3ROLWHFKQLNDOVNDZ*OLZLFDFK:\G]LDá$(L,,QVW\WXW(OHNWURQLNL
.LHUXQHN(OHNWURQLNDL7HOHNRPXQLNDFMD/DERUDWRULXP(OHPHQWyZ(OHNWURQLF]Q\FKVHPHVWU,,,
0DWHULDá\G\GDNW\F]QH,QVW\WXWX(OHNWURQLNL3ROLWHFKQLNLOVNLHM*OLZLFH3D(G]LHUQLNZHU
ûZLF]HQLH:]PDFQLDF]HUy*QLFRZH
2EVHUZDFMD RVF\ORVNRSRZD FKDUDNWHU\VW\N SU]HMFLRZ\FK
ELSRODUQHJRZ]PDFQLDF]DUy*QLFRZHJR]Z\MFLHPQDSL FLRZ\P
QLHV\PHWU\F]Q\P2%2:,=.2:(
PLQ
i =HVWDZLüXNáDGSRND]DQ\QDU\VXQNX
i -HGQR ] ZHMü :H ]HZU]Hü ] PDV QD GUXJLH
SRGDü SU]HELHJ WUyMNWQ\ ] JHQHUDWRUD SRSU]H]
G]LHOQLN .DQDá ; RVF\ORVNRSX GRáF]\ü GR
ED]\SLHUZV]HJRWUDQ]\VWRUD.DQDá<GRNROHNWRUD
GUXJLHJRWUDQ]\VWRUD
i =DREVHUZRZDü FKDUDNWHU\VW\N SU]HMFLRZ SU]\
Uy*Q\FKZDUWRFLDFKSUGX,
i =PLHU]\ü]DNUHV QDSL ü ZHMFLRZ\FK SU]\ NWyU\P
REVHUZRZDQH V Z\UD(QH ]PLDQ\ QDSL FLD
Z\MFLRZHJR
i =PLHU]\ü VNUDMQH ZDUWRFL QDSL ü Z\MFLRZ\FK Z
WU\ELH'&RVF\ORVNRSXGODGZyFKZDUWRFLSUGX,
i .DQDá < RVF\ORVNRSX SU]HáF]\ü GR NROHNWRUD
SLHUZV]HJRWUDQ]\VWRUDLSRZWyU]\üSRPLDU\
5\V
:VSUDZR]GDQLX
i 2NUHOLü F]\ ]DNUHV QDSL
ü ZHMFLRZ\FK SU]\ NWyU\P REVHUZRZDQH V Z\UD(QH
]PLDQ\QDSL FLDZ\MFLRZHJR]DOH*\RGSUGX,
"
i :\FLJQü ZQLRVNL FR GR ZSá\ZX SUGX SRODU\]XMFHJR ,
QD ZáDFLZRFL
Z]PDFQLDF]DMHJRZ]PRFQLHQLH]DNUHVQDSL üZ\MFLRZ\FK
i 2NUHOLü NLHG\ XNáDG SUDFXMH MDNR Z]PDFQLDF] RGZUDFDMF\ D NLHG\ MDNR
QLHRGZUDFDMF\
3RPLDUFKDUDNWHU\VW\NVWDW\F]Q\FKZ]PDFQLDF]DUy*QLFRZHJR]
Z\MFLHPQDSL FLRZ\PV\PHWU\F]Q\P2%2:,=.2:(
PLQ
i =HVWDZLüXNáDGSRPLDURZ\SRND]DQ\QDU\VXQNX
%D] WUDQ]\VWRUD 7 SRáF]\ü ] PDV 1D ED]
WUDQ]\VWRUD7SRGDZDüQDSL FLHVWDáH]]DGDMQLND
SRSU]H]G]LHOQLN:ROWRPLHU]ZáF]\üPL G]\
NROHNWRU\ WUDQ]\VWRUyZ 5yZQRF]HQLH PLHU]\ü
DPSHURPLHU]HPSUGSRODU\]XMF\,
i =PLHU]\ü
FKDUDNWHU\VW\N
SU]HMFLRZ
Z]PDFQLDF]D
]
Z\MFLHP
QDSL FLRZ\P
V\PHWU\F]Q\P GODZ\EUDQHM ZDUWRFL SUGX ,
QS
X$X$
5\V
