Karlo Šoštarić MOC MISLI
July 10, 2017 | Author: Ante Lauc | Category: N/A
Short Description
Malo tko je tAko duboko i široko ušao u zakone prirode i duha kao Karlo Šoštarić. Šteta je da to zna malo ljudi u RH i d...
Description
Karlo ©oπtariÊ
ISBN: 953-98297-1-2
MoÊ misli
Svi imamo isto nebo - moæda su ponekad obzorja razliËita. Ako je pisana rijeË most izmeu ljudi, ako je Ëovjek Ëovjeku most, a ne otok, ako je poezija bolest duπe, ako je ljubav bolest srca, ako je stvaralaπtvo bolest uma, tada su sakupljene misli i oko petsto savjeta, razvrstani u pojmove, apel svim ljudima dobre volje, tada je i biser bolest πkoljke. Moæda Êe ova knjiga pridonijeti prepoznavanju istinskih vrednote, a tada je samo korak da shvatimo kako smo nuæno upuÊeni jedni na druge, da se pribliæimo jedni drugima - izmeu nas postoji viπe sliËnosti nego suprotnosti...
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22%,7(/-,
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22%,7(/-,
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.DGDVD]ULMHYULMHPH]DQHNXLGHMXRQGDVHRQDSRMDYOMXMHVYXGD 1LVPRGRUDVOLQRYLPLGHMDPDGDQDPL]PLþXQDPQHNHVSR]QDMH]ERJþHJD VHMDYOMDRVMHüDMEHVSRPRüQRVWLGUXJLVPDWUDMXGDVHLGHMHQDOD]HXVYLPD QDPDLSUHGVWDYOMDMXPRUDOQHHQHUJLMH ,DNRGMHORYDQMHLGHMHSRþLYDQDQMH]LQRPQHVYMHVQRPVDGUåDMXDXSLWQRMHGD DSHOLUDQDRGUHÿHQHQDJRQVNHVDGUåDMHSURL]YRGQMDLGHMDSUHGRGåELVYLMHVWL SULMHVYHJDVHQHSRVUHGQRSUHSOHüHVPDWHULMDOQRPGMHODWQRãüXLPDWHULMDOQLP RGQRVRPOMXGLMH]LNRPVWYDUQRJåLYRWD7DSURL]YRGQMDLGHMDYULMHGLL]D RVWDODSRGUXþMDGXKRYQLKGRVWLJQXüDNDRãWRVXMH]LNJRYRUXPMHWQRVW ]QDQRVWSROLWLND]DNRQPRUDOUHOLJLMDLJUHLGU ,GHMDNRMDQLMHRSDVQDXRSüHQH]DVOXåXMHGDVHQD]LYDLGHMRP ,GHMHL]UDåDYDPR þLQMHQMHPLQHþLQMHQMHPSLVPRPLJRYRURP ,GHMHQLVXOHSWLULRQHVXUH]XOWDWWHãNRJUDGD,GHMHSUHREOLNXMXVYLMHWDQH QMHQDPHKDQLþNDSRVWLJQXüD ,GHMHVXVUHGVWYR]DSUHREUD]EXVYLMHWDDQHXNUDVLQLãWDQLMHXQRVQLMHRG MHGQHGREUHLGHMH ,GHMHYMHURYDQMDLSRQDãDQMDDXWHQWLþQLKRVREDXYLMHNüHQDLOD]LWLQDRWSRUX GUXãWYXPDNROLNRELOHRSUDYGDQHLUDFLRQDOQHMHURQHXQRVHQHPLUXGREUR DGDSWLUDQHLULJLGQHXNRþHQHVWURJHRVREH ,QIRUPDFLMDXSURL]YRGQRPODQFXRGSUYHLGHMHVYHGRUHDOL]DFLMHXSUDNVLL GRNRULãWHQMDSRVWRMLQHRYLVQRRVWDQMXUDGRYD%H]LGHMHQHELVHPRJORQLãWD UHDOL]LUDWL5D]PMHQDWLKREDYLMHVWLMHGDQDVQDUD]LQLSLVDQLKLFUWDQLK GRNXPHQDWDRELþQRMRãXYLMHNSLVDQLKQDSDSLULPDDOLVHVYHYLãHNRULVWH HOHNWURQVNHUD]PMHQHREDYLMHVWL -DVDPGREUDVSXåYDMHUXSLMDPLGHMHLþLQLPLKXSRWUHEOMLYLPD9HüLQD PRMLKLGHMDSUYRELWQRMHSULSDGDODGUXJLPOMXGLPDNRMLVHQLVXWUXGLOLGDOMHLK UD]YLMDWL .DGMHþRYMHN]DOMXEOMHQXQHNXLGHMXYUORJDMHWHãNRXYMHULWLXQMH]LQX QHRVQRYDQRVW .DNRPRåHELWLYHOLNDSURYDOLMDNRMDQXåQRRVWDMHL]PHÿXLGHMHLQMH]LQD RVWYDUHQMDQHPRåHQLWNRRGUHGLWL .DNRVHJHQHULUDMXLGHMH GUXJRPXSRWUHERPDGDSWDFLMRPPRGLILNDFLMRP XYHüDQMHPVPDQMLYDQMHP]DPMHQRPSUHXUHÿHQMHPWHSUHRNUHWDQMHP WUDQVIRUPDFLMRP 0HWRGHWUDåHQMDLGHMDUD]UDGLOLVXPQRJLDXWRUL]DYLVQRRSULVWXSXLVNXVWYR VWXSQMDXUD]XPLMHYDQMDMHGQRPULMHþMXSRJOHGXQDVYLMHW$NRPHWRGRORJLMX
p,JUDMVHVLGHMDPD 2FMHQMXMLGHMHSUHPDIXQNFLRQDOQRVWLQHSUHPDL]YRUX
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VKYDWLPRNDRVNXS]QDQMDGREURüHGRüLVYDNLSULVWXSNRMLVHPRåH SULPLMHQLWLQDRGUHÿHQXVUHGLQX DNWLYDQSULVWXSVWYDUDQMHLGHMDSDVLYDQ SULVWXSSULNXSOMDQMHLSUHX]LPDQMHLGHMDLQWHUQRUD]PDWUDQMHL]YMHãWDMD DQNHWDXSLWDRSüLLSR]LYQLQDWMHþDMLUD]QLSULMHGOR]LHNVWHUQRVDMPRYL OLWHUDWXUDSURVSHNWLNRQWDNWLVDNXSFLPDVHPLQDULVDYMHWRYDQMDLGUXJR 0ODGþRYMHNQHWUHEDåDOLWLãWRQHPDPLOLMXQHGDUD]YLMHQHNXLGHMX 5D]PLãOMDQMHQHVWRMLPLOLMXQHDUD]PLãOMDQMHPVHVWYDUDLGHMD 0QRJHLGHMHXPLUXYHüXVDPRPQDVWDMDQMXLQHSUHOD]HVWXSDQMSULYLÿHQMD ,QNXEDFLMDLSURYMHUDYDQMHPRåHVHQDVWDYLWLLXQHNRMGUXJRMRVREL 1LLGHMDQLOMXGVNDHQHUJLMDQLYMHãWLQDQHPDMXSURPHWQXYULMHGQRVWDNR]D QMLPDQHPDSRWUDåQMHQDSRVWRMHüLPWUåLãQLPXYMHWLPD 1LãWDQLMHWDNRYDåQR]DGREUXLGHMXQHJRNDGRQDGRÿHXSUDYRYULMHPH 1LWLMHGQDLGHMDQLMH]DSRGFMHQMLYDQMH 2QRãWRNUHDWLYQXOLþQRVWRGYDMDRGSURVMHþQLKRVREDVXLGHMH,GHMDMHULMHþ JUþNRJSRGULMHWODLSUHGVWDYOMDPQRJR]QDþDQSRMDP PLVDR]DPLVDR SUHGRGåEXSRMDPVKYDüDQMH,GHMDMHSURL]YRGOMXGVNHVYLMHVWLLUD]XPDQH XYLMHNDUD]XPMHVYRMVWYRYLVRNRRUJDQL]LUDQHPDWHULMHVSHFLILþQHVWUXNWXUH åLYLKELüD 1HPDORJLþNHPHWRGH]DQRYHLGHMH 6YRMHQD]RUHELKQDMODNãHL]UD]LRNDGD ELKUHNDRGDMHXVYDNRPRWNULüXQHUD]XPVNLGLRLOLVWYDUDODþNRQDGDKQXüH 1HPDORJLþQRJSXWDNRMLELGRYHRGRRSüLK]DNRQD'RQMLKVHGROD]LVDPR QDGDKQXüHPNRMLVHWHPHOMLQDQHþHPXãWRMHQDOLNQDUD]XPQXOMXEDYSUHPD SUHGPHWXVYRMLKLVNXVWDYD7HVQDJHVXQHãWRNDRãHVWRþXOR2QHVXUH]XOWDW UD]XPVNRJLVNXVWYDLRVMHWOMLYRVWLRVREHNRMD]QDVDNXSOMDWLLVDþXYDWLVYRMD LVNXVWYDWHLKNDVQLMHSRQRYRUDVWXPDþLWLâHVWRþXORMHGDULSDNXWRPHQHPD QLþHJWDMDQVWYHQRJLOLQDWSULURGQRJD1DGDKQXüHPHÿXWLPMRãXYLMHNQH VKYDüDPRXSRWSXQRVWL 6YHGRNSRMHGLQDFLJUXSDPRåHUMHãDYDWLVYRMHLQGLYLGXDOQHLOLNROHNWLYQH SUREOHPHQDXVWDOMHQQDYLNQXWLVWDQGDUGL]LUDQLLVYDNRPHSR]QDWLQDþLQQL SRMHGLQDFQLJUXSDQHRVMHüDMXSRWUHEX]DVWYDUDQMHPWMUHPHüHQMHPVYRMH DGDSWDFLMH$OLRQRJWUHQXWNDNDGDVHSRMHGLQDFLOLJUXSDQDÿXSUHGMHGQRP QRYRPVLWXDFLMRPLOLSUREOHPRPNRMLVHQHPRåHUD]ULMHãLWLQDVWDULQDþLQ RQLVXL]QHQDÿHQLLL]JXEOMHQL7HNWDGDSRVWDMXVYMHVQLNROLNRMHYDåQR SURQDüLQRYLNOMXþ]DQRYXVLWXDFLMXLWHNWDGDVHRWYDUDMXSUHPDOMXGLPDNRML PLVOHLSUHGYLÿDMXSUHPDVWYDUDRFLPDLGHMD 6YHãWRGXKRSDåDXVHELLOLãWRMHSRVUHGDQSUHGPHWRSDåDQMDPLãOMHQMDLOL UD]XPD]RYHPLGHMRP 6YHYHOLNHLGHMHSUHWYDUDPRXSRJUHãQRVYHSHUYHUWLUDPRNUãüDQVWYR MHGQDNRNDRLPDUNVL]DP
VKYDWLPRNDRVNXS]QDQMDGREURüHGRüLVYDNLSULVWXSNRMLVHPRåH SULPLMHQLWLQDRGUHÿHQXVUHGLQX DNWLYDQSULVWXSVWYDUDQMHLGHMDSDVLYDQ SULVWXSSULNXSOMDQMHLSUHX]LPDQMHLGHMDLQWHUQRUD]PDWUDQMHL]YMHãWDMD DQNHWDXSLWDRSüLLSR]LYQLQDWMHþDMLUD]QLSULMHGOR]LHNVWHUQRVDMPRYL OLWHUDWXUDSURVSHNWLNRQWDNWLVDNXSFLPDVHPLQDULVDYMHWRYDQMDLGUXJR 0ODGþRYMHNQHWUHEDåDOLWLãWRQHPDPLOLMXQHGDUD]YLMHQHNXLGHMX 5D]PLãOMDQMHQHVWRMLPLOLMXQHDUD]PLãOMDQMHPVHVWYDUDLGHMD 0QRJHLGHMHXPLUXYHüXVDPRPQDVWDMDQMXLQHSUHOD]HVWXSDQMSULYLÿHQMD ,QNXEDFLMDLSURYMHUDYDQMHPRåHVHQDVWDYLWLLXQHNRMGUXJRMRVREL 1LLGHMDQLOMXGVNDHQHUJLMDQLYMHãWLQDQHPDMXSURPHWQXYULMHGQRVWDNR]D QMLPDQHPDSRWUDåQMHQDSRVWRMHüLPWUåLãQLPXYMHWLPD 1LãWDQLMHWDNRYDåQR]DGREUXLGHMXQHJRNDGRQDGRÿHXSUDYRYULMHPH 1LWLMHGQDLGHMDQLMH]DSRGFMHQMLYDQMH 2QRãWRNUHDWLYQXOLþQRVWRGYDMDRGSURVMHþQLKRVREDVXLGHMH,GHMDMHULMHþ JUþNRJSRGULMHWODLSUHGVWDYOMDPQRJR]QDþDQSRMDP PLVDR]DPLVDR SUHGRGåEXSRMDPVKYDüDQMH,GHMDMHSURL]YRGOMXGVNHVYLMHVWLLUD]XPDQH XYLMHNDUD]XPMHVYRMVWYRYLVRNRRUJDQL]LUDQHPDWHULMHVSHFLILþQHVWUXNWXUH åLYLKELüD 1HPDORJLþNHPHWRGH]DQRYHLGHMH 6YRMHQD]RUHELKQDMODNãHL]UD]LRNDGD ELKUHNDRGDMHXVYDNRPRWNULüXQHUD]XPVNLGLRLOLVWYDUDODþNRQDGDKQXüH 1HPDORJLþQRJSXWDNRMLELGRYHRGRRSüLK]DNRQD'RQMLKVHGROD]LVDPR QDGDKQXüHPNRMLVHWHPHOMLQDQHþHPXãWRMHQDOLNQDUD]XPQXOMXEDYSUHPD SUHGPHWXVYRMLKLVNXVWDYD7HVQDJHVXQHãWRNDRãHVWRþXOR2QHVXUH]XOWDW UD]XPVNRJLVNXVWYDLRVMHWOMLYRVWLRVREHNRMD]QDVDNXSOMDWLLVDþXYDWLVYRMD LVNXVWYDWHLKNDVQLMHSRQRYRUDVWXPDþLWLâHVWRþXORMHGDULSDNXWRPHQHPD QLþHJWDMDQVWYHQRJLOLQDWSULURGQRJD1DGDKQXüHPHÿXWLPMRãXYLMHNQH VKYDüDPRXSRWSXQRVWL 6YHGRNSRMHGLQDFLJUXSDPRåHUMHãDYDWLVYRMHLQGLYLGXDOQHLOLNROHNWLYQH SUREOHPHQDXVWDOMHQQDYLNQXWLVWDQGDUGL]LUDQLLVYDNRPHSR]QDWLQDþLQQL SRMHGLQDFQLJUXSDQHRVMHüDMXSRWUHEX]DVWYDUDQMHPWMUHPHüHQMHPVYRMH DGDSWDFLMH$OLRQRJWUHQXWNDNDGDVHSRMHGLQDFLOLJUXSDQDÿXSUHGMHGQRP QRYRPVLWXDFLMRPLOLSUREOHPRPNRMLVHQHPRåHUD]ULMHãLWLQDVWDULQDþLQ RQLVXL]QHQDÿHQLLL]JXEOMHQL7HNWDGDSRVWDMXVYMHVQLNROLNRMHYDåQR SURQDüLQRYLNOMXþ]DQRYXVLWXDFLMXLWHNWDGDVHRWYDUDMXSUHPDOMXGLPDNRML PLVOHLSUHGYLÿDMXSUHPDVWYDUDRFLPDLGHMD 6YHãWRGXKRSDåDXVHELLOLãWRMHSRVUHGDQSUHGPHWRSDåDQMDPLãOMHQMDLOL UD]XPD]RYHPLGHMRP 6YHYHOLNHLGHMHSUHWYDUDPRXSRJUHãQRVYHSHUYHUWLUDPRNUãüDQVWYR MHGQDNRNDRLPDUNVL]DP
VKYDWLPRNDRVNXS]QDQMDGREURüHGRüLVYDNLSULVWXSNRMLVHPRåH SULPLMHQLWLQDRGUHÿHQXVUHGLQX DNWLYDQSULVWXSVWYDUDQMHLGHMDSDVLYDQ SULVWXSSULNXSOMDQMHLSUHX]LPDQMHLGHMDLQWHUQRUD]PDWUDQMHL]YMHãWDMD DQNHWDXSLWDRSüLLSR]LYQLQDWMHþDMLUD]QLSULMHGOR]LHNVWHUQRVDMPRYL OLWHUDWXUDSURVSHNWLNRQWDNWLVDNXSFLPDVHPLQDULVDYMHWRYDQMDLGUXJR 0ODGþRYMHNQHWUHEDåDOLWLãWRQHPDPLOLMXQHGDUD]YLMHQHNXLGHMX 5D]PLãOMDQMHQHVWRMLPLOLMXQHDUD]PLãOMDQMHPVHVWYDUDLGHMD 0QRJHLGHMHXPLUXYHüXVDPRPQDVWDMDQMXLQHSUHOD]HVWXSDQMSULYLÿHQMD ,QNXEDFLMDLSURYMHUDYDQMHPRåHVHQDVWDYLWLLXQHNRMGUXJRMRVREL 1LLGHMDQLOMXGVNDHQHUJLMDQLYMHãWLQDQHPDMXSURPHWQXYULMHGQRVWDNR]D QMLPDQHPDSRWUDåQMHQDSRVWRMHüLPWUåLãQLPXYMHWLPD 1LãWDQLMHWDNRYDåQR]DGREUXLGHMXQHJRNDGRQDGRÿHXSUDYRYULMHPH 1LWLMHGQDLGHMDQLMH]DSRGFMHQMLYDQMH 2QRãWRNUHDWLYQXOLþQRVWRGYDMDRGSURVMHþQLKRVREDVXLGHMH,GHMDMHULMHþ JUþNRJSRGULMHWODLSUHGVWDYOMDPQRJR]QDþDQSRMDP PLVDR]DPLVDR SUHGRGåEXSRMDPVKYDüDQMH,GHMDMHSURL]YRGOMXGVNHVYLMHVWLLUD]XPDQH XYLMHNDUD]XPMHVYRMVWYRYLVRNRRUJDQL]LUDQHPDWHULMHVSHFLILþQHVWUXNWXUH åLYLKELüD 1HPDORJLþNHPHWRGH]DQRYHLGHMH 6YRMHQD]RUHELKQDMODNãHL]UD]LRNDGD ELKUHNDRGDMHXVYDNRPRWNULüXQHUD]XPVNLGLRLOLVWYDUDODþNRQDGDKQXüH 1HPDORJLþQRJSXWDNRMLELGRYHRGRRSüLK]DNRQD'RQMLKVHGROD]LVDPR QDGDKQXüHPNRMLVHWHPHOMLQDQHþHPXãWRMHQDOLNQDUD]XPQXOMXEDYSUHPD SUHGPHWXVYRMLKLVNXVWDYD7HVQDJHVXQHãWRNDRãHVWRþXOR2QHVXUH]XOWDW UD]XPVNRJLVNXVWYDLRVMHWOMLYRVWLRVREHNRMD]QDVDNXSOMDWLLVDþXYDWLVYRMD LVNXVWYDWHLKNDVQLMHSRQRYRUDVWXPDþLWLâHVWRþXORMHGDULSDNXWRPHQHPD QLþHJWDMDQVWYHQRJLOLQDWSULURGQRJD1DGDKQXüHPHÿXWLPMRãXYLMHNQH VKYDüDPRXSRWSXQRVWL 6YHGRNSRMHGLQDFLJUXSDPRåHUMHãDYDWLVYRMHLQGLYLGXDOQHLOLNROHNWLYQH SUREOHPHQDXVWDOMHQQDYLNQXWLVWDQGDUGL]LUDQLLVYDNRPHSR]QDWLQDþLQQL SRMHGLQDFQLJUXSDQHRVMHüDMXSRWUHEX]DVWYDUDQMHPWMUHPHüHQMHPVYRMH DGDSWDFLMH$OLRQRJWUHQXWNDNDGDVHSRMHGLQDFLOLJUXSDQDÿXSUHGMHGQRP QRYRPVLWXDFLMRPLOLSUREOHPRPNRMLVHQHPRåHUD]ULMHãLWLQDVWDULQDþLQ RQLVXL]QHQDÿHQLLL]JXEOMHQL7HNWDGDSRVWDMXVYMHVQLNROLNRMHYDåQR SURQDüLQRYLNOMXþ]DQRYXVLWXDFLMXLWHNWDGDVHRWYDUDMXSUHPDOMXGLPDNRML PLVOHLSUHGYLÿDMXSUHPDVWYDUDRFLPDLGHMD 6YHãWRGXKRSDåDXVHELLOLãWRMHSRVUHGDQSUHGPHWRSDåDQMDPLãOMHQMDLOL UD]XPD]RYHPLGHMRP 6YHYHOLNHLGHMHSUHWYDUDPRXSRJUHãQRVYHSHUYHUWLUDPRNUãüDQVWYR MHGQDNRNDRLPDUNVL]DP
