/LEUHWWR 1R :KHHO +RUVH Ç 7RVDHUED FRQ VFDULFR ODWHUDOH GD µ 7UDWWRUL [L 0RGHOOR 1R H VXFFHVVLYL 0DQXDOH GHOO·RSHUDWRUH ,WDOLDQ ,
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
,QGLFH 3DJLQD ,QVWDOOD]LRQH 3DUWL VIXVH 3UHSDUD]LRQH GHO WRVDHUED ,QVWDOOD]LRQH GHO WRVDHUED )LVVDJJLR GHOOD FLQJKLD GL WUDVPLVVLRQH GHOOD 3') 5HJROD]LRQH GHO WRVDHUED 5LPR]LRQH GHO WRVDHUED )XQ]LRQDPHQWR
6LFXUH]]D 'HFDOFRPDQLH H WDUJKHWWH GL VLFXUH]]D /H GHFDOFRPDQLH H OH WDUJKHWWH GL VLFXUH]]D VRQR IDFLOPHQWH YLVLELOL GDOO·RSHUDWRUH H SRVL]LRQDWH LQ SURVVLPLWj GHOOH DUHH GL SRWHQ]LDOH SHULFROR 6RVWLWXLWH LPPHGLDWDPHQWH OH GHFDOFRPDQLH QHO FDVR LQ FXL VLDQR GDQQHJJLDWH R PDQFDQWL 68//2 6&,92/2 ', 6&$5,&2 12 68//$ %$55$ /,9(//$75,&( 12 68/ /$72 6,1,6752 '(/ 726$(5%$ ( 68//2 6&,92/2 ', 6&$5,&2 12 ,1 $/72 68/ 5(752 '(/ 726$(5%$ 12 $&&$172 $//( 5827( $17(5,25, 12
,QVWDOOD]LRQH 3DUWL VIXVH 1RWD 8WLOL]]DWH OD VHJXHQWH WDEHOOD SHU LGHQWLILFDUH OH YDULH SDUWL GXUDQWH LO PRQWDJJLR '(6&5,=,21( 4 7$· 862 6FLYROR GL VFDULFR 0ROOD %XOORQH GD [ µ 'DGR GL EORFFDJJLR µ &LQJKLD GL WUDVPLVVLRQH GHOOD 3') ,QVWDOOD]LRQH GHOOD FLQJKLD GL WUDVPLVVLRQH GHOOD 3') 6FDWROD GHOOH SXOHJJH ,QVWDOOD]LRQH GHOOD VFDWROH GHOOH SXOHJJH 0DQXDOH GHOO·RSHUDWRUH /HJJHUH SULPD GHOO·XVR 3UHSDUD]LRQH GHO WRVDHUED ,QVWDOOD]LRQH GHOOR VFLYROR GL VFDU
,QVWDOOD]LRQH 'LVSRVL]LRQH GHOOD FLQJKLD GHO WRVDHUED 'LVSRQHWH OD FLQJKLD GHO WRVDHUED FRPH LOOXVWUDWR LQ )LJ $FFHUWDWHYL GL LQVWDOODUH OD FLQJKLD VXOOD SXOHJJLD LQIHULRUH GHOOD VFRFFD GHO WRVDHUED P )LJXUD 6WDIID 6FLYROR GL VFDULFR (VWUHPLWj FRQ LO JDQFLR %XOORQH 'DGR GL EORFFDJJLR GHOOD PROOD 6SD]LR SHU OD PROOD P )LJXUD 9LVWD GDOO·DOWR 5,6&+,2 327(1=,$/( 6H OR VFLYROR GL VFDULFR R LO VDFFR UDFFRJOLHUED QRQ VRQR LQ SRVL]LRQH
,QVWDOOD]LRQH 0RQWDJJLR GHO WRVDHUED $FFHUWDWHYL FKH OH UXRWH GHO WRVDHUED VLDQR LPSRVWDWH VX XQD EDVVD DOWH]]D GL WDJOLR $FFHUWDWHYL FKH OD OHYD GHOO·DFFHVVRULR VLD FRPSOHWDPHQWH VROOHYDWD 'DO ODWR GHVWUR ULVSHWWR DO FRQGXFHQWH GHO WUDWWRUH IDWH VFRUUHUH LO WRVDHUED VRWWR LO WUDWWRUH 'RSR DYHU LQVHULWR LO WRVDHUED VRWWR LO WUDWWRUH SRVL]LRQDWHOR LQ PRGR FKH OH VFDQDODWXUH D ODWR GL RJQL VWDIID GL PRQWDJJLR GHO WRVDHUED )LJ VLDQR DOOLQHDWH GLUHWWDPHQWH VRWWR LO EUDFFLR GL VROOHYD
