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Скопје, 2013
ɂɡɞɚɜɚɱ: ɆɂɇɂɋɌȿɊɋɌȼɈ ɁȺ ɈȻɊȺɁɈȼȺɇɂȿ ɂ
ɇȺɍɄȺ ɇȺ ɊȿɉɍȻɅɂɄȺ ɆȺɄȿȾɈɇɂȳȺ
ɭɥ. Ɇɢɬɨ ɏɚʇɢɜɚɫɢɥɟɜ ȳɚɫɦɢɧ, ɛɛ ɋɤɨɩʁɟ
Ɋɟɰɟɧɡɟɧɬɢ:
ɉɪɨɞ. ɞ-ɪ ȼɥɚɞɢɦɢɪ Ʉɚɪɚɧɚɤɨɜ, ɒɭɦɚɪɫɤɢ ɮɚɤɭɥɬɟɬ
ɍɧɢɜɟɪɡɢɬɟɬ „ɋɜ. Ʉɢɪɢɥ ɢ Ɇɟɬɨɞɢʁ“, ɋɤɨɩʁɟ
Ⱦɢɩɥ. ɲɭɦ. ɢɧɠ. Ɉɥɝɢɰɚ Ɇɚɧɟɜɫɤɚ
ɋɍȽɋ „Ƚɟɨɪɝɢ Ⱦɢɦɢɬɪɨɜ“ ɋɤɨɩʁɟ
Ⱦɢɩɥ. ɲɭɦ. ɢɧɠ. ȿɥɟɧɚ Ⱥɧɞɨɧɨɜɫɤɚ
ɋɍȽɋ „Ƚɟɨɪɝɢ Ⱦɢɦɢɬɪɨɜ“ ɋɤɨɩʁɟ
Тираж: 27
684.4(075.3)
ɌɊȺȳɄɈȼɋɄȺ, ɋɧɟɠɚɧɚ
ɉɪɨɟɤɬɢɪɚʃɟ ɧɚ ɦɟɛɟɥ : ɭɱɟɛɧɢɤ ɡɚ ɡɚɞɨɥɠɢɬɟɥɧɚ ɢ ɢɡɛɨɪɧɚ
ɧɚɫɬɚɜɚ ɡɚ ɱɟɬɜɪɬɚ ɝɨɞɢɧɚ ɫɪɟɞɧɨ ɫɬɪɭɱɧɨ ɨɛɪɚɡɨɜɚɧɢɟ : ɲɭɦɚɪɫɤɨ-
ɞɪɜɨɩɪɟɪɚɛɨɬɭɜɚɱɤɚ ɫɬɪɭɤɚ ɡɚ ɨɫɧɨɜɧɢɨɬ ɩɪɨɮɢɥ ɬɟɯɧɢɱɚɪ ɡɚ
ɦɟɛɟɥ ɢ ɟɧɬɟɪɢɟɪ / ɋɧɟɠɚɧɚ Ɍɪɚʁɤɨɜɫɤɚ. - ɋɤɨɩʁɟ : Ɇɢɧɢɫɬɟɪɫɬɜɨ ɡɚ
ɨɛɪɚɡɨɜɚɧɢɟ ɢ ɧɚɭɤɚ ɧɚ Ɋɟɩɭɛɥɢɤɚ Ɇɚɤɟɞɨɧɢʁɚ, 2010. - 106 ɫɬɪ. :
ɢɥɭɫɬɪ. ; 29 ɫɦ
ISBN 978-608-226-105-8
COBISS.MK-ID 84247818
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YLVRaLQDVRIRUPLUDZHQDVSX^WHQSODIRQLOLVRSRVWDYXYDZHQDGHNRUDFLMD
LOL UH]ED 9R ]DYLVQRVW RG YLVRaLQDWD QD SURVWRULMDWD PRCH GD VH GRELH
UD]OLaQDRERHQRVWWHPQD]DYLVRNLSURVWRULLDVYHWOD]DQLVNL
(QWHULHUVRNDPHQSRGYLGOLYDNDPHQD\LGDULMDLIXQNFLRQDOQRLGHNRUDWLYQRREUDERWHQSODIRQ
6R REUDERWND QD VLWH SRYU^LQL YR SURVWRULLWH VH VR]GDYD DPELHQW
RGQRVQRVHRIRUPXYDHQWHULHURW,]ERURWL NRPELQDFLMDWD QD PDWHULMDOLWHH
19
SUD^DZH QD NUHDWLYQRVW L YNXV %H] RJOHG GDOL WRM `H ELGH QHXWUDOHQ LOL
YRRaOLYWUHEDGDUDVNDCXYDQHNDNYDSULND]QD]DOX_HWRNRLCLYHDWYRQHJR
2VYHWOXYDZHYDWUSH]DULMD 2VYHWOLYDZHYRGQHYQDVREDWUSH]DULMDLNXMQD
9HCEL
1D GDGHQLRW DUKLWHNWRQVNL SURHNW GD VH REHOHCDW DUKLWHNWRQVNLWH
HOHPHQWLLLVWLWHGDVHJUXSLUDDWɫɩɨɪɟɞQDPHQDɬɚ.
1DGDGHQDWDRVQRYD RGVWDQGDVHREHOHCDWVLWHHOHPHQWLYU]NRLPRCH
GDVHYU^LLQWHUYHQFLMDSULSUHXUHGXYDZHQDSURVWRURW
20
0HEHOYRVWDQEHQLSURVWRULL
21
0HEHOYRVWDQEHQLSURVWRULL
6WDQRWNDNRFHOLQDLPHVWR]DVRYUHPHQCLYRW
%RLYRVWDQRW
3URVWRULLYRVWDQRWIXQNFLRQDOQDSRYU]DQRVWLSRGHOED
9HCEL
&HOL
=DSR]QDYDZHQDSURVWRULLWHQDVWDQRWQLYQDWDIXQNFLMDLSRYU]DQRVW
SULQFLSLWH L VWDQGDUGLWH QD RUJDQL]LUDZH QD PHEHORW YR VWDQRW PRCQLWH
QDaLQLQDREUDERWNDQDVWDQEHQLRWHQWHULHU
6R SULID`DZH QD RVQRYQLWH SULQFLSL L PRCQL UH^HQLMD XaHQLNRW `H
PRCHGDL]UDERWXYDYHCELVRNRL`HVH]DSR]QDYDVHEHɫɢLYRHGQR`HMDUD]YLYD
NUHDWLYQRVWD
22
6WDQRWNDNRFHOLQDLPHVWR]DVRYUHPHQRCLYHHZH
6WDQRW SUHWVWDYXYD KDUPRQLaQD FHOLQD VRVWDYHQD RG SRYH`H SURVWRULL
NRLVRVYRHWRHQWHULHUQRUH^HQLHGDYDDWPRCQRVW]DIXQNFLRQDOQRXGREQRL
VRYUHPHQRCLYHHZH
=DGRYROXYDZHWR QD SRWUHELWH QD aOHQRYLWH QD VHPHMVWYRWR H SULRULWHW
SUL XUHGXYDZHWR QD VHNRM VWDQ 7XND VSD_DDW IL]LROR^NLWH SVLKROR^NLWH
LQWHOHNWXDOQLWHLVRFLROR^NLWHSRWUHEL
0HEHORW RUJDQL]LUDQ YR RGUHGHQ SURVWRU YRVWDQRW H JODYQLRW aLQLWHO
QD ]DGRYROXYDZH QD RYLH SRWUHEL 0HEHORW VDP SR VHEH H XGREHQ OHVHQ
SUDNWLaHQ L HVWHWVNL L]GUCDQ 1D GL]DMQRW QD PHEHORW VH SRVYHWXYD JROHPR
YQLPDQLH SULPHQXYDM`L NUHDWLYQL LGHL QRYL PDWHULMDOL L WHKQRORJLMD QD
L]UDERWND7DNDYRSRQRYRYUHPHLPDPHHOHPHQWLQDPHEHONRLLPDDWRGOLaQD
IXQNFLMDDGHOXYDDWVNXOSWXUDOQRYRSURVWRURW
'L]DMQRWQDPHEHORWGLNWLUDQRYLWUHQGRYLYRHQWHULHUQRWRXUHGXYDZH
2SUHPXYDZHWRQDVWDQRWQHHNUDWNRURaQDLQYHVWLFLMDSDRWWDPXLVWRWRWUHED
GDRGJRYRULPDNVLPDOQRQDSRWUHELWHQDVHPHMVWYRWR
6RYUHPHQRWRCLYHHZHSRGUD]ELUDVLWHSURVWRULLGDELGDWYRIXQNFLMD
QD aOHQRYLWH QD VHPHMVWYRWR VR YL]LMD ]D WUDQVIRUPDFLMD QD SURVWRURW
VRJODVQR UDVWHZHWR QD VHPHMVWYRWR 6HNRM aOHQ WUHED GD VH aXYVWXYD VYRM YR
VYRMRW GRP GD JR QDMGH VYRMRW PLU ]DGRYROVWYR VLJXUQRVW L XGREQRVW 6R
QHSUHaHQRREDYXYDZHQDVLWHSRWUHELYRVNODGVRFHORWRVHPHMVWYRaOHQRYLWH
QDVHPHMVWYRWRLPDDWSUHGXVORY]DVUH`HQCLYRW
3ULVSRVREXYDZHQDVWDQRWNRQVHEHIDNWRULNRLYOLMDDWYU]
XUHGXYDZHWRQDVWDQRW
3UL XUHGXYDZHWR QD VWDQRW L L]ERURW QD RSUHPDWD WUHED GD VH ]HPDW
ɩɪɟɞɜɢɞ ɧɟɤɨɥɤɭ ɮɚɤɬɨɪɢ :
• ɝɨɥɟɦɢɧɚɬɚ ɧɚ ɫɬɚɧɨɬ ɢ ɡɚɫɬɚɩɟɧɨɫɬɚ ɧɚ ɩɪɨɫɬɨɪɢɢɬɟ ;
• EURMɨɬQDaOHQRYLWHYRVHPHMVWYRWR
• YR]UDVWDSRORWLLQWHUHVLWHQDGHFDWD
• RULHQWDFLMDɬɚQDVWDQRWLIXQNFLRQDOQDWDSRYU]DQRVWQDSURVWRULLWH
• IOHNVLELOQRVWDQDSURVWRURW
• NXOWXUDWDPHQWDOLWHWRWQDaLQRWQDCLYHHZHQDVHPHMVWYRWR
*ROHPLQDWD QD VWDQRW H HGHQ RG RVQRYQLWH IDNWRUL NRL RGUHGXYDDW NRL
IXQNFLL `H ELGDW SULPDUQL RVQRYQL L ]DVWDSHQL NDNR SURVWRULMD D NRL `H
ELGDW VHNXQGDUQL YWRURVWHSHQL RGQRVQR GRSROQLWHOQL .RONX H SRJROHP
VWDQRW WRONX VH SRJROHPL PRCQRVWLWH VLWH IXQNFLL GD GRELMDW VYRMD
SURVWRULMD 6RVWDYRW QD VHPHMVWYRWR L QLYQDWD YR]UDVW H SRMGRYQD WRaND SUL
UH^DYDZHWRQDPHEHORWYRVWDQRW7UHEDYHGQD^GDVHSUHGYLGLLUDVWHZHWR
QD VHPHMVWYRWR RGQRVQR PHQXYDZHWR QD VWUXNWXUDWD QD LVWRWR D VR WRD L
L]PHQLWHYRVWDQRW
2ULHQWDFLMDWD QD VWDQRW MD XVORYXYD RUJDQL]DFLMDWD QD SURVWRULLWH L
QLYQDWD IXQNFLRQDOQD SRYU]DQRVW 6HNRJD^ PRUD GD VH ELUD QDMSRYROQDWD
RULHQWDFLMD ]D VSDOQDWD GHWVNDWD L GQHYQDWD VRED 0H_X SURVWRULLWH PRUD GD
23
SRVWRLORJLaQDSRYU]DQRVWRGQRVQRGYLCHZHWRRGHGHQYRGUXJSURVWRUGDHYR
VRJODVQRVWVRCLYRWQLWHQDYLNL
)OHNVLELOQRVWDQDSURVWRURWRGQRVQRPRCQRVWDWRMGDVHSUHXUHGXYDL
GD GRELYD SRYH`H IXQNFLL H YDCHQ IDNWRU SRVHEQR ]D PDOLWH VWDQRYL 1D WRM
QDaLQQDVHPHMVWYRWRPXVH]DGRYROXYDDWVLWHSRWUHEL
$NR X^WH SUL DUKLWHNWRQVNRWR SURHNWLUDZH L IXQNFLRQDOQDWD
RUJDQL]DFLMD QD SURVWRULLWH QD HGHQ VWDQ VH ]HPDW SUHGYLG RYLH IDNWRUL
SRWUHEDWD RG GRSROQLWHOQD LQWHUYHQFLMD YR HQWHULHUQRWR XUHGXYDZH `H ELGH
VYHGHQD QD PLQLPXP 9R WRM VOXaDM SURPHQDWD EL RSIDWLOD VDPR GRGDYDZH QD
GRSROQLWHOQDIXQNFLMDQDQHNRMDRGSRVWRHaNLWHSURVWRULL
2VYHQ ]DGRYROXYDZHWR QD RVQRYQLWH IXQNFLRQDOQL SRWUHEL QD
VHPHMVWYRWR SUL SURHNWLUDZHWR SURHNWDQWRW H GROCHQ VWDQRW GDGRELH SHaDW
VYRMVWYHQ]DaOHQRYLWHQDVHPHMVWYRWRLGDRGJRYRULQDQDaLQRWLNXOWXUDWDQD
QLYQRWRCLYHHZH
.UHLUDZHQDHQWHULHUQRWRUH^HQLHQDVWDQRW
1DMaHVWR HQWHULHUQRWR UH^HQLH QD VWDQRW VHPHMVWYRWR JR UHDOL]LUD
VDPRVPHWDM`LGHNDWRDH OLaHQ LQWLPHQ SURVWRUNRMPXSULSD_DVDPR QHPX L
GHNDLPDDWGRYROQRVR]QDQLMD]DIXQNFLRQDOQLWHLSUDNWLaQLWHSRWUHELNDNR
LGRYROQRYNXV9RWRDLPDYLVWLQD9DNYRWRUD]PLVOXYDZHYRSRQRYRYUHPHVH
RWIUODLVHPHMVWYRWREDUDSRPR^RGVWUXaQROLFHSURHNWDQW]DHQWHULHUQR
UH^DYDZHQDVWDQRW2YRMQDSUHGRNUH]XOWLUDVRL]GLJQXYDZHQDNXOWXUDWDQD
GRPXYDZH L QD QLYRWR QD HQWHULHUQLWH UH^HQLMD NDNR RG DVSHNW QD
IXQNFLRQDOQRVW UDFLRQDOQRVW L SUDNWLaQRVW QD PHEHORW L SURVWRURW WDND L
RGDVSHNWQDGL]DMQLHVWHWLND
3UHG VWUXaQRWR OLFH NRH `H JR XUHGXYD VWDQRW QD HGQR VHPHMVWYR VWRL
WH^ND ]DGDaD 7RD `H JR SULPHQL VYRHWR ]QDHZH LVNXVWYR L NUHDWLYQRVW QR
WUHEDGDJLXVRJODVLCHOELWHLSRWUHELWHQDaOHQRYLWHQDVHPHMVWYRWRLGDJL
]DSR]QDHQLYQDWDNXOWXUDPHQWDOLWHWLQDaLQQDCLYHHZH0H_XSURHNWDQWLWH
SR]QDWDH L]UHNDWDGHNDWUHEDGDVHCLYHHQDMPDONXHGHQPHVHFVRVHPHMVWYRWR
]D GD PRCH LVWRWR GD VH ]DSR]QDH L GD VH RGJRYRUL YR SRWSROQRVW QD QLYQLWH
SRWUHEL
24
%RLYRVWDQRW
%RMDWDHSUYDWDSHUFHSFLMD]DaRYHNRYRWRRNR1RWDDQHSRVWRLVDPD]D
