
*9001344802*
Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
é ,QVWDOODWLHYRRUVFKULIW
â ,VWUX]LRQLSHULOPRQWDJJLR
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
× 0RQWHULQJVYHMOHGQLQJ
Ù
ô 0RQWDMN×ODYX]X
î Ημπροςιυηώξνλνμρίες
Ü 3DLJDOGXVMXKHQG
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
ë ,QVWUXNFMDPRQWDŰX
í ,QVWUXFŘLXQLGHPRQWDM
á 6]HUHOpVL~WPXWDWy
ð 1DYRGLOD]DPRQWDçR
Ö 0RQWiçQtQiYRG
ï 0RQWiçQ\QiYRG
à 8SXWH]DPRQWDçX
Ò Οωινανγπρανζίλνμρίε
ò 8SXWVWYRRSRVWDYOMDQMX
de
Ø
0RQWDJHDQOHLWXQJ
:LFKWLJH+LQZHLVH
'LHVH $QOHLWXQJ VRUJIlOWLJ OHVHQ XQG DXIEHZDKUHQ 1XU EHL IDFKJH
UHFKWHP(LQEDXHQWVSUHFKHQGGLHVHU0RQWDJHDQOHLWXQJLVWGLH
6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOODWHXULVWIU
GDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUWYHUDQWZRUWOLFK
1XUHLQHNRQ]HVVLRQLHUWH)DFKNUDIWGDUIGDV*HUlWDQVFKOLHHQ
9RU GHU 'XUFKIKUXQJ MHJOLFKHU $UEHLWHQ GLH 6WURP]XIXKU DEVWHOOHQ
: 9HUOHW]XQJVJHIDKU
GXUFKVFKDUIH.DQWHQZlKUHQGGHU,QVWDOODWLRQ:lKUHQGGHU,QV
WDOODWLRQGHV*HUlWHVLPPHU6FKXW]KDQGVFKXKHWUDJHQ
*HUXFKVILOWHUUHJHQHULHUHQ
8PGLH*HUXFKVILOWHUOHLVWXQJ]XJHZlKUOHLVWHQUHJHQHULHUHQ6LH
GHQ*HUXFKVILOWHUEHLQRUPDOHP%HWULHEWlJOLFKFLUFD 6WXQGH
DOOH 0RQDWH
6LHN|QQHQGHQ*HUXFKVILOWHULQHLQHPKDQGHOVEOLFKHQ%DFNRIHQ
UHJHQHULHUHQ
: 9HUEUHQQXQJVJHIDKU
'HU*HUXFKVILOWHUEOHLEWQDFKGHP5HJHQHULHUHQODQJH=HLWKHL
'HQ*HUXFKVILOWHUGLUHNWQDFKGHP5HJHQHULHUHQQLFKWEHUKUHQ
VRQGHUQDENKOHQODVVHQ
'HQKHLHQ*HUXFKVILOWHU]XP$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%OHQGHRGHUGLH$EGHFNXQJHQWIHUQHQ %LOG
'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGLHVHQDXVEDXHQ %LOG
'HQ%DFNRIHQDXIPD[LPDO&8POXIW :YRUKHL]HQ
'HQ*HUXFKVILOWHUIU 0LQXWHQLP%DFNRIHQEHLPD[LPDO
&8POXIW
:UHJHQHULHUHQ
6LFKHUVWHOOHQ GDVV GHU 5DXP JXW EHOIWHW LVW (LQ )HQVWHU |IIQHQ
'HQ*HUXFKVILOWHUDENKOHQODVVHQ
'HU*HUXFKVILOWHULVWVFKZHUGHVKDOEPLWHLQHU+DQGXQWHUGHQ
*HUXFKVILOWHUIDVVHQXQGGHQUHJHQHULHUWHQ*HUXFKVILOWHUHLQVHW
]HQ
'LH%OHQGHRGHUGLH$EGHFNXQJHLQVHW]HQ
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
,PSRUWDQWQRWHV
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\DQGNHHSWKHPLQDVDIHSODFH
6DIHW\GXULQJXVHFDQRQO\EHHQVXUHGLIWKHDSSOLDQFHLVILWWHG
FRUUHFWO\DFFRUGLQJWRWKHVHLQVWDOODWLRQLQVWUXFWLRQV7KHLQVWDOOHU
LV UHVSRQVLEOH IRU HQVXULQJ WKDW WKH DSSOLDQFH RSHUDWHV SHUIHFWO\ DW
WKHSRLQWRILQVWDOODWLRQ
7KHDSSOLDQFHPXVWEHFRQQHFWHGWRWKHPDLQVRQO\E\DOLFHQVHG
DQGWUDLQHGWHFKQLFLDQ
%HIRUHFDUU\LQJRXWDQ\W\SHRIZRUNWXUQRIIWKHHOHFWULFLW\
: 5LVNRILQMXU\
)URPVKDUSHGJHVGXULQJLQVWDOODWLRQ$OZD\VZHDUSURWHFWLYH
JORYHVZKLOHLQVWDOOLQJWKHDSSOLDQFH
5HJHQHUDWLQJWKHRGRXUILOWHU
7RJXDUDQWHHWKHRGRXUILOWHUSRZHUUHJHQHUDWHWKHRGRXUILOWHU
ZLWKQRUPDOXVHGDLO\IRUDSSUR[RQHKRXUHYHU\²ĂPRQWKV
<RXFDQUHJHQHUDWHWKHRGRXUILOWHULQDVWDQGDUGRYHQ
: 5LVNRIVFDOGLQJ
7KHRGRXUILOWHUUHPDLQVKRWIRUTXLWHVRPHWLPHDIWHULWKDVEHHQ
UHJHQHUDWHG 'R QRW WRXFK WKH RGRXU ILOWHU VWUDLJKW DIWHU LW KDV EHHQ
UHJHQHUDWHG²DOORZLWWRFRROGRZQ
/HDYH WKH KRW RGRXU ILOWHU WR FRRO GRZQ RQ D KHDWUHVLVWDQW VXUIDFH
1RWHV
■ 7KHRGRXUILOWHUFDQEHUHJHQHUDWHGXSWRĂWLPHVDQGPXVWEH
UHSODFHGDWOHDVWHYHU\ \HDUVZLWKQRUPDOXVHGDLO\IRU
DSSUR[RQHKRXU
■ ,IDUHJHQHUDEOHRGRXUILOWHUIDOOVLWPD\EHFRPHGDPDJHG
7KHGDPDJHLVQRWDOZD\VYLVLEOHIURPWKHRXWVLGH'LVSRVHRI
DQG UHSODFH GRZQ DQ\ UHJHQHUDEOH RGRXU ILOWHUV WKDW KDYH IDOOHQ
■ 1HYHUFOHDQRGRXUILOWHUVZLWKFOHDQLQJSURGXFWVZDWHULQWKH
GLVKZDVKHURUZLWKDGDPSFORWK
■ 7RHQVXUHWKDW\RXGRQRWVFUDWFKWKHEDNLQJWUD\SODFHWKH
RGRXUILOWHURQDZLUHUDFN
■ 5HJHQHUDWHWKHRGRXUILOWHUDWDPD[LPXPRI &
+RW$LU
:'RQRWUHJHQHUDWHWKHRGRXUILOWHUZLWKWKHRYHQ
FOHDQLQJIXQFWLRQS\URO\WLFVHOIFOHDQ
■ 2GRXUV PD\ GHYHORS ZKHQ UHJHQHUDWLQJ WKH RGRXU ILOWHU (QVXUH
WKDWWKHURRPLVZHOOYHQWLODWHG2SHQDZLQGRZ
5HPRYHWKHSDQHORUFRYHU )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
,QVHUWWKHSDQHORUFRYHU
fr
Þ
1RWLFHGHPRQWDJH
5HFRPPDQGDWLRQVLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHWWHQRWLFHHWODFRQVHUYHUVRLJQHXVHPHQW
6HXOHPHQWHQFDVGHQFDVWUHPHQWFRUUHFWVHORQFHWWHQRWLFHGH
PRQWDJHODVpFXULWpHVWJDUDQWLHORUVGHOXWLOLVDWLRQ/HPRQWHXU
HVW UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO
HVWLQVWDOOp
6HXOXQVSpFLDOLVWHDJUppHVWKDELOLWpjUDFFRUGHUODSSDUHLO
$YDQWWRXWWUDYDLOFRXSHUODOLPHQWDWLRQpOHFWULTXH
: 5LVTXHGHEOHVVXUH
SHQGDQWOLQVWDOODWLRQjFDXVHGHVDUrWHVYLYHV3HQGDQW
OLQVWDOODWLRQGHODSSDUHLOWRXMRXUVSRUWHUGHVJDQWVGHSURWHFWLRQ
5pJpQpUHUOHILOWUHjRGHXUV
$ILQGHJDUDQWLUOHVSHUIRUPDQFHVGXILOWUHjRGHXUVUpJpQpUH]OH
ILOWUHjRGHXUVWRXVOHVĂPRLVHQIRQFWLRQQHPHQWQRUPDO
HQYLURQĂKHXUHSDUMRXU
9RXVSRXYH]UpJpQpUHUOHILOWUHjRGHXUVGDQVXQIRXUXVXHOGX
FRPPHUFH
: 5LVTXHGHEUOXUH
/HILOWUHjRGHXUVUHVWHORQJWHPSVFKDXGDSUqVVDUpJpQpUDWLRQ
1HSDVOHWRXFKHUGLUHFWHPHQWDSUqVVDUpJpQpUDWLRQODLVVHU
GDERUGOHILOWUHUHIURLGLU
3RXUOHODLVVHUUHIURLGLUGpSRVHUOHILOWUHjRGHXUVFKDXGVXUXQ
VXSSRUWUpVLVWDQWjODFKDOHXU
5HPDUTXHV
■ /HILOWUHjRGHXUVSHXWrWUHUpJpQpUpMXVTXj IRLVHWGRLWrWUH
UHPSODFpDXSOXVWDUGDSUqV DQQpHVGXWLOLVDWLRQHQ
IRQFWLRQQHPHQWQRUPDOHQYLURQĂKHXUHSDUMRXU
■ 6L XQ ILOWUH j RGHXUV UpJpQpUDEOH WRPEH LO SHXW rWUH HQGRPPDJp
/HV GpJkWV QH VRQW SDV WRXMRXUV YLVLEOHV GH OH[WpULHXU 0HWWH] OH
ILOWUHjRGHXUVWRPEpDXUHEXWHWUHPSODFH]OH
■ 1HQHWWR\H]MDPDLVOHILOWUHjRGHXUVDYHFGHVGpWHUJHQWVGH
OHDXGDQVOHODYHYDLVVHOOHQLDYHFXQFKLIIRQKXPLGH
■ 3RXUpYLWHUGHUD\HUODSODTXHjSkWLVVHULHSODFH]OHILOWUHj
RGHXUVVXUXQHJULOOH
■ 5pJpQpUH]OHILOWUHjRGHXUVjXQHWHPSpUDWXUHPD[LPDOH
& FKDOHXU YHQWLOpH
: 1H UpJpQpUH] SDV OH ILOWUH j RGHXUV
DYHFODIRQFWLRQGHQHWWR\DJHGXIRXUS\URO\VH
■ /D UpJpQpUDWLRQ GX ILOWUH j RGHXUV SHXW HQWUDvQHU XQ GpJDJHPHQW
GRGHXU$VVXUH]YRXVTXHODSLqFHHVWELHQYHQWLOpH2XYUH]
XQHIHQrWUH
5HWLUH]OHEDQGHDXGHFRPPDQGHRXOHFDFKH 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
0HWWH]HQSODFHOHEDQGHDXGHFRPPDQGHRXOHFDFKH

nl
é
,QVWDOODWLHYRRUVFKULIW
%HODQJULMNHDDQZLM]LQJHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRUHQEHZDDUKHP
JRHG$OOHHQDOVGHLQERXZRSGHVNXQGLJHZLM]HHQFRQIRUPGLW
LQVWDOODWLHYRRUVFKULIWZRUGWXLWJHYRHUGLVGHYHLOLJKHLGELMKHW
JHEUXLN JHJDUDQGHHUG 'H LQVWDOODWHXU LV YHUDQWZRRUGHOLMN YRRU HHQ
JRHGHZHUNLQJRSGHSODDWVYDQRSVWHOOLQJ
$OOHHQ HHQ GDDUWRH EHYRHJG YDNPDQ PDJ KHW DSSDUDDW DDQVOXLWHQ
9yyUDOOHZHUN]DDPKHGHQDDQKHWDSSDUDDWGLHQWKHWDSSDUDDW
VSDQQLQJVYULMWHZRUGHQJHPDDNW
: 5LVLFRYDQOHWVHO
WLMGHQVGHLQVWDOODWLHGRRUVFKHUSHUDQGHQ'UDDJWLMGHQVGH
LQVWDOODWLHYDQKHWDSSDUDDWDOWLMGYHLOLJKHLGVKDQGVFKRHQHQ
*HXUILOWHUUHJHQHUHUHQ
5HJHQHUHHU RP GH SUHVWDWLHV YDQ KHW JHXUILOWHU WH ZDDUERUJHQ KHW
JHXUILOWHUELMQRUPDDOJHEUXLNFD XXUSHUGDJHONH
PDDQGHQ
8NXQWKHWJHXUILOWHULQHHQJHZRQHRYHQUHJHQHUHUHQ
: *HYDDUYRRUYHUEUDQGLQJ
'H JHXUILOWHU EOLMIW QD KHW UHJHQHUHUHQ ODQJ KHHW 'H JHXUILOWHU GLUHFW
QDKHWUHJHQHUHUHQQLHWDDQUDNHQPDDUODWHQDINRHOHQ
'HKHWHJHXUILOWHURPDIWHNRHOHQRSHHQKLWWHEHVWHQGLJH
RQGHUODDJOHJJHQ
$DQZLM]LQJHQ
■ +HWJHXUILOWHUNDQWRWPD[LPDDOĂPDDOZRUGHQJHUHJHQHUHHUG
HQPRHWELMQRUPDDOJHEUXLNGDJHOLMNVFDĂXXUXLWHUOLMNQD
MDDUZRUGHQYHUYDQJHQ
■ :DQQHHUHHQUHJHQHUHHUEDDUJHXUILOWHUQDDUEHQHGHQYDOWNDQ
GH]HEHVFKDGLJGUDNHQ
'H EHVFKDGLJLQJHQ ]LMQ YDQ EXLWHQ QLHW DOWLMG ]LFKWEDDU 9RHU KHW
JHYDOOHQJHXUILOWHUDIHQYHUYDQJKHW
■ +HWJHXUILOWHUQRRLWUHLQLJHQPHWVFKRRQPDDNPLGGHOHQPHW
ZDWHULQGHYDDWZDVPDFKLQHRIPHWHHQQDWWHGRHN
■ 2PNUDVVHQRSGHEDNSODDWWHYRRUNRPHQOHJWXKHWJHXUILOWHU
RSHHQURRVWHU
■ +HWJHXUILOWHUELMPD[LPDDO &FLUFXODWLHOXFKW :
UHJHQHUHUHQ+HWJHXUILOWHUQLHWPHWGHRYHQUHLQLJLQJVIXQFWLH
S\URO\VHUHJHQHUHUHQ
■ %LM KHW UHJHQHUHUHQ YDQ GH JHXUILOWHU NDQ KHW WRW JHXURQWZLNNHOLQJ
NRPHQ=RUJHUYRRUGDWGHUXLPWHJRHGLVJHYHQWLOHHUG2SHQ
HHQUDDP
+HWSDQHHORIGHDIGHNNLQJXLWQHPHQ $IE
+HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQKHWILOWHUXLWERXZHQ $IE
'H RYHQ RS PD[LPDDO & FLUFXODWLHOXFKW : YRRUYHUZDUPHQ
*HXUILOWHULQGHYRRUYHUZDUPGHRYHQELMPD[LPDDOĂ&
FLUFXODWLHOXFKW :JHGXUHQGHĂPLQXWHQUHJHQHUHUHQ
=RUJHUYRRUGDWGHUXLPWHJRHGLVJHYHQWLOHHUG2SHQHHQUDDP
/DDWKHWJHXUILOWHUDINRHOHQ
+HWJHXUILOWHULV]ZDDUGDDURPppQKDQGRQGHUKHWJHXUILOWHU
KRXGHQHQKHWJHUHJHQHUHHUGHILOWHUSODDWVHQ
3DQHHORIDIGHNNLQJZHHUDDQEUHQJHQ
it
â
,VWUX]LRQLSHULOPRQWDJJLR
$YYHUWHQ]HLPSRUWDQWL
/HJJHUHDWWHQWDPHQWHHFRQVHUYDUHTXHVWH,VWUX]LRQLSHUOXVR
6RORXQPRQWDJJLRLQDFFRUGRFRQOHUHODWLYHLVWUX]LRQLSXz
JDUDQWLUHXQXWLOL]]RVLFXURGHOODSSDUHFFKLR/LQVWDOODWRUHq
UHVSRQVDELOHGHOFRUUHWWRIXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
/DOODFFLDPHQWRGHOODSSDUHFFKLRGHYHHVVHUHHIIHWWXDWR
HVFOXVLYDPHQWHGDXQWHFQLFRTXDOLILFDWRHDXWRUL]]DWR
6WDFFDUHODOLPHQWD]LRQHGLFRUUHQWHSULPDGLSURFHGHUHDGRJQL
WLSRGLLQWHUYHQWR
: 3HULFRORGLOHVLRQL
&DXVDWRGXUDQWHOLQVWDOOD]LRQHGDERUGLDIILODWL,QGRVVDUHVHPSUH
JXDQWLGLSURWH]LRQHGXUDQWHOLQVWDOOD]LRQHGHOODSSDUHFFKLR
5LJHQHUD]LRQHGHOILOWURRGRUL
3HU JDUDQWLUH OD SUHVWD]LRQH GHO ILOWUR DQWLRGRUH LQ FDVR GL HVHUFL]LR
QRUPDOHĂRUDDOJLRUQRULJHQHUDUORRJQLĂPHVL
ËSRVVLELOHULJHQHUDUHLOILOWURDQWLRGRUHLQXQIRUQRWUDGL]LRQDOH
: 3HULFRORGL XVWLRQL
'RSRODULJHQHUD]LRQHLOILOWURRGRULULPDQHFDOGRDOXQJR1RQ
WRFFDUHLOILOWURRGRULVXELWRGRSRODULJHQHUD]LRQHPDODVFLDUOR
UDIIUHGGDUH
5LSRUUHLOILOWURRGRULFDOGRVXXQDVXSHUILFLHUHVLVWHQWHDOFDORUH
DIILQFKpVLUDIIUHGGL
$YYHUWHQ]H
■ ,QFDVRGLHVHUFL]LRQRUPDOHFLUFDĂRUDDOJLRUQRLILOWUL
DQWLRGRUH SRVVRQR HVVHUH ULJHQHUDWL ILQR D ĂYROWH H VRVWLWXLWL DO
PDVVLPRGRSRĂDQQL
■ 6HXQILOWURDQWLRGRUHULJHQHUDELOHFDGHSXzGDQQHJJLDUVL
, GDQQL QRQ VRQR VHPSUH YLVLELOL GDOOHVWHUQR 6PDOWLUH H VRVWLWXLUH
LOILOWURDQWLRGRUHULJHQHUDELOHFDGXWR
■ 1RQSXOLUHPDLLOILOWURDQWLRGRUHFRQGHWHUJHQWLFRQDFTXDLQ
ODYDVWRYLJOLHRFRQXQSDQQREDJQDWR
■ 3HU QRQ JUDIILDUH OD WHJOLD FROORFDUH LO ILOWUR DQWLRGRUH VXOOD JULJOLD
■ 5LJHQHUDUH LO ILOWUR DQWLRGRUH D XQD WHPSHUDWXUD PDVVLPD GL
ULFLUFRORGDULD
:1RQULJHQHUDUHLOILOWURDQWLRGRUHFRQOD
IXQ]LRQHGLSXOL]LDIRUQRSLUROLVL
■ /DULJHQHUD]LRQHGHOILOWURDQWLRGRUHSXzFDXVDUHODIRUPD]LRQH
GL RGRUL $VVLFXUDUVL FKH OD VWDQ]D VLD EHQ DULHJJLDWD $SULUH XQD
ILQHVWUD
5LPXRYHUHLOSDQQHOORRODFRSHUWXUD ILJ
,OILOWURDQWLRGRUHqSHVDQWHSHUWDQWRDIIHUUDUHFRQXQDPDQRLO
ILOWURRGRULGDVRWWRHVPRQWDUOR ILJ
3UHULVFDOGDUHLOIRUQRSRUWDQGRORDXQDWHPSHUDWXUDPDVVLPDGL
Ă&ULFLUFRORGDULD
:
5LJHQHUDUHLOILOWURDQWLRGRUHLQIRUQRSHUĂPLQXWLDXQD
WHPSHUDWXUDPDVVLPDGLĂ&ULFLUFRORGDULD
:
$VVLFXUDUVLFKHODVWDQ]DVLDEHQDULHJJLDWD$SULUHXQDILQHVWUD
/DVFLDUUDIIUHGGDUHLOILOWURDQWLRGRUH
,O ILOWUR DQWLRGRUH q SHVDQWH SHUWDQWR DIIHUUDUOR FRQ XQD PDQR GD
VRWWRHLQVHULUHLOILOWURDQWLRGRUHULJHQHUDWR
,QVHULUHLOSDQQHOORRODFRSHUWXUD
es
Û
,QVWUXFFLRQHVGHPRQWDMH
&RQVHMRV\DGYHUWHQFLDV
/HHUFRQDWHQFLyQHVWDVLQVWUXFFLRQHV\FRQVHUYDUODV6RODPHQWH
XQ PRQWDMH SURIHVLRQDO FRQIRUPH D HVWDV LQVWUXFFLRQHV GH PRQWDMH
SXHGHJDUDQWL]DUXQXVRVHJXURGHODSDUDWR(OLQVWDODGRUHV
UHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
(ODSDUDWRVRORKDGHVHUFRQHFWDGRSRUXQWpFQLFRDXWRUL]DGR
$QWHVGHUHDOL]DUFXDOTXLHUWUDEDMRVHKDGHFRUWDUHOVXPLQLVWUR
HOpFWULFR
: £3HOLJURGHOHVLRQHV
SRU ERUGHV DILODGRV GXUDQWH OD LQVWDODFLyQ 8WLOL]DU VLHPSUH JXDQWHV
GHSURWHFFLyQGXUDQWHODLQVWDODFLyQGHODSDUDWR
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
5HWLUDUODPROGXUDRODWDSD )LJ
(OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMR\UHWLUDUOR )LJ
3UHFDOHQWDUHOKRUQRDXQDWHPSHUDWXUDPi[LPDGH &
FLUFXODFLyQGHDLUH :
5HJHQHUDUHOILOWURGHVRGRUL]DQWHHQHOKRUQRD &FRPR
Pi[LPRFLUFXODFLyQGHDLUH :GXUDQWH PLQXWRV
$VHJXUDUVHGHTXHODHVWDQFLDHVWpELHQYHQWLODGD$EULUXQD
YHQWDQD
'HMDUHQIULDUHOILOWURGHVRGRUL]DQWH
(OILOWURGHVRGRUL]DQWHSHVDVHUHFRPLHQGDSRQHUXQDPDQR
GHEDMRHLQVHUWDUXQILOWURUHJHQHUDGR
9ROYHUDLQVHUWDUODWDSDRODPROGXUD
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
,QGLFDo}HVLPSRUWDQWHV
/HLDDWHQWDPHQWHHJXDUGHHVWDVLQVWUXo}HV$SHQDVVHD
PRQWDJHPIRUUHDOL]DGDGHIRUPDWHFQLFDPHQWHFRUUHFWDHP
FRQIRUPLGDGHFRPHVWDVLQVWUXo}HVGHPRQWDJHPVHSRGH
JDUDQWLUDVHJXUDQoDGXUDQWHDXWLOL]DomR2LQVWDODGRUp
UHVSRQViYHOSHORIXQFLRQDPHQWRFRUUHFWRQRORFDOGHLQVWDODomR
2DSDUHOKRVySRGHVHUOLJDGRSRUXPWpFQLFRDXWRUL]DGR
