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.$68786(/(9®77
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0DWHUMDOL SDULPDNV WÔÔWOHPLVHNV RWVLJH VDHOHKHNDWDORRJLVW Y¾OMD VRELYDLP VDHOHKW .ÓLJH ÔNRQRRPVHP
RQ NDVXWDGD PDWHUMDOL WXJHYXVHOH VRELYDWH VDHOHKWHGH KXOJDVW OÚKLPDW
/ÓLJDWDY PDWHUMDO HL WRKL OLLNXGD 9¾LNVHPDG GHWDLOLG NLQQLWDGD NUXXVWDQJLGH YDKHOH YÓL SLWVNUXYLGHJD
WÔÔSLQJL NÚOJH .XL VRRULWDWDNVH NXPHUOÓLNXVW WXOHE WÔÔGHOGDYDW GHWDLOL YDVWDYDOW OÓLNH HGHQHPLVHOH
XXHVWL NLQQLWDGD 6XXUHPDLG GHWDLOH YÓLE KRLGD VDHSLQJLO ND N¾HJD 2SWLPDDOQH OÓLNHNLLUXV VDDYXWDWDNVH
Y¾LNVHPD HWWHDQGH VXUYHJD 7XJHY VXUYH HWWHDQGHO HL VXXUHQGD OÓLNHNLLUXVW
38,'8 6$$*,0,1(
6 99 VDHJD VDDJLPLVHO OLLJXE VDDJ QLL QDJX N¾VLVDHJD VDDJLGHVNL VDDJLMD SRROH .XQD VDHOHKW
OÓLNDE PLWWH DOOD YDLG ÚOHVN¾LJXO QDJX N¾VLVDH SXKXO SHDNV PDWHUMDOL SDUHP YÓL WÔÔGHOGDY SRRO ROHPD
VDDJLPLVH DMDO DOO
8MXY /ÓLJHWH 7(*(0,1(
6 99 VDDJL YÓLE NDVXWDGD SXLGXOH YLQHHULOH VHLQDSODDWLGHOH MD NXQVWPDWHUMDOLGHOH XMXYOÓLJHWH
WHJHPLVHNV ™UJH SURRYLJH WHKD XMXYOÓLNHLG PHWDOOL
/ÓLNHNRKW WXOHE WÔÔGHOGDYDO GHWDLOLO NRUUDOLNXOW PDUNHHULGD 6DDJ WXOHE RSWLPDDOVH WXOHPXVH
VDDYXWDPLVHNV OÚOLWDGD ÚPEHU RUELWDDON¾LJX SHDOH 6DDJL WXOHE ÚKH N¾HJD NRUSXVH HHVRVDVW MD WHLVH
N¾HJD WDJXPLVHVW N¾HSLGHPHVW NLQQL KRLGD -RRQLVHO RQ Q¾LGDWXG HW HQQH OÓLNDPLVW WXOHE VDDJ
NÓLJHSHDOW WXJLNORWVLOH WRHWDGD MD OÓLNHMRRQHOH VHDGD VDHOHKW (, WRKL WÔÔGHOGDYDW GHWDLOL SXXGXWDGD
/ÚOLWDJH VDDJ VLVVH 1DJX MRRQLVHO Q¾KD RQ WXJLNORWV VDH WRHWXVSXQNWLNV NXL WH VXXQDWH VDH WDJXPLVH
N¾HSLGHPH ÚOHVWÓVWPLVHJD HWWHSRROH
3¾UDVW VHGD NXL VDHOHKW RQ WÔÔGHOGDYDVW PDWHUMDOLVW O¾EL WXQJLQXG WÓPPDNH WD N¾HSLGHPHVW XXHVWL ÚOHV
QLL HW VDHOHKW M¾¾NV PDWHUMDOL SLQQDJD YHUWLNDDOVHOW +RLGNH VDDJL VHOOHV DVHQGLV MD OÓLJDNH PÔÔGD
PDUNHHULWXG MRRQW HGDVL
0(7$//, 6$$*,0,1(
1XUNPHWDOOL VDPXWL + , MD 8SURILLOLJD PHWDOOL OÓLNDPLVHO DVHWDGD VDHOHKW OÓLJDWDYD PDWHUMDOL SHDO
VHOOLVHOH NRKDOH NXV NRUUDJD VDDE NÓLJH URKNHP VDHKDPEDLG PDWHUMDOL VLVVH OÓLNXGD 9¾OMDOÓLJHWH
WHJHPLVHNV WXOHE PHWDOOL VLVVH SXXULGD P¾UJLG 6DPXWL YÓLE NDQGD OÓLNHMRRQHOH OÓLNHÓOL PLV SLNHQGDE
VDHOHKH NDVXWXVLJD
+22/'86
7¯¯5,,67 78/(% +2,'$ 38+7$1$
-DKXWXVDYDVLG SXKDVWDGD UHJXODDUVHOW VXUXÓKXJD .XQVWPDWHUMDOLVW GHWDLOH SXKDVWDGD QLLVNH ODSLJD
/DKXVWHLG (, 72+, NXQDJL NXQVWPDWHUMDOLGHVW GHWDLOLGH SXKDVWDPLVHNV NDVXWDGD VHVW ODKXVWL YÓLE
NXQVWPDWHUMDOH ÚOHV VXODWDGD YÓL ULNNXGD
7™+(/(3$18 6XUXÓKX NDVXWDPLVHO WXOHE YDVWDYDOW $16, =OH HWWH SDQQD NDLWVHSULOOLG
0$6,1$7 (, 6$$ 6,66( /µ/,7$'$
-XKXO NXL PDVLQDW HL VDD VLVVH OÚOLWDGD NRQWUROOLJH NDV SLVWLN RQ NRUUDOLNXOW SLVWLNXSHVDV 6DPXWL SHDNV
NRQWUROOLPD NDV NDLWVPHG HL ROH O¾EL SÓOHQXG YÓL DXWRPDDWNDLWVPHG SROH DYDWXG
69
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