8/6/2019 1-01. Inceputuri

1/14

\NCEPUTURI

$FXP GH DQL FaQG VD IRUPDW 3CPaQWXODWPRVIHUDFRQ@LQHDJD]HYXOFDQLFHFXIRDUWHSX@LQR[LJHQILLQGDVWIHORVWLOCRULFCUHLIRUPHGHYLD@C

&XGHDQL?QXUPCQLYHOXOGHR[LJHQ?QFHSHVCFUHDVFC JUDGDW GDWRULWC HOHPHQWHORU FKLPLFH FDUH VH FRPELQC >LUHSOLFCFRQWLQXXFUHaQGDVWIHOFRQGL@LLIDYRUDELOHYLH@LLoQDFHDVWCSHULRDGCSUHGRPLQCRUJDQLVPHVLPSOHDVHPCQCWRDUHDOJHORU

$FXPGHDQLDSDUSULPHOHYHUWHEUDWHLDUDFXPGHDQLDSDUGLQR]DXULLFDUH?QVCYRUGLVSDUHEUXVFDFXP GH DQL ([LVWC R WHRULH FDUH VXJHUHD]C DSDUL@LDXQXLJLJDQWLFPHWHRUFHDORYLW3CPaQWXOSUREDELO?Q]RQD*ROIXOXL0H[LFGHDVWC]L$FHVWPHWHRUODFRQWDFWXOFX7HUUDDSURGXV?QDHURSaFOCGHSUDIGHQHUHVSLUDWFDUHDUILFDX]DWPRDUWHDDFHVWRUFUHDWXULGLQR]DXULLFDUHGDFCDUILFRQWLQXDWVCH[LVWHDUILICFXW

SRDWHLPSRVLELOCDSDUL@LD>LXOWHULRUGH]YROWDUHDUDVHLXPDQH7RW FX GH DQL ?Q XUPC VH WHUPLQC IRUPDUHD

0XQ@LORU&DUSD@L>LD%D]LQXOXL7UDQVLOYCQHDQ$FXPGHDQLDSDUHRPDUHYDULHWDWHGHPDPLIHUH

LQFOX]aQG VWUCPR>L DL XQRU DQLPDOH PRGHUQH FXP DU ILPDLPX@HOHHOHIDQ@LLIHOLQHOHFDLL

$FXPGHDQL0DUHD1HDJUCVHGHVSDUWHGH0DUHD&DVSLFC>LGH/DFXO$UDO

$FXPGHDQL?QSCGXULOHGLQHVWXO$IULFLLDSDUHSURFRQVXOXORIRUPCWLPSXULHGHPDLPX@C

$FXPGHDQLOHJCWXUDGLQWUHKXPDQRL]L>LPDLPX@HVHUXSH

$FXPGHDQLvQ7(5,$5JCVLPRIDXQCERJDWC

FDvQ]RQD%XJLXOH>WL6CSCWXULOHDUKHRORJLFH?QWUHSULQVH?QSXQFWXO9DOHD OXL *UDXFHDQX VXE FRQGXFHUHD UHJUHWDWXOXL &6

99

NNooii nnuu ssuunntteemm uurrmmaa[s, iiii RRoommeeii

8/6/2019 1-01. Inceputuri

2/14

)LJ 2PXOFDUHVWULJCHVWHXQYDVGHOXWDSDU@LQkQGFXOWXULL9LQFHDDFCUXLJXUCDIRVWFRQVLGHUDWFCDUDWCFDXQFDSGHRPVSULMLQLWvQSDOPH7RWXODUILUCPDVQHVFKLPEDWGDFCHXQXPD>ILMXFDWFXDFHDVWCSR]CSHFRPSXWHUvQFHUFkQGVRSULYHVF>LGLQDOWHXQJKLXUL5CVWXUQDWODGHJUDGHXOFLRUXOFDUHRULFXPQXDYHDXQIXQGSODWGHYLQHXQFDSGHVFKHOHWFXRDQDWRPLHSUHJQDQWC&XOWXUD9LQFHDHVWHDFHHD>LFDUHDGDWQD>WHUHWCEOL@HORUGHOD7CUWCULDSULPDIRUPCGHH[SULPDUHVFULVCGLQLVWRULDOXPLLFXGHDQLvQDLQWHDFHOHL6XPHULHQH