'HVOLJDUDDOLPHQWDomRHOpFWULFDDQWHVGHUHDOL]DUTXDLVTXHU
WUDEDOKRV
: 3HULJRGHIHULPHQWRV
GHYLGRDFDQWRVSRQWLDJXGRVGXUDQWHDLQVWDODomR8VDUVHPSUH
OXYDVGHSURWHFomRGXUDQWHDLQVWDODomRGRDSDUHOKR
5HJHQHUDURILOWURGHRGRUHV
3DUDJDUDQWLURGHVHPSHQKRGRILOWURGHRGRUHVFRPXPD
XWLOL]DomR QRUPDO DSUR[ ĂKRUD SRU GLD UHJHQHUH R ILOWUR WRGRV RV
ĂPHVHV
3RGHUHJHQHUDURILOWURGHRGRUHVQXPIRUQRGLVSRQtYHOQR
PHUFDGR
: 3HULJRGHTXHLPDGXUDV
2 ILOWUR GH RGRUHV SHUPDQHFH TXHQWH GXUDQWH PXLWR WHPSR DSyV D
UHJHQHUDomR1mRWRTXHQRILOWURGHRGRUHVORJRDSyVD
UHJHQHUDomRGHL[HRDUUHIHFHU
&RORTXHRILOWURGHRGRUHVTXHQWHVREUHXPDEDVHUHVLVWHQWHDR
FDORUSDUDRDUUHIHFHU
1RWDV
■ 2ILOWURGHRGRUHVSRGHVHUUHJHQHUDGRDWpĂYH]HVHWHPGH
VHUVXEVWLWXtGRRPDLVWDUGDUDSyVĂDQRVQRFDVRGHXPD
XWLOL]DomRQRUPDOGLDULDPHQWHFHUFDGHĂKRUD
■ 1RFDVRGHTXHGDRVILOWURVGHRGRUHVUHJHQHUiYHLVSRGHP
ILFDUGDQLILFDGRV
2V GDQRV QHP VHPSUH VmR YLVtYHLV D SDUWLU GR H[WHULRU (OLPLQH H
VXEVWLWXDRILOWURUHJHQHUiYHOTXHVRIUHXDTXHGD
■ 1XQFDOLPSHRILOWURGHRGRUHVFRPSURGXWRVGHOLPSH]DiJXD
QDPiTXLQDGHODYDUQHPFRPXPSDQRPROKDGR
■ 3DUDQmRULVFDURWDEXOHLURFRORTXHRILOWURGHRGRUHVQXPD
JUHOKD
■ 5HJHQHUHRILOWURGHRGRUHVD &QRPi[LPRDUFLUFXODQWH
:1mRUHJHQHUHRILOWURGHRGRUHVQDIXQomRGHOLPSH]DGR
IRUQROLPSH]DSLUROtWLFD
■ 'XUDQWHDUHJHQHUDomRGRILOWURGHRGRUHVSRGHRFRUUHUD
IRUPDomR GH RGRUHV &HUWLILTXHVH GH TXH R HVSDoR VH HQFRQWUD
EHPDUHMDGR$EUDXPDMDQHOD
5HPRYDDDEDRXDFREHUWXUD )LJ
2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHGHVPRQWHR )LJ
3UpDTXHoDRIRUQRQRPi[LPRDĂ&DUFLUFXODQWH :
5HJHQHUHRILOWURGHRGRUHVGXUDQWHĂPLQXWRVQRIRUQRQR
Pi[LPRDĂ&DUFLUFXODQWH
:
&HUWLILTXHVHGHTXHRHVSDoRVHHQFRQWUDEHPDUHMDGR$EUD
XPDMDQHOD
'HL[HDUUHIHFHURILOWURGHRGRUHV
2ILOWURGHRGRUHVpSHVDGRSRULVVRVHJXUHFRPXPDPmRSRU
EDL[RGHVWHHLQVLUDRILOWURGHRGRUHVUHJHQHUDGR
&RORTXHDDEDRXDFREHUWXUD
sv
ó
0RQWHULQJVDQYLVQLQJ
9LNWLJDDQYLVQLQJDU
/lVDQYLVQLQJHQQRJJUDQWRFKVSDUDGHQ6lNHUDQYlQGQLQJ
NUlYHUDWWLQE\JJQDGHQlUXWI|UGIDFNPlVVLJWHQOLJW
PRQWHULQJVDQYLVQLQJHQ,QVWDOODW|UHQDQVYDUDUI|UDWWHQKHWHQ
IXQJHUDUSnXSSVWlOOQLQJVSODWVHQ
'HWlUEDUDEHK|ULJIDFNPDQVRPInUDQVOXWDHQKHWHQ
%U\WDOOWLGVWU|PWLOOI|UVHOQLQQDQGXJHQRPI|UDUEHWHQDYDOODVODJ
: 6NDGHULVN
YLGLQVWDOODWLRQSnJUXQGDYYDVVDNDQWHU$QYlQGDOOWLG
VN\GGVKDQGVNDUYLGLQVWDOODWLRQDYHQKHWHQ
5HJHQHUHUDRVILOWUHW
5HJHQHUHUDRVILOWUHWYDU PnQDGYLGQRUPDODQYlQGQLQJFD
WLPPHYDUMHGDJI|UELEHKnOOHQRVILOWHUNDSDFLWHW
'XNDQUHJHQHUHUDRVILOWUHWLYDQOLJXJQ
: 5LVNI|UEUlQQVNDGRU
2VILOWUHWI|UEOLUYDUPWOnQJWHIWHUUHJHQHUHULQJHQ5|ULQWHRVILOWUHW
GLUHNWHIWHUUHJHQHUHULQJHQXWDQOnWGHWI|UVWVYDOQDRUGHQWOLJW
/nWGHWKHWDRVILOWUHWVYDOQDSnYlUPHWnOLJWXQGHUODJ
$QYLVQLQJ
■ 'HWJnUDWWUHJHQHUHUDRVILOWUHWXSSWLOOĂJnQJHURFKYLG
QRUPDODQYlQGQLQJ FD ĂWLPPH YDUMH GDJ PnVWH GHW E\WDV LQRP
nU
■ 'HWUHJHQHUHUDGHRVILOWUHWNDQEOLVNDGDWRPGHWIDOOHUQHG
6NDGRUQDJnULQWHDOOWLGDWWVHXWYlQGLJW2PKlQGHUWDRFKE\W
UHJHQHUHUEDUDRVILOWHUVRPIDOOLWQHG
■ 5HQJ|UDOGULJRVILOWHUPHGUHQJ|ULQJVPHGHOYDWWHQGLVNPDVNLQ
HOOHUYnWWUDVD
■ /lJJRVILOWUHWSnJDOOHUDQQDUVNDQGXUHSDEDNSOnWHQ
■ 5HJHQHUHUDRVILOWUHWSnPD[&YDUPOXIW :5HJHQHUHUD
LQWHRVILOWUHWPHGXJQVUHQJ|ULQJVIXQNWLRQHQS\URO\V
■ 'HWNDQOXNWDHQGHOYLGUHJHQHUHULQJHQDYRVILOWUHW6HWLOOVnDWW
UXPPHWlUYlOYHQWLOHUDWgSSQDI|QVWUHW
7DERUWSDQHOHQHOOHUVN\GGHW 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
6lWWSnSDQHOHQHOOHUVN\GGHW
no
ê
0RQWHULQJVYHLOHGQLQJ
9LNWLJHPHUNQDGHU
/HVGHQQHEUXNVDQYLVQLQJHQQ¡\HRJWDYDUHSnGHQIRUVHQHUH
EUXN6LNNHUEUXNNDQEDUHJDUDQWHUHVGHUVRPPRQWHULQJHQVNMHU
Sn IDJPHVVLJ PnWH L VDPVYDU PHG GHQQH PRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
$SSDUDWHWPnEDUHNREOHVWLODYJRGNMHQWHIDJIRON
)¡UDOOHDUEHLGHUPnVWU¡PWLOI¡UVHOHQEU\WHV
: )DUHIRUVNDGH
3nJUXQQDYVNDUSHNDQWHUXQGHULQVWDOODVMRQHQ%UXNDOOWLG
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
5HJHQHUHUHOXNWILOWHU
)RU n VLNUH DW OXNWILOWHUHW IXQJHUHU JRGW E¡U GX UHJHQHUHUH GHW KYHU
² PnQHGYHGYDQOLJEUXNFD WLPHGDJOLJ
'XNDQUHJHQHUHUHOXNWILOWHUHWLHQYDQOLJVWHNHRYQ
: )DUHIRUIRUEUHQQLQJ
/XNWILOWHUHWHUIRUWVDWWYDUPWOHQJHHWWHUUHJHQHUHULQJHQ,NNHEHU¡U
OXNWILOWHUHWUHWWHWWHUUHJHQHUHULQJHQPHQODGHWNM¡OHVHJQHG
/HJJGHWYDUPHOXNWILOWHUHWSnHWXQGHUODJVRPWnOHUYDUPH

0HUNQDGHU
■ /XNWILOWHUHWNDQUHJHQHUHUHVRSSWLOĂJDQJHURJPnE\WWHVXW
HWWHUVHQHVW nUYHGQRUPDOEUXNFD WLPHGDJOLJ
■ +YLVHWUHJHQHUHUEDUWOXNWILOWHUIDOOHUQHGNDQGHWEOLVNDGHW
6NDGHQHHULNNHDOOWLGV\QOLJHXWHQSn.DVVHURJE\WWXWGHW
OXNWILOWHUHWVRPKDUIDOWQHG
■ %UXNDOGULUHQJM¡ULQJVPLGGHOYDQQRSSYDVNPDVNLQHOOHUHQ
IXNWLJNOXWWLOnUHQJM¡UHOXNWILOWHUHW
■ /HJJOXNWILOWHUHWSnHQULVWVOLNDWGXLNNHVNUDSHURSS
VWHNHEUHWWHW
■ 5HJHQHUHUOXNWILOWHUHWSnPDNV &VLUNXODVMRQVOXIW :
/XNWILOWHUHWPnLNNHUHJHQHUHUHVPHGRYQUHQJM¡ULQJVIXQNVMRQHQ
S\URO\VH
■ 1nU OXNWILOWHUHW UHJHQHUHUHV NDQ GHW RSSVWn OXNW 3nVH DW URPPHW
HUJRGWYHQWLOHUWcSQHHWYLQGX
)MHUQSDQHOHWHOOHUGHNVHOHW ELOGH
/XNWILOWHUHWHUWXQJWGHUIRUPnGXWDWDNPHGGHQHQHKnQGHQ
XQGHUOXNWILOWHUHWRJWDGHWXW ELOGH
)RUYDUPVWHNHRYQHQWLOPDNV &VLUNXODVMRQVOXIW :
5HJHQHUHUOXNWILOWHUHWL PLQXWWHULVWHNHRYQHQSnPDNV
&VLUNXODVMRQVOXIW :
3nVHDWURPPHWHUJRGWYHQWLOHUWcSQHHWYLQGX
/DOXNWILOWHUHWDYNM¡OHV
/XNWILOWHUHWHUWXQJWGHUIRUPnGXWDWDNPHGGHQHQHKnQGHQ
XQGHUOXNWILOWHUHWRJVHWWHLQQGHWUHJHQHUHUWHOXNWILOWHUHW
6HWWSnSDQHOHWHOOHUGHNVHOHW
fi
Ý
$VHQQXVRKMH
7lUNHLWlRKMHLWD
/XHMDVlLO\WlWlPlNl\WW|RKMHKXROHOOLVHVWL9DLQQlLGHQ
DVHQQXVRKMHLGHQPXNDLQHQDPPDWWLWDLWRLQHQDVHQQXVWDNDD
WXUYDOOLVHQNl\W|Q$VHQWDMDYDVWDDPRLWWHHWWRPDVWDWRLPLQQDVWD
DVHQQXVSDLNDVVD
/DLWWHHQVDDOLLWWllYDLQYDOWXXWHWWXDPPDWWLDVHQWDMD
-RNDLVHQKXROWRWRLPHQSLWHHQ\KWH\GHVVlRQODLWWHHVWDNDWNDLVWDYD
YLUWD
: /RXNNDDQWXPLVYDDUD
-RKWXHQ WHUlYLVWl UHXQRLVWD ODLWHWWD DVHQQHWWDHVVD $VHQQHWWDHVVD
Nl\WHWWlYlVXRMDNlVLQHLWl
+DMXVXRGDWWLPHQUHJHQHURLQWL
-RWWD KDMXVXRGDWWLPHQ WHKR VlLO\\ K\YlQl UHJHQHURL KDMXVXRGDWLQ
WDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQĂWXQWLĂĂNXXNDXGHQ
YlOHLQ
9RLWUHJHQHURLGDKDMXVXRGDWWLPHQWDYDQRPDLVHVVDXXQLVVD
: 3DORYDPPRMHQYDDUD
