69(8ý,/,â7(8=$*5(%8

)$.8/7(7(/(.7527(+1,.(,5$ý81$5679$
=$92'=$7(/(.2081,.$&,-(

0DWLMD0LNDFäHOMNR,OLü

7HRULMDLQIRUPDFLMH
352*5$06.,3$.(70$7/$%·6,08/,1.

=DJUHEVWXGHQL
 6$'5ä$-

âWRMHWR0$7/$%" 

âWRVXWRWRROER[RYL" 

.DNRSRþHWLMHGQRVWDYQDPDWHPDWLND" 

0DWHPDWLþNHRSHUDFLMH 

)RUPDWLSULND]DEURMHYD 

9DULMDEOH 

6SHFLMDOQHYDULMDEOH 

2VQRYQHPDWHPDWLþNHIXQNFLMH 

âWRMRã0DWODEPRåH" 

.RPSOHNVQLEURMHYL 

5DGVQL]RYLPD 

5HODFLMVNLLORJLþNLRSHUDWRUL 

.RQWURODWRNDL]YR HQMD 

)XQNFLMH0IXQNFLMH 

'L'JUDILND 

2SHUDFLMHVPDWULFDPD 

2EUDGDSRGDWDND 

3ROLQRPL 

6LPEROLþNDPDWHPDWLND 

7UDQVIRUPDFLMH 

0DWODE]DUD]ELEULJX 

âWRMHWR6,08/,1." 

.UHLUDQMHPRGHOD 

.UHLUDQMHSRGVXVWDYD 
0DVNLUDQMHJUXSLUDQRJEORND 

2SLVRSFLMDL]ERUQLND 

.UHLUDQMHJUDILþNRJNRULVQLþNRJVXþHOMD 
2VQRYHL]UDGHVXþHOMD 

9L]XDOQDL]UDGDVXþHOMD 

5DGXODERUDWRULMX 

2VQRYQHIXQNFLMH 

5DGVPDWULFDPD 

(OHPHQWDUQHIXQNFLMHLIXQNFLMH]DFUWDQMH 

6WDWLVWLþNDREUDGDL)RXULHURYDWUDQVIRUPDFLMD 

,,
 0$7/$%·LNDNRJDNRULVWLWL

âWRMHWR0$7/$%"
0DWODE MH LQWHUDNWLYQL SURJUDPVNL MH]LN ]D ]QDQVWYHQD L WHKQLþND L]XþDYDQMD NDR L
YL]XDOQD SURPDWUDQMD 2VQRYQL SRGDWNRYQL HOHPHQW 0DWODED MH PDWULFD WM 0DWODE VYH
SRGDWNH]DSLVXMHXREOLNXPDWULFH=DGDYDQMDQDUHGELSULUMHãDYDQMXQHNLKSUREOHPDMH
SXQREUåHLMHGQRVWDYQLMHQHJRXQHNRPRGMH]LNDYLVRNRJQLYRDQSU&LOL)RUWUDQ


6OLND=DãWLWQL]QDN0DWODED

0DWODE SDNHW RVLJXUDYD  NRULVQLNX ERJDW VNXS IXQNFLMD NRMH VX JUXSLUDQH X W]Y
WRROER[RYH IXQNFLMD L QDPLMHQMHQH VX ]D UMHãDYDQMH SUREOHPD YH]DQLK ]D NRQWUROX L
RSWLPL]DFLMX VXVWDYD NDR L ]D REUDGEX VLJQDOD 9HüLQD IXQNFLMD MH QDSLVDQD X
0DWODERYRP MH]LNX L L]YRUQL NRG ]D SRMHGLQX IXQNFLMX MH GRVWXSDQ 6YDND IXQNFLMD
SUHGVWDYOMDMHGQRVWDYDQDODWRSüHQDPMHQH.RPELQLUDQMHPRYLKMHGQRVWDYQLKIXQNFLMDX
WLSLþQLPEORNGLMDJUDPLPDVLPXOLUDVHGLQDPLþNRSRQDãDQMHVORåHQLKVXVWDYDVNUDMQMRP
ODNRüRP
5D]YRM NDR L GLVWULEXLUDQMH 0DWODED YH]DQR MH X] WYUWNX 7KH 0DWK:RUNV ,QF 85/
KWWSZZZPDWKZRUNVFRPþLMLMH]DãWLWQL]QDNGDQVOLNRP

/LWHUDWXUD

>@7KH6WXGHQW(GLWLRQRI0DWODE8VHU¶V*XLGH3UHQWLFH+DOO
>@7KH6WXGHQW(GLWLRQRI6LPXOLQN8VHU¶V*XLGH3UHQWLFH+DOO
>@ 'XDQH & +DQVHOPDQ %UXFH /LWWOHILHOG 0DVWHULQJ 0$7/$% $ &RPSUHKHQVLYH
7XWRULDODQG5HIHUHQFH3UHQWLFH+DOO


âWRVXWRWRROER[RYL"
7RROER[RYL VX VSHFLMDOL]LUDQD NROHNFLMD 0IXQNFLMD 0DWODE MH]LNRP UD]YLMHQLK
IXQNFLMDQDPLMHQMHQDUMHãDYDQMXVURGQLKSUREOHPD7UHQXWDþQRUDVSRORåLYLWRROER[RYL
RGWYUWNH7KH0DWK:RUNV,QFVX

œ &KHPRPHWULFV œ 0RGHO3UHGLFWLYH&RQWURO œ 57:$GD([WHQVLRQ

œ &RPPXQLFDWLRQV
œ )LQDQFLDO7RROER[
œ )UHTXHQF\'RPDLQ
6\VWHP,GHQWLILFDWLRQ
œ )X]]\/RJLF
œ +LJKHU2UGHU6SHFWUDO
$QDO\VLV
œ ,PDJH3URFHVVLQJ
œ /0,&RQWURO
œ 00/(,GHQWLILFDWLRQ
œ 0X$QDO\VLVDQG œ 6LJQDO3URFHVVLQJ
6\QWKHVLV
œ 1$* œ 6SOLQH
œ 1HXUDO1HWZRUN œ 6WDWLVWLFV
œ 2SWLPL]DWLRQ œ 6\VWHP,GHQWLILFDWLRQ
œ 3DUWLDO'LIIHUHQWLDO œ 6\PEROLF([WHQGHG
(TXDWLRQ 6\PEROLF0DWK
œ 4XDQWLWDWLYH)HHGEDFN œ :DYHOHW
7KHRU\
œ 5REXVW&RQWURO
œ 5HDO7LPHZRUNVKRS

2SLV SRMHGLQRJ WRROER[D PRJXüH MH QDüL QD 0DWODE IWSSRVOXåLWHOMX

IWSPDWKZRUNVFRPLOLXQHNRMRGNQMLJDYH]DQLK]D0DWODE

.DNRSRþHWLMHGQRVWDYQDPDWHPDWLND"
1DNRQ LQVWDODFLMH SRWUHEQR MH X 3URJUDPV L]ERUQLNX :LQGRZVD SURQDüL LNRQX V
0DWODERYLP ]QDNRP 3URJUDPV ! 0DWODE ! 0$7/$% 0LãHP NOLNQHPR QD GDQX
LNRQXL0DWODEMHSRNUHQXW1DNRQWRJDGRELYDPRUDGQLSUR]RU0DWODEDNDRQDVOLFL
]DMHGQR V 0DWODERYLP SURPSWRP ª  LOL V SURPSWRP ('8ª DNR VH UDGL R VWXGHQWVNRM
YHU]LML

6OLND.RPDQGQLSUR]RU0DWODED


1DYHVWüHPRVDPRQHNHRGQDMþHãüHNRULãWHQLKQDUHGEL0DWODED$NRX0DWODEXåHOLPR
QSUL]UDþXQDWLWRüHPRXUDGLWLWDNRGDQDNRPDQGQRMOLQLMLQDSLãHPR

ª^(QWHU`^(QWHU`R]QDþDYDSULWLVDNQDWLSNX³(QWHU´
DQV


9MHURMDWQRYDVLQWHUHVLUDãWR]QDþL DQVL]DãWRVPRXSRUDELOL]QDN $QVMHNUDWLFDRG

ULMHþLDQVZHURGJRYRULSUHGVWDYOMDUH]XOWDWRSHUDFLMHGRN]QDNR]QDþDYDNRPHQWDU
X0DWODEX0H XWLPDNRELVPRRWLSNDOL

ªUH] ^(QWHU`GRELOLELVPR
UH]


0DWODE MH ]EURMX  SULGMHOLR YDULMDEOX UH] 7LMHNRP UDGD X 0DWODEX
NRULVWLPRUD]OLþLWHYDULMDEOHSDVHPRåHGHVLWLGDVPR]DERUDYLOLLPHQDQHNLKYDULMDEOL
'DELGRELOLSUHJOHGVYLKNRULãWHQLKYDULMDEOLNRULVWLPRQDUHGEXZKRLOLMRãEROMLREOLNWH
QDUHGEHQDUHGEXZKRV$NRRWLSNDPRªZKRNDRRGJRYRUGRELMDPR

<RXUYDULDEOHVDUH
DQVUH]

ýLWDWHOMLPD VH RVWDYOMD GD YLGH NRML MH UH]XOWDW QDSUHGQLMH QDUHGEH ZKRV $NR QDV
LQWHUHVLUD YULMHGQRVW QHNH RGUH HQH YDULMDEOH GRVWDWQR MH QD NRPDQGQRM OLQLML 0DWODED
QDYHVWLQMHQRLPH3ULUDGXüHQDPþHVWR]DWUHEDWLRSLVSRMHGLQHIXQNFLMH0DWODED=DWR
NRULVWLPR QDUHGEX KHOS NDR SDUDPHWDU SURVOLMHGLPR QD]LY IXQNFLMH ]D NRMX åHOLPR
GRELWLRSLV3ULPMHU KHOSQDUHGEH]DGRELYDQMHRSLVDQDUHGEH VXESORWGDQMHQDVOLFL


6OLND3ULPMHUXSRUDEHKHOSQDUHGEH

=DEULVDQMHNRPDQGQRJSUR]RUD0DWODEDNRULVWLVHQDUHGEDFOF9LGMHOLVPRGDSULUDGX
0DWODE VYH NRULãWHQH YDULMDEOH PHPRULUD L GD VH QD MHGQRVWDYDQ QDþLQ PRåH GRüL GR
SRSLVDVYLKNRULãWHQLKYDULMDEOL$NRåHOLPRXNORQLWLVYHYDULMDEOHL]PHPRULMH0DWODED


LOLVDPRQHNHRGQMLKNRULVWLWLüHPRQDUHGEX FOHDUDNRåHOLPRREULVDWLVYHYDULMDEOH
GRYROMQR MH RWLSNDWL ªFOHDU D DNR åHOLPR REULVDWL VDPR QHNX RG NRULãWHQLK YDULMDEOL
WDGDüHPRRWLSNDWLªFOHDULPHBYDULMDEOH]DQDãSULPMHUªFOHDUUH]

0DWHPDWLþNHRSHUDFLMH

2SHUDFLMD 6LPERO 3ULPMHU

DE  
D-E - -
D¼E * *
DE /LOL? / ?
DE A A

)RUPDWLSULND]DEURMHYD

0DWODE FLMHOH EURMHYH SULND]XMH NDR LQWHJHUH GRN UHDOQH EURMHYH LQLFLMDOQR SULND]XMH
NRULãWHQMHP þHWLUL GHFLPDOQD PMHVWD GHVQR RG GHFLPDOQH WRþNH 2VLP WRJD VORåHQLMH
YULMHGQRVWLSULND]XMHNRULãWHQMHP]QDQVWYHQHQRWDFLMH
0DWODE XYLMHN LQWHUQR EURMHYH SULND]XMH QD LVWL QDþLQ QR QMLKRY SULND] PRJXüH MH
SULODJRGLWLSRWUHEDPD3ULND]VHSRGHãDYDNRULãWHQMHPQDUHGEHIRUPDW)RUPDWLNRMXVX
SRGUåDQLSRSLVDQLVXXWDEOLFL
8SUYRPVWXSFXSULND]DQMHSR]LYQDUHGEHXGUXJRPMHGDQUH]XOWDWNRMLVHGRELMHDX
WUHüHP VWXSFX MH RSLVDQ IRUPDW 3ULPLMHQLWL üHPR IRUPDWLUDQMH QD YDULMDEOX ª$ 
1DNRQãWRVHXQHVHQDUHGED]DIRUPDWLUDQMHVOLMHGHüLSULND]ª$üHELWLXIRUPDWXNRML
VPRDNWLYLUDOL

