1. 1(,=5$=,7$ /2*,.$
3RMDP QHL]UD]LWH ORJLNH
1HL]UD]LWD ORJLND MH SURãLUHQMH NODVLþQH %RRORYH ORJLNH VSRVREQD XSRWUHEOMDYDWL
NRQFHSW ³GMHORPLþQH´ LVWLQLWRVWL 6WDQGDUGQD ORJLND SRGUåDYD VDPR YULMHGQRVWL
LVWLQLWRVWL ODå

2. L LVWLQD

3. GRN QHL]UD]LWD ORJLND SRGUåDYD UDVSRQ YULMHGQRVWL RG
SRWSXQH ODåL GR SRWSXQH LVWLQH WM SRNULYD UDVSRQ YULMHGQRVWL L] LQWHUYDOD GR
2;B
1HL]UD]LWL SRGVNXSRYL
1HL]UD]LWL SRGVNXS 6 VNXSD ) PRåH VH GHILQLUDWL NDR VNXS XUH HQLK SDURYD
6 ^ I Y

4. _ I Ÿ ) Y Ÿ @ `
JGMH MH SUYL þODQ XUH HQRJ SDUD HOHPHQW RG ) GUXJL þODQ EURM L] LQWHUYDOD GR
GR =D VYDNL HOHPHQW RG ) SRVWRML WRþQR MHGDQ XUH HQ SDU NRML GDMH VWXSDQM
SULSDGQRVWL I X SRGVNXS 6 âWR VH PRåH NUDüH ]DELOMHåLWL NDR
6 ^ I_Y I_Y IL_YL `
1D WDM QDþLQ GHILQLUDQD MH IXQNFLMD J NRMD VYDNRP HOHPHQWX RG ) GRGMHOMXMH
MHGDQ EURM L] LQWHUYDOD RG GR
J )  @
J[

5. [ QLMH HOHPHQW RG )
J[

6. [ MH HOHPHQW RG )
J[

7. S! [ HOHPHQW RG ) X] VWXSDQM SULSDGQRVWL S S
)XQNFLMD J VH QD]LYD SULSDGQRVQD LVWLQLWRVQD LOL NDUDNWHULVWLþQD IXQNFLMD D VNXS
) VH QD]LYD XQLYHU]DOQLP VNXSRP QHL]UD]LWRJ SRGVNXSD 6 3ULSDGQRVQD YULMHGQRVW
VXGD [ MH X ) RGUH XMH VH WDNR GD VH QD H YULMHGQRVW J[

8. WM GD VH QD H SDU [ J[

10. L] JGMH MH SUYL HOHPHQW [ D GUXJL HOHPHQW PMHUD SULSDGQRVWL [ =D UD]PDWUDQMH
³þYUVWLK´ HQJO FULVS VHWV

11. LOL L]UD]LWLK SRGVNXSRYD PRJXüH VX YULMHGQRVWL SULSDGQRVQH
IXQNFLMH J VDPR X VNXSX ^` 8 OLWHUDWXUL VH þHVWR NRULVWL QD]LY QHL]UD]LWL VNXS
XPMHVWR QHL]UD]LWL SRGVNXS SD üH VH VWRJD L X GDOMQMHP WHNVWX NRULVWLWL QD]LY VNXS
XPMHVWR SRGVNXS

12. .DR SULPMHU PRåH VH X]HWL SRGMHOD PUHåQLK þYRURYD SR YUHPHQX RG]LYD WM
GHILQLUDQMH YULMHGQRVWL DWULEXWD WUDMDQMD RG]LYD PUHåQRJ þYRUD 7DEOLFD

