6 $ ' 5 ä $-
3 5 9 $
. 1 - , * $
, '(2
ª1(3265('$1',-$/2*©²892'87(+1,.83$0û(1-$
ª/LOLSXWDQDFX=HPOML'LYRYD©
=DãWRQHELVWHVPHOLGDRYXNQMLJXVDPRSURþLWDWH" ² ² ²
ª6YHVYRMHQRVLPVDVRERP©
9DåQRVWSDPüHQMD]DXVSHKXåLYRWXLUDGX ²²
ª*QRWKLVHDXWRQ©
² ² ²
.DNRüHWHRGUHGLWLNYRFLMHQWLMDþLQX9DãHJVDGDãQMHJSDPüHQMD"
(OHNWURQVNLPR]DN]DRVQRYQHUDþXQVNHUDGQMH"
0DNVLPDOQLNDSDFLWHWLJUDQLFHQDãHJSDPüHQMD²²² ²
)HQRPHQDOQDSDPüHQMDNUR]YHNRYH
.DNRVXPQRJLMHGQRVWDYQLPVUHGVWYLPDRVWYDULOLUHNRUGHXSDPü H Q M X " B B B B B B B B B B B B B
/DPLQXWHGHYHULWH
2WYRUHQLQHSRVUHGDQGLMDORJVDþLWDRFHP ² ² ² ² ²
)RUPXODXVSHKD
.DNRüH9DPRYDNQMLJDQDMYLãHNRULVWLWL"²²² ² ²
,,'(2
ª879251,&,801,+0$â,1$© ²7(+1,.(,0(72'(863(612* 3$0û(1-$,1-,+29$35,0(1$
9HURYDOLLOLQHORãLKSDPüHQMDQHPD
1LVXSDPüHQMDORãDQHJRQDYLNHLPHWRGLSDPüHQMD ² ² ²
3DPüHQMHQLMHFLOMYHüVUHGVWYRNDFLOMX
.DNYRQDP SDPüHQMH]DSUDYRWUHED"²² ² ² ² ²
.OMXþ]DGREURSDPüHQMH
%H]LQWHUHVRYDQMDLPRWLYDFLMHQHPDGREURJSDPüHQMD ²
ª7DMQDGREURJSDPüHQMD©
²
2VQRYDVYDNRJGREURJSDPüHQMD$VRFLMDWLYQDWHKQLND² ²
/DQþDQDUHDNFLMDPHQWDOQLKVOLND
/DQþDQLPHWRGSDPüHQMD ² ² ² ² ² ² ² ² ²
3RGþXGHVQLPGHMVWYRPPDãWH
9DåQRVWXREUD]LOMH]DGREURSDPüHQMH ²²
² ² ² ²
0HQWDOQDNDUWRWHND
9H]QLPHWRGSDPüHQMD² ² ² ² ² ² ² ² ² ²
=DERUDYOMHQSRVDRMHXYHN²QHREDYOMHQSRVDR
3ULPHQDODQþDQRJPHWRGDSDPüHQMDQDUD]QHREODVWL² ² ²
ª7LPHLVPRQH\©
.DNRüHWHVDPDQMHYUHPHQDREDYLWLYLãHSRVOD"²² ² ²
ª3URSDOHLOX]LMH©
3DPüHQMHVDRVPLãOMDYDQMHPLUD]XPHYDQMHPMHQDMHILNDVQLMH²
.DNRVHVXYRSDUQLEURMHYLSUHWYDUDMXX]DQLPOMLYHUHFL"
%URMþDQLDOIDEHWLSDPüHQMHVYLKYUVWDEURMHYD² ² ² ²
0HQWDOQDNDUWRWHNDQHRJUDQLþHQRJNDSDFLWHWD
%URMþDQDLOLQXPHULþNDWDEHOD]DYH]QLPHWRGSDPüHQMD ² ²
0HPRULMDHOHNWURQVNRJUDþXQDUD
3DPüHQMHUD]QLKYUVWDEURMHYD² ² ² ² ² ² ² ²
ª.DGDVHRGGUYHüDãXPDQHYLGL©
1DãDþHVWD]DEOXGDJOHGDPR²QHYLGLPRSRVPDWUDPR²QH ]DSDåDPR² ² ² ² ²² ²²² ² ² ² ²
ª6QDJHXPDVXNDR]UDFLVYHWORVWL©
.DNRüHPRVDPDQMHQDSRUDREDYLWLYLãHSRVOD"² ² ² ²
-RãMHGQDPRüQDXPQDPDãLQD
$VRFLMDWLYQDWHKQLND² ² ² ² ² ² ² ² ² ²
äLYDELEOLRWHNDGXKRYLWRVWL
3DPüHQMHDQHJGRWDLNUDüLKSULþD² ² ² ² ² ² ² =JUDGD9DãHJSDPüHQMDPRUDSRþLYDWLQD]GUDYLPWHPHOMLPD 3VLKRIL]LþNHRVQRYH9DãHJSDPüHQMD²² ² ² ² ² -RãPDORVDPRDQDOL]H
2GUHGLWHVYRMWLSSDPüHQMD²² ² ² ² ² ² ² ²
9UHPHSORYRPX6WDUX*UþNXL5LP
7RSRVLVWHPSDPüHQMD²²²²²² ²² ²²
8PLQXWGRGYDQDHVW
6YHYUVWHUHGRYDYRåQMHX9DãHPGåHSX²² ² ² ² ²
%H]SRQDYOMDQMDQHPDWUDMQRJSDPüHQMD
=DãWRMHVLVWHPDWVNRSRQDYOMDQMHQHRSKRGQR]DGREURSDPüHQMH"
' 5 8 * $
. 1 - , * $
,,, '(2
ª801( 0$â,1(1$'(/8©²35$.7,ý1$35,0(1$0(72'$(),.$612* 3$0û(1-$
&RYHNNRMLMHGQRYUHPHQRGLNWLUDüHORPGDNWLORELURX
.DNRVHPRåHGLNWLUDWLQHNROLNRSLVDPDXLVWRYUHPH"² ² ²
1DXþLWHMH]LNWHOHJUDILMH]DNUDWNRYUHPH
3DPüHQMH0RUVHRYRJDOIDEHWD²²²² ² ² ² ²
.DNYDVHWYD²WDNYDåHWYD
)DNWRULRGOXþXMXüL]DGREURVHüDQMH² ² ² ² ² ² ²
'YHHSLGHPLMHPRGHUQRJYUHPHQD
2WVWUDQMLYDQMHUDVHMDQRVWLL]DERUDYQRVWL² ² ² ²
=DERUDYOMDQMH²XVORYGREURJSDPüHQMD"
2GþHJD]DYLVL]DERUDYOMDQMHLYHãWLQD]DERUDYOMDQMD²² ²
,QLFLMDOQDWHKQLND
,QLFLMDOLLVORJRYLNDRSRPRüSDPüHQMX ²²
6LJXUQLML]DYRODQRPDXWRPRELOD
² ² ² ²
3DPüHQMHPSRWUHEQLKSRGDWDNDSRVWDMHWHHILNDVQLMLYR]Dþ² ²
8EHVNUDMQRPPRUXNRPELQDWRULNH
3URãLUHQMHªPHPRULMH©XPQLKPDãLQD ²² ² ² ² ²
=DJRYRUQLþNLPSXOWRP
3DPüHQMHJRYRUDLSUHGDYDQMD² ² ² ² ² ² ² ²
3UHVOLNDQLWHNVWRYLLRåLYOMHQLSDUDJUDIL
3DPüHQMHWHNVWRYDþODQDNDSURSLVDLVWLKRYD² ² ² ² ²
'UXJDVWUDQDPHGDOMH
1HJDWLYQHVWUDQHSDPüHQMD²²²²² ² ² ² ²
=DSDPüHQHSRVHWQLFHLQHYLGOMLYLGRVLMHL
3DPüHQMHLPHQDLOLNRYD²²²²² ² ² ² ²
9HþLWLNDOHQGDUEH]NDOHQGDUD
3DPüHQMHUD]QLKGDWXPDJRGLãQMLFDURNRYQLNDLNDOHQGDUD²
9HOLNLSULQFLS9XL9HQ
9DåQRVWWRWDOQHUHODNVDFLMH]DSDPüHQMH²²²²²²
1D VYLPMH]LFLPDVYHWD
3DPüHQMHLXþHQMHVWUDQLKMH]LND² ² ² ² ² ² ²
%RJVQD+LSQRVXKUDPX0QHPR]LQH
3DPüHQMHXKLSQR]LLXVQX²² ² ²² ² ² ² ²
(LGHWVNHVOLNHLIRWRJUDIVNRSDPüHQMH
6LVWHPDWVNRSDPüHQMH]DQDMPODÿH² ² ² ² ² ² ²
7HOHIRQVNLLPHQLFLLDGUHVDULXJODYL
3DPüHQMHWHOHIRQVNLKEURMHYD²²²² ² ² ² ²
0HQWDOQLNRPSMXWHUL
0HQWDOQRUDþXQDQMHLSDPüHQMHUD]QLKIRUPXOD² ² ²
.UR]YHNRYH
²
.DNRVHSDPWHGDWXPLJRGLQHLGUXJLSRGDFLL]LVWRULMH"² ²
1DSXWXRNRVYHWD
3DPüHQMHSRMPRYDLSRGDWDNDL]JHRJUDILMH²²²²²
.UR]FDUVWYRQDXND
3ULPHULSDPüHQMDSRGDWDNDL]QHNROLNRQDXþQLKREODVWL
2QDMYHüRMSULWRFL]QDQMD
² ²
ýLWDQMHLSDPüHQMH² ²²²²² ² ² ² ²
-HGDQSDUDGRNVGDELVWHGREURSDPWLOLPRUDWH]QDWLEHOHåLWL
.DUWRWHND]QDQMD²²
5HGLDXWRPDWL]DFLMDVHüDQMD
² ² ² ² ² ² ² ² ²
5HGLXUHGQRVWNDRWHKQLNDSDPüHQMD ² ² ² ² ² ²
,9 '(2
ª1$0$5*,1$0$.25,612*,=$%$912*©²=$1,0/-,9$7(+1,.$ 3$0û(1-$ $VWURQRPVNDQDJUDGD]DVLURPDãQRJSURQDOD]DþD
3DPüHQMHãDKDLãDKRYVNLKSDUWLMD ²²² =D]HOHQLPVWRORP&DVLQR5R\DOD
² ² ² ²
3DPüHQMHNDUDWD]DLJUDQMH²²²² ² ² ² ² ² ªýDUREQD]YH]GD©
3DPüHQMHª0DJLþQLKNYDGUDWD©LHQLJPDWLNH² ² ² ² ² )HQRPHQDOQDPHPRULMDXGUXãWYHQLPLJUDPD
$XWRWUHQLQJLOL]DQLPOMLYHLJUHVDSDPüHQMHP ² ² ² ² ª6YHXPDORPSUVWX©
$VDGDQDNUDMXNQMLJHPRåHWH]DSDPWLWLüHOXRYXNQMLJX² ² 9'(2
ª9$â67$/1,3202û1,.85$'86$2920.1-,*20© ' 2 ' $ 7 $ .
² 5HãHQMDWHVWRYDL9DãLRVYRMHQLERGRYL ² ² ² ² ² ² 3UHJOHGQD WDEHOD WHVWRYD ² ²²² ² ² ² ² ² 7DþQDUHãHQMDWHVWRYD ² ²²²²²² ² ²
ª/,/,387$1$&8=(0/-, ',929$©
8 REODVWL IL]LþNRJ UDGD PDãLQH VX QHMDNRJ þRYHND XþLQLOH JRVSRGDUHP SULURGH , X XPQRPH UDGX SRVWRMH PHWRGL L WHKQLNH NRMH WDNRÿH XPQRJRVWUXþXMX XþLQDN QDãH XPQH VQDJH 7L PHWRGL UDGD VXXPQHPDãLQHþRYHND
=$â72 1( %,67( 60(/, '$ 298 .1-,*8 6$02 352ý,7$7("
9HURYDWQRVWHVHGRVDGDQHMHGQRP]DSLWDOL ² .ROLNR SXWD VX VDYUHPHQH PDãLQH L XUHÿDML SRYHüDOL VQDJX þRYHNDPRGHUQRJGRED" ² 1HVXPQMLYR YHRPD PQRJR ² UD]PLãOMDOL VWH GDOMH ² X PQRJLP REODVWLPD þDN L QHNROLNR KLOMDGD SXWD 'D MH þRYHN RVWDR XSXüHQLRJUDQLþHQVDPRQDVQDJXVYRMLKPLãLüDQHELELRXVWDQMX GDVWYRULEURMQDPDWHULMDOQDLGUXJDGREUDNRMDJDRNUXåXMX 'D ]DKYDOMXMXüL QDMUD]QRYUVQLMLP PDãLQDPD L SURQDODVFLPD þRYHN GDQDãQMLFH MH X PRJXüQRVWL GD REDYOMD RJURPQH UDGRYH L SRVWLåH WDNYH XVSHKH X SULODJRGDYDQMX SULURGH VYRMLP SRWUHEDPD R þLMRMYHOLþLQLLRELPQRVWLþRYHþDQVWYRMRãSUHSDUVWRWLQDJRGLQDQLMH PRJORQLGDVDQMD ² $NR MH WDNYR VWDQMH X PDWHULMDOQRM VIHUL UDGD ² GD QDVWDYLPR QDã GLMDORJ ² SRVWDYOMD VH SLWDQMH NDNR MH þRYHN RSUHPOMHQXVYRPXP
QRP LQWHOHNWXDOQRP UDGX" 'D OL RQ L X REODVWL VYRJ XPQRJ UDGD UDVSRODåHODNRPRüQLPLSURGXNWLYQLPPDãLQDPD" $NR PDOR GXEOMH UD]PLVOLPR PRUDPR XVWDQRYLWL GD MH þRYHN PRGHUQRJ YUHPHQD QDåDORVW JRWRYR QHRSUHPOMHQ L JRORUXN VXSURWVWDYOMHQ RJURPQRM VYDNRGQHYQRM EXMLFL QDMUD]QRYUVQLMLK LQIRUPDFLMD ]QDQMD L SRGDWDND 3RUHG WRJD RG QMHJD VH RþHNXMH L ]DKWHYD GD VYDNRGQHYQR QDXþL ]DSDPWL LOL UHSURGXNXMH VWRWLQH L VWRWLQH SRGDWDND LQIRUPDFLMD þLQMHQLFD EURMHYD VYLK YUVWD VYLK PRJXüLKREDYH]DQDUDGQRPPHVWXXãNROLXSRURGLþQRPLOLSULYDWQRP åLYRWX ,VWRYUHPHQR VYD WD ]QDQMD L RJURPQL PDWHULMDO PRUDPR VDYODÿLYDWLXUHODWLYQRVYHNUDüHPURNXLWR²SUHFL]QRLSRX]GDQRMHU RG WRJD ]DYLVL YHRPD PQRJR QDã XVSHK QD UDGQRP PHVWX X ãNROL X SRURGLþQRP L OLþQRP åLYRWX äLYLPR X HUL SURJUHVD QDXNH L WHKQLNH ]QDQMDLVYHYHüLKLEUåLKVD]QDQMD 6DPRSUHPDQDOD]LPDHNVSHUDWD8MHGLQMHQLKQDFLMDJRGLãQMHVH
XVYHWXSXEOLNXMHSUHNRGYDPLOLRQD UD]QLKLQIRUPDFLMDLOLQDVORYD ª*GHMHQHYROMDWDPRMHRELþQRLOHNSURWLYQMH ©
9HURYDWQR VWH VH L 9L YHü QDãOL X VOLþQRM QH]JRGQRM VLWXDFLML SULWLVQXWL RELPQRãüX L PQRãWYRP PDWHULMDOD L SRGDWDND NRMH WUHED VDYODGDWLGDVWHVHRVHüDOLNDRQHNL /LOLSXWDQDFQDLQWHQ]LYQRPUDGX X=HPOML'LYRYD0QRJLGROD]HXWDMQHSRåHOMDQSRORåDM,VYHüHþHãüHL YLãH GROD]LWL MHU ]DKXNWDOD ODYLQD LQIRUPDFLMD L ]QDQMD L GDOMH VYDNRGQHYQRQH]DGUåLYRUDVWHSRSXWVQHåQHORSWHNRMDMXUHüLQL]VQHåQX SDGLQXVYDNLPRNUHSRPXGYRVWUXþXMHVYRMXPDVX ãWDGDVHUDGL"8þHPXMHUHãHQMHRYRJSUREOHPD"8PHVWRRGJRYRUDGD 9DP LVSULþDPR MHGDQ LVWLQLWL GRåLYOMDM X ,QGLML *UXSD WXULVWD EH]EULåQRMHWXPDUDODRNRUXãHYLQDQHNRJKUDPDLRGMHGQRPQMLKRY YHVHOL åDJRU SUHNLQXR MH SURGRUDQ NULN &RYHND MH XMHOD RSDVQD RWURYQLFD 'RN VX RVWDOL JUR]QLþDYR SRNXãDYDOL SULUXþQLP VUHGVWYLPD GDXQHVUHüHQRPHSUXåHSRPRüYHüVHPRJORSULPHWLWL]ORNREQRGHMVWYR
MDNRJ]PLMVNRJ RWURYD RG NRJD VSDãDYDMHGLQR KLWQD LQWHUYHQFLMD RGJRYD UDMXüLPPHGLFLQVNLPVUHGVWYLPD 6DVYLPQHRþHNLYDQRQHNLL]JUXSHSULPHWLãHMHGQRJ+LQGXVD%LR MHWRNRãWXQMDYLåLYDKDQVWDUDFNRMLVH]DVYRMHSRRGPDNOHJRGLQHODNLPL EU]LPNRUDNRPSULEOLåDYDWLPMHVWXQHVUHüH2GPDKMHVKYDWLRVLWXDFLMXEH] PQRJRUHüLRVPRWULRVPUWRQRVQLXMHGLMXUHüLSRþHRMHRGPDKWX X QDM EOLåRMRNROLQLGDVDNXSOMDQHNHWUDYNH3RVWR MH LVLVDR RWURY L] UDQH SULa YH]DR MH QD QMX QHNX YUVWX WDPSRQD NRML MH QDSUDYLR RG VDNXSOMHQLK OMHNRYLWLK WUDYD 8EU]RMHQMHJRYSDFLMHQWSRþHRGDSRND]XMHSUYH]QDNHRODNãDQMD O SREROMãDQMD 1HRELþQL VWDUþLü MH XVWDR VD NDPHQD L XPMHVWR SR]GUDYD UHNDR =DSDPWLWHJGHMHQHYROMDWDPRMHRELþQRLOLMHNSURWLYQMH 9HRPDL]QHQDÿHQLLLPSUHVLRQLUDQLWXULVWLVXGXJLPSRJOHGRPLVSUD üDOL QHRELþQRJ +LQGXVD NRML VH åLYDKQR NRUDþDMXüL XGDOMDYDR NULY XGDYRP
/HN SURWLY SRSODYH ]QDQMD OH]L RSHW X ]QDQMX X SR]QDYDQMX PHWRGD L WHKQLND QMHQRJ VDYODÿLYDQMD 7L PHWRGL L WHKQLNH VX X VWYDUL VYRMHYUVQHXPQHPDãLQH4QHNDRLPDãLQHXPDWHULMDOQRM REODVWL QDãHJ UDGD YLãHVWUXNR SRYHüDYDMX QDãX XPQX VQDJX X QMHQRP HIHNWX D UH]XOWDWXQDãHJXPQRJUDGDXYHOLNRMPMHULXEU]DYDMXLXPQRåDYDMX 1DåDORVW GR VDGD VPR WURãLOL VXYLãH QDSRUD L YUHPHQD GD ELVPR ]D SDPWLOLLQDXþLOLãWRQDPMHSRWUHEQR$NROLNRWHNSRWURãLPRQDSRUDLYUH PHQDQDQHYDåQHQHSRWUHEQHVWYDUL"3ULPMHQRPRGJRYDUDMXüLKPHWRGDL WHKQLND PRåHPR YLãHVWUXNR VNUDWLWL YULMHPH L VPDQMLWL QDSRUH NRMH VPR GRVDGD XODJDOL ,]QLMHWHPHWRGHQLVXNDELQHWVNHWHRULMHLKLSRWH]HYHüGXJRJRGLãQMRP SUDNVRP SURYMHUHQH L SRWYUÿHQH WHKQLNH SDPüHQMD NRG ãLURNRJ NUXJD OMXGL VYLK PRJXüLK SUL]LYD QD UD]QLP SROMLPD OMXGVNH GMHODWQRVWL 0QRJH RGGDQLKWHKQLNDLPHWRGD SRWYUÿHQH VX þDN YMHNRYQLP LVNXVWYLPD NUDM PQRJHJHQHUDFLMH
%LOR EL LSDN SRJUHãQR RYH WHKQLNH SDPüHQMD X]HWL DSVROXWQR W NUXWRLKSULPMHQMLYDWLQDVYHLVYDNRJD6YDNLMHüRYHNUD]OLþLWWLPDVYRM SRVHEDQ VWLO X SDPüHQMX L XPQRP UDGX 2YGMH L]QLMHWL PHWRGL YHRPD PQRJR VX SRPRJOL PQRJLPD DOL WR QH PRUD GD ]QDþL GD ]D VYDNRJ SUHGVWDYOMDMXQDMEROMLREOLNUDGD=DWRVH/SUHSXãWDþLWDRFXGDVDPRWNULMH L RGOXþL VKRGQR VYRP SVLKRORãNRP L UDGQRP SURILOXNRMH üH WHKQLNH L QDþLQHNRULVWLWLQþLPHQMHQHãWRüHL]PHQLWLDãWDXRSãWHQHüHNRULVWLWL 6DPRVSLVDNPRQRJUDILMDNQMLJDLþODQDNDRSDPüHQMXNRMLVHVYDNH JRGLQHREMDYOMXMXXüHORPVYHWXLVSXQLRELRELPRYHNQMLJH=DWRVPRVH RYGMH RJUDQLþLOL VDPR QD RQH REODVWL SDPüHQMD NRMH VOXåH þRYMHNX X UMHãDYDQMX QMHJRYLK VYDNRGQHYQLK SUDNWLþQLK SUREOHPD NDNYH PX LK QHSUHVWDQR QDPHüH QMHJRY åLYRW L UDG =QDQMH L SDPüHQMH EH] RE]LUD QD YHOLþLQXLYUVWXSRWUHEQRMHVYDNRPþRYMHNX=DWRMHOVYUKDRYHNQMLJHGD SUXåL SUDNWLþQD SURYMHUHQD L VLJXUQD XSXWVWYD D QH GD GDMH RFMHQH LOL NRQDþQHVXGRYH .R VDYMHVQR SULÿH SURXþDYDQMX RYH NQMLJH L WHPHOMQR SURUDGL L XSR]QD VKRGQR GDO@H GDWLP XSXWVWYLPD WHKQLNH L PHWRGH HILNDVQRJ SDPüHQMD PRüL üH GD QDMPDQMH XWURVWUXþL VYRMH GRVDGDãQMH SDPüHQMH ,VWRYUHPHQRVYL QMHJRYL GRVDGDãQML SUREOHPL SDPüHQMD SUHWYRULüH VH X ]DGRYROMVWYDSDPüHQMD
1D 9DPD MH GD UDGRP QD RYRM NQML]L L SURYMHURP X SUDNVL RFLMHQLWH YUHGQRVW L]QHWLK PHWRGD L VLVWHPD SDPüHQMD 0RüQH XPQH PDãLQHSRVWRMH'D ELVWH QMLPD RYODGDOL PRUDWH LK GREUR SR]QDYDWL D ]D WR MH SRWUHEQD 9DãD SXQD VXUDGQMD GD RYX NQMLJX QH VDPR SURþLWDWH QHJR GREUR SURXþLWH L ãWR MH QDMYDåQLMH GD QDXþHQR SULPHQLWH X SUDNVL 7R MH MHGLQL QDþLQ GD RFLMHQLWH L LVNRULVWLWH YULMHGQRVWRYLKPHWRGD =DWRRYXNQMLJXQHELVWHVPHOLVDPRGDSURþLWDWH ª69(692-(126,06$62%20©
0LVPRRQRãWRSDPWLPR ² -*)LKWH
9$12673$0û(1-$=$863(+8ä,9278,5$'8
1D YHVW SUDãQMDYRJ L XPRUQRJ JODVQLND GD VX ULPVNH OHJLMH NUHQXOH GD RSVHGQX JUDG ]DYODGDOD MH RSãWD SDQLND L SRPHWQMD 6WDQRYQLFL JUDGD VX UHVLOL GD QDSXVWH JUDG VD FMHORNXSQRP VYRMRP LPRYLQRPLGDQHSULMDWHOMXQHRVWDYHQLãWD'RNVXOMXGLLVDPLWHãNR QDWRYDUHQL NRUDþDOL SRUHG VYRMLK SUHWRYDUHQLK ]DSUHJD QMLKRY VXJUDÿDQLQVWDULILOR]RI%LDVNUHQXRMHEH]LJGMHLþHJD .DGD VX JD SRþHOL SUHNRUHYDWL ãWR VYRMX LPRYLQX RVWDYOMD QHSULMDWHOMXPXGULVWDUDFLPMHPLUQRRGJRYRULR ª2PQLDPHDPHFXPSRUWR©²ª6YHVYRMHQRVLPVDVRERP© *UþNLILOR]RI%LDVMHPLVOLRQDVYRMH]QDQMH VYRMXPXGURVWL GD WDM VYRM MHGLQL L SUDYL SRVMHG XYHN PRåH GD QRVL VD VRERP ]DKYDOMXMXüLVYRPSDPüHQMX =DLVWD SDPüHQMH MH MHGQR RG QDãLK QDMYHüLK L QDMGUDJRFMHQLMLK GREDUD 0HÿXWLP LDNR EH] QMHJD QH PRåHPR L QHSUHVWDQR JD PRUDPR NRULVWLWLPLJDMRãXYHNQHGRYROMQRSR]QDMHPR$NR]DSLWDPR ª6WDMH SDPüHQMH"©WRMHNDRGDVPRSRVWDYLOLSLWDQMHª6WDMHHOHNWULFLWHW"© LOLª6WDMHHQHUJLMD"© 1LNR MRã QLMH PRJDR GD REMDVQL VXãWLQX RYLK SRMDYD $OL ]DWR ]QDPR SXQR þLQMHQLFD L ]DNRQLWRVWL NRMH XSUDYOMDMX RYLP QHREMDãQMLYLP SRMDYDPD $ WR QDP RPRJXüXMH GD LK L]GDãQR NRULVWLPRXUD]OLþLWHVYUKH ,VWR WDNR GRN MH SURFHV L VXãWLQD SDPüHQMD PDOR SR]QDWD SVLKRORãNDVYRMVWYDSDPüHQMDVXGRVWD GREUR SR]QDWD 7DNRÿHU ]QDPR SXQR þLQMHQLFD R SDPüHQMX L GRVWD ]DNRQLWRVWL NRMH QMLPH XSUDYOMDMX =QDPR GD SDPüHQMH IXQNFLRQLUD DOL NDNR IXQNFLRQLUD L ãWR PX MH VXãWLQD ² WR MRã XYHN QH ]QDPR $OL WR QDV QL X RYRP VOXþDMX QL QDMPDQMHQHVSUHþDYDGDVSRPHQXWH]DNRQLWRVWLSDPüHQMDXSR]QDPRL WLPH VHEL RPRJXüLPR GD VH VYRMLP SDPüHQMHP XVSMHãQR L HILNDVQR NRULVWLPRXVYLPREODVWLPDåLYRWDLUDGD 3DPüHQMHMHMHGQDRGQDM]DJRQHWQLMLKIXQNFLMDSVLKHåLYLKELüD L MHGQD RG QDMYDåQLMLK IXQNFLMD QDãH SVLKH MHU MH RVQRYD PLãOMHQMD L GUXJLK L
-RKDQQ*RWWOLHE)LFKWH² QMHPDþNLILOR]RI
)LOR]RI%LDVª2PQLDPHRPHFXPSRUWR©
SVLKLþNLK SURFHVD 3DPüHQMH MH VORåHQL SVLKLþNL SURFHV VD L]YDQUHGQLP VYRMVWYRPRQRQDPRPRJXüDYDGDQDMSUH]DGUåLPRDNDVQLMHSRSRWUHEL REQRYLPR L UHSURGXNXMHPR VYH RQR ãWR MH ELOR LOL SURãOR NUR] QDãX VYHVW 'UXJLP UHFLPD SDPüHQMH RPRJXüXMH GD QDãD SURãORVW GHOXMH QD QDãX VD GDãQMRVW GD NRULVQD VD]QDQMD L LVNXVWYD SURãORVWL XVSMHãQR .RULVWLPR ]D HILNDVQRVQDODåHQMHXVDGDãQMRVWL&RYHNQHSUHVWDQRXþLWDNRãWRVHVWDOQR PHQMDNUR]VYRMHGMHORYDQMHLLVNXVWYDSXWHPVYRMLKGRåLYOMDYDQMDLVD ]QDQMD$NRRYHSURPMHQH]DSDPWLRQGDüHRQHSRVWDWLGLRQMHJRYRJ]QD QMDLXWLFDüHQDQMHJRYDGDOMDGMHORYDQMDLVD]QDQMD2YHQHSUHNLGQHLPH ÿXVREQR SRYH]DQH SURPMHQH GDMX þRYMHNX MHGQX YHRPD YDåQX ELRORãNX VSRVREQRVWGD]DSDPüHQHSRVOMHGLFHUDQLMLKLVNXVWDYDSURãORVWL HILNDVQR NRULVWL]DXVSMHãQRSULODJRÿLYDQMHSURPMHQOMLYLPRNROQRVWLPDVDGDãQMRVWL 2YRMHXMHGQRLRVQRYQDVYUKDLFLOMSDPüHQMD 3DPüHQMH MH VNXS RGUHÿHQLK SURFHVD RSDåDQMD ]DSDPüLYDQMD ]D GUåDYDQMDLVMHüDQMD2QRMHDNWLYQRVWDQHVWYDULOLVNODGLãWH]DSDPüHQLK SRGDWDND2QRMHVSRVREQRVWGDQDãDLVNXVWYD]DGUåLPRLNDVQLMHSRSR WUHELUHSURGXNXMHPRXQDãRMVYHVWLUDGLXVSMHãQRJUMHãDYDQMDSUREOHPDX åLYRWXLUDGX %H]SDPüHQMDþRYMHNVHQHELPRJDRVQDOD]LWLQLXRGQRVXSUHPD VDPRP VHEL D QL SUHPD VYRMRM RNROLQL ELR EL ² YMHþLWR QRYRURÿHQþH 6YDND VWYDU V NRMRP GROD]L QHEURMHQR SXWD X GRGLU L]JOHGDOD EL PX SRWSXQR QRYD 6YDNR RSDåDQMH ELOR EL PX QHSRWSXQR NDR GD MH VDVYLP QRYR L SUYL SXW GRåLYOMHQR &RYHN QH EL PRJDR ELWL VYMHVWDQ VHEH VYRMH OLþQRVWL L VYRJ NRQWLQXLWHWD MHU EL PX VYH L]JOHGDOR SRWSXQR QRYR QHSR]QDWRLSUYLSXWYLÿHQRýRYMHNEH]SDPüHQMDQHELPRJDRQLXþLWL QLPLVOLWLQLåLYHWL
3UHPDPLWRORãNRMOHJHQGL3URPHWHMSURQDOD]DþPQRJLKYMHãWLQD QLMH UD]JQMHYLR ERJRYH L ELR RVXÿHQ QD YMHþLWX ND]QX VDPR ]DWR ãWR MH OMXGLPD SRGDULR YDWUX %LR MH SULNRYDQ ]D VWHQX L ]ERJ WRJD ãWR MH OMXGLPD GDR MRã MHGDQ QHSURFMHQMLY GDU ² SDPüHQMH =DKYDOMXMXüL QMHPX OMXGL VX SRVWDOL RQR ãWR MHVX 0RJOL VX GD XþH UD]PLãOMDMX GRQRVH]DNOMXþNHLXSUDYOMDMXVYRMRPVXGELQRP -RãVX VWDUL QDURGL JRYRULOL ª.ROLNRSDPWLPRWROLNRL]QDPR© ª7DQWXP VFLPXV TXDQWXP PHPRULD WHQHPXV© 'D OL XRSãWH SRVWRML QHND REODVW X NRMRM EL SDPüHQMH ELOR VXYLãQR" 'D OL SRVWRML L MHGDQ þRYMHNNRPHMHVYHMHGQRGDOLPXMHSDPüHQMHGREURLOLVODER" -HGQRP MH þXYHQL NLUXUJ SURIHVRU )LUKRY 9LUFKRZ SR]QDW VD VYRMH VWURJRVWL QD LVSLWLPD SRVWDYLR SLWDQMH NDQGLGDWX X REOLNX GLMDJQR]H ª.RML ELVWH OHN GDOL RYRP EROHVQLNX"© ]DSLWDR MH )LUKRY VWXGHQWD SRãWR PX MH RSLVDR VLPSWRPH MHGQH EROHVWL .DGD MH VWXGHQW QDYHR VDVWDY OHND )LUKRY PX SRVWDYL VOMHGHüH SLWDQMH ª$ NRMX NROLþLQX EL PX GDOL"© ² ª3RMHGQXSXQXNDãLþLFXWULSXWD GQHYQR© RGJRYRULNDQGLGDW .DGDVHLVSLWQDNRPLVLMDSRYXNODNDQGLGDWVHRGMHGQRPVHWL GD MH SRJUHãNR L X]EXÿHQR XOHWHYãL X VDOX ]D VMHGQLFH X]YLNQH ª*RVSRGLQHSURIHVRUHQDYHRVDPSUHYHOLNXGR]XOHND1DMYHüDGR]D QHVUQHSUHüLGHVHWNDSLLX]LPDVHVDPRGYDSXWDGQHYQR© ª9HRPDåDOLP©UHþH)LUKRYVXYRªDOLSDFLMHQWMHYHüXPUR© .ROLNRLPDOMXGLVDGREULPLYHOLNLP]QDQMHPNRMHLPOHåLNDR PUWDYNDSLWDOMHUJDQHPRJXNRULVWLWLXSUDYRPWUHQXWNX]ERJVYRJQH SRX]GDQRJ SDPüHQMD 3DPüHQMH MH VWDOQL VQDEGMHYDþ QDãHJ PLãOMHQMD SRWUHEQLP PDWHULMDORP 1DãH ]QDQMH MH EHVNRULVQR L QHHILNDVQR D PLãOMHQMHQHSRWSXQRLEH]GREULK]DNOMXþDNDDNRL]SDPüHQMDXSUDYRP WUHQXWNXQHPRåHPRSRSRWUHELGR]YDWLUDQLMHQDXþHQR3URGXKRYOMHQD L SORGQD SRVWDMH PLVDR NDGD VH KUDQL ERJDWVWYRP X UD]QLP ]QDQMLPD NRMLPDRELOXMHQDãHSDPüHQMH&MHORNXSQDQDãDGMHODWQRVWQDãXPQL UD]YRM L VWLFDQMH ]QDQMD X ]QDWQRM PHUL RGUHÿXMX NDNYR üH ELWL SDPüHQMH$LREUDWQRãWRþRYMHNLPDEROMHSDPüHQMHWREUåHPRåHGD SDPWL L GD XVYRML YLãH ]QDQMD "-DWR VYDNRJ RG QDV LQWHUHVX MH NDNR üHPRSREROMãDWLVYRMHSDPüHQMHLãWRUDFLRQDOQLMHJDNRULVWLWL =QDþDM SDPüHQMD MH RJURPDQ QH VDPR ]D þXYDQMH VWDURJ QHJR L ]D VWYDUDQMH QRYRJ %H] QMHJD MH QHPRJXüH RYODGDWL ]QDQMLPD YMHãWLQDPD QDYLNDPD 1H]DPLVOLYR MH NRULãWHQMH UDQLMHJ LVNXVWYD L QHGRVWXSQRMHVWYDUDQMHQRYRJNRMHVHXYHNRVODQMDQDYHüSR]QDWRQD UDQLMH VWHþHQD]QDQMD 6KYDüDQMH QRYLK þLQMHQLFD L RGQRVD QD RVQRYX UDQLMHJ ]QDQMD QHPRJXüH MH EH] SDPüHQMD D WLPH L RVWYDUHQMH VWYDUDODþNH GMHODWQRVWL þRYMHND 8 WRPH MH YHRPD YDåQD XORJD SDPüHQMDXüHORPQDãHPåLYRWXLUDGX 'REURSDPüHQMHMHMHGDQRGQDMYDåQLMLKSUHGXVORYDGDQDãHVSR VREQRVWLLVNRULVWLPRLGDGRÿX GRVYRJ SXQRJL]UDåDMD 2QR GDMHVDPR SRX]GDQMH L VLJXUQRVW X NRULãWHQMX VYRJD ]QDQMD SREXÿXMH L SRYHüDYD LQWHOLJHQFLMXLUDGQXVSRVREQRVW 1DåDORVWYHRPDPDOLEURMOMXGLVHPRåHSRKYDOLWLGREULPSDPüH QMHP -HGDQ RG JODYQLK X]URND MH WDM ãWR X RSãWRM XåXUEDQRVWL QDãHJ YUHPHQDQHVWLåXGDRJURPQXUHNXXWLVDNDQL]DSD]HDNDPROL]DSDPWH ,SDN RVWDMH QHSRELWQD þLQMHQLFD GD X VYDNRP SR]LYX X VYLP REODVWLPD]QDQMD
L X VYLP OMXGVNLP GHODWQRVWLPD SRX]GDQR L GREUR SDPüHQMH MH RG QHRFHQMLYHNRULVWL 9DãXVSHKXUDGXLåLYRWXMHGQLPYHOLNLPGHORP]DYLVLRGNYDOL WHWD9DãHJSDPüHQMD
ª*127+,6($8721©
1DMYHüDSREHGDNRMXPRåHPRL]YRMHYD WLMHSREHGDQDGVDPLPVRERP
.$.2 û(7( 2'5(',7, .92&,-(17 , -$ý,18 9$â(* 6$'$â1-(*3$0û(1-$"
ª*QRWKL VHDXWRQ© ² ª8SR]QDM VDPRJD VHEH© JRYRULOL VX L SUHSR UXþLYDOLYHOLNLJUþNLILOR]RIL8SR]QDWLVDPRJDVHEHQLMHODNR]DPQRJH ² QHL]YRGOMLYR $OL DNR åHOLPR RVWYDULWL QDSUHGDN X QHNRM REODVWL RQGD PRUDPRGREUR]QDWLRGþHJDLVDþLPSROD]LPR0RUDQDPELWLSRWSXQR MDVQD SROD]QD SR]LFLMD L WR RQD SUDYD UHDOQD EH] LNDNYLK VDPRREPDQD L ]DYDUDYDQMDPDNDUELODRQDLQDMJRUD 6D SDPüHQMHP MH VOLþQD VLWXDFLMD PRUDPR VH XSR]QDWL VD SUDYLP VWDQMHPLMDþLQRPQDãHJVDGDQMHJSDPüHQMDGDELVPRPRJOLXWYUGLWLãWD QDP QHGRVWDMH L NROLNR MRã WRJD PRUDPR XUDGLWL GD ELVPR VWHNOL HILNDVQR L YHOLNR SDPüHQMH 8 WX VYUKX SRVOXåLüH QDP MHGQD VHULMD RG GHVHW VSHFLMDOQLK WHVWRYD SDPüHQMD NRML VX WDNR NRPSRQRYDQL GD ]D NUDWNR YUHPH RPRJXüXMX GD RGUHGLPR MDþLQX L QLYR QDãHJ VDGDãQMHJ SDPüHQMD2YRQLVXWHVWRYL LQWHOLJHQFLMH ]D L]QDODåHQMH , 4 NYRFLMHQWD LQWHOLJHQFLMHLDNRWHVWRYLSDPüHQMDXOD]HXWHVWRYHLQWHOLJHQFLMH 2YRVX VDPR WHVWRYL SDPüHQMD SRPRüX NRMLK üHWH YHRPD HILNDVQR RGUHGLWL NYRFLMHQW 9DãHJ VDGDãQMHJ SDPüHQMD L XWYUGLWL VWHSHQ QMHJRYH MDþLQH L HILNDVQRVWL 8 FLOMX SRVWL]DYDQMD ãWR EROMLK UH]XOWDWD X UHãDYDQMX WHVWRYD SR WUHEQRMHGDX]PHWHXRE]LUVOHGHüHQDSRPHQHLXSXWVWYD 9UHPH GDWR ]D UHãDYDQMH SRMHGLQLK WHVWRYD VOXåL VDPR ]D ]DSDP üLYDQMH ]DGDQLK SRGDWDND D QH L]D QMLKRYX UHSURGXNFLMX L]JRYDUDQMHP LOL SLVDQMHP1DSULPHU]DUHãDYDQMH7HVWDEUOGDWRMHPLQXWDYUHPHQD 7R]QDþLGDüHPR]DSDPüHQMHSUHGPHWDPRüLXWURãLWLQDMYLãHPLQ 7DþQR SR LVWHNX RYD PLQXWD SUHNLGDPR GDOMH ]DSDPüLYDQMH L SUHOD]LPR QDSURYHUXUHSURGXNFLMX RQRJãWRVPR]DWDPLQ]DSDPWLOL 3URYHUX ]DSDPüHQLKSRGDWDND QDMEROMH MH YUãLWL SLVPHQR MHU XYHNPRåHPRODNRNRQWUROLVDWLNROLþLQXLNYDOLWHW]DSDPüHQRJPDWHULMDOD %RGRYDQMH 9DãLK UH]XOWDWD NRMH SRVWLJQHWH X UHãDYDQMX WHVWRYD REMDãQMHQR MH X VYDNRP WHVWX SRVHEQR 2YGH üHPR GDWL VDPR SDU QDSR PHQDNRMHYDåH ]DVYHWHVWRYH 3RVOHVYDNRJWHVWD LPDWH GYH UXEULNH SUHGYLÿHQH ]D XSLVLYDQMH 9DãLK SRVWLJQXWLK UH]XOWDWD 8 UXEULFL ª9Dã VDGDQML UH]XOWDW© XSLVDüHWH
,4 ,QWHOOLJHQFH2 XRWLHQWHQJONYRFLMHQWLQWHOLJHQFLMH
SURSLVDQL EURM ERGRYD NRML VWH SRVWLJOL UHãDYDQMHP WHVWD SRPRüX 9DãHJ VDGDãQMHJSDPüHQMD8UXEULFLª9DãUH]XOWDWSRVOH SRJODYOMD© XQHüHWH 9DãH ERGRYH SRVWLJQXWH 9DãLP QRYLP SDPüHQMHP L WHKQLNDPD NRMLPD üHWH RYODGDWL SRVOH SURUDGH RGQRVQLK SRJODYOMD 1D ]DYUãHWNX RG JRYDUDMXüLK SRJODYOMD ELüHWH XSXüHQL GD SRQRYR UHVLWH LVWL WHVW UDGL XSR UHÿHQMDUH]XOWDWDLXWYUÿLYDQMDSRVWLJQXWRJXVSHKD 5DGLXWYUÿLYDQMD NYRFLMHQWDLMDþLQH9DãHJVDGDãQMHJSDPüH QMD YHOLþLQH XVSHKD NRML üHWH SRVWLüL SURUDGRP RYH NQMLJH L MDþLQH L HILNDVQRVWL 9DãHJ QRYRJ SDPüHQMD NRMH üHWH VWHüL SRPRüX RYH NQMLJH SRWUHEQR MH GD X RYX WDEHOX NRMD VH ]RYH ª0(020(7$5© XSLãHWH]ELUQRVOHGHüHSRGDWNHLSRVWLJQXWHUH]XOWDWH 0(020(7$5 %URM WHVWD
UH]XOWDW
UH]XOWDW
5D]OLN D 3ULPHGED 6
R
8NXSQX
8VSH K X
² 8NRORQLEUXSLVLYD üHWHUH]XOWDWHNRMHSRVWLJQHWHUHãDYDQMHP SRMHGLQLKWHVWRYDVD9DãLPVDGDãQMLPSDP üHQMHP ² 8NRORQLEUXQRVLüHWHEURMERGRYD UH]XOWDWH NRMH EXGHWH RVWYDULOLSRQRYQLPUHãDYDQMHPRYLKWHVWRYDDOLQDNRQSURUDGHRGQRVQLK SRJODYOMD'DNOHUH]XOWDWHSRVWLJQXWH9DãLPQRYLPSDP üHQMHP ² 'DELVWHXWYUGLOLYHOLþLQXVYRJQDSUHWNDLXVSHKDSRVWLJQXWRJ VDQRYRQDXþHQLPWHKQLNDPDSDPüHQMDQDÿLWHSR]LWLYQX UD]OLNXL]PHÿX ªUH]XOWDWD©LªUH]XOWDWD©LXQHVLWHMHXRGJRYDUDMX üHUXEULNHNROR QHEURM ² 8UXEULFLª8NXSQR©XEHOH åLWH]ELURYH9DãLKSRVWLJQXWLKERGRYD SRNRORQDPDL=ELUERGRYDNRORQHGD üH9DPYHOLþLQX9DãHJ XVSHKDSRVWLJQXWRJSRVOHSURUDGHRYHNQMLJHDXRGQRVXQD9DãHVDGD ãQMHSDPüHQMH ² %RGRYDQMHVHYUãLXYHNXLQGHNVXDNRVPRQDSUXUHãD YDQMXSRMHGLQLKWHVWRYDSRVWLJOLERGRYHLWGWR]QD þLGDVPR WHWHVWRYHUHVLOLLWG=DWR üHPRXUXEULFLª8VSHKX © XSLVDWLQDSUHGYLÿHQDPHVWDLVSRGNRORQDLRGJRYDUDMXüHSURFHQWH 3URFHQWHGRELMDPRL]]ELURYDERGRYDL]UXEULNHª8NXSQR©MHGQRVWDYQLP GHOHQMHPVDMHULPDXNXSQRWHVWRYD WMRGYDMDQMHPMHGQRJPHVWD $NRQDPQDSULPHU]ELUERGRYDNRORQHL]QHVHWR]QD þLGDVPRWH VWRYHVDYODGDOLLGDQDãXVSHKL]QRVLRGPRJX üLKLOL ERGRYD0DNVLPDOQLEURMERGRYDMHQDUDYQRRGQRVQRNRGUH ãDYDQMDSRMHGLQLKWHVWRYDDNRG]ELUDNRORQDãWRGHOHQMHPVDGDMH RSHWLOLERGRYDXSURãHNX 1D SULPHU SUHWSRVWDYLPR GD VWH SULOLNRP SUYRJ UHãDYDQMD WHVWRYD SRVWLJOL RYH UH]XOWDWH NRMH VWH LVSRG VYDNRJ WHVWD XEHOH åLOL NDR ª9Dã VD GDãQMLUH]XOWDW© 7HVWEU
5H]XOWDWL
7HVWEU
5H]XOWDWL
3UHWSRVWDYLPR WDNRÿH GD VWH QDNRQ SURUDGH RGJRYDUDMXüLK SR JODYOMD RGQRVQR SRVOH SUHODåHQMD üHOH NQMLJH VDNXSLOL RYH ERGRYH NRMH VWHXEHOHåLOLLVSRGVYDNRJWHVWDNDRª9DãUH]XOWDWSRVOH SRJODYOMD© 7HVWEU
5H]XOWDWL
7HVWEU
5H]XOWDWL
8 WRP VOXþDMX 9DãL XNXSQL ERGRYL L SRVWLJQXWL XVSHK L]JOHGDOL EL RYDNRNDGDLKXQHVHWHXRGJRYDUDMXüHUXEULNHª0(020(75$©
UH]XOWDW
8NXSQR 8VSHK X
5D]OLN D
UH]XOWDW
%URM WHVWD
²
3ULPHGED
7R ]QDþL GD VWH 9L SUH SURUDGH NQMLJH UDVSRODJDOL WDNYLP SDPüHQMHPNRMHMHPRJORGD]DGDWHWHVWRYHVDYODGDVDPRVDMHU VWHSULSUYRP UHãDYDQMX WHVWRYD VDNXSLOL VDPR ERG ãWR SRGHOMHQR VDMHULPDXNXSQRWHVWRYD GDMHO!R2YDMSRGDWDNGRELOL VWHL]UXEULNHEU9DãHJ0(020(75$ 3URUDGRP NQMLJH L SRQRYQLP UHãDYDQMHP RYLK WHVWRYD D ]DKYDOMXMXüL QDXþHQLP WHKQLNDPD L 9DãHP SRWSXQR QRYRP PHWRGX SDPüHQMD 9L VWH VDNXSLOL XNXSQR ERGRYD 7R ]QDþL GD VWH RYH WHVWRYH UHVLOL GUXJL SXW VD XVSHKRP RG LOL GD VWH YLãH QHJR XWURVWUXþLOL9DãHSDPüHQMH2YDMSRGDWDNGDMH9DPUXEULNDEU9DãHJ 0(020(75$ ,] UXEULNH EU 9DãHJ 0(020(75$ PRåHWH RþLWDWL MRã MHGDQ YDåDQ SRGDWDN ]D SREROMãDQMH 9DãHJ PHWRGD SDPüHQMD SR]LWLYQX UD]OLNX X ERGRYLPD NRMD SRND]XMH 9Dã QDSUHGDN L RVWYDUHQL XVSHK X DSVROXWQRP L]QRVX 8 RYRP SULPHUX WD UD]OLND X ERGRYLPD L]QRVL XNXSQRERGRYD XNXSQL UH]XOWDW GUXJRJ UHãDYDQMD PLQXV XNXSQL UH]XOWDW SRVWLJQXW SUL SUYRP UHãDYDQMX WHVWRYD SR]LWLYQD UD]OLND ERGRYD LOL 7R ]QDþL GD VWH HILNDVQRVW 9DãHJSDPüHQMDSRYHüDOL]DYLãHRGWULSXWDXVYDMDQMHPLSULPHQRP QRYLKPHWRGDLWHKQLNDSDPüHQMD 3RUHGWDEHODUQRJPHPRPHWUDQLYR 9DãHJVDGDãQMHJSDPüHQMD LMDþLQXLHILNDVQRVW9DãHJSDPüHQMD NRMHüHWHL]JUDGLWLSURUDGRPRYH NQMLJH PRåHWH YHRPD SUHJOHGQR SULND]LYDWL L SUDWLWL MHGQLP RYDNYLP ª*UDILþNLPPHPRPHWURP©
*5$),ý.,0(020(7$5
7HVWRYL ,]QDG EURMD VYDNRJ WHVWD QDQHVLWH SR MHGQX WDþNX X YLVLQL SRVWLJQXWLK ERGRYD ]D GRWLþDQ WHVW 6SDMDQMHP RYLK WDþD N D GRELüHWHGLMDJUDP H9DãHJSDP üHQMD 1DSULPHUDNRX]PHPRGDVWHSRVWLJOLLVWHUH]XOWDWHNDRLX SUHWKRGQRP VOXþDMX RQGD EL 9Dã *5$ ),ý. , 0 (0 2 0 (7$ 5 L]JOHGDRRYDNR *5$),ý.,0(020(7$5
,VSUHNLGDQD NULYD SUHWVWDYOMD JUDILNRQ HILNDVQRVWL 9DãHJ SDP üHQMD NRMX VWH SRVHGRYDOL SULOLNRP SUYRJ UHãDYDQMD WHVWRYD 3XQD OLQLMD SUHWVWDYOMD HILNDVQRVW 9DãHJ SDPüHQMD NRMX VWH VWHNOL SURUDGRPNQMLJHLXVYDMDQMHPQRYLKPHWRGDLWHKQLNDSDP üHQMD 8 NROLNR åHOLWH GD 9 DP GLMDJUDP L 9 DãHJ SDP üHQMD EXGX MR ã SUHFL]QLMLRQGDXSRWUHELWHP LOLP HWDUVNXKDUWLMXQDNRMX üHWHP R üL
VDVYLP SUHFL]QRGDQDQHVHWHWDþQHYUHGQRVWLSRVWLJQXWLKERGRYD
$ VDGD SUHÿLWH QD L]UDGX SRMHGLQLK WHVWRYD GUåHüL VH VWURJR SURSL VDQLKYUHPHQDLERGRYDNDNRELVWHPRJOLVDVYLP WDþQR L UHDOQR XWYU GLWLHILNDVQRVWMDþLQXLSUDYRVWDQMH9DãHJVDGDãQMHJSDPüHQMD
7(67%5/LVWDNXSRYLQD²QL]RGYLãHHOHPHQDWD 1H VDPR X UDGX QHJR L X VYDNRGQHYQRP åLYRWX þHVWR MH SRWUHEQR ]DSDPWLWL QL] RG YLãH HOHPHQDWD NRML QLVX PHÿXVREQR ORJLþNL SRYH]DQL QD SULPHU UD]QL SUHGPHWL L GUXJH VWYDUL NRMH WUHED SRNXSRYDWL SRVORYL NRMH WUHED REDYLWL WDþNH LOL WHPH NRMH WUHED L]ORåLWL QD LVSLWX LOL QHNRP SUH GDYDQMXGHORYLNRMHWUHEDXJUDGLWLXQHNLXUHÿDMLWVO
,PDWHWDþQRPLQYUHPHQDGD]DSDPWLWHRYDMQL] RG UHFL WDþQR SR GDWRP UHGRVOHGX V WLP GD JD PRåHWH SRQRYLWL QH VDPR V OHYD QD GHVQR QHJR L REUQXWLP UHGR VOHGRP
þDVRYQLN²MDEXND²QRYLQH²NOLQRYL²ãLELFH²ELFLNO²0HVHF ² RORYND²þDãD²NOMXþHYL²WURXJDR²SUVWHQ²UDNHWD²ORSWD ² FLJDUHWH²SDOPD²ãHãLU²DYLRQ²]DYHVD²(VNLP²NODYLU² þHãDOM²NOXSD²WHQN²VWR $VDGDQDNRQSURWHNODPLQXWDX]PLWHSDSLULRORYNXL]DVYDNX WDþQR]DSDPüHQXUHþVOHYDQDGHVQRWMRGSRþHWNDGRNUDMDGDMWHVHEL SR ERGD ,VWR WDNR ]D VYDNX SUDYLOQR UHSURGXNRYDQX UHþ V GHVQD QD OHYRGDNOHREUQXWLPUHGRVOHGRPRGREULWHVHELRSHWSRERGD
3RVWLJQXWLEURMERGRYDXSLãLWHRGPDKLVSRGRYRJWHVWDX ]DWRSUHGYLÿHQXUXEULNXª9DãVDGDãQMLUH]XOWDW©
9DãVDGDãQMLUH]XOWDW 9DãUH]XOWDWSRVOHSRJODYOMD
7(67%55RNRYQLN²PHVHþQLUDVSRUHGREDYH]D 0QRJLSR]LYL]DKWHYDMXDDVHWHUPLQL]DND]DQLKVDVWDQDNDUDVSUD YDUD]QLKSRVORYDLGUXJLKREDYH]DWDþQRLQDYUHPHLVSXQMDYDMX
5DVSRODåHWH VD XNXSQR PLQXWD GD ]DSDPWLWH MHGDQ PDOLURNRYQLNRGWHUPLQD]DSHULRGRGRJGRMXQD
DXWRPHKDQLþDU NURMDþ L]OHW
ELEOLRWHND VDPRXVOXJD VHGQLFD
UDþXQL XGåEHQLFL NDUWRWHND
VSUHPDþLF D VXG UHIHUDW WDSHWDU XYHUHQMD IXGEDO
YL
-DQNRYLü SLVPD þDPDF DYLRQVNH NDUWH
WHOHYL]RU
ãDK 3HULü ]XEDU NOMXþH IUL]HU
7HUPLQL VX QDYHGHQL VNUDüHQR X REOLNX MHGQH UHFL XSUDYR RQDNRNDRãWRMHLNRGPQRJLKXRELþDMHQRGDXQRVHWHUPLQHXVYRM URNRYQLNLOLWHUPLQVNLNDOHQGDU =D VYDNL WDþQR UHSURGXNR YDQL WHUPLQ L GDWXP RG GR MXQDGDMWHVHEL SR MHGDQ ERG $NR ]QDWH VDPR WHUPLQ D QH ]QDWH GDWXP LOL REUDWQR QH GRELMDWH ERG ,VWR WDNR ]D VYDNL WDþQR ]DSDPüHQ WHUPLQ L GDWXP NRML PRåHWH UHSURGXNRYDWL X REUQXWRP UHGRVOHGX RG GR MXQD UDþXQDMWH VHEL SR MHGDQ ERG $ ]D VYDNL WHUPLQ L GDWXP NRML PRåHWH UHSURGXNRYDWL QDSUHVNRN ]DEHOHåLWHVHELSRGYDERGD 9DãVDGDãQMLUH]XOWDW
9DãUH]XOWDWSRVOHSRJODYOMD 7(67%53DPüHQMHEURMHYDLPHQWDOQRUDþXQDQMH
2YDMWHVWVHVDVWRMLL]GYDGHOD 'HVQR LPDWH MHGDQ EURM RG FLIUH QDSLVDQ X REOLNX NRORQH RG WURFLIUHQLK VDELUDND 2YRJ SXWD LPDWH PLQXWD YUHPHQD GD]DSDPWLWHDYDMEURM
1RWLUDMWHVHEL SRMHGDQERG ]DVYDNX WDþQR ]DSDPüHQXFLIUXSULUHSURGXNFLMLRGSRþHWNDGRNUDMD7DNRÿH GDMWHVHELSRMHGDQERG]DVYDNXEURMNXNRMXEXGHWH]QDOLNRG UHSURGXNRYDQMD X REUQXWRP UHGRVOHGX RG SRVOHGQMH GR SUYH EURMNH
3RãWRVWHRYDMEURM]DSDPWLOL]DWYRULWHLRVWDYLWHNQMLJXL SRNXãDMWH VDGD RYDM EURM VDEUDWL QDSDPHW PHQWDOQLP UDþXQDQMHP EH]SRPRüLSDSLUDLRORYNH
6PHWH XWURãLWL QDMYLãH PLQXWD YUHPHQD ]D RYR PHQWDOQR VDELUDQMH D SR LVWHNX RYRJ YUHPHQVNRJ URND QDSLãLWH 9Dã UH]XOWDW L SURYHULWH JD
=D WDþDQ UH]XOWDW ]DSLãLWH VHEL XNXSQR ERGD 1DUDYQR DNR 9DP MH VDPR MHGQD FLIUD X UH]XOWDWX QHWDþQD QH SULSDGD 9DPQLMHGDQERG 9DãVDGDãQMLUH]XOWDW
9DãUH]XOWDWSRVOHSRJODYOMD
7(67%50DOLUHþQLNL]UD]QLKVWUDQLKMH]LND
1D RYRP WHVWX LPDWH SULOLNH GD SURYHULWH VYRMX VDGDãQMX VSRVREQROWXþHQMD UHFL UD]QLK VWUDQLK MH]LND 'DWR MH XNXSQR UHFL L]VWUDQLKMH]LND]DVYDNXUHþGDWRMHLQMHQRDGHNYDWQR]QDþHQMH
(QJOHVNL
(VSHUDQWR
+LQGL
,WDOLMDQVNL
PLU²ERJDW
PHVWLFD²PHãDYLQDERMD SDWLWR²GUDJDQ VERFFR²XãüH ODYDUH²SUDWL FLFFD²RSXãDN
)UDQFXVNL
VWDFN²SODVW NODYR²GLUND EUXVTXH²JUXE YDJL²VNLWDWL SURFUDVWLQDWH²RNOHYDWL X]L ² XSRWUHELWL KDPSHU²NRãDUD WHUXUD²XåDVDQ ORFN²NDWDQDF EDWDOL ² ERULWL DUPDQ²åHOMDD XVWDG ² XþLWHOM PD]DN ² ãDOD UHJLVWDQ²SXVWLQMD .LQHVNL
VDQ²JRUD SDR²WRS WLDQ²QHER þHSLDR²YR]QDNDUWD KXRþH²YR]
1HPDþNL
6FKDFKWHO²NXWLMD 3IOXJ²SOXJ %UDXWLJDP²PODGRåHQMD XUDOW²SUDVWDU 3DXNH²EXEDQM
RV ² NRVW PDULHUYHQþDWL ORXS ² YXN URXOHUNRWUOMDWL FKLIIUH²EURM -DSDQVNL
DWDPD²JODYD PXUD²VHOR WHJDPL²SLVPR NDãX²SHYDþ MDQH²NURY
5XVNL
dSR\DlE²NUHYHW \FlDlE²XPRULWLVH [\edD²]HPLþND [Djo ²EDUGSHVQLN ^SDdD²WXþDERUED 6SDQVNL RUJXOORVRRQRVDQ
1D UDVSRODJDQMX YDP VWRML
MRYHQPODG FDQWDU ² SHYDWL EDQGHUD² ]DVWDYD REUDU²UDGLWL
XNXSQRPLQXWDGD]DSDPWLWHRYDMPDOLUHþQLN
3URYHUX VYRJ ]QDQMD QDMODNãH üHWH L]YUãLWL WDNR ãWR üHWH QDMSUH SRNORSLWL ]QDþHQMD L LVWD SRNXãDWL UHSURGXNRYDWL D ]DWLP VWUDQH UHFL L QD RVQRYX ]QDþHQMD UHSURGXNRYDWL RGJRYDUDMXüHVWUDQHUHFL=DVYDNRWDþQR]DSDPüHQR]QDþHQMHGDMWHVHEL SR O SRHQ D ]D VYDNX SUDYLOQR UHSURGXNRYDQX VWUDQX UHþ WDNRÿH SR O SRHQ O9DãVDGDãQMLUH]XOWDW 9DãUH]XOWDWSRVOHSRJODYOMD
7(67%50HQWDOQDNDUWRWHNDSRVORYQLKYH]D 1HVDPRXSRVORYQRPåLYRWXYHüLXGUXJLPREODVWLPDåLYRWDL
UDGDSDPüHQMHLPHQDLL]JOHGDQDãLKSDUWQHUD RG YHOLNRJ MH ]QDþDMD 2YGHMHSUH]HQWLUDQRXNXSQRUD]OLþLWLKOLNRYDVDSUH]LPHQLPD
%HQþLü
9UERYHF
0DUOü
3DOPRWLü
6WUXJDU
.UVWLü
3RSRY
%UDGYDUHYLü
6RNROVNL
%HJRYOü
.OLQJ
'HOLü0OLQDU
9XNRYOü
=HF
'UDJLü -HORYDF
-DQHYVNO
9LãQMLü
0DUWLQRYLü
3HWURYLü
.XKDU
.UDVQLFL
.RYDþ
8UEDQ
%XODWRYLü
åXSDQHF
1DVOHGHüRMLOXVWUDFLMLVXVUHüHWHLVWHRVREHVDPRãWRVXVDGDQMLKRYL OLNRYL GDWL GUXJLP UHGRVOHGRP L RYRJD SXWD QMLKRYD SUH]LPHQD QLVX QD YHGHQD
0RåHWHXWURãLWLQDMYLãHPLQXWDGD]DSDPWLWHOLN RYH RYLK RVRED L QMLKRYD SUH]LPHQD VOXåHüL VH SUYRP LOXVWUDFLMRP =DWLPSRPRüXGUXJHLOXVWUDFLMHSRNXãDMWHUHSURGXNRYDWLVYDSUH]L PHQD =D VYDNR WDþQR ]DSDPüHQR SUH]LPH GDMWH VHEL SR ERGD 3RVOH WRJDQDSLãLWHVYLKSUH]LPHQDQDSRVHEQRPSDSLUXLSRNXãDMWHVHVHWLWL UHGRP RGJRYDUDMXüLK OLNRYD =D VYDNL SRJRÿHQL OLN GDMWH VHEL WDNRÿH SRERGD 9DãVDGDãQMLUH]XOWDW 9DãUH]XOWDWSRVOHSRJODYOMD
7(67%57HOHIRQVNLLPHQLNXJODYL
7HOHIRQ MH SRVWDR QDã QHUD]GYRMQL SUDWLODF X SRVORYQRP L SULYDWQRP åLYRWX DOL YHRPD þHVWR GROD]LPR QH VDPR X QHSULOLNX YHü LPDPRLGLUHNWQH PDWHULMDOQH ãWHWH L QHSULMDWQRVWL MHU VH QLVPR PRJOL VHWLWL XSUDYR WRJ WUHQXWND QHNRJ YDåQRJ WHOHIRQVNRJ EURMD D WHOHIRQVNL DGUHVDUQLMHQDPELRSULUXFL8RYRPWHVWXQDYHGHQDVXLPHQDXNXSQR RVRED VD QMLKRYLP WHOHIRQVNLP EURMHYLPD VWUDQD LPHQD L WHOHIRQVNL EURMHYLQDYHGHQLVXRQDNRNDNRVHSLãXXGRWLþQLPVWUDQLP]HPOMDPD
2 %ULDQ2 %UDMHQ %UNLü 'XSRQW 'LSRQ ,1YDOLGHV 3DXVFK3DXã 6DPDUGåLMD *DUFLD *DUVLD 6HPMRQRY +DGåL 6PLOHY 6XEUDPDQLDP +DVDQEHJRYLü 5(*HQW 6]HNHO\6HNHOM -DFNVRQ 9DQGLUHN 'åHNVRQ /OHVKL 9LOODGVHQ /HãL 0DOHãHYLü 9UKRYHF 0DWVXVKLPD 0DHXãLPD =HUROOR&HUROR 0LFNLHZLF]0LFNLMHYLþ
0$U\ . +O *
8]PLWHPDNVLPXP PLQXWD YUHPHQD ]D PHPRULUDQMH
RYRJPDORJWHOHIRQVNRJLPHQLND
8EHOHåLWH VHEL SR ERGD ]D VYDNL WDþQR ]DSDPüHQL WHOHIRQVNL EURM $NR SRJUHãLWH ]D MHGQX EURMNX QH GRELMDWH ERG 7HOHIRQVNH EURMHYH üHWH SURYHULWLQDMODNãHWDNRGDLK SUHNULMHWH NRPDGRP SDSLUD L þLWDMXüL SRMH GLQD LPHQD SRNXãDWH GD UHSURGXNXMHWH RGJRYDUDMXüL WHOHIRQVNL EURM =DWLP SUHNULYãL LPHQD þLWDMWH UHGRP EURMHYH L SRNXãDMWH VH VHWLWL RGJR YDUDMXüLK LPHQD X] WH EURMHYH =D VYDNR WDþQR UHSURGX.RYDQR LPH QR WLUDMWHVHELSRERGD 9DãVDGDãQMLUH]XOWDW 9DãUH]XOWDWSRVOHSRJODYOMD 7(67%53UHVOLNDQLWHNVWRYL
6YDNRRGQDVMHYHüYLãHSXWDGROD]LRXSULOLNXGDMHPRUDR]QDWL DSUHPDWRPHL]DSDPWLWLQHNLFLWDWL]UHNXSURSLVPRWRVWLKLVLXRS ãWH QHNL NUDüL WHNVW GRVORYQR =DWR MH RYDM WHVW VDVWDYOMHQ RG UD]OLþLWLK UHþHQLFDNRMHVXXVWYDULGHORYLWHNVWRYDUD]OLþLWLKYUVWD ª.RQLNDGDQHPDYUHPHQDWDMQLãWDLQHXULGL©/LKWHQEHUJ ª*ODYDEH]SDPüHQMDMHLVWRãWRLWYUÿDYDEH]SRVDGH©1DSROHRQ ª0RWRUQLPYR]LORPPRJXVHSUHYR]LWLOLFDVDPRXRQRPEURMXNRML MHR]QDþHQXVDREUDüDMQRMGR]YROL]DYR]LOR©&O=DNRQDREH] EHGQRVWLVDREUDüDMD ª1LNRVUHüDQDQLNRGRYROMDQ QLNRPLUDQDQLNRVSRNRMDQ VYHVHþRYMHNEUXNDVDþRYMHNRP² JOHGDPDMPXQVHEHX]UFDOR©331MHJRã 1LVXSDPüHQMDORãDQHJRPHWRGLLQDYLNHSDPüHQMD ª,PDPQRJRVWYDULQDQHEXL]HPOML 2NRMLPDYDãDPXGURVWLQHVDQMD 0RM+RUDFLR©âHNVSLU ª8WLUDQLMXYRGLVYDNR]QDQMHNRMHSUHVWDQH GDEXGH]DMHGQLþNRGREUR þRYHþDQVWYD©+RJEHQ 6WRYLãH]QDPR²YLãHLSDPWLPR6WRYLãHSDPWLPR²YLãH]QDPR ª3XWND9DãLPVSRVREQRVWLPDSRND]DüH9DP9DãHåHOMH©*HWH ª3XWNDLVWLQLYRGLSUHNR]DEOXGD.DNRELUDVSR]QDOLLVWLQXDNRQH XYLGLPRãWDMH]DEOXGD"©3ODWRQ ª8PHWQLNRGDELUDSRMHGLQRVWLL]åLYRWDLSRQRYRLKVUHÿXMHXNRQ NUHWQXIRUPX©70DQUR ªâWHGQMDMHSRþHODVDFLYLOL]DFLMRP©66PLOHV 'XJRWUDMQDEHVSRVOLFDSUXåDKUDQXSRURFLPD/DWVHQWHQFD ª.QMLJDMHQDMEROMLþRYHNRYSULMDWHOM©*RUNL ª/LFHWRMHFYHWQDWRMELOMFLNRMDVH]RYHþRYHN©,$QGULü =ERJVYRJSRVHEQRJSRORåDMDXRGQRVXQDYD]GXãQHLPRUV.HVWUXMH *UHQODQGMHQD]YDQIDEULNRPYUHPHQD 6YDNRPRåHGDXNDåHQD]ORDOLSULMDWHOMþRYHþDQVWYDMHRQDMNRML SURQDÿHL]OD]L]WHãNRüH7QGLVNDPXGURVW 3DGNXUVDQDMMDþLKVYHWVNLKYDOXWDVNRURUHGRYQRL]D]LYDSRUDVWFHQH ]ODWD
ª=GUDYGXKX]GUDYRPHWHOX©-XYHQDO ª$NRWLVPHWDVQHJQDVXVHGRYRPNURYXRQGDJDSUYRSRþLVWLSUHG VYRMLPYUDWLPD©.LQHVNDPXGURVW
9DãXNXSQRUDVSRORåLYLIRQGYUHPHQD]D SDPüHQMHRYLKUHþHQLFDL]QRVLPLQXWD 8 SUYRP GHOX VDPRLVSLWLYDQMD SRNULWH UHþHQLFH L SRNXãDMWH GD LK VH VHWLWH SRPRüX QMLKRYLK UHGQLK EURMHYD =D VYDNX WDþQR ]DSDPüHQX UHþHQLFX ]DUDþXQDMWH SR ERGD - GUXJRP GHOX VDPRLVSLWLYDQMD ]DPROLWH GD 9DP QHNR þLWD SRMHGLQH UHþHQLFH QDSUHVNRND9LSRNXãDMWHGDQDYHGHWH RGJRYDUDMXüL UHGQL EURM =D VYDNLWDþQRQDYHGHQUHGQLEURMGRGDMWHVHELMRãSROERG 9DãVDGDãQMLUH]XOWDW 9DãUH]XOWDWSRVOHSRJODYOMD² 7(67%5=DYRODQRPDXWRPRELOD
3RUHG RVWDOLK SRGDWDND NRMH VDYUHPHQL YR]Dþ DXWRPRELOD PRUD GD ]QD QHVXPQMLYR GD MH RG ]QDþDMD L ]QDQMH XGDOMHQRVWL L]PHÿX YDåQLMLK JUDGRYD NDNR X ]HPOML WDNR L X LQRVWUDQVWYX 2YDM WHVWVHVDVWRMLL]GYHWDEHOH X SUYRM WDEHOL LPDWH XGDOMQRVWL L]PHÿX JODYQLK JUDGRYD X ]HPOML D X GUXJRM L]PHÿX QHNROLNR QDMYDåQLMLK JUDGRYD(YURSH
9DãUDVSRORåLYLIRQGYUHPHQD]DSDPüHQMHREH WDEHOHL]QRVLXNXSQRPLQXWD
=D VYDNX WDþQR ]DSDPüHQX NLORPHWUDåX ]DUDþXQDMWH VHEL SR ERGD $NR SUL UHSURGXNRYDQMX SRMHGLQLK NLORPHWUD]D SRJUHãLWH ]D MHGQXEURMNXRQGD9DP]DWXNLORPHWUDåXQHSULSDGDQLMHGDQERG 9DãVDGDãQMLUH]XOWDW 9DãUH]XOWDWSRVOHSRJODYOMD²
7(67%5ª.RQMLþNLVNRN©QDSROMD
2YDMWHVWVHVDVWRMLL]GYDXVNRSRYH]DQDGHOD
8 SUYRP GHOX ]D YUHPH RG QDMYLãH PLQXWD QDVWRMWH ]DSDPWLWL RYX ]DQLPOMLYX SDUWLMX RGLJUDQX QD ª0HþX VWROHüD© J X 5HMNMDYLNX L]PHÿX 5 )LãHUDL%6SDVNRJ $/-(+,129$2'%5$1$
H6I H6G GG 6I/J /HH ²/H K/K F6E 6F² /H G"
%HOL%RULV6SDVNL²&UQL5REHUW)LãHU
F/I /I6F E6H IHE" HFE EFREF 'D6G /J/K" FG/II 7I
7I'G 'G/G 7DIO6F HGHG 7G/H .KO/G H/H 7G7H 7HO7H 7G.I
7F7F 7H.I 7G.H 7KK .K7D &F7F 7DD .J.I .I7F .I7F 5HPL
=DVYDNLWDþQR]DSDPüHQLSRWH]EHORJLFUQRJQD]DGDWLUHGQLELRM SRWH]D SULSDGD YDP SR O ERG D ]D VYDNL WDþQR UHSURGXNRYDQ UHGQL EURMQD]DGDWLSRWH]EHORJLLOLFUQRJWDNRÿHSROERG8RYRPGHOX WHVWDPRåHWHVDNXSLWLPDNVLPDOQRERGRYDXNXSQRERGRYD 'UXJLGHRVHVDVWRMLRGXNXSQRªNRQMLþNDVNRND©.DRãWRMH SR]QDWR X LJUL ª.RQMLþNL VNRN© WUHED QDSUDYLWL SRWH]D VNDNDþHP WDNRGDVNRþLQDVYDNRRGSROMDQLQDMHGQRGYDSXWDDSRVOHRJ SRWH]DVNRND GDRSHWVNRþLQDSROD]QRSROMH I D H D K F JO E G G J H D H IO K KO J F I K J I I G J K K ª GO K F I J I I E J H HO J D K G F H G E I F DO E D H E D F F D G E G E EL D H FO ,]DPHPRULUDQMHRYRJGHODPRåHWHXWURãLWL PDNVLPDOQRPLQXWD
=D SUDYLOQR L]YHGHQ ªNRQMLþNL VNRN© RG RJ GR RJ SRWH]D SUL SDGD9DPERGRYDD]DLVWRWDNRL]YHGHQªNRQMLþNLVNRN©XQD]DGWM RG RJ GR RJ SRWH]D GRELMDWH MRã ERGRYD =QDþL X RYRP GHOX PRåHWH VDNXSLWL PDNVLPXP ERGRYD ãWR VD PDNVLPDOQR PRJXüLK L] SUYRJGHODþLQLRSHWPRJXüLK ERGRYD LOL XVSHKD X UHãDYDQMX RYRJWHVWD 9DãVDGDãQMLUH]XOWDW 9DãUH]XOWDWSRVOHSRJODYOMD 7(67%%ª'HVHWNDWUHI©
.DR L VYH GRVDGDãQMH WHVWRYH L RYDM WHVW PRåHWH XUDGLWL VDPL LOL X GUXãWYX VD MRã QHNLP $NR RYDM WHVW åHOLWH GD XUDGLWH X GUXãWYX RQGD GDMWHQHNRPãSLORGNDUWHGD JD GREUR SURPHãD L SRVOH WRJD QHND L] QMHJD L]YXþH ELOR NRMH GYH NDUWH 7H GYH L]YXþHQH NDUWH 9L QDUDYQR QH VPHWH YLGHWL L QHND LK SRNORSOMHQH RGORåL X VWUDQX =DWLP QHND ãSLO RG SUHRVWDOLKNDUDWDMRãMHGQRPGREURL]PHãDLRWVDGDQHNDGREURSD]L GDQHSRUHPHWLUHGRVOHGNDUDWDXãSLOX 3RVOH RYLK PDOLK SULSUHPD VWRML 9DP QD UDVSROD JDQMX WDþQR PLQXWD GD ]DSDPWLWH RYLK NDUDWD L WR UHGRVOHGRP NRML MH X ãSLOX MHU üH 9DP LK GRWLþQD RVRED þLWDWL MHGQX ]D GUXJRP L]JRYDUDMXüL QDMSUH QMLKRY UHGQL EURMSDRQGDQD]LYNDUWH