'HVFRSHULWOD3DUWD0X]HXOGHLVWRULHDO5RPaQLHLLQY25DGX (5HVFK &*HUPDQQ 3ODVWLFD DQWURSRPRUIC >L ]RRPRUIC GH FXOWXUC 7XUGD>9LQFHD GH OD 3DUWD ?Q7LELVFXVS

1100

8/6/2019 1-01. Inceputuri

3/14

1LFROCHVFX3ORS>RU ?QWUH >L UHOXDWH ?Q DX

GHVFRSHULWDLFLFHOPDLERJDW>LPDLYDULDWGHSR]LWGHUHVWXULIRVLOH6DX JCVLW XQ PDUH QXPCU GH JLUDIH ULQRFHUL FD >L VLQJXUXOJKLERVFLGLDQ LQGLFaQG >L XQ PHGLX GHVFKLV ERJDW ?Q LHUEXULQXPHURDVH UHVWXUL GH SULPDWH FHUFRSLWKDFH 3UH]HQ@D FDVWRULORUVXJHUHD]C FC ]RQD QX HUD OLSVLWC GH DUEX>WL >L FKLDU DUERUL&DUQLYRUHOHFDXUVXOHUHFWXVHUDX>LHOHSUH]HQWHDOCWXULGHDOWHVSHFLL GH PDPLIHUH oQ SOXV VD JCVLW >L UHVWXO XQHL PDLPX@H

FDWDUUWKLOLHQHWHVWUH 'DUGX 1LFXOHVFX 3ORS>RU D GHVFRSHULW >L RGLDIL]C IHPXUDOC >L R WLELH FDUDFWHULVWLFH KRPLQL]LORU GH WLS$XVWUDORSLWKHFXV 'HVFRSHULULOH GH OD %XJLXOH>WL DX SXV SHQWUXSULPD GDWC SUREOHPD H[LVWHQ@HL XQRU KRPLQL]L SULPLL VWUCPR>L?QGHSCUWD@LDLRPXOXL?QDFHDVWC]RQC

$FXPGHDQLJCVLPvQ$IULFD+202(5(&786DOFCUXLFUHLHUHVWH>LPDLPDUHIDSWGDWRUDWSUREDELO>LDOLPHQWD@LHL

PDLERJDWHvQSURWHLQHFUXFLDOILLQGIDSWXOFCHUDFDUQLYRU)RVLOHGH +RPR (UHFWXV DX IRVW GHVFRSHULWH >L vQ -DYD OD 0RMRNHUWRDFHDVWDILLQGRGRYDGCDH[SDQVLXQLLKXPDQRL]LORU

$FXP GHDQL D vQFHSXWSHULRDGD48$7(51$5nSHULRDGD vQ FDUH QH DIOCP >L DVWC]L GLQ FDUH IDF SDUWH3$/(2/,7,&8/0(=2/,7,&8/>L1(2/,7,&8/

6C YHGHP FH VXUSUL]H DX DGXV ILHFDUH GLQ HOH SH VFDUD

GH]YROWCULL3$/(2/,7,&8/SHULRDGDSLHWUHLFLRSOLWHvPSCU@LWvQ

,1)(5,25SHULRDGDvQFDUHDSDUXQHOWHOHGHSLDWUCGDWHD]CGHDFXPGHDQLSaQCvQ?G+

0,-/2&,8SHULRDGDvQFDUHDSDUHRPXOGH1($1'(57+$/vQVSD@LXO&DUSDWR'XQCUHDQHFXSULQVCvQWUH>L?G+

683(5,25vQDFHDVWCSHULRDGC?G+DSDUHRPXOGH&520$*121+2026$3,(16GHODFDUHQHDXUCPDV SLFWXULOH UXSHVWUH GH OD &CFLXOD@L 3HVFDUL SH>WHUD *XUD&KLQGLHL DVHPCQCWRDUH FX FHOH GLQ 6SDQLD >L )UDQ@D ILLQGSULPHOH LQGLFD@LL DUKHRORJLFH SULYLQG XQLYHUVXO UHOLJLRV DOYaQCWRUXOXLSDOHROLWLF

