3ƗUEDXGHSLUPVLHGDUELQƗãDQDV
Ɣ 3ƗUEDXGLHWDVPHQLODLSƗUOLHFLQƗWRVYDLDVPHQV
]REXOHMDVGDƺƗYDLSLHDVPHQVFHQWUDDWYHUHV
QDYSODLVX3DUDVWLSODLVDVYHLGRMDVMDYƯOƝMRW
]RERVWLHNLHYƯOƝWLDVLVWnjUƯãLYDLDUƯMDDVPHQV]REL
QDYSLHWLHNDPLDVL-DWLHNNRQVWDWƝWDVSODLVDV
DWEUƯYRMLHWLHVQRDVPHQV
Ɣ 3ƗUEDXGLHWYDLEDOVWDDWORNDPQDYSODLVXNR
L]UDLVƯMLVQRJXUXPVYDLSƗUƗNVWLSUDSLHYLONãDQD-D
EDOVWDDWORNVLULHSODLVƗMLVDWEUƯYRMLHWLHVQRWƗ
Ɣ 3ƗUEDXGLHWYDLNRQWUX]JULH]QLVQDYYDƺƯJV
8]JULHåƼDSLHYLONãDQDVPRPHQWDPLUMƗEnjWYLVPD]
1P.RQWUX]JULHåƼDJULH]HVPRPHQWDPLUMƗEnjW
±1P
Ɣ 3ƗUEDXGLHWYDLDVPHQVDL]VDUJDSUƯNRMXPV
QDYERMƗWVXQLUEH]SODLVƗP$VPHQV
DL]VDUJDSUƯNRMXPXNDVELMLVSDNƺDXWVVLWLHQLHPYDL
LHSODLVƗMLVQRPDLQLHW
3ƗUEDXGLHWYDLWULPHUDJDOYDXQWULPHUDDL]VDUJVQDY
ERMƗWVYDLVDSODLVƗMLV1RPDLQLHWWULPHUDJDOYXYDL
WULPHUDDL]VDUJXMDWLHLUELMXãLSDNƺDXWLWULHFLHQDPYDL
LHSODLVƗMXãL
Ɣ 1HNDGQHOLHWRMLHWLHUƯFLEH]DL]VDUJDYDLDUERMƗWX
DL]VDUJX
Ɣ 3LUPVLHUƯFHVLHGDUELQƗãDQDVYLVLHPYƗNLHPLUMƗEnjW
SDUHL]LSLHPRQWƝWLHPXQEH]GHIHNWLHP
,HGDUELQƗãDQDXQDSVWƗGLQƗãDQD
a%5Ʈ',1Ɩ-8063LUPVLHUƯFHV
LHGDUELQƗãDQDVLUSLOQƯEƗMƗSLHVWLSULQDVDMnjJV
VDMnjJDSƗUVHJVXQYƗUSVWDMRSUHWƝMƗJDGƯMXPƗ
GDƺDVYDUNƺnjWYDƺƯJDVXQL]UDLVƯWWUDXPDV
3LUPVLHGDUELQƗãDQDVYLHQPƝUSƗUYLHWRMLHWLHUƯFL
SURPQRGHJYLHODVX]SLOGƯãDQDVYLHWDV1RYLHWRMLHW
LHUƯFLX]OƯG]HQDVYLUVPDV1RGURãLQLHWODL
JULHãDQDVLHUƯFHQHYDUƝWXQRQƗNWVDVNDUVPƝDU
MHENƗGLHPSULHNãPHWLHP
1RGURãLQLHWODLGDUEDYLHWƗQHEnjWXQHSLHGHURãX
SHUVRQXSUHWƝMƗJDGƯMXPƗSDVWƗYQRSLHWQX
WUDXPXULVNV'URãƯEDVDWWƗOXPVLUPHWUL
SƝGDV
,('$5%,1Ɩâ$1$81$367Ɩ',1Ɩâ$1$