+DMXVXRGDWLQS\V\\UHJHQHURLQQLQMlONHHQNDXDQNXXPDQDbOl
NRVNHWD KDMXVXRGDWLQWD KHWL UHJHQHURLQQLQ MlONHHQ YDDQ DQQD VHQ
HQVLQMllKW\lULLWWlYlVWL
$VHWDNXXPDKDMXVXRGDWLQMllKW\PllQNXXPXXWWDNHVWlYlOOH
DOXVWDOOH
+XRPDXWXNVLD
■ +DMXVXRGDWLQYRLGDDQUHJHQHURLGDHQLQWllQĂNHUWDDMDVHRQ
YDLKGHWWDYDWDYDQRPDLVHVVDNl\W|VVlSlLYLWWlLQQRLQĂWXQWL
YLLPHLVWllQĂYXRGHQNXOXWWXD
■ +DMXVXRGDWLQYRLYDXULRLWXDMRVVHSllVHHSXWRDPDDQ
9DXULRW HLYlW ROH DLQD KDYDLWWDYLVVD XONRSXROHOWD 9DLKGD MD KlYLWl
SXGRQQXWUHJHQHURLWDYLVVDROHYDKDMXVXRGDWLQ
■ bOlSXKGLVWDKDMXVXRGDWLQWDSXKGLVWXVDLQHLOODYHGHOOl
DVWLDQSHVXNRQHHVVDWDLPlUlOOlOLLQDOOD
■ $VHWDKDMXVXRGDWLQULWLOlOOHMRWWDOHLYLQSHOWLHLQDDUPXXQQX
■ 5HJHQHURLKDMXVXRGDWLQHQLQWllQOlPS|WLODVVD &
NLHUWRLOPD
:bOlUHJHQHURLKDMXVXRGDWLQWD
XXQLQSXKGLVWXVWRLPLQQROODS\URO\\VL
■ +DMXVXRGDWWLPHQUHJHQHURLQQLQ\KWH\GHVVlYRLPXRGRVWXD
KDMXMD 9DUPLVWD HWWl KXRQHHVVD RQ K\Yl WXXOHWXV $YDD LNNXQD
3RLVWDVXRMXVWDLSHLWHOHY\ NXYD
+DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDRWDVHSRLVSDLNDOWDDQ NXYD
(VLOlPPLWlXXQLHQLQWllQOlPS|WLODDQĂ&NLHUWRLOPD :
5HJHQHURLKDMXVXRGDWLQWDĂPLQXXWWLDXXQLVVDHQLQWllQ
OlPS|WLODVVD &NLHUWRLOPD
:
9DUPLVWDHWWlKXRQHHVVDRQK\YlWXXOHWXV$YDDLNNXQD
$QQDKDMXVXRGDWWLPHQMllKW\l
+DMXVXRGDWLQRQSDLQDYDWDUWXVHQWlKGHQWRLVHOODNlGHOOl
DOKDDOWDKDMXVXRGDWWLPHHQMDDVHWDUHJHQHURLWXKDMXVXRGDWLQ
SDLNDOOHHQ
$VHWDVXRMXVWDLSHLWHOHY\SDLNDOOHHQ
da
×
0RQWHULQJVYHMOHGQLQJ
9LJWLJW
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHPRJRSEHYDUGHQ
6LNNHUKHGHQ YHG EUXJHQ DI GHWWH DSSDUDW NDQ NXQ JDUDQWHUHV KYLV
PRQWHULQJHQIRUHWDJHVIDJOLJWNRUUHNWLKHQKROGWLODQYLVQLQJHUQHL
GHQQHPRQWHULQJVYHMOHGQLQJ,QVWDOODW¡UHQKDUDQVYDUHWIRUDW
DSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
$SSDUDWHWPnXGHOXNNHQGHWLOVOXWWHVDIHQDXWRULVHUHWIDJPDQG
,QGHQGHUJHQQHPI¡UHVQRJHWDUEHMGHVNDOVWU¡PIRUV\QLQJHQ
DIEU\GHV
: )DUHIRUNYVWHOVHU
8QGHULQVWDOODWLRQHQSJDVNDUSHNDQWHU8QGHUDSSDUDWHWV
LQVWDOODWLRQVNDOPDQDOWLGKDYHEHVN\WWHOVHVKDQGVNHUSn
5HJHQHUHUHOXJWILOWHU
)RUDWVLNUHRSWLPDOOXJWDEVRUSWLRQVNDOOXJWILOWUHWYHGQRUPDOGULIW
FD WLPHGDJOLJWUHJHQHUHUHVIRUKYHU PnQHGHU
/XJWILOWUHWNDQUHJHQHUHUHVLHQDOPLQGHOLJEDJHRYQ
: )DUHIRUIRUEUQGLQJ
/XJWILOWUHWHUPHJHWYDUPWLODQJWLGHIWHUUHJHQHUHULQJHQ5¡ULNNH
YHGOXJWILOWUHWXPLGGHOEDUWHIWHUUHJHQHUHULQJHQPHQODGGHWI¡UVW
N¡OHWLOVWUNNHOLJWDI
/JGHWYDUPHOXJWILOWHUWLODIN¡OLQJSnHWYDUPHEHVWDQGLJW
XQGHUODJ
$QYLVQLQJHU
■ /XJWILOWUHWNDQUHJHQHUHUHVRSWLOĂJDQJH9HGQRUPDO
DQYHQGHOVHFD WLPHGDJOLJWVNDOGHWXGVNLIWHVHIWHUPDNV
nU
■ +YLVGHWUHJHQHUHUEDUHOXJWILOWHUIDOGHUSnJXOYHWNDQGHWEOLYH
EHVNDGLJHW
6nGDQQHEHVNDGLJHOVHUHULNNHDOWLGV\QOLJHXGHIUD,JLYHWIDOG
VNDOGHWEHVNDGLJHGHUHJHQHUHUEDUHOXJWILOWHUNDVVHUHVRJ
HUVWDWWHVPHGHWQ\W
■ /XJWILOWUHW Pn DOGULJ UHQJ¡UHV PHG UHQJ¡ULQJVPLGOHU YDQG YnGH
NOXGHHOOHULRSYDVNHPDVNLQHQ
■ /J OXJWILOWUHW Sn HQ ULVW IRU DW XQGJn DW EDJHSODGHQ EOLYHU ULGVHW
■ /XJWILOWUHWPnPDNVLPDOWUHJHQHUHUHVYHG &
FLUNXODWLRQVOXIW
:/XJWILOWUHWPnLNNHUHJHQHUHUHVPHG
RYQUHQVHIXQNWLRQHQS\URO\VH
■ 'HU NDQ RSVWn OXJW L IRUELQGHOVH PHG UHJHQHUHULQJHQ DI OXJWILOWUHW
6¡UJIRUDWUXPPHWHUJRGWYHQWLOHUHW/XNHWYLQGXHRS
)MHUQSDQHOHWHOOHUDIGNQLQJHQ 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
6WSDQHOHWHOOHUDIGNQLQJHQLQG

el
Ù
¨
:
Ă
Ă
·
:
■ Ă
ĂĂ
■
■
■
■ Ă&
:
■
·
Ă&
:
Ă
Ă&
:
·
tr
ô
0RQWDMN×ODYX]X
gQHPOLX\DU×ODU
%XN×ODYX]XGLNNDWOLFHRNX\XQX]YHVDNOD\×Q×]$QFDNFLKD]×Q
PRQWDM×EXPRQWDMWDOLPDW×QGDWDULIHGLOHQüHNLOGHXVXOQHX\JXQ
RODUDN\DS×OP×üVDFLKD]×QNXOODQ×P×QGDJYHQOLNJDUDQWLVL
YHULOPLüWLU&LKD]×QNXUXOGXùX\HUGHNXVXUVX]oDO×üPDV×QGDQ
PRQWDM×\DSDQNLüLVRUXPOXGXU
&LKD]×QEDùODQW×V×Q×VDGHFHHùLWLPOLELUX]PDQ\DSDELOLU
+HUWUOoDO×üPDODUDEDüODPDGDQ|QFHHOHNWULNEDùODQW×V×Q×NHVLQ
: <DUDODQPDWHKOLNHVL
.XUXOXPHVQDV×QGDNHVNLQNHQDUODUQHGHQL\OH\DUDODQPDWHKOLNHVL
YDUG×U&LKD]×QNXUXOXPoDO×üPDODU×ER\XQFDGDLPDNRUX\XFX
HOGLYHQOHUNXOODQ×Q
.RNXILOWUHVLUHMHQHUDV\RQX
.RNXILOWUHVLSHUIRUPDQV×Q×JDUDQWLDOW×QDDOPDNLoLQNRNXILOWUHVLQL
QRUPDOLüOHWLPGHJQGH\DNODü×N VDDWKHU D\GDELU
WD]HOH\LQL]
.RNXILOWUHVLQLSL\DVDGDVDW×ODQKHUKDQJLELUI×U×QGD
WD]HOH\HELOLUVLQL]
: <DQPDWHKOLNHVL
.RNXILOWUHVLUHMHQHUDV\RQVRQUDV×QGDX]XQFDELUVUHV×FDNNDO×U
.RNX ILOWUHVLQH UHMHQHUDV\RQGDQ KHPHQ VRQUD GRNXQPD\×Q×] |QFH
VRùXPDV×Q×EHNOH\LQL]
6×FDNNRNXILOWUHVLQLVRùXPDV×LoLQ×V×\DGD\DQ×NO×ELUDOWO×ù×Q
]HULQHNR\XQX]
%LOJLOHU
■ .RNXILOWUHVLĂGHID\DNDGDUWD]HOHQHELOLUYHQRUPDOLüOHWLPGH
JQGH\DNODü×N VDDWHQJHo \×OVRQUDGHùLüWLULOPHVL
JHUHNOLGLU
■ 7D]HOHQHELOLUELUNRNXILOWUHVL\HUHGüHUVHILOWUHKDVDUJ|UHELOLU
+DVDUODUKHU]DPDQG×üDU×GDQJ|UQPH\HELOLU<HUHGüHQ
WD]HOHQHELOLUNRNXILOWUHVLQLLPKDHGLQL]YHGHùLüWLULQL]
■ .RNXILOWUHVLQLDVODGHWHUMDQODUODVX\ODEXODü×NPDNLQHVLQGH
YH\D×VODNEH]OHWHPL]OHPH\LQL]
■ )×U×QWHSVLVLQLoL]PHPHNLoLQNRNXILOWUHVLQLELU×]JDUD]HULQH
\HUOHüWLULQL]
■ .RNXILOWUHVLPDNVLPXP &GRODü×PO×KDYD :
WD]HOHQPHOLGLU .RNX ILOWUHVLQL I×U×Q WHPL]OHPH IRQNVL\RQX SLUROL]
LOHWD]HOHPH\LQL]
■ .RNXILOWUHVLQLQWD]HOHQPHVLV×UDV×QGDNRNXROXüXPXJ|UOHELOLU
2GDQ×Q L\L KDYDODQG×U×OG×ù×QGDQ HPLQ ROXQX] %LU SHQFHUH Do×Q×]
.XPDQGDSDQHOLQLYH\DNDSDù×o×NDUW×Q×] 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]
.XPDQGDSDQHOLQLYH\DNDSDù×\HUOHüWLULQL]
ru
î
Ημπροςιυηώξνλνμρίες
Αίεμϊδςιίζίμηώ
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηνψβηλμκνδπβψβλθοκΪηβμίίϋ
ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγ λΫθκδί λ λθΫεψήίηβίζ ήΪηηθγ βηλμκνδπββ ιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
ΙθήδεψρίηβίικβΫθκΪήθεΰίηικθβαάθήβμφμθεφδθ
νιθεηθζθρίηηυγλιίπβΪεβλμ
ΙίκίήικθάίήίηβίζεψΫυοκΪΫθμυάυδεψρΪμφιθήΪρν
χείδμκβρίλδθέθμθδΪ
: Νξίπμνπρϋροίαλ
&θ λμθκθηυ θλμκυο δκθζθδ ικβ νλμΪηθάδί Ικβ νλμΪηθάδί ικβΫθκΪ
άλίέήΪηΪήίάΪγμίαΪσβμηυίιίκρΪμδβ
Οδβδμδοίυηώξνβκνρηρδκώζίξίτνα
ΡμθΫυθΫίλιίρβμφηΪήείΰΪσβγνκθάίηφηίγμκΪεβαΪπββαΪιΪοθά
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρĂρΪλΪ
ηίθΫοθήβζθικβζδΪΰήυί²ĂζίλωπΪικθάθήβμφκίέίηίκΪπβψ
ιθέεθμβμίείγαΪιΪοθά
ΎθινλδΪίμλωκίέίηίκΪπβωιθέεθμβμίεωαΪιΪοθάάθΫυρηθζ