VHEH 1HD MD VR]GDYD VYHWOLQDWD SUL RVYHWOXYDZHWR QD SUHGPHWLWH , SRNUDM
GHILQLUDZHWR QD ERLWH YR VSHNWDURW VLWH OX_H UD]OLaQR JL GRCLYXYDDW L
RSL^XYDDWERLWH3ULaLQD]DWRDHUD]OLaQDWDYR]UDVWNXOWXUDREUD]RYDQLH
3ULURGQRWRRVYHWOXYDZHJRGDYDFHOLRWVSHNWDUQDERLDYH^WDaNRWRMD
PHQXYDQLMDQVDWDYR]DYLVQRVWRGLQWHQ]LWHWRWLYLGRWQDVYHWLONDWD%RLWHQD
SUHGPHWLWH]DYLVDWRGPDWHULMDORWQLYQDWDWHNVWXUDSRYU^LQVNDVWUXNWXUD
UHIOHNVLMD
3RGHOEDQDERLWHLQLYQLNDUDNWHULVWLNL
6YHWOLQDWD H ]ELU RG VLWH ERL YR VSHNWDURW 2VQRYQL ERL VH FUYHQDWD
CROWDWDLVLQDWD6LWHRVWDQDWLERLVHNRPELQDFLMDQDSRGYHRVQRYQLERLYR
UD]OLaHQVRRGQRVLVHQDUHNXYDWDWVHNXQGDUQL%HODWDLFUQDWDQHYOHJXYDDWYR
VSHNWDURW 3ULVXVWYRWR L RWVXVWYRWR QD VYHWOLQD VH R]QDaXYD VR EHOR L FUQR
VRRGYHWQR
%RLWH RVYHQ QD RVQRYQL L VHNXQGDUQL VH GHODW QD WRSOL L ODGQL 7RSOL
ERL VH FUYHQDWD CROWDWD L SRUWRNDORYDWD D ODGQL VH VLQDWD ]HOHQDWD L
YLROHWRYDWD .DNR ERLWH VH SULEOLCXYDDW SRYH`H GR FUYHQDWD L CROWDWD
VWDQXYDDWSRWRSOL
6SHNWDURWQDGQHYQDWDVYHWOLQD 6SHNWDURWSUHWVWDYHQSUHNXFYHW
3UL NRPELQLUDZHWR QD ERL PRCDW GD QDVWDQDW UD]OLaQL RGQRVL 1HNRL
NRPELQDFLL VH KDUPRQLaQL D QHNRL NRQWUDVWQL +DUPRQLaQL NRPELQDFLL VH
RQLH VRVWDYHQL RG ERL NRL QD VSHNWDURW VH QDRJDDW HGQD GR GUXJD .RQWUDVW
SUDYDWVHNXQGDUQLWHERLVRRVQRYQDWDERMDRGNRMDQHVHVR]GDGHQL
.RQWUDVWRW L KDUPLQLMDWD L SRNUDM WRaQDWD GHILQLFLMD WLH QH VH
HJ]DNWQR WRaQL 6ɟ ]DYLVL RG QLMDQVDWD QD ERLWH L SHUFHSFLMDWD QD aRYHNRW
1HNRLNRQWUDVWLGHOXYDDWKDUPRQLaQRLSULMDWQRDQHNRLQH3ULVXVWYRWRQD
NRQWUDVW H YDCHQ HQWHULHUHQ PRPHQW L H RGUD] QD aRYHNRYLRW RGQRV NRQ
GLQDPLNDWDLQDQHJRYLRWNDUDNWHU
25
'RCLYXYDZHWR QD ERLWH H LQGLYLGXDOQR aXYVWYR QR PRCH QD VHNRMD RG
QLYGDLPVHGDGHSRQHNRMDRS^WDNDUDNWHULVWLNDNRMDQDMaHVWRHSRYU]DQDVR
DVRFLMDWDNRMDMDEXGL
• &UYHQDWD ERMD VH SRYU]XYD VR TXERY VWUDVW PODGRVW NUY WHPSHUDPHQW
L]EXYOLYRVW7DDHHGQDRGQDMYSHaDWOLYLWHERLRGVSHNWDURW
• #ROWDWDERMDHERMDQDVRQFHWROHWRWRWRSOLQDWDYHGULQDWD
• 6LQDWD ERMD JL SUHWVWDYXYD YRGDWD QHERWR PLURW KDUPRQLMDWD
VWDORCHQRVWD
6HNXQGDUQLWHERLQRVDWYRVHEHSRQH^WRRG]QDaHZHWRQDRVQRYQLWHERL
RG NRL VH VR]GDGHQL .RONX SRYH`H SUHRYODGXYD HGQD NRPSRQHWQD WRONX H
SRJROHPRLWRD]QDaHZH
• 3RUWRNDORYDWDERMDHERMDQDSODPHQRWQDHQHUJLMDWD
• =HOHQDWDERMDVHSRYU]XYDVRSUROHWWDUDVWHZHWRSRaHWRFLWH
• 9LROHWRYDWDERMDHVWDORCHQDERMDERMDQDPXGURVWDRGPHUHQRVWD
6LYDWD NDNR L EHODWD L FUQDWD QH H ERMD 7DD MDSUHWVWDYXYDVRVWRMEDWD
PH_X VYHWORWR L WHPQRWR L VH SRMDYXYD NDNR UH]XOWDW QD ]DVHQaXYDZHWR QD
SUHGPHWLWH
'HILQLUDZHWR QD ERLWH H SRYU]DQR VR NXOWXUDWD QD QDURGLWH QR L
QDXaQDWD REODVW YR NRMD VH LVWUDCXYD QLYQRWR ]QDaHZH 9R ]DSDGQDWD NXOWXUD
EHORWR SUHWVWDYXYD VLPERO QD SRaHWRN L UDGRVW GRGHND YR LVWRaQDWD WRD H
VLPEROQDVPUWLCDORVW
.RPELQDFLMDWD QD ERLWH QRVL VR VHEH QRYL ]QDaHZD =DWRD PRUD GD VH
YQLPDYD QD QLYQD VRRGYHWQD XSRWUHED SR PHVWRSRORCED LQWHQ]LWHW L
NROLaHVWYR
26
8SRWUHEDQDERLWHYRVWDQRW
2GDPQD VH YU^DW QDXaQL LVWUDCXYDZD ]D YOLMDQLHWR QD ERMDWD YU]
aRYHNRYDWD SVLKD 7DD YOLMDH QD QHJRYRWR UDVSRORCHQLH L UDERWRVSRVREQRVW
2WWDPX RG SRVHEQD YDCQRVW H NRL ERL `H ELGDW ]DVWDSHQL YR HQWHULHURW VR
NRONDYLQWHQ]LWHWLNDNR`HELGDWNRPELQLUDQLPH_XVHEH
%RLWH YR VWDQRW VH NRULVWDW QH VDPR ]D QHJRYR RSOHPHQXYDZH WXNX L ]D
YL]XHOQDNRUHNFLMDQDLVWLRW1LYQLRWL]ERU`H]DYLVLQHVDPRRGDILQLWHWLWH
QD VHPHMVWYRWR WXNX L RG JROHPLQDWD QD VHNRMD SURVWRULMD SRHGLQHaQR
SULURGQDWDRVYHWOHQRVWRVRQaDQRVWYL]XULWH6YHWOLWHERLVHSUHSRUDaXYDDW
]DPDOLLOLVODER RVYHWOHQL SURVWRUL SODIRQL\LGRYLRNROXSUR]RUFLWHɫɨ
ɰɟɥ YL]XHOQR ɞɚ VH SUR^LUL SURVWRURW LOL GD VH ]JROHPL LQWHQ]LWHWRW QD
SULURGQRWR RVYHWOXYDZH 3RWHPQLWH ERL VH NDUDNWHULVWLaQL ]D JROHPL
SURVWRULL NDGH WUHED GD VH VR]GDGH aXYVWYR QD EOLVNRVW L ]ELHQRVW
2EUDERWNDWD QD SODIRQLWH VR SRWHPQL WRQRYL VH VUH`DYD NDM SURVWRULL VR
JROHPDYLVRaLQD
1DMaHVWR ]D GRPRW VH L]ELɪɚɚɬ WRSOL WRQRYL 6LYLWH WRQRYL NDNR
QHXWUDOQLWHVH NRULVWDW]DSRYU^LQL QD NRLVH SRVWDYXYDDWHOHPHQWL NRLVR
VYRMDWD ERMD IRUPD LOL VWUXNWXUD VR]GDYDDW DNFHQWL YR SURVWRURW /DGQLWH
WRQRYL UHWNR VH XSRWUHEXYDDW YR GRPRW ELGHM`L WRM WUHED GD ELGH SULMDWQR
PHVWR]DSUHVWRM
3RVWDYXYDZHWR QD RERHQLWH HOHPHQWL LPD LVWR WDND XORJD ]D YL]XHOQD
NRUHNFLMD QD SURVWRURW 6R KRUL]RQWDOQR SRVWDYXYDZH QD HOHPHɧWLWH VH
QDJODVXYD GROCLQDWD QD SURVWRULMDWD D VR YHUWLNDOQR YLVRaLQDWD 1D WRM
QDaLQGROJQDYHVWLWHSURVWRULLVHVNUDWXYDDWDWHVQLWHVHL]GROCXYDDW
8SRWUHEDWDQDVLWHRYLHHOHPHQWL]DREUDERWNDQDSURVWRURWWUHEDGDH
XPHUHQD6HNRMDSUHWHUDQRVWSUHWVWDYXYDRSDVQRVWGDVHQDUX^LKDUPRQLMDWDQD
SURVWRURW
(QWHULHUYRFUYHQR
27
3URVWRULLYRVWDQRWIXQNFLRQDOQDSRYU]DQRVWLSRGHOED
6WDQRWNDNRFHOLQDVHVRVWRLRGSRYH`HSURVWRULL1LYQDWD]DVWDSHQRVW
`H ]DYLVL RG JROHPLQDWD RGQRVQR NYDGUDWXUDWD QD VWDQRW 1R, RGUHGHQL
SURVWRULLNXMQDGQHYQDVREDVSDOQDVREDLVDQLWDULLVHQHL]RVWDYQLYRVHNRM
VWDQ
>HPDQDUDVSRUHGQDSURVWRULLWHYRGRPRW
6SRUHGEXaQRVWDSURVWRULLWHYRVWDQRWVHGHODWQD
• EXaQLSUHWSURVWRUXWLOLWLNXMQDWUSH]DULMDGQHYQDVRED
GHWVNDVRED
• PLUQLUDERWQDVREDVSDOQDVREDGHWVNDVRED
9RRGQRVQDJROHPLQDWDQDSURVWRULLWHSRVWRMDWQRUPDWLYLVWDQGDUGL
NRL SURHNWDQWRW SUL SURHNWLUDZHWR WUHED GD JL SULPHQL *ROHPLQDWD H
SRYU]DQDVREURMQRVWDQDVHPHMVWYRWRLRSUHPDWD
• SUHWVREMH P²ñ
• GQHYQDVRED P²ñ
• WUSH]DULMD P²ñ
• NXMQD P²ñ
• RVWDYD P²ñ
• GHWVNDVRED P²ñ
• VSDOQDVRED P²ñ
• VDQLWDULL P²ñ
• XWLOLWL P²ñ
28
2ULHQWDFLMDQDSURVWRULLWH
2ULHQWDFLMDWDQDSURVWRULLWHHYDCHQaLQLWHO]DNYDOLWHWRWQDVWDQRW
6R SUDYLOQD RULHQWDFLMD VH RYR]PRCXYDLQVRODFLMD QD SRWUHEQLWH SURVWRULL
,QVRODFLMDWD SUHWVWDYXYD RVRQaXYDZH QD SURVWRULLWH NDNR YDCHQ ]GUDYVWYHQ
LSVLKROR^NLDVSHNWYRGRPXYDZHWR
1R SUL NROHNWLYQRWR GRPXYDZH RGQRVQR CLYHHZHWR YR VWDQEHQD NXOD
LOLEORNQHPRCHVLWHSURVWRULLGDLPDDWQDMSRYROQDRULHQWDFLMD'ROCQRVW
QD SURHNWDQWRW H GD JL SRVWDYL VWDQRYLWH VR RSWLPDOQR LVNRULVWXYDZH QD
GREUDWDRULHQWDFLMDDVLWHSRPR^QLSURVWRULLGDJLSRVWDYLQDSRQHSRYROQD
RULHQWDFLMD
1DMSRCHOQDRULHQWDFLMD]DSURVWRULLWH
• LVWRNVSDOQDVREDGHWVNDVREDGQHYQDVREDWUSH]DULMDNXMQD
• ]DSDGWUSH]DULMDNXMQDUDERWQDVREDVDQLWDULLXWLOLWL
• VHYHUYOH]VNDOLVDQLWDULLNXMQDRVWDYDXWLOLWL
• MXJGQHYQDVREDVSDOQDVREDGHWVNDVREDUDERWQDVREDWUSH]DULMD
9R LQGLYLGXDOQLWH VWDQEHQL REMHNWL SROHVQR PRCH GD VH SRVWLJQH
RSWLPDOQD RULHQWDFLMD QD SURVWRULLWH SULWRD WUHED GD VH ]HPH SUHGYLG
WRSRJUDILMDWDLQIUDVWUXNWXUDWDLYL]XULWH
2ULHQWDFLMDWD H YDCQD ]D SULURGQRWR RVYHWOXYDZH 7RD PRUD GD H
SULVXWQRLGLUHNWQRYRGQHYQDWDVREDVSDOQDWDVREDGHWVNDWDVREDUDERWQDWD
VREDNXMQDWDWUSH]DULMDWD$NRPRCRVWLWHGR]ROXYDDWPRCHGDVHVUHWQHLYR
VDQLWDUQLWHSURVWRULLSUHWSURVWRURWLXWLOLWLWR
29
3UHWSURVWRU
3UHWSURVWRU VH QDUHNXYD VHNRM SURVWRU NRM VOXCL ]D GLVWULEXFLMD QD
GYLCHZHWRPH_XSRYH`HSURVWRULLLOLPH_XXOLFDWDLVWDQRW
