0RF SU]\ãÜF]HQLRZ 5RG]DM RGELRUF\,ORçÞ RGELRUFÍZ >0:@ *RVSRGDUVWZD GRPRZH 3U]HP\Vã LXVãXJL 2çZLHWOHQLH XOLF 5D]HP
*UXQW\RUQH NODVD W\VKD NODVD âünllsdv,,,,,,,,,d,,,,,,e,9,9d 9,9E 9, 9 9,] 9, 9,] 5D]HP 5D]HP âüf]qlh
D N H ] 5 R Z U R \ LD OQ P R W UR Q W S R N N Q X 3 L N H U] X J LH E P. MH F Q W D V E X 6 H Q ] LF Q D U J R LH Q OH R V D = 'XQDMHF 3RQLëHMSRãÜF]HQLD &]DUQHJRL%LDãHJR 'XQDMFD,,, &]DUQ\ 'XQDMHF /XGéPLHU],,, 3RURQLQ,,%=7 &K=7&U,, %LDã\'XQDMHF 6]DIODU\,,%=7 &K=7&U,,
=DGDQLHSULRU\WHWRZH /DWD UHDOL]DFML 5DFMRQDOL]DFMD]Xë\FLDHQHUJLLVXURZFÍZLPDWHULDãÍZRU 5DFMRQDOL]DFMDXë\WNRZDQLDZRG\ 5HDOL]DFMDSODQÍZUDFMRQDOQHJR JRVSRGDURZDQLDZRGÜQSXV]F]HOQLHQLHVLHFL ZSURZDG]DQLH]DPNQLàW\FKRELHJÍZZRG\ =DGDQLH FLÜJãH 8 = S 'RV]F]HOQLHQLHVLHFLZRGRFLÜJRZHMQDWHUHQLH 0LDVWD1RZ\7DUJ 8 7 =PQLHMV]HQLHPDWHULDãRFKãRQQRçFLLRGSDGRZRçFLSURGXNFML=PQLHMV Z\NRU]\VWDQLDHQHUJLL]HéUÍGHãRGQDZLDOQ\FK :SURZDG]HQLHERGéFÍZHNRQRPLF]Q\FKGOD SU]HGVLàZ]LàÞSURHNRORJLF]Q\FKXOJL SRGDWNRZHPRëOLZRçÞZVSÍãILQDQVRZDQLD =PQLHMV]HQLHVWUDWHQHUJLL]ZãDV]F]DFLHSOQHM ZV\VWHPDFKSU]HV\ãRZ\FKRUD]SURZDG]HQLH RG]\VNXFLHSãD 7HUPRPRGHUQL]DFMDEÜGéUHPRQWL GRFLHSOHQLH V]NÍãSRGVWDZRZ\FKQUL r SU]HGV]NRODQU JLPQD]MXPQUZPLHçFLH1RZ\7DUJ 3RSUDZDSDUDPHWUÍZHQHUJHW\F]Q\FK EXG\QNÍZZ\PLDQDRNLHQLRFLHSOHQLH EXG\QNÍZrSU]HGHZV]\VWNLPEXG\QNL Xë\WHF]QRçFLSXEOLF]QHM 5R]SRZV]HFKQLHQLHVWRVRZDQLD LQG\ZLGXDOQ\FKOLF]QLNÍZFLHSãDEXG\QNL NRPXQDOQH =DGDQLH FLÜJãH =DGDQLH FLÜJãH =DGDQLH FLÜJãH =DGDQLH FLÜJãH r 8 6W 3R =D GR 3R JR 8 7D 3 GM L GLã å M KLG GW = G L 6W 8 : =D : =D
