1DSD LPD L]KRG ]D ]UDN % QD ]JRUQML VWUDQL
1DQM SULWUGLWH HOHPHQW & 6OLND
3UHYHULWH DOL MH VWLNDOR QD QRWUDQML VWUDQL * Y SRORåDMX
2GYRGQL
$ 6OLND
9 SULPHUX GD GLPD LQ SDUH NL QDVWDMDWD SUL NXKDQMX QL PRJRþH
RGYDMDWL L] SURVWRUD ODKNR QDSR XSRUDELWH Y ILOWUDFLMVNL L]YHGEL
=D WR MH WUHED QDPHVWLWL RJOMHQL ILOWHU NDWHUHJD RGYRGQD RGSUWLQD MH
QD VSUHGQML VWUDQL QDSH WLN QDG QDG]RUQR SORãþR
PUHåR 3UHYHULWH DOL MH VWLNDOR * Y SRORåDMX ) 6OLND
2SR]RULOR RGYRGQR FHY MH WUHED QDURþLWL SRVHEHM
3ULNOMXþLWHY QD HOHNWULþQR RPUHåMH
2PUHåQD QDSHWRVW PRUD XVWUH]DWL QDSHWRVWL QDYHGHQL QD QDSLVQL
WDEOLFL HWLNHWL V WHKQLþQLPL SRGDWNL NL VH QDKDMD QD QRWUDQML VWUDQL
QDSH ýH LPD QDSD YWLNDþ MR SULNOMXþLWH SUHNR YWLþQLFH ýH QDSD
QLPD YWLþD QDPHVWLWH GYRSROQR VWLNDOR NL XVWUH]D YDUQRVWQLP
SUHGSLVRP LQ LPD UD]PLN PHG NRQWDNWL YVDM PP
1DPHVWLWHY
1DSD PRUD ELWL RG NXKDOQH SRYUãLQH RGGDOMHQD YVDM
FHQWLPHWURY SUL HOHNWULþQLK NXKDOQLNLK LQ YVDM FHQWLPHWURY SUL
SOLQVNLK DOL PHãDQLK NXKDOQLNLK 1DSR MH PRJRþH PRQWLUDWL QD
VWHQR DOL QD GQR YLVHþHJD NXKLQMVNHJD HOHPHQWD ýH MH QDSL
SULORåHQD ãDEORQD + MR XSRUDELWH SUL YUWDQMX OXNHQM ýH ãDEORQD QL
SULORåHQD QDVORQLWH QDSR QD VWHQR DOL QD GQR YLVHþHJD
NXKLQMVNHJD HOHPHQWD WHU R]QDþLWH PHVWD NMHU PRUDWH L]YUWDWL
OXNQMH SRWUHERYDOL ERVWH YVDM OXNQMH SUHPHUD PP ]D PRQWDåR
QD VWHQR DOL OXNQMH V SUHPHURP PP ]D SULWUGLWHY QD YLVHþL
NXKLQMVNL HOHPHQW 6OLND
0RQWDåD QD YLVHþL NXKLQMVNL HOHPHQW
1DSR SULWUGLWH V YLMDNL L] QRWUDQMH VWUDQL RPDULFH 6OLND
0RQWDåD QD VWHQR
9 ]JRUQML L]YUWDQL OXNQML YVWDYLWH ]LGQD YORåND - LQ GYD YLMDND .
