQWHUURPSHDXWRPDWLFDPHQWHSHUVHFRQGL3RVL]LRQDUHODFDUDIIDVXOODSLDVWUDGL

ULVFDOGDPHQWRSHUULSUHQGHUHLOFLFORGLHURJD]LRQH

$WWHQ]LRQH

3HULFRORGLXVWLRQLGRYXWHDOFRQWDWWRFRQLOFDIIqFDOGRFKHHVFHGDOEHFFXFFLRGLHURJD]LRQH

/DFDUDIIDGHYHHVVHUHSRVL]LRQDWDVXOODSLDVWUDGLULVFDOGDPHQWRHQWURVHFRQGLGDOODVXD

ULPR]LRQH

)XQ]LRQHGLDXWRVSHJQLPHQWR

6HODPDFFKLQDqDFFHVDPDQRQYLHQHXWLOL]]DWDGRSRFLUFDPLQXWLLQWHUYLHQHODIXQ]LRQHGL

DXWRVSHJQLPHQWR4XHVWDIXQ]LRQHPHWWHLQVWDQGE\ODPDFFKLQDHGLVDWWLYDWXWWHOHIXQ]LRQLGL

ULVFDOGDPHQWR

&RPHSUHSDUDUHXQDVHFRQGDFDUDIIDGLFDIIq

3UHPHUHLOWDVWRFDIIq /DPDFFKLQDVLVSHJQH5LPXRYHUHODVSLQDGDOODSUHVDGLFRUUHQWH

$WWHQ]LRQH

3HULFRORGLXVWLRQLFDXVDWHGDVFKL]]LGLDFTXDRYDSRUH$WWHQGHUHDOPHQRPLQXWLSULPDGL

ULIRUQLUHLOVHUEDWRLRFRQDFTXD$WWHQGHUHLOUDIIUHGGDPHQWRGHOOHSDUWLFDOGHGHOODSSDUHFFKLR

3ULPDGLDYYLDUHOHURJD]LRQHGHOFDIIqFRQWUROODUHFKHFLVLDDFTXDDVXIÀFLHQ]DQHOVHUEDWR

LR1RQDYYLDUHOHURJD]LRQHGHOFDIIqVHLOOLYHOORGHOODFTXDqVRWWRLOOLYHOORPLQLPR

 $SULUHLOFRSHUFKLRGHOODSSDUHFFKLR6ROOHYDUHODPDQLJOLDGHO¿OWURGHOFDIIq(VWUDUUHLO¿OWURGHO

FDIIqGDOSRUWD¿OWUR5LPXRYHUHLUHVLGXLGLFDIIqGDO¿OWUR

 5LPXRYHUHLOSRUWD¿OWURGDOODSSDUHFFKLR6FLDFTXDUHODFDUDIIDHLOSRUWD¿OWURFRQDFTXDIUHVFDH

SXOLWD5LHPSLUHLOVHUEDWRLRFRQDFTXDQDWXUDOHIUHVFD¿QRDOOLYHOORGHVLGHUDWR

 3RVL]LRQDUHODFDUDIIDYXRWDVXOODSLDVWUDGLULVFDOGDPHQWR0

 3RVL]LRQDUHLOSRUWD¿OWURQHOODVXDVHGH)LJ3RVL]LRQDUHLO¿OWURFDIIqQHOSRUWD¿OWUR)LJ

'RVDUHLOFDIIqQHO¿OWUR8QDWD]]DGLFDIIqHTXLYDOHDGXQFXFFKLDLRUDVRGLFDIIqLQSROYHUH

 &KLXGHUHLOFRSHUFKLR,QVHULUHODVSLQDQHOODSUHVDGLFRUUHQWH

 3UHPHUHLOWDVWRFDIIq /DPDFFKLQDLQL]LDLOFLFORGLHURJD]LRQHGHOFDIIq

&216,*/,87,/,3(535(3$5$5(81%821&$))Ë

 3HURWWHQHUHXQFDIIqJXVWRVRqQHFHVVDULRPDQWHQHUHODSSDUHFFKLRSXOLWR(VHJXLUHODSXOL]LDH

ODGHFDOFL¿FD]LRQHFRQUHJRODULWjFRPHGHVFULWWRQHOSDUDJUDIR3XOL]LDGHOODSSDUHFFKLR

 8WLOL]]DUHVHPSUHDFTXDIUHVFDHSXOLWD

 &RQPDFLQDWXUHSL¿QLVLRWWHQJRQRFDIIqSLULFFKLHFRUSRVL8QDPDFLQDWXUDUHJRODUHULFKLH

GHUjSLFDIIqSHURWWHQHUHLOVROLWRJXVWRFKHVLULFDYDGDPLVFHOHPDFLQDWHSL¿QHPHQWH

 7HQHUHODSROYHUHGLFDIIqLQXQSRVWRIUHVFRHGDVFLXWWR&KLXGHUHHUPHWLFDPHQWHOHFRQIH]LRQL

DSHUWHHODVFLDUOHQHOIULJRULIHUR

 3HUXQVDSRUHRWWLPDOHDFTXLVWDUHLOFDIIqLQFKLFFKLHPDFLQDUORSULPDGHOODSUHSDUD]LRQH

 ,OFDIIqULVFDOGDWRQRQKDXQVDSRUHRWWLPDOH,OFDIIqUDJJLXQJHLOVXRPLJOLRUJXVWRVXELWRGRSR

ODSUHSDUD]LRQH



 /DSUHVHQ]DGLSLFFROHJRFFHGLROLRVXOODVXSHU¿FLHGHOFDIIqSXzHVVHUHFDXVDWDGDOOXVRSUR

OXQJDWRGLPLVFHOHWRVWDWHHVHJXLUHODSXOL]LDFRQUHJRODULWj

38/,=,$'(//$33$5(&&+,2

4XHVWRDSSDUHFFKLRULFKLHGHSRFDPDQXWHQ]LRQH(VVRQRQFRQWLHQHSDUWLULSDUDELOLGDOOXWHQWH

4XDOVLDVLRSHUD]LRQHFKHULFKLHGDORVPRQWDJJLRGLSDUWLGHYHHVVHUHHVHJXLWDGDXQ&HQWURGL

$VVLVWHQ]D$XWRUL]]DWR

$WWHQ]LRQH

7XWWHOHRSHUD]LRQLGLSXOL]LDVRWWRLQGLFDWHGHYRQRHVVHUHHIIHWWXDWHDPDFFKLQDVSHQWDHFRQ

ODVSLQDHOHWWULFDVFROOHJDWDGDOODSUHVDGLFRUUHQWH

$WWHQ]LRQH

8QDPDQXWHQ]LRQHHGXQDSXOL]LDUHJRODULPDQWHQJRQRHI¿FLHQWHODPDFFKLQDSHUXQSHULRGR

PDJJLRUH1RQODYDUHPDLLFRPSRQHQWLGHOODPDFFKLQDLQODYDVWRYLJOLH1RQXWLOL]]DUHJHWWL

GLDFTXDGLUHWWD

$WWHQ]LRQH

2JQLLQWHUYHQWRYDHVHJXLWRDPDFFKLQDIUHGGD

3XOL]LDGHOÀOWURHGHOSRUWDÀOWUR

'RSRRJQLXWLOL]]RHVWUDUUHLO¿OWURGHOFDIIqGDOSRUWD¿OWUR5LPXRYHUHLUHVLGXLGLFDIIqGDO¿OWUR

6FLDFTXDUHLO¿OWURFRQDFTXDIUHVFDHSXOLWD(VWUDUUHLOSRUWD¿OWURHODYDUORFRQDFTXDFDOGDH

VDSRQH

3XOL]LDGHOODFDUDIID

$WWHQ]LRQH

3HUHYLWDUHURWWXUHGHOODFDUDIIDVROOHYDUODFRQFDXWHOD(YLWDUHGLXUWDUHODFDUDIIDFRQWURDOWUL

RJJHWWLSHULFRORGLURWWXUDGHOYHWUR'XUDQWHLOULHPSLPHQWRGHOODFDUDIIDFRQDFTXDHYLWDUH

GLFROSLUHLOUXELQHWWR

6FLDFTXDUHODFDUDIIDFRQDFTXDFDOGDHVDSRQH/DYDUHLOFRSHUFKLRGHOODFDUDIIDGDLUHVLGXLGL

FDIIqXWLOL]]DQGRXQRVSD]]ROLQR3XOLUHODFDUDIIDXVDQGRXQSDQQRXPLGRHPRUELGRSHUQRQGDQ

QHJJLDUHODVXSHU¿FLHLQYHWUR1RQXWLOL]]DUHVSXJQHPHWDOOLFKHRDOWULPDWHULDOLDEUDVLYL

3XOL]LDGHOVHUEDWRLR

6LFRQVLJOLDGLSXOLUHSHULRGLFDPHQWHO¶LQWHUQRGHOVHUEDWRLRFRQXQDVSXJQDRXQSDQQRXPLGR

3XOL]LDGHOFRUSRPDFFKLQD

$WWHQ]LRQH

3XOLUHOHSDUWL¿VVHGHOODPDFFKLQDXVDQGRXQSDQQRXPLGRQRQDEUDVLYRSHUQRQGDQQHJ

JLDUHODFDUUR]]HULD

$87238/,=,$

3XOLUHODSSDUHFFKLRDOPHQRXQDYROWDDOPHVH

6HDYHWHDFTXLVWDWRLO¿OWURSHUODFTXDYHQGXWRVHSDUDWDPHQWHULPXRYHWHORGDOVHUEDWRLRSULPD

GLHVHJXLUHLOFLFORGLSXOL]LDDXWRPDWLFD

 5LHPSLUHODFDUDIIDFRQXQDPLVFHODFRPSRVWDGDWD]]HGLDFHWRELDQFRHWD]]HGLDFTXD



IUHVFDHSXOLWD9HUVDUHODPLVFHODQHOVHUEDWRLR

 3RVL]LRQDUHXQ¿OWURGLFDUWDGDWD]]HQHOSRUWD¿OWUR&KLXGHUHLOFRSHUFKLR

 3UHPHUHLOWDVWR02'(SHUFLQTXHYROWH,OVLPEROR LQL]LDDODPSHJJLDUH3UHPHUHLOWDVWR

6(/SHUFRQIHUPDUH

 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRHPHWWHXQEHHSHGLQL]LDLOFLFORGLDXWRSXOL]LD3DUWH

GHOODPLVFHODVDUjHURJDWDQHOODFDUDIIDPHQWUHODUHVWDQWHVDUjWUDWWHQXWDQHLFLUFXLWLGHOODPDF

FKLQDSHUFLUFDPLQXWLSULPDGLHVVHUHHURJDWDFRPSOHWDPHQWHQHOODFDUDIID/LQWHURFLFORGL

SXOL]LDDXWRPDWLFDGXUHUjPLQXWL4XDQGRqWHUPLQDWRLOFLFORGLDXWRSXOL]LDODSSDUHFFKLR

HPHWWHUjLQEHHSHVLVSHJQHUjDXWRPDWLFDPHQWH

 6FLDFTXDUHODFDUDIIDFRQDFTXDIUHVFDHSXOLWD

3ULPDGLSUHSDUDUHXQFDIIqHURJDUHFDUDIIHGLVRODDFTXDQDWXUDOHIUHVFD4XHVWRSXOLUj

ODSSDUHFFKLRGDLUHVLGXLGLDFTXDHDFHWR

'(&$/&,),&$=,21(

8QDEXRQDPDQXWHQ]LRQHHGXQDUHJRODUHSXOL]LDSUHVHUYDQRHPDQWHQJRQRHI¿FLHQWHODPDFFKLQD

SHUXQSHULRGRPDJJLRUHOLPLWDQGRQRWHYROPHQWHLULVFKLGLIRUPD]LRQHGLGHSRVLWLFDOFDUHLQHOO¶DS

SDUHFFKLR6HQRQRVWDQWHFLzGRSRTXDOFKHWHPSRODIXQ]LRQHGHOO¶DSSDUHFFKLRGRYHVVHHVVHUH

FRPSURPHVVDLQVHJXLWRDOO¶XVRIUHTXHQWHGLDFTXDGXUDHPROWRFDOFDUHDVLSXzSURFHGHUHDOOD

GHFDOFL¿FD]LRQHGHOODPDFFKLQDSHUHOLPLQDUHLOPDOIXQ]LRQDPHQWR8WLOL]]DWHSHUTXHVWRVFRSR

HVFOXVLYDPHQWHLOSURGRWWRGHFDOFL¿FDQWH12&$/GL$ULHWHDEDVHGLDFLGRFLWULFR4XHVWRSURGRWWR

VLSXzUHSHULUHIDFLOPHQWHQHLFHQWULGLDVVLVWHQ]DWHFQLFD$ULHWH$ULHWHQRQVLDVVXPHDOFXQDUH

VSRQVDELOLWjSHUGDQQLDLFRPSRQHQWLLQWHUQLGHOODPDFFKLQDGDFDIIqDUUHFDWLGDOO¶XVRGLSURGRWWLQRQ

FRQIRUPLDFDXVDGHOODSUHVHQ]DGLDGGLWLYLFKLPLFL

(VHJXLUHODGHFDOFLÀFD]LRQHXQDYROWDDOPHVH6HODFTXDXWLOL]]DWDqPROWRGXUDHFDOFDUHD

HVHJXLUHODSXOL]LDRJQLGXHVHWWLPDQH

 5LHPSLUHODFDUDIIDFRQXQDPLVFHODFRPSRVWDGDWD]]DGLDFHWRELDQFRHWD]]HGLDFTXD

IUHVFDHSXOLWD

 9HUVDUHODPLVFHODQHOVHUEDWRLR

 $YYLDUHLOFLFORGLHURJD]LRQHHGDWWHQGHUHLOULHPSLPHQWRGHOODFDUDIID¿QRDOODPHWj

 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRVLVSHJQH

6HQHOODIDVHGLDWWHVDYDSRUHVHVLGRYHVVHURYHULÀFDUHSLFFROLVEXIÀGLYDSRUHLOIHQRPHQR

qGDULWHQHUVLDVVROXWDPHQWHQRUPDOH

 4XDQGRODFTXDKDWHUPLQDWRGLVFHQGHUHQHOODFDUDIIDqSRVVLELOHULPXRYHUHODFDUDIID/DVFLDUH

UDIIUHGGDUHODFTXDSHUPLQXWL

 9HUVDUHODPLVFHODFRQWHQXWDQHOODFDUDIIDQHOVHUEDWRLR&KLXGHUHLOFRSHUFKLR3RVL]LRQDUHOD

FDUDIIDVXOODSLDVWUDGLULVFDOGDPHQWR

 $YYLDUHDQFRUDXQFLFORGLHURJD]LRQHHGDWWHQGHUHLOFRPSOHWRULHPSLPHQWRGHOODFDUDIID4XDQ

GRODFTXDKDWHUPLQDWRGLVFHQGHUHQHOODFDUDIIDqSRVVLELOHULPXRYHUHODFDUDIID

 3UHPHUHLOWDVWRFDIIq /DSSDUHFFKLRVLVSHJQH

 $WWHQGHUH  PLQXWL SHU IDU UDIIUHGGDUH ODSSDUHFFKLR 9HUL¿FDUH FKH LO ¿OWUR VLD LQVHULWR QHO

SRUWD¿OWUR

5LHPSLUHODFDUDIIDFRQDFTXDQDWXUDOHIUHVFDHULSHWHUHLOFLFORGLHURJD]LRQHSHUSXOLUHLFLUFXLWL

LQWHUQLGHOODSSDUHFFKLR$OOD¿QHGHOFLFORGLULVFLDFTXRSUHPHUHLOWDVWRFDIIq SHUVSHJQDUH



ODSSDUHFFKLR6YXRWDUHODFDUDIID

/DYDUHODFDUDIIDLOSRUWD¿OWURULPRYLELOHHLO¿OWURFDIIqFRQDFTXDFDOGDHVDSRQH$VFLXJDUHWXWWH

OHSDUWL

4XDQGRODSSDUHFFKLRVLqUDIIUHGGDWRSXOLUHOHVWHUQRFRQXQSDQQRPRUELGR

&RPHULSRUUHODSSDUHFFKLR

 6FROOHJDUHODVSLQDGDOODSUHVDGLFRUUHQWHHOHWWULFD

 5LSRUUHODSSDUHFFKLRLQXQOXRJRIUHVFRHDVFLXWWR

1RQODVFLDUHO·DSSDUHFFKLRDULSRVRFRQODVSLQDFROOHJDWDDOODSUHVDGLFRUUHQWHHOHWWULFD

0(66$)825,6(59,=,2

,QFDVR GL PHVVDIXRULVHUYL]LR GHOODPDFFKLQDRFFRUUHVFRQQHWWHUODHOHWWULFDPHQWH VYXRWDUHLO

VHUEDWRLRGHOO¶DFTXDHODFDUDIID(VHJXLUHODSXOL]LDGHLFRPSRQHQWLYHGLSDUDJUDIR³3XOL]LDGHOO¶DS

SDUHFFKLR´,QFDVRGLURWWDPD]LRQHVLGRYUjSURYYHGHUHDOODVHSDUD]LRQHGHLYDULPDWHULDOLXWLOL]]DWL

QHOODFRVWUX]LRQHGHOODPDFFKLQDHSURYYHGHUHDOORURVPDOWLPHQWRLQEDVHDOODORURFRPSRVL]LRQH

HDOOHGLVSRVL]LRQLGLOHJJHYLJHQWLQHO3DHVHGLXWLOL]]R



:,7+5(*$5'727+,60$18$/

(YHQLIWKHDSSOLDQFHVDUHPDGHLQFRQIRUPLW\ZLWKWKH(XURSHDQUHJXODWRU\VSHFL¿FDWLRQVLQIRUFH

DQGWKHUHIRUHDOOSRWHQWLDOO\KD]DUGRXVSDUWVDUHSURWHFWHG&DUHIXOO\UHDGWKHVHZDUQLQJVDQGXVH

WKHDSSOLDQFHRQO\IRUWKHXVHLWLVGHVLJQHGIRULQRUGHUWRSUHYHQWDFFLGHQWVDQGGDPDJH.HHSWKLV

PDQXDOFORVHE\IRUIXWXUHFRQVXOWDWLRQ,I\RXVKRXOGGHFLGHWRJLYHWKLVDSSOLDQFHWRRWKHUSHRSOH

UHPHPEHUWRDOVRLQFOXGHWKHVHLQVWUXFWLRQV

7KHLQIRUPDWLRQSURYLGHGLQWKLVPDQXDOLVPDUNHGZLWKWKHIROORZLQJV\PEROVLQGLFDWLQJ

'DQJHUIRUFKLOGUHQ

'DQJHUGXHWRHOHFWULFLW\

'DQJHURIGDPDJHRULJLQDWLQJIURPRWKHUFDXVHV

:DUQLQJRIEXUQV

:DUQLQJ±PDWHULDOGDPDJH

,17(1'('86(

<RXFDQXVHWKHDSSOLDQFHWRSUHSDUHFRIIHH7KLVDSSOLDQFHLVGHVLJQHGRQO\DQGVROHO\IRUSULYDWH

XVHDQGLVWKHUHIRUHWREHFRQVLGHUHGXQVXLWDEOHIRULQGXVWULDORUSURIHVVLRQDOSXUSRVHV1RRWKHU

XVHRIWKHPDFKLQHLVFRQWHPSODWHGE\WKHPDQXIDFWXUHUZKLFKLVH[HPSWIURPDQ\OLDELOLW\IRUDOO

W\SHVRIGDPDJHVFDXVHGE\LPSURSHUXVHRIWKHPDFKLQH,PSURSHUXVHDOVRUHVXOWVLQDQ\IRUP

RIZDUUDQW\EHLQJIRUIHLWHG

5(6,'8$/5,6.6

7KHFRQVWUXFWLYHFKDUDFWHULVWLFVRIWKHDSSOLDQFHFRYHUHGE\WKLVSXEOLFDWLRQGRHVQRWDOORZWR

SURWHFWWKHXVHUIURPSRVVLEOHFRQWDFWZLWKVSODVKHVRIVWHDPRUKRWZDWHU

:DUQLQJ

'DQJHURIEXUQVFDXVHGE\VSODVKHVRUVSUD\VRIKRWZDWHURUFRIIHH'RQRWRSHQWKHOLG

ZKHQWKHDSSOLDQFHLVGLVSHQVLQJ

,03257$176$)(*8$5'6

5($'7+(6(,16758&7,216&$5()8//<

 7KLVDSSOLDQFHLVGHVLJQHGRQO\IRUSULYDWHXVHDQGLVWKHUHIRUHWREHFRQVLGHUHG

XQVXLWDEOHIRUFRPPHUFLDORULQGXVWULDOSXUSRVHV

 :HGHFOLQHDQ\UHVSRQVLELOLW\UHVXOWLQJIURPPLVXVHRUDQ\XVHRWKHUWKDQWKRVH

FRYHUHGLQWKLVERRNOHW

 :HVXJJHVW\RXNHHSWKHRULJLQDOER[DQGSDFNDJLQJDVRXU IUHHRIFKDUJH

VHUYLFHGRHVQRWFRYHUDQ\GDPDJHUHVXOWLQJIURPLQDGHTXDWHSDFNDJLQJRIWKH

SURGXFWZKHQWKLVLVVHQWEDFNWRDQ$XWKRULVHG6HUYLFH&HQWUH

 7KHDSSOLDQFHFRPSOLHVZLWK5HJXODWLRQ(&1RRIRQ

WKHPDWHULDOVLQFRQWDFWZLWKIRRG



'DQJHUIRUFKLOGUHQ



7KHDSSOLDQFHFDQEHXVHGE\FKLOGUHQDJHG \HDUVDQG XSRQO\LIWKH\DUH

PRQLWRUHGE\DUHVSRQVLEOHSHUVRQRULIWKH\KDYHUHFHLYHGLQVWUXFWLRQVUHJDUGLQJ

WKHDSSOLDQFHVDIHXVHDQGLIWKH\KDYHXQGHUVWRRGWKHGDQJHUVZKLFKPD\DULVH

GXULQJWKHDSSOLDQFHXVH

 &OHDQLQJDQGPDLQWHQDQFHE\WKHXVHUPXVWQRWEHFDUULHGRXWE\FKLOGUHQXQ

OHVVWKH\DUHROGHUWKDQ\HDUVDQGDUHPRQLWRUHGGXULQJWKHRSHUDWLRQ&KLOGUHQ

PXVWEHVXSHUYLVHGDWDOOWLPHVWRHQVXUHWKH\GRQRWSOD\ZLWKWKHDSSOLDQFH

 $OZD\VNHHSWKHDSSOLDQFHDQGWKHSRZHUFRUGRXWRIWKHUHDFKRIFKLOGUHQXQGHU

WKHDJHRI\HDUV

 'RQRWOHWWKHSRZHUFRUGKDQJLQDSODFHZKHUHLWFRXOGEHJUDVSHGE\DFKLOG

 'RQRWOHDYHWKHSDFNDJLQJQHDUFKLOGUHQEHFDXVHLWLVSRWHQWLDOO\GDQJHURXV

 ,QWKHHYHQWWKDWWKLVDSSOLDQFHLVWREHGLVSRVHGRILWLV VXJJHVWHGWKDWWKH

SRZHUFKRUGLVFXWRII,W LVDOVRUHFRPPHQGHGWKDWDOOSRWHQWLDOO\GDQJHURXV

FRPSRQHQWVDUHUHQGHUHGKDUPOHVVWRSUHYHQWFKLOGUHQKXUWLQJWKHPVHOYHVZKHQ

SOD\LQJZLWKWKHDSSDUDWXV

'DQJHUGXHWRHOHFWULFLW\

 7KLVDSSOLDQFHFDQEHXVHGE\SHUVRQVZKRKDYHUHGXFHGSK\VLFDOVHQVRU\RU

PHQWDOFDSDELOLWLHVRUODFNRIH[SHULHQFHDQGNQRZOHGJHRQO\LIWKH\DUHPRQL

WRUHGE\DUHVSRQVLEOHSHUVRQRULIWKH\KDYHUHFHLYHGDQGXQGHUVWRRGLQVWUXF

WLRQVUHJDUGLQJWKHDSSOLDQFHVDIHXVHDQGLIWKH\KDYHXQGHUVWRRGWKHGDQJHUV

ZKLFKPD\DULVHGXULQJWKHDSSOLDQFHXVH

 %HIRUHFRQQHFWLQJWKHDSSOLDQFHWRWKHPDLQVFKHFNWKDWWKHYROWDJHVKRZQRQWKH

ODEHOORFDWHGXQGHUQHDWKWKHPDFKLQHFRUUHVSRQGVWRWKHYROWDJHRIWKHORFDOPDLQV

 7KHXVHRIH[WHQVLRQVQRWDSSURYHGE\WKHPDQXIDFWXUHUFDQUHVXOWLQGDPDJH

WRSURSHUW\DQGSHUVRQDOLQMXU\

 %HIRUH¿OOLQJWKHWDQNZLWKZDWHUXQSOXJWKHDSSOLDQFHIURPWKHSRZHURXWOHW

 ,IWKHSRZHUFRUGLVGDPDJHGLWPXVWEHUHSODFHGE\WKHPDQXIDFWXUHURUE\LWV

7HFKQLFDO$VVLVWDQFH6HUYLFHRUE\DVLPLODUO\TXDOL¿HGSHUVRQLQRUGHUWRDYRLG

DQ\KD]DUG

 1HYHUSXWOLYHSDUWVLQWRFRQWDFWZLWKZDWHU,WFDQFDXVHDVKRUWFLUFXLW

 5HPRYHWKHSOXJIURPWKHSRZHURXWOHWEHIRUHFOHDQLQJRUPDLQWHQDQFH

 'RQRWLPPHUVHWKHDSSOLDQFHLQZDWHURURWKHUOLTXLGV

 1HYHUSODFHWKHDSSOLDQFHQHDURURYHUDVLQN

 'RQRWUHPRYHWKHDSSOLDQFHERWWRPFRYHU7KHUHDUHQRLQWHUQDOSDUWVWRXVHRU

FOHDQ

'DQJHURIGDPDJHRULJLQDWLQJIURPRWKHUFDXVHV

 &KRRVHDQDGHTXDWHO\LOOXPLQDWHGDQGFOHDQURRPZLWKHDVLO\DFFHVVLEOHSRZHU

RXWOHW



 $YRLGSRXULQJDQH[FHVVLYHDPRXQWRIZDWHULQWRWKHWDQN

 1HYHUOHDYHWKHDSSOLDQFHXQDWWHQGHGZKHQLWLVFRQQHFWHGWRWKHSRZHUVXSSO\

 7KHDSSOLDQFHPXVWEHXVHGDQGOHIWDWUHVWRQDVWDEOHVXUIDFH

 7KHDSSOLDQFHPXVWQRWEHXVHGLILWKDVEHHQGURSSHGLIWKHUHDUHYLVLEOHVLJQV

RIGDPDJHRUOHDNVRIZDWHU'RQRWXVHWKHDSSOLDQFHLIWKHSRZHUFRUGRUWKH

SOXJDUHGDPDJHGRULIWKHDSSOLDQFHLVIDXOW\7RSUHYHQWDQ\DFFLGHQWDOOUH

SDLUVLQFOXGLQJWKHUHSODFHPHQWRIWKHSRZHUFRUGPXVWEHFDUULHGRXWE\DQ

$XWKRULVHG6HUYLFH&HQWUHRULQDQ\FDVHE\TXDOL¿HGSHUVRQQHO

:DUQLQJRIEXUQV

 'RQRWRSHQWKHOLGZKHQWKHDSSOLDQFHLVGLVSHQVLQJ

 :DLWXQWLOWKHDSSOLDQFHKDVFRROHGEHIRUH¿OOLQJWKHWDQNZLWKZDWHUGDQJHURI

EXUQVFDXVHGE\VSODVKHVRIZDWHURUVWHDP

 'RQRWOHDYHWKHHPSW\MXJRQWKHKHDWLQJSODWHZLWKWKHPDFKLQHLQRSHUDWLRQ

'DQJHURIEUHDNLQJWKHMXJ5LVNRIEXUQVGXHWRFRQWDFWZLWKWKHMXJ

:DUQLQJ²PDWHULDOGDPDJH

 3ODFHWKHPDFKLQHRQDVWHDG\VXUIDFHZKHUHLWFDQQRWEHRYHUWXUQHG

 'RQRWXVHWKHPDFKLQHZLWKRXWZDWHUEHFDXVHLQWKLVFDVHWKHSXPSZLOOEXUQ

 1HYHU¿OOWKHZDWHUWDQNZLWKKRWRUERLOLQJZDWHU

 'RQRWSODFHWKHPDFKLQHRQYHU\KRWVXUIDFHVRUQHDURSHQÀDPHVWRSUHYHQW

WKHERG\IURPEHLQJGDPDJHG

 7KHFDEOHPXVWQRWWRXFKWKHKRWSDUWVRIWKHPDFKLQH

 'RQRWXVHVSDUNOLQJFDUERQDWHGZDWHU

 1HYHUSXWVXEVWDQFHVRWKHUWKDQFRIIHHSRZGHULQWKH¿OWHU7KLVFRXOGFDXVH

VHULRXVGDPDJH

 'RQRWOHDYHWKHPDFKLQHDWDPELHQWWHPSHUDWXUHVEHORZ&EHFDXVHWKHZD

WHUUHVLGXHLQWKHERLOHUFRXOGIUHH]HDQGFDXVHGDPDJH

 'RQRWXVHWKHDSSOLDQFHRXWGRRUV

 'RQRWH[SRVHWKHDSSOLDQFHWRDWPRVSKHULFDJHQWVUDLQVXQ«

 $IWHUGLVFRQQHFWLQJWKHSRZHUSOXJDQGDIWHUWKHKRWSDUWVKDYHFRROHGWKHDS

SOLDQFHPXVWEHFOHDQHGRQO\ZLWKDQRQDEUDVLYHFORWKVOLJKWO\PRLVWHQHGE\

DGGLQJDIHZGURSVRIPLOGQRQDJJUHVVLYHGHWHUJHQWQHYHUXVHVROYHQWVWKDW

GDPDJHSODVWLF

3UHFDXWLRQVXVLQJWKHMXJ

 8VHWKHMXJRQO\ZLWKWKLVFRIIHHPDFKLQH'RQRWXVHWKHMXJWRZDUPFRIIHHRQD

EXUQHURURWKHUKHDWVRXUFHV'RQRWSODFHWKHMXJLQWKHPLFURZDYHWRKHDWWKHFRIIHH

 7KHMXJPXVWEHXVHGRQO\ZLWKWKHKHDWLQJSODWHVXSSOLHGZLWKWKHDSSOLDQFH

 7RDYRLGEUHDNLQJWKHMXJOLIWLWJHQWO\$YRLGNQRFNLQJWKHMXJDJDLQVWRWKHURE

MHFWVGDQJHURIJODVVEUHDNDJH:KHQ¿OOLQJWKHMXJZLWKZDWHUWRDYRLGKLWWLQJ

WKHWDS

 'RQRWSODFHWKHHPSW\MXJRQKRWVXUIDFHV



 'RQRWSODFHWKHKRWMXJRQZHWRUFROGVXUIDFHV:DLWIRUWKHMXJFRROLQJEHIRUH

ZDVKLQJRUDGGLQJIUHVKZDWHU

 'RQRWFOHDQWKHMXJZLWKPHWDOVFRXULQJSDGVDEUDVLYHFOHDQHUVRURWKHUPDWH

ULDOVWKDWFRXOGVFUDWFKWKHJODVV

 'RQRWXVHWKHFDUDIHLILWZDVKHDWHGGU\IRUWRRORQJUHSODFHLWZLWKDQRWKHU

RULJLQDOMXJ

6$9(7+(6(,16758&7,216)25)8785(5()(5(1&(

'(6&5,37,212)7+($33/,$1&(

$-XJ .&DEOHFRPSDUWPHQW

%&DUDIHKDQGOH / 3RZHUFRUG3OXJ

&&DUDIHOLG 0+RWSODWH

''LVSHQVLQJVSRXW 1'LVSOD\

()LOWHUKROGHUVHDW 202'(

):DWHUWDQN 36(/

*:DWHUOHYHOLQGLFDWRU 4$872

+&RIIHH¿OWHU 5%XWWRQIRUVHWWLQJWKHKRXUV+5

, 5HPRYDEOH¿OWHUKROGHU 6%XWWRQIRUVHWWLQJWKHPLQXWHV0,1

- 7DQNOLG

7&RIIHHGLVSHQVLQJEXWWRQ

2))

,GHQWLÀFDWLRQGDWD

,QWKHODEHOORFDWHGXQGHUWKHVXSSRUWEDVHRIWKHPDFKLQHWKHUHLVWKHIROORZLQJLGHQWL¿FDWLRQGDWD

RIWKHPDFKLQH

 PDQXIDFWXUHUDQG&(PDUNLQJ

 PRGHO0RG

 VHULDOQXPEHU61

 HOHFWULFDOVXSSO\YROWDJH9DQGIUHTXHQF\+]

 HOHFWULFDOSRZHUFRQVXPSWLRQ:

 DVVLVWDQFHWROOIUHHSKRQHQXPEHU

:KHQRUGHULQJDW$XWKRUL]HG6HUYLFH&HQWHUVLQGLFDWHWKHPRGHODQGVHULDOQXPEHU

,16758&7,216)2586(

6WDUWLQJWKHDSSOLDQFH

 &KHFNWKDWWKHGRPHVWLFPDLQVYROWDJHLVWKHVDPHDVWKHYROWDJHLQGLFDWHGRQWKHODEHORIWKH

GHYLFH

 5HPRYHWKHSDFNDJLQJPDWHULDOVIURPLQVLGHDQGRXWVLGHRIWKHDSSOLDQFH

 7KHQSODFHWKHXQLWRQDÀDWVXUIDFH3ODFHWKHDSSOLDQFHDWDGLVWDQFHRIDWOHDVWFPIURP

ZDOOVIXUQLWXUHRURWKHUDSSOLDQFHV

:DUQLQJ

5LVNRIGDPDJHWRWKHDSSOLDQFHVXUIDFH7KHDSSOLDQFHKLJKWHPSHUDWXUHFDQFDXVHWKH

VXSSRUWVXUIDFHVODPLQDWLRQ3ODFHDFORWKRUDPDWEHWZHHQWKHDSSOLDQFHDQGWKHVXSSRUW

LQJVXUIDFH



:DUQLQJ

5LVNRISRZHU OLQHRYHUORDG 0RUHDSSOLDQFHVFRQQHFWHGWR DVLQJOHHOHFWULFDORXWOHW FDQ

FDXVHDVKRUWFLUFXLW&RQQHFWWKHGHYLFHWRDQHOHFWULFDORXWOHWIUHHIURPRWKHUDSSOLDQFHV

 :DVKWKHMXJWKHUHPRYDEOH¿OWHUKROGHUDQGWKHFRIIHH¿OWHUZLWKKRWZDWHUDQGVRDS5LQVHDQG

GU\WKHFRPSRQHQWV

 3ODFHWKHUHPRYDEOH¿OWHUKROGHULQLWVVHDW)LJ

7KHÁRZYDOYHORFDWHGRQWKHERWWRPRIWKHUHPRYDEOHÀOWHUKROGHUPXVWEHLQVHUWHGLQWRWKH

FHQWUDOKROHRIWKHÀOWHUKROGHU

)LUVWVWDUWXS

,QFDVHRIÀUVWSRZHURQRUDIWHUDSHULRGRIGLVXVHLWLVUHFRPPHQGHGWRDOORZDWOHDVWWZR

MXJVRIZDWHUWRFRPHRXWIURPWKHK\GUDXOLFFLUFXLWRIWKHERLOHU

 )LOOWKHWDQNZLWKFRROWDSZDWHU)LJWRWKHOHYHOLQGLFDWHGZLWK7KHOHYHOLVHTXLYD

OHQWWRWKHPD[LPXPZDWHUOHYHODQGWKHPD[LPXPQXPEHURIFXSVRIFRIIHH&ORVHWKHWDQNOLG

1(9(5ÀOOWKHWDQNEH\RQGWKHPD[LPXPOHYHO

)RUWKLVZDVKLQJGRQRWÀWWKHFRIIHHÀOWHULQWKHÀOWHUKROGHU

 ,QVHUWWKHSOXJLQWRWKHVRFNHWZKLFKPXVWEHHDUWKHG

 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH00DNHVXUHWKDWWKHÀRZYDOYHLVFRUUHFWO\SRVL

WLRQHGRQWKHMXJOLG

 3UHVVWKHFRIIHHGLVSHQVLQJEXWWRQ :DLWXQWLODOOWKHZDWHUFRQWDLQHGLQWKHWDQNLVGURSSHG

LQWRWKHMXJ:DLWPLQXWHVWROHWWKHDSSOLDQFHFRROGRZQ

 5HSHDWZLWKDVHFRQGMXJRIZDWHU:DLWXQWLODOOWKHZDWHUFRQWDLQHGLQWKHWDQNLVGURSSHGLQWR

WKHMXJ

1RZLWLVSRVVLEOHWRSUHSDUHWKHDSSOLDQFHDQGGLVSHQVH\RXU¿UVWMXJRIFRIIHH

$SSOLDQFHSUHSDUDWLRQ

%HIRUH\RXWXUQRQWKHDSSOLDQFHPDNHVXUHWKHUHLVVXIÀFLHQWZDWHULQVLGHWKHWDQN

%HVXUHWRXQSOXJWKHDSSOLDQFHEHIRUHSRXULQJZDWHULQWRWKHWDQN

 2SHQWKHWDQNOLG-7KHOHYHOLQGLFDWRU*KDVDJUDGXDWHGVFDOHIURPWRHDFKQXPEHU

FRUUHVSRQGVWRWKHQXPEHURIFXSVRIFRIIHH)LOOWKHMXJZLWKIUHVKWDSZDWHU3RXUWKHZDWHULQWR

WKHWDQNXSWRWKHGHVLUHGOHYHOIRUHDFKFXSVRIFRIIHHDQGIRUFXSVRIFRIIHH

 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH0



:DUQLQJ

'RQRWXVHWKHMXJLILWVKRZVFUDFNVRQWKHJODVVRURQWKHKDQGOH'DQJHURIEXUQVFDXVHG

E\WKHFRQWDFWZLWKWKHKRWFRIIHHGXHWRWKHMXJEUHDNLQJ

'RQRWSODFHDQ\REMHFWVRQWKHOLGZKHQWKHDSSOLDQFHLVLQRSHUDWLRQ

:DUQLQJ

'RQRWRSHQWKHOLGZKHQWKHDSSOLDQFHLVGLVSHQVLQJGDQJHURIEXUQVFDXVHGE\VSODVKHV

RUVSUD\VRIKRWZDWHURUFRIIHH

 3ODFHWKHFRIIHH¿OWHULQWKH¿OWHUKROGHU0HDVXUHWKHFRIIHHLQWKH¿OWHU$FXSRIFRIIHHLVHTXLYD

OHQWWRDVSRRQIXORISRZGHUFRIIHH



 /RZHUWKHKDQGOHRIWKH¿OWHUFRIIHH&ORVHWKHWDQNOLG

 ,QVHUWWKHSOXJLQWRWKHVRFNHWZKLFKPXVWEHHDUWKHG7KHGLVSOD\OLJKWVXSDQGWKHWLPHVWDUWV

ÀDVKLQJ$0 8VHWKH+5DQG0,1EXWWRQVWRVHWWKHORFDOWLPH3UHVV6(/WRFRQ¿UP

,IQREXWWRQLVSUHVVHGWKHGLVSOD\WXUQVRIIDIWHUVHFRQGV

 3UHVVWKHFRIIHHEXWWRQ WRVWDUWWKHFRIIHHGLVSHQVLQJF\FOH:DLWIRUWKHRXWÀRZRIFRIIHHLQ

WKHMXJXQWLOWKHVHOHFWHGF\FOHLVFRPSOHWHGQXPEHURIFXSV

 ,7,63266,%/(7267237+(&2))((',63(16,1*%()25(7+(',63(16,1*&<&/(

,6&203/(7('

 UHPRYHWKHFXSVHH3DXVHIXQFWLRQWRVHUYHFRIIHH

 SUHVVWKHFRIIHHEXWWRQXQWLOWKHDSSOLDQFHEHHSVDQGWKHOLJKWRIWKHVDPHEXWWRQWXUQVRII

2QFHWKHSRZHULVRIIDXWRPDWLFRUGHVLUHGWKHKHDWLQJSODWHZLOOVWDUWKHDWLQJ

/HDYHWKHOLGRQWKHMXJWRNHHSWKHFRIIHHKRWDQGWRVHUYHFRIIHHZLWKRXWWKHULVNRIVFDOGLQJ

 7DNHWKHMXJE\WKHKDQGOH6OLJKWO\WLOWWKHMXJDQGSRXUWKHKRWFRIIHHLQWRDFXS

 3UHVVDQGUHOHDVHWKHFRIIHHEXWWRQ WRVZLWFKRIIWKHDSSOLDQFH

'RQRWPRYHWKHGHYLFHZKHQWKHMXJRUWDQNFRQWDLQKRWOLTXLGV:DLWIRUWKHDSSOLDQFH

FRPSOHWHFRROLQJ

7KHTXDQWLW\RIZDWHUGLVSHQVHGLQWRWKHMXJZLOOEHDOLWWOHOHVVWKDQWKDWSRXUHGLQWKHWDQN

$ELWRIZDWHUZLOOEHDEVRUEHGE\WKHFRIIHHSRZGHUDQGÀOWHU

6HWWLQJWKHWLPH

 3UHVVWKH+5EXWWRQWRVHOHFWWKHWLPH3UHVVDQGKROGWKH+5EXWWRQWRVHWWKHGHVLUHGWLPH

IDVWHU

 3UHVVWKH0,1EXWWRQWRVHOHFWWKHPLQXWHV3UHVVDQGKROGWKH0,1EXWWRQWRVHWWKHGHVLUHG

PLQXWHVIDVWHU

 :KHQWKHVHWWLPHLVFRUUHFWSUHVVWKH6(/EXWWRQ7KHDSSOLDQFHEHHSV

 7RVHWWKHWLPHSUHVVWKH02'(EXWWRQVL[WLPHVXQWLOWKHV\PERO ÀDVKHV3UHVVWKH6(/

EXWWRQ7KHWLPHEHJLQVWRÀDVK1RZLWLVSRVVLEOHWRVHWWKHWLPHDVGHVFULEHGLQWKHSUHFHGLQJ

SDUDJUDSKV

6HWWLQJWKHDXWRPDWLFF\FOH

3UHVVDQGKROGWKH$872EXWWRQXQWLO352*5$0ÀDVKHVRQWKHGLVSOD\WRJHWKHUZLWKWKHV\PERO

 )ROORZWKHWLPHVHWWLQJPHWKRGWRVHWKRXUVDQGPLQXWHV3UHVVWKH$872RU6(/EXWWRQWR

FRQ¿UP7KHDSSOLDQFHEHHSVDQGWKHGLVSOD\VKRZVWKHFXUUHQWWLPHDQGWKHWLPHUV\PERO WKH

DSSOLDQFHZLOOVWDUWDFRIIHHGLVSHQVLQJF\FOHRIDWWKHVHWWLPH

7RFDQFHOWKHVFKHGXOHDQGVHWWLQJVSUHYLRXVO\GH¿QHGVLPSO\SUHVVWKH$872EXWWRQDJDLQ

6HWWLQJWKHFRIIHHLQWHQVLW\

7KHDSSOLDQFHKDVDIXQFWLRQWKDWDOORZVWRDGMXVWWKHFRIIHHVWUHQJWKWRVXLWLWWR\RXUWDVWH

1RUPDO

3UHVVWKH02'(NH\RQFH7KH VWDUWVÀDVKLQJ3UHVV6(/WRFRQ¿UP

7KLVPRGHFRUUHVSRQGVWRWKHIDFWRU\VHWWLQJ

$YHUDJH

3UHVVWKH02'(NH\WZLFH7KH VWDUWVÀDVKLQJ3UHVV6(/WRFRQ

¿UP7KHV\PERO UHJXODWHVWKHGLVSHQVLQJFRQVLGHULQJDMXJRIFRI

IHH7KLVUHVXOWVLQPRUHDURPDWLFFRIIHH



6WURQJ

3UHVVWKH02'(EXWWRQWKUHHWLPHV7KH

VWDUWVÀDVKLQJ3UHVV

6(/WRFRQ¿UP7KHV\PERO UHJXODWHVWKHGLVSHQVLQJDQGLQIXVLRQ

WLPHFRQVLGHULQJDMXJRIFRIIHH7KLVUHVXOWVLQDVWURQJHUFRIIHH

0RGHIRUFXSV 3UHVVWKH02'(EXWWRQIRXUWLPHV7KH

VWDUWVÀDVKLQJ3UHVV

6(/WRFRQ¿UP7KHPRGHFXSVDOORZV\RXWRSUHSDUHFRIIHHIRUD

PD[LPXPRIFXSV,QWKHZDWHUWDQNRQO\DTXDQWLW\RIZDWHUFRUUHVSRQG

LQJWROHYHORIWKHMXJPXVWEHSRXUHG7KHV\PERO

DXWRPDWLFDOO\

DGMXVWVWKHGLVSHQVLQJIRUPD[LPXP WDVWHIRUVPDOO DPRXQWVRIFRIIHH

,GHDOIRUXSWRFXSVRIFRIIHH

,IWKHUHLVPRUHZDWHULQWKHWDQNWKHGLVSHQVLQJZLOOQRWHQGXQWLODOO

WKHZDWHUZLOOEHGLVSHQVHGLQWRWKHMXJ

$IWHUVHOHFWLQJWKHGHVLUHGVHWWLQJSUHVVWKHFRIIHHEXWWRQ 7KHGHYLFHEHHSVDQGVWDUWVWKH

FRIIHHGLVSHQVLQJ

3DXVHIXQFWLRQWRVHUYHFRIIHH

7RVHUYHFRIIHHEHIRUHWKHFRIIHHGLVSHQVLQJLQWKHMXJLVFRPSOHWHGMXVWUHPRYHWKHMXJIURPWKH

KHDWLQJSODWH

:DLWWKDWDWOHDVWWZRFXSVRIFRIIHHDUHGLVSHQVHGEHIRUHUHPRYLQJWKHMXJ

7KHGLVSHQVLQJVWRSVDXWRPDWLFDOO\IRUVHFRQGV3ODFHWKHMXJRQWKHKHDWLQJSODWHWRUHVXPH

GLVSHQVLQJF\FOH

:DUQLQJ

5LVNRIEXUQVIURPFRQWDFWZLWKWKHKRWFRIIHHFRPLQJRXWRIWKHGLVSHQVLQJVSRXW7KHMXJ

PXVWEHSODFHGRQWKHKHDWLQJSODWHZLWKLQVHFRQGVDIWHULWVUHPRYDO

$XWRRIIIXQFWLRQ

,IWKHPDFKLQHLVWXUQHGRQEXWQRWLQXVHWKHDXWRRIIIXQFWLRQRSHUDWHVDIWHUDERXWPLQXWHV

7KLVIXQFWLRQSXWVWKHDSSOLDQFHRQVWDQGE\DQGGLVDEOHGDOOWKHKHDWLQJIXQFWLRQV

+RZWRSUHSDUHDVHFRQGMXJRIFRIIHH

3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHWXUQVRII5HPRYHWKHSOXJIURPWKHVRFNHW

:DUQLQJ

'DQJHURIEXUQVFDXVHGE\VSODVKHVRIZDWHURUVWHDP:DLWDWOHDVWPLQXWHVEHIRUHUH¿OO

LQJWKHWDQNZLWKZDWHU:DLWIRUWKHFRROLQJRIKRWSDUWV

%HIRUHVWDUWLQJWRGLVSHQVHFRIIHHFKHFNWKDWWKHUHLVHQRXJKZDWHULQWKHWDQN'RQRWVWDUW

WKHFRIIHHGLVSHQVLQJLIWKHZDWHUOHYHOLVEHORZWKHPLQLPXPOHYHO

 2SHQWKHOLG/LIWWKHFRIIHH¿OWHUKDQGOH3XOORXWWKHFRIIHH¿OWHUIURPWKH¿OWHUKROGHU5HPRYH

WKHFRIIHHUHVLGXHVIURPWKH¿OWHU

 5HPRYHWKH¿OWHUKROGHUIURPWKHDSSOLDQFH5LQVHWKHMXJDQG¿OWHUKROGHUZLWKIUHVKFOHDQ

ZDWHU)LOOWKHWDQNZLWKFRROWDSZDWHUWRWKHGHVLUHGOHYHO

 3ODFHWKHHPSW\MXJRQWKHZDUPLQJSODWH0

 3ODFHWKH¿OWHUKROGHULQLWVVHDW)LJ3ODFHWKHFRIIHH¿OWHULQWKH¿OWHUKROGHU)LJ0HDVXUH

WKHFRIIHHLQWKH¿OWHU$FXSRIFRIIHHLVHTXLYDOHQWWRDVSRRQIXORISRZGHUFRIIHH

 &ORVHWKHFRYHU3OXJLQWRWKHPDLQVVRFNHW



 3UHVVWKHFRIIHHEXWWRQ 7KHPDFKLQHVWDUWVWKHFRIIHHGLVSHQVLQJF\FOH

86()8/7,367235(3$5($*22'&2))((

 7RJHWDWDVW\FRIIHHLWLVQHFHVVDU\WRNHHSWKHDSSOLDQFHFOHDQ3HUIRUPWKHFOHDQLQJDQGGHV

FDOLQJUHJXODUO\DVGHVFULEHGLQWKH&OHDQLQJWKHPDFKLQHSDUDJUDSK

 $OZD\VXVHIUHVKFOHDQZDWHU

 :LWK¿QHUPLOOLQJULFKHUDQGIXOOERGLHGFRIIHHVDUHREWDLQHG$UHJXODUJULQGZLOOUHTXLUHPRUH

FRIIHHWRJHWWKHXVXDOWDVWHWKDWLVPDGHIURP¿QHO\PLOOHGPL[WXUHV

 .HHSWKHFRIIHHSRZGHULQDFRROGU\SODFH6HDORSHQHGFRQWDLQHUVDQGOHDYHWKHPLQWKH

UHIULJHUDWRU

 )RUWKHEHVWWDVWHEX\FRIIHHEHDQVDQGJULQGWKHPEHIRUHSUHSDUDWLRQ

 +HDWHGFRIIHHGRHVQRWWDVWHJRRG7KHFRIIHHUHDFKHVLWVEHVWWDVWHLPPHGLDWHO\DIWHUSUHSDUD

WLRQ

 7KHSUHVHQFHRIVPDOOGURSVRIRLORQWKHFRIIHHVXUIDFHFDQEHFDXVHGE\SURORQJHGXVHRI

WRDVWHGPL[WXUHVFOHDQUHJXODUO\

$33/,$1&(&/($1,1*

7KLVDSSOLDQFHUHTXLUHVOLWWOHPDLQWHQDQFH,WFRQWDLQVQRSDUWVZKLFKFDQEHUHSDLUHGE\WKHXVHU

$Q\RSHUDWLRQUHTXLULQJGLVDVVHPEO\RISDUWVPXVWEHSHUIRUPHGE\DQ$XWKRUL]HG6HUYLFH&HQWHU

:DUQLQJ

$OOFOHDQLQJRSHUDWLRQVGHVFULEHGEHORZPXVWEHFDUULHGRXWZLWKWKHPDFKLQHRIIDQGZLWKWKH

SOXJGLVFRQQHFWHGIURPWKHRXWOHW

:DUQLQJ

5HJXODUPDLQWHQDQFHDQGFOHDQLQJNHHSWKHPDFKLQHHI¿FLHQWIRUDORQJHUSHULRG1HYHU

ZDVKPDFKLQHFRPSRQHQWVLQWKHGLVKZDVKHU'RQRWXVHGLUHFWMHWVRIZDWHU

:DUQLQJ

$Q\LQWHUYHQWLRQPXVWEHFDUULHGRXWZLWKFROGPDFKLQH

&OHDQLQJWKHÀOWHUDQGWKHÀOWHUKROGHU

$IWHUHDFKXVHUHPRYHWKHFRIIHH¿OWHUIURPWKH¿OWHUKROGHU5HPRYHWKHFRIIHHUHVLGXHVIURPWKH

¿OWHU5LQVHWKH¿OWHUZLWKIUHVKFOHDQZDWHU7DNHRXWWKH¿OWHUKROGHUDQGZDVKLWZLWKKRWVRDS\

ZDWHU

&OHDQLQJWKHFDUDIH

:DUQLQJ

7RDYRLGEUHDNLQJWKHMXJOLIWLWJHQWO\$YRLGNQRFNLQJWKHMXJDJDLQVWRWKHUREMHFWVGDQJHU

RIJODVVEUHDNDJH:KHQ¿OOLQJWKHMXJZLWKZDWHUWRDYRLGKLWWLQJWKHWDS

5LQVHWKHMXJZLWKKRWZDWHUDQGVRDS:DVKWKHFRIIHHUHVLGXHVIURPWKHMXJOLGXVLQJDEUXVK

&OHDQWKHMXJXVLQJDGDPSVRIWFORWKWRDYRLGGDPDJLQJWKHJODVVVXUIDFH'RQRWXVHPHWDOVFRXU

LQJSDGVRURWKHUDEUDVLYHPDWHULDOV

7DQNFOHDQLQJ

,WLVDGYLVDEOHWRSHULRGLFDOO\FOHDQLQVLGHWKHWDQNZLWKDVSRQJHRUGDPSFORWK



&OHDQLQJWKHPDFKLQHERG\

:DUQLQJ

&OHDQWKH¿[HGSDUWVRIWKHPDFKLQHXVLQJDGDPSQRQDEUDVLYHFORWKWRDYRLGGDPDJLQJ

WKHERG\

6(/)&/($1,1*

&OHDQWKHDSSOLDQFHDWOHDVWRQFHDPRQWK

,I\RXSXUFKDVHGWKHZDWHU¿OWHUVROGVHSDUDWHO\UHPRYHLWIURPWKHWDQNEHIRUHFDUU\LQJRXWWKH

DXWRPDWLFFOHDQLQJF\FOH

 )LOOWKHMXJZLWKDPL[WXUHFRQVLVWLQJRIFXSVRIZKLWHYLQHJDUDQGFXSVRIIUHVKFOHDQZDWHU

3RXUWKHPL[WXUHLQWKHWDQN

 3ODFHDSDSHU¿OWHUIRUFXSVLQWKH¿OWHUKROGHU&ORVHWKHFRYHU

 3UHVVWKH02'(EXWWRQ¿YHWLPHV7KH VWDUWVÀDVKLQJ3UHVV6(/WRFRQ¿UP

 3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHEHHSVDQGVWDUWVWKHVHOIFOHDQLQJF\FOH3DUWRI

WKHPL[WXUHZLOOEHGLVSHQVHGLQWRWKHMXJZKLOHWKHUHPDLQLQJZLOOEHUHWDLQHGLQWKHFLUFXLWVRI

WKHPDFKLQHIRUDERXWPLQXWHVEHIRUHEHLQJFRPSOHWHO\GLVSHQVHGLQWRWKHMXJ7KHHQWLUH

DXWRPDWLFFOHDQLQJF\FOHZLOOODVWPLQXWHV:KHQWKHVHOIFOHDQLQJF\FOHLV¿QLVKHGWKH

DSSOLDQFHZLOOEHHSDQGWXUQRIIDXWRPDWLFDOO\

 5LQVHWKHMXJZLWKIUHVKFOHDQZDWHU

%HIRUHSUHSDULQJFRIIHHGLVSHQVHMXJVRIIUHVKSODLQZDWHURQO\7KLVZLOOFOHDQWKHDS

SOLDQFHIURPUHVLGXDOZDWHUDQGYLQHJDU

'(6&$/,1*

*RRGPDLQWHQDQFH DQGUHJXODUFOHDQLQJ SUHVHUYHDQGNHHS WKHPDFKLQH HI¿FLHQWIRUD ORQJHU

SHULRGJUHDWO\UHGXFLQJWKHULVNRIVFDOHIRUPDWLRQLQWRWKHDSSOLDQFH,IGHVSLWHWKLVDIWHUVRPH

WLPHWKHDSSOLDQFHRSHUDWLRQVKRXOGEHFRPSURPLVHGGXHWRWKHFRQVWDQWXVHRIKDUGDQGYHU\

KDUGZDWHULWLVSRVVLEOHWRFDUU\RXWWKHPDFKLQHGHVFDOLQJRSHUDWLRQLQRUGHUWRHOLPLQDWHWKH

PDOIXQFWLRQ)RUWKLVSXUSRVHXVHRQO\WKHFLWULFDFLGEDVHGGHVFDOLQJSURGXFW12&$/E\$ULHWH

7KLVSURGXFWFDQEHHDVLO\IRXQGLQWKH$ULHWHWHFKQLFDODVVLVWDQFHVHUYLFHFHQWUHV$ULHWHLVQRW

OLDEOHIRUGDPDJHWRLQWHUQDOFRPSRQHQWVRIWKHFRIIHHPDFKLQHFDXVHGE\WKHXVHRIQRQFRPSOLDQW

SURGXFWVGXHWRWKHSUHVHQFHRIFKHPLFDODGGLWLYHV

&DUU\RXWWKHGHVFDOLQJRSHUDWLRQRQFHDPRQWK,IWKHZDWHULVYHU\KDUGFOHDQHYHU\WZR

ZHHNV

 )LOOWKHMXJZLWKDPL[WXUHRIFXSRIZKLWHYLQHJDUDQGFXSVRIIUHVKFOHDQZDWHU

 3RXUWKHPL[WXUHLQWKHWDQN

 6WDUWWKHGLVSHQVLQJF\FOHDQGZDLWWR¿OOKDOIWKHMXJ

 3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHVZLWFKHVRII

,IGXULQJWKHVWHDPZDLWLQJWLPHVPDOOSXIIVRIVWHDPDUHGLVSHQVHGLWLVSHUIHFWO\QRUPDO

 :KHQWKHZDWHUKDV¿QLVKHGGURSSLQJLQWRWKHMXJMXVWUHPRYHWKHMXJ$OORZWKHZDWHUWRFRRO

IRUPLQXWHV

 3RXUWKHPL[WXUHFRQWDLQHGLQWKHMXJLQWRWKHWDQN&ORVHWKHFRYHU3ODFHWKHMXJRQWKHKHDWLQJ

SODWH



 6WDUWDQRWKHUGLVSHQVLQJF\FOHDQGZDLWIRUWKHMXJFRPSOHWH¿OOLQJ:KHQWKHZDWHUKDV¿QLVKHG

GURSSLQJLQWRWKHMXJMXVWUHPRYHWKHMXJ

 3UHVVWKHFRIIHHEXWWRQ 7KHDSSOLDQFHVZLWFKHVRII

 :DLWPLQXWHVWROHWWKHDSSOLDQFHFRROGRZQ0DNHVXUHWKDWWKH¿OWHULVLQVHUWHGLQWRWKH¿OWHU

KROGHU

)LOOWKHMXJZLWKIUHVKSODLQZDWHUDQGUHSHDWWKHGLVSHQVLQJF\FOHWRFOHDQWKHLQWHUQDOFLUFXLWU\

RIWKHDSSOLDQFH$WWKHHQGRIWKHULQVHF\FOHSUHVVWKHFRIIHHEXWWRQ

WRVZLWFKRIIWKHDS

SOLDQFH(PSW\WKHMXJ

:DVKWKHMXJWKHUHPRYDEOH¿OWHUKROGHUDQGWKHFRIIHH¿OWHUZLWKKRWZDWHUDQGVRDS'U\DOO

SDUWV

:KHQWKHDSSOLDQFHKDVFRROHGZLSHWKHH[WHULRUZLWKDVRIWFORWK

+RZWRVWRUHWKHDSSOLDQFH

 8QSOXJLWIURPWKHVRFNHWRXWOHW

 6WRUHLWLQDFRROGU\SODFH

'RQRWOHDYHWKHGHYLFHDWUHVWZLWKWKHSOXJFRQQHFWHGWRWKHHOHFWULFDORXWOHW

6(77,1*7+(0$&+,1(2872)6(59,&(

,QFDVHRIDSSOLDQFHGHFRPPLVVLRQLQJLWLVQHFHVVDU\WRGLVFRQQHFWLWHOHFWULFDOO\HPSW\WKHZDWHU

WDQNDQGWKHMXJ &OHDQWKH FRPSRQHQWVVHH &OHDQLQJWKH DSSOLDQFHSDUDJUDSK ,QFDVH RI

VFUDSSLQJLWLVQHFHVVDU\WRSURYLGHIRUWKHVHSDUDWLRQRIWKHYDULRXVPDWHULDOVXVHGLQWKHFRQVWUXF

WLRQRIWKHPDFKLQHDQGGLVSRVHRIWKHPDFFRUGLQJWRWKHLUFRPSRVLWLRQDQGWKHSURYLVLRQVRIODZ

LQIRUFHLQWKHFRXQWU\RIXVH



$352326'80$18(/

0rPHVLOHVDSSDUHLOVRQWpWpUpDOLVpVHQFRQIRUPLWpDYHFOHV1RUPHVHXURSpHQQHVVSpFL¿TXHVHQ

YLJXHXUHWTXHWRXWHVOHVSLqFHVSRWHQWLHOOHPHQWGDQJHUHXVHVVRQWSURWpJpHVOLVH]DYHFDWWHQWLRQ

FHVDYHUWLVVHPHQWVHWQ¶XWLOLVHUO¶DSSDUHLOTXHSRXUFHTXHLODpWpFRQoXD¿QG¶pYLWHUOHVEOHVVXUHV

HWOHVGRPPDJHV*DUGHUFHOLYUHWjSRUWpGHPDLQSRXUOHVIXWXUHVFRQVXOWDWLRQV6LYRXVGpVLUH]

HQVXLWHFpGHUFHWDSSDUHLOjG¶DXWUHVSHUVRQQHVUDSSHOH]YRXVG¶LQFOXUHFHVLQVWUXFWLRQV

/HVLQIRUPDWLRQVUHSRUWpHVGDQVFHPDQXHOVRQWPDUTXpHVGHVV\PEROHVVXLYDQWVTXLLQGLTXHQW

'DQJHUSRXUOHVHQIDQWV

'DQJHUpOHFWULTXH

'DQJHUVSURYHQDQWG¶DXWUHVFDXVHV

$YHUWLVVHPHQWVVXUOHVEUOXUHV

$WWHQWLRQGpJkWVPDWpULHOV

87,/,6$7,2135e98(

2QSHXWXWLOLVHUODSSDUHLOSRXUSUpSDUHUOHFDIp/¶DSSDUHLOHVWGHVWLQpVHXOHPHQWjXQXVDJHGR

PHVWLTXHHWQHGRLWHQDXFXQFDVVHUYLUjGHV¿QVFRPPHUFLDOHVRXLQGXVWULHOOHV/HFRQVWUXFWHXU

Q¶DSUpYXDXFXQDXWUHXVDJHGHO¶DSSDUHLOHWLOVHGpJDJHGHWRXWHUHVSRQVDELOLWpSRXUOHVGpJkWVGH

WRXWHQDWXUHJpQpUpVG¶XQHXWLOLVDWLRQLQDSSURSULpH8QXVDJHLQDSSURSULpGpWHUPLQHUDLWpJDOHPHQW

O¶DQQXODWLRQGHWRXWHIRUPHGHJDUDQWLH

5,648(65e6,'8(/6

/HVFDUDFWpULVWLTXHVGHIDEULFDWLRQGHODSSDUHLOVXMHWGHFHWWHSXEOLFDWLRQQHSHUPHWWHQWSDVGH

SURWpJHUOXWLOLVDWHXUFRQWUHOHVpYHQWXHOOHVpFODERXVVXUHVGHDXFKDXGHRXGHYDSHXU

$WWHQWLRQ

'DQJHUGHEUOXUHjFDXVHGHVMHWVRXpFODERXVVXUHVGHDXFKDXGHRXGHFDIp1HSDV

RXYULUOHFRXYHUFOHDXFRXUVGHOpFRXOHPHQW

&216(,/6'(6e&85,7e

/,6(=$77(17,9(0(17&(6,16758&7,216

 /¶DSSDUHLOHVWGHVWLQpVHXOHPHQWjXQXVDJHGRPHVWLTXHHWQHGRLWHQDXFXQFDV

VHUYLUjGHV¿QVFRPPHUFLDOHVRXLQGXVWULHOOHV

 /HFRQVWUXFWHXUGpFOLQHWRXWHUHVSRQVDELOLWpSRXUXQHXWLOLVDWLRQHUURQpHRXSRXU

GHVHPSORLVDXWUHVTXHFHX[SUpYXVSDUFHOLYUHW

 ,OHVWFRQVHLOOpGHFRQVHUYHUO¶HPEDOODJHG¶RULJLQHYXTXHO¶DVVLVWDQFHJUDWXLWHQH

MRXHSDVSRXUOHVGRPPDJHVFDXVpVSDUXQHPEDOODJHGXSURGXLWQRQDGpTXDW

ORUVGHO¶H[SpGLWLRQjXQVHUYLFHDSUqVYHQWHDJUpp

 /¶DSSDUHLOHVWFRQIRUPHDXUqJOHPHQW(&1GXVXUOHV

PDWpULDX[HQFRQWDFWDYHFOHVDOLPHQWV



'DQJHUSRXUOHVHQIDQWV



&HWDSSDUHLOSHXWrWUHXWLOLVpSDUOHVHQIDQWVjSDUWLUGHDQVjFRQGLWLRQTXLOV

VRLHQWVXUYHLOOpVSDUXQDGXOWHRXTXLOVDLHQWpWpLQVWUXLWVVXUODIDoRQGXWLOLVHU

ODSSDUHLOHQWRXWHVpFXULWp,OVGRLYHQWDYRLUFRPSULVOHVGDQJHUVLPSOLTXpV

 /HQHWWR\DJHHWO¶HQWUHWLHQHIIHFWXpVSDUO¶XWLOLVDWHXUQHGRLYHQWSDVrWUHGpOpJXpV

DX[HQIDQWVjPRLQVTX¶LOVDLHQWSOXVGHDQVHWVRLHQWVXUYHLOOpVSDUXQDGXOWH

,OIDXWVXUYHLOOHUOHVHQIDQWVSRXUrWUHFHUWDLQTX¶LOVQHMRXHQWSDVDYHFO¶DSSDUHLO

 7RXMRXUVFRQVHUYHUO¶DSSDUHLOHWOHFRUGRQG¶DOLPHQWDWLRQKRUVGHODSRUWpHGHV

HQIDQWVGHPRLQVGHDQV

 1HSDVODLVVHUOHFRUGRQSHQGUHGDQVXQHQGURLWRLOSRXUUDLWrWUHVDLVLSDUXQ

HQIDQW

 /HVpOpPHQWVGHO¶HPEDOODJHQHGRLYHQWSDVrWUHODLVVpVjODSRUWpHGHVHQIDQWV

FDULOVUHSUpVHQWHQWXQHVRXUFHGHGDQJHU

 /RUVTX¶RQGpFLGHUDGHMHWHUFHWDSSDUHLOLOHVWUHFRPPDQGpGHOHPHWWUHKRUV

G¶XVDJHHQFRXSDQWOHFkEOHG¶DOLPHQWDWLRQ,OHVWpJDOHPHQWUHFRPPDQGpGH

SURWpJHUOHVSDUWLHVVXVFHSWLEOHVGHFRQVWLWXHUXQGDQJHUVSpFLDOHPHQWSRXUOHV

HQIDQWVTXLSRXUUDLHQWVHVHUYLUGHO¶DSSDUHLOSRXUMRXHU

'DQJHUpOHFWULTXH

 /¶DSSDUHLOSHXWrWUHXWLOLVpSDUGHVSHUVRQQHVD\DQWGHVFDSDFLWpVSK\VLTXHV

VHQVRULHOOHV RX PHQWDOHV UpGXLWHV RX GpSRXUYXHV GH[SpULHQFH GH FRQQDLV

VDQFHjFRQGLWLRQTXHOOHVVRLHQWVXLYLHVSDUXQDGXOWHUHVSRQVDEOHRXTXHOOHV

DLHQWFRPSULVOHVLQVWUXFWLRQVIRXUQLHVFRQFHUQDQWOXWLOLVDWLRQHQWRXWHVpFXULWpHW

GHVGDQJHUVSRXYDQWGpFRXOHUGHOXWLOLVDWLRQ

 $YDQWGHEUDQFKHUODSSDUHLODXUpVHDXGDOLPHQWDWLRQFRQWU{OHUTXHODWHQVLRQ

LQGLTXpHVXUODSODTXHWWHVLWXpHVRXVODPDFKLQHFRUUHVSRQGHjFHOOHGXVHFWHXU

 /¶XWLOLVDWLRQGHUDOORQJHVpOHFWULTXHVQRQDXWRULVpHVSDUOHIDEULFDQWGHO¶DSSDUHLO

SHXWFDXVHUGHVGRPPDJHVHWSURYRTXHUpJDOHPHQWGHVDFFLGHQWV

 $YDQWGHUHPSOLUOHUpVHUYRLUGpEUDQFKHUODSSDUHLOGHODSULVHGHFRXUDQW

 6LOHFRUGRQGDOLPHQWDWLRQHVWDELPpLOGRLWrWUHUHPSODFpSDUOHFRQVWUXFWHXU

RXSDUVRQVHUYLFH$VVLVWDQFH7HFKQLTXHRXGHWRXWHIDoRQSDUXQHSHUVRQQH

SUpVHQWDQWGHVTXDOL¿FDWLRQVVLPLODLUHVD¿QGHSUpYHQLUWRXWULVTXH

 1HMDPDLVPHWWUHOHVSDUWLHVpOHFWULTXHVVRXVWHQVLRQHQFRQWDFWDYHFOHDXXQ

FRXUWFLUFXLWSHXWVHSURGXLUH

 'pEUDQFKHUODSULVHGHFRXUDQWDYDQWFKDTXHLQWHUYHQWLRQGHQHWWR\DJHRXG¶HQ

WUHWLHQ

 1HWUHPSH]SDVO¶DSSDUHLOGDQVO¶HDXQLGDQVWRXWDXWUHOLTXLGH

 1HMDPDLVPHWWUHODSSDUHLOjF{WpRXDXGHVVXVGXQpYLHU

 1HSDVUHWLUHUOHFRXYHUFOHLQIpULHXUGHODSSDUHLO,OQ\DSDVGHSDUWLHVLQWHUQHV

jQHWWR\HU



'DQJHUVSURYHQDQWG·DXWUHVFDXVHV

 &KRLVLUXQHQGURLWDVVH]pFODLUpSURSUHHWDYHFXQHSULVHGHFRXUDQWIDFLOHPHQW

DFFHVVLEOH

 (YLWHUGHYHUVHUGDQVOHUpVHUYRLUXQHTXDQWLWpH[FHVVLYHG¶HDX

 1HODLVVH]SDVO¶DSSDUHLOVDQVVXUYHLOODQFHORUVTX¶LOHVWEUDQFKp

 ,OIDXWXWLOLVHUHWODLVVHUODSSDUHLODXUHSRVVXUXQHVXUIDFHVWDEOH

 ,OQHIDXWSDVXWLOLVHUODSSDUHLOVLOHVWWRPEpVLOSUpVHQWHGHVVLJQHVYLVLEOHV

GHGpWpULRUDWLRQRXHQFDVGHIXLWHGHDX1¶XWLOLVH]SDVO¶DSSDUHLOVLOHFRUGRQ

pOHFWULTXHRXODSULVHVRQWHQGRPPDJpVRXVLO¶DSSDUHLOHVWGpIHFWXHX[7RXWHV

OHVUpSDUDWLRQV\FRPSULVOHUHPSODFHPHQWGXFRUGRQGDOLPHQWDWLRQGRLYHQW

H[FOXVLYHPHQWrWUHHIIHFWXpHVGDQVXQFHQWUHVGDVVLVWDQFHDSUqVYHQWH$ULHWH

RXSDUGHVWHFKQLFLHQVDJUppV$ULHWHGHIDoRQjSUpYHQLUOHVULVTXHVpYHQWXHOV

$YHUWLVVHPHQWVVXUOHVEUOXUHV

 1HSDVRXYULUOHFRXYHUFOHDXFRXUVGHOpFRXOHPHQW

 $WWHQGUHTXHODSSDUHLODLWUHIURLGLDYDQWGHUHPSOLUOHUpVHUYRLUDYHFGHOHDX

'DQJHUGHEUOXUHjFDXVHGHVpFODERXVVXUHVGHDXFKDXGHRXGHYDSHXU

 1HSDVODLVVHUODYHUVHXVHYLGHSRVpHVXUODSODTXHFKDXIIDQWHORUVTXHODPD

FKLQHHVWHQPDUFKH'DQJHUGHFDVVXUHGHODYHUVHXVH'DQJHUGHEUOXUH

SURYRTXpSDUOHFRQWDFWDYHFODYHUVHXVH

$WWHQWLRQGpJkWVPDWpULHOV

 3ODFHUODPDFKLQHVXUXQSODQVWDEOHRHOOHQHULVTXHSDVGrWUHUHQYHUVpH

 QHSDVXWLOLVHUODPDFKLQHVDQVHDXODSRPSHVHEUOHUDLW

 1HMDPDLVUHPSOLUOHUpVHUYRLUDYHFGHOHDXFKDXGHRXERXLOODQWH

 1HSDVPHWWUHODPDFKLQHVXUGHVVXUIDFHVWUqVFKDXGHVRXSUqVGHÀDPPHV

OLEUHVD¿QGpYLWHUTXHOHFRUSVGHODPDFKLQHVHGpWpULRUH

 /HFRUGRQQHGRLWSDVWRXFKHUOHVSDUWLHVFKDXGHVGHODPDFKLQH

 1¶XWLOLVH]MDPDLVG¶HDXJD]HXVHDGGLWLRQQpHG¶DQK\GULGHGHFDUERQH

 1HMDPDLVLQWURGXLUHGHVVXEVWDQFHVDXWUHVTXHGXFDIpHQSRXGUHGDQVOH¿OWUH

/DSSDUHLOSRXUUDLWJUDYHPHQWVHQGRPPDJHU

 1HSDVODLVVHUODFDIHWLqUHH[SRVpHjGHVWHPSpUDWXUHVDPELDQWHVLQIpULHXUHVj

&FDUOHDXFKDXGHFRQWHQXHGDQVODFKDXGLqUHSRXUUDLWJHOHUHWHQGRPPDJHU

ODSSDUHLO

 1HSDVXWLOLVHUO¶DSSDUHLOHQSOHLQDLU

 1HSDVODLVVHUO¶DSSDUHLOH[SRVpDX[DJHQWVDWPRVSKpULTXHVSOXLHVROHLOHWF

 $SUqVDYRLUGpEUDQFKpOD¿FKHGDOLPHQWDWLRQHWDSUqVOHUHIURLGLVVHPHQWGHV

SDUWLHVFKDXGHVO¶DSSDUHLOGHYUDrWUHQHWWR\pH[FOXVLYHPHQWDYHFXQOLQJHQRQ

DEUDVLIjSHLQHKXPLGHHWTXHOTXHVJRXWWHVGHGpWHUJHQWVQHXWUHVQRQDJUHVVLIV

QHMDPDLVXWLOLVHUGHVROYDQWVTXLHQGRPPDJHUDLHQWOHSODVWLTXH



3UpFDXWLRQVjSUHQGUHSRXUXWLOLVHUODYHUVHXVH

 /DYHUVHXVHGRLWXQLTXHPHQWrWUHXWLOLVpHDYHFFHWWHPDFKLQHjFDIp1HSDVXWL

OLVHUODYHUVHXVHSRXUFKDXIIHUOHFDIpVXUXQHSODTXHGHFXLVVRQRXDXWUHVRXUFH

GHFKDOHXU1HSDVPHWWUHODYHUVHXVHDXIRXUjPLFURRQGHVSRXUFKDXIIHUOHFDIp

 /DYHUVHXVHGRLWXQLTXHPHQWrWUHXWLOLVpHDYHFODSODTXHFKDXIIDQWHIRXUQLHDYHF

ODSSDUHLO

 3RXUpYLWHUGHFDVVHUODYHUVHXVHODVRXOHYHUDYHFSUpFDXWLRQ(YLWHUGHKHXUWHU

ODYHUVHXVHFRQWUHGDXWUHVREMHWVGDQJHUGHFDVVXUHGXYHUUH4XDQGRQUHP

SOLWODYHUVHXVHDYHFGHOHDXpYLWHUGHODKHXUWHUFRQWUHOHURELQHW

 1HSDVSRVHUODYHUVHXVHYLGHVXUGHVVXUIDFHVFKDXGHV

 1HSDVSRVHUODYHUVHXVHFKDXGHVXUGHVVXUIDFHVIURLGHVRXPRXLOOpHV$W

WHQGUHTXHODYHUVHXVHUHIURLGLVVHDYDQWGHODODYHURXGHODUHPSOLUGHDX

 1H SDV QHWWR\HU OD YHUVHXVH DYHF GHV pSRQJHV PpWDOOLTXHV GHV GpWHUJHQWV

DEUDVLIVRXDXWUHVPDWpULDX[TXLSHXYHQWUD\HUOHYHUUH

 1HSDVXWLOLVHUODYHUVHXVHVLHOOHDpWpUpFKDXIIpHYLGHSHQGDQWWURSORQJWHPSV

/DUHPSODFHUSDUXQHDXWUHYHUVHXVHRULJLQDOH

&216(59(5&(6,16758&7,216

'(6&5,37,21'(/$33$5(,/

$9HUVHXVH .&RPSDUWLPHQWGHUDQJHPHQWGXFRUGRQ

%3RLJQpHGHODYHUVHXVH / &RUGRQG¶DOLPHQWDWLRQ3ULVH

&&RXYHUFOHGHODYHUVHXVH 03ODTXHFKDXIIDQWH

'%HFGHVRUWLH 1$I¿FKHXU

(6LqJHGXSRUWH¿OWUH 202'(

)5pVHUYRLUG¶HDX 36(/

*,QGLFDWHXUGXQLYHDXGHDX 4$872

+)LOWUHFDIp 57RXFKHGHSURJUDPPDWLRQGHVKHXUHV+5

, 3RUWH¿OWUHDPRYLEOH 67RXFKHGHSURJUDPPDWLRQGHVPLQXWHV0,1

- &RXYHUFOHGXUpVHUYRLU

77RXFKHpFRXOHPHQWGXFDIp

H[WLQFWLRQ

'RQQpHVGLGHQWLÀFDWLRQ

/HVGRQQpHVGLGHQWL¿FDWLRQGHODPDFKLQH¿JXUDQWVXUODSODTXHWWHSODFpHVRXVODEDVHGDSSXL

GHODPDFKLQHVRQWOHVVXLYDQWHV

 IDEULFDQWHWPDUTXH&(

 PRGqOH0RG

 QGLPDWULFXOH61

 WHQVLRQGDOLPHQWDWLRQ9HWIUpTXHQFH+]