0(=2/,7,&8/ ?G+ SHULRDGD vQ FDUHYUHPHD VD vQFDO]LW JKH@DULL VDX WRSLW DSCUaQG DVWIHO SRYHVWLULOH

1111

NNooii nnuu ssuunntteemm uurrmmaa[s, iiii RRoommeeii

8/6/2019 1-01. Inceputuri

4/14

GHVSUHSRWRS>LVXSUDYLH@XLWRULLOXLFHDPDLYHFKHLVWRULHGHDFHVW

IHODSDU@LQaQGFXOWXULL 9HGLFH 0DUHD %ULWDQLH GHYLQH LQVXOC LDU0DUHD1HDJUCFDSCWCFRQWXUXOHLDFWXDOQ]RQD3RU@LORUGH)LHUVDXJCVLWXUPHDOHFXOWXULL6FKHOD

&ODGRYHLFXSWRUXOGHSLDWUCYDVXOFXSLFLRUFXGHFRUSLFWDWHWFQFXOWXUD&DUFHDv>LIDFHDSDUL@LDSHRFXSCGHFHUDPLFC

VSLUDODFDUSDWRGXQCUHQLORUGHFXORDUHDOECSHXQIRQGUR>X1(2/,7,&8/ DFHDVWCSHULRDGCvQFHSHFXGHDQL?G+

3H WHULWRULXO 5RPaQLHL VDX GHVFRSHULW XUPHOH D QXPHURDVHFLYLOL]D@LLvQWUH?G+&XOWXUD 3UH&XFXWHQL HVWH FRQVLGHUDWC GH VSHFLDOLVWD

DPHULFDQC 0DULMD *LPEXWDV FD ILLQG FHD PDL YHFKH FXOWXUCHXURSHDQC FX SRSXOD@LD SUHLQGRHXURSHDQC FDUH FXQRD>WHDSRJHXOGH]YROWCULLvQWUH?G+

&XOWXUD%RLDQvG+QHODVCSULPXOVDQFWXDU

FUHDW GLQ OXW LDU FXOWXUD +DPDQJLD SULPD VWDWXHWC OXFUDWC vQPDUPXUC GLQ LVWRULD OXPLLFaW >L VWDWXHWHOH GH OXWDQWURSRPRUIH*aQGLWRUXO>LIHPHLDVD

&XOWXUD 9CGHDVD FRQ@LQH FHUDPLFC GHFRUDWC FX IRUPHDQWURSRPRUIH FH SUHFHGH SH FHD 7URLDQC 'LQ FDGUXO FXOWXULL9LQFHD 1LFRODH 9ODVD GHVFRSHUC vQ OD 7CUWCULD SH 0XUH>

7UDQVLOYDQLD QL>WH WCEOL@H GH OXW GDWDWH ?G+ >LFRQVLGHUDWHGHDFHHD>L*LPEXWDVFDILLQGSULPXOPHVDMVFULVGLQLVWRULDRPHQLULLFXPXOWvQDLQWHDWCEOL@HORUVXPHULHQHSURYHQLQG>LHOHSRVLELOWRWGHOD'XQCUH

Q FXOWXUD &HUQDYRGC , ?G+ WULEXULOH GHSCVWRULIRORVHVFFDLL>LDUPHSHUIHF@LRQDWHSXUWCWRULLDFHVWHLFXOWXULYRU FRERUv VSUH VXG VSUH $QDWROLD SXQWHD GH SCPaQW FH OHJD

SHQLQVXOD %DOFDQLFC GH $VLD 0LFC >L FDUH vQ ?G+ VH YDVFXIXQGDvQ0DUHD0HGLWHUDQCOCVaQGvQORFXOHLRSX]GHULHGHLQVXOH>LRQRXCPDUH0DUHD7UDFLFC(JHH