$XNVWVPRWRUV
3DJULH]LHW67$5767236ƗNW$SWXUƝWVOƝG]L$
SR]ƯFLMƗ67$57
3LHVSLHGLHWVWDUWƝãDQDVVnjNQLUHL]HV3DGHYHV
VnjNQLPQDYMƗEnjWSLOQƯEƗX]SLOGƯWDPDUGHJYLHOX
3ƗUYLHWRMLHWGURVHOHVVYLUXSR]ƯFLMƗ)8//&+2.(
X]DXJãX
6DVSLHGLHWGURVHOHVEORNDWRUX%XQGURVHOHV
PƝOƯWL&XQDWODLGLHW
7XULHWLHUƯFHVNRUSXVXX]]HPHVDUNUHLVRURNX
8=0$1Ʈ%81HDUNƗMXSDOƯG]ƯEX6DWYHULHW
VWDUWHUDURNWXULDUODERURNXOƝQLYHOFLHWVWDUWHUD
DXNOXOƯG]MnjWDWSUHWHVWƯEXVWDUWHUDDL]WXUXVDƷHUL
1HWLQLHWVWDUWHUDDXNOXDSURNX
ƖWULXQVSƝFƯJLSDUDXMLHWVWDUWHUDURNWXULOƯG]VƗNDV
PRWRUDLHGDUELQƗãDQD
3ƗUYLHWRMLHWGURVHOHVVYLUXDL]YƝUWƗSR]ƯFLMƗX]
OHMX
1RVSLHGLHWGURVHOHVEORNDWRUX%XQGURVHOHV
PƝOƯWL&XQWXULHWSLOQƯEƗQRVSLHVWXYLVXWƗOƗNR
GDUEƯEXODLNƗ
ƖWULXQVSƝFƯJLSDUDXMLHWVWDUWHUDURNWXULOƯG]
PRWRUVWLHNLHGDUELQƗWV
3,(=Ʈ0(6WDUWHUDDXNOXQHL]YHOFLHWSLOQƯEƗOƯG]
JDODPXQDUƯQHODLGLHWWRYDƺƗQRSLOQƯJLL]YLONWD
VWƗYRNƺD7ƗGƝMƗGLYDUVDERMƗWLHUƯFL
a%5Ʈ',1Ɩ-806.DGPRWRUVVƗNGDUERWLHV
JULHãDQDVDSUƯNRMXPVQHNDYƝMRWLHVVƗNURWƝW
7LNOƯG]PRWRUVLULHGDUELQƗWVƺDXMLHWWDPX]VLOW
VHNXQGHV
-DPRWRUVLUVLOWV
3DJULH]LHW67$5767236ƗNW$SWXUƝWVOƝG]L$
SR]ƯFLMƗ67$57
3LHVSLHGLHWVWDUWƝãDQDVVnjNQLUHL]HV3DGHYHV
VnjNQLPQDYMƗEnjWSLOQƯEƗX]SLOGƯWDPDUGHJYLHOX
3ƗUYLHWRMLHWGURVHOHVVYLUXDL]YƝUWƗSR]ƯFLMƗX]
OHMX
ƖWULXQVSƝFƯJLSDUDXMLHWVWDUWHUDURNWXULOƯG]
PRWRUVWLHNLHGDUELQƗWV
$SVWƗGLQƗãDQD
/DLDSWXUƝWXG]LQƝMXSDJULH]LHW67$5767236ƗNW
$SWXUƝWVOƝG]L$SR]ƯFLMƗ6723
8=0$1Ʈ%8/DLL]YDLUƯWRVQRQHMDXãDV
LHGDUELQƗãDQDVDL]GHG]HVVYHFHVX]JDOLV
YLHQPƝULUMƗDWYLHQRQRDL]GHG]HVVYHFHVMHENXUƗ
PRQWƗåDVSƗUEDXGHVXQYDLDSNRSHVJDGƯMXPƗ