9R ]DYLVQRVW RG IRUPDWD JROHPLQDWD L RSUHPHQRVWD UD]OLNXYDPH
QHNRONXWLSDQDSUHWSRVWRU
• KRGQLNWHVHQSUHWSURVWRU
• SUHWVREMHNYDGUDWHQLOLSUDYRDJROHQSUHWSURVWRU
• VDORQJROHPSUHWSURVWRUNDUDNWHULVWLaHQ]DUDVNR^QLWHNX`LL
VWDQRYL
*ROHPLQDWD QD SUHWSURVWRULWH ]DYLVL RG JROHPLQDWD QD FHOLRW VWDQ L
VRVWDYQLWHSURVWRULL
2VQRYDQDKRGQLN ^PLQ VP
2VQRYDQDSUHWVREMH 2VQRYDQDVDORQ
30
+RGQLNRW SRaHVWR VH XSRWUHEXYD ]D SRYU]XYDZH QD VRELWH YR VWDQRW
1HJRYDWD IRUPD QH GR]ROXYD SRVWDYXYDZH QD RSUHPD L RUJDQL]DFLMD QD
YOH]QLRWSURVWRU
3UHWVREMHWRLPDQDMSRJRGQDIRUPD]DRUJDQL]DFLMDQDYOH]QLRWSURVWRU
YR VHNRM VWDQ 7RD NDNR SURVWRULMD LPD ]QDaDMQD XORJD VR VYRHWR XUHGXYDZH
ELGHM`LJRGDYDSUYLRWYSHaDWRN]DVHPHMVWYRWRLGRPRW
+RGQLN 3UHWVREMH
6R ]DVWDSHQRVWD QD PHEHORW SUHWVREMHWR PRUD GD JL ]DGRYROL L
RVQRYQLWHIXQNFLL
• SULHP QD aOHQRYLWH QD VHPHMVWYRWR L JRVWL YR VWDQRW SUHWVWDYXYD
PHGLXPSRVUHGQLNPH_XQDGYRUH^QLRWVYHWLGRPRW
• SRYU]XYDZHQDSURVWRULLWH
• RGORCXYDZHQDQDGYRUH^QDWDREOHNDaHYOLWHLRVWDQDWLSUHGPHWL
6DORQLWH VH JROHPL SUHWSURVWRUL NRL EODJRGDUHQLH QD XSRWUHEHQDWD
RSUHPDGRELYDL]JOHGQDVRED]DGQHYHQSUHVWRM
3UHWVREMH 6DORQ
31
2SUHPDYRSUHWVREMHWR
2G QDYHGHQLWH IXQNFLL ]D SUHWVREMHWR SURL]OHJXYD L SRWUHEQDWD
RSUHPD
• RWYRUHQD]DNDaDONDJDUGHUREHU
• SROLFD
• HOHPHQW]DaHYOL
• HOHPHQW]DGRPD^QLSRPDJDOD
• GHNRUDWLYQLHOHPHQWLRJOHGDODVOLNLVNXOSWXULFYH`HSRVWHUL
JDUGHUREHU RWYRUHQD]DNDaDOND HOHPHQW]DREXYNLRJOHGDOR
^ VP D VP ^ VP G VP
GFHOEURMQDNULODVP GSRSRWUHED GSRSRWUHED Y VP
Y VP ^ VP Y VP Y VP
NYLVRaLQDRGSRGGRSODIRQ YYLVRaLQDQD]DNDaDONLWH
Y NY YYLVRaLQDQDSROLFDVP
32
2UJDQL]DFLMDQDSUHWVREMHWR
0HEHORW YR SUHWVREMHWR VH SRVWDYXYD SR RELNROQLWH \LGRYL 3ULWRD
PRUD GD VH YQLPDYD WRM OHVQR GD ELGH XSRWUHEOLY L LVWLRW GD QH SUHaL SUL
GYLCHZHWRRGYOH]RWNRQRVWDQDWLWHVREL
'L]DMQERLLRVYHWOXYDZH
0HEHORWVRVYRMDWDJROHPLQDWUHEDGDHYRVRJODVQRVWVRJROHPLQDWDQD
SUHWSURVWRURW=DPDOLSURVWRULPDOLHGQRVWDYHQPHEHOLREUDWQR
%LGHM`L UHWNR NRJD SUHWVREMHWR H SULURGQR RVYHWOHQR WUHED GD VH ELGH
PQRJX YQLPDWHOHQ VR ERLWH 6H SUHSRUDaXYDDW VYHWOL WRQRYL QD \LGRYLWH L
SODIRQRW-DNLWHERLPRCDWGDVHSRMDYDWNDNRGHWDʂQDQHNRMDPDODSRYU^LQD
LOLQDPHEHORW
9RSRJOHGQDPDWHULMDOLWHSRGRWWUHEDGDHOHVQRRGUCOLY6HNRULVWDW
NYDOLWHWQLNHUDPLaNLLPHUPHUQLSORaNLSDUNHWODPLQDW
9H^WDaNRWRVYHWORSRSRWUHEDWUHEDGDRYR]PRCLSUHJOHGQRVWQDFHODWD
VRGUCLQDYRSUHWVREMHWR3RVHEHQVYHWORVHQDNFHQWVHVWDYDQDGHNRUDWLYQLWH
HOHPHQWLRGWLSRWQDRJOHGDORVOLNLLVNXOSWXUL
3UHGVREMDYRNX`LVRSULURGQRRVYHWOXYDZH
33
.XMQD
.XMQDWD H UDERWQD SURVWRULMD YR VWDQRW L YR QHD VH SRGJRWYXYD KUDQDWD
3RQHNRJD^LPDLGRSROQLWHOQDIXQNFLMDMDGHZH6SRUHGWRDSRVWRMDWQHNRONX
WLSDQDNXMQL
• UDERWQDNXMQD
• VWDQEHQDNXMQD
• aDMQDNXMQD
5DERWQDWDNXMQDHSURVWRULMDYRNRMDVHSRVWDYHQLNXMQVNLHOHPHQWLLMD
LPDIXQNFLMDWDQDRGORCXYDZHLSRGJRWYXYDZHQDKUDQDWD
6WDQEHQDWD NXMQD RVYHQ NXMQVNLɬɟ HOHPHQWL ]D SULJRWYXYDZH QD KUDQD
VRGUCLSURVWRUNRMHQDPHQHW]DMDGHZHVRSRYU^LQDSRJROHPDRGP²
6WDQEHQLNXMQL
ADMQDWD NXMQD VH VUH`DYD QDGYRU RG
GRPRW VHNDGH NDGH ^WR OX_HWR UDERWDW
7DDMD ]DGRYROXYD SRWUHEDWD ]D SULJRWYX
YDZH QD WRSOL QDSLWRFL 9R VOXaDM NRJD
UDERWQRWR PHVWR QH UDVSRODJD VR
NDQWLQD YDNYDWD NXMQD VOXCL L NDNR
PHVWR]DMDGHZH
34
2SUHPDYRNXMQDWD
2SUHPDWDYRNXMQDWDMDVRaLQXYDDW
• NXMQVNLHOHPHQWLVWRHaNLLYLVHaNL
• ODGLOQLN
• ^SRUHW
• PD^LQD]DPLHZHQDVDGRYL
.XMQVNLWHHOHPHQWL NRLVHXSRWUHEXYDDW YRNXMQLWHVHVWDQGDUGL]LUDQL
3RGHOHQLVHQDGYDWLSDVWRHaNLLYLVHaNL'ODERaLQDWDQDVWRHaNLWHHVPD
QD YLVHaNLWH VP 1LYQDWD ^LURaLQD LPD UD]OLaQD YUHGQRVW RG VP ]D
VWRHaNLWH L RG VP ]D YLVHaNLWH 'LPHQ]LLWH VH YR VRJODVQRVW VR
XSRWUHEOLYRVWDLQRVLYRVWDQDHOHPHQWLWH
%HODWDWHKQLNDODGLOQLN^SRUHWPD^LQD]DPLHZHQDVDGRYLOHVQRVH
YNORSXYD YR NRMD ELOR NXMQD 'ODERaLQDWD LP H VP D ^LURaLQDWD ]DYLVL RG
SRWUHELWH QD VHPHMVWYRWR L RG JROHPLQDWD QD NXMQDWD 0D^LQDWD ]D PLHZH QD
VDGRYL PRCH GD ELGH YJUDGOLYD RGQRVQR GD VH VPHVWL SRG UDERWQDWD SORaD YR
NXMQDWD
35
2UJDQL]DFLMDQDNXMQDWD
5DVSRUHGRW QD NXMQVNLWH HOHPHQWL H WHVQR SRYU]DQ VR WHKQRORJLMDWD QD
SRGJRWYXYDZH QD KUDQD NDNR L RG SRVWDYHQRVWD QD YUDWLWH SUR]RUFLWH
SURSRUFLLWHLGLPHQ]LLWHQDSURVWRULMDWDNRMDHQDPHQHWD]DNXMQD
6SRUHGRUJDQL]DFLMDWDQDNXMQVNLWHHOHPHQWLLJROHPLQDWDQDSURVWRULMDWDVH
UD]OLNXYDDWSHWWLSRYLQDUDERWQLNXMQL
HGQRUHGQD GYRUHGQD YR3
YR*VWDQEHQDNXMQD VRFHQWUDOQRSRVWDYHQ^SRUHW
'L]DMQERLLRVYHWOXYDZH
ɄXMQVNLRWGL]DMQHOLaHQL]ERUQDVHPHMVWYRWR1RLSRNUDMWRDGREURH
GD VH VSRPHQDW QHNRONX RGUHGQLFL SUL REOLNXYDZH QD HOHPHQWLWH NRL VH
]QDaDMQLYRXSRWUHEDWDQDNXMQDWD
• VWRHaNLWH HOHPHQWL PRCH GD VH VR SROLFL LOL ILRNL )LRNLWH
RYR]PRCXYDDɬ SRJROHPD SUHJOHGQRVW L PDQLSXODFLMD VR NXMQVNLRW
SULERU
36
• NDSDFLWH QD YLVHaNLWH HOHPHQWL PRCH GD VH L]UDERWHQL RG SROQ
PDWHULMDO LOL YR NRPELQDFLMD VR SURYLGHQ PDWHULMDO ]D SRJROHPD
SUHJOHGQRVW
• PDWHULMDOLWHGDVHOHVQRRGUCOLYLLRWSRUQLQDDEHZH
,]ERURW L NRPELQLUDZHWR QD PDWHULMDOLWH QHPD VDPR SUDNWLaQR
]QDaHZH WXNX WLH VH GHO RG GL]DMQRW 6H NRULVWL PDVLYQR GUYR LYHUND L
PHGLMDSDQ
%RLWH YR NXMQDWD WUHED GD MD SRWWLNQDW CHOEDWD ]D SRGJRWYXYDZH QD
KUDQD 6R QLY PRUD GD VH ELGH PQRJX YQLPDWHOHQ .XMDQDWD H SURVWRU NDGH
QDMaHVWR WHUPLaNL VH REUDERWXYD KUDQDWD 2G WLH SULaLQL VH L]ELUDDW
SRVPLUHQL ERL NRL QHPD GRSROQLWHOQR GD JR YCH^WDW DPELHQWRW 6H
L]EHJQXYDFUYHQDWDERMDNDNRGRPLQDQWQD LLQWHQ]LYQDERMDNRMDSRWVHWXYDQD
RJDQLWRSOLQD1RVHNDNRLPDLLVNOXaRFL
3RGRW WUHED GD H OHVHQ ]D RGUCXYDZH L RWSRUHQ QD DEHZH 2G WLH
SULaLQL QDMaHVWR VH NRULVWDW NYDOLWHWQL NHUDPLaNL SORaNL 1R ELGHMNL
GRPD`LQNDWD SRPLQXYD NRQWLQXLUDQR QHNRONX VDDWL YR NXMQD, PRCH GD VH
SRVWDYLLWRSROSRGNDNRSDUNHWLOLEURGVNLSRG1DMWRMQDaLQNXMQɚWDGRELYD
SRSULMDWHQDPELHQW
*ROHPLQDWD QD VWDQRW L
QHJRYDWDRUJDQL]DFLMDRGUHGXYDDW
GDOL NXMQDWD `H ELGH SULURGQR
RVYHWOHQD LOL QH 3RCHOQR H
GRPD`LQNDWD GD LPD YL]XHOHQ
NRQWDNW VR RNROLQDWD SUHNX
SUR]RUHF9RHGQRWRMELVOXCHOL
]D YHQWLODFLMD $NR PRCQRVWLWH
WRD QH JR GR]YROXYDDW VH
SRVWDYXYD YH^WDaNR VYHWOR QDG
VHNRMD UDERWQD SRYU^LQD L
FHQWUDOQRQDGFHODWDNXMQD
37
7USH]DULMD
7USH]DULMDWD H SURVWRULMD NRMD H QDPHQHWDSUHG Vp]D MDGHZH 2EURFLWH
NDNRSRMDGRNUXaHNYHaHUDVHVHNRMGQHYHQULWXDOYRWHNRWQDNRMaOHQRYLWHQD
VHPHMVWYRWR UD]JRYDUDDW VH GUXCDW L VSRGHOXYDDW VHPHMQL QH^WD 7DND
WUSH]DULMDWDRVYHQRVQRYQDWDIXQNFLMDGRELYDLWUDGLFLRQDOHQSVLKROR^NLL
VRFLMDOHQNDUDNWHU2WWDPXSURVWRU]DWUSH]DULMDPRUDGDSRVWRLDQHM]LQDWD
RUJDQL]DFLMD `H ]DYLVL RG JROHPLQDWD QD VWDQRW 3D WDND UD]OLNXYDPH
WUSH]DULMD
• YRSRVHEQDSURVWRULMD
• YRVNORSQDVWDQEHQDNXMQD
• YRVNORSQDGQHYQDVRED
7USH]DULMDYRRWYRUHQSURVWRUPHɼXNXMQDLGQHYQD 7USH]DULMDYRSRVHEHQSURVWRU
2SUHPDYRWUSH]DULMDWDLQHM]LQDRUJDQL]DFLMD
7USH]DULMDWD VH NRULVWL HGQD^ GR GYDSDWL YR GHQRW 9R RVWDQDWLRW GHO
RG GHQRW PRCH GD GRELH L GUXJD QDPHQD YR ]DYLVQRVW RG QHM]LQDWD
