121
6HWĆUL$YDQVDWHDOHFRPSDUWLPHQWXOXLIULJLGHUXOXLFRQJHODWRUXOXL
7HPSHUDWXUDGLQFRPSDUWLPHQWXOFRQJHODWRUXOXLúLGLQFRPSDUWLPHQWXOIULJLGHUXOXLSRDWH¿UHJODWăvQSDúLGH&SULQ
XUPDUHDSDúLORU
a
—
c
D
'XSăSDVXO
1
GHODÄ2SHUDĠLLGHED]ă´
DSăVDĠL WLPSGHVHFXQGHVDXPDLPXOW
7HPSHUDWXUDSUHVHWDWăvQDFHOPRPHQWUHYLQHODÄ6HWDUHDLPSOLFLWă´
D¿úDMXOLQGLFăODIHOFDvQLPDJLQHDGLQGUHDSWD
E
$SăVDĠL VDX úLVHWDĠLWHPSHUDWXUD
F
)LQDOL]DĠLVHWDUHDODIHOFDODSDVXOGHODÄ2SHUDĠLLGHED]ă´
8UPDĠLGLQQRXSDúLL
a
—
c
GDFăGRULĠLVăUHJODĠLWHPSHUDWXUDvQ
SDúLGH&
&RPSDUWLPHQWXO
IULJLGHUXOXL
&RPSDUWLPHQWXO
FRQJHODWRUXOXL
%LSELSELS
&RQWURODUHDWHPSHUDWXULL
)ULJLGHUXOvúLUHJOHD]ăWHPSHUDWXUDDXWRPDW&XWRDWHDFHVWHDSXWHĠLUHJODWHPSHUDWXUDDúDFXPVHSUH]LQWăPDLMRV
&XPVĆYHULÀFDĦLVHWDUHDFXUHQWĆD
WHPSHUDWXULL
$SăVDĠLEXWRQXO
SHQWUXDVHOHFWD VDX
6HWDUHDFRPSDUWLPHQWXOXL
)&RQJHODWRU5)ULJLGHU
&RPSDUWLPHQWXOFRQJHODWRUXOXL 5HJODELOvQWUH&úL&vQWUHSWHGH&
&RPSDUWLPHQWXOIULJLGHUXOXL
5HJODELOvQWUH&úL&vQWUHSWHGH&
6HWDUHLPSOLFLWă
&RPSDUWLPHQWXO
IULJLGHUXOXL
&RPSDUWLPHQWXO
FRQJHODWRUXOXL
2SHUDĠLLGHED]ă
$¿úDM
1
6HOHFWDĠL
SLFWRJUDPD
VDX
&RPSDUWLPHQWXO
IULJLGHUXOXL
&RPSDUWLPHQWXO
FRQJHODWRUXOXL
2
6HWDĠL
WHPSHUDWXUD
3
)LQDOL]DĠL
VHWDUHD
%LS
6WUăOXFLUH
6WUăOXFLUH
VXV
MRV
&kQGDSăVDĠLEXWRQXO
SLFWRJUDPHOHVHPRGL¿FăvQRUGLQHD
DUăWDWăPDLMRV
:
6WUăOXFLUH
FRPXWDUH
$¿úDMVWDQGE\
2SHUDĠLLvQPRGXULOHXWLOH