*9001423232*
Ø 0RQWDJHDQOHLWXQJ
Ò Οωινανγπρανζίλνμρίε
Ö 0RQWiçQtQiYRG
× 0RQWHULQJVYHMOHGQLQJ
Ù
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Û ,QVWUXFFLRQHVGHPRQWDMH
Ü 3DLJDOGXVMXKHQG
Ý $VHQQXVRKMH
Þ 1RWLFHGHPRQWDJH
à 8SXWH]DPRQWDçX
á 6]HUHOpVL~WPXWDWy
â ,VWUX]LRQLSHULOPRQWDJJLR
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
æ ξίρπρανζίλνμρίεί
é ,QVWDOODWLHYRRUVFKULIW
ê 0RQWHULQJVYHLOHGQLQJ
ë ,QVWUXNFMDPRQWDŰX
ì ,QVWUXo}HVGHPRQWDJHP
í ,QVWUXFŘLXQLGHPRQWDM
î Ημπροςιυηώξνλνμρίες
ï 0RQWiçQ\QiYRG
ð 1DYRGLOD]DPRQWDçR
ñ 8GKs]LPSsUPRQWLP
ò 8SXWVWYRRSRVWDYOMDQMX
ó 0RQWHULQJVDQYLVQLQJ
ô 0RQWDMN×ODYX]X
de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
'LHVH $QOHLWXQJ VRUJIlOWLJ OHVHQ XQG DXIEHZDKUHQ 1XU EHL IDFKJH
UHFKWHP(LQEDXHQWVSUHFKHQGGLHVHU0RQWDJHDQOHLWXQJLVWGLH
6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOODWHXULVWIU
GDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUWYHUDQWZRUWOLFK
1XUHLQHNRQ]HVVLRQLHUWH)DFKNUDIWGDUIGDV*HUlWDQVFKOLHHQ
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
: 9HUOHW]XQJVJHIDKU
GXUFKVFKDUIH.DQWHQZlKUHQGGHU,QVWDOODWLRQ:lKUHQGGHU,QV
WDOODWLRQGHV*HUlWHVLPPHU6FKXW]KDQGVFKXKHWUDJHQ
8POXIWZHLFKHPRQWLHUHQ
■ .DPLQYHUEOHQGXQJGHPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
■ 8POXIWZHLFKHLQGHQ+DOWHZLQNHOHLQKlQJHQ
■ 6FKODXFKPLWGHQ]ZHL5RKUVFKHOOHQDQ8POXIWZHLFKHXQG/XIW
VWXW]HQEHIHVWLJHQ
6FKODXFKPXVVVWUDIIVHLQEHL%HGDUINU]HQ
■ .DPLQYHUEOHQGXQJPRQWLHUHQVLHKHÅ0RQWDJHDQOHLWXQJGHU
'XQVWDE]XJVKDXEH´
6FKOLW]HGHULQQHUHQ.DPLQYHUEOHQGXQJQDFKREHQ
$NWLYNRKOHILOWHUIU8POXIWEHWULHE
$NWLYNRKOHILOWHUELQGHQGLH*HUXFKVVWRIIHLP8POXIWEHWULHE:HFK
VHOQ6LHGHQ$NWLYNRKOHILOWHUEHLQRUPDOHP%HWULHEWlJOLFKFLUFD
Ă6WXQGH[LP-DKUDXV
+LQZHLV $NWLYNRKOHILOWHUHQWKDOWHQNHLQH6FKDGVWRIIHXQGN|QQHQ
LP+DXVPOOHQWVRUJWZHUGHQ
*HUXFKVILOWHUDXVWDXVFKHQ
0HWDOOIHWWILOWHUDXVEDXHQVLHKHÅ*HEUDXFKVDQOHLWXQJGHU'XQVW
DE]XJVKDXEH´
$NWLYNRKOHILOWHU DXVEDXHQ 'DEHL PLW GHU DQGHUHQ +DQG XQWHU GHQ
$NWLYNRKOHILOWHUIDVVHQ
$NWLYNRKOHILOWHU HLQVHW]HQ QDFK REHQ NODSSHQ XQG /DVFKH HLQUDV
WHQ'DEHLPLWGHUDQGHUHQ+DQGXQWHUGHQ$NWLYNRKOHILOWHUIDV
VHQ
0HWDOOIHWWILOWHUHLQEDXHQVLHKHÅ*HEUDXFKVDQOHLWXQJGHU'XQVW
DE]XJVKDXEH´
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
Αίεμηςιίζίμηώ
ΙκθρίμίμίάηβζΪμίεηθηΪλμθωσθμθκτδθάθήλμάθβέθλτοκΪηίμί
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθμΪαββηλμκνδπβωαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
ΛΪζθλίκμβξβπβκΪηλιίπβΪεβλμβζΪικΪάθήΪλάτκαάΪνκίήΪ
ΙκίήββαιτεηίηβίμθηΪδΪδάβμθβήΪίκΪΫθμβλικίμί
ίείδμκβρίλδθμθαΪοκΪηάΪηί
: Νξίπμνπρνρμίοίμώαίμδ
ιθκΪήβθλμκβκτΫθάίιθάκίζίηΪβηλμΪεΪπβωμΪΙθάκίζίηΪ
βηλμΪεΪπβωμΪηΪνκίήΪάβηΪέβηθλίμίικίήιΪαηβκτδΪάβπβ
Λνμρηοίμδμίικύφίζίοδυηοιςκηοίψαωζγςτ
■ ΎίζθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
■ ΘδΪρίμίδεψρΪαΪκίπβκδνεβκΪσάταήνοάαΪήτκΰΪσβωάβηδίε
■ ΑΪδκίιίμίζΪκδνρΪλήάίλδθΫβαΪμκτΫβάτκονδεψρΪαΪ
κίπβκδνεβκΪσάταήνοβηΪδκΪγηβδΪαΪάταήνο
ΖΪκδνρτμμκωΫάΪήΪίθΫμίέηΪμικβηνΰήΪλδτλίμί
■ ΖθημβκΪγμίθΫςβάδΪμΪηΪήβζθθμάθήΪάΰΒηλμκνδπβωαΪ
ζθημΪΰηΪΪΫλθκΫΪμθκΪ
ΘμάθκτμηΪάτμκίςηΪμΪθΫςβάδΪηΪήβζθθμάθήΪίηΪέθκί
Σηκρωο π ίιρηαδμ αωβκδμ ζί οίΰνρί π υηοιςκηοίψ
αωζγςτ
ΞβεμκβμίλΪδμβάίηάτέείηλάτκαάΪμάίσίλμάΪμΪθμήίεωσβ
ζβκβαζΪικβκΪΫθμΪλπβκδνεβκΪσάταήνοΛζίηωγμίξβεμτκΪλ
ΪδμβάίηάτέείηικβηθκζΪεηΪκΪΫθμΪίΰίήηίάηθθδθεθĂρΪλ
ίήβηιτμάέθήβηΪμΪ
ιίζίμηδ ΞβεμκβμίλΪδμβάίηάτέείηηίλτήτκΰΪμάκίήηβ
άίσίλμάΪβζθέΪμήΪλίβαοάτκεωμικβΫβμθάβμίθμιΪήτπβ
Πλώμίμίσηκρωοίζίληοηζλί
ΎίζθημβκΪγμίζίμΪεηβωξβεμτκαΪζΪαηβηΪάΰΝιτμάΪηίαΪ
ίδλιεθΪμΪπβωηΪΪΫλθκΫΪμθκΪ
ΎίζθημβκΪγμίξβεμτκΪλΪδμβάίηάτέείηΙκβμθάΪλήκνέΪμΪ
κτδΪοάΪηίμίιθήξβεμτκΪλΪδμβάίηάτέείη
ΙθλμΪάίμίξβεμτκΪλΪδμβάίηάτέείηηΪδεθηίμίηΪέθκίβ
ξβδλβκΪγμίίαβρίμθΙκβμθάΪλήκνέΪμΪκτδΪοάΪηίμίιθή
ξβεμτκΪλΪδμβάίηάτέείη
ΖθημβκΪγμίζίμΪεηβωξβεμτκαΪζΪαηβηΪάΰΝιτμάΪηίαΪ
ίδλιεθΪμΪπβωηΪΪΫλθκΫΪμθκΪ
cs
Ö
0RQWiçQtQiYRG
'ŤOHçLWiXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRGD XVFKRYHMWHKR%H]SHĀQp
SRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpPRQWiçLSRGOHWRKRWR
QiYRGXN PRQWiçL7HFKQLNSURYiGěMtFtLQVWDODFLRGSRYtGi]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
6SRWŒHELĀVPt]DSRMRYDWSRX]HNRQFHVRYDQìRGERUQtN
3ŒHGSURYiGěQtPMDNìFKNROLSUDFtRGSRMWHSŒtVWURMRGUR]YRGQp
VtWě
: 1HEH]SHĀtSRUDQěQt
RVWUìPLKUDQDPLEěKHPLQVWDODFH%ěKHPLQVWDODFHVSRWŒHELĀH
QRVWHYçG\RFKUDQQpUXNDYLFH
0RQWiçFLUNXODĀQtYìK\EN\
■ 'HPRQWXMWHNRPtQRYìNU\W YL] Å0RQWiçQtQiYRGRGVDYDĀHSDU´
■ =DYěVWHFLUNXODĀQtYìK\ENXGR SŒLGUçRYDFtKR~KHOQtNX
■ 8SHYQěWHKDGLFLGYěPDREMtPNDPDQD FLUNXODĀQtYìK\ENX
D Y]GXFKRYpKUGOR
+DGLFHPXVtEìWQDSQXWiYSŒtSDGěSRWŒHE\]NUDŚWH
■ 1DPRQWXMWHNRPtQRYìNU\W YL] Å0RQWiçQtQiYRGRGVDYDĀHSDU´
äWěUELQ\YQLWŒQtKRNRPtQRYpKRNU\WXVPěŒXMtQDKRUX
$NWLYQtXKOtNRYìILOWUSURFLUNXODĀQtSURYR]
$NWLYQtXKOtNRYpILOWU\YiçRXSDFK\SŒLFLUNXODĀQtPSURYR]X3ŒL
QRUPiOQtPSURYR]XFFDĂKRGLQXGHQQěPěŃWHDNWLYQtXKOtNRYì
ILOWUðURĀQě
8SR]RUQěQt $NWLYQt XKOtNRYp ILOWU\ QHREVDKXMt åNRGOLYp OiWN\ D O]H
MHY\KD]RYDWGRVPtåHQpKRRGSDGX
9\PěŃWHSDFKRYìILOWU
'HPRQWXMWHNRYRYpWXNRYpILOWU\YL]Å1iYRGN SRXçLWtRGVDYDĀH
SDU´
'HPRQWXMWHDNWLYQtXKOtNRYìILOWU'UXKRXUXNRXSŒLWRP]HVSRGX
GUçWHDNWLYQtXKOtNRYìILOWU
1DVDďWHDNWLYQtXKOtNRYìILOWUSŒLNORSWHMHM]SěWD X]DPNQěWHKR
]DFYDNQXWtP'UXKRXUXNRXSŒLWRP]HVSRGXGUçWHDNWLYQt
XKOtNRYìILOWU
1DPRQWXMWHNRYRYpWXNRYpILOWU\YL]Å1iYRGN SRXçLWtRGVDYDĀH
SDU´
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJW
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHPRJRSEHYDUGHQ
6LNNHUKHGHQ YHG EUXJHQ DI GHWWH DSSDUDW NDQ NXQ JDUDQWHUHV KYLV
PRQWHULQJHQIRUHWDJHVIDJOLJWNRUUHNWLKHQKROGWLODQYLVQLQJHUQHL