3ROLWHFKQLNDOVNDZ*OLZLFDFK:\G]LDá$(L,,QVW\WXW(OHNWURQLNL
.LHUXQHN(OHNWURQLNDL7HOHNRPXQLNDFMD/DERUDWRULXP(OHPHQWyZ(OHNWURQLF]Q\FKVHPHVWU,,,
0DWHULDá\G\GDNW\F]QH,QVW\WXWX(OHNWURQLNL3ROLWHFKQLNLOVNLHM*OLZLFH3D(G]LHUQLNZHU
:VSUDZR]GDQLX
i :\NUHOLüFKDUDNWHU\VW\N
SU]HMFLRZ Z]PDFQLDF]D
i :\OLF]\ü Z]PRFQLHQLH Uy*QLFRZH 3RUyZQDü Z]PRFQLHQLH ] ZDUWRFL WHRUHW\F]Q
GDQ Z]RUHP
7
&
85
5
,
N
M
r
3RPLDUQDSL FLDQLH]UyZQRZD*HQLDSNW
PLQ
i :XNáDG]LHSRPLDURZ\P]U\VXQNX]HZU]HüED]\RE\GZXWUDQ]\VWRUyZ]PDV
i =PLHU]\üQDSL
FLHZ\MFLRZHRGSRZLDGDMFH]HURZHPXQDSL
FLXZHMFLRZHPXSU]\
SUG]LH,
WDNLPVDP\PMDNZSXQNFLH
i =PLHQLü R ZDUWRü MHGQHM ] UH]\VWDQFML NROHNWRURZ\FK SRZWyUQLH ]PLHU]\ü
QDSL FLDZ\MFLRZHSU]\GZyFKSUGDFKSRODU\]XMF\FK
i 1DSL FLH QLH]UyZQRZD*HQLD X]\VNXMHP\ G]LHOF QDSL FLH Z\MFLRZH SU]H]
Z]PRFQLHQLHUy*QLFRZH
:VSUDZR]GDQLX
i :\OLF]\üZDUWRFLQDSL
üQLH]UyZQRZD*HQLDX]\VNDQH]SRPLDUyZ
i &]\SUGSRODU\]XMF\LVWRWQLHZSá\ZDQDQDSL
FLHQLH]UyZQRZD*HQLD"
i &]\QLHV\PHWULDXNáDGXREFL*HQLDPDZSá\ZQDQDSL
FLHQLH]UyZQRZD*HQLD"
2EVHUZDFMD
FKDUDNWHU\VW\N
SU]HMFLRZ\FK
Z]PDFQLDF]D
Uy*QLFRZHJR]Z\MFLHPSUGRZ\PSNW
PLQ
i =HVWDZLüXNáDGSRND]DQ\QDU\VXQNX±Z]PDFQLDF]Uy*QLFRZ\REFL*RQ\OXVWUHP
SUGRZ\P ] SU]HWZRUQLNLHP SUGQDSL FLH ]UHDOL]RZDQ\P QD Z]PDFQLDF]X
RSHUDF\MQ\P
i -HGQR ] ZHMü :H ]HZU]Hü ] PDV QD GUXJLH SRGDü SU]HELHJ WUyMNWQ\ ]
JHQHUDWRUDSRSU]H]G]LHOQLN.DQDá;RVF\ORVNRSXGRáF]\üGRED]\SLHUZV]HJR
WUDQ]\VWRUDNDQDá<GRZ\MFLDZ]PDFQLDF]DRSHUDF\MQHJR
i =DREVHUZRZDüFKDUDNWHU\VW\N SU]HMFLRZ SU]\Uy*Q\FKZDUWRFLDFKSUGX,
1D SRGVWDZLH FKDUDNWHU\VW\NL X]\VNDQHM QD
RVF\ORVNRSLHRNUHOLü
x :Sá\ZSUGX,
QDFKDUDNWHU\VW\N SU]HMFLRZ
XNáDGX
x =DNUHV QDSL ü ZHMFLRZ\FK SU]\ NWyU\P
REVHUZRZDQH V Z\UD(QH ]PLDQ\ QDSL FLD
Z\MFLRZHJR &]\ ]DNUHV WHQ ]DOH*\ RG SUGX
,
"
x =DNUHV QDSL ü Z\MFLRZ\FK &]\ ]DNUHV WHQ
