
*9001378808*
Ø 0RQWDJHDQOHLWXQJ
Ú ,QVWDOODWLRQLQVWUXFWLRQV
Þ 1RWLFHGHPRQWDJH
é ,QVWDOODWLHYRRUVFKULIW
â ,VWUX]LRQLSHULOPRQWDJJLR
ó 0RQWHULQJVDQYLVQLQJ
ê 0RQWHULQJVYHLOHGQLQJ
Ý $VHQQXVRKMH
× 0RQWHULQJVYHMOHGQLQJ
Û ,QVWUXFFLRQHVGHPRQWDMH
ì ,QVWUXo}HVGHPRQWDJHP
Ù
ô 0RQWDMN×ODYX]X
î Ημπροςιυηώξνλνμρίες
Ü 3DLJDOGXVMXKHQG
ä 0RQWDYLPRLQVWUXNFLMD
å 0RQWąçDVLQVWUXNFLMD
ë ,QVWUXNFMDPRQWDŰX
í ,QVWUXFŘLXQLGHPRQWDM
á 6]HUHOpVL~WPXWDWy
ð 1DYRGLOD]DPRQWDçR
Ö 0RQWiçQtQiYRG
ï 0RQWiçQ\QiYRG
à 8SXWH]DPRQWDçX
Ò Οωινανγπρανζίλνμρίε
ò 8SXWVWYRRSRVWDYOMDQMX
ñ 8GKs]LPSsUPRQWLP
æ ξίρπρανζίλνμρίεί
ù ΝομίρςρςοίκϊμЧπБίςκίο
õ ΅μπροςιυϕώζλνμρίες
ü 0RQWDMWɊOLPDW×

PLQ
PP
PLQ
PP
PLQ
PP



de
Ø
0RQWDJHDQOHLWXQJ
: :LFKWLJH6LFKHUKHLWVKLQZHLVH
'LHVH$QOHLWXQJVRUJIlOWLJOHVHQ1XUGDQQN|QQHQ6LH,KU*HUlW
VLFKHUXQGULFKWLJEHGLHQHQ'LH*HEUDXFKVXQG0RQWDJHDQOHL
WXQJIUHLQHQVSlWHUHQ*HEUDXFKRGHUIU1DFKEHVLW]HUDXIEH
ZDKUHQ
'DV*HUlWQDFKGHP$XVSDFNHQSUIHQ%HLHLQHP7UDQVSRUW
VFKDGHQQLFKWDQVFKOLHHQ
1XUEHLIDFKJHUHFKWHP(LQEDXHQWVSUHFKHQGGHU0RQWDJHDQOHL
WXQJLVWGLH6LFKHUKHLWEHLP*HEUDXFKJHZlKUOHLVWHW'HU,QVWDOOD
WHXULVWIUGDVHLQZDQGIUHLH)XQNWLRQLHUHQDP$XIVWHOOXQJVRUW
YHUDQWZRUWOLFK
(UVWLFNXQJVJHIDKU
9HUSDFNXQJVPDWHULDOLVWIU.LQGHUJHIlKUOLFK.LQGHUQLHPLW9HU
SDFNXQJVPDWHULDOVSLHOHQODVVHQ
9HUOHW]XQJVJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]
KDQGVFKXKHWUDJHQ
9HUOHW]XQJVJHIDKU
,VW GDV *HUlW QLFKW RUGQXQJVJHPl EHIHVWLJW NDQQ HV KHUDEIDOOHQ
$OOH%HIHVWLJXQJVHOHPHQWHPVVHQIHVWXQGVLFKHUPRQWLHUWZHU
GHQ
,QVWDOODWLRQ
,QVWDOODWLRQYRUEHUHLWHQ
■ 'HU0RQWDJHRUWPXVVSUREOHPORV]XJlQJOLFKVHLQGDPLWGDV
*HUlWLP6HUYLFHIDOOXQJHKLQGHUWHUUHLFKEDULVW
■ =ZLVFKHQ*HUlWXQG.RFKIHOGLVWHLQ$EVWDQGYRQPLQGHVWHQV
PP XQG PD[LPDO PP HPSIHKOHQVZHUW 'HU .RFKGXQVW
ZLUGPLW]XQHKPHQGHP$EVWDQG]XU.RFKVWHOOHVFKZHUHU
HUIDVVW
■ 'HU$EVWDQG]ZLVFKHQ*HUlWXQG8POXIWPRGXONDQQDXIELV]X
PPYHUULQJHUWZHUGHQVRIHUQGLH+|KHGHUDEJHKlQJWHQ
'HFNHPLQGHVWHQV PPEHWUlJW
(LQEDXIOlFKHEHUSUIHQ
■ 'LH (LQEDXIOlFKH PXVV HEHQ ZDDJHUHFKW XQG DXVUHLFKHQG WUDJ
IlKLJVHLQ
■ 'DVPD[*HZLFKWGHV*HUlWVEHWUlJW NJ
+LQZHLVH
■ 'LH2EHUIOlFKHQGHV*HUlWHVVLQGHPSILQGOLFK%HLGHU,QVWDOOD
WLRQ%HVFKlGLJXQJYHUPHLGHQ
■ $XVVFKQLWWEHUHLFK DXI YRUKDQGHQH .DEHOYHUOHJXQJ YRQ ZHLWHUHQ
*HUlWHQEHUSUIHQ
■ )UGLH%HIHVWLJXQJLVWHLQJHHLJQHWHV8QWHUJHUVWHUIRUGHUOLFK
GDVIHVWLQGHU%HWRQGHFNHIL[LHUWLVW
■ 'DV*HUlWQLFKWGLUHNWLQGLH*LSVNDUWRQSODWWHQRGHUlKQOLFKH
/HLFKWEDXVWRIIHGHUDEJHKlQJWHQ'HFNHPRQWLHUHQ
■ )U GLH RUGQXQJVJHPlH 0RQWDJH HLQ DXVUHLFKHQG VWDELOHV DQ
GLH EDXOLFKHQ *HJHEHQKHLWHQ XQG GDV *HUlWHJHZLFKW DQJHSDVV
WHV0DWHULDOYHUZHQGHQ
(LQEDXIOlFKHYRUEHUHLWHQ
'LH6WDELOLWlWGHU(LQEDXIOlFKHPXVVDXFKQDFKGHQ$XVVFKQLWWDU
EHLWHQJHZlKUOHLVWHWVHLQ
.RFKIHOGDEGHFNHQXP%HVFKlGLJXQJHQ]XYHUPHLGHQ
$XVVFKQLWWLQ'HFNHRGHU6HLWHQZDQGKHUVWHOOHQ%LOG
1DFK$XVVFKQLWWDUEHLWHQ6SlQHHQWIHUQHQ

*HUlWPRQWLHUHQ
: 9HUOHW]XQJVJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]
KDQGVFKXKHWUDJHQ
$EGHFNXQJHQWQHKPHQ
+LQZHLV 'HU6WXW]HQNDQQMHQDFK(LQEDXVLWXDWLRQYHUVHW]W
ZHUGHQ %LOG
6WXW]HQXQGEHQ|WLJWHV%OHFKDEVFKUDXEHQXQG3RVLWLRQWDX
VFKHQ %LOG
6WXW]HQXQG%OHFKDQQHXHU3RVLWLRQIHVWVFKUDXEHQ %LOG
*HUlW YROOVWlQGLJ LQ $XVVFKQLWW HLQVHW]HQ ELV GLH $XIKlQJXQJHQ
K|UEDUHLQUDVWHQ%LOG
6FKUDXEHQQDFKHLQDQGHUYRUVLFKWLJIHVW]LHKHQELVGDV*HUlW
IOlFKHQEQGLJLQGHU(LQEDXIOlFKHDQOLHJW%LOG
+LQZHLV 6FKUDXEHQ QLFKW ]X IHVW DQ]LHKHQ XP GDV *HUlW QLFKW
]XEHVFKlGLJHQ
*HUXFKVILOWHUDXVSDFNHQ%LOG
'HQ*HUXFKVILOWHUHLQVHW]HQXQGGLH0HWDOOEJHOELV]XP$Q
VFKODJGUHKHQGDPLWGHU*HUXFKVILOWHUVLFKHUDXIOLHJW%LOG
'LH5lQGHOPXWWHUQDP0HWDOOEJHO]XGUHKHQ%LOG
$EGHFNXQJ LQ GLH gIIQXQJHQ DQ GHU *HUlWHXQWHUVHLWH HLQKlQJHQ
%LOG
8PGLH$EGHFNXQJ]XVFKOLHHQYRQXQWHQJHJHQGLHVHGU
FNHQ%LOG
*HUlWGHPRQWLHUHQ
: 9HUOHW]XQJVJHIDKU
%DXWHLOHLQQHUKDOEGHV*HUlWHVN|QQHQVFKDUINDQWLJVHLQ6FKXW]
KDQGVFKXKHWUDJHQ
9RQXQWHQJHJHQGLH$EGHFNXQJGUFNHQXPVLH]X|IIQHQ
+DOWHUXQJHQ GHU $EGHFNXQJ DXV GHQ gIIQXQJHQ DQ GHU 8QWHUVHL
WHGHV*HUlWVDXVKlQJHQ
*HUXFKVILOWHUDXVEDXHQ'DEHLPLWHLQHU+DQGXQWHUGHQ*H
UXFKVILOWHUIDVVHQ
5lQGHOPXWWHUQDXIGUHKHQXQGGLH0HWDOOEJHO|IIQHQXPGHQ
*HUXFKVILOWHU]XHQWQHKPHQ%LOG
6FKUDXEHQ QDFKHLQDQGHU YRUVLFKWLJ O|VHQ XQG ELV ]XP $QVFKODJ
KHUDXVGUHKHQ
0LW GHQ 'DXPHQ LQ GLH gIIQXQJHQ JUHLIHQ XQG GHQ )HGHUVSDQQHU
QDFKREHQGUFNHQ%LOG
*HUlWHQWQHKPHQ
*HUXFKVILOWHUIU8POXIWEHWULHE
*HUXFKVILOWHUELQGHQGLH*HUXFKVVWRIIHLP8POXIWEHWULHE:HFK
VHOQ6LHGHQ*HUXFKVILOWHUEHLQRUPDOHP%HWULHEWlJOLFKFLUFD
6WXQGH[LP-DKUDXV
+LQZHLV *HUXFKVILOWHUHQWKDOWHQNHLQH6FKDGVWRIIHXQGN|QQHQ
LP+DXVPOOHQWVRUJWZHUGHQ
*HUXFKVILOWHUDXVWDXVFKHQ
9RQXQWHQJHJHQGLH$EGHFNXQJGUFNHQXPVLH]X|IIQHQ
%LOG
5lQGHOPXWWHUQDXIGUHKHQXQGGLH0HWDOOEJHO|IIQHQXPGHQ
*HUXFKVILOWHU]XHQWQHKPHQ%LOG
*HUXFKVILOWHUDXVEDXHQ'DEHLPLWHLQHU+DQGXQWHUGHQ*H
UXFKVILOWHUIDVVHQ
'HQ*HUXFKVILOWHUHLQVHW]HQXQGGLH0HWDOOEJHOELV]XP$Q
VFKODJGUHKHQGDPLWGHU*HUXFKVILOWHUVLFKHUDXIOLHJW%LOG
'LH5lQGHOPXWWHUQDP0HWDOOEJHO]XGUHKHQ%LOG
8PGLH$EGHFNXQJ]XVFKOLHHQYRQXQWHQJHJHQGLHVHGU
FNHQ%LOG
en
Ú
,QVWDOODWLRQLQVWUXFWLRQV
: ,PSRUWDQWVDIHW\LQIRUPDWLRQ
5HDGWKHVHLQVWUXFWLRQVFDUHIXOO\2QO\WKHQZLOO\RXEHDEOHWR
RSHUDWH\RXUDSSOLDQFHVDIHO\DQGFRUUHFWO\5HWDLQWKHLQVWUXFWLRQ
PDQXDODQGLQVWDOODWLRQLQVWUXFWLRQVIRUIXWXUHXVHRUIRU
VXEVHTXHQWRZQHUV
&KHFN WKH DSSOLDQFH IRU GDPDJH DIWHU XQSDFNLQJ LW 'R QRW FRQQHFW
WKHDSSOLDQFHLILWKDVEHHQGDPDJHGLQWUDQVSRUW
7KHDSSOLDQFHFDQRQO\EHXVHGVDIHO\LILWLVFRUUHFWO\LQVWDOOHG
DFFRUGLQJ WR WKH VDIHW\ LQVWUXFWLRQV 7KH LQVWDOOHU LV UHVSRQVLEOH IRU
HQVXULQJWKDWWKHDSSOLDQFHZRUNVSHUIHFWO\DWLWVLQVWDOODWLRQ
ORFDWLRQ
'DQJHURIVXIIRFDWLRQ
3DFNDJLQJPDWHULDOLVGDQJHURXVWRFKLOGUHQ1HYHUDOORZFKLOGUHQ
WRSOD\ZLWKSDFNDJLQJPDWHULDO
5LVNRILQMXU\
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU
SURWHFWLYHJORYHV
5LVNRILQMXU\
7KH DSSOLDQFH PD\ IDOO GRZQ LI LW KDV QRW EHHQ SURSHUO\ IDVWHQHG LQ
SODFH$OOIDVWHQLQJFRPSRQHQWVPXVWEHIL[HGILUPO\DQGVHFXUHO\
,QVWDOODWLRQ
3UHSDULQJIRULQVWDOODWLRQ
■ 7KHLQVWDOODWLRQVLWHPXVWEHHDVLO\DFFHVVLEOHVRWKDWWKH
DSSOLDQFHFDQEHDFFHVVHGIUHHO\IRUVHUYLFLQJ
■ :HUHFRPPHQGDGLVWDQFHRIDWOHDVW PPDQGDPD[LPXP
RI PPEHWZHHQWKHDSSOLDQFHDQGWKHKRE7KHFRRNLQJ
YDSRXUVDUHPRUHGLIILFXOWWRGUDZLQWKHIXUWKHUDZD\WKH\DUH
IURPWKHKRE
■ 7KHGLVWDQFHEHWZHHQWKHDSSOLDQFHDQGWKHDLUUHFLUFXODWLRQ
PRGXOHFDQEHUHGXFHGE\XSWR PPLIWKHKHLJKWRIWKH
VXVSHQGHGFHLOLQJLVDWOHDVW PP
&KHFNLQJWKHLQVWDOODWLRQVXUIDFH
■ 7KHLQVWDOODWLRQVXUIDFHPXVWEHIODWKRUL]RQWDODQGKDYH
VXIILFLHQWORDGEHDULQJFDSDFLW\
■ 7KHPD[ZHLJKWRIWKHDSSOLDQFHLV NJ
1RWHV
■ 7KHVXUIDFHVRIWKHDSSOLDQFHDUHVHQVLWLYH$YRLGGDPDJH
GXULQJWKHLQVWDOODWLRQ
■ &KHFNWKHFXWRXWDUHDIRUH[LVWLQJFDEOHVRIRWKHUDSSOLDQFHV
■ :KHQPRXQWLQJWKHH[WUDFWRUKRRGDVXLWDEOHVXEVWUXFWXUHLV
UHTXLUHGWKDWLVVHFXUHO\IDVWHQHGWRWKHFRQFUHWHFHLOLQJ
■ 'RQRWILWWKHDSSOLDQFHGLUHFWO\RQWRSODVWHUERDUGRUVLPLODU
OLJKWZHLJKWPDWHULDOVLQDVXVSHQGHGFHLOLQJ
■ 7RHQVXUHFRUUHFWLQVWDOODWLRQ\RXPXVWXVHDPDWHULDOZKLFKLV
VXIILFLHQWO\VWDEOHDQGVXLWDEOHIRUERWKWKHVWUXFWXUDOFRQGLWLRQV
DQGWKHZHLJKWRIWKHDSSOLDQFH
3UHSDULQJWKHLQVWDOODWLRQVXUIDFH
7KHFHLOLQJRIWKHLQVWDOODWLRQVXUIDFHPXVWVWLOOEHVWXUG\DIWHUWKH
FXWRXWVKDYHEHHQPDGH
&RYHUWKHKREWRSURWHFWLWIURPGDPDJH
0DNHWKHFXWRXWLQWKHFHLOLQJRUVLGHZDOO )LJ
$IWHUPDNLQJWKHFXWRXWVUHPRYHDQ\VKDYLQJV
,QVWDOOLQJWKHDSSOLDQFH
: 5LVNRILQMXU\
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU
SURWHFWLYHJORYHV
5HPRYHWKHFRYHU
1RWH 7KH DGDSWHU FDQ EH PRYHG GHSHQGLQJ RQ WKH LQVWDOODWLRQ
VLWXDWLRQ )LJ
8QVFUHZWKHDGDSWHUDQGUHTXLUHGSODWHDQGVZLWFKWKHLU
SRVLWLRQV )LJ
6FUHZ WKH DGDSWHU DQG SODWH WLJKWO\ LQWR WKH QHZ SRVLWLRQ )LJ
)XOO\LQVHUWWKHDSSOLDQFHLQWRWKHFXWRXWXQWLO\RXKHDUWKH
PRXQWLQJEUDFNHWVHQJDJH)LJ
&DUHIXOO\WLJKWHQWKHVFUHZVLQVXFFHVVLRQXQWLOWKHDSSOLDQFHLV
IOXVKPRXQWHGLQWKHLQVWDOODWLRQVXUIDFH)LJ
1RWH 7RHQVXUHWKDWWKHDSSOLDQFHLVQRWGDPDJHGGRQRW
RYHUWLJKWHQWKHVFUHZV
8QSDFNWKHRGRXUILOWHU)LJ
,QVHUW WKH RGRXU ILOWHU DQG WKH PHWDO FOLSV DQG WXUQ WKHP DV IDU DV
WKH\ ZLOO JR VR WKDW WKH RGRXU ILOWHU LV SRVLWLRQHG VHFXUHO\ )LJ
7LJKWHQWKHNQXUOHGQXWVRQWKHPHWDOIUDPH)LJ
+RRN WKH FRYHU LQWR WKH KROHV RQ WKH XQGHUVLGH RI WKH DSSOLDQFH
)LJ
3UHVVDJDLQVWWKHFRYHUIURPEHORZWRFORVHLW)LJ
5HPRYLQJWKHDSSOLDQFH
: 5LVNRILQMXU\
&RPSRQHQWVLQVLGHWKHDSSOLDQFHPD\KDYHVKDUSHGJHV:HDU
SURWHFWLYHJORYHV
3UHVVDJDLQVWWKHFRYHUIURPEHORZWRRSHQLW
'HWDFK WKH FRYHU KROGHUV IURP WKH KROHV RQ WKH XQGHUVLGH RI WKH
DSSOLDQFH
5HPRYH WKH RGRXU ILOWHU :KHQ \RX GR WKLV WDNH KROG RI WKH RGRXU
ILOWHUIURPXQGHUQHDWKZLWKRQHKDQG

8QVFUHZ WKH NQXUOHG QXWV DQG RSHQ WKH PHWDO FOLSV WR UHPRYH WKH
RGRXUILOWHU)LJ
/RRVHQ WKH VFUHZV FDUHIXOO\ LQ VXFFHVVLRQ DQG XQVFUHZ WKHP DV
IDUDVWKH\ZLOOJR
8VH \RXU WKXPEV WR UHDFK LQWR WKH RSHQLQJV DQG SXVK WKH VSULQJ
FODPSVXSZDUGV)LJ
5HPRYHWKHDSSOLDQFH
2GRXUILOWHUIRUUHFLUFXODWLQJDLUPRGH
2GRXUILOWHUVELQGRGRURXVVXEVWDQFHVLQDLUUHFLUFXODWLRQPRGH
:LWKQRUPDOXVHDSSUR[RQHKRXUDGD\WKHRGRXUILOWHUVKRXOG
EHUHSODFHGRQFHD\HDU
1RWH 2GRXU ILOWHUV GR QRW FRQWDLQ DQ\ KDUPIXO VXEVWDQFHV DQG FDQ
EHGLVSRVHGRIZLWK\RXUQRUPDOKRXVHKROGZDVWH
5HSODFLQJRGRXUILOWHUV
3UHVVDJDLQVWWKHFRYHUIURPEHORZWRRSHQLW)LJ
8QVFUHZ WKH NQXUOHG QXWV DQG RSHQ WKH PHWDO FOLSV WR UHPRYH WKH
RGRXUILOWHU)LJ
5HPRYH WKH RGRXU ILOWHU :KHQ \RX GR WKLV WDNH KROG RI WKH RGRXU
ILOWHUIURPXQGHUQHDWKZLWKRQHKDQG
,QVHUW WKH RGRXU ILOWHU DQG WKH PHWDO FOLSV DQG WXUQ WKHP DV IDU DV
WKH\ ZLOO JR VR WKDW WKH RGRXU ILOWHU LV SRVLWLRQHG VHFXUHO\ )LJ
7LJKWHQWKHNQXUOHGQXWVRQWKHPHWDOIUDPH)LJ
3UHVVDJDLQVWWKHFRYHUIURPEHORZWRFORVHLW)LJ
fr
Þ
1RWLFHGHPRQWDJH
: 3UpFDXWLRQVGHVpFXULWpLPSRUWDQWHV
/LUHDWWHQWLYHPHQWFHPDQXHO&HQHVWTXDORUVTXHYRXVSRXUUH]
XWLOLVHU YRWUH DSSDUHLO FRUUHFWHPHQW HW HQ WRXWH VpFXULWp &RQVHUYHU
ODQRWLFHGXWLOLVDWLRQHWGHPRQWDJHSRXUXQXVDJHXOWpULHXURX
SRXUOHSURSULpWDLUHVXLYDQW
&RQWU{OHUOpWDWGHODSSDUHLODSUqVODYRLUGpEDOOp1HSDVOH
UDFFRUGHUVLOSUpVHQWHGHVDYDULHVGHWUDQVSRUW
/DVpFXULWpGHO·DSSDUHLOjO·XVDJHHVWJDUDQWLHV·LODpWpHQFDVWUp
FRQIRUPpPHQWjODQRWLFHGHPRQWDJH/HPRQWHXUHVW
UHVSRQVDEOH GX IRQFWLRQQHPHQW FRUUHFW VXU OH OLHX R ODSSDUHLO HVW
LQVWDOOp
5LVTXHGDVSK\[LH
/HPDWpULHOGHPEDOODJHHVWGDQJHUHX[SRXUOHVHQIDQWV1H
SHUPHWWH]MDPDLVDX[HQIDQWVGHMRXHUDYHFOHVPDWpULDX[
G·HPEDOODJH
5LVTXHGHEOHVVXUH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5LVTXHGHEOHVVXUH
6LODSSDUHLOQHVWSDVFRUUHFWHPHQWIL[pLOSHXWWRPEHU7RXVOHV
pOpPHQWVGHIL[DWLRQGRLYHQWrWUHPRQWpVVROLGHPHQWHWGHIDoRQ
VUH
,QVWDOODWLRQ
3UpSDUHUO·LQVWDOODWLRQ
■ /HOLHXGHPRQWDJHGRLWrWUHIDFLOHGDFFqVSRXUTXHODSSDUHLO
VRLWLPPpGLDWHPHQWDFFHVVLEOHHQFDVGHEHVRLQGHQWUHWLHQ
■ 8QpFDUWGDXPRLQV PPHWGXQPD[LPXPGH PPHVW
UHFRPPDQGpHQWUHODSSDUHLOHWODWDEOHGHFXLVVRQ,OHVWSOXV
GLIILFLOHGHWUDLWHUODYDSHXUGHFXLVVRQjXQHGLVWDQFH
VXSpULHXUH
■ /DGLVWDQFHHQWUHODSSDUHLOHWOHPRGXOHGHUHF\FODJHGHODLU
SHXW rWUH UpGXLWH j PP j FRQGLWLRQ TXH OD KDXWHXU GX SODIRQG
VXVSHQGXVRLWGDXPRLQV PP
9pULILHUODVXUIDFHGLQVWDOODWLRQ
■ /DVXUIDFHGLQVWDOODWLRQGRLWrWUHSODQHKRUL]RQWDOHHWRIIULUXQH
SRUWDQFHVXIILVDQWH
■ /DSSDUHLOSqVHDXPD[LPXP NJ
5HPDUTXHV
■ /HVVXUIDFHVGHO·DSSDUHLOVRQWIUDJLOHV/RUVGHOLQVWDOODWLRQ
pYLWHUWRXWGRPPDJH
■ 9pULILHU TXH GHV FkEOHV GDXWUHV DSSDUHLOV QH VH WURXYHQW SDV VXU
OD]RQHGHGpFRXSH
■ /DIL[DWLRQGHODKRWWHDVSLUDQWHQpFHVVLWHXQEkWLLQIpULHXU
DSSURSULpVROLGHPHQWIL[pGDQVOHSODIRQGHQEpWRQ
■ 1HSDVPRQWHUODSSDUHLOGLUHFWHPHQWGDQVOHVSODFRSOkWUHVRX
DXWUHVPDWLqUHVOpJqUHVGXSODIRQGVXUEDLVVp
■ 3RXUJDUDQWLUXQPRQWDJHFRUUHFWXWLOLVHUXQPDWpULDX
VXIILVDPPHQWVWDEOHHWDGDSWpjODVLWXDWLRQGHFRQVWUXFWLRQHW
DXSRLGVGHODSSDUHLO
3UpSDUHUODVXUIDFHGHPRQWDJH
/D VWDELOLWp GH OD VXUIDFH GH PRQWDJH GRLW DXVVL rWUH JDUDQWLH DSUqV
OHVWUDYDX[GHGpFRXSH
&RXYUH]ODWDEOHGHFXLVVRQDILQGpYLWHUWRXWHQGRPPDJHPHQW
5pDOLVHUODGpFRXSHGDQVOHSODIRQGRXOHSDQQHDXGHF{Wp
)LJXUH
(QOHYH]OHVFRSHDX[DSUqVOHVWUDYDX[GHGpFRXSH
0RQWHUODSSDUHLO
: 5LVTXHGHEOHVVXUH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
5HWLUHUOHFDFKH
5HPDUTXH /HUDFFRUGSHXWrWUHGpSODFpVHORQODVLWXDWLRQGH
PRQWDJH )LJXUH
'pYLVVHUOHUDFFRUGHWODW{OHQpFHVVDLUHHWFKDQJHUODSRVLWLRQ
)LJXUH
9LVVHUOHUDFFRUGHWODW{OHVXUODQRXYHOOHSRVLWLRQ )LJXUH
,QVpUHU HQWLqUHPHQW ODSSDUHLO GDQV OD GpFRXSH MXVTXj FH TXH OHV
VXVSHQVLRQVVHQFOLTXqWHQWGHPDQLqUHDXGLEOH)LJXUH
6HUUHUDYHFSUpFDXWLRQOHVYLVOHVXQHVDSUqVOHVDXWUHVMXVTXj
FHTXHODSSDUHLOVRLWjIOHXUGDQVODVXUIDFHGHPRQWDJH
)LJXUH
5HPDUTXH 1HSDVVHUUHUOHVYLVWURSIRUWDILQGHQHSDV
HQGRPPDJHUODSSDUHLO
'pEDOOHUOHILOWUHjRGHXUV)LJXUH
0HWWH]HQSODFHOHILOWUHjRGHXUVHWWRXUQH]OpWULHUPpWDOOLTXH
MXVTXHQ EXWpH DILQ TXH OH ILOWUH j RGHXUV UHSRVH GH PDQLqUH VUH
)LJ
6HUUH]OHVpFURXVPROHWpVGHOpWULHUPpWDOOLTXH)LJ
$FFURFKHU OH FDFKH GDQV OHV RULILFHV VXU OH GHVVRXV GH ODSSDUHLO
)LJXUH
3RXUIHUPHUOHFDFKHDSSX\H]GHVVXVSDUOHEDV)LJ
'pPRQWHUODSSDUHLO
: 5LVTXHGHEOHVVXUH
'HVSLqFHVjOLQWpULHXUGHODSSDUHLOSHXYHQWSUpVHQWHUGHVDUrWHV
YLYHV3RUWHUGHVJDQWVGHSURWHFWLRQ
$SSX\HUVXUOHFDFKHSDUOHEDVSRXUORXYULU
'pFURFKHUGHVRULILFHVOHVIL[DWLRQVGXFDFKHVXUOHGHVVRXVGH
ODSSDUHLO
'pSRVHU OH ILOWUH j RGHXUV 6DLVLU OH ILOWUH j RGHXUV SDU OH EDV DYHF
XQHPDLQ
'HVVHUUHUOHVpFURXVPROHWpVHWRXYULUOpWULHUPpWDOOLTXHSRXU
H[WUDLUHOHILOWUHjRGHXUV)LJXUH
'HVVHUUHUSUXGHPPHQWOHVYLVVXFFHVVLYHPHQWHWOHVWRXUQHU
MXVTXHQEXWpH
,QWURGXLUHOHSRXFHGHODPDLQGDQVOHVRULILFHVHWSRXVVHUOH
UHVVRUWWHQGHXUYHUVOHKDXW)LJXUH
5HWLUHUODSSDUHLO
)LOWUHjRGHXUVSRXUPRGHUHFLUFXODWLRQGHODLU
/HVILOWUHVjRGHXUVOLHQWOHVRGHXUVHQPRGHUHFLUFXODWLRQGHODLU
(Q IRQFWLRQQHPHQW QRUPDO HQY KHXUH SDU MRXU FKDQJHU OH ILOWUH
jRGHXUVIRLVSDUDQ
5HPDUTXH /HV ILOWUHV j RGHXUV QH FRQWLHQQHQW DXFXQH VXEVWDQFH
QRFLYHHWSHXYHQWrWUHPLVDXUHEXWDYHFOHVGpFKHWVPpQDJHUV
5HPSODFHUOHILOWUHjRGHXUV
$SSX\HUVXUOHFDFKHSDUOHEDVSRXUORXYULU)LJXUH
'HVVHUUHUOHVpFURXVPROHWpVHWRXYULUOpWULHUPpWDOOLTXHSRXU
H[WUDLUHOHILOWUHjRGHXUV)LJXUH
'pSRVHU OH ILOWUH j RGHXUV 6DLVLU OH ILOWUH j RGHXUV SDU OH EDV DYHF
XQHPDLQ
0HWWH]HQSODFHOHILOWUHjRGHXUVHWWRXUQH]OpWULHUPpWDOOLTXH
MXVTXHQ EXWpH DILQ TXH OH ILOWUH j RGHXUV UHSRVH GH PDQLqUH VUH
)LJ
6HUUH]OHVpFURXVPROHWpVGHOpWULHUPpWDOOLTXH)LJ
3RXUIHUPHUOHFDFKHDSSX\H]GHVVXVSDUOHEDV)LJ