,QVWDOOD]LRQH 5,6&+,2 327(1=,$/( /D ´IRUELFHµ IRUPDWD GDOOH VWDIIH GL PRQWDJJLR GHO WRVDHUED H GDO EUDFFLR GL VROOHYDPHQWR GHOO·DFFHVVRULR q SHULFRORVD &+( &26$ 38Ó 68&&('(5( /H PDQL H OH GLWD SRVVRQR ULPDQHUH LQWUDSSRODWH WUD OH SDUWL PRELOL GL WRVDHUED H WUDWWRUH H VXELUH JUDYL OHVLRQL P &20( (9,7$5( ,/ 5,6&+,2 7HQHWH VHPSUH ORQWDQH OH PDQL GDOOH SDUWL PRELOL GXUDQWH O·XVR GHO EUDFFLR GL VROOHYDPHQWR GHOO·DFFHVVRULR 3RVL]LRQDWH VHPSUH LO WRVDHUED FRQ OD PDQR GHVWUD VXOOD VWDIID GL
,QVWDOOD]LRQH ,QVHULWH LO IUHQR GL VWD]LRQDPHQWR VROOHYDWH OD OHYD GL VROOHYDPHQWR GHOO·DFFHVVRULR H SRUWDWH OD FKLDYH GL DYYLDPHQWR VX ´6723µ SHU VSHJQHUH LO PRWRUH 7RJOLHWH OD FKLDYH GL DYYLDPHQWR 7HQGHWH OD FLQJKLD DO FHQWUR GHOOD VFDWROD GHOOH SXOHJJH WUD OH GXH SXOHJJH 5LODVFLDWH LO EUDFFLR GL VEORFFR GHOOD WHQVLRQH GHOOD FLQJKLD VXOO·DOORJJLDPHQWR GHOOD VFDWROD GHOOH SXOHJJH H WLUDWHOR YHUVR GL YRL )LJ 7RJOLHWH OD JULJOLD DQWHULRUH GHO WUDWWRUH VROOHYDQGR LO FRIDQR
,QVWDOOD]LRQH 3RVL]LRQDWH O·HVWUHPLWj GHOOD FLQJKLD QHOOH VFDQDODWXUH GHOOD SXOHJJLD GHOOD 3') )LJ DFFHUWDQGRYL FKH VL WURYL DQFKH VRWWR OH SXOHJJH QHOOD VFDWROD GHOOH SXOHJJH P )LJXUD 'LDPHWUR HVWHUQR GHOOD /DWR ODUJR GHOOD FLQJKLD SXOHJJLD P )LJXUD 3XOHJJLD GHOOD VFDWROD GHOOH SXOHJJH &LQJKLD GL WUDVPLVVLRQH GHOOD 3') 3XOHJJLD GHOOD 3') $JJDQFLDWH O·DOWUD HVWUHPLWj GHOOD FLQJKLD VXOOD SXOHJJLD PRWULFH GHO WRVDHUED 3HU DOOHQWD
,QVWDOOD]LRQH 5HJROD]LRQH GHO WRVDHUED 5HJROD]LRQH GHOO·DOWH]]D GL WDJOLR /H UXRWH GL VXSSRUWR SRVWHULRUL SRVVRQR HVVHUH UHJRODWH VX YDUL IRUL FRUULVSRQGHQWL DG XQ·DOWH]]D GL WDJOLR GL FP ³ µ %UDFFLR GL VEORFFR GHOOD ,QGLFDWRUH GL WHQVLRQH GHOOD 0DQRSROD GL UHJROD]LRQH 3RVL]LRQH GL EORFFDJJLR 7HQVLRQH GHOOD FLQJKLD 'LVLQVHULWH OD OHYD GL UHJROD]LRQH GHOO·DOWH]]D GL WDJOLR HVWUDHQGROD GDO TXDGUDQWH 5HJRODWH O·DOWH]]D GL WDJOLR VXO OLYHOOR GHVLGH