p3RãWXMLVNXVQHDOL,VNXVWYRMHWROLNRSRGVYMHVQRWDNRGDL]JOHGD JRWRYRQDJRQVNR.DGDVSR]QDãNDNRELWUHEDORSRVWXSLWLYHüVL]DãDR ,QWHOLJHQFLMDMHRQRVYRMVWYRGXKDSRPRüXNRMHJDNRQDþQRVKYDüDPRGDMH VYHQHVKYDWOMLYR ,QWHOLJHQWQDQHSULMDWHOMVNDOMXEDYSROD]LRGWRJDGDVHPLUPRåHRþXYDWLVDPR ]DMHGQRVQHSULMDWHOMHP p,QWHOLJHQFLMDMHVSRVREQRVWGDVHSULKYDWLVYRMDRNROLQD 3RVWRMHþHWLULSVLKLþNHGMHODWQRVWL PLãOMHQMHRVMHüDMRVMHWLQDGDKQXüHNRML VXQD]RþQLXVYLPOMXGLPDQDUD]LQLVYLMHVWLSUHGVYMHVWLLSRGVYLMHVWL 8LVWLQXPRWLYLUDVDPRRQDLQVSLUDFLMDãWRSROD]LRGSRGX]HWQLNDNRMLVDPD VHEHLãWRYHüLGLRRQLKNRMLGMHOXMX]DMHGQRVQMLPHLGHQWLILFLUDVDVPLVORPL FLOMHPRQRJDãWR]DMHGQRSRGX]LPDMX x þDNLYLGRYLWRVW x L]YDQUHGQHVLQWHWLþNHXVWURMHQRVWL x ODNRVDJOHGDYDQMHFMHOLQH
UHEDQDUDYQRUD]OLNRYDWLþLQMHQLFHRGLGHMH 7 9HOLNDVHQDNDQDGRLPDXSRþHWNXNDROXGRVW pýRYMHNVHQHPRåHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD 5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRüLSD QLMHþXGQRGDVHVYDNLSRNXãDMVDPRRUJDQL]LUDQMDRJUDQLþDYDVXYLãQLPL NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD 6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM ]DPLVOLDSULRULNDåHQHLWDNRJXãLLQLFLMDWLYXYHüX]DþHWNX =DEXGXüHRGUDVORLRGJRYRUQRELüHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELþQR YDåQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDãQMDYDQMH RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXãWYHQRSROLWLþNLPLJRVSRGDUVNLP SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXãHQMD LQLFLMDWLYH p'RÿLNQDPDVLÿLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR 1DGDKQXüHVHVDVWRMLXWRPHGDþRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR YULMHPH ,QVSLUDFLMDMHNDRERåDQVNDPX]DQDGDKQXüD1HMDVQLVXSXWRYLQMHQRJ QDVWDMDQMD 1DGDKQXüHQRVL
x GR]XSRMDþDQHMDVQRüHLRãWULQHRSDåDQMD
x GR]XSRMDþDQHMDVQRüHLRãWULQHRSDåDQMD
1DGDKQXüHQRVL
x ODNRVDJOHGDYDQMHFMHOLQH
7UHEDQDUDYQRUD]OLNRYDWLþLQMHQLFHRGLGHMH 9HOLNDVHQDNDQDGRLPDXSRþHWNXNDROXGRVW pýRYMHNVHQHPRåHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD 5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRüLSD QLMHþXGQRGDVHVYDNLSRNXãDMVDPRRUJDQL]LUDQMDRJUDQLþDYDVXYLãQLPL NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD 6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM ]DPLVOLDSULRULNDåHQHLWDNRJXãLLQLFLMDWLYXYHüX]DþHWNX =DEXGXüHRGUDVORLRGJRYRUQRELüHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELþQR YDåQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDãQMDYDQMH RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXãWYHQRSROLWLþNLPLJRVSRGDUVNLP SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXãHQMD LQLFLMDWLYH p'RÿLNQDPDVLÿLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR 1DGDKQXüHVHVDVWRMLXWRPHGDþRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR YULMHPH ,QVSLUDFLMDMHNDRERåDQVNDPX]DQDGDKQXüD1HMDVQLVXSXWRYLQMHQRJ QDVWDMDQMD
x L]YDQUHGQHVLQWHWLþNHXVWURMHQRVWL x þDNLYLGRYLWRVW 8LVWLQXPRWLYLUDVDPRRQDLQVSLUDFLMDãWRSROD]LRGSRGX]HWQLNDNRMLVDPD VHEHLãWRYHüLGLRRQLKNRMLGMHOXMX]DMHGQRVQMLPHLGHQWLILFLUDVDVPLVORPL FLOMHPRQRJDãWR]DMHGQRSRGX]LPDMX 3RVWRMHþHWLULSVLKLþNHGMHODWQRVWL PLãOMHQMHRVMHüDMRVMHWLQDGDKQXüHNRML VXQD]RþQLXVYLPOMXGLPDQDUD]LQLVYLMHVWLSUHGVYMHVWLLSRGVYLMHVWL p,QWHOLJHQFLMDMHVSRVREQRVWGDVHSULKYDWLVYRMDRNROLQD ,QWHOLJHQWQDQHSULMDWHOMVNDOMXEDYSROD]LRGWRJDGDVHPLUPRåHRþXYDWLVDPR ]DMHGQRVQHSULMDWHOMHP ,QWHOLJHQFLMDMHRQRVYRMVWYRGXKDSRPRüXNRMHJDNRQDþQRVKYDüDPRGDMH VYHQHVKYDWOMLYR p3RãWXMLVNXVQHDOL,VNXVWYRMHWROLNRSRGVYMHVQRWDNRGDL]JOHGD JRWRYRQDJRQVNR.DGDVSR]QDãNDNRELWUHEDORSRVWXSLWLYHüVL]DãDR
p3RãWXMLVNXVQHDOL,VNXVWYRMHWROLNRSRGVYMHVQRWDNRGDL]JOHGD JRWRYRQDJRQVNR.DGDVSR]QDãNDNRELWUHEDORSRVWXSLWLYHüVL]DãDR ,QWHOLJHQFLMDMHRQRVYRMVWYRGXKDSRPRüXNRMHJDNRQDþQRVKYDüDPRGDMH VYHQHVKYDWOMLYR ,QWHOLJHQWQDQHSULMDWHOMVNDOMXEDYSROD]LRGWRJDGDVHPLUPRåHRþXYDWLVDPR ]DMHGQRVQHSULMDWHOMHP p,QWHOLJHQFLMDMHVSRVREQRVWGDVHSULKYDWLVYRMDRNROLQD 3RVWRMHþHWLULSVLKLþNHGMHODWQRVWL PLãOMHQMHRVMHüDMRVMHWLQDGDKQXüHNRML VXQD]RþQLXVYLPOMXGLPDQDUD]LQLVYLMHVWLSUHGVYMHVWLLSRGVYLMHVWL 8LVWLQXPRWLYLUDVDPRRQDLQVSLUDFLMDãWRSROD]LRGSRGX]HWQLNDNRMLVDPD VHEHLãWRYHüLGLRRQLKNRMLGMHOXMX]DMHGQRVQMLPHLGHQWLILFLUDVDVPLVORPL FLOMHPRQRJDãWR]DMHGQRSRGX]LPDMX x þDNLYLGRYLWRVW x L]YDQUHGQHVLQWHWLþNHXVWURMHQRVWL x ODNRVDJOHGDYDQMHFMHOLQH
7UHEDQDUDYQRUD]OLNRYDWLþLQMHQLFHRGLGHMH HOLNDVHQDNDQDGRLPDXSRþHWNXNDROXGRVW 9 pýRYMHNVHQHPRåHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD 5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRüLSD QLMHþXGQRGDVHVYDNLSRNXãDMVDPRRUJDQL]LUDQMDRJUDQLþDYDVXYLãQLPL NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD 6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM ]DPLVOLDSULRULNDåHQHLWDNRJXãLLQLFLMDWLYXYHüX]DþHWNX =DEXGXüHRGUDVORLRGJRYRUQRELüHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELþQR YDåQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDãQMDYDQMH RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXãWYHQRSROLWLþNLPLJRVSRGDUVNLP SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXãHQMD LQLFLMDWLYH p'RÿLNQDPDVLÿLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR 1DGDKQXüHVHVDVWRMLXWRPHGDþRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR YULMHPH ,QVSLUDFLMDMHNDRERåDQVNDPX]DQDGDKQXüD1HMDVQLVXSXWRYLQMHQRJ QDVWDMDQMD 1DGDKQXüHQRVL
x GR]XSRMDþDQHMDVQRüHLRãWULQHRSDåDQMD
x GR]XSRMDþDQHMDVQRüHLRãWULQHRSDåDQMD
1DGDKQXüHQRVL
x ODNRVDJOHGDYDQMHFMHOLQH
7UHEDQDUDYQRUD]OLNRYDWLþLQMHQLFHRGLGHMH 9HOLNDVHQDNDQDGRLPDXSRþHWNXNDROXGRVW pýRYMHNVHQHPRåHUD]YLMDWLDNRVDPQHPDLQLFLMDWLYXGMHORYDQMD 5DVSRQOMXGVNHLQLFLMDWLYHGDQDVSRVWDMHRSDVDQNRQNXUHQWVXVWDYXPRüLSD QLMHþXGQRGDVHVYDNLSRNXãDMVDPRRUJDQL]LUDQMDRJUDQLþDYDVXYLãQLPL NRPSOLFLUDQLPSURSLVLPDL]DNRQLPD 6PUW]DNUHDWLYQRVWXQXWDUQHNHWYUWNHMHVWDYUXNRYRGLRFDNRMLVYDNRMQRYRM ]DPLVOLDSULRULNDåHQHLWDNRJXãLLQLFLMDWLYXYHüX]DþHWNX =DEXGXüHRGUDVORLRGJRYRUQRELüHSLWDQMHUD]YLMDQMDLQLFLMDWLYHMHQHRELþQR YDåQRMHUSRMDPLQLFLMDWLYHSUHGVWDYOMDVORERGQRGHPRNUDWVNRL]MDãQMDYDQMH RVYLPDNWXDOQLPSLWDQMLPDSRVHELFHGUXãWYHQRSROLWLþNLPLJRVSRGDUVNLP SUREOHPLPD6WDOQRGMHWHWXJRYRUHQMHQHMHGDQMHRGREOLNDJXãHQMD LQLFLMDWLYH p'RÿLNQDPDVLÿLQDQDVL]DSRVMHGQL6YHWD,QVSLUDFLMR 1DGDKQXüHVHVDVWRMLXWRPHGDþRYMHNVMHGQH]DUDGQLVWROVYDNLGDQXLVWR YULMHPH ,QVSLUDFLMDMHNDRERåDQVNDPX]DQDGDKQXüD1HMDVQLVXSXWRYLQMHQRJ QDVWDMDQMD
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OXFLGQRVWPDãWDPHWRGH
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OXFLGQRVWPDãWDPHWRGH
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OXFLGQRVWPDãWDPHWRGH
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/MXGVNDELüDPRUDMXELWLVORERGQDGDPLVOHLSRQDãDMXVHVWYDUDODþNL
0RüXPDOMXEDYLVWYDUDODãWYDVYHELWQHPRüLUDVWXSURFHVRPL]UDåDYDQMD YODVWLWLKPLVOL
0QRJLVXOMXGLWLMHNRPVYRMHJåLYRWDL]JXELOLVYRMVWYDUDODþNLSRWHQFLMDOL SRVWDOLLOLRVWDOLQHNUHDWLYQL7RMHUH]XOWDWåLYRWDXGUXãWYXLSURFHV IRUPDOQRJRGJRMDLREUD]RYDQMD0HÿXWLPQHNHRVREHXVSLMHYDMXGDYHü L]JXEOMHQXLOLRVODEOMHQXVWYDUDODãWYRSRQRYRVWHNQXLOLRMDþDMXXNDVQLMHP åLYRWX
0QRJRMHEROMHXþLQLWLPDORDOLGREURDRVWDORSUHSXVWLWLGUXJLPDNRMLGROD]H L]DQDV
0QRJRMHEROMHXþLQLWLPDORDOLGREURDRVWDORSUHSXVWLWLGUXJLPDNRMLGROD]H L]DQDV
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/MXGVNDELüDPRUDMXELWLVORERGQDGDPLVOHLSRQDãDMXVHVWYDUDODþNL
1DVWYDUDODãWYRGMHOXMXYDQMVNLLXQXWDUQMLþLPEHQLFL3RGYDQMVNLP þLPEHQLFLPDPLVOLPRQDGUXãWYHQRLSULURGQRRNUXåHQMH SRNXV PRJXüQRVWL GRNXQXWDUQMLþLPEHQLFLREXKYDüDMXQL]SRMPRYDNRMLRGUHÿXMX VWYDUDODþNXOLþQRVWQDUDYLNDUDNWHU'DNDNRGDVHNUHDWLYQRVWPRåHLQDXþLWL
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.UHDWLYQRSURPLãOMDQMHWHPHOMLVHQDSUDYLOQRPPLãOMHQMXLSRQDãDQMX
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9HOLNHGXãHWLKRSDWH äLYRWLGXãDQHSRMDYOMXMXVHXDWRPVNRMIL]LFLLQHPRJXVHL]YHVWLQLL] MHGQRJSULURGQRJ]DNRQD p$NRGUXJRQHSUHRVWDMHEXGLLVNUHQ