PHVWRSRORCED RVYHWOHQRVW L JROHPLQD 9R VRJODVQRVW VR DNWLYQRVWLWH YR
WUSH]DULMDWDVHPHQXYDLRSUHPDWDYRLVWDWD
2VQRYQLRWPHEHOYRWUSH]DULMDWDH
• WUSH]DULVNDPDVD
• WUSH]DULVNLVWRORYL
• NRPRGDYLWULQD
7USH]DULVNDPDVD 7USH]DULVNDVWRO
38
'RSROQLWHOQRPRCHGDLPD
• VHUYLHWD
• UDERWQDPDVDLVWRO
• ELEOLRWHND
• HOHPHQW]DRGPRUNDQDEHXGREQDIRWHOMD
7USH]DULVNDWD PDVD VH GLPHQ]LRQLUD VSRUHG EURMRW QD OLFDWD L
SRWUHEQDWD SRYU^LQD ]D HGQR OLFH 5DGLXVRW ]D NUXCQLWH PDVL VH GRELYD SR
VOHGQDYDIRUPXOD
EURMQDOX_H x ^LURaLQD ]D
5 HGHQaRYHN
x
3RWUHEQLSRYU^LQL
]DSUDYRDJROQDLNUXCQDPDVDSRaRYHN 0LQLPXPSRYU^LQD]DWUSH]DULMD
7USH]DULMDVRNOXSDYRVNORSQDVWDQEHQDWDNXMQD 7USH]DULMDYRSRVHEQDSURVWRULMD
7USH]DULVNLWH VWRORYL WUHED GD VH XVRJODVHQL SR GL]DMQ VR
WUSH]DULVNDWDPDVD7LHWUHEDGDVHXGREQLSUDNWLaQLLHVWHWVNLL]GUCDQL
.RPRGDWɚ ɢYLWULQDWDYRWUSH]DULMDWDVOXCDW]DaXYDZHQDSULERURW]D
MDGHZHVHUYLVLaD^LaDU^DɮLLVO
39
1DMGREURUH^HQLHH DNRWUSH]DULMDWDHYRSRVHEHQSURVWRUNRM VHQDR_D
SRPH_XNXMQDWDLGQHYQDWDVRED9R]DYLVQRVWRGNYDGUDWXUDWDQDWRMSURVWRUQD
LVWLRW PRCH GD PX VH GDGH L GRSROQLWHOQD IXQNFLMD NDNR UDERWHQ GHO
ELEOLRWHNDSURVWRU]DRGPRU
7USH]DULMDNRMDVOXCLNDNRPHVWR]DUDERWD
'L]DMQERLLRVYHWOXYDZH
7USH]DULMDWD NDNR SURVWRU WUHED GD H DPELHQWDOQR SULMDWQD =DWRD YR
HQWHULHURW `H VH SRJULCLPH GD GRPLQLUDDW SDUaLZD PHEHO NRL ]DHGQR VR
GHNRUWLYQLWH HOHPHQWL VOLNL VNXOSWXULFYH`H RJOHGDOR aLQDW KDUPRQLaQD
FHOLQD
7USH]DULLVORERGQRSRVWDYHQLYRSURVWRURW
9H^WDaNRWR RVYHWOXYDZH VHNRJD^ WUHED GD H FHQWUDOQR SRVWDYHQR QDG
PDVDWD]DMDGHZH$NRYRWUSH]DULMDWDLPDUDERWQRNDWaHSRWUHEQRHLWRDGD
ELGHRVYHWOHQRVRGRSROQLWHOQRVYHWOR
3RGRW VH SUHSRUDaXYD GD H WRSRO SDUNHW EURGVNL SRG ODPLQDW QR
aHVWRVHVUH`DYDDWLNYDOLWHWQLNHUDPLaNLLOLPHUPHUQLSORaNL
40
'QHYQDVRED
2G VHNRJD^ GQHYQDWD VRED SUHWVWDYXYDOD FHQWDU QD VHPHMQLRW CLYRW YR
VWDQRW 7RD H SURVWRULMD YR NRMD VHPHMVWYRWR QDR_D PLU L PRCQRVW ]D RGPRU
UD]JRYRUJOHGDZHWHOHYL]LMDVOX^DZHUDGLRLPX]LNDUDERWD
'QHYQDWD VRED WUHED GD H DPELHQWDOQR SULMDWQD L SULYOHaQD NDNR ]D
aOHQRYLWH QD VHPHMVWYRWR WDND L ]D IDPLOLMDWD SULMDWHOLWH L RVWDQDWLWH
SRVHWLWHOL 9DND QDEURHQL IXQNFLLWH YR GQHYQDWD VRED WUHED XVSH^QR GD VH
L]GYRMDW VR SDUaLZD PHEHO L GD IRUPLUDDW IXQNFLRQDOQL FHOLQL YR HGHQ
RWYRUHQSURVWRU
3RJOHGRGGYHVWUDQLQDLVWDGQHYQDVRED
'RNRONX H PRCQR GQHYQDWD VRED WUHED GD H SRVWDYHQD QD MXJ VR
NYDGUDWXUD JROHPLQD NRMD `H ELGH SRJROHPD RG PLQLPDOQDWD P² RGQRVQR
P² .RONX H SRJROHPD NYDGUDWXUDWD WRONX VH SRJROHPL PRCQRVWLWH ]D
SRGREUDRUJDQL]DFLMDQDPHEHORWSRIXNFLMDLSRJROHPRaXYVWYRQDVORERGD
YRSURVWRURW
'QHYQDWDVREDSRNUDM]DGRYROXYDZHQDVSRPHQDWLWHIXQNFLLWUHEDGDJR
RWVOLND YNXVRW QD VHPHMVWYRWR L QHJRYLRW RGQRV NRQ XEDYLWH QH^WD 2VYHQ VR
L]ERU QD VRRGYHWHQ PHEHO WRD VH SRVWLJQXYD L VR L]ERU QD GHNRUDWLYQL
HOHPHQWL (QWHULHURW VH QDGRSROQXYD VR SUDYLOQR SRVWDYXYDZH QD RYLH
HOHPHQWLYRYLVLQDQDJOHGDZHLVRQLYQRRVYHWOXYDZH
2SUHPDYRGQHYQDWDVRED
2SUHPDWDYRGQHYQDWDVREDMDVRaLQXYDPHEHO]DVHGHZHL]DRVWDYDZHL
aXYDZHQDSUHGPHWLSRWUHEQLYRVHNRMGQHYQRWRCLYHHZH7XNDVSD_DDW
• HOHPHQWL]DVHGHZHGYRVHGLOLSRYH`HVHGIRWHOML
• QLVNDPDVLaND
• IRWHOMD]DRGPRU
• HOHPHQWL]DYLGHRLDXGLRRSUHPD
• ELEOLRWHND
• GHNRUDWLYQLHOHPHQWLVOLNDVNXOSWXUDFYH`HVHPHMQLIRWRJUDILL
41
)RWHOMD AHWLULVHG 0DVLaND
.DNRGRSROQLWHOQDRSUHPDPRCHGDVHSRMDYDW
• UDERWQDPDVDLVWROaH
• WUSH]DULVNDPDVDVRVWROaLZD
0HEHORW YR GQHYQDWD VRED WUHED GD H IXQNFLRQDOHQ OHVHQ SUDNWLaHQ
HVWHWVNL L]GUCDQ %LGHM`L OX_HWR LPDDW SRWUHED VR WHNRW QD YUHPHWR GD JR
SURPHQDW UDVSRUHGRW YR GQHYQDWD VRED WRM WUHED GD H IOHNVLELOHQ L OHVQR
SULODJRGOLYQDVREDWD
*UXSDRGIRWHOMLLVWROaHSRNUDMNDPLQ *UXSDRGaHWLULVHGGYRVHGPDVDLVWROaLZD
6WLORWQDPHEHORWHOLaQDRSUHGHOEDRGQRVQRDILQLWHWQDVHPHMVWYRWR
QRWUHEDGDRIRUPL]DHGQLaNDFHOLQDVRWUSH]DULMDWDLNXMQDWD7RMVRVYRMDWD
GLPHQ]LMD L GL]DMQ GD H SULODJRGHQ QD GLPHQ]LLWH QD GQHYQDWD VRED 'RNRONX
SUHRYODGXYDHGHQVWLOVRYUHPHQLOLLVWRULVNLPRCHGDVHSRMDYLHGQRSDUaH
PHEHO NRH GL]DMQHUVNL `H ELGH YR NRQWUDVW VR RVWDQDWDWD RSUHPD 6R QHJRYR
YH^WRYNORSXYDZHYRFHOLQDWD`HVHUD]GYLCLHGQROLaQRVWDQDDPELHQWRW
)XQNFLRQDOQLFHOLQLYRGQHYQDWDVRED
=D RUJDQL]DFLMD QD GQHYQDWD VRED QH SRVWRMDW LVNOXaLWHOQL SUDYLOD QR
VHSDNSRVWRMDWRGUHGHQLSULQFLSLSULSRVWDYXYDZHQDPHEHORWNRLGRNRONXVH
SULPHQDWVHSUHGXVORY]DXVSH^HQHQWHULHU(OHPHQWLWH]DVHGHZHQDMaHVWRVH
SRVWDYXYDDW QDVSURWL YOH]RW LOL YR WDNYD SRORCED GD REH]EHGDW YL]XHOHQ
42
NRQWDNW VR LVWLRW 6H RUJDQL]LUDDW YR * LOL 3 IRUPD ]DYLVQR RG
SURVWRURWLYLGRWQDVHGHZHGYRVHGWURVHGSRHGLQHaQLIRWHOML3UHGQLYVH
SRVWDYXYDQLVNDPDVD0HEHORWPRUDGDREH]EHGLPHVWR]DVHGHZHQDOLFD
)RWHOMDWD ]D RGPRU H SRWUHEHQ GHO RG PHEHORW YR GQHYQDWD VRED 7DD
PRCHGDELGHGHORGHOHPHQWLWH]DVHGHZHQRPRCHLGDHL]GYRHQDYRGHORW]D
aLWDZHRGQRVQRELEOLRWHNDWD
7USH]DULMDYRVNORSQDGQHYQDWDVRED %LEOLRWHNDVRUDERWQRNDWaH
AHVWR SDWL YR VWDQRYLWH SURVWRURW VH UDFLRQDOL]LUD L GRNRONX QHPD
SRVHEQD SRVWRULMD ]D WUSH]DULMD WDD VH VPHVWXYD YR GQHYQDWD VRED VR YH^WD
UDVSUHGHOEDQDPHEHORW9RWRMVOXaDMWUSH]DULVNLRWGHOGRELYDIXQNFLMDLQD
UDERWHQSURVWRU
2VQRYDQDGQHYQDVREDLWUSH]DULMDYRHGHQHGLQVWHQSURVWRU
43
$NRQHSRVWRLSRVHEQDUDERWQDVREDWDDHGHOLOLRGWUSH]DULMDWDLOLRG
GQHYQDWDVRED7RMWUHEDGDHQH]DEHOHCLWHOHQ]DVWDSHQVRPDODUDERWQDPDVDL
VWROaH6HNRJD^VHSRVWDYXYDYRDJRONRMHQDMPLUHQLQDMPDONXIUHNIHQWHQYR
SRJOHGQDGYLCHZH
2VQRYL QD GQHYQD VRED VR UDERWQR NDWaH NDNR
GRSROQLWHOQDVRGUCLQD
'QHYQDWDVREDYRJROHPLWHVWDQRYLLLQGLYLGXDOQLWHNX`LLPDSRJROHPD
NYDGUDWXUD VR ^WR VH GDYD PRCQRVW ]D SRVWDYXYDZH QD HOHPHQWL RG WLSRW QD
NDPLQ3ULVXVWYRWRLJOHGDZHWRQDRJDQGDYDSRVHEQDWRSOLQD2GWLHSULaLQL
YRJROHPLWHGQHYQLVRELVHSRVWDYXYDDWGYHJDUQLWXUL]DVHGHZHRGNRLHGQDWD
SRNUDMNDPLQRW
1HNRL VHPHMVWYD NRL VH TXELWHOL QD PX]LNDWD YR VYRLWH GQHYQL VREL
SRVWDYXYDDW NODYLU 9R SRVHEQL SULOLNL WRM FHO SURVWRU VH LVSROQXYD VR
]YXFLWHQDNODYLURWLQDWRMQDaLQVHGRSROQXYDDPELHQWRWQDGQHYQDWDVRED
.DPLQYRGQHYQDVRED
44
.ODYLUYRGQHYQDVRED
'L]DMQERLLRVYHWOXYDZH
'HILQLUDZHWRQDIXQNFLRQDOQLFHOLQLYRGQHYQDWDVREDRVYHQVRPHEHO
PRCH GD VH SRVWLJQH L VR GHQLYHODFLMD QD SRGRW 1D WRM QDaLQ VH GHILQLUD
SURVWRURW ]D VHGHZH ]D UDERWD ]D aLWDZH 'HQLYHODFLMDWD H SULVXWQD YR
SRJROHPLWH GQHYQL VREL VR FHO GD VH SRaXYVWYXYD SRJROHP GRPD^HQ DPELHQW
,]ERURW QD PDWHULMDOL ]D SRGRW YR GQHYQDWD VRED ]DYLVL RG YNXVRW QD
VHPHMVWYRWR1DMaHVWRVHSRVWDYXYDWRSROSRGELGHM`LVHPHMVWYRWRSRJROHPLRW
GHORGVORERGQRWRYUHPHJRSRPLQXYDYRGQHYQDWDVRED7XNDVSD_DDWSDUNHWRW
EURGVNLRW SRG L ODPLQDWRW ,PD VOXaDL NRJD VHPHMVWRWR VH RGOXaXYD ]D ODGHQ
SRG PHUPHUQL L NHUDPLaNL SORaNL 9R WRM VOXaDM PRCQR H SRVWDYXYDZH QD
SURVWLUNL VR PDOL GLPHQ]LL YR ]LPVNLRW SHULRG YR GHORYLWH QDPHQHWL ]D
VHGHZH 1D WRM QDaLQ RVYHQ WRSOLQVND ]D^WLWD VH GRELYD L GRSROQLWHOQR