]DOH*\RGSUGX,
"
x :Sá\ZQLHV\PHWULLOXVWUDSUGRZHJRRUD]]PLDQ
UH]\VWDQFML5
)
QDFKDUDNWHU\VW\N SU]HMFLRZ
5\V
3ROLWHFKQLNDOVNDZ*OLZLFDFK:\G]LDá$(L,,QVW\WXW(OHNWURQLNL
.LHUXQHN(OHNWURQLNDL7HOHNRPXQLNDFMD/DERUDWRULXP(OHPHQWyZ(OHNWURQLF]Q\FKVHPHVWU,,,
0DWHULDá\G\GDNW\F]QH,QVW\WXWX(OHNWURQLNL3ROLWHFKQLNLOVNLHM*OLZLFH3D(G]LHUQLNZHU
:VSUDZR]GDQLX
i 1DV]NLFRZDü FKDUDNWHU\VW\NL SU]HMFLRZH Z]PDFQLDF]D GOD GZyFK SUGyZ
SRODU\]XMF\FK
i :\FLJQüZQLRVNLFRGRZSá\ZXSUGXSRODU\]XMFHJRQDZáDFLZRFLZ]PDFQLDF]D
3RPLDUFKDUDNWHU\VW\NVWDW\F]Q\FKZ]PDFQLDF]DUy*QLFRZHJR]
Z\MFLHPSUGRZ\PQLHV\PHWU\F]Q\P2%2:,=.2:(
PLQ
i =HVWDZLüXNáDGSRPLDURZ\SRND]DQ\QDU\VXQNX
%D] WUDQ]\VWRUD 7 SRáF]\ü ] PDV 1D ED]
WUDQ]\VWRUD7SRGDZDüQDSL FLHVWDáH]]DGDMQLND
SRSU]H] G]LHOQLN $PSHURPLHU] ZáF]\ü
PL G]\ Z\MFLH SUGRZH D (UyGáR 8
5()
5yZQRF]HQLH PLHU]\ü GUXJLP DPSHURPLHU]HP
SUGSRODU\]XMF\,
i =PLHU]\üFKDUDNWHU\VW\N SU]HMFLRZ ,
:<
I8
:(
Z]PDFQLDF]D
]
Z\MFLHP
SUGRZ\P
QLHV\PHWU\F]Q\P GOD Z\EUDQHM ZDUWRFL SUGX ,
QSX$X$
5\V
:VSUDZR]GDQLX
i :\NUHOLüFKDUDNWHU\VW\N
SU]HMFLRZ Z]PDFQLDF]D
i 3RGDüPLQLPDOQ LPDNV\PDOQ ZDUWRüSUGXZ\MFLRZHJR-DNZDUWRFLWHPDM VL
GRSUGX,
"
i :\OLF]\ü WUDQVNRQGXNWDQFM Uy*QLFRZ 3RUyZQDü WUDQVNRGXNWDQFM ] ZDUWRFL
WHRUHW\F]Q GDQ Z]RUHP
7
P5
,
J
M
r
3RPLDU WUDQVNRQGXNWDQFML VXPDF\MQHM RUD] &055 ZH
Z]PDFQLDF]X]Z\MFLHPSUGRZ\PSNW
PLQ
i : XNáDG]LH ] U\VXQNX SRGDü QDSL FLH EH]SRUHGQLR ] ]DGDMQLND QD ]ZDUWH ED]\
WUDQ]\VWRUyZ :SURZDG]Lü QLHV\PHWUL OXVWUD SUGRZHJR SU]H] RGSRZLHGQLH
XVWDZLHQLHSU]HáF]QLND
i =PLHU]\ü Z SXQNWDFK FKDUDNWHU\VW\N SU]HMFLRZ ,
:<
I8
:(6
Z]PDFQLDF]D ]
Z\MFLHP SUGRZ\P QLHV\PHWU\F]Q\P GOD GZyFK ZDUWRFL SUGX ,
QS X$ L
X$
i =DVWSLüVLá SUGRPRWRU\F]Q ,
UH]\VWRUHPSRZWyU]\üSRPLDU\FKDUDNWHU\VW\N,
:<
I8
:(6
GODW\FKVDP\FKFRSRSU]HGQLRZDUWRFLSUGX,