nl
é
,QVWDOODWLHYRRUVFKULIW
: %HODQJULMNHYHLOLJKHLGVYRRUVFKULIWHQ
/HHVGH]HJHEUXLNVDDQZLM]LQJ]RUJYXOGLJGRRU$OOHHQGDQNXQWX
XZDSSDUDDWJRHGHQYHLOLJEHGLHQHQ%HZDDUGH
JHEUXLNVDDQZLM]LQJ YRRU ODWHU JHEUXLN RI RP GRRU WH JHYHQ DDQ HHQ
YROJHQGHHLJHQDDU
&RQWUROHHU KHW DSSDUDDW QD KHW XLWSDNNHQ 1LHW DDQVOXLWHQ LQ JHYDO
YDQWUDQVSRUWVFKDGH
'HYHLOLJKHLGLVDOOHHQJHZDDUERUJGELMHHQGHVNXQGLJHPRQWDJH
YROJHQVGHPRQWDJHKDQGOHLGLQJ'HLQVWDOODWHXULV
YHUDQWZRRUGHOLMNYRRUHHQJRHGHZHUNLQJRSGHSODDWVYDQ
RSVWHOOLQJ
9HUVWLNNLQJVJHYDDU
9HUSDNNLQJVPDWHULDDOLVJHYDDUOLMNYRRUNLQGHUHQ.LQGHUHQQRRLW
PHWYHUSDNNLQJVPDWHULDDOODWHQVSHOHQ
5LVLFRYDQOHWVHO
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
5LVLFRYDQOHWVHO
,VKHWWRHVWHOQLHWQDDUEHKRUHQEHYHVWLJGGDQNDQKHWQDDU
EHQHGHQ YDOOHQ $OOH EHYHVWLJLQJVVFKURHYHQ PRHWHQ YDVW HQ YHLOLJ
ZRUGHQJHPRQWHHUG
,QVWDOODWLH
,QVWDOODWLHYRRUEHUHLGHQ
■ 'H PRQWDJHSODDWV PRHW ]RQGHU SUREOHHP WRHJDQNHOLMN ]LMQ ]RGDW
KHWDSSDUDDWELMVHUYLFHRQJHKLQGHUGEHUHLNEDDULV
■ 7XVVHQDSSDUDDWHQNRRNSODDWLVHHQDIVWDQGYDQPLQVWHQV
PPHQPD[LPDDO PPDDQWHEHYHOHQ'HNRRNGDPS
ZRUGWPHWWRHQHPHQGHDIVWDQGYDQGHNRRNSODDWPRHLOLMNHU
DIJH]RJHQ
■ 'HDIVWDQGWXVVHQDSSDUDDWHQOXFKWFLUFXODWLHPRGXOHNDQWRWRS
PPJHUHGXFHHUGZRUGHQPLWVGHKRRJWHYDQKHWYHUODDJGH
SODIRQGWHQPLQVWH PPEHGUDDJW
,QERXZYODNFRQWUROHUHQ
■ +HWLQERXZYODNPRHWYODNHQKRUL]RQWDDO]LMQHQYROGRHQGH
GUDDJYHUPRJHQKHEEHQ
■ +HWPD[JHZLFKWYDQKHWDSSDUDDWEHGUDDJW NJ
$DQZLM]LQJHQ
■ 'H RSSHUYODNNHQ YDQ KHW DSSDUDDW ]LMQ JHYRHOLJ%LM GH LQVWDOODWLH
EHVFKDGLJLQJYHUPLMGHQ
■ 8LWVQLMJHGHHOWHRSYRRUKDQGHQNDEHOSODDWVLQJYDQDQGHUH
DSSDUDWHQFRQWUROHUHQ
■ 9RRU GH EHYHVWLJLQJ LV HHQ SDVVHQG IUDPH QRGLJ GDW JRHG LQ KHW
EHWRQQHQSODIRQGLVYDVWJHPDDNW
■ +HW DSSDUDDW PDJ QLHW GLUHFW LQ JLSVNDUWRQSODWHQ RI JHOLMNVRRUWLJ
OLFKWERXZPDWHULDDOYDQHHQYULMKDQJHQGSODIRQGZRUGHQ
JHPRQWHHUG
■ 9RRUHHQMXLVWHPRQWDJHGLHQWXPDWHULDDOWHJHEUXLNHQGDW
YROGRHQGH VWDELHO HQ DDQJHSDVW LV DDQ GH ERXZNXQGLJH VLWXDWLH
HQKHWJHZLFKWYDQKHWPDWHULDDO
,QERXZYODNYRRUEHUHLGHQ
'HVWDELOLWHLWYDQKHWLQERXZYODNPRHWRRNQDGH
XLWVQLMZHUN]DDPKHGHQJHZDDUERUJG]LMQ
.RRNSODDWDIGHNNHQWHUYRRUNRPLQJYDQEHVFKDGLJLQJ
8LWVQLMGLQJLQSODIRQGRI]LMZDQGPDNHQ$IE
1DXLWVQLMZHUN]DDPKHGHQGHVSDDQGHUVYHUZLMGHUHQ
$SSDUDDWPRQWHUHQ
: 5LVLFRYDQOHWVHO
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
$IGHNNLQJYHUZLMGHUHQ
$DQZLM]LQJ 'HVWHXQNDQDIKDQNHOLMNYDQGHLQERXZVLWXDWLH
ZRUGHQYHUSODDWVW $IE
6WHXQHQEHQRGLJGHSODDWDIVFKURHYHQHQSRVLWLHYHUZLVVHOHQ
$IE
6WHXQHQSODDWRSQLHXZHSRVLWLHYDVWVFKURHYHQ $IE
$SSDUDDWYROOHGLJLQGHXLWVSDULQJDDQEUHQJHQWRWGH
RSKDQJLQJHQKRRUEDDUYDVWNOLNNHQ$IE
6FKURHYHQQDHONDDUYRRU]LFKWLJDDQWUHNNHQWRWKHWDSSDUDDW
YODNLQKHWLQERXZYODNDDQOLJW$IE
$DQZLM]LQJ 6FKURHYHQ QLHW WH KDUG DDQGUDDLHQ RP KHW DSSDUDDW
QLHWWHEHVFKDGLJHQ
*HXUILOWHUXLWSDNNHQ$IE
+HW JHXUILOWHU SODDWVHQ HQ GH PHWDOHQ EHXJHO WRW DDQ GH DDQVODJ
GUDDLHQ]RGDWGHJHXUILOWHUJRHGDDQOLJW$IE
'HNDUWHOPRHUHQRSGHPHWDOHQEHXJHODDQGUDDLHQ$IE
$IGHNNLQJLQGHRSHQLQJHQDDQGHRQGHUNDQWYDQKHWDSSDUDDW
LQKDQJHQ$IE
'UXNYDQRQGHUWHJHQGHDIGHNNLQJRPGH]HWHVOXLWHQ$IE
$SSDUDDWGHPRQWHUHQ
: 5LVLFRYDQOHWVHO
%HSDDOGHRQGHUGHOHQLQKHWWRHVWHONXQQHQVFKHUSHUDQGHQ
KHEEHQ9HLOLJKHLGVKDQGVFKRHQHQGUDJHQ
9DQRQGHUHQWHJHQGHDIGHNNLQJGUXNNHQRPGH]HWHRSHQHQ
+RXGHUVYDQGHDIGHNNLQJXLWGHRSHQLQJHQDDQGHRQGHUNDQW
YDQKHWDSSDUDDWXLWKDQJHQ
*HXUILOWHUGHPRQWHUHQ+LHUELMPHWHHQKDQGRQGHUGHJHXUILOWHU
JULMSHQ
.DUWHOPRHUHQ RSHQGUDDLHQ HQ GH PHWDOHQ EHXJHOV RSHQHQ RP GH
JHXUILOWHUWHYHUZLMGHUHQ$IE
6FKURHYHQ QD HONDDU YRRU]LFKWLJ ORVPDNHQ HQ WRW DDQ GH DDQVODJ
XLWGUDDLHQ
0HW GH GXLPHQ LQ GH RSHQLQJHQ JULMSHQ HQ GH YHHUVSDQQHU QDDU
ERYHQGUXNNHQ$IE
$SSDUDDWYHUZLMGHUHQ
*HXUILOWHUYRRUFLUFXODWLHIXQFWLH
*HXUILOWHUVELQGHQGHJHXUVWRIIHQLQGHFLUFXODWLHIXQFWLH9HUYDQJ
GHJHXUILOWHUELMQRUPDDOJHEUXLNGDJHOLMNVFLUFDXXU[SHUMDDU
$DQZLM]LQJ *HXUILOWHUVEHYDWWHQJHHQVFKDGHOLMNHVWRIIHQHQ
NXQQHQPHWKHWKXLVYXLOZRUGHQPHHJHJHYHQ
*HXUILOWHUYHUYDQJHQ
9DQRQGHUHQWHJHQGHDIGHNNLQJGUXNNHQRPGH]HWHRSHQHQ
$IE
.DUWHOPRHUHQ RSHQGUDDLHQ HQ GH PHWDOHQ EHXJHOV RSHQHQ RP GH
JHXUILOWHUWHYHUZLMGHUHQ$IE
*HXUILOWHUGHPRQWHUHQ+LHUELMPHWHHQKDQGRQGHUGHJHXUILOWHU
JULMSHQ
+HW JHXUILOWHU SODDWVHQ HQ GH PHWDOHQ EHXJHO WRW DDQ GH DDQVODJ
GUDDLHQ]RGDWGHJHXUILOWHUJRHGDDQOLJW$IE
'HNDUWHOPRHUHQRSGHPHWDOHQEHXJHODDQGUDDLHQ$IE
'UXNYDQRQGHUWHJHQGHDIGHNNLQJRPGH]HWHVOXLWHQ$IE
it
â
,VWUX]LRQLSHULOPRQWDJJLR
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
/HJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQLSHUOXVR6RORFRVuq
SRVVLELOHXWLOL]]DUHODSSDUHFFKLRLQPRGRVLFXURHFRUUHWWR
&XVWRGLUHFRQODPDVVLPDFXUDOHSUHVHQWLLVWUX]LRQLSHUOXVRHLO
PRQWDJJLRLQFDVRGLXQXWLOL]]RIXWXURRFHVVLRQHDWHU]L
&RQWUROODUHODSSDUHFFKLRGRSRDYHUORGLVLPEDOODWR4XDORUDVL
IRVVHURYHULILFDWLGDQQLGDWUDVSRUWRQRQFROOHJDUHODSSDUHFFKLR
/DVLFXUH]]DGLXWLOL]]RqJDUDQWLWDVRORLQFDVRGLLQVWDOOD]LRQH
VHFRQGROHUHJROHGLEXRQDWHFQLFDULSRUWDWHQHOOHLVWUX]LRQLGL
PRQWDJJLR/LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWR
IXQ]LRQDPHQWRQHOOXRJRGLLQVWDOOD]LRQH
3HULFRORGLVRIIRFDPHQWR
,OPDWHULDOHGLPEDOODJJLRqSHULFRORVRSHULEDPELQL1RQODVFLDUH
PDLFKHLEDPELQLJLRFKLQRFRQLOPDWHULDOHGLLPEDOODJJLR
3HULFRORGLOHVLRQL
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
3HULFRORGLOHVLRQL
6H ODSSDUHFFKLR QRQ YLHQH ILVVDWR FRUUHWWDPHQWH SXz FDGHUH 7XWWL
JOLHOHPHQWLGLILVVDJJLRGHYRQRHVVHUHPRQWDWLLQPRGRVDOGRH
VLFXUR
,QVWDOOD]LRQH
3UHSDUD]LRQHGHOOLQVWDOOD]LRQH
■ ,O OXRJR GL PRQWDJJLR GHYH HVVHUH DFFHVVLELOH VHQ]D SUREOHPL LQ
PRGRWDOHFKHLQFDVRGLQHFHVVLWjSRVVDHVVHUHUDJJLXQWR
VHQ]DLPSHGLPHQWR
■ 6L FRQVLJOLD XQD GLVWDQ]D PLQLPD GL PP H PDVVLPD GL
PP WUD ODSSDUHFFKLR H LO SLDQR FRWWXUD ,O YDSRUH GL FRWWXUD YLHQH
ULOHYDWRSLGLIILFLOPHQWHFRQXQDGLVWDQ]DPDJJLRUHULVSHWWRDOOD
]RQDFRWWXUD
■ ËSRVVLELOHULGXUUHODGLVWDQ]DWUDODSSDUHFFKLRHLOPRGXORD
ULFLUFRORGDULDILQRDPPSXUFKpODOWH]]DGHOFRQWURVRIILWWR
VLDGLDOPHQRPP

&RQWUROORGHOODVXSHUILFLHGLPRQWDJJLR
■ /DVXSHUILFLHGLPRQWDJJLRGHYHHVVHUHSLDQDRUL]]RQWDOHH
VXIILFLHQWHPHQWHVROLGDHUHVLVWHQWH
■ ,OSHVRPD[GHOODSSDUHFFKLRqSDULD NJ
$YYHUWHQ]H
■ /HVXSHUILFLGHOO·DSSDUHFFKLRVRQRGHOLFDWH(YLWDUHGDQQL
GXUDQWHOLQVWDOOD]LRQH
■ &RQWUROODUH ODSHUWXUD GHVWLQDWD DOOD SRVD GHL FDYL SUHVHQWL GL DOWUL
DSSDUHFFKL
■ 3HULOILVVDJJLRqQHFHVVDULDXQDVWUXWWXUDLQEDVVRDGDWWDEHQ
VDOGDQHOVRIILWWRLQFDOFHVWUX]]R
■ 1RQPRQWDUHODSSDUHFFKLRGLUHWWDPHQWHQHOOHSLDVWUHGL
FDUWRQJHVVRRLQXQPDWHULDOHHGLOHOHJJHURVLPLOHGHO
FRQWURVRIILWWR
■ 3HU LO FRUUHWWR PRQWDJJLR XWLOL]]DUH XQ PDWHULDOH VXIILFLHQWHPHQWH
VWDELOHDGDWWRDOOHFRQGL]LRQLFRVWUXWWLYHHDOSHVR
GHOODSSDUHFFKLR
3UHSDUD]LRQHGHOODVXSHUILFLHGLPRQWDJJLR
/DVWDELOLWjGHOODVXSHUILFLHGLPRQWDJJLRGHYHHVVHUHJDUDQWLWD
DQFKHGRSRLODYRULGLWDJOLR
&RSULUHLOSLDQRGLFRWWXUDSHUHYLWDUHGLGDQQHJJLDUOR
5HDOL]]DUH XQDSHUWXUD VXO VRIILWWR R QHOOD SDUHWH ODWHUDOH )LJXUD
5LPXRYHUHLWUXFLROLGRSRLODYRULGLWDJOLR
0RQWDJJLRGHOO·DSSDUHFFKLR
: 3HULFRORGLOHVLRQL
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
5LPXRYHUHODFRSHUWXUD
$YYHUWHQ]D ËSRVVLELOHVSRVWDUHLOVXSSRUWRDVHFRQGDGHOOD
VLWXD]LRQHGLPRQWDJJLR )LJXUD
6YLWDUHLVXSSRUWLHODWHJOLDQHFHVVDULDHFDPELDUHSRVL]LRQH
)LJXUD
6HUUDUHLVXSSRUWLHODJULJOLDQHOODQXRYDSRVL]LRQH )LJXUD
,QVHULUHFRPSOHWDPHQWHODSSDUHFFKLRDOOLQWHUQRGHOODSHUWXUD
ILQFKp OH VRVSHQVLRQL QRQ VL LQFDVWUDQR FRQ XQR VFDWWR )LJXUD
6HUUDUH DWWHQWDPHQWH OH YLWL XQD GRSR ODOWUD ILQFKp ODSSDUHFFKLR
QRQVLWURYDDILORGHOODVXSHUILFLHGLPRQWDJJLR)LJXUD
$YYHUWHQ]D 1RQVHUUDUHWURSSROHYLWLSHUQRQGDQQHJJLDUH
ODSSDUHFFKLR
'LVLPEDOODUHLOILOWURRGRUL)LJXUD
,QVHULUHLOILOWURDQWLRGRUHHUXRWDUHODVWDIIDGLPHWDOORILQRDOOD
EDWWXWDDIILQFKpLOILOWURSRJJLLQVLFXUH]]D)LJXUD
5XRWDUHLGDGL]LJULQDWLVXOODVWDIIDPHWDOOLFD)LJXUD
$JJDQFLDUHODFRSHUWXUDQHOODSHUWXUDVXOODWRLQIHULRUH
GHOODSSDUHFFKLR)LJXUD
3UHPHUH GDO EDVVR FRQWUR OD FRSHUWXUD SHU FKLXGHUOD )LJXUD
6PRQWDJJLRGHOODSSDUHFFKLR
: 3HULFRORGLOHVLRQL
$OFXQLFRPSRQHQWLDOOLQWHUQRGHOODSSDUHFFKLRSRVVRQRHVVHUH
DIILODWL,QGRVVDUHJXDQWLSURWHWWLYL
3UHPHUHGDOEDVVRFRQWURODFRSHUWXUDSHUDSULUOD
6JDQFLDUHLVXSSRUWLGHOODFRSHUWXUDGDOOHDSHUWXUHVXOODWR
LQIHULRUHGHOODSSDUHFFKLR
6PRQWDUHLOILOWURRGRUL&RQXQDPDQRDIIHUUDUHLOILOWURRGRULGD
VRWWR
$OOHQWDUH L GDGL ]LJULQDWL H DSULUH OD VWDIID PHWDOOLFD SHU ULPXRYHUH
LOILOWURRGRUL)LJXUD
6YLWDUHDWWHQWDPHQWHOHYLWLXQDGRSRODOWUDHGHVWUDUOHILQRDOOD
EDWWXWD
$IIHUUDUHFRQLSROOLFLQHOOHDSHUWXUHHSUHPHUHYHUVRODOWRLO
GLVSRVLWLYRGLILVVDJJLRDPROOD)LJXUD
5LPXRYHUHODSSDUHFFKLR
)LOWURRGRULSHUIXQ]LRQDPHQWRDULFLUFRORGDULD
,ILOWULRGRULQHOIXQ]LRQDPHQWRDULFLUFRORGDULDWUDWWHQJRQROH
SDUWLFHOOHFKHFDXVDQRLFDWWLYLRGRUL,QFDVRGLHVHUFL]LRQRUPDOH
DOOLQFLUFDRUDDOJLRUQRVRVWLWXLUHLOILOWURRGRULXQDYROWD
DOODQQR
$YYHUWHQ]D , ILOWUL RGRUL QRQ FRQWHQJRQR DOFXQD VRVWDQ]D QRFLYD H
SRVVRQRHVVHUHVPDOWLWLQHLULILXWLGRPHVWLFL
6RVWLWX]LRQHGHOILOWURRGRUL
3UHPHUHGDOEDVVRFRQWURODFRSHUWXUDSHUDSULUOD)LJXUD
$OOHQWDUH L GDGL ]LJULQDWL H DSULUH OD VWDIID PHWDOOLFD SHU ULPXRYHUH
LOILOWURRGRUL)LJXUD
6PRQWDUHLOILOWURRGRUL&RQXQDPDQRDIIHUUDUHLOILOWURRGRULGD
VRWWR
,QVHULUHLOILOWURDQWLRGRUHHUXRWDUHODVWDIIDGLPHWDOORILQRDOOD
EDWWXWDDIILQFKpLOILOWURSRJJLLQVLFXUH]]D)LJXUD
5XRWDUHLGDGL]LJULQDWLVXOODVWDIIDPHWDOOLFD)LJXUD
3UHPHUHGDOEDVVRFRQWURODFRSHUWXUDSHUFKLXGHUOD)LJXUD
sv
ó
0RQWHULQJVDQYLVQLQJ
: 9LNWLJDVlNHUKHWVDQYLVQLQJDU
/lV EUXNVDQYLVQLQJHQ QRJJUDQW 'HW lU YLNWLJW I|U DWW GX VND NXQQD
DQYlQGDHQKHWHQVlNHUWRFKSnUlWWVlWW6SDUDEUXNVRFK
PRQWHULQJVDQYLVQLQJHQI|UIUDPWLGDEUXNRFKHYHQWXHOOD
NRPPDQGHlJDUH
.RQWUROOHUD HQKHWHQ HIWHU XSSDFNQLQJ $QVOXW LQWH HQKHWHQ RP GHQ
KDUWUDQVSRUWVNDGRU
(QVlNHUDQYlQGQLQJNDQEDUDJDUDQWHUDVRPVSLVIOlNWHQ
PRQWHUDVSnIDFNPlVVLJWVlWWRFKLHQOLJKHWPHG
PRQWHULQJVDQYLVQLQJHQ ,QVWDOODW|UHQ DQVYDUDU I|U HQ IHOIUL IXQNWLRQ
SnSODWVHQ
.YlYQLQJVULVN
)|USDFNQLQJVPDWHULDOlUIDUOLJWI|UEDUQ/nWDOGULJEDUQOHNDPHG
I|USDFNQLQJVPDWHULDOHW
6NDGHULVN
(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
6NDGHULVN
2P HQKHWHQ LQWH lU RUGHQWOLJW IlVW Sn YlJJHQ Vn NDQ GHQ IDOOD QHG
$OODIlVWNRPSRQHQWHUPnVWHPRQWHUDVVWDGLJWRFKVlNHUW
,QVWDOODWLRQ
)|UEHUHGDLQVWDOODWLRQHQ
■ 0RQWHULQJVSODWVHQ PnVWH Jn DWW NRPPD nW VPLGLJW I|U VHUYLFH DY
HQKHWHQ
■ +nOOUHNDYVWnQGRPPLQ PPRFKPD[ PPPHOODQ
HQKHW RFK KlOO-X OlQJUH ERUW IUnQ KlOOHQ GHVWR VYnUDUH DWW In ERUW
PDWRVHW
■ $YVWnQGHW PHOODQ HQKHW RFK FLUNXODWLRQVPRGXO JnU DWW PLQVND WLOO
PPRPK|MGHQWLOOLQQHUWDNHWlUPLQ PP
.RQWUROOHUDLQE\JJQDGV\WDQ
■ ,QE\JJQDGV\WDQPnVWHYDUDSODQYnJUlWRFKKDWLOOUlFNOLJ
KnOOIDVWKHW
■ (QKHWHQVPD[YLNWlU NJ
$QYLVQLQJ
■ +|OMHWlUNlQVOLJW8QGYLNDWWVNDGDGHWYLGLQVWDOODWLRQHQ
■ .RQWUROOHUDXUWDJVGHOHQPDSEHILQWOLJOHGQLQJVGUDJQLQJRFK
DQGUDHQKHWHU
■ ,QIlVWQLQJHQNUlYHUHQVlUVNLOGIDVWIlVWDQRUGQLQJLEHWRQJWDNHW
■ 'XInULQWHPRQWHUDHQKHWHQGLUHNWLJLSVVNLYRUHOOHUOLNQDQGH
OlWWDE\JJPDWHULDOLLQQHUWDN
■ $YVHGG PRQWHULQJ NUlYHU DWW GX DQYlQGHU PDWHULDO VRP lU VWDELOW
QRJRFKNRQVWUXNWLRQVDQSDVVDWI|UDWWNODUDHQKHWHQVYLNW
)|UEHUHGDLQE\JJQDGV\WDQ
,QE\JJQDGV\WDQVNDYDUDVWDELOlYHQHIWHUDWWGXJMRUWXUWDJHQ
7lFNKlOOHQVnXQGYLNHUGXVNDGRU
*|UXUWDJLWDNHOOHUVLGRYlJJELOG
7DERUWVSnQHQHIWHUXUWDJQLQJHQ
0RQWHUDHQKHWHQ
: 6NDGHULVN
(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
7DERUWVN\GGHW
$QYLVQLQJ $QVOXWHQNDQYDUDI|UVNMXWHQEHURHQGHSn
PRQWHULQJVVLWXDWLRQHQ ELOG
6NUXYDDYDQVOXWQLQJRFKQ|GYlQGLJSOnWRFKE\WSRVLWLRQ
ELOG
6NUXYDIDVWDQVOXWQLQJRFKSOnWLQ\SRVLWLRQ ELOG
6lWWLHQKHWHQKHOWLXUWDJHWWLOOVGXK|UKXUXSSKlQJQLQJDUQD
VQlSSHUIDVWELOG
'UD I|UVLNWLJW nW VNUXYDUQD L I|OMG WLOOV HQKHWHQ OLJJHU DQ SODQW PRW
LQE\JJQDGV\WDQELOG
$QYLVQLQJ 'UDLQWHnWVNUXYDUQDI|UKnUWGHWNDQVNDGD
HQKHWHQ
3DFNDXSSRVILOWUHWELOG

6lWWLRVILOWUHWRFKYULGPHWDOOE\JODUQDlQGDWLOODQVODJHWVnDWW
RVILOWUHWVLWWHUVlNHUWELOG
'UDnWGHOHWWUDGHPXWWUDUQDSnPHWDOOE\JHOQELOG
+lNWDLVN\GGHWL|SSQLQJDUQDSnHQKHWHQVXQGHUVLGDELOG
7U\FNXQGHULIUnQPRWVN\GGHWI|UDWWVWlQJDGHWELOG
'HPRQWHUDHQKHWHQ
: 6NDGHULVN
(QGHONRPSRQHQWHULQXWLHQKHWHQKDUYDVVDNDQWHU%lUDOOWLG
VN\GGVKDQGVNDU
7U\FNXQGHULIUnQPRWVN\GGHWI|UDWW|SSQDGHW
+DNDDYKnOODUQDWLOOVN\GGHWXU|SSQLQJDUQDSnXQGHUVLGDQDY
HQKHWHQ
7DERUWRVILOWUHW+nOOHQDKDQGHQXQGHURVILOWUHW
6NUXYD XSS GH OHWWUDGH PXWWUDUQD RFK |SSQD PHWDOOE\JHOQ Vn DWW
GXNDQWDXURVILOWUHWELOG
/RVVDI|UVLNWLJWSnVNUXYDUQDRFKVNUXYDXUWLOODQVODJHW
7U\FNXSSIMlGHUVSlQQDUHQPHGWXPPDUQDL|SSQLQJDUQD
ELOG
7DXUHQKHWHQ
2VILOWHUI|UFLUNXODWLRQVGULIW
2VILOWUHWELQGHURVHWYLGFLUNXODWLRQVGULIW%\WRVILOWHUJJQRPnUHW
YLGQRUPDODQYlQGQLQJFDKYDUMHGDJ
$QYLVQLQJ 2VILOWHULQQHKnOOHULQJDVNDGOLJDlPQHQRFKJnUDWW
VOlQJDLKXVKnOOVVRSRUQD
%\WDRVILOWHU
7U\FNXQGHULIUnQPRWVN\GGHWI|UDWW|SSQDGHWELOG
6NUXYD XSS GH OHWWUDGH PXWWUDUQD RFK |SSQD PHWDOOE\JHOQ Vn DWW
GXNDQWDXURVILOWUHWELOG
7DERUWRVILOWUHW+nOOHQDKDQGHQXQGHURVILOWUHW
6lWWLRVILOWUHWRFKYULGPHWDOOE\JODUQDlQGDWLOODQVODJHWVnDWW
RVILOWUHWVLWWHUVlNHUWELOG
'UDnWGHOHWWUDGHPXWWUDUQDSnPHWDOOE\JHOQELOG
7U\FNXQGHULIUnQPRWVN\GGHWI|UDWWVWlQJDGHWELOG
no
ê
0RQWHULQJVYHLOHGQLQJ
: 9LNWLJHVLNNHUKHWVDQYLVQLQJHU
/HV GHQQH EUXNVDQYLVQLQJHQ Q¡\H 'HW HU HQ IRUXWVHWQLQJ IRU DW GX
VNDO NXQQH EUXNH DSSDUDWHW Sn HQ VLNNHU RJ ULNWLJ PnWH 7D YDUH Sn
EUXNVRJPRQWHULQJVDQYLVQLQJHQVOLNDWGXNDQEUXNHGHQLJMHQ
VHQHUHHOOHUJLGHQYLGHUHWLOHYHQWXHOOHNRPPHQGHHLHUHDY
DSSDUDWHW
.RQWUROOHUDSSDUDWHWHWWHUDWGXKDUSDNNHWGHWXW,NNHNREOHWLO
DSSDUDWHWKYLVGHWHUVNDGHWXQGHUWUDQVSRUW
6LNNHUKHWHQXQGHUEUXNHQHUNXQJDUDQWHUWGHUVRPPRQWHULQJHQ
IRUHWDVIRUVNULIWVPHVVLJLKHQKROGWLOPRQWHULQJVYHLOHGQLQJHQ
,QVWDOODW¡UHQ HU DQVYDUOLJ IRU DW DSSDUDWHW IXQJHUHU VRP GHW VNDO Sn
RSSVWLOOLQJVVWHGHW
)DUHIRUNYHOQLQJ
(PEDOODVMHPDWHULDOHWHUIDUOLJIRUEDUQ%DUQPnDOGULInOHNHPHG
HPEDOODVMHQ
)DUHIRUSHUVRQVNDGHU
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
)DUHIRUSHUVRQVNDGHU
+YLVDSSDUDWHWLNNHHUIRUVYDUOLJIHVWHWNDQGHWIDOOHQHG$OOH
IHVWHHOHPHQWHUPnYUHIDVWRJVLNNHUWPRQWHUW
,QVWDOODVMRQ
)RUEHUHGHLQVWDOODVMRQ
■ 0RQWHULQJVVWHGHWPnYUHWLOJMHQJHOLJXWHQSUREOHPHUVOLNDW
DSSDUDWHWNDQQnVXKLQGUHWYHGVHUYLFH
■ 'HWDQEHIDOHVHQDYVWDQGSnPLQVW PPRJPDNV PP
PHOORP DSSDUDWHW RJ NRNHWRSSHQ -R VW¡UUH DYVWDQGHQ HU GHVWR
YDQVNHOLJHUHEOLUGHWnIDQJHRSSPDWRVHQ
■ $YVWDQGHQPHOORPDSSDUDWHWRJVLUNXODVMRQVPRGXOHQNDQ
UHGXVHUHVLQQWLO PPGHUVRPK¡\GHQSnGHQQHGIHOWH
KLPOLQJHQHUPLQVW PP
.RQWUROOHUHLQQE\JJLQJVIODWHQ
■ ,QQE\JJLQJVIODWHQPnYUHSODQYDQQUHWWRJKDWLOVWUHNNHOLJ
EUHNUDIW
■ $SSDUDWHWVPDNVYHNWHU NJ
0HUNQDGHU
■ 2YHUIODWHQDYDSSDUDWHWHU¡PILQWOLJ8QQJnVNDGHUXQGHU
LQVWDOODVMRQHQ
■ .RQWUROOHUXWVNMULQJVRPUnGHWRJVHRPGHWHUODJWNDEOHUWLO
DQGUHDSSDUDWHU
■ 7LOIHVWHWWUHQJVGHWHWHJQHWVWDWLYVRPHUWU\JWIHVWHWL
EHWRQJWDNHW
■ ,NNHPRQWHUDSSDUDWHWGLUHNWHSnJLSVSODWHUHOOHUOLJQHQGHOHWWH
E\JQLQJVPDWHULDOHULGHQQHGIHOWHKLPOLQJHQ
■ %UXNHWPDWHULDOHVRPHUVWDELOWQRNRJWLOSDVVHW
E\JQLQJVNRQVWUXNVMRQHQRJDSSDUDWYHNWHQIRUnVLNUH
IRUVNULIWVPHVVLJPRQWHULQJ
.ODUJM¡UHLQQE\JJLQJVIODWHQ
,QQE\JJLQJVIODWHQPnYUHVWDELORJVnHWWHUXWVNMULQJVDUEHLGHW
)RUnXQQJnVNDGHUPnGXGHNNHWLOSODWHWRSSHQ
/DJXWVNMULQJLWDNHOOHUVLGHYHJJ%LOGH
)MHUQVSRQHWWHUXWVNMULQJHQH
0RQWHULQJDYDSSDUDWHW
: )DUHIRUSHUVRQVNDGHU
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
7DDYGHNVHOHW
0HUN 6WXVVHQ NDQ IRUVN\YHV DOW HWWHU LQQE\JJLQJVVLWXDVMRQHQ
%LOGH
6NUXDYVWXVVHQRJGHQQ¡GYHQGLJHSODWHQRJE\WWSRVLVMRQ
%LOGH
6NUXIDVWVWXVVHQRJSODWHQLGHQQ\HSRVLVMRQHQ %LOGH
6HWW DSSDUDWHW KHOW LQQ L XWVNMULQJHQ WLO RSSKHQJHQH JnU K¡UEDUW
LLQQJUHS%LOGH
6WUDPVNUXHQHIRUVLNWLJHWWHUKYHUDQGUHKHOWWLODSSDUDWHWOLJJHUL
IOXNWLLQQE\JJLQJVIODWHQ%LOGH
0HUN ,NNHWUHNNWLOVNUXHQHIRUKDUGWGDNDQGHWRSSVWnVNDGHU
SnDSSDUDWHW
3DNNXWOXNWILOWHUHW%LOGH
6HWWLQQOXNWILOWHUHWRJGUHLPHWDOOE¡\OHQHKHOWWLOVWRSSVOLNDW
OXNWILOWHUHWOLJJHURUGHQWOLJSnSODVVELOGH
6NUXLJMHQULIOHPXWUHQHSnPHWDOOE¡\OHQELOGH
+HNW GHNVHOHW L nSQLQJHQH Sn XQGHUVLGHQ DY DSSDUDWHW %LOGH
/XNNGHNVHOHWYHGnWU\NNHSnGHWIUDXQGHUVLGHQELOGH
'HPRQWHULQJDYDSSDUDWHW
: )DUHIRUSHUVRQVNDGHU
.RPSRQHQWHULQQLDSSDUDWHWNDQKDVNDUSHNDQWHU%UXN
YHUQHKDQVNHUXQGHULQVWDOODVMRQDYDSSDUDWHW
cSQHGHNVHOHWYHGnWU\NNHSnGHWIUDXQGHUVLGHQ
/¡IWXWKROGHUQHWLOGHNVHOHWIUDnSQLQJHQHSnXQGHUVLGHQDY
DSSDUDWHW
'HPRQWHUOXNWILOWHUHW1nUGXJM¡UGHWWHPnGXKROGHKnQGHQ
XQGHUOXNWILOWHUHW
6NUX XW ULIOHPXWUHQH RJ nSQH PHWDOOE¡\OHQH IRU n WD XW OXNWILOWHUHW
%LOGH
/¡VQHVNUXHQHIRUVLNWLJHWWHUWXURJVNUXGHPKHOWXWWLOVWRSS
6WLNNWRPOHQHLQQLnSQLQJHQHRJWU\NNIMUVSHQQHUQHRSS
%LOGH
7DXWDSSDUDWHW
/XNWILOWHUIRUVLUNXODVMRQVPRGXV
/XNWILOWUHELQGHUOXNWVWRIIHQHLVLUNXODVMRQVPRGXV9HGYDQOLJEUXN
FDWLPHGDJOLJVNDOOXNWILOWHUHWVNLIWHVXWJDQJLnUHW
0HUN /XNWILOWUHLQQHKROGHULQJHQVNDGHOLJHVWRIIHURJNDQNDVWHVL
KXVKROGQLQJVDYIDOOHW
6NLIWHXWOXNWILOWHU
cSQHGHNVHOHWYHGnWU\NNHSnGHWIUDXQGHUVLGHQ%LOGH
6NUX XW ULIOHPXWUHQH RJ nSQH PHWDOOE¡\OHQH IRU n WD XW OXNWILOWHUHW
%LOGH
'HPRQWHUOXNWILOWHUHW1nUGXJM¡UGHWWHPnGXKROGHKnQGHQ
XQGHUOXNWILOWHUHW
6HWWLQQOXNWILOWHUHWRJGUHLPHWDOOE¡\OHQHKHOWWLOVWRSSVOLNDW
OXNWILOWHUHWOLJJHURUGHQWOLJSnSODVVELOGH
6NUXLJMHQULIOHPXWUHQHSnPHWDOOE¡\OHQELOGH
/XNNGHNVHOHWYHGnWU\NNHSnGHWIUDXQGHUVLGHQELOGH

fi
Ý
$VHQQXVRKMH
: 7lUNHLWlWXUYDRKMHLWD
/XH WlPl Nl\WW|RKMH KXROHOOLVHVWL 9DVWD VLWWHQ YRLW Nl\WWll ODLWHWWDVL
WXUYDOOLVHVWLMDRLNHLQ6lLO\WlNl\WW|MDDVHQQXVRKMHP\|KHPSll
Nl\WW|lWDLVHXUDDYDDNl\WWlMllYDUWHQ
7DUNDVWD ODLWH NXQ ROHW SXUNDQXW VHQ SDNNDXNVHVWD -RV ODLWWHHVVD
RQNXOMHWXVYDXULRLWDlOlN\WNHODLWHWWDNl\WW||Q
7XUYDOOLQHQNl\WW|RQWDDWWXYDLQNXQDVHQQXVWHKGllQ
DPPDWWLWDLWRLVHVWLDVHQQXVRKMHLWDQRXGDWWDHQ$VHQWDMDYDVWDD
PRLWWHHWWRPDVWDWRLPLQQDVWDODLWWHHQDVHQQXVSDLNDVVD
7XNHKWXPLVYDDUD
3DNNDXVPDWHULDDOLRQYDDUDOOLVWDSLNNXODSVLOOHbOlDQQDODVWHQ
OHLNNLlSDNNDXVPDWHULDDOLOOD
/RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
/RXNNDDQWXPLVYDDUD
-RVODLWHWWDHLROHNLLQQLWHWW\DVLDQPXNDLVHVWLVHYRLSXGRWD.DLNNL
NLLQQLW\VHOHPHQWLWSLWllNLLQQLWWllNXQQROODMDYDUPDVWL
$VHQQXV
$VHQQXNVHQDONXYDOPLVWHOXW
■ $VHQQXVSDLNNDDQSLWllSllVWlRQJHOPLWWDNlVLNVLMRWWDODLWWHHQ
HVWHHW|QKXROWRRQWDUYLWWDHVVDPDKGROOLVWD
■ /DLWWHHQMDNHLWWRWDVRQYlOLQHQVXRVLWHOWDYDHWlLV\\VRQ
YlKLQWllQ PPMDHQLQWllQ PP-RVHWlLV\\V
NHLWWRWDVRRQRQVXXUHPSLNHLWWlPLVK|\U\MHQWDOWHHQRWWRRQ
YDLNHDPSDD
■ /DLWWHHQMDNLHUWRLOPDPRGXXOLQYlOLQHQHWlLV\\VYRLGDDQ
SLHQHQWll PPVDDNNDMRVDODVODVNHWXQNDWRQNRUNHXVRQ
YlKLQWllQ PP
$VHQQXVSLQQDQWDUNDVWDPLQHQ
■ $VHQQXVSLQQDQSLWllROODWDVDLQHQMDYDDNDVXRUDMDVHQSLWll
NHVWllWXXOHWWLPHQSDLQR
■ /DLWWHHQPDNVLPLSDLQRRQ NJ
+XRPDXWXNVLD
■ /LHVLWXXOHWWLPHQSLQQDWYDKLQJRLWWXYDWKHOSRVWL9DUR
YDKLQJRLWWDPDVWDSLQWRMDDVHQQXNVHQ\KWH\GHVVl
■ 7DUNDVWD RQNR DVHQQXVDXNRQ DOXHHOOD PXLGHQ ODLWWHLGHQ MRKWRMD
■ .LLQQLW\VWlYDUWHQWDUYLWDDQVRSLYDWXNLWHOLQHMRNDRQNLLQQLWHWW\
NLLQWHlVWLEHWRQLNDWWRRQ
■ /DLWHWWD HL VDD DVHQWDD VXRUDDQ DODV ODVNHWXQ NDWRQ NLSVLOHY\LKLQ
MDYDVWDDYLLQNHY\WUDNHQWHLVLLQ
■ -RWWDDVHQQXVRQDVLDQPXNDLQHQNl\WlULLWWlYlQYDQNNDD
UDNHQWHHOOLVLLQVHLNNRLKLQMDODLWWHHQSDLQRRQVRSLYDDPDWHULDDOLD
$VHQQXVSLQQDQHVLYDOPLVWHOXW
$VHQQXVSLQQDQYDNDXGHQSLWllROODWDDWWXP\|VDVHQQXVDXNRQ
YDOPLVWDPLVHQMlONHHQ
3HLWlNHLWWRWDVRMRWWDYlOWlWVHQYDXULRLWXPLVHQ
7HHDXNNRNDWWRRQWDLVLYXVHLQllQNXYD
3RLVWDODVWXWDXNRQWHNHPLVHQMlONHHQ
/DLWWHHQDVHQWDPLQHQ
: /RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
3RLVWDNDQVL
+XRPDXWXV 7XNHDYRLGDDQVLLUWllDVHQQXVWLODQWHHQPXNDDQ
NXYD
.LHUUlWXNLMDWDUYLWWDYDOHY\LUWLMDYDLKGDSDLNNDD NXYD
.LHUUlWXNLMDOHY\NLLQQLXXWHHQSDLNNDDQ NXYD
$VHWDODLWHNRNRQDDQDXNNRRQNXQQHVNDQQDWWLPHWOXNLWWXYDW
NXXOXYDVWLNXYD
.LHUUlUXXYHMDSHUlMlONHHQYDURYDVWLNLLQQLNXQQHVODLWHRQ
WDVDLVHVWLDVHQQXVSLQQDOODNXYD
+XRPDXWXV bOlNLULVWlUXXYHMDOLLDQNLUHlOOHMRWWDHWYDXULRLWD
ODLWHWWD
3RLVWDKDMXVXRGDWLQSDNNDXNVHVWDNXYD
$VHWD KDMXVXRGDWLQ SDLNDOOHHQ MD NLHUUl PHWDOOLNDDULD YDVWHHVHHQ
VDDNNDMRWWDKDMXVXRGDWLQRQNXQQROODSDLNDOODDQNXYD
.LHUUlPHWDOOLNDDUHQPXWWHULWNLLQQLNXYD
$VHQQDNDQVLODLWWHHQDODVLYXOODROHYLLQDXNNRLKLQNXYD
6XOMHNDQVLSDLQDPDOODVLWlDOKDDOWDSlLQNXYD
/DLWWHHQLUURWWDPLQHQ
: /RXNNDDQWXPLVYDDUD
/DLWWHHQVLVlSXROHOODROHYDWUDNHQQHRVDWYRLYDWROOD
WHUlYlUHXQDLVHW.l\WlVXRMDNlVLQHLWl
$YDDNDQVLSDLQDPDOODVLWlDOKDDOWDSlLQ
,UURWDNDQQHQNLLQQLNNHHWODLWWHHQDODSXROHOODROHYLVWDDXNRLVWD
,UURWDKDMXVXRGDWLQ7DUWXWlOO|LQWRLVHOODNlGHOOlDOKDDOWD
KDMXVXRGDWWLPHHQ
.LHUUlPXWWHULWDXNLMDDYDDPHWDOOLNDDUHWMRWWDYRLWSRLVWDD
KDMXVXRGDWWLPHQNXYD
/|\VW\WlUXXYHMDSHUlMlONHHQYDURYDVWLMDNLHUUlQHLUWL
YDVWHHVHHQVDDNND
7DUWXSHXNDORLOODDXNNRLKLQMDSDLQDMRXVLNLULVWLQWl\O|VSlLQ
NXYD
2WDODLWHSRLVSDLNDOWDDQ
+DMXVXRGDWLQNLHUWRLOPDNl\WW|lYDUWHQ
+DMXVXRGDWWLPHWVLWRYDWLWVHHQVlKDMXWNLHUWRLOPDNl\W|VVl9DLKGD
KDMXVXRGDWLQ WDYDQRPDLVHVVD Nl\W|VVl SlLYLWWlLQ Q WXQWL NHUUDQ
YXRGHVVD
+XRPDXWXV +DMXVXRGDWWLPHW HLYlW VLVlOOl KDLWDOOLVLD DLQHLWD MRWHQ
QHYRLGDDQKlYLWWllNRWLWDORXVMlWWHHQPXNDQD
+DMXVXRGDWWLPHQYDLKWDPLQHQ
$YDDNDQVLSDLQDPDOODVLWlDOKDDOWDSlLQNXYD
.LHUUlPXWWHULWDXNLMDDYDDPHWDOOLNDDUHWMRWWDYRLWSRLVWDD
KDMXVXRGDWWLPHQNXYD
,UURWDKDMXVXRGDWLQ7DUWXWlOO|LQWRLVHOODNlGHOOlDOKDDOWD
KDMXVXRGDWWLPHHQ
$VHWD KDMXVXRGDWLQ SDLNDOOHHQ MD NLHUUl PHWDOOLNDDULD YDVWHHVHHQ
VDDNNDMRWWDKDMXVXRGDWLQRQNXQQROODSDLNDOODDQNXYD
.LHUUlPHWDOOLNDDUHQPXWWHULWNLLQQLNXYD
6XOMHNDQVLSDLQDPDOODVLWlDOKDDOWDSlLQNXYD
da
×
0RQWHULQJVYHMOHGQLQJ
: 9LJWLJHVLNNHUKHGVDQYLVQLQJHU
/VGHQQHYHMOHGQLQJRPK\JJHOLJWLJHQQHP'HWHUHQ
IRUXGVWQLQJIRUDWDSSDUDWHWNDQEHWMHQHVVLNNHUWRJNRUUHNW
2SEHYDUEUXJVRJPRQWDJHYHMOHGQLQJHQWLOVHQHUHEUXJHOOHUWLO
NRPPHQGHHMHUHDIDSSDUDWHW
.RQWUROOHUDSSDUDWHWQnUGHWHUSDNNHWXG$SSDUDWHWPnLNNH
WLOVOXWWHVKYLVGHWKDUWUDQVSRUWVNDGHU
6LNNHUKHGHQXQGHUEUXJHUNXQVLNUHWKYLVHPKWWHQHUEOHYHW
PRQWHUHWNRUUHNWLKWPRQWHULQJVYHMOHGQLQJHQ,QVWDOODW¡UHQKDU
DQVYDUHWIRUDWDSSDUDWHWIXQJHUHUIHMOIULWSnRSVWLOOLQJVVWHGHW
)DUHIRUNYOQLQJ
(PEDOODJHPDWHULDOHHUIDUOLJWIRUE¡UQ6¡UJIRUDWE¡UQLNNHOHJHU
PHGHPEDOODJHPDWHULDOH
)DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
)DUHIRUWLOVNDGHNRPVW
+YLVDSSDUDWHWLNNHHUNRUUHNWIDVWJMRUWWLOYJJHQNDQGHQIDOGH
QHG$OOHEHIVWLJHOVHVHOHPHQWHUVNDOYUHPRQWHUHWIDVWRJ
VLNNHUW
,QVWDOODWLRQ
)RUEHUHGHLQVWDOODWLRQ
■ 'HUVNDOYUHXKLQGUHWDGJDQJWLORSVWQLQJVVWHGHWVnGHUL
WLOIOGHDIUHSDUDWLRQHUIULDGJDQJWLODSSDUDWHW
■ *HQHUHOWDQEHIDOHVHQDIVWDQGSnPLQLPXP PPRJ
PDNVLPDOW PPPHOOHPDSSDUDWHWRJNRJHVHNWLRQHQ1nU
DIVWDQGHQWLONRJHVHNWLRQHQIRU¡JHVEOLYHURSVXJQLQJHQDI
PDGODYQLQJVGDPSHQYDQVNHOLJHUH
■ $IVWDQGHQPHOOHPDSSDUDWHWRJUHFLUNXODWLRQVPRGXOHWNDQ
UHGXFHUHVQHGWLO PPKYLVK¡MGHQDIGHWQHGKQJWHORIWHU
PLQLPXP PP
.RQWURODIPRQWDJHIODGH
■ 0RQWDJHIODGHQVNDOYUHSODQYDQGUHWRJWLOVWUNNHOLJ
EUHG\JWLJ
■ $SSDUDWHWYHMHUPDNVLPDOW NJ

