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)XQFLRQDPLHQWRFRQUHFLUFXODFLyQGHDLUH
(OILOWURGHVRGRUL]DQWHHOLPLQDORVRORUHVHQHOIXQFLRQDPLHQWRFRQ
UHFLUFXODFLyQGHDLUH&DPELDUHOILOWURGHVRGRUL]DQWH YH]DODxR
HQFDVRGHIXQFLRQDPLHQWRQRUPDODSUR[ KRUDDOGtD
1RWD /RVILOWURVGHVRGRUL]DQWHQRFRQWLHQHQVXVWDQFLDV
FRQWDPLQDQWHVSRUORTXHVHSXHGHQGHVHFKDUHQODEDVXUD
GRPpVWLFD
&DPELDUHOILOWURGHVRGRUL]DQWH
 %DMDUODWDSDGHOILOWUR
 5HWLUDUHOILOWURGHVRGRUL]DQWH
 ,QVHUWDUHOILOWURGHVRGRUL]DQWH )LJ 
 3OHJDUODWDSDGHOILOWURKDFLDDUULED\FHUUDUOD
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/XH WlPl Nl\WW|RKMH KXROHOOLVHVWL 9DVWD VLWWHQ YRLW Nl\WWll ODLWHWWDVL
WXUYDOOLVHVWLMDRLNHLQ6lLO\WlNl\WW|MDDVHQQXVRKMHP\|KHPSll
Nl\WW|lWDLVHXUDDYDDNl\WWlMllYDUWHQ
7DUNDVWD ODLWH NXQ ROHW SXUNDQXW VHQ SDNNDXNVHVWD -RV ODLWWHHVVD
RQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q
7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ
DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD
PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD
7XNHKWXPLVYDDUD
3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ
OHLNNLlSDNNDXVPDWHULDDOLOOD
/RXNNDDQWXPLVYDDUD
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WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
/RXNNDDQWXPLVYDDUD
-RVODLWHWWDHLROHNLLQQLWHWW\DVLDQPXNDLVHVWLVHYRLSXGRWD.DLNNL
NLLQQLW\VHOHPHQWLWSLWllNLLQQLWWllNXQQROODMDYDUPDVWL
/RXNNDDQWXPLVYDDUD
/DLWHRQHULWWlLQSDLQDYD/DLWHWWDHLVDDDVHQWDDVXRUDDQ
NLSVLOHY\LKLQWDLYDVWDDYLLQNHY\WUDNHQWHLVLLQ-RWWDDVHQQXVRQ
DVLDQPXNDLQHQNl\WlULLWWlYlQYDQNNDDUDNHQWHHOOLVLLQVHLNNRLKLQ
MDODLWWHHQSDLQRRQVRSLYDDPDWHULDDOLD
/RXNNDDQWXPLVYDDUD
.l\WlYDNDLWDWLNNDLWDMDYDUPLVWDQLLGHQS\VW\VVlS\V\PLQHQbOl
WXNHXGXNHLWWRWDVRRQlOlNlDVWXW\|WDVRQWDLNHLWWRWDVRQSllOOH
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9DURSXWRDPDVWDNXQW\|VNHQWHOHWODLWWHHQSDULVVD.l\WlWXNHYLD
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6lKN|WRLPLVHQWDLPHNDDQLVHQUDNHQWHHQPXXWRNVHWRYDW
YDDUDOOLVLDMDYRLYDWDLKHXWWDDYLUKHWRLPLQWRMDbOlWHHPXXWRNVLD
VlKN|WRLPLVLLQWDLPHNDDQLVLLQUDNHQWHLVLLQ
$VHQQXV
$VHQQXNVHQDONXYDOPLVWHOXW
-RVHWlLV\\VNHLWWRWDVRRQRQVXXUHPSLNHLWWlPLVK|\U\MHQ
WDOWHHQRWWRRQYDLNHDPSDD6XRVLWHOWDYDHWlLV\\VRQYlKLQWllQ
 PPMDHQLQWllQ PP
$VHQQXVSDLNNDDQSLWllSllVWlRQJHOPLWWDNlVLNVLMRWWDODLWWHHQ
HVWHHW|QKXROWRRQWDUYLWWDHVVDPDKGROOLVWD
/DLWWHHVWD ULLSSXHQ WDUYLWDDQ VXRMDSXWNHD YDUWHQ DGDSWHULNDSSDOH
OLWWHlVWlS\|UHllQ$GDSWHULNDSSDOHHLVLVlOO\WRLPLWXNVHHQ
/DLWHPLWDWMDWXUYDOOLVXXVHWlLV\\GHW
2WDKXRPLRRQODLWHPLWDW NXYD $
7HKRDUYRWRQPLWDWWXDVHQQXNVHQ\KWH\GHVVlODLWWHHQ
WRLPLWXVWLODVVD-RVDVHQQXVSDLNDWPXXWWXYDWWHKRDUYRWYRLYDW
ROODQlLVWlSRLNNHDYLD
