You are on page 1of 23

ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ

ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


  

  


6ROR(UDXPDYH]
8P5HLTXHVHBHQWUHJRX
(BDVGRUHVHBRSHFDU
1RVRPEURVFDUUHJRX
6RIUHXHPPHXOXJDU
'DQGRUHGHQomR
&RPSURXRPHXYLYHU
3RUDPRUQDFUX]

8QtVVRQR(UDXPDYH]
8P5HLTXHVHBHQWUHJRX
'LYLGH(BDVGRUHVHBRSHFDU
1RVRPEURVFDUUHJRX
6RIUHXHPPHXOXJDU
'DQGRUHGHQomR
&RPSURXRPHXYLYHU
8PDYH]QDFUX]

ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

  


  


7RGRV8QtVVRQR7RGDWHUUDDYR]
(UJXHHPVHXORXYRU
'HVGHRFpXDRPDLVIXQGRGRPDU
9DPRVHVWDFDQomR
3HORPXQGRFDQWDU
([DOWDQGRDRJUDQGH
'LYLGH6HQKRU

6LPWRGRVHUTXHSXGHUUHVSLUDU
8QtVVRQR$FDQomRHUJXHLSDU¶R5HL
'LYLGH$QWHBDRWURQRGHOX]
7RGRVYmRVHSURVWDU
$GRUDQGRBDR6HQKRUVHPFHVVDU
8QtVVRQR6HPQXQFDSDUDUQRVVDYR]DR
'LYLGH6HQKRUYDPRVGDU
0XOKHUHV)RUWHVEUDGRVLUmRGHORXYRUVHRXYLU+RPHQV8PORXYRU
0XOKHUHVGDQGRJUDoDVSRUVHXJUDQGHDPRU+RPHQV9DLVHRXYLU
0XOKHUHV$RHQWUDUQRVSRUW}HVGDFHOHVWHPDQVmR+RPHQV1DPDQVmR
7RGRV8QtVVRQR$VVHQWDGRHPVHXWURQR2
'LYLGH9HUmR
6LPWRGRVHUTXHSXGHUUHVSLUDU
8QtVVRQR$FDQomRHUJXHLSDU¶R5HL
'LYLGH$QWHBDRWURQRGHOX]
7RGRVYmRVHSURVWDU
$GRUDQGRBDR6HQKRUVHPFHVVDU
8QtVVRQR6HPQXQFDSDUDUQRVVDYR]DR
'LYLGH6HQKRUYDPRVGDU

ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


(OHBpR5HL
7RGRVFDQWHP
8QtVVRQR6LPDGRUDLVHPFHVVDU
'LYLGH$RVHXQRPH
([DOWHPRV
8QtVVRQR7RGRVHPXPD
'LYLGH6yYR]DGRUDL

_0RGXODomRGH7RP_

6LPWRGRVHUTXHSXGHUUHVSLUDU
8QtVVRQR$FDQomRHUJXHLSDU¶R5HL
'LYLGH$QWHBDRWURQRGHOX]
7RGRVYmRVHSURVWDU
$GRUDQGRBDR6HQKRUVHPFHVVDU
8QtVVRQR6HPQXQFDSDUDUQRVVDYR]DR
'LYLGH6HQKRUYDPRVGDU
$RQRVVR5HL
8QtVVRQR9DPRVWRGRVFDQWDU
6HPQXQFDSDUDUQRVVDYR]DR
'LYLGH6HQKRUYDPRVGDU
$PpP$PpP





ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ







!!"

!!"


7HQRUHV+RVDQD
0XOKHUHV+RVDQDVLPKRVDQD
%DL[RV6LPKRVDQDVLPKRVDQD
7HQRUHV+RVDQD+RVDQD
0XOKHUHV+RVDQDVLPKRVDQD6LP
%DL[RV6LPKRVDQDVLPKRVDQD6LP
7RGRV'LYLGH+RVDQDVLPKRVDQD
6LPKRVDQDVLPKRVDQDVLP