2EOLNQDUHGEH 3ULND]DQDYULMHGQRVW 2EMDãQMHQMH

IRUPDWORQJ  ]QDPHQDND
IRUPDWVKRUWH H ]QDPHQNLHNVSRQHQW
IRUPDWORQJH H ]QDPHQNLHNVSRQHQW
IRUPDWKH[ IG KHNVDGHFLPDOQR
IRUPDWEDQN  GHFLPDOQH]QDPHQNH
IRUPDW  SR]LWLYQRQHJDWLYQRLOL
IRUPDWUDW  DSURNVLPDFLMDUD]ORPNRP
IRUPDWVKRUW  GHIDXOWGHFLPDOQH]QDPHQNH

9DULMDEOH

D 9DULMDEYDULMDEYD5LMDE9$5,-$%VXUD]OLþLWH0DWODEYDULMDEOH
E 'XOMLQD YDULMDEOH PDNV  ]QDN ³0DWODE ´ GR  ]QDNRYD RVWDOL ]QDNRYL VH
LJQRULUDMX
F ,PHYDULMDEOHPRUDSRþHWLVDVORYRPSRWRPPRJXGRüLEURMHYLLOLVORYDLXQGHUVFRU
]QDFL

SULPMHU;DBEBFBG


6SHFLMDOQHYDULMDEOH

D DQVYDULMDEODXNRMXVHVSUHPDUH]XOWDWRSHUDFLMH
E SLEURMp
F HSV  QDMPDQML EURM NRML GRGDQ QD  GDMH EURM V SRNUHWQLP ]DUH]RP YHüLP RG 
RWSULOLNH H]DGHWDOMQLMLRSLVYLGMHWLSRJODYOMHRUHODFLMVNLPRSHUDWRULPDWH
SRJOHGDWLªKHOSHSV
G LQILQILQLW\QSU
H 1D11RWD1XPEHUQSUNDRUH]XOWDWRSHUDFLMHªGRELYDVH1D1
I LMNRPSOHNVQDMHGLQLFD L = M = - 
J UHDOPLQ UHDOPD[ ± QDMPDQML L QDMYHüL SR]LWLYQL UHDOQL EURMHYL NRML VH PRJX
NRULVWLWL

2VQRYQHPDWHPDWLþNHIXQNFLMH

80DWODEMHXJUD HQRPQRJRQDUHGEL]DUDþXQDQMHPDWHPDWLþNLKIXQNFLMDDXQDVWDYNX
MHGDQWDEOLþQLSUHJOHGRQLKHOHPHQWDUQLK

1DUHGED 2SLV
DEV[ $SVROXWQDYULMHGQRVW
UHP[\ 2VWDWDNGLMHOMHQMD[\
VLJQ[ 6LJQXPYUDüDSUHG]QDNEURMD±
VTUW[ 'UXJLNRULMHQ
IL[[ =DRNUXåLYDQMHQDSUYLFLMHOLEURMSUHPDQXOL
IORRU[ =DRNUXåLYDQMHQDSUYLFLMHOLEURMSUHPDPLQXVEHVNRQDþQR
FHLO[ =DRNUXåLYDQMHQDSUYLFLMHOLEURMSUHPDEHVNRQDþQRVWL
H[S[ (NVSRQHQFLMDOHA[
ORJ[ORJ[ 3ULURGQLORJDULWDPORJDULWDP
DFRV[DFRVK[ ,QYHU]QLNRVLQXVLNRVLQXVKLSHUEROQL
DVLQ[DVLQK[ ,QYHU]QLVLQXVLVLQXVKLSHUEROQL
DWDQ[DWDQK[ ,QYHU]QLWDQJHQVLWDQJHQVKLSHUEROQL
FRV[FRVK[ .RVLQXVLNRVLQXVKLSHUEROQL
VLQ[VLQK[ 6LQXVLVLQXVKLSHUEROQL
WDQ[WDQK[ 7DQJHQVLWDQJHQVKLSHUEROQL
UHDO[ 5HDOQLGLRNRPSOHNVQRJEURMD
LPDJ[ ,PDJLQDUQLGLRNRPSOHNVQRJEURMD
FRQM[ .RQMXJLUDQMHNRPSOHNVQRJEURMD
DQJOH[ .XWNRPSOHNVQRJEURMD


âWRMRã0DWODEPRåH"

.RPSOHNVQLEURMHYL

=DSLVNRPSOHNVQRJEURMDX0DWODEX

ªF LLOLF M

SULPMHU

ªF   VTUW^(QWHU`

F
L

5DGVQL]RYLPD

=DGDYDQMHQL]RYD

D 5XþQLXQRVVYLKHOHPHQDWD±XQXWDUXJODWLK]DJUDGD

ª[ >@EURMHYLPRUDMXELWLRGYRMHQLVMHGQLPUD]PDNRPVSDFH

[


E [ ILUVWODVW  DXWRPDWVNR SRSXQMDYDQMH L]PH X ILUVW L ODVW VYDNL VOLMHGHüL

SRPDNQXW]D

ª[ 
[


ª[ 
[


F [ ILUVWLQFUHPHQWODVW±DXWRPDWVNRSRSXQMDYDQMHL]PH XILUVWLODVWX]
SRPDNLQFUHPHQW

ª[ 
[


ª[  SL

G [ OLQVSDFHILUVWODVWQ ± VWYDUD QL] RG Q HOHPHQDWD XQXWDU SRGUXþMD

L]PH XILUVWLODVWVDOLQHDUQLPSRPDNRP±RSãLUQLMHªKHOSOLQVSDFH

ª[ OLQVSDFHHOHPHQDWDL]PH XL

[



 H [ ORJVSDFHILUVWODVWQ±VWYDUDQL]RGQHOHPHQDWDXQXWDUAILUVWL
AODVWVDORJDULWDPVNLPSRPDNRP±RSãLUQLMHªKHOSORJVSDFH

ª[ ORJVSDFH
[


3ULVWXSSRMHGLQDþQLPHOHPHQWLPDQL]D

'D EL VH GLUHNWQR SULVWXSLOR QHNRP RG HOHPHQDWD QL]D NRULVWL VH UHGQL EURM HOHPHQWD
NRMHPVHåHOLSULVWXSLWLLQDYRGLX]DJUDGDPDL]DQD]LYDYDULMDEOH1DSULPMHUª[]D
SUHWKRGQLSULPMHUVDORJVSDFHYUDüDYULMHGQRVWGUXJRJHOHPHQWD

2SHUDFLMHVQL]RYLPD

1HNDMH D = [D D  D Q ]  E = [E E EQ ] LF FRQVW

D D + F = [D + FD + FD Q + F ]
E D * F = [D * FD  * FD Q * F ]
F D + E = [D + E D  + E D Q + EQ ]
G D * E = [D * E D  * E D Q * EQ ]
H D E = [D  E D   E D Q  EQ ]
I E ? D = [D  E D   E D Q  EQ ]
J DA F = [D A FD A FD Q A F ]
K DA E = [D A ED  A E D Q A EQ ]

%LWQR MH XRþLWL NRULãWHQMH GRGDWQRJ SUHILNVD ³´ WRþND NRG RSHUDFLMD PQRåHQMD
GLMHOMHQMDLSRWHQFLUDQMD7RMHRSHUDWRUNRMLQDYRGL0DWODEQDREDYOMDQMHRSHUDFLMHQDG
VYDNLP SRMHGLQLP HOHPHQWRP QL]D 8 VXSURWQRP 0DWODE RSHUDFLMX LQWHUSUHWLUD NDR
PQRåHQMHPDWULFDNRMHQHPRåHL]YHVWL]ERJQHRGJRYDUDMXüLKGLPHQ]LMDQL]NDRUHGDN
PDWULFH±PDWULFDWLSDQ“PQRåHQMHPDWULFDGLPHQ]LMDQ QQLMHGHILQLUDQR

2ULMHQWDFLMDQL]D

ªD  QL]DMH™

D


ªE D‡ QL]EMH™RSHUDWRU³‡´PLMHQMDGLPHQ]LMXQL]D

E







ªG DL D
G
&ROXPQVWKURXJK
LLLL
&ROXPQ
L

ªH G‡
H
 L
 L
 L
 L
 L

8 SRVOMHGQMHP MH SULPMHUX YLGOMLYR GD RSHUDWRU ³

´ RVLP WUDQVSRQLUDQMD SURPMHQH
RULMHQWDFLMHQL]DL]YRGLLRSHUDFLMXNRQMXJLUDQMDNRPSOHNVQLKEURMHYDXQL]X

0H XWLP

ªH G‡
H
 L
 L
 L
 L
 L

QD RYDM QDþLQ NRULãWHQMHP SULMH RSLVDQRJ ³´ RSHUDWRUD L]YRGL VH VDPR RSHUDFLMD
WUDQVSRQLUDQMDSURPMHQHRULMHQWDFLMHQL]D

=DSULND]SRGDWDNDRYDULMDEODPDXNOMXþXMXüLLEURMUHGDNDLVWXSDFDNRULVWLWHIXQNFLMX

ªZKRV

5HODFLMVNLLORJLþNLRSHUDWRUL

5HODFLMVNL L ORJLþNL RSHUDWRUL YUDüDMX LVWLQRVWQH YULMHGQRVWL 7UXH LOL )DOVH 8QXWDU
UHODFLMVNLK L ORJLþNLK L]UD]D 0DWODE VYH YULMHGQRVWL UD]OLþLWH RG QXOH SRGUD]XPLMHYD
LVWLQLWLPGDNOH7UXHGRNYULMHGQRVWLMHGQDNHQXOLSUHGVWDYOMDMXODåWM)DOVH5H]XOWDWL
L]UD]DVX]D7UXHL]D)DOVH

5HODFLMVNLRSHUDWRUL

D OHVVWKDQ±PDQMHRG
E  OHVVWKDQRUHTXDOWR±PDQMHLOLMHGQDNR
F !JUHDWHUWKDQ±YHüHRG
G ! JUHDWHUWKDQRUHTXDOWR±YHüHLOLMHGQDNR
H HTXDOWRMHGQDNR
I a QRWHTXDOWR±UD]OLþLWR


SULPMHUL

ª$ ^(QWHU`
ª% $^(QWHU`
ªW $!^(QWHU`
W

ªW %$!^(QWHU`
W


%XGXüLGDUHODFLMVNLRSHUDWRULXYLMHNYUDüDMXLOLPRJXüHLKMHVYUKRYLWRLVNRULVWLWLX
SRMHGLQLP VOXþDMHYLPD 8]PLPR QSU UDþXQDQMH QHNLK YULMHGQRVWL IXQNFLMH VLQ[[ ]D
NRMX]QDPRGDMHNDUDNWHULVWLþQDSRWRPHGDXLPDYULMHGQRVW0H XWLPSRNXãDPROL
L]UDþXQDWLIXQNFLMXGRELYDPRJUHãNX]ERJGLMHOMHQMDVQXORPXWHQDPYULMHGQRVWX
QLMHGHILQLUDQD

ª[ 
[

ªVLQ[[
:DUQLQJ'LYLGHE\]HUR
DQV
1D1

8 WRP VOXþDMX PRåHPR HOHJDWQR LVNRULVWLWL IXQNFLMX HSV NRMD SUHGVWDYOMD QDMPDQMX
PRJXüX YULMHGQRVW NRMX GRGDMHPR FMHORP EURMX GD EL VH
SRPDNQXOL RG QMHJD
 $NR MX
GRGDPRQXOLGRELMHPRYULMHGQRVWSULEOLåQRWHMHPRJXüHL]YHVWLIXQNFLMXVLQ[[EH]
LNDNYLKSUREOHPD]ERJGLMHOMHQMDVQXORPX'DNOHRQRãWRPRUDPRXþLQLWLMHSRVWDYLWL
RYX YULMHGQRVW X QL]X [ RQRP HOHPHQWX NRML MH MHGQDNR QXOL 1DUDYQR PRJOL ELVPR
MHGQRVWDYQR GRGDWL HSV þHWYUWRP þODQX V ª[ [HSV QR WR QLMH EDã HOHJDQWQR
UMHãHQMH =DWR NRULVWLPR UHODFLMVNL RSHUDWRU  2Q YUDüD  X VOXþDMX GD MH YULMHGQRVW
MHGQDNDWUDåHQRMXQDãHPVOXþDMX

