
*9001378839*
Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
é ,QVWDOODWLHYRRUVFKULIW
â ,VWUX]LRQLSHULOPRQWDJJLR
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
× 0RQWHULQJVYHMOHGQLQJ
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
Ù
ô 0RQWDMN×ODYX]X
î Ημπροςιυηώξνλνμρίες
Ü 3DLJDOGXVMXKHQG
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
ë ,QVWUXNFMDPRQWDŰX
í ,QVWUXFŘLXQLGHPRQWDM
á 6]HUHOpVL~WPXWDWy
ð 1DYRGLOD]DPRQWDçR
Ö 0RQWiçQtQiYRG
ï 0RQWiçQ\QiYRG
à 8SXWH]DPRQWDçX
Ò Οωινανγπρανζίλνμρίε
ò 8SXWVWYRRSRVWDYOMDQMX
ñ 8GKs]LPSsUPRQWLP
æ ξίρπρανζίλνμρίεί
ù ΝομίρςρςοίκϊμЧπБίςκίο
õ ΅μπροςιυϕώζλνμρίες

PLQ
PP
PLQ
PP
PLQ
PP



de
Ø
0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW
VFKDGHQQLFKWDQVFKOLHHQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
(UVWLFNXQJVJHIDKU
9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU
SDFNXQJVPDWHULDOVSLHOHQODVVHQ
9HUOHW]XQJVJHIDKU
■ %DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ
6FKXW]KDQGVFKXKHWUDJHQ
9HUOHW]XQJVJHIDKU
■ ,VWGDV*HUlWQLFKWRUGQXQJVJHPlEHIHVWLJWNDQQHVKHUDEIDO
OHQ $OOH %HIHVWLJXQJVHOHPHQWH PVVHQ IHVW XQG VLFKHU PRQWLHUW
ZHUGHQ
+LQZHLV :HQQHLQUHJHQHULHUEDUHU*HUXFKVILOWHUKHUXQWHUIlOOW
NDQQGLHVHUEHVFKlGLJWZHUGHQ
'LH %HVFKlGLJXQJHQ VLQG YRQ DXHQ QLFKW LPPHU VLFKWEDU (QWVRU
JHQXQGHUVHW]HQ6LHGHQKHUXQWHUJHIDOOHQHQUHJHQHULHUEDUHQ
*HUXFKVILOWHU
,QVWDOODWLRQ
,QVWDOODWLRQYRUEHUHLWHQ
■ 'HU0RQWDJHRUWPXVVSUREOHPORV]XJlQJOLFKVHLQGDPLWGDV
*HUlWLP6HUYLFHIDOOXQJHKLQGHUWHUUHLFKEDULVW
■ =ZLVFKHQ*HUlWXQG.RFKIHOGLVWHLQ$EVWDQGYRQPLQGHVWHQV
PP XQG PD[LPDO PP HPSIHKOHQVZHUW 'HU .RFKGXQVW
ZLUGPLW]XQHKPHQGHP$EVWDQG]XU.RFKVWHOOHVFKZHUHU
HUIDVVW
■ 'HU$EVWDQG]ZLVFKHQ*HUlWXQG8POXIWPRGXONDQQDXIELV]X
PPYHUULQJHUWZHUGHQVRIHUQGLH+|KHGHUDEJHKlQJWHQ
'HFNHPLQGHVWHQV PPEHWUlJW
(LQEDXIOlFKHEHUSUIHQ
■ 'LH (LQEDXIOlFKH PXVV HEHQ ZDDJHUHFKW XQG DXVUHLFKHQG WUDJ
IlKLJVHLQ
■ 'DVPD[*HZLFKWGHV*HUlWVEHWUlJW NJ
+LQZHLVH
■ 'LH2EHUIOlFKHQGHV*HUlWHVVLQGHPSILQGOLFK%HLGHU,QVWDOOD
WLRQ%HVFKlGLJXQJYHUPHLGHQ
■ $XVVFKQLWWEHUHLFK DXI YRUKDQGHQH .DEHOYHUOHJXQJ YRQ ZHLWHUHQ
*HUlWHQEHUSUIHQ
■ )UGLH%HIHVWLJXQJLVWHLQJHHLJQHWHV8QWHUJHUVWHUIRUGHUOLFK
GDVIHVWLQGHU%HWRQGHFNHIL[LHUWLVW
■ 'DV*HUlWQLFKWGLUHNWLQGLH*LSVNDUWRQSODWWHQRGHUlKQOLFKH
/HLFKWEDXVWRIIHGHUDEJHKlQJWHQ'HFNHPRQWLHUHQ
■ )U GLH RUGQXQJVJHPlH 0RQWDJH HLQ DXVUHLFKHQG VWDELOHV DQ
GLH EDXOLFKHQ *HJHEHQKHLWHQ XQG GDV *HUlWHJHZLFKW DQJHSDVV
WHV0DWHULDOYHUZHQGHQ
(LQEDXIOlFKHYRUEHUHLWHQ
'LH6WDELOLWlWGHU(LQEDXIOlFKHPXVVDXFKQDFKGHQ$XVVFKQLWWDU
EHLWHQJHZlKUOHLVWHWVHLQ
.RFKIHOGDEGHFNHQXP%HVFKlGLJXQJHQ]XYHUPHLGHQ
$XVVFKQLWWLQ'HFNHRGHU6HLWHQZDQGKHUVWHOOHQ%LOG
1DFK$XVVFKQLWWDUEHLWHQ6SlQHHQWIHUQHQ
*HUlWPRQWLHUHQ
: 9HUOHW]XQJVJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]
KDQGVFKXKHWUDJHQ
$EGHFNXQJHQWQHKPHQ
+LQZHLV 'HU6WXW]HQNDQQMHQDFK(LQEDXVLWXDWLRQYHUVHW]W
ZHUGHQ %LOG
6WXW]HQXQGEHQ|WLJWHV%OHFKDEVFKUDXEHQXQG3RVLWLRQWDX
VFKHQ %LOG
6WXW]HQXQG%OHFKDQQHXHU3RVLWLRQIHVWVFKUDXEHQ %LOG
*HUlW YROOVWlQGLJ LQ $XVVFKQLWW HLQVHW]HQ ELV GLH $XIKlQJXQJHQ
K|UEDUHLQUDVWHQ%LOG
6FKUDXEHQQDFKHLQDQGHUYRUVLFKWLJIHVW]LHKHQELVGDV*HUlW
IOlFKHQEQGLJLQGHU(LQEDXIOlFKHDQOLHJW%LOG
+LQZHLV 6FKUDXEHQ QLFKW ]X IHVW DQ]LHKHQ XP GDV *HUlW QLFKW
]XEHVFKlGLJHQ
*HUXFKVILOWHUDXVSDFNHQ%LOG
+LQZHLV *HUXFKVILOWHULVWVFKZHU9RUVLFKWLJDQKHEHQXQGJXW
IHVWKDOWHQ
'HQ*HUXFKVILOWHUHLQVHW]HQXQGGLH0HWDOOEJHOELV]XP$Q
VFKODJGUHKHQGDPLWGHU*HUXFKVILOWHUVLFKHUDXIOLHJW%LOG
'LH5lQGHOPXWWHUQDP0HWDOOEJHO]XGUHKHQ%LOG
$EGHFNXQJ LQ GLH gIIQXQJHQ DQ GHU *HUlWHXQWHUVHLWH HLQKlQJHQ
%LOG
8PGLH$EGHFNXQJ]XVFKOLHHQYRQXQWHQJHJHQGLHVHGU
FNHQ%LOG
*HUlWGHPRQWLHUHQ
: 9HUOHW]XQJVJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]
KDQGVFKXKHWUDJHQ
9RQXQWHQJHJHQGLH$EGHFNXQJGUFNHQXPVLH]X|IIQHQ
+DOWHUXQJHQ GHU $EGHFNXQJ DXV GHQ gIIQXQJHQ DQ GHU 8QWHUVHL
WHGHV*HUlWVDXVKlQJHQ
'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGLHVHQDXVEDXHQ
5lQGHOPXWWHUQDXIGUHKHQXQGGLH0HWDOOEJHO|IIQHQXPGHQ
*HUXFKVILOWHU]XHQWQHKPHQ%LOG
6FKUDXEHQ QDFKHLQDQGHU YRUVLFKWLJ O|VHQ XQG ELV ]XP $QVFKODJ
KHUDXVGUHKHQ
0LW GHQ 'DXPHQ LQ GLH gIIQXQJHQ JUHLIHQ XQG GHQ )HGHUVSDQQHU
QDFKREHQGUFNHQ%LOG
*HUlWHQWQHKPHQ
*HUXFKVILOWHUUHJHQHULHUHQ
8PGLH*HUXFKVILOWHUOHLVWXQJ]XJHZlKUOHLVWHQUHJHQHULHUHQ6LH
GHQ*HUXFKVILOWHUEHLQRUPDOHP%HWULHEWlJOLFKFLUFD 6WXQGH
DOOH 0RQDWH
6LHN|QQHQGHQ*HUXFKVILOWHULQHLQHPKDQGHOVEOLFKHQ%DFNRIHQ
UHJHQHULHUHQ

: 9HUEUHQQXQJVJHIDKU
'HU*HUXFKVILOWHUEOHLEWQDFKGHP5HJHQHULHUHQODQJH=HLWKHL
'HQ*HUXFKVILOWHUGLUHNWQDFKGHP5HJHQHULHUHQQLFKWEHUKUHQ
VRQGHUQDENKOHQODVVHQ
'HQKHLHQ*HUXFKVILOWHU]XP$ENKOHQDXIHLQHKLW]HEHVWlQGLJH
8QWHUODJHOHJHQ
+LQZHLVH
■ 'HU*HUXFKVILOWHUNDQQELV]XPDOUHJHQHULHUWZHUGHQXQG
PXVVEHLQRUPDOHP%HWULHEWlJOLFKFLUFD 6WXQGHVSlWHVWHQV
QDFK -DKUHQDXVJHWDXVFKWZHUGHQ
■ :HQQHLQUHJHQHULHUEDUHU*HUXFKVILOWHUKHUXQWHUIlOOWNDQQGLH
VHUEHVFKlGLJWZHUGHQ
'LH%HVFKlGLJXQJHQVLQGYRQDXHQQLFKWLPPHUVLFKWEDU(QW
VRUJHQ XQG HUVHW]HQ 6LH GHQ KHUXQWHUJHIDOOHQHQ UHJHQHULHUEDUHQ
*HUXFKVILOWHU
■ 'HQ *HUXFKVILOWHU QLH PLW 5HLQLJHUQ PLW :DVVHU LQ GHU *HVFKLUU
VSOPDVFKLQHRGHUPLWHLQHPQDVVHQ7XFKUHLQLJHQ
■ 8PGDV%DFNEOHFKQLFKW]X]HUNUDW]HQOHJHQ6LHGHQ*HUXFKV
ILOWHUDXIHLQHQ5RVW
■ 'HQ *HUXFKVILOWHU EHL PD[LPDO & 8POXIW : UHJHQHULHUHQ
'HQ*HUXFKVILOWHUQLFKWPLWGHU2IHQUHLQLJXQJVIXQNWLRQ
3\URO\VHUHJHQHULHUHQ
■ %HLP5HJHQHULHUHQGHV*HUXFKVILOWHUVNDQQHV]X*HUXFKVHQW
ZLFNOXQJ NRPPHQ 6LFKHUVWHOOHQ GDVV GHU 5DXP JXW EHOIWHW LVW
(LQ)HQVWHU|IIQHQ
8PGLH$EGHFNXQJ]X|IIQHQYRQXQWHQJHJHQGLHVHGUFNHQ
'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGLHVHQDXVEDXHQ
'HQ%DFNRIHQDXIPD[LPDO&8POXIW :YRUKHL]HQ
'HQ*HUXFKVILOWHUIU 0LQXWHQLP%DFNRIHQEHLPD[LPDO
&8POXIW
:UHJHQHULHUHQ
6LFKHUVWHOOHQ GDVV GHU 5DXP JXW EHOIWHW LVW (LQ )HQVWHU |IIQHQ
'HQ*HUXFKVILOWHUDENKOHQODVVHQ
'HQ*HUXFKVILOWHUHLQVHW]HQXQGGLH0HWDOOEJHOELV]XP$Q
VFKODJGUHKHQGDPLWGHU*HUXFKVILOWHUVLFKHUDXIOLHJW%LOG
'LH5lQGHOPXWWHUQDP0HWDOOEJHO]XGUHKHQ%LOG
8PGLH$EGHFNXQJ]XVFKOLHHQYRQXQWHQJHJHQGLHVHGU
FNHQ%LOG
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
&KHFN WKH DSSOLDQFH IRU GDPDJH DIWHU XQSDFNLQJ LW 'R QRW FRQQHFW
WKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVSRUW
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
5LVNRILQMXU\
■ &RPSRQHQWV LQVLGH WKH DSSOLDQFH PD\ KDYH VKDUS HGJHV :HDU
SURWHFWLYHJORYHV
5LVNRILQMXU\
■ 7KH DSSOLDQFH PD\ IDOO GRZQ LI LW KDV QRW EHHQ SURSHUO\ IDVWHQHG
LQSODFH$OOIDVWHQLQJFRPSRQHQWVPXVWEHIL[HGILUPO\DQG
VHFXUHO\
1RWH ,IDUHJHQHUDEOHRGRXUILOWHUIDOOVLWPD\EHFRPHGDPDJHG
7KH GDPDJH LV QRW DOZD\V YLVLEOH IURP WKH RXWVLGH 'LVSRVH RI DQG
UHSODFHGRZQDQ\UHJHQHUDEOHRGRXUILOWHUVWKDWKDYHIDOOHQ
,QVWDOODWLRQ
3UHSDULQJIRULQVWDOODWLRQ
■ 7KHLQVWDOODWLRQVLWHPXVWEHHDVLO\DFFHVVLEOHVRWKDWWKH
DSSOLDQFHFDQEHDFFHVVHGIUHHO\IRUVHUYLFLQJ
■ :HUHFRPPHQGDGLVWDQFHRIDWOHDVW PPDQGDPD[LPXP
RI PPEHWZHHQWKHDSSOLDQFHDQGWKHKRE7KHFRRNLQJ
YDSRXUVDUHPRUHGLIILFXOWWRGUDZLQWKHIXUWKHUDZD\WKH\DUH
IURPWKHKRE
■ 7KHGLVWDQFHEHWZHHQWKHDSSOLDQFHDQGWKHDLUUHFLUFXODWLRQ
PRGXOHFDQEHUHGXFHGE\XSWR PPLIWKHKHLJKWRIWKH
VXVSHQGHGFHLOLQJLVDWOHDVW PP
&KHFNLQJWKHLQVWDOODWLRQVXUIDFH
■ 7KHLQVWDOODWLRQVXUIDFHPXVWEHIODWKRUL]RQWDODQGKDYH
VXIILFLHQWORDGEHDULQJFDSDFLW\
■ 7KHPD[ZHLJKWRIWKHDSSOLDQFHLV NJ
1RWHV
■ 7KHVXUIDFHVRIWKHDSSOLDQFHDUHVHQVLWLYH$YRLGGDPDJH
GXULQJWKHLQVWDOODWLRQ
■ &KHFNWKHFXWRXWDUHDIRUH[LVWLQJFDEOHVRIRWKHUDSSOLDQFHV
■ :KHQPRXQWLQJWKHH[WUDFWRUKRRGDVXLWDEOHVXEVWUXFWXUHLV
UHTXLUHGWKDWLVVHFXUHO\IDVWHQHGWRWKHFRQFUHWHFHLOLQJ
■ 'RQRWILWWKHDSSOLDQFHGLUHFWO\RQWRSODVWHUERDUGRUVLPLODU
OLJKWZHLJKWPDWHULDOVLQDVXVSHQGHGFHLOLQJ
■ 7RHQVXUHFRUUHFWLQVWDOODWLRQ\RXPXVWXVHDPDWHULDOZKLFKLV
VXIILFLHQWO\VWDEOHDQGVXLWDEOHIRUERWKWKHVWUXFWXUDOFRQGLWLRQV
DQGWKHZHLJKWRIWKHDSSOLDQFH
3UHSDULQJWKHLQVWDOODWLRQVXUIDFH
7KHFHLOLQJRIWKHLQVWDOODWLRQVXUIDFHPXVWVWLOOEHVWXUG\DIWHUWKH
FXWRXWVKDYHEHHQPDGH
&RYHUWKHKREWRSURWHFWLWIURPGDPDJH
0DNHWKHFXWRXWLQWKHFHLOLQJRUVLGHZDOO )LJ
$IWHUPDNLQJWKHFXWRXWVUHPRYHDQ\VKDYLQJV
,QVWDOOLQJWKHDSSOLDQFH
: 5LVNRILQMXU\
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU
SURWHFWLYHJORYHV
5HPRYHWKHFRYHU
1RWH 7KH DGDSWHU FDQ EH PRYHG GHSHQGLQJ RQ WKH LQVWDOODWLRQ
VLWXDWLRQ )LJ
8QVFUHZWKHDGDSWHUDQGUHTXLUHGSODWHDQGVZLWFKWKHLU
SRVLWLRQV )LJ
6FUHZ WKH DGDSWHU DQG SODWH WLJKWO\ LQWR WKH QHZ SRVLWLRQ )LJ
)XOO\LQVHUWWKHDSSOLDQFHLQWRWKHFXWRXWXQWLO\RXKHDUWKH
PRXQWLQJEUDFNHWVHQJDJH)LJ
&DUHIXOO\WLJKWHQWKHVFUHZVLQVXFFHVVLRQXQWLOWKHDSSOLDQFHLV
IOXVKPRXQWHGLQWKHLQVWDOODWLRQVXUIDFH)LJ
1RWH 7RHQVXUHWKDWWKHDSSOLDQFHLVQRWGDPDJHGGRQRW
RYHUWLJKWHQWKHVFUHZV
8QSDFNWKHRGRXUILOWHU)LJ
1RWH 7KH RGRXU ILOWHU LV KHDY\ /LIW LW FDUHIXOO\ DQG KROG LW LQ SODFH
,QVHUW WKH RGRXU ILOWHU DQG WKH PHWDO FOLSV DQG WXUQ WKHP DV IDU DV
WKH\ ZLOO JR VR WKDW WKH RGRXU ILOWHU LV SRVLWLRQHG VHFXUHO\ )LJ
7LJKWHQWKHNQXUOHGQXWVRQWKHPHWDOIUDPH)LJ
+RRN WKH FRYHU LQWR WKH KROHV RQ WKH XQGHUVLGH RI WKH DSSOLDQFH
)LJ
3UHVVDJDLQVWWKHFRYHUIURPEHORZWRFORVHLW)LJ
5HPRYLQJWKHDSSOLDQFH
: 5LVNRILQMXU\
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU
SURWHFWLYHJORYHV
3UHVVDJDLQVWWKHFRYHUIURPEHORZWRRSHQLW
'HWDFK WKH FRYHU KROGHUV IURP WKH KROHV RQ WKH XQGHUVLGH RI WKH
DSSOLDQFH
7KHRGRXUILOWHULVKHDY\WKHUHIRUHWDNHKROGRIWKHRGRXUILOWHU
IURPXQGHUQHDWKZLWKRQHKDQGZKHQUHPRYLQJLW
8QVFUHZ WKH NQXUOHG QXWV DQG RSHQ WKH PHWDO FOLSV WR UHPRYH WKH
RGRXUILOWHU)LJ
/RRVHQ WKH VFUHZV FDUHIXOO\ LQ VXFFHVVLRQ DQG XQVFUHZ WKHP DV
IDUDVWKH\ZLOOJR
8VH \RXU WKXPEV WR UHDFK LQWR WKH RSHQLQJV DQG SXVK WKH VSULQJ
FODPSVXSZDUGV)LJ
5HPRYHWKHDSSOLDQFH
5HJHQHUDWLQJWKHRGRXUILOWHU
7RJXDUDQWHHWKHRGRXUILOWHUSRZHUUHJHQHUDWHWKHRGRXUILOWHU
ZLWKQRUPDOXVHGDLO\IRUDSSUR[RQHKRXUHYHU\²ĂPRQWKV
<RXFDQUHJHQHUDWHWKHRGRXUILOWHULQDVWDQGDUGRYHQ
: 5LVNRIVFDOGLQJ
7KHRGRXUILOWHUUHPDLQVKRWIRUTXLWHVRPHWLPHDIWHULWKDVEHHQ
UHJHQHUDWHG 'R QRW WRXFK WKH RGRXU ILOWHU VWUDLJKW DIWHU LW KDV EHHQ
UHJHQHUDWHG²DOORZLWWRFRROGRZQ
/HDYH WKH KRW RGRXU ILOWHU WR FRRO GRZQ RQ D KHDWUHVLVWDQW VXUIDFH

1RWHV
■ 7KHRGRXUILOWHUFDQEHUHJHQHUDWHGXSWRĂWLPHVDQGPXVWEH
UHSODFHGDWOHDVWHYHU\ \HDUVZLWKQRUPDOXVHGDLO\IRU
DSSUR[RQHKRXU
■ ,IDUHJHQHUDEOHRGRXUILOWHUIDOOVLWPD\EHFRPHGDPDJHG
7KHGDPDJHLVQRWDOZD\VYLVLEOHIURPWKHRXWVLGH'LVSRVHRI
DQG UHSODFH GRZQ DQ\ UHJHQHUDEOH RGRXU ILOWHUV WKDW KDYH IDOOHQ
■ 1HYHUFOHDQRGRXUILOWHUVZLWKFOHDQLQJSURGXFWVZDWHULQWKH
GLVKZDVKHURUZLWKDGDPSFORWK
■ 7RHQVXUHWKDW\RXGRQRWVFUDWFKWKHEDNLQJWUD\SODFHWKH
RGRXUILOWHURQDZLUHUDFN
■ 5HJHQHUDWHWKHRGRXUILOWHUDWDPD[LPXPRI &+RW$LU
:'RQRWUHJHQHUDWHWKHRGRXUILOWHUZLWKWKHRYHQFOHDQLQJ
IXQFWLRQS\URO\WLFVHOIFOHDQ
■ 2GRXUV PD\ GHYHORS ZKHQ UHJHQHUDWLQJ WKH RGRXU ILOWHU (QVXUH
WKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
3UHVVDJDLQVWWKHFRYHUIURPEHORZWRRSHQLW
7KHRGRXUILOWHULVKHDY\WKHUHIRUHWDNHKROGRIWKHRGRXUILOWHU
IURPXQGHUQHDWKZLWKRQHKDQGZKHQUHPRYLQJLW
3UHKHDWWKHRYHQWRDPD[LPXPRI &+RW$LU :
5HJHQHUDWHWKHRGRXUILOWHULQWKHRYHQIRU PLQXWHVDWD
PD[LPXPRI &+RW$LU :
(QVXUHWKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
$OORZWKHRGRXUILOWHUWRFRROGRZQ
,QVHUW WKH RGRXU ILOWHU DQG WKH PHWDO FOLSV DQG WXUQ WKHP DV IDU DV
WKH\ ZLOO JR VR WKDW WKH RGRXU ILOWHU LV SRVLWLRQHG VHFXUHO\ )LJ
7LJKWHQWKHNQXUOHGQXWVRQWKHPHWDOIUDPH)LJ
3UHVVDJDLQVWWKHFRYHUIURPEHORZWRFORVHLW)LJ
fr
Þ
1RWLFHGHPRQWDJH
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHPDQXHO&HQHVWTXDORUVTXHYRXVSRXUUH]
XWLOLVHU YRWUH DSSDUHLO FRUUHFWHPHQW HW HQ WRXWH VpFXULWp &RQVHUYHU
ODQRWLFHGXWLOLVDWLRQHWGHPRQWDJHSRXUXQXVDJHXOWpULHXURX
SRXUOHSURSULpWDLUHVXLYDQW
&RQWU{OHUOpWDWGHODSSDUHLODSUqVODYRLUGpEDOOp1HSDVOH
UDFFRUGHUVLOSUpVHQWHGHVDYDULHVGHWUDQVSRUW
/DVpFXULWpGHO·DSSDUHLOjO·XVDJHHVWJDUDQWLHV·LODpWpHQFDVWUp
FRQIRUPpPHQWjODQRWLFHGHPRQWDJH/HPRQWHXUHVW
UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO HVW
LQVWDOOp
5LVTXHGDVSK\[LH
/HPDWpULHOGHPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H
SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[
G·HPEDOODJH
5LVTXHGHEOHVVXUH
■ 'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHV
DUrWHVYLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5LVTXHGHEOHVVXUH
■ 6L ODSSDUHLO QHVW SDV FRUUHFWHPHQW IL[p LO SHXW WRPEHU 7RXV OHV
pOpPHQWV GH IL[DWLRQ GRLYHQW rWUH PRQWpV VROLGHPHQW HW GH IDoRQ
VUH
5HPDUTXH 6LXQILOWUHjRGHXUVUpJpQpUDEOHWRPEHLOSHXWrWUH
HQGRPPDJp
/HVGpJkWVQHVRQWSDVWRXMRXUVYLVLEOHVGHOH[WpULHXU0HWWH]OH
ILOWUHjRGHXUVWRPEpDXUHEXWHWUHPSODFH]OH
,QVWDOODWLRQ
3UpSDUHUO·LQVWDOODWLRQ
■ /HOLHXGHPRQWDJHGRLWrWUHIDFLOHGDFFqVSRXUTXHODSSDUHLO
VRLWLPPpGLDWHPHQWDFFHVVLEOHHQFDVGHEHVRLQGHQWUHWLHQ
■ 8QpFDUWGDXPRLQV PPHWGXQPD[LPXPGH PPHVW
UHFRPPDQGpHQWUHODSSDUHLOHWODWDEOHGHFXLVVRQ,OHVWSOXV
GLIILFLOHGHWUDLWHUODYDSHXUGHFXLVVRQjXQHGLVWDQFH
VXSpULHXUH
■ /DGLVWDQFHHQWUHODSSDUHLOHWOHPRGXOHGHUHF\FODJHGHODLU
SHXW rWUH UpGXLWH j ĂPP j FRQGLWLRQ TXH OD KDXWHXU GX SODIRQG
VXVSHQGXVRLWGDXPRLQV PP
9pULILHUODVXUIDFHGLQVWDOODWLRQ
■ /DVXUIDFHGLQVWDOODWLRQGRLWrWUHSODQHKRUL]RQWDOHHWRIIULUXQH
SRUWDQFHVXIILVDQWH
■ /DSSDUHLOSqVHDXPD[LPXP NJ
5HPDUTXHV
■ /HVVXUIDFHVGHO·DSSDUHLOVRQWIUDJLOHV/RUVGHOLQVWDOODWLRQ
pYLWHUWRXWGRPPDJH
■ 9pULILHU TXH GHV FkEOHV GDXWUHV DSSDUHLOV QH VH WURXYHQW SDV VXU
OD]RQHGHGpFRXSH
■ /DIL[DWLRQGHODKRWWHDVSLUDQWHQpFHVVLWHXQEkWLLQIpULHXU
DSSURSULpVROLGHPHQWIL[pGDQVOHSODIRQGHQEpWRQ
■ 1HSDVPRQWHUODSSDUHLOGLUHFWHPHQWGDQVOHVSODFRSOkWUHVRX
DXWUHVPDWLqUHVOpJqUHVGXSODIRQGVXUEDLVVp
■ 3RXUJDUDQWLUXQPRQWDJHFRUUHFWXWLOLVHUXQPDWpULDX
VXIILVDPPHQWVWDEOHHWDGDSWpjODVLWXDWLRQGHFRQVWUXFWLRQHW
DXSRLGVGHODSSDUHLO
3UpSDUHUODVXUIDFHGHPRQWDJH
/D VWDELOLWp GH OD VXUIDFH GH PRQWDJH GRLW DXVVL rWUH JDUDQWLH DSUqV
OHVWUDYDX[GHGpFRXSH
&RXYUH]ODWDEOHGHFXLVVRQDILQGpYLWHUWRXWHQGRPPDJHPHQW
5pDOLVHUODGpFRXSHGDQVOHSODIRQGRXOHSDQQHDXGHF{Wp
)LJXUH
(QOHYH]OHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH
0RQWHUODSSDUHLO
: 5LVTXHGHEOHVVXUH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5HWLUHUOHFDFKH
5HPDUTXH /HUDFFRUGSHXWrWUHGpSODFpVHORQODVLWXDWLRQGH
PRQWDJH )LJXUH
'pYLVVHUOHUDFFRUGHWODW{OHQpFHVVDLUHHWFKDQJHUODSRVLWLRQ
)LJXUH
9LVVHUOHUDFFRUGHWODW{OHVXUODQRXYHOOHSRVLWLRQ )LJXUH
,QVpUHU HQWLqUHPHQW ODSSDUHLO GDQV OD GpFRXSH MXVTXj FH TXH OHV
VXVSHQVLRQVVHQFOLTXqWHQWGHPDQLqUHDXGLEOH)LJXUH
6HUUHUDYHFSUpFDXWLRQOHVYLVOHVXQHVDSUqVOHVDXWUHVMXVTXj
FHTXHODSSDUHLOVRLWjIOHXUGDQVODVXUIDFHGHPRQWDJH
)LJXUH
5HPDUTXH 1HSDVVHUUHUOHVYLVWURSIRUWDILQGHQHSDV
HQGRPPDJHUODSSDUHLO
'pEDOOHUOHILOWUHjRGHXUV)LJXUH
5HPDUTXH /H ILOWUH j RGHXUV HVW ORXUG 6RXOHYHU GRXFHPHQW HW
OHPDLQWHQLUIHUPHPHQW
0HWWH]HQSODFHOHILOWUHjRGHXUVHWWRXUQH]OpWULHUPpWDOOLTXH
MXVTXHQ EXWpH DILQ TXH OH ILOWUH j RGHXUV UHSRVH GH PDQLqUH VUH
)LJ
6HUUH]OHVpFURXVPROHWpVGHOpWULHUPpWDOOLTXH)LJ
$FFURFKHU OH FDFKH GDQV OHV RULILFHV VXU OH GHVVRXV GH ODSSDUHLO
)LJXUH
3RXUIHUPHUOHFDFKHDSSX\H]GHVVXVSDUOHEDV)LJ
'pPRQWHUODSSDUHLO
: 5LVTXHGHEOHVVXUH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
$SSX\HUVXUOHFDFKHSDUOHEDVSRXUORXYULU
'pFURFKHUGHVRULILFHVOHVIL[DWLRQVGXFDFKHVXUOHGHVVRXVGH
ODSSDUHLO
/HILOWUHjRGHXUVHVWORXUG SODFH]SDUFRQVpTXHQWXQHPDLQ
VRXVOHILOWUHjRGHXUVHWGpPRQWH]OH
'HVVHUUHUOHVpFURXVPROHWpVHWRXYULUOpWULHUPpWDOOLTXHSRXU
H[WUDLUHOHILOWUHjRGHXUV)LJXUH
'HVVHUUHUSUXGHPPHQWOHVYLVVXFFHVVLYHPHQWHWOHVWRXUQHU
MXVTXHQEXWpH
,QWURGXLUHOHSRXFHGHODPDLQGDQVOHVRULILFHVHWSRXVVHUOH
UHVVRUWWHQGHXUYHUVOHKDXW)LJXUH
5HWLUHUODSSDUHLO
5pJpQpUHUOHILOWUHjRGHXUV
$ILQGHJDUDQWLUOHVSHUIRUPDQFHVGXILOWUHjRGHXUVUpJpQpUH]OH
ILOWUHjRGHXUVWRXVOHVĂPRLVHQIRQFWLRQQHPHQWQRUPDO
HQYLURQĂKHXUHSDUMRXU
9RXVSRXYH]UpJpQpUHUOHILOWUHjRGHXUVGDQVXQIRXUXVXHOGX
FRPPHUFH
: 5LVTXHGHEUOXUH
/HILOWUHjRGHXUVUHVWHORQJWHPSVFKDXGDSUqVVDUpJpQpUDWLRQ
1HSDVOHWRXFKHUGLUHFWHPHQWDSUqVVDUpJpQpUDWLRQODLVVHU
GDERUGOHILOWUHUHIURLGLU
3RXUOHODLVVHUUHIURLGLUGpSRVHUOHILOWUHjRGHXUVFKDXGVXUXQ
VXSSRUWUpVLVWDQWjODFKDOHXU

5HPDUTXHV
■ /HILOWUHjRGHXUVSHXWrWUHUpJpQpUpMXVTXj IRLVHWGRLWrWUH
UHPSODFpDXSOXVWDUGDSUqV DQQpHVGXWLOLVDWLRQHQ
IRQFWLRQQHPHQWQRUPDOHQYLURQĂKHXUHSDUMRXU
■ 6L XQ ILOWUH j RGHXUV UpJpQpUDEOH WRPEH LO SHXW rWUH HQGRPPDJp
/HV GpJkWV QH VRQW SDV WRXMRXUV YLVLEOHV GH OH[WpULHXU 0HWWH] OH
ILOWUHjRGHXUVWRPEpDXUHEXWHWUHPSODFH]OH
■ 1HQHWWR\H]MDPDLVOHILOWUHjRGHXUVDYHFGHVGpWHUJHQWVGH
OHDXGDQVOHODYHYDLVVHOOHQLDYHFXQFKLIIRQKXPLGH
■ 3RXUpYLWHUGHUD\HUODSODTXHjSkWLVVHULHSODFH]OHILOWUHj
RGHXUVVXUXQHJULOOH
■ 5pJpQpUH]OHILOWUHjRGHXUVjXQHWHPSpUDWXUHPD[LPDOH
& FKDOHXU YHQWLOpH
: 1H UpJpQpUH] SDV OH ILOWUH j RGHXUV
DYHFODIRQFWLRQGHQHWWR\DJHGXIRXUS\URO\VH
■ /D UpJpQpUDWLRQ GX ILOWUH j RGHXUV SHXW HQWUDvQHU XQ GpJDJHPHQW
GRGHXU$VVXUH]YRXVTXHODSLqFHHVWELHQYHQWLOpH2XYUH]
XQHIHQrWUH
$SSX\H]VXUOHFDFKHSDUOHEDVSRXUORXYULU
/HILOWUHjRGHXUVHVWORXUG SODFH]SDUFRQVpTXHQWXQHPDLQ
VRXVOHILOWUHjRGHXUVHWGpPRQWH]OH
3UpFKDXIIH]OHIRXUj&PD[LPXPFKDOHXUYHQWLOpH :
5pJpQpUH]OHILOWUHjRGHXUVSHQGDQW PLQXWHVDXIRXUj
&PD[LPXPFKDOHXUYHQWLOpH
:
$VVXUH]YRXV TXH OD SLqFH HVW ELHQ YHQWLOpH 2XYUH] XQH IHQrWUH
/DLVVH]UHIURLGLUOHILOWUHjRGHXUV
0HWWH]HQSODFHOHILOWUHjRGHXUVHWWRXUQH]OpWULHUPpWDOOLTXH
MXVTXHQ EXWpH DILQ TXH OH ILOWUH j RGHXUV UHSRVH GH PDQLqUH VUH
)LJ
6HUUH]OHVpFURXVPROHWpVGHOpWULHUPpWDOOLTXH)LJ
3RXUIHUPHUOHFDFKHDSSX\H]GHVVXVSDUOHEDV)LJ
nl
é
,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
&RQWUROHHU KHW DSSDUDDW QD KHW XLWSDNNHQ 1LHW DDQVOXLWHQ LQ JHYDO
YDQWUDQVSRUWVFKDGH
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
9HUVWLNNLQJVJHYDDU
9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW
PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ
5LVLFRYDQOHWVHO
■ %HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
5LVLFRYDQOHWVHO
■ ,VKHWWRHVWHOQLHWQDDUEHKRUHQEHYHVWLJGGDQNDQKHWQDDU
EHQHGHQYDOOHQ$OOHEHYHVWLJLQJVVFKURHYHQPRHWHQYDVWHQ
YHLOLJZRUGHQJHPRQWHHUG
$DQZLM]LQJ :DQQHHUHHQUHJHQHUHHUEDDUJHXUILOWHUQDDU
EHQHGHQYDOWNDQGH]HEHVFKDGLJGUDNHQ
'HEHVFKDGLJLQJHQ]LMQYDQEXLWHQQLHWDOWLMG]LFKWEDDU9RHUKHW
JHYDOOHQJHXUILOWHUDIHQYHUYDQJKHW
,QVWDOODWLH
,QVWDOODWLHYRRUEHUHLGHQ
■ 'H PRQWDJHSODDWV PRHW ]RQGHU SUREOHHP WRHJDQNHOLMN ]LMQ ]RGDW
KHWDSSDUDDWELMVHUYLFHRQJHKLQGHUGEHUHLNEDDULV
■ 7XVVHQDSSDUDDWHQNRRNSODDWLVHHQDIVWDQGYDQPLQVWHQV
PPHQPD[LPDDO PPDDQWHEHYHOHQ'HNRRNGDPS
ZRUGWPHWWRHQHPHQGHDIVWDQGYDQGHNRRNSODDWPRHLOLMNHU
DIJH]RJHQ
■ 'HDIVWDQGWXVVHQDSSDUDDWHQOXFKWFLUFXODWLHPRGXOHNDQWRWRS
PPJHUHGXFHHUGZRUGHQPLWVGHKRRJWHYDQKHWYHUODDJGH
SODIRQGWHQPLQVWH PPEHGUDDJW
,QERXZYODNFRQWUROHUHQ
■ +HWLQERXZYODNPRHWYODNHQKRUL]RQWDDO]LMQHQYROGRHQGH
GUDDJYHUPRJHQKHEEHQ
■ +HWPD[JHZLFKWYDQKHWDSSDUDDWEHGUDDJW NJ
$DQZLM]LQJHQ
■ 'H RSSHUYODNNHQ YDQ KHW DSSDUDDW ]LMQ JHYRHOLJ%LM GH LQVWDOODWLH
EHVFKDGLJLQJYHUPLMGHQ
■ 8LWVQLMJHGHHOWHRSYRRUKDQGHQNDEHOSODDWVLQJYDQDQGHUH
DSSDUDWHQFRQWUROHUHQ
■ 9RRU GH EHYHVWLJLQJ LV HHQ SDVVHQG IUDPH QRGLJ GDW JRHG LQ KHW
EHWRQQHQSODIRQGLVYDVWJHPDDNW
■ +HW DSSDUDDW PDJ QLHW GLUHFW LQ JLSVNDUWRQSODWHQ RI JHOLMNVRRUWLJ
OLFKWERXZPDWHULDDOYDQHHQYULMKDQJHQGSODIRQGZRUGHQ
JHPRQWHHUG
■ 9RRUHHQMXLVWHPRQWDJHGLHQWXPDWHULDDOWHJHEUXLNHQGDW
YROGRHQGH VWDELHO HQ DDQJHSDVW LV DDQ GH ERXZNXQGLJH VLWXDWLH
HQKHWJHZLFKWYDQKHWPDWHULDDO
,QERXZYODNYRRUEHUHLGHQ
'HVWDELOLWHLWYDQKHWLQERXZYODNPRHWRRNQDGH
XLWVQLMZHUN]DDPKHGHQJHZDDUERUJG]LMQ
.RRNSODDWDIGHNNHQWHUYRRUNRPLQJYDQEHVFKDGLJLQJ
8LWVQLMGLQJLQSODIRQGRI]LMZDQGPDNHQ$IE
1DXLWVQLMZHUN]DDPKHGHQGHVSDDQGHUVYHUZLMGHUHQ
$SSDUDDWPRQWHUHQ
: 5LVLFRYDQOHWVHO
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
$IGHNNLQJYHUZLMGHUHQ
$DQZLM]LQJ 'HVWHXQNDQDIKDQNHOLMNYDQGHLQERXZVLWXDWLH
ZRUGHQYHUSODDWVW $IE
6WHXQHQEHQRGLJGHSODDWDIVFKURHYHQHQSRVLWLHYHUZLVVHOHQ
$IE
6WHXQHQSODDWRSQLHXZHSRVLWLHYDVWVFKURHYHQ $IE
$SSDUDDWYROOHGLJLQGHXLWVSDULQJDDQEUHQJHQWRWGH
RSKDQJLQJHQKRRUEDDUYDVWNOLNNHQ$IE
6FKURHYHQQDHONDDUYRRU]LFKWLJDDQWUHNNHQWRWKHWDSSDUDDW
YODNLQKHWLQERXZYODNDDQOLJW$IE
$DQZLM]LQJ 6FKURHYHQ QLHW WH KDUG DDQGUDDLHQ RP KHW DSSDUDDW
QLHWWHEHVFKDGLJHQ
*HXUILOWHUXLWSDNNHQ$IE
$DQZLM]LQJ *HXUILOWHULV]ZDDU9RRU]LFKWLJRSWLOOHQHQJRHG
YDVWKRXGHQ
+HW JHXUILOWHU SODDWVHQ HQ GH PHWDOHQ EHXJHO WRW DDQ GH DDQVODJ
GUDDLHQ]RGDWGHJHXUILOWHUJRHGDDQOLJW$IE
'HNDUWHOPRHUHQRSGHPHWDOHQEHXJHODDQGUDDLHQ$IE
$IGHNNLQJLQGHRSHQLQJHQDDQGHRQGHUNDQWYDQKHWDSSDUDDW
LQKDQJHQ$IE
'UXNYDQRQGHUWHJHQGHDIGHNNLQJRPGH]HWHVOXLWHQ$IE
$SSDUDDWGHPRQWHUHQ
: 5LVLFRYDQOHWVHO
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
9DQRQGHUHQWHJHQGHDIGHNNLQJGUXNNHQRPGH]HWHRSHQHQ
+RXGHUVYDQGHDIGHNNLQJXLWGHRSHQLQJHQDDQGHRQGHUNDQW
YDQKHWDSSDUDDWXLWKDQJHQ
+HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQGLWXLWERXZHQ
.DUWHOPRHUHQ RSHQGUDDLHQ HQ GH PHWDOHQ EHXJHOV RSHQHQ RP GH
JHXUILOWHUWHYHUZLMGHUHQ$IE
6FKURHYHQ QD HONDDU YRRU]LFKWLJ ORVPDNHQ HQ WRW DDQ GH DDQVODJ
XLWGUDDLHQ
0HW GH GXLPHQ LQ GH RSHQLQJHQ JULMSHQ HQ GH YHHUVSDQQHU QDDU
ERYHQGUXNNHQ$IE
$SSDUDDWYHUZLMGHUHQ
*HXUILOWHUUHJHQHUHUHQ
5HJHQHUHHU RP GH SUHVWDWLHV YDQ KHW JHXUILOWHU WH ZDDUERUJHQ KHW
JHXUILOWHUELMQRUPDDOJHEUXLNFD XXUSHUGDJHONH
PDDQGHQ
8NXQWKHWJHXUILOWHULQHHQJHZRQHRYHQUHJHQHUHUHQ
: *HYDDUYRRUYHUEUDQGLQJ
'H JHXUILOWHU EOLMIW QD KHW UHJHQHUHUHQ ODQJ KHHW 'H JHXUILOWHU GLUHFW
QDKHWUHJHQHUHUHQQLHWDDQUDNHQPDDUODWHQDINRHOHQ
'HKHWHJHXUILOWHURPDIWHNRHOHQRSHHQKLWWHEHVWHQGLJH
RQGHUODDJOHJJHQ
$DQZLM]LQJHQ
■ +HWJHXUILOWHUNDQWRWPD[LPDDOĂPDDOZRUGHQJHUHJHQHUHHUG
HQPRHWELMQRUPDDOJHEUXLNGDJHOLMNVFDĂXXUXLWHUOLMNQD
MDDUZRUGHQYHUYDQJHQ
■ :DQQHHUHHQUHJHQHUHHUEDDUJHXUILOWHUQDDUEHQHGHQYDOWNDQ
GH]HEHVFKDGLJGUDNHQ