*OyULDHKRQUD
)RUoDBHGRPtQLR
6HMDPDRHWHUQR6HQKRU

7RGRVRVSRYRV
6HUHVYLYHQWHV
9HQKDPBDGRUDUDR6HQKRU

7RGRVKmRGHVHBDMRHOKDU
$QWHDR6DQWRWURQR
(DVVLPLUmRFRQIHVVDU
7XDJOyULD

$R6HQKRULUmRH[DOWDU
3RLVVHPILPp

ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

8QtVVRQR7HXUHLQRGHBDPRU
(WHUQR6HQKRU

7HQRUHV+RVDQD
0XOKHUHV+RVDQDVLPKRVDQD
%DL[RV6LPKRVDQDVLPKRVDQD
7HQRUHV+RVDQD
0XOKHUHV+RVDQDVLPKRVDQD

'LYLGH*OyULDHKRQUD
)RUoDBHGRPtQLR
6HMDPDRHWHUQR6HQKRU

7RGRVRVSRYRV
6HUHVYLYHQWHV
9HQKDPBDGRUDUDR6HQKRU

7RGRVKmRGHVHBDMRHOKDU
$QWHDR6DQWRWURQR
(DVVLPLUmRFRQIHVVDU
7XDJOyULD

$R6HQKRULUmRH[DOWDU
3RLVVHPILPp
8QtVVRQR7HXUHLQRGHBDPRU
'LYLGH(WHUQR6HQKRU


ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

3RUWRGDDWHUUDWXYDLVUHLQDU
8QtVVRQR&DQWHPDRHWHUQR6HQKRU
'LYLGH3RLVQDGDFRQVHJXHVHFRPSDUDU
8QtVVRQR&DQWHPWRGRV
'LYLGH&DQWHPWRGRVFDQWHPDRHWHUQR6HQKRU

7RGRVKmRGHVHBDMRHOKDU
$QWHDR6DQWRWURQR
(DVVLPLUmRFRQIHVVDU
7XDJOyULD

$R6HQKRULUmRH[DOWDU
3RLVVHPILPp
8QtVVRQR7HXUHLQRGHBDPRU
'LYLGH(WHUQR6HQKRU

7HQRUHV+RVDQD
0XOKHUHV+RVDQDVLPKRVDQD6LPKRVDQDVLPKRVDQD
7HQRUHV+RVDQD+RVDQD+RVDQD
%DL[RV+RVDQD6LP+RVDQD6LP+RVDQD
0XOKHUHV6LPKRVDQD6LPKRVDQD6LP
7RGRV'LYLGH+RVDQDVLPKRVDQD
6LPKRVDQDVLPKRVDQDVLP
+RVDQDGDLDR5HLGRV5HLV





ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

#$ ! 


!%
#$ ! 
!%



0XOKHUHV4XDQWRVFRUGHLURV
6mRVDFULILFDGRV
4XDQWDVRIHUWDV
6mRIHLWDVHPYmR"

(DWpTXDQGR
¶6WDUHPRVPDWDQGR
7HQWDQGRBDVVLP
3DJDURQRVVRPDO

7RGRV8QtVVRQR(PWRGRWHPSR
5HQGHPRVORXYRUHV
1yVRIHUWDPRV
6LPHPWHXDOWDU

2VDQJXHFRUUH
4XDOOHLWRGHXPULR
(TXDQGRHQILP
'LYLGH,VVRYDLWHUPLQDU"




ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

1yVSUHFLVDPRV
$FKDUXPFRUGHLUR
4XHVHMDSHUIHLWR
6HPGHIHLWRDOJXP

(VWHFRUGHLURBp
-HVXVQRVVRPHVWUH
4XHBHPPHXOXJDU
8QtVVRQR3URQWRBHVWiDPRUUHU

0XOKHUHV4XDQWRVFRUGHLURV
6mRVDFULILFDGRV"
+RPHQV4XDQWDVRIHUWDV
6mRIHLWDVHPYmR"

7RGRV8QtVVRQR(DWpTXDQGR
µ6WDUHPRVPDWDQGR
7HQWDQGRBDVVLP
'LYLGH3DJDURQRVVRPDO

7HQRUHV4XDQWRVVHUmR"
6RSUDQRV4XDQWRVVHUmR"
%DL[RV2KTXDQWRVVLP
&RQWUDOWRV4XDQWRVVHUmR"




ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

7HQRUHV4XDQWRVVHUmR"
%DL[RV2KTXDQWRV"
6RSUDQRV4XDQWRVVHUmR"
6RSUDQRVH&RQWUDOWRV4XDQWRV"6LPTXDQWRVVHUmR"
7HQRUHV4XDQWRV"6LPTXDQWRVVHUmR"
%DL[RV4XDQWRVVHUmR"
6RSUDQR4XDQWRVVHUmR"

6RSUDQRV2XYHRK'HXV
7HQRUHV2XYHRK'HXV
&RQWUDOWRV2XYHBRK'HXV
%DL[RV2XYHBRK'HXV
7RGRV'LYLGH1RVVRFODPRU




ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

&'
()
&'
()



7RGRV8QtVVRQR$GXUDMRUQDGDHVWiFKHJDQGRBDRILP
(WRGDBHVWDQRLWHLUHPRVUHOHPEUDU
2VIDWRVDTXLYDPRVVLPFRPSDUWLOKDU
9DPRVOHPEUDUGRVVHXVPLODJUHVVLP
'LYLGH7RGDVDVREUDVGRPHVWUHYDPRVDJRUDOHPEUDU
(WRGDVDVErQomRVFRQWDQGRVHPQDGDHQILPHVTXHFHU
8PFHJRBDJRUDHQ[HUJDFR[RDQGDWDPEpP
$FDQomRTXHHFRDORXYDBDRQRPHGR6HQKRU

_0RGXODomRGH7RP_

0XOKHUHV/HPEUDUTXDQGR&ULVWRRPDUDFDOPRX
+RPHQV/HPEUDUTXDQGR&ULVWRRPDUDFDOPRX
0XOKHUHV&RPVXDYR]IH]RYHQWRBHQWmRSDUDU
+RPHQV&RPVXDYR]IH]RYHQWRBHQWmRSDUDU
7RGRV8QtVVRQR$PHVDHVWiSURQWDSDUDFHDU
(PVXDPHPyULDYDPRVFRPSDUWLOKDU
ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

_0RGXODomRGH7RP_

'LYLGH7RGDVDVREUDVGRPHVWUHYDPRVDJRUDOHPEUDU
(WRGDVDVErQomRVFRQWDQGRVHPQDGDBHQILPHVTXHFHU
8PFHJRBDJRUDHQ[HUJDFR[RDQGDWDPEpP
$FDQomRTXHHFRDORXYDBDRQRPHVDQWRQRPHGR6HQKRU

_0RGXODomRGH7RP_

7RGDVDVREUDVGRPHVWUHYDPRVDJRUDOHPEUDU
(WRGDVDVErQomRVFRQWDQGRVHPQDGDBHQILPHVTXHFHU
8PFHJRBDJRUDHQ[HUJDFR[RDQGDWDPEpP
$FDQomRTXHHFRDORXYDBDRQRPHVDQWR
1RPHVDQWRQRPHGR6HQKRU

*OyULDVGDLDR5HL





ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

*+,  
*+,  



6ROR&UX]DQGRBRKRUL]RQWHDOpPGRPHXROKDU
$VLOKXHWDDOLHVWiDOX]DOLPLWDU
1RDOWRGHXPPRQWHPHX6HQKRUYDLSDJDU
1XPDFUX]TXHHUDPLQKD
$PRUUHUHPPHXOXJDU

&RUR'LYLGH(QDVRPEUDGHVWDFUX]
4XHURPHBHVFRQGHU
(PWHXVEUDoRVHXYRXHQFRQWUDU
'HVFDQVRRK-HVXV

1mRKiDPRUWmRJUDQGH
,JXDODRWHX6HQKRU
6HPSUHTXHURHVWDUSURVWUDGR
6LPQDVRPEUDGHVWDFUX]

6ROR0HOHPEURFRPFODUH]DGRWHXJHVWRGHDPRU
4XHHPPHXFRUDomRJUDYRX
2DOWRSUHoRSDJRX0XOKHUHV2SUHoRTXHSDJRX
ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


