
*9001544596*
Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
ü 0RQWDMWɊOLPDW×
Ò Οωινανγπρανζίλνμρίε
Ö 0RQWiçQtQiYRG
× 0RQWHULQJVYHMOHGQLQJ
Ù
Û ,QVWUXFFLRQHVGHPRQWDMH
Ü 3DLJDOGXVMXKHQG
Ý $VHQQXVRKMH
Þ 1RWLFHGHPRQWDJH
à 8SXWH]DPRQWDçX
â ,VWUX]LRQLSHULOPRQWDJJLR
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
æ ξίρπρανζίλνμρίεί
é ,QVWDOODWLHYRRUVFKULIW
ê 0RQWHULQJVYHLOHGQLQJ
ë ,QVWUXNFMDPRQWDŰX
ì ,QVWUXo}HVGHPRQWDJHP
í ,QVWUXFŘLXQLGHPRQWDM
î Ημπροςιυηώξνλνμρίες
ï 0RQWiçQ\QiYRG
ð 1DYRGLOD]DPRQWDçR
ñ 8GKs]LPSsUPRQWLP
ó 0RQWHULQJVDQYLVQLQJ
ô 0RQWDMN×ODYX]X
[
[
[
[
PP
PP
PP
PP


de
Ø
0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
9HUOHW]XQJVJHIDKU
,VW GDV *HUlW QLFKW RUGQXQJVJHPl EHIHVWLJW NDQQ HV KHUDEIDOOHQ
$OOH%HIHVWLJXQJVHOHPHQWHPVVHQIHVWXQGVLFKHUPRQWLHUWZHU
GHQ
6WURPVFKODJJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ'DV
$QVFKOXVVNDEHONDQQEHVFKlGLJWZHUGHQ$QVFKOXVVNDEHOZlK
UHQGGHU,QVWDOODWLRQQLFKWNQLFNHQRGHUHLQNOHPPHQ
9HUOHW]XQJVJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]
KDQGVFKXKHWUDJHQ
(UVWLFNXQJVJHIDKU
9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU
SDFNXQJVPDWHULDOVSLHOHQODVVHQ
,QVWDOODWLRQ
$FKWXQJ
6WHOOHQ6LHVLFKHUGDVVVLFKLP%HUHLFKGHU%RKUXQJHQNHLQH
6WURPOHLWXQJHQ*DVRGHU:DVVHUURKUHEHILQGHQ
+LQZHLV 'LH3RVLWLRQGHV8POXIWPRGXOVEH]LHKWVLFKDXIGLH
2EHUNDQWHGHU.DPLQYHUEOHQGXQJ
■ 3RVLWLRQHQIUGLH6FKUDXEHQXQGGLH.RQWXUGHV(LQKlQJHEH
UHLFKVDQ]HLFKQHQ
/|FKHUPLWPPXQG%RKUWLHIHPPERKUHQXQGGLH'EHO
ZDQGEQGLJHLQGUFNHQ%LOG
■ $NWLYNRKOHILOWHUKHUDXVQHKPHQXQGGLH)ROLHHQWIHUQHQ%LOG
■ 'DV8POXIWPRGXOXQGGHQ+DOWHZLQNHOIUGLH.DPLQYHUEOHQ
GXQJDQVFKUDXEHQ%LOG
■ 6FKODXFKPLWGHQ]ZHL5RKUVFKHOOHQDP8POXIWPRGXOXQGDP
/XIWVWXW]HQGHU'XQVWDE]XJVKDXEHEHIHVWLJHQ
6FKODXFKPXVVVWUDIIVHLQEHL%HGDUINU]HQ%LOG
■ .DPLQYHUEOHQGXQJDXIVHW]HQXQG]ZLVFKHQ+DOWHZLQNHOXQG
:DQGHLQNOHPPHQ%LOG
6FKOLW]HGHULQQHUHQ.DPLQYHUEOHQGXQJQDFKXQWHQ
■ $NWLYNRKOHILOWHUHLQVHW]HQ%LOG
■ %OHQGHVFKUlJDQVHW]HQOHLFKWQDFKREHQGUFNHQXQGQDFK
KLQWHQVFKLHEHQ'LH$XVVSDUXQJHQDQGHU%OHQGHPVVHQ
GDEHLEHUGLH6LFKHUXQJVERO]HQJHIKUWZHUGHQ%LOG
*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$ENKOHQDXIHLQHKLW]HEHVWlQGLJH
8QWHUODJHOHJHQ
+LQZHLVH
■ 'HU*HUXFKVILOWHUNDQQELV]XPDOUHJHQHULHUWZHUGHQXQG
PXVVEHLQRUPDOHP%HWULHEWlJOLFKFLUFD 6WXQGHVSlWHVWHQV
QDFK -DKUHQDXVJHWDXVFKWZHUGHQ
■ :HQQHLQUHJHQHULHUEDUHU*HUXFKVILOWHUKHUXQWHUIlOOWNDQQGLH
VHUEHVFKlGLJWZHUGHQ
'LH%HVFKlGLJXQJHQVLQGYRQDXHQQLFKWLPPHUVLFKWEDU(QW
VRUJHQ XQG HUVHW]HQ 6LH GHQ KHUXQWHUJHIDOOHQHQ UHJHQHULHUEDUHQ
*HUXFKVILOWHU
■ 'HQ *HUXFKVILOWHU QLH PLW 5HLQLJHUQ PLW :DVVHU LQ GHU *HVFKLUU
VSOPDVFKLQHRGHUPLWHLQHPQDVVHQ7XFKUHLQLJHQ
■ 8PGDV%DFNEOHFKQLFKW]X]HUNUDW]HQOHJHQ6LHGHQ*HUXFKV
ILOWHUDXIHLQHQ5RVW
■ 'HQ *HUXFKVILOWHU EHL PD[LPDO & 8POXIW : UHJHQHULHUHQ
'HQ*HUXFKVILOWHUQLFKWPLWGHU2IHQUHLQLJXQJVIXQNWLRQ
3\URO\VHUHJHQHULHUHQ
■ %HLP5HJHQHULHUHQGHV*HUXFKVILOWHUVNDQQHV]X*HUXFKVHQW
ZLFNOXQJ NRPPHQ 6LFKHUVWHOOHQ GDVV GHU 5DXP JXW EHOIWHW LVW
(LQ)HQVWHU|IIQHQ
'LH%OHQGHHQWIHUQHQ %LOG
'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGLHVHQDXVEDXHQ %LOG
'HQ%DFNRIHQDXIPD[LPDO&8POXIW :YRUKHL]HQ
'HQ*HUXFKVILOWHUIU 0LQXWHQLP%DFNRIHQEHLPD[LPDO
&8POXIW
:UHJHQHULHUHQ
6LFKHUVWHOOHQ GDVV GHU 5DXP JXW EHOIWHW LVW (LQ )HQVWHU |IIQHQ
'HQ*HUXFKVILOWHUDENKOHQODVVHQ
'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGHQUHJHQHULHUWHQ*HUXFKVILOWHUHLQVHW
]HQ
'LH%OHQGHHLQVHW]HQ
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
5LVNRILQMXU\
7KH DSSOLDQFH PD\ IDOO GRZQ LI LW KDV QRW EHHQ SURSHUO\ IDVWHQHG LQ
SODFH$OOIDVWHQLQJFRPSRQHQWVPXVWEHIL[HGILUPO\DQGVHFXUHO\
5LVNRIHOHFWULFVKRFN
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV7KHVH
PD\GDPDJHWKHFRQQHFWLQJFDEOH'RQRWNLQNRUSLQFKWKH
FRQQHFWLQJFDEOHGXULQJLQVWDOODWLRQ
5LVNRILQMXU\
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU
SURWHFWLYHJORYHV
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
,QVWDOODWLRQ
&DXWLRQ
(QVXUHWKDWWKHUHDUHQRHOHFWULFZLUHVJDVRUZDWHUSLSHVLQWKH
DUHDZKHUHKROHVDUHWREHPDGH
1RWH 7KHSRVLWLRQRIWKHUHFLUFXODWLRQPRGXOHFRUUHVSRQGVWRWKH
XSSHUHGJHRIWKHIOXHGXFW
■ 0DUN SRVLWLRQV IRU WKH VFUHZV DQG WKH FRQWRXU RI WKH DWWDFKPHQW
DUHD
'ULOO PP KROHV WR D GHSWK RI PP DQG SUHVV WKH ZDOO SOXJV
IOXVKZLWKWKHZDOO²)LJ
■ 5HPRYHWKHDFWLYDWHGFDUERQILOWHUDQGWKHIRLO²)LJ
■ 6FUHZ RQ WKH UHFLUFXODWLRQ PRGXOH DQG IL[LQJ EUDFNHW IRU WKH IOXH
GXFW²)LJ
■ )L[WKHKRVHZLWKWKHWZRSLSHEUDFNHWVWRWKHUHFLUFXODWLRQ
PRGXOHDQGWKHDLUSLSHFRQQHFWRUIRUWKHH[WUDFWRUKRRG
7KHKRVHPXVWEHWDXWVKRUWHQLWLIQHFHVVDU\²)LJ
■ 3RVLWLRQWKHIOXHGXFWDQGFODPSLWEHWZHHQWKHIL[LQJEUDFNHW
DQGWKHZDOO²)LJ
7KHVORWVRIWKHLQQHUIOXHGXFWSRLQWGRZQZDUGV
■ ,QVHUWWKHDFWLYDWHGFDUERQILOWHU²)LJ
■ 3RVLWLRQWKHSDQHOGLDJRQDOO\JHQWO\SXVKLWXSZDUGVDQG
EDFNZDUGV 7KH SDQHO PXVW EH UHFHVVHG XVLQJ WKH VDIHW\ EROWV ²
)LJ
5HJHQHUDWLQJWKHRGRXUILOWHU
7RJXDUDQWHHWKHRGRXUILOWHUSRZHUUHJHQHUDWHWKHRGRXUILOWHU
ZLWKQRUPDOXVHGDLO\IRUDSSUR[RQHKRXUHYHU\²PRQWKV
<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
■ 7KHRGRXUILOWHUFDQEHUHJHQHUDWHGXSWRWLPHVDQGPXVWEH
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$LU
:'RQRWUHJHQHUDWHWKHRGRXUILOWHUZLWKWKHRYHQFOHDQLQJ
IXQFWLRQS\URO\WLFVHOIFOHDQ
■ 2GRXUV PD\ GHYHORS ZKHQ UHJHQHUDWLQJ WKH RGRXU ILOWHU (QVXUH
WKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
5HPRYHWKHSDQHO )LJ
7KH RGRXU ILOWHU LV KHDY\ VR \RX VKRXOG WDNH KROG RI WKH RGRXU ILOWHU
ZLWKRQHKDQGIURPEHORZDQGUHPRYHLW )LJ
3UHKHDWWKHRYHQWRDPD[LPXPRI &+RW$LU :
5HJHQHUDWHWKHRGRXUILOWHULQWKHRYHQIRU PLQXWHVDWD
PD[LPXPRI &+RW$LU :
(QVXUHWKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
$OORZWKHRGRXUILOWHUWRFRROGRZQ
7KH RGRXU ILOWHU LV KHDY\ VR \RX VKRXOG WDNH KROG RI WKH RGRXU ILOWHU
ZLWK RQH KDQG IURP EHORZ DQG LQVHUW WKH UHJHQHUDWHG RGRXU ILOWHU
,QVHUWWKHSDQHO
az
ü 0RQWDMWɊOLPDW×
: 9DFLEWɊKONɊVL]OLNTD\GDODU×
%X TD\GDODU× GLTTɊWOɊ R[X\XQ <DOQ×] R ]DPDQ FLKD]× WɊKONɊVL] YɊ
GFLKD]×WɊKONɊVL]YɊG]JQLGDUɊHGɊELOɊUVLQL]ĮVWLIDGɊYɊ
PRQWDMNLWDEoDV×Q×VRQUDN×LVWLIDGɊYɊ\DVRQUDGDQLVWLIDGɊHGɊQ
oQVD[OD\×Q
<DOQ×]SHüɊNDUPWɊ[ɊVLVJ|VWɊULüLQɊX\ùXQRODUDTPYDILT
TXUDüG×U×OPDLVWLIDGɊ]DPDQ×WɊKONɊVL]OL\LWɊPLQHWPLüROXU
4XUDüG×UDQXVWDTRüXODQ\HUGɊG]JQLüOɊPɊVLoQPɊVXOL\\ɊW
GDü×\×U
<DUDODQPDWɊKONɊVL
&LKD] TD\GD\D X\ùXQ EɊUNLGLOPɊ]VɊ R GüɊ ELOɊU %WQ EɊUNLWPɊ
HOHPHQWOɊULEɊUNYɊWɊKONɊVL]PRQWDMHGLOPɊOLGLUOɊU
&ɊUɊ\DQYXUPDWɊKONɊVL
&LKD]×Q LoLQGɊNL TXUXOPD KLVVɊOɊUL PDLOL ROD ELOɊU %LUOɊüGLUPɊ NDEHOL
]ɊGɊOɊQPLüRODELOɊU4XUDüG×UPD]DPDQ×ELUOɊüGLUPɊNDEHOLQL
Ɋ\PɊ\LQYɊ\DLOLüGLUPɊ\LQ
<DUDODQPDWɊKONɊVL
&LKD]×QLoLQGɊNLTXUXOPDKLVVɊOɊUL4RUX\XFXɊOFɊNJH\LQLQ
%RùXOPDWɊKONɊVL
4DEODüG×UPDPDWHULDOODU×XüDTODUoQWɊKONɊOLGLU4R\PD\×Q
XüDT×DUTDEODüG×UPDPDWHULDO×QQDQR\QDV×Q
4XUDüG×UPD
'LTTɊW
'ɊOL\LQ Do×OG×ù× KLVVɊGɊ FɊUɊ\DQ [ɊWOɊULQLQ TD] \D[XG VX [ɊWOɊULQLQ
ROPDG×ù×QGDQɊPLQROXQ
4H\G +DYDODQG×UPD PRGXOXQXQ P|YTH\L KɊPLüɊ EDFD ]O\QQ
\X[DU×NɊQDU×QDüDPLORROXQXU
■ $V×OPDVDKɊVLQLQYLQWOɊULYɊNRQWXUXoQP|YTHOɊULoɊNPɊN
PPYɊGHüPɊGɊULQOL\LPPRODQGHüLNOɊUDoPDTYɊ
W×[DFODU×GLYDU×QLoLQɊNLSüɊNLOGɊV×[PDTüɊNLO
■ $NWLYN|PUILOWULQLo×[DUGDUDTTDEODüG×UPDVHOORIDQ×Q×
NɊQDUODüG×UPDTûɊNLO
■ %DFD]O\oQKDYDODQG×UPDPRGXOXYɊWXWDFDTEXFDù×Q×
EXUXEYLQWOɊPɊNüɊNLO
■ ĮNLɊGɊGERUX[DPXWXYDVLWɊVLOɊüODQT×KDYDODQG×UPDPRGXOXYɊ
DVSLUDWRUXQKDYDTROERUXVXQDEɊUNLWPɊN
ûODQTWDU×PROPDO×G×UHKWL\DFRODUVDT×VDOG×OPDO×G×UûɊNLO
■ %DFD ]O\Q RWXUGDUDT WXWDFDT EXFDù× LOɊ GLYDU DUDV×QGD V×[×E
EɊUNLWPɊNüɊNLO
'D[LOLEDFD]O\QDüDù×\DGRùUXNɊV
■ $NWLYN|PUILOWULQL\HULQɊNHoLUPɊNûɊNLO
■ 'HNRUDWLYSODQNDQ×oɊSLQɊRWXUWPDTOD\QJOFɊ\X[DU×V×[DUDT
DU[D\DGRùUXLWɊOɊPɊN%X]DPDQGHNRUDWLYSODQNDODUGDN×
QRYoDODUWɊKONɊVL]OLNEROWODU×]ɊULQGɊQDSDU×OPDO×G×UûɊNLO
4R[XILOWULQLEɊUSDHWPɊN
4R[XILOWULQLQPɊKVXOGDUO×ù×Q×WɊPLQHWPɊNoQTR[XILOWULQLKɊU
D\GDQELUQRUPDOoDO×üPD]DPDQ×JQGɊOLNWɊTUVDDWEɊUSD
HGLQ
4R[XILOWULQLVDW×üGDRODQELüLUPɊVREDV×QGDEɊUSDHGɊELOɊUVLQL]
: <DQPDWɊKONɊVL
4R[XILOWULEɊUSDHGLOGLNGɊQVRQUDX]XQPGGɊWoR[TD\QDUROXU
%ɊUSDGDQ GɊUKDO VRQUD TR[X ILOWULQɊ WR[XQPD\×Q ɊNVLQɊ VR\XPDùD
EXUD[×Q
4D\QDUTR[XILOWULQLVR\XPDV×oQLVWL\ɊGDYDPO×DOWO×ù×QVWQɊ
TR\XQ
4H\GOɊU
■ 4R[XILOWULGɊIɊ\ɊTɊGɊUEɊUSDHGLOɊELOɊUYɊQRUPDOoDO×üPD
]DPDQ×JQGɊVDDWɊQJHFLLOGɊQVRQUDGɊ\LüGLULOPɊOLGLU
■ ƁJɊUEɊUSDHGLOɊELOɊQTR[XILOWUL\HUɊGüɊUVɊ]ɊGɊOɊQɊELOɊU
=ɊGɊOɊQPɊOɊU[DULFGɊQKHoGɊKɊPLüɊJ|UQPU<HUɊGüPü
HGLOɊELOɊQTR[XILOWULQLXWLOL]DVL\DHGɊUɊNGɊ\LüGLULQ
■ 4R[X ILOWULQL WɊPL]OɊ\LFLOɊUOɊ VX LOɊ TDE\X\DQ PDü×QGD YɊ \D \Dü
GɊVPDOODWɊPL]OɊPɊ\LQ
■ %LüLUPɊVLQLVLQLF×]PDPDToQTR[XILOWULQLELUWRUXQVWQɊ
TR\XQ
■ 4R[XILOWULQLPDNVLPXP &VLUNXO\DVL\D :EɊUSDHWPɊN
4R[XILOWULQLVREDWɊPL]OɊPɊIXQNVL\DV×LOɊSLUROL]EɊUSD
HWPɊ\LQ
■ 4R[XILOWULQLQEɊUSDHGɊUNɊQTR[XODU\DUDQDELOɊU2WDù×Q\D[ü×
KDYDODQG×U×OG×ù×QGDQɊPLQROXQ%LUSɊQFɊUɊQLDo×Q
'HNRUDWLYSODQNDQ×NɊQDUODüG×UPDT üɊN
4R[XILOWULDù×UG×URQDJ|UɊGɊELUɊOOɊDüDù×GDQTR[XILOWULQL
WXWDUDTRQXV|NQ üɊN
%LüLUPɊVREDV×Q×PDNVLPXP&VLUNXO\DVL\D :|Q
T×]G×UPDT
4R[X ILOWULQL ELüLUPɊ VREDV×QGD GɊTLTɊOLN PDNVLPXP &
VLUNXO\DVL\D
:EɊUSDHWPɊN
2WDù×Q\D[ü×KDYDODQG×U×OG×ù×QGDQɊPLQROPDT%LUSɊQFɊUɊQL
Do×Q
4R[XILOWULQLVR\XPDùDEXUD[×Q
4R[XILOWULDù×UG×URQDJ|UɊGɊELUɊOOɊDüDù×GDQTR[XILOWULQL
WXWDUDTEɊUSDROXQPXüTR[XILOWULQLNHoLUWPɊN
'HNRUDWLYSODQNDQ×\HULQɊRWXUWPDT
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
: Αίεμηςιίζίμηώζίΰδζνξίπμνπρ
ΌηβζΪμίεηθ ικθρίμίμί μθάΪ κτδθάθήλμάθ ΛΪζθ μθέΪάΪ ζθΰίμί ήΪ
βαιθεαάΪμίνκίήΪλβΫίαθιΪληθβικΪάβεηθΚτδθάθήλμάθμθαΪ
νιθμκίΫΪβζθημΪΰήΪλίλτοκΪηωάΪαΪιθδτληΪνιθμκίΫΪβεβαΪ
λείήάΪσβωλθΫλμάίηβδ
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθβηλμκνδπβωμΪαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
Νξίπμνπρνρμίοίμώαίμδ
ΊδθνκίήτμηίίικΪάβεηθαΪδκίιίημθγζθΰίήΪιΪήηίΌλβρδβ
ίείζίημβαΪαΪδκίιάΪηίμκωΫάΪήΪλΪαήκΪάθβΫίαθιΪληθ
ζθημβκΪηβ
Νξίπμνπρνρρνιναςγίο
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΔΪΫίετμαΪ
λάτκαάΪηίζθΰίήΪλίιθάκίήβΔΪΫίετμαΪλάτκαάΪηίιθάκίζί
ηΪβηλμΪεΪπβωμΪηίΫβάΪήΪλίθέτάΪβεβαΪσβιάΪ
Νξίπμνπρνρμίοίμώαίμδ
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
Νξίπμνπρνρζίγςχίαίμδ
ΘιΪδθάτρηβωμζΪμίκβΪείθιΪλίηαΪήίπΪΗβδθέΪηί
ιθαάθεωάΪγμίηΪήίπΪήΪβέκΪωμλθιΪδθάτρηβωζΪμίκβΪε
0νμρίε
Αμηλίμηδ
ΝάίκίμίλίρίάαθηΪμΪηΪθμάθκβμίηωζΪίείδμκβρίλδβ
ικθάθήηβπβμκτΫβαΪέΪαβεβαΪάθήΪ
ιίζίμηδ ΙθαβπβωμΪηΪζθήνεΪαΪκίπβκδνεβκΪσβωάταήνολί
θμηΪλωήθέθκηβωκτΫηΪθΫςβάδΪμΪηΪήβζθθμάθήΪ
■ ΘρίκμΪγμίιθαβπββμίηΪάβημθάίμίβδθημνκΪηΪαθηΪμΪηΪ
θδΪράΪηί
ΙκθΫβγμίθμάθκβλήβΪζίμτκ ζζβήτεΫθρβηΪ ζζβ
ικβμβληίμίήψΫίεβμίιετμηθήθλμίηΪμΪξβέ
■ ΒαάΪήίμίξβεμτκΪλΪδμβάίηάτέείηβλάΪείμίξθεβθμθξβέ