8JUXSL-DLãþH]DYD]ERJWHåQMHSULSDGDQMDJRPLOL$NRVDPSRSXWRVWDOLK DNRQHPDRVMHüDMDLOLPLVOLSRNRMLPDVHUD]OLNXMHPRGRVWDOLKDNRXVNODGLP RELþDMHRGLMHORLGHMHVJUXSRPMDVDPVSDãHQ VSDãHQRG]DVWUDãXMXüHJ GRåLYOMDMDVDPRüH'DSURX]URþHWDMNRQIRUPL]DPGLNWDWRUVNLVLVWHPLVH
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7UDåLRVDPVDPRVYRMHYODVWLWR-D
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3UYLUD]JRYRU]QDþL L]DüLL]QDãHJ-DLSRNXFDWLQDYUDWDQDãHJ7L
8QDMUDQLMHPGMHWLQMVWYXQMHJRYRMDVHVODERUD]YLOR GLMHWHVHMRãXYLMHN RVMHüDLVWRYMHWQRVPDMNRPLQHPDRGYRMHQRVWLGRNMHVPDMNRP1MHJRY RVMHüDMXVDPOMHQRVWLXNODQMDIL]LþNDQD]RþQRVWPDMNH
3LWDQMHMHGDOLPLRVREQRSRVWRMLPR
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1DãHVWYDUQRSRVWRMDQMHQHRGUHÿXMHQLWNR
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-HGQDRGQDMRGDEUDQLMLKXYUHGDMHUHüLPLDPLVOLWLMD
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/DNãHMHSURELWLVHGR0DUVDQHJRGRVDPRJDVHEH1DMEROMLSXWGRVHEHWRMH QDGPDãLWLVH
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1DãHVWYDUQRSRVWRMDQMHQHRGUHÿXMHQLWNR
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3LWDQMHMHGDOLPLRVREQRSRVWRMLPR
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3UYLUD]JRYRU]QDþL L]DüLL]QDãHJ-DLSRNXFDWLQDYUDWDQDãHJ7L
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6DVRERP]DSRþHWLDOLNRGVHEHQH]DYUãLWLNRGVHEHSRþHWLDOLQHLPDWLVHEH ]DFLOM
p3UL]QDMPRGDVPRVSUHPQLQDVYDNRL]QHQDÿHQMHVDPRãWRQDV VYDNRGQHYQHVWYDULL]QHQDGHSRSXWNDWDVWURID
7UDåLRVDPVDPRVYRMHYODVWLWR-D
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8JUXSL-DLãþH]DYD]ERJWHåQMHSULSDGDQMDJRPLOL$NRVDPSRSXWRVWDOLK DNRQHPDRVMHüDMDLOLPLVOLSRNRMLPDVHUD]OLNXMHPRGRVWDOLKDNRXVNODGLP RELþDMHRGLMHORLGHMHVJUXSRPMDVDPVSDãHQ VSDãHQRG]DVWUDãXMXüHJ GRåLYOMDMDVDPRüH'DSURX]URþHWDMNRQIRUPL]DPGLNWDWRUVNLVLVWHPLVH
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9HOLNHGXãHWLKRSDWH äLYRWLGXãDQHSRMDYOMXMXVHXDWRPVNRMIL]LFLLQHPRJXVHL]YHVWLQLL] MHGQRJSULURGQRJ]DNRQD p$NRGUXJRQHSUHRVWDMHEXGLLVNUHQ
8JUXSL-DLãþH]DYD]ERJWHåQMHSULSDGDQMDJRPLOL$NRVDPSRSXWRVWDOLK DNRQHPDRVMHüDMDLOLPLVOLSRNRMLPDVHUD]OLNXMHPRGRVWDOLKDNRXVNODGLP RELþDMHRGLMHORLGHMHVJUXSRPMDVDPVSDãHQ VSDãHQRG]DVWUDãXMXüHJ GRåLYOMDMDVDPRüH'DSURX]URþHWDMNRQIRUPL]DPGLNWDWRUVNLVLVWHPLVH
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7UDåLRVDPVDPRVYRMHYODVWLWR-D
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8QDMUDQLMHPGMHWLQMVWYXQMHJRYRMDVHVODERUD]YLOR GLMHWHVHMRãXYLMHN RVMHüDLVWRYMHWQRVPDMNRPLQHPDRGYRMHQRVWLGRNMHVPDMNRP1MHJRY RVMHüDMXVDPOMHQRVWLXNODQMDIL]LþNDQD]RþQRVWPDMNH
3LWDQMHMHGDOLPLRVREQRSRVWRMLPR
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1DãHVWYDUQRSRVWRMDQMHQHRGUHÿXMHQLWNR
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/DNãHMHSURELWLVHGR0DUVDQHJRGRVDPRJDVHEH1DMEROMLSXWGRVHEHWRMH QDGPDãLWLVH
-HGQDRGQDMRGDEUDQLMLKXYUHGDMHUHüLPLDPLVOLWLMD
/DNRMHUHüL RVYUQLVHQDVHEH1RWRLXþLQLWLMHYHüWHåHMHUMHSURVWRU VNXþHQ
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.RGPQRJLKOMXGLMHEH]REUD]OXNYHüLWRNDGDNDåXMD
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-HGQDRGQDMRGDEUDQLMLKXYUHGDMHUHüLPLDPLVOLWLMD
/DNãHMHSURELWLVHGR0DUVDQHJRGRVDPRJDVHEH1DMEROMLSXWGRVHEHWRMH QDGPDãLWLVH
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1DãHVWYDUQRSRVWRMDQMHQHRGUHÿXMHQLWNR
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3LWDQMHMHGDOLPLRVREQRSRVWRMLPR
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3UYLUD]JRYRU]QDþL L]DüLL]QDãHJ-DLSRNXFDWLQDYUDWDQDãHJ7L
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7UDåLRVDPVDPRVYRMHYODVWLWR-D
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1HELWLQLNDG]DGRYROMDQ XWRPHMHVYDXPMHWQRVW
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1H]DGRYROMVWYRMHSUYLNRUDNNQDSUHWNXQHNRJþRYMHNDLOLQDURGD
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]DEUDQMLYDQMH QH ]DGRYROMVWYR QH ]QDQMH
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6YLGDURYLVYHOMXED]QRVWLVYLMHWDQHPRJX]DPLMHQLWLMHGDQWUHQXWDN ]DGRYROMVWYD
1HELWLQLNDG]DGRYROMDQ XWRPHMHVYDXPMHWQRVW
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1H]DGRYROMVWYRMHSUYLNRUDNNQDSUHWNXQHNRJþRYMHNDLOLQDURGD
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SRPDJDMXüHSRVUHGQHLQHSRVUHGQHWHPHÿXVRERPVSRMHQHVSRQRP QDUDYQRPQH]DPMHWOMLYRPNRMDLKLQDMXGDOMHQLMHLQDMUD]OLþLWLMHVNXSDYHåH WRGUåLPGDVHQHGDSR]QDYDWLþHVWLEH]SR]QDYDQMDFLHORVWLNDNRJRGQL SR]QDYDWLFLHORVWLQHSR]QDYDMXüSRMHGLQHþHVWL1LãWDQLMHEH]XPQRNDRUHüL GDVWYDUVDPDVHEHSR]QDMH1HVWDãQRVWSULYLGQRVWLXYLMHNQDPUD]XP REPDQMXMHWHQLãWDQHPRåHXþYUVWLWLRJUDQLþHQRELüHL]PHÿXGYLMH EHVNUDMQRVWLNRMHJDGUåHLL]PLþXPXýLQLPLVHGDVQLYDQMHULåLYRWMHVDQ VDPRQHWDNRQHVWDODQ1DUDYQRGDVHX]GDPRGDVPRVSRVREQLMLGRVUHGLãWD VWYDULGRVHüLQHJRLPRSVHJREXKYDWLWL6YHVX]QDQRVWLQHL]PMHUQHJOHGH RSVHJDQMLKRYDLVSLWLYDQMD MHUWNRGYRMLQDQDSULPMHUGDJHRPHWULMDMRã QHEURMHQLKSLWDQMDUMHãLWLLPD"2VYHPXãWRVHWUHED]QDWLWUHEDLSLVDWL1H WUDåLPRYHüMHGQRþL]YMHVWQRVWLXVWDOQRVWL9MHþQDVDPRPMHQDMHVW 6YLMHWMHGREURUD]YLMHQPHÿXQDURGQLVXVWDYQRLXQDMEROMHPVOXþDMXWHN YUORSULPLWLYQDPHÿXQDURGQD]DMHGQLFD 6YLMHWMHLVSXQMHQELMHGRPSDWQMDPDEROHVWLPDPRUDOQLPUDQDPDL SULVLODPD 6YLMHWMHLVWLQVNDãNRODMHUVHWXVYHXþLVDPRSRVHEL 6YLMHWMHOXGQLFDSHUYHU]QLKSXQERåMLKVQRERYD 6YLMHWMHRJOHGDORXNRPVYDWNRYLGLVYRMXGXãX6YLMHWMHRQDSUDYDãNRODMHU VHWXVYHXþLVDPRSRVHEL 6YLMHWMHRYRMJODYLGUXNþLMLQHJRXRVWDOLPOMXGVNLPJODYDPD 6YLMHWQLMHNRPSOHNVVWYDULQHJRNRPSOHNVSURFHVD 6YLMHWVHGDYLXNUHWHQVNLPUD]PMHULPD 6YLMHWVHPRåHVKYDWLWLNDRQHEURMHQRPQRãWYRSRUXND 6YLMHWRPXRSüHQHYODGDORJRVQHJRNDRV 7NRåHOLGDVYLMHWRVWDQHRQDNDYNDNDYMHQHåHOLGDVYLMHWRVWDQH 8VYLMHWXVHXYLMHNODNãHþXMHMHNDQHJRRGJRYRU .DGDELOMXGLSULþDOLVDPRRRQRPãWRUD]XPLMXLVKYDüDMXQDVYLMHWXELELOR YUORWLKR 2VQRYQDVLWXDFLMDþRYMHNDMHGDVHQDOD]LPRXVYLMHWXDGDQH]QDPR RGDNOHL NDPR p0RJXOLNRPSDVRPGXKDSURQDüLIRUPXOXVYHPLUD" 6YHPLUMHNUXJNRMHPMHVUHGLãWHSRVYXGDDSHULIHULMDQLJGMH p1DQHEXDQÿHRQLMHJODYQLOLN 1HERMHOMXGLPDNDRSURWXWHåX]DVYHQDSRUQHVWYDULXåLYRWXGDORWULVWYDUL QDGXVDQLVPLMHK
1HERMHOMXGLPDNDRSURWXWHåX]DVYHQDSRUQHVWYDULXåLYRWXGDORWULVWYDUL QDGXVDQLVPLMHK p1DQHEXDQÿHRQLMHJODYQLOLN 6YHPLUMHNUXJNRMHPMHVUHGLãWHSRVYXGDDSHULIHULMDQLJGMH p0RJXOLNRPSDVRPGXKDSURQDüLIRUPXOXVYHPLUD" SRPDJDMXüHSRVUHGQHLQHSRVUHGQHWHPHÿXVRERPVSRMHQHVSRQRP QDUDYQRPQH]DPMHWOMLYRPNRMDLKLQDMXGDOMHQLMHLQDMUD]OLþLWLMHVNXSDYHåH WRGUåLPGDVHQHGDSR]QDYDWLþHVWLEH]SR]QDYDQMDFLHORVWLNDNRJRGQL SR]QDYDWLFLHORVWLQHSR]QDYDMXüSRMHGLQHþHVWL1LãWDQLMHEH]XPQRNDRUHüL GDVWYDUVDPDVHEHSR]QDMH1HVWDãQRVWSULYLGQRVWLXYLMHNQDPUD]XP REPDQMXMHWHQLãWDQHPRåHXþYUVWLWLRJUDQLþHQRELüHL]PHÿXGYLMH EHVNUDMQRVWLNRMHJDGUåHLL]PLþXPXýLQLPLVHGDVQLYDQMHULåLYRWMHVDQ VDPRQHWDNRQHVWDODQ1DUDYQRGDVHX]GDPRGDVPRVSRVREQLMLGRVUHGLãWD VWYDULGRVHüLQHJRLPRSVHJREXKYDWLWL6YHVX]QDQRVWLQHL]PMHUQHJOHGH RSVHJDQMLKRYDLVSLWLYDQMD MHUWNRGYRMLQDQDSULPMHUGDJHRPHWULMDMRã QHEURMHQLKSLWDQMDUMHãLWLLPD"2VYHPXãWRVHWUHED]QDWLWUHEDLSLVDWL1H WUDåLPRYHüMHGQRþL]YMHVWQRVWLXVWDOQRVWL9MHþQDVDPRPMHQDMHVW 6YLMHWMHGREURUD]YLMHQPHÿXQDURGQLVXVWDYQRLXQDMEROMHPVOXþDMXWHN YUORSULPLWLYQDPHÿXQDURGQD]DMHGQLFD 6YLMHWMHLVSXQMHQELMHGRPSDWQMDPDEROHVWLPDPRUDOQLPUDQDPDL SULVLODPD 6YLMHWMHLVWLQVNDãNRODMHUVHWXVYHXþLVDPRSRVHEL 6YLMHWMHOXGQLFDSHUYHU]QLKSXQERåMLKVQRERYD 6YLMHWMHRJOHGDORXNRPVYDWNRYLGLVYRMXGXãX6YLMHWMHRQDSUDYDãNRODMHU VHWXVYHXþLVDPRSRVHEL 6YLMHWMHRYRMJODYLGUXNþLMLQHJRXRVWDOLPOMXGVNLPJODYDPD 6YLMHWQLMHNRPSOHNVVWYDULQHJRNRPSOHNVSURFHVD 6YLMHWVHGDYLXNUHWHQVNLPUD]PMHULPD 6YLMHWVHPRåHVKYDWLWLNDRQHEURMHQRPQRãWYRSRUXND 6YLMHWRPXRSüHQHYODGDORJRVQHJRNDRV 7NRåHOLGDVYLMHWRVWDQHRQDNDYNDNDYMHQHåHOLGDVYLMHWRVWDQH 8VYLMHWXVHXYLMHNODNãHþXMHMHNDQHJRRGJRYRU .DGDELOMXGLSULþDOLVDPRRRQRPãWRUD]XPLMXLVKYDüDMXQDVYLMHWXELELOR YUORWLKR 2VQRYQDVLWXDFLMDþRYMHNDMHGDVHQDOD]LPRXVYLMHWXDGDQH]QDPR RGDNOHL NDPR
1HERQDPVHþLQLOLMHSLPMHUSRVWRMHUXåQHVWYDUL'REURQDPVHþLQLGREULP MHUSRVWRML]OR
p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHüDYDLKPLVOLPD
3ULURGQH]DNRQLWRVWLVXVWDWLVWLþNHLVWLQH6NXSRVHSODüDWULMXPIQDG SULURGRP 3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD $NRVHSULURGDSURWLYLX]DOXGDQMHWUXG 'REURMHãWRMHSUHPDSULURGL 0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX 1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRþLWXMHSURPDWUDþXPRåHVH ]DNOMXþLWLGDSRVWRMHMRãVWYDULNRMHQLVPRVSR]QDOL 2QRãWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP 3ULURGDþLQLVWYDULQDQDMMHGQRVWDYQLMLQDþLQ 3ULURGDMHEHVNRQDþQRGLMHOMHQ%RJ 3ULURGDMHL]MHGQDþHQDV%RJRP 3ULURGDMHPDOLP]DGRYROMQD 3ULURGDMHVDYUãHQDNDNRELQDPSRND]DODGDMHVOLNDERåMDDQHGRVWDWNHNDNR ELQDPSRND]DODGDMHVDPRVOLND 3ULURGDMHVOLMHSDMHUNDGEL]QDODãWRUDGL]DãWRELþRYMHNELRRNUXåHQ JRULODPDLEDUEDULPD
o3URYLQFLMDQLMHSRGUXþMHYHüVWDQMH
äLYDELüDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP
p,WLVLGLRSULURGH
8þRYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHãüXLQDVWDMH NDRSUDYRLGXåQRVWPRJXüQRVWGDYDQMDVPLVOD ]DþRYMHNDQDVWDMHVYLMHW YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYHü]DXNXSQR RUJDQVNRGRJDÿDQMHXXNXSQRPSRGUXþMXQMHJRYHRSDVQRQDUDVOHPRüL.DR LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODþNLQDþLQ GMHOXMXVOXþDML]DNRQL
1HPRåHãþHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
3ULURGDWLMHRVLJXUDODGYLMHVWYDUL MHGQXGDQDQMRMVMHGLãLGUXJXGDV QMRPPLVOLã2GWDGDþRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLãHUDEL
3ULURGDQHþLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
3ULURGDQHþLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
3ULURGDWLMHRVLJXUDODGYLMHVWYDUL MHGQXGDQDQMRMVMHGLãLGUXJXGDV QMRPPLVOLã2GWDGDþRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLãHUDEL
1HPRåHãþHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
8þRYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHãüXLQDVWDMH NDRSUDYRLGXåQRVWPRJXüQRVWGDYDQMDVPLVOD ]DþRYMHNDQDVWDMHVYLMHW YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYHü]DXNXSQR RUJDQVNRGRJDÿDQMHXXNXSQRPSRGUXþMXQMHJRYHRSDVQRQDUDVOHPRüL.DR LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODþNLQDþLQ GMHOXMXVOXþDML]DNRQL
p,WLVLGLRSULURGH
äLYDELüDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP
o3URYLQFLMDQLMHSRGUXþMHYHüVWDQMH
3ULURGQH]DNRQLWRVWLVXVWDWLVWLþNHLVWLQH6NXSRVHSODüDWULMXPIQDG SULURGRP 3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD $NRVHSULURGDSURWLYLX]DOXGDQMHWUXG 'REURMHãWRMHSUHPDSULURGL 0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX 1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRþLWXMHSURPDWUDþXPRåHVH ]DNOMXþLWLGDSRVWRMHMRãVWYDULNRMHQLVPRVSR]QDOL 2QRãWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP 3ULURGDþLQLVWYDULQDQDMMHGQRVWDYQLMLQDþLQ 3ULURGDMHEHVNRQDþQRGLMHOMHQ%RJ 3ULURGDMHL]MHGQDþHQDV%RJRP 3ULURGDMHPDOLP]DGRYROMQD 3ULURGDMHVDYUãHQDNDNRELQDPSRND]DODGDMHVOLNDERåMDDQHGRVWDWNHNDNR ELQDPSRND]DODGDMHVDPRVOLND 3ULURGDMHVOLMHSDMHUNDGEL]QDODãWRUDGL]DãWRELþRYMHNELRRNUXåHQ JRULODPDLEDUEDULPD
p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHüDYDLKPLVOLPD
1HERQDPVHþLQLOLMHSLPMHUSRVWRMHUXåQHVWYDUL'REURQDPVHþLQLGREULP MHUSRVWRML]OR
1HERQDPVHþLQLOLMHSLPMHUSRVWRMHUXåQHVWYDUL'REURQDPVHþLQLGREULP MHUSRVWRML]OR
p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHüDYDLKPLVOLPD
3ULURGQH]DNRQLWRVWLVXVWDWLVWLþNHLVWLQH6NXSRVHSODüDWULMXPIQDG SULURGRP 3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD $NRVHSULURGDSURWLYLX]DOXGDQMHWUXG 'REURMHãWRMHSUHPDSULURGL 0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX 1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRþLWXMHSURPDWUDþXPRåHVH ]DNOMXþLWLGDSRVWRMHMRãVWYDULNRMHQLVPRVSR]QDOL 2QRãWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP 3ULURGDþLQLVWYDULQDQDMMHGQRVWDYQLMLQDþLQ 3ULURGDMHEHVNRQDþQRGLMHOMHQ%RJ 3ULURGDMHL]MHGQDþHQDV%RJRP 3ULURGDMHPDOLP]DGRYROMQD 3ULURGDMHVDYUãHQDNDNRELQDPSRND]DODGDMHVOLNDERåMDDQHGRVWDWNHNDNR ELQDPSRND]DODGDMHVDPRVOLND 3ULURGDMHVOLMHSDMHUNDGEL]QDODãWRUDGL]DãWRELþRYMHNELRRNUXåHQ JRULODPDLEDUEDULPD
o3URYLQFLMDQLMHSRGUXþMHYHüVWDQMH
äLYDELüDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP
p,WLVLGLRSULURGH
8þRYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHãüXLQDVWDMH NDRSUDYRLGXåQRVWPRJXüQRVWGDYDQMDVPLVOD ]DþRYMHNDQDVWDMHVYLMHW YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYHü]DXNXSQR RUJDQVNRGRJDÿDQMHXXNXSQRPSRGUXþMXQMHJRYHRSDVQRQDUDVOHPRüL.DR LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODþNLQDþLQ GMHOXMXVOXþDML]DNRQL
1HPRåHãþHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
3ULURGDWLMHRVLJXUDODGYLMHVWYDUL MHGQXGDQDQMRMVMHGLãLGUXJXGDV QMRPPLVOLã2GWDGDþRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLãHUDEL
3ULURGDQHþLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
3ULURGDQHþLQLVNRNRYH3URPDWUDMSULURGXSRYRGLVH]DQMRP
3ULURGDWLMHRVLJXUDODGYLMHVWYDUL MHGQXGDQDQMRMVMHGLãLGUXJXGDV QMRPPLVOLã2GWDGDþRYMHNRYXVSMHKLOLQHXVSMHKRYLVLRWRPHNRMXYLãHUDEL
1HPRåHãþHNDWLPLORVWRGSULURGHX]HWLMHRGQMHWYRMMH]DGDWDN
8þRYMHNXHYROXFLMDSRVWDMHVYMHVQDVDPDVHEH7HNVWRPVYLMHãüXLQDVWDMH NDRSUDYRLGXåQRVWPRJXüQRVWGDYDQMDVPLVOD ]DþRYMHNDQDVWDMHVYLMHW YULMHGQRVWLLWHUHWRGJRYRUQRVWLQHVDPR]DYODVWLWLURGYHü]DXNXSQR RUJDQVNRGRJDÿDQMHXXNXSQRPSRGUXþMXQMHJRYHRSDVQRQDUDVOHPRüL.DR LXHYROXFLMLRUJDQVNRJVYLMHWDLXHYROXFLMLVSR]QDMHQDVWYDUDODþNLQDþLQ GMHOXMXVOXþDML]DNRQL
p,WLVLGLRSULURGH
äLYDELüDXOD]HXUH]RQDQFXVDVYRMRPRNROLQRP
o3URYLQFLMDQLMHSRGUXþMHYHüVWDQMH
3ULURGQH]DNRQLWRVWLVXVWDWLVWLþNHLVWLQH6NXSRVHSODüDWULMXPIQDG SULURGRP 3ULURGDVHEULQH]DYUVWXDQH]DSRMHGLQFD $NRVHSULURGDSURWLYLX]DOXGDQMHWUXG 'REURMHãWRMHSUHPDSULURGL 0LVPRGLRXQLYHU]DOQHSULURGHWHVHSRNRUDYDPRQMHQXUHGX 1DWHPHOMXVYDNRJ]DNRQDSULURGHNRMLVHRþLWXMHSURPDWUDþXPRåHVH ]DNOMXþLWLGDSRVWRMHMRãVWYDULNRMHQLVPRVSR]QDOL 2QRãWRRGX]LPDMHGQRPSULURGDGDMHGUXJRP 3ULURGDþLQLVWYDULQDQDMMHGQRVWDYQLMLQDþLQ 3ULURGDMHEHVNRQDþQRGLMHOMHQ%RJ 3ULURGDMHL]MHGQDþHQDV%RJRP 3ULURGDMHPDOLP]DGRYROMQD 3ULURGDMHVDYUãHQDNDNRELQDPSRND]DODGDMHVOLNDERåMDDQHGRVWDWNHNDNR ELQDPSRND]DODGDMHVDPRVOLND 3ULURGDMHVOLMHSDMHUNDGEL]QDODãWRUDGL]DãWRELþRYMHNELRRNUXåHQ JRULODPDLEDUEDULPD
p'DOMLQDNRMDRNXXPDQMXMHSUHGPHWHSRYHüDYDLKPLVOLPD
1HERQDPVHþLQLOLMHSLPMHUSRVWRMHUXåQHVWYDUL'REURQDPVHþLQLGREULP MHUSRVWRML]OR
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235$98
SUDYRSUDYGDQHSUDYGD
SUDYRSUDYGDQHSUDYGD
235$98
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235$98
SUDYRSUDYGDQHSUDYGD
SUDYRSUDYGDQHSUDYGD
235$98
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3UDYHGQRVWEH]PLORVWLQLMHSXQRYLãHRGQHþRYMHþQRVWL 3UDYHGQRVWMHEHVPUWQD 3UDYHGQRVWMHYUOLQDYHOLNLKGXKRP 3UDYRLGXåQRVWVXNDRSDOPHNRMHQHGRQRVHSORGRYHDNRQHUDVWXMHGQDNUDM GUXJH 3UDYRMHSULPLMHQMHQDPRü 3UDYRMHUDYQRWHåDGREURWHLKDUPRQLMH 3UDYRMHUH]XOWDWREYH]D2EYH]DMHSUDYRGUXJLKQDQDV 3UDYRMHVLODNRMDVLOLRVSRUDYDSUDYR 3UDYRVHQLNDGDQHPRUDSULODJRÿDYDWLSROLWLFLDOLVHSROLWLNDXVYDNRGRED PRUDSULODJRÿDYDWLSUDYX 3UDYRVHXQLãWDYDVLORP 3UYLXYMHWSUDYLþQRVWLSRVWXSDWLVJUDÿDQLPDSUHPD]DNRQXQDUXãDYDQMH EDKDWRãüXVDPRYROMRPRNUXWQRãüXNRUXSFLMDPDSULMHYDUDPDL JUDP]OMLYRãüX1LMHGRYROMQRXQRVLWLKXPDQLVWLþNDQDþHODXOHJDOQHQRUPH WUHEDLKVWDOQRRåLYRWYRULWL 6LODEH]SUDYGHMHQDVLOMH 6LOXODNãHSRGQRVLPRNDGVHUDGLRSUDYGLQHJRNDGVHUDGLRLVWLQLMHUSUDYGD VHPRåHRVWYDULWLVLORPDLVWLQDQLNDGD 6YDNLþRYMHNNRMLSROD]LRGSUHWSRVWDYNHGD]DNRQLNRMLVXQMHPXGREUL PRUDMXYULMHGLWLL]DGUXJHMHILOLVWDU7NRVWYDUD]DNRQHPRUDELWLVWURJDWNR QMLPDUXNXMHEODJ 6YHGUåDYHNRMHVXVHGUåDOHQDþHODGDMHVLODMDþDRGSUDYDSURSDOHVX 6YLOMXGLLPDMXSUDYRQDVORERGXPLãOMHQMDLL]UDåDYDQMD âWRYLãHSUDYGHWRYLãHPLUD 7HPHOMSUDYDMHKXPDQRVW 8SUDYHGQRVWLMH]EURMVYLKYUOLQD 8WROLNRPLMHWHåHGDWLVDVYLPNULYRMHGQRPþRYMHNXNDGDSRWSXQR]DSUDYR QHGDMHPQLNRPX 8YLMHNVDPVPDWUDRGDVHVRFLMDOQDSUDYGDVYHGR]DGQMHJLQDMQLåHJQH PRåHRVWYDULWLSULPMHQRPVLOH=DSUHND]DSRVWL]DYDQMHRSüHVSRVREQRVWLQH OHåLXOMXGVNRPNDUDNWHUXQHJRSULMHVYHJDXPDVLHOLPLQLUDMXüLKREUD]RYQLK LSURIHVLRQDOQLKRJUDQLþHQMDãWRLKQDPHüHVYDNDSULYLOHJLUDQDJUXSDNDNREL RþXYDODVYRMSRVHEDQVWDWXVSULKRGHLSRYODVWLFH =DMHGQDNHGXåQRVWLSUDYRMHGDVHXåLYDMXLMHGQDNDSUDYD
3UDYHGQRVWEH]PLORVWLQLMHSXQRYLãHRGQHþRYMHþQRVWL 3UDYHGQRVWMHEHVPUWQD 3UDYHGQRVWMHYUOLQDYHOLNLKGXKRP 3UDYRLGXåQRVWVXNDRSDOPHNRMHQHGRQRVHSORGRYHDNRQHUDVWXMHGQDNUDM GUXJH 3UDYRMHSULPLMHQMHQDPRü 3UDYRMHUDYQRWHåDGREURWHLKDUPRQLMH 3UDYRMHUH]XOWDWREYH]D2EYH]DMHSUDYRGUXJLKQDQDV 3UDYRMHVLODNRMDVLOLRVSRUDYDSUDYR 3UDYRVHQLNDGDQHPRUDSULODJRÿDYDWLSROLWLFLDOLVHSROLWLNDXVYDNRGRED PRUDSULODJRÿDYDWLSUDYX 3UDYRVHXQLãWDYDVLORP 3UYLXYMHWSUDYLþQRVWLSRVWXSDWLVJUDÿDQLPDSUHPD]DNRQXQDUXãDYDQMH EDKDWRãüXVDPRYROMRPRNUXWQRãüXNRUXSFLMDPDSULMHYDUDPDL JUDP]OMLYRãüX1LMHGRYROMQRXQRVLWLKXPDQLVWLþNDQDþHODXOHJDOQHQRUPH WUHEDLKVWDOQRRåLYRWYRULWL 6LODEH]SUDYGHMHQDVLOMH 6LOXODNãHSRGQRVLPRNDGVHUDGLRSUDYGLQHJRNDGVHUDGLRLVWLQLMHUSUDYGD VHPRåHRVWYDULWLVLORPDLVWLQDQLNDGD 6YDNLþRYMHNNRMLSROD]LRGSUHWSRVWDYNHGD]DNRQLNRMLVXQMHPXGREUL PRUDMXYULMHGLWLL]DGUXJHMHILOLVWDU7NRVWYDUD]DNRQHPRUDELWLVWURJDWNR QMLPDUXNXMHEODJ 6YHGUåDYHNRMHVXVHGUåDOHQDþHODGDMHVLODMDþDRGSUDYDSURSDOHVX 6YLOMXGLLPDMXSUDYRQDVORERGXPLãOMHQMDLL]UDåDYDQMD âWRYLãHSUDYGHWRYLãHPLUD 7HPHOMSUDYDMHKXPDQRVW 8SUDYHGQRVWLMH]EURMVYLKYUOLQD 8WROLNRPLMHWHåHGDWLVDVYLPNULYRMHGQRPþRYMHNXNDGDSRWSXQR]DSUDYR QHGDMHPQLNRPX 8YLMHNVDPVPDWUDRGDVHVRFLMDOQDSUDYGDVYHGR]DGQMHJLQDMQLåHJQH PRåHRVWYDULWLSULPMHQRPVLOH=DSUHND]DSRVWL]DYDQMHRSüHVSRVREQRVWLQH OHåLXOMXGVNRPNDUDNWHUXQHJRSULMHVYHJDXPDVLHOLPLQLUDMXüLKREUD]RYQLK LSURIHVLRQDOQLKRJUDQLþHQMDãWRLKQDPHüHVYDNDSULYLOHJLUDQDJUXSDNDNREL RþXYDODVYRMSRVHEDQVWDWXVSULKRGHLSRYODVWLFH =DMHGQDNHGXåQRVWLSUDYRMHGDVHXåLYDMXLMHGQDNDSUDYD