ήνοθάθζςδΪξν
: Νξίπμνπρϋνενβί
ΙθλείκίέίηίκΪπββιθέεθμβμίεφαΪιΪοθάθλμΪϋμλωέθκωρβζά
μίρίηβί ήθεέθέθ άκίζίηβ Ηί ικβδΪλΪγμίλφ δ ιθέεθμβμίεψ αΪιΪοθά
λκΪανιθλείκίέίηίκΪπββήΪγμίίζνθλμυμφ
ΎεωθλμυάΪηβωιθεθΰβμίιθέεθμβμίεφαΪιΪοθάηΪΰΪκθικθρηνψ
ιθήλμΪάδν

ιίζίμηώ
■ ΚίέίηίκΪπβψιθέεθμβμίεωαΪιΪοθάζθΰηθικθάθήβμφήθĂκΪα
ικβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθικβζάμίρίηβί
ρΪλΪΙθέεθμβμίεβαΪιΪοθάιθήείΰΪμαΪζίηίηίκίΰίρίζ
κΪαάĂείμ
■ ΙΪήίηβίζθΰίμικβάίλμβδιθάκίΰήίηβψκίέίηίκβκνίζθέθ
ιθέεθμβμίεωαΪιΪοθά
ΧμβιθάκίΰήίηβωηίάλίέήΪάβήηυληΪκνΰβΝιΪάςβί
κίέίηίκβκνίζυίιθέεθμβμίεβαΪιΪοθάηίθΫοθήβζθ
νμβεβαβκθάΪμφΪηΪβοζίλμθλμΪάβμφηθάυί
■ ΗβδθέήΪ ηί θρβσΪγμί ιθέεθμβμίεφ αΪιΪοθά λ ιθζθσφψ ρβλμωσβο
λκίήλμάάθήυάιθλνήθζθίρηθγζΪςβηίβεβάεΪΰηθγμκωιδθγ
■ ΡμθΫυικθμβάίηφηίιθπΪκΪιΪελωιθεθΰβμίιθέεθμβμίεφ
αΪιΪοθάηΪκίςίμδν
■ ΚίέίηίκΪπβωιθέεθμβμίεωαΪιΪοθάικθβαάθήβμλωικβζΪδλ
μίζιίκΪμνκί &άκίΰβζίδθηάίδπββ
:Ικθβαάθήβμφ
κίέίηίκΪπβψιθέεθμβμίεωαΪιΪοθάικβάδεψρίηηθγξνηδπββ
ιβκθεβμβρίλδθγθρβλμδβαΪικίσίηθ
■ ΙκβκίέίηίκΪπββιθέεθμβμίεωαΪιΪοθάάθαζθΰηθιθωάείηβί
αΪιΪοΪΝΫίήβμίλφρμθιθζίσίηβίοθκθςθικθάίμκίηθ
Θμδκθγμίθδηθ
ΛηβζβμίαΪσβμηνψβεβεβπίάνψιΪηίεφ οηπ
ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΛηβζΪγμίίέθικβήίκΰβάΪωαΪ
ηβΰηψψρΪλμφκνδθγ οηπ
ΚΪαθέκίγμίήνοθάθγςδΪξήθζΪδλμίζιίκΪμνκυ&ά
κίΰβζίδθηάίδπββ
:
ΙθέεθμβμίεφαΪιΪοθάκίέίηίκβκνίμλωάήνοθάθζςδΪξνά
μίρίηβί ζβηνμικβζΪδλμίζιίκΪμνκί &άκίΰβζί
δθηάίδπββ
:
ΝΫίήβμίλφρμθιθζίσίηβίοθκθςθικθάίμκίηθΘμδκθγμίθδηθ
ΎΪγμίιθέεθμβμίεψαΪιΪοθάθλμυμφ
ΙθέεθμβμίεφαΪιΪοθάμωΰϋευγΝλμΪηθάβμίκίέίηίκβκνίζυγ
ιθέεθμβμίεφαΪιΪοθάικβήίκΰβάΪωαΪηβΰηψψρΪλμφκνδθγ
ΝλμΪηθάβμίηΪζίλμθαΪσβμηνψβεβεβπίάνψιΪηίεφ
et
Ü
3DLJDOGXVMXKHQG
2OXOLVHGPlUNXVHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlELMDKRLGNHDOOHV7XUYDOLQH
NDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQHWRLPXE
YDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWXW||HHVW
YDVWXWDESDLJDOGDMD
6HDGHWY}LEJDDVLYDUXVWXVHJDKHQGDGDDLQXOWDVMDRPDVH
NYDOLILNDWVLRRQLJDWHKQLN
(QQHPLVWDKHVW||GHWHRVWDPLVWOOLWDJHYRROYlOMD
: 9LJDVWXVWHRKW
WHUDYDWHVHUYDGHW}WWXSDLJDOGDPLVHDMDO6HDGPHSDLJDOGDPLVHO
NDQGNHDODWLNDLWVHNLQGDLG
/}KQDILOWULUHJHQHUHHULPLQH
/}KQDILOWULW||NLQGOXVHWDJDPLVHNVUHJHQHHULJHO}KQDILOWULW
WDYDNDVXWXVHNRUUDOLJDSlHYXPEHVĂWXQGLJDĂNXXWDJDQW
/}KQDILOWULWVDDWHUHJHQHUHHULGDWDYDOLVHVNSVHWXVDKMXV
: 3}OHWXVRKW
/}KQDILOWHURQSlUDVWUHJHQHUHHULPLVWSLNNDDHJDNXXPbUJH
SXXGXWDJHO}KQDILOWULWYDKHWXOWSlUDVWUHJHQHUHHULPLVWYDLGODVNH
VHOOHON}LJHSHDOWSLLVDYDOWMDKWXGD
.XXPO}KQDILOWHUDVHWDJHMDKWXPLVHNVNXXPXVNLQGODOHDOXVHOH
0lUNXVHG
■ /}KQDILOWULWVDDEUHJHQHUHHULGDNXQLĂNRUGDMDWDYDNDVXWXVH
NRUUDOLJDSlHYDXPEHVĂWXQGWXOHEVHHKLOMHPDOWĂDDVWD
SlUDVWYlOMDYDKHWDGD
■ 0DKDNXNNXPLVHNRUUDOY}LEUHJHQHUHHULWDYO}KQDILOWHU
NDKMXVWDGDVDDGD
.DKMXVWXVHGHLSUXXJLDODWLROODYlOMDVWSRROWPlUJDWDYDG
0DKDNXNNXQXGUHJHQHUHHULWDYO}KQDILOWHUXWLOLVHHULJHMD
DVHQGDJHXXHJD
■ /}KQDILOWULSXKDVWDPLVHNVlUJHNDVXWDJHSXKDVWXVYDKHQGHLG
YHWWQ}XGHSHVXPDVLQDWHJDPlUJDODSSL
■ $VHWDJHO}KQDILOWHUUHVWLOHHWNSVHWXVSODDWLPLWWHNULLPXVWDGD
■ 5HJHQHUHHULJHO}KQDILOWULWPDNVLPDDOWHPSHUDWXXULO &
ULQJOHY}KN
:bUJHUHJHQHUHHULJHO}KQDILOWULW
DKMXSXKDVWXVUHçLLPLOSUROV
■ /}KQDILOWUL UHJHQHUHHULPLVHO Y}LE WHNNLGD WHDWDY O}KQ 9HHQGXJH
HWUXXPRQKHDYHQWLODWVLRRQLJD$YDJHDNHQ
(HPDOGDJHSDQHHOY}LNDWH MRRQLV
/}KQDILOWHURQUDVNHVHHSlUDVWKRLGNHO}KQDILOWULWKHNlHJDDOW
NLQQLMDHHPDOGDJHVHHVLLV MRRQLV
/DVNHDKMXONXXPHQHGDPDNVLPDDOWHPSHUDWXXULOH&
ULQJOHY}KN :
5HJHQHUHHULJHO}KQDILOWULW PLQXWLYlOWHODKMXV
PDNVLPDDOWHPSHUDWXXULO &ULQJOHY}KN :
9HHQGXJHHWUXXPRQKHDYHQWLODWVLRRQLJD$YDJHDNHQ
/DVNHO}KQDILOWULOMDKWXGD
/}KQDILOWHURQUDVNHVHHSlUDVWKRLGNHO}KQDILOWULWKHNlHJDDOW
NLQQLMDDVHWDJHUHJHQHUHHULWXGO}KQDILOWHUNRKDOH
$VHWDJHSDQHHOY}LNDWHWDJDVLNRKDOH
lt
ä
0RQWDYLPRLQVWUXNFLMD
6YDUELRVQXRURGRV
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉLUMĉLåVDXJRNLWH3ULHWDLVDV
VDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDLVXPRQWXRWDV
ODLNDQWLVåLRVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXVDWOLHNDQWLV
DVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PRYLHWRMH
3ULHWDLVĉ SULMXQJWL JDOL WLN OLFHQFLMĉ WXULQWLV NYDOLILNXRWDV GDUEXRWRMDV
3ULHåDWOLHNDQWEHWNRNLXVGDUEXVUHLNLDDWMXQJWLVURYėVWLHNLPĉ
: 3DYRMXVVXVLçHLVWL
ĭDåWULDVEULDXQDVPRQWXRMDQW0RQWXRGDPLSULHWDLVĉPŠYėNLWH
DSVDXJLQHVSLUåWLQHV
.YDSŨILOWURDWQDXMLQLPDV
.DG NYDSŨ ILOWUDV EŠWŨ NLHN ĭPDQRPD HIHNW\YHVQLV HNVSORDWXRGDPL
ĭSUDVWDLDSLHĂYDODQGĉSHUGLHQĉNYDSŨILOWUĉDWQDXMLQNLWHNDV²
ĂPėQHVLXV
.YDSŨILOWUĉJDOLWHDWQDXMLQWLĭSUDVWLQėMHRUNDLWėMH
: 3DYRMXVQXGHJWL
3DVLEDLJXVDWQDXMLQLPRSURFHVXLNYDSŨILOWUDVGDULOJDLOLHND
NDUåWDV3DVLEDLJXVDWQDXMLQLPRSURFHVXLQHOLHVNLWHNYDSŨILOWUR
QHVMLVWXULDWYėVWL
.DUåWĉNYDSŨILOWUĉSDGėNLWHDWYėVWLDQWNDUåĀLXLDWVSDUDXV
SDJULQGR
3DVWDERV
■ .YDSŨ ILOWUĉ JDOLPD DWQDXMLQWL LNL ĂNDUWŨ (NVSORDWXRMDQW ĭSUDVWDL
DSLHĂYDODQGĉSHUGLHQĉMĭUHLNLDNHLVWLQHYėOLDXQHLSR
ĂPHWŨ
■ -HLDWQDXMLQDPDVNYDSŨILOWUDVQXNULVMLVJDOLEŠWLSDçHLVWDV
3DçHLGLPDLLåLåRUėVPDWRPLQHYLVDGD1XNULWXVĭNYDSŨILOWUĉ
XWLOL]XRNLWHLUSDNHLVNLWHNLWXDWQDXMLQDPXNYDSŨILOWUX
■ .YDSŨILOWURQLHNDGDQHSODXNLWHVXYDOLNOLDLVYDQGHQLX
LQGDSORYėMHLUQHYDO\NLWHGUėJQDåOXRVWH
■ .DG QHVXEUDLç\WXPėWH NHSLPR SDGėNOR SDGėNLWH NYDSŨ ILOWUĉ DQW
LQGŨJURWHOLŨ
■ .YDSŨILOWUĉDWQDXMLQNLWHQHDXNåWHVQėMHNDLS &
WHPSHUDWŠURMHUHFLUNXOLDFLMD
:1HEDQG\NLWHDWQDXMLQWLNYDSŨ
ILOWURQDXGRGDPLRUNDLWėVYDO\PRSLUROL]ėVIXQNFLMĉ
■ $WQDXMLQDQWNYDSŨILOWUĉJDOLSDVNOLVWLNYDSDVĬVLWLNLQNLWHNDG
SDWDOSDJHUDLYėGLQDPD$WLGDU\NLWHODQJĉ
1XLPNLWHVN\GHOĭDUEDGDQJWHOĭ SDY
.YDSŨILOWUDV\UDVXQNXVWRGėOLåPRQWXRGDPLYLHQDUDQND
SULODLN\NLWHMĭLåDSDĀLRV SDY
ĬNDLWLQNLWHRUNDLWęPDNVLNLĂ&UHFLUNXOLDFLMD :
ĂPLQXĀLŨDWQDXMLQNLWHNYDSŨILOWUĉRUNDLWėMHQHDXNåWHVQėMH
NDLS &WHPSHUDWŠURMHUHFLUNXOLDFLMD :
ĬVLWLNLQNLWHNDGSDWDOSDJHUDLYėGLQDPD$WLGDU\NLWHODQJĉ
/HLVNLWHNYDSŨILOWUXLDWYėVWL
.YDSŨILOWUDV\UDVXQNXVWRGėOĭGėGDPLDWQDXMLQWĉNYDSŨILOWUĉ
YLHQDUDQNDSULODLN\NLWHLåDSDĀLRV
