Panasonic TY-SP65PV600 User manual

7<6339
0RGHO1R
74=+
+|JWDODUHI|USODVPD79
0RQWHULQJVDQYLVQLQJDU
,QQDQDUEHWHWSnE|UMDVVNDGXQRJDOlVDGHVVDDQYLVQLQJDURFKEUXNVDQYLVQLQJHQ
VRPPHGI|OMHUSODVPD79I|UDWWI|UVlNUDDWWDUEHWHWXWI|UVSnUlWWVlWW
%HYDUDGHVVDDQYLVQLQJDU'XNDQEHK|YDDQOLWDGHPSnQ\WWI|UXQGHUKnOOHOOHU
IO\WWQLQJDYKnOODUHQ
+¡MWWDOHUHWLOSODVPD79
0RQWHULQJVYHMOHGQLQJ
)¡UDUEHMGHWSnEHJ\QGHVVNDO'HRPK\JJHOLJWOVHGLVVHLQVWUXNWLRQHURJ
EHWMHQLQJVYHMOHGQLQJHQWLOSODVPD79HQIRUDWVLNUHDWRSVWQLQJVDUEHMGHWXGI¡UHVNRUUHNW
*HQGLVVHLQVWUXNWLRQHU'HNDQInEUXJIRUGHPYHGYHGOLJHKROGHOVHHOOHUKYLVRSKQJHW
VNDOIO\WWHV
$OWDYRFHVSDUDWHOHYLVRUFRQ3DQWDOODGH3ODVPD
,QVWUXFFLRQHVGHLQVWDODFLyQ
$QWHVGHHPSH]DUHOWUDEDMROHDDWHQWDPHQWHHVWDVLQVWUXFFLRQHV\HOPDQXDO
GHOWHOHYLVRUFRQ3DQWDOODGH3ODVPDSDUDDVHJXUDUXQDLQVWDODFLyQFRUUHFWD
*XDUGHHVWDVLQVWUXFFLRQHV3RGUiQHFHVLWDUODVFXDQGRKDJDWUDEDMRVGH
PDQWHQLPLHQWRRPXHYDHOVRSRUWH
(QFHLQWHVSRXUWpOpYLVHXUj3ODVPD
,QVWUXFWLRQVG¶LQVWDOODWLRQ
$YDQWGHFRPPHQFHUOHWUDYDLOOLVH]DWWHQWLYHPHQWFHVLQVWUXFWLRQVDLQVLTXHOHPRGH
G¶HPSORLGHWpOpYLVHXUj3ODVPDGHPDQLqUHjUpDOLVHUXQPRQWDJHFRQYHQDEOH
&RQVHUYH]VRLJQHXVHPHQWOHVSUpVHQWHVLQVWUXFWLRQV9RXVSRXYH]HQDYRLUEHVRLQ
SRXUHIIHFWXHUXQHQWUHWLHQRXVLYRXVGpVLUH]GpSODFHUO¶DSSOLTXH
$OWRSDUODQWLSHULOWHOHYLVRUHDO3ODVPD
,VWUX]LRQLSHU,¶LQVWDOOD]LRQH
3ULPDGLLQL]LDUHLOPRQWDJJLROHJJHUHDWWHQWDPHQWHTXHVWHLVWUX]LRQLHGLOPDQXDOH
GHHWHOHYLVRUHDO3ODVPDSHUSRWHUSURFHGHUHDOPRQWDJJLRLQPRGRFRUUHWWR
FRQVHUYDUHSRLTXHVWHLVWUX]LRQLFKHVLUHQGHUDQQRQHFHVVDULHSHUOD
PDQXWHQ]LRQHHO¶HYHQWXDOHVSRVWDPHQWRGHOODVWDIID
/XLGVSUHNHUVYRRU3ODVPDWHOHYLVLH 
,QVWDOODWLHKDQGOHLGLQJ
/HHVGH]HLQVWDOODWLHKDQGOHLGLQJHQGHEHGLHQLQJVKDQGOHLGLQJYRRUKHWSODVPDWHOHYLVLH]RUJYXOGLJ
GRRUYRRUGDWXEHJLQW]RGDWGHPRQWDJHZHUN]DDPKHGHQRSGHMXLVWHZLM]HZRUGHQXLWJHYRHUG
%HZDDUGH]HKDQGOHLGLQJ8KHEWGHKDQGOHLGLQJZHHUQRGLJZDQQHHUXGH
EHYHVWLJLQJVVWHXQYHUZLMGHUWRIYHUSODDWVW
/DXWVSUHFKHUIU3ODVPD)HUQVHKHU
,QVWDOODWLRQVDQOHLWXQJ
9RUGHU0RQWDJHOHVHQ6LHELWWHGLHVH$QOHLWXQJXQGGLH%HGLHQXQJVDQOHLWXQJIU
GHQ3ODVPD)HUQVHKHUVRUJIlOWLJGXUFKGDPLWGLH0RQWDJHULFKWLJDXVJHIKUWZLUG
%LWWHEHZDKUHQ6LHGLHVH$QOHLWXQJDXI6LHNDQQEHLGHU:DUWXQJRGHUGHUHUQHXWHQ
0RQWDJHGHU/DXWVSUHFKHUEHQ|WLJWZHUGHQ
6SHDNHUVIRU3ODVPD7HOHYLVLRQ
,QVWDOODWLRQ,QVWUXFWLRQV
%HIRUHFRPPHQFLQJZRUNFDUHIXOO\UHDGWKHVH,QVWUXFWLRQVDQGWKH0DQXDOIRUWKH
SODVPDWHOHYLVLRQWRHQVXUHWKDWILWWLQJLVSHUIRUPHGFRUUHFWO\
3OHDVHNHHSWKHVHLQVWUXFWLRQV<RXPD\QHHGWKHPZKHQPDLQWDLQLQJRUPRYLQJ
(QJOLVK
'HXWVFK
1HGHUODQGV
,WDOLDQR)UDQoDLV
(VSDxRO
6YHQVND'DQVN0DJ\DU 3ROVNLýHVN\5RPkQă
=HVWDZ\JáRĞQLNRZHGODWHOHZL]RUDSOD]PRZHJR
,QVWUXNFMDLQVWDODFML
3U]HGSU]\VWąSLHQLHPGRSUDF\SU]HF]\WDMXZDĪQLHQLQLHMV]ąLQVWUXNFMĊL
LQVWUXNFMĊWHOHZL]RUDSOD]PRZHJRDE\]DSHZQLüSUDZLGáRZH]DPRFRZDQLH
=DFKRZDMQLQLHMV]ąLQVWUXNFMĊ0RĪHE\üRQDSRWU]HEQDSU]\NRQVHUZDFMLOXE
SU]HQRV]HQLX
+DQJV]yUyNSOD]PDWHOHYt]LyKR]
7HOHStWpVL~WPXWDWy
0LHOĘWWPXQNiKR]OiWQDDKHO\HVWHOHStWpVpUGHNpEHQILJ\HOPHVHQROYDVVDHOH]W
D]~WPXWDWyWpVDSOD]PDWHOHYt]LyNp]LN|Q\YpW
ėUL]]HPHJD]~WPXWDWyW.DUEDQWDUWiVNRUYDJ\N|OW|]pVNRUV]NVpJHOHKHWUi
5HSURGXNWRU\SURSOD]PRYêWHOHYL]RU
1iYRGNLQVWDODFL
'ĜtYHQHå]DþQHWHVLQVWDODFtVLSHþOLYČSĜHþWČWHWHQWRQiYRGDQiYRGNREVOX]H
SOD]PRYpKRWHOHYL]RUXDE\VWH]DMLVWLOLSURYHGHQtVSUiYQpPRQWiåH
8VFKRYHMWHVLSURVtPWHQWRQiYRG0ĤåHWHMHMSRWĜHERYDWSĜLSURYiGČQt~GUåE\
QHERSĜLVWČKRYiQt
'LIX]RDUHSHQWUXWHOHYL]RDUHFXSODVPă
,QVWUXFĠLXQLGHLQVWDODUH
ÌQDLQWHGHDvQFHSHOXFUXOFLWLĠLFXDWHQĠLHDFHVWHLQVWUXFĠLXQLúLPDQXDOXOSHQWUX
WHOHYL]RDUHOHFXSODVPăSHQWUXDYăDVLJXUDFăPRQWDUHDHVWHHIHFWXDWăFRUHFW
9ăUXJăPVăSăVWUDĠLDFHVWHLQVWUXFĠLXQL3XWHĠLDYHDQHYRLHGHHOHvQFD]GH
vQWUHĠLQHUHVDXPXWDUH
Ɋɭɫɫɤɢɣ
ɍɤɪɚʀɧɫɶɤɚ
Ⱥɤɭɫɬɢɱɟɫɤɢɟɫɢɫɬɟɦɵɞɥɹɩɥɚɡɦɟɧɧɨɝɨɬɟɥɟɜɢɡɨɪɚ
ɂɧɫɬɪɭɤɰɢɹɩɨɭɫɬɚɧɨɜɤɟ
ɉɟɪɟɞɩɪɨɜɟɞɟɧɢɟɦɪɚɛɨɬɜɧɢɦɚɬɟɥɶɧɨɩɪɨɱɢɬɚɣɬɟɷɬɭɂɧɫɬɪɭɤɰɢɸɢɊɭɤɨɜɨɞɫɬɜɨɞɥɹ
ɩɥɚɡɦɟɧɧɨɝɨɬɟɥɟɜɢɡɨɪɚɱɬɨɛɵɭɛɟɞɢɬɶɫɹɜɬɨɦɱɬɨɭɫɬɚɧɨɜɤɚɜɵɩɨɥɧɹɟɬɫɹɩɪɚɜɢɥɶɧɨ
ɋɨɯɪɚɧɢɬɟɩɨɠɚɥɭɣɫɬɚɷɬɭɢɧɫɬɪɭɤɰɢɸɈɧɚɦɨɠɟɬȼɚɦɩɨɧɚɞɨɛɢɬɶɫɹ
ɞɥɹɬɟɯɧɢɱɟɫɤɨɝɨɨɛɫɥɭɠɢɜɚɧɢɹɢɥɢɩɟɪɟɦɟɳɟɧɢɹ
Ⱦɢɧɚɦɿɤɢɞɥɹɩɥɚɡɦɨɜɨɝɨɬɟɥɟɜɿɡɨɪɚ
ȱɧɫɬɪɭɤɰɿʀɡɜɫɬɚɧɨɜɥɟɧɧɹ
ɉɟɪɟɞɩɨɱɚɬɤɨɦɪɨɛɿɬɭɜɚɠɧɨɩɪɨɱɢɬɚɣɬɟɰɿɿɧɫɬɪɭɤɰɿʀɬɚɿɧɫɬɪɭɤɰɿʀɡ
ɟɤɫɩɥɭɚɬɚɰɿʀɩɥɚɡɦɨɜɨɝɨɬɟɥɟɜɿɡɨɪɚɚɛɢɡɚɛɟɡɩɟɱɢɬɢɩɪɚɜɢɥɶɧɢɣɦɨɧɬɚɠ
Ɂɛɟɪɟɠɿɬɶɰɿɿɧɫɬɪɭɤɰɿʀɨɫɤɿɥɶɤɢɜɨɧɢɦɨɠɭɬɶɡɧɚɞɨɛɢɬɢɫɶȼɚɦɤɨɥɢɜɢɧɢɤɧɟ
ɧɟɨɛɯɿɞɧɿɫɬɶɭɬɟɯɧɿɱɧɨɦɭɨɛɫɥɭɝɨɜɭɜɚɧɧɿɚɛɨɜɫɬɚɧɨɜɥɟɧɧɿɜɿɧɲɨɦɭɦɿɫɰɿ