13. 7DEOLFD 9ULMHGQRVWL RãWUH IXQNFLMH Y[

14. ýYRU 9ULMHPH RG]LYD PV

15. Y[

16. X] [! PV
Y[

17. X] [ PV
'DPLU
$QD
3HUR
-DVQD
,YLFD
=D SULPMHQX L]UD]LWLK SRGVNXSRYD PRåH VH GHILQLUDWL IXQNFLMD SULSDGQRVWL Y[

18. NRMD LVND]DQD ULMHþLPD ]QDþL [ MH VSRU DNR MH YULMHPH RG]LYD YHüH RG PV D
YULMHGQRãüX
Y[

19. [ ! PV
Y[

20. [ PV
)XQNFLMD Y[

21. LPD SUHNLG X PV ãWR MH SRVOMHGLFD QMHQH GHILQLFLMH LDNR MH
YULMHPH RG]LYD UHDODQ EURM WM NRQWLQXLUDQD YHOLþLQD 6OLND

22. ,YLFD $QD -DVQD 'DPLU 3HUR
6OLND *UDI RãWUH IXQNFLMH Y[

23. =D QHL]UD]LWL SRGVNXS GHILQLUDPR SULSDGQRVQX IXQNFLMX YULMHPH RG]LYD Y[

24. QD
SULURGQLML QDþLQ NDR QHSUHNLQXWX IXQNFLMX 7DEOLFD 6OLND

25. 7DEOLFD 7DEOLFD QHSUHNLQXWH IXQNFLMH Y[

26. ýYRU PV Y[

27. [

28. [
Y[

29. [
Y[

30. [ !
'DPLU
$QD
3HUR
-DVQD
,YLFD
,YLFD $QD -DVQD 'DPLU 3HUR
6OLND *UDI QHSUHNLQXWH IXQNFLMH Y[

31. .DR ãWR MH YLGOMLYR QD VOLFL QHSUHNLQXWD IXQNFLMD Y[

32. GDMH GDOHNR NRULVQLML
RSLV EU]LQH RG]LYD PUHåQRJ þYRUD NRMLP VH PRJX GDYDWL L XVSRUHGEH V GUXJLP
DWULEXWLPD WM GRQRVLWL RFMHQH
3ULND] QHL]UD]LWLK VNXSRYD
1HL]UD]LWL VNXSRYL VH X UDþXQDOLPD SULND]XMX NDR SROMD YDULMDELOQLK LOL ]DGDQLK
GXåLQD 2YLVQR R REOLNX JUDID SULSDGQRVQH IXQNFLMH NRULVWH VH UD]OLþLWH PHWRGH
L]JUDGQMH QHL]UD]LWLK VNXSRYD 5D]OLNXMHPR QHNROLNR JUXSD QHL]UD]LWLK VNXSRYD SR
REOLNX 7DEOLFD

33. 3ULND] REOLND RYLVL R DODWX NRML VH NRULVWL 8RELþDMHQR MH GD VH
GRPHQD VNXSD VHJPHQWLUD L QD SRMHGLQLP VHJPHQWLPD GD VH YULMHGQRVW IXQNFLMH
SULSDGQRVWL DSURNVLPLUD ILNVQLP L]QRVRP LOL OLQHDUQRP DSURNVLPDFLMRP SUHPD UXEQLP
YULMHGQRVWLPD 3RGMHOD VH RELþQR YUãL QD VHJPHQDWD SD GRPHQH VNXSRYD QH VPLMX
ELWL SUHYHOLNH ]ERJ SUHFL]QRVWL DSURNVLPDFLMH

34. 7DEOLFD 2EOLFL QHL]UD]LWLK SRGVNXSRYD
2EOLN 2SLV
=YRQROLNL JUDI L]JOHGD NDR ]YRQROLND NULYXOMD 3, LOL %(7$ NULYXOMD

35. 6LJPD UDVWXüD LOL SDGDMXüD VLJPD NULYXOMD
/LQHDUQL JUDI MH SULEOLåQR SUDYDF UDVWXüL LOL SDGDMXüL
6ORERGQD VHULMD JUDI QHPD QHNL SUDYLODQ REOLN
6NXS SUDYLOD MH RELþQR RQR ãWR MH LQWXLWLYQR MDVQR R VXVWDYX D REOLN VNXSRYD L
SULGMHYL NRML SRGHãDYDMX SUDYLOD XWYU XMX VH NUR] UD]YRM QHL]UD]LWRJ VXVWDYD 8 RYRP
UDGX QDMYLãH VX NRULãWHQL WURNXWDVWL VNXSRYL ]D RSLV QHL]UD]LWLK EURMHYD WH VORERGQH
VHULMH NRG NUHLUDQMD VNXSRYD NRML RSLVXMX SULURGQR SRQDãDQMH QHNH YHOLþLQH
/RJLþNH RSHUDFLMH QD QHL]UD]LWLP SRGVNXSRYLPD
0RJXüH VX L ORJLþNH RSHUDFLMH QD QHL]UD]WLWLP VNXSRYLPD 'HILQLFLMH ORJLþNLK
RSHUDFLMD VX MHGQRVWDYQH L VWDQGDUGL]LUDQH VX QD
LVWLQD QH [

