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6 RE]LURP GD MH GRãOR GR WUHQGD SRYHüDQMD ]DKWHYD SR SLWDQMX EH]EHGQRVWL UXNRYDODFD MDYLOD VH L QXåQRVW RSUHPDQMD WUDNWRUD QH VDPR ]DãWLWQLP VWUXNWXUDPD YHü L NDELQDPD .DELQH SUXåDMX QH VDPR EROMX EH]EHGQRVW UXNRYDRFLPD SUL SUHYUWDQMX YHü LVWRYUHPHQR L ]YXþQX L WHUPLþNX L]RODFLMX UDGQRJ PHVWD UXNRYDRFD .DELQD VH PRåH L]UDÿLYDWL NDR LQWHJUDOQD FHOLQD LOL VH PRåH GRELWL QDGRJUDGQMRP YHü SRVWRMHüH ]DãWLWQH VWUXNWXUH 8 GUXJRP VOXþDMX ]DãWLWQD VWUXNWXUD VOXåL NDR QRVHüD VWUXNWXUD QD NRMX VH GDOMH SULþYUãüXMX SDQHOL NRML þLQH VWUDQLFH NDELQH .DR SULPHU NDELQH VD ãHVW YHUWLNDOQLK QRVDþD PRåH SRVOXåLWL NDELQD WUDNWRUD 1HZ +ROODQG SULND]DQD QD 6OLFL .DELQD VD GYRMH YUDWD SRVWDYOMHQD MH QDSUHG QD GYD SULJXãLYDþD D QD]DG MH SUHNR JXPHQLK XPHWDND SULþYUãüHQD QD EODWREUDQH ]DGQMLK WRþNRYD =DãWLWQD VWUXNWXUD VH VDVWRML RG ãHVW YHUWLNDOQLK VWXERYD SR GYD QDSUHG FHQWUDOQR L QD]DG 'YD SUHGQMD YHUWLNDOQD VWXED VX WUDSH]QRJ SRSUHþQRJ SUHVHND D GRELMHQL VX ]DYDULYDQMHP GYD SUR¿OD 3UR¿OL PRJX ELWL VWDQGDUGQL L L]UDÿHQL NRYDQMHP LOL VDYLMDQMHP 3RSUHþQL SUHVHN VUHGQMLK YHUWLNDOQLK VWXERYD MH SUDYRXJDRQRJ REOLND GRELMHQ ]DYDULYDQMHP GYD 8 SUR¿OD 3RSUHþQL SUHVHN ]DGQMLK YHUWLNDOQLK VWXERYD MH SUDYRXJDRQRJ REOLND L GRELMHQ MH VDYLMDQMHP OLPD 6WXERYL VX VSRMHQL QD YUKX X]GXåQLP YH]DPD 3DQHOL L SRNORSDF NDELQH GRELMHQL VX VDYLMDQMHP þHOLþQH SORþH
5NKMC -CDKPC UC īGUV XGTVKMCNPKJ PQUCìC
6DYUHPHQL WUHQGRYL NRQVWUXNFLMD ]DãWLWQLK VWUXNWXUD LGX X SUDYFX GD VH ]DãWLWQH VWUXNWXUH L NDELQH L]UDÿXMX NDR ]DVHEQH FHOLQH NRMH VH X SUDNVL NRULVWH QH]DYLVQR MHGQD RG GUXJH 3UL WRPH PRJX GD VH L]GLIHUHQFLUDMX GYD RVQRYQD SUDYFD UD]YRMD Â&#x2021; ]DãWLWQD VWUXNWXUD LPD ]DãWLWQX L QRVHüX ,VWUDÃ¥LYDQMD L SURMHNWRYDQMD ]D SULYUHGX L
IXQNFLMX Â&#x2021; ]DãWLWQD VWUXNWXUD LPD VDPR ]DãWLWQX
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5NKMC 6TCMVQTUMC MCDKPC 5KCE $#5
.DR SULPHU GUXJRJ SUDYFD NDGD VWUXNWXUD LPD VDPR ]DãWLWQX IXQNFLMX QDMþHãüH VOXåH L]YRÿHQMD NDELQD L ]DãWLWQLK XUHÿDMD QD ãXPVNLP WUDNWRULPD .DELQD SUHGVWDYOMD VWUXNWXUX L]UDÿHQX RG SUDYRXJDRQRJ VWDQGDUGQRJ SUR¿OD 6WUXNWXUD VH VDVWRML RG ãHVW YHUWLNDOQLK VWXERYD þLML VX JRUQML NUDMHYL VSRMHQL NURYRP NRML MH QD QMLK ]DYDUHQ 'RQML NUDMHYL YHUWLNDOQLK VWXERYD VWUXNWXUH YLMFLPD VX SULþYUãüHQL ]D SODWIRUPX UXNRYDRFD 2QL REUD]XMX MHGLQVWYHQX NRQVWUXNFLMX
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5NKMC 6TCMVQTUMC MCDKPC Å¿TOG Å&#x2018;$QUCNÅ&#x2019;
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5NKMC -CDKPC VTCMVQTC Å¿TOG Å&#x2018;/CWUGTÅ&#x2019;
=DVHEQL HOHPHQWL L FHOD NDELQD L] JRWRYLK þYRURYD ]DYDUXMX VH QD VSHFLMDOQLP XUHÿDMLPD 7DNYD WHKQRORJLMD REH]EHÿXMH YLVRNX WDþQRVW L NYDOLWHW L]UDGH SUL UHODWLYQR QLVNRM FHQL 9UDWD SRNORSDF RWYRUD L ]DGQML SUR]RU SULþYUãüXMX VH QD WHOR NDELQH SRPRüX ãDUNL .DELQD VH RVODQMD QD NRVWXU WUDNWRUD SUHNR þHWLUL JXPHQD SULJXãQD HOHPHQWD FHYDVWRJ REOLND
5NKMC 5VTWMVWTPQ K\XQòGPLG MCDKPG VTCMVQTC 4GPCWNV %'4)15
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