=DGDQLHSULRU\WHWRZH 2JUDQLF]HQLHHPLVMLZVHNWRU]HPLHV]NDOQLFWZD =DPLDQDZàJODQDDOWHUQDW\ZQHQRçQLNLFLHSãD JD]EU\NLHWGU]HZQ\SDOHW\GU]HZQH ELRPDVDrPRGHUQL]DFMDNRWãRZQLZàJORZ\FK ZRELHNWDFKXë\WHF]QRçFLSXEOLF]QHM /DWD UHDOL]DFML : :\PLDQDLQVWDODFMLFKãRG]HQLD&2SU]\ãÜF]\ VWRODUNLRNLHQQHMZRELHNWDFK0LHMVNLHM+DOL /RGRZHMRUD]SU]HEXGRZDNRWãRZQLZ+DOL *RUFHZ1RZ\P7DUJX =PLDQDWHFKQRORJLLNRWãRZQL]ZàJORZ\FKQD ROHMRZHZV]NRãDFKQDWHUHQLH*PLQ\1RZ\ 7DUJ 8 7 LGDOHM 8 7 :VSDUFLHILQDQVRZHGODPLHV]NDåFÍZ ]PLHQLDMÜF\FKRJU]HZDQLHZàJORZHQDEDUG]LHM HNRORJLF]QH =DGDQLH FLÜJãH 8 : 3URZDG]HQLHV\VWHPDW\F]Q\FKDNFMLHGXNDFML HNRORJLF]QHMQDWHPDWRV]F]àGQRçFLHQHUJLL FLHSOQHMLHOHNWU\F]QHMRUD]VWRVRZDQLD SURHNRORJLF]Q\FKQRçQLNÍZHQHUJLL V]NRGOLZRçFLVSDODQLDPDWHULDãÍZRGSDGRZ\FK ZNRWãRZQLDFKGRPRZ\FK =DGDQLH FLÜJãH 2JUDQLF]HQLHHPLVML]DQLHF]\V]F]HåNRPXQLNDF\MQ\FK 8VSUDZQLHQLHV\VWHPXNRPXQLNDF\MQHJR SRSUDZDQDZLHU]FKQLLZDUXQNÍZ EH]SLHF]HåVWZDUXFKXPRGHUQL]DFMD LUR]EXGRZDGUÍJ =DGDQLH FLÜJãH * ' L Z 3 ' 3 8 : L L ÍM K = G L 8 6 3 * 3 R H
=DGDQLHSULRU\WHWRZH /DWD UHDOL]DFML 2FKURQDSU]HGKDãDVHPSU]HP\VãRZ\P 6\VWHPDW\F]QDNRQWUROD]DNãDGÍZ SU]HP\VãRZ\FK]ZãDV]F]D]ORNDOL]RZDQ\FKZ SREOLëX]DEXGRZ\PLHV]NDOQHM =DGDQLH FLÜJãH : 2FKURQDPLHV]NDåFÍZSU]HGSURPLHQLRZDQ,QZHQWDU\]DFMDéUÍGHãSURPLHQLRZDQLD HOHNWURPDJQHW\F]QHJRSURZDG]HQLHUHMHVWUX XU]ÜG]HåEàGÜF\FKéUÍGãHPSURPLHQLRZDQLD HOHNWURPDJQHW\F]QHJR =DGDQLH FLÜJãH 6W 3R * :VSÍãSUDFD]]DNãDGDPLHQHUJHW\F]Q\PLZ G]LHG]LQLHRFKURQ\PLHV]NDåFÍZSU]HG RGG]LDã\ZDQLHPSURPLHQLRZDQLD HOHNWURPDJQHW\F]QHJR =DGDQLH FLÜJãH =D (Q 6W 3R * =DSHZQLHQLHZ\VWDUF]DMÜFHMLORçFLZRG\RRGSRZLHGQLHMMDNRçFLXë SU]HGSRZRG]LÜ =DU]ÜG]DQLH]DVREDPLZRGQ\PLLRFKURQDZÍG :GURëHQLHV\VWHPX]DU]ÜG]DQLD]DVREDPL ZRGQ\PL =DGDQLH FLÜJãH -H VLà LJ 2SUDFRZDQLHNRQFHSFMLJRVSRGDUNLZRGQRr çflhnrzhmqdwhuhqdfkjplqsrzldwxeàgüf\fk SRGVWDZÜGRSRGHMPRZDQLDGDOV]\FK SU]HGVLàZ]LàÞZW\P]DNUHVLHGODJPLQNWÍUH QLHSRVLDGDMÜZZRSUDFRZDå 8 %XGRZDUR]EXGRZDLPRGHUQL]DFMDXU]ÜG]Hå ]DRSDWU]HQLDZZRGà =DGDQLH FLÜJãH 8