 SXLVVDQFHpOHFWULTXHDEVRUEpH:

 QXPpURYHUW

(QFDVGHGHPDQGHHQYR\pHjXQ&HQWUHG$VVLVWDQFH$JUppQHSDVRXEOLHUGLQGLTXHUOHPRGqOH

HWOHQXPpURGHPDWULFXOH



02'('(03/2,

0LVHHQPDUFKH

 &RQWU{OHUTXHODWHQVLRQGXUpVHDXGRPHVWLTXHVRLWODPrPHTXHFHOOHLQGLTXpHVXUODSODTXHWWH

GHGRQQpHVWHFKQLTXHVGHODSSDUHLO

 5HWLUHUOHVPDWpULDX[GHOHPEDOODJHjOLQWpULHXUHWjOH[WpULHXUGHODSSDUHLO

 'LVSRVHUHQVXLWHODSSDUHLOVXUXQHVXUIDFHSODWH3ODFHUODSSDUHLOjDXPRLQVFPGHVSDURLV

GHVPHXEOHVRXGHVDXWUHVDSSDUHLOV

$WWHQWLRQ

'DQJHUGHQGRPPDJHPHQWGHVVXUIDFHVGDSSXLGHODSSDUHLO/DWHPSpUDWXUHpOHYpHGH

ODSSDUHLOSHXWSURYRTXHUODSODVWL¿FDWLRQGHVVXUIDFHVGDSSXL,QWURGXLUHXQFKLIIRQRXXQH

VHUYLHWWHHQWUHODSSDUHLOHWODVXUIDFHGDSSXL

$WWHQWLRQ

'DQJHUGHVXUFKDUJHGHODOLJQHpOHFWULTXH6LSOXVLHXUVDSSDUHLOVpOHFWULTXHVVRQWEUDQFKpV

jXQHVHXOHSULVHpOHFWULTXHFHODSHXWSURYRTXHUXQFRXUWFLUFXLW%UDQFKHUODSSDUHLOjXQH

SULVHpOHFWULTXHOLEUHVDQVTXHGDXWUHVpOHFWURPpQDJHUVVRLHQWFRQQHFWpV

 /DYHUODYHUVHXVHOHSRUWH¿OWUHDPRYLEOHHWOH¿OWUHjFDIpDYHFGHOHDXFKDXGHHWGXVDYRQ

5LQFHUHWVpFKHUOHVFRPSRVDQWV

 'LVSRVHUOHSRUWH¿OWUHDPRYLEOHGDQVVRQORJHPHQW)LJ

/DYDQQHGpFRXOHPHQWVLWXpHVXUOHIRQGGXSRUWHÀOWUHDPRYLEOHGRLWrWUHLQWURGXLWHGDQV

OHWURXFHQWUDOGXORJHPHQWGXSRUWHÀOWUH

3UHPLHUDOOXPDJH

6LOVDJLWGXQSUHPLHUDOOXPDJHRXGXQHUHPLVHHQURXWHDSUqVXQHORQJXHSpULRGHGLQDF

WLYLWpLOHVWFRQVHLOOpGHIDLUHFRXOHUGHOHDXjWUDYHUVOHFLUFXLWK\GUDXOLTXHGHODFKDXGLqUH

pTXLYDOHQWDXFRQWHQXGHGHX[YHUVHXVHV

 5HPSOLUOHUpVHUYRLUDYHFGHOHDXSODWHIURLGH)LJMXVTXDXQLYHDX/HQLYHDXFRU

UHVSRQGDXQLYHDXGHDXPD[LPDOHWDXQRPEUHPD[LPDOGHWDVVHVGHFDIp)HUPHUOHFRXYHUFOH

GXUpVHUYRLU

1H-$0$,6UHPSOLUOHUpVHUYRLUDXGHOjGXQLYHDXPD[LPXP

3RXUHIIHFWXHUFHODYDJHQHSDVLQVpUHUOHÀOWUHjFDIpGDQVOHSRUWHÀOWUH

 %UDQFKHUO¶DSSDUHLOjODSULVHGHFRXUDQWTXLGRLWrWUHPXQLHG¶XQHSULVHGHWHUUH

 3ODFHUODYHUVHXVHYLGHVXUODSODTXHFKDXIIDQWH09pUL¿HUTXHODYDQQHGpFRXOHPHQWHVW

FRUUHFWHPHQWSODFpHVXUOHFRXYHUFOHGHODYHUVHXVH

 $SSX\HU VXUOD WRXFKHGpFRXOHPHQWGXFDIp $WWHQGUHTXH WRXWHOHDXFRQWHQXHGDQVOH

UpVHUYRLUVRLWGHVFHQGXHGDQVODYHUVHXVH$WWHQGUHPLQXWHVSRXUODLVVHUUHIURLGLUODSSDUHLO

 5HFRPPHQFHUORSpUDWLRQ DYHF XQHGHX[LqPH YHUVHXVH$WWHQGUH TXH WRXWH OHDXFRQWHQXH

GDQVOHUpVHUYRLUVRLWGHVFHQGXHGDQVODYHUVHXVH

,OHVWGpVRUPDLVSRVVLEOHGHSUpSDUHUODFDIHWLqUHSRXUOHSUHPLHUFDIp

3UpSDUDWLRQGHODPDFKLQH

9pULÀHUTX·LO\DLWVXIÀVDPPHQWG·HDXjO·LQWpULHXUGXUpVHUYRLUDYDQWG·DOOXPHUOHIHU



/HUHPSOLVVDJHHQHDXV·HIIHFWXHDYHFO·DSSDUHLOGpEUDQFKpGHODSULVHGHFRXUDQW

 2XYULUOHFRXYHUFOHGXUpVHUYRLU-/LQGLFDWHXUGHQLYHDX*DXQHpFKHOOHJUDGXpHTXLYDGH

jFKDTXHQXPpURFRUUHVSRQGDXQRPEUHGHWDVVHVGHFDIp5HPSOLUODYHUVHXVHDYHFGH

OHDXSODWHIURLGH9HUVHUOHDXGDQVOHUpVHUYRLUMXVTXDXQLYHDXGpVLUpSRXUWDVVHVGHFDIp

HWSRXUWDVVHVGHFDIp

 3ODFHUODYHUVHXVHYLGHVXUODSODTXHFKDXIIDQWH0



$WWHQWLRQ

1HSDVXWLOLVHUODYHUVHXVHVLVRQPDQFKHRXOHYHUUHSUpVHQWHQWGHV¿VVXUHV'DQJHUGH

EUOXUHVFDXVpHVSDUOHFRQWDFWDYHFOHFDIpERXLOODQWVLODYHUVHXVHVHFDVVH

1HSRVHUDXFXQREMHWVXUOHFRXYHUFOHTXDQGODSSDUHLOHVWHQPDUFKH

$WWHQWLRQ

1HSDVRXYULUOHFRXYHUFOHDXFRXUVGHOpFRXOHPHQWGDQJHUGHEUOXUHVFDXVpHVSDUOHVMHWV

RXOHVpFODERXVVXUHVGHDXFKDXGHRXGHFDIp

 0HWWUHOH¿OWUHjFDIpGDQVOHSRUWH¿OWUH'RVHUOHFDIpGDQVOH¿OWUH8QHWDVVHGHFDIpHVWpTXL

YDOHQWHjXQHFXLOOqUHUDVHGHFDIpHQSRXGUH

 %DLVVHUODSRLJQpHGX¿OWUHjFDIp)HUPHUOHFRXYHUFOHGXUpVHUYRLU

 %UDQFKHUO¶DSSDUHLOjODSULVHGHFRXUDQWTXLGRLWrWUHPXQLHG¶XQHSULVHGHWHUUH/DI¿FKHXU

VDOOXPHHWOKHXUHFRPPHQFHjFOLJQRWHU$0 8WLOLVHUOHVWRXFKHV+5HW0,1SRXU

SURJUDPPHUOKHXUHORFDOH$SSX\HUVXU6(/SRXUFRQ¿UPHU6LRQQDSSXLHVXUDXFXQHWRXFKH

ODI¿FKHXUVpWHLQWDSUqVVHFRQGHV

 $SSX\HUVXUODWRXFKHFDIp SRXUODQFHUOHF\FOHGHSUpSDUDWLRQGXFDIp$WWHQGUHOpFRXOH

PHQWGXFDIpGDQVODYHUVHXVHMXVTXjOD¿QGXF\FOHVpOHFWLRQQpQRPEUHGHWDVVHV

 ,/(673266,%/(',17(552035(/e&28/(0(17'8&$)e$9$17/$),1'8&<&/(

'(35e3$5$7,21

 H[WUDLUHODWDVVHYRLU)RQFWLRQSDXVHSRXUVHUYLUOHFDIp

 DSSX\HUVXUODWRXFKHFDIpMXVTXjFHTXHODSSDUHLOpPHWWHXQELSHWTXHOHYR\DQWOXPLQHX[

GHODWRXFKHVpWHLJQH

$SUqVH[WLQFWLRQDXWRPDWLTXHRXYRXOXHODSODTXHFKDXIIDQWHFRPPHQFHjFKDXIIHU

/DLVVHUOHFRXYHUFOHVXUODYHUVHXVHSRXUFRQVHUYHUOHFDIpDXFKDXGHWOHVHUYLUVDQVULV

TXHUGHVHEUOHU

 6DLVLUODYHUVHXVHSDUODSRLJQpH,QFOLQHUOpJqUHPHQWODYHUVHXVHHWYHUVHUOHFDIpFKDXGGDQV

XQHWDVVH

 $SSX\HUVXUODWRXFKHFDIp HWODUHOkFKHUSRXUpWHLQGUHODSSDUHLO

1HSDVGpSODFHUODFDIHWLqUHTXDQGODYHUVHXVHRXOHUpVHUYRLUFRQWLHQQHQW GHV OLTXLGHV

FKDXGV$WWHQGUHOHUHIURLGLVVHPHQWWRWDOGHODSSDUHLO

/DTXDQWLWpGHDXTXLVpFRXOHGDQVODYHUVHXVHHVWOpJqUHPHQWLQIpULHXUHjFHOOHYHUVpH

GDQVOHUpVHUYRLU8QSHXGHDXHVWDEVRUEpHSDUODSRXGUHGHFDIpHWSDUOHÀOWUH

5pJODJHGHOKHXUH

 $SSX\HUVXUODWRXFKH+5SRXUVpOHFWLRQQHUOKHXUH$SSX\HUVXUODWRXFKH+5HWPDLQWHQLUOD

SUHVVLRQSRXUUpJOHUOHVKHXUHVGHIDoRQSOXVUDSLGH

 $SSX\HUVXUODWRXFKH0,1SRXUVpOHFWLRQQHUOHVPLQXWHV$SSX\HUVXUODWRXFKH0,1HWPDLQWH



QLUODSUHVVLRQSRXUUpJOHUOHVPLQXWHVGHIDoRQSOXVUDSLGH

 4XDQGOKHXUHSURJUDPPpHHVWH[DFWHDSSX\HUVXUODWRXFKH6(//DSSDUHLOpPHWXQELS

 3RXUUHSURJUDPPHUOKHXUHDSSX\HUVL[IRLVVXUODWRXFKH02'(MXVTXjFHTXHOHV\PEROH 

FOLJQRWH$SSX\HUVXUODWRXFKH6(//KHXUHFRPPHQFHjFOLJQRWHU,OHVWGpVRUPDLVSRVVLEOHGH

UpJOHUOKHXUHFRPPHGpFULWDXSRLQWSUpFpGHQW

5pJODJHGXF\FOHDXWRPDWLTXH

$SSX\HUVXUODWRXFKH$872HWPDLQWHQLUODSUHVVLRQMXVTXjFHTXHOHPHVVDJH352*5$00

FOLJQRWHVXUODI¿FKHXUDLQVLTXHOHV\PEROH 6XLYUHODPpWKRGHGHUpJODJHGHOKHXUHSRXU

SURJUDPPHUOHVKHXUHVHWOHVPLQXWHV$SSX\HUVXUODWRXFKH$872RX6(/SRXUFRQ¿UPHU/DS

SDUHLOpPHWXQELSHWOKHXUHDFWXHOOHDFFRPSDJQpHGXV\PEROHGXWLPHU DSSDUDLVVHQWVXU

ODI¿FKHXU/DSSDUHLOODQFHUDXQF\FOHGHSUpSDUDWLRQGXFDIpjOKHXUHSURJUDPPpH

3RXUDQQXOHUODSODQL¿FDWLRQHWOHVUpJODJHVGp¿QLVDXSDUDYDQWLOVXI¿WGDSSX\HUjQRXYHDXVXUOD

WRXFKH$872

5pJODJHGHOLQWHQVLWpGXFDIp

/DSSDUHLOSRVVqGHXQHIRQFWLRQTXLOXLSHUPHWGHUpJOHUOLQWHQVLWpGXFDIpD¿QGHODGDSWHUDXJRW

GHOXWLOLVDWHXU

1RUPDO

$SSX\HUXQHIRLVVXUODWRXFKH02'(/HV\PEROH FRPPHQFHjFOL

JQRWHU$SSX\HUVXUODWRXFKH6(/SRXUFRQ¿UPHU&HPRGHFRUUHVSRQG

DXUpJODJHHIIHFWXpHQXVLQH

0R\HQ

$SSX\HUGHX[IRLVVXUODWRXFKH02'(/HV\PEROH FRPPHQFHj

FOLJQRWHU$SSX\HUVXUODWRXFKH6(/SRXUFRQ¿UPHU/HV\PEROH  

UqJOHOpFRXOHPHQWVXUODEDVHGXQHYHUVHXVHGHFDIp&HODVLJQL¿HTXRQ

REWLHQWXQFDIpDYHFSOXVGDU{PH

)RUW

$SSX\HUWURLVIRLVVXUODWRXFKH02'(/HV\PEROH FRPPHQFHj

FOLJQRWHU$SSX\HUVXUODWRXFKH6(/SRXU FRQ¿UPHU/HV\PEROH 

UqJOHOpFRXOHPHQWHWOHWHPSVGLQIXVLRQVXUODEDVHGXQHYHUVHXVHGHFDIp

&HODVLJQL¿HTXRQREWLHQWXQFDIpSOXVIRUW

0RGHWDVVHV $SSX\HUTXDWUHIRLVVXUODWRXFKH02'(/HV\PEROH FRPPHQFH

jFOLJQRWHU$SSX\HUVXUODWRXFKH6(/SRXUFRQ¿UPHU/HPRGHWDVVHV

SHUPHWGHSUpSDUHUOHFDIpSRXUWDVVHVDXPD[LPXP/DTXDQWLWpGHDX

jYHUVHUGDQVOHUpVHUYRLUGRLWFRUUHVSRQGUHDXQLYHDXGHODYHUVHXVH

/HV\PEROH UqJOHDXWRPDWLTXHPHQWOpFRXOHPHQWSRXUREWHQLUOH

PD[LPXPGHJRWSRXUXQHSHWLWHTXDQWLWpGHFDIp,GpDOSRXUWDVVHVGH

FDIpDXPD[LPXP

6LO\DSOXVGHDXTXHSUpYXGDQVOHUpVHUYRLUOpFRXOHPHQWQHSUHQ

GUDÀQTXXQHIRLVWRXWHOHDXpFRXOpHGDQVODYHUVHXVH

$SUqVDYRLUVpOHFWLRQQpOHUpJODJHGpVLUpDSSX\HUVXUODWRXFKHFDIp /DSSDUHLOpPHWXQELS

HWOHFDIpFRPPHQFHjFRXOHU

)RQFWLRQSDXVHSRXUVHUYLUOHFDIp

3RXUVHUYLUOHFDIpDYDQWTXLOVRLWFRPSOqWHPHQWSDVVpGDQVODYHUVHXVHLOVXI¿WGHQOHYHUODYHU

VHXVHGHODSODTXHFKDXIIDQWH



$WWHQGUHODSUpSDUDWLRQGHDXPRLQVWDVVHVGHFDIpDYDQWGHQOHYHUODYHUVHXVH

/pFRXOHPHQWVLQWHUURPSWDXWRPDWLTXHPHQWSHQGDQWVHFRQGHV'LVSRVHUODYHUVHXVHVXUOD

SODTXHGHFKDXIIDJHSRXUUHSUHQGUHOHF\FOHGHSUpSDUDWLRQ

$WWHQWLRQ

'DQJHUGHEUOXUHVjFDXVHGXFRQWDFWDYHFOHFDIpFKDXGTXLUHVVRUWSDUODEXVH/DYHU

VHXVHGRLWrWUHUHSODFpHVXUODSODTXHFKDXIIDQWHGDQVXQGpODLGHVHFRQGHVDSUqVVRQ

UHWUDLW

)RQFWLRQH[WLQFWLRQDXWRPDWLTXH

6LODPDFKLQHUHVWHDOOXPpHVDQVrWUHXWLOLVpHODIRQFWLRQGDXWRH[WLQFWLRQVHGpFOHQFKHDSUqV

PLQXWHVHQYLURQ&HWWHIRQFWLRQIDLWSDVVHUODPDFKLQHHQYHLOOHHWDQQXOHWRXWHVOHVIRQFWLRQVGH

UpFKDXIIHPHQW

&RPPHQWSUpSDUHUXQHGHX[LqPHYHUVHXVHGHFDIp

$SSX\HUODWRXFKHFDIp /DPDFKLQHVpWHLQW5HWLUHUOD¿FKHGHODSULVHGHFRXUDQW

$WWHQWLRQ

'DQJHUGHEUOXUHVjFDXVHGHVpFODERXVVXUHVGHDXRXGHYDSHXU$WWHQGUHDXPRLQV

PLQXWHVDYDQWGHUHPSOLUOHUpVHUYRLUGHDX$WWHQGUHOHUHIURLGLVVHPHQWGHVSDUWLHVFKDXGHV

GHODFDIHWLqUH

$YDQWGHODQFHUODSUpSDUDWLRQGXFDIpFRQWU{OHUTXLO\DLWVXIÀVDPPHQWGHDXGDQVOHUpVHU

YRLU1HSDVFRPPHQFHUjIDLUHFRXOHUOHFDIpVLOHQLYHDXGHDXHVWVRXVOHVHXLOPLQLPXP

 2XYULUOHFRXYHUFOHGHODFDIHWLqUH6RXOHYHUODSRLJQpHGX¿OWUHjFDIp([WUDLUHOH¿OWUHjFDIpGX

SRUWH¿OWUH(OLPLQHUOHVUpVLGXVGHFDIpGX¿OWUH

 5HWLUHUOHSRUWH¿OWUHGHODFDIHWLqUH5LQFHUODYHUVHXVHHWOHSRUWH¿OWUHjOHDXIURLGHHWSURSUH

5HPSOLUOHUpVHUYRLUDYHFGHOHDXSODWHIURLGHMXVTXDXQLYHDXGpVLUp

 3ODFHUODYHUVHXVHYLGHVXUODSODTXHFKDXIIDQWH0

 'LVSRVHUOHSRUWH¿OWUHGDQVVRQORJHPHQW)LJ'LVSRVHUOH¿OWUHjFDIpGDQVOHSRUWH¿OWUH

)LJ'RVHUOHFDIpGDQVOH¿OWUH8QHWDVVHGHFDIpHVWpTXLYDOHQWHjXQHFXLOOqUHUDVHGH

FDIpHQSRXGUH

 )HUPHUOHFRXYHUFOH%UDQFKHUOD¿FKHGDQVODSULVHGHFRXUDQW

 $SSX\HUODWRXFKHFDIp /DPDFKLQHFRPPHQFHODSUpSDUDWLRQGXFDIp

&216(,/687,/(6328535e3$5(581%21&$)e

 3RXUREWHQLUXQFDIpVDYRXUHX[LOIDXWTXHODFDIHWLqUHUHVWHSURSUH(IIHFWXHUOHQHWWR\DJHHWOD

GpFDOFL¿FDWLRQGHODPDFKLQHjLQWHUYDOOHVUpJXOLHUVFRPPHGpFULWDXSDUDJUDSKH1HWWR\DJH

GHODSSDUHLO

 7RXMRXUVXWLOLVHUGHOHDXIURLGHHWSURSUH

 /HVPRXWXUHVSOXV¿QHVSHUPHWWHQWGREWHQLUGHVFDIpVDXJRWSOXVULFKHHWSOXVSURQRQFp8QH

PRXWXUHUpJXOLqUHQpFHVVLWHXQHSOXVJUDQGHTXDQWLWpGHFDIpSRXURIIULUOHPrPHJRWTXDYHF

XQHPRXWXUHSOXV¿QH

 &RQVHUYHUOHFDIpHQSRXGUHGDQVXQHQGURLWIUDLVHWVHF)HUPHUKHUPpWLTXHPHQWOHVHPEDO

ODJHVRXYHUWVHWOHVJDUGHUDXIULJR

 3RXUXQHVDYHXURSWLPDOHDFKHWHUGXFDIpHQJUDLQVHWOHPRXGUHDYDQWGHODSUpSDUHU

 /HFDIpUpFKDXIIpQDSDVWUqVERQJRW/HFDIpGpJDJHWRXWHVDVDYHXUjSHLQHIDLW



 /DSUpVHQFHGHSHWLWHVJRXWWHVGKXLOHjODVXUIDFHGXFDIpSHXWrWUHXQHFRQVpTXHQFHGHOXWL

OLVDWLRQSURORQJpHGHPpODQJHVWRUUp¿pVHIIHFWXHUXQQHWWR\DJHUpJXOLHU

1(772<$*('(/$33$5(,/

&HWDSSDUHLOQHGHPDQGHSDVEHDXFRXSGHQWUHWLHQ,OQHFRPSRUWHSDVGHSLqFHVSRXYDQWrWUH

UpSDUpHVSDUOXWLOLVDWHXU/HVRSpUDWLRQVTXLQpFHVVLWHQWOHGpPRQWDJHGHVSLqFHVGRLYHQWrWUH

HIIHFWXpHVGDQVXQ&HQWUHGH6HUYLFH$SUqV9HQWH$JUpp

$WWHQWLRQ

7RXWHVOHVRSpUDWLRQVGHQHWWR\DJHLQGLTXpHVFLGHVVRXVGRLYHQWrWUHHIIHFWXpHVjPDFKLQH

pWHLQWHHWDYHFOD¿FKHpOHFWULTXHGpEUDQFKpHGHODSULVHGHFRXUDQW

$WWHQWLRQ

8QHQWUHWLHQHWXQQHWWR\DJHUpJXOLHUVSHUPHWWHQWGHPDLQWHQLUOHI¿FDFLWpGHODPDFKLQHj

SOXVORQJWHUPH1HMDPDLVODYHUOHVFRPSRVDQWVGHODPDFKLQHDXODYHYDLVVHOOH1HSDV

XWLOLVHUGHVMHWVGHDXGLUHFWH

$WWHQWLRQ

&KDTXHLQWHUYHQWLRQGRLWrWUHHIIHFWXpHjPDFKLQHIURLGH

1HWWR\DJHGXÀOWUHHWGXSRUWHÀOWUH

$SUqVFKDTXHXWLOLVDWLRQH[WUDLUHOH¿OWUHjFDIpGXSRUWH¿OWUH(OLPLQHUOHVUpVLGXVGHFDIpGX¿OWUH

5LQFHUOH¿OWUHjOHDXIURLGHHWSURSUH([WUDLUHOHSRUWH¿OWUHHWOHDXFKDXGHHWDXVDYRQ

1HWWR\DJHGHODYHUVHXVH

$WWHQWLRQ

3RXUpYLWHUGHFDVVHUODYHUVHXVHODVRXOHYHUDYHFSUpFDXWLRQ(YLWHUGHKHXUWHUODYHUVHXVH

FRQWUHGDXWUHVREMHWVGDQJHUGHFDVVXUHGXYHUUH4XDQGRQUHPSOLWODYHUVHXVHDYHFGH

OHDXpYLWHUGHODKHXUWHUFRQWUHOHURELQHW

5LQFHUODYHUVHXVHjOHDXFKDXGHHWDXVDYRQ/DYHUOHFRXYHUFOHGHODYHUVHXVHDYHFXQHEURVVH

jGHQWVSRXUpOLPLQHUOHVUpVLGXVGHFDIp1HWWR\HUODYHUVHXVHDYHFXQFKLIIRQKXPLGHHWGRX[

SRXUQHSDVDEvPHUODVXUIDFHHQYHUUH1HSDVXWLOLVHUGpSRQJHVPpWDOOLTXHVRXDXWUHVPDWpULDX[

DEUDVLIV

1HWWR\DJHGXUpVHUYRLU

,OHVWFRQVHLOOpGHQHWWR\HUSpULRGLTXHPHQWOLQWpULHXUGXUpVHUYRLUDYHFXQHpSRQJHRXXQOLQJH

KXPLGH

1HWWR\DJHGXFRUSVGHODPDFKLQH

$WWHQWLRQ

1HWWR\HUOHVSDUWLHV¿[HVGHODPDFKLQHHQXWLOLVDQWXQOLQJHKXPLGHQRQDEUDVLISRXUQHSDV

DELPHUODVXUIDFH

$8721(772<$*(

1HWWR\HUODSSDUHLODXPRLQVXQHIRLVSDUPRLV

6LRQDDFKHWpOH¿OWUHjHDXYHQGXVpSDUpPHQWOHUHWLUHUGXUpVHUYRLUDYDQWGHIIHFWXHUXQF\FOH

GHQHWWR\DJHDXWRPDWLTXH



 5HPSOLUODYHUVHXVHDYHFXQPpODQJHFRPSRVpGHWDVVHVGHYLQDLJUHEODQFHWWDVVHVGHDX

IURLGHHWSURSUH9HUVHUOHPpODQJHGDQVOHUpVHUYRLU

 0HWWUHOH¿OWUHHQSDSLHUSRXUWDVVHVGDQVOHSRUWH¿OWUH)HUPHUOHFRXYHUFOH

 $SSX\HUFLQTIRLVGHVXLWHVXUODWRXFKH02'(/HV\PEROH FRPPHQFHjFOLJQRWHU$SSX\HU

VXUODWRXFKH6(/SRXUFRQ¿UPHU

 $SSX\HUODWRXFKHFDIp /DSSDUHLOpPHWXQELSHWOHF\FOHGHQHWWR\DJHDXWRPDWLTXH

FRPPHQFH8QHSDUWLHGXPpODQJHVpFRXOHGDQVODYHUVHXVHWDQGLVTXHODSDUWLHUHVWDQWHHVW

UHWHQXHGDQVOHVFLUFXLWVGHODFDIHWLqUHSHQGDQWPLQXWHVHQYLURQDYDQWGrWUHUHYHUVpHGDQV

ODYHUVHXVH/HF\FOHFRPSOHWGHQHWWR\DJHGXUHPLQXWHV4XDQGOHF\FOHGHQHWWR\DJH

DXWRPDWLTXHHVWWHUPLQpODSSDUHLOpPHWXQELSHWVpWHLQWDXWRPDWLTXHPHQW

 5LQFHUODYHUVHXVHDYHFGHOHDXIURLGHHWSURSUH

$YDQWGHSUpSDUHUXQFDIpIDLUHSDVVHUGHOHDXIURLGHSODWHGDQVODPDFKLQHGHIDoRQjUHP

SOLURXYHUVHXVHV/DFDIHWLqUHVHUDDLQVLGpEDUUDVVpHGXUHVWHGXPpODQJHHDXYLQDLJUH

'e&$/&,),&$7,21

8QERQHQWUHWLHQHWXQQHWWR\DJHUpJXOLHUSUpVHUYHQWODPDFKLQHHWHQPDLQWLHQQHQWOHI¿FDFLWpVXU

XQHSOXVORQJXHGXUpHHQOLPLWDQWFRQVLGpUDEOHPHQWOHVULVTXHVGHIRUPDWLRQGHGpS{WVFDOFDLUHV

GDQVODSSDUHLO6LPDOJUpFHODDSUqVTXHOTXHVWHPSVOHERQIRQFWLRQQHPHQWGHODSSDUHLOGHYDLW

rWUHFRPSURPLVVXLWHjODIUpTXHQWHXWLOLVDWLRQGXQHHDXGXUHHWWUqVFDOFDLUHRQSHXWSURFpGHUjOD

GpFDOFL¿FDWLRQGHODPDFKLQHSRXUHQUpWDEOLUOHERQIRQFWLRQQHPHQW'DQVFHEXWXWLOLVHUH[FOXVLYH

PHQWOHSURGXLWGpFDOFL¿DQW12&$/G$ULHWHjEDVHGDFLGHFLWULTXH2QSHXWIDFLOHPHQWVHSURFXUHU

FHSURGXLWGDQVOHVFHQWUHVGDVVLVWDQFHWHFKQLTXH$ULHWH$ULHWHQDVVXPHDXFXQHUHVSRQVDELOLWp

HQFDVGHGRPPDJHVVXUOHVFRPSRVDQWVLQWHUQHVGHODPDFKLQHjFDIpSURYRTXpVSDUOXWLOLVDWLRQ

GHSURGXLWVQRQFRQIRUPHVjFDXVHGHODSUpVHQFHGDGGLWLIVFKLPLTXHV

(IIHFWXHUODGpFDOFLÀFDWLRQXQHIRLVSDUPRLV6LOHDXXWLOLVpHHVWWUqVGXUHHWWUqVFDOFDLUH

HIIHFWXHUXQQHWWR\DJHWRXWHVOHVGHX[VHPDLQHV

 5HPSOLUODYHUVHXVHDYHFXQPpODQJHFRPSRVpGWDVVHGHYLQDLJUHEODQFHWWDVVHVGHDX

IURLGHHWSURSUH

 9HUVHUOHPpODQJHGDQVOHUpVHUYRLU

 /DQFHUXQF\FOHGHSUpSDUDWLRQHWDWWHQGUHOHUHPSOLVVDJHGHODYHUVHXVHMXVTXjPLKDXWHXU

 $SSX\HUODWRXFKHFDIp /DSSDUHLOVpWHLQW

'XUDQWODSKDVHGDWWHQWHGHODYDSHXUVLRQUHPDUTXHODIRUPDWLRQGHSHWLWHVERXIIpHVGH

YDSHXULOVDJLWGXQSKpQRPqQHWRXWjQRUPDO

 4XDQGOHDXD¿QLGHVpFRXOHUGDQVODYHUVHXVHRQSHXWUHWLUHUFHWWHGHUQLqUH/DLVVHUOHDX

UHIURLGLUSHQGDQWPLQXWHV

 9HUVHUOHPpODQJHFRQWHQXGDQVODYHUVHXVHjOLQWpULHXUGXUpVHUYRLU)HUPHUOHFRXYHUFOH

'LVSRVHUODYHUVHXVHVXUODSODTXHFKDXIIDQWH

 /DQFHUXQDXWUHF\FOHGHSUpSDUDWLRQHWDWWHQGUHTXHODYHUVHXVHVRLWFRPSOqWHPHQWUHPSOLH

4XDQGOHDXD¿QLGHVpFRXOHUGDQVODYHUVHXVHRQSHXWUHWLUHUFHWWHGHUQLqUH

 $SSX\HUODWRXFKHFDIp /DSSDUHLOVpWHLQW

 $WWHQGUHPLQXWHVSRXUODLVVHUUHIURLGLUODSSDUHLO9pUL¿HUTXHOH¿OWUHHVWLQWURGXLWGDQVOH

SRUWH¿OWUH

5HPSOLUODYHUVHXVHDYHFGHOHDXIURLGHSODWHHWUHFRPPHQFHUOHF\FOHGHSUpSDUDWLRQSRXU



QHWWR\HUOHVFLUFXLWVLQWHUQHVGHODSSDUHLO$OD¿QGXF\FOHGHULQoDJHDSSX\HUVXUODWRXFKHFDIp

 SRXUpWHLQGUHODSSDUHLO9LGHUODYHUVHXVH

/DYHUODYHUVHXVHOHSRUWH¿OWUHDPRYLEOHHWOH¿OWUHjFDIpDYHFGHOHDXFKDXGHHWGXVDYRQ

(VVX\HUOHVGLIIpUHQWVFRPSRVDQWV

4XDQGODSSDUHLODUHIURLGLQHWWR\HUODVXUIDFHH[WHUQHDYHFXQFKLIIRQGRX[

&RPPHQWUDQJHUODFDIHWLqUH

 'pEUDQFKHUOD¿FKHGHODSULVHGHFRXUDQW

 5DQJHUODSSDUHLOGDQVXQHQGURLWIUDLVHWVHF

1HSDVODLVVHUODSSDUHLODXUHSRVDYHFODÀFKHEUDQFKpHGDQVODSULVHGHFRXUDQW

0,6(+2566(59,&(

6LODPDFKLQHHVWPLVHKRUVVHUYLFHLOIDXWODGpEUDQFKHUYLGHUOHUpVHUYRLUGHDXHWODYHUVHXVH

1HWWR\HUOHVFRPSRVDQWVYRLUSDUDJUDSKH1HWWR\DJHGHODSSDUHLO6LRQGRLWMHWHUODPDFKLQH

LOIDXWWRXWGDERUGODGpPHPEUHUHWVpSDUHUOHVGLIIpUHQWVPDWpULDX[TXLODFRPSRVHQWD¿QGHOHV

MHWHUVHORQOHVFULWqUHVGXWULVpOHFWLILPSRVpVSDUOHVORLVQDWLRQDOHVHQYLJXHXU



=8',(6(5%(',(181*6$1/(,781*

$XFKZHQQGLH*HUlWHHQWVSUHFKHQGGHUJHOWHQGHQ(XURSlLVFKHQ1RUPHQKHUJHVWHOOWZXUGHQXQG

GDKHUDOOHSRWHQWLHOOJHIlKUOLFKHQ7HLOHJHVFKW]WVLQGPVVHQXP8QIlOOHXQG6FKlGHQ]XYHU

PHLGHQGLHVH+LQZHLVHDXIPHUNVDPJHOHVHQXQGGDV*HUlWQXUIUGHQ=ZHFNYHUZHQGHWZHUGHQ

IUGHQHVYRUJHVHKHQZXUGH'LH%HGLHQXQJVDQOHLWXQJDXFKIUVSlWHUHV1DFKVFKODJHQVWHWV

JULIIEHUHLWDXIEHZDKUHQ6ROOGLHVHV*HUlWDQDQGHUH3HUVRQHQDEJHJHEHQZHUGHQELWWHGDUDQ

GHQNHQDXFKGLH%HGLHQXQJVDQOHLWXQJPLW]XJHEHQ

'LHLQGLHVHU%HGLHQXQJVDQOHLWXQJDXIJHIKUWHQ,QIRUPDWLRQHQVLQGPLWGHQQDFKVWHKHQGHQ6\P

EROHQJHNHQQ]HLFKQHWGLHDXIIROJHQGHVKLQZHLVHQ

*HIDKUIU.LQGHU

*HIDKUZHJHQ6WURP

6FKDGHQVJHIDKUZHJHQDQGHUHU8UVDFKHQ

+LQZHLVH]X9HUEUKXQJVJHIDKU

$FKWXQJ6DFKVFKlGHQ

925*(6(+(1(5*(%5$8&+

'DV*HUlWLVW]XU9RUEHUHLWXQJYRQ.DIIHHEHVWLPPW'DV*HUlWLVWQXUIUGHQ+DXVJHEUDXFKYRU

JHVHKHQXQGGDUIQLFKWIUJHZHUEOLFKHRGHULQGXVWULHOOH=ZHFNHYHUZHQGHWZHUGHQ-HGHUDQGHUH

(LQVDW]LVWQLFKWYRP+HUVWHOOHUYRUJHVHKHQ'HU+HUVWHOOHUEHUQLPPWGDKHUNHLQHUOHL+DIWXQJIU

MHJOLFKH$UWYRQ6FKlGHQGLHGXUFKHLQHQXQJHHLJQHWHQ(LQVDW]GHV*HUlWHVYHUXUVDFKWZHUGHQ

%HLHLQHPXQJHHLJQHWHQ(LQVDW]YHUIDOOHQDOOH*DUDQWLHDQVSUFKH

5(675,6,.(1

'LH%DXPHUNPDOHGHVLQGLHVHP+DQGEXFKEHVFKULHEHQHQ*HUlWVJHVWDWWHQHVQLFKWGHQ%HQXW

]HUYRQHLQHPGLUHNWHQ.RQWDNWPLW'DPSIRGHU+HLZDVVHUVSULW]HQ]XVFKW]HQ

$FKWXQJ

9HUEUHQQXQJVJHIDKUZHJHQ+HLZDVVHURGHU.DIIHHVSULW]HQ'HQ'HFNHOGDUIQLFKWJH|II

QHWZHUGHQZHQQGLH.DIIHHDEJDEHOlXIW

:,&+7,*(+,1:(,6(

',( %(',(181*6$1/(,781* 925 '(0 *(%5$8&+ $8)0(5.6$0 /(

6(1

 'DV*HUlWLVWQXUIUGHQ+DXVJHEUDXFKYRUJHVHKHQXQGGDUIQLFKWIUJHZHUEOL

FKHRGHULQGXVWULHOOH=ZHFNHYHUZHQGHWZHUGHQ

 :LUEHUQHKPHQNHLQH+DIWXQJEHLHLQHPIDOVFKHQRGHULQGLHVHU$QOHLWXQJQLFKW

YRUJHVHKHQHQ(LQVDW]

 :LU HPSIHKOHQ GLH 2ULJLQDOYHUSDFNXQJHQ DXI]XEHZDKUHQ GD GLH NRVWHQORVH

/HLVWXQJ GHV .XQGHQGLHQVWV IU 7UDQVSRUWVFKlGHQ GLH GXUFK IDOVFKH 9HUSD

FNXQJEHLGHU6SHGLWLRQ]XP.XQGHQGLHQVWHQWVWHKHQQLFKWYRUJHVHKHQLVW

 'DV*HUlWHQWVSULFKWGHU9HURUGQXQJ(*1UYRP2NWREHU



EHU0DWHULDOLHQXQG*HJHQVWlQGHGLHGD]XEHVWLPPWVLQGPLW/HEHQVPLWWHOQ

LQ%HUKUXQJ]XNRPPHQ

*HIDKUIU.LQGHU



'DV*HUlWGDUIYRQ.LQGHUQDEGHP/HEHQVMDKUQXUXQWHUGHU$XIVLFKWHLQHU

YHUDQWZRUWOLFKHQ3HUVRQYHUZHQGHWZHUGHQRGHUZHQQVLH$QZHLVXQJHQEHUGLH

VLFKHUH%HGLHQXQJGHV*HUlWVHUKDOWHQKDEHQXQGGLHZlKUHQGGHU%HGLHQXQJ

YRUKDQGHQHQ*HIDKUHQYHUVWDQGHQKDEHQ



 'LH.LQGHUQDEGHP-DKUGUIHQ5HLQLJXQJVXQG:DUWXQJVHLQJULIIHQXUXQWHU

$XIVLFKWYRQ(UZDFKVHQHQDXVEHQ.LQGHUPVVHQEHDXIVLFKWLJWZHUGHQXP

VLFKHU]XVWHOOHQGDVVVLHQLFKWPLWGHP*HUlWVSLHOHQ

 'DV*HUlWXQGGDV6WURPNDEHOVROOHQDXHUKDOEGHU5HLFKZHLWHYRQ.LQGHUQ

GLHMQJHUDOV-DKUHQVLQGJHKDOWHQZHUGHQ

 'DV.DEHOGDUIQLFKWDQ6WHOOHQKlQJHQZRHV.LQGHUDQIDVVHQN|QQWHQ

 'LH9HUSDFNXQJVWHLOHYRQ.LQGHUQIHUQKDOWHQGDGLHVHHLQHP|JOLFKH*HIDKUHQ

TXHOOHELOGHQ

 6ROOGDV*HUlWDOV$EIDOOHQWVRUJWZHUGHQHPSIHKOHQZLUHVGXUFK$EVFKQHLGHQ

GHV$QVFKOXVVNDEHOVXQEUDXFKEDU ]X PDFKHQ :LU HPSIHKOHQDXHUGHP GLH

*HUlWHWHLOHXQVFKlGOLFK]X PDFKHQGLHEHVRQGHUVIU.LQGHUJHIlKUOLFKVHLQ

N|QQWHQIDOOVVLHHYHQWXHOOGDV*HUlWIULKUH6SLHOHYHUZHQGHQVROOWHQ

*HIDKUZHJHQ6WURP

 'LHVHV*HUlWLVWQLFKWJHHLJQHWIUGLH9HUZHQGXQJGXUFK3HUVRQHQPLWHLQJH

VFKUlQNWHU:DKUQHKPXQJRGHUYHUPLQGHUWSK\VLVFKHQRGHUJHLVWLJHQ)lKLJNHL

WHQRGHUHLQHP0DQJHODQ(UIDKUXQJXQG.HQQWQLVVHQVRIHUQVLHQLFKWGXUFK

HLQHIULKUH6LFKHUKHLWYHUDQWZRUWOLFKH3HUVRQEHDXIVLFKWLJWXQGRGHUEHLGHU

VLFKHUHQ%HGLHQXQJGHV*HUlWHVDQJHOHLWHWZHUGHQ

 %HYRU6LHGDV*HUlWDQGDV6WURPQHW]DQVFKOLHHQSUIHQ6LHREGLHORNDOH

1HW]VSDQQXQJGHQ$QJDEHQDXIGHPDP*HUlWHERGHQDQJHEUDFKWHQ7\SHQ

VFKLOGHQWVSULFKW

 'HU(LQVDW]YRQQLFKWYRP+HUVWHOOHU]XJHODVVHQHQ9HUOlQJHUXQJVNDEHOQNDQQ

6FKlGHQXQG8QIlOOHYHUXUVDFKHQ

 %HYRU6LHGHQ:DVVHUEHKlOWHUIOOHQGHQ6WHFNHUGHV*HUlWVDXVGHU6WHFNGRVH

]LHKHQ

 :HQQGDV9HUVRUJXQJVNDEHOEHVFKlGLJWLVWPXVVHVYRP+HUVWHOOHURGHUYRP

VHLQHP.XQGHQGLHQVWRGHUDXIMHGHP)DOOYRQHLQHPHQWVSUHFKHQGTXDOL¿]LHU

WHQ7HFKQLNHUHUVHW]WZHUGHQXPMHGHQ5LVLNR]XYHUPHLGHQ

 'LHXQWHU6SDQQXQJVWHKHQGHQ*HUlWHWHLOHGUIHQQLFKWLQ.RQWDNWPLW:DVVHU

NRPPHQHVEHVWHKW.XU]VFKOXJHIDKU

 9RUMHGHU:DUWXQJRGHU5HLQLJXQJGHQ6WHFNHUDXVGHP*HUlW]LHKHQ

 'DV*HUlWQLHLQ:DVVHURGHUDQGHUH)OVVLJNHLWHQWDXFKHQ

 'DV*HUlWQLFKWQHEHQGHPRGHUDXIGDV:DVFKEHFNHQVWHOOHQ



 'HQXQWHUHQ'HFNHOGHV*HUlWVGDUIQLFKWHQWIHUQWZHUGHQ'DV*HUlWHQWKlOW

NHLQHLQQHUH%HVWDQGWHLOHGLHYHUZHQGHWZHUGHQRGHUJHUHLQLJWZHUGHQPVVHQ

6FKDGHQVJHIDKUZHJHQDQGHUHU8UVDFKHQ

 (LQHQ DXVUHLFKHQG EHOHXFKWHWHQ VDXEHUHQ 5DXP ZlKOHQ 'DEHL PXVV GLH

6WURPVWHFNGRVHOHLFKW]XJlQJOLFKVHLQ

 'HQ:DVVHUWDQNQLFKWEHUIOOHQ

 'DV*HUlWQLHXQEHDXIVLFKWLJWODVVHQVRODQJHHVDP6WURPQHW]DQJHVFKORVVHQLVW

 'DV*HUlWDXIHLQHUIHVWHQ8QWHUODJHEHQXW]HQXQGDEVWHOOHQ

 'DV*HUlWGDUIQLFKWYHUZHQGHWZHUGHQZHQQHVJHVWU]WLVWVLFKWEDUH6FKlGHQ

RGHU:DVVHUYHUOXVWHDXIZHLVW'DV*HUlWGDUIQLFKWEHQXW]WZHUGHQZHQQGDV

6WURPNDEHORGHUGHU6WHFNHUEHVFKlGLJWVLQG8PMHJOLFKHV5LVLNRYRU]XEHXJHQ

GUIHQDOOH5HSDUDWXUHQHLQVFKOLHOLFKGHV6WURPNDEHOZHFKVHOVQXUGXUFKGDV

6HUYLFH&HQWHU$ULHWHE]ZDXWRULVLHUWH$ULHWH)DFKWHFKQLNHUGXUFKJHIKUWZHUGHQ

+LQZHLVH]X9HUEUKXQJVJHIDKU

 'HQ'HFNHOGDUIQLFKWJH|IIQHWZHUGHQZHQQGLH.DIIHHDEJDEHOlXIW

 %HYRU6LHZLHGHU:DVVHULQGHQ7DQNIOOHQZDUWHQ6LHELWWHELVGDV*HUlWNKO

LVW9HUEUHQQXQJVJHIDKUZHJHQ+HLZDVVHURGHU'DPSIVSULW]HQ

 :HQQGDV*HUlWHLQJHVFKDOWHWLVWGDUIGLHOHHUH.DQQHQLHDXIGHU+HL]SODWWH

EOHLEHQ(VEHVWHKWGLH*HIDKUGDVVGLH.DQQHEULFKW9HUEUHQQXQJVJHIDKUEHLP

.RQWDNWPLWGHU.DQQH

$FKWXQJ6DFKVFKlGHQ

 'DV*HUlWDXIHLQHUVWDELOHQ2EHUÀlFKHVWHOOHQVRGDVVHVQLFKWXPNLSSHQNDQQ

 'DV*HUlWQLHRKQH:DVVHUYHUZHQGHQGDLQGLHVHP)DOOGLH3XPSHVLFKYHU

EUHQQHQZHUGH

 'HQ:DVVHUEHKlOWHUQLFKWPLWZDUPHPRGHUKHLHP:DVVHUDXIIOOHQ

 'DV*HUlWQLFKWDXIKHLHQ2EHUÀlFKHQRGHULQGHU1lKHYRQRIIHQHQ)ODPPHQ

VWHOOHQXP]XYHUPHLGHQGDVVGDV*HKlXVHEHVFKlGLJWZLUG

 'DV.DEHOGDUIQLFKWPLWGHQKHLHQ*HUlWWHLOHQGHV*HUlWVLQ%HUKUXQJNRP

PHQ

 .HLQ6SUXGHOZDVVHUYHUZHQGHQPLW]XJHIJWHP.RKOHQGLR[\G

 'HQ)LOWHUGDUIPDQDXVVFKOLHOLFKPLW3XOYHUNDIIHHDXIIOOHQ'LHVN|QQWHVFKZH

UH6FKDGHQLP*HUlWYHUXUVDFKHQ

 'LH.DIIHHPDVFKLQHGDUIQLFKWLQ5lXPHQPLW7HPSHUDWXUHQXQWHU&EOHLEHQ

GDGDVUHVWOLFKH:DVVHULP.HVVHOIULHUHQXQG6FKDGHQYHUXUVDFKHQN|QQWH

 'DV*HUlWGDUIQLFKWLP)UHLHQEHQXW]WZHUGHQ

 'DV*HUlWQLFKWGHU:LWWHUXQJDXVJHVHW]WODVVHQ5HJHQ6RQQHXVZ

 =XU3ÀHJHGHV*HUlWHVDOVHUVWHVGHQ6WHFNHUGHV$QVFKOXVVNDEHOVDXVGHU

6WHFNGRVH]LHKHQDQVFKOLHHQGZDUWHQELVDOOH7HLOHDEJHNKOWVLQG'DV*HUlW

DXVVFKOLHOLFKPLWHLQHPQLFKWVFKHXHUQGHPPLWHLQ3DDU7URSIHQPLOGHQ5HLQL



JXQJVPLWWHOQJHWUlQNWHQ7XFKUHLQLJHQNHLQH/|VXQJVPLWWHOQYHUZHQGHQGLHVH

EHVFKlGLJHQGLH3ODVWLN

9RUVLFKWVPDQDKPHQEHLGHU9HUZHQGXQJGHU.DQQH

 'LH.DQQHGDUIQXUPLWGLHVHU.DIIHHPDVFKLQHYHUZHQGHWZHUGHQ'LH.DQQH

GDUI]XU:DUPPDFKHQGHV.DIIHHVDXIHLQHP+HUGRGHUDXIDQGHUHQ+LW]HTXHO

OHQQLFKWYHUZHQGHWZHUGHQ'LH.DQQHLVW]XU(UZlUPXQJGHV.DIIHHVLQGHU

0LNURZHOOHQLFKWJHHLJQHW

 'LH.DQQHGDUIQXUDXIGHU+HL]SODWWHGHV*HUlWVYHUZHQGHWZHUGHQ

 8PGLH.DQQHQLFKW]XEHVFKlGLJHQVLHPLW9RUVLFKWKHEHQ'LH.DQQHGDUI

QLFKWJHJHQDQGHUH*HJHQVWlQGHVWRHQ(VEHVWHKWGLH*HIDKUGDVVGDV*ODV

EULFKW:lKUHQGGDV$XIIOOHQGHU.DQQHPLW:DVVHUQLFKWJHJHQGHQ:DVVHU

KDKQVWRHQ

 'LHOHHUH.DQQHGDUIQLFKWDXIKHLH)OlFKHQJHVWHOOWZHUGHQ

 'LHOHHUH.DQQHGDUIQLFKWDXINDOWHQRGHUQDVVHQ)OlFKHQJHVWHOOWZHUGHQ%H

YRUPDQGLH.DQQHZlVFKVWRGHUVLHPLWIULVFKHP:DVVHUDXIIOOWVROOPDQZDU

WHQELVVLHNKOLVW

 'LH .DQQH GDUI QLFKW PLW 0HWDOOVFKZlPPHQ VFKHXHUQGHQ 5HLQLJXQJVPLWWHOQ

RGHUDQGHUHQ6WRIIHQJHUHLQLJWZHUGHQGLHGDV*ODVNUDW]HQN|QQWHQ

 :HQQGLH.DQQH]XODQJHWURFNHQJHKHL]WZXUGHGDUIVLHQLFKWYHUZHQGHWZHU

GHQ,QGLHVHP)DOOHVROOVLHPLWHLQHUDQGHUHQ2ULJLQDONDQQHHUVHW]WZHUGHQ

',(%(',(181*6$1/(,781*67(76*87$8)%(:$+5(1

*(5b7(%(6&+5(,%81*

$.DQQH ..DEHO$XIZLFNHOIDFK

%*ULIIGHU.DUDIIH / 6WURPNDEHO6WHFNHU

&.DUDIIHQGHFNHO 0:DUPKDOWHSODWWH

'$EJDEHWOOH 1$Q]HLJH

(6LW]GHV)LOWHUKDOWHUV 202'(

):DVVHUEHKlOWHU 36(7

*:DVVHUVWDQGDQ]HLJH 4$872

+.DIIHH¿OWHU 5.QRSI]XU(LQVWHOOXQJGHU6WXQGHQ+5

, (QWIHUQEDUHU)LOWHUKDOWHU 6.QRSI]XU(LQVWHOOXQJGHU0LQXWHQ0,1

- 'HFNHOGHV:DVVHUEHKlOHUUV

7.QRSI]XU.DIIHHDEJDEH

]XP$XVVFKDOWHQ

,GHQWLÀNDWLRQVDQJDEHQ

$XIGHP7\SHQVFKLOGXQWHUGHU*HUlWEDVLVVLQGIROJHQGHQ,GHQWL¿NDWLRQVGDWHQDQJHJHEHQ

 +HUVWHOOHUXQG(&0DUNLHUXQJ

 0RGHOO0RG

 6HULHQQXPPHU61

 9HUVRUJXQJVVSDQQXQJ9XQG)UHTXHQ]+]

 /HLVWXQJVDXIQDKPH:

 *UDWLVQXPPHU.XQGHQGLHQVW



)UHYHQWXHOOH$QIUDJHQDQ GHQDXWRULVLHUWHQ 6HUYLFH&HQWHUVROOHQ 0RGHOOXQG6HULHQQXPPHU

DQJHJHEHQZHUGHQ

*(%5$8&+6$1:(,681*(1

,QEHWULHEQDKPH

 hEHUSUIHQREGLH1HW]VSDQQXQJGHU+DXVLQVWDOODWLRQGHQ$QJDEHQDXIGHP7\SHQVFKLOGGHV

*HUlWVHQWVSULFKW

 'DV9HUSDFNXQJVPDWHULDOGHV*HUlWVLQQHQXQGDXHQHQWIHUQHQ

 'DV*HUlWGDQQDXIHLQHÀDFKH8QWHUODJHVWHOOHQ'DV*HUlWPLQFPYRQ:lQGHQ0|EHOQ

RGHUDQGHUHQ*HUlWHQHQWIHUQWVWHOOHQ

$FKWXQJ

(VEHVWHKWGLH*HIDKUGDVVGLH6WHOOÀlFKHGHV*HUlWVEHVFKlGLJWZLUG'LHKRKH7HPSHUDWXU

GHV*HUlWVNDQQGLH6WHOOÀlFKHSODVWL¿]LHUHQ(LQHQ/DSSHQRGHUHLQHNOHLQH7LVFKGHFNH

]ZLVFKHQGHP*HUlWXQGGHU6WHOOÀlFKHHLQVFKLHEHQ

$FKWXQJ

6WURPEHUODVWXQJVJHIDKU.XU]VFKOXVVJHIDKUZHQQPDQPHKUHUH*HUlWHDQHLQHHLQ]LJH

6WHFNGRVHDQVFKOLHW'DV*HUlWPXVVDQHLQH6WHFNGRVHDQJHVFKORVVHQZHUGHQDQGHU

NHLQHDQGHUH*HUlWHDQJHVFKORVVHQVLQG

 'LH.DQQHVSOHQGHQHQWIHUQEDUHQ)LOWHUKDOWHUXQGGHQ.DIIHH¿OWHUPLWZDUPHQ:DVVHUXQG

6HLIHZDVFKHQ$OOH7HLOHVSOHQXQGDEWURFNQHQ

 'HQHQWIHUQEDUHQ)LOWHUKDOWHULQVHLQHQ6LW]HLQVWHFNHQ$EE

'DVDXIGHP%RGHQGHVHQWIHUQEDUHQ)LOWHUKDOWHUVHLQJHVHW]WH9HQWLOPXVVLQGDVPLWWOHUH

/RFKGHV)LOWHUKDOWHUVLW]HLQJHVWHFNWZHUGHQ

(UVWHV(LQVFKDOWHQ

%HLGHUHUVWHQ,QEHWULHEQDKPHRGHUQDFKHLQHUODQJHQ%HWULHEVSDXVHHPSÀHKOWPDQPLQ

GHVWHQV]ZHL:DVVHUNDQQHQDXVGHP.HVVHOZDVVHUNUHLVDXVÁLHHQ]XODVVHQ

 'HQ:DVVHUWDQNPLWIULVFKHP1DWXUZDVVHU$EEELV]XUPLWJHNHQQ]HLFKQHWHQ1LYHDX

DXIIOOHQ'DV1LYHDXHQWVSULFKWGHPPD[LPDOHQ:DVVHUVWDQGXQGGHUPD[LPDOHQ$Q]DKO

.DIIHHWDVVHQ'HQ7DQNGHFNHOVFKOLHHQ

1,(0$/6GHQ7DQNEHUGHQ+|FKVWIOOVWDQGIOOHQ

)UGLHVHQ6SOJDQJGHQ.DIIHHÀOWHUQLFKWLQGHQ)LOWHUKDOWHUHLQVWHFNHQ

 $QVFKOLHHQGGHQ6WHFNHULQHLQH6WHFNGRVHPLW(UGOHLWXQJVWHFNHQ

 'LHOHHUH.DQQHDXIGLHHOHNWULVFKH+HL]SODWWHVWHOOHQ06WHOOHQ6LHVLFKHUGDVVGDV6WURP

YHQWLOLQGHQ.DQQHQGHFNHONRUUHNWHLQJHVWHFNWLVW

 'HQ.DIIHHDEJDEHNQRSI GUFNHQ:DUWHQELVGDVJDQ]HLP7DQNHQWKDOWHQH:DVVHULQGLH

.DQQHDXVJHÀRVVHQLVW0LQXWHQZDUWHQXPGDV*HUlWDENKOHQ]XODVVHQ

 'HQ9RUJDQJPLWHLQHU]ZHLWHQ:DVVHUNDQQHZLHGHUKROHQ:DUWHQELVGDVJDQ]HLP7DQNHQW

KDOWHQH:DVVHULQGLH.DQQHDXVJHÀRVVHQLVW

-HW]WNDQQPDQGDV*HUlWYRUEHUHLWHQXQGGLHHUVWH.DIIHHNDQQHEUKHQ



9RUEHUHLWXQJGHV*HUlWV

9RUGHP(LQVFKDOWHQGHV%JHOHLVHQVVLFKHUVWHOOHQGDVVDXVUHLFKHQG:DVVHULP7DQNLVW

9RUP1DFKIOOHQYRQ:DVVHUVWHWVGHQ6WHFNHUGHV$QVFKOXVVNDEHOVDXVGHU6WHFNGRVH

]LHKHQ

 'HQ'HFNHOGHV%HKlOWHUV-|IIQHQ'LH:DVVHUVWDQGDQ]HLJH*LVWPLWJUDGXLHUWHQ0DUNLH

UXQJYRQELVYHUVHKHQ-HGH1XPPHUHQWVSULFKWHLQHU$Q]DKOYRQ.DIIHHWDVVHQ'LH.DQQH

PLWIULVFKHP1DWXUZDVVHUIOOHQ'DV:DVVHULQGHQ7DQNELV]XPJHZQVFKWHQ6WDQGIU

.DIIHHWDVVHQXQGIU.DIIHHWDVVHQDXIIOOHQ

 'LHOHHUH.DQQHDXIGLHHOHNWULVFKH+HL]SODWWHVWHOOHQ0



$FKWXQJ

:HQQGDV*ODVRGHUGHU*ULIIGHU.DQQHEHVFKlGLJWLVWGDUIGLHVHQLFKWYHUZHQGHWZHUGHQ

9HUEUHQQXQJVJHIDKUEHLP.RQWDNWPLWGHPKHLHQ.DIIHHZHJHQHLQHV.DQQHQEUXFKV

.HLQH2EMHNWHDXIGHQ'HFNHOVWHOOHQZlKUHQGGDV*HUlWLQ%HWULHELVW

$FKWXQJ

'HQ'HFNHOGDUIQLFKWJH|IIQHWZHUGHQZHQQGLH.DIIHHDEJDEHOlXIW9HUEUHQQXQJVJHIDKU

ZHJHQ+HLZDVVHURGHU.DIIHHVSULW]HQ

 'HQ.DIIHH¿OWHULQGHQ)LOWHUKDOWHUHLQVHW]HQ'HQ.DIIHHLQGHQ)LOWHUKDOWHUGRVLHUHQ(LQH7DVVH

.DIIHHHQWVSULFKWHLQHPJHVWULFKHQHP(VVO|IIHO3XOYHUNDIIHH

 'HU*ULIIGHV.DIIHH¿OWHUVHQNHQ'HQ7DQNGHFNHOVFKOLHHQ

 $QVFKOLHHQGGHQ6WHFNHULQHLQH6WHFNGRVHPLW(UGOHLWXQJVWHFNHQ'DV'LVSOD\VFKDOWHWVLFK

HLQXQG8KU]HLW$0 IlQJWDQ]XEOLQNHQ'LH+5XQG0,17DVWHQ]XU(LQVWHOOXQJGHU

ORNDOHQ8KU]HLWYHUZHQGHQ6(/GUFNHQXP]XEHVWlWLJHQ:HQQNHLQH7DVWHJHGUFNWZLUG

VFKDOWHWVLFKGDV*HUlWQDFK6HNXQGHQDXV

 =XP6WDUWGHV.DIIHHDEJDEHYRUJDQJVGLH.DIIHHWDVWH GUFNHQ'HQ.DIIHHDXVÀXVVLQGLH

.DQQHZDUWHQELV]XP(QGHGHVDXVJHZlKOWHQ9RUJDQJHV$Q]DKO7DVVHQ

 ',(.$))(($%*$%(.$11$8&+925'(0925*$1*6(1'(*(672337:(5'(1

 'LH7DVVHKHUDXV]LHKHQVLHKH3DXVH)XQNWLRQ]XP6HUYLHUHQGHV.DIIHHV

 'HQ.DIIHHNQRSIGUFNHQELVHLQ%HHSDXVGHP*HUlWHUW|QWXQGGLH/HLFKWDQ]HLJHGHUHQW

VSUHFKHQGHQ7DVWHHUOLVFKW

1DFKGHPDXWRPDWLVFKHQRGHUJHZQVFKWHQ$XVVFKDOWHQIlQJWGLH+HL]SODWWHVLFK]XHUZlUPHQ

'HQ.DQQHGHFNHODXIGHU.DQQHODVVHQGDPLWGHU.DIIHHZDUPEOHLEWXQGGHQ.DIIHHRKQH

9HUEUKXQJVJHIDKUVHUYLHUWZHUGHQNDQQ

 )DVVHQ6LHGLH.DQQHQXUDQLKUHP*ULII'LH.DQQHOHLFKWQHLJHQXQGGHQ.DIIHHLQGLH7DVVHQ

VFKHQNHQ

 'HQ.DIIHHNQRSI GUFNHQXQGORVODVVHQXPGDV*HUlWDXV]XVFKDOWHQ

'DV*HUlWQLFKWEHZHJHQZHQQGLH.DQQHRGHUGHQ7DQNKHLH)OVVLJNHLWHQHQWKDOWHQ

:DUWHQELVGDV*HUlWNKOLVW

'LHLQGLH.DQQHDEJHJHEHQH:DVVHUPHQJHLVWHWZDVZHQLJHULP9HUJOHLFK]XGHULP7DQN

JHJRVVHQHQ:DVVHUPHQJH(WZDV:DVVHUZLUGYRQ GHU.DIIHHSXOYHUXQG YRP )LOWHUJH

VDXJW



6WXQGHQHLQVWHOOXQJ

 'LH7DVWH+5GUFNHQXPGLH6WXQGHQHLQ]XVWHOOHQ'LH7DVWH+5GUFNHQXQGJHGUFNWKDOWHQ

XPGLHJHZQVFKWHQ8KULQ6WXQGHQVFKQHOOHUHLQ]XVWHOOHQ

 'LH7DVWH 0,1GUFNHQXP GLH0LQXWHQHLQ]XVWHOOHQ 'LH7DVWH 0,1GUFNHQXQG JHGUFNW

KDOWHQXPGLHJHZQVFKWHQ0LQXWHQVFKQHOOHUHLQ]XVWHOOHQ

 :HQQGLHJHZQVFKWHQ8KU]HLWNRUUHNWLVWGLH7DVWH6(/$XVZDKOGUFNHQ'DV*HUlWJLEW

HLQHQ%HHSDXV

 8PGLH8KU]HLWZLHGHUHLQ]XVWHOOHQGLH7DVWH02'(VHFKVPDOGUFNHQELVGDV6\PERO



EOLQNW'LH7DVWH6(/GUFNHQ'LH8KU]HLWIlQJWDQ]XEOLQNHQ-HW]WNDQQPDQGLH8KU]HLWZLH

REHQEHVFKULHEHQHLQVWHOOHQ

(LQVWHOOHQGHVDXWRPDWLVFKHQ9RUJDQJHV

'LH7DVWH$872JHGUFNWKDOWHQELVDXIGHP'LVSOD\GLH$Q]HLJH352*5$00]XVDPPHQPLW

GHP6\PERO EOLQNW1DFKGHP0HWKRGH]XU(LQVWHOOXQJHQGHU6WXQGHQYRUJHKHQXP6WXQGHQ

XQG0LQXWHQHLQ]XVWHOOHQ=XU%HVWlWLJXQJGLH7DVWH$872RGHU6(/GUFNHQ'DV*HUlWJLEWHL

QHQ%HHSDXVXQGDXIGHP'LVSOD\HUVFKHLQWGLHDNWXHOOH8KU]HLWXQGGDV7LPHU6\PERO 'DV

*HUlWVWDUWHWGHQ.DIIHHDEJDEHYRUJDQJ]XUHLQJHVWHOOWHQ=HLW

8PGLH3ODQXQJXQGGLHGH¿QLHUWHQ(LQVWHOOXQJHQ]XUFN]XVHW]HQHLQIDFKGLH7DVWH$872QRFK

PDOVGUFNHQ

(LQVWHOOXQJGHU.DIIHHVWlUNH

'DV*HUlWLVWPLWHLQHU)XQNWLRQYHUVHKHQPLWGHUGLH.DIIHHVWlUNHMHQDFKLQGLYLGXHOOHP*H

VFKPDFNHLQJHVWHOOWZHUGHQNDQQ

1RUPDO

'LH7DVWH02'(HLQPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQNHQ

'LH7DVWH6(/]XU%HVWlWLJXQJGUFNHQ'LHVH%HWULHEVDUWHQWVSULFKWGHU

:HUNHLQVWHOOXQJ

0LWWHO

'LH7DVWH02'(]ZHLPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQ

NHQ'LH7DVWH6(/]XU%HVWlWLJXQJGUFNHQ'DV6\PERO UHJHOWGLH

$EJDEHPLW GHU9RUDXVVHW]XQJGDVV GLH0HQJHHLQHU .DIIHHNDQQH]X

EUKHQVHL'DUDXVHUJLEWVLFKHLQDURPDWLVFKHU.DIIHH

6WDUN

'LH7DVWH02'(GUHLPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQ

NHQ'LH7DVWH6(/]XU%HVWlWLJXQJGUFNHQ'DV6\PERO UHJHOW

GLH$EJDEHXQGGLH,QIXVLRQV]HLWPLWGHU9RUDXVVHW]XQJGDVVGLH0HQJH

HLQHU.DIIHHNDQQH]XEUKHQVHL'DUDXVHUJLEWVLFKHLQVWlUNHUHU.DIIHH

%HWULHEVDUW7DV

VHQ

'LH7DVWH02'(YLHUPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQ

NHQ'LH7DVWH6(/]XU%HVWlWLJXQJGUFNHQ'LH%HWULHEVDUW7DVVHQ

HUP|JOLFKWHVGHQ.DIIHHIUPD[LPDO7DVVHQYRU]XEHUHLWHQ,P:DV

VHUWDQNGDUIQXUHLQH0HQJH:DVVHUDXIJHIOOWZHUGHQGDVELV]XU0DUNH

7DVVHQUHLFKW'DV6\PERO UHJHOWGLH$EJDEHDXWRPDWLVFKXP

GDVPD[LPDOH*HVFKPDFNIUNOHLQH.DIIHHPHQJH]XHUUHLFKHQ,GHDOIU

PD[LPDOH.DIIHHWDVVHQ

:HQQLP7DQNPHKU:DVVHUYRUKDQGHQLVWGDXHUWGLH$EJDEHELV

GDVJDQ]H:DVVHULQGLH.DQQHDEJHJHEHQZLUG

1DFKGHU$XVZDKOGHUJHZQVFKWHQ(LQVWHOOXQJGLH7DVWH.DIIHGUFNHQ 'DV*HUlWJLEWHLQHQ



%HHSDXVXQGGLH.DIIHHDEJDEHVWDUWHW

3DXVH)XQNWLRQ]XP6HUYLHUHQGHV.DIIHHV

8PGHQ.DIIHHYRUGHP(QGHGHV.DIIHHDEJDEH]XPVHUYLHUHQNDQQPDQHLQIDFKGLH.DQQHDXV

GHU+HL]SODWWHQHKPHQ

8PGLH.DQQHKHUDXVQHKPHQZDUWHQ6LHELWWHELVPLQGHVWHQV7DVVHQDEJHJHEHQVLQG

'LH.DIIHHDEJDEHVWRSSWDXWRPDWLVFKIU6HNXQGHQ8PGLH$EJDEHIRUW]XIKUHQGLH.DQQH

DXIGHU+HL]SODWWHVWHOOHQ

$FKWXQJ

9HUEUHQQXQJVJHIDKUEHLP.RQWDNWPLWGHPKHLHQ.DIIHHGHUDXVGHU$EJDEHWOOHDXVÀLHW

'LH.DQQHPXVVLQQHUKDOEYRQ6HNXQGHQQDFKGHPVLHKHUDXVJHQRPPHQZXUGHZLHGHU

DXIGHU+HL]SODWWHJHVWHOOWZHUGHQ

)XQNWLRQIUGDVDXWRPDWLVFKH$XVVFKDOWHQ

,VWGDV*HUlWHLQJHVFKDOWHWZLUGHVDEHUQLFKWJHEUDXFKWVRDNWLYLHUWVLFKQDFKFD0LQXWHQ

GLH)XQNWLRQIUGDVDXWRPDWLVFKH$XVVFKDOWHQ'LH)XQNWLRQVFKDOWHWGDV6WDQGE\0RGXVIUGDV

*HUlWHLQXQGDOOH+HL]IXQNWLRQHQDXV

'LH9RUEHUHLWXQJHLQHU]ZHLWHQ.DIIHHNDQQH

'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV'HQ6WHFNHUDXVGHU6WURPVWHFNGRVH

]LHKHQ

$FKWXQJ

9HUEUHQQXQJVJHIDKUZHJHQ+HLZDVVHURGHU'DPSIVSULW]HQ%HYRU6LHZLHGHU:DVVHULQ

GHQ7DQNIOOHQZDUWHQ6LHELWWHPLQGHVWHQV0LQXWHQ:DUWHQELVDOOHZDUPHQ7HLOHGHV

*HUlWVNKOVLQG

9RUGHP6WDUWGHV.DIIHHDEJDEHVWHOOHQ6LHELWWHVLFKHUGDVVLP7DQNDXVUHLFKHQG:DVVHU

YRUKDQGHQLVW:HQQGDV:DVVHUXQWHUGHPPLQLPDOHQ6WDQGLVWVROOPDQGLH.DIIHHDEJDEH

QLFKWVWDUWHQ

 'HQ*HUlWHGHFNHO|IIQHQ'HU*ULIIGHV.DIIHH¿OWHUKHEHQ'HQ.DIIHH¿OWHUDXVGHP)LOWHUKDOWHU

KHUDXV]LHKHQ'LH.DIIHHUHVWHDXVGHP)LOWHUHQWIHUQHQ

 'HQ)LOWHUKDOWHUDXVGHP*HUlWHQWIHUQHQ'LH.DQQHXQGGHQ)LOWHUKDOWHUPLWIULVFKHP:DVVHU

'HQ7DQNPLWIULVFKHP1DWXUZDVVHUELV]XPJHZQVFKWHQ)OOVWDQGDXIIOOHQ

 'LHOHHUH.DQQHDXIGLHHOHNWULVFKH+HL]SODWWHVWHOOHQ0

 'HQ)LOWHUKDOWHULQVHLQHQ6LW]HLQVWHFNHQ$EE'HQ.DIIHH¿OWHULQGHQ)LOWHUKDOWHUHLQVHW]HQ

$EE'HQ.DIIHHLQGHQ)LOWHUKDOWHUGRVLHUHQ(LQH7DVVH.DIIHHHQWVSULFKWHLQHPJHVWULFKH

QHP(VVO|IIHO3XOYHUNDIIHH

 'HQ'HFNHOVFKOLHHQ'HQ6WHFNHULQGLH6WHFNGRVHVWHFNHQ

 'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVWDUWHWGHQ.DIIHHDEJDEHYRUJDQJ

