You are on page 1of 19

0,1,',=,21$5,2,7$/,$12520(12

$ DJRDF

DEEDJOLDQWH P IDU 0LQLVWHURGHOO¶ $JULFXOWXUD0LQLVWHUXO

DEEDQGRQDUVLDVHDEDQGRQD $JULFXOWXULL

DEEDVVDUHDFRERUvDO VD DKLPHYDLGHPLQH

DEELJOLDPHQWRvPEU F PLQWH DOEHURFRSDF

DELWDFRORKDELWDFOX JOLDOLPHQWDULSURGXVHDOLPHQWDUH

DELWDQWH PI ORFXLWRU DOLPHQWD]LRQH I DOLPHQWD LH

DELWD]LRQH I ORFXLQ DOOHJDUHDDQH[D

DELWXDOPHQWHvQPRGRELúQXLWFXUHQW DOOHUJLFRDDOHUJLFOD

DELWXGLQH I RELFHL DOORQWDQDUVLDVHvQGHS UWD

DEROLUHDDEROL DOOXVLYRDOL]LY

DFFDGHUHDVHvQWkPSOD DOWHUQDWLYDDOWHUQDWLY

DFFDGXWRvQWkPSODWvQWkPSODUH DOWH]]DvQ O LPH

DFFHVVLELOHDFFHVLELO DOWLWXGLQH I DOWLWXGLQH

DFFRJOLHQWHSULPLWRU DOWRvQDOW

DFFRJOLHUH DFFROWR DSULPLDvQWkPSLQD DOWRSDUODQWHGLIX]RU

SULPLW DOWUXLDODOWXLD

DFFRPRGDUVLDOXDORF DO]DUHLOJRPLWR

DFFRPSDJQDWRUHWXULVWLFRJKLG

DFFRUJHUVL DFFRUWR DúLGDVHDPD DPDQWH PI LXELWRU

DFFXVDDFX]D LH DPDUHDLXEL

DFLGRDFLG DPDURDPDU

DFTXHGHWWRDSHGXFW $PD]]RQLD$PD]RQLD

DFTXLVWDUHDFXPS UD DPELHQWDOLVWDHFRORJLVW

DFTXLVWRFXPS U WXU DPELJXRDPELJXX

DGDWWRSRWULYLW DPEXODWRULRGLVSHQVDU

DGGLWLYRDGLWLY FXUDUHO¶DPLFL]LDDFXOWLYDSULHWHQLD

DGHJXDWRDGHFYDW DPPDFFDUHDORYL

DGHULUHDDGHUD DGGPLQLVWUDWLYDPHQWHDGPLQLVWUDWLY

DGRSHUDUHDIRORVL DPPLQLVWUD]LRQH I DGPLQLVWUD LH

DGRWWDUHDDGRSWD DPPLUD]LRQH I DGPLUD LH

DGXOWRDGXOW DPPLVVLELOHDGPLVLELO

DIIDFFLDUVLDVHDU WD IDUHO¶DPRUHDOO¶DPRUHDIDFHGUDJRVWH

DIIDPDWRIO PkQG DPRUHJJLDUHDIOLUWD

DIIDQQRVRVXS U WRURERVLWRU DPSOLDUHDP UL

DIIDVFLQDQWHIDVFLQDQW DQDOIDEHWLVPRDQDOIDEHWLVP

DIIDVFLQDUHDIDVFLQD DQDOLVL I DQDOL]

QRQDIIDWWRQX«GHJHDED DQGDUHLQEHVWLDDVHvQIXULD

DIIHUPDUVLDVHDILUPD DQGDUHLQPDFFKLQDDF O WRULFXPDúLQD

DIIHUPD]LRQH I DILUPD LH DQGDUHLQURYLQDDVHUXLQD

DIILGDUHDvQFUHGLQ D DQGDUHLQVFHQDDVHMXFD

DIILJJHUH DIILVVR DDILúD DILúDW DQGDUHSLDQRDPHUJHOHQW

DIILWWRFKLULH DQGDUVHQHDSOHFD

DIIROODWRDJORPHUDW DQHOORLQHO

DIIURQWDUHDvQIUXQWD DQJRVFLDDQJRDV

DJJHJJLRIOHDF DQLPDVXIOHW

DJLDWRvQVW ULW DQLPDOH P DQLPDO

DJLOHDJLO DQLPDWDPHQWHFXvQVXIOH LUH

DJLUHDDF LRQD DQLPDWRUH P DQLPDWRU

DJLWDUHDDJLWD DQQDILDUHDXGD
DQQDWDDQ DVVHQWHLVPRDEVHQWHLVP

DQQROXFHDQOXPLQ DVVLFXUDUHDDVLJXUD

DQRQLPRDQRQLP DVVLFXUDWLYRGHDVLJXUDUH

DQWHQDWRVWU PRú DVVLVWHQ]DDVLVWHQ

DQWLFLSDUHDDQWLFLSD DVVLVWHQ]DVDQLWDULDDVLVWHQ VDQLWDU

DQWLGHPRFUDWLFRDQWLGHPRFUDWLF DVVRFLD]LRQH I DVRFLD LH

DQWLSDWLFRDQWLSDWLF DVVROXWDPHQWHvQPRGDEVROXW

DQ]LGLPSRWULY DVVROXWLVPRDEVROXWLVP

DQ]LDQRYkUVWQLF DVVRUELUHDDEVRUEL

DQ]LFKHvQORFV DVVRUWLPHQWRVRUWLPHQW

DOO¶DSHUWRvQDHUOLEHU HVVHUHDVVXQWLDILDQJDMDW

DSHUWXUDGHVFKLGHUH DVVXUGLWjDEVXUGLWDWH

DSSDUHQ]DDSDUHQ DVWHQHUVLDVHDE LQH

DSSDULUH DSSDUVR DDSDUH DS UXW DVWURQRPLDDVWURQRPLH

DSSDUWDPHQWRDSDUWDPHQW DVWURQRPLFRDVWURQRPLF

DSSDUWHQHUHDDSDU LQH DVWX]LDYLFOHQLH

DSSDVVLRQDWRSDVLRQDW DWPRVIHUDDWPRVIHU

DSSHQDGHDELD DWRPLFRDWRPLF

DSSHQGHUH DSSHVR DDWkUQD DWkUQDW DWWHJJLDPHQWRDWLWXGLQH

DSSOLFDUHDDSOLFD DWWHQHUHDDYHDOHJ WXU

DSSOLFDUVLDVHGHGLFD DWWHQWRDWHQW

DSSRUUH DSSRVWR DSXQH SXV DWWHUUDUHDDWHUL]D

DSSRUWDUHXQDPRGLILFDDDGXFHR DWWHVDDúWHSWDUH

PRGLILFDUH DWWLPRFOLS

DSSRVLWRVSHFLDO DWWLYLWjDFWLYLWDWH

DSSUHQGHUHDvQY D DWWLYRDFWLY

DSSUH]]DUHDDSUHFLD JXDUGDUVLDWWRUQRDSULYLvQMXU

DSSURIRQGLUHDDSURIXQGD DWWULEXLUHDDWULEXL

DSSURIRQGLWRDSURIXQGDW DWWULFH I DFWUL

DSSURYDUHDDSURED DWWXDUHDSXQHvQSUDFWLF

DSSURYD]LRQH I DSUREDUH DWWXD]LRQH I SXQHUHvQSUDFWLF UHDOL]DUH

$UFKLPHGH$UKLPHGH DXWHQWLFLWjDXWHQWLFLWDWH

DUFLVWXIRV WXOSOLFWLVLW DXWRPDWLFRDXWRPDW

DUGLWRvQGU ]QH DXWRQRPLDDXWRQRPLH

DUJRPHQWRDUJXPHQW DXWRUH P DXWRU

DUUDEELDWRvQIXULDW DYDQ]DUHDU PkQH

DUUDQJLDUVLDVHGHVFXUFD DYHUQHOHWDVFKHSLHQH ILJ DILV WXO

DUUHGDWRUH P GHFRUDWRU DYHUHDSRUWDWDGLPDQRDDYHDODvQGHPkQ

DUUHVWDUHDDUHVWD DYYHQLUHDVHvQWkPSOD

DUUHWUDWRvQDSRLDW DYYHQXWRvQWkPSODW

DUULFFKLUVLDVHvPERJ L DYYHUVLRQH I DYHUVLXQH

DUURVWRIULSWXU DYYHUWLPHQWRDYHUWLVPHQW

DUWLFRORDUWLFRO DYYHUWLUHDDYHUWL]D

DUWLILFLDOHDUWLILFLDO DYYHQWRVRVLUH

DUWLVWDDUWLVW DYYLFLQDUVLDVHDSURSLD

DVFHQVRUH P DVFHQVRU DYYLVRDYL]

DVFLXJDPDQRSURVRS VRQRGHOVXRDYYLVRSDUHUHVXQWGHS UHUHD

DVFLXWWRXVFDW VD

DVSHWWRDVSHFW D]LHQGDvQWUHSULQGHUH

DVSLUD]LRQH I DVSLUD LH D]LHQGDOHGHvQWUHSULQGHUH

DVVDLGHVWXOGH

DVVHPEOHDDGXQDUH %

DVVHQWDUVLDOLSVL %DFFR%DKXV
EDFLDUVLDVHV UXWD EUXWWRXUkW

EDIILPXVW L EXFFLDFRDM

EDJDULQRVSHFXODQW EXJLDPLQFLXQ

EDJQLQRVDOYDPDU GLUHEXJLHDPLQ L

EDJQREDLH EXRQVHQVREXQVLP

EDOEHWWDUHDEkOEkL EXURFUD]LDELURFUD LH

EDOFRQHEDOFRQ EXVVDUHDEDWHODXú

EDOOH3URVWLL EXVWLQDSOLF

EDQDOHEDQDO EXWWDUHYLDDDUXQFD

EDQFDUHOODWDUDE

EDQGDPXVLFDOHRUFKHVWU &

EDQGLHUDVWHDJ FDFFLDYkQ WRDUH

EDUDFFDEDUDF FDFFLDWRUHYkQ WRU

EDUDWWRORERUFDQ FDGHUHDF GHD

EDUEDEDUE FDGXWDF GHUH

EDVHED] &DODEULD&DODEULD

LQEDVHDSHED]DD FDOPRFDOP

EDVLOLFREXVXLRF FDORVF GHUH

EDVVRVFXQGMRF FDO]DFLRUDS

EDWWH]]DUHDERWH]D FDO]LQRúRVHW

ELHJHEHM FDPELDOHSROL

%HOJLR%HOJLD FDPELDPHQWRVFKLPEDUH

EHQHILFHQ]DELQHIDFHUH FDPELDUHFDVDDVHPXWD

EHQHILFLDUHGLDEHQHILFLDGH FDPELDUVLDVHVFKLPED

0LQLVWHURGHL %HQL&XOWXUDOL0LQLVWHUXO FDPHUDFDPHU

&XOWXULL FDPHUDGDOHWWRGRUPLWRU

EHUJDPDVFRGLQ%HUJDPR FDPHUDVLQJRODFDPHU VLQJOH

ELDQFKHULDOHQMHULH FDPLFHWWDEOX]