=DNRQMHVLOQLNQDGSULURGRPþRYMHND =DNRQVHVWYDUD]DVYHDOLVHSULPMHQMXMHVDPR]DVLURPDKH =DNRQYLGLVUGLWRJDVUGLWLQHYLGL]DNRQD =DNRQLVXXYLMHNNRULVQLRQLPDNRMLLPDMXDãWHWQLRQLPDNRMLQHPDMXQLãWD =DNRQLWUHEDMXELWLMHGQDNL]DVYHLNDGãWLWHLNDGNDåQMDYDMX p%ROMHGDVHQHSUDYGHGRJDÿDMXQHJRGDVHQDQHSUDYHGDQQDþLQSRSUDYOMDMX ,VWLQLWLMXQDFLSRYLMHVWLQLVXELOLYHOLNLRVYDMDþLYHüRQLNRMLVXVHERULOLSURWLY QHSUDYGH 1DMYHüDMHRSDVQRVW]DOMXGHXQMLKRYXPHÿXVREQXRGQRVXGDGUXJRPHQH QDQRVHQHSUDYGX 1DMYHüHSUL]QDQMHGXJXMHPRRQLPDNRMLSURWHVWLUDMXSURWLYQHSUDYGH 1HSUDYGDL]D]LYDQHSUDYGXQDVLOMHUDÿDQDVLOMHP 1HSUDYGHVHQHãWROMHSãHVYODGDYDMXGREURþLQVWYLPDQHJRãWRVHL]UDYQDYDMX XSRUQRãüXX]DMDPQHPUåQMH 1LNDGQLãWDQHL]D]LYDSREXQXYLãHRGQHSUDYGH VYDGUXJD]ODNRMDWUSLPR QLVXQLãWDSUHPDRYRP 6YRMVWYRMHYHOLNRJGXKDSUH]LUDWLQHSUDYGH 7HãNRMHELWLXVWDQMXSRGQRVLWLQHSUDYGXþXYDWLWDMQXLGREURUDVSRODJDWL VYRMLPVORERGQLPYUHPHQRP 7NRRODNRSULKYDüDQHSUDYGXLVDPMHQDQRVL8EH]GDQXQHSUDYGHXYLMHNVH QDOD]LQDMYHüDEULJDRNRSULYLGDSUDYD8QHSUDYHGQRXUHÿHQRPGUXãWYX þRYMHNSDWL
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SUDYQLFLSUDYRVXÿHSDUDJUDISUDYHGQLNSULYLOHJLMD]DWYRUEH]DNRQMH
SUDYQLFLSUDYRVXÿHSDUDJUDISUDYHGQLNSULYLOHJLMD]DWYRUEH]DNRQMH
p'DQHPDORãLKOMXGLQHELELORGREULKSUDYQLND 3UDYQLFLVXOMXGLNRMLSUDYHGQRVWYDUDMXVD]DNRQRP o8SUDYRVXÿXXYLMHNSRVWRMLQHNDRSDVQRVW$NRWRQLMHVDP]DNRQRQGDVX VXFL o9HüLVDP]QDN]DSDUDJUDIHL]JOHGDNDRVSUDYD]DPXþHQMH p1D]HPOMLQHPDSUDYHGQLNDNRMLþLQHüLGREURQHELQLNDGVDJULMHãLR 3UDYHGQLFLREHüDYDMXPDORDþLQHPQRJR ]OLREHüDYDMXSUHYLãHDQHþLQH QLãWD 3UDYHGQLNUD]XPLMHSUDYRPDOHQLKDQDURGVHYHVHOLNDGVHPQRåH SUDYHGQLFL p1DMYHüLQHSULMDWHOMSUDYDMHVWSULYLOHJLMD
DNRQMHVLOQLNQDGSULURGRPþRYMHND = =DNRQVHVWYDUD]DVYHDOLVHSULPMHQMXMHVDPR]DVLURPDKH =DNRQYLGLVUGLWRJDVUGLWLQHYLGL]DNRQD =DNRQLVXXYLMHNNRULVQLRQLPDNRMLLPDMXDãWHWQLRQLPDNRMLQHPDMXQLãWD =DNRQLWUHEDMXELWLMHGQDNL]DVYHLNDGãWLWHLNDGNDåQMDYDMX p%ROMHGDVHQHSUDYGHGRJDÿDMXQHJRGDVHQDQHSUDYHGDQQDþLQSRSUDYOMDMX ,VWLQLWLMXQDFLSRYLMHVWLQLVXELOLYHOLNLRVYDMDþLYHüRQLNRMLVXVHERULOLSURWLY QHSUDYGH 1DMYHüDMHRSDVQRVW]DOMXGHXQMLKRYXPHÿXVREQXRGQRVXGDGUXJRPHQH QDQRVHQHSUDYGX 1DMYHüHSUL]QDQMHGXJXMHPRRQLPDNRMLSURWHVWLUDMXSURWLYQHSUDYGH 1HSUDYGDL]D]LYDQHSUDYGXQDVLOMHUDÿDQDVLOMHP 1HSUDYGHVHQHãWROMHSãHVYODGDYDMXGREURþLQVWYLPDQHJRãWRVHL]UDYQDYDMX XSRUQRãüXX]DMDPQHPUåQMH 1LNDGQLãWDQHL]D]LYDSREXQXYLãHRGQHSUDYGH VYDGUXJD]ODNRMDWUSLPR QLVXQLãWDSUHPDRYRP 6YRMVWYRMHYHOLNRJGXKDSUH]LUDWLQHSUDYGH 7HãNRMHELWLXVWDQMXSRGQRVLWLQHSUDYGXþXYDWLWDMQXLGREURUDVSRODJDWL VYRMLPVORERGQLPYUHPHQRP 7NRRODNRSULKYDüDQHSUDYGXLVDPMHQDQRVL8EH]GDQXQHSUDYGHXYLMHNVH QDOD]LQDMYHüDEULJDRNRSULYLGDSUDYD8QHSUDYHGQRXUHÿHQRPGUXãWYX þRYMHNSDWL
=DNRQMHVLOQLNQDGSULURGRPþRYMHND =DNRQVHVWYDUD]DVYHDOLVHSULPMHQMXMHVDPR]DVLURPDKH =DNRQYLGLVUGLWRJDVUGLWLQHYLGL]DNRQD =DNRQLVXXYLMHNNRULVQLRQLPDNRMLLPDMXDãWHWQLRQLPDNRMLQHPDMXQLãWD =DNRQLWUHEDMXELWLMHGQDNL]DVYHLNDGãWLWHLNDGNDåQMDYDMX p%ROMHGDVHQHSUDYGHGRJDÿDMXQHJRGDVHQDQHSUDYHGDQQDþLQSRSUDYOMDMX ,VWLQLWLMXQDFLSRYLMHVWLQLVXELOLYHOLNLRVYDMDþLYHüRQLNRMLVXVHERULOLSURWLY QHSUDYGH 1DMYHüDMHRSDVQRVW]DOMXGHXQMLKRYXPHÿXVREQXRGQRVXGDGUXJRPHQH QDQRVHQHSUDYGX 1DMYHüHSUL]QDQMHGXJXMHPRRQLPDNRMLSURWHVWLUDMXSURWLYQHSUDYGH 1HSUDYGDL]D]LYDQHSUDYGXQDVLOMHUDÿDQDVLOMHP 1HSUDYGHVHQHãWROMHSãHVYODGDYDMXGREURþLQVWYLPDQHJRãWRVHL]UDYQDYDMX XSRUQRãüXX]DMDPQHPUåQMH 1LNDGQLãWDQHL]D]LYDSREXQXYLãHRGQHSUDYGH VYDGUXJD]ODNRMDWUSLPR QLVXQLãWDSUHPDRYRP 6YRMVWYRMHYHOLNRJGXKDSUH]LUDWLQHSUDYGH 7HãNRMHELWLXVWDQMXSRGQRVLWLQHSUDYGXþXYDWLWDMQXLGREURUDVSRODJDWL VYRMLPVORERGQLPYUHPHQRP 7NRRODNRSULKYDüDQHSUDYGXLVDPMHQDQRVL8EH]GDQXQHSUDYGHXYLMHNVH QDOD]LQDMYHüDEULJDRNRSULYLGDSUDYD8QHSUDYHGQRXUHÿHQRPGUXãWYX þRYMHNSDWL
'DQHPDORãLKOMXGLQHELELORGREULKSUDYQLND p 3UDYQLFLVXOMXGLNRMLSUDYHGQRVWYDUDMXVD]DNRQRP o8SUDYRVXÿXXYLMHNSRVWRMLQHNDRSDVQRVW$NRWRQLMHVDP]DNRQRQGDVX VXFL o9HüLVDP]QDN]DSDUDJUDIHL]JOHGDNDRVSUDYD]DPXþHQMH p1D]HPOMLQHPDSUDYHGQLNDNRMLþLQHüLGREURQHELQLNDGVDJULMHãLR 3UDYHGQLFLREHüDYDMXPDORDþLQHPQRJR ]OLREHüDYDMXSUHYLãHDQHþLQH QLãWD 3UDYHGQLNUD]XPLMHSUDYRPDOHQLKDQDURGVHYHVHOLNDGVHPQRåH SUDYHGQLFL p1DMYHüLQHSULMDWHOMSUDYDMHVWSULYLOHJLMD
SUDYQLFLSUDYRVXÿHSDUDJUDISUDYHGQLNSULYLOHJLMD]DWYRUEH]DNRQMH
SUDYQLFLSUDYRVXÿHSDUDJUDISUDYHGQLNSULYLOHJLMD]DWYRUEH]DNRQMH
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.DNRSRYLMHVWQDL]PMHQFHL]D]LYDJUR]XLVPLMHK .QMLåHYQDSRYLMHVWMHSUDQMHQRJXVWDUFLPD 0RåGDELVHPRJORUHüLGDMHNQMLåHYQRVWQDMYMHURGRVWRMQLMDLQDMSRX]GDQLMD SRYLMHVWQDURGD 0XþHQMHNODQMHORPDþH7RMHSRYLMHVW3RYLMHVWMHNRVWXUQLFD1HWUXGLWHVH GDXYLMHNGDLVSLWDWHRYXSURãORVWQRüLLNUYL6YMHWORWUHEDWUDåLWLX EXGXüQRVWL 1HNLOMXGLVPDWUDMXGDPDKDQMHVSRYLMHVQLPSUDYRPþHVWRVOXåLXJQMHWDYDQMX GUXJLKQDURGD 2VYMHWVNRMSRYLMHVWLVYHVHPRåHUHüLVYHãWRPRåHQDSDPHWSDVWLL QDMSHUYHU]QLMHPXPXDOLVDPRMHGQRQH GDMHUD]XPQD 3RYLMHVWþRYMHþDQVWYDWRMHMHGQDYHOLNDWUDJHGLMDXNRMRMVXQDMYHüLMXQDFL VYLMHVWLVDYMHVWSUDYGDL]DNRQLWRVWSOHPHQLWRVWLOMXEDY 3RYLMHVWMHGLMDOHNWLþNDERUEDL]PHÿXLGHRORJLMHLLGHMHLVWLQHL]PHÿXåHOMHGD VYRMåLYRWL]PLMHQLPRLWURPRVWLWRJDåLYRWD 3RYLMHVWMHGRLVWDPDORYLãHRGSRSLVD]ORþLQDOXGRVWLLQHVUHüDOMXGVNRJ URGD 3RYLMHVWMHGRND]DODGDRWSRUYMHUVNLKSROLWLþNLKYRÿDQLMHPRJD]DXVWDYLWL QRYHSRJOHGHQDSRULMHNORåLYRWDQD]HPOMLLOLRQHNLPGUXJLPVRFLRORãNLP SUREOHPLPD1DVUHüXGREDLQNYL]LFLMHMH]DQDPDDWH]DRQHGRGLUOMLYRVWL GRJPLMHSURãORVW]ERJRP 3RYLMHVWMHNDWDVWURID2QDMHNULYRWYRULODYHOLNDQHSURãORVWLRNRMLPDVH VXPQMDRQDRVDNDüXMHRQHEXGXüH]DNRMHVHSULERMDYDP 3RYLMHVWMHQDMRSDVQLMLSURL]YRGãWRJDMHVWYRULODNHPLMDLQWHOHNWD 3RYLMHVWMHRQRãWRSRYMHVQLþDULQDSUDYH1HRVSRUQRKLVWRULRJUDILMDVDPD]D VHSUHGVWDYOMDFUQXNQMLJXREPDQMLYDQMDODNDMVWYDãRYLQL]PDLLGHRORãNH PDQLSXODFLMH 3RYLMHVWMHSXQDVDEODVQLKPRUDRGNRMLKVXQHNHSULURGQHDQHNHGMHOR OMXGVNLKUXNX 3RYLMHVWMHVDPRSRSLV]ORþLQDLQHVUHüD 3RYLMHVWMHVYMHWORLVWLQH 3RYLMHVWMH]ELUNDþLQMHQLFDNRMHVXVHPRJOHL]EMHüL 3RYLMHVWQDV QH XþLPXGURVWL 3RYLMHVWQDVRSüHQLWRVDPRREDYMHãWDYDãWRMHWRORãDYODGDYLQD 3RYLMHVWQHSR]QDMH]DGQMXULMHþ 3RYLMHVWQHVWYDUDMXSXãþDQLPHFLLJHQHUDOLYHüPDVH
.DNRSRYLMHVWQDL]PMHQFHL]D]LYDJUR]XLVPLMHK .QMLåHYQDSRYLMHVWMHSUDQMHQRJXVWDUFLPD 0RåGDELVHPRJORUHüLGDMHNQMLåHYQRVWQDMYMHURGRVWRMQLMDLQDMSRX]GDQLMD SRYLMHVWQDURGD 0XþHQMHNODQMHORPDþH7RMHSRYLMHVW3RYLMHVWMHNRVWXUQLFD1HWUXGLWHVH GDXYLMHNGDLVSLWDWHRYXSURãORVWQRüLLNUYL6YMHWORWUHEDWUDåLWLX EXGXüQRVWL 1HNLOMXGLVPDWUDMXGDPDKDQMHVSRYLMHVQLPSUDYRPþHVWRVOXåLXJQMHWDYDQMX GUXJLKQDURGD 2VYMHWVNRMSRYLMHVWLVYHVHPRåHUHüLVYHãWRPRåHQDSDPHWSDVWLL QDMSHUYHU]QLMHPXPXDOLVDPRMHGQRQH GDMHUD]XPQD 3RYLMHVWþRYMHþDQVWYDWRMHMHGQDYHOLNDWUDJHGLMDXNRMRMVXQDMYHüLMXQDFL VYLMHVWLVDYMHVWSUDYGDL]DNRQLWRVWSOHPHQLWRVWLOMXEDY 3RYLMHVWMHGLMDOHNWLþNDERUEDL]PHÿXLGHRORJLMHLLGHMHLVWLQHL]PHÿXåHOMHGD VYRMåLYRWL]PLMHQLPRLWURPRVWLWRJDåLYRWD 3RYLMHVWMHGRLVWDPDORYLãHRGSRSLVD]ORþLQDOXGRVWLLQHVUHüDOMXGVNRJ URGD 3RYLMHVWMHGRND]DODGDRWSRUYMHUVNLKSROLWLþNLKYRÿDQLMHPRJD]DXVWDYLWL QRYHSRJOHGHQDSRULMHNORåLYRWDQD]HPOMLLOLRQHNLPGUXJLPVRFLRORãNLP SUREOHPLPD1DVUHüXGREDLQNYL]LFLMHMH]DQDPDDWH]DRQHGRGLUOMLYRVWL GRJPLMHSURãORVW]ERJRP 3RYLMHVWMHNDWDVWURID2QDMHNULYRWYRULODYHOLNDQHSURãORVWLRNRMLPDVH VXPQMDRQDRVDNDüXMHRQHEXGXüH]DNRMHVHSULERMDYDP 3RYLMHVWMHQDMRSDVQLMLSURL]YRGãWRJDMHVWYRULODNHPLMDLQWHOHNWD 3RYLMHVWMHRQRãWRSRYMHVQLþDULQDSUDYH1HRVSRUQRKLVWRULRJUDILMDVDPD]D VHSUHGVWDYOMDFUQXNQMLJXREPDQMLYDQMDODNDMVWYDãRYLQL]PDLLGHRORãNH PDQLSXODFLMH 3RYLMHVWMHSXQDVDEODVQLKPRUDRGNRMLKVXQHNHSULURGQHDQHNHGMHOR OMXGVNLKUXNX 3RYLMHVWMHVDPRSRSLV]ORþLQDLQHVUHüD 3RYLMHVWMHVYMHWORLVWLQH 3RYLMHVWMH]ELUNDþLQMHQLFDNRMHVXVHPRJOHL]EMHüL 3RYLMHVWQDV QH XþLPXGURVWL 3RYLMHVWQDVRSüHQLWRVDPRREDYMHãWDYDãWRMHWRORãDYODGDYLQD 3RYLMHVWQHSR]QDMH]DGQMXULMHþ 3RYLMHVWQHVWYDUDMXSXãþDQLPHFLLJHQHUDOLYHüPDVH
.DNRSRYLMHVWQDL]PMHQFHL]D]LYDJUR]XLVPLMHK .QMLåHYQDSRYLMHVWMHSUDQMHQRJXVWDUFLPD 0RåGDELVHPRJORUHüLGDMHNQMLåHYQRVWQDMYMHURGRVWRMQLMDLQDMSRX]GDQLMD SRYLMHVWQDURGD 0XþHQMHNODQMHORPDþH7RMHSRYLMHVW3RYLMHVWMHNRVWXUQLFD1HWUXGLWHVH GDXYLMHNGDLVSLWDWHRYXSURãORVWQRüLLNUYL6YMHWORWUHEDWUDåLWLX EXGXüQRVWL 1HNLOMXGLVPDWUDMXGDPDKDQMHVSRYLMHVQLPSUDYRPþHVWRVOXåLXJQMHWDYDQMX GUXJLKQDURGD 2VYMHWVNRMSRYLMHVWLVYHVHPRåHUHüLVYHãWRPRåHQDSDPHWSDVWLL QDMSHUYHU]QLMHPXPXDOLVDPRMHGQRQH GDMHUD]XPQD 3RYLMHVWþRYMHþDQVWYDWRMHMHGQDYHOLNDWUDJHGLMDXNRMRMVXQDMYHüLMXQDFL VYLMHVWLVDYMHVWSUDYGDL]DNRQLWRVWSOHPHQLWRVWLOMXEDY 3RYLMHVWMHGLMDOHNWLþNDERUEDL]PHÿXLGHRORJLMHLLGHMHLVWLQHL]PHÿXåHOMHGD VYRMåLYRWL]PLMHQLPRLWURPRVWLWRJDåLYRWD 3RYLMHVWMHGRLVWDPDORYLãHRGSRSLVD]ORþLQDOXGRVWLLQHVUHüDOMXGVNRJ URGD 3RYLMHVWMHGRND]DODGDRWSRUYMHUVNLKSROLWLþNLKYRÿDQLMHPRJD]DXVWDYLWL QRYHSRJOHGHQDSRULMHNORåLYRWDQD]HPOMLLOLRQHNLPGUXJLPVRFLRORãNLP SUREOHPLPD1DVUHüXGREDLQNYL]LFLMHMH]DQDPDDWH]DRQHGRGLUOMLYRVWL GRJPLMHSURãORVW]ERJRP 3RYLMHVWMHNDWDVWURID2QDMHNULYRWYRULODYHOLNDQHSURãORVWLRNRMLPDVH VXPQMDRQDRVDNDüXMHRQHEXGXüH]DNRMHVHSULERMDYDP 3RYLMHVWMHQDMRSDVQLMLSURL]YRGãWRJDMHVWYRULODNHPLMDLQWHOHNWD 3RYLMHVWMHRQRãWRSRYMHVQLþDULQDSUDYH1HRVSRUQRKLVWRULRJUDILMDVDPD]D VHSUHGVWDYOMDFUQXNQMLJXREPDQMLYDQMDODNDMVWYDãRYLQL]PDLLGHRORãNH PDQLSXODFLMH 3RYLMHVWMHSXQDVDEODVQLKPRUDRGNRMLKVXQHNHSULURGQHDQHNHGMHOR OMXGVNLKUXNX 3RYLMHVWMHVDPRSRSLV]ORþLQDLQHVUHüD 3RYLMHVWMHVYMHWORLVWLQH 3RYLMHVWMH]ELUNDþLQMHQLFDNRMHVXVHPRJOHL]EMHüL 3RYLMHVWQDV QH XþLPXGURVWL 3RYLMHVWQDVRSüHQLWRVDPRREDYMHãWDYDãWRMHWRORãDYODGDYLQD 3RYLMHVWQHSR]QDMH]DGQMXULMHþ 3RYLMHVWQHVWYDUDMXSXãþDQLPHFLLJHQHUDOLYHüPDVH