8UPHOHFXOWXULLQRDVWUHFDUSDWRGXQCUHQHVHPDLSCVWUHD]C>LDVWC]L SH XQHOH GLQ DFHVWH LQVXOH IRVWH SLVFXUL PXQWRDVHXLPLQG" FHUFHWCWRULL FDUH QX>L SRW vQFKLSXL FXP FXOWXUL FDFHOHPLFHQLHQHDXSXWXWDSDUHSHQL>WHLQVXOHL]RODWHHLQHYC]aQGSCGXUHDGLQFDX]DXQXLFRSDF

1122

8/6/2019 1-01. Inceputuri

5/14

)LJ +DUWDQHROLWLFXOXLWLPSXULXGHSHWHULWRULXO5RPaQLHLQDFHDVWC SHULRDGC vG+ SRSRUXO&DUSDWR'DQXELDQ ]HL@D'DQX OD YHFKLLYHGLFL HUDPDPD SORLL >L D SDML>WLORU ERJDWH SUH]HQW vQ VSD@LX VIaQW YHGLF LQYC@DVH VCGHIUL>H]H SCGXULOH >L VC GHV@HOHQHDVFC SCPaQWXO ORFXLQG vQ JHQHUDO GHD OXQJXO UH@HOHORUKLGURJUDILFHH[WLQ]aQGXVHWUHSWDWvQWRDWH]RQHOHORFXLELOHGaQGDVWIHOQD>WHUHSRSRUXOXLSURWRHXURSHDQ$FHDVWC SRSXOD@LH DULDQC HXURLQGLDQC SHODVJLFC FDUSDWRGDQXELDQC RUL

FXP YUH@L VC R QXPL@L D>H]DWC SH DFHVWH ERJDWH PHOHDJXUL FRQVWLWXLH 9HFKHD (XURSC&HUFHWCWRDUHDDPHULFDQC0DULMD*LPEXWDVFRQVLGHUCFCDSDUL@LDDFHVWHLFXOWXULDSDU@LQaQGQHROLWLFXOXLIRUPHD]CYHFKHDFXOWXUCHXURSHDQCSHFDUHRVLWXHD]CvQWUHvG+FXRSRSXOD@LHSUHLQGRHXURSHDQC>LFDUHFXQRD>WHDSRJHXOGH]YROWCULLVDOHvQWUHvG+

085(

&5,

1,6758

3587

6,5(7

9DOHD/XSXOXL

3HULHQL

/H

&UL

2/7

$5*(

&UFHD

,FRDQD

6FKHOD&ODGRYHL

&XLQD7XUFXOXL

620(

*XUD%DFLXOXL

+RPRURGXGH6XV

'815($

1133

8/6/2019 1-01. Inceputuri

6/141144

)LJ

)LJ +DUWDQHROLWLFXOXLWaU]LXSHWHULWRULXO5RPaQLHL

$SDURVHULHGHVFKLPECULORFDOH>LJHQHUDOHDOHDFHVWHLVRFLHWC@LFDUSDWR

GDQXELHQH'HVFRSHULPFXOWXULFD6WCQFX@D*XPHOQL@D&XFXWHQL3HWUH>WL7LVD3ROJDU%RGURJNHUHV]WXU9XFHGRO

&HUQDYRGCFXVFKLPECULPDQLIHVWDWHGHRLHUDUKLHPDLELQHSXVCODSXQFWFkW>L

FXQRLPDQLIHVWCULVSLULWXDOH)LJGLQ3UHLVWRULD'DFLHL,RQ0LFOHD

5DGX)ORUHVFX(G0HULGLDQHS

9GDVWUD

/HX

)UFDHOH 9

GDVWUD'

