34%!-4%#
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3RGRYL 3ORþLFHNDPHQLSRGRYL
SODVWLþQHREORJHSRGRYL
RGOLQROHXPD
0UDPRU1LNDGD QH þLVWLWL L]UDYQR VD VDSQLFRP ]D SRG EH] NUSH 1D
SRGRYLPDRGPUDPRUDPRåHELWLSRWUHEQDYLãHVWUXNDSULPMHQDNDNRELVH
XFLMHORVWLXNORQLOLRVWDFLVWDULKVUHGVWDYD]DSUDQMHLPDVQLVORM=DWXYUVWX
þLãüHQMDRGDEHULWHQLåLVWXSDQMSDUH,VWLSRSRWUHELPRåHWHSRYHüDYDWL
3ORþLFHNHUDPLþNLSRGRYL.UR]YRGXL VUHGVWYD]DþLãüHQMHVHXIXJDPD
VWYDUDMXFUQLVORMHYL 7DPRVHVDNXSOMDSUDãLQDL GUXJLRVWDFL=D GQHYQR
þLãüHQMHSUHNR VDSQLFH ]D SRG QDWHJQXWL VYMHåX þLVWX NUSX L ILNVLUDWL VD
VSRMNDPD]DSULWH]DQMH6DVDSQLFRP]DSRGODJDQRSUHOD]LWLSUHNRSRGD
.DNRELVHNUSD RSWLPDOQRLVNRULVWLODPRåHWHMXSRPDNQXWL QDVDSQLFL]D
SRGLOLMXRNUHQXWL$NRMHSUOMDYãWLQDWYUGRNRUQDRQGDVHPRåHL]UDYQREH]
NUSHþLVWLWLVDSUHNORSLYRPþHWNRP6DþHWNDPDVHSUOMDYãWLQDRWDSDL]IXJD
LXNODQMD1DNRQWRJDSUHNRVDSQLFH]DSRGQDWHJQXWLNUSXLSUHEULVDWL
=LGRYL 3ORþLFHWDSHWHNRMHVH
PRJXSUDWL
3UDQMH
SUR]RUD
3UR]RULL]OR]LRJOHGDOD 3UR]RUL.RULVWLWHVDSQLFX]D SUR]RUH3DUXQDQHVLWHRGR]JRSUHPD GROH
3UHNRVWDNODSULMHÿLWHVD JXPHQLPREUD]RPEH]SDUH NDNRELVWHXNORQLOL
NRQGHQ]LUDQXYRGX=DL]EMHJDYDQMH PUOMDSULMHÿLWHERþQRRGR]GR SUHPD
JRUH
32=258]LPLVH IURQWHSUR]RUDPRUDMXQDMSULMH ]DJULMDWL6DSQLFX
FPGUåDWLLVSUHGSUR]RUDLSXVWLWLGDGMHOXMHWRSOLQD=DXQXWUDãQMHþLãüHQMH
SUR]RUDL]DEHULWHQLåLVWXSDQM SDUH=DYDQMVNRþLãüHQMHVH PRåHL]DEUDWL
YLVRNLVWXSDQMSDUH
1DYODNH 1DPMHãWDMDXWDEURGRYL 3RGQXþHWNX PRQWLUDMWH L]UDYQR QD SDUQL SLãWROM L NRULVWLWH MX VD ELMHORP
þLVWRPSDPXþQRP NUSRP 5DGLWH VD NUDWNLP LPSXOVLPD SDUH NDNR VH
WNDQLQDQHELVPRþLOD7YUGRNRUQHPUOMHREUDÿXMWHVDVWUSOMHQMHPRSUH]QR
SDULWHMHGQR WH LVWR PMHVWR QH YLãH RG MHGQH PLQXWH SRWRP þHNDMWH SHW
PLQXWDL SRQRYLWH þLãüHQMH ,]YHGLWH NUXåQD NUHWDQMD ERþQR LOL QDSULMHG L
QDWUDJNDNRELVWHXãOLXVYHVORMHYHWNDQLQH=DNOMXþLWHREUDGXQDWDMQDþLQ
GDþHWNDWHXMHGQRPVPMHUXNDNRELVWHWNDQLQLGDOLUDYQRPMHUDQL]JOHG
