*9001347147*
%6
Ø 0RQWDJHDQOHLWXQJ Ú ,QVWDOODWLRQ LQVWUXFWLRQV ü 0RQWDM WɊOLPDW×
Ò Οωινανγπραν ζί λνμρίε Ö 0RQWiçQt QiYRG
× 0RQWHULQJVYHMOHGQLQJ Ù ̲͉͇͓͆́ͅ ͇͕͔͕͔͉͓͌̓̾̓ͅ Û ,QVWUXFFLRQHV GH PRQWDMH Ü 3DLJDOGXVMXKHQG
Ý $VHQQXVRKMH Þ 1RWLFH GH PRQWDJH à 8SXWH ]D PRQWDçX
ø ,QVWUXNVL SHPDVDQJDQ â ,VWUX]LRQL SHU LO PRQWDJJLR
Ï ۡۥ۪ۣ۫ۙۙ۳۪ۡۡ ۡۥ۪۫۩۬ۮ۳ۡۚۡ ù Νομίρς ρςοίκϊ μЧπБίςκίο
ã
ä 0RQWDYLPR LQVWUXNFLMD å 0RQWąçDV LQVWUXNFLMD é ,QVWDOODWLHYRRUVFKULIW ê 0RQWHULQJVYHLOHGQLQJ ë ,QVWUXNFMD PRQWDŰX ì ,QVWUXo}HV GH PRQWDJHP í ,QVWUXFŘLXQL GH PRQWDM
î Ημπροςιυηώ ξν λνμρίες ï 0RQWiçQ\ QiYRG
ð 1DYRGLOD ]D PRQWDçR ò 8SXWVWYR R SRVWDYOMDQMX ó 0RQWHULQJVDQYLVQLQJ ô 0RQWDM N×ODYX]X
õ ΅μπροςιυϕώ ζ λνμρίες
÷
ÿ
%6
%6
|
/$1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[ |
[
7RU[ |
|
|
|
de
:LFKWLJH +LQZHLVH
:9HUOHW]XQJVJHIDKU
'DV *HUlW LVW VFKZHU =XP %HZHJHQ GHV *HUlWHV VLQG 3HUVRQHQ HUIRUGHUOLFK 1XU JHHLJQHWH +LOIVPLWWHO YHUZHQGHQ
■'LH $QOHLWXQJ VRUJIlOWLJ OHVHQ XQG DXIEHZDKUHQ 1XU HLQ IDFKJH UHFKWHU (LQEDX QDFK GLHVHU 0RQWDJHDQOHLWXQJ JDUDQWLHUW HLQHQ VLFKHUHQ *HEUDXFK %HL 6FKlGHQ GXUFK IDOVFKHQ (LQEDX KDIWHW GHU 0RQWHXU
■9RU GHU 'XUFKI KUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHO OHQ
■=XU 9HUPHLGXQJ YRQ 6FKQLWWYHUOHW]XQJHQ 6FKXW]KDQGVFKXKH WUDJHQ 7HLOH GLH ZlKUHQG GHU 0RQWDJH ]XJlQJOLFK VLQG N|QQHQ VFKDUINDQWLJ VHLQ
■'DV *HUlW QDFK GHP $XVSDFNHQ SU IHQ %HL HLQHP 7UDQVSRUW VFKDGHQ QLFKW DQVFKOLH HQ
■*HUlW QLFKW DQ 7 U RGHU 7 UJULII DQKHEHQ
■) U GLH ,QVWDOODWLRQ GLH DNWXHOO J OWLJHQ %DXYRUVFKULIWHQ XQG GLH 9RUVFKULIWHQ GHV UHJLRQDOHQ (OHNWUL]LWlWVYHUVRUJHUV EHDFKWHQ
■*HUlW ]XP (LQEDX LQ HLQ . FKHQP|EHO JHPl (LQEDXVNL]]H0LQGHVWDEVWlQGH EHDFKWHQ
■(LQEDX KLQWHU 0|EHOW UHQ 'DV 9HUVFKOLH HQ GHUDUWLJHU 7 UHQ LP %HWULHE PXVV GXUFK JHHLJQHWH 0D QDKPHQ DXVJHVFKORVVHQ ZHUGHQ (V EHVWHKW *HIDKU GXUFK hEHUKLW]XQJ ZHQQ GLH 7 U LP %HWULHE RGHU ZlKUHQG GHV $EN KOHQV / IWHUEHWULHE QLFKW RIIHQ EOHLEW
■9HUSDFNXQJVPDWHULDO XQG .OHEHIROLHQ YRU ,QEHWULHEQDKPH DXV GHP *DUUDXP XQG YRQ GHU 7 U HQWIHUQHQ
■0D JDEHQ GHU %LOGHU LQ PP
3ODQXQJVKLQZHLVH
7 UDQVFKODJ QLFKW ZHFKVHOEDU $EVWDQG 0|EHONRUSXV ELV 7 UIURQWIOlFKH PP
)URQW EHUVWDQG I U GLH gIIQXQJ YRQ VHLWOLFKHQ 6FKXEODGHQ EHDFK WHQ
%HL 3ODQXQJ HLQHU (FNO|VXQJ 7 U|IIQXQJVZLQNHO YRQ PLQG EHU FNVLFKWLJHQ
hEHU GLHVHP *HUlW GDUI NHLQ DQGHUHV HOHNWULVFKHV *HUlW LQ GHQ 6FKUDQN HLQJHEDXW ZHUGHQ
'LH *HUlWHYHUVLRQ PLW GHP %HGLHQWHLO XQWHQ QLFKW EHU HLQHP *HVFKLUUVS OHU HLQEDXHQ $XIVWHLJHQGHU 'DPSI DXV GHP *HVFKLUU VS OHU NDQQ GLH *HUlWHHOHNWURQLN EHVFKlGLJHQ
(LQEDXP|EHO YRUEHUHLWHQ
(LQEDXP|EHO P VVHQ ELV & WHPSHUDWXUEHVWlQGLJ VHLQ DQJUHQ ]HQGH 0|EHOIURQWHQ ELV &
$QVFKOXVVGRVH PXVV DX HUKDOE GHU (LQEDXQLVFKH OLHJHQ
$XVVFKQLWWDUEHLWHQ DP 0|EHO YRU GHP (LQVHW]HQ GHV *HUlWHV GXUFKI KUHQ 6SlQH HQWIHUQHQ GLH )XQNWLRQ YRQ HOHNWULVFKHQ %DX WHLOHQ NDQQ EHHLQWUlFKWLJW ZHUGHQ
1LFKW EHIHVWLJWH 0|EHO PLW HLQHP KDQGHOV EOLFKHQ :LQNHO DQ GHU :DQG EHIHVWLJHQ
*HUlW QXU VR KRFK HLQEDXHQ GDVV =XEHK|U SUREOHPORV HQWQRP PHQ ZHUGHQ NDQQ
(OHNWULVFKHU $QVFKOXVV
'DV *HUlW HQWVSULFKW GHU 6FKXW]NODVVH , XQG GDUI QXU PLW 6FKXW]OHL WHU $QVFKOXVV EHWULHEHQ ZHUGHQ
'LH $EVLFKHUXQJ PXVV JHPl GHU /HLVWXQJVDQJDEH DXI GHP 7\SHQVFKLOG XQG GHQ ORNDOHQ 9RUVFKULIWHQ HUIROJHQ
%HL DOOHQ 0RQWDJHDUEHLWHQ PXVV GDV *HUlW VSDQQXQJVORV VHLQ
'DV *HUlW GDUI QXU PLW GHU PLWJHOLHIHUWHQ $QVFKOXVVOHLWXQJ DQJH VFKORVVHQ ZHUGHQ 6WHFNHQ 6LH GLH $QVFKOXVVOHLWXQJ DQ GHU *HUl WHU FNVHLWH DQ &OLFN
'LH $QVFKOXVVOHLWXQJ GDUI QXU GXUFK HLQH 2ULJLQDOOHLWXQJ EH]LHK EDU EHU GHQ .XQGHQGLHQVW HUVHW]W ZHUGHQ
'HU %HU KUXQJVVFKXW] PXVV GXUFK GHQ (LQEDX JHZlKUOHLVWHW VHLQ
$QVFKOXVVOHLWXQJ PLW 6FKXW]NRQWDNW 6WHFNHU
'DV *HUlW GDUI QXU DQ HLQH YRUVFKULIWVPl LJ LQVWDOOLHUWH 6FKXW]NRQ WDNW 6WHFNGRVH DQJHVFKORVVHQ ZHUGHQ
:HQQ GHU 6WHFNHU QDFK GHP (LQEDX QLFKW PHKU HUUHLFKEDU LVW PXVV LQ GHU IHVWYHUOHJWHQ HOHNWULVFKHQ ,QVWDOODWLRQ HLQH 7UHQQYRU ULFKWXQJ LQ GHQ 3KDVHQ QDFK GHQ (UULFKWXQJVEHVWLPPXQJHQ YRU JHVHKHQ ZHUGHQ
$QVFKOXVVOHLWXQJ RKQH 6FKXW]NRQWDNW 6WHFNHU
1XU HLQ NRQ]HVVLRQLHUWHU )DFKPDQQ GDUI GDV *HUlW DQVFKOLH HQ
,Q GHU IHVWYHUOHJWHQ HOHNWULVFKHQ ,QVWDOODWLRQ LVW HLQH 7UHQQYRUULFK WXQJ LQ GHQ 3KDVHQ QDFK GHQ (UULFKWXQJVEHVWLPPXQJHQ YRU]XVH KHQ 3KDVH XQG 1HXWUDO ´1XOO ´ /HLWHU LQ GHU $QVFKOXVVGRVH LGHQWLIL]LHUHQ %HL )DOVFKDQVFKOXVV NDQQ GDV *HUlW EHVFKlGLJW ZHUGHQ
6SDQQXQJ VLHKH 7\SHQVFKLOG 'LH $GHUQ GHU 1HW]DQVFKOXVVOHLWXQJ HQWVSUHFKHQG GHU )DUEFRGLHUXQJ DQVFKOLH HQ JU Q JHOE 6FKXW] OHLWHU < EODX 1XOO 1HXWUDO /HLWHU EUDXQ 3KDVH $X HQOHLWHU
$QVFKOXVV DQ GDV +HLPQHW]ZHUN /$1
'LHVHV *HUlW LVW QHW]ZHUNIlKLJ XQG NDQQ PLW HLQHP /$1 .DEHO DQ GDV +HLPQHW]ZHUN DQJHVFKORVVHQ ZHUGHQ /$1 .DEHO QLFKW EHL OLHJHQG 6WHFNHQ 6LH GDV /$1 .DEHO YRU GHP (LQEDX LQ GLH %XFKVH DQ GHU 5 FNVHLWH GHV *HUlWHV XQG VLFKHUQ 6LH HV PLW GHU =XJHQWODVWXQJ 9HUELQGHQ 6LH GDV /$1 .DEHO PLW HLQHU 1HW]ZHUN GRVH
*HUlW HLQEDXHQ
■%HL (LQEDX YRQ ]ZHL *HUlWHQ QHEHQHLQDQGHU %HLGH 7 UJULIIH *ULIIPXOGHQ P VVHQ ]XU 0LWWH ]HLJHQ
■*HUlW LP 6FKUDQN JHJHQ .LSSHQ VLFKHUQ IDOOV NHLQ =ZLVFKHQER GHQ EHU GHP *HUlW LVW =ZHL KDQGHOV EOLFKH :LQNHO EHLGVHLWLJ LP 6FKUDQN EHIHVWLJHQ DXI PP 7LHIH PP EHU *HUlWH K|KH
*HUlW JDQ] LQ GDV (LQEDXP|EHO HLQVFKLHEHQ
'DEHL $QVFKOXVVNDEHO QLFKW NQLFNHQ HLQNOHPPHQ RGHU EHU VFKDUIH .DQWHQ I KUHQ
*HUlW PLWWLJ DXVULFKWHQ
=ZLVFKHQ*HUlWXQGDQJUHQ]HQGHQ0|EHOIURQWHQLVWHLQ/XIWVSDOW YRQ PP HUIRUGHUOLFK
*HUlW PLW GHU :DVVHUZDDJH H[DNW ZDDJUHFKW DXVULFKWHQ
*HUlWPLWGHUEHLOLHJHQGHQ6FKUDXEHEHIHVWLJHQ 7UDQVSRUWVLFKH UXQJ DQ GHU 7 U HQWIHUQHQ
7 U MXVWLHUHQ
=XP H[DNWHQ $XVULFKWHQ NDQQ GLH *HUlWHW U OHLFKW MXVWLHUW ZHUGHQ
'D]XGDV*HUlWHWZDVDXVGHU(LQEDXQLVFKHKHUDXV]LHKHQ $QGHU 2EHUVHLWH GHV *HUlWHV ILQGHQ 6LH DXI GHU 6FKDUQLHUVHLWH HLQH RYDOH gIIQXQJ 'LH $EGHFNNDSSH DEQHKPHQ 'LH EHLGHQ 6FKUDX EHQ ,QEXV PP HWZDV O|VHQ DEHU QLFKW KHUDXVGUHKHQ 7 U PLW GHU VHLWOLFKHQ 6FKUDXEH 7RU[ MXVWLHUHQ GD]X NDQQ HV Q|WLJ VHLQ GLH 7 U ]X |IIQHQ XQG ZLHGHU ]X VFKOLH HQ $XVULFKWXQJ SU IHQ XQG GLH EHLGHQ 6FKUDXEHQ ,QEXV PP IHVWGUHKHQ 'LH $EGHFNNDSSH DQEULQJHQ
+LQZHLVH
■'LH *HUlWHW U LVW LP $XVOLHIHUXQJV]XVWDQG MXVWLHUW (LQH 7 UMXV WLHUXQJ LVW QRUPDOHUZHLVH QLFKW Q|WLJ
■'LH $XVULFKWXQJ GHU *HUlWHW U NDQQ DP 6FKDUQLHU MXVWLHUW ZHU GHQ XP HLQ H[DNWHV 6SDOWPD ]X HUUHLFKHQ
■'LH 7 U NDQQ QLFKW LQ GHU +|KH YHUVWHOOW ZHUGHQ
.RPELQDWLRQ PLW %DFNRIHQ
=XHUVW GHQ 'DPSIEDFNRIHQ DQVFKOLH HQG GHQ %DFNRIHQ PRQWLH UHQ
.RPELQDWLRQ PLW :lUPHVFKXEODGH
=XHUVWGLH :lUPHVFKXEODGH:6 PRQWLHUHQ 0RQWDJHDQOHLWXQJGHU :lUPHVFKXEODGH EHDFKWHQ
'HQ 2IHQ DXI GLH :lUPHVFKXEODGH LQ GHQ (LQEDXVFKUDQN HLQ VFKLHEHQ %HLP (LQVFKLHEHQ GLH %OHQGH GHU :lUPHVFKXEODGH QLFKW EHVFKlGLJHQ
$XVEDX
*HUlW VSDQQXQJVORV PDFKHQ%HIHVWLJXQJVVFKUDXEHQ O|VHQ
*HUlW OHLFKW DQKHEHQ XQG JDQ] KHUDXV]LHKHQ
en
,PSRUWDQW QRWHV
:5LVN RI LQMXU\
7KH DSSOLDQFH LV KHDY\ 7R PRYH WKH DSSOLDQFH SHRSOH DUH UHTXLUHG 8VH RQO\ VXLWDEOH WRROV DQG HTXLSPHQW