=DVYDNXWDþQR]DSDPüHQXLUHSURGXNRYDQXNDUWXSR UHGRVOHGX RG UHG EURMD GR UDþXQDMWH ]D VHEH SR SROD ERGD LVWR WROLNRXQD]DGRGUHGEURMDGRD]DVYDNXWDþQRSRJRÿHQXNDUWXLOL UHGQLEURMYDQUHGRVLHGDWMQDSUHVNRNX]DYLVQRVWLRGWRJDGDOL9DPVH ]DGD UHG EURM LOL QD]LY NDUWH MRã SR SROD ERGD 3RVOH WRJD SULVWXSLWH LGHQWLILNDFLMLGYHMXL]YXþHQLK NDUDWD ]D VYDNX WDüQR SRJRÿHQX NDUWX GRGHOLWHVHELSRERGD 2YDM ]DQLPOMLYL HNVSHULPHQW VD VYRMLP SDPüHQMHP PRåHWH L]YHVWL X VYLP QMHJRYLP ID]DPD L SRWSXQR VDPL VDPR PRUDWH VWURJR SD]LWL GD SRVOH GUXJRJ PHãDQMD ãSLOD QLSRãWR QH SRUHPHWLWH UHGRVOHG NDUDWD X QMHPX ,MRãQHãWRãWRVDPR SR VHEL UD]XPOMLYR QH YDåLVDPR]DRYDMWHVW QHJR L ]D VYH SUHWKRGQH VDPRNRQWUROX QDG WDþQLP LVSXQMDYDQMHP SUH GXVORYD ]D L]UDGX SRMHGLQLK WHVWRYD D QDURþLWR X SRJOHGX WDþQRJ ERGR YDQMD VWYDUQR ]DSDPüHQRJ PDWHULMDOD WUHED GD VWDOQR L SRWSXQR VDYHVQR VSURYRGLWH 8 SURWLYQRP VDPR]DYDUDYDQMHP PRJOL ELVWH GD QDãNRGLWH MHGLQR²VDPRPVHEL 9DãVDGDãQMLUH]XOWDW² 9DãUH]XOWDWSRVOHSRJODYOMD²
$ VDGD XSLãLWH 9DãH ERGRYH NRMH VWH SRVWLJOL X UH ãDYDQMXSRMHGLQLKWHVWRYDXRGJRYDUDMXüHUXEULNHª0HPR PHWUD©7DNRÿHL]UDþXQDMWHLSURFHQDW9DãHJSRVWLJQXWRJ XVSHKD
5DGL ãWR EROMHJ SRUHÿHQMD XQHVLWH SRVWLJQXWH ERGRYH NDR YUHGQRVWLXª*UDILþNLPHPRPHWDU©LL]YXFLWHGLMDJUDP 1HPRMWH ELWL QL L]QHQDÿHQL D QL REHVKUDEUHQL VNURPQRãüX 9DãLK UH]XOWDWD SRVWLJQXWLK X UHãDYDQMX RYLK WHVWRYD 5H]XOWDWL NRMH VWH GRELOL QLVX ]DSUDYR PHULOR 9DãHJ SDPüHQMD QLWL QMHJRYH VODERVWL YHü SRND]DWHOM VODERVWL L QHHILNDVQRVWL 9DãLK GRVDGDãQMLK QDYLND PHWRGD L WHKQLND X SDPüHQMX 2YL WHVWRYL QHPDMX ]D FLOM XND]LYDQMH QD VODERVWL9DãHJVDGDãQMHJSDPüHQMD1MLKRYMHRVQRYQL]DGDWDNGD9DP RPRJXüH GD SUHFL]QR SUDWLWH X VWYDUL L] SRJODYOMD X SRJODYOMH 9DãH YHOLNH XVSHKH L RJURPDQ QHXSRUHGLY QDSUHGDN NRMH üHWH SRVWL]DWL XVYDMDQMHPQRYLKHILNDVQLMLKWHKQLNDSDPüHQMD .DNREXGHWHRYODGDYDOLSRMHGLQLPWHKQLNDPDSDPüHQMDLSRQRYRUH ãDYDOLSRMHGLQHWHVWRYHVDYHOLNLP]DGRYROMVWYRPüHWHNRQVWDWRYDWLQD 9DãHP ª0HPRPHWUX© QHXSRUHGLYL QDSUHGDN 6NRUR QHRVHWQR VLVWHPDWVNL SURUDÿXMXüL RYX NQMLJX RVSRVRELüHWH VH ]D EU]R L HILNDVQR SRVWL]DQMH JRWRYR VWRSURFHQWQRJ XVSHKD X SDPüHQMX L UHãDYDQMX QH VDPRRYLKWHVWRYDQHJRLEH]EURMGUXJLKQMLPDVOLþQLK]DGDWDNDNRMHåLYRW LUDGEXGXSRVWDYOMDOL9DãHPSDPüHQMX
(/(.75216.,02=$.=$261291(5$ý816.( 5$'1-("
ýRYHN SURVHþQR NRULVWL GR 2 VYRMLK VWYDUQLKVSRVREQRVWLSDPüHQMD 2Q UDVLSD QHSRãWXMXüL SULURGQH ]DNRQH SDPüH QMD ².6LãRU
0$.6,0$/1,.$3$&,7(7,*5$1,&(1$â(*3$0û(1-$
6WDUL )ULF NDNR VX YRMQLFL ]YDOL )ULGULKD 9HOLNRJ VYDNRP QRYDM OLMLXVYRMRMJDUGLYROHRMHGDSRVWDYLRYDWULSLWDQMD ª.ROLNRLPDãJR GLQD"© ²ª.ROLNRYHüVOXåLãNRGPHQH"©²ª'DOLUHGRYQRSULPDã SODWX L VQDEGHYDQMH"© ² -HGQRJ PODGRJ (QJOH]D QRYRSHþHQRJ JDUGLVWX NRMLQLMH]QDR QL UHüL QHPDþNRJ QDWHUDãHGD QDXþL QDSDPHWWUL SRWUHEQD RGJRYRUDSRUHGXSRNRMHPMH6WDUL)ULFRELþQRYROHRGDSRVWDYOMDVYRMD SLWDQMD 1D SUYRM VOHGHüRM VPRWUL SULPHWL )ULGULK QRYDMOLMX L QDUDYQR QH SURSXVWLGDPXSRVWDYLVYRMDRPLOMHQDSLWDQMDDOLRYRJSXWDQDQHVUHüX PODGRJD (QJOH]D RQ SRþH VD GUXJLP SLWDQMHP ª.ROLNR YHü VOXåLã X L .DUO6LãRUýDUL6HDVKRUH DPHULþNLSVLKRORJ
PRMRMJDUGL"©²ªJRGLQX6LUH©²ª.DNR"$NROLNRWLMHRQGDJR GLQD"©²ª7ULGDQD9HOLþDQVWYR©²ª6WRPXJURPRYD©X]YLNQXNUDOM ª-HGDQ RG QDV MH L]JXELR UD]XP© ² ª'D RERMH© UHþH (QJOH] PLVOHüLGDRGJRYDUDVYRPVXYHUHQXQDQMHJRYRWUHüHSLWDQMHªâWDRYR LPDGD]QDFL"© JUPHRMH 6WDUL )ULF ª-Rã PH QLNR X PRMRM YRMVFL QLMH QD]YDR OXÿDNRP© .DSHWDQ JDUGH SRåXUL GD ]DEH]HNQXWRP NUDOMX REMDVQL VWYDU NRML VH VODWNR QDVPHMDR RYRP QHRþHNLYDQRP QHVSRUD]XPX 0ODGLJDUGLVWDQLMHYHURYDRVYRPSDPüHQMXSUHNUãLRMHMHGDQ QMHJRY YHRPD YDåDQ ]DNRQ L SRþLQLR MHGQX RG PQRJLK JUHãDND NDNYH PLVYLYHRPDþHVWRþLQLPRXPDQMHPLOLYHüHPRELPX²XPDQMHYLãH VOLþQRM IRUPL 9HRPD UHWNR VH RVODQMDPR QD VYRMH SDPüHQMH QHPDPR SRYHUHQMD X QMHJD L MHGQRVWDYQR VH PLULPR VD SRWSXQR SRJUHãQLP ]DNOMXþNRP L XYHUHQMHP GD EROMH L YLãH MHGQRVWDYQR QH PRåHPR SDPWLWL,WXSRþLQMH ª]DþDUDQLNUXJ©QDãLKQHYROMDVDSDPüHQMHP$NR WYUGLPR L YHUXMHPR GD QHãWR QH PRåHPR RQGD QD åDORVW X SUDNVL VH L GRJDÿD GD QH PRåHPR QHãWR XUDGLWL MHU VDPL VHEH VSUHþDYDPR GD SRNXãDPRA þLPH XVWYDULVDPL VHEL QH GR]YROMDYDPR GD WR XUDGLPR 9HRPD þHVWR SURSXãWDPR SULOLNX GD XUDGLPR RQR ãWR QDP MH YDåQ M L SRWUHEQRL]ERJWRJDQLNDGDQHVD]QDPRNROLNRLãWDVWYDUQRPRåHPR ,DNR MH ELR MHGDQ RG QDMYHüLK VYHWVNLK VDWLULþDUD þXYHQL HQJOHVNL NQMLåHYQLN6YLIW-RQDWKDQ6ZLIW² LSDNMHJRYRULRª&RYHND RELþQR RNULYOMXMX NDNR VDP QH ]QD VYRLH PDQH L VODERVWL D XSUDYR LPD LVWR WROLNR OMXGL NRML QH SR]QDMX VYRMX VRSVWYHQX VQDJX L VSRVREQRVWL3RQHNLþRYHNOLþLQDSUHGHRXNRPHVHVNULYD]ODWQDUXGD DOL SRVHGQLN QMHJRY QHPD QL SRMPD R WRPH© .DR GD QDVWDYOMD GLMDORJ VD QMLP SUHNR YHNRYD DPHULþNL SVLKRORJ L ILOR]RI SURIHVRU 9LOMHP 'åHPV:LOOLDP-DPHV² SRUXþXMHª8RGQRVXQDRQRãWR EL WUHEDOR GD EXGHPR PL VPR VDPR XSROD EXGQL .RULVWLPR VDPR PDOL GHR QDãLK IL]LþNLK L PHQWDOQLK PRJXüQRVWL 8RSãWHQR JRYRUHüL þRYHN åLYL GDOHNR LVSRG VYRMLK VSRVREQRVWL 3RVHGXMH UD]OLþLWH PRJXüQRVWL NRMH UHGRYQR SR QDYLFL QH NRULVWL ýRYHN X SURãHNX UD]YLMHLNRULVWLVDPRRNRMHGQHGHVHWLQHVYRMLKXPQLKVSRVREQRVWL©
'DELVHXYHULOLXWDþQRVWRYLKQDYRGDGRYROMQRMHGDVHVDPRSRW VHWLPR QHNLK þLQMHQLFD R OMXGVNRP PR]JX X NRPH VH NULMX SUDNWLþQR QHLVFUSQH PRJXüQRVWL SRYHüDQMD SDPüHQMD 3UH VYHJD VDPR X NRUL YHOLNRJ PR]JD QDOD]L VH GR PLOLMDUGL üHOLMD .DGD EL QHNR SRNXãDR GD VD QDMEROMLP UDVSRORåLYLP VUHGVWYLPD VDYUHPHQH HOHNWURQLNHLWHKQLNHVDJUDGL MHGDQ XUHÿDM NRML EL EDU SULEOLåQR OLþLR OMXGVNRPPR]JXRQGDELGRELRWROLNRRJURPQRSRVWURMHQMHGDELPX ]D QMHJRY VPHãWDM ELOD SRWUHEQD ]JUDGD RG SUHNR VSUDWRYD $ SULURGD MH VYH WR VPHVWLOD X MHGDQ RUJDQ þLMD WHåLQD X SURãHNX QH SUHOD]LQLNJ6PDWUDVHGDMHPR]DNMHGQDRGQDMNRPSOLNRYDQLMLKL QDMþXGHVQLMLK WYRUHYLQD SULURGH QD =HPOML 6DPR SR VHEL UD]XPOMLYR IXQNFLMH L ]DGDFL PR]JD QLVX QLãWD PDQML L PDQMH NRPSOLNRYDQL RG QMHJRYH JUDÿH 1D SULPHU OMXGVNL PR]DN SRVHGXMH QHL]PHUDQ NDSDFLWHW NRML QLMHGDQ HOHNWURQVNL PR]DN QH PRåH GRVWLüL 2Q PRåH GD SULPL L GR O NYDGULOLRQ O VD QXOD PLVOL WM PLVDRQLK MHGLQLFD LOL LQIRUPDFLMD .ROLNR MH WR QHL]PHUQR RJURPDQ EURM LQIRUPDFLMD NRMH PR]DNPRåHGDSULPLPRåHPRVKYDWLWLMHGLQRSXWHPQHNRJVOLNRYLWRJ SRUHÿHQMD
3RVWURMHQMHNRMHELSULEOLåQRRGJRYDUDORNDSDFLWHWLPDOMXGVNRJPR]JDVPHVWLOREL VHWHNXMHGQXWULGHVHWRVSUDWQLFX$XNXSQDGXåLQDPRåGDQLKYODNDQDS UHPDãXMH XGDOMHQRVW0HVHFDRG=HPOMH]DþLWDYLKRELPD=HPOMHQDHNYDWRUX
'D EL VH SUHEURMDOR RYR PQRãWYR LQIRUPDFLMD MHGQRP þRYHNX EL ELOR SRWUHEQR SUHNR PLOLRQD JRGLQD QHSUHNLGQRJ GDQRQRüQRJ EURMDQMDLWRGDEURMLEU]LQRPRGMHGQHLQIRUPDFLMHQDMHGQXVHNXQGX $NR ELVPR GDOMH SRUHÿHQMD UDGL ]DPLVOLOL GD MH VYDND WD PLVDRQD MHGLQLFD LOL LQIRUPDFLMD YHOLþLQH MHGQRJ SãHQLþQRJ ]UQD RQGD EL VH WD SUDNWLþQR QHL]PHUQD NROLþLQD SãHQLFH PRJOD VPHVWLWL WHN X MHGQR VNODGLãWHNRMHELELORYLVRNRPãLURNRPDVYRMRPGXåLQRPELVH SURVWLUDORRG0RVNYHGR/LVDERQDGDNOHRNRNP 'RN EURM åLYþDQLK üHOLMD VDPR X NRUL YHOLNRJ PR"JD L]QRVL GRPLOLMDUGLGRWOHGXåLQDåLYþDQLKYODNDQDL]QRVLNP $NR ELVHRYDYODNQDSRVWDYLODX MHGDQ QHSUHNLGDQ QL] QMLKRYD GXåLQD EL]DþLWDYLK NP LOL RELPD =HPOMH SUHPDãLOD XGDOMHQRVW 0HVHFD RG =HPOMH 'UXJLP UHFLPD WRP QLWL RG åLYþDQLK YODNDQD PR]JDPRJODELVHREDYLWL=HPOMDQDHNYDWRUXUDYQRSXWD =DLVWD NDSDFLWHWOMXGVNRJ PR]JD MH SUDNWLþQR QHRJUDQLþHQ MHU þRYHNXQLMHGRYROMDQQLþLWDYQMHJRYåLYRWGDELVDPRL]EURMDRQHL]PHUQR PQRãWYRLQIRUPDFLMDNRMHQMHJRYPR]DNPRåHGDDSVRUEXMH1DVXSURW RYDNR RJURPQLP UH]HUYDPD X NDSDFLWHWX PR]JD VPDWUD VH GD þRYHN SURVHþQR NRULVWL VDPR RNR XNXSQRJ EURMD QHUYQLK üHOLMD =QDþL GD QHLVNRULãüHQD SUHRVWDOD UH]HUYD L]QRVL þLWDYLK $ NROLNR VX WHN QHLVNRULãüHQH UH]HUYH X JOREDOQLP UD]QLHUDPD MDVQR JRYRUL SRGDWDN GD VDPR VWDQRYQLãWYD QDãH SODQHWH GRYROMQR HILNDVQR NRULVWL NDSDFLWHWLPRJXüQRVWLPR]JD $NRXSRUHGLPRRYHRJURPQHNDSDFLWHWHOMXGVNRJPR]JDVDVWF SHQRPQMHJRYHSUDNWLþQHSURVHþQHLVNRULãüHQRVWLRQGDVHQHPRåHPR RWHWL XWLVND GD VPR VOLþQL þRYHNX NRML LPD NRPSMXWHU D NRULVWL JD VDPR
]D þHWLUL RVQRYQH UDþXQVNH UDGQMH $OL L SRUHG WRJD PL UHGRYQR QH SUR SXãWDPR SULOLNX GD XYHN RNULYLPR VYRMH SDPüHQMH QMHJRYX QHL]PHUQX PRü NDGD QH GRELMHPR RG QMHJD QHNL YDåDQ SRGDWDN XPHVWR GD X]URNH WUDåLPR X QDãLP ORãLP QDYLNDPD QHDGHNYDWQLP WHKQLNDPD L QHHILNDVQLP PHWRGLPDSDPüHQMD 0RüþRYHNRYRJSDPüHQMDMHIHQRPHQDOQD,PDPRPQRJRSULPHUD QHVDPR XSURãORVWL QHJR L X VDGDãQMRVWL X QDãRM EOLåRM L GDOMRM RNROLQL NRML VWDOQR SRWYUÿXMX RJURPQX IHQRPHQDOQX PRü þRYHNRYRJSDPHWQMD 3RþHY RG PDORJ GHWHWD NRMH NUHüH X åLYRW NDR ªWDEXOD UDVD© L ]D UH ODWLYQR YHRPD NUDWNR YUHPH QDXþL GHVHWLQH KLOMDGD SRMPRYD VD QMLKR YLP EH]EURMQLP X]URþQLP L SRVOHGLþQLP YH]DPD D L]QDG VYHJD ² VYRM PDWHUQML MH]LNVD QHNROLNR KLOMDGD UHFL ]DWLP SUHNR OLQJYLVWD NRML VDYU ãHQRYODGDMXVDSRWDNLYLãHMH]LNDSDGRVWDWLVWLþDUDLELEOLRWHNDUDNRML ODNR PDQLSXOLãX VD SDU GHVHWLQD KLOMDGD EURMHYD L UD]QLK QD]LYD LOL VOD ERYLGQLK ãDKLVWD NRML LJUDMX XVSHãQR QD VLPXOWDQLP WXUQLULPD L QD VYLK GYDGHVHWWDEOL ,VWRULVND SURãORVW RELOXMH SULPHULPD NRML GRYROMQR LOXVWUXMX SUDN WLþQR QHRJUDQLþHQX PRü SDPüHQMD .UR] PLOHQLMXPH L PQRJREURMQH JH QHUDFLMH SUHQRVLOL VX VWDUL EUDKPDQL SUHGDMRP V NROHQD QD NROHQR QDM VWDULMH ILOR]RIVNRUHOLJLR]QH NQMLJH GUHYQH ,QGLMH ]YDQH 9HGH 7R MH MH GLQVWYHQ SULPHU X VYHWVNRM LVWRULML GD VH MHGQD WDNR RSVHåQD L ERJDWD OLWHUDWXUD þXYDOD L SUHQRVLOD NUR] SRNROHQMD VDPR SDPüHQMHP L WR X QH SURPHQMHQRP REOLNX ]DKYDOMXMXüL SUHFL]QLP WHKQLNDPD SDPüHQMD VWDULK EUDKPDQD 7LEHWDQVNHODPHVXUDVSRODJDOLWDNRHILNDVQLPPHWRGLPDSDPüHQMD GD VX PRJOL ]DSDPWLWL þLWDYX NQMLJX DNR EL MH VDPR MHGDQSXW SURþLWDOL 6DNXSOMDþL QDURGQLK XPRWYRULQD ELOL VX ]DGLYOMHQL EULOMDQWQLP SDPüH QMHP PQRJLK QDURGQLK SHVQLND L SHYDþD QHXNLK L QHSLVPHQLK VHOMDND NRML VX ]QDOL L GR VWLKRYD QDURGQLK SHVDPD ãWR MH GDYDOR L GR ãWDPSDQLKVWUDQLFD 6WDUL *UFL VX SR]QDYDOL WDNYH WHKQLNH SDPüHQMD NRMH VX LP RPR JXüDYDOH GD SDPWH WUDMQR L SUHFL]QR L SR SDU VWRWLQD KLOMDGD QDMUD]QRYU VQLMLK SRGDWDND .ROLNR MH WR ELOD YHOLND PRü SDPüHQMD PRåHPR YLGHWL L] SRUHÿHQMDVD%ULWDQVNRPHQFLNORSHGLMRP(QFYFORSDHÿLD%ULWDQQLFD NRMD X VYRMD WRPD VDGUåL RNR þODQDND VD SRMPRYD L YDåL X VYHWX]DMHGQXRGQDMEROMLKLQDMYHüLKHQFLNORSHGLMD $NR SUDNWLþQR QHRJUDQLþHQRP NDSDFLWHWX QDãHJ SDPüHQMD GRGDPR HILNDVQH PHWRGH L WHKQLNH L SUL WRPH SRãWXMHPR SVLKRORãNH ]DNRQLWRVWL NRMH YODGDMX SDPüHQMHP PRüLüHPR SUDNWLþQR SDPWLWL VYH ãWR QDP EXGH WUHEDORXELORNRMRMREODVWLåLYRWDLOLUDGDVYHRQRãWRVHL]UDåDYDVORYRPLOL EURMHP
L 7DEXODUDVDWDEXODUD]D ²ODWJODWNDSRUDYQDWDSORþD 3UHQRVQRQHLVSLVDQOLVW
)(120(1$/1$3$0û(1-$.52=9(.29(
*HQLMHMHWUDQVSLUDFLMH LO LQVSLUDFLMH ²7RPDV$(GLVRQ
.$.268012*,-('1267$91,065('679,0$2679$5,/, 5(.25'(83$0û(1-8"
² $VDGDGUDJLPRMLJRVWLSUHGODåHPYDPGDVHPDOR]DEDYLPR LSRXþLPRVOXãDQMHPª,OLMDGH©NRMXüHQDPUHFLWRYDWLPRMXþHQLUREL] *UþNH]YDQL,OLMDGD²UHþHGRVWRMDQVWYHQLSDWULFLMHREUDüDMXüLVHEURM QLP]YDQLFDPDQDERJDWRMJR]ELNRMXMHSULUHGLRXVYRP UDVNRãQRP GRPX =DWLPVHREUDWLVYRPHQDG]RUQLNXURERYDLQDUHGLPX ² 1HNDVHURE,OLMDGDRGPDKVSUHPLLGRÿHGDQDPUHFLWXMHMX QDþNL+RPHURYHS 8PHVWR GD EH] SRJRYRUD L]YUãL QDUHÿHQMH VYRJ JRVSRGDUD QDG ]RUQLNRþLJOHGQRXQHNDNYRMQHSULOLFLX]GXERNSRNORQXVXGLVHGDNDåH ² 2SURVWLPLRJRVSRGDUXãWRVHXVXÿXMHPGDWLSUHGORåLPGD XPHVWR,OLMDGHSR]RYHPR2GLVHMXNRMLPRåHLVWRWDNROHSRGDND]XMHR QHRELþQLPSXVWRORYLQDPDLWDþNRJNUDOMD2GLVHMD ² .DNRVHXVXÿXMHãGDPHQMDãPRMDQDUHÿHQMD"²X]YLNQXYHRPD L]QHQDÿHQRKROLURERYODVQLNDRGPDK]DWLPQHVWUSOMLYRGRGDGH ² 6PHVWDGDVLRWLãDRLGRYHRURED,OLMDGX²8]SRQRYQLSRNORQ ªELEOLRWHNDU©RGJRYUL ² 7RMHQHPJXüHRJRVSRGDUXMHU,OLMDGXYHüGYDGDQDQHSUH VWDQREROLVWRPDN 8 6WDURP 5LPX URERYL VX NRULãüHQL L NDR XþLWHOML D L åLYH ELEOLRWHNH =D RYH SRVORYH QDURþLWR VX ELOL FHQMHQL *UFL NRML VX LDNR YRMQLþNL SRNRUHQL LPDOL SULPDW X NXOWXUL 0QRJL ULPVNL SDWULFLML EL L VX LVXYLãH QH]DLQWHUHVRYDQL L OHQML GD EL VH VDPL EDYLOL NQMLåHYQRãüX L MHGQRVWDYQR EL VDNXSLOL GRYROMDQ EURM URERYD RG NRMLK MH VYDNL ]QDR SR SDU þXYHQLK GHOD QDSDPHW %LOL VX WR VYDNDNR VYRMHYUVQL UHNRUGL X SDPüHQMX DNR VH LPD X YLGX GD ª2GLVHMD© LPD VWLKD X KHNVDPHWUX D ª,OLMDGD© VWLKRYD L GD VYDND LPD SR SHYDQMD NQMLJD $NR X]PHPR SR MHGQRM VWUDQLFL RNR VWLKRYD RQGD ª2GLVHMD© ]DSUHPD RNR D ª,OLMDGD© L VYLK VWUDQLFD ãWDPSDQRJ WHNVWD NQMLJH XRELþDMHQRJ VUHGQMHJIRUPDWD 0HÿXWLP RYDM UHNRUG 6WDULK *UND X SDPüHQMX SRQRYOMHQ MH L NDVQLMH 7DNR MH X SURãORP YHNX +HQUL 6HQERUQ 1RM] SURIHVRU PDWHPDWLNH 7UDQVSLUDFLMDQLWUDQVVSLUDWLR ²]QRM]QRMHQLH 7KRPDV$OYD(GLVRQ² DPHUSURQDOD"Dþ
QD MHGQRP DPHULþNRP XQLYHU]LWHWX ]QDR QDSDPHW QH VDPR ª,OLMDGX© YHü L ª2GLVHMX© .ROLNL MH WR ELR SRGYLJ YLGL VH L] SRGDWND GD ª,OLMDGD© L ª2GLVHMD© ]DMHGQR LPDMX VWLKRYD KHNVDPHWUD RNR UHFL L SULEOLåQR VWUDQLFD ãWDPSDQRJ WHNVWD -RãXSUDGDYQLPYUHPHQLPDSUHSLVDQHLVWRULMHSDPüHQMHMHELOR MHGLQRVUHGVWYRRþXYDQMDLSUHQRãHQMDVSRNROHQMDQDSRNROHQMHFHOR NXSQRJ WDGDãQMHJ ]QDQMD 0QRJD SULPLWLYQD SOHPHQD QD SULPHU X $IULFL MRã XYHN VH VOXåH SRVHEQLP PHWRGLPD SDPüHQMD SRPRüX NRMLK YHRPD XVSHãQR L WDþQR SUHQRVH GXJH L GHWDOMQH SRUXNH RG MHGQRJ GR GUXJRJ QDVHOMD 7DNRÿH QDURGL QD RVWUYLPD 3ROLQH]LMH LPDMX YHRPD ERJDWX XVPHQX NQMLåHYQRVW NRMD EL LVSXQLOD MHGQX GREUX ELEOLRWHNX 8þHQL OMXGL QD PQRJLP RG RYLK RVWUYD X VWDQMX VX QDEURMDWL URGRVORYOMD VYLK RVWUYD SRþHY RG QMLKRYRJ QDVHOMDYDQMD VOXåHüL VH SUL WRP VORåHQLP VLVWHPRP þYRURYD 3RVHEQD JUXSD XþHQLK OMXGL L VYHãWHQLNDYRGLODMHUDþXQDGDVHQHLVSXVWLLOLSURPHQLQLMHGQDUHþ .DGD VX LVWUDåLYDþL VDNXSLOL RYH XVPHQH SUHGDMH VD VYLK RVWUYD ELOL VX L]QHQDÿHQL VYRMRP NRQVWDWDFLMRP GD VH RQH X VYLP SRMHGLQRVWLPD SRGXGDUDMX )HQRPHQDOQD SDPüHQMD VX VH QH VDPR UDÿDOD YHü L VWYDUDOD NUR] SURKXMDOH YHNRYH 7DNR VX VWDURSHUVLVNL NUDOM .LU &\UXV L $OHNVDQGDU 0DNHGRQVNL ]QDOL SR LPHQX VYH VYRMH YRMQLNH D 0LWULGDW 0LWKUDGDWHV MH YODGDR QDG QDURGD L UD]JRYDUDR MH VD VYRMLP SRGDQLFLPD EH] WXPDþD 'RN MH 6FLSLRQ 6FLSLR $IULFDQXV PRJDR SR LPHQX GD RVORYL VYDNRJ QDRUXåDQRJ JUDÿDQLQD 5LPD NRMLK MH ELOR QHNROLNRVWRWLQDKLOMDGDGRWOHMH.LQHM&\QHDV SRVODQLNNUDOMD3LUD 3\UUKXV ]DMHGDQGDQQDXþLRLPHQDVYLKþODQRYDVHQDWDL5LPOMDQD VNRMLPDVHXSR]QDR -XOLMH&H]DU*DLXV-XOLXV&DHVDU NRMLMHPRJDRGLNWLUDWL SL VDPD LVWRYUHPHQD QDYRGL X VYRP GHOX ª'H %HOOR *DOOLFR© ª2 UDWX X *DOLML© GD VX JDOVNL .HOWL ² 'UXLGL NDNR LK MH RQ QD]YDR ² üHOX VYRMX RELPQX NQMLåHYQRVW XVPHQRP SUHGDMRP SUHQRVLOL V NROHQD QD NROHQR2G6HQHNH6HQHFD NRMLMHPRJDRGDSRQRYLUHFLLRNR VWLKRYDDNRELLKVDPRMHGDQSXWþXRSRWLþHRYRVYHGRþDQVWYRR .DWRQX&DWR .DWRQ MH PRJDR VYH VYRMH L]MDYH L JRYRUH GRVORYQR SDPWLWL L XYHNEH]SRJUHãNHSRQRYLWL1LNDGDQLMHQLãWD]DSLVLYDRMHUMHVYHVYRMH PLVOLNDNRMHJRYRULR]DSLVLYDRXVYRMXP3ULSRQDYOMDQMXQHNRJVYRJ JRYRUDQLMHPRJODL]RVWDWLQLMHGQDUHþDGRYROMQRMHELORSRPHQXWL PX LPH QHNRJ YRMVNRYRÿH GD EL RQ RGPDK SRþHR X QHSUHNLGQRP QL]XL]QRVLWLVYHSRGDWNHLGRJDÿDMHXYH]LVDQMLP &LFHURQ&LFHUR VODYQLULPVNLRUDWRUXVYRPGHOX ª'HRUDWRUH© QDYRGL GD VX GYD JUþND ILOR]RID &KDUPLGHV L 0HWURGRURV PRJOL SULPHQRP RGJRYDUDMXüLK WHKQLND SDPüHQMD SDPWLWL SUDNWLþQR VYH X QHRJUDQLþHQRP RELPX =D &KDUPLGHVD NDåH 3OLQLMH 6WDULML 3OLQLXV GD MH PRJDRSRQDYOMDWLþLWDYHNQMLJHUHGRPNDNRVWRMHXELEOLRWHFL+RUWHQ]LMH +RUWHQVLXV SURWLYQLN &LFHURQRY WDNRÿH SR]QDWL ULPVNL JRYRUQLN SRãWR EL SR FHR GDQ SURYHR QD QHNRM OLFLWDFLML PRJDR MH LVWLP UHGRP NRMLP VX VH MDYOMDOL GD SRQRYL LPHQD VYLK NXSDFD QD]LYH SUHGPHWDNRMHVXNXSLOLLQMLKRYHFHQHEH]LMHGQHJUHãNH ýXYHQLDUDSVNLILOR]RIQDXþQLNLOHNDU$YLFHQDDUDSVNL,EQ6LQD ]YDQLªSULQFILOR]RIDLOHNDUD©NRMLMHåLYHRX;YHNXPRJDRMHYHüX VYRMRM JRGLQL GD UHFLWXMH þLWDY .XUDQ .XU DQ QDSDPHW D NDGD PXMHELORJRGLQDLVYDGHOD$ULVWRWHOD6SDQVNLNQMLåHYQLN$ORQVR 7RVWDGR NRML MH åLYHR X ;9 YHNX LPDR MH IDQWDVWLþQR MDNX PHPRULMX
VYDNXNQMLJXNRMXELVDPRGYDSXWDSURþLWDRPRJDRMHSRQRYLWLRGUHüL GRUHFL 'RED 5HQHVDQVH VH PRåH SRVHEQR SRKYDOLWL þLWDYRP SOHMDGRP EUL OMDQWQLKXPRYDVDL]YDQUHGQLP SDPüHQMHP 8 ;9 YHNX X 3DGRYL åLYHR MH L GHORYDR SUDYQLN 3LHWUR GH 5DYHQD 2Q MH PRJDR SRQRYLWL VYH ªOHJHV FRGLFHV]DNRQVNHNRGHNVH LWRSREURMHYLPDþODQRYDRQDNRNDNRELPX LKVDPRMHGQRPSURþLWDOL 8YDåHQL JUDÿDQLQ LVWRJD JUDGD QHNL $QWRQLR 0XUHWR L]GLNWLUDR MH MHGQRP SULOLNRP QHNRP PODGRP .RU]LNDQFX NRML MH X 3DGRYL VWX GLUDR JUDÿDQVNR SUDYR YHOLNL EURM ODWLQVNLK JUþNLK KHEUHMVNLK L GUXJLK UHFLPQRJHRGQMLKLEH]LNDNYRJVPLVOD.RU]LNDQDFLKMHRGPDKSRQR YLR UHGRP NDNR VX WR SULVXWQL SRVPDWUDþL L VOXãDRFL WUDåLOL L QD QMLKRYR GLYOMHQMH L]MDYLR GD PRåH DNR WR åHOH RYDNR ]DSDPWLWL L GR UHFL .RG 0XUHWD MH VWDQRYDR MHGDQ PODGL SDWULFLMH 9HQHFLMDQDF )UDQþHVNR 0ROLQRNRMLMHVYHOLNRPPDUOMLYRãüXVWXGLUDRUD]QHQDXþQHGLVFLSOLQH DOL VH QLMH PRJDR SRKYDOWLL QHNLP QDURþLWLP XVSHKRP MHU MH LPDR ORãH SDPüHQMH=DPROLRMH.RU]LNDQFDGDJDSRXþLVYRMRMWHKQLFLSDPüHQMD L YHü SRVOH QHNROLNR GDQD PRJDR MH PODGL SDWULFLMH GD UHSURGXNXMH L GR UHFLSRELORNRPUHGRVOHGX .QMLåQLþDU YHOLNRJ YRMYRGH RG 7RVNDQH $QWRQLR GD 0DUNR 0DOMD EHNL $QWRQLR GD 0DUFR 0DJOLDEHFKL ² LPDR MH JRWRYR IRWR JUDIVNXPHPRULMXMHUVYHãWRELSURþLWDRSDPWLRMHEH]WHãNRüD1LMH ELR ãNRORYDQ D SRþHR MH þLWDWL QD OLVWRYLPD NQMLJD NRMH MH QMHJRY JD]GD SLOMDU NRULVWLR ]D SDNRYDQMH YRüD 6YRMH VWUDVWYHQR þLWDQMH L IRWRJUDIVNR SDPüHQMH VYHJD L VYDþHJD QDVWDYLR MH NDR XþHQLN NRG MHGQRJ NQMLåDUD WDNR GD VX JD GRFQLMH X åLYRWX PQRJL VWUXþQMDFL NRQVXOWRYDOL MHU PX MH ]QDQMH ELOR YHRPD ãLURNR D SDPüHQMH SRWSXQR WDþQR PQRJH DXWRUH MH FLWLUDR SR NQML]L VWUDQL L SDVXVX ýLWDMXüL VDNXSOMDR MH ]QDQMH GR GXERNH VWDURVWLLVDþXYDRVYRMHYHOLNHVSRVREQRVWLGRNUDMDåLYRWD %LRMHQRYHPEDUPHVHFJRG%UDüD.DVWLOMR-RVH)HOLFLDQR L$OH[DQGUR0DJQRGH&DVWLOKR NRMLVXSUHGDYDOLVYRMHPHWRGHSDPüH QMD X ,WDOLML )UDQFXVNRM 1HPDþNRM (QJOHVNRM %HOJLML L GUXJLP HYURS VNLP ]HPOMDPD GHPRQVWULUDOL VX PRJXüQRVWL VYRJ SDPüHQMD X )UDQN IXUWX QD 0DMQL $ GH .DVWLOMR UD]GHOLR MH SULVXWQLPD X GYRUDQL MHGDQ VSLVDN RG SUHNR QDMUD]OLþLWLMLK SRGDWDND L] VYLK REODVWL QDXNH $X GLWRULMXP JD MH SURVWR ERPEDUGRYDR QHSUHNLGQLP SLWDQMLPD QD RVQRYX RYRJ VSLVND L RQ MH QD VYD SLWDQMD RGJRYRULR EH] LMHGQH JUHãNH =DWLP MH SRGHOLRSXQROLVWRYDSDSLUDQDNRMLPDVXSULVXWQLSRVYRPL]ERUXXSLVL YDOL UD]QH EURMHYH LPHQD þLWDYH UHþHQLFH L GUXJH SRGDWNH 3RVOH VDPR MHGQRJ þLWDQMD RYLK SRGDWDNDA .DVWLOMR LK MH UHSURGXNRYDR V ODNRüRP SR åHOMHQRP UHGX 3UH WRJD GDQD MXQD A JRG /LVDERQVNH QRYLQH VX SLVDOH GD MH LVWL $ GH .DVWLOMR SUHG YLãH VWRWLQD SULVXWQLK RVRED RGJR YRULR XVSHãQR QD SUHNR SLWDQMD NRMD VX PX SRVWDYLOL VOXãDRFL QD RVQRYXWDEHODSXQLKSRGDWDNDNRMHLPMHSUHWKRGQRSRGHOLR8EURMXRG PDUWD J ª&RXULHU %HOJH© NRML MH L]OD]LR X %ULVOX SLãH GD ]D KYDOMXMXüL GHORYDQMX J GH .DVWLOMD PRåH VH VD VLJXUQRãüX ]DNOMXþLWL GD VX QMHJRYL PHWRGL QH VDPR UDFLRQDOQR QHJR L VLJXUQR VUHGVWYR ]D WUDMQR SDPüHQMHSRGDWDNDL]ELORNRMHREODVWLRGQRVQRVYHJDRQRJDãWRMHEURM LNODVLILNDFLMD6DP.DVWLOMRMHWYUGLRGDVHQMHJRYLPPHWRGDPDSDPüH QMDPRåHRYODGDWL]DPHVHFGDQDUDGD 0RFDUW0R]DUW MHNDRJRGLãQMLGHþDNXFUNYL6Y3HWUDX5LPX
]DSDPWLR ]D YUHPH L]YRÿHQMD üHOX PX]LNX YHOLNRJ PX]LþNRJ GHOD ]D GYD KRUD þLMH VX VHQRWH þXYDOH X QDMYHüRM WDMQRVWL L L]YRGLOH VH VDPR GYD SXWD JRGLãQMH .DGD MH PODGL 0RFDUW ]DSLVDR NRG NXüH ]DSDPüHQX PX ]LNXQLãXPRJOLGDSURQDÿXQLMHGQXJUHãNXVUDYQLYãL0RFDUWRY]DSLV VDRULJLQDORP =DKYDOMXMXüL VYRPH L]YDQUHGQRP SDPüHQMX 5DKPDQMLQRY VH MHG QRP QDãDOLR VD NRPSR]LWRURP 7DQHMHYLP NRML MH SUYL SXW VYLUDR MHGQR VYRMHGHORDXGUXJRMVRELVDNULYHQVHGHRMH5DKPDQMLQRY 1D YHOLNR ]DSUHSDãüHQMH 7DQHMHYD 5DKPDQMLQRY MH VOHGHüHJ GDQD RWVYLUDR SRWSXQR WDþQR ]DSDPüHQR GHOR 7DQHMHYD L X ãDOL RSWXåLR JD ]D ªSODJLMDW© 3URIHVRU JLPQD]LMH L] %ULQD %UOLQQ 9LOKHOP 6UDP :LOKHOP 6FKUDP JRG SRND]DR MH VOHGHüD GRVWLJQXüD VYRJ WUHQLUDQRJ SDPüHQMD %URMRGFLIDUDPRJDRMHSRQRYLWLELORNRMLPUHGRVOHGRPDNREL JDVDPRMHGDQSXWLOLGYDSXWþXR 1HNROLNRVWRWLQDLPHQDEHVPLVOHQLKVORJRYDLOLR]QDNDSRVORYLFDL VLELORNRMLPUHGRVOHGRP 6SHFLILþQHWHåLQHGRVXSVWDQFLVDWDþQRãüXGRGYHGHFLPDOH *RGLQHRVQLYDQMDXQLYHU]LWHWDXVYHWX *RGLQHURÿHQMDRVRED 9LVLQHXPHWULPDSODQLQVNLKYUKRYD *HRJUDIVNHGXåLQHLãLULQHQHNROLNRVWRWLQDYDåQLMLKPHVWDXVWHSH QLPDPLQXWLPDLVHNXQGDPD 3RYUãLQHWHULWRULMDYLãHRG]HPDOMDVYHWD 1HNROLNRVWRWLQDYDåQLMLKGRJDÿDMDVDRGJRYDUDMXüLPJRGLQDPDL] NXOWXUQHLVYHWVNHLVWRULMH
9UHPHFYHWDQMDELOMDND /XGROIRYEURMEURMª7&© QDGHFLPDOH =DVYDNLGDWXP;,;YHNDGDMHRGJRYDUDMXüLVHGPLþQLGDQ 'LNWLUDGRSLVDPDNRMHMHNUDWNRYUHPHSUHWRJDGRELRGDSURþLWD 1DYRGLEH]SRJUHãNHPDNRMLRGWURFLIUHQLKORJDULWDPD,WG LWG 1L +HUPDQ .RWH +HUPDQQ .RWKH L] +DQRYHUD NRML MH ELR VDYUH PHQLN SURI 6UDPD QLMH VH PRJDR SRKYDOLWL GREULP SDPüHQMHP X JLP QD]LMLLGRFQLMHQDSROLWHKQLNXPXJGHPXMHXþHQMHSDGDORYHRPDWHãNR $OL NDGD MH GRãDR X NRQWDNW L XSR]QDR WDGD UDVSRORåLYH WHKQLNH SDPüH QMD ]D YHRPD NUDWNR YUHPH ELR MH X VWDQMX GD SRNDåH L GRNDåH QHYHUR YDWQRSDPüHQMH 3DPüHQMHQHYHURYDWQRGXJLKQL]RYDEURMHYDXJUXSDPDRGSR FLIUHLUHSURGXNDYDQMHELORNRMLPUHGRP 7DNRÿH SR åHOML GDYDQMH ]ELUDELORNRMLKJUXSDEURMHYDX]DSDPüHQRPQL]X 3UDNWLþQRSURL]YROMDQEURMLPHQD þDNLSDUKLOMDGD NRMDVX PXVDPRMHGDQSXWQDMYLãHGYDSXWSURþLWDOL 8]QL]RGQHNROLNRVWRWLQDLPHQDQDMYLãHGYDSXWDVXPXSUR þLWDOLJRGLQXPHVHFLGDQURÿHQMDRGQRVQLKRVREDLRQMHUHSURGXNRYDR GDWHSRGDWDNHELORNRMLPUHGRVOHGRP 1L]RGSDUVWRWLQDVWUDQLKUHFLVD]QDþHQMLPDUHSURGXNRYDR MH EH]JUHãNHELORNRMLPUHGRVOHGRPQDNRQPDNVLPDOQRGYDþLWDQMD 1HNROLNRGHVHWLQDYLãHFLIUHQLKEURMHYDNDUDWD]DLJUDQMHSR
WH]DXãDKXLPHQDUHFLLNUDüLKL]UHNDL]UD]QLKVWUDQLKMH]LNDPRJDR MHGRVORYQRGDSRQRYLQDNRQQDMYLãHGYDþLWDQMD -HGQRPMHXLODQRYHUX]DSDPWLRMHGQXPROLWYXQDPDYDUVNRP L GXJL QL" EHVPLVOHQLK VORJRYD LOL VORYQLK R]QDND NRML MH VWDR X SL VDQLKUHGDND 3UDNWLþQRQHRJUDQLþHQEURMQRWDWDNWRYDSDX]DLGUXJLKPX ]LþNLK]QDNRYD 1HNROLNRVWRWLQDWDEHODNRMHVX]DMHGQRVDGUåDYDOHRNR QDMUD]OLþLWLMLKSRGDWDNDL]VYLKREODVWLOMXGVNRJ]QDQMDSRGHOLRELSUL VXWQLPDXVDOLLRGJRYDUDRQDEXMLFXSLWDQMDL]SXEOLNHNDRQDSULPHU 1D]DGDWHEURMHYHSDUDJUDIDNULYLþQRJ]DNRQLND%UDXQãYDMJDGDYDRMH QMLKRYXVDGUåLQXLREUDWQR 6SHFLILþQHWHåLQHVXSVWDQFLQDGHFL PDOD )UHNYHQFLMHSXWQLNDVYLKQHPDþNLKåHOH]QLFDX JRG %URM]YH]GDXYHüLPNRQVWHODFLMDPD %URMVWDQRYQLNDLSRYUãLQHX NP VYLK]HPDOMDVYHWD 6WRWLQHPDWHPDWLþNLKIL]LNDOQLKLKHPLVNLK IRUPXOD ýODQRYHIUDQFXVNRJXVWDYDLQDVORYHL]*RGHFLYLOD 3UHþ QLNHSODQHWDX=HPOMLQLPSUHþQLFLPDLJHRJUDIVNLPPLOMDPD *HR JUDIVNHGXåLQHLãLULQHYLãHRGJUDGRYDXVWHSHQLPDPLQXWLPDLVH NXQGDPD *RGLQHRVQLYDQMDVYLKXQLYHU]LWHWDQDVYHWX .RHIL FLMHQWHãLUHQMDYHOLNRJEURMDþYUVWLK WHODSULWHPSHUDWXUDPDRG&GR & %URMQDVYHSRWHQFLMHRGWHGRWH 9UHPHFYHWDQMD LVD]UHYDQMDYLãHRGYUVWDFYHüDLGUYHüD 6WDWLVWLþNHSRGDWNHUDW QLKPRUQDULFDVYLKWDGDQMLKSRPRUVNLKVLOD(YURSH *RGLQHURÿHQMDL VPUWLYLãHRGLVWRULVNLKOLþQRVWL,WGLWVO =DVYDNLEURMRGO²GDYDR%ULJJVRYORJDULWDPQDGH FLPDODLREUDWQRQD]DGDWXPDQWLVXORJDULWPDGDYDRQXPHUXV 3RYRGRP GHPRQVWUDFLMH RYLK VYRMLK UHNRUGQLK GRVWLJQXüD X SDP üHQMXVDP.RWHMHUHNDRGDVPDWUDGDQLMHSRWUHEQRSRVHEQRGDLFWLþF GDRYLK SRGDWDNDQLMHSDPWLRUDGLVRSVWYHQRJ ]DGRYROMVWYD YHü XD EL SRND]DR L GRND]DR MDVQR L XEHGOMLYR VQDJX L SUHGQRVWL ãNRORYDQRJ SDPüHQMD .DR L X PLQXOLP VWROHüLPD L X QDãHP PRGHUQRP YUHPHQX LPD SXQR SULPHUD L]YDQUHGQLK L EULOMDQWQLK SDPüHQMD 1DYHãüHPR VDPR QHNROLNR ]DQLPOMLYLKVOXþDMHYD %LOR MH WR UDWQH JRGLQH 9RGLOD VH MHGQD RG QDMYHüLK ELWDND 'UXJRJ VYHWVNRJ UDWD ² ELWND ]D 6WDOMLQJUDG 9ROJD MH ELOD ]DVHMDQD SRGYRGQLP PDJQHWQLP PLQDPD UDGL þHJD MH X 6WDOMLQJUDG RGPDK XSXüHQ SURI$$OHNVDQGURYVWUXþQMDN]DHILNDVQX]DãWLWXEURGRYDRGPDJQHW QLK PLQD 8 YDUOMLYRM WLãLQL SRG]HPQH SURVWRULMH þHVWR SUHNLGDQRM SRW PXORP WXWQMDYRP XGDOMHQLK HNVSOR]LMD RNXSOMHQL RILFLUL VX SRPQR EH OHåLOLVYDNLYDåQLMLSRGDWDNL]SURIHVRURYRJL]ODJDQMD6YLRVLPMHGQRJ ² 5HFLWHPROLP9DV]DãWR9LQLãWDQHEHOHåLWH"²XEU]RJDMH ]DSLWDRSURIHVRU$OHNVDQGURY ² =DãWR"=DWR]DWRãWRVDPVYH]DSDPWLR²RGJRYRULRIL FLUPDORRNOHYDMXüLL]DSLQMXFLMHUMHELRGRQHNOH]DWHþHQQHRþHNLYDQLP SURIHVRURYLPSLWDQMHP 3URIHVRURYR YHOLNR L]QHQDÿHQMH XEU]R VH SUHWYRULOR X ]DSUHSDãüH QMH NDGD MH RILFLU X SRWYUGX VYRMLK UHFL XVWDR L GRVORYQR UHSURGXNRYDR SURIHVRURYRL]ODJDQMHQDYRGHüLPDVXNRPSOLNRYDQLKWHKQLþNLKSRGDWDND L L]UD]D ² %LR MH WR 9ODGLPLU ² 9RORÿD =XEULFNL QHNDGDãQMH þXYHQR ªþXGRRGGHWHWD©-RãNDRVHGPRJRGLãQMLGHþDNXPDWURVNRMEOX]L9RORÿD
MHXWDGDãQMHP3HWURJUDGXMDYQRQDVWXSDRL]DSUHSDãüLYDR JOHGDRFHVYR MLP QHYHURYDWQLP SDPüHQMHP 2NUHQXW OHÿLPD PQRåLR MH GHOLR SRWHQ FLUDR L YDGLR NRUHQ L] YLãHFLIUHQLK EURMHYD FLWLUDR QL]RYH GDWXPD YDåQLK LVWRULVNLKGRJDÿDMDLSRQDYOMDRþLWDYHVWUDQLFHL]LVWRULMH 6OXþDM MH KWHR GD MH =XEULFNRP QMHJRYR L]YDQUHGQR SDPüHQMH MRã MHGQRP SRPRJOR GD XVSHãQR L]YUãL VYRMH ]DGDWNH %YRG MH WUHEDOR SUR YHVWL L]PHÿX RSDVQLK PHVWD D SLORWVND NDUWD MH ELOD L]JXEOMHQD 2VODQMD MXüLVHQDVYRMXPHPRULMX=XEULFNLMHXSUDYOMDREURGRPSRVHüDQMXNDR GD JOHGD X SLORWVNX NDUWX JGH VX ELOD REHOHåHQD VYD RSDVQD PHVWD L VUHWQRJDGRYHRQDRGUHGLãWH
,QGLMND6DNXQWDOD'HYLª]LQLNRPSMXWHU;;YHND©ELODMHEUåD]D VHNXQGLRGNRPSMXWHUDXUHãDYDQMXNRPSOLNRYDQLK PDWHPDWLþNLK]DGDWDND
ªäLYLNRPSMXWHU©ª8NURWLWHOMNDEURMHYD©ªäHQDNRMDEUåHUDþXQD RG NRPSMXWHUD© ² VDPR VX QHNL RG QDVORYD NRML YHü JRGLQDPD QH VLOD]H VD VWXEDFD HYURSVNH L VYHWVNH ãWDPSH 9Hü JRGLQD ]DGLYOMXMH QDXþQH NUXJRYH L VYHOVNX MDYQRVW JHQLMDOQD PDWHPDWLþDU ND L IHQRPHQ SDPüHQMD 6DNXQWDOD 'HYL SXWXMXüL VDPD L] ]HPOMH X ]HPOMX RG NRQWL QHQWD GR NRQWLQHQWD 1DXþQLFL WYUGH GD SUHWVWDYOMD UHGDN IHQRPHQ 1H YHURYDWQRP EU]LQRP YUãL UD]QH PDWHPDWLþNH RSHUDFLMH VD GåLQRYVNLP EURMHYLPD ,]YODþL QD SULPHU ãHVWL LOL VHGPL NRUHQ L] YHRPD GXJRJ EURMD JRWRYR LVWRJ WUHQXWND NDGD MH QDSLVDQ 7DNPLþL VH XVSHãQR VD NRPSMX WHULPD X EU]LQL L]UDþXQDYDQMD NRPSOLNRYDQLK ]DGDWDND 7DNR MH X %HM UXWX J XUDGLOD ]DGDWNH EUåH RG GYD NRPSMXWHUD NRML VX UDGLOL LVWR YUHPHQR'UXJRPSULOLNRPGRELODMHUH]XOWDWVHNXQGLSUHNRPSMXWHUD 8 ,QGLML MH NRQWUROLVDOD ELODQVH PQRJLP EDQNDPD L WLPH XãWHGHOD YLãH GQHYQLWUXGPQRJLKNQMLJRYRÿD 5RÿHQD MH X %DQJDORUX ,QGLMD JRG L VYRMH L]X]HWQH VSR VREQRVWLSRþHODMHLVSROMDYDWLMRãXQDMUDQLMHPGHWLQMVWYX²XVYRMRMWUH üRM JRGLQL 2G WDGD MH JDMLOD VWDODQ L RJURPDQ LQWHUHV ]D EURMHYH L YUH PHQRP MH SRVWDOD ªPDWHPDWLþNR þXGR L] %DQJDORUD© -HGQRP SULOLNRP L]YDGLOD MH NRUHQ L] WRFLIUHQRJ EURMD ]D SDU VHNXQGL =DPROMHQD GD SRNXãD GD REMDVQL NDNR L]YRGL WDNR NRPSOLNRYDQH UDþXQVNH UDGQMH RG JRYRULODMHGDMHQMRMþLWDYSURFHVL]UDþXQDYDQMDYHRPDMHGQRVWDYDQ
þLP MH ]DGDWDN QDSLVDQ RQD JD ªXYRGL X VYRM PR]DN L WDPR VH UH]XOWDW VDP RG VHEH RGPDK SRMDYOMXMH© 2QD QHPD RVHüDM GD QMHQ PR]DN QHãWR L]UDþXQDYD DOL ]QD GD VX MRM PLVOL L VYD VQDJD YROMH PDNVLPDOQR NRQFHQWULVDQH QD ]DGDWDN D UH]XOWDW VH YHRPD EU]R L VSRQWDQRVDPRGVHEHSRMDYOMXMH 2YGHMHSRWUHEQRSRVHEQRLVWDüLMHGQXYHRPDYDåQXþLQMHQLFX 6DNXQWDOD 'HYL QLMH MHGLQD X SRURGLFL ELOD REGDUHQD RYLP L]X]HWQLP VSRVREQRVWLPD 1MHQD PODÿD VHVWUD L MRã GYD EUDWD SRND]LYDOL VX WDNRÿH X UDQRP GHWLQMVWYX LVWH LOL VOLþQH VSRVREQRVWL DOL VX ]D UD]OLNX RG VYRMH VHVWUH âDNXQWDOH NDVQLMH L]JXELOL VYDNL LQWHUHV ]D UDþXQDQMH L EURMHYH GRN MH 6DNXQWDOD LQWHQ]LYQR QDVWDYLOD VD GDOMLP UD]YRMHPVYRMLKQDMDYOMHQLKL ]DþHWLK VSRVREQRVWL .DNR EL WR UHNDR (GLVRQRQDMHQDVYRMHLQVSLUDFLMHLJHQLMDNUR]GXJLQL]JRGLQD XVSHODGDGRGDDNXPXOLUDQRJ UDGD L GD VH UD]YLMH X MHGDQ RG IHQRPHQDSDP üHQMDLUDþXQDQMD 2 IHQRPHQLPD SDPüHQMD EL VH PRJOR YHRPD PQRJR JRYRULWL ² PRJDR EL VH LVSXQLWL RELP þLWDYH RYH NQMLJH L RSHW QH EL ELOL REXKYDüHQL VYL RQL NRML VH RGOLNXMX L]X]HWQRP PHPRULMRP MHU VYDNL þRYHN MH REGDUHQ QD VYRM QDþLQ D QMHJRYD REGDUHQRVW VH QH LVSROMDYDXYHNLQDVYDNRPPHVWX7DNR ]YDQL ªRELþQL OMXGL© YHRPD þHVWRLVSROMDYDMXHOHPHQWHL]X]HWQHPHPRULMHNUR]VYRMHVSHFLILþQR SURIHVLRQDOQR SDPüHQMH 1D SULPHU LVNXVDQ OHNDU PRåH MHGQRYUHPHQR ]DSDPWLWL ² EROHVQLND RVQRYQH VLPSWRPH QMLKRYLK REROHQMD WRN OHþHQMD LVWRULMX EROHVWL LWG DXWRPDWVNL SRYH]XMXüLRVREHQRVWLREROHQMDVDOLNRPLLPHQRPSDFLMHQWD 7RNRP SURIHVLRQDOQH GHODWQRVWL RYD VSRVREQRVW YHOLNRJ SDPüHQMD SRVWHSHQR VH UD]YLMD QHSUHNLGQLP QHVYHVQLP YHåEDQMHP SDPüHQMD L RVODQMDQMHP QD QMHJRYX SRPRü 7DNR QD SULPHU SR]QDWLML SHYDþLUDVSRODåXUHSHUWRDURPRGLYLãHSHVDPDDNRX]PHPR GD SURVHþQR MHGQD SHVPDLPDWULVWURIHVDXNXSQRVWLKRYDRQGD L]OD]L GD QMLKRYR SURIHVLRQDOQR SDPüHQMH UDVSRODåH VD VWLKRYD NRML VH PRJX VPHVWLWL WHN X NQMLJX RG SUHNR VWUDQD ãWDPSDQRJ WHNVWD 6OLþDQ MH VOXþDM L VD VYDNLP GUXJLP SR]LYRP MHU OMXGL RELþQR QLVX QL VYHVQL GD WRNRP JRGLQD YUãHüL VYRM SR]LY DNXPXOLUDMX QHYHURYDWQR RJURPQR ]QDQMH NRMH VH JUDQLþL VD IHQRPHQDOQLP ,]YDQUHGQLK L IHQRPHQDOQLK SDPüHQMD MH XYHN ELOR L ELüH EH]RE]LUDQDYUHPHLSURVWRULOLQHNHGUXJHNULWHULMXPH,]X]LPDMXüL PDQMLEURMVOXþDMHYDJGHVHUDGLRL]X]HWQRMSULURGQRMREGDUHQRVWLVYDWD EULOMDQWQD SDPüHQMD QDVWDOD VX NDR SORG YHOLNRJ LQWHUHVRYDQMD VLVWHPDWVNRJ ãNRORYDQMD L LVWUDMQRJ UDGD .DR ãWR VH YLGL X VOXþDMX âDNXQWDOH 'HYL QMHQH VHVWUH L EUDüH þDN L PHPRULMH VD L]X]HWQRP SUHGLVSR]LFLMRP L SRVHEQRP REGDUHQRãüX EH] LQWHUHVRYDQMD UDGD L VLVWHPDWVNRJL]JUDÿLYDQMDRVWDMXVDVYLPRELþQHLSURVHþQH 3DPüHQMH VH VDPR GRQHNOH UDÿD L QDVOHÿXMH D X YHOLNRM YHüLQL VOXþDMHYD VH XJODYQRP VWLþH L L]JUDÿXMH 2JURPQD YHüLQD IHQRPHQDOQLKSDPüHQMDVXXVWYDULL]JUDÿHQDVWHþHQDSDPüHQMD7L OMXGL VX XSRUQLP UDGRP L SULPHQRP RGJRYDUDMXüLK ]DNRQLWRVWL L PHWRGD VWYRULOL VHEL RGOLþQD X QHNLP VOXþDMHYLPD þDN L IHQRPHQDOQD SDPüHQMD $ WR PRåH VYDND QRUPDOQD SVLKLþNL ]GUDYDRVRED=DWRLPDMWHþHãüHQDXPXþLQMHQLFX 3DPüHQMHVHUHGHUDÿDDþHãüHVHVWLþH
/$0,187('(9(5,7(
1HNHNQMLJHWUHEDRNXVLWLGUXJHSURJXWDWL DVDPRQHNROLNR SURåYDNDWL L SUREDYLWLWM QHNHNQMLJHWUHEDþLWDWLDOLQH]QDWLåHOMQRD VDPR QHNROLNR WUHED SURþLWDWL X FHORVWL PDUOMLYRLVDSDåQMRP ² )UDQVLV%HNRQ
27925(1,1(3265('$1',-$/2*6$ý,7$2&(0 ² 'DOLPQRJRSLMHWH"²SLWDRMHOHNDUSDFLMHQWD ² 3DRWSULOLNHMHGQXERFXYLQDGQHYQR²RGJRYRULSDFLMHQW ² $GDOLSXãLWH" ² 'DLWRSULOLþQRPQRJR ² $NRåHOLWHGD9DPVH]GUDYVWYHQR VWDQMH SRSUDYL PRUDüHWH RVWDYLWLLMHGQRLGUXJR²SRVDYHWRYDRPXMHOHNDUR]ELOMQLP WRQRP %H]LMHGQHUHFLSDFLMHQWVHREXþHLSRÿHSUHPDL]OD]X ² 'XJXMHWHPLIUDQDND]DOHNDUVNLVDYHW²GRYLNQXPXOHNDU ² 1HSULPDPXRSãWH9DãVDYHW²RGJRYRULSDFLMHQWL]DWYRUL YUDWD .ROLNR üH MHGQD NQMLJD NRULVWLWL þLWDRFX X ]DGRYROMHQMX QHNH QMH JRYHSRWUHEHLRVWYDUHQMXQMHJRYLKFLOMHYDXYHOLNRMPHUL]DYLVLRGNQMLJH DOLLRGþLWDRFD %H]RGJRYDUDMXüHVDUDGQMHLXODJDQMDQDSRUDQDLVNRULãüD YDQMXRQRJDãWRNQMLJDREMHNWLYQRPRåHGDSUXåLþLWDRFXQHPRåHELWLQL GREULKUH]XOWDWDQL]DGRYROMDYDMXüHJXVSHKDþLWDRFDXRVWYDUHQMXåHOMHQRJ FLOMD 1L MHGDQ SRVDR QH WUHED SRþHWL D GD VH QH ]QD QMHJRYD VYUKD QMHJRYD NUDMQMD NRULVQRVW 1H VDPR GD MH QRUPDOQR QHJR MH ãWDYLãH QHRSKRGQR GD X VYDNRP UDGX X VYDNRP SRGXKYDWX LPDPR MDVQR SR VWDYOMHQ L WDþQR RGUHÿHQ FLOM 8 VYDNRP SRGXKYDWX SULURGQR WHåLPR SR VWL]DQMX QHNRJ FLOMD ]DGRYROMHQMX QHNH YDåQH SRWUHEH LOL RVWYDUHQMX QHNH NRULVQH LGHMH LOL VWYDUL 3UHPD WRPH YUHPH MH GD VH ]DSLWDWH GD OL üH VH LVSODWLWL9DãWUXGNRMLQDPHUDYDWHGDXORåLWHXSURXþDYDQMHRYHNQMLJH LãWDüHWH]DQMHJDGRELWL'RãDRMH GDNOH ªODPLQXWH GHYHULWH© QDVWX SLR MH ªWUHQXWDN LVWLQH© ² WUHQXWDN RWYRUHQRJ L QHSRVUHGQRJ GLMDORJD VD þLWDRFHP R WRPH ãWD PRåHWH RG NQMLJH RþHNLYDWL L ãWD VH RG 9DV WUDåL GD XUDGLWHGDEL9DPNQMLJDRPRJXüLODRVWYDUHQMH9DãHJFLOMD 9HüQDNRQQHNROLNRVHGPLFDVWXGLR]QRJSURXþDYDQMDRYHNQMLJH DSUHPDXSXWVWYLPDL]QHWLPXQDUHGQRPSRJODYOMXRVSRVRELüHWHVHL] L )UDQVLV%HNRQ)UDQFLV%DFRQ² HQJOILOR]RI SLVDFL GUåDYQLNMHGDQRGRVQLYDþDPRGHUQRJPDWHULMDOL]PDL ILOR]RILMH
PHÿXRVOMDORJGDODNRLEU]RSRVWLJQHWHVOHGHüHXVSHKHLRVWYDULWHRYH FLOMHYH
$NR VWH XþHQLN VWXGHQW LOL XRSãWH SROD]QLN QHNH GUXJH ãNROH LOL XþL OLãWD PRüL üHWH SUDNWLþQR QHRJUDQLþHQR SDPWLWL ODNR L EU]R VLJXUQR L WUDMQR VYH SRWUHEQH SRGDWNH L] SRMHGLQLK SUHGPHWD 8þHQMH L LVSLWL 9DP QHüH YLãH ]DGDYDWL EULJH YHü üH VH SUHWYRULWL X SULMDWDQ L NRQVWUXNWLYDQ UDG NRML üH 9DP SULþLQMDYDWL ]DGRYROMVWYR 9Dã GRVDGDãQML UDG NRML VWH XYHN SULPDOL NDR WHJREX L QHSULMDWQX REDYH]X 9DãH QRYR ãNRORYDQR SDPüHQMH SUHWYRULüH X SULMDWQX SRWUHEX
1D9DãHPUDGQRPPHVWX]DKYDOMXMXüL9DãHPGDOHNR9HüHP]QDQMX LVLJXUQRPSRX]GDQRPSDPüHQMXREDYOMDüHWHVYRMH]DGDWNHLL]YU ãDYDWLVYRMHREDYH]HQDRSãWH]DGRYROMVWYR7LPHüHWH DXWRPDWVNL VWYRULWLSUHGXVORYHGDSUHX]PHWHMRãRGJRYRUQLMHL VORåHQLMHGXåQR VWLMHUüHWHXEU]RRYODGDWLFHORNXSQLP]QDQMHPNRMHMHSRWUHEQR]D SRWSXQRRYODGDYDQMHWLPVORåHQLMLPUDGQLPSURFHVRP $NRVWHUXNRYRGLODFELüHWHXVWDQMXGDVYRMHDGDWNHEROMHL]YUãD YDWHD9DãHSODQRYHXVSHãQLMHLVSXQMDYDWHLSUHPDãXMHWH0RüLüHWH VLJXUQLMHLUDFLRQDOQLMHNRULVWLWLUDVSRORåLYDVUHGVWYDLVDUDGQLNHMHU üHWHVLJXUQRLWUDMQRRYODGDWLQHVDPRQRYLPSRWUHEQLP]QDQMLPD QHJRüHWHXYHNEU]RLODNRUDVSRODJDWLVYLPSRGDFLPDLLQIRUPDFL MDPDELWQLP]DRSWLPDOQX RUJDQL]DFLMXSRYHUHQRJ9DPUDGQRJ SURFHVD ,PHQDSUH]LPHQD L QDGLPNH]DWLPQDYLNHKRELMH WHOHIRQVNH EUR MHYHDGUHVHLRVWDOHVOLþQHSRGDWNHVYRMLKSULMDWHOMDLSR]QDQLNDSR VORYQLKYH]DNOLMHQDWDLNXSDFDSDPWLüHWHODNRLWUDMQRþDNDNRLK EXGHLQHNROLNRVWRWLQD3DPüHQMHL]QDQMHRYDNYLKLVOLþQLKSRGD WDNDNRMLüH9DPVLJXUQRVWDMDWLQDUDVSRODJDQMXNDGJRG9DP]D WUHEDMXRPRJXüLüH9DPSRVWL]DQMHYHOLNLKXVSHKDX9DãHPSR]LYX 9DãLNRQWDNWLLRGQRVLVD9DãRPRNROLQRPQDSRVOXLXSULYDWQRP åLYRWXELüHQHVDPR]QDWQRSULMDWQLMLQHJRLNRULVQLMLYLãH9DPVH QHüHGHãDYDWLGDGROD]LWHXQHXJRGQHSRQHNDGþDNLPXþQHVLWXD FLMH]DWRãWRVHQHPRåHWHVHWLWLLPHQDWHOHIRQVNRJEURMDLOLQHNRJ GUXJRJSRGDWNDQHNH]D9DVL9DãSRVDRYDåQHRVREH 9DãDQRYDWHKQLNDSDPüHQMDRPRJXüLüH9DPGDQL]RYHLVHULMHþDN LRGSDUVWRWLQDUHFLELORNRJVWUDQRJMH]LNDWUDMQR]DSDPWLWHQDNRQ VDPRMHGQRJþLWDQMDLOLVOXãDQMD7DNRÿHLþLWDYHQL]RYHGUXJLKSR GDWDNDLJUDPDWLþNLKSUDYLODLNRQVWUXNFLMDYDåQLK]DXVSHãQRL]XþD YDQMHVWUDQLKMH]LND=DUHODWLYQRNUDWNRYUHPHELüHWHXVWDQMXGD RYODGDWHåHOMHQLPEURMHPVWUDQLKMH]LNDþLPHüHWHQHVDPRSURãL ULWLVYRMHNXOWXUQHKRUL]RQWHYHüL]QDWQRSRYHüDWLVYRMHãDQVHUD] YRMDXGUXJLPSUDYFLPD 3DPüHQMHåHOMHQRJEURMDþODQDNDVWLKRYDDQHJGRWDUD]QLKLVWRULMDWD þLWDYLKþDVRSLVDLNQMLJDYHüX]DYLVQRVWLRG9DãLKSRWUHEDGREULP GHORPPRüLüHWHREDYLWLMRãGRNþLWDWHRGQRVQLPDWHULMDO3RUHGWRJD QMLPHüHWHSRX]GDQRLODNRUDVSRODJDWLLSRVOHGXåHJQL]DJRGLQD .DRãWR9DQL]DEURMHYHWHOHIRQDQHüHELWLSRWUHEQLDGUHVDULLWHOH IRQVNLLPHQLFLWDNR9DP]DþLWDYHVHULMHEURMHYDUD]QLKNRQVWDQWL
PDWHPDWLþNLKIL]LNDOQLKKHPLVNLKLGUXJLKIRUPXODLREUD]DFDQHüH WUHEDWL SULUXþQLFL L WDEHOH 8YHN üHWH UDVSRODJDWL SRWUHEQLP REUDVFLPDãWRüH9DãXHILNDVQRVWXUDGXYHRPDSRYHüDWL =QDüHWHGDODNRRGUHGLWHVYRMWLSSDPüHQMDNDNRGDVHODNRLHIL NDVQRNRQFHQWULãHWHDSRVOHUDGDLXþHQMDSRWSXQRUHODNVLUDWHL RV YHåLWH1DXþLüHWHNDNRVHVWYDUDLQWHUHVL]DVWYDULNRMHVX9DPQH ]DQLPOMLYHDOLSRWUHEQHLXRSãWH]QDüHWHNDNRGDVYRMHXPQHL GX KRYQHVSRVREQRVWLRSWLPDOQRNRULVWLWHSULSDPüHQMXLXþHQMX 1LNDGDYLãH9DPVHQHüHGRJRGLWLGD]DERUDYLWHQHNLYDåDQGDWXP URÿHQGDQLOLJRGLãQMLFD-RãPDQMHGDQHNL9DåDQSRVDR]DERUDYLWH LOLQHãWRSURSXVWLWHGDNXSLWH$NRåHOLWHPRåHWHþLWDYHNDOHQGDUH GUåDWLXJODYLWDNRGDQDSULPHU]DVYDNLGDWXPPRåHWHGDWLRGJR YDUDMXüLVHGPLþQLGDQ5DVHMDQRVWL]DERUDYQRVWüH]D9DVELWLQH SR]QDWLSRMPRYL 3ULSUHPX9DãLKLVWXSDQMDQDLVSLWLPD SUHGDYDQMLPD VDVWDQFLPD NDRLSULSUHPXJRYRUDLUHIHUDWDYUãLüHWH]QDWQREUåHDVDPR QMLKRYR L]ODJDQMHWHüLüHPQRJRHILNDVQLMHMHU9DPQHüHELWLSRWUHEQL QL NDNYLNRQFHSWLEHOHãNHLOLGUXJLQHNLSRWVHWQLFL 7RNRYHãDKRYVNLKSDUWLMDSDUWLMDXNDUWDQMX NDRLUD]QLKGUXJLK LJDUDL]ELORNRMHREODVWLVSRUWDLUD]RQRGHSDPWLüHWHEH] RJUDQLþH QMDODNRLWUDMQRýLWDYHVHULMHSRGDWDNDLWDEHOHUH]XOWDWD UD]QLK VSRUWVNLKGRJDÿDMDVDVWDYHWLPRYDLQL]GUXJLKLQIRUPDFLMDL] 9DãLK RPLOMHQLKVSRUWRYDLOLKRELMD
2YX UHSUH]HQWDWLYQX OLVWX 9DãLK PRJXüLK GRVWLJQXüD PRJOL ELVPR QDVWDYLWL X QHGRJOHG SRãWR VX SUDNWLþQR QHRJUDQLþHQH PRJXüQRVWL SULPHQH PHWRGD SDPüHQMD VDGUåDQLK X RYRM NQML]L QD UD]OLþLWH REODVWL OMXGVNRJ ]QDQMD L DNWLYQRVWL %LOR EL VYDNDNR EHVFLOMQR RSWHUHüLYDWL VHEH L QHSRWUHEQR WURãLWL YUHPH L HQHUJLMX QD SDPüHQMH VYLKRYLKYUVWDSRGDWDND6YDNRüHVKRGQRVYRMLPLQWHUHVHYDQMLPDL SRWUHEDPD RGUHGLWL QH VDPR REODVWL ]QDQMD QHJR X QMLPD L EURM L YUVWXSRGDWDNDNRMHüHSDPWLWL'DNOHSRGDWNHNRMLüHPXELWLVWYDUQR SRWUHEQLLNRMHüHPRüLHILNDVQRGDNRULVWLXVYRPåLYRWXLUDGX ,VWR WDNR EL ELOR QHUHDOQR RþHNLYDWL ªR]GUDYOMHQMH© ]D QHNROLNR GDQD RG ªEROHVWL© ORãHJ SDPüHQMD NRMD VH þYUVWR XNRUHQLOD WRNRPþLWDYRJQL]DJRGLQD ,VWRYUHPHQR PROLPR 9DV GD LVNUHQR RGJRYRULWH QD MHGQR YDåQR SLWDQMHGDOL]DLVWDþYUVWRYHUXMHWHGDüHWHVYRMHVDGDQMHSDPüHQMH NRMLPQLVWH]DGRYROMQLPRüLEDUXGYRVWUXþLWL"²$NRQHYHUXMHWHRQGD PRåHWH RYX NQMLJX RGPDK GUXJRP SRNORQLWL MHU üH PX VLJXUQR YLãH NRULVWLWL $NR VXPQMDWH X VYRMH VSRVREQRVWL RQGD 9DP QLMHGQD PHWRGD QD VYHWX QH PRåH SRPRüL GD SRYHüDWH VYRMH SDPüHQMH 8NRUHQMHQH PLVOL LGHMH LOL XYHUHQMD LPDMX YHOLNX VQDJX L PRJX ELWL RG SUHVXGQRJ XWLFDMD QD 9Dã GDOML UDG L UD]YRM X SR]LWLYQRP LOL QHJDWLYQRP VPLVOX 7DNR QD SULPHU QHGRVWDWDN VDPRSRX]GDQMD LOL VXPQMD X VYRMH VSRVREQRVWL PRåH PQRJH 9DãH SRWHQFLMDOQH PRJXüQRVWLGDWUDMQREORNLUDLVSUHþLQMLKRYGDOMLUD]YLWDN $NR RGOXþQR L VD SXQLP VDPRSRX]GDQMHP VHEL SRVWDYLWH ]DGDWDN GD RYODGDWH RYGH L]QHWLP PHWRGLPD L WHKQLNDPD RQGD üHWHVLJXUQR