ª[ [[  HSV

1DNRQ ãWR X NRPDQGQL UHGDN XQHVHPR JRUQMX QDUHGEX 0DWODE SUROD]L NUR] QL] [ L X
VOXþDMX NDG QDL H QD HOHPHQW MHGQDN  QD WX QXOX GRGDMH  HSV GRN RVWDOLP
HOHPHQWLPDMHUMH[ QHVWLQLWRWMQHGRGDMHQLãWD HSV

3RVOLMHRSLVDQHLQWHUYHQFLMHIXQNFLMDVLQ[[GDMHLVSUDYQRUMHãHQMHL]DYULMHGQRVWX

/RJLþNLRSHUDWRUL

D $1'±ORJLþNR,
E _25±ORJLþNR,/,
F a127±ORJLþNR1(


SULPMHUQDVWDYOMDVHQDSUHWKRGQRGHILQLUDQL$

ªW $! $

W


.RQWURODWRNDL]YR HQMD

0DWODE SRGUåDYD WUL RVQRYQH VWUXNWXUH ]D NRQWUROX WRND L]YR HQMD QDUHGEL 7R VX IRU
SHWOMDZKLOHSHWOMDLLIHOVHHQGVWUXNWXUD]DJUDQDQMH7HVWUXNWXUHQDMþHãüHVHNRULVWHX
W]Y 0GDWRWHNDPD SUL LPSOHPHQWDFLML VORåHQLMLK IXQNFLMD QR PRJXüH LK MH NRULVWLWL L
GLUHNWQRL]NRPDQGQHOLQLMH

)25SHWOMD

RSüLREOLN
IRUFRXQWHU VWDUWLQFUHPHQWVWRS
QDUHGEH
HQG

3HWOMD PLMHQMD YULMHGQRVW EURMDþD RG YULMHGQRVWL VWDUW GR YULMHGQRVWL VWRS X] NRULãWHQMH
LQFUHPHQWD]DSRYHüDQMH]DVYDNLNRUDNDNRVHWUDåLSRYHüDQMH]D]DVYDNLNRUDNRQGD
VH SDUDPHWDU LQFUHPHQW PRåH L]RVWDYLWL 8QXWDU VYDNRJ NRUDND L]YUãDYDMX VH QDUHGEH
NRMHVOLMHGHXQXWDURGVMHþNDRGIRUGRHQG

SULPMHU

ªIRUQ ^(QWHU`
IRUP ^(QWHU`
&QP QAPA^(QWHU`
HQG^(QWHU`
HQG^(QWHU`
ª&^(QWHU`

8GDQRPSULPMHUXLPDPRGYDEURMDþDQLP2YLVQRRQMLKRYLPYULMHGQRVWLPDGHILQLUD
VHHOHPHQWQPPDWULFH&LSRSXQMDYDVHQHNRPYULMHGQRãüXRYLVQRPRQLP

:+,/(SHWOMD

RSüLREOLN
ZKLOHXYMHW
QDUHGEH
HQG

'RNMHLVSXQMHQXYMHWL]YUãDYDQDUHGEHXQXWDURGVMHþNDZKLOHHQG


SULPMHU

ªQXP ^(QWHU`
ªV ^(QWHU`
ªZKLOHV!^(QWHU`
V V^(QWHU`
QXP QXP^(QWHU`
HQG^(QWHU`
ªQXP
QXP


8 JRUQMHP SULPMHUX VPDQMXMHPR YDULMDEOX V GLMHOMHQMHP V  WDNR GXJR GRN QMHQLP

GRGDYDQMHPMHGLQLFLGRELMDPREURMYHüLRG1DNRQLWHUDFLMHVLPDWDNYXYULMHGQRVW
GD]ERJNRQDþQHSUHFL]QRVWLGRGDYDQMHQDQHüHUH]XOWLUDWLEURMHPYHüLPRGQHJR

MHGQDNLP
  $NR XVSRUHGLPR PRåHPR YLGMHWL GD MH  V V L] SUHG]DGQMH LWHUDFLMH
XSUDYRMHGQDNSULMHGHILQLUDQRMVSHFLMDOQRMYDULMDEOLHSV H

EUHDN±SUHNLGSHWOMH
)XQNFLMD EUHDN NRULãWHQD QD ELOR NRP PMHVWX XQXWDU IRU LOL ZKLOH SHWOMH SUHNLGD
L]YR HQMHSHWOMH
VNDþH
L]HQGGLMHODSHWOMH

,)B(/6(B(1'JUDQDQMH

RSüLREOLN
LIXYMHW
QDUHGEH
HQG

$NR MH LVSXQMHQ XYMHW L]YUãDYD QDUHGEH X LIHQG RGVMHþNX X SURWLYQRP SUHVNDþH WH
QDUHGEH

RSüLREOLN
LIXYMHW
QDUHGEHNRMHVHL]YUãDYDMX]DVOXþDMWRþQRJXYMHWD
HOVH
QDUHGEHNRMHVHL]YUãDYDMX]DVOXþDMQHWRþQRJXYMHWD
HQG

$NRMHLVSXQMHQXYMHWL]YUãDYDQDUHGEHXRGVMHþNXLIHOVHXSURWLYQRPL]YRGLQDUHGEHX
HOVHHQGRGVMHþNX

RSüLREOLN
LIXYMHWB
HOVHLIXYMHWB
HOVHLIXYMHWB


HOVH
XYMHWBQ
HQG


2YDNDY REOLN LIHOVH JUDQDQMD RPRJXüXMH LVSLWLYDQMH YHOLNRJ EURMD XYMHWD 6YDNL XYMHW
SRNUHüH L]YR HQMH YODVWLWRJ GLMHOD QDUHGEL $NR QLMHGDQ QLMH LVSXQMHQ L]YUãDYDMX VH
QDUHGEHXHOVHHQGRGVMHþNX

3ULPMHUJUDQDQMD±IXQNFLRQDOQRJRWRYRLGHQWLþDQSUHWKRGQRPSULPMHUX±GLMHOMHQMHPV
VPDQMXMH YDULMDEOX V VYH GRN ]ERJ JUDQLþQH SUHFL]QRVWL QMHQR GRGDYDQMH QD  QHüH
SURL]YHVWLQRYXYULMHGQRVWYHüXRG

ªV 
ªIRUQXP 
V V
LIV 
V V 
EUHDN
HQG
HQG
ªV
V
H
ªQXP
QXP


)XQNFLMH0IXQNFLMH

.DNR EL VH SRGUåDOR UMHãDYDQMH VORåHQLMLK L YHüLK SUREOHPD 0DWODE RPRJXüDYD
NRULãWHQMH VWUXNWXUH ]D L]JUDGQMX NRULVQLþNLK IXQNFLMD )XQNFLMH VH VDVWRMH RG
NRPELQDFLMD UD]OLþLWLK 0DWODERYLK IXQNFLMD SRYH]DQLK WDNR GD NDR FMHOLQD REDYOMDMX
SUHGYL HQX]DGDüX

)XQNFLMHVHVSUHPDMXXWDNR]YDQH0GDWRWHNH0)LOHV±RELþQHWHNVWXDOQHGDWRWHNHVD
QDVWDYNRP P 7DNYH GDWRWHNH PRJX VH VWYDUDWL L REUD LYDWL NRULãWHQMHP VWDQGDUGQLK
WHNVWXDOQLKHGLWRUD1RWH3DGLVOLþQLDXQRYLMLPYHU]LMDPD0DWODEDXJUD HQMHLLQWHUQL
HGLWRU VD PRJXüQRãüX GHEXJLUDQMD VDPLK IXQNFLMD (GLWRU 0GDWRWHND VH SRNUHüH X
JODYQRP0DWODESUR]RUXRGDELURP1HZ!0ILOHX)LOHL]ERUQLNX
2VLP IXQNFLMD X 0GDWRWHNH PRJX VH VSUHPDWL L VNULSWH NRMH MHGQRVWDYQR ]DPLMHQMXMX
XQRV L] NRPDQGQH OLQLMH 6NULSWH VDGUåH VOLMHG QDUHGEL NRMH EL XRELþDMHQR XQRVLOL X
NRPDQGQL UHGDN 1D WDM QDþLQ HOLPLQLUD VH SRQDYOMDQMH XQRVD QDUHGEL SUL VORåHQLMLP
SURUDþXQLPD

9H]DQRX] NRULãWHQMH GDWRWHND X QDVWDYNX MH GDQ SUHJOHG 0DWODERYLK QDUHGEL ]D UDG V
GDWRWHNDPD

1DUHGED 2SLV
ZKDW 9UDüDSRSLVVYLK0GDWRWHNDXDNWXDOQRPGLUHNWRULMX
GLUOV 9UDüDSRSLVVYLKGDWRWHNDXDNWXDOQRPGLUHNWRULMX
W\SHLPH 3ULND]XMHLPHPXNRPDQGQRPSUR]RUX
GHOHWHLPH %ULãHLPHPGDWRWHNX
FGSDWKFKGLUSDWK 0LMHQMDDNWXDOQLGLUHNWRULM
FGFKGLUSZG 9UDüDQD]LYDNWXDOQRJGLUHNWRULMD
ZKLFKLPH 9UDüDSXWDQMXGRGDWRWHNHLPHP


3ULPMHUIXQNFLMH±]EUDMDQMHGYDEURMD

IXQFWLRQ5HV ]EURMDE

]EURMDE±IXQNFLMD]D]EUDMDQMHGYDEURMD

LIQDUJLQ
HUURU
1HGRVWDMXSDUDPHWUL

HQG

5HV DE

8 IXQNFLML ]D ]EUDMDQMH GYD EURMD SUYR VH QDUHGERP QDUJLQ LVSLWXMH EURM SDUDPHWDUD
NRML VX SURVOLMH HQL IXQNFLML 8NROLNR MH SURVOLMH HQR PDQMH RG GYD SDUDPHWUD 0DWODE
MDYOMDJUHãNX$NRVXSDUDPHWULXUHGXIXQNFLMDYUDüDUH]XOWDW5HV

'D EL IXQNFLMX PRJOL NRULVWLWL SRWUHEQR MH VQLPLWL 0GDWRWHNX SRG QD]LYRP NRML üH
GHILQLUDWL LPH IXQNFLMH 'DNOH PL VQLPDPR QDãX IXQNFLMX NDR ]EURMP 1DNRQ WRJD L]
0DWODED PRåHPR SR]YDWL IXQNFLMX VD ª]EURM QDNRQ þHJD VH SULND]XMH UH]XOWDW
NRML VH GRELYD ,VWR WDNR PRJXüH MH UH]XOWDW SULGUXåLWL QHNRM QRYRM YDULMDEOL VD
ªD ]EURMQDNRQþHJDYDULMDEODDSRSULPDWXYULMHGQRVW

8 VOXþDMX GD VH SUL SR]LYX IXQNFLMH MDYL JUHãND GD 0DWODE QH PRåH SURQDüL
IXQNFLMX ]EURM SRWUHEQR MH SRGHVLWL SXWDQMH GR GLUHNWRULMD X NRMLPD 0DWODE
WUDåLIXQNFLMH±NRULVWLWL6HW3DWKX)LOHL]ERUQLNXXJODYQRP0DWODESUR]RUX