,QVWDOOD]LRQH /DWR DQWHULRUH ,O WRVDHUED GHYH HVVHUH FRQWUROODWR H UHJRODWR VX XQD VXSHUILFLH SLDQD SUHIHULELOPHQWH LQ FHPHQWR 3ULPD GL FRQWUROODUH LO WRVDHUED LPSRVWDWH OD SUHVVLRQH GHL SQHXPDWLFL DQWHULRUL H SRVWHULRUL FRPH LQGLFDWR QHO PDQXDOH GHOO·RSHUDWRUH 3RUWDWH OD OHYD GL UHJROD]LRQH GHOO·DOWH]]D GL WDJOLR LQ SRVL]LRQH LQWHUPHGLD $FFHUWDWHYL FKH OH GXH UXRWH DQWHULRUL UHJRODELOL VLDQR VROOHYDWH GDO WHUUHQR 'LVLQVHULWH OD SUHVD GL IRU]D 3') LQVHULWH LO IUHQR GL VWD]LRQDPHQWR V
,QVWDOOD]LRQH 5HJROD]LRQH GHO GLVOLYHOOR GHOOD ODPD SHU LO WUDVSRUWR 3RLFKp TXDQGR OD 3') q LQVHULWD VL XWLOL]]D LO EUDFFLR GL VROOHYDPHQWR GHOO·DFFHVVRULR LO GLVOLYHOOR GHOOD ODPD GXUDQWH LO WUDVSRUWR GHYH HVVHUH UHJRODWR SHU SUROXQJDUH OD GXUDWD GHOOD FLQJKLD GHOOD 3') 4XHVWD UHJROD]LRQH SHUPHWWH DQFKH GL RWWHQHUH XQ·DOWH]]D GL WUDVSRUWR DSSURSULDWD 3URFHGHWH FRPH VHJXH $FFHUWDWHYL FKH OH FDPPH GHO EUDFFLR GL VROOHYDPHQWR VLDQR QHOOD VWHVVD SRVL]LRQH 0LVXUDWH LO GLVOLYHOOR GHOOD ODPD VXL ODW
,QVWDOOD]LRQH ,Q FDVR FRQWUDULR SDUFKHJJLDWH OD PDFFKLQD VX XQD VXSHUILFLH SLDQD LQVHULWH LO IUHQR GL VWD]LRQDPHQWR DEEDVVDWH LO EUDFFLR GL VROOHYDPHQWR GHOO·DFFHVVRULR SHU VFDULFDUH OD SUHVVLRQH GDOOH FDPPH H SRUWDWH OD FKLDYH GL DYYLDPHQWR VX ´6723µ SHU VSHJQHUH LO PRWRUH 7RJOLHWH OD FKLDYH GL DYYLDPHQWR & 4XDQGR OD SXQWD GHOOD ODPD q LQ SRVL]LRQH DQWHULRUH OD ODPD GHYH HVVHUH SL EDVVD GL PP µ FLUFD ULVSHWWR DOOD SRVL]LRQH SRVWHULRUH ,Q FDVR FRQWUDULR DYYLDWH LO WUDWWRUH DEEDVV
,QVWDOOD]LRQH 5,6&+,2 327(1=,$/( 6H LO WUDWWRUH q VWDWR DSSHQD XWLOL]]DWR L FRPSRQHQWL VRWWR LO FRIDQR SRWUHEEHUR HVVHUH PROWR FDOGL &+( &26$ 38Ó 68&&('(5( ,O FRQWDWWR FRQ L FRPSRQHQWL FDOGL SXz SURYRFDUH XVWLRQL &20( (9,7$5( ,/ 5,6&+,2 /DVFLDWH UDIIUHGGDUH LO WUDWWRUH SULPD GL HVHJXLUH TXDOVLDVL ODYRUR GL PDQXWHQ]LRQH R GL WRFFDUH L FRPSRQHQWL VRWWR LO FRIDQR P )LJXUD 5LODVFLDWH LO EUDFFLR GL VEORFFR GHOOD WHQVLRQH GHOOD FLQJKLD VXOOD VFDWROD GHOOH SXOHJJH LQ PRGR GD ULODVFL