$QYLVQLQJHU
■ (PKWWHQVRYHUIODGHUHUVDUWH8QGJnEHVNDGLJHOVHXQGHU
LQVWDOODWLRQHQ
■ .RQWUROOHUDWGHULNNHEHILQGHUVLJNDEOHUIUDDQGUHDSSDUDWHUL
XGVNULQJVRPUnGHW
■ %HIVWLJHOVHQNUYHUHQHJQHWXQGHUNRQVWUXNWLRQVRPHUIDVW
ILNVHUHWWLOEHWRQORIWHW
■ $SSDUDWHWPnLNNHPRQWHUHVGLUHNWHLJLSVNDUWRQSODGHUHOOHUL
OLJQHQGHOHWWHE\JJHPDWHULDOHULHWQHGKQJWORIW
■ )RUNRUUHNWPRQWDJHDIDSSDUDWHWVNDOGHUDQYHQGHVHW
WLOVWUNNHOLJWVWDELOWPDWHULDOHVRPVYDUHUWLOIRUKROGHQHL
E\JQLQJHQRJDSSDUDWHWVYJW
.ODUJ¡UHPRQWDJHIODGH
'HW VNDO VLNUHV DW PRQWDJHIODGHQ RJVn HU VWDELO HIWHU XGI¡UHOVHQ DI
XGVNULQJHUQH
'NNRJHVHNWLRQHQWLOIRUDWXQGJnEHVNDGLJHOVHU
/DYHQXGVNULQJLORIWHOOHULVLGHYJ)LJXU
)MHUQDOOHVSnQHUQnUXGVNULQJHQHUIUGLJ
0RQWHULQJDIHPKWWH
: )DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
7DJDIGNQLQJHQDI
%HPUN $IKQJLJWDIPRQWDJHVLWXDWLRQHQNDQVWXGVHQH
IO\WWHV )LJXU
6NUXVWXGVHRJPHWDOSODGHDIRJVNLIWGHUHVSODFHULQJ )LJXU
6NUXVWXGVHRJPHWDOSODGHIDVWSnGHQQ\HSRVLWLRQ )LJXU
6WDSSDUDWHWKHOWLQGLXGVNULQJHQLQGWLORSKQJHQHNOLNNHU
K¡UEDUWSnSODGV)LJXU
6SQGIRUVLJWLJWVNUXHUQHWLOHIWHUKLQDQGHQWLODSSDUDWHWOLJJHU
DQRJIOXJWHUPRGPRQWDJHIODGHQ)LJXU
%HPUN 6SQGLNNHVNUXHUQHIDVWWLOIRULNNHDWEHVNDGLJH
DSSDUDWHW
3DNOXJWILOWUHWXG)LJXU
6WOXJWILOWUHWLQGRJGUHMPHWDOE¡MOHQWLODQVODJHWVnOXJWILOWUHW
OLJJHUVLNNHUWDQILJXU
6NUXILQJHUP¡WULNNHUQHSnPHWDOE¡MOHQWLOILJXU
)DVWJ¡UDIGNQLQJHQLnEQLQJHUQHSnDSSDUDWHWVXQGHUVLGH
)LJXU
7U\NQHGHIUDSnDIGNQLQJHQIRUDWOXNNHGHQILJXU
'HPRQWHULQJDIHPKWWH
: )DUHIRUWLOVNDGHNRPVW
.RPSRQHQWHUQHLQGYHQGLJLHPKWWHQNDQKDYHVNDUSHNDQWHU
%UXJEHVN\WWHOVHVKDQGVNHU
7U\NQHGHIUDSnDIGNQLQJHQIRUDWnEQHGHQ
7DJDIGNQLQJHQVKROGHUHXGDInEQLQJHUQHSnXQGHUVLGHQDI
DSSDUDWHW
$IPRQWHUOXJWILOWUHW+ROGVDPWLGLJPHGHQKnQGXQGHUOXJWILOWUHW
6NUXILQJHUP¡WULNNHUQHRSRJnEQPHWDOE¡MOHQIRUDWWDJH
OXJWILOWUHWXG)LJXU
6NUXHUQHO¡VQHVIRUVLJWLJWHQDGJDQJHQ6NUXGHPXGWLO
DQVODJHW
6WLNWRPPHOILQJHUHQLQGLnEQLQJHUQHRJWU\NIMHGHUVSQGHUHQ
RSDG)LJXU
7DJDSSDUDWHWXG
/XJWILOWHUWLOUHFLUNXODWLRQVGULIW
/XJWILOWUHWELQGHUOXJWVWRIIHUYHGUHFLUNXODWLRQVGULIW9HGQRUPDO
DQYHQGHOVH GDJOLJW FD WLPH VNDO OXJWILOWUHW XGVNLIWHV [ RP nUHW
%HPUN /XJWILOWUHLQGHKROGHULQJHQVNDGHOLJHVWRIIHURJNDQ
ERUWVNDIIHVVDPPHQPHGKXVKROGQLQJVDIIDOGHW
8GVNLIWHOXJWILOWHU
7U\NQHGHIUDSnDIGNQLQJHQIRUDWnEQHGHQ)LJXU
6NUXILQJHUP¡WULNNHUQHRSRJnEQPHWDOE¡MOHQIRUDWWDJH
OXJWILOWUHWXG)LJXU
$IPRQWHUOXJWILOWUHW+ROGVDPWLGLJPHGHQKnQGXQGHUOXJWILOWUHW
6WOXJWILOWUHWLQGRJGUHMPHWDOE¡MOHQWLODQVODJHWVnOXJWILOWUHW
OLJJHUVLNNHUWDQILJXU
6NUXILQJHUP¡WULNNHUQHSnPHWDOE¡MOHQWLOILJXU
7U\NQHGHIUDSnDIGNQLQJHQIRUDWOXNNHGHQILJXU
es
Û
,QVWUXFFLRQHVGHPRQWDMH
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
/HHUFRQDWHQFLyQODVVLJXLHQWHVLQVWUXFFLRQHV6RORDVtVHSXHGH
PDQHMDUHODSDUDWRGHIRUPDFRUUHFWD\VHJXUD&RQVHUYDUODV
LQVWUXFFLRQHVGHXVR\PRQWDMHSDUDXWLOL]DUODVPiVDGHODQWHR
SDUDSRVLEOHVIXWXURVFRPSUDGRUHV
&RPSUREDUHODSDUDWRDOVDFDUORGHVXHPEDODMH(ODSDUDWRQR
GHEHFRQHFWDUVHHQFDVRGHKDEHUVXIULGRGDxRVGXUDQWHHO
WUDQVSRUWH
6RODPHQWH XQ PRQWDMH SURIHVLRQDO FRQIRUPH D ODV LQVWUXFFLRQHV GH
PRQWDMH SXHGH JDUDQWL]DU XQ XVR VHJXUR GHO DSDUDWR (O LQVWDODGRU
HVUHVSRQVDEOHGHOIXQFLRQDPLHQWRSHUIHFWRHQHOOXJDUGH
LQVWDODFLyQ
£3HOLJURGHDVIL[LD
(OPDWHULDOGHHPEDODMHHVSHOLJURVRSDUDORVQLxRV1RGHMDUTXH
ORVQLxRVMXHJXHQFRQHOPDWHULDOGHHPEDODMH
£3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
£3HOLJURGHOHVLRQHV
6LHODSDUDWRQRHVWiILMDGRFRUUHFWDPHQWHSXHGHFDHUVH7RGRV
ORVHOHPHQWRVGHILMDFLyQGHEHQPRQWDUVHGHELGDPHQWH
,QVWDODFLyQ
3UHSDUDUODLQVWDODFLyQ
■ 6HGHEHSRGHUDFFHGHUVLQSUREOHPDVDOOXJDUGHPRQWDMHSDUD
TXHHODSDUDWRVHDFRPSOHWDPHQWHDFFHVLEOHHQFDVRGH
QHFHVLWDUDVLVWHQFLDWpFQLFD
■ 6HUHFRPLHQGDXQDGLVWDQFLDPtQLPDGH PP\XQD
GLVWDQFLDPi[LPDGH PPHQWUHHODSDUDWR\ODSODFDGH
FRFFLyQ6L OD GLVWDQFLD D OD ]RQD GH FRFFLyQ HV PD\RU VHUi PiV
GLItFLODEVRUEHUHOYDSRUGHFRFFLyQ
■ /D GLVWDQFLD HQWUH HO DSDUDWR \ HO PyGXOR GH UHFLUFXODFLyQ GH DLUH
SXHGHUHGXFLUVHKDVWDORV PPVLHPSUHTXHODDOWXUDGHO
IDOVRWHFKRVHDGHDOPHQRV PP
9HULILFDUODVXSHUILFLHGHPRQWDMH
■ /DVXSHUILFLHGHPRQWDMHGHEHVHUSODQDKRUL]RQWDO\WHQHU
VXILFLHQWHFDSDFLGDGGHFDUJD
■ (OSHVRPi[LPRGHODSDUDWRHVGH NJ
1RWDV
■ /DVVXSHUILFLHVGHODSDUDWRVRQVHQVLEOHV(YLWDUGDxRVGXUDQWH
ODLQVWDODFLyQ
■ &RPSUREDU HO iUHD GH UHFRUWH SDUD YHU VL KD\ WHQGLGRV FDEOHV GH
RWURVDSDUDWRV
■ 3DUD OD VXMHFLyQ VH QHFHVLWD XQD VXEHVWUXFWXUD DGHFXDGD ILMDGD
DOWHFKRGHKRUPLJyQ
■ 1R PRQWDU HO DSDUDWR GLUHFWDPHQWH VREUH ODV SODFDV GH SODGXU X
RWURWLSRGHPDWHULDOOLJHURGHXQIDOVRWHFKR
■ 3DUDHOFRUUHFWRPRQWDMHXWLOL]DUXQPDWHULDOORVXILFLHQWHPHQWH
HVWDEOH\FRQIRUPHDODVFDUDFWHUtVWLFDV\DOSHVRGHODSDUDWR
3UHSDUDUODVXSHUILFLHGHPRQWDMH
/DHVWDELOLGDGGHODVXSHUILFLHGHPRQWDMHGHEHTXHGDU
JDUDQWL]DGDLQFOXVRWUDVHOWUDEDMRGHFRUWH
7DSDUODSODFDGHFRFFLyQSDUDHYLWDUGHVSHUIHFWRV
+DFHUHOFRUWHHQHOWHFKRRHQODSDUHGODWHUDO)LJ
5HWLUDUODVYLUXWDVGHVSXpVGHORVWUDEDMRVGHFRUWH
0RQWDMHGHODSDUDWR
: £3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
5HWLUDUODWDSD
1RWD (OVRSRUWHVHSXHGHPRYHUHQIXQFLyQGHODVLWXDFLyQGH
PRQWDMH )LJ
6XVWLWXLUHOVRSRUWHGHVPRQWDUODFKDSDUHTXHULGD\FDPELDUOD
SRVLFLyQ )LJ
$WRUQLOODUHOVRSRUWH\ODFKDSDHQODQXHYDSRVLFLyQ )LJ
,QVHUWDUHODSDUDWRFRPSOHWDPHQWHHQHOFRUWHKDVWDTXHVH
HVFXFKHFyPRHQFDMDQODVVXMHFLRQHV)LJ
$SUHWDUFRQFXLGDGRORVWRUQLOORVXQRWUDVRWURKDVWDTXHHO
DSDUDWRTXHGHHQFDVWUDGRHQODVXSHUILFLHGHPRQWDMH)LJ
1RWD 1RDSUHWDUORVWRUQLOORVHQH[FHVRSDUDQRGDxDUHO
DSDUDWR
'HVHPEDODUHOILOWURGHVRGRUL]DQWH)LJ

,QVHUWDU HO ILOWUR GHVRGRUL]DQWH \ JLUDU HO VRSRUWH GH PHWDO KDVWD HO
WRSHSDUDDVHJXUDUHOILOWURGHVRGRUL]DQWH)LJ
*LUDU \ FHUUDU OD WXHUFD PROHWHDGD HQ HO VRSRUWH GH PHWDO )LJ
(QJDQFKDUODFXELHUWDHQODVDEHUWXUDVGHODSDUWHLQIHULRUGHO
DSDUDWR)LJ
3UHVLRQDUODFXELHUWDGHVGHDEDMRSDUDFHUUDUOD)LJ
'HVPRQWDMHGHODSDUDWR
: £3HOLJURGHOHVLRQHV
/DVSLH]DVLQWHUQDVGHODSDUDWRSXHGHQWHQHUERUGHVDILODGRV
8VDUJXDQWHVSURWHFWRUHV
3UHVLRQDUODFXELHUWDGHVGHDEDMRSDUDDEULUOD
'HVHQJDQFKDU ODV VXMHFLRQHV GH OD FXELHUWD GH ODV DEHUWXUDV HQ
ODSDUWHLQIHULRUGHODSDUDWR
'HVPRQWDUHOILOWURGHVRGRUL]DQWH$JDUUDUSRUGHEDMRHOILOWUR
GHVRGRUL]DQWHFRQXQDPDQR
'HVHQURVFDU OD WXHUFD PROHWHDGD \ DEULU HO VRSRUWH PHWiOLFR SDUD
H[WUDHUHOILOWURGHVRGRUL]DQWH)LJ
$IORMDUORVWRUQLOORVGHPDQHUDFRQVHFXWLYDFRQFXLGDGR\
GHVDWRUQLOODUORVKDVWDHOWRSH
$JDUUDUODVDEHUWXUDVFRQORVSXOJDUHV\SUHVLRQDUKDFLDDUULED
ORVWHQVRUHVGHOUHVRUWH)LJ
([WUDHUHODSDUDWR
)XQFLRQDPLHQWRFRQUHFLUFXODFLyQGHDLUH
(OILOWURGHVRGRUL]DQWHHOLPLQDORVRORUHVHQHOIXQFLRQDPLHQWRFRQ
UHFLUFXODFLyQGHDLUH&DPELDUHOILOWURGHVRGRUL]DQWH YH]DODxR
HQFDVRGHIXQFLRQDPLHQWRQRUPDODSUR[ KRUDDOGtD
1RWD /RVILOWURVGHVRGRUL]DQWHQRFRQWLHQHQVXVWDQFLDV
FRQWDPLQDQWHVSRUORTXHVHSXHGHQGHVHFKDUHQODEDVXUD
GRPpVWLFD
&DPELDUHOILOWURGHVRGRUL]DQWH
3UHVLRQDUODFXELHUWDGHVGHDEDMRSDUDDEULUOD)LJ
'HVHQURVFDU OD WXHUFD PROHWHDGD \ DEULU HO VRSRUWH PHWiOLFR SDUD
H[WUDHUHOILOWURGHVRGRUL]DQWH)LJ
'HVPRQWDUHOILOWURGHVRGRUL]DQWH$JDUUDUSRUGHEDMRHOILOWUR
GHVRGRUL]DQWHFRQXQDPDQR
,QVHUWDU HO ILOWUR GHVRGRUL]DQWH \ JLUDU HO VRSRUWH GH PHWDO KDVWD HO
WRSHSDUDDVHJXUDUHOILOWURGHVRGRUL]DQWH)LJ
*LUDU \ FHUUDU OD WXHUFD PROHWHDGD HQ HO VRSRUWH GH PHWDO )LJ
3UHVLRQDUODFXELHUWDGHVGHDEDMRSDUDFHUUDUOD)LJ
ptpt
ì
,QVWUXo}HVGHPRQWDJHP
: ,QVWUXo}HVGHVHJXUDQoDLPSRUWDQWHV
/HLDDWHQWDPHQWHRSUHVHQWHPDQXDO6yDVVLPSRGHUiXWLOL]DUR
VHX DSDUHOKR GH IRUPD VHJXUD H FRUUHFWD *XDUGH DV LQVWUXo}HV GH
XWLOL]DomRHPRQWDJHPSDUDFRQVXOWDVIXWXUDVRXSDUDIXWXURV
XWLOL]DGRUHV
([DPLQHRDSDUHOKRGHSRLVGHRGHVHPEDODU6HIRUHP
GHWHFWDGRVGDQRVGHWUDQVSRUWHQmROLJXHRDSDUHOKR
6y FRP XPD PRQWDJHP HVSHFLDOL]DGD H HP FRQIRUPLGDGH FRP DV
LQVWUXo}HV GH PRQWDJHP SRGH VHU JDUDQWLGD D VHJXUDQoD GXUDQWH
DXWLOL]DomR2LQVWDODGRUpUHVSRQViYHOSHORIXQFLRQDPHQWR
FRUUHWRQRORFDOGHPRQWDJHP
3HULJRGHDVIL[LD
2PDWHULDOGHHPEDODJHPpSHULJRVRSDUDDVFULDQoDV1XQFD
GHL[HDVFULDQoDVEULQFDUHPFRPRPDWHULDOGHHPEDODJHP
3HULJRGHIHULPHQWRV
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
8VHOXYDVGHSURWHomR
3HULJRGHIHULPHQWRV
2DSDUHOKRSRGHFDLUVHQmRHVWLYHUFRUUHWDPHQWHIL[DGR7RGRV
RVHOHPHQWRVGHIL[DomRWrPGHVHUPRQWDGRVGHIRUPDIL[DH
VHJXUD
,QVWDODomR
3UHSDUDUDLQVWDODomR
■ 'HYHVHUSRVVtYHODFHGHUVHPSUREOHPDVDRORFDOGH
PRQWDJHPSDUDTXHHPFDVRGHDVVLVWrQFLDRDFHVVRDR
DSDUHOKRHVWHMDGHVLPSHGLGR
■ (QWUHRDSDUHOKRHDSODFDGHFR]LQKDUUHFRPHQGDVHXPD
GLVWkQFLDPtQLPDGH PPHPi[LPDGH PPePDLV
GLItFLO UHFROKHU RV YDSRUHV GH FR]HGXUD j PHGLGD TXH D GLVWkQFLD
UHODWLYDPHQWHjSODFDDXPHQWD
■ $GLVWkQFLDHQWUHRDSDUHOKRHRPyGXORGHUHFLUFXODomRGRDU
SRGH VHU UHGX]LGD DWp PP VH D DOWXUD GR WHWR IDOVR DOFDQoDU
SHORPHQRV PP
9HULILFDUDVXSHUItFLHGHPRQWDJHP
■ $VXSHUItFLHGHPRQWDJHPWHPGHVHUSODQDQLYHODGDH
VXILFLHQWHPHQWHUHVLVWHQWH
■ 2SHVRPi[GRDSDUHOKRpGH NJ
1RWDV
■ $V VXSHUItFLHV GR DSDUHOKR VmR VHQVtYHLV (YLWH GDQRV GXUDQWH D
LQVWDODomR
■ 9HULILTXHVHDiUHDGRQLFKRDSUHVHQWDFDERVGHRXWURV
DSDUHOKRV
■ 3DUDDIL[DomRpQHFHVViULDXPDHVWUXWXUDLQIHULRUDGHTXDGD
IL[DGHPRGRILUPHQRWHWRGHEHWmR
■ 1mRPRQWHRDSDUHOKRGLUHWDPHQWHQRVSDLQpLVGHJHVVR
FDUWRQDGRRXPDWHULDLVOHYHVVHPHOKDQWHVGRWHWRIDOVR
■ 3DUDDPRQWDJHPFRUUHWDXWLOL]HXPPDWHULDOVXILFLHQWHPHQWH
HVWiYHOHDMXVWDGRjVSURSULHGDGHVFRQVWUXWLYDVHDRSHVRGR
DSDUHOKR
3UHSDUDomRGDVXSHUItFLHGHPRQWDJHP
$HVWDELOLGDGHGDVXSHUItFLHGHPRQWDJHPWHPGHHVWDUJDUDQWLGD
PHVPRDSyVRVWUDEDOKRVGHUHFRUWH
&XEUDDSODFDGHFR]LQKDUSDUDHYLWDUGDQRVQDPHVPD
&ULHXPQLFKRQRWHWRRXSDUHGHODWHUDOILJXUD
'HSRLV GH SURFHGHU DRV WUDEDOKRV GH UHFRUWH UHPRYD DV DSDUDV
0RQWDURDSDUHOKR
: 3HULJRGHIHULPHQWRV
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
8VHOXYDVGHSURWHomR
5HWLUHDFREHUWXUD
1RWD 2VXSRUWHSRGHVHUPXGDGRFRQIRUPHDVLWXDomRGH
PRQWDJHP ILJXUD
'HVDSDUDIXVHRVXSRUWHHDFKDSDQHFHVViULDHWURTXHGH
SRVLomR ILJXUD
$SDUDIXVHRVXSRUWHHDFKDSDQDQRYDSRVLomR ILJXUD
&RORTXHRDSDUHOKRFRPSOHWDPHQWHGHQWURGRQLFKRDWpDV
VXVSHQV}HVHQJDWDUHPDXGLYHOPHQWHILJXUD
$SHUWH VHTXHQFLDOPHQWH RV SDUDIXVRV GH IRUPD FXLGDGRVD DWp
R DSDUHOKR ILFDU QLYHODGR FRP D VXSHUItFLH GH PRQWDJHP ILJXUD
1RWD 1mR DSHUWH GHPDVLDGR RV SDUDIXVRV SDUD QmR GDQLILFDU R
DSDUHOKR
'HVHPEDOHRILOWURGHRGRUHVILJXUD
,QVLUD R ILOWUR GH RGRUHV H URGH R VXSRUWH PHWiOLFR DWp DR EDWHQWH
SDUDTXHRILOWURILTXHEHPFRORFDGRILJXUD
$SHUWHDVSRUFDVVHUULOKDGDVQRVXSRUWHPHWiOLFRILJXUD
(QFDL[H D FREHUWXUD QDV DEHUWXUDV GD SDUWH LQIHULRU GR DSDUHOKR
ILJXUD
3DUDIHFKDUDFREHUWXUDSUHVVLRQHSRUEDL[RFRQWUDDPHVPD
ILJXUD
'HVPRQWDURDSDUHOKR
: 3HULJRGHIHULPHQWRV
2VFRPSRQHQWHVLQWHULRUHVGRDSDUHOKRSRGHPWHUDUHVWDVYLYDV
8VHOXYDVGHSURWHomR
3UHVVLRQHSRUEDL[RFRQWUDDFREHUWXUDSDUDDDEULU
'HVHQFDL[HRVVXSRUWHVGDFREHUWXUDGDVDEHUWXUDVQDSDUWH
LQIHLURUGRDSDUHOKR
'HVPRQWH R ILOWUR GH RGRUHV 3DUD WDO VHJXUH FRP XPD PmR SRU
EDL[RGRILOWURGHRGRUHV
'HVHQURVTXHDVSRUFDVVHUULOKDGDVHDEUDRVVXSRUWHV
PHWiOLFRVSDUDUHWLUDURILOWURGHRGRUHVILJXUD
6ROWHRVSDUDIXVRVVHTXHQFLDOPHQWHGHIRUPDFXLGDGRVDH
GHVHQURVTXHRVDWpDREDWHQWH
$OFDQFHDVDEHUWXUDVFRPRVSROHJDUHVHSUHVVLRQHDVPRODV
WHQVRUDVSDUDFLPDILJXUD
5HWLUHRDSDUHOKR
)LOWURVGHRGRUHVSDUDIXQFLRQDPHQWRSRU
FLUFXODomRGHDU
2V ILOWURV GH RGRUHV DJOXWLQDP DV VXEVWkQFLDV RGRUtIHUDV QR PRGR
GHIXQFLRQDPHQWRSRUFLUFXODomRGHDU&RPXPDXWLOL]DomR
QRUPDODSUR[KRUDSRUGLDVXEVWLWXDRILOWURGHRGRUHV[SRU
DQR
1RWD 2VILOWURVGHRGRUHVQmRFRQWrPVXEVWkQFLDVQRFLYDVH
SRGHPVHUHOLPLQDGRVMXQWDPHQWHFRPROL[RGRPpVWLFR

6XEVWLWXLUILOWURVGHRGRUHV
3UHVVLRQHSRUEDL[RFRQWUDDFREHUWXUDSDUDDDEULUILJXUD
'HVHQURVTXHDVSRUFDVVHUULOKDGDVHDEUDRVVXSRUWHV
PHWiOLFRVSDUDUHWLUDURILOWURGHRGRUHVILJXUD
'HVPRQWH R ILOWUR GH RGRUHV 3DUD WDO VHJXUH FRP XPD PmR SRU
EDL[RGRILOWURGHRGRUHV
,QVLUD R ILOWUR GH RGRUHV H URGH R VXSRUWH PHWiOLFR DWp DR EDWHQWH
SDUDTXHRILOWURILTXHEHPFRORFDGRILJXUD
$SHUWHDVSRUFDVVHUULOKDGDVQRVXSRUWHPHWiOLFRILJXUD
3DUDIHFKDUDFREHUWXUDSUHVVLRQHSRUEDL[RFRQWUDDPHVPD
ILJXUD
el
Ù
:
¨
■
■
PP PP
■
PP
PP
■
■ NJ
■
■
■
■
■
·
:
:
·
·
tr
ô
0RQWDMN×ODYX]X
: gQHPOLJYHQOLNX\DU×ODU×
%XN×ODYX]XGLNNDWOLFHRNX\XQX]$QFDNEXüHNLOGHFLKD]×JYHQOL
YHGRùUXELUELoLPGHNXOODQPDQ×]PPNQRODFDNW×U'DKDVRQUD
NXOODQ×OPDN]HUHYH\DEDüNDELULVLQLQNXOODQ×P×LoLQNXOODQ×PYH
PRQWDMN×ODYX]XQXPXKDID]DHGLQL]
$PEDODM×Do×OG×NWDQVRQUDFLKD]NRQWUROHGLOPHOLGLU%LUQDNOL\H
KDVDU×ROPDV×GXUXPXQGDFLKD]EDùODQW×V×\DS×OPDPDO×G×U
6DGHFHPRQWDMN×ODYX]XQDJ|UH\DS×OP×üX]PDQFDELUNXUPD
VD\HVLQGHNXOODQ×PJYHQOLùLJDUDQWLHGLOPLüROXU<HUOHüLP
\HULQGHVRUXQVX]oDO×üPDGDQWHVLVDWo×VRUXPOXGXU
%RùXOPDWHKOLNHVL
$PEDODMPDO]HPHOHULoRFXNODULoLQWHKOLNHOLGLUdRFXNODU×QDPEDODM
PDO]HPHOHULLOHR\QDPDODU×QDNHVLQOLNOHL]LQYHUPH\LQL]
<DUDODQPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFXHOGLYHQOHU
NXOODQ×Q×]
<DUDODQPDWHKOLNHVL
&LKD]JHUHNWLùLJLELVDELWOHQPHPLüVHGüHELOLU7PVDELWOHPH
HOHPDQODU×V×N×OP×üYHJYHQOLELUüHNLOGHPRQWHHGLOPLüROPDO×G×U