XGHWL

$5*(

3

5DUH

*LXOHWL

9LGUD

5DGRYDQX%

RLDQ

%RLDQ

'XGHWL

&HDPXUOLD

GH-RV

%HLGDXG

&HUQDYRG

/LPDQX

+DPDQJLD

/H

3UHFXFXHQL

&XOWX

UDFHUD

PLFL

LOLQL

DUH

3RGHL7J

2FQD

2/7

,]YRDUH

7UDLDQ

7USHWL

6,5(7

3587

1,6758

'8

15($

=RUOHQX0DUH

'HYD

7XUGD

7UWULD

9LQFD

7XUG

D

620(

&LXPHWL

7,6$

&5, 0

85(

9LQ

FD

7

LVD

+RGRQL

3DUD

,FORG

8/6/2019 1-01. Inceputuri

7/141155

)LJ

7,6$

620(

&LXPHWL

+RGRQL

=RUOHQX0DUH

085(

%LOH

+HUFXODQH

6OF

XD

3HWU

HWL

3HWUHWL

3LDQXGH-RV

9HUELFLR

DVD

6OFXD

2/7

$5*( 3LH

WUHOH

&HUQDYRG

&VFLRDUHOH

0HGJLGLD

+URYD

%ULOLD

$OGHQL

6WRLFDQL

%HUHWL

3RGHL7J2FQD6,5(

79DOHD/XSXOXL

,]YRDUH

)UXPXLFD

7UDLDQ

+EHWL

)HGHOHHQL

3587

7UXHWL

'UJXHQL

1,6758

&XF

XOHQ

L

*XP

HOQLD

*XPHOQLD

7HLX*

HDQJRHWL

&XFXWHQL

7L

VD3ROJDU

&5,

8/6/2019 1-01. Inceputuri

8/14

)LJ35,08/0(6$-6&5,6',1,6725,$20(1,5,,7CEOL@HOHGHOD7CUWCULDFFDvG+DFCURUGHVFRSHULUHvQDQXOGHFCWUH1LFRODH9ODVD D UHYROX@LRQDW FRQFHS@LD SULYLQG DSDUL@LD VFULVXOXL ILLQGFRQVLGHUDWHSULPXOPHVDMVFULVvQLVWRULDRPHQLULL$>DGDULQYHQWDWRULLVFULHULLVXPHULHQHDXIRVWRULFkWDUILGHSDUDGR[DOQXVXPHULHQLLFLORFXLWRULL7UDQVLOYDQLHLORFXLWRULLVSD@LXOXL&DUSDWR'XQCUHDQ>LDVWDFXGHDQLvQDLQWHDVXPHULHQLORU6WUDFKLQDFXLQVFULS@LL*UDGHVQLWD%XOJDULD)XVDLRODFXLQVFULS@LL.RVRYVND1LWURYLWD,XJRVODYLD

,RVLI&RQVWDQWLQ'UCJDQ ,VWRULD5RPkQLORU(G(XURSD1RYD%XFXUH>WL

1166

8/6/2019 1-01. Inceputuri

9/141177

NNooii nnuu ssuunntteemm uurrmmaa[s, iiii RRoommeeii

)LJ5R@LOHFDUHDXIDFXW(XURSDVCVHH[WLQGC

3ULPDURDWCFDUHDICFXWVSHFLDXPDQCVCVHSRDWCPL>FDPDLUHSHGHDIRVWGHVFRSHULWCSHWHULWRULXO3RORQLHLGHD]LSHD>DQXPLWXOYDVGHOD%URQRFLFH(ODIRVWGHVFRSHULWvQDQXOSHHOILLQGGHVHQDWH]JkULDWHFCUX@HFXSDWUXUR@LvQWUHFDUHVHLQWHUSXQOLQLLFXDVSHFWGHFRSDFLVDXDOWHOHLPLWkQGDSD$FHVWDDIRVWICFXWvQDQXOvG+GHFLFXGHDQLvQDLQWHDXQXLGHVHQDVHPCQCWRUJCVLWSHWHULWRULXO,UDNXOXLGHD]L$FHVWYDVDSDU@LQkQGFXOWXULLFHUDPLFLLOLQLDUHDSDU@LQaQGSRSRUXOXLFDUSDWRGDQXELDQHVWHSULPDGRYDGCDUR@LLvQOXPH(DUO\(XURSH0LVWHU\LQVWRQH7LPH/LIH%RRNV$OH[DQGULD9LUJLQLDS