1h7=/,&+(5$76&+/b*(=85925%(5(,781*(,1(6*87(1.$))((

 8PHLQHQJXWHQ.DIIHHYRU]XEHUHLWHQPXVVPDQGDV*HUlWVDXEHUKDOWHQ'LH5HLQLJXQJXQG

GLH(QWNDONXQJVROOHQUHJHOPlLJZLHLP$EVDW]5HLQLJXQJGHV*HUlWVHUIROJHQ

 ,PPHUIULVFKHV:DVVHUYHUZHQGHQ

 0LWIHLQHU JHPDKOHQHQ.DIIHHVRUWHQZLUG HLQHQUHLFKKDOWLJHUHQ .DIIHHYRUEHUHLWHW %HLHLQHU



UHJHOPlLJHUHQ0DKOYRUJDQJ EHQ|WLJWPDQ PHKU.DIIHHXP GDVJHZRKQWH*HVFKPDFN ]X

HUODQJHQGDVPDQQRUPDOHUZHLVHPLWIHLQHUJHPDKOHQHQ.DIIHHVRUWHQYRUEHUHLWHW

 'LH.DIIHHSXOYHUIULVFKXQGWURFNHQ ODJHUQ'LHDQJHEURFKHQHQ 3DFNXQJHQLP .KOVFKUDQN

KHUPHWLVFKJHVFKORVVHQKDOWHQ

 8PHLQHQRSWLPDOHQ*HVFKPDFN]XHUODQJHQLVWHVEHVVHUGHQ.DIIHHLQ%RKQHQ]XNDXIHQXQG

LKQGDQQYRUGHU9RUEHUHLWXQJ]XPDKOHQ

 'HU HUZlUPWH .DIIHHKDW HLQ QLFKW RSWLPDOHV *HVFKPDFN 'HU .DIIHH KDW VHLQ EHVWHV *H

VFKPDFNJOHLFKQDFKGHU9RUEHUHLWXQJ

 'DV9RUKDQGHQVHLQNOHLQHUHUgOWURSIHQDXIGHU.DIIHHÀlFKHLVWGHUYHUOlQJHUWHQ9HUZHQGXQJ

YRQJHEUDWHQHQ/|VXQJHQ]XUFN]XIKUHQ'LH5HLQLJXQJUHJHOPlLJGXUFKIKUHQ

3)/(*('(6*(5b7(6

'LHVHV*HUlWEHQ|WLJHLQHQLHGULJH:DUWXQJ(VHQWKlOWNHLQHYRP%HQXW]HUUHSDULHUEDUHQ7HLOH

-HGHU(LQJULIIGHUGDV$XVEDXHQYRQ*HUlWVWHLOHQEHQ|WLJWPXVVYRQHLQHPDXWRULVLHUWHQ6HUYLFH

&HQWHUGXUFKJHIKUWZHUGHQ

$FKWXQJ

%HLDOOHQQDFKVWHKHQGDXIJHIKUWHQ5HLQLJXQJVXQG3ÀHJHDUEHLWHQPXVVGDV*HUlWDXVJH

VFKDOWHWXQGGHU6WHFNHUDXVGHU6WHFNGRVHJH]RJHQVHLQ

$FKWXQJ

(LQHJXWH3ÀHJHXQGUHJHOPlLJH5HLQLJXQJODVVHQGDV*HUlWEHUHLQHQOlQJHUHQ=HLW

UDXPJXWIXQNWLRQLHUHQ'LH*HUlWHWHLOHQLFKWLQGHU6SOPDVFKLQHVSOHQ.HLQHQGLUHNWHQ

:DVVHUVWUDKOYHUZHQGHQ

$FKWXQJ

-HGHQ(LQJULIIVROODXIGHPNDOWHQ*HUlWDXVJHIKUWZHUGHQ

5HLQLJXQJGHV)LOWHUVXQGGHV)LOWHUKDOWHUV

1DFKMHGHU9HUZHQGXQJGHQ.DIIHH¿OWHUDXVGHP)LOWHUKDOWHUKHUDXV]LHKHQ'LH.DIIHHUHVWHDXV

GHP)LOWHUHQWIHUQHQ'HQ)LOWHUPLWIULVFKHP:DVVHUVSOHQ'HQ)LOWHUKDOWHUKHUDXV]LHKHQXQGLKQ

PLWZDUPHQ:DVVHUXQG6HLIHZDVFKHQ

5HLQLJXQJGHU.DUDIIH

$FKWXQJ

8PGLH.DQQHQLFKW]XEHVFKlGLJHQVLHPLW9RUVLFKWKHEHQ'LH.DQQHGDUIQLFKWJHJHQ

DQGHUH*HJHQVWlQGHVWRHQ(VEHVWHKWGLH*HIDKUGDVVGDV*ODVEULFKW:lKUHQGGDV

$XIIOOHQGHU.DQQHPLW:DVVHUQLFKWJHJHQGHQ:DVVHUKDKQVWRHQ

'LH.DQQHPLWZDUPHQ:DVVHUXQG6HLIHVSOHQ'HQ.DQQHQGHFNHOZDVFKHQ'DEHLGLH.DIIHH

UHVWHPLWHLQHU%UVWHQHQWIHUQHQ'LH.DQQHPLWHLQHUZHLFKHQXQGIHXFKWHQ/DSSHQUHLQLJHQ

XPGLH*ODVÀlFKHQLFKW]XEHVFKlGLJHQ.HLQH0HWDOOVFKZlPPHRGHUDQGHUHVFKHXHUQGHQ0LWWHO

YHUZHQGHQ

5HLQLJXQJGHV:DVVHUEHKlOWHUV

0DQHPS¿HKOWGDV,QQHUHGHV*HUlWHVPLWHLQHP6FKZDPPRGHUHLQHPZHLFKHQ7XFKUHJHOPlLJ

]XUHLQLJHQ



5HLQLJXQJGHV*HUlWVN|USHUV

$FKWXQJ

'LHIHVWHQ7HLOHGHV*HUlWVPLWHLQHPIHXFKWHQQLFKWVFKHXHUQGHQ7XFKUHLQLJHQXPGDV

*HKlXVHQLFKW]XEHVFKlGLJHQ

6(/%675(,1,*81*

'DV*HUlWPLQGHVWHQVHLQPDOLP0RQDWUHLQLJHQ

:HQQ6LHHLQHQ:DVVHU¿OWHUVHSDUDWHUKlOWOLFKJHNDXIWKDEHQ]LHKHQ6LHLKQYRUGHPDXWRPDWL

VFKHQ5HLQLJXQJVYRUJDQJDXVGHP7DQNKHUDXV

 'LH.DQQHPLWHLQHU/|VXQJDXV7DVVHQ:HLHVVLJXQG7DVVHQIULVFKHQ:DVVHUIOOHQ'HQ

7DQNPLWGHU/|VXQJIOOHQ

 'HQ7DVVHQ3DSLHU¿OWHULQGHQ)LOWHUKDOWHUHLQVWHFNHQ'HQ'HFNHOVFKOLHHQ

 'LH7DVWH02'(IQIPDOGUFNHQ'DV6\PERO IlQJWDQ]XEOLQNHQ'LH7DVWH6(/]XU

%HVWlWLJXQJGUFNHQ

 'LH.DIIHWDVWHGUFNHQ 'DV*HUlWJLEWHLQHQ%HHSDXVXQGGHU6HOEVWUHLQLJXQJVYRUJDQJ

VWDUWHW(LQ7HLOGHU/|VXQJZLUGLQGLH.DQQHDEJHJHEHQZlKUHQGGHU5HVWLQGHQ*HUlWHNUHL

VHQIUFD0LQXWHQEOHLEWEHYRUVLHLQGLH.DQQHNRPSOHWWDXVÀLHW'HUJDQ]H6HOEVWUHLQL

JXQJVYRUJDQJGDXHUW0LQXWHQ6REDOGGHU6HOEVWUHLQLJXQJVYRUJDQJEHHQGHWLVWJLEWGDV

*HUlWHLQHQ%HHSKHUDXVXQGVFKDOWHWVLFKDXWRPDWLVFKDXV

 'LH.DQQHPLWIULVFKHP:DVVHUVSOHQ

9RUGHU.DIIHHYRUEHUHLWXQJ.DQQHQPLWQXUIULVFKHQ1DWXUZDVVHUDEJHEHQ'LHVHQW

IHUQWHYHQWXHOOH:DVVHUXQG(VVLJUHVWHDXVGHP*HUlW

(17.$/.81*

*XWHXQGUHJHOPlLJH:DUWXQJVXQG5HLQLJXQJVHLQJULIIHVFKW]HQXQGHUKDOWHQGDV*HUlWIU

HLQHOlQJHUH=HLWZLUNVDPXQGVFKUlQNHQGDV5LVLNRYRQ.DONDEODJHUXQJHQVWDUNHLQ.RPPWWURW]

GHU:DUWXQJVXQG5HLQLJXQJVHLQJULIIHQDFKHLQHUJHZLVVHU=HLW]X%HWULHEVVW|UXQJHQLP)ROJH

YRQGHPKlX¿JHQ*HEUDXFKYRQKDUWHPXQGNDONKDOWLJHQ:DVVHUVRNDQQPDQGDV*HUlWHQWNDO

NHQXPGLH%HWULHEVVW|UXQJ]XEHVHLWLJHQ'D]XYHUZHQGHQ6LHDXVVFKOLHOLFKGDV=LWUXVVlXUH

(QWNDONXQJVPLWWHO12&$/YRQ$ULHWH'LHVHV3URGXNWLVWEHLGHQ7HFKQLVFKHQ6HUYLFHFHQWHUQYRQ

$ULHWHHUKlOWOLFK$ULHWHEHUQLPPWNHLQH9HUDQWZRUWXQJIU6FKDGHQDQGHQLQQHUHQ%HVWDQGWHLOHQ

GHU.DIIHHPDFKLQHGLHGXUFKGHQ*HEUDXFKYRQQLFKWNRQIRUPHQ3URGXNWHQZHJHQGDV9RUKDQ

GHQVHLQYRQFKHPLVFKHQ=XVDW]PLWWHOQYHUXUVDFKWZHUGHQ

'LH(QWNDONXQJHLQPDOLP0RQDWGXUFKIKUHQ:HQQGDV:DVVHUVHKUKDUWXQGNDONKDOWLJLVW

GLH5HLQLJXQJMHGHU]ZHL:RFKHQDXVIKUHQ

 'LH.DQQHPLWHLQHU/|VXQJDXV7DVVH:HLHVVLJXQG7DVVHQIULVFKHQ:DVVHUIOOHQ

 'HQ7DQNPLWGHU/|VXQJIOOHQ

 'HQ$EJDEHYRUJDQJVWDUWHQXQGZDUWHQELVGLH.DQQHELV]XU+lOIWHJHIOOWLVW

 'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV

(VLVWQRUPDOGDVVEHLP:DUWHQDXIGHQ'DPSINOHLQH'DPSIVW|HDXVWUHWHQN|QQHQ

 :HQQGDV:DVVHUQLFKWPHKULQGLH.DQQHDXVÀLHWNDQQPDQGLH.DQQHKHUDXVQHKPHQ'DV

:DVVHU0LQXWHQDENKOHQODVVHQ



 'HQ7DQNPLWGHULQGHU.DQQHYRUKDQGHQHQ/|VXQJIOOHQ'HQ'HFNHOVFKOLHHQ'LH.DQQH

DXIGLH+HL]SODWWHVWHOOHQ

 'HQ$EJDEHYRUJDQJQRFKPDOVVWDUWHQXQGZDUWHQELVGLH.DQQHNRPSOHWWJHIOOWLVW:HQQGDV

:DVVHUQLFKWPHKULQGLH.DQQHDXVÀLHWNDQQPDQGLH.DQQHKHUDXVQHKPHQ

 'LH.DIIHWDVWHGUFNHQ 'DV*HUlWVFKDOWHWVLFKDXV

 0LQXWHQZDUWHQXPGDV*HUlWDENKOHQ]XODVVHQ6WHOOHQ6LHELWWHVLFKHUGDVVGHU)LOWHULP

)LOWHUKDOWHUVWHFNW

'LH.DQQHPLWIULVFKHP1DWXUZDVVHUIOOHQXQGGHQ$EJDEHYRUJDQJZLHGHUKROHQXPGLHLQQH

UHQ*HUlWHNUHLVHQ]XVSOHQ$P(QGHGHV6SOYRUJDQJHVGLH.DIIHHWDVWH

GUFNHQXP

GDV*HUlWDXV]XVFKDOWHQ'LH.DQQHDXVOHHUHQ

'LH.DQQHVSOHQGHQHQWIHUQEDUHQ)LOWHUKDOWHUXQGGHQ.DIIHH¿OWHUPLWZDUPHQ:DVVHUXQG

6HLIHZDVFKHQ$OOH7HLOHDEWURFNQHQ

:HQQGDV*HUlWNKOLVWGLH$XHQVHLWHQPLWHLQHPZHLFKHQ/DSSHQZLVFKHQ

'DV*HUlWDXIEHZDKUHQ

 'HQ6WHFNHUDXVGHU6WHFNGRVH]LHKHQ

 'DV*HUlWLQHLQHUNKOHQXQGWURFNHQHQ6WHOOHDXIEHZDKUHQ

'DV*HUlWQLHLP6WDQGE\0RGXVPLWDQJHVFKORVVHQHQ6WURPVWHFNHUODVVHQ

$866(5%(75,(%6(7=81*

)UGLH$XHUEHWULHEVHW]XQJGDV*HUlWHOHNWULVFKDXVVFKDOWHQGHQ:DVVHUWDQNXQGGLH.DQQH

HQWOHHUHQ'LH5HLQLJXQJGHU7HLOHDXVIKUHQVLHKH$EVFKQLWW5HLQLJXQJGHV*HUlWV,P)DOOH

GHU9HUVFKURWWXQJVLQGGLHXQWHUVFKLHGOLFKHQIUGLH+HUVWHOOXQJGHV*HUlWHVYHUZHQGHWHQ6WRIIHQ

]XWUHQQHQXQGHQWVSUHFKHQGLKUHU=XVDPPHQVWHOOXQJXQGGHULQGHU9HUZHQGXQJVODQGJHOWHQGHQ

1RUPHQ]XHQWVRUJHQ



$3523Ð6,72'((67(0$18$/

$XQTXHORVDSDUDWRVKD\DQVLGRUHDOL]DGRVVHJ~QODV1RUPDWLYDVHXURSHDVHVSHFL¿FDVYLJHQWHV

\HVWpQSRUORWDQWRSURWHJLGRVHQWRGDVODVSDUWHVSRWHQFLDOPHQWHSHOLJURVDVOHDQFRQDWHQFLyQ

HVWDVDGYHUWHQFLDV\XWLOLFHQHODSDUDWRVyORSDUDHOXVRDOTXHKDVLGRGHVWLQDGRSDUDHYLWDUDF

FLGHQWHV\GDxRV7HQHUVLHPSUHDODOFDQFHHVWHPDQXDOSDUDIXWXUDVFRQVXOWDV6LTXLHUHQFHGHU

HVWHDSDUDWRDRWUDVSHUVRQDVUHFXHUGHQLQFOXLUWDPELpQHVWDVLQVWUXFFLRQHV/DVLQIRUPDFLRQHV

FRQWHQLGDVHQHVWHPDQXDOHVWiQPDUFDGDVSRUORVVLJXLHQWHVVtPERORVTXHLQGLFDQ

3HOLJURSDUDORVQLxRV

3HOLJURGHELGRDHOHFWULFLGDG

3HOLJURGHGDxRVGHELGRVDRWUDVFDXVDV

$GYHUWHQFLDUHODWLYDDTXHPDGXUDV

$WHQFLyQ±GDxRVPDWHULDOHV

86235(9,672

6HSXHGHXWLOL]DUHODSDUDWRSDUDSUHSDUDUHOFDIp(VWHDSDUDWRKDVLGRSUR\HFWDGRVROR SDUD

XQXVRSULYDGR\SRUORWDQWRVHGHEHFRQVLGHUDULQDGHFXDGRSDUDXQXVRFRPHUFLDORLQGXVWULDO

&XDOTXLHURWURWLSRGHXWLOL]DFLyQGHODSDUDWRQRHVWiSUHYLVWRSRUHO)DEULFDQWHTXHVHH[LPHGH

FXDOTXLHUUHVSRQVDELOLGDGSRUGDxRVGHWRGRWLSRRULJLQDGRVSRUXQXVRLQDSURSLDGRGHOPLVPR

DSDUDWR(OXVRLQDSURSLDGRDGHPiVDQXODWRGRWLSRGHJDUDQWtD

5,(6*265(67$17(6

/DVFDUDFWHUtVWLFDVGHFRQVWUXFFLyQGHODSDUDWRREMHWRGHHVWDSXEOLFDFLyQQRSHUPLWHQSURWHJHU

HOXVXDULRGHXQSRVLEOHFRQWDFWRFRQVDOSLFDGXUDVGHYDSRURGHDJXDFDOLHQWH

£$WHQFLyQ

3HOLJURGHTXHPDGXUDVSRUURFLDGRVRVDOSLFDGXUDVGHDJXDFDOLHQWHRFDIp1RDEUDODWDSD

GXUDQWHODHURJDFLyQGHOFDIp

$'9(57(1&,$6,03257$17(63$5$

/$6(*85,'$'

/((5$7(17$0(17((67$6,16758&&,21(6

 (VWHDSDUDWRKDVLGRSUR\HFWDGRVRORSDUDXQXVRSULYDGR\SRUORWDQWRVHGHEH

FRQVLGHUDULQDGHFXDGRSDUDXVRFRPHUFLDORLQGXVWULDO

 1RVHDVXPHQUHVSRQVDELOLGDGHVSRUXQXVRLQFRUUHFWRRSRUHPSOHRVGLIHUHQWHV

DORVSUHYLVWRVHQHVWHPDQXDOGHLQVWUXFFLRQHV

 6HUHFRPLHQGDFRQVHUYDUHOHPEDODMHRULJLQDO\DTXHODDVLVWHQFLDJUDWXLWDQR

FRQFLHUQHORVGDxRVFDXVDGRVSRUXQHPEDODMHQRDGHFXDGRGHOSURGXFWRDO

PRPHQWRGHOHQYtRDXQ&HQWURGH$VLVWHQFLD$XWRUL]DGR

 (ODSDUDWRFXPSOHFRQHOUHJODPHQWR(&1GHOUHODWLYR

DORVPDWHULDOHVHQFRQWDFWRFRQDOLPHQWRV



3HOLJURSDUDORVQLxRV



/RVQLxRVPD\RUHVGHDxRVSXHGHQXWLOL]DUHODSDUDWREDMRODVXSHUYLVLyQGH

XQDSHUVRQDUHVSRQVDEOHRVLKDQVLGRLQVWUXLGRVVREUHHOXVRGHODSDUDWRHQ

VHJXULGDG\VLKDQFRPSUHQGLGRORVSHOLJURVSUHVHQWHVGXUDQWHHOXVR

 /DVRSHUDFLRQHVGHOLPSLH]D\PDQWHQLPLHQWRSRUHOXVXDULRQRGHEHQVHUHIHF

WXDGDVSRUORVQLxRVDPHQRVTXHVHDQPD\RUHVGHDxRV\HVWpQYLJLODGRV(V

QHFHVDULRYLJLODUDORVQLxRVSDUDTXHQRMXHJXHQFRQHODSDUDWR

 0DQWHQHUHODSDUDWR\HOFDEOHGHDOLPHQWDFLyQIXHUDGHODOFDQFHGHORVQLxRV

GHHGDGLQIHULRUDDxRV

 1RGHMHQFROJDUHOFDEOHHQOXJDUHVGRQGHSRGUtDVHUDJDUUDGRSRUXQQLxR

 /RVHOHPHQWRVGHOHPEDODMHQRVHGHEHQGHMDUDODOFDQFHGHORVQLxRV\DTXH

SRGUtDQRULJLQDUSHOLJURV

 6LVHGHFLGHGHMDUGHXWLOL]DUHODSDUDWRDQWHVGHWLUDUORDODEDVXUDVHUHFRPLHQ

GDFRUWDUHOFDEOHGHDOLPHQWDFLyQ6HUHFRPLHQGDDGHPiVHOLPLQDUODVSDUWHV

GHODSDUDWRTXHSXHGDQRULJLQDUSHOLJURHVSHFLDOPHQWHSDUDORVQLxRVTXHSR

GUtDQXWLOL]DUORSDUDVXVMXHJRV

3HOLJURGHELGRDHOHFWULFLGDG

 (ODSDUDWRSXHGHVHUXWLOL]DGRSRUSHUVRQDVFRQFDSDFLGDGHVItVLFDVVHQVRULD

OHVRPHQWDOHVUHGXFLGDVRFRQIDOWDGHH[SHULHQFLDRGHFRQRFLPLHQWRVyOR

EDMRODVXSHUYLVLyQGHXQDSHUVRQDUHVSRQVDEOHRVLKDQUHFLELGR\FRPSUHQGLGR

ODVLQVWUXFFLRQHVVREUHHOXVRGHODSDUDWRHQVHJXULGDG\VLKDQFRPSUHQGLGRORV

SHOLJURVSUHVHQWHVGXUDQWHHOXVR

 $QWHVGHFRQHFWDUHODSDUDWRDODUHGGHDOLPHQWDFLyQFRPSUXHEHTXHODWHQVLyQ

LQGLFDGDHQODHWLTXHWDXELFDGDGHEDMRGHODPiTXLQDFRUUHVSRQGDDODGHODUHG

ORFDO

 (OXVRGHFDEOHVDODUJDGRUHVQRDXWRUL]DGRVSRUHOIDEULFDQWHSXHGHSURYRFDU

GDxRV\DFFLGHQWHV

 $QWHVGHHIHFWXDUODRSHUDFLyQGHOOHQDGRGHOGHSyVLWRGHDJXDGHVFRQHFWHHO

DSDUDWRGHODWRPDGHFRUULHQWH

 6LHOFDEOHGHDOLPHQWDFLyQHVWiGDxDGRGHEHUiVHUVXVWLWXLGRSRUHOIDEULFDQWH

RSRUVXVHUYLFLRGH$VLVWHQFLD7pFQLFDRHQFXDOTXLHUFDVRSRUSHUVRQDOFXDOL¿

FDGRFRQHO¿QGHSUHYHQLUFXDOTXLHUULHVJR

 1RFRORTXHQXQFDODVSDUWHVEDMRWHQVLyQHQFRQWDFWRFRQHODJXD£SXHGHSUR

YRFDUXQFRUWRFLUFXLWR

 'HVHQFKXIHODPiTXLQDDQWHVGHHIHFWXDUODVRSHUDFLRQHVGHOLPSLH]DRPDQWH

QLPLHQWR

 1XQFDVXPHUJLUHODSDUDWRHQDJXDQLHQRWURVOtTXLGRV

 1RKD\TXHSRQHUQXQFDHODSDUDWRFHUFDRSRUHQFLPDGHXQIUHJDGHUR

 1RTXLWHODWDSDLQIHULRUGHODSDUDWR1RH[LVWHQSDUWHVLQWHUQDVTXHKD\DTXH

XWLOL]DUROLPSLDU



3HOLJURGHGDxRVGHELGRVDRWUDVFDXVDV

 (OLMDXQDPELHQWHFRQVX¿FLHQWHLOXPLQDFLyQOLPSLR\FRQXQDWRPDGHFRUULHQWH

IiFLOPHQWHDFFHVLEOH

 (YLWHLQWURGXFLUHQHOGHSyVLWRXQDFDQWLGDGH[FHVLYDGHDJXD

 1RGHMDUVLQYLJLODQFLDHODSDUDWRPLHQWUDVHVWpFRQHFWDGRDODUHGHOpFWULFD

 (ODSDUDWRGHEHVHUXWLOL]DGR\JXDUGDGRHQXQDVXSHU¿FLHHVWDEOH

 1RVHGHEHXWLOL]DUHODSDUDWRVLKDFDtGRVLSUHVHQWDGDxRVYLVLEOHVRVLSLHUGH

DJXD1RXWLOL]DUHODSDUDWRVLHOFDEOHGHDOLPHQWDFLyQRHOHQFKXIHHVWiQGDxD

GRVRVLHODSDUDWRSUHVHQWDGHIHFWRV7RGRVORVDUUHJORVLQFOXLGDODVXVWLWXFLyQ

GHOFDEOHGHDOLPHQWDFLyQGHEHQVHUHIHFWXDGRVH[FOXVLYDPHQWHSRUHO&HQWUR

GH6HUYLFLR$ULHWHRSRUWpFQLFRVDXWRUL]DGRV$ULHWHSDUDHYLWDUFXDOTXLHUULHVJR

$GYHUWHQFLDUHODWLYDDTXHPDGXUDV

 1RDEUDODWDSDGXUDQWHODHURJDFLyQGHOFDIp

 (VSHUDUTXHHODSDUDWRVHKD\DHQIULDGRDQWHVGHOOHQDUHOGHSyVLWRFRQDJXD

3HOLJURGHTXHPDGXUDVFDXVDGDVVDOSLFDGXUDVGHDJXDRYDSRU

 1RGHMHODMDUUDYDFtDHQODSODFDGHFDOHQWDPLHQWRFRQODPiTXLQDHQFHQGLGD

3HOLJURGHUXSWXUDGHODMDUUD3HOLJURSRUTXHPDGXUDVFDXVDGRSRUFRQWDFWRFRQ

ODMDUUD

$WHQFLyQ²GDxRVPDWHULDOHV

 &RORTXHODPiTXLQDVREUHXQDVXSHU¿FLHHVWDEOHGRQGHQRVHSXHGDYROFDU

 1RXVHODPiTXLQDVLQDJXD\DTXHHQWDOFDVRODERPEDVHTXHPDUtD

 1ROOHQHQXQFDHOGHSyVLWRGHODJXDFRQDJXDFDOLHQWHRKLUYLHQGR

 1RFRORTXHODPiTXLQDVREUHVXSHU¿FLHVGHPDVLDGRFDOLHQWHVRFHUFDGHOODPDV

OLEUHVFRQHO¿QGHHYLWDUTXHODFDUURFHUtDVHSXHGDGDxDU

 (OFDEOHQRGHEHWRFDUODVSDUWHVFDOLHQWHVGHODPiTXLQD

 1RXWLOL]DUDJXDFRQJDVDGLFLRQDGDGHDQKtGULGRFDUEyQLFR

 1RLQWURGXFLUQXQFDHQHO¿OWURVXEVWDQFLDVTXHQRVHDQFDIpHQSROYR'HOR

FRQWUDULRSRGUtDQSURYRFDUJUDYHVGDxRVDODSDUDWR

 1RGHMHODPiTXLQDDXQDWHPSHUDWXUDDPELHQWHLQIHULRUD&SXHVWRTXHHO

UHVLGXRGHDJXDHQODFDOGHUDSRGUtDKHODUVH\SURYRFDUGDxRV

 1RXVHHODSDUDWRHQXQHVSDFLRDODLUHOLEUH

 1RGHMDUHODSDUDWRH[SXHVWRDORVDJHQWHVDWPRVIpULFRVOOXYLDVROHWF

 'HVSXpVGHKDEHUGHVFRQHFWDGRHOHQFKXIHGHDOLPHQWDFLyQ\XQDYH]TXHODV

SDUWHVFDOLHQWHVVHKD\DQHQIULDGRHODSDUDWRVHSRGUiOLPSLDU~QLFDPHQWHFRQXQ

SDxRQRDEUDVLYRKXPHGHFLGRHQDJXDDxDGLHQGRSRFDVJRWDVGHGHWHUJHQWHV

QHXWURVQRDJUHVLYRVQRXWLOLFHQXQFDGLVROYHQWHVTXHSXHGDQGDxDUHOSOiVWLFR

3UHFDXFLRQHVDOXWLOL]DUODMDUUD

 8VDUODMDUUDVyORFRQHVWDPiTXLQDGHFDIp1RXWLOLFHODMDUUDSDUDFDOHQWDUFDIp

HQXQTXHPDGRURHQRWUDVIXHQWHVGHFDORU1RSRQJDODMDUUDHQHOPLFURRQGDV



SDUDFDOHQWDUHOFDIp

 /DMDUUDVHGHEHXWLOL]DUH[FOXVLYDPHQWHFRQODSODFDGHFDOHQWDPLHQWRHQGRWD

FLyQFRQHODSDUDWR

 3DUDHYLWDUUXSWXUDVGHODMDUUDOHYDQWDUODFRQFDXWHOD(YLWDUJROSHDUODMDUUD

FRQWUDRWURVREMHWRVSHOLJURGHUXSWXUDGHOFULVWDO'XUDQWHHOOOHQDGRGHODMDUUD

FRQDJXDHYLWDUJROSHDUHOJULIR

 1RDSR\HODMDUUDYDFtDHQVXSHU¿FLHVFDOLHQWHV

 1RDSR\HODMDUUDFDOLHQWHHQVXSHU¿FLHVIUtDVRPRMDGDV(VSHUDUTXHODMDUUD

HVWpIUtDDQWHVGHODYDUODRGHDxDGLUDJXDIUtD

 1ROLPSLHODMDUUDFRQHVSRQMDVPHWiOLFDVGHWHUJHQWHVDEUDVLYRVXRWURVPDWH

ULDOHVTXHSXHGDQDUDxDUHOFULVWDO

 1RXWLOLFHODMDUUDVLKDVLGRFDOHQWDGDYDFtDSRUGHPDVLDGRWLHPSRVXEVWLWXLUOD

FRQRWUDMDUUDRULJLQDO

*8$5'$56,(035((67$6,16758&&,21(6

'(6&5,3&,Ð1'(/$3$5$72

$-DUUD .+XHFRUHFRJHFDEOH

%0DQJRGHODMDUUD / &DEOHGHDOLPHQWDFLyQ&ODYLMD

&7DSDGHODMDUUD 03ODFDGHFDOHQWDPLHQWR

'%RTXLOODGHVXPLQLVWUR 13DQWDOOD

($VLHQWRGHOSRUWD¿OWUR 202'(

)'HSyVLWRDJXD 36(/

*,QGLFDGRUGHOQLYHOGHODJXD 4$872

+)LOWURGHOFDIp 5%RWyQGHSURJUDPDFLyQGHODVKRUDV+5

, 3RUWD¿OWURH[WUDtEOH 6%RWyQGHSURJUDPDFLyQGHORVPLQXWRV

- 7DSDGHOGHSyVLWRGHDJXD

7%RWyQGHHURJDFLyQGHOFDIp

DSDJDGR

'DWRVGHLGHQWLÀFDFLyQ

(QODHWLTXHWDFRORFDGDGHEDMRGHODEDVHGHDSR\RGHODPiTXLQDVHLQGLFDQORVVLJXLHQWHVGDWRV

GHLGHQWL¿FDFLyQGHODPiTXLQD

 FRQVWUXFWRU\PDUFD&(

 PRGHOR0RG

 QGHPDWUtFXOD61

 WHQVLyQHOpFWULFDGHDOLPHQWDFLyQ9\IUHFXHQFLD+]

 SRWHQFLDHOpFWULFDDEVRUELGD:

 QXPHURYHUGHDVLVWHQFLD

(QODVHYHQWXDOHVVROLFLWDFLRQHVDORV&HQWURVGH$VLVWHQFLD$XWRUL]DGRVLQGLTXHHOPRGHOR\HO

Q~PHURGHPDWUtFXOD



,16758&&,21(6'(862

3XHVWDHQIXQFLyQ

 &RQWUROHTXHODWHQVLyQGHODUHGGRPpVWLFDVHDLJXDOTXHODLQGLFDGDHQODWDUMHWDFRQORVGDWRV

WpFQLFRVGHODSDUDWR

 5HWLUDUORVPDWHULDOHVGHHPEDODMHGHOLQWHULRU\GHOH[WHULRUGHODSDUDWR

 &RORFDUHOXHJRHODSDUDWRHQXQDVXSHU¿FLHSODQD&RORFDUHODSDUDWRSRUORPHQRVDXQDGLV

WDQFLDGHFPGHSDUHGHVPXHEOHVXRWURVDSDUDWRV

$WHQFLyQ

3HOLJURGHGDxRVDODVXSHU¿FLHGHDSR\RGHODSDUDWR/DWHPSHUDWXUDHOHYDGDGHODSDUDWR

SXHGHFDXVDUSODVWL¿FDFLRQHVGHODVVXSHU¿FLHVGHDSR\R&RORFDUXQSDxRRXQSHTXHxR

PDQWHOHQWUHHODSDUDWR\ODVXSHU¿FLHGHDSR\R

$WHQFLyQ

3HOLJURGHVREUHFDUJDUODOtQHDHOpFWULFD9DULRVDSDUDWRVFRQHFWDGRVDXQDVRODWRPDGH

FRUULHQWHSXHGHJHQHUDUXQFRUWRFLUFXLWR&RQHFWDUHODSDUDWRDXQDWRPDGHFRUULHQWHOLEUH

GHRWURVHOHFWURGRPpVWLFRV

 /DYDUODMDUUDHOSRUWD¿OWURH[WUDtEOH\HO¿OWURGHOFDIpFRQDJXDFDOLHQWH\GHWHUJHQWH(QMXDJDU

\VHFDUORVFRPSRQHQWHV

 3RQHUHOSRUWD¿OWURH[WUDtEOHHQVXDVLHQWR)LJ

/DYiOYXODGHÁXMRVLWXDGDHQHOIRQGRGHOSRUWDÀOWURH[WUDtEOHGHEHVHULQWURGXFLGDHQHO

RULÀFLRFHQWUDOGHODVLHQWRGHOSRUWDÀOWUR

3ULPHUHQFHQGLGR

(QFDVRGHSULPHUHQFHQGLGRRWUDVXQSHULRGRGHGHVXVRVHUHFRPLHQGDKDFHUVDOLUSRU

ORPHQRVGRVMDUUDVGHDJXDGHOFLUFXLWRKLGUiXOLFRGHODFDOGHUD

 /OHQDUHOGHSyVLWRFRQDJXDIUHVFDGHOJULIR)LJKDVWDHOQLYHOLQGLFDGRFRQ(OQLYHO

UHSUHVHQWDHOQLYHOPi[LPRGHDJXD\HOQ~PHURPi[LPRGHWD]DVGHFDIp&HUUDUODWDSDGHO

GHSyVLWRGHDJXD

1ROOHQH181&$HOGHSyVLWRGHODJXDSRUHQFLPDGHOQLYHOPi[LPR

3DUDHVWHODYDGRQRKD\TXHLQWURGXFLUHOÀOWURGHOFDIpHQHOSRUWDÀOWUR

 (QFKXIHODFODYLMDHQODWRPDGHFRUULHQWHHOpFWULFDTXHGHEHHVWDUHTXLSDGDFRQSXHVWDDWLHUUD

 &RORFDUODMDUUDYDFtDHQODSODFDGHFDOHQWDPLHQWR0&RQWURODUTXHODYiOYXODGHÀXMRHVWp

FRORFDGDFRUUHFWDPHQWHHQODWDSDGHODMDUUD

 3UHVLRQDUHOERWyQGHHURJDFLyQGHOFDIp (VSHUDUTXHWRGDHODJXDFRQWHQLGDHQGHSyVLWR

KD\DEDMDGRDODMDUUD(VSHUDUPLQXWRVSDUDTXHHODSDUDWRVHHQIUtH

 5HSHWLUODRSHUDFLyQFRQRWUDMDUUDGHDJXD(VSHUDUTXHWRGDHODJXDFRQWHQLGDHQGHSyVLWR

KD\DEDMDGRDODMDUUD

$KRUDHVSRVLEOHSUHSDUDUHODSDUDWR\HURJDUVXSULPHUDMDUUDGHFDIp

3UHSDUDFLyQGHODPiTXLQD

$QWHVGHHQFHQGHUODSODQFKDDVHJXUDUVHGHTXHKD\DVXÀFLHQWHDJXDHQHOGHSyVLWR

/DVRSHUDFLRQHVGHOOHQDGRGHDJXDVHGHEHQHIHFWXDUFRQHOHQFKXIHGHOFDEOHGHDOLPHQ



WDFLyQHOpFWULFRGHVFRQHFWDGRGHODWRPD

 $EULUODWDSDGHO GHSyVLWRGH DJXD- (OLQGLFDGRU GHOQLYHO GHDJXD *WLHQH XQDHVFDOD

JUDGXDGDGHDFDGDQ~PHURFRUUHVSRQGHDOQ~PHURGHWD]DVGHFDIp/OHQDUODMDUUDFRQ

DJXDIUHVFDGHOJULIR9HUWHUHODJXDHQHOGHSyVLWRKDVWDHOQLYHOGHVHDGRSDUDWD]DVGH

FDIp\SDUDWD]DVGHFDIp

 &RORFDUODMDUUDYDFtDHQODSODFDGHFDOHQWDPLHQWR0



£$WHQFLyQ

1RVHGHEHXWLOL]DUODMDUUDVLODPLVPDSUHVHQWDUXSWXUDVGHOFULVWDORGHODVD3HOLJURGH

TXHPDGXUDVFDXVDGRSRUHOFRQWDFWRFRQFDIpFDOLHQWHGHELGRDODUXSWXUDGHODMDUUD

1RDSR\HQLQJ~QREMHWRHQODWDSDFXDQGRHODSDUDWRHVWiHQIXQFLyQ

£$WHQFLyQ

1RDEUDODWDSDGXUDQWHODHURJDFLyQGHOFDIpSHOLJURGHTXHPDGXUDVFDXVDGRSRUURFLDGRV

RVDOSLFDGXUDVGHDJXDFDOLHQWHRFDIp

 &RORFDUHO¿OWURGHOFDIpHQHOSRUWD¿OWUR'RVL¿FDUHOFDIpHQHO¿OWUR8QDWD]DGHFDIpFRUUHV

SRQGHDXQDFXFKDUDDOUDVGHFDIpHQSROYR

 %DMDUHODVDGHO¿OWURGHOFDIp&HUUDUODWDSDGHOGHSyVLWRGHDJXD

 (QFKXIHODFODYLMDHQODWRPDGHFRUULHQWHHOpFWULFDTXHGHEHHVWDUHTXLSDGDFRQSXHVWDD

WLHUUD/DSDQWDOODVHHQFLHQGH\HOLQGLFDGRUGHWLHPSRHPSLH]DDSDUSDGHDU$0 

8WLOL]DUODVWHFODV+5\0,1SDUDSURJUDPDUODKRUDORFDO3UHVLRQDU6(/SDUDFRQ¿UPDU6LQR

VHSUHVLRQDQLQJ~QERWyQODSDQWDOODVHDSDJDGHVSXpVGHVHJXQGRV

 3UHVLRQDUHOERWyQGHOFDIp SDUDDUUDQFDUHOFLFORGHHURJDFLyQGHOFDIp(VSHUDUODVDOLGD

GHOFDIpHQODMDUUDKDVWDHO¿QDOGHOFLFORVHOHFFLRQDGRQ~PHURGHWD]DV

 (6326,%/(,17(55803,5/$(52*$&,Ï1'(/&$)e$17(6'(7(50,1$5(/&,&/2

'((52*$&,Ï1

 VDFDUODWD]DYHU)XQFLyQGHSDXVDSDUDVHUYLUHOFDIp

 SUHVLRQDUHOERWyQGHOFDIpKDVWDTXHHODSDUDWRHPLWHXQDVHxDODF~VWLFD\VHDSDJDHOWHVWLJR

OXPLQRVRGHOPLVPRERWyQ

8QDYH]HIHFWXDGRHODSDJDGRDXWRPiWLFRRGHVHDGRODSODFDGHFDOHQWDPLHQWRHPSH]DUiD

FDOHQWDUVH

'HMDUODWDSDHQODMDUUDSDUDPDQWHQHUFDOLHQWHHOFDIp\SDUDVHUYLUORVLQSHOLJURGHTXHPD

GXUDV

 &RJHUODMDUUDSRUHODVD,QFOLQDUOLJHUDPHQWHODMDUUD\YHUWHUHOFDIpFDOLHQWHHQXQDWD]D

 3UHVLRQDU\VROWDUHOERWyQGHOFDIp SDUDDSDJDUHODSDUDWR

1RPXHYDHODSDUDWRFXDQGRODMDUUDRHOGHSyVLWRFRQWLHQHQOtTXLGRVFDOLHQWHV(VSHUDUTXH

HODSDUDWRVHHQIUtHFRPSOHWDPHQWH

/DFDQWLGDGGHDJXDHURJDGDHQODMDUUDVHUiXQSRFRLQIHULRUDODTXHVHYHUWLyHQHOGHSy

VLWR8QSRFRGHDJXDVHUiDEVRUELGDSRUHOSROYRGHFDIp\SRUHOÀOWUR

3URJUDPDFLyQGHODKRUD

 3UHVLRQDUHOERWyQ+5SDUDVHOHFFLRQDUODKRUD3UHVLRQDU\PDQWHQHUSUHVLRQDGRHOERWyQ+5

SDUDSURJUDPDUPiVUiSLGDPHQWHODKRUDGHVHDGD

 3UHVLRQDUHOERWyQ0,1SDUDVHOHFFLRQDUODKRUD3UHVLRQDU\PDQWHQHUSUHVLRQDGRHOERWyQ0,1



SDUDSURJUDPDUPiVUiSLGDPHQWHORVPLQXWRVGHVHDGRV

 &XDQGRODKRUDSURJUDPDGDHVFRUUHFWDSUHVLRQDUHOERWyQ6(/(ODSDUDWRHPLWHXQDVHxDO

DF~VWLFD

 3DUDYROYHUDSURJUDPDUODKRUDSXOVDUHOERWyQ02'(VHLVYHFHVKDVWDTXHHOVtPEROR

SDUSDGHD3UHVLRQDUHOERWyQ6(/(OLQGLFDGRUGHWLHPSRHPSLH]DDSDUSDGHDU$KRUDHV

SRVLEOHSURJUDPDUODKRUDFRPRVHH[SOLFDHQORVSXQWRVSUHFHGHQWHV

3URJUDPDFLyQGHOFLFORDXWRPiWLFR

3UHVLRQDU\PDQWHQHUSUHVLRQDGRHOERWyQ$872KDVWDTXHHQODSDQWDOODSDUSDGHDODSDODEUD

352*5$00MXQWRDOVtPEROR 6HJXLUHOPpWRGRGHSURJUDPDFLyQGHODKRUDSDUDSURJUDPDU

KRUDV\PLQXWRV3UHVLRQDUHOERWyQ$872R6(/SDUDFRQ¿UPDU(ODSDUDWRHPLWHXQDVHxDODF~V

WLFD\HQODSDQWDOODDSDUHFHODKRUDDFWXDO\HOVtPERORGHOWHPSRUL]DGRU HODSDUDWRDUUDQFDUi

XQFLFORGHHURJDFLyQGHOFDIpDODKRUDSURJUDPDGD

3DUDDQXODUODSODQL¿FDFLyQ\ODVSURJUDPDFLRQHVSUHFHGHQWHPHQWHGH¿QLGDVHVVX¿FLHQWHSUHVLR

QDUGHQXHYRHOERWyQ$872

3URJUDPDFLyQGHODLQWHQVLGDGGHOFDIp

(ODSDUDWRWLHQHXQDIXQFLyQTXHSHUPLWHDMXVWDUODLQWHQVLGDGGHOFDIpSDUDDGDSWDUORDVXJXVWR

1RUPDO

3UHVLRQDUHOERWyQ02'(XQDYH](OVtPEROR HPSLH]DDSDUSDGHDU

3UHVLRQDUHOERWyQ6(/SDUDFRQ¿UPDU(VWDPRGRFRUUHVSRQGHDODSUR

JUDPDFLyQGHIiEULFD

0HGLR

3UHVLRQDUHOERWyQ02'(GRVYHFHV(OVtPEROR HPSLH]DDSDUSD

GHDU3UHVLRQDUHOERWyQ6(/SDUDFRQ¿UPDU(OVtPEROR DMXVWDOD

HURJDFLyQFDOFXODQGRXQDMDUUDGHFDIp(VWRVHWUDGXFHHQXQFDIpPiV

DURPiWLFR

)XHUWH

3UHVLRQDUHOERWyQ02'(WUHVYHFHV(OVtPEROR HPSLH]DDSDU

SDGHDU3UHVLRQDUHOERWyQ6(/SDUDFRQ¿UPDU(OVtPEROR DMXVWD

ODHURJDFLyQ\HOWLHPSRGHLQIXVLyQFRQVLGHUDQGRXQDMDUUDGHFDIp(VWR

VHWUDGXFHHQXQFDIpPiVIXHUWH

0RGRWD]DV 3UHVLRQDUHOERWyQ02'(FXDWURYHFHV(OVtPEROR HPSLH]DD

SDUSDGHDU3UHVLRQDUHOERWyQ6(/SDUDFRQ¿UPDU(OPRGRWD]DVSHU

PLWHSUHSDUDUHOFDIpSDUDXQPi[LPRGHWD]DV(QHOGHSyVLWRGHDJXD

VHGHEHLQWURGXFLUVyORXQDFDQWLGDGGHDJXDFRUUHVSRQGLHQWHDOQLYHO

GHODMDUUD(OVtPEROR DMXVWDDXWRPiWLFDPHQWHODHURJDFLyQSDUD

REWHQHUHOPi[LPRVDERUSDUDSHTXHxDVFDQWLGDGHVGHFDIp,GHDOSDUD

XQPi[LPRGHWD]DVGHFDIp

6LHQHOGHSyVLWRKD\PiVDJXDODHURJDFLyQQRWHUPLQDUiKDVWDTXH

WRGDHODJXDVHUiHURJDGDHQODMDUUD

'HVSXpVGHKDEHUVHOHFFLRQDGRODSURJUDPDFLyQGHVHDGDSUHVLRQDUHOERWyQFDIp (ODSDUDWR

HPLWHXQDVHxDODF~VWLFD\HPSLH]DODHURJDFLyQGHOFDIp

)XQFLyQGHSDXVDSDUDVHUYLUHOFDIp

3DUDVHUYLUHOFDIpDQWHVGHTXHVHKD\DFRPSOHWDGRODHURJDFLyQHQODMDUUDHVVX¿FLHQWHTXLWDU

ODMDUUDGHODSODFDGHFDOHQWDPLHQWR



(VSHUDUSRUORPHQRVODHURJDFLyQGHWD]DVGHFDIpDQWHVGHTXLWDUODMDUUD

/DHURJDFLyQVHLQWHUUXPSHDXWRPiWLFDPHQWHGXUDQWHVHJXQGRV&RORFDUODMDUUDHQODSODFDGH

FDOHQWDPLHQWRSDUDUHDQXGDUHOFLFORGHHURJDFLyQ

$WHQFLyQ

3HOLJURGHTXHPDGXUDVGHELGDVDOFRQWDFWRFRQHOFDIpFDOLHQWHTXHVDOHGHODERTXLOODGH

HURJDFLyQ/DMDUUDGHEHYROYHUDHVWDUFRORFDGDHQODSODFDGHFDOHQWDPLHQWRGHQWURGH

VHJXQGRVGHVXDOHMDPLHQWR

)XQFLyQGHDXWRDSDJDGR

6LODPiTXLQDHVWiHQFHQGLGDSHURQRXWLOL]DGDGHVSXpVGHXQRVPLQXWRVVHDFWLYDODIXQFLyQ

GHDSDJDGRDXWRPiWLFR(VWDIXQFLyQSRQHODPiTXLQDHQPRGRGHHVSHUDVWDQGE\\GHVDFWLYD

WRGDVODVIXQFLRQHVGHFDOHQWDPLHQWR

&yPRSUHSDUDUXQDVHJXQGDMDUUDGHFDIp

3UHVLRQDUHOERWyQGHOFDIp /DPiTXLQDVHDSDJD6DFDUODFODYLMDGHODWRPDGHFRUULHQWH

$WHQFLyQ

3HOLJURGHTXHPDGXUDVFDXVDGDVVDOSLFDGXUDVGHDJXDRYDSRU(VSHUDUSRUORPHQRV

PLQXWRVDQWHVGHYROYHUDOOHQDUHOGHSyVLWRFRQDJXD(VSHUDUTXHODVSDUWHVFDOLHQWHVGHO

DSDUDWRVHHQIUtHQ

$QWHVGHDFWLYDUODHURJDFLyQGHOFDIpFRQWURODUTXHKD\DDJXDVXÀFLHQWHHQHOGHSyVLWR1R

DFWLYHODHURJDFLyQGHOFDIpVLHOQLYHOGHDJXDHVWiSRUGHEDMRGHOQLYHOPtQLPR

 $EULUODWDSDGHODSDUDWR/HYDQWDUHODVDGHO¿OWURGHOFDIp6DFDUHO¿OWURGHFDIpGHOSRUWD¿OWUR

(OLPLQDUORVUHVLGXRVGHFDIpGHO¿OWUR

 6DFDUHOSRUWD¿OWURGHODSDUDWR(QMXDJDUODMDUUD\HOSRUWD¿OWURFRQDJXDIUHVFD\OLPSLD/OHQDU

HOGHSyVLWRFRQDJXDIUHVFDGHOJULIRKDVWDHOQLYHOGHVHDGR

 &RORFDUODMDUUDYDFtDHQODSODFDGHFDOHQWDPLHQWR0

 &RORFDUHOSRUWD¿OWURHQVXDVLHQWR)LJ&RORFDUHO¿OWURGHOFDIpHQHOSRUWD¿OWUR)LJ'R

VL¿FDUHOFDIpHQHO¿OWUR8QDWD]DGHFDIpFRUUHVSRQGHDXQDFXFKDUDDOUDVGHFDIpHQSROYR

 &LHUUHODWDSD(QFKXIHHODSDUDWRDODFRUULHQWH

 3UHVLRQDUHOERWyQGHOFDIp /DPiTXLQDHPSLH]DHOFLFORGHHURJDFLyQGHOFDIp

&216(-26Ô7,/(63$5$35(3$5$581%8(1&$)e

 3DUDREWHQHUXQFDIpVDEURVRHVQHFHVDULRPDQWHQHUOLPSLRHODSDUDWR(IHFWXDUODOLPSLH]D\OD

GHVFDOFL¿FDFLyQFRQUHJXODULGDGFRPRVHH[SOLFDHQHOSiUUDIR/LPSLH]DGHODSDUDWR

 8WLOL]DUVLHPSUHDJXDIUHVFD\OLPSLD

 &RQPROLHQGDVPiV¿QDVVHREWLHQHQFDIpVPiVULFRV\GHQVRV8QDPROLHQGDUHJXODUQHFHVL

WDUiPiVFDIpSDUDREWHQHUHOPLVPRJXVWRTXHVHH[WUDHGHPH]FODVPROLGDVPiV¿QDV

 *XDUGDUHOSROYRGHFDIpHQXQOXJDUIUHVFR\VHFR&HUUDUKHUPpWLFDPHQWHODVFRQIHFFLRQHV

DELHUWDV\GHMDUODVHQODQHYHUD

 3DUDXQVDERULGHDOFRPSUDUFDIpHQJUDQRV\PROHUORMXVWRDQWHVGHODSUHSDUDFLyQ

 (OFDIpUHFDOHQWDGRQRWLHQHXQVDERULGHDO(OFDIpWLHQHHOPHMRUJXVWRMXVWRGHVSXpVGHOD

SUHSDUDFLyQ

 /DSUHVHQFLDGHSHTXHxDVJRWDVGHDFHLWHHQODVXSHU¿FLHGHOFDIpSXHGHVHUFDXVDGDSRUHO

XVRSURORQJDGRGHPH]FODVWRVWDGDVHIHFWXDUODOLPSLH]DFRQUHJXODULGDG



/,03,(=$'(/$3$5$72

(VWHDSDUDWRUHTXLHUHSRFRPDQWHQLPLHQWR(ODSDUDWRQRFRQWLHQHSLH]DVUHSDUDEOHVSRUHOXVXD

ULR&XDOTXLHURSHUDFLyQTXHUHTXLHUDHOGHVPRQWDMHGHSLH]DVGHEHVHUHIHFWXDGDSRUXQ&HQWUR

GH6HUYLFLR$XWRUL]DGR

£$WHQFLyQ

7RGDVODVRSHUDFLRQHVGHOLPSLH]DLQGLFDGDVDFRQWLQXDFLyQVHGHEHQUHDOL]DUFRQODPiTXL

QDDSDJDGD\GHVHQFKXIDGD

£$WHQFLyQ

8QPDQWHQLPLHQWR\XQDOLPSLH]DFRQVWDQWHSUHVHUYDQ\PDQWLHQHQH¿FLHQWHODPiTXLQD

GXUDQWHXQSHULRGRGHWLHPSRVXSHULRU1RODYHQXQFDORVFRPSRQHQWHVGHODPiTXLQDHQHO

ODYDYDMLOODV1RXWLOLFHFKRUURVGHDJXDGLUHFWD

£$WHQFLyQ

7RGDVODVLQWHUYHQFLRQHVVHGHEHQUHDOL]DUFRQODPiTXLQDIUtD

/LPSLH]DGHOÀOWUR\GHOSRUWDÀOWUR

'HVSXpVGHFDGDXWLOL]DFLyQVDFDUHO¿OWURGHFDIpGHOSRUWD¿OWUR(OLPLQDUORVUHVLGXRVGHFDIpGHO

¿OWUR(QMXDJDUHO¿OWURFRQDJXDIUHVFD\OLPSLD6DFDUHOSRUWD¿OWUR\ODYDUORFRQDJXDFDOLHQWH\

GHWHUJHQWH

/LPSLH]DGHODMDUUD

£$WHQFLyQ

3DUDHYLWDUUXSWXUDVGHODMDUUDOHYDQWDUODFRQFDXWHOD(YLWDUJROSHDUODMDUUDFRQWUDRWURV

REMHWRVSHOLJURGHUXSWXUDGHOFULVWDO'XUDQWHHOOOHQDGRGHODMDUUDFRQDJXDHYLWDUJROSHDU

HOJULIR

/DYDUODMDUUDFRQDJXDFDOLHQWH\GHWHUJHQWH/DYDUODWDSDGHODMDUUDHOLPLQDQGRORVUHVLGXRVGH

FDIpFRQXQFHSLOOR/LPSLDUODMDUUDXWLOL]DQGRXQSDxRK~PHGRVXDYHSDUDQRGDxDUODVXSHU¿FLH

HQFULVWDO1RVHGHEHQXWLOL]DUHVSRQMDVPHWiOLFDVXRWURVPDWHULDOHVDEUDVLYRV

/LPSLH]DGHOGHSyVLWRGHDJXD

6HUHFRPLHQGDOLPSLDUSHULyGLFDPHQWHHOLQWHULRUGHOGHSyVLWRFRQXQDHVSRQMDRFRQXQSDxR

K~PHGR

/LPSLH]DGHOFXHUSRGHODPiTXLQD

£$WHQFLyQ

/LPSLHODVSDUWHV¿MDVGHODPiTXLQDXWLOL]DQGRXQSDxRK~PHGRQRDEUDVLYRSDUDHYLWDU

GDxDUHOHQYROYHQWH

$872/,03,(=$

/LPSLDUHODSDUDWRSRUORPHQRVXQDYH]DOPHV

6LVHKDFRPSUDGRHO¿OWURSDUDHODJXDYHQGLGRSRUVHSDUDGRVDFDUORGHOGHSyVLWRDQWHVGH

HIHFWXDUHOFLFORGHOLPSLH]DDXWRPiWLFD

 /OHQDUODMDUUDFRQXQDPH]FODFRQVWLWXLGDSRUWD]DVGHYLQDJUHEODQFR\WD]DVGHDJXD

IUHVFD\OLPSLD9HUWHUODPH]FODHQHOGHSyVLWRGHODJXD



 &RORFDUXQ¿OWURGHSDSHOGHWD]DVHQHOSRUWD¿OWUR&LHUUHODWDSD

 3UHVLRQDUHOERWyQ02'(FLQFRYHFHV(OVtPEROR HPSLH]DDSDUSDGHDU3UHVLRQDUHOERWyQ

6(/SDUDFRQ¿UPDU

 3UHVLRQDUHOERWyQGHOFDIp (ODSDUDWRHPLWHXQDVHxDODF~VWLFD\DUUDQFDHOFLFORGHDXWR

OLPSLH]D8QDSDUWHGHODPH]FODVHUiHURJDGDHQODMDUUDPLHQWUDVTXHODSDUWHTXHTXHGDVHUi

UHWHQLGDHQORVFLUFXLWRVGHODPiTXLQDGXUDQWHPLQXWRVDQWHVGHVHUHURJDGDFRPSOHWDPHQ

WHHQODMDUUD(OFLFORFRPSOHWRGHOLPSLH]DDXWRPiWLFDGXUDPLQXWRV&XDQGRHOFLFORGH

DXWROLPSLH]DKDWHUPLQDGRHODSDUDWRHPLWHXQDVHxDODF~VWLFD\VHDSDJDDXWRPiWLFDPHQWH

 (QMXDJDUODMDUUDFRQDJXDIUHVFD\OLPSLD

$QWHVGHSUHSDUDUXQFDIpHURJDUMDUUDVGHDJXDIUHVFDVROD(VWROLPSLDUiHODSDUDWRGH

ORVUHVLGXRVGHDJXD\YLQDJUH

'(6&$/&,),&$&,Ð1

8QEXHQPDQWHQLPLHQWR\XQDUHJXODUOLPSLH]DSUHVHUYDQ\PDQWLHQHQH¿FLHQWHODPiTXLQDGX

UDQWHXQSHULRGRPD\RUOLPLWDQGRHQRUPHPHQWHORVULHVJRVGHIRUPDFLyQGHGHSyVLWRVGHFDOHQ

HODSDUDWR6LDSHVDUGHHOORGHVSXpVGHDOJ~QWLHPSRHOIXQFLRQDPLHQWRGHODSDUDWRHVWXYLHVH

FRPSURPHWLGRFRPRFRQVHFXHQFLDGHOHPSOHRIUHFXHQWHGHDJXDGXUD\FRQPXFKDFDOVHSXHGH

SURFHGHUDODGHVFDOFL¿FDFLyQGHODPiTXLQDSDUDHOLPLQDUHOIXQFLRQDPLHQWRGHIHFWXRVR8WLOLFH

H[FOXVLYDPHQWHSDUDHVWH¿QHOSURGXFWRGHVFDOFL¿FDGRU12&$/GH$5,(7(DEDVHGHiFLGRFt

WULFR(VWHSURGXFWRVHHQFXHQWUDFRQIDFLOLGDGHQORVFHQWURVGH$VLVWHQFLD7pFQLFD$ULHWH$ULHWH

QRVHDVXPHQLQJXQDUHVSRQVDELOLGDGSRUGDxRVDORVFRPSRQHQWHVLQWHULRUHVGHODPiTXLQDGH

FDIpFDXVDGRVSRUHOXVRGHSURGXFWRVQRFRQIRUPHVDFDXVDGHODSUHVHQFLDGHDGLWLYRVTXtPLFRV

(IHFWXDUODGHVFDOFLÀFDFLyQXQDYH]DOPHV6LHODJXDTXHVHXWLOL]DHVPX\GXUD\FDOFiUHD

HIHFWXDUODOLPSLH]DFDGDGRVVHPDQDV

 /OHQDUODMDUUDFRQXQDPH]FODFRQVWLWXLGDSRUWD]DGHYLQDJUHEODQFR\WD]DVGHDJXDIUHVFD

\OLPSLD

 9HUWHUODPH]FODHQHOGHSyVLWRGHODJXD

 $FWLYDUHOFLFORGHHURJDFLyQ\HVSHUDUTXHODMDUUDVHOOHQHKDVWDODPLWDG

 3UHVLRQDUHOERWyQGHOFDIp (ODSDUDWRVHDSDJD

6LGXUDQWHODIDVHGHHVSHUDVHYHULÀFDUDQSHTXHxDVERFDQDGDVGHYDSRUKD\TXHFRQVLGH

UDUHVWHIHQyPHQRDEVROXWDPHQWHQRUPDO

 8QDYH]TXHHODJXDKDWHUPLQDGRGHEDMDUDODMDUUDHVSRVLEOHTXLWDUODMDUUD'HMDUHQIULDUHO

DJXDGXUDQWHPLQXWRV

 9HUWHUHQHOGHSyVLWRODPH]FODFRQWHQLGDHQODMDUUD&LHUUHODWDSD&RORFDUODMDUUDHQODSODFD

GHFDOHQWDPLHQWR

 $FWLYDURWUDYH]XQFLFORGHHURJDFLyQ\HVSHUDUTXHODMDUUDVHOOHQHFRPSOHWDPHQWH8QDYH]

TXHHODJXDKDWHUPLQDGRGHEDMDUDODMDUUDHVSRVLEOHTXLWDUODMDUUD

 3UHVLRQDUHOERWyQGHOFDIp (ODSDUDWRVHDSDJD

 (VSHUDUPLQXWRVSDUDTXHHODSDUDWRVHHQIUtH&RQWURODUTXHHO¿OWURHVWpSXHVWRHQHOSRU

WD¿OWUR

/OHQDUODMDUUDFRQDJXDIUHVFD\UHSHWLUHOFLFORGHHURJDFLyQSDUDOLPSLDUORVFLUFXLWRVLQWHUQRV

GHODSDUDWR$O¿QDOGHOFLFORGHDFODUDGRSUHVLRQDUHOERWyQGHOFDIp SDUDDSDJDUHODSDUD

WR9DFLDUODMDUUD



/DYDUODMDUUDHOSRUWD¿OWURH[WUDtEOH\HO¿OWURGHOFDIpFRQDJXDFDOLHQWH\GHWHUJHQWH6HFDU

WRGDVODVSDUWHV

&XDQGRHODSDUDWRHVWiIUtROLPSLDUHOH[WHULRUFRQXQSDxRVXDYH

&yPRJXDUGDUHODSDUDWR

 'HVFRQHFWDUHOHQFKXIHGHODWRPDGHFRUULHQWH

 *XDUGDUHODSDUDWRHQXQOXJDUIUHVFR\VHFR

&XDQGRHODSDUDWRQRHVWiHQIXQFLyQQRVHGHEHGHMDUODFODYLMDFRQHFWDGDDODWRPDGH

FRUULHQWH

38(67$)8(5$'(6(59,&,2

(QFDVRGHSXHVWDIXHUDGHVHUYLFLRGHODSDUDWRKD\TXHGHVHQFKXIDUORGHODWRPDGHFRUULHQWH

YDFLDUHOGHSyVLWRGHDJXD\ODMDUUD(IHFWXDUODOLPSLH]DGHORVFRPSRQHQWHVYHUSiUUDIR/LP

SLH]DGHODSDUDWR(QHOFDVRGHGHVJXDFHKD\TXHVHSDUDUORVGLVWLQWRVPDWHULDOHVXWLOL]DGRV

SDUDODFRQVWUXFFLyQGHODPiTXLQD\SURFHGHUDODHOLPLQDFLyQGHORVPLVPRVVREUHODEDVHGHVX

FRPSRVLFLyQ\VHJ~QODVGLVSRVLFLRQHVYLJHQWHVHQHOSDtVGHXVR



$3523Ð6,72'(67(0$18$/

0HVPRVHRVDSDUHOKRVIRUDPUHDOL]DGRVHPFRQIRUPLGDGHFRPDV1RUPDVHVSHFt¿FDVHXURSHLDV

YLJHQWHVHVmRSRUWDQWRSURWHJLGRVHPWRGDVDVVXDVSDUWHVSRWHQFLDOPHQWHSHULJRVDVGHYHVH

OHUDWHQWDPHQWHHVWHVDYLVRVHXVDURDSDUHOKRVRPHQWHSDUDRXVRDRTXDOIRLGHVWLQDGRSDUD

HYLWDUDFLGHQWHVHGDQRV'HL[DUHVWHPDQXDOVHPSUHDFHVVtYHOSDUDIXWXUDVFRQVXOWDV6HPSUH

TXHGHVHMDUFHGHUHVWHDSDUHOKRDRXWUDVSHVVRDVOHPEUHVHGHLQFOXLUWDPEpPHVWDVLQVWUXo}HV

$VLQIRUPDo}HV DSUHVHQWDGDVQHVWHPDQXDO HVWmRPDUFDGDVFRP RVVHJXLQWHVVtPERORV TXH

LQGLFDP

3HULJRSDUDDVFULDQoDV

3HULJRGHYLGRjHOHFWULFLGDGH

3HULJRGHGDQRVGHYLGRVDRXWUDVFDXVDV

$YLVRUHODWLYRDTXHLPDGXUDV

$WHQomRGDQRVPDWHULDLV

86235(9,672

2DSDUHOKRSRGHVHUXVDGRSDUDDSUHSDUDomRGHFDIp(VWHDSDUHOKRIRLFRQFHELGRVRPHQWHSDUD

XPXVRSULYDGRHGHYHVHUFRQVLGHUDGRLQDGHTXDGRRXVRSDUDXWLOL]DomRFRPHUFLDORXLQGXVWULDO

4XDOTXHURXWUDXWLOL]DomRGDPiTXLQDQmRIRLSUHYLVWDSHOR)DEULFDQWHHHVWHQmRVHUHVSRQVDELOL]D

SRUTXDOTXHUGDQRFDXVDGRSRUXVRLPSUySULRGDPiTXLQD2XVRLPSUySULRGHWHUPLQDWDPEpPD

SHUGDGRHIHLWRGHTXDOTXHUIRUPDGHJDUDQWLD

5,6&265(6Ì'826

$VFDUDFWHUtVWLFDVFRQVWUXWLYDVGRDSDUHOKRREMHWRGHVWDSXEOLFDomR QmRSHUPLWHPSURWHJHUR

XWLOL]DGRUFRQWUDRSRVVtYHOFRQWDWRFRPVDOSLFRVGHYDSRURXiJXDTXHQWH

$WHQomR

3HULJRGHTXHLPDGXUDVFDXVDGRSRUVDOSLFRVGHiJXDTXHQWHRXFDIp1mRDEULUDWDPSD

TXDQGRDSURGXomRHVWLYHUHPFXUVR

$'9(57È1&,$6,03257$17(6

/(5&8,'$'26$0(17((67$6,16758d¯(6

 2DSDUHOKRpGHVWLQDGRVRPHQWHSDUDRXVRGRPpVWLFRHQmRGHYHVHUGHVLJQD

GRSDUDXWLOL]DomRFRPHUFLDORXLQGXVWULDO

 1mRVHDVVXPHPTXDLVTXHUWLSRVGHUHVSRQVDELOLGDGHSHORXVRLQFRUUHFWRRX

SRUHPSUHJRVGLIHUHQWHVGDTXHOHVSUHYLVWHVSHORSUHVHQWHIROKHWR

 5HFRPHQGDVHJXDUGDUDHPEDODJHPRULJLQDOYLVWRTXHQmRpHIHFWXDGDDDV

VLVWrQFLDJUDWXLWDSRUGDQRVGHYLGRVjHPEDODJHPQmRDGHTXDGDGRSURGXWRQR

PRPHQWRGRHQYLRGRPHVPRDXP&HQWURGH$VVLVWrQFLDDXWRUL]DGR

 2DSDUHOKRHVWiFRQIRUPHFRPRUHJXODPHQWR(&1RGH

VREUHPDWHULDLVHPFRQWDFWRFRPDOLPHQWRV



3HULJRSDUDDVFULDQoDV



2DSDUHOKRSRGHVHUXVDGRSRUFULDQoDVFRPLGDGHVXSHULRUDDQRVVRPHQWHVH

RULHQWDGDVSRUXPDSHVVRDUHVSRQViYHOSHODVPHVPDVRXVHWLYHUHPUHFHELGR

LQVWUXo}HVUHODWLYDVDRXVRGRDSDUHOKRHPWRWDOVHJXUDQoDHWLYHUHPFRPSUHHQ

GLGRRVSHULJRVSUHVHQWHVGXUDQWHRXVR



 $VRSHUDo}HVGHOLPSH]DHGHPDQXWHQomRSRUSDUWHGRXWLOL]DGRUQmRGHYHP

VHUHIHWXDGDVSRUFULDQoDVH[FHWRVHHVWDVIRUHPPDLRUHVGHDQRVHDWXDUHP

VRERULHQWDomRGHXPDGXOWReQHFHVViULRFHUWL¿FDUVHTXHDVFULDQoDVQmR

EULQTXHPFRPRDSDUHOKR

 0DQWHUVHPSUHRDSDUHOKRHRFDERGHDOLPHQWDomRIRUDGRDOFDQFHGHFULDQoDV

GHLGDGHLQIHULRUDDQRV

 1mRGHL[HRFDERGHDOLPHQWDomRSHQGXUDGRRQGHSRGHULDVHUSX[DGRSRUXPD

FULDQoD

 1mRGHL[DURVHOHPHQWRVGDHPEDODJHPDRDOFDQFHGHFULDQoDVSRLVFRQVWLWXHP

SRWHQFLDLVIRQWHVGHSHULJR

 1RPRPHQWRHPTXHGHFLGLUQmRXWLOL]DUPDLVRDSDUHOKRUHFRPHQGDPRVFRUWDU

RFDERGHDOLPHQWDomRSDUDTXHQmRSRVVDPDLVIXQFLRQDU5HFRPHQGDPRV

ID]HUFRPTXHVXDVSDUWHVVXVFHSWtYHLVDFRQVWLWXLUSHULJRSULQFLSDOPHQWHSDUD

FULDQoDVTXHSRGHULDPXWLOL]DURDSDUHOKRSDUDEULQFDUWRUQHPVHLQyFXDV

3HULJRGHYLGRjHOHFWULFLGDGH

 2DSDUHOKRSRGHVHUXVDGRSRUSHVVRDVTXHSRVVXHPFDSDFLGDGHVItVLFDVVHQ

VRULDLVRXPHQWDLVUHGX]LGDVRXVHPH[SHULrQFLDRXFRQKHFLPHQWRVRPHQWHVH

RULHQWDGDVSRUXPDSHVVRDUHVSRQViYHOSHODPHVPDRXVHWLYHUHPUHFHELGRH

FRPSUHHQGLGRDVLQVWUXo}HVUHODWLYDVDRXVRGRDSDUHOKRHPWRWDOVHJXUDQoDH

WLYHUHPFRPSUHHQGLGRRVSHULJRVSUHVHQWHVGXUDQWHRXVR

 $QWHVGHOLJDURDSDUHOKRjUHGHGHDOLPHQWDomRFHUWL¿FDUVHTXHDWHQVmRLQGL

FDGDQDSODFDGHFDUDFWHUtVWLFDVFRORFDGDQDSDUWHLQIHULRUGDPiTXLQDFRUUHV

SRQGDjTXHODGDUHGHORFDO

 8VRGHH[WHQV}HVHOpFWULFDVQmRDXWRUL]DGDVSHORIDEULFDQWHGRDSDUHOKRSRGH

SURYRFDUGDQRVHDFLGHQWHV

 $QWHVGHSURFHGHUDRHQFKLPHQWRGRGHSyVLWRGHiJXDGHVOLJXHRDSDUHOKRGD

WRPDGD

 6HRFDERGHDOLPHQWDomRVHHVWUDJDUGHYHUiVHUVXEVWLWXtGRSHORVHUYLoRGH

$VVLVWrQFLD7pFQLFD$XWRUL]DGRRXSRUSHVVRDFRPTXDOL¿FDomRVLPLODUGHPRGR

DSUHYHQLUTXDOTXHUULVFR

 1XQFDFRORFDUDVSDUWHVVREWHQVmRHPFRQWDFWRFRPDiJXDLVWRSRGHSURYR

FDUXPFXUWRFLUFXLWR

 $QWHVGHHIHFWXDUTXDOTXHULQWHUYHQomRGHOLPSH]DRXPDQXWHQomRGDPiTXLQD

GHVOLJXHVHPSUHD¿FKDGDWRPDGD

 1mRLPHUJLURDSDUHOKRHPiJXDRXRXWURVOtTXLGRV



 1XQFDFRORFDURDSDUHOKRSHUWRRXVREUHXPDSLD

 1mRUHPRYHUDWDPSDLQIHULRUGRDSDUHOKR1mRKiSDUWHVLQWHUQDVDVHUHPXWLOL

]DGDVRXOLPSDV

3HULJRGHGDQRVGHYLGRVDRXWUDVFDXVDV

 (VFROKHUXPDPELHQWHEHPLOXPLQDGROLPSRHFRPDWRPDGDGHFRUUHQWHIDFLO

PHQWHDFHVVtYH

 (YLWDUDLQWURGXomRGHXPDTXDQWLGDGHH[FHVVLYDGHiJXDQRGHSyVLWR

 1mRGHL[DURDSDUHOKRVHPYLJLOkQFLDHQTXDQWRHVWHHVWLYHUOLJDGRjUHGHHOpF

WULFD

 2DSDUHOKRGHYHVHUXWLOL]DGRHGHL[DGRHPUHSRXVRVREUHXPDVXSHUItFLHHVWi

YHO

 2DSDUHOKRQmRGHYHVHUXWLOL]DGRVHWLYHUFDtGRVHKRXYHUVLQDLVGHGDQRV

YLVtYHLVRXVHKRXYHUSHUGDVGHiJXD1mRXVDURDSDUHOKRVHRFDERHOpFWULFR

RXDWRPDGDHVWLYHUHPGDQL¿FDGRVRXVHRSUySULRDSDUHOKRUHVXOWDUGHIHLWXRVR

7RGDVDVUHSDUDo}HVLQFOXtGDDVXEVWLWXLomRGRFDERGHDOLPHQWDomRGHYHP

VHUUHDOL]DGDVVRPHQWHSRU&HQWURVGH$VVLVWrQFLD$ULHWHRXSRUWpFQLFRVDXWR

UL]DGRV$ULHWHGHPRGRDSUHYHQLUTXDOTXHUSHULJR

$YLVRUHODWLYRDTXHLPDGXUDV

 1mRDEULUDWDPSDTXDQGRDSURGXomRHVWLYHUHPFXUVR

 $JXDUGDUTXHRDSDUHOKRWHQKDHVIULDGRDQWHVGHHQFKHURGHSyVLWRFRPiJXD

SHULJRGHTXHLPDGXUDVFDXVDGDVSRUVDOSLFRVGHiJXDRXYDSRU

 1mRGHL[DURMDUURYD]LRVREUHDFKDSDGHDTXHFLPHQWRTXDQGRDPiTXLQDHVWL

YHUIXQFLRQDQGR3HULJRGHUXSWXUDGRMDUUR3HULJRGHTXHLPDGXUDVGHYLGDVDR

FRQWDWRFRPRMDUUR

$WHQomRGDQRVPDWHULDLV

 &RORFDUDPiTXLQDVREUHXPSODQRHVWiYHORQGHQmRSRVVDVHUWRPEDGD

 1mRXWLOL]HDPiTXLQDVHPiJXDSRUTXHDERPEDSRGHTXHLPDU

 1XQFDHQFKHURGHSyVLWRGHiJXDFRPiJXDTXHQWHRXIHUYHQWH

 1mRSRVLFLRQDUDPiTXLQDVREUHVXSHUItFLHVPXLWRTXHQWHVRXQDVSUR[LPLGDGHV

GHFKDPDVOLYUHVSDUDHYLWDUTXHDHVWUXWXUDSRVVDVRIUHUGDQRV

 2FDERGHDOLPHQWDomRQmRGHYHWRFDUDVSDUWHVTXHQWHVGDPiTXLQD

 1mRXWLOL]DUiJXDFRPJiVFRPDGLomRGHGLy[LGRGHFDUERQR

 1XQFDLQWURGX]LUQR¿OWURQHQKXPDVXEVWkQFLDGLIHUHQWHGHSyGHFDIp'RFRQ

WUiULRLVWRSRGHULDFDXVDUJUDYHVGDQRVDRDSDUHOKR

 1mRGHL[HDPiTXLQDHPORFDLVFRPWHPSHUDWXUDDPELHQWHLQIHULRUDSRUTXH

DiJXDGDFDOGHLUDSRGHULDJHODUHSURYRFDUGDQRVQDPiTXLQD

 1mRXWLOL]DURDSDUHOKRDFpXDEHUWR

 1mRH[SRURDSDUHOKRDDJHQWHVDWPRVIpULFRVFKXYDVROHWF

 'HSRLVGHWHUGHVOLJDGRD¿FKDGDWRPDGDGHFRUUHQWHHOpFWULFDHGHSRLVGDV



SDUWHVTXHQWHVGDPiTXLQDWHUHPDUUHIHFLGRRDSDUHOKRGHYHUiVHUOLPSR~QLFD

HH[FOXVLYDPHQWHFRPXPSDQRQmRDEUDVLYROLJHLUDPHQWHKXPHGHFLGRFRP

iJXDDGLFLRQDGDFRPDOJXPDVJRWDVGHGHWHUJHQWHQHXWURQmRDJUHVVLYRQXQFD

XWLOL]HVROYHQWHVSRLVHOHVHVWUDJDPRSOiVWLFR

3UHFDXo}HVSDUDRXVRGRMDUUR

 8WLOL]DURMDUURVRPHQWHFRPHVWDPiTXLQDGHFDIp1mRXWLOL]DURMDUURSDUD

DTXHFHURFDIpQRIRJmRRXRXWUDVIRQWHVGHFDORU1mRFRORFDURMDUURQRIRUQR

PLFURRQGDVSDUDDTXHFHURFDIp

 2MDUURGHYHVHUXWLOL]DGRVRPHQWHFRPDFKDSDGHDTXHFLPHQWRGRDSDUHOKR

 3DUDHYLWDUUXSWXUDVGRMDUUROHYDQWiORFRPFXLGDGR(YLWDUFKRTXHVGRMDUUR

FRPRXWURVREMHWRVSHULJRGHUXSWXUDGRYLGUR'XUDQWHRHQFKLPHQWRGRMDUUR

FRPiJXDHYLWDUTXHRPHVPRHQWUHHPFRQWDWRFRPDWRUQHLUD

 1mRDSRLDURMDUURYD]LRVREUHVXSHUItFLHVTXHQWHV

 1mRDSRLDURMDUURTXHQWHVREUHVXSHUItFLHVIULDVRXPROKDGDV$JXDUGDUTXHR

DSDUHOKRWHQKDHVIULDGRDQWHVGHODYiORRXDGLFLRQDUiJXDIUHVFD

 1mROLPSDURMDUURFRPHVSRQMDVPHWiOLFDVGHWHUJHQWHVDEUDVLYRVRXRXWURV

PDWHULDLVTXHSRVVDPDUUDQKDURYLGUR

 1mRXWLOL]DURMDUURVHWLYHUVLGRDTXHFLGRDVHFRSRUPXLWRWHPSR6XEVWLWXLOR

FRPXPRXWURMDUURRULJLQDO

&216(59$5(67$6,16758d¯(6

'(6&5,d®2'2$3$5(/+2

$-DUUR .&RPSDUWLPHQWRSDUDRFDER

%3HJDGDMDUUD / &DERGHDOLPHQWDomR)LFKD

&7DPSDGDMDUUD 0&KDSDGHDTXHFLPHQWR

'%LFRGHSURGXomRGRFDIp 1'LVSOD\

(6HGHGRSRUWD¿OWUR 202'(

)'HSyVLWRGHiJXD 36(/

*,QGLFDGRUGHQtYHOGHiJXD 4$872

+)LOWURGRFDIp 5%RWmRGHSURJUDPDomRGDVKRUDV+5

, 3RUWD¿OWURDPRYtYHO 6%RWmRGHSURJUDPDomRGRVPLQXWRV0,1

- 7DPSDGRGHSyVLWR

7%RWmRGHSURGXomRGRFDIp

GHVOLJDU

'DGRVGHLGHQWLÀFDomR

1DSODFDVLWXDGDDEDL[RGDEDVHGHDSRLRGDPiTXLQDIRUDPFRORFDGRVRVVHJXLQWHVGDGRVGH

LGHQWL¿FDomRGDPiTXLQD

 IDEULFDQWHHPDUFDomR&(

 PRGHOR0RG

 QGHPDWUtFXOD61

 WHQVmRHOpFWULFDGHDOLPHQWDomR9HIUHTXrQFLD+]