.XUXOXP
0RQWDMKD]×UO×ù×
■ &LKD]×Q WDPLU GXUXPXQGD HQJHOVL] ELU HULüLP NRQXPXQGD ROPDV×
Do×V×QGDQNXUXOXPDODQ×QDHULüLPVRUXQVX]ROPDO×G×U
■ &LKD]YHRFDù×QDUDV×LoLQHQD] PPYHHQoRN PP
|OoOHULQGHELUPHVDIHWDYVL\HHGLOLU0HVDIHQLQDUWPDV×\ODRFDN
J|]QGHQo×NDQSLüLUPHEXKDUODU×Q×QWXWXOPDV×]RUODü×U
■ &LKD] YH KDYD VLUNODV\RQ PRGO DUDV×QGDNL PHVDIH PP\H
NDGDUGüUOHELOLUE|\OHFHDVPDWDYDQ×Q\NVHNOLùLHQD]
PPROXU
0RQWDM\]H\LQLQNRQWUROHGLOPHVL
■ 0RQWDM\]H\LG]\DWD\ROPDO×YH\HWHUOLWDü×PDNDSDVLWHVLQH
VDKLSROPDO×G×U
■ &LKD]×QPDNVDù×UO×ù× NJG×U
%LOJLOHU
■ &LKD]×Q\]H\OHULKDVVDVW×U0RQWDMV×UDV×QGDRODV×KDVDUODUGDQ
NDo×Q×Q×]
■ 'LùHUFLKD]ODU×QPHYFXWNDEORG|üHPHOHULQLGHYUHNHVLFLDODQ×
Do×V×QGDQNRQWUROHGLQL]
■ 6DELWOHPHLoLQEHWRQWDYDQDVDELWOHQPLüX\JXQELUDOWLVNHOHW
JHUHNOLGLU
■ &LKD] GRùUXGDQ DVPD WDYDQGDNL DOo×SDQ SODNDODUD YH\D EHQ]HU
KDILI\DS×PDO]HPHOHULQHPRQWHHGLOPHPHOLGLU
■ 8VXOQHX\JXQPRQWDMLoLQ\HWHULQFHVWDELOLQüDDWRUWDP×QDYH
FLKD]Dù×UO×ù×QDX\JXQELUPDO]HPHNXOODQ×OPDO×G×U
0RQWDM\]H\LQLQKD]×UODQPDV×
0RQWDM\]H\LQLQVWDELOLWHVLNHVPHoDO×üPDODU×VRQUDV×QGDGD
JDUDQWLHGLOPHOLGLU
+DVDUJ|UPHVLQLHQJHOOHPHNLoLQRFDù×Q]HULQLNDSDW×Q×]
7DYDQYH\D\DQGXYDUGDELUNHVLWROXüWXUXQX]5HVLP
.HVPHLüOHPLQGHQVRQUDWDODüODU×WHPL]OH\LQL]
&LKD]×QPRQWHHGLOPHVL
: <DUDODQPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFXHOGLYHQOHU
NXOODQ×Q×]
.DSDù×o×NDU×Q×]
%LOJL 5DNRUPRQWDMNRQXPXQDEDùO×RODUDNND\G×U×ODELOLU
5HVLP
5DNRUXYHJHUHNOLVDF×V|NQ]YHNRQXPXQXGHùLüWLULQL]
5HVLP
5DNRUXYHVDF×\HQLNRQXPODU×QDYLGDOD\×Q×] 5HVLP
$VPDWHUWLEDW×GX\XOXUELUELoLPGH\HULQHRWXUDQDNDGDUFLKD]×
WDPDPHQNHVLGH\HUOHüWLULQL]5HVLP
&LKD]PRQWDM\]H\LQHG]WHPDVHGHQHNDGDUYLGDODU×V×UD\OD
V×N×Q×]5HVLP
%LOJL &LKD]D]DUDUYHUPHPHNLoLQYLGDODU×oRNID]ODV×NPD\×Q×]
.RNXILOWUHVLQLQSDNHWLQLDo×Q×]5HVLP
.RNXILOWUHVLQLWDN×Q×]YHPHWDONROXGD\DQDNQRNWDV×QDNDGDU
G|QGUQ]NRNXILOWUHVL\HULQHRWXUXU5HVLP
0HWDOEUDNHW]HULQGHNLW×UW×OO×VRPXQODU×V×N×Q×]5HVLP
.DSDù×FLKD]×QDOWWDUDI×QGDNLGHOLNOHUHRWXUWXQX]5HVLP
.DSDù×NDSDWPDNLoLQDOWWDQEXQODU×Q]HULQHEDVW×U×Q×]
5HVLP
&LKD]×QV|NOPHVL
: <DUDODQPDWHKOLNHVL
&LKD]LoLQGHNLSDUoDODUNHVNLQNHQDUO×RODELOLU.RUX\XFXHOGLYHQOHU
NXOODQ×Q×]
$oPDNLoLQDOWWDQNDSDùDGRùUXEDVW×U×Q×]
.DSDNWXWXFXODU×Q×FLKD]×QDOWWDUDI×QGDNLGHOLNOHUGHQo×NDU×Q×]
.RNXILOWUHVLQLV|NQ]%XV×UDGDELUHOLQL]OHNRNXILOWUHVLQLQ
DOW×QGDQWXWXQX]
7×UW×OO×VRPXQODU×Do×Q×]YHPHWDOEUDNHWLDoDUDNNRNXILOWUHVLQL
o×NDU×Q×]5HVLP
9LGDODU×DUNDDUND\DGLNNDWOLFHJHYüHWLQL]YHGD\DQDNQRNWDV×QD
NDGDUV|NQ]
%DüSDUPDù×Q×]×GHOLNOHUHNR\XQX]YH\D\JHUJLVLQL\XNDU×GRùUX
EDVW×U×Q×]5HVLP
&LKD]×o×NDU×Q×]
+DYDGRODü×P×PRGXLoLQNRNXILOWUHVL
.RNXILOWUHOHULKDYDGRODü×P×PRGXQGDNLNRNXSDUoDF×NODU×Q×
ELUOHüWLULU.RNXILOWUHVLQLQRUPDOLüOHWLPGH\×OGDJQON\DNODü×N
VDDWGHIDGHùLüWLULQL]
%LOJL .RNXILOWUHOHUL]DUDUO×PDGGHOHULoHUPH]YHHYVHODW×NODUOD
ELUOLNWHLPKDHGLOHELOLU
.RNXILOWUHVLQLQGHùLüWLULOPHVL
$oPDNLoLQDOWWDQNDSDùDGRùUXEDVW×U×Q×]5HVLP
7×UW×OO×VRPXQODU×Do×Q×]YHPHWDOEUDNHWLDoDUDNNRNXILOWUHVLQL
o×NDU×Q×]5HVLP
.RNXILOWUHVLQLV|NQ]%XV×UDGDELUHOLQL]OHNRNXILOWUHVLQLQ
DOW×QGDQWXWXQX]
.RNXILOWUHVLQLWDN×Q×]YHPHWDONROXGD\DQDNQRNWDV×QDNDGDU
G|QGUQ]NRNXILOWUHVL\HULQHRWXUXU5HVLP
0HWDOEUDNHW]HULQGHNLW×UW×OO×VRPXQODU×V×N×Q×]5HVLP
.DSDù×NDSDWPDNLoLQDOWWDQEXQODU×Q]HULQHEDVW×U×Q×]
5HVLP
ru
î
Ημπροςιυηώξνλνμρίες
: Αίεμϊδξοίαηκίρδτμηιηΰδζνξίπμνπρη
ΌηβζΪμίεφηθικθρβμΪγμίήΪηηθίκνδθάθήλμάθΘηθιθζθΰίμάΪζ
ηΪνρβμφλωικΪάβεφηθβΫίαθιΪληθιθεφαθάΪμφλωικβΫθκθζ
ΛθοκΪηωγμίκνδθάθήλμάθιθχδλιενΪμΪπββββηλμκνδπβψιθ
ζθημΪΰνήεωήΪεφηίγςίέθβλιθεφαθάΪηβωβεβήεωιίκίήΪρβ
ηθάθζνάεΪήίεφπν
ΚΪλιΪδνγμί β θλζθμκβμί ικβΫθκ Ηί ιθήδεψρΪγμί ικβΫθκ ίλεβ θη
ΫυειθάκίΰήίηάθάκίζωμκΪηλιθκμβκθάδβ
ίαθιΪληθλμφχδλιενΪμΪπββέΪκΪημβκνίμλωμθεφδθικβ
δάΪεβξβπβκθάΪηηθγλΫθκδίλλθΫεψήίηβίζβηλμκνδπββιθ
ζθημΪΰνΑΪΫίανικίρηθλμφξνηδπβθηβκθάΪηβωθμάίμλμάίηηθλμφ
ηίλϋμζθημϋκ
Νξίπμνπρϋςγςχϋώ
ΝιΪδθάθρηυγζΪμίκβΪεικίήλμΪάεωίμθιΪληθλμφήεωήίμίγ
ΗβδθέήΪηίιθαάθεωγμίήίμωζβέκΪμφλνιΪδθάθρηυζζΪμίκβΪεθζ
Νξίπμνπρϋροίαληοναίμηώ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ
Νξίπμνπρϋροίαληοναίμηώ
ΏλεβικβΫθκηίαΪξβδλβκθάΪηηΪήείΰΪσβζθΫκΪαθζθηζθΰίμ
νιΪλμφΌλίχείζίημυδκίιείηβωήθεΰηυΫυμφηΪήϋΰηθ
νλμΪηθάείηυ
πρίμναιί
Ξνγβνρναιίιςπρίμναιδ
■ ΖίλμθνλμΪηθάδβήθεΰηθθλμΪάΪμφλωάλάθΫθήηθζήθλμνιί
ρμθΫυάλενρΪίλίκάβληθέθθΫλενΰβάΪηβωδικβΫθκνΫυε
θΫίλιίρίηΫίλικίιωμλμάίηηυγήθλμνι
■ ΚίδθζίηήνίζθίζβηβζΪεφηθίκΪλλμθωηβίζίΰήνικβΫθκθζβ
άΪκθρηθγ ιΪηίεφψ ³ ζζ Ϊ ζΪδλβζΪεφηθί ³ ζζ Ικβ
ΫθεφςίζκΪλλμθωηββήθδθηξθκδβδνοθηηυίβλιΪκίηβω
ιθέεθσΪψμλωλμκνήθζ
■ ΚΪλλμθωηβίζίΰήνικβΫθκθζβπβκδνεωπβθηηυζζθήνείζ
ζθΰίμΫυμφνζίηφςίηθήθζζικβνλεθάββρμθάυλθμΪ
ιθήάίληθέθιθμθεδΪλθλμΪάεωίμηίζίηίίζζ
Ξοναδοιίξναδοτμνπρηαπροίηαίμηώ
■ Ιθάίκοηθλμφ άλμκΪβάΪηβω ήθεΰηΪ Ϋυμφ κθάηθγ έθκβαθημΪεφηθγ
βήθεΰηΪάυήίκΰβάΪμφήθλμΪμθρηνψηΪέκναδν
■ ΖΪδλβζΪεφηυγάίλικβΫθκΪλθλμΪάεωίμ ιβ
ιίζίμηώ
■ ΖθΰηθείέδθιθάκίήβμφιθάίκοηθλμβικβΫθκΪΙκβνλμΪηθάδί
βαΫίέΪγμίιθάκίΰήίηβγ
■ Ικθάίκφμί θΫεΪλμφ άυκίαΪ ηΪ ηΪεβρβί ικθεθΰίηηυο δΪΫίείγ θμ
ήκνέβοικβΫθκθά
■ ΎεωξβδλΪπββμκίΫνίμλωιθήοθήωσβγδΪκδΪληΪήϋΰηθ
αΪδκίιεϋηηυγάΫίμθηηθζιίκίδκυμββ
■ ΗίζθημβκνγμίικβΫθκικωζθάέβιλθδΪκμθηηυοιεβμΪοβεβ
ιθήθΫηυοεϋέδβολμκθβμίεφηυοζΪμίκβΪεΪοιθήάίληθέθ
ιθμθεδΪ
■ ΡμθΫυνλμΪηθάβμφικβΫθκηΪήείΰΪσβζθΫκΪαθζβλιθεφανγμί
ικθρηυίζΪμίκβΪευιθήοθήωσβίήεωλμκθβμίεφηυοκΪΫθμβ
κΪλλρβμΪηηυίηΪάίλικβΫθκΪ
Ξνγβνρναιίξναδοτμνπρηαπροίηαίμηώ
ΙθλείάυιθεηίηβωκΪΫθμιθάυκίαΪηβψικθίζθάλείήνίμ
ικθάίκβμφνλμθγρβάθλμφιθάίκοηθλμβάλμκΪβάΪηβω
ΌθβαΫίΰΪηβίιθάκίΰήίηβγηΪδκθγμίάΪκθρηνψιΪηίεφ
ΛήίεΪγμί άυκία ά άίκοηίγ ιΪηίεβ βεβ ά Ϋθδθάθγ λμίηδί οηπ
ΙθλείάυιθεηίηβωάυκίαΪνήΪεβμίθιβεδβ
πρίμναιίξοηΰνοί
: Νξίπμνπρϋροίαληοναίμηώ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ

Ληβζβμίδκυςδν
ιίζίμηδ Ό αΪάβλβζθλμβ θμ άΪκβΪημΪ νλμΪηθάδβ ςμνπίκ ζθΰηθ
λήάβηνμφ οηπ
Θμάβημβμίςμνπίκβηνΰηυγσβμθδβιθζίηωγμίιθεθΰίηβί
οηπ
ΑΪδκίιβμί ςμνπίκ β σβμθδ ά ηθάθζ ιθεθΰίηββ άβημΪζβ οηπ
ΙθεηθλμφψάλμΪάφμίικβΫθκάάυκίαμΪδρμθΫυθη
αΪξβδλβκθάΪελωάδκίιείηβωολθλευςβζυζσίερδθζοηπ
ΘλμθκθΰηθαΪμωηβμίάβημυθήβηαΪήκνέβζιθδΪικβΫθκηί
ΫνήίμικβείέΪμφδιθάίκοηθλμβάλμκΪβάΪηβωαΪιθήεβπθοηπ
ιίζίμηδ ΑΪμωέβάΪγμίάβημυηίλεβςδθζμνέθρμθΫυβαΫίΰΪμφ
ιθάκίΰήίηβγικβΫθκΪ
ΚΪλιΪδνγμίιθέεθμβμίεφαΪιΪοθάοηπ
ΝλμΪηθάβμίιθέεθμβμίεφαΪιΪοθάβήθνιθκΪιθάίκηβμί
ζίμΪεεβρίλδνψλδθΫνήεωηΪήϋΰηθέθικβείέΪηβωιθέεθμβμίεω
αΪιΪοθάοηπ
ΑΪδκνμβμίέΪγδβληΪδΪμδθγηΪζίμΪεεβρίλδθγλδθΫίοηπ
ΗΪάίλφμί δκυςδν ρίκία θμάίκλμβω ηΪ ηβΰηίγ λμθκθηί ικβΫθκΪ
οηπ
ΗΪήΪάβμίηΪδκυςδνληβανρμθΫυαΪδκυμφίϋοηπ
Πμώρηδξοηΰνοί
: Νξίπμνπρϋροίαληοναίμηώ
ΗίδθμθκυίήίμΪεβάηνμκβικβΫθκΪβζίψμθλμκυίδκθζδβ
ΒλιθεφανγμίαΪσβμηυίιίκρΪμδβ
ΗΪήΪάβμίηΪδκυςδνληβανρμθΫυθμδκυμφίϋ
Ληβζβμί δκίιείηβω δκυςδβ ρίκία θμάίκλμβω ηΪ ηβΰηίγ λμθκθηί
ικβΫθκΪ
ΛηβζβμίιθέεθμβμίεφαΪιΪοθάικβήίκΰβάΪωίέθαΪηβΰηψψ
ρΪλμφκνδθγ
ΘμδκνμβμίέΪγδβληΪδΪμδθγβθμδκθγμίζίμΪεεβρίλδνψλδθΫν
ρμθΫυάυηνμφιθέεθμβμίεφαΪιΪοθάοηπ
ΘλμθκθΰηθάυδκνρβάΪγμίάβημυθήβηαΪήκνέβζΌυάίκηβμίβο
ιθεηθλμφψ
ΌλμΪάφμίΫθεφςβίιΪεφπυάθμάίκλμβωβάυήΪάβμίάάίκο
νλμκθγλμάθήεωλΰΪμβωικνΰβηοηπ
ΒαάείδβμίικβΫθκ
Ξνβκνρηρδκϋζίξίτναγκώοδεηλίυηοιςκώυηη
ανζγςτί
ΙθέεθμβμίεφαΪιΪοθάαΪήίκΰβάΪίμηίικβωμηυίαΪιΪοβάκίΰβζί
πβκδνεωπββάθαήνοΪΙκβηθκζΪεφηθγχδλιενΪμΪπββίΰίήηίάηθ
ικβζρΪλιθέεθμβμίεφαΪιΪοθάαΪζίηωίμλωκΪαάέθή
ιίζίμηδ ΙθέεθμβμίεβαΪιΪοθάηίλθήίκΰΪμάκίήηυοάίσίλμάβ
ζθένμνμβεβαβκθάΪμφλωλΫυμθάυζζνλθκθζ
Ζίλδμίξνβκνρηρδκώζίξίτνα
ΗΪήΪάβμίηΪδκυςδνληβανρμθΫυθμδκυμφίϋοηπ
ΘμδκνμβμίέΪγδβληΪδΪμδθγβθμδκθγμίζίμΪεεβρίλδνψλδθΫν
ρμθΫυάυηνμφιθέεθμβμίεφαΪιΪοθάοηπ
ΛηβζβμίιθέεθμβμίεφαΪιΪοθάικβήίκΰβάΪωίέθαΪηβΰηψψ
ρΪλμφκνδθγ
ΝλμΪηθάβμίιθέεθμβμίεφαΪιΪοθάβήθνιθκΪιθάίκηβμί
ζίμΪεεβρίλδνψλδθΫνήεωηΪήϋΰηθέθικβείέΪηβωιθέεθμβμίεω
αΪιΪοθάοηπ
ΑΪδκνμβμίέΪγδβληΪδΪμδθγηΪζίμΪεεβρίλδθγλδθΫίοηπ
ΗΪήΪάβμίηΪδκυςδνληβανρμθΫυαΪδκυμφίϋοηπ
et
Ü
3DLJDOGXVMXKHQG
: 2OXOLVHGRKXWXVQ}XGHG
/XJHJHNDVXWXVMXKHQGKRROLNDOWOlEL6HOOHVWOHLDWHYDMDOLNXWHDEH
VHDGPHRKXWXNVMD}LJHNVNlVLWVHPLVHNV+RLGNHNDVXWXVMD
SDLJDOGXVMXKHQGDOOHVKLOLVHPDNVNDVXWDPLVHNVY}LVHDGPH
MlUJPLVWHRPDQLNHWDUYLV
.RQWUROOLJHVHDGHSlUDVWSDNHQGLHHPDOGDPLVWOH7UDQVSRUGLO
WHNNLQXGYLJDVWXVWHWXYDVWDPLVHNRUUDOlUJHKHQGDJHVHDGHW
YRROXY}UNX
7XUYDOLQHNDVXWDPLQHRQWDJDWXGDLQXOWVLLVNXLSDLJDOGDPLQH
WRLPXEYDVWDYDOWSDLJDOGXVMXKHQGLOH3DLJDOGDWXGVHDGPHYHDWX
W||HHVWYDVWXWDESDLJDOGDMD
/lPEXPLVRKW
3DNNHPDWHUMDORQODVWHOHRKWOLN/DVWHOHLWRKLNXQDJLOXEDGD
SDNNHPDWHUMDOLJDPlQJLGD
9LJDVWXVWHRKW
6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
9LJDVWXVWHRKW
6HDGHPLVHLROHQ}XHWHNRKDVHOWNLQQLWDWXGY}LEDOODNXNNXGD
.}LNNLQQLWXVGHWDLOLGSHDYDGROHPDNLQGODOWMDRKXWXOWSDLJDOGDWXG
3DLJDOGDPLQH
3DLJDOGDPLVHHWWHYDOPLVWDPLQH
■ 3DLJDOGXVNRKWSHDEROHPDWDNLVWXVWHWDOLJLSllVHWDYHW
VHDGPHOH ROHNV YDMDGXVH NRUUDO Y}LPDOLN YDEDOW MXXUGH SllVHGD
■ 6RRYLWDYYDKHNDXJXVVHDGPHMDSOLLGLSODDGLYDKHORQ
PLQLPDDOVHOWPPMDPDNVLPDDOVHOWPP.HHWPLVHO
WHNNLYDWDXUXRQVHGDUDVNHPNLQQLSGDPLGDVXXUHPRQ
YDKHNDXJXVNHHGXDODQL
■ 6HDGPHMD}KXULQJOXVPRRGXOLYDKHNDXJXVWY}LEYlKHQGDGD
PPSHDOHNXLULSSODHN}UJXVRQYlKHPDOWPP
3LQQDNRQWUROOLPLQH
■ 3LQGSHDEROHPDKHWDVDQHORRGLVMDSLLVDYDOWVWDELLOQH
■ 6HDGPHPDNVLPDDOQHNDDORQ NJ
0lUNXVHG
■ 6HDGPH SLQG RQ WXQGOLN3DLJDOGDPLVHO ROJH HWWHYDDWOLN HW YlOWLGD
SLQQDNDKMXVWDPLVW
■ .RQWUROOLJHHWYlOMDO}LNHWHJHPLVHSLLUNRQQDVHLROHWHLVWH
VHDGPHWHMXKWPHLG
■ .LQQLWDPLVHNVOlKHEYDMDVRELYDWDOXVUDDPLPLVRQNLQGODOW
EHWRRQODHNOJHNLQQLWDWXG
■ bUJHSDLJDOGDJHVHDGHWRWVHULSSODHNLSVSODDGLY}LPXX
NHUJPDWHUMDOLNOJH
■ 1}XHWHNRKDVHNVSDLJDOGDPLVHNVWXOHENDVXWDGDSLLVDYDOW
VWDELLOVHWPDWHUMDOLPLVVRELEHKLWXVWHKQLOLVWHWLQJLPXVWHMD
VHDGPHNDDOXJD
3LQQDHWWHYDOPLVWDPLQH
3LQQDVWDELLOVXVSHDEROHPDWDJDWXGNDSlUDVWYlOMDO}LJHWH
WHJHPLVW
.DWNHSOLLGLSODDWNLQQLHWYlOWLGDNDKMXVWXVL
7HKNHODNNHY}LNOJVHLQDYlOMDO}LJHMRRQLV
3lUDVWYlOMDO}LJHWHWHJHPLVWHHPDOGDJHODDVWXGMDVDHSXUX
6HDGPHNRNNXSDQHN
: 9LJDVWXVWHRKW
6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
(HPDOGDJHNDWH
0lUNXV 7XWVLVDDEDVXNRKDVWROHQHYDOWQLKXWDGD MRRQLV
.UXYLJHPDKDWXWVMDYDMDPLQHYSOHNNQLQJYDKHWDJHDVXNRKWD
MRRQLV
.UXYLJHWXWVMDSOHNNXXGHDVXNRKWD MRRQLV
$VHWDJHVHDGHWlLHOLNXOWYlOMDO}LNHVVHNXQLNLQQLWLGNXXOGDYDOW
NRKDOHILNVHHUXYDGMRRQLV
3LQJXWDJHN}LNNUXYLGNVWHLVHMlUHOHWWHYDDWOLNXOWNLQQLNXQL
VHDGHRQSLQQDJDKHWDVDMRRQLV
0lUNXV bUJHSLQJXWDJHNUXYLVLGNLQQLOLLJDWXJHYDVWLHWVHDGHW
PLWWHNDKMXVWDGD
9}WNHO}KQDILOWHUSDNHQGLVWYlOMDMRRQLV
3DLJDOGDJHO}KQDILOWHUMDNHHUDNHPHWDOOWXJHVLGNXQLSLLULNXQLHW
O}KQDILOWHUROHNVNLQGODOWNLQQLMRRQLV
.HHUDNHNLQQLPHWDOOWRHULKYHOGDWXGPXWULGMRRQLV
.LQQLWDJHNDWHVHDGPHS}KMDDYDGHVVHMRRQLV
.DWWHVXOJHPLVHNVVXUXJHDOWYDVWXNDWHWMRRQLV
6HDGPHODKWLY}WPLQH
: 9LJDVWXVWHRKW
6HDGPHVLVHGHWDLOLGY}LYDGROODWHUDYDWHVHUYDGHJD.DQGNH
NDLWVHNLQGDLG
.DWWHDYDPLVHNVVXUXJHDOWYDVWXNDWHW
9}WNHNDWWHNLQQLWLGVHDGPHS}KMDDYDGHVWYlOMD
(HPDOGDJHO}KQDILOWHU6HHMXXUHVWRHWDJHO}KQDILOWULWKHNlHJD
DOW
.HHUDNHULKYHOGDWXGPXWULGODKWLMDDYDJHPHWDOOWRHGHW
O}KQDILOWULWYlOMDY}WWDMRRQLV
.HHUDNHNUXYLGNVWHLVHMlUHOHWWHYDDWOLNXOWODKWLMDNHHUDNHNXQL
SLLULNXQLYlOMD
9LLJHS|LGODGDYDGHVVHMDVXUXJHYHGUXSLQJXWLOHVMRRQLV
(HPDOGDJHVHDGH
/}KQDILOWHU}KXULQJOXVUHçLLPLMDRNV
/}KQDILOWULGVHRYDGWHNNLYDGO}KQDG}KXULQJOXVUHçLLPLO
7DYDNDVXWXVHNRUUDOLJDSlHYXPEHVWXQGYDKHWDJHO}KQDILOWULW
NRUGDDVWDV
0lUNXV /}KQDILOWULGHLVLVDOGDNDKMXOLNNHDLQHLGMDQHLGY}LE
NlLGHOGDNRRVROPHMllWPHWHJD

/}KQDILOWULYDKHWDPLQH
.DWWHDYDPLVHNVVXUXJHDOWYDVWXNDWHWMRRQLV
.HHUDNHULKYHOGDWXGPXWULGODKWLMDDYDJHPHWDOOWRHGHW
O}KQDILOWULWYlOMDY}WWDMRRQLV
(HPDOGDJHO}KQDILOWHU6HHMXXUHVWRHWDJHO}KQDILOWULWKHNlHJD
DOW
3DLJDOGDJHO}KQDILOWHUMDNHHUDNHPHWDOOWXJHVLGNXQLSLLULNXQLHW
O}KQDILOWHUROHNVNLQGODOWNLQQLMRRQLV
.HHUDNHNLQQLPHWDOOWRHULKYHOGDWXGPXWULGMRRQLV
.DWWHVXOJHPLVHNVVXUXJHDOWYDVWXNDWHWMRRQLV
lt
ä
0RQWDYLPRLQVWUXNFLMD
: 6YDUEŠVVDXJRVQXURG\PDL
$WLGçLDLSHUVNDLW\NLWHåLĉLQVWUXNFLMĉ7LNWDGDJDOėVLWHVDXJLDLLU
WLQNDPDLQDXGRWLVSULHWDLVX,åVDXJRNLWHQDXGRMLPRLUPRQWDYLPR
LQVWUXNFLMĉNDGJDOėWXPėWHYėOLDXSDVLQDXGRWLDUEDSHUGXRWL
QDXMDPVDYLQLQNXL
,åSDNXRNLWH SULHWDLVĉ LU Mĭ SDWLNULQNLWH -HL WUDQVSRUWXRMDQW SULHWDLVDV
EXYRSDçHLVWDVMRQHSULMXQNLWH
3ULHWDLVDVVDXJLDLQDXGRMLPDVWLNWXRPHWMHLMLVWLQNDPDL
VXPRQWXRWDVODLNDQWLVPRQWDYLPRLQVWUXNFLMRVĬUHQJLPRGDUEXV
DWOLHNDQWLVDVPXRDWVDNLQJDVXçQHSULHNDLåWLQJĉYHLNLPĉVWDW\PR
YLHWRMH
.\ODSDYRMXVXçGXVWL
3DNXRWėSDYRMLQJDYDLNDPV1LHNXRPHWQHOHLVNLWHçDLVWLYDLNDPV
VXSDNXRWėVPHGçLDJRPLV
3DYRMXVVXVLçHLVWL
3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
3DYRMXVVXVLçHLVWL
-HL SULHWDLVDV SULWYLUWLQWDV QHWLQNDPDL MLV JDOL QXNULVWL 9LVL WYLUWLQLPR
HOHPHQWDLWXULEŠWLWYLUWDLLUVDXJLDLSULYHUçWL
ĬUHQJLPDV
3DVLUXRåLPDVPRQWXRWL
■ 3ULHPRQWDYLPRYLHWRVWXULEŠWLQHVXGėWLQJDSULHLWLNDGSULUHLNXV
UHPRQWXRWLSULHWDLVDVEŠWŨOHQJYDLSDVLHNLDPDV
■ 5HNRPHQGXRMDPDVPDçLDXVLDVDWVWXPDVWDUSSULHWDLVRLU
NDLWOHQWėV\UD PPRGLGçLDXVLDV² PP-HLDWVWXPDV
LNLNDLWYLHWėVGLGHVQLVJDPLQDQWPDLVWĉVXVLGDUDQW\VJDUDL
VXUHQNDPLSUDVĀLDX
■ $WVWXPĉ WDUS SULHWDLVR LU UHFLUNXOLDFLMRV PRGXOLR JDOLPD VXPDçLQWL
LNL PPMHLNDEDPŨMŨOXEŨDXNåWLV\UDPDçLDXVLDL PP
ĬPRQWDYLPRSDYLUåLDXVWLNULQLPDV
■ ĬPRQWDYLPRSDYLUåLXVWXULEŠWLO\JXVKRUL]RQWDOXVLUWLQNDPDV
SODQXRMDPDLDSNURYDL
■ 0DNVSULHWDLVRVYRULV\UD NJ
3DVWDERV
■ 3ULHWDLVRSDYLUåLDLOHQJYDLSDçHLGçLDPL0RQWXRGDPLSULHWDLVĉ
VWHQNLWėVMRQHSDçHLVWL
■ 3DWLNULQNLWHLåSMDXWĉVULWĭNDEHOLXLWLHVWLQXRNLWŨSULHWDLVŨ
■ 1RULQWSULWYLUWLQWLJDUŨULQNWXYĉUHLNLDQDXGRWLWLQNDPĉDSDWLQĭ
UėPĉNXULVWYLUWDLXçILNVXRWDVEHWRQLQėVHOXERVH
■ /XEŨYHQWLOLDFLMRVQHJDOLPDPRQWXRWLWLHVLDLĭNDEDPŨMŨOXEŨ
JLSVNDUWRQLRSORNåWHVDUSDQDåLDVOHQJYRVNRQVWUXNFLMRV
PHGçLDJDV
■ 1RUėGDPL SULPRQWXRWL WLQNDPDL QDXGRNLWH SDNDQNDPDL VWDELOLDV
VWDW\EŨVĉO\JRPVLUSULHWDLVRVYRULXLSULWDLN\WDVPHGçLDJDV
ĬPRQWDYLPRSDYLUåLDXVSDUXRåLPDV
ĬPRQWDYLPRSDYLUåLXVWXULOLNWLVWDELOXVLUEDLJXVMĭSMDXVW\WL
.DGQHVXJDGLQWXPėWHNDLWOHQWėVMĉXçGHQNLWH
/XERVHDUEDåRQLQėMHVLHQRMHLåSMDXNLWHDQJĉSDY
%DLJęSMDXVW\WLSDåDOLQNLWHSMXYHQDV
3ULHWDLVRPRQWDYLPDV
: 3DYRMXVVXVLçHLVWL
3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
,åLPNLWHGDQJWHOĭ
3DVWDED $WYDP]Gĭ JDOLPD SHUVWDW\WL SDJDO ĭPRQWDYLPR SDGėWĭ
SDY
$WVXNLWHDWYDP]GĭLUUHLNDOLQJĉSORNåWHOęLUSDNHLVNLWHSDGėWĭ
SDY
$WYDP]GĭLUSORNåWHOęSULVXNLWHQDXMRMHSDGėW\MH SDY
3ULHWDLVĉVWXPNLWHĭLåSMDXWĉDQJĉNROLåJLUVLWHNDGXçVLILNVDYR
ODLNLNOLDLSDY
9DUçWXVYLHQĉSRNLWRSULYHUçNLWHSRYLHQĉNROSULHWDLVDVVDYR
SDYLUåLXPLSULJOXVSULHĭPRQWDYLPRSDYLUåLDXVSDY
3DVWDED 9DUçWŨQHSULYHUçNLWHODEDLVWLSULDLNDG
QHVXJDGLQWXPėWHSULHWDLVR
,åSDNXRNLWHNYDSŨILOWUĉSDY
ĬGėNLWH NYDSŨ ILOWUĉ R PHWDOLQę DSNDEĉ VXNLWH NRO XçVLILNVXRV NDG
NYDSŨILOWUDVVDXJLDLSULVLVSDXVWŨ SDY
3ULVXNLWHPHWDOLQėVDSNDERVULHYėWĉVLDVYHUçOHV SDY
'DQJWHOĭĭNDELQNLWHĭDQJDVDSDWLQėMHSULHWDLVRSXVėMHSDY
1RUėGDPLXçGDU\WLGDQJWHOĭSDVSDXVNLWHMĭLåDSDĀLRV SDY
3ULHWDLVRLåPRQWDYLPDV
: 3DYRMXVVXVLçHLVWL
3ULHWDLVRYLGXMHHVDQĀLRVNRQVWUXNFLQėVGDO\VJDOLEŠWLDåWULRV
0ŠYėNLWHDSVDXJLQHVSLUåWLQHV
,åDSDĀLRVVSDXVNLWHGDQJWHOĭNDGMĭDWLGDU\WXPėWH
'DQJWHOLR ODLNLNOLXV LåNDELQNLWH Lå DQJŨ SULHWDLVR DSDWLQėMH SXVėMH
,åPRQWXRNLWH NYDSŨ ILOWUĉ 5DQND VXLPNLWH NYDSŨ ILOWUĉ Lå DSDĀLRV
5LIOLXRWĉVLDVYHUçOHVDWVXNLWHLUDWLGDU\NLWHPHWDOLQHVDSNDEDV
NDGLåLPWXPėWHNYDSŨILOWUĉSDY
$WVXNLWHYLHQĉSRNLWRYDUçWXVLåVXNLWHLNLILNVDWRULDXV
1\NåĀLX SDVSDXVNLWH DQJDV R VS\UXRNOLQĭ ĭWHPSLNOĭ SDVSDXVNLWH ĭ
YLUåŨSDY
,åLPNLWHSULHWDLVĉ
.YDSŨILOWUDVVNLUWDVUHFLUNXOLDFLMRVUHçLPXL
ĬMXQJXVUHFLUNXOLDFLMRVUHçLPĉNYDSŨILOWUDVVXJHULDNYDSXV
ĬSUDVWDLHNVSORDWXRMDQWNDVGLHQDS\WLNVOYDODQGĉNYDSŨILOWUĉ
UHLNLDNHLVWLYLHQĉNDUWĉSHUPHWXV
3DVWDED .YDSŨILOWUXRVHQėUDNHQNVPLQJŨMŨPHGçLDJŨMXRV
JDOLPDLåPHVWLNDUWXVXEXLWLQėPLVDWOLHNRPLV
.YDSŨILOWURNHLWLPDV
,åDSDĀLRVVSDXVNLWHGDQJWHOĭNDGMĭDWLGDU\WXPėWHSDY
5LIOLXRWĉVLDVYHUçOHVDWVXNLWHLUDWLGDU\NLWHPHWDOLQHVDSNDEDV
NDGLåLPWXPėWHNYDSŨILOWUĉSDY
,åPRQWXRNLWH NYDSŨ ILOWUĉ 5DQND VXLPNLWH NYDSŨ ILOWUĉ Lå DSDĀLRV
ĬGėNLWH NYDSŨ ILOWUĉ R PHWDOLQę DSNDEĉ VXNLWH NRO XçVLILNVXRV NDG
NYDSŨILOWUDVVDXJLDLSULVLVSDXVWŨ SDY
3ULVXNLWHPHWDOLQėVDSNDERVULHYėWĉVLDVYHUçOHV SDY
1RUėGDPLXçGDU\WLGDQJWHOĭSDVSDXVNLWHMĭLåDSDĀLRV SDY
lv
å
0RQWąçDVLQVWUXNFLMD
: 6YDUĩJDVGURåĩEDVQRUąGHV
8]PDQĩJLL]ODVLHWåRSDPąFĩEX7LNDLWDG-ŠVYDUēVLHWGURåLXQ
SDUHL]LOLHWRWVDYXLHUĩFL/LHWRåDQDVLQVWUXNFLMXVDJODEąMLHWODL
YDUēWXWRL]PDQWRWYēOąNYDLDUĩYDMDG]ĩEDVJDGĩMXPąQRGRW
QąNDPDMDPĩSDåQLHNDP
3ēFL]VDLŁRåDQDVSąUEDXGLHWLHUĩFL-DWUDQVSRUWēMRWUDGXåLHV
ERMąMXPLLHUĩFLQHGUĩNVWSLHVOēJW
/LHWRåDQDLUGURåDWLNDLWDGMDX]VWąGĩåDQDLUWHKQLVNLSDUHL]DXQ
DWELOVWĩJDSDPąFĩEDL3DUSDUHL]XLHNąUWDVGDUEĩEXX]VWąGĩåDQDV
YLHWąDWELOGX]VWąGĩWąMV
1RVPDNåDQDVULVNV
,HSDNRMXPDPDWHULąOLLUEĩVWDPLEēUQLHP1HNDGQHĹDXMLHWEēUQLHP
URWDĹąWLHVDULHSDNRMXPDPDWHULąOX
6DYDLQRMXPXULVNV
,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
6DYDLQRMXPXULVNV
-DLHUĩFHQDYSDUHL]LSLHVWLSULQąWDWąYDUQRNULVW9LVLVWLSULQąMXPL
MąX]VWąGDVWLQJULXQGURåL
8]VWąGĩåDQD
6DJDWDYRåDQąVX]VWąGĩåDQDL
■ 8]VWąGĩåDQDVYLHWDLMąEŠWYLHJOLSLHHMDPDLODLYHLFRWLHUĩFHV
DSNRSLWDLYDUēWXQHWUDXFēWLSLHNĹŠW
■ ,HWHLFDPDLVPLQLPąODLVDWWąOXPVVWDUSLHUĩFLXQVLOGYLUVPXLU
PP EHW PDNVLPąODLV ³ PP -R OLHOąNV LU DWWąOXPV OĩG]
VLOGYLUVPDLMRPD]ąNWLHNX]WYHUWVēGLHQDJDWDYRåDQąUDGĩWDLV
WYDLNV
■ $WWąOXPXVWDUSLHUĩFLXQJDLVDFLUNXOąFLMDVPRGXOLYDUVDPD]LQąW
OĩG] PPMDWHOSDVDXJVWXPVYLUVSLHNąUWDMLHPJULHVWLHPLU
YLVPD] PP

