ý,âý(1-(,19='5ä(9$1-(
3UHGHQL]YDMDWHY]GUåHYDOQDGHODQDSORãþLMRSXVWLWHGDVH
RKODGL
8SRUDEOMDMWHVDPRL]GHONHNUHPHLQVWUJDODSRVHEHMREOLNRYDQH
]DVWHNORNHUDPLþQHSRYUãLQH.XSLWHMLKYåHOH]QLQL
,]RJLEDMWHVHUD]OLWMXVDMVHERYVHNDUSDGHQDSRYUãLQRSORãþH
KLWUR]DåJDORLQERWDNRRWHåLORþLãþHQMH
6YHWXMHPRGDYVHVXEVWDQFHNLVHUDGHVWRSLMRNRWVRSODVWLþQL
SUHGPHWLVODGNRUL]GHONLQDRVQRYLVODGNRUMDGUåLWHSURþRG
SORãþH
9='5ä(9$1-(
1DPHVWLWHQHNDMNDSOMLFVSHFLDOL]LUDQHþLVWLOQHWHNRþLQHQD
SRYUãLQRSORãþH
3RGUJQLWHWUGRYUDWQHPDGHåH]PHKNRNUSRLQ]UDKORYODåQR
NXKLQMVNREULVDþR
2EULãLWH]PHKNRFXQMRDOLVXKRNXKLQMVNREULVDþRGRNOHU
SRYUãLQDQLþLVWD
ýHãHREVWDMDMRWUGRYUDWQLPDGHåL
1DPHVWLWHQHNDMNDSOMLFVSHFLDOL]LUDQHþLVWLOQHWHNRþLQHQD
SRYUãLQRSORãþH
3RGUJQLWHVVWUJDORPNLJDGUåLWHSRGNRWRPQDSORãþR
GRNOHUPDGHåLQHL]JLQHMR
2EULãLWH]PHKNRFXQMRDOLVXKRNXKLQMVNREULVDþRGRNOHU
SRYUãLQDQLþLVWD
ýHMHSRWUHEQRSRVWRSHNSRQRYLWH
1(.$-1$0,*29
3RJRVWRþLãþHQMHSXãþD]DãþLWQRSODVWNLMHNOMXþQHJDSRPHQD
SULSUHSUHþHYDQMXSUDVNLQREUDEH=DJRWRYLWHGDMHSRYUãLQD
þLVWDSUHGHQYQRYLþXSRUDEOMDWHSORãþR=DRGVWUDQLWHYPDGHåHY
]YRGRXSRUDELWHQHNDMNDSOMLFEHOHJDNLVDDOLOLPRQLQHJDVRND
3RWHPREULãLWH]YSRMQLPSDSLUMHPLQQHNDMNDSOMLFDPL
VSHFLDOL]LUDQHþLVWLOQHWHNRþLQH
6WHNORNHUDPLþQDSRYUãLQDSUHQHVHGUJQMHQMHSRVRGNLLPDMR
SORVNRGQRYHQGDUMHYVHNDNRUEROMHþHMLKGYLJQHWHRE
SUHQDãDQMXL]HQHJDNXKDOLãþDQDGUXJHJD
1HXSRUDEOMDMWHSUHYHþPRNUHJREH
1LNROLQHXSRUDEOMDMWHQRåDDOLL]YLMDþD
6WUJDOR]EULWYLFRQHERSRãNRGRYDORSRYUãLQHGRNOHUJD
GUåLWHSRGNRWRP
1LNROLQHSXãþDMWHVWUJDOD]EULWYLFRYGRVHJXRWURN
1LNROLQHXSRUDEOMDMWHDEUD]LYQLKL]GHONRYDOLþLVWLOQLKSUDãNRY
9='5ä(9$1-(322.9$5,
3UHGHQSRNOLþHWHVHUYLVHUMDSURVLPRSUHYHULWHQDVOHGQMH
GDMHYWLNDORSUDYLOQRYVWDYOMHQRLQYDURYDONRýHQDSDNHQH
PRUHWHQDMWL,]NORSLWHQDSUDYR±SXVWLWHYVHSULPLUX±SRNOLþHWH
3RREODãþHQLVHUYLVQLFHQWHU1DSUDYLMHELOSULORåHQJDUDQFLMVNLOLVW
NL]DJRWDYOMDGDERQDSUDYDSRSUDYOMHQDEUH]SODþQRSUL
6HUYLVQHPFHQWUX
5(â(9$1-(7(ä$9
,QGXNFLMDSORãþDVSXãþD]YRNH
1RUPDOQR9HQWLODWRUHOHNWURQVNLKNRPSRQHQWMHYNOMXþHQ
,QGXNFLMDSORãþDVSXãþDUDKHOåYLåJDMRþ]YRN
1RUPDOQR*OHGHQDGHORYQRIUHNYHQFRLQGXNWRUMHYSULGHGR
UDKOHJDåYLåJDMRþHJD]YRNDNRXSRUDEOMDWHYHþNXKDOLãþSUL
PDNVLPDOQLPRþL
.XKDOLãþDNLQHREGUåLMRVWRSQMHKLWUHJDYUHWMDDOLGRYROM
KLWUHJDSHþHQMD
8SRUDEOMDWLPRUDWHSRQYHNLVRSRSROQRPDSORVNH
'QDSRQHYPRUDMRELWLVNRUDMHQDNHSUHPHUXL]EUDQHJD
NXKDOLãþD
+UDQDVHSRþDVLNXKD