3RYLMHVWQLMHKHJHORYVNRQDVWDMDQMH RQDVHQHPRåHXVSRUHGLWLVULMHNRPNRMD SUHGVRERPQRVLGRJDÿDMHLQMLKRYHRVWDWNHLVWRPEU]LQRPLLVWLPVPMHURP 2QRãWRQD]LYDPRSRYLMHãüXVDVWRMLVHEDãXUD]QROLNRVWLVWUXMDQMD 3RYLMHVWQLMHQLãWDGUXJRQHVOLNDRVYDMDQMDL]UDEOMLYDQMDQDVLOMDL SRGUHÿLYDQMD 3RYLMHVWQLMHQLãWDGUXJRQHJRMDGQRRJOHGDORQDãLKYODVWLWLKEULJD 3RYLMHVWVHSRSXWNDNYRJLGLRWDPHKDQLþNLSRQDYOMD 3RYLMHVWVORERGHMHVWSRYLMHVWSURWXUMHþMD 3RYLMHVWVYLMHWDMHQDSUHGRYDQMHXVYLMHVWLRVORERGL 3RYLMHVWVYLMHWDMHVDPRELRJUDILMDYHOLNLKOMXGL 3RYMHVQLþDUMHXQDWUDJRNUHQXWSURURN3RYMHVQLþDULVXUDNRYLPHÿX DNDGHPLFLPD2QLXQDWUDãNHLGXQDSULMHG 3RYMHVQLþDUL]QDMXNROLNRVHMXQDþNLKGMHODWHPHOMLQDQHGRVWDWNXDOWHUQDWLYD 6WRJDSRYLMHVQDLVWLQDQDQHNLQDþLQVOLþLREODFLPDNRMLVHWHNXGDOMLQL REOLNXMX 6YMHWVNDMHSRYLMHVWEHVFLOMQROXWDQMHQL]SRUD]DLUD]RþDUHQMD 6YMHWVNDMHSRYLMHVW]ELURQRJDãWRVHPRJORVSULMHþLWL 7DPRJGMHSUHVWDMHSRYLMHVWSRþLQMXOHJHQGH 7NRåHOLSURVXGLWLVNXþHQRVWVYRMHGRPRYLQHQHNDSXWXMH7NRåHOLSURVXGLWL VNXþHQRVWVYRJYUHPHQDQHNDVWXGLUDSRYLMHVW 8LVNXVWYRSRYLMHVWLVSDGDL]DERUDYQRVWQDVSUDPLVNXVWYD =DGDüDMHSRYLMHVWLGDSULNDåHSRMDYOMLYDQMHWRMHVWSRVWHSHQRVWYDUDQMHELüD þLMDüHSOHPHQLWDRVWYDUHQMDLXåDVQHJUR]RWHELWLSUHGPHWRPQDãHJD JODYQRJD]DGDWND7UDJãWRJDMHWRVWYRUHQMHPRJORRVWDYLWLQDGMHYLþDQVNRP SODQHWXWDNRERJDWLPREOLFLPDåLYRWDELRMHMHGYD]QDWQLMLQRãWRJDRVWDYOMD ]HFNDGSURWUþLOLYDGRP
RYMHNSRGQRVLEH]ãWHWHVDPRRGUHÿHQXPMHUXNXOWXUH ý -HGLQLVPLVDR]DNXOWXUXMHVWLVSXQMHQMHþRYMHNDNDRYUORSRVHEQHLQDGDUHQH MHGLQVWYHQHåLYRWLQMH GUXãWYHQRJRVDPOMHQLND
2.8/785, o6YDNLQHNXOWXUDQþRYMHNMHNDULNDWXUDVDPRJDVHEH pýRYMHNNRMLELPRJDRåLYMHWLVDPEH]WXÿHOMXGVNHNXOWXUHWDNRVHPXþQR PRåH]DPLVOLWLNDRLþRYMHNNRMLELVDPVHEHVWYRULRNRMLELELRVDPVHEL RFHPLPDWHURP
.8/785, 2 o6YDNLQHNXOWXUDQþRYMHNMHNDULNDWXUDVDPRJDVHEH pýRYMHNNRMLELPRJDRåLYMHWLVDPEH]WXÿHOMXGVNHNXOWXUHWDNRVHPXþQR PRåH]DPLVOLWLNDRLþRYMHNNRMLELVDPVHEHVWYRULRNRMLELELRVDPVHEL RFHPLPDWHURP
ýRYMHNSRGQRVLEH]ãWHWHVDPRRGUHÿHQXPMHUXNXOWXUH -HGLQLVPLVDR]DNXOWXUXMHVWLVSXQMHQMHþRYMHNDNDRYUORSRVHEQHLQDGDUHQH MHGLQVWYHQHåLYRWLQMH GUXãWYHQRJRVDPOMHQLND
3RYLMHVWQLMHKHJHORYVNRQDVWDMDQMH RQDVHQHPRåHXVSRUHGLWLVULMHNRPNRMD SUHGVRERPQRVLGRJDÿDMHLQMLKRYHRVWDWNHLVWRPEU]LQRPLLVWLPVPMHURP 2QRãWRQD]LYDPRSRYLMHãüXVDVWRMLVHEDãXUD]QROLNRVWLVWUXMDQMD 3RYLMHVWQLMHQLãWDGUXJRQHVOLNDRVYDMDQMDL]UDEOMLYDQMDQDVLOMDL SRGUHÿLYDQMD 3RYLMHVWQLMHQLãWDGUXJRQHJRMDGQRRJOHGDORQDãLKYODVWLWLKEULJD 3RYLMHVWVHSRSXWNDNYRJLGLRWDPHKDQLþNLSRQDYOMD 3RYLMHVWVORERGHMHVWSRYLMHVWSURWXUMHþMD 3RYLMHVWVYLMHWDMHQDSUHGRYDQMHXVYLMHVWLRVORERGL 3RYLMHVWVYLMHWDMHVDPRELRJUDILMDYHOLNLKOMXGL 3RYMHVQLþDUMHXQDWUDJRNUHQXWSURURN3RYMHVQLþDULVXUDNRYLPHÿX DNDGHPLFLPD2QLXQDWUDãNHLGXQDSULMHG 3RYMHVQLþDUL]QDMXNROLNRVHMXQDþNLKGMHODWHPHOMLQDQHGRVWDWNXDOWHUQDWLYD 6WRJDSRYLMHVQDLVWLQDQDQHNLQDþLQVOLþLREODFLPDNRMLVHWHNXGDOMLQL REOLNXMX 6YMHWVNDMHSRYLMHVWEHVFLOMQROXWDQMHQL]SRUD]DLUD]RþDUHQMD 6YMHWVNDMHSRYLMHVW]ELURQRJDãWRVHPRJORVSULMHþLWL 7DPRJGMHSUHVWDMHSRYLMHVWSRþLQMXOHJHQGH 7NRåHOLSURVXGLWLVNXþHQRVWVYRMHGRPRYLQHQHNDSXWXMH7NRåHOLSURVXGLWL VNXþHQRVWVYRJYUHPHQDQHNDVWXGLUDSRYLMHVW 8LVNXVWYRSRYLMHVWLVSDGDL]DERUDYQRVWQDVSUDPLVNXVWYD =DGDüDMHSRYLMHVWLGDSULNDåHSRMDYOMLYDQMHWRMHVWSRVWHSHQRVWYDUDQMHELüD þLMDüHSOHPHQLWDRVWYDUHQMDLXåDVQHJUR]RWHELWLSUHGPHWRPQDãHJD JODYQRJD]DGDWND7UDJãWRJDMHWRVWYRUHQMHPRJORRVWDYLWLQDGMHYLþDQVNRP SODQHWXWDNRERJDWLPREOLFLPDåLYRWDELRMHMHGYD]QDWQLMLQRãWRJDRVWDYOMD ]HFNDGSURWUþLOLYDGRP
3RYLMHVWQLMHKHJHORYVNRQDVWDMDQMH RQDVHQHPRåHXVSRUHGLWLVULMHNRPNRMD SUHGVRERPQRVLGRJDÿDMHLQMLKRYHRVWDWNHLVWRPEU]LQRPLLVWLPVPMHURP 2QRãWRQD]LYDPRSRYLMHãüXVDVWRMLVHEDãXUD]QROLNRVWLVWUXMDQMD 3RYLMHVWQLMHQLãWDGUXJRQHVOLNDRVYDMDQMDL]UDEOMLYDQMDQDVLOMDL SRGUHÿLYDQMD 3RYLMHVWQLMHQLãWDGUXJRQHJRMDGQRRJOHGDORQDãLKYODVWLWLKEULJD 3RYLMHVWVHSRSXWNDNYRJLGLRWDPHKDQLþNLSRQDYOMD 3RYLMHVWVORERGHMHVWSRYLMHVWSURWXUMHþMD 3RYLMHVWVYLMHWDMHQDSUHGRYDQMHXVYLMHVWLRVORERGL 3RYLMHVWVYLMHWDMHVDPRELRJUDILMDYHOLNLKOMXGL 3RYMHVQLþDUMHXQDWUDJRNUHQXWSURURN3RYMHVQLþDULVXUDNRYLPHÿX DNDGHPLFLPD2QLXQDWUDãNHLGXQDSULMHG 3RYMHVQLþDUL]QDMXNROLNRVHMXQDþNLKGMHODWHPHOMLQDQHGRVWDWNXDOWHUQDWLYD 6WRJDSRYLMHVQDLVWLQDQDQHNLQDþLQVOLþLREODFLPDNRMLVHWHNXGDOMLQL REOLNXMX 6YMHWVNDMHSRYLMHVWEHVFLOMQROXWDQMHQL]SRUD]DLUD]RþDUHQMD 6YMHWVNDMHSRYLMHVW]ELURQRJDãWRVHPRJORVSULMHþLWL 7DPRJGMHSUHVWDMHSRYLMHVWSRþLQMXOHJHQGH 7NRåHOLSURVXGLWLVNXþHQRVWVYRMHGRPRYLQHQHNDSXWXMH7NRåHOLSURVXGLWL VNXþHQRVWVYRJYUHPHQDQHNDVWXGLUDSRYLMHVW 8LVNXVWYRSRYLMHVWLVSDGDL]DERUDYQRVWQDVSUDPLVNXVWYD =DGDüDMHSRYLMHVWLGDSULNDåHSRMDYOMLYDQMHWRMHVWSRVWHSHQRVWYDUDQMHELüD þLMDüHSOHPHQLWDRVWYDUHQMDLXåDVQHJUR]RWHELWLSUHGPHWRPQDãHJD JODYQRJD]DGDWND7UDJãWRJDMHWRVWYRUHQMHPRJORRVWDYLWLQDGMHYLþDQVNRP SODQHWXWDNRERJDWLPREOLFLPDåLYRWDELRMHMHGYD]QDWQLMLQRãWRJDRVWDYOMD ]HFNDGSURWUþLOLYDGRP
ýRYMHNSRGQRVLEH]ãWHWHVDPRRGUHÿHQXPMHUXNXOWXUH -HGLQLVPLVDR]DNXOWXUXMHVWLVSXQMHQMHþRYMHNDNDRYUORSRVHEQHLQDGDUHQH MHGLQVWYHQHåLYRWLQMH GUXãWYHQRJRVDPOMHQLND
2.8/785, o6YDNLQHNXOWXUDQþRYMHNMHNDULNDWXUDVDPRJDVHEH pýRYMHNNRMLELPRJDRåLYMHWLVDPEH]WXÿHOMXGVNHNXOWXUHWDNRVHPXþQR PRåH]DPLVOLWLNDRLþRYMHNNRMLELVDPVHEHVWYRULRNRMLELELRVDPVHEL RFHPLPDWHURP
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PRGDWUHQGVWLOXQLIRUPLUDQMH
22%5$=29$1-8
202',
REUD]RYDQMHRGJRMSRGXþDYDQMHQDVWDYDþLWDQMH
6OLNDMHQLMHPDSMHVPD
p%LWLXþLWHOMWRQH]QDþLVMHüLNDRQDSDQMXWYUGQMDPDQLGDYDWLOHNFLMHGDVH QDXþHLWG
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p%LWLXþLWHOMWRQH]QDþLVMHüLNDRQDSDQMXWYUGQMDPDQLGDYDWLOHNFLMHGDVH QDXþHLWG
6OLNDMHQLMHPDSMHVPD
REUD]RYDQMHRGJRMSRGXþDYDQMHQDVWDYDþLWDQMH
202',
22%5$=29$1-8
PRGDWUHQGVWLOXQLIRUPLUDQMH
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p0RGDMHXQLIRUPDFLYLOD 0RGDMHUHJHQHUDFLMDSRPRüXSURPMHQH 2GPRGHVHQHPRåHSREMHüL-HUþDNLNDGDMHPRGDL]YDQPRGHRQGDMHWR RSHWPRGD âWRVLYLãHQDUD]LQLRYRJRGLãQMHPRGHWRVLYLãHX]DRVWDWNXQDPRGX VOMHGHüHJRGLQH 0RGDYLãHVDNULYDJUGREXQHJRRWNULYDOMHSRWX o2QRãWRMHXWUHQGXQHSURQDOD]LVYRMHSULVWDãHWROLNR]ERJþLQMHQLFHãWRMH WRPRGHUQRNROLNR]ERJWRJDãWRGRQRVLRGUHÿHQHSUHGQRVWL p6WLOMHRGMHüDPLVOL 6WLO]QDþLXSUYRPUHGXQLãWDVXYLãQRLVYHELWQR 3UDYHULMHþLQDSUDYLPPMHVWLPDWRþLQLSUDYXGHILQLFLMXVWLOD 6WLOMHIL]LRQRPLMDGXKD 6WLO]DPHQHSUHGVWDYOMDVSRVREQRVWL]UDåDYDQMDNRPSOLFLUDQLKVWYDUL MHGQRVWDYQLPULMHþLPDQHREUQXWR o6YDNRXQLIRUPLUDQMHRVDNDüXMHWNLYROMXGVNLKPRJXüQRVWLLWLPHXQLãWDYD VUåMHGQDNRVWL
PRGDWUHQGVWLOXQLIRUPLUDQMH
22%5$=29$1-8
202',
REUD]RYDQMHRGJRMSRGXþDYDQMHQDVWDYDþLWDQMH
6OLNDMHQLMHPDSMHVPD
p%LWLXþLWHOMWRQH]QDþLVMHüLNDRQDSDQMXWYUGQMDPDQLGDYDWLOHNFLMHGDVH QDXþHLWG
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2,=80,0$,679$5,0$
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1DMYHüDVUHüDþRYMHNDMHRVOREDÿDQMHRGVWUDKD1HSRVWRMHJUDQLFHQLWL]D PLVOLQLWL]DRVMHüDMH6WUDKRGUHÿXMHJUDQLFH 1HSODãLVHLQHEMHåLL]YLDDFWLYDXYLDFRQWHPSODWLYDQLREUDWQRNUHüLVH L]PHÿXMHGQRJLGUXJRJQDL]PMHQFHSUHELYDMXüLLVXGMHOXMXüLXMHGQRPHL GUXJRPH 1LQHXJRGQRVWLWHQH]DVWUDãXMX 1LþHJDVHQHPRUDPRERMDWLRVLPVWUDKD 2QDMNRMLWHVHERMLNDGVLQD]RþDQPU]LWHNDGVLRGVXWDQ 3REMHGDQDGVWUDKRPMHSRþHWDNPXGURVWL 3UYDGXåQRVWþRYMHNDMHVWGDSRNRULVWUDK 3XQLVPRVWUDKDDOLRGSRJUHãQLKSUREOHPD6QDåQHSREMHÿXMHVWLKDVODEH VWUDK 6WUDKþRYMHNXSRVWDYOMD]DPNX 6WUDKLQLMHGUXJRQHJRL]GDMDSRPDJDODãWRLKUD]XPGDMH 6WUDKMHJODYQLL]YRUSUD]QRYMHUMDLMHGDQRGJODYQLKL]YRUDRNUXWQRVWL 6WUDKMHPRüQDVWYDU 6WUDKMHSUDWLODFVODELK 6WUDKMHSURNOHWVWYRþRYMHND 6WUDKMHUHDODQMHUVXVWDYUHGRYQRNDåQMDYDRQHNRMLQDSXãWDMXQMHJRYH RVQRYQHSUHPLVH1HSULKYDüDQMHX]VXVWDYQDMþHãüHQRVLR]ELOMQHSRVOMHGLFH 6WUDKMHRVWDWDNLVNRQVNHSULURGHþRYMHNDQDMMDþLQDJRQ 6WUDKMHVWDQMHNRMHGRNLGDþRYMHND 6WUDKSUHGåLYRWRPDãWRDNRMHVYHWRXQDPDLQDGQDPDNRQDþQRLSUD]QR WRMHSLWDQMHQDNUDMXLSDNSLWDQMHSDPHWL 6WUDKVYODGDYDYLãHOMXGLQHJRELORãWRGUXJRQDVYLMHWX 6WUDKRþDMLQHPRüVSUHþDYDMXOMXGHGDELORãWRXþLQH 6XEOLPLUDMLVXSVWLWXLUDM2VORERGLVHWMHVNREHUHJUHVLMRPLOLDJUHVLMRP UDFLRQDOL]DFLMRPILNVDFLMRPLOLNRPSHQ]DFLMRP 6YLMHWQDVSULVLOMDYDQDVWUDK6WUDKQLMHVODERVWSURVXÿLYDQMDYHüSULNODGQD VSR]QDMD7DPRJGMHåLYRWQHSR]QDMHGUXJLVDGUåDMRVLPRWXÿHQRJUDGD VWMHFDQMDLSRWURãQMHGDNOHWDPRJGMHVHVWDOQRSURPDãXMHQXåQRVH SRYHüDYDMXLNROHNWLYQLVWUDKRYLRGSURPDãLYDQMDþLMLMHHNVWUHPDQREOLN VPUWQLVWUDK 7NRSUHGVWUDKRPSUR]RU]DWYDUDRWYDUDPXYUDWD 7NRVHQLþHJDQHERMLODNRPRåHSRVWDWL]ORþLQDFDOLWNRVHSUHYLãHERML SRVWDWüHVLJXUQRURE