aXYVWYR QD WRSOLQD ]D FHOLRW SURVWRU ,]ERURW QD PHEHORW PRUD GD H YR
VRJODVQRVWVRWLSRWQDSRGRW
2EUDERWNDWD QD \LGRYLWH PRCH GD H QDMUD]OLaQD YLGOLYL JUDGHCQL
PDWHULMDOL WXOD NDPHQ NHUDPLaNL SORaNL ERHQL SRYU^LQL WDSHWL 9DND
REUDERWHQLWH\LGQLSRYU^LQLPRUDGDVHPDOLRGQRVQRGDVHSRMDYDWVDPRNDNR
GHWDʂDRVWDQDWLWH\LGRYLGDVHVRQHXWUDOQDERMDLWHNVWXUD0RUDPQRJXGD
VHYQLPDYDVRGRPLQDQWQLERLLWUHQGRYVNLWHWDSHWL7LHVRVYRHWRSULVXVWYR
WUHEDGDPXGDGDWGRSROQLWHOHQDNFHQWQDSURVWRURWLOL NDWaHWRRGGQHYQDWD
VRED
3ODIRQRWNDNRL\LGRYLWHLSRGRWXaHVWYXYDYRVR]GDYDZHWRQDXEDYLRW
DPELHQW , WRM PRCH GD VH REUDERWL QD VRRGYHWHQ QDaLQ VR JLSVDQL
SURILOLUDQLHOHPHQWLLOLVRVR]GDYDZHQDVSX^WHQSODIRQ
1DMSRCHOQR YH^WDaNR RVYHWOXYDZH H DPELHQWDOQRWR 7RD RYR]PRCXYD
PHQXYDZH QD LQWHQ]LWHWRW QD VYHWOLQD YR VRJODVQRVW VR DPELHQWRW OX_HWR
QDVWDQLWH 6LWH GRSROQLWHOQL SRYU^LQL UDERWQL ]D aLWDZH WUHED GD LPDDW
VRSVWYHQRVYHWOR'HNRUDWLYQLWHHOHPHQWLNDNRVOLNLLVNXOSWXULVHSRVHEQR
RVYHWOHQL
'QHYQDVREDQDGRPRURGHQ$PHULNDQHF
45
6SDOQDVRED
7RD H SURVWRULMD NRMD MD ]DGRYROXYD YLWDOQDWD IXQNFLMD QD aRYHNRW
VSLHZHWR.DNRWDNYDaHVWRHL]GYRHQDVRPDOSUHWSURVWRUYRNRMVHVPHVWHQL
JDUGHUREHULGHJDCPDQ]DGDVHSRVWLJQHSRJROHPDLQWLPQRVWLPLU6SDOQDWD
VRED WUHED GD ELGH SULMDWQR PHVWR NDGH OX_HWR PRCDW GD ELGDW LQWLPQL GD VH
SRYOHaDWLYRWHNRWQDGHQRW]DRGPRUaLWDZHLOLUDERWD
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NYDGUDWXUD L]QHVXYD RG P² $NR VH ]HPH SUHGYLG GHND PHEHORW ]D VHNRMD
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GRELH VYRMD XEDYLQD VR QD^DWD NUHDWLYQRVW SUHNX ERMDWD PDWHULMDOLWH
GL]DMQRW QD PHEHORW GHNRUDWLYQLWH HOHPHQWL 1D WRM QDaLQ VREDWD GRELYD
OLaQRREHOHCMH
46
2SUHPDYRVSDOQDWDVRED
2VQRYQLRW PHEHO YR VSDOQDWD VRED H EUDaQLRW NUHYHWRW 6HWD
GRSROQLWHOQD RSUHPD YR VSDOQDWD VRED H YR VRJODVQRVW VR GRSROQLWHOQLWH
IXQNFLLNRLxVHGRGHOHQL7XNDVSD_DDW
• QR`QLRUPDQL
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• WRDOHW]D^PLQNDZH
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'RNRONX VSDOQDWD VRED H SRJROHPD WRD JL SUR^LUXYD PRCQRVWLWH ]D
GRSROQLWHOQL HOHPHQWL NRL IXQNFLRQDOQR `H JR SRGHODW SURVWRURW L `H x
GDGDW SRJROHPD XSRWUHEOLYRVW 8^WH SRXEDYR UH^HQLH SUHWVWDYXYD
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VSDOQDWDVREDNDNRLEDZDNRMDHQHSRVUHGQRSRYU]DQDVRVSDOQDWDVRED
6SDOQDVREDVRJDUGHUREHULSURVWRU]DRGPRU 6SDOQDVREDVRRUPDQLWRDOHWQDLUDERWQDPDVD
47
'L]DMQERLLRVYHWOXYDZH
2EUDERWNDWDQD\LGRYLWHLSODIRQRWPRCHGDHUD]OLaQDQRWUHEDERLWH
L PDWHULMDOLWH GD VH XVRJODVHQL YR KDUPRQLaQD FHOLQD L WRSRO DPELHQW ]D
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'RSROQLWHOQRWR YH^WDaNR VYHWOR YR VSDOQDWD VRED VH SRVWDYXYD
FHQWUDOQR YR SURVWRULMDWD QR L QDG VHNRMD SRYU^LQD NRMD EDUD LQWHQ]LYQR
RVYHWOXYDZHNUHYHWUDERWQDPDVDWRDOHWQDPDVDGHNRUDWLYQLHOHPHQWL
'HNRUDWLYQL HOHPHQWL YR VSDOQD VRED VH VOLNL VNXOSWXUL NDWaH VR
VHPHMQLVOLNLXNUDVL
48
'HWVNDVRED
'HWVNDWD VRED H SURVWRULMD VR SRYH`H IXQNFLL VSLHZH UDERWD LJUD
KREL GUXCHZH VR SULMDWHOLWH 1HM]LQDWD JROHPLQD VH GYLCL RG P² 3UL
RUJDQL]DFLMD QD PHEHORW YR RYRM PDO SURVWRU SRWUHEQR H JROHPR XPHHZH
YH^WLQD L NUHDWLYQRVW ]D GD ELGDW ]DGRYROHQL RVQRYQLWH IXQNFLL D FHOLRW
HQWHULHUGDJRRWVOLNXYDGHWVNRWRFDUVWYR
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JL L]YU^XYD QDEURHQLWH IXQNFLL GD XaHVWYXYD YR L]ERURW QD PHEHORW GD JR
JUDGLLQDGRSROQXYDVYRMRWDPELHQW'HWVNDWDVRED`HMDRWVOLNXYDOLaQRVWDQD
GHWHWRSRYR]UDVWLQWHUHVLRGJRYRUQRVWXUHGQRVWLVO
2SUHPDYRGHWVNDWDVRED
2SUHPDWDLPDYDCQDXORJDYU]YSHaDWRNRWLRGQRVRWNRQQH^WDWD^WRJR
RVWDYD QD PODGLRW XP L WHPSHUDPHQWRW X^WH RG QDMUDQD YR]UDVW 9R ]DYLVQRVW
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• NUHYHW
• RUPDQ
• NRUSD]DLJUDaNL
• WDEOD]DSL^XYDZH
• PDORVWROaHLPDVD
• HOHPHQWL]DEDZDZHLSRYLYDZH
(GLQHaHQNUHYHWUDERWQDPDVDLVWROSROLFDRUPDQHOHPHQW]DEDZDZHLSRɜLYDZH
49
'HWVNLVRELVRNUHYHWaH]DEHEH
'HWVNDWDVRED]DXaHQLNLWLQHM[HUVRGUCL
• NUHYHW
• RUPDQ
• UDERWQDPDVDLVWRO
• SROLFL
• PDODJDUQLWXUD]DVHGHZHPDODPDVDIRWHOMDWDEXUHWɤD
• GHNRUDWLYQLHOHPHQWLVOLNLSRVWHULIRWRJUDILLXNUDVLLJUDaNL
5DERWQDPDVDVWROLSROLFL]DGHWHRGXaLOL^QDYR]UDVW
50
2UJDQL]DFLMDQDPHEHORWYRGHWVNDWDVRED
=DVWDSHQRVWDQDPHEHORWYRGHWVNDWDVRED`H]DYLVLRGQHNRONXIDNWRUL
• JROHPLQDɬɚLIRUPDɬɚQDGHWVNDWDVRED
• SRVWDYHQRVWɚQDRWYRULɬɟYUDWDSUR]RUHF
• EURMɨɬQDGHFDɬɚLQLYQDɬɚYR]UDVW
9RVRYUHPHQLWHVWDQRYLVRSRPDODNYDGUDWXUDaHVWRSDWLYRHGQDGHWVND
VRED VH VPHVWXYDDW GYH GHFD QH]DYLVQR RG SRORW 2YD H SRCHOQR GR RGUHGHQD
YR]UDVW RG SVLKROR^NL DVSHNW ]D^WR UD]YLYD SR]LWLYQL NDUDNWHUQL RVRELQL
NDM GHWHWR 1R NRJD GHFDWD `H ELGDW YR SHULRG QD SXEHUWHW RVREHQR GHFD RG
UD]OLaHQSROWUHEDGDVHUD]GHODW
'HWVNDVRED]DGHWHRGSUHGXaLOL^QDLXaLOL^QDYR]UDVW 'HWVNDVRED]DGYHGHFDQDXaLOL^QDYR]UDVW
51
'HWVNDVRED]DGYHGHFDRGXaLOL^QDYR]UDVW
9ODGHHPLVOHZHGHNDɟ SRGREURYRVWDQRWGDLPDGYHVRELVRPLQLPDOQD
NYDGUDWXUD RWNRONX HGQD SRJROHPD 2YD VH RSUDYGXYD L VR IDNWRW ^WR WDND
VHNRH RG GHFDWD VDPRVWRMQR `H JL UD]YLYD VYRLWH LQWHUHVL `H JR RUJDQL]LUD
VYRHWRYUHPHL`HxGDGHOLaHQSHaDWQDVYRMDWDVRED
'HWVNDVRED]DHGQRGHWHRGXaLOL^QDYR]UDVW 'HWVNDVRED]DHGQRGHWHRGSUHGXaLOL^QDYR]UDVW
6RED]DHGQRGHWHQDXaLOL^QDYR]UDVW
'L]DMQERLLRVYHWOXYDZH
(QWHULHURWLPHEHORWVRVYRMRWYLGIRUPDGL]DMQLERMDVDNDOHLOLQH
X^WHRGPDOLQR]HJRJUDGLYNXVRWQDGHWHWR3RVHEQDSHUFHSFLMDGHWHWRLPD]D
ERMDWD L IRUPDWD SD ]DWRD ERLWH YR GHWVNDWD VRED WUHED GD ELGDW YHGUL
,QWHQ]LɜQLWH ERL WUHED GD ELGDW XPHUHQR ]DVWDSHQL ]D GD QH SUHGL]YLNXYDDW
QHSULMDWQLaXYVWYDNDMGHFDWD0HEHORWSDNWUHEDGɚHVR]DREOHQLLYLFLNDNR
]D^WLWDRGSRYUHGLSULLJUD
52
6REDWD QD GHFD YR WLQHM[HUVND YR]UDVW WUHED GD VH UD]OLNXYD YR
HQWHULHUQRWRUH^HQLHNRHVRPHEHORW]DVWDSHQRVWDQDERLWHLGHNRUDWLYQLWH
HOHPHQWL`HMD RWVOLNDLQGLYLGXDWD QDPODGLRW aRYHN7UHEDGDPXVHGR]YROL
VDPRVWRHQ L]ERU QD PHEHO QHJRYD SRVWDYHQRVW NRPELQDFLMD QD ERL L]ERU QD
GHNRUDWLYQL HOHPHQWL 1LYQLWH LGHL ELOR GD VH GREUL LOL QH WUHED GD VH
SULIDWDWNDNRL]UD]QDSRaLWXYDZHQDOLaQRVWD
6REDQDWLQHM[HU
9HCEL
3UHWVWDYLJRWYRMRWYOH]HQSURVWRUVRSRVWRHaNLRWPHEHOYR5
3RWRDSUHGORCLQRYRLGHMQRUH^HQLHQDPHEHORWYR5SULNDCDQR
SUHNXRVQRYDLL]JOHGL
1DFUWDMUDVSRUHGQDPHEHOYRNXMQDNRMDQDMPQRJXWLVHGRSD_Dɫɩɨɪɟɞ
IXQNFLRQDOQRVWLSRVWDYLGLPHQ]LLQDNXMQDWD
3ULNDCLLOXVWUDFLLRGWUSH]DULVNLPDVLLVWRORYLUD]OLaQLSRVWLO
ɫɩɨɪɟɞWYRHOLaQRLVWUDCXYDZH
9RGDGHQDWDGQHYQDVREDQDFUWDMGYHLGHMQLUH^HQLMDQDPHEHORWYR
5LUDVSRUHGLGHNRUDWLYQLHOHPHQWLYRSURVWRURW
8UHGLGHWVNDVREDVSRUHGWYRLWHSRWUHELLGHMDLDILQLWHWLLGHWDOQR
SUHWVWDYLMDYRRVQRYDLL]JOHGL5
1D]DGDGHQRDUKLWHNWRQVNRUH^HQLHRGVWDQEHQSURVWRUGDVHQDFUWD
LGHMQRUH^HQLH]DXUHGXYDZHQDSURVWRURWYR5(GQDRGVRELWHSR
VYRML]ERUGDVHL]UDERWLYR5VRL]JOHGL
53
0HEHOYRXaLOL^QLSURVWRULL
0HEHOYRXaLOL^QLSURVWRɪLL