■5HDG WKH LQVWUXFWLRQV FDUHIXOO\ DQG NHHS IRU IXWXUH UHIHUHQFH 6DIH XVH RI WKLV DSSOLDQFH FDQ RQO\ EH JXDUDQWHHG LI LW KDV EHHQ LQVWDOOHG SURIHVVLRQDOO\ LQ DFFRUGDQFH ZLWK WKHVH LQVWDOODWLRQ
LQVWUXFWLRQV 7KH LQVWDOOHU VKDOO EH OLDEOH IRU GDPDJHV LQFXUUHG DV D UHVXOW RI LQFRUUHFW LQVWDOODWLRQ
■6ZLWFK RII WKH SRZHU VXSSO\ EHIRUH FDUU\LQJ RXW DQ\ ZRUN
■:HDU SURWHFWLYH JORYHV VR WKDW \RX GR QRW FXW \RXUVHOI 3DUWV WKDW DUH DFFHVVLEOH GXULQJ LQVWDOODWLRQ PD\ KDYH VKDUS HGJHV
■&KHFN WKH DSSOLDQFH IRU GDPDJH DIWHU XQSDFNLQJ LW 'R QRW FRQQHFW WKH DSSOLDQFH LI LW KDV EHHQ GDPDJHG LQ WUDQVLW
■'R QRW OLIW WKH DSSOLDQFH XVLQJ WKH GRRU RU GRRU KDQGOH
■:KHQ LQVWDOOLQJ KHHG WKH FXUUHQW YDOLG EXLOGLQJ UHJXODWLRQV DV ZHOO DV WKH UHJLRQDO SRZHU FRPSDQ\V UHJXODWLRQV
■)RU LQVWDOODWLRQ LQ D NLWFKHQ XQLW DFFRUGLQJ WR WKH LQVWDOODWLRQ GLDJUDP SOHDVH QRWH PLQLPXP FOHDUDQFHV
■,QVWDOODWLRQ EHKLQG FDELQHW GRRUV 6XLWDEOH PHDVXUHV VKRXOG EH WDNHQ WR HQVXUH WKHVH W\SHV RI GRRUV FDQQRW FORVH GXULQJ RSHUDWLRQ 7KHUH LV D ULVN RI RYHUKHDWLQJ LI WKH GRRU GRHV QRW UHPDLQ RSHQ GXULQJ RSHUDWLRQ RU GXULQJ FRROLQJ IDQ RSHUDWLRQ
■%HIRUH VWDUWLQJ XS WKH DSSOLDQFH UHPRYH DQ\ SDFNDJLQJ PDWHULDO DQG DGKHVLYH ILOP IURP WKH FRRNLQJ FRPSDUWPHQW DQG WKH GRRU
■7KH GLPHQVLRQV LQ WKH ILJXUHV DUH LQ PP
3ODQQLQJ QRWHV
'RRU KLQJH QRW UHYHUVLEOH
7KH GRRU SDQHO VXUIDFH RI WKH DSSOLDQFH H[WHQGV PP IURP WKH IXUQLWXUH FDYLW\
&RQVLGHU WKH RYHUKDQJ ZKHQ SODQQLQJ WR RSHQ GUDZHUV QH[W WR WKH DSSOLDQFH
:KHQ SODQQLQJ D FRUQHU VROXWLRQ SD\ DWWHQWLRQ WR WKH GRRU RSHQLQJ DQJOH
'R QRW LQVWDOO DQRWKHU HOHFWULFDO DSSOLDQFH DERYH WKLV DSSOLDQFH LQ WKH FDELQHW
'R QRW LQVWDOO WKH PRGHO WKDW IHDWXUHV WKH FRQWUROV DW WKH ERWWRP DERYH D GLVKZDVKHU 6WHDP IURP WKH GLVKZDVKHU PLJKW GDPDJH WKH HOHFWURQLFV RI WKH VWHDP RYHQ
3UHSDULQJ NLWFKHQ XQLWV
)LWWHG XQLWV PXVW EH KHDW UHVLVWDQW XS WR & DGMDFHQW FDELQHW IURQWV XS WR &
7KH PDLQV VRFNHW QHHGV WR EH SRVLWLRQHG RXWVLGH RI WKH EXLOW LQ QLFKH
&DUU\ RXW DOO FXW RXW ZRUN RQ WKH IXUQLWXUH XQLW DQG ZRUNWRS EHIRUH ILWWLQJ WKH DSSOLDQFHV 5HPRYH DQ\ VKDYLQJV RU WKH FRUUHFW RSHUDWLRQ RI HOHFWULFDO FRPSRQHQWV PD\ EH LPSDLUHG
6HFXUH IUHHVWDQGLQJ XQLWV WR WKH ZDOO XVLQJ VWDQGDUG FRPPHUFLDOO\ DYDLODEOH EUDFNHWV
2QO\ ILW WKH DSSOLDQFH XS WR D KHLJKW ZKLFK DOORZV DFFHVVRULHV WR EH HDVLO\ UHPRYHG
(OHFWULFDO FRQQHFWLRQ
7KH DSSOLDQFH FRUUHVSRQGV WR SURWHFWLRQ FODVV , DQG PXVW RQO\ EH RSHUDWHG ZLWK D SURWHFWLYH HDUWK FRQQHFWLRQ
7KH IXVH SURWHFWLRQ PXVW FRUUHVSRQG WR WKH SRZHU UDWLQJ VSHFLILHG RQ WKH DSSOLDQFHV UDWLQJ SODWH DQG WR ORFDO UHJXODWLRQV
7KH DSSOLDQFH PXVW EH GLVFRQQHFWHG IURP WKH SRZHU VXSSO\ ZKHQHYHU LQVWDOODWLRQ ZRUN LV EHLQJ FDUULHG RXW
7KH DSSOLDQFH PXVW RQO\ EH FRQQHFWHG XVLQJ WKH SRZHU FDEOH SURYLGHG &RQQHFW WKH SRZHU FDEOH WR WKH EDFN RI WKH DSSOLDQFHOLVWHQ IRU WKH FOLFN
7KH SRZHU FDEOH PXVW RQO\ EH UHSODFHG E\ D FDEOH IURP WKH RULJLQDO PDQXIDFWXUHU ZKLFK FDQ EH REWDLQHG YLD WKH DIWHU VDOHV VHUYLFH
&RQQHFWLRQ WR WKH KRPH QHWZRUN /$1
7KLV DSSOLDQFH LV QHWZRUN FRPSDWLEOH DQG FDQ EH FRQQHFWHG WR WKH KRPH QHWZRUN XVLQJ D /$1 FDEOH /$1 FDEOH QRW LQFOXGHG %HIRUH LQVWDOODWLRQ SOXJ WKH /$1 FDEOH LQWR WKH VRFNHW RQ WKH UHDU RI WKH DSSOLDQFH DQG VHFXUH LW XVLQJ WKH VWUDLQ UHOLHI &RQQHFW WKH /$1 FDEOH WR D QHWZRUN VRFNHW
)LWWLQJ WKH DSSOLDQFH
■:KHQ LQVWDOOLQJ WZR DSSOLDQFHV VLGH E\ VLGH WKH GRRU KDQGOHV UHFHVVHG JULSV PXVW EH LQ WKH FHQWUH
■,I WKHUH LV QR ILWWHG VKHOI DERYH WKH DSSOLDQFH VHFXUH WKH DSSOLDQFH DJDLQVW WLSSLQJ RYHU ZKHQ WKH GRRU LV RSHQHG )LW WZR VWDQGDUG DQJOHV PP DERYH WKH DSSOLDQFH DW PP GHSWK LQVLGH WKH FDELQHW
)XOO\ LQVHUW WKH DSSOLDQFH LQ WKH FDELQHW
'R QRW NLQN RU WUDS WKH SRZHU FDEOH RU URXWH LW RYHU VKDUS HGJHV&HQWUH WKH DSSOLDQFH
7KHUH PXVW EH DQ DLU JDS RI PP EHWZHHQ WKH DSSOLDQFH DQG DGMDFHQW FDELQHWV
8VLQJ D VSLULW OHYHO DGMXVW WKH DSSOLDQFH VR WKDW LW LV SHUIHFWO\ OHYHO
6FUHZ WKH DSSOLDQFH ILUPO\ LQ SODFH ZLWK WKH VFUHZV SURYLGHG 5HPRYH WKH WUDQVSRUWDWLRQ ORFN RI WKH GRRU
$OLJQLQJ WKH GRRU
)RU SUHFLVH DOLJQPHQW WKH DSSOLDQFH GRRU FDQ EH HDVLO\ DGMXVWHG
7R GR WKLV SXOO WKH DSSOLDQFH RXW VOLJKWO\ IURP LWV EXLOW LQ UHFHVV $Q RYDO RSHQLQJ LV ORFDWHG RQ WKH WRS RI WKH DSSOLDQFH RQ WKH KLQJHG VLGH 5HPRYH WKH FRYHU FDS 8QGR WKH WZR VFUHZV PP KH[DJRQ VRFNHW D OLWWOH EXW GR QRW FRPSOHWHO\ UHPRYH WKHP $GMXVW WKH GRRU XVLQJ WKH VLGH VFUHZ 7RU[ 7R GR VR LW PD\ EH QHFHVVDU\ WR RSHQ WKH GRRU DQG FORVH LW DJDLQ &KHFN WKH DOLJQPHQW DQG WLJKWHQ WKH WZR VFUHZV PP KH[DJRQ VRFNHW )LW WKH FRYHU FDS
1RWHV
■7KH DSSOLDQFH GRRU LV DOUHDG\ DOLJQHG ZKHQ WKH DSSOLDQFH LV GHOLYHUHG <RX GR QRW QRUPDOO\ QHHG WR DOLJQ WKH GRRU
■7KH DSSOLDQFH GRRUV DOLJQPHQW FDQ EH DGMXVWHG DW WKH KLQJH LQ RUGHU WR DFKLHYH D SUHFLVH JDS
■7KH KHLJKW RI WKH GRRU FDQQRW EH DGMXVWHG
&RPELQDWLRQ ZLWK RYHQ
)LW WKH FRPEL VWHDP RYHQ ILUVW WKHQ WKH RYHQ
&RPELQDWLRQ ZLWK ZDUPLQJ GUDZHU
)LW WKH ZDUPLQJ GUDZHU ILUVW )ROORZ WKH LQVWDOODWLRQ LQVWUXFWLRQV IRU WKH ZDUPLQJ GUDZHU
6OLGH WKH RYHQ RQ WKH ZDUPLQJ GUDZHU LQWR WKH LQVWDOODWLRQ FDELQHW 'R QRW GDPDJH WKH ZDUPLQJ GUDZHU FRYHU ZKHQ VOLGLQJ LW LQ
5HPRYDO
'LVFRQQHFW WKH DSSOLDQFH IURP WKH SRZHU VXSSO\8QGR WKH VHFXULQJ VFUHZV
/LIW WKH DSSOLDQFH VOLJKWO\ DQG SXOO LW RXW FRPSOHWHO\
az
9DFLE J|VWɊULü
:<DUDODQPD WɊKO NɊVL
:KHQ WKH DSSOLDQFH LV LQVWDOOHG SURWHFWLRQ PXVW EH SURYLGHG DJDLQVW DFFLGHQWDO FRQWDFW LQ WKH IXWXUH
3RZHU FDEOH ZLWK D SOXJ ZLWK HDUWKLQJ FRQWDFW
7KH DSSOLDQFH PXVW RQO\ EH FRQQHFWHG WR D SURWHFWLYH FRQWDFW VRFNHW WKDW KDV EHHQ FRUUHFWO\ LQVWDOOHG
,I WKH SOXJ FDQ QR ORQJHU EH UHDFKHG DIWHU LQVWDOODWLRQ DQ HQHUJ\ LVRODWLQJ GHYLFH LQ WKH SKDVHV PXVW EH SURYLGHG LQ WKH SHUPDQHQW HOHFWULFDO LQVWDOODWLRQ LQ DFFRUGDQFH ZLWK WKH LQVWDOODWLRQ UHJXODWLRQV
3RZHU FDEOH ZLWKRXW D SOXJ ZLWK HDUWKLQJ FRQWDFW
2QO\ D OLFHQVHG SURIHVVLRQDO PD\ FRQQHFW WKH DSSOLDQFH
,Q WKH SHUPDQHQW HOHFWULFDO ZLULQJ DQ HQHUJ\ LVRODWLQJ GHYLFH PXVW EH SURYLGHG LQ WKH SKDVHV LQ DFFRUGDQFH ZLWK WKH LQVWDOODWLRQ UHTXLUHPHQWV ,GHQWLI\ WKH OLYH DQG QHXWUDO FRQGXFWRUV LQ WKH PDLQV VRFNHW 7KH DSSOLDQFH PD\ EH GDPDJHG LI LW LV QRW FRQQHFWHG FRUUHFWO\
6HH WKH UDWLQJ SODWH IRU WKH YROWDJH &RQQHFW WKH ZLUHV RI WKH PDLQV SRZHU FDEOH DFFRUGLQJ WR WKH FRORXU FRGLQJ *UHHQ \HOORZ 3( FRQGXFWRU < EOXH QHXWUDO FRQGXFWRU EURZQ OLYH H[WHUQDO
FRQGXFWRU
&LKD] Dù×UG×U &LKD]×Q KɊUɊNɊW HWGLULOPɊVL o Q üɊ[VɊ HKWL\DF YDU 0 YDILT \DUG×Po× PDGGɊGɊQ LVWLIDGɊ HGLQ
■%X WɊOLPDW NLWDEoDV×Q× GLTTɊWOɊ R[XPDT YɊ VD[ODPDT <DOQ×] EX PRQWDM WɊOLPDW×QD ɊVDVɊQ SHüɊNDU ELU TXUDüG×UPD WɊKO NɊVL] LVWLIDGɊ\Ɋ ]ɊPDQɊW YHULU <DOQ×ü TXUDüG×U×OPD\D J|UɊ PRQWDMo× |KGɊOLN GDü×\×U
■+ɊU Q|Y LüLQ \HULQɊ \HWLULOPɊVLQGɊQ ɊYYɊO FɊUɊ\DQ JLULüLQL P YɊTTɊWL V|QG UPɊN
■.ɊVLN \DUDODQPDODU×Q×Q TDUü×V×Q× DOPDT o Q TRUX\XFX ɊOFɊNOɊU JH\PɊN 0RQWDM ]DPDQ× ɊoDWDQ KLVVɊOɊU LWL NɊQDUO× ROD ELOɊU