&$87,21
$IWHULQVWDOOLQJWKHVSHDNHUVGRQRWDWWHPSWWRPRYHWKHSODVPDWHOHYLVLRQE\OLIWLQJWKHVSHDNHUV
7KHPRXQWLQJEUDFNHWVPD\EHGDPDJHGDQGSHUVRQDOLQMXU\PD\UHVXOW
'RQRWVXVSHQGWKHVSHDNHUV
3HUVRQDOLQMXU\PD\UHVXOWLIWKHVSHDNHUVIDOORII7DNHSDUWLFXODUFDUHWRHQVXUHWKHVDIHW\RIFKLOGUHQ
7KHVHVSHDNHUVDUHGHVLJQHGWREHXVHGZLWKWKHSODVPDWHOHYLVLRQRQO\
,IFRQQHFWLQJWKHPWRDGLIIHUHQWDPSOLILHUPDNHVXUHWKDWWKHPD[LPXPLQSXWWRWKHVSHDNHUVLVZLWKLQWKHLUUDWHG
OHYHO:,IWKHUDWHGLQSXWOHYHOLVH[FHHGHGILUHPD\UHVXOW
0DNHVXUHWKDWDOOVFUHZVDUHWLJKWHQHGVHFXUHO\GXULQJLQVWDOODWLRQ
(QVXUHWKDWWKHLQVWDOODWLRQLVFDUULHGRXWFRUUHFWO\WRSUHYHQWWKHVSHDNHUVIURPEHFRPLQJGHWDFKHGDQGSRVVLEO\
FDXVLQJSRVVLEOHSHUVRQDOLQMXU\
6DIHW\3UHFDXWLRQV
$FFHVVRULHV
,IFRQQHFWLQJWRDQH[WHUQDODPSOLILHUWKDWH[FHHGVWKH
UDWHGLQSXWIRUWKHVSHDNHUVNHHSWKHDPSOLILHUYROXPH
VXLWDEO\ORZWRSURWHFWWKHVSHDNHUVIURPGDPDJH,IDQ\
SUREOHPVRFFXUZLWKVSHDNHURSHUDWLRQGLVFRQQHFWWKH
PDLQVOHDGRIWKHDPSOLILHUDQGFRQVXOWDTXDOLILHGVHUYLFH
WHFKQLFLDQ
'RQRWSODFHWKHVSHDNHUVLQWKHIROORZLQJSODFHV
$UHDVWKDWDUHH[SRVHGWRGLUHFWVXQOLJKW
1HDUKHDWHUVRURWKHUKHDWVRXUFHV
$UHDVVXEMHFWWRKLJKKXPLGLW\
7KLVVHWLVHTXLSSHGZLWKPDJQHWLFUHVLVWDQWVSHDNHUV
+RZHYHUEHFDUHIXOQRWWRSODFHLWQHDUD&57RU3ODVPD
7HOHYLVLRQDVLWPD\FDXVHFRORUSDWFKHV
7RFOHDQWKHVSHDNHUVZLSHWKHPZLWKDVRIWFORWK,IWKH\
DUHH[WUHPHO\GLUW\ZLSHWKHPZLWKDFORWKWKDWKDVEHHQ
VRDNHGLQDVPDOODPRXQWRIKRXVHKROGGHWHUJHQWDQG
WKHQZLSHWKHPGU\ZLWKDVHSDUDWHFORWK
'RQRWXVHVROYHQWVVXFKDVDOFRKRORUWKLQQHU
,IXVLQJFKHPLFDOO\WUHDWHGFORWKVIROORZWKH
LQVWUXFWLRQVVXSSOLHGZLWKWKHFORWKSDFNDJLQJ
1RWHVRQXVH
0RXQWLQJ$EUDFNHWV

0RXQWLQJ%EUDFNHWV
ULJKW 
OHIW 
%UDFNHWPRXQWLQJVFUHZV

6SRQJHV

6SHDNHUFDEOHV
FP
/HIW5LJKW
0RXQWLQJ&EUDFNHWV

)L[VFUHZV

0RXQWWKHVSHDNHUVRQWKHSODVPD79EHIRUHDWWDFKLQJWKH79WRWKHZDOOKDQJLQJEUDFNHW
&DXWLRQ

(QJOLVK




,QVWDOODWLRQ
6SHDNHUULJKW 6SHDNHUOHIW
%UDFNHWPRXQWLQJ
VFUHZV
0RXQW%
EUDFNHWVULJKW
0RXQW%
EUDFNHWVOHIW
0RXQW$EUDFNHWVWRWKH
SODVPDWHOHYLVLRQ
)RXU$EUDFNHWVIRUWKHOHIWULJKW
WRSDQGERWWRP
)LWHDFKKRRNLQWRWKHVORWRIWKHSODVPD
WHOHYLVLRQDQGVHFXUHO\IDVWHQZLWKWZRVFUHZV
0RXQW%EUDFNHWVWRWKH
VSHDNHUV
)RXU%EUDFNHWVIRUWKHOHIWULJKW
WRSDQGERWWRP
$WWDFKWKHVSRQJHVWRWKH
VSHDNHUV
$WWDFKWKHVSRQJHVWRWKHVXUIDFHVZKLFKDUHLQ
FRQWDFWZLWKWKHSODVPDWHOHYLVLRQ
&OHDQWKHVXUIDFHVEHIRUHDWWDFKLQJWKH
VSRQJHV
+RRN
6ORW
6ORW
5HDURI3ODVPD7HOHYLVLRQ
%UDFNHW
PRXQWLQJ
VFUHZV
0RXQW$EUDFNHWV
)LWZLWKWKHFOLSVFODZVDWWKHWRS

7KHOHIWDQGULJKWEUDFNHWVDUHGLIIHUHQWVR
SOHDVHFKHFNFDUHIXOO\ZKHQPRXQWLQJ
&DXWLRQ
7ULP 7ULP
6SRQJHV
)RUOHIW )RUULJKW
&OLSV&ODZV
$GMXVWSODVPDWHOHYLVLRQDQGVSHDNHUSRVLWLRQ
IURQWIDFHDQGKHLJKWZKHQIDVWHQLQJWKH$DQG
%EUDFNHWV
&DWFKWKH%EUDFNHWFODZV
LQWKH$EUDFNHWVSODVPD
WHOHYLVLRQVLGH
)DVWHQWKH$DQG%
EUDFNHWVZLWKEUDFNHW
PRXQWLQJVFUHZV
1RWH
%UDFNHW
PRXQWLQJ
VFUHZV
5HDURI3ODVPD7HOHYLVLRQ
0RXQW$
EUDFNHW 0RXQW%
EUDFNHW

(QJOLVK
7ULP
([DPSOHVKRZLQJOHIWVSHDNHU

$IWHUSUHSDULQJWKHHQGVRIWKHVSHDNHUFDEOHV
IRUWKHULJKWDQGOHIWVSHDNHUVFRQQHFWWKHP
DVVKRZQLQWKHLOOXVWUDWLRQ
7KHUHGFDEOHLVIRUWKHSRODULW\DQGWKH
EODFNFDEOHLVIRUWKHSRODULW\'RQRW
FRQQHFWWKHFDEOHVWRWKHZURQJSRODULWLHV
,IIL[LQJWKHSODVPDWHOHYLVLRQWRWKHZDOO
KDQJLQJEUDFNHWILUVWFRQQHFWWKHVSHDNHU
FDEOHVWRWKHSODVPDWHOHYLVLRQ
&RQQHFWWKHVSHDNHU
FDEOHV
3UHSDULQJWKHHQGVRIWKH
VSHDNHUFDEOHV
5HPRYHZKLOH
WZLVWLQJ
3UHVVGRZQRQWKHOHYHU
,QVHUWWKHFDEOH

5HOHDVHWKHOHYHU
3XVKGRZQWKHOHYHU
5HWXUQWKHOHYHUWRLWV
QRUPDOSRVLWLRQ
,QVHUW
WKHFDEOH
,QVWDOODWLRQ
,QIRUPDWLRQRQ'LVSRVDOIRU8VHUVRI:DVWH(OHFWULFDO(OHFWURQLF(TXLSPHQWSULYDWHKRXVHKROGV
7KLVV\PERORQWKHSURGXFWVDQGRUDFFRPSDQ\LQJGRFXPHQWVPHDQVWKDWXVHGHOHFWULFDODQGHOHFWURQLF
SURGXFWVVKRXOGQRWEHPL[HGZLWKJHQHUDOKRXVHKROGZDVWH
)RUSURSHUWUHDWPHQWUHFRYHU\DQGUHF\FOLQJSOHDVHWDNHWKHVHSURGXFWVWRGHVLJQDWHGFROOHFWLRQSRLQWVZKHUH
WKH\ZLOOEHDFFHSWHGRQDIUHHRIFKDUJHEDVLV$OWHUQDWLYHO\LQVRPHFRXQWULHV\RXPD\EHDEOHWRUHWXUQ\RXU
SURGXFWVWR\RXUORFDOUHWDLOHUXSRQWKHSXUFKDVHRIDQHTXLYDOHQWQHZSURGXFW
'LVSRVLQJRIWKLVSURGXFWFRUUHFWO\ZLOOKHOSWRVDYHYDOXDEOHUHVRXUFHVDQGSUHYHQWDQ\SRWHQWLDOQHJDWLYHHIIHFWV
RQKXPDQKHDOWKDQGWKHHQYLURQPHQWZKLFKFRXOGRWKHUZLVHDULVHIURPLQDSSURSULDWHZDVWHKDQGOLQJ3OHDVH
FRQWDFW\RXUORFDODXWKRULW\IRUIXUWKHUGHWDLOVRI\RXUQHDUHVWGHVLJQDWHGFROOHFWLRQSRLQW
3HQDOWLHVPD\EHDSSOLFDEOHIRULQFRUUHFWGLVSRVDORIWKLVZDVWHLQDFFRUGDQFHZLWKQDWLRQDOOHJLVODWLRQ
)RUEXVLQHVVXVHUVLQWKH(XURSHDQ8QLRQ
,I\RXZLVKWRGLVFDUGHOHFWULFDODQGHOHFWURQLFHTXLSPHQWSOHDVHFRQWDFW\RXUGHDOHURUVXSSOLHUIRUIXUWKHULQIRUPDWLRQ
,QIRUPDWLRQRQ'LVSRVDOLQRWKHU&RXQWULHVRXWVLGHWKH(XURSHDQ8QLRQ
7KLVV\PEROLVRQO\YDOLGLQWKH(XURSHDQ8QLRQ
,I\RXZLVKWRGLVFDUGWKLVSURGXFWSOHDVHFRQWDFW\RXUORFDODXWKRULWLHVRUGHDOHUDQGDVNIRUWKHFRUUHFWPHWKRGRIGLVSRVDO
7RDWWDFKWRHDFKVSHDNHUXVHWKHIL[LQJ
VFUHZV7RDWWDFKWRWKHSODVPD79XVHWKH
EUDFNHWPRXQWLQJVFUHZV
$WWDFK&EUDFNHWV
%UDFNHWPRXQWLQJVFUHZV
)L[VFUHZV
0RXQWLQJ&EUDFNHW
5HDURIVSHDNHU 5HDURI3ODVPD7HOHYLVLRQ
%ODFN
5HG
%ODFN
5HG
3UHVVGRZQRQWKHOHYHU
,QVHUWWKHFDEOH

5HOHDVHWKHOHYHU

(QJOLVK


9256,&+7
1DFKGHU,QVWDOODWLRQGHU/DXWVSUHFKHUVROOWHGHU3ODVPD)HUQVHKHUQLFKWGXUFK$QKHEHQDQGHQ
/DXWVSUHFKHUQWUDQVSRUWLHUWZHUGHQ
'LH+DOWHUXQJHQN|QQHQEHVFKlGLJWXQG3HUVRQHQN|QQHQYHUOHW]WZHUGHQ
'LH/DXWVSUHFKHUQLFKWXQEHIHVWLJWDP*HUlWKlQJHQODVVHQ