GHQQHPRQWHULQJVYHMOHGQLQJ,QVWDOODW¡UHQKDUDQVYDUHWIRUDW
DSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
$SSDUDWHWPnXGHOXNNHQGHWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
,QGHQGHUJHQQHPI¡UHVQRJHWDUEHMGHVNDOVWU¡PIRUV\QLQJHQ
DIEU\GHV
: )DUHIRUNYVWHOVHU
8QGHULQVWDOODWLRQHQSJDVNDUSHNDQWHU8QGHUDSSDUDWHWV
LQVWDOODWLRQVNDOPDQDOWLGKDYHEHVN\WWHOVHVKDQGVNHUSn
&LUNXODWLRQVI¡ULQJPRQWHUHV
■ 'HPRQWHUDIWUNVEHNOGQLQJHQVHÅ(PKWWHQV
PRQWHULQJVYHMOHGQLQJ´
■ )DVWJ¡UPLOM¡VSRUHWL KROGHYLQNOHQ
■ )DVWJ¡UVODQJHQWLOFLUNXODWLRQVI¡ULQJRJ OXIWVWXGVPHGGH WR
U¡UVSQGHEnQG
6ODQJHQVNDOYUHVWUDPDINRUWGHQ HIWHUEHKRY
■ 0RQWHUDIWUNVEHNOGQLQJHQVHÅ(PKWWHQV
PRQWHULQJVYHMOHGQLQJ´
6OLGVHUQHSn GHQ LQGYHQGLJHDIWUNVEHNOGQLQJYHQGHURSDG
$NWLYWNXOILOWHUWLOUHFLUNXODWLRQVGULIW
$NWLYHNXOILOWUHELQGHUOXJWSDUWLNOHUQHYHGUHFLUNXODWLRQVGULIW9HG
QRUPDODQYHQGHOVHGDJOLJWFDĂWLPHVNDOGHWDNWLYHNXOILOWHU
XGVNLIWHVĂ[RPnUHW
%HPUN $NWLYH NXOILOWUH LQGHKROGHU LQJHQ VNDGHOLJH VWRIIHU RJ NDQ
ERUWVNDIIHVVDPPHQPHGKXVKROGQLQJVDIIDOGHW
8GVNLIWHOXJWILOWHU
$IPRQWHUPHWDOIHGWILOWUHWVH(PKWWHQVEUXJVYHMOHGQLQJ´
$IPRQWHUGHWDNWLYHNXOILOWHU+ROGVDPWLGLJGHQDQGHQKnQG
XQGHUGHWDNWLYHNXOILOWHU
6W GHW DNWLYH NXOILOWHU LQG NODS GHW RS RJ ODG ODVNHQ Jn L LQGJUHE
+ROGVDPWLGLJGHQDQGHQKnQGXQGHUGHWDNWLYHNXOILOWHU
0RQWHUPHWDOIHGWILOWUHWVH(PKWWHQVEUXJVYHMOHGQLQJ´
el
Ù
¨
:
■ µ
µ
■
■
■ µ
µ
ĂĂ
·
·
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\DQGNHHSWKHPLQDVDIHSODFH
6DIHW\GXULQJXVHFDQRQO\EHHQVXUHGLIWKHDSSOLDQFHLVILWWHG
FRUUHFWO\DFFRUGLQJWRWKHVHLQVWDOODWLRQLQVWUXFWLRQV7KHLQVWDOOHU
LV UHVSRQVLEOH IRU HQVXULQJ WKDW WKH DSSOLDQFH RSHUDWHV SHUIHFWO\ DW
WKHSRLQWRILQVWDOODWLRQ
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRWKHPDLQVRQO\E\DOLFHQVHG
DQGWUDLQHGWHFKQLFLDQ
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
: 5LVNRILQMXU\
)URPVKDUSHGJHVGXULQJLQVWDOODWLRQ$OZD\VZHDUSURWHFWLYH
JORYHVZKLOHLQVWDOOLQJWKHDSSOLDQFH
,QVWDOOLQJFLUFXODWLQJDLUSRLQWV
■ 5HPRYHIOXHGXFWVHH ´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH H[WUDFWRU
KRRGµ
■ +RRNFLUFXODWLQJDLUSRLQWVLQWRWKH IL[LQJEUDFNHW
■ $WWDFK KRVH WR FLUFXODWLQJ DLU VZLWFK DQG DLU SLSH FRQQHFWRU XVLQJ
WZRSLSHFOLSV
+RVHPXVWEHWLJKWVKRUWHQLIUHTXLUHG
■ ,QVWDOOIOXHGXFW VHH ´,QVWDOODWLRQLQVWUXFWLRQVIRUWKH H[WUDFWRU
KRRGµ
6ORWVRIWKH LQQHUIOXHGXFWDW WKH WRS
$FWLYDWHGFKDUFRDOILOWHUIRUDLUUHFLUFXODWLRQPRGH
$FWLYDWHGFKDUFRDOILOWHUVELQGRGRURXVVXEVWDQFHVLQDLU
UHFLUFXODWLRQ PRGH :LWK QRUPDO XVH DSSUR[ RQH KRXU D GD\ WKH
DFWLYDWHGFKDUFRDOILOWHUVKRXOGEHUHSODFHGRQFHD\HDU
1RWH $FWLYDWHGFKDUFRDOILOWHUVGRQRWFRQWDLQDQ\KDUPIXO
VXEVWDQFHVDQGWKH\FDQEHGLVSRVHGRIZLWK\RXUQRUPDO
KRXVHKROGZDVWH
5HSODFLQJRGRXUILOWHUV
5HPRYHWKHPHWDOJUHDVHILOWHUVHH´,QVWUXFWLRQPDQXDOIRUWKH
H[WUDFWRUKRRGµ
5HPRYH WKH DFWLYDWHG FKDUFRDO ILOWHU :KHQ \RX GR WKLV WDNH KROG
RIWKHDFWLYDWHGFKDUFRDOILOWHUIURPXQGHUQHDWKZLWK\RXURWKHU
KDQG
,QVHUW WKH DFWLYDWHG FKDUFRDO ILOWHU VZLQJ LW XS DQG ORFN WKH WDE LQ
SODFH :KHQ \RX GR WKLV WDNH KROG RI WKH DFWLYDWHG FKDUFRDO ILOWHU
IURPXQGHUQHDWKZLWK\RXURWKHUKDQG
)LWWKHPHWDOJUHDVHILOWHUVHH´,QVWUXFWLRQPDQXDOIRUWKH
H[WUDFWRUKRRGµ
es
Û
,QVWUXFFLRQHVGHPRQWDMH
&RQVHMRV\DGYHUWHQFLDV
/HHUFRQDWHQFLyQHVWDVLQVWUXFFLRQHV\FRQVHUYDUODV6RODPHQWH
XQ PRQWDMH SURIHVLRQDO FRQIRUPH D HVWDV LQVWUXFFLRQHV GH PRQWDMH
SXHGHJDUDQWL]DUXQXVRVHJXURGHODSDUDWR(OLQVWDODGRUHV
UHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
(ODSDUDWRVRORKDGHVHUFRQHFWDGRSRUXQWpFQLFRDXWRUL]DGR
$QWHVGHUHDOL]DUFXDOTXLHUWUDEDMRVHKDGHFRUWDUHOVXPLQLVWUR
HOpFWULFR
: £3HOLJURGHOHVLRQHV
SRU ERUGHV DILODGRV GXUDQWH OD LQVWDODFLyQ 8WLOL]DU VLHPSUH JXDQWHV
GHSURWHFFLyQGXUDQWHODLQVWDODFLyQGHODSDUDWR
0RQWDUHO GHVYtRGHFLUFXODFLyQGH DLUH
■ 'HVPRQWDUODFREHUWXUDGHODFKLPHQHDYHUODV©,QVWUXFFLRQHV
GHPRQWDMHSDUDODFDPSDQDGHH[WUDFFLyQGHYDKRVª
■ (QJDQFKDUHO GHVYtRGH FLUFXODFLyQGH DLUHHQHOiQJXOR
GH VXMHFLyQ
■ 6XMHWDUODPDQJXHUDPHGLDQWHODDEUD]DGHUDFRUUHVSRQGLHQWH
HQHOGHVYtRGHFLUFXODFLyQGHDLUH\HOWXER
/D PDQJXHUDGHEHHVWDUWHQVD$FRUWDUODVLKLFLHUDIDOWD
■ 0RQWDUODFREHUWXUDGHODFKLPHQHDYHUODV©,QVWUXFFLRQHVGH
PRQWDMHSDUDODFDPSDQDGHH[WUDFFLyQGHYDKRVª
/DV UDQXUDVGHOUHYHVWLPLHQWRLQWHULRUGH ODFKLPHQHDYDQKDFLD
DUULED
)LOWURGHFDUEyQDFWLYRSDUDIXQFLRQDPLHQWRFRQ
UHFLUFXODFLyQGHDLUH
(OILOWURGHFDUEyQDFWLYRHOLPLQDORVRORUHVHQHOIXQFLRQDPLHQWR
FRQUHFLUFXODFLyQGHDLUH&DPELDUHOILOWURGHFDUEyQDFWLYR YH]
DODxRHQFDVRGHIXQFLRQDPLHQWRQRUPDODSUR[ KRUDDOGtD
1RWD /RVILOWURVGHFDUEyQDFWLYRQRFRQWLHQHQVXVWDQFLDV
FRQWDPLQDQWHVSRUORTXHVHSXHGHQGHVHFKDUHQODEDVXUD
GRPpVWLFD
&DPELDUHOILOWURGHVRGRUL]DQWH
'HVPRQWDUHOILOWURGHPHWDODQWLJUDVDYpDVH©,QVWUXFFLRQHVGH
XVRGHODFDPSDQDH[WUDFWRUDª
'HVPRQWDUHOILOWURGHFDUEyQDFWLYR$JDUUDUSRUGHEDMRHOILOWUR
GHFDUEyQDFWLYRFRQODRWUDPDQR
&RORFDU HO ILOWUR GH FDUEyQ DFWLYR SOHJDUOR KDFLD DUULED \ HQFDMDU
ODOHQJHWD$OPLVPRWLHPSRDJDUUDUFRQODRWUDPDQRSRU
GHEDMRGHOILOWURGHFDUEyQDFWLYR
0RQWDU HO ILOWUR GH PHWDO DQWLJUDVD YpDVH ©,QVWUXFFLRQHV GH XVR
GHODFDPSDQDH[WUDFWRUDª
et
Ü
3DLJDOGXVMXKHQG
2OXOLVHGPlUNXVHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlELMDKRLGNHDOOHV7XUYDOLQH
NDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQHWRLPXE
YDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWXW||HHVW
YDVWXWDESDLJDOGDMD
6HDGHWY}LEJDDVLYDUXVWXVHJDKHQGDGDDLQXOWDVMDRPDVH
NYDOLILNDWVLRRQLJDWHKQLN
(QQHPLVWDKHVW||GHWHRVWDPLVWOOLWDJHYRROYlOMD
: 9LJDVWXVWHRKW
WHUDYDWHVHUYDGHW}WWXSDLJDOGDPLVHDMDO6HDGPHSDLJDOGDPLVHO
NDQGNHDODWLNDLWVHNLQGDLG
¯KXULQJOXVMXKLNXSDLJDOGDPLQH
■ 9}WNHPDKDO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