■&LKD]× TDEODüG×UPDGDQ o×[DUG×TGDQ VRQUD \R[ODPDT 1ɊTOL\\DW ]ɊGɊOɊQPɊVL ]DPDQ× TRüPDPDT
■&LKD]× TDS× YɊ \D TDS× WXWDFDù×QGDQ TDOG×UPDPDT
■4XUDüG×UPD o Q FDUL LQüDDW P GGɊDODU×QD YɊ UHJLRQDO HOHNWULN WɊFKL]DWo×ODU×Q×Q TD\GDODU×QD ɊPɊO HWPɊN
■&LKD]× PɊWEɊ[ PHEHOLQɊ TXUDüG×UPDT o Q TXUDüG×UPD HVNL]LQɊ ɊVDVɊQ PLQLPDO PɊVDIɊOɊUɊ GLTTɊW \HLUPɊN
■0HEHOTDS×ODU×Q×QDU[DV×QGDTXUDüG×UPD dDO×üPD]DPDQ×EXF U TDS×ODU×Q EDùODQPDV× QɊ]ɊUGɊ WXWXOPXü WɊGELUOɊU VD\ɊVGLQGɊ
LVWLVQD HGLOPɊOLGLU ƁJɊU oDO×üPD \D[XG GD VR\XPD ]DPDQ×YHQWLO\DWRUXQ oDO×üPDV× TDS× Do×T TDOPD]VD Dü×U× LVLQPɊ VɊEɊEL LOɊ WɊKO NɊ \DUDQ×U
■ĮVWLIDGɊGɊQ |QFɊ TDEODüG×UPD PDWHULDO× YɊ \DS×üTDQ IRO\DQ× ELüLUPɊ NDPHUDV× YɊ TDS×GDQ NɊQDUODüG×UPDT
■ûɊNOOɊULQ PP LOɊ |Oo OɊUL
'L]D\Q PɊOXPDW
4DS×Q×Q VWRSHUL GɊ\LüPLU
0HEHOLQ J|YGɊVLQGɊQ TDS×Q×Q |Q VDKɊVLQɊ TɊGɊU RODQ PɊVDIɊ PP
<DQ VL\LUWPɊOɊULQ Do×OPDV× o Q |Q o×[×QW×\D GLTTɊW \HWLUPɊN
%LU N QF KɊOOLQLQ SODQODüG×U×OPDV× ]DPDQ× TDS×Q×Q ɊQ D]× GɊUɊFɊOLN Do×OPD EXFDù×Q× QɊ]ɊUɊ DOPDT
%X FLKD] ]ɊULQGɊ GRODEGD EDüTD KHo ELU HOHNWULN FLKD]× TXUDüG×U×OPDPDO×G×U
ĮGDUɊHWPɊ EORNOX FLKD] YHUVL\DV×Q× DüDù×GD TDE\X\DQ PDü×Q]ɊULQɊ TXUDüG×UPDPDT 4DE\X\DQ PDü×QGDQ TDO[DQ EX[DU FLKD] HOHNWURQLNDV×QD ]ɊUɊU YHUɊ ELOɊU
&LKD]× \DQ×QGD YHULOPLü YLQWOɊ EɊUNLWPɊN 4DS×GDN× GDü×QPD TRUX\XFXVXQX NɊQDUODüG×UPDT
4DS×ODU× VHoLQ
'ɊTLT LVWLTDPɊWOɊQGLUPɊ o Q FLKD] TDS×V× DVDQO×TOD D\DUODQD ELOɊU
%XQX HWPɊN o Q FLKD]× TXUDüG×UPD üLQLQGɊQ o×[DUPDT &LKD]×Q \X[DU× KLVVɊVLQGɊ üDUQLU WɊUɊIGɊ RYDO ELU GɊOLN J|UɊFɊNVLQL] gUW N TDSDù×Q× J|W UPɊN +ɊU LNL YLQWL ELU D] ERüDOWPDT DOW×EXFDTO× DoDUPP ODNLQ WDP DoPDPDT 4DS×Q× \DQ YLQW 7RU[ LOɊ QL]DPODPDT EXQXQ o Q TDS×Q× DoDUDT \HQLGɊQ EDùODPDT OD]×P JɊOɊ ELOɊU ĮVWLTDPɊWL \R[ODPDT YɊ KɊU LNL YLQWL DOW×EXFDTO× DoDU PP \HQLGɊQ EXUDUDT EɊUNLWPɊN gUW N TDSDù×Q× TR\PDT
4H\G
■&LKD]×Q TDS×V× J|QGɊULOPɊ YɊ]L\\ɊWLQGɊ WɊQ]LPOɊQLE 4DS× WɊQ]LPOɊQPɊVL DGɊWɊQ OD]×P JɊOPLU
■%RüOXùXQ GɊTLT |Oo V Q ɊOGɊ HWPɊN o Q FLKD] TDS×V×Q×Q LVWLTDPɊWL üDUQLUGɊ WɊQ]LPOɊQɊ ELOɊU
■4DS× \ NVɊNOLN ]UɊ WɊQ]LPOɊQɊ ELOPɊ]
'D[LOL PHEHO KD]×UOD\×Q
4XUDüG×UPD PHEHOL ɊQ D]× & \Ɋ TɊGɊU WHPSHUDWXUD GDYDPO× ROPDO×G×U TRQüX PHEHOOɊULQ |Q KLVVɊOɊUL LVɊ & \Ɋ TɊGɊU
&LKD] EDùODQW×V× \XYDV× TXUDüG×UPD \HULQGɊQ NɊQDUGD ROPDO×G×U
0HEHOGɊNL NɊVLP LüOɊULQL FLKD]× LüɊ VDOPDP×üGDQ ɊYYɊO \HULQɊ \HWLULQ 7D[WD WR]XQX NɊQDUODüG×U×Q ɊNV KDOGD HOHNWULN KLVVɊOɊULQLQ IXQNVL\DV×QD ]L\DQ GɊ\Ɋ ELOɊU
%ɊUNLGLOPɊPLü PHEHOL VDW×üGD RODQ EXFDT DOɊWL& LOɊ GLYDUD EɊUNLGLQ
&LKD]× HOɊ \ NVɊNOLNGɊ TXUXQ NL DNVHVVXDU SUREOHPVL] NɊQDUODüG×U×OD ELOLQVLQ
(OHNWULN ELUOɊüPɊVL
%X FLKD] , TRUXQPD VLQILQɊ X\ùXQ JɊOLU YɊ \DOQ×] TRUX\XFX ELUOɊüPɊ LOɊ LüɊ VDO×QD ELOɊU
7ɊPLQDW Q|Y WDEORVXQGDN× J F PɊOXPDW×QD ɊVDVɊQ YɊ \HUOL TD\GDODUD ɊVDVɊQ \HULQɊ \HWLULOPɊOLGLU
% W Q PRQWDM LüOɊUL ]DPDQ× FLKD] FɊUɊ\DQV×] ROPDO×G×U
&LKD] \DOQ×] ELUJɊ oDWG×U×OP×ü ELUOɊüPɊ [ɊWWL LOɊ ELUOɊüGLULOɊ ELOɊU %LUOɊüPɊ [ɊWWLQL FLKD]×Q DU[D WɊUɊILQɊ ELUOɊüGLULQ NOLN
%LUOɊüGLUPɊ [ɊWWL RULMLQDO [ɊWW YDVLWɊVLOɊ P üWɊUL [LGPPɊWL WɊUɊILQGɊQ WɊPLQ HGLOɊ ELOɊU
7ɊPDV TRUX\XFX TXUDüG×U×OPD YDVLWɊVLOɊ WɊPLQ ROXQPDO×G×U
7ɊKO NɊVL]OLN üWHNHUL NDEHO LOɊ EDùODPD
&LKD] \DOQ×] WɊOLPDWD X\ùXQ TXUDüG×U×OP×ü TRUXQDQ HOHNWULN PɊQEɊ\LQɊ ELUOɊüGLULOɊ ELOɊU
ûWHNHU TXUXOPDGDQ VRQUD NɊQDUGD RODUVD VDELW HOHNWULN TXUDüG×U×OPDV× \HULQGɊ ID]DODUGD ɊUD]L TD\GDODU×QD X\ùXQD]×U×F× FLKD]GDP LVWLIDGɊ ROXQPDOG×U
7ɊKO NɊVL]OLN üWHNHUL ROPDGDQ NDEHO LOɊ EDùODPD
&LKD]× \DOQ×] L[WLVDVO× üɊ[V TRüD ELOɊU
ûWHNHU TXUXOPDGDQ VRQUD NɊQDUGD RODUVD VDELW HOHNWULN TXUDüG×U×OPDV× \HULQGɊ ID]DODUGD ɊUD]L TD\GDODU×QD X\ùXQODüG×U×F× FLKD]GDP LVWLIDGɊ ROXQPDOG×U %LUOɊüPɊ TXWXVXQGD ID]D YɊ QH\WUDOV×I×U EDüO×TODU×Q× P Ɋ\\ɊQ HWPɊN 6ɊKY TRüPD ]DPDQO FLKD] ]ɊGɊOɊQɊ ELOɊU
*ɊUJLQOLN WLS O|YKɊVLQɊ ED[ ûɊEɊNɊ TRüXOPD [ɊWWLQLQ QDTLOOɊULQL UɊQJ NRGXQD ɊVDVɊQ ELUOɊüGLULQ \Dü×O VDU× TRUX\XFX [ɊWW < PDYL
V×I×U QH\WUDO [ɊWW TɊKYɊ\L ID]D [DULFL [ɊWW
(Y üɊEɊNɊVLQɊ TRüXOPD /$1
%X FLKD] üɊEɊNɊ\Ɋ KD]×UG×U YɊ ELU /$1 NDEHOLQL /$1 NDEHOL GD[LO GH\LO LVWLIDGɊ HGɊUɊN HY üɊEɊNɊVLQɊ TRüXOD ELOɊU 4XUDüG×UPD ɊYYɊOL /$1 NDEHOLQL FLKD]×Q DU[DV×QGDN× \XYD\D TRüXQ YɊ JɊUJLQOL\LQ DUDGDQ TDOG×U×OPDV× LOɊ WɊPLQ HGLQ /$1 NDEHOLQL üɊEɊNɊ üWHSVHOLQɊ TRüXQ
%LüLUPɊ VREDV× LOɊ NRPELQDVL\D
ĮON |QFɊ EX[DU ELüLUPɊ VREDV×Q× GDKD VRQUD ELüLUPɊ VREDV×Q× PRQWDM HWPɊN
4×]G×U×F×TXWX LOɊ NRPELQDVL\D
ƁYYɊOFɊ T×]G×U×F× TXWXQXQX :6 PRQWDM HGLQ 4×]G×U×F×Q× TXUDüG×UPDT o Q WɊOLPDWODU× L]OɊ\LQ
'D[LOL GRODE×Q LoɊULVLQGɊ VREDQ× LVLWPɊ TXWXVXQD GD[LO HGLQ 'D[LO HGɊUNɊQ LVWLOLN TDE×Q×Q SDQHOLQɊ ]ɊUɊU YHUPɊ\LQ
$UW×UPD
&LKD]× HQHUMLGɊQ D\LULQ
%ɊUNLWPɊ YLQWOɊULQL ERüDOG×Q
&LKD]× \DYDüFDTDOG×U×Q YɊ WDP o×[DU×Q
bg
Αίεμη ςιίζίμηώ
:Νξίπμνπρ νρ μίοίμώαίμδ
Νκίήτμ ί μίΰτδ ΑΪ ικίζίλμάΪηί ηΪ νκίήΪ λΪ ηίθΫοθήβζβ εβπΪ ΒαιθεαάΪγμί λΪζθ ιθήοθήωσβ ιθζθσηβ λκίήλμάΪ
■Ικθρίμίμί άηβζΪμίεηθ ηΪλμθωσθμθ κτδθάθήλμάθ β έθ λτοκΪηίμί ΛΪζθ δθζιίμίημηθ άέκΪΰήΪηί λτέεΪληθ μθάΪ κτδθάθήλμάθ αΪ ζθημΪΰ έΪκΪημβκΪ ΫίαθιΪληΪ νιθμκίΫΪ Ικβ σίμβ ιθκΪήβ έκίςηθ άέκΪΰήΪηί θμέθάθκηθλμ ηθλβ ζθημβκΪσβωμ
■Ικίήβ βαιτεηίηβίμθ ηΪ δΪδάβμθ β ήΪ ί κΪΫθμβ λικίμί ίείδμκβρίλδθμθ αΪοκΪηάΪηί
■ΑΪ βαΫωέάΪηί ηΪ ιθκωαάΪηβω ηθλίμί αΪσβμηβ κτδΪάβπβ ΡΪλμβμί δθβμθ ιθ άκίζί ηΪ ζθημΪΰΪ λΪ ήθλμτιηβ ζθέΪμ ήΪ λΪ λ θλμκβ κτΫθάί
■Ικθάίκίμί νκίήΪ λείή κΪαθιΪδθάΪηίμθ Ικβ μκΪηλιθκμηβ ιθάκίήβ ηί άδεψράΪγμί
■Νκίήτμ ήΪ ηί λί ιθάήβέΪ αΪ άκΪμΪμΪ βεβ ήκτΰδΪμΪ ηΪ άκΪμΪμΪ
■ΑΪ βηλμΪεΪπβωμΪ λιΪαάΪγμί ΪδμνΪεηβμί άΪεβήηβ λμκθβμίεηβ ικίήιβλΪηβω β ικίήιβλΪηβωμΪ ηΪ κίέβθηΪεηθμθ ίείδμκβρίλδθ ήκνΰίλμάθ
■Νκίή αΪ ζθημΪΰ ά δνοηίηλδΪ ζίΫίε λτέεΪληθ ζθημΪΰηΪμΪ λδβπΪλιΪαάΪγμί ζβηβζΪεηβμί κΪαλμθωηβω
■ΖθημΪΰ αΪή άκΪμβ ηΪ ςδΪξθάί ΑΪμάΪκωηίμθ ηΪ μΪδβάΪ άκΪμβ ικβ κΪΫθμΪ μκωΫάΪ ήΪ λί βαδεψράΪ λ ιθήοθήωσβ ζίκδβ ΒζΪ θιΪληθλμ θμ ικίέκωάΪηί Ϊδθ άκΪμΪμΪ ικβ κΪΫθμΪ βεβ ικβ θοεΪΰήΪηί άίημβεΪμθκ ηί θλμΪηί θμάθκίηΪ
■ΛάΪείμί θμ δΪζίκΪμΪ β θμ άκΪμΪμΪ θιΪδθάτρηβω ζΪμίκβΪε β θΫείιάΪσθμθ ξθεβθ ικίήβ άτάίΰήΪηί ά ίδλιεθΪμΪπβω
■Ζίκδβμί ηΪ ξβένκβμί λΪ ά ζζ
&LKD]× TXUXQ
■ĮNL FLKD]× \DQ \DQD TXUDUNɊQ +ɊU LNL TDS× WXWDFDTODU× WXWDFDT PXOGDODU× RUWD Q|TWɊQL J|VWɊUPɊOLGLU
ιίζίμηώ ζί ξκίμηοίμδ
ΘέκΪηβρβμίεωμ ηΪ άκΪμΪμΪ ηί ζθΰί ήΪ λί λζίηω
ΚΪαλμθωηβί δθκινλ ηΪ ςδΪξΪ ήθ ικίήηΪμΪ ιθάτκοηθλμ ηΪ άκΪμΪμΪζζ
■&LKD]×Q ]ɊULQGɊ DUDO×T G|üɊPɊVL \R[GXUVD RQXQ DüPDPDV×Q× ΘΫτκηίμί άηβζΪηβί ηΪ ικίήηΪμΪ ικθίδπβω αΪ θμάΪκωηίμθ ηΪ WɊPLQ HGLQ ûNDI×Q KɊU LNL WɊUɊILQɊ VDW×üGD RODQ LNL ɊGɊG EXFDT λμκΪηβρηβμί ρίδζίήΰίμΪ EɊUNLWPɊN GɊULQOL\L PP FLKD]GDQ PP K QG U Ικβ ιεΪηβκΪηί ηΪ τέεθάθ κίςίηβί θΫτκηίμί άηβζΪηβί ηΪ τέτεΪ
&LKD]× GD[LOL PHEHOLQ LoLQɊ WDP LWɊOɊPɊN
%X ]DPDQ ELUOɊüGLUPɊ NDEHOLQL Ɋ]PɊN V×[PDT YɊ \D LWL NɊQDUODUGDQ NHoLUPɊN ROPD]
&LKD]× PɊUNɊ]Ɋ \HUOɊüGLUPɊN
&LKD] LOɊ PHEHOLQ |Q KLVVɊOɊUL DUDV×QGD PLQ PP KDYD PɊVDIɊVLQLQ ROPDV× ]ɊUXULGLU
&LKD]× VX WɊUɊ]LVL LOɊ WDP GɊTLT I TL \HUOɊüGLUPɊN
ηΪ θμάΪκωηί ηΪ άκΪμΪμΪ θμ ζβη
ΗΪή μθαβ νκίή ηί ζθΰί ήΪ λί ζθημβκΪ ήκνέ ίείδμκβρίλδβ νκίή ά ςδΪξΪ