ELDQFRDOE FDPLFLDF PDú

%LEELD%LEOLH FDPPLQDUHDPHUJH

ELODQFLDEDODQ FDPSDQHOORFORSR HO

0LQLVWHURGHO %LODQFLR0LQLWHUXO%XJHWXOXL FDPSRFkPSGRPHQLX

ELOLQJXHELOLQJY FDQFHOORJDUG

ELQDULRELQDU FDQH P FkLQH

ELRQGREORQG FDQWDQWH PI FkQW UH

EORFFDUHDEORFD FDSDFHFDSDELO

ERFFLDWXUDH[DPHQSLFDW FDSDFLWjFDSDFLWDWH

ERLDF O X FDSLWDUHDVHvQWkPSOD

DERUGRODERUG FDSRFDS WúHI

ERUJDWDFDUWLHU FDSRGLDEELJOLDPHQWRKDLQ

ERUJKHVLDEXUJKH]LH FDSRGHOJRYHUQRúHIGHJXYHUQ

ERVFRS GXUH FDSRUHSDUWRúHIGHUDLRQ

ERWWDORYLWXU FDSRVWD]LRQHúHIGHJDU

ERWWHJDLRYkQ] WRU FDUDPHOODGLPHQWDFDUDPHO GHPHQW

EUDFFLR OHEUDFFLD EUD FDUFLRIRDQJKLQDUH

EUDVDWRFDUQHvQ EXúLW FDUHQ]DOLSV

*UDQ%UHWDJQD0DUHD%ULWDQLH FDULQRGU JX

LQEUHYHSHVFXUW FDUQDYDOHFDUQDYDO

EULOODQWH P EULOLDQW FDUQHYDOHVFRGHFDUQDYDO

EULWDQQLFREULWDQLF FDUWDGDEROORWLPEUXILVFDO

EURQWRODUHDERGRJ QL FDUWROLQDYHGHUH

EUXFLDUHDDUGH FDVFDUHDF GHD

EUXQREUXQHW FDVHOOD SRVWDOH F VX SRúWDO


FDVHUPDFD]DUP FRORQQDYHUWHEUDOHFRORDQ YHUWHEUDO

FDVWDQRFDVWDQLX FRORUDQWHFRORUDQW

FDWDORJDUHDFDWDORJD FROSDYLQ

FDWDORJRFDWDORJ FROSLUHDORYL

FDWDVWURIH I FDWDVWURI FROSRORYLWXU

FDWHJRULDFDWHJRULH GLFROSREUXVF

FDWWROLFHVLPRFDWROLFLVP FRPDQGDQWHFRPDQGDQW

FDXVDUHDSURYRFD FRPEDWWHUHDFRPEDWH

FDYDOORFDO FRPELQDUHDFRPELQD

FDYRFDEOX FRPLWDWRFRPLWHW

FHOHEUDUHDFHOHEUD FRPPHUFLDOHFRPHUFLDO

FHOHVWHDOEDVWUX FRPPHUFLDOLVWDHFRQRPLVW

FHPHQWRFLPHQW 0LQLVWHURSHULO &RPPHUFLR(VWHUR

FHUWDPHQWHGHVLJXU 0LQLVWHUXO&RPHU XOXL([WHULRU

FHUWH]]DFHUWLWXGLQH FRPPRYHQWHHPR LRQDQW

FHUYHOORHOHWWURQLFRFUHLHUHOHFWURQLF FRPSDJQRFROHJWRYDU ú

FKp SRLFKp GDWILLQGF FRPSDJQRGLVWXGLFROHJ

FKLDUH]]DFODULWDWH FRPSDULUHDDS UHD

FKLDULUHDFODULILFD FRPSHWHQ]DFRPSHWHQ

FKLDURFODU FRPSLODUHDFRPSLOD

FKLDVVRJ O JLH FRPSOHVVRFRPSOH[

FKLPLFRFKLPLFFKLPLVW FRPSOHWDPHQWHFRPSOHW

FKLQDUVLDVHDSOHFD FRPSOHWDUHDFRPSOHWD

FKLVVjFLQHúWLH FRPSOLFDWRFRPSOLFDW

FKLXVXUDvQFKLGHUH FRPSRQHQWH PI FRPSRQHQW

F¶HUDXQDYROWDHUDRGDW FRPSRUVLDVHFRPSXQH

FLDVFXQRILHFDUH FRPSRUWDPHQWROLQJXLVWLFRFRPSRUWDPHQW

FLERKUDQ OLQJYLVWLF

FLHORFHU FRPSUHVRvQ HOHV

FLPDYkUIFXOPH FRPSXWHUFRPSXWHU

FLQHPDWRJUDILFRFLQHPDWRJUDILF FRPXQHFRPXQFRPXQ

FLRqDGLF DQXPH FRPXQLFDUHDFRPXQLFD

FLUFDFLUFD &RPXQLWj(FRQRPLFD(XURSHD &((

FLUFRFLUF &RPXQLWDWHD(FRQRPLF (XURSHDQ

FLUFRQGDUHDvQFRQMXUD FRQFHGHUH FRQFHVVR DSHUPLWH SHUPLV

FLUFRVWDQ]DFLUFXPVWDQ FRQFHQWUDUVLDVHFRQFHQWUD

FLWDUHDFLWD FRQFHQWUD]LRQHFRQFHQWUD LH

FLWWDGLQRFHW HDQ FRQFHUWRGLQEHQHILFHQ]DFRQFHUWGH

FLYLOWjFLYLOL]D LH ELQHIDFHUH

FODVVLFRFODVLF FRQFHWWRFRQFHSW

FOLHQWHFOLHQW FRQFOXGHUH FRQFOXVR DvQFKHLD vQFKHLDW

FOLQLFDSVLFKLDWULFDFOLQLF GHSVLKLDWULH FRQFOXVLRQHFRQFOX]LH

FOXE P FOXE FRQFRUVRSXEEOLFRFRQFXUVSXEOLF

FRDOL]LRQH I FRDOL LH FRQGDQQDUHDFRQGDPQD

FRFFLRGLYHWURFLREGHVWLFO FRQGLYLGHUH FRQGLYLVR DvPS UW úL

FRGDFRDG vPS UW úLW

FRGLFHGHOODVWUDGDFRGUXWLHU FRQGL]LRQHFRQGL LH

FRJQDWDFXPQDW FRQIHGHUD]LRQHFRQIHGHUD LH

FROODERUDUHDFRODERUD FRQIHVVDUHDP UWXULVL

FROOHJDPHQWROHJ WXU FRQIRQGHUHDFRQIXQGD

FROOHJDUHDOHJD FRQIRUWHYROHFRQIRUWDELO

LQPDQLHUDFROOHWLYDFROHFWLY QHLFRQIURQWLGLID GH

FROORTXLRFRORFYLX FRQIXVRFRQIX]
FRQJLXQWRXQLW FRUUX]LRQHFRUXS LH

FRQLXJLVR L FRUVLDEDQG

FRQTXLVWDUHDFXFHUL FRUVRFXUV

FRQVDSHYROHFRQúWLHQW FRUVRTXDOILFDQWHFXUVGHFDOLILFDUH

FRQVHJQDUHDSUHGD FRUVRGLTXDOLILFD]LRQHSURIHVVLRQDOHFXUVGH

FRQVHJXHQ]DFRQVHFLQ FDOLILFDUHSURIHVLRQDO

FRQVHJXLPHQWRGHOGLSORPDRE LQHUHD FRUVRVHUDOHFXUVVHUDO

GLSORPHL FRUVRVXSHULRUHFXUVVXSHULRU

FRQVHQWLUHDFRQVLP L FRUWHJJLDUHDIDFHFXUWH

FRQVHUYDQWHFRQVHUYDQW FRUWHRDODL

FRQVHUYDUHDFRQVHUYD FRUWHVLDSROLWH H

FRQVLGHUDUHDFRQVLGHUDDFUHGH FRUWLOHFXUWH

FRQVLGHUD]LRQHFRQVLGHUD LH FRVWLWXLUHDFRQVWLWXL

FRQVLJOLDELOHUHFRPDEGDELO HVVHUHFRVWXLWRGDDILFRQVWLWXLWGLQ

FRQVLJOLDUHDVI WXL FRQVWLWX]LRQHFRQVWLWX LH

FRQVLJOLRVIDW FRVWULQJHUH FRQVWUHWWR DFRQVWUkQJH

FRQVXPRFRQVXP FRQVWUkQV

FRQWDGLQR UDQ FRQVWUXLUH FRQVWUXLWR DFRQVWUXL FRQVWUXLW

FRQWDUHVXDFRQWDSH FRWWRILHUW

FRQWHPSRUDQHRFRQWHPSRUDQ FRWWRGL IDP vQGU JRVWLWOXOHD

FRQWHVWDUHDFRQWHVWD FR]]DUHDL]EL

FRQWHVWDWRFRQWHVWDW FUHDWLYLWjFUHDWLYLWDWH

FRQWRFRQW FUHDWLYRFUHDWLY

SHUFRQWRVXRSHVRFRWHDODVD FUHDWXUDFUHDWXU

FRQWUDGGL]LRQHFRQWUDGLF LH FUHSDUHDFU SD

FRQWUDULRFRQWUDU FUHVFHUHDFUHúWH

FRQWUDUUH FRQWUDWWR DFRQWUDFWD FRQWUDFWDW FUHWLQRFUHWLQ

FRQWUDVWRFRQWUDVWGLIHUHQ FULPLQRVRFULPLQDO

FRQWUDWWXDOHFRQWUDFWXDO FULVLPDWULPRQLDOHFUL] PWULPRQLDO

FRQWULEXLUHDFRQWULEXL FURFLDWDFUXFLDG

FRQWUROORFRQWURO FXJLQDYHULúRDU

FRQWURSURGXFHQWHFRQWUDSURGXFWLY FXOODOHDJ Q

FRQYHJQRGHJOLHFRORJLVWLFRQJUHVXO FXOWXUDJHQHUDOHFXOWXU JHQHUDO

HFRORJLúWLORU FXULRVRFXULRV

FRQYHQWRPkQ VWLUH

FRQYLQFHUH FRQYLQWR DFRQYLQJH FRQYLQV '