■ ΑΪάβημίμίζθήνεΪαΪκίπβκδνεβκΪσάταήνοβαΪήτκΰΪσβωμ
τέτεαΪθΫςβάδΪμΪηΪήβζθθμάθήΪξβέ
■ ΑΪδκίιίμίζΪκδνρΪλήάίλδθΫβαΪμκτΫβάτκονζθήνεΪαΪ
κίπβκδνεβκΪσάταήνοβηΪδκΪγηβδΪαΪάταήνοηΪΪΫλθκΫΪμθκΪ
ΖΪκδνρτμμκωΫάΪήΪίθΫμίέηΪμικβηνΰήΪλδτλίμίξβέ
■ ΙθλμΪάίμίθΫςβάδΪμΪηΪδθζβηΪβαΪοάΪηίμίζίΰήν
αΪήτκΰΪσβωάβηδίεβλμίηΪμΪξβέ
ΘμάθκτμηΪάτμκίςηΪμΪθΫςβάδΪηΪήβζθθμάθήΪίηΪήθεν
■ ΙθλμΪάίμίξβεμτκλΪδμβάίηάτέείηξβέ
■ ΙθλμΪάίμίλδθλίηθΫείηήΪμΪικβμβληίμίείδθηΪέθκίβ
ηΪμβληίμίηΪαΪήΘμάίκλμβωμΪιθΫείηήΪμΪμκωΫάΪήΪικίζβηΪμ
άτκονθΫίαθιΪλβμίεηβμίΫθεμθάίξβέ
Οδβδμδοηοίμδμίσηκρωοίζίληοηζλί
ΑΪήΪλίέΪκΪημβκΪζθσηθλμμΪηΪξβεμτκΪαΪζβκβαζβ
κίέίηίκβκΪγμίξβεμτκΪαΪζβκβαζβικβηθκζΪεηΪκΪΫθμΪ
ίΰίήηίάηθθδ ρΪληΪάλίδβ ζίλίπΪ
ΖθΰίμίήΪκίέίηίκβκΪμίξβεμτκΪαΪζβκβαζβάθΫβρΪγηΪξνκηΪ
: Νξίπμνπρνρηζβίοώμδ
ΞβεμτκτμαΪζΪαηβηΪθλμΪάΪήτεέθάκίζίλείήκίέίηίκβκΪηί
έθκίσΗίήθδθλάΪγμίξβεμτκΪαΪζβκβαζΪήβκίδμηθλείή
κίέίηίκβκΪηίΪιτκάθέθθλμΪάίμίήΪλίθοεΪήβ
ΙθλμΪάίμίέθκίσβωξβεμτκαΪζΪαηβηΪάτκοννλμθγρβάΪηΪ
μθιεβηΪιθήεθΰδΪαΪθοεΪΰήΪηί
ιίζίμηδ
■ ΞβεμτκτμαΪζβκβαζβζθΰίήΪλίκίέίηίκβκΪήθιτμββικβ
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
ΘμλμκΪηίμίΫείηήΪμΪ σηβ
ΞβεμτκτμαΪζβκβαζβίμίΰτδίμθαΪσθλίήηΪκτδΪοάΪηίμί
ιθήξβεμτκΪαΪζβκβαζββέθήίζθημβκΪγμί σηβ
ΙκίήάΪκβμίεηθαΪέκίγμίξνκηΪμΪήθζΪδλβζνζ&
πβκδνεΪπβωηΪάταήνοΪ
:
ΚίέίηίκβκΪγμί ξβεμτκΪ αΪ ζβκβαζβ αΪ ζβηνμβ άτά ξνκηΪμΪ
ικβζΪδλβζνζ &πβκδνεΪπβωηΪάταήνοΪ
:
ΝάίκίμίλίρίιθζίσίηβίμθίήθΫκίικθάίμκίηθΘμάθκίμί
ικθαθκίπ
ΘλμΪάίμίξβεμτκΪαΪζβκβαζΪήΪλίθοεΪήβ
ΞβεμτκτμαΪζβκβαζβίμίΰτδίμθαΪσθλίήηΪκτδΪοάΪηίμί
ιθήξβεμτκΪαΪζβκβαζββιθλμΪάίμίκίέίηίκβκΪηβωξβεμτκαΪ
ζβκβαζβ
ΙθλμΪάίμίΫείηήΪμΪ
cs
Ö
0RQWiçQtQiYRG
: 'ŤOHçLWiEH]SHĀQRVWQtXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRG-HGLQěWDNPŤçHWHVYŤMVSRWŒHELĀ
VSUiYQěD EH]SHĀQěSRXçtYDW1iYRGN SRXçLWtD QiYRGN PRQWiçL
XVFKRYHMWHSURSR]GěMåtSRXçLWtQHERSURGDOåtKRPDMLWHOH
%H]SHĀQpSRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpYHVWDYEě
SRGOH QiYRGX N PRQWiçL 7HFKQLN SURYiGěMtFt LQVWDODFL RGSRYtGi ]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
1HEH]SHĀtSRUDQěQt
3RNXGQHQtVSRWŒHELĀŒiGQěXSHYQěQìPŤçHVSDGQRXW9åHFKQ\
XSHYŃRYDFtSUYN\PXVtEìWSHYQěD EH]SHĀQěQDPRQWRYDQp
1HEH]SHĀt~UD]XHOHNWULFNìPSURXGHP
6RXĀiVWLXYQLWŒVSRWŒHELĀHPRKRXPtWRVWUpKUDQ\0ŤçHGRMtW
N SRåNR]HQtSŒLSRMRYDFtKRNDEHOX3ŒLSRMRYDFtNDEHOSŒLLQVWDODFL
QH]DODPXMWHDQLQHXVNŒtSQěWH
1HEH]SHĀt~UD]X
6RXĀiVWL XYQLWŒ VSRWŒHELĀH PRKRX PtW RVWUp KUDQ\ 1RVWH RFKUDQQp
UXNDYLFH
1HEH]SHĀtXGXåHQt
2EDORYìPDWHULiOMHQHEH]SHĀQìSURGěWL1LNG\QHGRYROWHGěWHP
DE\VLKUiO\V REDORYìPPDWHULiOHP
,QVWDODFH
3R]RU
8MLVWěWHVHçHVHY REODVWLYUWDQìFKRWYRUŤQHQDFKi]tçiGQp
SO\QRYpQHERYRGRYRGQtWUXEN\DQLHOHNWULFNiYHGHQt
8SR]RUQěQt 3RORKDPRGXOXQDFLUNXODFLVHY]WDKXMHN KRUQt
KUDQěNU\WXNRPtQX
■ 9\]QDĀWHVLSRORK\åURXEŤD REU\VREODVWL]DYěåHQt
9\YUWHMWHRWYRU\R PPD KORXEFH PPD ]DWODĀWHGRQLFK
KPRçGLQN\WDNDE\E\O\]DURYQDQpVH]Gt²REUi]HN
■ 9\MPěWHDNWLYQtXKOtNRYìILOWUD RGVWUDŃWHIyOLL²REUi]HN
■ 3ŒLåURXEXMWHPRGXOQDFLUNXODFLD SŒtGUçQì~KHOQtNSURNU\W
NRPtQX²REUi]HN
■ +DGLFLSŒLSHYQěWHGYěPDVSRQDPLN PRGXOXQDFLUNXODFL
D N KUGOXSURRGYRGY]GXFKXGLJHVWRŒH
+DGLFHPXVtEìWQDSQXWiY SŒtSDGěSRWŒHE\ML]NUDŚWH²
REUi]HN
■ 1DVDďWHNU\WNRPtQXD ]DNOHVQěWHKRPH]LSŒtGUçQì~KHOQtN
D VWěQX²REUi]HN
'UiçN\YQLWŒQtKRNU\WXNRPtQXPXVtVPěŒRYDWGROŤ
■ 1DVDďWHDNWLYQtXKOtNRYìILOWU²REUi]HN
■ 1DVDďWHåLNPRSDQHO]DWODĀWHKRPtUQěQDKRUXD ]DVXŃWH
GR]DGX 9\EUiQt Y SDQHOX VH SŒLWRP PXVt YpVW QDG ]DMLåŚRYDFtPL
ĀHS\²REUi]HN
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
2GVWUDŃWHNU\W REUi]HN
3DFKRYìILOWUMHWěçNìSURWRKR]HVSRGXXFKRSWHUXNRX
D GHPRQWXMWHKR REUi]HN
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
3DFKRYì ILOWU MH WěçNì SURWR KR ]HVSRGX XFKRSWH UXNRX D QDVDďWH
]UHJHQHURYDQìSDFKRYìILOWU
1DVDďWHNU\W

da
×
0RQWHULQJVYHMOHGQLQJ
: 9LJWLJHVLNNHUKHGVDQYLVQLQJHU
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHP'HWHUHQ
IRUXGVWQLQJIRUDWDSSDUDWHWNDQEHWMHQHVVLNNHUWRJNRUUHNW
2SEHYDUEUXJVRJPRQWDJHYHMOHGQLQJHQWLOVHQHUHEUXJHOOHUWLO
NRPPHQGHHMHUHDIDSSDUDWHW
6LNNHUKHGHQXQGHUEUXJHUNXQVLNUHWKYLVHPKWWHQHUEOHYHW
PRQWHUHWNRUUHNWLKWPRQWHULQJVYHMOHGQLQJHQ,QVWDOODW¡UHQKDU
DQVYDUHWIRUDWDSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
)DUHIRUWLOVNDGHNRPVW
+YLVDSSDUDWHWLNNHHUNRUUHNWIDVWJMRUWWLOYJJHQNDQGHQIDOGH
QHG$OOHEHIVWLJHOVHVHOHPHQWHUVNDOYUHPRQWHUHWIDVWRJ
VLNNHUW
)DUHIRUHOHNWULVNVW¡G
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
7LOVOXWQLQJVNDEOHWNDQEOLYHEHVNDGLJHW6¡UJIRUDW
WLOVOXWQLQJVNDEOHWLNNHInUNQNHOOHUNRPPHULNOHPPHXQGHU
LQVWDOODWLRQHQ
)DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
)DUHIRUNYOQLQJ
(PEDOODJHPDWHULDOHHUIDUOLJWIRUE¡UQ6¡UJIRUDWE¡UQLNNHOHJHU
PHGHPEDOODJHPDWHULDOH
,QVWDOOHULQJ
3DVSn
.RQWUROOHUDWGHULNNHHUHONDEOHUJDVHOOHUYDQGU¡ULRPUnGHW
KYRUGHUVNDOERUHVKXOOHU
%HPUN 5HFLUNXODWLRQVPRGXOHWVSODFHULQJDIKQJHUDI
DIWUNVLQGNOGQLQJHQVRYHUNDQW
■ 0DUNHUVNUXHUQHVSRVLWLRQHURJNRQWXUHQIRU
RSKQJQLQJVRPUnGHW
%RU KXOOHU PHG HQ GLDPHWHU Sn PP RJ HQ G\EGH Sn PP WLO
G\YOHUQH RJ WU\N G\YOHUQH LQG Vn GH IOXJWHU PHG YJJHQ ILJXU
■ 7DJGHWDNWLYHNXOILOWHUXGRJIMHUQIROLHQILJXU
■ 6NUXUHFLUNXODWLRQVPRGXOHWRJYLQNHOEHVODJHQHWLO
DIWUNVEHNOGQLQJHQIDVWILJXU
■ )DVWJ¡UVODQJHQSnUHFLUNXODWLRQVPRGXOHWRJSnHPKWWHQV
OXIWVWXGVPHGGHWRVSQGHEnQG
6ODQJHQ VNDO YUH VWUDNW XG 2P Q¡GYHQGLJW VNDO GHQ DINRUWHV
ILJXU
■ 6WDIWUNVLQGNOGQLQJHQSnRJNOHPGHQLQGPHOOHP
YLQNHOEHVODJHQHRJYJJHQILJXU
6OLGVHUQHSnGHQLQGYHQGLJHDIWUNVEHNOGQLQJVNDOYHQGH
QHGDG
■ 6WGHWDNWLYHNXOILOWHUSnSODGVILJXU
■ 6WSDQHOHWLQGSnVNUnWU\NGHWOHWRSDGRJVN\GGHWEDJXG
8GVSDULQJHUQH L SDQHOHW VNDO I¡UHV LQG RYHU OnVHEROWHQH ILJXU
5HJHQHUHUHOXJWILOWHU
)RUDWVLNUHRSWLPDOOXJWDEVRUSWLRQVNDOOXJWILOWUHWYHGQRUPDOGULIW
FD WLPHGDJOLJWUHJHQHUHUHVIRUKYHU PnQHGHU
/XJWILOWUHWNDQUHJHQHUHUHVLHQDOPLQGHOLJEDJHRYQ
: )DUHIRUIRUEUQGLQJ
/XJWILOWUHWHUPHJHWYDUPWLODQJWLGHIWHUUHJHQHUHULQJHQ5¡ULNNH
YHGOXJWILOWUHWXPLGGHOEDUWHIWHUUHJHQHUHULQJHQPHQODGGHWI¡UVW
N¡OHWLOVWUNNHOLJWDI
/JGHWYDUPHOXJWILOWHUWLODIN¡OLQJSnHWYDUPHEHVWDQGLJW
XQGHUODJ
$QYLVQLQJHU
■ /XJWILOWUHWNDQUHJHQHUHUHVRSWLOJDQJH9HGQRUPDO
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
)MHUQSDQHOHW ILJ
/XJWILOWUHW HU WXQJW KROG GHUIRU PHG GHQ HQH KnQG XQGHU OXJWILOWUHW
XQGHUDIPRQWDJHQ ILJ
2SYDUPRYQHQWLOPDNV&FLUNXODWLRQVOXIW :
5HJHQHUHU OXJWILOWUHW L PLQXWWHU L RYQHQ YHG PDNLPDOW &
FLUNXODWLRQVOXIW :
6¡UJIRUDWUXPPHWHUJRGWYHQWLOHUHW/XNHWYLQGXHRS
/DGOXJWILOWUHWN¡OHDI
/XJWILOWUHW HU WXQJW KROG GHUIRU PHG GHQ HQH KnQG XQGHU OXJWILOWUHW
PHQVGHWUHJHQHUHUHGHOXJWILOWHUVWWHVSnSODGV
6WSDQHOHW
el
Ù
:
¨
■
PPPP
■
■
■
■
■
■