ΌίκλβωμΪ ηΪ νκίήΪ λ ζθήνε αΪ νικΪάείηβί θμήθεν ήΪ ηί λί ζθημβκΪ άτκον λτήθζβωεηΪ ζΪςβηΪ ΒαεβαΪσΪμΪ ιΪκΪ θμ λτήθζβωεηΪμΪ ζΪςβηΪ ζθΰί ήΪ ιθάκίήβ ίείδμκθηβδΪμΪ ηΪ νκίήΪ
Ξνγβνρναιί μί χιίσ ζί αβοίεγίμδ
ΖίΫίεβμί αΪ άέκΪΰήΪηί μκωΫάΪ ήΪ λΪ νλμθγρβάβ ηΪ μίζιίκΪμνκβ ήθ & Ϊ έκΪηβρίσβμί ικίήηβ ρΪλμβ ηΪ ζίΫίεβ ήθ &
ΔθημΪδμτμ αΪ λάτκαάΪηί μκωΫάΪ ήΪ ί βαάτη ηβςΪμΪ αΪ ζθημΪΰ
Βαάτκςίμί άλβρδβ ήίγηθλμβ ιθ βακωαάΪηί ηΪ ζίΫίεβμί ικίήβ ιθλμΪάωηίμθ ηΪ νκίήΪ ΘμλμκΪηίμί λμκνΰδβμί μί ζθέΪμ ήΪ αΪλμκΪςΪμ ξνηδπβθηβκΪηίμθ ηΪ ίείδμκβρίλδβμί δθζιθηίημβ
ΑΪδκίιάΪγμί ηίξβδλβκΪηΪμΪ ζίΫίε λ ηΪεβρίη ά μτκέθάλδΪμΪ ζκίΰΪ άβηδίε αΪ λμίηΪμΪ
ΌέκΪΰήΪγμί νκίήΪ λΪζθ μθεδθάΪ άβλθδθ ρί ήθιτεηβμίεηβωμ ΪδλίλθΪκ ήΪ ζθΰί ΫίαικθΫείζηθ ήΪ λί βαάΪΰήΪ
(κHιρSηφHFιη ηζαRγη
Νκίήτμ θμέθάΪκω ηΪ δεΪλ ηΪ αΪσβμΪ , β ζθΰί ήΪ λί βαιθεαάΪ λΪζθ λτλ αΪσβμίη ικθάθήηβδ
ΘΫίαθιΪλωάΪηίμθ μκωΫάΪ ήΪ λί βαάτκςάΪ λιθκίή ήΪηηβμί αΪ ζθσηθλμμΪ άτκον μβιθάΪμΪ μΪΫίεδΪ β λιθκίή εθδΪεηβμί ικίήιβλΪηβω
Ικβ άλβρδβ ζθημΪΰηβ ήίγηθλμβ μκωΫάΪ νκίήτμ ήΪ ί Ϋία ηΪικίΰίηβί
Νκίήτμ ζθΰί ήΪ λί λάτκαάΪ λΪζθ λ ήθλμΪάίηβω ήθιτεηβμίεηθ δΪΫίε αΪ λάτκαάΪηί Ιτοηίμί δΪΫίεΪ αΪ λάτκαάΪηί ά αΪήηΪμΪ λμκΪηΪ ηΪ νκίήΪ σκΪδάΪηί
ΔΪΫίετμ αΪ λάτκαάΪηί αΪ λάτκαάΪηί ζθΰί ήΪ λί αΪζίηω λΪζθ θμ θκβέβηΪείη δΪΫίε δθγμθ ί ηΪ κΪαιθεθΰίηβί θμ δεβίημλδΪμΪ λενΰΫΪ
ΑΪσβμΪμΪ ικβ ήθιβκ μκωΫάΪ ήΪ λί έΪκΪημβκΪ ρκία άέκΪΰήΪηίμθ
Παωοζαίψ ξονανγμηι πωπ ζίζδλδμ ινμρίιρ
Νκίήτμ ζθΰί ήΪ λί λάτκαάΪ λΪζθ δτζ βηλμΪεβκΪη λιθκίή ικίήιβλΪηβωμΪ ικίήιΪαίη δθημΪδμ
Ίδθ σίιλίετμ λείή ζθημΪΰΪ άίρί ηί ζθΰί ήΪ λί ήθλμβέηί ά ηίιθήάβΰηθ ικθδΪκΪηΪμΪ ίείδμκθβηλμΪεΪπβω μκωΫάΪ ήΪ λί ικίήάβήβ λίιΪκΪμθκ άτά ξΪαβμί λιθκίή δθηλμκνδμβάηβμί κΪαιθκίήΫβ
Παωοζαίψ ξονανγμηι ΰδζ ψδξπδκ ζί ζίψηρδμ ινμρίιρ
Νκίήτμ μκωΫάΪ ήΪ λί λάτκαάΪ λΪζθ θμ δθηπίλβθηβκΪη λιίπβΪεβλμ
Ό ηίιθήάβΰηθ ικθδΪκΪηΪμΪ ίείδμκθβηλμΪεΪπβω μκωΫάΪ ήΪ λί ικίήάβήβ λίιΪκΪμθκ άτά ξΪαβμί λιθκίή δθηλμκνδμβάηβμί κΪαιθκίήΫβ ΒήίημβξβπβκΪγμί ικθάθήηβπβμί αΪ ξΪαΪ β ηίνμκΪεηθηνεΪ ά δθημΪδμΪ Ικβ ιθέκίςηθ λάτκαάΪηί νκίήτμ ζθΰί ήΪ λί ιθάκίήβ
ΑΪ ηΪικίΰίηβίμθ άΰ μβιθάΪμΪ μΪΫίεδΪ ΐβεΪμΪ ηΪ δΪΫίεΪ αΪ λάτκαάΪηί δτζ ζκίΰΪμΪ λί λάτκαάΪμ λτέεΪληθ πάίμθάθμθ δθήβκΪηί αίείηθ ΰτεμθ αΪσβμίη ικθάθήηβδ < λβηφθ ηνεΪ
ηίνμκΪείη ικθάθήηβδ δΪξωάθ ξΪαΪ άτηςίη ικθάθήηβδ
Παωοζαίμδ ιωλ γνλίχμίρί λοδεί /$1
Μθαβ νκίή ζθΰί ήΪ κΪΫθμβ ά ζκίΰΪ β ζθΰί ήΪ λί λάτκαάΪ λ /$1 δΪΫίε δτζ ήθζΪςηΪμΪ ζκίΰΪ /$1 δΪΫίε ηί ί ικβεθΰίη Ιτοηίμί /$1 δΪΫίεΪ ικίήβ ζθημΪΰΪ ά ΫνδλΪμΪ θμ αΪήηΪμΪ λμκΪηΪ ηΪ νκίήΪ β έθ θΫίαθιΪλίμί λ δΪΫίεηΪ λδθΫΪ Λάτκΰίμί /$1 δΪΫίεΪ λ ίείδμκβρίλδβ δθημΪδμ
Αβοίεγίμδ μί ςοδγί
■Ικβ ζθημΪΰ ηΪ ήάΪ νκίήΪ ίήβη ήθ ήκνέ Ύάίμί ήκτΰδβ ηΪ άκΪμΪμΪ ηβςβμί αΪ οάΪσΪηί μκωΫάΪ ήΪ λθρΪμ δτζ λκίήΪμΪ
■ΘΫίαθιΪλίμίνκίήΪάςδΪξΪλκίσνηΪδεΪηωηί ΪδθηωζΪήάθγηθ ήτηθηΪήνκίήΪ ΑΪδκίιίμίήάΪθΫβδηθάίηβάβηδίεΪήάνλμκΪηηθ ά ςδΪξΪ ηΪ ζζ ήτεΫθρβηΪ ζζ ηΪή άβλθρβηΪμΪ ηΪ νκίήΪ
ΌδΪκΪγμί νκίήΪ ήθδκΪγ ά ςδΪξΪ αΪ άέκΪΰήΪηί
Ικβ μθάΪ ηί ικίέτάΪγμί αΪοκΪηάΪσβω δΪΫίε ηί έθ αΪσβιάΪγμί β ηί έθ ικίδΪκάΪγμί ικία θλμκβ κτΫθάί
ΗβάίεβκΪγμί νκίήΪ πίημκΪεηθ
ΖίΰήννκίήΪβέκΪηβρίσβμίικίήηβλμκΪηβηΪδνοηίηλδβωςδΪξ ί ηίθΫοθήβζ ενξμ θμ ζζ
ΗβάίεβκΪγμί μθρηθ άθήθκΪάηθ νκίήΪ λ ηβάίεβκ
ΑΪδκίιίμί νκίήΪ λ ικβεθΰίηβω άβημ ΛάΪείμί μκΪηλιθκμηΪμΪ ιεΪηδΪ θμ άκΪμΪμΪ
Οδβςκηοίμδ μί αοίρίρί
ΑΪ μθρηθμθ βακΪάηωάΪηί άκΪμΪμΪ ηΪ νκίήΪ ζθΰί ήΪ λί κίένεβκΪ είδθ
ΑΪ πίεμΪ είδθ βαμίέείμί νκίήΪ θμ ηβςΪμΪ αΪ ζθημΪΰ Θμ έθκηΪμΪ λμκΪηΪ ηΪ νκίήΪ σί θμδκβίμί θάΪείη θμάθκ θμ ςΪκηβκηΪμΪ λμκΪηΪ ΛάΪείμί δΪιΪρίμθ ΎάΪμΪ άβημΪ ςίλμθλμίη ζζ είδθ λί κΪαοεΪΫάΪμ ηθ ηί λί κΪαάβάΪμ ΚίένεβκΪγμί άκΪμΪμΪ λτλ λμκΪηβρηβω άβημ μθκλβθηίη αΪ πίεμΪ ζθΰί ήΪ ί ηνΰηθ ήΪ θμάθκβμί άκΪμΪμΪ β θμηθάθ ήΪ ω αΪμάθκβμί Ικθάίκίμί βακΪάηωάΪηίμθ β αΪμίέηίμί ήάΪμΪ άβημΪ ςίλμθέκΪζ ζζ ΙθλμΪάίμί δΪιΪρίμθ
ιίζίμηδ
■ΌκΪμΪμΪ ηΪ νκίήΪ ί κίένεβκΪηΪ ικβ ήθλμΪάδΪμΪ ΚίένεβκΪηί ηΪ άκΪμΪμΪ θΫβδηθάίηθ ηί ί ηνΰηθ
■ΒακΪάηωάΪηίμθ ηΪ άκΪμΪμΪ ηΪ νκίήΪ ζθΰί ήΪ λί κίένεβκΪ άτκον ςΪκηβκΪ αΪ ήΪ λί ήθλμβέηί μθρηθ κΪαλμθωηβί
■ΌκΪμΪμΪ ηί ζθΰί ήΪ λί κίένεβκΪ ηΪ άβλθρβηΪ
Ινλΰημίυηώ π σςομί
Ιτκάθ ζθημβκΪγμί ξνκηΪμΪ αΪ ιίρίηί λ ιΪκΪ λείή μθάΪ ζθημβκΪγμί ξνκηΪμΪ
Ινλΰημίυηώ π ρνξκημμν φδιλδγεδ
Ιτκάθ ζθημβκΪγμί μθιεβηηθμθ ρίδζίήΰί :6 ΛιΪαάΪγμί κτδθάθήλμάθμθ αΪ ζθημΪΰ ηΪ μθιεβηηθμθ ρίδζίήΰί
ΌδΪκΪγμί ξνκηΪμΪ άτκον μθιεβηηθμθ ρίδζίήΰί ά ςδΪξΪ αΪ ζθημΪΰ Ικβ άδΪκάΪηί ηί ιθάκίΰήΪγμί ΫείηήΪμΪ ηΪ μθιεβηηθμθ ρίδζίήΰί
Γδλνμρίε
Βαδεψρίμί νκίήΪ θμ ηΪικίΰίηβίμθΚΪαάβγμί αΪδκίιάΪσβμί Ϋθεμθάί
Είδθ ιθάήβέηίμί νκίήΪ β έθ βαμίέείμί ήθδκΪγ
cs
'ŤOHçLWp SRN\Q\
:1HEH]SHĀt ~UD]X
6SRWŒHELĀ MH WěçNì 3UR SŒHPLVŚRYiQt VSRWŒHELĀH MVRX ]DSRWŒHEtRVRE\ 3RXçtYHMWH SRX]H YKRGQp SRPŤFN\
■3HĀOLYě VL SŒHĀWěWH QiYRG D XVFKRYHMWH KR -HQ RGERUQi YHVWDYED SRGOH WRKRWR PRQWiçQtKR QiYRGX ]DUXĀt EH]SHĀQp SRXçtYiQt =D åNRG\ ]SŤVREHQp FK\EQRX YHVWDYERX RGSRYtGi PRQWiçQt ILUPD
■3ŒHG SURYiGěQtP YHåNHUìFK SUDFt SŒHUXåWH SŒtYRG SURXGX
■$E\VWH ]DEUiQLOL SRŒH]iQt SRXçtYHMWH RFKUDQQp UXNDYLFH ÿiVWL NWHUp MVRX SŒtVWXSQp SŒL PRQWiçL PRKRX PtW RVWUp KUDQ\
■3R Y\EDOHQt VSRWŒHELĀ ]NRQWUROXMWH 9 SŒtSDGě SRåNR]HQt EěKHP SŒHSUDY\ VSRWŒHELĀ QH]DSRMXMWH
■6SRWŒHELĀ QH]YHGHMWH ]D GYtŒND QHER PDGOR GYtŒHN
■3ŒL LQVWDODFL GRGUçXMWH DNWXiOQě SODWQp VWDYHEQt SŒHGSLV\ D SŒHGSLV\ UHJLRQiOQtKR GRGDYDWHOH HOHNWŒLQ\
■6SRWŒHELĀ SUR YHVWDYEX GR NXFK\ŃVNp VNŒtŃN\ SRGOH YìNUHVX YHVWDYE\ GRGUçXMWH PLQLPiOQt Y]GiOHQRVWL
■0RQWiç ]D QiE\WNRYìPL GYtŒN\ 8]DYŒHQt WěFKWR GYtŒHN ]D SURYR]X PXVt EìW ]DEUiQěQR YKRGQìPL RSDWŒHQtPL +UR]t QHEH]SHĀt SŒHKŒiWt QHMVRX OL GYtŒND RWHYŒHQD ]D SURYR]X QHER EěKHP FKOD]HQt SURYR] YHQWLOiWRUX
■3ŒHG XYHGHQtP GR SURYR]X RGVWUDŃWH ] SHĀLFtKR SURVWRUX D GYtŒHN REDORYì PDWHULiO D OHSLFt IyOLH
■5R]PěU\ QD REUi]FtFK MVRX Y PP
3RN\Q\ N SOiQRYiQt
=DUiçNX GYtŒHN QHO]H Y\PěQLW 9]GiOHQRVW NRUSXVX VNŒtŃN\ RG ĀHOQt SORFK\ GYtŒHN MH PP =DFKRYHMWH SŒHVDK YSŒHGX SUR RWYRU SRVWUDQQtFK ]iVXYHN
3ŒL SOiQRYiQt ŒHåHQt GR URKX ]RKOHGQěWH ~KHO RWHYŒHQt GYtŒHN PLQ Y UR]SěWt
1DG WtPWR VSRWŒHELĀHP QHVPt EìW YH VNŒtŃFH ]DEXGRYDQì çiGQì MLQì HOHNWULFNì VSRWŒHELĀ
9HU]H VSRWŒHELĀH V RYOiGDFtP SDQHOHP GROH QHPŤçH EìW YHVWDYěQi QDG P\ĀNRX QiGREt 3iUD VWRXSDMtFt ] P\ĀN\ QiGREt PŤçH SRåNRGLW HOHNWURQLNX VSRWŒHELĀH
3ŒtSUDYD YHVWDYěQpKR QiE\WNX
9HVWDYQì QiE\WHN PXVt EìW RGROQì YŤĀL WHSORWiP GR & VRXVHGQt ĀHOQt VWUDQ\ QiE\WNX GR &
3ŒtSRMNRYi NUDELFH VH PXVt QDFKi]HW PLPR SURVWRU SUR YHVWDYEX
9ìŒH]\ Y QiE\WNX SURYiGěMWH SŒHG YVD]HQtP SŒtVWURMH 2GVWUDŃWH WŒtVN\ MLQDN E\ PRKOD EìW QHJDWLYQě RYOLYQěQD IXQNFH HOHNWULFNìFK NRPSRQHQW
1HXSHYQěQì QiE\WHN SŒLSHYQěWH NH ]GL EěçQìP ~KHOQtNHP
3ŒtVWURM LQVWDOXMWH SRX]H WDN Y\VRNR DE\VWH ] QěM PRKOL EH] SUREOpPŤ Y\QGiYDW SŒtVOXåHQVWYt
(OHNWULFNp SŒLSRMHQt
6SRWŒHELĀ RGSRYtGi VWXSQL RFKUDQ\ , D VPt EìW SŒLSRMHQ MHQ NDEHOHP V RFKUDQQìP YRGLĀHP
-LåWěQt PXVt EìW SURYHGHQp SRGOH YìNRQX XYHGHQpKR QD W\SRYpP åWtWNX D PtVWQtFK SŒHGSLVŤ
3ŒL YHåNHUìFK PRQWiçQtFK SUDFtFK PXVt EìW VSRWŒHELĀ RGSRMHQì RG VtWě
6SRWŒHELĀ VPt EìW SŒLSRMHQ SRX]H SRPRFt SŒtYRGQtKR NDEHOX NWHUì MH VRXĀiVWt GRGiYN\ =DSRMWH SŒtYRGQt NDEHO QD ]DGQt VWUDQě VSRWŒHELĀH ]DFYDNQRXW