RVWYDULWLLVYRMJODYQLFLOM²GDVWHNQHWHHILNDVQRLYHOLNRSDPüHQMH $WDMFLLMPRåHWHSRVWLüLVDPDQMHWUXGDLYUHPHQDQHJRãWRPLVOLWH 'REUR SDPüHQMH MH UH]XOWDW L QDJUDGD ]D GRYROMQR XSRUDQ LVWUDMDQ L LQWHOLJHQWDQ QDSRU X L]ERUX L ]DSDPüLYDQMX ]DLVWD YUHGQRJ ]QDQMD NRMH üH QDP VWYDUQR NRULVWLWL L ELWL SRWUHEQR $ ]D WR MH SRWUHEQRRYODGDWLVSRVREQRãüXHILNDVQRJVLVWHPDWVNRJSDPüHQMDDQH VDPRSR]QDYDQMHPWHKQLND=QDWLNDNRVHSDPWLQLMHLVWRãWRLXPHWL SDPWLWL 0HWRGL L WHKQLNH VLVWHPDWVNRJ SDPüHQMD RPRJXüXMX QDP GD WRNRP L]JUDÿLYDQMD VYRJ SDPüHQMD XåLYDPR SUHGQRVWL PLQLPDNV SULQFLSD GD VD PLQLPDOQR SRWUHEQLP QDSRURP SRVWLåHPR PDNVLPDOQR PRJXüH UH]XOWDWH $OL X] VYD WD RSWLPDOQD RODNãDQMD QHRSKRGDQ MH HILNDVDQ VLVWHPDWVNL UDG EH] NRJD EL VH þLWDY 9Dã SRNXãDM VYHR QD SUD]QXåHOMXGDL]ªQLãWDAGRELMHWHªQHãWR©
)2508/$863(+$ 3UDYLODQUDG XVSHK 1HSUDYLODQUDG QHXVSHK ²26HOEDK .$.2û(9$029$.1-,*$1$-9,â(.25,67,7," 'DEL9DPNQMLJDELODRGãWRMHPRJXüHYHüHNRULVWLLGDEL9DP PRJODSUXåLWLVYXSRWUHEQXSRPRüXL]JUDÿLYDQMX9DãHJQRYRJSDPüH QMD QHRSKRGQR MH GD SUDYLOQR SULVWXSLWH QMHQRP L]XþDYDQMX L NRULãüHQMX .DR ãWR MH * /DXE MHGQRP SULOLNRP PDOR SDUDGRNVDOQR UHNDR ªQLMH GRYROMQR VDPR ]QDWL UDGLWL MHU WUHED L UDGLWL D RSHW QLMH GRYROMQHQLVDPRUDGLWLMHUWUHEDL]QDWLUDGLWL©3UDYLODLXSXWVWDYDEL PRJOR ELWL PQRJR VNRUR ]D VYDNRJ þLWDRFD SRVHEQR EL VH PRJOD QDüL XSXWVWYD NRMD EL VDPR QMHPX RGJRYDUDOD 0HÿXWLP SRVWRML L QHNROLNR RSãWLKSUDYLODNRMD]DVYDNRJSUHWVWDYOMDMXQHRSKRGQXRVQRYX]DUDG6D PDQMLP L]PHQDPD LOL GRSXQDPD VYDNR üH PRüL RYD RSãWD XSXWVWYD SRGHVLWLSUHPDVYRMLPVSRVREQRVWLPDLVNORQRVWLPD 3RVWDYLWHVHELSRWSXQRMDVDQLRGUHÿHQFLOM%XGLWHRGPDKQD SRþHWNXQDþLVWRV9DãLPFLOMHPNRMLåHOLWHSRVWLüLXUD]YLWNXVYRJ SDPüH QMD8SUDYLOQRPRGUHÿLYDQMX9DãHJFLOMDVKRGQRQHVDPR9DãLP SR WUHEDPDQHJRL9DãLPPRJXüQRVWLPDSXQR9DPPRJXSRPRüL 9DãH åHOMH$QDOL]LUDMWHLKSDåOMLYRLþHãüHSURXþDYDMWH²RQHüH9DP SXQR UHüLR9DãLPVWYDUQLPVSRVREQRVWLPD ,PDMWHSXQRSRYHUHQMHXYHOLNHPRJXüQRVWLWHKQLNHVLVWHPDW VNRJSDPüHQMDNRMDMHL]ORåHQDXRYRMNQML]L8]GDMWHVHXRYXNQMLJX L L 26HOEDK2VFDU6FKHOOEDFK VDYUHPHQLQHPSLVDFLSXEOLFLVW
]QDMWH GD 9DPMH RQD VLJXUDQ SULMDWHOLLVWDODQRVORQDF X 9DãHP QRYRP SRGXKYDWX 2QD MH GREULP GHORP SURJUDPLUDQL XGåEHQLN VLVWHPDWVNR XSXWVWYR]DXVSHãQRL]JUDÿLYDQMHHILNDVQRJSDPüHQMD3RPRüXQMHüHWH XVSHWL GD RWNORQLWH ORãH L SRJUHãQH QDYLNH X 9DãHP GRVDGDãQMHP SDPüHQMX L GD LK ]DPHQLWH QRYLP WHKQLNDPD 3RãWR WUHED GD 9DP SRPRJQH GD ]QDWQR SREROMãDWH VYRMX WHKQLNX SDPüHQMD L XPQRJD UDGD PHVWR MRM QLMH QD SROLFL YHü X] 9DV WDPR JGH VYDNRGQHYQR XþLWHLUDGLWH 3URXþDYDMWH MH VLVWHPDWVNL 0QRJLPD üH RGJRYDUDWL RYDM VLVWHP SURUDGHNQMLJH 1DMSUHNQMLJXSUHOLVWDMWHLSUHJOHGDMWHGDELVWHNOLRSãWLXWLVDN LRVQRYQXRULMHQWDFLMX =DWLPMHPRåHWHSURþLWDWLüHOXNDRQHNX]DEDYQXOHNWLUX LOL URPDQGDELVHEOLåHXSR]QDOLVDQMHQRPVWUXNWXURPLLVWRYUH PHQRVWHNOLQHRSKRGQDSUHG]QDQMD]DVWXGLR]QXSURUDGX 1DNUDMXSUHÿLWHQDVWXGLR]QRLVLVWHPDWVNRSURUDÿLYDQMHUHGRP SRSRJODYOMLPD3RJODYOMDVXSRYH]DQDLVYDNRQDUHGQRQDRG UHÿHQQDþLQSURL]LOD]LL]SUHWKRGQRJ=DWRVHSRMHGLQDSRJODYOMD QHVPHMXSUHVNDNDWL7HKQLNDSDPüHQMDLXPQRJUDGDREXKYDWD PQRJHREODVWLNRMHVXXLQWHUHVXVLVWHPDWVNHSUH]HQWDFLMHJUD ÿHQDSRMHGLQLPPHVWLPDPRUDOHELWLSRGFLMHQHGHOLPLþQRL] ORåHQHLVOLþQR5DGLWRJDWUHEDþHVWRNRULVWLWLXWDNYLPVOX þDMHYLPD VDGUåDM SUHJOHGDQMHüHOHNQMLJH UHJLVWDU REXKYDüHQLKLREUDÿHQLKSRMPRYDL PHÿXXSXWHWMXSXüL YDQMDQDGUXJDSRJODYOMDNRMDREUDÿXMXLVWXLOLVOLþQXREODVW 9HRPD MH SUHSRUXþOMLYR NRPH WR EXGH RGJRYDUDOR GD VH XVWDQRYL UHGRYQR VYDNRGQHYQR YUHPH RG O² þDVD ]D VLVWHPDWVNX SURUDGX L XVYDMDQMH PHWRGD L SRMHGLQLK ]QDQMD NRMD üH YUHPHQRP VWYRULWL JUDÿHYLQX NRMD VH ]RYH ªGREUR L HILNDVQR SDPüHQMH© NRMH UDVSRODåH SUDYLOQR RGDEUDQLP GREUR VUHÿHQLP L XYHN UDVSRORåLYLP ]QDQMHP .ROLNR MH YHOLND HILNDVQRVW VLVWHPDWVNRJ L LVWUDMQRJ QDSRUD JRYRUL QDP L]PHÿX RVWDORJ L MHGQD QHRELþQD L þXYHQD RSNODGD VD SRþHWNDSURãORJYHNDX(QJOHVNRM .DSHWDQ%DUNOL%DUFODY RSNODGLRVH]DIDQWDVWLþQXVXPXRGSUHNR IXQWL VWHUOLQJD GD üH SUHSHãDþLWL X X]DVWRSQLK þDVRYD PLOMD RNRNP VWLPGDVYDNXPLOMXSUHÿHXWRNXMHGQRJ þDVD 8SRUQL NDSHWDQ %DUNOL GRELR MH RYX þXYHQX RSNODGX MXOD J SUHãDYãL RJURPQX UD]GDOMLQX RG PLOMD WR MH VNRUR XGDOMHQRVW L]PHÿX /RQGRQD L /MXEOMDQH L WR ]D YUHPH X QHSUHNLGQRP WUDMDQMX RGGDQDLQRüLQDUDYQRPLQXVþDVRYD 3RVWRML MRã MHGDQ YHRPD YDåDQ PRPHQDW NRG SURUDGH L XVYDMDQMD SRMHGLQLK PHWRGD D WR MH DNWLYDQ RVPLãOMHQ L SURåHW PLãOMX UDG 6YDNL PHKDQLþNL UDG EH] DNWLYQH VDUDGQMH PLVOL QH PRåH QLNDGD GDWL RQDNYH UH]XOWDWHNDRUDGSURåHWPLãOMXUDGXNRPHPLVDRQRDNWLYQRXþHVWYXMHPR =DWR MH SRWUHEQR SUL REUDGL VYDNRJ SRJODYOMD PLVDRQR DNWLYQR XþHVWYRYDWL L UHGRYQR UDGLWL WHVWRYH ãWR DXWRPDWVNL L]D]LYD YHRPD LQWHQ]LYQXPLVDRQXDNWLYQRVW 3RUHG WRJD VYH ãWR VH X NQML]L EXGH RG 9DV WUDåLOR PD NDNR 9DP WR L]JOHGDOR VLWQR L EH]QDþDMQR X SRþHWNX L QD SUYL SRJOHG QHPRMWH SURSXVWLWL GD XUDGLWH 6YH MH UHODWLYQR L ãWR 9DPD X RGUHÿHQRPWUHQXWNXL]
JOHGD EH]QDþDMQD L QHYDåQD VLWQLFD PRåH X VWYDUL GD EXGH YDåDQ SUHGXVORY ]D QHNX GUXJX YHRPD YDåQX VWYDU NRMD üH GRüL NDVQLMH 1HPRMWH QLNDGD VPHWQXWL V XPD GD VH L] WDNR]YDQLK ªVLWQLFD© VDVWRMHNUXSQHVWYDULLVDVWDYOMDMXYHOLNDGHOD 7HPSRSURUDGHNQMLJH LQDSUHGRYDQMDSRGHVLWHSUHPDVYRMLP VWYDUQLP PRJXüQRVWLPD ,PD L WDNYLK þLWDRFD NRML üH RYX NQMLJX SURþLWDWL X MHGQRP GDKX RG SRþHWND GR NUDMD 7R MH VYDNDNR YHOLND SRJUHãND MHU ªNQMLJH SURåGLUDWL D QH åYDNDWL þLQL EROHVQLP© .R SUHWHUXMHWDMXYHN]DRVWDMH
3UHYR]QLN0RJXOLMRãGRPUDNDVWLüLX JUDG"©6HOMDN0RåHãVDPRDNREXGHã SRODNRYR]LR©
9UDüDMXüL VH L] JUDGD MHGDQ VHOMDN VXVUHWH QHNRJ SUHYR]QLND NRML MHWUNRP JRQLR VYRMH NRQMHSR L]URYDQRP SXWX ª0RJX OL MRã GR PUDNDVWLüLXJUDG"©²]DSLWDRQVHOMDNDª0RåHãDNREXGHãSRODNRYR]LR© ² RGJRYRUL PX VHOMDN ª2YDM PL QH L]JOHGD MDNR SDPHWDQ© SRPLVOL SUHYR]QLNLQHVWUSOMLYRQDVWDYLYHOLNRPEU]LQRPVYRMSXW.DGDVHSUHG YHþH VHOMDN YUDüDR LVWLP SXWHP VXVUHWH SRQRYR SUHYR]QLND DOL X YHOLNRM QHSULOLFL =ERJ EU]H YRåQMH SR ORãHP SXWX VORPLR PX VH MHGDQ WRþDN 7DGD PX UHþH VHOMDN ª=DU WL QLVDP UHNDR GD PRUDã SRODNRYR]LWLDNRåHOLãGDMRãSUHPUDNDVWLJQHãXJUDG"© $NR åHOLWH GD RYX NQMLJX GREUR SURUDGLWH RQGD QH SUHOD]LWH QD VOHGHüH SRJODYOMH GRN GREUR QLVWH VDYODGDOL SUHWKRGQR $ WR ]QDþL GD VWHJDQHVDPRGREURVKYDWLOLYHüGDVWHXUDGLOLLWHVWRYHL GD]QDWH QDXþHQHWHKQLNHSUDNWLþQRSQPHQMLYDWL 1LãWD EH] SUDNWLþQH SULPHQH 1HãWR GREUR VKYDWLWL ]QDþL XPHWL JD GREUR SULPHQLWL 8 VYDNRM YHãWLQL L XPHüX VDPD SUDYLOD L ]QDQMH EH] XSUDåQMDYDQMD L SUDNVH VX RG PDOH NRULVWL 3UYL NRUDN ND SUDNWLþQRM SULPHQL QDXþHQLK WHKQLND MH UHGRYQR L VDYHVQR UHãDYDQMH ]DGDWDNDLWHVWRYD3RUHGWRJDSRVWLJQXWLUH]XOWDWLXUHãDYDQMXWHVWRYD RPRJXüXMX 9DP GD VLVWHPDWVNL SUDWLWH VYRM XVSHK L QDSUHGDN X L]JUDÿLYDQMX9DãHJSDPüHQMD .DRãWRQDPQHSRYHüDYD]QDQMHRQRãWRXþLPRQHJRRQRãWR]D SDPWLP2 WDNR QDP LVWR QH SREROMãDYD SDPüHQMH ]QDQMH EROMLK WHKQLND SDPüHQMDQHJRVDPRQMLKRYDXVSHãQDSULPHQD6DPROLþQLPXSUDåQMD YDQMHPLVSURYRÿHQMHPXSUDNVLGROD]LVHGRVWYDUQLKNRULVWLRGQDX þHQLK XSXWVWDYD âWDYLãH MHGLQL QDþLQ G VH XåLYDMX SUHGQRVWL VLVWHPDWVNRJ SDPüHQMD MH UHGRYQD VYDNRGQHYQD SULPHQD QDXþHQLK WHKQLND
1DXþHQHWHKQLNHSDPüHQMDPRJXSRND]DWLVYRMXSUDYXYUHGQRVWWHNNDGD VH GREUR XYHåEDMX X SUDNVL L NDGD VH X QMLPD SRVWLJQH RGJRYDUDMXüD YHã WLQDXSULPHQL 1DåDORVW QHNL SLãX R NRULVQLP PHWRGDPD UDGD PQRJL LK þLWDMX DOLVDPRPDOLEURMQMLKXSUDNVLLKVWYDUQR SULPHQMXMH , MHGLQRRQL LPDMX NRULVWLRGQDXþHQLKPHWRGD-RãMHVWDUDNLQHVNDPXGURVWXþLOD ª0XGUDF]QDãOD WUHEDXUDGLWL 3DPHWDQ]QDNDNR WRWUHEDXUDGLWL $YUHGDQWRMHGQRVWDYQRXUDGL© =QDWL QLMH LVWR ãWR L XPHWL MHU GRN ª]QDWL© R]QDþDYD SR]QDYDQMH QHNRJ SRVWXSND GRWOH ªXPHWL© ]QDþL PRüL ELWL X VWDQMX VSURYHVWL X SUDNVL WDM SRVWXSDN =QDWL MRã XYHN QH ]QDþL PRüL ELWL VSRVREDQ VSUR YHVWL MHGQX VWYDU X åLYRW 5DGL WRJD L SR]QDYDQMH SUDYLOD VLVWHPDWVNRJ SDPüHQMDQLXNRPVOXþDMXQH]QDþLLVSRVREQRVWHILNDVQRJSDPüHQMDD MRãPDQMHDNXPXOLUDQRLVLVWHPDWVNLVUHÿHQRYHOLNR]QDQMH2YDMSURFHV MH GRVWD VOLþDQ VD XþHQMHP VWUDQLK MH]LND 1HNR QDXþL QHNROLNR VWRWLQD UHFL L RVQRYQD JUDPDWLþND SUDYLOD L WHRUHWVNL SRVPDWUDQR WUHED GD MH X PRJXüQRVWL GD YRGL MHGQRVWDYQX NUDüX NRQYHU]DFLMX QD VWUDQRP MH]LNX 0HÿXWLP X SUDNVL WD NRQYHU]DFLMD LVSDGD YHRPD QH]JRGQR MHU HOH PHQWL JRYRUD QLVX MRã GRYROMQR XYHåEDQL L XLJUDQL X X]DMDPDQRM NR UHODFLML 7DNRÿH QH WUHED LVSXVWLWL L] YLGD þLQMHQLFX GD VH LQDþH RGOLþQR QDXþHQL PDWHULMDO PRåH YHRPD EU]R ]DERUDYLWL DNR VH QH XWYUGL L WUDMQR ]DSDPWL SUDNWLþQRP SULPHQRP 7R VH PRåH LVWR GRJRGLWL L VD QDXþHQLP WHKQLNDPD SDPüHQMD DNR LK NUR] SULPHQX L VYDNRGQHYQX SUDNVX QH SUHW YRULPR X QDYLNH QDãHJ SDPüHQMD =DWR MH QHRSKRGQR GD VH QDXþHQR X MHGQRPSRJODYOMXRGPDKLVWRJDGDQDSULPHQLXVYDNRGQHYQRPåLYRWXD QHGDVH]DSLVXMHLWVO 1HNL üH SULJRYRULWL GD XPHVWR RODNãDQMD SDPüHQMD PL JD RSWHUH üXMHPRXþHQMHPLXVYDMDQMHPUD]QLK]DNRQLWRVWLPHWRGDLWHKQLND$OL WR MH ]DSUDYR MHGLQL QDþLQ GD RYODGDPR VLVWHPDWVNLP HILNDVQLP SDP üHQMHP NRMH GRQRVL RJURPQH XãWHGH YUHPHQD L QDSRUD X VYLP REODVWLPD 7HKQLNH HILNDVQRJ SDPüHQMD üH ELWL EDODVW XSUDYR ]D RQRJD NRML QDXþHQD SUDYLOD L PHWRGH QH EXGH SULPHQMLYDR 8SUDYR NDR ãWR üH ELWL YHOLND SRPRü L RODNãDQMH RQRPH NRML LK EXGH HILNDVQR SULPHQMLYDR 3RUHG WRJD SUDYX YUHGQRVW L SXQX NRULVW L] VLVWHPDWVNRJ SDPüHQMD GRELüH VDPR RQDM NRMLEXGHSULPHQMLYDRQMHJRYDSUDYLODLPHWRGH6YRMXSUDYXYUHGQRVW L HILNDVQRVW PHWRGH VLVWHPDWVNRJ SDPüHQMD RWNULYDMX VDUILR þRYHNX SUDNWLþDUX
683(5 3$0 û(1-(
³879251,&,801,+0$â,1$ '(2
7(+1,.(, 0(72'(
863(612*3$0 û(1-$, 1-,+29$35,0(1$
9(529$/,,/,1(/2â,+3$0û(1-$1(0$ 1,683$0û(1-$/26$1(*21$9,.(,0(72',3$0û(1-$
9HOLNL IUDQFXVNL SLVDF 2QRUH GH %DO]DN +RQRUü GH %DO]DF NDR ãWR MHSR]QDWR XYHN MH LPDR QRYþDQLK QHSULOLND L QLNDG QLMH LPDR GRYROMQR QRYFD -HGQH QRüL SULPHWL %DO]DN QHNRJ SURYDOQLND NDNR SUHWXUD ILMRNH QMHJRYRJ SLVDüHJ VWROD 1H PRJDYãL GD VH X]GUåL %DO]DN SUDVQXXJURPRJODVDQVPHK3UHQHUDåHQSURYDOQLNVHWUåHLPDKLQDOQR XSLWD ² 6WDMHWXWDNRVPHãQR" ² 6PHãQRMHãWR9LQRüXWUDåLWHQRYDFWDPRJGHJDMDQLXVUHG EHODGDQDQHPRJXQDüL²RGJRYRUL%DO]DNVPHMXüLVHLGDOMH
3URVWRMHQHYHURYDWQRDOLVHQDåDORVWLVXYLãHþHVWRGRJDÿD GD L PLRGQDãHJSDPüHQMDWUDåLPR]QDQMHLOLQHNLYDåDQSRGDWDNWDPRJGHJD QLVPR QLNDGD RVWDYLOL 3DUDGRNVDOQR MH GD ]QDPR XORåLWL SXQR YUHPHQD L QDSRUDGDXSR]QDPRVDVWDYLWHKQLNXUDGDUHFLPRQDãHJDXWDWHOHYL]RUD LWG ,VWR WDNR DNR QDP QHãWR NRG QDãHJ DXWRPRELOD QH IXQNFLRQLãH QDMEROMH PRPHQWDOQR üHPR VH ]DEULQXWL L SRWUDåLWL X]URN VPHWQML ELOR VDPL LOL X] SRPRü DXWRPHKDQLþDUD $OL DNR VH QH PRåHPR HILNDVQR VHWLWL QHNRJ YDåQRJ SRGDWND RGPDK RNULYOMXMHPR VYRMH SDPüHQMH GD MH ªVODER© ªORãH© LOL ªGD VPR WX VWYDU ]DERUDYLOL© D QH SDGD QDP QL QD NUDMSDPHWLGDWDMSRGDWDNXSUDYRQLVPRQLNDGD QLSDPWLOLL GD QDP VHVDPRþLQLGDVPRJDQHNDGD]QDOL$MRãPDQMHSRPLãOMDPRQDSRWUH EX GD VH SR]DEDYLPR LVWUDåLYDQMHP L XWYUÿLYDQMHP X]URND QDãH ]DERUDY QRVWL UDVHMDQRVWL QHHILNDVQRVWL X SDPüHQMX L WRPH VOLþQR 8 WDNYLP VL WXDFLMDPDL]JOHGDQDPNDRQDMEROMHUHãHQMHGDQDãHSDPüHQMHQLNULYR QLGXåQRMHGQRVWDYQRRSWXåLPRNDRªORãH©LªVODER© ,]X]LPDMXüLSDWRORãNHVOXþDMHYHSDPüHQMHNRGSVLKLþNLQRUPDOQLK L ]GUDYLK OMXGL REMHNWLYQR SRVWRML NDR QRUPDOQR L HILNDVQR 1HPD ªGRE URJ© L ªORãHJ© SDPüHQMD YHü VDPR GREUH L ORãH SULPHQH QDãHJ SDP üHQMDQDSRMHGLQHREODVWLPDQMHLOLYLãHVYHVQRNRULãüHQMHLOLQHNRULãüH QMH RGJRYDUDMXüLK PHWRGD L ]DNRQLWRVWL RG NRMLK ]DYLVL HILNDVQD PHPR ULMD ª/RãH© SDPüHQMH MH VDPR SRVOHGLFD QHGRYROMQRJ L QHSUDYLOQRJ NR ULãüHQMD QDãHJ SDPüHQMD X VXSURWQRVWL VD SUDYRP SULURGRP L PRJXüQR VWLPD QDãHJ SDPüHQMD ,VWR WDNR ªGREUR© SDPüHQMH MH VDPR UH]XOWDW L QDJUDGD ]D QDã SUDYLODQ VWDY SUHPD QMHPX L QDãX VSRVREQRVW GD JD HIL NDVQRNRULVWLPRVKRGQR]DNRQLWRVWLPDNRMHQMLPHYODGDMX .YDOLWHW QDãH PHPRULMH X PQRJRPH ]DYLVL RG YDOMDQRVWL QDãLK QD YLNDXSURFHVXSDPüHQMD$NRLPDPRORãHQDYLNHDWRüHUHüLPHWRGH
&RYHNª+LWQRPLMHSRWUHEQREURMHYDWHOHIRQDDGUHVDIRUPXOHLOLVWDNXSR YLQDXUREQRMNXüL© 3DPüHQMHªäDOLPDOLSUHJOHGRP9DãHJUDþXQDXVWDQRYLOLVPRGDWUDåHQHSRGDWNH QLVWHQLNDGDGHSRQRYDOLXRYRMEDQFL©
SDPüHQMD RQGD QH PRåHPR RþHNLYDWL GD LPDPR GREUX PHPRULMX 1DãH QDYLNH X SDPüHQMX VX XYHN L QDãHPHWRGH SDPüHQMD %H] GREULK PHWRGD QHPDQLGREURJSDPüHQMD$QDMODNãLQDþLQGDVHXNORQLQHNDORãDQDYL ND MHVWH UD]YLMDQMH MHGQH QRYH GREUH QDYLNH NRMD üH MH MHGQRVWDYQR LV WLVQXWLL]DPHQLWL7DNRüHPRXVYDMDQMHPLXSUDåQMDYDQMHPGREULKPHWRGD L WHKQLND SDPüHQMD YUHPHQRP VWLFDWL L IRUPLUDWL L GREUH QDYLNH X SDPüHQMXLQMLPD]DPHQLWLDWLPHLXNORQLWLORãHQDYLNHSDPüHQMD 1D SULPHU PQRJL VH åDOH QD ªVODER© SDPüHQMH LPHQD RVRED VD NR MLPD GROD]H X NRQWDNW $ ãWD VH ]DSUDYR GRJDÿD" 3UL XSR]QDYDQMX LPH RGQRVQRSUH]LPHVHUHWNRNDGDUD]JRYHWQRL]JRYRULþHVWR VHLQH L]JR YRULDXQDMEROMHPVOXþDMXVDPRVHQHUD]JRYHWQRSURPUPOMD$NRLPD UQRDXYHüLQLVOXþDMHYDLPDPRORãXQDYLNXGDMHGQRVWDYQRSUHÿHPRSUH NRWRJDQHQDVWRMHüLGDMDVQRþXMHPRLPHQDãHJYLVDYLVDRQGDQHWUH EDXRSãWHGDVHþXGLPRNDGDSULSRQRYQRPVXVUHWXQHEXGHPRPRJOL GDVHVHWLPRLPHQDWHRVREH$OLPLVHQHVDPRLãþXÿXMHPRQHJRLVXYL ãH VSUHPQR L XYHUHQR RSWXåXMHPR VYRMX ªVODEX© PHPRULMX ]DERUDYOMD MXüL GDOLþLPR QD UDVHMDQRJ þRYHND NRML XSRUQR WUDåL QHNX VWYDU QD PH VWXJGHMHQLNDGDQLMHRVWDYLR6DGDQDPMHSRWSXQRMDVQRNROLNRPQRJR
L þHVWR JUHãLPR NDGD NDåHPR ª=DERUDYLR VDP WX VWYDU© XPHVWR GD NRQ VWDWXMHPR ª7X VWYDU QH ]QDP MHU MH QLVDP SDPWLR© $NR QHãWR QLVPR SDPWLOL NDNR JD VH PRåHPR VHWLWL L NDNR JD PRåHPR ]QDWL" ,VWR WDNR DNR QHãWRQLVPRSDPWLOLNDNRJDPRåHPR]DERUDYLWL" 'YD VUHGQMRãNROFD UD]JRYDUDMX R VYRMLP ãNROVNLP SUREOHPLPD L åDOH VH MHGDQ GUXJRP NDNR QH PRJX GD ]DSDPWH QHNH NRPSOLNRYDQH GH ILQLFLMH L IRUPXOH L] SRMHGLQLK HJ]DNWQLK SUHGPHWD 8EU]R ]DWLP MHGDQ RG QMLK SURPHQL WHPX UD]JRYRUD L SRþH GD JRYRUL R NRãDUNDãNRM XWDNPLFL NRMD MH X]EXGLOD QDYLMDþH RED WLPD SUHWKRGQRJ GDQD .DR QD QHNRP QD JUDGQRP NYL]X SURVWR XWUNXMXüL VH L XSDGDMXüL MHGDQ GUXJRP X UHþ SUL MDWHOMLVXSRþHOLåLYRNRPHQWDULVDWLYDåDQVSRUWVNLGRJDÿDM3RWHNODMHþLWDYD EXMLFD ]DQLPOMLYLK L YHRPD SUHFL]QLK SRGDWDND X NRPH PLQXWX VX SDOL RGOXþXMXüLNRãHYLNRLKMHGDRL]NRMHSR]LFLMHNRMHGDRQDMYLãHNRãHYD NDNR VH SODVLUDR QMLKRY WLP X GRVDGDãQMLP WDNPLþHQMLPD NROLNR MH VDNXSLRERGRYDNDNRMHVYHWRL]JOHGDORXSUHWKRGQLPSUYHQVWYLPDLWG 'D VX WROLNR SUHFL]QLK SRGDWDND L VD WDNYRP VLJXUQRãüX PRJOL GD UHSURGXNXMX L] SUHGPHWD NRML LK MH EULQXR VLJXUQR EL GRELOL YHRPD SRK YDOQXRFHQX 9HRPD þHVWR QLVPR QL VYHVQL GD PQRJH VWYDUL QH SDPWLPR LOL LK MHGQRVWDYQR ]DERUDYOMDPR MHU QDV SURVWR ² QH LQWHUHVXMX 1DãD GYD SULMDWHOMD VX QHVXPQMLYR LPDOL GDOHNR YLãH LQWHUHVRYDQMD ]D VSRUWVNX VXGELQXVYRJRPLOMHQRJWLPDQHJR]DãNROVNLSUHGPHWNRMLLPMH]DGD YDR SRWHãNRüH 5DGL WRJD GREDU GHR QDãLK SUHNRUD XSXüHQ QDãHP ªVOD ERP©SDPüHQMXWUHEDUHDGUHVLUDWLLXSXWLWLQDãHPVODERPLQWHUHVRYDQMX 0RQWHQM 0LFKHO 0RQWDåQH ² 5XVR - - 5RXVVHDX ² SDL7ROVWRM/17ROVWRM² åDOLOLVXVHQDVYRMH SDPüHQMH GD MH VODER 0RQWHQM L 5XVR GD QH PRJX SDPWLWL VWLKRYH D 7ROVWRMX VH MHGQRP GRJRGLOR GD MH SRKYDOLR !SLVFD© NRML MH QDSLVDR MHGDQ RGORPDNNRMLVXPXXVWYDULSURþLWDOLL]ª5DWDLPLUD©6GUXJHVWUD QH QHRGUåLYD MH SUHWSRVWDYND GD VX RYL YHOLNL XPRYL þRYHþDQVWYD LPDOL ]DLVWDVODERSDPüHQMH.DNRELRQGDVWYRULOLVYRMDPRQXPHQWDOQDGH?D" 2YGH VH UDGL ]DSUDYR R W]Y MHGQRVWUDQLP LOL VWURJR XVPHUHQLP SDPüHQMLPD 9HRPD þHVWR WR MH RGOLND L SURIHVLRQDOQLK SDPüHQMD -HGQR VWDYQR ]ERJ MDNRJ LQWHUHVRYDQMD L XVPHUHQRVWL ]D RGUHÿHQH REODVWL LOL YUVWX ]QDQMD GROD]L GR VODERJ SDPüHQMD X GUXJLP VSRUHGQLP REODVWLPD 3RPHQXWLSLVFLQLVXLPDOLQLYUHPHQDQLYROMHGDSDPWH]DQMLKVSRUHG QH VWYDUL DOL VX ]DWR IHQRPHQDOQR SDPWLOL NDGD VH UDGLOR R þLQMHQLFDPD L SRGDFLPD ]D QMLKRYD GHOD , WDNR VH GRJDÿD GD MHGQRVWUDQR LOL VWURJR XVPHUHQR SDPüHQMH LVSDGQH VODER X QHNRM GUXJRM REODVWL L PL JD YHRPD VSUHPQR QD]RYHPR ªORãLP© 8PHVWR WRJD GRYROMQR EL ELOR GD VDPR XR þLPRþLQMHQLFXGDQDãHSDPüHQMHNRMHMHLVSROMLORGREUHRVRELQHXMHG QRM REODVWL LVWH WDNYH VSRVREQRVWL PRåH GD UD]YLMH L X ELOR NRMRM GUXJRM REODVWLX]SULPHQXRGJRYDUDMXüLKSRVWXSDNDLPHWRGD 8YHüLQLVOXþDMHYDSRGOHåHPR]DEOXGLYHUXMXüLGDUD]YLMDQMHPQDãHJ SDPüHQMD ]D UHFLPR EURMHYH LVWRYUHPHQR VPR JD UD]YLOL L ]D VWLKRYH 0DNROLNRGXJRLPQRJRSDPWLOLEURMHYHLPDNROLNRYLVRNRUD]YLOLVYRMX PHPRULMX ]DSDPüHQMH EURMHYD PL LSDN WLPH QHüHPR QL PDOR RVSRVRELWL VYRMX PHPRULMX ]D HILNDVQR SDPüHQMH VWLKRYD =DãWR" 3URVWR ]DWR ãWR VPR]DEURMHYHXVDYUãLOLPHWRGHSDPüHQLDLVWHNOLRGJRYDUDMXüXWHKQLNX D]DVWLKRYHQLVPR=QDþL]DVYDNXREODVWXNRMRMåHOLPRGD
LPDPRGREUXPHPRULMXPRUDPRGDSREROMãDPRVYRMHPHWRGHSDPüHQMD .DR GRND] PRåH GD SRVOXåL LQWHUHVDQWDQ VOXþDM MHGQRJ IUDQFXVNRJ SUHYRGLRFD X 281 -HGQRJ GDQD SUHYRGLODþND VOXåED 281 QDãOD VH SUHG QHRþHNLYDQLP SUREOHPRP QLMH ELOR QLNRJD NRML EL PRJDR SUHYHVWL MHGDQ YDåDQ GRNXPHQW QD DOEDQVNL $OL MHGDQ IUDQFXVNL SUHYRGLODF VH REDYH]DR GD üH ]D þHWLUL GDQD QDXþLWL DOEDQVNL L SUHYHVWL GRNXPHQW 1D YHOLNR L] QHQDÿHQMH VYRMH RNROLQH )UDQFX] MH EH] JUHãNH L]YUãLR VYRM ]DGDWDN 0H ÿXWLP RQ MH SHUIHNWQR YODGDR VD SUHNR UD]QLK VWUDQLK MH]LND L NUR] QMLKRYRXþHQMHRYODGDRVDaNQRZKRZ© XREODVWLXþHQMD VWUDQLKMH]L ND6YDNLSROLJORWDüHSRWYUGLWLGDPX MH XþHQMH SUYRJ VWUDQRJ MH]LND ELORQDMWHåHDVYDNRJQDUHGQRJVYHODNãHLODNãH 3DPüHQMH MH GHR PHKDQL]PD X þRYHNX ]D QMHJRYR XVSHãQR SULOD JRÿDYDQMH RNROLQL =ERJ WRJD RQR VH þHVWR PHQMD X VYRMLP SRMHGLQLP GH ,SYLPD VKRGQR QRYLP ]QDQMLPD VWHþHQRP LVNXVWYX L QRYR SRVWDYOMHQLP FLOMHYLPD 'REUR SDPüHQMH X QHNRM REODVWL MH VDPR QDJUDGD ]D VPLVDRQR GRåLYOMDYDQMH X WRM REODVWL /MXGL VD VWDYRP LVWUDåLYDþD LPDüH QDMEROMX PHPRULMX X WRM REODVWL MHU XåLYDMX VYH SUHGQRVWL NRMH GDMX YHOLNR LQWH UHVRYDQMH NRQFHQWUDFLMD SHUVRQDOL]DFLMD ]QDQMD DNXPXOLUDQR ]QDQMH LWG 2VREH NRMH VX XYHN X QHNRM LPDJLQDUQRM åXUEL SUROD]HüL SRUHG YDåQLK VWYDUL X åLYRWX QHPDMXüL YUHPHQD GD VH NRQFHQWULãX L ]DLQWHUHVXMX ]D YDåQHREODVWLXVYRPåLYRWXLUDGXWUDüHGUDJRFHQRYUHPHXVSRUHGQLPL EH]QDþDMQLP VWYDULPD L YUHPHQRP JXEH RVHüDM ]D PQRJH REODVWL L VWYDUL NRMH VX ]D QMLK RG ]QDþDMD L YDåQRVWL 7DNYH RVREH QH PRJX UDVSR ODJDWLHILNDVQRPPHPRULMRP 9HRPD þHVWR QLVWH þDN QL VYHVQL NROLNR MH X VWYDUL YHOLNR 9DãH SDPüHQMH,DNRJDNULYLWHGD]QDWHPDORLPHQDLSDNLK]QDWHQDKLOMD GH /MXWLWHVHãWRVWH]DERUDYLOLQHNLWHOHIRQVNLEURM DLSDNLK]QDWH WR OLNRGDELLVSXQLOLMHGDQDGUHVDU$NROLNR]QDWHPQRãWYRGUXJLKSRMPR YD" 2QGD JRYRULWH VYRM MH]LN NRML VDGUåL QHNROLNR GHVHWLQD KLOMDGD SRM PRYD L QMLKRYLK X]URþQLK YH]D L SRVOHGLFD .ROLNR EL UHFLPR GHEHOLK VYH]DNDLVSXQLOL]QDQMHPþLQMHQLFDR9DãHPGRVDGDãQMHPåLYRWXLåLYRWLPD GUXJLKOMXGL".ROLNRVWYDUL]QDWHDGDLKQLNDGDQLVWHYLGHOL LOL GRåLYHOL ]DKYDOMXMXüLVDPRVYRMRMPHPRULML" =DGLYOMXMXüD LVWLQD R QDãHP SDPüHQMX QLMH X WRPH GD PL SXQR ]DERUDYOMDPRQHJRGDPLWDNRSXQRSDPWLPR 1DãH SDPüHQMH QLWL MH XURÿHQR QLWL QHSURPHQOMLYR L RGMHGQRP GDWR2QRMHVWHþHQRSRGORåQRSURPHQDPDQDEROMHLOL JRUHL UH]XOWDW MHSRVWHSHQRJL]JUDÿLYDQMDLOLUD]JUDÿLYDQMDX]DYLVQRVWLRGQDãHJVWD YD 1HPD þRYHND VD ORãLP SDPüHQMHP DOL LPD SXQR OMXGL JRORUXNLK EH] DODWD L PDãLQD QHRSUHPOMHQLK HILNDVQLP WHKQLNDPD SDPüHQMD ýR YHNGREURJSDPüHQMDMHQDRUXåDQRSUHPOMHQGREULPPHWRGLPDSDPüHQMD 2QVXYHUHQRYODGDPHQWDOQLPPDãLQDPDNRMHHIHNDWQMHJRYHLQDþHQLãWD YHüHVQDJHQHNROLNRSXWDSRYHüDYDMX 'REURSDPüHQMHMHVSRVREQRVWLYHãWLQDNRMDVHGDXþLWLL QDXþLWL 2QRMHUH]XOWDWHILNDVQRJYODGDQMDRQLPPHQWDOQLPDODWNDPDLPDãLQD PD NRMH ]RYHPR VNXSQLP LPHQRP GREUL PHWRGL L WHKQLNH VLVWHPDWVNRJ SDPüHQMD
L .QRZKRZQRXKDX HQJOª]QDWLNDNR©WMSR]QDYDQMH SRVWXSNDPHWRGHLOLQHNHWHKQRORJLMHXRGUHÿHQRMREODVWL
3$0û(1-(1,-(&,/-9(û65('6792.$&,/-8
6YUKD REUD]RYDQMD QLMH VWYDUDQMH RG OMXGL PDãLQD ]D SDPüHQMH YHü L]JUDÿLYDQMH PL VDRQLK ELüD OMXGL VWYDUDODFD QD VYLP SR OMLPDOMXGVNHGHODWQRVWL
.$.921$03$0û(1-(=$35$9275(%$"
² 1H]QDP²YROHRMHGDRGJRYDUD$ULVWRWHO$ULVWRWHOHV SQH VODYQLXþLWHOM$OHNVDQGUD0DNHGRQVNRJQDPQRJDSLWDQMDUDGR] QDOLKGYRUDQD ² =DãWR9DVRQGDNUDOMSODüDNDGDQLãWDQH]QDWH"²]DSLWDJD MHGQRPQHNLRGGYRUDQD ² .UDOMPHSODüDLWRGREURVDPR]DRQRãWR]QDP²RGJRYRUL YHOLNLILOR]RI².DGDELPHSODüDRL]DRQRãWRQH]QDPRQGDQLüHOD QMHJRYDUL]QLFDQHELELODGRYROMQD
.DRãWRYLGLPRYHOLNLJUþNLILOR]RIQLMHVHVWLGHRVYRJQH]QDQMD DOLMH]DWRELRYHRPDVYHVWDQVYRJ]QDQMD2QMH]QDRGDMHª$UVORQJD ² YLWD EUHYLV© L GD MH XNXSQR SR]QDWR ]QDQMH WROLNR RJURPQR GD MH VSHFLMDOL]DFLMDX]QDQMXMRãQDVDPRPSRþHWNXQHRSKRGQD 1HYHOLNRLXRSãWHQRYHüVSHFLMDOL]RYDQRLVLJXUQRSDPüHQMH
.R åHOL GD REXKYDWL FHORNXSQR ]QDQMH PRåH X PQRJLP ]D QMHJD YDåQLPREODVWLPDGDSURÿHSRRQRMQDURGQRMª.RKRüHYHüH²L]JXELL RQR L] YUHüH© 0RåH GD PX VH GRJRGL GD ]QD PQRJH VWYDUL SRYUãQR D PDORQMLKLOLQLMHGQXSRWSXQRLVLJXUQR =DWR MH MRã (UD]PR 5RWHUGDPVNL (UDVPXV 'HVLGHULXV LVWLFDRGDGREURSDPüHQMHPRUDELWLNDRULEDUVNDPUHåDGD]DGUåDYDVDPR NUXSQLMX ULEX D VLWQLMX GD SURSXãWD ,]ERU XYHN VWURJ L]ERU RQRJD ãWR üHWHSDPWLWLPRUDWHYUãLWLþDNLXVYDNRGQHYQLPVWYDULPD$XRGDEaUDQRM VSHFLMDOL]RYDQRM REODVWL ]QDQMD ]D NRMX VH RSUHGHOLWH WUHED GD QDXþLWH L ]QDWH ãWRYLãHGHWDOMDLãWRYHüLEURMSRGDWDND-HGLQR SUDYLOQLPL]ERURP MHGQHRGUHÿHQHVWUXNHLVSHFLMDOL]DFLMRPX QMRMPRJX VH SRVWLüL L]YDQUHGQL UH]XOWDWL,SDNMHGDQVSHFLMDOLVWDXSUDYR]DWRãWR MHVSHFLMDOLVWDXMHGQRM VWUXFL QH EL VPHR ]DQHPDULWL RVWDOH REODVWL 5D]ORJ MH MHGQRVWDYDQ QHSR]QDYDQMHRVWDOLKREODVWLPRJORELVHQHSRYROMQRRGUD]LWL
L ª$UVORQJD²YLWDEUDYLV/DWVHQWHQFDª8PHWQRVWQDXND MHGXJDDåLYRWNUDWDN©
XSUDYR QD QMHJRYX VSHFLMDOQRVW 8 RVWDOLP REODVWLPD WUHED GD QDVWRMLGDªORYLVDPRNUXSQXULEX© 6YDND SXEOLNDFLMD SUHGDYDQMH L XRSãWH L]YRU LQIRUPDFLMD VDGUåL JRWRYR UHGRYQR GRVWD SRGDWDND NRMH ]QDWH YHü RGUDQLMH =DWLP GREDU GHR SRGDWDND NRMH SRORYLþQR SR]QDMHWH LOL NRML 9DP XRSãWH QLVX SRWUHEQL , QDM]DG RQDM RELþQR QDMPDQML GHR NRML 9DP PRåH VWYDUQR NRULVWLWL L NRML WUHED GREUR REUDGLWL L XVYRMLWL 3UH QHJR ãWR RGOXþLWHGDSDPWLWHQHNHSRGDWNHXYHNVHELSRVWDYLWHRYDSLWDQMD ª'DOLüHPLWLSRGDFLELWL]DLVWDSRWUHEQLLGDOLüXLKPRüLNR ULVWLWLSRVOHPHVHFLOLJRGLQXGDQD"© ª'DOLMHSRWUHEQRGDLKXSUDYRVYHGREUR]DSDPWLPLOLMHGR YROMQRGDQHNHRGQMLKVDPRLQIRUPDWLYQRSR]QDMHP"© 'UXJLP UHFLPD QDVWRMWH XYHN NXSLWL RQROLNR NROLNR 9DP VWYDUQRWUHEDLNROLNRPRåHWHSRQHWL $NR VH SULGUåDYDWH RYLK MHGQRVWDYQLK SUDYLOD SUL QDEDYFL QRYLK SXEOLNDFLMD L XRSãWH NRULãüHQMX GUXJLK L]YRUD LQIRUPDFLMD QSU 79 UDGLR SUHGDYDQMD GHEDWH LWG RQGD 9DP VH QH PRåH GRJRGLWL GD 9DãHYUHPHLQRYDFQHSRWUHEQRLQHNRULVQRWURãLWH,VWRYUHPHQR9DãD ELEOLRWHND QHüH ELWL SUHWUSDQD ]D 9DV QHSRWUHEQLP SXEOLNDFLMDPD D 9DãHSDPüHQMHãWRMHQDMYDåQLMHQHüHELWLRSWHUHüHQRQHSRWUHEQLPL]D 9DãHSRWUHEHPUWYLPPDWHULMDORP .RG YHüLQH OMXGL QDåDORVW SDPüHQMH MH QHVUHÿHQR L QHVLVWHPDWL ]RYDQR þHVWR SUHWUSDQR QHNRULVQLP SRGDFLPD L PLVOLPD 8VOHG PQRãWYDORãLKQHSRWUHEQLKLQHVLJXUQLKSRGDWDNDLLQIRUPDFLMDQHPRåH VH QL SURFHV VWYDUDODþNRJ PLãOMHQMD SUDYLOQR RGYLMDWL 'REUH PLVOL L LGHMH SULJXãHQH VX QHVUHÿHQLP PQRãWYRP ORãLK 7DNYH VX XYHN SRVOHGLFHNDGDªQDXOD]X©XSDPüHQMHQHPDGREUHNRQWUROHLSURYHUH 2UJDQL]DFLMDSDPüHQMDL]QDQMDLVWRMHWDNRYDåQDNDRLVWLFDQMH VDPRJ]QDQMD
'REUR SDPüHQMH MH VDVWDYOMHQR RG ELUDQLK LQIRUPDFLMD L SRGDWDND NRMLVXWDNRVLVWHPDWL]RYDQL GD X VYDNRP WUHQXWNX NDGD VH XNDåH SRWUHED VWRMH QDP HILNDVQR QD UDVSRODJDQMX 6YRMH SDPüHQMH RGQRVQR ]QDQMH WUHED L]JUDÿLYDWL SR åHOMHQRP SODQX NRML RGJRYDUD RVWYDUHQMX QDãLK FLOMHYD L ]DGRYROMHQMX QDãLK SRWUHED L REDYH]D X åLYRWX L UDGX 1LNDNR QH EL WUHEDOR SUHSXVWLWL WDM YHRPD YDåDQ SRVDR VOXþDMX LOL MRã JRUH SRJUHãQLP SUHGXEHÿHQMLPD NDR GR VDGD =ERJ WRJD MH QDãH SDPüHQMH L SRVWDOR ªSDPüHQMH SURWLY QDV© 1DãH SQPüHQMHSODQVNLPL]JUDÿLYDQMHPPRUDSRVWDWLªSDPüHQMH]DQDV© .DR ãWR YHOLND DOL QHVUHÿHQD ELEOLRWHND PDQMH NRULVWL RG QHNH PDOH DOL GREUR RGDEUDQH VSHFLMDOL]RYDQH L VUHÿHQH ELEOLRWHNH WDNR L YHOLNR XRSãWHQR L QDEDFDQR ]QDQMH QLNDGD VH QH PRåH XSRUHGLWL SR HILNDVQRVWLVDLDNRPDQMLPDOLGREURRGDEUDQLPLVUHÿHQLP]QDQMHP 1DURþLWR DNR MH RQR MRã SURåHWR VRSVWYHQLP UD]PLãOMDQMLPD L ]DNOMXþFLPD 9HOLNRSDPüHQMHL]QDQMHPDORYUHGLDNRQDPXSUHVXGQLPLYDå QLP WUHQXFLPD QLMH X VWDQMX SUXåLWL SRWUHEDQ SRGDWDN 1D SULPHU PL PRåHPRELWLGREDUSR]QDYDODFDVWURQDXWLNHLSRVHGRYDWL]DLVWDLPSUH VLYQR ]QDQMH X WRM REODVWL $OL WR YHOLNR ]QDQMH PDOR üH QDP NRULVWLWL DNR
X YDåQLP PRPHQWLPD UHFLPR DNR GUåLPR SUHGDYDQMH L] WH REODVWL LOL SR ODåHPR QHNL LVSLW L] QMH LOL MHGQRVWDYQR RGJRYDUDPR QD NYL]X WLP ]QD QMHP QH PRåHPR HILNDVQR UDVSRODJDWL MHU QDP RGUHÿHQL YDåQL SRGDFL SURVWRªQHGROD]H©XNULWLþQLPWUHQXFLPD 'REURVUHÿHQRRUJDQL]RYDQRLãWRMHSRGMHGQDNRYDåQRHILNDVQR ]QDQMH NRMH QDV QHüH QLNDGD L]QHYHULWL PRåH VH REH]EHGLWL VLVWHPDWVNLP SDPüHQMHP6DVWDQRYLãWDWHKQLNHXVYDMDQMD]QDQMDVLVWHPDWVNRSDPüHQMH VDGUåLRYHJODYQHID]H ,]ERUVWYDUQRSRWUHEQRJLNRULVQRJ]QDQMD 8VYDMDQMH]QDQMDSRG PHWRGDPDLWHKQLNDPDVLVWHPDWVNRJ SDPüHQMD 8VYRMHQRGREURVUHÿHQRL]DODNRUHSURGXNRYDQMH VSRVREQR ]QDQMH1MHJRYRþXYDQMHLRGUåDYDQMH (ILNDVQD UHSURGXNFLMD ]QDQMD SRG X SRWUHEQRP L åHOMHQRP WUHQXWNXRGJRYDUDMXüLPWHKQLNDPDVLVWHPDWVNRJSDPüHQMD ýLWDY SURFHV VWYDUDQMD L L]JUDÿLYDQMD HILNDVQRJ VLVWHPDWL]RYDQRJ ]QDQMD NDR L VNXS SRWUHEQLK PHWRGD L WHKQLND WH QMLKRY RSWLPDOQL UDV SRUHGLUHGRVOHGSULPHQHL]JOHGDRELRYDNR
-HGQD RG QDMYDåQLMLK RVRELQD GREUR RUJDQL]RYDQRJ SDPüHQMD MH GD PRåH HILNDVQR L SUDYRYUHPHQR UHSURGXNRYDWL VYH ãWR QDP MH SRWUHEQR L ãWR MH SRYH]DQR LOL QD QHNL QDþLQ VURGQR V MHGQLP RGUHÿHQLP SRMPRP LOL VWYDUL 1DãH FHORNXSQR ]QDQMH MH X VWYDUL VNXS PQRJREURMQLK WDNR]YDQLK ªNRPSOHNVD]QDQMD©NRMLVHYLãHVWUXNRSUHNODSDMXLSUHSOLüXLPQRJRVWUD QR SRYH]XMX L X]DMDPQR SURåLPDMX 0HÿXWLP X VYDNRP ªNRPSOHNVX ]QDQMD© SRVWRML MHGQD JODYQD LGHMD LOL SRMDP 1D SULPHU X NRPSOHNVX ]QDQMD ª.1-,*$© JODYQLSRMDPMH ª.QMLJD© D]D QMHJDMH SRYH]DQRþL WDYR PQRãWYR NRQNUHWQLK SUHWVWDYD R UD]QLP YUVWDPD NQMLJD NDR ãWR VX ª]DEDYQHNQMLJH©ªVWUXþQHNQMLJH©ªXGåEHQLFL©ªGHþMDNQMLJD©LWG
,VWR WDNR X NRPSOHNVX ]QDQMD ª),/0© SRVWRML QL] NRQNUHWQLK SRM PRYD NDR ãWR VX ªLJUDQL LOL XPHWQLþNL ILOP© ªGRNXPHQWDUQL ILOP© ªQD VWDYQLILOP©ªFUWDQLILOP©LWG 'REUR SURILOLVDQR GLQDPLþQR L HILNDVQR RUJDQL]RYDQR SDPüHQMH RGOLNXMH VH PQRJREURMQLP L UD]QRYUVQLP YH]DPD DVRFLMDFLMDPD NRMH L]YDQUHGQR IXQNFLRQLãX SRYH]XMXüL QD UD]QRYUVQH QDþLQH SRMHGLQH ªNRP SOHNVH ]QDQMD© 7LPH VH REH]EHÿXMH HILNDVQR L SRWSXQR ]QDQMH R MHGQRP RGUHÿHQRPSRMPXMHUþLPGR]RYHPRXVYHVWMHGDQSRMDPLOLSRGDWDN RQRGPDKDXWRPDWVNLSRYODþL]DVRERPþLWDYQL]VYLKVURGQLKLVDQMLP QD ELOR NRML QDþLQ SRYH]DQLK SRGDWDND L] RVWDOLK ªNRPSOHNVD ]QDQMD© 7DNRX QDãHP SULPHUX NRQNUHWDQ SRMDP ª.QMLJD QD PLNUR ILOPX© RG PDK SRYODþL ]D VRERP QMHPX VURGDQ GUXJL NRQNUHWDQ SRMDP ª1DVWDYQL ILOP©L]GUXJRJªNRPSOHNVD]QDQMD©þLPHVHRQGRSXQMDYDSURãLUXMH LEROMHREMDãQMDYD
.DNR üHWH RGUHGLWL SURILO 9DãHP SDPüHQMX NRML 9DP MH VWYDUQR SRWUHEDQ"3URILO9DãHJSDPüHQMDWUHEDGDEXGHWDNDYGD9DPXYHN RPRJXüDYD HILNDVQR VWLFDQMH SRWUHEQRJ ]QDQMD L ODNR L VLJXUQR UDVSRODJDQMH VD QMLP X SRWUHEQRP WUHQXWNX 7R ]QDþL GD 9DãH SDPüHQMH PRUD ELWL RGUHÿHQR 9DãLP ]QDQMHP NRMH PRUDWH VWHüL ,VWR WDNR 9DãH ]QDQMH NRMH üH 9DP ELWL VWYDUQR SRWUHEQR L RG NRULVWLPRUDMXRGUHGLWL9DãLFLOMHYLLSRWUHEHX9DãHPåLYRWXLUDGX
3DPüHQMH PRUD GD EXGH VDPR VUHGVWYR ]D VWYDUDQMH L VWLFDQMH SR WUHEQRJ]QDQMDLRVORQDFQDãHJPLãOMHQMD3DPüHQMHQHVUQHSRVWDWL QLNDGD VDPR VHEL FLOM 6YDNDNR SRVWRML L REUDWDQ SURFHV 9DãH SDPüHQMHXWLþHQDNYDOLWHW9DãHJ]QDQMDD]QDQMHGDOMHQD9DãåLYRW L UDG .DR ãWR VH YLGL QD GDWRM ãHPL RED RYD SURFHVD QHSUHNLGQR WHNXL UD]YLMDMX VHXREDSUDYFDPHÿXVREQRVHSURåLPDMXLX]DMDPQR VHXVORYOMDYDMX 3RVWDYOMDQMH FLOMD MH QDMEROMH L QDMYDåQLMH VUHGVWYR ]D RGUHÿLYDQMH SRWUHEQRJ SURILOD QDãHP SDPüHQMX 3RVWDYOMHQL FLOM QH VDPR GD DXWRPDWVNL L QD QDMEROML PRJXüL QDþLQ REH]EHÿXMH VWYDUQR SRWUHEQLSURILOQHJRL]D]LYDLVWYDUDMDNRLQWHUHVRYDQMHLPRWLYDFLMX NRML VX RG SUHVXGQH YDåQRVWL QH VDPR ]D SRVWL]DQMH SRVWDYOMHQRJ FLOMD YHü L ]D VWYDUDQMH HILNDVQRJ SDPüHQMD 7DGD ]QDPR GD SDPWLPR L XþLPR ]D SRVWL]DQMH L RVWYDULYDQMH QDãHJ åHOMHQRJ FLOMD NRML VPR VDPL VHEL SRVWDYLOL 1D SULPHU PQRJL XþHQLFL LPDM DVODEXVSHKXãNROLMHUPRUDMXXþLWLLSDPWLWL 9 SURSLVDQR JUDGLYR JUDGLYRNRMHLPMHGUXJLRGUHGLRDQHRQRãWR EL VDPL åHLHOL RGDEUDOLLVHELSRVWDYLOL]DFLOM 3RãWR MH QDãH SDPüHQMH RVQRYD L RVORQDF QDãHJ XPQRJ UDGD DXãLUHPVPLVOXLQDãHJUDGDXRSãWHWRPRUDGDSUDWLãHPXQDãHJ UDGD L SODQ QDãHJ UDGD DNR åHOLPR GD SRVWLJQHPR XVSHK X UDGX .DR ãWR X UDGX SRVWDYOMDPR JODYQL FLOM NRML ]DWLP UDãþODQMXMHPR GDOMH QD PDQMH NRQNUHWQH FLOMHYH WDNR LVWR WUHED SRVWXSDWL L X RUJDQL]DFLMLVYRJSDPüHQMD 1DMSUH SRVWDYLWH JODYQL FLOM 9DãHJ SDPüHQMD =DWLP WDM FLOM WUHED GDOMH GD UDãþODQMXMHWH GR WH PHUH GRN QH GRÿHWH GR GRYROMQR PDOLKNRQ
NUHWQLKFLOMHYDRGQRVQRSRGFLOMHYDNRMLVHPRJXUHODWLYQRODNRSRVWL üL ² 1D SULPHU 9Dã FLOM QD UDGQRP PHVWX MH GD RYODGDWH VORåHQLMLP YLãLP UDGQLP SURFHVRP RG RQRJ NRML VDGD REDYOMDWH MHU WLPH REH]EH ÿXMHWH VHEL GDOMH QDSUHGRYDQMH X VYRMRM VWUXFL 9Dã QRYL FLOM X UDGX SDå OMLYR üHWH SURDQDOL]LUDWL L XWYUGLWL L] NRMLK VH NRPSRQHQWL VDVWRML WDM VORåHQLML UDGQL SURFHV =DWLP üHWH RGUHGLWL NDNYD ]QDQMD QRYH YHãWLQH GRGDWQR LVNXVWYR L ãNROVNX VSUHPX ]DKWHYD 9Dã FLOM 1D NUDMX üHWH UH ]LPLUDWL ãWD 9DP RG VYHJD WRJD QHGRVWDMH L ]D WDM GHR VDVWDYLüHWH SODQ UDGDLSODQSDPüHQMDLXVYDMDQMDSRWUHEQLK]QDQMD .ROLNR LPD SURILOD SDPüHQMD" .ROLNR L OMXGVNLK NDUDNWHUD )UL RGUHÿLYDQMX VYRJ SURILOD QDURþLWR WUHED YRGLWL UDþXQD R VYRMLP QDMYH üLP åHOMDPD L R VYRMLP JODYQLP LGHMDPD MHU VX RQH L]UD] L RGUD] QDãLK QDMVNULYHQLMLK QDMGXEOMLK L ãWR MH QDMYDåQLMH QDãLK QDMVQDåQLMLK L QDML VWUDMQLMLK KWHQMD ,VNUHQR L VWUSOMLYR WUHED LVSLWLYDWL L SURQDOD]LWL WH VYRMH RVQRYQHWHåQMHLKWHQMDMHUVXRQHMHGLQLSUDYLLWUDMQLL]YRULQDãHUDGQH HQHUJLMH LVWUDMQRVWL L VWYDUDODãWYD -HGDQ RG QDMYHüLK ]ORþLQD NRML VH PRåH SRþLQLWL SUHPD PODGRP þRYHNX NRML VWXSD WHN X åLYRW MH GD JD VH VNUHQH VD åLYRWQRJ SXWD NRML MH VHEL L]DEUDR MHU QLNDGD VLJXUQLMH VH QH SURPDãLåLYRWQHJRNDGDVHLGHSURWLYVYRMLKRVQRYQLKWHåQMLLQDMGXEOMLK KWHQMD =DWR VYRM SR]LY SR PRJXüVWYX WUHED L]DEUDWL X VNODGX VD VYRMLP QDNORQRVWLPD 2QRãWRVHYROLL UDGL VH ODNRLL GREURLXQMHPX XVSHK QH L]RVWDMH,VYRMHSDPüHQMHWUHEDRQGDL]JUDÿLYDWLXWLPRNYLULPDLXVPH ULWLJD QD VWLFDQMH ]QDQMD SRWUHEQRJ ]D XVSHK X L]DEUDQRM REODVWL UDGD $NR EXGHWH SUDYLOQR RGUHGLOL SRWUHEDQ SURILO VYRPH SDPüHQMX L VWURJR NRQWUROLVDOLãWDXQMHJDXOD]LDWR]QDQMHRQGDMRãGLQDPL]LUDWHLXþLQLWH HILNDVQLPLXYHNUDVSRORåLYLPSULPHQRPRGJRYDUDMXüLKWHKQLNDSDPüHQMD RQGD 9DP VH YLãH QH PRåH GRJRGLWL GD LPDWH SDPüHQMH NDNYR VH PRUD LPDWL 1DSURWLY LPDüHWH SDPüHQMH NDNYR åHOLWH LPDWL L NDNYR üH 9DP VWYDUQRELWLSRWUHEQRX9DãHPSR]LYXLåLYRWX 3DPüHQMH VYDNDNR QLMH QHãWR QDMYLãH þHPX WUHED WHåLWL X VYRP XPQRP UDGX L UD]YLWNX 2QR þDN QH VSDGD QL X YLãH GXKRYQH SURFHVH NDR ãWR VX QD SULPHU PLãOMHQMH LOL LQWHOLJHQFLMD 'REUR SDPüHQMH WUHED VWYRULWLVDRVQRYQLPFLOMHPGDEXGHGREUD L VLJXUQD SRGORJD ]D PLãOMH QMHGRQRãHQMHSUDYLOQLKL]GUDYLK]DNOMXþDND]DHILNDVQR RGOXþLYDQMH D QDURþLWR GD EXGH SRX]GDQ RVORQDF ]D QDãH VWYDUDODþNR PLãOMHQMH L UDG =DWR SDPüHQMH L QMHJRYD SULURGQD SRVOHGLFD ]QDQMH PRUDMX ELWL GREUR XVPHUHQL 3DPüHQMH WUHED GD EXGH HILNDVQR VUHGVWYR EU]RJ L ODNRJ VWL FDQMD VWYDUQR SRWUHEQRJ ]QDQMD 2QR LVWRYUHPHQR PRUD GD RPRJXüL WUDMQRLHILNDVQRUDVSRODJDQMHWLP]QDQMHP6DPRQDWDMQDþLQQDãH]QD QMH üH SRVWDWL ]DLVWD NRULVQR åLYR GLQDPLþQR L ãWR MH YHRPD YDåQR XYHN UDVSRORåLYRLVLJXUQRXSRWUHEQRPWUHQXWNX ,PDMWH VWDOQR QD XPX YHOLNX åLYRWQX LVWLQX XPHWL PLVOLWL L SUD YLOQR ]DNOMXþLYDWL GUDJRFHQLML MH SRVHG RG ELOR NDNYR© ]QDQMD SD SUHPD WRPH L RG SDPüHQMD 3DPüHQMH PRUD ELWL VDPR RVQRYD L VUHGVWYR ]D VWL FDQMH YHOLNRJ L HILNDVQRJ ]QDQMD QD NRPH üH VH GDOMH XVSHãQR UD]YLMDWL SURGXNWLYQRPLãOMHQMHLVWYDUDODþNLUDG
./-8ý=$'2%523$0û(1-( 8PHWQRVW SDPüHQMD GREULP GHORP VDVWRML VH RG YHãWLQH XSUDYOMDQMD VYRMLP LQWHUHVR YDQMHPLSDåQMRP
%(=,17(5(629$1-$,027,9$&,-(1(0$'2%52*3$0û(1-$
² .ROLNR VWHSHQLFD LPD RD 9DãHJVWDQDGRL]OD]D L]9DãH ]JUDGH" ² .DNYHVXERMHEURMNHQDEU]LQRPHUX9DãHJDXWRPRELOD"² .DNYHMHERMHND]DOMNDQDEU]LQRPHUXDNDNYDMHQDSRND]LYDþXJRUL YD"².DNYHVXERMHEURMNHQDSRND]LYDþXJRULYDLGDOLLKXRSãWHLPD" ² .DNYHVXERMHND]DOMNHQD9DãHPUXþQRPþDVRYQLNX"'D OLMHªãHVWLFD©QD9DãHPþDVRYQLNXPDQMDRGRVWDOLKFLIDUDLOLMHXRSãWH QHPDQDEURMþDQLNX" 6YH VX RYR ]D 9DV QHRþHNLYDQD L QHRELþQD SLWDQMD $OL WR VX LVWR YUHPHQR L SLWDQMD QD NRMD ELVWH PRUDOL ]QDWL RGJRYRULWL ODNR L EH] SUH PLãOMDQMDMHU QDMPDQMHþHWLULSXWDGQHYQRSUHOD]LWHSUHNRVWHSHQL FD RG 9DãHJ VWDQD GR L]OD]D L] ]JUDGH X WRNX YRåQMH YHRPD þHVWR EDFDWH SRJOHG QD EU]LQRPHU 9DãLK NROD GD EL SURYHULOL L SRGHVLOL EU]LQX YRåQMH NDR L QD SRND]LYDþ JRULYD GD ELVWH SURYHULOL VWDQMH JRULYD L YLãH SXWD X WRNX GDQD SRJOHGDWH QD VYRM UXþQL þDVRYQON GD ELVWH XVWD QRYLOLLOLSURYHULOLYUHPH $OL LSDN QH EL WUHEDOR PQRJR GD 9DV L]QHQDGL RNROQRVW DNR QD YHüLQX RYLK SLWDQMD QH EXGHWH ]QDOL RGJRYRU , ]DLVWD SURYHULWH L VD L] QHQDÿHQMHPüHWHXVWDQRYLWLGDQH]QDWHRQRãWRVYDNRGQHYQRJOHGDWH LNRULVWLWH*GHVHNULMHX]URNRYRMQHRELþQRMSRMDYL" 2EMDãQMHQMH MH MHGQRVWDYQR 5HãHQMH ]DJRQHWNH VH NULMH X 9DãHP LQWHUHVRYDQMX LOL EROMH UHþHQR X QMHJRYRM XVPHUHQRVWL 'RN VLOD]LWH QL] VWHSHQLFH 9DãD SDåQMD L LQWHUHVRYDQMH QLVX XVPHUHQL QD EURMDQMH VWHSH QLFDYHüQDSUDYLOQRNRRUGLQLUDQMH9DãLKSRNUHWDGDVHQHELRNOL]QXOL LOL VWH MHGQRVWDYQR ]DRNXSOMHQL QHNLP GUXJLP YDåQLP SUREOHPLPD $ WR üH UHüL 9Dã LQWHUHV GRN VLOD]LWH QL] VWHSHQLFH QLMH GD GR]QDWH EURM VWH SHQLFDYHüGDEH]EHGQRVLÿHWHQL]QMLKLOLDNRMHQHNLGUXJLSUREOHP XSLWDQMXGDUD]PLãOMDWHRQMHPX,VWRWDNRGRNXYRåQMLSUDWLWHNUHWDQMH EU]LQH9DãHJDXWDLOLSURYHUDYDWHVWDQMHJRULYD9DãLQWHUHVQLMH]DSDåDQMH REOLNDLOLERMHGHORYDQDEU]LQRPHUXLSRND]LYDþXJRULYDQHJRRGUHÿLYDQMHL SUDüHQMH EU]LQH NUHWDQMD 9DãLK NROD RGQRVQR SURYHUD QLYRD JRULYD X 9DãHP UH]HUYRDUX 6OLþQR VH GRJDÿD L NDGD SRJOHGDYDWH X WRNX GDQD QD VYRMþDVRYQLN9DVVLJXUQRQHLQWHUHVXMHREOLNLERMDSRMHGLQLKGHWDOMDQD QMHJRYRPEURMþDQLNXYHüVDPRNROLNRMHþDVRYD
8 FLOMX SRWYUGH SUHVXGQH YDåQRVWL LQWHUHVRYDQMD X SDPüHQMX L] YUãHQ MH MHGQRP SULOLNRP L RYDNDY HNVSHULPHQW HNVSHULPHQWDWRU MH GDR LVSLWDQLNXGDMHGDQQL]RGVORJRYDSURþLWDUDYQRSXWD,SDNLSRV OHSHGHVHWRJþLWDQMDLVSLWDQLNQLMH]QDR]DGDWLQL]L]SURVWRJUD]ORJD ãWR QLNR RG QMHJD QLMH WUDåLR GD JD ]DSDPWL =QDþL RQ QLMH ELR ]DLQWHUH VRYDQLPHQWDOQRXVPHUHQGDQL]RG VORJRYD]DSDPWL$OLNDGDPX MHUHþHQRGDMHVDGD]DGDWDNSDPüHQMH VORJRYD RQGDMHGUXJLVOLþDQ QL]WDNRÿHRGVORJRYD]DSDPWLRYHüQDNRQQHNROLNRþLWDQMD ,QWHUHVRYDQMH L QDPHUD LOL PRWLYDFLMD GD VH MHGQD VWYDU QDXþL L XVYRMLREH]EHÿXMHXVWYDULQMHQR]DSDPüLYDQMHDQHQLNDNRVDPRQMH QRSRQDYOMDQMH0RåHPRQHEURMHQRSXWDGRüLXGRGLUVDQHNRPVWYDULD GDMHQ"]DSDPWLPRþDNLQH]DSD]LPRSURVWR]DWRãWRQDVQHLQWHUHVX MHLãWRQDQMXQHREUDüDPRSDåQMXýLWDYDDUPLMDUD]QLKGRJDÿDMDVWYDUL L QDMUD]QRYUVQLMLK XWLVDND VYDNRGQHYQR RSVHGD L ]DRNXSOMD QDãD þXOD DOL PL LK XRSãWH QH ]DSDåDPR L QH SDPWLPR MHU QDV MHGQRVWDYQR QH LQ WHUHVXMX=DPLVOLWHNDNDYELSDNDRLKDRVQDVWDRQHVDPRXQDãRMSVL KLQHJRXRSãWHXQDãHPåLYRWXDNRELQHNLPþXGQLPLQHVUHWQLPVWLFD MHPRNROQRVWLVXSURWQRELRVOXþDM 2G QDãHJLQWHUHVRYDQMD YHRPD þHVWR LYHRPD PQRJR]DYLVL GD OL üHPRQHãWR]DSDPWLWLLOLQH.ROLNRXþHQLNDQDSULPHUQRVLHSLWHW ªOR ãLK©LªVODELK©XãNROLDYHRPDMDNLKLRGOLþQRLQIRUPLVQLKXSR]QDYD QMX QMLKRYRJ RPLOMHQRJ VSRUWD LOL ILOPD" .ROLNR OMXGL SRND]XMH SURVHþQR [QDQMH X VYRP SRVOX D EULOMLUD X SR]QDYDQMX VSRUWD LOL X QHNRM VYRMRM GUXJRM SDVLML LOL KRELMX" 9L VH VLJXUQR QH VHüDWH NDNYX MH KDOMLQX 9DãD VXSUXJD QRVLOD SUH SDU VHGPLFD NDR ãWR VH QL RQD QHüH VHWLWL UH]XOWDWD SRVOHGQMHSUYHQVWYHQHXWDNPLFH$OL]DWRVNRURUHGRYQRQDãDEDNDüH VH VHWLWL NDNYH MH ERMH ELOD QMHQD KDOMLQD QD QHNRM IRWRJUDILML RG SUH WDNJRGLQDãWDYLãHLVSULþDüHYHRPDSODVWLþQRLQHNX]DQLPOMLYX]JR GXXYH]LVDQMRP,VWRWDNRGHWDOMQRLVOLNRYLWRLVSULþDüHQDPGHGDNR ML VH LQDþH VWDOQR åDOL GD PX SDPüHQMH VYH YLãH SRSXãWD SRQHNL ]DQLP OMLYL LOL QDSHWL GRåLYOMDM L] PLQXOLK UDWRYD D PL üHPR VD YHOLNLP þXÿH QMHPVOXãDWLNDNRSUHFL]QRLVLJXUQRQDYRGLLPHQDGDWXPHLPHVWDNDR LGUXJHSRGDWNH ,QWHUHVRYDQMH MH MHGDQ RG RVQRYQLK L QDMYDåQLMLK IDNWRUD RG NRMLK ]DYLVL SDPüHQMH ,QWHUHVRYDQMH MH SUYD NDULND X ODQþDQRP SURFHVX SDP üHQMDNRMLVHRGYLMDSRRYLPJODYQLPID]DPD