'H EHVFKDGLJLQJHQ ]LMQ YDQ EXLWHQ QLHW DOWLMG ]LFKWEDDU 9RHU KHW
JHYDOOHQJHXUILOWHUDIHQYHUYDQJKHW
■ +HWJHXUILOWHUQRRLWUHLQLJHQPHWVFKRRQPDDNPLGGHOHQPHW
ZDWHULQGHYDDWZDVPDFKLQHRIPHWHHQQDWWHGRHN
■ 2PNUDVVHQRSGHEDNSODDWWHYRRUNRPHQOHJWXKHWJHXUILOWHU
RSHHQURRVWHU
■ +HWJHXUILOWHUELMPD[LPDDO &FLUFXODWLHOXFKW :
UHJHQHUHUHQ+HWJHXUILOWHUQLHWPHWGHRYHQUHLQLJLQJVIXQFWLH
S\URO\VHUHJHQHUHUHQ
■ %LM KHW UHJHQHUHUHQ YDQ GH JHXUILOWHU NDQ KHW WRW JHXURQWZLNNHOLQJ
NRPHQ=RUJHUYRRUGDWGHUXLPWHJRHGLVJHYHQWLOHHUG2SHQ
HHQUDDP
'UXNYDQRQGHUHQWHJHQGHDIGHNNLQJRPGH]HWHRSHQHQ
+HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQGLWXLWERXZHQ
'H RYHQ RS PD[LPDDO & FLUFXODWLHOXFKW : YRRUYHUZDUPHQ
*HXUILOWHULQGHYRRUYHUZDUPGHRYHQELMPD[LPDDOĂ&
FLUFXODWLHOXFKW :JHGXUHQGHĂPLQXWHQUHJHQHUHUHQ
=RUJHUYRRUGDWGHUXLPWHJRHGLVJHYHQWLOHHUG2SHQHHQUDDP
/DDWKHWJHXUILOWHUDINRHOHQ
+HW JHXUILOWHU SODDWVHQ HQ GH PHWDOHQ EHXJHO WRW DDQ GH DDQVODJ
GUDDLHQ]RGDWGHJHXUILOWHUJRHGDDQOLJW$IE
'HNDUWHOPRHUHQRSGHPHWDOHQEHXJHODDQGUDDLHQ$IE
'UXNYDQRQGHUWHJHQGHDIGHNNLQJRPGH]HWHVOXLWHQ$IE
it
â
,VWUX]LRQLSHULOPRQWDJJLR
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
/HJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQLSHUOXVR6RORFRVuq
SRVVLELOHXWLOL]]DUHODSSDUHFFKLRLQPRGRVLFXURHFRUUHWWR
&XVWRGLUHFRQODPDVVLPDFXUDOHSUHVHQWLLVWUX]LRQLSHUOXVRHLO
PRQWDJJLRLQFDVRGLXQXWLOL]]RIXWXURRFHVVLRQHDWHU]L
&RQWUROODUHODSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL
IRVVHURYHULILFDWLGDQQLGDWUDVSRUWRQRQFROOHJDUHODSSDUHFFKLR
/DVLFXUH]]DGLXWLOL]]RqJDUDQWLWDVRORLQFDVRGLLQVWDOOD]LRQH
VHFRQGROHUHJROHGLEXRQDWHFQLFDULSRUWDWHQHOOHLVWUX]LRQLGL
PRQWDJJLR/LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWR
IXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
3HULFRORGLVRIIRFDPHQWR
,OPDWHULDOHGLPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH
PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR
3HULFRORGLOHVLRQL
■ $OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
3HULFRORGLOHVLRQL
■ 6HODSSDUHFFKLRQRQYLHQHILVVDWRFRUUHWWDPHQWHSXzFDGHUH
7XWWLJOLHOHPHQWLGLILVVDJJLRGHYRQRHVVHUHPRQWDWLLQPRGR
VDOGRHVLFXUR
$YYHUWHQ]D 6HXQILOWURDQWLRGRUHULJHQHUDELOHFDGHSXz
GDQQHJJLDUVL
, GDQQL QRQ VRQR VHPSUH YLVLELOL GDOOHVWHUQR 6PDOWLUH H VRVWLWXLUH LO
ILOWURDQWLRGRUHULJHQHUDELOHFDGXWR
,QVWDOOD]LRQH
3UHSDUD]LRQHGHOOLQVWDOOD]LRQH
■ ,O OXRJR GL PRQWDJJLR GHYH HVVHUH DFFHVVLELOH VHQ]D SUREOHPL LQ
PRGRWDOHFKHLQFDVRGLQHFHVVLWjSRVVDHVVHUHUDJJLXQWR
VHQ]DLPSHGLPHQWR
■ 6LFRQVLJOLDXQDGLVWDQ]DPLQLPDGLĂPPHPDVVLPDGL
ĂPP WUD ODSSDUHFFKLR H LO SLDQR FRWWXUD ,O YDSRUH GL FRWWXUD
YLHQHULOHYDWRSLGLIILFLOPHQWHFRQXQDGLVWDQ]DPDJJLRUH
ULVSHWWRDOOD]RQDFRWWXUD
■ ËSRVVLELOHULGXUUHODGLVWDQ]DWUDODSSDUHFFKLRHLOPRGXORD
ULFLUFRORGDULDILQRDĂPPSXUFKpODOWH]]DGHOFRQWURVRIILWWR
VLDGLDOPHQRĂPP
&RQWUROORGHOODVXSHUILFLHGLPRQWDJJLR
■ /DVXSHUILFLHGLPRQWDJJLRGHYHHVVHUHSLDQDRUL]]RQWDOHH
VXIILFLHQWHPHQWHVROLGDHUHVLVWHQWH
■ ,OSHVRPD[GHOODSSDUHFFKLRqSDULD ĂNJ
$YYHUWHQ]H
■ /HVXSHUILFLGHOO·DSSDUHFFKLRVRQRGHOLFDWH(YLWDUHGDQQL
GXUDQWHOLQVWDOOD]LRQH
■ &RQWUROODUH ODSHUWXUD GHVWLQDWD DOOD SRVD GHL FDYL SUHVHQWL GL DOWUL
DSSDUHFFKL
■ 3HULOILVVDJJLRqQHFHVVDULDXQDVWUXWWXUDLQEDVVRDGDWWDEHQ
VDOGDQHOVRIILWWRLQFDOFHVWUX]]R
■ 1RQPRQWDUHODSSDUHFFKLRGLUHWWDPHQWHQHOOHSLDVWUHGL
FDUWRQJHVVRRLQXQPDWHULDOHHGLOHOHJJHURVLPLOHGHO
FRQWURVRIILWWR
■ 3HU LO FRUUHWWR PRQWDJJLR XWLOL]]DUH XQ PDWHULDOH VXIILFLHQWHPHQWH
VWDELOHDGDWWRDOOHFRQGL]LRQLFRVWUXWWLYHHDOSHVR
GHOODSSDUHFFKLR
3UHSDUD]LRQHGHOODVXSHUILFLHGLPRQWDJJLR
/DVWDELOLWjGHOODVXSHUILFLHGLPRQWDJJLRGHYHHVVHUHJDUDQWLWD
DQFKHGRSRLODYRULGLWDJOLR
&RSULUHLOSLDQRGLFRWWXUDSHUHYLWDUHGLGDQQHJJLDUOR
5HDOL]]DUH XQDSHUWXUD VXO VRIILWWR R QHOOD SDUHWH ODWHUDOH )LJXUD
5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR
0RQWDJJLRGHOO·DSSDUHFFKLR
: 3HULFRORGLOHVLRQL
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
5LPXRYHUHODFRSHUWXUD
$YYHUWHQ]D ËSRVVLELOHVSRVWDUHLOVXSSRUWRDVHFRQGDGHOOD
VLWXD]LRQHGLPRQWDJJLR )LJXUD
6YLWDUHLVXSSRUWLHODWHJOLDQHFHVVDULDHFDPELDUHSRVL]LRQH
)LJXUD
6HUUDUHLVXSSRUWLHODJULJOLDQHOODQXRYDSRVL]LRQH )LJXUD
,QVHULUHFRPSOHWDPHQWHODSSDUHFFKLRDOOLQWHUQRGHOODSHUWXUD
ILQFKp OH VRVSHQVLRQL QRQ VL LQFDVWUDQR FRQ XQR VFDWWR )LJXUD
6HUUDUH DWWHQWDPHQWH OH YLWL XQD GRSR ODOWUD ILQFKp ODSSDUHFFKLR
QRQVLWURYDDILORGHOODVXSHUILFLHGLPRQWDJJLR)LJXUD
$YYHUWHQ]D 1RQVHUUDUHWURSSROHYLWLSHUQRQGDQQHJJLDUH
ODSSDUHFFKLR
'LVLPEDOODUHLOILOWURRGRUL)LJXUD
$YYHUWHQ]D ,OILOWURRGRULqSHVDQWH6ROOHYDUHFRQFDXWHODH
WHQHUHEHQIHUPR
,QVHULUHLOILOWURDQWLRGRUHHUXRWDUHODVWDIIDGLPHWDOORILQRDOOD
EDWWXWDDIILQFKpLOILOWURSRJJLLQVLFXUH]]D)LJXUD
5XRWDUHLGDGL]LJULQDWLVXOODVWDIIDPHWDOOLFD)LJXUD
$JJDQFLDUHODFRSHUWXUDQHOODSHUWXUDVXOODWRLQIHULRUH
GHOODSSDUHFFKLR)LJXUD
3UHPHUH GDO EDVVR FRQWUR OD FRSHUWXUD SHU FKLXGHUOD )LJXUD
6PRQWDJJLRGHOODSSDUHFFKLR
: 3HULFRORGLOHVLRQL
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
3UHPHUHGDOEDVVRFRQWURODFRSHUWXUDSHUDSULUOD
6JDQFLDUHLVXSSRUWLGHOODFRSHUWXUDGDOOHDSHUWXUHVXOODWR
LQIHULRUHGHOODSSDUHFFKLR
,OILOWURDQWLRGRUHqSHVDQWHSHUWDQWRDIIHUUDUHFRQXQDPDQRLO
ILOWURDQWLRGRUHGDVRWWRHVPRQWDUOR
$OOHQWDUH L GDGL ]LJULQDWL H DSULUH OD VWDIID PHWDOOLFD SHU ULPXRYHUH
LOILOWURRGRUL)LJXUD
6YLWDUHDWWHQWDPHQWHOHYLWLXQDGRSRODOWUDHGHVWUDUOHILQRDOOD
EDWWXWD
$IIHUUDUHFRQLSROOLFLQHOOHDSHUWXUHHSUHPHUHYHUVRODOWRLO
GLVSRVLWLYRGLILVVDJJLRDPROOD)LJXUD
5LPXRYHUHODSSDUHFFKLR
5LJHQHUD]LRQHGHOILOWURRGRUL
3HU JDUDQWLUH OD SUHVWD]LRQH GHO ILOWUR DQWLRGRUH LQ FDVR GL HVHUFL]LR
QRUPDOHĂRUDDOJLRUQRULJHQHUDUORRJQLĂPHVL
ËSRVVLELOHULJHQHUDUHLOILOWURDQWLRGRUHLQXQIRUQRWUDGL]LRQDOH
: 3HULFRORGL XVWLRQL
'RSRODULJHQHUD]LRQHLOILOWURRGRULULPDQHFDOGRDOXQJR1RQ
WRFFDUHLOILOWURRGRULVXELWRGRSRODULJHQHUD]LRQHPDODVFLDUOR
UDIIUHGGDUH
5LSRUUHLOILOWURRGRULFDOGRVXXQDVXSHUILFLHUHVLVWHQWHDOFDORUH
DIILQFKpVLUDIIUHGGL
$YYHUWHQ]H
■ ,QFDVRGLHVHUFL]LRQRUPDOHFLUFDĂRUDDOJLRUQRLILOWUL
DQWLRGRUH SRVVRQR HVVHUH ULJHQHUDWL ILQR D ĂYROWH H VRVWLWXLWL DO
PDVVLPRGRSRĂDQQL
■ 6HXQILOWURDQWLRGRUHULJHQHUDELOHFDGHSXzGDQQHJJLDUVL
, GDQQL QRQ VRQR VHPSUH YLVLELOL GDOOHVWHUQR 6PDOWLUH H VRVWLWXLUH
LOILOWURDQWLRGRUHULJHQHUDELOHFDGXWR
■ 1RQSXOLUHPDLLOILOWURDQWLRGRUHFRQGHWHUJHQWLFRQDFTXDLQ
ODYDVWRYLJOLHRFRQXQSDQQREDJQDWR
■ 3HU QRQ JUDIILDUH OD WHJOLD FROORFDUH LO ILOWUR DQWLRGRUH VXOOD JULJOLD

■ 5LJHQHUDUH LO ILOWUR DQWLRGRUH D XQD WHPSHUDWXUD PDVVLPD GL
ULFLUFRORGDULD
:1RQULJHQHUDUHLOILOWURDQWLRGRUHFRQOD
IXQ]LRQHGLSXOL]LDIRUQRSLUROLVL
■ /DULJHQHUD]LRQHGHOILOWURDQWLRGRUHSXzFDXVDUHODIRUPD]LRQH
GL RGRUL $VVLFXUDUVL FKH OD VWDQ]D VLD EHQ DULHJJLDWD $SULUH XQD
ILQHVWUD
3UHPHUHGDOEDVVRFRQWURODFRSHUWXUDSHUDSULUOD
,OILOWURDQWLRGRUHqSHVDQWHSHUWDQWRDIIHUUDUHFRQXQDPDQRLO
ILOWURDQWLRGRUHGDVRWWRHVPRQWDUOR
3UHULVFDOGDUHLOIRUQRSRUWDQGRORDXQDWHPSHUDWXUDPDVVLPDGL
Ă&ULFLUFRORGDULD :
5LJHQHUDUHLOILOWURDQWLRGRUHLQIRUQRSHUĂPLQXWLDXQD
WHPSHUDWXUDPDVVLPDGLĂ&ULFLUFRORGDULD :
$VVLFXUDUVLFKHODVWDQ]DVLDEHQDULHJJLDWD$SULUHXQDILQHVWUD
/DVFLDUUDIIUHGGDUHLOILOWURDQWLRGRUH
,QVHULUHLOILOWURDQWLRGRUHHUXRWDUHODVWDIIDGLPHWDOORILQRDOOD
EDWWXWDDIILQFKpLOILOWURSRJJLLQVLFXUH]]D)LJXUD
5XRWDUHLGDGL]LJULQDWLVXOODVWDIIDPHWDOOLFD)LJXUD
3UHPHUHGDOEDVVRFRQWURODFRSHUWXUDSHUFKLXGHUOD)LJXUD
sv
ó
0RQWHULQJVDQYLVQLQJ
: 9LNWLJDVlNHUKHWVDQYLVQLQJDU
/lV EUXNVDQYLVQLQJHQ QRJJUDQW 'HW lU YLNWLJW I|U DWW GX VND NXQQD
DQYlQGDHQKHWHQVlNHUWRFKSnUlWWVlWW6SDUDEUXNVRFK
PRQWHULQJVDQYLVQLQJHQI|UIUDPWLGDEUXNRFKHYHQWXHOOD
NRPPDQGHlJDUH
.RQWUROOHUD HQKHWHQ HIWHU XSSDFNQLQJ $QVOXW LQWH HQKHWHQ RP GHQ
KDUWUDQVSRUWVNDGRU
(QVlNHUDQYlQGQLQJNDQEDUDJDUDQWHUDVRPVSLVIOlNWHQ
PRQWHUDVSnIDFNPlVVLJWVlWWRFKLHQOLJKHWPHG
PRQWHULQJVDQYLVQLQJHQ ,QVWDOODW|UHQ DQVYDUDU I|U HQ IHOIUL IXQNWLRQ
SnSODWVHQ
.YlYQLQJVULVN
)|USDFNQLQJVPDWHULDOlUIDUOLJWI|UEDUQ/nWDOGULJEDUQOHNDPHG
I|USDFNQLQJVPDWHULDOHW
6NDGHULVN
■ (QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
6NDGHULVN
■ 2PHQKHWHQLQWHlURUGHQWOLJWIlVWSnYlJJHQVnNDQGHQIDOOD
QHG$OODIlVWNRPSRQHQWHUPnVWHPRQWHUDVVWDGLJWRFKVlNHUW
$QYLVQLQJ 'HWUHJHQHUHUDGHRVILOWUHWNDQEOLVNDGDWRPGHWIDOOHU
QHG
6NDGRUQDJnULQWHDOOWLGDWWVHXWYlQGLJW2PKlQGHUWDRFKE\W
UHJHQHUHUEDUDRVILOWHUVRPIDOOLWQHG
,QVWDOODWLRQ
)|UEHUHGDLQVWDOODWLRQHQ
■ 0RQWHULQJVSODWVHQ PnVWH Jn DWW NRPPD nW VPLGLJW I|U VHUYLFH DY
HQKHWHQ
■ +nOOUHNDYVWnQGRPPLQ PPRFKPD[ PPPHOODQ
HQKHW RFK KlOO-X OlQJUH ERUW IUnQ KlOOHQ GHVWR VYnUDUH DWW In ERUW
PDWRVHW
■ $YVWnQGHW PHOODQ HQKHW RFK FLUNXODWLRQVPRGXO JnU DWW PLQVND WLOO
PPRPK|MGHQWLOOLQQHUWDNHWlUPLQ PP
.RQWUROOHUDLQE\JJQDGV\WDQ
■ ,QE\JJQDGV\WDQPnVWHYDUDSODQYnJUlWRFKKDWLOOUlFNOLJ
KnOOIDVWKHW
■ (QKHWHQVPD[YLNWlU ĂNJ
$QYLVQLQJ
■ +|OMHWlUNlQVOLJW8QGYLNDWWVNDGDGHWYLGLQVWDOODWLRQHQ
■ .RQWUROOHUDXUWDJVGHOHQPDSEHILQWOLJOHGQLQJVGUDJQLQJRFK
DQGUDHQKHWHU
■ ,QIlVWQLQJHQNUlYHUHQVlUVNLOGIDVWIlVWDQRUGQLQJLEHWRQJWDNHW
■ 'XInULQWHPRQWHUDHQKHWHQGLUHNWLJLSVVNLYRUHOOHUOLNQDQGH
OlWWDE\JJPDWHULDOLLQQHUWDN
■ $YVHGG PRQWHULQJ NUlYHU DWW GX DQYlQGHU PDWHULDO VRP lU VWDELOW
QRJRFKNRQVWUXNWLRQVDQSDVVDWI|UDWWNODUDHQKHWHQVYLNW
)|UEHUHGDLQE\JJQDGV\WDQ
,QE\JJQDGV\WDQVNDYDUDVWDELOlYHQHIWHUDWWGXJMRUWXUWDJHQ
7lFNKlOOHQVnXQGYLNHUGXVNDGRU
*|UXUWDJLWDNHOOHUVLGRYlJJELOG
7DERUWVSnQHQHIWHUXUWDJQLQJHQ
0RQWHUDHQKHWHQ
: 6NDGHULVN
(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
7DERUWVN\GGHW
$QYLVQLQJ $QVOXWHQNDQYDUDI|UVNMXWHQEHURHQGHSn
PRQWHULQJVVLWXDWLRQHQ ELOG
6NUXYDDYDQVOXWQLQJRFKQ|GYlQGLJSOnWRFKE\WSRVLWLRQ
ELOG
6NUXYDIDVWDQVOXWQLQJRFKSOnWLQ\SRVLWLRQ ELOG
6lWWLHQKHWHQKHOWLXUWDJHWWLOOVGXK|UKXUXSSKlQJQLQJDUQD
VQlSSHUIDVWELOG
'UD I|UVLNWLJW nW VNUXYDUQD L I|OMG WLOOV HQKHWHQ OLJJHU DQ SODQW PRW
LQE\JJQDGV\WDQELOG
$QYLVQLQJ 'UDLQWHnWVNUXYDUQDI|UKnUWGHWNDQVNDGD
HQKHWHQ
3DFNDXSSRVILOWUHWELOG
$QYLVQLQJ 2VILOWUHWlUWXQJW/\IWI|UVLNWLJWRFKKnOOLRUGHQWOLJW
6lWWLRVILOWUHWRFKYULGPHWDOOE\JODUQDlQGDWLOODQVODJHWVnDWW
RVILOWUHWVLWWHUVlNHUWELOG
'UDnWGHOHWWUDGHPXWWUDUQDSnPHWDOOE\JHOQELOG
+lNWDLVN\GGHWL|SSQLQJDUQDSnHQKHWHQVXQGHUVLGDELOG
7U\FNXQGHULIUnQPRWVN\GGHWI|UDWWVWlQJDGHWELOG
'HPRQWHUDHQKHWHQ
: 6NDGHULVN
(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
7U\FNXQGHULIUnQPRWVN\GGHWI|UDWW|SSQDGHW
+DNDDYKnOODUQDWLOOVN\GGHWXU|SSQLQJDUQDSnXQGHUVLGDQDY
HQKHWHQ
2VILOWUHWlUWXQJWVnKnOOHQKDQGXQGHUQlUGXWDUXUGHW
6NUXYD XSS GH OHWWUDGH PXWWUDUQD RFK |SSQD PHWDOOE\JHOQ Vn DWW
GXNDQWDXURVILOWUHWELOG
/RVVDI|UVLNWLJWSnVNUXYDUQDRFKVNUXYDXUWLOODQVODJHW
7U\FNXSSIMlGHUVSlQQDUHQPHGWXPPDUQDL|SSQLQJDUQD
ELOG
7DXUHQKHWHQ
5HJHQHUHUDRVILOWUHW
5HJHQHUHUDRVILOWUHWYDU PnQDGYLGQRUPDODQYlQGQLQJFD
WLPPHYDUMHGDJI|UELEHKnOOHQRVILOWHUNDSDFLWHW
'XNDQUHJHQHUHUDRVILOWUHWLYDQOLJXJQ
: 5LVNI|UEUlQQVNDGRU
2VILOWUHWI|UEOLUYDUPWOnQJWHIWHUUHJHQHUHULQJHQ5|ULQWHRVILOWUHW
GLUHNWHIWHUUHJHQHUHULQJHQXWDQOnWGHWI|UVWVYDOQDRUGHQWOLJW
/nWGHWKHWDRVILOWUHWVYDOQDSnYlUPHWnOLJWXQGHUODJ
$QYLVQLQJ
■ 'HWJnUDWWUHJHQHUHUDRVILOWUHWXSSWLOOĂJnQJHURFKYLG
QRUPDODQYlQGQLQJ FD ĂWLPPH YDUMH GDJ PnVWH GHW E\WDV LQRP
nU
■ 'HWUHJHQHUHUDGHRVILOWUHWNDQEOLVNDGDWRPGHWIDOOHUQHG
6NDGRUQDJnULQWHDOOWLGDWWVHXWYlQGLJW2PKlQGHUWDRFKE\W
UHJHQHUHUEDUDRVILOWHUVRPIDOOLWQHG
■ 5HQJ|UDOGULJRVILOWHUPHGUHQJ|ULQJVPHGHOYDWWHQGLVNPDVNLQ
HOOHUYnWWUDVD
■ /lJJRVILOWUHWSnJDOOHUDQQDUVNDQGXUHSDEDNSOnWHQ
■ 5HJHQHUHUDRVILOWUHWSnPD[&YDUPOXIW :5HJHQHUHUD
LQWHRVILOWUHWPHGXJQVUHQJ|ULQJVIXQNWLRQHQS\URO\V
■ 'HWNDQOXNWDHQGHOYLGUHJHQHUHULQJHQDYRVILOWUHW6HWLOOVnDWW
UXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
7U\FNXQGHULIUnQPRWVN\GGHWI|UDWW|SSQDGHW
2VILOWUHWlUWXQJWVnKnOOHQKDQGXQGHUQlUGXWDUXUGHW
)|UYlUPXJQHQWLOOPD[&YDUPOXIW :
5HJHQHUHUDRVILOWUHWLXJQSnPD[&YDUPOXIW :L
PLQXWHU
6HWLOOVnDWWUXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
/nWRVILOWUHWVYDOQD
6lWWLRVILOWUHWRFKYULGPHWDOOE\JODUQDlQGDWLOODQVODJHWVnDWW
RVILOWUHWVLWWHUVlNHUWELOG
'UDnWGHOHWWUDGHPXWWUDUQDSnPHWDOOE\JHOQELOG
7U\FNXQGHULIUnQPRWVN\GGHWI|UDWWVWlQJDGHWELOG
no
ê
0RQWHULQJVYHLOHGQLQJ

: 9LNWLJHVLNNHUKHWVDQYLVQLQJHU
/HV GHQQH EUXNVDQYLVQLQJHQ Q¡\H 'HW HU HQ IRUXWVHWQLQJ IRU DW GX
VNDO NXQQH EUXNH DSSDUDWHW Sn HQ VLNNHU RJ ULNWLJ PnWH 7D YDUH Sn
EUXNVRJPRQWHULQJVDQYLVQLQJHQVOLNDWGXNDQEUXNHGHQLJMHQ
VHQHUHHOOHUJLGHQYLGHUHWLOHYHQWXHOOHNRPPHQGHHLHUHDY
DSSDUDWHW
.RQWUROOHUDSSDUDWHWHWWHUDWGXKDUSDNNHWGHWXW,NNHNREOHWLO
DSSDUDWHWKYLVGHWHUVNDGHWXQGHUWUDQVSRUW
6LNNHUKHWHQXQGHUEUXNHQHUNXQJDUDQWHUWGHUVRPPRQWHULQJHQ
IRUHWDVIRUVNULIWVPHVVLJLKHQKROGWLOPRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
)DUHIRUNYHOQLQJ
(PEDOODVMHPDWHULDOHWHUIDUOLJIRUEDUQ%DUQPnDOGULInOHNHPHG
HPEDOODVMHQ
)DUHIRUSHUVRQVNDGHU
■ .RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
)DUHIRUSHUVRQVNDGHU
■ +YLVDSSDUDWHWLNNHHUIRUVYDUOLJIHVWHWNDQGHWIDOOHQHG$OOH
IHVWHHOHPHQWHUPnYUHIDVWRJVLNNHUWPRQWHUW
0HUN +YLVHWUHJHQHUHUEDUWOXNWILOWHUIDOOHUQHGNDQGHWEOLVNDGHW
6NDGHQHHULNNHDOOWLGV\QOLJHXWHQSn.DVVHURJE\WWXWGHW
OXNWILOWHUHWVRPKDUIDOWQHG
,QVWDOODVMRQ
)RUEHUHGHLQVWDOODVMRQ
■ 0RQWHULQJVVWHGHWPnYUHWLOJMHQJHOLJXWHQSUREOHPHUVOLNDW
DSSDUDWHWNDQQnVXKLQGUHWYHGVHUYLFH
■ 'HWDQEHIDOHVHQDYVWDQGSnPLQVW PPRJPDNV PP
PHOORP DSSDUDWHW RJ NRNHWRSSHQ -R VW¡UUH DYVWDQGHQ HU GHVWR
YDQVNHOLJHUHEOLUGHWnIDQJHRSSPDWRVHQ
■ $YVWDQGHQPHOORPDSSDUDWHWRJVLUNXODVMRQVPRGXOHQNDQ
UHGXVHUHVLQQWLO PPGHUVRPK¡\GHQSnGHQQHGIHOWH
KLPOLQJHQHUPLQVW PP
.RQWUROOHUHLQQE\JJLQJVIODWHQ
■ ,QQE\JJLQJVIODWHQPnYUHSODQYDQQUHWWRJKDWLOVWUHNNHOLJ
EUHNUDIW
■ $SSDUDWHWVPDNVYHNWHU NJ
0HUNQDGHU
■ 2YHUIODWHQDYDSSDUDWHWHU¡PILQWOLJ8QQJnVNDGHUXQGHU
LQVWDOODVMRQHQ
■ .RQWUROOHUXWVNMULQJVRPUnGHWRJVHRPGHWHUODJWNDEOHUWLO
DQGUHDSSDUDWHU
■ 7LOIHVWHWWUHQJVGHWHWHJQHWVWDWLYVRPHUWU\JWIHVWHWL
EHWRQJWDNHW
■ ,NNHPRQWHUDSSDUDWHWGLUHNWHSnJLSVSODWHUHOOHUOLJQHQGHOHWWH
E\JQLQJVPDWHULDOHULGHQQHGIHOWHKLPOLQJHQ
■ %UXNHWPDWHULDOHVRPHUVWDELOWQRNRJWLOSDVVHW
E\JQLQJVNRQVWUXNVMRQHQRJDSSDUDWYHNWHQIRUnVLNUH
IRUVNULIWVPHVVLJPRQWHULQJ
.ODUJM¡UHLQQE\JJLQJVIODWHQ
,QQE\JJLQJVIODWHQPnYUHVWDELORJVnHWWHUXWVNMULQJVDUEHLGHW
)RUnXQQJnVNDGHUPnGXGHNNHWLOSODWHWRSSHQ
/DJXWVNMULQJLWDNHOOHUVLGHYHJJ%LOGH
)MHUQVSRQHWWHUXWVNMULQJHQH
0RQWHULQJDYDSSDUDWHW
: )DUHIRUSHUVRQVNDGHU
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
7DDYGHNVHOHW
0HUN 6WXVVHQ NDQ IRUVN\YHV DOW HWWHU LQQE\JJLQJVVLWXDVMRQHQ
%LOGH
6NUXDYVWXVVHQRJGHQQ¡GYHQGLJHSODWHQRJE\WWSRVLVMRQ
%LOGH
6NUXIDVWVWXVVHQRJSODWHQLGHQQ\HSRVLVMRQHQ %LOGH
6HWW DSSDUDWHW KHOW LQQ L XWVNMULQJHQ WLO RSSKHQJHQH JnU K¡UEDUW
LLQQJUHS%LOGH
6WUDPVNUXHQHIRUVLNWLJHWWHUKYHUDQGUHKHOWWLODSSDUDWHWOLJJHUL
IOXNWLLQQE\JJLQJVIODWHQ%LOGH
0HUN ,NNHWUHNNWLOVNUXHQHIRUKDUGWGDNDQGHWRSSVWnVNDGHU
SnDSSDUDWHW
3DNNXWOXNWILOWHUHW%LOGH
0HUN /XNWILOWHUHW HU WXQJW /¡IW GHW IRUVLNWLJ RJ KROG GHW JRGW IDVW
6HWWLQQOXNWILOWHUHWRJGUHLPHWDOOE¡\OHQHKHOWWLOVWRSSVOLNDW
OXNWILOWHUHWOLJJHURUGHQWOLJSnSODVVELOGH
6NUXLJMHQULIOHPXWUHQHSnPHWDOOE¡\OHQELOGH
+HNW GHNVHOHW L nSQLQJHQH Sn XQGHUVLGHQ DY DSSDUDWHW %LOGH
/XNNGHNVHOHWYHGnWU\NNHSnGHWIUDXQGHUVLGHQELOGH
'HPRQWHULQJDYDSSDUDWHW
: )DUHIRUSHUVRQVNDGHU
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
cSQHGHNVHOHWYHGnWU\NNHSnGHWIUDXQGHUVLGHQ
/¡IWXWKROGHUQHWLOGHNVHOHWIUDnSQLQJHQHSnXQGHUVLGHQDY
DSSDUDWHW
/XNWILOWHUHWHUWXQJWGHUIRUPnGXWDWDNPHGGHQHQHKnQGHQ
XQGHUOXNWILOWHUHWRJWDGHWXW
6NUX XW ULIOHPXWUHQH RJ nSQH PHWDOOE¡\OHQH IRU n WD XW OXNWILOWHUHW
%LOGH
/¡VQHVNUXHQHIRUVLNWLJHWWHUWXURJVNUXGHPKHOWXWWLOVWRSS
6WLNNWRPOHQHLQQLnSQLQJHQHRJWU\NNIMUVSHQQHUQHRSS
%LOGH
7DXWDSSDUDWHW
5HJHQHUHUHOXNWILOWHU
)RU n VLNUH DW OXNWILOWHUHW IXQJHUHU JRGW E¡U GX UHJHQHUHUH GHW KYHU
² PnQHGYHGYDQOLJEUXNFD WLPHGDJOLJ
'XNDQUHJHQHUHUHOXNWILOWHUHWLHQYDQOLJVWHNHRYQ
: )DUHIRUIRUEUHQQLQJ
/XNWILOWHUHWHUIRUWVDWWYDUPWOHQJHHWWHUUHJHQHUHULQJHQ,NNHEHU¡U
OXNWILOWHUHWUHWWHWWHUUHJHQHUHULQJHQPHQODGHWNM¡OHVHJQHG
/HJJGHWYDUPHOXNWILOWHUHWSnHWXQGHUODJVRPWnOHUYDUPH
0HUNQDGHU
■ /XNWILOWHUHWNDQUHJHQHUHUHVRSSWLOĂJDQJHURJPnE\WWHVXW
HWWHUVHQHVW nUYHGQRUPDOEUXNFD WLPHGDJOLJ
■ +YLVHWUHJHQHUHUEDUWOXNWILOWHUIDOOHUQHGNDQGHWEOLVNDGHW
6NDGHQHHULNNHDOOWLGV\QOLJHXWHQSn.DVVHURJE\WWXWGHW
OXNWILOWHUHWVRPKDUIDOWQHG
■ %UXNDOGULUHQJM¡ULQJVPLGGHOYDQQRSSYDVNPDVNLQHOOHUHQ
IXNWLJNOXWWLOnUHQJM¡UHOXNWILOWHUHW
■ /HJJOXNWILOWHUHWSnHQULVWVOLNDWGXLNNHVNUDSHURSS
VWHNHEUHWWHW
■ 5HJHQHUHUOXNWILOWHUHWSnPDNV &VLUNXODVMRQVOXIW :
/XNWILOWHUHWPnLNNHUHJHQHUHUHVPHGRYQUHQJM¡ULQJVIXQNVMRQHQ
S\URO\VH
■ 1nU OXNWILOWHUHW UHJHQHUHUHV NDQ GHW RSSVWn OXNW 3nVH DW URPPHW
HUJRGWYHQWLOHUWcSQHHWYLQGX
cSQHGHNVHOHWYHGnWU\NNHSnGHWIUDXQGHUVLGHQ
/XNWILOWHUHWHUWXQJWGHUIRUPnGXWDWDNPHGGHQHQHKnQGHQ
XQGHUOXNWILOWHUHWRJWDGHWXW
)RUYDUPVWHNHRYQHQWLOPDNV &VLUNXODVMRQVOXIW :
5HJHQHUHUOXNWILOWHUHWL PLQXWWHULVWHNHRYQHQSnPDNV
&VLUNXODVMRQVOXIW
:
3nVHDWURPPHWHUJRGWYHQWLOHUWcSQHHWYLQGX
/DOXNWILOWHUHWDYNM¡OHV
6HWWLQQOXNWILOWHUHWRJGUHLPHWDOOE¡\OHQHKHOWWLOVWRSSVOLNDW
OXNWILOWHUHWOLJJHURUGHQWOLJSnSODVVELOGH
6NUXLJMHQULIOHPXWUHQHSnPHWDOOE¡\OHQELOGH
/XNNGHNVHOHWYHGnWU\NNHSnGHWIUDXQGHUVLGHQELOGH
fi
Ý
$VHQQXVRKMH
: 7lUNHLWlWXUYDRKMHLWD
/XH WlPl Nl\WW|RKMH KXROHOOLVHVWL 9DVWD VLWWHQ YRLW Nl\WWll ODLWHWWDVL
WXUYDOOLVHVWLMDRLNHLQ6lLO\WlNl\WW|MDDVHQQXVRKMHP\|KHPSll
Nl\WW|lWDLVHXUDDYDDNl\WWlMllYDUWHQ
7DUNDVWD ODLWH NXQ ROHW SXUNDQXW VHQ SDNNDXNVHVWD -RV ODLWWHHVVD
RQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q
7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ
DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD
PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD
7XNHKWXPLVYDDUD
3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ
OHLNNLlSDNNDXVPDWHULDDOLOOD
/RXNNDDQWXPLVYDDUD
■ /DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl

/RXNNDDQWXPLVYDDUD
■ -RVODLWHWWDHLROHNLLQQLWHWW\DVLDQPXNDLVHVWLVHYRLSXGRWD
.DLNNLNLLQQLW\VHOHPHQWLWSLWllNLLQQLWWllNXQQROODMDYDUPDVWL
+XRPDXWXV +DMXVXRGDWLQYRLYDXULRLWXDMRVVHSllVHH
SXWRDPDDQ
9DXULRWHLYlWROHDLQDKDYDLWWDYLVVDXONRSXROHOWD9DLKGDMDKlYLWl
SXGRQQXWUHJHQHURLWDYLVVDROHYDKDMXVXRGDWLQ
$VHQQXV
$VHQQXNVHQDONXYDOPLVWHOXW
■ $VHQQXVSDLNNDDQSLWllSllVWlRQJHOPLWWDNlVLNVLMRWWDODLWWHHQ
HVWHHW|QKXROWRRQWDUYLWWDHVVDPDKGROOLVWD
■ /DLWWHHQMDNHLWWRWDVRQYlOLQHQVXRVLWHOWDYDHWlLV\\VRQ
YlKLQWllQ PPMDHQLQWllQ PP-RVHWlLV\\V
NHLWWRWDVRRQRQVXXUHPSLNHLWWlPLVK|\U\MHQWDOWHHQRWWRRQ
YDLNHDPSDD
■ /DLWWHHQMDNLHUWRLOPDPRGXXOLQYlOLQHQHWlLV\\VYRLGDDQ
SLHQHQWll PPVDDNNDMRVDODVODVNHWXQNDWRQNRUNHXVRQ
YlKLQWllQ PP
$VHQQXVSLQQDQWDUNDVWDPLQHQ
■ $VHQQXVSLQQDQSLWllROODWDVDLQHQMDYDDNDVXRUDMDVHQSLWll
NHVWllWXXOHWWLPHQSDLQR
■ /DLWWHHQPDNVLPLSDLQRRQ NJ
+XRPDXWXNVLD
■ /LHVLWXXOHWWLPHQSLQQDWYDKLQJRLWWXYDWKHOSRVWL9DUR
YDKLQJRLWWDPDVWDSLQWRMDDVHQQXNVHQ\KWH\GHVVl
■ 7DUNDVWD RQNR DVHQQXVDXNRQ DOXHHOOD PXLGHQ ODLWWHLGHQ MRKWRMD
■ .LLQQLW\VWlYDUWHQWDUYLWDDQVRSLYDWXNLWHOLQHMRNDRQNLLQQLWHWW\
NLLQWHlVWLEHWRQLNDWWRRQ
■ /DLWHWWD HL VDD DVHQWDD VXRUDDQ DODV ODVNHWXQ NDWRQ NLSVLOHY\LKLQ
MDYDVWDDYLLQNHY\WUDNHQWHLVLLQ
■ -RWWDDVHQQXVRQDVLDQPXNDLQHQNl\WlULLWWlYlQYDQNNDD
UDNHQWHHOOLVLLQVHLNNRLKLQMDODLWWHHQSDLQRRQVRSLYDDPDWHULDDOLD
$VHQQXVSLQQDQHVLYDOPLVWHOXW
$VHQQXVSLQQDQYDNDXGHQSLWllROODWDDWWXP\|VDVHQQXVDXNRQ
YDOPLVWDPLVHQMlONHHQ
3HLWlNHLWWRWDVRMRWWDYlOWlWVHQYDXULRLWXPLVHQ
7HHDXNNRNDWWRRQWDLVLYXVHLQllQNXYD
3RLVWDODVWXWDXNRQWHNHPLVHQMlONHHQ
/DLWWHHQDVHQWDPLQHQ
: /RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
3RLVWDNDQVL
+XRPDXWXV 7XNHDYRLGDDQVLLUWllDVHQQXVWLODQWHHQPXNDDQ
NXYD
.LHUUlWXNLMDWDUYLWWDYDOHY\LUWLMDYDLKGDSDLNNDD NXYD
.LHUUlWXNLMDOHY\NLLQQLXXWHHQSDLNNDDQ NXYD
$VHWDODLWHNRNRQDDQDXNNRRQNXQQHVNDQQDWWLPHWOXNLWWXYDW
NXXOXYDVWLNXYD
.LHUUlUXXYHMDSHUlMlONHHQYDURYDVWLNLLQQLNXQQHVODLWHRQ
WDVDLVHVWLDVHQQXVSLQQDOODNXYD
+XRPDXWXV bOlNLULVWlUXXYHMDOLLDQNLUHlOOHMRWWDHWYDXULRLWD
ODLWHWWD
3RLVWDKDMXVXRGDWLQSDNNDXNVHVWDNXYD
+XRPDXWXV +DMXVXRGDWLQRQSDLQDYD1RVWDYDURYDVWLMDSLGl
NXQQROODNLLQQL
$VHWD KDMXVXRGDWLQ SDLNDOOHHQ MD NLHUUl PHWDOOLNDDULD YDVWHHVHHQ
VDDNNDMRWWDKDMXVXRGDWLQRQNXQQROODSDLNDOODDQNXYD
.LHUUlPHWDOOLNDDUHQPXWWHULWNLLQQLNXYD
$VHQQDNDQVLODLWWHHQDODVLYXOODROHYLLQDXNNRLKLQNXYD
6XOMHNDQVLSDLQDPDOODVLWlDOKDDOWDSlLQNXYD
/DLWWHHQLUURWWDPLQHQ
: /RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
$YDDNDQVLSDLQDPDOODVLWlDOKDDOWDSlLQ
,UURWDNDQQHQNLLQQLNNHHWODLWWHHQDODSXROHOODROHYLVWDDXNRLVWD
+DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDRWDVHSRLVSDLNDOWDDQ
.LHUUlPXWWHULWDXNLMDDYDDPHWDOOLNDDUHWMRWWDYRLWSRLVWDD
KDMXVXRGDWWLPHQNXYD
/|\VW\WlUXXYHMDSHUlMlONHHQYDURYDVWLMDNLHUUlQHLUWL
YDVWHHVHHQVDDNND
7DUWXSHXNDORLOODDXNNRLKLQMDSDLQDMRXVLNLULVWLQWl\O|VSlLQ
NXYD
2WDODLWHSRLVSDLNDOWDDQ
+DMXVXRGDWWLPHQUHJHQHURLQWL
-RWWD KDMXVXRGDWWLPHQ WHKR VlLO\\ K\YlQl UHJHQHURL KDMXVXRGDWLQ
WDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQĂWXQWLĂĂNXXNDXGHQ
YlOHLQ
9RLWUHJHQHURLGDKDMXVXRGDWWLPHQWDYDQRPDLVHVVDXXQLVVD
: 3DORYDPPRMHQYDDUD
+DMXVXRGDWLQS\V\\UHJHQHURLQQLQMlONHHQNDXDQNXXPDQDbOl
NRVNHWD KDMXVXRGDWLQWD KHWL UHJHQHURLQQLQ MlONHHQ YDDQ DQQD VHQ
HQVLQMllKW\lULLWWlYlVWL
$VHWDNXXPDKDMXVXRGDWLQMllKW\PllQNXXPXXWWDNHVWlYlOOH
DOXVWDOOH
+XRPDXWXNVLD
■ +DMXVXRGDWLQYRLGDDQUHJHQHURLGDHQLQWllQĂNHUWDDMDVHRQ
YDLKGHWWDYDWDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQĂWXQWL
YLLPHLVWllQĂYXRGHQNXOXWWXD
■ +DMXVXRGDWLQYRLYDXULRLWXDMRVVHSllVHHSXWRDPDDQ
9DXULRW HLYlW ROH DLQD KDYDLWWDYLVVD XONRSXROHOWD 9DLKGD MD KlYLWl
SXGRQQXWUHJHQHURLWDYLVVDROHYDKDMXVXRGDWLQ
■ bOlSXKGLVWDKDMXVXRGDWLQWDSXKGLVWXVDLQHLOODYHGHOOl
DVWLDQSHVXNRQHHVVDWDLPlUlOOlOLLQDOOD
■ $VHWDKDMXVXRGDWLQULWLOlOOHMRWWDOHLYLQSHOWLHLQDDUPXXQQX
■ 5HJHQHURLKDMXVXRGDWLQHQLQWllQOlPS|WLODVVD &
NLHUWRLOPD
:bOlUHJHQHURLKDMXVXRGDWLQWD
XXQLQSXKGLVWXVWRLPLQQROODS\URO\\VL
■ +DMXVXRGDWWLPHQUHJHQHURLQQLQ\KWH\GHVVlYRLPXRGRVWXD
KDMXMD 9DUPLVWD HWWl KXRQHHVVD RQ K\Yl WXXOHWXV $YDD LNNXQD
$YDDNDQVLSDLQDPDOODVLWlDOKDDOWDSlLQ
+DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDRWDVHSRLVSDLNDOWDDQ
(VLOlPPLWlXXQLHQLQWllQOlPS|WLODDQĂ&NLHUWRLOPD :
5HJHQHURLKDMXVXRGDWLQWDĂPLQXXWWLDXXQLVVDHQLQWllQ
OlPS|WLODVVD &NLHUWRLOPD
:
9DUPLVWDHWWlKXRQHHVVDRQK\YlWXXOHWXV$YDDLNNXQD
$QQDKDMXVXRGDWWLPHQMllKW\l
$VHWD KDMXVXRGDWLQ SDLNDOOHHQ MD NLHUUl PHWDOOLNDDULD YDVWHHVHHQ
VDDNNDMRWWDKDMXVXRGDWLQRQNXQQROODSDLNDOODDQNXYD
.LHUUlPHWDOOLNDDUHQPXWWHULWNLLQQLNXYD
6XOMHNDQVLSDLQDPDOODVLWlDOKDDOWDSlLQNXYD
da
×
0RQWHULQJVYHMOHGQLQJ
: 9LJWLJHVLNNHUKHGVDQYLVQLQJHU
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHP'HWHUHQ
IRUXGVWQLQJIRUDWDSSDUDWHWNDQEHWMHQHVVLNNHUWRJNRUUHNW
2SEHYDUEUXJVRJPRQWDJHYHMOHGQLQJHQWLOVHQHUHEUXJHOOHUWLO
NRPPHQGHHMHUHDIDSSDUDWHW
.RQWUROOHUDSSDUDWHWQnUGHWHUSDNNHWXG$SSDUDWHWPnLNNH
WLOVOXWWHVKYLVGHWKDUWUDQVSRUWVNDGHU
6LNNHUKHGHQXQGHUEUXJHUNXQVLNUHWKYLVHPKWWHQHUEOHYHW
PRQWHUHWNRUUHNWLKWPRQWHULQJVYHMOHGQLQJHQ,QVWDOODW¡UHQKDU
DQVYDUHWIRUDWDSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
)DUHIRUNYOQLQJ
(PEDOODJHPDWHULDOHHUIDUOLJWIRUE¡UQ6¡UJIRUDWE¡UQLNNHOHJHU
PHGHPEDOODJHPDWHULDOH
)DUHIRUWLOVNDGHNRPVW
■ .RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
)DUHIRUWLOVNDGHNRPVW
■ +YLV DSSDUDWHW LNNH HU NRUUHNW IDVWJMRUW WLO YJJHQ NDQ GHQ IDOGH
QHG$OOHEHIVWLJHOVHVHOHPHQWHUVNDOYUHPRQWHUHWIDVWRJ
VLNNHUW
%HPUN +YLVGHWUHJHQHUHUEDUHOXJWILOWHUIDOGHUSnJXOYHWNDQ
GHWEOLYHEHVNDGLJHW
6nGDQQH EHVNDGLJHOVHU HU LNNH DOWLG V\QOLJH XGHIUD , JLYHW IDOG VNDO
GHWEHVNDGLJHGHUHJHQHUHUEDUHOXJWILOWHUNDVVHUHVRJHUVWDWWHV
PHGHWQ\W
,QVWDOODWLRQ
)RUEHUHGHLQVWDOODWLRQ
■ 'HUVNDOYUHXKLQGUHWDGJDQJWLORSVWQLQJVVWHGHWVnGHUL
WLOIOGHDIUHSDUDWLRQHUIULDGJDQJWLODSSDUDWHW
■ *HQHUHOWDQEHIDOHVHQDIVWDQGSnPLQLPXP PPRJ
PDNVLPDOW PPPHOOHPDSSDUDWHWRJNRJHVHNWLRQHQ1nU