=DGDQLHSULRU\WHWRZH 2FKURQDSU]HFLZSRZRG]LRZDLPDãDUHWHQFMD,QZHQWDU\]DFMDRGEXGRZDLUHJXODFMDRUD] SUDZLGãRZDHNVSORDWDFMDV\VWHPÍZ PHOLRUDFML :\NRQDQLHSRZLDWRZHJRSODQXRSHUDF\MQHJR RFKURQ\SU]HGSRZRG]LÜGODWHUHQÍZ ]DJURëRQ\FK]DODQLHP 3U]HSURZDG]HQLHG]LDãDåIRUPDOQRSUDZQ\FK MHëHOLZLVWQLHMÜF\FKSODQDFKLVWXGLDFK GRW\F]ÜF\FK]DJRVSRGDURZDQLD SU]HVWU]HQQHJRQLH]RVWDã\REMàWHRFKURQÜ WHUHQ\]DOHZRZHSU]HGHZV]\VWNLPZ GROLQDFKU]HN'XQDMHF%LDãND5DED6NDZD *OHE\Xë\WNRZDQHUROQLF]R.V]WDãWRZDQLHVWUXNWXU\XSUDZ SU]HFLZG]LDãDMÜFHMHUR]MLLSRJDUV]DQLXVLà MDNRçFLJOHE 3RGMàFLHG]LDãDå]PQLHMV]DMÜF\FKSR]LRP ]DNZDV]HQLDJOHE /DWD UHDOL]DFML =DGDQLH FLÜJãH =DGDQLH FLÜJãH 2FKURQDSRZLHU]FKQL]LHPLLJOH =DGDQLH FLÜJãH =DGDQLH FLÜJãH =DãRëHQLHLSURZDG]HQLHUHMHVWUXWHUHQÍZQD NWÍU\FKVWZLHUG]RQRSU]HNURF]HQLHVWDQGDUGÍZ MDNRçFLJOHEOXE]LHPL =DVRE\NRSDOLQ %LHëÜFDUHNXOW\ZDFMDWHUHQÍZ SRHNVSORDWDF\MQ\FK =DGDQLH FLÜJãH =DGDQLH FLÜJãH 8 OàG LH LH W GLDFK DU NR Då RUD =DGD LH
/S ']LDãDQLH ']LDãDOQRçÞHGXNDF\MQDLDGPLQLVWUDF\MQDZNLHUXQNX RJUDQLF]DQLDVSDODQLDçPLHFLZJRVSRGDUVWZDFKZ\SDODQLD WUDZRUD]SURPRFMLQLVNRHPLV\MQ\FKéUÍGHãHQHUJLLGOD RJU]HZDQLDEXG\QNÍZRJUDQLF]HQLHQLVNLHMHPLVML 3URPRFMDUR]ZRMXLQVWDODFMLJU]HZF]\FKRUD]MHGQRVWHN XVãXJRZ\FKED]XMÜF\FKQDHQHUJLLJHRWHUPDOQHM 3URPRFMDUR]ZRMXLQVWDODFMLHQHUJHW\NLRGQDZLDOQHML RELHNWÍZRZ\VRNLPVWDQGDUG]LHHIHNW\ZQRçFLHQHUJHW\F]QH WHUPRL]RODFMDRJU]HZDQLHSDV\ZQHV\VWHP\]LQWHJURZDQH :VSLHUDQLHSURJUDPÍZPRQLWRULQJXçURGRZLVNDL SU]HFLZG]LDãDQLD]DQLHF]\V]F]HQLRP :VSLHUDQLHG]LDãDå]]DNUHVXSURILODNW\NLçURGRZLVNRZHMRUD SURZDG]HQLDG]LDãDåUDWRZQLF]\FKZSU]\SDGNXZ\VWÜSLHQLD ]DJURëHåçURGRZLVNDQDWXUDOQHJR 2SLHNDQDGREV]DUDPLSU]HVWU]HQLSXEOLF]QHMrQDVDG]HQLD LNV]WDãWRZDQLH]LHOHQL