%LWQR MH WDNR HU QDJODVLWL GD MH QD]LY IXQNFLMH RGUH HQ LPHQRP 0GDWRWHNH D QH
QD]LYRPQDYHGHQLPXVDPRPNRGXIXQNFLMH'DNOHGDVPRJRUQMXIXQNFLMXVQLPLOLNDR
SUREDPWDGDELRQDSR]LYDODVDªSURED
8 VOXþDMX GD QH ]QDPR NDNR VH ]RYH GDWRWHND X NRMX VPR VQLPLOL QHNX IXQNFLMX
NRULãWHQMHP QDUHGEH ORRNIRU
QD]LY IXQNFLMH
 0DWODE SUHWUDåXMH VYH GDWRWHNH
GR NRMLK LPD GHILQLUDQH SXWDQMH $NR SURQD H WUDåHQX IXQNFLMX RGPDK QDYRGL L QMRM
SULGUXåHQX0GDWRWHNX±QDNRQWRJDMHODNRSR]YDWLIXQNFLMXNRULVWHüLQD]LY0GDWRWHNH

-RãMHGQDRVRELQDNDUDNWHULVWLþQD]DIXQNFLMHMHNRULãWHQMHNRPHQWDUD .DGVH]DWUDåL
SRPRüQDUHGERP KHOSQD]LYBIXQNFLMH0DWODEüHLVSLVDWLNRPHQWDUNRMLVOLMHGLL]D
SRþHWQRJUHWNDXIXQNFLML
8 SULPMHUX ]D ]EUDMDQMH UH]XOWDW IXQNFLMH MH MHGQRVWDYDQ EURM 'DNOH UDGL VH R MHGQRP
L]OD]QRP DUJXPHQWX 1R PRJXüH MH L]UDGLWL IXQNFLMH NRMH YUDüDMX YLãH DUJXPHQDWD 8
VOLMHGHüHPSULPMHUXLPDPRIXQNFLMX ]EURMBSURGXNWNRMDRVLPVXPHYUDüDLSURGXNW
NDRGUXJLL]OD]QLSDUDPHWDU

IXQFWLRQ>6XP3URG@ ]EURMBSURGXNWDE

)XQNFLMDYUDFDGYDSDUDPHWUDVXPXLSURGXNW

LIQDUJLQ
HUURU
3UHPDORSDUDPHWDUD

HQG

6XP DE
3URG D E

6QLPLPR0GDWRWHNXSRGLPHVXPSURGP


3R]LYDQMH IXQNFLMH VH REDYOMD QD VOLMHGHüL QDþLQ ª>DE@  VXPSURG 1DNRQ
L]YUãHQMD IXQNFLMD X YDULMDEOX D YUDüD VXPX D X YDULMDEOX E SURGXNW EURMHYD 1D
LGHQWLþDQQDþLQPRJXüHMHGHILQLUDWL0IXQNFLMHVDYLãHRGGYDL]OD]QDDUJXPHQWD

'L'JUDILND

*UDILþNL SULND] RPRJXüDYD MHGQRVWDYQX LQWHUSUHWDFLMX UH]XOWDWD 0DWODE SRGUåDYD

UD]OLþLWHQDþLQH JUDILþNRJSULND]DDPL üHPR VH X ]DVDG ]DGUåDWL QD QDMMHGQRVWDYQLMLP
SULND]LPD NRULãWHQMHP VWDQGDUGQH SORW QDUHGEH L GUXJLK RVQRYQLK QDUHGEL ]D
PDQLSXODFLMX JUDIRYLPD JULG D[LV [ODEHO \ODEHO WLWOH VXESORW
FOIPHVKVXUIFRQWRXU
1DUHGEH QHüHPR GHWDOMQR RSLVLYDWL ± VYH GHWDOMH PRJXüH MH SRJOHGDWL NRULãWHQMHP
QDUHGEHKHOS

2GPDKüHPR]DSRþHWLSULPMHURP

3ULPMHU'JUDILND,VFUWDYDQMHIXQNFLMDVLQXVLNRVLQXV

ª[ OLQVSDFH SL

ª\ VLQ[
ªSORW[\
ªD[LV> SL@
ªJULG
ª[ODEHO
;

ª\ODEHO
<

ªWLWOH
IXQNFLMD\ VLQ[

ªKROGRQ
ª] FRV[
ªSORW[]
P

ªFOI
ªVXESORW
ªSORW[\D[LV> SL@WLWOH
VLQ[

ªVXESORW
ªSORW[]D[LV> SL@WLWOH
FRV[

ªFORVH

9MHURMDWQRVWH XRþLOL GD VPRSLãXüL SUHWKRGQL SURJUDP X QHNRP UHWNX NRULVWLOL

]QDNDXQHNRPQH=QDNLPDSRVHEQR]QDþHQMHX0DWODEXNRMHüHPR
REMDVQLWL QD MHGQRP MHGQRVWDYQRP SULPMHUX 3ULPMHU WUHED ]EURMLWL 
9MHURMDWQRVHSLWDWH]DãWRMHWRWHãNRL]YHVWLNDGDVPRWDNRQHãWRYHüUDGLOL
ªUH] ^(QWHU`
UH]

6DVYLPQRUPDOQRPH XWLPRWLSNDMPR
ªUH] ^(QWHU`6DGDVPRL]D]EURMDVWDYLOL]QDN
L0DWODEüHLVSLVDWLª
0RåGD PLVOLWH GD 0DWODE QLMH L]UDþXQDR QDã ]EURM 9DUDWH VH 6DGD NRQDþQR
PRåHPRUHüLNDNYDMHXORJD]QDND$NRJDNRULVWLPR0DWODEQDPQHüHX
NRPDQGQRPSUR]RUXQDSLVDWLUH]XOWDWWMYULMHGQRVW]DGDQRJL]UD]DVHL]UDþXQDL
VSUHPL X PHPRULMX $NR KRüHPR SURYMHULWL UH]XOWDW WDGD WUHED RWLSNDWL QD
NRPDQGQRMOLQLMLLPHYDULDMEOHNRMXVPRNRULVWLOLQSUªUH]


1DNRQãWRLVWHVWLUDWHQDYHGHQLSULPMHULSUHJOHGDWHGRELYHQLSULND]YMHURMDWQRüHVYHELWL
YLãHPDQMHMDVQR8QDVWDYNXMHXNUDWNRNRPHQWLUDQNRPSOHWQLSULPMHU

1D SRþHWNX VH GHILQLUD QL] [ RG  HOHPHQDWD X LQWHUYDOX   3RWRP VH QL]X \
SULGUXåXMX YULMHGQRVWL IXQNFLMH VLQ[ ]D HOHPHQWH L] [ )XQNFLMD \ VLQ[ VH LVFUWDYD
QDUHGERP SORW 'HILQLUDMX VH LQWHUYDOL QD NRRUGLQDWQLP RVLPD XNOMXþXMH PUHåD
LVSLVXMXQD]LYLQDNRRUGLQDWQHRVLQDVORYJUDID3RWRPVHQDJUDIGRGDMHJUDILþNLSULND]
IXQNFLMHFRV[
1DUHGERP FOI EULãH VH VDGUåDM SUR]RUD NRML VDGUåL QDFUWDQL JUDI 1DNRQ WRJD VH
NRULãWHQMHP QDUHGEH VXESORW GHILQLUD QDþLQ LVFUWDYDQMD X NRMHP VH X LVWRP SUR]RUX
SULND]XMX GYD JUDID 8 SUYRJ VH LVFUWDYD IXQNFLMD VLQXV D X GUXJRJ IXQNFLMD NRVLQXV
'HWDOMQHRSLVHSRMHGLQLKQDUHGELSRJOHGDWLNRULãWHQMHPQDUHGEHKHOS

2SHUDFLMHVPDWULFDPD

0DWODEVYHSRGDWNHVSUHPDXREOLNXSROMDDUUD\.DGVPRJRYRULOLRQL]RYLPDXVWYDUL

VHUDGLORRGYRGLPHQ]LRQDOQLPSROMLPDNRMLPDMHMHGQDRGGLPHQ]LMDMHGQDNDMHGDQ1D
VOLþDQ QDþLQ GHILQLUDMX VH L PDWULFH ± GYRGLPHQ]LRQDOQD SROMD SURL]YROMQLK GLPHQ]LMD
0DWODE SRGUåDYD QDSUHGQH RSHUDFLMH ]D UDG V PDWULFDPD D XQDSULMHG GHILQLUD L QHNH
QDUHGEH]DL]UDGXVSHFLMDOQLKPDWULFDQXOPDWULFHMHGLQLþQHPDWULFH

=DGDYDQMHPDWULFD

*RWRYR LGHQWLþDQ SRVWXSDN ]DGDYDQMX QL]RYD NRULVWL VH L ]D ]DGDYDQMH PDWULFD 5HWFL
PDWULFHVHRGYDMDMXVD1DSULPMHU

ª$ >@
$



'LPHQ]LMHPDWULFH

1DUHGED VL]H NRULVWH VH ]D GRELYDQMH SRGDWND R GLPHQ]LMDPD PDWULFH 9UDüD QL] NRML
VDGUåLSRGDWNHRGLPHQ]LML

ªV VL]H$
V


1DUHGEXVL]HPRJXüHMHLVNRULVWLWLLWDNRGDYUDüDGYDL]OD]QDDUJXPHQWD8WRPVOXþDMX
QDUHGEXSR]LYDPRVDª>UV@ VL]H$LRQDXUYUDüDEURMUHGDNDDXVEURMVWXSDFD

1DUHGED OHQJWKYUDüDYHüXRGGLPHQ]LMDGRELYHQLKVD VL]H'REUR MX MH NRULVWLWL ]D

GRELYDQMHGXOMLQHQL]DRGQRVQRYHNWRUDEXGXüLGDMHMHGQDRGGLPHQ]LMDMHGQDNDMHGDQ
XYLMHNYUDüDGUXJXQHRYLVQRRWRPHGDOLVHUDGLRYHNWRUUHWNXLOLYHNWRUVWXSFX


'RVWXSLOLSURPMHQDRGUH HQRJHOHPHQWDMHGQRVWDYQRMHL]YHGLYD±SULPMHU ª$
YUDüD HOHPHQW X SUYRP UHWNX L GUXJRP VWXSFX ª$  SRVWDYOMD QRYX YULMHGQRVW
WRPHOHPHQWX8NROLNRVHåHOLSRVWDYLWLYULMHGQRVWHOHPHQWDNRMLMHL]YDQPDWULFH0DWODE
DXWRPDWVNLSRYHüDYDGLPHQ]LMHPDWULFHLQRYHHOHPHQWHSRVWDYLQD1SU

ª$ XSUYRPUHWNXQHSRVWRMLãHVWLHOHPHQWXQXWDUPDWULFH

$



.RULVQHQDUHGEH]DPDQLSXODFLMXPDWULFDPD

ýHVWRSRVWRMLSRWUHEDGDVHQHNDPDWULFDGHILQLUDSUHPDVDGUåDMXGUXJHPDWULFH0DWODE
RPRJXüDYDMHGQRVWDYQXPDQLSXODFLMXLL]YD DQMHPDWULFDL]GUXJLKPDWULFD

ª$ >@
ª% $
%




8JRUQMHPSULPMHUXPDWULFD%VHIRUPLUDRGUHGDNDPDWULFH$UHYHU]QLPSRUHWNRP

ª& >$%>@@

&




0DWULFD&GRELYHQDMHNRPELQLUDQMHPPDWULFH$LSUYRJLWUHüHJVWXSFDPDWULFH%

3R]LYRP ª&IRUPLUDVHYHNWRUVWXSDFNRMLVDGUåLVYHHOHPHQWHPDWULFH&LWRUHGRP

SRVWXSFLPDGDNOHLWG

0DWULFHMHPRJXüHSUHWUDåLWLQDUHGERP ILQG1DUHGEDYUDüDLQGHNVUHWNDLVWXSFDNRML
]DGRYROMDYDMXNULWHULM1SU

ª$ >@
ª>LM@ ILQG$!
L




M



 


IOLSXG$ ±RNUHüHPDWULFXJRUHGROMH
IOLSOU$ ±RNUHüHPDWULFXOLMHYRGHVQR
URW$ ±URWLUDPDWULFXXOLMHYR
UHVKDSH$PQ ±SUHXUH XMHPDWULFXXREOLNVDPUHGDNDLQVWXSDFD3RþHWQD
PDWULFDPRUDLPDWLP QHOHPHQDWD
GLDJY ±VWYDUDGLMDJRQDOQXPDWULFXVDYHNWRURPYQDGLMDJRQDOL
GLDJ$ ±YUDüDYHNWRUNRMLVDGUåLHOHPHQWHGLMDJRQDOHPDWULFH$