FRQYLYHQ]DFRQYLH XLUH 'DQLPDUFD'DQHPDUFD

FRRUGLQDWRDVRUWDW GDQQDWRFRQGDPQDW

FRSHUWLQDFRSHUW GDQQRGDXQ

FRUGDFRDUG VIRDU GDQWHVFRGDQWHVF

FRURQDFRUDQ GDSSHUWXWWRSHVWHWRW

FRUSRFRUS GDUHOHGLPLVVLRQLDúLGDGHPLVLD

FRUUHQWHFXUHQW GDUHYLWDDDGDYLD

FRUUHQWHPHQWHvQPRGRELúQXLW GDWLGDWH

FRUUHUH FRUVR DDOHUJD DOHUJDW GDWWLORJUDIDGDFWLORJUDI

FRUUHWWH]]DFRUHFWLWXGLQH GHEROH]]DVO ELFLXQH

FRUUHWWRFRUHFW GHFDORJRGHFDORJ

FRUULHUHFXULHU GHFHQQLRGHFHQLX

&255,(5('(//$6(5$&85,(58/ GHFLQDYUHR]HFH

'(6($5 GHFLVDPHQWHvQPRGKRW UkW

FRUULVSRQGHUH FRUULSRVWR DFRUHVSXQGH GHFLVLRQHGHFL]LH

FRUHVSXQV GHGLFDGHGLFD LH

FRUURPSHUH FRUURWWR DFRUXSH FRUXSW GHGLFDUHDGHGLFD


GHILFLWGHILFLW GLULWWRGUHSW

GHILQLWLYRGHILQLWY GLVDJLRMHQ LQFRQIRUW

GHILQL]LRQHGHILQL LH GLVDWWHQ]LRQHQHDWHQ LH

GHIXQWRGHIXQFW GLVFRGLVF

GHOLFDWRGHOLFDW GLVFRUUHUHDYRUEL

GHOLTXHQWHGHOLFYHQW GLVFXWHUH GLVFXVVR DGLVFXWD GLVFXWDW

GHOLWWRGHOLFW GLVFXWLELOHGLVFXWDELO

GHOXVLRQHGH]LOX]LH GLVGLUH GLVGHWWR DGH]LFH GH]LV

GHOXVRGH]DP JLW GLVHJQDWRUHGHVHQDWRU

'HPRFUD]LD&ULVWLDQD '& GHPRFUD LD GLVHJQRGHVHQ

&UHúWLQ GLVHJXDJOLDQ]DLQHJDOLWDWH

GHPRFUD]LDSDUODPHQWDUHGHPRFUD LH GLVJUD]LDQHQRURFLUH

SDUODPHQWDU GLVRQHVWjQHFLQVWH

GHQDUREDQL GLVSHUD]LRQHGLVSHUDUH

GHSOLDQWSOLDQW GLVSRQLELOHGLVSRQLELOGLVSXV

GHSUDYDWRGHSUDYDW HVVHUHGLVSRVWRDILGLVSXV

GHSUHVVRGHSULPDW GLVSUH]]DUHDGLVSUH XL

GHSXWDWHVVDGHSXWDW GLVVHWDQWHU FRULWRU

GHSXWDWRGHSXWDW GLVWLQWDPHQWHFXGLVWLF LH

GHULVLRQHGHUkGHUH GLVWLQ]LRQHGLVWLF LH

GHVFULYHUH GHVFULWWR DGHVFULH GHVFULV GLVWUD]LRQHQHDWHQ LH

GHVHUWRGHúHUW GLVWULEXLUHDGLVWULEXL

GHVLGHULRGRULQ GLVWUXJJHUH GLVWUXWWR DGLVWUXJH GLVWUXV

GHVLJQHUGHVLJQHU GLVWXUERGHUDQMDPHQW

HVVHUHGHVRODWRDILGH]RODW GLYDQRGLYDQ

GHVWLQD]LRQHGHVWLQD LH GLYDULRGLIHUHQ

GHWHUPLQDUHDGHWHUPLQD GLYHQLUHDGHYHQL

GHWHUPLQDWRGHWHUPLQDW GLYHUVLWjGLYHUVLWDWH

GHWHUPLQD]LRQHGHWHUPLQDUH GLYHUVRGLIHULW

GHYLD]LRQHGHYLD LH GLYLHWRvQWHUGLF LH

GLDOHWWRGLDOHFW GLYLHWRDVVROXWRGLDFFHVVRDFFHVXOLQWHU]LV

GLDULRMXUQDO GLYLHWRGLVRUSDVVRGHS úLUHDLQWHU]LV

GLEDWWLWRVLQGLFDOHGH]EDWHUHVLQGLFDO GLYLHWRGLVRVWDOLPLWDWRVWD LRQDUHDLQWHU]LV

GLFDVWHURPLQLVWHU GLYRU]LDUHDGLYRU D

GLFKLDUD]LRQHGHFODUD LH GLYRU]LRGLYLU

GLIIHWRGLIDEEULFD]LRQHGHIHFWGHIDEULFD LH GRFHQWHSURIHVRU

GLIIHUHQWHGHRVHELW GRFXPHQWRGRFXPHQW

GLIIHUHQ]DGHRVHELUHGLIHUHQ GROFHGXOFH

GLIIXVRU VSkQGLW GROFLGXOFLXUL

GLJHVWLYRGLJHVWLY GRSSLRGXEOX

GLJQLWjGHPQLWDWH GRVHGR]

GLOLJHQ]DVkUJXLQ GRWH]HVWUH

GLPLQX]LRQHVF GHUH GRWWRUDWRGRFWRUDW

GLPRVWUDUHDGHPRQVWUD GUDPPDGUDP

GLQDPLFRGLQDPLF GUDPPDWLFRGUDPDWLF

GLQDQ]LvQID D GUDPPDWXUJRGUDPDWLUJ

GLR]HX GULWWRGUHSW

GLSHQGHQWHGHSHQGHQW GXEELRvQGRLDO

GLSLQJHUH GLSLQWR DSLFWD SLFWDW GXUDWXURGXUDELO

GLSORPDGLSORP GXURGXU

GLSORPDWDODXUHDW

GLULJHQWHFRQGXF WRU (

GLULPSHWWRDYLVDYLV HEEUH]]DEH LH
HFFHOOHQ]DH[FHOHQ HVSUHVVLRQHH[SUHVLH

HFFHVVRGLYHORFLWjH[FHVGHYLWH] HVSULPHUVLDVHH[SULPD

HFFH]LRQHH[FHS LH HVVHQ]LDOHHVHQ LDO

HFRORJLDHFRORJLH HVVHUHHQWXVLDVWDDILHQWX]LDVPDW

HFRORJLVWDHFRORJLVW HVVHUHLQJDPEDDILSULFHSXW

HFRQRPLFRHFRQRPLF HVVHUHJLDILWLUVW

HGL]LRQHGLOXVVRHGL LHGHOX[ HVVHUHLQIDVWLGLWRGDDILVXS UDWGH

HGL]LRQHWDVFDELOHHGL LHGHEL]XQDU HVVHUHLQQDPRUDWRGLDILvQGU JRVWLWGH

HGXFD]LRQHHGXFD LH HVVHUHDOO¶RULJLQHDILODRULJLQHD

HGXFD]LRQHFLYLFDHGXFD LHFLYLF HVWDWHYDU

HIIHWWLYRHIHFWLY 0LQLVWHURGHJOL $IIDUL(VWHUL0LQLVWHUXO

HIILFLHQWHHILFLHQW $IDFHULORU([WHUQH

HJRLVPRHJRLVP HVWHUQRH[WHUQH[WHULRU

HJUHJLRVWLPDW HVWHWLFRHVWHWLF

HJXDJOLDQ]DHJDOLWDWH HVWLYRHVWLYDO

HODERUD]LRQHHODERUDUH HVWRUVLRQHHVWRUFDUH

HODVWLFRHODVWLF HVWUDQHRVWU LQ

HOHIDQWHHOHIDQW HVWUHPLVWDH[WUHPLVW

HOHJJHUH HOHWWR DDOHJH DOHV HVWUHPRH[WUHP

HOHQFDUHDHQXPHUD (XUHND(YULFD

HOHQFROLVW HYHQWXDOHHYHQWXDO

HOHWWURQLFDVRODUHHOHFWURQLF VRODU HYLGHQWHHYLGHQW

HOHWWURQLFRHOHFWURQLF

HOHWWURWHFQLFRHOHFWURWHKQLF )