8aLOL^QLREMHNWLSRLPVWDQGDUGL
6WUXNWXULQDSURVWRULLYRXaLOL^WHLQLYQDSRYU]DQRVW
8aLOL^HQPHEHOLQHJRYDRUJDQL]DFLMD
9HCEL
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6RRYDDWHPDVHSRVWLJQXYD]DSR]QDYDZHQDXaHQLFLWHVRVWDQGDUGLWH]D
XaLOL^HQ PHEHO L QHJRYD RUJDQL]DFLMD YR XaLOL^QLWH SURVWRULL
,QIRUPDWLYQR VH ]DSR]QDYDDW VR QDaLQLWH QD JUXSLUDZH QD SURVWRULLWH YR
XaLOL^WHWRLQLYQDWDIXQNFLRQDOQDSRYU]DQRVWSUHNXJUDILaNDSUH]HQWDFLMD
9RLGHHQSURHNWJRUD]UDERWXYDDWXaLOL^QLRWPHEHOLGDYDDWSUHGOR]L
]DQRYLNUHDWLYQLUH^HQLMD
56
8aLOL^QLREMHNWLSRLPVWDQGDUGL
8aLOL^QLWH REMHNWL VH REMHNWL RG MDYHQ NDUDNWHU NRL LPDDW YLWDOQD
RS^WHVWYHQD XORJD YR UHDOL]DFLMDWD QD YRVSLWQRREUD]RYQLRW SURFHV .DNR L
VLWHGUXJLREMHNWLLWLHSRGOHCDWQDVWDQGDUGLNRLWUHEDGDVH]DGRYRODWNDNR
SUL DUKLWHNWRQVNRWR SURHNWLUDZH WDND L SUL HQWHULHUQRWR XUHGXYDZH 7LH
VWDQGDUGL VH PHQXYDDW VR PHQXYDZH L L]GLJQXYDZH QD VWHSHQRW L QDaLQRW QD
REUD]RYDQLHRGQRVQRVRUHIRUPLWHYRREUD]RYDQLHWR
3RVWRMDW QHNRONX WLSRYL QD DUKLWHNWRQVNL ]JUDGL RG DVSHNW QD
DUKLWHNWRQVNRUH^HQLHRGQRVQRRGQDaLQRWQDNRMHUH^HQDNRPXQLNDFLMDWD
• VRFHQWUɚOHQKRO
• KRGQLaNLVLVWHP
• SDYLOMRQVNL
57
3URVWRULLWHYRXaLOL^WHWRWUHEDGDVHSULURGQRRVYHWOHQL
=D XaLOQLFL QDMGREUD RULHQWDFLMD H LVWRN L MXJRLVWRN D ]D FUWDOQL
VHYHU
3ULURGQRWR RVYHWOXYDZH QD XaLOQLFLWH WUHED GD RYR]PRCL QHSUHaHQD
UDERWDSDWDNDGODERaLQDWDQDXaLOQLFDWDHPDNVLPXPPHWUL9RVOXaDMGDH
VR SRJROHPD GODERaLQD SRWUHEQR H GRSROQLWHOQR SULURGQR RVYHWOXYDZH NRH
QDMaHVWRHED]LOLNDOQRɩɨɤɪɢɜɧɨVYHWOR
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• ]DXaLOQLFDNYDGUDWXUDWDHP²SRXaHQLN
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• ]DUDERWLOQLFLLFUWDOQLNYDGUDWXUDWDHP²SRXaHQLN
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3URVWRULLWH YR XaLOL^WHWR VSRUHG VYRMDWD QDPHQD VH JUXSLUDDW L
IRUPLUDDWIXQNFLRQDOQLJUXSL
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VDQLWDULLSURVWRULMD]DUHNYL]LWL
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VRVWDQRFLNDQFHODULLQDXSUDYDWD
• JUXSDNRPXQLNDFLLYOH]HQKROKRGQLFLJODYQLLSRPR^QLVNDOL
• JUXSD GRSROQLWHOQL SURVWRULL NRL JR GRSROQXYDDW REUD]RYQLRW SURFHV
LRYR]PRCXYDDWXGREHQSUHVWRMQDXaHQLFLWHWUSH]DULMDVDQLWDULL
*UXSLQDSURVWRULLLQLYQDSRYU]DQRVW
58
8aLOL^HQPHEHOLQHJRYDRUJDQL]DFLMD
2VQRYHQPHEHOYRXaLOQLFDWDH
• XaLOL^QDNOXSD
• XaLOL^HQVWRO
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D
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59
Ⱦɪɭɝɢ (ɨɫɬɚɧɚɬɢ) ɞɟɥɨɜɢXaLOL^HQPHEHO
8aLOL^QDWDEODLQDVWDYQLaNDNOXSD 8aLOL^HQRUPDQ
6R UD]YRMRW QD LQIRUPDWLaNDWD WHKQRORJLMD VH PHQXYD L RSUHPDWD YR
XaLOL^WDWD3RWUHEDWDRGVLWHSRPDJDOD]DSRNDCXYDZHQDLOXVWUDFLLUHaLVL
L GD QH SRVWRL 5HIRUPLWH ]D NRPSMXWHUL]DFLMD QD REUD]RYDQLHWR RYR]PRCXYD
VHNRMXaHQLNGDMDVOHGLQDVWDYDWDQHSUHaHQRSUHGVHEH9RVOXaDMVLWHXaHQLFL
GDQHPDDWNRPSXWHUSUHGDYDZHWRVHɢɡɜɟɞɭɜɚ ɫɨ ɩɨɦɨɲ ɧɚ ɜɢɞɟɨɛɢɦ ɢ ɥɚɩɬɨɩ.
.RPSMXWHUL]DFLMDQDREUD]RYQLRWSURFHV
60
.DM NODVLaQLRW QDaLQ QD REUD]RYDQLH SRVWRL GUXJD RUJDQL]DFLMD QD
PHEHORW 7RM VH SRVWDYXYD VSRUHG VWDQGDUGL L VSRUHG YR]UDVWD QD XaHQLFLWH
YLGRW QD aDVRW QDaLQRW QD VRYODGXYDZH QD QDVWDYDWD LQGLYLGXDOQR LOL
JUXSQR LWQ 5D]OLaQRVWD QD SRVWDYXYDZH QD PHEHORW MD UD]ELYD PRQRWRQLMDWD
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JOHGDDW1DWRMQDaLQVHGRCLYXYDDWVHEHVLNDNRGHORGHGQDFHOLQD
61
*UXSQRVHGHZHQDFHORWRRGGHOHQLH
1HNRL QDVWDYQL SUHGPHWL EDUDDW SRLQDNYL XVORYL ]D L]XaXYDZH RG
RELaQLWH XaLOQLFL 3D WDND UD]OLNXYDPH NDELQHWL UDERWLOQLFL VWXGLMD
9LGRW QD PHEHORW L QHJRYDWD RUJDQL]DFLMD VH UD]OLaQL L VRRGYHWVWYXYDDW VR
QDVWDYQLRWSURFHV
62
8aLOL^QDNOXSD
8aLOL^QDWD NOXSD H QDMaHVWR SURHNWLUDQD ]D GYD XaHQLND NDNR
QDMUDFLRQDOQR UH^HQLH ]D SURVWRURW *RUQDWD SORaD WUHED GD RYR]PRCL
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HGUYRLYHUNDVRGHEHOLQDRGPP'ROQLRWGHOPRCHGDHL]YHGHQRGGUYR
LOL PHWDO D QHJRYRWR NRQVWUXNWLYQR UH^HQLH WUHED GD RYR]PRCL FYUVWLQD L
VWDELOQRVW 9DCHQ HOHPHQW ]D SUDYLOQR NRULVWHZH QD XaLOL^QDWD NOXSD H
QHM]LQDWDYLVRaLQD7DDHYRGLUHNWQD]DYLVQRVWRGYLVRaLQDWDQDXaLOL^QLRW
VWRORGQRVWQRRGUDVWRMDQLHWRPH_XVWRORYLWHLSORaDWDQD NOXSDWDQDUHaHQR
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YR]UDVWDQDXaHQLFLWH
8aLOL^QDPDVDLVWRONDNRHGQDFHOLQD
63
8aLOL^HQVWRO
8aLOL^QLRWVWRORGDVSHNWQDSURHNWLUDZHEDUDSRVHEQDVWXGLMDVRFHO
GD VH ]DGRYRODW XGREQRVWD L SUDNWLaQRVWD 7DD SUL NRULVWHZH WUHED GD
RYR]PRCL QHSUHaHQ L SUDYLOHQ UD]YRM QD GHWVNRWR WHOR =D WDD FHO VH YU^DW
SUHFL]QL DQWURSRPHWULVNL PHUHZD NDNR RVQRYD ]D SRVWLJQXYDZH QD SUDYLOQL
GLPHQ]LL L IRUPD QD VHGL^WHWR L QDVORQRW 6WRORW WUHED GD JR VOHGL L
SRGGUCXYDGHWVNRWRWHORGRGHNDVHGL
6HGL^WHWRQDXaLOL^QLRWVWROWUHEDGDHIXQNFLRQDOQRGDRGJRYDUDQD
QRUPDWLYLWH SR RGQRV QD GLPHQ]LL GD H SUDNWLaQR QHWDSDFLUDQR OHVQR
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6R SUHWKRGQR QDYHGHQLWH HOHPHQWL WUHED GD VH XVRJODVL GL]DMQRW QD
VWRORW
64
9HCEL
3UHWVWDYL JL JUDILaNL JUXSDFLLWH QD SURVWRULL YR VYRHWR XaLOL^WH L
QLYQDWDSRYU]DQRVW
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QDWYRHWRXaLOL^WH
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XaHQLFLRGIGRIVLQDXaHQLFLRGVGRVIIIRGGHOHQLH
5D]UDERWLLGHMQRUH^HQLHQDXaLOL^QDNOXSDLXaLOL^HQVWROYR5
L5
65
0HEHOYRNDQFHODULVNLSURVWRULL
67
0HEHOYRNDQFHODULVNLSURVWRULL
$GPLQLVWUDWLYQL]JUDGLSRLPVWDQGDUGL
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NDQFHODULVNLWHSURVWRULLLVWDQGDUGLWH]DRUJDQL]DFLMDQDPHEHORWYRQLY
.DQFHODULVNLRW PHEHO VH UD]UDERWXYD SRVHEQR SUHNX L]UDERWND QD LGHMQR
UH^HQLH]DNDQFHODULVNDPDVDLVWRO6RRYD]QDHZHVRVOHGHZHQDGL]DMQRWQD
NDQFHODULVNLRWPHEHOLVRLQGLYLGXDOQRLVWUDCXYDZHXaHQLNRWVHRVSRVREXYD
GDL]UDERWLJUDILaNDYHCEDLGHMQRUH^HQLHQDNDQFHODULVNLPHEHO
3UHNX LVWDWD VH SURYHUXYD NYDQWXPRW QD ]QDHZH VDPRLQLFLMDWLYQRVWD
NUHDWLYQRVWDLJUDILaNDWDSUH]HQWDFLMD
68
$GPLQLVWUDWLYQL]JUDGLSRLPVWDQGDUGL
2EMHNWLWHNRLVHQDPHQHWL]DVLWHOX_HRGQRVQRLPDDWMDYQDIXQNFLMDVH
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WLYQLWH REMHNWL 9R DGPLQLVWUDWLYQL REMHNWL VH YEURMXYDDW EDQNLWH L GHOR
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aDMQDNXMQD
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REUDERWHQL VLWH SRYU^LQL JR REUD]XYDDW NDQFHODULVNLRW HQWHULHU 7RM Vv
SRaHVWRGRELYDKXPDQSHaDWSUHNXYQHVXYDZHWRQDSULURGDWDYRLVWLRWLOLVR
LQWLPQLSUHGPHWLQDYUDERWHQLWH
69
9LGRYLQDNDQFHODULL
.DQFHODULLWH YR ]DYLVQRVW RG JROHPLQDWD L NDUDNWHURW QD
DGPLQLVWUDWLYQRWR UDERWHZHL RUJDQL]LUDZHWRQDPHEHORW `HELGDWSRPDONX
LOLSRYH`H]DVWDSHQLYRDGPLQLVWUDWLYQDWD]JUDGD5D]OLNXYDPH
• RWYRUHQLRNHDQVNLNDQFHODULL]DSRJROHPEURMQDYUDERWHQL
• ]DWYRUHQLNDQFHODULL]DPDOEURMYUDERWHQL