9 SŒtSDGě YìPěQ\ VPt EìW SRXçLW SRX]H RULJLQiOQt NDEHO NWHUì O]H REGUçHW X ]iND]QLFNpKR VHUYLVX
2FKUDQD SURWL GRW\NX PXVt EìW ]DMLåWěQD YHVWDYERX
3ŒtYRGQt NDEHO VH ]iVWUĀNRX V RFKUDQQìP NRQWDNWHP
6SRWŒHELĀ MH SRYROHQR ]DSRMRYDW SRX]H GR SŒHGSLVRYě QDLQVWDORYDQp HOHNWULFNp ]iVXYN\ V RFKUDQQìP NRQWDNWHP
3RNXG QHQt ]iVWUĀND SR SURYHGHQt YHVWDYE\ SŒtVWXSQi MH WŒHED X SHYQp HOHNWULFNp LQVWDODFH SRXçtW RGSRMRYDĀ Ii]t SRGOH SŒHGSLVŤ SUR LQVWDODFL
3ŒtYRGQt NDEHO EH] ]iVWUĀN\ V RFKUDQQìP NRQWDNWHP
(OHNWULFNp SŒLSRMHQt VPt SURYiGěW SRX]H NRQFHVRYDQì RGERUQtN
8 SHYQp HOHNWULFNp LQVWDODFH MH WŒHED SRXçtW RGSRMRYDĀ Ii]t SRGOH SŒHGSLVŤ SUR LQVWDODFL ,GHQWLILNXMWH Ii]RYp YRGLĀH
D QHXWUiOQt ÅQXORYì´ YRGLĀ Y SŒLSRMRYDFt ]iVXYFH 9 SŒtSDGě QHVSUiYQpKR SŒLSRMHQt PŤçH GRMtW N SRåNR]HQt VSRWŒHELĀH
ÔGDMH R HOHNWULFNpP QDSěWt QDMGHWH QD W\SRYpP åWtWNX 3ŒL ]DSRMRYiQt YRGLĀŤ VtŚRYpKR NDEHOX GRGUçXMWH EDUHYQp UR]OLåHQt ]HOHQR çOXWì RFKUDQQì YRGLĀ < PRGUì QXORYì YRGLĀ KQěGì
Ii]H NUDMQt YRGLĀ
da
9LJWLJH KHQYLVQLQJHU
:)DUH IRU WLOVNDGHNRPVW
(PK WWHQ HU WXQJ 'HU NU YHV SHUVRQHU IRU DW IO\WWH HPK WWHQ $QYHQG NXQ HJQHGH KM OSHPLGOHU
■/ V YHMOHGQLQJHQ RPK\JJHOLJW RJ RSEHYDU GHQ .XQ NRUUHNW LQGE\JQLQJ LKW GHQQH PRQWHULQJVYHMOHGQLQJ JDUDQWHUHU VLNNHU EUXJ 0RQW¡UHQ K IWHU IRU VNDGHU VRP VN\OGHV XNRUUHNW LQGE\JQLQJ
■6WU¡PWLOI¡UVOHQ VNDO DIEU\GHV I¡U GHU XGI¡UHV QRJHQ IRUP IRU DUEHMGH
■%UXJ EHVN\WWHOVHVKDQGVNHU IRU DW XQGJn VQLWVnU 'HOH PHG
VNDUSH NDQWHU NDQ Y UH WLOJ QJHOLJH XQGHU LQVWDOODWLRQHQ
■.RQWUROOHU DSSDUDWHW QnU GHW HU SDNNHW XG $SSDUDWHW Pn LNNH WLOVOXWWHV KYLV GHW KDU WUDQVSRUWVNDGHU
■/¡IW LNNH DSSDUDWHW L G¡UHQ HOOHU L G¡UHQV KnQGJUHE
■2YHUKROG GHQ DNWXHOW J OGHQGH E\JJHORYJLYQLQJ RJ IRUVNULIWHUQH IUD GHQ UHJLRQDOH HOHNWULFLWHWVIRUV\QLQJ YHG LQVWDOODWLRQHQ
■$SSDUDW WLO LQGE\JQLQJ L HW N¡NNHQP¡EHO L RYHUHQVVWHPPHOVH PHG PRQWDJHWHJQLQJHQ RYHUKROG PLQLPXPDIVWDQGHQH
3ŒLSRMHQt N GRPiFt VtWL /$1
7HQWR VSRWŒHELĀ SRGSRUXMH VtŚRYRX NRPXQLNDFL D O]H KR SRPRFt /$1 NDEHOX SŒLSRMLW N GRPiFt VtWL /$1 NDEHO QHQt VRXĀiVWt GRGiYN\ 3ŒHG YHVWDYERX ]DSRMWH /$1 NDEHO GR ]GtŒN\ QD ]DGQt VWUDQě VSRWŒHELĀH D ]DMLVWěWH KR SRPRFt SŒtFK\WN\ SUR RGOHKĀHQt WDKX =DSRMWH /$1 NDEHO GR VtŚRYp ]iVXYN\
0RQWiç SŒtVWURMH
■3ŒL PRQWiçL GYRX SŒtVWURMŤ YHGOH VHEH 2Eě PDGOD GYtŒHN ]DSXåWěQi PDGOD PXVt VPěŒRYDW GR VWŒHGX
■1HQt OL QDG SŒtVWURMHP PH]LGQR ]DMLVWěWH SŒtVWURM YH VNŒtŃFH SURWL SŒHNORSHQt 3ŒLSHYQěWH YH VNŒtŃFH SR RERX VWUDQiFK GYD EěçQp ~KHOQtN\ KORXEND PP PP QDG YìåNX SŒtVWURMH
3ŒtVWURM ]FHOD ]DVXŃWH GR YHVWDYQpKR QiE\WNX
3ŒLWRP VH QHVPt SŒtYRGQt NDEHO ]DORPLW SŒLVNŒtSQRXW QHER YpVW SŒHV RVWUp KUDQ\
3ŒtVWURM Y\URYQHMWH WDN DE\ E\O YH VWŒHGX
0H]L SŒtVWURMHP D VRXVHGQtPL ĀHOQtPL VWUDQDPL QiE\WNX MH QXWQi PH]HUD PP
9\URYQHMWH MHM YRGRYiKRX SŒHVQě YRGRURYQě
8SHYQěWH SŒtVWURM SŒLORçHQìP åURXEHP 2GVWUDŃWH SŒHSUDYQt SRMLVWNX X GYtŒHN
6HŒt]HQt GYtŒHN
3UR SŒHVQp Y\URYQiQt O]H GYtŒND VSRWŒHELĀH PtUQě VHŒtGLW
=D WtPWR ~ĀHOHP Y\WiKQěWH VSRWŒHELĀ NRXVHN ] YHVWDYQpKR SURVWRUX 1D KRUQt VWUDQě VSRWŒHELĀH VH QD VWUDQě ]iYěVX QDFKi]t RYiOQì RWYRU 6HMPěWH NU\WNX 7URFKX SRYROWH RED åURXE\ LQEXVPP DOH QHY\åURXERYiYHMWH MH ~SOQě 6HŒLďWH GYtŒND SRPRFt åURXEX QD VWUDQě 7RU[ SŒLWRP PŤçH EìW QXWQp GYtŒND RWHYŒtW D ]DVH ]DYŒtW =NRQWUROXMWH Y\URYQiQt D RED åURXE\ LQEXV PP XWiKQěWH 1DVDďWH NU\WNX
8SR]RUQěQt
■'YtŒND MVRX SŒL GRGiQt VHŒt]HQi 1RUPiOQě QHQt QXWQp GYtŒND VHŒL]RYDW
■9\URYQiQt GYtŒHN VSRWŒHELĀH O]H VHŒtGLW QD ]iYěVX DE\ E\O GRVDçHQ SŒHVQì UR]PěU PH]HU\
■8 GYtŒHN QHO]H PěQLW YìåNX
.RPELQDFH V WURXERX
1HMSUYH QDPRQWXMWH SDUQt SHĀLFt WURXEX SRWp SHĀLFt WURXEX
.RPELQDFH V RKŒHYQRX ]iVXYNRX
1HMSUYH QDPRQWXMWH RKŒHYQRX ]iVXYNX :6 őLďWH VH QiYRGHP N PRQWiçL RKŒHYQp ]iVXYN\
7URXEX ]DVXŃWH GR YHVWDYQp VNŒtŃN\ QD RKŒHYQRX ]iVXYNX 3ŒL ]DVRXYiQt QHSRåNRďWH SDQHO RKŒHYQp ]iVXYN\
'HPRQWiç
2GSRMWH SŒtVWURM RG ]GURMH QDSěWt3RYROWH XSHYŃRYDFt åURXE\
3ŒtVWURM PtUQě QDG]YHGQěWH D ]FHOD Y\WiKQěWH
■,QGE\JQLQJ EDJ VNDEVG¡UH 'HW VNDO IRUKLQGUHV YHG KM OS DI HJQHGH IRUKROGVUHJOHU DW VnGDQQH G¡UH NDQ OXNNHV XQGHU GULIWHQ 'HU HU IDUH IRU RYHURSKHGQLQJ KYLV G¡UHQ LNNH IRUEOLYHU nEHQ XQGHU GULIWHQ HOOHU XQGHU DIN¡OLQJHQ YHQWLODWRUGULIW
■)MHUQHPEDOODJHPDWHULDOHRJNO EHIROLHIUDRYQUXPPHWRJG¡UHQ LQGHQ LEUXJWDJQLQJHQ
■0nO L LOOXVWUDWLRQHU HU DQJLYHW L PP
0RQWHULQJVDQYLVQLQJHU
'¡UDQVODJHWV VLGH NDQ LNNH YHQGHV $IVWDQG IUD VNDEVNRUSXV WLO G¡UHQV IURQWVLGH PP
9 U RSP |
UNVRP Sn IURQWXGK QJHW DI KHQV\Q WLO nEQLQJ DI VNXIIHU |
YHG VLGHQ DI DSSDUDWHW |
|
9HG SODQO |
JQLQJ DI KM¡UQHO¡VQLQJHU VNDO GHU EHUHJQHV SODGV WLO HQ |
G¡UnEQLQJVYLQNHO Sn PLQLPXP
'HU Pn LNNH LQGE\JJHV DQGUH HOHNWULVNH DSSDUDWHU L VNDEHW RYHQSn GHWWH DSSDUDW
0RGHOOHU PHG EHWMHQLQJVGHOHQ SODFHUHW IRUQHGHQ Pn LNNH LQGE\JJHV RYHU HQ RSYDVNHPDVNLQH 'HQ RSVWLJHQGH GDPS IUD RSYDVNHPDVNLQHQ NDQ EHVNDGLJH HOHNWURQLNNHQ L DSSDUDWHW
)RUEHUHGH N¡NNHQHOHPHQWHW
.¡NNHQHOHPHQWHU VNDO Y UH WHPSHUDWXUEHVWDQGLJH RS WLO & WLOVW¡GHQGH P¡EHOIURQWHU RS WLO &
7LOVOXWQLQJVGnVHQ VNDO OLJJH XGHQIRU LQGE\JQLQJVQLFKHQ
*HQQHPI¡U XGVN ULQJVDUEHMGHU Sn P¡EOHW I¡U DSSDUDWHW
LQGV WWHV )MHUQ VSnQHU GLVVH NDQ SnYLUNH IXQNWLRQHQ DI HOHNWULVNH NRPSRQHQWHU
,NNH IDVWJMRUWH P¡EOHU VNDO IDVWJ¡UHV Sn Y JJHQ PHG HQ J QJVH YLQNHO
$SSDUDWHW Pn NXQ PRQWHUHV Vn K¡MW DW WLOEHK¡U NDQ WDJHV XG XGHQ SUREOHPHU
(OHNWULVN WLOVOXWQLQJ
$SSDUDWHW HU NODVVLILFHUHW L EHVN\WWHOVHVNODVVH , RJ Pn NXQ DQYHQGHV PHG HQ VLNNHUKHGV MRUGIRUELQGHOVH
$IVLNULQJHQ VNDO XGI¡UHV L KHQKROG WLO GHW DQJLYQH HIIHNWIRUEUXJ Sn W\SHVNLOWHW RJ GH ORNDOH IRUVNULIWHU
$SSDUDWHW VNDO Y UH XGHQ HOHNWULVN VS QGLQJ YHG DOOH IRUPHU IRU PRQWDJHDUEHMGH
$SSDUDWHW Pn NXQ WLOVOXWWHV PHG GHQ OHYHUHGH WLOVOXWQLQJVOHGQLQJ 6WLNWLOVOXWQLQJVOHGQLQJHQLQGSnEDJVLGHQDIDSSDUDWHW GHUO\GHUHW NOLN
7LOVOXWQLQJVOHGQLQJHQ Pn NXQ XGVNLIWHV PHG HQ RULJLQDO WLOVOXWQLQJVOHGQLQJ VRP NDQ EHVWLOOHV YLD NXQGHVHUYLFH
,QGE\JQLQJHQ VNDO \GH EHU¡ULQJVEHVN\WWHOVH
7LOVOXWQLQJVOHGQLQJ PHG VLNNHUKHGVVWLN 6FKXNR VWLN $SSDUDWHW Pn NXQ WLOVOXWWHV WLO HQ VLNNHUKHGVVWLNNRQWDNW VRP HU WLOVOXWWHW HIWHU IRUVNULIWHUQH
+YLV VWLNNHW LNNH HU WLOJ QJHOLJW HIWHU LQVWDOODWLRQHQ VNDO GHU L HQ IDVW HOHNWULVN LQVWDOODWLRQ Y UH PRQWHUHW HQ DIEU\GHUDQRUGQLQJ Sn IDVHUQH L KHQKROG WLO LQVWDOODWLRQVEHVWHPPHOVHUQH
7LOVOXWQLQJVOHGQLQJ XGHQ VLNNHUKHGVVWLN 6FKXNR VWLN $SSDUDWHW Pn NXQ WLOVOXWWHV DI HQ DXWRULVHUHW IDJPDQG
9HG HQ IDVW HOHNWULVN LQVWDOODWLRQ VNDO GHU Y UH PRQWHUHW HQ DIEU\GHUDQRUGQLQJ Sn IDVHUQH L KHQKROG WLO LQVWDOODWLRQVEHVWHPPHOVHUQH ,GHQWLILFHU IDVH RJ QXOOHGHU L
WLOVOXWQLQJVGnVHQ +YLV DSSDUDWHW WLOVOXWWHV IRUNHUW NDQ GHW EOLYH |
|
EHVNDGLJHW |
|
9HGU VS QGLQJ VH W\SHVNLOW 7LOVOXW QHWWLOVOXWQLQJVOHGQLQJHQV |
|
OHGHUH LKW IDUYHPDUNHULQJHQ JU¡Q JXO |
EHVN\WWHOVHVOHGHU < EOn |
QXOOHGHU EUXQ IDVH \GHUOHGHU |
|
.XQ IRU 'DQPDUN |
|
$SSDUDWHU RS WLO PDNV N: $ VH W\SHVNLOW |