8/6/2019 1-01. Inceputuri

10/14

1188

)LJ 3ULPXOFCUX@ICFXWGLQOXWDUVJCVLWvQ(XURSDSHWHULWRULXO8QJDULHLGHD]LSX@LQ

PDLODQRUGGH%XGDSHVWDGDWDWvG+DSDU@LQkQGDFHOXLD>LSRSRUFDUSDWRGXQCUHDQXQJXULLVRVLQGSHDFHVWHPHOHDJXULGXSCPDLPXOWGHGHDQL0DUJLQLOHvQDOWHDOHFCUX@XOXLVXJHUHD]CIDSWXOFCHOHHUDXIRORVLWHVCWUDQVSRUWHSURGXVHDJULFROH(DUO\(XURSH0LVWHU\LQVWRQH7LPH/LIH%RRNV$OH[DQGULD9LUJLQLDS

8/6/2019 1-01. Inceputuri

11/14

)LJ$FHVWHILJXULQHJCVLWHOD7aUJRYL>WH%XOJDULDvQSUREDELOFCDXIRORVLWFDPRGHOGHDOWDUSHQWUXULLFDUSDWRGXQCUHQL$UKHRORJLLED]aQGXVHSHVWLOXULOHGLIHULWHGHRELHFWHGLQFHUDPLFCDXWUDVDWHPLJUD@LDDJULFXOWRULORUVSD@LXOXGXQCUHDQ vQGRXCGLUHF@LLSULQFLSDOH vG+ YHVWLFCGHDOXQJXO FRDVWHL0CULL0HGLWHUDQH D&DUGLDOZDUH3RWWHU\>LDOWDFDUHVHYDUCVSaQGLVSUHFHQWUXO(XURSHL/LQHDU3RWWHU\QXPLWCDVWIHOGDWRULWCULORU>LFXUEHORUFXFDUHHUDXGHFRUDWHRELHFWHOHGHFHUDPLFCDFH>WLFRORQL>WLYRUVWDELOLFXOWXULXQLIRUPHGLQ8SaQCvQSDUWHDFHQWUDOCQRUGLFCD)UDQ@HLGLQ$OSL>LSaQCOD0DUHD1RUGXOXL$FHDVWCFHUDPLFCOLQLDUCJCVLWRULXO&HKRVORYDFLHLOD%\ODQ\3RORQLHLOD2OV]DQLFD>L2ODQGHLOD(OVORR6LWWDUG>L6WHLQQXIDFHGHFaWVCH[SDQVLXQHDFDUSDWRGDQXELHQLORUvQGUXPXOORUGHDH[SORUD>LFXFHUL(XURSD(DUO\(XURSH0LVWHU\LQVWRQH7LPH/LIH%RRNV$OH[DQGULD9LUJLQLDS

119

9

8/6/2019 1-01. Inceputuri

12/14

2200

)LJ 3LFLRUGHIUXFWLHUCGHVFRSHULWOD+RWCUDQL0X]HXO2OWHQLHL&UDLRYDIDFHSDUWHGLQFXOWXUD9CGDVWUDFDUHRFXSCRDULHUHVWUkQVCSHFXUVXOLQIHULRUDO2OWXOXLSUHFXP>LvQGUHDSWD'XQCULLvQ]RQDFRUHVSXQ]CWRDUHJXULORU2OWXOXL6HSRDWHYHGHDFODU6SLUDOD3HODVJLFCDFCUHLVHPQLILFD@LHUHOLJLRDVCYDILGLVFXWDWCvQ6LPEROLVWLFDOD3HODVJL01LFD(YROX@LDFXOWXULL9CGDVWUDSHED]DGHVFRSHULULORUGHOD+RWCUDQL)CUFD>HOHMXGH@XO2OWvQ+LVWRULFD,,S