/S.DQDãVDQLWDUQ\ZVLàJDF]DFK%RK7REUXNX ']LDãDQLH.DQDOL]DFMDVDQLWDUQDZRç1LZDHWDS,L.OLNXV]ÍZND 0RGHUQL]DFMD RF]\V]F]DOQL çflhníz GRVWRVRZDQLH SUDZQ\FK 5R]EXGRZDLPRGHUQL]DFMDRF]\V]F]DOQLçFLHNÍZ 0RGHUQL]DFMD VLHFL NDQDOL]DFML VDQLWDUQHM Z ]ZLÜ]NX L.RZDQLHF 0RGHUQL]DFMDVLHFLNDQDOL]DFMLVDQLWDUQHMZ]ZLÜ]NX]SU]H %XGRZDNDQVDQLWDUQ\FKZRVLHGODFK=DG]LDã5REÍZ6] 'RV]F]HOQLDQLHNDQDOL]DFMLVDQLWDUQHM]Z\PLDQÜSU]\NDQD 0RGHUQL]DFMDLGRV]F]HOQLDQLHLVWQLHMÜFHMVLHFLZRGRFLÜJR 3RGãÜF]HQLHVWXGQLZJãàEQ\FK]WHUHQX5ÍZQLD6]DIODUVND ZRGRFLÜJRZHM68:1RZ\7DUJ :RGRFLÜJZXO*UHO 'RV]F]HOQLDQLHVLHFLZRGRFLÜJRZHM 'RNXPHQWDFMHSODQRZDQ\FKLQZHVW\FMLZ0=:L. 5D]HPJRVSRGDU
/S ']LDãDQLH =DGDQLD]DZLHUDMÜFHHOHPHQW\]]DNUHVXRFKURQ\SR L]ZLàNV]HQLDHIHNW\ZQRçFLHQHUJ 5R]EXGRZDLNRQVHUZDFMDV\VWHPXNDQDOL]DFMLRSDGRZHM 'RNRåF]HQLHWHUPRPRGHUQL]DFMLEXG\QNX2çURGND3RPRF 7HUPRPRGHUQL]DFMD6]NRã\3RGVWDZRZHM1UL*LPQD]M 6]NRãD3RGVWDZRZDQUUHPRQWHOHZDFMLGRFLHSOHQLH 3U]HGV]NROHQUrWHUPRPRGHUQL]DFMD 3U]HGV]NROHQUUHPRQWHOHZDFMLGRFLHSOHQLH 0RGHUQL]DFMDRELHNWÍZ0LHMVNLHM+DOL/RGRZHM ZW\PLQVWDODFMHRG]\VNXFLHSãDZHQW\ODF\MQHRFLHSOHQL
1RZ\7DUJ WHUHQ\PLHMVNLH,ORçÞ PLHV] NDåFÍZ ZURNX :VNDéQLN >NJ0U@ ZURNX 0LHMVFD QRFOHJRZH.RU]\VWDMÜF\ ]QRFOHJÍZ :VNDéQLN JHQHURZDQLD RGSDGÍZ >NJWXUG]LHå@,ORçÞ Z\WZRU]RQ\FK RGSDGÍZZFLÜJX URNX>0J@
3URFHQWRZH]PLDQ\Z HPLVMLRGSDGÍZGODR PLHMVNLFK 1D]ZDVWUXPLHQLD 2GSDG\RUJDQLF]QH URçOLQQH 2GSDG\RUJDQLF]QH ]ZLHU]àFH 2GSDG\RUJDQLF]QH LQQH 2GSDG\]LHORQH 3DSLHULWHNWXUD QLHRSDNRZDQLRZH 2SDNRZDQLD ]SDSLHUXLWHNWXU\ 2SDNRZDQLD ZLHORPDWHULDãRZH 7ZRU]\ZDV]WXF]QH QLHRSDNRZDQLRZH 2SDNRZDQLD ]WZRU]\ZV]WXF]Q\FK 7HNVW\OLD 3URFHQWRZH]PLDQ\Z HPLVMLRGSDGÍZGODR PLHMVNLFK 1D]ZDVWUXPLHQLD 6]NãR QLHRSDNRZDQLRZH 2SDNRZDQLD]HV]NãD 0HWDOH 2SDNRZDQLD]EODFK\ VWDORZHM 2SDNRZDQLD] DOXPLQLXP 2GSDG\PLQHUDOQH 'UREQDIUDNFMD SRSLRãRZD 2GSDG\ ZLHONRJDEDU\WRZH 2GSDG\EXGRZODQH 2GSDG\ QLHEH]SLHF]QH
