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)[email protected],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
Top Related