6SHFLILþQHQDUHGEH

0DWODESRGUåDYDQDSUHGQHQDUHGEH]DDOJHUEDUVNHRSHUDFLMHQDGPDWULFDPD.RULãWHQMHP
WLKQDUHGEHMHGQRVWDYQRVHRGUH XMXNDUDNWHULVWLþQDVYRMVWYDPDWULFD1HNHRGQDMþHãüH
NRULãWHQLKSRSLVDQHVXXQDVWDYNX

$
 ±WUDQVSRQLUDQMHPDWULFH
HLJ$ ±YUDüDYODVWLWHYULMHGQRVWLPDWULFHVDPR]DNYDGUDWQHPDWULFH
UDQN$ ±YUDüDUDQJPDWULFH
GHW$ ±GHWHUPLQDQWDPDWULFH
LQY$ ±LQYHU]QDPDWULFD

6SHFLMDOQHPDWULFH

1XOPDWULFD
1DUHGERP]HURVVWYDUDVHQXOPDWULFDVDRGUH HQLPEURMHPUHGDNDLVWXSDFD3R]LY
QDUHGEH ª]HURV YUDüD NYDGUDWQX PDWULFX UHGD  GRN QSU SR]LY
ª]HURVYUDüDQXOPDWULFXRGUHGDLVWXSDFD

0DWULFDMHGLQLFD
1DUHGERP RQHV VWYDUD VH PDWULFD NRMD VYH HOHPHQWH LPD MHGQDNH  1DþLQ
SR]LYDQMD QDUHGEH MH LGHQWLþDQ RQRP NRG QDUHGEH ]HURV .RULVQD MH PRJXüQRVW
SR]LYD QDUHGEH QD QDþLQ GD VH YULMHGQRVWL HOHPHQDWD RGPDK SRPQRåH VD QHNLP
EURMHPþLPHNDRUH]XOWDWGRELYDPRPDWULFXNRMDLPDVYHHOHPHQWHMHGQDNHQHNRM
SURL]YROMQRM YULMHGQRVWL 1SU SR]LY QDUHGEH ªRQHV SL VWYDUD NYDGUDWQX
PDWULFXUHGDNRMDLPDVYHHOHPHQWHMHGQDNH 

0DWULFDVDVOXþDMQLPHOHPHQWLPD
=D VWYDUDQMH PDWULFH VD VOXþDMQLP HOHPHQWLPD NRULVWH VH QDUHGEH UDQG L UDQGQ
=DGHWDOMQLMLRSLVNRULVWLWLQDUHGEXKHOS

-HGLQLþQDPDWULFD
-HGLQLþQX PDWULFX VWYDUDPR NRULãWHQMHP QDUHGEH H\H 1DUDYQR X VOXþDMX
QHNYDGUDWQLK PDWULFD QHüHPR GRELWL SUDYX MHGLQLþQX PDWULFX YHü 0DWODE SR
GLMDJRQDOLVWDYOMDMHGLQLFHVYHGRNQH
L]D HL]PDWULFH
1SU

ªH\H
DQV


 



6YH QDUHGEH ]D VWYDUDQMH VSHFLMDOQLK PDWULFD PRJX VH NRULVWLWL X NRPELQDFLML VD
QDUHGERP VL]H þLPH MH RPRJXüHQR VWYDUDQMH VSHFLMDOQH PDWULFH GLPHQ]LMD
LGHQWLþQLKQHNRMGUXJRMPDWULFL1DSULPMHU

ª$ >@
$


ªRQHVVL]H$
DQV



2EUDGDSRGDWDND

.DR ãWR VPR YHü QDYHOL 0DWODE MH RULMHQWLUDQ SUYHQVWYHQR QD UDG V PDWULFDPD WH
XNOMXþXMH QL] PRJXüQRVWL ]D VWDWLVWLþNX DQDOL]X SRGDWDND 3RGDFL NRML VH REUD XMX
VPMHãWHQL VX X PDWULFDPD D 0DWODE SRGDWNH REUD XMH SUHPD VWXSFLPD X PDWULFDPD
'UXJLP ULMHþLPD 0DWODE SUHWSRVWDYOMD GD VX SRGDFL ]D REUDGX VPMHãWHQL X VWXSFH
PDWULFH6YDNLVWXSDFSUHGVWDYOMDGUXJXJUXSXSRGDWDND

1D SULPMHU X]PLPR GD X PDWULFL 3RGDFL LPDPR SRGDWNH R EURMX SULVWXSD UD]OLþLWLP
GDWRWHNDPDQDQHNRPZHESRVOXåLWHOMXSUHPDGDQLPD

ª3RGDFL
3RGDFL
  
  
  
  
  
  
  

.RULãWHQMHP QDUHGEH SORW PRJXüH MH MHGQRVWDYQR GRELWL JUDILþNL SULND] NUHWDQMD
SULVWXSDNUR]GDQHXWMHGQX

ªGDQL 
ªSORWGDQL3RGDFL
ª[ODEHO
'DQXWMHGQX
\ODEHO
%URMSULVWXSD


1DUHGERPPHDQSURUDþXQDYDVHSURVMHþQDYULMHGQRVWSRGDWDND

ªVU PHDQ3RGDFL

VU
  


.DR UH]XOWDW PHDQ YUDüD SURVMHþQH YULMHGQRVWL VYDNRJ SRMHGLQRJ VWXSFD 'RGDWQLP
L]YR HQMHPªPHDQVUGRELMHVHXNXSQDSURVMHþQDYULMHGQRVW

0LQLPDOQL L PDNVLPDOQL HOHPHQWL X SRMHGLQRM JUXSL SRGDWDND VWXSFX GRELYDMX VH

L]YR HQMHP QDUHGEL PLQ L PD[ 1DUHGEH LPDMX GYD L]OD]QD DUJXPHQWD ± SUYL VDGUåL
PLQPD[YULMHGQRVWLDGUXJLLQGHNVHNRMLQD]QDþXMXUHGDNXXOD]QRMPDWULFLXNRMHPVH
SRVWLåXPLQPD[YULMHGQRVWL

ª>PD[LP[LQG@ PD[3RGDFL

PD[L
  
P[LQG
  

8 QDVWDYNX VX WDEOLþQR SREURMDQH RVQRYQH QDUHGEH ]D VWDWLVWLþNX REUDGX X 0DWODEX
'RGDWQHLQIRUPDFLMHRQMLPDGDMHKHOSQDUHGED

1DUHGED 2SLV
VWG$ 6WDQGDUGQHGHYLMDFLMHSRGDWDNDSRVWXSFLPD
GLII$ 0DWULFDGLPHQ]LMDNDRL$VDGUåLSRGDWDNRUD]OLFL
YULMHGQRVWLXRGQRVXQDSUHWKRGQLSRGDWDN
FRUUFRHI$ .RUHODFLMVNLNRHILFLMHQWL
FRY$ 0DWULFDNRYDULMDQFH
FXPSURG$ .XPXODWLYQLSURGXNWVWXSDFD
FXPVXP$ .XPXODWLYQDVXPDVWXSDFD
KLVW$ +LVWRJUDP
PHGLDQ$ 0HGLMDQLSRVWXSFLPD
SURG$ 3URGXNWHOHPHQDWDXVWXSFLPD
VRUW$ 6RUWLUDVWXSFHRGQDMPDQMHJ
VXP$ 6XPDHOHPHQDWDXVWXSFLPD

3ROLQRPL

5DG V SROLQRPLPD X 0DWODEX ED]LUD VH QD LQWHUSUHWDFLML HOHPHQDWD YHNWRUD UHGDND NDR
NRHILFLMHQDWD SROLQRPD 1D WDNR GHILQLUDQLP YHNWRU UHWFLPD PRJXüH MH REDYLWL QL]
SRGUåDQLKRSHUDFLMDNRULãWHQMHP0DWODERYLKQDUHGEL]DUDGVSROLQRPLPD

3ULND]SROLQRPDNDRYHNWRUUHWNDVHOHPHQWLPDMHGQDNLPNRHILFLMHQWLPDSROLQRPD

[  +  [  -  [  -  [ + 

ªSROLQRP >@

0DWODE MHGQRVWDYQR L]YRGL SURQDODåHQMH NRULMHQD SROLQRPD YULMHGQRVWL YDULMDEOH [ X

NRMLPD MH YULMHGQRVW SROLQRPD MHGQDND QXOL NRULãWHQMHP QDUHGEH ª
U URRWSROLQRP  3RVWRML L QDUHGED ]D L]YR HQMH LQYHU]QH RSHUDFLMH ± RGUH LYDQMH
SROLQRPDSUHPDNRULMHQLPD±QDUHGEDªS SRO\U


=D UH]XOWDWH GRELYHQH QDUHGERP SRO\ NDUDNWHULVWLþQR MH GD VDGUåH L L]QRVRP PDOH
LPDJLQDUQH GLMHORYH 7L LPDJLQDUQL GLMHORYL HOLPLQLUDMX VH NRULãWHQMHP QDUHGEH
ªS UHDOS

0QRåHQMH SROLQRPD REDYOMD VH QDUHGERP FRQY ± WD QDUHGED REDYOMD NRQYROXFLMX GYD
SROMDYHNWRUD1DUHGEDSULKYDüDGYDXOD]QDDUJXPHQWD±GYDSROLQRPDNRMHPQRåLPR
=DPQRåHQMHYLãHSROLQRPDSRWUHEQRMHSRQDYOMDWLNRULãWHQMHQDUHGEH

=EUDMDQMH SROLQRPD QLMH GLUHNWQR SRGUåDQR SRVHEQRP QDUHGERP YHü VH VYRGL QD
VWDQGDUGQX RSHUDFLMX ]EUDMDQMD YHNWRUD RSHUDWRURP  0H XWLP X VOXþDMX YHNWRUD
QHMHGQDNLKYHOLþLQD]EUDMDQMHQLMHPRJXüHSDMHSUHWKRGQRSRWUHEQRL]MHGQDþLWLYHOLþLQH
YHNWRUD 8 OLWHUDWXUL VH QDYRGL SULPMHU IXQNFLMH ]D ]EUDMDQMH SROLQRPD NRMX GDMHPR X
QDVWDYNX

IXQFWLRQS SRO\DGGDE

32/<$''3RO\QRPLDODGGLWLRQ
32/<$''$%DGGVWKHSRO\QRPLDOV$DQG%

LIQDUJLQ
HUURU
1RWHQRXJKLQSXWDUJXPHQWV

HQG
D D
 PDNHVXUHLQSXWVDUHURZYHFWRUV
E E

QD OHQJWKD ILQGOHQJWKVRIDDQGE
QE OHQJWKE
S >]HURVQEQDD@>]HURVQDQEE@

3UHPDXSXWDPDGDQLPXVNULSWLYH]DQRX]UDGVPDWULFDPDQHELVPMHORELWLSUREOHPDX
UD]XPLMHYDQMXRYHIXQNFLMH6YHVHVYRGLQDGRGDYDQMHGRGDWQLKQXODXYHNWRUHNDNREL
VHL]MHGQDþLOHQMLKRYHGLPHQ]LMH

'LMHOMHQMHSROLQRPDREDYOMD VH QDUHGERP GHFRQYDE ± GHNRQYROXFLMD GYD YHNWRUD

1DUHGEDLPDGYDL]OD]QDDUJXPHQWD±SUYLDUJXPHQWVDGUåLNYRFLMHQWHDGUXJLRVWDWDN
=DGRGDWQHLQIRUPDFLMHSRJOHGDWLKHOS

'HULYLUDQMHSROLQRPDREDYOMDVHQDUHGERPSRO\GHUD

.RULVQDMHLQDUHGED]DSURUDþXQDYDQMHSROLQRPDþLPHMHRPRJXüHQMHGQRVWDYDQSULND]
SROLQRPDJUDILþNLQDUHGERP SORW1DUHGED]DSURUDþXQYULMHGQRVWLSROLQRPDRYLVQRR
YDULMDEOLMHSRO\YDO8QDVWDYNXMHGDQSULPMHULJUDILþNLSULND]UH]XOWDWD