6ROR3UDFRPSUDUDPLQKDYLGD
6RORH&RUR'LYLGH$WXDHQWUHJRX
6ROR1XPDFUX]TXH &RUR$K HUDPLQKD
$PRUUHUHPPHXOXJDU&RUR6LPHPPHXOXJDU

&RUR'LYLGH(QDVRPEUDGHVWDFUX]
4XHURPHBHVFRQGHU
(PWHXVEUDoRVHXYRXHQFRQWUDU
'HVFDQVRRK-HVXV

1mRKiDPRUWmRJUDQGH
,JXDODRWHX6HQKRU
6HPSUHTXHURHVWDUSURVWUDGR
6LPQDVRPEUDGHVWDFUX]

%HPPDLVSHUWRSHUWRVLPGDFUX]
4XHURBHVWDURK6DOYDGRU
%HPPDLVSHUWRSHUWRTXHURBHVWDU6HQKRU

(QDVRPEUDGHVWDFUX]
4XHURPHBHVFRQGHU
(PWHXVEUDoRVHXYRXHQFRQWUDU
'HVFDQVRRK-HVXV

ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


1mRKiDPRUWmRJUDQGH
,JXDODRWHX6HQKRU
6HPSUHTXHURHVWDUSURVWUDGR
6LPQDVRPEUDGHVWDFUX]

1mRKiDPRUWmRJUDQGH
,JXDODRWHX6HQKRU
6HPSUHTXHURHVWDUSURVWUDGR
6HPSUHTXHURHVWDUSURVWUDGR
6HPSUHTXHURHVWDUSURVWUDGR
4XHURHVWDUDRSpGDFUX]


6ROR6LPQDVRPEUDGHVWDFUX]
&RUR'LYLGH6LPQDVRPEUDGHVWDFUX]
6ROR6LPQDVRPEUDGHVWDFUX]
&RUR'LYLGH6LPQDVRPEUDGHVWDFUX]
6ROR(XIXLVDOYROiQDFUX]
&RUR'LYLGH6LPQDVRPEUDGHVWDFUX]
6ROR&RPSUDGRSRUDPRU
&RUR'LYLGH6LPQDVRPEUDGHVWDFUX]
4XHURBHVWDUDRSpGDFUX]
6ROR6LPQDVRPEUDGHVWDFUX]

ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

- .!'
/


0

12
0

12

6ROR3HUGRDGRHQXQFDBDEDQGRQDGR
6RXDFHLWRSRUVHXDPRU
9LYRHXHVWRXSRLVYLYRBHVWiVHPPHXVHU
3RUTXHGDPRUWHUHVVXUJLX

&RUR8QtVVRQR3HUGRDGRHQXQFDBDEDQGRQDGR
6RXDFHLWRSRUVHXDPRU
9LYRHXHVWRXSRLVYLYRBHVWiVHPPHXVHU
3RUTXHGDPRUWHUHVVXUJLX

'LYLGH7UHPHQGRBDPRUFRPRHQWHQGHU"
3RUTXHPHX5HLPRUUHXSRUPLP
7UHPHQGRBDPRUVHLTXHBpUHDO
ePHXSUD]HUKRQUDUD7L

7UHPHQGRBDPRUFRPRHQWHQGHU"
3RUTXHPHX5HLPRUUHXSRUPLP
ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


7UHPHQGRBDPRUVHLTXHBpUHDO
ePHXSUD]HUKRQUDUD7L

ePHXSUD]HUKRQUDUD7L
ePHXSUD]HUKRQUDUD7L
8QtVVRQRePHXSUD]HUKRQUDUD7L

7mRJUDQGHBDPRU
1mRVHLGL]HU
'LYLGH0RUUHXQDFUX]
(IRLSRUPLP

7UHPHQGRBDPRUFRPRHQWHQGHU"
3RUTXHPHX5HLPRUUHXSRUPLP
7UHPHQGRBDPRUVHLTXHBpUHDO
ePHXSUD]HUKRQUDUD7L

7UHPHQGRBDPRUFRPRHQWHQGHU"
3RUTXHPHX5HLPRUUHXSRUPLP
7UHPHQGRBDPRUVHLTXHBpUHDO
ePHXSUD]HUKRQUDUD7L

ePHXSUD]HUKRQUDUD7LpPHXSUD]HUKRQUDUD7L
ePHXSUD]HUKRQUDUD7LpPHXSUD]HUKRQUDUD7L
ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