'DV+HUXQWHUIDOOHQGHU/DXWVSUHFKHUNDQQ]X9HUOHW]XQJHQIKUHQ%HVRQGHUVGLH6LFKHUKHLWYRQ.LQGHUQVROOWHJHZlKUOHLVWHWVHLQ
'LHVH/DXWVSUHFKHUVLQGQXUIUGLH9HUZHQGXQJPLWGHP3ODVPD)HUQVHKHUYRUJHVHKHQ
:HQQGLH/DXWVSUHFKHUDQHLQHQDQGHUHQ9HUVWlUNHUDQJHVFKORVVHQZHUGHQLVWVLFKHU]XVWHOOHQGDVVGLH
PD[LPDOH(LQJDQJVOHLVWXQJIUGLH/DXWVSUHFKHULQQHUKDOEGHVYRUJHVFKULHEHQHQ3HJHOVOLHJW::HQQGHU
1HQQHLQJDQJVSHJHOEHUVFKULWWHQZLUGNDQQ%HVFKlGLJXQJRGHU)HXHUGLH)ROJHVHLQ
6WHOOHQ6LHVLFKHUGDVVDOOH6FKUDXEHQZlKUHQGGHU,QVWDOODWLRQIHVWDQJH]RJHQZHUGHQ

6WHOOHQ6LHVLFKHUGDVVGLH,QVWDOODWLRQULFKWLJDXVJHIKUWZLUGGDPLWGLH/DXWVSUHFKHUQLFKWKHUXQWHUIDOOHQXQG9HUOHW]XQJHQYHUXUVDFKHQ
9RUVLFKWVPDQDKPHQ]XU6LFKHUKHLW
=XEHK|U
:HQQGLH/DXWVSUHFKHUDQHLQHQH[WHUQHQ9HUVWlUNHU
DQJHVFKORVVHQZHUGHQGHUGLH1HQQHLQJDQJVOHLVWXQJ
GHU/DXWVSUHFKHUEHUVWHLJHQNDQQVROOWHGLH/DXWVWlUNH
GHV9HUVWlUNHUVHQWVSUHFKHQGQLHGULJJHKDOWHQZHUGHQ
GDPLWGLH/DXWVSUHFKHUQLFKWEHVFKlGLJWZHUGHQ
:HQQEHLP%HWULHEGHU/DXWVSUHFKHU3UREOHPH
DXIWUHWHQ]LHKHQ6LHGDV1HW]NDEHOGHU9HUVWlUNHUV
YRQGHU6WHFNGRVHDEXQGZHQGHQ6LHVLFKDQHLQHQ
TXDOLIL]LHUWHQ.XQGHQGLHQVWWHFKQLNHU

 'LH/DXWVSUHFKHUQLFKWDQGHQIROJHQGHQ2UWHQ
DXIVWHOOHQ

2UWHDQGHQHQVLHGLUHNWHP6RQQHQOLFKWDXVJHVHW]WVLQG
,QGHU1lKHYRQ+HL]JHUlWHQRGHUDQGHUHQ
:lUPHTXHOOHQ
2UWHPLWKRKHU/XIWIHXFKWLJNHLW
'LHVHU/DXWVSUHFKHUVDW]LVWPLWPDJQHWLVFK
DEJHVFKLUPWHQ/DXWVSUHFKHUQDXVJHVWDWWHW(VVROOWH
MHGRFKEHDFKWHWZHUGHQGDVVGLH/DXWVSUHFKHUQLFKW
LQGHU1lKHHLQHV%LOGU|KUHQ)HUQVHKHUVRGHUHLQHV
DQGHUHQ3ODVPD)HUQVHKHUVDXIJHVWHOOWZHUGHQGDGLHV
]X)DUEYHUlQGHUXQJHQIKUHQNDQQ

9HUZHQGHQ6LH]XP5HLQLJHQGHU/DXWVSUHFKHUHLQZHLFKHV
7XFK:HQQGLH/DXWVSUHFKHUVWDUNYHUXQUHLQLJWVLQG
ZLVFKHQ6LHVLHPLWHLQHP7XFKDEGDVPLWHLQHUJHULQJHQ
0HQJH+DXVKDOWV/|VXQJVPLWWHODQJHIHXFKWHWZXUGH
'DQDFKZLVFKHQ6LHVLHPLWHLQHPDQGHUHQ7XVFKWURFNHQ
 .HLQH/|VXQJVPLWWHOZLH$ONRKRORGHU9HUGQQXQJVPLWWHOYHUZHQGHQ
:HQQFKHPLVFKLPSUlJQLHUWH5HLQLJXQJVWFKHU
YHUZHQGHWZHUGHQVROOWHQGLH+LQZHLVHGHV+HUVWHOOHUV
DXIGHU9HUSDFNXQJEHIROJWZHUGHQ
+LQZHLVHIUGLH9HUZHQGXQJ
+DOWHUXQJHQ$

+DOWHUXQJ%
UHFKWV 
OLQNV 
+DOWHUXQJVVFKUDXEHQ

6FKDXPJXPPLXQWHUODJHQ

/DXWVSUHFKHUNDEHO
FP
/LQNV5HFKWV
+DOWHUXQJ&

%HIHVWLJXQJVVFKUDXEHQ

'HXWVFK
%ULQJHQ6LHGLH/DXWVSUHFKHUDP3ODVPD)HUQVHKHUDQEHYRU6LHGHQ3ODVPD)HUQVHKHUVDQGHU
:DQGKDOWHUXQJEHIHVWLJHQ
9RUVLFKW



0RQWDJH
/DXWVSUHFKHUUHFKWV /DXWVSUHFKHUOLQNV
+DOWHUXQJVVFKUDXEHQ
+DOWHUXQJ%
UHFKWV
+DOWHUXQJ%
OLQNV
'LH+DOWHUXQJHQ$DP
3ODVPD)HUQVHKHU
EHIHVWLJHQ
9LHU+DOWHUXQJHQ$IUGLHOLQNH
XQGUHFKWH6HLWHVRZLH8QWHUVHLWH
XQG2EHUVHLWH
 -HGHQ+DNHQLQGHQ6FKOLW]GHV3ODVPD)HUQVHKHUV
HLQVHW]HQXQGPLW]ZHL6FKUDXEHQEHIHVWLJHQ
=LHUOHLVWH =LHUOHLVWH
/LQNV 5HFKWV
'LH+DOWHUXQJHQ%DQGHQ
/DXWVSUHFKHUQEHIHVWLJHQ
9LHU+DOWHUXQJHQ%IUGLHOLQNH
XQGUHFKWH6HLWHVRZLH8QWHUVHLWH
XQG2EHUVHLWH
%ULQJHQ6LHGLH
6FKDXPJXPPLXQWHUODJHQ
DQGHQ/DXWVSUHFKHUQDQ
 %ULQJHQ6LHGLH6FKDXPJXPPLXQWHUODJHQDQGHQ
)OlFKHQDQGLHGHQ3ODVPD)HUQVHKHUEHUKUHQ
5HLQLJHQ6LHGLH)OlFKHQYRUGHP$QEULQJHQ
GHU6FKDXPJXPPLXQWHUODJHQ
+DNHQ
6FKOLW]
6FKOLW]
5FNVHLWHGHV3ODVPD)HUQVHKHUV
+DOWHUXQJV
VFKUDXEHQ
+DOWHUXQJHQ$
0LWGHQ.OHPPHQ.ODXHQDQGHU2EHUVHLWH
EHIHVWLJHQ
'LHOLQNHQXQGUHFKWHQ+DOWHUXQJHQVLQG
XQWHUVFKLHGOLFK'LHVVROOWHEHLGHU%HIHVWLJXQJ
EHDFKWHWZHUGHQ
9RUVLFKW
.OHPPHQ.ODXHQ
'LH3RVLWLRQ9RUGHUIOlFKHXQG+|KHGHV3ODVPD
)HUQVHKHUVXQGGHU/DXWVSUHFKHUZlKUHQGGHU
%HIHVWLJXQJGHU+DOWHUXQJHQ$XQG%HLQVWHOOHQ
  'LH.ODXHQGHU+DOWHUXQJ
%LQGLH+DOWHUXQJHQ
$3ODVPD)HUQVHKHU
HLQVHW]HQ
'LH+DOWHUXQJHQ$XQG%PLW
GHQ6FKUDXEHQEHIHVWLJHQ
+LQZHLV
+DOWHUXQJVVFKUDXEHQ
5FNVHLWHGHV
3ODVPD)HUQVHKHUV
+DOWHUXQJ$ +DOWHUXQJ%
6FKDXPJXPPLXQWHUODJHQ

'HXWVFK
=LHUOHLVWH
'DV%HLVSLHO]HLJWGHQOLQNHQ/DXWVSUHFKHU

1DFKGHP$E]LHKHQGHU.DEHOHQGHQIUGHQ
UHFKWHQ/DXWVSUHFKHUVFKOLHHQ6LHGLHVHZLH
LQGHU$EELOGXQJJH]HLJWDQ
'DVURWH.DEHOKDW3RODULWlWXQGGDV
VFKZDU]H.DEHOKDW3RODULWlW'LH.DEHO
QLFKWDQGHUIDOVFKHQ.OHPPHDQVFKOLHHQ
%HLP%HIHVWLJHQGHV3ODVPD)HUQVHKHUVDQ
GHU:DQGKDOWHUXQJVFKOLHHQ6LH]XHUVWGLH
/DXWVSUHFKHUNDEHODP3ODVPD)HUQVHKHUDQ
6FKOLHHQ6LHGLH
/DXWVSUHFKHUNDEHODQ
9RUEHUHLWHQGHU.DEHOOLW]HQ
GHU/DXWVSUHFKHUNDEHO
'XUFK'UHKHQ
DE]LHKHQ
'HQ+HEHOQDFKXQWHQGUFNHQ
'DV.DEHO
HLQVFKLHEHQ
'HQ+HEHO
 ORVODVVHQ
'HQ+HEHOQDFKXQWHQGUFNHQ
'HQ+HEHODXIVHLQHQRUPDOH
3RVLWLRQ]XUFNVFKLHEHQ
'DV.DEHO
HLQVFKLHEHQ
%HQXW]HULQIRUPDWLRQHQ]XU(QWVRUJXQJYRQHOHNWULVFKHQXQGHOHNWURQLVFKHQ*HUlWHQSULYDWH+DXVKDOWH
(QWVSUHFKHQGGHUJUXQGOHJHQGHQ)LUPHQJUXQGVlW]HQGHU3DQDVRQLF*UXSSHZXUGHLKU3URGXNWDXV
KRFKZHUWLJHQ0DWHULDOLHQXQG.RPSRQHQWHQHQWZLFNHOWXQGKHUJHVWHOOWGLHUHF\FHOEDUXQGZLHGHUYHUZHQGEDU
VLQG
'LHVHV6\PERODXI3URGXNWHQXQGRGHUEHJOHLWHQGHQ'RNXPHQWHQEHGHXWHWGDVVHOHNWULVFKHXQGHOHNWURQLVFKH
3URGXNWHDP(QGHLKUHU/HEHQVGDXHUYRP+DXVPOOJHWUHQQWHQWVRUJWZHUGHQPVVHQ
%ULQJHQ6LHELWWHGLHVH3URGXNWHIUGLH%HKDQGOXQJ5RKVWRIIUFNJHZLQQXQJXQG5HF\FOLQJ]XGHQ
HLQJHULFKWHWHQNRPPXQDOHQ6DPPHOVWHOOHQE]Z:HUWVWRIIVDPPHOK|IHQGLHGLHVH*HUlWHNRVWHQORV
HQWJHJHQQHKPHQ
'LHRUGQXQJVJHPlH(QWVRUJXQJGLHVHV3URGXNWVGLHQWGHP8PZHOWVFKXW]XQGYHUKLQGHUWP|JOLFKHVFKlGOLFKH
$XVZLUNXQJHQDXI0HQVFKXQG8PZHOWGLHVLFKDXVHLQHUXQVDFKJHPlHQ+DQGKDEXQJGHU*HUlWHDP(QGH,KUHU/HEHQVGDXHU
HUJHEHQN|QQWHQ
*HQDXHUH,QIRUPDWLRQHQ]XUQlFKVWJHOHJHQHQ6DPPHOVWHOOHE]Z5HF\FOLQJKRIHUKDOWHQ6LHEHL,KUHU*HPHLQGHYHUZDOWXQJ
)U*HVFKlIWVNXQGHQLQGHU(XURSlLVFKHQ8QLRQ
%LWWHWUHWHQ6LHPLW,KUHP+lQGOHURGHU/LHIHUDQWHQLQ.RQWDNWZHQQ6LHHOHNWULVFKHXQGHOHNWURQLVFKH*HUlWHHQWVRUJHQ
P|FKWHQ(UKlOWZHLWHUH,QIRUPDWLRQHQIUVLHEHUHLW
,QIRUPDWLRQHQ]XU(QWVRUJXQJLQ/lQGHUQDXHUKDOEGHU(XURSlLVFKHQ8QLRQ
'LHVHV6\PEROLVWQXULQGHU(XURSlLVFKHQ8QLRQJOWLJ

