832=25(1-(
1HPRMWHRãWHWLWLNDEHOHNDGDVNODSDWHLOLRWNODSDWHUXþNX
0217,5$-7(*251-858ý.8
6OLND
3RUDYQDMWHUXSHQDJRUQMRMUXþNLLGRQMRMUXþNL
3URYHGLWHYLMNHNUR]UXSH
6WHJQLWHJXPEHQDYLMNH
3URYHGLWHLVWXUDGQMXQDGUXJRMVWUDQL
8*5$'1-$+9$7$ý$=$75$98
6OLND
8NORQLWH]DWYDUDþ]DPDOþLUDQMH
2WYRULWHYUDWDVWUDåQMHJLVSXVWDL]DGUåLWHLKXWRP
SRORåDMX
'UåLWHKYDWDþWUDYH]DQMHJRYXUXþNXLVWDYLWHNXNHQDX
XWRUH
=DWYRULWHYUDWDVWUDåQMHJL]OD]D
8*5$'1-$=$79$5$ý$=$
0$/ý,5$1-(
6OLND
8NORQLWHKYDWDþ]DWUDYX
2WYRULWHYUDWDVWUDåQMHJLVSXVWDL]DGUåLWHLKXWRP
SRORåDMX
'UåLWH]DWYDUDþ]DPDOþLUDQMH]DUXþNXLSRVWDYLWHJDX
L]OD]QLQDVWDYDN
=DWYRULWHYUDWDVWUDåQMHJL]OD]D
32'(â$9$1-(9,6,1(12ä$
1RåQDVWURMXPRåHVHSRGHVLWLQDUD]OLþLWHYLVLQH
6OLND
3RYXFLWHSROXJX]DSRGHãDYDQMHYLVLQHXQDWUDJNDNRELVWH
SRYHüDOLYLVLQXQRåD
*XUQLWHSROXJX]DSRGHãDYDQMHYLVLQHSUHPDQDSULMHG
NDNRELVWHVPDQMLOLYLVLQXQRåD
80(71,7(%$7(5,-8
6OLND
832=25(1-(
$NRVXEDWHULMVNLPRGXOLOLSXQMDþRãWHüHQL]DPLMHQLWH
EDWHULMVNLPRGXOLOLSXQMDþ
=DXVWDYLWHVWURMLSULþHNDMWHGDVHPRWRU]DXVWDYLSULMH
XJUDGQMHLOLXNODQMDQMDEDWHULMVNRJPRGXOD
3URþLWDMWHXVYRMLWHLVOLMHGLWHXSXWHXSULUXþQLNX]D
EDWHULMXLSXQMDþ
2WYRULWHSUHWLQDFEDWHULMH
3RUDYQDMWHL]ERþHQMDQDEDWHULMVNRPPRGXOXVD
åOMHERYLPDXRGMHOMNX]DEDWHULMX
*XUQLWHEDWHULMVNLPRGXOXRGMHOMDN]DEDWHULMXWDNRGD
EDWHULMVNLPRGXOXVNRþLQDVYRMHPMHVWR
.DG]DþXMHWHNOLNEDWHULMVNLPRGXOMHXJUDÿHQ
=DWYRULWHYUDWDãFD]DEDWHULMH
1$320(1$
0RWRUüHVHSRNUHQXWLVDPRNDGDMHXPHWQXWVLJXUQRVQL
NOMXþ
8./21,7(%$7(5,-6.,02'8/
6OLND
2WYRULWHSUHWLQDFEDWHULMH
,]YDGLWHVLJXUQRVQLNOMXþ
3ULWLVQLWHLGUåLWHJXPE]DRVOREDÿDQMHEDWHULMH
,]YDGLWHEDWHULMVNLPRGXOL]VWURMD
)81.&,-(.26,/,&(
1$320(1$
2YDNRVLOLFDRSUHPOMHQDMHVIXQNFLMHVWUDåQMHVNXSOMDQMH
XYUHüXPDOþLUDQMH2YHVHIXQNFLMHPRJXPLMHQMDWL
SURPMHQRPSRVWDYNLGRGDWQHRSUHPH=DGHWDOMQHSRVWDYNH
SRJOHGDMWHVOMHGHüXWDEOLFX
1DSRPLQMHPRGDVHIXQNFLMHQDYHGHQHXQDVWDYNXPRJX
UD]OLNRYDWLRYLVQRRPRGHOXNRVLOLFH
=$3520-(18)81.
&,-(.26,/,&(
=$79$5$ý
=$0$/
ý,5$1-(
95(û$=$
75$98
=DVWUDåQMHVDNXSOMDQMHX
YUHüX
î
¥
=DPDOþLUDQMH
¥
î
¥SRVWDYOMHQR
îXNORQMHQR
58.29$1-(
832=25(1-(
1HPRMWHNRULVWLWLEDWHULMVNLPRGXOVNORSNXLOLVWURMV
PRNULPUXNDPD1HPRMWHL]ODJDWLNLãLQLGRSXVWLWLGD
WHNXüLQDSURGUHXSURVWRUPRWRUD
1RVLWH]DãWLWX]DRþLWLMHNRPUDGD
32.5(7$1-(6752-$
6OLND
8WDNQLWHVLJXUQRVQLNOMXþ
3ULWLVQLWHJXPE]DSRNUHWDQMHLGUåLWHJDSULWLVQXWLP
+UYDWVNL
+5