*9001137168* Ø Ú Þ â é × ó ê Ý Û ì Ù ë î ô 0RQWDJHDQOHLWXQJ ,QVWDOODWLRQ LQVWUXFWLRQV 1RWLFH GH PRQWDJH ,VWUX]LRQL SHU LO PRQWDJJLR ,QVWDOODWLHYRRUVFKULIW 0RQWHULQJVYHMOHGQLQJ 0RQWHULQJVDQYLVQLQJ 0RQWHULQJVYHLOHGQLQJ $VHQQXVRKMH ,QVWUXFFLRQHV GH PRQWDMH ,QVWUXo}HV GH PRQWDJHP ̲͉͇͓͆́ͅ ͇͕͔͕͔͉͓͌̓̾̓ͅ ,QVWUXNFMD PRQWDŰX Ημπροςιυηώ ξν λνμρίες 0RQWDM N×ODYX]X % $ PLQ PLQ PLQ PLQ PLQ PLQ
& ' PLQ PLQ PLQ
de *HUlW LP +RFKVFKUDQN %LOG =XU %HOIWXQJ GHV *HUlWHV PVVHQ GLH =ZLVFKHQE|GHQ HLQHQ /I WXQJVDXVVFKQLWW DXIZHLVHQ :HQQ GHU +RFKVFKUDQN ]XVlW]OLFK ]X GHQ (OHPHQW 5FNZlQGHQ HLQH ZHLWHUH 5FNZDQG KDW PXVV GLHVH HQWIHUQW ZHUGHQ *HUlW QXU VR KRFK HLQEDXHQ GDVV =XEHK|U SUREOHPORV HQWQRP PHQ ZHUGHQ NDQQ (FNHLQEDX %LOG 'DPLW GLH *HUlWHWU JH|IIQHW ZHUGHQ NDQQ EHLP (FNHLQEDX 0DH & EHUFNVLFKWLJHQ 'DV 0D ' LVW DEKlQJLJ YRQ GHU 'LFNH GHU 0|EHOIURQW XQWHU GHP *ULII Ø 0RQWDJHDQOHLWXQJ :LFKWLJH
en 7KH PLQLPXP ZRUNWRS WKLFNQHVV D UHVXOWV IURP WKH PLQLPXP UHTXLUHG GLPHQVLRQ E 2EVHUYH WKH LQVWDOODWLRQ LQVWUXFWLRQV IRU WKH KRE $SSOLDQFH LQ D WDOO XQLW )LJ 7R YHQWLODWH WKH DSSOLDQFH WKH LQWHUPHGLDWH IORRUV PXVW KDYH D YHQWLODWLRQ FXW RXW ,I WKH WDOO XQLW KDV DQRWKHU EDFN SDQHO LQ DGGLWLRQ WR WKH HOHPHQW EDFN SDQHOV WKLV PXVW EH UHPRYHG 2QO\ ILW WKH DSSOLDQFH XS WR D KHLJKW ZKLFK DOORZV DFFHVVRULHV WR EH HDVLO\ UHPRYHG &RUQHU LQVWDOODWLRQ ² )LJ 7R HQVXUH WKDW WKH DSSOLDQFH GRRU FDQ EH RS
2SHQ WKH DSSOLDQFH GRRU DQG XQVFUHZ WKH OHIW DQG ULJKW KDQG 7\SH GH WDEOH GH FXLVVRQ SDQHOV 8QGR WKH PRXQWLQJ VFUHZV /LIW WKH DSSOLDQFH VOLJKWO\ DQG SXOO LW RXW FRPSOHWHO\ fr Þ 1RWLFH GH PRQWDJH &RQVLJQHV LPSRUWDQWHV ILJ /H PHXEOH G HQFDVWUHPHQW GRLW rWUH VDQV SDURL GHUULqUH O DSSDUHLO (QWUH OH PXU HW OH SODQFKHU GX PHXEOH RX ELHQ OD SDURL DUULqUH GX PHXEOH VLWXp DX GHVVXV UHVSHFWHU XQH GLVWDQFH G DX PRLQV PP ■ /H PHXEOH G HQFDVWUHPHQW GRLW GLVSRVHU VXU OH GHYDQW G XQ RULILFH G