■ .LQQLWDJH}KXULQJOXVMXKLNNLQQLWXVQXUJLNXVVH
■ .LQQLWDJHYRROLNNDKHWRUXNODPEULJD}KXULQJOXVMXKLNXMD
}KXOLLWLPLNXNOJH
9RROLNSHDENLQQLWXPDNLQGODOWYDMDGXVHNRUUDOWHKNHVHH
OKHPDNV
■ 3DLJDOGDJHO}}ULNDWHYW¯KXSXKDVWLSDLJDOGXVMXKHQG
6HHVPLVHO}}ULNDWWHSLOXGMllYDGOHVSRROH
$NWLLYV|HILOWHU}KXULQJOXVUHçLLPLMDRNV
$NWLLYV|HILOWHUVHREWHNNLYDGO}KQDG}KXULQJOXVUHçLLPLO
7DYDNDVXWXVHNRUUDOLJDSlHYXPEHVĂWXQGYDKHWDJH
DNWLLYV|HILOWULWĂNRUGDDVWDV
0lUNXV $NWLLYV|HILOWHUHLVLVDOGDNDKMXOLNNHDLQHLGMDVHGDY}LE
NlLGHOGDNRRVROPHMllWPHWHJD
/}KQDILOWULYDKHWDPLQH
9}WNH PDKD PHWDOOLVW UDVYDILOWHU YW ůKXSXKDVWL NDVXWXVMXKHQG´
(HPDOGDJHDNWLLYV|HILOWHU6HDOMXXUHVKRLGNHWHLVHNlHJD
DNWLLYV|HILOWULWDOWNLQQL
3DLJDOGDJHDNWLLYV|HILOWHUNHHUDNHVHHOHVMDILNVHHULJHODSDWV
6HDOMXXUHVKRLGNHWHLVHNlHJDDNWLLYV|HILOWULWDOWNLQQL
3DLJDOGDJHPHWDOOLVWUDVYDILOWHUYWůKXSXKDVWLNDVXWXVMXKHQG´
fi
Ý
$VHQQXVRKMH
7lUNHLWlRKMHLWD
/XHMDVlLO\WlWlPlNl\WW|RKMHKXROHOOLVHVWL9DLQQlLGHQ
DVHQQXVRKMHLGHQPXNDLQHQDPPDWWLWDLWRLQHQDVHQQXVWDNDD
WXUYDOOLVHQNl\W|Q$VHQWDMDYDVWDDPRLWWHHWWRPDVWDWRLPLQQDVWD
DVHQQXVSDLNDVVD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDPPDWWLDVHQWDMD
-RNDLVHQKXROWRWRLPHQSLWHHQ\KWH\GHVVlRQODLWWHHVWDNDWNDLVWDYD
YLUWD
: /RXNNDDQWXPLVYDDUD
-RKWXHQ WHUlYLVWl UHXQRLVWD ODLWHWWD DVHQQHWWDHVVD $VHQQHWWDHVVD
Nl\WHWWlYlVXRMDNlVLQHLWl
,OPDYLUUDQRKMDLPHQDVHQQXV
■ ,UURWDKRUPLVXRMXV NDWVR Å/LHVLWXXOHWWLPHQDVHQQXVRKMH´
■ $VHWDLOPDYLUUDQRKMDLQSDLNDOOHHQNXOPDUDXGDQYDUDDQ
■ .LLQQLWlOHWNXNDKGHOODSXWNLNLULVWLPHOOlLOPDQYLUUDQRKMDLPHHQMD
DVHQQXVNDXOXNVHHQ
/HWNXQWXOHHROODNLUHlOOlO\KHQQlWDUYLWWDHVVD
■ $VHQQDKRUPLVXRMXVNDWVR Å/LHVLWXXOHWWLPHQDVHQQXVRKMH´
6LVHPPlQKRUPLVXRMXNVHQLOPDQYDLKWRDXNRW\O|V
$NWLLYLKLLOLVXRGDWLQNLHUWRLOPDNl\WW|lYDUWHQ
$NWLLYLKLLOLVXRGDWWLPHWVLWRYDWLWVHHQVlKDMXWNLHUWRLOPDNl\W|VVl
9DLKGDDNWLLYLKLLOLVXRGDWLQWDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQ
ĂWXQWLNHUUDQYXRGHVVD
+XRPDXWXV $NWLLYLKLLOLVXRGDWWLPHWHLYlWVLVlOOlKDLWDOOLVLDDLQHLWD
MRWHQQHYRLGDDQKlYLWWllNRWLWDORXVMlWWHHQPXNDQD
+DMXVXRGDWWLPHQYDLKWDPLQHQ
,UURWDPHWDOOLQHQUDVYDVXRGDWLQNV/LHVLWXXOHWWLPHQ
Nl\WW|RKMH
,UURWDDNWLLYLKLLOLVXRGDWLQ3LGlVDPDOODWRLVHOODNlGHOOlNLLQQL
DNWLLYLKLLOLVXRGDWWLPHQSRKMDVWD
$VHWDDNWLLYLKLLOLVXRGDWLQSDLNDOOHHQNllQQl\O|VSlLQMDOXNLWVH
NLHOHNH 3LGl VDPDOOD WRLVHOOD NlGHOOl NLLQQL DNWLLYLKLLOLVXRGDWWLPHQ
SRKMDVWD
$VHQQDPHWDOOLQHQUDVYDVXRGDWLQNV/LHVLWXXOHWWLPHQ
Nl\WW|RKMH
fr
Þ
1RWLFHGHPRQWDJH
5HFRPPDQGDWLRQVLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHWWHQRWLFHHWODFRQVHUYHUVRLJQHXVHPHQW
6HXOHPHQWHQFDVGHQFDVWUHPHQWFRUUHFWVHORQFHWWHQRWLFHGH
PRQWDJHODVpFXULWpHVWJDUDQWLHORUVGHOXWLOLVDWLRQ/HPRQWHXU
HVW UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO
HVWLQVWDOOp
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
$YDQWWRXWWUDYDLOFRXSHUODOLPHQWDWLRQpOHFWULTXH
: 5LVTXHGHEOHVVXUH
SHQGDQWOLQVWDOODWLRQjFDXVHGHVDUrWHVYLYHV3HQGDQW
OLQVWDOODWLRQGHODSSDUHLOWRXMRXUVSRUWHUGHVJDQWVGHSURWHFWLRQ
0RQWHUOH FODSHWDLJXLOODQWVXUOH PRGH5HF\FODJH
GH O·DLU
■ 'pPRQWH] OH FDSRW GH FKHPLQpH YRLU OD © 1RWLFH GH PRQWDJH GH
ODKRWWHDVSLUDQWH ª
■ $FFURFKH]OH FODSHWDLJXLOOHXUGDQVOD FRUQLqUHGH UHWHQXH
■ )L[H]OH IOH[LEOHj O·DLGHGHGHX[FROOLHUVFRQWUHO·DLJXLOODJHG·DLU
HWOH PDQFKRQj DLU
/H IOH[LEOHGRLWrWUHWHQGX UDFFRXUFLVVH]OHVLQpFHVVDLUH
■ 0RQWH] OH FDSRW GH FKHPLQpH YRLU OD © 1RWLFH GH PRQWDJH GH OD
KRWWHDVSLUDQWH ª
/HV RXwHV GX FDSRW LQWpULHXU GH FKHPLQpH UHJDUGHQW YHUV OH KDXW
)LOWUH j FKDUERQ DFWLI SRXU OH PRGH UHFLUFXODWLRQ GH
ODLU
'DQVOHPRGHGHUHFLUFXODWLRQGHODLUOHVILOWUHVjFKDUERQDFWLI
DEVRUEHQWOHVPDWLqUHVRGRUDQWHV(QIRQFWLRQQHPHQWQRUPDO
HQY KHXUHSDUMRXUFKDQJH]OHILOWUHjFKDUERQDFWLIĂIRLVSDU
DQ
5HPDUTXH /HVILOWUHVjFKDUERQDFWLIQHFRQWLHQQHQWDXFXQH
VXEVWDQFHQRFLYHHWSHXYHQWrWUHPLVDXUHEXWDYHFOHVGpFKHWV
PpQDJHUV
5HPSODFHUOHILOWUHjRGHXUV
'pPRQWHU OH ILOWUH j JUDLVVH PpWDOOLTXH YRLU © 1RWLFH GXWLOLVDWLRQ
GHODKRWWHDVSLUDQWH ª
'pPRQWH]OHILOWUHjFKDUERQDFWLI3RXUFHIDLUHSODFH]O·DXWUH
PDLQVRXVOHILOWUHjFKDUERQDFWLIHWVDLVLVVH]OH
,QVpUH]OHILOWUHjFKDUERQDFWLIUDEDWWH]OHYHUVOHKDXWHW
HQFOHQFKH]ODSDWWH3RXUFHIDLUHSODFH]O·DXWUHPDLQVRXVOH
ILOWUHjFKDUERQDFWLIHWVDLVLVVH]OH
0RQWHU OH ILOWUH j JUDLVVH PpWDOOLTXH YRLU © 1RWLFH GXWLOLVDWLRQ GH
ODKRWWHDVSLUDQWH ª
hr
à
8SXWH]DPRQWDçX
9DçQHQDSRPHQH
3DçOMLYRSURĀLWDMWHLĀXYDMWHRYHXSXWH]DXSRUDEX6DPRNRG
SUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçXMH
]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ]D
EHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
6DPRRYODåWHQRVWUXĀQRRVREOMHVPLMHSULNOMXĀLWLXUHđDM
3ULMHL]YUåHQMDVYLKUDGRYDLVNOMXĀLWHGRYRGVWUXMH
: 2SDVQRVWRGR]OMHGH
]ERJRåWULKUXERYDSULOLNRPLQVWDODFLMH7LMHNRPLQVWDODFLMHXUHđDMD
XYLMHNQRVLWH]DåWLWQHUXNDYLFH
0RQWDçDYHQWLODWRUD
■ 'HPRQWLUDMWH REORJX GLPQMDND YLGL Å8SXWH ]D PRQWDçX NXKLQMVNH
QDSH´
■ 9HQWLODWRUREMHVLWHQDSULGUçQLNXWQLQDVWDYDN
■ &ULMHYRVGYLMHFLMHYQHREXMPLFHSULĀYUVWLWHQDYHQWLODWRUL
QDVWDYDN]D]UDN
&ULMHYRPRUDELWL]DWHJQXWRSRSRWUHELJDVNUDWLWH
■ 0RQWLUDMWHREORJXGLPQMDNDYLGLÅ8SXWH]DPRQWDçXNXKLQMVNH
QDSH´
3URUH]HXQXWDUQMHREORJHGLPQMDNDSUHPDJRUH
)LOWDUVDNWLYQLPXJOMHQRP]DSRJRQQDRSWRĀQL
]UDN
)LOWULVDNWLYQLPXJOMHQRPVNXSOMDMXQHXJRGQHPLULVHXSRJRQXQD
RSWRĀQL]UDN=DPLMHQLWHILOWDUVDNWLYQLPXJOMHQRPNRGQRUPDOQRJ
UDGDGQHYQRRWSULOLNHĂVDWMHGQRPJRGLåQMH
1DSRPHQD )LOWULVDNWLYQLPXJOMHQRPQHVDGUçHåWHWQHWYDULL
PRçHWHLKEDFLWLXNXþQLRWSDG
=DPMHQDILOWUD]DPLULVH
,]YDGLWHPHWDOQLILOWDU]DPDVQRþXYLGLÅ8SXWH]DXSRUDEX
NXKLQMVNHQDSH´
,]YDGLWH ILOWDU V DNWLYQLP XJOMHQRP 3ULWRP GUXJRP UXNRP XKYDWLWH
LVSRGILOWUDVDNWLYQLPXJOMHQRP