=XP%HIHVWLJHQGHV/DXWVSUHFKHUV
YHUZHQGHQ6LHGLH%HIHVWLJXQJVVFKUDXEHQ
=XP%HIHVWLJHQDP3ODVPD)HUQVHKHU
YHUZHQGHQ6LHGLH+DOWHUXQJVVFKUDXEHQ
%ULQJHQ6LHGLH
+DOWHUXQJHQ&DQ
+DOWHUXQJVVFKUDXEHQ%HIHVWLJXQJVVFKUDXEHQ
+DOWHUXQJ&
5FNVHLWHGHV
/DXWVSUHFKHUV 5FNVHLWHGHV
3ODVPD)HUQVHKHUV
6FKZDU]
5RW
6FKZDU]
5RW
'HQ+HEHOQDFKXQWHQGUFNHQ
'DV.DEHO
HLQVFKLHEHQ
'HQ+HEHO
 ORVODVVHQ
'HXWVFK

/(723
1DKHWDDQEUHQJHQYDQGHOXLGVSUHNHUVPDJXKHWSODVPDWHOHYLVLHQLHWYHUSODDWVHQGRRUGLWDDQGH
OXLGVSUHNHUVRSWHWLOOHQ
'HPRQWDJHEHXJHOVNXQQHQEHVFKDGLJGUDNHQHQX]RX]LFKNXQQHQYHUZRQGHQ
+DQJGHLQVWDOODWLHQLHWDDQGHOXLGVSUHNHUVRS
$OVGHOXLGVSUHNHUVYDOOHQNDQGLWUHVXOWHUHQLQOHWVHO/HWYRRUDORSGHYHLOLJKHLGYDQNLQGHUHQ
'H]HOXLGVSUHNHUVPRJHQXLWVOXLWHQGPHWKHWSODVPDWHOHYLVLHZRUGHQJHEUXLNW
$OVGHOXLGVSUHNHUVRSHHQDQGHUHYHUVWHUNHUZRUGHQDDQJHVORWHQ]RUJHUGDQYRRUGDWKHWPD[LPDDO
LQJDQJVYHUPRJHQYDQGHOXLGVSUHNHUV:QLHWZRUGWRYHUVFKUHGHQ$OVGLWZHOJHEHXUGNDQGLWUHVXOWHUHQLQ
EUDQG
=RUJGDWDOOHVFKURHYHQWLMGHQVGHPRQWDJHVWHYLJZRUGHQYDVWJHGUDDLG
=RUJGDWPRQWDJHFRUUHFWZRUGWXLWJHYRHUGRPWHYRRUNRPHQGDWGHOXLGVSUHNHUVORVUDNHQHQHUHYHQWXHHOOHWVHO
ZRUGWYHURRU]DDNW
9HLOLJKHLGVPDDWUHJHOHQ
$FFHVVRLUHV
$OVGHOXLGVSUHNHUVRSHHQH[WHUQHYHUVWHUNHUZRUGHQ
DDQJHVORWHQGLHHHQJURWHUYHUPRJHQOHYHUWGDQKHW
PD[LPDDOLQJDQJVYHUPRJHQYDQGHOXLGVSUHNHUVPRHW
XKHWYROXPHYDQGHYHUVWHUNHUQLHWWHKRRJLQVWHOOHQRP
EHVFKDGLJLQJYDQGHOXLGVSUHNHUVWHYRRUNRPHQ$OVGH
OXLGVSUHNHUVGHIHFWUDNHQPRHWXKHWQHWVQRHUYDQGH
YHUVWHUNHUXLWKHWVWRSFRQWDFWKDOHQHQGHKXOSYDQHHQ
YDNPDQLQURHSHQ
=HWGHOXLGVSUHNHUVQLHWRSGHYROJHQGHSODDWVHQ
,QKHWGLUHFWH]RQOLFKW
,QGHEXXUWYDQHHQYHUZDUPLQJRIDQGHUHKLWWHEURQ
,QHHQYRFKWLJHUXLPWH
'HOXLGVSUHNHUV]LMQYRRU]LHQYDQHHQPDJQHWLVFKH
DIVFKHUPLQJ=HWGHOXLGVSUHNHUVHFKWHUQLHWWHGLFKWELM
HHQQRUPDOH79RI3ODVPDWHOHYLVLHZDQWGLWNDQVRPV
UHVXOWHUHQLQYHUYRUPLQJYDQGHNOHXUHQ
*HEUXLNHHQ]DFKWHGRHNRPGHOXLGVSUHNHUVVFKRRQWH
PDNHQ$OVGHOXLGVSUHNHUVHUJYXLO]LMQNXQWXGHGRHN
EHYRFKWLJHQPHWHHQEHHWMHPLOGH]HHS9HHJZHOPHW
HHQGURJHGRHNQD

*HEUXLNJHHQRSORVPLGGHOHQ]RDOVDOFRKRORIZLWWHVSLULWXV
$OVXHHQFKHPLVFKJHwPSUHJQHHUGHGRHNJHEUXLNW
PRHWXQDXZNHXULJGHLQVWUXFWLHVRSYROJHQGLHELMGH
GRHNZRUGHQJHOHYHUG
2SPHUNLQJHQEHWUHIIHQGHJHEUXLN
$PRQWDJHEHXJHOV

%PRQWDJHEHXJHOV
UHFKWV 
OLQNV 
0RQWDJHVFKURHYHQ
YRRUEHXJHOV

6SRQV

/XLGVSUHNHUNDEHO
FP 
/LQNV5HFKWV
&PRQWDJHEHXJHOV

%HYHVWLJLQJVVFKURHI
 

1HGHUODQGV
0RQWHHUGHOXLGVSUHNHUVDDQGHSODVPD79YRRUGDWXGHSODVPD79DDQGHPXXUEHYHVWLJLQJVVWHXQYDVWPDDNW
/HWRS



,QVWDOODWLH
/XLGVSUHNHUUHFKWV /XLGVSUHNHUOLQNV
0RQWDJHVFKURHYHQ
YRRUEHXJHOV
%PRQWDJHEHXJHOV
UHFKWV
%PRQWDJHEHXJHOV
OLQNV
%HYHVWLJGH$EHXJHOVDDQ
KHWSODVPDWHOHYLVLH
9LHU$EHXJHOVYRRUOLQNVUHFKWV
ERYHQHQRQGHU
3DVGHKDDNLQGHJOHXIYDQKHWSODVPDWHOHYLVLH
HQPDDNGH]HPHWWZHHVFKURHYHQVWHYLJYDVW
6LHUOLMVW
6LHUOLMVW
6SRQ]HQ
%HYHVWLJGH%EHXJHOVDDQ
GHOXLGVSUHNHUV
9LHU%EHXJHOVYRRUOLQNVUHFKWV
ERYHQHQRQGHU
%HYHVWLJGHVSRQ]HQDDQ
GHOXLGVSUHNHUV
 %HYHVWLJGHVSRQ]HQDDQGH]LMGHQGLHLQ
DDQUDNLQJNRPHQPHWGHSODVPDWHOHYLVLH
5HLQLJGHRSSHUYODNNHQDOYRUHQVGHVSRQ]HQ
DDQWHEUHQJHQ
+DDN
*OHXI
*OHXI
$FKWHUNDQWYDQSODVPDWHOHYLVLH
0RQWDJHVFKURHYHQ
YRRUEHXJHOV
$PRQWDJHEHXJHOV
%HYHVWLJPHWGHNOHPPHQNODXZHQDDQGH
ERYHQNDQW
'HOLQNHUHQUHFKWHUEHXJHOV]LMQYHUVFKLOOHQG
GXVOHWJRHGRSELMKHWEHYHVWLJHQ
/HWRS
/LQNVYRRU 5HFKWVYRRU
.OHPPHQ.ODXZHQ

6WHOGHSRVLWLHYDQGHSODVPDWHOHYLVLHHQ
OXLGVSUHNHUVYRRUNDQWHQKRRJWHDIELMKHW
YDVWPDNHQYDQGH$HQ%EHXJHOV
 +DDNGHNODXZHQYDQGH
%EHXJHOVLQGH$EHXJHOV
SODVPDWHOHYLVLH
0DDNGH$HQ%EHXJHOVYDVW
PHWGHPRQWDJHVFKURHYHQ
YRRUEHXJHOV
2SPHUNLQJ
0RQWDJHVFKURHYHQ
YRRUEHXJHOV
$FKWHUNDQWYDQSODVPDWHOHYLVLH
$PRQWDJHEHXJHO
%PRQWDJHEHXJHO
1HGHUODQGV
6LHUOLMVW
+HWYRRUEHHOGWRRQWGHOLQNHUOXLGVSUHNHU

0DDNGHOXLGVSUHNHUNDEHOVYRRUGHUHFKWHU
OXLGVSUHNHUJHUHHGHQVOXLWGH]HDDQ]RDOV
JHWRRQGLQGHDIEHHOGLQJ
'HURGHNDEHOLVYRRUGHDDQVOXLWLQJHQ
GH]ZDUWHNDEHOLVYRRUGHDDQVOXLWLQJ
9HUELQGGHNDEHOVQLHWPHWGHYHUNHHUGH
DDQVOXLWLQJHQ
:DQQHHUGHSODVPDWHOHYLVLHDDQGH
PXXUEHYHVWLJLQJVVWHXQZRUGWJHPRQWHHUG
PRHWXHHUVWGHOXLGVSUHNHUNDEHOVRSGH
SODVPDWHOHYLVLHDDQVOXLWHQ
 6OXLWGHOXLGVSUHNHUNDEHOVDDQ
*HUHHGPDNHQYDQGHXLWHLQGHQ
YDQGHOXLGVSUHNHUNDEHOV
5RQGGUDDLHQ
HQYHUZLMGHUHQ
'UXNRSGHKHQGHO
6WHHNKHWVQRHU
QDDUELQQHQ
/DDWGHKHQGHO
ORV
'UXNGHKHQGHORPODDJ
%UHQJGHKHQGHOWHUXJ
LQGHQRUPDOHVWDQG
6WHHNKHW
VQRHUQDDU
ELQQHQ
,QVWDOODWLH
,QIRUPDWLHRYHUKHWZHJJRRLHQYDQHOHNWULVFKHHQHOHNWURQLVFKHDSSDUDWXXUSDUWLFXOLHUHQ
'LWV\PERROEHWHNHQWLQ(XURSDGDWJHEUXLNWHHOHNWULVFKHHQHOHNWURQLVFKHSURGXFWHQQLHWELMKHWQRUPDOH
KXLVKRXGHOLMNHDIYDOPRJHQ
/HYHUGH]HSURGXFWHQLQELMGHDDQJHZH]HQLQ]DPHOLQJVSXQWHQZDDU]HJUDWLVZRUGHQJHDFFHSWHHUGHQRSGH
MXLVWHPDQLHUZRUGHQYHUZHUNWWHUXJJHZRQQHQHQKHUJHEUXLNW,Q1HGHUODQGNXQWXXZSURGXFWHQELMXZZLQNHOLHU
LQOHYHUHQELMGHDDQVFKDIYDQHHQYHUJHOLMNEDDUQLHXZSURGXFW
:DQQHHUXGLWSURGXFWRSGHMXLVWHPDQLHUDOVDIYDOLQOHYHUWVSDDUWXZDDUGHYROOHKXOSEURQQHQHQYRRUNRPWX
SRWHQWLsOHQHJDWLHYHJHYROJHQYRRUGHYRONVJH]RQGKHLGHQKHWPLOLHXGLHDQGHUVNXQQHQRQWVWDDQGRRUHHQ
RQMXLVWHYHUZHUNLQJYDQDIYDO1HHPFRQWDFWRSPHWXZJHPHHQWHYRRUPHHULQIRUPDWLHRYHUKHWGLFKWVWELM]LMQGH
LQ]DPHOLQJVSXQWRIUDDGSOHHJZZZQYPSQOZZZLFWRIILFHQORIZZZVWLEDWQO
9RRU]DNHOLMNHJHEUXLNHUVLQGH(XURSHVH8QLH
1HHPYRRUKHWZHJJRRLHQYDQHOHNWULVFKHHQHOHNWURQLVFKHDSSDUDWXXUFRQWDFWRSPHWXZOHYHUDQFLHUYRRUYHUGHUHLQIRUPDWLH
,QIRUPDWLHRYHUYHUZLMGHULQJYDQDIYDOLQODQGHQEXLWHQGH(XURSHVH8QLH
'LWV\PERROLVDOOHHQJHOGLJLQGH(XURSHVH8QLH
1HHPZDQQHHUXGLWSURGXFWZLOWZHJJRRLHQFRQWDFWRSPHWGHORNDOHRYHUKHLGRIXZOHYHUDQFLHUHQYUDDJZDWGHMXLVWH
YHUZLMGHULQJVPHWKRGHLV
*HEUXLNGHEHYHVWLJLQJVVFKURHYHQ
RPGHEHXJHOVDDQGHOXLGVSUHNHUVWH
EHYHVWLJHQ*HEUXLNGHPRQWDJHVFKURHYHQ
YRRUGHEHXJHOVRPGHEHXJHOVDDQGH
SODVPDWHOHYLVLHWHEHYHVWLJHQ
%HYHVWLJGH&EHXJHOV
0RQWDJHVFKURHYHQ
YRRUEHXJHOV
%HYHVWLJLQJVVFKURHI
&PRQWDJHEHXJHOV
$FKWHUNDQWYDQ
/XLGVSUHNHU $FKWHUNDQWYDQSODVPDWHOHYLVLH