HOH]LRQLSROLWLFKHDOHJHULSROLWLFH IDEEULFDWRIDEULFDW

HOLPLQDUHDHOLPLQD IDFROWjIDFXOWDWH

HPDUJLQDWRPDUJLQDOL]DW IDOOLUHDJUHúL

HPEOHPDHPEOHP IDPLOLDUH IDPLJOLDUH IDPLOLDU

HPHUJHQ]DXUJHQ IDPRVRIDLPRV

HPHUJHUH HPHUVR DILXUJHQW IDQFLXOODFRSLO

HQFLFORSHGLDHQFLFORSHGLH IDQVWDVWLFRIDQWDVWLF

HQWXVLDVPDQWHHQWX]LDVPDQW IDUHDSSRVWDDIDFHH[SUHV

HSSXUHúLWRWXúL IDUHODFRGDDVWDODFRDG

HTXLSHHFKLS IDUHFRVDJUDGLWDDIDFHFHYDSO FXW

HTXLYDOHQWHHFKLYDOHQW IDUHSROLWLFDDIDFHSROLWLF

HTXLYRFRHFKLYRF IDUHDOODURPDQDDSO WLQHP HúWH

HTXRHJDO IDUHVWUDGDDIDFHORF

HUHGLWDUHDPRúWHQL IDUHJOLVWUDRUGLQDULDIDFHRUHVXSOLPHQWDUH

HURH JOLHURL HURX IDUYHGHUHDDU WD

HUURUHHURDUH IDUVLEHOORDVHDUDQMD

HVDVSHUDWRH[DVSHUDW IDUVLULYHGHUHDVHDU WD

HVDWWRH[DFW IDUVLLOVDQJXHFDWWLYRDúLIDFHVkQJHU X

HVDXULWRHSXL]DW IDURIDU

HVFODPDUHDH[FODPD IDVFLDGLHWjVHJPHQWGHYkUVW

HVFDODPD]LRQHH[FODPD LH IDVFLVPRIDVFLVP

HVFOXVLYRH[FOXVLY IDVFLVWDIDVFLVW

HVHFXWLYRH[HFXWLY GDUHIDVWLGLRDGHUDQMD

HVHFX]LRQHFDSLWDOHSHGHDSVDFDSLWDO IDWDOHIDWDO

HVHPSLRH[HPSOX IDWLFDRERVHDO

HVHUFLWDUHXQDSURIHVVLRQHDH[HUFLWDR IDWLFRVRRERVLWRU

SURIHVLH IDWWRIDSW

HVLJHUHDSUHWLQGH IDWWRVWRULFRIDSWLVWRULF

HVSORGHUH HVSORVR DH[SORGD H[SORGDW IDWWRUHIDFWRU


IDWWRULQRSRúWDú IUDWHF OXJ U

IDYRORVRIDEXORV QHOIUDWWHPSRvQWUHWLPS

IDYRULUHDIDYRUL]D IUHPHUHDIUHP WD

IHOLFHIHULFLW IUHTXHQWDUHDIUHFYHQWD

IHPPLQDIHPHO GLIUHTXHQWHGHVIUHFYHQW

IHPPLQLVWDIHPLQLVW IURQWLHUDIURQWLHU

IHQRPHQRIHQRPHQ IUXLUHDEHQHILFLD

IHUPDUVLDVHRSUL IUXVWUDWRIUXVWUDW

IHUPDWDVWD LH IUXWWDIUXFWH

IHUPR6WDL IUXWWRIUXFW

ODIHUUDPHQWDIHURQHULH IXJJLUHDIXJL

IHUYLGRIHUYLG IXOPLQDWRIXOJHUDW

IHVVHULDSURVWLH IXPDUHDIXPD

IHVVXUDILVXU IXPHWWREDQG GHVHQDW

ILEUDILEU IXPRIXP

ILGDQ]DPHQWRORJRGQ IXQHUDOHIXQHUDO

ILGDQ]DWDORJRGQLF IXQ]LRQDOHIXQF LRQDO

ILGDQ]DWRORJRGQLF IXQ]LRQHIXQF LH

ILGDUVLDDYHDvQFUHGHUH LIXRFKLDUWLILFLDOLIRFXULGHDUWLILFLL

ILGXFLDvQFUHGHUH IXUERúLUHW

ILHURPkQGUX IXUWRIXUW

ILOHWWRILOH IXWXURYLLWRU

ILORILU

ILORVRILDILOR]RILH *

ILORVRIRILOR]RI JDOHUDSXúF ULH

OHILQDOLILQDOH JDUDFRQFXUV

ILQHVIkUúLW JDUDQWLUHDJDUDQWD

ILQ]LRQHILF LXQH JDVJD]

ILRUHIORDUH JHOLGRUHFHvQJKH DW

IOXVVRPLJUDWRULRIOX[PLJUDWRU JHORVLDJHOR]LH

IRJOLDIUXQ] JHQHUDOHJHQHUDO

IRJOLRGLFDUWDIRDLHGHKkUWLH JHQHUD]LRQHJHQHUD L

IROODPXO LPH LQJHQHUHvQJHQHUDO

IROOLDQHEXQLH JHQLDOHJHQLDO

IRQGDPHQWDOHIXQGDPHQWDO JHUDUFKLDLHUDUKLH

IRQGDUHDIRQGD JHUPLQDUHDJHUPLQD

IRQWDQDIkQWkQ JHVVRJKLSVFUHW

IRQWHVXUV JKHWWRJKHWRX

IRUFDIXUF JLDFFDDYHQWRKDQRUDF

IRUPDWRUHIRUPDWRU JLDFFKHWWDMDFKHW

IRUPD]LRQHDOODYHQGLWDIRUPDUHD JLDOORJDOEHQ

YkQ] WRULORU JLDSSRQHVHMDSRQH]