/DNãL QDþLQ LVFUWDYDQMD SROLQRPD MH NRULãWHQMHP QDUHGEH ]D FUWDQMH IXQNFLMD H]SORW
3ULND]LGHQWLþDQJRUHSULND]DQRPGRELMDVHVDªH]SORW
 [A [A [




ªS >@
ª[ OLQVSDFH
ªU SRO\YDOS[
ªSORW[U














        

6LPEROLþNDPDWHPDWLND

.RULãWHQMHP 6\PEROLF 0DWK 7RROER[D 0DWODE RPRJXüDYD VLPEROLþNH SURUDþXQH

'UXJLP ULMHþLPD PRJXüH MH NRULVWLWL VLPEROH YDULMDEOL X GHILQLFLML IXQNFLMD PDWULFD L
RVWDOLK PDWHPDWLþNLK VWUXNWXUD WH üH LK 0DWODE X VYRMLP SURUDþXQLPD EH] SUREOHPD
LQWHUSUHWLUDWLLNDGJRGMHWRPRJXüHYUDWLWLWDNR HUVLPEROLþNHUH]XOWDWH

1D SULPMHU GHILQLUDPR OL NYDGUDWQX IXQNFLMX SUHPD QMHQRM NODVLþQRM GHILQLFLML
D[  + E[ + F   NRULãWHQMHP QDUHGEH VROYH 0DWODE üH YUDWLWL UH]XOWDW X VLPEROLþNRP
REOLNXNRMLMHXSRWSXQRVWLWRþDQDSULND]DQMHNRULãWHQMHPSDUDPHWDUDNRMLVHNRULVWHX
GHILQLFLML3ULMHXQRVDIXQNFLMHSRWUHEQRMHGHILQLUDWLVLPEROHNRMLVHNRULVWH7RVHPRåH
XþLQLWLQDUHGEDPDV\PLOLV\PV

ªV\PVDEF[
ª\ D [AE [F
\

D [AE [F


ªU VROYH\
U

>D EEA D FA@

>D EEA D FA@

.RULãWHQMHP QDUHGEH SUHWW\ PRJXüH MH SULND]DWL IXQNFLMX L UH]XOWDWH X SULURGQLMHP

ODNãHþLWOMLYRPREOLNX

ªSUHWW\U

>@
>EEDF@
>@
>D@
>@
>@
>EEDF@
>@
>D@

1DNRQ ãWR GHILQLUDPR VLPEROLþNX IXQNFLMX PRJXüH MH L]YRGLWL UD]OLþLWH RSHUDFLMH QDG
QMRP1DYRGLPRVDPRQDMþHãüHNRULãWHQHQDUHGEH GLIIGHULYLUDQMH OLPLWOLPHV
LQWLQWHJULUDQMHWD\ORU7D\ORURYUHG

=DGHWDOMQLMLXYLGXPRJXüQRVWLVLPEROLþNLKSURUDþXQDSUHSRUXþOMLYRMHSUHJOHGDWL GHPR
YH]DQX]VSRPHQXWLWRROER[LOLSUHOLVWDWLRSVHåQXOLWHUDWXUXNRMDGROD]LX]0DWODE

7UDQVIRUPDFLMH

1DPD QDMLQWHUHVDQWQLML GLR 0DWODED YH]DQ X] VLPEROLþNH SURUDþXQH MH QMHJRYD
PRJXüQRVWL]YR HQMDWUDQVIRUPDFLMDQDGNRQWLQXLUDQLPLGLVNUHWQLPVXVWDYLPD
8 0DWODE VX LPSOHPHQWLUDQH QDUHGEH ]D UDG V /DSODFHRYRP )RXULHURYRP L =
WUDQVIRUPDFLMRP 2VLP QDUHGEL ]D L]YR HQMH WUDQVIRUPDFLMD GHILQLUDQH VX L GYLMH
NDUDNWHULVWLþQH IXQNFLMH ± VWHS IXQNFLMD XW L GHOWD LPSXOVQD IXQNFLMD W 1D]LYL
IXQNFLMDX0DWODEXVX +HDYLVLGHW]DVWHSIXQNFLMXL 'LUDFW]DGHOWDIXQNFLMX
'DVHSRGVMHWLPRGHILQLFLMDNDUDNWHULVWLþQLKIXQNFLMD±LPSXOVQDIXQNFLMD'LUDFWWD
MHIXQNFLMDNRMDXNRPSOHWQRPSRGUXþMX]DGUåDYDYULMHGQRVWRVLPX D JGMH MH QMHQD
YULMHGQRVW UD]OLþLWD RG  6WHS IXQNFLMD +HDYLVLGHWD LPD YULMHGQRVW  ]D WD WH
YULMHGQRVW]DW!D'HOWDIXQNFLMDMHXVWYDULGHULYDFLMD'LUDFRYHIXQNFLMH

)RXULHURYDWUDQVIRUPDFLMD

=D RGUH LYDQMH NDUDNWHULVWLND VXVWDYD X YUHPHQVNRM L IUHNYHQFLMVNRM GRPHQL NRULVWH VH

)RXULHURYDLLQYHU]QD)RXULHURYDWUDQVIRUPDFLMD


'HILQLFLMD)RXULHURYHLLQYHU]QH)RXULHURYHWUDQVIRUPDFLMH

Š - MwW  Š
) w  = ×-Š I W H GW I W  = × ) w H MwW Gw
p -Š

0DWODE NRULVWL GYLMH QDUHGEH ]D GHILQLUDQMH VSRPHQXWLK WUDQVIRUPDFLMD ± IRXULHU L

LIRXULHU .RULãWHQMH üHPR SULND]DWL QD GYD QDMMHGQRVWDYQLMD SULPMHUD 3UYR üHPR
L]YHVWL )RXULHURYX WUDQVIRUPDFLMX QD NRQWLQXLUDQRP VLJQDOX QDVWDORP ]EUDMDQMHP
QHNROLNRVLQXVQLKVLJQDOD

ªV\PV[\
ª6LJ  VLQ[ VLQ [SL VLQ [
6LJ

 VLQ[ FRV [ VLQ [

6D H]SORWPRåHPRSULND]DWLVLJQDO8RþLWHGDMH0DWODEGUXJLHOHPHQWSUHWYRULRXFRV
]ERJGHILQLUDQRJID]QRJSRPDND

âWRGRELMDPR)RXULHURYRPWUDQVIRUPDFLMRP"

ª7UDQ IRXULHU6LJ

7UDQ

 L SL 'LUDFZ L SL 'LUDFZ SL 'LUDFZ

 SL 'LUDFZ L SL 'LUDFZ L SL 'LUDFZ

0RåHPRXRþLWL'LUDFRYXIXQNFLMXXVYDNRPþODQXUH]XOWDWDLPSXOV8RþLPRSRPDNH

IXQNFLMH ]D   L  WH UHDOQH HOHPHQWH YH]DQH X] IXQNFLMX VD SRPDNRP  .DNR
LQWHUSUHWLUDWLWHSRGDWNH"$NR[XGHILQLUDQRP VLJQDOX 6LJ LQWHUSUHWLUDPR NDR  I W X
VWYDULSURPDWUDPRVLJQDOIUHNYHQFLMHIXYUHPHQVNRMGRPHQLW)RXULHURYDIXQNFLMDWDNDY
VLJQDO WUDQVIRUPLUD X IUHNYHQFLMVNX GRPHQX L UH]XOWDW WUDQVIRUPDFLMH GDMH QDP XYLG X
IUHNYHQFLMVNXNDUDNWHULVWLNXVLJQDOD8RYRPVOXþDMXVLJQDOMHVDVWDYOMHQRMHGQRVWDYQH
VXPH VLQXVQLK VLJQDOD SD ODNR PRåHPR RGUHGLWL IUHNYHQFLMVNX NDUDNWHULVWLNX L L]
GHILQLFLMH VLJQDOD X YUHPHQVNRM GRPHQL 3UHPD WRPH IUHNYHQFLMVND NDUDNWHULVWLND
VLJQDODLPDNRPSRQHQWH I  IL  I7LPNRPSRQHQWDPDRGJRYDUDMXZZ
 L Z X UH]XOWDWX WUDQVIRUPDFLMH VLPHWULþQH NRPSRQHQWH X VSHNWUX VX Z Z L
Z X] VLQXV VX DQWLVLPHWULþQH SR ID]L 8]   I SRVWRML ID]QL SRPDN X RGQRVX QD
RVWDOHNRPSRQHQWHNRVLQXVMHVWXSQMHYDSRPDNQXWXRGQRVXQDVLQXV

2SLVDQHIXQNFLMHL]YRGH)RXULHURYXWUDQVIRUPDFLMXQDNRQWLQXLUDQLPVLJQDOLPD=DUDG
VD GLVNUHWQLP VLJQDOLPD NRULVWL VH GLVNUHWQD )RXULHURYD WUDQVIRUPDFLMD 1DUHGEH IIW L
LIIWNRULVWHVH]DEU]X)RXULHURYXWUDQVIRUPDFLMXLLQYHU]QXWUDQVIRUPDFLMX


0DWODE]DUD]ELEULJX

3R PLãOMHQMX YHüLQH NRULVQLND 0DWODED ]D MHGQRJ SRþHWQLND X NRULãWHQMX RYRJ SDNHWD
QDMEROMH MH NDR XSR]QDYDQMH VD VYLP PRJXüQRVWLPD 0DWODED ]DSRþHWL UDG VD GHPR
SURJUDPRP0DWODEDWMWUHEDRWLSNDWLQDNRPDQGQRMOLQLML ªGHPR1DGDOMHMHSRWUHEQR
VOLMHGLWLXSXWHGHPRSURJUDPD

6OLND0DWODEGHPRL]ERUQLN


âWRMHWR6,08/,1."
6LPXOLQNMHJUDILþNLPLãHPXSUDYOMDQSURJUDPNRMLRPRJXüXMHPRGHOLUDQMHVLPXOLUDQMH
L DQDOL]X GLQDPLþNLK VXVWDYD SRYH]XMXüL EORN GLMDJUDPH QD HNUDQX 3RGUåDYD OLQHDUQH
QHOLQHDUQH YUHPHQVNL GLVNUHWQH L NRQWLQXLUDQH YLãHYDULMDELOQH VXVWDYH 6LPXOLQN MH
SRWSXQR LQWHJULUDQ V 0DWODERP WDNR GD V 0DWODERP L &RQWURO 6\VWHP WRROER[RP
IRUPLUDSRWSXQLVXVWDY]DDQDOL]X

1DNRQ GHILQLUDQMD PRGHOD 6LPXOLQN GDMH PRJXüQRVW RGDELUD MHGQRJ RG VHGDP
LQWHJUDFLMVNLK DOJRULWDPD (XOHU 5XQJH.XWWD  5XQJH.XWWD  $GDPV *HDU
$GDPV*HDU /LQVLP .RULVWHüL UD]OLþLWH WLSRYH GLVSOD\EORNRYD PRJXüH MH YL]XDOQR
SURPDWUDWLUH]XOWDWHVLPXODFLMHNDRL]DSLVDWLUH]XOWDWHVLPXODFLMHXQHNLVSLVGDWRWHND
3URPMHQDVLPXODFLMVNLKSDUDPHWDUDGRSXãWHQDMHLWLMHNRPVDPHVLPXODFLMH

6LPXOLQNVHSRNUHüHWDNRGDVHXUDGQRPSROMX0DWODEDRWLSND
ªVLPXOLQN^HQWHU`
1DNRQþHJDVHRWYDUDUDGQRSROMHVLPXOLQNDLELEOLRWHNDEORNRYDVOLND

6OLND6LPXOLQNELEOLRWHNDLUDGQRSROMH
6YDNDRGELEOLRWHNDVLPXOLQND6RXUFHV6LQNV'LVFUHWHVDGUåDYDEORNRYH=DXOD]DN
XSRMHGLQXELEOLRWHNXSRWUHEQRMHQDSUDYLWLGYRVWUXNLNOLNPLãHPQDLVWX3ULMHQRVQHNRJ
RGEORNRYDL]SRMHGLQHELEOLRWHNHXUDGQRSROMHRVWYDUXMHVHWDNRGDVHQDEORNNOLNQH
PLãHPLSULGUåDYDMXüLOLMHYLJXPEPLãDR]QDþHQLEORNSUHQHVHXUDGQRSROMH