2,17(5(629$1-( ²RPRJXüXMH3$ä1-8 23$ä1-$ ²RPRJXüXMH23$ä$1-(ELWQLKSRMHGL QRVWL 223$ä$1-( ²RPRJXüXMH.21&(175$&,-8QDYDå QHGHWDOMH 2.21&(175$&,-$ ²RPRJXüXMH 23$0û(1-( ²RGUHÿHQRJSRGDWND =DWR QLNDGD QH PRåHPR NULYLWL SDPüHQMH GD MH ªVODER© MHU MH RQRVORåHQLSURFHVL]QHNROLNRID]DX NRML VSDGD L LQWHUHVH YDQ MH 9HRPD þHVWRX]URNWUHEDWUDåLWLXVODERPRGQRVQRQHGRYROMQRPLQWHUHVRYDQMX DSRQHNDGLXQMHJRYRPSRWSXQRPQHGRVWDWNX8PQRJLPVOXþDMHYLPD QLMHVODERSDPüHQMHYHüLQWHUHVRYDQMH2RYRPPRPHQWXELORMHRSãLU QLMHJRYRUDXSUHWKRGQLPSRJODYOMLPD93RJOL
âWD üHPR L NROLNR ]DSDPWLWL ]DYLVL X YHOLNRM PHUL RG QDãHJ LQWHUHVRYDQMD L VYH þHPX SRVYHWLPR VYRM QHSRGHOMHQL LQWHUHV SDPWLPR ODNR,QWHUHVRYDQMHMHQHRSKRGQRLVYHãWRPRUDPRSDPWLWLWUHEDXþLQLWL LQWHUHVDQWQLP 3URXþDYDMWH PDOR GHFX X WRP VPLVOX GHFD SDPWH JRWRYRIRWRJUDIVNLVYHãWRGRÿHXNUXJQMLKRYRJLQWHUHVRYDQMDLSDåQMH $ WDMQD QMLKRYRJ YHOLNRJ EU]RJ L ODNRJ SDPüHQMD LH RJURPDQ L VWDODQ LQWHUHV ]D PQRJH VWYDUL L REODVWL NRMH LK RNUXåXMX ,QWHUHVRYDQMH RåLYOMDYDLSURGXKRYOMDYDVWYDUL6WYDUNRMXåHOLPR]DSDPWLWLPRåHPR RVPLVOLWL L SURGXKRYLWL DNR MH SRVPDWUDPR L] YLãH XJORYD L WLPH GRYHGHPRXYH]XVDQDãLPSRVWRMHüLP]QDQMHPLOLVDPLPVRERP2QR ãWRQHåLYLXQDãLPPLVOLPDEU]R]DERUDYOMDPR 1D SULPHU EURM MH EHåLYRWDQ L QHYDåDQ ]D QDV VYH GRN QH XVWDQRYLPRGDMHWDMEURMUHFLPRUHJLVWDUVNLEURMQDãHJDXWR PRELOD LOL EURM WHOHIRQD QDãHJ SULMDWHOMD -HGQRP NDGD VH ]D QMHJD SUREXGL QDã LQWHUHV L NDGD JD GRYHGHPR X YH]X VD SRVWRMHüLP ]QDQMHPRQGDWDMEURMSRVWDMHQHRWXÿLYGHRQDãHJ]QDQMDLSDPüHQMD 8 NRMRM PHUL SUDYL LQWHUHV L PRWLYDFLMD PRJX GD L]D]RYX SUHRNUHWXSDPüHQMXLXþHQMXPRåHGDSRNDåHLRYDMSULPHU -HGDQVUHGQMRãNRODFXYLãLP UD]UHGLPD VUHGQMHãNROHGR]QDRMH MHGQRJGDQDGDIDNXOWHW]DNRMLVHRGOXþLRLNRMLMHMHGLQRåHOHRGDVWX GLUD SULPD QD RVQRYX SURãHND L]SRVOHGQMH GYH JRGLQH VUHGQMH ãNROH NRML QLMH VPHR ELWL LVSRG ªYUOR GREURJ© 1DåDORVW RQ VH QLMH PRJDR SRKYDOLWL WDNYLP XVSHKRP X GRVDGDãQMHP ãNRORYDQMX LDNR NRG NXüH QLMHPDORUDGLR5HVLRMHGDRGVDGDSDåOMLYLMHSUDWLLDQDOL]LUDPHWRG XþHQMD L UDGD VYRMLK GUXJDULFD L GUXJRYD NRML VX VH LVWLFDOL XVSHKRP SRþHR MH GD XRþDYD VODERVWL VYRMH GRVDGDãQMH PHWRGH L YUOR EU]R XVSHR MH GD VWYRUL VYRMX VRSVWYHQX PHWRGX NRMD PX MH QDMYLãH RGJRYDUDOD 8PHVWRGDQH]DLQWHUHVRYDQRRGVHGLþDVNDRGRWDGDSRþHRMHYHRPD SDåOMLYRGDSUDWLSUHGDYDQMDWRMHVDVYRMHVWUDQHSXQRGRSULQHOR WRPHGDMHXEU]RUD]YLRWROLNLLQWHUHV]DSRMHGLQHSUHGPHWHGDVH SRWSXQRXQRVLRXSUHGPHWSUHGDYDQMD $NRMHQHSRVUHGQRSRVOHSUHGDYDQMDWUHEDORQHãWRSRQRYLWLL]UDGLWL ]DGDWDNLOLQHNRYHåEDQMHUHGRYQRVHMDYOMDR .RGNRPSOLNRYDQLMLKSLWDQMDNRMDRGPDKQLMHVDVYLPVKYDWLRXYHN EL]DPROLRSUHGDYDþD]DGRSXQVNRREMDãQMHQMH 2SRVHEQR]DQLPOMLYLPLOLQHGRYROMQRMDVQLPSLWDQMLPDRGPDKSR VOHþDVDYHRPDMHDNWLYQRUDVSUDYOMDRVDVYRMLPGUXJRYLPD =DKYDOMXMXüL GRVOHGQRM SULPVQL RYH PHWRGH VNRUR þLWDYR JUDGLYR EL UHGRYQR VDYODÿLYDR QD VDPRP þDVX L UHWNR MH PRUDR GD JDSRQDYOMDLOLXþLNRGNXüHRVLPãWRELMRãLVWRJGDQDL]UDGLRGRPDüH ]DGDWNH , QDUDYQR ]DKYDOMXMXüL SUREXÿHQRP YHOLNRP LQWHUHVRYDQMX L RGJRYDUDMXüRM PHWRGL UDGD åHOMHQL XVSHK QLMH L]RVWDR -HU ãWR MH YHüL LQWHUHV ]D QHNX PDWHULMX WR MH SRWUHEQR PDQMH REQDYOMDQMD GD EL MH XVYRMLOLL]DSDPWLOL -HGQDHNVSHULPHQWDOQDJUXSDRGSUHNRVWXGHQDWDELODMH]D PROMHQD ]D RYDNDY HNVSHULPHQW VYDNR MH LPDR GD QDSLãH LVNOMXþLYR SUHPD VYRP VORERGQRP L]ERUX QHNL VYRM LOL WXÿL GRåLYOMDM LOL QHNX GUXJXHSL]RGX SR VHüDQMX 9HRPD ]DQLPOMLYR SUHNR VDVWDYD ELOR MH SRVYHüHQR GRJDÿDMLPD NRML VX NRG DXWRUD L]D]YDOL YHRPD MDNH OLþQHHPR
FLMH,QDþHMHSR]QDWRGDRQR ãWRSURSUDWLPRHPRFLMDPD L PLVOLPD RVWDMHGDOHNRGXåHXVHüDQMXRGUHFLPRGRJDÿDMDNRMLVXQDVRVWDYLOL UDYQRGXãQLP 1DãHSUDYRLQWHUHVRYDQMHMHVDPRL]UD]QDãLKQDMGXEOMLK åHOMDL QDMMDþLK KWHQMD ² D WR üH UHüL QDãLK MDNLK SUDYLK HPRFLMD ²L ]DWR LPDSUHVXGDQ]QDþDM]DHILNDVQRVWQDãHJSDPüHQMD .DNYRLQWHUHVRYDQMH²WDNYRLSDPüHQMH
,QGLYLGXDOQH UD]OLNH X VKYDWDQMLPD PLãOMHQMLPD L LQWHUHVR YDQMLPDVXWROLNHGDMHGDQWHLVWLPDWHULMDO]DMHGQXRVREXPRåHELWL YHRPD EOL]DN L ]DQLPOMLY D ]D GUXJX ² YHRPD VWUDQ L GRVDGDQ 2YH UD]OLNH SURLVWLþX L] UD]OLþLWLK UDQLMLK ]QDQMD LVNXVWDYD L LQWHUHVRYDQMD 1D SULPHU MHGQR SUHGDYDQMH L] QXPL]PDWLNH ELüH GDOHNR ]DQLPOMLYLMH ]D MHGQRJ ILODWHOLVWX ]ERJ EOLVNRVWL L VOLþQRVWL RYLK GYHMX REODVWL NROHNRLRQDUVWYD QHJR ]D UHFLPR MHGQRJ VSRUWLVWX YHVODþD NRJD QXPL]PDWLND L ILODWHOLMD XRSãWH QH LQWHUHVXMX , VDP QDþLQ L]ODJDQMD ]D QHNRJ PRåH ELWL YHRPD SULVWXSDþDQ L ]DQLPOMLY D ]D GUXJRJ RGERMDQ L VWUDQ ãWR RSHW ]DYLVL RG UD]OLþLWLK ªSRGORJD©²RGUDQLMLK]QDQMDLQWHUHVRYDQMDLLVNXVWDYD 7DNRÿH PQRJL OMXGL MHGQRVWDYQR VPDWUDMX GD QH WUHED QLãWD SDPWLWL YHü MH GRYROMQR VDPR ]QDWL JGH üH VH SRWUHEDQ SRGDWDN QDüL GD EL JD PRJOL NRULVWLWL NDVQLMH NDGD LP ]DWUHED .ROLNR RYDNYRVWDQRYLãWHPRåHGDEXGHQHVDPR SRJUHãQR QHJR L RSDVQR GRYROMQR MH GD ]DPLVOLPR QD SULPHU MHGQRJ KLUXUJD NRML þHVWR SUHNLGD VYRM GHOLNDWDQ KLUXUãNL ]DKYDW GD EL PRJDR GD SUHOLVWDYD L NRQVXOWXMH þLWDYX KUSX KLUXUãNLK XGåEHQLND L SULUXþQLND MHU PX MH FHORNXSQR ]QDQMH X ² XGåEHQLFLPD ² 'UXJL RSHW VPDWUDMX GD QHPDQLUD]ORJDDQLSRWUHEHGDRGUHÿHQHSRGDWNHSDPWH.RGRYLK VOXþDMHYD QHGRVWDWDN LQWHUHVD YROMH L PRWLYDFLMH MH RþLJOHGDQ D ªVODERSDPüHQMH©SULURGQDSRVOHGLFD 'HOLPLþQR RGQRVQR SRGHOMHQR LOL MHGQRVWUDQR LQWHUHVRYDQMH GDMH XSUDYR L WDNYR SDPüHQMH =ERJ MHGQRVWUDQH LOL GHOLPLþQH ]DLQWHUHVRYDQRVWL LPDPR L MHGQRVWUDQD LOL GHOLPLþQD SDPüHQMD NRMD X SUDNWLþQRP åLYRWX SURVWR ]RYHPR ªORãLP L VODELP SDPüHQMLPD© 2YX ]DNRQLWRVW X SDPüHQMX PRåHPR SODVWLþQR LOXVWURYDWLMHGQLP]DQLPOMLYLPHNVSHULPHQWRP -HGQRM JUXSL LVSLWDQLND WDNR ]YDQRM HNVSHULPHQWDOQRM ]DGDQR MH GD X MHGQRP RGORPNX L]EURML UHFL D GUXJRM NRQWUROQRM JUXSL GD þLWDMXüL RGORPDN ]DSDPWH ãWR YLãH UHFL 3URYHURP MH XVWDQRYOMHQRGDMHSUYDJUXRD]DSDPWLODVDPRUHFLDGUXJDVYLK ]QDþL LPDOD MH ]D SUHNR EROML UH]XOWDW 5D]ORJ MH MDVDQ SUYDJUXSDMHYHüVDPLP]DGDWNRPELODXVPHUHQDL]DLQWHUHVRYDQD GD SDPWL VDPR EURM UHFL D QLMH LPDOD QLNDNYRJ LQWHUHVD GD SDPWL QMLKRYD]QDþHQMD ,VWR WDNR GUXJD JUXSD MH ELOD ]DLQWHUHVRYDQD VDPR ]D ]QDþHQMD UHFL L ]DWR MH XVSHVQR SDPWLOD UHFL GD MH PRUDOD RGJRYRULWL NROLNR UHFL LPD RGORPDN LOL NROLNR VDGUåL SUDYRSLVQLK JUHãDND SRND]DOD EL VOLþDQ VODE UH]XOWDW NDR L SUYD JUXSD X SDPüHQMX UHFL 'RN VX SDPWLOL ]QDþHQMD UHFL QLVX PRJOL LVWRYUHPHQR ]DSDPWLWL L QMLKRY EURM LOL VPLVDR RGORPND LOL EURM SUDYRSLVQLK JUHãDND X QMHPX 0HÿXWLP VYH RYH SRGDWNH EL PRJOL ]DSDPWLWLDNRELLKSDPWLOLMHGDQ]DGUXJLP]DLQWHUHVRYDQMH
LQMHJRYXQHSRVUHGQXSRVOHGLFX²SDPüHQMHXPQRJRPHYDåLRQDþX YHQDHQJOHVNDSRVORYLFDª2QHEXVLQHVVDWDWLPHDQGWKDWZHOOGRQH© 1DåDORVWSDPüHQMHNRGYHüLQHOMXGLMHXJODYQRPMHGQRVWUDQRUD]YLMHQR L WR QDMYLãH ]ERJ RJUDQLþHQRJ L MHGQRVWUDQRJ LQWRUHVRYDQMD 6 GUXJH VWUDQH RSHW ]ERJ UD]OLWLþLK LQWHUHVD L SRWUHED NRG UD]QLK OMXGL YUHPHQRP VH L]JUDÿXMH L VWDELOL]XMH NRG MHGQLK SUHWHåQR SDPüHQMH ]D EURMHYHLHJ]DNWQHVWYDULNRGGUXJLK]DULWPRYHLKDUPRQLMXREOLNDL ]YXND LWG .DNR EXGHWH NRQWUROLVDOL VYRMH LQWHUHVRYDQMH WDNR üHWH GREULPGHORPLYODGDWLVYRMLQLSDPüHQMHPL]QDQMHP
.DNRüHWHVWYRULWLLQWHUHV]DQHNLSUHGPHWLOLREODVWDNRJD QHPDWH" ª8UHGX©²UHüLüHWHVSUDYRP²WDPRJGHLPDGRYROMQRLULWH UHVRYDQMD SDPüHQMH L XþHQMH VX X PQRJRPH RODNãDQL L SUREOHPD QHPD $OL ãWD GD UDGLPR VD RQLP REODVWLPD NRMH LQDþH PRUDPR L] QHNRJ YDåQRJUD]ORJD]QDWLD]DQMLKQHPDPRGRYROMQRLOLXRSãWHELOR NDNYRJLQWHUHVD"©2YDNYDLVOLþQDSLWDQMDVXVDVYLPQDPHVWXMHUVH VD QMLPD PQRJL RG QDV þHVWR VXVUHüX X SUDNVL $OL SUH QHJR ãWR SULVWXSLPR L]ODJDQMX WHKQLND L PHWRGD ]D VWYDUDQMH LQWHUHVD L X REODVWLPD NRMH VX QDP UDYQRGXãQH LOL þDN SUHPD NRMLPD JDMLPR DYHU]LMXGDVHSUHWKRGQRSR]DEDYLPRMHGQLPVOXþDMHPL]åLYRWD -HGDQ LQDþH YUOR GREDU XþHQLN QLNDNR ªQLMH YROHR© VWUDQH MH]LNH 1DURþLWX RGERMQRVW MH RVHüDR SUHPD HQJOHVNRP MH]LNX NRML PX MH VD VYRMRP WHãNRP RUWRJUDILMRP VSHFLILþQLP L]JRYRURP L þXGQLP ]QDFLPD PHÿXQDURGQHIRQHWVNHWUDQVNULSFLMH]DR]QDþDYDQMHL]JRYRUDL]JOHGDR YHRPD NRPSOLNRYDQ L QH]DQLPOMLY 6OXþDM MH KWHR GD MH QMHJRYX SUHGPHWQXQDVWDYQLFX]ERJEROHVWL]DPHQLODMHGQDGUXJDQDVWDYQLFD NRMD MH SRUHG OHSH UHSXWDFLMH VYHVWUDQR REUD]RYDQRJ SHGDJRJD L YHOLNRJVWUXþQMDND]DVYRMSUHGPHWXåLYDODXQMHJRYLPRþLPDLVWDWXV OLþQRJ SULMDWHOMD QMHJRYLK URGLWHOMD L QMLKRYH NXüH XRSãWH ,]PHÿX RVWDOLK SUR]YDOD MH L QMHJD GD SURþLWD MHGQR ãWLYR L RGJRYRUL QD SRVWDYOMHQD SLWDQMD 6UHüRP ]QDMXüL JD L] VYRJ SUHGPHWD NDR GREURJ XþHQLND QMHJRYR YLãH QHJR VNURPQR ]QDQMH SURNRPHQWDULVDOD MH VWLPXODWLYQR ² 9LGLP GD VH RYRJD SXWD QLVL GRYROMQR VSUHPDR DOL YHUXMHP GDüHãWRQDVOHGHüHPþDVXLVSUDYLWL 1LNDNYHSUHWQMHSRKYDOHLOLREHüDQMDQLVXPRJOHVQDåQLMHLSUH VXGQL MH GHORYDWL RG RYLK MHGQRVWDYQLK L GREURQDPHUQLK UHFL 6DYODÿXMXüL X VHEL SURYDOX YHOLNRJ X]EXÿHQMD VWLGD L SRQRVD LVWRYUHPHQR QDã EXGXüL OLQJYLVWD SROXVYHVQR GRN MH VDY ]DMDSXUHQ VHGDR QD VYRMH PHVWR GRQRVLR MH X VHEL MHGQX RG QDMYDåQLMLK RGOXND VYRJ åLYRWD GD VOHGHüX OHNFLMX GREUR SULSUHPL GD VH QLNDGD YLãH QH REUXND SUHG VYRMRP QDVWDYQLFRP L GD RSUDYGD SRYHUHQMH OLþQH SULMDWHOMLFHVYRMLKURGLWHOMDL]YUVQRJSHGDJRJDNRMXMHGXERNRSRãWRYDR LFHQLR 6SUHPDMXüLVH]DVOHGHüL þDV YHRPDPDUOMLYR L WHPHOMQR JRWRYR QHVYHVQR SRþHR MH GD XSR]QDMH OHSRWH RYRJ QDMUDVSURVWUDQMHQLMHJ VYHWVNRJ MH]LND 6DVYLP VOXþDMQR MH SRþHR GD GRYRGL X YH]X ]YXN SRMHGLQLK HQJOHVNLK UHFL VD L]JRYRURP VYRMLK RPLOMHQLK MXQDND L] HQJOHVNLKLDPH L ª2QHEXVLQHVVDWDWLPHDQGWKDWZHOOGRQH©(QJOª6YDNL SRVDRXRGUHÿHQRYUHPHLWRGREURREDYOMHQ©
ULþNLK ILOPRYD L 79 VHULMD 8 MHGQRP PRPHQWX SRSXW PXQMH L]QHQDGQR L NUDWNR EOMHVQXOD PX MH PLVDR ª.DNR EL ELOR OHSR L NRULVQR VDYODGDWL RYDM YDåDQ MH]LN .ROLNR EL SRXþQLK NQMLJD ]DQLPOMLYLKOMXGLLGLYQLKNUDMHYDQD=HPOMLXSR]QDRSRPRüXRYRJ VYHWVNRJMH]LND"© 'R NUDMD ãNROVNH JRGLQH QDã MXQDN MH SRVWDR QDMEROML X UD]UHGX X HQJOHVNRP MH]LNX VOHGHüH JRGLQH X VYRMRM ãNROL D X SRVOHGQMHP UD]UHGX VUHGQMH ãNROH SRþHR MH DXWRGLGDNWLþQR L VDPRVWDOQR XþLWL L GUXJH VYHWVNH MH]LNH 8EU]R MH SRVWDR SROLJORWD NRMLMHVLJXUQRLWHPHOMQRYODGDRVDSRODWXFHWDVWUDQLKMH]LND $NR QHPD LQWHUHVRYDQMD WH åLYRWRWYRUQH VXSVWDQFH VYDNRJ SDPüHQMD RQGD JD PRUDPR VWYRULWL $ WR MH VDVYLP PRJXüH X] SULPHQXRGJRYDUDMXüLK PHWRGD 2YGH üHPR QDYHVWL QHNROLNR QDþLQD ]DEXÿHQMHLVWYDUDQMHLQWHUHVD 8SR]QDMWH VH GREUR VD SUHGPHWRP ]D NRML 9DP MH SRWUHEQR LQWHUHVRYDQMH 1HGRYROMQR SR]QDYDQMH SUHGPHWD XPDQMXMH L LQWHUHV SUHPDQMHPX5D]ORJMHXSUHPDOHQRPEURMXIDNDWDNRMLQDPVWRMH QD UDVSRODJDQMX L PHÿX QMLPD QHPD XSUDYR RQLK QDMYDåQLMLK NRML ELQDPRWNULOLVXãWLQXYDåQRVWLOLOHSRWXWRJSUHGPHWDNRMLELGLUQXOLX QDã åLYDF LQWHUVHRYDQMD SRNUHQXOL QDãH GXERNH WHåQMH L VWUHPOMHQMD 6YDNL MH SUHGPHW REMHNWLYQR VDP SR VHEL LQWHUHVDQWDQ MHU QHPDREODVWL NRMD QLMH ]D QHNH OMXGH L WH NDNR ]DQLPOMLYD L YDåQD EH] RE]LUD ãWR MH ]D QHNH SD PRåGD L ]D QDV OLþQR WRWDOQR QHLQWHUHVDQWQDSDþDNLRGERMQD$VXEMHNWLYQRQHNDVWYDUMHVDPR RQROLNRLQWHUHVDQWQDNROLNRSRNUHüHLDNWLYLUDQDãHVWYDUQHåHOMHL GXERNDKWHQMD&HVWRQHNDVWYDUQDV]DLQWHUHVXMHQDSUYLSRJOHG MHU QDP RGPDK RWNULYD VYRMX ]D QDV YHRPD YDåQX L ]DQLPOMLYX VXãWLQXGRNþLWDYQL]GUXJLKVWYDULVOLþQROMXGLPDRWNULYDMXVYRMX SUDYXSULURGXLVXãWLQXWHNVWUSOMLYRPLXSRUQRPLVWUDåLYDþX =DWRVHXSUDNWLþQRPåLYRWXRELþQRLGRJDÿDGDRQRãWRQDPMH QHSR]QDWR VNRUR UHGRYQR QDP MH L QHLQWHUHVDQWQR WH MH MHGDQ RG GREULK QDþLQD GD VH ]D QHNX REODVW ]DLQWHUHVXMHPR GD MH SUHWKRGQR GREUR XSR]QDPR 8VWYDUL þHVWR VH GRJDÿD GD NDNR QHNX REODVW XSR]QDMHPRWDNRSRþLQMHUDVWLVYHYLãHLQDãLQWHUHV]DQMX0QRJL QD SULPHU L]MDYOMXMX GDLK 7ROVWRM LOL 6HNVSLU 6KDNHVSHDUH ² XRSãWHQHLQWHUHVXMXDNDVQLMRPSURYHURP VHXVWDQRYL GD R QMLPDQHPDMXQLSRMPD =QDQMH VWYDUD LQWHUHV LQWHUHV YRGL ND MRã YHüHP ]QDQMX YHüH]QDQMHNDMRãYHüHPLQWHUHVRYDQMXLWGVYHVHGDOMHXPQRåDYD L DXWRPDWVNL SRYHüDYD MHGDQ SR]LWLYDQ SURFHV SURãLUHQMD QDãHJ SDPüHQMD 'RYROMQR MH GD JD VDPR MHGDQSXW SUDYLOQR RWSRþQHPR L RWYRULPR7DNR]YDQRPªQHLQWHUHVDQWQRPSUHGPHWX©WUHEDXYHNGDWL ãDQVX .RULVWLWHVYRMJODYQLRVQRYQLLQWHUHV]DUD]YRMVSRUHGQRJ LQWHUHVD 9Hü VPR SRVHEQR UDQLMH QDJODVLOL GD WUHED XWYUGLWL VYRMH RVQRYQH SUDYH LQWHUHVH 2NR QMLK MH RQGD GDOHNR ODNãH UD]YLMDWL SRMHGLQDþQH LQWHUHVH ]DSUDWHüHSUHGPHWHQHRSKRGQH]DRVWYDUHQMH QDãLK JODYQLK RVQRYQLK LQWHUHVD 7UHED SODVWLþQR SUHWVWDYLWL VHEL SUHGQRVWL NRMH üHPR VWHüL DNR QDXþLPR ªGRVDGQL© SUHGPHW NDR L YHOLNH ãWHWH NRMH üH QDP SULþLQLWL X RVWYDUHQMX QDãHJ JODYQRJ FLOMD DNR JD QH VDYODGDPR 7DNR NRULãüHQMHP QDãHJ JODYQRJ LQWHUHVD X RYRP VOXþDMX ] ªGRVDGQL© SUHGPHW VHNXQGDUQRJ LOL LQGLUHNWQRJ VWYDUDPR SUHGXVORYH ]D UD]YLWDN LQWHUHVRYDQMD L ]D ªVSRUHGQL© L ªGRVDGQL©SUHGPHW
3RþQLPRVDGHOLPLþQLPLQWHUHVRYDQMHP]DQHNLSUHGPHW $NR QDPQHNLSUGHPHWQDURþLWRWHãNRSDGD SRWUDåLPRXQMHPXGHRNRML QDP VH þLQL QDMYDåQLMLP L GRQHNOH LQWHUHVDQWQLP 3RþQLPR RQGD RG WRJ GHODãLULWLGDOMHVYRMH]QDQMH L LQWHUHVRYDQMH L QD RVWDOH GHORYH WUDåHüL YH]X VD REODVWLPD NRMH QDV LQWHUHVXMX 1LMHGDQ SUHGPHW QH EL WUHEDOR GD QDPEXGHGRVDGDQLUDYQRGXãDQ=DVYDNXREODVW]QDQMDQDãOLVXVHOMXGL L QDXþQLFL NRML VX VH QMRP RGXãHYOMDYDOL $NR QDP MH QHND REODVW SRWSXQR QH]DQLPOMLYD SURXþLPR RQGD QMHQX LVWRULMX L UD]YRM SD üHPR MH XSR] QDWL VD GUXJH ]DQLPOMLYH VWUDQH ² VD]QDüHPR QHãWR YLãH R QMRM $ VD SRUDVWRP]QDQMDRQHNRMVWYDULDXWRPDWVNLUDVWHLLQWHUHVSUHPDQMRM 3URPHQLWHXJDRSRVPDWUDQMDªQHLQWHUHVDQWQRJ©SUHGPHWD3UR PHQRPXJODLQDþLQDSRVPDWUDQMDLOLL]ODJDQMDPQRJHªWHãNH©L ªVXYR SDUQH©REODVWLLQDXþQHGLVFLSOLQHSRVWDMX]DQLPOMLYHLODNH]DSDPüHQMH LXþHQMH1DURþLWRDNRVXSUH]HQWLUDQHQDSULNODGDQQDþLQUHFLPRNUR] QDXþQRSRSXODUQDGHODLOLQDXþQXIDQWDVWLNX1DSULPHUNDRãWRVXGHOD +'å9HOVD+*:HOOV² =9HUQD-9HUQH² 3HUHOMPDQDª=DQLPOMLYDIL]LND©ª=DQLPOMLYDPDWHPDWLND©LWG 3URPHQRP XJOD SRVPDWUDQMD XNODQMDPR RSDVQH SUHGUDVXGH NRMH YHRPD þHVWR PRJX LPDWL YHRPD GXERNH NRUHQRYH NDR QD SULPHU ª0D WHPDWLND MH WHåDN L QHGRVWXSDQ SUHGPHW ]D VYH© ,QWHUHVRYDQMH VH QH VUQH VLORP UD]YLMDWL MHU VH RQR WLPH XELMD 5D]YRM LQWHUHVD WUDåL VORERGX L VSRQWDQRVWXUDGX 6DPRQDJUDGLYDQMHLSUDüHQMHVRSVWYHQRJXVSHKDXUDGXVQDåQR UD]YLMDLQWHUHV8VSHKXUDGXXYHNVQDåQRGDOMHPRWLYLãHLUD]YLMDMRã YLãHLQWHUHVRYDQMH]DSUHGPHWUDGD6SR]QDMDVRSVWYHQLKXVSHKDL UH ]XOWDWDXUDGXSXWHPVDPRWHVWLUDQMDLOLRFHQDLUD]JRYRUDVDQDVWDYQLNRP LOLNROHJDPDRGL]X]HWQHMHYDåQRVWLQHVDPR]DSRWKUDQMLYDQMHSRVWRMH üHJLQWHUHVRYDQMDYHüL]DQMHJRYGDOMLUDVW 8WLFDMXVSHKDXUDGXL NUDMQMLK UH]XOWDWDX SDPüHQMXL XþHQMX GH OXMH RELþQR VD YHOLNLP ]DNDãQMHQMHP L VD YHRPD XPDQMHQRP VQDJRP MHU XYHN SURWHNQH SULOLþQR GXJ SHULRG YUHPHQD SUH QHJR ãWR VD]QDPR VYRMHUH]XOWDWHXUDGX7DMNODVLþQLSURFHVRGYLMDVHSRãHPL
0HWRGRP VDPRWHVWLUDQMD L VD]QDQMD SRVWLJQXWLK UH]XOWDWD RGPDK QHSRVUHGQR SRVOH L]YUãHQRJ SDPüHQMD REH]EHÿXMHPR DXWRPDWVNX L GL UHNWQX SRYUDWQX VSUHJX QHSUHNLGQRJ L PRPHQWDOQRJ XWLFDMD SRVWLJQX WLKUH]XOWDWDQDQDãHLQWHUHVRYDQMHLPRWLYDFLMX 6DPRQDJUDGLYDQMH MH QDMEROMH SUDNWLNRYDWL X SDX]DPD WM ]D YUHPH RGPRUD RG SDPüHQMD L XþHQMD 2WVOXãDüHPR QHNX RPLOMHQX SORþX SRSLWL RVYHåDYDMXüL QDSLWDN LOL SURYHVWL QHNROLNR PLQXWD X SULMDWQRM UH ODNVLUDQRM NRQYHU]DFLML L WVO 'DNOH VHEH üHPR QDJUDGLWL WHN NDGD ]DYU ãLPRQHNRSRJODYOMHGHRLOLOHNFLMX7LPHNRULVWLPRQHNROLNRSVLKRORãNRSH
GDJRãNLK HIHNDWD NDR ãWR VX SULMDWQR VH GXåH L ODNãH SDPWL RG QHSUL MDWQRJ MHU SDPüHQMH QHNRJ PDWHULMDOD YH]XMHPR VD VDPRQDJUDGRP RGPRU VSUHþDYDQMH UHWURDNWLYQH LQKLELFLMH VDYODÿLYDQMH FLOMD X HWDSDPD L RPRJXüDYDQMH SRYUDWQRJ VHüDQMD MHU ]DSDPüHQR LPD YUH PHQD GD VH EROMH SRYHåH VD SRVWRMHüLP ]QDQMHP D XP LPD GRYROMQR YUHPHQDGDDSVRUERYDQR]QDQMHXSRWUHELLGHILQLWLYQRXVYRML $ VDGD MH GRãDR WUHQXWDN GD SULYUHPHQR SUHNLQHWH GDOMH SURXþD YDQMH L SUH QHJR ãWR SUHÿHWH QD VOHGHüH SRJODYOMH XWYUGLWH L WDþQR L]UD þXQDWHYUHGQRVW9DãHJYUHPHQDNRMHVWHXWURãLOLQDSURXþDYDQMHL XVYDMD QMHGRVDGDãQMLKSRJODYOMD 7HVWRYLREXKYDWDMXSRWULSRJODYOMDLNRQVWUXLVDQLVXWDNRGD9DP SR ]DYUãHWNX SURXþDYDQMD NQMLJH SRND]XMX 9Dã SRVWLJQXWL XVSHK X ERGR YLPDXLQGHNVXRGQRVQRSURFHQWLPD7DNRüHWHQDNUDMXSURXþDYD QMDVDVYLPSUHFL]QR]QDWLSURFHQDWXVSHKDVDNRMLPVWHVDYODGDOLLXVYR MLOLPHWRGHLWHKQLNHHILNDVQRJSDPüHQMD 5DGL 9DãH ODNãH VDPRNRQWUROH L ERGRYDQMD 9DãHJ XVSHKD X SRYH üDYDQMX 9DãH VSRVREQRVWL SDPüHQMD SLWDQMD X WHVWRYLPD QXPHULVDQD VX UHGQLPEURMHYLPDXQHSUHNLGQRPQL]XEH]RE]LUDQDEURMHYHWHVWRYD .RG VYDNRJ SLWDQMD MH QD]QDþHQ EURM SRJODYOMD QD NRMH VH RGQRVL 6YDNRSLWDQMHXSULQFLSXVDGUåLQHNROLNRSRQXÿHQLKRGJRYRUDRGNRMLK MHWDþDQVDPRMHGDQ8NROLNRVHRWVWXSDRG RYRJSUDYLOD QD SU GD VX WDþQD GYD LOL YLãH RGJRYRUD RQGD MH WR SRVHEQR LVWDNQXWR NRG GRWLþQRJ SLWDQMD 9DãD UHãHQMD SRMHGLQLK WHVWRYD EHOHåLWH X SRVHEQX VYHVNX L SR ]D YUãHWNX WHVWD XSRUHGLWH LK VD WDþQLP UHãHQMLPD QD NUDMX NQMLJH NRMD VH QDOD]H X ª'RGDWNX 5HãHQMD WHVWRYD L 9DãL RVYRMHQL ERGRYL© =D VYDNR WDþQR UHãHQR SLWDQMH X WHVWRYLPD GDMWH VHEL SR GHVHW ERGRYD $NR SLWDQMH VDGUåL QHNROLNR NRPSRQHQWL RQGD RYLK ERGRYD GHOLWH VD EUR MHPNRPSRQHQWLL]DVYDNXSUDYLOQRUHãHQXNRPSRQHQWXRGREUDYDWHVHa ELSULSDGDMXüLEURMERGRYD 1D SULPHU SLWDQMD EU L VDGUåH SR NRPSRQHQWL 7R ]QDþL GD UHFLPRSLWDQMXEUSULSDGDERGRYDNDRLVYDNRPGUXJRPDSRãWR LPD NRPSRQHQWL VYDNRM SULSDGD SR PRJXüD ERGD 3UHPD WRPH DNR UHVLWH VDPR RG XNXSQR NRPSRQHQWL SULSDãüH 9DP VDPR ; ERGRYD$NRXVSHãQRUHVLWHVYLKNRPSRQHQWLRQGD9DPSULSDGD; ; ERGRYD MHU VWH WLPH WDþQR GRJRYRULOL QD üHOR SLWDQMH 1D WDM QDþLQ 9DãH VWYDUQR ]QDQMH VH UHDOQLMH YUHGQXMH MHU PRåHWH GRELWL ER GRYH PDNDU L MHGDQ PDQML GHR L ]D SLWDQMD QD NRMD VWH GHOLPLþQR LOL QH SRWSXQRPRJOLGDWLVYRMRGJRYRU
7(67%5
SRJO 'DOLSRVWRMHGREUDLORãDSDPüHQMD" $ 1HPDªGREURJ©LªORãHJ©SDPüHQMDQHJRVDPRGREURJLORãHJNRULã üHQMDVYRJSDPüHQMD L SUDYLOQRJL QHSUDYLOQRJ VWDYD SUHPD VYRP SDPüHQMX % 8SUHWHåQRPEURMXVOXþDMHYDSDPüHQMH]DYLVLRG QDVOHÿHQLKRVRELQD XNRUHQMHQLKQDYLND]ERJþHJDQHNLOMXGL LPDMXEROMHD QHNLORãLMH SDPüHQMH & .RGVYDNRJþRYHNDSDPüHQMH]DYLVLRGXURÿHQLKVSRVREQRVWLNDUDN WHUDLREUD]RYDQMDLNDGDVHMHGQRPIRUPLUDYLãHVHQHPRåHPHQMDWL LOLSREROMãDWL 'DOLVHSDPüHQMHPRåHSREROMãDWLLSRYHüDWL" $ $NRVHGRYROMQRXSRUQRYHåEDSDPüHQMHVHPRåHXYHOLNRMPHULSR EROMãDWL1DSUSDPüHQMHPVWLKRYDLOLEHVPLVOHQLKVORJRYDSULPHWL üHPRSREROMãDQMHSDPüHQMDLXGUXJLPREODVWLPDUHFLPRXSDPüH QMXEURMHYD % 3DPüHQMHVHPRåHSREROMãDWLVDPR]DVYDNXREODVWSRVHEQRDQH]D VYHRGMHGQRPLLVWRYUHPHQR & 3DPüHQMHVHPRåHSREROMãDWLXVYDMDQMHPGREULKQDYLNDLPHWRGDX SDPüHQMX3REROMãDQMHPWHKQLNDLPHWRGDSDPüHQMDDXWRPDWVNLSR YHüDYDPRHILNDVQRVWLMDþLQXQDãHJSDPüHQMD SRJO 8SLVLYDQMHPRGJRYDUDMXüLK UHGQLKEURMHYDRGUHGLWH SUDYL ODQUHGRVOHGSRYDåQRVWLRYLKSRMPRYD 29HOLNRLGREURSDPüHQMH 26SRVREQRVWSUDYLOQRJPLãOMHQMDL]DNOMXþLYDQMD 22ELPQRLUD]QRYUVQR]QDQMH
8SLVLYDQMHPUHGQLKEURMHYDRGUHGLWHWDþDQUHGRVOHGJODYQLKID]D VL VWHPDWVNRJSDPüHQMD 28VYRMHQRGREURVUHÿHQRL]DODNRUHSURGXNRYDQMHVSRVREQR ]QDQMH1MHJRYRþXYDQMHLRGUåDYDQMH 2(ILNDVQDUHSURGXNFLMD]QDQMDXåHOMHQRPWUHQXWNX 2,]ERUVWYDUQRSRWUHEQRJLNRULVQRJ]QDQMD 28VYDMDQMHSRWUHEQRJ]QDQMDPHWRGDPDVLVWHPDWVNRJ SDPüHQMD SRJO 2]QDþLWHWDþDQUHGRVOHGJODYQLKID]DXSURFHVX SDPüHQMD 2.RQFHQWUDFLMD 23DåQMD 2,QWHUHVRYDQMH 23DPüHQMH 22SDåDQMH
.DNRVHVWYDUDLQWHUHVRYDQMHDNRJDQHPD"2GXNXSQR SRQXÿHQLK WDþQRMHVDPRRGJRYRUDLVYDNLWDþDQRGJRYRUQRVLSRERGD
'REULPXSR]QDYDQMHPªQHLQWHUHVDQWQRJ©SUHGPHWD ,QWHQ]LYQLPUDGRPLXSRUQRãüXXVDYODÿLYDQMXªQHLQWHUHVDQWQRJ© SUHG PHWD .RULãüHQMHPGHOLPLþQRJLQWHUHVD]DªQH]DQLPOMLY©SUHGPHW ,QWHQ]LYQLMLPUDGRPQDGUXJLPSUHGPHWLPDNRMLQDVMDNR LQWHUHVXMX .RULãüHQMHPJODYQRJLQWHUHVD]D UD]YRM VSRUHGQRJLQWHUHVD 6DPRQDJUDGLYDQMHPLSUDüHQMHPVRSVWYHQR©XVSHKDX VDYODÿLYDQMX ªQHLQWHUHVDQWQRJ©SUHGPHWD 3URPHQRPXJODSRVPDWUDQMDªQH]DQLPOMLYRJ©SUHGPHWD 9DãHUH]XOWDWHSURYHULWHSRPRüXWDþQLKUHãHQMDXª'RGDWNX© LRV YRMHQL EURM ERGRYD XSLãLWH X 7DEHOX ª9Dã XVSHK X SRYHüDQMX 9DãHJ SDPüHQMDF©NRMDVHWDNRÿHQDOD]LXª'RGDWNX©
ª7$-1$'2%52*3$0û(1-$©
ª7DMQD GREURJ SDPüHQMD© MH WDMQD VWYDUDQMD UD]OLþLWLK L PQRJREURMQLK DVRFLMDFLMD VD VYDNRP þLQMHQLFRP NRMX åHOLPR]DSDPWLWL ª.R VYRMD VD]QDQMD VLVWHPDWVNL PHÿXVREQR SRYH]XMH WDM üH SRVHGRYDWL L QDMSRX]GDQLMHSDPüHQMH© 9'åHPVª3VLKRORJLMD©
26129$69$.2*'2%52*3$0û(1-$$62&,-$7,91$ 7(+1,.$
3R]QDWL SLMDQLVWD -R]HI +RIPDQ -RVHI & +RIPDQQ ELR MH þXYHQ SR MHGQRM VYRMRM QHRELþQRM VSRVREQRVWL VYH VYRMH NRQFHUWH VYLUDR MH QDSDPHW EH] SRPRüL QRWD ,DNR MH LPDR IHQRPHQDOQR SDPüHQMH L YDåLR ]D YHRPD VQDOD]LMLYRJ þRYHND NRML VH QLMH ODNR GDR ]EXQLWL LSDN PX VH MHGQH YHþHUL QD MHGQRP RG QMHJRYLK NRQFHUDWDGHVLRQHRþHNLYDQLPDOHUNDGDMHVHR]DNODYLUSUHGSXQRP GYRUDQRP RGMHGQRP MH SUHQHUDåHQ NRQVWDWRYDR GD MH SRWSXQR ]DERUDYLRNRMLMHNRQFHUWQDSURJUDPXWHYHþHULMHUMH]DWX WXUQHMX ELRSULSUHPLRWULUD]OLþLWDNRQFHUWD $OL VQDODåOMLYL SLMDQLVWD QLMH VH GDR ]EXQLWL 6DYUãHQR PLUDQ XVWDR MH SULãDR SUYRP UHGX L XþWLYR ]DPROLR MHGQX GDPX GD PX QD WUHQXWDN SR]DMPL VYRM SURJUDP %DFLYãL MHGDQ SRJOHG QD SURJUDP ]DKYDOLRVHGDPLSRQRYRMHVHR]DNODYLULSRVYRPRELþDMXEH]JUHãNH RWVYLUDRFHRNRQFHUWQDSDPHW
6QQODåOMLYRJ SLMDQLVWX MH VSDVLOD L] QHXJRGQH VLWXDFLMH MHGQD RG RVQRYQLK ]DNRQLWRVWL GREURJ SDPüHQMD ² DVRFLMDFLMD PLVOL 2Q MH QD WUH QXWDN L]JXELR YH]X DVRFLMDFLMX VD RGJRYDUDMXüLP ªNRPSOHNVRP SDPüH QMD© NRML MH X RYRP VOXþDMX ELR MHGDQ RG WUL SULSUHPOMHQD NRQFHUWD 'R YROMQR MH ELOR GD VHVDPR SRWVHWL QD QD]LY NRQFHUWD L GD VYH VD QMLP SR YH]DQHPLVOLL]QDQMDSRWHNXXQHSUHNLGQRPLQHSRJUHãLYRPQL]X
ãWDMHDVRFLMDWLYQDWHKQLND" $VRFLMDWLYQD WHKQLND X SDPüHQMX VWDUD MH NROLNR L OMXGVNR ]QDQMH 3RMHGLQD SULPLWLYQD SOHPHQD MRã L GDQGDQDV VH VOXåH L]UH]EDUHQLP SD OLFDPD X SUHQRãHQMX YDåQLK SRUXND QD NRMLPD VYDNL ]DUH] L ]QDN VLQY EROLãH SR MHGQX PLVDR LOL UHþHQLFX 8URÿHQLNX NRML MH REDYOMDR GXåQRVW JODVQLNDX SOHPHQX RELþQR MH ELR GRYROMDQ MHGDQ SRJOHG QD L]UH]EDUHQL ãWDSGDELVHVHWLRVYLKGHWDOMDLUHFLSRUXNHNRMXMHSUHQRVLR 6OLþQX YUVWX DVRFLMDWLYQH WHKQLNH SULPHQMLYDOL VX VHYHUQRDPHULþ NL,QGLMDQFLNRMLELLQWHQ]LYQRLVSXQLPXþHãüHPVYHVWLPLULVDOLMHG QX RG PQRJLK NRãWDQLK ERþLFD ]D VYRMLP SRMDVRP L WR ]D VYR YUHPH RGL JUDYDQMD GRJDÿDMD NRML VX åHOHOL ]DSDPWLWL .DVQLMH NDGD VX åHOHOL GD WDþQR UHSURGXNXMX WDM LVWL GRJDÿDM PLULVDOL EL SRQRYR WX ERþLFX ,VWUD åLYDþL NRML VX LVSLWLYDOL L RYH PHWRGH SDPüHQMD XURÿHQLþNLK SOHPHQD ELOLVXL]QHQDÿHQLYHOLNRPSUHFL]QRãüXLHILNDVQRãüXRYLKPHWRGD 2YX ªPLULVQX© DVRFLMDWLYQX WHKQLNX MRã XYHN XVSHãQR SULPHQMX RQLNRMLUHFLPRL]VHQWLPHQWDOQLKUD]ORJDåHOHSRQRYRGDXVQXSURåLYH QHNL OHS L ]DQLPOMLY GRJDÿDM L] VYRJ åLYRWD =D YUHPH RGLJUDYDQMD RGDEUDQRJ GRJDÿDMD V SXQLP XþHãüHP VYHVWL XGLãX QHNL SRVHEDQ QHVYD NLGDãQML PLULV NRML LQDþH QLNDGD QH XSRWUHEOMDYDMX 8YHþH NDGD åHOH VDQMDWL WDM GRåLYOMDM L]OLMX QD X]JODYOMH PDQMX NROLþLQX WRJ LVWRJ PLULVD FLPH REH]EHÿXMX WRNRP VQD VWYDUDQMH DVRFLMDFLMH VD YHü SURåLYOMHQLP GR JDÿDMHPLQMHJRYRSRQRYQRGRåLYOMDYDQMHXVQX =DNRQLWRVWLDVRFLMDFLMHPLVOLLLGHMDGHILQLVDOLVXLNRULVWLOLMRãVWDUL JUþNL ILOR]RIL 3ODWRQ ² S Q H MH PHÿX SUYLPD XND]DR QD þLQMHQLFXGDVXPLVOLLLGHMHVSRMHQHLSRYH]DQHXREOLNXDVRFLMDFLMH6YH PLVOLLLGHMHSRYH]DQHVXVDGUXJLPPLVOLPDLLGHMDPDLQLMHGQDQLMHVD PD L L]RORYDQD X XPX þRYHND 6OLþQR OMXGLPD L PLVOL SULSDGDMX SRURGL FDPD SOHPHQLPD L QDURGLPD 3UH YLãH RG GYD PLOHQLMXPD YHOLNL XþLWHOM $OHNVDQGUD 0DNHGRQVNRJ JUþNL ILOR]RI $ULVWRWHO GHWDOMQR MH RSLVDR ª]D NRQH SRYH]LYDQMD PLVOL L SUHWVWDYD© L UD]OLNRYDR MH WUL YUVWH DVRFLMDFLMH PLVOL 3RVOLþQRVWLQDSULPHUª/LUD©Lª+DUID© 3RVXSURWQRVWLQDSULPHUª'DQ©Lª1Rü© 3RSURVWRUQRMLYUHPHQVNRMSRYH]DQRVWLQDSULPHUª3DODF©L ª3UVWL©
.DVQLMH MH HQJOHVNL ILOR]RI 'DYLG +MXP 'DYLG +XPH SRNXãDR GD GRGD MRã MHGQX YUVWX ]DNRQLWRVWL DVRFLUDQMD PLVOL QD RVQRYX X]URND L SRVOHGLFH WM NDX]DOLWHWD DOL VH RQD X VWYDUL SRNODSD VD $ULVWR WHORYRP]DNRQLWRãüXªYUHPHQVNHLSURVWRUQHSRYH]DQRVWL© 9HOLNL UXVNL IL]LRORJ , 3 3DYORY ,YDQ 3HWURYLþ 3DYORY ² VYRMLP SR]QDWLP HNVSHULPHQWLPD L YHOLNLP RWNULüLPD MH GRND]DR SRPRüXXVORYOMDYDQMDNRQGLFLRQLUDQMD GDVHDVRFLMDFLMRPSUHNRXã ORYLMHQLKUHIOHNVDPRJXSRYH]DWLLGYHUD]OLþLWHVWYDULýXYHQLHNVSHUL
PHQWLVDSVRPLSRYH]LYDQMH]YXND]YRQFHWDVDSUHWVWDYRPR KUDQL =DQLPOMLYR MH GD MH MRã VKRODVWLþDU $XUHOLMH $YJXVWLQ $XUHOLXV $XJXVWLQXV² VYHRVYH $ULVWRWHORYHSRGHOH QD ]DNRQLWRVW NRHJ ]LVWHQFLMH WM QD PLVOL NRMH VX ELOH DNWLYQH X XPX LVWRYUHPHQR ãWR GREULP GHORP YDåL L ]D GDQDãQMH WXPDþHQMH NRMH YH]X SR GRåLYOMDYDQMX LVNXVWYX VPDWUDRVQRYQLPIDNWRURPXDVRFLMDFLMLPLVOLL LGHMD .DR L VD GUXJLP YDåQLP IDNWRULPD SDPüHQMD WDNR MH L VD ]DNR QLWRVWLPD R DVRFLMDFLML PLVOL ELOR SRNXãDMD GD VH SURJODVH ]D QDMYDåQLMH L RGOXþXMXüH þLQLRFH X SDPüHQMX 6WDYLãH HQJOHVNL ILOR]RILHPSLULþDULQDSULPHUSRNXãDOLVXWYUGLWLGDVYLSVLKLþNLSURFHVL SRþLYDMX QD ªDVRFLMDFLMDPD LGHMD© 1DURþLWR VX QDJODãDYDOL YDåQRVW SULQFLSD IUHNYHQFLMH SUHWVWDYD LOL PLVDR NRMD VH QDMþHãüH MDYOMD VD QHNRP GUXJRP SUHWVWDYRP LOL PLVOL SRYH]DQR SUL SRQRYQRP L]D]LYDQMXELORNRMHRGWHGYH SUHWVWDYHMDYLüH VH XSUDYR VD RQRP VD NRMRPVHQDMþHãüHSRMDYOMLYDOD]DMHGQRXVYHVWL 1DUDYQR QH VDPR SVLKLþNL åLYRW þRYHND QHJR QL VDPR SDPüHQMHLXþHQMHQLMHPRJXüHREMDVQLWL VDPRDVRFLMDWLYQLP YH]DPD LDNRMHQMLKRYDXORJDQDURþLWRXSDPüHQMXYHRPDYHOLND6YDNDQDãD PLVDR LGHMD RVHüDM LWG SRYH]DQL VX VD PQRãWYRP GUXJLK PLVOL LGHMDLRVHüDMDLNRMDüHVHRGQMLKSRMDYLWLXDVRFLMDWLYQRMYH]LVDQHNLP GUXJLPSRMPRPPLãOMXLOLLGHMRPQH]DYLVLVDPRRGDVRFLMDFLMHQHJR LRGþLWDYRJQL]DGUXJLKþLQLODFDNDRãWRVXLQWHUHVRYDQMHPRWLYDFLMD SDåQMDNRQFHQWUDFLMDLGU 5D]XPOMLYR MH GD VX SRMHGLQL WYRUFL UD]QLK WHRULMD R SDPüHQMX SULURGQR WHåLOL GD LP SULEDYH YUHGQRVW L ]QDþDM RSãWHYDåHüH MHGLQH L FHORNXSQH ]DNRQLWRVWL L LVWLQH R SDPüHQMX 2VWDMH PHÿXWLP þLQMHQLFD GD MH VYDND RG WLK WHRULMD VYRMHYUVWDQ L PDQMH LOL YLãH YUHGDQ GRSULQRV]DNRQLWRVWLPD NRMH YODGDMX SDPüHQMHP DOL RQH XYHN RVWDMX VDPR GHR LVWLQH R XNXSQLP ]DNRQLWRVWLPD SDPüHQMD 6DVYLP EL ELOR SRJUHãQR X]HWL LK SRVHEQR L SULKYDWLWL GD NDR GHR QHRSUDYGDQR GRELMX REHOHåMH üHOH LVWLQH2 ]DNRQLWRVWLPD SDPüHQMD ýDN L VNXSD X]HWH VYH WHRULMH R SDPüHQMX MRã XYHN QH SUHWVWDYOMDMX üHOX LVWLQX R SDPüHQMX RQH X VWYDUL SUHWVWDYOMDMX GDOHNR YHüL GHR LVWLQH R SDPüHQMX QHJR ELORNRMDRGWLKWHRULMDLOLPH WRGDX]HWDSRVHEQR 8SRJOHGXSUDNWLþQHSULPHQH]DNRQLWRVWLRDVRFLMDFLMLPLVOLLLGHMD L WRXREOLNXDVRFLMDWLYQHWHKQLNHþXMPRQDMSUHãWDRWRPHNDåHþXYHQL SURIHVRU9LOMHP'åHPV ªâWR MH MHGQD þLQMHQLFD SRYH]DQLMD X XPX VD GUXJLP þL QMHQLFDPD WR EROMH RVWDMH X QDãHP SDPüHQMX 6YDND RG WLK QMHQLK YH]D DVRFLMDFLMD SRVWDMH NXND R NRMRM RQD YLVL VUHGVWYRGDVHNDRULEDL]YXþHJRUHNDGDSRWRQHLVSRGSRYUãLQH =DMHGQRRQHWYRUHPUHåXYH]DSRPRüXNRMHMHWDþLQMHQLFDXWNDQD X FHORNXSQR WNLYR QDãHJ ]QDQMD 7DMQD GREURJ SDPüHQMD MH SUHPD WRPH WDMQD VWYDUDQMD UD]QLK L PQRJRVWUXNLK YH]D DVRFLMDFLMD VDVYDNRPþLQMHQLFRPNRMXåHOLPR]DSDPWLWL 1MHJRY SUHWKRGQLN SR YUHPHQX X NRPH MH åLYHR QHPDþNL SLVDF L IL]LþDU /LKWHQEHUJ * &K /LFKWHQEHUJ ² DQWLFLSLUD RYX ]DNRQLWRVW LVWLþXüL VYRMX YHOLNX åHOMX GD L]JUDGL VYH PRJXüH NRPXQLNDFLMH L :LOOLDP-DPHVª3V\FKRORJ\©²%ULHI&RXUVH
XVYLPSUDYFLPDL]PHÿXSRMHGLQLKGHORYDLREODVWLVYRJ]QDQMDLGDWDNR VWHNQHYHOLNRLHILNDVQRSDPüHQMHL]QDQMH 2YDMSULQFLSVWYDUDQMDPQRJRVWUXNLKDVRFLMDFLMDL]PHÿXSRMHGLQLK GHORYDVYRJFHORNXSQRJ]QDQMDVYRVQRLYHRPDXVSHVQRMHSULPHQMLYDR SR]QDWL HQJOHVNL LVWRULþDU ( *LERQ (GZDUG *LEERQ 3UH QHJR ãWR EL SULVWXSLR SLVDQMX R RGUHÿHQRM WHPL RQ EL QD GXJLP ãHWQMDPDXYHNSUYRGR]YDRXVHüDQMHVYHãWRMH]QDRRWRPSUHGPHWXL VDWDNRVSUHPQLPLVYHåLPDVRFLMDWLYQLPNRPSOHNVRPNRMLMHVDGDPRJDR GDYDWLLQRYHDVRFLMDFLMHLLGHMHSRþLQMDRELUDG 7DMQD GREURJ SDPüHQMD NDåH 9 'åHPV MH XPHWQRVW REUD]RYDQMD PQRJREURMQLKLUD]QRYUVQLKYH]DVDVYDNRPþLQMHQLFRPNRMXåHOLPR]D GUåDWL X SDPüHQMX $ X þHPX GUXJRP PRåH GD VH VDVWRML WD XPHWQRVW DNR QH X XSRUQRP UD]PLãOMDQMX R WRM þLQMHQLFL" 2G GYD þRYHND VD SRGMHGQDNLP LVNXVWYRP L SULURGQRP SULMHPþLYRãüX EROMH SDPüHQMH LPDüHRQDMNRMLUHGRYQRLLVWUDMQRUD]PLãOMDRVYRMLPXWLVFLPD $ VDGD SUHÿLWH QD XVYDMDQMH MHGQH PRüQH XPQH PDãLQH NRMD üH 9DP RPRJXüLWL GD HILNDVQR SDPWLWH PQRJREURMQH L UD]QRYUVQH SRGDWNH 3RPRüX QMH YHü X RYRP SRJODYOMX ELüHWH X VWDQMX GD QD SULPHU]DVYHJDPLQXWD]DSDPWLWHUD]QLKSRMPRYDLOLSDURYD UHFL
$VRFLMDWLYQDWHKQLND]DSDPüHQMHSDURYDUHFL ,DNR üH R WRPH ELWL SRVHEQR JRYRUD X SRJODYOMX R PDãWL L XREUD]LOML RYGH MH SRWUHEQR RGPDK GD SRVHEQR LVWDNQHPR SUHVXGQX YDåQRVW VQDJH 9DãH XREUD]LOMH ]D XVSHãQX SULPHQX DVRFLMDWLYQH WHKQLNH3R]QDWRMHGDRQRãWRYLGLPRLYL]XHOQRGRåLYLPRGDOHNREROMH SDPWLPR RG RQRJD ãWR UHFLPR þXMHPR ,]PHÿX RVWDORJ UD]ORJ RYRM SRMDYL QDOD]LPR L X þLQMHQLFL GD GDOHNR YHüL EURM QHUDYD YRGL RG RND ND PR]JX QHJR RG XYD ,VWR WDNR VYH RQR ãWR PRåHPR ªYLGHWL© PHQWDOQR WM QDãLP ªGXKRYQLP RþLPD© GDNOH VYH RQR ãWR PRåHP VHEL åLYR SODVWLþQR L YL]XHOQR X VYRPH XPX SUHWVWDYLWL WDNRÿH GREUR L ODNR SDPWLPR 8VYRPSR]LYXLOLVYDNRGQHYQRPåLYRWXQDLOD]LPRQDPQRJHVL WXDFLMH X NRMLPD WUHED GD ]DSDPWLPR L ]QDPR SDURYH UD]QLK SRMPRYD WDNR GD SUL SRPHQX MHGQRJ þODQD SDUD DXWRPDWVNL UHSURGXNXMHPR GUXJL þODQ1DSULPHUWDNYLSDURYLPRJXELWLLPHQHNHRVREHLQMHQDDGUHVD QD]LYPHVWDLQD]LYSRVODNRMLPRUDPRQDWRPPHVWXREDYLWLQD]LYGDQD LQD]LYREDYH]HNRMXPRUDPRL]YUãLWLXWRPGDQXLWG.DVQLMHüHPR YLGHWLGDWLSDURYLDVRFLMDFLMDPRJXLPDWLLRYHREOLNHLPHRVREHLEURM QMHQRJ WHOHIRQD GDWXP L YDåQD REDYH]D NRMX PRUDPR REDYLWL QHNL SRVDRLWDþDQþDVLPLQXWNDGDJDPRUDPRXUDGLWLQD]LYPDWHPWLþNHLOL GUXJHQHNHIRUPXOHLQMHQDULWPHWLþNLLOLDOJHEDUVNLL]UD]LWG=DSRþHWDN X]PLPRNDRSULPHUVOHGHüLKSHWSDURYDUHFL EURG²åLUDID IXGEDO²WRS FLJDUHWH²WHOHIRQ NOL]DþLFD²ERFD ODEXG²NODYLU 2YGHVXQDYHGHQLVDPRWDNYLSDURYLUHFLSRMPRYD NRMLQDSUYL SRJOHG QHPDMX QLNDNYH YH]H MHGDQ VD GUXJLP 7R MH QDUDYQR XþLQMHQR QDPHUQRGDELVWHRYODGDOLWHKQLNRPVSDMDQMDªQHVSRMLYLK©SRMPRYDãWR QDMþHãüHLVUHüHPRNDRSUREOHPXSUDNVL
8]PLPRSUYLSDUUHüLSUYXQDãXDVRFLMDFLMX%52'²=,5$)$ LRGPDKSR]RYLPRXSRPRüQDãHJQDMPRüQLMHJVDYH]QLNDXVWYD UDQMXWUDMQLKDVRFLMDFLMD0$â78,VWRYUHPHQRRWYRULPRRGPDK ãLURNRLQDãHªGXKRYQHRþL©LªJOHGDMPR©XSHþDWOMLYRLSODVWLþQR NDRGDVHSUHGQDPDRGYLMDQHNLILOPVYHãWR]DPLãOMDPR6YH ãWRVHELPHQWDOQRSUHWVWDYOMDPRL]DPLãOMDPRPRUDPRXQDãRM XREUD]LOMLWDNRåLYRUHDOQRLSODVWLþQRªYLGHWL©NDRGDVHWRRGYLMD XVWYDUQRPåLYRWXWXRNRQDVNDRGDLPLVDPLXWRPHXþH VWYXMHPR 3RãWR VPR VH WDNR VSUHPLOL GD QD NULOLPD QDãH PDãWH SROHWLPR X QHRELþDQ IDQWDVWLþDQ VYHW VWYDUDQMD ªQHVSRMLYLK© DVRFLMDFLMD SRNXãDMPR VDGD X QDãRM XREUD]LOML SRYH]DWL RYD GYD SRMPD .ROLNR LPDQDþLQDGDSRYHåHPRRYDGYDSRMPD"²%H]EURM-HUVYDNLþLWDODF üH QD VYRM QDþLQ ]DPLVOLWL YH]X L]PHÿX QMLK -HGDQ RG QDþLQD PRåH GD EXGHQDSULPHULWDMGD]DPLVOLPRNRPLþQXVLWXDFLMXNRMDMH VDPRX PDãWLPRJXüDNDNRåLUDID]DKYDOMXMXüLVYRMLPGXJLPQRJDPDVWRMLX PRUX GR NROHQD D EURG SUROD]L LVSRG QMH NDR LVSRG QHNRJ RJURPQRJ PRVWD ,OL NDNR åLUDID ]DKYDOMXMXüL VYRP GXJRP YUDWX VWRML QD REDOL L MHGHQHNXKUDQXQDEURGX0RåHWH X]HWL VYDNX NRPELQDFLMX NRMD 9DP VH þLQL SRJRGQRP DOL MH X VYHPX QDMYDåQLMH GD 9DP WD NRPELQDFLMDRGJRYDUDLGD9DPVHGRSDGDL GDWX9DãXNRPELQDFLMX DSVROXWQRUHDOQRSODVWLþQRLVDVYLPGHWDOMLPDNDRVOLNXLOLSUL]RUQDSDU VHNXQGLYDãLP ªPHQWDOQLPRþLPD©ªYLGLWH©'RYROMQRMH SDUVHNXQGL QHYLãH$OL]DWRWDNRåLYRLXSHþDWOMLYRNDR GDVHSUHG 9DPD LOL RNR 9DVWDMSUL]RUVWYDUQRRGLJUDYD 3UHÿLPRVDGDQDGUXJLSDU)8'%$/²723'REURMHSR]QDWR GDQHRELþQHVPHãQHVLWXDFLMHLVWYDULGDOHNRODNãHSDPWLPRRG W]YªR]ELOMQLK©=DPLVOLPR]DWRXRYRPVOXþDMXMHGDQQHRELþDQ LNRPLþDQSUL]RUUHFLPRNDNR723LVSDOMXMH)8'%$/NDRGD MHWRSRYVNDJUDQDWD'DELSODVWLþQRVW]DPLãOMHQRJSUL]RUDX 9DãRMXREUD]LOMLELODSRWSXQLMD]DPLVOLWHX]WRGDSRUHG723$ VWRMHQDVODJDQL)8'%$/,XSLUDPLGXNDRãWRVHQHNDGDVODJDOD WRSRYVNDÿXODG6YDNDNRRYRMHVDPRMHGQDRGPRJXüLKVXJH VWLMD1LNDGDQHPRMWH]DERUDYLWLGDüH9DãDOLþQDNRPELQDFLMDX UHåLUDQMXRYLKVFHQD]D9DVELWLQDMEROMD .RGLQVFHQDFLMHWUHüHJSUL]RUDPRåHWHVHSRVOXåLWLVSHFLMDOQRP WHKQLNRP²XPQRåDYDQMHPREMHNWDNRMLåHOLPR]DSDPWLWL.DR MHGQXRGYDULMDQWL]DPLVOLWHGDGRNRNUHüHWHEURMþDQLN7(/( )21$L]VOXãDOLFHL]OD]LþLWDYSRWRN&,*$5(7$NRMLSUHSODY OMXMHVREX,RYXªVFHQX©ªSRJOHGDMWH©VDPR]DSDUWUHQXWDND 'RYROMQRMH 8 RYRP VOXþDMX VWH SXWHP VYRMH XREUD]LOMH NRULVWLOL YLãH WHKQLND PHQWDOQRJ SUHWVWDYOMDQMD L LQVFHQDFLMH ]DPLVOLOL VWH NRPLþQX þDN JURWHVNQX VLWXDFLMX ² GRN ELUDWH EURM EXMLFD FLJDUHWD L]OD]L L] VOXãDOLFH FLJDUHWX NDR PDOL REMHNDW XPQRåLOL VWH QHEURMHQR SXWD þLPHYHRPDSRMDþDYDWHHIHNDWSODVWLþQRVWLLLPSUHVLYQRVWLL ]DPLVOLOL VWHIDQWDVWLþQXQHYHURYDWQXVLWXDFLMX²GDFLJDUHWHL]OD]HL]WHOHIRQDL LVSXQMDYDMX þLWDYX VREX 6YH RYH WHKQLNH QDVWRMWH NRULVWLWL NDG JRG LPDWHSULOLNX ./,=$ý,&8PRåHWHSRYH]DWLWDNRÿHQDYLãHQDþLQDVD %2&20 -HGDQRGQDþLQDMHGDªQDYXþHWH©ERFX QDQRJXNOL]DþLFHL
RQGDGDPDNVLPDOQRGLQDPL]LUDWHþLWDYSUL]RU]DPLVOLWHNOL ]DþLFX NDNR QD MHGQRM QR]L VD ERFRP XPHVWR NOL]DOMNH YHOLNRPEU]LQRPJUDFLR]QRL]YRGLSLUXHWHLRVPLFH ,XRYRPVOXþDMXNRULVWLWHMHGQXRGVSHFLMDOQLKWHKQLNDXSHþDW OMLYRJ PHQWDOQRJ SUHWVWDYOMDQMD WHKQLNX GLQDPL]LUDQMD VWDYOMDQMD X SRNUHW VYHJD ãWR VH ORJLþNL PRåH SRNUHWDWL 7LPH GRELMDWH MRã MHGQX GLPHQ]LMXHILNDVQRJLåLYRWQRYHUQRJ]DPLãOMDQMDåHOMHQLKDVRFLMDFLMD 3UHRVWDOLSHWLSDU/$%8'L./$9,5PRåHWHWDNRÿHQDPQRJR QDþLQD DVRFLUDWL 1D SULPHU SUHWVWDYLWH X VYRMRM PDãWL ODEXGD NDNR VHGL ]D NODYLURP L VYLUD PRWLYH L] ª/DEXGRYRJ MH]HUD© ýDMNRYVNRJ .UR] GLYQH DNRUGH RYRJ NODYLUVNRJ NRQFHUWD QD 9DãH YHOLNR QHJRGRYDQMH SURELMD VH JDNDQMH ODEXGDNRMLªSHYD© X]VRSVWYHQXSUDWQMX
3HWDSDUQDDVRFLMDFLMD/$%8'L./$9,5
3RUHG HOHPHQDWD QHRELþQRJ L IDQWDVWLþQRJ ª/DEXG VYLUD QD NODYLUXýDMNRYVNRJ© NRPLþQRJ ª.UR] GLYQH DNRUGH NODVLþQH PX]LNH SURODPD VH ODEXGRYH JDNDQMH ² ªSHYDQMH© X]ªVRSVWYHQX SUDWQMX© X RYRP VOXþDMX VWH NRULVWLOL MRã MHGQX YDåQX WHKQLNX DVRFLUDQMD R]YXþHQMH þLWDYH VLWXDFLMH 2]YXþHQMH WUHED GD NRULVWLWH JGH JRG MH WR PRJXüH 2GUHÿHQL ]YXN JODV LOL PX]LNX WUHED X VYRMRL XREUD]LOML WDNR YHUQR GDGRþDUDWHGDLPDWHXWLVDNNDRGDLKVOXãDWHXUHDOQRPåLYRWX .YDOLWHWVWYRUHQHDVRFLMDFLMHMHSRVHEQRYDåDQ 6HWLPR VH YDåQH ]DNRQLWRVWL GREURJ SDPüHQMD MHGQX VWYDU üHPR XWROLNR ODNãH L EROMH ]DSDPWLWL XNROLNR LH ªSULþYUVWLPR© VD ãWR YLãH YH]D
]D QDãH SRVWRMHüH SDPüHQMH 6YDNL RG SRPHQXWLK QDþLQD DVRFLUDQMD NDR ãWRVXIDQWDVWLþQRSUHWVWDYOMDQMHNRPLþQRSUHWVWDYOMDQMHGLQDPL]LUDQMH XPQRåDYDQMH XYHOLþDYDQMH L R]YXþHQMH SUHWVWDYOMDMX X VWYDUL WH YLãH VWUXNHYH]HNRMHþYUVWRGUåHMHGDQSRMDPX]GUXJL7RMHYHRPDVOL þQRLVD]DNRQRPIL]LNHRSULYODþHQMXSRYUãLQDXNROLNRGYHSRYUãLQH LPDMXYLãHGRGLUQLKWDþDNDXWROLNRüHVHEROMHSULYODþLWL1DSULPHUGYH PRNUH VWDNOHQH SRYUãLQH LOL GYH UDYQH SRYUãLQH SUHPD]DQH OHSLORP ª/HSLOR©L]PHÿXGYDSRMPDXQDãHPVOXþDMXVXUD]QHWHKQLNH DVRFLUDQMD 8 L]JUDÿLYDQMX SDPüHQMD XYHN YDåL L YHRPD MH SULVXWDQ ]DNRQ NDX]DOLWHWDLOL]DNRQX]URNDLSRVOHGLFH7X]DLVWDYDåLRQDQDURGQDSR VORYLFDª.DNYDVHWYDWDNYDåHWYD©=DWRNDGJRGVWYDUDPRQHNXDVRFL MDFLMX SR QDþHOLPD VLVWHPDWVNRJ SDPüHQMD XYHN PRUDPR YRGLWL UDþXQD RWRPHNDNRüHPR NDVQLMHUHSURGXNRYDWLRGQRVQRNRULVWLWL VWYRUHQXDVRFLMDFLMXSRãWRMHWRLFLOMþLWDYRJQDãHJQDVWRMDQMD$NRVH EXGHPR GU åDOL WRJ ]ODWQRJ SUDYLOD GD XYHN SUL IRUPLUDQMX QDãLK DVRFLMDFLMD VWDOQR LPDPR QD XPX JODYQX SRWUHEX QMHQH NDVQLMH XVSHãQH UHSURGXNFLMH WM NRULãüHQMD RQGD üHPR XEU]R VWHüL SRWUHEQX UXWLQX X VWYDUDQMX RGJRYD UDMXüLK DVRFLMDWLYQLK YH]D 3RUHG WRJD DNR QDþLQ VWYDUDQMD L NYDOLWHW DVRFLMDFLMD SURFHQMXMHPR XYHN VD VWDQRYLãWD QMLKRYRJ NDVQLMHJ UHSURGX NRYDQMD RQGD üHPR RVWYDULWL L QDã JODYQL FLOM ² GD XYHN ODNR L X SRWUH EQRP WUHQXWNX PRåHPR SR åHOML UHSURGXNRYDWL VWYRUHQX DVRFLMDFLMX D WRüHUHüLGDPRåHPRHILNDVQRNRULVWLWLVYRMHL]JUDÿHQR]QDQMH 9HRPD MH YDåQR GDNOH GD VWYRUHQX DVRFLMDFLMX RGPDK SRQRYLPR L SURYHULPR QMHQX YDOMDQRVW UHSURGXNFLMRP 5HSURGXNFLMRPODNRLEU]RSURYHULPRQMHQNYDOLWHWLDNRQLVPR ]DGRYROMQL PRåHPR MH RGPDK NRULJRYDWL L WHN MH RQGD ªSUHSXVWLWLSDPüHQMX©XYDOMDQRPREOLNX 8 VYDNRGQHYQRP SUDNWLþQRP åLYRWX SRVWXSD VH QDåDORVW VDVYLP SRJUHãQRLQHSUDYLOQR$VRFLMDFLMHVHVWYDUDMX SUHWHåQRQHVYHVQRL RWXGD GRVWD SRYUãQR L QHSRWSXQR =DWLP WDNR QHSRWSXQR L SRYUãQR IRUPLUDQD QHNYDOLWHWQD DVRFLMDFLMD RGPDK VH ª]DERUDYOMD© L ªSUHSXãWD SDPüHQMX© EH] LNDNYH SRPLVOL QD QMHQX SURYHUX UHSURGXNFLMRP NDR L SURYHUX VDPH UHSURGXNFLMH $ RQGD VH NDR ªVD QHNLP SUDYRP© LãþXÿDYDPR ãWR QDP SDPüHQMH ªQH IXQNFLRQLãH© ² 3DPüHQMH MH YHOLND GHOLNDWQD L VORåHQD JUDÿHYLQD NRMX WUHED SODQVNL VYUVLVKRGQR VYHVQRLXPHãQRJUDGLWL 3RãWR VWH VDGD VYLK SHW SDURYD UHFL XVSHãQR DVRFLUDOL SURYHULWH QMLKRYRP UHSURGXNFLMRP NDNR VYH WR VNXSD IXQNFLRQLãH 3RNULWH QDMSUHOHYXVWUDQXLUHSURGXNXMWHGHVQHþODQRYHSDUDýLPSURþLWDWHUHþ ª%URG© SUHVHOLWH VH X VYRM VYHW PDãWH L SRWUDåLWH 9DãLP ªGXKRYQLP RþLPD©EURGSRUHG REDOH8PRPHQWXNDGD JD ªXJOHGDWH© DXWRPDWVNL üH 9DPVH SRMDYLWL ªLUDID© 6D VYDNLP GDOMLP SDURP SRVWXSLüHWH QD VOLþDQQDþLQ 3UDNWLþQDSULPHQDDVRFLMDWLYQHWHKQLNH 3RãWR VWH VH UHSURGXNFLMRP RYLK SHW SDURYD UHFL XYHULOL GD VWH VDYODGDOL DVRFLMDWLYQX WHKQLNX ]D SDPüHQMH SDURYD UHFL GD SUHÿHPR VDGDQDMHGDQSUDNWLþDQ]DGDWDN .DR RVRED NRMD XPH GD FHQL L SUDYLOQR NRULVWL VYRMH YUHPH 9L VWH]DQDUHGQLGDQSODQLUDOLGDREDYLWHVOHGHüHSRVORYH 8UREQRMNXüLNXSLWLMHGDQNRåQLFUQLQHVHVHU 8ELEOLRWHFLXYHOLNRMHQFLNORSHGLMLGRSXQLWLSRGDWNHRSRMPX ª.RPSMXWHU©