7NDQLQH =DVWRUL]DVWRULWXãHYD
RVYMHåDYDQMHRGMHüH
VNLGDQMHPUOMD
8UHÿDM MH L]YDQUHGQR GREUR SULNODGDQ ]D JODþDQMH QDERUD X RGMHüL
'RYROMQRMHGD QDWNDQLQXL] RGUHÿHQHXGDOMHQRVWLQDQHVHWH SDUX3DUD
JODþDQDERUHEH]GDWNDQLQD EXGHPRNUDNDRãWRMHWR VOXþDMNRGGUXJLK
XUHÿDMDQDSDUX]DWNDQLQH
6DQLWDUQH
QDSUDYH
$UPDWXUHNDGHNDELQH
WXãHYDSUHJUDGHWXãHYD
]DKRGLVDXQHNXKLQMH
.RGþLãüHQMDNDGD LOL WXãHYD NRULVWLWH RNUXJOX þHWNX ]D þLãüHQMH WUDþQLFD
WXãNDELQDWHãNRSULVWXSDþQLKLOLMDNRSUOMDYLKPMHVWD3HUDþSUR]RUDMHYUOR
NRULVWDQNRGþLãüHQMDSRGUXþMDNRMDVXREORåHQDSORþLFDPD
=DþLãüHQMHVDQLWDUQLK XUHÿDMDNRULVWLWHVDSQLFXVD WRþNDVWLPPOD]RPVD
LOLEH]RNUXJOHþHWNH.RULVWLWHVSXåYXLOLNXKLQMVNLSDSLUNDNRELVWH XNORQLOL
SUHNRPMHUQXYODJXLRVWDWNHSUOMDYãWLQH
.XKLQMVNL
QDPMHãWDM
*ULORYL+DXEH]DRGYRG
SDUH.XKLQMVNLRUPDUL
RSUHPD]DSHüQLFH
1DPMHãWDMX
VWDQX
2NYLULSUR]RUDQDPMHãWDM
UXVWLNDOQHJUHGHVYMHWLOMNH
.DPHQMD]DNDPLQ
UROHWHYLWULQH
äDOX]LMH.RULVWLWHPDOH QDMORQVNHRNUXJOHþHWNH ýHWNXYRGLWHWDNR GXJR
SUHNRSRYUãLQHVNUR]GRNSDUDQHSURGUH
1DUROHWDPD RG 39&D REUDGD SDURP PRUD ELWL EU]D .RG åDOX]LMD RG
WNDQLQHELVWHPDWHULMDOSULMHREUDGHPRUDOLSURYMHULWLQDSRVWRMDQRVWERMH
$XWR 'DVNHVDDUPDWXUDPD
QDYODNHãDUNH]DYUDJD
IHOJHDOXPLQLMþHOLN
=DþLãüHQMHXQXWUDãQMRVWL9DãHJYR]LOD]DQDYODNHLGUXJHGLMHORYHNRULVWLWH
SRGQXþHWNX VD NUSRP L SUL WRPH VOLMHGLWH XSXWH ]D þLãüHQMH SRGUXþMD
VWDQRYDQMDýHWNXQHPRMWHNRULVWLWLEH]NUSHDNRþLVWLWHNRåQH REORJH=D
NDSHQDJODYþLQLNRWDþDQDMEROMHNRULVWLWHVDSQLFXVDWRþNDVWLPPOD]RPVD
QDVWDYNRPRNUXJOHþHWNH
%LFLNOH
PRWRFLNOL
2NYLULIHOJHåELFHVHGOD
 6NORSNHXWLþQLFHUHJXODWRUHLWGNDRLGLMHORYHQDHOHNWULþQLPXUHÿDMLPDNRMLYRGHQDSRQQLNDGDQHPRMWHþLVWLWLVD
POD]RPSDUH
7HKQLþNLSRGDFL

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2VLJXUDQMH $ 0DNVWHPSHUDWXUD &

3ULPDQMHVQDJH : 5DGQLWODN EDU

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