 SRWrQFLDHOpFWULFDDEVRUYLGD:



 Q~PHURYHUGHGHDVVLVWrQFLD

3DUDVROLFLWDo}HVDRV&HQWURVGH$VVLVWrQFLD$XWRUL]DGRVLQGLFDURPRGHORHRQ~PHURGHPDWUt

FXOD

,16758d¯(6'(862

$FFLRQDPHQWR

 &HUWL¿FDUVHTXHDWHQVmRGDUHGHGRPpVWLFDVHMDLJXDOjLQGLFDGDQDFKDSDGRVGDGRVWpFQLFRV

GRDSDUHOKR

 5HPRYHURVPDWHULDLVGHHPEDODJHPGRLQWHULRUHGRH[WHULRUGRDSDUHOKR

 (PVHJXLGDSRVLFLRQDURDSDUHOKRVREUHXPDVXSHUItFLHSODQD3RVLFLRQDURDSDUHOKRDXPD

GLVWkQFLDGHSHORPHQRVFPORQJHGHSDUHGHVPyYHLVRXRXWURVDSDUHOKRV

$WHQomR

3HULJRGHGDQRVjVXSHUItFLHGHDSRLRGRDSDUHOKR$WHPSHUDWXUDHOHYDGDGRDSDUHOKRSRGH

SURYRFDUSODVWL¿FDo}HVGDVVXSHUItFLHVGHDSRLR,QVHULUXPSDQRRXXPDSHTXHQDWRDOKD

HQWUHRDSDUHOKRHDVXSHUItFLHGHDSRLR

$WHQomR

3HULJRGHVREUHFDUJDGDOLQKDHOpWULFD'RLVRXPDLVDSDUHOKRVOLJDGRVDXPDWRPDGDHOp

WULFDSRGHPJHUDUFXUWRFLUFXLWR&RQHFWDURDSDUHOKRDXPDWRPDGDHOpWULFDVHPRXWURV

HOHWURGRPpVWLFRVFRQHFWDGRV

 /DYDURMDUURRSRUWD¿OWURDPRYtYHOHR¿OWURGHFDIpFRPiJXDTXHQWHHVDEmR(Q[DJXDUH

VHFDURVFRPSRQHQWHV

 3RVLFLRQDURSRUWD¿OWURDPRYtYHOHPVXDVHGH)LJ

$YiOYXODGHÁX[RSRVLFLRQDGDQRIXQGRGRSRUWDÀOWURDPRYtYHOGHYHVHULQVHULGDQRIXUR

FHQWUDOGDVHGHGRSRUWDÀOWUR

/LJDUDPiTXLQDSHODSULPHLUDYH]

$ROLJDUDPiTXLQDSHODSULPHLUDYH]RXDSyVXPORQJRSHUtRGRVHPXWLOL]iODUHFRPHQGD

VHGHL[DUVDLUXPDTXDQWLGDGHFRUUHVSRQGHQWHDGRLVMDUURVGHiJXDGRFLUFXLWRKLGUiXOLFR

GDFDOGHLUD

 (QFKHURGHSyVLWRFRPiJXDQDWXUDOIUHVFD)LJDWpRQtYHOLQGLFDGRFRP2QtYHO

HTXLYDOHDRQtYHOPi[LPRGHiJXDHDRQ~PHURPi[LPRGHFKiYHQDVGHFDIp)HFKDUDWDPSD

GRGHSyVLWR

181&$HQFKHURGHSyVLWRGHiJXDDOpPGRQtYHOPi[LPR

3DUDHVWDODYDJHPQmRLQVHULURÀOWURGHFDIpQRSRUWDÀOWUR

 /LJXHD¿FKDjWRPDGDGDFRUUHQWHHOpFWULFDTXHGHYHVHUSURYLGDGHOLJDomRjWHUUD

 3RVLFLRQDURMDUURYD]LRVREUHDFKDSDGHDTXHFLPHQWR0&HUWL¿FDUVHTXHDYiOYXODGHÀX[R

HVWHMDSRVLFLRQDGDFRUUHWDPHQWHQDWDPSDGRMDUUR

 3UHVVLRQDURERWmRGHSURGXomRGRFDIp $JXDUGDUTXHWRGDDiJXDFRQWLGDQRGHSyVLWR

DJRUDHVWHMDQRMDUUR$JXDUGDUPLQXWRVSDUDTXHRDSDUHOKRSRVVDHVIULDU

 5HSHWLUDRSHUDomRFRPXPVHJXQGRMDUURGHiJXD$JXDUGDUTXHWRGDDiJXDFRQWLGDQRGH

SyVLWRDJRUDHVWHMDQRMDUUR

$JRUDpSRVVtYHOSUHSDUDURDSDUHOKRHSURGX]LURSULPHLURMDUURGHFDIp



3UHSDUDomRGDPiTXLQD

$QWHVGHOLJDURIHUURFHUWLÀFDUVHTXHKDMDXPDTXDQWLGDGHVXÀFLHQWHGHiJXDQRUHVHU

YDWyULR

$VRSHUDo}HVGHHQFKLPHQWRGHiJXDGHYHPVHUHIHWXDGDVFRPDWRPDGDGRFDERGHDOL

PHQWDomRGHVOLJDGDGRSRQWRGHFRUUHQWH

 $EULUDWDPSDGRGHSyVLWR-2LQGLFDGRUGHQtYHO*SRVVXLXPDHVFDODJUDGXDGDGHD

FDGDQ~PHURFRUUHVSRQGHDRQ~PHURGHFKiYHQDVGHFDIp(QFKHURMDUURFRPiJXDQDWXUDO

IUHVFD&RORFDUiJXDQRGHSyVLWRDWpRQtYHOGHVHMDGRSDUDFKiYHQDVGHFDIpHSDUD

FKiYHQDVGHFDIp

 3RVLFLRQDURMDUURYD]LRVREUHDFKDSDGHDTXHFLPHQWR0



$WHQomR

1mRXWLOL]DURMDUURVHDSUHVHQWDUUXSWXUDVQRYLGURRXQDDOoD3HULJRGHTXHLPDGXUDVFDX

VDGDVSHORFRQWDWRFRPRFDIpTXHQWHGHYLGRjUXSWXUDGRMDUUR

1mRDSRLDUQHQKXPREMHWRVREUHDWDPSDTXDQGRRDSDUHOKRHVWLYHUHPIXQFLRQDPHQWR

$WHQomR

1mRDEULUDWDPSDTXDQGRDSURGXomRHVWLYHUHPFXUVRSHULJRGHTXHLPDGXUDVGHYLGRD

VDOSLFRVGHiJXDTXHQWHRXFDIp

 3RVLFLRQDUR¿OWURGHFDIpQRSRUWD¿OWUR'RVDURFDIpQR¿OWUR8PDFKiYHQDGHFDIpHTXLYDOH

DXPDFROKHUUDVDGHSyGHFDIp

 $EDL[DURPDQtSXORGR¿OWURGHFDIp)HFKDUDWDPSDGRGHSyVLWR

 /LJXHD¿FKDjWRPDGDGDFRUUHQWHHOpFWULFDTXHGHYHVHUSURYLGDGHOLJDomRjWHUUD2GLVSOD\

VHDFHQGHUiHRKRUiULRLQtFLDUDDSLVFDU$0 8WLOL]DUDVWHFODV+5H0,1SDUDSUR

JUDPDUDKRUDORFDO3UHVVLRQDU6(/SDUDFRQ¿UPDU6HQmRIRUSUHVVLRQDGDQHQKXPDWHFODR

GLVSOD\VHDSDJDUiDSyVVHJXQGRV

 3UHVVLRQDUDWHFODFDIp SDUDGDULQtFLRDRFLFORGHSURGXomRGRFDIp$JXDUGDUDVDtGDGR

FDIpSDUDRMDUURDWpRFRPSOHWDPHQWRGRFLFORVHOHFLRQDGRQ~PHURGHFKiYHQDV

 e3266Ë9(/,17(55203(5$352'8d2'2&$)e$17(6'2&203/(7$0(172'2

&,&/2'(35(3$5$d2

 H[WUDLUDFKiYHQDYHU)XQomRSDXVDSDUDVHUYLURFDIp

 SUHVVLRQDUDWHFODFDIpDWpTXDQGRRDSDUHOKRHPLWLUXPEHHSHRVLQDOL]DGRUOXPLQRVRGHVWD

PHVPDWHFODDSDJDUVH

$SyVHIHWXDGRRGHVOLJDPHQWRDXWRPiWLFRRXGHVHMDGRDFKDSDGHDTXHFLPHQWRLQLFLDUiDDTXH

FHUVH

'HL[DUDWDPSDVREUHRMDUURSDUDPDQWHURFDIpTXHQWHHSDUDVHUYLURFDIpVHPSHULJRGH

TXHLPDGXUDV

 3HJDURMDUURSHODDOoD,QFOLQDUOLJHLUDPHQWHRMDUURHGHLWDURFDIpTXHQWHHPXPDFKiYHQD

 3UHVVLRQDUHOLEHUDUDWHFODFDIp SDUDGHVOLJDURDSDUHOKR

1mRPRYHURDSDUHOKRTXDQGRKRXYHUOtTXLGRVTXHQWHVQRMDUURRXQRGHSyVLWR$JXDUGDUR

DUUHIHFLPHQWRWRWDOGRDSDUHOKR

$TXDQWLGDGHGHiJXDTXHYDLSDUDRMDUURVHUiXPSRXFRPHQRUHPUHODomRjTXDQWLGDGH

GHLWDGDQRGHSyVLWR8PSRXFRTXHiJXDVHUiDEVRUYLGDSHORFDIpHPSyHSHORÀOWUR



3URJUDPDomRGDKRUD

 3UHVVLRQDUDWHFOD+5SDUDVHOHFLRQDUDKRUD3UHVVLRQDUHPDQWHUSUHVVLRQDGDDWHFOD+5SDUD

SURJUDPDUDKRUDPDLVUDSLGDPHQWH

 3UHVVLRQDUDWHFOD0,1SDUDVHOHFLRQDURVPLQXWRV3UHVVLRQDUHPDQWHUSUHVVLRQDGDDWHFOD

0,1SDUDSURJUDPDURVPLQXWRVPDLVUDSLGDPHQWH

 4XDQGRDKRUDSURJUDPDGDHVWLYHUH[DWDSUHVVLRQDUDWHFOD6(/2DSDUHOKRHPLWLUiXPEHHS

 3DUDUHSURJUDPDUDKRUDSUHVVLRQDUDWHFOD02'(VHLVYH]HVDWpTXDQGRRVtPEROR

LQLFLDU

DSLVFDU3UHVVLRQDUDWHFOD6(/2KRUiULRLQLFLDUiDSLVFDU$JRUDVHUiSRVVtYHOSURJUDPDUD

KRUDFRPRGHVFULWRQRVLWHQVDQWHULRUHV

3URJUDPDomRGRFLFORDXWRPiWLFR

3UHVVLRQDUHPDQWHUSUHVVLRQDGDDWHFOD$872DWpTXDQGRQRGLVSOD\LQLFLDUDSLVFDUDHVFULWD

352*5$00MXQWRDRVtPEROR 6HJXLURPpWRGRGHSURJUDPDomRGDKRUDSDUDSURJUDPDU

KRUDHPLQXWRV3UHVVLRQDUDWHFOD$872RX6(/SDUDFRQ¿UPDU2DSDUHOKRHPLWLUiXPEHHSH

QRGLVSOD\VXUJLUiDKRUDDWXDOHRVtPERORGRWLPHU RDSDUHOKRLQLFLDUiRFLFORGHSUHSDUDomR

GRFDIpQDKRUDSURJUDPDGD

3DUDDQXODUDVSURJUDPDo}HVHRVSDUkPHWURVGH¿QLGRVDQWHULRUPHQWHpVX¿FLHQWHSUHVVLRQDU

QRYDPHQWHDWHFOD$872

3URJUDPDomRGDLQWHQVLGDGHGRFDIp

2DSDUHOKR SRVVXLXPDIXQomR TXHSHUPLWHUHJXODU DLQWHQVLGDGH GRFDIpSDUD DGDSWiODDRV

SUySULRVJRVWRV

1RUPDO

3UHVVLRQDUDWHFOD02'(XPDYH]2VtPEROR LQLFLDUiDSLVFDU3UHV

VLRQDUDWHFOD6(/SDUDFRQ¿UPDU(VWDPRGDOLGDGHFRUUHVSRQGHjFRQ¿

JXUDomRGHIiEULFD

0pGLR

3UHVVLRQDUDWHFOD02'(GXDVYH]HV2VtPEROR LQLFLDUiDSLVFDU

3UHVVLRQDUDWHFOD6(/SDUDFRQ¿UPDU2VtPEROR UHJXODDSURGXomR

FRQVLGHUDQGRXPDMDUUDGHFDIp,VVRID]FRPTXHRFDIpVHWRUQHPDLV

DURPiWLFR

)RUWH

3UHVVLRQDUDWHFOD02'(WUrVYH]HV2VtPEROR LQLFLDUiDSLVFDU

3UHVVLRQDUDWHFOD6(/SDUDFRQ¿UPDU2VtPEROR UHJXODDSURGX

omRHRWHPSRGHLQIXVmRFRQVLGHUDQGRXPMDUURGHFDIp,VVRID]FRP

TXHRFDIpVHWRUQHPDLVIRUWH

0RGDOLGDGH 

FKiYHQDV

3UHVVLRQDUD WHFOD02'( TXDWURYH]HV 2VtPEROR LQLFLDUi D

SLVFDU3UHVVLRQDUDWHFOD6(/SDUDFRQ¿UPDU$PRGDOLGDGHFKiYHQDV

SHUPLWHSUHSDUDURFDIpSDUDXPPi[LPRGHFKiYHQDV1RGHSyVLWRGD

iJXDGHYHVHUFRORFDGDVRPHQWHXPDTXDQWLGDGHGHiJXDFRUUHVSRQ

GHQWHDRQtYHOGRMDUUR2VtPEROR UHJXODDXWRPDWLFDPHQWHD

SURGXomRSDUDREWHURPi[LPRVDERUSDUDSHTXHQDVTXDQWLGDGHVGHFDIp

,GHDOSDUDXPPi[LPRGHFKiYHQDVGHFDIp

6HQRGHSyVLWRKRXYHUPDLViJXDDSURGXomRQmRWHUPLQDUiDWp

TXDQGRWRGDDiJXDGRGHSyVLWRSDVVDUSDUDRMDUUR

$SyVWHUVHOHFLRQDGRDSURJUDPDomRGHVHMDGDSUHVVLRQDUDWHFODFDIp 2DSDUHOKRHPLWHXP

EHHSHLQLFLDUiDSUHSDUDomRGRFDIp



)XQomRSDXVDSDUDVHUYLURFDIp

3DUDVHUYLURFDIpDQWHVTXHDSUHSDUDomRGRMDUURGHFDIpWHUPLQHEDVWDUHPRYHURMDUURGDFKDSD

GHDTXHFLPHQWR

$JXDUGDUDSUHSDUDomRGHSHORPHQRVFKiYHQDVGHFDIpDQWHVGHUHPRYHURMDUUR

$SUHSDUDomRVHLQWHUURPSHDXWRPDWLFDPHQWHSRUVHJXQGRV3RVLFLRQDURMDUURQDFKDSDGH

DTXHFLPHQWRSDUDUHWRPDURFLFORGHSUHSDUDomR

$WHQomR

3HULJRGHTXHLPDGXUDVGHYLGDVDRFRQWDWRFRPRFDIpTXHQWHTXHVDLSHORELFRGHSURGX

omR2MDUURGHYHVHUSRVLFLRQDGRQDFKDSDGHDTXHFLPHQWRGHQWURGHVHJXQGRVGHVGH

RPRPHQWRHPTXHIRLUHPRYLGR

)XQomRGHDXWRGHVOLJDPHQWR

6HDPiTXLQDHVWLYHUOLJDGDPDVQmRIRUXWLOL]DGDDSyVFHUFDGHPLQXWRVDWLYDVHDIXQomRGH

DXWRGHVOLJDPHQWR(VWDIXQomRFRORFDDPiTXLQDHPVWDQGE\HGHVDWLYDWRGDVDVIXQo}HVGH

DTXHFLPHQWR

&RPRSUHSDUDUXPVHJXQGRMDUURGHFDIp

3UHVVLRQDUDWHFODFDIp $PiTXLQDGHVOLJDVH5HPRYHUD¿FKDGDWRPDGDGHFRUUHQWH

$WHQomR

3HULJRGHTXHLPDGXUDVFDXVDGDVSRUVDOSLFRVGHiJXDRXYDSRU$JXDUGDUSHORPHQRV

PLQXWRVDQWHVGHHQFKHURGHSyVLWRFRPiJXD$JXDUGDURDUUHIHFLPHQWRGDVSDUWHVTXHQWHV

GRDSDUHOKR

$QWHVGHLQLFLDUDSUHSDUDomRGRFDIpFHUWLÀFDUVHTXHKDMDiJXDVXÀFLHQWHQRGHSyVLWR

1mRLQLFLDUDSUHSDUDomRGRFDIpVHRQLYHOGHiJXDHVWLYHUDEDL[RGRQtYHOPtQLPR

 $EULUDWDPSDGRDSDUHOKR/HYDQWDURPDQtSXORGR¿OWURGHFDIp([WUDLUR¿OWURGHFDIpGRSRUWD

¿OWUR5HPRYHURVUHVtGXRVGHFDIpGR¿OWUR

 5HPRYHURSRUWD¿OWURGRDSDUHOKR(Q[DJXDURMDUURHRSRUWD¿OWURFRPiJXDIUHVFDHOLPSD

(QFKHURGHSyVLWRFRPiJXDQDWXUDOIUHVFDDWpRQtYHOGHVHMDGR

 3RVLFLRQDURMDUURYD]LRVREUHDFKDSDGHDTXHFLPHQWR0

 3RVLFLRQDURSRUWD¿OWURHPVXDVHGH)LJ3RVLFLRQDUR¿OWURGHFDIpQRSRUWD¿OWUR)LJ

'RVDURFDIpQR¿OWUR8PDFKiYHQDGHFDIpHTXLYDOHDXPDFROKHUUDVDGHSyGHFDIp

 )HFKHDWDPSD,QWURGX]DD¿FKDQDWRPDGDGHDOLPHQWDomR

 3UHVVLRQDUDWHFODFDIp $PiTXLQDLQLFLDUiRFLFORGHSUHSDUDomRGRFDIp

&216(/+263$5$35(3$5$580%20&$)e

 3DUDREWHUXPFDIpVDERURVRpQHFHVViULRPDQWHURDSDUHOKROLPSR(IHWXDUDOLPSH]DHDGHV

FDOFL¿FDomRFRPUHJXODULGDGHFRPRGHVFULWRQRSDUiJUDIR/LPSH]DGRDSDUHOKR

 8WLOL]DUVHPSUHiJXDIUHVFDHOLPSD

 &RPXPDPRDJHPPDLV¿QDpREWLGRXPFDIpPDLVULFRHFRUSRVR8PDPRDJHPUHJXODUH[LJL

UiPDLVFDIpSDUDREWHURVDERUWtSLFRGDVPLVWXUDVPRtGDVGHPRGRPDLV¿QR

 0DQWHURSyGHFDIpHPOXJDUHVIUHVFRVHVHFRV)HFKDUKHUPHWLFDPHQWHDVFRQIHFo}HVDEHU

WDVHGHL[iODVQRIULJRUtIHUR

 3DUDXPVDERULGHDOFRPSUHRFDIpHPJUmRVHHIHWXHVXDPRDJHPDQWHVGDSUHSDUDomR

 2FDIpDTXHFLGRQmRWHPXPVDERUySWLPR2FDIpDWLQJHVHXPHOKRUVDERUORJRDSyVDSUH



SDUDomR

 $SUHVHQoDGHSHTXHQDVJRWDVGHyOHRQDVXSHUItFLHGRFDIpSRGHVHUFDXVDGDSHORXVRSUR

ORQJDGRGHPLVWXUDVWRVWDGDVHIHWXDUDOLPSH]DFRPUHJXODULGDGH

/,03(=$'2$3$5(/+2

(VWHDSDUHOKRUHTXHUSRXFDPDQXWHQomR(OHQmRFRQWpPSDUWHVTXHSRGHPVHUUHSDUDGDVSHOR

XWLOL]DGRU4XDOTXHURSHUDomRTXHH[LJLUDGHVPRQWDJHPGHSDUWHVGHYHVHUUHDOL]DGDSRUXP

&HQWURGH$VVLVWrQFLD$XWRUL]DGR

$WHQomR

7RGDVDVRSHUDo}HVGHOLPSH]DLQGLFDGDVDEDL[RGHYHPVHUHIHFWXDGDVFRPPiTXLQDGHV

OLJDGDHFRP¿FKDHOpFWULFDGHVFRQHFWDGDGDWRPDGDGHFRUUHQWH

$WHQomR

8PDPDQXWHQomRHXPDOLPSH]DUHJXODUHVSUHVHUYDPHPDQWpPH¿FLHQWHDPiTXLQDSRU

XPSHUtRGRGHWHPSRPDLRU1XQFDODYDURVFRPSRQHQWHVGDPiTXLQDQDPiTXLQDGHODYDU

ORXoD1mRXWLOL]DUMDFWRVGHiJXDGLUHFWD

$WHQomR

7RGDVDVRSHUDo}HVGHYHPVHUHIHFWXDGDVFRPPiTXLQDIULD

/LPSH]DGRÀOWURHGRSRUWDÀOWUR

$SyVXWLOL]DURDSDUHOKRH[WUDLUL¿OWURGRFDIpGRSRUWD¿OWUR5HPRYHURVUHVtGXRVGHFDIpGR¿OWUR

(Q[DJXDUR¿OWURFRPiJXDIUHVFDHOLPSD([WUDLURSRUWD¿OWURHODYiORFRPiJXDTXHQWHHVDEmR

/LPSH]DGDMDUUD

$WHQomR

3DUDHYLWDUUXSWXUDVGRMDUUROHYDQWiORFRPFXLGDGR(YLWDUFKRTXHVGRMDUURFRPRXWURV

REMHWRVSHULJRGHUXSWXUDGRYLGUR'XUDQWHRHQFKLPHQWRGRMDUURFRPiJXDHYLWDUTXHR

PHVPRHQWUHHPFRQWDWRFRPDWRUQHLUD

(Q[DJXDURMDUURFRPiJXDTXHQWHHVDEmR/DYDUDWDPSDGRMDUURHOLPLQDQGRUHVtGXRVGHFDIp

FRPXPDHVFRYD/LPSDURMDUURXVDQGRXPSDQRK~PLGRHPDFLRSDUDQmRHVWUDJDUDVXSHUItFLH

GHYLGUR1mRXWLOL]DUHVSRQMDVPHWiOLFDVRXRXWURVPDWHULDLVDEUDVLYRV

/LPSH]DGRGHSyVLWR

$FRQVHOKDPRVDOLPSH]DSHULyGLFDGDSDUWHLQWHUQDGRGHSyVLWRFRPXPDHVSRQMDRXXPSDQR

K~PLGR

/LPSH]DGRFRUSRGDPiTXLQD

$WHQomR

/LPSDUDVSDUWHV¿[DVGDPiTXLQDXVDQGRXPSDQRK~PLGRQmRDEUDVLYRSDUDQmRGDQL¿FDU

DHVWUXWXUD

$872/,03(=$

/LPSDURDSDUHOKRSHORPHQRVXPDYH]SRUPrV

6HWLYHUDGTXLULGRR¿OWURSDUDDiJXDYHQGLGRVHSDUDGDPHQWHUHPRYHORGRGHSyVLWRDQWHVGH

HIHWXDURFLFORGHOLPSH]DDXWRPiWLFD



 (QFKHURMDUURFRPXPDPLVWXUDFRPSRVWDGHFKiYHQDVGHYLQDJUHEUDQFRHFKiYHQDVGH

iJXDIUHVFDHOLPSD&RORFDUDPLVWXUDQRGHSyVLWR

 3RVLFLRQDUXP¿OWURGHSDSHOGHFKiYHQDVQRSRUWD¿OWUR)HFKHDWDPSD

 3UHVVLRQDUDWHFOD02'(SRUFLQFRYH]HV2VtPEROR LQLFLDUiDSLVFDU3UHVVLRQDUDWHFOD

6(/SDUDFRQ¿UPDU

 3UHVVLRQDUDWHFODFDIp 2DSDUHOKRHPLWLUiXPEHHSHLQLFLDUiRFLFORGHDXWROLPSH]D3DUWH

GDPLVWXUDLUiFDLUQRMDUURVHQGRTXHRUHVWDQWH¿FDUiQRVFLUFXLWRVGDPiTXLQDSRUFHUFDGH

PLQXWRVDQWHVGHVHUHOLPLQDGDWRWDOPHQWHFDLQGRQRMDUUR7RGRRFLFORGHOLPSH]DDXWRPi

WLFDLUiGXUDUPLQXWRV4XDQGRRFLFORGHDXWROLPSH]DWLYHUWHUPLQDGRRDSDUHOKRHPLWLUi

XPEHHSHVHGHVOLJDUiDXWRPDWLFDPHQWH

 (Q[DJXDURMDUURFRPiJXDIUHVFDHOLPSD

$QWHVGHSUHSDUDUXPFDIpIDoDFRPTXHMDUURVGHiJXDQDWXUDOIUHVFDSRVVDPVDLUGR

DSDUHOKR,VWRLUiOLPSDURDSDUHOKRHOLPLQDQGRRVUHVtGXRVGHiJXDHYLQDJUH

'(6&$/&,),&$d®2

8PDERDPDQXWHQomRHXPDOLPSH]DUHJXODUSUHVHUYDHPDQWrPH¿FLHQWHDPiTXLQDSRUXP

SHUtRGRPDLRUOLPLWDQGRQRWDYHOPHQWHRVULVFRVGHIRUPDomRGHGHSyVLWRVGHFDOFiULRQRDSDUHOKR

6HPHVPRDVVLPDSyVDOJXPWHPSRDIXQomRGRDSDUHOKRHVWLYHUFRPSURPHWLGDGHYLGRDRXVR

IUHTXHQWHGHiJXDGXUDHPXLWRFDOFiULDSRGHVHHIHFWXDUDGHVFDOFL¿FDomRGDPiTXLQDSDUD

HOLPLQDURSUREOHPDGHIXQFLRQDPHQWR8WLOL]DUDHVWH¿PH[FOXVLYDPHQWHRSURGXWRSDUDGHVFDO

FL¿FDomR12&$/GD$ULHWHDEDVHGHiFLGRFtWULFR(VWHSURGXWRHQFRQWUDVHIDFLOPHQWHQRVFHQ

WURVGHDVVLVWrQFLDWpFQLFD$ULHWH$ULHWHQmRDVVXPHQHQKXPDUHVSRQVDELOLGDGHSRUGDQRVDRV

FRPSRQHQWHVLQWHUQRVGDPiTXLQDGHFDIpFDXVDGRVSRUXVRGHSURGXWRVQmRFRQIRUPHVGHYLGR

jSUHVHQoDGHDGLWLYRVTXtPLFRV

(IHWXDUDGHVFDOFLÀFDomRXPDYH]SRUPrV6HDiJXDXWLOL]DGDIRUPXLWRGXUDHFDOFiULD

HIHWXDUDOLPSH]DDFDGDGXDVVHPDQDV

 (QFKHURMDUURFRPXPDPLVWXUDFRPSRVWDGHFKiYHQDGHYLQDJUHEUDQFRHFKiYHQDVGH

iJXDIUHVFDHOLPSD

 &RORFDUDPLVWXUDQRGHSyVLWR

 'DULQtFLRDRFLFORGHSURGXomRHDJXDUGDURHQFKLPHQWRGRMDUURDWpDPHWDGH

 3UHVVLRQDUDWHFODFDIp 2DSDUHOKRGHVOLJDVH

6HQDIDVHGHHVSHUDGRYDSRUKRXYHUSHTXHQRVMDWRVGHYDSRUHVWHIHQ{PHQRGHYHVHU

FRQVLGHUDGRDEVROXWDPHQWHQRUPDO

 4XDQGRDiJXDWHUPLQDUGHSDVVDUSDUDRMDUURVHUiSRVVtYHOUHPRYHURMDUUR'HL[DUTXHD

iJXDHVIULHSRUPLQXWRV

 &RORFDUDPLVWXUDFRQWLGDQRMDUURQRGHSyVLWR)HFKHDWDPSD3RVLFLRQDURMDUURQDFKDSDGH

DTXHFLPHQWR

 'DULQtFLRDRXWURFLFORGHSURGXomRHDJXDUGDURHQFKLPHQWRWRWDOGRMDUUR4XDQGRDiJXD

WHUPLQDUGHSDVVDUSDUDRMDUURVHUiSRVVtYHOUHPRYHURMDUUR

 3UHVVLRQDUDWHFODFDIp 2DSDUHOKRGHVOLJDVH

 $JXDUGDUPLQXWRVSDUDTXHRDSDUHOKRSRVVDHVIULDU&HUWL¿TXHVHTXHR¿OWURHVWHMDLQVHULGR

QRSRUWD¿OWUR

(QFKHURMDUURFRPiJXDQDWXUDOIUHVFDHUHSHWLURFLFORGHSURGXomRSDUDOLPSDURVFLUFXLWRV



LQWHUQRVGRDSDUHOKR1R¿QDOGRFLFORGHHQ[iJXHSUHVVLRQDUDWHFODFDIp SDUDGHVOLJDUR

DSDUHOKR(VYD]LDURMDUUR

/DYDURMDUURRSRUWD¿OWURDPRYtYHOHR¿OWURGHFDIpFRPiJXDTXHQWHHVDEmR(Q[XJDUWRGDV

DVSHoDV

4XDQGRRDSDUHOKRWLYHUHVIULDGROLPSDUVXDSDUWHH[WHULRUFRPXPSDQRPDFLR

&RPRJXDUGDURDSDUHOKR

 'HVOLJDUD¿FKDGDWRPDGDGHFRUUHQWHHOpFWULFD

 *XDUGDURDSDUHOKRHPOXJDUIUHVFRHVHFR

1mRGHL[DURDSDUHOKRHPUHSRXVRFRPDÀFKDOLJDGDQDWRPDGDGHFRUUHQWHHOpWULFD

3Ñ52$3$5(/+2)25$'(6(59,d2

(PFDVRGHQmRXWLOL]DomRGDPiTXLQDGHYHVHGHVFRQHFWiODHOHWULFDPHQWHHVYD]LDURGHSyVLWR

GHiJXDHRMDUUR(IHWXDUDOLPSH]DGRVFRPSRQHQWHVYHUSDUiJUDIR³/LPSH]DGRDSDUHOKR´(P

FDVRGHHOLPLQDomRGHYHVHUHDOL]DUDVHSDUDomRGRVYiULRVPDWHULDLVXWLOL]DGRVQDFRQVWUXomRGD

PiTXLQDHHIHFWXDUDHOLPLQDomRGRVPHVPRVGHDFRUGRFRPDFRPSRVLomRHGLVSRVLo}HVGHOHL

YLJHQWHVQR3DtVGHXWLOL]DomRGRDSDUHOKR



29(5'(=(+$1'/(,',1*

2RNDO]LMQGHDSSDUDWHQYHUYDDUGLJGLQRYHUHHQVWHPPLQJPHWGHWRHSDVVHOLMNHVSHFL¿HNH(X

URSHVHUHJHOJHYLQJHQ ]LMQDOOHSRWHQWLHHOJHYDDUOLMNH GHOHQEHYHLOLJGPRHWHQ GH]HLQVWUXFWLHV

WRFKDDQGDFKWLJZRUGHQGRRUJHOH]HQHQPDJKHWDSSDUDDWDOOHHQZRUGHQJHEUXLNWYRRUKHWGRHO

ZDDUYRRUKLMLVEHVWHPGRPRQJHOXNNHQHQVFKDGHWHYRRUNRPHQ+RXGGLWERHNMHDOWLMGELQQHQ

KDQGEHUHLNYRRUWRHNRPVWLJHUDDGSOHJLQJ$OVXGLWDSSDUDDWDDQDQGHUHSHUVRQHQZLOWRYHUGRHQ

GHQNHUGDQDDQGDWGH]HLQVWUXFWLHVZRUGHQPHHJHJHYHQ

'HLQIRUPDWLHLQGH]HKDQGOHLGLQJLVJHPDUNHHUGPHWV\PEROHQGLHKHWYROJHQGHEHWHNHQHQ

*HYDDUYRRUNLQGHUHQ

*HYDDUDOVJHYROJYDQHOHNWULFLWHLW

5LVLFRRSVFKDGHGRRUDQGHUHRRU]DNHQ

:DDUVFKXZLQJYRRUYHUEUDQGLQJVJHYDDU

/HWRS±VFKDGHDDQPDWHULDOHQ

%('2(/'*(%58,.

8NXQWKHWDSSDUDDWJHEUXLNHQRPNRI¿HWH]HWWHQ'LWDSSDUDDWLVXLWVOXLWHQGYRRUSULYpJHEUXLN

RQWZRUSHQHQPRHWGXVDOVRQJHVFKLNWZRUGHQJHDFKWYRRUFRPPHUFLsOHRILQGXVWULHHOJHEUXLN

'HIDEULNDQWKHHIWJHHQHQNHODQGHUJHEUXLNYRRU]LHQHQZLMVWGXVLHGHUHDDQVSUDNHOLMNKHLGDI

YRRUVFKDGHGLHZRUGWYHURRU]DDNWGRRURQHLJHQOLMNJHEUXLNYDQKHWDSSDUDDW%RYHQGLHQKHHIW

RQHLJHQOLMNJHEUXLNWRWJHYROJGDWLHGHUHJDUDQWLHNRPWWHYHUYDOOHQ

29(5,*(5,6,&2·6

'RRUGHERXZNHQPHUNHQYDQKHWDSSDUDDWZDDUGH]HKDQGOHLGLQJRYHUJDDWLVKHWQLHWPRJHOLMNGH

JHEUXLNHUWHEHVFKHUPHQWHJHQPRJHOLMNHVWRRPVSHWWHUVRIKHHWZDWHU

/HWRS

*HYDDUYRRUEUDQGZRQGHQYHURRU]DDNWGRRUVSDWWHQRIVSHWWHUVKHHWZDWHURINRI¿H2SHQ

KHWGHNVHOQLHWDOVGHNRI¿HDDQKHWGRRUORSHQLV

%(/$1*5,-.(:$$56&+8:,1*(1

/((6'(=(,16758&7,(6$$1'$&+7,*'225

 'LWDSSDUDDWLVXLWVOXLWHQGYRRUSULYpJHEUXLNRQWZRUSHQHQPRHWGXVDOVRQJH

VFKLNWZRUGHQJHDFKWYRRUFRPPHUFLsOHRILQGXVWULHHOJHEUXLN

 :LMZLM]HQLHGHUHYHUDQWZRRUGHOLMNKHLGDIYRRU HHQ RQMXLVW JHEUXLN RIJHEUXLN

YRRUDQGHUHGRHOHLQGHQGDQGLH]LMQYRRU]LHQLQGLWERHNMH

 +HWZRUGWDDQJHUDGHQGHRULJLQHOHYHUSDNNLQJWHEHZDUHQDDQJH]LHQJHHQJUD

WLVDVVLVWHQWLHZRUGWYHUOHHQGDOVKHWSURGXFWGHIHFWUDDNWELMKHWYHUVWXUHQQDDU

HHQHUNHQG6HUYLFH&HQWUXPGRRUGDWKHWQLHWJRHGLVYHUSDNW

 +HWDSSDUDDWYROGRHWDDQGH(*YHURUGHQLQJQUYDQ

EHWUHIIHQGHPDWHULDOHQGLHLQDDQUDNLQJNRPHQPHWOHYHQVPLGGHOHQ



*HYDDUYRRUNLQGHUHQ



+HWDSSDUDDWNDQZRUGHQJHEUXLNWGRRUNLQGHUHQGLHRXGHU]LMQGDQMDDUPDDU

XLWVOXLWHQGDOV]HGRRUHHQYHUDQWZRRUGHOLMNHSHUVRRQZRUGHQJHYROJGRIDOV]H

JRHGHLQVWUXFWLHVKHEEHQJHNUHJHQRYHUHHQYHLOLJJHEUXLNYDQKHWDSSDUDDWHQ

]HGHJHYDUHQELMKHWJHEUXLNHUYDQKHEEHQEHJUHSHQ



 5HLQLJLQJVHQRQGHUKRXGVZHUN]DDPKHGHQGRRUGHJHEUXLNHUPRJHQQLHWGRRU

NLQGHUHQZRUGHQYHUULFKWWHQ]LM]HRXGHU]LMQGDQMDDUHQGLWRQGHUWRH]LFKW

JHEHXUW(UPRHWWRH]LFKWZRUGHQJHKRXGHQRSNLQGHUHQRPHUYRRUWH]RUJHQ

GDW]HQLHWPHWKHWDSSDUDDWVSHOHQ

 +RXGKHWDSSDUDDWHQGHVWURRPNDEHODOWLMGEXLWHQEHUHLNYDQNLQGHUHQMRQJHU

GDQMDDU

 /DDWGHVWURRPNDEHOQLHWRSHHQSOHNKDQJHQZDDUKLMGRRUHHQNLQGEHHWJHSDNW

NDQZRUGHQ

 +RXGGHYHUSDNNLQJVPDWHULDOHQEXLWHQKHWEHUHLNYDQNLQGHUHQDDQJH]LHQGH]H

HHQEURQYDQJHYDDUNXQQHQYRUPHQ

 0RFKWXGLWDSSDUDDWZLOOHQZHJJRRLHQGDQEHYHOHQZLMDDQRPKHWRQEUXLNEDDU

WHPDNHQGRRUKHWVWURRPVQRHUGRRUWHVQLMGHQ9HUGHUEHYHOHQZLMDDQRPGH

GHOHQYDQKHWDSSDUDDWGLHJHYDDUNXQQHQRSOHYHUHQRQVFKDGHOLMNWHPDNHQPHW

QDPHYRRUNLQGHUHQGLHKHWDSSDUDDWNXQQHQJHEUXLNHQRPHUPHHWHVSHOHQ

*HYDDUDOVJHYROJYDQHOHNWULFLWHLW

 +HWDSSDUDDWNDQZRUGHQJHEUXLNWGRRUSHUVRQHQPHWEHSHUNWHOLFKDPHOLMNH]LQ

WXLJOLMNHRIJHHVWHOLMNHYHUPRJHQVRISHUVRQHQ]RQGHUHUYDULQJHQNHQQLVPDDU

XLWVOXLWHQGDOV]HGRRUHHQYHUDQWZRRUGHOLMNHSHUVRRQZRUGHQJHYROJGRIDOV]H

JRHGHLQVWUXFWLHVRYHUHHQYHLOLJJHEUXLNYDQKHWDSSDUDDWKHEEHQJHNUHJHQHQ

GH]HHQGHJHYDUHQELMKHWJHEUXLNHUYDQKHEEHQEHJUHSHQ

 9RRUGDWXKHWDSSDUDDWRSKHWHOHNWULFLWHLWVQHWDDQVOXLWFRQWUROHHUWXRIGHVSDQ

QLQJGLHRSKHWSODDWMHRQGHUGHPDFKLQHLVDDQJHJHYHQRYHUHHQNRPWPHWGLH

YDQKHWSODDWVHOLMNHHOHNWULFLWHLWVQHW

 +HWJHEUXLNYDQQLHWGRRUGHIDEULNDQWYDQKHWDSSDUDDWJRHGJHNHXUGHYHUOHQJ

VQRHUHQNDQVFKDGHHQRQJHOXNNHQYHURRU]DNHQ

 9RRUGDWXKHWUHVHUYRLUPHWZDWHUYXOWWUHNWXGHVWHNNHUYDQKHWDSSDUDDWXLWKHW

VWRSFRQWDFW

 $OVGHVWURRPNDEHOEHVFKDGLJGLVPRHWKLMRPLHGHUULVLFRWHYRRUNRPHQZRU

GHQYHUYDQJHQGRRUGHIDEULNDQWRIGRRUGLHQVVHUYLFHFHQWUXPRILQLHGHUJHYDO

GRRUHHQSHUVRRQPHWHHQYHUJHOLMNEDUHNZDOL¿FDWLH

 =RUJGDWGHRQGHUGHOHQGLHRQGHUVSDQQLQJVWDDQQRRLWLQDDQUDNLQJNRPHQPHW

ZDWHUKLHUGRRUNDQNRUWVOXLWLQJRQWVWDDQ

 7UHNGHVWHNNHUXLWKHWVWRSFRQWDFWDOYRUHQVKHWDSSDUDDWWHUHLQLJHQRIHURQGHU

KRXGRSWHSOHJHQ

 'RPSHOKHWDSSDUDDWQLHWLQZDWHURIDQGHUHYORHLVWRIIHQ



 =HWKHWDSSDUDDWQRRLWLQGHEXXUWYDQRIRSHHQZDVEDN

 9HUZLMGHUKHWRQGHUVWHGHNVHOQLHWYDQKHWDSSDUDDW(U]LMQJHHQLQWHUQHGHOHQ

GLHPRHWHQZRUGHQJHEUXLNWRIZRUGHQVFKRRQJHPDDNW

5LVLFRRSVFKDGHGRRUDQGHUHRRU]DNHQ

 .LHVHHQJRHGYHUOLFKWHHQVFKRQHUXLPWHPHWHHQPDNNHOLMNWHEHUHLNHQVWRS

FRQWDFW

 'RHQLHWWHYHHOZDWHULQKHWUHVHUYRLU

 7UHNGHVWHNNHUQLHWXLWKHWVWRSFRQWDFWGRRUDDQGHNDEHOWHWUHNNHQ

 +HWDSSDUDDWPRHWRSHHQVWHYLJHRQGHUJURQGZRUGHQJHEUXLNWHQRRNDOVKHW

QLHWZRUGWJHEUXLNWPRHWKHWRSHHQVWHYLJHRQGHUJURQGVWDDQ

 +HWDSSDUDDWPDJQLHWZRUGHQJHEUXLNWDOVKHWLVJHYDOOHQDOVHU]LFKWEDUHVFKD

GHLVRIDOVKHWOHNW*HEUXLNKHWDSSDUDDWQLHWDOVGHVWURRPNDEHORIGHVWHNNHU

EHVFKDGLJG]LMQRIDOVKHWDSSDUDDW]HOIGHIHFWLV$OOHUHSDUDWLHVZDDURQGHURRN

GHYHUYDQJLQJYDQGHVWURRPNDEHOGLHQHQXLWVOXLWHQGWHZRUGHQYHUULFKWGRRU

HHQ$ULHWH6HUYLFHGLHQVWRIGRRU$ULHWHYDNPHQVHQRPLHGHUHYRUPYDQJHYDDU

WHYRRUNRPHQ

:DDUVFKXZLQJYRRUYHUEUDQGLQJVJHYDDU

 2SHQKHWGHNVHOQLHWDOVGHNRI¿HDDQKHWGRRUORSHQLV

 :DFKWWRWKHWDSSDUDDWLVDIJHNRHOGYRRUGDWXKHWUHVHUYRLUPHWZDWHUYXOWJH

YDDUYRRUEUDQGZRQGHQYHURRU]DDNWGRRUZDWHUVSHWWHUVRIVWRRP

 /DDWGHOHJHNRI¿HNDQELMZHUNHQGDSSDUDDWQLHWRSGHYHUZDUPLQJVSODDWVWDDQ

+HWJHYDDUEHVWDDWGDWGHNRI¿HNDQGDQNDSRWJDDW*HYDDUYRRUEUDQGZRQGHQ

YHURRU]DDNWGRRUDDQUDNLQJPHWGHNRI¿HNDQ

/HWRS²VFKDGHDDQPDWHULDOHQ

 =HWKHWDSSDUDDWRSHHQVWHYLJHRQGHUJURQGZDDU]LMQLHWNDQRPYDOOHQ

 *HEUXLNKHWDSSDUDDWQLHW]RQGHUZDWHURPGDWGHSRPSGDQNDQGRRUEUDQGHQ

 9XOKHWUHVHUYRLUQRRLWPHWZDUPRINRNHQGZDWHU

 =HWKHWDSSDUDDWQLHWRSKHWHRSSHUYODNNHQRILQGHEXXUWYDQRSHQYODPPHQRP

WHYRRUNRPHQGDWGHEHKXL]LQJEHVFKDGLJGUDDNW

 'HNDEHOPDJQLHWLQDDQUDNLQJNRPHQPHWGHKHWHGHOHQYDQKHWDSSDUDDW

 *HEUXLNJHHQNRRO]XXUKRXGHQGZDWHU

 'RHQRRLWLHWVDQGHUVLQKHW¿OWHUGDQJHPDOHQNRI¿H+HWDSSDUDDW]RXKLHUGRRU

]ZDDUEHVFKDGLJGNXQQHQUDNHQ

 =HWGHPDFKLQHQLHWLQHHQRPJHYLQJPHWHHQRPJHYLQJVWHPSHUDWXXUGLHODJHU

LVGDQ&DDQJH]LHQKHWLQGHNHWHODFKWHUJHEOHYHQZDWHU]RXNXQQHQEHYULH

]HQHQVFKDGH]RXNXQQHQYHURRU]DNHQ

 *HEUXLNKHWDSSDUDDWQLHWLQGHRSHQOXFKW

 6WHOKHWDSSDUDDWQLHWEORRWDDQZHHUVLQYORHGHQUHJHQ]RQHQ]

 1DGHVWHNNHUXLWKHWVWRSFRQWDFWWHKHEEHQJHWURNNHQHQQDGDWGHKHWHRQ



GHUGHOHQ ]LMQ DIJHNRHOG PDJ KHW DSSDUDDW XLWVOXLWHQG ZRUGHQ JHUHLQLJG PHW

HHQQLHWVFKXUHQGLHWVEHYRFKWLJGGRHNMHPHWHHQSDDUGUXSSHOVQHXWUDDOQLHW

DJUHVVLHIUHLQLJLQJVPLGGHOJHEUXLNQRRLWRSORVPLGGHOHQRPGDWGLHGHNXQVWVWRI

NXQQHQEHVFKDGLJHQ

9RRU]RUJVPDDWUHJHOHQELMKHWJHEUXLNYDQGHNRIÀHNDQ

 *HEUXLNGHNRI¿HNDQDOOHHQPHWGLWNRI¿H]HWDSSDUDDW*HEUXLNGHNRI¿HNDQQLHW

RPGHNRI¿HRSHHQIRUQXLVRIDQGHUHZDUPWHEURQQHQWHYHUZDUPHQ=HWGHNRI

¿HNDQQLHWLQGHPDJQHWURQRPGHNRI¿HWHYHUZDUPHQ

 'HNRI¿HNDQPDJDOOHHQZRUGHQJHEUXLNWPHWGHELMKHWDSSDUDDWJHOHYHUGHYHU

ZDUPLQJVSODDW

 2PWHYRRUNRPHQGDWGHNRI¿HNDQNDSRWJDDWWLOWXKHPYRRU]LFKWLJRS=RUJHU

YRRUGDWXGHNRI¿HNDQQLHWWHJHQDQGHUHYRRUZHUSHQVWRRWKHWJHYDDUEHVWDDW

GDQGDWKHWJODVNDSRWJDDW.LMNXLWGDWXGHNRI¿HNDQELMKHWYXOOHQPHWZDWHUQLHW

WHJHQGHNUDDQVWRRW

 =HWGHOHJHNRI¿HNDQQLHWRSZDUPHRSSHUYODNNHQ

 =HWGHZDUPHNRI¿HNDQQLHWRSNRXGHRIQDWWHRSSHUYODNNHQ:DFKWWRWGHNRI

¿HNDQLVDIJHNRHOGYRRUGDWXKHPDIZDVWRIHUYHUVZDWHULQGRHW

 0DDNGHNRI¿HNDQQLHWPHWVWDDOVSRQVMHVVFKXXUPLGGHOHQRIDQGHUHPDWHULDOHQ

VFKRRQGLHKHWJODVNXQQHQNUDVVHQ

 *HEUXLNGHNRI¿HNDQQLHWDOVKLMWHODQJ]RQGHULQKRXGLVYHUZDUPGYHUYDQJKHP

PHWHHQDQGHUHRULJLQHOHNRI¿HNDQ

%(:$$5'(=(,16758&7,(6$/7,-'

%(6&+5,-9,1*9$1+(7$33$5$$7

$.RI¿HNDQ ..DEHORSEHUJUXLPWH

%+DQGJUHHSYDQGHNRI¿HNDQ / 7RHYRHUNDEHO±6WHNNHU

&'HNVHOYDQGHNRI¿HNDQ 09HUZDUPLQJVSODDW

'8LWORRS 1'LVSOD\

(3ODDWVYDQGH¿OWHUKRXGHU 202'(

):DWHUUHVHUYRLU 36(/

*$DQGXLGLQJYDQGHKRHYHHOKHLGZDWHU 4$872

+.RI¿H¿OWHU 5.QRSRPGHXUHQLQGHVWHOOHQ+5

, :HJQHHPEDDU¿OWHUKRXGHU 6.QRSRPGHPLQXWHQLQWHVWHOOHQ0,1

- 'HNVHOUHVHUYRLU

7.QRSYRRUNRI¿H]HWWHQ

XLWVFKDNHOHQ

,GHQWLÀFDWLHJHJHYHQV

2SKHWSODDWMHDDQGHRQGHUNDQWYDQKHWDSSDUDDW]LMQGHLGHQWL¿FDWLHJHJHYHQVYDQKHWDSSDUDDW

ZHHUJHJHYHQ

 IDEULNDQWHQ(*PHUN

 PRGHO0RG

 VHULHQXPPHU61



 YRHGLQJVVSDQQLQJ9HQIUHTXHQWLH+]

 RSJHQRPHQHOHNWULVFKYHUPRJHQ:

 JUDWLVWHOHIRRQQXPPHUDVVLVWHQWLH

9HUPHOGELMHYHQWXHOHYHU]RHNHQDDQ(UNHQGH6HUYLFFHFHQWUDKHWPRGHOHQKHWVHULHQXPPHU

*(%58,.6$$1:,-=,1*

,QEHGULMIVWHOOLQJ

 &RQWUROHHURIGHQHWVSDQQLQJLQKXLVGH]HOIGHLVDOVGLHRSKHWSODDWMHPHWWHFKQLVFKHJHJHYHQV

YDQKHWDSSDUDDW

 9HUZLMGHUGHYHUSDNNLQJVPDWHULDOHQXLWGHELQQHQNDQWHQYDQGHEXLWHQNDQWYDQKHWDSSDUDDW

 =HWKHWDSSDUDDWYHUYROJHQVRSHHQYODNRSSHUYODN=HWKHWDSSDUDDWRSHHQDIVWDQGYDQWHQ

PLQVWHFPYDQPXUHQPHXEHOVRIDQGHUHDSSDUDWHQ

/HWRS

*HYDDUYRRUVFKDGHDDQGHVWHXQYODNNHQYDQKHWDSSDUDDW'RRUGHKRJHWHPSHUDWXXUYDQ

KHWDSSDUDDWNXQQHQGHVWHXQYODNNHQVPHOWHQ/HJHHQGRHNRIHHQVHUYHWWXVVHQKHWDS

SDUDDWHQKHWVWHXQYODN

/HWRS

*HYDDUYRRURYHUEHODVWLQJYDQKHWHOHNWULFLWHLWVQHW0HHUGHUHDSSDUDWHQGLHRSppQHQNHO

VWRSFRQWDFW ]LMQDDQJHVORWHQ NXQQHQNRUWVOXLWLQJ YHURRU]DNHQ6OXLW KHWDSSDUDDW RS HHQ

VWRSFRQWDFWDDQZDDUQRJJHHQDQGHUHKXLVKRXGHOLMNHDSSDUDWHQRS]LMQDDQJHVORWHQ

 :DVGHNRI¿HNDQGHZHJQHHPEDUH¿OWHUKRXGHUHQKHWNRI¿H¿OWHUPHWZDUPZDWHUHQDIZDVPLG

GHODI6SRHOGHRQGHUGHOHQRPHQGURRJ]HDI

 =HWGHZHJQHHPEDUH¿OWHUKRXGHURS]LMQSODDWV)LJ

+HWGRRUVWURRPYHQWLHORSGHERGHPYDQGHZHJQHHPEDUHÀOWHUKRXGHUPRHWLQGHRSHQLQJ

LQKHWPLGGHQYDQGHSODDWVYDQGHÀOWHUKRXGHUZRUGHQJHVWRNHQ

(HUVWHLQVFKDNHOLQJ

%LMGHHHUVWHLQVFKDNHOLQJRIZDQQHHUKHWDSSDUDDWODQJHUHWLMGQLHWLVJHEUXLNWZRUGWDDQJH

UDGHQHHUVWWHQPLQVWHNRIÀHNDQQHQZDWHUXLWKHWZDWHUFLUFXLWYDQGHNHWHOWHODWHQNRPHQ

 9XOKHWUHVHUYRLUPHWYHUVZDWHU)LJWRWKHWPHWDDQJHGXLGHQLYHDX1LYHDXNRPW

RYHUHHQPHWGHPD[LPDOHKRHYHHOKHLGZDWHUHQKHWPD[LPXPDDQWDONRSSHQNRI¿H6OXLWKHW

GHNVHOYDQKHWUHVHUYRLU

9XOKHWUHVHUYRLU122,7YHUGHUGDQKHWPD[LPXP

=HWKHWNRIÀHÀOWHUELMGH]HVFKRRQPDDNEHXUWQLHWLQGHÀOWHUKRXGHU

 6WHHNGHVWHNNHULQHHQJHDDUGVWRSFRQWDFW

 =HWGHOHJHNRI¿HNDQRSGHYHUZDUPLQJVSODDW0&RQWUROHHURIKHWGRRUVWURRPYHQWLHOJRHGRS

KHWGHNVHOYDQGHNRI¿HNDQLVJHSODDWVW

 'UXNRSGHNRI¿H]HWNQRS :DFKWWRWDOOHZDWHULQKHWUHVHUYRLULQGHNRI¿HNDQLVJHORSHQ

:DFKWPLQXWHQRPKHWDSSDUDDWDIWHODWHQNRHOHQ

 +HUKDDOGHKDQGHOLQJELMHHQWZHHGHNRI¿HNDQZDWHU:DFKWWRWDOOHZDWHULQKHWUHVHUYRLULQGH

NRI¿HNDQLVJHORSHQ

1XNDQKHWDSSDUDDWZRUGHQNODDUJHPDDNWHQXZHHUVWHNRI¿HNDQNRI¿HZRUGHQJH]HW



+HWDSSDUDDWNODDUPDNHQ

&RQWUROHHUDOYRUHQVKHWVWULMNLM]HUDDQWH]HWWHQRIHUYROGRHQGHZDWHULQKHWUHVHUYRLU]LW

+HWDSSDUDDWPDJDOOHHQPHWZDWHUZRUGHQJHYXOGPHWGHVWHNNHUXLWKHWVWRSFRQWDFW

 2SHQKHWGHNVHOYDQKHWUHVHUYRLU-'HDDQGXLGLQJYDQGHKRHYHHOKHLG*KHHIWHHQVFKDDO

YHUGHOLQJYDQWRWLHGHUFLMIHUNRPWRYHUHHQPHWKHWDDQWDONRSSHQNRI¿H9XOGHNRI¿HNDQ

PHWYHUVZDWHU6FKHQNKHWZDWHUWRWKHWJHZHQVWHQLYHDXLQKHWUHVHUYRLUYRRUNRSSHQ

NRI¿HHQYRRUNRSSHQNRI¿H

 =HWGHOHJHNRI¿HNDQRSGHYHUZDUPLQJVSODDW0



/HWRS

*HEUXLNGHNDQQLHWDOVKHWJODVJHEDUVWHQRIGHKDQGJUHHSVWXNLV*HYDDUYRRUEUDQGZRQ

GHQGRRUDDQUDNLQJPHWGHKHWHNRI¿HYHURRU]DDNWGRRUGDWGHNDQNDSRWLVJHJDDQ

/HJJHHQHQNHOYRRUZHUSRSKHWGHNVHOZDQQHHUKHWDSSDUDDWZHUNW

/HWRS

2SHQKHWGHNVHOQLHWDOVGHNRI¿HDDQKHWGRRUORSHQLVJHYDDUYRRUEUDQGZRQGHQYHURRU

]DDNWGRRUVSDWWHQRIVSHWWHUVKHHWZDWHURINRI¿H

 'RHKHWNRI¿H¿OWHULQGH¿OWHUKRXGHU'RVHHUGHNRI¿HLQKHW¿OWHU(HQNRSNRI¿HNRPWRYHUHHQ

PHWHHQDIJHVWUHNHQOHSHOJHPDOHQNRI¿H

 'RHGHKDQGJUHHSYDQKHWNRI¿H¿OWHURPODDJ6OXLWKHWGHNVHOYDQKHWUHVHUYRLU

 6WHHNGHVWHNNHULQHHQJHDDUGVWRSFRQWDFW+HWGLVSOD\ZRUGWLQJHVFKDNHOGHQGHWLMGEHJLQWWH

NQLSSHUHQ$0 *HEUXLNGHWRHWVHQ+5HQ0,1RPGHORNDOHWLMGLQWHVWHOOHQ'UXNRS

6(/RPWHEHYHVWLJHQ$OVRSJHHQHQNHOHWRHWVZRUGWJHGUXNWZRUGWKHWGLVSOD\QDVHFRQ

GHQXLWJHVFKDNHOG

 'UXNRSGHNRI¿HWRHWV RPGHNRI¿H]HWF\FOXVWHVWDUWHQ:DFKWWRWGHNRI¿HLQGHNRI¿HNDQ

GUXSSHOWHQGHJHNR]HQF\FOXVYROWRRLGLVDDQWDONRSSHQ

 +(7'225/23(19$1'(.2)),(.$1:25'(1*(672379225'$7'(.2)),(=(7

&<&/8692/722,',6

 QHHPKHWNRSMHZHJ]LH3DX]HIXQFWLHRPGHNRI¿HWHVHUYHUHQ

 GUXNRSGHNRI¿HWRHWVWRWKHWDSSDUDDWHHQSLHSWRRQODDWKRUHQHQKHWFRQWUROHODPSMHYDQGLH

WRHWVXLWJDDW

$OVKHWDSSDUDDWHHQPDDOLVXLWJHVFKDNHOGDXWRPDWLVFKRIJHZHQVWEHJLQWGHYHUZDUPLQJVSODDW

ZDUPWHZRUGHQ

/DDWKHWGHNVHORSGHNRIÀHNDQRPGHNRIÀHZDUPWHKRXGHQHQGHNRIÀHWHVHUYHUHQ]RQGHU

JHYDDUYRRUEUDQGZRQGHQ

 3DNGHNRI¿HNDQDDQGHKDQGJUHHSYDVW+RXGGHNRI¿HNDQHHQEHHWMHVFKXLQHQVFKHQNGH

ZDUPHNRI¿HLQHHQNRSMH

 'UXNRSGHNRI¿HWRHWV HQODDWKHPORVRPKHWDSSDUDDWXLWWHVFKDNHOHQ

%HZHHJKHWDSSDUDDWQLHWZDQQHHUGHNRIÀHNDQRIKHWUHVHUYRLUZDUPHYORHLVWRIIHQEHYDW

WHQ:DFKWWRWKHWDSSDUDDWKHOHPDDOLVDIJHNRHOG

'HKRHYHHOKHLGLQGHNRIÀHNDQGRRUJHORSHQNRIÀHLVHHQEHHWMHPLQGHUGDQGLHLQKHWUH

VHUYRLULVJHVFKRQNHQ(HQEHHWMHZDWHUZRUGWGRRUGHJHPDOHQNRIÀHHQKHWÀOWHUJHDEVRU

EHHUG



'HWLMGLQVWHOOHQ

 'UXNRSWRHWV+5RPGHXXUWLMGWHVHOHFWHUHQ'UXNGHWRHWV+5LQHQKRXGKHPLQJHGUXNWRP

GHJHZHQVWHXXUWLMGVQHOOHULQWHVWHOOHQ

 'UXNRSWRHWV0,1RPGHPLQXWHQWHVHOHFWHUHQ'UXNGHWRHWV0,1LQHQKRXGKHPLQJHGUXNW

RPGHJHZHQVWHPLQXWHQVQHOOHULQWHVWHOOHQ

 :DQQHHUGHWLMGLQJHVWHOGHQMXLVWLVGUXNWXRSGHWRHWV6(/+HWDSSDUDDWODDWHHQSLHSWRRQ

KRUHQ

 2PGHWLMGRSQLHXZLQWHVWHOOHQGUXNWX]HVNHHURSGHWRHWV02'(WRWKHWV\PERRO

NQLS

SHUW'UXNRSGHWRHWV6(/'HWLMGEHJLQWWHNQLSSHUHQ+HWLVQXPRJHOLMNGHWLMGLQWHVWHOOHQ

]RDOVLQGHYRULJHSXQWHQZHUGEHVFKUHYHQ

'HDXWRPDWLVFKHF\FOXVLQVWHOOHQ

'UXNRSGHWRHWV$872HQKRXGKHPLQJHGUXNWWRWKHWRSVFKULIW352*5$00VDPHQPHWKHW

V\PERRO RSKHWGLVSOD\EHJLQWWHNQLSSHUHQ9ROJGHLQVWHOPHWKRGHYDQGHWLMGRPGHXUHQHQ

GHPLQXWHQLQWHVWHOOHQ'UXNRSGHWRHWV$872RI6(/RPWHEHYHVWLJHQ+HWDSSDUDDWODDWHHQ

SLHSWRRQKRUHQHQRSKHWGLVSOD\YHUVFKLMQWGHDFWXHOHWLMGHQKHWV\PERROYDQGHWLPHU KHW

DSSDUDDWEHJLQWGHNRI¿H]HWF\FOXVRSGHLQJHVWHOGHWLMG

2PGHYRULJHSURJUDPPHULQJHQLQVWHOOLQJHQWHDQQXOHUHQGUXNWXQRJPDDOVRSGHWRHWV$872

'HVWHUNWHYDQGHNRIÀHLQVWHOOHQ

+HWDSSDUDDWKHHIWHHQIXQFWLHZDDUPHHGHNRI¿HVWHUNWHNDQZRUGHQJHUHJHOGRPKHPDDQGH

HLJHQVPDDNDDQWHSDVVHQ

1RUPDDO

'UXNppQNHHURSGHWRHWV02'(+HWV\PERRO EHJLQWWHNQLSSHUHQ

'UXNRS WRHWV 6(/WHUEHYHVWLJLQJ 'H]HPRGXVNRPWRYHUHHQ PHWGH

IDEULHNVLQVWHOOLQJ

0LOG

'UXNWZHHNHHURSGHWRHWV02'(+HWV\PERRO EHJLQWWHNQLSSHUHQ

'UXNRSWRHWV6(/WHUEHYHVWLJLQJ+HWV\PERRO UHJHOWKHWGRRUORSHQ

XLWJDDQGHYDQHHQNRI¿HNDQ'LWUHVXOWHHUWLQHHQDURPDWLVFKHUHNRI¿H

6WHUN

'UXNGULHNHHURSGHWRHWV02'(+HWV\PERRO EHJLQWWHNQLS

SHUHQ'UXNRSWRHWV6(/WHUEHYHVWLJLQJ+HWV\PERRO UHJHOWKHW

GRRUORSHQHQGHLQIXVLHWLMGXLWJDDQGHYDQHHQNRI¿HNDQ'LWUHVXOWHHUWLQ

HHQVWHUNHUHNRI¿H

0RGXVNRSSHQ 'UXNYLHUNHHURSGHWRHWV02'(+HWV\PERRO EHJLQWWHNQLSSH

UHQ'UXNRSWRHWV6(/WHUEHYHVWLJLQJ0HWGHPRGXVNRSSHQNXQQHQ

PD[LPDDONRSSHQNRI¿HZRUGHQJH]HW,QKHWZDWHUUHVHUYRLUPDJDOOHHQ

HHQKRHYHHOKHLGZDWHUZRUGHQJHVFKRQNHQGLHRYHUHHQNRPWPHWQLYHDX

YDQGHNRI¿HNDQ+HWV\PERRO UHJHOWKHWGRRUORSHQDXWRPDWLVFK

YRRUHHQPD[LPDOHVPDDNELMNOHLQHKRHYHHOKHGHQNRI¿H,GHDDOYRRUHHQ

PD[LPXPYDQNRSSHQNRI¿H

$OV]LFKPHHUZDWHULQKHWUHVHUYRLUEHYLQGWVWRSWKHWGRRUORSHQQLHW

WRWDOOHZDWHULQGHNRIÀHNDQ]LW

1DGHJHZHQVWHLQVWHOOLQJWHKHEEHQJHNR]HQGUXNWXRSGHNRI¿HWRHWV +HWDSSDUDDWODDWHHQ

SLHSWRRQKRUHQHQGHNRI¿HEHJLQWGRRUWHORSHQ



3DX]HIXQFWLHRPGHNRIÀHWHVHUYHUHQ

2PGHNRI¿HWHVHUYHUHQYRRUGDWGHNRI¿HKHOHPDDOLQGHNRI¿HNDQLVJHORSHQKDDOWXGHNRI¿HNDQ

YDQGHYHUZDUPLQJVSODDW

:DFKWWRWPLQVWHQVNRSSHQNRIÀH]LMQGRRUJHORSHQYRRUGDWXGHNRIÀHNDQZHJQHHPW

+HWGRRUORSHQVWRSWDXWRPDWLVFKJHGXUHQGHVHFRQGHQ=HWGHNRI¿HNDQRSGHYHUZDUPLQJV

SODDWRPGHGRRUORRSF\FOXVWHKHUYDWWHQ

/HWRS

*HYDDUYRRUEUDQGZRQGHQYHURRU]DDNWGRRUDDQUDNLQJPHWGHKHWHNRI¿HGLHXLWKHWGRRU

ORRSWXLWMHNRPW'HNRI¿HNDQPRHWELQQHQVHFRQGHQQDGDWKLMLVZHJJHQRPHQZHHURSGH

YHUZDUPLQJVSODDWZRUGHQJH]HW

$XWRPDWLVFKHXLWVFKDNHOIXQFWLH

$OVKHWDSSDUDDWLVLQJHVFKDNHOGPDDUQLHWZRUGWJHEUXLNWJULMSWQDRQJHYHHUPLQXWHQGHDXWR

PDWLVFKHXLWVFKDNHOIXQFWLHLQ'H]HIXQFWLH]HWKHWDSSDUDDWRSVWDQGE\HQVFKDNHOWDOOHYHUZDU

PLQJVIXQFWLHVXLW

(HQWZHHGHNDQNRIÀH]HWWHQ

'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWJDDWXLW+DDOGHVWHNNHUXLWKHWVWRSFRQWDFW

/HWRS

*HYDDUYRRUEUDQGZRQGHQYHURRU]DDNWGRRUZDWHUVSHWWHUVRIVWRRP:DFKWPLQVWHQV

PLQXWHQYRRUGDWXKHWUHVHUYRLUZHHUPHWZDWHUYXOW:DFKWWRWGHZDUPHGHOHQYDQKHWDS

SDUDDWDIJHNRHOG]LMQ

9RRUGDWXKHWGRRUORSHQYDQGHNRIÀHVWDUWFRQWUROHHUWXRIHUYROGRHQGHZDWHULQKHWUH

VHUYRLU]LW6WDUWKHWGRRUORSHQYDQGHNRIÀHQLHWDOVGHKRHYHHOKHLGZDWHU]LFKRQGHUKHW

PLQLPXPEHYLQGW

 2SHQKHWGHNVHOYDQKHWDSSDUDDW+DDOGHKDQGJUHHSYDQKHWNRI¿H¿OWHURPKRRJ+DDOKHW

NRI¿H¿OWHUXLWGH¿OWHUKRXGHU9HUZLMGHUGHNRI¿HUHVWHQXLWKHW¿OWHU

 9HUZLMGHUGH ¿OWHUKRXGHU XLWKHW DSSDUDDW6SRHO GHNRI¿HNDQ HQGH ¿OWHUKRXGHUPHW YHUV

VFKRRQZDWHURP9XOKHWUHVHUYRLUPHWYHUVZDWHUWRWKHWJHZHQVWHQLYHDX

 =HWGHOHJHNRI¿HNDQRSGHYHUZDUPLQJVSODDW0

 =HWGH¿OWHUKRXGHURS]LMQSODDWV)LJ'RHKHWNRI¿H¿OWHULQGH¿OWHUKRXGHU)LJ'RVHHUGH

NRI¿HLQKHW¿OWHU(HQNRSNRI¿HNRPWRYHUHHQPHWHHQDIJHVWUHNHQOHSHOJHPDOHQNRI¿H

 6OXLWKHWGHNVHO6WHHNGHVWHNNHULQKHWVWRSFRQWDFW

 'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWEHJLQWGHNRI¿H]HWF\FOXV

+$1',*(7,3620((1/(..(5(.23.2)),(7(0$.(1

 9RRUOHNNHUHNRI¿HPRHWKHWDSSDUDDWVFKRRQZRUGHQJHKRXGHQ0DDNKHWUHJHOPDWLJVFKRRQ

HQRQWNDONKHW]RDOVEHVFKUHYHQLQGHSDUDJUDDI³5HLQLJLQJYDQKHWDSSDUDDW´

 *HEUXLNDOWLMGYHUVVFKRRQZDWHU

 %LMHHQ¿MQHUHPDOLQJNULMJWXNRI¿HPHWHHQYROOHUHVPDDNHQPHHUERG\%LMHHQUHJHOPDWLJH

PDOLQJLVPHHUNRI¿HQRGLJRPGHJHEUXLNHOLMNHVPDDNWHNULMJHQGLHZRUGHQYHUNUHJHQELM¿MQHU

JHPDDOGHPpODQJHV

 %HZDDUGHJHPDDOGHNRI¿HRSHHQNRHOHGURJHSODDWV6OXLWGHRSHQYHUSDNNLQJHQKHUPHWLVFK

HQEHZDDU]HLQGHNRHONDVW



 9RRUHHQRSWLPDOHVPDDNNRRSWXNRI¿HERQHQGLHXYODNYRRUGDWXGHNRI¿H]HWSDVPDDOW

 2SJHZDUPGHNRI¿HKHHIWJHHQRSWLPDOHVPDDN.RI¿HKHHIWGHEHVWHVPDDNPHWHHQQDGDWKLM

LVJH]HW

 'HDDQZH]LJKHLGYDQGUXSSHOVROLHRSKHWRSSHUYODNYDQGHNRI¿HNDQ]LMQYHURRU]DDNWGRRU

ODQJGXULJJHEUXLNYDQJHEUDQGHPpODQJHVPDDNKHWDSSDUDDWUHJHOPDWLJVFKRRQ

5(,1,*,1*9$1+(7$33$5$$7

'LWDSSDUDDWKHHIWZHLQLJRQGHUKRXGQRGLJ+HWEHYDWJHHQRQGHUGHOHQGLHGRRUGHJHEUXLNHUNXQ

QHQZRUGHQJHUHSDUHHUG9RRUHONHUHSDUDWLHPRHWHQRQGHUGHOHQZRUGHQJHGHPRQWHHUGZDWGRRU

HHQHUNHQGHVHUYLFHGLHQVWGLHQWWHZRUGHQJHGDDQ

/HWRS

$OOHKLHURQGHUEHVFKUHYHQUHLQLJLQJVKDQGHOLQJHQPRHWHQZRUGHQXLWJHYRHUGELMXLWJHVFKD

NHOGHPDFKLQHHQPHWGHVWHNNHUXLWKHWVWRSFRQWDFW

/HWRS

5HJHOPDWLJRQGHUKRXGHQHHQUHJHOPDWLJHUHLQLJLQJKRXGHQKHWDSSDUDDWODQJHUHI¿FLsQW

:DVGHRQGHUGHOHQYDQKHWDSSDUDDWQRRLWLQGHDIZDVPDFKLQH+RXGKHWDSSDUDDWQRRLW

RQGHUVWURPHQGZDWHU

/HWRS

,HGHUHLQJUHHSPRHWELMNRXGHPDFKLQHZRUGHQYHUULFKW

+HWÀOWHUHQGHÀOWHUKRXGHUVFKRRQPDNHQ

+DDOKHWNRI¿H¿OWHUQDHONJHEUXLNXLWGH¿OWHUKRXGHU9HUZLMGHUGHNRI¿HUHVWHQXLWKHW¿OWHU6SRHO

KHW¿OWHUPHWYHUVVFKRRQZDWHURP1HHPGH¿OWHUKRXGHUZHJHQZDVKHPPHWZDUPZDWHUHQ

DIZDVPLGGHODI

'HNRIÀHNDQVFKRRQPDNHQ

/HWRS

2PWHYRRUNRPHQGDWGHNRI¿HNDQNDSRWJDDWWLOWXKHPYRRU]LFKWLJRS=RUJHUYRRUGDWXGH

NRI¿HNDQQLHWWHJHQDQGHUHYRRUZHUSHQVWRRWKHWJHYDDUEHVWDDWGDQGDWKHWJODVNDSRW

JDDW.LMNXLWGDWXGHNRI¿HNDQELMKHWYXOOHQPHWZDWHUQLHWWHJHQGHNUDDQVWRRW

6SRHOGHNRI¿HNDQPHWZDUPZDWHUHQDIZDVPLGGHORP9HUZLMGHUGHNRI¿HUHVWHQPHWHHQDIZDV

ERUVWHOYDQKHWGHNVHOYDQGHNRI¿HNDQ0DDNGHNRI¿HNDQPHWHHQYRFKWLJH]DFKWHGRHNVFKRRQ

RPKHWJOD]HQRSSHUYODNQLHWWHEHVFKDGLJHQ*HEUXLNJHHQVWDDOVSRQVMHVRIDQGHUHVFKXUHQGH

PDWHULDOHQ

+HWUHVHUYRLUUHLQLJHQ

+HWZRUGWDDQEHYROHQGHELQQHQNDQWYDQKHWUHVHUYRLUUHJHOPDWLJPHWHHQVSRQVRIHHQYRFKWLJ

GRHNMHVFKRRQWHPDNHQ

'HEHKXL]LQJYDQKHWDSSDUDDWVFKRRQPDNHQ

/HWRS

0DDNGHYDVWHRQGHUGHOHQYDQKHWDSSDUDDWPHWHHQQLHWVFKXUHQGYRFKWLJGRHNMHVFKRRQ

RPGHEHKXL]LQJQLHWWHEHVFKDGLJHQ



=(/)5(,1,*,1*

0DDNKHWDSSDUDDWPLQVWHQVppQNHHUSHUPDDQGVFKRRQ

,QGLHQXKHWDI]RQGHUOLMNYHUNULMJEDUHZDWHU¿OWHUKHHIWJHNRFKWKDDOWXKHPXLWKHWUHVHUYRLUYRRU

GDWXGH]HOIUHLQLJHQGHF\FOXVYHUULFKW

 9XOGHNRI¿HNDQPHWHHQPHQJVHOEHVWDDQGHXLWNRSSHQZLWWHD]LMQHQNRSSHQYHUVVFKRRQ

ZDWHU6FKHQNKHWPHQJVHOLQKHWUHVHUYRLU

 'RHHHQSDSLHUHQNRI¿H¿OWHUYRRUNRSSHQLQGH¿OWHUKRXGHU6OXLWKHWGHNVHO

 'UXNYLMINHHURSGHWRHWV02'(+HWV\PERRO

EHJLQWWHNQLSSHUHQ'UXNRSWRHWV6(/WHU

EHYHVWLJLQJ

 'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWODDWHHQSLHSWRRQKRUHQHQEHJLQWGH]HOIUHLQLJHQGH

F\FOXV'HHOYDQKHWPHQJVHO]DOLQGHNRI¿HNDQORSHQWHUZLMOGHUHVWRQJHYHHUPLQXWHQLQGH

FLUFXLWVYDQKHWDSSDUDDW]DOZRUGHQYDVWJHKRXGHQHHUKHWKHOHPDDOLQGHNRI¿HNDQORRSW'H

KHOHDXWRPDWLVFKHVFKRRQPDDNF\FOXVGXXUWPLQXWHQ:DQQHHUGH]HOIUHLQLJHQGHF\FOXV

LVDIJHORSHQODDWKHWDSSDUDDWHHQSLHSWRRQKRUHQHQJDDWDXWRPDWLVFKXLW

 6SRHOGHNRI¿HNDQPHWYHUVVFKRRQZDWHURP

9RRUGDWXHHQNRSNRIÀH]HWODDWXNRIÀHNDQQHQPHWDOOHHQYHUVZDWHUGRRUORSHQ+LHU

GRRUZRUGWKHWDSSDUDDWYDQGHUHVWHQZDWHUHQD]LMQRQWGDDQ

217.$/.(1

*RHGRQGHUKRXGHQHHQUHJHOPDWLJHVFKRRQPDDNEHXUWEHVFKHUPHQKHWDSSDUDDWHQPDNHQGDW

KHWODQJHUJRHGEOLMIWZHUNHQGRRUGDWHUHHQDDQ]LHQOLMNNOHLQHUULVLFRLVGDWHU]LFKNDONDDQVODJLQ

YRUPW$OVKHWDSSDUDDWHFKWHUQDYHUORRSYDQWLMGPLQGHUJRHGEOLMNWWHZHUNHQGRRUGDWHUYDDNKDUG

HQNDONULMNZDWHUZRUGWJHEUXLNWPRHWKHWZRUGHQRQWNDONWRPGHVWRULQJHQWHYHUKHOSHQ*HEUXLN

KLHUYRRUXLWVOXLWHQGKHWRQWNDONLQJVPLGGHO12&$/YDQ$ULHWHRSEDVLVYDQFLWURHQ]XXU'LWSURGXFW

LVHHQYRXGLJYHUNULMJEDDUELMGHVHUYLFHFHQWUDYDQ$ULHWH$ULHWHZLMVWHONHYRUPYDQYHUDQWZRRUGH

OLMNKHLGDIYRRUVFKDGHDDQGHRQGHUGHOHQLQKHWNRI¿H]HWDSSDUDDWYHURRU]DDNWGRRUKHWJHEUXLN

YDQSURGXFWHQGLHYDQZHJHGHDDQZH]LJKHLGYDQFKHPLVFKHDGGLWLHYHQRQJHVFKLNW]LMQ

2QWNDONppQNHHUSHUPDDQG$OVKHWJHEUXLNWHZDWHUHUJKDUGHQNDONULMNLVRQWNDONWXRP

GHWZHHZHNHQ

 9XOGHNRI¿HNDQPHWHHQPHQJVHOEHVWDDQGHXLWNRSZLWWHD]LMQHQNRSSHQYHUVVFKRRQ

ZDWHU

 6FKHQNKHWPHQJVHOLQKHWUHVHUYRLU

 6WDUWGHNRI¿H]HWF\FOXVHQZDFKWWRWGHNRI¿HNDQYRRUGHKHOIWLVJHYXOG

 'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWJDDWXLW

$OV]LFKLQDIZDFKWLQJYDQVWRRPDIJLIWHNOHLQHVWRRPVWRRWMHVYRRUGRHQPRHWGLWDOVYRONR

PHQQRUPDDOZRUGHQEHVFKRXZG

 :DQQHHUHUJHHQZDWHUPHHULQGHNRI¿HNDQGUXSSHOWNDQGHNRI¿HNDQZRUGHQYHUZLMGHUG/DDW

KHWZDWHUPLQXWHQDINRHOHQ

 6FKHQNKHWPHQJVHOLQGHNRI¿HNDQLQKHWUHVHUYRLU6OXLWKHWGHNVHO=HWGHNRI¿HNDQRSGH

YHUZDUPLQJVSODDW

 6WDUWHHQNRI¿H]HWF\FOXVHQZDFKWWRWGHNRI¿HNDQYROOHGLJLVJHYXOG:DQQHHUHUJHHQZDWHU

PHHULQGHNRI¿HNDQGUXSSHOWNDQGHNRI¿HNDQZRUGHQYHUZLMGHUG

 'UXNRSGHNRI¿HWRHWV +HWDSSDUDDWJDDWXLW



 :DFKWPLQXWHQRPKHWDSSDUDDWDIWHODWHQNRHOHQ&RQWUROHHURIKHW¿OWHULQGH¿OWHUKRXGHU

]LW

9XOGHNRI¿HNDQPHWYHUVZDWHUHQKHUKDDOGHNRI¿H]HWF\FOXVRPGHFLUFXLWVLQKHWDSSDUDDW

VFKRRQWHPDNHQ1DGHRPVSRHOF\FOXVGUXNWXRSGHNRI¿HWRHWV RPKHWDSSDUDDWXLWWH

VFKDNHOHQ/HHJGHNRI¿HNDQ

:DVGHNRI¿HNDQGHZHJQHHPEDUH¿OWHUKRXGHUHQKHWNRI¿H¿OWHUPHWZDUPZDWHUHQDIZDVPLG

GHODI'URRJDOOHGHOHQDI

:DQQHHUKHWDSSDUDDWLVDIJHNRHOGPDDNWXGHEXLWHQNDQWPHWHHQ]DFKWHGRHNVFKRRQ

+HWDSSDUDDWRSEHUJHQ

 +DDOGHVWHNNHUXLWKHWVWRSFRQWDFW

 %HUJKHWDSSDUDDWRSHHQNRHOHHQGURJHSODDWVRS

/DDWGHVWHNNHUQLHWLQKHWVWRSFRQWDFW]LWWHQDOVKHWDSSDUDDWQLHWZRUGWJHEUXLNW

%8,7(1:(5.,1*67(//,1*

$OVKHWDSSDUDDWEXLWHQZHUNLQJZRUGWJHVWHOGPRHWGHVWHNNHUXLWKHWVWRSFRQWDFWZRUGHQJHWURN

NHQHQPRHWHQKHWZDWHUUHVHUYRLUHQGHNRI¿HNDQZRUGHQJHOHHJG0DDNGHRQGHUGHOHQVFKRRQ

]LHGHSDUDJUDDI³5HLQLJLQJYDQKHWDSSDUDDW´$OVKHWDSSDUDDWZRUGWJHVORRSWPRHWHQGHYHU

VFKLOOHQGHPDWHULDOHQGLHELMGHYHUYDDUGLJLQJYDQKHWDSSDUDDW]LMQJHEUXLNWZRUGHQJHVFKHLGHQ

HQZRUGHQYHUZLMGHUGRSJURQGYDQKXQVDPHQVWHOOLQJHQGHWRHSDVVHOLMNHZHWJHYLQJLQKHWODQG

ZDDU]LMZRUGWJHEUXLNW



ƴƸƧƵƫƬƣƮƧƵƱƲƣƳƱƯƧƥƸƧƫƳƫƦƫƱ

ȂȠȜȠȞȩĲȚȠȚıȣıțİȣȑȢțĮĲĮıțİȣȐıĲȘțĮȞıȪȝĳȦȞĮȝİĲȚȢʌȡȠįȚĮȖȡĮĳȑȢĲȦȞțİȓȝİȞȦȞİȣȡȦʌĮȧ

țȫȞįȚĮĲȐȟİȦȞțĮȚțĮĲȐıȣȞȑʌİȚĮİȓȞĮȚʌȡȠıĲĮĲİȣȝȑȞİȢıİȩȜĮĲĮįȣȞȘĲȚțȐİʌȚțȓȞįȣȞĮİȟĮȡĲȒȝĮ

ĲĮįȚĮȕȐıĲİʌȡȠıİțĲȚțȐĲȚȢʌȡȠİȚįȠʌȠȚȒıİȚȢĲȠȣʌĮȡȩȞĲȠȢțĮȚȤȡȘıȚȝȠʌȠȚȒıĲİĲȘıȣıțİȣȒȝȠ

ȞȐȤĮȖȚĮĲȠıțȠʌȩʌȠȣʌȡȠȠȡȓȗİĲĮȚȫıĲİȞĮĮʌȠĳȪȖİĲİĮĲȣȤȒȝĮĲĮțĮȚȗȘȝȚȑȢĭȣȜȐȟĲİʌȡȩȤİȚȡȠ

ĲȠİȖȤİȚȡȓįȚȠĮȣĲȩȖȚĮȞĮȝʌȠȡİȓĲİȞĮĲȠıȣȝȕȠȣȜİȪİıĲİıĲȠȝȑȜȜȠȞǹȞʌȡȩțİȚĲĮȚȞĮįȫıİĲİĲȘ

ıȣıțİȣȒıİțȐʌȠȚȠȐȜȜȠȐĲȠȝȠșȣȝȘșİȓĲİȞĮĲȠȣʌĮȡĮįȫıİĲİȝĮȗȓțĮȚĲȠʌĮȡȩȞİȖȤİȚȡȓįȚȠ

ȅȚʌȜȘȡȠĳȠȡȓİȢĲȠȣʌĮȡȩȞĲȠȢĳȑȡȠȣȞĲĮʌĮȡĮțȐĲȦıȪȝȕȠȜĮʌȠȣıȘȝĮȓȞȠȣȞ

ȀȓȞįȣȞȠȢȖȚĮĲĮȝȚțȡȐʌĮȚįȚȐ

ȀȓȞįȣȞȠȢȘȜİțĲȡȠʌȜȘȟȓĮȢ

ȀȓȞįȣȞȠȢȗȘȝȚȐȢĮʌȩįȚȐĳȠȡİȢȐȜȜİȢĮȚĲȓİȢ

ȆȡȠİȚįȠʌȠȓȘıȘȖȚĮİȖțĮȪȝĮĲĮ

ȆȡȠıȠȤȒ±ȣȜȚțȑȢȗȘȝȚȑȢ

ƲƳƱƤƭƧƲƱƮƧƯƩƸƳƩƴƩ

ȂʌȠȡİȓĲİȞĮȤȡȘıȚȝȠʌȠȚȒıİĲİĮȣĲȒĲȘıȣıțİȣȒȖȚĮȞĮĳĲȚȐȟİĲİțĮĳȑǾıȣıțİȣȒʌȡȠȠȡȓȗİĲĮȚ

ĮʌȠțȜİȚıĲȚțȐȖȚĮȠȚțȚĮțȒȤȡȒıȘțĮȚįİȞʌȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓĲĮȚȖȚĮİȝʌȠȡȚțȠȪȢȒȕȚȠȝȘȤĮ

ȞȚțȠȪȢıțȠʌȠȪȢȅʌȠȚĮįȒʌȠĲİȐȜȜȘȤȡȒıȘįİȞʌȡȠȕȜȑʌİĲĮȚĮʌȩĲȠȞțĮĲĮıțİȣĮıĲȚțȩȠȓțȠʌȠȣ

ıȣȞİʌȫȢĮʌĮȜȜȐııİĲĮȚĮʌȩȠʌȠȚĮįȒʌȠĲİİȣșȪȞȘȖȚĮȗȘȝȚȑȢțȐșİĳȪıȘȢʌȠȣȠĳİȓȜȠȞĲĮȚıĲȘȞ

ĮțĮĲȐȜȜȘȜȘȤȡȒıȘĲȘȢȝȘȤĮȞȒȢǾĮțĮĲȐȜȜȘȜȘȤȡȒıȘȑȤİȚıĮȞıȣȞȑʌİȚĮĲȘȞĮțȪȡȦıȘȠʌȠȚĮı

įȒʌȠĲİȝȠȡĳȒȢİȖȖȪȘıȘȢ

ƶƲƱƭƧƫƮƮƣƵƫƬƱƫƬƫƯƦƶƯƱƫ

ȉĮțĮĲĮıțİȣĮıĲȚțȐȤĮȡĮțĲȘȡȚıĲȚțȐĲȘȢıȣıțİȣȒȢʌȠȣʌİȡȚȖȡȐĳİĲĮȚıĲȠʌĮȡȩȞȑȞĲȣʌȠįİȞİʌȚ

ĲȡȑʌȠȣȞĲȘȞʌȡȠıĲĮıȓĮĲȠȣȤȡȒıĲȘĮʌȩʌȚșĮȞȒİʌĮĳȒȝİʌȚĲıȚȜȚȑȢĮĲȝȠȪȒȗİıĲȠȪȞİȡȠȪ

Ʋǒǐǔǐǘƿ

ȀȓȞįȣȞȠȢİȖțĮȣȝȐĲȦȞĮʌȩİțĲȩȟİȣıȘȒʌȚĲıȚȜȚȑȢȗİıĲȠȪȞİȡȠȪȒțĮĳȑȂȘȞĮȞȠȓȖİĲİĲȠ

țĮʌȐțȚȩıȠįȚĮȡțİȓȘʌĮȡȠȤȒțĮĳȑ

ƴƩƮƣƯƵƫƬƧƴƲƳƱƧƫƦƱƲƱƫƩƴƧƫƴ

ǼȀǺǻǺȉȊǽȇȈȆȉǽȁȊȀȁǺȊȀȉȇǺȈǺȁǺȊȎȆǼǿĬȀǽȉ

 ǾıȣıțİȣȒʌȡȠȠȡȓȗİĲĮȚĮʌȠțȜİȚıĲȚțȐȖȚĮȠȚțȚĮțȒȤȡȒıȘțĮȚįİȞʌȡȑʌİȚȞĮȤȡȘ

ıȚȝȠʌȠȚİȓĲĮȚȖȚĮİȝʌȠȡȚțȠȪȢȒȕȚȠȝȘȤĮȞȚțȠȪȢıțȠʌȠȪȢ

 ǻİȞĮȞĮȜĮȝȕȐȞȠȣȝİțĮȝȓĮİȣșȪȞȘȖȚĮȜĮȞșĮıȝȑȞȘȤȡȒıȘĲȘȢıȣıțİȣȒȢȒȖȚĮ

țȐʌȠȚĮȐȜȜȘȤȡȒıȘʌȠȣįİȞĮȞĮĳȑȡİĲĮȚıĲȠʌĮȡȩȞ

 ȈȣȞȚıĲȠȪȝİȞĮĳȣȜȐııİĲİĲĮȣȜȚțȐıȣıțİȣĮıȓĮȢĲȠȣİȡȖȠıĲĮıȓȠȣįİįȠȝȑȞȠȣ

ȩĲȚįİȞʌȡȠȕȜȑʌİĲĮȚįȦȡİȐȞĲİȤȞȚțȒȣʌȠıĲȒȡȚȟȘȖȚĮĲȚȢȗȘȝȚȑȢʌȠȣʌȡȠțȜȒșȘ

țĮȞĮʌȩĮțĮĲȐȜȜȘȜȘıȣıțİȣĮıȓĮĲȠȣʌȡȠȧȩȞĲȠȢțĮĲȐĲȘȞĮʌȠıĲȠȜȒĮʌȩȑȞĮ

İȟȠȣıȚȠįȠĲȘȝȑȞȠȀȑȞĲȡȠȉİȤȞȚțȒȢȊʌȠıĲȒȡȚȟȘȢȈȑȡȕȚȢ

 ǾıȣıțİȣȒıȣȝȝȠȡĳȫȞİĲĮȚȝİĲȘȞȠįȘȖȓĮǼȀȊʌĮȡĲȘȢ



ʌİȡȓȣȜȚțȫȞıİİʌĮĳȒȝİĲĮĲȡȩĳȚȝĮ

ƬǀǎǅǖǎǐǓǄǊǂǕǂǍǊǋǒƽǑǂǊǅǊƽ



ǾȤȡȒıȘĲȘȢıȣıțİȣȒȢİʌȚĲȡȑʌİĲĮȚıİʌĮȚįȚȐʌȐȞȦĮʌȩİĲȫȞȝȠȞȐȤĮĮȞ

İʌȚĲȘȡȠȪȞĲĮȚĮʌȩȑȞĮȞİȞȒȜȚțĮȒĮȞȑȤȠȣȞİțʌĮȚįİȣĲİȓțĮȚȑȤȠȣȞțĮĲĮȞȠȒıİȚĲȚȢ

ȠįȘȖȓİȢțĮȚĲȠȣȢțȚȞįȪȞȠȣȢʌȠȣʌĮȡȠȣıȚȐȗȠȞĲĮȚțĮĲȐĲȘȞȤȡȒıȘĲȘȢıȣıțİȣȒȢ



 ȅȚİȡȖĮıȓİȢțĮșĮȡȚıȝȠȪțĮȚıȣȞĲȒȡȘıȘȢĲȘȢıȣıțİȣȒȢʌȠȣİȓȞĮȚĮȡȝȠįȚȩĲȘĲĮ

ĲȠȣȤȡȒıĲȘįİȞİʌȚĲȡȑʌȠȞĲĮȚıİʌĮȚįȚȐțȐĲȦĲȦȞİĲȫȞȤȦȡȓȢĲȘȞİʌȓȕȜİȥȘ

İȞȩȢİȞȒȜȚțĮȂȘȞİʌȚĲȡȑʌİĲİıĲĮʌĮȚįȚȐȞĮʌĮȓȗȠȣȞȝİĲȘıȣıțİȣȒ

 ȂȘȞİʌȚĲȡȑʌİĲİıİʌĮȚįȚȐȝȚțȡȩĲİȡĮĮʌȩȤȡȠȞȫȞȞĮʌȜȘıȚȐȗȠȣȞĲȘıȣıțİȣȒ

țĮȚĲȠȘȜİțĲȡȚțȩțĮȜȫįȚȠ

 ȂȘȞĮĳȒȞİĲİĲȠțĮȜȫįȚȠȞĮțȡȑȝİĲĮȚıİȝȚĮșȑıȘʌȠȣȝʌȠȡİȓȞĮĲȠʌȚȐıİȚȑȞĮ

ȝȚțȡȩʌĮȚįȓ

 ȉĮȣȜȚțȐıȣıțİȣĮıȓĮȢįİȞʌȡȑʌİȚȞĮİȖțĮĲĮȜİȓʌȠȞĲĮȚıĲȘįȚȐșİıȘȝȚțȡȫȞʌĮȚ

įȚȫȞįİįȠȝȑȞȠȣȩĲȚĮʌȠĲİȜȠȪȞʌȘȖȒțȚȞįȪȞȠȣ

 ǹȞĮʌȠĳĮıȓıİĲİȞĮʌİĲȐȟİĲİĲȘıȣıțİȣȒʌȡȑʌİȚȞĮĲȘȞĮȤȡȘıĲİȪıİĲİțȩȕȠ

ȞĲĮȢĲȠțĮȜȫįȚȠĲȡȠĳȠįȠıȓĮȢȈȣȞȚıĲȐĲĮȚİʌȓıȘȢȞĮțĮĲĮıĲȒıİĲİĮțȓȞįȣȞĮĲĮ

ȝȑȡȘĲȘȢıȣıțİȣȒȢʌȠȣȝʌȠȡİȓȞĮĮʌȠĲİȜȑıȠȣȞʌȘȖȒțȚȞįȪȞȠȣȚįȚĮȓĲİȡĮȖȚĮ

ȝȚțȡȐʌĮȚįȚȐʌȠȣȝʌȠȡİȓȞĮʌĮȓȟȠȣȞȝİĲȘıȣıțİȣȒ

ƬǀǎǅǖǎǐǓǈǌǆǋǕǒǐǑǌǈǏǀǂǓ

 ǾȤȡȒıȘĲȘȢıȣıțİȣȒȢİʌȚĲȡȑʌİĲĮȚıİȐĲȠȝĮȝİİȚįȚțȑȢĮȞȐȖțİȢȒȐĲȠȝĮȝİİȜ

ȜȚʌİȓȢȖȞȫıİȚȢțĮȚĮȞİʌĮȡțȒʌİȓȡĮȝȠȞȐȤĮĮȞİʌȚĲȘȡȠȪȞĲĮȚĮʌȩȑȞĮȞȣʌİȪșȣ

ȞȠȒĮȞȑȤȠȣȞİțʌĮȚįİȣĲİȓțĮȚȑȤȠȣȞțĮĲĮȞȠȒıİȚĲȚȢȠįȘȖȓİȢțĮȚĲȠȣȢțȚȞįȪȞȠȣȢ

ʌȠȣʌĮȡȠȣıȚȐȗȠȞĲĮȚțĮĲȐĲȘȞȤȡȒıȘĲȘȢıȣıțİȣȒȢ

 ȆȡȚȞıȣȞįȑıİĲİĲȘıȣıțİȣȒıĲȠȘȜİțĲȡȚțȩįȓțĲȣȠȕİȕĮȚȦșİȓĲİʌȦȢȘĲȐıȘʌȠȣ

ĮȞĮĳȑȡİĲĮȚıĲȘȞʌȚȞĮțȓįĮțȐĲȦĮʌȩĲȘıȣıțİȣȒĮȞĲȚıĲȠȚȤİȓȝİĲȘȞĲȐıȘĲȠȣ

įȚțĲȪȠȣĲȘȢʌİȡȚȠȤȒȢıĮȢ

 ǾȤȡȒıȘȘȜİțĲȡȚțȫȞȝʌĮȜĮȞĲȑȗȦȞȝȘİȟȠȣįȚȠĲȘȝȑȞȦȞĮʌȩĲȠİȡȖȠıĲȐıȚȠȝʌȠ

ȡİȓȞĮʌȡȠțĮȜȑıİȚȗȘȝȚȑȢȒĮĲȣȤȒȝĮĲĮ

 ȆȡȚȞȖİȝȓıİĲİĲȠįȠȤİȓȠȝİȞİȡȩȕȖȐȜĲİĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮ

 ǹȞİȓȞĮȚȤĮȜĮıȝȑȞȠĲȠțĮȜȫįȚȠȘȜİțĲȡȠįȩĲȘıȘȢʌȡȑʌİȚȞĮĮȞĲȚțĮĲĮıĲĮșİȓĮʌȩ

ĲȠȞțĮĲĮıțİȣĮıĲȚțȩȠȓțȠȒĮʌȩȑȞĮİȟȠȣıȚȠįȠĲȘȝȑȞȠȀȑȞĲȡȠȉİȤȞȚțȒȢȊʌȠıĲȒ

ȡȚȟȘȢȈȑȡȕȚȢȒĮʌȩțȐʌȠȚȠȐĲȠȝȠʌȠȣȑȤİȚĲȘȞĮʌĮȚĲȠȪȝİȞȘĲİȤȞȚțȒțĮĲȐȡĲȚıȘ

ȫıĲİȞĮĮʌȠĳȪȖİĲİțȐșİțȓȞįȣȞȠ

 ȂȘȞȕȡȑȤİĲİʌȠĲȑĲĮȝȑȡȘĲȘȢıȣıțİȣȒȢʌȠȣȑȤȠȣȞȘȜİțĲȡȚțȒĲȐıȘȖȚĮĲȓȝʌȠȡİȓ

ȞĮȖȓȞİȚȕȡĮȤȣțȪțȜȦȝĮ

 ȃĮȕȖȐȗİĲİĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮʌȡȚȞĮʌȩȠʌȠȚĮįȒʌȠĲİİʌȑȝȕĮıȘțĮșĮȡȚıȝȠȪ

ȒıȣȞĲȒȡȘıȘȢ

 ȂȘȞȕȣșȓȗİĲİĲȘıȣıțİȣȒıİȞİȡȩȒȐȜȜĮȣȖȡȐ

 ǻİȞʌȡȑʌİȚȞĮĲȠʌȠșİĲİȓĲİʌȠĲȑĲȘıȣıțİȣȒțȠȞĲȐȒʌȐȞȦıİȑȞĮȞİȡȠȤȪĲȘ

 ȂȘȞĮĳĮȚȡİȓĲİĲȠțȐĲȦțĮʌȐțȚĲȘȢıȣıțİȣȒȢǻİȞȣʌȐȡȤȠȣȞİıȦĲİȡȚțȐİȟĮȡĲȒ



ȝĮĲĮʌȠȣȤȡİȚȐȗȠȞĲĮȚțĮșĮȡȚıȝȩ

ƬǀǎǅǖǎǐǓǇǈǍǊƽǓǂǑǝǅǊƽǗǐǒǆǓƽǌǌǆǓǂǊǕǀǆǓ

 ǼʌȚȜȑȟĲİȑȞĮȤȫȡȠȝİİʌĮȡțȒĳȦĲȚıȝȩțĮȚĮİȡȚıȝȩțĮȚȝİȝȚĮʌȡȓȗĮİȪțȠȜĮ

ʌȡȠıʌİȜȐıȚȝȘ

 ǹʌȠĳȪȖİĲİȞĮȕȐȜİĲİıĲȠįȠȤİȓȠȣʌİȡȕȠȜȚțȒʌȠıȩĲȘĲĮȞİȡȠȪ

 ȂȘȞĮĳȒȞİĲİĲȘıȣıțİȣȒıĲȘȞʌȡȓȗĮȩĲĮȞĮʌȠȝĮțȡȪȞİıĲİĮʌȩĲȠȤȫȡȠʌȠȣ

ȕȡȓıțİĲĮȚ

 ȆȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓĲİțĮȚȞĮĮțȠȣȝʌȐĲİĲȘıȣıțİȣȒıİȝȚĮıĲĮșİȡȒİʌȚĳȐȞİȚĮ

 ǻİȞʌȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓĲİĲȘıȣıțİȣȒĮȞȑʌİıİțȐĲȦĮȞȣʌȐȡȤȠȣȞİȝĳĮ

ȞİȓȢȗȘȝȚȑȢȒȞĮʌĮȡȠȣıȚȐȗİȚįȚĮȡȡȠȒȞİȡȠȪȂȘȞȤȡȘıȚȝȠʌȠȚİȓĲİĲȘıȣıțİȣȒ

ĮȞʌĮȡȠȣıȚȐȗİȚțȐʌȠȚĮĮȞȦȝĮȜȓĮȒȣʌȐȡȤİȚȗȘȝȚȐȒĳșȠȡȐıĲȠȘȜİțĲȡȚțȩțĮ

ȜȫįȚȠȒĲȠĳȚȢĲȠȣǵȜİȢȠȚİʌȚıțİȣȑȢțĮȚȘĮȞĲȚțĮĲȐıĲĮıȘĲȠȣȘȜİțĲȡȚțȠȪ

țĮȜȦįȓȠȣʌȡȑʌİȚȞĮİțĲİȜȠȪȞĲĮȚĮʌȠțȜİȚıĲȚțȐĮʌȩİȟȠȣıȚȠįȠĲȘȝȑȞĮțȑȞĲȡĮ

ĲİȤȞȚțȒȢȣʌȠıĲȒȡȚȟȘȢȈȑȡȕȚȢȒĮʌȩĲİȤȞȚțȠȪȢĲȘȢ$ULHWHȫıĲİȞĮĮʌȠĳİȪȖİĲĮȚ

ȠʌȠȚȠıįȒʌȠĲİțȓȞįȣȞȠȢ

ƲǒǐǆǊǅǐǑǐǀǈǔǈǄǊǂǆǄǋǂǞǍǂǕǂ

 ȂȘȞĮȞȠȓȖİĲİĲȠțĮʌȐțȚȩıȠįȚĮȡțİȓȘʌĮȡȠȤȒțĮĳȑ

 ȆȡȠĲȠȪȟĮȞĮȖİȝȓıİĲİĲȠįȠȤİȓȠȝİȞİȡȩʌİȡȚȝȑȞİĲİȞĮțȡȣȫıİȚȘıȣıțİȣȒțȓȞ

įȣȞȠȢİȖțĮȣȝȐĲȦȞĮʌȩʌȚĲıȚȜȚȑȢȞİȡȠȪȒĮĲȝȠȪ

 ȂȘȞĮĳȒȞİĲİĲȘȞțĮȡȐĳĮȐįİȚĮʌȐȞȦıĲȘșİȡȝĮȞĲȚțȒʌȜȐțĮİȞȫİȓȞĮȚĮȞĮȝȝȑ

ȞȘȘıȣıțİȣȒȀȓȞįȣȞȠȢȞĮıʌȐıİȚȘțĮȡȐĳĮȀȓȞįȣȞȠȢİȖțĮȣȝȐĲȦȞĮʌȩĲȘȞ

İʌĮĳȒȝİĲȘȞțĮȡȐĳĮ

Ʋǒǐǔǐǘƿ²ǖǌǊǋƾǓǇǈǍǊƾǓ

 ȉȠʌȠșİĲȒıĲİĲȘıȣıțİȣȒıİȑȞĮıĲĮșİȡȩİʌȓʌİįȠȩʌȠȣįİȞȣʌȐȡȤİȚțȓȞįȣȞȠȢ

ȞĮĮȞĮʌȠįȠȖȣȡȓıİȚ

 ȂȘȞȤȡȘıȚȝȠʌȠȚİȓĲİĲȘıȣıțİȣȒȤȦȡȓȢȞİȡȩȖȚĮĲȓșĮțĮİȓȘĮȞĲȜȓĮ

 ȂȘȞȖİȝȓȗİĲİʌȠĲȑĲȠįȠȤİȓȠĲȠȣȞİȡȠȪȝİȗİıĲȩȒțĮȣĲȩȞİȡȩ

 ȂȘȞĲȠʌȠșİĲİȓĲİĲȘıȣıțİȣȒ ʌȐȞȫ ıİ ȗİıĲȑȢ İʌȚĳȐȞİȚİȢ Ȓ țȠȞĲȐ ıİ ȖȣȝȞȑȢ

ĳȜȩȖİȢȖȚĮȞĮȝȘȞȖȓȞİȚȗȘȝȚȐıĲȠʌİȡȓȕȜȘȝȐĲȘȢ

 ȉȠțĮȜȫįȚȠȘȜİțĲȡȠįȩĲȘıȘȢįİȞʌȡȑʌİȚȞĮĮțȠȣȝʌȐİȚıİȗİıĲȑȢİʌȚĳȐȞİȚİȢ

 ȂȘȞȤȡȘıȚȝȠʌȠȚİȓĲİĮİȡȚȠȪȤȠȞİȡȩʌȠȣʌİȡȚȑȤİȚįȚȠȟİȓįȚȠĲȠȣȐȞșȡĮțĮ

 ȂȘȞȕȐȗİĲİıĲȠĳȓȜĲȡȠțĮȝȓĮȐȜȜȘȠȣıȓĮİțĲȩȢĮʌȩțĮĳȑıİıțȩȞȘȂʌȠȡİȓȞĮ

ȖȓȞİȚıȠȕĮȡȒȗȘȝȚȐıĲȘȞıȣıțİȣȒ

 ȂȘȞĮĳȒȞİĲİĲȘıȣıțİȣȒıİșİȡȝȠțȡĮıȓĮʌİȡȚȕȐȜȜȠȞĲȠȢȤĮȝȘȜȩĲİȡȘĮʌȩÛ&

įİįȠȝȑȞȠȣȩĲȚȝʌȠȡİȓȞĮʌĮȖȫıİȚĲȠȞİȡȩıĲȠȜȑȕȘĲĮțĮȚȞĮİʌĮțȠȜȠȣșȒıİȚȗȘȝȚȐ

 ȂȘȞȤȡȘıȚȝȠʌȠȚİȓĲİĲȘıȣıțİȣȒıİȣʌĮȓșȡȚȠȤȫȡȠ

 ȂȘȞĮĳȒȞİĲİĲȘıȣıțİȣȒİțĲİșİȚȝȑȞȘıĲȠȣȢĮĲȝȠıĳĮȚȡȚțȠȪȢʌĮȡȐȖȠȞĲİȢȕȡȠ

ȤȒȒȜȚȠțȜʌ

 ǹĳȠȪȕȖȐȜİĲİĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮțĮȚĮĳȠȪțȡȣȫıȠȣȞĲĮȗİıĲȐİȟĮȡĲȒȝĮĲĮ



ȘıȣıțİȣȒʌȡȑʌİȚȞĮțĮșĮȡȚıĲİȓĮʌȠțȜİȚıĲȚțȐȝİȑȞĮȝĮȜĮțȩʌĮȞȓȝȩȜȚȢȕȠȣ

ĲȘȖȝȑȞȠıĲȠȞİȡȩȝİȜȓȖİȢıĲĮȖȩȞİȢȠȣįȑĲİȡȠȣĮʌȠȡȡȣʌĮȞĲȚțȠȪțȠȣȗȓȞĮȢȝȘȞ

ȤȡȘıȚȝȠʌȠȚİȓĲİʌȠĲȑįȚĮȜȪĲİȢʌȠȣȝʌȠȡİȓȞĮțȐȞȠȣȞȗȘȝȚȐıĲĮʌȜĮıĲȚțȐ

ƲǒǐǌǈǑǕǊǋƽǍƾǕǒǂǋǂǕƽǕǈǘǒƿǔǈǕǈǓǋǂǒƽǗǂǓ

 ȋȡȘıȚȝȠʌȠȚȒıĲİĲȘȞțĮȡȐĳĮȝȩȞȠȝİĮȣĲȒĲȘȝȘȤĮȞȒțĮĳȑȂȘȤȡȘıȚȝȠʌȠȚİȓĲİ

ĲȘȞțĮȡȐĳĮȖȚĮȞĮȗİıĲȐȞİĲİĲȠȞțĮĳȑıİȑȞĮȝȐĲȚțȠȣȗȓȞĮȢȒȐȜȜȘʌȘȖȒșİȡȝȩĲȘ

ĲĮȢȂȘȕȐȗİĲİĲȘȞțĮȡȐĳĮıĲȠĳȠȪȡȞȠȝȚțȡȠțȣȝȐĲȦȞȖȚĮȞĮȗİıĲȐȞİĲİĲȠȞțĮĳȑ

 ǾțĮȡȐĳĮʌȡȑʌİȚȞĮȤȡȘıȚȝȠʌȠȚİȓĲĮȚȝȩȞȠȝİĲȘșİȡȝĮȞĲȚțȒʌȜȐțĮʌȠȣșĮ

ȕȡİȓĲİıĲĮİȟĮȡĲȒȝĮĲĮĲȘȢıȣıțİȣȒȢ

 īȚĮȞĮȝȘıʌȐıİȚȘțĮȡȐĳĮĮȞĮıȘțȫıĲİĲȘȞʌȡȠıİțĲȚțȐȆȡȠıȑȟĲİȞĮȝȘȤĲȣ

ʌȒıİĲİĲȘȞțĮȡȐĳĮıİȐȜȜĮĮȞĲȚțİȓȝİȞĮțȓȞįȣȞȠȢȞĮıʌȐıİȚĲȠȖȣĮȜȓǵĲĮȞ

ȖİȝȓȗİĲİĲȘȞțĮȡȐĳĮȝİȞİȡȩĮʌȠĳȪȖİĲİĲĮȤĲȣʌȒȝĮĲĮʌȐȞȦıĲȘȕȡȪıȘ

 ȂȘȞĮțȠȣȝʌȐĲİĲȘȞțĮȡȐĳĮȐįİȚĮʌȐȞȦıİȗİıĲȑȢİʌȚĳȐȞİȚİȢ

 ȂȘȞĮțȠȣȝʌȐĲİĲȘȞțĮȡȐĳĮȩĲĮȞİȓȞĮȚȗİıĲȒıİțȡȪİȢȒȕȡİȖȝȑȞİȢİʌȚĳȐȞİȚİȢ

ȆİȡȚȝȑȞİĲİȞĮțȡȣȫıİȚȘțĮȡȐĳĮʌȡȠĲȠȪĲȘȞʌȜȪȞİĲİȒʌȡȠıșȑıİĲİȞİȡȩĮʌȩ

ĲȘȕȡȪıȘ

 ȂȘȞțĮșĮȡȓȗİĲİĲȘȞțĮȡȐĳĮȝİıȪȡȝĮțȠȣȗȓȞĮȢĮʌȠȡȡȣʌĮȞĲȚțȐıİıțȩȞȘȒ

ȐȜȜĮȣȜȚțȐʌȠȣȝʌȠȡİȓȞĮțȐȞȠȣȞȖȡĮĲȗȠȣȞȚȑȢıĲȠȖȣĮȜȓ

 ȂȘȤȡȘıȚȝȠʌȠȚİȓĲİĲȘȞțĮȡȐĳĮĮȞȑȤİȚȗİıĲĮșİȓȤȦȡȓȢȣȖȡȩȖȚĮȝİȖȐȜȠȤȡȠȞȚțȩ

įȚȐıĲȘȝĮǹȞĲȚțĮĲĮıĲȒıĲİĲȘȞȝİȝȓĮȐȜȜȘĲȠȣİȡȖȠıĲĮıȓȠȣ

ƷƶƭƣưƵƧƵƫƴƱƦƩƥƫƧƴƣƶƵƧƴ

ƲƧƳƫƥƳƣƷƩƵƩƴƴƶƴƬƧƶƩƴ

$ȀĮȡȐĳĮ .ǻȚĮȝȑȡȚıȝĮʌİȡȚĲȪȜȚȟȘȢțĮȜȦįȓȦȞ

%ȋİȚȡȠȜĮȕȒĲȘȢțĮȡȐĳĮȢ / ȀĮȜȫįȚȠȘȜİțĲȡȠįȩĲȘıȘȢĳȚȢ

&ȀĮʌȐțȚțĮȡȐĳĮȢ 0ȆȜȐțĮșȑȡȝĮȞıȘȢ

'ȇȐȝĳȠȢʌĮȡȠȤȒȢ 1ȅșȩȞȘ

(ǲįȡĮĲȘȢȣʌȠįȠȤȒȢĳȓȜĲȡȠȣ 202'(ȜİȚĲȠȣȡȖȓĮ

)ǻȠȤİȓȠȞİȡȠȪ 36(/İʌȚȜȠȖȒ

*ǻİȓțĲȘȢıĲȐșȝȘȢĲȠȣȞİȡȠȪ 4$872ĮȣĲȩȝĮĲȠ

+ĭȓȜĲȡȠțĮĳȑ 5ȆȜȒțĲȡȠȡȪșȝȚıȘȢĲȘȢȫȡĮȢ+5

, ǹʌȠıʌȫȝİȞȘȣʌȠįȠȤȒĳȓȜĲȡȠȣ 6ȆȜȒțĲȡȠȡȪșȝȚıȘȢȜİʌĲȫȞ0,1

- ȀĮʌȐțȚįȠȤİȓȠȣ

7ȆȜȒțĲȡȠʌĮȡȠȤȒȢțĮĳȑ

ıȕȘıȓȝĮĲȠȢ

ƴǕǐǊǘǆǀǂǂǎǂǄǎǟǒǊǔǈǓ

ȈĲȘȞʌȚȞĮțȓįĮʌȠȣȕȡȓıțİĲĮȚțȐĲȦĮʌȩĲȘȕȐıȘȑįȡĮıȘȢĲȘȢȝȘȤĮȞȒȢĮȞĮȖȡȐĳȠȞĲĮȚĲĮʌĮȡĮ

țȐĲȦıĲȠȚȤİȓĮĮȞĮȖȞȫȡȚıȘȢ

 țĮĲĮıțİȣĮıĲȚțȩȢȠȓțȠȢțĮȚıȒȝĮȞıȘ&(ǼȅȀ

 ȝȠȞĲȑȜȠȂȠG

 ĮȡıİȚȡȐȢ61

 ȘȜİțĲȡȚțȒĲȐıȘĲȡȠĳȠįȩĲȘıȘȢ9țĮȚıȣȤȞȩĲȘĲĮȢ+]



 țĮĲĮȞĮȜȚıțȩȝİȞȘȘȜİțĲȡȚțȒȚıȤȪȢ:

 ʌȡȐıȚȞȠĲȘȜȑĳȦȞȠįȦȡİȐȞțȜȒıȘĲİȤȞȚțȒȢȣʌȠıĲȒȡȚȟȘ

ǵĲĮȞĮʌİȣșȪȞİıĲİıĲĮǼȟȠȣıȚȠįȠĲȘȝȑȞĮȀȑȞĲȡĮȊʌȠıĲȒȡȚȟȘȢȈȑȡȕȚȢȞĮĮȞĮĳȑȡİĲİĲȠȝȠȞĲȑȜȠ

țĮȚĲȠȞĮȡȚșȝȩıİȚȡȐȢĲȘȢȝȘȤĮȞȒȢ

ƱƦƩƥƫƧƴƥƫƣƵƩƸƳƩƴƩ

ƪƾǔǈǔǆǌǆǊǕǐǖǒǄǀǂ

 ǺİȕĮȚȦșİȓĲİʌȦȢȘĲȐıȘĲȠȣȘȜİțĲȡȚțȠȪįȚțĲȪȠȣĮȞĲȚıĲȠȚȤİȓȝİĲȘȞĲȐıȘʌȠȣĮȞĮȖȡȐĳİĲĮȚ

ıĲȘȞʌȚȞĮțȓįĮĲȘȢıȣıțİȣȒȢ

 ǹĳĮȚȡȑıĲİĲĮȣȜȚțȐıȣıțİȣĮıȓĮȢĮʌȩĲȠİıȦĲİȡȚțȩțĮȚĲȠİȟȦĲİȡȚțȩĲȘȢıȣıțİȣȒȢ

 ȈĲȘıȣȞȑȤİȚĮĲȠʌȠșİĲİȓıĲİĲȘıȣıțİȣȒʌȐȞȦıİȝȚĮİʌȓʌİįȘİʌȚĳȐȞİȚĮǾıȣıțİȣȒʌȡȑʌİȚȞĮ

ĲȠʌȠșİĲİȓĲĮȚıİĮʌȩıĲĮıȘĲȠȣȜȐȤȚıĲȠȞİțĮĲȠıĲȫȞĮʌȩĲȠȓȤȠȣȢȑʌȚʌȜĮȒȐȜȜİȢıȣıțİȣȑȢ

Ʋǒǐǔǐǘƿ

ȀȓȞįȣȞȠȢȗȘȝȚȐȢıĲȘȞİʌȚĳȐȞİȚĮȑįȡĮıȘȢĲȘȢıȣıțİȣȒȢǾȣȥȘȜȒșİȡȝȠțȡĮıȓĮĲȘȢıȣ

ıțİȣȒȢȝʌȠȡİȓȞĮʌȡȠțĮȜȑıİȚȗȘȝȚȐıĲȚȢİʌȚĳȐȞİȚİȢȑįȡĮıȘȢȉȠʌȠșİĲȒıĲİȑȞĮʌĮȞȓȒȝȚĮ

ʌİĲıȑĲĮțȠȣȗȓȞĮȢĮȞȐȝİıĮıĲȘıȣıțİȣȒțĮȚıĲȘȞİʌȚĳȐȞİȚĮȑįȡĮıȘȢ

Ʋǒǐǔǐǘƿ

ȀȓȞįȣȞȠȢȣʌİȡĳȩȡĲȦıȘȢĲȘȢȘȜİțĲȡȚțȒȢȖȡĮȝȝȒȢȆİȡȚııȩĲİȡİȢıȣıțİȣȑȢıȣȞįİįİȝȑȞİȢıİ

ȝȚĮȘȜİțĲȡȚțȒʌȡȓȗĮȝʌȠȡȠȪȞȞĮʌȡȠțĮȜȑıȠȣȞȑȞĮȕȡĮȤȣțȪțȜȦȝĮȈȣȞįȑıĲİĲȘıȣıțİȣȒıİ

ȝȚĮȘȜİțĲȡȚțȒʌȡȓȗĮıĲȘȞȠʌȠȓĮįİȞİȓȞĮȚıȣȞįİįİȝȑȞİȢȐȜȜİȢȘȜİțĲȡȚțȑȢıȣıțİȣȑȢ

 ȆȜȪȞĲİĲȘȞțĮȡȐĳĮĲȘȞȣʌȠįȠȤȒĳȓȜĲȡȠȣțĮȚĲȠĳȓȜĲȡȠțĮĳȑȝİȗİıĲȩȞİȡȩțĮȚĮʌȠȡȡȣʌĮȞĲȚțȩ

ʌȚȐĲȦȞȄİʌȜȪȞĲİțĮȚıțȠȣʌȓıĲİĲĮİȟĮȡĲȒȝĮĲĮ

 ȉȠʌȠșİĲȒıĲİıĲȘȞȑįȡĮĲȘȢǼȚțĲȘȞĮʌȠıʌȫȝİȞȘȣʌȠįȠȤȒĳȓȜĲȡȠȣ

ǿȖįȝȖȔİįȢȡȓȣʍȡȤȤʍȑȢȥıțĲĳȡȟʍȤȚȞȒȟįĳșȣȤʍȡİȡȥȓȣĴȔȝĳȢȡȤʍȢȒʍıțȟįĳȡʍȡȚıĳșȚıȔ

ĲĳșȟȜıȟĳȢțȜȓȡʍȓĳșȣȒİȢįȣĳșȣȤʍȡİȡȥȓȣĴȔȝĳȢȡȤ

ƲǒǟǕǐƽǎǂǍǍǂ

ȊșȟʍȢȬĳșĴȡȢȑʍȡȤȚįįȟȑȦıĳıĳșĲȤĲȜıȤȓȓȞıĳȑįʍȪȒȟįȥȢȡȟțȜȪİțȑĲĳșȞįʍȡȤİıȟ

ĳșȟȥȢșĲțȞȡʍȡțıȔĳıĲȤȟțĲĳȡȫȞıȟįįĴȓĲıĳıȟį ĳȢȒȠȡȤȟįʍȪĳȡ ȤİȢįȤȝțȜȪȜȫȜȝȧȞįĳȡȤ

ȝȒȖșĳįĳȡȤȝȑȥțĲĳȡȟȜįȢȑĴıȣȟıȢȡȫ

 īİȝȓıĲİĲȠįȠȤİȓȠȝİȞİȡȩĲȘȢȕȡȪıȘȢǼȚțȝȑȤȡȚĲȘıĲȐșȝȘʌȠȣįİȓȤȞİȚȠĮȡȚșȝȩȢǾ

ıĲȐșȝȘĮȞĲȚıĲȠȚȤİȓıĲȘȝȑȖȚıĲȘıĲȐșȝȘȞİȡȠȪțĮȚıĲȠȝȑȖȚıĲȠĮȡȚșȝȩĳȜȚĲȗĮȞȚȫȞțĮĳȑ

ȀȜİȓıĲİĲȠțĮʌȐțȚĲȠȣįȠȤİȓȠȣ

ȃșȗıȞȔȘıĳıȇȆȊǽĳȡİȡȥıȔȡʍȑȟȧįʍȪĳșȞȒȗțĲĳșĲĳȑȚȞș

Ĭț·įȤĳȪĳȡȟȜȫȜȝȡİıȟʍȢȒʍıțȟįȖȑȝıĳıĳȡĴȔȝĳȢȡȜįĴȒĲĳșȟȤʍȡİȡȥȓĴȔȝĳȢȡȤ

 ǺȐȜĲİĲȠĳȚȢıĲȘȞȘȜİțĲȡȚțȒʌȡȓȗĮʌȠȣʌȡȑʌİȚȞĮİȓȞĮȚȖİȚȦȝȑȞȘ

 ȉȠʌȠșİĲȒıĲİĲȘȞȐįİȚĮțĮȡȐĳĮıĲȘșİȡȝĮȞĲȚțȒʌȜȐțĮ0ǺİȕĮȚȦșİȓĲİʌȦȢȘȕĮȜȕȓįĮȡȠȒȢ

İȓȞĮȚıȦıĲȐĲȠʌȠșİĲȘȝȑȞȘıĲȠțĮʌȐțȚĲȘȢțĮȡȐĳĮȢ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠʌĮȡȠȤȒȢțĮĳȑ ȆİȡȚȝȑȞİĲİȞĮĲȡȑȟİȚıĲȘȞțĮȡȐĳĮȩȜȠĲȠȞİȡȩʌȠȣ

ʌİȡȚȑȤİĲĮȚıĲȠįȠȤİȓȠȆİȡȚȝȑȞİĲİȜİʌĲȐȖȚĮȞĮțȡȣȫıİȚȘıȣıțİȣȒ

 ǼʌĮȞĮȜȐȕİĲİĲȘįȚĮįȚțĮıȓĮȝİȝȚĮįİȪĲİȡȘțĮȡȐĳĮȞİȡȩȆİȡȚȝȑȞİĲİȞĮĲȡȑȟİȚıĲȘȞțĮȡȐĳĮ

ȩȜȠĲȠȞİȡȩʌȠȣʌİȡȚȑȤİĲĮȚıĲȠįȠȤİȓȠ



ȉȫȡĮȝʌȠȡİȓĲİȞĮİĲȠȚȝȐıİĲİĲȘıȣıțİȣȒțĮȚȞĮĳĲȚȐȟİĲİĲȘȞʌȡȫĲȘțĮȡȐĳĮțĮĳȑ

ƲǒǐǆǕǐǊǍǂǔǀǂǕǈǓǔǖǔǋǆǖƿǓ

ȇȢțȟįȟȑȦıĳıĳȡĲȔİıȢȡȖıȖįțȧȚıȔĳıʍȧȣȤʍȑȢȥıțįȢȜıĳȪȟıȢȪȞȒĲįĲĳȡİȡȥıȔȡ

ȄįȖȗȑȘıĳıʍȑȟĳįĳȡĴțȣĳȡȤȜįȝȧİȔȡȤįʍȪĳșȟʍȢȔȘįʍȢțȟȗıȞȔĲıĳıĳșĲȤĲȜıȤȓȞıȟıȢȪ

 ǹȞȠȓȟĲİĲȠțĮʌȐțȚĲȠȣįȠȤİȓȠȣ-ȅįİȓțĲȘȢıĲȐșȝȘȢ*ȑȤİȚȝȚĮȕĮșȝȠȞȠȝȘȝȑȞȘțȜȓȝĮțĮĮʌȩ

ȝȑȤȡȚțȐșİĮȡȚșȝȩȢĮȞĲȚıĲȠȚȤİȓıĲȠȞĮȡȚșȝȩĳȜȚĲȗĮȞȚȫȞțĮĳȑīİȝȓıĲİĲȘȞțĮȡȐĳĮȝİ

ȞİȡȩĲȘȢȕȡȪıȘȢǹįİȚȐıĲİĲȠȞİȡȩıĲȠįȠȤİȓȠȝȑȤȡȚĲȘȞİʌȚșȣȝȘĲȒıĲȐșȝȘȖȚĮĳȜȚĲȗȐȞȚĮ

țĮĳȑȒȖȚĮĳȜȚĲȗȐȞȚĮțĮĳȑ

 ȉȠʌȠșİĲȒıĲİĲȘȞȐįİȚĮțĮȡȐĳĮıĲȘșİȡȝĮȞĲȚțȒʌȜȐțĮ0



Ʋǒǐǔǐǘƿ

ȂȘȤȡȘıȚȝȠʌȠȚİȓĲİĲȘȞțĮȡȐĳĮĮȞʌĮȡȠȣıȚȐȗİȚȡȦȖȝȑȢıĲȠȖȣĮȜȓȒıĲȘȤİȚȡȠȜĮȕȒĲȘȢ

ȀȓȞįȣȞȠȢİȖțĮȣȝȐĲȦȞĮʌȩĲȘȞİʌĮĳȒȝİțĮȣĲȩțĮĳȑĮȞıʌȐıİȚȘțĮȡȐĳĮ

ȂȘȞĮțȠȣȝʌȐĲİțĮȞȑȞĮĮȞĲȚțİȓȝİȞȠʌȐȞȦıĲȠțĮʌȐțȚȩĲĮȞȜİȚĲȠȣȡȖİȓȘıȣıțİȣȒ

Ʋǒǐǔǐǘƿ

ȂȘȞĮȞȠȓȖİĲİĲȠțĮʌȐțȚȩıȠįȚĮȡțİȓȘʌĮȡȠȤȒțĮĳȑțȓȞįȣȞȠȢİȖțĮȣȝȐĲȦȞĮʌȩʌȚĲıȚȜȓıȝĮ

ĲĮȗİıĲȠȪȞİȡȠȪȒțĮĳȑ

 ȉȠʌȠșİĲİȓıĲİĲȠĳȓȜĲȡȠțĮĳȑıĲȘȞȣʌȠįȠȤȒĳȓȜĲȡȠȣǻȠıȠȝİĲȡȒıĲİĲȠȞțĮĳȑıĲȠĳȓȜĲȡȠǲȞĮ

ĳȜȚĲȗȐȞȚțĮĳȑȚıȠįȣȞĮȝİȓȝİȝȚĮțȠĳĲȒțȠȣĲĮȜȚȐțĮĳȑıİıțȩȞȘ

 ȀĮĲİȕȐıĲİĲȘȤİȚȡȠȜĮȕȒĲȠȣĳȓȜĲȡȠȣțĮĳȑȀȜİȓıĲİĲȠțĮʌȐțȚĲȠȣįȠȤİȓȠȣ

 ǺȐȜĲİĲȠĳȚȢıĲȘȞȘȜİțĲȡȚțȒʌȡȓȗĮʌȠȣʌȡȑʌİȚȞĮİȓȞĮȚȖİȚȦȝȑȞȘǹȞȐȕİȚȘȠșȩȞȘțĮȚĮȡȤȓȗİȚȞĮ

ĮȞĮȕȠıȕȒȞİȚȘȫȡĮ$0 ȋȡȘıȚȝȠʌȠȚİȓıĲİĲĮʌȜȒțĲȡĮ+5țĮȚ0,1ȖȚĮȞĮȡȣșȝȓıİĲİ

ĲȘȞĲȠʌȚțȒȫȡĮȆĮĲȒıĲİĲȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘǹȞįİȞʌĮĲȒıİĲİțĮȞȑȞĮʌȜȒțĲȡȠȘȠșȩȞȘ

șĮıȕȒıİȚȝİĲȐĮʌȩįİȣĲİȡȩȜİʌĲĮ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑ ȖȚĮȞĮȟİțȚȞȒıİĲİĲȠȞțȪțȜȠʌĮȡȠȤȒȢĲȠȣțĮĳȑǹĳȒıĲİĲȠȞțĮĳȑ

ȞĮĲȡȑȟİȚıĲȘȞțĮȡȐĳĮȝȑȤȡȚȞĮȠȜȠțȜȘȡȦșİȓȠİʌȚȜİȖȝȑȞȠȢțȪțȜȠȢĮȡȚșȝȩȢĳȜȚĲȗĮȞȚȫȞ

 ǼǿȃǹǿǻȊȃǹȉȅȃȃǹǻǿǹȀȅȌǼȉǼȉǾȃȆǹȇȅȋǾȀǹĭǼȆȇǿȃȅȁȅȀȁǾȇȍĬǼǿȅȀȊȀȁȅȈ

 ȕȖȐȜĲİĲȠĳȜȚĲȗȐȞȚįȚĮȕȐıĲİȜİȚĲȠȣȡȖȓĮʌĮȪıȘȢȖȚĮȞĮıİȡȕȓȡİĲİĲȠȞțĮĳȑ

 ʌĮĲȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑȝȑȤȡȚȢȩĲȠȣȘıȣıțİȣȒȞĮİțʌȑȝȥİȚȑȞĮȤĮȡĮțĲȘȡȚıĲȚțȩȒȤȠȝʌȚʌ

țĮȚȞĮıȕȒıİȚĲȠİȞįİȚțĲȚțȩȜĮȝʌȐțȚĲȠȣʌȜȒțĲȡȠȣ

ȂİĲȐĲȠıȕȒıȚȝȠĮȣĲȩȝĮĲĮȒȤİȚȡȠțȓȞȘĲĮșĮĮȡȤȓıİȚȞĮȗİıĲĮȓȞİĲĮȚȘșİȡȝĮȞĲȚțȒʌȜȐțĮ

ǺĴȓĲĳıĳȡȜįʍȑȜțĲĳșȟȜįȢȑĴįȗțįȟįİțįĳșȢȓĲıĳıȘıĲĳȪĳȡȟȜįĴȒȜįțȗțįȟįĲıȢȖȔȢıĳıĳȡȟ

ȜįĴȒȥȧȢȔȣȜȔȟİȤȟȡıȗȜįȤȞȑĳȧȟ

 ȆȚȐıĲİĲȘȞțĮȡȐĳĮĮʌȩĲȘȤİȚȡȠȜĮȕȒĲȘȢīİȓȡİĲİİȜĮĳȡȐĲȘȞțĮȡȐĳĮțĮȚıİȡȕȓȡİĲİĲȠȗİıĲȩ

țĮĳȑıİȑȞĮĳȜȚĲȗȐȞȚ

 ȆĮĲȒıĲİțĮȚĮĳȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑ ȖȚĮȞĮıȕȒıİĲİĲȘıȣıțİȣȒ

ȃșȞıĳįȜțȟıȔĳıĳșĲȤĲȜıȤȓȪĳįȟșȜįȢȑĴįȓĳȡİȡȥıȔȡʍıȢțȒȥȡȤȟȘıĲĳȑȤȗȢȑȇıȢțȞȒȟıĳı

ȞȒȥȢțȟįȜȢȤȬĲıțĳıȝıȔȧȣșĲȤĲȜıȤȓ

ǿʍȡĲȪĳșĳįȟıȢȡȫʍȡȤȚįĳȢȒȠıțĲĳșȟȜįȢȑĴįȚįıȔȟįțȝțȗȪĳıȢșĲıĲȥȒĲșȞıĳșȟʍȡĲȪĳșĳį

ĳȡȤȟıȢȡȫʍȡȤȤʍȓȢȥıĲĳȡİȡȥıȔȡȃțįȞțȜȢȓʍȡĲȪĳșĳįȟıȢȡȫȚįįʍȡȢȢȡĴșȚıȔįʍȪĳș

ĲȜȪȟșĳȡȤȜįĴȒȜįțĳȡĴȔȝĳȢȡ



ƳǞǉǍǊǔǈǕǈǓǟǒǂǓ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ+5ȖȚĮȞĮİʌȚȜȑȟİĲİĲȘȞȫȡĮȆĮĲȒıĲİțĮȚțȡĮĲȒıĲİʌĮĲȘȝȑȞȠĲȠʌȜȒțĲȡȠ

+5ȖȚĮȞĮȡȣșȝȓıİĲİʌȚȠȖȡȒȖȠȡĮĲȘȞİʌȚșȣȝȘĲȒȫȡĮ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ0,1ȖȚĮȞĮİʌȚȜȑȟİĲİĲĮȜİʌĲȐȆĮĲȒıĲİțĮȚțȡĮĲȒıĲİʌĮĲȘȝȑȞȠĲȠʌȜȒ

țĲȡȠȂǿȃȖȚĮȞĮȡȣșȝȓıİĲİʌȚȠȖȡȒȖȠȡĮĲĮİʌȚșȣȝȘĲȐȜİʌĲȐ

 ǵĲĮȞİȓȞĮȚıȦıĲȐȡȣșȝȚıȝȑȞȘȘȫȡĮʌĮĲȒıĲİĲȠʌȜȒțĲȡȠ6(/ǾıȣıțİȣȒșĮİțʌȑȝȥİȚȑȞĮ

ȤĮȡĮțĲȘȡȚıĲȚțȩȒȤȠȝʌȚʌ

 īȚĮȞĮȟĮȞĮȡȣșȝȓıİĲİĲȘȞȫȡĮʌĮĲȒıĲİĲȠʌȜȒțĲȡȠ02'(ȑȟȚĳȠȡȑȢȠʌȩĲİșĮĮȡȤȓıİȚȞĮĮȞĮ

ȕȠıȕȒȞİȚĲȠıȪȝȕȠȜȠ

ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ6(/ǾȫȡĮșĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚȉȫȡĮ

ȝʌȠȡİȓĲİȞĮȡȣșȝȓıİĲİĲȘȞȫȡĮȩʌȦȢʌİȡȚȖȡȐĳİĲĮȚʌĮȡĮʌȐȞȦ

ƳǞǉǍǊǔǈǕǐǖǂǖǕǝǍǂǕǐǖǋǞǋǌǐǖ

ȆĮĲȒıĲİțĮȚțȡĮĲȒıĲİʌĮĲȘȝȑȞȠĲȠʌȜȒțĲȡȠ$872ȝȑȤȡȚȞĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚıĲȘȞȠșȩȞȘ

ȘİʌȚȖȡĮĳȒ352*5$00ȝĮȗȓȝİĲȠıȪȝȕȠȜȠ ǹțȠȜȠȣșȒıĲİĲȘȝȑșȠįȠȡȪșȝȚıȘȢĲȘȢȫȡĮȢ

ȖȚĮȞĮȡȣșȝȓıİĲİȫȡİȢțĮȚȜİʌĲȐȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ$872Ȓ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘǾıȣıțİȣȒ

İțʌȑȝʌİȚȑȞĮȤĮȡĮțĲȘȡȚıĲȚțȩȒȤȠȝʌȚʌțĮȚıĲȘȞȠșȩȞȘİȝĳĮȞȓȗİĲĮȚȘĲȦȡȚȞȒȫȡĮțĮȚĲȠıȪȝȕȠȜȠ

ĲȠȣȤȡȠȞȠįȚĮțȩʌĲȘ ȘıȣıțİȣȒșĮİțĲİȜȑıİȚȑȞĮȞțȪțȜȠʌĮȡȠȤȒȢțĮĳȑıĲȘȡȣșȝȚıȝȑȞȘȫȡĮ

īȚĮȞĮĮțȣȡȫıİĲİĲȠȞʌȡȠȖȡĮȝȝĮĲȚıȝȩțĮȚĲȘȡȪșȝȚıȘʌȠȣʌİȡȚȖȡȐĳİĲĮȚʌĮȡĮʌȐȞȦĮȡțİȓȞĮ

ȟĮȞĮʌĮĲȒıİĲİĲȠʌȜȒțĲȡȠ$872

ƳǞǉǍǊǔǈǕǈǓƾǎǕǂǔǈǓǕǐǖǋǂǗƾ

ǾıȣıțİȣȒȑȤİȚȝȚĮȜİȚĲȠȣȡȖȓĮʌȠȣİʌȚĲȡȑʌİȚĲȘȡȪșȝȚıȘĲȘȢȑȞĲĮıȘȢĲȠȣțĮĳȑȖȚĮȞĮĲȠȞʌȡȠ

ıĮȡȝȩıİĲİıĲȚȢʌȡȠĲȚȝȒıİȚȢıĮȢ

ȀĮȞȠȞȚțȩȢ ȆĮĲȒıĲİȝȚĮ ĳȠȡȐĲȠ ʌȜȒțĲȡȠ02'(ĬĮ ĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚ ĲȠ

ıȪȝȕȠȜȠ ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘǹȣĲȒȘİʌȚȜȠȖȒ

ĮȞĲȚıĲȠȚȤİȓıİȡȪșȝȚıȘĲȠȣİȡȖȠıĲĮıȓȠȣ

ȂȑĲȡȚȠȢ ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ02'(įȣȠĳȠȡȑȢĬĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚĲȠ

ıȪȝȕȠȜȠ ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘȉȠıȪȝȕȠȜȠ

 ȡȣșȝȓȗİȚĲȘȞʌĮȡȠȤȒȜĮȝȕȐȞȠȞĲĮȢȣʌȩȥȘȝȚĮțĮȡȐĳĮțĮĳȑǹȣĲȩ

ĮȞĲȚıĲȠȚȤİȓıİȑȞĮȞʌȚȠĮȡȦȝĮĲȚțȩțĮĳȑ

ǻȣȞĮĲȩȢ ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ02'(ĲȡİȚȢĳȠȡȑȢĬĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚĲȠ

ıȪȝȕȠȜȠ ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘȉȠıȪȝȕȠȜȠ

 ȡȣșȝȓȗİȚĲȘȞʌĮȡȠȤȒțĮȚĲȠȤȡȩȞȠĮĳȑȥȘıȘȢȜĮȝȕȐȞȠȞĲĮȢȣʌȩȥȘ

ȝȚĮțĮȡȐĳĮțĮĳȑǹȣĲȩĮȞĲȚıĲȠȚȤİȓıİȑȞĮȞʌȚȠįȣȞĮĲȩțĮĳȑ

ȁİȚĲȠȣȡȖȓĮ ȖȚĮ 

ĳȜȚĲȗȐȞȚĮ

ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ02'(ĲȑııİȡȚȢĳȠȡȑȢĬĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒ

ȞİȚĲȠıȪȝȕȠȜȠ ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘǾ

ȜİȚĲȠȣȡȖȓĮȖȚĮĳȜȚĲȗȐȞȚĮİʌȚĲȡȑʌİȚĲȘȞʌȡȠİĲȠȚȝĮıȓĮțĮĳȑȖȚĮĲȠ

ʌȠȜȪĳȜȚĲȗȐȞȚĮȆȡȑʌİȚȞĮȕȐȜİĲİıĲȠįȠȤİȓȠȝȩȞȠĲȘȞʌȠıȩĲȘĲĮȞİȡȠȪ

ʌȠȣĮȞĲȚıĲȠȚȤİȓıĲȘıĲȐșȝȘĲȘȢțĮȡȐĳĮȢȉȠıȪȝȕȠȜȠ ȡȣșȝȓȗİȚ

ĮȣĲȩȝĮĲĮĲȘȞʌĮȡȠȤȒȖȚĮĲȘȞİʌȓĲİȣȟȘĲȘȢțĮȜȪĲİȡȘȢȖİȪıȘȢıİȝȚțȡȑȢ

ʌȠıȩĲȘĲİȢțĮĳȑǼȓȞĮȚȚįĮȞȚțȩȖȚĮĲȠʌȠȜȪĳȜȚĲȗȐȞȚĮțĮĳȑ

ǺȟȤʍȑȢȥıțĲĳȡİȡȥıȔȡʍıȢțĲĲȪĳıȢȡȟıȢȪșʍįȢȡȥȓİıȚįĲĳįȞįĳȓ

ĲıțȞȒȥȢțȣȪĳȡȤʍıȢȑĲıțȪȝȡĳȡȟıȢȪĲĳșȟȜįȢȑĴį

ǹĳȠȪİʌȚȜȑȟİĲİĲȘȞİʌȚșȣȝȘĲȒȡȪșȝȚıȘʌĮĲȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑ ǾıȣıțİȣȒșĮİțʌȑȝȥİȚ



ȑȞĮȤĮȡĮțĲȘȡȚıĲȚțȩȒȤȠȝʌȚʌțĮȚșĮĮȡȤȓıİȚĲȘȞʌĮȡȠȤȒĲȠȣțĮĳȑ

ƭǆǊǕǐǖǒǄǀǂǑǂǞǔǈǓǄǊǂǎǂǔǆǒǃǀǒǆǕǆǕǐǎǋǂǗƾ

īȚĮȞĮıİȡȕȓȡİĲİĲȠȞțĮĳȑʌȡȚȞȠȜȠțȜȘȡȦșİȓȘİțȡȠȒĲȠȣıĲȘȞțĮȡȐĳĮĮĳĮȚȡȑıĲİĲȘȞțĮȡȐĳĮ

ĮʌȩĲȘșİȡȝĮȞĲȚțȒʌȜȐțĮ

ȇȢȡĳȡȫįĴįțȢȒĲıĳıĳșȟȜįȢȑĴįʍıȢțȞȒȟıĳıȟįȗıȞȔĲıțȞıĳȡȤȝȑȥțĲĳȡȟĴȝțĳȘȑȟțįȜįĴȒ

ǾʌĮȡȠȤȒįȚĮțȩʌĲİĲĮȚĮȣĲȩȝĮĲĮȖȚĮįİȣĲİȡȩȜİʌĲĮīȚĮȞĮȟĮȞĮȡȤȓıİȚȠțȪțȜȠȢʌĮȡȠȤȒȢĲȠʌȠ

șİĲİȓıĲİĲȘȞțĮȡȐĳĮıĲȘșİȡȝĮȞĲȚțȒʌȜȐțĮ

Ʋǒǐǔǐǘƿ

ȀȓȞįȣȞȠȢİȖțĮȣȝȐĲȦȞĮʌȩĲȘȞİʌĮĳȒȝİĲȠȞțĮȣĲȩțĮĳȑʌȠȣİțȡȑİȚĮʌȩĲȠȡȐȝĳȠȢʌĮȡȠ

ȤȒȢȆȡȑʌİȚȞĮĲȠʌȠșİĲȒıİĲİĲȘȞțĮȡȐĳĮıĲȘșİȡȝĮȞĲȚțȒʌȜȐțĮİȞĲȩȢįİȣĲİȡȠȜȑʌĲȦȞ

ĮʌȩĲȘȞĮĳĮȓȡİıȒĲȘȢ

ƭǆǊǕǐǖǒǄǀǂǂǖǕǝǍǂǕǐǖǔǃǈǔǀǍǂǕǐǓ

ǹȞȘȝȘȤĮȞȒİȓȞĮȚĮȞĮȝȝȑȞȘĮȜȜȐįİȤȡȘıȚȝȠʌȠȚİȓĲĮȚȝİĲȐʌİȡȓʌȠȣȜİʌĲȐİʌİȝȕĮȓȞİȚȘȜİȚ

ĲȠȣȡȖȓĮĮȣĲȩȝĮĲȠȣıȕȘıȓȝĮĲȠȢǹȣĲȒȘȜİȚĲȠȣȡȖȓĮșȑĲİȚĲȘȝȘȤĮȞȒıİĮȞĮȝȠȞȒțĮȚĮʌİȞİȡȖȠʌȠȚİȓ

ȩȜİȢĲȚȢȜİȚĲȠȣȡȖȓİȢșȑȡȝĮȞıȘȢ

ƲǟǓǎǂǗǕǊƽǏǆǕǆǍǊǂǅǆǞǕǆǒǈǋǂǒƽǗǂǋǂǗƾ

ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑ ǾȝȘȤĮȞȒıȕȒȞİȚǺȖȐȜĲİĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮ

Ʋǒǐǔǐǘƿ

ȀȓȞįȣȞȠȢİȖțĮȣȝȐĲȦȞĮʌȩʌȚĲıȚȜȓıȝĮĲĮȞİȡȠȪȒĮĲȝȠȪȆȡȠĲȠȪȟĮȞĮȖİȝȓıİĲİĲȠįȠȤİȓȠ

ȝİȞİȡȩʌİȡȚȝȑȞİĲİĲȠȣȜȐȤȚıĲȠȞȜİʌĲȐȆİȡȚȝȑȞİĲİȞĮțȡȣȫıȠȣȞȩȜĮĲĮȗİıĲȐȝȑȡȘĲȘȢ

ıȣıțİȣȒȢ

ȇȢȡĳȡȫıȟıȢȗȡʍȡțȓĲıĳıĳșȟʍįȢȡȥȓĳȡȤȜįĴȒȖıȖįțȧȚıȔĳıʍȧȣȤʍȑȢȥıțįȢȜıĳȪȟıȢȪĲĳȡ

İȡȥıȔȡȃșȟȠıȜțȟȓĲıĳıĳșȟʍįȢȡȥȓĳȡȤȜįĴȒįȟșĲĳȑȚȞșĳȡȤȟıȢȡȫıȔȟįțȜȑĳȧįʍȪĳȡ

ıȝȑȥțĲĳȡ

 ǹȞȠȓȟĲİĲȠțĮʌȐțȚĲȘȢıȣıțİȣȒȢǹȞİȕȐıĲİĲȘȤİȚȡȠȜĮȕȒĲȠȣĳȓȜĲȡȠȣțĮĳȑǹĳĮȚȡȑıĲİĲȠĳȓȜ

ĲȡȠĲȠȣțĮĳȑĮʌȩĲȘȞȣʌȠįȠȤȒĳȓȜĲȡȠȣǹĳĮȚȡȑıĲİĲĮțĮĲȐȜȠȚʌĮțĮĳȑĮʌȩĲȠĳȓȜĲȡȠ

 ǹĳĮȚȡȑıĲİĲȘȞȣʌȠįȠȤȒĳȓȜĲȡȠȣĮʌȩĲȘıȣıțİȣȒȄİʌȜȪȞĲİĲȘȞțĮȡȐĳĮțĮȚĲȘȞȣʌȠįȠȤȒĳȓȜ

ĲȡȠȣȝİĲȡİȤȠȪȝİȞȠȞİȡȩĲȘȢȕȡȪıȘȢīİȝȓıĲİĲȠįȠȤİȓȠȝİȞİȡȩĲȘȢȕȡȪıȘȢȝȑȤȡȚĲȘȞİʌȚșȣȝȘ

ĲȒıĲȐșȝȘ

 ȉȠʌȠșİĲȒıĲİĲȘȞȐįİȚĮțĮȡȐĳĮıĲȘșİȡȝĮȞĲȚțȒʌȜȐțĮ0

 ȉȠʌȠșİĲȒıĲİĲȘȞȣʌȠįȠȤȒĳȓȜĲȡȠȣıĲȘȞȑįȡĮĲȘȢǼȚțȉȠʌȠșİĲȒıĲİĲȠĳȓȜĲȡȠțĮĳȑıĲȘȞ

ȣʌȠįȠȤȒĳȓȜĲȡȠȣǼȚțǻȠıȠȝİĲȡȒıĲİĲȠȞțĮĳȑıĲȠĳȓȜĲȡȠǲȞĮĳȜȚĲȗȐȞȚțĮĳȑȚıȠįȣȞĮȝİȓ

ȝİȝȚĮțȠĳĲȒțȠȣĲĮȜȚȐțĮĳȑıİıțȩȞȘ

 ȀȜİȓıĲİĲȠțĮʌȐțȚǺȐȜĲİĲȠĳȚȢıĲȘȞʌȡȓȗĮ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑ ǾȝȘȤĮȞȒĮȡȤȓȗİȚĲȠȞțȪțȜȠʌĮȡȠȤȒȢĲȠȣțĮĳȑ