8VDPRXVOX]LNXSLWLOLWDUFUQRJDYLQD .DGD9DVVXWUDGDQEXGHSRVHWLR9DãSULMDWHOM%UDQNRWUHEDGDJD SRWVWHWLWHGD9DPYUDWLYDåQHEHOHãNHVDSRVOHGQMHJSUHGDYDQMD 8 UDGLR L 79 VHUYLVX GD SUHX]PHWH SRSUDYOMHQL JUDPRIRQ 2GNXüHREDYH]QRGDQD]RYHWHVYRMXSR]QDQLFX6ODYLFX 8ãNROLUD]JRYDUDWLVDQDVWDYQLFRPPDWHPDWLNHRSUREOHPLPD9DãHJ PODÿHJEUDWD6ODYNDVDRYLPSUHGPHWRP 6HUYLVXSLVPHQRUHNODPLUDWLNYDUQD9DãHPIULåLGHUXXJDUDQWQRP URNX 1DEDONRQXSRSUDYLWLGUåDþH]DFYHüH =ERJ SRJRUãDQMD YUHPHQD L VWDOQLK NLãD QD SUYRM SXPSQRM VWDQLFL NXSLWLVSUHMSURWLY]DPDJOMLYDQMD 3RVHEDQ SUREOHP NRG RYDNYLK SRVORYD MH X WRPH ãWR XYHN WUHED GDLKREDYLPRQDQHNRP RGUHÿHQRPPHVWX LOLX YH]L VD QHNRP RVRERP $ X SUDNVL VH þHVWR GRJDÿD GD NDGD VD WRJ PHVWD RGHPR LOL VH VD GRWLþQRP RVRERP UDVWDQHPR WHN VH RQGD VHWLPR VYRJ ]DGDWND 5DGL WRJD MH SDPüHQMH RYDNYLK GQHYQLK REDYH]D SRPRüX DVRFLMDWLYQH WHKQLNH ]D SDURYH UHFL YHRPD SRJRGQR 3DPüHQMH VYLK SRVORYD PRåHPRVYHVWLQDSDPüHQMHSDURYDUHFL 5REQDNXüD²NRåQLFUQLQHVHVHU 9DãWHOHIRQ²6ODYLFD %LEOLRWHND²NRPSMXWHU 1DVWDYQLFD²EUDW6ODYNR 6DPRXVOXJD²OLWDUFUQRJYLQD 6HUYLV²SLVPRUHNODPDFLMD 3ULMDWHOM%UDQNR²EHOHãNH %DONRQ²GUåDþ]DFYHüH 79VHUYLV²JUDPRIRQ 2 3XPSQDVWDQLFD²VSUHM 2YLK SDURYD L]DEUDQLK UHSUH]HQWDWLYQLK UHFL SUHWVWDYOMDMX X VWYDULWDNR]YDQHNOMXþQHUHFLMHUMHGRYROMQRGDVHVHWLPRVDPRMHGQH NOMXþQHUHFLLGDQDPRQD]DKYDOMXMXüLDVRFLMDWLYQRMYH]LGR]RYHXVYHVW L RVWDOH GHORYH RGQRVQH UHþHQLFH LOL PLVOL 1D SULPHU GRYROMQR MH GD QDãRMSDåQMLVDPRSUHGRþLPRNOMXþQHUHFLª7HOHIRQ²6ODYLFD©LRGPDK üH QDP DXWRPDWVNL X DVRFLMDWLYQRP QL]X SRWHüL L RVWDOH UHFL GRWLþQH UHþHQLFHª9DãWHOHIRQ²6ODYLFD© ª2GNXüHREDYH]QRQD]YDWLVYRMX SR]QDQLFX 6ODYLFX© 5D]ORJ MH YHRPD MHGQRVWDYDQ L RYGH VH UDGL R DVRFLMDWLYQRM SRYH]DQRVWL NOMXþQH UHFL ª9Dã WHOHIRQ ² 6ODYLFD© VD þLWDYRP UHþHQLFRP ª2G NXüH REDYH]QR QD]YDWL VYRMX SR]QDQLFX 6ODYLFX© 3RWSXQRLVWLPLVDRQLSURFHV]DVQRYDQQD]DNRQXDVRFLMDFLMHPLVOL RGYLüH VH L X SUDNVL $NR VWH QD SULPHU ]D WDM SRVDR IRUPLUDOL RYDNYX DVRFLMDFLMX L]PHÿX NOMXþQLK UHFL ª9Dã WHOHIRQ© L ª6ODYLFD© ª1D VOXãDOLFL 9DãHJ WHOHIRQD OHåL LOL VHGL 9DãD SR]QDQLFD 6ODYLFD© RQGD üHWH RGPDK SR GRODVNX NXüL þLP XJOHGDWH VYRM WHOHIRQ QD QMHJRYRM VOXãDOLFL X PDãWL ªXJOHGDWL© 9DãX SR]QDQLFX 6ODYLFX L LVWRYUHPHQR üHWH]QDWLªGDWUHEDGDMHREDYH]QRQD]RYHWH© 1DYHüRSLVDQQDþLQ]DSDPWLWHLRYLKSRVORYDLQHSURSXVWLWHGD REDYH]QR SURYHULWH YDOMDQRVW 9DãLK DVRFLMDFLMD QMLKRYLP SRQDYOMDQMHP L UHSURGXNFLMRP 7DNRÿH LPDMWH XYHN QD XPX GD ª1XU GLH8EXQJPDFKWGHQ0HLVWHU©ª6DPRSUDNVDþLQLPDMVWRUD© LGDRG VDGD9DãHGQHYQHREDYH]HRYRJWLSDWUHEDGDSDPWLWHQDRYDMQDþLQ
/$1ý$1$ 5($.&,-$0(17$/1,+6/,.$ /$1ý$1,0(72'3$0û(1-$
$VRFLMDWLYQD WHKQLND SDPüHQMD SDURYD UHüL NRMX VWH XVYRMLOL X SUHWKRGQRPSRJODYOMXPRåHVHYHRPDMHGQRVWDYQRGDOMHNRPELQRYDWLX MHGDQSRWSXQRQRYLVLVWHPSDPüHQMDNRMLQLMHRJUDQLþHQVDPRQDSDURYH DVRFLMDFLMDRGQRVQRQDSDURYHUHFL.DRãWRüHWHVHXYHULWLWRNRPGDOMHJ L]ODJDQMD YHRPD MHGQRVWDYQLP SURãLUHQMHP 9DPD YHü SR]QDWH DVRFLMDWLYQHWHKQLNHGRELüHPRSUDNWLþQRQHRJUDQLþHQVLVWHP]DSDPüHQMH YHPDãLURNRJVSHNWUDQDMUD]QRYUVQLMLKSRGDWDND 9UDWLPR VH ]D WUHQXWDN QD QDã SUYL SULPHU RG SDURYD UHFL L] SUHWKRGQRJSRJODYOMD %URG²=LUDID )XGEDO²7RS &LJDUHWH²7HOHIRQ .OL]DþLFD²%RFD /DEXG².ODYLU =DPLVOLPR VDGD GD VX RYLK SDURYD UHFL XVWYDUL GHORYL MHGQRJ ODQFDSRNLGDQRJXGHORYDRGSRGYHNDULNHLGDPLåHOLPRVDGDGDL]QMLK VQVWDYLPR QHSUHNLGDQ ODQDF RG XNXSQR NDULND 6WD MH SRWUHEQR GD XUDGLPR"-HGQRVWDYQRSULPHQWDOQRPDVRFLUDQMXSRMHGLQLKUHFLRGQRVQR SRMPRYD QHüHPR VH ]DXVWDYLWL QD VYDNRP SDUX UHFL NDR GR VDGD YHü üHPRDVRFLUDQMHQDVWDYLWLXQHSUHNLGQRPQL]X=QDþLXSUDYRNDRNDG ELVDVWDYOMDOLQDãSRNLGDQLODQDFGUXJXUHþXVYDNRPSDUXVSRMLüHPR RGQRVQR SRYH]DWL VD SUYRP UHFL X VYDNRP SDUX ª=LUDIX© VD ª)XGEDORP© ª7RS© VD A&LJDUHWDPD© ª7HOHIRQ© VD ª.OL]DþLFRP© L NRQDþQR ª%RFX© VD ª/DEXGRP© 1D WDM QDþLQ VPR GRELOL VOHGHüL QHSUHNLGQLDVRFLMDWLYQLQL]]DSDPüHQSRODQþDQRPPHWRGXSDPüHQMD %URG²=LUDID²)XGEDO²7RS²&LJDUHWH²7HOHIRQ² .OL]DþLFD²%RFD²/DEXG².ODYLU $VRFLUDQMHYUãLPRRGSRþHWNDSDGRNUDMDQL]DLOLODQFDWDNRãWR QDMSUH QD SR]QDWL QDþLQ ]D ª%52'© DVRFLUDPR ª=,5$)8© ]D ª=O5$)8© DVRFLUDPR ª)8'%$/© ]D ª)8'%$/© DVRFLUDPR ª723© LWGGRNUDMDQL]D
.DNRVHVWYDUDMXNYDOLWHWQHDVRFLMDFLMH" 8SUHWKRGQRPSRJODYOMXVPR9DPNUR]SUDNWLþQHSULPHUHL]ORåLOL X]JUHGLQHNROLNRWHKQLNDVOLNRYLWRJPHQWDOQRJDVRFLUDQMDSRMPRYDRG QRVQRUHFL6DGDüHPR9DPWHWHKQLNHVLVWHPDWL]RYDWLLGRSXQLWLVDSUHR VWDOLP WDNR GD LPDWH QD UDVSRODJDQMX NRPSOHWDQ VLVWHP WHKQLND ]D VOL
ªýLWDYX]DPLãOMHQXVFHQXWUHEDPDNVLPDOQRGLQDPL]LUDWLLVWDYLWLXDIFFLMX©
NRYLWR PHQWDOQR SUHWVWDYOMDQMH L DVRFLUDQMH NRML üH 9DP NUR] þLWDYX NQMLJX NRULVWLWL GDNOH VYXGD JGH VH NRULVWL SULQFLS DVRFLMDFLMH PLVOL L SRMPRYD D GREDU GHR WHKQLND VLVWHPDWVNRJ SDPüHQMD ]DVQLYD VH QD RYRPSULQFLSX $VRFLMDWLYQHYH]HLSUL]RUHNRMHEXGHWHVDPLVWYDUDOLLUHåLUDOL QDVYRMRMªPHQWDOQRMSR]RUQLFL©SRPRüX9DãHPDãWHGDELSR YH]DOLGYDUD]OLþLWDSRMPDLOLUHFLVPDWUDMWH]DQDMEROMH ,PD SXQRQDþLQDGDVHGYDSRMPDDVRFLUDMXDOLRQDMNRML9DPDQDM YLãHRGJRYDUDELüH]D9DVLQDMEROML 3UDNWLNXMWHUHGRYQRGD9DãDDVRFLMDWLYQDYH]D²]DPLãOMHQLSUL
]RUVFHQDLOLVLWXDFLMDEXGXãWRNRPLþQLMLQHRELþQLMLLþDNQH ORJLþQL 9DãD DVRFLMDFLMD PRåH VDPR GRELWL QD NYDOLWHWX DNR MH JURWHVNQD LOL IDQWDVWLþQD .RPLþQH QHRELþQH L L]YDQUHGQH VWYDULXYHNVHODNãHLGXåHSDPWH *GHJRG9DPWREXGH]JRGQRLSUDNWLþQRHQRUPQRXYHOLþDMWH LSUHGLPHQ]LRQLUDMWHMHGDQLOLREDSUHGPHWDNRMDDVRFLUDWH6YH ãWRMHYHOLNRLJUDQGLR]QRODNãHVH]DSDåDYHRPDYDåQRSULUH SURGXNFLML LWUDMQLMHRVWDMHXVHüDQMX 2YRMHSRVHEQRYDåQR NDGDVHUDGLRPDOLPSUHGPHWLPD3RUHGWRJDQHSULURGQRXYH OLþDQSUHGPHWL]JOHGDJURWHVNQRL QHRELþQRDWR VH XSUDYR ODNRLGREURSDPWL 8YHNLQVLVWLUDMWHJGHMHPRJXüHGDSUHGPHWLNRMLXOD]HX9DãX NRPELQDFLMX]DDVRFLUDQMHQHEXGXLPDJLQDUQLL]PLãOMHQLLOL QHSRVWRMHüLYHüUHDOQLLVWYDUQLNRMHVWHYHüQHJGHYLGHOL1D SULPHUNDGDDVRFLUDWHª/DEXGD©Lª.ODYLU©RQGDªX]PLWH©OD EXGDNRJDVWHYLGHOLX]RRORãNRPYUWXLOLQHNRPSDUNXDNODYLU NRMLVWHSRVPDWUDOLQDQHNRPNRQFHUWXLOLNRMLSRVHGXMHWHOLþQR L8QHNL9DãSULMDWHOM]Dª.ODYLU©X9DãRMPHQWDOQRMNRPELQDFLML 0DOHSUHGPHWHDQDURþLWRSUHGPHWHNRMLLQDþHLPDMXXYHNXP QRåHQLREOLNSRMDYOMLYDQMDQDSUãLELFHFLJDUHWHERQERQHLWG WUHEDXYHN]DPLVOLWLXPQRåHQROLãüHNDSOMLFHª&LJDUHWX©XYHN NDRPQRãWYRFLJDUHWDLWG7LPHQDãXPHQWDOQXSUHWVWDYXWLK LQDþHVODERSULPHWQLKLVLWQLKSUHGPHWDþLQLPR]QDWQRXSHþDW ,MLYLMRPLSODVWLþQLMRP 1HVDPRDVRFLUDQHSUHGPHWHQHJRLþLWDYX ]DPLãOMHQX VFHQX WUHEDPDNVLPDOQRGLQDPL]LUDWLLVWDYLWLXDNFLMX6HWLWHVHQDãHJ SULPHUDª.OL]DþLFHVDERFRPNRMDL]YRGLSLUXHWHLRVPLFH©6YH RQRãWRGRåLYLPRNDRSRVOHGLFXQHNH VQDåQH DNFLMHQHUHWNR SDPWLPRL]DþLWDYåLYRW $NFLMXXYHNSUDWHLRGUHÿHQL ]YXþL GRGLULPLULVLãWRSRVHEQRDQJDåXMHLRVWDODQDãDþXODQDSULPHU VOXKDPLULVDLGRGLUD þLPH]DPLãOMHQLSUL]RUMRãYLãHGRELMD QDSODVWLþQRVWLLUHDOQRVWL 8YHN]DPLãOMDMWHDVRFLUDQHSUHGPHWHWDNRGDXWRPHXþHVWYXMX LRVWDODþXODþXORVOXKDPLULVDXNXVDLGRGLUD1DUDYQRVYH ]DPLãOMHQRLNUHLUDQRX9DãRMLPDJLQDFLML7DNRQDSULPHUDNR ]DPLãOMDPRª=YRQR©RQGDREDYH]QRWUHEDGDªþXMHPR©L QMH JRY]YXN,OLDNR]DPLãOMDPRª&YHW©RQGDVYDNDNRWUHEDGD ªRVHWLPR©QMHJRYPLULVSRUHGWRJDãWRªYLGLPR©QMHJRYXOHSX ERMX$NRDVRFLUDPRª/LPXQ©RQGDSRUHGQMHJRYHåXWHERMH PRUDPRªRVHWLWL©LQMHJRYNDUDNWHULVWLþQLNLVHOLXNXV8VOXþDMX GDªYLGLPR©VHEHXDVRFLMDFLMLVDUHFLPRª0RUHP©RQGDSRUHG WRJDãWRüHPRªYLGHWL©DåXUQXERMX PRUD ªþXWL©ãXPWDODVD ªRNXVLWL©VODQLPRUVNLYD]GXKLOLVDPXYRGX MRãPRåHPRRMD þDWLQDãXPHQWDOQXVOLNXWLPHãWRüHPRªRVHWLWL©WRSOLQXYRGH QMHQXJXVWLQXLVOLþQR 3RVWRMLMRãMHGDQQDþLQNRMLüHQHNLPDRGJRYDUDWLGDQDãHPL VDRQHVOLNHLVFHQHXþLQLPRãWRQHRELþQLMLPLSULPHWQLMLP7R MHWHKQLNDVXSVWLWXFLMHLOL]DPHQHDVRFLUDQLKSUHGPHWD1DSUL PHUDNRWUHEDGDSRYHåHPRª/HSH]X©VDª&YHWRP©PRåHPR ªGXKRYQLPRNRP©ªYLGHWL©XPDãWLNDNRªPLULãHPR©ª/HSH]X©
LOLNDNRVHªKODGLPR©ª&YHWRP©GUåHüLJDLPDãXüLQMLPNDR GDMHSUDYDOHSH]D 3RãWR VWH SULPHQRP QDSUHG L]ORåHQLK WHKQLND DVRFLUDOL FHR QL] RG XNXSQRUHFLGRNUDMDVDGDSURYHULWHUHSURGXNFLMRPGDOLVWHSDPüH QMHQL]DSUDYLOQRREDYLOL'RYROMQRMHGD9DãLPªGXKRYQLPRþLPD©SRWUD åLWH ª%URG© LNDGDJD XJOHGDWHDXWRPDWVNL üHVHSRMDYLWL ª=LUDID©ýLP VWHXJOHGDOLª=LUDIX©VDPRGVHEHüHLVNUVQXWLª)XGEDO©LWGGRNUDMDQL]D
âWDGRELMDWHODQþDQLPPHWRGRPSDPüHQMD" 0HÿXWLP YDãH QRYR VWHþHQH VSRVREQRVWL X SDPüHQMX QL]RYD QHSR YH]DQLK HOHPHQDWD RGQRVQR UHFL RYLP QLVX LVFUSOMHQH 9L VWH VDGD X PR JXüQRVWLGDSRVWLåHWHLRYDNYH]DYLGQHUH]XOWDWH 'DPHPRULUDWHQL]RYHSURL]YROMQHGXåLQHRGLOLQHNR OLNRVWRWLQDUHFL 'DWDNR]DSDPüHQHQL]RYHUHSURGXNXMHWHXELORNRPVPHUX RGSRþHWNDGRNUDMDLOLREUDWQRLOLRGVUHGLQHGRNUDMDLOLRG RGVUHGLQHGRSRþHWNDãWR9DPXRGUHÿHQLPVOXþDMHYLPDPRåH ELWLRGSRVHEQHNRULVWL 6YDNDNRGDELSRVWLJOLRYHUH]XOWDWHLVWHNOLQDYHGHQHVSRVREQRVWL X SDPüHQMX SURL]YROMQR GXJLK QL]RYD QHSRYH]DQLK HOHPHQDWD UHFL SR WUHEQR MH PDOR SUDNVH 3RãWR VWH YHü ]DSDPWLOL MHGDQ QL] RG UHFL VDGD X]PLWHGUXJLRGLWDNRGDOMHSRYHüDYDMWHVOHGHüHQL]RYH]D²QRYLK UHFLGRNQHGRVWLJQHWHåHOMHQXGXåLQXQL]D=DPROLWHQHNRJL]9DãHRNROLQH GDSURYHUL9DãHQRYHVSRVREQRVWLSDPüHQMD
'UXJDYHU]LMDODQþDQRJPHWRGDSDPüHQMD 3RVWRMLMRãMHGQDYHU]LMDODQþDQRJPHWRGDSDPüHQMDNRMDPRåHYLãH GD RGJRYDUD QHNLP þLWDRFLPD 2YD YUVWD ODQþDQRJ PHWRGD SRþLYD QD QD JODãHQRMGLQDPLFLL DNFLMLL þLWDY SURFHV DVRFLUDQMD RGYLMDVH NDR X QHNRM SULþL GDNOH QD QDUDWLYDQ QDþLQ X] NRULãüHQMH QDUDYQR VYLK YHü SR]QDWLK WHKQLNDDVRFLUDQMD 8]PLPR ]D SULPHU VOHGHüX VLWXDFLMX 9L VWH DNDGHPVNL VOLNDU L SR YUHPHQR VH EDYLWH LOXVWUDFLMRP NQMLJD 'RN XJRYDUDWH SRVDR 9L OHåHUQR QDVWDYOMDWHGDVHGLWHLQH]DSLVXMHWHEURMLQD]LYSRWUHEQLKLOXVWUDFLMDMHU LK RGPDK ILNVLUDWH X VYRMRM PHPRULML ODQþDQLP PHWRGRP SDPüHQMD =D PROMHQLVWHGDQDSUDYLWHVOHGHüHLOXVWUDFLMH þDPDF ² RVWUYR ² DXWRPRELO ² KRWHO ² DYLRQ ² ,QGLMDQDF ² UHVWRUDQ²EDOHULQD²MDEXNH²QRYLQH²ULED²IRWHOMD²ERFH²NOL ]DOLãWH²UDNHWD 1DUDYQRRYLKUHFLSUHWVWDYOMDMXELWQHLOLNOMXþQHPRWLYHREMHNWH LOLNRYHXQDUXþHQLPLOXVWUDFLMDPDLNDRãWRMHYHüELORREMDãQMHQRX 3RJODYOMX ª7DMQD GREURJ SDPüHQMD© ² ª$VRFLMDWLYQD WHKQLND© NRG PHPRULUDQMD OLVWH RG SRVORYD 9DPD MH GRYROMQR GD ]DSDPWLWH VDPR NOMXþQHUHFL'RYROMQRMHGDVHVHWLWHVDPRNOMXþQHUHFLSDGDRVWDOLGH WDOML VDPL RG VHEH ]DX]PX VYRMD PHVWD RE]LURP GD VX RQL YLãHVWUXNLP YH]DPDDVRFLUDQL]DNOMXþQXUHþ 6DGD PRåHPR SUHüL QD PHPRULUDQMH RYRJ QL]D RG þODQRYD PR GLILNRYDQLPODQþDQLPPHWRGRPSDPüHQMD8þHPXVHRQ]DSUDYRVDVWRML" 2QMHYHRPDVOLþDQSUYRMYHU]LMLXSRJOHGXWHKQLNDDVRFLUDQMDVDPRãWR
LPD REOLN MHGQH MDNR GLQDPL]LUDQH DNFLRQH SULþH (YR MHGQH RG PRJXüLKYHU]LMDWDNYHMHGQHDNFLRQHSULþH ý$0$& YHOLNRP EU]LQRP MXUL SUHPD 267598 QH PRåH GD VH ]DXVWDYL L XGDUD R QMHJD WDNR VQDåQR GD VH RQR WUHVH =ERJWRJD $87202%,/ QDSXãWD EU]R RVWUYR L SUHNR PRUD MXUL SUDYR X +27(/ VD þLMH WHUDVH SROHüH $9,21 NRMLPSLORWLUD,1',-$1$&LVD QMLP VOHüH QD 5(6725$1 8 UHVWRUDQX %$/(5,1$L]YRGLSLUXHWHLSULVYDNRPRNUHWXEDFD -$%8.( NRMH SURELMDMX UDãLUHQH 129,1( NRMH þLWD MHGQD 5,%$ OHåHUQR ]DYDOMHQD X XGREQRM )27(/-, )RWHOMD MH XVWYDUL QD %2&$0$ NRMH MRM VOXåH PHVWR QRJX L QD QMLPD MXULSUHNR./,=$/,â7$SUHPD5$.(7,NRMDXSUDYRVWDUWXMH© 'RYROMQR MH GD VDPR MHGDQSXW PHQWDOQR X] SRPRü 9DãH XREUD]LOMH ªQDSLãHWH© RYDNYX LOL VOLþQX DNFLRQX SULþX L VYH NOMXþQH UHFL ELüH VLJXUQR L WUDMQR ILNVLUDQH X åHOMHQRP UHGRVOHGX 8 WR VH PRåHWH VDPL XYHULWL UHSURGXNFLMRP SULþH RGPDK SR QMHQRP VDVWDYOMDQMX 1HGRVWDWDN RYH PHWRGH MH X WHãNRüL GD VH QL] UHSURGXNXMHXQD]DGãWRXSUYRMYDULMDQWLLGHEH]LNDNYLKSRWHãNRüD .RG SDPüHQMD ODQþDQLP PHWRGRP ELOR SR SUYRM LOL GUXJRM YDULMDQWL QHNL SXW üH VH GRJRGLWL GD MH RG SRVHEQH YDåQRVWL GD ]QDPRNRMLMHSRVOHGQMLþODQXQL]XWMNDGDMHNUDMQL]D8WXVYUKX PRåHPRNRULVWLWLQHNROLNRPHWRGD 3RVOHGQMLþODQQL]DMHGQRVWDYQRSRYHåHPRVDSUYLPþODQRPQL]D 1DSULPHUXQDãHP QL]X ªý$0$&²267592²LWG 5$.(7$©SRVOHGQMLþODQQL]Dª5$.(78©DVRFLUDMPRVDSUYLP þODQRP²ªý$0&(0©3ULUHSURGXNFLMLRGPDKüHPR]QDWLþLP QDPVHSRQRYRMDYLSUYLþODQQL]Dªý$0$&© GDVPRGRãOL GRNUDMDQL]DLGDMHSRVOHGQMLþODQXQL]Xª5$.(7$© 'UXJLQDþLQMHGDSRVOHGQMLþODQQL]DVWDYLPRXQHNLYHRPDQH QRUPDODQLQHORJLþDQSRORåDM²UHFLPRGDJDSRWSXQRRNUHQHPR ]D1DSULPHUª5$.(78©L]QDãHJQL]DPRåHPR]DPLVOLWL GDXPHVWRXYLVªVWDUWXMH©QDGROHXOHGNOL]DOLãWDSRGSXQLP SRJRQRPWRSHüLOHGRNRVHEH 3RVOHGQMLþODQQL]DPRåHPRPDUNLUDWLXVYRMRMPDãWLLQHNRP ]DQMHJDSRWSXQRQHXRELþDMHQRPLVPHãQRPERMRP1DSULPHU XQDãHPSUYRPODQþDQRPQL]Xª%52'²LWG²./$9,5© SRVOHGQMLþODQQL]Dª./$9,5©PRåHPRªRERMLWL©MDUNRFUYHQRP ERMRPLOLJDªSR]ODWLWL©LOLJDVOLþQR]HEULªLãDUDWL©FUQREHOLP XSDGOMLYLPSUXJDPD %LOR NRML RG QDYHGHQLK QDþLQD GD NRULVWLWH XYHN üHWH DNR SUDYLOQR DVRFLUDWH VLJXUQR ]QDWL NRML MH þODQ WM UHþ X QL]X QD SRVOHGQMHP PHVWX 9DåQR MH GD X NRQNUHWQRM VLWXDFLML RGDEHUHWH ]D 9DVQDMSRJRGQLMLLQDMHILNDVQLMLQDþLQ 2GODJDQMHIRUPLUDQLKODQþDQLKQL]RYDXPHQWDOQXNDUWRWHNX YDãHPHPRULMH 3ULSDPüHQMXUD]QLKSRGDWDNDODQþDQLPPHWRGRPWUHEDRGPDK RGUHGLWL GD OL VX QDP ]DSDPüHQL SRGDFL SRWUHEQL QD NUDüL URN SULYUHPHQRLOLåHOLPRGDLK]DGUåLPRXPHPRULMLVWDOQRRGQRVQRQD GXåHYUHPH1D
SULPHU JODYQH WDþNH LOL WHPH MHGQRJ SUHGDYDQMD NRPH SULVXVWYXMHPR PRåHPR SUHWYRULWL X NOMXþQH UHFL L LVWH ]DSDPWLWL ODQþDQLP PHWRGRP 0HÿXWLP þLP GRÿHPR NXüL NRULVWHüL IRUPLUDQL DVRFLMDWLYQL QL] QDSUD YLüHPR RGJRYDUDMXüX EHOHãNX R SUHGDYDQMX GRGDWL VYRM ]DNOMXþDN L PLã OMHQMH LWG =QDþL WDM ODQþDQL QL] ELüH QDP SRWUHEDQ SULYUHPHQR L QHPD UD]ORJDGDJDWUDMQRSDPWLPR $OL DNR VH UDGL QD SULPHU R YHOLNRP EURMX ID]D QHNH UDGQH RSHUDFLMHNRMXSRYUHPHQRREDYOMDPRNUR]GXJLQL]JRGLQDRQGDQDP GREURIRUPLUDQDVRFLMDWLYQLQL]PRåHXYHNJDUDQWRYDWLGDQLMHGQXID]X QHüHPR SURSXVWLWL L GD üHPR LK SR WDþQRP UHGRVOHGX REDYLWL 8 WDNYLPVOXþDMHYLPDVWYRUHQLODQþDQLQL]ELüHQDPWUDMQRSRWUHEDQL]D WR MH QHRSKRGQR GD JD ªRGORåLPR© X PHQWDOQX NDUWRWHNX QDãH PHPRULMHª2GODJDQMH©üHPRL]YUãLWL QD WDM QDþLQ ãWR üHPR QDã QL] RGPDK SR DVRFLUDQMX O² SXWD RGPDK SRQRYLWL X RED SUDYFD RG SRþHWND GR NUDMD L REUDWQR =DWLP VXWUDGDQ MRã MHGDQSXW SD NUR] ²GDQDMRãMHGDQSXWLNUR]MHGQXVHGPLFXSRQRYRSURYHULWLGDOL MH QD ªVYRP PHVWX© 3UHSRUXþOMLYR MH GD QDSUDYLWH MRã GYH SURYHUHSRVOH L VHGPLFH $NR L NRG RYLK SURYHUD XWYUGLWH GD UHSURGXNFLMDQL]DWHþHEH]SUREOHPDRQGDPRåHWHELWLVLJXUQLGDMH ªQDVYRPPHVWX©XªPHQWDOQRMNDUWRWHFL©9DãHPHPRULMH 3RãWR üHWH YUHPHQRP LPDWL YLãH RYDNYLK QL]RYD ]D ªRGODJDQMH© GREUR MH GD XYHGHWH MHGQX PDOX HYLGHQFLMX X REOLNX WDEHOH SRPRüX NRMH üHWH ODNR SUDWLWL URNRYH L LPDWL SUHJOHG VWDQMD 9DãHªPHQWDOQHNDUWRWHNH© 9HRPD þHVWR þXMHPR OMXGH NDNR VH åDOH ª=DERUDYLR VDP ,PDPVODERSDPüHQMH©$XVWYDUL WUHEDORELGDNDåXª1H ]QDPMHU WR QLVDP SDPWLR© .DNR PRåHPR QHãWR ]DERUDYLWL DNR JD QLNDGD QLVPR ]DSDPWLOL" $ þDN L RQGD NDGD PLVOLPR GD VPR QHãWR RG ]DSDPüHQRJ ]DERUDYLOL L RQGD VH YDUDPR MHU WR ª]DSDPüHQR© MH SRWRQXORXGXELQXQDãHSRWVYHVWLLSRWUHEDQMHVDPRQHNLSRWVWUHNLOL SRWVHWQLN NRML üH ª]DERUDYOMHQR© YUDWLWL QD SRYUãLQX QDãH VYHVWL L GRYHVWLJDXåLåXQDãHSDåQMH 8VWYDULRGQDãHJSDPüHQMDPRåHPR]DKWHYDWLLRþHNLYDWLGDQDP UHSURGXNXMH VDPR RQR ãWR VPR PX VWYDUQR XUHGQR SUHGDOL ªQD þXYDQMH©WMRQDNRLRQLPUHGRVOHGRPNRMLPåHOLPRGDQDPRQRWR YUDWL 3UHPD WRPH SRãWR WUDåLPR RG QDãHJ SDPüHQMD GD QDP QD SULPHU UHSURGXNXMH RGUHÿHQL ODQþDQL QL] WDþQR L SRWSXQR RQGD PRUDPR SRPHQXWL QL] L SUHGDWL QDãHP SDPüHQMX WDþQR SRWSXQR L SUDYLOQR 3RUHG WRJD RG QDãH PHPRULMH üHPR ]DKWHYDWL GD QDP SRVOH L]YHVQRJ YUHPHQD D PRåGD L X UHGRYQLP YUHPHQVNLP UD]PDFLPD SUHFL]QR L HILNDVQR UHSURGXNXMH SRPHQXWL QL] 'D ELVPR VYRMRM PHPRULML RPRJXüLOL GD XVSHãQR REDYL ]D QDV RYX YHRPD YDåQX IXQNFLMXPRUDPRVLVWHPDWVNLYHåEDWLSRQDYOMDQMHQL]DNDNRMHWRYHü QDSUHG QDYHGHQR 8 RYRP VOXþDMX X SRWSXQRVWL YDåL ODWLQVND VHQWHQFD GD MH ª5HSHWLALR PDWHU VWXGLRUXP© ª3RQDYOMDQMH MH PDWL ]QDQMD© 9WDNRÿH3RJO
32'ý8'(61,0'(-679200$67(
ª6QDJXXREUD]LOMHMH YDåQLMDRG ]QDQMD© ²(LQVWHLQ
9$ä126782%5$=,/-(=$'2%523$0û(1-(
²3LWDWHPHNDGDVHGHVLRYHOLNLSRåDU/RQGRQD"-DRGPDKYLGLP SDQRUDPX WH YHOLNH QHVUHüH RG QMHQRJ SRþHWND X 3XGGLQJ /DQH GR QMHQRJ NUDMD QD 3LH &RUQHUX L GDMHP 9DP RGJRYRU JRGLQH ² RGJRYRULR MH ]DGLYOMHQLP VOXãDRFLPD þXYHQL 9 'å %RWHO :LOOLDP -RKQ %RWWHOO² ]YDQLª'DWDV© =D'DWDVDMHLQWHUHVDQWQRGDQLMH ELRª:XQGHUNLQG©ªþXGRRGGHWHWD© LGDMHNDRRGUDVWDRþRYHNXVSHR L]JUDGLWL VYRM VLVWHP SDPüHQMD NRML PX MH RPRJXüDYDR GD DNXPXOLUD RJURPQR ]QDQMH L EH]EURM SRGDWDND %LR MH X VWDQMX GD RGJRYRUL QD VYDNRSLWDQMHL]VDNXSOMHQRJIRQGD]QDQMDLSRGDWDND 5RÿHQ MH X 1MXQKHPX 1HZQKDP .HQW (QJOHVND 0DOR MH SRKDDDRãNROXDOLMHSRVOHSURGDYDQMDQRYLQDSRVORYDVOXJHLOLUDGD X NRYDþQLFL RELþDYDR GD þLWD R VYHPX L VYDþHPX ãWR JD MH LQWHUHVRYDOR L WR MH SDPWLR -HGQRP MH LPSUHVLRQLUDR QHNH VWUDQH PHQDGåHUH X MHGQRP UHVWRUDQX X /RQGRQX VYRMLP ]DSDQMXMXüLP IRQGRP UD]OLþLWRJ ]QDQMD L X VYRMRM RM JRGLQL åLYRWD SRVWDMH þXYHQL 'DWDV
'DWDVMHUDGRJRYRULRRVYRMLPPHWRGDPDSDPüHQMDLHYRQHNLK QMHJRYLKPLãOMHQMDRQMHJRYLPVLVWHPLPD ª.DGD WUHED GD RGJRYRULWH QD QHNR SLWDQMH QDVWRMWH GD L]D]RYHWH RGJRYDUDMXüH PLVDRQH VOLNH MHU üHWH XYLGHWL GD MH QMLKRYD SRPRü RG YHOLNHNRULVWLLYUHGQRVWL=DSDPWLWHGDMHQHXVSHKXSDPüHQMXSRVOHGLFD VODEH LPSUHVLMH X QDãHP XPX ]ERJ QHGRVWDWND NRQFHQWUDFLMH QD SUHGPHWNRMLHOLWH]DSDPWLWL© 6YRMHPHWRGHXVRFLUDQMDUHFLLSRMPRYD'DWDVMHREMDãQMDYDRQD VOHGHüL QDþLQ ª-HGQD PLVDR UDÿD GUXJX 6WRJD NDGD SDPWLWH MHGQX PLVDR L $OEHUW$MQãWDMQ$OEHUW(LQVWHLQ² QHPL DPIL]LþDU ª'DWDV©DVRFLUDQDUHþªGDWD©HQJOSRGDFL
LOL VWYDU QDVWRMWH XYHN LVNRULVWLWL SULOLNX L RGPDK ]DSDPWLWL VD QMRP SR YH]DQX GUXJX PLVDR LOL VWYDU $NR VX WH GYH VWYDUL QHSRYH]DQH RQGD L]PHÿXQMLKWUHEDXEDFLWLSRVUHGQXLOLVSRMQX LGHMX RGQRVQR UHþ NDRYH]X L]PHÿXQMLK© 'DWDV L QMHJRYL EURMQL VOHGEHQLFL WDNRÿH SRND]XMX GD VH YHOLND SDPüHQMDQHVDPRUDÿDMXQHJRXYHüLQLVOXþDMHYDVWYDUDMX 0Rü L VSRVREQRVW PDãWRYLWRJ VOLNRYLWRJ SUHWVWDYOMDQMD SUHPD WHK QLNDPD L]QHWLP X SUHWKRGQRP SRJODYOMX MH ]DSUDYR RVQRYD ]D PQRJH ]D GLYOMXMXüH VSRVREQRVWL L QHYHURYDWQD GRVWLJQXüD PQRJLK WDNR]YDQLK IHQR PHQDOQLK SDPüHQMD 2QL VX VKYDWLOL GD MH MHGDQ RG HILNDVQLK QDþLQD L] JUDÿLYDQMD YHOLNRJ SDPüHQMD QDVWRMDQMH GD VH PLVOL X REOLNX PLVDRQLK LOL PHQWDOQLKVOLNDLSUL]RUDPQRJHSRGDWNHNRMHVXåHOHOLWUDMQRGD]DSDPWH MHGQRVWDYQRELSUHWYDUDOLSRPRüXVYRMHXREUD]LOMHXSULNODGQHPLVDRQH VOLNH
0QRJHWYRUHYLQHPDãWHVXXVWYDULIDQWDVWLþQHNRPELQDFLMHUHDOQLKSRMPRYDLOLQH RELþQHNRPELQDFLMHUD]QLKUDQLMLKVHüDQMD
0DãWD X RGUHÿHQRM PHUL L SRþLYD QD SDPüHQMX 1D SULPHU PQRJH WYRUHYLQHPDãWHVXXVWYDULNRPELQDFLMH UHDOQLKSRMPRYDDOLQDQHRELþDQ QHVWYDUDQ LOL IDQWDVWLþDQ QDþLQ 'LVQHYHY ª/HWHüL VORQLü 'DPER© MH IDQWD VWLþQD NRPELQDFLMD ªSWLFH© L ªVORQD© HJLSDWVND 6ILQJD MH WDNRÿH PLWR ORãND WYRUHYLQD PDãWH VDVWDYOMHQD RG GYD SRMPD ªGHYRMNHA L ªODYLFH© LWG 3URL]YRGL PDãWH þHVWR VX VDPR QRYH L QHRELþQH NRPELQDFLMH UD]QLK UD QLMLKVHüDQMD6WDYLãHþHVWRVH GHãDYD GDQHNDPDãWDQMDL] SURãORVWLSDP WLPRNDRVWYDUQHþLQMHQLFHDSRGXWLFDMHPHIHNWDVDREUDåDYDQMDSDPüHQMD QDãLPLQWLPQLPWHåQMDPD1DWDMQDþLQSRQHNDGRQRãWRVPDWUDPRGDMH QHNLPDQMLGHRQDãHJSDPüHQMDXVWYDULPRåHGDEXGHPHãDYLQDSDPüHQMD LPDãWH 0DãWDLSDPüHQMHVHWDNRÿHPRJXX]DMDPRPHãDWLLSUHSOLWDWLMHU QDãD PHPRULMD QH PRåH XYHN GD ªIRWRNRSLUD© QHNH VWYDUL SRãWR QD QMX XWLþH FHR NRPSOHNV SVLKRORãNLK RVREHQRVWL MHGQH LQGLYLGXH 7DNR GROD]L þHVWRGRL]YHVQHGHIRUPDFLMHSULPOMHQLKXWLVDNDãWRVHQDURþLWRLVSROMDYDX UD]OLNDPDL]PHÿX]DSDPüHQHLUHSURGXNRYDQHVWYDUL 7RNRPãNRORYDQMDUHGRYQRVHYLãHSDåQMHSRVYHüXMHL]JUDÿLYDQMXL UD]YRMX ORJLNH L ORJLþNRJ PLãOMHQMD ãWR MH QHRVSRUQR SRWUHEQR L NRULVQR DOL VH UD]YRM PDãWH L VSRVREQRVWL XREUD]LOMH QHSRWUHEQR ]DSRVWDYOMD 1D SULPHU GHFD VNRUR QLNDGD QHPDMX SUREOHPD X YH]L VD PDãWRP L ]DPLã OMDQMHP UD]QLK VLWXDFLMD L VYLK PRJXüLK NRPELQDFLMD GRN NRG RGUDVOLK QDLOD]LPRPQRJRþHãüHQDRYHSUREOHPH
.DNRPRåHWHUD]YLWLVYRMXPDãWX" 1DãH SDPüHQMH GREULP GHORP SRþLYD QD ORJLFL NRMD MH ]D SURFHV SDPüHQMDQHRSKRGQDLSRVHEQRMHYDåQDNRGPQRJLKPHWRGDSDPüHQMD2QD MH SRVHEQR YDåDQ IDNWRU X SDPüHQMX MHU EH] QMH SURFHV VYHVQRJ VYUVL VKRGQRJ L RVPLãOMHQRJ SDPüHQMD ELR EL QHPRJXü RQD MH WDNRÿHL YHRPD YDåDQ IDNWRU X VWYDUDODþNRP PLãOMHQMX L UDGX $OL LVWR WDNR L EH] PDãWH RGQRVQR VQDJH L VSRVREQRVWL XREUD]LOMH PL QH ELVPR PRJOL SDPWLWL 6PD QMHQD VSRVREQRVW LPDJLQDFLMH L åLYRJ PHQWDOQRJ SUHWVWDYOMDQMD L ]DPLã OMDQ MD XYHN VH RGUDåDYD L QD VPDQMHQX VSRVREQRVW SDPüHQMD RGUHÿHQLK YUVWD PDWHULMDOD .DR ãWR MH YHü LVWDNQXWR UDQLMH GREDU GHR WHKQLND VL VWHPDWVNRJ SDPüHQMD ]DVQLYD VH QD PDãWL QD QDãRM LPDJLQDWLYQRM VSR VREQRVWL $NR NRQVWDWXMHWH GD 9DP MH PDãWD L VSRVREQRVW VYHVQH L MDNH XR EUD]LOMHQHGRYROMQRUD]YLMHQDRQGDWUHEDGDXSUDåQMDYDWHVOHGHüHYHåEHGD ELLKDNWLYLUDOL 8VYDNRM]JRGQRMSULOLFLNDGJRGLPDWHSDUPLQXWD YUHPHQD SRJOH GDMWH QD SDU WUHQXWDND QHNL OLN L] 9DãH QHSRVUHGQH RNROLQH QDVWRMHüL GD ]DSD]LWH ãWR YLãH GHWDOMD 2GPDK ]DWLP ]DWYRULWH RþL L SRNXãDMWH X PDãWL ]DPLVOLWLLVWLWDMSUHGPHWLOLOLNGRSXQMXMXüL JDVDãWRYLãHXRþHQLKGH WDOMD L GRþDUDYDMXüL JD ãWR MH PRJXüH SODVWLþQLMH L UHDOQLMH =DWLP SRQRYR SRJOHGDMWH 9Dã SUHGPHW LOL OLN L VUDYQLWH JD VD 9DãRP ªPHQWDOQRP VOLNRP©
3RãWR XVSHãQR VDYODGDWH ªPHQWDOQR VOLNDQMH L IRWRJUDILVDQMH© SUHGPHWD L OLNRYD L] 9DãH QHSRVUHGQH RNROLQH SUHÿLWH VDGD QD SRYHüDQMHEURMDSUHGPHWDLOLOLNRYDRGQRVQRQDNRPELQDFLMXSUHGPHWD L OLNRYD VYH GRN QH VWHNQHWH VSRVREQRVW SUHFL]QH L SODVWLþQH LPDJLQDFLMH þLWDYLK SUL]RUD VD VYLP SULSDGDMXüLP GHORYLPD L SRMHGLQRVWLPD9RGLWHUDþXQDRþLQMHQLFL GDVXPLVDRQHVOLNR XSRþHWNX XYHN QF ãWR QHMDVQLMH L QRGRYUãHQLMH DOL GD VH GDOMRP YHåERP L YUHPHQRPVLJXUQRSREROMãDYDMXGRNQHGRVWLJQXåHOMHQLQLYR
3ULPHULYHOLNHVQDJHLPDJLQDFLMH 6RYMHWVNL QDXþQLN 5 $ /XULMD /XULMQ 5RPDQ $OEHUWRYLþ ² NUR] GXJL QL] JRGLQD SUDWLR MH L LVSLWLYDR IHQRPHQDOQR SDPüHQMHMHGQRJVYRJSR]QDQLNDNRMLMHL]YDQUHGQRSDPWLRQHYHURYDWQR YHOLNLEURMUD]QLK VPLVDRQLK L EHVPLVOHQLK QHSRYH]DQLK SRGDWDND L WR NUR] YHRPD GXJL YUHPHQVNL SHULRG SUHNR JRGLQD 5HGRYQR SRVOH GLNWLUDQMD SRGDWDND QDSRPLQMH /XULMD QMHJRY LVSLWDQLN VH ªPLVDRQR SUHVOLãDYDR© NRQWUROLãXüL NYDOLWHW VWYRUHQLK PHQWDOQLK VOLND L DVRFLMDFLMD1DSULPHUWDEOLFXRGUD]OLþLWLKFLIDUDSDPWLRMH]D² VHNXULGLD RG ]D VYHJD ² PLQ 3UL WRPH PX MH YLãH YUHPHQD WUHEDOR GD VH SRPRüX VYRMH PDãWH ªSUHQHVH© X SUYRELWQX VLWXDFLMX GD ©YLGL© SURVWRULMX X NRMRM PX MH L]GLNWLUDQ RGQRVQL PDWHULMDO ]DSDPüHQMH 6DP MH L]MDYOMLYDR GD SDPWL WDNR ãWR QD SULPHU ]DKYDOMXMXüL YHOLNRMVQD]LVYRMHLPDJLQDFLMHWDEOLFXSRGDWDNDVDVWDYOMHQXRGEURMHYD LOLVORYDMHGQRVWDYQRSURGXåDYDGDªYLGL©XVYRMRMXREUD]LOMLLRQGDMH SR SRWUHEL ODNR ªRþLWDYD© SR åHOMHQRP UHGX 8VWYDUL NRG QMHJD VX VLQHVWH]LVNL SURFHVL ELOL UHGRYQD SVLKLþND IXQNFLMD NDGD EL VOXãDR ]YXNRYH X VYRMRM PDãWL EL ªYLGHR© UD]QH ERMH D JOHGDMXüL UD]QH JUDILþNHREOLNHªþXR©ELXVYRMRMXREUD]LOML]YXNRYH6YRMVWYHQRPX MH ELOR GD VYH UHGXFLUD QD VOLNX GD VYH ªYLGL© NDR QHNL SUL]RU LOL VFHQX X VYRMRM PDãWL 7DNR MH QD SULPHU EURM XYHN YLGHR NDR QHNX GRVWDSXQDþNXåHQXDEURMNDRþRYHNDNRMLVXFHEUNRYH 3R VYHPX VXGHüL L]JOHGD GD MH XURÿHQD RVRELQD VLQHVWH]LMH SUL SHUFHSFLMLL]DSDPüLYDQMXELODMHGDQ RG JODYQLK UD]ORJD IHQRPHQDOQRJ SDPüHQMDLVSLWDQLNDSURIHVRUD/XULMH.DGDELþXR]YXNQHNHUHFLRQMH QH EL VDPR ªYLGHR© NDR QHNX ERMX LOL REOLN YHü EL ªRVHWLR© QMHQ ªXNXV©þDNLªRSLS©1HNHUHFLVX]DQMHJDELOHªFUYHQH©ªNLVHOH©LOL ªYHRPD KUDSDYH© 2YDM SULURGQL IHQRPHQ VLQHVWH]LMH X SXQRM PHUL NRULVWL L WHKQLND VLVWHPDWVNRJ SDPüHQMD NDR ãWR VWH VH PRJOL L VDPL XYHULWL SURXþDYDMXüL 3RJODYOMH ª/DQþDQL PHWRG SDPüHQMD© NRMH VDGUåL L]PHÿX RVWDORJ L RVDP UD]OLþLWLK WHKQLND PHQWDOQRJ DVRFLUDQMD SRMPRYDRGNRMLKYHüLQDQMLKLPLWLUDVLQHVWH]LMX =DKYDOMXMXüLVQD]LVYRMHLPDJLQDFLMHDUKLWHNWDVWYDUDSURMHNWQRYH JUDÿHYLQHWDNRãWRSR]QDMHLPRåHGD]DPLVOLPQRJHGUXJHJUDÿHYLQHL QMLKRYD SRMHGLQD UHãHQMD L NRPSRQHQWH WH QMLKRYRP RGJRYDUDMXüRP NRPELQDFLMRP VDVWDYOMD MHGQX VDVYLP QRYX JUDÿHYLQX ,VWR WDNR VWUXþQMDND 6LQHVWH]LMDJUþ VYQDLVWKHVLV VDRVHHDM VDRVHW 3VLK IHQRPHQ SUL GR åLYOMDMX MHGQRJ RVHOVL VSRQWDQR VH MDYOMD GRåLYOMDM GUXJRJ RVHWQRJ SRGUXþMD 1SU YLGL VH ERMD NDGD VH þXMH WRQ WY VOXãDQMH ERMD DXGLWLRQ FRORUHH SUL ]YXNX WUXEHYLGLVHFUYHQDERMDLVL
XQXODUQMX DUKLWHNWXUX VWYDUD RULJLQDODQ SULMDWDQ HQWHULMHU RG WNDQLQH QDPHãWDMD L RVYHWOMHQMD NRML LQDþH VWRMH QD UDVSRODJDQMX X VYDNRM SUR GDYQLFLQDPHãWDMD äLO 9HUQ MH XVSHR GD VH L]X]HWQRP VQDJRP VYRMH VWYDUDODþNH PDãWH WROLNR SURMHFLUD GDOHNR X EXGXüQRVW GD MH SUHGYLGHR SRGPRUQLFX SXWR YDQMHQD0HVHFYDVLRQVNLEURGLGUXJRLDNR MH ]QDR VDPR ]D EURG SUR SHOHUWRSRYVNR]UQRYRGX L YD]GXK ,] WLK HOHPHQDWD QMHJRYD VWYDUDOD þNDPDãWDSUHGYLGHODMHNDVQLMHPQRJHSURQDOVNH 3UL þLWDQMX UD]JRYRUX VOXãDQMX QHNRJ WHNVWD LOL PX]LNH WUHED PDN VLPDOQR NRULVWLWL VYRMX PDãWX L QDVWRMDWL VYH ªYLGHWL© X VYRMRM XREUD]LOML 'UXJLP UHFLPD WUHED þHVWR PLVOLWL X VOLNDPD 9UHPHQRP L SUDNVRP üHPR SRVWDWLWDNYLPDMVWRUL X VOLNRYLWRP ]DPLãOMDQMX VYRJ XPQRJ PDWHULMDOD GD üHPR RVHWLWL RJURPQX SRPRü X SRYHüDQMX VYRJ SDPüHQMD ]QDQMD UH SUALNWAPHLSURGXNWLYQHXPQHVQDJH 1H SUHOD]LWH QD VOHGHüH SRJODYOMH GRN QH SURYHULWH NDNR VWH VDYODGDOL L XVYRMLOL GR VDGD L]ORåHQH PHWRGH L WHKQLNH SDPüHQMD ,]UDþXQDMWH YUHGQRVW 9DãHJ XWURãHQRJ YUHPHQD,]UDþXQDMWH9DãSRVWLJQXWLXVSHK
7(67%5 SRJO 8SLVLYDQMHPEURMHYDL]GHVQHNRORQHXOHYX IRUPLUDMWHRGJRYDUDMXüHDVRFLMDWLYQHSDURYH 2&LJDUHWH 7RS 2/DEXG %RFD 2%URG 7HOHIRQ 2.OL]DþLFD =LUDID 2)XGEDO .ODYLU
8SLãLWHUHGQHEURMHYHL]OHYHNRORQHGDELGRELOLRGJRYDUDMXüH SDURYH 6SUHM 279VHUYLV 1DVWDYQLFD 2OOLWFUQRJYLQD *UDPRIRQ 2%LEOLRWHND 6DPRXVOXJD 23XPSQDVWDQLFD .RPSMXWHU 2 %UDW6ODYNR 3LWDQMHEUNDRLSLWDQMHEUVDVWRMLVHRGNRPSRQHQWLWDNR GD VYDND NRPSRQHQWD QRVL SR PRJXüD ERGD $NR UHVLWH WDþQR VYLK NRPSRQHQWLGRELMDWH ; XNXSQRERGRYDGDNOHPDNVLPDOQRPR JXüLEURMERGRYD]DMHGQRSLWDQMH$NRUHVLWHQDSUVDPRNRPSRQHQWH GRELMDWH; VYHJDERGRYD SRJO 5HSURGXNXMWHREUQXWLPUHGRVOHGRPQL]RGUHFLª%URG ²=LUDID©LWG 5HSURGXNXMWHQL]RGUHFLNRMLVWH]DSDPWLOLXXOR]LLOXVWUDWRUD NQML JH SRJO 2VQRYDPQRJLKW]YªIHQRPHQDOQLK©SDPüHQMDMH /RJLNDLORJLþNRPLãOMHQMH 0RüLVSRVREQRVWPDãWRYLWRJLVOLNRYLWRJPHQWDORJSUHWVWDYOMDQMD
,VWUDMQRVWLXSRUQRVWXPHKDQLþNRPSDPüHQMXEURMQLKSRGDWDND 6QDJXVRSVWYHQHLPDJLQDFLMHPRåHPRSRYHüDWL $ ýLWDQMHPQDXþQRIDQWDVWLþQLKURPDQD % ýHVWLPVDQMDUHQMHPLPDãWDQMHP & 6LVWHPDWVNLPWUHQLQJRPXPHQWDOQRPSUHWVWDYOMDQMXUD]QLKSUHG PHWDRVREDLþLWDYLKSUL]RUDNDRLþHVWLPPLãOMHQMHPXVOLNDPD
=$%25$9/-(1326$2-(89(.²1(2%$9/-(1326$2 35,0(1$/$1ý$12*0(72'$3$0û(1-$ 1$5$=1( 2%/$67,
3RãWR VWH RYODGDOL DVRFLMDWLYQRP WHKQLNRP QDXþLOL GD HILNDVQR NRULVWLWH ODQþDQL PHWRG SDPüHQMD L XSR]QDOL PHWRGH L WHKQLNH NRULãüHQMD MHGQRJ RG QDMPRüQLMLK RUXÿD VLVWHPDWVNRJ SDPüHQMD ² 9DãH PDãWH L VSRVREQRVWL LPDJLQDFLMH VDGD PRåHWH RWSRþHWL VD XVSHãQRP SULPHQRP WHKQLND SDPüHQMD NRMLPD YODGDWH QD UD]QH REODVWL 1DUDYQR RYGH üHPR L]QHWL VDPR QHNROLNR REODVWL L VOXþDMHYD XVSHãQRJ NRULãüHQMD QDXþHQLK WHKQLND SDPüHQMD GD ELVWH VH XYHULOL X NRMRM 9DP PHUL PRJX SRYHüDWL HILNDVQRVWXUDGXLNRULãüHQMXYUHPHQD
3DPüHQMHOLVWDNXSRYLQD .ROLNRSXWD9DPVHGHãDYDORGDL]JXELWHPQRJRYUHPHQDWUXGD L ãWR MH QDMYDåQLMH QHUDYD ]DWR ãWR VWH ]DERUDYLOL GD RGUHÿHQH DUWLNOH SRNXSXMHWHRGMHGQRPLOL]DWRãWRVWHNRGNXüH]DERUDYLOLLOLQHJGHX] SXW ]DWXULOL VSLVDN DUWLNDOD NRMH WUHED GD QDEDYLWH 6YLK RYLK SUREOHPD MHGQRP ]D VYDJGD PRåHWH VH UHVLWL QD YHRPD MHGQRVWDYDQ QDþLQ SUL UQHQRPODQþDQRJPHWRGDSDPüHQMD 8]PLPR NDR SULPHU GD VWH X VDPRXVOX]L PRUDOL SRNXSRYDWL VOH GHüHVWYDUL þHWNLFD ]D ]XEH ² ERQERQLHUD ² ERFH SLYD ² MDMD ² NDãLþLFD]DOHG ² SURYRGQLN]D VWUXMX²OLPXQ ² KOHE² VLMD OLFD ² PLQHUDOQD YRGD ² ãHüHU ² EDQDQH ² ERFD XOMD ² åYD NDüDJXPD²JULVLQL²VODGROHG²VODPþLFH]DVRN²YRüQLVR NRYL²NRWXUVLUD²YHãDOLFD]DRGHOR *RUQMX OLVWX VWH PRJOL VDVWDYLWL QD GYD QDþLQD GD MH VDVWDYLWH RQLP UHGRVOHGRP NRMLP MH QDMSUDNWLþQLMH GD VH REDYH NXSRYLQH X 9DãRM VDPRXVOX]LLOL ãWRüH]DPQRJHELWLGDOHNRMHGQRVWDYQLMHLSUDNWLþ QLMHGDNDNRVHWRNRPGDQDSULVHüDWHãWDELWUHEDORGDNXSLWHGDWDNR
3UYLþODQDVRFLMDWLYQRJQL]DSRYHåLWHXYHNVDPHVWRPJGHWUHEDGDREDYLWHWDMSRVDR
RGPDK SRMHGLQH DUWLNOH NDNR QDLOD]H GLUHNWQR ªQLåHWH© MHGDQ QD GUXJL 3UYL DUWLNDO SRYHåLWH VD QHþLP ]D 9DV YHRPD SULPHWQLP X VDPRXVOX]L UHFLPR VD XOD]QLP YUDWLPD LOL NDVLUNRP LOL VD QHNLP RG SRPRüQRJ SHU VRQDOD 3UH QHJR ãWR SULVWXSLWH IRUPLUDQMX DVRFLMDWLYQRJ QL]D RG SUHG PHWD SRYHåLWH SUYL SUHGPHW VD RGDEUDQLP PHVWRP LOL OLFHP X VDPRXV OX]L 1D SULPHU ªþHWNLFX© PRåHWH ]DPLVOLWL GD MH GXJD NROLNR L XOD]QD YUDWD L GD MH WDNR RJURPQD SULþYUãüHQD QD QMLK VD VSROMQH VWUDQH NDR QHNDYHOLNDUHNODPD1DWDMQDþLQüHWHELWLGYRVWUXNRVLJXUQL 'DüHWHXYHNODNRªSURQDüL©LªYLGHWL©SUYXUHþX9DãHPDVR FLMDWLYQRPQL]XãWRMHRGSUHVXGQHYDåQRVWL]DGDOMHODNRUH UHSURGXNRYDQMHSUHRVWDOLKþODQRYDQL]D 'DüHWHVHXYHNDXWRPDWVNLVHWLWLDNRVDPRSUROD]LWHSRUHGVD PRXVOXJHLEDFLWHMHGDQSRJOHGQDQMXãWDWUHEDGDNXULWHMHU üHWHQDQMHQLPXOD]QLPYUDWLPDRGPDKªVSD]LWL©SULþYUãüHQX RJURPQXªþHWNLFX]D]XEH©$RVWDWDNQL]D SRWHüLüHRGPDK VDPRGVHEH 3RãWR IRUPLUDWH QD YHü GREUR SR]QDW QDþLQ DVRFLMDWLYQL QL] QH SURSXVWLWH GD JD XYHN ªRGORåLWH© QD QMHJRYR PHVWR WM GD PX SUYL þODQ ªþHWNLFX©SULþYUVWLWHUHFLPRQDYUDWDVDPRXVOXJHLãWRMHYHRPDYDåQR GD JDMRãMHGDQSXW SRQRYLWHLWRQDMEROMHXREDSUDYFD3RVOH WRJD PR åHWH SRWSXQR ]DERUDYLWL QD 9DãH NXSRYLQH MHU RG WRJ WUHQXWND ]D 9DV PLVOLLUDGLDXWRPDWLNDODQþDQRJPHWRGDSDPüHQMD.DGDGRÿHYUHPH ]D 9DãH NXSRYLQH ELüH GRYROMQR GD VDPR SRJOHGDWH XOD]QD YUDWD L VYL SRWUHEQLSRGDFLLREDYHãWHQMD DXWRPDWVNLüH SRWHüL SUHG 9DãLP ªGXKRY QLPRþLPD©NDRQDQHNRMEHVNUDMQRMWUDFL 3DPüHQMHGQHYQLKSODQRYDUDVSRUHGDSRVORYDLUD]QLKREDYH]D
%XGXüL GD VWH MRã X 3RJODYOMX ª$VRFLMDWLYQD WHKQLND© QDXþLOL NDNR VH SDPüHQMH SRMHGLQLK SRVORYD RGQRVQR FHOLK UHþHQLFD VYRGL QD SDPüHQMHLVWRJEURMDNOMXþQLKUHFLWRXVOHGHüHPSULPHUXQHüHPRSR
MHGLQH SRVORYH L REDYH]H RSLVLYDWL FHOLP UHþHQLFDPD YHü üHPR QDYHVWLVDPRRGJRYDUDMXüHNOMXþQHUHFL'DNOHXSUDYRRQDNRNDRãWR WR RELþQR LXVYDNRGQHYQRMSUDNVLþLQLPR 1D SULPHU X VYRM URNRYQLN LOL NDOHQGDU QLNDGD QH QRWLUDPR ª6XWUD VYDNDNR QD]YDWL PRJ SULMDWHOMD 9ODGX©QHJRMHGQRVWDYQRLNUDWNRVDPRª9ODGD©WMNOMXþQXUHþ 1DSULPHU]DVXWUDãQML GDQ VWH SODQLUDOLGDREDYLWH VOHGHüHSRVORYH WHOHJUDP DONRKRO VWRQDODPSD QDIWDOLQ SDNHW WHSLK WHOHIRQ SLVDüDPDãLQD OXWND QRYDF VSDMDOLFH QRYLQH DXWR NQMLJD EDWHULMH JXPH SDNSDSLU SDSLUQH XOMH EXãLOLFD]D PDUDPLFH EULVDþL SDSLU QDRþDUL NRþQLFD VHORWHMS IRWRILOP UHFHSW ãWRI WRUED XVLVLYDþ OHNRYL FLSHOH 3RVWXSDWH VOLþQR NDR NRG SDPüHQMD OLVWD NXSRYLQD 3RMHGLQH SRVORYH WUHEDWDNR UDVSRUHGLWL L JUXSLVDWL GD LK PRåHPR VYH REDYLWL QD PHVWX JGH SULSDGDMX D UDVSRUHG PHVWD REDYOMDQMD SRVORYD WUHED WDNRÿHXVNODGLWLVD9DãLPSRWUHEDPDLYUHPHQVNLPPRJXüQRVWLPD1D SULPHUJRUHQDYHGHQLSRVORYLVXJUXSLVDQLSRPHVWLPDREDYOMDQMD 3267$ VWRQDODPSD DONRKRO WHOHJUDP QDIWDOLQ WHSLK SDNHW WHOHIRQ OXWND .1-,ä$5$ QRYDF .,26. SLVDüDPDãLQD QRYLQH $8720(+$1,ý$5 VSDMDOLFH EDWHULMH DXWRJXPH NQMLJD SDSLUQH XOMHEULVDþL SDNSDSLU PDUDPLFH NRþQLFD EXãLOLFD]D SDSLU QDRþDUL $327(.$ VHORWHMS IRWRILOP UHFHSW 52%1$.8&$ 2%8û$5 OHNRYL ãWRI WRUED FLSHOH XVLVLYDþ
=DKYDOMXMXüL RYDNYRP JUXSLVDQMX SRVORYD XãWHGXMHWH YUHPH L WUXG MHU 9DP VH QH PRåH GRJRGLWL GD VH VDPR ]D MHGDQ SRVDR PRUDWH UHFLPR RG REXüDUD YUDüDWL QD]DG þDN GR SRãWH , PHVWD REDYOMDQMD WUHED WDNR UDVSRUHGLWL L GDWL LP WDNDY UHGRVOHG GD SRWSXQR RGJRYDUDMX9DãHPSUDYFXNUHWDQMD .RPHYLãHRGJRYDUDPRåHLVDPDPHVWDREDYOMDQMDSRVORYD3RãWD $XWRPHKDQLþDU $SRWHND LWG GD XYUVWL X ODQþDQL QL] L GD LK DVRFLUD ]DMHGQRVDRVWDOLPNOMXþQLPUHFLPD 1D9DPDYHüGREURSR]QDWQDþLQDVRFLUDMWHRYDMQL]RGRG QRVQR DNR XNOMXþLWH L PHVWD REDYOMDQMD RQGD UHFL L VYDNDNR JD UH SURGXNXMWH X RED SUDYFD RG SRþHWND GR NUDMD L REUDQWR UDGL SURYHUH 'UXJLQDþLQSDPüHQMDVYDNRGQHYQLKSRVORYDLREDYH]D ELORQD
UDGQRP PVHWX X ãNROL LOL QD QHNRP GUXJRP PHVWX MH WDNRÿH YHRPD SUDNWLþDQLIXQNFLRQDODQ 2YGHüHPRGDWLVDPRMHGDQRGEH]EURMPRJXüLKSULPHUDXUHÿHQMD VLVWHPD DXWRPDWLNH SR ODQþDQRP PHWRGX SDPüHQMD 3UHWSRVWDYLPR GD VHYHüLQDYDãLKSRVORYDNRQFHQWULãHQDVOHGHüLPPHVWLPD 5DGQRPHVWRLOLãNROD 8JUDGX 5REQDNXüD 6DPRXVOXJD .RGNXüHREDYH]HXGRPDüLQVWYXLSUHPD RVWDOLP þODQRYLPD GRPDüLQVWYD .RGNXüHREDYH]HNRMHVHRGQRVHVDPRQD9DV =D VYDNR RG RYLK PHVWD RGQRVQR QD VYDNRP RYRP PHVWX L]DEHULWH L RGUHGLWH SR MHGQR DVRFLMDWLYQR PHVWR LOL ED]X 1D SULPHU QD UDGQRPPHVWXYHRPDSRJRGDQ]DED]XPRåHGDEXGH9DãUDGQL VWR LOLQHNLGUXJL SUHGPHW XãNROL DVRFLMDWLYQD ED]DPRåH GD EXGH NOXSD X NRMRM VHGLWH 8 JUDGX NDR SRJRGDQ REMHNDW ]D ED]X PRåH GD SRVOXåL UHFLPR VSRPHQLN QD JODYQRP WUJX 8 UREQRM NXüL XOD]QD YUDWD SRNUHWQHVWHSHQLFHLWG.RGNXüH]DRSãWHREDYH]HQHNLSUHGPHWNRML VOXåL VYLP þODQRYLPD GRPDüLQVWYD WHOHYL]RU LOL WUSH]DULVNL VWR L VOLþQR ]D 9DãH OLþQH REDYH]H 9Dã SLVDüL VWR LOL GUXJL QHNL SUHGPHW QDUDYQRãWRYHüL NRMLVOXåLLVNOMXþLYR9DPD%LWQRMHGDSUHGPHWLOL REMHNDW NRML VWH RGUHGLOL ]D DVRFLMDWLYQR PHVWR LOL ED]X EXGH SRJRGDQ]DDVRFLUDQMHLWRXYHNNDRSUYLþODQDVRFLMDWLYQRJQL]D 6DGD PRåHWH XåLYDWL VYH SUHGQRVWL NRMH 9DP SUXåD DXWRPDWLND ODQ þDQRJPHWRGDSDPüHQMD.DNRVHEXGHWHWRNRPGDQDSULVHüDOLSRMHGLQLK SRVORYD NRMH WUHED GD REDYLWH VOHGHüHJ GDQD QD ELOR NRP RG JRUH SRPHQXWLK PHVWD ªED]D© WDNR LK MHGQRVWDYQR RGPDK DVRFLUDMWH NDR QRUPDOQH þODQRYH ODQþDQRJ QL]D þLML üH SUYL þODQ XYHN ELWL VDPD ªED]D© 1D WDM QDþLQ QLMHGDQ 9DP SRVDR QHüH L]PDNQXWL MHU JD PRåHWH RGPDK XYUVWLWL X QMHJRY ODQþDQL QL] EH] RE]LUD GD OL VWH QD XOLFL XVUHG GUXJRJ QHNRJ SRVOD QD SUHGDYDQMX LWG ãWR MH SRVHEQD SUHGQRVW RYRJ VLVWHPD $ YHRPD þHVWRPLVH SRMHGLQLK YDåQLK SRVORYD VHWLPRXSUDYRXWUHQXWNXNDGDQDPMHQDMQH]JRGQLMHGDLK]DSLãHPRMHU VPR]DX]HWLGUXJLPQHNLPYDåQLPSRVORP 2YDNRXUHÿHQVLVWHP]DDXWRPDWVNR SDPüHQMHUD]QLKSRVORYDL REDYH]DXVXãWLQLMHLGHQWLþDQVDSUHWKRGQLPSULPHURPRGUD]OLþLWLK SRVORYDJGHPHVWDREDYOMDQMDSRMHGLQLKSRVORYDª32â7$©ª$8720( +$1,ý$5© ª$327(.$© LWG PRJX GD SUHWVWDYOMDMX DVRFLMDWLYQD PHVWDLOLªED]H© 0HQWDOQDEHOHåQLFD'REUHPLVOLLSURGXNWLYQHLGHMHMDYOMDMXVH GRVWD UHWNR DOL VNRUR XYHN L]QHQDGD L QHRþHNLYDQR &HVWR VH GHãDYD GD QDP VH MDYOMDMX XSUDYR RQGD NDGD LPDPR QDMPDQMH YUHPHQD L PRJXüQRVWL GD LK ]DSLãHPR LOL GD VH QMLPD PDOR GXåH SR]DEDYLPR 1D SULPHU QDMEROMH LGHMH ]QDMX GD QDLÿX L GD VH QHRþHNLYDQR SRMDYH GRN VPR QD XOLFL GRN YRGLPR QHNL YDåDQ UD]JRYRU LOL GRN SRVPDWUDPR QHNX SR]RULãQX LOL ELRVNRSVNX SUHWVWDYX XRSãWH NDGD RELþQRUDGLPRQHNLGUXJLYDåDQSRVDR $ RQH VX NROLNR YDåQHWROLNR L SRVOH WHãNR XKYDWOMLYH $NR LK RGPDK QH ]DSDPWLPR LOL SULEHOHåLPRYHRPD þHVWR RGOD]H X QHSRYUDW =D
PQRJHJXELWDNGREULKLGHMDPRåHGDEXGHYHOLNLSUREOHPDQDURþLWR ]DUD]QH VWYDUDRFH NRQVWUXNWRUH SURQDOD]DþH NUHDWRUH 0HÿXWLP VYLPD QDPD WUHEDMX GREUH LGHMH L PLVOL X RGUHÿHQLP VOXþDMHYLPD 2YDM SUREOHP PRåHPR YHRPD MHGQRVWDYQR UHVLWL ª0HQWDOQRP EHOHåQLFRP©âWDMHXVWYDULªPHQWDOQDEHOHåQLFD©" 7R MH MHGDQ VLVWHP ]DVQRYDQ QD ODQþDQRP PHWRGX SDPüHQMD NRMLVOXåL ]D VLJXUQR ªKYDWDQMH©WHãNR XKYDWOMLYLK LGHMD 3RWUHEQR MH GD RGUHGLPR MHGQR PHVWR JGH üHPR ª]DEHOHåDYDWL© GREUH LGHMH 3UHSRUXþOMLYRMHGDWREXGH9DãHUDGQRPHVWRJGHVHLQDþHEDYLWH WDNYLP LGHMDPD L JGH LK NDVQLMH UD]UDÿXMHWH 5HFLPR GD VWH VH RGOXþLOL ]D 9DãX UDGQX VREX 8 QMRM RGUHGLWH QDMPDQMH ² SUHGPHWDNRMLüH9DPVOXåLWLNDRDVRFLMDWLYQHªED]H©QDSULPHU .DXþ 3LVDüDPDãLQD 6WROLFD 6WRQDODPSD 9UDWDUDGQHVREH ª.ORSND©]DWHãNRXKYDWOMLYHLGHMHVDGDMHVSUHPQD]D GHMVWYR .DGD 9DP VH SRMDYL WDNYD LGHMD VYHGLWH MH RGPDK QD RGJRYDUDMXüX NOMXþQXUHþLRGDEUDQXNOMXþQXUHþDVRFLUDMWH]DMHGQX RGªED]D©X9DãRMUDGQRMVRELQDSULPHU]Dª. DXþ©$NRMHLGHMD VORåHQLMD L QH GD VH VYHVWL QD MHGQX NOMXþQX UHþ RQGD PRåHWH QDSUDYLWL NROLNR åHOLWH SRWUHEQLK NOMXþQLK UHFL L RG QMLK MHGQRVWDYQR QDSUDYLWLODQþDQLQL]VWLPãWRSUYXNOMXþQXUHþQL]DXYHNDVRFLUDWHV ªED]RP© $NR VH GRJRGL GD LPDWH QHNROLNR LGHMD WDNRÿH QHPD SUREOHPD MHU ]D VYDNX LGHMX LPDWH SR MHGQX ªED]X© .DGD VH YUDWLWH NXüL X 9DãRM UDGQRM VREL ªþHNDüH © 9DV 9DãH QRYH GREUH LGHMHGDLK]DEHOHåLWHLOLGDOMHUD]UDGLWH 6LVWHP PHQWDOQH EHOHåQLFH PRåHPR XUHGLWL L ]D GUXJH YUVWH PDWHULMDOD L SRGDWDND SRVHEQR YDåQLK SRVORYD LWG 5HþMX ]D VYH ãWR åHOLPRSULYUHPHQRGDªPHQWDOQR]DEHOHåLPR© ýLP ]DEHOHåLPR SRWUHEQH SRGDWNH R QRYRM LGHML X VOXþDMX ª0HQWDOQH EHOHåQLFH© LOL REDYLPR SODQLUDQH SRVORYH X VOXþDMX ª$XWRPDWLNH ODQþDQRJ PHWRGD© DXWRPDWVNL üHPR ]DERUDYLWL IRUPLUDQH QL]RYH L DVRFLMDWLYQH ªED]H© ELüH SRQRYR VORERGQH ]D SULMHPQRYLKODQþDQLKQL]RYD1DWDMQDþLQDVRFLMDWLYQH ªED]H©QDP PRJXWUDMQRVOXåLWL]DSDPüHQMHRYDNYLKSRGDWDND 9L VWH VDGD X VWDQMX GD ]DSDPWLWH QL]RYH ELOR NRJ EURMD SRGDWDND NRML VH L]UDåDYDMX UHFLPD .DNR VH SDPWH QL]RYL SRGDWDND L]UDåHQL EURMHYLPD LOL IRUPXODPD ELüH GHWDOMQR REMDãQMHQR X QDUHGQLP SRJODYOMLPD 3URYHULWH 9DãH QRYR VWHþHQH VSRVREQRVWL VD QHNRPRVRERPL]9DãHRNROLQH1HND9DPVDPRMHGDQSXWL]GLNWLUD QL]RGLOLQHSRYH]DQLKUHFL SRVYRP L]ERUXL 9L üHWH ELWL X VWDQMX GD MRM JD EH] JUHãNH UHSURGXNXMHWH X RED SUDYFD RG VUHGLQHLOLRGUHFLNRMXRGUHGLXQL]X,]QHQDÿHQMH9DãHJLVSLWLYDþD ELüHSRWSXQRNDGDLVWLWDMQL]UHSURGXNXLHWHSRVOH²þDVDLOL² GDQD 9UDWLWH VH VDGD ]D WUHQXWDN QD 3RJODYOMH ª.DNR üHWH RGUHGLWL NYRFLMHQW L MDþLQX 9DãHJ VDGDQMHJ SDPüHQMD© L SRNXãDMWH SRQRYRUHVLWLª7HVWEU/LVWDNXSRYLQD©9DãQRYLUH]XOWDWXSLãLWH XUXEULNXªUH]XOWDW©LXSRUHGLWHJDVD9DãLPUDQLMLPUH]XOWDWRP 7DNRÿH QH SURSXVWLWH GD X ª0HPR ² PHWUX© XQHVHWH RGJRYDUDMXüH SRGDWNH UDGL SUDüHQMD 9DãLK UH]XOWDWD L 9DãHJ QDSUHGRYDQMDXRYODGDYDQMXWHKQLNDPDVLVWHPDWVNRJSDPüHQMD