.UHLUDQMHPRGHOD

3ULPMHURPMHREXKYDüHQR
q .UHLUDQMHPRGHODRGDELUEORNRYD


q .UHLUDQMHSRGVXVWDYD


q 0DVNLUDQMHSRGVXVWDYD


3UHWSRVWDYLPRGDWUHEDQDSUDYLWLPRGHONDRQDVOLFL

&RQVW

6OLND0RGHO

8VLPXOLQNXWUHEDSURQDüLEORNRYHQXåQH]DUHDOL]DFLMXPRGHODDSRWRPLVWHSRYH]DWL


D E
6OLNDD%ORNRYLSRWUHEQL]DUHDOL]DFLMXPRGHODE3RYH]DWLEORNRYHNRULVWHüLPLãD


.UHLUDQMHSRGVXVWDYD

9LGLVOLNHDLE


D E
6OLNDD6HOHNWLUDWLEORNRYHVPLãHPNRMLVHJUXSLUDMXE2SFLMD(GLW“&UHDWH
6\EV\VWHP

6OLND.UHLUDQLSRGVXVWDY6XEV\VWHP

0DVNLUDQMHJUXSLUDQRJEORND

.OLNQXWL PLãHP GYD SXWD QD EORN NRML VH PDVNLUD RWYDUDPR SRGVXVWDY D SRWRP X
VYDNRP EORNX SRGVXVWDYD SRWUHEQR MH XSLVDWL LPH YDULMDEOH QD PMHVWR YHOLþLQH NRMD VH
PLMHQMD 1LåH MH GDQ SULPMHU ]D EORNRYH ³6LJQDO JHQHUDWRU´  1D PMHVWR $PSOLWXGH
XSLVDQD MH YDULMDEOD ³$PSO´ GRN MH QD PMHVWR )UHTXHQF\ XSLVDQD YDULMDEOD ³)UHT´ L
³&RQVWDQW´1DPMHVWR&RQVWDQWYDOXHXSLVDQDMHYDULMDEOD³&RQVW´


 

6OLND8SLVYDULMDEOL]DSRMHGLQHEORNRYH

.DGD VPR XSLVDOL YDULMDEOH ]DWYRULPR VXEV\VWHP 1DSUDYLPR MHGDQ NOLN PLãHP QD
VXEV\VWHPDSRWRPLGHPRQDRSFLMX(GLW“0DVN6XEV\VWHP6OLND

6OLND0DVNLUDQMHSRGVXVWDYD

1DNRQNOLNDQMDQDRSFLMX0DVNVXEV\VWHPRWYDUDQDPVHL]ERUQLN0DVNHGLWRUNDRQD

VOLFL


 6OLND,]ERUQLN

6OLND3ULPMHUSRSXQMDYDQMDSRGRSFLMDL]ERUQLND


 
D E
6OLNDD.UHLUDQLVXVWDYE%ORN]DSURPMHQXSDUDPHWDUDSRMHGLQLKYHOLþLQD

2SLVRSFLMDL]ERUQLND

3RGRSFLMD,FRQ
q 0DVNW\SH±]DGDMHPRLPHSRGVXVWDYD


q 'UDZLQJFRPPDQGV±,VFUWDYDQMHLNRQHSRGVXVWDYDXQDãHPVOXþDMXWRMH]QDN


³;´
q ,FRQIUDPH,FRQWUDQVSDUHQF\L,FRQURWDWLRQUDGRYLKRSFLMDVHODNRXRþDYDL


RYGMHQHüHELWLRSLVDQ
q 'UDZLQJFRRUGLQDWHV±RGUH XMHNRRUGLQDWQLVXVWDY]DQDUHGEHFUWDQMDOLQHSORW



PD[;PD[<  EORFNZLGWKEORFNKHLJKW

PLQ;PLQ<  

$8726&$/( 1250$/,=(' 3,;(/

3RGRSFLMD,QLWLDOL]DWLRQ
q 0DVNW\SH±LVSLVXMHLPHQDãHJSRGVXVWDYD


q 8 SROMLPD 3URPSW   &RQWURO 7\SH   9DULDEOH  $VVLJQPHQW RSLVXMHPR QDãH



YDULMDEOHL]SRMHGLQLKEORNRYDSRGVXVWYD
3URPSWQDYRGLPRSXQRLPHQDãHYDULMDEOHQSU$PSOLWXGD)UHNYHQFLMD&RQVW
&RQWURO W\SH ± RGUH XMHPR QDþLQ XQRãHQMD YULMHGQRVWL YDULMDEOH (GLW 3RSXS LOL
&KHFNER[


 6OLND3ULPMHU]D&RQWUROW\SH(GLW&KHFNER[L3RSXS
9DULDEOH ± XSLVXMHPR LPH ]D YDULODEOX NRMH VPR XSLVDOL SULOLNRP PDVNLUDQMD QSU
$PSO)UHT&RQVW
$VVLJQPHQW(YDOXDWH/LWHUDO±8YHüLQLVOXüDMHYDRSFLMDMHSRVWDYOMHQDQD(YDOXDWH
2SFLMDRYGMHQHüHELWLREMDãQMHQD
,QLWLDOL]DWLRQ FRPPDQGV ± 'HILQLUDQMH QHNLK YDULMDEOL NRMH VH QDOD]H SRG PDVNRP D
PRJXELWLNRULãWHQHRGVWUDQHGUXJLKEORNRYDSRGVXVWDYD
6LPXOLQNL]YUãDYDLQLFLMDOL]LUDMXüHQDUHGEHSULOLNRP
q 8þLWDYDQMDPRGHOD


q 3RNUHWDQMHVLPXODFLMH


q 5RWLUDQMDPDVNLUDQRJEORND


3ULPMHU]DEORN5HSHDWLQJ6HTXHQFH
1DVOLFLEGDQMHRGPDVNLUDQEORNVDVOLNHD2EUDWLPRSR]RUQRVWQDEORN)FQ
6OLND G SUHGRþDYD XOD]QH YDULMDEOH GDQRJ EORND UHPX>@ SHULRG 9LGLPR GD VH
RYGMHNRULVWLYDULMDEODSHULRGþLMHMHL]UDþXQDYDQMHQDYHGHQRX,QLWLDOL]DWLRQFRPPDQGV
VOLNDF


D E


 
F G
6OLND3ULPMHU]D,QLWLDOL]DWLRQ&RPPDQGVRSFLMX

3RGRSFLMD'RFXPHQWDWLRQ
2SFLMDRYGMHQHüHELWLRSLVDQD9LGMHWL+HOSGRNXPHQWDFLMX

3$5$0(75,6,08/$&,-(6LPXODWLRQ“3DUDPHWHUV
3ULMH SRNUHWDQMD VLPXODFLMH SRWUHEQR MH VSHFLILFLUDWL SDUDPHWUH VLPXODFLMH L RGDEUDWL
VLPXODFLMVNXPHWRGX

6OLND,]ERUQLN]DGHILQLUDQMHSDUDPHWDUDVLPXODFLMH
2SFLMD6ROYHU
6LPXODWLRQ7LPH8RYRMSRGRSFLMLVHRGUH XMHYULMHPHSRNUHWDQMD6WDUWWLPHLYULMHPH
]DXVWDYOMDQMD VLPXODFLMH 6WRS WLPH 6SHFLILFLUDQR GHIDXOW YULMHPH SRNUHWDQMD
VLPXODFLMHMHVHFLYULMHPH]DXVWDYOMDQMDVHF


6LPXODWLRQWLPHLDFWXDOFORFNWLPHQLMHLVWR
6ROYHURSWLRQV
6LPXODFLMD PRGHOD X VLPXOLQNX MH SRGUåDQD V QHNRP RG QXPHULþNLK LQWHJUDFLMVNLK
PHWRGD $NR VH SULMH VLPXODFLMH QH RGDEHUH PHWRGD VLPXOLQN üH RGDEUDWL PHWRGX X
RYLVQRVWLRNUHLUDQRPPRGHOXLWR
q $NRPRGHOLPDNRQWLQXLUDQDVWDQMDRGHPHWRGDVHNRULVWL0H XWLPDNRYLGLPR


GDPHWRGDRGHQHGDMH]DGRYROMDYDMXüHUH]XOWDWHWUHEDSUREDWLVRGHV
q $NR PRGHO QHPD NRQWLQXLUDQLK VWDQMD VLPXOLQN X]LPD YDULDEOHVWHS VROYHU NDR


GLVFUHWHLLVSLVXMHSRUXNXXUDGQRPSROMX0DWODEDGDQHNRULVWLPHWRGXRGH
7\SHPRåHVHRGDEUDWL9DULDEOHVWHSLOL)L[HGVWHS9DULDEOHVWHSRSFLMDPRåHWLMHNRP
VLPXODFLMHPLMHQMDWLNRUDNVLPXODFLMHVWHSVL]HLWRXJUDQLFDPDQDYHGHQLPXRSFLMDPD
5HODWLYH WROHUDQFH L $EVROXWH WROHUDQFH )L[HGVWHS RSFLMD X]LPD XYLMHN LVWL YUHPHQVNL
NRUDNNRGVLPXODFLMHSULWRPHQHX]LPDMXüLXRE]LUSRJUHãNXXUDþXQDQMX

2VWDOHRSFLMHQHüHELWLRYGMHRSLVDQH=DGHWDOMQLMHLQIRUPLUDQMHSRJOHGDWL+HOS


.UHLUDQMHJUDILþNRJNRULVQLþNRJVXþHOMD
0RJXüQRVWLL]UDGHUD]OLþLWLKYUVWDSURUDþXQDNRMH0DWODEQXGLãLURNRVHSULPLMHQMXMXX
UD]QLP ]QDQVWYHQLP GLVFLSOLQDPD X SUDNVL 8 YHüLQL VOXþDMHYD MH PQRJR MHGQRVWDYQLMH
LVNRULVWLWL JRWRYH X 0DWODEX YHü LPSOHPHQWLUDQH IXQNFLMH X SURUDþXQLPD QHJR OL SDN
L]UD LYDWL YODVWLWH X QHNLP GUXJLP SURJUDPVNLP MH]LFLPD 'D EL VH RPRJXüLOD L]UDGD
VORåHQLMLK
DSOLNDFLMD
0DWODESRGUåDYDL]UDGXNRPSOHWQRJJUDILþNRJNRULVQLþNRJVXþHOMD
*UDSKLFDO8VHU,QWHUIDFH*8,VDVYLPGDQDVVWDQGDUGQLPHOHPHQWLPD±JXPELPD
OLVWDPDL]ERUQLFLPD6WDULMHLQDþLFH0DWODEDLVNOMXþLYRVXRPRJXüDYDOHL]UDGXVXþHOMD

UXþQR
XQRVRPSRVHEQLQDUHGELXVNULSWH1RYHLQDþLFH0DWODEDLQWHJLULUDMXNRPSOHWQR
YL]XDOQR RNUXåHQMH ]D UD]YRM *8,D ± W]Y *XLGH *8, 'HYHORSPHQW (QYLURQPHQW 8
QDVWDYNXüHPRQDYHVWLRVQRYHVYDNRJRGGYDJRUHVSRPHQXWDQDþLQDL]UDGHVXþHOMD=D
GHWDOMHSURXþLWLOLWHUDWXUXNRMDGROD]LX]0DWODE