36. LVWLQD[

37. LVWLQD $ L %

38. PLQLVWLQD$

39. LVWLQD%

41. LVWLQD $ LOL %

42. PD[LVWLQD$

43. LVWLQD%

45. 3RVWRMH L GUXJH GHILQLFLMH ORJLþNLK RSHUDFLMD SUHNR XPQRãND L ]EURMD QR MHGLQD
þYUVWD GHILQLFLMD MHVW GHILQLFLMD QHJDFLMH NRMD GROD]L RG SULURGH SRVWXSND 6,/(B
2;B 2SHUDFLMH VH RGDELUX SUHPD SUREOHPX QD NRML VH QHL]UD]LWD ORJLND
SULPMHQMXMH 7LS RSHUDFLMD L SDUDPHWUL VH RGDELUX X SRVWXSNX SRGHãDYDQMD PRGHOD L
VXVWDYD SUREOHPX 2GDELU WLSD RSHUDFLMD RYLVL WDNR HU L R LVNXVWYX SURMHNWDQWD
$NR VH X] SUHWKRGQL SULPMHU L] WDEOLFH GHILQLUD L QHL]UD]LWL VNXS SURSXVQRVW
]DGDQ SULSDGQRVQRP IXQNFLMRP V[

46. SUHPD SRGDFLPD L] WDEOLFH
V[

47. [
V[

48. SURSXVQRVW[

49. [! L [
V[

50. [!

51. 'RELYD VH ]D QL] YULMHGQRVWL NRMH SRND]XMX IXQNFLRQLUDQMH QHL]UD]LWH ORJLNH ]D
VORåHQH VXGRYH
; LPD YULMHPH RG]LYD L ; LPD SURSXVQRVW PLQ Y[

52. V[

54. ,

55. ; LPD YULMHPH RG]LYD LOL ; LPD SURSXVQRVW PD[ Y[

56. V[

58. ,,

59. ; LPD YULMHPH RG]LYD Y[

60. ,,,

61. 7DEOLFD 9ULMHPH RG]LYD L SURSXVQRVW
ýYRU 9ULMHPH 3URSXVQRVW V[

62. Y[

63. ,

64. ,,

65. ,,,

66. RG]LYD

67. PV

68. 'DPLU
$QD
3HUR
-DVQD
,YLFD
3ULPMHQD QHL]UD]LWH ORJLNH VH XSUDYR L ]DVQLYD QD XSRUDEL VORåHQLK QHL]UD]LWLK
VXGRYD L RSHUDFLMD QD QMLPD 1DYHGHQL SULPMHU GDMH SURFMHQX QHNLK VYRMVWDYD þYRUD X
PUHåL UDþXQDOD QD RVQRYL YUHPHQD RG]LYD þYRUD L SURSXVQRVWL YH]H SUHPD WRP þYRUX
'DNOH PRåH VH GRELWL RGJRYRU QD SLWDQMH NRML þYRU ; X PUHåL LPD ; LPD YULMHPH
RG]LYD LOL ; LPD SURSXVQRVW PDQMX RG
3UL JUDGQML QHL]UD]LWLK VNXSRYD þHVWR VH NRULVWL SRGMHOD SRGUXþMD YULMHGQRVWL X
NYDQWL]LUDQH GLMHORYH 8 VNODGX VD ]QDþHQMHP VNXSD WDNYD VH SRGMHOD QD]LYD
OLQJYLVWLþND SRGMHOD D QDVWDOL NYDQWL WM QHL]UD]LWL SRGVNXSRYL OLQJYLVWLþNH YDULMDEOH =D
QHNX YDULMDEOX RYLVQR R ]QDþHQMX QMHQH YULMHGQRVWL XYRGLPR OLQJYLVWLþNH YDULMDEOH NRMH
RSLVXMX L]QRV WH YDULMDEOH SUHNR DWULEXWD NDR ãWR VX MDNR VUHGQMH L YHOLNR =D SRþHWQL
SULPMHU YULMHPH RG]LYD PRJX VH GHILQLUDWL WUL OLQJYLVWLþNH YDULMDEOH 6OLND

69. •Ã PDOR YULMHPH RG]LYD
•Ã VUHGQMH YULMHPH RG]LYD
•Ã YHOLNR YULMHPH RG]LYD
7H VH YDULMDEOH GHILQLUDMX SUHNR QRYLK IXQNFLMD 3ULPMHQD OLQJYLVWLþNLK YDULMDEOL
RPRJXüXMH SLVDQMH SUDYLOD JRWRYR X JRYRUQRP MH]LNX 2GDWOH MH L QD]LY OLQJYLVWLþND
YDULMDEOD 6DPD VHJPHQWDFLMD VH RVQLYD QD YHü RSLVDQRP SRVWXSNX L]JUDGQMH
YULMHGQRVWL ]D QHL]UD]LWH VNXSRYH SXWHP DSURNVLPDFLMH YULMHGQRVWL VNXSD QD VHJPHQWX
GRPHQH VNXSD