,HEŠYHVYLUVPDVSąUEDXGH
■ ,HEŠYHVYLUVPDLLUMąEŠWOĩG]HQDLXQKRUL]RQWąODLWDLLUMąVSēM
L]WXUēWDWWLHFĩJDLVVYDUV
■ 0DNVLPąODLVLHNąUWDVVYDUVLU NJ
1RUąGĩMXPL
■ 6DXG]ēMLHWLHUĩFHVYLUVPDV8]VWąGRWL]YDLULHWLHVQRERMąMXPLHP
■ ,]JULH]XPD]RQąSąUEDXGLHWFLWXLHNąUWXNDEHĹXL]YLHWRMXPX
■ /DLSLHVWLSULQąWXLUMąL]PDQWRDWELOVWĩJDDSDNåNRQVWUXNFLMDNDVLU
VWLQJULQRVWLSULQąWDEHWRQDJULHVWRV
■ 1HPRQWēMLHW LHNąUWX WLHåL LHNąUWR JULHVWX ġLSåD SOąWQēV YDL OĩG]ĩJą
WUDXVOąEŠYPDWHULąOą
■ /DLX]VWąGĩWXLHNąUWXSDUHL]LMąL]PDQWRSLHWLHNDPLVWDELOV
NRQVWUXNFLMąPXQLHUĩFHVVYDUDPDWELOVWĩJVPDWHULąOV
,HEŠYHVYLUVPDVVDJDWDYRåDQD
,HEŠYHV YLUVPDV VWDELOLWąWHL LU MąEŠW QRGURåLQąWDL DUĩ SēF L]JULH]XPD
L]YHLGHV
3ąUVHG]LHWVLOGYLUVPXODLL]YDLUĩWRVQRWąVERMąMXPLHP
,]YHLGRMLHWL]JULH]XPXJULHVWRVYDLVąQXVLHQą DWWēOV
3ēFL]JULHåDQDVGDUELHPQRWĩULHWVNDLGDV
,HUĩFHVPRQWąçD
: 6DYDLQRMXPXULVNV
,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
1RŁHPLHWSąUVHJX
1RUąGĩMXPV ĨVFDXUXOL YDU QRYLHWRW DWELOVWĩJL LHEŠYHV DSVWąNĹLHP
DWWēOV
/DLPDLQĩWXĩVFDXUXOHVXQYDMDG]ĩJąVSOąNVQHVQRYLHWRMXPX
QRVNUŠYēMLHWWRV DWWēOV
3LHVNUŠYēMLHW ĩVFDXUXOL XQ SOąNVQL MDXQDMą QRYLHWRMXPą DWWēOV
,HNąUWX SLOQĩEą LHYLHWRMLHW L]JULH]XPą OĩG] G]LUGDPV Ną QRILNVēMDV
VWLSULQąMXPL DWWēOV
8]PDQĩJLSLHYHOFLHWVNUŠYHVFLWXSēFFLWDVOĩG]LHNąUWDLUSLOQĩEą
LHJŠOXVLLHEŠYHVYLUVPą DWWēOV
1RUąGĩMXPV 1HSLHYHOFLHWVNUŠYHVSąUąNFLHåLODLQHVDERMąWX
LHNąUWX
,]VDLŁRMLHWVPDNDVILOWUX DWWēOV
,HOLHFLHW VPDNX ILOWUX XQ SDJULH]LHW PHWąOD VNDYDV OĩG] DWGXUHL ODL
VPDNXILOWUVLUGURåLQRVWLSULQąWVDWW
3LHYHOFLHWPHWąODVNDYXULHYRWRVX]JULHçŁXVDWW
,HąĴēMLHWSąUVHJXDWYHUēVLHNąUWDVDSDNåą DWWēOV
/DLDL]YēUWXSąUVHJXSDVSLHGLHWWRQRDSDNåDVDWW
,HUĩFHVGHPRQWąçD
: 6DYDLQRMXPXULVNV
,HUĩFHVLHNåēMąPGHWDĹąPYDUEŠWDVDVPDODVXQVWŠUL/LHWRMLHW
DL]VDUJFLPGXV
/DLDWYēUWXSąUVHJXSDVSLHGLHWWRQRDSDNåDV
,]ŁHPLHWSąUVHJDVWLSULQąMXPXVQRDWYHUēPLHNąUWDVDSDNåą
,]ŁHPLHW VPDNDV ILOWUX $U URNX SLHWXULHW VPDNDV ILOWUX QR DSDNåDV
$WEUĩYRMLHWULHYRWRVX]JULHçŁXVXQDWYHULHWPHWąODVNDYDVODL
L]ŁHPWXVPDNDVILOWUX DWWēOV
8]PDQĩJLDWVNUŠYēMLHWVNUŠYHVXQL]VNUŠYēMLHWWąVOĩG]DWGXUHL
,HEą]LHWDWYHUēVĩNåĴXVXQSDVSLHGLHWDWVSHUXVSULHJRWąMLHUĩFLX]
DXJåX DWWēOV
,]ŁHPLHWLHNąUWX
6PDNDVILOWUVJDLVDFLUNXOąFLMDVUHçĩPą
*DLVDFLUNXOąFLMDVUHçĩPąVPDNDVILOWUVDL]WXUDURPąWYLHODV-D
VPDNDVILOWUXOLHWRMDWQRUPąOąGDUEDUHçĩPąNDWUXGLHQXDSP
VWXQGXQRPDLQLHWWRUHL]LJDGą
1RUąGĩMXPV 6PDNDVILOWUąQDYNDLWĩJXYLHOXWąSēFWRYDUXWLOL]ēW
VDG]ĩYHVDWNULWXPRV
6PDNDVILOWUDQRPDLŁD
/DLDWYēUWXSąUVHJXSDVSLHGLHWWRQRDSDNåDV DWWēOV
$WEUĩYRMLHWULHYRWRVX]JULHçŁXVXQDWYHULHWPHWąODVNDYDVODL
L]ŁHPWXVPDNDVILOWUX DWWēOV
,]ŁHPLHW VPDNDV ILOWUX $U URNX SLHWXULHW VPDNDV ILOWUX QR DSDNåDV
,HOLHFLHW VPDNX ILOWUX XQ SDJULH]LHW PHWąOD VNDYDV OĩG] DWGXUHL ODL
VPDNXILOWUVLUGURåLQRVWLSULQąWVDWW
3LHYHOFLHWPHWąODVNDYXULHYRWRVX]JULHçŁXVDWW
/DLDL]YēUWXSąUVHJXSDVSLHGLHWWRQRDSDNåDVDWW
pl
ë
,QVWUXNFMDPRQWDŰX
: :DŰQHZVND]yZNLGRW\F]ĉFHEH]SLHF]HĿVWZD
1DOHŰ\ GRNãDGQLH SU]HF]\WDþ QLQLHMV]ĉ LQVWUXNFMę =DSR]QDQLH VLę ]
QLĉSR]ZROLQDEH]SLHF]QHLZãDŔFLZHXŰ\WNRZDQLHXU]ĉG]HQLD
,QVWUXNFMęREVãXJLLPRQWDŰXQDOHŰ\]DFKRZDþGRSyŮQLHMV]HJR
ZJOĉGXOXEGODNROHMQHJRXŰ\WNRZQLND
3RUR]SDNRZDQLXQDOHŰ\VSUDZG]LþVWDQXU]ĉG]HQLD1LH
SRGãĉF]DþMHŔOLXU]ĉG]HQLH]RVWDãRXV]NRG]RQHSRGF]DV
WUDQVSRUWX
%H]SLHF]HĿVWZRSRGF]DVXŰ\WNRZDQLD]DSHZQLRQHMHVWW\ONRSR
SUDZLGãRZ\P ]DPRQWRZDQLX ]JRGQLH ] LQVWUXNFMĉ PRQWDŰX 0RQWHU
MHVWRGSRZLHG]LDOQ\]DSUDZLGãRZHG]LDãDQLHZPLHMVFXLQVWDODFML
XU]ĉG]HQLD
1LHEH]SLHF]HĿVWZRXGXV]HQLD
2SDNRZDQLH MHVW QLHEH]SLHF]QH GOD G]LHFL 1LH SR]ZDODþ G]LHFLRP
QD]DEDZęRSDNRZDQLHP
1LHEH]SLHF]HĿVWZRREUDŰHĿ
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
1LHEH]SLHF]HĿVWZRREUDŰHĿ
-HŔOL XU]ĉG]HQLH QLH MHVW SUDZLGãRZR SU]\PRFRZDQH PRŰH VSDŔþ
:V]\VWNLH HOHPHQW\ PRFXMĉFH PXV]ĉ E\þ ]DPRQWRZDQH VWDUDQQLH
LGRNãDGQLH
,QVWDODFMD
3U]\JRWRZDQLHGRLQVWDODFML
■ 0LHMVFH LQVWDODFML PXVL E\þ ãDWZR GRVWęSQH DE\ Z UD]LH SRWU]HE\
PRŰQDE\ãREH]SU]HV]NyGGRWU]HþGRXU]ĉG]HQLD
■ 0LęG]\XU]ĉG]HQLHPDSã\WĉJU]HZF]ĉ]DOHFDQ\MHVWRGVWęSFR
QDMPQLHM PPLPDNV\PDOQLH PP2SDU\NXFKHQQHVĉ
WUXGQLHMV]HGRZ\NU\FLDZPLDUęRGGDODQLDVLęRGSROD
JU]HZF]HJR
■ 2GVWęSPLęG]\XU]ĉG]HQLHPDPRGXãHPRELHJX]DPNQLęWHJR
PRŰQD]PQLHMV]\þGR PPRLOHZ\VRNRŔþSRGZLHV]RQHJR
VXILWXWRFRQDMPQLHM PP
.RQWURODSRZLHU]FKQL]DEXGRZ\
■ 3RZLHU]FKQLD]DEXGRZ\PXVLE\þSãDVNDSR]LRPDLRG]QDF]Dþ
VLęGRVWDWHF]QĉQRŔQRŔFLĉ
■ 0DNVFLęŰDUXU]ĉG]HQLDZ\QRVLRNRãR NJ
:VND]yZNL
■ 3RZLHU]FKQLHXU]ĉG]HQLDVĉZUDŰOLZH8QLNDþXV]NRG]HĿ
SRGF]DVPRQWDŰX
■ 6SUDZG]LþREV]DUZ\FLęFLDSRGNĉWHPLVWQLHMĉFHJRXãRŰHQLD
NDEOLLQQ\FKXU]ĉG]HĿ
■ :FHOX]DPRFRZDQLDXU]ĉG]HQLD]DVWRVRZDþRGSRZLHGQLH
UXV]WRZDQLH SRGWU]\PXMĉFH NWyUH EęG]LH ]DPRQWRZDQH QD VWDãH
ZVWURSLHEHWRQRZ\P
■ 8U]ĉG]HQLDQLHPRŰQDPRQWRZDþEH]SRŔUHGQLRZSã\WDFK
JLSVRZRNDUWRQRZ\FKOXEZLQQ\FKOHNNLFKPDWHULDãDFK
EXGRZODQ\FKVWDQRZLĉF\FKHOHPHQW\NRQVWUXNF\MQHVXILWX
SRGZLHV]DQHJR
■ :FHOXSU]HSURZDG]HQLDSUDZLGãRZHJRPRQWDŰXXŰ\þ
Z\VWDUF]DMĉFRVWDELOQHJRPDWHULDãXNWyU\MHVWGRVWRVRZDQ\GR
XZDUXQNRZDĿWHFKQLF]QREXGRZODQ\FKLFLęŰDUXXU]ĉG]HQLD
3U]\JRWRZDQLHSRZLHU]FKQLGR]DEXGRZ\
1DOHŰ\]DSHZQLþVWDELOQRŔþSRZLHU]FKQL]DEXGRZ\UyZQLHŰSR
Z\NRQDQLXQLH]EęGQ\FKZ\FLęþ
3U]\NU\þSã\WęJU]HZF]ĉDE\XQLNQĉþXV]NRG]HĿ
:\NRQDþ Z\FLęFLH Z ŔFLDQFH JyUQHM OXQ ŔFLDQFH ERF]QHM U\V
3RZ\NRQDQLXZ\FLęþXVXQĉþZLyU\
0RQWDŰXU]ĉG]HQLD
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
=GMĉþSRNU\Zę
:VND]yZND .UyFLHFPRŰHE\þSU]HVXZDQ\Z]DOHŰQRŔFLRG
V\WXDFMLPRQWDŰRZHM U\V
2GNUęFLþNUyFLHFRUD]Z\PDJDQĉEODFKęL]PLHQLþSR]\FMę
U\V
.UyFLHFLEODFKęSU]\NUęFLþZQRZ\PSRãRŰHQLX U\V
8U]ĉG]HQLHZãRŰ\þFDãNRZLFLHZZ\FLęFLH]ZUDFDMĉFXZDJęQD
Vã\V]DOQH]DEORNRZDQLHHOHPHQWyZPRFXMĉF\FKU\V

2VWURŰQLHGRNUęFDþNROHMQHŔUXE\DŰXU]ĉG]HQLH]QDMG]LHVLęZ
MHGQHMSãDV]F]\ŮQLH]SRZLHU]FKQLĉ]DEXGRZ\U\V
:VND]yZND 1LH GRNUęFDþ ]E\W PRFQR ŔUXE DE\ QLH XV]NRG]Lþ
XU]ĉG]HQLD
:\SDNRZDþILOWU]DSDFKyZU\V
=DãRŰ\þ ILOWU ]DSDFKyZ L REUyFLþ PHWDORZH ZVSRUQLNL GR RSRUX WDN
DE\ILOWU]DSDFKyZE\ã]DPRFRZDQ\VWDELOQLHU\V
'RNUęFLþQDNUęWNLUDGHãNRZDQHQDPHWDORZ\PZVSRUQLNX
U\V
=DPRFRZDþSRNU\ZęZRWZRUDFK]QDMGXMĉF\FKVLęQDVSRG]LH
XU]ĉG]HQLDU\V
$E\]DPNQĉþSRNU\ZęQDOHŰ\GRFLVQĉþMĉRGGRãXU\V
'HPRQWDŰXU]ĉG]HQLD
: 1LHEH]SLHF]HĿVWZRREUDŰHĿ
(OHPHQW\XU]ĉG]HQLDPRJĉPLHþRVWUHNUDZęG]LH=DOHFDVLę
]DNãDGDQLHUęNDZLFRFKURQQ\FK
$E\RWZRU]\þSRNU\ZęQDOHŰ\GRFLVQĉþMĉRGGRãX
=GMĉþXFKZ\W\SRNU\Z\]RWZRUyZZGROQHMF]ęŔFLXU]ĉG]HQLD
=GHPRQWRZDþILOWU]DSDFKyZ)LOWU]DSDFKyZFKZ\FLþSU]\W\P
UęNĉRGVSRGX
2GNUęFLþ QDNUęWNL UDGHãNRZDQH L RWZRU]\þ PHWDORZH ZVSRUQLNL Z
FHOXXVXQLęFLDILOWUD]DSDFKyZU\V
=DFKRZXMĉFRVWURŰQRŔþSROX]RZDþNROHMQRŔUXE\DQDVWęSQLH
Z\NUęFLþMHGRRSRUX
:ãRŰ\þNFLXNLZRWZRU\LGRFLVQĉþQDSLQDF]VSUęŰ\QGRJyU\
U\V
:\MĉþXU]ĉG]HQLH
)LOWU]DSDFKyZGRSUDF\WU\ELHRELHJX
]DPNQLęWHJR
)LOWU\]DSDFKyZZLĉŰĉVXEVWDQFMH]DSDFKRZHZWU\ELHSUDF\Z
RELHJX]DPNQLęW\P3U]\VWDQGDUGRZ\PXŰ\WNRZDQLXILOWUD
]DSDFKyZFRG]LHQQLHSU]H]RNJRG]LQęQDOHŰ\Z\PLHQLDþILOWU
[ZURNX
:VND]yZND )LOWU\]DSDFKyZQLH]DZLHUDMĉVXEVWDQFML
V]NRGOLZ\FKLPRŰQDMHZ\U]XFDþ]RGSDGDPLNRPXQDOQ\PL
:\PLDQDILOWUD]DSDFKyZ
$E\RWZRU]\þSRNU\ZęQDOHŰ\GRFLVQĉþMĉRGGRãXU\V
2GNUęFLþ QDNUęWNL UDGHãNRZDQH L RWZRU]\þ PHWDORZH ZVSRUQLNL Z
FHOXXVXQLęFLDILOWUD]DSDFKyZU\V
=GHPRQWRZDþILOWU]DSDFKyZ)LOWU]DSDFKyZFKZ\FLþSU]\W\P
UęNĉRGVSRGX
=DãRŰ\þ ILOWU ]DSDFKyZ L REUyFLþ PHWDORZH ZVSRUQLNL GR RSRUX WDN
DE\ILOWU]DSDFKyZE\ã]DPRFRZDQ\VWDELOQLHU\V
'RNUęFLþQDNUęWNLUDGHãNRZDQHQDPHWDORZ\PZVSRUQLNX
U\V
$E\]DPNQĉþSRNU\ZęQDOHŰ\GRFLVQĉþMĉRGGRãXU\V
ro
í
,QVWUXFŘLXQLGHPRQWDM
: ,QVWUXFŘLXQLGHVLJXUDQŘćLPSRUWDQWH
&LWLŘLFXDWHQŘLHDFHVWHLQVWUXFŘLXQL1XPDLDVWIHOSXWHŘLXWLOL]D
DSDUDWXOFRUHFWüLvQVLJXUDQŘć3ćVWUDŘLLQVWUXFŘLXQLOHGHXWLOL]DUHüL
GH PRQWDM SHQWUX R FRQVXOWDUH XOWHULRDUć VDX SHQWUX HYHQWXDOL YLLWRUL
SURSULHWDUL
9HULILFDŘLDSDUDWXOGXSćGHVSDFKHWDUHÍQFD]XOvQFDUHDSDUDWXOD
IRVWDYDULDWvQWLPSXOWUDQVSRUWXOXLQXHVWHSHUPLVćSXQHUHDvQ
IXQFŘLXQHDDFHVWXLD
1XPDLODPRQWDMXOUHJXODPHQWDUFRUHVSXQ]ćWRULQVWUXFŘLXQLLGH
PRQWDMHVWHJDUDQWDWćVLJXUDQŘDODXWLOL]DUH,QVWDODWRUXOHVWH
UHVSRQVDELOSHQWUXIXQFŘLRQDUHDLUHSURüDELOćODORFXOGHLQVWDODUH
3HULFROGHVXIRFDUH
0DWHULDOXOGHDPEDODMHVWHSHULFXORVSHQWUXFRSLL1XOćVDŘL
QLFLRGDWćFRSLLLVćVHMRDFHFXPDWHULDOGHDPEDODM
3HULFROGHUćQLUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
3HULFROGHUćQLUH
'DFćDSDUDWXOQXHVWHIL[DWFRUHVSXQ]ćWRUDFHVWDSRDWHFćGHD
7RDWHHOHPHQWHOHGHIL[DUHWUHEXLHPRQWDWHELQHüLVLJXU
,QVWDODUHD
3UHJćWLUHDLQVWDOćULL
■ /RFXO GH PRQWDUH WUHEXLH Vć ILH DFFHVLELO DVWIHO vQFkW Vć VH SRDWć
DMXQJHXüRUODDSDUDW
■ (VWHUHFRPDQGDWFDvQWUHDSDUDWüLSOLWćVćH[LVWHRGLVWDQŘćGH
PLQLPXP PPüLGHPD[LPXP PP$EXUXOYDILFDSWDW
PDLJUHXGDFćGLVWDQŘDIDŘćGHSOLWćHVWHPDLPDUH
■ 'LVWDQŘD GLQWUH DSDUDW üL PRGXOXO GH UHFLUFXODUH D DHUXOXL SRDWH IL
UHGXVćFXSkQćOD PPFXFRQGLŘLDFDvQćOŘLPHDWDYDQXOXL
VXVSHQGDWVćILHGHFHOSXŘLQ PP
9HULILFDŘLVXSUDIDŘDGHPRQWDUH
■ 6XSUDIDŘDGHPRQWDUHWUHEXLHVćILHSODQćRUL]RQWDOćüLVćDLEć
VXILFLHQWćFDSDFLWDWHSRUWDQWć
■ *UHXWDWHDPD[LPćDDSDUDWXOXLHVWHGH NJ
,QGLFDŘLL
■ 6XSUDIHŘHOHDSDUDWXOXLVXQWVHQVLELOH/DLQVWDODUHHYLWDŘL
GHWHULRUDUHD
■ 9HULILFDŘLGDFć]RQDGHVHFŘLXQHDUHFDEOXODDOWHDSDUDWH
■ 3HQWUXPRQWDUHDKRWHLHVWHQHFHVDUćRVFDUćDGHFYDWćSHQWUX
IL[DUHDSHSODIRQXOGHEHWRQ
■ 1XPRQWDŘLDSDUDWXOGLUHFWvQULJLSVXOVDXvQPDWHULDOHOHXüRDUH
GHFRQVWUXFŘLHDVHPćQćWRDUHSODIRQXOXLIDOV
■ 3HQWUXDDVLJXUDXQPRQWDMFRUHFWIRORVLŘLXQPDWHULDOVXILFLHQW
GHVWDELODGDSWDWODFDUDFWHULVWLFLOHVWUXFWXULLUHVSHFWLYHüLOD
JUHXWDWHDDSDUDWXOXL
3UHJćWLUHDVXSUDIHŘHLGHPRQWDUH
6WDELOLWDWHDVXSUDIHŘHLGHPRQWDUHWUHEXLHVćILHDVLJXUDWćüLGXSć
OXFUćULOHGHGHFXSDUH
$FRSHULŘLSOLWDSHQWUXDHYLWDGHWHULRUćULOH
5HDOL]DŘLGHFXSDMXOvQSODQüHXVDXvQSHUHWHOHODWHUDO)LJXUD
ÍQGHSćUWDŘLüSDQXOGXSćOXFUćULOHGHGHFXSDUH
0RQWDUHDDSDUDWXOXL
: 3HULFROGHUćQLUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
6FRDWHŘLFDSDFXO
,QGLFDŘLH 'X]DSRDWHILPXWDWćvQIXQFŘLHGHFRQGLŘLLOHGH
LQVWDODUH )LJXUD
'HVIDFHŘL GX]D üL SODFD QHFHVDUć üL VFKLPEDŘL SR]LŘLD )LJXUD
)L[DŘLGX]DüLSODFDSHQRXDSR]LŘLH )LJXUD
,QWURGXFHŘLDSDUDWXOFRPSOHWvQVHFŘLXQHSkQćFkQGVXVSHQVLLOH
VHIL[HD]ć)LJXUD
6WUkQJHŘLFXDWHQŘLHüXUXEXULOHSkQćFkQGDSDUDWXOHVWHDüH]DW
RUL]RQWDOSHVXSUDIDŘDGHPRQWDUH)LJXUD
,QGLFDŘLH 1XVWUkQJHŘLSUHDWDUHüXUXEXULOHSHQWUXDQXGHIHFWD
DSDUDWXO
'HVSDFKHWDŘLILOWUXOGHPLURV)LJXUD
0RQWDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHüLIL[DŘLOvQ
VLJXUDQŘćURWLQGEUDŘHOHPHWDOLFHDOHDFHVWXLDSkQćFkQGVH
FXSOHD]ćvQSR]LŘLH)LJXUD
ÍQGLOHWDŘLSLXOLŘHOH]LPŘDWHSHEUDŘHOHPHWDOLFH)LJXUD
$üH]DŘL FDSDFXO vQ GHVFKLGHULOH GH SH SDUWHD ODWHUDOć D DSDUDWXOXL
)LJXUD
3HQWUXDvQFKLGHFDSDFXODSćVDŘLOGHGHGHVXEW)LJXUD
'HPRQWDUHDDSDUDWXOXL
: 3HULFROGHUćQLUH
&RPSRQHQWHOHGLQLQWHULRUXODSDUDWXOXLSRWDYHDPXFKLLDVFXŘLWH
3XUWDŘLPćQXüLGHSURWHFŘLH
$SćVDŘLGHVXVSHFDSDFSHQWUXDOGHVFKLGH
'HVIDFHŘLFROLHUHOHFDSDFXOXLGLQGHVFKLGHULOHODWHUDOHDOH
DSDUDWXOXL
'HPRQWDŘLILOWUXOGHPLURV3ULQGHŘLGHMRVILOWUXOGHPLURVFXR
PkQć
'HVFKLGHŘLSLXOLŘHOHüLEUDŘHOHPHWDOLFHSHQWUXDVFRDWHILOWUXOGH
PLURV)LJXUD
'HVIDFHŘLFXDWHQŘLHüXUXEXULOHVXFFHVLYüLGHüXUXEDŘLSkQćOD
LPSDFW
3ULQGHŘLGHVFKLGHULOHFXGHJHWHOHPDULüLvPSLQJHŘLvQVXV
FRPSUHVRUXODUFHOLFRLGDO)LJXUD
6FRDWHŘLDSDUDWXO

)LOWUXGHPLURVSHQWUXIXQFŘLRQDUHDFXDHU
UHFLUFXODW
)LOWUHOHGHPLURVFDSWHD]ćVXEVWDQŘHOHFXPLURVXULvQUHJLPXOFX
DHUUHFLUFXODWÍQFD]XOXQHLXWLOL]ćULQRUPDOHDSUR[LPDWLYRUćSH
]LvQORFXLŘLILOWUXOGHPLURVRGDWćSHDQ
,QGLFDŘLH )LOWUHOH GH PLURV QX FRQŘLQ VXEVWDQŘH GćXQćWRDUH üL SRW IL
HYDFXDWHvQJXQRLXOPHQDMHU
ÍQORFXLUHDILOWUXOXLGHPLURV
$SćVDŘLGHVXVSHFDSDFSHQWUXDOGHVFKLGH)LJXUD
'HVFKLGHŘLSLXOLŘHOHüLEUDŘHOHPHWDOLFHSHQWUXDVFRDWHILOWUXOGH
PLURV)LJXUD
'HPRQWDŘLILOWUXOGHPLURV3ULQGHŘLGHMRVILOWUXOGHPLURVFXR
PkQć
0RQWDŘLILOWUXOGHQHXWUDOL]DUHDPLURVXULORUQHSOćFXWHüLIL[DŘLOvQ
VLJXUDQŘćURWLQGEUDŘHOHPHWDOLFHDOHDFHVWXLDSkQćFkQGVH
FXSOHD]ćvQSR]LŘLH)LJXUD
ÍQGLOHWDŘLSLXOLŘHOH]LPŘDWHSHEUDŘHOHPHWDOLFH)LJXUD
3HQWUXDvQFKLGHFDSDFXODSćVDŘLOGHGHGHVXEW)LJXUD
hu
á
6]HUHOpVL~WPXWDWy
: )RQWRVEL]WRQViJLHOŌtUiVRN
*RQGRVDQROYDVVDHOH]WD]~WPXWDWyW&VDNtJ\WXGMDNpV]OpNpW
KHO\HVHQpVEL]WRQViJRVDQNH]HOQL$KDV]QiODWLpVV]HUHOpVL
XWDVtWiVWŌUL]]HPHJDNpVŌEELKDV]QiODWKR]YDJ\DNpVŌEEL
WXODMGRQRVV]iPiUD
.LFVRPDJROiVXWiQHOOHQŌUL]]HDNpV]OpNHW6]iOOtWiVLVpUOpV
HVHWpQQHFVDWODNR]WDVVD
&VDNDV]HUHOpVL~WPXWDWyQDNPHJIHOHOŌV]DNV]HUŦEHV]HUHOpV
HVHWpQJDUDQWiOWD]]HPEL]WRQViJ$V]HUHOŌIHOHOŌVDIHOiOOtWiVL
KHO\HQYDOyNLIRJiVWDODQPŦN|GpVpUW
)XOODGiVYHV]pO\
$FVRPDJROyDQ\DJDJ\HUHNHNUHQp]YHYHV]pO\HV6RKDQH
KDJ\MDKRJ\DJ\HUPHNHNMiWVV]DQDNDFVRPDJROyDQ\DJRNNDO
6pUOpVYHV]pO\
$NpV]OpNEHOVŌUpV]HLQHNV]pOHpOHVOHKHW9LVHOMHQ
YpGŌNHV]W\ŦW
6pUOpVYHV]pO\
+DDNpV]OpNQLQFVV]DNV]HUŦHQU|J]tWYHOHHVKHW0LQGHQ
U|J]tWŌHOHPHWIL[HQpVEL]WRQViJRVDQNHOOIHOV]HUHOQL
(OKHO\H]pV
$V]HUHOpVHOŌNpV]tWpVH
■ $IHOV]HUHOpVKHO\HOHJ\HQSUREOpPDPHQWHVHQKR]]iIpUKHWŌ
KRJ\MDYtWiVHVHWpQDNDGiO\WDODQXOKR]]iOHKHVVHQIpUQLD
NpV]OpNKH]
■ $NpV]OpNpVDIŌ]ŌIHOOHWN|]|WWOHJDOiEE PPHVpV
PD[LPXP PPHVWiYROViJDMiQORWW0LQpOQDJ\REED
WiYROViJDIŌ]ŌKHO\WŌODQQiOQHKH]HEEDIŌ]pVLSiUDIHOIRJiVD
■ $NpV]OpNpVDOpJNHULQJHWpVHVPRGXON|]|WWLWiYROViJRW
OHJIHOMHEE PPUHOHKHWOHFV|NNHQWHQLDPHQQ\LEHQD]
iOPHQQ\H]HWPDJDVViJD PP
$EHpStWpVLIHOOHWHOOHQŌU]pVH
■ $EHpStWpVLIHOOHWOHJ\HQVtNYt]V]LQWHVpVHOHJHQGŌ
WHKHUEtUiV~
■ $NpV]OpNPD[LPiOLVV~O\DNE NJ
8WDVtWiVRN
■ $NpV]OpNIHOOHWHLpU]pNHQ\HNgVV]HV]HUHOpVQpONHUOMHD
VpUOpVHNHW
■ (OOHQŌUL]]H D NLYiJiVL WHUOHWHW D WRYiEEL EHUHQGH]pVHN PHJOpYŌ
NiEHOH]pVpQHNV]HPSRQWMiEyO
■ $U|J]tWpVKH]PHJIHOHOŌDOYi]V]NVpJHVDPHO\V]LOiUGDQ
U|J]tWYHYDQDPHQQ\H]HWEHWRQMiED
■ $ NpV]OpNHW QH V]HUHOMH IHO D] iOPHQQ\H]HW JLSV]NDUWRQ ODSMDLUD
YDJ\KDVRQOyN|QQ\ŦpStWpVŦDQ\DJRNED
■ $ V]DNV]HUŦ EHpStWpVKH] KDV]QiOMRQ NHOOŌHQ VWDELO D V]HUNH]HWL
DGRWWViJRNQDNpVDNpV]OpNV~O\iQDNPHJIHOHOŌDQ\DJRW
%HpStWpVLIHOOHWHOŌNpV]tWpVH
$ EHpStWpVL IHOOHWQHN VWDELOQDN NHOO PDUDGQLD D D NLYiJiVL PXQNiN
HOYpJ]pVHXWiQLV
)HGMHOHDIŌ]ŌIHOOHWHWKRJ\PHJYpGMHDVpUOpVHNWŌO
.pV]tWVHHODPHQQ\H]HWYDJ\D]ROGDOIDONLYiJDWiWiEUD
$NLYiJiVLPXQNiNXWiQWiYROtWVDHODIRUJiFVRW
$NpV]OpNIHOV]HUHOpVH
: 6pUOpVYHV]pO\
$NpV]OpNEHOVŌUpV]HLQHNV]pOHpOHVOHKHW9LVHOMHQ
YpGŌNHV]W\ŦW
9HJ\HOHDEXUNRODWRW
8WDVtWiV $ FVRQNRW D EHpStWpVWŌO IJJŌHQ iW OHKHW KHO\H]QL
iEUD
$FVRQNRWpVDV]NVpJHVOHPH]WFVDYDUR]]DNLpVKHO\H]]HiW
iEUD
&VDYDUR]]DEHDFVRQNRWpVDOHPH]WD]~MKHO\pQ iEUD
$ NpV]OpNHW KHO\H]]H EH WHOMHVHQ D NLYiJDWED DPtJ D] DNDV]WyN
KDOOKDWyDQEHQHPSDWWDQQDNiEUD
$FVDYDURNDWyYDWRVDQK~]]DPHJHJ\PiVXWiQDPtJD
NpV]OpNDEHpStWpVLIHOOHWEHQHPVLPXOiEUD
8WDVtWiV 1HK~]]DPHJW~OViJRVDQDFVDYDURNDWKRJ\QH
RNR]]RQVpUOpVWDNpV]OpNHQ
&VRPDJROMDNLDV]DJV]ŦUŌWiEUD
+HO\H]]H EH D V]DJV]ŦUŌW pV IRUJDVVD D IpPNHQJ\HOW WN|]pVLJ
DV]DJV]ŦUŌU|J]tWpVpKH]iEUD
&VDYDUMDEHDUHFp]HWWDQ\iNDWDIpPNHQJ\HOHQiEUD
$NDVV]DEHDEXUNRODWRWDNpV]OpNDOMiQOHYŌQ\tOiVRNED
iEUD
$OXOUyOQ\RPMDEHDEXUNRODWRWDQQDN]iUiViKR]iEUD
.pV]OpNOHV]HUHOpVH
: 6pUOpVYHV]pO\
$NpV]OpNEHOVŌUpV]HLQHNV]pOHpOHVOHKHW9LVHOMHQ
YpGŌNHV]W\ŦW
$OXOUyOQ\RPMDPHJDEXUNRODWRWDQQDNQ\LWiViKR]
$NDVV]DNLDEXUNRODWWDUWyLWDNpV]OpNDOMiQOHYŌQ\tOiVRNEyO
6]HUHOMHNLDV]DJV]ŦUŌW1\~OMRQHJ\Np]]HODV]DJV]ŦUŌDOi
$V]DJV]ŦUŌHOWiYROtWiViKR]FVDYDUMDNLDUHFp]HWWDQ\iNDWpV
Q\LVVDOHDIpPNHQJ\HOWiEUD
ÐYDWRVDQROGMDDFVDYDURNDWpVWN|]pVLJFVDYDUMDNL
$KYHO\NXMMiYDOQ\~OMRQDQ\tOiVRNEDpVQ\RPMDIHOIHOpD
UXJyIHV]tWŌWiEUD
9HJ\HOHDNpV]OpNHW
6]DJV]ŦUŌOpJNHULQJHWpVHV]HPPyGKR]
$ V]DJV]ŦUŌN PHJN|WLN D V]DJRNDW OpJNHULQJHWpVHV ]HPPyGEDQ
$V]DJV]ŦUŌWQRUPiO]HPHOpVHVHWpQQDSLNEyUDpYHQWH
HJ\V]HUFVHUpOMHNL
8WDVtWiV $V]DJV]ŦUŌNQHPWDUWDOPD]QDNNiURVDQ\DJRNDWpVD
Ki]WDUWiVLKXOODGpNNDOHJ\WWiUWDOPDWODQtWKDWyN
6]DJV]ŦUŌFVHUpMH
$OXOUyOQ\RPMDPHJDEXUNRODWRWDQQDNQ\LWiViKR]iEUD
$V]DJV]ŦUŌHOWiYROtWiViKR]FVDYDUMDNLDUHFp]HWWDQ\iNDWpV
Q\LVVDOHDIpPNHQJ\HOWiEUD
6]HUHOMHNLDV]DJV]ŦUŌW1\~OMRQHJ\Np]]HODV]DJV]ŦUŌDOi
+HO\H]]H EH D V]DJV]ŦUŌW pV IRUJDVVD D IpPNHQJ\HOW WN|]pVLJ
DV]DJV]ŦUŌU|J]tWpVpKH]iEUD
&VDYDUMDEHDUHFp]HWWDQ\iNDWDIpPNHQJ\HOHQiEUD
$OXOUyOQ\RPMDEHDEXUNRODWRWDQQDN]iUiViKR]iEUD
sl
ð
1DYRGLOD]DPRQWDçR
: 3RPHPEQDYDUQRVWQDQDYRGLOD
3D]OMLYRSUHEHULWHWDXYRGäHOHSRWHPODKNRDSDUDWXSRUDEOMDWH
YDUQRLQSUDYLOQR1DYRGLOD]DXSRUDERLQYJUDGQMRVKUDQLWH]D
NDVQHMåRXSRUDERDOL]DQDVOHGQMHJDODVWQLND
3R RGVWUDQLWYL HPEDODçH SUHJOHMWH DSDUDW 9 SULPHUX SRåNRGE PHG
WUDQVSRUWRPJDQHSULNOMXĀLWH
9DUQRVWPHGXSRUDERMH]DJRWRYOMHQDOHYSULPHUXVWURNRYQH
PRQWDçHYVNODGX]QDYRGLOL]DPRQWDçR0RQWHUMHRGJRYRUHQ]D
EUH]KLEQRGHORYDQMHQDPHVWXSRVWDYLWYH
1HYDUQRVW]DGXåLWYH
(PEDODçQLPDWHULDOMHQHYDUHQ]DRWURNH1LNROLQHGRYROLWH
RWURNRPGDVHLJUDMR]HPEDODçQLPPDWHULDORP
1HYDUQRVWWHOHVQLKSRåNRGE
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH1RVLWH]DåĀLWQH
URNDYLFH
1HYDUQRVWWHOHVQLKSRåNRGE
ÿHDSDUDWQLSUDYLOQRSULWUMHQODKNRSDGH9VLSULWUGLOQLHOHPHQWL
PRUDMRELWLWUGQRLQYDUQRPRQWLUDQL