3RXVVHU O DSSDUHLO j IRQG GDQV OH PHXEOH WRXW HQ YHLOODQW j QH SDV SOLHU QL FRLQFHU OH FkEOH G DOLPHQWDWLRQ HW j QH SDV OH IDLUH SDVVHU DX GHVVXV G DUrWHV FRXSDQWHV &HQWUHU O DSSDUHLO 8QH IHQWH G DpUDWLRQ GH PP PLQ HVW QpFHVVDLUH HQWUH O DSSDUHLO HW OD IDoDGH GHV PHXEOHV YRLVLQV (QWUHEkLOOH] OD SRUWH GH O DSSDUHLO HW GpYLVVH] OHV EDQGHDX[ j JDXFKH HW j GURLWH 9LVVH] O DSSDUHLO DX PHXEOH $SSOLTXH] OHV EDQGHDX[ HW YLVVH] OHV G DERUG HQ KDXW HW HQVXLWH HQ EDV / pFDUW HQWUH OD SRUW
FRQGXWWRUH GL WHUUD < EOX ]HUR FRQGXWWRUH QHXWUR PDUURQH IDVH FRQGXWWRUH HVWHUQR 6ROR SHU 6YH]LD )LQODQGLD H 1RUYHJLD / DSSDUHFFKLR SXz DQFKH HVVHUH FROOHJDWR WUDPLWH OD VSLQD FRQ VLVWHPD GL PHVVD D WHUUD IRUQLWD LQ GRWD]LRQH )DUH LQ PRGR FKH XQD YROWD WHUPLQDWR LO PRQWDJJLR TXHVWD VLD DFFHVVLELOH ,Q FDVR FRQWUDULR DO PRPHQWR GHOO LQVWDOOD]LRQH XWLOL]]DUH XQ VHSDUDWRUH XQLYHUVDOH FRQ DSHUWXUD GHL FRQWDWWL GL DOPHQR PP EHwQYORHGHQ +RXG GDDURP ELM GH PRQWDJH HHQ DIVWDQG YDQ PLQVWHQV F
: 3HUVRQHU PHG HOHNWURQLVNH LPSODQWDWHU $SSDUDWHW NDQ LQGHKROGH SHUPDQHQWH PDJQHWHU VRP NDQ SnYLUNH HOHNWURQLVNH LPSODQWDWHU I HNV SDFHPDNHUH HOOHU LQVXOLQSXPSHU 2YHUKROG GHUIRU HQ PLQLPXPDIVWDQG Sn FP WLO HOHNWURQLVNH LPSODQWDWHU YHG PRQWDJHQ $SSDUDW XQGHU ERUGSODGH ILJXU 'HU VNDO Y UH HQ XGVN ULQJ L PHOOHPEXQGHQ WLO YHQWLODWLRQ %RUGSODGHQ VNDO IDVWJ¡UHV WLO N¡NNHQHOHPHQWHUQH +YLV DSSDUDWHW EOLYHU LQGE\JJHW XQGHU HQ NRJHVHNWLRQ VNDO I¡OJHQGH PLQLPXPDIVWDQGH RYHUKROGHV HYHQWXHOW LQNOXVLYH H
'HU VNDO LQGJn HQ DOSROHW DIEU\GHU PHG PLQGVW PP NRQWDNWDIVWDQG L LQVWDOODWLRQHQ ,GHQWLILFHU IDVH RJ QXOOHGHU L WLOVOXWQLQJVVWLNNRQWDNWHQ +YLV DSSDUDWHW WLOVOXWWHV IRUNHUW NDQ GHW EOLYH EHVNDGLJHW 0n NXQ WLOVOXWWHV LKW WLOVOXWQLQJVGLDJUDPPHW 9HGU VS QGLQJ VH W\SHVNLOW 7LOVOXW QHWWLOVOXWQLQJVOHGQLQJHQV OHGHUH LKW IDUYHPDUNHULQJHQ JU¡Q JXO EHVN\WWHOVHVOHGHU < EOn QXOOHGHU EUXQ IDVH \GHUOHGHU .