·
:
■
■
■
■
■ &
:
■
·
&
:
&
:
·
es
Û
,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
£3HOLJURGHOHVLRQHV
6LHODSDUDWRQRHVWiILMDGRFRUUHFWDPHQWHSXHGHFDHUVH7RGRV
ORVHOHPHQWRVGHILMDFLyQGHEHQPRQWDUVHGHELGDPHQWH
£3HOLJURGHGHVFDUJDHOpFWULFD
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV(O
FDEOH GH FRQH[LyQ SRGUtD UHVXOWDU GDxDGR 1R GREODU QL DSULVLRQDU
HOFDEOHGHFRQH[LyQGXUDQWHODLQVWDODFLyQ
£3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
£3HOLJURGHDVIL[LD
(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH
ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH
,QVWDODFLyQ
£$WHQFLyQ
$VHJXUDUVHGHTXHQRKD\DFDEOHVHOpFWULFRVRWXEHUtDVGHJDVR
DJXDHQHOiUHDGRQGHVHYDDWDODGUDU
1RWD /DSRVLFLyQGHOPyGXORGHFLUFXODFLyQGHDLUHVHUHILHUHDO
ERUGHVXSHULRUGHOUHYHVWLPLHQWRGHODFDPSDQD
■ 'LEXMDU ODV SRVLFLRQHV SDUD ORV WRUQLOORV \ HO FRQWRUQR GH OD ]RQD
GHHQJDQFKH
7DODGUDU RULILFLRV FRQ XQ GLiPHWUR GH PP \ XQD SURIXQGLGDG GH
PP H LQWURGXFLU ORV WDFRV GH PDQHUD TXH TXHGHQ HQUDVDGRV
FRQODSDUHG)LJXUD
■ ([WUDHUHOILOWURGHFDUEyQDFWLYR\UHWLUDUHOSOiVWLFR)LJXUD
■ $WRUQLOODUHOPyGXORGHFLUFXODFLyQGHDLUH\ODHVFXDGUDGH
VXMHFLyQSDUDHOUHYHVWLPLHQWRGHODFKLPHQHD)LJXUD
■ )LMDUHOWXERFRQODVGRVDEUD]DGHUDVGHWXERDOPyGXORGH
FLUFXODFLyQGHDLUH\DODVDOLGDGHDLUHGHODFDPSDQD
H[WUDFWRUD
(OWXERGHEHTXHGDUHVWLUDGRDFRUWDUORHQFDVRQHFHVDULR
)LJXUD
■ &RORFDUHOUHYHVWLPLHQWRGHODFDPSDQD\ILMDUORHQWUHOD
HVFXDGUDGHVXMHFLyQ\ODSDUHG)LJXUD
5DQXUDVGHOUHYHVWLPLHQWRLQWHULRUGHODFDPSDQDKDFLDDEDMR
■ &RORFDUHOILOWURGHFDUERQRDFWLYR)LJXUD
■ &RORFDU OD PROGXUD HQ SRVLFLyQ LQFOLQDGD SUHVLRQDU OLJHUDPHQWH
KDFLD DUULED \ WLUDU KDFLD DEDMR /DV UDQXUDV GH OD PROGXUD GHEHQ
SDVDUVHDVtVREUHORVSHUQRVGHVHJXULGDG)LJXUD
5HJHQHUDUHOILOWURGHVRGRUL]DQWH
3DUDDVHJXUDUODSRWHQFLDGHOILOWURGHVRGRUL]DQWHFRQXQ
IXQFLRQDPLHQWRQRUPDODSUR[ KRUDGLDULDUHJHQHUDUHOILOWUR
FDGD PHVHV
(OILOWURGHVRGRUL]DQWHSXHGHUHJHQHUDUVHHQXQKRUQR
FRQYHQFLRQDO
: £3HOLJURGHTXHPDGXUDV
(OILOWURGHVRGRUL]DQWHSHUPDQHFHFDOLHQWHGXUDQWHXQWLHPSR
SURORQJDGRWUDVVXUHJHQHUDFLyQ1RWRFDUGLUHFWDPHQWHHOILOWUR
GHVRGRUL]DQWHWUDVVXUHJHQHUDFLyQGHMDUTXHVHHQIUtH
&RORFDUHOILOWURGHVRGRUL]DQWHFDOLHQWHVREUHXQDVXSHUILFLH
UHVLVWHQWHDOFDORUSDUDTXHVHHQIUtH
1RWDV
■ (O ILOWUR GHVRGRUL]DQWH SXHGH UHJHQHUDUVH KDVWD YHFHV \ FRQ
XQXVRQRUPDOGHDSUR[ KRUDDOGtDGHEHVXVWLWXLUVHDPiV
WDUGDUDOFDERGH DxRV
■ 6LXQILOWURGHVRGRUL]DQWHUHJHQHUDEOHVHFDHSXHGHGDxDUVH
/RVGDxRVQRVLHPSUHVHUiQYLVLEOHVSRUIXHUD'HVHFKDU\
UHHPSOD]DU HO ILOWUR GHVRGRUL]DQWH UHJHQHUDEOH TXH VH KD FDtGR
■ 1ROLPSLDUQXQFDORVILOWURVGHVRGRUL]DQWHVFRQDJXDHQHO
ODYDYDMLOODVRFRQXQWUDSRK~PHGR
■ 3DUDQRUD\DUODEDQGHMDGHKRUQRFRORFDUHOILOWUR
GHVRGRUL]DQWHVREUHXQDSDUULOOD
■ 5HJHQHUDUHOILOWURGHVRGRUL]DQWHD &FRPRPi[LPR
UHFLUFXODFLyQGHDLUH
:1RUHJHQHUDUHOILOWURGHVRGRUL]DQWH
FRQODIXQFLyQGHOLPSLH]DGHOKRUQROLPSLH]DSLUROtWLFD
■ (V SRVLEOH TXH VH SURGX]FDQ RORUHV GXUDQWH OD UHJHQHUDFLyQ GHO
ILOWURGHVRGRUL]DQWH$VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQ
YHQWLODGD$EULUXQDYHQWDQD
5HWLUDUODPROGXUD )LJ
(OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMR\UHWLUDUOR )LJ
3UHFDOHQWDUHOKRUQRDXQDWHPSHUDWXUDPi[LPDGH &
FLUFXODFLyQGHDLUH :
5HJHQHUDUHOILOWURGHVRGRUL]DQWHHQHOKRUQRD &FRPR
Pi[LPRFLUFXODFLyQGHDLUH :GXUDQWH PLQXWRV
$VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQYHQWLODGD$EULUXQD
YHQWDQD
'HMDUHQIULDUHOILOWURGHVRGRUL]DQWH
(OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMRHLQVHUWDUXQILOWURUHJHQHUDGR
,QVHUWDUODPROGXUD
et
Ü
3DLJDOGXVMXKHQG
: 2OXOLVHGRKXWXVQ}XGHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlEL6HOOHVWOHLDWHYDMDOLNXWHDEH
VHDGPHRKXWXNVMD}LJHNVNlVLWVHPLVHNV+RLGNHNDVXWXVMD
SDLJDOGXVMXKHQGDOOHVKLOLVHPDNVNDVXWDPLVHNVY}LVHDGPH
MlUJPLVWHRPDQLNHWDUYLV
7XUYDOLQHNDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQH
WRLPXEYDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWX
W||HHVWYDVWXWDESDLJDOGDMD
9LJDVWXVWHRKW
6HDGHPLVHLROHQ}XHWHNRKDVHOWNLQQLWDWXGY}LEDOODNXNNXGD
.}LNNLQQLWXVGHWDLOLGSHDYDGROHPDNLQGODOWMDRKXWXOWSDLJDOGDWXG

(OHNWULO||JLRKW
6HDGPH VLVHGHWDLOLG Y}LYDG ROOD WHUDYDWH VHUYDGHJD hKHQGXVMXKH
Y}LENDKMXVWDGDVDDGDhKHQGXVNDDEOLWHLWRKLSDLJDOGDPLVHDMDO
PXUGDHJDNLQQLNLLOXGD
9LJDVWXVWHRKW
6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
/lPEXPLVRKW
3DNNHPDWHUMDORQODVWHOHRKWOLN/DVWHOHLWRKLNXQDJLOXEDGD
SDNNHPDWHUMDOLJDPlQJLGD
3DLJDOGDPLQH
7lKHOHSDQX
9HHQGXJH HW SXXULWDYDV SLLUNRQQDV HL OHLGX HOHNWULMXKWPHLG JDDVL
HJDYHHWRUXVLG
0lUNXV ¯KXULQJOXVPRRGXOLDVHQGOlKWXEO}}ULNDWWHODVHUYDVW
■ 0lUNLJHPDKDNUXYLGHDVXNRKDGMDSDLJDOGXVSLLUNRQQDNRQWXXU
3XXULJHPPOlELP}}GXJDMDPPVJDYXVHGDXJXGMD
VXUXJHWEOLGVHLQDJDKHWDVDVLVVHMRRQLV
■ 9}WNHDNWLLYV|HILOWULGYlOMDMDHHPDOGDJHNLOHMRRQLV
■ .LQQLWDJH}KXULQJOXVPRRGXOMDO}}ULNDWWHNLQQLWXVQXUJLN
NUXYLGHJDMRRQLV
■ .LQQLWDJHYRROLNNDKHWRUXNODPEULJD}KXULQJOXVPRRGXOLMD
}KXSXKDVWL}KXOLLWPLNXNOJH
9RROLN SHDE ROHPD SLQJXO YDMDGXVH NRUUDO O}LJDNH VHH OKHPDNV
MRRQLV
■ $VHWDJHSHDOHO}}ULNDWHMDILNVHHULJHVHHNLQQLWXVQXUJLNXMD
VHLQDYDKHOHMRRQLV
6HHVPLVHO}}ULNDWWHSLOXGMllYDGDOODSRROH
■ 3DLJDOGDJHDNWLLYV|HILOWULGMRRQLV
■ $VHWDJHSDQHHONDOGHDOONRKDOHVXUXJHNHUJHOWOHVMDONDNH
WDKD3DQHHOLYlOMDO}LNHGSHDYDGVHHMXXUHVPLQHPDOH
NLQQLWXVSROWLGHMRRQLV
/}KQDILOWULUHJHQHUHHULPLQH
/}KQDILOWULW||NLQGOXVHWDJDPLVHNVUHJHQHHULJHO}KQDILOWULW
WDYDNDVXWXVHNRUUDOLJDSlHYXPEHVWXQGLJDNXXWDJDQW
/}KQDILOWULWVDDWHUHJHQHUHHULGDWDYDOLVHVNSVHWXVDKMXV
: 3}OHWXVRKW
/}KQDILOWHURQSlUDVWUHJHQHUHHULPLVWSLNNDDHJDNXXPbUJH
SXXGXWDJHO}KQDILOWULWYDKHWXOWSlUDVWUHJHQHUHHULPLVWYDLGODVNH
VHOOHON}LJHSHDOWSLLVDYDOWMDKWXGD
.XXPO}KQDILOWHUDVHWDJHMDKWXPLVHNVNXXPXVNLQGODOHDOXVHOH
0lUNXVHG
■ /}KQDILOWULWVDDEUHJHQHUHHULGDNXQLNRUGDMDWDYDNDVXWXVH
NRUUDOLJDSlHYDXPEHVWXQGWXOHEVHHKLOMHPDOWDDVWD
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
(HPDOGDJHSDQHHO MRRQLV
/}KQDILOWHURQUDVNHVHHSlUDVWKRLGNHO}KQDILOWULWKHNlHJDDOW
NLQQLMDHHPDOGDJHVHHVLLV MRRQLV
/DVNHDKMXONXXPHQHGDPDNVLPDDOWHPSHUDWXXULOH&
ULQJOHY}KN
:
5HJHQHUHHULJHO}KQDILOWULW PLQXWLYlOWHODKMXV
PDNVLPDDOWHPSHUDWXXULO &ULQJOHY}KN
:
9HHQGXJHHWUXXPRQKHDYHQWLODWVLRRQLJD$YDJHDNHQ
/DVNHO}KQDILOWULOMDKWXGD
/}KQDILOWHURQUDVNHVHHSlUDVWKRLGNHO}KQDILOWULWKHNlHJDDOW
NLQQLMDDVHWDJHUHJHQHUHHULWXGO}KQDILOWHUNRKDOH
$VHWDJHSDQHHONRKDOH
fi
Ý
$VHQQXVRKMH
: 7lUNHLWlWXUYDRKMHLWD
/XH WlPl Nl\WW|RKMH KXROHOOLVHVWL 9DVWD VLWWHQ YRLW Nl\WWll ODLWHWWDVL
WXUYDOOLVHVWLMDRLNHLQ6lLO\WlNl\WW|MDDVHQQXVRKMHP\|KHPSll
Nl\WW|lWDLVHXUDDYDDNl\WWlMllYDUWHQ
7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ
DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD
PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD
/RXNNDDQWXPLVYDDUD
-RVODLWHWWDHLROHNLLQQLWHWW\DVLDQPXNDLVHVWLVHYRLSXGRWD.DLNNL
NLLQQLW\VHOHPHQWLWSLWllNLLQQLWWllNXQQROODMDYDUPDVWL
6lKN|LVNXQYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW/LLWlQWlMRKWRYRLYDXULRLWXD9DUPLVWDHWWl
OLLWlQWlMRKWRHLWDLYXM\UNlOOHPXWNDOOHWDLMllSXULVWXNVLLQ
DVHQQXNVHQDLNDQD
/RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
7XNHKWXPLVYDDUD
3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ
OHLNNLlSDNNDXVPDWHULDDOLOOD
$VHQQXV
+XRPLR
9DUPLVWD HWWl SRUDWWDYLHQ UHLNLHQ DOXHHOOD HL ROH VlKN| NDDVX WDL
YHVLMRKWRMD
+XRPDXWXV .LHUWRLOPDPRGXXOLDVHQQHWDDQKRUPLVXRMXNVHQ
\OlUHXQDDQ
■ 0HUNLWVHUXXYLHQSDLNDWMDNLLQQLW\VDOXHHQllULYLLYDW
3RUDD UHLlW PP MD V\Y\\V PP MD SDLQD WXOSDW UHLNLLQ QLLQ
HWWlQHRYDWVDPDVVDWDVRVVDVHLQlQNDQVVDNXYD
■ 2WDDNWLLYLKLLOLVXRGDWLQSRLVSDLNDOWDDQMDSRLVWDIROLRNXYD
■ .LLQQLWlNLHUWRLOPDPRGXXOLMDKRUPLVXRMXNVHQNXOPDUDXGDW
UXXYHLOODNXYD
■ .LLQQLWl SXWNL NDKGHOOD SXWNHQNLLQQLWWLPHOOl NLHUWRLOPDPRGXXOLLQ MD
OLHVLWXXOHWWLPHQDVHQQXVNDXOXNVHHQ
3XWNHQSLWllROODNLUHlO\KHQQlWDUYLWWDHVVDNXYD
■ $VHWDKRUPLVXRMXVSDLNDOOHHQMDNLLQQLWlNDQQDWLQNXOPDQMD
VHLQlQYlOLLQNXYD
6LVHPPlQKRUPLVXRMXNVHQLOPDQYDLKWRDXNRWDODV
■ $VHQQDDNWLLYLKLLOLVXRGDWLQNXYD
■ $VHWDVXRMXVYLLVWRRQDVHQWRRQSDLQDNHY\HVWL\O|VSlLQMD
W\|QQlWDDNVHSlLQ2KMDDVXRMXNVHVVDROHYDWDXNRW
NLLQQLW\VSXOWWLHQSllOOHNXYD
+DMXVXRGDWWLPHQUHJHQHURLQWL
-RWWD KDMXVXRGDWWLPHQ WHKR VlLO\\ K\YlQl UHJHQHURL KDMXVXRGDWLQ
WDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQWXQWLNXXNDXGHQ
YlOHLQ
9RLWUHJHQHURLGDKDMXVXRGDWWLPHQWDYDQRPDLVHVVDXXQLVVD
: 3DORYDPPRMHQYDDUD
+DMXVXRGDWLQS\V\\UHJHQHURLQQLQMlONHHQNDXDQNXXPDQDbOl
NRVNHWD KDMXVXRGDWLQWD KHWL UHJHQHURLQQLQ MlONHHQ YDDQ DQQD VHQ
HQVLQMllKW\lULLWWlYlVWL
$VHWDNXXPDKDMXVXRGDWLQMllKW\PllQNXXPXXWWDNHVWlYlOOH
DOXVWDOOH
+XRPDXWXNVLD
■ +DMXVXRGDWLQYRLGDDQUHJHQHURLGDHQLQWllQNHUWDDMDVHRQ
YDLKGHWWDYDWDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQWXQWL
YLLPHLVWllQYXRGHQNXOXWWXD
■ +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