ƸƳƩƴƫƮƧƴƴƶƮƤƱƶƭƧƴƥƫƣƯƣƷƵƫƣưƧƵƧƬƣƭƱƬƣƷƧ

 īȚĮȞĮĳĲȚȐȤȞİĲİȖİȣıĲȚțȠȪȢțĮĳȑįİȢʌȡȑʌİȚȞĮįȚĮĲȘȡİȓĲİțĮșĮȡȒĲȘıȣıțİȣȒǼțĲİȜȑıĲİĲȠȞ

țĮșĮȡȚıȝȩțĮȚĲȘȞĮĳĮȓȡİıȘĮȜȐĲȦȞıİĲĮțĲȐȤȡȠȞȚțȩįȚĮıĲȒȝĮĲĮȩʌȦȢʌİȡȚȖȡȐĳİĲĮȚıĲȘȞ

 ȃĮȤȡȘıȚȝȠʌȠȚİȓĲİʌȐȞĲĮțĮșĮȡȩȞİȡȩĲȘȢȕȡȪıȘȢ



 ȂİʌȚȠȜİʌĲȐĮȜİıȝȑȞĮȤĮȡȝȐȞȚĮİʌȚĲȣȖȤȐȞȠȞĲĮȚțĮĳȑįİȢʌȚȠʌȜȠȪıȚȠȚțĮȚʌĮȤȪȡȡİȣıĲȠȚǹȞ

ĲȠȤĮȡȝȐȞȚİȓȞĮȚțĮȞȠȞȚțȐĮȜİıȝȑȞȠȖȚĮȞĮİʌȚĲȪȤİĲİĲȘıȣȞȘșȚıȝȑȞȘȖİȪıȘșĮȤȡİȚĮıĲİȓĲİ

ʌİȡȚııȩĲİȡȘʌȠıȩĲȘĲĮțĮĳȑıİıȤȑıȘȝİĲĮʌȚȠȜİʌĲȐĮȜİıȝȑȞĮȤĮȡȝȐȞȚĮ

 ĭȣȜȐȟĲİĲȘıțȩȞȘțĮĳȑıİȑȞĮįȡȠıİȡȩțĮȚıĲİȖȞȩȝȑȡȠȢȃĮțȜİȓȞİĲİİȡȝȘĲȚțȐĲȚȢıȣıțİȣĮ

ıȓİȢțĮĳȑʌȠȣȑȤİĲİĮȞȠȓȟİȚțĮȚȞĮĲȚȢȕȐȗİĲİıĲȠȥȣȖİȓȠ

 īȚĮĲȘȕȑȜĲȚıĲȘȖİȪıȘĮȖȠȡȐıĲİțĮĳȑıİțȩțțȠȣȢțĮȚĮȜȑıĲİĲȠȞȜȓȖȠʌȡȚȞĲȠȞȤȡȘıȚȝȠʌȠȚȒ

ıİĲİ

 ȅȟĮȞĮȗİıĲĮȝȑȞȠȢțĮĳȑȢįİȞȑȤİȚĲȘȕȑȜĲȚıĲȘȖİȪıȘȅțĮĳȑȢȑȤİȚĲȘȞțĮȜȪĲİȡȘȖİȪıȘĮȝȑıȦȢ

ȝİĲȐĲȘȞʌĮȡĮıțİȣȒĲȠȣ

 ǾʌĮȡȠȣıȓĮȝȚțȡȫȞıĲĮȖȩȞȦȞȜĮįȚȠȪıĲȘȞİʌȚĳȐȞİȚĮĲȠȣțĮĳȑȝʌȠȡİȓȞĮȠĳİȓȜİĲĮȚıĲȘȞʌĮ

ȡĮĲİĲĮȝȑȞȘȤȡȒıȘȥȘȝȑȞȦȞȤĮȡȝĮȞȚȫȞțĮșĮȡȓıĲİĲȘıȣıțİȣȒıİĲĮțĲȐȤȡȠȞȚțȐįȚĮıĲȒȝĮĲĮ

ƬƣƪƣƳƫƴƮƱƴƵƩƴƴƶƴƬƧƶƩƴ

ǹȣĲȒȘıȣıțİȣȒȤȡİȚȐȗİĲĮȚʌİȡȚȠȡȚıȝȑȞȘıȣȞĲȒȡȘıȘǻİȞʌİȡȚȑȤİȚİȟĮȡĲȒȝĮĲĮʌȠȣȝʌȠȡİȓȞĮ

İʌȚıțİȣȐıİȚȠȤȡȒıĲȘȢȅʌȠȚĮįȒʌȠĲİİȡȖĮıȓĮʌȠȣĮʌĮȚĲİȓĲȘȞĮʌȠıȣȞĮȡȝȠȜȩȖȘıȘİȟĮȡĲȘȝȐĲȦȞ

ʌȡȑʌİȚȞĮİțĲİȜİȓĲĮȚĮʌȩȑȞĮǼȟȠȣıȚȠįȠĲȘȝȑȞȠȀȑȞĲȡȠȉİȤȞȚțȒȢȊʌȠıĲȒȡȚȟȘȢȈȑȡȕȚȢ

Ʋǒǐǔǐǘƿ

ǵȜİȢ ȠȚİȡȖĮıȓİȢ țĮșĮȡȚıȝȠȪ ʌȠȣʌİȡȚȖȡȐĳȠȞĲĮȚ ʌĮȡĮțȐĲȦ ʌȡȑʌİȚȞĮ İțĲİȜȠȪȞĲĮȚ ȝİ

ıȕȘıĲȒȝȘȤĮȞȒțĮȚȑȤȠȞĲĮȢȕȐȜİȚĲȠĳȚȢĮʌȩĲȘȞʌȡȓȗĮ

Ʋǒǐǔǐǘƿ

ǾĲĮțĲȚțȒțĮșĮȡȚȩĲȘĲĮțĮȚıȣȞĲȒȡȘıȘįȚĮĲȘȡȠȪȞıİțĮȜȒțĮĲȐıĲĮıȘĲȘȝȘȤĮȞȒȖȚĮȝİ

ȖĮȜȪĲİȡȠȤȡȠȞȚțȩįȚȐıĲȘȝĮȂȘȞʌȜȑȞİĲİʌȠĲȑĲĮİȟĮȡĲȒȝĮĲĮĲȘȢȝȘȤĮȞȒȢıĲȠʌȜȣȞĲȒȡȚȠ

ʌȚȐĲȦȞȂȘȤȡȘıȚȝȠʌȠȚİȓĲİĮʌİȣșİȓĮȢİțĲȩȟİȣıȘȞİȡȠȪ

Ʋǒǐǔǐǘƿ

ȅʌȠȚĮįȒʌȠĲİİʌȑȝȕĮıȘʌȡȑʌİȚȞĮİțĲİȜİȓĲĮȚȩĲĮȞȘȝȘȤĮȞȒİȓȞĮȚțȡȪĮ

ƬǂǉǂǒǊǔǍǝǓǕǐǖǗǀǌǕǒǐǖǋǂǊǕǈǓǖǑǐǅǐǘƿǓǗǀǌǕǒǐǖ

ȂİĲȐĮʌȩțȐșİȤȡȒıȘĮĳĮȚȡȑıĲİĲȠĳȓȜĲȡȠĲȠȣțĮĳȑĮʌȩĲȘȞȣʌȠįȠȤȒĳȓȜĲȡȠȣǹĳĮȚȡȑıĲİĲĮ

țĮĲȐȜȠȚʌĮțĮĳȑĮʌȩĲȠĳȓȜĲȡȠȄİʌȜȪȞĲİĲȠĳȓȜĲȡȠȝİțĮșĮȡȩȞİȡȩĲȘȢȕȡȪıȘȢǹĳĮȚȡȑıĲİĲȘȞ

ȣʌȠįȠȤȒĳȓȜĲȡȠȣțĮȚʌȜȪȞĲİĲȘȞȝİȗİıĲȩȞİȡȩțĮȚĮʌȠȡȡȣʌĮȞĲȚțȩʌȚȐĲȦȞ

ƬǂǉǂǒǊǔǍǝǓǕǈǓǋǂǒƽǗǂǓ

Ʋǒǐǔǐǘƿ

īȚĮȞĮȝȘıʌȐıİȚȘțĮȡȐĳĮĮȞĮıȘțȫıĲİĲȘȞʌȡȠıİțĲȚțȐȆȡȠıȑȟĲİȞĮȝȘȤĲȣʌȒıİĲİĲȘȞ

țĮȡȐĳĮıİȐȜȜĮĮȞĲȚțİȓȝİȞĮțȓȞįȣȞȠȢȞĮıʌȐıİȚĲȠȖȣĮȜȓǵĲĮȞȖİȝȓȗİĲİĲȘȞțĮȡȐĳĮȝİ

ȞİȡȩĮʌȠĳȪȖİĲİĲĮȤĲȣʌȒȝĮĲĮʌȐȞȦıĲȘȕȡȪıȘ

ȆȜȪȞĲİĲȘȞțĮȡȐĳĮȝİȗİıĲȩȞİȡȩțĮȚĮʌȠȡȡȣʌĮȞĲȚțȩʌȚȐĲȦȞȀĮșĮȡȓıĲİĲȠțĮʌȐțȚĲȘȢțĮȡȐĳĮȢ

ĮʌȩĲĮțĮĲȐȜȠȚʌĮțĮĳȑȤȡȘıȚȝȠʌȠȚȫȞĲĮȢȑȞĮȕȠȣȡĲıȐțȚȀĮșĮȡȓıĲİĲȘȞțĮȡȐĳĮȤȡȘıȚȝȠʌȠȚ

ȫȞĲĮȢȑȞĮȣȖȡȩțĮȚȝĮȜĮțȩʌĮȞȓȫıĲİȞĮȝȘȖȓȞİȚȗȘȝȚȐıĲȠȖȣĮȜȓȂȘȤȡȘıȚȝȠʌȠȚİȓĲİıȪȡȝĮ

țȠȣȗȓȞĮȢȒȐȜȜĮȣȜȚțȐȝİĲȡĮȤȚȐİʌȚĳȐȞİȚĮ

ƬǂǉǂǒǊǔǍǝǓǕǐǖǅǐǘǆǀǐǖ

ȈȣȞȚıĲȐĲĮȚȞĮțĮșĮȡȓȗİĲİʌİȡȚȠįȚțȐĲȠİıȦĲİȡȚțȩĲȠȣįȠȤİȓȠȣȝİȑȞĮıĳȠȣȖȖȐȡȚȒȑȞĮȣȖȡȩʌĮȞȓ



ƬǂǉǂǒǊǔǍǝǓǔǟǍǂǕǐǓǍǈǘǂǎƿǓ

Ʋǒǐǔǐǘƿ

ȀĮșĮȡȓıĲİĲĮıĲĮșİȡȐȝȑȡȘĲȘȢȝȘȤĮȞȒȢȤȡȘıȚȝȠʌȠȚȫȞĲĮȢȑȞĮĮʌĮȜȩȣȖȡȩʌĮȞȓȖȚĮȞĮ

ȝȘȞțȐȞİĲİȗȘȝȚȐ

ƣƶƵƱƮƣƵƱƴƬƣƪƣƳƫƴƮƱƴ

ȀĮșĮȡȓıĲİĲȘıȣıțİȣȒĲȠȣȜȐȤȚıĲȠȞȝȚĮĳȠȡȐĲȠȝȒȞĮ

ǹȞȑȤİĲİĮȖȠȡȐıİȚĲȠĳȓȜĲȡȠȞİȡȠȪʌȠȣʌȦȜİȓĲĮȚȟİȤȦȡȚıĲȐĮĳĮȚȡȑıĲİĲȠĮʌȩĲȠįȠȤİȓȠʌȡȚȞ

İțĲİȜȑıİĲİĲȠȞĮȣĲȩȝĮĲȠțȪțȜȠțĮșĮȡȚıȝȠȪ

 īİȝȓıĲİĲȘȞțĮȡȐĳĮȝİȑȞĮįȚȐȜȣȝĮĳȜȚĲȗĮȞȚȫȞȜİȣțȠȪȟȣįȚȠȪțĮȚĳȜȚĲȗĮȞȚȫȞțĮșĮȡȠȪ

ȞİȡȠȪĲȘȢȕȡȪıȘȢǹįİȚȐıĲİĲȠįȚȐȜȣȝĮıĲȠįȠȤİȓȠ

 ȉȠʌȠșİĲȒıĲİıĲȘȞȣʌȠįȠȤȒĲȠȣĳȓȜĲȡȠȣȑȞĮȤȐȡĲȚȞȠĳȓȜĲȡȠĳȜȚĲȗĮȞȚȫȞȀȜİȓıĲİĲȠțĮʌȐțȚ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠ02'(ʌȑȞĲİĳȠȡȑȢĬĮĮȡȤȓıİȚȞĮĮȞĮȕȠıȕȒȞİȚĲȠıȪȝȕȠȜȠ ȆĮĲȒıĲİ

ĲȠʌȜȒțĲȡȠ6(/ȖȚĮİʌȚȕİȕĮȓȦıȘ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑ ǾıȣıțİȣȒİțʌȑȝʌİȚȑȞĮȤĮȡĮțĲȘȡȚıĲȚțȩȒȤȠȝʌȚʌțĮȚĮȡȤȓȗİȚ

ĲȠȞțȪțȜȠĮȣĲȩȝĮĲȠȣțĮșĮȡȚıȝȠȪǲȞĮȝȑȡȠȢĲȠȣįȚĮȜȪȝĮĲȠȢșĮİțȡİȪıİȚıĲȘȞțĮȡȐĳĮİȞȫĲȠ

ȣʌȩȜȠȚʌȠșĮʌĮȡĮțȡĮĲȘșİȓıĲĮțȣțȜȫȝĮĲĮĲȘȢȝȘȤĮȞȒȢȖȚĮĲȠȣȜȐȤȚıĲȠȞȜİʌĲȐțĮȚȪıĲİȡĮ

șĮĮįİȚȐıİȚĲİȜİȓȦȢıĲȘȞțĮȡȐĳĮȅȜȩțȜȘȡȠȢȠțȪțȜȠȢĮȣĲȩȝĮĲȠȣțĮșĮȡȚıȝȠȪșĮįȚĮȡțȑıİȚ

ȜİʌĲȐǵĲĮȞȠȜȠțȜȘȡȦșİȓȠțȪțȜȠȢĮȣĲȩȝĮĲȠȣțĮșĮȡȚıȝȠȪȘıȣıțİȣȒșĮİțʌȑȝȥİȚȑȞĮ

ȤĮȡĮțĲȘȡȚıĲȚțȩȒȤȠȝʌȚʌțĮȚșĮıȕȒıİȚĮȣĲȩȝĮĲĮ

 ȄİʌȜȪȞĲİĲȘȞțĮȡȐĳĮȝİțĮșĮȡȩȞİȡȩĲȘȢȕȡȪıȘȢ

ȇȢțȟįȢȥȔĲıĳıȟįĴĳțȑȥȟıĳıȜįĴȒıȜĳıȝȒĲĳıĳȡȟȜȫȜȝȡȗțįȜįȢȑĴıȣȞȪȟȡȞıȟıȢȪȃı

įȤĳȪĳȡȟĳȢȪʍȡȚįȜįȚįȢȔĲıțșĲȤĲȜıȤȓįʍȪĳįȜįĳȑȝȡțʍįȟıȢȡȫȜįțȠȤİțȡȫ

ƣƷƣƫƳƧƴƩƣƭƣƵƺƯ

ǾĲĮțĲȚțȒıȣȞĲȒȡȘıȘțĮȚțĮșĮȡȚȩĲȘĲĮįȚĮĲȘȡȠȪȞĲȘȝȘȤĮȞȒıİțĮȜȒțĮĲȐıĲĮıȘȖȚĮȝİȖĮȜȪĲİ

ȡȠȤȡȠȞȚțȩįȚȐıĲȘȝĮȝİȚȫȞȠȞĲĮȢıȘȝĮȞĲȚțȐĲȠȞțȓȞįȣȞȠıȤȘȝĮĲȚıȝȠȪĮȜȐĲȦȞıĲȘıȣıțİȣȒǹȞ

ȩȝȦȢȝİĲȘȞʌȐȡȠįȠĲȠȣȤȡȩȞȠȣȘȜİȚĲȠȣȡȖȓĮĲȘȢıȣıțİȣȒȢʌĮȡȠȣıȚȐıİȚțȐʌȠȚİȢĮȞȦȝĮȜȓİȢ

İȟĮȚĲȓĮȢĲȘȢȤȡȒıȘȢȚįȚĮȓĲİȡĮıțȜȘȡȠȪȞİȡȠȪȝİȝİȖȐȜȘʌİȡȚİțĲȚțȩĲȘĲĮĮȜȐĲȦȞȝʌȠȡİȓĲİȞĮ

ʌȡȠȕİȓĲİıĲȘȞĮĳĮȓȡİıȒĲȠȣȢȫıĲİȞĮĮʌȠțĮĲĮıĲȒıİĲİĲȘȞțĮȞȠȞȚțȒȜİȚĲȠȣȡȖȓĮȋȡȘıȚȝȠʌȠȚȒ

ıĲİȖȚĮĲȠıțȠʌȩĮȣĲȩĮʌȠțȜİȚıĲȚțȐĲȠʌȡȠȧȩȞĮĳĮȓȡİıȘȢĮȜȐĲȦȞ12&$/ĲȘȢ$ULHWHʌȠȣʌİȡȚ

ȑȤİȚțȚĲȡȚțȩȠȟȪȉȠʌȡȠȧȩȞĮȣĲȩʌȡȠȝȘșİȪİĲĮȚıĲĮȀȑȞĲȡĮȉİȤȞȚțȒȢǼȟȣʌȘȡȑĲȘıȘȢȈȑȡȕȚȢĲȘȢ

$ULHWHǾ$ULHWHįİȞĮȞĮȜĮȝȕȐȞİȚțĮȝȓĮİȣșȪȞȘȖȚĮȕȜȐȕİȢıĲĮİıȦĲİȡȚțȐİȟĮȡĲȒȝĮĲĮĲȘȢȝȘȤĮȞȒȢ

țĮĳȑʌȠȣʌȡȠțȜȒșȘțĮȞĮʌȩĲȘȤȡȒıȘĮıȪȝȕĮĲȦȞʌȡȠȧȩȞĲȦȞʌȠȣʌİȡȚȑȤȠȣȞȤȘȝȚțȐʌȡȩıșİĲĮ

ǽȜĳıȝȒĲĳıĳșȟįĴįȔȢıĲșįȝȑĳȧȟȞțįĴȡȢȑĳȡȞȓȟįǺȟĳȡȟıȢȪʍȡȤȥȢșĲțȞȡʍȡțıȔĳıʍıȢțȒȥıț

ʍȡȝȝȑȑȝįĳįıȜĳıȝȒĲĳıĳȡȟȜįȚįȢțĲȞȪȜȑȚıİȫȡıȖİȡȞȑİıȣ

 īİȝȓıĲİĲȘȞțĮȡȐĳĮȝİȑȞĮįȚȐȜȣȝĮĮʌȠĲİȜȠȪȝİȞȠĮʌȩȑȞĮĳȜȚĲȗȐȞȚȜİȣțȩȟȪįȚțĮȚĳȜȚĲȗȐȞȚĮ

țĮșĮȡȩȞİȡȩĲȘȢȕȡȪıȘȢ

 ǹįİȚȐıĲİĲȠįȚȐȜȣȝĮıĲȠįȠȤİȓȠ

 ȄİțȚȞȒıĲİĲȠȞțȪțȜȠʌĮȡȠȤȒȢțĮȚʌİȡȚȝȑȞİĲİȞĮȖİȝȓıİȚȘțĮȡȐĳĮȝȑȤȡȚĲȘȝȑıȘ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑ ĬĮıȕȒıİȚȘıȣıțİȣȒ

ȃțȜȢȒȣİțįĴȤȗȒȣįĳȞȡȫȜįĳȑĳșĴȑĲșįȟįȞȡȟȓȣįĳȞȡȫȚıȧȢȡȫȟĳįțĴȤĲțȡȝȡȗțȜȒȣ



 ǵĲĮȞĲȠȞİȡȩıĲĮȝĮĲȒıİȚȞĮĲȡȑȤİȚıĲȘȞțĮȡȐĳĮȝʌȠȡİȓĲİȞĮĲȘȞĮĳĮȚȡȑıİĲİȆİȡȚȝȑȞİĲİ

ȜİʌĲȐȖȚĮȞĮțȡȣȫıİȚĲȠȞİȡȩ

 ǹįİȚȐıĲİĲȠįȚȐȜȣȝĮĲȘȢțĮȡȐĳĮȢıĲȠįȠȤİȓȠȀȜİȓıĲİĲȠțĮʌȐțȚȉȠʌȠșİĲȒıĲİĲȘȞțĮȡȐĳĮıĲȘ

șİȡȝĮȞĲȚțȒʌȜȐțĮ

 ȄİțȚȞȒıĲİĮțȩȝĮȑȞĮȞțȪțȜȠʌĮȡȠȤȒȢțĮȚʌİȡȚȝȑȞİĲİȞĮȖİȝȓıİȚĲİȜİȓȦȢȘțĮȡȐĳĮǵĲĮȞĲȠ

ȞİȡȩıĲĮȝĮĲȒıİȚȞĮĲȡȑȤİȚıĲȘȞțĮȡȐĳĮȝʌȠȡİȓĲİȞĮĲȘȞĮĳĮȚȡȑıİĲİ

 ȆĮĲȒıĲİĲȠʌȜȒțĲȡȠțĮĳȑ

ĬĮıȕȒıİȚȘıȣıțİȣȒ

 ȆİȡȚȝȑȞİĲİȜİʌĲȐȖȚĮȞĮțȡȣȫıİȚȘıȣıțİȣȒǺİȕĮȚȦșİȓĲİʌȦȢĲȠĳȓȜĲȡȠİȓȞĮȚĲȠʌȠșİĲȘȝȑȞȠ

ıĲȘȞȣʌȠįȠȤȒĳȓȜĲȡȠȣ

īİȝȓıĲİĲȘȞțĮȡȐĳĮȝİȞİȡȩĲȘȢȕȡȪıȘȢțĮȚİʌĮȞĮȜȐȕİĲİĲȠȞțȪțȜȠʌĮȡȠȤȒȢȖȚĮȞĮțĮșĮȡȚ

ıĲȠȪȞĲĮİıȦĲİȡȚțȐțȣțȜȫȝĮĲĮĲȘȢıȣıțİȣȒȢȈĲȠĲȑȜȠȢĲȠȣțȪțȜȠȣȟİȕȖȐȜȝĮĲȠȢʌĮĲȒıĲİĲȠ

ʌȜȒțĲȡȠțĮĳȑ ȖȚĮȞĮıȕȒıİĲİĲȘıȣıțİȣȒǹįİȚȐıĲİĲȘȞțĮȡȐĳĮ

ȆȜȪȞĲİĲȘȞțĮȡȐĳĮĲȘȞȣʌȠįȠȤȒĳȓȜĲȡȠȣțĮȚĲȠĳȓȜĲȡȠțĮĳȑȝİȗİıĲȩȞİȡȩțĮȚĮʌȠȡȡȣʌĮȞĲȚțȩ

ʌȚȐĲȦȞȈțȠȣʌȓıĲİĲĮțĮȜȐ

ǵĲĮȞțȡȣȫıİȚȘıȣıțİȣȒțĮșĮȡȓıĲİĲȚȢİȟȦĲİȡȚțȑȢĲȘȢİʌȚĳȐȞİȚİȢȝİȑȞĮȝĮȜĮțȩʌĮȞȓ

ƲǟǓǎǂǗǖǌƽǏǆǕǆǕǈǔǖǔǋǆǖƿ

 ǺȖȐȜĲİĲȠĳȚȢĲȠȣțĮȜȦįȓȠȣĮʌȩĲȘȞʌȡȓȗĮ

 ĭȣȜȐȟĲİĲȘıȣıțİȣȒıİȑȞĮįȡȠıİȡȩțĮȚıĲİȖȞȩȤȫȡȠ

ȃșȟįĴȓȟıĳıĳșĲȤĲȜıȤȓȞıĳȡĴțȣĲȤȟİıİıȞȒȟȡĲĳșȟʍȢȔȘįșȝıȜĳȢțȜȡȫȢıȫȞįĳȡȣ

ƣƸƳƩƴƵƧƶƴƩƴƶƴƬƧƶƩƴ

ȈİʌİȡȓʌĲȦıȘșȑıȘȢİțĲȩȢȜİȚĲȠȣȡȖȓĮȢĲȘȢȝȘȤĮȞȒȢʌȡȑʌİȚȞĮĲȘȞĮʌȠıȣȞįȑıİĲİĮʌȩĲȠȘȜİțĲȡȚ

țȩȡİȪȝĮțĮȚȞĮĮįİȚȐıİĲİĲȠȞİȡȩĮʌȩĲȘȞțĮȡȐĳĮțĮȚĲȠįȠȤİȓȠǼțĲİȜȑıĲİĲȠȞțĮșĮȡȚıȝȩĲȦȞ

įȚȐȜȣıȘȢʌȡȑʌİȚȞĮȟİȤȦȡȓıİĲİĲĮįȚȐĳȠȡĮȣȜȚțȐĲȘȢȝȘȤĮȞȒȢțĮȚȞĮĲĮįȚĮșȑıİĲİıȪȝĳȦȞĮȝİ

ĲȚȢțİȓȝİȞİȢįȚĮĲȐȟİȚȢĲȘȢȤȫȡĮȢıĮȢ



ǿǼǲǳǾǴǮǻǶǳǲǮǻǻǼǷǶǻǿȀǾȁǸȄǶǶ

ɇɟɫɦɨɬɪɹɧɚɬɨɱɬɨɞɚɧɧɨɟɭɫɬɪɨɣɫɬɜɨɛɵɥɨɢɡɝɨɬɨɜɥɟɧɨɜɩɨɥɧɨɦɫɨɨɬɜɟɬɫɬɜɢɢɫɬɪɟɛɨɜɚ

ɧɢɹɦɢɞɟɣɫɬɜɭɸɳɢɯɟɜɪɨɩɟɣɫɤɢɯɧɨɪɦɢɜɫɟɟɝɨɩɨɬɟɧɰɢɚɥɶɧɨɨɩɚɫɧɵɟɱɚɫɬɢɨɛɟɫɩɟɱɟɧɵ

ɧɟɨɛɯɨɞɢɦɨɣɡɚɳɢɬɨɣɜɧɢɦɚɬɟɥɶɧɨɨɡɧɚɤɨɦɶɬɟɫɶɫɧɚɫɬɨɹɳɢɦɢɦɟɪɚɦɢɛɟɡɨɩɚɫɧɨɫɬɢɢɜɨ

ɢɡɛɟɠɚɧɢɟɬɪɚɜɦɢɩɨɜɪɟɠɞɟɧɢɣɢɫɩɨɥɶɡɭɣɬɟɩɪɢɛɨɪɫɬɪɨɝɨɩɨɧɚɡɧɚɱɟɧɢɸɊɟɤɨɦɟɧɞɭɟɬɫɹ

ɯɪɚɧɢɬɶɞɚɧɧɭɸɢɧɫɬɪɭɤɰɢɸɜɥɟɝɤɨɞɨɫɬɭɩɧɨɦɦɟɫɬɟȿɫɥɢɜɵɪɟɲɢɬɟɩɟɪɟɞɚɬɶɞɚɧɧɨɟɭɫɬ

ɪɨɣɫɬɜɨɜɞɪɭɝɢɟɪɭɤɢɧɟɡɚɛɭɞɶɬɟɩɟɪɟɞɚɬɶɜɦɟɫɬɟɫɧɢɦɢɷɬɭɢɧɫɬɪɭɤɰɢɸ

ɋɨɞɟɪɠɚɳɚɹɫɹɜɞɚɧɧɨɣɢɧɫɬɪɭɤɰɢɢɢɧɮɨɪɦɚɰɢɹɫɨɩɪɨɜɨɠɞɚɟɬɫɹɫɥɟɞɭɸɳɢɦɢɭɫɥɨɜɧɵɦɢ

ɨɛɨɡɧɚɱɟɧɢɹɦɢ

Ɉɩɚɫɧɨɞɥɹɞɟɬɟɣ

Ɉɩɚɫɧɨɫɬɶɩɨɪɚɠɟɧɢɹɷɥɟɤɬɪɢɱɟɫɤɢɦɬɨɤɨɦ

ɍɝɪɨɡɚɜɨɡɧɢɤɧɨɜɟɧɢɹɭɳɟɪɛɚɜɵɡɜɚɧɧɚɹɢɧɵɦɢɩɪɢɱɢɧɚɦɢ

Ɇɟɪɵɛɟɡɨɩɚɫɧɨɫɬɢɩɨɩɪɟɞɨɬɜɪɚɳɟɧɢɸɨɠɨɝɨɜ

ȼɧɢɦɚɧɢɟɜɨɡɦɨɠɧɨɫɬɶɜɨɡɧɢɤɧɨɜɟɧɢɹɦɚɬɟɪɢɚɥɶɧɨɝɨɭɳɟɪɛɚ

ǻǮǵǻǮȅǳǻǶǳȁǿȀǾǼǷǿȀǰǮ

ɉɪɢɛɨɪɩɪɟɞɧɚɡɧɚɱɟɧɞɥɹɩɪɢɝɨɬɨɜɥɟɧɢɹɤɨɮɟɉɪɢɛɨɪɩɪɟɞɧɚɡɧɚɱɟɧɬɨɥɶɤɨɞɥɹɞɨɦɚɲ

ɧɟɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹɢɧɟɞɨɥɠɟɧɩɪɢɦɟɧɹɬɶɫɹɜɤɨɦɦɟɪɱɟɫɤɢɯɢɥɢɩɪɨɦɵɲɥɟɧɧɵɯɰɟɥɹɯ

Ʌɸɛɨɟɞɪɭɝɨɟɩɪɢɦɟɧɟɧɢɟɞɚɧɧɨɝɨɭɫɬɪɨɣɫɬɜɚɧɟɩɪɟɞɭɫɦɨɬɪɟɧɧɨɟɢɡɝɨɬɨɜɢɬɟɥɟɦɨɫɜɨ

ɛɨɠɞɚɟɬ ɟɝɨɨɬ ɥɸɛɨɣɨɬɜɟɬɫɬɜɟɧɧɨɫɬɢ ɡɚɩɨɜɪɟɠɞɟɧɢɹ ɢɭɳɟɪɛ ɜɵɡɜɚɧɧɵɟɩɨɞɨɛɧɵɦ

ɩɪɢɦɟɧɟɧɢɟɦɉɪɢɦɟɧɟɧɢɟ ɭɫɬɪɨɣɫɬɜɚɧɟ ɩɨɧɚɡɧɚɱɟɧɢɸ ɜɥɟɱɟɬɡɚ ɫɨɛɨɣɨɬɦɟɧɭ ɥɸɛɨɣ

ɮɨɪɦɵɝɚɪɚɧɬɢɢ

ǼǿȀǮȀǼȅǻȉǳǾǶǿǸǶ

Ʉɨɧɫɬɪɭɤɬɢɜɧɵɟɨɫɨɛɟɧɧɨɫɬɢɞɚɧɧɨɝɨɭɫɬɪɨɣɫɬɜɚɨɤɨɬɨɪɨɦɝɨɜɨɪɢɬɫɹɜɧɚɫɬɨɹɳɟɣɢɧɫɬɪɭɤ

ɰɢɢɧɟɩɪɟɞɭɫɦɚɬɪɢɜɚɸɬɡɚɳɢɬɵɩɨɬɪɟɛɢɬɟɥɹɨɬɜɨɡɦɨɠɧɨɝɨɩɨɩɚɞɚɧɢɹɛɪɵɡɝɩɚɪɚɢɥɢ

ɝɨɪɹɱɟɣɜɨɞɵ

ǰțȖȚȎțȖȓ

Ɉɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɨɬɛɪɵɡɝɝɨɪɹɱɟɣɜɨɞɵɢɥɢɤɨɮɟɇɟɨɬɤɪɵɜɚɣɬɟɤɪɵɲɤɭ

ɜɨɜɪɟɦɹɩɨɞɚɱɢɤɨɮɟ

ǽǾǮǰǶǹǮȀǳȃǻǶǸǶǯǳǵǼǽǮǿǻǼǿȀǶ

ɊɀɋɀȿɊɀɋȽɖɇɃɌɊɉɆɗɂɉȽȻɈɃɀɇɊɋɃȼɉɋȻɈɀɉȼɐɉȿɃɇɉȽɈɃɇȻ

ɍɀɆɗɈɉɊɋɉɒɃɍȻɍɗɈȻɌɍɉɚɔɎəɃɈɌɍɋɎɅɑɃə

 ɍɫɬɪɨɣɫɬɜɨ ɩɪɟɞɧɚɡɧɚɱɟɧɨ ɬɨɥɶɤɨ ɞɥɹ ɞɨɦɚɲɧɟɝɨ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɢɧɟ

ɞɨɥɠɧɨɷɤɫɩɥɭɚɬɢɪɨɜɚɬɶɫɹɜɤɨɦɦɟɪɱɟɫɤɢɯɢɥɢɩɪɨɦɵɲɥɟɧɧɵɯɰɟɥɹɯ

 ɂɡɝɨɬɨɜɢɬɟɥɶɧɟɧɟɫɟɬɨɬɜɟɬɫɬɜɟɧɧɨɫɬɢɡɚ ɧɟɩɪɚɜɢɥɶɧɨɟ ɢɫɩɨɥɶɡɨɜɚɧɢɟ

ɩɪɢɛɨɪɚɢɥɢɢɫɩɨɥɶɡɨɜɚɧɢɟɟɝɨɜɰɟɥɹɯɧɟɩɪɟɞɭɫɦɨɬɪɟɧɧɵɯɞɚɧɧɵɦɪɭ

ɤɨɜɨɞɫɬɜɨɦɩɨɷɤɫɩɥɭɚɬɚɰɢɢ

 Ɋɟɤɨɦɟɧɞɭɟɬɫɹɯɪɚɧɢɬɶɨɪɢɝɢɧɚɥɶɧɭɸɭɩɚɤɨɜɤɭɬɤɛɟɫɩɥɚɬɧɨɟɫɟɪɜɢɫɧɨɟ



ɨɛɫɥɭɠɢɜɚɧɢɟɧɟɩɪɟɞɭɫɦɨɬɪɟɧɨɜɫɥɭɱɚɟɩɨɜɪɟɠɞɟɧɢɣɜɵɡɜɚɧɧɵɯɧɟɩɪɚ

ɜɢɥɶɧɨɣɭɩɚɤɨɜɤɨɣɢɡɞɟɥɢɹɩɪɢɟɝɨɨɬɫɵɥɤɟɜɚɜɬɨɪɢɡɨɜɚɧɧɵɣɐɟɧɬɪɫɟɪ

ɜɢɫɧɨɝɨɨɛɫɥɭɠɢɜɚɧɢɹ

 ɉɪɢɛɨɪ ɫɨɨɬɜɟɬɫɬɜɭɟɬ ɬɪɟɛɨɜɚɧɢɹɦ ɩɨɥɨɠɟɧɢɹ (& ʋ  ɨɬ

ɨɦɚɬɟɪɢɚɥɚɯɢɦɟɸɳɢɯɤɨɧɬɚɤɬɫɩɢɳɟɜɵɦɢɩɪɨɞɭɤɬɚɦɢ

ǼȝȎȟțȜȒșȭȒȓȠȓȗ



Ⱦɨɩɭɫɤɚɟɬɫɹɢɫɩɨɥɶɡɨɜɚɧɢɟɭɫɬɪɨɣɫɬɜɚɞɟɬɶɦɢɫɬɚɪɲɟɥɟɬɧɨɬɨɥɶɤɨɩɨɞ

ɧɚɛɥɸɞɟɧɢɟɦɜɡɪɨɫɥɵɯɚɬɚɤɠɟɩɨɫɥɟɨɛɴɹɫɧɟɧɢɹɢɦɩɪɚɜɢɥɛɟɡɨɩɚɫɧɨɝɨ

ɩɨɥɶɡɨɜɚɧɢɹɢɜɨɦɨɠɧɵɯɩɨɫɥɟɞɫɬɜɢɣɨɬɧɟɩɪɚɜɢɥɶɧɨɣɷɤɫɩɥɭɚɬɚɰɢɢ

 ɑɢɫɬɤɚ ɢ ɬɟɯɨɛɫɥɭɠɢɜɚɧɢɟ ɭɫɬɪɨɣɫɬɜɚ ɦɨɝɭɬ ɛɵɬɶ ɞɨɜɟɪɟɧɵ ɞɟɬɹɦɧɟ

ɦɥɚɞɲɟɥɟɬɢɬɨɥɶɤɨɩɨɞɧɚɛɥɸɞɟɧɢɟɦɜɡɪɨɫɥɵɯɇɟɞɨɩɭɫɤɚɣɬɟɢɝɪɞɟ

ɬɟɣɫɩɪɢɛɨɪɨɦ

 ɗɥɟɤɬɪɢɱɟɫɤɢɣɲɧɭɪɞɨɥɠɟɧɜɫɟɝɞɚɧɚɯɨɞɢɬɶɫɹɜɧɟɡɨɧɵɞɨɫɬɭɩɧɨɫɬɢɞɥɹ

ɞɟɬɟɣɦɥɚɞɲɟɥɟɬ

 ɇɟɨɫɬɚɜɥɹɬɶɛɟɡɩɪɢɫɦɨɬɪɚɲɧɭɪɷɥɟɤɬɪɨɩɢɬɚɧɢɹɜɞɨɫɬɭɩɧɨɦɞɥɹɞɟɬɟɣ

ɦɟɫɬɟ

 ȼɨɢɡɛɟɠɚɧɢɟɧɟɫɱɚɫɬɧɵɯɫɥɭɱɚɟɜɧɟɨɫɬɚɜɥɹɣɬɟɭɩɚɤɨɜɤɭɨɬɩɪɢɛɨɪɚɜ

ɦɟɫɬɚɯɞɨɫɬɭɩɧɵɯɞɥɹɞɟɬɟɣ

 ɉɨɫɥɟɨɤɨɧɱɚɧɢɹɫɪɨɤɚɷɤɫɩɥɭɚɬɚɰɢɢɭɫɬɪɨɣɫɬɜɚɜɰɟɥɹɯɟɝɨɩɪɚɜɢɥɶɧɨɣ

ɭɬɢɥɢɡɚɰɢɢɪɟɤɨɦɟɧɞɭɟɬɫɹɨɬɪɟɡɚɬɶ ɷɥɟɤɬɪɢɱɟɫɤɢɣ ɩɪɨɜɨɞ ɫɞɟɥɚɜɩɪɢ

ɛɨɪɧɟɩɪɢɝɨɞɧɵɦɞɥɹɢɫɩɨɥɶɡɨɜɚɧɢɹɊɟɤɨɦɟɧɞɭɟɬɫɹɫɥɟɞɢɬɶɡɚɬɟɦɱɬɨ

ɛɵɩɨɬɟɧɰɢɚɥɶɧɨɨɩɚɫɧɵɟɞɟɬɚɥɢɩɪɢɛɨɪɚɧɟɫɬɚɥɢɢɝɪɭɲɤɨɣɞɥɹɞɟɬɟɣ

ǼȝȎȟțȜȟȠȪȝȜȞȎȔȓțȖȭȫșȓȘȠȞȖȥȓȟȘȖȚȠȜȘȜȚ

 ɍɫɬɪɨɣɫɬɜɨɦ ɪɚɡɪɟɲɟɧɨɩɨɥɶɡɨɜɚɬɶɫɹ ɥɢɰɚɦ ɫ ɨɝɪɚɧɢɱɟɧɧɵɦɢ ɮɢɡɢɱɟɫ

ɤɢɦɢɢɭɦɫɬɜɟɧɧɵɦɢɜɨɡɦɨɠɧɨɫɬɹɦɢɚɬɚɤɠɟɧɟɭɦɟɸɳɢɦɢɢɥɢɧɟɩɪɨ

ɛɨɜɚɜɲɢɦɢɨɛɪɚɳɚɬɶɫɹɫɬɚɤɢɦɢɩɪɢɛɨɪɚɦɢɬɨɥɶɤɨɩɨɞɪɭɤɨɜɨɞɫɬɜɨɦɢ

ɩɨɞɧɚɛɥɸɞɟɧɢɟɦɨɬɜɟɱɚɸɳɟɝɨɡɚɧɢɯɥɢɰɚɢɩɨɫɥɟɨɡɧɚɤɨɦɥɟɧɢɹɢɯɫ

ɩɪɚɜɢɥɚɦɢɩɨɥɶɡɨɜɚɧɢɹɢɩɪɟɞɭɩɪɟɠɞɟɧɢɹɢɯɨɜɨɡɦɨɠɧɵɯɩɨɫɥɟɞɫɬɜɢɹɯ

ɨɬɧɟɩɪɚɜɢɥɶɧɨɣɷɤɫɩɥɭɚɬɚɰɢɢ

 ɉɟɪɟɞɩɨɞɤɥɸɱɟɧɢɟɦɩɪɢɛɨɪɚɤɤɫɟɬɢɷɥɟɤɬɪɨɩɢɬɚɧɢɹɩɪɨɜɟɪɶɬɟɱɬɨɛɵ

ɧɚɩɪɹɠɟɧɢɟɭɤɚɡɚɧɧɨɟɧɚɬɚɛɥɢɱɤɟɜɧɢɠɧɟɣɱɚɫɬɢɫɬɪɨɣɫɬɜɚɫɨɨɬɜɟɬɫ

ɬɜɨɜɚɥɨɧɚɩɪɹɠɟɧɢɸɞɨɦɚɲɧɟɣɫɟɬɢ

 ɂɫɩɨɥɶɡɨɜɚɧɢɟɷɥɟɤɬɪɢɱɟɫɤɢɯɭɞɥɢɧɢɬɟɥɟɣɧɟɨɞɨɛɪɟɧɧɵɯɩɪɨɢɡɜɨɞɢɬɟ

ɥɟɦɩɪɢɛɨɪɚɦɨɠɟɬɩɨɜɥɟɱɶɡɚɫɨɛɨɣɜɨɡɧɢɤɧɨɜɟɧɢɹɭɳɟɪɛɚɢɧɟɫɱɚɫɬɧɵɯ

ɫɥɭɱɚɟɜ

 ɉɪɟɠɞɟɱɟɦɩɪɢɫɬɭɩɢɬɶɤɩɪɨɰɟɞɭɪɟɧɚɩɨɥɧɟɧɢɹɛɚɤɚɜɨɞɨɣɨɬɫɨɟɞɢɧɢɬɟ

ɚɩɩɚɪɚɬɨɬɢɫɬɨɱɧɢɤɚɩɢɬɚɧɢɹ

 ȿɫɥɢɷɥɟɤɬɪɢɱɟɫɤɢɣɩɪɨɜɨɞɩɨɜɪɟɠɞɟɧɬɨɜɨɢɡɛɟɠɚɧɢɟɥɸɛɵɯɪɢɫɤɨɜɨɧ

ɞɨɥɠɟɧɛɵɬɶɡɚɦɟɧɟɧɥɢɛɨɫɚɦɢɦɢɡɝɨɬɨɜɢɬɟɥɟɦɥɢɛɨɜɚɜɬɨɪɢɡɨɜɚɧɧɨɦ

ɐɟɧɬɪɟɈɛɫɥɭɠɢɜɚɧɢɹɥɢɛɨɤɜɚɥɢɮɢɰɢɪɨɜɚɧɧɵɦɫɩɟɰɢɚɥɢɫɬɨɦ



 ɂɡɛɟɝɚɣɬɟɤɨɧɬɚɤɬɚɫɜɨɞɨɣɞɟɬɚɥɟɣɧɚɯɨɞɹɳɢɯɫɹɩɨɞɧɚɩɪɹɠɟɧɢɟɦɜɨɡ

ɦɨɠɧɨɜɨɡɧɢɤɧɨɜɟɧɢɟɤɨɪɨɬɤɨɝɨɡɚɦɵɤɚɧɢɹ

 ɉɟɪɟɞɤɚɠɞɨɣɱɢɫɬɤɨɣɢɥɢɞɥɹɜɵɩɨɥɧɟɧɢɹɪɚɛɨɬɩɨɬɟɯɨɛɫɥɭɠɢɜɚɧɢɸɭɫɬ

ɪɨɣɫɬɜɚɧɟɨɛɯɨɞɢɦɨɜɵɧɭɬɶɜɢɥɤɭɢɡɪɨɡɟɬɤɢ

 ɇɟɨɩɭɫɤɚɬɶɩɪɢɛɨɪɜɜɨɞɭɢɞɪɭɝɢɟɠɢɞɤɨɫɬɢ

 Ɂɚɩɪɟɳɚɟɬɫɹɩɨɦɟɳɚɬɶɩɪɢɛɨɪɜɛɥɢɡɢɪɚɤɜɢɧɵɢɥɢɫɬɚɜɢɬɶɩɪɹɦɨɧɚɧɟɟ

 ɇɟɥɶɡɹɫɧɢɦɚɬɶɧɢɠɧɸɸɤɪɵɲɤɭɩɪɢɛɨɪɚȼɧɭɬɪɟɧɧɢɟɱɚɫɬɢɩɪɢɛɨɪɚɧɟ

ɦɨɝɭɬɢɫɩɨɥɶɡɨɜɚɬɶɫɹɨɬɞɟɥɶɧɨɨɬɧɟɝɨɢɧɟɬɪɟɛɭɸɬɱɢɫɬɤɢ

ȁȑȞȜȕȎȐȜȕțȖȘțȜȐȓțȖȭȡȧȓȞȏȎȐȩȕȐȎțțȎȭȖțȩȚȖ

ȝȞȖȥȖțȎȚȖ

 Ⱦɥɹɨɛɟɫɩɟɱɟɧɢɹɩɪɚɜɢɥɶɧɨɣɷɤɫɩɥɭɚɬɚɰɢɢɩɪɢɛɨɪɚɜɫɟɝɞɚɜɵɛɢɪɚɣɬɟɯɨ

ɪɨɲɨɨɫɜɟɳɟɧɧɨɟɢɱɢɫɬɨɟɩɨɦɟɳɟɧɢɟɤɨɬɨɪɨɟɨɫɧɚɳɟɧɨɪɨɡɟɬɤɨɣɪɚɫ

ɩɨɥɨɠɟɧɧɨɣɜɥɟɝɤɨɞɨɫɬɭɩɧɨɦɦɟɫɬɟ

 ɇɟɧɚɥɢɜɚɬɶɛɨɥɶɲɨɟɤɨɥɢɱɟɫɬɜɨɜɨɞɵɜɛɚɤ

 ɇɟɨɫɬɚɜɥɹɬɶɛɟɡɩɪɢɫɦɨɬɪɚɩɪɢɛɨɪɩɨɞɤɥɸɱɟɧɧɵɣɤɷɥɟɤɬɪɨɫɟɬɢ

 Ɋɟɤɨɦɟɧɞɭɟɬɫɹɭɫɬɚɧɚɜɥɢɜɚɬɶɩɪɢɛɨɪɢɷɤɫɩɥɭɚɬɢɪɨɜɚɬɶɟɝɨɧɚɭɫɬɨɣɱɢ

ɜɨɣɩɨɜɟɪɯɧɨɫɬɢ

 ȿɫɥɢɩɪɨɢɡɨɲɥɨɩɚɞɟɧɢɟɩɪɢɛɨɪɚɬɨɨɧɧɟɩɨɞɥɟɠɢɬɞɚɥɶɧɟɣɲɟɣɷɤɫɩɥɭ

ɚɬɚɰɢɢɩɪɢɧɚɥɢɱɢɢɩɪɢɡɧɚɤɨɜɩɨɜɪɟɠɞɟɧɢɣɢɥɢɭɬɟɱɤɢɜɨɞɵɁɚɩɪɟɳɚɟɬ

ɫɹɢɫɩɨɥɶɡɨɜɚɬɶɩɪɢɛɨɪɟɫɥɢɲɧɭɪɷɥɟɤɬɪɨɩɢɬɚɧɢɹɜɢɥɤɚɢɥɢɫɚɦɩɪɢɛɨɪ

ɢɦɟɸɬɩɨɜɪɟɠɞɟɧɢɹɅɸɛɵɟɜɢɞɵɪɟɦɨɧɬɚɜɤɥɸɱɚɹɡɚɦɟɧɭɲɧɭɪɚɷɥɟɤɬ

ɪɨɩɢɬɚɧɢɹɞɨɥɠɧɵɩɪɨɢɡɜɨɞɢɬɶɫɹɬɨɥɶɤɨɜɫɟɪɜɢɫɧɵɯɰɟɧɬɪɚɯȺɪɢɷɬɟɢɥɢ

ɫɟɪɬɢɮɢɰɢɪɨɜɚɧɧɵɦɩɟɪɫɨɧɚɥɨɦ$ULHWHɜɨɢɡɛɟɠɚɧɢɟɤɚɤɢɯɥɢɛɨɪɢɫɤɨɜ

ǺȓȞȩȏȓȕȜȝȎȟțȜȟȠȖȝȜȝȞȓȒȜȠȐȞȎȧȓțȖȬȜȔȜȑȜȐ

 ɇɟɨɬɤɪɵɜɚɣɬɟɤɪɵɲɤɭɜɨɜɪɟɦɹɩɨɞɚɱɢɤɨɮɟ

 ɉɨɞɨɠɞɢɬɟɩɨɤɚɩɪɢɛɨɪɨɫɬɵɧɟɬɩɪɟɠɞɟɱɟɦɧɚɥɢɜɚɬɶɜɨɞɭɜɤɨɬɟɥɈɩɚɫ

ɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɨɬɛɪɵɡɝɝɨɪɹɱɟɣɜɨɞɵɢɥɢɩɚɪɚ

 ɇɟɨɫɬɚɜɥɹɣɬɟɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɟɣɩɨɜɟɪɯɧɨɫɬɢɩɪɢɜɤɥɸɱɟɧ

ɧɨɦɩɪɢɛɨɪɟɈɩɚɫɧɨɫɬɶɩɨɜɪɟɠɞɟɧɢɹɤɭɜɲɢɧɚɈɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨ

ɝɨɜɨɬɫɨɩɪɢɤɨɫɧɨɜɟɧɢɹɫɤɭɜɲɢɧɨɦ

ǰțȖȚȎțȖȓȐȜȕȚȜȔțȜȟȠȪȐȜȕțȖȘțȜȐȓțȖȭȚȎȠȓȞȖȎșȪ

țȜȑȜȡȧȓȞȏȎ

 ȼɨɢɡɛɟɠɚɧɢɟɨɩɪɨɤɢɞɵɜɚɧɢɹɪɟɤɨɦɟɧɞɭɟɬɫɹɪɚɡɦɟɳɚɬɶɩɪɢɛɨɪɧɚɪɨɜɧɨɣ

ɭɫɬɨɣɱɢɜɨɣɩɨɜɟɪɯɧɨɫɬɢ

 ɉɪɢɛɨɪ ɧɟ ɪɟɤɨɦɟɧɞɭɟɬɫɹ ɜɤɥɸɱɚɬɶ ɛɟɡ ɜɨɞɵ ɜɨ ɢɡɛɟɠɚɧɢɟ ɜɵɯɨɞɚ ɢɡ

ɫɬɪɨɹɧɚɫɨɫɚ

 ɇɟɡɚɩɨɥɧɹɬɶɛɚɤɝɨɪɹɱɟɣɜɨɞɨɣɢɥɢɤɢɩɹɬɤɨɦ

 ȼɨɢɡɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɤɨɪɩɭɫɚɩɪɢɛɨɪɚɧɟɪɟɤɨɦɟɧɞɭɟɬɫɹɫɬɚɜɢɬɶɟɝɨ

ɧɚɧɚɝɪɟɬɵɟɩɨɜɟɪɯɧɨɫɬɢɚɬɚɤɠɟɪɹɞɨɦɫɢɫɬɨɱɧɢɤɚɦɢɨɝɧɹ



 ɋɥɟɞɭɟɬɢɡɛɟɝɚɬɶɤɨɧɬɚɤɬɚ ɷɥɟɤɬɪɢɱɟɫɤɨɝɨɩɪɨɜɨɞɚɫɧɚɝɪɟɬɵɦɢ ɩɨɜɟɪɯ

ɧɨɫɬɹɦɢɭɫɬɪɨɣɫɬɜɚ

 ɇɟɢɫɩɨɥɶɡɨɜɚɬɶɝɚɡɢɪɨɜɚɧɧɭɸɜɨɞɭɫɞɨɛɚɜɥɟɧɢɟɦɭɝɥɟɤɢɫɥɨɝɨɝɚɡɚ

 Ɂɚɩɪɟɳɚɟɬɫɹɡɚɫɵɩɚɬɶɜɮɢɥɶɬɪɥɸɛɵɟɞɪɭɝɢɟɜɟɳɟɫɬɜɚɤɪɨɦɟɦɨɥɨɬɨɝɨ

ɤɨɮɟɗɬɨɦɨɠɟɬɩɪɢɜɟɫɬɢɤɫɟɪɶɟɡɧɵɦɩɨɜɪɟɠɞɟɧɢɹɦɤɨɮɟɜɚɪɤɢ

 Ɍɟɦɩɟɪɚɬɭɪɚ ɨɤɪɭɠɚɸɳɟɣ ɫɪɟɞɵ ɜɛɥɢɡɢ ɦɟɫɬɚ ɪɚɫɩɨɥɨɠɟɧɢɹ ɩɪɢɛɨɪɚ

ɞɨɥɠɧɚɛɵɬɶɧɟɧɢɠɟ&ɩɨɫɤɨɥɶɤɭɨɫɬɚɬɨɤɜɨɞɵɜɧɚɝɪɟɜɚɬɟɥɟɦɨɠɟɬ

ɡɚɦɟɪɡɧɭɬɶɱɬɨɦɨɠɟɬɫɬɚɬɶɩɪɢɱɢɧɨɣɜɨɡɧɢɤɧɨɜɟɧɢɹɩɨɜɪɟɠɞɟɧɢɣ

 ɇɟɪɟɤɨɦɟɧɞɭɟɬɫɹɷɤɫɩɥɭɚɬɚɰɢɹɩɪɢɛɨɪɚɧɚɨɬɤɪɵɬɨɦɜɨɡɞɭɯɟ

 ɇɟɩɨɞɜɟɪɝɚɬɶɩɪɢɛɨɪɜɨɡɞɟɣɫɬɜɢɸɚɬɦɨɫɮɟɪɧɵɯɹɜɥɟɧɢɣɞɨɠɞɶɫɨɥɧɰɟ

ɢɬɞ

 ɉɨɫɥɟɨɬɫɨɟɞɢɧɟɧɢɹɜɢɥɤɢɨɬɪɨɡɟɬɤɢɢɨɯɥɚɠɞɟɧɢɹɧɚɝɪɟɬɵɯɱɚɫɬɟɣɩɪɢ

ɛɨɪɚɧɟɨɛɯɨɞɢɦɨɩɪɨɢɡɜɟɫɬɢɟɝɨɱɢɫɬɤɭɫɩɨɦɨɳɶɸɫɥɟɝɤɚɭɜɥɚɠɧɟɧɧɨɣ

ɦɹɝɤɨɣɬɤɚɧɢɫɞɨɛɚɜɥɟɧɢɟɦɧɟɛɨɥɶɲɨɝɨɤɨɥɢɱɟɫɬɜɚɧɟɣɬɪɚɥɶɧɨɝɨɦɨɸɳɟ

ɝɨɫɪɟɞɫɬɜɚɧɢɤɨɝɞɚɧɟɢɫɩɨɥɶɡɭɣɬɟɪɚɫɬɜɨɪɢɬɟɥɢɤɨɬɨɪɵɟɦɨɝɭɬɩɨɜɪɟ

ɞɢɬɶɩɥɚɫɬɦɚɫɫɨɜɵɟɞɟɬɚɥɢ

ǺȓȞȩȝȞȓȒȜȟȠȜȞȜȔțȜȟȠȖȝȞȖȖȟȝȜșȪȕȜȐȎțȖȖȘȡȐȦȖțȎ

 Ɋɟɤɨɦɟɧɞɭɟɬɫɹɢɫɩɨɥɶɡɨɜɚɶɬɶɤɭɜɲɢɧɬɨɥɶɤɨɫɷɬɨɣɤɨɮɟɜɚɪɤɨɣɇɟɥɶɡɹ

ɢɫɩɨɥɶɡɨɜɚɬɶɤɭɜɲɢɧɞɥɹɪɚɡɨɝɪɟɜɚɧɢɹɤɨɮɟɧɚɩɥɢɬɟɢɥɢɞɪɭɝɢɯɢɫɬɨɱɧɢ

ɤɚɯɬɟɩɥɚɇɟɥɶɡɹɫɬɚɜɢɬɶɤɭɜɲɢɧɜɦɢɤɪɨɜɨɥɧɨɜɭɸɩɟɱɶɞɥɹɪɚɡɨɝɪɟɜɚɧɢɹ

ɤɨɮɟ

 Ʉɭɜɲɢɧɧɚɞɥɟɠɢɬɢɫɩɨɥɶɡɨɜɚɬɶɬɨɥɶɤɨɜɦɟɫɬɟɫɧɚɝɪɟɜɚɸɳɟɣɩɨɜɟɪɯɧɨɫ

ɬɶɸɜɤɨɦɩɥɟɤɬɟɭɫɬɪɨɣɫɬɜɚ

 ȼɨɢɡɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɤɭɜɲɢɧɚɪɟɤɨɦɟɧɞɭɟɬɫɹɦɚɧɢɩɭɥɢɪɨɜɚɬɶɢɦɫ

ɨɫɨɛɨɣɨɫɬɨɪɨɠɧɨɫɬɶɸɋɬɚɪɚɣɬɟɫɶɧɟɭɞɚɪɹɬɶɤɭɜɲɢɧɞɪɭɝɢɦɢɩɪɟɞɦɟɬɚ

ɦɢɨɩɚɫɧɨɫɬɶɩɨɜɪɟɠɞɟɧɢɹɫɬɟɤɥɚɉɪɢɧɚɩɨɥɧɟɧɢɢɤɭɜɲɢɧɚɜɨɞɨɣɫɬɚ

ɪɚɣɬɟɫɶɧɟɡɚɞɟɜɚɬɶɢɦɤɪɚɧ

 ɇɟɥɶɡɹɫɬɚɜɢɬɶɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɬɵɟɩɨɜɟɪɯɧɨɫɬɢ

 ɇɟɥɶɡɹɫɬɚɜɢɬɶɧɚɝɪɟɬɵɣɤɭɜɲɢɧɧɚɯɨɥɨɞɧɵɟɢɥɢɦɨɤɪɵɟɩɨɜɟɪɯɧɨɫɬɢ

ɉɪɟɠɞɟɱɟɦɦɵɬɶɤɭɜɲɢɧɢɥɢɧɚɥɢɜɚɬɶɜɧɟɝɨɯɨɥɨɞɧɭɸɜɨɞɭɧɟɨɛɯɨɞɢɦɨ

ɞɨɠɞɚɬɶɫɹɩɨɤɚɨɧɨɫɬɵɧɟɬ

 ɇɟɥɶɡɹɱɢɫɬɢɬɶɤɭɜɲɢɧɦɟɬɚɥɥɢɱɟɫɤɢɦɢɝɭɛɤɚɦɢɚɛɪɚɡɢɜɧɵɦɢɱɢɫɬɹɳɢɦɢ

ɫɪɟɞɫɬɜɚɦɢɢɥɢɞɪɭɝɢɦɢɦɚɬɟɪɢɚɥɚɦɢɤɨɬɨɪɵɟɦɨɝɭɬɩɨɰɚɪɚɩɚɬɶɟɝɨɫɬɟɤ

ɥɹɧɧɭɸɩɨɜɟɪɯɧɨɫɬɶ

 ɇɟɥɶɡɹɢɫɩɨɥɶɡɨɜɚɬɶɤɭɜɲɢɧɟɫɥɢɟɝɨɞɨɷɬɨɝɨɞɨɥɝɨɧɚɝɪɟɜɚɥɢɜɩɭɫɬɨɦ

ɫɨɫɬɨɹɧɢɢɡɚɦɟɧɢɬɟɟɝɨɧɚɢɞɟɧɬɢɱɧɵɣɤɭɜɲɢɧɬɨɝɨɠɟɩɪɨɢɡɜɨɞɢɬɟɥɹ

ȃǾǮǻǶȀȊ ǻǮǿȀǼȍȇǳǳ ǾȁǸǼǰǼǲǿȀǰǼ ǽǼ ȋǸǿǽǹȁǮȀǮ

ȄǶǶ



ǼǽǶǿǮǻǶǳǸǼȂǳǰǮǾǸǶ

$Ɋɟɡɟɪɜɭɚɪ .Ɉɬɫɟɤɫɛɨɪɚɩɪɨɜɨɞɚ

%Ɋɭɱɤɚɤɭɜɲɢɧɚ / ɗɥɟɤɬɪɢɱɟɫɤɢɣɲɧɭɪɜɢɥɤɚ

&Ʉɪɵɲɤɚɪɟɡɟɪɜɭɚɪɚ 0ɇɚɝɪɟɜɚɸɳɚɹɩɨɜɟɪɯɧɨɫɬɶ

'ɇɨɫɢɤɩɨɞɚɱɢ 1Ⱦɢɫɩɥɟɣ

(Ⱦɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚ 202'(

)ȼɨɞɹɧɨɣɛɚɤ 36(/

*ɂɧɞɢɤɚɬɨɪɭɪɨɜɧɹɜɨɞɵ 4$872

+Ɏɢɥɶɬɪɞɥɹɤɨɮɟ 5Ʉɧɨɩɤɚɬɚɣɦɟɪɚɱɚɫɵ+5

, ɋɴɟɦɧɵɣɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚ 6Ʉɧɨɩɤɚɬɚɣɦɟɪɚɦɢɧɭɬɵ0,1

- Ʉɪɵɲɤɚɪɟɡɟɪɜɭɚɪɚ

7Ʉɧɨɩɤɚɜɤɥɸɱɟɧɢɹɩɨɞɚɱɢɤɨɮɟ



ɜɵɤɥɸɱɟɧɢɟ

ǶȒȓțȠȖȢȖȘȎȤȖȜțțȩȓȒȎțțȩȓ

ɇɚɬɚɛɥɢɱɤɟɧɚɯɨɞɹɳɟɣɫɹɩɨɞɩɨɞɫɬɚɜɤɨɣɩɪɢɛɨɪɚɭɤɚɡɚɧɵɫɥɟɞɭɸɳɢɟɢɞɟɧɬɢɮɢɤɚɰɢɨɧ

ɧɵɟɞɚɧɧɵɟ

 ɉɪɨɢɡɜɨɞɢɬɟɥɶɢɦɚɪɤɢɪɨɜɤɚȿɋ

 Ɇɨɞɟɥɶ0RG

 ɪɟɝɢɫɬɪɚɰɢɨɧɧɵɣʋ61

 ɷɥɟɤɬɪɢɱɟɫɤɨɟɧɚɩɪɹɠɟɧɢɟȼɢɱɚɫɬɨɬɚȽɰ

 ɩɨɬɪɟɛɥɹɟɦɨɟɧɚɩɪɹɠɟɧɢɟ:

 ɛɟɫɩɥɚɬɧɚɹɬɟɥɟɮɨɧɧɚɹɫɥɭɠɛɚɬɟɯɩɨɞɞɟɪɠɤɢ

ɉɪɢɨɮɨɪɦɥɟɧɢɢɡɚɹɜɤɢɜȺɜɬɨɪɢɡɨɜɚɧɧɵɣɐɟɧɬɪɫɟɪɜɢɫɧɨɝɨɨɛɫɥɭɠɢɜɚɧɢɹɧɟɨɛɯɨɞɢɦɨ

ɭɤɚɡɵɜɚɬɶɦɨɞɟɥɶɢɪɟɝɢɫɬɪɚɰɢɨɧɧɵɣɧɨɦɟɪ

ǶǻǿȀǾȁǸȄǶȍǽǼȋǸǿǽǹȁǮȀǮȄǶǶ

ǽȜȒȑȜȠȜȐȘȎȘȫȘȟȝșȡȎȠȎȤȖȖ

 ɍɛɟɞɢɬɟɫɶɜɬɨɦɱɬɨɧɚɩɪɹɠɟɧɢɟɜɚɲɟɣɞɨɦɚɲɧɟɣɫɟɬɢɫɨɨɬɜɟɬɫɬɜɭɟɬɧɚɩɪɹɠɟɧɢɸɭɤɚ

ɡɚɧɧɨɦɭɧɚɬɚɛɥɢɱɤɟɫɬɟɯɧɢɱɟɫɤɢɦɢɞɚɧɧɵɦɢɩɪɢɛɨɪɚ

 ɍɞɚɥɢɬɟɭɩɚɤɨɜɤɭɢɡɧɭɬɪɢɢɫɧɚɪɭɠɢɩɪɢɛɨɪɚ

 ɍɫɬɚɧɨɜɢɬɟɩɪɢɛɨɪɧɚɪɨɜɧɨɣɩɨɜɟɪɯɧɨɫɬɢɍɫɬɚɧɨɜɢɬɟɩɪɢɛɨɪɧɚɪɚɫɫɬɨɹɧɢɢɧɟɦɟɧɟɟ

ɫɦɨɬɫɬɟɧɦɟɛɟɥɢɢɞɪɭɝɢɯɞɨɦɚɲɧɢɯɩɪɢɛɨɪɨɜ

ǰțȖȚȎțȖȓ

Ɉɩɚɫɧɨɫɬɶ ɩɨɜɪɟɠɞɟɧɢɹɩɨɜɟɪɯɧɨɫɬɟɣ ɧɚ ɤɨɬɨɪɵɯɫɬɨɢɬ ɩɪɢɛɨɪ ɇɚɝɪɟɬɚɹɩɨɜɟɪɯ

ɧɨɫɬɶɩɪɢɛɨɪɚɦɨɠɟɬɫɬɚɬɶɩɪɢɱɢɧɨɣɨɩɥɚɜɥɟɧɢɹɩɨɜɟɪɯɧɨɫɬɟɣɧɚɤɨɬɨɪɵɟɟɝɨɫɬɚ

ɜɹɬɉɨɞɥɨɠɢɬɟɤɭɫɨɤɬɤɚɧɢɢɥɢɫɚɥɮɟɬɤɭɩɨɞɩɪɢɛɨɪɩɟɪɟɞɬɟɦɤɚɤɩɨɫɬɚɜɢɬɶɟɝɨ

ɤɭɞɚɧɢɛɭɞɶ

ǰțȖȚȎțȖȓ

Ɉɩɚɫɧɨɫɬɶɩɟɪɟɝɪɭɡɤɢɷɥɟɤɬɪɨɫɟɬɢɉɨɞɤɥɸɱɟɧɢɟɫɥɢɲɤɨɦɛɨɥɶɲɨɝɨɤɨɥɢɱɟɫɬɜɚɷɥɟɤ

ɬɪɨɩɪɢɛɨɪɨɜɤɨɞɧɨɣɪɨɡɟɬɤɟɦɨɠɟɬɫɬɚɬɶɩɪɢɱɢɧɨɣɜɨɡɧɢɤɧɨɜɟɧɢɹɤɨɪɨɬɤɨɝɨɡɚɦɵɤɚ

ɧɢɹɉɨɞɤɥɸɱɢɬɟɩɪɢɛɨɪɤɫɜɨɛɨɞɧɨɣɷɥɟɤɬɪɨɪɨɡɟɬɤɟ

 ɉɪɨɦɨɣɬɟɤɭɜɲɢɧɫɴɟɦɧɵɣɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɢɤɨɮɟɣɧɵɣɮɢɥɶɬɪɬɟɩɥɨɣɜɨɞɨɣɫɦɵ



ɥɨɦɋɩɨɥɨɫɧɢɬɟɢɜɵɬɪɢɬɟɜɫɟɱɚɫɬɢɩɪɢɛɨɪɚ

 ɍɫɬɚɧɨɜɢɬɟɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɜɫɨɨɬɜɟɬɫɬɜɭɸɳɟɟɝɧɟɡɞɨɊɢɫ

Ʌɦɛɪɛɨ ɫɠɞɮɦɣɫɩɝɛɨɣɺ ɪɩɭɩɥɛ ɫɛɬɪɩɦɩɡɠɨɨɶɤ ɝ ɩɬɨɩɝɛɨɣɣ ɟɠɫɡɛɭɠɦɺ ɬɵɠɧɨɩɞɩ

ɯɣɦɷɭɫɛɟɩɦɡɠɨɜɶɭɷɝɬɭɛɝɦɠɨɝɩɭɝɠɫɬɭɣɠɪɩɱɠɨɭɫɮɟɠɫɡɛɭɠɦɺɯɣɦɷɭɫɛ

ǽȓȞȐȜȓȐȘșȬȥȓțȖȓ

Ɋɫɣɪɠɫɝɩɧɣɬɪɩɦɷɢɩɝɛɨɣɣɥɩɯɠɝɛɫɥɣɣɦɣɪɩɬɦɠɟɩɦɞɩɞɩɪɠɫɣɩɟɛɪɫɩɬɭɩɺɫɠɥɩɧɠɨ

ɟɮɠɭɬɺɪɫɠɟɝɛɫɣɭɠɦɷɨɩɪɫɩɪɮɬɭɣɭɷɲɠɫɠɢɞɣɟɫɛɝɦɣɲɠɬɥɮɹɬɣɬɭɠɧɮɥɩɭɦɛɪɩɥɫɛɤɨɠɤ

ɧɠɫɠɟɝɛɥɮɝɳɣɨɛɝɩɟɶ

 ɇɚɩɨɥɧɢɬɟɛɚɤɯɨɥɨɞɧɨɣɜɨɞɨɣɢɡɩɨɞɤɪɚɧɚɊɢɫɞɨɭɪɨɜɧɹɨɛɨɡɧɚɱɟɧɧɨɝɨɰɢɮɪɨɣ

 ɍɪɨɜɟɧɶɧɚɩɨɥɧɟɧɢɹ ɛɚɤɚ ɫ ɨɬɦɟɬɤɨɣ ɫɨɨɬɜɟɬɫɬɜɭɟɬ ɦɚɤɫɢɦɚɥɶɧɨɦɭ ɭɪɨɜɧɸ

ɠɢɞɤɨɫɬɢɢɦɚɤɫɢɦɚɥɶɧɨɜɨɡɦɨɠɧɨɦɭɤɨɥɢɱɟɫɬɜɭɱɚɲɟɤɤɨɮɟɁɚɤɪɨɣɬɟɤɪɵɲɤɭɛɚɤɚ

ɈɃɅɉȾȿȻɨɠɨɛɪɩɦɨɺɤɭɠɜɛɲɩɥɝɶɳɠɧɛɥɬɣɧɛɦɷɨɩɞɩɮɫɩɝɨɺ

ȿɦɺɝɶɪɩɦɨɠɨɣɺɸɭɩɤɪɫɩɱɠɟɮɫɶɨɠɨɛɟɩɝɬɭɛɝɦɺɭɷɥɩɯɠɤɨɶɤɯɣɦɷɭɫɝɟɠɫɡɛɭɠɦɷ

ɯɣɦɷɭɫɛ

 ȼɫɬɚɜɢɬɶɜɢɥɤɭɜɪɨɡɟɬɤɭɤɨɬɨɪɚɹɞɨɥɠɧɚɛɵɬɶɨɛɨɪɭɞɨɜɚɧɚɡɚɡɟɦɥɟɧɢɟɦ

 ɉɨɦɟɫɬɢɬɟɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸɩɨɜɟɪɯɧɨɫɬɶ0ɍɛɟɞɢɬɟɫɶɜɬɨɦɱɬɨɤɥɚɩɚɧ