|
, 'DQPDUN HU DSSDUDWHW NXQ JRGNHQGW WLO EUXJ L IRUELQGHOVH PHG HQ |
|
VWLNNRQWDNW W\SH ( +YLV GHU NXQ ILQGHV HQ VWLNNRQWDNW W\SH . Sn |
|
WLOVOXWQLQJVVWHGHW VNDO DSSDUDWHW WLOVOXWWHV PHG HQ HJQHW DGDSWHU |
|
.XQ Sn GHQQH PnGH NDQ GHW VLNUHV DW DSSDUDWHW EOLYHU NRUUHNW |
|
MRUGIRUEXQGHW 'HQQH DGDSWHU NDQ InV YLD NXQGHVHUYLFH |
|
UHVHUYHGHOVQU HOOHU VRP HNVWUD WLOEHK¡U |
|
7\SH ( |
7\SH . |
+YLV VWLNNHW LNNH HU WLOJ QJHOLJW HIWHU LQVWDOODWLRQHQ VNDO GHU L HQ |
|
IDVW HOHNWULVN LQVWDOODWLRQ Y UH PRQWHUHW HQ DIEU\GHUDQRUGQLQJ Sn |
|
IDVHUQH L KHQKROG WLO LQVWDOODWLRQVEHVWHPPHOVHUQH |
|
$SSDUDWHU RYHU N: $ VH W\SHVNLOW |
$SSDUDWHW Pn LNNH WLOVOXWWHV PHG VWLNNHW WLO VLNNHUKHGVVWLNNRQWDNWHQ 'HU HU IDUH IRU HOHNWULVN VW¡G $SSDUDWHW Pn NXQ WLOVOXWWHV PHG HQ IDVW WLOVOXWQLQJ VRP NXQ Pn XGI¡UHV DI HQ DXWRULVHUHW IDJPDQG
7LOVOXWQLQJ WLO KMHPPHQHWY UNHW /$1
'HWWH DSSDUDW KDU HQ QHWY UNVIXQNWLRQ RJ NDQ WLOVOXWWHV WLO KMHPPHQHWY UNHW PHG HW /$1 NDEHO /$1 NDEHO HU LNNH YHGODJW 6WLN /$1 NDEOHW LQG L VWLNWHUPLQDOHQ Sn EDJVLGHQ DI DSSDUDWHW RJ IDVWJ¡U GHW PHG WU NDIODVWQLQJHQ LQGHQ DSSDUDWHW LQGE\JJHV )RUELQG /$1 NDEOHW PHG HQ QHWY UNVVWLNGnVH
,QGE\JJH DSSDUDWHW
■9HG PRQWHULQJ DI WR DSSDUDWHU YHG VLGHQ DI KLQDQGHQ %HJJH KnQGWDJ IRUV QNHGH JUHE VNDO YLVH PRG PLGWHQ
■'HW VNDO VLNUHV DW DSSDUDWHW LNNH YLSSHU L VNDEHW KYLV GHU LNNH ILQGHV QRJHQ PHOOHPEXQG RYHU DSSDUDWHW )DVWJ¡U L VNDEHW WR J QJVH YLQNOHU Sn EHJJH VLGHU PP LQG L VNDEHW RJ PP RYHU DSSDUDWHW
6NXE DSSDUDWHW KHOW LQG L N¡NNHQHOHPHQWHW
+HUYHG Pn WLOVOXWQLQJVNDEOHU LNNH IROGHV NRPPHV L NOHPPH HOOHU I¡UHV KHQ RYHU VNDUSH NDQWHU
8GUHW DSSDUDWHW L PLGWHQ
0HOOHP DSSDUDW RJ WLOVW¡GHQGH P¡EHOIURQWHU NU YHV GHU HQ OXIWVSDOWH Sn PP
8GUHW DSSDUDWHW Q¡MDJWLJ YDQGUHW PHG HW YDWHUSDV
)DVWJ¡U DSSDUDWHW YKD GHQ PHGI¡OJHQGH VNUXH )MHUQ WUDQVSRUWVLNULQJHQ IUD G¡UHQ
,QGMXVWHUH DSSDUDWHWV G¡U
'¡UHQ NDQ MXVWHUHV OLGW Vn GHQ NDQ SODFHUHV KHOW Q¡MDJWLJW
+HUWLO VNDO DSSDUDW WU NNHV OLGW XG DI LQGE\JQLQJVQLFKHQ 3n RYHUVLGHQ DI DSSDUDWHW HU GHU HQ RYDO nEQLQJ Sn K QJVHOVLGHQ 7DJ DIG NQLQJVNDSSHQ DI 6NUX GH WR VNUXHU 8QEUDNR PP OLGW PHQ LNNH KHOW XG -XVWHU G¡UHQ PHG JHYLQGVNUXHQ 7RU[ L VLGHQ KHUWLO NDQ GHW Y UH Q¡GYHQGLJW DW nEQH RJ OXNNH G¡UHQ LJHQ
.RQWUROOHULQGMXVWHULQJHQ RJVNUXGHWRVNUXHU 8QEUDNR PP IDVW LJHQ 6 W DIG NQLQJVNDSSHQ Sn
$QYLVQLQJHU
■9HG OHYHULQJHQ HU DSSDUDWHWV G¡U LQGMXVWHUHW 1RUPDOW HU GHW LNNH Q¡GYHQGLJW DW LQGMXVWHUH G¡UHQ
■'¡UHQ NDQ MXVWHUHV Sn GHW ¡YHUVWH K QJVHO Vn VSDOWHQ EOLYHU KHOW SDUDOOHO
■'¡UHQ NDQ LNNH LQGVWLOOHV L K¡MGHQ
.RPELQDWLRQ PHG RYQ
,QGE\J I¡UVW NRPEL GDPSRYQHQ RJ GHUHIWHU RYQHQ
.RPELQDWLRQ PHG YDUPHVNXIIH
0RQWHU I¡UVW YDUPHVNXIIHQ :6 )¡OJ PRQWHULQJVYHMOHGQLQJHQ IRU YDUPHVNXIIHQ
6 W RYQHQ Sn YDUPHVNXIIHQ RJ VN\G GHP LQG L LQGE\JQLQJVVNDEHW 3DV Sn DW YDUPHVNXIIHQV SDQHO LNNH EOLYHU EHVNDGLJHW
'HPRQWHULQJ
*¡U DSSDUDWHW VS QGLQJVO¡V
/¡VQ IDVWJ¡UHOVHVVNUXHUQH
/¡IW DSSDUDWHW HQ VPXOH RJ WU N GHW KHOW XG
el
̵͉͎̓͏͕͓͋͌̿ ͖ ͇͇͓͑͆́͐͋
:̭́͏͖͆͏͓͑ ͕͖͎͕͔͎͒̓̓͋͑͞
̧ ͓͉͓͑͑̈́̽ ͈̈́̾͌̀ ́̀͏͈̻ ̤͈̀ ͒͆ ͉͋̈́͒̀̾͌͆͑͆ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͈̈́̾͌̀ ̀ ̀͏̀̾͒͆͒̀ ̻͎͒͋̀ ̶͏͈͎͆͑͋ ͎͈̈́̾͒̈́ ͚͎͋͌ ͉̻̀͒͊͊͆͊̀ ͎͇͈͉̻́͆͆͒ ̼͋͑̀
■῭͈̻́͑͒̈́ ͏͎͉͈͉̻͑̈́͒ ͈͒͐ ͎̓͆͂̾̈́͐ ͉͈̀ ͔͓̻͍͊͒̈́ ͈͒͐ ̬͚͎͌ ͆ ͑͗͑͒̽ ͉̻̈́͂̀͒͑͒̀͑͆ ͔͑͛͋͗͌̀ ͋· ͓̼̀͒͐ ͈͒͐ ͎̓͆͂̾̈́͐ ͓͑͌̀͏͎͚͋͊͂͆͑͆͐ ͓̻͈̈́͂͂͒̀ ͒͆͌ ͔̀͑̀͊̽ ͈͎͓͊̈́͒͏͂̾̀ ̲̈́ ̈́͏̾ ͒͗͑͆ ͎͓ ͈͎͓̓͆͋͏͇͎͂͆͛͌ ͈̼͆͋͐ͅ ̀ ͚ ̻͇͎͊͐ ͉̻̈́͂̀͒͑͒̀͑͆ ͒͆͌ ͓͇̈́͛͌͆ ͔̼͏͈̈́ ͎ ͉̻̈́͂̀͒̀͑͒͒͆͐
■̰͏͈͌ ͒͆͌ ͏͎̀͂͋̀͒ ͎̾͆͑͆ ͎ ͎͈̀͑̓̽ ͎͒̈́ ̈́͏͂̀͑̾̀͐ ͈͉͚͖̓̀͒̈́ ͒͆͌̀͏͎͕̽ ͏͎̈́͛͋̀͒͐
■̤͈̀ ͒͆͌ ̀ ͎͔͓͂̽ ͒͏͓͈̀͋̀͒͑͋͌͜ ͔͎͏̻͒̈́ ̻͈͂͌͒̀ ͏͎͑͒̀͑̾̀͐ ̥͍̀͏͒̽͋̀͒̀ ͒̀ ͎ ͎̾̀ ͉̻̀͒ ͒͆ ͈̻̓͏͉͈̈́̀ ͒͆͐ ͓͑͌̀͏͎͚͋͊͂͆͑͆͐ ͈̈́̾͌̀ ͏͎͈̻͑͒ ͋ ͎͏̈́̾ ͌̀ ͈̈́̾͌̀ ͉͎͔͒̈́͏̻
■̬̻̈́͒ ͒͆͌ ͔̀̀̾͏̈́͑͆ ̀ ͚ ͒͆ ͓͉͓͑͑̈́̀͑̾̀ ̼͍̈́͊͂͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ̲̈́̈́͏̾ ͒͗͑͆ ͈̻͆͋͐ͅ ͉̻̀͒ ͒͆ ͔͎͋̈́͒̀͏̻ ͋͆͌ ͒͆ ͓̼͑͌̓͑̈́͒̈́
■̬͆ ͉͑͆͌̈́͒̈́͜ ͒͆ ͓͉͓͑͑̈́̽ ̀ ͚ ͒͆͌ ͚͏͒̀ ̽ ͒͆ ͊̀́̽ ͒͆͐ ͚͏͒̀͐
■̤͈̀ ͒͆͌ ͉̻̈́͂̀͒͑͒̀͑͆ ͏͎̼͍͑͒̈́ ͎͓͒͐ ͒͏̼͕͎͌͒̈́͐ ͈͕͎͑͛͌͒̈́͐ ͎͈͉͎͎͈͉͎̓͋͛͐ ͉͎͈͎̀͌͌͑͋͛͐ ͉͈̀ ͎͓͒͐ ͉͎͈͎̀͌͌͑͋͛͐ ͒͆͐ ͎͒ ͈͉̽͐ ̈́ ͈͕̈́̾͏͆͑͆͐ ̀͏͎͕̽͐ ͉͆͊̈́͒͏͈͉̽͐ ̼̈́͌͏͈͂̈́̀͐
■̲͓͉͓͑̈́̽ ͈͂̀ ͒͆͌ ͎͒ ͎͇̼͒͆͑͆ ͑· ̼͌̀ ͎͓̻͌͒͊ ͈ ͉͎͓̾͌̀͐ͅ ͔͑͛͋͗͌̀ ͋̈́ ͎͒ ͕̼͈͎͑̓ ͉̻̈́͂̀͒͑͒̀͑͆͐ ͏͎̼͍͑͒̈́ ͈͒͐ ̻͕͈̈́͊͑͒̈́͐ ̀ ͎̻͈͑͒͑̈́͐
■̳͎ ͎͇̼͒͆͑͆ ̾͑͗ ̀ ͚ ͚͏͒̈́͐ ͎͓͌͒͊̀ ͈͌͜ ͉͎͓̾͌̀͐ͅ ̳͎ ͉͈͎͊̈́̾͑͋ ͓̀͒͌͜ ͒͗͌ ͎͏͒͌͜ ͉̻̀͒ ͒͆ ͈͎͓͊̈́͒͏͂̾̀ ͏̼ ͈̈́ ͌̀ ̀ ͎͉͈͊̈́̾̈́͒̀ ̼͋͑͗ ͉̻̀͒͊͊͆͊͗͌ ̼͋͒͏͗͌ ̴ ̻͏͕͈̈́ ͉͓͎̾͌̓͌͐ ͓ ̈́͏͇̼͏͋̀͌͑͆͐ ͚͒̀͌ ͆ ͚͏͒̀ ̓̈́͌ ̀͏͈̀͋̈́̾͌̈́ ͎͈͕̀͌͒̽ ͉̻̀͒ ͒͆ ͈̻̓͏͉͈̈́̀ ͒͆͐ ͈͎͓͊̈́͒͏͂̾̀͐ ̽ ͒͆͐ ͖͍͛͆͐ ͈͎͓͊̈́͒͏͂̾̀ ͈̀͌̈́͋͑͒̽͏̀
■̢ ͎͉͋̀͏͛͌̈́͒̈́ ͒̀ ͓͈͉̻͊ ͓͉͓͑͑̈́̀͑̾̀͐ ͉͈̀ ͈͒͐ ͉͎͈͉̼͊͊͆͒͐ ͋̈́͋́͏̻͌̈́͐ ͏͈͌ ͒͆ ͇̼͑͆ ͑̈́ ͈͎͓͊̈́͒͏͂̾̀ ̀ ͚ ͎͒͌ ͕͜͏͎ ͈͋̀͂̈́͏̼͎͋̀͒͐ ͉͈̀ ͒͆͌ ͚͏͒̀
■῭͈̻͈͑͒͑̈́͐ ͈͑͒͐ ͈͉͚̈́͌̈́͐ ͑̈́ PP
̷ ͇͇͓͑͆́͐͋ ͔͇͔͎͆͋̓͑͘͞
̢͎̼͌̀͑͒͊̀͐ ͚͏͒̀͐ ͋͆ ͈͉͇͈͎͎̀͌͒̀͑͒͛͋̈́͌͐
̢ ͚͑͒̀͑͆ ͎͓͒ ͎͑͋̀͒͐͜ ̈́ ̾ ͎͓͊ ̼͕͋͏͈ ͒͆͌ ̈́ ͈͔̻͈͌̈́̀ ͒͆͐ ͍̈́͗͒̈́͏͈͉͓̽͐͊̈́͏̻͐ ͒͆͐ ͚͏͒̀͐ PP
̰͏͎̼͍͑͒̈́ ͒͆͌ ͋ ͏͎͈͑͒͌̽ ͏͎͍͎͕̈́̽ ͈͂̀ ͎͒ ̻͎͈͌͂͋̀ ͒͗͌ ͓͊̈́͏͈͉͌͜ ͓͑͏͒̀͏͈͌͜
̪̻̀͒ ͎͒͌ ͕͈͚͑̈́̓̀͑͋ ͈͋̀͐ ͊͛͑͆͐ ͂͗͌̾̀͐ ̻͊́̈́͒̈́ ͓ ͚͖͆ ͒͆ ͂͗͌̾̀ ͎͎̀͌̾͂͋̀͒͐ ͒͆͐ ͚͏͒̀͐ ̀ ͚ ͎͓̻͕͈͎͒͊͑͒͌
̰̻͌͗ ̀ ͚ ͓̀͒̽͌ ͒͆ ͓͉͓͑͑̈́̽ ̓̈́͌ ̈́ ͈͒͏̼ ͈̈́͒̀ ͌̀ ͎͒ ͎͇͇̈́͒͆̈́̾ ͎͑͒ ͎͓̻͌͒͊ ͈ ͉̀͋̾̀ ̻͊͊͆ ͉͆͊̈́͒͏͈͉̽ ͓͉͓͑͑̈́̽
̬͆͌ ͎͒ ͎͇̈́͒̈́̾͒̈́ ͒͆͌ ̼͉͎̓͑͆ ͓͉͓͑͑̈́̽͐ ͋̈́ ͎͒ ͕͈̈́͏͈͑͒̽͏͈͎ ͉̻͒͗ ̻͌͗ ̀ ͚ ̼͌̀ ͓͊͌͒̽͏͈͎ ͈̻͒͗͌ ̯ ̀͌̈́͏͕͚͎͋̈́͌͐ ͚̀͒͋͐ ̀ ͚ ͎͒ ͓͊͌͒̽͏͈͎͈̻͒͗͌ ͋ ͎͏̈́̾ ͌̀ ͏͎͍͈̈́͌̽͑̈́ ͈̻͆͋ͅ ͑͒̀ ͉͆͊̈́͒͏͎͈͉̻͌ ͒͆͐ ͓͉͓͑͑̈́̽͐
̳͇͕͎͔͒͑͑͋̓́̓ ͕͖͑ ͇͏͕͈͎͇͑͋͋͘͝͏͖͑ ͏͕͖͍͑̓ ͋͑͞
̳̀ ͎͓̻͌͒͊ ͈̀ ͏̼ ͈̈́ ͌̀ ͈̈́̾͌̀ ͇͉͈͉̻̀͌̈́͒ ͑͒͆ ͇̈́͏͎͉͋͏̀͑̾̀ ̼͕͋͏͈ ͎͓͒͐& ͎͈ ͈͎͈͉̼͂̈́͒͌͐ ͏͎͚͖͈͑̈́͐ ͒͗͌ ͎͓͌͒͊̀ ͈͌͜ ̼͕͋͏͈ ͎͓͒͐ &
̳͎ ͉͎͓͒̾ ͑͛͌̓̈́͑͆͐ ͏̼ ͈̈́ ͌̀ ́͏͉͈̾͑̈́͒̀ ̼͍͗ ̀ ͚ ͒͆ ͇̼͑͆ ͎͒ ͎͇̼͒͆͑͆͐
̥͉̼͒̈́͊͑͒̈́ ͈͒͐ ̈́͏͂̀͑̾̈́͐ ͉͎ ̽͐ ͒͗͌ ͎͈̻̀͌͂͋͒͗͌ ͎͑͒ ͎͓̻͌͒͊ ͈ ͏͈͌ ͒͆͌ ͎͒ ͎͇̼͒͆͑͆ ͒͆͐ ͓͉͓͑͑̈́̽͐ ̢ ͎͉͋̀͏͛͌̈́͒̈́ ͒̀ ̀ ͚́͊͆͒̀ ͏͈͎͈͌̾̓̀ ͂͏̼͈̀ͅ ͆ ͈͎͓͊̈́͒͏͂̾̀ ͒͗͌ ͉͆͊̈́͒͏͈͉͌͜ ͍̈́̀͏̻͒͆͋͒͗͌ ͋ ͎͏̈́̾ ͌̀ ̈́ ͆͏̈́̀͑͒̈́̾ ̀͏͈͉̻͌͆͒
̲͒̈́͏̈́͑͒̈́͜ ͒̀ ͋͆ ͑͒̈́͏̼̈́͗͋͌̀ ͎͓̻͌͒͊ ͈̀ ͋̈́ ͈͋̀ ͂͗͌̾̀ ͎͓͒ ̈́͋ ͎͏͎͓̾ ͎͑͒͌ ͎͕͎͒̾
̳͎ ͎͇̈́͒̽͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͚͎͒͑ ͖̻͆͊ ͑͒̈́͜ ͌̀ ͋ ͎͏̈́̾͒̈́ ͌̀ ͔͈̀̀͏̈́̾͒̈́ ͕͗͏̾͐ ͓͉͎̓͑͊̾̀ ͒̀ ͍̈́̀͏͒̽͋̀͒̀
̪͍͇͕͌͒͋͌̀ ͔͞͏͇͔͉͆
̧ ͓͉͓͑͑̈́̽ ͈͎͈͕̀͌͒͑͒̈́̾ ͑͒͆͌ ͉͎̀͒͆͂͏̾̀ ͏͎͑͒̀͑̾̀͐ , ͉͈̀ ̈́ ͈͒͏̼ ͈̈́͒̀ ͌̀ ͈͎͓͊̈́͒͏͂̈́̾ ͚͎͋͌ ͋̈́ ͑͛͌̓̈́͑͆ ͎̀͂͗͂͛ ͏͎͑͒̀͑̾̀͐ ͂̈́̾͗͑͆
̧ ͔̻͈̀͑͊̈́̀ ͏̼ ͈̈́ ͌̀ ͏͎̀͂͋̀͒ ͎͈͈̈́̾͒̀ ͔͑͛͋͗͌̀ ͋̈́ ͒̀ ͎͈͕͑͒̈́̾̀ ͈͕͎͑͛͐ ͑͒͆͌ ͈͉͌̀̾̓̀ ͒͛ ͎͓ ͉͈̀ ͈͒͐ ͎͒ ͈͉̼͐ ͏͎͈̓̀͂͏͔̼̀͐
̲̈́ ͚͊̈́͐ ͈͒͐ ̈́͏͂̀͑̾̈́͐ ͓͑͌̀͏͎͚͋͊͂͆͑͆͐ ͏̼ ͈̈́ ͆ ͓͉͓͑͑̈́̽ ͌̀ ́͏͉͈̾͑̈́͒̀ ͉͚̈́͒͐ ̻͒͑͆͐
̧ ͓͉͓͑͑̈́̽ ̈́ ͈͒͏̼ ͈̈́͒̀ ͌̀ ͓͇͑͌̓̈́̈́̾ ͚͎͋͌ ͋̈́ ͎͒ ͓̼͎͑͌͆͋͋͌ ͉͈͎̀͊̓͜ ͑͛͌̓̈́͑͆͐ ̲͓̼͌̓͑͒̈́ ͎͒ ͉͈͎̀͊̓͜ ͑͛͌̓̈́͑͆͐ ͑͒͆͌ ̾͑͗ ͓͊̈́͏̻ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͉͈͉͊
̳͎ ͉͈͎̀͊̓͜ ͑͛͌̓̈́͑͆͐ ̈́ ͈͒͏̼ ͈̈́͒̀ ͌̀ ͈͉͇̀͌͒̀͒̀͑͒̀̈́̾ ͚͎͋͌ ͋̈́ ̼͌̀ ͈͎͂͌̽͑ ͉͈͎̀͊̓͜ ͈͇̼͈͎̓̀͑͋ ̼͋͑͗ ͒͆͐ ͓ ͆͏̈́͑̾̀͐ ͍͓̈́ ͆͏̼͒͆͑͆͐̈́͊̀͒͌͜
̧ ͏͎͑͒̀͑̾̀ ̈́ ͔̀̽͐ ͏̼ ͈̈́ ͌̀ ͍͔͈̈́̀͑̀͊̾̈́͒̀ͅ ̼͋͑͗ ͒͆͐ ͎͈͕̀͌͒̾͑͒͆͐ ͎͒ ͎͇̼͒͆͑͆͐
̭͍̓͆͋͑͟ ͔͞͏͇͔͉͓͆ ͎͇ ͓͗͋ ͔͑͌͑͞
̧ ͓͉͓͑͑̈́̽ ̈́ ͈͒͏̼ ͈̈́͒̀ ͌̀ ͓͇͑͌̓̈́̈́̾ ͚͎͋͌ ͑̈́ ͈͋̀ ͏̾̀ͅ ͎͉͎͑͛ ͎͓ ͈̈́̾͌̀ ͉̼̈́͂̀͒̈́͑͒͆͋͌͆ ͔͑͛͋͗͌̀ ͋̈́ ͎͓͒͐ ͉͎͈͎̀͌͌͑͋͛͐