3RLVWDVXRMXV NXYD
+DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDRWDVHSRLVSDLNDOWDDQ NXYD
(VLOlPPLWlXXQLHQLQWllQOlPS|WLODDQ&NLHUWRLOPD :
5HJHQHURLKDMXVXRGDWLQWDPLQXXWWLDXXQLVVDHQLQWllQ
OlPS|WLODVVD &NLHUWRLOPD :
9DUPLVWDHWWlKXRQHHVVDRQK\YlWXXOHWXV$YDDLNNXQD
$QQDKDMXVXRGDWWLPHQMllKW\l
+DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDDVHWDUHJHQHURLWXKDMXVXRGDWLQ
SDLNDOOHHQ
$VHWDVXRMXVSDLNDOOHHQ
fr
Þ
1RWLFHGHPRQWDJH
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHPDQXHO&HQHVWTXDORUVTXHYRXVSRXUUH]
XWLOLVHU YRWUH DSSDUHLO FRUUHFWHPHQW HW HQ WRXWH VpFXULWp &RQVHUYHU
ODQRWLFHGXWLOLVDWLRQHWGHPRQWDJHSRXUXQXVDJHXOWpULHXURX
SRXUOHSURSULpWDLUHVXLYDQW
/DVpFXULWpGHO·DSSDUHLOjO·XVDJHHVWJDUDQWLHV·LODpWpHQFDVWUp
FRQIRUPpPHQWjODQRWLFHGHPRQWDJH/HPRQWHXUHVW
UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO HVW
LQVWDOOp
5LVTXHGHEOHVVXUH
6LODSSDUHLOQHVWSDVFRUUHFWHPHQWIL[pLOSHXWWRPEHU7RXVOHV
pOpPHQWVGHIL[DWLRQGRLYHQWrWUHPRQWpVVROLGHPHQWHWGHIDoRQ
VUH
5LVTXHGHFKRFpOHFWULTXH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV,O\DULVTXHGHQGRPPDJHPHQWGXFkEOHGDOLPHQWDWLRQ
3HQGDQWO·LQVWDOODWLRQYHLOOHUjQHSDVSOLHUQLFRLQFHUOHFkEOH
G·DOLPHQWDWLRQ
5LVTXHGHEOHVVXUH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5LVTXHGDVSK\[LH
/HPDWpULHOGHPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H
SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[
G·HPEDOODJH
,QVWDOODWLRQ
$WWHQWLRQ
9HLOOH] j FH TXLO Q\ DLW SDV GH FRQGXLWHV pOHFWULTXHV GH WX\DX[ GH
JD]RXGHDXDXQLYHDXGHVSHUoDJHV
5HPDUTXH /DSRVLWLRQGXPRGXOHGHUHF\FODJHVHUDSSRUWHVH
UDSSRUWHjODUrWHVXSpULHXUHGXFDSRWGHFKHPLQpH
■ 0DUTXHUOHVHPSODFHPHQWVGHVYLVHWOHFRQWRXUGHOD]RQH
G·DFFURFKDJH
3HUFHUGHVWURXVGHPPHWGXQHSURIRQGHXUGHPPHW
HQIRQFHUOHVFKHYLOOHVjIOHXUGXPXUILJ
■ 5HWLUHUOHILOWUHjFKDUERQDFWLIHWHQOHYHUOHILOPILJ
■ 9LVVHUOHPRGXOHGHUHF\FODJHHWODFRUQLqUHSRXUOHFDSRWGH
FKHPLQpHILJ
■ )L[H] OH IOH[LEOH DYHF OHV GHX[ FROOLHUV DX PRGXOH GH UHF\FODJH HW
DXPDQFKRQGDLUGHODKRWWH
/HIOH[LEOHGRLWrWUHWHQGXOHUDFFRXUFLUVLQpFHVVDLUHILJ
■ 3RVHUOHFDSRWGHFKHPLQpHHWOHVHUUHUHQWUHODFRUQLqUHGH
UHWHQXHHWOHPXUILJ
/HVRXwHVGXFDSRWLQWpULHXUGHFKHPLQpHUHJDUGHQWYHUVOHEDV
■ 0HWWUHHQSODFHOHILOWUHjFKDUERQDFWLIILJ
■ 3RVLWLRQQHUOHFDSRWHQOLQFOLQDQWODSSX\HUOpJqUHPHQWYHUVOH
KDXWHWOHSRXVVHUYHUVODUULqUH&HIDLVDQWSDVVHUOHV
pYLGHPHQWVGXFDSRWSDUGHVVXVOHVD[HVGHVpFXULWpILJ
5pJpQpUHUOHILOWUHjRGHXUV
$ILQGHJDUDQWLUOHVSHUIRUPDQFHVGXILOWUHjRGHXUVUpJpQpUH]OH
ILOWUHjRGHXUVWRXVOHVPRLVHQIRQFWLRQQHPHQWQRUPDO
HQYLURQKHXUHSDUMRXU
9RXVSRXYH]UpJpQpUHUOHILOWUHjRGHXUVGDQVXQIRXUXVXHOGX
FRPPHUFH
: 5LVTXHGHEUOXUH
/HILOWUHjRGHXUVUHVWHORQJWHPSVFKDXGDSUqVVDUpJpQpUDWLRQ
1HSDVOHWRXFKHUGLUHFWHPHQWDSUqVVDUpJpQpUDWLRQODLVVHU
GDERUGOHILOWUHUHIURLGLU
3RXUOHODLVVHUUHIURLGLUGpSRVHUOHILOWUHjRGHXUVFKDXGVXUXQ
VXSSRUWUpVLVWDQWjODFKDOHXU
5HPDUTXHV
■ /HILOWUHjRGHXUVSHXWrWUHUpJpQpUpMXVTXj IRLVHWGRLWrWUH
UHPSODFpDXSOXVWDUGDSUqV DQQpHVGXWLOLVDWLRQHQ
IRQFWLRQQHPHQWQRUPDOHQYLURQKHXUHSDUMRXU
■ 6L XQ ILOWUH j RGHXUV UpJpQpUDEOH WRPEH LO SHXW rWUH HQGRPPDJp
/HV GpJkWV QH VRQW SDV WRXMRXUV YLVLEOHV GH OH[WpULHXU 0HWWH] OH
ILOWUHjRGHXUVWRPEpDXUHEXWHWUHPSODFH]OH
■ 1HQHWWR\H]MDPDLVOHILOWUHjRGHXUVDYHFGHVGpWHUJHQWVGH
OHDXGDQVOHODYHYDLVVHOOHQLDYHFXQFKLIIRQKXPLGH
■ 3RXUpYLWHUGHUD\HUODSODTXHjSkWLVVHULHSODFH]OHILOWUHj
RGHXUVVXUXQHJULOOH
■ 5pJpQpUH]OHILOWUHjRGHXUVjXQHWHPSpUDWXUHPD[LPDOH
& FKDOHXU YHQWLOpH
: 1H UpJpQpUH] SDV OH ILOWUH j RGHXUV
DYHFODIRQFWLRQGHQHWWR\DJHGXIRXUS\URO\VH
■ /D UpJpQpUDWLRQ GX ILOWUH j RGHXUV SHXW HQWUDvQHU XQ GpJDJHPHQW
GRGHXU$VVXUH]YRXVTXHODSLqFHHVWELHQYHQWLOpH2XYUH]
XQHIHQrWUH
5HWLUH]OHFDSRW ILJ
/HILOWUHjRGHXUVHVWORXUG SODFH]SDUFRQVpTXHQWXQHPDLQ
VRXVOHILOWUHjRGHXUVHWGpPRQWH]OH ILJ
3UpFKDXIIH]OHIRXUj&PD[LPXPFKDOHXUYHQWLOpH :
5pJpQpUH]OHILOWUHjRGHXUVSHQGDQW PLQXWHVDXIRXUj
&PD[LPXPFKDOHXUYHQWLOpH
:
$VVXUH]YRXV TXH OD SLqFH HVW ELHQ YHQWLOpH 2XYUH] XQH IHQrWUH
/DLVVH]UHIURLGLUOHILOWUHjRGHXUV
/HILOWUHjRGHXUVHVWORXUG SODFH]SDUFRQVpTXHQWXQHPDLQ
VRXVOHILOWUHjRGHXUVHWLQVpUH]OHILOWUHjRGHXUVUpJpQpUp
,QVpUH]OHFDSRW
hr
à
8SXWH]DPRQWDçX
: 9DçQHVLJXUQRVQHQDSRPHQH
3URĀLWDMWHSDçOMLYRRYXXSXWX6DPRWDGDþHWHPRþLVLJXUQRL
SUDYLOQRUXNRYDWL9DåLPXUHđDMHPÿXYDMWHXSXWH]DXSRWUHEXL
XJUDGQMX]DNDVQLMXXSRUDEXLOL]DVOMHGHþHJYODVQLNDXUHđDMD
6DPRNRGSUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçX
MH]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ
]DEHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
2SDVQRVWRGR]OMHGH
$NRXUHđDMQLMHSURSLVQRSULĀYUåþHQPRçHSDVWL6YLSULĀYUVQL
HOHPHQWLPRUDMXELWLĀYUVWRLVLJXUQRPRQWLUDQL
2SDVQRVWRGVWUXMQRJXGDUD
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD3ULNOMXĀQL
NDEHOVHPRçHRåWHWLWL7LMHNRPLQVWDODFLMHQHVDYLMDMWHLQHVWLåþLWH
SULNOMXĀQLNDEHO
2SDVQRVWRGR]OMHGH
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
2SDVQRVWRGJXåHQMD
$PEDODçQL PDWHULMDO RSDVDQ MH ]D GMHFX 'MHFL QLNDGD QH GRSXVWLWH
LJUDQMHVDPEDODçQLPPDWHULMDORP
3RVWDYOMDQMH
2SUH]
8YMHULWHVHGDQDPMHVWXUXSDQHPDVWUXMQLKYRGRYDSOLQVNLKLOL
YRGRYRGQLKFLMHYL
1DSRPHQD 3RORçDMPRGXOD]DRSWRĀQL]UDNRGQRVLVHQDJRUQML
UXEREORJHGLPQMDND
■ 8FUWDMWHSRORçDMH]DYLMNHLNRQWXUXSRGUXĀMDYMHåDQMD
,]EXåLWH UXSH PP L GXELQH PP D WLSOH XWLVQLWH GD EXGX X
UDYQLQLVD]LGRPVOLND
■ ,]YDGLWHILOWDUVDNWLYQLPXJOMHQRPLVNLQLWHIROLMXVOLND
■ 3ULYLMWH PRGXO ]D RSWRĀQL ]UDN L NXWQL GUçDĀ ]D REORJX GLPQMDND
VOLND
■ 3ULĀYUVWLWHFULMHYRVGYLMHFLMHYQHREXMPLFHQDPRGXO]DRSWRĀQL
]UDNLQDVWDYDN]D]UDNQDQDSL
&ULMHYRPRUDELWL]DWHJQXWRSRSRWUHELJDVNUDWLWHVOLND
■ 3RVWDYLWHREORJXGLPQMDNDLSULNOLMHåWLWHL]PHđXNXWQRJGUçDĀDL
]LGDVOLND
3URUH]HXQXWDUQMHREORJHGLPQMDNDSUHPDGROMH
■ 8PHWQLWHILOWDUVDNWLYQLPXJOMHQRPVOLND
■ 3ORĀXSRVWDYLWHXNRVRODJDQRSULWLVQLWHSUHPDJRUHLJXUQLWH
SUHPDQDWUDJ3ULWRPRWYRUHQDSORĀLYDOMDL]YHVWLSRPRþX
VLJXUQRVQRJVYRUQMDNDVOLND

5HJHQHUDFLMDILOWUD]DPLULVH
.DNRELVHRVLJXUDRXĀLQDNILOWUD]DPLULVHUHJHQHULUDMWHILOWDU]D
PLULVHXVOXĀDMXQRUPDOQRJUDGDGQHYQRRNR VDWVYDND
PMHVHFD
)LOWDU]DPLULVHPRçHWHUHJHQHULUDWLXVWDQGDUGQRMSHþQLFL
: 2SDVQRVWRGRSHNOLQD
)LOWDU]DPLULVHRVWDMHQDNRQUHJHQHUDFLMHGXJRYUXþ)LOWDU]D
PLULVHQHGRGLUXMWHRGPDKQDNRQUHJHQHUDFLMHYHþJDRVWDYLWHGD
VHRKODGL
9UXþLILOWDU]DPLULVHVWDYLWHQDSRGORJXRWSRUQXQDWRSOLQXNDNREL
VHRKODGLR
1DSRPHQH
■ )LOWDU]DPLULVHPRçHVHUHJHQHULUDWLGRSXWDLXVOXĀDMX
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
6NLQLWHSORĀX VOLND
)LOWDU ]D PLULVH MH WHçDN VWRJD XKYDWLWH MHGQRP UXNRP LVSRG ILOWUD
]DPLULVHLL]YDGLWHJD VOLND
=DJULMWHSHþQLFXQDPDNVLPDOQR&YHQWLODWRU :
)LOWDU]DPLULVHUHJHQHULUDMWHXSHþQLFLQDPDNVLPDOQR &
YHQWLODWRU :XWUDMDQMXRG PLQXWD
3URYMHULWHMHOLSURVWRULMDGREURSUR]UDĀHQD2WYRULWHSUR]RU
2VWDYLWHILOWDU]DPLULVHGDVHRKODGL
)LOWDU ]D PLULVH MH WHçDN VWRJD XKYDWLWH MHGQRP UXNRP LVSRG ILOWUD
]DPLULVHLXPHWQLWHUHJHQHULUDQLILOWDU]DPLULVH
8PHWQLWHSORĀX
it
â
,VWUX]LRQLSHULOPRQWDJJLR
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
/HJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQLSHUOXVR6RORFRVuq
SRVVLELOHXWLOL]]DUHODSSDUHFFKLRLQPRGRVLFXURHFRUUHWWR
&XVWRGLUHFRQODPDVVLPDFXUDOHSUHVHQWLLVWUX]LRQLSHUOXVRHLO
PRQWDJJLRLQFDVRGLXQXWLOL]]RIXWXURRFHVVLRQHDWHU]L
/DVLFXUH]]DGLXWLOL]]RqJDUDQWLWDVRORLQFDVRGLLQVWDOOD]LRQH
VHFRQGROHUHJROHGLEXRQDWHFQLFDULSRUWDWHQHOOHLVWUX]LRQLGL
PRQWDJJLR/LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWR
IXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
3HULFRORGLOHVLRQL
6H ODSSDUHFFKLR QRQ YLHQH ILVVDWR FRUUHWWDPHQWH SXz FDGHUH 7XWWL
JOLHOHPHQWLGLILVVDJJLRGHYRQRHVVHUHPRQWDWLLQPRGRVDOGRH
VLFXUR
3HULFRORGLVFRVVDHOHWWULFD
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL3RWUHEEHYHQLUHGDQQHJJLDWRLOFDYRGLFROOHJDPHQWR
'XUDQWHO·LQVWDOOD]LRQHIDUHDWWHQ]LRQHDQRQSLHJDUHRVHUUDUHLO
FDYRGLFROOHJDPHQWR
3HULFRORGLOHVLRQL
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
3HULFRORGLVRIIRFDPHQWR
,OPDWHULDOHGLPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH
PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR
,QVWDOOD]LRQH
$WWHQ]LRQH
$FFHUWDUVLFKHQHOODUHDGHLIRULQRQVLDQRSUHVHQWLFDYLHOHWWULFLQp
FRQGXWWXUHGHOJDVRGHOODFTXD
$YYHUWHQ]D /D SRVL]LRQH GHO PRGXOR GL YHQWLOD]LRQH VL ULIHULVFH DO
ERUGRVXSHULRUHGHOULYHVWLPHQWRGHOFDPLQR
■ 7UDFFLDUHOHSRVL]LRQLGHOOHYLWLHLOSURILORGHOO·DUHDGLDJJDQFLR
3UDWLFDUH IRUL FRQ PP H XQD SURIRQGLWj GL PP H LQVHULUH L
WDVVHOOLDILORGHOPXURILJXUD
■ (VWUDUUHLOILOWURDFDUERQLDWWLYLHGHOLPLQDUHODSHOOLFRODILJXUD
■ $YYLWDUHLOPRGXORGLYHQWLOD]LRQHHODVWDIIDGLVXSSRUWRSHULO
ULYHVWLPHQWRGHOFDPLQRILJXUD
■ )LVVDUHLOWXERIOHVVLELOHFRQLGXHFROODULVHUUDWXERDOPRGXORGL
YHQWLOD]LRQHHDOPDQLFRWWRGHOO·DULDGHOODFDSSDGLDVSLUD]LRQH
,OWXERIOHVVLELOHGHYHHVVHUHWHVRDFFRUFLDUORVHQHFHVVDULR
ILJXUD
■ &ROORFDUHLOULYHVWLPHQWRGHOFDPLQRHLQVHULUORWUDVWDIIDGL
VXSSRUWRHSDUHWHILJXUD
/HIHVVXUHGHOULYHVWLPHQWRLQWHUQRGHOFDPLQRGHYRQRHVVHUH
ULYROWHYHUVRLOEDVVR
■ ,QVHULUHXQILOWURDFDUERQLDWWLYLILJXUD
■ ,QVHULUHREOLTXDPHQWHLOSDQQHOORSUHPHUHOHJJHUPHQWHYHUVR
ODOWRHVSLQJHUHYHUVRODSDUWHSRVWHULRUH/HIHVVXUHVXO
SDQQHOORGHYRQRLQVHULUVLVXLSHUQLGLVLFXUH]]DILJXUD
5LJHQHUD]LRQHGHOILOWURRGRUL
3HU JDUDQWLUH OD SUHVWD]LRQH GHO ILOWUR DQWLRGRUH LQ FDVR GL HVHUFL]LR
QRUPDOHRUDDOJLRUQRULJHQHUDUORRJQLPHVL
ËSRVVLELOHULJHQHUDUHLOILOWURDQWLRGRUHLQXQIRUQRWUDGL]LRQDOH
: 3HULFRORGL XVWLRQL
'RSRODULJHQHUD]LRQHLOILOWURRGRULULPDQHFDOGRDOXQJR1RQ
WRFFDUHLOILOWURRGRULVXELWRGRSRODULJHQHUD]LRQHPDODVFLDUOR
UDIIUHGGDUH
5LSRUUHLOILOWURRGRULFDOGRVXXQDVXSHUILFLHUHVLVWHQWHDOFDORUH
DIILQFKpVLUDIIUHGGL
$YYHUWHQ]H
■ ,QFDVRGLHVHUFL]LRQRUPDOHFLUFDRUDDOJLRUQRLILOWUL
DQWLRGRUH SRVVRQR HVVHUH ULJHQHUDWL ILQR D YROWH H VRVWLWXLWL DO
PDVVLPRGRSRDQQL
■ 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
5LPXRYHUHLOSDQQHOOR ILJ
,OILOWURDQWLRGRUHqSHVDQWHSHUWDQWRDIIHUUDUHFRQXQDPDQRLO
ILOWURRGRULGDVRWWRHVPRQWDUOR ILJ
3UHULVFDOGDUHLOIRUQRSRUWDQGRORDXQDWHPSHUDWXUDPDVVLPDGL
&ULFLUFRORGDULD
:
5LJHQHUDUHLOILOWURDQWLRGRUHLQIRUQRSHUPLQXWLDXQD
WHPSHUDWXUDPDVVLPDGL&ULFLUFRORGDULD
:
$VVLFXUDUVLFKHODVWDQ]DVLDEHQDULHJJLDWD$SULUHXQDILQHVWUD
/DVFLDUUDIIUHGGDUHLOILOWURDQWLRGRUH
,O ILOWUR DQWLRGRUH q SHVDQWH SHUWDQWR DIIHUUDUOR FRQ XQD PDQR GD
VRWWRHLQVHULUHLOILOWURDQWLRGRUHULJHQHUDWR
,QVHULUHLOSDQQHOOR
lt
ä
0RQWDYLPRLQVWUXNFLMD
: 6YDUEŠVVDXJRVQXURG\PDL
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉ7LNWDGDJDOėVLWHVDXJLDLLU
WLQNDPDLQDXGRWLVSULHWDLVX,åVDXJRNLWHQDXGRMLPRLUPRQWDYLPR
LQVWUXNFLMĉNDGJDOėWXPėWHYėOLDXSDVLQDXGRWLDUEDSHUGXRWL
QDXMDPVDYLQLQNXL
3ULHWDLVDVVDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDL
VXPRQWXRWDVODLNDQWLVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXV
DWOLHNDQWLVDVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PR
YLHWRMH
3DYRMXVVXVLçHLVWL
-HL SULHWDLVDV SULWYLUWLQWDV QHWLQNDPDL MLV JDOL QXNULVWL 9LVL WYLUWLQLPR
HOHPHQWDLWXULEŠWLWYLUWDLLUVDXJLDLSULYHUçWL
(OHNWURVVPŠJLRSDYRMXV
3ULHWDLVR YLGXMH HVDQĀLRV NRQVWUXNFLQėV GDO\V JDOL EŠWL DåWULRV -RV
JDOLSDçHLVWLHOHNWURVODLGĉ0RQWXRGDPLQHSHUOHQNLWHLU
QHSULVSDXVNLWHSULMXQJLPRNDEHOLR