DIVWDQGHQWLONRJHVHNWLRQHQIRU¡JHVEOLYHURSVXJQLQJHQDI
PDGODYQLQJVGDPSHQYDQVNHOLJHUH
■ $IVWDQGHQPHOOHPDSSDUDWHWRJUHFLUNXODWLRQVPRGXOHWNDQ
UHGXFHUHVQHGWLO PPKYLVK¡MGHQDIGHWQHGKQJWHORIWHU
PLQLPXP PP
.RQWURODIPRQWDJHIODGH
■ 0RQWDJHIODGHQVNDOYUHSODQYDQGUHWRJWLOVWUNNHOLJ
EUHG\JWLJ
■ $SSDUDWHWYHMHUPDNVLPDOW NJ
$QYLVQLQJHU
■ (PKWWHQVRYHUIODGHUHUVDUWH8QGJnEHVNDGLJHOVHXQGHU
LQVWDOODWLRQHQ
■ .RQWUROOHUDWGHULNNHEHILQGHUVLJNDEOHUIUDDQGUHDSSDUDWHUL
XGVNULQJVRPUnGHW
■ %HIVWLJHOVHQNUYHUHQHJQHWXQGHUNRQVWUXNWLRQVRPHUIDVW
ILNVHUHWWLOEHWRQORIWHW
■ $SSDUDWHWPnLNNHPRQWHUHVGLUHNWHLJLSVNDUWRQSODGHUHOOHUL
OLJQHQGHOHWWHE\JJHPDWHULDOHULHWQHGKQJWORIW
■ )RUNRUUHNWPRQWDJHDIDSSDUDWHWVNDOGHUDQYHQGHVHW
WLOVWUNNHOLJWVWDELOWPDWHULDOHVRPVYDUHUWLOIRUKROGHQHL
E\JQLQJHQRJDSSDUDWHWVYJW
.ODUJ¡UHPRQWDJHIODGH
'HW VNDO VLNUHV DW PRQWDJHIODGHQ RJVn HU VWDELO HIWHU XGI¡UHOVHQ DI
XGVNULQJHUQH
'NNRJHVHNWLRQHQWLOIRUDWXQGJnEHVNDGLJHOVHU
/DYHQXGVNULQJLORIWHOOHULVLGHYJ)LJXU
)MHUQDOOHVSnQHUQnUXGVNULQJHQHUIUGLJ
0RQWHULQJDIHPKWWH
: )DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
7DJDIGNQLQJHQDI
%HPUN $IKQJLJWDIPRQWDJHVLWXDWLRQHQNDQVWXGVHQH
IO\WWHV )LJXU
6NUXVWXGVHRJPHWDOSODGHDIRJVNLIWGHUHVSODFHULQJ )LJXU
6NUXVWXGVHRJPHWDOSODGHIDVWSnGHQQ\HSRVLWLRQ )LJXU
6WDSSDUDWHWKHOWLQGLXGVNULQJHQLQGWLORSKQJHQHNOLNNHU
K¡UEDUWSnSODGV)LJXU
6SQGIRUVLJWLJWVNUXHUQHWLOHIWHUKLQDQGHQWLODSSDUDWHWOLJJHU
DQRJIOXJWHUPRGPRQWDJHIODGHQ)LJXU
%HPUN 6SQGLNNHVNUXHUQHIDVWWLOIRULNNHDWEHVNDGLJH
DSSDUDWHW
3DNOXJWILOWUHWXG)LJXU
%HPUN /XJWILOWUHWHUWXQJW/¡IWGHWIRUVLJWLJWRSRJKROGGHW
JRGWIDVW
6WOXJWILOWUHWLQGRJGUHMPHWDOE¡MOHQWLODQVODJHWVnOXJWILOWUHW
OLJJHUVLNNHUWDQILJXU
6NUXILQJHUP¡WULNNHUQHSnPHWDOE¡MOHQWLOILJXU
)DVWJ¡UDIGNQLQJHQLnEQLQJHUQHSnDSSDUDWHWVXQGHUVLGH
)LJXU
7U\NQHGHIUDSnDIGNQLQJHQIRUDWOXNNHGHQILJXU
'HPRQWHULQJDIHPKWWH
: )DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
7U\NQHGHIUDSnDIGNQLQJHQIRUDWnEQHGHQ
7DJDIGNQLQJHQVKROGHUHXGDInEQLQJHUQHSnXQGHUVLGHQDI
DSSDUDWHW
/XJWILOWUHW HU WXQJW KROG GHUIRU PHG GHQ HQH KnQG XQGHU OXJWILOWUHW
XQGHUDIPRQWDJHQ
6NUXILQJHUP¡WULNNHUQHRSRJnEQPHWDOE¡MOHQIRUDWWDJH
OXJWILOWUHWXG)LJXU
6NUXHUQHO¡VQHVIRUVLJWLJWHQDGJDQJHQ6NUXGHPXGWLO
DQVODJHW
6WLNWRPPHOILQJHUHQLQGLnEQLQJHUQHRJWU\NIMHGHUVSQGHUHQ
RSDG)LJXU
7DJDSSDUDWHWXG
5HJHQHUHUHOXJWILOWHU
)RUDWVLNUHRSWLPDOOXJWDEVRUSWLRQVNDOOXJWILOWUHWYHGQRUPDOGULIW
FD WLPHGDJOLJWUHJHQHUHUHVIRUKYHU PnQHGHU
/XJWILOWUHWNDQUHJHQHUHUHVLHQDOPLQGHOLJEDJHRYQ
: )DUHIRUIRUEUQGLQJ
/XJWILOWUHWHUPHJHWYDUPWLODQJWLGHIWHUUHJHQHUHULQJHQ5¡ULNNH
YHGOXJWILOWUHWXPLGGHOEDUWHIWHUUHJHQHUHULQJHQPHQODGGHWI¡UVW
N¡OHWLOVWUNNHOLJWDI
/JGHWYDUPHOXJWILOWHUWLODIN¡OLQJSnHWYDUPHEHVWDQGLJW
XQGHUODJ
$QYLVQLQJHU
■ /XJWILOWUHWNDQUHJHQHUHUHVRSWLOĂJDQJH9HGQRUPDO
DQYHQGHOVHFD WLPHGDJOLJWVNDOGHWXGVNLIWHVHIWHUPDNV
nU
■ +YLVGHWUHJHQHUHUEDUHOXJWILOWHUIDOGHUSnJXOYHWNDQGHWEOLYH
EHVNDGLJHW
6nGDQQHEHVNDGLJHOVHUHULNNHDOWLGV\QOLJHXGHIUD,JLYHWIDOG
VNDOGHWEHVNDGLJHGHUHJHQHUHUEDUHOXJWILOWHUNDVVHUHVRJ
HUVWDWWHVPHGHWQ\W
■ /XJWILOWUHW Pn DOGULJ UHQJ¡UHV PHG UHQJ¡ULQJVPLGOHU YDQG YnGH
NOXGHHOOHULRSYDVNHPDVNLQHQ
■ /J OXJWILOWUHW Sn HQ ULVW IRU DW XQGJn DW EDJHSODGHQ EOLYHU ULGVHW
■ /XJWILOWUHWPnPDNVLPDOWUHJHQHUHUHVYHG &
FLUNXODWLRQVOXIW
:/XJWILOWUHWPnLNNHUHJHQHUHUHVPHG
RYQUHQVHIXQNWLRQHQS\URO\VH
■ 'HU NDQ RSVWn OXJW L IRUELQGHOVH PHG UHJHQHUHULQJHQ DI OXJWILOWUHW
6¡UJIRUDWUXPPHWHUJRGWYHQWLOHUHW/XNHWYLQGXHRS
7U\NQHGHIUDRSPRGDIGNQLQJHQIRUDWnEQHGHQ
/XJWILOWUHW HU WXQJW KROG GHUIRU PHG GHQ HQH KnQG XQGHU OXJWILOWUHW
XQGHUDIPRQWDJHQ
2SYDUPRYQHQWLOPDNV&FLUNXODWLRQVOXIW :
5HJHQHUHU OXJWILOWUHW L PLQXWWHU L RYQHQ YHG PDNLPDOW &
FLUNXODWLRQVOXIW
:
6¡UJIRUDWUXPPHWHUJRGWYHQWLOHUHW/XNHWYLQGXHRS
/DGOXJWILOWUHWN¡OHDI
6WOXJWILOWUHWLQGRJGUHMPHWDOE¡MOHQWLODQVODJHWVnOXJWILOWUHW
OLJJHUVLNNHUWDQILJXU
6NUXILQJHUP¡WULNNHUQHSnPHWDOE¡MOHQWLOILJXU
7U\NQHGHIUDSnDIGNQLQJHQIRUDWOXNNHGHQILJXU
es
Û
,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
&RPSUREDUHODSDUDWRDOVDFDUORGHVXHPEDODMH(ODSDUDWRQR
GHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGRGDxRVGXUDQWHHO
WUDQVSRUWH
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
£3HOLJURGHDVIL[LD
(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH
ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH
£3HOLJURGHOHVLRQHV
■ /DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
£3HOLJURGHOHVLRQHV
■ 6L HO DSDUDWR QR HVWi ILMDGR FRUUHFWDPHQWH SXHGH FDHUVH 7RGRV
ORVHOHPHQWRVGHILMDFLyQGHEHQPRQWDUVHGHELGDPHQWH
1RWD 6LXQILOWURGHVRGRUL]DQWHUHJHQHUDEOHVHFDHSXHGH
GDxDUVH
/RVGDxRVQRVLHPSUHVHUiQYLVLEOHVSRUIXHUD'HVHFKDU\
UHHPSOD]DUHOILOWURGHVRGRUL]DQWHUHJHQHUDEOHTXHVHKDFDtGR
,QVWDODFLyQ
3UHSDUDUODLQVWDODFLyQ
■ 6HGHEHSRGHUDFFHGHUVLQSUREOHPDVDOOXJDUGHPRQWDMHSDUD
TXHHODSDUDWRVHDFRPSOHWDPHQWHDFFHVLEOHHQFDVRGH
QHFHVLWDUDVLVWHQFLDWpFQLFD
■ 6HUHFRPLHQGDXQDGLVWDQFLDPtQLPDGH PP\XQD
GLVWDQFLDPi[LPDGH PPHQWUHHODSDUDWR\ODSODFDGH
FRFFLyQ6L OD GLVWDQFLD D OD ]RQD GH FRFFLyQ HV PD\RU VHUi PiV
GLItFLODEVRUEHUHOYDSRUGHFRFFLyQ
■ /D GLVWDQFLD HQWUH HO DSDUDWR \ HO PyGXOR GH UHFLUFXODFLyQ GH DLUH
SXHGHUHGXFLUVHKDVWDORV PPVLHPSUHTXHODDOWXUDGHO
IDOVRWHFKRVHDGHDOPHQRV PP

9HULILFDUODVXSHUILFLHGHPRQWDMH
■ /DVXSHUILFLHGHPRQWDMHGHEHVHUSODQDKRUL]RQWDO\WHQHU
VXILFLHQWHFDSDFLGDGGHFDUJD
■ (OSHVRPi[LPRGHODSDUDWRHVGH NJ
1RWDV
■ /DVVXSHUILFLHVGHODSDUDWRVRQVHQVLEOHV(YLWDUGDxRVGXUDQWH
ODLQVWDODFLyQ
■ &RPSUREDU HO iUHD GH UHFRUWH SDUD YHU VL KD\ WHQGLGRV FDEOHV GH
RWURVDSDUDWRV
■ 3DUD OD VXMHFLyQ VH QHFHVLWD XQD VXEHVWUXFWXUD DGHFXDGD ILMDGD
DOWHFKRGHKRUPLJyQ
■ 1R PRQWDU HO DSDUDWR GLUHFWDPHQWH VREUH ODV SODFDV GH SODGXU X
RWURWLSRGHPDWHULDOOLJHURGHXQIDOVRWHFKR
■ 3DUDHOFRUUHFWRPRQWDMHXWLOL]DUXQPDWHULDOORVXILFLHQWHPHQWH
HVWDEOH\FRQIRUPHDODVFDUDFWHUtVWLFDV\DOSHVRGHODSDUDWR
3UHSDUDUODVXSHUILFLHGHPRQWDMH
/DHVWDELOLGDGGHODVXSHUILFLHGHPRQWDMHGHEHTXHGDU
JDUDQWL]DGDLQFOXVRWUDVHOWUDEDMRGHFRUWH
7DSDUODSODFDGHFRFFLyQSDUDHYLWDUGHVSHUIHFWRV
+DFHUHOFRUWHHQHOWHFKRRHQODSDUHGODWHUDO)LJ
5HWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH
0RQWDMHGHODSDUDWR
: £3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
5HWLUDUODWDSD
1RWD (OVRSRUWHVHSXHGHPRYHUHQIXQFLyQGHODVLWXDFLyQGH
PRQWDMH )LJ
6XVWLWXLUHOVRSRUWHGHVPRQWDUODFKDSDUHTXHULGD\FDPELDUOD
SRVLFLyQ )LJ
$WRUQLOODUHOVRSRUWH\ODFKDSDHQODQXHYDSRVLFLyQ )LJ
,QVHUWDUHODSDUDWRFRPSOHWDPHQWHHQHOFRUWHKDVWDTXHVH
HVFXFKHFyPRHQFDMDQODVVXMHFLRQHV)LJ
$SUHWDUFRQFXLGDGRORVWRUQLOORVXQRWUDVRWURKDVWDTXHHO
DSDUDWRTXHGHHQFDVWUDGRHQODVXSHUILFLHGHPRQWDMH)LJ
1RWD 1RDSUHWDUORVWRUQLOORVHQH[FHVRSDUDQRGDxDUHO
DSDUDWR
'HVHPEDODUHOILOWURGHVRGRUL]DQWH)LJ
1RWD £(O ILOWUR GHVRGRUL]DQWH SHVD 6XMHWDU ELHQ \ OHYDQWDUOD FRQ
FXLGDGR
,QVHUWDU HO ILOWUR GHVRGRUL]DQWH \ JLUDU HO VRSRUWH GH PHWDO KDVWD HO
WRSHSDUDDVHJXUDUHOILOWURGHVRGRUL]DQWH)LJ
*LUDU \ FHUUDU OD WXHUFD PROHWHDGD HQ HO VRSRUWH GH PHWDO )LJ
(QJDQFKDUODFXELHUWDHQODVDEHUWXUDVGHODSDUWHLQIHULRUGHO
DSDUDWR)LJ
3UHVLRQDUODFXELHUWDGHVGHDEDMRSDUDFHUUDUOD)LJ
'HVPRQWDMHGHODSDUDWR
: £3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
3UHVLRQDUODFXELHUWDGHVGHDEDMRSDUDDEULUOD
'HVHQJDQFKDU ODV VXMHFLRQHV GH OD FXELHUWD GH ODV DEHUWXUDV HQ
ODSDUWHLQIHULRUGHODSDUDWR
(OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMR\UHWLUDUOR
'HVHQURVFDU OD WXHUFD PROHWHDGD \ DEULU HO VRSRUWH PHWiOLFR SDUD
H[WUDHUHOILOWURGHVRGRUL]DQWH)LJ
$IORMDUORVWRUQLOORVGHPDQHUDFRQVHFXWLYDFRQFXLGDGR\
GHVDWRUQLOODUORVKDVWDHOWRSH
$JDUUDUODVDEHUWXUDVFRQORVSXOJDUHV\SUHVLRQDUKDFLDDUULED
ORVWHQVRUHVGHOUHVRUWH)LJ
([WUDHUHODSDUDWR
5HJHQHUDUHOILOWURGHVRGRUL]DQWH
3DUDDVHJXUDUODSRWHQFLDGHOILOWURGHVRGRUL]DQWHFRQXQ
IXQFLRQDPLHQWRQRUPDODSUR[ KRUDGLDULDUHJHQHUDUHOILOWUR
FDGD PHVHV
(OILOWURGHVRGRUL]DQWHSXHGHUHJHQHUDUVHHQXQKRUQR
FRQYHQFLRQDO
: £3HOLJURGHTXHPDGXUDV
(OILOWURGHVRGRUL]DQWHSHUPDQHFHFDOLHQWHGXUDQWHXQWLHPSR
SURORQJDGRWUDVVXUHJHQHUDFLyQ1RWRFDUGLUHFWDPHQWHHOILOWUR
GHVRGRUL]DQWHWUDVVXUHJHQHUDFLyQGHMDUTXHVHHQIUtH
&RORFDUHOILOWURGHVRGRUL]DQWHFDOLHQWHVREUHXQDVXSHUILFLH
UHVLVWHQWHDOFDORUSDUDTXHVHHQIUtH
1RWDV
■ (O ILOWUR GHVRGRUL]DQWH SXHGH UHJHQHUDUVH KDVWD YHFHV \ FRQ
XQXVRQRUPDOGHDSUR[ KRUDDOGtDGHEHVXVWLWXLUVHDPiV
WDUGDUDOFDERGH DxRV
■ 6LXQILOWURGHVRGRUL]DQWHUHJHQHUDEOHVHFDHSXHGHGDxDUVH
/RVGDxRVQRVLHPSUHVHUiQYLVLEOHVSRUIXHUD'HVHFKDU\
UHHPSOD]DU HO ILOWUR GHVRGRUL]DQWH UHJHQHUDEOH TXH VH KD FDtGR
■ 1ROLPSLDUQXQFDORVILOWURVGHVRGRUL]DQWHVFRQDJXDHQHO
ODYDYDMLOODVRFRQXQWUDSRK~PHGR
■ 3DUDQRUD\DUODEDQGHMDGHKRUQRFRORFDUHOILOWUR
GHVRGRUL]DQWHVREUHXQDSDUULOOD
■ 5HJHQHUDUHOILOWURGHVRGRUL]DQWHD &FRPRPi[LPR
UHFLUFXODFLyQGHDLUH
:1RUHJHQHUDUHOILOWURGHVRGRUL]DQWH
FRQODIXQFLyQGHOLPSLH]DGHOKRUQROLPSLH]DSLUROtWLFD
■ (V SRVLEOH TXH VH SURGX]FDQ RORUHV GXUDQWH OD UHJHQHUDFLyQ GHO
ILOWURGHVRGRUL]DQWH$VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQ
YHQWLODGD$EULUXQDYHQWDQD
3UHVLRQDUODFXELHUWDGHVGHDEDMRSDUDDEULUOD
(OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMR\UHWLUDUOR
3UHFDOHQWDUHOKRUQRDXQDWHPSHUDWXUDPi[LPDGH &
FLUFXODFLyQGHDLUH :
5HJHQHUDUHOILOWURGHVRGRUL]DQWHHQHOKRUQRD &FRPR
Pi[LPRFLUFXODFLyQGHDLUH :GXUDQWH PLQXWRV
$VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQYHQWLODGD$EULUXQD
YHQWDQD
'HMDUHQIULDUHOILOWURGHVRGRUL]DQWH
,QVHUWDU HO ILOWUR GHVRGRUL]DQWH \ JLUDU HO VRSRUWH GH PHWDO KDVWD HO
WRSHSDUDDVHJXUDUHOILOWURGHVRGRUL]DQWH)LJ
*LUDU \ FHUUDU OD WXHUFD PROHWHDGD HQ HO VRSRUWH GH PHWDO )LJ
3UHVLRQDUODFXELHUWDGHVGHDEDMRSDUDFHUUDUOD)LJ
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
: ,QVWUXo}HVGHVHJXUDQoDLPSRUWDQWHV
/HLDDWHQWDPHQWHRSUHVHQWHPDQXDO6yDVVLPSRGHUiXWLOL]DUR
VHX DSDUHOKR GH IRUPD VHJXUD H FRUUHFWD *XDUGH DV LQVWUXo}HV GH
XWLOL]DomRHPRQWDJHPSDUDFRQVXOWDVIXWXUDVRXSDUDIXWXURV
XWLOL]DGRUHV
([DPLQHRDSDUHOKRGHSRLVGHRGHVHPEDODU6HIRUHP
GHWHFWDGRVGDQRVGHWUDQVSRUWHQmROLJXHRDSDUHOKR
6y FRP XPD PRQWDJHP HVSHFLDOL]DGD H HP FRQIRUPLGDGH FRP DV
LQVWUXo}HV GH PRQWDJHP SRGH VHU JDUDQWLGD D VHJXUDQoD GXUDQWH
DXWLOL]DomR2LQVWDODGRUpUHVSRQViYHOSHORIXQFLRQDPHQWR
FRUUHWRQRORFDOGHPRQWDJHP
3HULJRGHDVIL[LD
2PDWHULDOGHHPEDODJHPpSHULJRVRSDUDDVFULDQoDV1XQFD
GHL[HDVFULDQoDVEULQFDUHPFRPRPDWHULDOGHHPEDODJHP
3HULJRGHIHULPHQWRV
■ 2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDV
YLYDV8VHOXYDVGHSURWHomR
3HULJRGHIHULPHQWRV
■ 2 DSDUHOKR SRGH FDLU VH QmR HVWLYHU FRUUHWDPHQWH IL[DGR 7RGRV
RVHOHPHQWRVGHIL[DomRWrPGHVHUPRQWDGRVGHIRUPDIL[DH
VHJXUD
1RWD 1R FDVR GH TXHGD RV ILOWURV GH RGRUHV UHJHQHUiYHLV SRGHP
ILFDUGDQLILFDGRV
2VGDQRVQHPVHPSUHVmRYLVtYHLVDSDUWLUGRH[WHULRU(OLPLQHH
VXEVWLWXDRILOWURUHJHQHUiYHOTXHVRIUHXDTXHGD
,QVWDODomR
3UHSDUDUDLQVWDODomR
■ 'HYHVHUSRVVtYHODFHGHUVHPSUREOHPDVDRORFDOGH
PRQWDJHPSDUDTXHHPFDVRGHDVVLVWrQFLDRDFHVVRDR
DSDUHOKRHVWHMDGHVLPSHGLGR
■ (QWUHRDSDUHOKRHDSODFDGHFR]LQKDUUHFRPHQGDVHXPD
GLVWkQFLDPtQLPDGH PPHPi[LPDGH PPePDLV
GLItFLO UHFROKHU RV YDSRUHV GH FR]HGXUD j PHGLGD TXH D GLVWkQFLD
UHODWLYDPHQWHjSODFDDXPHQWD
■ $GLVWkQFLDHQWUHRDSDUHOKRHRPyGXORGHUHFLUFXODomRGRDU
SRGH VHU UHGX]LGD DWp PP VH D DOWXUD GR WHWR IDOVR DOFDQoDU
SHORPHQRV PP
9HULILFDUDVXSHUItFLHGHPRQWDJHP
■ $VXSHUItFLHGHPRQWDJHPWHPGHVHUSODQDQLYHODGDH
VXILFLHQWHPHQWHUHVLVWHQWH

■ 2SHVRPi[GRDSDUHOKRpGH NJ
1RWDV
■ $V VXSHUItFLHV GR DSDUHOKR VmR VHQVtYHLV (YLWH GDQRV GXUDQWH D
LQVWDODomR
■ 9HULILTXHVHDiUHDGRQLFKRDSUHVHQWDFDERVGHRXWURV
DSDUHOKRV
■ 3DUDDIL[DomRpQHFHVViULDXPDHVWUXWXUDLQIHULRUDGHTXDGD
IL[DGHPRGRILUPHQRWHWRGHEHWmR
■ 1mRPRQWHRDSDUHOKRGLUHWDPHQWHQRVSDLQpLVGHJHVVR
FDUWRQDGRRXPDWHULDLVOHYHVVHPHOKDQWHVGRWHWRIDOVR
■ 3DUDDPRQWDJHPFRUUHWDXWLOL]HXPPDWHULDOVXILFLHQWHPHQWH
HVWiYHOHDMXVWDGRjVSURSULHGDGHVFRQVWUXWLYDVHDRSHVRGR
DSDUHOKR
3UHSDUDomRGDVXSHUItFLHGHPRQWDJHP
$HVWDELOLGDGHGDVXSHUItFLHGHPRQWDJHPWHPGHHVWDUJDUDQWLGD
PHVPRDSyVRVWUDEDOKRVGHUHFRUWH
&XEUDDSODFDGHFR]LQKDUSDUDHYLWDUGDQRVQDPHVPD
&ULHXPQLFKRQRWHWRRXSDUHGHODWHUDOILJXUD
'HSRLV GH SURFHGHU DRV WUDEDOKRV GH UHFRUWH UHPRYD DV DSDUDV
0RQWDURDSDUHOKR
: 3HULJRGHIHULPHQWRV
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
8VHOXYDVGHSURWHomR
5HWLUHDFREHUWXUD
1RWD 2VXSRUWHSRGHVHUPXGDGRFRQIRUPHDVLWXDomRGH
PRQWDJHP ILJXUD
'HVDSDUDIXVHRVXSRUWHHDFKDSDQHFHVViULDHWURTXHGH
SRVLomR ILJXUD
$SDUDIXVHRVXSRUWHHDFKDSDQDQRYDSRVLomR ILJXUD
&RORTXHRDSDUHOKRFRPSOHWDPHQWHGHQWURGRQLFKRDWpDV
VXVSHQV}HVHQJDWDUHPDXGLYHOPHQWHILJXUD
$SHUWH VHTXHQFLDOPHQWH RV SDUDIXVRV GH IRUPD FXLGDGRVD DWp
R DSDUHOKR ILFDU QLYHODGR FRP D VXSHUItFLH GH PRQWDJHP ILJXUD
1RWD 1mR DSHUWH GHPDVLDGR RV SDUDIXVRV SDUD QmR GDQLILFDU R
DSDUHOKR
'HVHPEDOHRILOWURGHRGRUHVILJXUD
1RWD 2ILOWURGHRGRUHVpSHVDGR/HYDQWHFRPFXLGDGRH
VHJXUHEHP
,QVLUD R ILOWUR GH RGRUHV H URGH R VXSRUWH PHWiOLFR DWp DR EDWHQWH
SDUDTXHRILOWURILTXHEHPFRORFDGRILJXUD
$SHUWHDVSRUFDVVHUULOKDGDVQRVXSRUWHPHWiOLFRILJXUD
(QFDL[H D FREHUWXUD QDV DEHUWXUDV GD SDUWH LQIHULRU GR DSDUHOKR
ILJXUD
3DUDIHFKDUDFREHUWXUDSUHVVLRQHSRUEDL[RFRQWUDDPHVPD
ILJXUD
'HVPRQWDURDSDUHOKR
: 3HULJRGHIHULPHQWRV
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
8VHOXYDVGHSURWHomR
3UHVVLRQHSRUEDL[RFRQWUDDFREHUWXUDSDUDDDEULU
'HVHQFDL[HRVVXSRUWHVGDFREHUWXUDGDVDEHUWXUDVQDSDUWH
LQIHLURUGRDSDUHOKR
2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHGHVPRQWHR
'HVHQURVTXHDVSRUFDVVHUULOKDGDVHDEUDRVVXSRUWHV
PHWiOLFRVSDUDUHWLUDURILOWURGHRGRUHVILJXUD
6ROWHRVSDUDIXVRVVHTXHQFLDOPHQWHGHIRUPDFXLGDGRVDH
GHVHQURVTXHRVDWpDREDWHQWH
$OFDQFHDVDEHUWXUDVFRPRVSROHJDUHVHSUHVVLRQHDVPRODV
WHQVRUDVSDUDFLPDILJXUD
5HWLUHRDSDUHOKR
5HJHQHUDURILOWURGHRGRUHV
3DUDJDUDQWLURGHVHPSHQKRGRILOWURGHRGRUHVFRPXPD
XWLOL]DomR QRUPDO DSUR[ ĂKRUD SRU GLD UHJHQHUH R ILOWUR WRGRV RV
ĂPHVHV
3RGHUHJHQHUDURILOWURGHRGRUHVQXPIRUQRGLVSRQtYHOQR
PHUFDGR
: 3HULJRGHTXHLPDGXUDV
2 ILOWUR GH RGRUHV SHUPDQHFH TXHQWH GXUDQWH PXLWR WHPSR DSyV D
UHJHQHUDomR1mRWRTXHQRILOWURGHRGRUHVORJRDSyVD
UHJHQHUDomRGHL[HRDUUHIHFHU
&RORTXHRILOWURGHRGRUHVTXHQWHVREUHXPDEDVHUHVLVWHQWHDR
FDORUSDUDRDUUHIHFHU
1RWDV
■ 2ILOWURGHRGRUHVSRGHVHUUHJHQHUDGRDWpĂYH]HVHWHPGH
VHUVXEVWLWXtGRRPDLVWDUGDUDSyVĂDQRVQRFDVRGHXPD
XWLOL]DomRQRUPDOGLDULDPHQWHFHUFDGHĂKRUD
■ 1RFDVRGHTXHGDRVILOWURVGHRGRUHVUHJHQHUiYHLVSRGHP
ILFDUGDQLILFDGRV
2V GDQRV QHP VHPSUH VmR YLVtYHLV D SDUWLU GR H[WHULRU (OLPLQH H
VXEVWLWXDRILOWURUHJHQHUiYHOTXHVRIUHXDTXHGD
■ 1XQFDOLPSHRILOWURGHRGRUHVFRPSURGXWRVGHOLPSH]DiJXD
QDPiTXLQDGHODYDUQHPFRPXPSDQRPROKDGR
■ 3DUDQmRULVFDURWDEXOHLURFRORTXHRILOWURGHRGRUHVQXPD
JUHOKD
■ 5HJHQHUHRILOWURGHRGRUHVD &QRPi[LPRDUFLUFXODQWH
:1mRUHJHQHUHRILOWURGHRGRUHVQDIXQomRGHOLPSH]DGR
IRUQROLPSH]DSLUROtWLFD
■ 'XUDQWHDUHJHQHUDomRGRILOWURGHRGRUHVSRGHRFRUUHUD
IRUPDomR GH RGRUHV &HUWLILTXHVH GH TXH R HVSDoR VH HQFRQWUD
EHPDUHMDGR$EUDXPDMDQHOD
3DUDDEULUDFREHUWXUDSUHVVLRQHSRUEDL[RFRQWUDDPHVPD
2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHGHVPRQWHR
3UpDTXHoDRIRUQRQRPi[LPRDĂ&DUFLUFXODQWH:
5HJHQHUHRILOWURGHRGRUHVGXUDQWHĂPLQXWRVQRIRUQRQR
Pi[LPRDĂ&DUFLUFXODQWH :
&HUWLILTXHVHGHTXHRHVSDoRVHHQFRQWUDEHPDUHMDGR$EUD
XPDMDQHOD
'HL[HDUUHIHFHURILOWURGHRGRUHV
,QVLUD R ILOWUR GH RGRUHV H URGH R VXSRUWH PHWiOLFR DWp DR EDWHQWH
SDUDTXHRILOWURILTXHEHPFRORFDGRILJXUD
$SHUWHDVSRUFDVVHUULOKDGDVQRVXSRUWHPHWiOLFRILJXUD
3DUDIHFKDUDFREHUWXUDSUHVVLRQHSRUEDL[RFRQWUDDPHVPD
ILJXUD
el
Ù
:
¨
■
■
■
■
ĂPP ĂPP
■
ĂPP
ĂPP
■
■ ĂNJ

■
■
■
■
■
·
:
:
·
Ă
Ă
·
:
■ Ă
ĂĂ
■
■
■
■ Ă&
:
■
·
Ă&
:
Ă
Ă&
:
tr
ô
0RQWDMN×ODYX]X
: gQHPOLJYHQOLNX\DU×ODU×
%XN×ODYX]XGLNNDWOLFHRNX\XQX]$QFDNEXüHNLOGHFLKD]×JYHQOL
YHGRùUXELUELoLPGHNXOODQPDQ×]PPNQRODFDNW×U'DKDVRQUD
NXOODQ×OPDN]HUHYH\DEDüNDELULVLQLQNXOODQ×P×LoLQNXOODQ×PYH
PRQWDMN×ODYX]XQXPXKDID]DHGLQL]
$PEDODM×Do×OG×NWDQVRQUDFLKD]NRQWUROHGLOPHOLGLU%LUQDNOL\H
KDVDU×ROPDV×GXUXPXQGDFLKD]EDùODQW×V×\DS×OPDPDO×G×U
6DGHFHPRQWDMN×ODYX]XQDJ|UH\DS×OP×üX]PDQFDELUNXUPD
VD\HVLQGHNXOODQ×PJYHQOLùLJDUDQWLHGLOPLüROXU<HUOHüLP
\HULQGHVRUXQVX]oDO×üPDGDQWHVLVDWo×VRUXPOXGXU
%RùXOPDWHKOLNHVL
$PEDODMPDO]HPHOHULoRFXNODULoLQWHKOLNHOLGLUdRFXNODU×QDPEDODM
PDO]HPHOHULLOHR\QDPDODU×QDNHVLQOLNOHL]LQYHUPH\LQL]
<DUDODQPDWHKOLNHVL
■ &LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFX
HOGLYHQOHUNXOODQ×Q×]
<DUDODQPDWHKOLNHVL
■ &LKD]JHUHNWLùLJLELVDELWOHQPHPLüVHGüHELOLU7PVDELWOHPH
HOHPDQODU×V×N×OP×üYHJYHQOLELUüHNLOGHPRQWHHGLOPLü
ROPDO×G×U
%LOJL 7D]HOHQHELOLUELUNRNXILOWUHVL\HUHGüHUVHILOWUHKDVDU
J|UHELOLU
+DVDUODUKHU]DPDQG×üDU×GDQJ|UQPH\HELOLU<HUHGüHQ
WD]HOHQHELOLUNRNXILOWUHVLQLLPKDHGLQL]YHGHùLüWLULQL]
.XUXOXP
0RQWDMKD]×UO×ù×
■ &LKD]×Q WDPLU GXUXPXQGD HQJHOVL] ELU HULüLP NRQXPXQGD ROPDV×
Do×V×QGDQNXUXOXPDODQ×QDHULüLPVRUXQVX]ROPDO×G×U
■ &LKD]YHRFDù×QDUDV×LoLQHQD] PPYHHQoRN PP
|OoOHULQGHELUPHVDIHWDYVL\HHGLOLU0HVDIHQLQDUWPDV×\ODRFDN
J|]QGHQo×NDQSLüLUPHEXKDUODU×Q×QWXWXOPDV×]RUODü×U
■ &LKD] YH KDYD VLUNODV\RQ PRGO DUDV×QGDNL PHVDIH PP\H
NDGDUGüUOHELOLUE|\OHFHDVPDWDYDQ×Q\NVHNOLùLHQD]
PPROXU
0RQWDM\]H\LQLQNRQWUROHGLOPHVL
■ 0RQWDM\]H\LG]\DWD\ROPDO×YH\HWHUOLWDü×PDNDSDVLWHVLQH
VDKLSROPDO×G×U
■ &LKD]×QPDNVDù×UO×ù× NJG×U
%LOJLOHU
■ &LKD]×Q\]H\OHULKDVVDVW×U0RQWDMV×UDV×QGDRODV×KDVDUODUGDQ
NDo×Q×Q×]