0(17$/1$ .$5727(.$ 9(=1,0(72'3$0û(1-$
'D OL VWH VH QHNDG ]DSLWDOL GRN VWH þHNDOL QD UHFHSFLML QHNRJ KRWHOD NROLNR YHOLNX L YDåQX XORJX X SDPüHQMX UD]QLK XVOXJD KRWHOVNLP JRVWLPD L QMLKRYLK EURMQLK SRWUHED LPD SUHJUDGQLK ]D NOMXþHYH" 8]PLPR VDPR MHGDQ YHüL KRWHO NRML SULPD L SR QHNROLNR KLOMDGD JRVWLMX 6YDNL JRVW VYDNRJD GDQD SR QHNRONR SXWD GQHYQR WUDåLRYHXVOXJH .OMXþVYRMHVREH 2EDYHãWHQMHNRJDMHVYHWUDåLRX RWVXWQRVWL .RJDMHWUDåLRWHOHIRQRPXWRNXGDQDWMWHOHIRQVNH SRUXNH 3ULVSHOXSRãWXSLVPDWHOHJUDPHUD]JOHGQLFHãWDPSX 3RUHGWRJDSRVOHXEHOHåDYDQMDSRWUHEQLKSRGDWDNDX KRWHOVNX HYLGHQFLMX SUYRP ]JRGQRP SULOLNRP RELþQR NDGD VOHGHüL SXW WUDåLWH NOMXþ VYRMH VREH GRELüHWH L VYRMD OLþQD GRNXPHQWD 9Dã SDVRãLOLOLþQXNDUWXLWREH]JUHãNHLOL]DPHQH,WDNRVYDNLGDQRYDM MHGQRVWDYQL LQVWUXPHQW ]D RODNãDQMH L SRPRü SDPüHQMX UDGL EH] SUHVWDQND L QHXPRUQR REDYOMD VYRM RJURPDQ L UD]QRYUVWDQ SRVDR EH] SRJUHãNHSUHFL]QRQDSRWSXQR]DGRYROMVWYRLJRVWLMXLUHFHSFLMH 6OLþQR QXPHULVDQLP SUHJUDGDPD X UHFHSFLMDPD KRWHOD YHRPD VORåHQRELPDQLRGJRYRUDQSRVDRREDYOMDMXEU]RMHGQRVWDYQRLODNR QXPHULVDQH NXNH X YHOLNLP JDUGHUREDPD UD]QLK UHVWRUDQD VDOD SR]FULãQLK L ELRVNRSVNLK GYRUDQD %H] WRJ MHGQRVWDYQRJ VLVWHPD NODVLILNDFLMH L SRPRüL SDPüHQMX QDVWDOH EL RJURPQH NRPSOLNDFLMH VD QHVDJOHGLYLP SRVOHGLFDPD =DPLVOLWH VDPR GD QHNROLNR VWRWLQD LOL þDN KLOMDGD OMXGL QDVODåH VYRMH NDSXWH NLãREUDQH WDãQH ãHãLUH L ãDORYH QD MHGQX YHOLNX JRPLOX 3R ]DYUãHWNX SUHWVWDYH LOL SUHGDYDQMD QDVWDR EL WDNDY PHWHå L SRPHWQMD GD EL ELOL SRWUHEQL GDQLGDVYDNRGRÿHVDPRGRVYRMLKVWYDUL 8 RVQRYL RYLK MHGQRVWDYQLK L YHRPD SUHFL]QLK SRPDJDOD OHåL MHGDQSURVWSULQFLS]DSR]QDWRYH]XMHPRQHSR]QDWRLSRPRüXQDPD SR]QDWRJXYHNODNRQDOD]LPRRQRãWRVPR]DQMHJDSULNDþLOL²DWRMH QHSR]QDWR1D SULPHU SUHJUDGQLN ]D NOMXþHYH X UHFHSFLML KRWHOD RG SUHJUDGD IDKRYD LPD SUHJUDGH UHGRP QXPHULVDQH EURMHYLPD RGO² $XSUDYRWL EURMHYLSUHWVWDYOMDMXRQR ªSR]QDWR© ]D NRMH VSDMDPR UD]QH QDPD QHSR]QDWH VWYDUL DOL NRMH YHRPD ODNR L EU]R QDOD]LPR DNR QDP VH NDåH VDPR EURM RGQRVQR QDPD SR]QDWD VWYDU ,VWR WDNR JDUGHUREHU QH ]QD L QH PRåH GD SDPWL NRMLP OLFLPDSULSDGDMXSRMHGLQHVWYDULNRMHMHSULPLRQDþXYDQMH$OLNDGD PXVHSUHGDRGQRVQRSUHGRþLEURMNRMLMH]DQMHJDSR]QDWDVWYDURQ YHRPD ODNR L EU]R QDOD]L RGJRYDUDMXüH VWYDUL NRMH MH NDR QHSR]QDWHRNDþLRRNXNXVDWLPEURMHP 6OLþQD ]DNRQLWRVW YODGD L QDãLP SDPüHQMHP L VWLFDQMHP QRYRJ]QDQMD7D ]DNRQLWRVW]DKYDOMXMXüL NRMRM VWLþHPR GREDU GHR VYRMLK ]QDQMD L SDPWLPR YHOLNL GHR QRYLK SRGDWDND JODVL YHRPD MHGQRVWDYQR
'REDUGHRVYRJ]QDQMDVWLþHPRWDNRãWRVWYDULNRMHQH ]QDPRSRYH]XMHPRVDVWYDULPDNRMH]QDPR 2YDM MHGQRVWDYQL ]DNRQ SDPüHQMD þLQL RVQRYX MHGQH YHRPD YDåQH L HILNDVQH WHKQLNH VLVWHPDWVNRJ SDPüHQMD ² YH]QRJ PHWRGD SDPüHQMD .DGD SDPWLPR SR YH]QRP PHWRGX PL WDNRGH QHSR]QDWH VWYDUL L QRYH SRGDWNH YH]XMHPR VD QHþLP QDPD GREUR SR]QDWLP NDR ãWRMHL]PHÿXRVWDORJLSULURGDQQL]EURMHYDOLWG=DãWRX YH]QRP PHWRGX SDPüHQMD NRULVWLPR XSUDYR EURMHYH" =DWR ãWR QDP XSRWUHEDEURMHYDREH]EHÿXMHQHNROLNRþLQLODFDRGSUHVXGQHYDåQRVWL]D SDPüHQMHRGUHÿHQHYUVWHSRGDWDND 3UHFL]QRVW .ODVLILNDFLMX 6WURJLUHGRVOHG 0RJXüQRVWVWYDUDQMDVLVWHPDWL]RYDQLKQL]RYDQHSRYH]DQLKSR GDWDND 0RJXüQRVWUHSURGXNFLMHLNRULãüHQMD]DSDPüHQLKSRGDWDNDELOR NRMLPUHGRVOHGRPGHOLPLþQRLOLXFHORVWL .DR ãWR YLGLWH JRUH QDYHGHQH SUHGQRVWL SULNXSOMDQMD þXYDQMD L NRULãüHQMDUD]QLKSRGDWDNDREH]EHÿXMHXSUDYRVLVWHPNDUWRWHNHNRML MH]DVDGDQDMHILNDVQLMLLQH]DPHQOMLYVLVWHP]DGLVSRQLUDQMHRGUHÿHQLP YUVWDPDSRGDWDND 3RPRüX YH]QRJ PHWRGD SDPüHQMD PRJXüH MH L]JUDGLWL ªPHQWDOQH NDUWRWHNH© ]D þLWDYH REODVWL ]QDQMD L RJURPQH VHULMH UD]QRYUVQLK SRGDWDND 0HÿXWLP SRãWR VH EURM LOL VORYR NRMH VOXåL ]D NODVLILNDFLMX L ODNR SURQDODåHQMH VD QMLPD SRYH]DQLK SRGDWDND NRG SUDYH NDUWRWHNH PRåH QDSLVDWL WD PRJXüQRVW NRG QDãH EXGXüH PHQWDOQH NDUWRWHNH QH SRVWRML .RG QDãH PHQWDOQH NDUWRWHNH PL WDM EURM LOL VORYR NRMH üH VOXåLWL ]D NODVLILNDFLMX L ODNR SURQDODåHQMH ]DSDPüHQLK SRGDWDND PRUDPRSDPWLWL 6DPLSRVHELEURMHYLLOLVORYDXQHNRPQHRVPLãOMHQRPLOLQHSRYH ]DQRP QL]X YHRPD VH WHãNR SDPWH 1D SULPHU EURMHYL LOLVORYD QGUVDGVUQVVVU $OL DNR XRþLPR GD MH EURM X VWYDUL EURM QDãHJ WHOHIRQD D SUHRVWDOH FLIUH GD VDþLQMDYDMX ]DSUDYR UHJLVWDUVNLEURMQDãHJDXWRPRELOD²RQGDüHPRJRUHQDYHGHQL EURM DXWRPDWVNL L EH] LNDNYRJ QDSRUD ]DSDPWLWL $ ]DãWR" =DWR ãWR VPR JD NDR DSVWUDNWQX ]D QDV UDYQRGXãQX L QHSR]QDWX VWYDU GRYHOL X YH]X VD QHþLP ãWR MH ]D QDV L WH NDNR NRQNUHWQR ]DQLPOMLYR L SR]QDWR 1D VOLþDQ QDþLQ QDYHGHQL QHSRYH]DQL QL] VORYD PRPHQWDOQR üHPR ]DSDPWLWL DNR XRþLPR GD MH X VWYDUL VDVWDYOMHQ RG VORYD NRMD R]QDþDYDMXVNUDüHQHQD]LYHSRMHGLQLK]HPDOMD 1'5²1HPDþND'HPRNUDWVND5HSXEOLND 6$'²6MHGLQMHQH$PHULþNH'UåDYH 651²6DYH]QD5HSXEOLND1HPDþND 6665²6DYH]6RYMHWVNLK6RFLMDOLVWLþNLK5HSXEOLND 3UHGPHWQDWDEHOD]DSDPüHQMHSRYH]QRPVLVWHPX 2 YDåQRVWL RVPLãOMDYDQMD PDWHULMDOD NRML VH SDPWL NDR L R VDPLP WHKQLNDPD RVPLãOMDYDQMD ELüH JRYRUD X SRVHEQRP SRJODYOMX 2YGH üHPR VH SR]DEDYLWL ]D VDGD VDPR RVPLãOMDYDQMHP SULURGQRJ QL]D EURMHYDRGOGR
%URMO 79725$1-MHUWRUDQMVYRMLPJHRPHWULVNLPLL]GXåHQLP REOLNRPSRWVHüDQDEU %URM /$%8'MHUSRVPDWUDQVERNDMDVQRRFUWDYDNRQWXUHEUR MD %URM 7528*$2]ERJVYRMDXJOD7UHED]DPLVOLWLXSUDYRRQD NDYWURXJDRNDNDYVHNRULVWLXãNROL]DFUWDQMHJHRPHWULVNLKILJXUD QDãNROVNRMWDEOLWMRGGUYHWDLãWRYHüL %URM -('52 NRMH SRG SXQLP YHWURP SRVPDWUDQR VD VWUDQH X NRPELQDFLML VD MDUERORP GDMH SRWSXQX VOLNX EURMD ª-('52© SR SRWUHELPRåHWH]DPLVOLWLLNDRª-('5,/,&8© %URM =0,-$NRMDVYRMLPWHORPYHRPDþHVWR]DX]LPDSRORåDMREOLND VORYDª6©ãWRMDNRSRWVHüDQDEURM
%URM 0(7$5RQDMPHWDOQLGXåLQHRELþQRPNRMLL]YXþHQL] VYRMHRNUXJOHNXWLMH]D²FPGDMHWDþDQREOLNEURMD %URM 6(.,5$NRMDVDVYRMLPVHþLYRPLPDORSRYLMHQRP GUã NRPOLþLQDEURM %URM 3523(/(5LOLªHOLVD©VYRMLPXYUQXWLPREOLNRP YHRPD SRWVHüDQDEURM %URM 67$3]DãHWQMX NRMLVDVYRMRPVDYLMHQRPGUãNRP GDMH REOLNEURMD %URM .,â2%5$1LOLª6XQFREUDQ©SRãWRUDãLUHQVYRMLPRNUXJ OLPGHORPRGWHNVWLODLåLFHGDMH ª2©DGUãND ãWDS OLþL QD EURM ªO© ]QDþLªO©Lª©GDMXEURM
.DR ãWRVPRYHüQDJODVLOLVDP EURM GHOXMH VXYLãH DSVWUDNWQR GD ELJDPRJOLSDPWLWL$OLDNRJDSRYHåHUURVDQHNLPSUHGPHWRPNRML PX MH MDNR VOLþDQ RQGD VPR WDM LVWL EURM GR OH PHUH RVPLVOLOL NRQNUHWL]RYDOL L SULEOLåLOL JD QDãHP RVWDORP ]QDQMX GD JD YHRPD ODNR PRåHPR DVRFLUDWL 1D SULPHU DNR 9DP VH VDGD SUHGRþL ª7528*$2© 9L üHWHRGPDKSRPLVOLWLQDEURM,OLDNRYLGLWHEURM 9LüHWHVHRGPDKVHWLWLª3523(/(5$©LWG 2YDª3UHGPHWQDWDEHOD]DSDPüHQMHSRYH]QRPPHWRGX©NRMX VPRGRVDGDNRPSRQRYDOL]DEURMHYHRGO²]DVQLYDVHXVWYDULQD DVRFLMDWLYQRMYH]LNRMDSRVWRMLL]PHÿXREOLNDVDPRJEUQMDLREOLND QHNRJ SRJRGQRJ SUHGPHWD LOL REMHNWD $ WR ]QDþL GD X RYRM 3UHGPHWQRM WDEHOL© SRMHGLQL SUHGPHWL LOL REMHNWL VX RGDEUDQL ]DWR L WDNRGDVYRMLPREOLNRPþLPVHSUHGRþHQDãRMSDåQMLRGPDKDVRFLUDMX LSRWVHüDMXQDRGJRYDUDMXüLEURM =D QDãH SUDNWLþQH SRWUHEH SUHFL]QRJ SDPüHQMD UD]QLK SRMPRYD VWYDUL L GUXJRJ PDWHULMDOD QHRSKRGQR MH GD QDãX ª3UHGPHWQX WDEHOX ]D SDPüHQMH SR YH]QRP VLVWHPX © GDOMH SURãLULPRLNRPSOHWLUDPRGREURMD %URM )8'%$/RE]LURPGDXWLPXLJUDLJUDþD$OL9LXYHN ]DPLVOLWHª)XGEDO©NDRIXGEDOVNXORSWX %URM &$6291,.EXGXüLGDMHVLPEROEURMDGDLPD EURMNLQDEURMþDQLNXGDMHª©SRVOHGQMDEURMNDLVL %URM 6(0$)25þLMLMHVWXERGOLþQD]DPHQD]DEUODWUL VYHWODQDVHPDIRUXFUYHQRQDUDQGåDVWRL]HOHQR VLPEROVXEURMD 3RUHGWRJDQHNLVPDWUDMXEU]DªPDOHUR]DQ©EURMDDNRQDPVH VOXþDMQRGHVLGDSURMXULPRªNUR]FUYHQRVYHWLR ©QDUDVNUVQLFLRQGD ]DLVWDPRåHGDQDPVHGHVLPDOHU %URM 9(75(1-$&$,DNRVNRURSRWSXQRLãþH]DYDLVOXåLVDPR ]DWXULVWLþNXDWUDNFLMXLSDNQMHQD]JUDGDSRWVHüDQDEUODNUL ODVLPEROLãXEU %URM 3(ûDOLRQDQDNODVLþQRJRULYRLOLQDIWXªORåXOMH© MHU SRVPDWUDQDVERNDVDPDSHüGDMHEUODL]YLMHQLþXQDNXREOLNXVOR YDª6©OLþLQDEU %URM /8/$NRMDQDMHGQRQRåQRPVWDONX EU VYRMLPRE OLNRPGDMHVOLNXEURMD %URM +$5)$3RVPDWUDQDVERNDRQDMHYHUQDVOLNDEURMD %URM 9,2/,1$þLMLYUDWGDMHEUODVDPRWHORYLROLQHYHRPD SRWVHüDQDEU %URM 6$%/-$,VXNDQDª6DEOMD©MHEUDQMHQHNRULFHVLP EROL]LUDMXEU %URM &,*$5(7(MHULKXNXWLMLLPDNRPDGD %URM 3872.$=þLMLVWXEGDMHEUODRELþQRWDEOH]DSUD YDFVWRMH]DEU %URM 6$21,&(NRMHVDVYRMDL]YLMHQDVDRQLNDGDMXWD2DQ REOLNEURMD %URM 752-.$ªUXVNDWURMND©NRMDLPDVHGLãWDDXSUHJQX WDVXNRQMD %URM 5('92 ä1-(MHUGDMHNUHWDQMHYR]RYDLOLDXWREXVD]D VYLKþDVD1DMEROMHMHGD]DPLVOLWHYHOLNLª5HGYRåQMH©NDNYLVH QDOD]HQDåHOH]QLþNLPLOLDXWREXVNLPVWDQLFDPD
%URM 9(1$&NRMLPVHXYHNR]QDþDYDMXELOHMRGJRGLQD %URM /(679(L]GHODNRMHXVYDNRPGHOXLPDMXSRSUH þDJD %URM .$'$.XSDWLOR XNRMRMWHPSHUDWXUDYRGH]DNXSDQMH SUHPDPHGLFLQVNLPQRUPDPDWUHEDGDEXGHXYHN& %URM 1$2&$5(VDGUåDþDL]DVWDNOMHQLPGHORPNDREU %URM '(9$.DPLOD NRMDLPDJUEHDLPHª'HYD©SRWVHüD QDEURM %URM 0(5&('(6$XWRPRELO þLMLMH]QDNVLPEROEURMD NUDND]YH]GDXNUXJXNRMLXRYRPVOXþDMX]DPHQMXMHª2© 1D WDM QDþLQ DVRFLUDQMHP EURMHYD VD RGJRYDUDMXüLP SUHGPHWLPD NRML VYRMLP REOLNRP LOL GUXJLP QHNLP RVREHQRVWLPD SRWVHüDMX OLþH LOL LPDMX GUXJH QHNH YH]H VD SRMHGLQLP EURMHYLPD GRELOL VPR MHGDQ QRY YHRPD HILNDVDQ LQVWUXPHQW SDPüHQMD ² ª3UHGPHWQXWDEHOX]DSDPüHQMHSRYH]QRPVLVWHPX©NRMXüHPRNUDüH ]YDWLVDPRª3UHGPHWQDWDEHOD© 35('0(71$7$%(/$=$3$0û(1-(329(=120 6,67(08 79725$1)8'%$/ 3872.$= /$%8' &$6291,. 6$21,&( 7528*$2 6(0$)25 752-.$ -('52 9(75(1-$&$ 5('92ä1-( =0,-$ 3(û 9(1$& *0(7$5 /8/$ /(679(
6(.,5$ +$5)$ .$'$ 3523(/(5 9,2/,1$ 1$2&$5( â7$3 6$%/-$ '(9$ .,â2%5$1 &,*$5(7( 0(5&('(6 2YXWDEHOXWUHEDWDNRGREURGDQDXþLWHGDMHPRåHWHUHSURGXNR YDWLEU]RLEH]JUHãNH SREURMHYLPD SRSUHGPHWLPD XRED SUDYFD L WR SR EURMHYLPD L SUHGPHWLPD L QDSUHVNRN WDNRÿH SR EURMHYLPD L SUHGPHWLPD 2QD VH GREULP GHORP VDPD SR VHEL SDPWL L 9L YHü ]QDWHYHüLQXVWDYNLWDEHOH$OLDNRåHOLWH GDMHGREURVDYODGDWH RQGD X]PLWH NDUWRQþLüD LOL NDUWLFD L QD VYDNRM V MHGQH VWDUQH QDSLãLWH EURM D VD GUXJH RGJRYDUDMXüL SUHGPHW WDEHOH .DUWLFH QRVLWHXYHNVDVRERPLXVYDNRPVORERGQRPWUHQXWNXGRYROMQRMHL ² PLQ YUHPHQD SURYHUDYDMWH VYRMH ]QDQMH .DUWLFH NRMH GREUR ]QDWHSR VYLP NULWHULMLPD RG GR RGORåLWH X GåHS 7DNR üH VH YHRPD EU]R VPDQMLYDWL EURM NDUWLFD NRMH MRã GREUR QH ]QDWH .DGD EXGHWH RGOXþLYDOL R WRPH GD + VWH WDEHOX GREUR XVYRMLOL L QDXþLOL LPDMWHQDXPXSULQFLS
ª3UHGPHWQD WDEHOD© PRUD GD EXGH QHãWR ãWR 9DP MH GREUR SR]QDWR ãWR RGOLþQR ]QDWH QHãWR 9DãH ]D NRMH üHWH DVRFLUDWLLYH]LYDWLQHSR]QDWRUHFLSRMPRYHSRGDWNH
6DGDNDGDVWH SRWSXQRXVYRMLOL ª3UHGPHWQXWDEHOX© L NDGD MH PRåHWH EH] UD]PLãOMDQMD UHSURGXNRYDWL X ELOR NRP SUDYFX PRåHWH SUHüL QD SDPüHQMH WDNYLK SRGDWDND L VHULMD LQIRUPDFLMD NRG NRMLK VH WUDåL SRWSXQD SUHFL]QRVW WDþQD NODVLILNDFLMD L PRJXüQRVW UHSURGXNFLMHRGQRVQRNRULãüHQMDYDQUHGRVOHGDLQDSUHVNRN
3ULPHQDª3UHGPHWQHWDEHOH© 8]PLPR NDR SULPHU ]D 9DãX SUYX SULPHQX ª3UHGPHWQH WDEHOH© GD WUHED GD PHPRULUDWH 9DãH FHORNXSQH REDYH]H NRMH üHWH LPDWLSRGDQLPDRGOGRVHSWHPEUD 3UHWSRVWDYLPR WDNRÿH GD üHWH VYDNRJ GDQD LPDWL SR MHGQX YDåQX REDYH]X 8 NDVQLMLP SRJODYOMLPD üHWH YLGHWL NDNR VH PRåH SDPWLWL SURL]YROMQR YHOLNL EURM REDYH]D X MHGQRPGDQXD]DþLWDYPHVHFGDQD 1DMSUH üHWH VYLK SRVORYD 9DPD YHü SR]QDWRP PHWRGRP VYHVWLQDNOMXþQLKUHFL3UHWSRVWDYLPRGDVXWRRYHUHFL /DPSD =XE 8SDOMDþ 6XQFH 7UDPYDM $XWR 6OLND 6DSXQ 5DGLR .QMLJD 7HOHYL]RU )RWHOMD 2UPDQ 6WDWXD &LSHOH 0RUQDU 2JOHGDOR 1DOLYSHUR .XWLMD %UDYD .DOHQGDU 5DNHWD 9D]D 5DGLMDWRU %LFLNO .RQM 3UVWHQ 7DãQD 9UDWD 7HOHIRQ =DWLP üHWH SRYH]DWL UHGRP X] VYDNL SUHGPHW ª3UHGPHWQH WDEHOH© SR MHGQX NOMXþQX UHþ QD SULPHU VD ª 79 725$1-© DVRFLUDüHWH ª /$03$© VD ª /$%8'© SRYHåLWH ª $872© VD ª 7528*$2© DVRFLUDMWH ª 6/,.$© LWG GR NUDMD 3UL DVRFLUDQMX NOMXþQLK UHFL VD SUHGPHWLPD L] WDEHOH NRULVWLWH 9DPD YHü GREUR SR]QDWX ª$VRFLMDWLYQX WHKQLNX ]D SDPüHQMH SDURYD UHFL© NRMD MH GHWDOMQRL]ORåHQDX ª3RJODYOMX $VRFLMDWLYQD WHKQLND© ]DMHGQR VD RVDP VSHFLMDOQLK WHKQLND DVRFLUDQMD L]ORåHQLK X ª 3RJO /DQþDQL PHWRGSDPüHQMD©
3ULPHUDUDGLQDYHãüHPRSDUDVRFLMDFLMD ª79725$1-²/$03$©1DMSUHX VHELNDåHPRUHGQLEURM XRYRPVOXþDMXª-HGDQ©LRGPDKVHSUHGQDãLPªGXKRYQLPRþLPD© DXWRPDWVNLSRMDYOMXMHª79725$1-©NRQNUHWDQRJURPDQYLVRNVD NUXåQLPUHVWRUDQRPLWGGDNOHXSUDYRRQDNDYNDNDYVPRYHüYLGH OLXQHNRPYHOHJUDGX=DWLPSRJOHGDPRNOMXþQXUHþSRGLVWLPEUR MHPLOLMHþXMHPRDNRQDPQHNRGLNWLUDª/$03$©L]DPLVOLPR ª/$038©WDNRÿHUHDOQXUHFLPRVDQDãHJSLVDüHJ VWRODDOLMDNR XYHOLþDQXNDNRQDYUKXª797251-$©XQRüLNLORPHWULPDXQDRNR ORRVYHWOMDYDRNROLQX3RMDþDMWHXSHþDWOMLYRVWLSODVWLþQRVW9DãHDVR FLMDFLMHUHFLPRGXYDQMHPYHWUDNODüHQMHPª/$03(©QDYUKXGL QDPLþQLPVYHWORVQLPHIHNWLPDSRNUHWDQMHPVHQNLLRVYHWLMHQLPNUX åQLPUHVWRUDQRPNRMLXQRüLNDRRJUOLFDRGGUDJXOMDXNUDãDYDYLWNX VLOXHWXª797251-$©&HRRYDMSUL]RUGRYROMQRMHGDGRþDUDWHVHEL LGDJDªYLGLWH©QDSDUVHNXQGL=DWLPRGPDKSUHÿLWHQD VOHGHüX DVRFLMDFLMX ª/$%8'²$872©3RQRYRXVHELUHFLWHEURMNRMLQDLOD]LSR UHGXª'YD©LDXWRPDWVNL9DPVHXPDãWLSRMDYOMXMHª/$%8'©3R JOHGDWHLOLþXMHWHDNR9DPGLNWLUDMX NOMXþQXUHþSRGLVWLPEUR MHPª$872©=DPLVOLWHQDSULPHUª/$%8'$©NDNRªYR]L©ª$8
72© YHOLNRP EU]LQRP ªýXMWH© EUXMDQMH PRWRUD ãNULSX NRþQLFD QD NULYLQDPD ªRVHWLWH© PLULV L]GXYQLK JDVRYD L SUDãLQH NRMH ª$872© RVWDYOMD ]D VRERP , RYDM SUL]RU GRþDUDMWH VHEL VQDJRP VYRMH LPDJL QDFLMHLªSRVPDWUDMWH©JDQHNROLNRVHNXQGL 1D VOLþDQ QDþLQ SRYHåLWH SUHRVWDOH NOMXþQH UHFL VD RVWDOLP SUHG PHWLPD L] WDEHOH GR NUDMD WM VYLK NOMXþQLK UHFL L SUHGPHWD =DWLP UHSURGXNXMWHVYLKNOMXþQLKUHFLRGOGR3ULUHSURGXNFLMLSRVWXSD WHRYDNR 1DMSUHXVHELNDåHWH EURM QD SULPHU ª%URM© $XWRPDWVNL 9DP VH X PDãWL SRMDYOMXMH ª/$%8'© ýLP VWH ªXJOHGDOL© ª/$%8'$© RGPDK ªYLGLWH© NDNR YR]L ª$872© L JODVQR L]JRYDUDWH ª%URM GYD ² DXWR© , WDNRUHGRPSREURMHYLPDGRNUDMDWDEHOH =DPROLWHQHNRJ GD SUHNRQWUROLãH 9DãH QRYH VSRVREQRVWL X SDPüH QMX 3UHGDMWH PX VSLVDN RG NOMXþQLK UHFL L UHSURGXNXMWH PX LK X VYLP SUDYFLPD 1MHJRYR GLYOMHQMH L þXÿHQMH SUHWYRULüH VH X ]DSUHSDã üHQMHNDGDPXQDGDWLUHGQLEURM RGQRVQR X RYRP VOXþDMX GDWXP ND åHWH WDþQR RGJRYDUDMXüX NOMXþQX UHþ D NDGD 9DP SURþLWD ELOR NRMX NOMXþQX UHþ 9L PX RGPDK L EH] JUHãNH NDåHWH WDþDQ UHGQL EURM 3RJR WRYRDNRPXUHSURGXNFLMXXVYLPSUDYFLPDSRQRYLWHNUR]QHNROLNRGD QDãWR]D9DVQHüHELWLQLNDNDYSUREOHP 3UHPD WRPH 9L VWH VDGD X VWDQMX GD EU]R ODNR L WUDMQR SDPWLWH FHORNXSQH9DãHLOLWXÿHREDYH]H]DFHRPHVHFGDQDLWRSRGDQLPD]D VYDNL GDQ SRVHEQR 9L VWHX PRJXüQRVWL GD VDGD DSVROXWQR VLJXUQR L HIL NDVQR UDVSRODåHWH 9DãLP ªURNRYQLNRP© ]D GDQD DNR VDPL åHOLWH GD ]QDWH LOL 9DV QHNR SLWD NDNYH REDYH]H VWH SUHGYLGHOL QD SULPHU RJ RJ L RJ VHSWHPEUD 9L üHWH PRüL RGJRYRULWL VLJXUQR WDþQR L EH] SUHPLãOMDQMD 3RPRüX ª3UHGPHWQH WDEHOH© L YH]QLP PHWRGRP PRåHWH SDPWLWL UD]QRYUVQH SRGDWNH SODQRYH ãHPH WDEOLFH L RVWDOH PDWHULMDOH NRML VX 9DP SRWUHEQL X 9DãHP åLYRWX L UDGX D ãWR üH ELWL SRVHEQR REUDÿHQR X QDUHGQLPSRJODYOMLPD =DãWRVHVDGDQHELPDOR YUDWLOLQD3RJODYOMHEULSRNXãDOL SR QRYRUHVLWLª7HVWEU5RNRYQLN²PHVHþQLUDVSRUHGREDYH]D©".DR YHü SRRGPDNORJ VWUXþQMDND X SDPüHQMX VPDWUDPR ]D VXYLãQR GD 9DV SRVHEQRSRWVHüDPRGD9DãHQRYHUH]XOWDWHXSLãHWHXSUHGYLÿHQHUXEUL NHSRVOHVDPRJWHVWDLXª0HPRPHWUX© $OIDEHWVNDWDEHOD]DSDPüHQMHSRYH]QRPVLVWHPX 3RVOH SUHPLMHUH VYRJ GHOD ª6LUDQR GH %HUåHUDN© X &RPHGLH )UDQ FDLVHIUDQFXVNLSHVQLN(GPRQ5RVWDQ(GPRQG5RVWDQG MHG YD MH VWL]DR GD RGJRYRUL QD VYD þHVWLWDQMD VYRMLK SULMDWHOMD L SR]QDQLND 0HÿX QMLPD MH ELR L MHGDQ VDPRXYHUHQL ERJDWDã NRML MH SHVQLNX þHVWR JRYRULR R VYRMLP XVSHVLPD KYDOHüL VH GD MH VYH VWYRULR VD VYRMLK GHVHW SUVWLMX3ULPDMXüLQMHJRYRþHVWLWDQMH5RVWDQPXVH]DKYDOLUHFLPD ² (WR GUDJL SULMDWHOMX VYH RYR ãWR 9DV WROLNR X]EXÿXMH L RGX ãHYOMDYDVWYRULRVDPVDPRVDVORYLPDQDãHJDOIDEHWD 6YDNDNR5RVWDQMHYHRPDPQRJRVWYRULRVDVORYLPDDOIDEHWDNDR LPQRJLGUXJLVWYDUDRFLSUHLSRVOHQMHJD0HÿXWLPVDVORYLPDDOIDEHWD
VHPQRJRPRåHSRVWLüLLXSDPüHQMX-HGDQRGHILNDVQLKQDþLQDMHSXWHP ª$OIDEHWVNHWDEHOH]DSDPüHQMHSRYH]QRPVLVWHPX©,XVOXþDMXª$OID EHWVNH WDEHOH© NRULVWLPR LVWX ]DNRQLWRVW GD ]D SR]QDWR YH]XMHPR QHSR]QDWR L QD WDM QDþLQ JD HILNDVQR SDPWLPR .DR L EURMHYH VORYD X QHSRYH]DQRP QL]X WHãNR SDPWLPR $OL DNR LK RVPLVOLPR NDR QD SULPHU X UHFLPD RQGD MH ODNR SDPWLWL QH VDPR VORYD YHü L QMLKRY UHGRVOHG 1D SULPHU QL] RG VORYD N ² Q ² M ² L ² J ² D YHRPD ODNR SDPWLPR L WR WDþQR SR GDWRP UHGRVOHGX MHU PRåHPR GD JDRVPLVOLPRIRUPLUDQMHPUHFLªNQMLJD© .DR ãWR 9DP MH SR]QDWR DOIDEHW X VYDNRP MH]LNX VOXåL NDR RGOLþQR VUHGVWYR ]D NODVLILNDFLMX L ODNR GLVSRQLUDQMH UD]QLP SRGDFLPD RG VYLK PRJXüLK YUVWD NDUWRWHND GR YHOLNLK UHþQLND L HQFLNORSHGLMD %H] DOIDEHWD QH ELVPR VH PRJOL QL VQDOD]LWL UHFLPR X MHGQRM YHOLNRM HQFLNORSHGLML QLWL NRULVWLWL RJURPDQ IRQG ]QDQMD VDNXSOMHQXQMRM $OIDEHW QDP PRåH YHRPD PQRJR NRULVWLWL QH VDPR X NODVLILNDFLML UD]QRYUVQLK SRGDWDND L ]QDQMD QHJR L X QMLKRYRP HILNDVQRP SDPüHQMXVDPRMHSRWUHEQR GD JD NDR L QL] SULURGQLK EURMHYD NRML VPR NRULVWLOL ]D ª3UHGPHWQX WDEHOX© QD SRJRGDQ QDþLQ RVPLVOLPR $OIDEHW üHPR RVPLVOLWL NDR L EURMHYH X ª3UHGPHWQRM WDEHOL© RGJRYDUDMXüLP UHFLPD 6DPR ãWR üHPR X RYRP VOXþDMX MHGQRVWDYQR X]HWL UHFL NRMH SRþLQMX RGJRYDUDMXüLP VORYRP DOIDEHWD 2YGH VX QDYHGHQHGYHDOIDEHWVNHWDEHOH]DüLULOLþQXLODWLQLþQXYHU]LMXDOIDEHWD 'REUR MH GD ]QDWH REH WDEHOH RE]LURP GD VH PDWHULMDO NODVLILNXMH X VYLP REODVWLPD ]QDQMD L GHODWQRVWL L SR üLULOLþQRP D L SR ODWLQLþQRP UHGRVOHGX
$/)$%(76.$7$%(/$=$3$0û(1-(329(=120 0(72'8 ûLULOLþQLUHGRVOHG $²$872 -²-8',7$ 6²6$17$ %²%,1$ .².$721 7²7$1,1 9²9,-$. /²/,',-$ &²&(0$1( *²*$5 /-²/-87,52- 8²815$ '²'(/2 0²0(7/$ )²),1$/,67$ ²,, 1²1$7$6$ +²+$1'$5 (²(.,3$ 1-²1-(*26 &²&,1. ²ä,9$ 2²27925 &²ý8129, =²=(%5$ 3²38723,6 '=²'ä,1,%2$ ,²,=$6/$1,. 5²5$1$& 6²â80,&$ ª9,-$.©=DYUWDQM ]DPLVOLWHQDUDYQRãWRYHüL=Dª'(/2©]D PLVOLWH QHNR 9DPD GREUR SR]QDWR YDMDUVNR GHOR 0DOD GHFD ]RYX GUYHQRJ NRQMD ]D OMXOMDQMH ª,,© ªä,98© PRåHWH ]DPLVOLWL NDR PHWDO åLYX LOL NDR ª7HUPRPHWDU© þLML MH ELWDQ VDVWRMDN LOL PRåGD ]QDWH QHNX RVREX SR LPHQX ªä,9$© =D ª-8',78© ª/,',-8© L ª1$7$68© ]DPLVOLWH 9DãH SR]QDQLFH VD RGJRYDUDMXüLP LPHQLPD ª27925©PRåHWHSUHWVWDYLWL NDR ªRWYRU© LOL ªUXSX© X ]LGX LOL QHNRM RJUDGL ª7$1,1© NRJD LPD X FUQRP YLQX ]DPLVOLWH NDR ªþDãX GREURJ FUQMDND© ª8158© PRåHWH SUHWVWDYLWL NDR ORNRPRWLYX VD QDWSLVRP ª8155$© X åXWRM ERML NDNYH MH XSUDYR RYD DJHQFLMD 281 LVSRUXþLYDOD PQRJLP ]HPOMDPD RGPDK SRVOH UDWD ª&,1.© ]DPLVOLWH NDRWDEOXLOLSORþXRGFLQND
$/)$%(76.$7$%(/$=$3$0 û(1-(329(=120 0(72'8 /DWLQLþQLUHGRVOHG $²$'$ *²*(2'(7 2²21'8/$&,-$ %²%$1 +²+8',1, 3²3$121$& &²&,0(7 ,²,'(-$ 5²5(120( &²&(+ -²-('52 6²6,1(5$0$ &²û(/$ .².27/29, 6²â1$/$ '²'8' /²/(7$ý 7²781O=$1,1 'å²'å$. /-²/-87.2 8²818. ²$92 0²0('9(' 9²9,1291,. (²(32/(7( 1²1$73,6 =²=(1%8',67$ )²)2726 1-²1-81-(= =²ä0,*$9$& ª+8',1,-$© +DUU\ +RXGLQL SR]QDWRJ PDÿLRQLþDUD ]DPLVOLWH XSUDYR NDR QHNRJ ª0DÿLRQLþDUD© XNROLNR QLVWH JOHGDOL ILOP ª+RXGLQL©VD7RQL.HUWLVRP7RQ\&XUWLV XJODYQRMXOR]L8NDULNDWX UDPDVHUDÿDQMHLGHMHSUHWVWDYOMDXSDOMHQRPVLMDOLFRP]Dª,'(-8©]D PLVOLWHXSDOMHQXYHOLNXVLMDOLFX=Dª/-87.$©X]PLWHSR]QDWRJ'L]QL MHYRJMXQDNDL]ª6QHåDQDLVHGDPSDWXOMDND©.DRª1-81-(=$©]DPL VOLWH MHGQRJ ãSDQVNRJ NRQNYLVWDGRUD L] ;9, YHND ª3$121&$© üH GREURSUHWVWDYOMDWLQHNL9RMYRÿDQLQª/DOD© LOL6ODYRQDFXQDURGQRM QRãQML=D ª5(120(©X]PLWHQHNRJ 9DPDGREURSR]QDWRJ SHYDþD VD UHQRPHRP ª781O=$1,1$© SUHGRþLWH VHEL NDR $UDSLQD X EHGXLQVNRM QRãQML D ª=(1 %8',678© ]DPLVOLWH NDR EXGLVWLþNRJ UHGRYQLND X QMLKRYRMRGHüLQDUDQGåDVWHERMHLREULMDQHJODYH 2EH WDEHOH VX VSHFLMDOQR NRQVWUXLVDQH =DSD]LOL VWH GD VX UHFL X REHWDEHOH QXPHULVDQH EURMHYLPD X ]DJUDGL 7R MH XþLQMHQR L] UD]ORJD ãWR MH þHVWR YHRPD YDåQR ]QDWL QH VDPR UHGQL EURM SRMHGLQLK VORYD X DOIDEHWX YHü L UHGQL EURM VDPH UHFL X DOIDEHWVNRM WDEHOL QDURþLWR SUL SDPüHQMX RGUHÿHQH YUVWH SRGDWDND =QDþL VYDND UHþ X ª$OIDEHWVNRM WDEHOL© VYRMLP SRþHWQLPVORYRPND]XMH QDP RGJRYDUDMXüH VORYR VDPRJ DOIDEHWDDVYRMLPSUYLPQDUHGQLP68*/$61,.20SRVOHWRJSRþHWQRJ VORYD ² UHGQL EURM VORYD X DOIDEHWX RGQRVQR VDPH UHFL X ª$OIDEHWVNRM WDEHOL© 1D SULPHU UHþ L] ª$OIDEHWVNH WDEHOH© VD UHGRVOHGRPüLULOLFHª6$17$©VYRMLQLLQLFLMDORPGDMHQDPRGJRYDUDMXüH VORYR ª6© D VYRMLP SUYLP QDUHGQLP VXJOD VQLNRP RGQRVQR SUYLP L GUXJLP UHGQL EURM VORYD X DOIDEHWX L VDPH UHüL EU .DNR VH VORYLPD REHOHåDYDMX EURMHYL ELüH GHWDOMQR REMDãQMHQR X MHGQRP RG QDUHQLKSRJODYOMDRSDPüHQMXEURMHYDLQXPHULþNLKYUHGQRVWL ª$OIDEHWVNLPWDEHODPD©PRJXVHSDPWLWLSRYH]QRPPHWRGXUD] QRYUVQL SRGDFL UD]QH UHüL L QD]LYL SRMPRYL D L GUXJL SRGDFL QDURþLWRRQLVYUVWDQLSRA,IDEHWVNRPUHGRVOHGXPRJXVHODNRSDPWLWL L þLWDYH NDUWRWHNH VYUVWDQH SR DOIDEHWX 3RUHG WRJD VYDNX DOIDEHWVNX WDEHOXPRåHWHNRULVWLLWLNDRª3UHGPHWQXWDEHOX©VDNDSDFLWHWRPRG PHVWDSRãWRSRVHGXMHLQXPHUDFLMXSRUHGRVOHGX .ROLNRYHOLNLPRJXGDEXGXVPHãWDMQLNDSDFLWHWLª$OIDEHWVNLKWD EHOD© L]PHÿX RVWDORJ PRåH GD QAP NDåH L OLþQR VYHGRþDQVWYR þXYHQRJ LWDOLMDQVNRJ SUDYQLND L] ;9 YHND 3LHWUD GH 5DYHQQD 3LHWUR 7HPUQDL NRJDVPRYHüVSRPHQXOLX3RJODYOMX-RãNDRVWXGHQWRQ MH SUHG VYRMLP SURIHVRURP $OHNVDQGURP 7DUWDQMLMHP GD ,PROD $OHVVDQGUR7DUWDJ
QL GD ,PROD QD XQLYHU]LWHWX X 3DYLML QDSDPHW UHFLWRYDR ªWRWXP FRGLFHPLXULVFLYLOLV©ªVYH]DNRQHJUDÿDQVNRJSUDYD© 2QVDPNDåH ª 2JQL JLRUQR OHJR VHQ]D ELVRJQR GL DOFXQ OLEUR OH PLH OH]LRQL GL GLULWWR FDQRQLFR SURSULR FRPH VH DYHVVL LO OLEUR GLQDQ]L DJOL RUFKL ULFRUGR D PHPRULD LO WHVWR H OH JORVVH H QRQ RPHWWR EHQFKH PLQLPD VLODED +R FROORFDWR LQ GLFLDQQRYH OHWWHUH GHOO DOIDEHWR YHQWLPLOOD SDVVL GHO GLULWWR FDQRQLFR H GL TXHOOR FLYLOH H QHOOR VWHVVR RUGLQH VHWWHPLOOD SDVVL GHL OLEUL VDFUL PLOOH FDUPL GL 2YLGLR GXHFHQWR VHQWHQ]H GL &LFHURQH WUHFHQWR GHWWL GHL ILORVRIL OD PDJJLRU SDUWH GHOO RSHUDGL9DOHULR0DVVLPR© 3DPüHQMHSRPRüXDOIDEHWVNLKWDEHOD =DQDãSUYLSULPHUSDPüHQMDSRYH]QRPPHWRGXSRPRüXª$OID EHWVNHWDEHOH©X]HüHPRSDPüHQMHMHGQHUREQHNDUWRWHNHVUHÿHQHSRUH GRVOHGXODWLQLFHUHFLPRMHGQHYHOLNHUREQHNXüH .DUWLFD 1D]LYSURL]YRGD .DUWLFDVD 1D]LYSURL]YRGDQDNDUWLFL VD QDNDUWLFL VORYRP VORYRP ² $NXPXODWRUL / ² /XWNH $ ² %LFLNOL /- ² /MXOMDãNH % ² &HGLOD 0 ² 0DãQH & ² ýDãH 1 ² 1DPHãWDM & ² &LOLPL 1- ² 1MLKDOLFHVDWQH & ² 'XJPDG 2 ² 2JOHGDOD ' ² 'åH]YH 3 ² 3RVXÿH ' ² LQÿXYH 5 ² 5HãRL ² (NVHUL 6 ² 6LMDOLFH ( ² )LOPRYL 6 ² âWHGQMDFL ) ² *REOHQL 7 ² 7UXEH * ² +ODGQMDFL 8 ² 8GLFH + 9 ² ,JOH ² 9HQWLODWRUL , = ² =DYHVH ² -DVWXFL å ² äLFD ² .DSH .
6YH RYH DUWLNOH QD SR]QDWL QDþLQ DVRFLUDüHPR VD RGJRYDUDMXüLP UHFLPD L] ª$OIDEHWVNH WDEHOH© NRPH YLãH RGJRYDUD XPHVWR PQRåLQH PRåH GD X]LPD JRUQMH DUWLNOH X MHGQLQL XPHVWR ª$NXPXODWRUL© PRåH GD DVRFLUD VDPR ª$NXPXODWRU© GDNOH MHGDQ ª$NXPXODWRU© 7DNR üHPR ª$NXPXODWRU© SRYH]DWL VD ª$GRP© ª%LFLNO© VD ª%DQRP© LWG UHGRP GR NUDMD 3RãWR UHSURGXNFLMRP RG ª$© ª$'$© GR ª© ªä0,*$9$&© SURYHULPR GD OL VPR GREUR ]DSDPWLOL FHR QL] PRüL üHPR YHRPD HILNDVQR GD VH VOXåLPR QDãRP ª0HQWDOQRP NDUWRWHNRP© WM GD QD SUHVNRN UHSURGXNXMHPRVDGUåDMSRMHGLQLKNDUWLFD'RYROMQRMHGDQDPVHVDPR ]DGD VORYR L PL üHPR ODNR L VLJXUQR RGPDK UHüL NRML MH DUWLNDO ]DSLVDQ QD WRM NDUWLFL 1D SULPHU WUDåL VH VDGUåDM NDUWLFH SRG VORYRP ª0© ýLP þXMHWH VORYR ª0© X 9DãRM XREUD]LOML DXWRPDWVNL VH SRMDYOMXMHª0('
L ª 6YDNRJ GDQD GUåLP D GD PL QLMH SRWUHEQD ELOR NDNYD NQMLJD VYRMD SUHGDYDQMDL] NDQRQVNRJSUDYDXSUDYR NDRGDLPDP NQMLJX SUHGRþLPD SR SDPüHQMXUHSURGXNXMHPWHNVWLWXPDþHQMDL QH LVSXVWLP QL MHGDQ MHGLQL VORJ 8VORYDDOIDEHWDVPHVWLRVDP SDVXVD L] NDQRQVNRJ SUDYD NDR L JUDÿDQVNRJ L X LVWRP UHGX SDVXVD L] VYHWLK NQMLJD 2YLGLMHYLK SHVDPDVHQWHQFL&LFHURQRYLKL]UHNDILOR]RIDYHüLGHRGHOD9DOHULMD 0DNVLPD©
9('©LSRãWRVWH]DQMHJDDVRFLUDOLª0DãQX©UHFLPRGDMHª0HGYHG© YH]DR MHGQX YHOLNX PDãQX XSDGOMLYLK ERMD 9L EH] LNDNYLK SRWHãNRüD UHSURGXNXMHWHQD]LYDUWLNODª0DãQH© 6YDNDNR NDUWRWHNH QD VYRMLP NDUWLFDPD QH VDGUåH QD]LYH VDPR MHGQRJ SURL]YRGD NDR X QDãHP SULPHUX YHü YLãH QMLK *RWRYR GD VWH YHü VDGD X VWDQMX GD VD PDORP NRPELQDFLMRP WHKQLND VLVWHPDWVNRJ SDPüHQMDNRMLPDGRVDGDUDVSRODåHWHXVSHãQRUHVLWHLRYDMSUREOHPWM GDSDPWLWHüHOHNRPSOHWQHLSUDYHUREQHNDUWRWHNH,SDNüHPR RYDNYH ]DPDãQLMH SRGXKYDWH RVWDYLWL ]D MHGQR RG QDUHGQLK SRJODYOMD MHU VX 9DPSRWUHEQDMRãQHNDSUHG]QDQMD
ª7,0(,6021(<©
ª6HLVSDUVDPHUPLWGHU=HLW DOVPLWGHP*HOG 0LWGHU=HLWNDQQVWGX*HOGHUZHUEHQ DEHUPLWGHP*HOG²NHLQH=HLW PHKUNDXIHQ© ²1HPDþNDSRVORYLFD
.$.2û(7(6$0$1-(95(0(1$2%$9,7,9,6(326/$
"
² =DU9DVQLMHVWLG"²X]YLNQXRMHMHGQRJGDQDJUþNLILOR]RI 3ODWRQSUHNRUHYDMXüLVYRMHXþHQLNH%LRMHVWUDãQROMXWMHULKMH]DWH NDRNDNREDFDMXNRFNX ² $OLPLQHLJUDPRXQRYDF²SRNXãDOLVXRQLGDVHRSUDYGDMX ² 8WROLNRJRUH²RGJRYRULLP3ODWRQ²1H]DPHUDP9DPMD 6WRVHNRFNDWHQHJRãWRJXELWHQHãWRQDMGUDJRFHQLMH²YUHPH ,DNR X $QWLFL QLVX åLYHOL XEU]DQLP WHPSRP QDãHJ YUHPHQD LSDN VX YHRPD FHQLOL YUHPH 7DNR MH QD SULPHU 6HQHND RSRPLQMDR ª1DãH YUHPH MH NUDWNR -HGDQ GHR QDP VLORP RWPX GUXJL QDP SRWDMQRLVNOL]QHDWUHüLL]JXELPRVYRMRPNULYLFRP© ª7LPH LV PRQH\© ª9UHPH MH QRYDF© ² NDåX (QJOH]L PLVOHüL SUL WRP QD VYRMXSRVORYLþQXWDþQRVW L SRVORYQRVW $ GD ELVPR QDãH ªNUDWNR YUHPH© NDNR NDåH 6HQHND RSWLPDOQR PRJOL LVNRULVWLWL PRUDPR SULPHQLWL MHGDQ RG QDMYDåQLMLK IDNWRUD X UDFLRQDOQRP NRULãüHQMX YUHPHQD ² SUDYLOQR SODQLUDQMH QDãHJ YUHPHQD 'REUR UDVSRUHÿHQR YUHPH MH RVQRYD L SUHGXVORY ]D QMHJRYR QDMUDFLRQDOQLMH NRULãüHQMH$QDMUDFLRQDOQLMHLV ª%XGLãWHGOMLYLMLVDYUHPHQRPQHJRVDQRYFHP6D YUHPHQRPPRåHãVWHüLQRYDFDOLVDQRYFHPYLãHQHPRåHãNXSLWLYUHPH©
NRULãüHQR YUHPH GDMH QDMEROMH UH]XOWDWH X UDGX RPRJXüXMH QDMYHüH XãWHGH X YUHPHQX L UDGX L QDUDYQR VYRGL JXELWNH QD QDMPDQMXPRJX üXUQHUX 3RYHüDQMHª3UHGPHWQHWDEHOH©QDXNXSQRPHVWD 3UH QHJR ãWR SUHÿHPR QD GDOMX SULPHQX YH]QRJ PHWRGD SDP üHQMD X UDFLRQDOL]DFLML NRULãüHQMD QDãHJ IRQGD YUHPHQD SRWUHEQR MH GD SUHWKRGQRSURãLULPR ªVPHãWDMQH NDSDFLWHWH© QDãH ª3UHGPHWQH WDEHOH© NRMX VPR IRUPLUDOL X 3RJODYOMX ]D GDOMLKPHVWDWMQDXNXSQRPHVWD %URM 7(2'2/,7MHUQDWULSRGXWURQRãFX NRMLGDMHEUSR þLYDOLQVWUXPHQWNRMLVLPEROL]LUDEUO %URM .$57(=$,*5$1-(0QRJHYUVWHLJDUDNRULVWHVDPR NDUWH %URM ./$9,5NRMLLPDQRJHDSRGLJQXWLSRNORSDFLOLNULOR LPDNRQWXUHWURXJOD %URM . 8 û$ VDNURYR PXREOLNXþHWYHURVWUDQHSLUDPLGH6DPD NXüDLPDREOLNþHWYRURXJDRQLNDDNURYWURXJOD %URM 5(92/9(59HRPDSR]QDWLNDOLEDUUHYROYHUDMH %URM 69 ( û1 -$ . NRMLLPDNUDNDQDVYDNR PNUDNXSRGYH VYHFHWMXNXSQRVYHFD %URM =$67$9$%LORNRMD]DVWDYDNRMDLPDSROMDLOLERMH DVDPD]DVWDYDVDNRSOMHPSRWVHüDQDEU %URM /,5$MHULPDVWUXQHDüHODVYRMLPREOLNR PSRWVHüDQD EU %URM 75,' (1 7VDWULãLOMNDDFHRVYRMLPREOLNRPOLþLQDEURM %URM %85(RGOLW %URM 9,/-8â.$NRMDLPDãLOMNDLOGUãNX %URM 5$',2VDVYRMRPXJODVWRPIRUPRPGDMHEURMDVD GXJPHWD]DSRGHãDYDQMH²EU %URM â7(' 1 -$ . NRMLLPDXJODVWXIRUPXLJUHMQHSORþH %URM 081-$7UHEDXVWYDULX]HWLPXQMHRGNRMLKVYDND VDVYRMLPRVREHQLPL]ORPOMHQLPREOLNRPVOLþQRüLULOLþQRPVORYXª, © GDMHREOLNEU %URM 3,60 2 NRMHVHSHþDWLVDSHþDWDXJODVWRSLVPRVD SHþDWD %URM .1-,*$NRMDMHRWYRUHQDQDVWUDQL %URM )(1-(5LWRRQDMVWDULXOLþQLLOLSUHGNX üR P,PDXJ ODVWLREOLNDQRVDþNRMLJDGUåLVYRMLPREOLNRPSRWVHüDQDEU %URM 3(6&$1,6$7VDVWXELüDUDPDLVWDNOHQLPGHORPRE OLNDEURMDGREURSUHWVWDYOMDEU %URM 6 / 2 1 SRVPDWUDQVERNDWDNRGDPXVXUODGR ÿHVQ DãH GHVQHVWUDQHVDQRJHLPDORSRYLMHQRPVXUORP]DEUODNRSRW VHüDQDEU %URM 8*$21,.NRMLXSRWUHEOMDYDMXVWRODULLOL]LGDUL]DSURYH UXSUDYRJXJOD0RåHELWLRGGUYHWDLOLPHWDOD,PDWDþDQREOLNVORYD ª/©RGQRVQRULPVNRJEURMD 2YLP VPR NR PSOHWLUDOL ª3UHG PHWQX WDEHOX ]D SDP üHQMH SR YH] QRPPHWRGX ©Q DXNXSQRPHVWDLGRELOLVPHãWDMQLNDSDFLWHWSRPR üX
NRJDPRåHPRSDPWLWLPQRJHSRGDWNHLODNRVHVQDOD]LWLXPQRJLP QDãLPREDYH]DPD =ERJVYRMHSRJRGQRVWLLSUDNWLþQRVWLRYXWDEHOXüHPRYHRPD þHVWR NRULVWLWL ]D SDPüHQMH UD]QRYUVQRJ PDWHULMDOD UD]QLK WDEHOD REDYH]D XJRYRUHQLKURNRYDUDVSRUHGDQDãHJ YUHPHQD ]D REDYOMDQMH SRMHGLQLKSRVORYDLWRPHVOLþQR 5DGLODNãHJNRULãüHQMDQDYRGLPRGUXJLGHRWDEHOHRGXNXSQR PHVWDXSUHJOHGQRPREOLNX
35('0(71$7$%(/$=$3$0û(1-(329(=120 6,67(08 'UXJLGHR 7(2'2/,7 9,/-8â.$ .$57(=$,*5$1-( 5$',2 ./$9,5 â7('1-$. .8&$ 081-$ 5(92/9(5 3,602 69(&1-$. .1-,*$ =$67$9$ )(1-(5 /,5$ 3(6&$1,6$7 75,'(17 6/21 %85( 8*$21,. =DSRWSXQRRYODGDYDQMH L RYLP GUXJLP GHORP ª3UHGPHWQH WDEHOH© NRULVWLWH PHWRG NDUWLFD SRPRüX NRJD VWH XVYRMLOL L SUYL GHR 7HN NDGD EXGHWH X VWDQMX GD L RYDM GHR WDEHOH VLJXUQR L EH] JUHãNH UHSURGXNXMHWH X VYLP SUDYFLPD RG SRþHWND GR NUDMD REUDWQR L QD SUHVNRN PRåHWH SUHüL QD SDPüHQMH VOHGHüLK SODQRYD WDEHODLUDVSRUHGD 3DPüHQMHGQHYQRJSODQD]DGDWDNDLREDYH]DSRþDVRYLPD 3UHWSRVWDYLPR GD VWH ]D VXWUDãQML GDQ SUHGYLGHOL SXQR SRVORYD L REDYH]D NRMH PRUDWH VYH GD REDYLWH X MHGQRP GDQX L GD VWH UDGL RSWLPDOQRJ NRULãüHQMD 9DãHJ YUHPHQD QDSUDYLOL VOHGHüL UDVSRUHG REDYH]DLSODQQMLKRYRJL]YUãQMDSRþDVRYLPD ýDVRYLWMYUHPH 3RVORYLL]DGDFLNRMHWUHEDXUDGLWL L]YUãHQMD XWRNXGDQD 7HOHIRQRPUH]HUYLVDWLNDUWX]DYHþHUQMLYR]]D /MXEOMDQX 3ULSUHPLWLPDWHULMDOH]DSUHWVWRMHüLVDVWDQDN 6DþHNDWLWHOHIRQVNLSR]LYL]=XULFKDLREDYLWL UD]JRYRUVD3DYORYLüHP 6DVWDQDNXYH]LJRGLãQMHJSODQD 1DSLVDWLSLVPR²UHNODPDFLMXIDEULFL 1DSRãWLSUHX]HWLSULVSHOLSDNHW 3UHJOHGUDþXQDLSRWSLVL]OD]QHSRãWH 3ULSRYUDWNXNXüLREDYLWLNXSRYLQHXVDPRXV OX]L =DMHGQLþNLUXþDNVD0DUNRYLüLPD
VSDNR
2GPRUX]SRVPDWUDQMH79 SUHQRVDYDWHUSROR XWDNPLFH 82VLJXUDYDMXüHP]DYRGXSURGXåLWL SROLVX]D RVLJXUDQMHNXüH 9UDWLWLSURþLWDQHNQMLJHXSR]DMPQRMELEOLRWHFLL X]HWLQRYHQDþLWDQMH 6DVWDQDNVD%R]RPXª*UDGVNRM NDIDQL©UDGL GRJRYRUDRSUHWVWRMHüLPLVSLWLPD 3ULSUHPLWLSURMHNWH]DSXWX/MXEOMDQXL
YDWLVWYDUL]DSXW 2GOD]DNDXWREXVRPQDVWDQLFX 3ROD]DNYR]D]D/MXEOMDQX6PHãWDMXNXãHWLOL VSDYDüLPNROLPD
6DGD üHPR ]D VYLK REDYH]D L]GYRMLWL RGJRYDUDMXüH NOMXþQH UHFLNDRãWRYHü]QDWHL]LVNXVWYD GRYROMQR MH GD ]QDWH VDPRNOMXþQH UHFL MHU VX RQH EURMQLP YH]DPD SRYH]DQH VD RVWDOLP GHORYLPD L GHWDOMLPDNRMLVDþLQMDYDMXSRMHGLQHREDYH]H7XVHüDQMHUDGLDXWRPDWVNL LVLJXUQRVDPRDNRGRELMHSRWUHEQXNOMXþQXUHþ
%R]D 5XFDNV 0DWHULMDO 3DNHW 0DUNRYLüLPD 9DWHUSROR .RIHU 3DYORYLü 5DþXQL 2VLJXUDYDMXüL$XWREXV 6DVWDQDN 6DPRXVOXJD ]DYRG .QMLJH 6SDYDüDNROD 1DUDYQRRYDML]ERUNOMXþQLKUHFLVDPRMHMHGQDRGPRJXüLKYD ULMDQWL9LüHWHL]DEUDWLLRGUHGLWLNOMXþQHUHFLNRMH9DPDQDMYLãHRGJR YDUDMX RGQRVQR NRMH 9DV QDMEROMH SRWVHüDMX QD þLWDYX RGQRVQX REDYH]X 9R]
3LVPR
8þDVRYD 3523(/(5 SULSUHPLWL0$7(5,-$/(]DSUHWVWRMHüL VDVWDQDN
9HURYDWQR VWH YHü ]DSD]LOL GD VPR ]D REDYH]X X þDVRYD L]DEUDOL NOMXþQXUHþNRMDXRSãWHQLMHXNOMXþHQDXWHNVWRSLVDREDYH]HDOLYDåQRMH GDL]DEUDQDNOMXþQDUHþª.RIHU©GREURLVLJXUQRYUãLVYRMXIXQNFLMX
.OMXþQH UHFL SRYHåLWH VD ª3UHGPHWQRP WDEHORP© SRþHYãL VD LP PHVWRP ª6(.,5$© SRãWR SUH þDVRYD QHPDWH QLNDNYLK REDYH]D]DSDPüHQMH ª6HNLUD© DVRFLUDMWH VD ª9R]RP© ª0DWHULMDOH© VD ª3URSHOHURP© 1D SULPHU ª3URSHOHU© SUDYL WDNR MDNX YD]GXãQX VWUXMX GD OLVWD L SUHYUüH SRMHGLQH OLVWRYH ª0DWHULMDOD© L WDNR UHGRP GR NUDMD YRGHüL UDþXQD GD VH EURM NRML R]QDþDYD þDVRYH XYHNSRNODSDVDEURMHPSUHGPHWDXWDEHOL]DNRMLDVRFLUDPRRGQRVQX NOMXþQXUHþWMREDYH]X .DGD ]DYUãLWH DVRFLUDQMH SURYHULWH NYDOLWHW VYRJ UDGD MHGQRP UHSURGXNFLMRP X VYLP SUDYFLPD 5HSURGXNXMWH FHR QL] MRã MHGQRP SUHG VSDYDQMH L RGPDK XMXWUX QDNRQ EXÿHQMD L EXGLWH DSVROXWQR VLJXUQL GD üH 9DP 9DãH SDPüHQMH VLJXUQR L HILNDVQR OLIHURYDWL NDRQHNLNRPSMXWHUVYHSRGDWNHXYH]L9DãLKREDYH]D]DWDMGDQ
3DPüHQMHUDVSRUHGDþDVRYDXãNROL ² 'DOLPRåHWHLPHQRYDWLSHWGDQDXVHGPLFLQHNRULVWHüLSULWRP QD]LYHSRQHGHOMDNXWRUDNVUHGDþHWYUWDNSHWDNVXERWDLOLQHGHOMD"² SRVWDYLODMHSLWDQMHMHGQDGHYRMNDXGUXãWYXNRMHVHSRVOHYHþHUH]DEDY OMDORSRVWDYOMDQMHP]DJRQHWNL 3RãWR QLNR QLMH PRJDR GD UHVL RYX ]DJRQHWNX GHYRMND QD NUDMX UHþH ² =DJRQHWNDLSDNQLMHWDNRWHãNDNDRãWRL]JOHGD(YRUHãHQMD GDQDVMXþHSUHNMXþHVXWUDLSUHNRVXWUD© .DRãWRüHWHYLGHWLXRYRPSRJODYOMXXVWYDULSRVWRMLQHNROLNRQD þLQDGDR]QDþLWHGDQHXVHGPLFLLWRQHVDPRSHWYHüVYLKVHGDP 3RMHGLQHGDQHXVHGPLFLPRåHPRSDPWLWLQDGYDQDþLQD 3UHPD SUYRP QDþLQX MHGQRVWDYQR üHPR ]DPHQLWL QD]LYH GDQD RGJRYDUDMXüLPEURMHYLPDLWRL]ª3UHGPHWQHWDEHOH©RE]LURPGD VHVHGPLþQLGDQLR]QDþDYDMXLUHGQLPEURMHYLPDNDRQDSULPHUX UD]QLPWDEHODPDUHGRYLPDOHWHQMDUHGRYLPDYRåQMHLWG ýHWYUWDN 3RQHGHOMDN 8WRUDN 3HWDN 6UHGD 6XERWD 1HGHOMD 2YH QXPHULþNH ]DPHQH ]D QD]LYH GDQD X VHGPLFL YHRPD VH ODNRSDPWH ª3RQHGHOMDN© MH SUYL GDQ X VHGPLFL ª8WRUDN© MH GUXJL D L VDP QMHJRY QD]LY HWLPRORãNL SRWLþH RG UHFL ªGUXJL© YWRULM ª6UHGD©NDRVUHGLQDVHGPLFHMHWUHüL GDQDªýHWYUWDN© VDPR PX LPH NDåH GD MH þHWYUWL GDQ 7DNRÿH NRG ª3HWND© VDP QD]LY GDMH L UHGQL EURM X VHGPLFL SHWL GDQ .DGD ]QDPR GD MH ª3HWDN© SHWL GDQ D ª3RQHGHOMDN© ² SUYL GDQ RQGD XYHN ODNR RGUHÿXMHPR GD MH ª6XERWD© ãHVWL D ª1HGHOMD© þLML MH QD]LY VLQRQLP]Dª6HGPLFX©GDQ .DR ãWR VPR YHü UHNOL VHGPLþQH GDQH QLVPR ]DPHQLOL VDPR UHGQLP EURMHYLPD QHJR L RGJRYDUDMXüLP SUHGPHWLPD L] ª3UHGPHWQHWDEHOH© 3RQHGHOMDN 797RUDQM ýHWYUWDN -HGUR 8WRUDN /DEXG 3HWDN =PLMD 6UHGD 7URXJDR6XERWD ² 0HWDU 1HGHOMD 6HNLUD
'UXJLQDþLQVHVDVWRMLXWRPHGDQD]LYHGDQD]DPHQLPRUHFLPD NRMHRGPDKLODNRSRWVHüDMXQDVHGPLüQHGDQH1DSULPHU 321L 321HGHOMDN &(7957DN ý(7957 8725DN 725 3(7$N 3(7$ 65('$ 65(7$ 68%27D 68%27LþDQLQ 1('(/-ND 1('(/-D
6YDNDNR DNR]D ª6UHGX© QH SR]QDMHWHQLMHGQRJ 6UHWX GREUR üH SRVOXåLWLLQHNL6UHüNRLOL6UHGRMHLVL=DªýHWYUWDN©]DPLVOLWHª0HVH üHYXSUYXLOLSRVOHGQMXþHWYUW©DDNR9DPWRQHRGJRYDUDPRåHWH X]HWLQHNRJªýHGX©LOL]DPLVOLWLªýHWNX©=Dª3HWDN©]DPLVOLWHªSHWX©NDR FLSHOX VD L]UD]LWR YHOLNRP SHWRP LOL QHNRJ ª3HWND© LOL ª3HWNRYLüD© 7DNRÿH XPHVWR ª6XERWLþDQLQD© PRåH ELWL L QHND ª6XERWLþDQND© LOL ª6XERWLü©NRMLüHVLPEROL]LUDWLª6XERWX©$]Dª1HGHOMX©DNRQH]QDWH QLMHGQX1HGHOMNXRQGDYHURYDWQRSR]QDMHWHQHNX1HGXLOL1HGHOMND .DGD VPR RYH WDEHOH XVYRMLOL SUHÿLPR VDGD QD L]ERU UHFL NRMH üH QDP SUHWVWDYOMDWL SRMHGLQH SUHGPHWH X UDVSRUHGX þDVRYD L RPRJXüLWL ODNR DVRFLUDQMH VD VHGPLþQLP GDQLPD RGQRVQR QMLKRYLP ]DPHQDPD
+HUQLMD )L]LND 0DWHPDWLND *HRJUDILMD 0DWHUQMLMH]LN 0X]LþNR REUD]RYDQMH 7HOFVQRYDVSLWDQMH (QJOHVNLMH]LN 3UDYR *HRORJLMD
5HWRUWD (OHNWURPRWRU ãHVWDU *OREXV .QMLJD 9LROLQD 5D]ERM (QJOH] 7HUD]LMH .ULVWDO
ªýHWYUWNRP -('52 LPDPRþDVKHPQLMH 5(7257$ ©
9L VWH YHü VLJXUQR ]DSD]LOL GD MH QHNH SRMPRYH WLSD ª+HUQLMD© L ªýHWYUWDN© JRWRYR QHPRJXüH LOL YHRPD WHãNR GLUHNWQR ªYHQþDWL© $OLDNRXLJUXXYHGHPRSDUªSRVUHGQLND©DVRFLMDWLYQLªEUDN©L]PHÿX ªQHåHQMH©LªXVHGHOLFF©]DþDVMHJRWRYª+HPLMLQ©SRVUHGQLNª5HWRUWD©L &HWYUWNRY© SRVUHGQLN ª-HGUR© ODNR L EU]R SXWHP DVRFLMDFLMH XVSRVWDYOMDMXåHOMHQXYH]X 8 SULQFLSX PL QH PRåHPR QLãWD ]DSDPWLWL L DVRFLMDWLYQR SRYH]DWL VYH GRWOH GRN JD QH VYHGHPR QD QHãWR QDPD UD]XPOMLYR SR]QDWR LOL EOLVNR $NR VH UDGL R SDPüHQMX SR ODQþDQRP LOL YH]QRP PHWRGX RQGD WDM QRYL SRMDP NRML WUHED ]DSDPWLWL PRUDPR SUHWKRGQR VYHVWLQDQHãWRãWRPRåHPRYLGHWLLOLVOLNRYLWRSUHWVWDYLWL3RNXãDYDWL SDPWLWL SRMPRYH L PLVOL QDPD QHUD]XPOMLYH L VWUDQH UDYQR MH X]DOXGQRP QDVWRMDQMX QHNRJ XODJDþD GD VWUDQL QRYDF GHSRQXMH QD GLQDUVNH UDþXQH $NR åHOL GD LPD VUHGVWYD QD GLQDUVNLP UDþXQLPD RQ PRUDSUHWKRGQRGDVWUDQLQRYDFSUHW
YRUL X GR PD üX YDOXWX GLQDUH GD EL RYH PRJDR QHVPHWDQR GD SROR åLQVGLQDUVNLNRQWR 6HWLPRVHMRãMHGQRPYHOLNHPDNVLPHVLVWHPDWVNRJ SDP üHQMD 9HOLNLGHRWDMQHXþHQMDLSDPüHQMDVDVWRMLVHXWRPHãWR QDPDQHSR]QDWHVWYDULSRYH]XMHPRVDQDPDSR]QDWLP VWYDULPD )RãWR VPR VDGD X SR]LFLML ª GD QDPD QHSR]QDWH VWYDUL SRYH]XMHPR VD QDPD SR]QDWLP VWYDULPD © SUHÿLPR QD MHGDQ SUDNWLþDQ SULPHU SDPüHQMD ª5DVSRUHGD þDVRYD © UHFLPR GD X SRQHGHOMDNLPDWHVOHGHþHSUHGPHWH þDV 0DWHUQMLMH]LN þDV +HUQLMD þDV (QJOHVNLMH]LN þDV *HRJUDILMD þDV )L]LND þDV )L]LþNRYDVSLWDQMH $ NR VPR VH RGOX þLOL ]D GUXJX WDEHOX ]D VHGPLþQH GDQH RQGD üHPR ]D ª)2 1 ,-$ © 3RQHGHOMDN ODQþDQLP PHWRGRP SDP üHQMD DVRFLUDWL ]DPHQH ]D JRUQMH SUHGPHWH ]D 321,-$ DVRFLUDPR .1-,*8 PDWHUQML MH]LN ]D . 1-,* 8 SRYHåHPR 5(72578 KHUQLMD LWG GR NUDMD ]D VYLK þDVRYD RGQRVQR SUHGPHWD .DR ãWR VPR ]DSDPWLOL ª5DVSRUHG þDVRYD © ]D ª3RQHGHOMDN © QD LVWL QD þLQ SDPWLPR UDVSRUHG SRMHGLQLK SUHG PHWD L ]D RVWDOH GDQH X VHGPLFL NDGD LPDPR QDVWDYX 9DãH LVNXVWYR L SUDNVD üH 9DP SRND]DWL NRMD YUVWD DPHQH ]D VHGPLþQH GDQH 9DP YLãH RGJRYDUD GD OL RQD SRPR üX UHFL ª3UHGPHWQH WDEHOH© RG O² LOL SRPRüXVOLþQLKUHFL3RQL7RU6UHWDLWG $ NR åHOLWH SUHFL]QR GD ]DSDPWLWH NRJ þDVD LPDWH NRML SUHGPHWUHFLPR ãWDLPDWHRJ þDVDXSRQHGHOMDN RQGDVH PRåHWH SRVOXåLWL NRPSOHWQRP ª3UHGPHWQRP WDEHORP© RG PHVWD D UDGL EU]RJLVLJXUQRJVQDODåHQMDNRULVWLWHMHRYDNR =Dª3RQHGHLMDN©SUHGPHWHRG²%U 3RQHGHOMDN =Dª8WRUDN© SUHGPHWHRG²%U²8WRUDN =Dª6UHGX©SUHGPHWHRG²%U 6UHGD =DªýHWYUWDN ©SUHGPHWHRG ²%U ýHWYUWDN =Dª3HWDN©X]PLWHL]X]HWQRSUHGPHWHRGO²SRãWRMRãQLVWH QDX þLOLWDEHOXVDYLãHRGPHVWD 3UHPD WRPH VD L]X]HWNRP X RYRP VOX þDMX ª3HWND © GHVHWLFH 9DP X YHN GDMX VHG P L þQ L GDQ D MHGLQLFH UHGQL EURM þDVD 1 D SULP HU 6UHGD þDV 3RQHGHOMDN þDV ýHWYUWDNþDV$OL]DWRL]X]HWQR 3HWDNþDV 3DPüHQMHVHGPLþQLKUDVSRUHGDSRVORYDLSODQRYDUDGD 2YDMVLVWHPSDPüHQMD PRåHWHHILNDVQR NRULVWLWL QH VDPR !D SDPüHQMH ª5DVSRUHGD þDVRYD © QHJR L ]D VYH YUVWH VHGPLþQLK UDVSRUHGD SRVORYD L UD]QLK YUVWD VHGPLþQLK SODQRYD UDG D .DR ãWR 9DP MH SRQDWR SDPüHQMH SR ODQþDQRP PHWRGX SUXåD SUDNWLþQR QHRJUDQLþHQH PRJXüQRVWL MHU DVRFLMDWLYQL QL]RYL QLVX QLþLP RJUDQLþHQL 2QL PRJX ELWL SR åHOML L SRWUHEL NROLNR KRüHPR GXJL LOL EURMQL