3DYRMXVVXVLçHLVWL
3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
.\ODSDYRMXVXçGXVWL
3DNXRWėSDYRMLQJDYDLNDPV1LHNXRPHWQHOHLVNLWHçDLVWLYDLNDPV
VXSDNXRWėVPHGçLDJRPLV
0RQWDYLPDV
'ėPHVLR
ĬVLWLNLQNLWH NDG VULW\VH NXULRVH UXRåLDWėV JUęçWL QėUD HOHNWURV ODLGŨ
GXMŨDUYDQGHQWLHNLRYDP]GçLŨ
3DVWDED 5HFLUNXOLDFLMRVPRGXOLRSDGėWLVSULNODXVRQXRNDPLQR
DSWDLVRYLUåXWLQLRNUDåWR
■ 3Dç\PėNLWH YLHWDV NXULRVH VXNVLWH YDUçWXV LU NDELQDPR SULHWDLVR
NRQWŠUXV
,åJUęçNLWH PPVNHUVPHQVLU PPJ\OLRVN\OHVLUNDLåĀLXV
ĭVWXPNLWHLNLSDWVLHQRV SDY
■ ,åLPNLWHDNW\YLQWRVLRVDQJOLHVILOWUĉLUQXSOėåNLWHSOėYHOę SDY
■ 3ULVXNLWHUHFLUNXOLDFLMRVPRGXOĭLUNDPLQRDSWDLVRWYLUWLQLPR
NDPSDLQĭ SDY
■ 3ULWYLUWLQNLWHçDUQĉVXGYLHPYDP]GçLRDSNDERPLVSULH
UHFLUNXOLDFLMRVPRGXOLRLUSULHJDUWUDXNLRRURMXQJWLHV
æDUQDWXULEŠWLĭWHPSWDWRGėOMHLUHLNLDMĉVXWUXPSLQNLWH SDY
■ 8çGėNLWHNDPLQRDSWDLVĉLUSULVSDXVNLWHWDUSNDPSLQLŨODLNLNOLŨLU
VLHQRV SDY
9LGLQLRNDPLQRDSWDLVRSO\åLDLWXULEŠWLDSDĀLRMH
■ ĬGėNLWHDNW\YLQWRVLRVDQJOLHVILOWUĉ SDY
■ 6N\GHOĭSDGėNLWHĭVWULçDLåLHNWLHNSDVSDXVNLWHDXNåW\QLU
VWXPNLWH WRO\Q 6N\GHOLR LåėPRV WXUL ĭOĭVWL SHU DSVDXJLQLXV YDUçWXV
SDY
.YDSŨILOWURDWQDXMLQLPDV
.DG NYDSŨ ILOWUDV EŠWŨ NLHN ĭPDQRPD HIHNW\YHVQLV HNVSORDWXRGDPL
ĭSUDVWDLDSLHYDODQGĉSHUGLHQĉNYDSŨILOWUĉDWQDXMLQNLWHNDV²
PėQHVLXV
.YDSŨILOWUĉJDOLWHDWQDXMLQWLĭSUDVWLQėMHRUNDLWėMH
: 3DYRMXVQXGHJWL
3DVLEDLJXVDWQDXMLQLPRSURFHVXLNYDSŨILOWUDVGDULOJDLOLHND
NDUåWDV3DVLEDLJXVDWQDXMLQLPRSURFHVXLQHOLHVNLWHNYDSŨILOWUR
QHVMLVWXULDWYėVWL
.DUåWĉNYDSŨILOWUĉSDGėNLWHDWYėVWLDQWNDUåĀLXLDWVSDUDXV
SDJULQGR
3DVWDERV
■ .YDSŨ ILOWUĉ JDOLPD DWQDXMLQWL LNL NDUWŨ (NVSORDWXRMDQW ĭSUDVWDL
DSLHYDODQGĉSHUGLHQĉMĭUHLNLDNHLVWLQHYėOLDXQHLSR
PHWŨ
■ -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
1XLPNLWHVN\GHOĭ SDY
.YDSŨILOWUDV\UDVXQNXVWRGėOLåPRQWXRGDPLYLHQDUDQND
SULODLN\NLWHMĭLåDSDĀLRV SDY
ĬNDLWLQNLWHRUNDLWęPDNVLNL&UHFLUNXOLDFLMD :
PLQXĀLŨDWQDXMLQNLWHNYDSŨILOWUĉRUNDLWėMHQHDXNåWHVQėMH
NDLS &WHPSHUDWŠURMHUHFLUNXOLDFLMD :
ĬVLWLNLQNLWHNDGSDWDOSDJHUDLYėGLQDPD$WLGDU\NLWHODQJĉ
/HLVNLWHNYDSŨILOWUXLDWYėVWL
.YDSŨILOWUDV\UDVXQNXVWRGėOĭGėGDPLDWQDXMLQWĉNYDSŨILOWUĉ
YLHQDUDQNDSULODLN\NLWHLåDSDĀLRV
8çGėNLWHVN\GHOĭ
lv
å
0RQWąçDVLQVWUXNFLMD
: 6YDUĩJDVGURåĩEDVQRUąGHV
8]PDQĩJLL]ODVLHWåRSDPąFĩEX7LNDLWDG-ŠVYDUēVLHWGURåLXQ
SDUHL]LOLHWRWVDYXLHUĩFL/LHWRåDQDVLQVWUXNFLMXVDJODEąMLHWODL
YDUēWXWRL]PDQWRWYēOąNYDLDUĩYDMDG]ĩEDVJDGĩMXPąQRGRW
QąNDPDMDPĩSDåQLHNDP
/LHWRåDQDLUGURåDWLNDLWDGMDX]VWąGĩåDQDLUWHKQLVNLSDUHL]DXQ
DWELOVWĩJDSDPąFĩEDL3DUSDUHL]XLHNąUWDVGDUEĩEXX]VWąGĩåDQDV
YLHWąDWELOGX]VWąGĩWąMV
6DYDLQRMXPXULVNV
-DLHUĩFHQDYSDUHL]LSLHVWLSULQąWDWąYDUQRNULVW9LVLVWLSULQąMXPL
MąX]VWąGDVWLQJULXQGURåL
6WUąYDVWULHFLHQDULVNV
,HUĩFHV LHNåēMąP GHWDĹąP YDU EŠW DVDV PDODV XQ VWŠUL 7LH YDU ERMąW
SLHVOēJXPDNDEHOL8]VWąGĩåDQDVODLNąQHORNLHWXQQHLHVSĩOēMLHW
SLHVOēJXPDNDEHOL
6DYDLQRMXPXULVNV
,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
1RVPDNåDQDVULVNV
,HSDNRMXPDPDWHULąOLLUEĩVWDPLEēUQLHP1HNDGQHĹDXMLHWEēUQLHP
URWDĹąWLHVDULHSDNRMXPDPDWHULąOX
8]VWąGĩåDQD
8]PDQĩEX
3ąUOLHFLQLHWLHVYDLXUEXPXWXYXPąQHDWURGDVHOHNWUĩEDVYDGLNą
DUĩJą]HVYDLŠGHQVFDXUXOHV
1RUąGĩMXPV *DLVDFLUNXOąFLMDVPRGXĹDSR]ĩFLMDDWWLHFDVX]JDLVD
L]YDGDDSGDUHVDXJåēMRPDOX
■ ,H]ĩPēMLHWVNUŠYMXSR]ĩFLMDVXQLHNąUåDQDVYLHWDVNRQWŠUX
,]XUELHWFDXUXPXV PPXQ PPG]LĹXPąXQSLOQĩEą
LHYLHWRMLHWWDMRVWDSDV ³VN DWWēOX
■ ,]ŁHPLHWDNWĩYąVRJOHVILOWUXXQQRŁHPLHWSOēYL ³VN DWWēOX
■ 3LHVNUŠYēMLHWJDLVDFLUNXOąFLMDVPRGXOLXQJDLVDL]YDGDDSGDUHV
OHŁĴDVWLSULQąMXPX ³VN DWWēOX
■ ,]PDQWRMRWGLYDVDSVNDYDVSLHVWLSULQLHWåĹŠWHQLSLHJDLVD
FLUNXOąFLMDVPRGXĹDXQWYDLNDQRVŠFēMDJDLVDĩVFDXUXOHV
äĹŠWHQHLMąEŠWQRVWLHSWDLYDMDG]ĩEDVJDGĩMXPąVDĩVLQLHWWR ³
VN DWWēOX
■ 8]VWąGLHWJDLVDL]YDGDDSGDULXQLHVSLHGLHWWRVWDUSOHŁĴD
VWLSULQąMXPXXQVLHQX ³VN DWWēOX
5LHYąPJDLVDL]YDGDDSGDUHVLHNåSXVēMąEŠWYēUVWąPX]OHMX
■ ,HYLHWRMLHWDNWĩYąVRJOHVILOWUX ³VN DWWēOX
■ 3DQHOLX]VWąGLHWVOĩSLYLHJOLSDVSLHGLHWX]DXJåXXQLHEĩGLHW
YLU]LHQąX]DL]PXJXUL7RGDURWSDQHĹDL]JULH]XPLMąYLU]DSąUL
VWLSULQąMXPDWDSąP ³VN DWWēOX
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

1RŁHPLHWSDQHOL DWWēOV
6PDNDV ILOWUV LU VPDJV WąGēĹ VDWYHULHW WR DU YLHQX URNX QR DSDNåDV
XQGHPRQWēMLHW DWWēOV
8]NDUVēMLHWFHSHåNUąVQLOĩG]PDNV &JDLVD
UHFLUNXOąFLMD
:
,]SLOGLHWVPDNDVILOWUDDWMDXQRåDQXFHSHåNUąVQĩ PLQŠWHV
PDNV &WHPSHUDWŠUąJDLVDUHFLUNXOąFLMD
:
1RGURåLQLHWWHOSąODEXYHQWLOąFLMX$WYHULHWORJX
ĸDXMLHWVPDNDVILOWUDPDWG]LVW
6PDNDV ILOWUV LU VPDJV WąGēĹ VDWYHULHW WR DU YLHQX URNX QR DSDNåDV
XQLHYLHWRMLHWDWMDXQRWRVPDNDVILOWUX
8]VWąGLHWSDQHOL
mk
æ
ΝιΪμλμάθαΪζθημΪΰΪ
: Αίεμηπηβςομνπμημίξνλδμη
ΌηβζΪμίεηθικθρβμΪϒμίέθθάΪνιΪμλμάθΛΪζθμθέΪςϖίζθΰί
ΫίαΫίήηθβικΪάβεηθήΪέθνιθμκίΫνάΪμίΌΪςβθμνκίήΑΪρνάΪϒμί
έθ νιΪμλμάθμθ αΪ νιθμκίΫΪ β ζθημΪΰΪ αΪ ιθήθπηίΰηΪ νιθμκίΫΪ βεβ
αΪλείήηβθμδθκβληβδ
ΛΪζθλθλμκνρηΪζθημΪΰΪλθέεΪληθνιΪμλμάθμθαΪζθημΪΰΪί
αΪέΪκΪημβκΪηΪ ΫίαΫίήηθλμΪ ικβ νιθμκίΫΪ ηΪ νκίήθμ ΒηλμΪεΪμίκθμ
ίθήέθάθκίηαΪΫίλικίδθκηθξνηδπβθηβκΪϔίηΪζίλμθμθηΪ
ιθλμΪάνάΪϔί
Νξίπμνπρνγξναοδγί
ΎθδθεδννκίήθμηίίικθιβληθικβπάκλμίηζθΰίήΪιΪήηίΛβμί
ίείζίημβηΪικβπάκλμνάΪϔίζθκΪήΪΫβήΪμπάκλμθβλβένκηθ
ζθημβκΪηβ
Νξίπμνπρνγπροςδμςγίο
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΙκβδενρηβθμδΪΫίεζθΰίήΪλίθςμίμβΗίέθάβμδΪϒμίβεβ
αΪέεΪάνάΪϒμίικβδενρηβθμδΪΫίεαΪάκίζίηΪβηλμΪεΪπβϒΪμΪ
Νξίπμνπρνγξναοδγί
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΗθλίμίαΪςμβμηβκΪδΪάβπβ
Νξίπμνπρνγζίγςχςαίϙδ
ΖΪμίκβϒΪεθμαΪιΪδνάΪϔίίθιΪλίηαΪήίπΪμΪΗίέβθλμΪάΪϒμί
ήίπΪμΪήΪλββέκΪΪμλθζΪμίκβϒΪεθμαΪιΪδνάΪϔί
Ημπρίκίυηϗί
ΑμηλDμηH
βήίμίλβένκηβήίδΪθδθενβαήνιρίηβμίθμάθκβηίζΪλμκνϒηβ
δΪΫεβπίάδβαΪέΪλβεβάθήΪ
Μίξνλδμί ΙθαβπβϒΪμΪηΪζθήνεθμαΪπβκδνεΪπβϒΪλίθήηίλνάΪηΪ
έθκηβθμκΪΫηΪζΪλδΪμΪηΪδΪζβηθμ
■ ΒλπκμΪϒμί ϒΪ ιθαβπβϒΪμΪ αΪ αΪάκμδβμί β δθημνκβμί ηΪ ιθείμθ δΪήί
μκίΫΪήΪλίαΪδΪρνάΪ
ΒαήνιρίμίήνιδβλθPPβήεΪΫθρβηΪηΪήνιρίϔίPPβ
ικβμβληίμίέβμβιεβμίκΪζηθηΪϏβήθμΛεβδΪ
■ ΒαάΪήίμί έβ ξβεμκβμί λθ Ϊδμβάίη ϒΪέείη β θμλμκΪηίμί ϒΪ ξθεβϒΪμΪ
λεβδΪ
■ ΗΪάκμίμίέβζθήνεθμαΪπβκδνεΪπβϒΪβΪέθεηβθμήκΰΪραΪ
ζΪλδΪμΪηΪδΪζβηθμλεβδΪ
■ ΙκβπάκλμίμίέθπκίάθμθλθήάίμίλμίέβαΪπίάδβηΪζθήνεθμηΪ
πβκδνεΪπβϒΪβηΪάθαήνςηβμίζεΪαηβπβηΪΪλιβκΪμθκθμ
ΠκίάθμθζθκΪήΪΫβήίαΪμίέηΪμθιθιθμκίΫΪλδκΪμίμίέθ
λεβδΪ
■ ΙθλμΪάίμίϒΪζΪλδΪμΪηΪδΪζβηθμβικβδείςμίμίέθιθζίύν
ΪέθεηβμίήκΰΪρββϏβήθμλεβδΪ
ΙκθπίιβμίηΪάηΪμκίςηΪμΪζΪλδΪηΪδΪζβηθμμκίΫΪήΪΫβήΪμ
ηΪήθεν
■ ΛμΪάίμίέθξβεμίκθμλθΪδμβάίηϒΪέείηλεβδΪ
■ ΙθλμΪάίμίϒΪζΪλδΪμΪδθλθικβμβληίμίϒΪζΪεδνηΪέθκίβ
άζίμηίμί ϒΪ ηΪηΪαΪή ΙκβμθΪ ζθκΪ άήεΪΫηΪμβηβμί ηΪ ζΪλδΪμΪ ήΪ
λίλικθάίήΪμηΪήλβένκηθληβμίΫθεπηβλεβδΪ
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 ιΪμβ 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
ΒαάΪήίμίϒΪζΪλδΪμΪ Πκηιί
ΞβεμίκθμαΪζβκβαΫβίμίΰθδαΪμθΪξΪμίμίλθίήηΪκΪδΪιθή
ηίέθβήίζθημβκΪϒμίέθ Πκηιί
ΙκίμοθήηθαΪέκίϒμίϒΪκίκηΪμΪηΪζΪδλβζΪεηβ&
πβκδνεΪπβθηίηάθαήνο
:
ΚίέίηίκβκΪϒμίέβξβεμκβμίαΪζβκβαΫβ ζβηνμβάθκίκηΪηΪ
ζΪδλβζΪεηβ &πβκδνεΪπβθηίηάθαήνο
:
ΙκθάίκίμίήΪεβικθλμθκβϒΪμΪίήθΫκθικθάίμκίηΪΘμάθκίμί
ικθαθκίπ
ΘλμΪάίμίέθξβεμίκθμαΪζβκβαΫβήΪλίθεΪήβ
ΞβεμίκθμαΪζβκβαΫβίμίΰθδαΪμθΪξΪμίμίλθίήηΪκΪδΪιθή
ηίέθβάζίμηίμίέθκίέίηίκβκΪηβθμξβεμίκαΪζβκβαΫβ
ΙθλμΪάίμίϒΪζΪλδΪμΪ
nl
é
,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
5LVLFRYDQOHWVHO
,VKHWWRHVWHOQLHWQDDUEHKRUHQEHYHVWLJGGDQNDQKHWQDDU
EHQHGHQ YDOOHQ $OOH EHYHVWLJLQJVVFKURHYHQ PRHWHQ YDVW HQ YHLOLJ
ZRUGHQJHPRQWHHUG
*HYDDUYDQHHQHOHNWULVFKHVFKRN
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ+LHUGRRUNDQGHDDQVOXLWNDEHOEHVFKDGLJGUDNHQ
$DQVOXLWNDEHOQLHWNQLNNHQRIDINOHPPHQELMGHLQVWDOODWLH
5LVLFRYDQOHWVHO
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
9HUVWLNNLQJVJHYDDU
9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW
PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ
,QVWDOODWLH
$WWHQWLH
=RUJ HUYRRU GDW ]LFK LQ KHW JHELHG YDQ GH RSHQLQJHQ JHHQ VWURRP
JDVRIZDWHUOHLGLQJHQEHYLQGHQ
$DQZLM]LQJ 'HSRVLWLHYDQGHFLUFXODWLHPRGXOHKDQJWDIYDQGH
ERYHQNDQWYDQKHWVFKRRUVWHHQDIVFKHUPVWXN
■ 3RVLWLHVYRRUGHVFKURHYHQHQGHRPWUHNYDQKHWLQKDQJJHELHG
PDUNHUHQ
*DWHQPHWPPHQERRUGLHSWHPPERUHQHQGHSOXJJHQ
KLHUKHOHPDDOLQGUXNNHQ$IE
■ $FWLHINRROILOWHUXLWQHPHQHQGHIROLHYHUZLMGHUHQ$IE
■ +HWFLUFXODWLHPRGHOHQGHEHYHVWLJLQJVKRHNYRRUKHW
VFKRRUVWHHQDIVFKHUPVWXNYDVWVFKURHYHQ$IE
■ 6ODQJPHWGHWZHHEHYHVWLJLQJVULQJHQDDQKHWFLUFXODWLHPRGHO
HQKHWOXFKWDDQVOXLWVWXNYDQGHDI]XLJNDSYDVWPDNHQ
6ODQJPRHWVWUDNJHVSDQQHQ]LMQ]RQRGLJLQNRUWHQ$IE
■ 6FKRRUVWHHQDIVFKHUPVWXNHURS]HWWHQHQLQNOHPPHQWXVVHQ
EHYHVWLJLQJVKRHNHQZDQG$IE
6OHXYHQYDQKHWELQQHQVWHVFKRRUVWHHQDIVFKHUPVWXNQDDU
EHQHGHQ

