23,6
1$0-(1$
2YDPDãLQDMHQDPLMHQMHQD]DVHþHQMHWUDYHWDQNLKL]GDQDNDL
GUXJHVOLþQHYHJHWDFLMHQDQLYRXLOLEOL]XWOD5DYDQVMHþHQMD
PRUDELWLSULEOLåQRSDUDOHOQDVDSRYUãLQRPWOD0DãLQXQH
PRåHWHNRULVWLWL]DVMHþHQMHLOLVNUDüHQMHåLYLFHåEXQMD
ãLSUDåMDFYLMHüDLNRPSRVWD
35(*/('
6OLND
6WUDåQMLUXNRKYDW
2NLGDþ
3ROXJD]DEORNLUDQMH
3UHGQMDUXþND
5XEQDYRÿLFD
*ODYDWULPHUD
âWLWQLN
2WYRUYLMND
'RQMDVSRQD
'XJPH]DRVOREDÿDQMHEDWHULMH
2ãWULFD]DUH]DQMH
3RNORSDFãSXOQH
-H]LþDN
=DãWLWDQDMORQWUDNH
âSXOQD
.XüLãWHãRXOQH
3URUH]
5XSD
2WYRU]DXþYUãüHQMH
3URUH]]DYRÿHQMH
.OMXþ
âSXOQD
$
6PMHUURWDFLMH
%
3URVWRUQDMEROMHJVMHþHQMD
&
2SDVDQSURVWRUVMHþHQMD
892'
3URL]YRGNRMLVWHNXSLOLGL]DMQLUDQMHLSURL]YHGHQSRYLVRNLP
VWDQGDUGLPDSRX]GDQRVWLODNRüHLEH]EMHGQRVWLUDGD8]
SUDYLOQXSDåQMXSUXåLüHYDPPQRJRJRGLQDVQDåQRJXþLQND
EH]SUREOHPD
1$0-(1$
2YDMSURL]YRGQDPLMHQMHQMHLVNOMXþLYR]DXSRWUHEXQD
RWYRUHQRP
2YDMSURL]YRGMHQDPLMHQMHQ]DVMHþHQMHWUDYHWDQNLK
L]GDQDNDLGUXJHVOLþQHYHJHWDFLMHQDQLYRXLOLEOL]XWOD5DYDQ
VMHþHQMDPRUDELWLSULEOLåQRSDUDOHOQDVDSRYUãLQRPWOD
3URL]YRGQHWUHEDNRULVWLWL]DVMHþHQMHLOLVNUDüHQMHåLYLFH
ãLSUDåMDLOLGUXJHYHJHWDFLMHJGMHUDYDQVMHþHQMDQLMHSDUDOHOQD
VDSRYUãLQRPWOD
23û$%(=%-('1261$
832=25(1-$=$
(/(.75,ý1,$/$7
832=25(1-(
3URþLWDMWHVYDVLJXUQRVQDXSR]RUHQMDLXSXWVWYD
1HSULGUåDYDQMHXSR]RUHQMDLXSXWDPRåHUH]XOWLUDWL
HOHNWULþQLPXGDURPSRåDURPLLOLWHãNRPSRYUHGRP
6SUHPLWHVYDXSR]RUHQMDLXSXWVWYDUDGLEXGXüHXSRWUHEH
,]UD]ÄHOHNWULþQLDODW³XXSR]RUHQMLPDVHRGQRVLQDYDã
HOHNWULþQLDODWNRMLUDGLQDEDWHULMHEHåLþQL
2%8.$
3DåOMLYRSURþLWDMWHXSXWVWYD
8SR]QDMWHVHVDNRPDQGDPDL
SUDYLOQRPXSRWUHERPPDãLQH
1LNDGDQHGR]YROLWHGDPDãLQX
NRULVWHGMHFDRVREHVD
XPDQMHQLPIL]LþNLP
RVMHWLOQLPLOLPHQWDOQLP
VSRVREQRVWLPDRVREDPDVD
QHGRVWDWNRPLVNXVWYDL]QDQMD
LOLRVREDPDNRMHQLVXXSR]QDWH
VDXSXWDPD]DXSRWUHEX
/RNDOQLSURSLVLPRJX
RJUDQLþLWLVWDURVQXGRE
RSHUDWHUD
,PDMWHQDXPXGDMHRSHUDWHU
LOLNRULVQLNRGJRYRUDQ]D
QH]JRGHLOLQHVUHüHNRMHVH
GRJRGHGUXJLPOMXGLPDLOL
QMLKRYRMLPRYLQL
%RVDQVNL
%6