IRUPLGDELOHIRUPLGDELO JLQQDVWLFDJLPQDVWLF

IRUPXODULRIRUPXODU JLRFDUHDVFDFFKLDMXFDúDK

IRUQLWXUDIXUQL]DUH JLRFDWWRORMXF ULH

IRUWXQDWLYRL)HULFHGHYRL JLRLDEXFXULH

IRU]DIRU JLRUQDOHUDGLRMXUQDOUDGLR

IRU]HGHOO¶RUGLQHIRU HOHGHRUGLQH JLRYDQRWWRWkQ U

IRXODUGIXODU JLRYLQH]]DWLQHUH H

IUDJLOHIUDJLO JLUDGLVFKLSLFXS

)UDQFLD)UDQ D JLUDUHLQWRUQRDVHvQYkUWL

IUDQFRLWDOLDQRIUDFRLWDOLDQ JLMRV

IUDVHIUD] JLXGLFDUHDMXGHFD
JLXGLFHMXGHF WRU LPEDOORDPEDODM

JLXGL]DULRMXGLFLDU LPEDUD]]DUHDvQFXUFD

JLXGL]LRMXGHFDW LPELDQFDUHDDOEL

JLXQJODMXQJO LQFLVLYRLQFLVLY

JLXVWL]LDMXVWX LH LQFRPLQFLDUHDvQFHSH

JLXVWRMXVWGUHSW LQFRQWURGLFDOFLRvQWkOQLUHGHIRWEDO

JORULDJORULH LQFRQYHQLHQWHLQFRQYHQLHQW

JORULRVRJORULRV LQFUHGLELOHLQFUHGLELO

JRGHUHDVHEXFXUDGH LQFXERFRúPDU

JRORVRODFRP LQFXULRVLWRFXULRV

JRPLWRFRW LQGDJLQHDQFKHW

JRPLWRORJKHP LQGLFDUHDLQGLFD

JRQILRXPIODW LQGLFD]LRQHLQGLFD LH

JRQQDIXVW LQGLIIHUHQWHLQGLIHUHQW

JRYHUQDQWHJXYHUQDQW LQGLUL]]DUHDDDGUHVD

JRYHUQDUHDJXYHUQD LQGLVSHQVDELOHLQGLVSHQVDELO

JRYHUQRJXYHUQ LQGLYLGXDOHLQGLYLGXDO

JUDGLQRWUHDSW LQGLYLGXRLQGLYLG

JUDGRJUDG LQGRVVDUHDSXUWD

HVVHUHLQJUDGRDILFDSDELO 0LQLVWHURHOO¶ ,QGXVWULD0LQLVWHUXO

JUDGXDOHWUHSWDW ,QGXVWULHL

JUDILFRJUDILF LQGXVWULDOL]]D]LRQHLQGXVWULDOL]DUH

JUDQRJUkX LQIDQ]LDFRSLO ULH

JUDVVRJUDV LQIDWWLvQWUDGHY U

JUDWRUHFXQRVF WRU LQIHOLFHQHIHULFLW

0LQLVWHURGL *UD]LDH*LXVWL]LD0LQLVWHUXO LQIHULRUHDLQIHULRU

GH-XVWL LH LQIHUPLHUHLQIHUPLHU

JUD]LRVRJUD LRV LQIOXHQ]DXQLILFDWULFHLQIOXHQ XQLILFDWRDUH

JULGDUHDVWULJD LQIRUPD]LRQHSXEEOLFLWDULDLQIRUPD LH

JULGRVWULJ W SXEOLFLWDU

JULJLRJUL LQIRUWXQLRDFFLGHQW

JULJLRSHUODJULSHUO LQIUD]LRQHLQIUDF LXQH

JXDGDJQRFkúWLJ LPERFFDUHXQDVWUDGDDROXDSHRVWUDG

JXDQFLDREUD] LPEXFDUHDSXQHODFXWLDSRúWDO

JXDUGDUHEUXWWRDVHXLWDXUkW LPPDJLQDUHDLPDJLQD

JXDUGDUVLGDDVHIHULGH LPPDJLQDULRLPDJLQDU

VWDUHLQJXDUGLDDILvQDOHUW LPPHQVRLPHQV

JXDULUHDVHYLQGHFD LPPRUWDOHQHPXULWRU

JXDVWRVWULFDWGHIHFW LPSDXULWRVSHULDW

JXLGDJKLG LPSHGLUHDvPSLHGLFD

HVVHUHDOODJXLGDDILODFRQGXFHUHD LPSHJQDUVLDVHDQJDMD

JXLGDUHDFRQGXFH HVVHUHLPSHJQDWRDILRFXSDW

JXVWRJXVW VHQ]DDOFXQLPSHJQRI U QLFLRREOLJD LH

LPSHULDOHLPSHULDO

, LPSHULDOLVPRLPSHULDOLVP

LGHDOHLGHDO LPSHUPHDELOHLPSHUPHDELO

LJQRUDUHDQXúWL LPSHUVRQDUHDSHUVRQLILFD

LJQRWRQHFXQRVFXW LPSLDQWRGLGLIIXVLRQHHFKSDPHQWGH

LOOHFLWRLOLFLW GLIX]DUH

LOOXGHUVLDVHLOX]LRQD LPSLFFDUHDVSkQ]XUD

LOOXPLQDWRLOXPLQDW LPSLFFDWRVSkQ]XUDW

LOOXPLQD]LRQHLOXPLQDUH LPSLHJDUHDIRORVL

LOOXVWUDWRUHLOXVWUDWRU LPSRQHQWHLPSXQ WRU


QRQLPSRUWDQXFRQWHD] LQWURGXUUH LQWURGRWWR DLQWURGXFH

GDUHLPSRUWDQ]DDDGDLPSRUWDQ LQWURGXV

LPSRUWRLPSRUWWRWDO LQWURPHWWHUVLDVHE JD

LPSUHVVLRQHLPSUHVLH LQXWLOHLQXWLO

LPSURYYLVRQHDúWHSWDW LQYDGDUH LQYDVR DLQYDGD LQYDGDW

LQDFFHVVLELOHLQDFFHVLELO LQYDQRvQ]DGDU

LQDXJXUDUHDLQDXJXUD LQYHQWRUHLQYHQWDWRU

LQFDPPLQDUVLDSRUQLODGUXP LQYLGLDLQYLGLH

GDUHLQFDULFRDvQV UFLQD LQYLGLRVRLQYLGLRV

LQFKLHVWDDQFKHW LUUHJRODUHQHUHJXODW

LQFLGHUH LQFLVR DvQUHJLVWUD vQUHJLVWUDW SHULVFULWWRvQVFULV

LQJHJQHULDLQJLQHULH LVFULYHUVLDVHvQVFULH

LQJLXVWRQHGUHSW LVFUL]LRQHvQVFULHUH

LQJLXVWL]LDQHGUHSWDWH LVRODUVLDVHL]ROD

LQJUDGLPHQWRP ULUH LVSLUDUVLDDVHLQVSLUDGLQ

YLHWDWRO¶LQJUHVVRDLQRQDGGHWWLDLODYRUL LVWDOOD]LRQHLQVWDOD L

DFFHVLQWHU]LVSHUVRDQHORUVWU LQH LVWDQWHFOLS

LQL]LDWLYDLQL LDWLY LVWLWXLUHDLQVWLWXL

HVVHUHLQQDPRUDWRGLDILvQGU JRVWLWGH LVWLWXWRGLULHGXFD]RQHLQVWLWXWGHUHHGXFDUH

LQQDQ]LWXWWRPDLvQWkL LVWLWX]LRQHLQVWLWX LH

LQQRLPQ LVWUX]LRQHLQVWUXF LH

LQQXPHUHYROHQHQXP UDW 0LQLVWHURGHOOD 3XEEOLFD,VWUX]LRQH

LQTXLHWXGLQHQHOLQLúWH 0LQLVWHUXOÌQY PkQWXOXL

LQTXLQDPHQWRSROXDUH

LQTXLQDWRSROXDW /

LQVHJQDILUP ODLFRODLF

LQVHJQDPHQWRDGLVWDQ]DvQY PkQWOD ODPHQWDUVLDVHSOkQJH

GLVWDQ ODPSDGLQDEHF

LQVHULPHQWRLQVHUDUH ODPSHJJLDUHDIXOJHUD

LQVHULUHDLQVHUD ODQFLDUHXQJULGRD LSD

LQVHU]LRQHDQXQ ODUJKH]]DO UJLPH

LQVHU]LRQHPDWULPRQLDOHDQXQ PDWULPRQLDO ODUJRODUJ

LQVRSSRUWDELOHLQVXSRUWDELO ODULQJLWHDOULQJLW

LQWHJUD]LRQHLQWHUJUDUH ODWLQRODWLQ

LQWHOOHWWXDOHLQWHOHFWXDO ODWRODWXU

LQWHOOLJHQWHLQWHOLJHQW ODXUHDWDODXUHDW

LQWHOOLJHQ]DLQWHOLJHQ ODXUHDWRLQHFRQRPLDODXUHDWvQHFRQRPLH

LQWHQGHUH LQWHVR DLQWHQ LRQD LQWHQ LRQDW ODXUHDWRLQOHJJHODXUHDWvQGUHSW

LQWHQGHUVLGLDVHSULFHSHOD ODYRUDWRUHPXQFLWRU

LQWHUDPHQWHvQvQWUHJLPH ODYRULLQFRUVROXFU ULvQFXUV

0LQLVWHURGHJOL ,QWHUQL0LQLVWHUXO OHDGHUOHDGHU

$IDFHULORU,QWHUQH OHJDOHDYRFDWOHJDO

LQWHUQRLQWHUQLQWHULRU OHJDPHOHJ WXU

LQWHUUX]LRQHvQWUHUXSHUH OHJJHOHJH

LQWHUYHQLUHDLQWHUYHQL OHJJHQGDOHJHQG

LQWHUYHQWRLQWHUYHQ LH OHJJLDGURXúRU

LQWLPLGD]LRQHLQWLPLGDUH OHJLVODWLYROHJLVODWLY

LQWLPDUHDRUGRQD OHJQROHPQ

LQWLPLWjLQWLPLWDWH OHQWROHQW

LQWLWRODWRLQWLWXODW OHVVLFROH[LF

LQWUDSUHQGHQWHvQWUHSULQ] WRU OHWWHUDWXUDOLWHUDWXU

LQWULJRLQWULJ OHWWHUHOLWHUH

OHWWRUHFLWLWRU
OHWWXUDOHFWXU PDUFLD OHPDUFH PDUúPHUV

OHYDUVLTXDOFXQRGLWRUQRDVF SDGHFLQHYD 0LQLVWHURGHOOD 0DULQD0HUFDQWLOH

OLEHUDUVLDVHHOLEHUD 0DULQD&RPHUFLDO

OLEHUWjOLEHUWDWH PDULQDLRPDULQDU

OLEUHULDOLEU ULH PDVFKLRPDVFXOE LDW

OLFHQ]LDUHDFRQFHGLD PDVVDPDV

OLHYHXúRU PDVVDJJLDUHDPDVD

OLPDUHDSLOL PDVVDJJLDWRUHPDVHXU

OLPLWDUHDOLPLWD DOPDVVLPRODPD[LP

OLPSLGH]]DOLPSH]LPH PDWHULDOHPDWHULDO

OLQJXDJJLROLPEDM LQPDWWLQDWDGLPLQHD D

OLQJXLVWDOLQJYLVW PDWWLWDFUHLRQ

OLQRLQ PDWWRQHF U PLG

OLVFLDUHDúOHIXL PDWXURPDWXU

OLVWDOLVW PHFFDQLFRPHFDQLF

OLWHFHDUW LQPHGLDvQPHGLH

OLWLJDWDFHDUW PHGLRPLMORFLXPHGLX

OLYHOORQLYHO PHPEURPHPEUX

ORJLFRORJLF PHPRULDPHPRULH

ORWWDOXSW PHQGLFDQWHFHUúHWRU

ORWWDUHDOXSWD DPHQRFKHQXPDLV QX

ORWWL]]DUHDORWL]D PHQWDOLWjPHQWDOLWDWH

OXFHOXPLQ PHQWDOPHQWHPHQWDO

OXFFLFDUHD VWU OXFL PHQWHPLQWH

OXFHQWH VWU OXFLWRU PHUDYLJOLDPLQXQH