1DMYHüDVUHüDþRYMHNDMHRVOREDÿDQMHRGVWUDKD1HSRVWRMHJUDQLFHQLWL]D PLVOLQLWL]DRVMHüDMH6WUDKRGUHÿXMHJUDQLFH 1HSODãLVHLQHEMHåLL]YLDDFWLYDXYLDFRQWHPSODWLYDQLREUDWQRNUHüLVH L]PHÿXMHGQRJLGUXJRJQDL]PMHQFHSUHELYDMXüLLVXGMHOXMXüLXMHGQRPHL GUXJRPH 1LQHXJRGQRVWLWHQH]DVWUDãXMX 1LþHJDVHQHPRUDPRERMDWLRVLPVWUDKD 2QDMNRMLWHVHERMLNDGVLQD]RþDQPU]LWHNDGVLRGVXWDQ 3REMHGDQDGVWUDKRPMHSRþHWDNPXGURVWL 3UYDGXåQRVWþRYMHNDMHVWGDSRNRULVWUDK 3XQLVPRVWUDKDDOLRGSRJUHãQLKSUREOHPD6QDåQHSREMHÿXMHVWLKDVODEH VWUDK 6WUDKþRYMHNXSRVWDYOMD]DPNX 6WUDKLQLMHGUXJRQHJRL]GDMDSRPDJDODãWRLKUD]XPGDMH 6WUDKMHJODYQLL]YRUSUD]QRYMHUMDLMHGDQRGJODYQLKL]YRUDRNUXWQRVWL 6WUDKMHPRüQDVWYDU 6WUDKMHSUDWLODFVODELK 6WUDKMHSURNOHWVWYRþRYMHND 6WUDKMHUHDODQMHUVXVWDYUHGRYQRNDåQMDYDRQHNRMLQDSXãWDMXQMHJRYH RVQRYQHSUHPLVH1HSULKYDüDQMHX]VXVWDYQDMþHãüHQRVLR]ELOMQHSRVOMHGLFH 6WUDKMHRVWDWDNLVNRQVNHSULURGHþRYMHNDQDMMDþLQDJRQ 6WUDKMHVWDQMHNRMHGRNLGDþRYMHND 6WUDKSUHGåLYRWRPDãWRDNRMHVYHWRXQDPDLQDGQDPDNRQDþQRLSUD]QR WRMHSLWDQMHQDNUDMXLSDNSLWDQMHSDPHWL 6WUDKVYODGDYDYLãHOMXGLQHJRELORãWRGUXJRQDVYLMHWX 6WUDKRþDMLQHPRüVSUHþDYDMXOMXGHGDELORãWRXþLQH 6XEOLPLUDMLVXSVWLWXLUDM2VORERGLVHWMHVNREHUHJUHVLMRPLOLDJUHVLMRP UDFLRQDOL]DFLMRPILNVDFLMRPLOLNRPSHQ]DFLMRP 6YLMHWQDVSULVLOMDYDQDVWUDK6WUDKQLMHVODERVWSURVXÿLYDQMDYHüSULNODGQD VSR]QDMD7DPRJGMHåLYRWQHSR]QDMHGUXJLVDGUåDMRVLPRWXÿHQRJUDGD VWMHFDQMDLSRWURãQMHGDNOHWDPRJGMHVHVWDOQRSURPDãXMHQXåQRVH SRYHüDYDMXLNROHNWLYQLVWUDKRYLRGSURPDãLYDQMDþLMLMHHNVWUHPDQREOLN VPUWQLVWUDK 7NRSUHGVWUDKRPSUR]RU]DWYDUDRWYDUDPXYUDWD 7NRVHQLþHJDQHERMLODNRPRåHSRVWDWL]ORþLQDFDOLWNRVHSUHYLãHERML SRVWDWüHVLJXUQRURE
LVWLQDGYROLþQRVWODå
, 6.5(1267,1(,6.5(1267 p,VNUHQRVWMHPRUDOQDDQHHVWHWVNDNYDOLWHWD ,VNUHQRVWMHYMHURMDWQRQDMVPLRQLMLREOLNKUDEURVWL ,VNUHQRVWQDPQLMHXYLMHNXJRGQD ,VNUHQRVWRELþQRGRYRGLGRSURSDVWL /MXGLSUDãWDMXVYHRVLPLVNUHQRVWL /MXGVNDLVNUHQRVWQLMHXYLMHNQDMNUDüLSXWGRFLOMD 3RSXVWLSDüHãSRELMHGLWL6DYLMVHDOLEXGLLVNUHQ7NRMHLVNUHQSUHNRPMHUH GMHOXMHRNUXWQR p-HGLQRLVWLQLWRNRGQHNLKOMXGLMHQMLKRYDQHLVNUHQRVW 1DQHLVNUHQRVWQHRGJRYRULWLOXNDYRãüXQLMHþDVQRYHüODNRXPQR
p$NRQHLVWLQDLPDGREUXVYUKXþHVWRMHYUHGQLMDRGVDPHLVWLQH $NRQLMHLVWLQDDOLMHGREURL]PLãOMHQR $NRVWHVODJDOLULMHþMXLSLVPRPWRMHRWURYL]DGUXJHL]DYDV %HVNRPSURPLVQDYMHUDXLVWLQXSUHGVWDYOMDVSRVREQRVWGDVHVORPHRNRYL LOX]LMD %H]LVWLQHMHQHPRJXüHXåLYRWXVOLMHGLWLELORNRMHSULQFLSHLOLSUDYLOD %LORJGMHGDVHREMDYLVSR]QDMDLVWLQHYULMHGQDMH %XMLFDLVWLQHWHþHNUR]NDQDOH]DEOXGD &LMHQLLVWLQXLEXGLLVNUHQDOLVMHWLVHOMXGLVX]DLVWLQRPUDVSLVDOL SRWMHUQLFX ýLQLVHGDVHQDMHGQRVWDYQLMLPLQDMSRWUHEQLMLPLVWLQDPDQDMNDVQLMHYMHUXMH ýRYMHNNRMLWUDåLLVWLQXPRUDELWLQHRYLVDQ 'DELVHL]EMHJOH]DEOXGHPRUDVHQMLKRYL]YRUSULYLGRWNULWLLQDVWRMDWL REMDVQLWL
DãWROMXGLWDNRSDVMLVWUDKXMXMHGQLSUHGGUXJLPD" = p6ODELüLDNRVXSRVWDYOMHQLYLVRNRODNRSRVWDMX]ORWYRUL DMYHüDVQDJDVODELMDMHRGHQHUJLMHNRMRPSRQHNLEUDQLVYRMXVODERVW 1
,67,1$,/$ä ,67,1$,/$ä
=DãWROMXGLWDNRSDVMLVWUDKXMXMHGQLSUHGGUXJLPD" p6ODELüLDNRVXSRVWDYOMHQLYLVRNRODNRSRVWDMX]ORWYRUL 1DMYHüDVQDJDVODELMDMHRGHQHUJLMHNRMRPSRQHNLEUDQLVYRMXVODERVW
p$NRQHLVWLQDLPDGREUXVYUKXþHVWRMHYUHGQLMDRGVDPHLVWLQH $NRQLMHLVWLQDDOLMHGREURL]PLãOMHQR $NRVWHVODJDOLULMHþMXLSLVPRPWRMHRWURYL]DGUXJHL]DYDV %HVNRPSURPLVQDYMHUDXLVWLQXSUHGVWDYOMDVSRVREQRVWGDVHVORPHRNRYL LOX]LMD %H]LVWLQHMHQHPRJXüHXåLYRWXVOLMHGLWLELORNRMHSULQFLSHLOLSUDYLOD %LORJGMHGDVHREMDYLVSR]QDMDLVWLQHYULMHGQDMH %XMLFDLVWLQHWHþHNUR]NDQDOH]DEOXGD &LMHQLLVWLQXLEXGLLVNUHQDOLVMHWLVHOMXGLVX]DLVWLQRPUDVSLVDOL SRWMHUQLFX ýLQLVHGDVHQDMHGQRVWDYQLMLPLQDMSRWUHEQLMLPLVWLQDPDQDMNDVQLMHYMHUXMH ýRYMHNNRMLWUDåLLVWLQXPRUDELWLQHRYLVDQ 'DELVHL]EMHJOH]DEOXGHPRUDVHQMLKRYL]YRUSULYLGRWNULWLLQDVWRMDWL REMDVQLWL
,6.5(1267,1(,6.5(1267 p,VNUHQRVWMHPRUDOQDDQHHVWHWVNDNYDOLWHWD ,VNUHQRVWMHYMHURMDWQRQDMVPLRQLMLREOLNKUDEURVWL ,VNUHQRVWQDPQLMHXYLMHNXJRGQD ,VNUHQRVWRELþQRGRYRGLGRSURSDVWL /MXGLSUDãWDMXVYHRVLPLVNUHQRVWL /MXGVNDLVNUHQRVWQLMHXYLMHNQDMNUDüLSXWGRFLOMD 3RSXVWLSDüHãSRELMHGLWL6DYLMVHDOLEXGLLVNUHQ7NRMHLVNUHQSUHNRPMHUH GMHOXMHRNUXWQR p-HGLQRLVWLQLWRNRGQHNLKOMXGLMHQMLKRYDQHLVNUHQRVW 1DQHLVNUHQRVWQHRGJRYRULWLOXNDYRãüXQLMHþDVQRYHüODNRXPQR
LVWLQDGYROLþQRVWODå
LVWLQDGYROLþQRVWODå
, 6.5(1267,1(,6.5(1267 p,VNUHQRVWMHPRUDOQDDQHHVWHWVNDNYDOLWHWD ,VNUHQRVWMHYMHURMDWQRQDMVPLRQLMLREOLNKUDEURVWL ,VNUHQRVWQDPQLMHXYLMHNXJRGQD ,VNUHQRVWRELþQRGRYRGLGRSURSDVWL /MXGLSUDãWDMXVYHRVLPLVNUHQRVWL /MXGVNDLVNUHQRVWQLMHXYLMHNQDMNUDüLSXWGRFLOMD 3RSXVWLSDüHãSRELMHGLWL6DYLMVHDOLEXGLLVNUHQ7NRMHLVNUHQSUHNRPMHUH GMHOXMHRNUXWQR p-HGLQRLVWLQLWRNRGQHNLKOMXGLMHQMLKRYDQHLVNUHQRVW 1DQHLVNUHQRVWQHRGJRYRULWLOXNDYRãüXQLMHþDVQRYHüODNRXPQR
p$NRQHLVWLQDLPDGREUXVYUKXþHVWRMHYUHGQLMDRGVDPHLVWLQH $NRQLMHLVWLQDDOLMHGREURL]PLãOMHQR $NRVWHVODJDOLULMHþMXLSLVPRPWRMHRWURYL]DGUXJHL]DYDV %HVNRPSURPLVQDYMHUDXLVWLQXSUHGVWDYOMDVSRVREQRVWGDVHVORPHRNRYL LOX]LMD %H]LVWLQHMHQHPRJXüHXåLYRWXVOLMHGLWLELORNRMHSULQFLSHLOLSUDYLOD %LORJGMHGDVHREMDYLVSR]QDMDLVWLQHYULMHGQDMH %XMLFDLVWLQHWHþHNUR]NDQDOH]DEOXGD &LMHQLLVWLQXLEXGLLVNUHQDOLVMHWLVHOMXGLVX]DLVWLQRPUDVSLVDOL SRWMHUQLFX ýLQLVHGDVHQDMHGQRVWDYQLMLPLQDMSRWUHEQLMLPLVWLQDPDQDMNDVQLMHYMHUXMH ýRYMHNNRMLWUDåLLVWLQXPRUDELWLQHRYLVDQ 'DELVHL]EMHJOH]DEOXGHPRUDVHQMLKRYL]YRUSULYLGRWNULWLLQDVWRMDWL REMDVQLWL
=DãWROMXGLWDNRSDVMLVWUDKXMXMHGQLSUHGGUXJLPD" 6ODELüLDNRVXSRVWDYOMHQLYLVRNRODNRSRVWDMX]ORWYRUL p 1DMYHüDVQDJDVODELMDMHRGHQHUJLMHNRMRPSRQHNLEUDQLVYRMXVODERVW
,67,1$,/$ä ,67,1$,/$ä
=DãWROMXGLWDNRSDVMLVWUDKXMXMHGQLSUHGGUXJLPD" p6ODELüLDNRVXSRVWDYOMHQLYLVRNRODNRSRVWDMX]ORWYRUL 1DMYHüDVQDJDVODELMDMHRGHQHUJLMHNRMRPSRQHNLEUDQLVYRMXVODERVW
p$NRQHLVWLQDLPDGREUXVYUKXþHVWRMHYUHGQLMDRGVDPHLVWLQH $NRQLMHLVWLQDDOLMHGREURL]PLãOMHQR $NRVWHVODJDOLULMHþMXLSLVPRPWRMHRWURYL]DGUXJHL]DYDV %HVNRPSURPLVQDYMHUDXLVWLQXSUHGVWDYOMDVSRVREQRVWGDVHVORPHRNRYL LOX]LMD %H]LVWLQHMHQHPRJXüHXåLYRWXVOLMHGLWLELORNRMHSULQFLSHLOLSUDYLOD %LORJGMHGDVHREMDYLVSR]QDMDLVWLQHYULMHGQDMH %XMLFDLVWLQHWHþHNUR]NDQDOH]DEOXGD &LMHQLLVWLQXLEXGLLVNUHQDOLVMHWLVHOMXGLVX]DLVWLQRPUDVSLVDOL SRWMHUQLFX ýLQLVHGDVHQDMHGQRVWDYQLMLPLQDMSRWUHEQLMLPLVWLQDPDQDMNDVQLMHYMHUXMH ýRYMHNNRMLWUDåLLVWLQXPRUDELWLQHRYLVDQ 'DELVHL]EMHJOH]DEOXGHPRUDVHQMLKRYL]YRUSULYLGRWNULWLLQDVWRMDWL REMDVQLWL
,6.5(1267,1(,6.5(1267 p,VNUHQRVWMHPRUDOQDDQHHVWHWVNDNYDOLWHWD ,VNUHQRVWMHYMHURMDWQRQDMVPLRQLMLREOLNKUDEURVWL ,VNUHQRVWQDPQLMHXYLMHNXJRGQD ,VNUHQRVWRELþQRGRYRGLGRSURSDVWL /MXGLSUDãWDMXVYHRVLPLVNUHQRVWL /MXGVNDLVNUHQRVWQLMHXYLMHNQDMNUDüLSXWGRFLOMD 3RSXVWLSDüHãSRELMHGLWL6DYLMVHDOLEXGLLVNUHQ7NRMHLVNUHQSUHNRPMHUH GMHOXMHRNUXWQR p-HGLQRLVWLQLWRNRGQHNLKOMXGLMHQMLKRYDQHLVNUHQRVW 1DQHLVNUHQRVWQHRGJRYRULWLOXNDYRãüXQLMHþDVQRYHüODNRXPQR
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p/MXGHKYDOLPRMHULKVPDWUDPRWDãWLPDDPROLPRNDGLKVPDWUDPRVODELPD 1DMYLãLREOLNWDãWLQHMHåXGQMD]DVODYRP 6YDWNRSRVMHGXMHXSUDYRWROLNRWDãWLQHNROLNRPXQHGRVWDMHUD]XPD 7DãWLQDJRYRULþRYMHNXRSRþDVWLPDVDYMHVWRSUDYGL 7DãWLQDQDGWDãWLQDPDLVYHMHWDãWLQD 7ROLNRVPRWDãWLGDQDPMHELWQRþDNLPLãOMHQMHOMXGLGRNRMLKQDPQLMHVWDOR 8OMXGLPDVHQDOD]LL]GDMQLNNRMLVH]RYHWDãWLQDDNRMLRGDMHWDMQRPDNRPX VHXODJXMH 9HüLQDOMXGLPU]LWDãWLQXGUXJLKEH]RE]LUDNROLNRVXVDPLWDãWL p%XGL]DGRYROMDQL]DYLVWüHSXNQXWL=DGRYROMQRPL]GUDYRPVYDNLGDQ SUD]QLN=DYLVWMHEROEXGDOD %ROMHGDWL]DYLGHQHJRGDWHVDåDOLMHYDMX.ORQLVH]DYLVWLVHEHPXþLWNR VUHWQLPD]DYLGL=DYLVWþLQLþRYMHNDPHQWDOQLPERJDOMHPLQDJUL]DOMXGVNR VUFH .DGQDVRQLNRMLLGX]DQDPDQHPRJXVWLüL]DNOLQMXVHGDVPR]DOXWDWL /MXGLXYLMHNQDMYLãHPU]HRQRþHPXQDMYLãH]DYLGH 1DãD]DYLVWWUDMHXYLMHNGXåHRGVUHüHRQLKNRMLPDVPR]DYLGQL=DYLVWMH QHSRPLUOMLYDRGPUåQMH 1HPDQLãWDSUDYHGQLMHRG]DYLVWL RGVDPRJ]DþHWQLNDL]MHGDLPXþLPXGXãX 3UHGYHOLNLPD]DYLVWþHVWRJPLåH 6HEHPXþLWNRVUHWQLPD]DYLGL 6YDNLQDãXVSMHKVWYDUDQDPMHGQRJQHSULMDWHOMD.DNRELELRRPLOMHQþRYMHN PRUDELWLEH]QDþDMDQ 7DNDYMHþRYMHN VDPRRQLPDQDMYLãH]DYLÿDNRMLPDQDMYLãHGXJXMH =DYLGQLNVHVXãLDNREOLåQMHPXGREURLGH RQL]JDUDL]QXWUDLL]YDQD =DYLVWþLQLþRYMHNDPHQWDOQLPERJDOMHP =DYLVWLVUGåEDVNUDüXMXGDQH =DYLVWMHQHPLORVUGQLMDRGPUåQMHâWRMHLVWLQDYHüDWRMHYHüDNOHYHWDNRMD VHSURWLYQMHJRYRUL =DYLVWMHSOLMHVDQGXãH =DYLVWMHSUDWLOLFDVODYHLX]QHPLUXMHERJDWVWYR =DYLVWMHYUVWDSRKYDOH =DYLVWPLRGX]LPDEOLåQMHJDDVUGåEDPHQHVDPRJD =DYLVWQLMHQLãWDGUXJRQHJRPUåQMDQDWXÿXVXSHULRUQRVW
p/MXGHKYDOLPRMHULKVPDWUDPRWDãWLPDDPROLPRNDGLKVPDWUDPRVODELPD 1DMYLãLREOLNWDãWLQHMHåXGQMD]DVODYRP 6YDWNRSRVMHGXMHXSUDYRWROLNRWDãWLQHNROLNRPXQHGRVWDMHUD]XPD 7DãWLQDJRYRULþRYMHNXRSRþDVWLPDVDYMHVWRSUDYGL 7DãWLQDQDGWDãWLQDPDLVYHMHWDãWLQD 7ROLNRVPRWDãWLGDQDPMHELWQRþDNLPLãOMHQMHOMXGLGRNRMLKQDPQLMHVWDOR 8OMXGLPDVHQDOD]LL]GDMQLNNRMLVH]RYHWDãWLQDDNRMLRGDMHWDMQRPDNRPX VHXODJXMH 9HüLQDOMXGLPU]LWDãWLQXGUXJLKEH]RE]LUDNROLNRVXVDPLWDãWL p%XGL]DGRYROMDQL]DYLVWüHSXNQXWL=DGRYROMQRPL]GUDYRPVYDNLGDQ SUD]QLN=DYLVWMHEROEXGDOD %ROMHGDWL]DYLGHQHJRGDWHVDåDOLMHYDMX.ORQLVH]DYLVWLVHEHPXþLWNR VUHWQLPD]DYLGL=DYLVWþLQLþRYMHNDPHQWDOQLPERJDOMHPLQDJUL]DOMXGVNR VUFH .DGQDVRQLNRMLLGX]DQDPDQHPRJXVWLüL]DNOLQMXVHGDVPR]DOXWDWL /MXGLXYLMHNQDMYLãHPU]HRQRþHPXQDMYLãH]DYLGH 1DãD]DYLVWWUDMHXYLMHNGXåHRGVUHüHRQLKNRMLPDVPR]DYLGQL=DYLVWMH QHSRPLUOMLYDRGPUåQMH 1HPDQLãWDSUDYHGQLMHRG]DYLVWL RGVDPRJ]DþHWQLNDL]MHGDLPXþLPXGXãX 3UHGYHOLNLPD]DYLVWþHVWRJPLåH 6HEHPXþLWNRVUHWQLPD]DYLGL 6YDNLQDãXVSMHKVWYDUDQDPMHGQRJQHSULMDWHOMD.DNRELELRRPLOMHQþRYMHN PRUDELWLEH]QDþDMDQ 7DNDYMHþRYMHN VDPRRQLPDQDMYLãH]DYLÿDNRMLPDQDMYLãHGXJXMH =DYLGQLNVHVXãLDNREOLåQMHPXGREURLGH RQL]JDUDL]QXWUDLL]YDQD =DYLVWþLQLþRYMHNDPHQWDOQLPERJDOMHP =DYLVWLVUGåEDVNUDüXMXGDQH =DYLVWMHQHPLORVUGQLMDRGPUåQMHâWRMHLVWLQDYHüDWRMHYHüDNOHYHWDNRMD VHSURWLYQMHJRYRUL =DYLVWMHSOLMHVDQGXãH =DYLVWMHSUDWLOLFDVODYHLX]QHPLUXMHERJDWVWYR =DYLVWMHYUVWDSRKYDOH =DYLVWPLRGX]LPDEOLåQMHJDDVUGåEDPHQHVDPRJD =DYLVWQLMHQLãWDGUXJRQHJRPUåQMDQDWXÿXVXSHULRUQRVW
