34%!-4%#)(

1HRãWHüXMWHPUHåQL SULNOMXþQL
YRGQDSULPMHUDNRJDSUHJD]LWH
WHJOLWH]JQMHþLWH
0UHåQLSULNOMXþQLYRG t]YXFLWH
VDPR]DXWLNDþ QHPRMWHYXþL
WHJOLWL]DSULNOMXþQLNDEDO
3ULNOMXþQLYRG GUåLWH SRGDOMH RG
YUXüLKSRYUãLQD
235(=
8UHÿDMLOLQMHJRYH
SRMHGLQDþQH
GLMHORYHQLNDGDQHPRMWHXUDQMDWL
X YRGX LOL X GUXJH WHNXüLQH
2SDVQRVWRGVWUXMQRJXGDU
6WURMVHVPLMHSULNOMXþLWLVDPRQD
SURSLVDQXLQVWDODFLMX
.RG XNOMXþLYDQMD GROD]L GR
NUDWNRWUDMQRJSDGDQDSRQD X
PUHåL
3ULPUHåQRP RWSRUX NXüQL
SULNOMXþDNPDQMHPRG ȍ
VPHWQMHQLVX]D RþHNLYDWL8
VOXþDMXQHGRXPLFHNRQWDNWLUDMWH
VYRMHJGLVWULEXWHUDVWUXMH
9RGLWHUDþXQDR]DGQMHPL]GDQMX
,(&RGUHGDED
2GUåDYDQMDLSRSUDYND
3$ä1-$
3ULMH þLãüHQMD L RGUåDYDQMD
YLVRNRWODþQRJVWURMD]DþLãüHQMH
X VYDNRP VOXþDMX L]YXFLWH
PUHåQLXWLNDþ
6SURYRGLWHVDPR WH UDGRYH
RGUåDYDQMDNRMLVX RSLVDQLX
8SXWL]DSRJRQ8SRWUHEOMDYDMWH
LVNOMXþLYRRULJLQDOQHUH]HUYQH
GLMHORYH
1DXUHÿDMXQHSURYRGLWLWHKQLþNH
L]PMHQH
2SUHPDLUH]HUYQLGLMHORYL
.RULVWLWLVDPR GLMHORYH RSUHPH
GRVWDYOMHQH VD XUHÿDMHP L
XWYUÿHQH X XSXWL ]D XSRUDEX
1DNRQ WRJD NRULVWLWL VDPR
RULJLQDOQH UH]HUYQH GLMHORYH
8SRUDED GUXJLK GLMHORYD PRåH
XWLFDWLQDVLJXUQRVW
2GYRåHQMH XUHÿDMD QD
UHFLNODåX
8UHÿDMNRML MH RGVOXåLR RGPDK
XþLQLWHQHXSRWUHEOMLYLP
 3RYXFLWH PUHåQL XWLNDþ L
SURUHåLWHSULNOMXþQLNDEHO
1HPRMWH EDFDWL HOHNWULþQH
XUHÿDMHXNXüQRVPHüH
3UHPD (XURSVNRM VPMHUQLFL
(*RVWDULPHOHNWULþQLP
L HOHNWURQLþNLP XUHÿDMLPD
LVWURãHQL HOHNWULþQL XUHÿDML
PRUDMXVHRGYRMHQR VDNXSOMDWLL
RGYHVWLQDUHFLNODåX XVNODGXV
HNRORãNLPQRUPDPD
$NR LPDWH SLWDQMD PROLPR
REUDWLWH VH 9DãRM RSüLQVNRM
XSUDYLLOLQDMEOLåHPWUJRYFX
*DUDQFLMD
=D JDUDQFLMX L MDPVWYR YULMHGH
QDãH RSüH SRVORYQH RGUHGEH
=DGUåDYDPRSUDYRQDSURPMHQH
WLMHNRPWHKQLþNLKLQRYDFLMD
,VSLWLYDQMDLRGREUHQMD
8UHÿDMMH RGREUHQ SUHPD ,(&
(1
6YUKDXSRUDEH
2YDMXUHÿDM MH SULNODGDQ VDPR
]DNXüQXXSRUDEX
8UHÿDMNRULVWLWHVDPR]DUDGRYH
þLãüHQMD RSLVDQH X XSXWL ]D
XSRUDEX
2YDM XUHÿDM MH SULNODGDQ ]D
þLãüHQMH SRYUãLQD RWSRUQLK QD
WHPSHUDWXUXLYODJX
2EUDWLWHSR]RUQRVWQD XSXWX]D
XSRUDEXXUHÿDMD LOL SRVWURMHQMD
NRMH þLVWLWH ± PRJXüH MH GD
RGVWUDQH SURL]YRÿDþD SRVWRMH
RJUDQLþHQMD8UHÿDMHQHNRULVWLWL
]DþLãüHQMHSHüQLFDPLNURYDOQLK
SHüQLFD]DPU]LYDþDKODGQMDND
LOLGUXJLKHOHNWULþQLKXUHÿDMD
32=25
.RG PDWHULMDOD RVMHWOMLYLK QD
WHPSHUDWXUX L YODJX QDMSULMH
QDSUDYLWL SRNXV QD VNULYHQRP
PMHVWX3UL WRPH ]DSRþQLWH VD
QLVNLP VWXSQMHP SDUH L GUåLWH
UD]PDN RG QDMPDQMH  FP
.UR]YLVRNXWHPSHUDWXUX SDUH
NROLþLQXSDUHELVHREMHNWNRMLVH
WUHEDRþLVWLWLPRJDRRãWHWLWLQSU
]DSHþDüHQLSDUNHWLGUYRGUYHQL
VWURSRYLåEXND RNYLUL SUR]RUD
GUYDVDREUDÿHQRP SRYUãLQRP
UXVWLNDOQHJUHGHLWG
8VOMHGHüHP9DPGDMHPR QHNH
SULPMHUH ]D XSRUDEX