,QVWDOOD]LRQH P )LJXUD 3HUQR D - 3HU ULPXRYHUH OD VFDWROD GHOOH SXOHJJH SUHPHWH L SXOVDQWL GL VEORFFR GHL IHUPL VXO ODWR DQWHULRUH GL $WWDFK $ 0DWLFZ )LJ H VROOHYDWH OH OHYH GHL IHUPL GHOOD VFDWROD GHOOH SXOHJJH LQ PRGR GD VEORFFDUOL 7RJOLHWH OD VFDWROD GHOOH SXOHJJH P )LJXUD 3XOVDQWH DQWHULRUH $WWDFK $ 0DWLF RJQL ODWR Z )HUPL DQWHULRUL 6FDWROD GHOOH SXOHJJH $WWDFK $ 0DWLF XQR VX Z $YYLDWH LO WUDWWRUH H VROOHYDWH LO EUDFFLR GL VR
)XQ]LRQDPHQWR 6FDULFR ODWHUDOH ,O WRVDHUED q GRWDWR GL XQR VFLYROR GL VFDULFR LQFHUQLHUDWR FKH GLVSHUGH L GHWULWL D ODWR H VRWWR LO WRVDHUED 5,6&+,2 327(1=,$/( 6H OR VFLYROR GL VFDULFR RSSXUH LO VDFFR UDFFRJOLHUED QRQ VRQR LQ SRVL]LRQH O·RSHUDWRUH HG DOWUH SHUVRQH SRVVRQR HVVHUH FROSLWL GDOOH ODPH H GDL GHWULWL HVSXOVL DG DOWD YHORFLWj &+( &26$ 38Ó 68&&('(5( ,O FRQWDWWR FRQ OH ODPH URWDQWL GHO WRVDHUED H FRQ L GHWULWL SXz SURYRFDUH JUDYL OHVLRQL R PRUWH &20( (9,7$5( ,/ 5,6&+,2 121 ULPXRYHWH PDL O
)XQ]LRQDPHQWR /HYD GL VROOHYDPHQWR GHO JDQFLR GL WUDLQR /D OHYD GL VROOHYDPHQWR GHO JDQFLR GL WUDLQR )LJ VL XWLOL]]D SHU VROOHYDUH HG DEEDVVDUH L YDUL DFFHVVRUL 6ROOHYDPHQWR GHO JDQFLR GL WUDLQR $YYLDWH LO WUDWWRUH 7LUDWH OD OHYD GL VROOHYDPHQWR GHO JDQFLR GL WUDLQR YHUVR O·DOWR ILQFKp QRQ VFDWWD LO IHUPR ,Q TXHVWD SRVL]LRQH O·DFFHVVRULR YLHQH PDQWHQXWR VROOHYDWR P )LJXUD /HYD GL VROOHYDPHQWR GHOO·DFFHVVRULR 5,6&+,2 327(1=,$/( 4XDQGR LO PRWRUH q VSHQWR JOL DF
)XQ]LRQDPHQWR 5HJROD]LRQH GHOOH GXH UXRWH DQWHULRUL &RQWUROOR GL HYHQWXDOL GHWULWL /H GXH UXRWH DQWHULRUL GHYRQR HVVHUH UHJRODWH QHO IRUR SL RSSRUWXQR RJQL TXDOYROWD VL PRGLILFD O·DOWH]]D GL WDJOLR 'RSR DYHU VHOH]LRQDWR O·DOWH]]D GL WDJOLR DFFHUWDWHYL FKH OH UXRWH DQWHULRUL VLDQR VROOHYDWH GL PP µ FLUFD GDO WHUUHQR 3HU VROOHYDUH OH UXRWH GDO WHUUHQR WRJOLHWH OD FRSSLJOLD HG LO SHUQR H FDPELDWH OD SRVL]LRQH QHO IRUR )LJ 6HOH]LRQDWH XQ IRUR LQ PRGR FKH OD UXRWD VLD VROOHYDWD