RGVWUDQLWH PUHåR LQ REHVLWH QDSR QD YLMDND 1DWR RG ]QRWUDM
YVWDYLWH WUHWML YLMDN / LQ YVH WUL YLMDNH WUGQR SULYLMWH 6OLND
2SR]RULOR
= QDSUDYR QDM XSUDYOMDMR OH RGUDVOL 1H GRYROLWH RWURNRP GD VH
GRWLNDMR QDG]RUQH SORãþH DOL LJUDMR ] QDSUDYR
1H XSRUDEOMDMWH QDSH þH PUHåD QL SUDYLOQR PRQWLUDQD 9VHVDQL
]UDN QH VPH ELWL XVPHUMHQ Y RGYRGQR FHY ]D GLP LQ SDUR GUXJH
QDSUDYH NL VH QDSDMD L] YLUD HQHUJLMH NL QL HOHNWULþQL .DGDU QDSR
XSRUDEOMDWH KNUDWL ] QDSUDYDPL NL VH QDSDMDMR ] GUXJLPL YUVWDPL
HQHUJLMH PRUDWH ]DJRWRYLWL XVWUH]QR R] ]DGRVWQR ]UDþHQMH
SURVWRUD 3RG QDSR MH VWURJR SUHSRYHGDQR SULSUDYOMDWL MHGL QD
RGSUWHP RJQMX QSU IODPELUDQMH 8SRUDED RGSUWHJD RJQMD
ãNRGXMH ILOWURP LQ ODKNR SRY]URþL SRåDU ]DWR VH MH L]RJLEDMWH
&YUWMH PRUDWH YHV þDV QDG]RURYDWL GD EL SUHSUHþLOL PRUHELWHQ YåLJ
YURþHJD ROMD 1DWDQþQR XSRãWHYDMWH WHKQLþQH LQ YDUQRVWQH
SUHGSLVH ORNDOQLK RUJDQRY JOHGH L]ORþDQMD GLPD
'HORYDQMH
1DG]RUQD SORãþD VH QDKDMD QD VUHGL VSUHGQMH VWUDQL LQ RPRJRþD
YNORSL]NORS QDSH WHU UD]OLþQH QDVWDYLWYH VHVDOQH PRþL
9 SULPHUX SUHYHOLNH NROLþLQH GLPD LQ SDUH L]EHULWH YHþMR VHVDOQR
PRþ 6YHWXMHPR YDP GD QDSR YNORSLWH PLQXW SUHG ]DþHWNRP
NXKDQMD LQ MR SXVWLWH GHORYDWL SULEOLåQR PLQXW SR NRQFX SULSUDYH
KUDQH
9]GUåHYDQMH
1DSR SUHG NDNUãQLPLNROL Y]GUåHYDOQLPL XNUHSL L]NOMXþLWH L]
HOHNWULþQHJD RPUHåMD
0DãþREQL ILOWHU
9 QDSL MH QDPHãþHQ HGHQ RG QDVOHGQMLK WLSRY PDãþREQHJD ILOWUD
$ 3DSLUQDWL ILOWHU MH SRWUHEQR ]DPHQMDWL HQNUDW PHVHþQR DOL þH
XSRUDEOMDWH ILOWHU ] REDUYDQLP ]JRUQMLP GHORP NR SRVWDQH
EDUYD YLGQD VNR]L PUHåR
% .RYLQVNL ILOWHU MH SRWUHEQR HQNUDW PHVHþQR URþQR DOL Y
SRPLYDOQHP VWURMX RþLVWLWL ] EODJLPL GHWHUJHQWL 9 SULPHUX GD
SRNULWD ]
þLVWLWH NRYLQVNL ILOWHU Y SRPLYDOQHP VWURMX QDVWDYLWH VWURM QD
QL]NR WHPSHUDWXUR LQ NUDWNR SUDQMH
.RYLQVNL ILOWHU ODKNR RE SUDQMX Y SRPLYDOQHP VWURMX L]JXEL QHNDM
EDUYH YHQGDU WR QH YSOLYD QD QMHJRYR ]PRåQRVW ILOWULUDQMD
9]GUåHYDQMH PDãþREQHJD ILOWUD
1DSR L]NOMXþLWH L] HOHNWULþQHJD RPUHåMD
2GSULWH PUHåR DOL VQHPLWH VDPRVWRMHþL NRYLQVNL PDãþREQL