■ 'LùHUFLKD]ODU×QPHYFXWNDEORG|üHPHOHULQLGHYUHNHVLFLDODQ×
Do×V×QGDQNRQWUROHGLQL]
■ 6DELWOHPHLoLQEHWRQWDYDQDVDELWOHQPLüX\JXQELUDOWLVNHOHW
JHUHNOLGLU
■ &LKD] GRùUXGDQ DVPD WDYDQGDNL DOo×SDQ SODNDODUD YH\D EHQ]HU
KDILI\DS×PDO]HPHOHULQHPRQWHHGLOPHPHOLGLU
■ 8VXOQHX\JXQPRQWDMLoLQ\HWHULQFHVWDELOLQüDDWRUWDP×QDYH
FLKD]Dù×UO×ù×QDX\JXQELUPDO]HPHNXOODQ×OPDO×G×U
0RQWDM\]H\LQLQKD]×UODQPDV×
0RQWDM\]H\LQLQVWDELOLWHVLNHVPHoDO×üPDODU×VRQUDV×QGDGD
JDUDQWLHGLOPHOLGLU
+DVDUJ|UPHVLQLHQJHOOHPHNLoLQRFDù×Q]HULQLNDSDW×Q×]
7DYDQYH\D\DQGXYDUGDELUNHVLWROXüWXUXQX]5HVLP
.HVPHLüOHPLQGHQVRQUDWDODüODU×WHPL]OH\LQL]
&LKD]×QPRQWHHGLOPHVL
: <DUDODQPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFXHOGLYHQOHU
NXOODQ×Q×]
.DSDù×o×NDU×Q×]
%LOJL 5DNRUPRQWDMNRQXPXQDEDùO×RODUDNND\G×U×ODELOLU
5HVLP
5DNRUXYHJHUHNOLVDF×V|NQ]YHNRQXPXQXGHùLüWLULQL]
5HVLP
5DNRUXYHVDF×\HQLNRQXPODU×QDYLGDOD\×Q×] 5HVLP
$VPDWHUWLEDW×GX\XOXUELUELoLPGH\HULQHRWXUDQDNDGDUFLKD]×
WDPDPHQNHVLGH\HUOHüWLULQL]5HVLP
&LKD]PRQWDM\]H\LQHG]WHPDVHGHQHNDGDUYLGDODU×V×UD\OD
V×N×Q×]5HVLP
%LOJL &LKD]D]DUDUYHUPHPHNLoLQYLGDODU×oRNID]ODV×NPD\×Q×]
.RNXILOWUHVLQLQSDNHWLQLDo×Q×]5HVLP
%LOJL .RNXILOWUHVLDù×UG×U'LNNDWOLFHNDOG×U×Q×]YHV×N×FDWXWXQX]
.RNXILOWUHVLQLWDN×Q×]YHPHWDONROXGD\DQDNQRNWDV×QDNDGDU
G|QGUQ]NRNXILOWUHVL\HULQHRWXUXU5HVLP
0HWDOEUDNHW]HULQGHNLW×UW×OO×VRPXQODU×V×N×Q×]5HVLP
.DSDù×FLKD]×QDOWWDUDI×QGDNLGHOLNOHUHRWXUWXQX]5HVLP
.DSDù×NDSDWPDNLoLQDOWWDQEXQODU×Q]HULQHEDVW×U×Q×]
5HVLP
&LKD]×QV|NOPHVL
: <DUDODQPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFXHOGLYHQOHU
NXOODQ×Q×]
$oPDNLoLQDOWWDQNDSDùDGRùUXEDVW×U×Q×]
.DSDNWXWXFXODU×Q×FLKD]×QDOWWDUDI×QGDNLGHOLNOHUGHQo×NDU×Q×]
.RNXILOWUHVLDù×UG×UEXQHGHQOHELUHOLQL]OHNRNXILOWUHVLQLDOWWDQ
WXWXQX]YHILOWUH\LV|NQ]
7×UW×OO×VRPXQODU×Do×Q×]YHPHWDOEUDNHWLDoDUDNNRNXILOWUHVLQL
o×NDU×Q×]5HVLP
9LGDODU×DUNDDUND\DGLNNDWOLFHJHYüHWLQL]YHGD\DQDNQRNWDV×QD
NDGDUV|NQ]
%DüSDUPDù×Q×]×GHOLNOHUHNR\XQX]YH\D\JHUJLVLQL\XNDU×GRùUX
EDVW×U×Q×]5HVLP
&LKD]×o×NDU×Q×]
.RNXILOWUHVLUHMHQHUDV\RQX
.RNXILOWUHVLSHUIRUPDQV×Q×JDUDQWLDOW×QDDOPDNLoLQNRNXILOWUHVLQL
QRUPDOLüOHWLPGHJQGH\DNODü×N VDDWKHU D\GDELU
WD]HOH\LQL]
.RNXILOWUHVLQLSL\DVDGDVDW×ODQKHUKDQJLELUI×U×QGD
WD]HOH\HELOLUVLQL]
: <DQPDWHKOLNHVL
.RNXILOWUHVLUHMHQHUDV\RQVRQUDV×QGDX]XQFDELUVUHV×FDNNDO×U
.RNX ILOWUHVLQH UHMHQHUDV\RQGDQ KHPHQ VRQUD GRNXQPD\×Q×] |QFH
VRùXPDV×Q×EHNOH\LQL]
6×FDNNRNXILOWUHVLQLVRùXPDV×LoLQ×V×\DGD\DQ×NO×ELUDOWO×ù×Q
]HULQHNR\XQX]
%LOJLOHU
■ .RNXILOWUHVLĂGHID\DNDGDUWD]HOHQHELOLUYHQRUPDOLüOHWLPGH
JQGH\DNODü×N VDDWHQJHo \×OVRQUDGHùLüWLULOPHVL
JHUHNOLGLU
■ 7D]HOHQHELOLUELUNRNXILOWUHVL\HUHGüHUVHILOWUHKDVDUJ|UHELOLU
+DVDUODUKHU]DPDQG×üDU×GDQJ|UQPH\HELOLU<HUHGüHQ
WD]HOHQHELOLUNRNXILOWUHVLQLLPKDHGLQL]YHGHùLüWLULQL]
■ .RNXILOWUHVLQLDVODGHWHUMDQODUODVX\ODEXODü×NPDNLQHVLQGH
YH\D×VODNEH]OHWHPL]OHPH\LQL]
■ )×U×QWHSVLVLQLoL]PHPHNLoLQNRNXILOWUHVLQLELU×]JDUD]HULQH
\HUOHüWLULQL]
■ .RNXILOWUHVLPDNVLPXP &GRODü×PO×KDYD :
WD]HOHQPHOLGLU .RNX ILOWUHVLQL I×U×Q WHPL]OHPH IRQNVL\RQX SLUROL]
LOHWD]HOHPH\LQL]
■ .RNXILOWUHVLQLQWD]HOHQPHVLV×UDV×QGDNRNXROXüXPXJ|UOHELOLU
2GDQ×Q L\L KDYDODQG×U×OG×ù×QGDQ HPLQ ROXQX] %LU SHQFHUH Do×Q×]
.DSDù×DoPDNLoLQDOWWDQEXQODU×Q]HULQHEDVW×U×Q×]
.RNXILOWUHVLDù×UG×UEXQHGHQOHELUHOLQL]OHNRNXILOWUHVLQLDOWWDQ
WXWXQX]YHILOWUH\LV|NQ]
)×U×Q×PDNVLPXP&KDYDGRODü×P× :V×FDNO×NWD|Q
×V×WPD\DWDELWXWXQX]
.RNXILOWUHVLQLI×U×QGD GDNLNDVUH\OHPDNVLPXP &GH
GRODü×PO×KDYD
:WD]HOH\LQL]
2GDQ×Q L\L KDYDODQG×U×OG×ù×QGDQ HPLQ ROXQX] %LU SHQFHUH Do×Q×]
.RNXILOWUHVLQLVRùXPD\DE×UDN×Q×]
.RNXILOWUHVLQLWDN×Q×]YHPHWDONROXGD\DQDNQRNWDV×QDNDGDU
G|QGUQ]NRNXILOWUHVL\HULQHRWXUXU5HVLP
0HWDOEUDNHW]HULQGHNLW×UW×OO×VRPXQODU×V×N×Q×]5HVLP
.DSDù×NDSDWPDNLoLQDOWWDQEXQODU×Q]HULQHEDVW×U×Q×]
5HVLP
ru
î
Ημπροςιυηώξνλνμρίες
: Αίεμϊδξοίαηκίρδτμηιηΰδζνξίπμνπρη
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηθίκνδθάθήλμάθΘηθιθζθΰίμάΪζ
ηΪνρβμφλωικΪάβεφηθβΫίαθιΪληθιθεφαθάΪμφλωικβΫθκθζ
ΛθοκΪηωγμίκνδθάθήλμάθιθχδλιενΪμΪπββββηλμκνδπβψιθ
ζθημΪΰνήεωήΪεφηίγςίέθβλιθεφαθάΪηβωβεβήεωιίκίήΪρβ
ηθάθζνάεΪήίεφπν
ΚΪλιΪδνγμί β θλζθμκβμί ικβΫθκ Ηί ιθήδεψρΪγμί ικβΫθκ ίλεβ θη
ΫυειθάκίΰήίηάθάκίζωμκΪηλιθκμβκθάδβ
ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζβηλμκνδπββιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
Νξίπμνπρϋςγςχϋώ
ΝιΪδθάθρηυγζΪμίκβΪεικίήλμΪάεωίμθιΪληθλμφήεωήίμίγ
ΗβδθέήΪηίιθαάθεωγμίήίμωζβέκΪμφλνιΪδθάθρηυζζΪμίκβΪεθζ
Νξίπμνπρϋροίαληοναίμηώ
■ ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ
ΘιΪληθλμφμκΪάζβκθάΪηβω
■ Ώλεβ ικβΫθκ ηί αΪξβδλβκθάΪη ηΪήείΰΪσβζ θΫκΪαθζ θη ζθΰίμ
νιΪλμφΌλίχείζίημυδκίιείηβωήθεΰηυΫυμφηΪήϋΰηθ
νλμΪηθάείηυ
ιίζίμηδ ΙΪήίηβίζθΰίμικβάίλμβδιθάκίΰήίηβψ
κίέίηίκβκνίζθέθιθέεθμβμίεωαΪιΪοθά
ΧμβιθάκίΰήίηβωηίάλίέήΪάβήηυληΪκνΰβΝιΪάςβί
κίέίηίκβκνίζυί ιθέεθμβμίεβ αΪιΪοθά ηίθΫοθήβζθ νμβεβαβκθάΪμφ
ΪηΪβοζίλμθλμΪάβμφηθάυί
πρίμναιί
Ξνγβνρναιίιςπρίμναιδ
■ ΖίλμθνλμΪηθάδβήθεΰηθθλμΪάΪμφλωάλάθΫθήηθζήθλμνιί
ρμθΫυάλενρΪίλίκάβληθέθθΫλενΰβάΪηβωδικβΫθκνΫυε
θΫίλιίρίηΫίλικίιωμλμάίηηυγήθλμνι
■ ΚίδθζίηήνίζθίζβηβζΪεφηθίκΪλλμθωηβίζίΰήνικβΫθκθζβ
άΪκθρηθγ ιΪηίεφψ ³ ζζ Ϊ ζΪδλβζΪεφηθί ³ ζζ Ικβ
ΫθεφςίζκΪλλμθωηββήθδθηξθκδβδνοθηηυίβλιΪκίηβω
ιθέεθσΪψμλωλμκνήθζ
■ ΚΪλλμθωηβίζίΰήνικβΫθκθζβπβκδνεωπβθηηυζζθήνείζ
ζθΰίμΫυμφνζίηφςίηθήθĂζζικβνλεθάββρμθάυλθμΪ
ιθήάίληθέθιθμθεδΪλθλμΪάεωίμηίζίηίίĂζζ
Ξοναδοιίξναδοτμνπρηαπροίηαίμηώ
■ Ιθάίκοηθλμφ άλμκΪβάΪηβω ήθεΰηΪ Ϋυμφ κθάηθγ έθκβαθημΪεφηθγ
βήθεΰηΪάυήίκΰβάΪμφήθλμΪμθρηνψηΪέκναδν
■ ΖΪδλβζΪεφηυγάίλικβΫθκΪλθλμΪάεωίμ ιβ
ιίζίμηώ
■ ΖθΰηθείέδθιθάκίήβμφιθάίκοηθλμβικβΫθκΪΙκβνλμΪηθάδί
βαΫίέΪγμίιθάκίΰήίηβγ
■ Ικθάίκφμί θΫεΪλμφ άυκίαΪ ηΪ ηΪεβρβί ικθεθΰίηηυο δΪΫίείγ θμ
ήκνέβοικβΫθκθά
■ ΎεωξβδλΪπββμκίΫνίμλωιθήοθήωσβγδΪκδΪληΪήϋΰηθ
αΪδκίιεϋηηυγάΫίμθηηθζιίκίδκυμββ
■ ΗίζθημβκνγμίικβΫθκικωζθάέβιλθδΪκμθηηυοιεβμΪοβεβ
ιθήθΫηυοεϋέδβολμκθβμίεφηυοζΪμίκβΪεΪοιθήάίληθέθ
ιθμθεδΪ

■ ΡμθΫυνλμΪηθάβμφικβΫθκηΪήείΰΪσβζθΫκΪαθζβλιθεφανγμί
ικθρηυίζΪμίκβΪευιθήοθήωσβίήεωλμκθβμίεφηυοκΪΫθμβ
κΪλλρβμΪηηυίηΪάίλικβΫθκΪ
Ξνγβνρναιίξναδοτμνπρηαπροίηαίμηώ
ΙθλείάυιθεηίηβωκΪΫθμιθάυκίαΪηβψικθίζθάλείήνίμ
ικθάίκβμφνλμθγρβάθλμφιθάίκοηθλμβάλμκΪβάΪηβω
ΌθβαΫίΰΪηβίιθάκίΰήίηβγηΪδκθγμίάΪκθρηνψιΪηίεφ
ΛήίεΪγμί άυκία ά άίκοηίγ ιΪηίεβ βεβ ά Ϋθδθάθγ λμίηδί οηπ
ΙθλείάυιθεηίηβωάυκίαΪνήΪεβμίθιβεδβ
πρίμναιίξοηΰνοί
: Νξίπμνπρϋροίαληοναίμηώ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ
Ληβζβμίδκυςδν
ιίζίμηδ Ό αΪάβλβζθλμβ θμ άΪκβΪημΪ νλμΪηθάδβ ςμνπίκ ζθΰηθ
λήάβηνμφ οηπ
Θμάβημβμίςμνπίκβηνΰηυγσβμθδβιθζίηωγμίιθεθΰίηβί
οηπ
ΑΪδκίιβμί ςμνπίκ β σβμθδ ά ηθάθζ ιθεθΰίηββ άβημΪζβ οηπ
ΙθεηθλμφψάλμΪάφμίικβΫθκάάυκίαμΪδρμθΫυθη
αΪξβδλβκθάΪελωάδκίιείηβωολθλευςβζυζσίερδθζοηπ
ΘλμθκθΰηθαΪμωηβμίάβημυθήβηαΪήκνέβζιθδΪικβΫθκηί
ΫνήίμικβείέΪμφδιθάίκοηθλμβάλμκΪβάΪηβωαΪιθήεβπθοηπ
ιίζίμηδ ΑΪμωέβάΪγμίάβημυηίλεβςδθζμνέθρμθΫυβαΫίΰΪμφ
ιθάκίΰήίηβγικβΫθκΪ
ΚΪλιΪδνγμίιθέεθμβμίεφαΪιΪοθάοηπ
ιίζίμηδ ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΘλμθκθΰηθ
ικβιθήηβζΪγμίβδκίιδθήίκΰβμίίέθ
ΝλμΪηθάβμίιθέεθμβμίεφαΪιΪοθάβήθνιθκΪιθάίκηβμί
ζίμΪεεβρίλδνψλδθΫνήεωηΪήϋΰηθέθικβείέΪηβωιθέεθμβμίεω
αΪιΪοθάοηπ
ΑΪδκνμβμίέΪγδβληΪδΪμδθγηΪζίμΪεεβρίλδθγλδθΫίοηπ
ΗΪάίλφμί δκυςδν ρίκία θμάίκλμβω ηΪ ηβΰηίγ λμθκθηί ικβΫθκΪ
οηπ
ΗΪήΪάβμίηΪδκυςδνληβανρμθΫυαΪδκυμφίϋοηπ
Πμώρηδξοηΰνοί
: Νξίπμνπρϋροίαληοναίμηώ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ
ΗΪήΪάβμίηΪδκυςδνληβανρμθΫυθμδκυμφίϋ
Ληβζβμί δκίιείηβω δκυςδβ ρίκία θμάίκλμβω ηΪ ηβΰηίγ λμθκθηί
ικβΫθκΪ
ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΛηβζΪγμίίέθικβήίκΰβάΪωαΪ
ηβΰηψψρΪλμφκνδθγ
ΘμδκνμβμίέΪγδβληΪδΪμδθγβθμδκθγμίζίμΪεεβρίλδνψλδθΫν
ρμθΫυάυηνμφιθέεθμβμίεφαΪιΪοθάοηπ
ΘλμθκθΰηθάυδκνρβάΪγμίάβημυθήβηαΪήκνέβζΌυάίκηβμίβο
ιθεηθλμφψ
ΌλμΪάφμίΫθεφςβίιΪεφπυάθμάίκλμβωβάυήΪάβμίάάίκο
νλμκθγλμάθήεωλΰΪμβωικνΰβηοηπ
ΒαάείδβμίικβΫθκ
Οδβδμδοίυηώξνβκνρηρδκώζίξίτνα
ΡμθΫυθΫίλιίρβμφηΪήείΰΪσβγνκθάίηφηίγμκΪεβαΪπββαΪιΪοθά
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρĂρΪλΪ
ηίθΫοθήβζθικβζδΪΰήυί²ĂζίλωπΪικθάθήβμφκίέίηίκΪπβψ
ιθέεθμβμίείγαΪιΪοθά
ΎθινλδΪίμλωκίέίηίκΪπβωιθέεθμβμίεωαΪιΪοθάάθΫυρηθζ
ήνοθάθζςδΪξν
: Νξίπμνπρϋνενβί
ΙθλείκίέίηίκΪπββιθέεθμβμίεφαΪιΪοθάθλμΪϋμλωέθκωρβζά
μίρίηβί ήθεέθέθ άκίζίηβ Ηί ικβδΪλΪγμίλφ δ ιθέεθμβμίεψ αΪιΪοθά
λκΪανιθλείκίέίηίκΪπββήΪγμίίζνθλμυμφ
ΎεωθλμυάΪηβωιθεθΰβμίιθέεθμβμίεφαΪιΪοθάηΪΰΪκθικθρηνψ
ιθήλμΪάδν
ιίζίμηώ
■ ΚίέίηίκΪπβψιθέεθμβμίεωαΪιΪοθάζθΰηθικθάθήβμφήθĂκΪα
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρίηβί
ρΪλΪΙθέεθμβμίεβαΪιΪοθάιθήείΰΪμαΪζίηίηίκίΰίρίζ
κΪαάĂείμ
■ ΙΪήίηβίζθΰίμικβάίλμβδιθάκίΰήίηβψκίέίηίκβκνίζθέθ
ιθέεθμβμίεωαΪιΪοθά
ΧμβιθάκίΰήίηβωηίάλίέήΪάβήηυληΪκνΰβΝιΪάςβί
κίέίηίκβκνίζυίιθέεθμβμίεβαΪιΪοθάηίθΫοθήβζθ
νμβεβαβκθάΪμφΪηΪβοζίλμθλμΪάβμφηθάυί
■ ΗβδθέήΪ ηί θρβσΪγμί ιθέεθμβμίεφ αΪιΪοθά λ ιθζθσφψ ρβλμωσβο
λκίήλμάάθήυάιθλνήθζθίρηθγζΪςβηίβεβάεΪΰηθγμκωιδθγ
■ ΡμθΫυικθμβάίηφηίιθπΪκΪιΪελωιθεθΰβμίιθέεθμβμίεφ
αΪιΪοθάηΪκίςίμδν
■ ΚίέίηίκΪπβωιθέεθμβμίεωαΪιΪοθάικθβαάθήβμλωικβζΪδλ
μίζιίκΪμνκί &άκίΰβζίδθηάίδπββ
:Ικθβαάθήβμφ
κίέίηίκΪπβψιθέεθμβμίεωαΪιΪοθάικβάδεψρίηηθγξνηδπββ
ιβκθεβμβρίλδθγθρβλμδβαΪικίσίηθ
■ ΙκβκίέίηίκΪπββιθέεθμβμίεωαΪιΪοθάάθαζθΰηθιθωάείηβί
αΪιΪοΪΝΫίήβμίλφρμθιθζίσίηβίοθκθςθικθάίμκίηθ
Θμδκθγμίθδηθ
ΗΪήΪάβμίηΪδκυςδνληβανρμθΫυθμδκυμφίϋ
ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΛηβζΪγμίίέθικβήίκΰβάΪωαΪ
ηβΰηψψρΪλμφκνδθγ
ΚΪαθέκίγμίήνοθάθγςδΪξήθζΪδλμίζιίκΪμνκυ&ά
κίΰβζίδθηάίδπββ
:
ΙθέεθμβμίεφαΪιΪοθάκίέίηίκβκνίμλωάήνοθάθζςδΪξνά
μίρίηβί ζβηνμικβζΪδλμίζιίκΪμνκί &άκίΰβζί
δθηάίδπββ
:
ΝΫίήβμίλφρμθιθζίσίηβίοθκθςθικθάίμκίηθΘμδκθγμίθδηθ
ΎΪγμίιθέεθμβμίεψαΪιΪοθάθλμυμφ
ΝλμΪηθάβμίιθέεθμβμίεφαΪιΪοθάβήθνιθκΪιθάίκηβμί
ζίμΪεεβρίλδνψλδθΫνήεωηΪήϋΰηθέθικβείέΪηβωιθέεθμβμίεω
αΪιΪοθάοηπ
ΑΪδκνμβμίέΪγδβληΪδΪμδθγηΪζίμΪεεβρίλδθγλδθΫίοηπ
ΗΪήΪάβμίηΪδκυςδνληβανρμθΫυαΪδκυμφίϋοηπ
et
Ü
3DLJDOGXVMXKHQG
: 2OXOLVHGRKXWXVQ}XGHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlEL6HOOHVWOHLDWHYDMDOLNXWHDEH
VHDGPHRKXWXNVMD}LJHNVNlVLWVHPLVHNV+RLGNHNDVXWXVMD
SDLJDOGXVMXKHQGDOOHVKLOLVHPDNVNDVXWDPLVHNVY}LVHDGPH
MlUJPLVWHRPDQLNHWDUYLV
.RQWUROOLJHVHDGHSlUDVWSDNHQGLHHPDOGDPLVWOH7UDQVSRUGLO
WHNNLQXGYLJDVWXVWHWXYDVWDPLVHNRUUDOlUJHKHQGDJHVHDGHW
YRROXY}UNX
7XUYDOLQHNDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQH
WRLPXEYDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWX
W||HHVWYDVWXWDESDLJDOGDMD
/lPEXPLVRKW
3DNNHPDWHUMDORQODVWHOHRKWOLN/DVWHOHLWRKLNXQDJLOXEDGD
SDNNHPDWHUMDOLJDPlQJLGD
9LJDVWXVWHRKW
■ 6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
9LJDVWXVWHRKW
■ 6HDGHPLVHLROHQ}XHWHNRKDVHOWNLQQLWDWXGY}LEDOODNXNNXGD
.}LNNLQQLWXVGHWDLOLGSHDYDGROHPDNLQGODOWMDRKXWXOW
SDLJDOGDWXG
0lUNXV 0DKDNXNNXPLVHNRUUDOY}LEUHJHQHUHHULWDYO}KQDILOWHU
NDKMXVWDGDVDDGD
.DKMXVWXVHGHLSUXXJLDODWLROODYlOMDVWSRROWPlUJDWDYDG
0DKDNXNNXQXGUHJHQHUHHULWDYO}KQDILOWHUXWLOLVHHULJHMDDVHQGDJH
XXHJD
3DLJDOGDPLQH
3DLJDOGDPLVHHWWHYDOPLVWDPLQH
■ 3DLJDOGXVNRKWSHDEROHPDWDNLVWXVWHWDOLJLSllVHWDYHW
VHDGPHOH ROHNV YDMDGXVH NRUUDO Y}LPDOLN YDEDOW MXXUGH SllVHGD
■ 6RRYLWDYYDKHNDXJXVVHDGPHMDSOLLGLSODDGLYDKHORQ
PLQLPDDOVHOWĂPPMDPDNVLPDDOVHOWĂPP.HHWPLVHO
WHNNLYDWDXUXRQVHGDUDVNHPNLQQLSGDPLGDVXXUHPRQ
YDKHNDXJXVNHHGXDODQL
■ 6HDGPHMD}KXULQJOXVPRRGXOLYDKHNDXJXVWY}LEYlKHQGDGD
ĂPPSHDOHNXLULSSODHN}UJXVRQYlKHPDOWĂPP
3LQQDNRQWUROOLPLQH
■ 3LQGSHDEROHPDKHWDVDQHORRGLVMDSLLVDYDOWVWDELLOQH
■ 6HDGPHPDNVLPDDOQHNDDORQ NJ
0lUNXVHG
■ 6HDGPH SLQG RQ WXQGOLN3DLJDOGDPLVHO ROJH HWWHYDDWOLN HW YlOWLGD
SLQQDNDKMXVWDPLVW
■ .RQWUROOLJHHWYlOMDO}LNHWHJHPLVHSLLUNRQQDVHLROHWHLVWH
VHDGPHWHMXKWPHLG
■ .LQQLWDPLVHNVOlKHEYDMDVRELYDWDOXVUDDPLPLVRQNLQGODOW
EHWRRQODHNOJHNLQQLWDWXG
■ bUJHSDLJDOGDJHVHDGHWRWVHULSSODHNLSVSODDGLY}LPXX
NHUJPDWHUMDOLNOJH
■ 1}XHWHNRKDVHNVSDLJDOGDPLVHNVWXOHENDVXWDGDSLLVDYDOW
VWDELLOVHWPDWHUMDOLPLVVRELEHKLWXVWHKQLOLVWHWLQJLPXVWHMD
VHDGPHNDDOXJD

3LQQDHWWHYDOPLVWDPLQH
3LQQDVWDELLOVXVSHDEROHPDWDJDWXGNDSlUDVWYlOMDO}LJHWH
WHJHPLVW
.DWNHSOLLGLSODDWNLQQLHWYlOWLGDNDKMXVWXVL
7HKNHODNNHY}LNOJVHLQDYlOMDO}LJHMRRQLV
3lUDVWYlOMDO}LJHWHWHJHPLVWHHPDOGDJHODDVWXGMDVDHSXUX
6HDGPHNRNNXSDQHN
: 9LJDVWXVWHRKW
6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
(HPDOGDJHNDWH
0lUNXV 7XWVLVDDEDVXNRKDVWROHQHYDOWQLKXWDGD MRRQLV
.UXYLJHPDKDWXWVMDYDMDPLQHYSOHNNQLQJYDKHWDJHDVXNRKWD
MRRQLV
.UXYLJHWXWVMDSOHNNXXGHDVXNRKWD MRRQLV
$VHWDJHVHDGHWlLHOLNXOWYlOMDO}LNHVVHNXQLNLQQLWLGNXXOGDYDOW
NRKDOHILNVHHUXYDGMRRQLV
3LQJXWDJHN}LNNUXYLGNVWHLVHMlUHOHWWHYDDWOLNXOWNLQQLNXQL
VHDGHRQSLQQDJDKHWDVDMRRQLV
0lUNXV bUJHSLQJXWDJHNUXYLVLGNLQQLOLLJDWXJHYDVWLHWVHDGHW
PLWWHNDKMXVWDGD
9}WNHO}KQDILOWHUSDNHQGLVWYlOMDMRRQLV
0lUNXV /}KQDILOWHURQUDVNH7}VWNHHWWHYDDWOLNXOWMDKRLGNH
WXJHYDVWLNLQQL
3DLJDOGDJHO}KQDILOWHUMDNHHUDNHPHWDOOWXJHVLGNXQLSLLULNXQLHW
O}KQDILOWHUROHNVNLQGODOWNLQQLMRRQLV
.HHUDNHNLQQLPHWDOOWRHULKYHOGDWXGPXWULGMRRQLV
.LQQLWDJHNDWHVHDGPHS}KMDDYDGHVVHMRRQLV
.DWWHVXOJHPLVHNVVXUXJHDOWYDVWXNDWHWMRRQLV
6HDGPHODKWLY}WPLQH
: 9LJDVWXVWHRKW
6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
.DWWHDYDPLVHNVVXUXJHDOWYDVWXNDWHW
9}WNHNDWWHNLQQLWLGVHDGPHS}KMDDYDGHVWYlOMD
/}KQDILOWHURQUDVNHVHHSlUDVWKRLGNHO}KQDILOWULWKHNlHJDDOW
NLQQLMDHHPDOGDJHVHHVLLV
.HHUDNHULKYHOGDWXGPXWULGODKWLMDDYDJHPHWDOOWRHGHW
O}KQDILOWULWYlOMDY}WWDMRRQLV
.HHUDNHNUXYLGNVWHLVHMlUHOHWWHYDDWOLNXOWODKWLMDNHHUDNHNXQL
SLLULNXQLYlOMD
9LLJHS|LGODGDYDGHVVHMDVXUXJHYHGUXSLQJXWLOHVMRRQLV
(HPDOGDJHVHDGH
/}KQDILOWULUHJHQHUHHULPLQH
/}KQDILOWULW||NLQGOXVHWDJDPLVHNVUHJHQHHULJHO}KQDILOWULW
WDYDNDVXWXVHNRUUDOLJDSlHYXPEHVĂWXQGLJDĂNXXWDJDQW
/}KQDILOWULWVDDWHUHJHQHUHHULGDWDYDOLVHVNSVHWXVDKMXV
: 3}OHWXVRKW
/}KQDILOWHURQSlUDVWUHJHQHUHHULPLVWSLNNDDHJDNXXPbUJH
SXXGXWDJHO}KQDILOWULWYDKHWXOWSlUDVWUHJHQHUHHULPLVWYDLGODVNH
VHOOHON}LJHSHDOWSLLVDYDOWMDKWXGD
.XXPO}KQDILOWHUDVHWDJHMDKWXPLVHNVNXXPXVNLQGODOHDOXVHOH
0lUNXVHG
■ /}KQDILOWULWVDDEUHJHQHUHHULGDNXQLĂNRUGDMDWDYDNDVXWXVH
NRUUDOLJDSlHYDXPEHVĂWXQGWXOHEVHHKLOMHPDOWĂDDVWD
SlUDVWYlOMDYDKHWDGD
■ 0DKDNXNNXPLVHNRUUDOY}LEUHJHQHUHHULWDYO}KQDILOWHU
NDKMXVWDGDVDDGD
.DKMXVWXVHGHLSUXXJLDODWLROODYlOMDVWSRROWPlUJDWDYDG
0DKDNXNNXQXGUHJHQHUHHULWDYO}KQDILOWHUXWLOLVHHULJHMD
DVHQGDJHXXHJD
■ /}KQDILOWULSXKDVWDPLVHNVlUJHNDVXWDJHSXKDVWXVYDKHQGHLG
YHWWQ}XGHSHVXPDVLQDWHJDPlUJDODSSL
■ $VHWDJHO}KQDILOWHUUHVWLOHHWNSVHWXVSODDWLPLWWHNULLPXVWDGD
■ 5HJHQHUHHULJHO}KQDILOWULWPDNVLPDDOWHPSHUDWXXULO &
ULQJOHY}KN
:bUJHUHJHQHUHHULJHO}KQDILOWULW
DKMXSXKDVWXVUHçLLPLOSUROV
■ /}KQDILOWUL UHJHQHUHHULPLVHO Y}LE WHNNLGD WHDWDY O}KQ 9HHQGXJH
HWUXXPRQKHDYHQWLODWVLRRQLJD$YDJHDNHQ
.DWWHDYDPLVHNVVXUXJHDOWYDVWXNDWHW
/}KQDILOWHURQUDVNHVHHSlUDVWKRLGNHO}KQDILOWULWKHNlHJDDOW
NLQQLMDHHPDOGDJHVHHVLLV
/DVNHDKMXONXXPHQHGDPDNVLPDDOWHPSHUDWXXULOH&
ULQJOHY}KN :
5HJHQHUHHULJHO}KQDILOWULW PLQXWLYlOWHODKMXV
PDNVLPDDOWHPSHUDWXXULO &ULQJOHY}KN :
9HHQGXJHHWUXXPRQKHDYHQWLODWVLRRQLJD$YDJHDNHQ
/DVNHO}KQDILOWULOMDKWXGD
3DLJDOGDJHO}KQDILOWHUMDNHHUDNHPHWDOOWXJHVLGNXQLSLLULNXQLHW
O}KQDILOWHUROHNVNLQGODOWNLQQLMRRQLV
.HHUDNHNLQQLPHWDOOWRHULKYHOGDWXGPXWULGMRRQLV
.DWWHVXOJHPLVHNVVXUXJHDOWYDVWXNDWHWMRRQLV
lt
ä
0RQWDYLPRLQVWUXNFLMD
: 6YDUEŠVVDXJRVQXURG\PDL
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉ7LNWDGDJDOėVLWHVDXJLDLLU
WLQNDPDLQDXGRWLVSULHWDLVX,åVDXJRNLWHQDXGRMLPRLUPRQWDYLPR
LQVWUXNFLMĉNDGJDOėWXPėWHYėOLDXSDVLQDXGRWLDUEDSHUGXRWL
QDXMDPVDYLQLQNXL
,åSDNXRNLWH SULHWDLVĉ LU Mĭ SDWLNULQNLWH -HL WUDQVSRUWXRMDQW SULHWDLVDV
EXYRSDçHLVWDVMRQHSULMXQNLWH
3ULHWDLVDVVDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDL
VXPRQWXRWDVODLNDQWLVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXV
DWOLHNDQWLVDVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PR
YLHWRMH
.\ODSDYRMXVXçGXVWL
3DNXRWėSDYRMLQJDYDLNDPV1LHNXRPHWQHOHLVNLWHçDLVWLYDLNDPV
VXSDNXRWėVPHGçLDJRPLV
3DYRMXVVXVLçHLVWL
■ 3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
3DYRMXVVXVLçHLVWL
■ -HLSULHWDLVDVSULWYLUWLQWDVQHWLQNDPDLMLVJDOLQXNULVWL9LVL
WYLUWLQLPRHOHPHQWDLWXULEŠWLWYLUWDLLUVDXJLDLSULYHUçWL
3DVWDED -HLDWQDXMLQDPDVNYDSŨILOWUDVQXNULVMLVJDOLEŠWL
SDçHLVWDV
3DçHLGLPDLLåLåRUėVPDWRPLQHYLVDGD1XNULWXVĭNYDSŨILOWUĉ
XWLOL]XRNLWHLUSDNHLVNLWHNLWXDWQDXMLQDPXNYDSŨILOWUX
ĬUHQJLPDV
3DVLUXRåLPDVPRQWXRWL
■ 3ULHPRQWDYLPRYLHWRVWXULEŠWLQHVXGėWLQJDSULHLWLNDGSULUHLNXV
UHPRQWXRWLSULHWDLVDVEŠWŨOHQJYDLSDVLHNLDPDV
■ 5HNRPHQGXRMDPDVPDçLDXVLDVDWVWXPDVWDUSSULHWDLVRLU
NDLWOHQWėV\UD PPRGLGçLDXVLDV² PP-HLDWVWXPDV
LNLNDLWYLHWėVGLGHVQLVJDPLQDQWPDLVWĉVXVLGDUDQW\VJDUDL
VXUHQNDPLSUDVĀLDX
■ $WVWXPĉ WDUS SULHWDLVR LU UHFLUNXOLDFLMRV PRGXOLR JDOLPD VXPDçLQWL
LNL PPMHLNDEDPŨMŨOXEŨDXNåWLV\UDPDçLDXVLDL PP
ĬPRQWDYLPRSDYLUåLDXVWLNULQLPDV
■ ĬPRQWDYLPRSDYLUåLXVWXULEŠWLO\JXVKRUL]RQWDOXVLUWLQNDPDV
SODQXRMDPDLDSNURYDL
■ 0DNVSULHWDLVRVYRULV\UD ĂNJ
3DVWDERV
■ 3ULHWDLVRSDYLUåLDLOHQJYDLSDçHLGçLDPL0RQWXRGDPLSULHWDLVĉ
VWHQNLWėVMRQHSDçHLVWL
■ 3DWLNULQNLWHLåSMDXWĉVULWĭNDEHOLXLWLHVWLQXRNLWŨSULHWDLVŨ
■ 1RULQWSULWYLUWLQWLJDUŨULQNWXYĉUHLNLDQDXGRWLWLQNDPĉDSDWLQĭ
UėPĉNXULVWYLUWDLXçILNVXRWDVEHWRQLQėVHOXERVH
■ /XEŨYHQWLOLDFLMRVQHJDOLPDPRQWXRWLWLHVLDLĭNDEDPŨMŨOXEŨ
JLSVNDUWRQLRSORNåWHVDUSDQDåLDVOHQJYRVNRQVWUXNFLMRV
PHGçLDJDV
■ 1RUėGDPL SULPRQWXRWL WLQNDPDL QDXGRNLWH SDNDQNDPDL VWDELOLDV
VWDW\EŨVĉO\JRPVLUSULHWDLVRVYRULXLSULWDLN\WDVPHGçLDJDV
ĬPRQWDYLPRSDYLUåLDXVSDUXRåLPDV
ĬPRQWDYLPRSDYLUåLXVWXULOLNWLVWDELOXVLUEDLJXVMĭSMDXVW\WL
.DGQHVXJDGLQWXPėWHNDLWOHQWėVMĉXçGHQNLWH
/XERVHDUEDåRQLQėMHVLHQRMHLåSMDXNLWHDQJĉĂSDY
%DLJęSMDXVW\WLSDåDOLQNLWHSMXYHQDV

3ULHWDLVRPRQWDYLPDV
: 3DYRMXVVXVLçHLVWL
3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
,åLPNLWHGDQJWHOĭ
3DVWDED $WYDP]Gĭ JDOLPD SHUVWDW\WL SDJDO ĭPRQWDYLPR SDGėWĭ
ĂSDY
$WVXNLWHDWYDP]GĭLUUHLNDOLQJĉSORNåWHOęLUSDNHLVNLWHSDGėWĭ
ĂSDY
$WYDP]GĭLUSORNåWHOęSULVXNLWHQDXMRMHSDGėW\MH ĂSDY
3ULHWDLVĉVWXPNLWHĭLåSMDXWĉDQJĉNROLåJLUVLWHNDGXçVLILNVDYR
ODLNLNOLDLĂSDY
9DUçWXVYLHQĉSRNLWRSULYHUçNLWHSRYLHQĉNROSULHWDLVDVVDYR
SDYLUåLXPLSULJOXVSULHĭPRQWDYLPRSDYLUåLDXVĂSDY
3DVWDED 9DUçWŨQHSULYHUçNLWHODEDLVWLSULDLNDG
QHVXJDGLQWXPėWHSULHWDLVR
,åSDNXRNLWHNYDSŨILOWUĉĂSDY
3DVWDED .YDSŨILOWUDVVXQNXV$WVDUJLDLSDNHONLWHLUWYLUWDL
ODLN\NLWH
ĬGėNLWH NYDSŨ ILOWUĉ R PHWDOLQę DSNDEĉ VXNLWH NRO XçVLILNVXRV NDG
NYDSŨILOWUDVVDXJLDLSULVLVSDXVWŨ ĂSDY
3ULVXNLWHPHWDOLQėVDSNDERVULHYėWĉVLDVYHUçOHV ĂSDY
'DQJWHOĭĭNDELQNLWHĭDQJDVDSDWLQėMHSULHWDLVRSXVėMHĂSDY
1RUėGDPLXçGDU\WLGDQJWHOĭSDVSDXVNLWHMĭLåDSDĀLRV ĂSDY
3ULHWDLVRLåPRQWDYLPDV
: 3DYRMXVVXVLçHLVWL
3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
,åDSDĀLRVVSDXVNLWHGDQJWHOĭNDGMĭDWLGDU\WXPėWH
'DQJWHOLR ODLNLNOLXV LåNDELQNLWH Lå DQJŨ SULHWDLVR DSDWLQėMH SXVėMH
.YDSŨILOWUDV\UDVXQNXVWRGėOLåPRQWXRGDPLYLHQDUDQND
SULODLN\NLWHMĭLåDSDĀLRV
5LIOLXRWĉVLDVYHUçOHVDWVXNLWHLUDWLGDU\NLWHPHWDOLQHVDSNDEDV
NDGLåLPWXPėWHNYDSŨILOWUĉĂSDY
$WVXNLWHYLHQĉSRNLWRYDUçWXVLåVXNLWHLNLILNVDWRULDXV
1\NåĀLX SDVSDXVNLWH DQJDV R VS\UXRNOLQĭ ĭWHPSLNOĭ SDVSDXVNLWH ĭ
YLUåŨĂSDY
,åLPNLWHSULHWDLVĉ
.YDSŨILOWURDWQDXMLQLPDV
.DG NYDSŨ ILOWUDV EŠWŨ NLHN ĭPDQRPD HIHNW\YHVQLV HNVSORDWXRGDPL
ĭSUDVWDLDSLHĂYDODQGĉSHUGLHQĉNYDSŨILOWUĉDWQDXMLQNLWHNDV²
ĂPėQHVLXV
.YDSŨILOWUĉJDOLWHDWQDXMLQWLĭSUDVWLQėMHRUNDLWėMH
: 3DYRMXVQXGHJWL
3DVLEDLJXVDWQDXMLQLPRSURFHVXLNYDSŨILOWUDVGDULOJDLOLHND
NDUåWDV3DVLEDLJXVDWQDXMLQLPRSURFHVXLQHOLHVNLWHNYDSŨILOWUR
QHVMLVWXULDWYėVWL
.DUåWĉNYDSŨILOWUĉSDGėNLWHDWYėVWLDQWNDUåĀLXLDWVSDUDXV
SDJULQGR
3DVWDERV
■ .YDSŨ ILOWUĉ JDOLPD DWQDXMLQWL LNL ĂNDUWŨ (NVSORDWXRMDQW ĭSUDVWDL
DSLHĂYDODQGĉSHUGLHQĉMĭUHLNLDNHLVWLQHYėOLDXQHLSR
ĂPHWŨ
■ -HLDWQDXMLQDPDVNYDSŨILOWUDVQXNULVMLVJDOLEŠWLSDçHLVWDV
3DçHLGLPDLLåLåRUėVPDWRPLQHYLVDGD1XNULWXVĭNYDSŨILOWUĉ
XWLOL]XRNLWHLUSDNHLVNLWHNLWXDWQDXMLQDPXNYDSŨILOWUX
■ .YDSŨILOWURQLHNDGDQHSODXNLWHVXYDOLNOLDLVYDQGHQLX
LQGDSORYėMHLUQHYDO\NLWHGUėJQDåOXRVWH
■ .DG QHVXEUDLç\WXPėWH NHSLPR SDGėNOR SDGėNLWH NYDSŨ ILOWUĉ DQW
LQGŨJURWHOLŨ
■ .YDSŨILOWUĉDWQDXMLQNLWHQHDXNåWHVQėMHNDLS &
WHPSHUDWŠURMHUHFLUNXOLDFLMD
:1HEDQG\NLWHDWQDXMLQWLNYDSŨ
ILOWURQDXGRGDPLRUNDLWėVYDO\PRSLUROL]ėVIXQNFLMĉ
■ $WQDXMLQDQWNYDSŨILOWUĉJDOLSDVNOLVWLNYDSDVĬVLWLNLQNLWHNDG
SDWDOSDJHUDLYėGLQDPD$WLGDU\NLWHODQJĉ
1RUėGDPLDWLGDU\WLGDQJWHOĭSDVSDXVNLWHMĭLåDSDĀLRV
.YDSŨILOWUDV\UDVXQNXVWRGėOLåPRQWXRGDPLYLHQDUDQND
SULODLN\NLWHMĭLåDSDĀLRV
ĬNDLWLQNLWHRUNDLWęPDNVLNLĂ&UHFLUNXOLDFLMD :
ĂPLQXĀLŨDWQDXMLQNLWHNYDSŨILOWUĉRUNDLWėMHQHDXNåWHVQėMH
NDLS &WHPSHUDWŠURMHUHFLUNXOLDFLMD :
ĬVLWLNLQNLWHNDGSDWDOSDJHUDLYėGLQDPD$WLGDU\NLWHODQJĉ
/HLVNLWHNYDSŨILOWUXLDWYėVWL
ĬGėNLWH NYDSŨ ILOWUĉ R PHWDOLQę DSNDEĉ VXNLWH NRO XçVLILNVXRV NDG
NYDSŨILOWUDVVDXJLDLSULVLVSDXVWŨ ĂSDY
3ULVXNLWHPHWDOLQėVDSNDERVULHYėWĉVLDVYHUçOHV ĂSDY
1RUėGDPLXçGDU\WLGDQJWHOĭSDVSDXVNLWHMĭLåDSDĀLRV ĂSDY
lv
å
0RQWąçDVLQVWUXNFLMD
: 6YDUĩJDVGURåĩEDVQRUąGHV
8]PDQĩJLL]ODVLHWåRSDPąFĩEX7LNDLWDG-ŠVYDUēVLHWGURåLXQ
SDUHL]LOLHWRWVDYXLHUĩFL/LHWRåDQDVLQVWUXNFLMXVDJODEąMLHWODL
YDUēWXWRL]PDQWRWYēOąNYDLDUĩYDMDG]ĩEDVJDGĩMXPąQRGRW
QąNDPDMDPĩSDåQLHNDP
3ēFL]VDLŁRåDQDVSąUEDXGLHWLHUĩFL-DWUDQVSRUWēMRWUDGXåLHV
ERMąMXPLLHUĩFLQHGUĩNVWSLHVOēJW
/LHWRåDQDLUGURåDWLNDLWDGMDX]VWąGĩåDQDLUWHKQLVNLSDUHL]DXQ
DWELOVWĩJDSDPąFĩEDL3DUSDUHL]XLHNąUWDVGDUEĩEXX]VWąGĩåDQDV
YLHWąDWELOGX]VWąGĩWąMV
1RVPDNåDQDVULVNV
,HSDNRMXPDPDWHULąOLLUEĩVWDPLEēUQLHP1HNDGQHĹDXMLHWEēUQLHP
URWDĹąWLHVDULHSDNRMXPDPDWHULąOX
6DYDLQRMXPXULVNV
■ ,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
6DYDLQRMXPXULVNV
■ -D LHUĩFH QDY SDUHL]L SLHVWLSULQąWD Wą YDU QRNULVW 9LVL VWLSULQąMXPL
MąX]VWąGDVWLQJULXQGURåL
1RUąGĩMXPV $WMDXQRMDPDP VPDNDV ILOWUDP QRNUĩWRW YDU UDVWLHV Wą
ERMąMXPL
äLHERMąMXPLQHYLHQPēULUSDPDQąPLQRąUSXVHV8]WLOL]ēMLHW
QRNULWXåRDWMDXQRMDPRVPDNXILOWUXXQQRPDLQLHWWRSUHWMDXQX
8]VWąGĩåDQD
6DJDWDYRåDQąVX]VWąGĩåDQDL
■ 8]VWąGĩåDQDVYLHWDLMąEŠWYLHJOLSLHHMDPDLODLYHLFRWLHUĩFHV
DSNRSLWDLYDUēWXQHWUDXFēWLSLHNĹŠW
■ ,HWHLFDPDLVPLQLPąODLVDWWąOXPVVWDUSLHUĩFLXQVLOGYLUVPXLU
PP EHW PDNVLPąODLV ³ PP -R OLHOąNV LU DWWąOXPV OĩG]
VLOGYLUVPDLMRPD]ąNWLHNX]WYHUWVēGLHQDJDWDYRåDQąUDGĩWDLV
WYDLNV
■ $WWąOXPXVWDUSLHUĩFLXQJDLVDFLUNXOąFLMDVPRGXOLYDUVDPD]LQąW
OĩG] PPMDWHOSDVDXJVWXPVYLUVSLHNąUWDMLHPJULHVWLHPLU
YLVPD] PP
,HEŠYHVYLUVPDVSąUEDXGH
■ ,HEŠYHVYLUVPDLLUMąEŠWOĩG]HQDLXQKRUL]RQWąODLWDLLUMąVSēM
L]WXUēWDWWLHFĩJDLVVYDUV
■ 0DNVLPąODLVLHNąUWDVVYDUVLU NJ
1RUąGĩMXPL
■ 6DXG]ēMLHWLHUĩFHVYLUVPDV8]VWąGRWL]YDLULHWLHVQRERMąMXPLHP
■ ,]JULH]XPD]RQąSąUEDXGLHWFLWXLHNąUWXNDEHĹXL]YLHWRMXPX
■ /DLSLHVWLSULQąWXLUMąL]PDQWRDWELOVWĩJDDSDNåNRQVWUXNFLMDNDVLU
VWLQJULQRVWLSULQąWDEHWRQDJULHVWRV
■ 1HPRQWēMLHW LHNąUWX WLHåL LHNąUWR JULHVWX ġLSåD SOąWQēV YDL OĩG]ĩJą
WUDXVOąEŠYPDWHULąOą
■ /DLX]VWąGĩWXLHNąUWXSDUHL]LMąL]PDQWRSLHWLHNDPLVWDELOV
NRQVWUXNFLMąPXQLHUĩFHVVYDUDPDWELOVWĩJVPDWHULąOV
,HEŠYHVYLUVPDVVDJDWDYRåDQD
,HEŠYHV YLUVPDV VWDELOLWąWHL LU MąEŠW QRGURåLQąWDL DUĩ SēF L]JULH]XPD
L]YHLGHV
3ąUVHG]LHWVLOGYLUVPXODLL]YDLUĩWRVQRWąVERMąMXPLHP
,]YHLGRMLHWL]JULH]XPXJULHVWRVYDLVąQXVLHQą DWWēOV
3ēFL]JULHåDQDVGDUELHPQRWĩULHWVNDLGDV
,HUĩFHVPRQWąçD
: 6DYDLQRMXPXULVNV
,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
1RŁHPLHWSąUVHJX
1RUąGĩMXPV ĨVFDXUXOL YDU QRYLHWRW DWELOVWĩJL LHEŠYHV DSVWąNĹLHP
DWWēOV
/DLPDLQĩWXĩVFDXUXOHVXQYDMDG]ĩJąVSOąNVQHVQRYLHWRMXPX
QRVNUŠYēMLHWWRV DWWēOV
3LHVNUŠYēMLHW ĩVFDXUXOL XQ SOąNVQL MDXQDMą QRYLHWRMXPą DWWēOV
,HNąUWX SLOQĩEą LHYLHWRMLHW L]JULH]XPą OĩG] G]LUGDPV Ną QRILNVēMDV
VWLSULQąMXPL DWWēOV