:VSUDZR]GDQLX
i 1DU\VRZDüFKDUDNWHU\VW\NLSU]HMFLRZHGODV\JQDáXVXPDF\MQHJR
i :\OLF]\üWUDQVNRQGXNWDQFMHVXPDF\MQHQDSRGVWDZLHRWU]\PDQ\FKFKDUDNWHU\VW\N
i :\OLF]\ü &055 GOD GZyFK ZDUWRFL SUGX SRODU\]XMFHJR RUD] GZyFK URG]DMyZ
HOHPHQWyZ SRODU\]XMF\FK :\FLJQü ZQLRVNL RGQRQLH ZSá\ZX SRV]F]HJyOQ\FK
F]\QQLNyZQD&055
3ROLWHFKQLNDOVNDZ*OLZLFDFK:\G]LDá$(L,,QVW\WXW(OHNWURQLNL
.LHUXQHN(OHNWURQLNDL7HOHNRPXQLNDFMD/DERUDWRULXP(OHPHQWyZ(OHNWURQLF]Q\FKVHPHVWU,,,
0DWHULDá\G\GDNW\F]QH,QVW\WXWX(OHNWURQLNL3ROLWHFKQLNLOVNLHM*OLZLFH3D(G]LHUQLNZHU
2EVHUZDFMD
FKDUDNWHU\VW\N
SU]HMFLRZ\FK
XQLSRODUQHJR
Z]PDFQLDF]D
Uy*QLFRZHJR
]
Z\MFLHP
SUGRZ\P
2%2:,=.2:(
PLQ
i =HVWDZLü XNáDG SRND]DQ\ QD U\VXQNX ± Z]PDFQLDF] Uy*QLFRZ\ XQLSRODUQ\
REFL*RQ\ OXVWUHP SUGRZ\P ] SU]HWZRUQLNLHP SUGQDSL FLH ]UHDOL]RZDQ\P QD
Z]PDFQLDF]XRSHUDF\MQ\P
i -HGQR ] ZHMü :H ]HZU]Hü ] PDV QD GUXJLH SRGDü SU]HELHJ WUyMNWQ\ ]
JHQHUDWRUDSRSU]H]G]LHOQLN.DQDá;RVF\ORVNRSXGRáF]\üGRED]\SLHUZV]HJR
WUDQ]\VWRUDNDQDá<GRZ\MFLDZ]PDFQLDF]DRSHUDF\MQHJR
i =DREVHUZRZDüFKDUDNWHU\VW\N SU]HMFLRZ SU]\Uy*Q\FKZDUWRFLDFKSUGX,
i 6SUDZG]LüF]\XNáDGG]LDáDSRSUDZQLHSU]\8
5()
1D SRGVWDZLH FKDUDNWHU\VW\NL X]\VNDQHM QD
RVF\ORVNRSLHRNUHOLü
x :Sá\ZSUGX,
QDFKDUDNWHU\VW\N SU]HMFLRZ
XNáDGX
x =DNUHV QDSL ü ZHMFLRZ\FK SU]\ NWyU\P
REVHUZRZDQH V Z\UD(QH ]PLDQ\ QDSL FLD
Z\MFLRZHJR &]\ ]DNUHV WHQ ]DOH*\ RG SUGX
,
"
x :Sá\ZQLHV\PHWULLOXVWUDSUGRZHJRRUD]]PLDQ
UH]\VWDQFML5
)
QDFKDUDNWHU\VW\N SU]HMFLRZ
5\V
:VSUDZR]GDQLX
i 1DV]NLFRZDü FKDUDNWHU\VW\NL SU]HMFLRZH Z]PDFQLDF]D GOD GZyFK SUGyZ
SRODU\]XMF\FK
i :\FLJQüZQLRVNLFRGRZSá\ZXSUGXSRODU\]XMFHJRQDZáDFLZRFLZ]PDFQLDF]D
3RPLDU SUGX ,
'66
RUD] QDSL FLD 8
3
WUDQ]\VWRUyZ SRORZ\FK
SNW
PLQ
i =HVWDZLüXNáDGSRPLDURZ\SRND]DQ\QDU\VXQNX
i 8VWDZLü QDSL
FLH ] ]DGDMQLND QD WDN ZDUWRü E\