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7NREL]QDR]DELMHGQLNDGDEROQHPDULMHþL" 7NRQH]QDSRGQLMHWLPDOLEROPRUDUDþXQDWLVWLPGDüHSUHWUSMHWLSXQREROL 8RJRUþHQRVWLVNULYHQDWLQMDERO]ERJQDãHJQHXVSMHKD 7NRVHYROLåDOLWLXYLMHNüHQDüLQHãWR]DåDOMHQMH 7XJDþHVWRSXWD]QDELWLODåQDGRNUDGRVWULMHWNRNDG 7XJDMHJULMHK 8PRUXWXJHQHYLGHVHQLNDGREDOH 8YHOLNRMVXGXãLYHOLNHQLMHPHEROL6YHEROLVNUXKRPVXPDQMH =DRQLPãWRQDPX]PXQHWUHEDSODNDWLWRMHL]JXEOMHQR]DXYLMHN6DPRRQR ãWRGDPRSRQHNDGüHPRGRELWLQDWUDJ äDORVWMHSULMHOD]þRYMHNDL]YHüHJXPDQMHVDYUãHQVWYR p8åLWDNNXSXMVWUSOMLYRãüX ,DNRMHVYDNLXåLWDNSRVHELGREDUQHWUHEDVYHXåLWNHKWMHWL ,VWLQVNLXåLWDNVDVWRMLVHXYHGULQLGXKDLRGVXWQRVWLVWUDKDLPRåHãJDSRVWLüL UD]ERULWRãüXLGDOHNRYLGQRãüX 3UREDXåLWNDMHQMHJRYRVMHüDQMH3URELUDQMHPRåHGMHORYDWLVDPRDNR ]DSRþLQMHRGR]GR 8åLWDNQHPRåHELWLFLOMåLYRWD8åLWDNEH]QHþHJYLãHJMHSULSURVWDVWYDU7NR QHXåLYDSRVWDMHQHSRGQRãOMLY 8åLWDNNRMLVHVXYLãHþHVWRSRQDYOMDVWYDUDRWXSMHORVW 8åLYDMXþDULEH]GDMH]DKWLMHYDãRQGDüHãQMRPHYODGDWL 8åLYDQMHSRYHüDYDXåLYDQMH =DVYDNLXåLWDNSRWUHEQDVXGYDVUFDNRMDVHYROH p9HGULQDMHXYLMHNQD]QDNDVORERGH p9HVHORVWMHSRGQHEOMHSRGNRMLPXVSLMHYDVYHGROLRWURYD p-DNRELVHPDOR]ODGRJDÿDORQDVYLMHWXNDGDVH]ORQHELPRJORþLQLWLXLPH GREURJD .DNRELL]EMHJOLYHüD]ODPRUDPRVHVXRþLWLVPDQMLPD 0DQMD]ODRELþQRGXOMHWUDMX 1DMEROMLQDþLQGDVHþLQLGREURMHVWþYUVWDRGOXNDGDVHVX]ELMD]OR 1DMJRUH]ORRGNRMHJVYLMHWSDWLQLMHMDþLQD]OLKYHüVODERVWGREULK 1HVPLMHVHþLQL]ORGDQDVWDQHGREUR 1H]QDMXüLJGMH]OROHåLQHPRåHPRJDQLWLLVWMHUDWL HPDYHüHJ]ODRG]OHSDPHWL 1
NREL]QDR]DELMHGQLNDGDEROQHPDULMHþL" 7 7NRQH]QDSRGQLMHWLPDOLEROPRUDUDþXQDWLVWLPGDüHSUHWUSMHWLSXQREROL 8RJRUþHQRVWLVNULYHQDWLQMDERO]ERJQDãHJQHXVSMHKD 7NRVHYROLåDOLWLXYLMHNüHQDüLQHãWR]DåDOMHQMH 7XJDþHVWRSXWD]QDELWLODåQDGRNUDGRVWULMHWNRNDG 7XJDMHJULMHK 8PRUXWXJHQHYLGHVHQLNDGREDOH 8YHOLNRMVXGXãLYHOLNHQLMHPHEROL6YHEROLVNUXKRPVXPDQMH =DRQLPãWRQDPX]PXQHWUHEDSODNDWLWRMHL]JXEOMHQR]DXYLMHN6DPRRQR ãWRGDPRSRQHNDGüHPRGRELWLQDWUDJ äDORVWMHSULMHOD]þRYMHNDL]YHüHJXPDQMHVDYUãHQVWYR p8åLWDNNXSXMVWUSOMLYRãüX ,DNRMHVYDNLXåLWDNSRVHELGREDUQHWUHEDVYHXåLWNHKWMHWL ,VWLQVNLXåLWDNVDVWRMLVHXYHGULQLGXKDLRGVXWQRVWLVWUDKDLPRåHãJDSRVWLüL UD]ERULWRãüXLGDOHNRYLGQRãüX 3UREDXåLWNDMHQMHJRYRVMHüDQMH3URELUDQMHPRåHGMHORYDWLVDPRDNR ]DSRþLQMHRGR]GR 8åLWDNQHPRåHELWLFLOMåLYRWD8åLWDNEH]QHþHJYLãHJMHSULSURVWDVWYDU7NR QHXåLYDSRVWDMHQHSRGQRãOMLY 8åLWDNNRMLVHVXYLãHþHVWRSRQDYOMDVWYDUDRWXSMHORVW 8åLYDMXþDULEH]GDMH]DKWLMHYDãRQGDüHãQMRPHYODGDWL 8åLYDQMHSRYHüDYDXåLYDQMH =DVYDNLXåLWDNSRWUHEQDVXGYDVUFDNRMDVHYROH p9HGULQDMHXYLMHNQD]QDNDVORERGH p9HVHORVWMHSRGQHEOMHSRGNRMLPXVSLMHYDVYHGROLRWURYD p-DNRELVHPDOR]ODGRJDÿDORQDVYLMHWXNDGDVH]ORQHELPRJORþLQLWLXLPH GREURJD .DNRELL]EMHJOLYHüD]ODPRUDPRVHVXRþLWLVPDQMLPD 0DQMD]ODRELþQRGXOMHWUDMX 1DMEROMLQDþLQGDVHþLQLGREURMHVWþYUVWDRGOXNDGDVHVX]ELMD]OR 1DMJRUH]ORRGNRMHJVYLMHWSDWLQLMHMDþLQD]OLKYHüVODERVWGREULK 1HVPLMHVHþLQL]ORGDQDVWDQHGREUR 1H]QDMXüLJGMH]OROHåLQHPRåHPRJDQLWLLVWMHUDWL 1HPDYHüHJ]ODRG]OHSDPHWL
LNDGVH]ORQHOLMHþL]OLP 1 7NRQHþLQL]ORWLPHMRãQLMHXþLQLRGREUR7NRåHOL]ORUDGLWLXYLMHNQDÿH UD]ORJ 8]ORVHYMHUXMHWHNQDNQDGQR =ORGROD]LRGRQRJDWNRQH]QDDXþLWLVHQHGD =ORLPDNULODDGREURãHSD =ORMHQHGRVWDWDNGREURJD =ORQDMQHSULPMHWQLMHLQDMþHãüHSRWSRPDåXEODJLOMXGLWDNRãWRVHSUDYHGDJD QLWLYLGHQLWLþXMX =ORQDLOD]LXYDORYLPD ORMHNDRYDWUDDNRQHRSUåL±RFUQL = p=ORYROMDMHLVWRãWRLWURPRVWRQDLMHVWHMHGQDYUVWDOLMHQRVWLVDPDQDãD SULURGDWRPHQDJLQMH
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72/(5$1&,-$,1(612â/-,9267 NRQIOLNWQHVQRãOMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMDXYUHGDL YULMHÿDQMH]DSRYLMHGDQMH p$NRXSULURGQRPVWDQMXGYDþRYMHNDåHOHLVWXVWYDURQLVHXVYRMHPQDJRQX ]DVDPRRGUåDQMHPQXåQRVXNREOMDYDMX,]VWUDKDVYDWNRRQGDQDVWRML SUHGXKLWULWLGUXJHLLPDSULURGQRSUDYRQDWR p2QLOMXGLNRMLPDVHQLNDGDQHSURWXUMHþLVXLOLRQLNRMHVHQDMYLãHYROLLOLRQL NRMHVHQDMPDQMHFLMHQL 3RQHNDGMH]DEDYQRQHNRJþRYMHNDL]QHQDGLWLWLPHGDPXVHQHVOLþLLGDVH LPDGUXJRPLãOMHQMH p/RãLOMXGLNDGVXVUHWQLSRVWDMXQHSRGQRãOMLYL
p$NRXSULURGQRPVWDQMXGYDþRYMHNDåHOHLVWXVWYDURQLVHXVYRMHPQDJRQX ]DVDPRRGUåDQMHPQXåQRVXNREOMDYDMX,]VWUDKDVYDWNRRQGDQDVWRML SUHGXKLWULWLGUXJHLLPDSULURGQRSUDYRQDWR p2QLOMXGLNRMLPDVHQLNDGDQHSURWXUMHþLVXLOLRQLNRMHVHQDMYLãHYROLLOLRQL NRMHVHQDMPDQMHFLMHQL 3RQHNDGMH]DEDYQRQHNRJþRYMHNDL]QHQDGLWLWLPHGDPXVHQHVOLþLLGDVH LPDGUXJRPLãOMHQMH p/RãLOMXGLNDGVXVUHWQLSRVWDMXQHSRGQRãOMLYL NRQIOLNWQHVQRãOMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMDXYUHGDL YULMHÿDQMH]DSRYLMHGDQMH 72/(5$1&,-$,1(612â/-,9267 72ý1267,.$â1-(1-( o7RþQRVWMHXOMXGQRVWNUDOMHYD p1HGRSXVWLGDLWNRþHNDQDWHEH WRMH]QDNEH]RE]LUQRVWLSUHPD EOLåQMLPD %ROMHNDVQRQHJRQLNDGD1DMEROMHMHXSUDYRPWUHQXWNX NR]DNDVQLQMHJDND]QLåLYRW 7 =ORMHNDRYDWUDDNRQHRSUåL±RFUQL p=ORYROMDMHLVWRãWRLWURPRVWRQDLMHVWHMHGQDYUVWDOLMHQRVWLVDPDQDãD SULURGDWRPHQDJLQMH 1LNDGVH]ORQHOLMHþL]OLP 7NRQHþLQL]ORWLPHMRãQLMHXþLQLRGREUR7NRåHOL]ORUDGLWLXYLMHNQDÿH UD]ORJ 8]ORVHYMHUXMHWHNQDNQDGQR =ORGROD]LRGRQRJDWNRQH]QDDXþLWLVHQHGD =ORLPDNULODDGREURãHSD =ORMHQHGRVWDWDNGREURJD =ORQDMQHSULPMHWQLMHLQDMþHãüHSRWSRPDåXEODJLOMXGLWDNRãWRVHSUDYHGDJD QLWLYLGHQLWLþXMX =ORQDLOD]LXYDORYLPD
LNDGVH]ORQHOLMHþL]OLP 1 7NRQHþLQL]ORWLPHMRãQLMHXþLQLRGREUR7NRåHOL]ORUDGLWLXYLMHNQDÿH UD]ORJ 8]ORVHYMHUXMHWHNQDNQDGQR =ORGROD]LRGRQRJDWNRQH]QDDXþLWLVHQHGD =ORLPDNULODDGREURãHSD =ORMHQHGRVWDWDNGREURJD =ORQDMQHSULPMHWQLMHLQDMþHãüHSRWSRPDåXEODJLOMXGLWDNRãWRVHSUDYHGDJD QLWLYLGHQLWLþXMX =ORQDLOD]LXYDORYLPD ORMHNDRYDWUDDNRQHRSUåL±RFUQL = p=ORYROMDMHLVWRãWRLWURPRVWRQDLMHVWHMHGQDYUVWDOLMHQRVWLVDPDQDãD SULURGDWRPHQDJLQMH
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72/(5$1&,-$,1(612â/-,9267 NRQIOLNWQHVQRãOMLYRVWQHWROHUDQFLMDWYUGRJODYRVWWROHUDQFLMDXYUHGDL YULMHÿDQMH]DSRYLMHGDQMH p$NRXSULURGQRPVWDQMXGYDþRYMHNDåHOHLVWXVWYDURQLVHXVYRMHPQDJRQX ]DVDPRRGUåDQMHPQXåQRVXNREOMDYDMX,]VWUDKDVYDWNRRQGDQDVWRML SUHGXKLWULWLGUXJHLLPDSULURGQRSUDYRQDWR p2QLOMXGLNRMLPDVHQLNDGDQHSURWXUMHþLVXLOLRQLNRMHVHQDMYLãHYROLLOLRQL NRMHVHQDMPDQMHFLMHQL 3RQHNDGMH]DEDYQRQHNRJþRYMHNDL]QHQDGLWLWLPHGDPXVHQHVOLþLLGDVH LPDGUXJRPLãOMHQMH p/RãLOMXGLNDGVXVUHWQLSRVWDMXQHSRGQRãOMLYL
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p3RVORYLFDMHRSüHSR]QDWDPXGURVWNRMHVHQLWNRQHSULGUåDYD
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32*2925
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LVWRVWU
LVWRVWU
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VUKPLAST I.G.
VUKPLAST I.G.
Vl. Vladimir Kruh-Vuk IVANI∆-GRAD, Savska 103 Tel.: + Fax: 01/2888-258 Æiro r.: 32710-685-30164 JMBG 0410941340028
Prerada plastiËnih masa, izrada i tisak Pe. ambalaæe • vrhunska tehnologija • reciklaæa
• vrhunska tehnologija • reciklaæa
Prerada plastiËnih masa, izrada i tisak Pe. ambalaæe Vl. Vladimir Kruh-Vuk IVANI∆-GRAD, Savska 103 Tel.: + Fax: 01/2888-258 Æiro r.: 32710-685-30164 JMBG 0410941340028
VUKPLAST I.G.
VUKPLAST I.G.
VUKPLAST I.G. VUKPLAST I.G.
Vl. Vladimir Kruh-Vuk IVANI∆-GRAD, Savska 103 Tel.: + Fax: 01/2888-258 Æiro r.: 32710-685-30164 JMBG 0410941340028
Prerada plastiËnih masa, izrada i tisak Pe. ambalaæe • vrhunska tehnologija • reciklaæa
• vrhunska tehnologija • reciklaæa
Prerada plastiËnih masa, izrada i tisak Pe. ambalaæe Vl. Vladimir Kruh-Vuk IVANI∆-GRAD, Savska 103 Tel.: + Fax: 01/2888-258 Æiro r.: 32710-685-30164 JMBG 0410941340028
VUKPLAST I.G. VUKPLAST I.G.
VOLNH $XJXVW52',1 IRWRJUDILMDDXWRUDQDSROHÿLQLRPRWD 0LOLFD0$5$9,û WLVDN ,7*=DJUHE
WLVDN ,7*=DJUHE
IRWRJUDILMDDXWRUDQDSROHÿLQLRPRWD 0LOLFD0$5$9,û VOLNH $XJXVW52',1 VOLNH $XJXVW52',1 IRWRJUDILMDDXWRUDQDSROHÿLQLRPRWD 0LOLFD0$5$9,û WLVDN ,7*=DJUHE IRWRJUDILMDDXWRUDQDSROHÿLQLRPRWD 0LOLFD0$5$9,û VOLNH $XJXVW52',1
WLVDN ,7*=DJUHE
Karlo ©oπtariÊ
ISBN: 953-98297-1-2
MoÊ misli
Svi imamo isto nebo - moæda su ponekad obzorja razliËita. Ako je pisana rijeË most izmeu ljudi, ako je Ëovjek Ëovjeku most, a ne otok, ako je poezija bolest duπe, ako je ljubav bolest srca, ako je stvaralaπtvo bolest uma, tada su sakupljene misli i oko petsto savjeta, razvrstani u pojmove, apel svim ljudima dobre volje, tada je i biser bolest πkoljke. Moæda Êe ova knjiga pridonijeti prepoznavanju istinskih vrednote, a tada je samo korak da shvatimo kako smo nuæno upuÊeni jedni na druge, da se pribliæimo jedni drugima - izmeu nas postoji viπe sliËnosti nego suprotnosti...
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