=ZDUW
5RRG
=ZDUW
5RRG
'UXNRSGHKHQGHO
6WHHNKHWVQRHU
QDDUELQQHQ
/DDWGHKHQGHO
ORV
1HGHUODQGV


$99(57(1=$
&RQJOLDOWRSDUODQWLPRQWDWLHYLWDUHDVVROXWDPHQWHGLVSRVWDUHLO WHOHYLVRUHDOSODVPD VROOHYDQGRORSHUJOL
DOWRSDUODQWLVWHVVL
8QDWDOHD]LRQHSXzFDXVDUHGDQQLDOOHVWDIIHGLPRQWDJJLRQRQFKpSRVVLELOLOHVLRQLILVLFKHDOOHSHUVRQH
1RQPRQWDUHJOLDOWRSDUODQWLVRVSHVL
/¶HYHQWXDOHFDGXWDGHJOLDOWRSDUODQWLSXzSURYRFDUHOHVLRQLILVLFKHDOOHSHUVRQH)DUHSDUWLFRODUHDWWHQ]LRQHD
JDUDQWLUHODVLFXUH]]DGHLEDPELQL
4XHVWLDOWRSDUODQWLVRQRVWDWLVWXGLDWLSHUO¶XVRHVFOXVLYRLQFRPELQD]LRQHFRQLOWHOHYLVRUHDO3ODVPD
,QFDVRGLFROOHJDPHQWRDGXQDPSOLILFDWRUHGLWLSRGLYHUVRYHULILFDUHFKHO¶LQJUHVVRPDVVLPRDJOLDOWRSDUODQWL
VLDFRPSUHVRDOO¶LQWHUQRGHOORUROLYHOORQRPLQDOHPDVVLPR:6HVLVXSHUDTXHVWROLYHOORQRPLQDOHSRVVRQR
YHULILFDUVLVXUULVFDOGDPHQWLRLQFHQGL
9HULILFDUHFKHQHOFRUVRGHOO¶LQVWDOOD]LRQHWXWWHOHYLWLVLDQRVWDWHVWUHWWHDFFXUDWDPHQWHHEHQDIRQGR
&RQWUROODUHFKHLOPRQWDJJLRVLDVWDWRHVHJXLWRLQPRGRFRUUHWWRRQGHHYLWDUHFKHJOLDOWRSDUODQWLSRVVDQRVWDFFDUVL
FRQFRQVHJXHQWLSRVVLELOLOHVLRQLILVLFKHDOOHSHUVRQH
3UHFDX]LRQLSHUODVLFXUH]]D
$FFHVVRUL
,QFDVRGLFROOHJDPHQWRDGXQDPSOLILFDWRUHHVWHUQRFKH
VXSHULODFDSDFLWjQRPLQDOHGHJOLDOWRSDUODQWLWHQHUHLO
YROXPHGHOO¶DPSOLILFDWRUHVXIILFLHQWHPHQWHEDVVRSHU
SURWHJJHUHJOLDOWRSDUODQWLGDSRVVLELOLGDQQL,QFDVRGL
HYHQWXDOLSUREOHPLQHOIXQ]LRQDPHQWRGHJOLDOWRSDUODQWL
VWDFFDUHLPPHGLDWDPHQWHLOFDYRGLDOLPHQWD]LRQH
GHOO¶DPSOLILFDWRUHHULYROJHUVLDGXQWHFQLFRGLVHUYL]LR
TXDOLILFDWR
1RQSRVL]LRQDUHJOLDOWRSDUODQWLQHLOXRJKLVHJXHQWL
LQOXRJKLHVSRVWLDOODGLUHWWDOXFHGHOVROH
QHOOHYLFLQDQ]HGLWHUPRVLIRQLRVWXIHRDOWUHVRUJHQWLGL
FDORUH
LQOXRJKLSDUWLFRODUPHQWHXPLGL
4XHVWRDSSDUHFFKLRqGRWDWRGLDOWRSDUODQWLVFKHUPDWL
FRQWURLOPDJQHWLVPR)DUHFRPXQTXHDWWHQ]LRQHDQRQ
SRVL]LRQDUHO¶DSSDUHFFKLRQHOOHYLFLQDQ]HGLWHOHYLVRUL
DWXELFDWRGLFLRWHOHYLVRULDOSODVPDSHUFKpLQWDOL
FRQGL]LRQLSRVVRQRSURGXUVLFKLD]]HGLFRORUH
3HUSXOLUHJOLDOWRSDUODQWLVWURILQDUOLGROFHPHQWHFRQXQ
SDQQRPRUELGR,QFDVRGLVSRUFRSHUVLVWHQWHVWURILQDUOL
FRQXQSDQQROHJJHUPHQWHLQXPLGLWRLQXQDGHEROH
VROX]LRQHGHWHUJHQWHDGXVRFDVDOLQJRHGDVFLXJDUOLSRL
FRQXQSDQQRDVFLXWWR
1RQXVDUHVROYHQWLTXDOLDOFROREHQ]LQDRVLPLOL

1HOFDVRLQFXLVLIDFFLDXVRGLSDQQLWUDWWDWLFKLPLFDPHQWH
DWWHQHUVLDOOHLVWUX]LRQLIRUQLWHLQVLHPHDLSDQQLVWHVVL
1RWHVXOO¶XWLOL]]R
6WDIIHGLPRQWDJJLR³$´

6WDIIHGLPRQWDJJLR³%´
GHVWUD 
VLQLVWUD 
9LWLSHULOPRQWDJJLR
GHOOHVWDIIH
6WULVFLHGLVSXJQD

&DYLSHUJOLDOWRSDUODQWL
FP 
6LQLVWUD'HVWUD
6WDIIHGLPRQWDJJLR³&´

9LWLGLILVVDJJLR

,WDOLDQR
0RQWDUHJOLDOWRSDUODQWLVXOWHOHYLVRUHDOSODVPDSULPDGLDSSHQGHUHLOWHOHYLVRUHVWHVVRDOODVWDIIDSHUPRQWDJJLR
DOODSDUHWH
$YYHUWHQ]D



,QVWDOOD]LRQH
$OWRSDUODQWHGHVWUR $OWRSDUODQWHVLQLVWUR
9LWLSHULOPRQWDJJLR
GHOODVWDIID
6WDIIHGLPRQWDJJLR
³%´GHVWUD 6WDIIHGLPRQWDJJLR
³%´VLQLVWUD
0RQWDUHOHVWDIIHGLWLSR³$´
VXOLOWHOHYLVRUHDOSODVPD
YHQJRQRIRUQLWHTXDWWURVWDIIHGL
WLSR³$´SHULODWLGHVWURVLQLVWUR
LQIHULRUHHVXSHULRUH
,QVHULUHFLDVFXQRGHLJDQFLQHOOHDSSRVLWH
IHVVXUHGHOWHOHYLVRUHDOSODVPDHILVVDUHOD
VWDIIDVDOGDPHQWHSHUPH]]RGLGXHYLWL
5LILQLWXUD 5LILQLWXUD
6WULVFHGLVSXJQD
3DUWHVLQLVWUD 3DUWHGHVWUD
0RQWDUHOHVWDIIHGLWLSR³%´
VXJOLDOWRSDUODQWL
YHQJRQRIRUQLWHTXDWWURVWDIIHGL
WLSR³%´SHULODWLGHVWURVLQLVWUR
LQIHULRUHHVXSHULRUH
$SSOLFDUHOHVWULVFHGL
VSXJQDDJOLDOWRSDUODQWL
$SSOLFDUHOHVWULVFHGLVSXJQDDOODVXSHUILFLHLQ
FRQWDWWRFRQLOWHOHYLVRUHDOSODVPD
3XOLUHODVXSHUILFLHSULPDGLDSSOLFDUHOHVWULVFH
*DQFL
)HVVXUH
)HVVXUH
3DUWHSRVWHULRUHGHOWHOHYLVRUHDOSODVPD
9LWLSHULO
PRQWDJJLR
GHOODVWDIID
6WDIIHGL
PRQWDJJLR³$´
,QVHULUHLPRUVHWWLJDQFLVXOODSDUWHVXSHULRUH
/HVWDIIHVLQLVWUDHGHVWUDVRQRGLYHUVHIDUHEHQ
DWWHQ]LRQHQHOFRUVRGHOPRQWDJJLR
$YYHUWHQ]D
0RUVHWWL*DQFL
4XDQGRVLDYYLWDQROHVWDIIH$H%UHJRODUH
O¶DOWH]]DHODSRVL]LRQHGHOODIDFFLDDQWHULRUHGHO
WHOHYLVRUHDOSODVPDHGHJOLDOWRSDUODQWL
  ,QVHULUHLOJDQFLRGHOODVWDIID
³%´QHOODVWDIID³$´GDOODWR
GHOWHOHYLVRUHDOSODVPD
$YYLWDUHLQVLHPHOHVWDIIH
³$´H³%´SHUPH]]R
GHOOHDSSRVLWHYLWLSHULO
PRQWDJJLRGHOOHVWDIIH
1RWD
9LWLSHULOPRQWDJJLR
GHOODVWDIID
3DUWHSRVWHULRUHGHO
WHOHYLVRUHDO3ODVPD
6WDIIDGL
PRQWDJJLR³$´
6WDIIDGL
PRQWDJJLR³%´