6WDYLWH ILOWDU V DNWLYQLP XJOMHQRP SUHNORSLWH SUHPD JRUH L XJODYLWH
VSRMQLFX3ULWRPGUXJRPUXNRPXKYDWLWHLVSRGILOWUDVDNWLYQLP
XJOMHQRP
8JUDGLWHPHWDOQLILOWDU]DPDVQRþXYLGLÅ8SXWH]DXSRUDEX
NXKLQMVNHQDSH´
hu
á
6]HUHOpVL~WPXWDWy
)RQWRVWXGQLYDOyN
*RQGRVDQROYDVVDHOpVŌUL]]HPHJH]WD]~WPXWDWyW&VDND
V]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpVHVHWpQ
JDUDQWiOWD]]HPEL]WRQViJ$V]HUHOŌIHOHOŌVDIHOiOOtWiVLKHO\HQ
YDOyNLIRJiVWDODQPŦN|GpVpUW
$NpV]OpNHWFVDNKLYDWDORVHQJHGpOO\HOUHQGHONH]ŌV]DNHPEHU
FVDWODNR]WDWKDWMD
%iUPLO\HQPXQNDHOYpJ]pVHHOŌWWV]QWHVVHPHJD]iUDPHOOiWiVW
: 6pUOpVYHV]pO\
V]HUHOpVN|]EHQD]pOHVSHUHPHNPLDWW$NpV]OpNV]HUHOpVH
N|]EHQPLQGLJYLVHOMHQYpGŌNHV]W\ŦW
.HULQJHWHWWOHYHJŌWHUHOŌODSEHV]HUHOpVH
■ 6]HUHOMHOHDNUWŌWDNDUyODSRNDWOiVGDÅ3iUDHOV]tYyV]HUHOpVL
~WPXWDWyMiWµ
■ $NDVV]DEHDNHULQJHWHWWOHYHJŌWHUHOŌODSRWDWDUWyLGRPED
■ $W|POŌWU|J]tWVHNpWFVŌELOLQFFVHODNHULQJHWHWWOHYHJŌ
WHUHOŌODSUDpVDOHYHJŌFVRQNUD
$W|POŌQHNIHV]HVQHNNHOOOHQQLHV]NVpJHVHWpQU|YLGtWVHOH
■ 6]HUHOMHYLVV]DDNUWŌWDNDUyODSRNDWOiVGDÅ3iUDHOV]tYy
V]HUHOpVL~WPXWDWyMiWµ
%HOVŌNUWŌWDNDUyODSUpVHLIHOIHOp
$NWtYV]pQV]ŦUŌOpJNHULQJHWpVHV]HPPyGKR]
$]DNWtYV]pQV]ŦUŌNPHJN|WLNDV]DJRNDWOpJNHULQJHWpVHV
]HPPyGEDQ$]DNWtYV]pQV]ŦUŌWQRUPiO]HPHOpVHVHWpQQDSL
NEĂyUDpYHQWHHJ\V]HUFVHUpOMHNL
8WDVtWiV $] DNWtYV]pQV]ŦUŌN QHP WDUWDOPD]QDN NiURV DQ\DJRNDW
pVDKi]WDUWiVLKXOODGpNNDOHJ\WWiUWDOPDWODQtWKDWyN
6]DJV]ŦUŌFVHUpMH
6]HUHOMHNLDIpP]VtUV]ŦUŌWOiVGDÅ3iUDHOV]tYyKDV]QiODWL
XWDVtWiViWµ
9HJ\H NL D] DNWtYV]pQV]ŦUŌW .|]EHQ D PiVLN NH]pYHO Q\~OMRQ D]
DNWtYV]pQV]ŦUŌDOi
+HO\H]]H EH pV KDMWVD IHO D] DNWtYV]pQV]ŦUŌW PDMG SDWWLQWVD EH
DIOHW.|]EHQDPiVLNNH]pYHOQ\~OMRQD]DNWtYV]pQV]ŦUŌDOi
6]HUHOMHEHDIpP]VtUV]ŦUŌWOiVGDÅ3iUDHOV]tYyKDV]QiODWL
XWDVtWiViWµ
it
â
,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL
/HJJHUHDWWHQWDPHQWHHFRQVHUYDUHTXHVWH,VWUX]LRQLSHUOXVR
6RORXQPRQWDJJLRLQDFFRUGRFRQOHUHODWLYHLVWUX]LRQLSXz
JDUDQWLUHXQXWLOL]]RVLFXURGHOODSSDUHFFKLR/LQVWDOODWRUHq
UHVSRQVDELOHGHOFRUUHWWRIXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
/DOODFFLDPHQWRGHOODSSDUHFFKLRGHYHHVVHUHHIIHWWXDWR
HVFOXVLYDPHQWHGDXQWHFQLFRTXDOLILFDWRHDXWRUL]]DWR
6WDFFDUHODOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
: 3HULFRORGLOHVLRQL
&DXVDWRGXUDQWHOLQVWDOOD]LRQHGDERUGLDIILODWL,QGRVVDUHVHPSUH
JXDQWLGLSURWH]LRQHGXUDQWHOLQVWDOOD]LRQHGHOODSSDUHFFKLR
0RQWDJJLRGHO GHIOHWWRUHDULD
■ 6PRQWDUH LO ULYHVWLPHQWR GHO FDPLQR YHG ©,VWUX]LRQL G·XVR GHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
■ $JJDQFLDUHLO GHIOHWWRUHDULDDOO·DQJRODUHGL VXSSRUWR
■ )LVVDUH LO WXER IOHVVLELOH FRQ GXH IDVFHWWH VWULQJLWXER D GHIOHWWRUH
DULDH ERFFKHWWRQHDULD
,OWXERIOHVVLELOHGHYHHVVHUHWHVRHYHQWXDOPHQWHDFFRUFLDUOR
■ 0RQWDUHLO ULYHVWLPHQWRGHOFDPLQRYHG ©,VWUX]LRQLG·XVRGHOOD
FDSSDGL DVSLUD]LRQHGHOYDSRUHª
)HVVXUHGHO ULYHVWLPHQWRLQWHUQRGHO FDPLQRYHUVRO·DOWR
)LOWURDFDUERQHDWWLYRSHUIXQ]LRQDPHQWRD
ULFLUFRORGDULD
,ILOWULDFDUERQHDWWLYRQHOIXQ]LRQDPHQWRDULFLUFRORGDULD
WUDWWHQJRQROHSDUWLFHOOHFKHFDXVDQRLFDWWLYLRGRUL,QFDVRGL
HVHUFL]LRQRUPDOHDOOLQFLUFDĂRUDDOJLRUQRVRVWLWXLUHLOILOWURD
FDUERQHDWWLYRXQDYROWDDOODQQR
$YYHUWHQ]D ,ILOWULDFDUERQHDWWLYRQRQFRQWHQJRQRDOFXQD
VRVWDQ]DQRFLYDHSRVVRQRHVVHUHVPDOWLWLQHLULILXWLGRPHVWLFL
6RVWLWX]LRQHGHOILOWURRGRUL
5LPXRYHUHLOILOWURJUDVVLPHWDOOLFRYHGHUH´,VWUX]LRQLSHUOXVR
GHOODFDSSDGLDVSLUD]LRQHµ
6PRQWDUHLOILOWURDFDUERQHDWWLYR&RQO·DOWUDPDQRDIIHUUDUHLO
ILOWURDFDUERQHDWWLYRGDVRWWR
,QVHULUHLOILOWURDFDUERQHDWWLYRSLHJDUORYHUVRODOWRHLQQHVWDUH
OD OLQJXHWWD &RQ O·DOWUD PDQR DIIHUUDUH LO ILOWUR D FDUERQH DWWLYR GD
VRWWR
,QVWDOODUH LO ILOWUR JUDVVL PHWDOOLFR YHGHUH ´,VWUX]LRQL SHU OXVR GHOOD
FDSSDGLDVSLUD]LRQHµ
lt
ä
0RQWDYLPRLQVWUXNFLMD
6YDUELRVQXRURGRV
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉLUMĉLåVDXJRNLWH3ULHWDLVDV
VDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDLVXPRQWXRWDV
ODLNDQWLVåLRVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXVDWOLHNDQWLV
DVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PRYLHWRMH
3ULHWDLVĉ SULMXQJWL JDOL WLN OLFHQFLMĉ WXULQWLV NYDOLILNXRWDV GDUEXRWRMDV
3ULHåDWOLHNDQWEHWNRNLXVGDUEXVUHLNLDDWMXQJWLVURYėVWLHNLPĉ
: 3DYRMXVVXVLçHLVWL
ĭDåWULDVEULDXQDVPRQWXRMDQW0RQWXRGDPLSULHWDLVĉPŠYėNLWH
DSVDXJLQHVSLUåWLQHV
5HFLUNXOLDFLMRVNUHLSWXYRPRQWDYLPDV
■ ,åPRQWXRNLWHNDPLQRJDXEWĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
■ ĬVWDW\NLWHUHFLUNXOLDFLMRVNUHLSWXYĉĭODLNLNOĭ
■ 3ULWYLUWLQNLWHYDP]GĭVXGYLHPYDP]GçLRDSNDERPLVSULH
UHFLUNXOLDFLMRVNUHLSWXYRLURURMXQJWLHV
æDUQDWXULEŠWLĭWHPSWDWRGėOSULUHLNXVMĉVXWUXPSLQNLWH
■ 6XPRQWXRNLWHNDPLQRJDXEWĉçUÅ*DUWUDXNLRPRQWDYLPR
LQVWUXNFLMD´
9LGLQLRNDPLQRDSWDLVRSO\åLDLWXULEŠWLYLUåXMH
$NW\YLQWRVLRV DQJOLHV ILOWUDV UHFLUNXOLDFLMRV UHçLPXL
ĬMXQJXVUHFLUNXOLDFLMRVUHçLPĉDNW\YLQWRVLRVDQJOLHVILOWUDVVXJHULD
NYDSXVĬSUDVWDLHNVSORDWXRMDQWNDVGLHQDS\WLNVOĂYDODQGĉ
DNW\YLQWRVLRVDQJOLHVILOWUĉUHLNLDNHLVWLYLHQĉNDUWĉSHUPHWXV
3DVWDED $NW\YLQWRVLRVDQJOLHVILOWUXRVHQėUDNHQNVPLQJŨMŨ
PHGçLDJŨMXRVJDOLPDLåPHVWLNDUWXVXEXLWLQėPLVDWOLHNRPLV
.YDSŨILOWURNHLWLPDV
,åPRQWXRNLWHPHWDOLQĭULHEDOŨILOWUĉçUÅ*DUWUDXNLRQDXGRMLPR
LQVWUXNFLMD´
,åPRQWXRNLWHDNW\YLQWRVLRVDQJOLHVILOWUĉ.LWDUDQNDSULODLN\NLWH
DNW\YXRWRVDQJOLHVLOWUĉ
ĬVWDW\NLWHDNW\YLQWRVLRVDQJOLHVILOWUĉXçOHQNLWHĭYLUåŨLU
XçILNVXRNLWHOLHçXYėOĭ.LWDUDQNDSULODLN\NLWHDNW\YXRWRVDQJOLHV
ILOWUĉ
ĬPRQWXRNLWHPHWDOLQĭULHEDOŨILOWUĉçUÅ*DUWUDXNLRQDXGRMLPR
LQVWUXNFLMD´
lv
å
0RQWąçDVLQVWUXNFLMD
6YDUĩJLQRUąGĩMXPL
8]PDQĩJLL]ODVLHWXQVDJODEąMLHWåROLHWRåDQDVSDPąFĩEX
/LHWRåDQDLUGURåDWLNDLWDGMDX]VWąGĩåDQDLUWHKQLVNLSDUHL]DXQ
DWELOVWĩJDSDPąFĩEDL3DUSDUHL]XLHNąUWDVGDUEĩEXX]VWąGĩåDQDV