70. PDOR VUHGQMH YHOLNR
YULMHPH RG]LYD YULMHPH RG]LYD YULMHPH RG]LYD
,YLFD $QD -DVQD 'DPLU 3HUR
6OLND /LQJYLVWLþNH YDULMDEOH L]YHGHQH L] YUHPHQD RG]LYD
2JUDGH QD QHL]UD]LWLP VNXSRYLPD
3UL NRULãWHQMX QHL]UD]LWLK VNXSRYD GHILQLUDMX VH L SRVHEQL RSHUDWRUL RJUDGD HQJO
KHGJHV

71. þLML MH ]DGDWDN PRGLILFLUDQMH ]QDþHQMD RVQRYQRJ QHL]UD]LWRJ SRGVNXSD 7R VX
RSHUDWRUL NRML PLMHQMDQMX REOLN YULMHGQRVWL

72. SULSDGQRVQH IXQNFLMH L QD WDM QDþLQ
SRMDþDYDMX LOL VODEH ]QDþHQMH VNXSD 7DEOLFD

73. .RULVWH VH X QHL]UD]LWLP HNVSHUWLPD
]D SULND] ]QDþHQMD SULGMHYD 9UOR VX SRJRGQL ]D ]DSLVLYDQMH RELþQLK JRYRUQLK VXGRYD
X REOLNX QHL]UD]LWLK SUDYLOD
•Ã D MH MDNR YHOLN
•Ã MH EOL]X F

74. 7DEOLFD 9H]D RJUDGH L PRJXüH PDWHPDWLþNH RSHUDFLMH
2JUDGD =QDþHQMH QXPHULþNL RSLV
$%287 NRG ‘
$5281' RNR ‘
$%29( L]QDG YHüH RG JUDQLFH
326,7,9( VLJXUQR YHüH RG JUDQLFH
%(/2: LVSRG PDQMH RG JUDQLFH
*(1(5$// RSüHQLWR RNR JUDQLFH L L]QDG JUDQLFH
/26( EOL]X ‘ ‘
127 QH LQYHUWLUDQR
620(:+$7 QHNDNR XVND RNROLQD
9(5 MDNR XVND RNROLQD QDNRQ YULMHGQRVWL
(;75(0(/ HNVWUHPQR VXåHQMH VNXSD QD ãLULQH
6/,*+7/ QH]QDWQR ‘
$)7(5 QDNRQ VYH QDNRQ
%()25( SULMH VYH SULMH
58'( X JUXER ‘
528*+/ SULEOLåQR ‘
,DNR VH X]LPD GD VX RJUDGH VWDQGDUGL]LUDQH RQH RYLVH R SUREOHPX QD NRML VH
QHL]UD]LWD ORJLND SULPMHQMXMH 7RþQR SRGHãDYDQMH QMLKRYH YULMHGQRVWL SRVWLåH VH X
SRVWXSNX SRGHãDYDQMD PRGHOD 2;B 6,/(B
1HL]UD]LWL EURMHYL
3RMDP QHL]UD]LWRJ EURMD HQJO IX]] QXPEHU

75. MH YUOR YDåDQ X RYRP UDGX
1HL]UD]LWL EURM PRåH VH MHGQRVWDYQR GHILQLUDWL NDR EURM þLML MH VWYDUQL L]QRV QHVLJXUDQ
5DGL VH R QDþLQX GD VH RSLãH RNROLQD QHNRJ EURMD D RELþQR VH NRULVWL ]DMHGQR X]
RJUDGH ,]UD] RNR MH SULPMHU ]D QHL]UD]LWR SUHGVWDYOMDQMH EURMD 2NROLQD L WLS
SULSDGQRVQH IXQNFLMH X]LPDMX VH RYLVQR R WLSX SUREOHPD X þLMHP VH NRQWHNVWX
QHL]UD]LWL EURM NRULVWL 'REUD SRþHWQD DSURNVLPDFLMD MH WURNXWQL VNXS X] JUDQLFH ‘
6OLND

76. ãWR RGJRYDUD GHILQLFLML RJUDGH RNR
1DþLQ SULND]D QHL]UD]LWRJ EURMD MDNR RYLVL R XSRUDEL WRJ EURMD 5D]QL DXWRUL
SUHSRUXþXMX LOL WURNXWDVWL VNXS 6,/(B LOL ]YRQROLNL VNXS 2;B 2GDELU RYLVL R
WRPH GD OL VH UDGL R VWDWLþNRP XVSRUH LYDQMX EURMD L YHü SRVWRMHüHJ VNXSD LOL R
XVSRUH LYDQMX GYDMX EURMHYD GLQDPLþNL =D GLQDPLþNL VOXþDM WURNXWDVWL VNXS MH EROML
]ERJ PDQMH VORåHQRVWL D WRþQRVW MH SULEOLåQR LVWD