8]PDQĩJLSLHYHOFLHWVNUŠYHVFLWXSēFFLWDVOĩG]LHNąUWDLUSLOQĩEą
LHJŠOXVLLHEŠYHVYLUVPą DWWēOV
1RUąGĩMXPV 1HSLHYHOFLHWVNUŠYHVSąUąNFLHåLODLQHVDERMąWX
LHNąUWX
,]VDLŁRMLHWVPDNDVILOWUX DWWēOV
1RUąGĩMXPV 6PDNDVILOWUVLUVPDJV&HOLHWWRSLHVDUG]ĩJLXQ
WXULHWVWLQJUL
,HOLHFLHW VPDNX ILOWUX XQ SDJULH]LHW PHWąOD VNDYDV OĩG] DWGXUHL ODL
VPDNXILOWUVLUGURåLQRVWLSULQąWVDWW
3LHYHOFLHWPHWąODVNDYXULHYRWRVX]JULHçŁXVDWW
,HąĴēMLHWSąUVHJXDWYHUēVLHNąUWDVDSDNåą DWWēOV
/DLDL]YēUWXSąUVHJXSDVSLHGLHWWRQRDSDNåDVDWW
,HUĩFHVGHPRQWąçD
: 6DYDLQRMXPXULVNV
,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
/DLDWYēUWXSąUVHJXSDVSLHGLHWWRQRDSDNåDV
,]ŁHPLHWSąUVHJDVWLSULQąMXPXVQRDWYHUēPLHNąUWDVDSDNåą
6PDNX ILOWUV LU VPDJV WąGēĹ VDWYHULHW WR DU YLHQX URNX QR DSDNåDV
XQGHPRQWēMLHW
$WEUĩYRMLHWULHYRWRVX]JULHçŁXVXQDWYHULHWPHWąODVNDYDVODL
L]ŁHPWXVPDNDVILOWUX DWWēOV
8]PDQĩJLDWVNUŠYēMLHWVNUŠYHVXQL]VNUŠYēMLHWWąVOĩG]DWGXUHL
,HEą]LHWDWYHUēVĩNåĴXVXQSDVSLHGLHWDWVSHUXVSULHJRWąMLHUĩFLX]
DXJåX DWWēOV
,]ŁHPLHWLHNąUWX
6PDNDVILOWUDDWMDXQRåDQD
/DLQRGURåLQąWXVPDNDVILOWUDGDUEĩEXQRUPąOąGDUEDUHçĩPą
DSWXYHQLSD VWXQGDLGLHQąDWMDXQRMLHWWRLNSēF PēQHåLHP
6PDNDVILOWUXYDUDWMDXQRWVWDQGDUWDFHSHåNUąVQĩ
: $SGHJXPXULVNV
6PDNDVILOWUVSēFDWMDXQRåDQDVLOJXODLNXLUVDNDUVLV
1HSLHVNDULHWLHVSLHVPDNDVILOWUDX]UHL]SēFDWMDXQRåDQDVĹDXMLHW
WDPDWG]LVW
']HVēMLHWVPDNDVILOWUXX]NDUVWXPL]WXUĩJDVSDPDWQHV
1RUąGĩMXPL
■ 6PDNDVILOWUXYDUDWMDXQRWOĩG] UHL]ēPXQQRUPąOąGDUED
UHçĩPąDSWXYHQLSD VWXQGDLGLHQąWDVMąPDLQDQHUHWąNNą
UHL]L JDGRV
■ $WMDXQRMDPDPVPDNDVILOWUDPQRNUĩWRWYDUUDVWLHVWąERMąMXPL
äLHERMąMXPLQHYLHQPēULUSDPDQąPLQRąUSXVHV8]WLOL]ēMLHW
QRNULWXåRDWMDXQRMDPRVPDNXILOWUXXQQRPDLQLHWWRSUHWMDXQX
■ 6PDNDVILOWUDWĩUĩåDQDLQHNDGQHL]PDQWRMLHWWĩUĩåDQDVOĩG]HNĹXV
ŠGHQLPLWUXGUąQXNąDUĩQHPD]JąMLHWWRWUDXNXPD]JąMDPDMą
PDåĩQą
■ /DLQHVDVNUąSēWXFHSHåSDQQXVPDNDVILOWUXQRYLHWRMLHWX]
UHVWēP
■ 6PDNDVILOWUXDWMDXQRMLHWPDNV &WHPSHUDWŠUąJDLVD
UHFLUNXOąFLMD
:1HYHLFLHWVPDNDVILOWUDDWMDXQRåDQX
FHSHåNUąVQVWĩUĩåDQDVSLUROĩ]HVUHçĩPą
■ 6PDNDVILOWUDDWMDXQRåDQDVODLNąYDUL]GDOĩWLHVVPDND
1RGURåLQLHWWHOSąODEXYHQWLOąFLMX$WYHULHWORJX
/DLDWYēUWXSąUVHJXSDVSLHGLHWWRQRDSDNåDV
6PDNX ILOWUV LU VPDJV WąGēĹ VDWYHULHW WR DU YLHQX URNX QR DSDNåDV
XQGHPRQWēMLHW
8]NDUVēMLHWFHSHåNUąVQLOĩG]PDNV &JDLVD
UHFLUNXOąFLMD :
,]SLOGLHWVPDNDVILOWUDDWMDXQRåDQXFHSHåNUąVQĩ PLQŠWHV
PDNV &WHPSHUDWŠUąJDLVDUHFLUNXOąFLMD :
1RGURåLQLHWWHOSąODEXYHQWLOąFLMX$WYHULHWORJX
ĸDXMLHWVPDNDVILOWUDPDWG]LVW
,HOLHFLHW VPDNX ILOWUX XQ SDJULH]LHW PHWąOD VNDYDV OĩG] DWGXUHL ODL
VPDNXILOWUVLUGURåLQRVWLSULQąWVDWW
3LHYHOFLHWPHWąODVNDYXULHYRWRVX]JULHçŁXVDWW
/DLDL]YēUWXSąUVHJXSDVSLHGLHWWRQRDSDNåDVDWW
pl
ë
,QVWUXNFMDPRQWDŰX
: :DŰQHZVND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD
1DOHŰ\ GRNãDGQLH SU]HF]\WDþ QLQLHMV]ĉ LQVWUXNFMę =DSR]QDQLH VLę ]
QLĉSR]ZROLQDEH]SLHF]QHLZãDŔFLZHXŰ\WNRZDQLHXU]ĉG]HQLD
,QVWUXNFMęREVãXJLLPRQWDŰXQDOHŰ\]DFKRZDþGRSyŮQLHMV]HJR
ZJOĉGXOXEGODNROHMQHJRXŰ\WNRZQLND
3RUR]SDNRZDQLXQDOHŰ\VSUDZG]LþVWDQXU]ĉG]HQLD1LH
SRGãĉF]DþMHŔOLXU]ĉG]HQLH]RVWDãRXV]NRG]RQHSRGF]DV
WUDQVSRUWX
%H]SLHF]HĿVWZRSRGF]DVXŰ\WNRZDQLD]DSHZQLRQHMHVWW\ONRSR
SUDZLGãRZ\P ]DPRQWRZDQLX ]JRGQLH ] LQVWUXNFMĉ PRQWDŰX 0RQWHU
MHVWRGSRZLHG]LDOQ\]DSUDZLGãRZHG]LDãDQLHZPLHMVFXLQVWDODFML
XU]ĉG]HQLD
1LHEH]SLHF]HĿVWZRXGXV]HQLD
2SDNRZDQLH MHVW QLHEH]SLHF]QH GOD G]LHFL 1LH SR]ZDODþ G]LHFLRP
QD]DEDZęRSDNRZDQLHP
1LHEH]SLHF]HĿVWZRREUDŰHĿ
■ (OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
1LHEH]SLHF]HĿVWZRREUDŰHĿ
■ -HŔOLXU]ĉG]HQLHQLHMHVWSUDZLGãRZRSU]\PRFRZDQHPRŰH
VSDŔþ :V]\VWNLH HOHPHQW\ PRFXMĉFH PXV]ĉ E\þ ]DPRQWRZDQH
VWDUDQQLHLGRNãDGQLH
:VND]yZND -HŰHOLILOWU]DSDFKyZ]PRŰOLZRŔFLĉUHJHQHUDFML
VSDGQLHPRŰHXOHFXV]NRG]HQLX
8V]NRG]HQLD QLH ]DZV]H Vĉ ZLGRF]QH ] ]HZQĉWU] : UD]LH XSDGNX
ILOWU]DSDFKyZ]PRŰOLZRŔFLĉUHJHQHUDFMLQDOHŰ\]XW\OL]RZDþL
Z\PLHQLþQDQRZ\
,QVWDODFMD
3U]\JRWRZDQLHGRLQVWDODFML
■ 0LHMVFH LQVWDODFML PXVL E\þ ãDWZR GRVWęSQH DE\ Z UD]LH SRWU]HE\
PRŰQDE\ãREH]SU]HV]NyGGRWU]HþGRXU]ĉG]HQLD
■ 0LęG]\XU]ĉG]HQLHPDSã\WĉJU]HZF]ĉ]DOHFDQ\MHVWRGVWęSFR
QDMPQLHM PPLPDNV\PDOQLH PP2SDU\NXFKHQQHVĉ
WUXGQLHMV]HGRZ\NU\FLDZPLDUęRGGDODQLDVLęRGSROD
JU]HZF]HJR
■ 2GVWęSPLęG]\XU]ĉG]HQLHPDPRGXãHPRELHJX]DPNQLęWHJR
PRŰQD]PQLHMV]\þGR PPRLOHZ\VRNRŔþSRGZLHV]RQHJR
VXILWXWRFRQDMPQLHM PP
.RQWURODSRZLHU]FKQL]DEXGRZ\
■ 3RZLHU]FKQLD]DEXGRZ\PXVLE\þSãDVNDSR]LRPDLRG]QDF]Dþ
VLęGRVWDWHF]QĉQRŔQRŔFLĉ
■ 0DNVFLęŰDUXU]ĉG]HQLDZ\QRVLRNRãR NJ
:VND]yZNL
■ 3RZLHU]FKQLHXU]ĉG]HQLDVĉZUDŰOLZH8QLNDþXV]NRG]HĿ
SRGF]DVPRQWDŰX
■ 6SUDZG]LþREV]DUZ\FLęFLDSRGNĉWHPLVWQLHMĉFHJRXãRŰHQLD
NDEOLLQQ\FKXU]ĉG]HĿ
■ :FHOX]DPRFRZDQLDXU]ĉG]HQLD]DVWRVRZDþRGSRZLHGQLH
UXV]WRZDQLH SRGWU]\PXMĉFH NWyUH EęG]LH ]DPRQWRZDQH QD VWDãH
ZVWURSLHEHWRQRZ\P
■ 8U]ĉG]HQLDQLHPRŰQDPRQWRZDþEH]SRŔUHGQLRZSã\WDFK
JLSVRZRNDUWRQRZ\FKOXEZLQQ\FKOHNNLFKPDWHULDãDFK
EXGRZODQ\FKVWDQRZLĉF\FKHOHPHQW\NRQVWUXNF\MQHVXILWX
SRGZLHV]DQHJR
■ :FHOXSU]HSURZDG]HQLDSUDZLGãRZHJRPRQWDŰXXŰ\þ
Z\VWDUF]DMĉFRVWDELOQHJRPDWHULDãXNWyU\MHVWGRVWRVRZDQ\GR
XZDUXQNRZDĿWHFKQLF]QREXGRZODQ\FKLFLęŰDUXXU]ĉG]HQLD
3U]\JRWRZDQLHSRZLHU]FKQLGR]DEXGRZ\
1DOHŰ\]DSHZQLþVWDELOQRŔþSRZLHU]FKQL]DEXGRZ\UyZQLHŰSR
Z\NRQDQLXQLH]EęGQ\FKZ\FLęþ
3U]\NU\þSã\WęJU]HZF]ĉDE\XQLNQĉþXV]NRG]HĿ
:\NRQDþ Z\FLęFLH Z ŔFLDQFH JyUQHM OXQ ŔFLDQFH ERF]QHM U\V
3RZ\NRQDQLXZ\FLęþXVXQĉþZLyU\

0RQWDŰXU]ĉG]HQLD
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
=GMĉþSRNU\Zę
:VND]yZND .UyFLHFPRŰHE\þSU]HVXZDQ\Z]DOHŰQRŔFLRG
V\WXDFMLPRQWDŰRZHM U\V
2GNUęFLþNUyFLHFRUD]Z\PDJDQĉEODFKęL]PLHQLþSR]\FMę
U\V
.UyFLHFLEODFKęSU]\NUęFLþZQRZ\PSRãRŰHQLX U\V
8U]ĉG]HQLHZãRŰ\þFDãNRZLFLHZZ\FLęFLH]ZUDFDMĉFXZDJęQD
Vã\V]DOQH]DEORNRZDQLHHOHPHQWyZPRFXMĉF\FKU\V
2VWURŰQLHGRNUęFDþNROHMQHŔUXE\DŰXU]ĉG]HQLH]QDMG]LHVLęZ
MHGQHMSãDV]F]\ŮQLH]SRZLHU]FKQLĉ]DEXGRZ\U\V
:VND]yZND 1LH GRNUęFDþ ]E\W PRFQR ŔUXE DE\ QLH XV]NRG]Lþ
XU]ĉG]HQLD
:\SDNRZDþILOWU]DSDFKyZU\V
:VND]yZND )LOWU]DSDFKyZMHVWFLęŰNL2VWURŰQLHXQLHŔþILOWUL
PRFQRSU]\WU]\PDþ
=DãRŰ\þ ILOWU ]DSDFKyZ L REUyFLþ PHWDORZH ZVSRUQLNL GR RSRUX WDN
DE\ILOWU]DSDFKyZE\ã]DPRFRZDQ\VWDELOQLHU\V
'RNUęFLþQDNUęWNLUDGHãNRZDQHQDPHWDORZ\PZVSRUQLNX
U\V
=DPRFRZDþSRNU\ZęZRWZRUDFK]QDMGXMĉF\FKVLęQDVSRG]LH
XU]ĉG]HQLDU\V
$E\]DPNQĉþSRNU\ZęQDOHŰ\GRFLVQĉþMĉRGGRãXU\V
'HPRQWDŰXU]ĉG]HQLD
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
$E\RWZRU]\þSRNU\ZęQDOHŰ\GRFLVQĉþMĉRGGRãX
=GMĉþXFKZ\W\SRNU\Z\]RWZRUyZZGROQHMF]ęŔFLXU]ĉG]HQLD
)LOWU]DSDFKyZMHVWFLęŰNLGODWHJRSRGF]DVGHPRQWDŰXQDOHŰ\
MHGQĉUęNĉQDOHŰ\SRGWU]\PDþJRRGVSRGX
2GNUęFLþ QDNUęWNL UDGHãNRZDQH L RWZRU]\þ PHWDORZH ZVSRUQLNL Z
FHOXXVXQLęFLDILOWUD]DSDFKyZU\V
=DFKRZXMĉFRVWURŰQRŔþSROX]RZDþNROHMQRŔUXE\DQDVWęSQLH
Z\NUęFLþMHGRRSRUX
:ãRŰ\þNFLXNLZRWZRU\LGRFLVQĉþQDSLQDF]VSUęŰ\QGRJyU\
U\V
:\MĉþXU]ĉG]HQLH
5HJHQHUDFMDILOWUD]DSDFKyZ
:FHOX]DSHZQLHQLDVNXWHF]QRŔFLILOWUD]DSDFKyZQDOHŰ\
UHJHQHURZDþILOWUZSU]\SDGNXQRUPDOQHMHNVSORDWDFMLRN JRG]
G]LHQQLHFR PLHVLĉFH
)LOWU]DSDFKyZPRŰQD]UHJHQHURZDþZ]Z\Nã\PSLHNDUQLNX
: 1LHEH]SLHF]HĿVWZRRSDU]HQLD
3R UHJHQHUDFML ILOWU ]DSDFKyZ SR]RVWDMH GãXJR JRUĉF\ 1LH GRW\NDþ
ILOWUD]DSDFKyZEH]SRŔUHGQLRSRUHJHQHUDFMLOHF]SR]RVWDZLþGR
RVW\JQLęFLD
*RUĉF\ILOWU]DSDFKyZSRãRŰ\þZFHOXRVWXG]HQLDQD
ŰDURRGSRUQ\PSRGãRŰX
:VND]yZNL
■ )LOWU]DSDFKyZPRŰHE\þUHJHQHURZDQ\PDNV\PDOQLHĂUD]\L
QDOHŰ\JRZ\PLHQLþZSU]\SDGNXQRUPDOQHMHNVSORDWDFMLSU]H]
RN JRG]G]LHQQLHQDMSyŮQLHMSRXSã\ZLH ODW
■ -HŰHOLILOWU]DSDFKyZ]PRŰOLZRŔFLĉUHJHQHUDFMLVSDGQLHPRŰH
XOHFXV]NRG]HQLX
8V]NRG]HQLDQLH]DZV]HVĉZLGRF]QH]]HZQĉWU]:UD]LH
XSDGNXILOWU]DSDFKyZ]PRŰOLZRŔFLĉUHJHQHUDFMLQDOHŰ\
]XW\OL]RZDþLZ\PLHQLþQDQRZ\
■ 1LJG\ QLH F]\ŔFLþ ILOWUD ]DSDFKyZ ŔURGNDPL F]\V]F]ĉF\PL ZRGĉ
Z]P\ZDUFHOXEZLOJRWQĉŔFLHUHF]Nĉ
■ $E\XQLNQĉþ]DU\VRZDQLDEODFK\GRSLHF]HQLDXPLHŔFLþILOWU
]DSDFKyZQDUXV]FLH
■ )LOWU]DSDFKyZUHJHQHURZDþZWHPSHUDWXU]HPDNV&
WHUPRRELHJ
:1LHUHJHQHURZDþILOWUD]DSDFKyZSU]\XŰ\FLX
IXQNFMLF]\V]F]HQLDSLHNDUQLNDS\UROL]\
■ 3RGF]DVUHJHQHUDFMLILOWUD]DSDFKyZPRJĉZ\G]LHODþVLęUyŰQH
]DSDFK\8SHZQLþVLęŰHSRPLHV]F]HQLHMHVWGREU]H
ZHQW\ORZDQH2WZRU]\þRNQR
$E\RWZRU]\þSRNU\ZęQDOHŰ\GRFLVQĉþMĉRGGRãX
)LOWU]DSDFKyZMHVWFLęŰNLGODWHJRSRGF]DVGHPRQWDŰXQDOHŰ\
MHGQĉUęNĉQDOHŰ\SRGWU]\PDþJRRGVSRGX
1DJU]DþSLHNDUQLNGRPDNV\PDOQLH&WHUPRRELHJ :
)LOWU]DSDFKyZUHJHQHURZDþSU]H] PLQXWZSLHNDUQLNX
QDJU]DQ\PGRPDNV\PDOQLH&WHUPRRELHJ
:
8SHZQLþVLęŰHSRPLHV]F]HQLHMHVWGREU]HZHQW\ORZDQH
2WZRU]\þRNQR
3R]RVWDZLþILOWU]DSDFKyZGRRVW\JQLęFLD
=DãRŰ\þ ILOWU ]DSDFKyZ L REUyFLþ PHWDORZH ZVSRUQLNL GR RSRUX WDN
DE\ILOWU]DSDFKyZE\ã]DPRFRZDQ\VWDELOQLHU\V
'RNUęFLþQDNUęWNLUDGHãNRZDQHQDPHWDORZ\PZVSRUQLNX
U\V
$E\]DPNQĉþSRNU\ZęQDOHŰ\GRFLVQĉþMĉRGGRãXU\V
ro
í
,QVWUXFŘLXQLGHPRQWDM
: ,QVWUXFŘLXQLGHVLJXUDQŘćLPSRUWDQWH
&LWLŘLFXDWHQŘLHDFHVWHLQVWUXFŘLXQL1XPDLDVWIHOSXWHŘLXWLOL]D
DSDUDWXOFRUHFWüLvQVLJXUDQŘć3ćVWUDŘLLQVWUXFŘLXQLOHGHXWLOL]DUHüL
GH PRQWDM SHQWUX R FRQVXOWDUH XOWHULRDUć VDX SHQWUX HYHQWXDOL YLLWRUL
SURSULHWDUL
9HULILFDŘLDSDUDWXOGXSćGHVSDFKHWDUHÍQFD]XOvQFDUHDSDUDWXOD
IRVWDYDULDWvQWLPSXOWUDQVSRUWXOXLQXHVWHSHUPLVćSXQHUHDvQ
IXQFŘLXQHDDFHVWXLD
1XPDLODPRQWDMXOUHJXODPHQWDUFRUHVSXQ]ćWRULQVWUXFŘLXQLLGH
PRQWDMHVWHJDUDQWDWćVLJXUDQŘDODXWLOL]DUH,QVWDODWRUXOHVWH
UHVSRQVDELOSHQWUXIXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
3HULFROGHVXIRFDUH
0DWHULDOXOGHDPEDODMHVWHSHULFXORVSHQWUXFRSLL1XOćVDŘL
QLFLRGDWćFRSLLLVćVHMRDFHFXPDWHULDOGHDPEDODM
3HULFROGHUćQLUH
■ &RPSRQHQWHOH GLQ LQWHULRUXO DSDUDWXOXL SRW DYHD PXFKLL DVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
3HULFROGHUćQLUH
■ 'DFć DSDUDWXO QX HVWH IL[DW FRUHVSXQ]ćWRU DFHVWD SRDWH FćGHD
7RDWHHOHPHQWHOHGHIL[DUHWUHEXLHPRQWDWHELQHüLVLJXU
,QGLFDŘLH ÍQFD]XOFćGHULLILOWUXOUHJHQHUDELOGHQHXWUDOL]DUHD
PLURVXULORUQHSOćFXWHDUSRDWHVXIHULGHWHULRUćUL
'HWHULRUćULOH QX VXQW vQWRWGHDXQD YL]LELOH OD H[WHULRU (OLPLQDŘL ILOWUXO
UHJHQHUDELO GH QHXWUDOL]DUH D PLURVXULORU QHSOćFXWH FDUH D Fć]XW SH
MRVüLvQORFXLŘLOFXXQXOQRX
,QVWDODUHD
3UHJćWLUHDLQVWDOćULL
■ /RFXO GH PRQWDUH WUHEXLH Vć ILH DFFHVLELO DVWIHO vQFkW Vć VH SRDWć
DMXQJHXüRUODDSDUDW
■ (VWHUHFRPDQGDWFDvQWUHDSDUDWüLSOLWćVćH[LVWHRGLVWDQŘćGH
PLQLPXP PPüLGHPD[LPXP PP$EXUXOYDILFDSWDW
PDLJUHXGDFćGLVWDQŘDIDŘćGHSOLWćHVWHPDLPDUH
■ 'LVWDQŘD GLQWUH DSDUDW üL PRGXOXO GH UHFLUFXODUH D DHUXOXL SRDWH IL
UHGXVćFXSkQćOD PPFXFRQGLŘLDFDvQćOŘLPHDWDYDQXOXL
VXVSHQGDWVćILHGHFHOSXŘLQ PP
9HULILFDŘLVXSUDIDŘDGHPRQWDUH
■ 6XSUDIDŘDGHPRQWDUHWUHEXLHVćILHSODQćRUL]RQWDOćüLVćDLEć
VXILFLHQWćFDSDFLWDWHSRUWDQWć
■ *UHXWDWHDPD[LPćDDSDUDWXOXLHVWHGH NJ
,QGLFDŘLL
■ 6XSUDIHŘHOHDSDUDWXOXLVXQWVHQVLELOH/DLQVWDODUHHYLWDŘL
GHWHULRUDUHD
■ 9HULILFDŘLGDFć]RQDGHVHFŘLXQHDUHFDEOXODDOWHDSDUDWH
■ 3HQWUXPRQWDUHDKRWHLHVWHQHFHVDUćRVFDUćDGHFYDWćSHQWUX
IL[DUHDSHSODIRQXOGHEHWRQ
■ 1XPRQWDŘLDSDUDWXOGLUHFWvQULJLSVXOVDXvQPDWHULDOHOHXüRDUH
GHFRQVWUXFŘLHDVHPćQćWRDUHSODIRQXOXLIDOV
■ 3HQWUXDDVLJXUDXQPRQWDMFRUHFWIRORVLŘLXQPDWHULDOVXILFLHQW
GHVWDELODGDSWDWODFDUDFWHULVWLFLOHVWUXFWXULLUHVSHFWLYHüLOD
JUHXWDWHDDSDUDWXOXL
3UHJćWLUHDVXSUDIHŘHLGHPRQWDUH
6WDELOLWDWHDVXSUDIHŘHLGHPRQWDUHWUHEXLHVćILHDVLJXUDWćüLGXSć
OXFUćULOHGHGHFXSDUH
$FRSHULŘLSOLWDSHQWUXDHYLWDGHWHULRUćULOH
5HDOL]DŘLGHFXSDMXOvQSODQüHXVDXvQSHUHWHOHODWHUDO)LJXUD
ÍQGHSćUWDŘLüSDQXOGXSćOXFUćULOHGHGHFXSDUH

0RQWDUHDDSDUDWXOXL
: 3HULFROGHUćQLUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
6FRDWHŘLFDSDFXO
,QGLFDŘLH 'X]DSRDWHILPXWDWćvQIXQFŘLHGHFRQGLŘLLOHGH
LQVWDODUH )LJXUD
'HVIDFHŘL GX]D üL SODFD QHFHVDUć üL VFKLPEDŘL SR]LŘLD )LJXUD
)L[DŘLGX]DüLSODFDSHQRXDSR]LŘLH )LJXUD
,QWURGXFHŘLDSDUDWXOFRPSOHWvQVHFŘLXQHSkQćFkQGVXVSHQVLLOH
VHIL[HD]ć)LJXUD
6WUkQJHŘLFXDWHQŘLHüXUXEXULOHSkQćFkQGDSDUDWXOHVWHDüH]DW
RUL]RQWDOSHVXSUDIDŘDGHPRQWDUH)LJXUD
,QGLFDŘLH 1XVWUkQJHŘLSUHDWDUHüXUXEXULOHSHQWUXDQXGHIHFWD
DSDUDWXO
'HVSDFKHWDŘLILOWUXOGHPLURV)LJXUD
,QGLFDŘLH )LOWUXO GH PLURV HVWH JUHX 5LGLFDŘLO FX DWHQŘLH üL IL[DŘL
OELQH
0RQWDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHüLIL[DŘLOvQ
VLJXUDQŘćURWLQGEUDŘHOHPHWDOLFHDOHDFHVWXLDSkQćFkQGVH
FXSOHD]ćvQSR]LŘLH)LJXUD
ÍQGLOHWDŘLSLXOLŘHOH]LPŘDWHSHEUDŘHOHPHWDOLFH)LJXUD
$üH]DŘL FDSDFXO vQ GHVFKLGHULOH GH SH SDUWHD ODWHUDOć D DSDUDWXOXL
)LJXUD
3HQWUXDvQFKLGHFDSDFXODSćVDŘLOGHGHGHVXEW)LJXUD
'HPRQWDUHDDSDUDWXOXL
: 3HULFROGHUćQLUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
$SćVDŘLGHVXVSHFDSDFSHQWUXDOGHVFKLGH
'HVIDFHŘLFROLHUHOHFDSDFXOXLGLQGHVFKLGHULOHODWHUDOHDOH
DSDUDWXOXL
)LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDDPSODVDŘLRPkQćVXEDFHVWDüLGHPRQWDŘLO
'HVFKLGHŘLSLXOLŘHOHüLEUDŘHOHPHWDOLFHSHQWUXDVFRDWHILOWUXOGH
PLURV)LJXUD
'HVIDFHŘLFXDWHQŘLHüXUXEXULOHVXFFHVLYüLGHüXUXEDŘLSkQćOD
LPSDFW
3ULQGHŘLGHVFKLGHULOHFXGHJHWHOHPDULüLvPSLQJHŘLvQVXV
FRPSUHVRUXODUFHOLFRLGDO)LJXUD
6FRDWHŘLDSDUDWXO
5HJHQHUDUHDILOWUXOXLGHPLURV
3HQWUXDDVLJXUDIXQFŘLRQDUHDRSWLPćDILOWUXOXLGHQHXWUDOL]DUHD
PLURVXULORUQHSOćFXWHHIHFWXDŘLUHJHQHUDUHDDFHVWXLDODILHFDUH
ĂOXQL vQ FD]XO XWLOL]ćULL QRUPDOH DGLFć vQ FD]XO XWLOL]ćULL ]LOQLFH WLPS
GHDSUR[LPDWLY RUć
5HJHQHUDUHD ILOWUXOXL GH QHXWUDOL]DUH D PLURVXULORU QHSOćFXWH SRDWH
ILHIHFWXDWćvQWUXQFXSWRURELüQXLW
: 3HULFROGHDUVXUL
)LOWUXOGHPLURVUćPkQHILHUELQWHSHQWUXROXQJćSHULRDGćGHWLPS
GXSćUHJHQHUDUH1XDWLQJHŘLILOWUXOGHPLURVLPHGLDWGXSć
UHJHQHUDUHOćVDŘLOPDLvQWkLVćVHUćFHDVFć
$üH]DŘLILOWUXOGHPLURVILHUELQWHSHXQVXSRUWUH]LVWHQWODFćOGXUć
SHQWUXDVHUćFL
,QGLFDŘLL
■ )LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHSRDWHILUHJHQHUDW
GHSkQćODĂGHRULüLvQFD]XOXWLOL]ćULLQRUPDOHDGLFćvQFD]XO
XWLOL]ćULL]LOQLFHWLPSGHDSUR[LPDWLY RUćWUHEXLHvQORFXLWGXSć
PD[LPXP DQL
■ ÍQFD]XOFćGHULLILOWUXOUHJHQHUDELOGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWHDUSRDWHVXIHULGHWHULRUćUL
'HWHULRUćULOHQXVXQWvQWRWGHDXQDYL]LELOHODH[WHULRU(OLPLQDŘL
ILOWUXOUHJHQHUDELOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHFDUHD
Fć]XWSHMRVüLvQORFXLŘLOFXXQXOQRX
■ 1XFXUćŘDŘLQLFLRGDWćILOWUXOGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWH XWLOL]kQG GHWHUJHQW VDX DSć vQ PDüLQD GH VSćODW YDVH
VDXFXRODYHWćXPHGć
■ $üH]DŘL ILOWUXO GH QHXWUDOL]DUH D PLURVXULORU QHSOćFXWH SH XQ JUćWDU
üLQXSHRWDYćGHFRSWvQFD]FRQWUDUDFHDVWDDUSXWHDIL
]JkULDWć
■ )LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHWUHEXLHUHJHQHUDW
ODRWHPSHUDWXUćGHPD[LPXP &DDHUXOXLUHFLUFXODW
:
/DUHJHQHUDUHDILOWUXOXLGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWH
QXWUHEXLHDFWLYDWćIXQFŘLDGHFXUćŘDUHDFXSWRUXOXLIXQFŘLDGH
SLUROL]ć
■ ÍQWLPSXOUHJHQHUćULLILOWUXOXLGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWHSRWILHPDQDWHDQXPLWHPLURVXUL$VLJXUDŘLYćFć
vQFćSHUHDHVWHELQHDHULVLWć'HVFKLGHŘLIHUHDVWUD
3HQWUXDGHVFKLGHFDSDFXODSćVDŘLOGHGHGHVXEW
)LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDDPSODVDŘLRPkQćVXEDFHVWDüLGHPRQWDŘLO
3UHvQFćO]LŘLFXSWRUXOODRWHPSHUDWXUćGHPD[LPXPĂ&D
DHUXOXLUHFLUFXODW :
/ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UHJHQHUH]HWLPSGH GHPLQXWHvQLQWHULRUXOFXSWRUXOXLODR
WHPSHUDWXUćGHPD[LPXP &DDHUXOXLUHFLUFXODW
:
$VLJXUDŘLYćFćvQFćSHUHDHVWHELQHDHULVLWć'HVFKLGHŘL
IHUHDVWUD
/ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UćFHDVFć
0RQWDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHüLIL[DŘLOvQ
VLJXUDQŘćURWLQGEUDŘHOHPHWDOLFHDOHDFHVWXLDSkQćFkQGVH
FXSOHD]ćvQSR]LŘLH)LJXUD
ÍQGLOHWDŘLSLXOLŘHOH]LPŘDWHSHEUDŘHOHPHWDOLFH)LJXUD
3HQWUXDvQFKLGHFDSDFXODSćVDŘLOGHGHGHVXEW)LJXUD
hu
á
6]HUHOpVL~WPXWDWy
: )RQWRVEL]WRQViJLHOŌtUiVRN
*RQGRVDQROYDVVDHOH]WD]~WPXWDWyW&VDNtJ\WXGMDNpV]OpNpW
KHO\HVHQpVEL]WRQViJRVDQNH]HOQL$KDV]QiODWLpVV]HUHOpVL
XWDVtWiVWŌUL]]HPHJDNpVŌEELKDV]QiODWKR]YDJ\DNpVŌEEL
WXODMGRQRVV]iPiUD
.LFVRPDJROiVXWiQHOOHQŌUL]]HDNpV]OpNHW6]iOOtWiVLVpUOpV
HVHWpQQHFVDWODNR]WDVVD
&VDNDV]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpV
HVHWpQJDUDQWiOWD]]HPEL]WRQViJ$V]HUHOŌIHOHOŌVDIHOiOOtWiVL
KHO\HQYDOyNLIRJiVWDODQPŦN|GpVpUW
)XOODGiVYHV]pO\
$FVRPDJROyDQ\DJDJ\HUHNHNUHQp]YHYHV]pO\HV6RKDQH
KDJ\MDKRJ\DJ\HUPHNHNMiWVV]DQDNDFVRPDJROyDQ\DJRNNDO
6pUOpVYHV]pO\
■ $NpV]OpNEHOVŌUpV]HLQHNV]pOHpOHVOHKHW9LVHOMHQ
YpGŌNHV]W\ŦW
6pUOpVYHV]pO\
■ +DDNpV]OpNQLQFVV]DNV]HUŦHQU|J]tWYHOHHVKHW0LQGHQ
U|J]tWŌHOHPHWIL[HQpVEL]WRQViJRVDQNHOOIHOV]HUHOQL
8WDVtWiV +DDUHJHQHUiOKDWyV]DJV]ŦUŌOHHVLNNiURVRGKDW
$ VpUOpVHN NtYOUŌO QHP PLQGLJ OiWKDWyDN 7iYROtWVD HO pV FVHUpOMH
NLDOHHVHWWUHJHQHUiOKDWyV]DJV]ŦUŌW
(OKHO\H]pV
$V]HUHOpVHOŌNpV]tWpVH
■ $IHOV]HUHOpVKHO\HOHJ\HQSUREOpPDPHQWHVHQKR]]iIpUKHWŌ
KRJ\MDYtWiVHVHWpQDNDGiO\WDODQXOKR]]iOHKHVVHQIpUQLD
NpV]OpNKH]
■ $NpV]OpNpVDIŌ]ŌIHOOHWN|]|WWOHJDOiEE PPHVpV
PD[LPXP PPHVWiYROViJDMiQORWW0LQpOQDJ\REED
WiYROViJDIŌ]ŌKHO\WŌODQQiOQHKH]HEEDIŌ]pVLSiUDIHOIRJiVD
■ $NpV]OpNpVDOpJNHULQJHWpVHVPRGXON|]|WWLWiYROViJRW
OHJIHOMHEE PPUHOHKHWOHFV|NNHQWHQLDPHQQ\LEHQD]
iOPHQQ\H]HWPDJDVViJD PP
$EHpStWpVLIHOOHWHOOHQŌU]pVH
■ $EHpStWpVLIHOOHWOHJ\HQVtNYt]V]LQWHVpVHOHJHQGŌ
WHKHUEtUiV~
■ $NpV]OpNPD[LPiOLVV~O\DNE NJ
8WDVtWiVRN
■ $NpV]OpNIHOOHWHLpU]pNHQ\HNgVV]HV]HUHOpVQpONHUOMHD
VpUOpVHNHW
■ (OOHQŌUL]]H D NLYiJiVL WHUOHWHW D WRYiEEL EHUHQGH]pVHN PHJOpYŌ
NiEHOH]pVpQHNV]HPSRQWMiEyO
■ $U|J]tWpVKH]PHJIHOHOŌDOYi]V]NVpJHVDPHO\V]LOiUGDQ
U|J]tWYHYDQDPHQQ\H]HWEHWRQMiED
■ $ NpV]OpNHW QH V]HUHOMH IHO D] iOPHQQ\H]HW JLSV]NDUWRQ ODSMDLUD
YDJ\KDVRQOyN|QQ\ŦpStWpVŦDQ\DJRNED
■ $ V]DNV]HUŦ EHpStWpVKH] KDV]QiOMRQ NHOOŌHQ VWDELO D V]HUNH]HWL
DGRWWViJRNQDNpVDNpV]OpNV~O\iQDNPHJIHOHOŌDQ\DJRW
%HpStWpVLIHOOHWHOŌNpV]tWpVH
$ EHpStWpVL IHOOHWQHN VWDELOQDN NHOO PDUDGQLD D D NLYiJiVL PXQNiN
HOYpJ]pVHXWiQLV
)HGMHOHDIŌ]ŌIHOOHWHWKRJ\PHJYpGMHDVpUOpVHNWŌO
.pV]tWVHHODPHQQ\H]HWYDJ\D]ROGDOIDONLYiJDWiWiEUD
$NLYiJiVLPXQNiNXWiQWiYROtWVDHODIRUJiFVRW