OXFLGROXFLRV PHUFDWRHVWHURSLD H[WHUQ

OXQJKH]]DOXQJLPH PHUFHPDUI

OXQJROXQJ PHULWDUVLDPHULWD

OXQJRODFRVWDGHDOXQJXOFRDVWHL PHULWRPHULW

OXRJRFRPXQHORFFRPXQ PHWWHUVLLQJLQRFFKLRDvQJHQXQFKHD

PHWWHUHDOODSURYDDSXQHODvQFHUFDUH

0 PHWWHUHDSXQWRDSXQHODSXQFW

PDHVWUDvQY WRDUH PHWWHUHDULSRVRDSHQVLRQD

PDHVWUDG¶DVLORHGXFDWRDUH PHWWHUHWXWWRVRVVRSUDDU Y úL

PDHVWURvQY WRU PLJOLRUDUHDvPEXQ W L

PDJDULP FDUGH PLJOLRUHPDLEXQ

PDJJLRUDQ]DDVVROXWDPDMRULWDWHDEVROXW PLOLWDUHPLOLWDU

PDJJLRUDQ]DUHODWLYDPDMRULWDWHUHODWLY PLQHVWUDLQEURGRFLRUE

PDJJLRUHQQHPDMRU PLQLPRPLQLP

PDJLFRPDJLF PLQLVWHURPLQLVWHU

PDJOLRQFLQRSXORYHU 0LQLVWHURGHO/DYRUR0LQLVWHUXO0XQFLL

PDJOLRQHSXORYHUJURV PLQRUDQ]DPLQRULWDWH

PDJQLILFRPDJQLILF PLQXVFXORPLQXVFXO

PLFDPDOHGHORFU X PLUDUHDD LQWLOD

PDOJUDGRFKHFXWRDWHF PLVHULDPL]HULH

PDQFDUHDOLSVL PLVXUDP VXU

PDQGDUHWXWWLDTXHOSDHVHDGDGUDFXOXL PLWRPLW

PDQLDPDQLH PLWUDPLWUDOLHU

PDQLHUDPDQLHU PRG PLWWHQWHH[SHGLWRU

PDQLIHVWD]LRQHPDQLIHVWD LH PRELOHPRELOPRELO

PDQLIHVWRPDQLIHVW PRELOLWD]LRQHPRELOL]DUH

PDQR OHPDQL PkQ PRGHUQRPRGHUQ

PDQWHQHUHDPHQ LQH PRGRGLGLUHPDQLHU GHDYRUEL


LQPRGRGDDVWIHOvQFkW QXPHURVRQXPHURV

PRGXORIRUPXODU QXRWDWDSDUWLG GHvQRW

PRPHQWLQRFOLSLW

PRQDFDF OXJ UL 2

PRQDVWHURPkQ VWLUH RELHWWLYRRELHFWLY

PRQGLDOHPRQGLDO RFFKLDOLGDVROHRFKHODULGVRDUH

PRQWDUHDPRQWD RGLDUHDXUv

PRQWHPXQWH RIILFLQDDWHOLHU

PRQXPHQWRPRQXPHQW RJJHWWRRELHFW

PRUDOHPRUDOPRUDO RJQLYROWDFKHGHILHFDUHGDW FkQG

PRULUHDPXUL ROWUDJJLRXOWUDM

PRWLYRPRWLY ROWUHGLQFRORSHVWHvQSOXV

PXFFKLRJU PDG ROWUHRFHDQRSHVWHRFHDQ

PXJQDLRPRUDU RPDJLRRPDJLX

PXQLWRGLSUHY ]XWFX RPLFLGLRFULP

PXUR]LG RQHVWRRQHVW

PXVLFDOHPX]LFDO RQRUHRQRDUH

PXVLFLVWDPX]LFLDQ RQRULILFHQ]DGHFRUD LH

PXVLFRORJRPX]LFRORJ RSHUDRSHU

RSHUDLRWLSRJUDIRWLSRJUDI

1 RSHUDUHDRSHUD

QDVFHUH QDWR DVHQDúWH Q VFXW RSHUDWRUHFRPPHUFLDOHYkQ] WRU

QDVFLWDQDúWHUH RSHUDWRUHFRPSXWHURSHUDWRUSF

QDVRQDDV RSHUD]LRQHRSHUD LH

QDWDOLWjQDWDOLWDWH RSHUHWWDRSHUHW

QDYLJD]LRQHQDYLJD LH RSLQLRQHRSLQLH

QRQQpQpQLFL«QLFL« RSSRUVL RSSRVWR DVHRSXQH RSXV

QHFHVVLWjQHFHVLWDWH RSSRVWRRSXV

QHJDUHDQHJD RSSULPHUH RSSUHVVR DRSULPD RSULPDW

QHJR]LRPDJD]LQ RUGLQDUHDRUGRQD

QHPPHQRQLFLP FDU RUGLQDULRRUGLQDU

QHUYRVRQHUYRV RUGLQDWRRUGRQDW

QHYLFDUHDQLQJH RUHFFKLRXUHFKH

QHYLFDWDQLQVRDUH RUHWWDRRU

QLSRWHQHSRW RUJDQLFRRUJDQLJUDP

QRELOHQRELO RUJDQLVPRRUJDQLVP

QRLDSOLFWLVHDO RUJDQL]]DUHDRUJDQL]D

QRLRVRSOLFWLVLWRU RUJDQL]]DWRUHRUJDQL]DWRU

QRPLQDUHDQXPL RUJDQL]]D]LRQHRUJDQL]DUHRUJDQL]D LH

QRQRVWDQWHvQFLXGD RUJDQRRUJDQ

QRUGLFRQRUGLF RULJLQDOHRULJLQDO

QRUPDQRUP RUPDL RUDPDL GHDFXP

QRUPDOHQRUPDO RUURUHRURDUH

QRUPDWLYRQRUPDWLY RVFXULWjvQWXQHULF

QRVWUDQRDOQRVWUX RVVREXFRUDVRO

QRWDQRW RVWDFRORREVWDFRO

QRWDLRQRWDU RVWLQDUVLDVHvQF S kQD

QRWDUHDQRWDDREVHUYD RWWHQHUHDRE LQH

QRWRFXQRVFXW RWWLPRRSWLP

QHO1RYHFHQWRvQVHFROXO;; RYH GRYH XQGH

QRYLWjQRXWDWH RYXQTXHRULXQGH

QXGRQXGJRO

QXOORQXO
3 SHUFHQWRODVXW

SDFFRSDFKHW SHUFHQWXDOHSURFHQW

SDFHSDFH SHUFKpGHFHSHQWUXF

SDFLILVWDSDFLILVW SHUGHUHDSLHUGH

SDGURQHVW SkQ SHUGHUHSHVRDVF GHDvQJUHXWDWH

SDGURQHGLFDVDVW SkQXOFDVHLJD]G SHUIHWWDPHQWHSHUIHFW

SDLRSHUHFKH SHUIH]LRQDUHDSHUIHF LRQD

SDOHVWUDVDO GHJLPQDVWLF SHUILQRSkQ úL

SDOODGLQHYHEXOJ UHGH] SDG SHULFRODUHDULVFD

SDOOLQRELO SHULFRORVRSHULFXORV

SDQWDORQLSDQWDORQL LQSHULIHULDODSHULIHULH

SDUDGLVRSDUDGLV SHULWRH[SHUW

SDUDJRQDUHDFRPSDUD SHUPHVVRSHUPLV

SDUDJRQHFRPSDUD LH SHUPHVVRGLVRJJLRUQRSHUPLVGHúHGHUH

SDUDOL]]DWRSDUDOL]DW SHUVHJXLWDUHDXUP ULDSHUVHFXWD

SDUHFFKLRPXOW SHUVRQDJJLRSHUVRQDM

SDUHFFKLJLRUQLPDLPXOWH]LOH SHUVRQDOHSHUVRQDO

SDUHUHDS UHD SHVDUHDFkQW UL

SDUHUHS UHUH SHVFKHULDSHVF ULH

SDUHWHSHUHWH SHVRJUHXWDWH

SDULHJDO SHVVLPLVWDSHVLPLVW

SDUODPHQWRSDUODPHQW SHVVLPRIRDUWHU X

SDURODFKLDYHFXYkQWFKHLH SHVWHFLXP

SDUXFFKLHUHIUL]HUFRDIRU SHWDORSHWDO

SDUWHFLSDQWHSDUWLFLSDQW SHWWLQDUHDSLHSW QD

SDUWHFLSDUHDSDUWLFLSD SHWWLQHSHLSWHQ

SDUWLFRODUHGHRVHELWDP QXQW SH]]HWWREXF LF

SDUWLJLDQRSDUWLD]DQ SLDFHYROHSO FXW

SDUWLWDDEULGJHSDUWLG GHEULGJH SLDQHWDSODQHW

SDUWLWRSDUWLG SLDQJHUH SLDQWR DSOkQJH SOkQV

SDUWQHUSHUWHQHU SLDQLVWDSLDQLVW

SDVVDUHVRSUDDDWUHFHSHVWH SLDQWDSODQW

SDVVDWHPSRKREE\ SLDQWDUHDSODQWD

SDVVDWRWUHFXW SLDQWDUODDO VDEDOW

SDVVHJJLRSOLPEDUH SLDQWHUUHQRSDUWHU

SDVVHURWWRYUDELH SLDWWLQRIDUIXULX

SDVVLRQHSDVLXQH SLFFRORSLFFRORIRDUWHPLF

DGRJQLWXRSDVVRODRULFHSDV SLHWDQ]DIHOGHPkQFDUH

EHOSDVWLFFLR)UXPRDV vQFXUF WXU  SLHWUDSLDWU

SDVWRPDV SLUDWDSLUDW

IHVWDGHOSDWURQRV UE WRDUHDSDWURQXOXL SLWWRUHSLFWRU

SDWWXJOLDGLFDUDELQLHULSDWUXO GHFDUELQLHUL LQSLvQSOXV

SDXURVRWHP WRU SLXWWRVWRPDLGHJUDE

SD]LHQ]DU EGDUH SOHRQDVPRSOHRQDVP

SD]]RQHEXQ SRHPDSRHP

SHFRURQHEHUEHF SRHWDSRHW

SHGDJRJLDSHGDJRJLH SROHPLFDSROHPLF

LOSHJJLRUHFHOPDLU X SROL]LDGRJDQDOHSROL LHYDPDO

SHOOHSLHOH SROL]LDILVFDOHSROL LHILVFDO

VWDUHLQSHQDDILvQJULMQRUDW SROPRQHSO PkQ

SHQGHUHDDWkUQD SRQWHSRG

SHQLVRODLWDOLFDSHQLQVXODLWDOLF SRSRODUHSRSXODU

SHUEHQHFXPVHFDGH SRSRODULWjSRSXODULWDWH
SRSRORSRSRU SURFXUDUVLDúLSURFXUD

SRUJHUHDvQWLQGH SURIHVVLRQLVWDSURIHVLRQLVW

SRUJHUHLOVDOXWRDVDOXWD SURIHVVRUHVVDSURIHVRDU

SRUUHDSXQH SURIRQGRSURIXQG

SRUWRQHSRDUW SURJHWWDUHDSURLHFWD

SRVVHVVRSRVHVLH SURJHWWRSURLHFW

SRVVLEOLPHQWHSRVLELO SURJUHVVLYRSURJUHVLY

SHUSRVWDSLUQSRúW SURJUHVVRSURJUHV

ODSRVWDSRúWD SURPHVVDSURPLVLXQH

SRWHUHDSXWHDSXWHUH ,3URPHVVL6SRVLORJRGQLFLL

SRYHURV UDF SURPHWWHUH SURPHVVR DSURPLWH

SUDWLFDSUDFWLF GRVDU SURQXQFLDSURQXQ LH

SUDWLFDPHQWHSUDFWLF SURQXQFLDUHDSURQXQ D

SUDWRSDMLúWH SURSRVWDGLVHJQRGLOHJJHSURLHFWGHOHJH

SUHFHGHQWHSUHFHGHQW SURVHJXLUHDFRQWLQXD

SUHFHGHQ]DSULRULWDWH SURWDJRQLVWDSURWDJRQLVW