77. RNRB
6OLND 1HL]UD]LWL EURM LOL RNR X L]UDåHQR RELþQLP JRYRURP
1HL]UD]LWL HNVSHUWQL VXVWDYL L QHL]UD]LWR ]DNOMXþLYDQMH
1HL]UD]LWL HNVSHUWQL VXVWDY VH GHILQLUD NDR HNVSHUWQL VXVWDY NRML RGOXNH GRQRVL
QD RVQRYL QHL]UD]LWH ORJLNH 3UHPD WRPH QHL]UD]LWL HNVSHUWQL VXVWDY MH VNXS
SULSDGQRVQRLK IXQNFLMD L SUDYLOD ]D ]DNOMXþLYDQMH 3UHGQRVW QHL]UD]LWRJ HNVSHUWQRJ
VXVWDYD MH X WRPH ãWR VH ]DNOMXþLYDQMH L]YRGL UDþXQDQMHP D QH VLPEROLþNLP
]DNOMXþLYDQMHP 6WRJD VH PRJX UD]YLWL L HNVSHUWQL VXVWDYL ]D UDG X VWYDUQRP YUHPHQX
LOL ]D UDG QD UDþXQDOQRP VODELMLP SODWIRUPDPD 8 RVQRYL XYLMHN SRVWRML WRþQR RGUH HQL
EURM SUDYLOD NRMD VH L]UDþXQDYDMX SD YULMHPH GRQRãHQMD ]DNOMXþDND MH OLQHDUQR
SURSRUFLRQDOQR EURMX SUDYLOD QHL]UD]LWRJ HNVSHUWD 0RJXüH VX L VLWXDFLMH JGMH EURM
SUDYLOD RYLVL R QHNRP VYRMVWYX QR RQH VH PRJX VYHVWL QD VOXþDM ILNVQRJ EURMD SUDYLOD
3ULPMHQRP LQWHUSUHWLUDQLK MH]LND NDNDY MH 7/ PRJXüH MH L]JUDGLWL NRPELQLUDQL DODW
X NRP VH QHL]UD]LWD ORJLND L QHL]UD]LWL HNVSHUWL NRULVWH X SXQRM VORERGL L GLQDPLþNRP
SULODJR LYDQMD VLWXDFLML 3UL WRPH VH PRåH SRVWLüL L MHGQRVWDYQD L]JUDGQMD VXVWDYD V
YDULMDELOQLP EURMHP SUDYLOD RYLVQLP R VYRMVWYLPD REMHNDWD NRML VH SUDWH

78. 3UDYLOD X QHL]UD]LWLP HNVSHUWLPD VX MHGQDND SUDYLOLPD X RVWDOLP HNVSHUWLPD
RELþQR VX REOLND
DNRBMH ; PDOR L YHOLNR

79. RQGD MH = VUHGQMH

80. ; L VX XOD]QH YDULMDEOH HQJO LQSXW

81. SRGDWNRYQH YULMHGQRVWL
= MH L]OD]QD YDULMDEOD HQJO RXWSXW

82. GLR XQXWDU DNRBMH L RQGD QD]LYD VH XYMHW LOL SUHWSRVWDYND
GLR L]D RQGD MH ]DNOMXþDN PRåH ELWL YLãH ]DNOMXþDND ]D MHGQR SUDYLOR
6NXS SUDYLOD VH QD]LYD ED]D ]QDQMD LOL ED]D SUDYLOD HQJO UXOH EDVH NQRZOHGJH
EDVH

83. $NR MH XYMHW SUDYLOD ]DGRYROMHQ NDåH VH GD SUDYLOR L]YUãDYD WH VH L]UDþXQDYD
YULMHGQRVW ]DNOMXþND ]D WR SUDYLOR 3UDYLOR VH SULPMHQMXMH X VOXþDMX GD MH YULMHGQRVW
SUDYLOD YHüD RG QHNRJ SUDJD þLPH VH SRGHãDYD RVMHWOMLYRVW VXVWDYD 3URFHV
]DNOMXþLYDQMD X QHL]UD]LWRP HNVSHUWQRP VXVWDYX SURYRGL VH X QHNROLNR NRUDND
2;B
•Ã SULGUXåHQMH YULMHGQRVWL SULSDGQRVQH IXQNFLMH
•Ã LQWHUIHUHQFLMD
•Ã NRPSR]LFLMD
•Ã UDþXQDQMH SULSDGQH þYUVWH YULMHGQRVWL
3UL UDþXQDQMX YULMHGQRVWL SULSDGQRVQH IXQNFLMH XOD]QH YHOLþLQH VH SURSXãWDMX
NUR] SULSDGRVQH IXQNFLMH GD EL VH GRELOH SULSDGRVQH YULMHGQRVWL ]D VYDNX SULSDGQRVQX
IXQNFLMX 6WXSDQM LVWLQLWRVWL SUDYLOD QD]LYD VH DOID SUDYLOD LOL LVWLQLWRVW SUDYLOD $NR
SUDYLOR LPD LVWLQLWRVW YHüX RG WDGD WR SUDYLOR GMHOXMH RNLGD