$NpV]OpNIHOV]HUHOpVH
: 6pUOpVYHV]pO\
$NpV]OpNEHOVŌUpV]HLQHNV]pOHpOHVOHKHW9LVHOMHQ
YpGŌNHV]W\ŦW
9HJ\HOHDEXUNRODWRW
8WDVtWiV $FVRQNRWDEHpStWpVWŌOIJJŌHQiWOHKHWKHO\H]QL
iEUD
$FVRQNRWpVDV]NVpJHVOHPH]WFVDYDUR]]DNLpVKHO\H]]HiW
iEUD
&VDYDUR]]DEHDFVRQNRWpVDOHPH]WD]~MKHO\pQ iEUD
$ NpV]OpNHW KHO\H]]H EH WHOMHVHQ D NLYiJDWED DPtJ D] DNDV]WyN
KDOOKDWyDQEHQHPSDWWDQQDNiEUD
$FVDYDURNDWyYDWRVDQK~]]DPHJHJ\PiVXWiQDPtJD
NpV]OpNDEHpStWpVLIHOOHWEHQHPVLPXOiEUD
8WDVtWiV 1HK~]]DPHJW~OViJRVDQDFVDYDURNDWKRJ\QH
RNR]]RQVpUOpVWDNpV]OpNHQ
&VRPDJROMDNLDV]DJV]ŦUŌWiEUD
8WDVtWiV $V]DJV]ŦUŌQHKp]ÐYDWRVDQHPHOMHIHOpVWDUWVD
HUŌVHQ
+HO\H]]H EH D V]DJV]ŦUŌW pV IRUJDVVD D IpPNHQJ\HOW WN|]pVLJ
DV]DJV]ŦUŌU|J]tWpVpKH]iEUD
&VDYDUMDEHDUHFp]HWWDQ\iNDWDIpPNHQJ\HOHQiEUD
$NDVV]DEHDEXUNRODWRWDNpV]OpNDOMiQOHYŌQ\tOiVRNED
iEUD
$OXOUyOQ\RPMDEHDEXUNRODWRWDQQDN]iUiViKR]iEUD
.pV]OpNOHV]HUHOpVH
: 6pUOpVYHV]pO\
$NpV]OpNEHOVŌUpV]HLQHNV]pOHpOHVOHKHW9LVHOMHQ
YpGŌNHV]W\ŦW
$OXOUyOQ\RPMDPHJDEXUNRODWRWDQQDNQ\LWiViKR]
$NDVV]DNLDEXUNRODWWDUWyLWDNpV]OpNDOMiQOHYŌQ\tOiVRNEyO
$V]DJV]ŦUŌQHKp]H]pUWHJ\Np]]HOQ\~OMRQDV]DJV]ŦUŌDOi
DPLNRUNLV]HUHOLD]W
$V]DJV]ŦUŌHOWiYROtWiViKR]FVDYDUMDNLDUHFp]HWWDQ\iNDWpV
Q\LVVDOHDIpPNHQJ\HOWiEUD
ÐYDWRVDQROGMDDFVDYDURNDWpVWN|]pVLJFVDYDUMDNL
$KYHO\NXMMiYDOQ\~OMRQDQ\tOiVRNEDpVQ\RPMDIHOIHOpD
UXJyIHV]tWŌWiEUD
9HJ\HOHDNpV]OpNHW
6]DJV]ŦUŌUHJHQHUiOiVD
$V]DJRNPHJIHOHOŌVHPOHJHVtWpVpKH]DV]DJV]ŦUŌWQRUPiO
]HPHOWHWpVHVHWpQQDSLNEĂyUDĂKDYRQWDUHJHQHUiOQLNHOO
$V]DJV]ŦUŌWNHUHVNHGHOPLIRUJDORPEDQNDSKDWyVWŌEHQ
UHJHQHUiOKDWMD
: eJpVLVpUOpVYHV]pO\H
$V]DJV]ŦUŌDUHJHQHUiOiVXWiQVRNiLJIRUUyPDUDG1HpULQWVH
PHJDV]DJV]ŦUŌWN|]YHWOHQODUHJHQHUiOiVXWiQKDQHPHOŌV]|U
KDJ\MDOHKŦOQL
$IRUUyV]DJV]ŦUŌWOHKŦOpVLJKHO\H]]HHJ\KŌiOOyIHOOHWUH
8WDVtWiVRN
■ $V]DJV]ŦUŌNPD[KDUPLQFV]RUUHJHQHUiOKDWyNpVQRUPiO
]HPHOWHWpVHVHWpQQDSLNEĂyUDOHJDOiEEWt]pYHQWHNLNHOO
ŌNHWFVHUpOQL
■ +DDUHJHQHUiOKDWyV]DJV]ŦUŌOHHVLNNiURVRGKDW
$VpUOpVHNNtYOUŌOQHPPLQGLJOiWKDWyDN7iYROtWVDHOpV
FVHUpOMHNLDOHHVHWWUHJHQHUiOKDWyV]DJV]ŦUŌW
■ $V]DJV]ŦUŌWVRKDQHWLV]WtWVDWLV]WtWyYDOYt]]HO
PRVRJDWyJpSEHQYDJ\QHGYHVW|UOŌUXKiYDO
■ $V]DJV]ŦUŌWKHO\H]]HHJ\URVWpO\UDKRJ\DVWŌWHSVLQH
NDUFROyGMRQ|VV]H
■ $V]DJV]ŦUŌWPD[LPXPĂ&RQOpJNHULQJHWpV :PHOOHWW
UHJHQHUiOMD$V]DJV]ŦUŌWQHUHJHQHUiOMDDVWŌWLV]WtWiVL
IXQNFLyMiYDOSLUROt]LV
■ $V]DJV]ŦUŌUHJHQHUiOiVDVRUiQV]DJNpS]ŌGpVOHKHWVpJHV
%L]WRVtWMDDKHO\LVpJPHJIHOHOŌV]HOOŌ]pVpW1\LVVRQDEODNRW
$OXOUyOQ\RPMDEHDEXUNRODWRWDQQDNQ\LWiViKR]
$V]DJV]ŦUŌQHKp]H]pUWHJ\Np]]HOQ\~OMRQDV]DJV]ŦUŌDOi
DPLNRUNLV]HUHOLD]W
0HOHJtWVHHOŌDVWŌWPD[LPXPĂ&UDOpJNHULQJHWpV :
PHOOHWW
5HJHQHUiOMDDV]DJV]ŦUŌWĂSHUFLJDVWŌEHQPD[LPXP
Ă&RQOpJNHULQJHWpV
:PHOOHWW
%L]WRVtWMDDKHO\LVpJPHJIHOHOŌV]HOOŌ]pVpW1\LVVRQDEODNRW
+DJ\MDOHKŦOQLDV]DJV]ŦUŌW
+HO\H]]H EH D V]DJV]ŦUŌW pV IRUJDVVD D IpPNHQJ\HOW WN|]pVLJ
DV]DJV]ŦUŌU|J]tWpVpKH]iEUD
&VDYDUMDEHDUHFp]HWWDQ\iNDWDIpPNHQJ\HOHQiEUD
$OXOUyOQ\RPMDEHDEXUNRODWRWDQQDN]iUiViKR]iEUD
sl
ð
1DYRGLOD]DPRQWDçR
: 3RPHPEQDYDUQRVWQDQDYRGLOD
3D]OMLYRSUHEHULWHWDXYRGäHOHSRWHPODKNRDSDUDWXSRUDEOMDWH
YDUQRLQSUDYLOQR1DYRGLOD]DXSRUDERLQYJUDGQMRVKUDQLWH]D
NDVQHMåRXSRUDERDOL]DQDVOHGQMHJDODVWQLND
3R RGVWUDQLWYL HPEDODçH SUHJOHMWH DSDUDW 9 SULPHUX SRåNRGE PHG
WUDQVSRUWRPJDQHSULNOMXĀLWH
9DUQRVWPHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQH
PRQWDçHYVNODGX]QDYRGLOL]DPRQWDçR0RQWHUMHRGJRYRUHQ]D
EUH]KLEQRGHORYDQMHQDPHVWXSRVWDYLWYH
1HYDUQRVW]DGXåLWYH
(PEDODçQLPDWHULDOMHQHYDUHQ]DRWURNH1LNROLQHGRYROLWH
RWURNRPGDVHLJUDMR]HPEDODçQLPPDWHULDORP
1HYDUQRVWWHOHVQLKSRåNRGE
■ 6HVWDYQL GHOL Y DSDUDWX LPDMR ODKNR RVWUH URERYH 1RVLWH ]DåĀLWQH
URNDYLFH
1HYDUQRVWWHOHVQLKSRåNRGE
■ ÿHDSDUDWQLSUDYLOQRSULWUMHQODKNRSDGH9VLSULWUGLOQLHOHPHQWL
PRUDMRELWLWUGQRLQYDUQRPRQWLUDQL
2SRPED ÿHILOWHU]DYRQMDYHSDGHVHODKNRSRåNRGXMH
3RåNRGEH QD ]XQDM QLVR YHGQR YLGQH ÿH ILOWHU ]D YRQMDYH NL JD MH
PRJRĀHUHJHQHULUDWLSDGHJD]DYU]LWHLQ]DPHQMDMWH
1DPHVWLWHY
3ULSUDYDQDQDPHVWLWHY
■ 3URVWRU]DPRQWDçRPRUDELWLGRVWRSHQEUH]WHçDYGDMHPRçHQ
QHRYLUDQGRVWRSGRDSDUDWDYSULPHUXSRSUDYLOD
■ 3ULSRURĀOMLYLUD]PLNPHGDSDUDWRPLQNXKDOQRSORåĀRMHQDMPDQM
PP LQ QDMYHĀ PP ÿLP YHĀMD MH UD]GDOMD GR NXKDOLåĀD
WHPWHçMHMH]ELUDQMHSDUHPHGNXKDQMHP
■ 5D]PLNPHGDSDUDWRPLQPRGXORP]DUHFLUNXODFLMR]UDNDMH
PRJRĀH]PDQMåDWLGR PPĀHYLåLQDVSXåĀHQHJDVWURSD
]QDåDQDMPDQM PP
3UHYHULWHYJUDGQRSRYUåLQR
■ 9JUDGQDSRYUåLQDPRUDELWLUDYQDYRGRUDYQDLQLPHWLPRUD
]DGRVWQRQRVLOQRVW
■ 1DMYHĀMDWHçDDSDUDWD]QDåD NJ
2SRPEH
■ 3RYUåLQHDSDUDWDVRREĀXWOMLYH3ULQDPHVWLWYLSUHSUHĀLWH
QDVWDQHNSRåNRGE
■ 3UHSULĀDMWHVHGDYSUHGHOXL]UH]DQLNDEORYGUXJLKDSDUDWRY
■ =DSULWUGLWHYMHSRWUHEQDXVWUH]QDSRGNRQVWUXNFLMDNLMHWUGQR
SULWUMHQDYEHWRQVNLVWURS
■ $SDUDWDQHVPHWHQDPHVWLWLQHSRVUHGQRYPDYĀQRNDUWRQVNH
SORåĀHDOLSRGREQHODKNHJUDGEHQHPDWHULDOHQDVSXåĀHQHP
VWURSX
■ =DSUDYLOQRQDPHVWLWHYXSRUDELWHGRYROMVWDELOHQPDWHULDONLMH
SULODJRMHQPHVWXSRVWDYLWYHLQWHçLDSDUDWD
3ULSUDYDYJUDGQHSRYUåLQH
6WDELOQRVWYJUDGQHSRYUåLQHPRUDELWL]DJRWRYOMHQDWXGLSR
L]UH]RYDQMX
3RNULMWHNXKDOQRSORåĀRGDSUHSUHĀLWHSRåNRGEH
,]GHODMWHL]UH]YVWURSXDOLVWUDQVNLVWHQLVOLND
3RL]UH]RYDQMXRGVWUDQLWHRVWUXçNH
0RQWDçDQDSUDYH
: 1HYDUQRVWWHOHVQLKSRåNRGE
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH1RVLWH]DåĀLWQH
URNDYLFH
6QHPLWHSRNURY
2SRPED 1DVWDYHN ODKNR SUHPDNQHWH JOHGH QD QDĀLQ YJUDGQMH
VOLND
2GYLMWH QDVWDYHN LQ XSRUDEOMHQR SORĀHYLQR LQ ]DPHQMDMWH SRORçDM
VOLND
1DVWDYHNLQSORĀHYLQRSULYLMWHYQRYHPSRORçDMX VOLND
$SDUDWSRSROQRPDYVWDYLWHYL]UH]GDVHREHåDODVOLåQR
]DVNRĀLMRVOLND

3UHYLGQR]DWHJQLWHYLMDNHHQHJD]DGUXJLPGDERDSDUDW
SRUDYQDQ]YJUDGQRSRYUåLQRVOLND
2SRPED 9LMDNRYQH]DWHJQLWHSUHPRĀQRGDQHSRåNRGXMHWH
DSDUDWD
)LOWHU]DYRQMDYHY]HPLWHL]HPEDODçHVOLND
2SRPED )LOWHU]DYRQMDYHMHWHçDN3UHYLGQRJDGYLJQLWHLQJD
WUGQRGUçLWH
9VWDYLWHILOWHU]DYRQMDYHLQSULYLMWHNRYLQVNDVWUHPHQDGR
SULVORQDGDERILOWHU]DYRQMDYHYDUQRSULWUMHQVOLND
3ULYLMWHQDUHEULĀHQHPDWLFHQDNRYLQVNLKVWUHPHQLKVOLND
3RNURYQDPHVWLWHYRGSUWLQHQDVSRGQMLVWUDQLDSDUDWDVOLND
2GVSRGDMSULWLVQLWHQDSRNURYGDVH]DSUHVOLND
'HPRQWDçDDSDUDWD
: 1HYDUQRVWWHOHVQLKSRåNRGE
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH1RVLWH]DåĀLWQH
URNDYLFH
2GVSRGDMSULWLVQLWHQDSRNURYGDVHRGSUH
'UçDODSRNURYDL]YOHFLWHL]RGSUWLQQDVSRGQMLVWUDQLDSDUDWD
)LOWHU ]D YRQMDYH MH WHçDN ]DWR ] HQR URNR SULPLWH ILOWHU ]D YRQMDYH
QDVSRGQMLVWUDQLLQJDRGVWUDQLWH
2GYLMWHQDUHEULĀHQHPDWLFHLQRGSULWHNRYLQVNDVWUHPHQDGD
RGVWUDQLWHILOWHU]DYRQMDYHVOLND
3UHYLGQRSRSXVWLWHYLMDNHHQHJD]DGUXJLPLQMLKRGYLMWHGR
SULVORQD
6SDOFHPVH]LWHYRGSUWLQHLQSRWLVQLWHY]PHWQRQDSHQMDOR
QDY]JRUVOLND
2GVWUDQLWHDSDUDW
5HJHQHUDFLMDILOWUD]DYRQMDYH
'D]DJRWRYLWHXĀLQNRYLWRVWILOWUD]DYRQMDYHJDSULQRUPDOQL
XSRUDELSULEO XUDGQHYQRUHJHQHULUDMWHQDYVDNH² PHVHFH
)LOWHU]DYRQMDYHODKNRUHJHQHULUDWHYRELĀDMQLSHĀLFL
: 1HYDUQRVWRSHNOLQ
)LOWHU]DYRQMDYHSRUHJHQHUDFLMLGROJRRVWDQHYURĀ)LOWUD]D
YRQMDYHVHQHSRVUHGQRSRUHJHQHUDFLMLQHGRWLNDMWHWHPYHĀ
SRĀDNDMWHGDVHRKODGL
9URĀ ILOWHU ]D YRQMDYH SRORçLWH QD SRGODJR RGSRUQR QD YURĀLQR GD
VHRKODGL
2SRPEH
■ )LOWHU]DYRQMDYHODKNRGRNUDWUHJHQHULUDWHSULQRUPDOQL
XSRUDEL SULEO XUR QD GDQ SD JD PRUDWH ]DPHQMDWL QDMSR]QHMH
SR OHWLK
■ ÿHILOWHU]DYRQMDYHSDGHVHODKNRSRåNRGXMH
3RåNRGEHQD]XQDMQLVRYHGQRYLGQHÿHILOWHU]DYRQMDYHNLJD
MHPRJRĀHUHJHQHULUDWLSDGHJD]DYU]LWHLQ]DPHQMDMWH
■ )LOWUD]DYRQMDYHQLNROLQHĀLVWLWHVĀLVWLOL]YRGRYSRPLYDOQHP
VWURMXDOL]PRNURNUSR
■ 'DQHRSUDVNDWHSHNDĀDSRORçLWHILOWHU]DYRQMDYHQDUHåHWNR
■ )LOWHU ]D YRQMDYH UHJHQHULUDMWH SUL QDMYHĀ & NURçHQMH ]UDND
:)LOWUD]DYRQMDYHQHUHJHQHULUDMWHVIXQNFLMR]DĀLåĀHQMH
SHĀLFHSLUROL]D
■ 0HGUHJHQHUDFLMRILOWUD]DYRQMDYHVHODKNRUD]YLMHMRYRQMDYH
3RVNUELWHGDERSURVWRUGREURSUH]UDĀHQ2GSULWHRNQR
2GVSRGDMSULWLVQLWHQDSRNURYGDVHRGSUH
)LOWHU ]D YRQMDYH MH WHçDN ]DWR ] HQR URNR SULPLWH ILOWHU ]D YRQMDYH
QDVSRGQMLVWUDQLLQJDRGVWUDQLWH
3HĀLFRRJUHMWHQDQDMYHĀ &NURçHQMH]UDND :
)LOWHU]DYRQMDYH PLQXWUHJHQHULUDMWHYSHĀLFLSUL &
NURçHQMH]UDND
:
3RVNUELWHGDERSURVWRUGREURSUH]UDĀHQ2GSULWHRNQR
3XVWLWHGDVHILOWHU]DYRQMDYHRKODGL
9VWDYLWHILOWHU]DYRQMDYHLQSULYLMWHNRYLQVNDVWUHPHQDGR
SULVORQDGDERILOWHU]DYRQMDYHYDUQRSULWUMHQVOLND
3ULYLMWHQDUHEULĀHQHPDWLFHQDNRYLQVNLKVWUHPHQLKVOLND
2GVSRGDMSULWLVQLWHQDSRNURYGDVH]DSUHVOLND
cs
Ö
0RQWiçQtQiYRG
: 'ŤOHçLWiEH]SHĀQRVWQtXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRG-HGLQěWDNPŤçHWHVYŤMVSRWŒHELĀ
VSUiYQěD EH]SHĀQěSRXçtYDW1iYRGN SRXçLWtD QiYRGN PRQWiçL
XVFKRYHMWHSURSR]GěMåtSRXçLWtQHERSURGDOåtKRPDMLWHOH
3RY\EDOHQtVSRWŒHELĀ]NRQWUROXMWH9 SŒtSDGěSRåNR]HQtEěKHP
SŒHSUDY\VSRWŒHELĀQH]DSRMXMWH
%H]SHĀQpSRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpYHVWDYEě
SRGOH QiYRGX N PRQWiçL 7HFKQLN SURYiGěMtFt LQVWDODFL RGSRYtGi ]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
1HEH]SHĀtXGXåHQt
2EDORYìPDWHULiOMHQHEH]SHĀQìSURGěWL1LNG\QHGRYROWHGěWHP
DE\VLKUiO\V REDORYìPPDWHULiOHP
1HEH]SHĀt~UD]X
■ 6RXĀiVWLXYQLWŒVSRWŒHELĀHPRKRXPtWRVWUpKUDQ\1RVWH
RFKUDQQpUXNDYLFH
1HEH]SHĀtSRUDQěQt
■ 3RNXGQHQtVSRWŒHELĀŒiGQěXSHYQěQìPŤçHVSDGQRXW
9åHFKQ\XSHYŃRYDFtSUYN\PXVtEìWSHYQěD EH]SHĀQě
QDPRQWRYDQp
8SR]RUQěQt 3RNXGE\UHJHQHURYDWHOQìSDFKRYìILOWUVSDGOPRKO
E\VHSRåNRGLW
3RåNR]HQtQHPXVtEìW] YQěMåtVWUDQ\YçG\YLGLWHOQp
5HJHQHURYDWHOQìSDFKRYìILOWUNWHUìYiPVSDGOY\PěŃWH
D ]OLNYLGXMWH
,QVWDODFH
3ŒtSUDYDLQVWDODFH
■ 0tVWRPRQWiçHPXVtEìWEH]SUREOpPXSŒtVWXSQpDE\E\OR
PRçQpY SŒtSDGěSRWŒHE\VHUYLVXQDVSRWŒHELĀSRKRGOQě
GRViKQRXW
■ 0H]LVSRWŒHELĀHPD YDUQRXGHVNRXGRSRUXĀXMHPHY]GiOHQRVW
PLQLPiOQě PPD PD[LPiOQě PP.XFK\ŃVNpYìSDU\
VHSŒLYěWåtY]GiOHQRVWLRGYDUQpGHVN\KŤŒHRGViYDMt
■ 9]GiOHQRVWPH]LVSRWŒHELĀHPD PRGXOHPQDFLUNXODFLY]GXFKX
O]H ]PHQåLW Dç QD PP SRNXG YìåND SRGKOHGX ĀLQt PLQLPiOQě
PP
=NRQWUROXMWHPRQWiçQtSORFKX
■ 0RQWiçQtSORFKDPXVtEìWURYQiYHYRGRURYQpSROR]HDPXVt
PtWGRVWDWHĀQRXQRVQRVW
■ 0D[KPRWQRVWVSRWŒHELĀHĀLQt NJ
8SR]RUQěQt
■ 3RYUFK VSRWŒHELĀH MH QiFK\OQì N SRåNR]HQt =DEUDŃWH SRåNR]HQt
VSRWŒHELĀHEěKHPLQVWDODFH
■ =NRQWUROXMWHYìŒH]]GDVHYQěPQHQDFKi]tVWiYDMtFtNDEHOiç
RVWDWQtFKVSRWŒHELĀŤ
■ 3UR XSHYQěQt MH QXWQi YKRGQi QRVQi NRQVWUXNFH NWHUi MH SHYQě
XFK\FHQDYEHWRQRYpPVWURSX
■ 6SRWŒHELĀQHPRQWXMWHSŒtPRGRViGURNDUWRQRYìFKGHVHNQHER
SRGREQìFKOHKNìFKVWDYHEQtFKPDWHULiOŤ]DYěåHQpKR
SRGKOHGX
■ 3UR ŒiGQRX PRQWiç SRXçLMWH GRVWDWHĀQě VWDELOQt PDWHULiO NWHUì MH
SŒL]SŤVREHQìVWDYHEQtPSRPěUŤPDKPRWQRVWLVSRWŒHELĀH
3ŒtSUDYDPRQWiçQtSORFK\
6WDELOLWD PRQWiçQt SORFK\ PXVt EìW ]DMLåWěQD L SR SURYHGHQt YìŒH]X
9DUQRXGHVNX]DNU\MWHDE\VWH]DEUiQLOLMHMtPXSRåNR]HQt
9HVWURSěQHERQDVWěQěY\WYRŒWHYìŒH]2EUi]HN
3RY\ŒH]iYiQtRGVWUDŃWHSLOLQ\
0RQWiçVSRWŒHELĀH
: 1HEH]SHĀt~UD]X
6RXĀiVWL XYQLWŒ VSRWŒHELĀH PRKRX PtW RVWUp KUDQ\ 1RVWH RFKUDQQp
UXNDYLFH
6HMPěWHNU\W
8SR]RUQěQt 7U\VNXO]HQDPRQWRYDWSRGOHSRWŒHE\LQVWDODFH
2EUi]HN
2GåURXEXMWHSRGSěU\DSOHFKD]PěŃWHMHMLFKSRORKX
2EUi]HN
3RGSHU\DSOHFKSŒLåURXEXMWHGRQRYpSRORK\ 2EUi]HN
6SRWŒHELĀ]FHODYORçWHGRYìŒH]XWDNDE\]iYěV\VO\åLWHOQě
QH]DSDGO\ 2EUi]HN
äURXE\XWDKXMWHRSDWUQěMHGHQSRGUXKpPGRNXGVSRWŒHELĀ
QHGRVHGQHFHORXSORFKRXQDPRQWiçQtSORFKX2EUi]HN
8SR]RUQěQt äURXE\QHXWDKXMWHSŒtOLåSHYQěDE\VWHVSRWŒHELĀ
QHSRåNRGLOL
9\EDOWHSDFKRYìILOWU 2EUi]HN
8SR]RUQěQt 3DFKRYìILOWUMHWHçNì2SDWUQěKR]GYLKQěWHD
SHYQěKRGUçWH
1DVDďWHSDFKRYìILOWUD SURMHKREH]SHĀQpXSHYQěQtRWRĀWH
NRYRYpGUçiN\DçQDGRUD]2EUi]HN
8WiKQěWHUìKRYDQpPDWLFHQDNRYRYpPGUçiNX2EUi]HN
=DåURXEXMWHNU\WGRRWYRUŤQDVSRGQtVWUDQě
VSRWŒHELĀH 2EUi]HN
3UR]DYŒHQtNU\WXQDQěM]HVSRGX]DWODĀWH2EUi]HN

'HPRQWiçVSRWŒHELĀH
: 1HEH]SHĀt~UD]X
6RXĀiVWL XYQLWŒ VSRWŒHELĀH PRKRX PtW RVWUp KUDQ\ 1RVWH RFKUDQQp
UXNDYLFH
=DWODĀWHQDNU\W]GRODDRWHYŒHWHMHM
9\KiNQěWHGUçiN\NU\WX]RWYRUŤQDVSRGQtVWUDQěVSRWŒHELĀH
3DFKRYìILOWUMHWěçNìSURWRKR]HVSRGXXFKRSWHUXNRX
D GHPRQWXMWHKR
3RYROWHUìKRYDQRXPDWLFLDRWHYŒHWHNRYRYpGUçiN\SURY\MPXWt
SDFKRYpKRILOWUX 2EUi]HN
äURXE\SRVWXSQěSRYROXMWHDY\åURXEXMWHMHDçQDGRUD]
=DVXŃWHSDOFHGRRWYRUŤD]DWODĀWHSUXçLQRYìQDStQiNVPěUHP
Y]KŤUX 2EUi]HN
9\MPěWHVSRWŒHELĀ
5HJHQHUDFHSDFKRYpKRILOWUX
$E\E\O]DEH]SHĀHQìYìNRQSDFKRYpKRILOWUXQHFKWHKRSŒL
QRUPiOQtPSURYR]XFFD KRGLQDGHQQěNDçGp² PěVtFH
]UHJHQHURYDW
3DFKRYìILOWUPŤçHWHQHFKDW]UHJHQHURYDWY EěçQpSHĀLFtWURXEě
: 1HEH]SHĀQtSRSiOHQt
3DFKRYìILOWU]ŤVWiYiSRUHJHQHUDFLGORXKRXGREXKRUNì
1HGRWìNHMWHVHSDFKRYpKRILOWUXKQHGSRUHJHQHUDFLQHFKWHKR
Y\FKODGQRXW
+RUNìSDFKRYìILOWUSRORçWHKRUNìSDFKRYìILOWUSURY\FKODGQXWtQD
WHSOXY]GRUQRXSRGORçNX
8SR]RUQěQt
■ 3DFKRYìILOWUO]HUHJHQHURYDWDçNUiWD SŒLQRUPiOQtPSURYR]X
FFD KRGLQXGHQQěVHPXVtQHMSR]GěMLSR OHWHFKY\PěQLW
■ 3RNXGE\UHJHQHURYDWHOQìSDFKRYìILOWUVSDGOPRKOE\VH
SRåNRGLW
3RåNR]HQtQHPXVtEìW] YQěMåtVWUDQ\YçG\YLGLWHOQp
5HJHQHURYDWHOQìSDFKRYìILOWUNWHUìYiPVSDGOY\PěŃWH
D ]OLNYLGXMWH
■ 3DFKRYìILOWUQLNG\QHĀLVWěWHĀLVWLFtPLSURVWŒHGN\YRGRX
Y P\ĀFHQiGREtDQLPRNUìPKDGUHP
■ $E\VHQHSRåNUiEDOSOHFKQDSHĀHQtSRORçWHSDFKRYìILOWUQD
URåW
■ 3DFKRYìILOWUUHJHQHUXMWHSŒLPD[LPiOQě &FLUNXODFH
Y]GXFKX
:3DFKRYìILOWUQHUHJHQHUXMWHSRPRFtIXQNFHĀLåWěQt
SHĀLFtWURXE\S\UROì]\
■ 3ŒLUHJHQHUDFLSDFKRYpKRILOWUXVHPŤçHåtŒLW]iSDFK=DMLVWěWH
DE\E\ODPtVWQRVWGREŒHYěWUDQi2WHYŒHWHRNQR
3URRWHYŒHQtNU\WXQDQěM]HVSRGX]DWODĀWH
3DFKRYìILOWUMHWěçNìSURWRKR]HVSRGXXFKRSWHUXNRX
D GHPRQWXMWHKR
3HĀLFt WURXEX SŒHGHKŒHMWH QD PD[LPiOQě & :GUXK RKŒHYX
KRUNìY]GXFK
3DFKRYì ILOWU UHJHQHUXMWH PLQXW Y SHĀLFt WURXEě SŒL PD[LPiOQě
&:GUXKRKŒHYXKRUNìY]GXFK
=DMLVWěWHDE\E\ODPtVWQRVWGREŒHYěWUDQi2WHYŒHWHRNQR
3DFKRYìILOWUQHFKWHY\FKODGQRXW
1DVDďWHSDFKRYìILOWUD SURMHKREH]SHĀQpXSHYQěQtRWRĀWH
NRYRYpGUçiN\DçQDGRUD]2EUi]HN
8WiKQěWHUìKRYDQpPDWLFHQDNRYRYpPGUçiNX2EUi]HN
3UR]DYŒHQtNU\WXQDQěM]HVSRGX]DWODĀWH2EUi]HN
sk
ï
0RQWiçQ\QiYRG
: '{OHçLWpEH]SHĀQRVWQpSRN\Q\
7HQWRQiYRGVLVWDURVWOLYRSUHĀtWDMWH/HQSRWRPP{çHWHVSRWUHELĀ
REVOXKRYDŚEH]SHĀQHD VSUiYQH1iYRGQDSRXçtYDQLH
D PRQWiçQ\QiYRGVLRGORçWHQDQHVNRUåLHSRXçLWLHDOHERSUH
QDVOHGXM~FHKRYODVWQtNDVSRWUHELĀD
3RY\EDOHQtVSRWUHELĀSUHVN~åDMWH$NVDVSRWUHELĀSULSUHSUDYH
SRåNRGLOQHSULSiMDMWHKR
/HQSULRGERUQHMPRQWiçL]RGSRYHGDM~FHMWRPXWRPRQWiçQHPX
QiYRGXMH]DUXĀHQiEH]SHĀQRVŚSULSRXçtYDQt,QåWDODWpUMH
]RGSRYHGQì]DEH]FK\EQpIXQJRYDQLHQDPLHVWHLQåWDOiFLH
1HEH]SHĀHQVWYRXGXVHQLD
2EDORYìPDWHULiOSUHGVWDYXMHQHEH]SHĀHQVWYRSUHGHWL1LNG\
QHQHFKDMWHGHWLKUDŚVDV REDORYìPPDWHULiORP
1HEH]SHĀHQVWYRSRUDQHQLD
■ 6~ĀLDVWN\ YR YQ~WUL VSRWUHELĀD P{çX PDŚ RVWUp KUDQ\ 3RXçtYDMWH
RFKUDQQpUXNDYLFH
1HEH]SHĀHQVWYRSRUDQHQLD
■ .HďVSRWUHELĀQLHMHULDGQHXSHYQHQìP{çHVSDGQ~Ś9åHWN\
XSHYŃRYDFLHSUYN\PXVLDE\ŚSHYQHD EH]SHĀQHQDPRQWRYDQp
8SR]RUQHQLH 5HJHQHURYDWHĻQìSDFKRYìILOWHUVDSiGRPP{çH
SRåNRGLŚ
3RåNRGHQLDQLHV~]YRQNXYçG\YLGLWHĻQp5HJHQHURYDWHĻQì
SDFKRYìILOWHUSRSiGH]OLNYLGXMWHD Y\PHŃWH]DQRYì
,QåWDOiFLD
3ULSUDYWHLQåWDOiFLX
■ 0LHVWRPRQWiçHPXVtE\ŚEH]SUREOpPRYRSUtVWXSQpDE\ERO
VSRWUHELĀY SUtSDGHSRWUHE\VHUYLVXGRVWXSQì
■ 2GSRU~ĀDQìRGVWXSPHG]LVSRWUHELĀRPDYDUQìPSDQHORPMH
PLQLPiOQH PPD PD[LPiOQH PP.XFK\QVNpYìSDU\
VD SUL YlĀåHM Y]GLDOHQRVWL RG YDUQpKR SDQHOD KRUåLH ]DFK\WiYDM~
■ 9]GLDOHQRVŚPHG]LVSRWUHELĀRPD PRGXORPQDFLUNXOiFLX
Y]GXFKXVDP{çH]QtçLŚDçQD PPDNMHYìåND]DYHVHQpKR
VWURSXPLQLPiOQH PP
6NRQWUROXMWHPRQWiçQXSORFKX
■ 0RQWiçQDSORFKDPXVtE\ŚURYQiYRYRGRURYQHMSRORKHDPXVt
PDŚGRVWDWRĀQ~QRVQRVŚ
■ 0D[KPRWQRVŚVSRWUHELĀDMH ĂNJ
8SR]RUQHQLD
■ 3RYUFKVSRWUHELĀDMHQiFK\OQìNSRåNRGHQLX=DEUiŃWH
SRåNRGHQLXVSRWUHELĀDSRĀDVLQåWDOiFLH
■ 6NRQWUROXMWH YìUH] ĀL VD Y ŃRP QHQDFKiG]D H[LVWXM~FH NiEOH SUH
ďDOåLHVSRWUHELĀH
■ 1DXSHYQHQLHMHSRWUHEQiYKRGQiQRVQiNRQåWUXNFLDNWRUiMH
SHYQH]DIL[RYDQiYEHWyQRYRPVWURSH
■ 6SRWUHELĀQHPRQWXMWHSULDPRGRVDGURNDUWyQRYìFKGRVLHN
DOHERSRGREQìFKĻDKNìFKVWDYHEQìFKPDWHULiORY]DYHVHQpKR
VWURSX
■ 1DULDGQXPRQWiçSRXçLWHGRVWDWRĀQHVWDELOQìPDWHULiONWRUìMH
SULVS{VREHQìVWDYHEQìPSRPHURPDKPRWQRVWLVSRWUHELĀD
3UtSUDYDPRQWiçQHMSORFK\
6WDELOLWDPRQWiçQHMSORFK\PXVtE\Ś]DEH]SHĀHQiDMSR
SURYHGHQLHYìUH]X
9DUQ~GRVNX]DNU\WHDE\VWH]DEUiQLOLMHMSRåNRGHQLX
8UREWHYìUH]GRVWURSXDOHERERĀQHMVWHQ\2EUi]RN
3RY\UH]DQtRGVWUiŃWHSLOLQ\
0RQWiçVSRWUHELĀD
: 1HEH]SHĀHQVWYRSRUDQHQLD
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3RXçtYDMWH
RFKUDQQpUXNDYLFH
2GREHUWHNU\W
8SR]RUQHQLH 7U\VNXPRçQRQDPRQWRYDŚSRGĻDSRWUHE\
LQåWDOiFLH 2EUi]RN
2GVNUXWNXMWH SRGSHU\ D SOHFK D Y\PHŃWH LFK SRORKX 2EUi]RN
3RGSHU\DSOHFKSULVNUXWNXMWHGRQRYHMSRORK\ 2EUi]RN
6SRWUHELĀ NRPSOHWQH YORçWH GR YìUH]X WDN DE\ ]iYHV\ SRĀXWHĻQH
]DSDGOL2EUi]RN
6NUXWN\MHGQXSRGUXKHMRSDWUQHXSHYQLWHDçNìPVSRWUHELĀ
VYRMRXSORFKRXQHSULOLHKDNPRQWiçQHMSORFKH2EUi]RN
8SR]RUQHQLH 6NUXWN\QHSULŚDKXMWHSUtOLåSHYQHDE\VWH
QHSRåNRGLOLVSRWUHELĀ
9\EDĻWHSDFKRYìILOWHU2EUi]RN
8SR]RUQHQLH 3DFKRYìILOWHUMHŚDçNì2SDWUQHKR]GYLKQLWHD
GREUHKRGUçWH
3UHEH]SHĀQpXSHYQHQLHYORçWHSDFKRYìILOWHUD RWRĀWHNRYRYì
GUçLDNDçQDGRUD]2EUi]RN
3ULWLDKQLWHU\KRYDQpPDWLFHQDNRYRYRPGUçLDNX2EUi]RN
=DVNUXWNXMWHNU\WGRRWYRURYQDVSRGQHMVWUDQHVSRWUHELĀD
2EUi]RN
=GROD]DWODĀWHSURWLNU\WXD ]DWYRUWHKR2EUi]RN

'HPRQWiçVSRWUHELĀD
: 1HEH]SHĀHQVWYRSRUDQHQLD
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3RXçtYDMWH
RFKUDQQpUXNDYLFH
=GROD]DWODĀWHSURWLNU\WXDRWYRUWHKR
9\KiNQLWHGUçLDN\NU\WX]RWYRURYQDVSRGQHMVWUDQHVSRWUHELĀD
3DFKRYìILOWHUMHŚDçNìSUHWRKRMHGQRXUXNRXFK\ŚWH]RVSRGX
D Y\EHUWHKR
3RYRĻWHU\KRYDQpPDWLFHDRWYRUWHNRYRYpGUçLDN\SUHY\EUDWLH
SDFKRYpKRILOWUD2EUi]RN
6NUXWN\SRVWXSQHSRYRĻXMWHDY\VNUXWNXMWHLFKDçQDGRUD]
=DVXŃWHSDOFDGRRWYRURYD]DWODĀWHSUXçLQRYìQDSLQiNVPHURP
KRUH2EUi]RN
9\EHUWHVSRWUHELĀ
5HJHQHUiFLDSDFKRYpKRILOWUD
$E\ERO]DEH]SHĀHQìSDFKRYìILOWUDĀQìYìNRQSDFKRYìILOWHU
UHJHQHUXMWHSULQRUPiOQHMSUHYiG]NHGHQQHFFD KRGLQXNDçGp
Ă²ĂPHVLDFH
3DFKRYìILOWHUP{çHWH]UHJHQHURYDŚY EHçQHMU~UHQDSHĀHQLH
: 1HEH]SHĀHQVWYRSRSiOHQLD
3DFKRYì ILOWHU ]RVWiYD SR UHJHQHUiFLL GOKì ĀDV KRU~FL 1HGRWìNDMWH
VDSDFKRYpKRILOWUDKQHďSRUHJHQHUiFLLDOHQHFKDMWHKR
Y\FKODGQ~Ś
+RU~FLSDFKRYìILOWHUSRORçWHSUHY\FKODGQXWLHQDWHSORY]GRUQ~
SRGORçNX
8SR]RUQHQLD
■ 3DFKRYìILOWHUVDP{çHUHJHQHURYDŚPD[LPiOQHNUiWDSUL
QRUPiOQHMSUHYiG]NHFFD KRGLQDGHQQHVDPXVtQDMQHVN{U
SR URNRFKY\PHQLŚ
■ 5HJHQHURYDWHĻQìSDFKRYìILOWHUVDSiGRPP{çHSRåNRGLŚ
3RåNRGHQLDQLHV~]YRQNXYçG\YLGLWHĻQp5HJHQHURYDWHĻQì
SDFKRYìILOWHUSRSiGH]OLNYLGXMWHD Y\PHŃWH]DQRYì
■ 3DFKRYìILOWHUQLNG\QHĀLVWLWHĀLVWLDFLPLSURVWULHGNDPLYRGRX
Y XPìYDĀNHULDGXDOHERPRNURXKDQGURX
■ $E\ VD SOHFK QD SHĀHQLH QHSRåNULDEDO SDFKRYì ILOWHU SRORçWH QD
URåW
■ 3DFKRYì ILOWHU UHJHQHUXMWH SUL WHSORWH PD[ & V FLUNXOiFLRX
Y]GXFKX
:3DFKRYìILOWHUQHUHJHQHUXMWHSRPRFRXIXQNFLH
ĀLVWHQLDU~U\S\UROì]D
■ 3ULUHJHQHUiFLLSDFKRYpKRILOWUDP{çHY]QLNQ~Ś]iSDFK
=DEH]SHĀWHDE\ERODPLHVWQRVŚGREUHYHWUDQi2WYRUWHRNQR
=GROD]DWODĀWHSURWLNU\WXD RWYRUWHKR
3DFKRYìILOWHUMHŚDçNìSUHWRKRMHGQRXUXNRXFK\ŚWH]RVSRGX
D Y\EHUWHKR
5~UXQDSHĀHQLHSUHGKUHMWHPD[QD &FLUNXOiFLD
Y]GXFKX
:
3DFKRYìILOWHUUHJHQHUXMWHY U~UHSULPD[WHSORWH &
FLUNXOiFLDY]GXFKX
: PLQ~W
=DEH]SHĀWHDE\ERODPLHVWQRVŚGREUHYHWUDQi2WYRUWHRNQR
3DFKRYìILOWHUQHFKDMWHY\FKODGQ~Ś
3UHEH]SHĀQpXSHYQHQLHYORçWHSDFKRYìILOWHUD RWRĀWHNRYRYì
GUçLDNDçQDGRUD]2EUi]RN
3ULWLDKQLWHU\KRYDQpPDWLFHQDNRYRYRPGUçLDNX2EUi]RN
=GROD]DWODĀWHSURWLNU\WXD ]DWYRUWHKR2EUi]RN
hr
à
8SXWH]DPRQWDçX
: 9DçQHVLJXUQRVQHQDSRPHQH
3URĀLWDMWHSDçOMLYRRYXXSXWX6DPRWDGDþHWHPRþLVLJXUQRL
SUDYLOQRUXNRYDWL9DåLPXUHđDMHPÿXYDMWHXSXWH]DXSRWUHEXL
XJUDGQMX]DNDVQLMXXSRUDEXLOL]DVOMHGHþHJYODVQLNDXUHđDMD
3URYMHULWHXUHđDMQDNRQåWRJDUDVSDNLUDWH1HSULNOMXĀXMWHJDDNR
MHGRåORGRRåWHþHQMDSULOLNRPWUDQVSRUWD
6DPRNRGSUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçX
MH]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ
]DEHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
2SDVQRVWRGJXåHQMD
$PEDODçQL PDWHULMDO RSDVDQ MH ]D GMHFX 'MHFL QLNDGD QH GRSXVWLWH
LJUDQMHVDPEDODçQLPPDWHULMDORP
2SDVQRVWRGR]OMHGH
■ 6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
2SDVQRVWRGR]OMHGH
■ $NRXUHđDMQLMHSURSLVQRSULĀYUåþHQPRçHSDVWL6YLSULĀYUVQL
HOHPHQWLPRUDMXELWLĀYUVWRLVLJXUQRPRQWLUDQL
1DSRPHQD $NRSDGQHUHJHQHULUDMXþLILOWDU]DPLULVHPRçHVH
RåWHWLWL
2åWHþHQMDQLVXXYLMHNYLGOMLYDL]YDQD=EULQLWHL]DPLMHQLWH
UHJHQHULUDMXþLILOWDU]DPLULVHNRMLMHSDR
3RVWDYOMDQMH
3ULSUHPDLQVWDODFLMH
■ 0MHVWRPRQWDçHPRUDELWLGRVWXSQRNDNRELVHXVOXĀDMXVHUYLVD
QHRPHWDQRPRJORGRþLGRXUHđDMD
■ ,]PHđXXUHđDMDLSORĀH]DNXKDQMHSUHSRUXĀXMHVHUD]PDNRG
PLQLPDOQR PP L PDNVLPDOQR PP .XKLQMVND SDUD WHçH
VHUHJLVWULUDVYHþLPUD]PDNRPGRNXKDOLåWD
■ 5D]PDNL]PHđXXUHđDMDLPRGXOD]DRSWRĀQL]UDNPRçHVH
VPDQMLWLGR PPDNRMHYLVLQDVSXåWHQRJVWURSDPLQLPDOQR
PP
3URYMHUDXJUDGEHQHSRYUåLQH
■ 8JUDGEHQD SRYUåLQD PRUD ELWL UDYQD YRGRUDYQD L LPDWL GRVWDWQX
QRVLYRVW
■ 0DNVLPDOQDWHçLQDXUHđDMDL]QRVL NJ
1DSRPHQH
■ 3RYUåLQHXUHđDMDVXRVMHWOMLYH3ULSRVWDYOMDQMXL]EMHJDYDMWH
RåWHþHQMD
■ 3URYMHULWHSRVWRMHþHSRORçHQHNDEHOHGUXJLKXUHđDMDXSRGUXĀMX
L]UH]D
■ =DSULĀYUåþLYDQMHMHSRWUHEQDSULNODGQDSRGNRQVWUXNFLMDNRMDMH
ĀYUVWRILNVLUDQDXEHWRQVNRMSORĀL
■ 8UHđDMQHPRQWLUDMWHL]UDYQRXJLSVNDUWRQVNHSORĀHLOLVOLĀQH
ODJDQHJUDđHYLQVNHPDWHULMDOHVSXåWHQRJVWURSD
■ =DSURSLVQXPRQWDçXNRULVWLWHGRYROMQRVWDELODQPDWHULMDONRMLMH
SULODJRđHQJUDđHYLQVNLPXYMHWLPDLWHçLQLXUHđDMD
3ULSUHPDXJUDGEHQHSRYUåLQH
6WDELOQRVWXJUDGEHQHSRYUåLQHPRUDELWLRVLJXUDQDLQDNRQ
L]UH]LYDQMD
3UHNULMWHSORĀX]DNXKDQMHNDNRELVWHL]EMHJOLRåWHþHQMD
1DSUDYLWHL]UH]XVWURSXLOLERĀQRP]LGXVOLND
1DNRQL]UH]LYDQMDXNORQLWHVWUXJRWLQH
0RQWDçDXUHđDMD
: 2SDVQRVWRGR]OMHGH
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
6NLQLWHSRNORSDF
1DSRPHQD 1DVWDYDNPRçHWHSRPDNQXWLRYLVQRRVLWXDFLML
XJUDGQMH VOLND
2GYUQLWHQDVWDYDNLSRWUHEDQOLPWH]DPLMHQLWHSRORçDM VOLND
1DVWDYDNLOLPSULĀYUVWLWHQDQRYLSRORçDM VOLND
8UHđDMXPHWQLWHGRNUDMDXL]UH]WDNRGDVHRYMHåHQMDĀXMQR
XJODYHVOLND
2SUH]QR]DWHJQLWHYLMNHMHGDQ]DGUXJLPWDNRGDXUHđDMEXGHX
UDYQLQLVXJUDGEHQRPSRYUåLQRPVOLND
1DSRPHQD 1HPRMWHSUHMDNRSULWHJQXWLYLMNHNDNRQHELVWH
RåWHWLOLXUHđDM
5DVSDNLUDMWHILOWDU]DPLULVHVOLND
1DSRPHQD )LOWDU]DPLULVHMHWHçDN2SUH]QRJDSRGLJQLWHL
ĀYUVWRGUçLWH
8PHWQLWHILOWDU]DPLULVHLRNUHQLWHPHWDOQLGUçDĀGRJUDQLĀQLND
NDNRELILOWDU]DPLULVHVLJXUQRQDOLMHJDRVOLND
=DYUQLWHQD]XEOMHQHPDWLFHQDPHWDOQRPGUçDĀXVOLND
3RNORSDFREMHVLWHXRWYRUHQDGRQMRMVWUDQLXUHđDMDVOLND
3ULWLVQLWHSRNORSDFVGRQMHVWUDQHNDNRELVWHJD]DWYRULOL
VOLND
'HPRQWDçDXUHđDMD
: 2SDVQRVWRGR]OMHGH
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
3ULWLVQLWHSRNORSDFVGRQMHVWUDQHNDNRELVWHJDRWYRULOL
'UçDĀHSRNORSFDREMHVLWHL]RWYRUDQDGRQMRMVWUDQLXUHđDMD
)LOWDU ]D PLULVH MH WHçDN VWRJD XKYDWLWH MHGQRP UXNRP LVSRG ILOWUD
]DPLULVHLL]YDGLWHJD
2GYUQLWHQD]XEOMHQHPDWLFHLRWYRULWHPHWDOQLGUçDĀNDNRELVWH
L]YDGLOLILOWDU]DPLULVHVOLND
2SUH]QRRWSXVWLWHYLMNHMHGDQ]DGUXJLPLRGYUQLWHGRNUDMD
3DOFHVWDYLWHXRWYRUHLSULWLVQLWHRSUXçQLSULWH]DĀSUHPDJRUH
VOLND
,]YDGLWHXUHđDM