8çGėNLWHVN\GHOĭDUEDGDQJWHOĭ

lv
å
0RQWąçDVLQVWUXNFLMD
6YDUĩJLQRUąGĩMXPL
8]PDQĩJLL]ODVLHWXQVDJODEąMLHWåROLHWRåDQDVSDPąFĩEX
/LHWRåDQDLUGURåDWLNDLWDGMDX]VWąGĩåDQDLUWHKQLVNLSDUHL]DXQ
DWELOVWĩJDSDPąFĩEDL3DUSDUHL]XLHNąUWDVGDUEĩEXX]VWąGĩåDQDV
YLHWąDWELOGX]VWąGĩWąMV
,HUĩFLSLHYLHQRWGUĩNVWWLNDLVHUWLILFēWVVSHFLąOLVWV
3LUPVYHLFDWMHENąGXVGDUEXVYLHQPēUDWYLHQRMLHWHOHNWURSDGHYL
: 6DYDLQRMXPXULVNV
DU DVąP PDOąP LHUĩFHV X]VWąGĩåDQDV ODLNą 8]VWąGRW LHUĩFL YLHQPēU
YDONąMLHWDL]VDUJFLPGXV
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
1RŁHPLHWDL]VDUJXYDLSąUVHJX 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]OLHFLHWDWSDNDĹDL]VDUJXYDLSąUVHJX
pl
ë
,QVWUXNFMDPRQWDŰX
:DŰQHZVND]yZNL
1DOHŰ\XZDŰQLHSU]HF]\WDþL]DFKRZDþLQVWUXNFMęREVãXJL
:\ãĉF]QLHSUDZLGãRZ\PRQWDŰZ\NRQDQ\]JRGQLH]LQVWUXNFMĉ
PRQWDŰXJZDUDQWXMHEH]SLHF]HĿVWZRXŰ\WNRZDQLD,QVWDODWRU
RGSRZLHG]LDOQ\ MHVW ]D SUDZLGãRZH G]LDãDQLH XU]ĉG]HQLD Z PLHMVFX
PRQWDŰX
8U]ĉG]HQLH PRŰH SRGãĉF]\þ Z\ãĉF]QLH VSHFMDOLVWD ] RGSRZLHGQLPL
XSUDZQLHQLDPL
3U]HGSUHSURZDG]HQLHPSUDFZ\ãĉF]\þGRSã\ZSUĉGX
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
SRGF]DVLQVWDODFML]HZ]JOęGXQDRVWUHNUDZęG]LH3RGF]DV
LQVWDODFMLXU]ĉG]HQLD]DZV]HQRVLþUęNDZLFHRFKURQQH
5HJHQHUDFMDILOWUD]DSDFKyZ
:FHOX]DSHZQLHQLDVNXWHF]QRŔFLILOWUD]DSDFKyZQDOHŰ\
UHJHQHURZDþILOWUZSU]\SDGNXQRUPDOQHMHNVSORDWDFMLRN JRG]
G]LHQQLHFR PLHVLĉFH
)LOWU]DSDFKyZPRŰQD]UHJHQHURZDþZ]Z\Nã\PSLHNDUQLNX
: 1LHEH]SLHF]HĿVWZRRSDU]HQLD
3R UHJHQHUDFML ILOWU ]DSDFKyZ SR]RVWDMH GãXJR JRUĉF\ 1LH GRW\NDþ
ILOWUD]DSDFKyZEH]SRŔUHGQLRSRUHJHQHUDFMLOHF]SR]RVWDZLþGR
RVW\JQLęFLD
*RUĉF\ILOWU]DSDFKyZSRãRŰ\þZFHOXRVWXG]HQLDQD
ŰDURRGSRUQ\PSRGãRŰX
:VND]yZNL
■ )LOWU]DSDFKyZPRŰHE\þUHJHQHURZDQ\PDNV\PDOQLHĂUD]\L
QDOHŰ\JRZ\PLHQLþZSU]\SDGNXQRUPDOQHMHNVSORDWDFMLSU]H]
RN JRG]G]LHQQLHQDMSyŮQLHMSRXSã\ZLH ODW
■ -HŰHOLILOWU]DSDFKyZ]PRŰOLZRŔFLĉUHJHQHUDFMLVSDGQLHPRŰH
XOHFXV]NRG]HQLX
8V]NRG]HQLDQLH]DZV]HVĉZLGRF]QH]]HZQĉWU]:UD]LH
XSDGNXILOWU]DSDFKyZ]PRŰOLZRŔFLĉUHJHQHUDFMLQDOHŰ\
]XW\OL]RZDþLZ\PLHQLþQDQRZ\
■ 1LJG\ QLH F]\ŔFLþ ILOWUD ]DSDFKyZ ŔURGNDPL F]\V]F]ĉF\PL ZRGĉ
Z]P\ZDUFHOXEZLOJRWQĉŔFLHUHF]Nĉ
■ $E\XQLNQĉþ]DU\VRZDQLDEODFK\GRSLHF]HQLDXPLHŔFLþILOWU
]DSDFKyZQDUXV]FLH
■ )LOWU]DSDFKyZUHJHQHURZDþZWHPSHUDWXU]HPDNV&
WHUPRRELHJ
:1LHUHJHQHURZDþILOWUD]DSDFKyZSU]\XŰ\FLX
IXQNFMLF]\V]F]HQLDSLHNDUQLNDS\UROL]\
■ 3RGF]DVUHJHQHUDFMLILOWUD]DSDFKyZPRJĉZ\G]LHODþVLęUyŰQH
]DSDFK\8SHZQLþVLęŰHSRPLHV]F]HQLHMHVWGREU]H
ZHQW\ORZDQH2WZRU]\þRNQR
=GMĉþSU]HVãRQęOXESRNU\Zę 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]HVãRQęOXESRNU\Zę
ro
í
,QVWUXFŘLXQLGHPRQWDM
,QGLFDŘLLLPSRUWDQWH
&LWLŘLFXDWHQŘLHüLUHŘLQHŘLDFHDVWćLQVWUXFŘLXQH1XPDLODPRQWDMXO
UHJXODPHQWDUFRUHVSXQ]ćWRUDFHVWHLLQVWUXFŘLXQLGHPRQWDMHVWH
JDUDQWDWć VLJXUDQŘD OD XWLOL]DUH ,QVWDODWRUXO HVWH UHVSRQVDELO SHQWUX
IXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
5DFRUGXO DSDUDWXOXL VH YD UHDOL]D QXPDL GH FćWUH SHUVRQDO FDOLILFDW
üLDXWRUL]DW
ÍQDLQWHGHDH[HFXWDRULFHOXFUDUHvQWUHUXSHŘLDOLPHQWDUHDFX
FXUHQWHOHFWULF
: 3HULFROGHUćQLUH
GLQFDX]DPXFKLLORUDVFXŘLWHvQWLPSXOLQVWDOćULLÍQWLPSXOLQVWDOćULL
DSDUDWXOXLSXUWDŘLvQWRWGHDXQDPćQXüLGHSURWHFŘLH
5HJHQHUDUHDILOWUXOXLGHPLURV
3HQWUXDDVLJXUDIXQFŘLRQDUHDRSWLPćDILOWUXOXLGHQHXWUDOL]DUHD
PLURVXULORUQHSOćFXWHHIHFWXDŘLUHJHQHUDUHDDFHVWXLDODILHFDUH
ĂOXQL vQ FD]XO XWLOL]ćULL QRUPDOH DGLFć vQ FD]XO XWLOL]ćULL ]LOQLFH WLPS
GHDSUR[LPDWLY RUć
5HJHQHUDUHD ILOWUXOXL GH QHXWUDOL]DUH D PLURVXULORU QHSOćFXWH SRDWH
ILHIHFWXDWćvQWUXQFXSWRURELüQXLW
: 3HULFROGHDUVXUL
)LOWUXOGHPLURVUćPkQHILHUELQWHSHQWUXROXQJćSHULRDGćGHWLPS
GXSćUHJHQHUDUH1XDWLQJHŘLILOWUXOGHPLURVLPHGLDWGXSć
UHJHQHUDUHOćVDŘLOPDLvQWkLVćVHUćFHDVFć
$üH]DŘLILOWUXOGHPLURVILHUELQWHSHXQVXSRUWUH]LVWHQWODFćOGXUć
SHQWUXDVHUćFL
,QGLFDŘLL
■ )LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHSRDWHILUHJHQHUDW
GHSkQćODĂGHRULüLvQFD]XOXWLOL]ćULLQRUPDOHDGLFćvQFD]XO
XWLOL]ćULL]LOQLFHWLPSGHDSUR[LPDWLY RUćWUHEXLHvQORFXLWGXSć
PD[LPXP DQL
■ ÍQFD]XOFćGHULLILOWUXOUHJHQHUDELOGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWHDUSRDWHVXIHULGHWHULRUćUL
'HWHULRUćULOHQXVXQWvQWRWGHDXQDYL]LELOHODH[WHULRU(OLPLQDŘL
ILOWUXOUHJHQHUDELOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHFDUHD
Fć]XWSHMRVüLvQORFXLŘLOFXXQXOQRX

■ 1XFXUćŘDŘLQLFLRGDWćILOWUXOGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWH XWLOL]kQG GHWHUJHQW VDX DSć vQ PDüLQD GH VSćODW YDVH
VDXFXRODYHWćXPHGć
■ $üH]DŘL ILOWUXO GH QHXWUDOL]DUH D PLURVXULORU QHSOćFXWH SH XQ JUćWDU
üLQXSHRWDYćGHFRSWvQFD]FRQWUDUDFHDVWDDUSXWHDIL
]JkULDWć
■ )LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHWUHEXLHUHJHQHUDW
ODRWHPSHUDWXUćGHPD[LPXP &DDHUXOXLUHFLUFXODW
:
/DUHJHQHUDUHDILOWUXOXLGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWH
QXWUHEXLHDFWLYDWćIXQFŘLDGHFXUćŘDUHDFXSWRUXOXLIXQFŘLDGH
SLUROL]ć
■ ÍQWLPSXOUHJHQHUćULLILOWUXOXLGHQHXWUDOL]DUHDPLURVXULORU
QHSOćFXWHSRWILHPDQDWHDQXPLWHPLURVXUL$VLJXUDŘLYćFć
vQFćSHUHDHVWHELQHDHULVLWć'HVFKLGHŘLIHUHDVWUD
ÍQGHSćUWDŘLPDVFDVDXFDSDFXO ILJXUD
)LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDDPSODVDŘLRPkQćVXEDFHVWDüLGHPRQWDŘLO ILJXUD
3UHvQFćO]LŘLFXSWRUXOODRWHPSHUDWXUćGHPD[LPXPĂ&D
DHUXOXLUHFLUFXODW
:
/ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UHJHQHUH]HWLPSGH GHPLQXWHvQLQWHULRUXOFXSWRUXOXLODR
WHPSHUDWXUćGHPD[LPXP &DDHUXOXLUHFLUFXODW
:
$VLJXUDŘLYćFćvQFćSHUHDHVWHELQHDHULVLWć'HVFKLGHŘL
IHUHDVWUD
/ćVDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHVćVH
UćFHDVFć
)LOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHHVWHJUHXGH
DFHHDSHQWUXDOGHPRQWDDPSODVDŘLRPkQćVXEDFHVWDüL
HIHFWXDŘLUHJHQHUDUHDDFHVWXLD
0RQWDŘLODORFPDVFDVDXFDSDFXO
hu
á
6]HUHOpVL~WPXWDWy
)RQWRVWXGQLYDOyN
*RQGRVDQROYDVVDHOpVŌUL]]HPHJH]WD]~WPXWDWyW&VDND
V]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpVHVHWpQ
JDUDQWiOWD]]HPEL]WRQViJ$V]HUHOŌIHOHOŌVDIHOiOOtWiVLKHO\HQ
YDOyNLIRJiVWDODQPŦN|GpVpUW