̥̻͌ ͎͒ ͔͈͐ ̻͋̈́͒ ͒͆͌ ͎͒ ͎͇̼͒͆͑͆ ̓̈́͌ ͈̈́̾͌̀ ̼͎͊͌ ͏͎͈͚͑͒ ͏̼ ͈̈́ ͑͒͆ ͚͈͋͌͋͆ ͉͆͊̈́͒͏͈͉̽ ͉̻̈́͂̀͒͑͒̀͑͆ ͌̀ ͏͎̼́͊ ͈̈́͒̀ ͈͋̀ ͈̻͍̓͒̀͆ ͈͉͎̓̀ ̽͐ ͈͑͒͐ ͔̻͈͑̈́͐ ͔͑͛͋͗͌̀ ͋̈́ ͎͓͒͐ ͉͎͈͎̀͌͌͑͋͛͐ ͉̻̈́͂̀͒͑͒̀͑͆͐
̭͍̓͆͋͑͟ ͔͞͏͇͔͉͓͆ ͚͓͒́͘ ͓͗͋ ͔͑͌͑͞
̬͚͎͌ ̼͌̀͐ ͈͎͕͎̀̓̈́͛͐ ͉̻̈́͂̀͒̀͑͒͒͆͐ ̈́ ͈͒͏̼ ͈̈́͒̀ ͌̀ ͓̼͈͑͌̓͑̈́ ͒͆ ͓͉͓͑͑̈́̽
̲͒͆ ͚͈͋͌͋͆ ͉͆͊̈́͒͏͈͉̽ ͉̻̈́͂̀͒͑͒̀͑͆ ͏̼ ͈̈́ ͌̀ ͏͎̼́͊ ͈̈́͒̀ ͈͋̀ ͈̻͍̓͒̀͆ ͈͉͎̓̀ ̽͐ ͈͑͒͐ ͔̻͈͑̈́͐ ͔͑͛͋͗͌̀ ͋̈́ ͎͓͒͐ ͉͎͈͎̀͌͌͑͋͛͐ ͉̻̈́͂̀͒͑͒̀͑͆͐ ̥͍͉̀͏͈́͑͒̈́͜ ͎͓͒͐ ͎̀͂͗͂͛͐ ͒͗͌ ͔̻͑̈́͗͌ ͉͈̀ ͎͒͌ ͎͓̼̓͒̈́͏͎ ͚̀͂͗͂ ̼͋͆̓͌ ͎͑͒ ͉͎͓͒̾ ͑͛͌̓̈́͑͆͐ ̲̈́ ̈́͏̾ ͒͗͑͆ ͔̼̈́͑̀͊͋͌͆͐ ͑͛͌̓̈́͑͆͐ ͋ ͎͏̈́̾ ͆ ͓͉͓͑͑̈́̽ ͌̀ ͓ ͎͑͒̈́̾ ͈̻͆͋ͅ
̤͈̀ ͒͆͌ ̻͒͑͆ ̼́͊ ̈́ ͑͒͆͌ ͈͉͌̀̾̓̀ ͒͛ ͎͓ ̲͓̼͌̓͑͒̈́ ͎͓͒͐ ͉͎͓͊͌͐͜ ͎͓͒ ͉͎͓̀͊͗̓̾ ͑͛͌̓̈́͑͆͐ ͔͑͛͋͗͌̀ ͋̈́ ͒̀ ͎͈͕̀͌͒̾͑͒̀ ͕͏͋̀͒̀͜ ̰͏͈͎͉̀͑͌̾͒͏͈͎͌ ̢͚͂͗͂͐ ͏͎͑͒̀͑̾̀͐ < ͋ ͊̈́ ̼͋͆̓͌ ͎͓̼̓͒̈́͏͎͐
͚̀͂͗͂͐ ͉͔̼̀ ͔̻͑͆ ͍̈́͗͒̈́͏͈͉͚͐ ͚̀͂͗͂͐
̵͞͏͇͔͉͆ ͔͕͑ ͑͋͌͋̓͌͝ ͕͖͆́͌͑ /$1
̢͓͒̽ ͆ ͓͉͓͑͑̈́̽ ̼͕͈̈́ ͓͚̓͌̀͒͒͆͒̀ ͈͉͎͓̓͒͛ ͉͈̀ ͋ ͎͏̈́̾ ͌̀ ͓͇͑͌̓̈́̈́̾ ͋̈́ ̼͌̀ ͉͈͎̀͊̓͜ /$1 ͎͑͒ ͎͈͉͈͉͚̀ ͉͓͎̓̾͒ ͎͒ ͉͈͎̀͊̓͜ /$1 ̓̈́ ͓͑͋ ̈́͏͈̻͈͊̀͋́͌̈́͒̀ ̰͏͈͌ ͒͆͌ ͎͒ ͎͇̼͒͆͑͆ ͓̼͑͌̓͑͒̈́ ͎͒ ͉͈͎̀͊̓͜ /$1 ͑͒͆͌ ͓ ͎͎͕̓̽ ͑͒͆͌ ̾͑͗ ͓͊̈́͏̻ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͉͈̀ ͔̀͑̀͊̾͑͒̈́ ͎͒ ͋̈́ ͒͆͌ ͉͎͔͈̀͌̀͛͑͆ ͒͆͐ ̼͍͊͆͐ ͉͎͓̀͊͗̓̾ ̲͓̼͌̓͑͒̈́ ͎͒ ͉͈͎̀͊̓͜ /$1 ͋̈́ ͈͋̀ ͓ ͎͎͕̓̽ ͈͉͎͓̓͒͛
̶͑ ͕͉͔͉͑͊̿ ͕͉͓ ͔͖͔͇͖͓͌̀
■̲̈́ ̈́͏̾ ͒͗͑͆ ͎͒ ͎͇̼͒͆͑͆͐ ͎̓͛ ͓͉͓͑͑̈́͌͜ ͒͆ ͋̾̀ ̓̾ ͊̀ ͑͒͆͌ ̻͊͊͆ ̯͈ ͎̓͛ ͕͈̈́͏͎̼͊̀́͐ ͒̀ ͎̓͛ ͉͎͈͊͋̀͒̀͜ ͊̀́̽͐ ͏̼ ͈̈́ ͌̀ ͕͎͓̓̈́̾͌͌͏͎͐ ͒͆ ̼͋͑͆
■̢͔͑̀͊̾͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͎͑͒ ͎͓̻͌͒͊ ͈ ̀ ͚ ̀͌̀͒͏͎ ̽ ͑̈́ ̈́͏̾ ͎͓͒͗͑͆ ̓̈́͌ ͓ ̻͏͕͈̈́ ͉̼̀͌͌̀͐ ͈̻͎̈́͌̓͋̈́͑͐ ̻͎͒͐ ̻͌͗ ̀ ͚ ͒͆ ͓͉͓͑͑̈́̽ ̲͒̈́͏̈́͑͒̈́͜ ͎̓͛ ͂͗͌̾̈́͐ ͎͓͒ ̈́͋ ͎͏͎͓̾ ͉͈̀ ̀ ͚ ͈͒͐ ͎͓̓͛͊̈́͏̼͐ ͎͑͒ ͎͓̻͌͒͊ ͈ ͑̈́ ̻͇͎́͐ PP PP ̻͌͗ ̀ ͚ ͎͒ ͖͎͛͐ ͒͆͐ ͓͉͓͑͑̈́̽͐
̲ ͏͍͒̈́͜ ͒͆ ͓͉͓͑͑̈́̽ ̈́͌͒̈́͊͐͜ ̼͋͑̀ ͎͑͒ ͎͈͕͈͚͎̈́͌͒͋̈́͌ͅ ͎͓̻͌͒͊ ͈
̲̈́ ͓̀͒̽ ͒͆͌ ̈́͏̾ ͒͗͑͆ ͋͆͌ ͉͒͑̀̾͑̈́͒̈́ ͋͆͌ ͉͋̀͂͑̈́͒̈́͜ ̽ ͋͆͌̈́͏̻͑̈́͒̈́ ͎͒ ͉͈͎̀͊̓͜ ͑͛͌̓̈́͑͆͐ ̻͌͗ ̀ ͚ ͉͎͔͒̈́͏̼͐ ͉̼̀͋͐
̪̈́͌͒͏̻͏̈́͒̈́ ͒͆ ͓͉͓͑͑̈́̽
̬͍̈́͒̀͛ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͉͈̀ ͒͗͌ ͈͎͈͉͂̈́͒͌͌͜ ͏͎͚͖͑̈́͗͌ ͒͗͌ ͎͓͌͒͊̀ ͈͌͜ ͈̈́̾͌̀ ̀ ̀͏͎̀̾͒͆͒ ̼͌̀ ͉͚̈́͌ PP
̥͓͇͓͂͏̀͋͋̾͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͋̈́ ͎͒ ͔̻͈̀͊̓ ͉̀͏͈́͐͜ ͎͏͈͚͈͌͒̀ͅ
̲͒̈́͏̈́͑͒̈́͜ ͒͆ ͓͉͓͑͑̈́̽ ͋̈́ ͒͆ ͓̼͑͌͆͋͋͌͆ ́̾̓̀ ̢ ͎͉͋̀͏͛͌̈́͒̈́ ͒͆͌ ͔̻͈̀͑͊̈́̀ ͔͎͋̈́͒̀͏̻͐ ͑͒͆͌ ͚͏͒̀
̴͎͔͉͊͋͞ ͕͉͓ ͕͓͒̓͝
̤͈̀ ͒͆͌ ͉̀͏͈́̽ ͓͇͓̈́͂͏̻͈͋͋͑͆ ͋ ͎͏̈́̾ ͌̀ ͏͓͇͈͋͑͒̈́̾ ͔̈́͊̀͏̻ ͆ ͚͏͒̀ ͒͆͐ ͓͉͓͑͑̈́̽͐
̤͈· ͓͚̀͒ ͒͏͍̀́̽͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͎͊̾͂ ̼͍͗ ̀ ͚ ͒͆ ͇̼͑͆ ͎͒ ͎͇̼͒͆͑͆͐ ̲͒͆͌ ̈́ ̻͌͗ ͋̈́͏͈̻ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͑͒͆͌ ͓͊̈́͏̻ ͒͗͌ ̼͋̈́͌͒̈́͑̓͗͌ ͇̀ ́͏̈́̾͒̈́ ̼͌̀ ͎̻́͊ ̻͎͈͌͂͋̀ ̢͔͈̀͏̼͑͒̈́ ͎͒ ͉̻͓͊͋͋̀ ̫͛͑͒̈́ ͎͊̾͂ ͈͒͐ ͎̓͛ ́̾̓̈́͐ ͍̻͎̈́͂͗͌ ͉͈͊̈́̓̾ PP ̻̀͊͊ ͋͆͌ ͈͒͐ ͍͈̈́́̓͑̈́͒̈́͜ ̱͓͇͋̾͑͒̈́ ͚͒͆͌͏͒̀ ͋̈́ ͒͆͌ ͊̀͌̽͘ ́̾̓̀ 7RU[ ͈͂· ͓͚̀͒ ͋ ͎͏̈́̾ ͌̀ ͈̈́̾͌̀ ̀ ̀͏͎̀̾͒͆͒ ͌̀ ͎͍̀͌̾̈́͒̈́ ͒͆͌ ͚͏͒̀ ͉͈̀ ͌̀ ͒͆͌ ͉͊̈́̾͑̈́͒̈́ ͍̻̀͌ ̥̼͍͊͂͒̈́ ͒͆͌ ͓͇͓̈́͂͏̻͈͋͋͑͆ ͉͈̀ ͔͍͑̾͒̈́ ͉̻̀͊ ͈͒͐ ͎̓͛ ́̾̓̈́͐ ͍̻͎̈́͂͗͌ ͉͈͊̈́̓̾ PP ̳͎ ͎͇̈́͒̽͑͒̈́ ͎͒ ͉̻͓͊͋͋̀
̷ ͇͇͓͑͆́͐͋
■̧ ͚͏͒̀ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͑͒͆͌ ͉̻̀͒͑͒̀͑͆ ̀͏̻͎̓͑͆͐ ͈̈́̾͌̀ ͏͓͇͈̼͋͑͋͌͆ ̪͎͈͉̻̀͌͌ ͈͋̀ ͏͇͈͛͋͑͆ ͒͆͐ ͚͏͒̀͐ ̓̈́͌ ͈̈́̾͌̀ ̀ ̀͏̀̾͒͆͒͆
■̧ ͓͇͓̈́͂͏̻͈͋͋͑͆ ͒͆͐ ͚͏͒̀͐ ͒͆͐ ͓͉͓͑͑̈́̽͐ ͋ ͎͏̈́̾ ͌̀ ͏͓͇͈͋͑͒̈́̾ ͎͑͒͌ ̼͋̈́͌͒̈́͑ ͈͂̀ ͒͆͌ ̈́ ͓͍̾͒̈́͆ ͈͋̀͐ ͉̀͏͈͎́͛͐ ͈̻̓͑͒̀͑͆͐ ͕͈͑͑͋̽͐
■̧ ͚͏͒̀ ̓̈́͌ ͋ ͎͏̈́̾ ͌̀ ͏͓͇͈͋͑͒̈́̾ ͎͑͒ ͖͎͛͐
̲ ͏͍͒̈́͜ ͎͒ ͔͎͛͏͎͌ ̻͌͗ ͎͑͒ ͇̈́͏͈͚͎͋̀͌͋̈́͌ ͓͑͏̻͒͏͈ ̼͋͑̀ ͎͑͒ ͎͈͕͈͚͎̈́͌͒͋̈́͌ͅ ͎͓̻͌͒͊ ͈ ̪̻̀͒ ͒͆͌ ͎͒ ͎͇̼͒͆͑͆ ͋͆͌ ͏͎͍̈́͌̽͑̈́͒̈́ ͈̻͆͋ͅ ͑͒͆͌ ͉͎͚͌͑͊̀ ͎͓͒ ͇̈́͏͈͚͎͓͋̀͌͋̈́͌ ͓͑͏͒̀͏͈͎͛
̥͇͔͉͗̓́͒
̨̼͑͒̈́ ͒͆ ͓͉͓͑͑̈́̽ ͉͚̈́͒͐ ̻̫͒͑͆͐͛͑͒̈́ ͈͒͐ ́̾̓̈́͐ ͑͒̈́͏̼͗͑͆͐
̲͉͆͑͒̈́͜ ͎͊̾͂ ͒͆ ͓͉͓͑͑̈́̽ ͉͈̀ ͒͏͍̀́̽͒̈́ ͒͆͌ ̈́͌͒̈́͊͐͜ ̼͍͗
es
,QGLFDFLRQHV LPSRUWDQWHV
:£3HOLJUR GH OHVLRQHV
(O DSDUDWR HV SHVDGR 3DUD PRYHU HO DSDUDWR VH QHFHVLWDQ
SHUVRQDV 8WLOL]DU ~QLFDPHQWH ORV PHGLRV DX[LOLDUHV DSURSLDGRV
■/HHU FRQ DWHQFLyQ \ FRQVHUYDU ODV LQVWUXFFLRQHV 6ROR XQ PRQWDMH SURIHVLRQDO VHJ~Q HVWDV LQVWUXFFLRQHV GH PRQWDMH JDUDQWL]D XQ XVR VHJXUR (Q FDVR GH GDxRV GHELGR D XQ PRQWDMH HUUyQHR OD UHVSRQVDELOLGDG VHUi GHO LQVWDODGRU
■'HVFRQHFWDU OD DOLPHQWDFLyQ HOpFWULFD DQWHV GH UHDOL]DU FXDOTXLHU WLSR GH WUDEDMR
■/OHYDU JXDQWHV SURWHFWRUHV SDUD HYLWDU FRUWHV /DV SLH]DV TXH HVWpQ DFFHVLEOHV GXUDQWH HO PRQWDMH SXHGHQ WHQHU ORV ERUGHV DILODGRV
■&RPSUREDU HO DSDUDWR DO VDFDUOR GH VX HPEDODMH (O DSDUDWR QR GHEH FRQHFWDUVH HQ FDVR GH KDEHU VXIULGR GDxRV GXUDQWH HO WUDQVSRUWH
■1R VXMHWDU HO DSDUDWR SRU OD SXHUWD R HO WLUDGRU GH OD SXHUWD
■7HQHU HQ FXHQWD SDUD OD LQVWDODFLyQ ODV QRUPDWLYDV GH FRQVWUXFFLyQ YLJHQWHV \ ODV GLVSRVLFLRQHV GHO SURYHHGRU GH HOHFWULFLGDG UHJLRQDO
■$SDUDWR SDUD OD LQVWDODFLyQ HQ XQ PXHEOH GH FRFLQD FRQIRUPH DO HVTXHPD GH PRQWDMH WHQHU HQ FXHQWD OD GLVWDQFLD PtQLPD
■0RQWDMH GHWUiV GH ODV SXHUWDV GHO PXHEOH GHEH GHVFDUWDUVH HO FLHUUH GH HVWH WLSR GH SXHUWDV GXUDQWH HO IXQFLRQDPLHQWR PHGLDQWH OD DSOLFDFLyQ GH PHGLGDV DGHFXDGDV ([LVWH ULHVJR GH VREUHFDOHQWDPLHQWR VL OD SXHUWD QR SHUPDQHFH DELHUWD GXUDQWH HO IXQFLRQDPLHQWR R HO HQIULDPLHQWR IXQFLRQDPLHQWR GHO YHQWLODGRU
■$QWHV GH SRQHU HQ PDUFKD HO DSDUDWR UHWLUDU HO PDWHULDO GH HPEDODMH \ ODV OiPLQDV DGKHUHQWHV GH OD SXHUWD \ GHO LQWHULRU GHO DSDUDWR
■/DV PHGLGDV GH ODV LPiJHQHV HVWiQ HQ PP
,QGLFDFLRQHV SDUD OD SODQLILFDFLyQ
/D ELVDJUD GH OD SXHUWD QR HV UHYHUVLEOH
'LVWDQFLD GH OD FDYLGDG GHO PXHEOH KDVWD OD VXSHUILFLH IURQWDO GH OD SXHUWD PP
7HQHU HQ FXHQWD HO VDOLHQWH GHO IURQWDO SDUD DEULU ORV FDMRQHV ODWHUDOHV
$O SODQLILFDU WHQHU HQ FXHQWD XQD VROXFLyQ SDUD HO iQJXOR GH DSHUWXUD GH OD SXHUWD GH DO PHQRV
6REUH HVWH DSDUDWR QR VH GHEH PRQWDU QLQJ~Q RWUR DSDUDWR HOpFWULFR HQ HO DUPDULR
1R PRQWDU VREUH XQ ODYDYDMLOODV HO PRGHOR GH DSDUDWR TXH SRVHH HO HOHPHQWR GH PDQGR GHEDMR (O YDSRU TXH VH GHVSUHQGD GHO ODYDYDMLOODV SXHGH GDxDU HO VLVWHPD HOHFWUyQLFR GHO DSDUDWR
3UHSDUDFLyQ GH ORV PXHEOHV GH PRQWDMH
/RV PXHEOHV GH HPSRWUDU GHEHQ VHU WHUPRUUHVLVWHQWHV KDVWD& ORV IUHQWHV GH ORV PXHEOHV FROLQGDQWHV KDVWD &
/D EDVH GH HQFKXIH GH FRQH[LyQ GHEHUi TXHGDU IXHUD GHO DORMDPLHQWR GH HPSRWUDU
5HDOL]DU ORV WUDEDMRV GH UHFRUWH HQ HO PXHEOH DQWHV GH LQVHUWDU HO DSDUDWR (OLPLQDU ODV YLUXWDV GH OR FRQWUDULR SRGUtDQ DIHFWDU QHJDWLYDPHQWH OD IXQFLyQ GH ORV FRPSRQHQWHV HOpFWULFRV
/RV PXHEOHV QR VXMHWRV VH KDQ GH ILMDU FRQ XQ iQJXOR GH XVR FRPHUFLDO D OD SDUHG
0RQWDU HO DSDUDWR D XQD DOWXUD TXH VH SXHGD H[WUDHU HO DFFHVRULR VLQ SUREOHPD
&RQH[LyQ HOpFWULFD
̵͖͏͖͔͎͓͆̓͝ ͎͇ ͗͑͒͞͏͑
̲͓͌̀͏͎͎͋͊͂̽͑͒̈́ ͏͒̀͜ ͎͒͌ ͔͎͛͏͎͌ ͈͋̀͂̈́͏̼͎͋̀͒͐ ͋̈́ ͚̀͒͋ ͑͒͆ ͓̼͕͈͑͌̈́̀ ͎͒͌ ͔͎͛͏͎͌
̵͖͏͖͔͎͓͆̓͝ ͎͇ ͇͎͊͒̓͋͏͎͇͝͏͑ ͔͖͕͒̾͒͋
̰͏͒̀͜ ͓͑͌̀͏͎͎͋͊͂̽͑͒̈́ ͎͒ ͇̈́͏͈͚͎͋̀͌͋̈́͌ ͓͑͏̻͒͏͈ :6 ̰͏͎̼͍͑͒̈́ ͈͒͐ ͎̓͆͂̾̈́͐ ͎͒ ͎͇̼͒͆͑͆͐ ͎͓͒ ͇̈́͏͈͚͎͓͋̀͌͋̈́͌ ͓͑͏͒̀͏͈͎͛
(O DSDUDWR SHUWHQHFH D OD FODVH GH SURWHFFLyQ , \ VROR SXHGH XWLOL]DUVH FRQHFWDGR D XQD FRQH[LyQ FRQ FRQGXFWRU GH WRPD D WLHUUD
/D SURWHFFLyQ SRU IXVLEOH GHEH FRQILJXUDUVH GH DFXHUGR FRQ ORV GDWRV GH SRWHQFLD LQGLFDGRV HQ OD SODFD GH FDUDFWHUtVWLFDV \ FRQ OD QRUPDWLYD ORFDO