5HJHQHUDFLMDILOWUD]DPLULVH
.DNRELVHRVLJXUDRXĀLQDNILOWUD]DPLULVHUHJHQHULUDMWHILOWDU]D
PLULVHXVOXĀDMXQRUPDOQRJUDGDGQHYQRRNR VDWVYDND
PMHVHFD
)LOWDU]DPLULVHPRçHWHUHJHQHULUDWLXVWDQGDUGQRMSHþQLFL
: 2SDVQRVWRGRSHNOLQD
)LOWDU]DPLULVHRVWDMHQDNRQUHJHQHUDFLMHGXJRYUXþ)LOWDU]D
PLULVHQHGRGLUXMWHRGPDKQDNRQUHJHQHUDFLMHYHþJDRVWDYLWHGD
VHRKODGL
9UXþLILOWDU]DPLULVHVWDYLWHQDSRGORJXRWSRUQXQDWRSOLQXNDNREL
VHRKODGLR
1DSRPHQH
■ )LOWDU]DPLULVHPRçHVHUHJHQHULUDWLGRĂSXWDLXVOXĀDMX
QRUPDOQRJUDGDGQHYQRRNR VDWWUHEDJD]DPLMHQLWL
QDMNDVQLMHQDNRQ JRGLQD
■ $NRSDGQHUHJHQHULUDMXþLILOWDU]DPLULVHPRçHVHRåWHWLWL
2åWHþHQMDQLVXXYLMHNYLGOMLYDL]YDQD=EULQLWHL]DPLMHQLWH
UHJHQHULUDMXþLILOWDU]DPLULVHNRMLMHSDR
■ )LOWDU ]D PLULVH QLNDGD QH ĀLVWLWH VUHGVWYLPD ]D ĀLåþHQMH YRGRP
XSHULOLFLSRVXđDLOLYODçQRPNUSRP
■ .DNR VH OLP ]D SHĀHQMH QH EL L]JUHEDR ILOWDU ]D PLULVH VWDYLWH QD
UHåHWNX
■ )LOWDU]DPLULVHUHJHQHULUDMWHQDPDNVLPDOQR &YHQWLODWRU
:)LOWDU]DPLULVHQHPRMWHUHJHQHULUDWLVIXQNFLMRPĀLåþHQMD
SHþQLFHSLUROL]RP
■ 3ULUHJHQHUDFLMLILOWUD]DPLULVHPRçHGRþLGRQDVWDMDQMD
QHXJRGQLKPLULVD3URYMHULWHMHOLSURVWRULMDGREURSUR]UDĀHQD
2WYRULWHSUR]RU
3ULWLVQLWHSRNORSDFVGRQMHVWUDQHNDNRELVWHJDRWYRULOL
)LOWDU ]D PLULVH MH WHçDN VWRJD XKYDWLWH MHGQRP UXNRP LVSRG ILOWUD
]DPLULVHLL]YDGLWHJD
=DJULMWHSHþQLFXQDPDNVLPDOQR&YHQWLODWRU :
)LOWDU]DPLULVHUHJHQHULUDMWHXSHþQLFLQDPDNVLPDOQR &
YHQWLODWRU :XWUDMDQMXRG PLQXWD
3URYMHULWHMHOLSURVWRULMDGREURSUR]UDĀHQD2WYRULWHSUR]RU
2VWDYLWHILOWDU]DPLULVHGDVHRKODGL
8PHWQLWHILOWDU]DPLULVHLRNUHQLWHPHWDOQLGUçDĀGRJUDQLĀQLND
NDNRELILOWDU]DPLULVHVLJXUQRQDOLMHJDRVOLND
=DYUQLWHQD]XEOMHQHPDWLFHQDPHWDOQRPGUçDĀXVOLND
3ULWLVQLWH SRNORSDF V GRQMH VWUDQH NDNR ELVWH JD ]DWYRULOL VOLND
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
: Αίεμηςιίζίμηώζίΰδζνξίπμνπρ
ΌηβζΪμίεηθ ικθρίμίμί μθάΪ κτδθάθήλμάθ ΛΪζθ μθέΪάΪ ζθΰίμί ήΪ
βαιθεαάΪμίνκίήΪλβΫίαθιΪληθβικΪάβεηθΚτδθάθήλμάθμθαΪ
νιθμκίΫΪβζθημΪΰήΪλίλτοκΪηωάΪαΪιθδτληΪνιθμκίΫΪβεβαΪ
λείήάΪσβωλθΫλμάίηβδ
Ικθάίκίμί νκίήΪ λείή κΪαθιΪδθάΪηίμθ Ικβ μκΪηλιθκμηβ ιθάκίήβ
ηίάδεψράΪγμί
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθβηλμκνδπβωμΪαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
Νξίπμνπρνρζίγςχίαίμδ
ΘιΪδθάτρηβωμζΪμίκβΪείθιΪλίηαΪήίπΪΗβδθέΪηί
ιθαάθεωάΪγμίηΪήίπΪήΪβέκΪωμλθιΪδθάτρηβωζΪμίκβΪε
Νξίπμνπρνρμίοίμώαίμδ
■ ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
ΘιΪληθλμθμηΪκΪηωάΪηί
■ Ίδθ νκίήτμ ηί ί ικΪάβεηθ αΪδκίιίη μθγ ζθΰί ήΪ ιΪήηί Όλβρδβ
ίείζίημβαΪαΪδκίιάΪηίμκωΫάΪήΪλΪαήκΪάθβΫίαθιΪληθ
ζθημβκΪηβ
ιίζίμηδ ΊδθκίέίηίκβκΪσλίξβεμτκαΪζβκβαζβιΪήηίμθγ
ζθΰίήΪλίιθάκίήβ
ΙθάκίήβμίηίάβηΪέβλίάβΰήΪμθμάτηΒαοάτκείμίβαΪζίηίμί
ιΪήηΪεβωκίέίηίκβκΪσλίξβεμτκαΪζβκβαζβ
Ημπρίκίυηώ
Ξνγβνραδρδημπρίκίυηώρί
■ ΖωλμθμθηΪζθημΪΰμκωΫάΪήΪίΫίαικθΫείζηθήθλμτιηθαΪήΪ
ζθΰίνκίήτμήΪίήθλμτιίηάλενρΪγηΪλίκάβαβκΪηίΫία
ικθΫείζβ
■ ΖίΰήννκίήΪβέθμάΪκλδβωιεθμίικίιθκτρβμίεηθκΪαλμθωηβί
θμζβηβζνζ ζζβζΪδλβζνζ ζζΙΪκΪμΪθμέθμάίηίμθ
λίθμδκβάΪιθμκνήηθικβηΪκΪλμάΪσθκΪαλμθωηβίθμδθμεθηΪ
■ ΚΪαλμθωηβίμθ ζίΰήν νκίήΪ β κίπβκδνεΪπβθηηβω ζθήνε ζθΰί ήΪ
λίηΪζΪεβήθ ζζΪδθάβλθρβηΪμΪηΪθδΪρίηβωμΪάΪηί
ζβηβζνζ ζζ
Ξοναδοιίμίλνμρίεμίρίξναωοτμνπρ
■ ΖθημΪΰηΪμΪιθάτκοηθλμμκωΫάΪήΪίκΪάηΪάθήθκΪάηΪβλ
ήθλμΪμτρηΪμθάΪκθηθλβζθλμ
■ ΖΪδλμίέεθηΪνκίήΪάταεβαΪηΪθδθεθ Ăιβ
ιίζίμηδ
■ ΙθάτκοηθλμβμίηΪνκίήΪλΪρνάλμάβμίεηβΙκββηλμΪεΪπβωμΪ
βαΫωέάΪγμίιθάκίΰήΪηί
■ ΑθηΪμΪηΪβακωαάΪηίήΪλίικθάίκβαΪηΪεβρηθικθδΪκάΪηίηΪ
δΪΫίεβθμήκνέβνκίήβ
■ ΑΪαΪδκίιάΪηίίηίθΫοθήβζΪιθήοθήωσΪιθλμΪάδΪδθωμθήΪί
ξβδλβκΪηΪαήκΪάθάΫίμθηηβωμΪάΪη
■ ΝκίήτμήΪηίλίζθημβκΪήβκίδμηθάέβιλθδΪκμθηίηβμί
ιεθλδθλμββεβιθήθΫηβμίείδβλμκθβμίεηβζΪμίκβΪεβηΪ
θδΪρίηβωμΪάΪη
■ ΑΪικΪάβεηβωζθημΪΰβαιθεαάΪγμίήθλμΪμτρηθλμΪΫβείηβ
λτέεΪλνάΪηλδθηλμκνδμβάηβμίήΪήίηθλμββμίέεθμθηΪνκίήΪ
ζΪμίκβΪε
Ξνγβνρναιίμίλνμρίεμίρίξναωοτμνπρ
ΛμΪΫβεηθλμμΪηΪζθημΪΰηΪμΪιθάτκοηθλμμκωΫάΪήΪλίέΪκΪημβκΪ
βλείήήίγηθλμβμίιθβακωαάΪηί
ΙθδκβγμίέθμάΪκλδβωιεθμαΪήΪβαΫίέηίμίιθάκίήβ
ΗΪικΪάίμίκΪακίαάμΪάΪηΪβεβλμκΪηβρηΪμΪλμίηΪΣηβςοί
ΛείήήίγηθλμβμίιθβακωαάΪηίθμλμκΪηίμίλμκνΰδβμί
Λνμρηοίμδμίςοδγί
: Νξίπμνπρνρμίοίμώαίμδ
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
ΛάΪείμίδΪιΪδΪ
ιίζίμηδ ΗΪδκΪγηβδτμζθΰίήΪλίικίζίλμάΪλιθκίή
ζθημΪΰηΪμΪλβμνΪπβω Σηβςοί
ΘμάβγμίηΪδκΪγηβδΪβηνΰηΪμΪεΪζΪκβηΪβλζίηίμίιθαβπβωμΪ
Σηβςοί
ΑΪάβημίμίαήκΪάθηΪδκΪγηβδΪβεΪζΪκβηΪμΪηΪηθάΪμΪιθαβπβω
Σηβςοί
ΙθλμΪάίμίνκίήΪηΪιτεηθάκΪακίαΪήθδΪμθήτκΰΪρβμίηί
ικβσκΪδΪμΣηβςοί
ΌηβζΪμίεηθαΪμωέΪγμίίήβηλείήήκνέάβημθάίμίήθδΪμθνκίήτμ
ηίικβείιηίδτζζθημΪΰηΪμΪιθάτκοηθλμΣηβςοί
ιίζίμηδ ΗίαΪμωέΪγμίμάτκήίαήκΪάθάβημθάίμίαΪήΪηί
ιθάκίήβμίνκίήΪ
ΚΪαθιΪδθάΪγμίξβεμτκΪαΪζβκβαζΪΣηβςοί
ιίζίμηδ ΞβεμτκτμαΪζβκβαζΪίμίΰτδΌηβζΪμίεηθ
ιθάήβέηίμίβαΪήκτΰμίήθΫκί
ΙθλμΪάίμίξβεμτκΪαΪζβκβαζΪβαΪάβγμίζίμΪεηΪμΪλδθΫΪ
ήθδκΪγαΪήΪείέηίλβένκηθξβεμτκΪαΪζβκβαζΪΣηβςοί
ΑΪάβγμίέΪγδβμίληΪδΪμδΪάτκονζίμΪεηΪμΪλδθΫΪΣηβςοί
ΘδΪρίμί ιθδκβμβίμθ ά θμάθκβμί άτκον ήθεηΪμΪ λμκΪηΪ ηΪ νκίήΪ
Σηβςοί
ΑΪ ήΪ αΪμάθκβμί δΪιΪδΪ ηΪμβληίμί θμήθεν δτζ ηίέθ Σηβςοί
Γδλνμρίεμίςοδγί
: Νξίπμνπρνρμίοίμώαίμδ
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
ΘμήθενικβμβληίμίδΪιΪδΪαΪήΪέθθμάθκβμί
ΘμδΪρίμί ήτκΰΪρβμί ηΪ δΪιΪδΪ θμ θμάθκβμί ά ήθεηΪμΪ λμκΪηΪ ηΪ
νκίήΪ
ΞβεμτκτμαΪζβκβαζβίμίΰτδίμθαΪσθλίήηΪκτδΪοάΪηίμί
ιθήξβεμτκΪαΪζβκβαζββέθήίζθημβκΪγμί
ΑΪάβγμίέΪγδβμίληΪδΪμδΪβθμάθκίμίζίμΪεηΪμΪλδθΫΪαΪήΪ
λάΪεβμίξβεμτκΪαΪζβκβαζΪΣηβςοί
Ώήβη λείή ήκνέ κΪαοεΪΫίμί άβημθάίμί άηβζΪμίεηθ β κΪαάτκμίμί
ήθδκΪγ
ΛιΪεπβμίΫκτδηίμίάθμάθκβμίβικβμβληίμίηΪέθκίικνΰβηηβω
θΫμίέΪρΣηβςοί
ΛάΪείμίνκίήΪ
Οδβδμδοηοίμδμίσηκρωοίζίληοηζλί
ΑΪήΪλίέΪκΪημβκΪζθσηθλμμΪηΪξβεμτκΪαΪζβκβαζβ
κίέίηίκβκΪγμίξβεμτκΪαΪζβκβαζβικβηθκζΪεηΪκΪΫθμΪ
ίΰίήηίάηθθδ ρΪληΪάλίδβ ζίλίπΪ
ΖθΰίμίήΪκίέίηίκβκΪμίξβεμτκΪαΪζβκβαζβάθΫβρΪγηΪξνκηΪ
: Νξίπμνπρνρηζβίοώμδ
ΞβεμτκτμαΪζΪαηβηΪθλμΪάΪήτεέθάκίζίλείήκίέίηίκβκΪηί
έθκίσΗίήθδθλάΪγμίξβεμτκΪαΪζβκβαζΪήβκίδμηθλείή
κίέίηίκβκΪηίΪιτκάθέθθλμΪάίμίήΪλίθοεΪήβ

ΙθλμΪάίμίέθκίσβωξβεμτκαΪζΪαηβηΪάτκοννλμθγρβάΪηΪ
μθιεβηΪιθήεθΰδΪαΪθοεΪΰήΪηί
ιίζίμηδ
■ ΞβεμτκτμαΪζβκβαζβζθΰίήΪλίκίέίηίκβκΪήθĂιτμββικβ
ηθκζΪεηΪίδλιεθΪμΪπβωίΰίήηίάηθιθθδ ρΪλμκωΫάΪήΪλί
λζίηωηΪγδτληθλείή έθήβηβ
■ Ίδθ κίέίηίκβκΪσ λί ξβεμτκ αΪ ζβκβαζβ ιΪήηί μθγ ζθΰί ήΪ λί
ιθάκίήβ
ΙθάκίήβμίηίάβηΪέβλίάβΰήΪμθμάτηΒαοάτκείμίβαΪζίηίμί
ιΪήηΪεβωκίέίηίκβκΪσλίξβεμτκαΪζβκβαζβ
■ ΗβδθέΪηίιθρβλμάΪγμίξβεμτκΪαΪζβκβαζΪλιθρβλμάΪσβ
ικίιΪκΪμβλάθήΪάλτήθζβωεηΪζΪςβηΪβεβλάεΪΰηΪδτκιΪ
■ ΑΪήΪηίβαήκΪλδΪμίμΪάΪμΪαΪιίρίηίιθλμΪάίμίξβεμτκΪαΪ
ζβκβαζβάτκονλδΪκΪ
■ ΚίέίηίκβκΪγμίξβεμτκΪαΪζβκβαζβικβζΪδλβζνζ &
πθκδνεΪπβωηΪάταήνοΪ
:ΗίκίέίηίκβκΪγμίξβεμτκΪαΪ
ζβκβαζβλξνηδπβωμΪαΪιθρβλμάΪηίηΪιίσιβκθεβαΪ
■ ΙκβκίέίηίκβκΪηίηΪξβεμτκΪαΪζβκβαζΪζθΰίήΪλίλμβέηί
ήθθΫκΪανάΪηίηΪζβκβαζβΝάίκίμίλίρίιθζίσίηβίμθί
ήθΫκίικθάίμκίηθΘμάθκίμίικθαθκίπ
ΑΪήΪθμάθκβμίδΪιΪδΪηΪμβληίμίθμήθενδτζηίέθ
ΞβεμτκτμαΪζβκβαζβίμίΰτδίμθαΪσθλίήηΪκτδΪοάΪηίμί
ιθήξβεμτκΪαΪζβκβαζββέθήίζθημβκΪγμί
ΙκίήάΪκβμίεηθαΪέκίγμίξνκηΪμΪήθζΪδλβζνζ&
πβκδνεΪπβωηΪάταήνοΪ
:
ΚίέίηίκβκΪγμί ξβεμτκΪ αΪ ζβκβαζβ αΪ ζβηνμβ άτά ξνκηΪμΪ
ικβζΪδλβζνζ &πβκδνεΪπβωηΪάταήνοΪ
:
ΝάίκίμίλίρίιθζίσίηβίμθίήθΫκίικθάίμκίηθΘμάθκίμί
ικθαθκίπ
ΘλμΪάίμίξβεμτκΪαΪζβκβαζΪήΪλίθοεΪήβ
ΙθλμΪάίμίξβεμτκΪαΪζβκβαζΪβαΪάβγμίζίμΪεηΪμΪλδθΫΪ
ήθδκΪγαΪήΪείέηίλβένκηθξβεμτκΪαΪζβκβαζΪΣηβςοί
ΑΪάβγμίέΪγδβμίληΪδΪμδΪάτκονζίμΪεηΪμΪλδθΫΪΣηβςοί
ΑΪήΪαΪμάθκβμίδΪιΪδΪηΪμβληίμίθμήθενδτζηίέθΣηβςοί
sr
ò
8SXWVWYRRSRVWDYOMDQMX
: 9DçQHQDSRPHQH]DVLJXUQRVW
3DçOMLYRSURĀLWDMWHRYRXSXWVWYR-HGLQRWDNRPRçHWHVLJXUQRL
SUDYLOQRGDUXNXMHWH9DåLPXUHđDMHP6DĀXYDMWHXSXWVWYR]D
XSRWUHEXLPRQWDçX]DQHNXNDVQLMXXSRWUHEXLOL]DVOHGHþHJ
YODVQLND
3RåWR VWH JD UDVSDNRYDOL SURYHULWH XUHđDM 8NROLNR RåWHWLR SULOLNRP
WUDQVSRUWDQHPRMWHJDSULNOMXĀLYDWL
6DPRXVOXĀDMXVWUXĀQHXJUDGQMHXVNODGXVDXSXWVWYRP]D
PRQWDçX]DJDUDQWRYDQDMHVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHU
MHRGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
2SDVQRVWRGJXåHQMD
$PEDODçQL PDWHULMDO MH RSDVDQ ]D GHFX 'HFL QLNDGD QH GDMWH GD VH
LJUDMXVDDPEDODçQLPPDWHULMDORP
2SDVQRVWRGSRYUHGH
■ .RPSRQHQWHXQXWDUXUHđDMDPRJXGDLPDMXRåWUHLYLFH1RVLWH
]DåWLWQHUXNDYLFH
2SDVQRVWRGSRYUHGH
■ $NRXUHđDMQLMHSUDYLOQRSULĀYUåþHQPRçHGDSDGQH6YL
HOHPHQWL]DSULĀYUåþLYDQMHPRUDMXGDEXGXĀYUVWRLVLJXUQR
PRQWLUDQL
1DSRPHQD 8NROLNRILOWHU]DPLULVHSDGQHPRçHGDVHRåWHWL
2åWHþHQMDQLVXXYHNXRĀOMLYDVSROMD8NROLNRMHSDRXNORQLWHL
]DPHQLWHILOWHU]DPLULVHNRMLVHPRçHUHJHQHULVDWL
,QVWDODFLMD
3ULSUHPDLQVWDODFLMH
■ 0HVWRPRQWDçHPRUDELWLSULVWXSDĀQRGDELVHXVOXĀDMX
VHUYLVLUDQMDXUHđDMXPRJORSULVWXSLWLEH]SUREOHPD
■ ,]PHđXXUHđDMDLSORĀH]DNXYDQMHSUHSRUXĀXMHVHUDVWRMDQMHRG
QDMPDQMH ĂPP L QDMYLåH PP äWR MH UDVWRMDQMH RG SORĀH
]DNXYDQMHYHþHWRMHXVLVDYDQMHLVSDUHQMDRGNXYDQMDWHçH
■ 5DVWRMDQMHL]PHđXXUHđDMDLPRGXOD]DFLUNXODFLMXYD]GXKDVH
PRçHUHGXNRYDWLQDQDMYLåH PPXNROLNRYLVLQDVSXåWHQRJ
SODIRQDL]QRVLQDMPDQMH PP
3URYHUDSRYUåLQH]DXJUDGQMX
■ 3RYUåLQD ]D XJUDGQMX PRUD GD EXGH UDYQD KRUL]RQWDOQD L GD LPD
GRYROMQXQRVLYRVW
■ 0DNVLPDOQDWHçLQDXUHđDMDL]QRVL ĂNJ
1DSRPHQH
■ 3RYUåLQHXUHđDMDVXRVHWOMLYH3ULOLNRPLQVWDODFLMHL]EHJDYDMWH
RåWHþHQMD
■ 3URYHULWH GD OL VH X ]RQL VHĀHQMD QDOD]H YRGRYL NDEORYD ]D GUXJH
XUHđDMH
■ =DILNVLUDQMHQHRSKRGDQMHDGHNYDWDQGUçDĀNRMLMHĀYUVWR
ILNVLUDQQDEHWRQVNLSODIRQ
■ 8UHđDMQHPRMWHPRQWLUDWLGLUHNWQRQDJLSVNDUWRQVNHSORĀHLOL
VOLĀQHODNHJUDđHYLQVNHPDWHULMDOHVSXåWHQRJSODIRQD
■ =DSUDYLOQXPRQWDçXXSRWUHEOMDYDMWHGRYROMQRVWDELODQPDWHULMDO
NRMLMHSULODJRđHQJUDđHYLQVNLPXVORYLPDLWHçLQLXUHđDMD
3ULSUHPDSRYUåLQH]DXJUDGQMX
6WDELOQRVWSRYUåLQH]DXJUDGQMXPRUDGDEXGH]DJDUDQWRYDQDL
QDNRQUDGRYDNRMLSRGUD]XPHYDMXVHĀHQMH
3RNULMWHSORĀX]DNXYDQMHGDELVWHL]EHJOLRåWHþHQMD
1DSUDYLWHLVHĀDNQDJRUQMHPLOLERĀQRP]LGXVOLND
3RVOHVHĀHQMDXNORQLWHRSLOMNH
0RQWDçDXUHđDMD
: 2SDVQRVWRGSRYUHGH
.RPSRQHQWHXQXWDUXUHđDMDPRJXGDLPDMXRåWUHLYLFH1RVLWH
]DåWLWQHUXNDYLFH
6NLQLWHSRNORSDF
1DSRPHQD 2VORQDF VH PRçH SRPHULWL X ]DYLVQRVWL RG XJUDGQH
VLWXDFLMH VOLND
2GYUQLWHRVORQDFLSRWUHEQXSORĀXL]DPHQLWHSRORçDM VOLND
2VORQDFLSORĀXSULĀYUVWLWHQDQRYRPSRORçDMX VOLND
8UHđDM SRWSXQR XEDFLWH X LVHĀDN WDNR GD QRVDĀL ]YXĀQR XOHJQX
VOLND
=DYUWQMHRSUH]QR]DYUþLWHMHGDQ]DGUXJLPVYHGRNXUHđDMQH
QDOHJQHXUDYQLSRYUåLQH]DXJUDGQMXVOLND
1DSRPHQD =DYUWQMHQHPRMWH]DYUWDWLSUHYLåHĀYUVWRGDQHEL
GRåORGRRåWHþHQMDXUHđDMD
)LOWHU]DPLULVHL]YDGLWHL]DPEDODçHVOLND
1DSRPHQD )LOWHU]DPLULVHMHWHçDN2SUH]QRJDSRGLJQLWHL
GREURJDGUçLWH
8PHWQLWH ILOWHU ]D PLULVH L RNUHQLWH PHWDOQL VWUHPHQ GR JUDQLĀQLND
GDELILOWHU]DPLULVHVLJXUQRQDOHJDRVOLND
=DYUQLWHQDUHFNDQHQDYUWNHQDPHWDOQRPVWUHPHQXVOLND
3RNORSFHRNDĀLWHXRWYRUHQDGRQMRMVWUDQLXUHđDMDVOLND
'DELVH]DWYRULRSRNORSDFSULWLVQLWHRGR]GRVOLND
'HPRQWLUDQMHXUHđDMD
: 2SDVQRVWRGSRYUHGH
.RPSRQHQWHXQXWDUXUHđDMDPRJXGDLPDMXRåWUHLYLFH1RVLWH
]DåWLWQHUXNDYLFH
2GR]GRSULWLVQLWHSRNORSDFGDELVHRWYRULR
'UçDĀHSRNORSFDRWNDĀLWHL]RWYRUDQDGRQMRMVWUDQLXUHđDMD
)LOWHU]DPLULVHMHWHçDN]ERJWRJDJDMHGQRPUXNRPRGR]GR
REXKYDWLWHLL]YDGLWHJD
2GYUQLWHQDUHFNDQHQDYUWNHLRWYRULWHPHWDOQHVWUHPHQHNDNR
ELVWHL]YDGLOLILOWHU]DPLULVHVOLND
=DYUWQMHMHGDQ]DGUXJLPRSUH]QRRWSXVWLWHLRGYUQLWHGR
JUDQLĀQLND
3DOĀHYLPDXKYDWLWHRWYRUHLSULWLVQLWHVWH]DĀRSUXJHNDJRUH
VOLND
,]YDGLWHXUHđDM
5HJHQHUDFLMDILOWHUD]DPLULVH
'DELVWHRVLJXUDOLVQDJXILOWULUDQMDPLULVDSULXRELĀDMHQRPUHçLPX
UDGDGQHYQRRWSU VDWUHJHQHULåLWHILOWHU]DPLULVHQDVYDND²
PHVHFD
)LOWHU]DPLULVHPRçHWHGDUHJHQHULåHWHXXRELĀDMHQRMUHUQL
: 2SDVQRVWRGRSHNRWLQD
)LOWHU]DPLULVHQDNRQUHJHQHUDFLMHRVWDMHGXçHYUHPHYUXþ)LOWHU
]DPLULVHQHPRMWHGRGLULYDWLQHSRVUHGQRQDNRQUHJHQHUDFLMH
VDĀHNDMWHSUYRGDVHGRYROMQRRKODGL
9UXþ ILOWHU ]D PLULVH RVWDYLWH GD VH RKODGL QD SRGOR]L NRMD MH RWSRUQD
QDYLVRNHWHPSHUDWXUH

1DSRPHQH
■ )LOWHU]DPLULVHVHPRçHUHJHQHULVDWLLGRĂSXWDLSUL
XRELĀDMHQRMXSRWUHELGQHYQRRWSU VDWVHPRUD]DPHQLWL
QDMNDVQLMHQDNRQ JRGLQD
■ 8NROLNRILOWHU]DPLULVHSDGQHPRçHGDVHRåWHWL
2åWHþHQMDQLVXXYHNXRĀOMLYDVSROMD8NROLNRMHSDRXNORQLWHL
]DPHQLWHILOWHU]DPLULVHNRMLVHPRçHUHJHQHULVDWL
■ )LOWHU]DPLULVHQLNDGDQHPRMWHĀLVWLWLGHWHUGçHQWRPYRGRP
YODçQRPNUSRPLOLSUDWLXPDåLQL]DSUDQMHSRVXđD
■ .DNR QH ELVWH RJUHEDOL SOHK ]D SHĀHQMH ILOWHU ]D PLULVH SRVWDYLWH
QDUHåHWNX
■ )LOWHU]DPLULVHUHJHQHULåLWHQDPDNVLPDOQR &
YHQWLODWRU
:)LOWHU]DPLULVHQHUHJHQHULåLWHSRPRþXIXQNFLMH
ĀLåþHQMDSHþQLFHSLUROL]H
■ 3ULOLNRPUHJHQHUDFLMHILOWHUD]DPLULVHPRçHGRþLGRVWYDUDQMD
PLULVD8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYD2WYRULWH
SUR]RU
'DELVHRWYRULRSRNORSDFSULWLVQLWHRGR]GR
)LOWHU]DPLULVHMHWHçDN]ERJWRJDJDMHGQRPUXNRPRGR]GR
REXKYDWLWHLL]YDGLWHJD
5HUQXXQDSUHG]DJUHMWHQDPDNV &YHQWLODWRU :
)LOWHU]DPLULVHUHJHQHULåLWH PLQXWDXUHUQLQDPDNV&
YHQWLODWRU
:
8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYD2WYRULWHSUR]RU
6DĀHNDMWHGDVHILOWHU]DPLULVHRKODGL
8PHWQLWH ILOWHU ]D PLULVH L RNUHQLWH PHWDOQL VWUHPHQ GR JUDQLĀQLND
GDELILOWHU]DPLULVHVLJXUQRQDOHJDRVOLND
=DYUQLWHQDUHFNDQHQDYUWNHQDPHWDOQRPVWUHPHQXVOLND
'DELVH]DWYRULRSRNORSDFSULWLVQLWHRGR]GRVOLND
sq
ñ
8GKs]LPSsUPRQWLP
: 8GKs]LPHWsUsQGsVLVKPHVLJXULH
/H[RMHQLPHNXMGHVNsWsXGKs]LP9HWsPNsVKWXPXQGTsPH
DSDUDWLQWXDMWsVKsUEHKHQLQsPsQ\UsWsVLJXUWGKHWsGUHMW
8GKs]LPLQSsUSsUGRULPGKHPRQWLPHUXDQLSsUSsUGRULPWs
PsYRQVKsPRVHSsUSURQDULQHDUGKVKsP
3DVVKSDNHWLPLWDSDUDWLQHNRQWUROORQL1sUDVWVHNDQGRQMs
GsPWLPQJDWUDQVSRUWLPRVHOLGKQL
9HWsPSsUPHVQMsPRQWLPLWsVSHFLDOL]XDUGKHQsSsUSXWKMHPH
XGKs]XHVLQHPRQWLPLWPXQGWsVLJXURKHWQMsSsUGRULPLVLJXUW
,QVWDOXHVLPEDQSsUJMHJMsVLSsUIXQNVLRQLPLQHSDWsPHWsWs
SDMLVMHVQsYHQGLQHLQVWDOLPLW
5UH]LNDVILNVLPL
0DWHULDOLDPEDOD]KXHVsVKWsLUUH]LNVKsPSsUIsPLMsW0RVLOLQL
DVQMsKHUsIsPLMsWWsOXDMQsPHPDWHULDOHWDPEDOD]KXHV
5UH]LNSODJRVMHMH
■ 3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD
0EDQLGRUDVKNDPEURMWsVH
5UH]LNSODJRVMHMH
■ 1sVHSDMLVMDQXNsVKWsVKWUsQJXDUVLoGXKHWPXQGWsEMHUs
*MLWKsHOHPHQWHWHVKWUsQJLPLWGXKHWWsPRQWRKHQIRUWGKHQs
PsQ\UsWsVLJXUW
8GKs]LP .XUQMsILOWsULULJMHQHUXHVKsPLDURPDYHSsUSODVHWQs
WRNsDLPXQGWsGsPWRKHW
'sPWLPHWQXNMDQsJMLWKPRQsWsGXNVKPHQJDMDVKWs+LGKQLGKH
]sYHQGsVRQLILOWULQHULJMHQHUXHVKsPWsDURPDYHTssVKWs
SsUSODVXUQsWRNs
,QVWDOLPL
3sUJDWLWMDHLQVWDOLPLW
■ 9HQGLLPRQWLPLWGXKHWWsMHWsOHKWsVLVKWLDUULWVKsPQsPsQ\Us
TsSDMLVMDWsDUULKHWSDSHQJHVDQsUDVWVKsUELPL
■ 0LGLVSDMLVMHVGKHSODQLWWsJDWLPLWNsVKLOORKHWWsUXKHWQMs
GLVWDQFsPLQLPDOHSUHM PPGKHPDNVLPXPL PP0H
UULWMHQ H GLVWDQFsV QJD YDWUD H JDWLPLW DYXMW H JDWLPLW GR Ws WKLWKHQ
PsPHYsVKWLUsVL
■ 'LVWDQFDPLGLVSDMLVMHVGKHPRGXOLWPHTDUNXOOLPDMULPXQGWs
]YRJsORKHW GHUL Qs PP NXU ODUWsVLD H WDYDQHYH Ws YDUXU sVKWs
PLQLPXPL PP
.RQWUROORQLVLSsUIDTHQHPRQWLPLW
■ 6LSsUIDTMDHPRQWLPLWGXKHWWsMHWsLUUDIVKsWYHUWLNDOGKH
PMDIWXHVKsPLTsQGUXHVKsP
■ 3HVKDPDNVLPDOHHSDMLVMHVsVKWsUUHWK NJ
8GKs]LPH
■ 6LSsUIDTHWHSDMLVMHVMDQsGHOLNDWH*MDWsLQVWDOLPLWVKPDQJQL
GsPWLPHWHPXQGVKPH
■ 9HULILNRQLSDUDSUDNLVKWQsVHNDLQVWDOLPHNDEOORUHHN]LVWXHVHWs
SDMLVMHYHWsWMHUD
■ 3sUPEsUWKLPLQQHYRMLWHWQMsVNHOHWLSRVKWsPLSsUVKWDWVKsPL
FLOLsVKWsLILNVXDUPLUsQsWDYDQLQSUHMEHWRQL
■ 0RVHPRQWRQLSDMLVMHQGLUHNWQsSOODNDWHJLSVLWWsWDYDQLWWs
YDUXURVHPDWHULDOHWHOHKWDWsQJMDVKPHWsQGsUWLPLW
■ 4sPRQWLPLWsEsKHWVLGXKHWSsUGRUQLQMsPDWHULDOPHVWDELOLWHW
WsPMDIWXHVKsPLSsUVKWDWXUPHNXVKWHWVWUXNWXURUHGKHPH
SHVKsQHSDMLVMHV
3sUJDWLVQLVLSsUIDTHQHPRQWLPLW
6WDELOLWHWLLVLSsUIDTHVVsPRQWLPLWGXKHWWsMHWsLJDUDQWXDUHGKH
SDVSXQLPHYHWsSUHUMHV
0EXORQLSODQLQHJDWLPLWSsUWsHYLWXDUGsPWLPHW
5HDOL]RQLSUHUMHQQsWDYDQLQRVHPXULQDQsVRU)LJXUD
3DVSXQLPHYHWsSUHUMHYHODUJRQLDVKNODW
0RQWLPLLSDMLVMHV
: 5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
+LTQLNDSDNXQ
8GKs]LP +XQGs]D PXQG Ws ]KYHQGRVHW Qs YDUsVL Ws UUHWKDQDYH
WsPRQWLPLW )LJXUD
=EsUWKHQLKXQGs]DWGKHSOODNsQPHWDOLNHGKHQGU\VKRQL
SR]LFLRQHW )LJXUD
0EsUWKHQLKXQGs]DWGKHSOODNsQPHWDOLNHQsSR]LFLRQLQHUL
)LJXUD
)XWHQLSDMLVMHQSORWsVLVKWQsYHQGLQHSUHUsGHULVDNDSsVHWWs
PEsUWKHKHQQsYHQGPHNsUFLWMH)LJXUD
6KWUsQJRQLPHNXMGHVYLGDWQMsUDSDVWMHWUsVGHULVDSDMLVMDWs
IOHMsUUDIVKQsVLSsUIDTHQHPRQWLPLW)LJXUD
8GKs]LP 0RVLVKWUsQJRQLYLGDWPsVKXPsVHVDGXKHWSsUWs
PRVGsPWXDUSDMLVMHQ
6KSDNHWRQLILOWULQHHUsUDYH)LJXUD
8GKs]LP )LOWULLHUsUDYHsVKWsLUsQGs1JULMHQLPHNXMGHVGKH
PEDMHQLIRUW
9HQGRVQLILOWULQHDURPDYHGKHUURWXOORQLNOODSsQPHWDOLNHGHULVD
WsPEsUWKHKHWQsPsQ\UsTsILOWULLDURPDYHWsTsQGURMsQs
PsQ\UsWsVLJXUW)LJXUD
5URWXOORQLGDGRWPEsUWK\HVHWHNOODSDPHWDOLNH)LJXUD
)XWHQLNDSDNXQWHNYULPDWTsQGRGKHQQsSMHVsQHSRVKWPHWs
SDMLVMHV)LJXUD
3sUWDPE\OOXUNDSDNXQVKW\MHQLDWsQJDSRVKWs)LJXUD
dPRQWRQLSDMLVMHQ
: 5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
6KW\SHQLNDSDNXQQJDSRVKWsSsUWDKDSXUDWs
=EsUWKHQL NDSsVHW H NDSDNXW QJD IROHWs Ts QGRGKHQ Qs SMHVsQ H
SRVKWPHWsSDMLVMHV
)LOWUL L DURPDYH sVKWs L UsQGs SUDQGDM NDSHQL ILOWULQ H DURPDYH QJD
SRVKWsPHQMsUsQGRUsGKHoPRQWRMHQLDWs
5URWXOORQLGDGRWPEsUWK\HVHGKHKDSQLNOODSsQPHWDOLNHSsUWs
Q[MHUUsILOWULQHHUsUDYH)LJXUD
/LURMLQL YLGDW PH NXMGHV QMsUD SDV WMHWUsV GKH UURWXOORMLQL GHULVD Ws
]EsUWKHKHW
9HQGRVLQLJLVKWDWHPsGKHQMWHNIROHWsGKHVKW\SHQLVXVWsQQJD
ODUW)LJXUD
1[LUUHQLSDMLVMHQQJDYHQGL
5LJMHQHURQLILOWULQHHUsUDYH
3sU Ws JDUDQWXDU SHUIRUPDQFsQ H ILOWULW Ws DURPDYH ULJMHQHURMHQL DWs
oGRĂPXDMNXUSDMLVMDSsUGRUHWQRUPDOLVKWUUHWKĂRUsoGRGLWs
-X PXQG WD ULJMHQHURQL ILOWULQ H DURPDYH Qs QMs IXUUs Ws ]DNRQVKPH
: 5UH]LNGMHJLHMH
)LOWULLHUsUDYHPEHWHWLQ[HKWsSsUQMsNRKsWsJMDWs0RVHSUHNQL
ILOWULQHHUsUDYHGLUHNWSDVULJMHQHULPLWSRUOsUHQLTsWsIWRKHW
9HQGRVHQL ILOWULQ H Q[HKWs Ws HUsUDYH Ts Ws IWRKHW PEL QMs VLSsUIDTH
UH]LVWXHVHQGDMQ[HKWsVLVs