=DSDPüHQMHVHGPLþQLKUDVSRUHGDSRVORYDLOLSODQRYDUDGD VWRMH9DPVDGDQDUDVSRODJDQMXVOHGHüHPRJXüQRVWL 7DEHOD]DVHGPLþQHGDQH]DVQRYDQDQDSUHGPHWDL] ª3UHG PHWQHWDEHOH©797RUDQM/DEXG7URXJDRLWG 7DEHOD]DVHGPLþQHGDQHVDVWDYOMHQDRGVOLþQLKUHFL3RQL7RU 6UHODLWG 2E]LURPGDLPDWHGYHWDEHOH]DVHGPLþQHGDQHPRåHWHSRXND ]DQRMSRWUHELGDMHGQXNRULVWLWH]DSDPüHQMHMHGQHJUXSHLOLYUVWHVHG PLþQLKSRVORYDDGUXJX]DRGUHÿHQXYUVWXVHGPLþQLKSODQRYD =DELORNRMXRGRYHGYH WDEHOH PRåHWH DVRFLUDWL QD]LYHSRMHGLQLK SRVORYD LOL NOMXþQH UHüL L] RSLVD VHGPLþQLK REDYH]D L WR RSHW QD MHGDQR-VOHGHüDGYDQDþLQD 'DVHGPLþQHREDYH]HSDPWLWHSRPRüXODQþDQRJQL]DNRML üHWH IRUPLUDWL]DVYDNLVHGPLþQLGDQSRVHEQRVWLPGDSUYDUHþWRJ QL]DMHXYHNQD]LYVHGPLþQRJGDQD1DSULPHU ]D ª0HWDU© ²6XERWD NDRSUYLHODQQL]DDVRFLUDPRODQþDQLQL]ROUHFLPR GDOMLKþODQRYD SRVORYD 'DNRULVWLOH3UHGPHWQXWDEHOX©RGPHVWDNDNRMHYHüRE MDãQMHQRXGHOXRSDPüHQMXª5DVSRUHGDþDVRYD©DOLSRGXVOR YRPGDQHPDWHSRWUHEHGDSDPWLWHREDYH]HLSRVORYH]DVX ERWXLQHGHOMXMHU]DVDGDUDVSRODåHWHWDEHORPRGVDPR PHVWD$NRLPDWHSRVOUYHVXERWRPL QHGHOMRPNRMH PRUDWH SDPWLWLRQGDMRãPDORSULþHNDLWHGRNQHGRU HWVGRSRJODYOMD XNRPHVXGDWHYH]QHWDEHOHVDLYLãHPHVWD 3RUHG WRJD ª3UHGPHWQD WDEHOD© X RYRP VOXþüXX LPD MRã MHGQR RJUDQLþHQMHSRVHGPLþQRPGDQXRQDLPDNDSDFLWHWRGPDNVLPDOQR PHVWD GDNOH ]D SRVORYD $OL LVWRYUHPHQR RQD LPD L MHUOQX SUHGQRVWXYHN]QDWH WDþDQ UHGQL EURM VYDNRJ SRVOD ]D VYDNL VHGPLþQL GDQ 2YDM VLVWHP QLMH SRJRGDQ ]D SDPüHQMH REDYH]D L ]DGDWDND YH]DQLK ]D SUHFL]QR YUHPH X WRNX GDQD S WM ]D RGUHÿHQL PLQXW L þDV QDSULPHUXLOLþDVRYDNDRãWRVXYUHPHQDSROD]DNDUD]QLK VDREUDüDMQLK VUHGVWDYD =D RYDNYH SRWUHEH UDVSRODJDüHWH SRVHEQLP VLVWHPRPSDPüHQMDNRMLMHREUDÿHQX3RJODYOMX
ª3523$/(,/8=,-(© ª6WR MH QHND VWYDU UD]XPOMLYLMD WR ODNãH RVWDMH X SDPüHQMX L REUDWQR ãWR MHQHMDVQLMDWRMHEUåH]DERUDYOMDPR© ²%6SLQR]D 3$0û(1-(6$260,â/-$9$1-(0,5$=80(9$1-(0-( 1$-(),.$61,-(
,] GRVDGDãQMHJ L]ODJDQMD L GDWLK SULPHUD YLGHOL VWH GD MH MHGQDRGQDMYDåQLMLKPHWRGDGREURJSDPüHQMDGDVWYDULPD]DQDVEH] ]QDþDMD L VPLVOD UD]QLP PHWRGDPD GDPR ãWR YHüH ]QDþHQMH L ãWR GXEOMLVPLVDR
2EDOH,WDOLMHSRWVHüDMXQDREOLNQHNHþL]PHDNRQWXUH1RUPDQGLMHQDSURILOUDWQLNDVD EUDGLFRP
.RG VYLK PHWRGD VLVWHPDWVNRJ SDPüHQMD NRMH VWH GR VDGD XVYRMLOL L NRMLPD YODGDWH NDR ãWR MH QD SULPHU DVRFLMDWLYQD WHKQLND ODQþDQL PHWRGSDPüHQMDLOLYH]QLPHWRGSDPüHQMDDLNRGWHKQLNDNRMHüHWH QDXþLWLX %DUXFK%HQHGLFWXV GH 6SLQR]D ² KRODQGVNLILOR]RI
QDUHGQLPSRJODYOMLPDXYHNMHPDNVLPDOQRNRULãüHQDYHOLND]DNRQLWRVW GREURJLWUDMQRJSDPüHQMD²RVPLãOMDYDQMH 1D SULPHU X NRMRM PHUL QDP PHWRG RVPLãOMDYDQMD ]D QDV VWUDQLKLDSVWUDNWQLKVWYDULSRPDåHGDLKODNRLWUDMQRSDPWLPRSRND]XMH LRYLKQHNROLNRLOXVWUDFLMD .R SUYL SXW YLGL JHRJUDIVNX NDUWX ,WDOLMH LOL )UDQFXVNH WHãNR üH PRüL GD LK SRQRYR SUHSR]QD LOL ]DSDPWL DNR PX LK GUXJL SXW SUH]HQWLUDPR L]PHãDQH VD PQRãWYRP NDUDWD GUXJLK ]HPDOMD $OL DNR PX SUHGRþLPR GD NRQWXUH ,WDOLMH SRWVHüDMX QD REOLN MHGQH þL]PH SRVPDWUDQHVERNDD6LFLOLMHQDQHNXORSWX NRMXªãXWLUD©þL]PDRQGDüH RQRYXRYDNRRVPLãOMHQXYH]XODNRLWUDMQR]DSDPWLWL ,VWR WDNR DNR SDåOMLYLMH SRJOHGDWH NRQWXUH 1RUPDQGLMH QD NDUWL )UDQFXVNH ODNR üHWH XRþLWL GD RQH YHRPD SRWVHüDMX QD SURILO QHNRJ UDWQLND VD ãLOMDWRP EUDGLFRP $NR VH SUL WRP VHWLWH L LVWRULMVNRJ SRGDWND GD MH 9LOMHP 2VYDMDþ :LOOLDP WKH &RQTXHURU ² XSUDYR NUHQXR L] 1RUPDQGLMH X RVYDMDQMH (QJOHVNH JRGLQH L ]DPLVOLWHGD MH WR XSUDYR QMHJRY SURILO L GD SRVPDWUD REDOH (QJOHVNH GD EL SURQDãDR SRJRGQR PHVWR ]D LVNUFDYDQMH RQGD 9DP VH YLãH QLNDGDQHPRåHGRJRGLWLGDQHSUHSR]QDWHNDUWX)UDQFXVNH ² 0LJHOGH6HUYDQWHV0LJXHOGH&HUYDQWHV6DDYHGUD² XPURMHJRG.RMH]DLQWHUHVRYDQ]DNQMLåHYQRVWSRYH]DüHODNRGD MHL9âHNVSLUXPURLVWHJRGLQHWHGDVX6HUYDQWHVL6HNVSLLRERMLFD YHOLNLSHVQLFLLNQMLåHYQLFLVYRMLKWDGDYHRPDPRüQLKQDURGDXVWYDULELOL VDYUHPHQLFLLGDVHãSDQVNLªVLJORGH RUR©ª=ODWQLYHN© LVWRULVNLSR GXGDUDVDª]ODWQLPGRERP©YODGDYLQH(OL]DEHWH, ² $NRXKRWHOXQDSULPHUGRELMHWHVREXVDEURMHPLDNRMH WRVOXþDMQRJRGLQD9DãHJURÿHQMD9LVWHDXWRPDWVNLRVPLVOLOLWDM]D 9DV LQDþHDSVWUDNWDQLUDYQRGXãDQEURMLWUDMQRJD]DSDPWLOL 'UXJLP UHFLPD ãWR EROMH UD]XPHPR WR EROMH SDPWLPR 0HÿXWLP WR QH ]QDþL X SUDNVL GD VPR QHãWR L ]DSDPWLOL DNR VPR JD VDPR UD]XPHOL 3RWUHEQR MH REDYLWL L VDP DNW ]DSDPüLYDQMD DOL QMHPX PRUDXYHNGDSUHWKRGLUD]XPHYDQMHRQRJDãWRSDPWLPR $UD]XPHWLUHFLPRQHNLWHNVWRSHW]QDþLGDQHRVWDYLPRQL MHGQXUHþHQLFXQLMHGQXUHþQHUD]MDãQMHQXLOLQHVKYDüHQX.DGDVYH GHORYH MHGQH PLVOL LOL PLVDRQH FHOLQH VKYDWLPR SRMHGLQDþQR RQGD PRåHPR ODNR VKYDWLWL üHOX PLVDR $NR QDP VDPR MHGDQ GHR QHNH PLVOLRVWDQHQHMDVDQRQGDLWXPLVDRVDPRGHOLPLþQRUD]XPHPRLSUHPD WRPH QHSRWSXQR L SDPWLPR .RG PQRJLK OMXGL SRVWRML SXQR WDNYRJ SRORYLþQRJ QHGRYUãHQRJ QHSRWSXQR VKYDüHQRJ ]QDQMD NRMH MH XSUDYR ]ERJ WRJD L GHOLPLþQR XSRWUHEOMLYR MHU MH GHOLPLþQR L QHSRWSXQR ]DSDPüHQR 'DELVPRSRWSXQRUD]XPHOL]DNRQLWRVWGDMHEROMHVKYDüHQRLEROMH ]DSDPüHQRWUHEDGDVHVHWLPRPHKDQL]PDDVRFLMDFLMHPLVOL 6YDNR QRYR ]QDQMH PRUD ELWL SUHWVWDYOMHQR VWDURP ]QDQMX PRUD VH ªXSR]QDWL© SRYH]DWL VD YHü SRVWRMHüLP ]QDQMHP 8NROLNR VH WR QRYR ]QDQMH YLãH L EROMH SRYHåH VD VWDULP SRVWRMHüLP ]QDQMHPDWRüH]DYLVLWLRGYDOMDQRVWLQDãHJUD]PLãOMDQMD XWROLNRüH VH RQR WUDMQLMH L VLJXUQLMH SDPWLWL 3UHPD WRPH UD]XPHYDQMH L VKYDWDQMH MH XVWYDUL SRYH]LYDQMH SXWHP UD]PLãOMDQMD QRYRJ VD VWDULP]QDQMHP 6YDNR XþHQMH QDSDPHW MH XYHN ªSURSDOD LOX]LMD© MHU QDP VWYDUDODåDQRVHüDMVLJXUQRVWLGDQHNRJUDGLYR]QDPR]ERJGHMVWYDW]Y HKRDSDPüHQMD
0HKDQLþNRSDPüHQMHL]D]LYDPQRJHQHJDWLYQHSURFHVH âWDMH]DSUDYRHKRSDPüHQMD"7RMHMHGQDYUVWDLQHUFLMHL WR GRVWD NUDWNRWUDMQH X UDGX QDãLK þXOD L VDPRJ SDPüHQMD 9HURYDWQR 9DP VH YHü GHãDYDOR GD SRVOH QHNH YHRPD GXJH YRåQMH QHNLP SUHYR]QLP VUHGVWYRP LPDWH ªSURGXåHQL© RVHüDM NDR GD VH L GDOMHYR]LWH,OLQHNLSURGRUDQ PRQRWRQ L GXJRWUDMDQ ]YXN NDRQD SULPHU VLUHQD SLãWDQMH SDUH L] ORNRPRWLYH L VL SRãWR SUHVWDQH 9L SURGXåDYDWHGDJDLGDOMHªVXEMHNWLYQR©þXMHWH 8SUDYRMHWDNRLNRGXþHQMDQDSDPHWMHGQROLþQRLQHSUHNLGQR SRQDYOMDPR MHGDQ SRGDWDN VYH GRN QH VWHNQHPR XWLVDN GD VPR JD ªQDXþLOL©.DGDSUHVWDQHPRGROD]LGRHKRDXQDãHPSDPüHQMXLPL LPDPRXWLVDNGDVPRWDMSRGDWDN]DSDPWLOL1DåDORVWWDLQHUFLMDWDM HKR SDPüHQMD VXYLãH NUDWNR WUDMH L SRVOH NUDüHJ YUHPHQD XYLGLPRGDQDPMHWDMSRGDWDNSURVWRLãþLOHR 3RUHG WRJD NRG XþHQMD QDSDPHW WM PHKDQLþNRJ SDPüHQMD GROD]H GR SXQRJ L]UDåDMD QHJDWLYQL SURFHVL SR QDãH SDPüHQMH W]Y LQWHUIHUHQFLMD L UHWURDNWLYQD LQKLELFLMD 7R VX GYD SURFHVD GRVWD VOLþQD SR VYRP QHJDWLYQRP GHMVWYX QD QDãH GREUR SDPüHQMH MHU PRQRWRQLP L PHKDQLþNLP SRQDYOMDQMHP JUDGLYD MHGQRVWDYQR PX QH GR]YROMDYDPR GD VH SRYHåH VD SRVWRMHüLP ]QDQMHP UD]PLãOMDQMH MH SRWSXQR EORNLUDQR L HOLPLQLVDQR 6DPLP WLP QH GRSXãWDPR GD VH JUDGLYR XþYUVWL X QDãHP SDPüHQMX L SRWSXQRVSUHþDYDPRSR]LWLYQR GHORYDQMH VLVWHPDWVNLK VWDQNL L SODQLUDQLK SUHNLGD X SDPüHQMX NDGD DXWRPDWVNLGHLOXMXSRYUDWQRVHüDQMHLLQWHUYDOQDWHKQLNDRþHPX üHELWLSRVHEQRJRYRUDXMHGQRPRGQDUHGQLKSRJODYOMD 8þHQMHP QDSDPHW LOL SRSXODUQR UHþHQR ªEXEDQMHP© DXWRPDWVNLLVNOMXþXMHPRMHGQXRGQDMHILNDVQLMLKWHKQLNDSDPüHQMD² WHKQLNX RVPLãOMDYDQMD RQRJD ãWR åHOLPR ]DSDPWLWL 0HKDQLþNLP XþHQMHP L SDPüHQMHP QLNDGD QH PRåHPR QDüL VPLVDR X RQRP ãWR SDPWLPR 6DPLP WLP JXELPR LQWHUHV L PRWLYDFLMX OLãHQL VPR PRJXüQRVWL GD QRYR ]QDQMH SRYHåHPR VD VWDULP SXWHP UD]PLãOMDQMD L L]QDODåHQMD VPLVOD D WR MH RVQRYQL SUHGXVORY GD QDP QRYR ]QDQMH VLJXUQR LQWHJULVDQR L WUDMQR SRYH]DQR VD VYRMLP NRPSOHNVRP]QDQMDRVWDQHXSDPüHQMX 2VPLãOMDYDQMHSXWHQLVWYDUDQMDYLãHVWUXNLKYH]D 1DUDYQR RG RELþQRJ ªXþHQMD© QDSDPHW L PHKDQLþNRJ SDPüHQMD SD GR RVPLãOMDYDQMD L ORJLþNRJ SDPüHQMD SRVWRML þLWDYR ãDUHQLOR NRPELQDFLMD RYH ÿYH NUDMQRVWL 2YGH åHOLPR GD QDYHGHPR MHGDQ SRVHEDQ PHWRG GXEOMHJ RVPLãOMDYDQMD L VYHVWUDQLMHJ UD]XPHYDQMDPDWHULMDODNRMLVHSDPWL 7DM PHWRG RVPLãOMDYDQMD VH VDVWRML X VLVWHPDWVNRP L PHWRGLþQRP SRQDYOMDQMX PDWHULMDOD DOL WDNR GD VH RQ VYDNL SXW SRVPDWUD L] GUXJRJ XJOD VD UD]OLþLWLK VWDQRYLãWD L QD UD]OLþLWH QDþLQH 7LPH VH RQ X VWYDUL SRYH]XMH VD PQRJLP GUXJLP þLQMHQLFDPD NRMH YHü ]QDPR L NRMH VX þYUVWR XNRWYOMHQH X QDãHP SDPüHQMXMHUþLQHSUHUDÿHQLGDYQRIRUPLUDQLLLQWHJUDOQLGHRQDãHJ ]QDQMD 6DPLP WLP QRYR QDXþHQL L ]DSDPüHQL PDWHULMDO SRVWDMH QDP GRVWXSDQ NUR] YLãH NDQDOD L SUHNR QHNROLNR þLQMHQLFD NRMH GREUR ]QDPR PRåHPR PX SULüL L] YLãH XJORYD RGQRVQR PRåHPR JD VHODNãHVHWLWL 5DGL WRJD MH XSUDYR L YDåQLMH ªSURELMDWL© QRYH NDQDOH L VWYDUDWL QRYH PHÿXVREQH YH]H X YHü VWHþHQRP ]QDQMX RG QHVLVWHPDWVNRJ L VWLKLMQRJQD
JRPLODYDQMDQRYRJ]QDQMDãWRYLãHRYDNYLKYH]DVWYRULWHWRYLãHGREL MDWHNRPSDNWQLMHJUD]UDÿHQLMHJLXSRWUHEOMLYLMHJ]QDQMD6DGDVYDNDNR EROMHUD]XPHWHYHOLNXåHOMX*&K/LKWHQEHUJDNRJDVPRVSRPHQXOLX 3RJODYOMX GD VWYRUL ãWR YLãH YH]D L]PHÿX PQRJREURMQLK GHORYD VYRJ]QDQMD9UHGQRVWVYDNRJ]QDQMDRGUHÿXMHVHQHVDPRQDRVQRYX QMHJRYH WDþQRVWL L RELPQRVWG QHJR L VWHSHQRP QMHJRYH EU]H L VLJXUQH UDVSRORåLYRVWL NDGD 9DP ]DWUHED , QDMEROMH RGDEUDQR L SULNXSOMHQR ]QDQMHMHPUWDYNDSLWDODNRQLMHSUDYRYUHPHQRLVLJXUQRUDVSRORåLYR %LWQR MH! GDNOH NROLNR PRåHPR XVSHãQR NRULVWLWL QDãD SURãOD LVNXVWYD RGQRVQR ]QDQMD X UHãDYDQMX SUREOHPD L ]DGRYROMHQMX ]DKWHYD VDGDãQMHVLWXDFLMH
3DPüHQMHVDRVPLãOMDYDQMHPMHQHXSRUHGLYRHILNDVQLMH .DR ãWR YLGLPR PLãOMHQMH L UD]PLãOMDQMH LPDMX RGOXþXMXüX XORJX X ]DSDPüLYDQMX L WR SXWHP UD]XPHYDQMD 5D]XPHYDQMH MH RG SUYRUD]UHGQRJ]QDþDMD]DSDPüHQMHMHURE]LURPQDQMHJRYRXþHãüHX SURFHVX SDPüHQMD RGQRVQR QMHJRYR LVNOMXþHQMH L] SURFHVD XþHQMD L SDPüHQMD UD]OLNXMHPR L GYD RVQRYQD YLGD ]DSDPüLYDQMD LOL GYD RVQRYQD PHWRGD SDPüHQMD PHWRG PHKDQLþNRJ SDPüHQMD L PHWRGORJLþNRJLOLRVPLãOMHQRJSDPüHQMD 6PLVDRQH YH]H QD NRMLPD ED]LUD ORJLþNR SDPüHQMH WUDMQLMH VX L GDOHNR HILNDVQLMH RG YH]D VWYRUHQLK PHKDQLþNLP SDPüHQMHP 8SUDYR ]ERJ WRJD MH SDPüHQMH SRPRüX RVPLãOMDYDQMD L UD]XPHYDQMD PQRJR SURGXNWLYQLMH RG PHKDQLþNRJ L QHXSRUHGLYR HILNDVQLMHMHUQDPSUXåDPQRJHSUHGQVWL 3DPWLPRPQRJRODNãHEUåHLGXåH 3DPWLPRWUDMQLMHLGDOHNRVSRULMH]DERUDYOMDPRPDWHULMDO]D SDPüHQQHNRPPHWRGRPSDPüHQMDNRMDSRþLYDQDRVPLãOMD YDQMX 3RãWRVPRVKYDWLOLVPLVDRLVXãWLQX]DSDPüHQRJPDWHULMDODODNãH VHVHüDPRLDXWRPDWVNLLPDPRGDOHNRYHüHãDQVHLPRJXüQRVWL SULPHQH]DSDPüHQRJ]QDQMDQDGUXJHVLWXDFLMH 6PLVDRQR]DSDPüHQRLRVPLãOMHQR]QDQMHQDVWDYOMDGDDXWRPDW VNLUDGL]DQDVLXYHNSUHWVWDYOMDVLJXUQXLGREUXRVQRYXQDãHP SURGXNWLYQRPLVWYDUDODþNRPPLãOMHQMX -RãQHNROLNRPHWRGDRVPLãOMDYDQMD -HGQD RG VOHGHüLK PHWRGD VPLVDRQRJ LOL ORJLþNRJ SDPüHQMD VDVWRML VH RG L]QDODåHQMD LOL VSR]QDMH SULQFLSD SR NRPH MH QHNL PDWHULMDO VNORSOMHQ LOL NRQVWUXLVDQ 1D SULPHU EURMQL GåLQ ]DGDüH QDP SXQR SRVOD DNR SRNXãDPR GD JD VDYODGDPR WHKQLNRP PHKDQLþNRJ SDPüHQMD $OL DNR ]DSD]LPR ]DNRQLWRVW L SULQFLS SR NRPH MH WDM ªEURMQL GåLQ© VDJUDÿHQ RQGD JD JRWRYR DXWRPDWVNL L YHRPD ODNR L EU]R SDPWLPR QDYHGHQL QL] EURMHYD SUHWVWDYOMD X VWYDUL X]DVWRSQH YUHGQRVWL VWHSHQD EURMD WM - LWGRGQRVQROLWG 3UL SDPüHQMX ORJLþNL SRYH]DQRJ PDWHULMDOD NDR ãWR VX QD SULPHUUD]QLSUR]QLWHNVWRYLSUHGDYDQMDLVOLþQRPRåHVHSULPHQLWL MRã MHGQD PHWRGD RVPLãOMDYDQMD L SURGXEOMLYDQMD VPLVOD ]DSDPüHQRJ PDWHULMDOD 7R MH PHWRGD PLVDRQRJ SRUHÿHQMD L VXSURWVWDYOMDQMD SRMHGLQLKGHORYDLFH
8QD]DSDPüHQRJPDWHULMDOD1DWDM QDþLQ QH VDPR ãWR IRUPLUDPR QRYH YH]HLDVRFLMDFLMHL]PHÿXSRMHGLQLKGHORYD]DSDPüHQRJPDWHULMDODQHJR L SURGXEOMXMHPR VPLVDR L EROMH VKYDWDPR VXãWLQX þLWDYRJ PDWHULMDOD MHU VPRSRMHGLQHQMHJRYHGHORYHRVYHWOLOLVDYLãHVWUDQD 2YRSRUHÿHQMHPRåH GDVHYUãLLVDSRGDFLPDLOLVD]QDQMLPDL]QHNRJGUXJRJVOLþQRJPDWHUL MDOD NDR L VD UDQLMH XVYRMHQLP ]QDQMLPD ãWR RODNãDYD L SRWVWLþH IRUPL UDQMHVRSVWYHQRJPLãOMHQMD 'D ELVWH SURYHULOLGD OLVWH VKYDWLOL VXãWLQX L SUDYL VPLVDR ]DSDP üHQRJPDWHULMDODLQMLPHXSRWSXQRVWLRYODGDOLSRNXãDMWHJDªSUHYHVWL QD VYRM MH]LN© WM L]UD]LWL VYRMLP UHFLPD $NR LPDWH SULOLNX YHRPD MH SUHSRUXþOMLYRGDGRWLþQLPDWHULMDOSRNXãDWHVYRMLPUHFLPDUDVWXPDþLWL LREMDVQLWLQHNRMGUXJRMRVREL$NRQHGREDULSURYHUHQQDþLQMHGDQD SLãHWHGREUXEHOHãNXRQRãWRELREMDãQMDYDOLQHNRPGUXJRPSRNXãDMWHVD GUåDMQR L SUHFL]QR RSLVDWL WHOHJUDIVNLP VWLORP X NUDWNRM EHOHãFL 3UYL 9DãL SRNXãDML VYDNDNR QHüH ELWL VDVYLP XVSHãQL MHU PRåGD QHüHWH PRüL RGPDK L]UD]LWL SUDYL VPLVDR DOL YHü SRVOH QHNROLNR SRNXãDMD GRELüHWH QH VDPR åH OMHQL VPLVDR YHü L WUDMDQ L YUHGDQ GRNXPHQWRYDQ PDWHULMDO DNR WDNR QD SUDYOMHQHEHOHãNHEXGHWHVLVWHPDWVNLRGODJDOLLþXYDOL 6YDNDNRVWHSULPHWLOLGDQHGRYROMQRMDVQRUD]XPHYDQMHQHNRJWHN VWD SURVWR 9DP QH GR]YROMDYD GD VH RG QMHJD RWUJQHWH X VYRMLP IRUPX ODFLMDPD L QHKRWLFH QDVWRMLWH VOHGLWL X VYRP L]ODJDQMX QH VDPR UHGRVOHG X WHNVWXQHJRþDNLþLWDYHUHFLLUHþHQLFH² ª3RWSXQRPLMHMDVQDWDVWYDU VDPR PL QHGRVWDMX SUDYH UHFL GD MH L]UD]LP© ² 2YDNYH L VOLþQH L]MDYH MDVQR JRYRUH GD VH UDGL R QHGRYROMQRP UD]XPHYDQMX =DWR GD EL EROMH VKYDWLOL WHNVW SRPRJOL VYRPH SDPüHQMX L XþLQLOL SUYL YHOLNL NRUDN X IRUPLUDQMXVYRJVRSVWYHQRJPLãOMHQMDRPDWHULMDOX²XYHNQDVWRMWHGD JD ªSUHYHGHWH QD VYRM MH]LN© 2YR ªSUHYRÿHQMH© MH RG SRVHEQH YDåQRVWL DNRPDWHULMDOXþLPRþLWDQMHPRGJRYDUDMXüHJWHNVWD 2VPLãOMDYDQMH MH MHGQD RG QDMYDåQLMLK WHKQLND VLVWHPDWVNRJ SDP üHQMD.DRWHKQLNDSDPüHQMDLXþHQMDRQRGHOLSDPüHQMHQDGYDGHOD ²PHKDQLþNRLRVPLãOMHQRLOLORJLþNR²NRMDVHGLMDPHWUDOQRUD]OLNXMX L ãWDYLãH MHGDQ GUXJRJ LVNOMXþXMX 9HURYDWQR VWH YHü ]DSD]LOL GD MH WHKQLND RVPLãOMDYDQMD GROD]LOD GR SXQRJ L]UDåDMD X UD]QLP PHWRGDPD VL VWHPDWVNRJ SDPüHQMD NRMLPD VWH GR VDGD RYODGDOL .DR ãWR üHWH LPDWL SULOLNX GD VH XYHULWH RVPLãOMDYDQMH OHåL X RVQRYL L RVWDOLK WHKQLND VL VWHPDWVNRJSDPüHQMDNRMHüHPRL]ORåLWLXQDUHGQLPSRJODYOMLPD
.$.26(68923$51,%52-(9,35(79$5$-88 =$1,0/-,9(5(&,"
ýRYHNPDãLQVNRJGREDMHåLYLVWYRU NRMLUDþXQD0LåLYLPRXPRUXEURMHYD ²/+RJEHQ
%52-ý$1,$/)$%(7,3$0û(1-(69,+9567$%52-(9$
ýXYHQL HQJOHVNLPDWHPDWLþDU6LPSVRQLPDRMH þXGQX QDYLNX GD SUL KRGDQMX EURML VYRMH NRUDNH -HGQRP NDGD VH YUDüDR L] NROHGåD SULÿHPXQHNLþRYHNNRMLQLMH]QDR]DRYXQMHJRYXRVREHQRVW8SUDYRX WRPWUHQXWNXYHOLNLPDWHPDWLþDUMHL]EURMDRWDþQRNRUDNDLXVWUDKX GDQH]DERUDYLRYDMEURMQHSUHVWDQRJDMHSRQDYOMDRXVHEL ² ,]YLQLWH²UHþHþRYHN²VDPRMHGQXUHþVD9DPDPROLP ² 0ROLPPROLPVDPRL]YROLWHSHWVWRWLQDVHGDPGHVHWLWUL² RGJRYRUL 6LPSVRQOMXED]QR ² 1H²RGJRYRULQH]QDQDFPDOR]EXQMHQR²VDPRMHGQRSLWDQMH ² 'REURSHWVWRWLQDVHGDPGHVHWLWUL²GRGDGH6LPVRQ ² 9HRPDVWHOMXED]QLSURIHVRUH²SUHNLGHJDSRQRYRQH]QDQDF ²DOLSRãWRVWHGREURSR]QDYDOLSRNRMQRJ'U1DGDELVHUHVLODSUD YLOQRMHGQDRSNODGDUHFLWHGDOLVDPXSUDYXDNRWYUGLPGDMHVYRMLP QHüDNLQMDPDRVWDYLRSRSHWVWRWLQDIXQWL" ² 7DþQRSHWVWRWLQDVHGDPGHVHWWUL²RGJRYRULSURIHVRU ² $ELORMHXNXSQRþHWLULQHüDNLQMH]DUQH" ² 7DþQRSHWVWRWLQDVHGDPGHVHWLWUL²SRQRYL6LPSVRQQD SRWSXQR]DSUHSDãüHQMHQHSR]QDWRJ 6OXþDM SURIHVRUD6LPSVRQD SRND]XMH GDXPHWL UDGLWL VD EURMHYL PD MRãXYHN QHPRUD]QDþLWL GDLKMH VDPLP WLP L ODNR SDPWLWL äLYLPR ]DLVWD X PRUX EURMHYD %URMHYL VX VYXGD RNR QDV QD VYDNRP NRUDNX 1HPD QL MHGQH REODVWL X åLYRWX LOL GHODWQRVWLPD þRYHND JGH EURMHYL QH VDþLQMDYDMXPDNDULMHGDQPDQMLGHRQHRSKRGQLK]QDQMDLSRGDWDNDäLYRW LUDGXVDYUHPHQRPVYHWXQHELVHPRJDRQL]DPLVOLWLEH]RJURPQRJFDU VWYDEURMHYD 5DGL WRJD MH RYR SRJODYOMH MHGQR RG QDMYDåQLMLK X NQML]L MHU üH 9DP RPRJXüLWL GD RYODGDWH QDMHILNDVQLMLP WHKQLNDPD SDPüHQMD VYLK YUVWD EURMHYD NRML LQDþH þLQH QHRSKRGDQ GHR ]QDQMD L NRML VX 9DP SR WUHEQLX9DãHPSR]LYXLVYDNRGQHYQRPåLYRWX =D YHOLNX YHüLQX OMXGL SDPüHQMH EURMHYD XYHN SUHWVWDYOMD WHåDN ]DGDWDN %URMHYL VH WHãNR SDPWH MHU VX ]D QDV DSVWUDNWQL VLPEROL EH] LNDNYRJSRVHEQRJ]QDþHQMDLOLLQWHUHVD3RUHGWRJDQLãWDQDPSRVHEQR
QHND]XMXVYRMRPQDJRPLODQRãüXLVOLþQRãüX1DSULPHUEURMHYLL L L GHOXMX QD SUYL SRJOHG GRVWD VOLþQR 5D]ORJ ]D VODER S DPüHQMH EURMHYD PRåH ELWL L RNROQRVW ãWR VH EURMHYLPD GDOHNR PDQMH EDYLPR QHJR UHFLPD D X] WR EURM ]DKWHYD SRWSXQX WDþQRVW DNR JD KR üHPRNRULVWLWL'DELVPRRWNORQLOLRYHQHSRJRGQHRVRELQHEURMHYD]DSDP üHQMHSRWUHEQRMHGDSULPHQLPRWDNYHQDþLQHQMLKRYRJSULND]LYDQMDNRML üH LK XþLQLWL SRJRGQLP L SULVWXSDþQLP ]D ODNR L HILNDVQR SDPüHQMH 3R ÿLPR ]DWR PDOR QD]DG X LVWRULMX L SRJOHGDMPR NDNYH MH PHWDPRUIR]H SUHåLYOMDYDREURMNUR]YHNRYH
3LVDQMHLRVPLãOMDYDQMHEURMHYDNUR]YHNRYH .XOWXUQL QDURGL SUHWNROXPERYVNH $PHULNH NDR QD SULPHU $VWHFL $]WHFDV D L VDPL (JLSüDQL NRULVWLOL VX VOLNH SRMHGLQLK SUHGPHWD L SRM PRYD ]D R]QDþDYDQMH EURMHYD 7DNR X SLNWRJUDILML VWDULK (JLSüDQD QDOD ]LPRVOLNXVWXED]DEUOOXNDNUDND ]DEUDOLVWELOMNHSDSLUXVD ]DEU'DELR]QDþLOLQDFUWDOLELåDEXD]DPLOLRQ²NRVPL þNRERåDQVWYR 0DMHFLYLOL]RYDQLQDURGNRMLMHåLYHRQDWOXGDQDãQMH6UHGQMH$PHULNHNRULVWLOL VXWDþNHLFUWLFH]DR]QDþDYDQMHEURMHYD 'RNVHNRGVWDULK$VLUDFDXNOLQDVWRPSLVPXNRULVWLRNRPSOLNRYDQVLVWHP SLVDQMDEURMHYDQDRVQRYLVHNVDJH]LPDOQLVLVWHP DNRG.LQH]DMRãSUH YLãHRGJRGLQDVORåHQLVLVWHPVDFUWLFDPDGRWOHVX.ULüDQU.LSUDQLL )HQLþDQLELOLSUDNWLþQLML =DR]QDþDYDQMHEURMHYD*UFLVXNRULVWLOLVORYDVYRJDOIDEHWD $ ;+LOLRL U + 00LULRL ãWRMHGRFQLMHLPDORYHRPDPQRJRVOLþQRVWLVDULPVNLPVLVWHPRPSLVDQMD EURMHYDRE]LURPGDVX5LPOMDQLELOLSRGNXOWXUQLPXWLFDMHP*UND *5ý.,6,67(0, 7 $ + ; 0 5,06.,6,67(0, 9 ; & 0 ² O 3RSXW *UND L +HEUHML VX SLVDOL VYRMLP VORYLPD EURMHYH RG O² ]DWLPVXNRULVWLOLSRVHEQRVORYD]DGHVHWLFHRG GRNDRL]DVWRWLQH RG².RGVWDULK6LULMDFDL$UDSDLPDPRLVWLVLVWHPVYHGRSR MDYHLQGLVNLKEURMNLNRMHGDQDV]RYHPRªDUDSVNLP© $UDSVNLDOIDEHW]YDQLª$OLIED©SRLPHQLPDSUYDGYDVORYD$OLI %D E VOXåLRMHLNDREURMþDQLVLVWHP ²$OLI O *²*LUQ +²+D LWG + +D OWG % %D ''DO
6ORYHQVNL QDURGL SUHX]LPDQMHP SLVPD SUHX]HOL VX L QDþLQ SLVDQMD EURMHYD SRMHGLQLP VORYLPD VYRMLK D]EXND DEHFHGD LOL JODJROMLFD 7DNRÿH VX SRVHEQR R]QDþDYDOL MHGLQLFH GHVHWLFH L VWRWLQH RGJRYDUDMXüLP VORYLPD VYRMLK DOIDEHWD QD SULPHU FUNYHQR VORYHQVNDD]EXNDLPDODMHRYHEURMþDQHYUHGQRVWL $9*' ( LWG , ./0LWG 567 &LWG O ,QWHUHVDQWQR MH GD VH VLVWHP SLVDQMD EURMHYD VORYLPD YHRPD GXJRRGUåDR²VYHGR;,;YHNDQDURþLWRXGDWLUDQMXLNRQD 3UHPD WRPH NRG SRPHQXWLK VWDULK QDURGD VYDND QDSLVDQD UHþ R]QDþDYDODMHLQHNLEURMMHUMHVYDNRVORYRLPDORVYRMXQXPHULþNX YUHGQRVW1DSULPHUNRG5LPOMDQDþLMLMHEURMþDQLVLVWHPMRãXYHNX XSRWUHEL UHþ ªD0L&D© R]QDþDYDOD MH L EURM D ª0H'L&R© GDWLY RG ª0HGLFXV© VDGUåDYDODMHXVHELEURM 1DUDYQR GUXJR MH SLWDQMH GD OL VX RQL NRULVWLOL XSUDYR RYDNDY QDþLQ]DODNãHSDPüHQMHEURMHYD 2G SRVHEQH MH YDåQRVWL ]D ODNãH UD]XPHYDQMH GDOMHJ L]ODJDQMDGDMRãMHGQRPSRVHEQRXRþLWHSRPHQXWXþLQMHQLFX .RG VWDULK QDURGD NRML VX EURMNH SLVDOL SRMHGLQLP VORYLPDVYRJDDOIDEHWDVYDNDQDSLVDQDUHþR]QDþDYDOD MHLVWRYUHPHQRLQHNLEURM 2YDM VLVWHP SLVDQMD EURMNL VORYLPD SRUHG W]Y ª5LPVNLK EURMHYD© NRULVWL VH GDQDV X QHNLP ]HPOMDPD L ]D SLVDQMH WHOHIRQVNLKEURMHYDDXFLOMXQMLKRYRJODNãHJSDPüHQMD $%&'() *+, -./012 356789:+< 1D EURMþDQLNX WHOHIRQD VH SRUHG EURMNL QDOD]H XWLVQXWD L VORYD JUXSLVDQD NDNR MH JRUH SULND]DQR 1D SULPHU XPHVWR GD SDPWLPRWHOHIRQEUX(QJOHVNRMüHPRSDPWLWL+2/ERUQ GHR /RQGRQD ² 6YDNDNR GD MH ODNãH SDPWLWL +ROERUQ QHJR FHR FLIUHQL EURM 8 6RYMHWVNRP 6DYH]X LPDPR VOLþDQ VLVWHP WDNR GD LPDPR WHOHIRQVNH EURMHYH VDVWDYOMHQH RG VORYD L EURMNL*LOL.LWG 8 6$' PQRJH LQVWLWXFLMH XPHVWR WHOHIRQVNRJ EURMD LPDMX VSUHWQH NRPELQDFLMH RGJRYDUDMXüLK VORYD WDNR GD GRELMX SULNODGQH UHFL 1D SULPHU MHGQD EDQND XPHVWR VYRJ WHOHIRQVNRJ EURMD QDYRGL XYHN UHþ ª=$-029,© ãWR SUHPD JRUQMRM ãHPL GDMH XVWYDUL QMHQ WHOHIRQVNL EURM -HGQR GUXãWYR ]D ]DãWLWX åLYRWLQMD WDNRÿH XPHVWR WHO EURMD LPD YHRPD SLUNODGQX UHþ ª=$â7,7$© WHO EU 2YDNYL ªEURMHYL WHOHIRQD© VH YHRPD ODNR SDPWH JRWRYR DXWRPDWVNL MHU XPHVWR VHGPRFLIUHQRJ EURMD MHGQRVWDYQR WUHED GD ]DSDPWLPR VDPR MHGQX UHþ ,VWR WDNR SULOLNRP WHOHIRQLUDQMD XPHVWR EURMDELUDPRVDPRRGJRYDUDMXüDVORYDLQHSRJUHãLYRGRELMDPRWUDåHQL WHOHIRQVNLEURM .DNRVHPRJXEURMHYLSUHWYRULWLXUHFL" 6YH VX RYR QDUDYQR GRVWD UHWNH L VOXþDMQH NRPELQDFLMH ]DPHQH EURMNL VORYLPD RGQRVQR EURMHYD ²UHFLPD L SUHPD WRPH QHVDYUãHQH GD EL VH PRJOH NRULVWLWL NDR VLVWHP VLJXUDQ L MHGQRVWDYDQ ]D SDPüHQMH EURMHYD 'D ELVPR DSVWUDNWQH L QH]DQLPOMLYHEURMHYHRVPLVOLOLLXþLQLOLLKSUL
VWXSDþQLP L SRJRGQLP ]D DVRFLUDQMH QHRSKRGQR MH GD VH ]D SRWUHEH VL VWHPDWVNRJSDPüHQMDSRVOXåLPRMHGQLPGUXJLPQHãWRPRGLILNRYDQLPDOL GDOHNRHILNDVQLMLPPHWRGRP .DRãWR9DPMHSR]QDWRQDãEURMQLVLVWHPVDVWRMLVHRGXNXSQR FLIDUD OL 1MLPHPRåHPRL]UD]LWLVYDNL]DPLVOLYLEURMELRRQPDNROLNRYHOLNL =QDþL DNR ]D SRMHGLQH FLIUH X]PHPR RGJRYDUDMXüD VORYD PRüL üHPR VYDNL EURM SUHWYRULWL X SULNODGQX UHþ WM RGJRYDUDMXüL EURM SULNODGQLK UHþLLDNRVHUDGLRYHüHPEURMX $NRSDåOMLYLMHSRJOHGDPRVORYRªW©]DSD]LüHPRGDMHQMHJRYJODYQL RVQRYQLSRWH]RGR]JRQDGROHYHRPDVOLþDQEURMX=DWRüHPRLX]HWL GDMH O W 6ORYRªQ©LPDSRWH]DQDGROHLSUHPDWRPHXYHNQDVSRWVHüDGDMH ?L
Q ,VWRWDNRLVORYRªP©LPDWULSRWH]DQDGROHLSRWVHüDWLPHQDEURM 3RUHGWRJDDNRVORYRªP©URWLUDPR]DXVPLVOXND]DOMNHQD þDVRYQLNXGRELüHPRWDþQXVOLNXEURMD'DNOH P
0QRJL OMXGL VORYR ªU© LVSLVXMX WDNR GD VYRMLP SLVDQLP REOLNRP YHRPD SRWVHüD QD EURM 3RUHG WRJD RQR MH UHGRYQR SRVOHGQML VXJODVQLN X QD]LYX ]D EURM X PQRJLP MH]LFLPD 1D SULPHU QHPDþNLYLH5HQ
JOHVNLIRX5IUDQFXVNLTXDW5HãSDQVNLFXDW5RLWDOLMDQVNL SXDWW5RLXQDãHPMH]LNXþHWL5L3UHPDWRPHX]LPDPRGDMH U =DEURMX]HüHPRVORYRªO©MHUVHYHOLNLPVORYRPª/©NDR ULPVNLPEURMHPREHOHåDYDEURMNRMLSRWVHüDGLUHNWQRQDEURM =QDþL
5LPVNHOHJLMHVXQDVYRMLP]DVWDYDPDQRVLOHSRMHGLQDVORYDNDR EURMQXR]QDNX VYRMHMHGLQLFH
O =DEURMX]HüHPRMHGQRVWDYQRSUYRVORYRQMHJRYRJQD]LYDNRMH üH QDVXYHNQHSRJUHãLYRSRWVHüDWLQDVYRMEURMþDQLHNYLYDOHQW ã $NRSDåOMLYRDQDOL]LUDWHNRQVWUXNFLMXVORYDª.©RQGDüHWH]DSD]LWLGD VHRQRPRåHQDSLVDWLVDGYHªVHGPLFH©²MHGQRPXVSUDYQRPLGUX JRPRNUHQXWRPVNRUR]D.=QDþL
N ,VSLVDQRPDORVORYRªI©NRGPQRJLKOMXGLYHRPDSRWVHüDQDª©7DNR MHEURM I $NRVORYRªSRNUHQHPRRNRQMHJRYHYHUWLNDOQHRVH]D GRELMDPR WDþQXVOGNXEURMD3UHPDWRPHLPDPRGDMHEURM S $NR ELVPR NUDNRYH VORYD ªF© VSRMLOL PDORP FUWLFRPGRELOL ELVPR² QXOX =DWRüHPR]DªQXOX©RGUHGLWLVORYRªF©=QDþL F 8NROLNR9DPYLãHRGJRYDUDGDSRWUDåLWH YH]X L]PHÿXSRMHGLQLK EURMNLLVORYDüLULOLFHRQGD9DPVOHGHüHQDSRPHQHPRJXELWLRGNRULVWL
6ORYRª7©VDMRãMHGQRPKRUL]RQWDOQRPFUWRPWDþQDMHVOLNDULPVNRJ EURMDª,©WM 7 O 2EOLNVORYDª+©YHRPDSRWVHüDQDULPVNRª,,©WM3RUHGWRJDLPD SRWH]DQDGROH + $NRELVPRVORYRª0©URWLUDOL]DGRELOLELVPRREOLNEURMD 0 =DªS©YDåLLVWDDVRFLMDWLYQDYH]DNDRLXODWLQLFLWMGDMHSRVOHGQML VXJODVQLNXQD]LYXXPQRJLPMH]LFLPD $NREURMRNUHQHPR]DXVPLVOXND]DOMNHQDþDVRYQLNXGRELüHPR WDþDQREOLNVORYDªE©=DWRX]PLPRGDMHEURM E =DPLVOLWHGDVWHGYHªWURMNH©L ªOHÿLPD©VSRMLOLNDRª6LMDPVNH EOL]DQFH©,ãWDVWHGRELOL"1DUDYQRVORYR ª@© @ 6ORYRª=©RNUHQXWR]DYHRPDSRWVHüDQDEURM.RPHRYDDVRFL MDFLMDQHRGJRYDUDPRåHVHSRVOXåLWLLVWRPYH]RPNDRLXODWLQLFL . .RGEURMDRVDPQHPDPRPQRJRSUREOHPDGDQDÿHPRSULNODGQXDVR FLMDFLMXMHUVDPRVORYRª%©YHRPDSRWVHüDQDªRVPLFX©$NR9DP YLãHRGJRYDUDPRåHWHX]HWLLªN©MHUMHWDþDQREOLNSRORåHQHªRVPL FH©=QDþLEURM % 6ORYRª;©URWLUDQR]DYHUQRSUHWVWDYOMDEURM=QDþL ; =DªQXOX X]HüHPRDQDORJQRVORYRSRREOLNXDWRMHª&© & 0HÿXWLP SRPRüX RYRJ RVPLãOMDYDQMD SRMHGLQLK EURMNL L QMLKRYRJ DVRFLUDQMD ]D RGJRYDUDMXüD VORYD PL QL L]GDOHND QLVPR LVFUSHOL VYD VORYD QDãHJ DOIDEHWD =DWR üHPR X VOHGHüRM SUHJOHGQRM WDEHOL UH]LPLUDWL QDSUDYOMHQHDVRFLMDFLMHLWDEHOXSURãLULWLSUHRVWDOLPVXJODVQLFLPD
352â,5(1-(180(5,ý.2*$/)$%(7$ 71MHPXMHVOLþQRLOLQMHJRYMH]YXþQLSDUQMDNª'© 11MHPXMHVOLþQRª1-© 01MHPXüHPRGRGDWLVORYRª-©MHUVHVDGYDª-©PRåHQDSLVDWL EURM 51MHPXüHPRGRGDWLVORYRªK©NRMHMHXVWYDULREUQXWDªþHWYRUND© /1MHPXMHVOLþQRLEOLVNRª/-© 62YGHüHPRGRGDWLVYDVORYDNRMDVHSLãXVDQHNLPGLMDNULWLþNLP ]QDNRP6&&'=,PDLK]QDþLãWRMHMRãMHGQDDVR FLMDFLMD .1MHJRY]YXþQLSDUQMDNMHVORYRª*©.RGüLULOLFHMHREUDQWR )DQMHJRYEH]YXþQLSDUMHª.© )1MHJRY]YXþQLSDUQMDNMHª9© 31MHJRY]YXþQLSDUQMDNMHª%©.RGüLULOLFHLPDPRREUQXWVOXþDM 2 &2YGHüHPRSULGRGDWLLVYH]XEQHVXJODVQLNHª6©Lª=©'DNOH]D ªQXOX©X]LPDPRVYH]XEQHVXJODVQLNH&=6
3RãWRVPRVDGDLVNRULVWLOLVYHVXJODVQLNHDOIDEHWDLXYUVWLOLLKSXWHP SULNODGQLK DVRFLMDFLMD SRG RGUHÿHQH EURMNH GRELOL VPR NRQDþQR A8QLYHU ]DOQLQXPHULþNLDOIDEHW©LOLª8QLYHU]DOQXWDEHOX]DSUHWYDUDQMHEURMHYD XUHFL© 180(5,ý.,,/,%52-ý$1,$/)$%(7=$35(79$5$1-( %52-(9$85(&,
7' 110-5 +/ /-
2
ãåüþ'å . * )9 3% &=6
'RNVDPRJODVQLFLQHPDMXQLNDNYRJ]QDþHQMDVYLVXJODVQLFLLPDMXVYRMHRGUHÿHQR QXPHULþNR]QDþHQMH
3UHRVWDOL VX MRã VDPRJODVQLFL $ ( , 2 8 NRML QHPDMX QLNDNYRJ QXPHULþNRJ ]QDþHQMD L VOXåH MHGLQR ]D VSDMDQMH SRMHGLQLK VXJODVQLND SUL IRUPLUDQMXW]YQXPHULþNLKUHFLWMUHFLNRMHVDGUåHRGUHÿHQLEURM1DSUL PHU ]D EURM HNYLYDOHQW VX VXJODVQLFL 3/0 DNR LK SRYHåHPR RGJR YDUDMXüLPVDPRJODVQLFLPDGRELMDPRYHRPDSULNODGQXUHþ]D SDPüHQMH WRJEURMD3D/R0DLOL3D/0DLWG 3UHQHJRãWRSUHÿHPRQDVDPRSUHWYDUDQMHEURMHYDXUHFLLQMLKRYR SDPüHQMH SRPRüX ª1XPHULþNRJ DOIDEHWD© SRWUHEQR MH GD REUDWLWH SDå QMXQDVOHGHüHPRPHQWH 6ORYRª5©MHXQDãHPMH]LNXLVDPRJODVQLNLVXJODVQLNX]DYLVQR VWLRGQMHJRYRJSRORåDMDXQHNLPUHFLPD0HÿXWLPSRª1XPHUL þNRPDOIDEHWX©VORYRª5©MHXYHNVXJODVQLNLXYHNLPDQXPHULþ NXYUHGQRVW² 2E]LURPQDWULJRYRUDXQDãHPMH]LNXHNDYVNLMHNDYVNLLLNDY
VNL þLWDRFL NRML JRYRUH MHNDYVNL WUHED XQDSUHG GD VH RGOXþH GD OL üH LP MHNDYVNR ªM© YDåLWL NDR EU WDPR JGH JD HNDYFL L LNDYFL QHPDMX 1D SULPHU ª'H7H© LOL ª'L7H© ]QDþH EURM DOL LVWD UHþ L]JRYRUHQDMHNDYVNLª'L-H7H©R]QDþDYDEURM 6WUDQHUHFLRGRPDüHQHXQDãHPMH]LNXWUHEDNRULVWLWLRQDNRND NRVHL]JRYDUDMXDQHNDNRVHSLãX$NRVOHGLPRRYRQDþHOR QL NDGDQHüHGRüLGR]DEXQHXªGHãLIURYDQMX©QXPHULþNRJ]QDþHQMD QHNHVWUDQHUHFL1DSULPHUUHþª%XIIHW©NRMDQDPMHGRãODL] IUDQFXVNRJPRåHGD]QDþLDDNRMHªSUHYHGHPR©RQDNRND NRVHL]JRYDUDGDNOHª%LIH©LOLSUDYLOQLMH%LLIH RQGDYUHGLVD PR 1XPHULþNLDOIDEHWVHSULPHQMXMHQDVWURJRIRQHWVNRPSULQFLSX EH]LNDNYLKL]X]HWDND=QDþLRQRãWRL]JRYDUDWHLNDNRJDL]JRYD UDWH²VDPRWRYDåL1DSULPHUXVOXþDMXSLVDQMDODWLQLFRPVOR YDGLJUDIL1-/-'=L'-XYHN]QDþHVDPRLRSHWUHV SHNWLYQRDQHL3UHVXGDQMHGDNOHXYHNL]JRYRU ]DQXPHULþNXYUHGQRVWVORYDLOLUHFLDQHSLVDQLREOLN ,DNR ª1XPHULþNL DOIDEHW© VLJXUQR YHü PRåHWH SRQRYLWL ]DKYDOMXMXüL VWYRUHQLP DVRFLMDFLMDPD L RVPLãOMDYDQMX LSDN 9DP SUHSRUXþXMHPR GD QHLGHWHGDOMHGRNJDSRWSXQRQHXVYRMLWH GR WRJ VWHSHQD GD PRåHWH SRWSXQR DXWRPDWVNL L EH] SUHPLãOMDQMD UHSURGXNRYDWL þLWDY ª1XPHULþNL DOIDEHW© X VYLP SUDYFLPD D QDURþLWR QD SUHVNRN 3RãWR MH RQ RVQRYD SDPüHQMD VYLK YUVWD EURMHYD ORJLþQR MH GD JD PRUDWH VDYODGDWL GR VDYUãHQVWYD 8 WX VYUKX SUHSRUXþOMLYR MH X]HWL QHNL WHNVW L UHGRP SUHWYDUDWL SRMHGLQH UHFL X EURMHYH =DWLP X]PLWH QHNX GHEOMX NQMLJX L RWYDUDMXüL QDVX PLFHVWUDQLFHYHåEDMWHSUHWYDUDQMHEURMHYDXUHFL 3ULSUHWYDUDQMXEURMHYDXUHFLSRWUHEQRMHGUåDWLVHRYLK QDþHOD 'RNMHGQDUHþGDMHXYHNMHGDQWHLVWLEURMGRWOHMHGDQEURMPRåH GDLPDQHNROLNRªPYPHULþNLKUHFL©1DSULPHUUHþª0RUH©XYHN R]QDþDYDMHGDQWHLVWLEURM²$OLUHFLPREURMPRåH GD VHL]UD]LVDQHNROLNRQXPHULþNLKUHFL3X03D%20%D3R03D %D0%LLWGãWRMHQHVXPQMLYRLYHOLNDSUHGQRVWª1XPHULþNRJ DOIDEHWD©MHUQDPRPRJXüDYDGDRGDEHUHPRQDMSRJRGQLMXUHþ 'DELVWHL]EHJOLPRJXüQRVW ]DEXQHQDVWRMWHGDXYHNNRULVWLWH UHþVDRQROLNLPEURMHPVXJODVQLNDNROLNRFLIDUDLPDEURM NRML SDPWLWHVWLPGDDNRX]PHWHUHþVDWULLOLYLãHVXJODVQLNDRQGD XYHNYDåHVDPRSUYDWULVXJODVQLND
1D SULPHU MHGQRFLIUHQH EURMHYH UHFLPR EU O SDPWLWH QXPHULþNLP UHFLPD VD VDPR MHGQLP VXJODVQLNRP D'D DX7R R'D 'HREU %RDR%RDH3LWG 'YRFLIUHQHEURMHYHVDQXPHULþNLPUHFLPDNRMHLPDMXVDPRGYD VXJODVQLND1DSULPHUEU 0D/--H/D0L/H0X/D-H/RLWG 7URFLIUHQHEURMHYHSDPWLWHSRPRüXUHFLVDWULLOLYLãH VXJODVQLND $NRMHUHþVDYLãHRGWULVXJODVQLNDRQGDXYHNYDåHVDPRSUYD WUL1D
SULPHUEU /H'D5D/L7D5 /R7D5DOL L /X75LMD /H'H5HU /H75DVHW/H7D5JLMDLWGJGHYDåHVDPRSUYDWULVXJODVQLND %URMVDþHWLULFLIUHPRåHPRSDPWLWLNDRGYDFLIUHQDLOLNDRMH GDQFLIUHQLMHGDQFLIUHQEURM,VWRWDNRMHGDQFLIUHQLEURM PRåHPRSDPWLWLNDRMHGDQFLIUHQLMHGDQFLIUHQEURM%UR MHYHVDLYLãHFLIDUDQDMSUHSRGHOLPRXJUXSHRGSR WULFLIUH LRQGDLKSDPWLPRNDRQL]RGYLãHWURFLIUHQLKEURMHYD ,PDMWHXYHNQDXPX]DNRQLWRVWNDGDSUHWYDUDWHEURMHYHXUHFL GDSRYHüDYDQMHPEURMDYDåHüLKVXJODVQLNDXUHFLYHRPDEU]RVX åDYDWHL]ERUPRJXüLKUHFL]DWDMEURM1DSULPHU]DFLIUHQL EURMPRåHPRQDüLSUDNWLþQREH]EURMQXPHULþNLKUHFLDNR NDåHPRGDüH XQMLPDYDåLWLVDPRSUYLVXJODVQLN,]ERUMH]QDW QRPDQMLDNRNDåHPRGDüHYDåLWLVDPRSUYDGYDVXJODVQLND MRãPDQMLMHL]ERUUDVSRORåLYLKUHFLDNRYDåHSUYDWULVXJODVQLND DYHRPDVXåHQLOLJDXRSãWHQHPDDNRNDåHPRGDüHYDåLWLSUYD þHWLULVXJODVQLND 6DGD SRVHGXMHWH MRã MHGQX PRüQX ªXPQX PDãLQX© SRPRüX NRMH üHWH PRüL ªSUHUDGLWL© L ]DSDPWLWL QHRJUDQLþHQR PQRJR QDMUD]QRYUVQLMLK EURMHYD L EURMQLKL]UD]DL]VYLKREODVWL]QDQMD
7(67%5 SRJO 2]QDþLWHWDþQRYUHPHREDYOMDQMDRYLKSRVORYDRGXNX SQRNRMHVWHSDPWLOLXRYRPSRJODYOMX 9UDWLWLNQMLJHXSR]DMPQRMELEOLRWHFL 1DSRãWLSUHX]HWLSULVSHOLSDNHW 1DSLVDWLSLVPR²UHNODPDFLMXIDEULFL 2GOD]DNDXWREXVRPQDVWDQLFX =DMHGQLþNLUXþDNVD0DUNRYLüLPD 3UHJOHGUDþXQDLSRWSLVL]OD]QHSRãWH 82=XSURGXåLWLSROLVX]DRVLJXUDQMHNXüH 3ULSRYUDWNXNXüLREDYLWLNXSRYLQXXVDPRXVOX]L 6DVWDQDNXYH]LJRGLãQMHJSODQD 6DVWDQDNVD%R]RPXª*UDGVNRMNDIDQL©
%LORNRMLUDVSRUHGSRVORYDLOLþDVRYDPRåHPRSDPWLWLLª3UHGPHWQRP WDEHORPRGPHVWD©8SLãLWHEURMHYHL]GHVQHNRORQHXOHYXNDNREL GRELOLWDþQD]QDþHQMD 2 8WRUDNþDV 2 6UHGDþDV 2 ýHWYUWDNþDV 2 &HWYUWDNMþDV 2 3RQHGHOMDNþDV SRJO 2]QDþLWHNRPSRQHQWHLRVREHQRVWLNRMHSULSDGDMXª0HKDQLþ NRPSDPüHQMX© $ 5D]XPHYDQMH % (KRSDPüHQMD & ,QWHUIHUHQFLMD
'5HWURDNWLYQDLQKLELFLMD ( 3RYUDWQRVHüDQMH
2]QDþLWHNRPSRQHQWHLRVREHQRVWLNRMHSULSDGDMX ª2VPLãOMHQRPSDP üHQMX© $ 5D]XPHYDQMH '5HWURDNWLYQDLQKLELFLMD % (KRSDPüHQMD (3RYUDWQRVHüDQMH & ,QWHUIHUHQFLMD SRJO 2]QDþLWHEURMQHYUHGQRVWL]DVOHGHüDVORYD = 'å
. '
/$
1- 8
6 5
8SLãLWHRGJRYDUDMXüDVORYD]DVOHGHüHEURMNH 3RãWR XVWDQRYLWH EURM RVYRMHQLK ERGRYD XSLãLWH LK X SUHGYLÿHQX UXEULNX 7DEHOH ª9Dã XVSHK X SRYHüDQMX 9DãHJ SDPüHQMD© 8NROLNR SUD YLOQR L VDYHVQR SURUDÿXMHWH L SULPHQMXMHWH X SUDNVL SRMHGLQH WHKQLNH L PHWRGH SDPüHQMD WUHEDOR EL GD QD RYLP WHVWRYLPD SRVWLåHWH PLQLPXP WDþQLKUH]XOWDWD8NROLNRWRQLMHVOXþDMLOLVWHXRSãWHQH]DGRYROMQL ãWRQHSRVWLåHWHUH]XOWDWD9DãLERGRYLüH9DPRGPDKWDþQRSRND]DWL NRMD SRJODYOMD WUHED EROMH SURUDGLWL GD EL SRVWLJOL UH]XOWDWD X UHãDYDQMXWHVWRYDLSURUDGLNQMLJH 6DPDORGREUHYROMHLVLVWHPDWVNRJUDGDXSURXþDYDQMXLSULPHQL L]ORåHQLK WHKQLND SDPüHQMD PRåHWH VYDNDNR EH] QDURþLWLK QDSRUD SRVWLüL UH]XOWDWD QH VDPR X UHãDYDQMX WHVWRYD QHJR L X SULPHQL QDXþHQLKPHWRGDLWHKQLNDHILNDVQRJSDPüHQMD
0(17$/1$.$5727(.$1(2*5$1,ý(12*.$3$&,7(7$ %52-ý$1$,/,180(5,ý.$7$%(/$=$9(=1,0(72'3$0û(1-$
8 SUHWKRGQRP SRJODYOMX RYODGDOL VWH ª1XPHULþNLP DOIDEHWRP ]D SUHWYDUDQMH EURMHYD X UHFL© L QDXþLOL RVQRYQH SULQFLSH NDNR VH QDMUDFLR QDOQLMHSUHWYDUDMXEURMHYLXUHFL
)RãWR VWH YHü SUHãOL QD RYR SRJODYOMH SUHWSRVWDYND MH GD VWH QXPHULþNL DOIDEHW QDXþLOL GR DXWRPDWL]PD L GD EH] SUHPLãOMDQMD QD GDWL EURM PRåHWH QDYHVWL RGJRYDUDMXüD VORYD L REUDWQR NDR L GD EH] ]DVWRMD PRåHWH SUHWYDUDWL UHFL X EURMHYH L REUDWQR 7DNRÿH MH SUHWSRVWDYND ]D 9Dã GDOML XVSHãDQ UDG QD SDPüHQMX EURMHYD GD VWH EDU QHNROLNR VWUDQLFD WHNVWD UDGL YHåEH SUHWYRULOL X EURMHYH NDR L GD VWHQDMPDQMHSDUVWRWLQDEURMHYD SUHWYRULOL X RGJRYDUDMXüH QXPHULþNH UHFL 3UH QHJR ãWR SUHÿHPR QD VDPR NRPSRQRYDQMH ª1XPHULþNH WDEHOH ]D SDPüHQMH SR YH]QRP PHWRGX© QDYHãüHPR MRã QHNROLNR SUDNWLþQLK XSXOVWDYD ]D SUHWYDUDQMH EURMHYD X QXPHULþNH UHFL RGQRVQR]DVDPRSDPüHQMHEURMHYD 6SRVREQRVWSUHWYDUDQMDEURMHYDXUHFLLREUDWQRPRUDWHXVDYUãLWLGR DXWRPDWL]PDWDNRGDVWHXVWDQMXþLPXJOHGDWHQHNLEURMGD]DQMH JDRGPDKGDWHEDU²QXPHULþNHUHFL,VWRWDNRDNRVHUDGLRQX PHULþNLPUHFLPDPRUDWHELWLXVWDQMXLVWHDXWRPDWVNLªSUHYRGLWL©X EURMHYHEU]LQRPNDRGDþLWDWHVDPHEURMHYHDQHVORYDLUHFL 8 WX VYUKX ELüH 9DP SRWUHEQR QHNROLNR GDQD VLVWHPDWVNRJ YHåEDQMD NRQWLQXDOQRP PHWRGRP QHSUHNLGQR X VYDNRP VORERGQRP WUHQXWNX GRNLGHWHXOLFRPþHNDWHLWGþLPXJOHGDWHQHNLEURMUHFLPRDXWRPRELOD WHOHIRQD QD QHNRM ILUPL QD QHNRM ]JUDGL L VOLþQR RGPDK JD SUHWYRULWHX QXPHULþNHUHFL 6OLþQR SRVWXSLWH L VD UHFLPD V NRMLPD GQHYQR GROD]LWH X GRGLU X VOR ERGQLP WUHQXWFLPD 5HFLPR DNR 9DP SRJOHG SDGQH QD QHNX ILUPX LOL QD]LYQHNRJREMHNWDRGPDKJDSUHWYRULWHXRGJRYDUDMXüLEURM -RãXSUHWKRGQRPSRJODYOMXVPRQDJODVLOLGDXSULQFLSXNRGVYDNHQX PHULþNHUHFLYDåHVDPRSUYDWULVXJODVQLND$NRMHEURMVDYLãHFLID UDRQGDFLIUHSDPWLPRVDMHGQRPUHFLDSUHRVWDOHMHGQXLOLGYH VD GUXJRPUHFL$NRVHUDGLRGXJLPEURMQLPQL]RYLPDVDLYLãHFLID UDRQGDWDNDYQL]SRGHOLPRNDRãWRMHLQDþHXRELþDMHQRWDþNDPDQD JUXSHRGSRWULFLIUHLVYDNXWDNYXJUXSXSDPWLPRSXWHPRGJRYDUD MXüHQXPHULþNHUHFL1DSULPHUEURMSDPWLPRNDR GDNOHVDXNXSQRQXPHULþNHUHFL 5D]ORJ ]D XYRÿHQMH RYRJ SULQFLSD MH ]DSUDYR GYRVWUXNL $NR EL X]HOL GD X VYDNRM QXPHULþNRM UHFL YDåL YLãH RG WUL SUYD VXJODVQLND UHFLPR þHWLUL L]ERU SRJRGQLK QXPHULþNLK UHFL ]D YHüLQX EURMHYDELVHQHGRSXVWLYR VX]LR ª7UL SUYD VXJODVQLND© MH RSWLPXP SRWYUÿHQ GXJRJRGLãQMLP LVNXVWYRP NRG PQRJR KLOMDGD OMXGL ² 8RELþDMHQR MH SUDYLOR GD VH L LQDþH GXåL EURMHYL NDR ãWR VX VWRWLQH KLOMDGD PLOLRQL PLOLMDUGH LWG RGYDMDMX WDþNDPD L ]DSHWDPD X JUXSDPDRGSRWULFLIUH 1XPHULþNLDOIDEHWNRMLPYODGDWHMHXVWYDULMHGQDNRQYHQFLMDLSUHG VWDYOMDVDPRMHGQXRGPQRJLKPRJXüLKNRPELQDFLMD6YDNRELPR JDRSUHPDVYRPSURILOXLSUHIHUHQFLMDPDQDSUDYLWLLQHNXGUXJXNRP ELQDFLMX]DPHQHEURMHYDVORYLPD0HÿXWLPRYGHåHOLPRLVWDüLSRVHE QRþLQMHQLFXGDMHRYDMQXPHULþNLDOIDEHWNRQVWUXLVDQVSHFLMDOQRX WXVYUKXGDSUXåLPDNVLPDOQRYHOLNLEURMSRJRGQLKQXPHULþNLKUHFL ]DVYHEURMHYHSRGMHGQDNRRE]LURPGDVXVYLEURMHYLSRGMHGQDNRYDå QL%LWQRMHGDL]ERUUDVSRUHGQDSRMHGLQHEURMHYHLYUVWDNRPELQDFL MHEXGXWDNYLGD]DVYDNLEURMLPDGRYROMQRSULNODGQLKQXPHULþNLK UHFL=DWRVHª1XPHULþNLDOIDEHW©XREOLNXNDNRVWH9LQMLPHRYODGD OLSUHSRUXþXMHMHUMH]DVQRYDQLNRQVWUXLVDQSUHPD]DNRQLWRVWLPDNR
MHRGUHÿXMX]DVWXSOMHQRVWJODVRYDXQDãHPJRYRUQRPLSLVDQRP MH]LNXNDRLIUHNYHQFLMXVXJODVQLNDXUHFLPDQDãHJMH]LND
'RNMHGQDQXPHULþNDUHüGDMHXYHNMHGDQWHLVWLEURMGRWOHMHGDQEURMPRåHGD LPDQHNROLNRQXPHULþNLKUHFL©
6SHFLMDOQD SRJRGQRVW NRG ª1XPHULþNRJ DOIDEHWD© MH WD ãWR L] MHGQRJ EURMD þHVWR PRåHPR QDSUDYLWL L VYLK ² UD]OLþLWLK QXPHULþNLK UHüL D RSHW VYH RQH ]QDþH XYHN MHGDQ WH LVWL EURM 1D WDM QDþLQ LPDPR SULOLNX GD XYHN RGDEHUHPR QDMSULNODGQLMX UHþ NRMD üH VWDMDWLX QDMXåRMDVRFLMDWLYQRMYH]LVD SRM PRP X YH]L V NRMLP SDPWLPR QHNLQXPHULþNLSRGDWDN 1DSULPHUSUHWSRVWDYLPRGDWUHEDGD]DSDPWLPRRYDMSRGDWDN ª'UXJLVYHWVNLUDWMHSRþHRJRGLQH© .RG SDPüHQMD JRGLQD L] LVWRULMH QLNDGD QH WUHED SDPWLWL ªKLOMDGH© MHU VH RQH XYHN SRGUD]XPHYDMX =QDþL SDPWLPR MHGQRVWDYQLMHNDR=DEURGPDKQDOD]LPRQHNROLNRQXPHULþNLK UHFL3X03D%R0%D3R03D%D0%L1DUDYQRRGDEUDüHPRQXPHULþNX UHþ ª%R0%D© MHU RQD VWRML X QDMXåRM DVRFLMDWLYQRM YH]L VD SRMPRPª'UXJLVYHWVNLUDW© .ROLNRVXYHOLNHPRJXüQRVWLNRPELQDFLMDVDVORYLPDQXPHULþNRJ DOIDEHWDJRYRULLSRGDWDNGDVHVDPRVDVORYDELORNRJVDYUHPHQRJDO IDEHWD]QDþLVDPRVDVXJODVQLNDUHFLPRQDãHJDOIDEHWD WHRUHWVNLPRåH LVNRPELQRYDWL IDQWDVWLþDQ EURM UHFL ² SUHNR VHSWLOLRQD VD QXOH .DNDY MH WR EURMQL GLY YLGLPR GRQHNOH L] VOLNRYLWRJ SRUHÿHQMD VYLP OMXGLPD QD ]HPOML WUHEDOR EL SUHNR JRG GD EURMHüL QHSUHNLGQR L]EURMH RYDM IDQWDVWLþDQ EURM $ VD VYLK VORYD QDãHJ DOIDEHWDEURMPRJXüLKNRPELQDFLMDGRVWLåHQHYHURYDWQXFLIUXRGSUHNR ;LOLVDQXOD8NXSDQEURMQDMVLWQLMLKNDSOMLFDX VYLP RNHDQLPD PRULPD MH]HULPD L UHNDPD QD ]HPOML SUDYL MH SLJPHM X SRUHÿHQMXVDRYLPLVSROLQVNLPEURMHP %52-ý$1$,/,180(5,ý.$7$%(/$=$3$0û(1-( 329(=1200(72'8
.DGD VPR X 3RJODYOMX ª9H]QL PHWRG SDPüHQMD© IRUPLUDOL QDãX SUYX ª0HQWDOQX NDUWRWHNX© SRPRüX ª3UHGPHWQH WDEHOH© RQGD VPRDVR
FLMDWLYQX YH]X QDOD]LOL L]PHÿX EURMD L SRMHGLQLK SUHGPHWD QD RVQRYX QMLKRYHVOLþQRVWLSRREOLNX6DPLPWLPELOLVPRGRQHNOHLRJUDQLþHQLX VYRMLP NRPELQDFLMDPD UDGL þHJD VPR ª3UHGPHWQX WDEHOX© IRUPLUDOL VDPR ]D PHVWD 6YDNDNR SRVWRML PRJXüQRVW QMHQRJ SRYHüDQMD L QD VYLK PHVWD NDR L IRUPLUDQMH MRã QHNH SUHGPHWQH WDEHOH DOL PRJXüQRVWL NRPELQRYDQMD VX GDOHNR PDQMH QHJR X VOXþDMX NRQVWUXLVDQMD ª1XPHULþNLK WDEHOD ]D YH]QL PHWRG SDPüHQMD© SRPRüX ª1XPHULþNRJDOIDEHWD© .DR ãWR VPR YLGHOL EURM PRJXüLK NRPELQDFLMD MH XSUDYR IDQWDVWLþDQ L SRPRüX ª1XPHULþNRJ DOIDEHWD© PRåHPR NRQVWUXLVDWL SURL]YROMQR YHOLNH ª1XPHULþNH WDEHOH ]D YH]QL PHWRG SDPüHQMD© VD VPHãWDMQLP NDSDFLWHWLPD RG QHNROLNR VWRWLQD SD GR QHNROLNR KLOMDGD PHVWD YHü SUHPD VWYDUQLP SRWUHEDPD 3RUHG WRJD SDUDOHOQR PRåHPR NRPSRQRYDWLYLãHWDNYLKWDEHOD 2YGHQDYRGLPRNDRSULPHUMHGQXSUDNWLþQLPLVNXVWYRPSURYHUHQX ª1XPHULþNX WDEHOX© RG XNXSQR PHVWD V WLP ãWR üHPR X RYRP SRJODYOMXGDWLVDPRQMHQSUYLGHRRGXNSQRPHVWD
$872 $1$ $0 25$2 8/-( 8=( $*$ 92 %2$ 8',&$ '(7( ',1-$ ',0
180(5,ý.$7$%(/$ 725 12*$ $7,/$ 1,9($ 78â 1(%2 '(.$ 0(ý$ ',9 0(7$ 723 081-$ 1(& -$-( 127( 025( 1,1 08/$ 12 0$& 1$5 0$* $1$/, 08) 12ä 0$3$
25$6, 52'$ 5812 5$0 +25 5$/2 5$. 5$ ) 5,%$ /$62