84. 'MHORYDQMHP SUDYLOD VH
VYDNRP ]DNOMXþNX SULGUXåXMH MHGDQ QHL]UD]LWL SRGVNXS 0RJXüH MH L SRVWDYOMDQMH
RJUDQLþHQMD QD L]QRV DOID YULMHGQRVWL SUDYLOD WM SUDYLOR PRUD LPDWL DOID YULMHGQRVW
YHüX RG QHNH JUDQLþQH GD EL GMHORYDOR QD UH]XOWDW
3UHPD SUDYLOLPD LQWHUIHUHQFLMH L]UDþXQDYD VH SULSDGQRVQD IXQNFLMD QHL]UD]LWRJ
VNXSD ]DNOMXþND ]D VYDNR SUDYLOR NRMH MH GMHORYDOR 3RVWRMH GYD RVQRYQD SRVWXSND
LQWHUIHUHQFLMH PLQLPXP L SURGXNW =D SUDYLOR PLQLPXPD L]OD]QD SULSDGQRVQD IXQNFLMD
L]UDþXQDYD VH NDR PLQLPXP SULSDGQRVQH IXQNFLMH SUDYLOD L QMHJRYH DOID YULMHGQRVWL
.RG NRULãWHQMD SUDYLOD SURGXNWD L]OD]QD SULSDGQRVQD IXQNFLMD L]UDþXQDYD VH NDR
XPQRåDN DOIH SUDYLOD L QMHJRYH SULSDGQRVQD IXQNFLMH 8 RYRP UDGX MH NRULãWHQR
SUDYLOR PLQLPXPD
.RPSR]LFLMD REMHGLQMXMH VYH QHL]UD]LWH VNXSRYH NRML VX SULGUXåHQL MHGQRM
L]OD]QRM YDULMDEOL SURFHVRP LQWHUIHUHQFLMH 3RVWRMH GYD RVQRYQD SRVWXSND NRPSR]LFLMH
PDNVLPXP L VXPD 0DNVLPXP SRVWXSDN UDþXQD PDNVLPXP ]D VYH SULSDGQQRVQH
IXQNFLMH 3RVWXSDN VXPH MH ]EURM VYLK SULSDGQRVQLK IXQNFLMD SD PRåH GRYHVWL GR
XNXSQRJ ]EURMD LVWLQLWRVWL YHüHJ RG 8 RYRP UDGX VH NRULVWL SRVWXSDN PDNVLPXPD

