9RGLWHUDþXQDGDþYUVWRVWRMLWH$NRL]JXELWHUDYQRWHåX
RGPDKRWSXVWLWHSUHNLGDþUXþNH
1HPRMWHNRVLWLXEOL]LQLSDGDWHUHQDNDQDODLOLQDVLSD
6$9-(7,=$5$'
1HPRMWHSRNXãDWLGDSUHPRVWLWHUDGGXJPHWD]D
SRNUHWDQMHLOLSUHNLGDþDUXþNH
.DGDMHSRNUHüHWHQHPRMWHQDJLQDWLPDãLQX
1HPRMWHVWDYOʁDWLãDNHLOLVWRSDODEOL]XLOLLVSRGURWLUDMXüLK
GLMHORYD
2GUåDYDMWHþLVWRüXXVPMHULYDþD]DL]EDFLYDQMH
1HPRMWHNRVLWLPRNUXWUDYX
=DQRYXLOLJXVWXWUDYXSRWUHEQDMHYHüDYLVLQDQRåD
1DNRQVYDNHXSRWUHEHRþLVWLWHWLMHORNRVLOLFH8NORQLWH
RGVMHþNHWUDYHOLãüH]HPOʁXLGUXJHRWSDWNH
2'5ä$9$1-(
235(=
1HPRMWHGR]YROLWLGDNRþLRQDWHþQRVWEHQ]LQPDWHULMHQD
ED]LSHWUROHMDGRÿXXGRGLUVDSODVWLþQLPGLMHORYLPD
+HPLNDOLMHPRJXL]D]YDWLRãWHüHQMHSODVWLNHLXþLQLWLMH
QHXSRWUHEOʁLYRP
235(=
1HPRMWHNRULVWLWLVQDåQHUDVWYDUDþHLOLGHWHUGåHQWHQD
SODVWLþQRPNXüLãWXLOLGLMHORYLPD
832=25(1-(
8NORQLWHEDWHULMVNRSDNRYDQMHL]PDãLQHSULMHRGUåDYDQMD
23â7(2'5ä$9$1-(
3ULMHVYDNHXSRWUHEHSUHJOHGDMWHPDãLQXGDOLSRVWRMH
RãWHüHQLQHGRVWDMXüLLOLODEDYLGHORYLNDRãWRVX]DYUWQML
QDYUWNHLNDSLFH
6YHVWH]DþHLNDSLFHLVSUDYQRGRWHJQLWH
8UHÿDMþLVWLWHVXYRPNUSRP1HNRULVWLWHYRGX
=$0-(1$12ä$
6OLND
832=25(1-(
.RULVWLWHLVNOʁXþLYRRGREUHQH]DPMHQVNHQRåHYH
832=25(1-(
.DGDGRGLUXMHWHQRåQRVLWHWHãNHUXNDYLFH
,VNOMXþLWHPDãLQX
9RGLWHUDþXQDGDVHQRåSRWSXQR]DXVWDYL
,]YDGLWHVLJXUQRVQLNOʁXþLEDWHULMVNRSDNRYDQMH
2NUHQLWHPDãLQXQDVWUDQX
8JODYLWHNRPDGGUYHWDXWLMHORNRVLOLFHGDELVWHVSULMHþLOL
SRPMHUDQMHQRåD
8NORQLWHPRQWDåQL]DYUWDQMLRGVWRMQLSUVWHQSRPRüX
YLOMXãNDVWRJLOLQDVDGQRJNOʁXþD
6NLQLWHQRå
3RVWDYLWHQRYLQRå9RGLWHUDþXQDGDVWUHOLFH]DKYDWH
RWYRUHXQRåX
6WDYLWHPRQWDåQL]DYUWDQML]DWHJQLWHJD3UHSRUXþHQL
]DWH]QLPRPHQW10
832=25(1-(
8VXSURWQRPSUHSUHNDLOLQRåPRJXRGOHWMHWLLXGDULWL
NRULVQLNDLOLREOLåQMXRVREXãWRPRåHGRYHVWLGR
SRYUHGHLOLPRJXXGDULWLLRãWHWLWLQHãWR
ý89$1-(0$â,1(
,]YDGLWHVLJXUQRVQLNOʁXþ
8NORQLWHEDWHULMVNDSDNRYDQMD
3ULMHVNODGLãWHQMDRþLVWLWHPDãLQX
.DGDVNODGLãWLWHPDãLQXYRGLWHUDþXQDGDPRWRUQHEXGH
YUXü
9RGLWHUDþXQDGDPDãLQDQHPDODEDYHLOLRãWHüHQH
GLMHORYH$NRMHSRWUHEQRSUDWLWHRYDXSXWVWYD
=DPLMHQLWHRãWHüHQHGLMHORYH
=DWHJQLWH]DYUWQMH
5D]JRYDUDMWHVDRVRERPXORNDOQRPSUHGVWDYQLãWYX
8VNODGLãWLWHPDãLQXXVXYRPSRGUXþMX
9RGLWHUDþXQDGDGMHFDQHPRJXSULüLPDãLQL
3267$9,7(0$â,181$35('1-,
.5$-
6OLND
832=25(1-(
1HRSKRGQRMHGDXNORQLWHVLJXUQRVQLNOMXþLEDWHULMVNR
SDNRYDQMHSULMHQHJRãWRSRVWDYLWHNRVLOLFXXYHUWLNDODQ
SRORåDM]DVNODGLãWHQMH
6NLQLWHSRVXGX]DWUDYX
3RYXFLWHLRNUHQLWHGXJPDGUXþNH]D
3UHNORSLWHUXþNX
2NUHQLWHGXJPDGUXþNH]DGDELVWHXþYUVWLOLUXþNXX
GDWLSRORåDM
3RVWDYLWHPDãLQXQDNUDMLXYMHULWHVHGDGUåDþLGRGLUXMX
WOR
6WDYLWHYUHüX]DWUDYXXXQXWUDãQMRVWWLMHODLVDNULMWHQRåX
WRNXVWDMDQMDXSRORåDMX]DVNODGLãWHQMHNDNRELVWH
VPDQMLOLUL]LNRGSRYUHGH]ERJGRGLULYDQMDQRåD
%RVDQVNLSUHYRGRULJLQDOQRJXSXWVWYD
%6