2VQRYHL]UDGHVXþHOMD

0DWODEGHILQLUDJUDILþNHREMHNWHLVYDNRPRGVWYRUHQLKREMHNDWDSULGUXåXMHW]YKDQGOH
NRMLMHGQR]QDþQRLGHQWLILFLUDVYDNLRGREMHNDWD.RULãWHQMHPLGHQWLILNDWRUDLQDUHGELVHW
L JHW PRJX VH MHGQRVWDYQR PLMHQMDWL VYRMVWYD SURSHUWLHV REMHNDWD 8 REMHNWH PH X
RVWDOLPXEUDMDPR0DWODERYHSUR]RUHILJXUHNRRUGLQDWQHRVLD[HVOLQLMHOLQH
NRULVQLþNHNRQWUROH±JXPELOLVWHNOL]DþLXLFRQWUROL]ERUQLNHXLPHQX
3RMHGLQL HOHPHQWL PRJX VXGMHORYDWL X LQWHUDNFLML VD NRULVQLNRP 8 WRP VOXþDMX ]D
UD]OLþLWHGRJD DMHQSUNOLNPLãDLVOLþQRREMHNWLPDSULGUXåXMHPRUD]OLþLWHRSHUDFLMH±
W]YFDOOEDFN7RPRJXELWLNRPSOHWQHIXQNFLMHLOLMHGQRVWDYQLSR]LYLQHNLK0DWODERYLK
QDUHGEL
3ULVWXS DNWXDOQLP REMHNWLPD X VYDNRP MH WUHQXWNX PRJXü NRULãWHQMHP QDUHGEL JFI
YUDüD KDQGOH QD ILJXUH JFD YUDüD KDQGOH QD D[HV L JFR YUDüD KDQGOH QD FXUUHQW
REMHFW

3ULPMHU±SURPMHQDERMHSR]DGLQHXDNWLYQRPSUR]RUX

ª[ OLQVSDFHSLSL

ª\ VLQ[
ªSORW[\
ªD[LV>SLSL@
ªKQ JFI
ªVHWKQ
FRORU
>@

3UHJOHGVYRMVWDYDPRåHPRGRELWLVDJHWKQ

9L]XDOQDL]UDGDVXþHOMD

1RYH LQDþLFH 0DWODED X SRWSXQRVWL RPRJXüDYDMX YL]XDOQX L]UDGX NRULVQLþNRJ VXþHOMD

.RULãWHQMHP *XLGH PRJXüH MH MHGQRVWDYQR VWYDUDWL L UD]PMHãWDWL VYH WLSRYH JUDILþNLK
REMHNDWD L PLMHQMDWL QMLKRYD VYRMVWYD ,]JUD HQR VXþHOMH MHGQRVWDYQR VH VQLPD X P
GDWRWHNXLSRVWDMHGRVWXSQR]DGDOMQMHNRULãWHQMHL]NRPDQGQHOLQLMH


*XLGH*8,'HYHORSPHQW(QYLUQRPHQWVHVDVWRMLRGQHNROLNRGLMHORYD2VQRYQLSR]LY
VH REDYOMD QDUHGERP JXLGH 7RP QDUHGERP XNOMXþXMH VH *XLGH &RQWURO 3DQHO NRML
RPRJXüDYD SRNUHWDQMH VYLK RVWDOLK GLMHORYD *XLGH VOLND  *XLGH MRã XNOMXþXMH
3URSHUW\(GLWRU &DOOEDFN (GLWRU $OLJQPHQW 7RRO L 0HQX (GLWRU 3URSHUW\ (GLWRU
RPRJXüDYDSRGHãDYDQMHVYRMVWDYDVYDNRJSRMHGLQRJREMHNWD&DOO%DFN(GLWRUVHNRULVWL
]D SRGHãDYDQMH FDOOEDFN IXQNFLMD REMHNDWD $OLJQPHQW 7RRO RODNãDYD SR]LFLRQLUDQMH
REMHNDWDD0HQX(GLWRUVHNRULVWL]DODNXL]UDGXL]ERUQLND

6OLND*XLGH&RQWURO3DQHO

8 RYRM VNULSWL GDMHPR RVQRYQH QDSXWNH R L]UDGL VXþHOMD D VYH WR NUR] MHGQRVWDYQL
SULPMHU NRML üH XNOMXþLYDWL L]UDGX IXQNFLRQDOQRJ VXþHOMD ]D JUDILþNL SULND] QHNLK
RVQRYQLKIXQNFLMD

8 GRQMHP GLMHOX &RQWURO 3DQHODQ QDOD]L VH SRSLV REMHNDWD 2EMHFW 3DOHWWH NRMH
PRåHPRGRGDYDWLXSUR]RUILJXUH8]LPDPRåHOMHQHREMHNWHLSRVWDYOMDPRLKXSUR]RU
QDåHOMHQRPMHVWR1DNRQSRVWDYOMDQMDVYLKHOHPHQDWDVXþHOMDSUR]RUL]JOHGDNDRQDVOLFL



 6OLND,]JOHGSUR]RUDQDNRQHGLWLUDQMH

8QRV YLãH SRGDWDND X REMHNW /LVWER[ L]YRGL VH QD SRPDOR VSHFLILþDQ QDþLQ ± VDGUåDM
NRPSRQHQWH GHILQLUD VH VYRMVWYRP 6WULQJ QR X YL]XDOQRP SRPDJDOX 3URSHUW\ (GLWRU
QLMHPRJXüXQRVVORåHQLKVWUXNWXUDYHüVDPRMHGQRVWDYQLKSRGDWDND=ERJWRJDMHSULMH
SRNUHWDQMD SRWUHEQR GHILQLUDWL SRPRüQX YDULMDEOX X REOLNX YHNWRU VWXSFD X QDãHP
SULPMHUXªSRP >µPHVKµ¶VXUIµ¶SORWµ¶FRQWRXU¶@WHSRWRP
X]VYRMVWYR6WULQJQDYHVWLQD]LYWHYDULMDEOH

6OLMHGHüLNRUDNMHSULGUXåLYDQMHIXQNFLMH]DLVFUWDYDQMHNRMDüHLVFUWDYDWLWHVWQXIXQNFLMX
QDUD]OLþLWHQDþLQHRYLVQRRSRGHãHQRPQDþLQXLVFUWDYDQMD1DSUDYLPRIXQNFLMX &UWDM
SUHPDGRQMHPOLVWLQJX

IXQFWLRQUHV &UWDMD
&UWDM

SRP 
LID 
PHVKSHDNV
HOVHLID 
VXUISHDNV
HOVHLID 
SORWSHDNV
HOVHLID 
FRQWRXUSHDNV
HOVH
SRP 
HQG

UHV SRP


)XQNFLMDRYLVQRRSDUDPHWUXLVFUWDYDUD]OLþLWHYUVWHJUDILNRQD
'D EL SRNUHQXOL IXQNFLMX SULOLNRP SULWLVND QD JXPE &UWDM SULGUXåXMHPR NRULãWHQMHP
&DOOEDFN(GLWRUDWRPJXPEXNRGNDRQDVOLFL

6OLND&DOOEDFN(GLWRU±SRVWDYOMDQMH&DOOEDFNIXQNFLMH]DJXPE

9LGLPR GD X SR]LYX IXQNFLMH SRVWRML DUJXPHQW YDQ R NRMHP RYLVL NDNR üH VH UH]XOWDW
LVFUWDWL 9ULMHGQRVW WRJ DUJXPHQWD RYLVL R RGDELUX X OLVWL ]D RGUH LYDQMH QDþLQD
LVFUWDYDQMD 'D EL UHJLVWULUDOL SURPMHQX VWDQMD X OLVWL ]D WDM REMHNW OLVW ER[ WDNR HU
GHILQLUDPRFDOOEDFNLWRSUHPDVOLFL8VWYDULSRVWDYOMDPRYULMHGQRVWYDULMDEOHYDQQD
YULMHGQRVWNRMDRGJRYDUDYULMHGQRVWLVYRMVWYD9DOXHWRJREMHNWD

6OLND&DOOEDFN(GLWRU±SRVWDYOMDQMH&DOOEDFNIXQNFLMH]D/LVW%R[

3RþHWQRVWDQMHYDULMDEOHYDQPRåHVHSRVWDYLWLNDRFDOOEDFN]DSUR]RUILJXUHLWRNDR

IXQNFLMDNRMDVHSRNUHüHSULOLNRPVWYDUDQMDREMHNWD&UHDWH)FQ


1DNRQ SRVWDYOMDQMD VYLK VYRMVWDYD L IXQNFLMD NDNR MH RSLVDQR X &RQWURO 3DQHOX
GYRVWUXNLP NOLNRP PLãD QD QD]LY SUR]RUD PRåH VH ]DSRþHWL SUHOD]L X VWDQMH DFWLYH
NRULãWHQMH GL]DMQLUDQRJ VXþHOMD D QD LVWL VH QDþLQ PRåH L SUHNLQXWL X VYDNRP WUHQXWNX
SUHOD]LXVWDQMHFRQWUROHG


5DGXODERUDWRULMX

2VQRYQHIXQNFLMH
KHOSJHQHUDO

=DGDFL$

 \ UDQG

] \
3URþLWDWLNRMHVHYDULMDEOHQDOD]HXUDGQRPSURVWRUXLLVSLVDWLQMLKRYHYHOLþLQH
2EULVDWLYDULMDEOX]
9DULMDEOX\VQLPLWLXGDWRWHNX
.DNRVHEULãHUDGQLSURVWRU
8þLWDWLYDULMDEOX\
âWR]QDþLQDUHGEDGLVS
âWR]QDþLQDUHGEDGLDU\
âWR]QDþLQDUHGEDOHQJWK
âWRMH³VFULSWILOH´

5DGVPDWULFDPD
KHOSHOPDW

=DGDFL%

*HQHULUDWLPDWULFXDGXOMLQH™VDVOLMHGHüLPVYRMVWYLPD ÎÏ 





Þ
ß

Ï   ß

ÐÏ   ß

à

âWRUDGLQDUHGEDD
âWRUDGLQDUHGEDD
*HQHULUDWLEPDWULFXVOXþDMQLKEURMHYDYHOLþLQH™
ýHPXVOXåHQDUHGEHH\HRQHV]HURV
ýHPXVOXåHQDUHGEHGLDJURWIOLSOU
Î     Þ
     ß
*HQHULUDWLPDWULFX G = ÏÏ      ß
Ï     ß
Ð    à
,]UDþXQDWLG
,]UDþXQDWLLQYHU]RGG
0DWULþQRULMHãLWLMHGQDGåEH [\] 
[\] 
[\ 

2EMDVQLWLIRUSHWOMXLLIVWUXNWXUX
$NRVXD >@LE >@
ãWRUDGLQDUHGEDF >DE@ >DEDD@
"


(OHPHQWDUQHIXQNFLMHLIXQNFLMH]DFUWDQMH
KHOSHOIXQKHOSJUDSKLFV

=DGDFL&
ýHPXVOXåHQDUHGEHVLQDEVLPDJH[SURXQGLVLJQ
ãWRUDGLRYDVNXSLQDQDUHGEL[ \ VLQ[SORW[\
ýHPXVOXåHQDUHGEH[ODEHO\ODEHOWLWOH
ýHPXVOXåLQDUHGEDKROG
âWRUDGLVNXSLQDQDUHGEL
W  SLU  VLQ W[ U FRVW\ U VLQWSORW[\
1DSLVDWLIXQNFLMXNRMDFUWDNUXåQLFXVNRRUGLQDWDPDFHQWUDSLTL
 SROXPMHURPU
QSUªNUXJ

6WDWLVWLþNDREUDGDL)RXULHURYDWUDQVIRUPDFLMD
KHOSGDWDIXQ

=DGDFL'
 *HQHULUDWLVOXþDMQLKEURMHYDSRQRUPDOQRMUD]GLRELQL]T
3RND]DWLUD]GLREXRYLKEURMHYDKLVWRJUDPRPVUD]UHGD
,]UDþXQDWLVYHVOXþDMQHEURMHYHL]QL]DþLMDMHYULMHGQRVWL]PH XL
,]UDþXQDWLVWDQGDUGQXGHYLMDFLMXRYRJQL]D
.DNRVHSURPLMHQLVWDQGDUGQDGHYLMDFLMDQL]DT  T
.RPHQWLUDWLVOLMHGHüLVOLMHGQDUHGELNRUDNSRNRUDN
ª[ 
ª\ VLQ SL  [
ªSORW[\
ª< IIW\
ª< IIWVKLIW<
ª) [[
ªSORW)DEV<
ªSORW)DEV<
âWRUDGLQDUHGEDLIIW