85. 1HL]UD]LWL VNXS NRML MH UH]XOWDW NRPSR]LFLMH SRWUHEQR MH SUHYHVWL X MHGQX
EURMþDQX YULMHGQRVW W]Y RãWUX YULMHGQRVW

86. 3RVWRML YLãH WDNYLK SRVWXSDND QDMþHãüL VX
WHåLãQL SRVWXSDN FHQWURLGQL

87. L PDNVLPXP 7HåLãQL SRVWXSDN L]UDþXQDYD WHåLãWH OLND
NRML RSLVXMH UH]XOWDQWQL QHL]UD]LWL VNXS D NRRUGLQDWX L]QRVD WHåLãWD GDMH NDR þYUVWX
L]OD]QX YULMHGQRVW 3RVWXSDN PDNVLPXPD UDþXQD PDNVLPXP UH]XOWDQWQRJ QHL]UD]LWRJ
VNXSD L QMHJD X]LPD NDR þYUVWX L]OD]QX YULMHGQRVW 8 VOXþDMX NDGD LPD YLãH ORNDOQLK
PDNVLPXPD X]LPD VH QMLKRYD VUHGQMD YULMHGQRVW
3ULPMHQH QHL]UD]LWH ORJLNH
1HL]UD]LWD ORJLND VH PRåH SULPMHQMLYDWL X VYLP SRGUXþMLPD UDþXQDOVWYD SRVHEQR
WDPR JGMH MH SRWUHEQR REXKYDWLWL QHL]YMHVQRVW L QHVLJXUQRVW VXVWDYD 2SüHQLWR SRVWRMH
GYD RVQRYQD QDþLQD XSRUDEH QHL]UD]LWH ORJLNH
•Ã QHL]UD]LWD ORJLND X QDG]RUX SURFHVD L VXVWDYD
•Ã QHL]UD]LWD ORJLND X VHOHNWLUDQMX RFMHQMLYDQMX SRGDWDND
0HWRGH L DODWL UD]YLMHQL ]D WD SRGUXþMD ]DKWLMHYDMX YHOLNH SUHLQDNH GD EL VH
PRJOL NRULVWLWL X SRGUXþMX LQWHUHVD RYRJ UDGD 6DPD DQDOL]D L SULODJRGED DODWD
RPRJXüXMX GXEOML SRJOHG QD ]DKWMHYH VXVWDYD WH QD XWMHFDM SRMHGLQLK LQWXLWLYQLK
SUDYLOD QD UDG VXVWDYD
2VQRYQD SULPMHQD QHL]UD]LWH ORJLNH MH X SRGUXþMX XSUDYOMDQMD L QDG]RUD WM X
SRGUXþMX XSUDYOMDQMD JUHãNDPD 7X VH UDGL R L]GYDMDQMX QHWRþQLK LQIRUPDFLMD
WUDQ]LMHQWQLK SRMDYD X PUHåL WH JHQHULUDQMX L DQDOL]L QHNLK VORåHQLK YHOLþLQD SRSXW
LQGHNVD ]GUDYOMD LOL LQGHNVD VWDQMD 7DNYD SULPMHQD ]DKWMHYD XJUDGQMX QHL]UD]LWLK DODWD
X VXþHOMH XSUDYOMDþNRJ L QDG]RUQRJ VXVWDYD
2VLP RYH RVQRYQH SULPMHQH PRJXüD MH SULPMHQD QHL]UD]LWH ORJLNH X XSUDYOMDQMX
VLJXUQRãüX UDþXQDOQLK VXVWDYD X GHWHNFLML GRJD DMD L SURFMHQL VWDQMD VLJXUQRVWL
1HL]UD]LWR XSUDYOMDQMH
1HL]UD]LWR XSUDYOMDQMH MH SRVWXSDN NRG NRMHJ VH L]QRV XSUDYOMDþNLK YHOLþLQD
L]UDþXQDYD SRWSXQR LOL GMHORPLþQR SULPMHQRP QHL]UD]LWH ORJLNH 1D RVQRYL VNXSD
XOD]QLK YHOLþLQD SULPMHQRP SUDYLOD QHL]UD]LWH ORJLNH UDþXQD VH L]QRV MHGQH LOL YLãH
L]OD]QLK YHOLþLQD 7DNDY WLS XSUDYOMDQMD RELþQR VH NRULVWL X NRQWUROL SURFHVD NRG NRMLK
QLMH PRJXüH GDWL SRWSXQL PDWHPDWLþNL RSLV 1HL]UD]LWD ORJLND RYGMH JHQHULUD
NRQWLQXLUDQH YHOLþLQH X SUDYLOX

88. NRMH VH L]UDYQR XOD]H X XSUDYOMDQL VXVWDY 2ELþQR VH

89. UDGL R XSUDYOMDþNLP VXVWDYLP ED]LUDQLP QD PLNURUDþXQDOLPD PDOH VQDJH 3URFHV
L]UDþXQDYDQMD VH ]ERJ EU]LQH L XþLQNRYLWRVWL L]YRGL WDEOLþQR 0RJXü MH L UDG VD
GLVNUHWQLP L]OD]QLP YHOLþLQDPD
3RVWRMH DODWL NRML RPRJXüXMX JUDGQMX WDNYLK VXVWDYD NUR] JUDILþND VXþHOMD 3UL
WRPH VH X]LPDMX X RE]LU VSHFLILþQRVWL SRMHGLQLK PLNURUDþXQDOQLK VXVWDYD D PRJXüH MH
JHQHULUDQMH NRGD ]D FLOMQH VXVWDYH X] WHVWLUDQMH VLPXODFLMH L DQDOL]H 7DNYL VX DODWL $%
)OH[ NRPSDQLMH 5RFNZHOO $XWRPDWLRQ WH 6LH)X]] NRPSDQLMH 6LHPHQV 2ED DODWD VX
UDVSRORåLYD X SUREQLP YHU]LMDPD RJUDQLþHQLK PRJXüQRVWL 52.B 6,()B
1HL]UD]LWR L]GYDMDQMH GRJD DMD
1HL]UD]LWR L]GYDMDQMH GRJD DMD MH SRVWXSDN NRML VH ]DVQLYD QD NODVLILNDFLML
PH X]DYLVQLK UH]XOWDWD 8] SRPRü QHL]UD]LWH ORJLNH QDVWRML VH L]GYRMLWL RQH SRMDYH
NRMH X RGQRVX QD ]DGDQH NULWHULMH SUHGVWDYOMDMX GRJD DM
7HKQLNH NRMH VH WX NRULVWH QDVWRMH UDþXQVNL XNORQLWL ãXP L] SRGDWDND WH QDNRQ
WRJD QD RVQRYL WDNR SULODJR HQH SURPMHQH SUDüHQLK YHOLþLQD GRQLMHWL RGOXNX 1DMYLãH
VH NRULVWH SULODJR LYDQMD VUHGQMH YULMHGQRVWL HQJO H[SRQHQWLDOO PDSSHG SDVW
DYHUDJH