1DPHVWLWHY
3ULSUDYDQDQDPHVWLWHY
■ 3URVWRU]DPRQWDçRPRUDELWLGRVWRSHQEUH]WHçDYGDMHPRçHQ
QHRYLUDQGRVWRSGRDSDUDWDYSULPHUXSRSUDYLOD
■ 3ULSRURĀOMLYLUD]PLNPHGDSDUDWRPLQNXKDOQRSORåĀRMHQDMPDQM
PP LQ QDMYHĀ PP ÿLP YHĀMD MH UD]GDOMD GR NXKDOLåĀD
WHPWHçMHMH]ELUDQMHSDUHPHGNXKDQMHP
■ 5D]PLNPHGDSDUDWRPLQPRGXORP]DUHFLUNXODFLMR]UDNDMH
PRJRĀH]PDQMåDWLGR PPĀHYLåLQDVSXåĀHQHJDVWURSD
]QDåDQDMPDQM PP
3UHYHULWHYJUDGQRSRYUåLQR
■ 9JUDGQDSRYUåLQDPRUDELWLUDYQDYRGRUDYQDLQLPHWLPRUD
]DGRVWQRQRVLOQRVW
■ 1DMYHĀMDWHçDDSDUDWD]QDåD NJ
2SRPEH
■ 3RYUåLQHDSDUDWDVRREĀXWOMLYH3ULQDPHVWLWYLSUHSUHĀLWH
QDVWDQHNSRåNRGE
■ 3UHSULĀDMWHVHGDYSUHGHOXL]UH]DQLNDEORYGUXJLKDSDUDWRY
■ =DSULWUGLWHYMHSRWUHEQDXVWUH]QDSRGNRQVWUXNFLMDNLMHWUGQR
SULWUMHQDYEHWRQVNLVWURS
■ $SDUDWDQHVPHWHQDPHVWLWLQHSRVUHGQRYPDYĀQRNDUWRQVNH
SORåĀHDOLSRGREQHODKNHJUDGEHQHPDWHULDOHQDVSXåĀHQHP
VWURSX
■ =DSUDYLOQRQDPHVWLWHYXSRUDELWHGRYROMVWDELOHQPDWHULDONLMH
SULODJRMHQPHVWXSRVWDYLWYHLQWHçLDSDUDWD
3ULSUDYDYJUDGQHSRYUåLQH
6WDELOQRVWYJUDGQHSRYUåLQHPRUDELWL]DJRWRYOMHQDWXGLSR
L]UH]RYDQMX
3RNULMWHNXKDOQRSORåĀRGDSUHSUHĀLWHSRåNRGEH
,]GHODMWHL]UH]YVWURSXDOLVWUDQVNLVWHQLVOLND
3RL]UH]RYDQMXRGVWUDQLWHRVWUXçNH
0RQWDçDQDSUDYH
: 1HYDUQRVWWHOHVQLKSRåNRGE
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH1RVLWH]DåĀLWQH
URNDYLFH
6QHPLWHSRNURY
2SRPED 1DVWDYHN ODKNR SUHPDNQHWH JOHGH QD QDĀLQ YJUDGQMH
VOLND
2GYLMWH QDVWDYHN LQ XSRUDEOMHQR SORĀHYLQR LQ ]DPHQMDMWH SRORçDM
VOLND
1DVWDYHNLQSORĀHYLQRSULYLMWHYQRYHPSRORçDMX VOLND
$SDUDWSRSROQRPDYVWDYLWHYL]UH]GDVHREHåDODVOLåQR
]DVNRĀLMRVOLND
3UHYLGQR]DWHJQLWHYLMDNHHQHJD]DGUXJLPGDERDSDUDW
SRUDYQDQ]YJUDGQRSRYUåLQRVOLND
2SRPED 9LMDNRYQH]DWHJQLWHSUHPRĀQRGDQHSRåNRGXMHWH
DSDUDWD
)LOWHU]DYRQMDYHY]HPLWHL]HPEDODçHVOLND
9VWDYLWHILOWHU]DYRQMDYHLQSULYLMWHNRYLQVNDVWUHPHQDGR
SULVORQDGDERILOWHU]DYRQMDYHYDUQRSULWUMHQVOLND
3ULYLMWHQDUHEULĀHQHPDWLFHQDNRYLQVNLKVWUHPHQLKVOLND
3RNURYQDPHVWLWHYRGSUWLQHQDVSRGQMLVWUDQLDSDUDWDVOLND
2GVSRGDMSULWLVQLWHQDSRNURYGDVH]DSUHVOLND
'HPRQWDçDDSDUDWD
: 1HYDUQRVWWHOHVQLKSRåNRGE
6HVWDYQLGHOLYDSDUDWXLPDMRODKNRRVWUHURERYH1RVLWH]DåĀLWQH
URNDYLFH
2GVSRGDMSULWLVQLWHQDSRNURYGDVHRGSUH
'UçDODSRNURYDL]YOHFLWHL]RGSUWLQQDVSRGQMLVWUDQLDSDUDWD
2GVWUDQLWHILOWHU]DYRQMDYH3ULWHP]HQRURNRSULPLWHILOWHU]D
YRQMDYHQDVSRGQMLVWUDQL
2GYLMWHQDUHEULĀHQHPDWLFHLQRGSULWHNRYLQVNDVWUHPHQDGD
RGVWUDQLWHILOWHU]DYRQMDYHVOLND
3UHYLGQRSRSXVWLWHYLMDNHHQHJD]DGUXJLPLQMLKRGYLMWHGR
SULVORQD
6SDOFHPVH]LWHYRGSUWLQHLQSRWLVQLWHY]PHWQRQDSHQMDOR
QDY]JRUVOLND
2GVWUDQLWHDSDUDW
),OWHU]DYRQMDYH]DGHORYDQMH]UHFLUNXODFLMR]UDND
)LOWUL ]D YRQMDYH PHG GHORYDQMHP ] UHFLUNXODFLMR ]UDND QDVH YHçHMR
YRQM3ULQRUPDOQLXSRUDELSULEOXUDGQHYQRILOWHU]DYRQMDYH
]DPHQMDMWHHQNUDWOHWQR
2SRPED )LOWUL]DYRQMDYHQHYVHEXMHMRåNRGOMLYLKVQRYL]DWRMLK
ODKNRRGYUçHWHPHGPHåDQHRGSDGNH
0HQMDYDILOWUD]DYRQMDYH
2GVSRGDMSULWLVQLWHQDSRNURYGDVHRGSUHVOLND
2GYLMWHQDUHEULĀHQHPDWLFHLQRGSULWHNRYLQVNDVWUHPHQDGD
RGVWUDQLWHILOWHU]DYRQMDYHVOLND
2GVWUDQLWHILOWHU]DYRQMDYH3ULWHP]HQRURNRSULPLWHILOWHU]D
YRQMDYHQDVSRGQMLVWUDQL
9VWDYLWHILOWHU]DYRQMDYHLQSULYLMWHNRYLQVNDVWUHPHQDGR
SULVORQDGDERILOWHU]DYRQMDYHYDUQRSULWUMHQVOLND
3ULYLMWHQDUHEULĀHQHPDWLFHQDNRYLQVNLKVWUHPHQLKVOLND
2GVSRGDMSULWLVQLWHQDSRNURYGDVH]DSUHVOLND
cs
Ö
0RQWiçQtQiYRG
: 'ŤOHçLWiEH]SHĀQRVWQtXSR]RUQěQt
3HĀOLYěVLSŒHĀWěWHWHQWRQiYRG-HGLQěWDNPŤçHWHVYŤMVSRWŒHELĀ
VSUiYQěD EH]SHĀQěSRXçtYDW1iYRGN SRXçLWtD QiYRGN PRQWiçL
XVFKRYHMWHSURSR]GěMåtSRXçLWtQHERSURGDOåtKRPDMLWHOH
3RY\EDOHQtVSRWŒHELĀ]NRQWUROXMWH9 SŒtSDGěSRåNR]HQtEěKHP
SŒHSUDY\VSRWŒHELĀQH]DSRMXMWH
%H]SHĀQpSRXçtYiQtMH]DUXĀHQRSRX]HSŒLRGERUQpYHVWDYEě
SRGOH QiYRGX N PRQWiçL 7HFKQLN SURYiGěMtFt LQVWDODFL RGSRYtGi ]D
EH]YDGQpIXQJRYiQtQDPtVWěLQVWDODFH
1HEH]SHĀtXGXåHQt
2EDORYìPDWHULiOMHQHEH]SHĀQìSURGěWL1LNG\QHGRYROWHGěWHP
DE\VLKUiO\V REDORYìPPDWHULiOHP
1HEH]SHĀt~UD]X
6RXĀiVWL XYQLWŒ VSRWŒHELĀH PRKRX PtW RVWUp KUDQ\ 1RVWH RFKUDQQp
UXNDYLFH
1HEH]SHĀtSRUDQěQt
3RNXGQHQtVSRWŒHELĀŒiGQěXSHYQěQìPŤçHVSDGQRXW9åHFKQ\
XSHYŃRYDFtSUYN\PXVtEìWSHYQěD EH]SHĀQěQDPRQWRYDQp
,QVWDODFH
3ŒtSUDYDLQVWDODFH
■ 0tVWRPRQWiçHPXVtEìWEH]SUREOpPXSŒtVWXSQpDE\E\OR
PRçQpY SŒtSDGěSRWŒHE\VHUYLVXQDVSRWŒHELĀSRKRGOQě
GRViKQRXW
■ 0H]LVSRWŒHELĀHPD YDUQRXGHVNRXGRSRUXĀXMHPHY]GiOHQRVW
PLQLPiOQě PPD PD[LPiOQě PP.XFK\ŃVNpYìSDU\
VHSŒLYěWåtY]GiOHQRVWLRGYDUQpGHVN\KŤŒHRGViYDMt
■ 9]GiOHQRVWPH]LVSRWŒHELĀHPD PRGXOHPQDFLUNXODFLY]GXFKX
O]H ]PHQåLW Dç QD PP SRNXG YìåND SRGKOHGX ĀLQt PLQLPiOQě
PP
=NRQWUROXMWHPRQWiçQtSORFKX
■ 0RQWiçQtSORFKDPXVtEìWURYQiYHYRGRURYQpSROR]HDPXVt
PtWGRVWDWHĀQRXQRVQRVW
■ 0D[KPRWQRVWVSRWŒHELĀHĀLQt NJ
8SR]RUQěQt
■ 3RYUFK VSRWŒHELĀH MH QiFK\OQì N SRåNR]HQt =DEUDŃWH SRåNR]HQt
VSRWŒHELĀHEěKHPLQVWDODFH
■ =NRQWUROXMWHYìŒH]]GDVHYQěPQHQDFKi]tVWiYDMtFtNDEHOiç
RVWDWQtFKVSRWŒHELĀŤ
■ 3UR XSHYQěQt MH QXWQi YKRGQi QRVQi NRQVWUXNFH NWHUi MH SHYQě
XFK\FHQDYEHWRQRYpPVWURSX
■ 6SRWŒHELĀQHPRQWXMWHSŒtPRGRViGURNDUWRQRYìFKGHVHNQHER
SRGREQìFKOHKNìFKVWDYHEQtFKPDWHULiOŤ]DYěåHQpKR
SRGKOHGX
■ 3UR ŒiGQRX PRQWiç SRXçLMWH GRVWDWHĀQě VWDELOQt PDWHULiO NWHUì MH
SŒL]SŤVREHQìVWDYHEQtPSRPěUŤPDKPRWQRVWLVSRWŒHELĀH
3ŒtSUDYDPRQWiçQtSORFK\
6WDELOLWD PRQWiçQt SORFK\ PXVt EìW ]DMLåWěQD L SR SURYHGHQt YìŒH]X
9DUQRXGHVNX]DNU\MWHDE\VWH]DEUiQLOLMHMtPXSRåNR]HQt
9HVWURSěQHERQDVWěQěY\WYRŒWHYìŒH]2EUi]HN
3RY\ŒH]iYiQtRGVWUDŃWHSLOLQ\
0RQWiçVSRWŒHELĀH
: 1HEH]SHĀt~UD]X
6RXĀiVWL XYQLWŒ VSRWŒHELĀH PRKRX PtW RVWUp KUDQ\ 1RVWH RFKUDQQp
UXNDYLFH

6HMPěWHNU\W
8SR]RUQěQt 7U\VNXO]HQDPRQWRYDWSRGOHSRWŒHE\LQVWDODFH
2EUi]HN
2GåURXEXMWHSRGSěU\DSOHFKD]PěŃWHMHMLFKSRORKX
2EUi]HN
3RGSHU\DSOHFKSŒLåURXEXMWHGRQRYpSRORK\ 2EUi]HN
6SRWŒHELĀ]FHODYORçWHGRYìŒH]XWDNDE\]iYěV\VO\åLWHOQě
QH]DSDGO\ 2EUi]HN
äURXE\XWDKXMWHRSDWUQěMHGHQSRGUXKpPGRNXGVSRWŒHELĀ
QHGRVHGQHFHORXSORFKRXQDPRQWiçQtSORFKX2EUi]HN
8SR]RUQěQt äURXE\QHXWDKXMWHSŒtOLåSHYQěDE\VWHVSRWŒHELĀ
QHSRåNRGLOL
9\EDOWHSDFKRYìILOWU 2EUi]HN
1DVDďWHSDFKRYìILOWUD SURMHKREH]SHĀQpXSHYQěQtRWRĀWH
NRYRYpGUçiN\DçQDGRUD]2EUi]HN
8WiKQěWHUìKRYDQpPDWLFHQDNRYRYpPGUçiNX2EUi]HN
=DåURXEXMWHNU\WGRRWYRUŤQDVSRGQtVWUDQě
VSRWŒHELĀH 2EUi]HN
3UR]DYŒHQtNU\WXQDQěM]HVSRGX]DWODĀWH2EUi]HN
'HPRQWiçVSRWŒHELĀH
: 1HEH]SHĀt~UD]X
6RXĀiVWL XYQLWŒ VSRWŒHELĀH PRKRX PtW RVWUp KUDQ\ 1RVWH RFKUDQQp
UXNDYLFH
=DWODĀWHQDNU\W]GRODDRWHYŒHWHMHM
9\KiNQěWHGUçiN\NU\WX]RWYRUŤQDVSRGQtVWUDQěVSRWŒHELĀH
9\MPěWHSDFKRYìILOWU=iURYěŃGUçWHMHGQRXUXNRXSDFKRYìILOWU
]HVSRGX
3RYROWHUìKRYDQRXPDWLFLDRWHYŒHWHNRYRYpGUçiN\SURY\MPXWt
SDFKRYpKRILOWUX 2EUi]HN
äURXE\SRVWXSQěSRYROXMWHDY\åURXEXMWHMHDçQDGRUD]
=DVXŃWHSDOFHGRRWYRUŤD]DWODĀWHSUXçLQRYìQDStQiNVPěUHP
Y]KŤUX 2EUi]HN
9\MPěWHVSRWŒHELĀ
3DFKRYìILOWUSURSURYR]VFLUNXODFtY]GXFKX
3DFKRYpILOWU\YiçRXSDFK\SŒLSURYR]XVFLUNXODFtY]GXFKX3ŒL
QRUPiOQtPSURYR]XFFDKRGLQXGHQQěPěŃWHSDFKRYìILOWUð
URĀQě
8SR]RUQěQt 3DFKRYpILOWU\QHREVDKXMtåNRGOLYpOiWN\SURWRMHO]H
OLNYLGRYDWMDNREěçQìRGSDG
9\PěŃWHSDFKRYìILOWU
=DWODĀWHQDNU\W]GRODDRWHYŒHWHMHM 2EUi]HN
3RYROWHUìKRYDQRXPDWLFLDRWHYŒHWHNRYRYpGUçiN\SURY\MPXWt
SDFKRYpKRILOWUX 2EUi]HN
9\MPěWHSDFKRYìILOWU=iURYěŃGUçWHMHGQRXUXNRXSDFKRYìILOWU
]HVSRGX
1DVDďWHSDFKRYìILOWUD SURMHKREH]SHĀQpXSHYQěQtRWRĀWH
NRYRYpGUçiN\DçQDGRUD]2EUi]HN
8WiKQěWHUìKRYDQpPDWLFHQDNRYRYpPGUçiNX2EUi]HN
3UR]DYŒHQtNU\WXQDQěM]HVSRGX]DWODĀWH2EUi]HN
sk
ï
0RQWiçQ\QiYRG
: '{OHçLWpEH]SHĀQRVWQpSRN\Q\
7HQWRQiYRGVLVWDURVWOLYRSUHĀtWDMWH/HQSRWRPP{çHWHVSRWUHELĀ
REVOXKRYDŚEH]SHĀQHD VSUiYQH1iYRGQDSRXçtYDQLH
D PRQWiçQ\QiYRGVLRGORçWHQDQHVNRUåLHSRXçLWLHDOHERSUH
QDVOHGXM~FHKRYODVWQtNDVSRWUHELĀD
3RY\EDOHQtVSRWUHELĀSUHVN~åDMWH$NVDVSRWUHELĀSULSUHSUDYH
SRåNRGLOQHSULSiMDMWHKR
/HQSULRGERUQHMPRQWiçL]RGSRYHGDM~FHMWRPXWRPRQWiçQHPX
QiYRGXMH]DUXĀHQiEH]SHĀQRVŚSULSRXçtYDQt,QåWDODWpUMH
]RGSRYHGQì]DEH]FK\EQpIXQJRYDQLHQDPLHVWHLQåWDOiFLH
1HEH]SHĀHQVWYRXGXVHQLD
2EDORYìPDWHULiOSUHGVWDYXMHQHEH]SHĀHQVWYRSUHGHWL1LNG\
QHQHFKDMWHGHWLKUDŚVDV REDORYìPPDWHULiORP
1HEH]SHĀHQVWYRSRUDQHQLD
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3RXçtYDMWH
RFKUDQQpUXNDYLFH
1HEH]SHĀHQVWYRSRUDQHQLD
.HďVSRWUHELĀQLHMHULDGQHXSHYQHQìP{çHVSDGQ~Ś9åHWN\
XSHYŃRYDFLHSUYN\PXVLDE\ŚSHYQHD EH]SHĀQHQDPRQWRYDQp
,QåWDOiFLD
3ULSUDYWHLQåWDOiFLX
■ 0LHVWRPRQWiçHPXVtE\ŚEH]SUREOpPRYRSUtVWXSQpDE\ERO
VSRWUHELĀY SUtSDGHSRWUHE\VHUYLVXGRVWXSQì
■ 2GSRU~ĀDQìRGVWXSPHG]LVSRWUHELĀRPDYDUQìPSDQHORPMH
PLQLPiOQH PPD PD[LPiOQH PP.XFK\QVNpYìSDU\
VD SUL YlĀåHM Y]GLDOHQRVWL RG YDUQpKR SDQHOD KRUåLH ]DFK\WiYDM~
■ 9]GLDOHQRVŚPHG]LVSRWUHELĀRPD PRGXORPQDFLUNXOiFLX
Y]GXFKXVDP{çH]QtçLŚDçQD PPDNMHYìåND]DYHVHQpKR
VWURSXPLQLPiOQH PP
6NRQWUROXMWHPRQWiçQXSORFKX
■ 0RQWiçQDSORFKDPXVtE\ŚURYQiYRYRGRURYQHMSRORKHDPXVt
PDŚGRVWDWRĀQ~QRVQRVŚ
■ 0D[KPRWQRVŚVSRWUHELĀDMH NJ
8SR]RUQHQLD
■ 3RYUFKVSRWUHELĀDMHQiFK\OQìNSRåNRGHQLX=DEUiŃWH
SRåNRGHQLXVSRWUHELĀDSRĀDVLQåWDOiFLH
■ 6NRQWUROXMWH YìUH] ĀL VD Y ŃRP QHQDFKiG]D H[LVWXM~FH NiEOH SUH
ďDOåLHVSRWUHELĀH
■ 1DXSHYQHQLHMHSRWUHEQiYKRGQiQRVQiNRQåWUXNFLDNWRUiMH
SHYQH]DIL[RYDQiYEHWyQRYRPVWURSH
■ 6SRWUHELĀQHPRQWXMWHSULDPRGRVDGURNDUWyQRYìFKGRVLHN
DOHERSRGREQìFKĻDKNìFKVWDYHEQìFKPDWHULiORY]DYHVHQpKR
VWURSX
■ 1DULDGQXPRQWiçSRXçLWHGRVWDWRĀQHVWDELOQìPDWHULiONWRUìMH
SULVS{VREHQìVWDYHEQìPSRPHURPDKPRWQRVWLVSRWUHELĀD
3UtSUDYDPRQWiçQHMSORFK\
6WDELOLWDPRQWiçQHMSORFK\PXVtE\Ś]DEH]SHĀHQiDMSR
SURYHGHQLHYìUH]X
9DUQ~GRVNX]DNU\WHDE\VWH]DEUiQLOLMHMSRåNRGHQLX
8UREWHYìUH]GRVWURSXDOHERERĀQHMVWHQ\2EUi]RN
3RY\UH]DQtRGVWUiŃWHSLOLQ\
0RQWiçVSRWUHELĀD
: 1HEH]SHĀHQVWYRSRUDQHQLD
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3RXçtYDMWH
RFKUDQQpUXNDYLFH
2GREHUWHNU\W
8SR]RUQHQLH 7U\VNXPRçQRQDPRQWRYDŚSRGĻDSRWUHE\
LQåWDOiFLH 2EUi]RN
2GVNUXWNXMWH SRGSHU\ D SOHFK D Y\PHŃWH LFK SRORKX 2EUi]RN
3RGSHU\DSOHFKSULVNUXWNXMWHGRQRYHMSRORK\ 2EUi]RN
6SRWUHELĀ NRPSOHWQH YORçWH GR YìUH]X WDN DE\ ]iYHV\ SRĀXWHĻQH
]DSDGOL2EUi]RN
6NUXWN\MHGQXSRGUXKHMRSDWUQHXSHYQLWHDçNìPVSRWUHELĀ
VYRMRXSORFKRXQHSULOLHKDNPRQWiçQHMSORFKH2EUi]RN
8SR]RUQHQLH 6NUXWN\QHSULŚDKXMWHSUtOLåSHYQHDE\VWH
QHSRåNRGLOLVSRWUHELĀ
9\EDĻWHSDFKRYìILOWHU2EUi]RN
3UHEH]SHĀQpXSHYQHQLHYORçWHSDFKRYìILOWHUD RWRĀWHNRYRYì
GUçLDNDçQDGRUD]2EUi]RN
3ULWLDKQLWHU\KRYDQpPDWLFHQDNRYRYRPGUçLDNX2EUi]RN
=DVNUXWNXMWHNU\WGRRWYRURYQDVSRGQHMVWUDQHVSRWUHELĀD
2EUi]RN
=GROD]DWODĀWHSURWLNU\WXD ]DWYRUWHKR2EUi]RN
'HPRQWiçVSRWUHELĀD
: 1HEH]SHĀHQVWYRSRUDQHQLD
6~ĀLDVWN\YRYQ~WULVSRWUHELĀDP{çXPDŚRVWUpKUDQ\3RXçtYDMWH
RFKUDQQpUXNDYLFH
=GROD]DWODĀWHSURWLNU\WXDRWYRUWHKR
9\KiNQLWHGUçLDN\NU\WX]RWYRURYQDVSRGQHMVWUDQHVSRWUHELĀD
9\EHUWH SDFKRYì ILOWHU =iURYHŃ GUçWH MHGQRX UXNRX SDFKRYì ILOWHU
]RVSRGX
3RYRĻWHU\KRYDQpPDWLFHDRWYRUWHNRYRYpGUçLDN\SUHY\EUDWLH
SDFKRYpKRILOWUD2EUi]RN
6NUXWN\SRVWXSQHSRYRĻXMWHDY\VNUXWNXMWHLFKDçQDGRUD]
=DVXŃWHSDOFDGRRWYRURYD]DWODĀWHSUXçLQRYìQDSLQiNVPHURP
KRUH2EUi]RN
9\EHUWHVSRWUHELĀ

3DFKRYìILOWHUSUHSUHYiG]NXVFLUNXOiFLRX
Y]GXFKX
3ULSUHYiG]NHVFLUNXOiFLRXY]GXFKXYLDçXSDFKRYpILOWUHSDFKRYp
OiWN\3DFKRYìILOWHUY\PHŃWHSULQRUPiOQHMSUHYiG]NHGHQQH
SULEOLçQHKRGLQX[URĀQH
8SR]RUQHQLH 3DFKRYpILOWUHQHREVDKXM~åNRGOLYpOiWN\SUHWRVD
P{çXOLNYLGRYDŚVSROXVGRPiFLPRGSDGRP
9\PHŃWHSDFKRYìILOWHU
=GROD]DWODĀWHSURWLNU\WXDRWYRUWHKR2EUi]RN
3RYRĻWHU\KRYDQpPDWLFHDRWYRUWHNRYRYpGUçLDN\SUHY\EUDWLH
SDFKRYpKRILOWUD2EUi]RN
9\EHUWH SDFKRYì ILOWHU =iURYHŃ GUçWH MHGQRX UXNRX SDFKRYì ILOWHU
]RVSRGX
3UHEH]SHĀQpXSHYQHQLHYORçWHSDFKRYìILOWHUD RWRĀWHNRYRYì
GUçLDNDçQDGRUD]2EUi]RN
3ULWLDKQLWHU\KRYDQpPDWLFHQDNRYRYRPGUçLDNX2EUi]RN
=GROD]DWODĀWHSURWLNU\WXD ]DWYRUWHKR2EUi]RN
hr
à
8SXWH]DPRQWDçX
: 9DçQHVLJXUQRVQHQDSRPHQH
3URĀLWDMWHSDçOMLYRRYXXSXWX6DPRWDGDþHWHPRþLVLJXUQRL
SUDYLOQRUXNRYDWL9DåLPXUHđDMHPÿXYDMWHXSXWH]DXSRWUHEXL
XJUDGQMX]DNDVQLMXXSRUDEXLOL]DVOMHGHþHJYODVQLNDXUHđDMD
3URYMHULWHXUHđDMQDNRQåWRJDUDVSDNLUDWH1HSULNOMXĀXMWHJDDNR
MHGRåORGRRåWHþHQMDSULOLNRPWUDQVSRUWD
6DPRNRGSUDYLOQHXJUDGQMHVXNODGQRRYLPXSXWDPD]DPRQWDçX
MH]DMDPĀHQDVLJXUQRVWWLMHNRPXSRUDEH,QVWDODWHUMHRGJRYRUDQ
]DEHVSULMHNRUQRIXQNFLRQLUDQMHQDPMHVWXSRVWDYOMDQMD
2SDVQRVWRGJXåHQMD
$PEDODçQL PDWHULMDO RSDVDQ MH ]D GMHFX 'MHFL QLNDGD QH GRSXVWLWH
LJUDQMHVDPEDODçQLPPDWHULMDORP
2SDVQRVWRGR]OMHGH
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
2SDVQRVWRGR]OMHGH
$NRXUHđDMQLMHSURSLVQRSULĀYUåþHQPRçHSDVWL6YLSULĀYUVQL
HOHPHQWLPRUDMXELWLĀYUVWRLVLJXUQRPRQWLUDQL
3RVWDYOMDQMH
3ULSUHPDLQVWDODFLMH
■ 0MHVWRPRQWDçHPRUDELWLGRVWXSQRNDNRELVHXVOXĀDMXVHUYLVD
QHRPHWDQRPRJORGRþLGRXUHđDMD
■ ,]PHđXXUHđDMDLSORĀH]DNXKDQMHSUHSRUXĀXMHVHUD]PDNRG
PLQLPDOQR PP L PDNVLPDOQR PP .XKLQMVND SDUD WHçH
VHUHJLVWULUDVYHþLPUD]PDNRPGRNXKDOLåWD
■ 5D]PDNL]PHđXXUHđDMDLPRGXOD]DRSWRĀQL]UDNPRçHVH
VPDQMLWLGR PPDNRMHYLVLQDVSXåWHQRJVWURSDPLQLPDOQR
PP
3URYMHUDXJUDGEHQHSRYUåLQH
■ 8JUDGEHQD SRYUåLQD PRUD ELWL UDYQD YRGRUDYQD L LPDWL GRVWDWQX
QRVLYRVW
■ 0DNVLPDOQDWHçLQDXUHđDMDL]QRVL NJ
1DSRPHQH
■ 3RYUåLQHXUHđDMDVXRVMHWOMLYH3ULSRVWDYOMDQMXL]EMHJDYDMWH
RåWHþHQMD
■ 3URYMHULWHSRVWRMHþHSRORçHQHNDEHOHGUXJLKXUHđDMDXSRGUXĀMX
L]UH]D
■ =DSULĀYUåþLYDQMHMHSRWUHEQDSULNODGQDSRGNRQVWUXNFLMDNRMDMH
ĀYUVWRILNVLUDQDXEHWRQVNRMSORĀL
■ 8UHđDMQHPRQWLUDMWHL]UDYQRXJLSVNDUWRQVNHSORĀHLOLVOLĀQH
ODJDQHJUDđHYLQVNHPDWHULMDOHVSXåWHQRJVWURSD
■ =DSURSLVQXPRQWDçXNRULVWLWHGRYROMQRVWDELODQPDWHULMDONRMLMH
SULODJRđHQJUDđHYLQVNLPXYMHWLPDLWHçLQLXUHđDMD
3ULSUHPDXJUDGEHQHSRYUåLQH
6WDELOQRVWXJUDGEHQHSRYUåLQHPRUDELWLRVLJXUDQDLQDNRQ
L]UH]LYDQMD
3UHNULMWHSORĀX]DNXKDQMHNDNRELVWHL]EMHJOLRåWHþHQMD
1DSUDYLWHL]UH]XVWURSXLOLERĀQRP]LGXVOLND
1DNRQL]UH]LYDQMDXNORQLWHVWUXJRWLQH
0RQWDçDXUHđDMD
: 2SDVQRVWRGR]OMHGH
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
6NLQLWHSRNORSDF
1DSRPHQD 1DVWDYDNPRçHWHSRPDNQXWLRYLVQRRVLWXDFLML
XJUDGQMH VOLND
2GYUQLWHQDVWDYDNLSRWUHEDQOLPWH]DPLMHQLWHSRORçDM VOLND
1DVWDYDNLOLPSULĀYUVWLWHQDQRYLSRORçDM VOLND
8UHđDMXPHWQLWHGRNUDMDXL]UH]WDNRGDVHRYMHåHQMDĀXMQR
XJODYHVOLND
2SUH]QR]DWHJQLWHYLMNHMHGDQ]DGUXJLPWDNRGDXUHđDMEXGHX
UDYQLQLVXJUDGEHQRPSRYUåLQRPVOLND
1DSRPHQD 1HPRMWHSUHMDNRSULWHJQXWLYLMNHNDNRQHELVWH
RåWHWLOLXUHđDM
5DVSDNLUDMWHILOWDU]DPLULVHVOLND
8PHWQLWHILOWDU]DPLULVHLRNUHQLWHPHWDOQLGUçDĀGRJUDQLĀQLND
NDNRELILOWDU]DPLULVHVLJXUQRQDOLMHJDRVOLND
=DYUQLWHQD]XEOMHQHPDWLFHQDPHWDOQRPGUçDĀXVOLND
3RNORSDFREMHVLWHXRWYRUHQDGRQMRMVWUDQLXUHđDMDVOLND
3ULWLVQLWHSRNORSDFVGRQMHVWUDQHNDNRELVWHJD]DWYRULOL
VOLND
'HPRQWDçDXUHđDMD
: 2SDVQRVWRGR]OMHGH
6DVWDYQLGLMHORYLXQXWDUXUHđDMDPRJXELWLRåWULKUXERYD1RVLWH
]DåWLWQHUXNDYLFH
3ULWLVQLWHSRNORSDFVGRQMHVWUDQHNDNRELVWHJDRWYRULOL
'UçDĀHSRNORSFDREMHVLWHL]RWYRUDQDGRQMRMVWUDQLXUHđDMD
'HPRQWLUDMWH ILOWDU ]D PLULVH 3ULWRP MHGQRP UXNRP XKYDWLWH LVSRG
ILOWUD]DPLULVH
2GYUQLWHQD]XEOMHQHPDWLFHLRWYRULWHPHWDOQLGUçDĀNDNRELVWH
L]YDGLOLILOWDU]DPLULVHVOLND
2SUH]QRRWSXVWLWHYLMNHMHGDQ]DGUXJLPLRGYUQLWHGRNUDMD
3DOFHVWDYLWHXRWYRUHLSULWLVQLWHRSUXçQLSULWH]DĀSUHPDJRUH
VOLND
,]YDGLWHXUHđDM
)LOWDU]DPLULVH]DSRJRQQDRSWRĀQL]UDN
)LOWUL]DPLULVHYHçXPLULVHXSRJRQXQDRSWRĀQL]UDN=DPLMHQLWH
ILOWDU ]D PLULVH NRG QRUPDOQRJ UDGD GQHYQR RWSULOLNH VDW MHGQRP
JRGLåQMH
1DSRPHQD )LOWUL ]D PLULVH QH VDGUçH åWHWQH WYDUL L PRçHWH LK EDFLWL
XNXþQLRWSDG
=DPMHQDILOWUD]DPLULVH
3ULWLVQLWHSRNORSDFVGRQMHVWUDQHNDNRELVWHJDRWYRULOLVOLND
2GYUQLWHQD]XEOMHQHPDWLFHLRWYRULWHPHWDOQLGUçDĀNDNRELVWH
L]YDGLOLILOWDU]DPLULVHVOLND
'HPRQWLUDMWH ILOWDU ]D PLULVH 3ULWRP MHGQRP UXNRP XKYDWLWH LVSRG
ILOWUD]DPLULVH
8PHWQLWHILOWDU]DPLULVHLRNUHQLWHPHWDOQLGUçDĀGRJUDQLĀQLND
NDNRELILOWDU]DPLULVHVLJXUQRQDOLMHJDRVOLND
=DYUQLWHQD]XEOMHQHPDWLFHQDPHWDOQRPGUçDĀXVOLND
3ULWLVQLWH SRNORSDF V GRQMH VWUDQH NDNR ELVWH JD ]DWYRULOL VOLND
bg
Ò
ΚτδθάθήλμάθαΪζθημΪΰ
: Αίεμηςιίζίμηώζίΰδζνξίπμνπρ
ΌηβζΪμίεηθ ικθρίμίμί μθάΪ κτδθάθήλμάθ ΛΪζθ μθέΪάΪ ζθΰίμί ήΪ
βαιθεαάΪμίνκίήΪλβΫίαθιΪληθβικΪάβεηθΚτδθάθήλμάθμθαΪ
νιθμκίΫΪβζθημΪΰήΪλίλτοκΪηωάΪαΪιθδτληΪνιθμκίΫΪβεβαΪ
λείήάΪσβωλθΫλμάίηβδ
Ικθάίκίμί νκίήΪ λείή κΪαθιΪδθάΪηίμθ Ικβ μκΪηλιθκμηβ ιθάκίήβ
ηίάδεψράΪγμί
ΛΪζθικβδΪρίλμάίηθάέκΪΰήΪηίλτέεΪληθβηλμκνδπβωμΪαΪ
ζθημΪΰλίέΪκΪημβκΪλβένκηθλμμΪικβκΪΫθμΪΒηλμΪεβκΪσβωμί
θμέθάθκίηαΪΫίανικίρηθμθξνηδπβθηβκΪηίηΪζωλμθμθηΪ
ιθλμΪάωηί
Νξίπμνπρνρζίγςχίαίμδ
ΘιΪδθάτρηβωμζΪμίκβΪείθιΪλίηαΪήίπΪΗβδθέΪηί
ιθαάθεωάΪγμίηΪήίπΪήΪβέκΪωμλθιΪδθάτρηβωζΪμίκβΪε
Νξίπμνπρνρμίοίμώαίμδ
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
Νξίπμνπρνρμίοίμώαίμδ
ΊδθνκίήτμηίίικΪάβεηθαΪδκίιίημθγζθΰίήΪιΪήηίΌλβρδβ
ίείζίημβαΪαΪδκίιάΪηίμκωΫάΪήΪλΪαήκΪάθβΫίαθιΪληθ
ζθημβκΪηβ