■ $FWLHINRROILOWHULQEUHQJHQ$IE
■ 6FKRRUVWHHQDIVFKHUPVWXNHUVFKXLQWHJHQDDQ]HWWHQOLFKWQDDU
ERYHQGUXNNHQHQQDDUDFKWHUHQVFKXLYHQ'HXLWVSDULQJHQ
PRHWHQKLHUELMRYHUGHERUJERXWHQJHOHLGZRUGHQ$IE
*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[LPDDOPDDOZRUGHQJHUHJHQHUHHUG
HQPRHWELMQRUPDDOJHEUXLNGDJHOLMNVFDXXUXLWHUOLMNQD
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
+HWDIVFKHUPVWXNYHUZLMGHUHQ $IE
+HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQKHWILOWHUXLWERXZHQ $IE
'H RYHQ RS PD[LPDDO & FLUFXODWLHOXFKW : YRRUYHUZDUPHQ
*HXUILOWHULQGHYRRUYHUZDUPGHRYHQELMPD[LPDDO&
FLUFXODWLHOXFKW
:JHGXUHQGHPLQXWHQUHJHQHUHUHQ
=RUJHUYRRUGDWGHUXLPWHJRHGLVJHYHQWLOHHUG2SHQHHQUDDP
/DDWKHWJHXUILOWHUDINRHOHQ
+HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQKHWJHUHJHQHUHHUGHILOWHUSODDWVHQ
+HWDIVFKHUPVWXNDDQEUHQJHQ
no
ê
0RQWHULQJVYHLOHGQLQJ
: 9LNWLJHVLNNHUKHWVDQYLVQLQJHU
/HV GHQQH EUXNVDQYLVQLQJHQ Q¡\H 'HW HU HQ IRUXWVHWQLQJ IRU DW GX
VNDO NXQQH EUXNH DSSDUDWHW Sn HQ VLNNHU RJ ULNWLJ PnWH 7D YDUH Sn
EUXNVRJPRQWHULQJVDQYLVQLQJHQVOLNDWGXNDQEUXNHGHQLJMHQ
VHQHUHHOOHUJLGHQYLGHUHWLOHYHQWXHOOHNRPPHQGHHLHUHDY
DSSDUDWHW
6LNNHUKHWHQXQGHUEUXNHQHUNXQJDUDQWHUWGHUVRPPRQWHULQJHQ
IRUHWDVIRUVNULIWVPHVVLJLKHQKROGWLOPRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
)DUHIRUSHUVRQVNDGHU
+YLVDSSDUDWHWLNNHHUIRUVYDUOLJIHVWHWNDQGHWIDOOHQHG$OOH
IHVWHHOHPHQWHUPnYUHIDVWRJVLNNHUWPRQWHUW
)DUHIRUHOHNWULVNVW¡W
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU6WU¡PNDEHOHQ
NDQEOLVNDGHW6WU¡PNDEHOHQPnLNNHNQHNNHVHOOHUNOHPPHVLQQ
XQGHULQVWDOODVMRQHQ
)DUHIRUSHUVRQVNDGHU
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
)DUHIRUNYHOQLQJ
(PEDOODVMHPDWHULDOHWHUIDUOLJIRUEDUQ%DUQPnDOGULInOHNHPHG
HPEDOODVMHQ
,QVWDOOHULQJ
2EV
6HWLODWGHWLNNHILQQHVVWU¡POHGQLQJHUJDVVHOOHUYDQQU¡UL
RPUnGHWYHGnSQLQJHQH
0HUN 3RVLVMRQHQWLOVLUNXODVMRQVPRGXOHQKDUGHQ¡YHUVWHNDQWHQ
WLODYWUHNNVVNMHUPHQVRPUHIHUDQVH
■ 7HJQRSSSRVLVMRQHQIRUVNUXHQHRJNRQWXUHQDY
RSSKHQJLQJVRPUnGHW
%RUKXOOPHGPPRJG\EGHPPRJWU\NNLQQSOXJJHQH²
ILJ
■ 7DXWDNWLYNXOOILOWHUHWRJIMHUQIROLHQ²ILJ
■ 6NUXIDVWVLUNXODVMRQVPRGXOHQRJKROGHYLQNHOHQIRU
DYWUHNNVVNMHUPHQ²ILJ
■ )HVWVODQJHQPHGGHWRNOHPPHQHWLOVLUNXODVMRQVPRGXOHQRJWLO
OXIWVWXVVHQSnDYWUHNNVKHWWHQ
6ODQJHQPnYUHVWUDP)RUNRUWGHQRPQ¡GYHQGLJ²ILJ
■ 3ODVVHUDYWUHNNVVNMHUPHQRJNOHPGHQLQQPHOORP
KROGHYLQNHOHQRJYHJJHQ²ILJ
6SRUHQHSnGHQLQGUHDYWUHNNVVNMHUPHQPnSHNHQHGRYHU
■ 6HWWLQQDNWLYNXOOILOWHUHW²ILJ
■ 6HWWLQQSDQHOHWSnVNUnWU\NNGHWOLWWRSSRJVN\YGHWEDNRYHU
8WVSDULQJHQHLSDQHOHWPnI¡UHVRYHUVLNULQJVEROWHQH²ILJ
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
■ /XNWILOWHUHWNDQUHJHQHUHUHVRSSWLOJDQJHURJPnE\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
)MHUQGHNVHOHW ELOGH
/XNWILOWHUHWHUWXQJWGHUIRUPnGXWDWDNPHGGHQHQHKnQGHQ
XQGHUOXNWILOWHUHWRJWDGHWXW ELOGH
)RUYDUPVWHNHRYQHQWLOPDNV &VLUNXODVMRQVOXIW :
5HJHQHUHUOXNWILOWHUHWL PLQXWWHULVWHNHRYQHQSnPDNV
&VLUNXODVMRQVOXIW
:
3nVHDWURPPHWHUJRGWYHQWLOHUWcSQHHWYLQGX
/DOXNWILOWHUHWDYNM¡OHV
/XNWILOWHUHWHUWXQJWGHUIRUPnGXWDWDNPHGGHQHQHKnQGHQ
XQGHUOXNWILOWHUHWRJVHWWHLQQGHWUHJHQHUHUWHOXNWILOWHUHW
6HWWLQQGHNVHOHW
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
%H]SLHF]HĿVWZRSRGF]DVXŰ\WNRZDQLD]DSHZQLRQHMHVWW\ONRSR
SUDZLGãRZ\P ]DPRQWRZDQLX ]JRGQLH ] LQVWUXNFMĉ PRQWDŰX 0RQWHU
MHVWRGSRZLHG]LDOQ\]DSUDZLGãRZHG]LDãDQLHZPLHMVFXLQVWDODFML
XU]ĉG]HQLD
1LHEH]SLHF]HĿVWZRREUDŰHĿ
-HŔOL XU]ĉG]HQLH QLH MHVW SUDZLGãRZR SU]\PRFRZDQH PRŰH VSDŔþ
:V]\VWNLH HOHPHQW\ PRFXMĉFH PXV]ĉ E\þ ]DPRQWRZDQH VWDUDQQLH
LGRNãDGQLH
1LHEH]SLHF]HĿVWZRSRUDŰHQLDSUĉGHPHOHNWU\F]Q\P
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH0RŰHWR
GRSURZDG]LþGRXV]NRG]HQLDSU]HZRGXSU]\ãĉF]HQLRZHJR1LH
]DJLQDþDQLQLH]DFLVNDþNDEODSU]\ãĉF]HQLRZHJRSRGF]DV
LQVWDORZDQLD

1LHEH]SLHF]HĿVWZRREUDŰHĿ
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
1LHEH]SLHF]HĿVWZRXGXV]HQLD
2SDNRZDQLH MHVW QLHEH]SLHF]QH GOD G]LHFL 1LH SR]ZDODþ G]LHFLRP
QD]DEDZęRSDNRZDQLHP
,QVWDODFMD
8ZDJD
8SHZQLþVLęŰHZREV]DU]HQDZLHUFHĿQLHPDSU]HZRGyZ
HOHNWU\F]Q\FKUXUJD]RZ\FKDQLSU]HZRGyZGRSURZDG]DMĉF\FK
ZRGę
:VND]yZND 3RãRŰHQLHPRGXãXRELHJX]DPNQLęWHJRZ\]QDF]D
JyUQDNUDZęGŮREXGRZ\NRPLQRZHM
■ =D]QDF]\þSR]\FMHŔUXELNRQWXUREV]DUX]DZLHV]HQLD
:\ZLHUFLþRWZRU\RPPLJãęERNRŔFLPPLZFLVQĉþNRãNL
UR]SRURZH WDN DE\ LFK EU]HJ ]QDMGRZDã VLę Z MHGQHM SãDV]F]\ŮQLH
]HŔFLDQĉU\VXQHN
■ :\MĉþILOWU]ZęJOHPDNW\ZQ\PLXVXQĉþIROLęU\V
■ 3U]\NUęFLþPRGXãRELHJX]DPNQLęWHJRRUD]NĉWRZQLNPRFXMĉF\
GRPRQWDŰXREXGRZ\NRPLQRZHMU\V
■ =DSRPRFĉGZyFKREHMPSU]\PRFRZDþUXUęGRPRGXãXRELHJX
]DPNQLęWHJRLGRNUyþFDSRZLHWU]DQDRNDSLH
5XUDPXVLE\þQDSUęŰRQDZUD]LHSRWU]HE\VNUyFLþU\V
■ 1DVDG]LþREXGRZęNRPLQRZĉLZFLVQĉþPLęG]\NĉWRZQLN
PRFXMĉF\DŔFLDQęU\V
6]F]HOLQ\ZHZQęWU]QHMREXGRZ\NRPLQRZHMVNLHURZDþGRGRãX
■ :ãRŰ\þILOWU]ZęJOHPDNW\ZQ\PU\V
■ 1DVDG]Lþ XNRŔQLH SU]HVãRQę OHNNR QDFLVQĉþ GR JyU\ L SU]HVXQĉþ
GRW\ãX:JãęELHQLDQDSU]HVãRQLHPXV]ĉQDFKRG]LþQDEROFH
]DEH]SLHF]DMĉFHU\V
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\PDOQLHUD]\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
8VXQĉþSU]HVãRQę U\V
)LOWU ]DSDFKyZ MHVW FLęŰNL GODWHJR MHGQĉ UęNĉ QDOHŰ\ SRGWU]\PDþ
JRRGVSRGXL]GHPRQWRZDþILOWU]DSDFKyZ U\V
1DJU]DþSLHNDUQLNGRPDNV\PDOQLH&WHUPRRELHJ :
)LOWU]DSDFKyZUHJHQHURZDþSU]H] PLQXWZSLHNDUQLNX
QDJU]DQ\PGRPDNV\PDOQLH&WHUPRRELHJ :
8SHZQLþVLęŰHSRPLHV]F]HQLHMHVWGREU]HZHQW\ORZDQH
2WZRU]\þRNQR
3R]RVWDZLþILOWU]DSDFKyZGRRVW\JQLęFLD
)LOWU ]DSDFKyZ MHVW FLęŰNL GODWHJR MHGQĉ UęNĉ QDOHŰ\ SRGWU]\PDþ
JRRGVSRGXL]DPRQWRZDþ]UHJHQHURZDQ\ILOWU]DSDFKyZ
=DãRŰ\þSU]HVãRQę
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
: ,QVWUXo}HVGHVHJXUDQoDLPSRUWDQWHV
/HLDDWHQWDPHQWHRSUHVHQWHPDQXDO6yDVVLPSRGHUiXWLOL]DUR
VHX DSDUHOKR GH IRUPD VHJXUD H FRUUHFWD *XDUGH DV LQVWUXo}HV GH
XWLOL]DomRHPRQWDJHPSDUDFRQVXOWDVIXWXUDVRXSDUDIXWXURV
XWLOL]DGRUHV
6y FRP XPD PRQWDJHP HVSHFLDOL]DGD H HP FRQIRUPLGDGH FRP DV
LQVWUXo}HV GH PRQWDJHP SRGH VHU JDUDQWLGD D VHJXUDQoD GXUDQWH
DXWLOL]DomR2LQVWDODGRUpUHVSRQViYHOSHORIXQFLRQDPHQWR
FRUUHWRQRORFDOGHPRQWDJHP
3HULJRGHIHULPHQWRV
2DSDUHOKRSRGHFDLUVHQmRHVWLYHUFRUUHWDPHQWHIL[DGR7RGRV
RVHOHPHQWRVGHIL[DomRWrPGHVHUPRQWDGRVGHIRUPDIL[DH
VHJXUD
3HULJRGHFKRTXHHOpWULFR
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
2 FDER GH OLJDomR SRGH ILFDU GDQLILFDGR 1mR GREUDU QHP HQWDODU R
FDERHOpWULFRGXUDQWHDLQVWDODomR
3HULJRGHIHULPHQWRV
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
8VHOXYDVGHSURWHomR
3HULJRGHDVIL[LD
2PDWHULDOGHHPEDODJHPpSHULJRVRSDUDDVFULDQoDV1XQFD
GHL[HDVFULDQoDVEULQFDUHPFRPRPDWHULDOGHHPEDODJHP
,QVWDODomR
$WHQomR
&HUWLILTXHVH GH TXH QmR H[LVWHP FDERV HOpWULFRV WXERV GH JiV RX
GHiJXDQD]RQDGRVIXURV
1RWD $SRVLomRGRPyGXORGHFLUFXODomRGHDUGL]UHVSHLWRj
DUHVWDVXSHULRUGRSDLQHOGHFRUDWLYRGDFKDPLQp
■ 0DUFDUDVSRVLo}HVSDUDRVSDUDIXVRVHRFRQWRUQRGD]RQDGH
VXVSHQVmR
)D]HUIXURVFRPGHPPHPPGHSURIXQGLGDGHH
LQWURGX]LUDVEXFKDVQLYHODGDVFRPDSDUHGH)LJXUD
■ 5HWLUDURILOWURGHFDUYmRDWLYRHUHPRYHUDSHOtFXOD)LJXUD
■ $SDUDIXVDURPyGXORGHFLUFXODomRGHDUHRHVTXDGURGH
IL[DomRSDUDRSDLQHOGHFRUDWLYRGDFKDPLQp)LJXUD
■ )L[DUDPDQJXHLUDFRPDVGXDVEUDoDGHLUDVQRPyGXORGH
FLUFXODomRGHDUHQDPDQJDGHDUGRH[DXVWRU
$ PDQJXHLUD GHYH HVWDU HVWLFDGD FRUWDU VH QHFHVViULR )LJXUD
■ 0RQWDURSDLQHOGHFRUDWLYRGDFKDPLQpHSUHQGHUHQWUHR
HVTXDGURGHIL[DomRHDSDUHGH)LJXUD
$SRQWDURVHQWDOKHVGRSDLQHOGHFRUDWLYRLQWHULRUSDUDEDL[R
■ 0RQWDURILOWURGHFDUYmRDWLYR)LJXUD
■ 0RQWDU D DED LQFOLQDGD SUHPLU OHYHPHQWH SDUD FLPD H HPSXUUDU
SDUDWUiV2VUHEDL[RVGRIULVRGHFRUDWLYRGHYHPVHUDOLQKDGRV
SRUFLPDGRVSLQRVGHVHJXUDQoD)LJXUD
5HJHQHUDURILOWURGHRGRUHV
3DUDJDUDQWLURGHVHPSHQKRGRILOWURGHRGRUHVFRPXPD
XWLOL]DomR QRUPDO DSUR[ KRUD SRU GLD UHJHQHUH R ILOWUR WRGRV RV
PHVHV
3RGHUHJHQHUDURILOWURGHRGRUHVQXPIRUQRGLVSRQtYHOQR
PHUFDGR
: 3HULJRGHTXHLPDGXUDV
2 ILOWUR GH RGRUHV SHUPDQHFH TXHQWH GXUDQWH PXLWR WHPSR DSyV D
UHJHQHUDomR1mRWRTXHQRILOWURGHRGRUHVORJRDSyVD
UHJHQHUDomRGHL[HRDUUHIHFHU
&RORTXHRILOWURGHRGRUHVTXHQWHVREUHXPDEDVHUHVLVWHQWHDR
FDORUSDUDRDUUHIHFHU
1RWDV
■ 2ILOWURGHRGRUHVSRGHVHUUHJHQHUDGRDWpYH]HVHWHPGH
VHUVXEVWLWXtGRRPDLVWDUGDUDSyVDQRVQRFDVRGHXPD
XWLOL]DomRQRUPDOGLDULDPHQWHFHUFDGHKRUD
■ 1RFDVRGHTXHGDRVILOWURVGHRGRUHVUHJHQHUiYHLVSRGHP
ILFDUGDQLILFDGRV
2V GDQRV QHP VHPSUH VmR YLVtYHLV D SDUWLU GR H[WHULRU (OLPLQH H
VXEVWLWXDRILOWURUHJHQHUiYHOTXHVRIUHXDTXHGD
■ 1XQFDOLPSHRILOWURGHRGRUHVFRPSURGXWRVGHOLPSH]DiJXD
QDPiTXLQDGHODYDUQHPFRPXPSDQRPROKDGR
■ 3DUDQmRULVFDURWDEXOHLURFRORTXHRILOWURGHRGRUHVQXPD
JUHOKD