6ROR4XHPLUiPHSHUGRDU"
6RORH&RUR'LYLGH6yRVDQJXHGRPHX&ULVWR
6ROR4XHPLUiPHUHVWDXUDU"
6RORH&RUR'LYLGH6yRVDQJXHGRPHX&ULVWR

3UHFLRVDGRFHSD]
4XHYHPGDVXDFUX]
$TXDOPHGi-HVXV
3HORVDQJXHWmRSUHFLRVR

_0RGXODomRGH7RP_

3UHFLRVDGRFHSD]
4XHYHPGDVXDFUX]
$TXDOPHGi-HVXV
3HORVDQJXHWmRSUHFLRVR

3HORVDQJXHGRPHX&ULVWR
3HORVDQJXHGRPHX&ULVWR




ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

345
+ 



345
+ 







&RUR'LYLGH6DQJXHWmRSUHFLRVR
'H-HVXVPHX&ULVWR
2KVDQJXHWmRSUHFLRVR
4XDOQHYHID]ILFDU
4XDOQHYHID]ILFDU

0XOKHUHV26DQJXHTXH-HVXVYHUWHX
1DTXHODUXGHFUX]
7RGRV8QtVVRQR/DYRXRPHXSHFDU
'LYLGH(PHVDOYRXVHPSUHKiGHWHUSRGHU


0HDOFDQoDQRVPDLVDOWRVPRQWHV
(DWpQRIXQGRYDOH
8QtVVRQR0HGiSHUGmRHSD]H
'LYLGHVDOYDomR
6yRVDQJXHGH-HVXV-HVXV8K


6ROR$RPHXVRIUHURFRQIRUWRWUD]
0HXFKRURYHPVHFDU
0HID] &RUR8K$K EHPIRUWHHVWDU
4XDQGRBHX &RUR(XHVWRX FDtGDBHVWRX
ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


6RORH&RUR'LYLGH6yRVDQJXHGH-HVXV

0HDOFDQoDQRVPDLVDOWRVPRQWHV
(DWpQRIXQGRYDOH
8QtVVRQR0HGiSHUGmRHSD]H
'LYLGH6DOYDomR
6yRVDQJXHGRPHX6HQKRU-HVXV
6HPSUHKiGHWHUSRGHU

6DQJXHWmRSUHFLRVRGH-HVXVPHX&ULVWR
6DQJXHWmRSUHFLRVRTXDOQHYHID]ILFDU

0HDOFDQoDQRVPDLVDOWRVPRQWHV
(DWpQRIXQGRYDOH
8QtVVRQR0HGiSHUGmRHSD]H
'LYLGH6DOYDomR
6yRVDQJXHGRPHX6HQKRU-HVXV
6HPSUHKiGHWHUSRGHU
6HPSUHKiGHWHUSRGHU
6HPSUHKiGHWHU
6HPSUHKiGHWHUSRGHU



ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

6
  
6
  7"
7"




6ROR8PDYH]QDFUX]
8P5HLVHBHQWUHJRX
$VGRUHV &RUR$K HBRSHFDU
6RORH&RUR'LYLGH1RVRPEURVFDUUHJRX
6RIUHXHPPHXOXJDUGDQGRUHGHQomR
&RPSURXRPHXYLYHU
8PDYH]1DFUX]
8QtVVRQR8PDYH]QDFUX]

'LYLGH*OyULDHKRQUD)RUoDBHGRPtQLR
6HMDPDRHWHUQR6HQKRU

7RGRVRVSRYRV6HUHVYLYHQWHV
9HQKDPBDGRUDUDR6HQKRU

7RGRVKmRGHVHBDMRHOKDU
$QWHDR6DQWRWURQR
(DVVLPLUmRFRQIHVVDU
7XDJOyULD

$R6HQKRULUmRH[DOWDU
3RLVVHPILPp
ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃
ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


