1
'{OHåLWp
(OHNWURQLFNêQiYRGQDREVOXKXMHXUþHQê
SUHNDåGpKRNWRSRXåtYDPRQLWRU]QDþN\
3KLOLSV6N{UDNR]DþQHWHVYRMPRQLWRU
SRXåtYDĢQiMGLWHVLþDVQDSUHãWXGRYDQLH
WRKWRQiYRGXQDREVOXKX2EVDKXMHG{OHåLWp
LQIRUPiFLHDSR]QiPN\WêNDM~FHVDREVOXK\
YiãKRPRQLWRUD
=iUXND3KLOLSV)UVW&KRLFHSRåDGXMH
SRXåLWLHSURGXNWOHQQDMHKRXUþHQpSRXåLWLH
YV~ODGHVMHKRSUHYiG]NRYêPLLQãWUXNFLDPL
DQD]iNODGHSUHGORåHQLDRULJLQiOQHMIDNW~U\
DOHERSRNODGQLþQpKREORþND]DKĚĖDM~FLP
GiWXPSUHGDMDPHQRSUHGDMFXDPRGHOD
YêUREQpþtVORSURGXNWX
%H]SHþQRVWQpRSDWUHQLDD~GUåED
9êVWUDK\
3RXåtYDQLHLQêFKRYOiGDQtSULVS{VREHQt
DOHERSRVWXSRYQHåWêFKNWRUpEROL
ãSHFL¿NRYDQpYWHMWRGRNXPHQWiFLLP{åH
PDĢ]DQiVOHGRNY\VWDYHQLHãRNXHOHNWULFN~
SRUXFKXDDOHERPHFKDQLFN~SRUXFKX
3ULSULSiMDQtDSRXåtYDQt9iãKRSRþtWDþRYpKR
PRQLWRUDVLSUHþtWDMWHDQDVOHGXMWHWLHWR
SRN\Q\
3UHYiG]ND
'EDMWHQDWRDE\QHEROPRQLWRU
Y\VWDYHQêSULDPHPXVOQHþQpPXVYHWOX
YHĐPLVLOQêPMDVQêPVYHWOiPDERO
ćDOHMRGLQêFK]GURMRYWHSOD'OKRGREp
Y\VWDYHQLH~þLQNRPWDNpKRWRW\SX
SURVWUHGLDP{åHYLHVĢNY\EOHGQXWLXD
SRãNRGHQLXPRQLWRUD
2GVWUiĖWHDNpNRĐYHNSUHGPHW\NWRUp
E\PRKOLVSDGQ~ĢGRYHWUDFtFKRWYRURY
DOHER]DEUiQLĢVSUiYQHPXFKODGHQLX
HOHNWURQLN\PRQLWRUD
1HXSFKiYDMWHYHWUDFLHRWYRU\QDVNULQNH
3ULSRORKRYDQtPRQLWRUDVDXLVWLWHþL
MHQDSiMDFLD]iVWUþNDD]iVXYNDĐDKNR
SUtVWXSQi
$NY\StQDWHPRQLWRURGSRMHQtP
QDSiMDFLHKRNiEODDOHERNiEODDGDSWpUD
SRþNDMWHVHN~QGSUHGSULSRMHQtP
QDSiMDFLHKRNiEODDOHERNiEODDGDSWpUD
DE\VWH]DEH]SHþLOLQRUPiOQXSUHYiG]NX
3URVtPSRXåtYDMWHYåG\OHQVFKYiOHQê
QDSiMDFtNiEHOGRGDQêRGVSRORþQRVWL
3KLOLSV$NYiãQDSiMDFtNiEHOFKêED
SURVtPNRQWDNWXMWHVYRMHPLHVWQH
VHUYLVQpFHQWUXP3URVtPSR]ULWH
VL,QIRUPDþQpFHQWUXPVSRWUHELWHĐRY
VWDURVWOLYRVWLR]iND]QtND
3RþDVSUHYiG]N\QHY\VWDYXMWHPRQLWRU
SUXGNêPYLEUiFLiPDOHERSRGPLHQNDPV
YHĐNêPLQiUD]PL
1HXGLHUDMWHDOHERQHKiGåWHPRQLWRU
SRþDVSUHYiG]N\DOHERSUHSUDY\
ÒGUåED
.Y{OLRFKUDQHPRQLWRUDSUHGSRãNRGHQtP
QHY\YtMDMWHQDGPHUQêWODNQDSDQHO
PRQLWRUD3ULSUHQiãDQtYiãKRPRQLWRUD
XFKRSWHUiPDWDNKR]GYLKQLWH
QHGYtKDMWHPRQLWRUXPLHVWQHQtPU~N
DOHERSUVWRYQDSDQHOPRQLWRUD
$NPRQLWRUQHEXGHWHGOKãLXGREX
SRXåtYDĢRGSRMWHKR
$NSRWUHEXMHWHPRQLWRURþLVWLĢPLHUQH
YOKNRXWH[WtOLRXRGSRMWHKR2EUD]RYNX
P{åHWH]RWULHĢVXFKRXWH[WtOLRXYR
Y\SQXWRPVWDYH1LNG\YãDNQHSRXåtYDMWH
RUJDQLFNpUR]S~ãĢDGOiDNRV~DONRKRO
DOHERWHNXWLQ\VDPRQLDNRYêP]iNODGRP
$E\VWHVDY\KOLUL]LNXãRNXDOHER
WUYDOpPXSRãNRGHQLXSUtVWURMD
QHY\VWDYXMWHPRQLWRUYSO\YRPSUDFKX
GDåćDYRG\DOHERQDGPHUQHYOKNpKR
SURVWUHGLD
$NYiãPRQLWRU]RVWDQHYOKNêXWULWHKR
þRQDMVN{UVXFKRXWH[WtOLRX
$NVDGRYiãKRPRQLWRUDGRVWDQHFXG]t
SUHGPHWDOHERYRGDSURVtPLKQHćKR
Y\SQLWHDRGSRMWHQDSiMDFtNiEHO3RWRP
RGVWUiĖWHFXG]tSUHGPHWDOHERYRGXD
RGRãOLWHKRGRVHUYLVQpKRFHQWUD
'{OHåLWp