ɪɟɝɭɥɢɪɨɜɤɢɩɨɬɨɤɚɩɪɚɜɢɥɶɧɨɜɫɬɚɜɥɟɧɜɤɪɵɲɤɭɤɭɜɲɢɧɚ

 ɇɚɠɦɢɬɟɤɧɨɩɤɭɪɟɝɭɥɢɪɨɜɤɢɩɨɞɚɱɢɤɨɮɟ ɉɨɞɨɠɞɢɬɟɩɨɤɚɜɫɹɫɨɞɟɪɠɚɳɚɹɫɹɜɛɚɤɟ

ɜɨɞɚɫɬɟɱɟɬɜɤɭɜɲɢɧȾɚɣɬɟɤɨɮɟɜɚɪɤɟɨɫɬɵɧɭɬɶɜɬɟɱɟɧɢɟɦɢɧɭɬ

 ɉɨɜɬɨɪɢɬɟɷɬɢɞɟɣɫɬɜɢɹɫɨɜɬɨɪɵɦɤɭɜɲɢɧɨɦɜɨɞɵɉɨɞɨɠɞɢɬɟɩɨɤɚɜɫɹɫɨɞɟɪɠɚɳɚɹɫɹ

ɜɛɚɤɟɜɨɞɚɫɬɟɱɟɬɜɤɭɜɲɢɧ

Ɍɟɩɟɪɶɦɨɠɧɨɩɪɢɫɬɭɩɢɬɶɤɩɨɞɝɨɬɨɜɤɟɤɨɮɟɜɚɪɤɢɤɩɪɢɝɨɬɨɜɥɟɧɢɸɩɟɪɜɨɝɨɤɭɜɲɢɧɚɤɨɮɟ

ǽȜȒȑȜȠȜȐȘȎȘȜȢȓȐȎȞȘȖ

Ɋɠɫɠɟɝɥɦɹɲɠɨɣɠɧɮɭɹɞɛɮɜɠɟɣɭɷɬɺɝɨɛɦɣɲɣɣɨɠɩɜɰɩɟɣɧɩɞɩɥɩɦɣɲɠɬɭɝɛɝɩɟɶɝɜɛɲ

ɥɠ

ɂɛɪɩɦɨɠɨɣɠɝɩɟɩɤɟɩɦɡɨɩɪɫɩɣɬɰɩɟɣɭɷɪɫɣɝɶɨɮɭɩɤɝɣɦɥɠɪɫɩɝɩɟɛɪɣɭɛɨɣɺɣɢɫɩ

ɢɠɭɥɣɸɦɠɥɭɫɣɲɠɬɥɩɞɩɭɩɥɛ

 Ɉɬɤɪɵɬɶɤɪɵɲɤɭɪɟɡɟɪɜɭɚɪɚ-ɂɧɞɢɤɚɬɨɪɭɪɨɜɧɹɠɢɞɤɨɫɬɢ*ɫɧɚɛɠɟɧɝɪɚɞɭɢɪɨɜɚɧɧɨɣ

ɲɤɚɥɨɣɫɨɬɦɟɬɤɚɦɢɨɬɞɨɤɚɠɞɚɹɰɢɮɪɚɫɨɨɬɜɟɬɫɬɜɭɟɬɤɨɥɢɱɟɫɬɜɭɱɚɲɟɤɤɨɮɟ

ɇɚɩɨɥɧɢɬɟɤɭɜɲɢɧɱɢɫɬɨɣɯɨɥɨɞɧɨɣɜɨɞɨɣɇɚɥɟɣɬɟɜɨɞɭɜɛɚɤɞɨɠɟɥɚɟɦɨɝɨɭɪɨɜɧɹ

ɞɥɹɱɚɲɟɤɤɨɮɟɢɞɥɹɱɚɲɟɤɤɨɮɟ

 ɉɨɦɟɫɬɢɬɟɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸɩɨɜɟɪɯɧɨɫɬɶ0



ǰțȖȚȎțȖȓ

Ʉɭɜɲɢɧɧɟɥɶɡɹɢɫɩɨɥɶɡɨɜɚɬɶɟɫɥɢɧɚɟɝɨɩɨɜɟɪɯɧɨɫɬɢɢɥɢɪɭɱɤɟɢɦɟɸɬɫɹɬɪɟɳɢɧɵ

Ɉɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɩɪɢɩɨɩɚɞɚɧɢɢɝɨɪɹɱɟɝɨɤɨɮɟɢɡɡɚɬɪɟɳɢɧɜɫɬɟɤɥɟɤɭɜ

ɲɢɧɚ

ɇɟɥɶɡɹɧɢɱɟɝɨɫɬɚɜɢɬɶɧɚɤɪɵɲɤɭɜɨɜɪɟɦɹɪɚɛɨɬɵɤɨɮɟɜɚɪɤɢ

ǰțȖȚȎțȖȓ

ɇɟɨɬɤɪɵɜɚɣɬɟɤɪɵɲɤɭɜɨɜɪɟɦɹɩɨɞɚɱɢɤɨɮɟɈɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɩɪɢɩɨɩɚ

ɞɚɧɢɢɛɪɵɡɝɝɨɪɹɱɟɣɜɨɞɵɢɥɢɤɨɮɟ



 ȼɫɬɚɜɶɬɟɮɢɥɶɬɪɞɥɹɤɨɮɟɜɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɨɜɈɬɦɟɪɶɬɟɧɟɨɛɯɨɞɢɦɨɟɤɨɥɢɱɟɫɬɜɨ

ɤɨɮɟɜɮɢɥɶɬɪɈɞɧɨɣɱɚɲɤɟɤɨɮɟɫɨɨɬɜɟɬɫɬɜɭɟɬɨɞɧɚɱɚɣɧɚɹɥɨɠɤɚɤɨɮɟɣɧɨɝɨɩɨɪɨɲɤɚ

ɛɟɡɝɨɪɤɢ

 ɈɩɭɫɬɢɬɟɪɭɱɤɭɮɢɥɶɬɪɚɞɥɹɤɨɮɟɁɚɤɪɨɣɬɟɤɪɵɲɤɭɛɚɤɚ

 ȼɫɬɚɜɢɬɶɜɢɥɤɭɜɪɨɡɟɬɤɭɤɨɬɨɪɚɹɞɨɥɠɧɚɛɵɬɶɨɛɨɪɭɞɨɜɚɧɚɡɚɡɟɦɥɟɧɢɟɦȼɤɥɸɱɚɟɬɫɹ

ɞɢɫɩɥɟɣɢɧɚɱɢɧɚɟɬɦɢɝɚɬɶɜɪɟɦɹ$0 ɂɫɩɨɥɶɡɭɣɬɟɤɧɨɩɤɢ+5ɢ0,1ɞɥɹɭɫɬɚ

ɧɨɜɤɢɦɟɫɬɧɨɝɨɜɪɟɦɟɧɢɇɚɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚȿɫɥɢɧɟɛɭɞɟɬ

ɧɚɠɚɬɚɧɢɤɚɤɚɹɤɧɨɩɤɚɞɢɫɩɥɟɣɜɵɤɥɸɱɢɬɫɹɫɚɦɱɟɪɟɡɫɟɤɭɧɞ

 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ

ɞɥɹɧɚɱɚɥɚɰɢɤɥɚɩɨɞɚɱɢɤɨɮɟɉɨɞɨɠɞɢɬɟɩɨɤɚɜɟɫɶ

ɤɨɮɟɜɵɬɟɱɟɬɜɤɭɜɲɢɧɞɨɡɚɜɟɪɲɟɧɢɹɡɚɞɚɧɧɨɝɨɰɢɤɥɚɤɨɥɢɱɟɫɬɜɨɱɚɲɟɤ

 ɆɈɀɇɈɉɊȿɊȼȺɌɖɉɈȾȺɑɍɄɈɎȿȾɈɁȺȼȿɊɒȿɇɂəɁȺȾȺɇɇɈȽɈɐɂɄɅȺ

 ɜɵɧɶɬɟɱɚɲɤɭɫɦɪɚɡɞɟɥɎɭɧɤɰɢɹɩɚɭɡɵɞɥɹɩɨɞɚɱɢɤɨɮɟ

 ɧɚɠɢɦɚɣɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟɞɨɬɟɯɩɨɪɩɨɤɚɧɟɪɚɡɞɚɫɬɫɹɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɧɟɩɨɝɚɫ

ɧɟɬɫɜɟɬɨɜɨɣɢɧɞɢɤɚɬɨɪɩɨɞɫɚɦɨɣɤɧɨɩɤɨɣ

ɋɪɚɡɭɠɟɩɨɫɥɟɜɵɤɥɸɱɟɧɢɹɚɜɬɨɦɚɬɢɱɟɫɤɨɝɨɢɥɢɧɚɦɟɪɟɧɧɨɝɨɧɚɝɪɟɜɚɸɳɚɹɩɨɜɟɪɯɧɨɫɬɶ

ɧɚɱɧɟɬɧɚɝɪɟɜɚɬɶɫɹ

Ɉɠɫɠɥɩɧɠɨɟɮɠɭɬɺɬɨɣɧɛɭɷɥɫɶɳɥɮɬɥɮɝɳɣɨɛɟɦɺɭɩɞɩɲɭɩɜɶɥɩɯɠɩɬɭɛɝɛɦɬɺɞɩɫɺ

ɲɣɧɣɝɩɣɢɜɠɡɛɨɣɠɪɩɦɮɲɠɨɣɺɩɡɩɞɩɝɪɫɣɠɞɩɠɞɩɫɛɢɦɣɝɛɨɣɣ

 ȼɫɟɝɞɚɞɟɪɠɢɬɟɤɭɜɲɢɧɡɚ ɪɭɱɤɭɋɥɟɝɤɚ ɧɚɤɥɨɧɢɬɟɤɭɜɲɢɧɢɧɚɥɟɣɬɟ ɝɨɪɹɱɢɣɤɨɮɟ ɜ

ɱɚɲɤɭ

 ɇɚɠɦɢɬɟɢɨɬɩɭɫɬɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ ɱɬɨɛɵɜɵɤɥɸɱɢɬɶɤɨɮɟɜɚɪɤɭ

Ɉɠɫɠɥɩɧɠɨɟɮɠɭɬɺɟɝɣɞɛɭɷɥɩɯɠɝɛɫɥɮɥɩɞɟɛɝɥɮɝɳɣɨɠɣɦɣɜɛɥɠɪɫɣɬɮɭɬɭɝɮɹɭɞɩɫɺ

ɲɣɠɡɣɟɥɩɬɭɣȿɩɡɟɣɭɠɬɷɪɩɦɨɩɞɩɩɬɭɶɝɛɨɣɺɥɩɯɠɝɛɫɥɣ

Ʌɩɦɣɲɠɬɭɝɩɝɩɟɶɥɩɭɩɫɛɺɝɶɭɠɲɠɭɣɢɥɮɝɳɣɨɛɜɮɟɠɭɧɠɨɷɳɠɥɩɦɣɲɠɬɭɝɛɝɩɟɶɨɛ

ɦɣɭɩɞɩɝɜɛɥɈɠɥɩɭɩɫɩɠɥɩɦɣɲɠɬɭɝɩɝɩɟɶɝɪɣɭɶɝɛɠɭɬɺɥɩɯɠɤɨɶɧɪɩɫɩɳɥɩɧɣɯɣɦɷ

ɭɫɩɧ

ǽȞȜȑȞȎȚȚȖȞȜȐȎțȖȓȠȎȗȚȓȞȎ

 ɇɚɠɦɢɬɟɤɧɨɩɤɭ+5ɞɥɹɭɫɬɚɧɨɜɤɢɱɚɫɚɇɚɠɦɢɬɟɢɞɟɪɠɢɬɟɤɧɨɩɤɭ+5ɞɥɹɭɫɬɚɧɨɜɤɢ

ɠɟɥɚɟɦɨɝɨɱɚɫɚɜɛɨɥɟɟɛɵɫɬɪɨɦɪɟɠɢɦɟ

 ɇɚɠɦɢɬɟɤɧɨɩɤɭ0,1ɞɥɹɜɵɛɨɪɚɡɧɚɱɟɧɢɹɦɢɧɭɬɇɚɠɦɢɬɟɢɞɟɪɠɢɬɟɤɧɨɩɤɭ0,1ɞɥɹ

ɭɫɬɚɧɨɜɤɢɠɟɥɚɟɦɨɝɨɡɧɚɱɟɧɢɹɦɢɧɭɬɜɛɨɥɟɟɛɵɫɬɪɨɦɪɟɠɢɦɟ

 ɉɨɫɥɟɭɫɬɚɧɨɜɤɢɬɨɱɧɨɝɨɡɧɚɱɟɧɢɹɱɚɫɚɧɚɠɦɢɬɟɤɥɚɜɢɲɭ6(/ɉɪɢɛɨɪɢɡɞɚɫɬɤɨɪɨɬɤɢɣ

ɫɢɝɧɚɥ

 Ⱦɥɹɩɟɪɟɭɫɬɚɧɨɜɤɢɡɧɚɱɟɧɢɹɱɚɫɚɧɚɠɦɢɬɟɤɧɨɩɤɭ02'(ɲɟɫɬɶɪɚɡɩɨɤɚɧɟɫɬɚɧɟɬɦɢ

ɝɚɬɶɡɧɚɱɨɤ ɇɚɠɦɢɬɟɤɧɨɩɤɭ6(/ɇɚɱɧɟɬɦɢɝɚɬɶɭɫɬɚɧɨɜɥɟɧɧɨɟɜɪɟɦɹɌɟɩɟɪɶɦɨɠɧɨ

ɭɫɬɚɧɨɜɢɬɶɜɪɟɦɹɤɚɤɨɩɢɫɚɧɨɜɩɪɟɞɵɞɭɳɢɯɩɭɧɤɬɚɯ

ǽȞȜȑȞȎȚȚȖȞȜȐȎțȖȓȎȐȠȜȚȎȠȖȥȓȟȘȜȑȜȤȖȘșȎ

ɇɚɠɦɢɬɟɢɞɟɪɠɢɬɟɤɧɨɩɤɭ$872ɞɨɬɟɯɩɨɪɩɨɤɚɧɚɞɢɫɩɥɟɟɧɟɧɚɱɧɟɬɦɢɝɚɬɶɧɚɞɩɢɫɶ

352*5$00ɨɞɧɨɜɪɟɦɟɧɧɨɫɫɢɦɜɨɥɨɦ ɋɥɟɞɭɣɬɟɢɧɫɬɪɭɤɰɢɹɦɩɨɭɫɬɚɧɨɜɤɟɱɚɫɨɜɢ

ɦɢɧɭɬɇɚɠɦɢɬɟɤɧɨɩɤɭ$872ɢɥɢ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɡɚɞɚɧɧɨɝɨɪɟɠɢɦɚɄɨɮɟɜɚɪɤɚ

ɢɡɞɚɫɬɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɧɚɞɢɫɩɥɟɟɩɨɹɜɢɬɫɹɡɚɞɚɧɧɨɟɡɧɚɱɟɧɢɟɜɪɟɦɟɧɢɢɫɢɦɜɨɥɬɚɣɦɟɪɚ

 Ʉɨɮɟɜɚɪɤɚɜɤɥɸɱɢɬɰɢɤɥɩɨɞɚɱɢɤɨɮɟɜɡɚɞɚɧɧɨɟɜɪɟɦɹ



Ⱦɥɹɨɬɦɟɧɵɩɪɨɝɪɚɦɦɵɢɪɚɧɟɟɡɚɞɚɧɧɨɝɨɪɟɠɢɦɚɞɨɫɬɚɬɨɱɧɨɟɳɟɪɚɡɧɚɠɚɬɶɤɧɨɩɤɭ$872

ǽȞȜȑȞȎȚȚȖȞȜȐȎțȖȓȘȞȓȝȜȟȠȖȘȜȢȓ

ȼɤɨɮɟɜɚɪɤɟɩɪɟɞɭɫɦɨɬɪɟɧɚɮɭɧɤɰɢɹɩɪɨɝɪɚɦɦɢɪɨɜɚɧɢɹɤɪɟɩɨɫɬɢɤɨɮɟɞɥɹɭɞɨɜɥɟɬɜɨɪɟ

ɧɢɹɢɧɞɢɜɢɞɭɚɥɶɧɵɯɡɚɩɪɨɫɨɜɩɨɬɪɟɛɢɬɟɥɹ

Ʉɨɮɟ ɧɨɪɦɚɥɶɧɨɣ

ɤɪɟɩɨɫɬɢ

ɇɚɠɦɢɬɟɨɞɢɧɪɚɡɤɧɨɩɤɭ02'(ɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ

ɇɚ

ɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚɗɬɨɬɪɟɠɢɦɫɨɨɬɜɟɬɫ

ɬɜɭɟɬɩɪɨɝɪɚɦɦɟɩɪɟɞɭɫɬɚɧɨɜɥɟɧɧɨɣɧɚɮɚɛɪɢɤɟ

Ʉɨɮɟɫɪɟɞɧɟɣɤɪɟ

ɩɨɫɬɢ

ɇɚɠɦɢɬɟɤɧɨɩɤɭ02'(ɞɜɚɪɚɡɚɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ

ɇɚ

ɠɦɢɬɟɤɧɨɩɤɭ 6(/ɞɥɹ ɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚ ɋɢɦɜɨɥ  ɪɟɝɭ

ɥɢɪɭɟɬɪɚɫɯɨɞ ɤɨɮɟɜ ɪɚɫɱɟɬɟɧɚ ɨɞɢɧɤɭɜɲɢɧ ɉɨɥɭɱɚɟɬɫɹɛɨɥɟɟ

ɚɪɨɦɚɬɧɵɣɩɨɜɤɭɫɭɤɨɮɟ

Ʉɪɟɩɤɢɣɤɨɮɟ

ɇɚɠɦɢɬɟɤɧɨɩɤɭ02'(ɬɪɢɪɚɡɚɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ ɇɚ

ɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚɋɢɦɜɨɥ ɪɟɝɭɥɢ

ɪɭɟɬɪɚɫɯɨɞɢɜɪɟɦɹɜɚɪɤɢɧɚɩɢɬɤɚɜɪɚɫɱɟɬɟɧɚɨɞɢɧɤɭɜɲɢɧɉɨɥɭɱɚ

ɟɬɫɹɛɨɥɟɟɤɪɟɩɤɢɣɤɨɮɟ

Ɋɟɠɢɦɱɚɲɤɢ

ɇɚɠɦɢɬɟɤɧɨɩɤɭ02'(ɱɟɬɵɪɟɪɚɡɚɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ 

ɇɚɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚɊɟɠɢɦɱɚɲɤɢɩɨɡɜɨ

ɥɹɟɬɩɪɢɝɨɬɨɜɢɬɶɤɨɮɟɦɚɤɫɢɦɭɦɧɚɱɚɲɤɢȼɛɚɤɫɜɨɞɨɣɧɟɨɛɯɨɞɢɦɨ

ɡɚɥɢɬɶɬɨɥɶɤɨɬɨɤɨɥɢɱɟɫɬɜɨɜɨɞɵɭɪɨɜɟɧɶɤɨɬɨɪɨɣɧɟɩɪɟɜɵɲɚɟɬɨɬɦɟɬ

ɤɭɧɚɤɭɜɲɢɧɟɋɢɦɜɨɥ ɚɜɬɨɦɚɬɢɱɟɫɤɢɪɟɝɭɥɢɪɭɟɬɩɨɞɚɱɭɤɨɮɟ

ɧɟɨɛɯɨɞɢɦɨɝɨɞɥɹɩɨɥɭɱɟɧɢɹɦɚɤɫɢɦɚɥɶɧɨɝɨɪɟɡɭɥɶɬɚɬɚɩɪɢɦɢɧɢɦɚɥɶ

ɧɨɦɪɚɫɯɨɞɟɤɨɮɟɂɞɟɚɥɶɧɵɣɪɟɠɢɦɞɥɹɩɪɢɝɨɬɨɜɥɟɧɢɹɱɚɲɟɤɤɨɮɟ

ɀɬɦɣɝɜɛɥɠɠɴɠɩɬɭɛɠɭɬɺɝɩɟɛɭɩɪɩɟɛɲɛɥɩɯɠɨɠɪɫɠɥɫɛɭɣɭɬɺ

ɟɩɭɠɰɪɩɫɪɩɥɛɝɬɺɝɩɟɛɨɠɝɶɭɠɲɠɭɝɥɮɝɳɣɨ

ɉɨɫɥɟɬɨɝɨɤɚɤɛɭɞɟɬɜɵɛɪɚɧɠɟɥɚɟɦɵɣɪɟɠɢɦɧɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚ

ɢɡɞɚɫɬɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɧɚɱɧɟɬɩɨɞɚɱɭɤɨɮɟ

ȂȡțȘȤȖȭȝȎȡȕȩȒșȭțȎșȖȐȎțȖȭȘȜȢȓ

Ⱦɥɹɬɨɝɨɱɬɨɛɵɧɚɥɢɬɶɤɨɮɟɞɨɡɚɜɟɪɲɟɧɢɹɩɪɨɰɟɫɫɚɜɵɬɟɤɚɧɢɹɤɨɮɟɜɤɭɜɲɢɧɞɨɫɬɚɬɨɱɧɨ

ɫɧɹɬɶɤɭɜɲɢɧɫɧɚɝɪɟɜɚɸɳɟɣɩɨɜɟɪɯɧɨɫɬɢ

ȿɩɡɟɣɭɠɬɷɪɩɟɛɲɣɪɩɥɫɛɤɨɠɤɧɠɫɠɲɛɳɠɥɥɩɯɠɪɫɠɡɟɠɲɠɧɝɶɨɣɧɛɭɷɥɮɝɳɣɨɣɢ

ɥɩɯɠɝɛɫɥɣ

ɉɨɞɚɱɚɤɨɮɟɚɜɬɨɦɚɬɢɱɟɫɤɢɩɪɟɪɜɟɬɫɹɧɚɫɟɤɭɧɞɉɨɦɟɫɬɢɬɟɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸ

ɩɨɜɟɪɯɧɨɫɬɶɞɥɹɜɨɡɨɛɧɨɜɥɟɧɢɹɰɢɤɥɚɩɨɞɚɱɢɤɨɮɟ

ǰțȖȚȎțȖȓ

Ɉɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɜɫɥɟɞɫɬɜɢɟɤɨɧɬɚɤɬɚɫɝɨɪɹɱɢɦɧɚɩɢɬɤɨɦɜɵɬɟɤɚɸɳɢɦ

ɢɡɭɫɬɪɨɣɫɬɜɚɩɨɞɚɱɢɤɨɮɟɄɭɜɲɢɧɧɟɨɛɯɨɞɢɦɨɫɧɨɜɚɩɨɫɬɚɜɢɬɶɧɚɧɚɝɪɟɜɚɸɳɭɸɩɨ

ɜɟɪɯɧɨɫɬɶɜɬɟɱɟɧɢɟɫɟɤɭɧɞɩɨɫɥɟɬɨɝɨɤɚɤɟɝɨɨɬɬɭɞɚɫɧɹɥɢ

ȂȡțȘȤȖȭȎȐȠȜȚȎȠȖȥȓȟȘȜȑȜȜȠȘșȬȥȓțȖȭ

ȿɫɥɢɜɤɥɸɱɟɧɧɭɸɤɨɮɟɜɚɪɤɭɧɟɢɫɩɨɥɶɡɨɜɚɬɶɜɬɟɱɟɧɢɟɫɟɤɭɧɞɫɪɚɛɚɬɵɜɚɟɬɮɭɧɤɰɢɹ

ɚɜɬɨɦɚɬɢɱɟɫɤɨɝɨɜɵɤɥɸɱɟɧɢɹɗɬɚɮɭɧɤɰɢɹɩɟɪɟɜɨɞɢɤɨɮɟɜɚɪɤɭɜɪɟɠɢɦɨɠɢɞɚɧɢɹɢɨɬɤɥɸ



ɱɚɟɬɮɭɧɤɰɢɸɧɚɝɪɟɜɚɧɢɹ

ǾȓȔȖȚȝȞȖȑȜȠȜȐșȓțȖȭȐȠȜȞȜȑȜȘȡȐȦȖțȎȘȜȢȓ

ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɜɵɤɥɸɱɚɟɬɫɹȼɵɧɶɬɟɜɢɥɤɭɢɡɪɨɡɟɬɤɢ

ǰțȖȚȎțȖȓ

Ɉɩɚɫɧɨɫɬɶɩɨɥɭɱɟɧɢɹɨɠɨɝɨɜɜɵɡɜɚɧɧɵɯɩɨɩɚɞɚɧɢɟɦɛɪɵɡɝɜɨɞɵɢɥɢɩɚɪɚɉɨɞɨɠ

ɞɢɬɟɩɨɤɪɚɣɧɟɣɦɟɪɟɦɢɧɭɬɩɪɟɠɞɟɱɟɦɡɚɥɢɜɚɬɶɨɩɹɬɶɜɨɞɭɜɛɚɤȾɨɠɞɢɬɟɫɶ

ɨɫɬɵɜɚɧɢɹɧɚɝɪɟɬɵɯɱɚɫɬɟɣɤɨɮɟɜɚɪɤɢ

Ɋɫɠɡɟɠɲɠɧɝɥɦɹɲɛɭɷɪɩɟɛɲɮɥɩɯɠɮɜɠɟɣɭɠɬɷɲɭɩɝɜɛɥɠɣɧɠɠɭɬɺɟɩɬɭɛɭɩɲɨɩɠɥɩ

ɦɣɲɠɬɭɝɩɝɩɟɶɈɠɨɛɲɣɨɛɤɭɠɪɩɟɛɲɮɥɩɯɠɠɬɦɣɮɫɩɝɠɨɷɝɩɟɶɨɣɡɠɧɣɨɣɧɛɦɷɨɩɞɩ

ɢɨɛɲɠɨɣɺ

 Ɉɬɤɪɨɣɬɟɤɪɵɲɤɭɤɨɮɟɜɚɪɤɢɉɨɞɧɢɦɢɬɟɪɵɱɚɠɨɤɤɨɮɟɣɧɨɝɨɮɢɥɶɬɪɚȼɵɬɚɳɢɬɟɤɨɮɟɣ

ɧɵɣɮɢɥɶɬɪɢɡɞɟɪɠɚɬɟɥɹɮɢɥɶɬɪɚɍɞɚɥɢɬɟɨɫɬɚɬɤɢɤɨɮɟɢɡɮɢɥɶɬɪɚ

 ɂɡɜɥɟɤɢɬɟɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɈɩɨɥɨɫɧɢɬɟɤɭɜɲɢɧɢɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɩɨɞɫɬɪɭɟɣɯɨ

ɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɵɇɚɩɨɥɧɢɬɟɛɚɤɯɨɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɨɣɞɨɠɟɥɚɟɦɨɝɨɭɪɨɜɧɹ

 ɉɨɦɟɫɬɢɬɟɩɭɫɬɨɣɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸɩɨɜɟɪɯɧɨɫɬɶ0

 ȼɫɬɚɜɶɬɟ ɞɟɪɠɚɬɟɥɶ ɮɢɥɶɬɪɚ ɜ ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɟ ɝɧɟɡɞɨ Ɋɢɫ  ȼɫɬɚɜɶɬɟ ɤɨɮɟɣɧɵɣ

ɮɢɥɶɬɪɜɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɊɢɫɈɬɦɟɪɶɬɟɧɟɨɛɯɨɞɢɦɨɟɤɨɥɢɱɟɫɬɜɨɤɨɮɟɜɮɢɥɶɬɪ

Ɉɞɧɨɣɱɚɲɤɟɤɨɮɟɫɨɨɬɜɟɬɫɬɜɭɟɬɨɞɧɚɱɚɣɧɚɹɥɨɠɤɚɤɨɮɟɣɧɨɝɨɩɨɪɨɲɤɚɛɟɡɝɨɪɤɢ

 Ɂɚɤɪɵɬɶɤɪɵɲɤɭȼɫɬɚɜɢɬɶɲɬɟɩɫɟɥɶɜɷɥɟɤɬɪɢɱɟɫɤɭɸɪɨɡɟɬɤɭ

 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɧɚɱɢɧɚɟɬɰɢɤɥɩɨɞɚɱɢɤɨɮɟ

ǻǳǿǸǼǹȊǸǼǿǼǰǳȀǼǰǻǮȀǳǺȁǸǮǸǽǾǶǱǼȀǼǰǶȀȊȃǼǾǼȆǶǷ

ǸǼȂǳ

 Ⱦɥɹɩɪɢɝɨɬɨɜɥɟɧɢɹɤɨɮɟɫɧɚɫɵɳɟɧɧɵɦɜɤɭɫɨɦɧɟɨɛɯɨɞɢɦɨɜɫɟɝɞɚɞɟɪɠɚɬɶɤɨɮɟɜɚɪɤɭɜ

ɱɢɫɬɨɦɫɨɫɬɨɹɧɢɢɊɟɝɭɥɹɪɧɨɜɵɩɨɥɧɹɣɬɟɱɢɫɬɤɭɢɞɟɤɚɥɶɰɢɮɢɤɚɰɢɸɤɨɮɟɜɚɪɤɢɤɚɤɷɬɨ

ɨɩɢɫɚɧɨɜɜɪɚɡɞɟɥɟɑɢɫɬɤɚɤɨɮɟɜɚɪɤɢ

 ȼɫɟɝɞɚɢɫɩɥɨɶɡɭɣɬɟɱɢɫɬɭɸɯɨɥɨɞɧɭɸɜɨɞɭ

 ɑɟɦɬɨɧɶɲɟɩɨɦɨɥɤɨɮɟɬɟɦɧɚɫɵɳɟɧɧɟɣɢɛɨɝɚɱɟɜɤɭɫɩɨɥɭɱɚɟɦɨɝɨɧɚɩɢɬɤɚȾɥɹɩɨɥɭ

ɱɟɧɢɹɧɚɩɢɬɤɚɨɞɧɨɝɨɢɬɨɝɨɠɟɤɚɱɟɫɬɜɚɬɪɟɛɭɟɬɫɹɝɨɪɚɡɞɨɛɨɥɶɲɟɟɤɨɥɱɢɱɟɫɬɜɨɤɨɮɟ

ɨɛɵɱɧɨɝɨɩɨɦɨɥɚɱɟɦɩɨɪɨɲɤɚɛɨɥɟɟɬɨɧɤɨɝɨɩɨɦɨɥɚ

 ɉɨɪɨɲɨɤɤɨɮɟɧɟɨɛɯɨɞɢɦɨɯɪɚɧɢɬɶɜɫɭɯɨɦɢɩɪɨɯɥɚɞɧɨɦɦɟɫɬɟɉɥɨɬɧɨɡɚɤɪɵɜɚɣɬɟɨɬ

ɤɪɵɬɵɟɭɩɚɤɨɜɤɢɤɨɮɟɢɯɪɚɧɢɬɟɢɯɜɯɨɥɨɞɢɥɶɧɢɤɟ

 Ⱦɥɹɩɨɥɭɱɟɧɢɹɨɩɬɢɦɚɥɶɧɨɝɨɜɤɭɫɚɪɟɤɨɦɟɧɞɭɟɬɫɹɩɪɢɨɛɪɟɬɚɬɶɤɨɮɟɜɡɟɪɧɚɯɢɡɚɬɟɦ

ɦɨɥɨɬɶɟɝɨɧɟɩɨɫɪɟɞɫɬɜɟɧɧɨɩɟɪɟɞɩɪɢɝɨɬɨɜɥɟɧɢɟɦɧɚɩɢɬɤɚ

 Ɋɚɡɨɝɪɟɬɵɣɤɨɮɟɬɟɪɹɟɬɫɜɨɣɩɟɪɜɨɧɚɱɚɥɶɧɵɣɜɤɭɫɋɚɦɵɣɜɤɭɫɧɵɣɤɨɮɟɛɵɜɚɟɬɫɪɚɡɭ

ɩɨɫɥɟɟɝɨɩɪɢɝɨɬɨɜɥɟɧɢɹ

 ɇɚɥɢɱɢɟɦɚɥɟɧɶɤɢɯɤɚɩɟɥɟɤɦɚɫɥɚɧɚɩɨɜɟɪɯɧɨɫɬɢɤɨɮɟɫɜɢɞɟɬɟɥɶɫɬɜɭɟɬɨɞɥɢɬɟɥɶɧɨɦ

ɢɫɩɨɥɶɡɨɜɚɧɢɢɫɦɟɫɢɨɛɠɚɪɟɧɧɵɯɡɟɪɟɧɜɵɩɨɥɧɹɣɬɟɪɟɝɭɥɹɪɧɭɸɱɢɫɬɤɭ

ȅǶǿȀǸǮǸǼȂǳǰǮǾǸǶ

ɗɬɚɤɨɮɟɜɚɪɤɚɧɟɬɪɟɛɭɟɬɨɫɨɛɨɝɨɭɯɨɞɚɉɪɢɛɨɪɧɟɫɨɞɟɪɠɢɬɞɟɬɚɥɟɣɤɨɬɨɪɵɟɬɪɟɛɭɸɬɨɬ

ɩɨɬɪɟɛɢɬɟɥɹɡɚɛɨɬɵɨɛɢɯɪɟɦɨɧɬɟɅɸɛɵɟɞɟɣɫɬɜɢɹɩɨɪɚɡɛɨɪɤɟɤɨɮɟɜɚɪɤɢɞɨɥɠɧɵɩɪɨɢɡ

ɜɨɞɢɬɶɫɹɬɨɥɶɤɨɜɚɜɬɨɪɢɡɨɜɚɧɧɨɣɦɚɫɬɟɪɫɤɨɣɬɟɯɨɛɫɥɭɠɢɜɚɧɢɹ



ǰțȖȚȎțȖȓ

ȼɫɟɞɟɣɫɬɜɢɹɩɨɱɢɫɬɤɟɞɨɥɠɧɵɨɫɭɳɟɫɬɜɥɹɬɶɫɹɬɨɥɶɤɨɩɪɢɩɨɥɧɨɫɬɶɸɜɵɤɥɸɱɟɧɧɨɦ

ɩɪɢɛɨɪɟɢɜɵɬɚɳɟɧɧɨɣɢɡɪɨɡɟɬɤɢɜɢɥɤɟ

ǰțȖȚȎțȖȓ

Ɋɟɝɭɥɹɪɧɨɟɬɟɯɨɛɫɥɭɠɢɜɚɧɢɟɢɱɢɫɬɤɚɩɪɢɛɨɪɚɩɨɡɜɨɥɹɬɩɪɟɞɨɯɪɚɧɢɬɶɟɝɨɨɬɩɨɥɨɦɨɤ

ɢɩɨɞɞɟɪɠɚɬɶɜɪɚɛɨɱɟɦɫɨɫɬɨɹɧɢɢɜɬɟɱɟɧɢɟɛɨɥɟɟɞɥɢɬɟɥɶɧɨɝɨɩɟɪɢɨɞɚɜɪɟɦɟɧɢɇɟ

ɪɟɤɨɦɟɧɞɭɟɬɫɹɦɵɬɶɱɚɫɬɢɩɪɢɛɨɪɚɜɩɨɫɭɞɨɦɨɟɱɧɨɣɦɚɲɢɧɟɇɟɥɶɡɹɢɫɩɨɥɶɡɨɜɚɬɶ

ɩɪɹɦɵɟɫɬɪɭɢɜɨɞɵ

ǰțȖȚȎțȖȓ

Ʌɸɛɵɟɞɟɣɫɬɜɢɹɩɨɭɯɨɞɭɡɚɩɪɢɛɨɪɨɦɞɨɥɠɧɵɩɪɨɢɡɜɨɞɢɬɶɫɹɩɪɢɩɨɥɧɨɫɬɶɸɨɯɥɚɠ

ɞɟɧɧɨɦɩɪɢɛɨɪɟ

ȅȖȟȠȘȎȢȖșȪȠȞȎȖȒȓȞȔȎȠȓșȭȢȖșȪȠȞȎ

ɉɨɫɥɟɤɚɠɞɨɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹɤɨɮɟɜɚɪɤɢɧɟɨɛɯɨɞɢɦɨɢɡɜɥɟɤɚɬɶɤɨɮɟɣɧɵɣɮɢɥɶɬɪɢɡɞɟ

ɪɠɚɬɟɥɹɮɢɥɶɬɪɚɍɞɚɥɢɬɟɨɫɬɚɬɤɢɤɨɮɟɢɡɮɢɥɶɬɪɚɈɩɨɥɨɫɧɢɬɟɮɢɥɶɬɪɩɨɞɫɬɪɭɟɣɯɨ

ɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɵɂɡɜɥɟɤɢɬɟɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɢɩɪɨɦɨɣɬɟɟɝɨɬɟɩɥɨɣɜɨɞɨɣɫɦɵɥɨɦ

ȅȖȟȠȘȎȘȡȐȦȖțȎ

ǰțȖȚȎțȖȓ

ȼɨɢɡɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɤɭɜɲɢɧɚɪɟɤɨɦɟɧɞɭɟɬɫɹɦɚɧɢɩɭɥɢɪɨɜɚɬɶɢɦɫɨɫɨɛɨɣɨɫ

ɬɨɪɨɠɧɨɫɬɶɸɋɬɚɪɚɣɬɟɫɶɧɟɭɞɚɪɹɬɶɤɭɜɲɢɧɞɪɭɝɢɦɢɩɪɟɞɦɟɬɚɦɢɨɩɚɫɧɨɫɬɶɩɨɜɪɟɠ

ɞɟɧɢɹɫɬɟɤɥɚɉɪɢɧɚɩɨɥɧɟɧɢɢɤɭɜɲɢɧɚɜɨɞɨɣɫɬɚɪɚɣɬɟɫɶɧɟɡɚɞɟɜɚɬɶɢɦɤɪɚɧ

ɆɨɣɬɟɤɭɜɲɢɧɬɟɩɥɨɣɜɨɞɨɣɫɦɵɥɨɦȾɥɹɭɞɚɥɟɧɢɹɫɤɪɵɲɤɢɤɭɜɲɢɧɚɨɫɬɚɬɤɨɜɤɨɮɟɪɟ

ɤɨɦɟɧɞɭɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɳɟɬɨɱɤɭȾɥɹɱɢɫɬɤɢɤɭɜɲɢɧɚɢɫɩɨɥɶɡɭɣɬɟɜɥɚɠɧɭɸɬɤɚɧɶɜɨɢɡ

ɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɫɬɟɤɥɹɧɧɨɣɩɨɜɟɪɯɧɨɫɬɢɁɚɩɪɟɳɚɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɦɟɬɚɥɥɢɱɟɫɤɢɟ

ɝɭɛɤɢɢɥɢɞɪɭɝɢɟɚɛɪɚɡɢɜɧɵɟɦɚɬɟɪɢɚɥɵ

ǼȥȖȧȓțȖȓȏȎȘȎ

Ɋɟɤɨɦɟɧɞɭɟɬɫɹɩɟɪɢɨɞɢɱɟɫɤɢɩɪɨɢɡɜɨɞɢɬɶɨɱɢɫɬɤɭɜɧɭɬɪɟɧɧɟɣɱɚɫɬɢɪɟɡɟɪɜɭɚɪɚɩɪɢɩɨɦɨ

ɳɢɝɭɛɤɢɢɥɢɜɥɚɠɧɨɣɦɚɬɟɪɢɢ

ȅȖȟȠȘȎȘȜȞȝȡȟȎȝȞȖȏȜȞȎ

ǰțȖȚȎțȖȓ

ɉɪɨɢɡɜɟɞɢɬɟɱɢɫɬɤɭɧɟɫɴɟɦɧɵɯɱɚɫɬɟɣɭɫɬɪɨɣɫɬɜɚɩɪɢɩɨɦɨɳɢɦɹɝɤɨɣɭɜɥɚɠɟɧɧɧɨɣ

ɬɤɚɧɢɜɨɢɡɛɟɠɚɧɢɟɩɨɜɪɟɠɞɟɧɢɹɤɨɪɩɭɫɚ

ǮǰȀǼǼȅǶǿȀǸǮ

ɉɪɨɢɡɜɨɞɢɬɟɱɢɫɬɤɭɤɨɮɟɜɚɪɤɢɧɟɪɟɠɟɨɞɧɨɝɨɪɚɡɚɜɦɟɫɹɰ

ȿɫɥɢɜɵɩɪɢɨɛɪɟɥɢɮɢɥɶɬɪɞɥɹɜɨɞɵɧɟɜɯɨɞɢɬɜɤɨɦɩɥɟɤɬɩɨɫɬɚɜɤɢɧɟɨɛɯɨɞɢɦɨɫɧɹɬɶɟɝɨ

ɫɛɚɤɚɩɟɪɟɞɬɟɦɤɚɤɜɵɩɨɥɧɢɬɶɰɢɤɥɚɜɬɨɦɚɬɢɱɟɫɤɨɣɨɱɢɫɬɤɢ

 ɇɚɩɨɥɧɢɬɟ ɤɭɜɲɢɧɫɦɟɫɶɸ ɫɨɫɬɨɹɳɟɣ ɢɡ ɱɚɲɟɤ ɭɤɫɭɫɚ ɢ ɱɚɲɟɤɯɨɥɨɞɧɨɣ ɱɢɫɬɨɣ

ɜɨɞɵɇɚɥɟɣɬɟɫɦɟɫɶɜɤɨɬɟɥ

 ɉɨɦɟɫɬɢɬɟɛɭɦɚɠɧɵɣɮɢɥɶɬɪɧɚɱɚɲɟɤɜɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɁɚɤɪɵɬɶɤɪɵɲɤɭ

 ɇɚɠɦɢɬɟɩɹɬɶɪɚɡɤɧɨɩɤɭ02'(ɇɚɱɢɧɚɟɬɦɢɝɚɬɶɫɢɦɜɨɥ ɇɚɠɦɢɬɟɤɧɨɩɤɭ6(/ɞɥɹ



ɩɨɞɬɜɟɪɠɞɟɧɢɹɜɵɛɨɪɚ

 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɢɡɞɚɫɬɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɧɚɱɧɟɬɰɢɤɥɚɜ

ɬɨɨɱɢɫɬɤɢɈɞɧɚɱɚɫɬɶɫɦɟɫɢɜɵɬɟɱɟɬɜɤɭɜɲɢɧɚɜɬɨɪɚɹɱɚɫɬɶɛɭɞɟɬɨɫɬɚɜɚɬɶɫɹɜɧɭɬɪɢ

ɤɨɮɟɜɚɪɤɢɜɬɟɱɟɧɢɢɦɢɧɭɬɩɪɟɠɞɟɱɟɦɩɨɥɧɨɫɬɶɸɩɨɩɚɞɟɬɜɤɭɜɲɢɧɉɨɥɧɵɣɰɢɤɥ

ɚɜɬɨɦɚɬɢɱɟɫɤɨɣ ɱɢɫɬɤɢ ɞɥɢɬɫɹ ɦɢɧɭɬ ɉɨɫɥɟ ɡɚɜɟɪɲɟɧɢɹ ɰɢɤɥɚ ɚɜɬɨɦɚɬɢɱɟɫɤɨɣ

ɱɢɫɬɤɢɤɨɮɟɜɚɪɤɚɢɡɞɚɫɬɤɨɪɨɬɤɢɣɫɢɝɧɚɥɢɚɜɬɨɦɚɬɢɱɟɫɤɢɜɵɤɥɸɱɢɬɫɹ

 ɋɩɨɥɨɫɧɢɬɟɤɭɜɲɢɧɯɨɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɨɣ

Ɋɠɫɠɟɪɫɣɞɩɭɩɝɦɠɨɣɠɧɥɩɯɠɪɫɩɪɮɬɭɣɭɠɲɠɫɠɢɥɩɯɠɝɛɫɥɮɥɮɝɳɣɨɛɰɩɦɩɟɨɩɤɲɣɬ

ɭɩɤɝɩɟɶɘɭɩɪɫɩɱɠɟɮɫɛɪɩɢɝɩɦɣɭɩɲɣɬɭɣɭɷɪɫɣɜɩɫɩɭɩɬɭɛɭɥɩɝɝɩɟɶɬɮɥɬɮɬɩɧ

ǲǳǸǮǹȊȄǶǻǶǾǼǰǮǻǶǳ

ɉɪɚɜɢɥɶɧɨɟɬɟɯɨɛɫɥɭɠɢɜɚɧɢɟɢɪɟɝɭɥɹɪɧɚɹɱɢɫɬɤɚɭɫɬɪɨɣɫɬɜɚɩɨɡɜɨɥɹɬɩɪɟɞɨɯɪɚɧɢɬɶɟɝɨ

ɨɬɜɨɡɧɢɤɧɨɜɟɧɢɹɩɨɜɪɟɠɞɟɧɢɣɢɩɨɞɞɟɪɠɢɜɚɬɶɜɪɚɛɨɱɟɦɫɨɫɬɨɹɧɢɢɜɬɟɱɟɧɢɟɞɥɢɬɟɥɶ

ɧɨɝɨɩɟɪɢɨɞɚɜɪɟɦɟɧɢɫɧɢɠɚɹɞɨɦɢɧɢɦɭɦɚɜɨɡɦɨɠɧɵɣɪɢɫɤɨɛɪɚɡɨɜɚɧɢɹɜɩɪɢɛɨɪɟɢɡ

ɜɟɫɬɤɨɜɨɝɨɧɚɥɟɬɚȿɫɥɢɧɟɫɦɨɬɪɹɧɚɷɬɢɞɟɣɫɬɜɢɹɱɟɪɟɡɧɟɤɨɬɨɪɨɟɜɪɟɦɹɷɤɫɩɥɭɚɬɚɰɢɹ

ɩɪɢɛɨɪɚɡɚɬɪɭɞɧɹɟɬɫɹɜɫɥɟɞɫɬɜɢɢɩɨɫɬɨɹɧɧɨɝɨɢɫɩɨɥɶɡɨɜɚɧɢɹɠɟɫɬɤɨɣɤɚɥɶɰɢɧɢɪɨɜɚɧɧɨɣ

ɜɨɞɵɬɨɪɟɤɨɦɟɧɞɭɟɬɫɹɩɪɨɜɟɫɬɢɞɟɤɚɥɶɰɢɧɢɪɨɜɚɧɢɹɭɫɬɪɨɣɫɬɜɚȾɥɹɷɬɨɣɰɟɥɢɪɟɤɨɦɟɧ

ɞɭɟɬɫɹɢɫɩɨɥɶɡɨɜɚɬɶɫɪɟɞɫɬɜɨɞɥɹɞɟɤɚɥɶɰɢɧɢɪɨɜɚɧɢɹɨɬ$ULHWHɧɚɨɫɧɨɜɟɥɢɦɨɧɧɨɣɤɢɫɥɨ

ɬɵ12&$/ɗɬɨɫɪɟɞɫɬɜɨɦɨɠɧɨɧɚɣɬɢɜɰɟɧɬɪɚɯɫɟɪɜɢɫɧɨɝɨɨɛɫɥɭɠɢɜɚɧɢɹ$ULHWH$ULHWH

ɧɟɛɟɪɟɬɧɚɫɟɛɹɧɢɤɚɤɨɣɨɬɜɟɬɫɬɜɟɧɧɨɫɬɢɡɚɜɨɡɦɨɠɧɵɟɩɨɜɪɟɠɞɟɧɢɹɜɧɭɬɪɟɧɧɢɯɞɟɬɚɥɟɣ

ɩɪɢɛɨɪɚɜɵɡɜɚɧɧɵɟɩɪɢɦɟɧɟɧɢɟɦɜɟɳɟɫɬɜɫɯɢɦɢɱɟɫɤɢɦɢɞɨɛɚɜɤɚɦɢ

ȽɶɪɩɦɨɺɤɭɠɟɠɥɛɦɷɱɣɯɣɥɛɱɣɹɫɛɢɝɧɠɬɺɱȽɬɦɮɲɛɠɣɬɪɩɦɷɢɩɝɛɨɣɺɩɲɠɨɷɡɠɬɭɥɩɤ

ɝɩɟɶɲɣɬɭɥɮɫɠɥɩɧɠɨɟɮɠɭɬɺɪɫɩɝɩɟɣɭɷɫɛɢɝɟɝɠɨɠɟɠɦɣ

 ɇɚɩɨɥɧɢɬɟ ɤɭɜɲɢɧɫɦɟɫɶɸ ɫɨɫɬɨɹɳɟɣ ɢɡ ɱɚɲɤɢ ɭɤɫɭɫɚ ɢ ɱɚɲɟɤɯɨɥɨɞɧɨɣ ɱɢɫɬɨɣ

ɜɨɞɵ

 ɇɚɥɟɣɬɟɫɦɟɫɶɜɤɨɬɟɥ

 Ɂɚɩɭɫɬɢɬɟɰɢɤɥɩɨɞɚɱɢɤɨɮɟɢɩɨɞɨɠɞɢɬɟɩɨɤɚɤɭɜɲɢɧɡɚɩɨɥɧɢɬɫɹɧɚɩɨɥɨɜɢɧɭ

 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɜɵɤɥɸɱɢɬɫɹ

ɀɬɦɣɨɛɸɭɛɪɠɩɡɣɟɛɨɣɺɪɛɫɛɪɩɺɝɦɺɹɭɬɺɧɛɦɠɨɷɥɣɠɝɶɜɫɩɬɶɪɛɫɛɸɭɩɛɜɬɩɦɹɭɨɩ

ɨɩɫɧɛɦɷɨɩɠɺɝɦɠɨɣɠ

 ɄɨɝɞɚɜɨɞɚɩɟɪɟɫɬɚɧɟɬɫɬɟɤɚɬɶɜɤɭɜɲɢɧɟɝɨɦɨɠɧɨɫɧɹɬɶȾɚɣɬɟɜɨɞɟɨɫɬɵɧɭɬɶɜɬɟɱɟɧɢɟ

ɦɢɧɭɬ

 ȼɵɥɟɣɬɟɫɦɟɫɶɢɡɤɭɜɲɢɧɚɜɛɚɤɁɚɤɪɵɬɶɤɪɵɲɤɭɍɫɬɚɧɨɜɢɬɟɤɭɜɲɢɧɧɚɧɚɝɪɟɜɚɸɳɭɸ

ɩɨɜɟɪɯɧɨɫɬɶ

 ȿɳɟɪɚɡɡɚɩɭɫɬɢɬɟɰɢɤɥɩɨɞɚɱɢɤɨɮɟɢɩɨɞɨɠɞɢɬɟɩɨɤɚɤɭɜɲɢɧɧɚɩɨɥɧɢɬɫɹɄɨɝɞɚɜɨɞɚ

ɩɟɪɟɫɬɚɧɟɬɫɬɟɤɚɬɶɜɤɭɜɲɢɧɟɝɨɦɨɠɧɨɫɧɹɬɶ

 ɇɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ Ʉɨɮɟɜɚɪɤɚɜɵɤɥɸɱɢɬɫɹ

 Ⱦɚɣɬɟɤɨɮɟɜɚɪɤɟɨɫɬɵɧɭɬɶɜɬɟɱɟɧɢɟɦɢɧɭɬɍɛɟɞɢɬɟɫɶɱɬɨɮɢɥɶɬɪɚɜɫɬɚɜɥɟɧɜɞɟ

ɪɠɚɬɟɥɶɮɢɥɶɬɪɚ

ɇɚɩɨɥɧɢɬɟɤɭɜɲɢɧɯɨɥɨɞɧɨɣɱɢɫɬɨɣɜɨɞɨɣɢɩɨɜɬɨɪɢɬɟɰɢɤɥɩɨɞɚɱɢɤɨɮɟɞɥɹɱɢɫɬɤɢɜɧɭɬ

ɪɟɧɧɟɣɫɢɫɬɟɦɵɤɨɮɟɜɚɪɤɢȼɤɨɧɰɟɰɢɤɥɚɨɩɨɥɚɫɤɢɜɚɧɢɹɧɚɠɦɢɬɟɤɧɨɩɤɭɩɨɞɚɱɢɤɨɮɟ

ɞɥɹɜɵɤɥɸɱɟɧɢɹɤɨɮɟɜɚɪɤɢɈɫɜɨɛɨɞɢɬɟɩɨɥɧɨɫɬɶɸɤɭɜɲɢɧ

ɉɪɨɦɨɣɬɟɤɭɜɲɢɧɫɴɟɦɧɵɣɞɟɪɠɚɬɟɥɶɮɢɥɶɬɪɚɢɤɨɮɟɣɧɵɣɮɢɥɶɬɪɬɟɩɥɨɣɜɨɞɨɣɫɦɵ



ɥɨɦȼɵɬɪɢɬɟɜɫɟɱɚɫɬɢ

Ʉɨɝɞɚɤɨɮɟɜɚɪɤɚ ɩɨɥɧɨɫɬɶɸ ɨɫɬɵɧɟɬɜɵɬɪɢɬɟ ɟɟɧɚɪɭɠɧɭɸɱɚɫɬɶ ɩɪɢɩɨɦɨɳɢɦɹɝɤɨɣ

ɬɤɚɧɢ

ǸȎȘȣȞȎțȖȠȪȘȜȢȓȐȎȞȘȡ

 ȼɵɧɭɬɶɜɢɥɤɭɢɡɷɥɟɤɬɪɨɪɨɡɟɬɤɢ

 Ⱦɟɪɠɢɬɟɤɨɮɟɜɚɪɤɭɜɩɪɨɯɥɚɞɧɨɦɢɫɭɯɨɦɦɟɫɬɟ

Ɉɠɩɬɭɛɝɦɺɤɭɠɨɠɫɛɜɩɭɛɹɴɣɤɪɫɣɜɩɫɬɝɥɦɹɲɠɨɨɩɤɝɸɦɠɥɭɫɩɬɠɭɷɝɣɦɥɩɤ

ǰȉǰǼǲǶǵȋǸǿǽǹȁǮȀǮȄǶǶ

ȿɫɥɢɜɵɧɟɫɨɛɢɪɚɟɬɟɫɶɢɫɩɨɥɶɡɨɜɚɬɶɩɪɢɛɨɪɧɟɨɛɯɨɞɢɦɨɨɬɤɥɸɱɢɬɶɟɝɨɨɬɷɥɟɤɬɪɨɫɟɬɢ

ɨɫɜɨɛɨɞɢɬɶɨɬɜɨɞɵɛɚɤɢɤɭɜɲɢɧɉɪɨɢɡɜɟɞɢɬɟɱɢɫɬɤɭɱɚɫɬɟɣɩɪɢɛɨɪɚɫɦɪɚɡɞɟɥɑɢɫɬɤɚ

ɤɨɮɟɜɚɪɤɢɉɟɪɟɞɭɬɢɥɢɡɚɰɢɟɣɩɪɢɛɨɪɚɧɟɨɛɯɨɞɢɦɨɪɚɫɫɨɪɬɢɪɨɜɚɬɶɟɝɨɱɚɫɬɢɜɫɨɨɬɜɟɬɫ

ɬɜɢɢɫɜɢɞɚɦɢɦɚɬɟɪɢɚɥɨɜɢɫɩɨɥɶɡɨɜɚɧɧɵɯɞɥɹɢɯɢɡɝɨɬɨɜɥɟɧɢɹɚɡɚɬɟɦɩɪɢɫɬɭɩɢɬɶɤɟɝɨ

ɭɬɢɥɢɡɚɰɢɢɪɭɤɨɜɨɞɫɬɜɭɹɫɶɫɨɨɬɜɟɬɫɬɜɭɸɳɢɦɢɩɨɥɨɠɟɧɢɹɦɢɧɨɪɦɚɬɢɜɧɵɯɚɤɬɨɜɩɪɢɧɹɬɵɯ

ɜɫɬɪɚɧɟɷɤɫɩɥɭɚɬɚɰɢɢɭɫɬɪɨɣɫɬɜɚ

Ⱦɚɬɚɢɡɝɨɬɨɜɥɟɧɢɹɭɤɚɡɚɧɚɧɚɤɨɪɩɭɫɟɢɡɞɟɥɢɹɜɡɚɲɢɮɪɨɜɚɧɧɨɦɜɢɞɟ61ZN\UDEFGHIJ

ɝɞɟZN±ɧɟɞɟɥɹɩɪɨɢɡɜɨɞɫɬɜɚ

\U±ɝɨɞɩɪɨɢɡɜɨɞɫɬɜɚ

DEFGHIJ±ɫɟɪɢɣɧɵɣɧɨɦɟɪɢɡɞɟɥɢɹ

ɋɨɨɬɜɟɬɫɬɜɭɟɬɬɪɟɛɨɜɚɧɢɹɦ

ɦɢɫɫɢɢɌɚɦɨɠɟɧɧɨɝɨɫɨɸɡɚʋɨɬɚɜɝɭɫɬɚɝɨɞɚ

ɧɢɟɦɄɨɦɢɫɫɢɢɌɚɦɨɠɟɧɧɨɝɨɫɨɸɡɚʋɨɬɞɟɤɚɛɪɹɝɨɞɚ

ɂɧɮɨɪɦɚɰɢɹɨɫɟɪɬɢɮɢɤɚɰɢɢɜɩɪɢɥɨɠɟɧɢɢɤɝɚɪɚɧɬɢɣɧɨɦɭɬɚɥɨɧɭɢɢɥɢɧɚɭɩɚɤɨɜɤɟɢɡɞɟ

ɥɢɹ

%aȽɰȼɬɄɥɚɫɫ,±,3;

ɋɞɟɥɚɧɨɜɄɢɬɚɟ

ɘɪɢɞɢɱɟɫɤɢɣɚɞɪɟɫɝɨɪɨɞɆɨɫɤɜɚɭɥɢɰɚɋɚɞɨɜɚɹɌɪɢɭɦɮɚɥɶɧɚɹɞɨɦɫɬɪɨɟ

ɧɢɟɉɈɆ,ɄɈɆ

ɎɚɤɬɢɱɟɫɤɢɣɚɞɪɟɫɝɆɨɫɤɜɚɭɥɍɫɚɱɟɜɚɞɤɨɪɩɭɫɩɨɦ,,ɤɨɦ

ɎɥɨɪɟɧɰɢɹɄɚɦɩɢȻɢɡɟɧɰɢɨȼɢɚɋɄɭɢɪɢɤɨ



ɋɩɢɫɨɤɨɪɝɚɧɢɡɚɰɢɣɭɩɨɥɧɨɦɨɱɟɧɧɵɯɢɡɝɨɬɨɜɢɬɟɥɟɦɧɚɪɚɛɨɬɭɫɩɪɟɬɟɧɡɢɹɦɢɩɨɬɪɟɛɢɬɟ

ɥɟɣɢɫɟɪɜɢɫɧɵɦɨɛɫɥɭɠɢɜɚɧɢɟɦɪɚɡɦɟɳɟɧɧɚɫɚɣɬɟKWWSZZZDULHWHQHWUXDVVLVWDQFH

Ƚɨɪɹɱɚɹɥɢɧɢɹ$ULHWH





Ɍɨɜɚɪɩɨɫɬɚɜɥɹɟɬɫɹɜɫɨɛɪɚɧɧɨɦɜɢɞɟɫɩɟɰɢɚɥɶɧɵɯɬɪɟɛɨɜɚɧɢɣɤɩɟɪɟɜɨɡɤɟɢɯɪɚɧɟɧɢɸɧɟ

ɭɫɬɚɧɨɜɥɟɧɨ

ɍɬɢɥɢɡɢɪɨɜɚɬɶɜɫɨɨɬɜɟɬɫɬɜɢɢɫɡɚɤɨɧɨɞɚɬɟɥɶɫɬɜɨɦɦɟɫɬɚɪɟɚɥɢɡɚɰɢɢ

Ƚɚɪɚɧɬɢɣɧɵɣɫɪɨɤɝɨɞɚɋɪɨɤɫɥɭɠɛɵɢɡɞɟɥɢɹɝɨɞɚ

ɂɧɮɨɪɦɚɰɢɹɨɫɟɪɬɢɮɢɤɚɰɢɢɜɩɪɢɥɨɠɟɧɢɢɤɝɚɪɚɧɬɢɣɧɨɦɭɬɚɥɨɧɭɢɢɥɢɧɚɭɩɚɤɨɜɤɟɢɡɞɟ

ɥɢɹ



ﺐ

ﻴﺘﻜﻟا اﺬﻫ صﻮﺼﺨﺑ

ﻊﻴﻤﺟ ﰲ ﺔ

ﻴﻤﺤﻣو ،ﺔﻴﺑوروﻷا لوﺪﻟا ﺔﻋﻮﻤﺠﻣ ﻞﺒﻗ ﻦﻣ ةدﺪﺤﳌا ﺲﻴﻳﺎﻘﳌا ﺐﺴﺣ ﺔﻋﻮﻨﺼﻣ ةﺰﻬﺟﻷا نأ ﻦﻣ ﻢﻏﺮﻟا ﲆﻋ

يﺬﻟا ضﺮﻐﻠﻟ ﻂﻘﻓ زﺎﻬﺠﻟا لﻌﺘﺳاو صﺮﺤﺑ تﺎﻬﻴﺒﻨﺘﻟا هﺬﻫ ةءاﺮﻗ ﺐﺠﻳ ،ﺮﻄﺨﻠﻟ رﺪﺼﻣ ﻞﻜﺸﺗ نأ ﻦﻜﻤﻣ ﻲﺘﻟا ءاﺰﺟﻷا

هﺬﻫ ﻖﻓرأ .ﺔﺟﺎﺤﻟا ﺪﻨﻋو ﻞﺒﻘﺘﺴﳌا ﰲ ﻪﻴﻠﻋ عﻼﻃﻼﻟ ﺐ

ﻴﺘﻜﻟا اﺬﻬﺑ ﻆﻔﺘﺣا .راﴐﻷاو ثداﻮﺤﻟا عﻮﻗو ﻊﻨﳌ ،ﻪﻠﺟأ ﻦﻣ ﻊﻨﺻ

.ﻐﻠﻟ ﻪﺋاﺪﻫإ وأ ﻪﻌﻴﺑ ﺔﻟﺎﺣ ﰲ زﺎﻬﺠﻟا ﻊﻣ تﻴﻠﻌﺘﻟا

:ﺔﻴﻟﺎﺘﻟا زﻮﻣﺮﻟﺎﺑ ةﺰﻴﻤﻣ ،ﺐ

ﻴﺘﻜﻟا اﺬﻫ ﰲ ةدراﻮﻟا تﺎﻣﻮﻠﻌﳌا

لﺎﻔﻃﻷا ﲆﻋ ﺮﻄﺧ

ءﺎﺑﺮﻬﻜﻟا ﺐﺒﺴﺑ ﺮﻄﺧ

ىﺮﺧأ بﺎﺒﺳﻷ دﻮﻌﺗ رﺎﻄﺧأ

قاﱰﺣﻻﺎﺑ ﻖﻠﻌﺘﺗ تﺎﻬﻴﺒﻨﺗ

ﺔﻳدﺎﻣ راﴐأ – تﺎﻬﻴﺒﻨﺗ

زﺎﻬﺠﻟا ﻦﻣ ضﺮﻐﻟا

ﺐﺳﺎﻨﻣ ﻏ ﻮﻬﻓ ﱄﺎﺘﻟﺎﺑو ،صﺎﺨﻟا لﻌﺘﺳﻼﻟ ﻂﻘﻓ زﺎﻬﺠﻟا اﺬﻫ ﻢﻴﻤﺼﺗ ﻢﺗ .ةﻮﻬﻘﻟا داﺪﻋﻹ زﺎﻬﺠﻟا لﻌﺘﺳا ﻢﻜﻨﻜ

ﻏ ﺔﻘﻳﺮﻄﺑ زﺎﻬﺠﻟا لﻌﺘﺳا ﻦﻋ ﺔﺠﺗﺎﻨﻟا راﴐﻷا ﻦﻋ ﺔﻴﻟﻮﺌﺴﻣ يأ ﻊﻧﺎﺼﻟا ﻞﻤﺤﺘﻳ ﻻ .ﻲﻋﺎﻨﺼﻟا وأ يرﺎﺠﺘﻟا لﻌﺘﺳﻼﻟ

.ﺎﻬﺘﻐﻴﺻ ﺖﻧﺎﻛ ﻬﻣ ،نﻀﻟا ةدﺎﻬﺷ لﺎﻄﺑإ ﱃإ زﺎﻬﺠﻠﻟ ﻖﺋﻻ ﻐﻟا لﻌﺘﺳﻻا يدﺆﻳ ،ﻚﻟذ ﲆﻋ ةدﺎﻳز .ﺔﻘﺋﻻ

ﺔﺎﻘﻟا رﺎﻄﺧﻷا

ﻖﺷﺮﻟا ﺔﺴﻣﻼﻣ ﺔﻴﻧﺎﻜﻣإ ﻦﻣ مﺪﺨﺘﺴﳌا ﺔﻳﺤﺑ ﺢﻤﺴﺗ ﻻ ،ةﴩﻨﻟا هﺬﻫ عﻮﺿﻮﻣ ﻞﻜﺸﻳ يﺬﻟا زﺎﻬﺠﻠﻟ ﺔﻴﺋﺎﺸﻧﻹا تﺎﻔﺻاﻮﳌا

رﺎﺤﻟا ءﺎﳌا وأ رﺎﺨﺒﻠﻟ ﺊﺟﺎﻔﳌا

!ﻪﻴﺒﻨﺗ

.ةﻮﻬﻘﻟا جوﺮﺧ ءﺎﻨﺛأ ءﺎﻄﻐﻟا ﺢﺘﻔﺗ ﻻ .ةﻮﻬﻘﻟا وأ رﺎﺤﻟا ءﻠﻟ ﺊﺟﺎﻔﳌا ﻖﺷﺮﻟا ﻦﻋ ﺞﺗﺎﻧ قاﱰﺣا ﺮﻄﺧ

نﺎﻣﻷا تﺎﻬﻴﺒﻨﺗ

لﻌﺘﺳﻻا ﻞﺒﻗ تﻴﻠﻌﺘﻟا صﺮﺤﺑ أﺮﻗا.

.ﺔﻴﻋﺎﻨﺻ وأ ﺔﻳرﺎﺠﺗ ضاﺮﻏﻷ ﻪﻟﻌﺘﺳا مﺪﻋ ﺐﺠﻳ ﱄﺎﺘﻟﺎﺑو ،ﱄﺰﻨﳌا لﻌﺘﺳﻼﻟ ﻂﻘﻓ ﻢﻤﺼﻣ زﺎﻬﺠﻟا اﺬﻫ •

ﻦﻋ ﺔﻔﻠﺘﺨﻣ ضاﺮﻏﻷ وأ ﺊﻃﺎﺧ ﻞﻜﺸﺑ زﺎﻬﺠﻟا لﻌﺘﺳا ﻦﻋ ﺔﺠﺗﺎﻨﻟا راﴐﻷا ﻦﻋ ﺔﻴﻟﻮﺌﺴﻣ يأ ﺔﻌﻨﺼﳌا ﺔﻛﴩﻟا ﻞﻤﺤﺘﺗ ﻻ •

.ﺐﻴﺘﻜﻟا اﺬﻫ ﰲ ﺔﻨﻴﺒﳌا ضاﺮﻏﻷا

ﻏ داﻮ ﺞﺘﻨﳌا ﻒﻴﻠﻐﺗ ﻦﻋ ﺞﺗﺎﻨﻟا ﺐﻄﻌﻟا ﻦﻤﻀﺘﺗ ﻻ ﺔﻴﻧﺎﺠﳌا ﺔﻧﺎﻴﺼﻟا نﻷ ،ﺔﻴﻠﺻﻷا ﻒﻴﻠﻐﺘﻟا داﻮ ظﺎﻔﺘﺣﻻا ﺢﺼﻨﻳ •

.ﺺ

ﺧﺮﳌا ﺔﻧﺎﻴﺼﻟا ﺰﻛﺮﻣ ﱃإ ﻪﻠﻘﻧ ءﺎﻨﺛأ ﺔﻘﺋﻻ

داﻮﳌﺎﺑ ﺔﻘﻠﻌﺘﳌاو 2004/10/27 ﺦﻳرﺎﺘﺑ ةردﺎﺼﻟا 2004/1935 ﻢﻗر ﺔﻴﺑوروﻷا لوﺪﻟا ﺔﻋﻮﻤﺠﻣ ﻢﻈﻨﻟ ﻖﺑﺎﻄﻣ زﺎﻬﺠﻟا •

.ﺔﻳﺬﻏﻸﻟ ﺔﺴﻣﻼﳌا

لﺎﻔﻃﻷا ﲆﻋ ﺮﻄﺧ

ﺺﺨﺸﻟا ﻞﺒﻗ ﻦﻣ ﻢﻬﺘﺒﻗاﺮﻣ ﻢﺘﻳ نأ ﺔﻄﻳﴍ ،تاﻮﻨﺳ 8 ﻦﻋ ﻢﻫرﻋأ ﺪﻳﺰﺗ ﻦﻳﺬﻟا لﺎﻔﻃﻷا ﻞﺒﻗ ﻦﻣ زﺎﻬﺠﻟا لﻌﺘﺳا ﻦﻜ

•

.لﻌﺘﺳﻻا ءﺎﻨﺛأ ﺎﻬﻟ ﺿﺮﻌﳌا رﺎﻄﺧﻷا اﻮﻛردأو ﻦﻣآ ﻞﻜﺸﺑ زﺎﻬﺠﻟا لﻌﺘﺳا ﲆﻋ ﻢﻬﻤﻴﻠﻌﺗ ﻢﺗ اذإ وأ ﻢﻬﻨﻋ لوﺆﺴﳌا

،تاﻮﻨﺳ 8 ﻦﻋ ﻢﻫرﻋأ ﻞﻘﺗ دﻻوأ ﺎﻬﺑ مﻮﻘﻳ ﻻ نأ ﺐﺠﻳ ،مﺪﺨﺘﺴﳌا مﺎﻬﻣ ﻦﻤﺿ ﺄﺗ ﻲﺘﻟا ﺔﻧﺎﻴﺼﻟاو ﻒﻴﻈﻨﺘﻟا لﻋأ •

.زﺎﻬﺠﻟا ﰲ ﺐﻌﻠﻟﺎﺑ لﺎﻔﻃﻸﻟ حﺴﻟا مﺪﻋ ﺐﺠﻳ .ﻢﻬﻨﻋ لوﺆﺴﳌا ﺺﺨﺸﻟا ﻞﺒﻗ ﻦﻣ ﻢﻬﺘﺒﻗاﺮﻣ ﻢﺘﻳ نأ ﺔﻄﻳﴍو

.تاﻮﻨﺳ 8 ﻦﻋ ﻢﻫرﻋأ ﻞﻘﺗ ﻦﻳﺬﻟا لﺎﻔﻃﻷا ﻦﻋ

اﺪﻴﻌﺑ ﺎﺑﺮﻬﻜﻟا ﻞﺒﻜﻟاو زﺎﻬﺠﻟا ﻆﻔﺣ ﺐﺠﻳ •



.لﺎﻔﻃﻷا ﻞﺒﻗ ﻦﻣ ﻪﻴﻟإ لﻮﺻﻮﻟا ﻦﻜ نﺎﻜﻣ ﰲ

ﱄﺪﺘﻣ ﻞﺒﻜﻟا كﱰﺗ ﻻ •

.ﻢﻬﻴﻠﻋ ﺮﻄﺧ رﺪﺼﻣ ﻞﻜﺸﺗ ﺎﻬﻧﻷ ،لﺎﻔﻃﻷا لوﺎﻨﺘﻣ ﰲ ﻒﻴﻠﻐﺘﻟا داﻮﻣ كﱰﺗ ﻻ •

.ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻳﺬﻐﺘﻟا ﻞﺒﻛ ﺺﻗ لﻼﺧ ﻦﻣ ﻪﻟﻌﺘﺳا ﻊﻨﻣ ﲆﻋ ﻞﻤﻌﻟا ﺐﺠﻳ ،ﺎﻬﻧ ﻞﻜﺸﺑ زﺎﻬﺠﻟا اﺬﻫ ﻦﻣ ﺺﻠﺨﺘﻟا ﺪﻨﻋ •

ﺐﻌﻠﻟا ﺔﻟﺎﺣ ﰲ لﺎﻔﻃﻷا ﲆﻋ ﺮﻄﺧ زﺎﻬﺠﻟا ﻦﻣ ءاﺰﺟأ ﺾﻌﺑ ﻞﻜﺸﺗ ﻻ ﺚﻴﺤﺑ ،ﺔﻣزﻼﻟا ﺑاﺪﺘﻟا ذﺎﺨﺗا ﺐﺠﻳ ،ﻚﻟذ ﲆﻋ ةدﺎﻳز

.ﻪﺑ

ءﺎﺑﺮﻬﻜﻟا ﺐﺒﺴﺑ ﺮﻄﺧ

نأ ﺔﻄﻴﻳﴍ ،ﺔﻴﻠﻘﻌﻟا وأ ﺔﻴ

ﺴﺤﻟا وأ ﺔﻴﺋﺎﻳﺰﻴﻔﻟا ﻢﻫاﻮﻗ ﻞﻣﺎﻛ نﻮﻜﻠ ﻻ ﻦﻳﺬﻟﺎﺗ صﺎﺨﺷﻷا ﻞﺒﻗ ﻦﻣ زﺎﻬﺠﻟا لﻌﺘﺳا ﻦﻜ •

رﺎﻄﺧﻷا اﻮﻛردأو ﻦﻣآ ﻞﻜﺸﺑ زﺎﻬﺠﻟا لﻌﺘﺳا ﲆﻋ ﻢﻬﻤﻴﻠﻌﺗ ﻢﺗ اذإ وأ ﻢﻬﻨﻋ لوﺆﺴﳌا ﺺﺨﺸﻟا ﻞﺒﻗ ﻦﻣ ﻢﻬﺘﺒﻗاﺮﻣ ﻢﺘﻳ

.لﻌﺘﺳﻻا ءﺎﻨﺛأ ﺎﻬﻟ ﺿﺮﻌﳌا

ﺔﻨﻴﻛﺎﳌا ﻞﻔﺳأ ﺎﻫﺪﺠﺗ ﻲﺘﻟا تﺎﻣﻮﻠﻌﳌا ﺔﻗﺎﻄﺑ ﲆﻋ ﺔﻨﻴﺒﳌا ﺔ

ﻴﻄﻠﻔﻟا نأ ﻦﻣ ﻖﻘﺤﺗ ،ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟﺎﺑ زﺎﻬﺠﻟا ﻞﻴﺻﻮﺗ ﻞﺒﻗ •

.ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟا ﺔ

ﻴﻄﻠﻔﻟ ﺔﻘﺑﺎﻄﻣ

.ثداﻮﺣو راﴐأ عﻮﻗو ﱃإ يدﺆﻳ نأ ﻦﻜﻤﻣ ،ﺔﻌﻧﺎﺼﻟا ﺔﻛﴩﻟا ﻞﺒﻗ ﻦﻣ ﺔﺼﺧ

ﺮﻣ ﻐﻟا ﺔﻴﺋﺎﺑﺮﻬﻜﻟا تﻼﺻﻮﻟا لﻌﺘﺳا •

.ءﺎﳌﺎﺑ ناﺰﺨﻟا ﺔﺌﺒﻌﺗ ﻞﺒﻗ ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟا ﻦﻋ زﺎﻬﺠﻟا ﻞﺼﻓأ •

ﰲو ﺎﻬﻟ ﻊﺑﺎﺘﻟا ﺔﻴﻨﻔﻟا ﺔﻧﺎﻴﺼﻟا ﻢﺴﻗ ﻞﺒﻗ ﻦﻣ وأ ﺔﻌﻧﺎﺼﻟا ﺔﻛﴩﻟا ﻞﺒﻗ ﻦﻣ ﻪﻟاﺪﺒﺘﺳا ﺐﺠﻳ ،ﺎﺑﺮﻬﻜﻟا ﻞﺒﻜﻟا ﻒﻠﺗ ﺔﻟﺎﺣ ﰲ •

.رﺎﻄﺧﻷا ﻦﻣ عﻮﻧ يأ عﻮﻗو ﳾﺎﺤﺘﻟ ،لﻋﻷا هﺬﻫ ﻞﺜﳌ ﻞﻫﺆﻣ ﺺﺨﺷ ﻞﺒﻗ ﻦﻣ لاﻮﺣﻷا ﻊﻴﻤﺟ

!سﺎ ﻞﻄﻋ ثوﺪﺣ ﱃإ ﻚﻟذ يدﺆﻳ نأ ﻦﻜ :ءﻠﻟ ءﺎﺑﺮﻬﻜﻟﺎﺑ ﺔﻧﻮﺤﺸﳌا ءاﺰﺟﻷا ﺔﺴﻣﻼﻣ مﺪﻋ ﺐﺠﻳ •

.ﺔﻧﺎﻴﺻ وأ ﻒﻴﻈﻨﺗ ﺔﻴﻠﻤﻋ يﺄﺑ مﺎﻴﻘﻟا ﺪﻨﻋ ،ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻣ ﺲﺑﺎﻘﻟا ﺐﺤﺳا •

.ىﺮﺧأ ﻞﺋاﻮﺳ ﰲ وأ ءﺎﳌا ﰲ زﺎﻬﺠﻟا ﺲﻄﻐﺗ ﻻ •

.ﺎﻬﻗﻮﻓ وأ ﺔﻠﺴﻐﳌا ﻦﻣ بﺮﻘﻟﺎﺑ

ﺎﻘﻠﻄﻣ زﺎﻬﺠﻟا ﻊﻀﺗ ﻻ •

.ﻒﻴﻈﻨﺘﻟا وأ ماﺪﺨﺘﺳﻼﻟ ﺔﻴﻠﺧاد ءاﺰﺟأ ﺪﺟﻮﺗ ﻻ .زﺎﻬﺠﻠﻟ ﲇﻔﺴﻟا ءﺎﻄﻐﻟا ﺪﻌﺒﺗ ﻻ •

ىﺮﺧأ بﺎﺒﺳﻷ دﻮﻌﺗ رﺎﻄﺧأ

.ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﱃإ لﻮﺻﻮﻟا ﻞﻬﺴﻟا ﻦﻣ نﻮﻜﻳ ﺚﻴﺤﺑو ،ﻒﻴﻈﻧو ﰲﺎﻜﻟا رﺪﻘﻟﺎﺑ ءﺎﻀﻣ نﺎﻜﻣ رﺎﺘﺧا •