■ 5HJHQHUHRILOWURGHRGRUHVD &QRPi[LPRDU
FLUFXODQWH
:1mRUHJHQHUHRILOWURGHRGRUHVQDIXQomRGH
OLPSH]DGRIRUQROLPSH]DSLUROtWLFD
■ 'XUDQWHDUHJHQHUDomRGRILOWURGHRGRUHVSRGHRFRUUHUD
IRUPDomR GH RGRUHV &HUWLILTXHVH GH TXH R HVSDoR VH HQFRQWUD
EHPDUHMDGR$EUDXPDMDQHOD
5HPRYDDDED )LJ
2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHGHVPRQWHR )LJ
3UpDTXHoDRIRUQRQRPi[LPRD&DUFLUFXODQWH:
5HJHQHUHRILOWURGHRGRUHVGXUDQWHPLQXWRVQRIRUQRQR
Pi[LPRD&DUFLUFXODQWH
:
&HUWLILTXHVHGHTXHRHVSDoRVHHQFRQWUDEHPDUHMDGR$EUD
XPDMDQHOD
'HL[HDUUHIHFHURILOWURGHRGRUHV
2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHLQVLUDRILOWURGHRGRUHVUHJHQHUDGR
&RORTXHDDED
ro
í
,QVWUXFŘLXQLGHPRQWDM
: ,QVWUXFŘLXQLGHVLJXUDQŘćLPSRUWDQWH
&LWLŘLFXDWHQŘLHDFHVWHLQVWUXFŘLXQL1XPDLDVWIHOSXWHŘLXWLOL]D
DSDUDWXOFRUHFWüLvQVLJXUDQŘć3ćVWUDŘLLQVWUXFŘLXQLOHGHXWLOL]DUHüL
GH PRQWDM SHQWUX R FRQVXOWDUH XOWHULRDUć VDX SHQWUX HYHQWXDOL YLLWRUL
SURSULHWDUL
1XPDLODPRQWDMXOUHJXODPHQWDUFRUHVSXQ]ćWRULQVWUXFŘLXQLLGH
PRQWDMHVWHJDUDQWDWćVLJXUDQŘDODXWLOL]DUH,QVWDODWRUXOHVWH
UHVSRQVDELOSHQWUXIXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
3HULFROGHUćQLUH
'DFćDSDUDWXOQXHVWHIL[DWFRUHVSXQ]ćWRUDFHVWDSRDWHFćGHD
7RDWHHOHPHQWHOHGHIL[DUHWUHEXLHPRQWDWHELQHüLVLJXU
3HULFROGHHOHFWURFXWDUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
&DEOXOGHUDFRUGDUHVHSRDWHGHWHULRUD1XvQGRLŘLüLQXSULQGHŘL
FDEOXOGHUDFRUGDUHvQWLPSXOLQVWDOćULL
3HULFROGHUćQLUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
3HULFROGHVXIRFDUH
0DWHULDOXOGHDPEDODMHVWHSHULFXORVSHQWUXFRSLL1XOćVDŘL
QLFLRGDWćFRSLLLVćVHMRDFHFXPDWHULDOGHDPEDODM
,QVWDODUHD
$WHQŘLH
$VLJXUDŘLYćFćvQ]RQDvQFDUHVHUHDOL]HD]ćJćXULOHQXVHDIOć
FDEOXULHOHFWULFHŘHYLGHJD]VDXGHDSć
,QGLFDŘLH 3R]LŘLD PRGXOHORU GH UHFLUFXODUH D DHUXOXL GHSLQGH üL GH
PDUJLQHDVXSHULRDUćDPćüWLLFRüXOXLGHIXP
■ 0DUFDŘL SR]LŘLLOH SHQWUX üXUXEXUL üL FRQWXUXO ]RQHL GH VXVSHQGDUH
5HDOL]DŘLJćXULFXPPüLDGkQFLPHDJćXULLGHPPüL
DSćVDŘLGLEOXULOHSHSHUHWHILJXUD
■ 6FRDWHŘLILOWUXOGHFDUERQDFWLYüLvQGHSćUWDŘLIROLDILJXUD
■ 3ULQGHŘLFXüXUXEXULPRGXOXOGHUHFLUFXODUHDDHUXOXLüLFRUQLHUXO
GHVXVŘLQHUHSHQWUXPDVFDFRüXOXLGHIXPILJXUD
■ )L[DŘLIXUWXQXOFXFHOHGRXćFROLHUHSHQWUXŘHDYćSHPRGXOXOGH
UHFLUFXODUHDDHUXOXLüLSHüWXŘXOGHDHUDOKRWHL
)XUWXQXOWUHEXLHVćILHvQWLQVGDFćHVWHQHFHVDUVFXUWDŘLO
ILJXUD
■ $üH]DŘLPDVFDFRüXOXLGHIXPüLIL[DŘLRvQWUHFRUQLHUXOGH
VXVŘLQHUHüLSHUHWHILJXUD
)DQWHOH PćüWLL LQWHULRDUH D FRüXOXL GH IXP WUHEXLH Vć ILH RULHQWDWH
vQMRV
■ ,QWURGXFHŘLILOWUXOGHFDUERQDFWLYILJXUD
■ $üH]DŘLSDQRXOXüRUvQFOLQDWDSćVDŘLXüRUSDUWHDVXSHULRDUćüL
vPSLQJHŘLvQVSDWH2ULILFLLOHGHSHSDQRXWUHEXLHVćVHDIOHvQ
GUHSWXOüXUXEXULORUGHIL[DUHILJXUD
5HJHQHUDUHDILOWUXOXLGHPLURV
3HQWUXDDVLJXUDIXQFŘLRQDUHDRSWLPćDILOWUXOXLGHQHXWUDOL]DUHD
PLURVXULORUQHSOćFXWHHIHFWXDŘLUHJHQHUDUHDDFHVWXLDODILHFDUH
OXQL 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
GHSkQćODGHRULüLvQFD]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
6FRDWHŘLSDQRXO ILJXUD
)LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDDPSODVDŘLRPkQćVXEDFHVWDüLGHPRQWDŘLO ILJXUD
3UHvQFćO]LŘLFXSWRUXOODRWHPSHUDWXUćGHPD[LPXP&D
DHUXOXLUHFLUFXODW :
/ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UHJHQHUH]HWLPSGH GHPLQXWHvQLQWHULRUXOFXSWRUXOXLODR
WHPSHUDWXUćGHPD[LPXP &DDHUXOXLUHFLUFXODW
:
$VLJXUDŘLYćFćvQFćSHUHDHVWHELQHDHULVLWć'HVFKLGHŘL
IHUHDVWUD
/ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UćFHDVFć
)LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDSHQWUXDOGHPRQWDDPSODVDŘLRPkQćVXEDFHVWDüL
HIHFWXDŘLUHJHQHUDUHDDFHVWXLD
,QWURGXFHŘLSDQRXO
ru
î
Ημπροςιυηώξνλνμρίες
: Αίεμϊδξοίαηκίρδτμηιηΰδζνξίπμνπρη
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηθίκνδθάθήλμάθΘηθιθζθΰίμάΪζ
ηΪνρβμφλωικΪάβεφηθβΫίαθιΪληθιθεφαθάΪμφλωικβΫθκθζ
ΛθοκΪηωγμίκνδθάθήλμάθιθχδλιενΪμΪπββββηλμκνδπβψιθ
ζθημΪΰνήεωήΪεφηίγςίέθβλιθεφαθάΪηβωβεβήεωιίκίήΪρβ
ηθάθζνάεΪήίεφπν
ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζβηλμκνδπββιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
Νξίπμνπρϋροίαληοναίμηώ
ΏλεβικβΫθκηίαΪξβδλβκθάΪηηΪήείΰΪσβζθΫκΪαθζθηζθΰίμ
νιΪλμφΌλίχείζίημυδκίιείηβωήθεΰηυΫυμφηΪήϋΰηθ
νλμΪηθάείηυ
Νξίπμνπρϋςγίοίρνινλ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβρμθ
ζθΰίμιθάκίήβμφλθίήβηβμίεφηυγικθάθήΙκθλείήβμίρμθΫυ
λθίήβηβμίεφηυγικθάθήηίαΪΰβζΪελωβηίιίκίέβΫΪελω
Νξίπμνπρϋροίαληοναίμηώ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ
Νξίπμνπρϋςγςχϋώ
ΝιΪδθάθρηυγζΪμίκβΪεικίήλμΪάεωίμθιΪληθλμφήεωήίμίγ
ΗβδθέήΪηίιθαάθεωγμίήίμωζβέκΪμφλνιΪδθάθρηυζζΪμίκβΪεθζ
πρίμναιί
Αμηλίμηδ
ΝΫίήβμίλφρμθάαθηίλάίκείηβωθμάίκλμβγηίμχείδμκθικθάθήδβ
έΪαθικθάθήθάβεβάθήηυομκνΫ

ιίζίμηδ ΙθεθΰίηβίάυμωΰηθέθζθήνεωαΪάβλβμθμ
κΪλιθεθΰίηβωάίκοηίγρΪλμβάυμωΰηθγμκνΫυ
■ ΚΪαζίμφμίμθρδβκΪλιθεθΰίηβωάβημθάβδθημνκαθηυ
δκίιείηβω
ΙκθλάίκεβμίθμάίκλμβωζζέενΫβηΪζζβάλμΪάφμί
ήψΫίεβαΪιθήεβπθλθλμίηδθγκβλ
■ ΌυηφμίνέθεφηυγξβεφμκβνήΪεβμίιείηδνκβλ
■ Ικβάβημβμίάυμωΰηθγζθήνεφβδκθηςμίγηήεωάυμωΰηθγ
μκνΫυκβλ
■ ΑΪδκίιβμίςεΪηέήάνζωοθζνμΪζβηΪάυμωΰηθζζθήνείβ
άθαήνοθάθήί
εΪηέ ήθεΰίη Ϋυμφ ηΪμωηνμ ικβ ηίθΫοθήβζθλμβ νδθκθμβμί ίέθ
κβλ
■ ΝλμΪηθάβμίθΫεβπθάδνάυμωΰηθγμκνΫυβαΪΰζβμίίϋζίΰήν
νέθεδθζβλμίηδθγκβλ
Ικθκίαβ ηΪ άηνμκίηηίγ ρΪλμβ άυμωΰηθγ μκνΫυ ήθεΰηυ λζθμκίμφ
άηβα
■ ΝλμΪηθάβμίξβεφμκλΪδμβάβκθάΪηηυζνέεϋζκβλ
■ ΌλμΪάφμίεβπίάνψιΪηίεφιθήνέεθζλείέδΪικβιθήηβζβμίβ
αΪήάβηφμίηΪαΪήΙΪαυηΪεβπίάθγιΪηίεβήθεΰηυ
αΪσίεδηνμφλωηΪλμθιθκΪοκβλ
Οδβδμδοίυηώξνβκνρηρδκώζίξίτνα
ΡμθΫυθΫίλιίρβμφηΪήείΰΪσβγνκθάίηφηίγμκΪεβαΪπββαΪιΪοθά
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρρΪλΪ
ηίθΫοθήβζθικβζδΪΰήυί²ζίλωπΪικθάθήβμφκίέίηίκΪπβψ
ιθέεθμβμίείγαΪιΪοθά
ΎθινλδΪίμλωκίέίηίκΪπβωιθέεθμβμίεωαΪιΪοθάάθΫυρηθζ
ήνοθάθζςδΪξν
: Νξίπμνπρϋνενβί
ΙθλείκίέίηίκΪπββιθέεθμβμίεφαΪιΪοθάθλμΪϋμλωέθκωρβζά
μίρίηβί ήθεέθέθ άκίζίηβ Ηί ικβδΪλΪγμίλφ δ ιθέεθμβμίεψ αΪιΪοθά
λκΪανιθλείκίέίηίκΪπββήΪγμίίζνθλμυμφ
ΎεωθλμυάΪηβωιθεθΰβμίιθέεθμβμίεφαΪιΪοθάηΪΰΪκθικθρηνψ
ιθήλμΪάδν
ιίζίμηώ
■ ΚίέίηίκΪπβψιθέεθμβμίεωαΪιΪοθάζθΰηθικθάθήβμφήθκΪα
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρίηβί
ρΪλΪΙθέεθμβμίεβαΪιΪοθάιθήείΰΪμαΪζίηίηίκίΰίρίζ
κΪαάείμ
■ 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
ΛηβζβμίιΪηίεφ οηπ
ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΛηβζΪγμίίέθικβήίκΰβάΪωαΪ
ηβΰηψψρΪλμφκνδθγ οηπ
ΚΪαθέκίγμίήνοθάθγςδΪξήθζΪδλμίζιίκΪμνκυ&ά
κίΰβζίδθηάίδπββ
:
ΙθέεθμβμίεφαΪιΪοθάκίέίηίκβκνίμλωάήνοθάθζςδΪξνά
μίρίηβί ζβηνμικβζΪδλμίζιίκΪμνκί &άκίΰβζί
δθηάίδπββ
:
ΝΫίήβμίλφρμθιθζίσίηβίοθκθςθικθάίμκίηθΘμδκθγμίθδηθ
ΎΪγμίιθέεθμβμίεψαΪιΪοθάθλμυμφ
ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΝλμΪηθάβμίκίέίηίκβκνίζυγ
ιθέεθμβμίεφαΪιΪοθάικβήίκΰβάΪωαΪηβΰηψψρΪλμφκνδθγ
ΝλμΪηθάβμίιΪηίεφ
sk
ï
0RQWiçQ\QiYRG
: '{OHçLWpEH]SHĀQRVWQpSRN\Q\
7HQWRQiYRGVLVWDURVWOLYRSUHĀtWDMWH/HQSRWRPP{çHWHVSRWUHELĀ
REVOXKRYDŚEH]SHĀQHD VSUiYQH1iYRGQDSRXçtYDQLH
D PRQWiçQ\QiYRGVLRGORçWHQDQHVNRUåLHSRXçLWLHDOHERSUH
QDVOHGXM~FHKRYODVWQtNDVSRWUHELĀD
/HQSULRGERUQHMPRQWiçL]RGSRYHGDM~FHMWRPXWRPRQWiçQHPX
QiYRGXMH]DUXĀHQiEH]SHĀQRVŚSULSRXçtYDQt,QåWDODWpUMH
]RGSRYHGQì]DEH]FK\EQpIXQJRYDQLHQDPLHVWHLQåWDOiFLH
1HEH]SHĀHQVWYRSRUDQHQLD
.HďVSRWUHELĀQLHMHULDGQHXSHYQHQìP{çHVSDGQ~Ś9åHWN\
XSHYŃRYDFLHSUYN\PXVLDE\ŚSHYQHD EH]SHĀQHQDPRQWRYDQp
1HEH]SHĀHQVWYR~UD]XHOHNWULFNìPSU~GRP
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3ULSiMDFt
NiEHO VD P{çH SRåNRGLŚ 3ULSiMDFt NiEHO SRĀDV LQåWDOiFLH QH]ORPWH
DOHERQH]DFYLNQLWH
1HEH]SHĀHQVWYRSRUDQHQLD
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3RXçtYDMWH
RFKUDQQpUXNDYLFH
1HEH]SHĀHQVWYRXGXVHQLD
2EDORYìPDWHULiOSUHGVWDYXMHQHEH]SHĀHQVWYRSUHGHWL1LNG\
QHQHFKDMWHGHWLKUDŚVDV REDORYìPPDWHULiORP
,QåWDOiFLD
3R]RU
=DLVWLWHDE\VDYŎWDQLHY\NRQiYDORY PLHVWDFKNGHVD
QHQDFKiG]DM~çLDGQHHOHNWULFNpYHGHQLDSO\QRYpDOHER
YRGRYRGQpSRWUXELD
8SR]RUQHQLH 3RORKDPRGXOXQDFLUNXOiFLXY]GXFKXVDY]ŚDKXMH
QDKRUQ~KUDQXNRPtQRYpKRREORçHQLD
■ 9\]QDĀWHVLXPLHVWQHQLHVNUXWLHND REU\VREODVWL]DYHVHQLD
9\YŎWDMWHRWYRU\V PPD KķENRX PPD YWODĀWHGRQLFK
UR]SHUN\WDNDE\OtFRYDOLVRVWHQRX²REUi]RN
■ 9\EHUWHDNWtYQ\XKOtNRYìILOWHUD RGVWUiŃWHIyOLX²REUi]RN
■ 3ULVNUXWNXMWH PRGXO V FLUNXOiFLRX Y]GXFKX D SULGUçLDYDFt XKROQtN
SUHNRPtQRYpREORçHQLH²REUi]RN
■ +DGLFXSULSHYQLWHGYRPLVSRQDPLQDPRGXOHQDFLUNXOiFLX
Y]GXFKXD N KUGOXQDRGYRGY]GXFKXRGViYDĀDSiU
+DGLFDPXVtE\ŚQDSQXWiY SUtSDGHSRWUHE\MXVNUiŚWH²
REUi]RN
■ 1DVDďWHNRPtQRYpREORçHQLHD ]RYULWHKRPHG]LSULGUçLDYDFt
XKROQtND VWHQX²REUi]RN
=iUH]\YQ~WRUQpKRNRPtQRYpKRREORçHQLDQDGRO
■ 9ORçWHDNWtYQ\XKOtNRYìILOWHU²REUi]RN
■ 1DVDďWHåLNPRSDQHO]DWODĀWHKRPLHUQHQDKRUD ]DVXŃWH
GR]DGX9ìUH]\Y SDQHOLSULWRPPXVLDYLHVŚQDG]DLVŚRYDFtPL
ĀDSPL²REUi]RN
5HJHQHUiFLDSDFKRYpKRILOWUD
$E\ERO]DEH]SHĀHQìSDFKRYìILOWUDĀQìYìNRQSDFKRYìILOWHU
UHJHQHUXMWHSULQRUPiOQHMSUHYiG]NHGHQQHFFD KRGLQXNDçGp
²PHVLDFH
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
2GVWUiŃWHSDQHO REUi]RN
3DFKRYìILOWHUMHŚDçNìSUHWRKRMHGQRXUXNRXFK\ŚWH]RVSRGX
D Y\EHUWHKR REUi]RN
5~UXQDSHĀHQLHSUHGKUHMWHPD[QD &FLUNXOiFLD
Y]GXFKX
:
3DFKRYìILOWHUUHJHQHUXMWHY U~UHSULPD[WHSORWH &
FLUNXOiFLDY]GXFKX
: PLQ~W
=DEH]SHĀWHDE\ERODPLHVWQRVŚGREUHYHWUDQi2WYRUWHRNQR
3DFKRYìILOWHUQHFKDMWHY\FKODGQ~Ś