90. NRMH X]LPDMX X RE]LU QL] SUHWKRGQLK UH]XOWDWD 6,/(B 6WDQGDUGQR VH
NRULVWL IRUPXOD
6L

91. 6L

92. 7 [L

93. G7

94. 7 G7

95. 7 MH YUHPHQVND NRQVWDQWD SRPDND
G7 MH UD]PDN RþLWDYDQMD YULMHGQRVWL
[ MH L]QRV SUDüHQH YDULMDEOH X WUHQXWNX L
1D RYDNR L]UDþXQDWX YULMHGQRVW VH SULPMHQMXMH XVSRUH LYDQMH VD XOD]QRP
YDULMDEORP 7DNR GRELYHQD UD]OLND NRULVWL VH NDR XOD] X QHL]UD]LWRJ HNVSHUWD 0RJXüH
VX L GUXJH PHWRGH 2YLVQR R SUDüHQLP YDULMDEODPD PRJXüH MH XVSRUH LYDQMH VD
RELþQRP VUHGQMRP YULMHGQRãüX LOL QHNLP GUXJLP VWDWLVWLþNLP YHOLþLQDPD =DQLPOMLYR
MH QHL]UD]LWR EURMHQMH ]QDþDMQLK GRJD DMD 3UDüHQL GRJD DML YH]DQL X] XOD]QX YHOLþLQX
RSLVXMX VH EURMDþHP þLML VH L]QRV QHL]UD]LWRP ORJLNRP SUHYRGL X þYUVWX YULMHGQRVW =D
XOD]QX YHOLþLQX ; GHILQLUDPR GYLMH OLQJYLVWLþNH PH XYDULMDEOH GHVLRBVHBGRJD DM L
QLMHBVHBGHVLRBGRJD DM WH EURMDþ VD SRþHWQRP QHXWUDOQRP YULMHGQRVWL RELþQR
1RYX YULMHGQRVW EURMDþD UDþXQDPR X VYDNRM GRKYDWX QRYH YULMHGQRVWL ; SUHPD
PD[ GHVLRBVHBGRJD DM;

96. QLMHBVHBGHVLRBGRJD DM;

99. %URMDþ VH X RYRP VOXþDMX SRQDãD NDR SULODJR HQD VUHGQMD YULMHGQRVW DOL EROMH
RSLVXMH GRJD DMH 1MHJRYD YULMHGQRVW PRåH GDOMH ELWL WUHWLUDQD NDR ELOR NRMD GUXJD
L]YHGHQD SUDüHQD YHOLþLQD DOL VH RELþQR QMHJRYD YULMHGQRVW LQWHUSUHWLUD L]UDYQR SUHNR
QHL]UD]LWLK SUDYLOD
$XWRPDWVNR SULODJR LYDQMH SDUDPHWDUD QHL]UD]LWRJ VXVWDYD X UDGX
6WUXNWXUD QHL]UD]LWRJ VXVWDYD GDQD MH SUDYLOLPD X ED]L ]QDQMD 3UL WRPH VH
SUDYLOD JUDGH LQWXLWLYQR QD RVQRYL LQWHUDNFLMH VD VWUXþQMDNRP 6DP REOLN
SULSDGQRVQLK IXQNFLMD L WHåLQVNL XWMHFDM SRMHGLQLK SUDYLOD VX SUL WRPH XYHOLNH
SURL]YROMQL L SRGORåQL SURPMHQDPD NUR] XþHQMH 52.B
.RULãWHQMHP WHKQLND QHXUDOQLK PUHåD PRJXüH MH SRVWLüL XþHQMH QHLUD]LWRJ
VXVWDYD 6DP SRVWXSDN ]DKWMHYD DODWH NRML PRJX RG ]DGDQLK XOD]D L LVSUDYQLK
YULMHGQRVWL L]OD]D PLMHQMDWL VNXS SUDYLOD VYH GRN VH QH GRELMH SRWUHEQR SRGXGDUDQMH
XOD]QLK L L]OD]QLK YULMHGQRVWL 52.B 6,()B 8 RYRP UDGX QLVX VH PRJOL
NRULVWLWL DODWL VSRVREQL ]D XþHQMH