=DWYRUHQLWHNDQFHODULLVHVUHWQXYDDWNDMPDOLILUPLLOLNDMILUPLVR
SRJROHPD SRWUHED RG WLYND L QHSUHaHQD UDERWD LOL YR REMHNWL NRL RWSRVOH
GRELOHQDPHQDQDGHORYQD]JUDGD7LHVHVRRGUHGHQDNYDGUDWXUDNRMD]DYLVLRG
EURMRW QD YUDERWHQLWH SRWUHEQDWD RSUHPD L NDUDNWHURW QD UDERWDWD 7DND
RGUHGHQL UDERWQL PHVWD NDNR GLUHNWRU UDNRYRGLWHO VHNUHWDU VSRUHG
SULURGDWD QD UDERWDWD EDUDDW SRVHEQL NDQFHODULL 'UXJL UDERWQL PHVWD ]D
NRLHSRWUHEQDSRVWRMDQDNRPXQLNDFLMDLNRRUGLQLUDQRVWPH_XYUDERWHQLWHVH
VPHVWXYDDWYRHGQDNDQFHODULMD
2UJDQL]DFLMDQD]DWYRUHQLNDQFHODULL
.DQFHODULMDQDUDNRYRGLWHO
70
9R RWYRUHQLRW WLS QD NDQFHODULL NDUDNWHULVWLaQR H GHND YR SRJROHP
RWYRUHQGHOEH]SUHJUDGLVHVPHVWXYDDWJROHPEURMQDUDERWQLSRYU^LQL7LH
VHGHILQLUDDWVRNDQFHODULVNDPDVDVWROLSUHJUDGLGRRGUHGHQDYLVRaLQD]D
GD VH REH]EHGL SULYDWHQ SURVWRU ]D UDERWD 1D WDNRY QDaLQ VH ]D^WHGXYD QD
SURVWRULVHREH]EHGXYDSRJROHPEURMQDUDERWQLPHVWD1RLVWRWDNDVHEDUDL
YLVRNR QLYR QDGHORYQDNXOWXUDRGYUDERWHQLWH NDNR LGREUDRUJDQL]DFLMDQD
FHOLRW SURVWRU 2NHDQVNLWH NDQFHODULL VH Vv SRSULVXWQL YR DGPLQLVWUD
WLYQLWHREMHNWL
2WYRUHQWLSQDRUJDQL]DFLMD
2NHDQVNLRWWLSQDNDQFHODULLRYR]PRCXYDSRJROHPDIOHNVLELOQRVWQD
FHOLRW SURVWRU 6R UHRUJDQL]DFLMD QD PHEHORW OHVQR VH RGJRYDUD QD VLWH
SURPHQLYRVWUXNWXUDWDQDILUPLWH
(GQDLVWDRVQRYDQDDGPLQLVWUDWLYQD]JUDGDVRUD]OLaQDRUJDQL]DFLMDQDUDERWQLWHPHVWD
71
2NHDQVNLWLSQDNDQFHODULL
6WDQGDUGL]DSRVWDYXYDZHQDPHEHORWYRNDQFHODULLWH
2VQRYQDWDNDQFHODULVNDRSUHPDMDVRaLQXYDDW
• NDQFHODULVNDPDVD
• NDQFHODULVNLVWRO
• NDQFHODULVNDPDVD]DVRVWDQRFL
• NDQFHODULVNLRUPDQL
• GRSROQLWHOQD RSUHPD VOLNL VNXOSWXUL FYH`LZD SRVWHUL SUL]QDQLMD
NDOHQGDUL
=DVWDSHQRVWD QD PHEHORW L QHJRYDWD RUJDQL]DFLMD YR HGQD NDQFHODULMD
]DYLVLRGSRYH`HIDNWRUL
• WLSQDNDQFHODULMD
• EURMQDUDERWQLPHVWD
• YLGQDUDERWD
• JROHPLQDLIRUPDQDSURVWRULMDWD
• VWDQGDUGL]DRUJDQL]DFLMD
2UJDQL]DFLMDQDPHEHORWYRNDQFHODULL
72
3RYU^LQDWD QD HGQD NDQFHODULMD H WHVQR SRYU]DQD VR EURMRW QD
YUDERWHQLWH$NRHRGRWYRUHQWLSVHSURHNWLUDVSRUHGVWDQGDUGRWP²ñSR
YUDERWHQ $NR H RG ]DWYRUHQ WLS WRM VWDQGDUG H P SR aRYHN 0LQLPXP
NDQFHODULMD ]D HGHQ YUDERWHQ H P² .DQFHODULLWH QD YLVRNLWH VOXCEHQLFL
NDNR GLUHNWRU VH VR SRJROHPD NYDGUDWXUD L RVYHQ UDERWQD RSUHPD LPDDW L
SURVWRU]DSULPDZHQDVWUDQNLVRPHEHO]DVHGHZH
'LPHQ]LLQDUDERWQLRWSURVWRU
3UL RUJDQL]DFLMDWD QD PHEHORW YR NDFHODULLWH QH]DYLVQR RG QLYQLRW
WLS VH SRaLWXYDDW RGUHGHQL VWDQGDUGL 2YLH VWDQGDUGL VH SRYU]DQL VR
XSRWUHEDWDQDPHEHORWLGYLCHZHWRQDOX_HWRRNROXQHJR'UXJYDCHQIDNWRUH
QDaLQRW QD UDERWD ,QGLYLGXDOQDWD L WLPVNDWD UDERWD LPDDW SRWUHED RG
UD]OLaQRRUJDQL]LUDQPHEHO
2UJDQL]DFLMDQDUDERWQLWHPHVWDNDMRNHDQVNLWLSQDSURVWRULL
73
.DQFHODULVNLPHEHO
0HEHORW L QHJRYDWD RUJDQL]DFLMD YR SURVWRURW YOLMDDW ]D RIRUPXYDZH
QD DPELHQWRW QD UDERWQRWR PHVWR D SUHNX WRD QD SURGXNWLYQRVWD QD
YUDERWHQLWH 1DXaQR H GRNDCDQR GHND SUHVWRMRW YR IXQNFLRQDOQR L SULMDWQR
XUHGHQ NDQFHODULVNL SURVWRU MD ]JROHPXYD SURGXNWLYQRVWD ]D 2G WLH
SULaLQL SUL GL]DMQLUDZHWR QD PHEHORW VH NRULVWDW VWDQGDUGL NRL `H
RYR]PRCDW WRM GD ELGH IXQNFLRQDOHQ SUDNWLaHQ KLJLHQVNRWHKQLaNL
HNRQRPVNLLHVWHWVNLL]GUCDQ
'HQHVLPDJROHPDSRQXGDQDNDQFHODULVNLPHEHO$NFHQWRWSULGL]DMQRW
H VWDYHQ QD QHJRYDWD IXQNFLRQDOQRVW L XGREQRVW 0DWHULMDOLWH NDNR L
VRYUHPHQDWD WHKQRORJLMD QD REUDERWND QD PHEHORW RYR]PRCXYDDW LVWLRW GD H
SUDNWLaHQIOHNVLELOHQLHNRQRPLaHQ
.DQFHODULL]DVRVWDQRFL
1HNRL SURVWRULL YR GHORYQLWH ]JUDGL NDNR ^WR VH YOH]QLRW KRO
NRPXQLNDFLLWHVDODWD]DVRVWDQRFLLGLUHNWRUVNDWDNDQFHODULMDVHQDPHQHWL
L ]D NUDWNRWUDHQ SUHVWRM QD VWUDQNL 7LH VH UHSUH]HQWDWLYQL SURVWRULL L
QLYQLRW HQWHULHU WUHED GD GDGH VOLND ]D YUHGQRVWD PR`WD L VWDWXVRW QD
ILUPDWDLOLRUJDQL]DFLMDWD
AHNDOQɢɰɚ
74
.DQFHODULVNLPDVL
.DQFHODULVNLWH PDVL NDNR HOHPHQWL RG PHEHORW QDMYDCQR H GD MD
]DGRYRODW IXQNFLMDWD SUL UDERWD 1LYQLWH GLPHQ]LL L IRUPL VH UD]OLaQL L
]DYLVDW RG YLGRW QD UDERWDWD L JROHPLQDWD QD SURVWRULMDWD 2VYHQ
VWDQGDUGQLWH NDQFHODULVNL PDVL GHQHV VH SURL]YHGXYDDW L DJROQL HOHPHQWL
NRL QH VDPR ^WR MD ]JROHPXYDDW UDERWQDWD SRYU^LQD WXNX L RGJRYDUDDW QD
SRWUHEDWD]DWLPVNDUDERWD
6WDQGDUGQLGHORYLQDNDQFHODULVNLPDVLVH
• UDERWQDSRYU^LQD
• GROQDNRQVWUXNFLMDQDPDVDWD
• ILRNLLQWHJUDOQLLOLVDPRVWRMQL
• SROLFL
5DERWQDWD SRYU^LQD WUHED GD RYR]PRCL QHSUHaHQD UDERWD 6H L]YHGXYD
QDMaHVWR RG GUYR LOL IXUQLUDQL SORaL 9R RGUHGHQL VOXaDL YR ]DYLVQRVW RG
QDPHQDWD VH SRVWDYXYDDW RGUHGHQL EDUDZD RG DVSHNW QD KLJLHQD
IXQNFLRQDOQRVWLHVWHWVNLNDUDNWHULVWLNLNRLUDERWQDWDSRYU^LQDWUHEDGD
JL ]DGRYROL ,VWDWD QH VPHH GD YLEULUD PRUD GD H VWDELOQD L VWDWLaQD L GD
DSVRUELUD]YXN
&HODWD UDERWQD PDVD PRCH GD H RG GUYR LOL NRPELQLUDQD VR PHWDO YR
GROQLRWQRVHaNLGHO
75
'LPHQ]LLWHLIRUPDWDQDUDERWQDWDPDVDVHRGUHGHQLVRVWDQGDUGL1R
LQWHQ]LYQLRWUD]YRMQDLQIRUPDWLaNDWDWHKQRORJLMDLQHM]LQRWRSURGLUDZHYR
VLWHGHORYLRGaRYHNRYDWDGHMQRVWJLPHQXYDLVWDQGDUGLWH]DGLPHQ]LRQLUDZH
6HSRMDYXYDDWLGRGDWQLHOHPHQWLQDUDERWQDWDPDVD
• OL]JDaNDSROLFD]DWDVWDWXUD
• SROLFD]DSHaDWDa
• OHCL^WH]DNX`L^WHWR
1HUHWNRVHVUH`DYDDWLDJROQLHOHPHQWL]DSRJROHPD LVNRULVWHQRVW QD
SURVWRURWSULRUJDQL]DFLMDQDNDQFHODULVNLRWPHEHO
3UHGL]UDERWNDQDGL]DMQRW]DUDERWQDPDVDSRWUHEQRHSURHNWDQWRWGD
QDSUDYLVWXGLMD]DNDUDNWHULVWLNLWHNRLWUHEDGDJL]DGRYROLPDVDWDYRRGQRV
QDIXQNFLMDWD
76
.DQFHODULVNLVWRORYL
.DQFHODULVNLRW VWRO NRM VR WHNRW QD YUHPHWR HYROXLUDO VR JROHPD
EU]LQD GHQHV MD GRCLYXYD VYRMDWD QDMJROHPD HNVSDQ]LMD YR RGQRV QD GL]DMQRW
XGREQRVWD L IXQNFLRQDOQLWH PRCQRVWL 1RYLWH PDWHULMDOL L WHKQRORJLMD
RYR]PRCXYDDW GD VH ]DGRYRODW VLWH EDUDZD ]D XGREQRVW L IXQNFLRQDOQRVW D
YRHGQRGDVHSRVWLJQHRGOLaHQGL]DMQ
.RONX L GD H VPHQHW L]JOHGRW QD GHQH^QLWH VWRORYL WLH Vv X^WH VH
VRVWDYHQLRGRVQRYQLWHGHORYL
• QRVHaNDNRQVWUXNFLMD
• VHGL^WH
• QDVORQ
• QDVORQL]DUDFH]DYLVQRRGGL]DMQRWLSRWUHEDWD
'LPHQ]LLWH QD VWRORYLWH VH VWDQGDUGL]LUDQL ,VNOXaRN H VDPR
YLVRaLQDWD 0HKɚɧL]PRW ]D UHJXODFLMD QD YLVRaLQDWD QD VWRORW RYR]PRCXYD
LVWLRWGDVHSULODJRGXYDQDaRYHNRYRWRWHOR
^^LURaLQDQDVWRO GGODERaLQDQDVWRO
^
G
'LPHQ]LLQDNDQFHODUɢɫNLVWRO
)RUPDWD L JROHPLQDWD QD VWRORW QH ]DYLVWDW VDPR RG IL]LNXVRW QD
aRYHNRW NRM JR NRULVWL 7RM LPD L VLPEROLaQR ]QDaHZH 6LWH YUDERWHQL QD
YLVRNL SR]LFLL NDNR GLUHNWRU UDNRYRGLWHO LPDDW JROHPL NDQFHODULVNL
77
VWRORYL 1D WRM QDaLQ WLH MD SRNDCXYDDW VYRMDWD XORJDWD YR ILUPDWD YR NRMD
UDERWDW
.RCQLNDQFHODULVNLIRWHOML
0DWHɪLMDOLWHNRLVH]DVWDSHQLSULL]UDERWNDQDVWRORYLWHVHUD]OLaQL
.RQVWUXNWLYQLRW GHO H GUYHQ LOL PHWDOHQ ,]UDERWNDWD QD QDVORQLWH L
VHGL^WHWR]DYLVDWRGGL]DMQRWQD FHOLRWVWRO0RCDWGDELGDW RGSROQRGUYR
RGSODVWLaQLPDVLRGSULURGQRLOLVLQWHWLaNRSOHWLYRWDSDFLUDQL
1DVORQLVHGL^WHRGVLQWHWLaNRSOHWLYR 1DVORQLVHGL^WHRGSODVWLaQDPDVD
78
3ROXIRWHOMLWHVH GHO RG NDQFHODULVNDWD RSUHPD]DVHGHZH1DMaHVWRVH