YLHWąDWELOGX]VWąGĩWąMV
,HUĩFLSLHYLHQRWGUĩNVWWLNDLVHUWLILFēWVVSHFLąOLVWV
3LUPVYHLFDWMHENąGXVGDUEXVYLHQPēUDWYLHQRMLHWHOHNWURSDGHYL
: 6DYDLQRMXPXULVNV
DU DVąP PDOąP LHUĩFHV X]VWąGĩåDQDV ODLNą 8]VWąGRW LHUĩFL YLHQPēU
YDONąMLHWDL]VDUJFLPGXV
*DLVDFLUNXOąFLMDVNDQąODX]VWąGĩåDQD
■ 9HQWLOąFLMDVNDQąODDSGDUHVQRŁHPåDQDVNÅ7YDLNXQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEDµ
■ ,HNDULHWJDLVDFLUNXOąFLMDVNDQąOXOHŁĴDEDOVWHQĩ
■ 3LHVWLSULQLHWåĹŠWHQLSLHJDLVDFLUNXOąFLMDVNDQąODXQJDLVD
ĩVFDXUXOHVL]PDQWRMRWGLYDVDSVNDYDV
äĹŠWHQHLMąEŠWQRVWLHSWDLYDMDG]ĩEDVJDGĩMXPąVDĩVLQLHWWR
■ 9HQWLOąFLMDVNDQąODDSGDUHVX]VWąGĩåDQDVNÅ7YDLNXQRVŠFēMD
X]VWąGĩåDQDVSDPąFĩEDµ
9HQWLOąFLMDVNDQąODLHNåēMąVDSGDUHVSOąNVQHVVSUDXJDLMąEŠW
YēUVWDLDXJåXS
$NWĩYąV RJOHV ILOWUV L]PDQWRåDQDL JDLVD FLUNXOąFLMDV
UHçĩPą
*DLVDFLUNXOąFLMDVUHçĩPąDNWĩYąVRJOHVILOWUVDL]WXUDURPąWYLHODV
,]PDQWRMRWDNWĩYąVRJOHVILOWUXSDUDVWąGDUEDUHçĩPąNDWUXGLHQX
DSPĂVWXQGXWDVMąPDLQDYLHQUHL]JDGą
1RUąGĩMXPV $NWĩYąVRJOHVILOWUąQDYNDLWĩJXYLHOXWąSēFWRYDU
L]PHVWVDG]ĩYHVDWNULWXPRV
6PDNDVILOWUDQRPDLŁD
1RŁHPLHW PHWąOD WDXNX ILOWUX VNDWLHW Å7YDLNX QRVŠFēMD OLHWRåDQDV
SDPąFĩEDµ
,]ŁHPLHWDNWĩYąVRJOHVILOWUX9LHQODLFĩJLDURWUXURNXSLHWXULHW
DNWĩYąVRJOHVILOWUXQRDSDNåDV
,HYLHWRMLHW DNWĩYąV RJOHV ILOWUX SDFHOLHW WR X] DXJåX XQ QRVWLSULQLHW
PēOĩWL9LHQODLFĩJLDURWUXURNXSLHWXULHWDNWĩYąVRJOHVILOWUXQR
DSDNåDV
8]VWąGLHW PHWąOD WDXNX ILOWUX VNDWLHW Å7YDLNX QRVŠFēMD OLHWRåDQDV
SDPąFĩEDµ
mk
æ
ΝιΪμλμάθαΪζθημΪΰΪ
Αίεμημίξνλδμη
ΌηβζΪμίεηθικθρβμΪϒμίέθθάΪνιΪμλμάθβρνάΪϒμίέθΛΪζθλθ
λμκνρηΪζθημΪΰΪλθέεΪληθθάΪνιΪμλμάθαΪζθημΪΰΪί
αΪέΪκΪημβκΪηΪ ΫίαΫίήηθλμΪ ικβ νιθμκίΫΪ ηΪ νκίήθμ ΒηλμΪεΪμίκθμ
ίθήέθάθκίηαΪΫίλικίδθκηθξνηδπβθηβκΪϔίηΪζίλμθμθηΪ
ιθλμΪάνάΪϔί
ΛΪζθεβπίηπβκΪηλιίπβϒΪεβλμλζίίήΪέθικβδενρβνκίήθμ
ΙκίήκΪΫθμίϔίΫβεθδΪδάΪκΪΫθμΪβλδενρίμίέθηΪιθϒνάΪϔίμθ
: Νξίπμνπρνγξναοδγί
θήθλμκβμίκΪΫθάβαΪάκίζίηΪβηλμΪεΪπβϒΪμΪΑΪάκίζίηΪ
βηλμΪεΪπβϒΪμΪηΪνκίήθμλίδθέΪςηθλίμίαΪςμβμηβκΪδΪάβπβ
Λνμρηοίϗρδπδξίοίρνοζίυηοιςκηοίφιηνρανζγςτ
■ ΎίζθημβκΪϔίηΪζΪλδΪμΪηΪδΪζβηθμάβήβÅΝιΪμλμάθαΪ
ζθημΪΰΪηΪΪλιβκΪμθθμ´
■ ΑΪδΪρίμίέθλίιΪκΪμθκθμαΪπβκδνεβκΪρδβάθαήνοηΪΪέθεηβθμ
ήκΰΪρ
■ Ικβπάκλμίμί έθ πκίάθμθ β άθαήνςηβμί ζεΪαηβπβ ηΪ λίιΪκΪμθκθμ
αΪπβκδνεβκΪρδβάθαήνολθήάίλμίέβαΪπκίάθ
ΠκίάθμθζθκΪήΪΫβήίαΪμίέηΪμθιθιθμκίΫΪλδκΪμίμίέθ
■ ΖθημβκΪϔίηΪζΪλδΪμΪηΪδΪζβηθμάβήβÅΝιΪμλμάθαΪζθημΪΰΪ
ηΪΪλιβκΪμθθμ´
ΙκθπίιβμίηΪάηΪμκίςηΪμΪζΪλδΪηΪδΪζβηθμμκίΫΪήΪΫβήΪμ
ηΪέθκί
Σηκροηζίίιρηαδμϗίβκδμζίοδεηλμί
υηοιςκίυηϗί
Ξβεμκβμί αΪ Ϊδμβάίη ϒΪέείη έβ θμλμκΪηνάΪΪμ ζβκβλβμί άθ κίΰβζ ηΪ
πβκδνεΪπβϒΪ ΑΪζίηίμί έβ ξβεμκβμί αΪ Ϊδμβάίη ϒΪέείη άθ ηθκζΪείη
κίΰβζήηίάηθθδθενĂρΪλ[άθέθήβηΪμΪ
Μίξνλδμί ΞβεμκβμίαΪΪδμβάίηϒΪέείηηίλθήκΰΪμςμίμηβ
ζΪμίκβββζθΰίήΪλίθμλμκΪηΪμάθήθζΪςηβθμθμιΪή
Ζίλδμίμίσηκρδονρζίληοηζΰη
ΎίζθημΪΰΪηΪζίμΪεηβμίξβεμκβαΪζΪληθμββάβήίμίάθ
ÅΝιΪμλμάθαΪνιθμκίΫΪηΪΪλιβκΪμθκθμ´
ΚΪαζθημβκΪϒμί έθ ξβεμίκθμ λθ Ϊδμβάίη ϒΪέείη ΙκβμθΪ λθ ήκνέΪμΪ
κΪδΪξΪμίμίιθήξβεμκβμίλθΪδμβάίηϒΪέείη
Όζίμηίμί έβ ξβεμκβμί λθ Ϊδμβάίη ϒΪέείη ικίδεθιίμί έβ ηΪέθκί β
ηίδΪλίάδεθιβϒΪαβρίμθΙκβμθΪλθήκνέΪμΪκΪδΪξΪμίμίιθή
ξβεμκβμίλθΪδμβάίηϒΪέείη
ΖθημΪΰΪ ηΪ ζίμΪεηβμί ξβεμκβ αΪ ζΪληθμββ άβήίμί άθ ÅΝιΪμλμάθ
αΪνιθμκίΫΪηΪΪλιβκΪμθκθμ´
nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRUHQEHZDDUKHP
JRHG$OOHHQDOVGHLQERXZRSGHVNXQGLJHZLM]HHQFRQIRUPGLW
LQVWDOODWLHYRRUVFKULIWZRUGWXLWJHYRHUGLVGHYHLOLJKHLGELMKHW
JHEUXLN JHJDUDQGHHUG 'H LQVWDOODWHXU LV YHUDQWZRRUGHOLMN YRRU HHQ
JRHGHZHUNLQJRSGHSODDWVYDQRSVWHOOLQJ
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW
: 5LVLFRYDQOHWVHO
WLMGHQVGHLQVWDOODWLHGRRUVFKHUSHUDQGHQ'UDDJWLMGHQVGH
LQVWDOODWLHYDQKHWDSSDUDDWDOWLMGYHLOLJKHLGVKDQGVFKRHQHQ
/XFKWJHOHLGHUPRQWHUHQ
■ 6FKRRUVWHHQDIVFKHUPLQJ GHPRQWHUHQ ]LH Å0RQWDJHKDQGOHLGLQJ
YDQGH DI]XLJNDSµ
■ /XFKWJHOHLGHULQ GH EHYHVWLJLQJVKRHNKDQJHQ
■ 6ODQJPHWGH WZHHEXLVNOHPPHQEHYHVWLJHQDDQGH
OXFKWJHOHLGHUHQKHWOXFKWDIYRHUDDQVOXLWVWXN
'H VODQJPRHWVWUDNVWDDQHYHQWXHHOLQNRUWHQ
■ 6FKRRUVWHHQDIVFKHUPLQJPRQWHUHQ]LH Å0RQWDJHKDQGOHLGLQJ
YDQGH DI]XLJNDSµ
6OHXYHQYDQKHW ELQQHQVWHVFKRRUVWHHQDIVFKHUPVWXNZLM]HQ
QDDUERYHQ
$FWLHYHNRROILOWHUVYRRUOXFKWFLUFXODWLH
$FWLHYHNRROILOWHUVELQGHQGHUHXNVWRIIHQELMGHOXFKWFLUFXODWLH'H
DFWLHYHNRROILOWHUVGLHQHQELMQRUPDDOJHEUXLNGDJHOLMNVFDĂXXU
[SHUMDDUWHZRUGHQYHUYDQJHQ
$DQZLM]LQJ $FWLHYHNRROILOWHUVEHYDWWHQJHHQVFKDGHOLMNHVWRIIHQ
HQNXQQHQPHWKHWKXLVYXLOZRUGHQPHHJHJHYHQ
*HXUILOWHUYHUYDQJHQ
0HWDOHQYHWILOWHUGHPRQWHUHQ]LHÅJHEUXLNVDDQZLM]LQJELMGH
DI]XLJNDS´
$FWLHYH NRROILOWHU GHPRQWHUHQ 'DDUELM GLHQW X KHP PHW GH DQGHUH
KDQGWHRQGHUVWHXQHQ
$FWLHYHNRROILOWHULQEUHQJHQQDDUERYHQNODSSHQHQKHWOLSMHLQ
ODWHQNOLNNHQ'DDUELMGLHQWXKHPPHWGHDQGHUHKDQGWH
RQGHUVWHXQHQ
0HWDOHQYHWILOWHUPRQWHUHQ]LHGHÅJHEUXLNVDDQZLM]LQJELMGH
DI]XLJNDS´
no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHPHUNQDGHU
/HVGHQQHEUXNVDQYLVQLQJHQQ¡\HRJWDYDUHSnGHQIRUVHQHUH
EUXN6LNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJHQVNMHU
Sn IDJPHVVLJ PnWH L VDPVYDU PHG GHQQH PRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
$SSDUDWHWPnEDUHNREOHVWLODYJRGNMHQWHIDJIRON
)¡UDOOHDUEHLGHUPnVWU¡PWLOI¡UVHOHQEU\WHV
: )DUHIRUVNDGH
3nJUXQQDYVNDUSHNDQWHUXQGHULQVWDOODVMRQHQ%UXNDOOWLG
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
0RQWHULQJDY VLUNXODVMRQVVSRU
■ 'HPRQWHUHVSLSHEOHQGHQVH ´0RQWHULQJVYHLOHGQLQJIRU
GDPSKHWWHQµ
■ 6LUNXODVMRQVVSRUHWKHQJHVLQQL KROGHYLQNHOHQ
■ )HVWVODQJHQPHGWR U¡UNODPPHUWLOVSRUHWIRURPOXIWRJ WLO
OXIWVWXVVHQ
6ODQJHQPn YUHUHWWRPQ¡GYHQGLJNDQGHQ IRUNRUWHV
■ 0RQWHUHVSLSHEOHQGHQVH ´0RQWHULQJVYHLOHGQLQJIRU
GDPSKHWWHQµ
6SUHNNHQHSn GHQLQGUHSLSHEOHQGHQPn YUHRSSH
$NWLYNXOOILOWHUIRUVLUNXODVMRQVGULIW