/S 1D]ZDL$GUHVSRGPLRWX JRVSRGDUF]HJR 5RG]DM G]LDãDOQRçFL.RG 38+Å$872&203/(;Å r=g]lvãdz &]HUZLåVNL 1RZ\7DUJ 6]DIODUVND 6DPRFKRGR ZHXVãXJL VHUZLVRZH 0LQHU ]ZLÜ]N 6\QWH 6]ODP 2OHM] 6RUEH JUXSD ]DQLHF =Xë\WH )LOWU\ 3ã\Q\ 3ã\Q\ =Xë\WH Z\PL %DWHUL ]DZLH 2GSDG 2SDNR 2SDNR 2SDNR 2SDNR
/S 1D]ZDL$GUHVSRGPLRWX JRVSRGDUF]HJR 5RG]DM G]LDãDOQRçFL.RG =DNãDG$XWRr6HUZLV.U]\V]WRI%RURå XO.UDNRZVND 1RZ\7DUJ 6WDFMDREVãXJL SRMD]GÍZ GLDJQRVW\ND PHFKDQLND EODFKDUVWZR ODNLHUQLFWZR 0LQHU FKORUR =Xë\WH %DWHUL 7ãXV]F 6RUEH VXEVWD )LOWU\ 1LHEH 3ã\Q\,QQHQ,QQHQ 2GSDG 6]NãR 7ZRU] 0HWDO 1LHVH
/S )LUP\,ORçÞ ]ãrpr ZDQ\FK SRMD]GÍZ,ORçÞ RG]\VNDQ\FK RGSDGÍZ RJÍãHP ]ãrpnrg ZW\PRGSDG\ LQQH QLë QLHEH] SLHF]QH 1LHEH] SLHF]QH V]W 0J 0J 0J 0J )LUPD+DQGORZR 8VãXJRZD Å0(7$/,&Å XO&HUDPLF]QD 3U]HGVLàELRUVWZR 3DåVWZRZHM.RPXQLNDFML 6DPRFKRGRZHM XO/XGéPLHUVND
RJ RJ RJ
/S 5RG]DMRGSDGX VN 6NUDWNL rghsrqrzdqhqd VNãDGRZLVNXZ1RZ\P7DUJX VN rghsrqrzdqhqd VNãDGRZLVNXZ1RZ\P7DUJX =DZDUWRçÞ SLDVNRZQLNÍZ XQ 6 Z 2VDGQDGPLHUQ\ rz\zí]l XQLHV]NRGOLZLDQLHSU]H](.2 626]:\VRNLHM rxw\ol]dfmdwhuplf]qdzh ZãDVQ\P]DNUHVLH rvnãdgrzdq\qdwhuhqlh 2æZ1RZ\P7DUJX = 2VDGFKURPRZ\ rz\zí]lrg]\vnsu]h] =&Kd$OZHUQLDp6$Z$OZHUQL
0HWDO -HGQRVWND %DGDQ\ RVDG :DUWRçFL GRSXV]F]DOQH F\QN PJ=QNJVP PLHGé PJ&XNJVP RãÍZ PJ3ENJVP QLNLHO PJ1LNJVP NDGP PJ&GNJVP FKURP PJ&UNJVP
/S 2SLVSU]HGVLà Z]LàFLD 6]DFXQNRZHNRV]W\Z3/1 3RWHQFM éuígã ILQDQV ZDQL %XGRZD NRPSRVWRZQL SDUW\F\SDFMD æurgnl LQZHVWRU IXQGXV]H HNRORJLF IXQGXV]H VWUXNWXUD 8( %XGRZD SXQNWX]ELÍUNL RGSDGÍZ QLHEH]SLHF] Q\FK æurgnl ZãDVQH8 æurgnl LQZHVWRU IXQGXV]H HNRORJLF
/S 2SLV SU]HGVLàZ]LàFLD 6]DFXQNRZHNRV]W\Z3/1 %XGRZDSXQNWX ]ELÍUNLRGSDGÍZ JDUEDUVNLFK %XGRZD]DNãDGX RG]\VNX RGSDGÍZ EXGRZODQ\FK SDUW\F\SDFMD %XGRZD]DNãDGX GHPRQWDëX LRG]\VNX RGSDGÍZ ZLHONRJD EDU\WRZ\FK SDUW\F\SDFMD %XGRZD QRZRF]HVQHJR VNãDGRZLVND RGSDGÍZ NRPXQDOQ\FK SDUW\F\SDFMD 5D]HPZ]ã 3RWHQFM