,WDOLDQR
5LILQLWXUD
(VHPSLRGLPRQWDJJLR
GHOO¶DOWRSDUODQWHVLQLVWUR

3UHSDUDUHO¶HVWUHPLWjGHOFDYRGHOO¶DOWRSDUODQWH
GHVWURYHGLILJXUDDVLQLVWUDHSURFHGHUH
SRLDGLQVHULUORQHOO¶DOWRSDUODQWHVWHVVRFRPH
LQGLFDWRLQILJXUD
,OFDYRURVVRqSHULOSRORSRVLWLYRHG
LOFDYRQHURSHULOSRORQHJDWLYR1RQ
FROOHJDUHLFDYLVFDPELDQGRQHOHSRODULWj
3ULPDGLPRQWDUHLOWHOHYLVRUHDOSODVPDVXOOD
VWDIIDSHUPRQWDJJLRDOODSDUHWHSURFHGHUH
DQ]LWXWWRDFROOHJDUHDOWHOHYLVRUHDOSODVPDL
FDYLSHUJOLDOWRSDUODQWL
&ROOHJDUHLFDYLGHJOL
DOWRSDUODQWL
3UHSDUD]LRQHGHLWHUPLQDOL
GHLFDYLSHUDOWRSDUODQWL
7RJOLHUHTXHVWD
SDUWHWRUFHQGROD
$EEDVVDUHODOHYD

,QVHULUHLOFDYR
 5LODVFLDUHODOHYD
6SLQJHUHLQJLODOHYD
5LSRUWDUHODOHYDQHOODVXD
SRVL]LRQHGRULJLQH
,QVHULUHLOFDYR
,QIRUPD]LRQLSHUJOLXWHQWLVXOORVPDOWLPHQWRGLDSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKHREVROHWHSHULQXFOHLIDPLOLDULSULYDWL
4XHVWRVLPERORVXLSURGRWWLHRVXOODGRFXPHQWD]LRQHGLDFFRPSDJQDPHQWRVLJQLILFDFKHLSURGRWWLHOHWWULFLHG
HOHWWURQLFLXVDWLQRQGHYRQRHVVHUHPHVFRODWLFRQLULILXWLGRPHVWLFLJHQHULFL
3HUXQFRUUHWWRWUDWWDPHQWRUHFXSHURHULFLFODJJLRSRUWDUHTXHVWLSURGRWWLDLSXQWLGLUDFFROWDGHVLJQDWLGRYH
YHUUDQQRDFFHWWDWLJUDWXLWDPHQWH,QDOWHUQDWLYDLQDOFXQHQD]LRQLSRWUHEEHHVVHUHSRVVLELOHUHVWLWXLUHLSURGRWWLDO
ULYHQGLWRUHORFDOHDOPRPHQWRGHOO¶DFTXLVWRGLXQQXRYRSURGRWWRHTXLYDOHQWH
8QRVPDOWLPHQWRFRUUHWWRGLTXHVWRSURGRWWRFRQWULEXLUjDIDUULVSDUPLDUHSUH]LRVHULVRUVHHGHYLWDUHSRWHQ]LDOL
HIIHWWLQHJDWLYLVXOODVDOXWHXPDQDHVXOO¶DPELHQWHFKHSRWUHEEHURGHULYDUHDOWULPHQWLGDXQRVPDOWLPHQWR
LQDSSURSULDWR3HUXOWHULRULGHWWDJOLFRQWDWWDUHODSURSULDDXWRULWjORFDOHRLOSXQWRGLUDFFROWDGHVLJQDWRSLYLFLQR
,QFDVRGLVPDOWLPHQWRHUUDWRGLTXHVWRPDWHULDOHGLVFDUWRSRWUHEEHURYHQLUHDSSOLFDWHGHOOHSHQDOLLQEDVHDOOHOHJJLQD]LRQDOL
3HUJOLXWHQWLD]LHQGDOLQHOO¶8QLRQH(XURSHD
4XDORUDVLGHVLGHULVPDOWLUHDSSDUHFFKLDWXUHHOHWWULFKHHGHOHWWURQLFKHFRQWDWWDUHLOULYHQGLWRUHRLOIRUQLWRUHSHUXOWHULRULLQIRUPD]LRQL
,QIRUPD]LRQLVXOORVPDOWLPHQWRLQQD]LRQLDOGLIXRULGHOO¶8QLRQH(XURSHD
4XHVWRVLPERORqYDOLGRVRORQHOO¶8QLRQH(XURSHD
4XDORUDVLGHVLGHULVPDOWLUHTXHVWRSURGRWWRFRQWDWWDUHOHDXWRULWjORFDOLRLOULYHQGLWRUHHFKLHGHUHLQIRUPD]LRQLVXOPHWRGR
FRUUHWWRGLVPDOWLPHQWR

3HULOORURPRQWDJJLRVXFLDVFXQRGHJOL
DOWRSDUODQWLXWLOL]]DUHOHYLWLGLILVVDJJLR3HU
LOORURPRQWDJJLRDOWHOHYLVRUHDOSODVPD
XWLOL]]DUHOHYLWLSHULOPRQWDJJLRGHOOHVWDIIH
0RQWDUHOHVWDIIH³&´
9LWLSHULOPRQWDJJLR
GHOODVWDIID
9LWLGLILVVDJJLR
6WDIIDGLPRQWDJJLR³&´
3DUWHSRVWHULRUH
GHJOL$OWRSDUODQWL
3DUWHSRVWHULRUHGHO
WHOHYLVRUHDO3ODVPD
1HUR
5RVVR
$EEDVVDUHODOHYD

,QVHULUHLOFDYR
  5LODVFLDUHODOHYD
1HUR
5RVVR
,WDOLDQR

$77(17,21
$SUqVDYRLULQVWDOOpOHVHQFHLQWHVQ¶HVVD\H]SDVGHGpSODFHUOHWpOpYLVHXUjSODVPDHQOHWHQDQWSDUOHVHQFHLQWHV
/HVVXSSRUWVGHPRQWDJHULVTXHUDLHQWGrWUHHQGRPPDJpVHWYRXVSRXUULH]YRXVEOHVVHU
1HVXVSHQGH]SDVOHVHQFHLQWHV

9RXVULVTXHULH]G¶rWUHEOHVVpVLOHVHQFHLQWHVWRPEHQW)DLWHVSDUWLFXOLqUHPHQWDWWHQWLRQSRXUDVVXUHUODVpFXULWpGHVHQIDQWV
&HVHQFHLQWHVVRQWFRQoXHVSRXUrWUHXWLOLVpHVDYHFOHWpOpYLVHXUjSODVPDVHXOHPHQW
6LYRXVOHVUDFFRUGH]jXQDXWUHDPSOLILFDWHXUYHLOOH]jFHTXHOHQLYHDXG¶HQWUpHPD[LPXPVRLWFRPSULVGDQVOHV
OLPLWHVGXQLYHDXQRPLQDO:6LOHQLYHDXG¶HQWUpHQRPLQDOHVWGpSDVVpFHFLSRXUUDLWFDXVHUXQLQFHQGLH
9HLOOH]jELHQVHUUHUWRXWHVOHVYLVORUVGHO¶LQVWDOODWLRQ
9HLOOH]jFHTXHO¶LQVWDOODWLRQVRLWHIIHFWXpHFRUUHFWHPHQWSRXUpYLWHUTXHOHVHQFHLQWHVQHVHGpWDFKHQWFHTXL
SRXUUDLWFDXVHUGHVEOHVVXUHV
0HVXUHGHVpFXULWp
$FFHVVRLUHV
6LYRXVSUpYR\H]G¶XWLOLVHUXQDPSOLILFDWHXUH[WpULHXUTXL
GpSDVVHO¶HQWUpHQRPLQDOHGHVHQFHLQWHVEDLVVH]OH
YROXPHGHO¶DPSOLILFDWHXUjXQQLYHDXVXIILVDPPHQWEDVDILQ
GHQHSDVHQGRPPDJHUOHVHQFHLQWHV6LGHVDQRPDOLHVVH
SURGXLVHQWORUVGH,¶XWLOLVDWLRQGHVHQFHLQWHVGpEUDQFKH]OH
FRUGRQG¶DOLPHQWDWLRQGHO¶DPSOLILFDWHXUHWDGUHVVH]YRXVj
XQWHFKQLFLHQGHVHUYLFHTXDOLILp
1HSODFH]SDVOHVHQFHLQWHVGDQVOHVHQGURLWVVXLYDQWV
'DQVXQHQGURLWH[SRVpDX[UD\RQVGLUHFWVGXVROHLO

¬SUR[LPLWpG¶DSSDUHLOVGHFKDXIIDJHRXGHVRXUFHVGH
FKDOHXU
'DQVXQHQGURLWWUqVKXPLGH
&HVHQFHLQWHVFRQWLHQQHQWGHVKDXWSDUOHXUVj
UpVLVWDQFHPDJQpWLTXHPDLVIDLWHVDWWHQWLRQGHQHSDV
OHVSODFHUWURSSUqVG¶XQWpOpYLVHXUjWXEHFDWKRGLTXH
RXG¶XQWpOpYLVHXUjSODVPDFDUFHODSRXUUDLWFDXVHUGHV
WkFKHVGHFRXOHXU
3RXUQHWWR\HUOHVHQFHLQWHVHVVX\H]OHVDYHFXQ
FKLIIRQGRX[6LHOOHVVRQWWUqVVDOHVHVVX\H]OHVDYHF
XQFKLIIRQKXPHFWpG¶XQHSHWLWHTXDQWLWpGHGpWHUJHQW
GRPHVWLTXHSXLVVpFKH]OHVHQOHVHVVX\DQWDYHFXQ
DXWUHFKLIIRQ

1¶XWLOLVH]SDVGHVROYDQWVWHOVTXHGH,¶DOFRRORXGHV
GLOXDQWV
6LYRXVXWLOLVH]XQFKLIIRQWUDLWpFKLPLTXHPHQWVXLYH]
OHVLQVWUXFWLRQVIRXUQLHVDYHFOHFKLIIRQ
5HPDUTXHVSRXUO¶XWLOLVDWLRQ
0RQWH]OHVVXSSRUWV$

0RQWH]OHVVXSSRUWV%
GURLW 
JDXFKH 
9LVGHIL[DWLRQGH
VXSSRUW
eSRQJH

&kEOHG¶HQFHLQWH
FP
*DXFKH'URLW
0RQWH]OHVVXSSRUWV&

9LVGHIL[DWLRQ
 
)L[H]OHVHQFHLQWHVDXWpOpYLVHXUSODVPDDYDQWGHIL[HUOHWpOpYLVHXUSODVPDjO¶DSSOLTXHGHIL[DWLRQDXPXU
$WWHQWLRQ

)UDQoDLV



,QVWDOODWLRQ
*DUQLWXUH *DUQLWXUH
eSRQJHV
3RXUOHF{WpJDXFKH 3RXUOHF{WpGURLW
(QFHLQWHGURLWH (QFHLQWHJDXFKH
9LVGHIL[DWLRQ
GHVXSSRUW
0RQWH]OHV
VXSSRUWV%GURLW
0RQWH]OHV
VXSSRUWV%JDXFKH
0RQWH]OHVVXSSRUWV%VXU
OHVHQFHLQWHV
4XDWUHVXSSRUWV%JDXFKH
GURLWHKDXWHWEDV
&URFKHW
7URXGHFURFKHW
$UULqUHGXWpOpYLVHXUj3ODVPD
9LVGH
IL[DWLRQ
GHVXSSRUW
0RQWH]OHV
VXSSRUWV$
0RQWH]OHVVXSSRUWV$VXU
OHWpOpYLVHXUjSODVPD
4XDWUHVXSSRUWV$JDXFKHGURLW
KDXWHWEDV
)L[H]FKDTXHFURFKHWGDQVODIHQWHGHO¶pFUDQ
WpOpYLVHXUjSODVPDHWVHUUH]VROLGHPHQWDYHF
GHX[YLV
)L[H]OHVEURFKHVJULIIHVVXUOHGHVVXV
/HVVXSSRUWVJDXFKHHWGURLWVRQWGLIIpUHQWV
9pULILH]DWWHQWLYHPHQWDYDQWGHOHVPRQWHU
$WWHQWLRQ
7URXGHFURFKHW
)L[H]OHVpSRQJHVVXUOHV
HQFHLQWHV
)L[H]OHVpSRQJHVVXUOHVVXUIDFHVTXLVRQWHQ
FRQWDFWDYHFOHWpOpYLVHXUjSODVPD
1HWWR\H]OHVVXUIDFHVDYDQWGHIL[HUOHV
pSRQJHV
%URFKHV*ULIIHV

