it
â
*TUSV[JPOJQFSJMNPOUBHHJP
: ,PSRUWDQWLDYYHUWHQ]HGLVLFXUH]]D
-FHHFSFBUUFOUBNFOUFMFQSFTFOUJJTUSV[JPOJQFSMVTP4PMPDPT¬
QPTTJCJMFVUJMJ[[BSFMBQQBSFDDIJPJONPEPTJDVSPFDPSSFUUP
$VTUPEJSFDPOMBNBTTJNBDVSBMFQSFTFOUJJTUSV[JPOJQFSMVTPFJM
NPOUBHHJPJODBTPEJVOVUJMJ[[PGVUVSPPDFTTJPOFBUFS[J
-BTJDVSF[[BEJVUJMJ[[P¨HBSBOUJUBTPMPJODBTPEJJOTUBMMB[JPOF
TFDPOEPMFSFHPMFEJCVPOBUFDOJDBSJQPSUBUFOFMMFJTUSV[JPOJEJ
NPOUBHHJP-JOTUBMMBUPSF¨SFTQPOTBCJMFEFMDPSSFUUP
GVO[JPOBNFOUPOFMMVPHPEJJOTUBMMB[JPOF
0TTFSWBSFMFEJTQPTJ[JPOJJONBUFSJBEJTJDVSF[[BFMFBWWFSUFO[F
DPOUFOVUFOFMMF*TUSV[JPOJQFSJMNPOUBHHJPEFMMBDBQQBEJ
BTQJSB[JPOF
3HULFRORGLOHVLRQL
■ "MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ*OEPTTBSFHVBOUJQSPUFUUJWJ
1FSJDPMPEJMFTJPOJ
■ 4FMBQQBSFDDIJPOPOWJFOFGJTTBUPDPSSFUUBNFOUFQV²DBEFSF
5VUUJHMJFMFNFOUJEJGJTTBHHJPEFWPOPFTTFSFNPOUBUJJONPEP
TBMEPFTJDVSP
1FSJDPMPEJMFTJPOJ
■ -BQQBSFDDIJP¨QFTBOUF1FSTQPTUBSMPPDDPSSPOP QFSTPOF
6UJMJ[[BSFFTDMVTJWBNFOUFBVTJMJBEFHVBUJ
3HULFRORGLVFRVVDHOHWWULFD
"MDVOJDPNQPOFOUJBMMJOUFSOPEFMMBQQBSFDDIJPQPTTPOPFTTFSF
BGGJMBUJ1PUSFCCFWFOJSFEBOOFHHJBUPJMDBWPEJDPMMFHBNFOUP
%VSBOUFM࣐JOTUBMMB[JPOFGBSFBUUFO[JPOFBOPOQJFHBSFPTFSSBSFJM
DBWPEJDPMMFHBNFOUP
3HULFRORGLVFDULFDHOHWWULFD
4JEFWFQPUFSTFNQSFTFQBSBSFMBQQBSFDDIJPEBMMBSFUFFMFUUSJDB
-BQQBSFDDIJPQV²FTTFSFDPMMFHBUPTPMBNFOUFBVOBQSFTBDPO
NFTTBBUFSSBJOTUBMMBUBTFDPOEPMFJTUSV[JPOJ4FJOTFHVJUPBM
NPOUBHHJPMBTQJOBOPOSJTVMUBQJ¹BDDFTTJCJMFPJODBTPEJ
BMMBDDJBNFOUPGJTTPPDDPSSFQSFEJTQPSSFBMNPNFOUP
EFMMJOTUBMMB[JPOF VO EJTQPTJUJWP EJ TFQBSB[JPOF VOJWFSTBMF DPO VOB
EJTUBO[BEJDPOUBUUPEJBMNFOPNN-࣐BMMBDDJBNFOUPGJTTPEFWF
FTTFSFFTFHVJUPFTDMVTJWBNFOUFEBVOUFDOJDPTQFDJBMJ[[BUP/PJ
DPOTJHMJBNP EJ JOTUBMMBSF VO JOUFSSVUUPSF EJGGFSFO[JBMF EJGGFSFO[JBMF
OFMDJSDVJUPFMFUUSJDPEFMMBMJNFOUB[JPOFEFMMBQQBSFDDIJP
3HULFRORGLVRIIRFDPHQWR
*MNBUFSJBMFEJNCBMMBHHJP¨QFSJDPMPTPQFSJCBNCJOJ/POMBTDJBSF
NBJDIFJCBNCJOJHJPDIJOPDPOJMNBUFSJBMFEJJNCBMMBHHJP
6SRVWDPHQWRGHOSDQQHOORFRPDQGL
1FSMPTQPTUBNFOUPEFMQBOOFMMPDPNBOEJMBDBQQBEJBTQJSB[JPOF
EFWFFTTFSFTNPOUBUB
4NPOUBSFJMQBOOFMMPEJDPNBOEPGJHVSB
1SFEJTQPSSFJMDBWPQFSJMDPMMFHBNFOUPGJHVSB
$WWHQ]LRQH
/POJODBTUSBSFJMDBWP
"HHJVOHFSF F JOOFTUBSF JM QBOOFMMP EJ DPNBOEP F MB DPQFSUVSB BMMB
NBOJHMJBJOUFHSBUBGJHVSB