Ημπρίκίυηώ
Ξνγβνραδρδημπρίκίυηώρί
■ ΖωλμθμθηΪζθημΪΰμκωΫάΪήΪίΫίαικθΫείζηθήθλμτιηθαΪήΪ
ζθΰίνκίήτμήΪίήθλμτιίηάλενρΪγηΪλίκάβαβκΪηίΫία
ικθΫείζβ
■ ΖίΰήννκίήΪβέθμάΪκλδβωιεθμίικίιθκτρβμίεηθκΪαλμθωηβί
θμζβηβζνζ ζζβζΪδλβζνζ ζζΙΪκΪμΪθμέθμάίηίμθ
λίθμδκβάΪιθμκνήηθικβηΪκΪλμάΪσθκΪαλμθωηβίθμδθμεθηΪ
■ ΚΪαλμθωηβίμθ ζίΰήν νκίήΪ β κίπβκδνεΪπβθηηβω ζθήνε ζθΰί ήΪ
λίηΪζΪεβήθ ζζΪδθάβλθρβηΪμΪηΪθδΪρίηβωμΪάΪηί
ζβηβζνζ ζζ
Ξοναδοιίμίλνμρίεμίρίξναωοτμνπρ
■ ΖθημΪΰηΪμΪιθάτκοηθλμμκωΫάΪήΪίκΪάηΪάθήθκΪάηΪβλ
ήθλμΪμτρηΪμθάΪκθηθλβζθλμ
■ ΖΪδλμίέεθηΪνκίήΪάταεβαΪηΪθδθεθ ιβ
ιίζίμηδ
■ ΙθάτκοηθλμβμίηΪνκίήΪλΪρνάλμάβμίεηβΙκββηλμΪεΪπβωμΪ
βαΫωέάΪγμίιθάκίΰήΪηί
■ ΑθηΪμΪηΪβακωαάΪηίήΪλίικθάίκβαΪηΪεβρηθικθδΪκάΪηίηΪ
δΪΫίεβθμήκνέβνκίήβ
■ ΑΪαΪδκίιάΪηίίηίθΫοθήβζΪιθήοθήωσΪιθλμΪάδΪδθωμθήΪί
ξβδλβκΪηΪαήκΪάθάΫίμθηηβωμΪάΪη
■ ΝκίήτμήΪηίλίζθημβκΪήβκίδμηθάέβιλθδΪκμθηίηβμί
ιεθλδθλμββεβιθήθΫηβμίείδβλμκθβμίεηβζΪμίκβΪεβηΪ
θδΪρίηβωμΪάΪη
■ ΑΪικΪάβεηβωζθημΪΰβαιθεαάΪγμίήθλμΪμτρηθλμΪΫβείηβ
λτέεΪλνάΪηλδθηλμκνδμβάηβμίήΪήίηθλμββμίέεθμθηΪνκίήΪ
ζΪμίκβΪε
Ξνγβνρναιίμίλνμρίεμίρίξναωοτμνπρ
ΛμΪΫβεηθλμμΪηΪζθημΪΰηΪμΪιθάτκοηθλμμκωΫάΪήΪλίέΪκΪημβκΪ
βλείήήίγηθλμβμίιθβακωαάΪηί
ΙθδκβγμίέθμάΪκλδβωιεθμαΪήΪβαΫίέηίμίιθάκίήβ
ΗΪικΪάίμίκΪακίαάμΪάΪηΪβεβλμκΪηβρηΪμΪλμίηΪΣηβςοί
ΛείήήίγηθλμβμίιθβακωαάΪηίθμλμκΪηίμίλμκνΰδβμί
Λνμρηοίμδμίςοδγί
: Νξίπμνπρνρμίοίμώαίμδ
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
ΛάΪείμίδΪιΪδΪ
ιίζίμηδ ΗΪδκΪγηβδτμζθΰίήΪλίικίζίλμάΪλιθκίή
ζθημΪΰηΪμΪλβμνΪπβω Σηβςοί
ΘμάβγμίηΪδκΪγηβδΪβηνΰηΪμΪεΪζΪκβηΪβλζίηίμίιθαβπβωμΪ
Σηβςοί
ΑΪάβημίμίαήκΪάθηΪδκΪγηβδΪβεΪζΪκβηΪμΪηΪηθάΪμΪιθαβπβω
Σηβςοί
ΙθλμΪάίμίνκίήΪηΪιτεηθάκΪακίαΪήθδΪμθήτκΰΪρβμίηί
ικβσκΪδΪμΣηβςοί
ΌηβζΪμίεηθαΪμωέΪγμίίήβηλείήήκνέάβημθάίμίήθδΪμθνκίήτμ
ηίικβείιηίδτζζθημΪΰηΪμΪιθάτκοηθλμΣηβςοί
ιίζίμηδ ΗίαΪμωέΪγμίμάτκήίαήκΪάθάβημθάίμίαΪήΪηί
ιθάκίήβμίνκίήΪ
ΚΪαθιΪδθάΪγμίξβεμτκΪαΪζβκβαζΪΣηβςοί
ΙθλμΪάίμίξβεμτκΪαΪζβκβαζΪβαΪάβγμίζίμΪεηΪμΪλδθΫΪ
ήθδκΪγαΪήΪείέηίλβένκηθξβεμτκΪαΪζβκβαζΪΣηβςοί
ΑΪάβγμίέΪγδβμίληΪδΪμδΪάτκονζίμΪεηΪμΪλδθΫΪΣηβςοί
ΘδΪρίμί ιθδκβμβίμθ ά θμάθκβμί άτκον ήθεηΪμΪ λμκΪηΪ ηΪ νκίήΪ
Σηβςοί
ΑΪ ήΪ αΪμάθκβμί δΪιΪδΪ ηΪμβληίμί θμήθεν δτζ ηίέθ Σηβςοί
Γδλνμρίεμίςοδγί
: Νξίπμνπρνρμίοίμώαίμδ
ΔθζιθηίημβμίάνκίήΪζθέΪμήΪλΪλθλμκβκτΫθάίΗθλίμί
αΪσβμηβκτδΪάβπβ
ΘμήθενικβμβληίμίδΪιΪδΪαΪήΪέθθμάθκβμί
ΘμδΪρίμί ήτκΰΪρβμί ηΪ δΪιΪδΪ θμ θμάθκβμί ά ήθεηΪμΪ λμκΪηΪ ηΪ
νκίήΪ
ΎίζθημβκΪγμίξβεμτκΪαΪζβκβαζΪΙκβμθάΪλίήηΪκτδΪ
οάΪηίμίιθήξβεμτκΪαΪζβκβαζΪ
ΑΪάβγμίέΪγδβμίληΪδΪμδΪβθμάθκίμίζίμΪεηΪμΪλδθΫΪαΪήΪ
λάΪεβμίξβεμτκΪαΪζβκβαζΪΣηβςοί
Ώήβη λείή ήκνέ κΪαοεΪΫίμί άβημθάίμί άηβζΪμίεηθ β κΪαάτκμίμί
ήθδκΪγ
ΛιΪεπβμίΫκτδηίμίάθμάθκβμίβικβμβληίμίηΪέθκίικνΰβηηβω
θΫμίέΪρΣηβςοί
ΛάΪείμίνκίήΪ
Σηκρωοζίλίζμημίζίοίΰνρίπυηοιςκηοίψ
αωζγςτ
ΞβεμκβμίαΪζβκβαζΪλάτκαάΪμάίσίλμάΪμΪθμήίεωσβζβκβαζΪ
ικβκΪΫθμΪλπβκδνεβκΪσάταήνοΛζίηωγμίξβεμτκΪαΪζβκβαζΪ
ικβηθκζΪεηΪκΪΫθμΪίΰίήηίάηθθδθεθρΪλίήβηιτμά
έθήβηΪμΪ
ιίζίμηδ Ξβεμκβμί αΪ ζβκβαζΪ ηί λτήτκΰΪμ άκίήηβ άίσίλμάΪ β
ζθέΪμήΪλίβαοάτκεωμικβΫβμθάβμίθμιΪήτπβ
Πλώμίμίσηκρωοίζίληοηζλί
ΘμήθενικβμβληίμίδΪιΪδΪαΪήΪέθθμάθκβμίΣηβςοί
ΑΪάβγμίέΪγδβμίληΪδΪμδΪβθμάθκίμίζίμΪεηΪμΪλδθΫΪαΪήΪ
λάΪεβμίξβεμτκΪαΪζβκβαζΪΣηβςοί
ΎίζθημβκΪγμίξβεμτκΪαΪζβκβαζΪΙκβμθάΪλίήηΪκτδΪ
οάΪηίμίιθήξβεμτκΪαΪζβκβαζΪ
ΙθλμΪάίμίξβεμτκΪαΪζβκβαζΪβαΪάβγμίζίμΪεηΪμΪλδθΫΪ
ήθδκΪγαΪήΪείέηίλβένκηθξβεμτκΪαΪζβκβαζΪΣηβςοί
ΑΪάβγμίέΪγδβμίληΪδΪμδΪάτκονζίμΪεηΪμΪλδθΫΪΣηβςοί
ΑΪήΪαΪμάθκβμίδΪιΪδΪηΪμβληίμίθμήθενδτζηίέθΣηβςοί
sr
ò
8SXWVWYRRSRVWDYOMDQMX
: 9DçQHQDSRPHQH]DVLJXUQRVW
3DçOMLYRSURĀLWDMWHRYRXSXWVWYR-HGLQRWDNRPRçHWHVLJXUQRL
SUDYLOQRGDUXNXMHWH9DåLPXUHđDMHP6DĀXYDMWHXSXWVWYR]D
XSRWUHEXLPRQWDçX]DQHNXNDVQLMXXSRWUHEXLOL]DVOHGHþHJ
YODVQLND
3RåWR VWH JD UDVSDNRYDOL SURYHULWH XUHđDM 8NROLNR RåWHWLR SULOLNRP
WUDQVSRUWDQHPRMWHJDSULNOMXĀLYDWL
6DPRXVOXĀDMXVWUXĀQHXJUDGQMHXVNODGXVDXSXWVWYRP]D
PRQWDçX]DJDUDQWRYDQDMHVLJXUQRVWSULOLNRPXSRWUHEH,QVWDODWHU
MHRGJRYRUDQ]DSUDYLOQRIXQNFLRQLVDQMHQDPHVWXSRVWDYNH
2SDVQRVWRGJXåHQMD
$PEDODçQL PDWHULMDO MH RSDVDQ ]D GHFX 'HFL QLNDGD QH GDMWH GD VH
LJUDMXVDDPEDODçQLPPDWHULMDORP
2SDVQRVWRGSRYUHGH
.RPSRQHQWHXQXWDUXUHđDMDPRJXGDLPDMXRåWUHLYLFH1RVLWH
]DåWLWQHUXNDYLFH
2SDVQRVWRGSRYUHGH
$NRXUHđDMQLMHSUDYLOQRSULĀYUåþHQPRçHGDSDGQH6YLHOHPHQWL
]DSULĀYUåþLYDQMHPRUDMXGDEXGXĀYUVWRLVLJXUQRPRQWLUDQL
,QVWDODFLMD
3ULSUHPDLQVWDODFLMH
■ 0HVWRPRQWDçHPRUDELWLSULVWXSDĀQRGDELVHXVOXĀDMX
VHUYLVLUDQMDXUHđDMXPRJORSULVWXSLWLEH]SUREOHPD
■ ,]PHđXXUHđDMDLSORĀH]DNXYDQMHSUHSRUXĀXMHVHUDVWRMDQMHRG
QDMPDQMH PP L QDMYLåH PP äWR MH UDVWRMDQMH RG SORĀH
]DNXYDQMHYHþHWRMHXVLVDYDQMHLVSDUHQMDRGNXYDQMDWHçH
■ 5DVWRMDQMHL]PHđXXUHđDMDLPRGXOD]DFLUNXODFLMXYD]GXKDVH
PRçHUHGXNRYDWLQDQDMYLåH PPXNROLNRYLVLQDVSXåWHQRJ
SODIRQDL]QRVLQDMPDQMH PP
3URYHUDSRYUåLQH]DXJUDGQMX
■ 3RYUåLQD ]D XJUDGQMX PRUD GD EXGH UDYQD KRUL]RQWDOQD L GD LPD
GRYROMQXQRVLYRVW
■ 0DNVLPDOQDWHçLQDXUHđDMDL]QRVL NJ
1DSRPHQH
■ 3RYUåLQHXUHđDMDVXRVHWOMLYH3ULOLNRPLQVWDODFLMHL]EHJDYDMWH
RåWHþHQMD
■ 3URYHULWH GD OL VH X ]RQL VHĀHQMD QDOD]H YRGRYL NDEORYD ]D GUXJH
XUHđDMH
■ =DILNVLUDQMHQHRSKRGDQMHDGHNYDWDQGUçDĀNRMLMHĀYUVWR
ILNVLUDQQDEHWRQVNLSODIRQ
■ 8UHđDMQHPRMWHPRQWLUDWLGLUHNWQRQDJLSVNDUWRQVNHSORĀHLOL
VOLĀQHODNHJUDđHYLQVNHPDWHULMDOHVSXåWHQRJSODIRQD
■ =DSUDYLOQXPRQWDçXXSRWUHEOMDYDMWHGRYROMQRVWDELODQPDWHULMDO
NRMLMHSULODJRđHQJUDđHYLQVNLPXVORYLPDLWHçLQLXUHđDMD
3ULSUHPDSRYUåLQH]DXJUDGQMX
6WDELOQRVWSRYUåLQH]DXJUDGQMXPRUDGDEXGH]DJDUDQWRYDQDL
QDNRQUDGRYDNRMLSRGUD]XPHYDMXVHĀHQMH
3RNULMWHSORĀX]DNXYDQMHGDELVWHL]EHJOLRåWHþHQMD
1DSUDYLWHLVHĀDNQDJRUQMHPLOLERĀQRP]LGXVOLND
3RVOHVHĀHQMDXNORQLWHRSLOMNH

0RQWDçDXUHđDMD
: 2SDVQRVWRGSRYUHGH
.RPSRQHQWHXQXWDUXUHđDMDPRJXGDLPDMXRåWUHLYLFH1RVLWH
]DåWLWQHUXNDYLFH
6NLQLWHSRNORSDF
1DSRPHQD 2VORQDF VH PRçH SRPHULWL X ]DYLVQRVWL RG XJUDGQH
VLWXDFLMH VOLND
2GYUQLWHRVORQDFLSRWUHEQXSORĀXL]DPHQLWHSRORçDM VOLND
2VORQDFLSORĀXSULĀYUVWLWHQDQRYRPSRORçDMX VOLND
8UHđDM SRWSXQR XEDFLWH X LVHĀDN WDNR GD QRVDĀL ]YXĀQR XOHJQX
VOLND
=DYUWQMHRSUH]QR]DYUþLWHMHGDQ]DGUXJLPVYHGRNXUHđDMQH
QDOHJQHXUDYQLSRYUåLQH]DXJUDGQMXVOLND
1DSRPHQD =DYUWQMHQHPRMWH]DYUWDWLSUHYLåHĀYUVWRGDQHEL
GRåORGRRåWHþHQMDXUHđDMD
)LOWHU]DPLULVHL]YDGLWHL]DPEDODçHVOLND
8PHWQLWH ILOWHU ]D PLULVH L RNUHQLWH PHWDOQL VWUHPHQ GR JUDQLĀQLND
GDELILOWHU]DPLULVHVLJXUQRQDOHJDRVOLND
=DYUQLWHQDUHFNDQHQDYUWNHQDPHWDOQRPVWUHPHQXVOLND
3RNORSFHRNDĀLWHXRWYRUHQDGRQMRMVWUDQLXUHđDMDVOLND
'DELVH]DWYRULRSRNORSDFSULWLVQLWHRGR]GRVOLND
'HPRQWLUDQMHXUHđDMD
: 2SDVQRVWRGSRYUHGH
.RPSRQHQWHXQXWDUXUHđDMDPRJXGDLPDMXRåWUHLYLFH1RVLWH
]DåWLWQHUXNDYLFH
2GR]GRSULWLVQLWHSRNORSDFGDELVHRWYRULR
'UçDĀHSRNORSFDRWNDĀLWHL]RWYRUDQDGRQMRMVWUDQLXUHđDMD
'HPRQWLUDMWH ILOWHU ]D PLULVH 3ULWRP UXNRP RGR]GR XKYDWLWH LVSRG
ILOWHUD]DPLULVH
2GYUQLWHQDUHFNDQHQDYUWNHLRWYRULWHPHWDOQHVWUHPHQHNDNR
ELVWHL]YDGLOLILOWHU]DPLULVHVOLND
=DYUWQMHMHGDQ]DGUXJLPRSUH]QRRWSXVWLWHLRGYUQLWHGR
JUDQLĀQLND
3DOĀHYLPDXKYDWLWHRWYRUHLSULWLVQLWHVWH]DĀRSUXJHNDJRUH
VOLND
,]YDGLWHXUHđDM
)LOWHU]DPLULVH]DUHçLPFLUNXODFLMHYD]GXKD
)LOWHUL]DPLULVHVSUHĀDYDMXQHSULMDWQHPLULVHXUHçLPXFLUNXODFLMH
YD]GXKD)LOWHU]DPLULVHWUHEDSURPHQLWLMHGQRPJRGLåQMHSUL
QRUPDOQRMXSRWUHELSULEOLçQRVDWGQHYQR
1DSRPHQD )LOWHUL]DPLULVHQHVDGUçHåWHWQHPDWHULMHLPRJXVH
XNORQLWLVDNXþQLPVPHþHP
=DPHQDILOWHUD]DPLULVH
2GR]GRSULWLVQLWHSRNORSDFGDELVHRWYRULRVOLND
2GYUQLWHQDUHFNDQHQDYUWNHLRWYRULWHPHWDOQHVWUHPHQHNDNR
ELVWHL]YDGLOLILOWHU]DPLULVHVOLND
'HPRQWLUDMWH ILOWHU ]D PLULVH 3ULWRP UXNRP RGR]GR XKYDWLWH LVSRG
ILOWHUD]DPLULVH
8PHWQLWH ILOWHU ]D PLULVH L RNUHQLWH PHWDOQL VWUHPHQ GR JUDQLĀQLND
GDELILOWHU]DPLULVHVLJXUQRQDOHJDRVOLND
=DYUQLWHQDUHFNDQHQDYUWNHQDPHWDOQRPVWUHPHQXVOLND
'DELVH]DWYRULRSRNORSDFSULWLVQLWHRGR]GRVOLND
sq
ñ
8GKs]LPSsUPRQWLP
: 8GKs]LPHWsUsQGsVLVKPHVLJXULH
/H[RMHQLPHNXMGHVNsWsXGKs]LP9HWsPNsVKWXPXQGTsPH
DSDUDWLQWXDMWsVKsUEHKHQLQsPsQ\UsWsVLJXUWGKHWsGUHMW
8GKs]LPLQSsUSsUGRULPGKHPRQWLPHUXDQLSsUSsUGRULPWs
PsYRQVKsPRVHSsUSURQDULQHDUGKVKsP
3DVVKSDNHWLPLWDSDUDWLQHNRQWUROORQL1sUDVWVHNDQGRQMs
GsPWLPQJDWUDQVSRUWLPRVHOLGKQL
9HWsPSsUPHVQMsPRQWLPLWsVSHFLDOL]XDUGKHQsSsUSXWKMHPH
XGKs]XHVLQHPRQWLPLWPXQGWsVLJXURKHWQMsSsUGRULPLVLJXUW
,QVWDOXHVLPEDQSsUJMHJMsVLSsUIXQNVLRQLPLQHSDWsPHWsWs
SDMLVMHVQsYHQGLQHLQVWDOLPLW
5UH]LNDVILNVLPL
0DWHULDOLDPEDOD]KXHVsVKWsLUUH]LNVKsPSsUIsPLMsW0RVLOLQL
DVQMsKHUsIsPLMsWWsOXDMQsPHPDWHULDOHWDPEDOD]KXHV
5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
5UH]LNSODJRVMHMH
1sVH SDMLVMD QXN sVKWs VKWUsQJXDU VLo GXKHW PXQG Ws EMHUs *MLWKs
HOHPHQWHWHVKWUsQJLPLWGXKHWWsPRQWRKHQIRUWGKHQsPsQ\UsWs
VLJXUW
,QVWDOLPL
3sUJDWLWMDHLQVWDOLPLW
■ 9HQGLLPRQWLPLWGXKHWWsMHWsOHKWsVLVKWLDUULWVKsPQsPsQ\Us
TsSDMLVMDWsDUULKHWSDSHQJHVDQsUDVWVKsUELPL
■ 0LGLVSDMLVMHVGKHSODQLWWsJDWLPLWNsVKLOORKHWWsUXKHWQMs
GLVWDQFsPLQLPDOHSUHM PPGKHPDNVLPXPL PP0H
UULWMHQ H GLVWDQFsV QJD YDWUD H JDWLPLW DYXMW H JDWLPLW GR Ws WKLWKHQ
PsPHYsVKWLUsVL
■ 'LVWDQFDPLGLVSDMLVMHVGKHPRGXOLWPHTDUNXOOLPDMULPXQGWs
]YRJsORKHW GHUL Qs PP NXU ODUWsVLD H WDYDQHYH Ws YDUXU sVKWs
PLQLPXPL PP
.RQWUROORQLVLSsUIDTHQHPRQWLPLW
■ 6LSsUIDTMDHPRQWLPLWGXKHWWsMHWsLUUDIVKsWYHUWLNDOGKH
PMDIWXHVKsPLTsQGUXHVKsP
■ 3HVKDPDNVLPDOHHSDMLVMHVsVKWsUUHWK NJ
8GKs]LPH
■ 6LSsUIDTHWHSDMLVMHVMDQsGHOLNDWH*MDWsLQVWDOLPLWVKPDQJQL
GsPWLPHWHPXQGVKPH
■ 9HULILNRQLSDUDSUDNLVKWQsVHNDLQVWDOLPHNDEOORUHHN]LVWXHVHWs
SDMLVMHYHWsWMHUD
■ 3sUPEsUWKLPLQQHYRMLWHWQMsVNHOHWLSRVKWsPLSsUVKWDWVKsPL
FLOLsVKWsLILNVXDUPLUsQsWDYDQLQSUHMEHWRQL
■ 0RVHPRQWRQLSDMLVMHQGLUHNWQsSOODNDWHJLSVLWWsWDYDQLWWs
YDUXURVHPDWHULDOHWHOHKWDWsQJMDVKPHWsQGsUWLPLW
■ 4sPRQWLPLWsEsKHWVLGXKHWSsUGRUQLQMsPDWHULDOPHVWDELOLWHW
WsPMDIWXHVKsPLSsUVKWDWXUPHNXVKWHWVWUXNWXURUHGKHPH
SHVKsQHSDMLVMHV
3sUJDWLVQLVLSsUIDTHQHPRQWLPLW
6WDELOLWHWLLVLSsUIDTHVVsPRQWLPLWGXKHWWsMHWsLJDUDQWXDUHGKH
SDVSXQLPHYHWsSUHUMHV
0EXORQLSODQLQHJDWLPLWSsUWsHYLWXDUGsPWLPHW
5HDOL]RQLSUHUMHQQsWDYDQLQRVHPXULQDQsVRU)LJXUD
3DVSXQLPHYHWsSUHUMHYHODUJRQLDVKNODW
0RQWLPLLSDMLVMHV
: 5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
+LTQLNDSDNXQ
8GKs]LP +XQGs]D PXQG Ws ]KYHQGRVHW Qs YDUsVL Ws UUHWKDQDYH
WsPRQWLPLW )LJXUD
=EsUWKHQLKXQGs]DWGKHSOODNsQPHWDOLNHGKHQGU\VKRQL
SR]LFLRQHW )LJXUD
0EsUWKHQLKXQGs]DWGKHSOODNsQPHWDOLNHQsSR]LFLRQLQHUL
)LJXUD
)XWHQLSDMLVMHQSORWsVLVKWQsYHQGLQHSUHUsGHULVDNDSsVHWWs
PEsUWKHKHQQsYHQGPHNsUFLWMH)LJXUD
6KWUsQJRQLPHNXMGHVYLGDWQMsUDSDVWMHWUsVGHULVDSDMLVMDWs
IOHMsUUDIVKQsVLSsUIDTHQHPRQWLPLW)LJXUD
8GKs]LP 0RVLVKWUsQJRQLYLGDWPsVKXPsVHVDGXKHWSsUWs
PRVGsPWXDUSDMLVMHQ
6KSDNHWRQLILOWULQHHUsUDYH)LJXUD
9HQGRVQLILOWULQHDURPDYHGKHUURWXOORQLNOODSsQPHWDOLNHGHULVD
WsPEsUWKHKHWQsPsQ\UsTsILOWULLDURPDYHWsTsQGURMsQs
PsQ\UsWsVLJXUW)LJXUD
5URWXOORQLGDGRWPEsUWK\HVHWHNOODSDPHWDOLNH)LJXUD
)XWHQLNDSDNXQWHNYULPDWTsQGRGKHQQsSMHVsQHSRVKWPHWs
SDMLVMHV)LJXUD
3sUWDPE\OOXUNDSDNXQVKW\MHQLDWsQJDSRVKWs)LJXUD
dPRQWRQLSDMLVMHQ
: 5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
6KW\SHQLNDSDNXQQJDSRVKWsSsUWDKDSXUDWs
=EsUWKHQL NDSsVHW H NDSDNXW QJD IROHWs Ts QGRGKHQ Qs SMHVsQ H
SRVKWPHWsSDMLVMHV
dPRQWRQLILOWULQHHUsUDYH3sUNsWsNDSHQLILOWULQHHUsUDYHQJD
SRVKWsPHQMsUsQGRUs
5URWXOORQLGDGRWPEsUWK\HVHGKHKDSQLNOODSsQPHWDOLNHSsUWs
Q[MHUUsILOWULQHHUsUDYH)LJXUD

/LURMLQL YLGDW PH NXMGHV QMsUD SDV WMHWUsV GKH UURWXOORMLQL GHULVD Ws
]EsUWKHKHW
9HQGRVLQLJLVKWDWHPsGKHQMWHNIROHWsGKHVKW\SHQLVXVWsQQJD
ODUW)LJXUD
1[LUUHQLSDMLVMHQQJDYHQGL
)LOWULLHUsUDYHSsUUHJMLPLQPHTDUNXOOLPDMUL
)LOWUDWHHUsUDYHLoRMQsHUsUDWQsUHJMLPLQHTDUNXOOLPLWWsDMULW
1GsUURMHQLILOWULQHHUsUDYHJMDWsSURFHVLWQRUPDOoGRGLWsUUHWK
RUs[QsYLW
8GKs]LP )LOWUDW H HUsUDYH QXN SsUPEDMQs VXEVWDQFD Ws GsPVKPH
GKHPXQGWsKLGKHQQsSOHKUDWHVKWsSLVs
1GsUURQLILOWULQHHUsUDYH
6KW\SHQLNDSDNXQQJDSRVKWsSsUWDKDSXUDWs)LJXUD
5URWXOORQLGDGRWPEsUWK\HVHGKHKDSQLNOODSsQPHWDOLNHSsUWs
Q[MHUUsILOWULQHHUsUDYH)LJXUD
dPRQWRQLILOWULQHHUsUDYH3sUNsWsNDSHQLILOWULQHHUsUDYHQJD
SRVKWsPHQMsUsQGRUs
9HQGRVQLILOWULQHDURPDYHGKHUURWXOORQLNOODSsQPHWDOLNHGHULVD
WsPEsUWKHKHWQsPsQ\UsTsILOWULLDURPDYHWsTsQGURMsQs
PsQ\UsWsVLJXUW)LJXUD
5URWXOORQLGDGRWPEsUWK\HVHWHNOODSDPHWDOLNH)LJXUD
3sUWDPE\OOXUNDSDNXQVKW\MHQLDWsQJDSRVKWs)LJXUD
mk
æ
ΝιΪμλμάθαΪζθημΪΰΪ
: Αίεμηπηβςομνπμημίξνλδμη
ΌηβζΪμίεηθικθρβμΪϒμίέθθάΪνιΪμλμάθΛΪζθμθέΪςϖίζθΰί
ΫίαΫίήηθβικΪάβεηθήΪέθνιθμκίΫνάΪμίΌΪςβθμνκίήΑΪρνάΪϒμί
έθ νιΪμλμάθμθ αΪ νιθμκίΫΪ β ζθημΪΰΪ αΪ ιθήθπηίΰηΪ νιθμκίΫΪ βεβ
αΪλείήηβθμδθκβληβδ
ΘμδΪδθϖίέθθμιΪδνάΪμίνκίήθμικθάίκίμίϒΪηίέθάΪμΪλθλμθϒΫΪ
ΎθδθεδνβζΪςμίμβηΪλμΪηΪμβικβμκΪηλιθκμθμηίέθ
ικβδενρνάΪϒμί
ΛΪζθλθλμκνρηΪζθημΪΰΪλθέεΪληθνιΪμλμάθμθαΪζθημΪΰΪί
αΪέΪκΪημβκΪηΪ ΫίαΫίήηθλμΪ ικβ νιθμκίΫΪ ηΪ νκίήθμ ΒηλμΪεΪμίκθμ
ίθήέθάθκίηαΪΫίλικίδθκηθξνηδπβθηβκΪϔίηΪζίλμθμθηΪ
ιθλμΪάνάΪϔί
Νξίπμνπρνγζίγςχςαίϙδ
ΖΪμίκβϒΪεθμαΪιΪδνάΪϔίίθιΪλίηαΪήίπΪμΪΗίέβθλμΪάΪϒμί
ήίπΪμΪήΪλββέκΪΪμλθζΪμίκβϒΪεθμαΪιΪδνάΪϔί
Νξίπμνπρνγξναοδγί
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΗθλίμίαΪςμβμηβκΪδΪάβπβ
Νξίπμνπρνγξναοδγί
ΎθδθεδννκίήθμηίίικθιβληθικβπάκλμίηζθΰίήΪιΪήηίΛβμί
ίείζίημβηΪικβπάκλμνάΪϔίζθκΪήΪΫβήΪμπάκλμθβλβένκηθ
ζθημβκΪηβ
Ημπρίκίυηϗί
Ξνγβνρναιίζίημπρίκίυηϗί
■ ΖίλμθμθηΪζθημΪΰΪζθκΪήΪίήθλμΪιηθΫίαικθΫείζαΪήΪ
ζθΰίνκίήθμήΪίήθλμΪιίηάθλενρΪϒηΪλίκάβλ
■ ΙθζίύννκίήθμβιθείμθαΪέθμάίϔίικίιθκΪρεβάθίκΪλμθϒΪηβί
θήηΪϒζΪεδν PPβηΪϒζηθένήθ PPΙΪκίΪμΪθή
έθμάίϔίμθιθμίςδθλίκίέβλμκβκΪηΪαέθείζίηθκΪλμθϒΪηβίθή
κβηέεΪμΪ
■ ΚΪλμθϒΪηβίμθιθζίύννκίήθμβπβκδνεΪπβθηβθμζθήνεζθΰίήΪ
λί ηΪζΪεβ ήθ PP λϊ ήθήίδΪ άβλβηΪμΪ ηΪ λινςμίηβθμ ιεΪξθη
βαηίλνάΪηΪϒζΪεδν PP
Ξοναδοιίμίξναοχημίρίζίαβοίγςαίϙδ
■ ΙθάκςβηΪμΪ αΪ άέκΪήνάΪϔί ζθκΪ ήΪ Ϋβήί κΪζηΪ οθκβαθημΪεηΪ
βήθάθεηθιθήηθλεβάΪ
■ ΖΪδλμίΰβηΪηΪνκίήθμβαηίλνάΪθδθεν NJ
Μίξνλδμη
■ Ιθάκςβηβμί ηΪ νκίήθμ λί ηίΰηβ ΒαΫίέηνάΪϒμί θςμίμνάΪϔί ικβ
βηλμΪεΪπβϒΪμΪ
■ Ικθάίκίμί έθ βλίρίηβθμ ήίε αΪ ιθλμθίρδθ δΪΫίελδθ ιθάκανάΪϔί
λθήκνέβνκίήβ
■ ΑΪικβπάκλμνάΪϔίιθμκίΫηΪίλθθήάίμηΪιθμδθηλμκνδπβϒΪ
δθϒΪςμθϖίΫβήίικβπάκλμίηΪηΪΫίμθηλδβθμμΪάΪη
■ ΝκίήθμηίμκίΫΪήΪλίζθημβκΪήβκίδμηθάθέβιλδΪκμθηλδβ
ιεθρββεβλεβρηβείληβέκΪήίΰηβζΪμίκβϒΪεβηΪλινςμίηβθμ
ιεΪξθη
■ ΑΪικΪάβεηΪζθημΪΰΪδθκβλμίμίήθάθεηθλμΪΫβείηζΪμίκβϒΪε
ικβεΪέθήίηηΪέκΪήίΰηβμίθδθεηθλμββμίΰβηΪμΪηΪνκίήθμ
Ξνγβνρναιίμίξναοχημίρίζίαβοίγςαίϙδ
ΖθκΪήΪλίθΫίαΫίήβλμΪΫβεηθλμηΪιθάκςβηΪμΪαΪάέκΪήνάΪϔίβ
ιθλίρίϔίμθ
ΙθδκβϒμίέθιθείμθαΪέθμάίϔίαΪήΪβαΫίέηίμίθςμίμνάΪϔΪ
ΗΪικΪάίμί λίρίϔί ηΪ μΪάΪηθμ βεβ ηΪ λμκΪηβρηβθμ Ϗβή Πκηιί
ΙθλίρίϔίμθθμλμκΪηίμίέβλμκνέθμβηβμί
Λνμρίείμίςοδγνρ
: Νξίπμνπρνγξναοδγί
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΗθλίμίαΪςμβμηβκΪδΪάβπβ
ΒαάΪήίμίέθδΪιΪδθμ
Μίξνλδμί ΖεΪαηβπβζθΰίήΪλίιθζίλμΪμάθαΪάβληθλμθή
λβμνΪπβϒΪμΪαΪάέκΪήνάΪϔί Πκηιί
ΘήάκμίμίέβζεΪαηβπβμίβιθμκίΫηβθμιείοβαΪζίηίμίϒΪ
ιθαβπβϒΪμΪ Πκηιί
ΑΪπάκλμίμίέβζεΪαηβπβμίβιείοθμηΪηθάΪιθαβπβϒΪ Πκηιί
ΌδεθιίμίέθπίεθληθνκίήθμάθβλίρίηβθμθμάθκήθήίδΪηί
λενςηίμίήΪλίάδεθιΪμαΪδΪρΪεδβμίΠκηιί
ΌηβζΪμίεηθαΪμίέηίμίέβαΪάκμδβμίίήηΪιθήκνέΪήθήίδΪ
νκίήθμηίείέηίκΪζηθηΪιθάκςβηΪμΪαΪάέκΪήνάΪϔί
Πκηιί
Μίξνλδμί ΗίέβαΪμίέηνάΪϒμίπάκλμθαΪάκμδβμίαΪήΪηίέθ
θςμίμβμίνκίήθμ
ΘμιΪδνάΪϒμίέθξβεμίκθμαΪζβκβαΫβΠκηιί
Όζίμηίμί έθ ξβεμίκθμ αΪ ζβκβαΫβ β λάκμίμί ϒΪ ζίμΪεηΪμΪ δνδΪ ήθ
δκΪϒαΪΫίαΫίήηθήΪηΪείέηίξβεμίκθμαΪζβκβαΫβπκηιί
ΗΪάκμίμίέβδκνΰηβμίηΪάκμδβηΪζίμΪεηΪμΪδνδΪπκηιί
ΑΪδΪρίμίέθδΪιΪδθμάθθμάθκβμίηΪήθεηΪμΪλμκΪηΪηΪνκίήθμ
Πκηιί
ΑΪ ήΪ έθ αΪμάθκβμί δΪιΪδθμ ικβμβληίμί έθ θάΪ θή ήθεν πκηιί
Γδλνμρίείμίςοδγνρ
: Νξίπμνπρνγξναοδγί
ΛθλμΪάίηβμίήίεθάβάθνκίήθμζθΰίήΪΫβήΪμλθθλμκβκΪΫθάβ
ΗθλίμίαΪςμβμηβκΪδΪάβπβ
ΙκβμβληίμίθήήθενλικθμβδΪιΪδθμαΪήΪέθθμάθκβμί
ΘμδΪρίμί έβ ήκΰΪρβμί θή θμάθκβμί ηΪ ήθεηΪμΪ λμκΪηΪ ηΪ νκίήθμ
ΎίζθημβκΪϒμί έθ ξβεμίκθμ αΪ ζβκβαΫβ ΙκβμθΪ ήκΰίμί λθ ήκνέΪμΪ
κΪδΪιθήξβεμκβμίαΪζβκβαΫβ
ΗΪάκμίμίέβδκνΰηβμίηΪάκμδββθμάθκίμίϒΪζίμΪεηΪμΪδνδΪαΪ
ήΪλίβαάΪήβξβεμίκθμαΪζβκβαΫβΠκηιί
ΌηβζΪμίεηθ θεΪΫΪάίμί έβ αΪάκμδβμί ίήηΪ ιθ ήκνέΪ β θήάκμίμί ήθ
δκΪϒ
ΛθιΪεπβμίξΪμίμίέβθμάθκβμίβικβμβληίμίέθηΪέθκί
αΪμίέηνάΪρθμηΪικνΰβηΪμΪΠκηιί
ΒαάΪήίμίέθνκίήθμ
Σηκρδονρζίληοηζΰηανυηοιςκίυηνμδμοδεηλ
Ξβεμκβμί αΪ ζβκβαΫβ έβ θμλμκΪηνάΪΪμ ζβκβλβμί άθ πβκδνεΪπβθηίη
κίΰβζΑΪζίηίμίέβξβεμκβμίαΪζβκβαΫβάθηθκζΪείηκίΰβζ
ήηίάηθθδθενρΪλ[έθήβςηθ
Μίξνλδμί ΞβεμίκθμαΪζβκβαΫβηίλθήκΰβςμίμηβζΪμίκβββ
ζθΰίήΪλίθμλμκΪηβάθήθζΪςηβθμθμιΪή
Ζίλδμίμίσηκρδονρζίληοηζΰη
Ικβμβληίμί θή ήθεν λικθμβ δΪιΪδθμ αΪ ήΪ έθ θμάθκβμί Πκηιί
ΗΪάκμίμίέβδκνΰηβμίηΪάκμδββθμάθκίμίϒΪζίμΪεηΪμΪδνδΪαΪ
ήΪλίβαάΪήβξβεμίκθμαΪζβκβαΫβΠκηιί
ΎίζθημβκΪϒμί έθ ξβεμίκθμ αΪ ζβκβαΫβ ΙκβμθΪ ήκΰίμί λθ ήκνέΪμΪ
κΪδΪιθήξβεμκβμίαΪζβκβαΫβ
Όζίμηίμί έθ ξβεμίκθμ αΪ ζβκβαΫβ β λάκμίμί ϒΪ ζίμΪεηΪμΪ δνδΪ ήθ
δκΪϒαΪΫίαΫίήηθήΪηΪείέηίξβεμίκθμαΪζβκβαΫβπκηιί
ΗΪάκμίμίέβδκνΰηβμίηΪάκμδβηΪζίμΪεηΪμΪδνδΪπκηιί
ΑΪ ήΪ έθ αΪμάθκβμί δΪιΪδθμ ικβμβληίμί έθ θάΪ θή ήθεν πκηιί
ukkkukkk
ù
ΝομίρςρςοίκϊμЧπБίςκίο
: АίςϕξπϕζγϕιρδτμηιίπϊρςοίκϊλίЙϊζγϊ
μЧπБίςκίο
ΘλυηТλЌΪνευЌμυζТЌβωμθЌυιςυЄυДυαΜίδλθήΪηδίγϐη
ЌТκυεЄυηυЌΪνϐιλϐαΰфηίήТκυλιΪγήΪεΪηΪΪεΪλυαΙΪγήΪεΪην
ΰфηίζθημΪΰήΪνηТλЌΪνευЌμΪκυηδίείλϐβίλϐРςϐηλΪЌμΪДυα
ΊλιΪιμυθκΪζΪήΪηΪςνήΪηλθДμίδλίκϐДϐαΜΪλυζΪεήΪνήΪЄυ
αΪЌυζΰΪЄήΪγυηήΪЌθλιΪДυα
ΜίδθκηΪμνηТλЌΪνευЄυΫθγυηςΪζΪζΪηήυЌθκηΪμνιΪγήΪεΪην
ЌΪνιϐλϐαήϐέϐηЌΪζμΪζΪλυαίμίήϐΘκηΪμνςυθκηΪμυεЄΪηΰίκήί
δίήίκέϐλϐαΰТζυλϐλμίνϐРςϐηΰΪνΪιδίκ
ΡЧμχϊЉςБίςξϕ
ΘκΪζΪζΪμίκβΪευΫΪεΪεΪκРςϐηЌΪνϐιμϐΪεΪεΪκЄΪθκΪζ
ζΪμίκβΪεήΪκυζίηθγηΪνЄΪκТЌλΪμίμιίДϐα

ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
єεϐδμίκϐΪλιΪιϐςϐηήίєμδϐκΫθενυζРζδϐηΛΪЌμΪЄυςЌθεЄΪΫυη
δβϐДϐα
ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
ΏέίκЌТκυεЄυήТκυλΫίδϐμϐεζίλίθεμРλϐιδίμνϐζРζδϐηΪκευЌ
ΫίδϐμνχείζίημμίκϐΫίδίζθκηΪμυενυЌΪΰίμ
Νομίρς
Νομίρςγϊγίθϊμγίς
■ ΛίκάβλμϐδЌυαζίμδєκλίμνδίαϐηήίЌТκυεЄυЄΪθДΪγΰΪЌυηήΪι
ΰТζυλϐλμίγΪενРςϐηЌТκυεЄυθДΪγЌθεΰίμίμϐηΰίκέί
θκηΪμυενυЌΪΰίμ
■ ЋТκυεЄυζίηιϐλϐκνιΪηίεϐηϐДΪκΪλυηήΪЄυТλυηυεΪμυη
ζβηβζΪεήυΪκΪЌΪςυЌμυЌ ζζΰфηίζΪδλβζΪεήυ
ΪκΪЌΪςυЌ ζζΙίςЌΪЌιΪЄυηΪήίγϐηέϐΪκΪЌΪςυЌμυЌ
ΫϐκμΪεΪγΫθελΪΪλРγήίέϐΫνεΪηνεΪκфκίДΰТμυεΪμυηΫθεΪήυ
■ ΊλιΪευμєΫίηϐДΫβϐδμϐέϐζζήίηΪλιΪЄΪηΰΪЄήΪγήΪЄΪηΪ
ЌТκυεЄυζίηπβκδνεωπβωευЌζθήνεφΪκΪλυηήΪЄυЌΪςυЌμυЌμυ
ζζέίήίγϐηΪαΪγμνЄΪΫθεΪήυ
Νομίρςΰδρϕμρδιπδος
■ ΘκηΪμνΫίμϐμίέϐλδєεήίηίДΫθενυδίκίδλθηήΪγΪЌίήфνϐκ
ΪνυκευЌμυδєμίκίΪενυЌΪΰίμ
■ ЋТκυεЄυηυДζΪδλβζΪεήυλΪεζΪЄυ ιβγϊБЧοίθγϊ
ΜЧπБίςκίο
■ ЋТκυεЄυηυДΫίμϐηθιθДΪγΫРεήϐκϐιΪενЄΪΫθεΪήυЋТκυεЄυηυ
θκηΪμЌΪηήΪθηυΫΪκυηςΪΫРεήϐκϐιΪεζΪνЄΪμυκυλυДυα
■ ΘγυЌμυДΪγηΪεΪλυηήΪΫΪλЌΪЌТκυεЄυεΪκήΪημΪκμυεЄΪη
δΪΫίεφήίκήϐДΫΪκΰθЄυημίδλίκϐДϐα
■ ΜТκΪЌμΪηήυκνРςϐηΫίμθηΰΪΫυηЄΪζυЌμΪιΫίδϐμϐεέίημβϐλμϐ
μϐκίδЌΪΰίμΫθεΪήυ
■ ЋТκυεЄυηυμϐδίείγϐεζίμєΫίηϐДέβιλЌΪμυκζΪευμΪЌμΪεΪκυηήΪ
ηίζίλίλθЄΪηТЌλΪλΰίДϐεЌТκυευλζΪμίκβΪεήΪκυηήΪ
ζθημΪΰήΪζΪДυα
■ ЋТκυεЄυηυ μβϐλμϐ ήίДέίγήί θκηΪμν Рςϐη ЌТκυευλ ΰТζυλμΪκυηΪ
ΰΪκΪγμυηΰфηίЌТκυεЄυηυДλΪεζΪЄυηΪλΪγΫίκϐδ
ζΪμίκβΪεήΪκήυιΪγήΪεΪηυДυα
Νομίρςΰδρϕμγίώοκίς
ΘγυЌμΪκήυθψΰТζυλμΪκυηΪωЌμΪЄΪηηΪηδίγϐηθκηΪμνΫίμϐηϐД
ΫίκϐδμϐέϐημίδλίκϐιΪεЄΪηΰєη
ΐΪκΪЌΪμμΪηυιЌΪεζΪλРςϐηЌνυκνιΪηίεϐηϐДΫίμϐηΰΪνυι
ЌθγυДυα
ПλμϐДέϐιΪηίεφήίηηίζίλίΫРγϐκЌΪΫυκЄΪήΪηθγυЌθγυДυα
πςο
ΔίλνΰТζυλμΪκυηΪηλθДΰθДЌΪεΪκήυΰθγυДυα
АЧοϊκЉϊμϊνομίρς
: ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
єεϐδμίκϐΪλιΪιϐςϐηήίєμδϐκΫθενυζРζδϐηΛΪЌμΪЄυςЌθεЄΪΫυη
δβϐДϐα
ЋΪЌιΪЄυηΪςυДυα
ΜЧπБίς ΘκηΪμνηТλЌΪλυηΪЌΪκΪγΰΪεЄΪλμυЌμυΰυεΰυμνЄΪ
ΫθεΪήυ πςο
ΐΪεЄΪλμυЌιίηЌΪΰίμμϐЌΪεЌΪηήυΫТκΪιςυЄΪκυιδРγείκϐη
єαέίκμϐДϐα πςο
ΐΪεЄΪλμυЌιίηЌΪεЌΪηήυΫТκΪηήΪεΪκζίηΰΪДΪδРγέίδίεμϐκϐι
ΫίδϐμϐДϐα πςο
ЋТκυεЄυθγυЌЌΪμθευЄυζίηίηέϐαϐεϐιςυκμίμδίηήυΫυλ
ςυЄΪμυηήΪγΫίδϐμδϐςμίκέίΫίδϐμϐενϐЌΪΰίμπςο
ЋТκυεЄυθκηΪμνΫίμϐηίμθευЌμΪγΫίμμίιθκηΪЄΪηςΪ
ΫТκΪηήΪεΪκήυΫϐκϐηίηλθДΫϐκϐηΪΫΪγεΪιΫТκΪДυαπςο
ΜЧπБίς ЋТκυεЄυЄΪαΪЌυζμβζίλРςϐηΫТκΪηήΪεΪκήυЌΪμμυ
μυЄυαήΪιΫТκΪζΪДυα
ΒϐλΰТμЌυςμυθκΪζΪλυηΪηςυЄΪκυДυαπςο
ΒϐλΰТμЌυςμυθκηΪμυιθηυДΫίκϐδμТκνυРςϐηζίμΪεε
ЌΪιλυκζΪηυμϐκίεέίηςίΫТκΪДυα πςο
ΛθζυηήΪκήυ ζίμΪεε ЌΪιλυκζΪЄΪ ΪγηΪεήυκυι δϐκέϐαϐДϐα πςο
ЋΪЌιΪЌμυ ЌТκυεЄυηυД ϐςδϐ ΰΪЄυηήΪЄυ λΪДυεΪνεΪκ ΪκЌυευ ϐεϐι
ЌθγυДυαπςο
ЋΪЌιΪЌμυΰΪΫνРςϐηθηυμєζίηέϐΰΪЄυηΪηΫΪλυιΰϐΫίκϐДϐα
πςο
АЧοϊκЉϊμϊχδχς
: ΙδλρίοΰνκϊξБίκςБίςϕξρϕκϕβϕ
єεϐδμίκϐΪλιΪιϐςϐηήίєμδϐκΫθενυζРζδϐηΛΪЌμΪЄυςЌθεЄΪΫυη
δβϐДϐα
ЋΪЌιΪЌμυΪςνРςϐηθηυΪλμυДЄυΰΪЄυηΪηΫΪλυιΰϐΫίκϐДϐα
ЋТκυεЄυηυДμєζίηέϐΰΪЄυηήΪЄυλΪДυεΪνεΪκΪκЌυευЌΪЌιΪЌ
ΫίδϐμδϐςμίκϐηςίςϐДϐα
ΒϐλΰТμЌυςμυμєζίηέϐΰΪЄυηΪηЌθεζίηТλμΪιμТκυιςίςϐДϐα
ΛθζυηήΪκήυ ΪγηΪεήυκυι ςυЄΪκυДυα ήΪ βϐλΰТμЌυςμυ ςυЄΪκν
РςϐηζίμΪεεЌΪιλυκζΪηυΪςυДυαπςο
ТκΪηήΪεΪκήυΫϐκΫϐκείιΪΫΪγεΪιΫТκΪДυαήΪμθευЌμΪγΫТκΪι
ςυЄΪκυДυα
ΪλΫΪκζΪЌμυλΪДυεΪνεΪκЄΪλΪευιλίκϐιιίείκήϐЌυλνЄΪ
ΪκηΪεЄΪηЌθηήυκЄυηυΰθЄΪκυЌΪκΪγЌυλυДυαπςο
ЋТκυεЄυηυςυЄΪκυДυα
ΗϕπεЧρБϊχίςίίθμίκϊλϊμϊЙοδεηλϕμπίБρίςЉί
ίομίκЉίμ
ΒϐλΰТμЌυςΰΪЄυζλυαβϐλμίκήϐΪνΪΪγηΪευζυκίΰβζϐηήίТλμΪι
ЌΪεΪήυЋΪευιμυιΪγήΪεΪηЄΪηΰΪЄήΪγήΪδРηλΪγυηςΪζΪζίη
λΪЄΪμμΪηβϐλΰТμЌυςμυΰυευηΪκίμΪεζΪλμυκνЄΪΫθεΪήυ
ΜЧπБίς ΒϐλΰТμЌυςμΪκήυДЌТκΪζυηήΪαβωηήυαΪμμΪκΰθЌ
θεΪκήυμТκζυλμυЌЌθЌυλμΪκζίηΫϐκέίδфήίέίΰΪκΪμνЄΪΫθεΪήυ
ΗϕπεЧρБϊχρϊίκλίπρϊος
ЋΪЌιΪЌμυΪςνРςϐηθηυΪλμυДЄυΰΪЄυηΪηΫΪλυιΰϐΫίκϐДϐα
πςο
ΛθζυηήΪκήυ ΪγηΪεήυκυι ςυЄΪκυДυα ήΪ βϐλΰТμЌυςμυ ςυЄΪκν
РςϐηζίμΪεεЌΪιλυκζΪηυΪςυДυαπςο
ΒϐλΰТμЌυςμυμєζίηέϐΰΪЄυηΪηЌθεζίηТλμΪιμТκυιςίςϐДϐα
ΒϐλΰТμЌυςμυθκηΪμυιθηυДΫίκϐδμТκνυРςϐηζίμΪεε
ЌΪιλυκζΪηυμϐκίεέίηςίΫТκΪДυα πςο
ΛθζυηήΪκήυ ζίμΪεε ЌΪιλυκζΪЄΪ ΪγηΪεήυκυι δϐκέϐαϐДϐα πςο
ЋΪЌιΪЌμυΰΪΫνРςϐηθηυμєζίηέϐΰΪЄυηΪηΫΪλυιΰϐΫίκϐДϐα
πςο
ukuk
õ
΅μπροςιυϕώζλνμρίες
: Αίεκηαϕμίπρίμναηζΰδζξδιη
ΚίμίεφηθικθρβμΪγμίπψϐηλμκνδπϐψΜϐεφδβμθήϐΌβαζθΰίμί
ίδλιενΪμνάΪμβ ικβεΪή Ϋίαιίρηθ μΪ ικΪάβεφηθ ΑΫίκίΰϐμφ ϐηλμκνδπϐϑ
αζθημΪΰνμΪίδλιενΪμΪπϐϑήεωιθήΪεφςθέθδθκβλμνάΪηηωΪΫθ
ιίκίήΪρϐϑοϐηςθζνδθκβλμνάΪρίάϐ
ΙίκίάϐκμίικβεΪήιϐλεωκθαιΪδνάΪηηωΙκβάβωάείηηϐ
ιθςδθήΰίηηωωδίάβηβδεθιϐήρΪλμκΪηλιθκμνάΪηηωηί
άλμΪηθάεψγμίικβεΪή
ΕβςίδάΪεϐξϐδθάΪηΪνλμΪηθάδΪνάϐήιθάϐήηθλμϐαϐηλμκνδπϐώψα
ζθημΪΰνέΪκΪημνώΫίαιίδνίδλιενΪμΪπϐϑΖθημΪΰηβδηίλί
άϐήιθάϐήΪεφηϐλμφαΪΫίαήθέΪηηνκθΫθμνικβεΪήνηΪζϐλπϐ
άλμΪηθάείηηω
Μδΰδζξδιίςγςχδμμώ
ΝιΪδθάδΪικβεΪήνηίΫίαιίρηΪήεωήϐμίγΝΰθήηθζνάβιΪήδνηί
ήθαάθεωγμίήϐμωζέκΪμβλωανιΪδθάδθψ
Μδΰδζξδιίροίαλςαίμϋ
ΎίμΪεϐάλίκίήβηϐικβεΪήνζθΰνμφΫνμβέθλμκβζβκίδθζίηήνώζθ
ηΪήωέμβαΪοβληϐκνδΪάβπϐ
+HΰHζξHιDροίαλςαίμμώ
ΩδσθικβεΪήηίαΪδκϐιείηβγηΪείΰηβζρβηθζάϐηζθΰίάιΪλμβ
ΝλϐδκϐιβεφηϐίείζίημβιθάβηηϐΫνμβζϐπηθγηΪήϐγηθ
αΪξϐδλθάΪηβζβ
Απρίμνακδμμώ
Ξϕγβνρναιίγναπρίμνακδμμώ
■ ΖϐλπίζθημΪΰνζΪώΫνμβήθλμνιηβζσθΫνκΪαϐηίθΫοϐήηθλμϐ
ικθάίήίηηωλίκάϐληθέθθΫλενέθάνάΪηηωήθικβεΪήνζθΰηΪ
ΫνεθήϐλμΪμβλωΫίαιίκίςδθή
■ ΚίδθζίηήθάΪηΪάϐήλμΪηφζϐΰικβεΪήθζμΪάΪκβεφηθψ
ιθάίκοηίψάϐήζϐηζζήθζΪδλζζΡβζΫϐεφςθψ
ΫνήίάϐήλμΪηφήθδθηξθκδβμβζέϐκςίαΫβκΪμβζίμφλω
άβιΪκθάνάΪηηωικβέθμνάΪηηϐ
■ ΌϐήλμΪηφάϐήικβεΪήνήθζθήνεωπβκδνεωπϐγηθέθιθάϐμκωζθΰηΪ
αζίηςβμβήθζζαΪνζθάβσθάβλθμΪιϐήάϐληθϑλμίεϐ
λμΪηθάβμφηίζίηςίζζ
Ξδοδαϕορδξναδοτμύγκώλνμρίες
■ Ιθάίκοηω ήεω ζθημΪΰν ιθάβηηΪ Ϋνμβ κϐάηθψ έθκβαθημΪεφηθψ μΪ
ήθλμΪμηφθλμϐγδθψ
■ ΖΪδλβζΪεφηΪάΪέΪικβεΪήνλδεΪήΪώ ιβ
Αιίζϕαιη
■ ΙθάίκοηϐικβεΪήνρνμεβάϐήθιθςδθήΰίηφΙϐήρΪλνλμΪηθάδβ
ηΪζΪέΪγμίλωνηβδΪμβιθςδθήΰίηφ
■ ΙίκίάϐκμίαθηνήεωάβκϐανηΪηΪωάηννδεΪήδνδΪΫίεϐάήεωϐηςβο
ικβεΪήϐά
■ ΎεωδκϐιείηηωιθμκϐΫηΪάϐήιθάϐήηΪηβΰηωθιθκΪξϐδλθάΪηΪν
Ϋίμθηηϐγλμίεϐ
■ Ηί ζθημνγμί ικβεΪή Ϋίαιθλίκίήηφθ ά έϐιλθδΪκμθηηβο ιεΪλμβηΪο
ΪΫθιθήϐΫηβοείέδβοΫνήϐάίεφηβοζΪμίκϐΪεΪοιϐήάϐληθϑλμίεϐ
■ ΎεωικΪάβεφηθέθζθημΪΰνάβδθκβλμθάνγμίήθλμΪμηφθλμϐγδβγ
ζΪμίκϐΪεσθάϐήιθάϐήΪώδθηλμκνδμβάηβζήΪηβζμΪάΪαϐικβεΪήν

Ξϕγβνρςθρδξναδοτμύγκώλνμρίες
ΛμΪΫϐεφηϐλμφιθάίκοηϐήεωζθημΪΰνιθάβηηΪαΪΫίαιίρνάΪμβλφ
μΪδθΰιϐλεωάβδθηΪηηωικβκϐαηβοκθΫϐμ
ΗΪδκβγμίάΪκβεφηνιθάίκοηψσθΫνηβδηνμβιθςδθήΰίηφ
ΑκθΫϐμφάβκϐανάίκοηϐγιΪηίεϐΪΫθνΫθδθάϐγλμϐηπϐλίκ
ΙκβΫίκϐμφμβκλνιϐλεωάβδθηΪηηωικβκϐαηβοκθΫϐμ
Λνμρίεξοηκίγς
: Μδΰδζξδιίροίαλςαίμϋ
ΎίμΪεϐάλίκίήβηϐικβεΪήνζθΰνμφΫνμβέθλμκβζβκίδθζίηήνώζθ
ηΪήωέμβαΪοβληϐκνδΪάβπϐ
ΑηϐζϐμφαΪοβληνιΪηίεφ
Αιίζϕαιί ΌαΪείΰηθλμϐάϐήζθημΪΰηθϑλβμνΪπϐϑιΪμκνΫθδζθΰί
Ϋνμβαζϐσίηβγ λίκ
Όϐήδκνμϐμφ ιΪμκνΫθδ ϐ ηίθΫοϐήηβγ εβλμ μΪ αζϐηϐμφ ιθεθΰίηηω λίκ
ΙκβέάβημϐμφιΪμκνΫθδμΪεβλμηΪηθάθζνζϐλπϐ λίκ
ΙθάηϐλμψάλμΪάμίικβεΪήνάβκϐαμΪδσθΫιϐήάϐληϐδκϐιείηηω
αΪδκϐιβεβλωαοΪκΪδμίκηβζαάνδθζλίκ
ΘήβηαΪθήηβζθΫίκίΰηθαΪμωένγμίέάβημβήθμβοιϐκιθδβ
ικβεΪήάλμΪηίάκϐάίηφϐαιθάίκοηώψλίκ
Αιίζϕαιί ΑΪμωένγμίέάβημβηίηΪήμθλβεφηθσθΫηίιθςδθήβμβ
ικβεΪή
ΚθαιΪδνγμίξϐεφμκήεωάβήΪείηηωαΪιΪοϐάλίκ
ΌλμΪάμίξϐεφμκήεωάβήΪείηηωαΪιΪοϐάμΪικθδκνμϐμφζίμΪείάν
ήνΰδνήθνιθκνσθΫξϐεφμκήεωάβήΪείηηωαΪιΪοϐάηΪήϐγηθ
ικβεωέΪάλίκ
ΑΪέάβημϐμφκβξείηϐέΪγδβηΪζίμΪείάβοήνΰδΪολίκ
ΗΪάϐλφμί αΪοβλην ιΪηίεφ ηΪ θμάθκβ ν αΪήηϐγ λμϐηπϐ ικβεΪήν λίκ
ΗΪμβληϐμφαηβανηΪαΪοβληνιΪηίεφσθΫϑϑαΪδκβμβλίκ
Γδλνμρςθρδξοηκίγ
: Μδΰδζξδιίροίαλςαίμϋ
ΎίμΪεϐάλίκίήβηϐικβεΪήνζθΰνμφΫνμβέθλμκβζβκίδθζίηήνώζθ
ηΪήωέμβαΪοβληϐκνδΪάβπϐ
ΗΪμβληϐμφαηβανηΪαΪοβληνιΪηίεφσθΫϑϑάϐήδκβμβ
ΌβμωέηϐμφμκβζΪραΪοβληθϑιΪηίεϐαθμάθκννηβΰηϐγλμϐηπϐ
ικβεΪήν
ΎίζθημΪΰξϐεφμκνήεωάβήΪείηηωαΪιΪονΙκβπφθζνμκβζΪγμί
ξϐεφμκήεωάβήΪείηηωαΪιΪονθήηϐώψκνδθψαηβαν
ΌϐήδκνμϐμφκβξείηϐέΪγδβμΪάϐήδκβγμίζίμΪείάϐήνΰδβσθΫ
άβγηωμβξϐεφμκήεωάβήΪείηηωαΪιΪονλίκ
ΘήβηαΪθήηβζθΫίκίΰηθιθλεΪΫμίέάβημβμΪάβδκνμϐμφϐοήθ
νιθκν
ΌλμΪάμί άίεβδβγ ιΪείπφ ά θμάϐκ μΪ ηΪμβληϐμφ άέθκν ηΪ ικνΰβηηβγ
αΪμβλδΪρλίκ
ΌβγζϐμφικβεΪή
Σϕκϋρογκώαηγίκδμμώζίξίτςςοδεηλϕ
οδυηοιςκώυϕϖξναϕροώ
ΝκίΰβζϐκίπβκδνεωπϐϑιθάϐμκωξϐεφμκήεωάβήΪείηηωαΪιΪον
ιθέεβηΪώ αΪιΪοβ Ικβ ηθκζΪεφηϐγ ίδλιενΪμΪπϐϑ ικβΫεβαηθ έθή ά
ήίηφξϐεφμκήεωάβήΪείηηωαΪιΪονλεϐήαΪζϐηψάΪμβκΪαηΪκϐδ
Αιίζϕαιί ΞϐεφμκήεωάβήΪείηηωαΪιΪονηίζϐλμβμφηϐωδβο
ςδϐήεβάβοκίρθάβηϐζθΰίνμβεϐαθάνάΪμβλωκΪαθζϐαιθΫνμθάβζβ
άϐήοθήΪζβ
Ζίλϕμίσϕκϋροίγκώαηγίκδμμώζίξίτς
ΗΪμβληϐμφαηβανηΪαΪοβληνιΪηίεφσθΫϑϑάϐήδκβμβλίκ
ΌϐήδκνμϐμφκβξείηϐέΪγδβμΪάϐήδκβγμίζίμΪείάϐήνΰδβσθΫ
άβγηωμβξϐεφμκήεωάβήΪείηηωαΪιΪονλίκ
ΎίζθημΪΰξϐεφμκνήεωάβήΪείηηωαΪιΪονΙκβπφθζνμκβζΪγμί
ξϐεφμκήεωάβήΪείηηωαΪιΪονθήηϐώψκνδθψαηβαν
ΌλμΪάμίξϐεφμκήεωάβήΪείηηωαΪιΪοϐάμΪικθδκνμϐμφζίμΪείάν
ήνΰδνήθνιθκνσθΫξϐεφμκήεωάβήΪείηηωαΪιΪοϐάηΪήϐγηθ
ικβεωέΪάλίκ
ΑΪέάβημϐμφκβξείηϐέΪγδβηΪζίμΪείάβοήνΰδΪολίκ
ΗΪμβληϐμφαηβανηΪαΪοβληνιΪηίεφσθΫϑϑαΪδκβμβλίκ
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
&LKD]×TDEODüG×UPDGDQo×[DUG×TGDQVRQUD\R[OD\×Q1ɊTOL\\DW
]ɊGɊOɊULP|YFXGRODUVDFLKD]×TRüPD\×Q
<DOQ×]SHüɊNDUPWɊ[ɊVLVJ|VWɊULüLQɊX\ùXQRODUDTPYDILT
TXUDüG×U×OPDLVWLIDGɊ]DPDQ×WɊKONɊVL]OL\LWɊPLQHWPLüROXU
4XUDüG×UDQXVWDTRüXODQ\HUGɊG]JQLüOɊPɊVLoQPɊVXOL\\ɊW
GDü×\×U
%RùXOPDWɊKONɊVL
4DEODüG×UPDPDWHULDOODU×XüDTODUoQWɊKONɊOLGLU4R\PD\×Q
XüDT×DUTDEODüG×UPDPDWHULDO×QQDQR\QDV×Q
<DUDODQPDWɊKONɊVL
&LKD]×QLoLQGɊNLTXUXOPDKLVVɊOɊUL4RUX\XFXɊOFɊNJH\LQLQ
<DUDODQPDWɊKONɊVL
&LKD] TD\GD\D X\ùXQ EɊUNLGLOPɊ]VɊ R GüɊ ELOɊU %WQ EɊUNLWPɊ
HOHPHQWOɊULEɊUNYɊWɊKONɊVL]PRQWDMHGLOPɊOLGLUOɊU
4XUDüG×UPD
4XUDüG×UPDQ×KD]×UODPDT
■ 0RQWDM\HULSUREOHPVL]üɊNLOGɊɊOoDW×PO×ROPDO×G×UNLVHUYL]
[LGPɊWLGXUXPXQGDFLKD]GDPDQHɊVL]üɊNLOGɊLüOɊPɊNROVXQ
■ &LKD]ODELüLUPɊVDKɊVLDUDV×QGDN×PɊVDIɊQLQɊQD]× PPYɊ
PDNVLPXP PPROPDV×PɊVOɊKɊWJ|UOU%LüUPɊ\HULQɊ
RODQPɊVDIɊDUWG×TFDELüLUPɊEX[DU×GDKDoɊWLQWXWXOXU
■ $VPDWDYDQ×QKQGUO\ɊQD]×PPWɊüNLOHWGL\LPGGɊWFɊ
FLKD]ODVLUNXO\DWLYKDYDPRGXOXPPɊTɊGɊUD]DOG×ODELOɊU
4XUDüG×UPDVɊWKLQL\R[ODPDT
■ 4XUDüG×UPDVɊWKLKDPDUITLROPDO×YɊ\HWɊULTɊGɊU\N
J|WUPɊTDELOL\\ɊWLQɊPDOLNROPDO×G×U
■ &LKD]×QPDNVoɊNLVL NTWɊüNLOHGLU
4H\G
■ &LKD]×QVɊWKOɊULKɊVVDVG×U4XUDüG×UPD]DPDQ×]ɊGɊOɊQPɊGɊQ
TDo×QPDT
■ .ɊVLNVDKɊVLQGɊQGLJɊUFLKD]ODU×QP|YFXGNDEHO[ɊWWLQLQNHoLE
NHoPɊGL\LQL\R[ODPDO×
■ %ɊUNLWPɊNoQEHWRQWDYDQGDP|KNɊPüɊNLOGɊVDELWOɊQɊQ
PYDILTDOWLVNɊOɊ]ɊUXULGLU
■ &LKD]×ELUEDüDDVPDWDYDQ×QJLSVNDUWRQO|YKɊOɊULQɊYɊ\D
R[üDU\QJOWLNLQWLPDWHULDOODU×QDPRQWDMHWPɊNROPD]
■ 0YDILTTD\GDGDPRQWDMoQNLID\ɊWTɊGɊUVDELWLQüDDW
TD\GDODU×QDYɊFLKD]×QoɊNLVLQɊPYDILTPDWHULDOGDQLVWLIDGɊ
HWPɊN
4XUDüG×UPDVɊWKLQLKD]×UODPDT
4XUDüG×UPDVɊWKLQLQVDELWOL\LKɊPoLQLQNɊVPɊLüOɊULQGɊQVRQUDGD
WɊPLQROXQPDO×G×U
=ɊGɊOɊQPɊOɊULQTDUü×V×Q×DOPDToQELüLUPɊVDKɊVLQL|UWPɊN
7DYDQYɊ\D\DQGLYDUGDNɊVLNDoPDTûɊNLO
.ɊVPɊLüOɊULQGɊQVRQUD\RQTDUODU×NɊQDUODüG×UPDT
&LKD]×PRQWDMHGLQ
: <DUDODQPDWɊKONɊVL
&LKD]×QLoLQGɊNLTXUXOPDKLVVɊOɊUL4RUX\XFXɊOFɊNJH\LQLQ
gUW\J|WUPɊN
4H\G 4XUDüG×UPDVWDQL\DV×QGDQDV×O×RODUDTüWXVHULQ\HUL
GɊ\LüGLULOɊELOɊU ûɊNLO
ûWXVHUYɊOD]×PRODQOLVWLQYLQWOɊULQLERüDOGDUDTP|YTH\L
GɊ\LüPɊN ûɊNLO
ûWXVHUYɊOLVWL\HQLP|YTHGɊP|KNɊPEXUDUDTYLQWOɊPɊN
ûɊNLO
$V×OTDQODUHüLGLOɊFɊNTɊGɊU\HULQɊLOLüɊQɊTɊGɊUFLKD]×WDP
üɊNLOGɊNɊVL\ɊRWXUWPDTûɊNLO
&LKD]TXUDüG×UPDVɊWKLQGɊVɊWKɊEɊUDEɊUüɊNLOGɊ\HUOɊüɊQɊ
TɊGɊUYLQWOɊULELUELULDUG×QFDHKWL\DWODP|KNɊPEXUXEV×[PDT
ûɊNLO
4H\G &LKD]×]ɊGɊOɊPɊPɊNoQYLQWOɊULoR[GDEɊUN
V×[PDPDT
4R[XILOWULQLTDEODüG×UPDGDQo×[DUPDTûɊNLO
4R[XILOWUOɊULQL\HULQɊRWXUGDUDTPHWDOoɊUoLYɊT×I×O×Q×I×UODG×Q
NLTR[XILOWULJYɊQOLüɊNLOGɊ\HUOɊüVLQûɊNLO
0HWDOoɊUoLYɊT×I×O×QGDN×G]ULIOLTD\NDODU×EXUDUDTEDùOD\×Q
ûɊNLO
gUW\FLKD]×QDOWWɊUɊILQGɊNLGɊOLNOɊUGɊQDVPDTûɊNLO
gUW\EDùODPDToQDüDù×GDQRQDTDUü×V×[×QûɊNLO
&LKD]×GHPRQWDMHGLQ
: <DUDODQPDWɊKONɊVL
&LKD]×QLoLQGɊNLTXUXOPDKLVVɊOɊUL4RUX\XFXɊOFɊNJH\LQLQ
$oDELOPɊNoQDOWGDQ|UW\QɊNVLLVWLTDPɊWGɊV×[PDT
gUW\QWXWDFDTODU×Q×FLKD]×QDOWWɊUɊILQGɊNLGɊOLNOɊUGɊQDVPDT
4R[XILOWULQLV|NPɊN%X]DPDQELUɊOOɊDüDù×GDQTR[XILOWULQGɊQ
WXWXQ

4R[XILOWULQLo×[DUPDToQG]ULIOLTD\NDODU×ERüDOGDUDTPHWDO
oɊUoLYɊT×I×O×Q×DoPDTûɊNLO
9LQWOɊULELUELULDUG×QFDHKWL\DWODERüDOGDUDTD[×UDTɊGɊUDo×E
ERüDOWPDT
%Dü EDUPDTODUOD GɊOLNOɊUGɊQ WXWDUDT \D\O× JɊULFLOɊUL \X[DU×\D WɊUɊI
V×[PDTûɊNLO
&LKD]×o×[DUG×EJ|WUPɊN
+DYDVLUNXO\DVL\DV×UHMLPLoQTR[XILOWUL
+DYDVLUNXO\DVL\DV×UHMLPLQGɊTR[XILOWUOɊULTR[XOXPDGGɊOɊUL
WRSOD\×UODU1RUPDOoDO×üPDUHMLPLQGɊJQGɊOLNWɊTUVDDWTR[X
ILOWULQLLOGɊ[GɊ\LüGLULQ
4H\G 4R[XILOWULKHoELU]ɊUɊUOLPDGGɊHKWLYDHWPLUYɊPɊLüɊW
WXOODQW×VLLOɊXWLOL]DVL\DHGLOɊELOɊU
4R[XILOWULQLGɊ\LüPɊN
$oDELOPɊNoQDOWGDQ|UW\QɊNVLLVWLTDPɊWGɊV×[PDT
ûɊNLO
4R[XILOWULQLo×[DUPDToQG]ULIOLTD\NDODU×ERüDOGDUDTPHWDO
oɊUoLYɊT×I×O×Q×DoPDTûɊNLO
4R[XILOWULQLV|NPɊN%X]DPDQELUɊOOɊDüDù×GDQTR[XILOWULQGɊQ
WXWXQ
4R[XILOWUOɊULQL\HULQɊRWXUGDUDTPHWDOoɊUoLYɊT×I×O×Q×I×UODG×Q
NLTR[XILOWULJYɊQOLüɊNLOGɊ\HUOɊüVLQûɊNLO
0HWDOoɊUoLYɊT×I×O×QGDN×G]ULIOLTD\NDODU×EXUDUDTEDùOD\×Q
ûɊNLO
gUW\EDùODPDToQDüDù×GDQRQDTDUü×V×[×QûɊNLO