$MXVWH]ODSRVLWLRQGXWpOpYLVHXUjSODVPDHW
GHVHQFHLQWHVIDFHDYDQWHWKDXWHXUDYDQWGH
VHUUHUOHVVXSSRUWV$HW%
,QVpUH]OHVJULIIHVGXVXSSRUW
%GDQVOHVVXSSRUWV$F{Wp
WpOpYLVHXUjSODVPD
6HUUH]OHVVXSSRUWV$HW%
DYHFOHVYLVGHIL[DWLRQGH
VXSSRUW
5HPDUTXH
9LVGHIL[DWLRQ
GHVXSSRUW
$UULqUHGXWpOpYLVHXU
j3ODVPD
0RQWH]OH
VXSSRUW$ 0RQWH]OH
VXSSRUW%
)UDQoDLV
*DUQLWXUH
(QFHLQWHJDXFKHGRQQpH
jWLWUHG¶H[HPSOH

3UpSDUDWLIVSRXUOHVH[WUpPLWpV
GHVFkEOHVG¶HQFHLQWH
5HWLUH]HQ
WRUVDGDQW $SUqVDYRLUSUpSDUpOHVH[WUpPLWpVGHVFkEOHV
GHO¶HQFHLQWHGURLWHEUDQFKH]OHVFRPPH
LQGLTXpVXUO¶LOOXVWUDWLRQ
/HFkEOHURXJHHVWXWLOLVpSRXUOHR{WpHWOH
FkEOHQRLUHVWXWLOLVpSRXUOHF{Wp1¶LQYHUVH]
SDVOHVFkEOHV
6LYRXVIL[H]OHWpOpYLVHXUjSODVPDjODSSOLTXH
GHIL[DWLRQDXPXUFRQQHFWH]GDERUGOHV
FkEOHVGHQFHLQWHDXWpOpYLVHXUjSODVPD
%UDQFKH]OHVFkEOHV
G¶HQFHLQWHV
)DLWHVSUHVVLRQVXUOHOHYLHU
,QVpUH]OHFkEOH

5HOkFKH]OHOHYLHU
%DLVVH]OHOHYLHU
5HSODFH] OHOHYLHUGDQV VD
SRVLWLRQG¶RULJLQH

,QVpUH]OHFkEOH
,QVWDOODWLRQ
,QIRUPDWLRQVUHODWLYHVjO¶pYDFXDWLRQGHVGpFKHWVGHVWLQpHVDX[XWLOLVDWHXUVG¶DSSDUHLOVpOHFWULTXHVHW
pOHFWURQLTXHVDSSDUHLOVPpQDJHUVGRPHVWLTXHV
/RUVTXHFHV\PEROHILJXUHVXUOHVSURGXLWVHWRXOHVGRFXPHQWVTXLOHVDFFRPSDJQHQWFHODVLJQLILHTXHOHV
DSSDUHLOVpOHFWULTXHVHWpOHFWURQLTXHVQHGRLYHQWSDVrWUHMHWpVDYHFOHVRUGXUHVPpQDJqUHV
3RXUTXHFHVSURGXLWVVXELVVHQWXQWUDLWHPHQWXQHUpFXSpUDWLRQHWXQUHF\FODJHDSSURSULpVHQYR\H]OHVGDQV
OHVSRLQWVGHFROOHFWHGpVLJQpVRLOVSHXYHQWrWUHGpSRVpVJUDWXLWHPHQW'DQVFHUWDLQVSD\VLOHVWSRVVLEOHGH
UHQYR\HUOHVSURGXLWVDXUHYHQGHXUORFDOHQFDVG¶DFKDWG¶XQSURGXLWpTXLYDOHQW
(QpOLPLQDQWFRUUHFWHPHQWFHSURGXLWYRXVFRQWULEXHUH]jODFRQVHUYDWLRQGHVUHVVRXUFHVYLWDOHVHWjOD
SUpYHQWLRQGHVpYHQWXHOVHIIHWVQpJDWLIVVXUO¶HQYLURQQHPHQWHWODVDQWpKXPDLQHTXLSRXUUDLHQWVXUYHQLUGDQVOH
FDVFRQWUDLUH
$ILQGHFRQQDvWUHOHSRLQWGHFROOHFWHOHSOXVSURFKHYHXLOOH]FRQWDFWHUYRVDXWRULWpVORFDOHV
'HVVDQFWLRQVSHXYHQWrWUHDSSOLTXpHVHQFDVG¶pOLPLQDWLRQLQFRUUHFWHGHFHVGpFKHWVFRQIRUPpPHQWjODOpJLVODWLRQQDWLRQDOH
8WLOLVDWHXUVSURIHVVLRQQHOVGHO¶8QLRQHXURSpHQQH
3RXUHQVDYRLUSOXVVXUO¶pOLPLQDWLRQGHVDSSDUHLOVpOHFWULTXHVHWpOHFWURQLTXHVFRQWDFWH]YRWUHUHYHQGHXURXIRXUQLVVHXU
,QIRUPDWLRQVVXUO¶pYDFXDWLRQGHVGpFKHWVGDQVOHVSD\VQHIDLVDQWSDVSDUWLHGHO¶8QLRQHXURSpHQQH
&HV\PEROHQ¶HVWUHFRQQXTXHGDQVO¶8QLRQHXURSpHQQH
3RXUYRXVGpEDUUDVVHUGHFHSURGXLWYHXLOOH]FRQWDFWHUOHVDXWRULWpVORFDOHVRXYRWUHUHYHQGHXUDILQGHFRQQDvWUHODSURFpGXUH
G¶pOLPLQDWLRQjVXLYUH
3RXUIL[HUFKDTXHHQFHLQWHXWLOLVH]OHVYLV
GHIL[DWLRQ3RXUIL[HUOHWpOpYLVHXUjSODVPD
XWLOLVH]OHVYLVGHIL[DWLRQGHVXSSRUW
)L[DWLRQGHVVXSSRUWV&
9LVGHIL[DWLRQGHVXSSRUW9LVGHIL[DWLRQ
0RQWH]OHVXSSRUW&
$UULqUHGH
(QFHLQWH
$UULqUHGXWpOpYLVHXU
j3ODVPD

1RLU
5RXJH
)DLWHVSUHVVLRQVXUOHOHYLHU

,QVpUH]OHFkEOH
 5HOkFKH]OHOHYLHU
1RLU
5RXJH
)UDQoDLV


35(&$8&,Ï1
'HVSXpVGHLQVWDODUORVDOWDYRFHVQRLQWHQWHPRYHUHOWHOHYLVRUFRQSDQWDOODGHSODVPDOHYDQWiQGRODSRUORV
DOWDYRFHV
/RVVRSRUWHVGHPRQWDMHSXHGHQGDxDUVH\SURGXFLUOHVLRQHVDODVSHUVRQDV
1RFXHOJXHORVDOWDYRFHV

/DVSHUVRQDVSXHGHQOHVLRQDUVHVLVHFDHQORVDOWDYRFHV7RPHXQFXLGDGRSDUWLFXODUFRQODVHJXULGDGGHORVQLxRV
(VWRVDOWDYRFHVKDQVLGRGLVHxDGRVH[FOXVLYDPHQWHSDUDVHUXVDGRVFRQHOWHOHYLVRUFRQ3DQWDOODGH
3ODVPD
6LFRQHFWDHVWRVDOWDYRFHVDXQDPSOLILFDGRUGLIHUHQWHDVHJ~UHVHGHTXHODHQWUDGDPi[LPDGHORVPLVPRVHVWp
GHQWURGHVXQLYHOQRPLQDO:6LVHVREUHSDVDHOQLYHOGHHQWUDGDQRPLQDOVHSXHGHSURGXFLUXQLQFHQGLR
&RPSUXHEHTXHORVWRUQLOORVHVWpQELHQDSUHWDGRVDOKDFHUODLQVWDODFLyQ
$VHJ~UHVHGHTXHODLQVWDODFLyQVHUHDOLFHFRUUHFWDPHQWHSDUDLPSHGLUTXHORVDOWDYRFHVVHGHVSUHQGDQ\SXHGDQ
FDXVDUGDxRVDODVSHUVRQDV
3UHFDXFLRQHVSDUDVXVHJXULGDG
$FFHVRULRV
6LFRQHFWDORVDOWDYRFHVDXQDPSOLILFDGRUH[WHUQR
TXHVREUHSDVDODHQWUDGDQRPLQDOGHORVDOWDYRFHV
PDQWHQJDHOYROXPHQGHODPSOLILFDGRUEDMRSDUDLPSHGLU
GDxDUORVDOWDYRFHV6LKD\XQSUREOHPDGXUDQWHHO
IXQFLRQDPLHQWRGHODOWDYR]GHVFRQHFWHHOFDEOHHOpFWULFR
GHODPSOLILFDGRU\FRQVXOWHFRQXQWpFQLFRGHVHUYLFLR
FXDOLILFDGR
1RFRORTXHORVDOWDYRFHVHQORVVLJXLHQWHVOXJDUHV
/XJDUHVH[SXHVWRVDODOX]GLUHFWDGHOVRO
&HUFDGHFDOHQWDGRUHVXRWUDVIXHQWHVGHFDORU
/XJDUHVFRQDOWDKXPHGDG
(VWHDSDUDWRHVWiHTXLSDGRFRQDOWDYRFHVUHVLVWHQWHVDO
PDJQHWLVPRSHURWHQJDFXLGDGRSDUDQRFRORFDUORVFHUFD
GHXQWHOHYLVRU&57RWHOHYLVRUFRQ3DQWDOODGH3ODVPD
SRUTXHSRGUiQFDXVDUDOWHUDFLRQHVHQHOFRORU
3DUDOLPSLDUORVDOWDYRFHVIUyWHORVFRQXQSDxRVXDYH
6LHVWiQPX\VXFLRVIUyWHORVFRQXQSDxRHPSDSDGR
HQXQDSHTXHxDFDQWLGDGGHGHWHUJHQWHQHXWURGHXVR
FDVHUR\OXHJRVpTXHORVSDVDQGRXQSDxRVHFR
1RXWLOLFHGLVROYHQWHWDOHVFRPRDOFRKRORGLOX\HQWHGH
SLQWXUD
6LXWLOL]DSDxRVWUDWDGRVTXtPLFDPHQWHVLJDODV
LQVWUXFFLRQHVVXPLQLVWUDGDVFRQHOSDxR
1RWDVVREUHHOXVR
0RQWHORVVRSRUWHV$

0RQWHORVVRSRUWHV%
GHUHFKD 
L]TXLHUGD 
7RUQLOORGHPRQWDMHGH
VRSRUWH
(VSRQMD

&DEOHGHDOWDYR]
FP 
,]TXLHUGD'HUHFKD
0RQWHORVVRSRUWHV&

7RUQLOORGHILMDFLyQ

(VSDxRO
0RQWHORVDOWDYRFHVGHO79GHSDQWDOODGHSODVPDDQWHVGHFRORFDUHO79GHSDQWDOODGHSODVPDHQDEUD]DGHUD
GHVXVSHQVLyQGHSDUHG
$YLVR