)lVWD HQKHWHQ ELOG 2EV )lVW LQWH SDQHOHUQD PHG VODGGO|V VNUXYGUDJDUH 'X NDQ VNDGD SDQHOHUQD 6NMXW LQ HQKHWHQ KHOW 6H WLOO Vn DWW VODGGHQ LQWH EOLU YLNW NOlPG HOOHU GUDJHQ |YHU YDVVD NDQWHU &HQWUHUD HQKHWHQ 'HW VND ILQQDV HQ PP OXIWVSDOW PHOODQ HQKHWHQ RFK DQJUlQVDQGH VNnSVVWRPPDU gSSQD OXFNDQ RFK VNUXYD DY YlQVWHU RFK K|JHU SDQHO 6NUXYD IDVW HQKHWHQ L VWRPPHQ 6lWW Sn SDQHOHUQD XSSWLOO I|UVW VNUXYD VHGDQ IDVW GHP QHGWLOO 6SDOWHQ PHOODQ XJQVOXFND RFK VLGRSDQHOHU JnU DWW DQSD
)HVWLQJ DY DSSDUDWHW ² ILJXU 2EV %UXN LNNH VNUXPDVNLQ WLO n VNUX VDPPHQ GHOHQH 'HOHQH NDQ EOL VNDGHW 6N\Y DSSDUDWHW KHOW LQQ 3DVV Sn DW WLONREOLQJVOHGQLQJHQ LNNH NQHNNHV NOHPPHV IDVW HOOHU WUHNNHV RYHU VNDUSH NDQWHU -XVWHU DSSDUDWHW VOLN DW GHW HU PLGWVWLOW 0HOORP DSSDUDW RJ WLOJUHQVHQGH HOHPHQWIURQWHU Pn GHW Y UH HQ OXIWHVSDOWH Sn PLQ PP cSQH DSSDUDWG¡UHQ RJ VNUX DY VLGHGHOHQH Sn K¡\UH RJ YHQVWUH VLGH 6NUX DSSDUDWHW IDVW WLO NM¡NNHQHOHPHQWHW 6HWW Sn VLGHGHOHQH RJ VNUX GHP IDVW
/DLWWHHQ NLLQQLWWlPLQHQ NXYD +XRPLR bOl Nl\Wl OLVWRMHQ NLLQQLWWlPLVHHQ DNNXUXXYLQYllQQLQWl /LVWDW YRLYDW YDXULRLWXD 7\|QQl ODLWH NRNRQDDQ SDLNDOOHHQ 9DUPLVWD HWWl OLLWlQWlMRKWR HL Mll SXULVWXNVLLQ WDL NXOMH WHUlYLHQ NXOPLHQ \OL .RKGLVWD ODLWH NHVNHOOH /DLWWHHQ MD YLHUHLVWHQ NHLWWL|NDOXVWHLGHQ HWXRVLHQ YlOLVVl SLWll ROOD LOPDWLODD YlKLQWllQ PP $YDD ODLWWHHQ OXXNNXD KLXNDQ MD UXXYDD YDVHPPDOOD MD RLNHDOOD ROHYDW OLVWDW LUWL .
$ WRPDGD GH OLJDomR GR DSDUHOKR GHYHUi VLWXDU VH QD ]RQD VRPEUHDGD $ RX IRUD GR HVSDoR GH LQVWDODomR ■ )L[H RV PyYHLV VROWRV j SDUHGH FRP XP HVTXDGUR GLVSRQtYHO QR FRPpUFLR % ■ 0HGLGDV LQGLFDGDV QDV ILJXUDV HP PP : 3RUWDGRUHV GH LPSODQWHV HOHWUyQLFRV 2 DSDUHOKR SRGH FRQWHU tPDQHV SHUPDQHQWHV TXH SRGHP DIHWDU LPSODQWHV HOHWUyQLFRV SRU H[HPSOR SDFHPDNHUV RX ERPEDV GH LQVXOLQD 3RU LVVR GXUDQWH D PRQWDJHP GHYH UHVSHLWDU VH XPD GLVWkQFLD PtQLPD GH FP HP UHODomR DRV LPSODQWHV HOHWUyQLFRV $SDUHOKR VRE
2 FDER GH OLJDomR DSHQDV SRGH VHU VXEVWLWXtGR SRU XP FDER RULJLQDO GLVSRQtYHO QR 6HUYLoR GH $VVLVWrQFLD 7pFQLFD $ SURWHomR FRQWUD FRQWDFWR DFLGHQWDO GHYH ILFDU DVVHJXUDGD QD PRQWDJHP &DER GH OLJDomR FRP ILFKD FRP FRQWDFWR GH VHJXUDQoD 2 DSDUHOKR GHYH VHU OLJDGR DSHQDV D XPD WRPDGD FRP FRQWDFWR GH VHJXUDQoD LQVWDODGD HP FRQIRUPLGDGH FRP DV QRUPDV 6H D ILFKD QmR ILFDU DFHVVtYHO DSyV D PRQWDJHP D LQVWDODomR GHYH HVWDU SURYLGD GH XP GLVSRVLWLYR VHFFLRQDGRU RPQLSRODU FRP XPD GLVWkQFLD GH FRQWDFWR PtQLPD GH