$NpV]OpNHWFVDNKLYDWDORVHQJHGpOO\HOUHQGHONH]ŌV]DNHPEHU
FVDWODNR]WDWKDWMD
%iUPLO\HQPXQNDHOYpJ]pVHHOŌWWV]QWHVVHPHJD]iUDPHOOiWiVW
: 6pUOpVYHV]pO\
V]HUHOpVN|]EHQD]pOHVSHUHPHNPLDWW$NpV]OpNV]HUHOpVH
N|]EHQPLQGLJYLVHOMHQYpGŌNHV]W\ŦW
6]DJV]ŦUŌUHJHQHUiOiVD
$V]DJRNPHJIHOHOŌVHPOHJHVtWpVpKH]DV]DJV]ŦUŌWQRUPiO
]HPHOWHWpVHVHWpQQDSLNEĂyUDĂKDYRQWDUHJHQHUiOQLNHOO
$V]DJV]ŦUŌWNHUHVNHGHOPLIRUJDORPEDQNDSKDWyVWŌEHQ
UHJHQHUiOKDWMD
: eJpVLVpUOpVYHV]pO\H
$V]DJV]ŦUŌDUHJHQHUiOiVXWiQVRNiLJIRUUyPDUDG1HpULQWVH
PHJDV]DJV]ŦUŌWN|]YHWOHQODUHJHQHUiOiVXWiQKDQHPHOŌV]|U
KDJ\MDOHKŦOQL
$IRUUyV]DJV]ŦUŌWOHKŦOpVLJKHO\H]]HHJ\KŌiOOyIHOOHWUH
8WDVtWiVRN
■ $V]DJV]ŦUŌNPD[KDUPLQFV]RUUHJHQHUiOKDWyNpVQRUPiO
]HPHOWHWpVHVHWpQQDSLNEĂyUDOHJDOiEEWt]pYHQWHNLNHOO
ŌNHWFVHUpOQL
■ +DDUHJHQHUiOKDWyV]DJV]ŦUŌOHHVLNNiURVRGKDW
$VpUOpVHNNtYOUŌOQHPPLQGLJOiWKDWyDN7iYROtWVDHOpV
FVHUpOMHNLDOHHVHWWUHJHQHUiOKDWyV]DJV]ŦUŌW
■ $V]DJV]ŦUŌWVRKDQHWLV]WtWVDWLV]WtWyYDOYt]]HO
PRVRJDWyJpSEHQYDJ\QHGYHVW|UOŌUXKiYDO
■ $V]DJV]ŦUŌWKHO\H]]HHJ\URVWpO\UDKRJ\DVWŌWHSVLQH
NDUFROyGMRQ|VV]H
■ $V]DJV]ŦUŌWPD[LPXPĂ&RQOpJNHULQJHWpV :PHOOHWW
UHJHQHUiOMD$V]DJV]ŦUŌWQHUHJHQHUiOMDDVWŌWLV]WtWiVL
IXQNFLyMiYDOSLUROt]LV
■ $V]DJV]ŦUŌUHJHQHUiOiVDVRUiQV]DJNpS]ŌGpVOHKHWVpJHV
%L]WRVtWMDDKHO\LVpJPHJIHOHOŌV]HOOŌ]pVpW1\LVVRQDEODNRW
7iYROtWVDHODNH]HOŌIHOOHWHWYDJ\DEXUNRODWRW iEUD
$V]DJV]ŦUŌQHKp]H]pUWHJ\Np]]HOQ\~OMRQDV]DJV]ŦUŌDOi
DPLNRUNLV]HUHOLD]W iEUD
0HOHJtWVHHOŌDVWŌWPD[LPXPĂ&UDOpJNHULQJHWpV :
PHOOHWW
5HJHQHUiOMDDV]DJV]ŦUŌWĂSHUFLJDVWŌEHQPD[LPXP
Ă&RQOpJNHULQJHWpV :PHOOHWW
%L]WRVtWMDDKHO\LVpJPHJIHOHOŌV]HOOŌ]pVpW1\LVVRQDEODNRW
+DJ\MDOHKŦOQLDV]DJV]ŦUŌW
$V]DJV]ŦUŌQHKp]H]pUWHJ\Np]]HOQ\~OMRQDV]DJV]ŦUŌDOi
DPLNRUEHKHO\H]LDUHJHQHUiOWV]DJV]ŦUŌW
+HO\H]]HEHDNH]HOŌIHOOHWHWYDJ\DEXUNRODWRW
sl
ð
1DYRGLOD]DPRQWDçR
3RPHPEQLQDSRWNL
6NUEQRSUHEHULWHWDQDYRGLOD]DXSRUDERLQMLKVKUDQLWH9DUQRVW
PHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQHPRQWDçHY
VNODGXVWHPLQDYRGLOL]DPRQWDçR=DEUH]KLEQRGHORYDQMHQD
PHVWXSRVWDYLWYHMHRGJRYRUHQLQåWDODWHU
$SDUDWODKNRSULNOMXĀLOHVWURNRYQRRVHEMH]GRYROMHQMHP
3UHGNDNUåQLPLNROLGHOLQDDSDUDWXL]NOMXĀLWHHOHNWULĀQRQDSDMDQMH
: 1HYDUQRVWWHOHVQLKSRåNRGE
]DUDGLRVWULKURERYPHGQDPHVWLWYLMR0HGQDPHVWLWYLMRDSDUDWD
YHGQRQRVLWH]DåĀLWQHURNDYLFH
5HJHQHUDFLMDILOWUD]DYRQMDYH
'D]DJRWRYLWHXĀLQNRYLWRVWILOWUD]DYRQMDYHJDSULQRUPDOQL
XSRUDELSULEO XUDGQHYQRUHJHQHULUDMWHQDYVDNH² PHVHFH
)LOWHU]DYRQMDYHODKNRUHJHQHULUDWHYRELĀDMQLSHĀLFL
: 1HYDUQRVWRSHNOLQ
)LOWHU]DYRQMDYHSRUHJHQHUDFLMLGROJRRVWDQHYURĀ)LOWUD]D
YRQMDYHVHQHSRVUHGQRSRUHJHQHUDFLMLQHGRWLNDMWHWHPYHĀ
SRĀDNDMWHGDVHRKODGL
9URĀ ILOWHU ]D YRQMDYH SRORçLWH QD SRGODJR RGSRUQR QD YURĀLQR GD
VHRKODGL
2SRPEH
■ )LOWHU]DYRQMDYHODKNRGRNUDWUHJHQHULUDWHSULQRUPDOQL
XSRUDEL SULEO XUR QD GDQ SD JD PRUDWH ]DPHQMDWL QDMSR]QHMH
SR OHWLK
■ ÿHILOWHU]DYRQMDYHSDGHVHODKNRSRåNRGXMH
3RåNRGEHQD]XQDMQLVRYHGQRYLGQHÿHILOWHU]DYRQMDYHNLJD
MHPRJRĀHUHJHQHULUDWLSDGHJD]DYU]LWHLQ]DPHQMDMWH
■ )LOWUD]DYRQMDYHQLNROLQHĀLVWLWHVĀLVWLOL]YRGRYSRPLYDOQHP
VWURMXDOL]PRNURNUSR
■ 'DQHRSUDVNDWHSHNDĀDSRORçLWHILOWHU]DYRQMDYHQDUHåHWNR
■ )LOWHU ]D YRQMDYH UHJHQHULUDMWH SUL QDMYHĀ & NURçHQMH ]UDND
:)LOWUD]DYRQMDYHQHUHJHQHULUDMWHVIXQNFLMR]DĀLåĀHQMH
SHĀLFHSLUROL]D
■ 0HGUHJHQHUDFLMRILOWUD]DYRQMDYHVHODKNRUD]YLMHMRYRQMDYH
3RVNUELWHGDERSURVWRUGREURSUH]UDĀHQ2GSULWHRNQR
2GVWUDQLWHRNUDVQROHWHYDOLSRNURY 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
1DPHVWLWHRNUDVQROHWHYDOLSRNURY
cs
Ö
0RQWiçQtQiYRG
'ŤOHçLWiXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRGD XVFKRYHMWHKR%H]SHĀQp
SRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpPRQWiçLSRGOHWRKRWR
QiYRGXN PRQWiçL7HFKQLNSURYiGěMtFtLQVWDODFLRGSRYtGi]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
6SRWŒHELĀVPt]DSRMRYDWSRX]HNRQFHVRYDQìRGERUQtN
3ŒHGSURYiGěQtPMDNìFKNROLSUDFtRGSRMWHSŒtVWURMRGUR]YRGQp
VtWě
: 1HEH]SHĀtSRUDQěQt
RVWUìPLKUDQDPLEěKHPLQVWDODFH%ěKHPLQVWDODFHVSRWŒHELĀH
QRVWHYçG\RFKUDQQpUXNDYLFH
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
2GVWUDŃWHSRNORSQHERNU\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
=QRYXQDVDďWHSRNORSQHERNU\W
sk
ï
0RQWiçQ\QiYRG
'{OHçLWpXSR]RUQHQLD
7HQWRQiYRGVL SURVtPVWDURVWOLYRSUHĀtWDMWHD XVFKRYDMWHKR/HQ
SULRGERUQHMPRQWiçLSRGĻDWRKWRQiYRGXQD PRQWiçMH]DUXĀHQi
EH]SHĀQRVŚSUL SRXçtYDQt,QåWDODWpUMH ]RGSRYHGQì]D EH]FK\EQ~
IXQNĀQRVŚQDPLHVWHLQåWDOiFLH
6SRWUHELĀP{çH]DSRMLŚYìOXĀQHRSUiYQHQìNRQFHVRYDQì
RGERUQtN
3UHGY\NRQiYDQtPDNìFKNRĻYHNSUiFY\SQLWHSUtYRGSU~GX
: 1HEH]SHĀHQVWYRSRUDQHQLD
RVWUìPL KUDQDPL Y SULHEHKX LQåWDOiFLH 3RĀDV LQåWDOiFLH VSRWUHELĀD
YçG\QRVWHRFKUDQQpUXNDYLFH
5HJHQHUiFLDSDFKRYpKRILOWUD
$E\ERO]DEH]SHĀHQìSDFKRYìILOWUDĀQìYìNRQSDFKRYìILOWHU
UHJHQHUXMWHSULQRUPiOQHMSUHYiG]NHGHQQHFFD KRGLQXNDçGp
Ă²ĂPHVLDFH
3DFKRYìILOWHUP{çHWH]UHJHQHURYDŚY EHçQHMU~UHQDSHĀHQLH
: 1HEH]SHĀHQVWYRSRSiOHQLD
3DFKRYì ILOWHU ]RVWiYD SR UHJHQHUiFLL GOKì ĀDV KRU~FL 1HGRWìNDMWH
VDSDFKRYpKRILOWUDKQHďSRUHJHQHUiFLLDOHQHFKDMWHKR
Y\FKODGQ~Ś
+RU~FLSDFKRYìILOWHUSRORçWHSUHY\FKODGQXWLHQDWHSORY]GRUQ~
SRGORçNX
8SR]RUQHQLD
■ 3DFKRYìILOWHUVDP{çHUHJHQHURYDŚPD[LPiOQHNUiWDSUL
QRUPiOQHMSUHYiG]NHFFD KRGLQDGHQQHVDPXVtQDMQHVN{U
SR URNRFKY\PHQLŚ
■ 5HJHQHURYDWHĻQìSDFKRYìILOWHUVDSiGRPP{çHSRåNRGLŚ
3RåNRGHQLDQLHV~]YRQNXYçG\YLGLWHĻQp5HJHQHURYDWHĻQì
SDFKRYìILOWHUSRSiGH]OLNYLGXMWHD Y\PHŃWH]DQRYì
■ 3DFKRYìILOWHUQLNG\QHĀLVWLWHĀLVWLDFLPLSURVWULHGNDPLYRGRX
Y XPìYDĀNHULDGXDOHERPRNURXKDQGURX
■ $E\ VD SOHFK QD SHĀHQLH QHSRåNULDEDO SDFKRYì ILOWHU SRORçWH QD
URåW
■ 3DFKRYì ILOWHU UHJHQHUXMWH SUL WHSORWH PD[ & V FLUNXOiFLRX
Y]GXFKX
:3DFKRYìILOWHUQHUHJHQHUXMWHSRPRFRXIXQNFLH
ĀLVWHQLDU~U\S\UROì]D
■ 3ULUHJHQHUiFLLSDFKRYpKRILOWUDP{çHY]QLNQ~Ś]iSDFK
=DEH]SHĀWHDE\ERODPLHVWQRVŚGREUHYHWUDQi2WYRUWHRNQR
.U\WDOHERSRNORSRGVWUiŃWH 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
.U\WDOHERSRNORS]QRYX]DORçWH
hr
à
8SXWH]DPRQWDçX
9DçQHQDSRPHQH
3DçOMLYRSURĀLWDMWHLĀXYDMWHRYHXSXWH]DXSRUDEX6DPRNRG
SUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçXMH
]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ]D
EHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
6DPRRYODåWHQRVWUXĀQRRVREOMHVPLMHSULNOMXĀLWLXUHđDM
3ULMHL]YUåHQMDVYLKUDGRYDLVNOMXĀLWHGRYRGVWUXMH
: 2SDVQRVWRGR]OMHGH
]ERJRåWULKUXERYDSULOLNRPLQVWDODFLMH7LMHNRPLQVWDODFLMHXUHđDMD
XYLMHNQRVLWH]DåWLWQHUXNDYLFH
5HJHQHUDFLMDILOWUD]DPLULVH
.DNRELVHRVLJXUDRXĀLQDNILOWUD]DPLULVHUHJHQHULUDMWHILOWDU]D
PLULVHXVOXĀDMXQRUPDOQRJUDGDGQHYQRRNR VDWVYDND
PMHVHFD
)LOWDU]DPLULVHPRçHWHUHJHQHULUDWLXVWDQGDUGQRMSHþQLFL
: 2SDVQRVWRGRSHNOLQD
)LOWDU]DPLULVHRVWDMHQDNRQUHJHQHUDFLMHGXJRYUXþ)LOWDU]D
PLULVHQHGRGLUXMWHRGPDKQDNRQUHJHQHUDFLMHYHþJDRVWDYLWHGD
VHRKODGL
9UXþLILOWDU]DPLULVHVWDYLWHQDSRGORJXRWSRUQXQDWRSOLQXNDNREL
VHRKODGLR
1DSRPHQH
■ )LOWDU]DPLULVHPRçHVHUHJHQHULUDWLGRĂSXWDLXVOXĀDMX
QRUPDOQRJUDGDGQHYQRRNR VDWWUHEDJD]DPLMHQLWL
QDMNDVQLMHQDNRQ JRGLQD
■ $NRSDGQHUHJHQHULUDMXþLILOWDU]DPLULVHPRçHVHRåWHWLWL
2åWHþHQMDQLVXXYLMHNYLGOMLYDL]YDQD=EULQLWHL]DPLMHQLWH
UHJHQHULUDMXþLILOWDU]DPLULVHNRMLMHSDR
■ )LOWDU ]D PLULVH QLNDGD QH ĀLVWLWH VUHGVWYLPD ]D ĀLåþHQMH YRGRP
XSHULOLFLSRVXđDLOLYODçQRPNUSRP
■ .DNR VH OLP ]D SHĀHQMH QH EL L]JUHEDR ILOWDU ]D PLULVH VWDYLWH QD
UHåHWNX
■ )LOWDU]DPLULVHUHJHQHULUDMWHQDPDNVLPDOQR &YHQWLODWRU
:)LOWDU]DPLULVHQHPRMWHUHJHQHULUDWLVIXQNFLMRPĀLåþHQMD
SHþQLFHSLUROL]RP
■ 3ULUHJHQHUDFLMLILOWUD]DPLULVHPRçHGRþLGRQDVWDMDQMD
QHXJRGQLKPLULVD3URYMHULWHMHOLSURVWRULMDGREURSUR]UDĀHQD
2WYRULWHSUR]RU
6NLQLWHSORĀXLOLSRNORSDF 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
8PHWQLWHSORĀXLOLSRNORSDF

bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
Αίεμηςιίζίμηώ
ΙκθρίμίμίάηβζΪμίεηθηΪλμθωσθμθκτδθάθήλμάθβέθλτοκΪηίμί
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθμΪαββηλμκνδπβωαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
ΛΪζθλίκμβξβπβκΪηλιίπβΪεβλμβζΪικΪάθήΪλάτκαάΪνκίήΪ
ΙκίήββαιτεηίηβίμθηΪδΪδάβμθβήΪίκΪΫθμβλικίμί
ίείδμκβρίλδθμθαΪοκΪηάΪηί
: Νξίπμνπρνρμίοίμώαίμδ
ιθκΪήβθλμκβκτΫθάίιθάκίζίηΪβηλμΪεΪπβωμΪΙθάκίζίηΪ
βηλμΪεΪπβωμΪηΪνκίήΪάβηΪέβηθλίμίικίήιΪαηβκτδΪάβπβ
Οδβδμδοηοίμδμίσηκρωοίζίληοηζλί
ΑΪήΪλίέΪκΪημβκΪζθσηθλμμΪηΪξβεμτκΪαΪζβκβαζβ
κίέίηίκβκΪγμίξβεμτκΪαΪζβκβαζβικβηθκζΪεηΪκΪΫθμΪ
ίΰίήηίάηθθδ ρΪληΪάλίδβ ζίλίπΪ
ΖθΰίμίήΪκίέίηίκβκΪμίξβεμτκΪαΪζβκβαζβάθΫβρΪγηΪξνκηΪ
: Νξίπμνπρνρηζβίοώμδ
ΞβεμτκτμαΪζΪαηβηΪθλμΪάΪήτεέθάκίζίλείήκίέίηίκβκΪηί
έθκίσΗίήθδθλάΪγμίξβεμτκΪαΪζβκβαζΪήβκίδμηθλείή
κίέίηίκβκΪηίΪιτκάθέθθλμΪάίμίήΪλίθοεΪήβ
ΙθλμΪάίμίέθκίσβωξβεμτκαΪζΪαηβηΪάτκοννλμθγρβάΪηΪ
μθιεβηΪιθήεθΰδΪαΪθοεΪΰήΪηί
ιίζίμηδ
■ ΞβεμτκτμαΪζβκβαζβζθΰίήΪλίκίέίηίκβκΪήθĂιτμββικβ
ηθκζΪεηΪίδλιεθΪμΪπβωίΰίήηίάηθιθθδ ρΪλμκωΫάΪήΪλί
λζίηωηΪγδτληθλείή έθήβηβ
■ Ίδθ κίέίηίκβκΪσ λί ξβεμτκ αΪ ζβκβαζβ ιΪήηί μθγ ζθΰί ήΪ λί
ιθάκίήβ
ΙθάκίήβμίηίάβηΪέβλίάβΰήΪμθμάτηΒαοάτκείμίβαΪζίηίμί
ιΪήηΪεβωκίέίηίκβκΪσλίξβεμτκαΪζβκβαζβ
■ ΗβδθέΪηίιθρβλμάΪγμίξβεμτκΪαΪζβκβαζΪλιθρβλμάΪσβ
ικίιΪκΪμβλάθήΪάλτήθζβωεηΪζΪςβηΪβεβλάεΪΰηΪδτκιΪ
■ ΑΪήΪηίβαήκΪλδΪμίμΪάΪμΪαΪιίρίηίιθλμΪάίμίξβεμτκΪαΪ
ζβκβαζβάτκονλδΪκΪ
■ ΚίέίηίκβκΪγμίξβεμτκΪαΪζβκβαζβικβζΪδλβζνζ &
πθκδνεΪπβωηΪάταήνοΪ
:ΗίκίέίηίκβκΪγμίξβεμτκΪαΪ
ζβκβαζβλξνηδπβωμΪαΪιθρβλμάΪηίηΪιίσιβκθεβαΪ
■ ΙκβκίέίηίκβκΪηίηΪξβεμτκΪαΪζβκβαζΪζθΰίήΪλίλμβέηί
ήθθΫκΪανάΪηίηΪζβκβαζβΝάίκίμίλίρίιθζίσίηβίμθί
ήθΫκίικθάίμκίηθΘμάθκίμίικθαθκίπ
ΘμλμκΪηίμίΫείηήΪμΪβεβδΪιΪδΪ σηβ
ΞβεμτκτμαΪζβκβαζβίμίΰτδίμθαΪσθλίήηΪκτδΪοάΪηίμί
ιθήξβεμτκΪαΪζβκβαζββέθήίζθημβκΪγμί σηβ
ΙκίήάΪκβμίεηθαΪέκίγμίξνκηΪμΪήθζΪδλβζνζ&
πβκδνεΪπβωηΪάταήνοΪ
:
ΚίέίηίκβκΪγμί ξβεμτκΪ αΪ ζβκβαζβ αΪ ζβηνμβ άτά ξνκηΪμΪ
ικβζΪδλβζνζ &πβκδνεΪπβωηΪάταήνοΪ
:
ΝάίκίμίλίρίιθζίσίηβίμθίήθΫκίικθάίμκίηθΘμάθκίμί
ικθαθκίπ
ΘλμΪάίμίξβεμτκΪαΪζβκβαζΪήΪλίθοεΪήβ
ΞβεμτκτμαΪζβκβαζβίμίΰτδίμθαΪσθλίήηΪκτδΪοάΪηίμί
ιθήξβεμτκΪαΪζβκβαζββιθλμΪάίμίκίέίηίκβκΪηβωξβεμτκαΪ
ζβκβαζβ
ΙθλμΪάίμίΫείηήΪμΪβεβδΪιΪδΪ
sr
ò
8SXWVWYRRSRVWDYOMDQMX
9DçQHQDSRPHQH
3DçOMLYRSURĀLWDMWHRYRXSXWVWYRLVDĀXYDMWHJD6DPRXVOXĀDMX
VWUXĀQHXJUDGQMHXVNODGXVDRYLPXSXWVWYRP]DPRQWDçX
]DJDUDQWRYDQDMHVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHUMH
RGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
6DPRREXĀHQDNYDOLILNRYDQDRVREDPRçHSRYH]DWLXUHđDM
3UHQHJRåWRELORåWDXUDGLWHLVNOMXĀLWHGRYRGVWUXMH
: 2SDVQRVWRGSRYUHGH
]ERJ RåWULK LYLFD WRNRP LQVWDODFLMH 7RNRP LQVWDODFLMH XUHđDMD XYHN
QRVLWH]DåWLWQHUXNDYLFH
5HJHQHUDFLMDILOWHUD]DPLULVH
'DELVWHRVLJXUDOLVQDJXILOWULUDQMDPLULVDSULXRELĀDMHQRPUHçLPX
UDGDGQHYQRRWSU VDWUHJHQHULåLWHILOWHU]DPLULVHQDVYDND²
PHVHFD
)LOWHU]DPLULVHPRçHWHGDUHJHQHULåHWHXXRELĀDMHQRMUHUQL
: 2SDVQRVWRGRSHNRWLQD
)LOWHU]DPLULVHQDNRQUHJHQHUDFLMHRVWDMHGXçHYUHPHYUXþ)LOWHU
]DPLULVHQHPRMWHGRGLULYDWLQHSRVUHGQRQDNRQUHJHQHUDFLMH
VDĀHNDMWHSUYRGDVHGRYROMQRRKODGL
9UXþ ILOWHU ]D PLULVH RVWDYLWH GD VH RKODGL QD SRGOR]L NRMD MH RWSRUQD
QDYLVRNHWHPSHUDWXUH
1DSRPHQH
■ )LOWHU]DPLULVHVHPRçHUHJHQHULVDWLLGRĂSXWDLSUL
XRELĀDMHQRMXSRWUHELGQHYQRRWSU VDWVHPRUD]DPHQLWL
QDMNDVQLMHQDNRQ JRGLQD
■ 8NROLNRILOWHU]DPLULVHSDGQHPRçHGDVHRåWHWL
2åWHþHQMDQLVXXYHNXRĀOMLYDVSROMD8NROLNRMHSDRXNORQLWHL
]DPHQLWHILOWHU]DPLULVHNRMLVHPRçHUHJHQHULVDWL
■ )LOWHU]DPLULVHQLNDGDQHPRMWHĀLVWLWLGHWHUGçHQWRPYRGRP
YODçQRPNUSRPLOLSUDWLXPDåLQL]DSUDQMHSRVXđD
■ .DNR QH ELVWH RJUHEDOL SOHK ]D SHĀHQMH ILOWHU ]D PLULVH SRVWDYLWH
QDUHåHWNX
■ )LOWHU]DPLULVHUHJHQHULåLWHQDPDNVLPDOQR &YHQWLODWRU
:)LOWHU]DPLULVHQHUHJHQHULåLWHSRPRþXIXQNFLMHĀLåþHQMD
SHþQLFHSLUROL]H
■ 3ULOLNRPUHJHQHUDFLMHILOWHUD]DPLULVHPRçHGRþLGRVWYDUDQMD
PLULVD8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYD2WYRULWH
SUR]RU
8NORQLWHSUHJUDGXLOLSRNORSDF VOLND
)LOWHU]DPLULVHMHWHçDN]ERJWRJDJDMHGQRPUXNRPRGR]GR
REXKYDWLWHLL]YDGLWHJD VOLND
5HUQXXQDSUHG]DJUHMWHQDPDNV &YHQWLODWRU :
)LOWHU]DPLULVHUHJHQHULåLWH PLQXWDXUHUQLQDPDNV&
YHQWLODWRU :
8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYD2WYRULWHSUR]RU
6DĀHNDMWHGDVHILOWHU]DPLULVHRKODGL
)LOWHU]DPLULVHMHWHçDN]ERJWRJDJDMHGQRPUXNRPRGR]GR
REXKYDWLWHLXPHWQLWHUHJHQHULVDQLILOWHU]DPLULVH
3RVWDYLWHSUHJUDGXLOLSRNORSDF