$NWLYWNXOOILOWUH ELQGHU OXNWVWRIIHQH L VLUNXODVMRQVGULIW 9HG YDQOLJ EUXN
FDĂWLPHGDJOLJVNDODNWLYNXOOILOWHUHWVNLIWHVXWĂJDQJLnUHW
0HUN $NWLYNXOOILOWUHLQQHKROGHULQJHQVNDGHOLJHVWRIIHURJNDQ
NDVWHVLKXVKROGQLQJVDYIDOOHW
6NLIWHXWOXNWILOWHU
7DXWPHWDOOIHWWILOWHUHWVH%UXNVDQYLVQLQJIRUDYWUHNNVKHWWHQ
7D XW DNWLYNXOOILOWHUHW +ROG VDPWLGLJ PHG GHQ DQGUH KnQGHQ XQGHU
DNWLYNXOOILOWHUHW
6HWW LQQ DNWLYNXOOILOWHUHW YLSS GHW RSS RJ OD WDSSHQ NOLNNH Sn SODVV
+ROGVDPWLGLJPHGGHQDQGUHKnQGHQXQGHUDNWLYNXOOILOWHUHW
6HWW LQQ PHWDOOIHWWILOWHUHW VH %UXNVDQYLVQLQJ IRU DYWUHNNVKHWWHQ
pl
ë
,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNL
1DOHŰ\XZDŰQLHSU]HF]\WDþL]DFKRZDþLQVWUXNFMęREVãXJL
:\ãĉF]QLHSUDZLGãRZ\PRQWDŰZ\NRQDQ\]JRGQLH]LQVWUXNFMĉ
PRQWDŰXJZDUDQWXMHEH]SLHF]HĿVWZRXŰ\WNRZDQLD,QVWDODWRU
RGSRZLHG]LDOQ\ MHVW ]D SUDZLGãRZH G]LDãDQLH XU]ĉG]HQLD Z PLHMVFX
PRQWDŰX
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPL
3U]HGSUHSURZDG]HQLHPSUDFZ\ãĉF]\þGRSã\ZSUĉGX
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
SRGF]DVLQVWDODFML]HZ]JOęGXQDRVWUHNUDZęG]LH3RGF]DV
LQVWDODFMLXU]ĉG]HQLD]DZV]HQRVLþUęNDZLFHRFKURQQH
0RQWRZDQLHNLHURZQLF\SRZLHWU]DRELHJRZHJR
■ =GHPRQWRZDþREXGRZęNRPLQRZĉ SDWU]Å,QVWUXNFMDPRQWDŰX
RNDSXNXFKHQQHJR´
■ =DZLHVLþNLHURZQLFęSRZLHWU]DQD NĉWRZQLNXPRFXMĉF\P
■ 3U]\PRFRZDþZĉŰGR NLHURZQLF\SRZLHWU]DRUD]GRNUyþFD
SRZLHWU]D]D SRPRFĉGZyFKRSDVHN]DFLVNRZ\FK
:ĉŰ QLH PRŰH OXŮQR ]ZLVDþ ² Z UD]LH SRWU]HE\ SURV]ę JR VNUyFLþ
■ =DPRQWRZDþREXGRZęNRPLQRZĉ SDWU] Å,QVWUXNFMDPRQWDŰX
RNDSXNXFKHQQHJR´
6]F]HOLQ\ZHZQęWU]QHMREXGRZ\NRPLQRZHMGR JyU\
)LOWU\ ] ZęJOHP DNW\ZQ\P GR WU\EX SUDF\ Z RELHJX
]DPNQLęW\P
)LOWU\]ZęJOHPDNW\ZQ\PSRFKãDQLDMĉQLHSRŰĉGDQH]DSDFK\Z
WU\ELHSUDF\ZRELHJX]DPNQLęW\P3U]\VWDQGDUGRZ\P
XŰ\WNRZDQLXILOWUD]ZęJOHPDNW\ZQ\PFRG]LHQQLHSU]H]RN
ĂJRG]LQęQDOHŰ\Z\PLHQLDþILOWU[ZURNX
:VND]yZND )LOWU\]ZęJOHPDNW\ZQ\PQLH]DZLHUDMĉVXEVWDQFML
V]NRGOLZ\FKLPRŰQDMHZ\U]XFDþ]RGSDGDPLNRPXQDOQ\PL
:\PLDQDILOWUD]DSDFKyZ
=GHPRQWRZDþ PHWDORZ\ ILOWU SU]HFLZWãXV]F]RZ\ SDWU] Å,QVWUXNFMD
REVãXJLRNDSX´
:\Mĉþ ILOWU ] ZęJOHP DNW\ZQ\P 'UXJĉ UęNĉ FKZ\FLþ SU]\ W\P ILOWU
]ZęJOHPDNW\ZQ\PRGVSRGX
:ãRŰ\þILOWU]ZęJOHPDNW\ZQ\PQDVWęSQLHXQLHŔþILOWUL
]DWU]DVQĉþEORNDGę'UXJĉUęNĉFKZ\FLþSU]\W\PILOWU]ZęJOHP
DNW\ZQ\PRGVSRGX
=DPRQWRZDþPHWDORZ\ILOWUSU]HFLZWãXV]F]RZ\SDWU]Å,QVWUXNFMD
REVãXJLRNDSX´
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHV
/HLDDWHQWDPHQWHHJXDUGHHVWDVLQVWUXo}HV$SHQDVVHD
PRQWDJHPIRUUHDOL]DGDGHIRUPDWHFQLFDPHQWHFRUUHFWDHP
FRQIRUPLGDGHFRPHVWDVLQVWUXo}HVGHPRQWDJHPVHSRGH
JDUDQWLUDVHJXUDQoDGXUDQWHDXWLOL]DomR2LQVWDODGRUp
UHVSRQViYHOSHORIXQFLRQDPHQWRFRUUHFWRQRORFDOGHLQVWDODomR
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
'HVOLJDUDDOLPHQWDomRHOpFWULFDDQWHVGHUHDOL]DUTXDLVTXHU
WUDEDOKRV
: 3HULJRGHIHULPHQWRV
GHYLGRDFDQWRVSRQWLDJXGRVGXUDQWHDLQVWDODomR8VDUVHPSUH
OXYDVGHSURWHFomRGXUDQWHDLQVWDODomRGRDSDUHOKR
0RQWDJHPGR VHSDUDGRUGD FLUFXODomRGH DU
■ 'HVPRQWDUR SDLQHOGHFRUDWLYRGDFKDPLQp YHU©,QVWUXo}HVGH
0RQWDJHPGR H[DXVWRUª
■ 6XVSHQGHUR VHSDUDGRUGD FLUFXODomRGH DUQRkQJXOR
GH IL[DomR
■ )L[DUR WXERIOH[tYHOFRPDVGXDVEUDoDGHLUDVQRVHSDUDGRU
GH FLUFXODomRGHDUH QRERFDOGHDGPLVVmRGHDU
2 WXERIOH[tYHOWHPTXHHVWDUHVWLFDGRVHQHFHVViULRHQFXUWDU
■ 0RQWDUR SDLQHOGHFRUDWLYRGDFKDPLQp YHU ©,QVWUXo}HV
GH 0RQWDJHPGRH[DXVWRUª
5DQKXUDVGRSDLQHOGHFRUDWLYRLQWHULRUGD FKDPLQpSDUDFLPD
)LOWURGHFDUYmRDWLYRSDUDIXQFLRQDPHQWRFRP
UHFLUFXODomRGHDU
2VILOWURVGHFDUYmRDWLYRDJOXWLQDPDVVXEVWkQFLDVRGRUtIHUDVQR
IXQFLRQDPHQWRFRPUHFLUFXODomRGHDU&RPXWLOL]DomRQRUPDO
DSUR[ĂKRUDSRUGLDVXEVWLWXDRILOWURGHFDUYmRDWLYRĂ[SRU
DQR
1RWD 2V ILOWURV GH FDUYmR DWLYR QmR FRQWrP VXEVWkQFLDV QRFLYDV H
SRGHPVHUHOLPLQDGRVMXQWDPHQWHFRPROL[RGRPpVWLFR
6XEVWLWXLUILOWURVGHRGRUHV
'HVPRQWHRILOWURPHWiOLFRGHJRUGXUDVYHU0DQXDOGH
LQVWUXo}HVGRH[DXVWRU
'HVPRQWHRILOWURGHFDUYmRDWLYR&RPDRXWUDPmRVHJXUHR
ILOWURGHFDUYmRDWLYRSRUEDL[R
&RORTXHRILOWURGHFDUYmRDWLYRYLUHRSDUDFLPDHHQJDWHD
SDWLOKD&RPDRXWUDPmRVHJXUHRILOWURGHFDUYmRDWLYRSRU
EDL[R
0RQWH R ILOWUR PHWiOLFR GH JRUGXUDV YHU 0DQXDO GH LQVWUXo}HV GR
H[DXVWRU
ro
í
,QVWUXFŘLXQLGHPRQWDM
,QGLFDŘLLLPSRUWDQWH
&LWLŘLFXDWHQŘLHüLUHŘLQHŘLDFHDVWćLQVWUXFŘLXQH1XPDLODPRQWDMXO
UHJXODPHQWDUFRUHVSXQ]ćWRUDFHVWHLLQVWUXFŘLXQLGHPRQWDMHVWH
JDUDQWDWć VLJXUDQŘD OD XWLOL]DUH ,QVWDODWRUXO HVWH UHVSRQVDELO SHQWUX
IXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
5DFRUGXO DSDUDWXOXL VH YD UHDOL]D QXPDL GH FćWUH SHUVRQDO FDOLILFDW
üLDXWRUL]DW
ÍQDLQWHGHDH[HFXWDRULFHOXFUDUHvQWUHUXSHŘLDOLPHQWDUHDFX
FXUHQWHOHFWULF
: 3HULFROGHUćQLUH
GLQFDX]DPXFKLLORUDVFXŘLWHvQWLPSXOLQVWDOćULLÍQWLPSXOLQVWDOćULL
DSDUDWXOXLSXUWDŘLvQWRWGHDXQDPćQXüLGHSURWHFŘLH
0RQWDUHDGHIOHFWRUXOXLSHQWUXDHUXOUHFLUFXODW
■ 'HPRQWDŘL DSćUćWRDUHD FRüXOXL YH]L Å,QVWUXFŘLXQLOH GH PRQWDM DOH
KRWHL´
■ 6XVSHQGDŘLGHIOHFWRUXOSHQWUXDHUXOUHFLUFXODWvQVXSRUWXOGH
VXVŘLQHUH
■ )L[DŘLIXUWXQXOFXFHOHGRXćFROLHUHSHQWUXŘHDYćSHGHIOHFWRUXO
SHQWUXDHUUHFLUFXODWüLSHFRQHFWRUXOGHDHU
)XUWXQXOWUHEXLHVćILHvQWLQVGDFćHVWHQHFHVDUVFXUWDŘLO
■ 0RQWDŘLDSćUćWRDUHDFRüXOXLYH]LÅ,QVWUXFŘLXQLOHGHPRQWDMDOH
KRWHL´
)DQWHOHPćüWLLLQWHULRDUHDFRüXOXLGHIXPWUHEXLHVćILHvQVXV
)LOWUXGHFDUERQDFWLYSHQWUXUHJLPXOFXDHU
UHFLUFXODW
)LOWUHOHGHFDUERQDFWLYFDSWHD]ćVXEVWDQŘHOHFXPLURVXULvQ
UHJLPXOFXDHUUHFLUFXODWÍQFD]XOXQHLXWLOL]ćULQRUPDOH
DSUR[LPDWLYĂRUćSH]LvQORFXLŘLILOWUXOGHFDUERQDFWLYRGDWćSH
DQ
,QGLFDŘLH )LOWUHOH GH FDUERQ DFWLY QX FRQŘLQ VXEVWDQŘH GćXQćWRDUH
üLSRWILHYDFXDWHvQJXQRLXOPHQDMHU
ÍQORFXLUHDILOWUXOXLGHPLURV
'HPRQWDŘLILOWUXOPHWDOLFSHQWUXJUćVLPLYH]LÅ,QVWUXFŘLXQLOHGH
XWLOL]DUHDOHKRWHL´
'HPRQWDŘLILOWUXOGHFDUERQDFWLY3HQWUXDFHDVWDLQWURGXFHŘL
