129
9LVSƗUƝMƗGURãƯED
LV
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DSUƯNRMXPX
1RUREHåRMLHWGDUED]RQXXQUDXJLHWLHVODLDSNƗUWƝMLHFLOYƝNLXQQHSLHGHURãDVSHUVRQDVDWUDVWRVGURãƗDWWƗOXPƗ
/LHWRMRWãRLHUƯFLOLHWRWƗMDPYLHQPƝUMƗL]PDQWRSHUVRQLVNDLVDL]VDUJDSUƯNRMXPVVNVDGDƺX³9HVHOƯEDXQGURãƯED´
3LUPVLHVOƝG]DWLHUƯFLSƗUOLHFLQLHWLHVND]LQƗWNƗWRL]VOƝJWJDGƯMXPƗMDUDVWRVVDUHåƧƯMXPL
3LUPVLHUƯFHVSƗUYLHWRãDQDVGDUED]RQƗYDLDSNRSHVYHLNãDQDLYLHQPƝUL]VOƝG]LHWPRWRUX
/LHWRãDQDVODLNƗPRWRUVVWLSULX]NDUVWSLUPVSLHVNDUDWLHVƺDXMLHWWDPDWG]LVW
1HNDGQHDWVWƗMLHWLHUƯFLDULHVOƝJWXPRWRUXEH]X]UDXG]ƯEDV
1HNDGQHQRƼHPLHWYDLQHDL]WLHFLHWQHNƗGXDL]VDUJDSUƯNRMXPX±WDVGRPƗWVMnjVXDL]VDUG]ƯEDL9LHQPƝUSƗUEDXGLHW
DL]VDUJDSUƯNRMXPDVWƗYRNOLXQGURãƯEXMDNƗGDQRGHWDƺƗPLUERMƗWDYDLL]WUnjNVW1(/,(72-,(7*5Ʈ'$6=ƖƦ,LHNDPVWƗQDY
QRPDLQƯWDYDLVDODERWD
1HOLHWRMLHWJUƯGDV]ƗƧLMDHVDWVOLPVMnjWDWLHVQRJXULVYDLDWURGDWLHVDONRKRODYDLQDUNRWLVNRYLHOXLHVSDLGƗ
'HJYLHODVGURãƯED
/DLQRGURãLQƗWXVDYXXQDSNƗUWƝMRFLOYƝNXGURãƯEXOnjG]DPL]ODVƯWWƗOƗNVQLHJWRLQIRUPƗFLMXSDUGURãƯEXXQSƗUOLHFLQƗWLHVNDWƗLUSLOQƯEƗ
VDSUDVWD/LHWRWƗMVLUDWELOGƯJVSDUWRODLYLƼãSLOQƯEƗL]SUDVWXNƗGURãLOLHWRWãRDSUƯNRMXPX-DQHHVDWSƗUOLHFLQƗWVSDUGURãXXQSDUHL]X
JUƯGDV]ƗƧDOLHWRãDQXNRQVXOWƝMLHWLHVDUGDUEXYDGƯWƗMXYDL%HOOH*URXS
9HVHOƯEDXQGURãƯED
LV
9LEUƗFLMD
/LHWRMRWJUƯGDV]ƗƧLQHOLHODGDƺDYLEUƗFLMDVFDXUURNWXULQRQƗNOLHWRWƗMDURNƗV%HOOH*URXSJUƯGDV]ƗƧLVLUƯSDãLL]YHLGRWVODLVDPD]LQƗWX
SODXNVWDVURNDVYLEUƗFLMDVOƯPHQL6NVSHFL¿NƗFLMDVXQWHKQLVNRVGDWXVSDUYLEUƗFLMDVOƯPHQLXQOLHWRãDQDVLOJXPXPDNVLPƗORLHWHLFDPR
HNVSR]ƯFLMDVODLNXGLHQƗ1(3Ɩ561,('=,(7PDNVLPƗOROLHWRãDQDVLOJXPX
3HUVRQLVNDLVDL]VDUJDSUƯNRMXPV
,]PDQWRMRWãRLHUƯFLMƗOLHWRSLHPƝURWVSHUVRQLVNƗVGURãƯEDVDSUƯNRMXPVWLDL]VDUJEULOOHVFLPGLDXVXDL]VDUJLSXWHNƺXPDVNDVXQ
DSDYLDUWƝUDXGDSXUQJDOLHP9DONƗMLHWDSƧƝUEXNDVDWELOVWYHLFDPDMDPGDUEDP6DVLHQLHWJDUXVPDWXVXQQRƼHPLHWYLVDVURWDVOLHWDV
DL]NXUƗPYDUƝWXDL]ƷHUWLHVLHUƯFHVNXVWƯJƗVGDƺDV
3XWHNƺL
=ƗƧƝãDQDVSURFHVDODLNƗYDUUDVWLHVSXWHNƺLNDVYDUEnjWNDLWƯJLYHVHOƯEDL9LHQPƝUYDONƗMLHWPDVNXNDVSLHPƝURWDUDGƯWRSXWHNƺX
veidam.