)XQ]LRQDPHQWR 7DJOLR SHU GHOOD ODPD (YLWDUH HUED WURSSR EDVVD ,Q JHQHUH q SUHIHULELOH WDJOLDUH VRODPHQWH SHU FLUFD GHOOD ODPD 6L UDFFRPDQGD GL QRQ VXSHUDUH TXHVWD DOWH]]D D PHQR FKH O·HUED QRQ VLD UDGD RSSXUH DG DXWXQQR LQROWUDWR TXDQGR O·HUED FUHVFH SL OHQWDPHQWH 6H OD ODUJKH]]D GL WDJOLR GHO WRVDHUED q VXSHULRUH D TXHOOD XWLOL]]DWD LQ SUHFHGHQ]D DXPHQWDWH O·DOWH]]D GL WDJOLR LQ PRGR FKH O·HUED QRQ VLD WDJOLDWD WURSSR EDVVD ,Q JHQHUH O·HUED GL DOWH]]D PHGLD GHYH HVVHUH WDJOLDWD DG XQ·DOW
0DQXWHQ]LRQH 7DEHOOD GHJOL LQWHUYDOOL GL PDQXWHQ]LRQH ,QWHUYDOOR GL PDQXWHQ]LRQH 2JQL XWLOL]]R &RQWUROOR GHOOD ODPD RUH ; ,QJUDVVDJJLR GHJOL DOEHUL GHO WRVDHUED RUH RUH 3HU LO ULPHVVDJJLR ; ; ; ; &RQWUROOR GL FUHSH XVXUD GHOOH FLQJKLH 3XOL]LD GHOO·DOORJJLDPHQWR GHO WRVDHUED 0DQXWHQ]LRQH SULPDYHULOH ; ; &RQWUROOR LQL]LDOH GHOOD WHQVLRQH ; ; GHOOD FLQJKLD ; &RQWUROOR GHOOH VXSHUILFL YHUQLFLDWH ; ; /DPD GL WDJOLR 5,6&+,2 327(1=,$/( /DVFLDQGR OD FKLDYH QHOO·LQWHUUXWWRUH GL DYYLDPH
0DQXWHQ]LRQH &RQWUROOR GHOOD H ODPD H 5LPXRYHWH LO WRVDHUED IDWH ULIHULPHQWR D 5LPR]LRQH GHO WRVDHUED SDJLQD &RQWUROODWH L WDJOLHQWL )LJ 6H L WDJOLHQWL QRQ VRQR DIILODWL R SUHVHQWDQR EDYH WRJOLHWH OD H ODPD H HG DIILODWHOD H )DWH ULIHULPHQWR D $IILODWXUD GHOOD H ODPD H D SDJLQD &RQWUROODWH OD H ODPD H LQ SDUWLFRODUH O·DUHD FXUYD )LJ ,Q FDVR GL GDQQL XVXUD R VFDQDODWXUH QHOO·DUHD )LJ PRQWDWH LPPHGLDWDPHQWH XQD QXRYD ODPD P )LJXUD %XO
0DQXWHQ]LRQH ,QJUDVVDJJLR H OXEULILFD]LRQH ,QWHUYDOOR GL PDQXWHQ]LRQH VSHFLILFKH ,QJUDVVDWH LO WRVDHUED RJQL RUH GL HVHUFL]LR RSSXUH XQD YROWD DOO·DQQR D VHFRQGD GHOOD VFDGHQ]D FKH VL SUHVHQWD SHU SULPD ,QJUDVVDWH SL IUHTXHQWHPHQWH LO WRVDHUED LQ FRQGL]LRQL HVWUHPDPHQWH VSRUFKH R SROYHURVH )LJXUD /DPD %LODQFLDWRUH ,QVWDOOD]LRQH GHOOD H ODPD H 7HQHWH O·HVWUHPLWj GHOOD ODPD FRQ XQR VWUDFFLR RSSXUH XQ JXDQWR EHQ LPERWWLWR ,QVWDOODWH OD ODPD LO ULQIRU]R HG LO EXOORQH GHOOD ODPD
0DQXWHQ]LRQH 3XQWL GL LQJUDVVDJJLR /XEULILFDWH JOL DOEHUL GHOOD ODPD )LJ P )LJXUD %UDFFLR GL VEORFFR GHOOD 3RVL]LRQH GL EORFFDJJLR 7HQVLRQH GHOOD FLQJKLD GHO EUDFFLR GL WHQVLRQH WHQVLRQH GHOOD FLQJKLD ,QGLFDWRUH GL WHQVLRQH GHOOD 0DQRSROD GL UHJROD]LRQH FLQJKLD P )LJXUD &RQWUROOR GHOOD WHQVLRQH GHOOD FLQJKLD GL WUDVPLVVLRQH GHOOD 3') ULODVFLDWD GHOOD WHQVLRQH GHOOD FLQJKLD 3HU SUROXQJDUH OD GXUDWD GHOOD FLQJKLD GL WUDVPLVVLRQH GHO