ILOWHU Y WHP SULPHUX ILOWHU WDNRM RþLVWLWH 6OLND DE
1DSD NL LPD OH SDSLUQDWL ILOWHU RGVWUDQLWH QDSUDYR NL GUåL
SDSLUQDWL ILOWHU GUåDOR ILOWUD 6OLND H
2GVWUDQLWH XPD]DQL PDãþREQL ILOWHU
.R VWH PDãþREQL ILOWHU QDGRPHVWLOL DOL RþLVWLOL RGYLVQR RG
PRGHOD JD SULWUGLWH QD]DM Y REUDWQHP YUVWQHP UHGX ]JRUDM
RSLVDQLK NRUDNRY 3UHSULþDMWH VH GD MH FHORWQD SRYUãLQD ]D
L]ORþHYDQMH GLPD LQ SDUH SRNULWD
2JOMHQL RJHOQL ILOWHU
7HJD ILOWUD QH PRUHWH RþLVWLWL DOL REQRYLWL 2JOMHQL ILOWHU ]DGUåXMH
QHSULMHWQH YRQMDYH NL QDVWDMDMR SUL NXKL =DPHQMDWL JD MH WUHED
YVDNH PHVHFH
2JOMHQL ILOWHU MH WUHED QDURþLWL SRVHEHM
1DPHVWLWHY DOL RGVWUDQLWHY RJOMHQHJD ILOWUD
1DSR L]NOMXþLWH L] HOHNWULþQHJD RPUHåMD
2GSULWH PUHåR DOL VQHPLWH VDPRVWRMHþL PDãþREQL ILOWHU
RGYLVQR RG PRGHOD 6OLND DE
'D EL GRVHJOL PHVWR QD NDWHUHP MH RJOMHQL ILOWHU YSHW ]DYUWLWH
JXPEH ]D VWRSLQM LQ RGSULWH SRNURY 6OLND J
1DPHVWLWH RJOMHQL ILOWHU Y QMHJRY SULY]HWL SRORåDM 6OLND G
2EUQLWH JXPE ]D ]DNOHSDQMH RJOMHQHJD ILOWUD ]D VWRSLQM
SUHYHULWH þH MH ILOWHU SULWUMHQ þH QL ]DYUWLWH JXPE ãH QDSUHM
6OLND H
=DSULWH SUHGHOHN ] RJOMHQLP ILOWURP
3RQRYQR QDPHVWLWH PUHåR DOL PDãþREQL ILOWHU
ýH åHOLWH RJOMHQL ILOWHU RGVWUDQLWL SRQRYLWH SRVWRSNH Y REUDWQHP
YUVWQHP UHGX
0HQMDYD åDUQLFH
,]NOMXþLWH QDSR L] HOHNWULþQHJD RPUHåMD
2GSULWH PUHåR DOL VQHPLWH VDPRVWRMHþL PDãþREQL ILOWHU
RGYLVQR RG PRGHOD 6OLND DE
2GYLMWH QHGHOXMRþR åDUQLFR LQ MR QDGRPHVWLWH ] RYDOQR :
åDUQLFR (
ýH OXþ QH VYHWL VH SUHGHQ SRNOLþHWH VHUYLV SUHSULþDMWH GD
VR åDUQLFH Y RKLãMX SUDYLOQR QDPHãþHQH
ýLãþHQMH
1RWUDQMRVW LQ ]XQDQMRVW QDSH MH WUHED UHGQR þLVWLWL 8SRUDEOMDMWH
YODåQR NUSR ] QHYWUDOQLPL WHNRþLPL þLVWLOQLPL VUHGVWYL 1H
XSRUDEOMDMWH MHGNLK þLVWLOQLK VUHGVWHY 3UHG þLãþHQMHP YHGQR
L]NOMXþLWH QDSR L] HOHNWULþQHJD RPUHåMD
3RPDJDMWH VL V VOLNDPL QD SUYLK VWUDQHK WH NQMLåLFH
6OHGLWH QDYRGLORP Y WHM NQMLåLFL
=DYUDþDPR YVDNUãQR RGJRYRUQRVW ]D PRUHELWQH WHåDYH
SRãNRGEH DOL SRåDUH NL EL ELOL SRVOHGLFD QHXSRãWHYDQMD QDYRGLO Y
WHM NQMLåLFL