0RQWHORVVRSRUWHV$HQHO
WHOHYLVRUFRQSDQWDOODGH
SODVPD
&XDWURVRSRUWHV$SDUDOD
GHUHFKDODL]TXLHUGDSDUWH
VXSHULRU\SDUWHLQIHULRU
 &RORTXHFDGDJDQFKRHQODUDQXUDGHOWHOHYLVRUFRQ
SDQWDOODGHSODVPD\ItMHORILUPHPHQWHFRQGRVWRUQLOORV
,QVWDOHODVHVSRQMDVHQORV
VRSRUWHVGHPRQWDMH
 3HJXHODVHVSRQMDVHQODVVXSHUILFLHVTXHHVWiQHQ
FRQWDFWRFRQHOWHOHYLVRUFRQSDQWDOODGHSODVPD
/LPSLHODVVXSHUILFLHVDQWHVGHSHJDUODV
HVSRQMDV
$GRUQR $GRUQR
(VSRQMDV
3DUDODL]TXLHUGD 3DUDODGHUHFKD
$OWDYR]GHUHFKD $OWDYR]L]TXLHUGD
0RQWHORVVRSRUWHV%
GHUHFKD
0RQWHORVVRSRUWHV%
L]TXLHUGD
0RQWHORVVRSRUWHV%HQ
ORVDOWDYRFHV
&XDWURVRSRUWHV%SDUDOD
GHUHFKDODL]TXLHUGDSDUWH
VXSHULRU\SDUWHLQIHULRU
*DQFKR
2ULILFLRSDUDJDQFKR
3DUWHWUDVHUDGHOWHOHYLVRU
FRQ3DQWDOODGH3ODVPD
7RUQLOORGH
PRQWDMH
GHVRSRUWH
0RQWHORV
VRSRUWHV$
2ULILFLRSDUD
JDQFKR
7RUQLOORVGHPRQWDMH
GHVRSRUWH
,QVWDODFLyQ
)LMHFRQODVSUHVLOODVJDQFKRVHQODSDUWH
VXSHULRU

/RVVRSRUWHVGHUHFKRVHL]TXLHUGRVVRQ
GLIHUHQWHVDVtTXHWHQJDFXLGDGRDOPRQWDUORV
$YLVR
3UHVLOODV*DQFKRV
$MXVWHODSRVLFLyQFDUDGHODQWHUD\DOWXUDGHO
WHOHYLVRUFRQSDQWDOODGHSODVPD\ORVDOWDYRFHV
FXDQGRDSULHWHORVVRSRUWHV$\%
  0HWDORVJDQFKRVGHORV
VRSRUWHV%HQORVVRSRUWHV
$ODGRGHOWHOHYLVRUFRQ
SDQWDOODGHSODVPD
)LMHORVVRSRUWHV$\%FRQ
ORVWRUQLOORVGHDSULHWH
1RWD
7RUQLOORVGHPRQWDMH
GHVRSRUWH
3DUWHWUDVHUDGHOWHOHYLVRUFRQ
3DQWDOODGH3ODVPD
0RQWHORV
VRSRUWHV$ 0RQWHORV
VRSRUWHV%

(VSDxRO
(MHPSORTXHPXHVWUDHO
DOWDYR]L]TXLHUGR
$GRUQR

3UHSDUDFLyQGHODVSXQWDVGH
ORVFDEOHVGHDOWDYR]
4XLWHODSXQWD
PLHQWUDVOD
UHWXHUFH
 'HVSXpVGHSUHSDUDUORVH[WUHPRVGHORV
FDEOHVGHODOWDYR]GHUHFKRFRQpFWHORVFRPR
VHPXHVWUDHQODLOXVWUDFLyQ
(OFDEOHURMRHVSDUDODSRODULGDGSRVLWLYD
\HOQHJURSDUDODQHJDWLYD1RFRQHFWHORV
FDEOHVDOUHYpV
6LYDDILMDUHOWHOHYLVRUFRQSDQWDOODGHSODVPD
HQHOVRSRUWHSDUDFROJDUHQXQDSDUHG
FRQHFWHSULPHURORVFDEOHVGHORVDOWDYRFHVDO
WHOHYLVRUFRQSDQWDOODGHSODVPD
&RQHFWHORVFDEOHVGH
DOWDYR]
3UHVLRQHKDFLDDEDMRVREUHODSDODQFD
,QVHUWHHOFDEOH

6XHOWHODSDODQFD
 (PSXMHKDFLDDEDMRODSDODQFD
,QVHUWHHOFDEOH
9XHOYDDSRQHUODSDODQFDHQ
VXSRVLFLyQQRUPDO
,QIRUPDFLyQVREUHODHOLPLQDFLyQSDUDORVXVXDULRVGHHTXLSRVHOpFWULFRV\HOHFWUyQLFRVXVDGRVSDUWLFXODUHV
/DDSDULFLyQGHHVWHVtPERORHQXQSURGXFWR\RHQODGRFXPHQWDFLyQDGMXQWDLQGLFDTXHORVSURGXFWRVHOpFWULFRV
\HOHFWUyQLFRVXVDGRVQRGHEHQPH]FODUVHFRQODEDVXUDGRPpVWLFDJHQHUDO
3DUDTXHHVWRVSURGXFWRVVHVRPHWDQDXQSURFHVRDGHFXDGRGHWUDWDPLHQWRUHFXSHUDFLyQ\UHFLFODMHOOpYHORV
DORVSXQWRVGHUHFRJLGDGHVLJQDGRVGRQGHORVDGPLWLUiQVLQFRVWHDOJXQR(QDOJXQRVSDtVHVH[LVWHWDPELpQOD
SRVLELOLGDGGHGHYROYHUORVSURGXFWRVDVXPLQRULVWDORFDODOFRPSUDUXQSURGXFWRQXHYRHTXLYDOHQWH
6LGHVHFKDHOSURGXFWRFRUUHFWDPHQWHHVWDUiFRQWULEX\HQGRDSUHVHUYDUYDOLRVRVUHFXUVRV\DHYLWDUFXDOTXLHU
SRVLEOHHIHFWRQHJDWLYRHQODVDOXGGHODVSHUVRQDV\HQHOPHGLRDPELHQWHTXHSXGLHUDSURGXFLUVHGHELGR
DOWUDWDPLHQWRLQDGHFXDGRGHGHVHFKRV3yQJDVHHQFRQWDFWRFRQVXDXWRULGDGORFDOSDUDTXHOHLQIRUPHQ
GHWDOODGDPHQWHVREUHHOSXQWRGHUHFRJLGDGHVLJQDGRPiVFHUFDQR
'HDFXHUGRFRQODOHJLVODFLyQQDFLRQDOSRGUtDQDSOLFDUVHPXOWDVSRUODHOLPLQDFLyQLQFRUUHFWDGHHVWRVGHVHFKRV
3DUDHPSUHVDVGHOD8QLyQ(XURSHD
6LGHVHDGHVHFKDUHTXLSRVHOpFWULFRV\HOHFWUyQLFRVSyQJDVHHQFRQWDFWRFRQVXGLVWULEXLGRURSURYHHGRUSDUDTXHOHLQIRUPH
GHWDOODGDPHQWH
,QIRUPDFLyQVREUHODHOLPLQDFLyQHQRWURVSDtVHVQRSHUWHQHFLHQWHVDOD8QLyQ(XURSHD
(VWHVtPERORVyORHVYiOLGRHQOD8QLyQ(XURSHD
6LGHVHDGHVHFKDUHVWHSURGXFWRSyQJDVHHQFRQWDFWRFRQODVDXWRULGDGHVORFDOHVRFRQVXGLVWULEXLGRUSDUDTXHOHLQIRUPHQ
VREUHHOPpWRGRFRUUHFWRGHHOLPLQDFLyQ

3DUDFRORFDUHQFDGDDOWDYR]XWLOLFHORV
WRUQLOORVGHILMDFLyQ3DUDFRORFDUHOWHOHYLVRU
FRQSDQWDOODGHSODVPDXWLOLFHORVWRUQLOORVGH
PRQWDMHGHVRSRUWHV
&RORTXHORVVRSRUWHV&
7RUQLOORGHPRQWDMHGHVRSRUWH
7RUQLOORGHILMDFLyQ
0RQWHORVVRSRUWHV&
3DUWHWUDVHUDGHO
$OWDYR] 3DUWHWUDVHUD GHO7HOHYLVRU FRQ
3DQWDOODGH3ODVPD
1HJUR
5RMR
3UHVLRQHKDFLDDEDMRVREUHODSDODQFD
,QVHUWHHOFDEOH

6XHOWHODSDODQFD
1HJUR
5RMR
(VSDxRO

2%6(59(5$
(IWHULQVWDOODWLRQDYK|JWDODUQDInUGXDOGULJI|UV|NDIO\WWDVNlUPHQJHQRPDWWO\IWDK|JWDODUQD
0RQWHULQJVKnOODUQDNDQXWVlWWDVI|UVNDGRURFKRUVDNDSHUVRQVNDGRU
)|UV|NLQWHDWWKlQJDXSSK|JWDODUQD
+|JWDODUQDNDQIDOODRFKRUVDNDSHUVRQVNDGRU9DUVSHFLHOOWI|UVLNWLJRPGHWILQQVEDUQLKXVHW
'HVVDK|JWDODUHlUXWIRUPDGHI|UDQYlQGQLQJHQGDVWPHGHQSODVPD79
9LGDQVOXWQLQJWLOOHQDQQDQI|UVWlUNDUHVNDGXI|UVlNUDDWWPD[LPDOLQHIIHNWLK|JWDODUQDOLJJHULQRPGHUDVDQJLYQD
QLYn:(QK|JUHLQHIIHNWlQVnNDQRUVDNDEUDQG
.RQWUROOHUDYLGLQVWDOODWLRQDWWDOODVNUXYDUlURUGHQWOLJWnWGUDJQD
9DUQRJDPHGDWWLQVWDOOHUDK|JWDODUQDSnDQJLYHWVlWWI|UDWWXQGYLNDDWWGHORVVQDURFKRUVDNDUSHUVRQVNDGRU
6lNHUKHWVI|UHVNULIWHU
0HGI|OMDQGHWLOOEHK|U
9LGDQVOXWQLQJWLOOHQ\WWUHI|UVWlUNDUHVRP|YHUVNULGHU
PlUNLQHIIHNWHQI|UK|JWDODUQDVNDYRO\PHQSn
I|UVWlUNDUHQVWlOODVUHODWLYWOnJWI|UDWWI|UKLQGUDVNDGRUSn
K|JWDODUQD2PGHWXSSVWnUHWWSUREOHPPHGK|JWDODUQD
VNDGXNRSSODXUI|UVWlUNDUHQVQlWNDEHORFKUnGIUnJDHQ
NYDOLILFHUDGWHNQLNHU
3ODFHUDLQWHK|JWDODUQDSnQnJRWDYI|OMDQGHVWlOOHQ
6WlOOHQVRPXWVlWWVI|UVROVNHQ
1lUDHOHPHQWHOOHUDQGUDYlUPHNlOORU
6WlOOHQVRPXWVlWWVI|UK|JOXIWIXNWLJKHW
'HQQDVDWVlUI|UVHGGPHGPDJQHWEHVWlQGLJDK|JWDODUH
3ODFHUDGHQGRFNLQWHQlUDHQDQQDQ79GnGHQNDQ
RUVDNDIlUJVW|UQLQJDU
7RUNDDYK|JWDODUQDPHGHQPMXNWRUUWUDVD)XNWD
WUDVDQLHWWPLOWUHQJ|ULQJVPHGHORPGHWI|UHNRPPHU
IOlFNDUVRPlUVYnUDDWWInERUWRFKWRUNDVHGDQSnQ\WW
PHGHQWRUUWUDVD
$QYlQGLQWHVSULWWKLQQHUHOOHUDQGUDIO\NWLJDO|VQLQJDU
9LGDQYlQGQLQJDYHQNHPLVNWEHKDQGODGWUDVDVND
GXQRJDI|OMDDQYLVQLQJDUQDVRPnWHUILQQVSnGHVV
I|USDFNQLQJ
2EVHUYHUDRPDQYlQGQLQJHQ
0RQWHULQJVKnOODUH$

0RQWHULQJVKnOODUH%
K|JHU 
YlQVWHU 
+nOODUHQVIlVWVNUXYDU

'\QRU

+|JWDODUOHGQLQJDU
FP
9lQVWHU+|JHU
0RQWHULQJVKnOODUH&

0RQWHULQJVVNUXY


6YHQVND
)lVWK|JWDODUQDSnSODVPD79QLQQDQSODVPD79QPRQWHUDVSnYlJJXSSKlQJQLQJVKnOODUHQ
2EVHUYHUD