0DQXWHQ]LRQH 7DJOLDWH HUED DOWD HG HUEDFFH FRQ LO WRVDHUED LO SL VROOHYDWR SRVVLELOH HIIHWWXDQGR OD VHFRQGD SDVVDWD DOO·DOWH]]D GL WDJOLR GHVLGHUDWD 3XOLWH SHULRGLFDPHQWH LO JUXSSR GL WDJOLR GD HYHQWXDOL GHWULWL H UHVLGXL G·HUED 5LGXFHWH O·DOWH]]D R OD YHORFLWj GL WUD]LRQH LQ FRQGL]LRQL GL FDULFR HOHYDWR RSSXUH GXUDQWH OD UDFFROWD R OD VPLQX]]DWXUD &LQJKLD GL WUDVPLVVLRQH GHOOD ODPD 5LPR]LRQH GHOOD FLQJKLD GL WUDVPLVVLRQH GHOOD ODPD 5LPXRYHWH LO WRVDHUED IDWH ULIHULPHQWR D
0DQXWHQ]LRQH /DYDJJLR GHO VRWWRVFRFFD GHO WRVDHUED 5LDYYLDWH LO WRVDHUED H IDWHOR IXQ]LRQDUH SHU XQR WUH PLQXWL SHU HOLPLQDUH O·DFTXD LQ HFFHVVR 'RSR RJQL XWLOL]]R ODYDWH LO VRWWRVFRFFD GHO WRVDHUED SHU SUHYHQLUH O·DFFXPXOR GL UHVLGXL G·HUED HG RWWHQHUH XQD PLJOLRUH TXDOLWj GL WDJOLR H GLVSHUVLRQH GHL UHVLGXL 3DUFKHJJLDWH LO WUDWWRUH VX XQD VXSHUILFLH SLDQD ,QVHULWH LO IUHQR GL VWD]LRQDPHQWR DYYLDWH LO WUDWWRUH H VROOHYDWH LO EUDFFLR GL VROOHYDPHQWR GHOO·DFFHVVRULR 6FHQGHWH GDO
,QGLYLGXD]LRQH GHL SUREOHPL 352%/(0$ 9LEUD]LRQL DQRPDOH /D H ODPD H QRQ UXRWD $OWH]]D GL WDJOLR QRQ XQLIRUPH $OWH]]D GL WUDVSRUWR LQVXIILFLHQWH 3266,%,/, &$86( 5,0(', /D H ODPD H q VRQR SLHJDWD H R GLVHTXLOLEUDWD H 6RVWLWXLWH OD H ODPD H ,O EXOORQH GL ILVVDJJLR GHOOD ODPD q DOOHQWDWR 6HUUDWH LO EXOORQH GL ILVVDJJLR GHOOD ODPD , EXOORQL GL ILVVDJJLR GHO PRWRUH VRQR DOOHQWDWL 6HUUDWH L EXOORQL GL ILVVDJJLR GHO PRWRUH 8QD GHOOH SXOHJJH GHO PRWRUH GHO WHQGLFL
,QGLYLGXD]LRQH GHL SUREOHPL 352%/(0$ /D FLQJKLD GHOOD 3') VFRFFD GHO JUXSSR GL WDJOLR HVFH GDOOH SXOHJJH VOLWWD R FDGH 3266,%,/, &$86( 5,0(', 7HQVLRQH GHOOD FLQJKLD HUUDWD 5HJRODWH OD WHQVLRQH GHOOD FLQJKLD /LYHOODPHQWR GHO WRVDHUED HUUDWR 5HJRODWH LO OLYHOODPHQWR GHO WRVDHUED /LYHOOR GHOOD ODPD GXUDQWH LO WUDVSRUWR HUUDWR 5HJRODWH LO OLYHOOR GHOOD ODPD SHU LO WUDVSRUWR /D JXLGD GHOOD FLQJKLD GHO JUXSSR GL WDJOLR q DOOHQWDWD R UHJRODWD LQ PRGR HUUDWR 5