͍̈́̀͏̻͈͒͒̀ ͚̀ ͎͒ ̻͕͎͐ ͒͆͐ ͏͚͎͖͑͆͐ ͎͓͒ ͎͓͈͎͌͒͊̀͛ ͉̻͒͗ ͚̀ ͒͆ ͊̀́̽ pl ë ,QVWUXNFMD PRQWDŰX ̵͞͏͇͔͉͆ ͕͉͓ ͔͖͔͇͖͓͌̀ :DŰQH ZVND]yZNL U\V ̧ ͓͉͓͑͑̈́̽ ͎͉̀͌͒̀͏͈̾͌̈́͒̀ ͑͒͆͌ ͉͎̀͒͆͂͏̾̀ ͏͎͑͒̀͑̾̀͐ ͉͈̀ ͈̈́͒͏̼͈̈́͒̀ ͌̀ ͈͎͓͊̈́͒͏͂̈́̾ ͚͎͋͌ ͋̈́ ͑͛͌̓̈́͑͆ ͎̀͂͗͂͛ ͏͎͑͒̀͑̾̀͐ ͂̈́̾͗͑͆ ̧ ͔̻͈̀͑͊̈́̀ ͏̼͈̈́ ͌̀ ͎͉̀͌͒̀͏͈̾͌̈́͒̀ ͑͒̀ ͎͈͕͑͒̈́̾̀ ͈͕͎͑͛͐ ͑͒͆͌ ͈͉͌̀̾̓̀ ͎͓͒͛ ͉͈̀ ͈͑͒͐ ͎͈͉̼͒͐ ͏͎͈̓̀͂͏͔̼̀͐ ̲̈́ ͚͊̈́͐ ͈͒͐ ̈́͏͂̀͑̾̈́͐ ͓͑͌̀͏͎͚͋͊͂͆͑͆͐ ͏̼͈̈́ ͆ ͓͉͓͑͑̈́̽ ͌̀ ́͏͉͈̾͑̈́͒̀ ͉͚̈́͒͐ ̻͒͑͆͐ ̧ ͓͉͓͑͑̈́̽ ͈̈́͒͏̼͈̈́͒̀ ͌̀ ͓͇͑͌̓̈́̈́̾ ͚͎͋͌ ͋̈́ ͎͒ ͓̼͎͑͌͆͋͋͌ ͉̀
5RG]DM Sã\W\ JU]HZ D F]HM QDNãDGDQD QD EODW D E PRQWRZDQD QD UyZQL ] SR ZLHU]FKQLĉ EODWX ,QGXNF\MQD Sã\WD JU]HZF]D PP PP PP 3HãQRSRZLHU]FKQLRZD PP Sã\WD LQGXNF\MQD PP PP *D]RZD Sã\WD JU]HZF]D PP PP PP (OHNWU\F]QD Sã\WD JU]HZF]D PP PP PP 1D SRGVWDZLH Z\PDJDQHM ZDUWRŔFL PLQLPDOQHJR RGVWęSX E RNUHŔODQD MHVW PLQLPDOQD JUXERŔþ EODWX URERF]HJR D 3U]HVWU]HJDþ LQVWUXNFML PRQWDŰX Sã\W\ JU]HZF]HM 8U]ĉG]HQLH Z V]DIFH Z\VRNLHM U\V : FHOX ]DSHZQLHQLD ZHQW\ODFML X
D E ΗίικΪάβεφηθί ιθήδεψρίηβί ζθΰίμ λμΪμφ ικβρβηθγ ιθάκίΰήίηβω ικβΫθκΪ ΙθήδεψρΪγμί μθεφδθ ά λθθμάίμλμάββ λθ λοίζθγ ΗΪικωΰίηβί νδΪαΪηθ ηΪ μβιθάθγ μΪΫεβρδί ΙκθάθήΪ λίμίάθέθ δΪΫίεω ήθεΰηυ ιθήλθίήβηωμφλω ά λθθμάίμλμάββ λ πάίμθάθγ ζΪκδβκθάδθγ ΰϋεμθ αίεϋηυγ αΪαίζεωψσβγ ικθάθή < λβηβγ ηθεφ ηίγμκΪεφηυγ ικθάθή δθκβρηίάυγ ξΪαΪ ξΪαθάυγ ικθάθή Ρνκϋιν γκώ Χαδυηη Σημκώμγηη η Μνοαδβηη ΙκβΫθκ μΪδΰί ζθΰίμ Ϋυμφ ιθήδεψρϋη άοθήωσβζ ά δθζιείδμ κΪατϋζθζ λ αΪσβμηυζ δθημΪδμθζ ΘΫίλιίρφμί δ ηίζν λάθΫθήηυγ ήθλμνι
&LKD] oDO×üPD WH]JDK×Q×Q DOW×QD \HUOHüWLULOHFHNVH 5HVLP &LKD]×Q KDYDODQG×U×OPDV× LoLQ DUD UDIWD KDYDODQG×UPD E|OP EXOXQPDO×G×U dDO×üPD WH]JDK× PRQWDM PRELO\DV×QD VDELWOHQPHOLGLU &LKD] ELU RFDù×Q DOW×QD PRQWH HGLOLUVH DüDù×GDNL DVJDUL |OoOHUH X\XOPDV× JHUHNOLGLU JHUHNLUVH DOW NRQVWUNVL\RQ GDKLO 7RSUDNODPD NDEORVX < PDYL V×I×U Q|WU NDEOR NDKYHUHQJL )D] G×ü LOHWNHQ 6DGHFH ĮVYHo )LQODQGL\D YH 1RUYHo &LKD] ELUOLNWH YHULOHQ SUL] LOH GH NRUXPD NRQWDù× VLVWHPLQH EDùODQDELOLU %XQODUD NX