SUHFLVLRQHSUHFL]LH SURWHJJHUH SURWHWWR DSURWHMD SURWHMDW

SUHFLVRSUHFLV SURWHVWDSURWHVW

SUHGLVSRUUH SUHGLVSRVWR DGLVSXQH SURWHVWDUHDSURWHVWD

SUHIHUHQ]DSUHIHULQ SURWH]LRQHSURWHF LH

SUHIHULELOPHQWHSUHIHUDELO SURYDSUDWLFDSURE SUDFWLF

SUHJDUHDUXJD SURYLQFLDSURYLFLHUHJLXQH

SUHPHWWHUH SUHPHVVR DSHUPLWH SURYRFDUHDSURYRFD

SUHQGHUHSRVL]LRQHDOXDSR]L LH SURYYLVRULRSURYL]RULX

SUHQGHUHDVFKLDIILDOXDODSDOPH SUXGHQ]DSUXGHQ

SUHRFFXSDQWHvQJULMRU WRU SVLFKLDWUDSVLKLDWUX

SUHRFFXSDUVLDVHvQJULMRUD SVLFKLDWULDSVLKLDWULH

SUHSDUD]LRQHSUHJ WLUH SXEEOLFDUHDSXEOLFD

SUHVHQWDUVLDVHSUH]HQWD SXEEOLFD]LRQHSXEOLFD LHSXEOLFDUH

SUHVHQ]DSUH]HQ SXEEOLFRSXEOLF

SUHVWD]LRQHSUHVWD LH SXQWDYkUI

SUHQGHUHLQSUHVWLWRDOXDFXvPSUXPXW SXQWRGLYLVWDSXQFWGHYHGHUH

SUHVXQWRSUHVXSXV SXzGDUVLSRDWH

SUHVXSSRUUHDSUHVXSXQH SXUGLQXPDLV

QHLSUHVVLGLvQDSURSLHUHGH SXURSXU

SUHWHQGHUHDSUHWLQGH

SUHYDOHQWHSUHGRPLQDQW 4

SUHYDOHUH SUHYDOVR DGRPLQD TXDGUHWWRFDURX

SUHYHGHUH SUHYLVWR DSUHYHGHD DTXDGUHWWLvQFDURXUL

SULJLRQHSXúF ULH TXDGURWDEORXFDGUX

SULPDvQDLQWH TXDOLILFDFDOLILFDUH

SULPDRSRLPDLGHYUHPHVDXPDLWkU]LX TXDOLILFDWRFDOLILFDW

SULPLWLYRSULPLWLY TXDOVLDVLRULFHRULFDUH

SULPRPLQLVWURSULPPLQLVWUX TXDOXQTXHRULFDUH

SULQFLSDOHSULQFLSDO TXDUDQWHQQHGHSDWUX]HFLGHDQL

SULQFLSHSULQ TXHVWXUDFKHVWXU

SULQFLSLRSULQFLSLXvQFHSXW TXLQGLGHFLDSRL

SULYLOHJLRSULYLOHJLX TXRWLGLDQRFRWLGLDQ

SUREDELOLWjSUREDELOLWDWH

SUREDELOPHQWHSUREDELO 5

SURFHVVLRQHSURFHVLXQH UDFFRJOLHUHDDGXQD

SURFHVVRSURFHV UDFFRPDQGDUHDUHFRPDQGDDVI WXL

SURFODPDUHDSURFODPD UDGLFDOHUDGLFDO
UDGLRIRQLFRUDGLRIRQLF ULFRYHUDUHLQRVSHGDOHDLQWHUQDvQVSLWDO

UDGLRVRUDGLRV ULGDUHDUHGD

UDIILFDUDIDO ULGLFRORULGLFRO

UDJJLXQJHUHDDWLQJHDDMXQJH FRSULUVLGLULGLFRORDVHDFRSHULGHULGLFRO

UDJLRQDPHQWRUD LRQDPHQW ULGXUUHDUHGXFH

UDJLRQDUHDMXGHFD ULGX]LRQHUHGXFHUH

UDJLRQLHUHFRQWDELO ULIHULUHDUHODWD

UDOOHJUDUVLDVHEXFXUD ULIHULPHQWRUHIHULUH

UDPPHQWDUVLGLDúLDPLQWLGH ULILXWDUVLDUHIX]D

UDSSRUWRUDSRUW ULILXWLGHúHXUL

UDULWjUDULWDWH ULJXDUGDUHDSULYLDDYHDOHJ WXU

UD]]DUDV ULJXDUGRDFXSULYLUHOD

UD]]LVLPRUDVLVP ULOHYDQWHUHOHYDQW

UHUHJH ULPDQGDUHDDPkQD

UHDOHUHDOUHJDO ULPDQHUHDU PkQH

UHDOL]]DUHDUHDOL]D ULPHGLRUHPHGLX

UHD]LRQHUHDF LH ULPERUVDUHDUDPEXUVD

UHFDUVLDVHGXFH ULPHGLDUHDTF$UHPHGLDFHYD

UHFXSHUDUHULFXSHUDUHDUHFXSHUD ULFRQRVFHUHDUHFXQRDúWH

UHFXSHURULFXSHURUHFXSDUDUH ULPXRYHUHDPLúFD

UHGD]LRQHUHGDF LH ULQFDVDUHDVHvQWRDUFHDFDV

UHGGLWRYHQLW ULQJKLHUDEDOXVWUDG

UHJJHUVLDVH LQH ULQJUD]LDUHDPXO XPL

UHJLVWUD]LRQHvQUHJLVWUDUH ULQWUDFFLDUHDJ VL

UHJQRUHJDWGRPQLH ULQYLDUHDWULPLWH

UHJRODUHJXO ULSDUDUHDUHSDUDDDG SRVWL

UHJRODUHDUHJOD ULSHWHUHDUHSHWD

UHOD]LRQHUHOD LH ULSRUWDUHODYLWWRULDVXDRE LQHYLFWRULD

UHOLJLRQHUHOLJLH DVXSUD

UHPRWRWUHFXW ULSUHQGHUHFRVFLHQ]DDúLUHYHQL

UHQGHUVLFRQWRDúLGDVHDPD ULVFDOGDPHQWRvQF O]LUH

UHSDUWRUDJLRQHULDELURXOFRQWDELOLWDWH FRUUHUHLOULVFKLRDULVFD

UHSUHVVLYRUHSUHVLY ULVFRQWUDUHDvQWkOQL

UHSXEEOLFDUHSXEOLF ULVHQWLUVLDVHUHVLP L

UHVSLQJHUH UHVSLQWR DUHVSLQJH UHVSLQV VHQ]DULVHUYDI U UH]HUY

UHVSLUDUHDUHVSLUD ULVHUYDWRUH]HUYDW

UHVSRQVDELOHUHVSRQVDELO ULVROYHUHDUH]ROYD

UHVSRQVRU VSXQV ULVSHWWDUHDUHVSHFWD

UHVWDUHGLVWXFFRDvQP UPXLUL ULVSHWWLYDPHQWHUHVSHFWLY

UHVWLWXLUHDUHVWLWXL ULWHQHUHDUH LQH

UHWHFRPPHUFLDOHUH HDFRPHUFLDO ULWLUDUHDULGLFD

UHWURYHUVR ULWLUDUVLDVHUHWUDJH

ULFDWWRúDQWDM ULWURYDUHDJ VL

ULFHUFDFHUFHWDUH ULXVFLUHDUHXúL

ULFKLHGHUHDSUHWLQGH ULYHQGLFD]LRQHUHYHQGLFDUH

ULFRPLQFLDUHDUHvQFHSH ULYHVWLUVLDVHvPEU FDGLQQRX

ULFRQRVFHUHDUHFXQRDúWH ULYROJHUVLDDVHDGUHVD

ULFRUGDUVLDúLDPLQWL ULYROX]LRQHUHYROX LH

ULFRUUHUH ULFRUVR DUHFXUJH UHFXUV UREXVWRUREXVW

ULFRVWLWXLUVLDVHUHFRQVWLWXL URPDQWLFRURPDQWLF

ULFRVWUXLUHDUHFRQVWUXL URPDQ]LHUHURPDQFLHU

ULFRVWUX]LRQHUHFRQVWUXF LH URPSHUVLDVHUXSHDVHVWULFDDVHGHIHFWD

URVHRUR]
URWRQGRURWXQG VFLHQ]LDWRVDYDQW

URYLQDUHDUXLQD VFLRFFKH]]DSURVWLH

URXORWWHUXORW VFLSRIXUW

URYHVFLDUVLDVHU VWXUQD VFLVVLRQHVFL]LXQH

UXEULFDUXEULF VFRODURúFRODU

UXPRURVR]JRPRWRV VFRODVWLFRúFRODU

UXRWDURDW VFRPPHWWHUHDSDULD

UXVVRUXV VFRPRGDUVLDVHGHUDQMD

VFRQILWWDvQIUkQJHUH

6 VFRQRVFLXWRQHQFXQRVFXW

VDFHUGRWHVDFHUGRW VFRSSLDUHDULGHUHDL]EXFQLvQUkV

VDFULILFLRVDFULILFLX VFRQVLJOLDELOHQHUHFRPDQGDELO

VDFURVDFUX VFRQVLJOLDUHDQXUHFRPDQGD

VDJJLRHVHXvQ HOHSW VFRQWULQRERQ

VDODVDO VFRQYROJHUH VFRQYROWR DWXOEXUD WXOEXUDW

VDODGLOHWWXUDVDO GHOHFWXU VFRSRVFRS

VDODPHVDODP VFRSULUHDGHVFRSHUL

VDORQHVDORQ VFULWWDVFULHUH

VDORWWRVDORQ VFULWWRUHVFULLWRU

VDOXEULWjVDOXEULWDWH VFXRODHOHPHQWDUHúFRDO HOHPHQWDU

VDOYDJXDUGDUHDVDOYD VFXRODVSHFLDOHúFRDO VSHFLDO

VDOYDJXDUGLDGHOO¶DPELHQWHVDOYDUHD VFXRWHUHD]JXGXL

PHGLXOXL VFXURvQWXQHFDW

VDOYDUHDVDOYD VHEEHQHGHúL

VDOYH]]DVDOYDUH VHFFDUHDHQHUYD

VDQJXLQDULRVkQJHURV VHFFDWXUDHQHUYDUH

0LQLVWHURGHOOD 6DQLWj0LQLVWHUXO6 Q W LL VHFRORVHFRO

VDQ]LRQDUHDVDQF LRQD VHGHVHGLX

VDQ]LRQHSHFXQLDULDDPHQG VHGLDVFDXQ

VEDWWHUHODSRUWDDWUkQWLXúD VHJQDOD]LRQHVHPQDODUH

VERFFLDUHDvQIORUL VHJQDOHVHPQDO

VEULJDUVLDVHJU EL VHJQRVHPQ

VFDGHUHDVF GHD IDUHVHJQRDIDFHVHPQ

VFDIIDOHUDIW VHJUHWDULRVHFUHDWDU

VFDODVFDU VHJUHWRVHFUHW

VFDPELDUHSHUDFRQIXQGDFX LQVHJXLWRDvQXUPD

VFDSROREXUODF QHO6HLFHQWRvQVHFROXO;9,,

VFDSSDUHDIXJL VHPDIRURVHPDIRU

VFDULFDUHDGHVF UFD VHPEUDUHDS UHD

VFDUSDSDQWRI VHPHV PkQ

VFDWHQDUVLFRQWURDVHQ SXVWLFRQWUD VHQDWRVHQDW

VFDYDUHDV SD VHQVRVHQV

VFHJOLHUHDDOHJH VHQWLPHQWDOHVHQWLPHQWDO

VFHOWDDOHJHUH VHQWLUVLREEOLJDWRDVHVLP LREOLJDW

VFHPRSURVW VHSDUDUVLDVHGHVS U L

VFKHGDILú VHSDUDWRGHVS U LW

VFKHUPRHFUDQ VHSDUD]LRQHGHVS U LUH

VFKLDIIRSDOP VHSHOOLUHDvQJURSD

VFKLIRVLO VHTXHVWUDUHDVHFKHVWUD

VFLDJXUDQHQRURFLUH VHTXHVWURVHFKHWUX

VFLDJXUDWRQHQRURFLW VHUHQLWjVHQLQ