8/6/2019 1-01. Inceputuri

13/14

2211

)LJ =HL@DGHOD1DLHQL/DDSXV GH3LHWURDVD MXG %X]CX ORFDOLWDWH FHOHEUCSULQ GHVFRSHULUHD WH]DXUXOXL YH]L EOHVWHPXO SCVCULL

3KRHQL[ FHL SRDUWC QXPHOH VH DIOC VDWXO 1DHQLXQGHSULQDQLLGXSCFXPQHVSXQH7RFLOHVFXQL>WHFRSLLDXJCVLWMXFaQGXVHJUXSXOGHEURQ]UHGDWDLFL7RFLOHVFXODSUH]HQWDWODQRY$FDGHPLHLGH,QVFULS@LLGLQ3DULVGUHSWXQPRQXPHQWGHDUWCJRWLFCLQVR@LQGXOGHRGHVFULHUHHURQDWC9DVLOH 3kUYDQ DUH PHULWXO GH D REVHUYDIDSWXO FC JUXSXO VWDWXDU HVWH PXWLODWFXSULQ]aQGGRDUGRXCILJXUL'HODDWUHLDVHSRDWHYHGHDUHVWXULOHXQHLPkLQL>LDOXQXLSLFLRU'XSCRUQDPHQWXOFDUHVHJCVH>WHLQVSDWHOHIHPHLLVHSDUHFCDIRVWICFXWVCSRDWCILDWkUQDWGHFHYD)HOLQDSHFDUHVHJCVH>WH FCODUH IHPHLD GH>LVHDPCQCFXROHRDLFCSDUHDILWRWX>LGXSCLQGLFDUHDFRDPHLXQOHX

&XPkQDVWkQJCHDVH @LQH GH FRDPDOHXOXLLDUFXGUHDSWDGHFRDGDDFHVWXLD FDUH SDUH FC VHWHUPLQC vQ JXUD GHSH>WH 3H FDS DUH RFCFLXOC IULJLDQC FDUHL

DFRSHUCWkPSOHOH>LXUHFKLOH /kQJC HD ?Q GUHDSWDvQVR@LWRUXO @LQH >L HO FX PkQD GUHDSWCFRDPD OHXOXL FX VWkQJD VXV@LQaQGR SHIHPHLH GH OD VSDWH 'H UHPDUFDW VXQWRUQDPHQWHOHGHSHKDLQHFkW>LGHSHKDUQD>DPHQWXO OHXOXL oQ FHHD FHSULYH>WH FHO GHDO GRLOHD vQVR@LWRUGLQVWkQJDIHPHLLPkQDOXLGUHDSWCVH JCVH>WH DOCWXUL GH FHD D ]HL@HLXQGHYD SH FRDGD OHXOXL 3HUVRQDODP YC]XW XQ FRPSOH[ VWDWXDUDVHPCQCWRU vQWUXQ WHPSOX KLQGXV GLQLQVXOD %DOOL 8QLL FRQVLGHUC FC DFHVWFRPSOH[ DU UHSUH]HQWDR SH 0DPD 0DUHDYkQGXOOkQJDHDSH&DORLDQX&HUWHVWHFCOJCVLP>LODSHUVDQLXUPD>LDLDFHORUD>LDULHQLFDUSDWRGDQXELHQL9O'XPLWUHVFX$UWDSUHLVWRULFCvQ5RPkQLD%XFXUH>WLILJ

8/6/2019 1-01. Inceputuri

14/14

$FHDVWDFXOWXUD&HUQDYRGC,DGDWQD>WHUHOD7URLD,$FHL

FDUSDWRGXQCUHQL $5,(1, FXP vL PDL QXPHVF DO@LL DX GDWQD>WHUHODFXOWXUDOXPLLUCVSaQGLQGXVHQXQXPDLSHVWHvQWUHDJD(XURSC >L VSUH QRUGXO (JLSWXOXL >L 0HVRSRWDPLHL FL SaQC vQvQGHSCUWDWD ,QGLH XQGHFXOWXUD ORU 9HGLFDDLQVSLUDW >L PDLLQVSLUC>LD]LFXOWXULOHOXPLLFDOGHHQLLHJLSWHQLLHWF+LQGXLVPXO>LFUH>WLQLVPXOQXDXICFXWDOWFHYDGHFaWVRFRSLH]HDGDSWaQGRODFRQGL@LLOHORUORFDOH

2222