8GKs]LPH
■ )LOWULLDURPDYHPXQGWsULJMHQHURKHWGHULQsĂKHUsGKHGXKHW
QGsUUXDUPDNVLPXPLSDVĂYMHWsVKNXUSDMLVMDSsUGRUHW
QRUPDOLVKWUUHWKĂRUsoGRGLWs
■ .XUQMsILOWsULULJMHQHUXHVKsPLDURPDYHSsUSODVHWQsWRNsDL
PXQGWsGsPWRKHW
'sPWLPHW QXN MDQs JMLWKPRQs Ws GXNVKPH QJD MDVKWs +LGKQL GKH
]sYHQGsVRQLILOWULQHULJMHQHUXHVKsPWsDURPDYHTssVKWs
SsUSODVXUQsWRNs
■ 0RV H SDVWURQL ILOWULQ H DURPDYH DVQMsKHUs PH SDVWUXHV PH XMs
QsHQsODUsVHRVHPHQMsOHFNsWsQMRPs
■ 4sWDYDHSMHNMHVWsPRVNULVHWYHQGRVHQLILOWULQHDURPDYHPEL
QMsVNDUs
■ 5LJMHQHURQL ILOWULQ H DURPDYH Qs WHPSHUDWXUs PDNVLPXPL &
4DUNXOOLPDMUL
:0RVHULJMHQHURQLILOWULQHDURPDYHPH
IXQNVLRQLQHSDVWULPLWWsIXUUsV3LUROL]D
■ *MDWsULJMHQHULPLWWsILOWULWWsDURPDYHPXQGWsQGRGKsNULMLPL
DURPDYH6LJXURKXQLTsGKRPDNDDMURVMHWsPLUs+DSQLQMs
GULWDUH
3sUWDKDSXUNDSDNXQVKW\MHQLDWsQJDSRVKWs
)LOWUL L DURPDYH sVKWs L UsQGs SUDQGDM NDSHQL ILOWULQ H DURPDYH QJD
SRVKWsPHQMsUsQGRUsGKHoPRQWRMHQLDWs
1JURKQLSDUDSUDNLVKWIXUUsQPDNVLPXPLQs&4DUNXOOLP
DMUL :
5LJMHQHURQLILOWULQHDURPDYHQsIXUUsQPHWHPSHUDWXUs
PDNVLPDOH&4DUNXOOLPDMUL :SsUĂPLQXWD
6LJXURKXQLTsGKRPDNDDMURVMHWsPLUs+DSQLQMsGULWDUH
/sUHQLILOWULQHDURPDYHWsIWRKHW
9HQGRVQLILOWULQHDURPDYHGKHUURWXOORQLNOODSsQPHWDOLNHGHULVD
WsPEsUWKHKHWQsPsQ\UsTsILOWULLDURPDYHWsTsQGURMsQs
PsQ\UsWsVLJXUW)LJXUD
5URWXOORQLGDGRWPEsUWK\HVHWHNOODSDPHWDOLNH)LJXUD
3sUWDPE\OOXUNDSDNXQVKW\MHQLDWsQJDSRVKWs)LJXUD
mk
æ
ΝιΪμλμάθαΪζθημΪΰΪ
: Αίεμηπηβςομνπμημίξνλδμη
ΌηβζΪμίεηθικθρβμΪϒμίέθθάΪνιΪμλμάθΛΪζθμθέΪςϖίζθΰί
ΫίαΫίήηθβικΪάβεηθήΪέθνιθμκίΫνάΪμίΌΪςβθμνκίήΑΪρνάΪϒμί
έθ νιΪμλμάθμθ αΪ νιθμκίΫΪ β ζθημΪΰΪ αΪ ιθήθπηίΰηΪ νιθμκίΫΪ βεβ
αΪλείήηβθμδθκβληβδ
ΘμδΪδθϖίέθθμιΪδνάΪμίνκίήθμικθάίκίμίϒΪηίέθάΪμΪλθλμθϒΫΪ
ΎθδθεδνβζΪςμίμβηΪλμΪηΪμβικβμκΪηλιθκμθμηίέθ
ικβδενρνάΪϒμί
ΛΪζθλθλμκνρηΪζθημΪΰΪλθέεΪληθνιΪμλμάθμθαΪζθημΪΰΪί
αΪέΪκΪημβκΪηΪ ΫίαΫίήηθλμΪ ικβ νιθμκίΫΪ ηΪ νκίήθμ ΒηλμΪεΪμίκθμ
ίθήέθάθκίηαΪΫίλικίδθκηθξνηδπβθηβκΪϔίηΪζίλμθμθηΪ
ιθλμΪάνάΪϔί
Νξίπμνπρνγζίγςχςαίϙδ
ΖΪμίκβϒΪεθμαΪιΪδνάΪϔίίθιΪλίηαΪήίπΪμΪΗίέβθλμΪάΪϒμί
ήίπΪμΪήΪλββέκΪΪμλθζΪμίκβϒΪεθμαΪιΪδνάΪϔί
Νξίπμνπρνγξναοδγί
■ ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΗθλίμίαΪςμβμηβκΪδΪάβπβ
ΘιΪληθλμθήιθάκίήΪ
■ ΎθδθεδννκίήθμηίίικθιβληθικβπάκλμίηζθΰίήΪιΪήηί
ΛβμίίείζίημβηΪικβπάκλμνάΪϔίζθκΪήΪΫβήΪμπάκλμθβ
λβένκηθζθημβκΪηβ
Μίξνλδμί ΊδθβλιΪήηίξβεμίκαΪζβκβαΫβςμθλίκίέίηίκβκΪ
μθϒζθΰίήΪλίθςμίμβ
ΘςμίμνάΪϔΪμΪηίλίλίδθέΪςάβήεβάβθήηΪήάθκΘμλμκΪηίμίέθβ
αΪζίηίμίέθιΪήηΪμβθμξβεμίκαΪζβκβαΫβςμθλίκίέίηίκβκΪ
Ημπρίκίυηϗί
Ξνγβνρναιίζίημπρίκίυηϗί
■ ΖίλμθμθηΪζθημΪΰΪζθκΪήΪίήθλμΪιηθΫίαικθΫείζαΪήΪ
ζθΰίνκίήθμήΪίήθλμΪιίηάθλενρΪϒηΪλίκάβλ
■ ΙθζίύννκίήθμβιθείμθαΪέθμάίϔίικίιθκΪρεβάθίκΪλμθϒΪηβί
θήηΪϒζΪεδν PPβηΪϒζηθένήθ PPΙΪκίΪμΪθή
έθμάίϔίμθιθμίςδθλίκίέβλμκβκΪηΪαέθείζίηθκΪλμθϒΪηβίθή
κβηέεΪμΪ
■ ΚΪλμθϒΪηβίμθιθζίύννκίήθμβπβκδνεΪπβθηβθμζθήνεζθΰίήΪ
λί ηΪζΪεβ ήθ PP λϊ ήθήίδΪ άβλβηΪμΪ ηΪ λινςμίηβθμ ιεΪξθη
βαηίλνάΪηΪϒζΪεδν PP
Ξοναδοιίμίξναοχημίρίζίαβοίγςαίϙδ
■ ΙθάκςβηΪμΪ αΪ άέκΪήνάΪϔί ζθκΪ ήΪ Ϋβήί κΪζηΪ οθκβαθημΪεηΪ
βήθάθεηθιθήηθλεβάΪ
■ ΖΪδλμίΰβηΪηΪνκίήθμβαηίλνάΪθδθεν NJ
Μίξνλδμη
■ Ιθάκςβηβμί ηΪ νκίήθμ λί ηίΰηβ ΒαΫίέηνάΪϒμί θςμίμνάΪϔί ικβ
βηλμΪεΪπβϒΪμΪ
■ Ικθάίκίμί έθ βλίρίηβθμ ήίε αΪ ιθλμθίρδθ δΪΫίελδθ ιθάκανάΪϔί
λθήκνέβνκίήβ
■ ΑΪικβπάκλμνάΪϔίιθμκίΫηΪίλθθήάίμηΪιθμδθηλμκνδπβϒΪ
δθϒΪςμθϖίΫβήίικβπάκλμίηΪηΪΫίμθηλδβθμμΪάΪη
■ ΝκίήθμηίμκίΫΪήΪλίζθημβκΪήβκίδμηθάθέβιλδΪκμθηλδβ
ιεθρββεβλεβρηβείληβέκΪήίΰηβζΪμίκβϒΪεβηΪλινςμίηβθμ
ιεΪξθη
■ ΑΪικΪάβεηΪζθημΪΰΪδθκβλμίμίήθάθεηθλμΪΫβείηζΪμίκβϒΪε
ικβεΪέθήίηηΪέκΪήίΰηβμίθδθεηθλμββμίΰβηΪμΪηΪνκίήθμ
Ξνγβνρναιίμίξναοχημίρίζίαβοίγςαίϙδ
ΖθκΪήΪλίθΫίαΫίήβλμΪΫβεηθλμηΪιθάκςβηΪμΪαΪάέκΪήνάΪϔίβ
ιθλίρίϔίμθ
ΙθδκβϒμίέθιθείμθαΪέθμάίϔίαΪήΪβαΫίέηίμίθςμίμνάΪϔΪ
ΗΪικΪάίμί λίρίϔί ηΪ μΪάΪηθμ βεβ ηΪ λμκΪηβρηβθμ Ϗβή Πκηιί
ΙθλίρίϔίμθθμλμκΪηίμίέβλμκνέθμβηβμί
Λνμρίείμίςοδγνρ
: Νξίπμνπρνγξναοδγί
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΗθλίμίαΪςμβμηβκΪδΪάβπβ
ΒαάΪήίμίέθδΪιΪδθμ
Μίξνλδμί ΖεΪαηβπβζθΰίήΪλίιθζίλμΪμάθαΪάβληθλμθή
λβμνΪπβϒΪμΪαΪάέκΪήνάΪϔί Πκηιί
ΘήάκμίμίέβζεΪαηβπβμίβιθμκίΫηβθμιείοβαΪζίηίμίϒΪ
ιθαβπβϒΪμΪ Πκηιί
ΑΪπάκλμίμίέβζεΪαηβπβμίβιείοθμηΪηθάΪιθαβπβϒΪ Πκηιί
ΌδεθιίμίέθπίεθληθνκίήθμάθβλίρίηβθμθμάθκήθήίδΪηί
λενςηίμίήΪλίάδεθιΪμαΪδΪρΪεδβμίΠκηιί
ΌηβζΪμίεηθαΪμίέηίμίέβαΪάκμδβμίίήηΪιθήκνέΪήθήίδΪ
νκίήθμηίείέηίκΪζηθηΪιθάκςβηΪμΪαΪάέκΪήνάΪϔί
Πκηιί
Μίξνλδμί ΗίέβαΪμίέηνάΪϒμίπάκλμθαΪάκμδβμίαΪήΪηίέθ
θςμίμβμίνκίήθμ
ΘμιΪδνάΪϒμίέθξβεμίκθμαΪζβκβαΫβΠκηιί
Μίξνλδμί ΞβεμίκθμαΪζβκβαΫβίμίΰθδΌηβζΪμίεηθ
ιθήβέηίμίβήκΰίμίπάκλμθ
Όζίμηίμί έθ ξβεμίκθμ αΪ ζβκβαΫβ β λάκμίμί ϒΪ ζίμΪεηΪμΪ δνδΪ ήθ
δκΪϒαΪΫίαΫίήηθήΪηΪείέηίξβεμίκθμαΪζβκβαΫβπκηιί
ΗΪάκμίμίέβδκνΰηβμίηΪάκμδβηΪζίμΪεηΪμΪδνδΪπκηιί
ΑΪδΪρίμίέθδΪιΪδθμάθθμάθκβμίηΪήθεηΪμΪλμκΪηΪηΪνκίήθμ
Πκηιί
ΑΪ ήΪ έθ αΪμάθκβμί δΪιΪδθμ ικβμβληίμί έθ θάΪ θή ήθεν πκηιί
Γδλνμρίείμίςοδγνρ
: Νξίπμνπρνγξναοδγί
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΗθλίμίαΪςμβμηβκΪδΪάβπβ
ΙκβμβληίμίθήήθενλικθμβδΪιΪδθμαΪήΪέθθμάθκβμί
ΘμδΪρίμί έβ ήκΰΪρβμί θή θμάθκβμί ηΪ ήθεηΪμΪ λμκΪηΪ ηΪ νκίήθμ
ΞβεμίκθμαΪζβκβαΫβίμίΰθδαΪμθΪξΪμίμίλθίήηΪκΪδΪιθή
ηίέθβήίζθημβκΪϒμίέθ
ΗΪάκμίμίέβδκνΰηβμίηΪάκμδββθμάθκίμίϒΪζίμΪεηΪμΪδνδΪαΪ
ήΪλίβαάΪήβξβεμίκθμαΪζβκβαΫβΠκηιί
ΌηβζΪμίεηθ θεΪΫΪάίμί έβ αΪάκμδβμί ίήηΪ ιθ ήκνέΪ β θήάκμίμί ήθ
δκΪϒ
ΛθιΪεπβμίξΪμίμίέβθμάθκβμίβικβμβληίμίέθηΪέθκί
αΪμίέηνάΪρθμηΪικνΰβηΪμΪΠκηιί
ΒαάΪήίμίέθνκίήθμ
Οδβδμδοηοίϙδμίσηκροηρδζίληοηζΰη
ΑΪήΪαΪέΪκΪημβκΪμίήθΫκθκΪΫθμίϔίηΪξβεμκβμίαΪζβκβαΫβ
κίέίηίκβκΪϒμίέβικβηθκζΪείηκίΰβζήηίάηθθδθεν ρΪληΪ
λίδθβ ζίλίπβ
ΖθΰίμίήΪέθκίέίηίκβκΪμίξβεμίκθμαΪζβκβαΫβάθθΫβρηΪ
κίκηΪ
: Νξίπμνπρνγηζβνοδμηυη
ΞβεμίκθμαΪζβκβαΫβθλμΪηνάΪήθεέθάκίζίΰίΰθδιθ
κίέίηίκβκΪϔίμθ Ηί έβ ήθιβκΪϒμί ξβεμκβμί αΪ ζβκβαΫβ άίήηΪς ιθ
κίέίηίκβκΪϔίμθμνδνθλμΪάίμίήΪλίθεΪήΪμ
ΐίςδβμίξβεμκβαΪζβκβαΫβθλμΪάίμίέβήΪλίθεΪήΪμηΪιθήεθέΪ
θμιθκηΪηΪμθιεβηΪ

Μίξνλδμη
■ Ξβεμίκθμ αΪ ζβκβαΫβ ζθΰί ήΪ λί κίέίηίκβκΪ ήθ ĂιΪμβ β ζθκΪ
ήΪλίαΪζίηβικβηθκζΪείηκίΰβζήηίάηθθδθεν ρΪλ
ηΪϒήθπηΪιθ έθήβηβ
■ Ίδθ βλιΪήηί ξβεμίκ αΪ ζβκβαΫβ ςμθ λί κίέίηίκβκΪ μθϒ ζθΰί ήΪ
λίθςμίμβ
ΘςμίμνάΪϔΪμΪ ηί λί λίδθέΪς άβήεβάβ θήηΪήάθκ ΘμλμκΪηίμί έθ
β αΪζίηίμί έθ ιΪήηΪμβθμ ξβεμίκ αΪ ζβκβαΫβ ςμθ λί κίέίηίκβκΪ
■ ΗβδθέΪςηίέβρβλμίμίξβεμκβμίαΪζβκβαΫβλθλκίήλμάΪαΪ
ρβλμίϔίάθήΪάθζΪςβηΪαΪλΪήθάββεβλθάεΪΰηΪδκιΪ
■ ΑΪήΪηίέθβαέκίΫίμίιείοθμαΪιίρίϔίιθλμΪάίμίέθξβεμίκθμ
αΪζβκβαΫβηΪκίςίμδΪ
■ ΚίέίηίκβκΪϒμίέβξβεμκβμίαΪζβκβαΫβικβζΪδλβζΪεηβ &
πβκδνεΪπβθηίηάθαήνο
:ΞβεμκβμίαΪζβκβαΫβήΪηίλί
κίέίηίκβκΪΪμλθξνηδπβϒΪαΪρβλμίϔίηΪκίκηΪιβκθεβαΪ
■ ΙκβκίέίηίκβκΪϔίηΪξβεμίκθμαΪζβκβαΫβζθΰίήΪλί
λθαήΪήΪμζβκβαΫβΙκθάίκίμίήΪεβικθλμθκβϒΪμΪίήθΫκθ
ικθάίμκίηΪΘμάθκίμίικθαθκίπ
ΑΪήΪέθθμάθκβμίδΪιΪδθμικβμβληίμίέθθάΪθήήθεν
ΞβεμίκθμαΪζβκβαΫβίμίΰθδαΪμθΪξΪμίμίλθίήηΪκΪδΪιθή
ηίέθβήίζθημβκΪϒμίέθ
ΙκίμοθήηθαΪέκίϒμίϒΪκίκηΪμΪηΪζΪδλβζΪεηβ&
πβκδνεΪπβθηίηάθαήνο
:
ΚίέίηίκβκΪϒμίέβξβεμκβμίαΪζβκβαΫβ ζβηνμβάθκίκηΪηΪ
ζΪδλβζΪεηβ &πβκδνεΪπβθηίηάθαήνο
:
ΙκθάίκίμίήΪεβικθλμθκβϒΪμΪίήθΫκθικθάίμκίηΪΘμάθκίμί
ικθαθκίπ
ΘλμΪάίμίέθξβεμίκθμαΪζβκβαΫβήΪλίθεΪήβ
Όζίμηίμί έθ ξβεμίκθμ αΪ ζβκβαΫβ β λάκμίμί ϒΪ ζίμΪεηΪμΪ δνδΪ ήθ
δκΪϒαΪΫίαΫίήηθήΪηΪείέηίξβεμίκθμαΪζβκβαΫβπκηιί
ΗΪάκμίμίέβδκνΰηβμίηΪάκμδβηΪζίμΪεηΪμΪδνδΪπκηιί
ΑΪ ήΪ έθ αΪμάθκβμί δΪιΪδθμ ικβμβληίμί έθ θάΪ θή ήθεν πκηιί
ukkkukkk
ù
ΝομίρςρςοίκϊμЧπБίςκίο
: АίςϕξπϕζγϕιρδτμηιίπϊρςοίκϊλίЙϊζγϊ
μЧπБίςκίο
ΘλυηТλЌΪνευЌμυζТЌβωμθЌυιςυЄυДυαΜίδλθήΪηδίγϐη
ЌТκυεЄυηυЌΪνϐιλϐαΰфηίήТκυλιΪγήΪεΪηΪΪεΪλυαΙΪγήΪεΪην
ΰфηίζθημΪΰήΪνηТλЌΪνευЌμΪκυηδίείλϐβίλϐРςϐηλΪЌμΪДυα
ΊλιΪιμυθκΪζΪήΪηΪςνήΪηλθДμίδλίκϐДϐαΜΪλυζΪεήΪνήΪЄυ
αΪЌυζΰΪЄήΪγυηήΪЌθλιΪДυα
ΜίδθκηΪμνηТλЌΪνευЄυΫθγυηςΪζΪζΪηήυЌθκηΪμνιΪγήΪεΪην
ЌΪνιϐλϐαήϐέϐηЌΪζμΪζΪλυαίμίήϐΘκηΪμνςυθκηΪμυεЄΪηΰίκήί
δίήίκέϐλϐαΰТζυλϐλμίνϐРςϐηΰΪνΪιδίκ
ΡЧμχϊЉςБίςξϕ
ΘκΪζΪζΪμίκβΪευΫΪεΪεΪκРςϐηЌΪνϐιμϐΪεΪεΪκЄΪθκΪζ
ζΪμίκβΪεήΪκυζίηθγηΪνЄΪκТЌλΪμίμιίДϐα
ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
■ єεϐδμίκϐΪλιΪιϐςϐηήίєμδϐκΫθενυζРζδϐηΛΪЌμΪЄυςЌθεЄΪΫυη
δβϐДϐα
ΔίζμΪκΫθευιЌΪενЌΪνϐιμϐεϐέϐ
■ ΏέίκЌТκυεЄυήТκυλΫίδϐμϐεζίλίθεμРλϐιδίμνϐζРζδϐηΪκευЌ
ΫίδϐμνχείζίημμίκϐΫίδίζθκηΪμυενυЌΪΰίμ
ΜЧπБίς ΚίέίηίκΪπβωεΪνςυβϐλλРαέϐλϐЌТεΪιЌΪεЄΪηΰΪЄήΪγήΪ
αΪЌυζήΪευιδίμνϐζРζδϐη
ΖТηήΪγαΪЌυζήΪκλυκμμΪηфκήΪγυζδєκϐηίΫίκζίγήϐ
ΑΪЌυζήΪεЄΪηβϐλλРαέϐηϐΪευιμΪλμΪιΫΪλЌΪλυηΪΪνυλμυκυДυα
Νομίρς
Νομίρςγϊγίθϊμγίς
■ ΛίκάβλμϐδЌυαζίμδєκλίμνδίαϐηήίЌТκυεЄυЄΪθДΪγΰΪЌυηήΪι
ΰТζυλϐλμίγΪενРςϐηЌТκυεЄυθДΪγЌθεΰίμίμϐηΰίκέί
θκηΪμυενυЌΪΰίμ
■ ЋТκυεЄυζίηιϐλϐκνιΪηίεϐηϐДΪκΪλυηήΪЄυТλυηυεΪμυη
ζβηβζΪεήυΪκΪЌΪςυЌμυЌ ζζΰфηίζΪδλβζΪεήυ
ΪκΪЌΪςυЌ ζζΙίςЌΪЌιΪЄυηΪήίγϐηέϐΪκΪЌΪςυЌμυЌ
ΫϐκμΪεΪγΫθελΪΪλРγήίέϐΫνεΪηνεΪκфκίДΰТμυεΪμυηΫθεΪήυ
■ ΊλιΪευμєΫίηϐДΫβϐδμϐέϐĂζζήίηΪλιΪЄΪηΰΪЄήΪγήΪЄΪηΪ
ЌТκυεЄυζίηπβκδνεωπβωευЌζθήνεφΪκΪλυηήΪЄυЌΪςυЌμυЌμυ
ĂζζέίήίγϐηΪαΪγμνЄΪΫθεΪήυ
Νομίρςΰδρϕμρδιπδος
■ ΘκηΪμνΫίμϐμίέϐλδєεήίηίДΫθενυδίκίδλθηήΪγΪЌίήфνϐκ
ΪνυκευЌμυδєμίκίΪενυЌΪΰίμ
■ ЋТκυεЄυηυДζΪδλβζΪεήυλΪεζΪЄυ ιβγϊБЧοίθγϊ
ΜЧπБίςκίο
■ ЋТκυεЄυηυДΫίμϐηθιθДΪγΫРεήϐκϐιΪενЄΪΫθεΪήυЋТκυεЄυηυ
θκηΪμЌΪηήΪθηυΫΪκυηςΪΫРεήϐκϐιΪεζΪνЄΪμυκυλυДυα
■ ΘγυЌμυДΪγηΪεΪλυηήΪΫΪλЌΪЌТκυεЄυεΪκήΪημΪκμυεЄΪη
δΪΫίεφήίκήϐДΫΪκΰθЄυημίδλίκϐДϐα
■ ΜТκΪЌμΪηήυκνРςϐηΫίμθηΰΪΫυηЄΪζυЌμΪιΫίδϐμϐεέίημβϐλμϐ
μϐκίδЌΪΰίμΫθεΪήυ
■ ЋТκυεЄυηυμϐδίείγϐεζίμєΫίηϐДέβιλЌΪμυκζΪευμΪЌμΪεΪκυηήΪ
ηίζίλίλθЄΪηТЌλΪλΰίДϐεЌТκυευλζΪμίκβΪεήΪκυηήΪ
ζθημΪΰήΪζΪДυα
■ ЋТκυεЄυηυ μβϐλμϐ ήίДέίγήί θκηΪμν Рςϐη ЌТκυευλ ΰТζυλμΪκυηΪ
ΰΪκΪγμυηΰфηίЌТκυεЄυηυДλΪεζΪЄυηΪλΪγΫίκϐδ
ζΪμίκβΪεήΪκήυιΪγήΪεΪηυДυα
Νομίρςΰδρϕμγίώοκίς
ΘγυЌμΪκήυθψΰТζυλμΪκυηΪωЌμΪЄΪηηΪηδίγϐηθκηΪμνΫίμϐηϐД
ΫίκϐδμϐέϐημίδλίκϐιΪεЄΪηΰєη
ΐΪκΪЌΪμμΪηυιЌΪεζΪλРςϐηЌνυκνιΪηίεϐηϐДΫίμϐηΰΪνυι
ЌθγυДυα
ПλμϐДέϐιΪηίεφήίηηίζίλίΫРγϐκЌΪΫυκЄΪήΪηθγυЌθγυДυα
Ăπςο
ΔίλνΰТζυλμΪκυηΪηλθДΰθДЌΪεΪκήυΰθγυДυα
АЧοϊκЉϊμϊνομίρς
: ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
єεϐδμίκϐΪλιΪιϐςϐηήίєμδϐκΫθενυζРζδϐηΛΪЌμΪЄυςЌθεЄΪΫυη
δβϐДϐα
ЋΪЌιΪЄυηΪςυДυα
ΜЧπБίς ΘκηΪμνηТλЌΪλυηΪЌΪκΪγΰΪεЄΪλμυЌμυΰυεΰυμνЄΪ
ΫθεΪήυ Ăπςο
ΐΪεЄΪλμυЌιίηЌΪΰίμμϐЌΪεЌΪηήυΫТκΪιςυЄΪκυιδРγείκϐη
єαέίκμϐДϐα Ăπςο
ΐΪεЄΪλμυЌιίηЌΪεЌΪηήυΫТκΪηήΪεΪκζίηΰΪДΪδРγέίδίεμϐκϐι
ΫίδϐμϐДϐα Ăπςο
ЋТκυεЄυθγυЌЌΪμθευЄυζίηίηέϐαϐεϐιςυκμίμδίηήυΫυλ
ςυЄΪμυηήΪγΫίδϐμδϐςμίκέίΫίδϐμϐενϐЌΪΰίμĂπςο
ЋТκυεЄυθκηΪμνΫίμϐηίμθευЌμΪγΫίμμίιθκηΪЄΪηςΪ
ΫТκΪηήΪεΪκήυΫϐκϐηίηλθДΫϐκϐηΪΫΪγεΪιΫТκΪДυαĂπςο
ΜЧπБίς ЋТκυεЄυЄΪαΪЌυζμβζίλРςϐηΫТκΪηήΪεΪκήυЌΪμμυ
μυЄυαήΪιΫТκΪζΪДυα
ΒϐλΰТμЌυςμυθκΪζΪλυηΪηςυЄΪκυДυαĂπςο
ΜЧπБίς ΒϐλΰТμЌυςєμίΪνυκΘηυΪЌυκυηδєμίκϐιζυЌμΪι
ТλμΪιμТκυДυα
ΒϐλΰТμЌυςμυθκηΪμυιθηυДΫίκϐδμТκνυРςϐηζίμΪεε
ЌΪιλυκζΪηυμϐκίεέίηςίΫТκΪДυα πςο
ΛθζυηήΪκήυ ζίμΪεε ЌΪιλυκζΪЄΪ ΪγηΪεήυκυι δϐκέϐαϐДϐα πςο
ЋΪЌιΪЌμυЌТκυεЄυηυДϐςδϐΰΪЄυηήΪЄυλΪДυεΪνεΪκΪκЌυευϐεϐι
ЌθγυДυαĂπςο
ЋΪЌιΪЌμυΰΪΫνРςϐηθηυμєζίηέϐΰΪЄυηΪηΫΪλυιΰϐΫίκϐДϐα
πςο
АЧοϊκЉϊμϊχδχς
: ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
єεϐδμίκϐΪλιΪιϐςϐηήίєμδϐκΫθενυζРζδϐηΛΪЌμΪЄυςЌθεЄΪΫυη
δβϐДϐα
ЋΪЌιΪЌμυΪςνРςϐηθηυΪλμυДЄυΰΪЄυηΪηΫΪλυιΰϐΫίκϐДϐα
ЋТκυεЄυηυДμєζίηέϐΰΪЄυηήΪЄυλΪДυεΪνεΪκΪκЌυευЌΪЌιΪЌ
ΫίδϐμδϐςμίκϐηςίςϐДϐα
ΒϐλλРαέϐλϐєμίΪνυκλθηήυЌμΪηβϐλλРαέϐλϐηϐДΪλμυηΫϐκЌθεζίη
ТλμΪДυαήΪςίςϐιΪευДυα
ΛθζυηήΪκήυ ΪγηΪεήυκυι ςυЄΪκυДυα ήΪ βϐλΰТμЌυςμυ ςυЄΪκν
РςϐηζίμΪεεЌΪιλυκζΪηυΪςυДυαĂπςο
ТκΪηήΪεΪκήυΫϐκΫϐκείιΪΫΪγεΪιΫТκΪДυαήΪμθευЌμΪγΫТκΪι
ςυЄΪκυДυα
ΪλΫΪκζΪЌμυλΪДυεΪνεΪκЄΪλΪευιλίκϐιιίείκήϐЌυλνЄΪ
ΪκηΪεЄΪηЌθηήυκЄυηυΰθЄΪκυЌΪκΪγЌυλυДυαĂπςο
ЋТκυεЄυηυςυЄΪκυДυα
ΗϕπεЧρБϊχρϊοδβδμδοίυηώκίς
ΒϐλλРαέϐλϐηϐДμβϐζήϐεϐέϐηЌΪζμΪζΪλυαίμνРςϐημίδЌΪευιμυΰТζυλ
ΰΪЄήΪγυηήΪ δРηϐηί ςΪζΪζίη ĂλΪЄΪμ ΰТζυλυ δίαϐηήί βϐλ λРαέϐλϐη
фκĂΪγήΪκίέίηίκΪπβωεΪДυα
ΛϐαβϐλλРαέϐλϐηδфήϐζέϐμТζςΪιίςςδΪξυηήΪκίέίηίκΪπβωεΪγ
ΪεΪλυα
: ΙХθϕξБίκςБίςξϕΰίο
ΚίέίηίκΪπβωήΪηδίγϐηβϐλΰТμЌυςТαΪЌνΪЌυμΫθγυυλμυЌδРγϐηήί
ЌΪεΪήυΒϐλΰТμЌυςμυκίέίηίκΪπβωήΪηδίγϐηΫϐκήίηТλμΪζΪДυα
θηυλνυμυДυα
ΒϐλΰТμЌυςμυλνυμνРςϐηθηυЌυανЄΪΫίκϐδμϐκίνϐςμϐДРλμϐηί
ЌθγυДυα
ΜЧπБίςκίο
■ ΒϐλλРαέϐηϐĂκίμЌΪγμΪθκηΪμνЄΪΫθεΪήυΰфηίθεЌΪευιμυ
ΰТζυλϐλμίνΰΪЄήΪγήΪδРηϐηίςΪζΪζίηĂλΪЄΪμĂΰυεєμδίη
λθДΪνυλμυκυενυδίκίδ
■ ΚίέίηίκΪπβωεΪνςυβϐλλРαέϐλϐЌТεΪιЌΪεЄΪηΰΪЄήΪγήΪ
αΪЌυζήΪευιδίμνϐζРζδϐη
ΖТηήΪγαΪЌυζήΪκλυκμμΪηфκήΪγυζδєκϐηίΫίκζίγήϐ
ΑΪЌυζήΪεЄΪηβϐλλРαέϐηϐΪευιμΪλμΪιΫΪλЌΪλυηΪΪνυλμυκυДυα

■ Βϐλ λРαέϐηϐ ΰνЄυς αΪμμΪκζίη λνζίη υήυλ ΰνЄυς ζΪςβηΪλυηήΪ
ηίζίλίήυζЌυεςРΫίκίδιίηλРκμϐιμΪαΪεΪνЄΪΫθεζΪγήυ
■ ΙϐλϐκνЌΪДυεμυκυηλυαυιδίμνήϐДΪεήυηΪενРςϐηβϐλλРαέϐλϐη
μθκήυηРλμϐηίЌθγυДυα
■ ΒϐλλРαέϐλϐηĂ&μΪη:ΪγηΪευζΪνΪλυΪλιΪγμυη
μίζιίκΪμνκΪήΪκίμμίενϐδίκίδΒϐλλРαέϐλϐηιίςμϐμΪαΪεΪν
ξνηδπβωλυιβκθεβαΪκЌυευκίμμίζίДϐα
■ ΒϐλλРαέϐηϐκίμμίέίηήίβϐλιΪγήΪΫθενυζРζδϐηєεζίηϐДΰΪЌλυ
ΰίεμϐεϐιμТκЄΪηυηΪδєαΰίμδϐαϐДϐαΜίκίαίηϐΪςυДυα
ЋΪЌιΪЌμυΪςνРςϐηθηυμєζίηέϐΰΪЄυηΪηΫΪλυιΰϐΫίκϐДϐα
ΒϐλλРαέϐλϐєμίΪνυκλθηήυЌμΪηβϐλλРαέϐλϐηϐДΪλμυηΫϐκЌθεζίη
ТλμΪДυαήΪςίςϐιΪευДυα
ΜТζςΪιίςμϐζΪδλβζΪεήυ&
:ΪγηΪευζΪνΪλυ
μίζιίκΪμνκΪЄΪήίγϐηΪεήυηΪεΪЌυαήυκυДυα
ΒϐλλРαέϐηϐζΪδλβζΪεήυĂ&
:ΪνΪΪνυλυζυήίγϐη
ЌυαήυκυεЄΪηιίςμϐДϐςϐηίλΪευιĂζβηνμμΪγκίέίηίκΪπβωεΪν
РςϐηТλμΪДυα
єεζίηϐДΰΪЌλυΰίεμϐεϐιμТκЄΪηυηΪδєαΰίμδϐαϐДϐαΜίκίαίηϐ
ΪςυДυα
ΒϐλλРαέϐηϐλνυμυДυα
ΒϐλΰТμЌυςμυθκηΪμυιθηυДΫίκϐδμТκνυРςϐηζίμΪεε
ЌΪιλυκζΪηυμϐκίεέίηςίΫТκΪДυα πςο
ΛθζυηήΪκήυ ζίμΪεε ЌΪιλυκζΪЄΪ ΪγηΪεήυκυι δϐκέϐαϐДϐα πςο
ЋΪЌιΪЌμυΰΪΫνРςϐηθηυμєζίηέϐΰΪЄυηΪηΫΪλυιΰϐΫίκϐДϐα
πςο
ukuk
õ
΅μπροςιυϕώζλνμρίες
: Αίεκηαϕμίπρίμναηζΰδζξδιη
ΚίμίεφηθικθρβμΪγμίπψϐηλμκνδπϐψΜϐεφδβμθήϐΌβαζθΰίμί
ίδλιενΪμνάΪμβ ικβεΪή Ϋίαιίρηθ μΪ ικΪάβεφηθ ΑΫίκίΰϐμφ ϐηλμκνδπϐϑ
αζθημΪΰνμΪίδλιενΪμΪπϐϑήεωιθήΪεφςθέθδθκβλμνάΪηηωΪΫθ
ιίκίήΪρϐϑοϐηςθζνδθκβλμνάΪρίάϐ
ΙίκίάϐκμίικβεΪήιϐλεωκθαιΪδνάΪηηωΙκβάβωάείηηϐ
ιθςδθήΰίηηωωδίάβηβδεθιϐήρΪλμκΪηλιθκμνάΪηηωηί
άλμΪηθάεψγμίικβεΪή
ΕβςίδάΪεϐξϐδθάΪηΪνλμΪηθάδΪνάϐήιθάϐήηθλμϐαϐηλμκνδπϐώψα
ζθημΪΰνέΪκΪημνώΫίαιίδνίδλιενΪμΪπϐϑΖθημΪΰηβδηίλί
άϐήιθάϐήΪεφηϐλμφαΪΫίαήθέΪηηνκθΫθμνικβεΪήνηΪζϐλπϐ
άλμΪηθάείηηω
Μδΰδζξδιίςγςχδμμώ
ΝιΪδθάδΪικβεΪήνηίΫίαιίρηΪήεωήϐμίγΝΰθήηθζνάβιΪήδνηί
ήθαάθεωγμίήϐμωζέκΪμβλωανιΪδθάδθψ
Μδΰδζξδιίροίαλςαίμϋ
■ ΎίμΪεϐάλίκίήβηϐικβεΪήνζθΰνμφΫνμβέθλμκβζβ
κίδθζίηήνώζθηΪήωέμβαΪοβληϐκνδΪάβπϐ
+HΫHαιHδDμκΪάζνάΪηηω
■ Ωδσθ ικβεΪή ηί αΪδκϐιείηβγ ηΪείΰηβζ ρβηθζ άϐη ζθΰί άιΪλμβ
ΝλϐδκϐιβεφηϐίείζίημβιθάβηηϐΫνμβζϐπηθγηΪήϐγηθ
αΪξϐδλθάΪηβζβ
Αιίζϕαιί ΩδσθάϐήηθάεψάΪηβγξϐεφμκήεωάβήΪείηηωαΪιΪον
άιΪάάϐηζϐέιθςδθήβμβλω
ΙθςδθήΰίηηωηίαΪάΰήβάβήηθααθάηϐΝμβεϐανγμίμΪαΪζϐηϐμφ
άϐήηθάεψάΪηβγξϐεφμκήεωάβήΪείηηωαΪιΪονσθάιΪά
Απρίμνακδμμώ
Ξϕγβνρναιίγναπρίμνακδμμώ
■ ΖϐλπίζθημΪΰνζΪώΫνμβήθλμνιηβζσθΫνκΪαϐηίθΫοϐήηθλμϐ
ικθάίήίηηωλίκάϐληθέθθΫλενέθάνάΪηηωήθικβεΪήνζθΰηΪ
ΫνεθήϐλμΪμβλωΫίαιίκίςδθή
■ ΚίδθζίηήθάΪηΪάϐήλμΪηφζϐΰικβεΪήθζμΪάΪκβεφηθψ
ιθάίκοηίψάϐήζϐηĂζζήθζΪδλĂζζΡβζΫϐεφςθψ
ΫνήίάϐήλμΪηφήθδθηξθκδβμβζέϐκςίαΫβκΪμβζίμφλω
άβιΪκθάνάΪηηωικβέθμνάΪηηϐ
■ ΌϐήλμΪηφάϐήικβεΪήνήθζθήνεωπβκδνεωπϐγηθέθιθάϐμκωζθΰηΪ
αζίηςβμβήθĂζζαΪνζθάβσθάβλθμΪιϐήάϐληθϑλμίεϐ
λμΪηθάβμφηίζίηςίĂζζ
Ξδοδαϕορδξναδοτμύγκώλνμρίες
■ Ιθάίκοηω ήεω ζθημΪΰν ιθάβηηΪ Ϋνμβ κϐάηθψ έθκβαθημΪεφηθψ μΪ
ήθλμΪμηφθλμϐγδθψ
■ ΖΪδλβζΪεφηΪάΪέΪικβεΪήνλδεΪήΪώ ιβ
Αιίζϕαιη
■ ΙθάίκοηϐικβεΪήνρνμεβάϐήθιθςδθήΰίηφΙϐήρΪλνλμΪηθάδβ
ηΪζΪέΪγμίλωνηβδΪμβιθςδθήΰίηφ
■ ΙίκίάϐκμίαθηνήεωάβκϐανηΪηΪωάηννδεΪήδνδΪΫίεϐάήεωϐηςβο
ικβεΪήϐά
■ ΎεωδκϐιείηηωιθμκϐΫηΪάϐήιθάϐήηΪηβΰηωθιθκΪξϐδλθάΪηΪν
Ϋίμθηηϐγλμίεϐ
■ Ηί ζθημνγμί ικβεΪή Ϋίαιθλίκίήηφθ ά έϐιλθδΪκμθηηβο ιεΪλμβηΪο
ΪΫθιθήϐΫηβοείέδβοΫνήϐάίεφηβοζΪμίκϐΪεΪοιϐήάϐληθϑλμίεϐ
■ ΎεωικΪάβεφηθέθζθημΪΰνάβδθκβλμθάνγμίήθλμΪμηφθλμϐγδβγ
ζΪμίκϐΪεσθάϐήιθάϐήΪώδθηλμκνδμβάηβζήΪηβζμΪάΪαϐικβεΪήν
Ξϕγβνρςθρδξναδοτμύγκώλνμρίες
ΛμΪΫϐεφηϐλμφιθάίκοηϐήεωζθημΪΰνιθάβηηΪαΪΫίαιίρνάΪμβλφ
μΪδθΰιϐλεωάβδθηΪηηωικβκϐαηβοκθΫϐμ
ΗΪδκβγμίάΪκβεφηνιθάίκοηψσθΫνηβδηνμβιθςδθήΰίηφ
ΑκθΫϐμφάβκϐανάίκοηϐγιΪηίεϐΪΫθνΫθδθάϐγλμϐηπϐλίκ
ΙκβΫίκϐμφμβκλνιϐλεωάβδθηΪηηωικβκϐαηβοκθΫϐμ
Λνμρίεξοηκίγς
: Μδΰδζξδιίροίαλςαίμϋ
ΎίμΪεϐάλίκίήβηϐικβεΪήνζθΰνμφΫνμβέθλμκβζβκίδθζίηήνώζθ
ηΪήωέμβαΪοβληϐκνδΪάβπϐ
ΑηϐζϐμφαΪοβληνιΪηίεφ
Αιίζϕαιί ΌαΪείΰηθλμϐάϐήζθημΪΰηθϑλβμνΪπϐϑιΪμκνΫθδζθΰί
Ϋνμβαζϐσίηβγ λίκ
ΌϐήδκνμϐμφιΪμκνΫθδϐηίθΫοϐήηβγεβλμμΪαζϐηϐμφιθεθΰίηηω
λίκ
ΙκβέάβημϐμφιΪμκνΫθδμΪεβλμηΪηθάθζνζϐλπϐ λίκ
ΙθάηϐλμψάλμΪάμίικβεΪήνάβκϐαμΪδσθΫιϐήάϐληϐδκϐιείηηω
αΪδκϐιβεβλωαοΪκΪδμίκηβζαάνδθζλίκ
ΘήβηαΪθήηβζθΫίκίΰηθαΪμωένγμίέάβημβήθμβοιϐκιθδβ
ικβεΪήάλμΪηίάκϐάίηφϐαιθάίκοηώψλίκ
Αιίζϕαιί ΑΪμωένγμίέάβημβηίηΪήμθλβεφηθσθΫηίιθςδθήβμβ
ικβεΪή
ΚθαιΪδνγμίξϐεφμκήεωάβήΪείηηωαΪιΪοϐάλίκ
Αιίζϕαιί ΞϐεφμκήεωάβήΪείηηωαΪιΪονάΪΰδβγΘΫίκίΰηθ
ιϐήηϐζϐμφμΪζϐπηθμκβζΪγμί
ΌλμΪάμίξϐεφμκήεωάβήΪείηηωαΪιΪοϐάμΪικθδκνμϐμφζίμΪείάν
ήνΰδνήθνιθκνσθΫξϐεφμκήεωάβήΪείηηωαΪιΪοϐάηΪήϐγηθ
ικβεωέΪάλίκ
ΑΪέάβημϐμφκβξείηϐέΪγδβηΪζίμΪείάβοήνΰδΪολίκ
ΗΪάϐλφμίαΪοβληνιΪηίεφηΪθμάθκβναΪήηϐγλμϐηπϐικβεΪήν
λίκ
ΗΪμβληϐμφαηβανηΪαΪοβληνιΪηίεφσθΫϑϑαΪδκβμβλίκ
Γδλνμρςθρδξοηκίγ
: Μδΰδζξδιίροίαλςαίμϋ
ΎίμΪεϐάλίκίήβηϐικβεΪήνζθΰνμφΫνμβέθλμκβζβκίδθζίηήνώζθ
ηΪήωέμβαΪοβληϐκνδΪάβπϐ
ΗΪμβληϐμφαηβανηΪαΪοβληνιΪηίεφσθΫϑϑάϐήδκβμβ
ΌβμωέηϐμφμκβζΪραΪοβληθϑιΪηίεϐαθμάθκννηβΰηϐγλμϐηπϐ
ικβεΪήν
ΞϐεφμκήεωάβήΪείηηωαΪιΪονάΪΰδβγμθζνιϐήμκβζνγμίγθέθ
θήηϐώψκνδθψαηβανϐαηϐζΪγμί
ΌϐήδκνμϐμφκβξείηϐέΪγδβμΪάϐήδκβγμίζίμΪείάϐήνΰδβσθΫ
άβγηωμβξϐεφμκήεωάβήΪείηηωαΪιΪονλίκ
ΘήβηαΪθήηβζθΫίκίΰηθιθλεΪΫμίέάβημβμΪάβδκνμϐμφϐοήθ
νιθκν
ΌλμΪάμί άίεβδβγ ιΪείπφ ά θμάϐκ μΪ ηΪμβληϐμφ άέθκν ηΪ ικνΰβηηβγ
αΪμβλδΪρλίκ
ΌβγζϐμφικβεΪή
Αϕγμνακδμμώσϕκϋροίγκώαηγίκδμμώζίξίτς
ΣθΫαΪΫίαιίρβμβικθήνδμβάηϐλμφξϐεφμκΪπϐϑαΪιΪονκίέίηίκνγμί
ξϐεφμκήεωάβήΪείηηωαΪιΪονιϐήρΪληθκζΪεφηθϑκθΫθμβσθήηω
ΫεβαφδθĂέθήβηβδθΰηϐĂζϐλωπϐ
ΌβζθΰίμίκίέίηίκνάΪμβξϐεφμκήεωάβήΪείηηωαΪιΪονν
λμΪηήΪκμηϐγήνοθάϐγςΪξϐ
: Μδΰδζξδιίνξϕιϕα
ΙϐλεωάϐήηθάείηηωξϐεφμκήεωάβήΪείηηωαΪιΪοναΪεβςΪώμφλω
έΪκωρβζικθμωέθζμκβάΪεθέθρΪλνΗίμθκδΪγμίλωξϐεφμκήεω
άβήΪείηηω αΪιΪον άϐήκΪαν ιϐλεω άϐήηθάείηηω λιθρΪμδν ήΪγμί γθζν
θοθεθηνμβ
ΙθδεΪήϐμφέΪκωρβγξϐεφμκήεωάβήΪείηηωαΪιΪονηΪμίκζθλμϐγδν
ιϐήλμΪάδνήεωθοθεθήΰίηηω
Αιίζϕαιη
■ ΞϐεφμκήεωάβήΪείηηωαΪιΪονζθΰηΪκίέίηίκνάΪμβήθμβ
κΪαϐάϐιθμκϐΫηθαΪζϐηβμβικβαάβρΪγηϐγκθΫθμϐσθήηωΫεβαφδθ
ĂέθήβηβηίιϐαηϐςίηϐΰρίκίαĂκθδϐά
■ ΩδσθάϐήηθάεψάΪηβγξϐεφμκήεωάβήΪείηηωαΪιΪονάιΪάάϐηζϐέ
ιθςδθήβμβλω
ΙθςδθήΰίηηωηίαΪάΰήβάβήηθααθάηϐΝμβεϐανγμίμΪαΪζϐηϐμφ
άϐήηθάεψάΪηβγξϐεφμκήεωάβήΪείηηωαΪιΪονσθάιΪά
■ ΗϐδθεβηίθρβσνγμίξϐεφμκήεωάβήΪείηηωαΪιΪοναΪλθΫΪζβήεω
θρβσίηηωάθήθψνιθλνήθζβγηϐγζΪςβηϐΪΫθάθεθέθψ
έΪηρϐκδθψ
■ ΣθΫηίιθήκωιΪμβήίδθήεωάβιϐδΪηηωιθδεΪήϐμφξϐεφμκήεω
άβήΪείηηωαΪιΪονηΪκίςϐμδν

■ ΚίέίηίκνγμίξϐεφμκήεωάβήΪείηηωαΪιΪοναΪμίζιίκΪμνκβ
ζΪδλβζνζ & κίπβκδνεωπϐω
: Ηί κίέίηίκνγμί ξϐεφμκ ήεω
άβήΪείηηωαΪιΪοναΪήθιθζθέθψξνηδπϐϑθρβσίηηωήνοθάδβ
ιϐκθεϐα
■ ΙϐήρΪλκίέίηίκΪπϐϑξϐεφμκΪήεωάβήΪείηηωαΪιΪονζθΰνμφ
νμάθκψάΪμβλωαΪιΪοβΙίκίδθηΪγμίλωσθικβζϐσίηηωήθΫκί
ικθάϐμκψώμφλωΌϐήδκβγμίάϐδηθ
ΗΪμβληϐμφαηβανηΪαΪοβληνιΪηίεφσθΫϑϑάϐήδκβμβ
ΞϐεφμκήεωάβήΪείηηωαΪιΪονάΪΰδβγμθζνιϐήμκβζνγμίγθέθ
θήηϐώψκνδθψαηβανϐαηϐζΪγμί
ΙθιίκίήηφθκθαϐέκϐγμίήνοθάνςΪξναΪμίζιίκΪμνκβζΪδλβζνζ
&κίπβκδνεωπϐω
:
ΌβδθηΪγμί κίέίηίκΪπϐψ ξϐεφμκΪ ήεω άβήΪείηηω αΪιΪον ικθμωέθζ
οάβεβηνήνοθάϐγςΪξϐαΪμίζιίκΪμνκβζΪδλβζνζ &
κίπβκδνεωπϐω
:
ΙίκίδθηΪγμίλω σθ ικβζϐσίηηω ήθΫκί ικθάϐμκψώμφλω Όϐήδκβγμί
άϐδηθ
ΎΪγμίξϐεφμκνήεωάβήΪείηηωαΪιΪονθοθεθηνμβ
ΌλμΪάμίξϐεφμκήεωάβήΪείηηωαΪιΪοϐάμΪικθδκνμϐμφζίμΪείάν
ήνΰδνήθνιθκνσθΫξϐεφμκήεωάβήΪείηηωαΪιΪοϐάηΪήϐγηθ
ικβεωέΪάλίκ
ΑΪέάβημϐμφκβξείηϐέΪγδβηΪζίμΪείάβοήνΰδΪολίκ
ΗΪμβληϐμφαηβανηΪαΪοβληνιΪηίεφσθΫϑϑαΪδκβμβλίκ