(O DSDUDWR GHEH HVWDU VLQ WHQVLyQ SDUD SRGHU UHDOL]DU ORV WUDEDMRV GH PRQWDMH
(O DSDUDWR VROR SXHGH FRQHFWDUVH FRQ HO FDEOH GH FRQH[LyQ VXPLQLVWUDGR &RQHFWDU HO FDEOH GH FRQH[LyQ HQ OD SDUWH SRVWHULRU GHO DSDUDWR GHEH RtUVH XQ FOLF
(O FDEOH GH FRQH[LyQ VROR SXHGH VHU VXVWLWXLGR SRU XQ FDEOH RULJLQDO TXH SXHGH VROLFLWDUVH D WUDYpV GHO 6HUYLFLR GH $WHQFLyQ DO &OLHQWH
/D SURWHFFLyQ FRQWUD FRQWDFWR DFFLGHQWDO GHEH JDUDQWL]DUVH GXUDQWH HO PRQWDMH
&DEOH GH FRQH[LyQ FRQ FRQHFWRU FRQ FRQWDFWR GH SXHVWD D WLHUUD
(O DSDUDWR VROR SRGUi FRQHFWDUVH D XQD WRPD GH FRUULHQWH GH LQVWDODFLyQ UHJODPHQWDULD \ SURYLVWD GH WRPD GH WLHUUD
6HJ~Q OD QRUPDWLYD GH LQVWDODFLyQ VL HO FRQHFWRU \D QR HV DFFHVLEOH WUDV HO PRQWDMH OD LQVWDODFLyQ HOpFWULFD FRQ WRPD GH WLHUUD GHEHUi FRQVWDU GH XQ GLVSRVLWLYR GH VHSDUDFLyQ HQ ODV IDVHV
&DEOH GH FRQH[LyQ VLQ FRQHFWRU FRQ FRQWDFWR GH SXHVWD D WLHUUD
6ROR XQ WpFQLFR HVSHFLDOLVWD DXWRUL]DGR SXHGH FRQHFWDU HO DSDUDWR
6HJ~Q ODV QRUPDV OD LQVWDODFLyQ HOpFWULFD FRQ WRPD GH WLHUUD GHEHUi GLVSRQHU GH XQ GLVSRVLWLYR GH VHSDUDFLyQ HQ ODV IDVHV ,GHQWLILFDU HO FRQGXFWRU GH IDVH \ HO FRQGXFWRU QHXWUR ©FHURª GH OD WRPD GH FRUULHQWH (O DSDUDWR SXHGH UHVXOWDU GDxDGR VL QR VH FRQHFWD GH OD IRUPD DGHFXDGD
7HQVLyQ YHU SODFD GH FDUDFWHUtVWLFDV &RQHFWDU ORV FRQGXFWRUHV GHO FDEOH GH FRQH[LyQ D OD UHG GH DFXHUGR FRQ OD FRGLILFDFLyQ SRU FRORUHV YHUGH DPDULOOR WRPD D WLHUUD < D]XO FHUR FRQGXFWRU
QHXWUR PDUUyQ IDVH FRQGXFWRU H[WHULRU
&RQH[LyQ D OD UHG GRPpVWLFD /$1
(VWH DSDUDWR WLHQH FDSDFLGDG GH FRQH[LyQ \ VH SXHGH FRQHFWDU D OD UHG GRPpVWLFD PHGLDQWH XQ FDEOH /$1 QR LQFOXLGR &RQHFWDU HO FDEOH /$1 DQWHV GH OD LQVWDODFLyQ HQ OD KRUTXLOOD GH GHVOL]DPLHQWR HQ OD SDUWH SRVWHULRU GHO DSDUDWR \ DVHJXUDUOR FRQ HO VLVWHPD DQWLWUDFFLyQ (QFKXIDU HO FDEOH /$1 FRQ XQ FRQHFWRU GH UHG
,QVWDODU HO DSDUDWR
■$O LQVWDODU GRV DSDUDWRV MXQWRV GHEHUiQ PRVWUDU ORV WLUDGRUHV GH OD SXHUWD DVLGHURV KDFLD HO FHQWUR
■$VHJXUDU HO DSDUDWR FRQWUD YROFDGR HQ HO DUPDULR VL QR KD\ QLQJ~Q SDQHO LQWHUPHGLR VREUH HO DSDUDWR ILMDU GRV HVFXDGUDV FRUULHQWHV XQD D FDGD ODGR GHO DUPDULR D PP GH SURIXQGLGDG PP VREUH OD DOWXUD GHO DSDUDWR
,QVHUWDU HO DSDUDWR GHQWUR GHO PXHEOH GH HPSRWUDU SRU FRPSOHWR
'XUDQWH HO SURFHVR JXLDU HO FDEOH GH FRQH[LyQ SDUD QR GREODUOR DSODVWDUOR R UR]DUOR
$OLQHDU HO DSDUDWR HQ HO FHQWUR
(QWUH HO DSDUDWR \ ORV DUPDULRV DG\DFHQWHV HV QHFHVDULD XQD VHSDUDFLyQ SDUD YHQWLODFLyQ GH PP
$MXVWDU HO DSDUDWR KRUL]RQWDOPHQWH GH PRGR H[DFWR FRQ XQ QLYHO GH EXUEXMDV
6XMHWDU HO DSDUDWR FRQ ORV WRUQLOORV DGMXQWRV 5HWLUDU ODV SURWHFFLRQHV GH WUDQVSRUWH GH OD SXHUWD
$MXVWDU OD SXHUWD
/D SXHUWD VH SXHGH DMXVWDU SDUD DOLQHDUOD GH IRUPD H[DFWD
3DUD HOOR H[WUDHU HO DSDUDWR OLJHUDPHQWH GHO KXHFR GH HQFDVWUH (Q OD SDUWH VXSHULRU GHO DSDUDWR HQ HO ODGR GH ODV ELVDJUDV VH HQFXHQWUD XQD DEHUWXUD RYDODGD 5HWLUDU OD WDSD $IORMDU ORV GRV WRUQLOORV $OOHQ PP VLQ OOHJDU D GHVHQURVFDUORV $MXVWDU OD SXHUWD FRQ HO WRUQLOOR ODWHUDO 7RU[ SDUD HOOR SXHGH VHU QHFHVDULR DEULU \ YROYHU D FHUUDU OD SXHUWD &RPSUREDU OD DOLQHDFLyQ \ DSUHWDU ORV GRV WRUQLOORV $OOHQ PP &RORFDU OD WDSD
1RWDV
■/D SXHUWD GHO DSDUDWR \D YLHQH DMXVWDGD GH IiEULFD 1RUPDOPHQWH QR HV QHFHVDULR DMXVWDU OD SXHUWD
■/D DOLQHDFLyQ GH OD SXHUWD GHO DSDUDWR SXHGH UHDOL]DUVH PHGLDQWH ODV ELVDJUDV SDUD FRQVHJXLU XQ DMXVWH H[DFWR
■/D DOWXUD GH OD SXHUWD QR HV DMXVWDEOH
&RPELQDFLyQ FRQ KRUQR
0RQWDU SULPHUR HO KRUQR FRPELQDGR GH YDSRU \ D FRQWLQXDFLyQ HO KRUQR
&RPELQDFLyQ FRQ FDMyQ FDOLHQWDSODWRV
0RQWDU SULPHUR HO FDMyQ FDOLHQWDSODWRV :6 7HQHU HQ FXHQWD ODV LQVWUXFFLRQHV GH PRQWDMH GHO FDMyQ FDOLHQWDSODWRV
,QWURGXFLU HO KRUQR HQ HO FDMyQ FDOLHQWDSODWRV GHO DUPDULR HPSRWUDGR 7HQHU FXLGDGR GH QR GDxDU OD PROGXUD GHO FDMyQ FDOLHQWDSODWRV DO LQWURGXFLUOR
'HVPRQWDMH
'HMDU HO DSDUDWR VLQ WHQVLyQ6ROWDU ORV WRUQLOORV GH ILMDFLyQ
/HYDQWDU OLJHUDPHQWH HO DSDUDWR \ H[WUDHUOR SRU FRPSOHWR
et
2OXOLVHG Q}XDQGHG
:9LJDVWXVWH RKW
6HDGH RQ UDVNH 6HDGPH OLLJXWDPLVHNV OlKHE YDMD LQLPHVW
.DVXWDJH YDLG VRELYDLG DELYDKHQGHLG
■/XJHJH NDVXWXVMXKHQG KRROLNDOW OlEL MD KRLGNH VHH DOOHV 9DLG NlHVROHYD SDLJDOGXVMXKHQGL NRKDQH DVMDWXQGOLN SDLJDOGDPLQH WDJDE VHDGPH RKXWX NDVXWDPLVH 9DOHVW SDLJDOGXVHVW WHNNLYD NDKMX HHVW YDVWXWDE SDLJDOGDMD
■(QQH PLV WDKHV W||GH WHRVWDPLVW O OLWDJH YRRO YlOMD
■/}LNHYLJDVWXVWH YlOWLPLVHNV NDQGNH NDLWVHNLQGDLG 3DLJDOGDPLVH DMDO OLJLSllVHWDYDG GHWDLOLG Y}LYDG ROOD WHUDYDWH VHUYDGHJD
■.RQWUROOLJH VHDGH SlUDVW SDNHQGL HHPDOGDPLVW OH 7UDQVSRUGLO WHNNLQXG YLJDVWXVWH WXYDVWDPLVH NRUUDO lUJH KHQGDJH VHDGHW YRROXY}UNX
■bUJH W}VWNH VHDGHW XNVHVW HJD XNVHNlHSLGHPHVW
■3DLJDOGDPLVHO MlUJLJH NHKWLYDLG HKLWXVQ}XGHLG MD NRKDOLNX HOHNWULHWWHY}WMD Q}XGHLG
■6HDGH RQ QlKWXG LQWHJUHHULPLVHNV N||JLP||EOLVVH YDVWDYDOW MRRQLVHOH SLGDJH NLQQL PLQLPDDOVHWHVW YDKHNDXJXVWHVW
■3DLJDOGDPLQH P||EOLXVWH WDKD 6HOOLVWH XVWH VXOJXPLQH DMDO PLO VHDGH RQ W||V WXOHE VRELYDWH PHHWPHJD lUD KRLGD .XL XNV VXOJXE DMDO PLO VHDGH RQ W||V Y}L MDKWXE WHNLE OHNXXPHQHPLVH RKW
■(QQH VHDGPH NDVXWXVHOHY}WWX HHPDOGDJH DKMXNDPEULVW MD XNVH N OMHVW SDNHQGLPDWHUMDO MD NOHHSOLQW
■3LOWLGH P}}GXG PP WHV
3ODQHHULPLVVRRYLWXVHG
8NVHSLLUH HL ROH YDKHWDWDY 0||EOL NDXJXV XNVH HVLN OMHVW PP 9HHQGXJH HW HVLSDQHHO HL WDNLVWD N OJPLVWH VDKWOLWH DYDPLVW
1XUJDODKHQGXVH SODQHHULPLVHO Y}WNH DUYHVVH HW XNVH DYDQHPLVH QXUN RQ YlKHPDOW
6HOOH VHDGPH NRKDOH HL WRKL NDSSL VLVVH HKLWDGD WHLVL HOHNWULVHDGPHLG
0XGHOLW PLOOH MXKWSDQHHO RQ DOO HL WRKL SDLJDOGDGD Q}XGHSHVXPDVLQD NRKDOH 1}XGHSHVXPDVLQDVW HUDOGXY DXU Y}LE NDKMXVWDGD VHDGPH HOHNWURRQLNDW
,QWHJUHHULWDYD P||EOL HWWHYDOPLVWDPLQH
0||EHO NXKX VHDGH VLVVH HKLWDWDNVH SHDE WDOXPD WHPSHUDWXXUL NXQL & N OJQHY P||EHO WHPSHUDWXXUL NXQL &
3LVWLNXSHVD SHDE ROHPD YlOMDVSRRO SDLJDOGXVQLååL
7HKNH P||EOLVVH YlOMDO}LNHG HQQH VHDGPH NRKDOHDVHWDPLVW (HPDOGDJH ODDVWXG QHHG Y}LYDG KlLULGD HOHNWULGHWDLOLGH W||G
.LQQLWDPDWD P||EHO WXOHE VHLQD N OJH NLQQLWDGD VWDQGDUGVH QXUJLNXJD
3DLJDOGXVN}UJXVH YDOLNXO YHHQGXJH HW WDUYLNXLG VDDNV DKMXVW K}OSVDOW YlOMD Y}WWD
hKHQGDPLQH YRROXY}UJXJD
6HDGH YDVWDE NDLWVHNODVVLOH , MD VHDGPH KHQGDPLVHO WXOHE NDVXWDGD NDLWVHMXKHW
.DLWVH WXOHE SDLJDOGDGDYDVWDYDOWDQGPHVLOGLOPlUJLWXG Y}LPVXVHOH MD NHKWLYDWHOH HHVNLUMDGHOH
.}LNLGHSDLJDOGXVW||GHWHJHPLVHO SHDEVHDGHROHPDYRROXY}UJXVW ODKXWDWXG
6HDGPH KHQGDPLVHNV YRROXY}UNX WXOHE NDVXWDGD NRPSOHNWL NXXOXYDW KHQGXVMXKHW hKHQGDJH KHQGXVMXKH VHDGPH WDJDN OMHO ROHYDVVH SHVVD NO}SV
hKHQGXVMXKHW WRKLE DVHQGDGD NVQHV RULJLQDDOMXKWPHJD PLGD VDDE WHOOLGD P JLHVLQGXVHVW
6LVVHHKLWDPLVHO SHDE ROHPD WDJDWXG SXXWHNDLWVH
.DLWVHNRQWDNW SLVWLNXJD KHQGXVMXKH
6HDGH RQ YDOPLV YRROXY}UNX KHQGDPLVHNV MD VHGD WRKLEKHQGDGD DLQXOW Q}XHWHNRKDVHOW SDLJDOGDWXG NDLWVHNRQWDNWLJD YDUXVWDWXG SLVWLNXSHVVD
.XL SLVWLN HL ROH SlUDVW SDLJDOGDPLVW HQDP OLJLSllVHWDY WXOHE HOHNWULLQVWDOODWVLRRQLV HWWH QlKD IDDVLGH ODKXWXVVHDGH YDVWDYDOW NHKWLYDWHOH HHVNLUMDGHOH