SULVXWQL QD PHVWD NDGH ^WR LPD SULHP QD VWUDQNL QR QHUHWNR VOXCDW L ]D
UDERWD
5DERWQDSROXIRWHOMD )RWHOMDYRDGPLQLVWUDWLYHQKRO
.DQFHODULVNLRUPDQL
6R NRULVWHZHWR QD LQIRUPDWLaNDWD WHKQRORJLMD SRWUHEDWD ]D
NRQVWDQWQR NRULVWHZH QD RUPDQLWH H QDPDOHQD 6LWH SRGDWRFL VH aXYDDW L YR
HOHNWURQVNLLYRKDUWLHQIRUPDW2GWLHDLRGHVWHWVNLSULaLQLGHQH^QLWH
RUPDQLVHSRHGQRVWDYQL9RQLYVvX^WHVHaXYDDWGRNXPHQWLNQLJLVSLVDQLMD
NDUWRQLUHJLVWULLVvRQD^WRxHSRWUHEQRQDHGQDILUPD
2UPDQLWH PRCDW GD ELGDW VORERGQRVWRHaNL LOL YJUDGHQL 7LSRW QD
SODNDURW]DYLVLRGIRUPDWDLRUJDQL]DFLMDWDQDPHEHORWYRNDQFHODULMDWD9R
SRQRYR YUHPH VH L]UDERWXYDDW VR OL]JDaNL YUDWL VR FHO SRGREUR
LVNRULVWXYDZH QD SURVWRURW 2VYHQ ]DWYRUHQL VH VUH`DYDDW RWYRUHQL L
NRPELQLUDQLRUPDQL
(OHPHɧWLWHQDRUPDQRWVH
• QRVHaNLGHO
• NULOD
• ILRNL
• SROLFL
1H]DYLVQR RG WRD NDNRY H WLSRW QD RUPDQRW VH L]UDERWXYDDW RG
RSOHPHQHWD LYHUND LOL PHGLMDSDQ D SRQHNRJD^ PRCDW GD ELGDW L PHWDOQL
.ULODWDPRCDWGDELGDWSROQLSURYLGQLLOLNRPELQLUDQLQRYRVRJODVQRVWVR
SURVWRURWRVWDQDWLRWPHEHOL]DPLVODWDQDVWUXaQRWROLFH
'L]DMQRWHHGQRVWYHQL QHQDPHWOLYVpVR FHOYL]XHOQRSUR^LUXYDZHQD
SURVWRURWLSULMDWHQDPELHQW
79
2VYHQ YLVRNLWH RUPDQL YR NDQɰHODULVNLWH SURVWRUL VH VUHWQXYDDW L
UHJLVWUDWRUL L NDUWRWHNL 7RD VH HOHPHQWL VR QDMUD]OLaQD YLVRaLQD L VR
PRCQRVW ]D SRVWDYXYDZH YR QL]D 6H NRULVWDW ]D aXYDZH QD GRNXPHQWL L
NDUWRQLNRLVHYRSRVWRMDQDXSRWUHED
9HCEL
3RVHWLVDORQ]DNDQFHODULVNLPHEHOLLQIRUPLUDMVH]DPHEHORW^WRWRM
VDORQJRQXGL
2GEHUL HGHQ NDQFHODULVNL HOHPHQW RG SRQXGHQLWH L DQDOL]LUDM JR RG
DVSHNWQDIXQNFLMDSUDNWLaQRVWGL]DMQHNRQRPLaQRVW
,]UDERWL JUDILaND YHCED RG WHPDWD NDQFHODULVNL PHEHO VR VOHGQLYH
SULOR]L
• 2VQRYDVRNDQFHODULVNLPHEHO
• ,GHMQRUH^HQLHQDNDQFHODULVNDPDVD5
• ,GHMQRUH^HQLHQDNDQFHODULVNLVWRO5
80
3URHNWLUDZHQDPHEHO
,]ERUQDSURJUDPD
81
9RYHG
,]ERUQLRWSUHGPHWSR3URHNWLUDZHQDPHEHO]DIVJRGLQDVHQDGRYU]XYD
QDRVQRYQLWH]QDHZDRG3URHNWLUDZHQDPHEHO]DIIILIVJRGLQD]DGROCLWHOQD
QDVWDYDL3URHNWLUDZHQDPHEHO]DIIIJRGLQDL]ERUQDSURJUDPD
3RVWDYHQLWHWHPL]DSURHNWLUDZHQDPHEHOYRL]ERUQDWDSURJUDPD]DIV
JRGLQDVHED]LUDDWQDYH`HVWHNQDWLWH]QDHZDRGVSRPHQDWLWHSUHGPHWL
9R SUYDWD WHPD LPD PDONX QRYL SRGDWRFL ]D XaHQLNRW 1R SUHNX
REUDERWNDQDHQWHULHURWYRLQGLYLGXDOQDVWDQEHQDNX`DPXVHGDYDPRCQRVWQD
XaHQLNRWGDJRVXEOLPLUDLLVNDCHVWHNQDWRWR]QDHZHNDNRLGDLVWUDCXYDYR
REODVWDQDPHEHORWLVRYUHPHQRWRGRPXYDZH3UHNXRYDDWHPDLVRSRWSROQDWD
VORERGDYRL]UD]XYDZHWRWUHEDGDGRMGHGRL]UD]YH^WLQDWDLNUHDWLYQRVWDQD
XaHQLNRWSULUHDOL]LUDZHWRQD]DGDGHQDWD]DGDaD
3UH]HQWLUDZHWRQD]DGDaDWDHJUDILaNDLYHUEDOQD
9R NQLJDWD VH GDGHQL QHNRONX SULPHUL QD HQWHULHUQL UH^HQLMD QD
LQGLYLGXDOQL NX`L NRL WUHED GD VH YRGɚa QD XaHQLNRW SUL UH^DYDZHWR QD
VYRMDWD]DGDaD
9WRUDWD WHPD RSID`D UD]UDERWND QD PHEHO YR HQWHULHURW QD
NDQFHODULVNLSURVWRULL
(QWHULHURW L PHEHORW YR NDQFHODULVNLWH SURVWRULL YR SRVOHGQDWD
GHFHQLMD MD GRCLYXYD QDMJROHPDWD HNVSDQ]LMD 2WWDPX VH QXGL PRCQRVW ]D
RS^LUQR LQIRUPLUDZH QD XaHQLNRW SUHNX UD]QL IRUPL ,VWLWH `H ELGDW
NRULVWHQLYR]DYLVQRVWRGLQWHUHVRWLYH^WLQDWDQDXaHQLNRWGDJLSRVWDYLYR
IXQNFLMDQDVYRMDWD]DGDaD
8aHQLNRW WUHED GD SUHGORCL SRYH`H PRCQL UH^HQLMD ]D XUHGXYDZH QD
NDQFHODULVNLRWSURVWRULGDL]UDERWLLGHMQRUH^HQLHQDNDQFHODULVNDPDVD]D
VRVWDQRFL
7UHWDWDWHPDRSID`DVQLPDZHQDMDYHQSURVWRULQHJRYRSULNDCXYDZHYR
RVQRYDLL]JOHGL9RXaHEQLNRWVHGDGHQLLQVWUXNFLL]DVQLPDZHQDSURVWRULMD
L SULQFLSLWH SR NRL XaHQLNRW WUHED GD SRVWDSL SUL L]UDERWND QD YHCEDWD
3ULORCHQL VH HQWHULHUQL UH^HQLMD QDGYD MDYQL REMHNWL NDNR SULPHU L YRGɚa
]D XaHQLNRW 7RM WɪɟED GD JR SULNDCɟ ɨɫɧɨɜɧɢɨɬ PHEHO YR SURVWRURW L GD GDGH
RSLVL WHNVWXDOQL JUDILaNL IRWRJUDIVNL ]D SULPHQHWLWH PDWHULMDOL
RVYHWOXYDZHLGHNRUDWLYQLHOHPHQWL
6R XVYRMXYDZHWR QD ]QDHZDWD L YH^WLQLWH QD JUDILaNDWD SUH]HQWDFLMD
XaHQLNRW`HLPDRVQRYDLSRWWLN]DSRQDWDPR^RGRREUD]ɭYDZHRGRYDDREODVW
,VWRYUHPHQR WRM H RVSRVREHQ GD ELGH YH^W L NUHDWLYHQ VRUDERWQLN QD
SURHNWDQWRW ]D PHEHO L HQWHULHU , VHNDNR HVWHWVNLWH YUHGQRVWL SUHNX RYRM
SUHGPHW`HELGDWL]GLJQDWLQDSRYLVRNRQLYR
83
0HEHOYRLQGLYLGXDOHQVWDQEHQ
SURVWRU
1DVRNLYRUHDOL]LUDZHWRQDL]ERUQDWDWHPD
*UDILaNDWDYHCED]DXUHGXYDZHQDHQWHULHURWQDLQGLYLGXDOQDVHPHMQD
NX`D H NRPSOHNVQD L RSID`D QHNRONX ID]L 1DVWDYQLNRW ]DGDYD RVQRYD QD
LQGLYLGXDOQD NX`D L XVORY ]D VWUXNWXUDWD QD VHPHMVWYRWR EURM QD aOHQRYL
YR]UDVWSRO]DQLPDZH$UKLWHNWRQVNLNX`DWDHGHILQLUDQDLXaHQLNRWWUHED
GDJRSURaLWDLUD]EHUHSURHNWRW ɫɩɨɪɟɞQDPHQDWDQDSURVWRULLWHLQLYQDWD
SRYU]DQRVW =DGDaDWD QD XaHQLNRW H GD GDGH HGQR LOL GYH LGHMQL UH^HQLMD ]D
PHEHORW L QHJRYDWD RUJDQL]DFLMD YR LQGLYLGXDOQDWD NX`D YR VRJODVQRVW VR
SRVWDYHQLWH XVORYL 3R NRUHNFLL QD SUHGORCHQRWR UH^HQLH RVQRYDWD QD
LQGLYLGXDOQDWDNX`DVHSUH]HQWLUDJUDILaNLYR5VRPHEHO3RWRDHGQDRG
SURVWRULLWHVHUD]UDERWXYDGHWDOQRSUHNXRVQRYDLL]JOHGLYR5=DGDaDWD
RSID`D L UD]UDERWND QD HGHQ GR GYD HOHPHQWL RG PHEHORW RG RGEUDQDWD
SURVWRULMD
3RNUDM JUDILaNDWD SUH]HQWDFLMD XaHQLNRW SULORCXYD L WHNVWXDOQL
RSLVL ]D SULPHQHWLWH PDWHULMDOL YR HQWHULHURW QDaLQRW QD RVYHWOXYDZH
GHNRUDWLYQL HOHPHQWL L VWLORW QD PHEHO SR RGUHGHQL JUXSDFLL QD SURVWRULL
.DNR GRSROQXYDZH QD WHNVWXDOQLWH RSLVL PRCH GD SRVOXCDW IRWRJUDILL NRL
`HVRRGYHWVWYXYDDWVRQHJRYDWD]DPLVOD]DUH^HQLRWSURVWRU
9R XaHEQLNRW VH GDGHQL SULPHUL RG LQGLYLGXDOQL NX`L YR RVQRYL
L]JOHGLLIRWRJUDILLYRUD]OLaQDID]DQDRSUHPHQRVWVRFHOGDPXSRPRJQDW
QD XaHQLNRW ]D SROHVQR VRYODGXYDZH QD ]DGDaDWD 3ULWRD XaHQLNRW LPD
SRWSROQD VORERGD YR L]ERURW QD PHEHO L QHJRYDWD RUJDQL]DFLMD NDNR L YR
QDaLQRWQDJUDILaNDSUH]HQWDFLMD
3RLP]DLQGLYLGXDOQRVWDQEHQRCLYHHZH
,QGLYLGXDOQRWR CLYHHZH SRGUD]ELUD CLYHHZH QD HGQR VHPHMVWYR YR
VHPHMQD NX`D NRMD PRCH GD ELGH DUKLWHNWRQVNL UH^HQD QD SRYH`H QDaLQL YR
]DYLVQRVWRGUDVSRORCOLYDWDORNDFLMDLXUEDQLVWLaNLWHXVORYL
86
3UHGQRVWLQDLQGLYLGXDOQRWRCLYHHZH
,QGLYLGXDOQRWR CLYHHZH RYR]PRCXYD SRYH`H SR]LWLYQL HOHPɟQWL NRL
JR L]GLJQXYDDW NYDOLWHWRW QD CLRWRW .DNR SRYDCQL PRCDW GD VH L]GYRMDW
VOHGQLYH
• 6HPHMQDWD NX`D SRVHGXYD VYRH GYRUQR PHVWR YDNYLRW NRQWDNW VR
SULURGDWDL]HPMDWDJRREODJRURGXYDaRYHNRWLVPLUXYDSUXCDPRCQRVW
]DaXYDZHQDGRPD^QLPLOHQLaLZD
• .DM LQGLYLGXDOQLWH NX`L SURHNWDQWRW PRCH GD REH]EHGL RSWLPDOQD
RULHQWDFLMDQDSURVWRULLWH
• 3URHNWLUDZHWR QD LQGLYLGXDOQD NX`D H SURFHV NRM VH RGYLYD YR
VRJODVQRVWVRSRWUHELWHLCHOELWHQDNRQNUHWQRWRVHPHMVWYR2WWDPXYR
LQGLYLGXDOQDWD NX`D `H ELGDW ]DVWDSHQL VLWH SURVWRULL SRWUHEQL ]D
QHSUHaHQRVRYUHPHQRGRPXYDZH
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Vaš stan, Gerd Hatje, Peter Kaspar, izdavaþki zavod Jugoslavija, Beograd,
1975
Školske zgrade, Mate Baylon, Graÿevinska knjiga, Beograd, 1958
Arhitektonsko projektovanje, Ernst Nojfert, Graÿevinska knjiga, Beograd,
1985
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