FHDODOWćPkQćVXEILOWUXOGHFDUERQDFWLY
,QWURGXFHŘLILOWUXOFXFćUEXQHDFWLYUDEDWDŘLOvQVXVüLvQFOLFKHWDŘL
EULGD3HQWUXDFHDVWDLQWURGXFHŘLFHDODOWćPkQćVXEILOWUXOGH
FDUERQDFWLY
0RQWDŘLILOWUXOPHWDOLFSHQWUXJUćVLPLYH]LÅ,QVWUXFŘLXQLOHGH
XWLOL]DUHDOHKRWHL´
ru
î
Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηνψβηλμκνδπβψβλθοκΪηβμίίϋ
ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγ λΫθκδί λ λθΫεψήίηβίζ ήΪηηθγ βηλμκνδπββ ιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
ΙθήδεψρίηβίικβΫθκΪήθεΰίηικθβαάθήβμφμθεφδθ
νιθεηθζθρίηηυγλιίπβΪεβλμ
ΙίκίήικθάίήίηβίζεψΫυοκΪΫθμυάυδεψρΪμφιθήΪρν
χείδμκβρίλδθέθμθδΪ
: Νξίπμνπρϋροίαλ
&θ λμθκθηυ θλμκυο δκθζθδ ικβ νλμΪηθάδί Ικβ νλμΪηθάδί ικβΫθκΪ
άλίέήΪηΪήίάΪγμίαΪσβμηυίιίκρΪμδβ
Λνμρίεξδοδτνγμηιίγκώ οδεηλίυηοιςκώυηη
■ ΛηβζβμίθΫςβάδνάυμωΰηθγμκνΫυλζ ©Βηλμκνδπβωιθ
ζθημΪΰνάυμωΰδβª
■ ΌλμΪάφμίιίκίοθήηβδήεω κίΰβζΪπβκδνεωπββά δκίιίΰηυί
νέθεδβ
■ ΙκβδκίιβμίςεΪηέλ ιθζθσφψήάνομκνΫηυοαΪΰβζθά
δ ιίκίοθήηβδνήεωκίΰβζΪπβκδνεωπβββ άθαήνςηθζνιΪμκνΫδν
εΪηέήθεΰίηΫυμφηΪμωηνμυζνδθκθμβμίίέθ
ικβ ηίθΫοθήβζθλμβ
■ ΝλμΪηθάβμίηΪ ζίλμθθΫςβάδνάυμωΰηθγ
μκνΫυ λζ ©ΒηλμκνδπβωιθζθημΪΰνάυμωΰδβª
Ικθκίαβάθ άηνμκίηηίγθΫςβάδίάυμωΰηθγμκνΫυηΪικΪάείηυ
άάίκο
Σηκϋροπίιρηαηοναίμμϊλςβκϐλγκώοδεηλί
οδυηοιςκώυηηανζγςτί
Ξβεφμκ λ ΪδμβάβκθάΪηηυζ νέεϋζ αΪήίκΰβάΪίμ ηίικβωμηυί αΪιΪοβ
άκίΰβζίκίπβκδνεωπββάθαήνοΪΙκβηθκζΪεφηθγχδλιενΪμΪπββ
ίΰίήηίάηθικβζĂρΪλξβεφμκλΪδμβάβκθάΪηηυζνέεϋζ
αΪζίηωίμλωĂκΪαάέθή
ιίζίμηδ ΞβεφμκυλΪδμβάβκθάΪηηυζνέεϋζηίλθήίκΰΪμ
άκίήηυοάίσίλμάβζθένμνμβεβαβκθάΪμφλωλΫυμθάυζζνλθκθζ
Ζίλδμίξνβκνρηρδκώζίξίτνα
ΛηβζβμίζίμΪεεβρίλδβγΰβκθνεΪάεβάΪψσβγξβεφμκλζ
©ΚνδθάθήλμάθιθχδλιενΪμΪπββάυμωΰδβª
ΛηβζβμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζΙκβήίκΰβάΪγμί
ξβεφμκλΪδμβάβκθάΪηηυζνέεϋζήκνέθγκνδθγ
ΌλμΪάφμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζθμδβηφμίάάίκοβ
αΪσϋεδηβμίεΪιδνΙκβήίκΰβάΪγμίξβεφμκλΪδμβάβκθάΪηηυζ
νέεϋζήκνέθγκνδθγ
ΝλμΪηθάβμίζίμΪεεβρίλδβγΰβκθνεΪάεβάΪψσβγξβεφμκλζ
©ΚνδθάθήλμάθιθχδλιενΪμΪπββάυμωΰδβª
sk
ï
0RQWiçQ\QiYRG
'{OHçLWpXSR]RUQHQLD
7HQWRQiYRGVL SURVtPVWDURVWOLYRSUHĀtWDMWHD XVFKRYDMWHKR/HQ
SULRGERUQHMPRQWiçLSRGĻDWRKWRQiYRGXQD PRQWiçMH]DUXĀHQi
EH]SHĀQRVŚSUL SRXçtYDQt,QåWDODWpUMH ]RGSRYHGQì]D EH]FK\EQ~
IXQNĀQRVŚQDPLHVWHLQåWDOiFLH
6SRWUHELĀP{çH]DSRMLŚYìOXĀQHRSUiYQHQìNRQFHVRYDQì
RGERUQtN
3UHGY\NRQiYDQtPDNìFKNRĻYHNSUiFY\SQLWHSUtYRGSU~GX
: 1HEH]SHĀHQVWYRSRUDQHQLD
RVWUìPL KUDQDPL Y SULHEHKX LQåWDOiFLH 3RĀDV LQåWDOiFLH VSRWUHELĀD
YçG\QRVWHRFKUDQQpUXNDYLFH
0RQWiçFLUNXODĀQHMYìK\EN\
■ 'HPRQWXMWHNU\WNRPtQD SR]UL Å1iYRGQDPRQWiçRGViYDĀD
SiUµ
■ =DYHVWHFLUNXODĀQ~YìK\ENXGR SULGUçLDYDFLHKRXKROQtND
■ 8SHYQLWHKDGLFXSRPRFRXGYRFK~FK\WLHNQD FLUNXODĀQ~
YìK\ENXD Y]GXFKRYpKUGOR ² REUi]RN
+DGLFDPXVtE\ŚQDWLDKQXWiY SUtSDGHSRWUHE\MXVNUiŚWH
■ 1DPRQWXMWHNU\WNRPtQDSR]UL Å1iYRGQDPRQWiçRGViYDĀD
SiUµ
=iUH]\YQ~WRUQpKRNU\WXNRPtQDVPHUXM~QDKRU
$NWtYQ\XKOtNRYìILOWHUSUHFLUNXODĀQ~SUHYiG]NX
$NWtYQH XKOtNRYp ILOWUH YLDçX SDFKRYp OiWN\ Y FLUNXODĀQHM SUHYiG]NH
$NWtYQ\XKOtNRYìILOWHUY\PHŃWHSULQRUPiOQHMSUHYiG]NHGHQQH
SULEOLçQHĂKRGLQX[URĀQH
8SR]RUQHQLH $NWtYQHXKOtNRYpILOWUHQHREVDKXM~åNRGOLYpOiWN\
SUHWRVDP{çXOLNYLGRYDŚVSROXV GRPiFLPRGSDGRP
9\PHŃWHSDFKRYìILOWHU
'HPRQWXMWHWXNRYìNRYRYìILOWHUSR]ULÅ1iYRGQDREVOXKX
RGViYDĀDSiU´
'HPRQWXMWH DNWtYQ\ XKOtNRYì ILOWHU 'UXKRX UXNRX SULWRP XFKRSWH
DNWtYQ\XKOtNRYìILOWHU]RVSRGX
1DVDďWHDNWtYQ\XKOtNRYìILOWHUY\NORSWHKRVPHURPKRUH
D ]DLVWLWH VSRQX 'UXKRX UXNRX SULWRP GUçWH DNWtYQ\ XKOtNRYì ILOWHU
]RVSRGX
1DPRQWXMWHWXNRYìNRYRYìILOWHUSR]ULÅ1iYRGQDREVOXKX
RGViYDĀDSiU´
sl
ð
1DYRGLOD]DPRQWDçR
3RPHPEQLQDSRWNL
6NUEQRSUHEHULWHWDQDYRGLOD]DXSRUDERLQMLKVKUDQLWH9DUQRVW
PHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQHPRQWDçHY
VNODGXVWHPLQDYRGLOL]DPRQWDçR=DEUH]KLEQRGHORYDQMHQD
PHVWXSRVWDYLWYHMHRGJRYRUHQLQåWDODWHU
$SDUDWODKNRSULNOMXĀLOHVWURNRYQRRVHEMH]GRYROMHQMHP
3UHGNDNUåQLPLNROLGHOLQDDSDUDWXL]NOMXĀLWHHOHNWULĀQRQDSDMDQMH
: 1HYDUQRVWWHOHVQLKSRåNRGE
]DUDGLRVWULKURERYPHGQDPHVWLWYLMR0HGQDPHVWLWYLMRDSDUDWD
YHGQRQRVLWH]DåĀLWQHURNDYLFH
1DPHVWLWHYGHIOHNWRUMD
■ 2GVWUDQLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
■ 9SQLWHGHIOHNWRUYSULWUGLOQLNRWQLN
■ &HYVFHYQLPDVSRMNDPDSULWUGLWHQDGHIOHNWRULQQDVWDYHN]D
]UDĀQRFHY
&HYPRUDELWLQDSHWD]DWRMRSRSRWUHELVNUDMåDMWH
■ 1DPHVWLWHRNURYMDåNDJOHMWHÅ1DYRGLOD]DPRQWDçRQDSH´
=DUH]HQRWUDQMHJDRNURYDMDåNDREUQLWHQDY]JRU
)LOWHU]DNWLYQLPRJOMHP]DREWRĀQRGHORYDQMH
)LOWUL]DNWLYQLPRJOMHPPHGREWRĀQLPGHORYDQMHPQDVHYHçHMR
YRQM3ULQRUPDOQLXSRUDELSULEOĂXUDGQHYQRILOWHU]DNWLYQLP
RJOMHP]DPHQMDMWHHQNUDWOHWQR
2SRPED )LOWUL]DNWLYQLPRJOMHPQHYVHEXMHMRåNRGOMLYLKVQRYL
]DWRMLKODKNRRGYUçHWHPHGQDYDGQHRGSDGNH
0HQMDYDILOWUD]DYRQMDYH
'HPRQWLUDMWHNRYLQVNLPDåĀREQLILOWHUJOHMWHÅ1DYRGLOD]D
XSRUDERQDSH´
2GVWUDQLWHILOWHU]DNWLYQLPRJOMHP3ULWHP]GUXJRURNRVSRGDM
SULPLWHILOWHU]DNWLYQLPRJOMHP
9VWDYLWH ILOWHU ] DNWLYQLP RJOMHP JD SRNORSLWH QDY]JRU LQ ]DVNRĀLWH
VSRQNR3ULWHP]GUXJRURNRVSRGDMSULPLWHILOWHU]DNWLYQLP
RJOMHP
1DPHVWLWHNRYLQVNLPDåĀREQLILOWHUJOHMWHÅ1DYRGLOD]DXSRUDER
QDSH´
sq
ñ
8GKs]LPSsUPRQWLP
8GKs]LPHWsUsQGsVLVKPH
/H[RMHQLPHNXMGHVGKHUXDMHQLNsWsPDQXDO9HWsPSsUPHVQMs
PRQWLPLWsVSHFLDOL]XDUGKHQsSsUSXWKMHPHNsWsXGKs]XHV
PRQWLPLPXQGWsVLJXURKHWQMsSsUGRULPLVLJXUW,QVWDOXHVLPEDQ
SsUJMHJMsVLSsUIXQNVLRQLPLQHSDWsPHWsWsSDMLVMHVQsYHQGLQH
LQVWDOLPLW
9HWsPQMsWHNQLNLOLFHQVXDUGXKHWWsEsMsOLGKMHQHSDMLVMHV
3DUDVHWsILOORQLSXQsQVKNsSXVQLHQHUJMLQs
: 5UH]LNSODJRVMHMH
QJDTRVKHWHPSUHKWDJMDWsLQVWDOLPLW*MDWsLQVWDOLPLWWsSDMLVMHV
PEDQLJMLWKPRQsGRUDVKNDPEURMWsVH
0RQWRQLGHIOHNWRULQ
■ dPRQWLPL L NDSDNXW Ws R[KDNXW VKLKQL Å8GKs]XHVL L SsUGRULPLW Ws
