+UYDWVNL3ULMHYRGL]YRUQLKXSXWD
832=25(1-(
3URYMHULWH GD MH OLVW SLOH X WRþQRP SRORåDMX .DGD
XJUDÿXMHWH ãWLWQLN OLVWD SLOH VLWRWLVDN QD OLVWX XYLMHN MH
JRUHLSUHPDãWLWQLNXOLVWDSLOH
35(79$5$1-( ,= 5(=$ý$ ä%81-$ /,67 3,/( 8
75,0(5
8NODQMDQMHOLVWDSLOHLãWLWQLNDOLVWDSLOH
3RJOHGDMWHVOLNX
=DXVWDYLWHPRWRULRGVSRMLWHNDEHOVYMHüLFH
3RVWDYLWH LPEXV NOMXþ NUR] RWYRU X JRUQMRM SULUXEQLFL
SRGORãNH L RWYRU X JODYL PMHQMDþD 2NUHQLWH YLMDN X
VPMHUXNUHWDQMDND]OMDNLQDVDWX]DXNODQMDQMH
8NORQLWH SRGORãNX SRGORãNX OLVWD SRGORãND V
L]GLJQXWLP VUHGLãWHP OLVW L ãWLWLQLN OLVWD L ]DGUåLWH ]D
GDOMHNRULãWHQMH
1$320(1$ 6SUHPLWH ]D NDVQLMH NRULãWHQMH GLMHORYH
JODYHWULPHUD]DMHGQR
,QVWDODFLMDJODYHWULPHUDVÀDNVRPOLQJ5HHO(DV\
3RJOHGDMWHVOLNX
8JUDGLWH SRGORãNX V L]GLJQXWLP VUHGLãWHP 8JUDGLWH
SULNOMXþDN SRJRQD X PMHQMDþ 3RVWDYLWH LPEXV NOMXþ
NUR]RWYRUXJRUQMRMSULUXEQLFLSRGORãNHLRWYRUXJODYL
PMHQMDþD3RPRüXNOMXþDRNUHQLWHSULNOMXþDNSRJRQDX
VPMHUXVXSURWQRPRGNUHWDQMDND]DOMNHQDVDWXýYUVWR
SULWHJQLWH
3RVWDYLWH NXüLãWH JODYH ÀDNVD QD SULNOMXþDN SRJRQD
3URYMHULWHMHOLNXüLãWHSRWSXQRQDVMHOR
3RVWDYLWH LPEXV NOMXþ NUR] RWYRU X JRUQMRM SULUXEQLFL
SRGORãNHLRWYRUXJODYLPMHQMDþD3RVWDYLWHSRGORãNX
LYLMDNVDãHVWHURNXWQRPJODYRPXSULNOMXþDNSRJRQD
3RPRüX NOMXþD RNUHQLWH YLMDN VD ãHVWHURNXWQRP
JODYRP X VPMHUX VXSURWQRP RG NUHWDQMD ND]DOMNL QD
VDWXýYUVWRSULWHJQLWH
3RQRYQR LQVWDOLUDMWH NDOHP =D SULNOMXþDN UDYQH
RVRYLQHVUH]QRPJODYRP5HHO(DV\JODYXWULPHUD
VÀDNVRPWUHEDSRVWDYLWLWDNRGDMHQDNDOHPXYLGOMLYR
Ä2YXVWUDQXSUHPDYDQ]DUDYQXRVRYLQX³
3RQRYQR SRVWDYLWH JXPE ]D RWSXãWDQMH WDNR GD JD
XPHWQHWHXFHQWDUNDOHPD
3RQRYQR SRVWDYLWH SRNORSDF JODYH WULPHUD
SRUDYQDYDMXüL MH]LþND V RWYRULPD X JODYL WULPHUD
3ULWLVQLWHSRNORSDFLJODYXWULPHUD]DMHGQRVYHGRNRED
MH]LþNDþYUVWRQHXVNRþHXRWYRUH