3DFKRYìILOWHUMHŚDçNìSUHWRKRMHGQRXUXNRXFK\ŚWH]RVSRGX
D YORçWH]UHJHQHURYDQìSDFKRYìILOWHU
1DVDďWHSDQHO
sl
ð
1DYRGLOD]DPRQWDçR
: 3RPHPEQDYDUQRVWQDQDYRGLOD
3D]OMLYRSUHEHULWHWDXYRGäHOHSRWHPODKNRDSDUDWXSRUDEOMDWH
YDUQRLQSUDYLOQR1DYRGLOD]DXSRUDERLQYJUDGQMRVKUDQLWH]D
NDVQHMåRXSRUDERDOL]DQDVOHGQMHJDODVWQLND
9DUQRVWPHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQH
PRQWDçHYVNODGX]QDYRGLOL]DPRQWDçR0RQWHUMHRGJRYRUHQ]D
EUH]KLEQRGHORYDQMHQDPHVWXSRVWDYLWYH
1HYDUQRVWWHOHVQLKSRåNRGE
ÿHDSDUDWQLSUDYLOQRSULWUMHQODKNRSDGH9VLSULWUGLOQLHOHPHQWL
PRUDMRELWLWUGQRLQYDUQRPRQWLUDQL
1HYDUQRVWXGDUDHOHNWULĀQHJDWRND
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH3ULNOMXĀQLNDEHO
VHODKNRSRåNRGXMH0HGQDPHVWLWYLMRQHSUHSRJQLWHDOLXNOHåĀLWH
SULNOMXĀQHJDNDEOD
1HYDUQRVWWHOHVQLKSRåNRGE
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH1RVLWH]DåĀLWQH
URNDYLFH
1HYDUQRVW]DGXåLWYH
(PEDODçQLPDWHULDOMHQHYDUHQ]DRWURNH1LNROLQHGRYROLWH
RWURNRPGDVHLJUDMR]HPEDODçQLPPDWHULDORP
1DPHVWLWHY
3R]RU
3UHSULĀDMWHVHGDQDREPRĀMXL]YUWLQQLHOHNWULĀQLKSOLQVNLKDOL
YRGQLKQDSHOMDY
2SRPED 3RORçDMPRGXOD]DUHFLUNXODFLMR]UDNDVHQDQDåDQD
]JRUQMLURERNURYDMDåND
■ 2]QDĀLWHSRORçDMH]DYLMDNHLQREULVSUHGHODREHåDQMD
,]YUWDMWHRGSUWLQHVSUHPHURPPPLQJORELQRPPLQYDQMH
SRWLVQLWHĀHSHWDNRGDVRSRUDYQDQLVVWHQR²VOLND
■ 2GVWUDQLWHILOWHU]DNWLYQLPRJOMHPLQRGVWUDQLWHIROLMR²VOLND
■ 3ULWUGLWHPRGXO]DUHFLUNXODFLMR]UDNDLQSULWUGLOQLNRWQLN]DRNURY
MDåND²VOLND
■ &HYVFHYQLPDVSRMNDPDSULWUGLWHQDPRGXO]DUHFLUNXODFLMR
]UDNDLQQDVWDYHN]D]UDĀQRFHYQDQDSL
&HYPRUDELWLQDSHWD]DWRMRSRSRWUHELVNUDMåDMWH²VOLND
■ 1DPHVWLWHRNURYMDåNDLQJDYSQLWHPHGSULWUGLOQLNRWQLNLQVWHQR
²VOLND
=DUH]HQRWUDQMHJDRNURYDMDåNDREUQLWHQDY]GRO
■ 1DPHVWLWHILOWHU]DNWLYQLPRJOMHP²VOLND
■ ÿHOQRSORåĀRQDPHVWLWHSRĀH]MRUDKORSULWLVQLWHQDY]JRULQ
SRWLVQLWHQD]DM8WRUDQDĀHOQLSORåĀLMHWUHEDSULWHPYRGLWLSUHN
YDURYDOQLK]DWLĀHY²VOLND
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]DYRQMDYHUHJHQHULUDMWHSULQDMYHĀ &NURçHQMH
]UDND
:)LOWUD]DYRQMDYHQHUHJHQHULUDMWHVIXQNFLMR]D
ĀLåĀHQMHSHĀLFHSLUROL]D
■ 0HGUHJHQHUDFLMRILOWUD]DYRQMDYHVHODKNRUD]YLMHMRYRQMDYH
3RVNUELWHGDERSURVWRUGREURSUH]UDĀHQ2GSULWHRNQR
2GVWUDQLWHĀHOQRSORåĀR VOLND
)LOWHU ]D YRQMDYH MH WHçDN ]DWR ] HQR URNR SULPLWH ILOWHU ]D YRQMDYH
QDVSRGQMLVWUDQLLQJDRGVWUDQLWH VOLND
3HĀLFRRJUHMWHQDQDMYHĀ &NURçHQMH]UDND :
)LOWHU]DYRQMDYH PLQXWUHJHQHULUDMWHYSHĀLFLSUL &
NURçHQMH]UDND :
3RVNUELWHGDERSURVWRUGREURSUH]UDĀHQ2GSULWHRNQR
3XVWLWHGDVHILOWHU]DYRQMDYHRKODGL
)LOWHU ]D YRQMDYH MH WHçDN ]DWR ] HQR URNR SULPLWH ILOWHU ]D YRQMDYH
QDVSRGQMLVWUDQLLQYVWDYLWHUHJHQHULUDQLILOWHU]DYRQMDYH
9VWDYLWHĀHOQRSORåĀR
sq
ñ
8GKs]LPSsUPRQWLP
: 8GKs]LPHWsUsQGsVLVKPHVLJXULH
/H[RMHQLPHNXMGHVNsWsXGKs]LP9HWsPNsVKWXPXQGTsPH
DSDUDWLQWXDMWsVKsUEHKHQLQsPsQ\UsWsVLJXUWGKHWsGUHMW
8GKs]LPLQSsUSsUGRULPGKHPRQWLPHUXDQLSsUSsUGRULPWs
PsYRQVKsPRVHSsUSURQDULQHDUGKVKsP
9HWsPSsUPHVQMsPRQWLPLWsVSHFLDOL]XDUGKHQsSsUSXWKMHPH
XGKs]XHVLQHPRQWLPLWPXQGWsVLJXURKHWQMsSsUGRULPLVLJXUW
,QVWDOXHVLPEDQSsUJMHJMsVLSsUIXQNVLRQLPLQHSDWsPHWsWs
SDMLVMHVQsYHQGLQHLQVWDOLPLW
5UH]LNSODJRVMHMH
1sVH SDMLVMD QXN sVKWs VKWUsQJXDU VLo GXKHW PXQG Ws EMHUs *MLWKs
HOHPHQWHWHVKWUsQJLPLWGXKHWWsPRQWRKHQIRUWGKHQsPsQ\UsWs
VLJXUW
5UH]LNQJDJRGLWMDHUU\PsV
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD.DEOOL
OLGKsVPXQGWsGsPWRKHW0RVHSsUNXOQLGKHPRVVKNHOQLNDEOOLQ
OLGKsVJMDWsLQVWDOLPLW
5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
5UH]LNDVILNVLPL
0DWHULDOLDPEDOD]KXHVsVKWsLUUH]LNVKsPSsUIsPLMsW0RVLOLQL
DVQMsKHUsIsPLMsWWsOXDMQsPHPDWHULDOHWDPEDOD]KXHV
,QVWDOLPL
.XMGHV
6LJXURKXQLTsQsSMHVsQNXGRWsKDSHQYULPDWQXNNDORQDVQMs
OLQMsHOHNWULNHWXEJD]LRVHWXEXML
8GKs]LP 3R]LFLRQLLPRGXOLWWsTDUNXOOLPLWWsDMULWLUHIHURKHW
NRQWXULWWsVLSsUPWsYHVKMHVVsR[KDNXW
■ 6KsQRQL SR]LFLRQHW H YLGDYH GKH NRQWXULQ H ]RQsV NX GR Ws YDUQL
SDMLVMHQ
6KSRQLYULPDWPHPPGKHWKHOOsVLVKSLPLPPGKHIXWQL
XSDWEUHQGDQsPXUUUDIVKPHWsILJXUD
■ 1[LUUQLILOWULQPHNDUERQDNWLYGKHKLTQLTHVHQILJXUD
■ 0EsUWKHQLPHYLGDPRGXOLQPHTDUNXOOLPDMULGKHSURILOHW
PEDMWsVHSsUPEXOHVsQHR[KDNXWILJXUD
■ 0EsUWKHQL WXELQ PH G\ IDVKHWD SsU WXED Qs PRGXOLQ PH TDUNXOOLP
DMULGKHQsYULPsQHDMULWWsDVSLUDWRULW
7XELGXKHWWsMHWsKHUPHWLNVKNXUWRMHQLDWsQsVHQHYRMLWHW
ILJXUD
■ 9HQGRVQLPEXOHVsQHR[KDNXWGKHNDSHQLPLGLVSURILOLWPEDMWsV
GKHPXULWILJXUD
.DQDOHWHYHVKMHVVsEUHQGVKPHWsR[KDNXWGXKHWWsGUHMWRKHQ
SsUSRVKWs
■ 9HQGRVQLILOWULQPHNDUERQDNWLYILJXUD
■ 9HQGRVQLSMHUUsWPEXOHVsQQJMLVKHQLOHKWsSsUQJDODUWGKH
SDVWDMVKW\MHQLSsUQJDSUDSD3sUNsWsSMHVsWHSUHUDQs
PEXOHVsGXKHWWsGUHMWRKHQQsSsUPMHWEXORQDYHWsVLJXULVs
ILJXUD
5LJMHQHURQLILOWULQHHUsUDYH
3sU Ws JDUDQWXDU SHUIRUPDQFsQ H ILOWULW Ws DURPDYH ULJMHQHURMHQL DWs
oGRPXDMNXUSDMLVMDSsUGRUHWQRUPDOLVKWUUHWKRUsoGRGLWs
-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
■ )LOWULLDURPDYHPXQGWsULJMHQHURKHWGHULQsKHUsGKHGXKHW
QGsUUXDUPDNVLPXPLSDVYMHWsVKNXUSDMLVMDSsUGRUHW
QRUPDOLVKWUUHWKRUsoGRGLWs
■ .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
+LTQLPEXOHVsQ )LJXUD
)LOWUL L DURPDYH sVKWs L UsQGs SUDQGDM NDSHQL ILOWULQ H DURPDYH QJD
SRVKWsPHQMsUsQGRUsGKHoPRQWRMHQLDWs )LJXUD
1JURKQLSDUDSUDNLVKWIXUUsQPDNVLPXPLQs&4DUNXOOLP
DMUL :
5LJMHQHURQLILOWULQHDURPDYHQsIXUUsQPHWHPSHUDWXUs
PDNVLPDOH&4DUNXOOLPDMUL :SsUPLQXWD
6LJXURKXQLTsGKRPDNDDMURVMHWsPLUs+DSQLQMsGULWDUH
/sUHQLILOWULQHDURPDYHWsIWRKHW
)LOWUL L DURPDYH sVKWs L UsQGs SUDQGDM NDSHQL ILOWULQ H DURPDYH QJD
SRVKWsPHQMsUsQGRUsGKHYHQGRVQLILOWULQHULJMHQHUXDUWs
DURPDYH
9HQGRVQLPEXOHVsQ
sv
ó
0RQWHULQJVDQYLVQLQJ
: 9LNWLJDVlNHUKHWVDQYLVQLQJDU
/lV EUXNVDQYLVQLQJHQ QRJJUDQW 'HW lU YLNWLJW I|U DWW GX VND NXQQD
DQYlQGDHQKHWHQVlNHUWRFKSnUlWWVlWW6SDUDEUXNVRFK
PRQWHULQJVDQYLVQLQJHQI|UIUDPWLGDEUXNRFKHYHQWXHOOD
NRPPDQGHlJDUH
(QVlNHUDQYlQGQLQJNDQEDUDJDUDQWHUDVRPVSLVIOlNWHQ
PRQWHUDVSnIDFNPlVVLJWVlWWRFKLHQOLJKHWPHG
PRQWHULQJVDQYLVQLQJHQ ,QVWDOODW|UHQ DQVYDUDU I|U HQ IHOIUL IXQNWLRQ
SnSODWVHQ
6NDGHULVN
2P HQKHWHQ LQWH lU RUGHQWOLJW IlVW Sn YlJJHQ Vn NDQ GHQ IDOOD QHG
$OODIlVWNRPSRQHQWHUPnVWHPRQWHUDVVWDGLJWRFKVlNHUW
5LVNI|UHOVW|WDU
'HWILQQVNRPSRQHQWHULQXWLHQKHWHQVRPKDUYDVVDNDQWHU
$QVOXWQLQJVNDEHOQNDQVNDGDV$QVOXWQLQJVNDEHOQInULQWHYLNDV
HOOHUNOlPPDVYLGLQVWDOODWLRQHQ
6NDGHULVN
(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
.YlYQLQJVULVN
)|USDFNQLQJVPDWHULDOlUIDUOLJWI|UEDUQ/nWDOGULJEDUQOHNDPHG
I|USDFNQLQJVPDWHULDOHW
,QVWDOODWLRQ
2EV
6HWLOODWWGHWLQWHILQQVQnJUDHOOHGQLQJDUJDVHOOHUYDWWHQU|ULGHW
RPUnGHGlUGXWlQNHUERUUD
$QYLVQLQJ 3ODFHULQJHQDYFLUNXODWLRQVOXIWPRGXOHQXWJnUIUnQ
IOlNWNnSDQV|YHUGHO
■ 0DUNHUDERUUKnOHQI|UVNUXYDUQDRFKRPUnGHWGlUIOlNWHQVND
KlQJDSnYlJJHQ
%RUUD PP GMXSD PPKnO RFK WU\FN L SOXJJ Vn DWW GH OLJJHU
MlPVPHGYlJJHQELOG
■ 7DXUGHWDNWLYDNROILOWUHWRFKWDERUWIROLHQELOG
■ 6NUXYDIDVWFLUNXODWLRQVOXIWPRGXOHQRFKIlVWYLQNODUQDWLOO
IOlNWNnSDQELOG
■ )lVWVODQJHQPHGVODQJNOlPPRULFLUNXODWLRQVOXIWPRGXORFK
IOlNWNnSDQVOXIWDQVOXWQLQJ
6ODQJHQVNDYDUDVWUlFNWNRUWDRPGHWEHK|YVELOG
■ 6lWWSnIOlNWNnSDQRFKNOlPLQPHOODQIlVWYLQNODURFKYlJJ
ELOG
6NMXWGHQLQUHGHOHQQHGnW
■ 6lWWDLDNWLYWNROILOWHUELOG
■ 6lWWLGHOHQVQHWWRFKWU\FNXSSnWRFKEDNnWQnJRW8UWDJHQL
GHOHQVNDJn|YHUOnVVNUXYDUQDELOG
5HJHQHUHUDRVILOWUHW
5HJHQHUHUDRVILOWUHWYDU PnQDGYLGQRUPDODQYlQGQLQJFD
WLPPHYDUMHGDJI|UELEHKnOOHQRVILOWHUNDSDFLWHW
'XNDQUHJHQHUHUDRVILOWUHWLYDQOLJXJQ
: 5LVNI|UEUlQQVNDGRU
2VILOWUHWI|UEOLUYDUPWOnQJWHIWHUUHJHQHUHULQJHQ5|ULQWHRVILOWUHW
GLUHNWHIWHUUHJHQHUHULQJHQXWDQOnWGHWI|UVWVYDOQDRUGHQWOLJW
/nWGHWKHWDRVILOWUHWVYDOQDSnYlUPHWnOLJWXQGHUODJ
$QYLVQLQJ
■ 'HWJnUDWWUHJHQHUHUDRVILOWUHWXSSWLOOJnQJHURFKYLG
QRUPDODQYlQGQLQJ FD WLPPH YDUMH GDJ PnVWH GHW E\WDV LQRP
nU
■ 'HWUHJHQHUHUDGHRVILOWUHWNDQEOLVNDGDWRPGHWIDOOHUQHG
6NDGRUQDJnULQWHDOOWLGDWWVHXWYlQGLJW2PKlQGHUWDRFKE\W
UHJHQHUHUEDUDRVILOWHUVRPIDOOLWQHG
■ 5HQJ|UDOGULJRVILOWHUPHGUHQJ|ULQJVPHGHOYDWWHQGLVNPDVNLQ
HOOHUYnWWUDVD
■ /lJJRVILOWUHWSnJDOOHUDQQDUVNDQGXUHSDEDNSOnWHQ
■ 5HJHQHUHUDRVILOWUHWSnPD[&YDUPOXIW :5HJHQHUHUD
LQWHRVILOWUHWPHGXJQVUHQJ|ULQJVIXQNWLRQHQS\URO\V
■ 'HWNDQOXNWDHQGHOYLGUHJHQHUHULQJHQDYRVILOWUHW6HWLOOVnDWW
UXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
7DERUWSDQHOHQ ELOG
2VILOWUHW lU WXQJW Vn KnOO HQ KDQG XQGHU QlU GX WDU XU GHW ELOG
)|UYlUPXJQHQWLOOPD[&YDUPOXIW :
5HJHQHUHUDRVILOWUHWLXJQSnPD[&YDUPOXIW :L
PLQXWHU
6HWLOOVnDWWUXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
/nWRVILOWUHWVYDOQD
2VILOWUHWlUWXQJWVnKnOOHQKDQGXQGHUQlUGXVlWWHULGHW
UHJHQHUHUDGHRVILOWUHW
6lWWLSDQHOHQ
tr
ô
0RQWDMN×ODYX]X
: gQHPOLJYHQOLNX\DU×ODU×
%XN×ODYX]XGLNNDWOLFHRNX\XQX]$QFDNEXüHNLOGHFLKD]×JYHQOL
YHGRùUXELUELoLPGHNXOODQPDQ×]PPNQRODFDNW×U'DKDVRQUD
NXOODQ×OPDN]HUHYH\DEDüNDELULVLQLQNXOODQ×P×LoLQNXOODQ×PYH
PRQWDMN×ODYX]XQXPXKDID]DHGLQL]
6DGHFHPRQWDMN×ODYX]XQDJ|UH\DS×OP×üX]PDQFDELUNXUPD
VD\HVLQGHNXOODQ×PJYHQOLùLJDUDQWLHGLOPLüROXU<HUOHüLP
\HULQGHVRUXQVX]oDO×üPDGDQWHVLVDWo×VRUXPOXGXU
<DUDODQPDWHKOLNHVL
&LKD]JHUHNWLùLJLELVDELWOHQPHPLüVHGüHELOLU7PVDELWOHPH
HOHPDQODU×V×N×OP×üYHJYHQOLELUüHNLOGHPRQWHHGLOPLüROPDO×G×U
(OHNWULNoDUSPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU%DùODQW×NDEORVX
KDVDUJ|UHELOLU%DùODQW×NDEORVXQXNXUPDLüOHPLHVQDV×QGD
NDWODPD\×Q×]YH\DV×N×üW×UPD\×Q×]
<DUDODQPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFXHOGLYHQOHU
NXOODQ×Q×]
%RùXOPDWHKOLNHVL
$PEDODMPDO]HPHOHULoRFXNODULoLQWHKOLNHOLGLUdRFXNODU×QDPEDODM
PDO]HPHOHULLOHR\QDPDODU×QDNHVLQOLNOHL]LQYHUPH\LQL]
.XUXOXP
'LNNDW
'HOLNOHULQHWUDI×QGDHOHNWULNKDWODU×Q×QJD]YH\DVXERUXODU×Q×Q
ROPDG×ù×QGDQHPLQROXQX]
%LOJL +DYDODQG×UPDPRGONRQXPXEDFDNDSODPDV×Q×QVW
NHQDU×QGDQEDKVHWPHNWHGLU
■ &×YDWDODU×QSR]LV\RQODU×Q×YHFLKD]×DVPDDODQ×Q×QNHQDUODU×Q×
oL]LQL]
PP oDS×QGD YH PP GHULQOLùLQGH GHOLNOHU Do×Q×] YH GEHOOHUL
GXYDUODKL]DOD\DUDNEDVW×U×Q×]5HVLP
■ $NWLIN|PUILOWUHVLo×NDU×OPDO×YHIRO\RNDOG×U×OPDO×G×U5HVLP

■ +DYDODQG×UPDPRGOYHEDFDNDSODPDV×WXWWXUPDN|üHEHQGLQL
YLGDOD\×Q×]5HVLP
■ +RUWXPLNLERUXEUDNHWLLOHKDYDODQG×UPDPRGO]HULQGHYH
GDYOXPED]IDQNDGHPHOHUL]HULQHVDELWOHQPHOLGLU
+RUWXPJHUJLQROPDO×G×UJHUHNLUVHN×VDOW×OPDO×G×U5HVLP
■ %DFDNDSODPDV×\HUOHüWLULOPHOLYHWXWWXUPDN|üHEHQGLLOHGXYDU
DUDV×QDV×N×üW×U×OPDO×G×U5HVLP
ĮoEDFDNDSODPDV×Q×QGHOLNOHULDüDù×GRùUXROPDO×G×U
■ $NWLIN|PUILOWUHVLWDN×OPDO×G×U5HVLP
■ .DSODPDHQLQHRWXUPDO×KDILIoH\XNDU×EDVW×U×OPDO×YHDUND\D
LWLOPHOLGLU.DSODPD]HULQGHNLERüOXNODU×Q]HULQGHQHPQL\HW
SLPLLOHJHoLOPHOLGLU5HVLP
.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
■ .RNXILOWUHVLGHID\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×]
.XPDQGDSDQHOLo×NDU×OPDO×G×U 5HVLP
.RNXILOWUHVLDù×UG×UEXQHGHQOHELUHOLQL]OHNRNXILOWUHVLQLDOWWDQ
WXWXQX]YHILOWUH\LV|NQ] 5HVLP
)×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×]
.RNXILOWUHVLDù×UG×UEXQHGHQOHELUHOLQL]OHNRNXILOWUHVLQLDOWWDQ
WXWXQX]YH\HQLOHQPLüNRNXILOWUHVLQL\HUOHüWLULQL]
.XPDQGDSDQHOL\HUOHüWLULOPHOLGLU