*OTFSJSF JM DBWP OFM QBOOFMMP EJ DPNBOEP JOOFTUBSF MB DPQFSUVSB F
BWWJUBSFMBNBOJHMJBJOUFHSBUBGJHVSB
es
Û
*OTUSVDDJPOFTEFNPOUBKF
: ,QGLFDFLRQHVGHVHJXULGDGLPSRUWDQWHV
-FFSDPOBUFODJ³OMBTTJHVJFOUFTJOTUSVDDJPOFT4PMPBTTFQVFEF
NBOFKBSFMBQBSBUPEFGPSNBDPSSFDUBZTFHVSB$POTFSWBSMBT
JOTUSVDDJPOFTEFVTPZNPOUBKFQBSBVUJMJ[BSMBTN¡TBEFMBOUFP
QBSBQPTJCMFTGVUVSPTDPNQSBEPSFT
4PMBNFOUF VO NPOUBKF QSPGFTJPOBM DPOGPSNF B MBT JOTUSVDDJPOFT EF
NPOUBKF QVFEF HBSBOUJ[BS VO VTP TFHVSP EFM BQBSBUP &M JOTUBMBEPS
FTSFTQPOTBCMFEFMGVODJPOBNJFOUPQFSGFDUPFOFMMVHBSEF
JOTUBMBDJ³O
3FTQFUBSMBTOPSNBTEFTFHVSJEBEZBEWFSUFODJBTQSFTFOUFTFO
MBTJOTUSVDDJPOFTEFNPOUBKFEFMBDBNQBOBFYUSBDUPSB
£3HOLJURGHOHVLRQHV
■ -BTQJF[BTJOUFSOBTEFMBQBSBUPQVFEFOUFOFSCPSEFTBGJMBEPT
6TBSHVBOUFTQSPUFDUPSFT
a1FMJHSPEFMFTJPOFT
■ 4J FM BQBSBUP OP FTU¡ GJKBEP DPSSFDUBNFOUF QVFEF DBFSTF 5PEPT
MPTFMFNFOUPTEFGJKBDJ³OEFCFONPOUBSTFEFCJEBNFOUF
a1FMJHSPEFMFTJPOFT
■ &MBQBSBUPFTQFTBEP1BSBNPWFSFMBQBSBUPTFOFDFTJUBO
QFSTPOBT6UJMJ[BSºOJDBNFOUFMPTNFEJPTBVYJMJBSFT
BQSPQJBEPT
£3HOLJURGHGHVFDUJDHOpFWULFD
-BTQJF[BTJOUFSOBTEFMBQBSBUPQVFEFOUFOFSCPSEFTBGJMBEPT&M
DBCMF EF DPOFYJ³O QPESB SFTVMUBS EB±BEP /P EPCMBS OJ BQSJTJPOBS
FMDBCMFEFDPOFYJ³OEVSBOUFMBJOTUBMBDJ³O
£3HOLJURGHGHVFDUJDHOpFWULFD
%FCFTFSQPTJCMFEFTFODIVGBSFMBQBSBUPEFMBSFEFM©DUSJDBFO
DVBMRVJFS NPNFOUP &M BQBSBUP TPMP QPES¡ DPOFDUBSTF B VOB UPNB
EFDPSSJFOUFEFJOTUBMBDJ³OSFHMBNFOUBSJBZQSPWJTUBEFUPNBEF
UJFSSB4JVOBWF[SFBMJ[BEPFMNPOUBKFEFMBQBSBUPFMFODIVGFOP
FTU¡TVGJDJFOUFNFOUFDFSDBPTFOFDFTJUBVOBDPOFYJ³OGJKBMB
JOTUBMBDJ³OEFCFDPOUBSDPOVOEJTQPTJUJWPEFTFQBSBDJ³O
PNOJQPMBSDPOVOBEJTUBODJBEFDPOUBDUPNOJNBEF NN
&ODPNFOEBSMBFKFDVDJ³OEFMBDPOFYJ³OGJKBFYDMVTJWBNFOUFB
QFSTPOBMFMFDUSPU©DOJDP4FSFDPNJFOEBMBJOTUBMBDJ³OEFVO
JOUFSSVQUPSEFDPSSJFOUFEFEFGFDUPJOUFSSVQUPSEJGFSFODJBMFOFM
DJSDVJUPEFBMJNFOUBDJ³OEFMBQBSBUP
£3HOLJURGHDVIL[LD
&MNBUFSJBMEFFNCBMBKFFTQFMJHSPTPQBSBMPTOJ±PT/PEFKBSRVF
MPTOJ±PTKVFHVFODPOFMNBUFSJBMEFFNCBMBKF
5HXELFDUHOHOHPHQWRGHPDQGR
1BSB SFVCJDBS FM FMFNFOUP EF NBOEP MB DBNQBOB FYUSBDUPSB EFCF
FTUBSEFTNPOUBEB
%FTNPOUBSFMFMFNFOUPEFNBOEPGJH
1SFQBSBSFMDBCMFQBSBMBDPOFYJ³OGJH
£$WHQFLyQ
/PBQSJTJPOBSFMDBCMF
$PMPDBSZFODMBWBSFMFMFNFOUPEFNBOEPFOFMBHBSSBEFSPGJH
*OTFSUBS FM DBCMF FO FM FMFNFOUP EF NBOEP FODBKBS MB DVCJFSUB Z
BUPSOJMMBSFMBHBSSBEFSPGJH