8JUDGLWH ÀDNV =D GHWDOMQLMH REDYLMHVWL SRJOHGDMWH
RGMHOMDN³=DPLMHQDÀDNVDL´XRYRPSUSUXþQLNX
8JUDÿLYDQMH ãWLWQLND UH]QRJ SULNOMXþND ]D WULPHU V
ÀDNVRP7UL$UFRãWULFD
3RJOHGDMWHVOLNX
3ULNOMXþLWHãWLWQLNUH]QRJSULNOMXþND]DWULPHUVÀDNVRP
7UL$UF RãWULFD QDQRVDþ ]D PRQWDåXL SRUDYQDYDMWH
RWYRUH YLMDND QD ãWLWQLNX UH]QRJ SULNOMXþND ]D WULPHU
V ÀDNVRP 7UL$UF RãWULFD V YLMFLPD QD QRVDþX ]D
PRQWDåX
7LJKWHQVFUHZVVHFXUHO\
832=25(1-(
.DGD NRULVWLWH 5HHO(DV\ JODYX WULPHUD V ÀDNVRP L
7UL$UFRãWULFXãWLWQLNDUH]QRJSULNOMXþND]DWULPHUV
ÀDNVRP7UL$UFRãWULFDPRUDMXELWLSULNOMXþHQLQDQRVDþ
832=25(1-(
.DGD NRULVWLWH OLVW SLOH ãWLWQLN OLVWD SLOH PRUD ELWL
SULNOMXþHQQDQRVDþ
8325$%$
*25,92,'2381-$9$1-(635(01,.$
3RWSXQRVLJXUQRUXNRYDQMHJRULYRP
Ŷ 8YLMHN EXGLWH L]QLPQR RSUH]QL NDG UXNXMHWH JRULYRP
ULMHþ MH R YUOR ]DSDOMLYRM VXSVWDQFL 3XQMHQMH XYLMHN
REDYOMDMWHQDRWYRUHQRPLQHXGLãLWHSDUHJRULYD5LMHþ
MHRYUOR]DSDOMLYRMVXSVWDQFL
Ŷ ,]EMHJDYDMWH VYDNL GRGLU EHQ]LQD L XOMD V RþLPD
1HPRMWHXGLVDWLLVSDUDYDQMDJRULYD1HPRMWHSXãLWL
Ŷ 1HPRMWH GRSXVWLWL GD JRULYR LOL VUHGVWYR ]D
SRGPD]LYDQMHGRÿXXGRGLUVYDãRPNRåRP
Ŷ 'UåLWH JRULYR L VUHGVWYR ]D SRGPD]LYDQMH GDOMH RG
RþLMX $NR YDP EHQ]LQ LOL XOMH SUVQX X RþL RGPDK
LK LVSHULWH þLVWRP YRGRP $NR MH LULWDFLMD MRã XYLMHN
SULVXWQDRGPDKNRQ]XOWLUDMWHOLMHþQLND
Ŷ 2GPDKREULãLWHSUROLYHQRJRULYR
0LMHãDQMHJRULYD
Ŷ 9Dã DODW IXQNFLRQLUD V GYRWDNWQLP PRWRURP NRMHPX
MH SRWUHEQD PMHãDYLQD EHQ]LQD L GYRVLQWHWL]LUDQRJ
XOMD0LMHãDMWHEH]RORYQLEHQ]LQLGYRVLQWHWL]LUDQRXOMH
X RGJRYDUDMXüRM SRVXGL SRVHEQR QDPLMHQMHQRM ]D
GUåDQMHEHQ]LQD
Ŷ 0RWRUIXQNFLRQLUDVEH]RORYQLPEHQ]LQRP]DYR]LODV
RNWDQVNLPSRND]DWHOMHPRG>50@LOLYLãH
Ŷ 1H UDELWH PMHãDYLQH EHQ]LQXOMH NRMH VH SURGDMX QD
EHQ]LQVNLPFUSNDPD
Ŷ 5DELWH VDPR GYRVLQWHWL]LUDQR XOMH 1H NRULVWLWH
DXWRPRELOVNRXOMHQLWLGYRWDNWQRXOMH]DL]YDQEURGVNH