8SRUDEOMDWHQHSULPHUQRSRVRGR'QDSRQHYPRUDMRELWLSORVNH
SUHFHMWHåNHLQHQDNHJDSUHPHUDNRWL]EUDQRNXKDOLãþH
0DMKQHSUDVNHODKNRL]JOHGDMRNRWUD]ELWLQHDOLRGUJQLQHQD
VWHNOHQLSRYUãLQLSORãþH
1HSUDYLOQLQDþLQLþLãþHQMDSRVRGD]JURELPGQRPDOLUDVNDYL
GHOFLVRODOLSHVHNNLVHXORYLMRPHGSRVRGRLQSRYUãLQRSORãþH
8SRUDELWHSULSRURþOMLYHSRVWRSNHþLãþHQMDLQVHSUHGXSRUDER
SUHSULþDMWHGDVRGQDSRVRGHþLVWDLQXSRUDEOMDMWHSRVRGR]
UDYQLPGQRP
.RYLQVNLPDGHåLL]JOHGDMRNRWSUDVNH
1HGUVLWH]DOXPLQLMDVWRSRVRGRSRSRYUãLQLSORãþH8SRUDEOMDMWH
SULSRURþHQHQDþLQHþLãþHQMD]DRGVWUDQLWHYPDGHåHY
8SRUDEOMHQLVRELOLQHSUDYLOQLQDþLQLþLãþHQMDPDGHåLRG]OLWMDDOL
PDãþREHRVWDQHMRQDSRYUãLQL±XSRUDELWHVWUJDOR]EULWYLFRLQ
SULSRURþHQLþLVWLOQLL]GHOHN
7HPQHSURJHDOLPDGHåL
8SRUDELWHVWUJDOR]EULWYLMRLQSULSRURþHQLþLVWLOQLL]GHOHN
5D]EDUYDQDSRGURþMDQDNXKDOQLSRYUãLQL
0DGHåHRGDOXPLQLMDVWLKDOLEDNUHQLKSRQHYNRWWXGLXVHGOLQH
PLQHUDORYL]YRGHDOLKUDQHODKNRRGVWUDQLWHVþLVWLOQRNUHPR
9URþHPHãDQLFHVVODGNRUMHPSODVWLNRVWRSOMHQLQDSRYUãLQR
*OHMSRJODYMHýLãþHQMHVWHNOHQHSORãþH
3ORãþDMHYRNYDULDOLSDQHNDWHUDNXKDOLãþDQHGHODMR
3DOLFH]DSUHPLNDQMHQLVRSULPHUQRSULWUMHQHQDSULNOMXþQLFR
3UHYHULWHYH]MHþHMHSUDYLOQRSRYH]DQRJOHGHQDQDYRGLODQD
VWUDQL
3ORãþDQHGHOXMH
.RQWUROQDSORãþDMH]DNOHQMHQD3ULWLVQLWHWLSNR]D³=DNOHSDQMH´
]DRGNOHS
3ORãþDVHQHL]NORSL
.RQWUROQDSORãþDMH]DNOHQMHQD3ULWLVQLWHWLSNR]D³=DNOHSDQMH´
]DRGNOHS3RJOHMWHVLSRJODYMHQDVWUDQL
3ORãþDVHDYWRPDWLþQRXVWDYL
.XKDOLãþHVHXVWDYLDYWRPDWLþQRþHVRELODSUHGROJRYNORSOMHQD
*OHMWHSRJODYMHQDVWUDQL
)UHNYHQFDYNODSOMDQMDLQL]NODSOMDQMD]DNXKDOLãþD
&LNOLYNORSL]NORSYDULLUDMRJOHGHQD]DKWHYDQQLYRWRSORWH
QL]HNQLYR.UDWHNþDVGHORYDQMD
YLVRNQLYRGROJþDVGHORYDQMD
1DSUDYDMHR]QDþHQDYVNODGX](YURSVNRGLUHNWLYR
R
RGSDGQL
HOHNWULþQL
LQ
HOHNWURQVNL
RSUHPL:(((=]DJRWDYOMDQMHPGDMHWDL]GHOHN
SUDYLOQRRGVWUDQMHQERVWHSRPDJDOLSUHSUHþLWL
PRUHELWQHQHJDWLYQHSRVOHGLFHQDRNROMHLQ]GUDYMH
OMXGLNLELMLKODKNRVLFHUSRY]URþLORQHSULPHUQR
UDYQDQMH]RGSDGNLWHJDL]GHOND
6LPEROL]GHONDSULND]XMHGD]L]GHONRPQHPRUHWH
UDYQDWLNRW]RELþDMQLPLJRVSRGLQMVNLPLRGSDGNL
1DPHVWRWHJDJDMHWUHEDRGSHOMDWLQDXVWUH]QR]ELUQRPHVWR]D
UHFLNOLUDQMHHOHNWULþQHLQHOHNWURQVNHRSUHPH2GVWUDQLWHYPRUD
ELWLL]YHGHQHYVNODGX]ORNDOQLPLRNROMVNLPLSUDYLOL]DUDYQDQMH]
RGSDGNL
=DSRGUREQHMãHLQIRUPDFLMHRUDYQDQMX]LQUHFLNOLUDQMXWHJD
L]GHONDSURVLPRGDNRQWDNWLUDWHORNDOQLXUDGYDãHNRPXQDOQR
SRGMHWMHDOLYWUJRYLQLNMHUVWHNXSLOLWDL]GHONH
64 SI
3D]LWH
0DNVLPXP
20 2/
/E
1 19 U