.ءﺎﳌا ﻦﻣ ةﺪﺋاز ﺔﻴﻤﻛ ناﺰﺨﻟا ﰲ ﻊﻀﺗ ﻻ •

.ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟﺎﺑ ﻪﻠﺻو ءﺎﻨﺛأ ﺔﺒﻗاﺮﻣ نوﺪﺑ زﺎﻬﺠﻟا كﱰﺗ ﻻ •

.ﺔﺣاﺮﻟاو لﻌﺘﺳﻻا ءﺎﻨﺛأ ﺮﻘﺘﺴﻣ ﺢﻄﺳ ﲆﻋ زﺎﻬﺠﻟا ﻊﺿو ﺐﺠﻳ •

ﻞﻤﻌﺘﺴﺗ ﻻ .ﻪﻨﻣ ءﺎﳌا ب

ﴪﺗ وأ ﻪﻴﻠﻋ ﻒﻠﺗ تﺎﻣﻼﻋ رﻮﻬﻇو ضرﻷا ﲆﻋ ﻪﻃﻮﻘﺳ ﺔﻟﺎﺣ ﰲ زﺎﻬﺠﻟا لﻌﺘﺳا مﺪﻋ ﺐﺠﻳ •

ﺎﻬﻴﻓ ﺎ ،حﻼﺻﻹا تﺎﻴﻠﻤﻋ ﻊﻴﻤﺟ .ﻒﻠﺘﻣ ﻪﺴﻔﻧ زﺎﻬﺠﻟا نﺎﻛ اذإ وأ نﺎﻔﻠﺘﻣ ﺎﺑﺮﻬﻜﻟا ﺲﺑﺎﻘﻟا وأ ﻞﺒﻜﻟا نﺎﻛ اذإ زﺎﻬﺠﻟا

ءاﱪﺧ ﻞﺒﻗ ﻦﻣ وأ Ariete ﺔﻛﴩﻟ ﻊﺑﺎﺘﻟا تﺎﻣﺪﺨﻟا ﺰﻛﺮﻣ ﻞﺒﻗ ﻦﻣ ﻂﻘﻓ ﻢﺘﺗ نأ ﺐﺠﻳ ،ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻳﺬﻐﺘﻟا ﻞﺒﻛ لاﺪﺒﺘﺳا

.ﺮﻄﺧ يأ عﻮﻗو ﳾﻼﺘﻟ ،Ariete ﺔﻛﴍ ﻞﺒﻗ ﻦﻣ ﻟﻮﺨﻣ

قاﱰﺣﻻﺎﺑ ﻖﻠﻌﺘﺗ تﺎﻬﻴﺒﻨﺗ

.ةﻮﻬﻘﻟا جوﺮﺧ ءﺎﻨﺛأ ءﺎﻄﻐﻟا ﺢﺘﻔﺗ ﻻ •

.رﺎﺨﺒﻟا وأ ءﻠﻟ ﺊﺟﺎﻔﳌا ﻖﺷﺮﻟا ﺐﺒﺴﺑ قاﱰﺣﻻا ﺮﻄﺧ :ءﺎﳌﺎﺑ ناﺰﺨﻟا ﺪﻳوﺰﺗ ةدﺎﻋإ ﻞﺒﻗ زﺎﻬﺠﻟا دﱪﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا •

ﺔﺴﻣﻼﻣ ﺐﺒﺴﺑ قاﱰﺣﻻا ﻂﺧ .ﻖﻳﺮﺑﻹا رﺎﺴﻜﻧا ﺮﻄﺧ .ﺔﻨﻴﻛﺎﳌا ﻞﻤﻋ ءﺎﻨﺛأ ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ قﻮﻓ غرﺎﻓ ﻖﻳﺮﺑﻹا كﱰﺗ ﻻ •

.ﻖﻳﺮﺑﻹا

ﺔﻳدﺎﻣ راﴐأ – تﺎﻬﻴﺒﻨﺗ

.ﺎﻬﺑﻼﻘﻧا مﺪﻋ ﻦﻤﻀﻳ ﻞﻜﺸﺑو ،ﺖﺑﺎﺛ ﺢﻄﺳ ﲆﻋ ﺔﻨﻴﻛﺎﳌا ﻊﺿ •

.ﺔﻟﺎﺤﻟا هﺬﻫ ﰲ قﱰﺤﺗ ﺔﺨﻀﳌا نﻷ ،ءﺎﻣ نوﺪﺑ ﺔﻨﻴﻛﺎﳌا ﻞﻤﻌﺘﺴﺗ ﻻ •

.نﺎﻴﻠﻐﻟا ءﺎ وأ ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ناﺰﺨﻟا ﻸ ﻻ •

.ﺔﻨﻴﻛﺎﳌا ﻢﺴﺟ ﻒﻠﺗ ﻦﻣ

ﺎﻓﻮﺧ ﺐﻬﻠﻟا ﻦﻣ بﺮﻘﻟﺎﺑ وأ اﺪﺟ ﻦﺧﺎﺳ ﺢﻄﺳ ﲆﻋ ﺔﻨﻴﻛﺎﳌا ﻊﻀﺗ ﻻ •



.ﺔﻨﻴﻛﺎﳌا ﻦﻣ ةرﺎﺤﻟا ءاﺰﺟﻸﻟ ﺎﺑﺮﻬﻜﻟا ﻞﺒﻜﻟا ﺲﻣﻼﻣ مﺪﻋ ﺐﺠﻳ •

.(ﻦﻧﻮﺑﺮﻜﻟا ﺪﻴﺴﻛأ ﺎﺛ ﺎﻬﻴﻟإ فﺎﻀﻣ) ﺔﻳزﺎﻏ هﺎﻴﻣ ﻞﻤﻌﺘﺴﺗ ﻻ •

.زﺎﻬﺠﻟا ﰲ ةﺒﻛ راﴐأ ﻚﻟذ ﻖﺤﻠﻳ نأ ﻦﻜ .ﺔﻧﻮﺤﻄﳌا ةﻮﻬﻘﻟا ﻦﻋ ﻒﻠﺘﺨﺗ ﴏﺎﻨﻋ ﱰﻠﻔﻟا ﰲ ﻊﻀﺗ ﻻ •

ﻖﺤﻠﻳو ﺪﻤﺠﺘﻳ نأ ﻦﻜ ،ﺔﻧﺎ

ﺨﺴﻟا ﰲ ﻲﻘﺒﺘﳌا ءﺎﳌا نﻷ ،ﺔﻳﻮﺌﻣ ﺔﺟرد 0 ﻦﻋ ﺎﻬﺗراﺮﺣ ﺔﺟرد ﻞﻘﺗ ﺔﺌﻴﺑ ﰲ ﺔﻨﻴﻛﺎﳌا كﱰﺗ ﻻ •

.ﺎﻬﺴﻔﻧ ﺔﻨﻴﻛﺎﳌﺎﺑ راﴐأ

.ﻖﻠﻄﻟا ءاﻮﻬﻟا ﰲ ﺔﻨﻴﻛﺎﳌا ﻞﻤﻌﺘﺴﺗ ﻻ •

.(…ﺎﻫﻏو ﺲﻤﺸﻟاو ﺮﻄﳌا) ﺔﻳﻮﺠﻟا ﻞﻣاﻮﻌﻠﻟ ضﺮﻌﻣ زﺎﻬﺠﻟا كﱰﺗ ﻻ •

ﺔﺤﺴﻤﻣ ﺔﻄﺳاﻮﺑ ﻂﻘﻓ زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ ﺐﺠﻳ ،ﺔﻨﺧﺎﺴﻟا ءاﺰﺟﻷا دﱪﺗ نأ ﺪﻌﺑو ،ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻋ ﺲﺑﺎﻘﻟا ﻞﺼﻓ ﺪﻌﺑ •

ﺎﻘﻠﻄﻣ ﻞﻤﻌﺘﺴﺗ ﻻ)

رﺎﺿ ﻏو ﺪﻳﺎﺤﻣ ﻒ

ﻈﻨﻣ ﻦﻣ تاﺮﻄﻘﻟا ﺾﻌﺑ ﺔﻓﺎﺿإ ﻊﻣ ،ﻒﻴﻔﺧ ﻞﻜﺸﺑ ءﺎﳌﺎﺑ ﺔﺒﻃﺮﻣو ﺔّﻛﺎﺣ ﻏ

.(ﻚﻴﺘﺳﻼﺒﻟا ﻒﻠﺗ ﱃإ يدﺆﺗ تﺎﺒﻳﺬﻣ

ﻖﻳﺮﺑﻹا لﻌﺘﺳا ﺪﻨﻋ تﺎﻬﻴﺒﻨﺗ

ةراﺮﺣ ردﺎﺼﻣ وأ ﺪﻗﻮﻣ قﻮﻓ ةﻮﻬﻘﻟا ﺨﺴﺘﻟ ﻖﻳﺮﺑﻹا ﻞﻤﻌﺘﺴﺗ ﻻ .هﺬﻫ ةﻮﻬﻘﻟا ﺔﻨﻴﻛﺎﻣ ﻊﻣ ﻂﻘﻓ ﻖﻳﺮﺑﻹا ﻞﻤﻌﺘﺳا •

.ةﻮﻬﻘﻟا ﺨﺴﺘﻟ ﻒﻳوﺮﻜﻴﳌا نﺮﻓ ﻞﺧاد ﻖﻳﺮﺑﻹا ﻊﻀﺗ ﻻ .ىﺮﺧأ

.زﺎﻬﺠﻟا ﻊﻣ ةدرﻮﳌا ﺨﺴﺘﻟا ﺔﺤﻴﻔﺼﻟ ﻂﻘﻓ ﻖﻳﺮﺑﻹا لﻌﺘﺳا ﺐﺠﻳ •

ﻖﻳﺮﺑﻹا ﺔﺌﺒﻌﺗ ءﺎﻨﺛأ .جﺎﺟﺰﻟا ﴪﻛ ﺮﻄﺧ :ىﺮﺧأ ءﺎﻴﺷﺄﺑ ﻖﻳﺮﺑﻹا ماﺪﻄﺻا ﳽﺎﺤﺗ .هﴪﻛ ﳾﺎﺤﺘﻟ رﺬﺤﺑ ﻖﻳﺮﺑﻹا ﻊﻓرا •

.ﺔﻴﻔﻨﺤﻟﺎﺑ مﺪﻄﺼﻳ نأ ﳽﺎﺤﺗ ،ءﺎﳌﺎﺑ

.ﺔﻨﺧﺎﺳ حﻮﻄﺳ ﲆﻋ غرﺎﻓ ﻮﻫو ﻖﻳﺮﺑﻹا ﺪﻨﺴﺗ ﻻ •

ءﺎﻣ ﺐﻜﺳ وأ ﻪﻠﻴﺴﻏ ﻞﺒﻗ ﻖﻳﺮﺑﻹا دﱪﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا .ﺔﻟﻮﻠﺒﻣ وأ ةدرﺎﺑ حﻮﻄﺳ ﲆﻋ ﻦﺧﺎﺳ ﻮﻫو ﻖﻳﺮﺑﻹا ﺪﻨﺴﺗ ﻻ •

.ﻪﻠﺧاﺪﺑ درﺎﺑ

.جﺎﺟﺰﻟا شﺪﺨﺗ نأ ﻦﻜ ىﺮﺧأ داﻮﻣ وأ ﺔّﻛﺎﺤﻟا تﺎﻔ

ﻈﻨﳌا وأ ﺔﻴﻧﺪﻌﳌا ﺔﻔﻴﻠﻟا ﺔﻄﺳاﻮﺑ ﻖﻳﺮﺑﻹا ﻒﻈﻨﺗ ﻻ •

.ﲇﺻأ ﺮﺧآ ﻖﻳﺮﺑﺈﺑ ﻪﻟﺪﺒﺘﺳا :ﺖﻗﻮﻟا ﻦﻣ ﺔﻠﻳﻮﻃ ةﱰﻔﻟ ﺔ

ﻓﺎﺠﻟا ﺔﻘﻳﺮﻄﻟﺎﺑ ﻪﻨﻴﺨﺴﺗ ﻢﺗ اذإ ﻖﻳﺮﺑﻹا ﻞﻤﻌﺘﺴﺗ ﻻ •

تﻴﻠﻌﺘﻟا هﺬﻬﺑ ﺎاد ﻆﻔﺘﺣا •

زﺎﻬﺠﻟا تﺎﻔﺻاﻮﻣ

ﻖﻳﺮﺑإ - Aﻞﺒﻜﻟا ءاﻮﺘﺣا ﺰ

ﻴﺣ - K

ﻖﻳﺮﺑﻹا ﺾﺒﻘﻣ - Bﺲﺑﺎﻗ + ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻳﺬﻐﺘﻟا ﻞﺒﻛ - L

ﻖﻳﺮﺑﻹا ءﺎﻄﻏ - Cﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ - M

ﻊﻳزﻮﺘﻟا ﺔ

ﻫﻮﻓ - Dةﻐﺻ ضﺮﻋ ﺔﺷﺎﺷ - N

ﱰﻠﻔﻟا ﻞﻣﺎﺣ

ﺮﻘﻣ - EMODE - O

ءﺎﻣ ناﺰﺧ - FSEL - P

ءﺎﳌا ىﻮﺘﺴﻣ ﴍﺆﻣ - GAUTO - Q

ةﻮﻬﻘﻟا ﱰﻠﻓ - H(HR) ﺔﻋﺎﺴﻟا ﻂﺒﺿ

رز - R

دﺎﻌﺑﻺﻟ ﻞﺑﺎﻗ ﱰﻠﻓ ﻞﻣﺎﺣ - I(MIN) ﻖﺋﺎﻗﺪﻟا ﻂﺒﺿ

رز - S

ناﺰﺨﻟا ءﺎﻄﻏ - J

ءﺎﻔﻃﻹا / (

) ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ

رز - T

ﺔﻴﻨﻓ تﺎﻣﻮﻠﻌﻣ

:ﺔﻴﻟﺎﺘﻟا ﺔﻴﻨﻔﻟا تﺎﻣﻮﻠﻌﳌا ﲆﻋ ﺔﻨﻴﻛﺎﳌا ةﺪﻋﺎﻗ ﻞﻔﺳأ ةﺪﺟاﻮﺘﳌا تﺎﻣﻮﻠﻌﳌا ﺔﺣﻮﻟ يﻮﺘﺤﺗ

CE ﺔﻣﻼﻌﻟاو ﻊﻧﺎﺼﻟا •

(.Mod) ﻞﻳدﻮﳌا •

(SN) ﺔﻋﻮﻤﺠﳌا ﻢﻗر •

(ﺲﺗﻫ) ددﱰﻟاو (ﺖﻟﻮﻓ) ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻳﺬﻐﺘﻟا ﺔ

ﻴﻄﻠﻓ •



(طاو) ﺔﺼﺘﻤﳌا ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ةرﺪﻘﻟا •

ﺔﻧﺎﻴﺼﻟاو ﺔﻳﺎﻋﺮﻟا ﻢﺴﻗ ﻒﺗﺎﻫ ﻢﻗر •

.ﺔﻨﻴﻛﺎﳌا ﻢﻗرو ﻞﻳدﻮﳌا ﺮﻛذ ﺐﺠﻳ ،ﺔﻧﺎﻴﺼﻟاو ﺔﻳﺎﻋﺮﻟا ﺰﻛﺮ لﺎﺼﺗﻻا ﺪﻨﻋ

لﻌﺘﺳﻻا تﻴﻠﻌﺗ

ﺔﻨﻴﻛﺎﳌا ﻞﻴﻐﺸﺗ

.زﺎﻬﺠﻠﻟ ﺔﻴﻨﻔﻟا تﺎﻣﻮﻠﻌﳌا ﺔﺣﻮﻟ ﲆﻋ ﺔﻨﻴﺒﳌا ﺔ

ﻴﻄﻠﻔﻠﻟ ﺔﻳوﺎﺴﻣ ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟا ﺔﻴﻄﻠﻓ نأ ﻦﻣ ﻖﻘﺤﺗ 1

.زﺎﻬﺠﻟا جرﺎﺧ ﻦﻣو ﻞﺧاد ﻦﻣ ﻒﻴﻠﻐﺘﻟا داﻮﻣ ﺪﻌﺑأ 2

وأ ﺎﻴﻠﻴﺑﻮﳌا وأ نارﺪﺠﻟا ﻦﻣ دأ ﺪﺤﻛ ﻢﺳ 10 ﺔﻓﺎﺴﻣ ﲆﻋ زﺎﻬﺠﻟا ﻊﺿ .

ﻮﺘﺴﻣ ﺢﻄﺳ ﲆﻋ زﺎﻬﺠﻟا ﻊﺿ ،ﻚﻟذ ﺪﻌﺑ 3

.ىﺮﺧﻷا ةﺰﻬﺟﻷا

ﻪﻴﺒﻨﺗ

حﻮﻄﺳ ﻦﻳﺪﻠﺗ ﱃإ يدﺆﺗ نأ ﻦﻜ زﺎﻬﺠﻠﻟ ﺔﻴﻟﺎﻌﻟا ةراﺮﺤﻟا ﺔﺟرد .رﴬﻟا ﱃإ زﺎﻬﺠﻟا دﺎﻨﺳإ ﺢﻄﺳ ضﺮﻌﺗ ﺮﻄﺧ

.دﺎﻨﺘﺳﻻا ﺢﻄﺳو زﺎﻬﺠﻟا ﺑ ﺎﻣ ةﺪﺋﺎﻣ ﻞﻳﺪﻨﻣ وأ شﻗ ﺔﻌﻄﻗ ﻊﺿ .دﺎﻨﺘﺳﻻا

ﻪﻴﺒﻨﺗ

سﺎ ﺐﻄﻋ ﱃإ ﺪﺣاو ﺎﺑﺮﻬﻛ ﻂﺨﺑ زﺎﻬﺟ ﻦﻣ ﻛأ ﻚﺒﺷ يدﺆﻳ نأ ﻦﻜ .ﺎﺑﺮﻬﻜﻟا ﻂﺨﻟا ﺔﻟﻮﻤﺣ زوﺎﺠﺗ ﺮﻄﺧ

.ىﺮﺧأ ﺔﻴﻟﺰﻨﻣ ﺔﻴﺋﺎﺑﺮﻬﻛ ةﺰﻬﺟأ ﻦﻣ ﱄﺎﺧ ﺎﺑﺮﻬﻛ ﺬﺧﺄ زﺎﻬﺠﻟا ﻞﺻوأ .ﺎﺑﺮﻬﻛ

.تﺎﺒﻛﺮﳌا ﻒّﻔﺟو ﻒﻄﺷأ .نﻮﺑﺎﺼﻟاو ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ةﻮﻬﻘﻟا ﱰﻠﻓو دﺎﻌﺑﻺﻟ ﻞﺑﺎﻘﻟا ﱰﻠﻔﻟا ﻞﻣﺎﺣو ﻖﻳﺮﺑﻹا ﻞﺴﻏا 4

.(5 ﻞﻜﺷ) ه

ﺮﻘﻣ ﻦﻣ دﺎﻌﺑﻺﻟ ﻞﺑﺎﻘﻟا ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﺪﻌﺑأ 5

.ﱰﻠﻔﻟا ﻞﻣﺎﺣ

ﺮﻘﳌ يﺰﻛﺮﳌا ﺐﻘﺜﻟا ﰲ ﻪﻟﺎﺧدإ ﺐﺠﻳ ،دﺎﻌﺑﻺﻟ ﻞﺑﺎﻘﻟا ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﺮﻌﻗ ﲆﻋ ﺪﺟاﻮﺘﳌا ﻖﻓﺪﺘﻟا مﺻ

ةﺮﻣ لوﻷ ﺔﻨﻴﻛﺎﳌا ﻞﻴﻐﺸﺗ

ﻦﻣ ءﺎﳌا ﻦﻣ ﻘﻳﺮﺑإ ﻞﻗﻷا ﲆﻋ جاﺮﺧإ ﺐﺠﻳ ،لﻌﺘﺳﻻا ﻦﻋ ﻒﻗﻮﺘﻟا ﻦﻣ ةﱰﻓ ﺪﻌﺑ وأ ةﺮﻣ لوﻷ زﺎﻬﺠﻟا ﻞﻴﻐﺸﺗ ﺔﻟﺎﺣ ﰲ

.ﺔﻳ

ﻼﻐﻠﻟ ﺔﻴﻜﻴﻟورﺪﻴﻬﻟا ةﺮﺋاﺪﻟا

ﺪﺤﻟا "12" ىﻮﺘﺴﳌا لدﺎﻌﻳ ."12" ﰲ دﺪﺤﳌا ىﻮﺘﺴﳌا ﺔﻳﺎﻏ ﱃإ (3 ﻞﻜﺷ) درﺎﺒﻟا ﻲﻌﻴﺒﻄﻟا ءﺎﳌﺎﺑ ناﺰﺨﻟا ﻸﻣا 1

.ناﺰﺨﻟا ءﺎﻄﻏ ﻖﻠﻏأ .ةﻮﻬﻘﻟا ﺟﺎﻨﻓ ﻦﻣ دﺪﻋ ﴡﻗأو ءﺎﳌا ﻦﻣ ﴡﻗﻷا

.ﴡﻗﻷا ﺪﺤﻟا ىﻮﺘﺴﻣ ﻦﻋ ﺪﻳﺰﻳ ىﻮﺘﺴﻣ ﱃإ نا

ﺰﺨﻟا

ﺎﻘﻠﻄﻣ ﻸ ﻻ

.ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﰲ ةﻮﻬﻘﻟا ﱰﻠﻓ ﻞﺧﺪﺗ ﻻ ﻞﻴﺴﻐﻟا ﻦﻣ عﻮﻨﻟا اﺬﻬﺑ مﺎﻴﻘﻟا ﺪﻨﻋ

.ض

رﺆﻣ نﻮﻜﻳ نأ ﺐﺠﻳ يﺬﻟا ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﰲ ﺲﺑﺎﻘﻟا ﻞﺧدأ 2

ءﺎﻄﻏ ﲆﻋ ﺢﻴﺤﺼﻟا ﻞﻜﺸﻟﺎﺑ ﺐّﻛﺮﻣ ﻖﻓﺪﺘﻟا مﺻ نا ﻦﻣ ﻖﻘﺤﺗ .(M) ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ غرﺎﻓ ﻖﻳﺮﺑﻹا ﻊﺿ 3

.ﻖﻳﺮﺑﻹا

ﻟ ﺔﻘﻴﻗد 15 ﺮﻈﺘﻧا .ﻖﻳﺮﺑﻹا ﰲ ناﺰﺨﻟا ءﺎﻣ ﻊﻴﻤﺟ لﺰﻨﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا .( ) ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ

رز ﲆﻋ ﻂﻐﺿا 4

.زﺎﻬﺠﻟا دﱪﻳ

.ﻖﻳﺮﺑﻹا ﰲ ناﺰﺨﻟا ءﺎﻣ ﻊﻴﻤﺟ لﺰﻨﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا .ءﺎﳌا ﻦﻣ ﺎﺛ ﻖﻳﺮﺑإ لﻌﺘﺳا لﻼﺧ ﻦﻣ ﺔﻴﻠﻤﻌﻟا ﺪﻋأ 5

.ةﻮﻬﻘﻟا ﻦﻣ ﻖﻳﺮﺑإ لوأ ﻊﻳزﻮﺗو زﺎﻬﺠﻟا ﻀﺤﺗ نﻵا ﻦﻜ

ﺔﻨﻴﻛﺎﳌا ﻀﺤﺗ

.ناﺰﺨﻟا ﻞﺧاد ﰲﺎﻛ ءﺎﻣ دﻮﺟو ﻦﻣ ﻖﻘﺤﺗ ،زﺎﻬﺠﻟا لﺎﻌﺷإ ﻞﺒﻗ

.ءﺎﳌﺎﺑ ناﺰﺨﻟا ﺔﺌﺒﻌﺗ ﺔﻴﻠﻤﻌﺑ مﺎﻴﻘﻟا ﻞﺒﻗ ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻣ ﺲﺑﺎﻘﻟا ﺐﺤﺳ ﺐﺠﻳ



ﺟﺎﻨﻓ دﺪﻋ ﻖﺑﺎﻄﻳ ﻢﻗر ﻞﻛ :12 ﱃإ 2 ﻦﻣ جرﺪﺘﻣ سﺎﻴﻘﻣ ﻪﻟ (G) ىﻮﺘﺴﳌا ﴍﺆﻣ .(J) ناﺰﺨﻟا ءﺎﻄﻏ ﺢﺘﻓا 1

ﻦﻣ نﺎﺠﻨﻓ 2 ﻞﻜﻟ 2) بﻮﻠﻄﳌا ىﻮﺘﺴﳌا ﺔﻳﺎﻏ ﱃإو ناﺰﺨﻟا ﰲ ءﺎﳌا ﺐﻜﺳأ .درﺎﺒﻟا ﻲﻌﻴﺒﻄﻟا ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا ﻸﻣا .ةﻮﻬﻘﻟا

.(ةﻮﻬﻘﻟا ﻦﻣ نﺎﺠﻨﻓ 12 ﻞﻜﻟ 12 و ةﻮﻬﻘﻟا

(M) ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ غرﺎﻓ ﻖﻳﺮﺑﻹا ﻊﺿ 2

!ﻪﻴﺒﻨﺗ

ةﻮﻬﻘﻟا ﺔﺴﻣﻼﻣ ﻦﻋ ﺞﺗﺎﻧ قاﱰﺣا ﺮﻄﺧ .ﺾﺒﻘﳌا ﲆﻋ وأ جﺎﺟﺰﻟا ﲆﻋ رﻮﺴﻛ ﺖﻈﺣﻻ اذإ ﻖﻳﺮﺑﻹا ﻞﻤﻌﺘﺴﺗ ﻻ

.ﻖﻳﺮﺑﻹا ﴪﻛ ﺐﺒﺴﺑ ة

رﺎﺤﻟا

.زﺎﻬﺠﻟا ﻞﻤﻋ ءﺎﻨﺛأ ءﺎﻄﻐﻟا ﲆﻋ ءﳾ يأ ﺪﻨﺴﺗ ﻻ

!ﻪﻴﺒﻨﺗ

.ةﻮﻬﻘﻟا وأ

رﺎﺤﻟا ءﺎﳌا ﻖﺷر وأ شر ﺐﺒﺴﺑ قاﱰﺣﻻا ﺮﻄﺧ ;ةﻮﻬﻘﻟا جوﺮﺧ ءﺎﻨﺛأ ءﺎﻄﻐﻟا ﺢﺘﻔﺗ ﻻ

ﻦﻣ ﺔﺣﻮﺴﻤﻣ ﺔﻘﻌﻠﻣ لدﺎﻌﻳ ةﻮﻬﻘﻟا ﻦﻣ نﺎﺠﻨﻓ .ﱰﻠﻔﻟا ﰲ ةﻮﻬﻘﻟا ﺔﻴﻤﻛ دﺪﺣ .ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﰲ ةﻮﻬﻘﻟا ﱰﻠﻓ ﻊﺿ 3

.ةﻮﻬﻘﻟا قﻮﺤﺴﻣ

.ناﺰﺨﻟا ءﺎﻄﻏ ﻖﻠﻏأ .ةﻮﻬﻘﻟا ﱰﻠﻓ ﺾﺒﻘﻣ ﺾﻔﺧأ 4

ﺾﻴﻣﻮﻟﺎﺑ ﺖﻗﻮﻟا أﺪﺒﻳو ضﺮﻌﻟا ﺔﺣﻮﻟ ﻞﻌﺸﺗ .ض

رﺆﻣ نﻮﻜﻳ نأ ﺐﺠﻳ يﺬﻟا ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﰲ ﺲﺑﺎﻘﻟا ﻞﺧدأ 5

ﺔﺣﻮﻟ ﺄﻔﻄﺗ .ﺪﻴﻛﺄﺘﻠﻟ SEL ﲆﻋ ﻂﻐﺿا .ﲇﺤﳌا ﺖﻴﻗﻮﺘﻟا ﻂﺒﻀﻟ MIN رﺰﻟاو HR رﺰﻟا ﻞﻤﻌﺘﺳا ."

AM 12:00"

رز يأ ﲆﻋ ﻂﻐﻀﻟا ﻢﺘﻳ  اذإ ﺔﻴﻧﺎﺛ 60 لﻼﺧ ضﺮﻌﻟا

ءﺎﻬﺘﻧا ﺔﻳﺎﻏ ﱃإو ﻖﻳﺮﺑﻹا ﰲ ةﻮﻬﻘﻟا جوﺮﺧ ﺮﻈﺘﻧا .ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ ةرود ﻞﻴﻐﺸﺘﻟ (

) ةﻮﻬﻘﻟا

رز ﲆﻋ ﻂﻐﺿا 6

.(ﺟﺎﻨﻔﻟا دﺪﻋ) ةرﺎﺘﺨﳌا ةروﺪﻟا

:ةدﺪﺤﳌا ﻊﻳزﻮﺘﻟا ةرود ءﺎﻬﺘﻧا ﻞﺒﻗ ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ فﺎﻘﻳإ ﻦﻜ 7

;("ةﻮﻬﻘﻟا ﻢﻳﺪﻘﺗ ﻞﺟأ ﻦﻣ ﻒﻗﻮﺘﻟا ﺔﻔﻴﻇو" ﻊﺟار) نﺎﺠﻨﻔﻟا ﺐﺤﺳا -

.ﻪﺴﻔﻧ رﺰﻠﻟ ﺔﻴﺋﻮﻀﻟا ةرﺎﺷﻹا ﺄﻔﻄﺗو (ﻔﺻ) زﺎﻬﺠﻟا رﺪﺼﻳ نأ ﺔﻳﺎﻏ ﱃإ ةﻮﻬﻘﻟا

رز ﲆﻋ ﻂﻐﺿا -

.عﺎﻔﺗرﻻﺎﺑ ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ةراﺮﺣ ﺔﺟرد أﺪﺒﺗ ،(دﻮﺼﻘﻣ وأ ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ) ءﺎﻔﻃﻹا ﺪﻌﺑ

.قاﱰﺣﻼﻟ ضﺮﻌﺘﻟا ةرﻮﻄﺧ نوﺪﺑ ةﻮﻬﻘﻟا مﺪﻘﺗ ﻟو ﺔﻨﺧﺎﺳ ةﻮﻬﻘﻟا ﻰﻘﺒﺗ ﻟ ﻖﻳﺮﺑﻹا ﲆﻋ ءﺎﻄﻐﻟا كﺮﺗأ

.نﺎﺠﻨﻔﻟا ﰲ ﺔﻨﺧﺎﺴﻟا ةﻮﻬﻘﻟا ﺐﻜﺳاو ﻖﻳﺮﺑﻹا ًﻼﻴﻠﻗ ﻞ

ﻣأ .ﺾﺒﻘﳌا لﻼﺧ ﻦﻣ ﻖﻳﺮﺑﻹا لوﺎﻨﺗ 7

.زﺎﻬﺠﻟا ءﺎﻔﻃإ ﻞﺟأ ﻦﻣ (

) ةﻮﻬﻘﻟا

رز ﻲﺧرأو ﻂﻐﺿا 8

.ﻞﻣﺎﻛ ﻞﻜﺸﺑ زﺎﻬﺠﻟا دﱪﻳ نأ ﺣ ﱃإ ﺮﻈﺘﻧا .ناﺰﺨﻟا وأ ﻖﻳﺮﺑﻹا ﰲ ة

رﺎﺣ ﻞﺋاﻮﺳ دﻮﺟو ﺔﻟﺎﺣ ﰲ زﺎﻬﺠﻟا ك

ﺮﺤﺗ ﻻ

ةﻮﻬﻘﻟا ﺺﺘ .ناﺰﺨﻟا ﰲ ﺎﻬﺒﻜﺳ ﻢﺗ ﻲﺘﻟا ءﺎﳌا ﺔﻴﻤﻛ ﻦﻣ ﻂﻴﺴﺑ ﻞﻜﺸﺑ ﻞﻗأ نﻮﻜﺗ ﻖﻳﺮﺑﻹا ﻞﺧاد عزﻮﺗ ﻲﺘﻟا ءﺎﳌا ﺔﻴﻤﻛ

.ءﺎﳌا ﻦﻣ ﻞﻴﻠﻗ ﱰﻠﻔﻟاو

ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ

.ﺔﻋﴪﺑ ﺔﺑﻮﻠﻄﳌا ﺔﻋﺎﺴﻟا ﻂﺒﻀﻟ HR

رز ﲆﻋ راﺮﻤﺘﺳﺎﺑ ﻂﻐﺿا . ﺖﻴﻗﻮﺘﻟا رﺎﻴﺘﺧﻻ HR

رز ﲆﻋ ﻂﻐﺿا 1

.ﺔﻋﴪﺑ ﺔﺑﻮﻠﻄﳌا ﻖﺋﺎﻗﺪﻟا ﻂﺒﻀﻟ MIN

رز ﲆﻋ راﺮﻤﺘﺳﺎﺑ ﻂﻐﺿا .ﻖﺋﺎﻗﺪﻟا رﺎﻴﺘﺧﻻ MIN

رز ﲆﻋ ﻂﻐﺿا 2

.ﻔﺻ زﺎﻬﺠﻟا رﺪﺼﻳ .SEL

رز ﲆﻋ ﻂﻐﺿا ،ﺢﻴﺤﺼﻟا ﻞﻜﺸﻟﺎﺑ ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ ﺪﻨﻋ 3

ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو (

) ﺰﻣﺮﻟا رﺪﺼ

ﻳ نأ ﺔﻳﺎﻏ ﱃإو تاﺮﻣ ﺔﺘﺳ MODE

رز ﲆﻋ ﻂﻐﺿا ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ ةدﺎﻋﻹ 4

.ﺔﻘﺑﺎﺴﻟا طﺎﻘﻨﻟا ﰲ ﺒﻣ ﻮﻫ ﻛ ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ نﻵا ﻦﻜ .ﺾﻴﻣو راﺪﺻﺈﺑ ﺖﻴﻗﻮﺘﻟا أﺪﺒﻳ .SEL

رز

ﺔﻴﻜﻴﺗﺎﻣﻮﺗوﻷا ةروﺪﻟا ﻂﺒﺿ

ﻊﺒﺗا .( ) ﺰﻣﺮﻟا ﻊﻣ PROGRAMM ةرﺎﺒﻋ ﺾﻴﻣو ضﺮﻌﻟا ﺔﺣﻮﻟ ﲆﻋ ﺮﻬﻈﻳ نأ ﺔﻳﺎﻏ ﱃإو AUTO

رز ﲆﻋ راﺮﻤﺘﺳﺎﺑ ﻂﻐﺿا

ﲆﻋ ﺮﻬﻈﻳو ﻔﺻ زﺎﻬﺠﻟا رﺪﺼﻳ .ﺪﻴﻛﺄﺘﻠﻟ SEL وأ AUTO رز ﲆﻋ ﻂﻐﺿا .ﻖﺋﺎﻗﺪﻟاو ﺔﻋﺎﺴﻟا ﻂﺒﻀﻟ ﺖﻴﻗﻮﺘﻟا ﻂﺒﺿ ﺔﻘﻳﺮﻃ

.ﺔﻃﻮﺒﻀﳌا ﺔﻋﺎﺴﻟا ﰲ ةﻮﻬﻗ ﻊﻳزﻮﺗ ةروﺪﺑ زﺎﻬﺠﻟا أﺪﺒﻳ :(

) ﺰﻣﺮﻟاو ﱄﺎﺤﻟا ﺖﻗﻮﻟا ضﺮﻌﻟا ﺔﺣﻮﻟ



.ﺪﻳﺪﺟ ﻦﻣ AUTO رﺰﻟا ﻂﻐﺿ ﻲﻔﻜﻳ ﺎﻘﺒﺴﻣ ةدﺪﺤﳌا ﻂﺒﻀﻟا ﺔﻴﻠﻤﻋو ﻂﻴﻄﺨﺘﻟا لﺎﻄﺑﻹ

ةﻮﻬﻘﻟا ةﻮﻗ ﻂﺒﺿ

.بﻮﻠﻄﳌا قوﺬﻟا ﺐﺴﺣ ةﻮﻬﻘﻟا ةﻮﻗ ﻞﻳﺪﻌﺗ ﻦﻣ ﺢﻤﺴﺗ ﺔﻔﻴﻇو زﺎﻬﺠﻟا ﻦﻤﻀﺘﻳ

ﺔﻳدﺎﻋ

رز ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (

) ﺰﻣﺮﻟا أﺪﺒﻳ .ةﺪﺣاو ةﺮﻣ MODE

رز ﲆﻋ ﻂﻐﺿا

.ﻊﻨﺼﳌا ﻦﻣ ﺔﻃﻮﺒﻀﳌا ﺔﻘﻳﺮﻄﻠﻟ ﺔﻘﺑﺎﻄﻣ ﺔﻘﻳﺮﻄﻟا هﺬﻫ .ﺪﻴﻛﺄﺘﻠﻟ SEL

ﺔﻄﺳﻮﺘﻣ

SEL

رز ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (

) ﺰﻣﺮﻟا أﺪﺒﻳ .ﺗﺮﻣ MODE

رز ﲆﻋ ﻂﻐﺿا

ﺔﺠﻴﺘﻨﻟا نﻮﻜﺗ .ةﻮﻬﻘﻟا ﻦﻣ ﻖﻳﺮﺑإ ﱃإ ﺔﺒﺴﻧ ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ (

) ﺰﻣﺮﻟا ﻂﺒﻀﻳ .ﺪﻴﻛﺄﺘﻠﻟ

.ﺔﻳﺮﻄﻋ ﻛأ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻟا

ﺔﻳﻮﻗ

ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (

) ﺰﻣﺮﻟا أﺪﺒﻳ .تاﺮﻣ ﺔﺛﻼﺛ MODE

رز ﲆﻋ ﻂﻐﺿا

ﱃإ ﺔﺒﺴﻧ ﻊﻘﻨﻟا ﺖﻗوو ةﻮﻬﻘﻟا ﻊﻳزﻮﺗ ﻞﻳﺪﻌﺗ ﲆﻋ (

) رﺰﻟا ﻞﻤﻌﻳ .ﺪﻴﻛﺄﺘﻠﻟ SEL

رز

.ﱪﻛأ ﻞﻜﺸﺑ ﺔﻳﻮﻗ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻟا ﺔﺠﻴﺘﻨﻟا نﻮﻜﺗ .ةﻮﻬﻘﻟا ﻦﻣ ﻖﻳﺮﺑإ

.ﺟﺎﻨﻓ 1-4 ﺔﻘﻳﺮﻃ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (

1-4) ﺰﻣﺮﻟا أﺪﺒﻳ .تاﺮﻣ ﻊﺑرأ MODE

رز ﲆﻋ ﻂﻐﺿا

ﺪﺤﻛ ﺟﺎﻨﻓ 4 دﺪﻌﻟ ةﻮﻬﻘﻟا ﻀﺤﺗ ﻦﻣ 1-4 ﺔﻘﻳﺮﻃ ﺢﻤﺴﺗ .ﺪﻴﻛﺄﺘﻠﻟ SEL

رز ﲆﻋ

ﻂﺒﻀﻳ .ﻖﻳﺮﺑﻹا ﻦﻣ 4 ىﻮﺘﺴﳌ ﺔﻘﺑﺎﻄﻣ ءﺎﳌا ﻦﻣ ﺔﻴﻤﻛ ناﺰﺨﻟا ﰲ ﻊﺿﻮﻳ نأ ﺐﺠﻳ .ﴡﻗأ

ﻞﻀﻓأ ﲆﻋ لﻮﺼﺤﻟا ﻦﻣ ﺢﻤﺴﻳ ﻞﻜﺸﺑ ﻊﻳزﻮﺘﻟا ﺔﻴﻠﻤﻋ ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ (

1-4) ﺰﻣﺮﻟا

.ﴡﻗأ ﺪﺤﻛ ةﻮﻬﻘﻟا ﻦﻣ ﺟﺎﻨﻓ 4 دﺪﻌﻟ ﺐﺳﺎﻨﻣ .ةﻮﻬﻘﻟا ﻦﻣ ﺔﻠﻴﻠﻗ تﺎﻴﻤﻜﻟ ﻢﻌﻃ

جوﺮﺧ ﺔﻳﺎﻏ ﱃإ ﻊﻳزﻮﺘﻟا ﺔﻴﻠﻤﻋ ﺮﻤﺘﺴﺗ ،ءﺎﳌا ﻦﻣ ﱪﻛأ ﺔﻴﻤﻛ ناﺰﺨﻟا ﰲ ﺪﺟاﻮﺘﻣ نﺎﻛ اذإ

.ﻖﻳﺮﺑﻹا ﱃإ ﻪﻠﻣﺎﻜﺑ ءﺎﳌا

.ةﻮﻬﻘﻟا ﻊﻳزﻮﺘﺑ أﺪﺒﻳو ﻔﺻ زﺎﻬﺠﻟا رﺪﺼﻳ .(

) ةﻮﻬﻘﻟا

رز ﲆﻋ ﻂﻐﺿا ،بﻮﻠﻄﳌا ﻂﺒﻀﻟا رﺎﻴﺘﺧا ﺪﻌﺑ

ةﻮﻬﻘﻟا ﻢﻳﺪﻘﺗ ﻞﺟأ ﻦﻣ ﻒﻗﻮﺘﻟا ﺔﻔﻴﻇو

.ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﻦﻋ ﻖﻳﺮﺑﻹا دﺎﻌﺑإ ﻲﻔﻜﻳ ،ﻖﻳﺮﺑﻹا ﻞﺧاد ﻊﻳزﻮﺘﻟا ﺔﻴﻠﻤﻋ ءﺎﻬﺘﻧا ﻞﺒﻗ ةﻮﻬﻘﻟا ﻢﻳﺪﻘﺘﻟ

.ﻖﻳﺮﺑﻹا دﺎﻌﺑإ ﻞﺒﻗ ﻞﻗﻷا ﲆﻋ نﺎﺠﻨﻓ 2 ﻊﻳزﻮﺗ ﺮﻈﺘﻧا

.ﻊﻳزﻮﺘﻟا ةرود ةدﺎﻌﺘﺳﻻ ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ ﻖﻳﺮﺑﻹا ﻊﺿ .ﺔﻴﻧﺎﺛ 30 ةﺪﳌ ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ ﻊﻳزﻮﺘﻟا ﺔﻴﻠﻤﻋ ﻒﻗﻮﺘﺗ

ﻪﻴﺒﻨﺗ

ﺔﺤﻴﻔﺻ ﲆﻋ ﻖﻳﺮﺑﻹا ﻊﺿو ﺐﺠﻳ .ﻊﻳزﻮﺘﻟا ﺔﻫﻮﻓ ﻦﻣ جﺮﺨﺗ ﻲﺘﻟا ةرﺎﺤﻟا ةﻮﻬﻘﻟا ﺔﺴﻣﻼﻣ ﺐﺒﺴﺑ قاﱰﺣﻻا ﺮﻄﺧ

.ﺎﻫدﺎﻌﺑإ ﻦﻣ ﺔﻴﻧﺎﺛ 30 لﻼﺧ ﺨﺴﺘﻟا

اﺬﻟا ءﺎﻔﻃﻹا ﺔﻔﻴﻇو

ﺔﻨﻴﻛﺎﳌا ﺔﻔﻴﻇﻮﻟا هﺬﻫ ﻊﻀﺗ .ﺔﻘﻴﻗد 40 ﺪﻌﺑ ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ ﺄﻔﻄﺗ ،ﺔﻣﺪﺨﺘﺴﻣ ﻏ ﺎﻬﻨﻜﻟو ،ﺔﻠﻌﺸﻣ ﺔﻨﻴﻛﺎﳌا ﺖﻧﺎﻛ اذإ

.ﺨﺴﺘﻟا ﻒﺋﺎﻇو ﻊﻴﻤﺟ ﻞﻄﺒﺗو (stand-by) لﻌﺘﺳﻼﻟ ةﺰﻫﺎﺟ ﺔﻟﺎﺣ ﰲ

ﺎﺛ ةﻮﻬﻗ ﻖﻳﺮﺑإ ﻀﺤﺗ ﺔﻴﻔﻴﻛ

.ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻣ ﺲﺑﺎﻘﻟا ﺐﺤﺳا .ﺔﻨﻴﻛﺎﳌا ﺄﻔﻄﺗ .( ) ةﻮﻬﻗ

رز ﲆﻋ ﻂﻐﺿا

ﻪﻴﺒﻨﺗ

ﺮﻈﺘﻧا .ناﺰﺨﻟا ﰲ ءﺎﳌا ﻊﺿو ﻞﺒﻗ دأ ﺪﺤﻛ ﺔﻘﻴﻗد 15 ﺮﻈﺘﻧا .رﺎﺨﺒﻟا وأ

رﺎﺤﻟا ءﺎﳌا ﻖﺷر ﺐﺒﺴﺑ قاﱰﺣﻻا ﺮﻄﺧ

.زﺎﻬﺠﻟا ﻦﻣ ﺔﻨﺧﺎﺴﻟا ءاﺰﺟﻷا دﱪﺗ نأ ﺣ ﱃإ

ﺖﺤﺗ ءﺎﳌا ىﻮﺘﺴﻣ نﺎﻛ اذإ ةﻮﻬﻘﻟا ﻊﻳزﻮﺘﺑ أﺪﺒﺗ ﻻ .ناﺰﺨﻟا ﰲ

فﺎﻛ ءﺎﻣ دﻮﺟو ﻦﻣ ﻖﻘﺤﺗ ،ةﻮﻬﻘﻟا ﻊﻳزﻮﺘﺑ ءﺪﺒﻟا ﻞﺒﻗ

.دﻷا ﺪﺤﻟا ىﻮﺘﺴﻣ



ﻦﻣ ةﻮﻬﻘﻟا تﺎﻔ

ﻠﺨﻣ ﺪﻌﺑأ .ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﻦﻣ ةﻮﻬﻘﻟا ﱰﻠﻓ ﺐﺤﺳا .ةﻮﻬﻘﻟا ﱰﻠﻓ ﺾﺒﻘﻣ ﻊﻓرا .زﺎﻬﺠﻟا ءﺎﻄﻏ ﺢﺘﻓا 1

.ﱰﻠﻔﻟا

ﻲﻌﻴﺒﻄﻟا ءﺎﳌﺎﺑ ناﺰﺨﻟا ﻸﻣا .ﻒﻴﻈﻨﻟاو درﺎﺒﻟا ءﺎﳌﺎﺑ ﱰﻠﻔﻟا ﻞﻣﺎﺣو ﻖﻳﺮﺑﻹا ﻒﻄﺷأ .زﺎﻬﺠﻟا ﻦﻣ ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﺪﻌﺑأ 2

.بﻮﻠﻄﳌا ىﻮﺘﺴﳌا ﺔﻳﺎﻏ ﱃإ درﺎﺒﻟا

.(M) ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ غرﺎﻓ ﻖﻳﺮﺑﻹا ﻊﺿ 3

ﰲ ةﻮﻬﻘﻟا ﺔﻴﻤﻛ دﺪﺣ .(6 ﻞﻜﺷ) ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﻞﺧاد ةﻮﻬﻘﻟا ﱰﻠﻓ ﻊﺿ .(5 ﻞﻜﺷ) ه

ﺮﻘﻣ ﰲ ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﻊﺿ 4

.ةﻮﻬﻘﻟا قﻮﺤﺴﻣ ﻦﻣ ﺔﺣﻮﺴﻤﻣ ﺔﻘﻌﻠﻣ لدﺎﻌﻳ ةﻮﻬﻘﻟا ﻦﻣ نﺎﺠﻨﻓ .ﱰﻠﻔﻟا

.ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﰲ ﺲﺑﺎﻘﻟا ﻞﺧدأ .ءﺎﻄﻐﻟا ﻖﻠﻏأ 5

.ةﻮﻬﻘﻟا ﻊﻳزﻮﺘﺑ ﺔﻨﻴﻛﺎﳌا أﺪﺒﺗ .(

) ةﻮﻬﻗ

رز ﲆﻋ ﻂﻐﺿا 6

ةﺬﻳﺬﻠﻟا ةﻮﻬﻘﻟا ﻦﻣ نﺎﺠﻨﻓ داﺪﻋﻹ ةﺪﻴﻔﻣ ﺢﺋﺎﺼﻧ

ﻞﻜﺸﺑ ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﺔﻟازإو ﻒﻴﻈﻨﺘﻟا ﺔﻴﻠﻤﻋ يﺮﺟأ .زﺎﻬﺠﻟا ﺔﻓﺎﻈﻧ ﲆﻋ ظﺎﻔﺤﻟا ﺐﺠﻳ ،ةﺬﻳﺬﻟ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻠﻟ

."زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ" ةﺮﻘﻓ ﰲ ﺒﻣ ﻮﻫ ﺎﻣ ﺐﺴﺣ ﻢﻈﺘﻨﻣ

.ﻒﻴﻈﻧو درﺎﺑ ءﺎﻣ ﺎاد ﻞﻤﻌﺘﺳا

ﱪﻛأ ﺔﻴﻤﻛ لﻌﺘﺳا ﺐﻠﻄﺘﻳ .ﺔﻤﺳدو ﺔﻳﻮﻗ ﺔﻬﻜﻨﺑ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻟا ﻢﺘﻳ ،ﻢﻋﺎﻧ ﻞﻜﺸﺑ ﺔﻧﻮﺤﻄﻣ ةﻮﻬﻗ ماﺪﺨﺘﺳا ﺪﻨﻋ

ﺔﻧﻮﺤﻄﻣ ةﻮﻬﻗ لﻌﺘﺳا ﺪﻨﻋ ﺎﻬﻴﻠﻋ لﻮﺼﺤﻟا ﻢﺘﻳ ﻲﺘﻟا ﺔﻬﻜﻨﻟا ﲆﻋ لﻮﺼﺤﻟا ﻞﺟأ ﻦﻣ يدﺎﻋ ﻞﻜﺸﺑ ﺔﻧﻮﺤﻄﳌا ةﻮﻬﻘﻟا ﻦﻣ

.ﻢﻌﻧأ ﻞﻜﺸﺑ

.ﺔﺟﻼﺜﻟا ﰲ ﺎﻬﻌﺿ ﻢﺛ ،ﻢﻜﺤﻣ ﻞﻜﺸﺑ ﺔﺣﻮﺘﻔﳌا تﺎﻔﻠﻐﳌا ﻖﻠﻏأ .فﺎﺟو درﺎﺑ نﺎﻜﻣ ﰲ ةﻮﻬﻘﻟا قﻮﺤﺴ ﻆﻔﺘﺣا

.ﺎﻫداﺪﻋﺈﺑ مﺎﻴﻘﻟا ﻞﺒﻗ ﺎﻬﻨﺤﻃا ﻢﺛ ،بﻮﺒﺣ ﻞﻜﺷ ﲆﻋ ةﻮﻬﻘﻟا يﱰﺷا ،ةزﺎﺘﻤﻣ ةﻮﻬﻗ ﲆﻋ لﻮﺼﺤﻠﻟ

.ﺎﻫﻀﺤﺗ ﻦﻣ ءﺎﻬﺘﻧﻻا رﻮﻓ ﺎﻬﻟ ﺔﻬﻜﻧ ﻞﻀﻓأ ﱃإ ةﻮﻬﻘﻟا ﻞﺼﺗ .ﺪﻴﺟ ﺎﻬﻤﻌﻃ نﻮﻜﻳ ﻻ ﺪﻳﺪﺟ ﻦﻣ ﺎﻬﻨﻴﺨﺴﺗ ﻢﺘﻳ ﻲﺘﻟا ةﻮﻬﻘﻟا

ةﱰﻔﻟ ﺔﺼﻤﺤﳌا ةﻮﻬﻘﻟا ﻦﻣ ﺞﻳﺰﻣ لﻌﺘﺳا ﻦﻋ ﺞﺗﺎﻧ نﻮﻜﻳ نأ ﻦﻜ ،ةﻮﻬﻘﻟا ﺢﻄﺳ ﲆﻋ ﺖﻳﺰﻟا ﻦﻣ ةﻐﺻ تاﺮﻄﻗ دﻮﺟو

.ﻢﻈﺘﻨﻣ ﻞﻜﺸﺑ ﻒﻴﻈﻨﺘﻟا ﺔﻴﻠﻤﻋ يﺮﺟأ :ﺖﻗﻮﻟا ﻦﻣ ﺔﻠﻳﻮﻃ

زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ

ءاﺰﺟأ ﻚﻓ ﱃإ جﺎﺘﺤﺗ ﺔﻴﻠﻤﻋ يأ .ﺎﻬﺤﻴﻠﺼﺗ مﺪﺨﺘﺴﳌا نﺎﻜﻣﺈﺑ ءاﺰﺟأ ﲆﻋ يﻮﺘﺤﻳ ﻻ .ﺔﻠﻴﻠﻗ ﺔﻧﺎﻴﺻ ﱃإ زﺎﻬﺠﻟا اﺬﻫ جﺎﺘﺤﻳ

.ضﺮﻐﻟا اﺬﻬﻟ ل

ﻮﺨﻣ ﺔﻧﺎﻴﺻ ﺰﻛﺮﻣ ﺎﻬﺑ مﻮﻘﻳ نأ ﺐﺠﻳ ،زﺎﻬﺠﻟا ﻦﻣ

!ﻪﻴﺒﻨﺗ

ﺬﺧﺄﳌا ﻦﻋ لﻮﺼﻔﻣ ﺲﺑﺎﻘﻟاو ةﺄﻔﻄﻣ ﺔﻨﻴﻛﺎﳌا نﻮﻜﺗ ﺎﻣﺪﻨﻋ ﺎﻘﺣﻻ ﺔﻨﻴﺒﳌا ﺔﻓﺎﻈﻨﻟا تﺎﻴﻠﻤﻋ ﻊﻴﻤﺟ ﻢﺘﺗ نأ ﺐﺠﻳ

.ﺎﺑﺮﻬﻜﻟا

!ﻪﻴﺒﻨﺗ

ﺔﻧﺎﻴﺻ تﺎﻴﻠﻤﻋ ﺎﻬﻟ تﺮﺟ اذإ ﺖﻗﻮﻟا ﻦﻣ ﺔﻠﻳﻮﻃ ةﺪﳌ ﺪﻴﺟ ﻞﻜﺸﺑ ﺎﻬﻠﻤﻋو ﺔﻨﻴﻛﺎﳌا ﺔﻣﻼﺳ ﲆﻋ ظﺎﻔﺤﻟا ﻢﺘﻳ

.ﴍﺎﺒﻣ ﻞﻜﺸﺑ ﻖﻓﺪﺘﻣ ءﺎﻣ ﻞﻤﻌﺘﺴﺗ ﻻ .نﻮﺤﺼﻟا ﺔﻟﺎﺴﻏ ﻞﺧاد .ﻢﻈﺘﻨﻣ ﻞﻜﺸﺑ ﻒﻴﻈﻨﺗو

!ﻪﻴﺒﻨﺗ

.ةدرﺎﺑ ﻲﻫو ﺔﻨﻴﻛﺎﳌا ﲆﻋ ﺔﻴﻠﻤﻋ يأ ﻢﺘﺗ نأ ﺐﺠﻳ

ﱰﻠﻔﻟا ﻞﻣﺎﺣو ﱰﻠﻔﻟا ﻒﻴﻈﻨﺗ

جزﺎﻄﻟا ءﺎﳌﺎﺑ ﱰﻠﻔﻟا ﻒﻄﺷأ .ﱰﻠﻔﻟا ﻦﻣ ةﻮﻬﻘﻟا تﺎﻔ

ﻠﺨﻣ ﺪﻌﺑأ .ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﻦﻣ ةﻮﻬﻘﻟا ﱰﻠﻓ ﺐﺤﺳا ،لﻌﺘﺳا ﻞﻛ ﺪﻌﺑ

.نﻮﺑﺎﺼﻟاو ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ﻪﻠﺴﻏاو ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﺐﺤﺳا .ﻒﻴﻈﻨﻟاو



ﻖﻳﺮﺑﻹا ﻒﻴﻈﻨﺗ

!ﻪﻴﺒﻨﺗ

ﺔﺌﺒﻌﺗ ءﺎﻨﺛأ .جﺎﺟﺰﻟا ﴪﻛ ﺮﻄﺧ :ىﺮﺧأ ءﺎﻴﺷﺄﺑ ﻖﻳﺮﺑﻹا ماﺪﻄﺻا ﳽﺎﺤﺗ .هﴪﻛ ﳾﺎﺤﺘﻟ رﺬﺤﺑ ﻖﻳﺮﺑﻹا ﻊﻓرا

.ﺔﻴﻔﻨﺤﻟﺎﺑ مﺪﻄﺼﻳ نأ ﳽﺎﺤﺗ ،ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا

ﻒ

ﻈﻧ .ةﺎﺷﺮﻔﺑ ﺔﻧﺎﻌﺘﺳﻻا لﻼﺧ ﻦﻣ ةﻮﻬﻘﻟا تﺎﻔﻠﺨﻣ ﻦﻣ ﻖﻳﺮﺑﻹا ءﺎﻄﻏ ﻞﺴﻏأ .نﻮﺑﺎﺼﻟاو ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا ﻒﻄﺷأ

ﺔّﻛﺎﺣ داﻮﻣ وأ ﺔﻴﻧﺪﻌﻣ ﺔﻔﻴﻟ ﻞﻤﻌﺘﺴﺗ ﻻ .ﻲﺟﺎﺟﺰﻟا ﺢﻄﺴﻟا ﻒﻠﺗ ﳾﺎﺤﺘﻟ ﺔﻤﻋﺎﻧو ﺔﺒﻃر شﻗ ﺔﻌﻄﻗ ﺔﻄﺳاﻮﺑ ﻖﻳﺮﺑﻹا

.ىﺮﺧأ

ناﺰﺨﻟا ﻒﻴﻈﻨﺗ

.ﺔﺒﻃر شﻗ ﺔﻌﻄﻗ وأ ﺞﻨﻔﺳإ ﺔﺤﺴﻤﻣ لﻌﺘﺳا لﻼﺧ ﻦﻣو يرود ﻞﻜﺸﺑ ناﺰﺨﻟا ﻞﺧاد ﻒﻴﻈﻨﺗ ﺢﺼﻨﻳ

ﺔﻨﻴﻛﺎﳌا ﻢﺴﺟ ﻒﻴﻈﻨﺗ

!ﻪﻴﺒﻨﺗ

.ﺔﻨﻴﻛﺎﳌا ﻢﺴﺟ ﻒﻠﺗ ﻦﻣ ﺎﻓﻮﺧ ﺔّﻛﺎﺣ ﻏو ﺔﺒﻃر ﺔﺤﺴﻤﻣ لﻌﺘﺳا لﻼﺧ ﻦﻣ ﺔﻨﻴﻛﺎﳌا ﻦﻣ ﺔﺘﺑﺎﺜﻟا ءاﺰﺟﻷا ﻒ

ﻈﻧ

اﺬﻟا ﻒﻴﻈﻨﺘﻟا

.ﻞﻗﻷا ﲆﻋ ﺮﻬﺸﻟا ﰲ ةﺮﻣ زﺎﻬﺠﻟا ﻒ

ﻈﻧ

.ﻴﺗﺎﻣﻮﺗوﻷا ﻒﻴﻈﻨﺘﻟا ةرود ﺬﻴﻔﻨﺗ ﻞﺒﻗ ناﺰﺨﻟا ﻦﻣ هﺪﻌﺑأ ،(ﻞﺼﻔﻨﻣ ﻞﻜﺸﺑ عﺎﺒﻳ) ءﺎﳌا ﱰﻠﻓ ﺖﻳﱰﺷا اذإ

ﺞﻳﺰﳌا ﺐﻜﺳأ .ﻒﻴﻈﻨﻟاو درﺎﺒﻟا ءﺎﳌا ﻦﻣ ﺟﺎﻨﻓ 4 و ﺾﻴﺑﻷا ﻞﺨﻟا ﻦﻣ ﺟﺎﻨﻓ 6 ﻦﻣ نﻮﻜﻣ ﺞﻳﺰ ﻖﻳﺮﺑﻹا ﻸﻣا 1

.ناﺰﺨﻟا ﰲ

.ءﺎﻄﻐﻟا ﻖﻠﻏأ .ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﰲ نﺎﺠﻨﻓ 8-12 رﺎﻴﻋ قرﻮﻟا ﻦﻣ ﱰﻠﻓ ﻊﺿ 2

.ﺪﻴﻛﺄﺘﻠﻟ SEL

رز ﲆﻋ ﻂﻐﺿا .ﺾﻴﻣو راﺪﺻﺈﺑ (

) ﺰﻣﺮﻟا أﺪﺒﻳ .تاﺮﻣ ﺔﺴﻤﺧ MODE

رز ﲆﻋ ﻂﻐﺿا 3

ﺞﻳﺰﳌا ﻦﻣ ءﺰﺟ ﺐﻫﺬﻳ .ﻴﺗﺎﻣﻮﺗوﻷا ﻒﻴﻈﻨﺘﻟا ةروﺪﺑ أﺪﺒﻳو ﻔﺻ زﺎﻬﺠﻟا رﺪﺼﻳ .(

) ةﻮﻬﻗ

رز ﲆﻋ ﻂﻐﺿا 4

ﻞﺧاد ﱃإ

ﺎﻴﻠﻛ ﻞﺼﺗ نأ ﻞﺒﻗ ﺎﺒﻳﺮﻘﺗ ﺔﻘﻴﻗد 30 ةﺪﳌ ﺔﻨﻴﻛﺎﳌا ﺮﺋاود ﰲ ﺎﻫزﺎﺠﺘﺣا ﻢﺘﻳ ﺔﻴﻘﺒﻟا ﻨﻴﺑ ،ﻖﻳﺮﺑﻹا ﻞﺧاد ﱃإ

زﺎﻬﺠﻟا رﺪﺼﻳ ،اﺬﻟا ﻒﻴﻈﻨﺘﻟا ةرود ءﺎﻬﺘﻧا ﺪﻨﻋ .ﺔﻘﻴﻗد 40-60 ةﺪﻣ ﻴﺗﺎﻣﻮﺗوﻷا ﻒﻴﻈﻨﺘﻟا ةرود موﺪﺗ .ﻖﻳﺮﺑﻹا

.ﻴﺗﺎﻣﻮﺗوأ ﻞﻜﺸﺑ ﺄﻔﻄﻳو ﻔﺻ

.ﻒﻴﻈﻨﻟاو درﺎﺒﻟا ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا ﻒﻄﺷأ 5

ءﺎﳌا ﺎﻳﺎﻘﺑ ﻦﻣ زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ ﲆﻋ ﺔﻴﻠﻤﻌﻟا هﺬﻫ ﺪﻋﺎﺴﺗ .درﺎﺒﻟا ﻲﻌﻴﺒﻄﻟا ءﺎﳌا ﻦﻣ ﻖﻳﺮﺑإ 2-3 ع

زو ،ةﻮﻬﻘﻟا داﺪﻋإ ﻞﺒﻗ

.ﻞﺨﻟاو

ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﺔﻟازإ

ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﻞﻴﻜﺸﺗ ﻦﻣ ﺪﺤﻟاو ﻢﻈﺘﻨﻣ ﻞﻜﺸﺑ ﺎﻬﻔﻴﻈﻨﺗ لﻼﺧ ﻦﻣ ﺖﻗﻮﻟا ﻦﻣ ﺔﻠﻳﻮﻃ ةﺪﳌ ﺔﻨﻴﻛﺎﳌا ﲆﻋ ظﺎﻔﺤﻟا ﻢﺘﻳ

ﺔﺒﺴﻧ ﲆﻋ يﻮﺘﺤﻳ ﳼﺎﻗ ءﺎﻣ لﻌﺘﺳﻻ ﺔﺠﻴﺘﻧ ﺖﻗﻮﻟا ﻦﻣ ةﱰﻓ ﺪﻌﺑ ةذﺎﺷ ﺔﻘﻳﺮﻄﺑ ﺔﻨﻴﻛﺎﳌا ﻞﻤﻋ ﺔﻟﺎﺣ ﰲ ﻦﻜﻟو .ﺎﻬﻠﺧاﺪﺑ

اﺬﻬﻟو .ﺔﻨﻴﻛﻠﻟ ذﺎﺸﻟا ﻞﻤﻌﻟا ﻦﻣ ﺺﻠﺨﺘﻠﻟ ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﺔﻟازإ ﲆﻋ ﻞﻤﻌﻟا ﺔﻟﺎﺤﻟا هﺬﻫ ﰲ ﺐﺠﻳ ،ﺲﻠﻜﻟا ﻦﻣ ﺔﻴﻟﺎﻋ

ﲆﻋ رﻮﺜﻌﻟا ﻦﻜ .Ariete ﺔﻛﴍ ﻪﺠﺘﻨﺗ يﺬﻟاو ﻚﻳﱰﺴﻟا ﺾﻣﺎﺣ ﻦﻣ نﻮﻜﳌا NOCAL ﺞﺘﻨﻣ ﻂﻘﻓ ﻞﻤﻌﺘﺴﻳ ضﺮﻐﻟا

ﻖﺤﻠﺗ ﻲﺘﻟا راﴐﻷا ﻦﻋ ﺔﻴﻟﻮﺌﺴﻣ يأ Ariete ﺔﻛﴍ ﻞﻤﺤﺘﺗ .Ariete ﺔﻛﴩﻟ ﺔﻌﺑﺎﺘﻟا ﺔﻧﺎﻴﺼﻟا ﺰﻛاﺮﻣ ﰲ ﺔﻟﻮﻬﺴﺑ ﺞﺘﻨﳌا اﺬﻫ

.ﺔﻳوﻴﻛ تﺎﻓﺎﻀﻣ ﲆﻋ يﻮﺘﺤﺗ ﺔﻘﺋﻻ ﻏ تﺎﺠﺘﻨﻣ لﻌﺘﺳﻻ ﺔﺠﻴﺘﻧ ،ةﻮﻬﻘﻟا ﺔﻨﻴﻛﺎﳌ ﺔﻴﻠﺧاﺪﻟا تﺎﺒﻛﺮﳌﺎﺑ

ﻦﻣ ﺔﻴﻟﺎﻋ ﺔﺒﺴﻧ ﲆﻋ يﻮﺘﺤﻳو ًاﺪﺟ ﺴﻋ ﻞﻤﻌﺘﺴﳌا ءﺎﳌا نﺎﻛ اذإ .ﺮﻬﺸﻟا ﰲ ةﺮﻣ ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا ﺔﻟازإ ﺔﻴﻠﻤﻋ يﺮﺟأ

.ﻋﻮﺒﺳأ ﻞﻛ ةﺮﻣ ﻒﻴﻈﻨﺘﻟا ﺔﻴﻠﻤﻋ يﺮﺟأ ،ﺔﻴﺴﻠﻜﻟا تﺎﺒﺳﱰﻟا

.ﻒﻴﻈﻨﻟاو درﺎﺒﻟا ءﺎﳌا ﻦﻣ ﺟﺎﻨﻓ 3 و ﺾﻴﺑﻷا ﻞﺨﻟا ﻦﻣ نﺎﺠﻨﻓ 1 ﻦﻣ نﻮﻜﻣ ﺞﻳﺰ ﻖﻳﺮﺑﻹا ﻸﻣا 1

.ناﺰﺨﻟا ﰲ ﺞﻳﺰﳌا ﺐﻜﺳأ 2



.ﻒﺼﻨﻟا ىﻮﺘﺴﻣ ﱃإ ﻖﻳﺮﺑﻹا ﻸﺘ نأ ﺔﻳﺎﻏ ﱃإ ﺮﻈﺘﻧاو ﻊﻳزﻮﺘﻟا ةرود أﺪﺑا 3

.ﺄﻔﻄﻳ زﺎﻬﺠﻟا .(

) ةﻮﻬﻗ

رز ﲆﻋ ﻂﻐﺿا 4

.قﻼﻃﻹا ﲆﻋ ﺔﻴﻌﻴﺒﻃ ةﺮﻫﺎﻈﻟا هﺬﻫ رﺎﺒﺘﻋا ﺐﺠﻳ ،رﺎﺨﺒﻟا روﺪﺻ رﺎﻈﺘﻧا ةﱰﻓ ءﺎﻨﺛأ رﺎﺨﺑ ﺚﻔﻧ عﺳ ﺔﻟﺎﺣ ﰲ

.ﺔﻘﻴﻗد 15 ةﺪﳌ دﱪﻳ ءﺎﳌا كﺮﺗا .ﻖﻳﺮﺑﻹا ﻞﺧاد ﱃإ لوﺰﻨﻟا ﻦﻋ ءﺎﳌا ﻒﻗﻮﺘﻳ ﺎﻣﺪﻨﻋ ﻖﻳﺮﺑﻹا دﺎﻌﺑإ ﻦﻜ 5

.ﺨﺴﺘﻟا ﺔﺤﻴﻔﺻ ﲆﻋ ﻖﻳﺮﺑﻹا ﻊﺿ .ءﺎﻄﻐﻟا ﻖﻠﻏأ .ناﺰﺨﻟا ﰲ ﻖﻳﺮﺑﻹا ﻞﺧاد ﺪﺟاﻮﺘﳌا ﺞﻳﺰﳌا ﺐﻜﺳأ 6

لوﺰﻨﻟا ﻦﻋ ءﺎﳌا ﻒﻗﻮﺘﻳ ﺎﻣﺪﻨﻋ ﻖﻳﺮﺑﻹا دﺎﻌﺑإ ﻦﻜ .ﻖﻳﺮﺑﻹا ﺊﻠﺘ نأ ﺣ ﱃإ ﺮﻈﺘﻧاو ﻊﻳزﻮﺘﻟا ةروﺪﺑ ﺔﻴﻧﺎﺛ أﺪﺑا 7

.ﻖﻳﺮﺑﻹا ﻞﺧاد ﱃإ

.ﺄﻔﻄﻳ زﺎﻬﺠﻟا .(

) ةﻮﻬﻗ

رز ﲆﻋ ﻂﻐﺿا 8

.ﱰﻠﻔﻟا ﻞﻣﺎﺣ ﰲ ﻞﺧﺪﻣ ﱰﻠﻔﻟا نأ ﻦﻣ ﻖﻘﺤﺗ .زﺎﻬﺠﻟا دﱪﻳ ﻟ ﺔﻘﻴﻗد 15 ﺮﻈﺘﻧا 9

ةرود ءﺎﻬﺘﻧا ﺪﻨﻋ .زﺎﻬﺠﻠﻟ ﺔﻴﻠﺧاﺪﻟا تاروﺪﻟا ﻒﻴﻈﻨﺘﻟ ﻊﻳزﻮﺘﻟا ةرود ﺪﻋأو جزﺎﻄﻟا ﻲﻌﻴﺒﻄﻟا ءﺎﳌﺎﺑ ﻖﻳﺮﺑﻹا ﻸﻣا 10

.ﻖﻳﺮﺑﻹا غ

ﺮﻓ .زﺎﻬﺠﻟا ﺄﻔﻃأو (

) ةﻮﻬﻘﻟا رز ﲆﻋ ﻂﻐﺿا ﻒﻄﺸﻟا

.ءاﺰﺟﻷا ﻊﻴﻤﺟ ﻒﻔﺟ .نﻮﺑﺎﺼﻟاو ﻦﺧﺎﺴﻟا ءﺎﳌﺎﺑ ةﻮﻬﻘﻟا ﱰﻠﻓو دﺎﻌﺑﻺﻟ ﻞﺑﺎﻘﻟا ﱰﻠﻔﻟا ﻞﻣﺎﺣو ﻖﻳﺮﺑﻹا ﻞﺴﻏا 11

.ﺔﻤﻋﺎﻧ شﻗ ﺔﻌﻄﻗ ﺔﻄﺳاﻮﺑ ﻲﺟرﺎﺨﻟا ءﺰﺠﻟا ﻒ

ﻈﻧ ،زﺎﻬﺠﻟا دﱪﻳ ﺎﻣﺪﻨﻋ 12

زﺎﻬﺠﻟا ﻆﻔﺣ ﺔﻘﻳﺮﻃ

.ﺎﺑﺮﻬﻜﻟا ﺬﺧﺄﳌا ﻦﻋ ﺲﺑﺎﻘﻟا ﻞﺼﻓا 1

فﺎﺟو درﺎﺑ نﺎﻜﻣ ﰲ زﺎﻬﺠﻟا ﻊﺿ 2

.ﻪﻟﻌﺘﺳا مﺪﻋ ءﺎﻨﺛأ ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟﺎﺑ لﻮﺻﻮﻣ زﺎﻬﺠﻟا كﱰﺗ ﻻ

ﻞﻤﻌﻟا ﻦﻋ ﺔﻨﻴﻛﺎﳌا فﺎﻘﻳإ

تﺎﺒّﻛﺮﳌا ﻒﻈﻧ .ءﺎﳌا ﻦﻣ ﻖﻳﺮﺑﻹاو ناﺰﺨﻟا ﻎﻳﺮﻔﺗو ﺔﻴﺋﺎﺑﺮﻬﻜﻟا ﺔﻜﺒﺸﻟا ﻦﻋ ﺎﻬﻠﺼﻓ ًﻻوأ ﺐﺠﻳ ،ﺔﻨﻴﻛﺎﳌا ﺐﻄﻋ ﺔﻟﺎﺣ ﰲ

داﻮﳌا زﺮﻓ ﲆﻋ ﺔﻟﺎﺤﻟا هﺬﻫ ﰲ ﻞﻤﻌﻟا ﺐﺠﻳ ،ﺎﻫﺮﻤﻋ ءﺎﻬﺘﻧا ﺪﻌﺑ ﺔﻨﻴﻛﺎﳌا ﻢﻴﻄﺤﺗ ﺔﻟﺎﺣ ﰲ .("زﺎﻬﺠﻟا ﻒﻴﻈﻨﺗ" ةﺮﻘﻓ ﻊﺟار)

.ةﺪﺋﺎﺴﻟا ﺔﻴﻠﺤﳌا ﻧاﻮﻘﻟاو ﻢﻈﻨﻟا ﺐﺴﺣو ﺎﻬﺘﺒﻴﻛﺮﺗ ﺐﺴﺣ ﺎﻬﻨﻣ ﺺﻠﺨﺘﻟاو ﺎﻬﻨﻣ ﺔﻋﻮﻨﺼﳌا

ARIETE 1342/05 Vintage Blue Manual de usuario

Marca: ARIETE

Modelo: 1342/05 Vintage Blue

Tipo: Manual de usuario

Descargar PDF

informe

En otros idiomas

français: ARIETE 1342/05 Vintage Blue Manuel utilisateur
italiano: ARIETE 1342/05 Vintage Blue Manuale utente
Nederlands: ARIETE 1342/05 Vintage Blue Handleiding
português: ARIETE 1342/05 Vintage Blue Manual do usuário

ARIETE 1342/05 Vintage Blue Manual de usuario

ARIETE 1342/05 Vintage Blue Manual de usuario

En otros idiomas

Documentos relacionados

Otros documentos