NDSXoLWWsW\PUDYH´
■ 0RQWRMHQLGHIOHNWRULQQsNOODSs
■ 6KWUsQJRMHQL]RUUsQPHG\NDSsVHWXEDVKQsGHIOHNWRU
=RUUDGXKHWWsMHWsHQJMHVKXUVKNXUWRMHQLVLSDVQHYRMsV
■ 0RQWLPLLNDSDNXWWsR[KDNXWVKLKQLÅ8GKs]XHVLLSsUGRULPLWWs
NDSXoLWWsW\PUDYH´
5UsVKTLVQLYHVKMHQHEUHQGVKPHWsR[KDNXWSsUODUW
)LOWULLNDUERQLWDNWLYSsUSURFHVLQHTDUNXOOLPLWWs
DMULW
)LOWUDW H NDUERQLW DNWLY IRUPRMQs VXEVWDQFD DURPDWLNH Qs SURFHVLQ H
TDUNXOOLPLWWsDMULW1GsUURMHQLILOWULQHNDUERQLWDNWLYJMDWsSURFHVLW
QRUPDOoGRGLWsUUHWKĂRUs[QsYLW
8GKs]LP )LOWUDWHNDUERQLWDNWLYQXNSsUPEDMQsVXEVWDQFDWs
GsPVKPHGKHPXQGWsKLGKHQQsSOHKUDWHVKWsSLVs
1GsUURQLILOWULQHHUsUDYH
dPRQWLPLLILOWULWSUHMPHWDOLWs\QG\UsVVKLKQL8GKs]XHVLQH
SsUGRULPLWWsNDSXoLWWsW\PUDYH
dPRQWRQL ILOWULQ DNWLY Ws NDUERQLW 0H GRUsQ WMHWsU PEDMHQL SRVKWs
ILOWULQDNWLYWsNDUERQLW
9HQGRVQLILOWULQHNDUERQLWDNWLYSDORVHQLQJDODUWGKHPEsUWKHQL
YHVKLQ0HGRUsQWMHWsUPEDMHQLSRVKWsILOWULQDNWLYWsNDUERQLW
dPRQWLPLLILOWULWSUHMPHWDOLWs\QG\UsVVKLKQL8GKs]XHVLQH
SsUGRULPLWWsNDSXoLWWsW\PUDYH
sr
ò
8SXWVWYRRSRVWDYOMDQMX
9DçQHQDSRPHQH
3DçOMLYRSURĀLWDMWHRYRXSXWVWYRLVDĀXYDMWHJD6DPRXVOXĀDMX
VWUXĀQHXJUDGQMHXVNODGXVDRYLPXSXWVWYRP]DPRQWDçX
]DJDUDQWRYDQDMHVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHUMH
RGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
6DPRREXĀHQDNYDOLILNRYDQDRVREDPRçHSRYH]DWLXUHđDM
3UHQHJRåWRELORåWDXUDGLWHLVNOMXĀLWHGRYRGVWUXMH
: 2SDVQRVWRGSRYUHGH
]ERJ RåWULK LYLFD WRNRP LQVWDODFLMH 7RNRP LQVWDODFLMH XUHđDMD XYHN
QRVLWH]DåWLWQHUXNDYLFH
0RQWDçDGHIOHNWRUDYD]GXKD
■ 'HPRQWLUDMWHREORJXNDPLQDSRJOHGDMWHÅ8SXWVWYR]DPRQWDçX
DVSLUDWRUDµ
■ =DNDĀLWHGHIOHNWRUYD]GXKDQDXJDRQLQRVDĀ
■ 3ULĀYUVWLWHFUHYR]DGHIOHNWRUYD]GXKDLRGYRG]DYD]GXK
SRPRþXGYHåHOQH
&UHYRPRUDGDEXGH]DWHJQXWRSRSRWUHELJDVNUDWLWH
■ 0RQWLUDMWHREORJXNDPLQDSRJOHGDMWHÅ8SXWVWYR]DPRQWDçX
DVSLUDWRUDµ
8VHFL XQXWUDåQMH REORJH NDPLQD WUHED GD EXGX RNUHQXWL QD JRUH
)LOWHUVDDNWLYQLPXJOMHP]DUHçLPNUXçHQMD
YD]GXKD
)LOWHUVDDNWLYQLPXJOMHPVSUHĀDYDQHSULMDWQHPLULVHXUHçLPX
NUXçHQMDYD]GXKD)LOWHUVDDNWLYQLPXJOMHPWUHEDSURPHQLWL
MHGQRPJRGLåQMHSULQRUPDOQRMXSRWUHELSULEOLçQRĂVDWGQHYQR
1DSRPHQD )LOWHUVDDNWLYQLPXJOMHPQHVDGUçLQLNDNYHåWHWQH
PDWHULMHLPRçHGDVHRGODçH]DMHGQRVDNXþQLPRWSDGRP
=DPHQDILOWHUD]DPLULVH
'HPRQWLUDMWHPHWDOQLILOWHUSRJOHGDMWHÅ8SXWVWYR]DXSRWUHEX
DVSLUDWRUD´
6NLQLWH ILOWHU VD DNWLYQLP XJOMHP 3UL WRPH GUXJRP UXNRP RGR]GR
SULGUçDYDMWHILOWHUVDDNWLYQLPXJOMHP
3RVWDYLWH ILOWHU VD DNWLYQLP XJOMHP SRNORSLWH JH QDJRUH L ]DEUDYLWH
UH]X3ULWRPHGUXJRPUXNRPRGR]GRSULGUçDYDMWHILOWHUVD
DNWLYQLPXJOMHP
0RQWLUDMWHPHWDOQLILOWHUSRJOHGDMWHÅ8SXWVWYR]DXSRWUHEX
DVSLUDWRUD´
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDU
/lVDQYLVQLQJHQQRJJUDQWRFKVSDUDGHQ6lNHUDQYlQGQLQJ
NUlYHUDWWLQE\JJQDGHQlUXWI|UGIDFNPlVVLJWHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UDWWHQKHWHQ
IXQJHUDUSnXSSVWlOOQLQJVSODWVHQ
'HWlUEDUDEHK|ULJIDFNPDQVRPInUDQVOXWDHQKHWHQ
%U\WDOOWLGVWU|PWLOOI|UVHOQLQQDQGXJHQRPI|UDUEHWHQDYDOODVODJ
: 6NDGHULVN
YLGLQVWDOODWLRQSnJUXQGDYYDVVDNDQWHU$QYlQGDOOWLG
VN\GGVKDQGVNDUYLGLQVWDOODWLRQDYHQKHWHQ
0RQWHUDNROILOWHUPRGXOHQ
■ 'HPRQWHUDEHNOlGQDGHQ VH µ0RQWHULQJVDQYLVQLQJWLOO
VSLVIOlNWHQµ
■ )lVWNROILOWHUPRGXOHQL IlVWMlUQHW
■ )lVWVODQJHQLNROILOWHUPRGXOHQRFKU|UVWRVHQPHGGHWYn
U|UNOlPPRUQD
6ODQJHQPnVWHYDUDVSlQGJ|UGHQNRUWDUHRPVnEHK|YV
■ 0RQWHUDEHNOlGQDGHQVHµ0RQWHULQJVDQYLVQLQJWLOOVSLVIOlNWHQµ
6SULQJRUQDL GHQ LQUHEHNOlGQDGVGHOHQVNDVLWWDXSSWLOO
$NWLYWNROILOWHUI|UFLUNXODWLRQVGULIW
'HWDNWLYDNROILOWUHWELQGHURVHWYLGFLUNXODWLRQVGULIW%\WDNWLYW
NROILOWHUĂJJQRPnUHWYLGQRUPDODQYlQGQLQJFDĂKYDUMHGDJ
$QYLVQLQJ $NWLYD NROILOWHU LQQHKnOOHU LQJD VNDGOLJD lPQHQ RFK JnU
DWWVOlQJDLKXVKnOOVVRSRUQD
%\WDRVILOWHU
7DXUPHWDOOILOWUHWVHIOlNWHQVEUXNVDQYLVQLQJ
7D XU GHW DNWLYD NROILOWUHW +nOO VDPWLGLJW PHG DQGUD KDQGHQ XQGHU
GHWDNWLYDNROILOWUHW
6lWWLGHWDNWLYDNROILOWUHWIlOOXSSRFKVQlSSIDVWIOLNHQ+nOO
VDPWLGLJWPHGDQGUDKDQGHQXQGHUGHWDNWLYDNROILOWUHW
6lWWDLPHWDOOILOWUHWVHIOlNWHQVEUXNVDQYLVQLQJ
tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU
%XN×ODYX]XGLNNDWOLFHRNX\XQX]YHVDNOD\×Q×]$QFDNFLKD]×Q
PRQWDM×EXPRQWDMWDOLPDW×QGDWDULIHGLOHQüHNLOGHXVXOQHX\JXQ
RODUDN\DS×OP×üVDFLKD]×QNXOODQ×P×QGDJYHQOLNJDUDQWLVL
YHULOPLüWLU&LKD]×QNXUXOGXùX\HUGHNXVXUVX]oDO×üPDV×QGDQ
PRQWDM×\DSDQNLüLVRUXPOXGXU
&LKD]×QEDùODQW×V×Q×VDGHFHHùLWLPOLELUX]PDQ\DSDELOLU
+HUWUOoDO×üPDODUDEDüODPDGDQ|QFHHOHNWULNEDùODQW×V×Q×NHVLQ
: <DUDODQPDWHKOLNHVL
.XUXOXPHVQDV×QGDNHVNLQNHQDUODUQHGHQL\OH\DUDODQPDWHKOLNHVL
YDUG×U&LKD]×QNXUXOXPoDO×üPDODU×ER\XQFDGDLPDNRUX\XFX
HOGLYHQOHUNXOODQ×Q
'RODü×PO×KDYDo×WDV×Q×QPRQWHHGLOPHVL
■ %DFDNDSODPDV×Q×V|NQ]EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
■ 'RODü×PO×KDYDo×WDV×Q×WXWPDN|üHEHQGLQHWDN×Q×]
■ +RUWXPX LNL ERUX ELOH]LùL LOH GRODü×PO× KDYD QLWHVLQH VDELWOH\LQL]
+RUWXPJHUJLQROPDO×G×UJHUHNLUVHN×VDOW×Q×]
■ %DFDNDSODPDV×Q×PRQWHHGLQL]EDN×Q×] µ$VSLUDW|UQPRQWDM
N×ODYX]Xµ
Įo EDFDNDSODPDV×Q×QGHOLNOHUL\XNDU×GRùUXROPDO×G×U
+DYDVLUNODV\RQXPRGXLoLQDNWLINDUERQILOWUHVL
$NWLINDUERQILOWUHVLKDYDVLUNODV\RQXPRGXQGDNLNRNX
SDUoDF×NODU×Q×EDùODU$NWLINDUERQILOWUHVLQLQRUPDOLüOHWLPGH\×OGD
JQON\DNODü×NĂVDDW[DUDO×NODUODGHùLüWLULQL]
%LOJL $NWLINDUERQILOWUHVL]DUDUO×PDGGHOHULoHUPH]YHHYVHO
DW×NODUODELUOLNWHLPKDHGLOHELOLU
.RNXILOWUHVLQLQGHùLüWLULOPHVL
0HWDO\DùILOWUHVLQLQV|NOPHVLEN]'DYOXPED]NXOODQ×P
N×ODYX]X
$NWLINDUERQILOWUHVLQLV|NQ]%XHVQDGDGLùHUHOLQL]LOHDOWWDQ
DNWLINDUERQILOWUHVLQLWXWXQX]
$NWLINDUERQILOWUHVLNXOODQ×Q×]\XNDU×NDOG×U×Q×]YHW×UQDù×
NLOLWOH\LQL]%XHVQDGDGLùHUHOLQL]LOHDOWWDQDNWLINDUERQILOWUHVLQL
WXWXQX]
0HWDO\DùILOWUHVLQLQWDN×OPDV×EN]'DYOXPED]NXOODQ×P
N×ODYX]X