Degviela
1HQRULMLHWGHJYLHOXQHLHHOSRMLHWGHJYLHODVWYDLNXVXQL]YDLULHWLHVQRWƗVQRQƗNãDQDVVDVNDUƝDUƗGX1HNDYƝMRWLHVQRPD]JƗMLHW
GHJYLHODVWUDLSXV-DGHJYLHODQRNƺnjVWDFƯVVNDORMLHWWƗVDUOLHOXGDXG]XPXnjGHQVXQSƝFLHVSƝMDVƗWUƗNPHNOƝMLHWPHGLFƯQLVNXSDOƯG]ƯEX
,]SOnjGHVJƗ]HV
1HOLHWRMLHWJUƯGDV]ƗƧLLHNãWHOSƗVYDLQRVOƝJWƗWHOSƗSƗUOLHFLQLHWLHVNDGDUED]RQƗLUQRGURãLQƗWDDWELOVWRãDYHQWLOƗFLMD
3LUPVGHJYLHODVDWNƗUWRWDVX]SLOGƯãDQDVL]VOƝG]LHWPRWRUXXQƺDXMLHWWDPDWG]LVW
$WNƗUWRWLX]SLOGRWGHJYLHOXQHVPƝƷƝMLHWXQQHSLHƺDXMLHWDWNOƗWXOLHVPXWXYƗNDMƗDSNƗUWQƝ
,]OLMXãLGHJYLHODQHNDYƝMRWLHVMƗSDGDUDGURãƗL]PDQWRMRWVPLOWLV-DDUGHJYLHOXQRWUDLSƯMLHVDSƧƝUEVQRPDLQLHWWR
8]JODEƗMLHWGHJYLHOXSLHPƝURWƗWLHãLãƯPQROnjNDPSDUHG]ƝWƗWYHUWQƝDWVWDWXQRNDUVWXPDXQX]OLHVPRãDQDVDYRWLHP
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LV
'HWDƺD
0DWHULƗOV
5RNWXULV
7ƝUDXGV
*DOYHQDLVUƗPLV
7ƝUDXGV
6LNVQDVDL]VDUJV
7ƝUDXGV
$VPHQVDL]VDUJV
7ƝUDXGV
0RWRUV
$OXPƯQLMV
(ODVWƯJLHVDYLHQRMXPL
7ƝUDXGVXQJXPLMD
'DåƗGDVGHWDƺDV
7ƝUDXGVXQDOXPƯQLMV
'URãDL]QƯFLQƗãDQD
1RUƗGƯMXPLYLGHVDL]VDUG]ƯEDL,HUƯFH
VDWXUYƝUWƯJXVPDWHULƗOXV1ROLHWRWRLHUƯFL
XQDNVHVXƗUXVQRJƗGƗMLHWX]DWELOVWRãƗP
RWUUHL]ƝMƗVSƗUVWUƗGHVYLHWƗP
1HSDUHL]DDSNRSHYDUEnjWEƯVWDPD3LUPVYHLFDWMHENƗGXDSNRSLVHUYLVXYDLUHPRQWXL]ODVLHWXQ
L]SURWLHWãRQRGDƺX
%5Ʈ',1Ɩ-806
'HJYLHODLUYLHJOLX]OLHVPRMRãD7ƗYDUUDGƯWVDYDLQRMXPXVXQERMƗWPDWHULƗOƗVYƝUWƯEDV$L]YHULHW
PRWRUXQRG]ƝVLHWYLVDVDWNOƗWƗVOLHVPDVXQQHVPƝƷƝMLHWX]SLOGRWGHJYLHODVWYHUWQL9LHQPƝU
VDYƗFLHWYLVXL]OLMXãRGHJYLHOX
%5Ʈ',1Ɩ-806
,HUƯFHVUDGƯWƗVL]SOnjGHVJƗ]HVLUƺRWLWRNVLVNDVXQYDUDSGUDXGƝWG]ƯYƯEX
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