SUG GUHQX WUDQ]\VWRUD VSDGá SRQL*HM X$
1DSL FLH ] ]DGDMQLND MHVW ZWHG\ UyZQH QDSL FLX
RGFL FLD8
3
i =HZU]Hü EUDPN WUDQ]\VWRUD ] PDV 3UG
ZVND]\ZDQ\SU]H]DPSHURPLHU]E G]LHSUGHP,
'66
WUDQ]\VWRUD
5\V
:VSUDZR]GDQLX
i 3RGDü]PLHU]RQHZDUWRFL:\NRU]\VWDüMHGRREOLF]H ZSXQNFLH
3ROLWHFKQLNDOVNDZ*OLZLFDFK:\G]LDá$(L,,QVW\WXW(OHNWURQLNL
.LHUXQHN(OHNWURQLNDL7HOHNRPXQLNDFMD/DERUDWRULXP(OHPHQWyZ(OHNWURQLF]Q\FKVHPHVWU,,,
0DWHULDá\G\GDNW\F]QH,QVW\WXWX(OHNWURQLNL3ROLWHFKQLNLOVNLHM*OLZLFH3D(G]LHUQLNZHU
3RPLDU FKDUDNWHU\VW\N VWDW\F]Q\FK XQLSRODUQHJR Z]PDFQLDF]D
Uy*QLFRZHJR
]
Z\MFLHP
SUGRZ\P
QLHV\PHWU\F]Q\P
2%2:,=.2:(
PLQ
i =HVWDZLüXNáDGSRPLDURZ\SRND]DQ\QDU\VXQNX
%D] WUDQ]\VWRUD 7 SRáF]\ü ] PDV 1D ED]
WUDQ]\VWRUD7SRGDZDüQDSL FLHVWDáH]]DGDMQLND
SRSU]H] G]LHOQLN $PSHURPLHU] ZáF]\ü
PL G]\ Z\MFLH SUGRZH D (UyGáR 8
5()
5yZQRF]HQLH PLHU]\ü GUXJLP DPSHURPLHU]HP
SUGSRODU\]XMF\,
i =PLHU]\üFKDUDNWHU\VW\N SU]HMFLRZ ,
:<
I8
:(
Z]PDFQLDF]D
]
Z\MFLHP
SUGRZ\P
QLHV\PHWU\F]Q\P GOD Z\EUDQHJR SUGX ,
QS
X$X$
5\V
:VSUDZR]GDQLX
i :\NUHOLüFKDUDNWHU\VW\NLSU]HMFLRZHZ]PDFQLDF]D
i :\OLF]\ü WUDQVNRQGXNWDQFM Uy*QLFRZ 3RUyZQDü M ] ZDUWRFL WHRUHW\F]Q GDQ
Z]RUHP
3
'66
P
8
,
,
J
Z\NRU]\VWDüZDUWRFL]PLHU]RQHZSXQNFLH
i 3RGDüPLQLPDOQ LPDNV\PDOQ ZDUWRüSUGXZ\MFLRZHJR-DNZDUWRFLWHPDM VL
GRSUGX,
"
i 'OD GZyFK ZDUWRFL SUGX SRODU\]XMFHJR SRGDü ]DNUHV QDSL ü ZHMFLRZ\FK SU]\
NWyU\PREVHUZXMHVL ]PLDQ\SUGXZ\MFLRZHJR
i 3RUyZQDüZáDFLZRFLZ]PDFQLDF]DELSRODUQHJRLXQLSRODUQHJR
8:$*$ RERZL]XMH SU]\JRWRZDQLH GR WHPDWX ZHGáXJ VNU\SWX OXE LQQHM OLWHUDWXU\ QS
87LHW]H&K6FKHQNÄ8NáDG\SyáSU]HZRGQLNRZH´
:V]\VWNLH FKDUDNWHU\VW\NL SRZLQQ\ E\ü RGSRZLHGQLR RSLVDQH D REOLF]RQH ZDUWRFL
SUDZLGáRZR L Z\F]HUSXMFR VNRPHQWRZDQH : SU]\SDGNX RGVW SVWZ RG
SU]HZLG\ZDQ\FK]DOH*QRFLQDOH*\ZVND]DüSU]\F]\Q\L(UyGáDHZEá GyZ