VFLHQ]DúWLLQ VHUHQRVHQLQ

VFLHQ]HQDWXUDOLúWLLQ HQDWXUDOH VHULRVHULRV


VHUYL]LVHUYLFLL VRUSDVVRGHS úLUH

VHUYL]LRGLFRQVXOHQ]DVHUYLFLXGH VRUULGHUHDVXUkGH

FRQVXOWDQ VRUULVRVXUkV

VHVVRVH[ VRVSHVRVXSHQGDW

VHWWHQWULRQDOHQRUGLF VRVSHWWDUHDVXVSHFWD

VHWWRUHGLODYRURVHFWRUGHPXQF VRVWDRSULUH

VILQJHVILQ[ VRVWDQ]DVXEVWDQ

VILRUDUHDDWLQJHXúRU VRVWHQHUHDVXV LQH

VIRJOLDUHDU VIRL VRVWLWXLUHDvQORFXL

VIRJRHOLEHUDUH VRWWRSRUUH VRWWRSRVWR DVXSXQH VXSXV

VIRU]RHIRUW VRYHQWHDGHVHD

VIUXWWDPHQWRH[SORDWDUH VRYUDQRVXYHUDQ

VIXPDWXUDQXDQ VSDJQRORVSDQLRO

VJUDGHYROHQHSO FXW VSDUDUHDvPSXúFD

VLFFRPHSHQWUXF GDWILLQGF VSDYHQWDUHDVSHULD

VLFXURVLJXU VSD]]DWXUDJXQRL

VLJQLILFDUHDvQVHPQD VSD]LHQWLUVLDSLHUGHU EGDUHD

VLJQLILFDWRvQ HOHV VSD]LRVRVSD LRV

VLOHQ]LROLQLúWHW FHUH VSHFLDOL]]DUVLDVHVSHFLDOL]D

VLPEROLFRVLPEROLF VSHJQHUVLDVHVWLQJH

VLPLOHDVHP Q WRU VSHVDFXPS U WXU

VLPXODUHDVLPXOD VSHVVRDGHVHD

VLQFHULWjVLQFHULWDWH VSLDVSLRQ

VLQGDFDWRVLQGLFDW HVVHUHVSLDFHQWHDUHJUHWD

VLQGDFRSULPDU VSLDFHYROHQHSO FXW

6,3 6RFLHWj,WDOLDQDSHUO¶HVHUFL]LR VSLHJDUHDH[SOLFD

7HOHIRQLFR 6RFLHWDWHD,WDOLDQ GH7HOHIRQLH VSLHWDWRQHPLORV

VLVWHPDVLVWHP VSLQDVSLQ

VLVWHPDDQWLIXUWRDQWLIXUW VSLULWRVRJOXPH

VLVWHPDUHDDUDQMD VSOHQGLGRVSHOGLG

VLWXD]LRQHVLWXD LH VSRVDPLUHDV

VPDUULPHQWRU W FLUH VSRVWDPHQWRGHSODVDUH

VPRQWDUHDGHPRQWD VSRVWDUHDGHSODVD

VQHOOR]YHOW VSXQWDUHU V UL

VRFLDOHVRFLDO VTXDGUDHFKLS

VRFLHYROHVRFLDELO VTXLOODUHDVXQD

VRFLRORJLDVRFLRORJLH VWDELOLWRVWDELOLW

VRGGLVIDFHQWHVDWLVI F WRU VWDFFDUVLDVHGHVSULQGH

VRGGLVIDUHXQGHVLGHULRDvPSOLQLRGRULQ VWDPSDSUHV

VRGGLVID]LRQHVDWLVIDF LH VWDQFKH]]DRERVHDO

VRGRGXUWDUH 67$1'$PDJD]LQXO6WDQGD

VRIIHUHQ]DVXIHULQ VWDQ]DFDPHU

VRIIULUHDVXIHUL VWDUHDWWHQWRDILDWHQW

VRILVWLFDWRVRILVWLFDW VWDUH]LWWRDW FHD

VRJQDUHDYLVD VWDWDOHGHVWDW

VRJQRYLV VWDWLVWLFRVWDWLVWLF

VROGDWRVROGDW VWDWRVWDW

VROLWXGLQHVLQJXU WDWH VWDWXUDVWDWXU

VRPLJOLDQWHDVHP Q WRU VWDWXWRVWDWXW

VRQGDJJLRVRQGDM VWD]LRQDUHDVWD LRQD

VRSSRUWDUHDVXSRUWD VWD]LRQHJDU

VRSUDELWRSDUGHVLX VWHOODVWHD

VRUJHUHDU V ULDVHLYL VWLOLVWDGLPRGDVWLOLVWGHPRG


VWLPDUHDDSUHFLD WHQGDFRUWSHUGHD

VWRULHEDVPH WHQHUHSUHVHQWHD LQHFRQW

VWUDQRVWUDQLX WHQHUHDTXDOFRVDD LQHODFHYD

VWUDULSDUHDVHUHY UVD WHQVLRQHWHQVLXQH

VWUHWWDPHQWHVHJUHWRVWULFWVHFUHW WHQWDWLYRvQFHUFDUH

VWULQJHUH VWUHWWR DVWUkQJH VWUkQV WHUDSLDWHUDSLH

VWULVFLDGXQJ WHUPLQDUHDWHUPLQD

DVWULVFHvQGXQJL WHUUDS PkQW

VWURQFDUHUHWH]D WHUUD]]DWHUDV

VWUXPHQWRLQVWUXPHQW WHUUHPRWRFXWUHPXU

VWUXWWXUDVLQWDWWLFDVWUXFWXU VLQWDFWLF WHUULELOHWHULELO

VWXGLRVXGLRDWHOLHU WHUULWRULRWHULWRULX

VWXSHQGRXLPLWRU WHUURUL]]DUHDWHURUL]D

VWXSLGLWjSURVWLH 7HU]RPRQGROXPHDDWUHLD

VWXSLGRSURVW WHVL OHWHVL WH]

IDUHORVWXSLGRDIDFHSHSURVWXO WHVVHUDOHJLWLPD LH

VWXSLWRXLPLW WHVWLPRQHPDUWRU

VXSH WHVWLPRQDLUHDGHSXQHP UWXULH

VXELUHDVXIHULDVXSRUWD WLIRWLIRVSDVLXQH

VXFFHVVLYRVXFFHVLY WLJUHWLJUX

VXGDWRWUDQVSLUDW WLPEURWLPEUX

VXGGLYLGHUH VXGGLYLVR DvPS U L vPS LW WLSLFRWLSLF

VXIILFLHQWHVXILFLHQW WLSRWLS

VXIILFLHQWHPHQWHVXILFLHQW WRFFDUHDDWLQJH

VXIIUDJRXQLYHUVDOH WRJOLHUH WROWR DVFRDWHDOXD

VXLFLGLRVLQXFLGHUH WRQLILFDUHDWRQLILFD

VXSHUDWRGHS úLW WRQQHOODWDWRQ

VXSHUEDPHQWHPkQGUX WRULQHVHWRULQH]

VXSHUILFLDOHVXSHUILFLDO WRUQHRGLWHQQLVWXUQHXGHWHQLV

VXSHULRUHDVXSHULRU WRUUHWXUQ

VXSSOHPHQWRVXSOLPHQW WRUWXUDWRUWXU

VYDJDWRGLVWUDW WRWDOHWRWDO

VYHGHVHVXHGH] WRWRFDOFLRORWR

VYHJOLDUVLDVHWUH]L WUDFFLDUHDWUDVD

VYHQLUHDOHúLQD WUDGLUHDWU GD

VYLOXSSRGH]YROWDUH WUDGLWRUHWU G WRU

VYROJHUVLDVHGHVI úXUD WUDGXUUHDWUDGXFH

WUDJHGLDWUDJHGLH

7 WUDJLFRWUDJLF

WDJOLDWDOLH WUDPDWUDP DF LXQH

WDJOLDQGRGLFRQWUROORHWLFKHW WUDQVLWRWUDQ]LW

WDOHDVHPHQHD WUDUUH WUDWWR DWUDJH WUDV

GLWDQWRLQWDQWRGLQFkQGvQFkQG WUDVFLQDUHDWkUv

WDSSHWRFRYRU WUDVFXUDWH]]DQHJOLMHQ

WDVVRUDW WUDVIHULUHDWUDQVIHUD

WDVWLHUDFODYLDWXU WUDVIHULUVLDVHWUDQVIHUD

YLQRGDWDYRODYLQGHPDV WUDVIRUPDUVLDVHWUDQVIRUPD

WHFQLFDWHKQLF WUDVSRUWDUHDWUDQVSRUWD

WHFQRORJLDWHKQRORJLH WUDWWDUHDWUDWD

WHFQRORJLFRWHKQRORJLF WUDWWHQHUHDvQWUH LQHDUH LQH

WHOHYLVLYRGHWHOHYL]LXQH DGXQWUDWWRODXQPRPHQWGDW

WHPHUHDVHWHPH WULEXQDOHWULEXQDO

WHPSRWLPS WULRQIDOPHQWHWULXPIDO
WULVWRU X YHJHWDULDQRYHJHWDULDQ

WURWDS VWU Y YHOOXWRFDWLIHD

WXUFRWXUF DQGDUHYHORFHDPHUJHUHSHGH

0LQLVWHURGHO 7XULVPR0LQLVWHUXO YHORFLWjPDVVLPDYLWH] PD[LP

7XULVPXOXL YHORFLWjGLFURFLHUDYLWH] GHFURD]LHU

WXWHODWXWHO YHQDYHQ

WXWHODUHDWXWHOD YHQGLWDYkQ]DUH

WXWWDYLDWRWXúL YHQLUHDGGRVVRDF GHDSHVWH

WXWWLHGXHWXWW¶HGXHDPELL YHQLUHLQPHQWHDúLDPLQWL

YHUGHYHUGH

8 YHUJRJQDUXúLQH

XFFHOORSDV UH YHUVRYHUVF WUHVSUH

XFFLVR XFFLGHUH DXFLGH XFLV YHUDPHQWHvQWUDGHY U

XGLUHDDX]L YHVWLWRURFKLH

XIILFLDOHRILFLDORIL HU YHWWXUDWU VXU YDJRQ

XIILFLRFRPSHWHQWHELURXUHVSHFWLY YLFHQGDvQWkPSODUH

XJXDOHHJDO YLOODYLO SDUF

XJXDJOLDQ]DHJDOLWDWH YLOODJJLRVDW

XJXDOPHQWHvQPRGHJDO YLOOHJJLDWXUDYLOHJLDWXU

XPDQRXPDQ YLQFHUH YLQWR DvQYLQJH vQYLQV

XPLGRXPHG YLROD]LRQHYLRODUH

XPLOHXPLO YLROHQ]DYLROHQ

XPLOLDUHDXPLOL YLVWRFKHGDWILLQGF

XPRULVWLFRXPRULVWLF YLWDYLD WDOLH

XQJKLDXQJKLH YLWDTXRWLGLDQDYLD GH]LFX]L

XQLIRUPHXQLIRUP GDOYLYRSHYLX

HVVHUHXQLWLDILXQL L YRFHYRFH

XQLYHUVDOHXQLYHUVDO YROHUVLEHQHDVHLXEL

XRPRRP YROWDUVLGLVFDWWRDVHvQWRDUFHEUXVF

83,0PDJD]LQXO8SLP YROWRID

XUORXUOHW

XUQDXUQ =

XVDUHDIRORVL JOL]LLXQFKLL

XVDWRIRORVLW ]RQDSHGRQDOH]RQ SHQWUXSLHWRQL

XVRX]vQWUHEXLQ DUH ]RSSRúFKLRS

XVXUDFDP W

XWLOHXWLOEHQHILFLX

YDJOLDPDQGDW

YDOHUHODSHQDDPHULWD

YDOOHYDOH

YDORUHYDORDUH

YDOXWDYDOXW

YDQR]DGDUQLF

YDQREDJDJOLSRUWEDJDM

YDQWDJJLRDYDQWDM

YDULDUHDYDULD

YDULHWjYDULHW L

YDVRYDV

YDVRSHUSLDQWHYD]

YDVWRYDVW

YHGRYDY GXY

You might also like