7HXUHLQRGHDPRU(WHUQR6HQKRU

3RUWRGDDWHUUDWXYDLVUHLQDU
8QtVVRQR&DQWHPDRHWHUQR6HQKRU
'LYLGH3RLVQDGDFRQVHJXHVHFRPSDUDU
8QtVVRQR&DQWHPWRGRV
'LYLGH&DQWHPWRGRVFDQWHPDRHWHUQR6HQKRU

7RGRVKmRGHVHBDMRHOKDU
$QWHDR6DQWRWURQR
(DVVLPLUmRFRQIHVVDU
7XDJOyULD

$R6HQKRULUmRH[DOWDU
3RLVVHPILPp
8QtVVRQR7HXUHLQRGHBDPRU
'LYLGH(WHUQR6HQKRU(WHUQR6HQKRU(WHUQR6HQKRU

_0RGXODomRGH7RP_

8QtVVRQR(QDVRPEUDGHVWDFUX]TXHURPHBHVFRQGHU
'LYLGH(PWHXVEUDoRVHXYRXHQFRQWUDU
'HVFDQVRRK-HVXV

1mRKiDPRUWmRJUDQGHLJXDODRWHX6HQKRU
6HPSUHTXHURHVWDUSURVWUDGRVLPQDVRPEUDGHVWDFUX]

ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃


ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ


1mRKiDPRUWmRJUDQGHLJXDODRWHX6HQKRU
6HPSUHTXHURHVWDUSURVWUDGR
6HPSUHTXHURHVWDUSURVWUDGR
6HPSUHTXHURHVWDUSURVWUDGR
4XHURBHVWDUDRSpGDFUX]


6LPQDVRPEUDGHVWDFUX]6LPQDVRPEUDGHVWDFUX]
4XHURBHVWDUDRSpGDFUX]


_0RGXODomRGH7RP_


6LPR5HL-HVXVMiUHVVXUJLX
2QGHBHVWiDPRUWHBHPILP"
(OHBDVFKDYHVFRQTXLVWRX
25HL-HVXV
-iUHVVXUJLX
25HL-HVXV
-iUHVVXUJLX
25HL-HVXV


6RSUDQRV6LP
&RQWUDOWRV6LP
7HQRUHV6LP
%DL[RV6LP



ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃


ʥˑˏ˒ˑ˕˖ˑʜʴ˃ːˆ˛ʸ˃ˆˇ˔ʏʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʣ˔˔˃ːˌˑʜʬ˃˛ʴˑ˗˕ˇˇʥ˃ˏ˒ʭˋ˔ˍˎ˃ːˆ
ʸˇ˔˕̨ˑʜʥˊ˃˔ˎˋ˕ʨˇ˔˔ˇˇʥˎ˃˗ˆˋˑʸˇ˔ˆˇ

_0RGXODomRGH7RP_

6RORH&RUR'LYLGH6LPR5HL-HVXVMiUHVVXUJLX
2QGHBHVWiDPRUWHBHPILP"
(OHBDVFKDYHVFRQTXLVWRX
-iUHVVXUJLX

6ROR-iUHVVXUJLX
&RUR'LYLGH-iUHVVXUJLX
6ROR-iUHVVXUJLX
&RUR'LYLGH-iUHVVXUJLX
6ROR-iUHVVXUJLX
&RUR'LYLGH-iUHVVXUJLX
6ROR-iUHVVXUJLX
&RUR'LYLGH-iUHVVXUJLX
6ROR-iUHVVXUJLX
&RUR'LYLGH-iUHVVXUJLX
6ROR-iUHVVXUJLX
&RUR'LYLGH-iUHVVXUJLX

6RORH&RUR'LYLGH-iUHVVXUJLX
6ROR2PHX5HLµVWiYLYR6LPYLYRHVWi


ʥˑ˔ˑʪ˃˔ˏˑːˋ˃˞ʯˋːˋ˕˖̮˔ˋˑˆˇʯ̀˕ˋ˅˃ʲˋ˄ˆ˃ʣˎˆˇˋ˃

You might also like