éuíg ILQDQVRZ æurgnl LQZHVWRUÍ IXQGXV]H HNRORJLF] IXQGXV]H VWUXNWXUD 8( æurgnl LQZHVWRUÍ IXQGXV]H HNRORJLF] IXQGXV]H VWUXNWXUD 8( æurgnl LQZHVWRUÍ IXQGXV]H HNRORJLF] IXQGXV]H VWUXNWXUD 8( æurgnl LQZHVWRUÍ IXQGXV]H HNRORJLF] IXQGXV]H VWUXNWXUD 8( âüf]qlhz]ã /S 2SLVSU]HGVLàZ]LàFLD.RQW\QXDFMDEXGRZ\ NRPSRVWRZQL SDUW\F\SDFMD.RQW\QXDFMDEXGRZ\ SXQNWX]ELÍUNL RGSDGÍZ QLHEH]SLHF]Q\FK.RQW\QXDFMDEXGRZ\ SXQNWX]ELÍUNL RGSDGÍZ JDUEDUVNLFK 6]DFX ZHNR Z3.RQW\QXDFMDEXGRZ\ ]DNãDGXRG]\VNX RGSDGÍZ EXGRZODQ\FK SDUW\F\SDFMD.RQW\QXDFMDEXGRZ\ ]DNãDGXGHPRQWDëXL RG]\VNXRGSDGÍZ ZLHONRJDEDU\WRZ\FK SDUW\F\SDFMD
0RQLWRURZDQDG]LHG]LQD )XQNFMRQRZDQLH]RUJDQL]RZDQHJRV\VWHPX ]ELHUDQLD]PLHV]DQ\FKRGSDGÍZNRPXQDOQ\FK )XQNFMRQRZDQLHV\VWHPXVHOHNW\ZQHJR ]ELHUDQLDLRG]\VNXVXURZFÍZZWÍUQ\FK WZRU]\ZV]WXF]Q\FK V]NãD SDSLHUXLWHNWXU\ PHWDOL RSDNRZDåZLHORPDWHULDãRZ\FK )XQNFMRQRZDQLHV\VWHPXVHOHNW\ZQHJR ]ELHUDQLDLRG]\VNX RGSDGÍZZLHONRJDEDU\WRZ\FK RGSDGÍZEXGRZODQ\FK RGSDGÍZQLHEH]SLHF]Q\FK )XQNFMRQRZDQLHV\VWHPX]DJRVSRGDURZDQLH RGSDGÍZRUJDQLF]Q\FK 6SRVÍESRVWàSRZDQLD]SR]RVWDã\PL RGSDGDPLNRPXQDOQ\PL VNãDGRZDQLH 6SRVÍESRVWàSRZDQLD]RVDGDPLçFLHNRZ\PL WHUPLF]QDXW\OL]DFMD SU]HND]\ZDQHVSHFMDOLVW\F]Q\PILUPRPGR XQLHV]NRGOLZLHQLD JURPDG]RQHQDWHUHQLHRF]\V]F]DOQL GHSRQRZDQHQDVNãDGRZLVNX 6SRVÍ,ORçÞJRVSRGDUVWZGRPRZ\F RGSDGÍZ ÈPLHV]NDåFÍZNRU]\VWDMÜF\ RGSDGÍZ,ORçÞ]HEUDQ\FKVXURZFÍZZ FDãRçFLZ\WZRU]RQ\FKRGSDG,ORçÞVXURZFÍZZWÍUQ\FKSR 3R]LRPRG]\VNXrÈSRV]F] LSRGGDQ\FKRG]\VNRZLZVW SRV]F]HJÍOQ\FKVXURZFÍZ],ORçÞRGSDGÍZ]HEUDQ\FKLS 3R]LRPRG]\VNXrÈSRV]F] SRGGDQ\FKRG]\VNRZLZVWR URG]DMÍZRGSDGÍZ]DZDUW\F,ORçÞRGSDGÍZ]HEUDQ\FKLS 3R]LRPRG]\VNXrÈRGSDG NRPSRVWRZDQLDZVWRVXQNX RUJDQLF]Q\FK]DZDUW\FKZR,ORçÞRGSDGÍZSU]HND]DQ\FK ÈRGSDGÍZSRGGDQ\FKVNãD RGSDGÍZ,ORçÞZ\WZRU]RQ\FKRVDGÍZ ÈRGSDGÍZSRGGDQ\FKSRV] ZVWRVXQNXGRLORçFLZ\WZRU