1RXGDWDWXUYDOOLVXXVHWlLV\\NVLl NXYD %
-RVNDDVXOLHGHQDVHQQXVRKMHLVVDLOPRLWHWDDQSRLNNHDYDHWlLV\\V
QRXGDWDDLQDVXXUHPSDDHWlLV\\WWl
$VHQQXVSLQQDQWDUNDVWDPLQHQ
$VHQQXVSLQQDQSLWllROODWDVDLQHQMDYDDNDVXRUDMDVHQSLWll
NHVWllWXXOHWWLPHQSDLQR
/DLWWHHQPDNVLPLSDLQRRQ NJ
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YDKLQJRLWWDPDVWDSLQWRMDDVHQQXNVHQ\KWH\GHVVl
7DUNDVWD RQNR DVHQQXVDXNRQ DOXHHOOD PXLGHQ ODLWWHLGHQ MRKWRMD
.LLQQLW\VWlYDUWHQWDUYLWDDQVRSLYDWXNLWHOLQHMRNDRQNLLQQLWHWW\
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UDNHQWHHOOLVLLQVHLNNRLKLQMDODLWWHHQSDLQRRQVRSLYDDPDWHULDDOLD
$VHQQXVSLQQDQHVLYDOPLVWHOXW
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YDOPLVWDPLVHQMlONHHQ
 3HLWlNHLWWRWDVRMRWWDYlOWlWVHQYDXULRLWXPLVHQ
 7HHDXNNRNDWWRRQ NXYD 
 3RLVWDODVWXWDXNRQWHNHPLVHQMlONHHQ
/DLWWHHQHVLYDOPLVWHOXW
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WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
7XNHDYRLGDDQVLLUWllDVHQQXVWLODQWHHVWDULLSSXHQ
 .LHUUlWXNLMDNl\W|VVlROHYDOHY\WDUYLWWDHVVDLUWLMDYDLKGD
SDLNNDD NXYD 
 .LHUUlWXNLMDOHY\NLLQQLXXWHHQSDLNNDDQ NXYD 
 $YDDVXRGDWLQNDQQHQOXNLWXVMDSRLVWDVXRGDWLQNDQVL NXYD 
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 2WDKDMXVXRGDWLQSRLVSDLNDOWDDQ
 ,UURWDVXRMXNVHQUXXYLWMDRWDVXRMXVSRLVSDLNDOWDDQ NXYD 
/DLWWHHQDVHQWDPLQHQ
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WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
 $VHWDODLWHNRNRQDDQDXNNRRQVLWHQHWWlNDQQDWWLPHWOXNLWWXYDW
NXXOXYDVWL NXYD 
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WDVDLVHVWLDVHQQXVSLQQDOOD NXYD 
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ODLWHWWDMDNDWWRD
 ,UURWDWXHQNLLQQLW\VWlYDUWHQROHYDWUXXYLWODLWWHHQVLVlSXROHOOD
NXYD 
 $VHQQDSXWNHW NXYD 
 -RV N\VHHVVl RQ PDWDOD NDWWRRQ DVHQQHWWDYD OLHVLWXXOHWLQ MRVVD
RQVXRUDNXOPDLQHQLOPDQSRLVWRDXNNRNl\WlPXXWRNVHHQ
OLLWRVNDSSDOHWWDPDWDODVWDNDWWRRQDVHQQHWWDYDOLHVLWXXOHWLQ
S\|UHllQNLHUWRLOPDPRGXXOL
 $VHQQDWXNLODLWWHHQVLVlSXROHOOH NXYD 
 $VHQQD VXRMXV ODLWWHHQ DODVLYXOOD ROHYLLQ DXNNRLKLQ MD NLHUUl NLLQQL
NXYD 
 3RLVWDKDMXVXRGDWLQSDNNDXNVHVWD NXYD 
 $VHWDKDMXVXRGDWLQSDLNDOOHHQ NXYD 
$VHQQDVXRNDWLQNDQVLSDLNDOOHHQMDVXOMHNDQVL NXYD 
/DLWWHHQLUURWWDPLQHQ
: /RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
 $YDDVXRGDWLQNDQQHQOXNLWXVMDSRLVWDVXRGDWLQNDQVL NXYD 
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 2WDKDMXVXRGDWLQSRLVSDLNDOWDDQ
 ,UURWDVXRMXNVHQUXXYLWMDRWDVXRMXVSRLVSDLNDOWDDQ NXYD 
 /|\VW\WlVllW|UXXYHMDO|\VW\WlVLWWHQULSXVWLPLHQUXXYHMD
YDURYDVWL MD NLHUUl LUWL 2WD ULSXVWLPHW VLVlNDXWWD SRLV SDLNRLOWDDQ
NXYD 
 2WDODLWHSRLVSDLNDOWDDQ
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