8 RYRM WDEHOL VPR SRQRYR X]HOL ]D EU O ª$872© NDR L X SUHGPHWQRM =DWR DNR VH X SUHGPHWQRM WDEHOL RGOXþLWH ]D ª$'$© RQGD X QXPHULþNRM PRåH RVWDWL ª$872© L REUDWQR 2YXWDEHOXWUHEDGDQDXþLWHQDLVWLQDþLQLGRLVWRJ VWHSHQDNDRL ª3UHGPHWQXWDEHOX©.RULVWLWHSRQRYR9DãVLVWHPNDUWLFD93RJO 3URYHULWH VYRMH ]QDQMH UHSURGXNFLMRP WDEHOH SR UHGQLP EURMHYLPD SRSUHGPHWLPD QDSUHGLQD]DGL QDSUHVNRN 8VYRMLYãLSUYLGHRª1XPHULþNHWDEHOH©RGPHVWDGRELOLVWHMRã MHGQR YHRPD HILNDVQR VUHGVWYR ]D SDPüHQMH UD]QLK LQIRUPDFLMD L SRGDWDND .DR L VD ª3UHGPHWQRP WDEHORP© SRPRüX RYH WDEHOH PRåHWH YH]QLPPHWRGRP SDPWLWL OLVWH NXSRYLQD GQHYQH VHGPLþQH L PHVHþQH SODQRYHUD]QHGQHYQHUDVSRUHGHLSODQRYHUDGDSRþDVRYLPDUHGRVOHGH VORåHQLK UDGQLK RSHUDFLMD þLWDYH VHULMH EURMHYD VSLVNRYH SRSLVH LOL NDUWRWHNH UD]QLK SUHGPHWD L PDWHULODMD LWG 2 RYLP L GUXJLP SULPHQDPD ª1XPHULþNH WDEHOH© ]D SDPüHQMH SR YH]QRP VLVWHPX ELüH RSãLUQRJRYRUDXRGJRYDUDMXüLPSRJODYOMLPD
0(025,-$(/(.75216.2*5$&81$5$ 3$0û(1-(5$=1,+9567$%52-(9$
=DQHVHQL SHVQLN 3HWHU +LOH +LOOH QLMH LPDR JRWRYR QLãWD RVLP MHGQH YUHüH SXQH QMHJRYLK UXNRSLVD ]D NRMH VX PX þHVWR VOXåLOH VWDUH KDUWLMH EDþHQH NDUWH L VOLþQR 6DQMDR MH GD SRNUHQH MHGDQ þDVRSLV DOL X QMHJRYLP YLWNLP SHVQLþNLP UXNDPD VYDNLSRGXKYDWMHELRRVXÿHQQDQHXVSHK -HGQRP JD MH QHPDþNL NQMLåHYQLN 2 ( +DUWOHEHQ ]DWHNDRNDNRVSDYDQDNOXSLXSDUNX2EX]HWVDåDOMHQMHPSRYHRJD MHVDVRERPSODWLRPXSULVWRMQXVREXJGHMHGRQHVHQDLVPHãWHQD OHJHQGDUQD YUHüD VD UXNRSLVLPD GD EL JD VOHGHüHJ MXWUD SRQRYR QDãDRQDLVWRMNOXSL ² $OL3HWHUãWDMHVDGRSHW"²]DYDSL+DUWOHEHQ8VOHGLRMHRG JRYRUWLSLþDQ]D+LOHD ² 6WDPRJXNDGVDP]DERUDYLRXOLFXLNXüQLEURM 3DPüHQMH EURMHYD ]D PQRJH OMXGH SUHWVWDYOMD R]ELOMDQ SUREOHP 2QL ]ERJ WRJD þHVWR LPDMX QH VDPR QHSULMDWQRVWL QHJR L GLUHNWQH ãWHWH 0HÿXWLP ]DKYDOMXMXüL ª1XPHULþNRP DOIDEHWX© L ª 1XPHULþNRM WDEHOL ]D YH]QL PHWRG SDPüHQMD© 9L VWH X VWDQMX GD VDYODGDWH ODNR L QDMYHüH EURMQR GåLQRYH 8]PLPR NDR SULPHU IDQWDVWLþDQ EURM NRPELQDFLMD UD]QLK UHFL NRMH VH PRJX RVWYDULWL VD VDPRVORYDDOIDEHWD )DQWDVWLþDQEURMRGFLIUHRþLMRMRJURPQRVWLLQHL]PHUQRVWL LPDWH SULEOLåQX SUHWVWDYX MHU VPR R ªQHãWR© YHüHP EURMX NRPELQDFLMD VD FLI DUD YHü JRYRULOL X SUHWKRGQRP SRJODYOMX , ]D RYDM EURM FHORNXSQRP VWDQRYQLãWYX =HPMH WUHEDOR EL SUHNR JRGLQDGDJDL]EURML$OLDNRJDWUHEDSDPWLWLPHWRGDPDVLVWHPVNRJ SDPüHQMD RQGD RQ QH L]JOHGD WDNR VWUDãQR .DR ãWR VPR UHNOL SRGHOLPRJDQDMSUHXJUXSHRGSRWULFLIUH =DWLP ]D VYDNX JUXSX SURQDÿLPR SULNODGQX QXPHULþNX UHþ 6YDNR üH QDUDYQR RGDEUDWL GUXJDþLMH UHFL L RYGH UDGL WRJD QDYRGLPRMHGQXRGPRJXüQRVWL =H1L&D +D5)D 5D6D'.D-0D.1L0%XV 5D03D 0D61D .1-L*D 7LPHVPRMHGDQDSVWUDNWQL]DVWUDãXMXüLEURMRGFLIUH ]DKYDOMX
ª 7LPHVPRMHGDQ]DVWUDãXMXüLEURMRGFLIUHª1XPHULþNLPDOIDEHWRP©VYHOL 7ORSDPüHQMHVDPRNRQNUHWQLKLRELþQLKUHFL©
MXüL ª1XPHULþNRP DOIDEHWX© VYHOL QD SDPüHQMH RG VYHJD RVDP NRQNUHWQLKUHFL $ ]DSDPWLWL RVDP UHFL NDR ãWR 9DP MH YHü SR]QDWR QLMHQLNDNDYSUREOHP-HGQRVWDYQRPRåHWHGDELUDWH $NRVHRGOXþLWH]DODQþDQLPHWRGSDPüHQMD RQGDDVRFLUDMWHªä(1, &8©VDª+$5)20©ª+$5)8©VDª5$6$'20©LWGGRNUDMD 7LPH VWHXMHGQR]DSDPWLOLLFHRRYDMRJURPQLEURMLPRüLüHWHGDJDODNRL EU]RUHSURGXNXMHWHQHVDPRRGSRþHWNDGRNUDMDQHJRLREUDWQR 8NROLNRåHOLWHGDRYDMEURMDSVROXWQRSUHFL]QR]DSDPWLWHXVPLVOXGD ]QDWHJGHPXVWRMLVYDNDFLIUDRQGDVHXWRPVOXþDMXSRVOXåLWHYH]QLP PHWRGRPSDPüHQMDRGQRVQRª1XPHULþNRPWDEHORP]DSDPüHQMH SR YH]QRPPHWRGX©8]PLWHSUYLKPHVWDQD9DãRMWDEHOLLMHGQRVWDYQR QD9DPDYHüSR]QDWLXYHåEDQQDþLQDVRFLUDMWHVYLKQXPHULþNLKUH FLª=(1,&8©VDª$8720©ª+$5)8©VDª$120©ª5$6$'© VD ª$020©LWGGRNUDMD5HSURGXNFLMRPSURYHULWHMRãMHGQRP9DãHDVR FLMDFLMH ,VDGDMHEURMQLGåLQSRWSXQRX9DãRMYODVWL9LüHWHPRüLGDJDUHSU RGXNXMHWHQHVDPRQDSUHGLQD]DGVOHYDQDGHVQRLREUDWQR QHJRL QD SUHVNRN $NR 9DV QHNR SLWD ª.DNR JODVL VHGPD JUXSD"© 9L üHWH MHGQR VWDYQR ªGXKRYQLP RNRP© QD VHGPRP PHVWX WDEHOH SRWUDåLWL 9Dã SUHGPHW L ªYLGHüHWH© ª$*8© WRDNR VH PXþL GD YHåH MHGQX YHOLNX ª0$618© LVSRG VYRJ WXUEDQD 2GPDK üHWH ªGHãLIURYDWL© ª0Dâ1X©NDREURMQXJUXSX 8 VOXþDMX GD X SRþHWNX GRN MRã QH VWHNQHWH SRWUHEQX UXWLQX LPDWH L]YHVQLK SRWHãNRüD X L]QDODåHQMX DGHNYDWQLK QXPHULþNLK UHFL ]D JUXSH EURMHYD RG SR FLIUH SRVOXåLWH VH SULYUHPHQR VOHGHüRP RODNãLFRP %URMNRMLWUHEDGD]DSDPWLWHXPHVWRXJUXSHRGSRFLIUHMHGQR VWDYQR L]GHOLWH X JUXSH RG SR FLIUH 7LPH üHWH GRELWL QHãWR YLãH QXPHULþNLK UHFL DOL üHWH ]DWR SUHPD YHü SRPHQXWRM ]DNRQLWRVWL GRELWL]QDWQR
YHüH PRJXüQRVWL L]ERUD L SURQDODåHQMD SULNODGQLK QXPHULþNLK UHFL RE]LURPGDVDGDYDåHVDPRSUYDGYDVXJODVQLNDDQHWUL
3DPüHQMHEURMHYDRVPLãOMDYDQMHPLNRPSDUDFLMRP 3RVOH GXåHJ YUHPHQD SURIHVRU /XULMD SRQRYR VH VDVWDR VD VYRMLP LVSLWDQLNRP þLMH MH IHQRPHQDOQR SDPüHQMH SURXþDYDR YHü QHNROLNR JRGLQD2YRPSULOLNRPåHOHRMHGDSURYHULVSRVREQRVWQMHJRYRJORJLþNRJ SDPüHQMDL]DGDRPXMHQDWDEOLGD]DSDPWLVOHGHüHEURMHYH 1MHJRYLVSLWDQLNMHQDSUHJQXWRLXVUHGVUHÿHQRJOHGDRXWDEOXSR QDãDMXüL VH SRWSXQR LVWR NDR GD VH UDGL R SDPüHQMX QDM]DPUãHQLMHJ PDWHPDWLþNRJ L]UD]D 1H SULPHüXMXüL QMHQX ORJLþNX VWUXNWXUX RQ MH NRULVWLRVYRMHVLQHVWH]LVNHLHLGHWVNHVSRVREQRVWLL üHOXWDEOLFX SURVWR ªSUHVOLNDR©XVYRMXIRWRJUDIVNXPHPRULMX 5DGLWRJDMHSRWUHEQRSUHVYDNRJSDPüHQMDSUHWKRGQRSURDQDOL ]LUDWL PDWHULMDO L RGUHGLWL PHWRG SDPüHQMD 'D VPR 9DP JRUQMX WDEOLFX ]DGDOL X QHãWR L]PHQMHQRP UHGRVOHGX FLIDUD UHFLPR RYDNR VLJXUQR EL VH RGOXþLOL GD ªQDRUXåDQL© PHWRGDPD VLVWHPDWVNRJ SDPüHQMD VDYODGDWH RYDM EURM 0HÿXWLP PDOR DQDOL]H L XRþLüHWH ]DNRQLWRVW SR NRMRM MH NRQVWUXLVDQD RYD WDEOLFD 6DPLP WLP EURMVWHDXWRPDWVNL]DSDPWLOL=DWRQDVWRMWHGDQHNRULVWLWHNRPSMXWHU ]DþHWLULRVQRYQHUDþXQVNHUDGQMH 1D SULPHU QHNL EURMHYL VH PRJX SDPWLWL SRVHEQLP RVPLãOMDYDQMHPLOLNRPSDUDFLMRP ²[ ² ² ² ,PD VOXþDMHYD NDGD SUHJUXSLVDYDQMHP QHNRJ EURMD GRELMDPR REOLNNRMLVHODNRSDPWL ² ²[ ,DNR MH WR SULOLþQR UHWNR QDLOD]LPR SRYUHPHQR QD EURMHYH NRMLVHODNRSDPWH1DSULPHU ²3RåDU/RQGRQD/DNRSDPWLPRãHVWLFH %URMHYLWHOHIRQDLDXWRPDWVNLVHSDPWH %URMSUHWVWDYOMDQRUPDOQLUHGRVOHGEURMHYDWDNRÿHL EURMVDPRXVXSURWQRPVPLVOX 1HNH EURMHYH PRåHPR RVPLVOLWL UD]QLP UDþXQVNLP UDGQMDPD L]PHÿXSRMHGLQLKFLIDUD1DSULPHU ² ; ² ² ² OLVXSRþHWDNLNUDMEURMQRJQL]DDMHQMHJRYDVUHGLQD
'DWXPMXOLQDSLVDQRYDNRYHRPDVHODNRSDPWL 7DNRÿHMXQL² 6OXþDMQR L ªEURM H© VH PRåH QD VOLþDQ QDþLQ RVPLVOLWL L WDNR ]DSDPWLWLQDGHFLPDOD1DSUVXD ; RQGDLGHPRGYDSXWDL DLVX1DUDYQRRYRVX VYH SULOLþQR UHWNL VOXþDMHYL NRML RSHW ]DKWHYDMX GD SDPWLPR QDþLQ RVPLãOMDYDQMD EURMHYD ãWR QHNL SXW PRåH GD GRYHGH GR ]DEXQH SD XPHVWR GD GYD EURMD VDEHUHPR PL LK SRPQRåLPR LWG $OL QHNRPH üH L RYDMQDþLQGDRGJRYDUD7UHEDLPDWLQDXPXGDMHRYDMQDþLQQDåDORVW XVYRMRMSUDNWLþQRMSULPHQLRJUDQLþHQQDPDQMLEURMVOXþDMHYD 1DVXSURW QMHPX PHWRG SDPüHQMD VYLK YUVWD EURMHYD SRPRüX ª1XPHULþNRJDOIDEHWD© QHPDSUDNWLþQRRJUDQLþHQMD LPRåHVHSULPHQLWL QDSDPüHQMHVYLKYUVWDEURMHYD 3DPüHQMHYHOLNLKEURMHYDVDSXQRQXOD 3RVWRML QHNROLNR QDþLQD GD SUHFL]QR SDPWLPR EURM QXOD NRG YHOLNLKDVWURQRPVNLKLVOLþQLKEURMHYD 1DþLQ8QDSUHGXVYRMLPRVOHGHüLUDVSRUHGVXJODVQLNDX QXPH ULþNRMUHFL 6XJODVQLFL&=6NDRãWR]QDPRXYHNR]QDþDYDMXª2© 6XJODVQLNNRMLVHQDÿHQHSRVUHGQRLVSUHGªQXOH© &=6 R] QDþDYDEURMQXOD 6XJODVQLNNRMLVWRMLQDSRþHWNXLOLQDNUDMXQXPHULþNHUHFLR] QDþDYDEURMGHNDGQHMHGLQLFH 1DSULPHU /D3L6 /²3²6²2QXOD 0R67 0²6²27²QXOHLO ,OLDNRUDþXQDPRQXOHSRVOH GHFLPDOQH ]DSHWH 1DþLQ7DNRÿHWUHEDXQDSUHGGDRGUHGLPRGDüHPRYLãH GHNDG QHMHGLQLFHR]QDþDYDWLQDVOHGHüLQDþLQ ² +LOMDGH +/' ² 0LOLRQL 0/1 ² 0LOLMDUGH 0/5 2QGDMHGQRVWDYQRSDPWLPR 7 ² 5 ² 7 +/' 7R57D QD +/D'QMDNX =DPLVOLPRDVRFLMDFLMXª7RUWDQDKODGQMDNX©8YHNYDåH SUYD VXJODVQLND /-²/-²10/1 /-L/-D1D0D/L1D=D PLVOLPRª/MLOMDQDSLMHPDOLQX© 0RJXüDMHMRãMHGQDYDULMDQWDRYRJQDþLQDDNRYLãHGHNDGQHMHGL QLFHR]QDþLPRQDRYDMQDþLQ ² +LOMDGH +5 ² 0LOLRQL 0- ² %LOLRQL0LOLMDUGH %3 ² 7ULOLRQL 7' ,2 ² .YDGULOLRQL .* ² .YLQWLOLRQL 9) ² 6HNVWLOLRQL &6=
=DSD]LOLVWHGDMHGQRVWDYQRWUHEDX]HWLSRþHWQDVORYDQD]LYDSR MHGLQLK YLãLK GHNDGQLK MHGLQLFD RVLP ]D ª.YLQWLOLRQH© JGH VPR X]HOL VOHGHüLVXJODVQLNRE]LURPGDVPRª.©YHüLVNRULVWLOL]Dª.YDGULOLRQH© 1DUDYQR NDR L X VOXþDMX ª1XPHULþNRJ DOIDEHWD© RYX PDOX WDEHOX VPR SURãLULOL DQDORJQR VD SULSDGDMXüLP VXJODVQLFLPD ª+© QMHJRY SDUQMDN MHª5©ª%©QMHJRYEH]YXþQLSDUMHª3 LWG1DWDMQDþLQSDPüHQMH LOL QXOD RGQRVQR QD]LYD YLãH GHNDGQH MHGLQLFH VYHOL VPR QD SDPüHQMHMHGQHMHGLQHFLIUH1DSULPHU .²5²5 .X5L5 ²5 L 0 ²+ =D5L0H+$VRFLUDMWHSODVWLþQR NDNRVHª$5©UDVSODPVDYDSRGGXYDQMHPª0(+$© ELOLRQDLOLPLOLMDUGH %²5²% %H5%D%R5%DLOL%D5%D ;LOL VHNVWLOLRQD 0².²= 0D.D=H0D*D=DLWG 'UXJD YDULMDQWD 3RãWR VH VYH GHNDGQH MHGLQLFH PRJX L]UD]LWL EURMHPQDRGUHÿHQXSRWHQFLMXNRPHYLãHRGJRYDUDPRåHVDEURMHP GHNDGQH MHGLQLFH SDPWLWL GLUHNWQR SRWUHEDQ EURM QXOD 1D SULPHU NYLQWLOLRQD SDPWL VH NDR L QXOD .L7R9L .D'L)D LWG
3DPüHQMHYHOLNLKEURMHYDVDSXQRQXODSRPRüXYRNDOD =DPQRJHSUDNWLþDUHRYDMVLVWHPVHSRND]DRYHRPDSRJRGQLPRE ]LURPGD XPDNVLPDOQR VDåHWRM IRUPL GDNOH X VDPRM QXPHULþNM UHFL LPDPR R]QDNX ]D SRWUHEDQ EURM QXOD 2YDM VLVWHP SUHWVWDYOMD L]YHVQX QRYLQX L L]X]HWDN X RGQRVX QD ª1XPHULþNL DOIDEHW© NRG ª1XPHULþNRJ DOIDEHWD© YRNDOL D H L R X QH YDåH WM QHPDMX QLNDNYX QXPHULþNX YUHGQRVW 0HÿXWLP RYDM VLVWHP VH XSUDYR ]DVQLYD QD ]QDþHQMX YRNDOD DOL VDPR XVORYQRLX RJUDQLþHQRP VPLVOXGDR]QDþDYDMX EURMQXOD NRG SRMHGLQLKGHNDGQLKMHGLQLFD,RYGHQXPHULþNDUHþVDGUåLQRUPDOQRO² FLIUH =D KLOMDGH ª© GDNOH QXOH PRåHPR WDNRÿH QDüL SRJRGQH QXPHULþNH UHFL $OL ]D YLãH QXOD UHãDYDPR SUREOHP SXWHP VOHGHüH WDEHOH $ ²QXOH ( ²QXOD , ²QXOD 2 ²QXOD 8 ²QXOD 'RYROMQR MH GD VDPR SUYL YRNDO VDPRJODVQLN X QXPHULþNRM UHFL EXGHRGJRYDUDMXüLL]WDEHOHLDXWRPDWVNLGRELMDPRSRWUHEDQEURM QXOD 1DSULPHU G(WHMHU'²7 ( QXOD J8GDOR*²'²/ 8 QXOD
8VOXþDMXGDWUHEDL]UD]LWLMRãYLãHQXODVWRML9DPQDUDVSRODJDQMX GRGDWQDQXPHULþNDUHþ ]D MRã QXOH QSU =H& 6X=D &L&D LWG LOL þDN L QXOH QD SULPHU 6X=L&H $NR GRGDPR SRVHEQX QXPHULþNX UHþ ]D QXOH RQGD RYLP VLVWHPRP SRYHüDYDPR NDSDFLWHW SDPüHQMD GR WULOLRQDWM1DSULPHU WULOLRQLELOLRQD /²7².8
]DQXOD 6X=L&H]DQXOH /87.D6X=L&H$VRFLUDMWH ª/87.$þLMHMHOLFHRURãHQR68=,&$0$© 8 VOXþDMX L]X]HWQH SRWUHEH RYDM VLVWHP PRåHWH EHVNUDMQR GDOMH NRPELQRYDWL1DSULPHUPRåHWHX]HWLGYHQXPHULþNHUHFLWDNRGDQMLKRYD REDSUYDYRNDODX]ELUXGDMXSRWUHEDQEURMQXOD5HFLPRMHGQRJRYDNYRJ EURMQRJGåLQD NYLQWLOLRQNYDGULOLRQDVDYOD GDüHWHVDVDPRGYHQXPHULþNHUHFL%52'025HMHU%²5²' 0²5 L2 QXODLGUXJRª2©Xª025H© GDOMLK QXOD=QDþLQXOD 'DOMHPRJXüHNRPELQDFLMHSUHSXãWDPR9DãRMPDãWLLLQYHQWLYQRVWL
3DPüHQMHGHFLPDOQLKUD]ORPDND $NRVHGHFLPDOQLUD]ORPDNVDVWRMLRGFHORJEURMDLUD]ORPNDRQ GDMHQDMSUDNWLþQLMHXSRWUHELWLGYHQXPHULþNHUHFL²MHGQX]DüHOHEUR MHYHDGUXJX]DVDPUD]ORPDN1DSULPHU 7H/H)RQ&L*D5D $VRFLUDMWH X VYRMRM XREUD]LOML ª7(/()21 SXãL &,*$5(78© ,OL 7(/()21XPHVWRVOXãDOLFHLPD&,*$58© 8NROLNRMHGHFLPDOQLUD]ORPDNEH]FHOLKEURMHYDRQGDQXOXLV SUHGGHFLPDOQHWDþNHQHWUHEDSDPWLWLMHUVHRQDDXWRPDWVNL SRGUD]X PHYD 6/D0D 6X6D06H=D0 8 RGUHÿHQLP VOXþDMHYLPD JGH PRåGD QLMH VDPR SR VHEL UD]XPOMLYR GD VH UDGL R GHFLPDOQLP UD]ORPFLPD D VDP UD]ORPDN QH SRþLQMHQXORPRQGDMHSUHSRUXþOMLYRSDPWLWLLQXOH1DSULPHU 6X1&H 6L-D/L&D 6D1.D1-(2E]LURPQD PRJXüQRVWGDOMLKNRPELQDFLMDVYDNRüHSUHPDVYRMLPSRWUHEDPDL QDKRÿHQMXSRGHVLWLRYDMRSãWLPHWRGSDPüHQMDGHFLPDOQLK UD]ORPDNDSUHPDVYRPNRQNUHWQRPVOXþDMXL]DGDWNX 3DPüHQMHGHFLPDOQLKUD]ORPDNDVDSXQRQXOD -HGDQ QDþLQ YHü VPR VSRPHQXOL X SRJODYOMX ª3DPüHQMH YHOLNLK EURMHYDVDSXQRQXOD©LWRSRG ª1DþLQRP©9DåQRMHGDNOHGDVORYR NRMHR]QDþDYDEURMQXODSRVOHGHVHWLþQH]DSHWHEXGHLVSUHGVORYDNRMH R]QDþDYD QXOX 6DPD YUHGQRVW UD]ORPND GROD]L SRVOH VORYD NRMH R]QDþDYD QXOX $NR X MHGQRM UHFL QH PRåHPR REXKYDWLWL VYH FLIUH GHFLPDOQRJ UD]ORPND RQGD PRåHPR XSRWUHELWL GRGDWQX QXPHULþNX UHþ1DSULPHU 1XOXLVSUHGGHFLPDOQH]DSHWHQHSDPWLPRQXODLVSUHGVDPRJUD ]ORPND 3% 2]QDND]DQXOH6&= 3UYDFLIUDUD]ORPND ªO© 7 ' 7LPH VPR LVFUSHOL VXJODVQLND SUYH QXPHULþNH UHFL 3L67D %L67D 3D67LU LWG 3UHRVWDOL GHR UD]ORPND ² PRUDPR SDPWLWL GUXJRPQXPHULþNRPUHFL6H0D)RU=L0R9QLNLWG3UHPDWRPH 3L67D6H0D)RU 6QDJRP 9DãH LPDJLQDFLMH DVRFLUDMWH ª3,678© VD ª6(0$)2520© 5HFLPR ª1D 3,67, MH 6(0$)25 NRML VLJQDOL]LUD DYLRQLPDVOHWDQMHLSROHWDQMH©
'UXJLQDþLQMHVOLþDQVDPHWRGRPSDPüHQMDYHOLNLKEURMHYD VDPQRJRQXODSXWHQLYRNDOD,RYGHYDåLLVWDWDEHOD]DEURMQXODSR SRMHGLQLP YRNDOLPD 9RNDO LVSUHG YDåHüLK NRQVRQDQDWD X QXPHULþNRM UHFL GDMH QDP EURM QXOD SRVOH GHFLPDOQH ]DSHWH 1XOX LVSUHG GHFLPDOH QDUDYQR QH WUHED PHPRULUDWL 1D SULPHU $1'L ª ©QHSDPWLPR$ QXOH 1²' 'DOML SULPHUL 25DR 25X=-H ,*/D 85D1 8NROLNR GHFLPDOQL UD]ORPDN VDGUåL L üHOH EURMHYH RQGD ]D QMLK X]LPDPRSRWUHEDQEURMQXPHULþNLKUHFLDGHFLPDOQLGHRUHãDYDPRSR GDWRP VLVWHPX WDNR GD XMHGQR RGPDK ]QDPR L JGH GROD]L GHFLPDOQD]DSHWD 2YDM QDþLQ SDPüHQMD GHFLPDOQLK UD]ORPDND PRåH LPDWL YHOLNX SULPHQX NRG SDPüHQMD UD]QLK NRQVWDQWL X PDWHPDWLFL L GUXJLP HJ]DNWQLPQDXNDPD ]DWLP ]D PHPRULUDQMH UD]QLK PDOLK YHOLþLQD X KHUQLMLIDUPDFLMLHOHNWURQLFLLVOLþQR 3DPüHQMHUHFHSWRORJLMHLPDNVLPDOQLKGR]DSURSLVDQLK3KDUPDFRSRHRP
9HRPD MH YDåQR ]QDWL WDþQR L VLJXUQR GR]H NRMH VH PRJX L VPHMX SURSLVDWL MHU RG WRJD ]DYLVH OMXGVNL åLYRWL D L XJOHG OHNDUD 7DNRÿHQDLVSLWLPD]QDQMHRYLKSRGDWDNDLPDYHOLNXYDåQRVW =DSDPüHQMH UHFHSWRORJLMH L PDNVLPDOQLK GR]D PRåHWH NRULVWLWL GYDQDþLQD 3UYL QDþLQ MH GD SURSLVDQH GR]H PHPRULUDWH NDR L VYH RVWDOH GHFLPDOQHUD]ORPNHSRYHüSR]QDWLPVLVWHPLPD 'UXJLQDþLQ .RULVWHVHEURMHYLVDPRRGO²RE]LURPGDVHNRGPQRJLK OHNRYD PDNVLPDOQHGR]HSUHNRRELþQRQHGDMX%URMHYLRGO² REHOHåD YDMXVHXVWYDULYRNDOLPDSRDOIDEHWVNRPUHGRVOHGX $ ( 2 8
3RPRüXRYLKYRNDODIRUPLUDMXVHQXPHULþNHUHFLNRMHVHDVRFLUDMXQD SULNODGDQQDþLQVDVDPLPOHNRP9DåHVDPRSUYDGYDYRNDODXVYDNRM QXPHULþNRMUHFL1DSULPHU$VSLULQ²GRNRVWDOLYRNDOLLNRQVR QDQWLQHYDåH 3UYLYRNDOXQXPHULþNRMUHFLR]QDþDYDXYHNEURMQXODXNOMXþXMXüLL QXOXLVSUHGGHFLPDOQH]DSHWHDGUXJLYRNDOVDPEURML]DQXOHRGQRV QRQXOD1DSULPHU(O(PHQW (YR L QHNROLNR SULPHU D SUDNWLþQRJ SDPüHQMD SURSLVDQLK PDNVLPDOQLK GR]D 3DPüHQMHL 0D[GR]D 5EU 6UHGVWYR $VRFLUDQMH 3KRVSKRUXV ,²$ª,QK$ODFLMRPIRV IRUQLKSDUDPRåHGRüLGR WURYDQMD© 6WU\FKQLQXPQLWULFXP (²$ª1DGUDåXMH&(QW U$OQLQHUYQLVLVWHP© +\GUDUJ\UXPR[\GDWXP (²(ª7RMHåLYLQSUHSD UDWDRQDMH(O(PHQW©
8RYRPSRJODYOMXLPDOLVWHSULOLNXGDVHXSR]QDWHVDYLãHQDþLQD SDPüHQMDUD]QLKEURMHYDLEURMþDQLKSRGDWDNDNRMLVYLED]LUDMXQDª1X PHULþNRPDOIDEHWX©9LãHNDRNXULR]LWHWQDYHãüHPRLGYDYHRPDþXGQDL QHRELþQDQDþLQDSDPüHQMDEURMHYD 3R]QDWLSLMDQLVWD-DQ+ROFPDQNRULVWLRMHPX]LNX]DSDPüHQMHWH OHIRQVNLKEURMHYD6QDJRPVYRMHLPDJLQDFLMHWHOHIRQVNHEURMHYHNRMHMH PHPRULUDR]DPLãOMDRMHGDSUHQRVLQDQRWQXVNDOXNDRGD]DSLVXMHQHNX NUDüXPHORGLMXLOLPRWLY.DGDMHKWHRGDWHOHIRQLUDªGXKRYQLPRNRP© SUHOLVWDRELVYRMH]DPLãOMHQHQRWHSURSHYXãLRELGRWLþDQEURMLRQGDEL SRþHRGDJDELUD ,]YHVQLªXPHWQLFLXSDPüHQMX©YHRPDYHURYDWQRVDVLQHVWH]LVNLP VSRVREQRVWLPDWYUGHGDNRULVWHRYDNDYVLVWHP]DSDPüHQMHEURMHYD 6YDNL EURM LPD VYRMX RGJRYDUDMXüX ERMX 1D SULPHU O FUYHQR SODYR ]HOHQR LWG GR NUDMD EURMQRJ VLVWHPD 1D WDM QDþLQ EURM VH SDPWL X REOLNX QHNH ãDUHQH SDOHWH LOL VOLNH ,DNR SRVWRML RSDVQRVW PHãDQMD ERMD SD SUHPD WRPH L EURMHYD QLMH LVNOMXþHQR GD QHNLP RVREDPD RYDM QHRELþDQ QDþLQ PRåH GD RGJRYDUD SRJRWRYR DNR LPDMXVLQHVWH]LVNLKVSRVREQRVWL ,,GHRª1XPHULþNHWDEHOHRGPHVWD© 8 SUHWKRGQRP SRJODYOMX RYODGDOL VWH SUYLP GHORP ª1XPHULþNH WDEHOHRGPHVWD©NRMLMHLPDRXNXSQRPHVWD6DGD9DPGDMHPR GUXJLGHRRYHWDEHOHRGSUHRVWDOLKPHVWDWMXNXSQRGRPHVWD 180(5,ý.$7$%(/$2'0(67$ 'UXJLGHR
/(' =$5 .8.$ %$6 /$1( 6,/2 .$)$ 3$7$ /,0 ý$6$ .,3 3$81 /,5$ 92= 380$ $. /8/$ 9$7$ 3(52 ý$9$2 /8ý û83 )(1 %8/$ /8. .26$ 9,0 3(û /$9 .$'$ )$5 3$8. /83$ .21 9,/( 3,92 å,&$ *80$ 92û( 'å8'2 *$5 )2.$ '2=,6 ý81 .8/$ ),), '(0 .26 )$3 =Dª 'ä8'2©]DPLVOLWHMHGQRJª'åXGLVWX©.RGEURMD 9,0PRåHWHX]HWLNXWLMXLOLSDNRYDQMH9,0DVUHGVWYD]DþLãüHQMHXGR PDüLQVWYX ),),]DPLVOLWHMHGQXSXGOLFX =D )$3 ]DPLVOLWH MHGDQ )$3RY NDPLRQ =D EU 3$7$ PRåHWH X]HWL ª3DWX© 3DMH 3DWND LOL QHNX SR]QDQLFX 3DWX =D EU 323$-QHPRåHELWL]DEXQHMHU]QDWHGDVHUDGLRGYRFLIUHQLP EURMHYLPDL GDQHPRåHXWDEHOLRGPHVWD GDEXGHEURM =D EU '2=,6X]HOLVPRRULJLQDOQL JUþNLREOLNRYH UHFL NRMDMHNRG QDV RGRPDüHQD NDR ª'R]D© 0RåHWH MH ]DPLVOLWL NDR YHOLNX ª3LSHWX© NRMRPVHXYHNYUãLGR]LUDQMHOHNRYDXNDSLPD
2EODVW SULPHQH WHKQLNH SDPüHQMD EURMHYD MH YHRPD YHOLND MHU QHPDSR]LYDLOLåLYRWQHVLWXDFLMHJGHELEURMHYLELOLVXYLãQL9LVWHVDGD RYODGDOLRVQRYQRPWHKQLNRPSDPüHQMDEURMHYDLQDXþLOLSDUDSOLNDFLMD 2 GDOMLP VSHFLMDOQLP SULPHQDPD RYH WHKQLNH X SRMHGLQLP REODVWLPD åLYRWD UDGD L ]QDQMD ELüH GHWDOMQR JRYRUD X RGJRYDUDMXüLP SRJODYOMLPD 9LVWHVDGDGRãOLXSRVHGMRãMHGQHPRüQHXPQHPDãLQHNRMD9DP RPRJXüXMHGDVHPDMVWRUVNLVQDOD]LWHXRJURPQRPVYHWXEURMHYDGDVL JXUQR L ODNR SDPWLWH L VXYHUHQR YODGDWH EURMHYLPD L EURMþDQLP SRGDFLPDNRMLVXYDPQHRSKRGQLX9DãHPSR]LYXLVYDNRGQHYQRPåLYRWX 1MHQRPSUDYLOQRPSULPHQRPPRåHWHL]RVQRYDSURPHQLWLVYRMSRORåDMQD UDGQRP PHVWX X ãNROL L X SUDNWLþQRP åLYRWX 1MRPH PRåHWH RWNORQLWL PQRJH SUREOHPH X YH]L EURMHYD L RNR EURMHYD NRML VX 9DV GR VDGD VWDMDOLQHUDYDLþHVWRSURX]URNRYDOLGLUHNWQHJXELWNHLPDWHULMDOQXãWHWX 3UDNWLþQRMHQHPRJXüHQDYHVWLVYHSR]LYHLåLYRWQHVLWXDFLMHXNR MLPD 9DP SUDYLOQD SULPHQD WHKQLNH SDPüHQMD EURMHYD PRåH SUXåLWL QH XSRUHGLYH SUHGQRVWL L RPRJXüLWL YHOLNH XVSHKH ,OXVWUDFLMH UDGL QDYHãüHPRVDPRQHNROLNRSR]LYDLVLWXDFLMDL]SUDNWLþQRJåLYRWD =DPLVOLWHNROLNRPRåHWHVHEL RODNãDWLXþHQMH L SREROMãDWL XVSHK X XþHQMX DNR NDR XþHQLN LOL VWXGHQW EXGHWH ODNR L HILNDVQR SDPWLOL X UD]QLP SUHGPHWLPD L QDXNDPD PDVX EURMþDQLK SRGDWDND L VYH RQR ãWR MHYH]DQR]DEURM $ NDR WHOHIRQLVWD ELEOLRWHNDU LOL VNODGLãWDU" 3RWUHEQH EURMHYH GRELMDüHWH RGQRVQR GDYDüHWH EU]R L HILNDVQR D GD QH SRJOHGDYDWH VYDNL þDV X SDSLUH L NQMLJH L DNR UDGLWH NDR NQMLJRYRÿD LOL SURGDYDþ UH]HUYQLK GHORYD ]D DXWRPRELOH 2YX OLVWX ]DQLPDQMD PRJOL ELVPR QDVWDYLWLXQHGRJOHGMHUQHPDSR]LYDJGHEURMQLMHQHRSKRGDQ $VDGDVHYUDWLWHQDWHVWEU ª3DPüHQMHEURMHYDLPHQWDOQRUD þXQDQMH© L SRNXãDMWH SRQRYR UHVLWL QMHJRY , GHR 9Dã QRYL UH]XOWDW ]DEHOHåLWH SRVHEQR NDNR EL JD PRJOL VDEUDWL VD 9DãLP QRYLP UH]XOWDWRP NDGD EXGHWH SRQRYR UHãDYDOL ,, GHR WHVWD SRãWR VDYODGDWH SRJODYOMHRPHQWDOQRPUDþXQDQMX
³.$'$6(2''59(û$680$1( 9,',´ 1$6$ &(67$=$%/8'$*/('$02²1(9,',023260$75$02 ²1(=$3$ä$02
²,PDWHOLQHãWRGDSULMDYLWH]DFDULQMHQMH"²]DSLWDRMHFDULQLN MHGQRJ VUHGRYHþQRJ þRYHND NRML MH JXUDR ELFLNO QD NRPH MH ELOD VDPR MHGQDYUHüDSXQDSHVND
² 1HPDP²RGJRYRULþRYHN²,PDPVDPRRYXYUHüXSHVNDNR MXVDPGRELRRGVYRMLKURÿDNDXVXVHGQRM]HPOML*UDGLPQHãWRRNRNXüH 6OHGHüLSXWRSHWVHSRMDYLLVWLþRYHNVDELFLNORPQDNRPHMHRSHW ELOD MHGQD YUHüD VD SHVNRP $OL RYRJD SXWD NRG FDULQLND VH SUREXGLOD VXPQMDLRQ UHþH þRYHNX GDL]UXþLSHVDNL] YUHüH5D]DVWLUDRMHSHVDNGH WDOMQR JD MH SUHWUDåLYDR WUDåLR JOHGDR ² QLãWD .DGD VH þRYHN L WUHüL SXW SRMDYLRªXLVWRPL]GDQMX©FDULQLNXVXYHüSRþHOLGDSRSXãWDMXQHUYL ² 0RUDP9DPSULYUHPHQRRGX]HWLYUHüXVSHVNRPGDELJDSR VODRQDKHPLVNXDQDOL]X6LJXUDQVDPGDQHãWRNULMXPþDULWHDOL]DVDGD QH]QDPãWD$OLMDüXWRYHüSURQDüL .UR] QHNROLNR GDQD VWLJDR MH L]YHãWDM VD DQDOL]H NRML MH JODVLR RELþDQUHþQLSHVDNEH]VWUDQLKSULPHVD 6DGDYHüSRWSXQRYDQVHEHGRþHNDFDULQLNþRYHNDVDSHVNRPVOH GHüLSXWUHFLPD ² 6OXãDMWHPROLP9DV0HQHMHRYDM9DãQHRELþDQVOXþDMWROLNR]D RNXSLRGDPRUDP GDJDVYDNDNRUHVLP'DMHP9DPUHþGD9DPVHQH üHQLãWDGRJRGLWLVDPRPLUHFLWHYHüMHGQRPãWDNULMXPþDULWH ² ýDVQDUHþ"²åHOHRMHþRYHNGDSURYHUL ² ýDVQDUHþ²SRWYUGLFDULQLNMRãMHGQRP ² 3DELFLNOH ²PLUQRRGJRAULþRYHN
'REURRSDåDQMHMHSUHGXVORYGREURJNRQWDNWDVDVWYDUQRãüX 2YD DQHJGRWD OHSR LOXVWUXMH YDåQRVW GREURJ RSDåDQMD NDR L GHMVWYR WDNR]YDQH SRJUHãQH XVPHUHQRVWL LOL RULMHQWDFLMH SDåQMH QD NYDOLWHW RSD åDQMD3RORJLFLVWYDULFDULQLNRYDSDåQMDMHELODþLWDYRYUHPHXVPHUHQDQD ªSUWOMDJ© WM QD YUHüX V SHVNRP L QLMH PX ELOR QL QD NUDM SDPHWL GD REUDWLSDåQMXQDELFLNOLDNRPXMHRYDMVWDOQRELRSUHGRþLPD 1HVDPRXSUDNWLþQRPåLYRWXQHJRLXXþHQMXLUDGXLVXYLãHþHVWR QDPVHGRJDÿD GDQHNXVWYDU JOHGDPR D QH YLGLPR GD MH QHSUHNLGQR þDN SRVPDWUDPRDQH]DSDåDPRMHUQDPMHSDåQMDXWRPWUHQXWNX]DRNXSOMHQD GUXJLPSUHGPHWRP.DRLXPDWHULMDOQRMVIHULWDNRLXREODVWLXPQRJUDGD YDåL]DNRQGDGYHVWYDULLOLGYHSUHWVWDYHQHPRJXELWLQDLVWRPPHVWX X LVWRYUHPH,]WRJUD]ORJDQLVPRXVWDQMXGDMHGQXVWYDU]DSDLPRGRN QDPMHSDåQMDXVUHGVUHÿHQDQDGUXJXQHNXVWYDU 1D SULPHU YHURYDWQR 9DP VH YHü GRJRGLOR GD VH SUL QHNRP PDQX HOQRPUDGXPDORR]OHGLWHRJUHEHWHLVOLþQRDGDWRSULPHWLWHWHNNDGD]D YUãLWHWDMSRVDR2JUHERWLQXQLVWHQLPRJOLSULPHWLWLMHU9DPMHSDåQMDELOD ]DRNXSOMHQDSRVORP,OLGUXJLSULPHUNROLNRSXWD9DPVHGRJRGLORGDVH QD GQX VWHSHQLFD ]DSLWDWH GD OL VWH ]DNOMXþDOL YUDWD RG VWDQD L GD VH YUDüDWH GD EL SURYHULOL 8]URN MH RSHW LVWL SRJUHãQD XVPHUHQRVW LOL QHXV PHUHQRVWSDåQMHQDSUD\RPHVWR²XRYRPVOXþDMXQD]DNOMXþDYDQMHYUDWD ,OL X]PLPR MRã MHGDQ VOXþDM GD OL PRåHWH VD VLJXUQRãüX GD NDåHWH NDNYX ERMX RþLMX LPDMX 9DãL QDMEOLåL 9DãL SR]QDQLFL L SULMDWHOML" 7HãNR ]DUQH"$LSDNNDGDVDQHNLPUD]JRYDUDWHSUDYLORMHQHVDPRSRERQWR QXGDJDJOHGDWHXRþL,XRYRPVOXþDMXJOHGDPRDQHYLGLPRMHUQDPMH SDåQMD UHGRYQR DQJDåRYDQD SUHGPHWRP UD]JRYRUD D QH ]DSDåDQMHP ERMH RþLMXQDãHJ9LVDYLVD 'R NRJ VWHSHQD PRåH GD XWLþH QHXVPHUHQRVW SDåQMH QD RSDåDQMH LOX VWUXMX L VOXþDMHYL ODNãLK UDQMDYDQMD X UDWX 3RWSXQR DQJDåRYDQL L ]DRNXS OMHQLERUERPUDWQLFLWHNSRVOHERUEHSULPHWHGDVXODNãHSRYUHÿHQL1D
3RJUHãQRXVPHUHQDSDåQMDPRåHSRWSXQRGDEORNLUDRSDåDQMH
RYRM LVWRM ]DNRQLWRVWL QHXVPHUHQRVWL SDåQMH LOL SRWSXQRJ JRVSRGDUHQMD SDåQMRP ]DVQLYDMX VH L QHYHURYDWQL RSLWL UD]QLK IDNLUD L ]DQHVHQMDND 2QL VX GR WH PHUH RYODGDOL VYRMRP SDåQMRP L PRJX MH WDNR PDMVWRUVNL XVPHUDYDWL GD XRSãWH QH RVHWH ERO GRN QHNLP RãWULP SUHGPHWRP SUREDGDMX MHGDQ GHR VYRJ WHOD =D WR YUHPH SDåQMD LP MH XVPHUHQD QD QHãWR VDVYLP GUXJR VYHVW LP MH ]DRNXSOMHQD GUXJLP VWYDULPD L QH PRåHGDUHJLVWUXMHEROUDGLþHJDRQLLQHRSDåDMXERO .R JRVSRGDUL VYRMRP SDåQMRP NR XPH GD MH SUDYLOQR XVPHUDYD WDM DXWRPDWVNL YODGD VYRMLP RSDåDQMHP L NRQFHQWUDFLMRP D VDPLP WLP X SULOLþQRM PHUL L VYRMLP SDPüHQMHP 1HSUDYLOQRXVPHUHQDSDåQMDEORNLUDþLWDYXVWDOMHQLSURFHV]DSDP üLYDQMD MHU MH SUDYLOQR XVPHUHQD SDåQMD SUHGXVORY L SUYD ID]D X XVWDOMHQRPSURFHVXSDPüHQMDNRMLVHXYHNRGYLMDSRVOHGHüLPID]DPD LQWHUHVRYDQMH ² SDåQMD ² RSDåDQMH ² NRQFHQWUDFLMD ² DVRFLMDFLMD LOL SRYH]LYDQMH L ]DSDPüLYDQMH 1DUDYQR RYH ID]H VX XVORYQR L]GHOMHQH L PHÿXVREQR RGYRMHQH ýLWDY SURFHV SDPüHQMD MH MHGLQVWYHQ L VYL QMHJRYLþLQLRFLLID]HX]DMDPQRVHSUHSOLüXXVORYOMDYDMXLSURåLPDMX 1DMHGQRMNYL]HPLVLMLYRGLWHOMMHMHGQRPXþHVQLNXNYL]DSRVWDYLR VOHGHüHSLWDQMH ª.RMHMHSR]QDWHUHFLL]JRYRULR1DSROHRQIHEUXDUD J"© 1DUDYQRSRãWRMHXþHVQLNNYL]DRGPDKXVPHULRVYRMXSDåQMXQD VYRMH SDPüHQMH L ]QDQMH L NRQFHQWULVDR VH QD QDVWRMDQMH GD VH HYHQWXDOQRVHWLNRMHELWRªSR]QDWHUHFL©PRJOHELWLQLMHPXPRJORELWL QLQDNUDMSDPHWLGDREUDWLPDORSDåQMXQD ª]DPNX©²ªIHEUXDU© NRML]DSUDYRQHSRVWRML
2SDåDQMHMHVORåHQLSVLKLþNLSURFHVNRMLPVWLþHPRUD]QD VD]QDQMD UHDOQRM VWYDUQRVWL D X NRPELQDFLML VD XþHQMHP L PLãOMHQMHP %H] RSDåD QMDQHPDXþHQMDLSDPüHQMDMHULPRQRGDMHSRWUHEDQPDWHULMDO6YDWUL SURFHVD VX X]DMDPQR SRYH]DQL L MHGDQ GUXJLP SURåHWL L XVORYOMHQL %H] SD PüHQMD XþHQMD L PLãOMHQMD QH PRåH VH ãLULWL RSVHJ RSDåDQMD D RSDåDQMH RSHW VWDOQR GDMH PDWHULMDO SDPüHQMX L XþHQMX D NUR] QMLK L PLãOMHQMX RER JDüXMH LK QRYLP VDGUåDMLPD 6WR MH QDMYDåQLMH RSDåDQMH WLPH REH]EHÿXMH NRQWLQXLWHW X GDOMHP SURFHVX PLãOMHQMD NRMH VD VYRMH VWUDQH YUãL L]ERU QRYLK VD]QDQMD L VDGUåDMD NRML VH L] VSROMQHJ VYHWD SUHNR QDãLK þXOD QHS UHVWDQRQXGHQDãHPRSDåDQMXLSDPüHQMX ,DNR QD QDãD þXOD GHOXMH QHSUHVWDQR YHOLNL EURM QDMUD]QRYUVQLMLK XWLVDNDLSRGUDåDMDPLRSDåDPRRGQRVQRUHDJXMHPRVDPRQDRJUDQLþHQ PDQML EURM XSUDYR QD RQH QD NRMH VPR REUDWLOL SDåQMX 'D OL üHPR QH NXVWYDURSD]LWL]DYLVLXPQRJRPHLRGQDãHPRWLYDFLMHUDQLMLKLVNXVWDYD LSRVWRMHüLK]QDQMDLQDYLND 7DNR MH QD SULPHU MHGDQ HNVSHULPHQW X NRPH MH LQVFHQLUDQ QDSDG VD UHYROYHURP SRND]DR þDN GD L GR SULVXWQLK RG NRMLK MH YHüLQDELODVDVWDYOMHQDRGSUDYQLNDQLVX]DSD]LOLYDåQHSRMHGLQRVWL1HNH VX þDN L]RNUHQXOL LOL SXQR WRJD GRGDOL âWDYLãH MHGDQ RG QMLK QLMH QL YLGHRUHYROYHUQLWLþXRSXFDQM 2YDM HNVSHULPHQW MH MDVQR SRND]DR GR NRMH VH PHUH PRåH SRX]GDWL X VLJXUQRVW RGQRVQR QHVLJXUQRVW VYHGRND L QMLKRYRJ ]DSDåDQMDLSDPüHQMD &LYLOL]DFLMD MH RG þRYHND QDSUDYLOD ELüH NRMH JOHGD L NRMH þLWD /MXGH JOHGDRFH D QH SRVPDWUDþH ªNQMLãNH© OMXGH NRML YHRPD PDOR RSDåDMX L XþH L] SUDNWLþQH NQMLJH åLYRWD 5DGL WRJD WUHED VYRMH ]DSDåDQMH YHåEDWL L ãWR YLãH ]DSDåDWL D R ]DSDåHQRP GRQRVLWL VYRMH ]DNOMXþNH L QMLK SDPWLWL %H] GREURJ ]DSDåDQMD QHPD QL GREURJ VKYDWDQMD D RQR ãWR QLMH GREUR VKYDüHQR QH PRåH ELWL QL GREUR ]DSDPüHQR 'REUDYHåED]D9DãHRSDåDQMHPRåHGDEXGHSRNXãDMGDSRVHüDQMX ]DEHOHåLWHãWRYLãHVWYDULL]9DãHVREH3RVOHWRJDXÿLWHXVREXGREURRV PRWULWH QMHQ VDGUåDM L SRQRYR SRNXãDMWH VDVWDYLWL ªLQYHQWDUQX OLVWX© 8SRUHGLWH UH]XOWDWH 'REUD YHåED MH L GD VH SRNXãDWH VHWLWL VYLK GHWDOMD QHSR]QDWLKOLFDNRMDVXVUHüHWHX VUHGVWYLPDMDYQRJVDREUDüDMDDNRMD üHWH VDPR MHGDQSXW SRJOHGDWL7DNRÿH GRN KRGDWH XOLFRP SRVOH MHGQRJ SRJOHGD QD QHNL L]ORJ SRNXãDMWH UHSURGXNRYDWL ãWR YLãH SUHGPHWD X QMHPXLOLQD]LYHLREOLNHVORYDSRMHGLQLKILUPL ,VWRYUHPHQRWUHEDYHåEDWLL DXGLWLYQR RSDåDQMH VOXK WLPH ãWR üHWHQDSULPHU SRNXãDWLGD SUDWLWH VDPR MHGDQ JODV X RSãWHP =DJRUX LOL ]YXNVDPRMHGQRJLQVWUXPHQWDXüHORPRUNHVWUX6OLþQRSRVWXSLWHLVD YHåEDQMHPRSDåDQMDSXWHPþXODPLULVDLXNXVD .RGRYLKYHåELGUåLWHVHXYHNQDþHODGDXYHNX]LPDPRGRYROMQR PDOL ÿHR NRML PRåHPR ODNR VDYODGDWL RG XNXSQH FHOLQH =DWLP GD JD SRVPDWUDPR VOXãDPR PLULãHPR LOL NXãDPR GRYROMQR GXJR WH GD SRVOHSURYHULPRGDOLVPRJDGREUR]DSD]LOL.DGDWDNRREXKYDWLPRVYH GHORYH MHGQH FHOLQH RQGD LVWR WDNR SRVWXSLPR L VD FHOLQRP ,PDMWH QD XPXGDãWRYLãHGHWDOMD]DSD]LPRWRGRELMDPRSRWSXQLMLSRMDPDVDPLP WLP L ]GUDYLML L UHDOQL SRMDP NRML MH RQGD GHR ]GUDYH RVQRYH ]D PLãOMHQMHL]DNOMXþLYDQMH
3DåQMRPRVPLãOMDYDPRLRåLYOMDYDPRSRMPRYHLPLVOL ² 'DMPLVPHVWDWYRMQRYþDQLNLVDWLOL ²SUHWHüLMHX]YLNQXR MHGDQUD]ERMQLNþXYHQRPQHPDþNRPVOLNDUX0HQFHOX0HQ]HO L]QHQDGLYãLJDNDVQRXYHþHQDQMHJRYRMRPLOMHQRMãHWQML%HUOLQVNLPª7LHU JDUWHQ©RP $OL VOLNDU VHQLMH QLPDOR XSODãLR L RGYUDWL UD]ERMQLNX PLUQR L XEHG OMLYR ² 6WDWLSDGDQDSDPHW"1HGDPWLQRYþDQLNLVDWMHUVDPLMD GUXPVNLUD]ERMQLN 5D]ERMQLNMHELRWROLNRL]QHQDÿHQL]DSUHSDãüHQRYLPQHRþHNLYDQLP L XEHGOMLYLP RGJYRURP GD MH RVWDR ]DEH]HNQXW SRVPDWUDMXüL KUDEURJ VOL NDUDNDNRVHRGPHUHQLPNRUDNRPXGDOMDYD 6QDODåOMLYRP 0HQFHOX SRPRJOD MH X GHOLNDWQRP WUHQXWNX MHGQD SVL KRORãND ]DNRQLWRVW NRMD RGUHÿXMH SRQDãDQMH PLVOL L SUHWVWDYD SRG GHMVWYRP SDåQMH6YRMLPQHRþHNLYDQLPRGJRYRURPVNUHQXRMHSDåQMXUD]ERMQLNDVD VYRJ QRYþDQLND QD VHEH SULVLOLYãL JD GD R QMHPX UD]PLãOMD NDR R VYRP ªNROHJL© L GD SRWSXQR ]DERUDYL QD VDW L QRYþDQLN MHU PX MH SDåQMD ELOD SULNRYDQDQDQRYLSRWSXQRQHRþHNLYDQLREUWVLWXDFLMH 6WD MH XVWYDUL SDåQMD" 3DåQMD MH VORåHQL SURFHV NRML VDþLQMDYD XV PHUHQRVW L XVUHGVUHÿHQRVW QDãLK PHQWDOQLK DNWLYQRVWL QD RJUDQLþHQL EURM SRGUDåDMD 1D SULPHU DNR X MHGQRP RUNHVWUX REUDWLPR SDåQMX QD MHGDQ ]YXN NRML GDMH UHFLPR YLROLQD RQGD üH QDãH RVWDOH PHQWDOQH DNWLYQRVWL NDRãWRVXRSDåDQMHSHUFHSFLMDPLãOMHQMHSDPüHQMHLWGELWLXVPHUHQHL VNRQFHQWULVDQH VDPR QD WDM ]YXN RGQRVQR YLROLQX 3DåQMD MH YHRPD GH OLNDWQD PHQWDOQD RVRELQD 1D SULPHU RQD MH GRVWD VNXþHQD SR RELPX L PRåHMHGQRYUHPHQRGDREXKYDWLPDNVLPDOQR²HOHPHQDWD0RåHGDOMH MDNRGDVHNROHEDXLQWHQ]LWHWXRGPLQLPXPDGRPDNVLPXPDDLYUHPHQVNL LQWHUYDO QMHQRJ WUDMDQMD MH UHODWLYQR NUDWDN ² GR PLQXWD 1DUDYQR ãWR MH XPRU YHüL LQWHUYDOL WUDMDQMD VX VYH NUDüL SUHNLGL VX VYH þHãüL D QMHQ LQWHQ]LWHW QDJOR RSDGD =DWR VD QMRP PRUDPR SRVWXSDWL ]QDODþNLLYHRPD VSUHWQR L GHOLNDWQR =D X]YUDW GREURP JRVSRGDUX RQD SUXåD QHRFHQMLYX SRPRüLXVOXJH 1DþLQXSUDYOMDQMDSDåQMRPRGOLNXMHþRYHNDVDGREULPSDPüHQMHPL YHOLNLP HILNDVQLP ]QDQMHP RG þRYHND VD ORãLP SDPüHQMHP L ]QDQMHP &RYHN NRML åHOL GD LPD GREUR SDPüHQMH L VWHNQH HILNDVQR ]QDQMH QHüH SR NODQMDWLVYRMXSDåQMXQHYDåQLPL]DQMHJDãWHWQLPVWYDULPDYHüüHILQXL QHQDGRNQDGLYX RãWULFX VYRMH SDåQMH RNUHQXWL SUHPD YDåQLP L ]D QMHJD SRWUHEQLPVWYDULPD 8 MHGQR RGUHÿHQR YUHPH SDåQMD VH PRåH XVPHULWL VDPR QD MHGDQ SUHGPHW 1HNLWYUGHGD PRJX UDGLWL YLãH VWYDUL LVWRYUHPHQR ãWR MH QHWDþ QR MHU MHGQD VWYDU PRUD GD WUSL QD NYDOLWHWX ]DSUDYR PRåH VH UDGLWL MRã QHNDVWYDULVWRYUHPHQRDNRMHYHüSUHãODXQDYLNX , VOHGHüD DQHJGRWD OHSR LOXVWUXMH GD VH SDåQMRP QH PRJX RGMHGQRP REXKYDWLWLVYLGHWDOMLQHNHVWYDUL ².XQHP 9DPVHGDMHNRQMPRMLGDMHXYHNSULSDGDRPHQL²X] YLNQX 6SDQDF NRMLMH RGJRYDUDR QD VXGX MHU JD MH MHGDQ ,QGLMDQDF RSWX åLR]DNUDÿXNRQMD 6XGLML MH ELOR YHRPD WHãNR GD SUHVXGL XVOHG QHGRVWDWND GRND]D L YHü VH VSUHPDR GD YUDWL NRQMD 6SDQFX L RYRJD RVORERGL RSWXåEH NDGD ,Q GLMDQDFUHþH
² $NRPLGR]YROLWHMDüXGRND]DWLGDMHNRQMPRM 2GPDK ]DWLP RQ SUHNUL JODYX NRQMD VYRMLQL RJUWDþHP L ]DSLWD 6SDQFD GD NDåH QD NRMH MH RNR NRQM ãOHS .RQMRNUDGLFD VH QDÿH X QHSULOLFLLSRþHGDRNOHYDVDRGJRYRURP1DM]DGQDVXPLFHUHþH ² .RQMMHãOHSQDGHVQRRNR ² .RQMQLMHãOHSQLQDMHGQRRNR²WULMXPIDOQRX]YLNQX ,QGLMD QDFLRWNULNRQMXJODYX 6XGLMDMHRGPDKSUHVXGLRVWYDUXQMHJRYXNRULVW 1HGRVWDWDNSDåQMHþHVWRPRåHELWLSURX]URNRYDQQHGRVWDWNRPLQWH UHVRYDQMD,VWRWDNRSDåQMDPRåHELWLGREUDDOLGDEXGHSRVYHüHQDSRJ UHãQRRGDEUDQRMVWYDUL $NR SULPHWLWH SUYH ]QDNH XPRUD RGQRVQR VODEOMHQMH SDåQMH EROMH MH RGPDK SUHNLQXWL L QDSUDYLWL SDX]X X UDGX MHU SUDYL L EU]L QDSUHGDN X XþHQMX L SDPüHQMX SRVWLåH VH VDPR VD SXQRP SDåQMRP 6YHVQD SDåQMD VODELMD MH RG QHVYHVQH QHYROMQH SDåQMH NRMD QDVWDMH VSRQWDQR NDR SRVOHGLFD YHOLNRJ L SUDYRJ LQWHUHVRYDQMD ]D SUHGPHW UDGDLSDPüHQMD 1H]DERUDYLWHGDMHSDåQMDRVHüDMQDVQDJDLDNRMHVNRSþDQDVD QDãLP SUDYLP LQWHUHVRYDQMHP L QDMGXEOMLP KWHQMLPD RQGD VH QMHQ SODPHQ QHüH XJDVLWL L SUXåDüH QDP VYRMX QH]DPHQOMLYX XVOXJX VYH GRN QH SRVWLJQHPR åHOMHQL FLOM 3DåQMX ]DWR WUHED SRVHEQR þXYDWL L QHJRYDWL 3RVHEQR WUHED GD YRGLWH UDþXQD R WHKQLFL ]DJUHYDQMD SDåQMH SUH VYDNRJXPQRJUDGD.DRLXPQRJLPVSRUWRYLPDWDNRLXXPQRPUDGX SRWUHEQRMHª]DJUHYDQMH©VYLKPHQWDOQLKIXQNFLMDDQDURþLWRSDåQMH LWRGRPLQXWDQDPDWHULMDOXNRMLVHLQDþHSDPWLLOLXþL1DNRQUDGD RG RNR þHWYUW þDVD SRQRYR VH YUDWLPR QD SRþHWDN L WLPH VPR ]DYUãLOL ª]DJUHYDQMH© 2YR ª]DJUHYDQMH© MH SUHSRUXþOMLYR SUDNWLNRYDWL XMXWUX SRVOH XVWDMDQMD 6WURJRMHLQGLYLGXDOQR NROLNR üH NRPH WUHEDWL YUHPHQD XMXWUX ]D ª]DJUHYDQMH© D PRåH GD VH NUHüH RG þHWYUW SD GR VYD þDVD 6XãWLQD MXWDUQMHJ ª]DJUHYDQMD© MH ERUED SURWLY SRVSDQRVWL NRMD PRåH GD VHXEODåHPREOLNXMDYOMDLSUHNRGDQDXLQWHUYDOLPDVYDND²þDVD
ª61$*(80$68.$2=5$&,69(7/267,©
ª6QDJHXPDVXNDR]UDFLVXHWORVWLNRMLVH UDVLSDMXQDVYHVWUDQHNDGDVXNRQFHQWUL VDQLQDMHGQXVWYDURQLMHSURVYHWOMXMX8 WRPHMHNOMXþQDãHJVD]QDQMD© ²
.$.2û(026$0$1-(1$325$2%$9,7,9,6(326/$"
7DMQDNRQFHQWUDFLMHOHåLXYHãWLQLXSUDYOMDQMDVYRMRPSDåQMRP .RQFHQWUDFLMDMHXVUHGVUHÿLYDQMHLXVPHUDYDQMHVYLKGXKRYQLKL XPQLK VQDJD QD MHGDQ SURFHV LOL LGHMX .RQFHQWUDFLMD QLMH MHGQD L]RORYDQD L QH]DYLVQD PHQWDOQD IXQNFLMD LOL IDNWRU XPQRJ UDGD RQD MH VWDQMH XVPHUHQRVWL L XVUHGRWRþHQRVWL VYLK IDNWRUD XPQRJ UDGD L GXKRYQRJ VWYDUDODãWYD 8 WRP VWDQMX LOL SURFHVX REMHGLQMDYDQMD L XVPHUDYDQMD VYLK PHQWDOQLK IXQNFLMD SUHPD MHGQRP FLOMX XþHVWYXMX ]QDþL SDåQMD RSDåDQMH SDPüHQMH PLãOMHQMH LQWHOLJHQFLMD LWG X]DMDPQR VH SURåLPDMXüL L GRSXQMXMXüL .RQFHQWUDFLMX MH QHPRJXüH RGYRMLWL RG SDåQMH MHU VX WR GYD VWDQMD QDMXåH SRYH]DQD NRMD MHGQR GUXJRXVORYOMDYDMXLGRSXQMDYDMX .R LPD RVRELQX GREUH NRQFHQWUDFLMH SRVHGXMH NOMXþ YHOLNH VSRVREQRVWL ]D UDG QDURþLWR XPQL L GXKRYQR VWYDUDODãWYR 0HÿXWLP VWDQMH YHOLNH L MDNH NRQFHQWUDFLMH X MHGQRM REODVWL þHVWR L]D]LYD XPQX RWVXWQRVW X GUXJLP REODVWLPD WDNR GD PQRJL XPQL VWYDUDRFL X MHGQRM REODVWL GHOXMX UDVHMDQR L RWVXWQR X GUXJLP REODVWLPD 'R NRMH PHUH NRQFHQWUDFLMD PRåH GD EXGH MDND QD MHGQRM VWUDQL L GD L]D]RYH XPQX RWVXWQRVW L WDNR]YDQX UDVHMDQRVW QD GXUJRM JRYRUL L RYD HSL]RGD L] åLYRWDYHOLNRJHQJOHVNRJQDXþQLND6HU,VDND1MXWQD .DGDMHMHGDQSRVHWLODFGRãDRNRG1MXWQDQHSRVUHGQRSUHYHþHUH VOXJD JD ]DPROL GD SULþHND X WUSH]DULML X] L]YLQMHQMH GD MH YHOLNL QDXþQLN MRã XYHN X VYRMRM UDGQRM VREL JGH QLNR QH VUQH GD JD X]QHPLUDYD 8VNRUR XQHVRãH L YHþHUX ]D 1MXWQD L SRVHWLODF SRãWR MH SURãDR VNRURMHGDQþDVQHãWRL]GRVDGHQHãWRRGJODGLPDORSR PDORSRMHGH 1MXWQRYX YHþHUX 8VNRUR VH SRMDYL L VDP 1MXWQ L]YLQMDYDMXüL VH JRVWX ²2SURVWLWHPROLP9DVãWRVWHPHWDNRGXJRþHNDOL 'RSXVWLWH PLGDVDPRQHãWRPDORYHþHUDPMHUVDPGRVWDXPRUDQ LNORQXR SD üX 9DPRGPDKELWLQDXVOX]L =DWLP MH VHR ]D VWR L SRGLJDR SRNORSDF þLQLMH L YLGHYãL GD MH SUD]QDUHþHX]RVPHK
² 9LGLWH NDNYL VPR PL QDXþQLFL 3D MD VDP SRWSXQR ]DERUDYLR GDVDPYHüYHþHUDR .RQFHQWUDFLMD PRåH ELWL DXWRPDWVND LOL VSRQWDQD SULVLOQD LOL VYH VQD6SRQWDQDNRQFHQWUDFLMDMHSUDYDNRQFHQWUDFLMDQDMMDþDMHLSRVWLåHVH DXWRPDWVNL EH] QDSRUD ]DWR ãWR MH SUHãOD X QDYLNX L SRþLYD QD YHOLNRP LQWHUHVRYDQMX]DSUHGPHWUDGD 3ULVLOQDNRQFHQWUDFLMDVHQHPRåHXSRUHGLWLSRHILNDVQRVWLVDVSRQ WDQRP NRQFHQWUDFLMRP 3RUHG WRJD RQD XYHN WHãNR SDGD QDURþLWR X SRþHWNX GRN QH QDXþLPR GD VH NRQFHQWULãHPR WM GRN QH VWHNQHPR UXWLQXLVSRVREQRVWVSRQWDQHDXWRPDWVNHNRQFHQWUDFLMH6DSULVLOQRPLOL VYHVQRPYROMQRP NRQFHQWUDFLMRPPRUDPRSRþHWLXRYLPVOXþDMHYLPD .DGDQHPDSUDYRJLQWHUHVDLGRNVHQHVWYRULRGJRYDUDMXüLLQ WHUHV 'RNQHVWHNQHPRSRWUHEQXUXWLQXLQDYLNXXNRQFHQWULVDQMXQD QRYLSUHGPHWSDPüHQMDLUDGD 'RNQHXNORQLPRUD]QHGXKRYQHVPHWQMHNDRãWRVX]DEULQXWRVW VWUDKWHUD]QLGUXJLQHJDWLYQLRVHüDMLNRMLQDVVSUHþDYDMXXXP QRPUDGX 'RNVSURYRGLPRPHWRGHLWHKQLNHNRMLPDUD]YLMDPRGUXJHIDN WRUHRGNRMLK]DYLVLGREUDNRQFHQWUDFLMDNDRSDåQMDRSDåDQMH SDPüHQMHGREUDWHKQLNDUDGDLUDVSRUHGDYUHPHQDLGREURSVL KRIL]LþNRVWDQMHRUJDQL]PD 3UHPDWRPHVYHVQXLOLSULVLOQXNRQFHQWUDFLMXVKYDWLWHXYHNNDR SRþHWQXLSUHOD]QXID]XNDVWLFDQMXDXWRPDWVNHNRQFHQWUDFLMH .DNRüHWH]QDWLGDOLVWHLNDGDVWHNOLQDYLNXDXWRPDWVNHNRQFHQ WUDFLMH"²9HRPDMHGQRVWDYQR þLPSULPHWLWHGD 9DP NRQFHQWUDFLMDQH SULþLQMDYDQLNDNDYQDSRULSRWHãNRüXGD9DVSRVDRªYXþH©LLQWHUHVXMHL GD9DP9DãUDGSULþLQMDYDUDGRVWL]DGRYROMVWYR,XRYRPVOXþDMXYL GLWHNROLNRMHYDåDQLQWHUHVLOMXEDYSUHPDVYRPUDGXMHUMHQMLKRYDSUL URGQDSRVOHGLFD²DXWRPDWVNDNRQFHQWUDFLMD93RJOª.OMXþ]D GREURSDPüHQMH 1HXURIL]LRORãNHRVQRYHNRQFHQWUDFLMH 3URFHVNRQFHQWUDFLMHMHXXVNRMYH]LVDGHNRQFHQWUDFLMRPQDL]PH QLþDQMHLQHSUHNLGQRVHVPHQMXMHXSRMHGLQLPREODVWLPDVDGHNRQFHQWUD FLMRP3RSXWSOLPHLRVHNHQDPRUXXNRULYHOLNRJPR]JDGROD]LGRQHS UHNLGQLKSURFHVDNRþHQMDLQKLELFLMH ãWRL]D]LYDGHNRQFHQWUDFLMXLUD] GUDåHQMDHNVFLWDFLMH ãWRL]D]LYDNRQFHQWUDFLMXRGUHÿHQLKGHORYDLPRå GDQLKFHQWDUD0LURYDQMDQHPDþDNQLXVQXXYHNMHMHGDQGHRNRUHHN VFLWLUDQDGUXJLLQKLELUDQ 1D SULPHU NDGD VH QD QHãWR VNRQFHQWULãHPR RQGD VH X NRUL YHOLNRJ PR]JD RGJRYDUDMXüL QHUYQL FHQWUL X]EXGH L SRþLQMX GD GHMVWYXMX L UDGH L WR XSUDYR RQL NRML XSUDYOMDMX WRP NRQFHQWUDFLMRP ,VWRYUHPHQR RVWDOL GHR NRUH VH NRþL GD QH EL RPHWDR UDG SREXÿHQLK GHORYDNRUHLQHUYQLKFHQWDUD,QKLELUDQLGHRNRUHVSUHþDYDVYHRVWDOH FHQWUH NRML QH WUHED GD UDGH GD RGDMX LOL SULPDMX QDGUDåDMH L XMHGQR VSUHþDYD SURGRU HYHQWXDOQLK SRGUDåDMD L] XQXWUDãQMRVWL RUJDQL]PD LOL L] VSROMQRJVYHWD .RQFHQWUDFLMD]QDþLQH]DYLVLVDPRRGVWHSHQDX]EXÿHQRVWLRGJR YDUDMXüLK UHJLRQD NRUH YHOLNRJ PR]JD YHü X SRGMHGQDNRM PHUL L RG MDþLQH NRþHQMD RVWDORJ GHOD PRåGDQH NRUH NRMD RNUXåDYD HNVFL WLUDQL UHJLRQ
NRUH7RSUDNWLþQR]QDþLGDNDRãWRMHYDåQRVWHüLPRüMDNHLYHOLNHNRQ FHQWUDFLMH REH]EHÿHQMHP JRUH SRPHQXWLK IDNWRUD RG NRMLK RQD ]DYLVL SRGMHGQDNR MH YDåQR L XNORQLWL VYH RQH QHJDWLYQH IDNWRUH NRML VODEH NRQFHQWUDFLMXRGQRVQRLQKLELFLMXSUHRVWDORJGHODPRåGDQHNRUH 1DSULPHUDNRMHPR]DNRVODEOMHQSUHPRURPVWUDKRPEULJDPDL VOLþQLPVWDQMLPD RQGD NRUD YHOLNRJ PR]JD QHPD GRYROMQR VQDJH GD VH RãWUR L GLIHUHQFLUDQR JGH WUHED SREXGL D X RVWDORP GHOX XNRþL YHü WDPR JGH WUHED GD VH SREXGL QH GROD]L GR GRYROMQR LQWHQ]LYQH HNVFLWDFLMHDXRVWDORPGHOXQHPDGRYROMQRMDNHLNRPSDNWQHLQKLELFLMH 3RVOHGLFD MH GD UD]QL QDGUDåDML L] VSROMQH VUHGLQH L XQXWUDãQMRVWL RUJDQL]PDODNRªSURELMDMX©VODERLQKLELUDQXPRåGDQXNRUXLWLPHVHEU]R QDPHüXQDãRMVYHVWLRPHWDMXüL NRQFHQWUDFLMX 7R VX QD SULPHU VWDQMD NDGD QDP VPHWD NXFDQMH VDWD L KRGDQMH PDþNH SR SRGX ãWR X QRUPDOQLP RNROQRVWLPD NDGD QLVPR SUHPRUHQL LOL X]EXÿHQL MHGQRVWDYQRQHSULPHüXMHPR
ª6RGD9DPMHMDVQR]DãWRUD]QLIDNLULQHRVHüDMXEROGRNL]YRGHVYRMHQHRELþQH RSLWH©
6DGD 9DP MH WDNRÿH SRWSXQR MDVQR NDNR MH PRJXüH GD QH RVHWLPR ODNãX R]OHGX SUL ]DQLPOMLYRP UDGX ãWD MH UD]ORJ GD YRMQLN X ERUEL QH RVHWL RGPDK ODNãH UDQMDYDQMH L NDNR MH PRJXüH GD UD]QL IDNLUL QH RVHüDMX ERO GRN L]YRGH VYRMH QHRELþQH RSLWH 9 3RJODYOMH
0RüYHOLNHNRQFHQWUDFLMHVHVWLþHUD]YLMDQMHPNRPSRQHQWL NRMHMHþLQH .DR ãWR MH YHü QD SRþHWNX SRJODYOMD QDJODãHQR NRQFHQWUDFLMD QLMH QHND XVDPOMHQD L QH]DYLVQD PHQWDOQD IXQNFLMD QHJR QDSURWLY RQD MH VNXS VYLK IDNWRUD XPQRJ UDGD XVPHUHQLK ND MHGQRM VYUVL MHGQRP ]DGDWNX 3UHPD WRPH WR SUDNWLþQR ]QDþL GD NRQFHQWUDFLMX PRåHPR UD]YLMDWL VDPR SXWHP REH]EHÿHQMD NRPSRQHQWL RG NRMLK ]DYLVL L NRML MH XVORYOMDYDMX 7LK NRPSRQHQWL L IDNWRUD LPD VYDNDNR PQRJR DOL RYGH üHPRQDYHVWLRQHQDMYDåQLMH XPQRJUDGDNRML 3DåQMDLRSDåDQMH2RYLPYDåQLPIDNWRULPD VXRGSRVHEQHYDåQRVWL]DSDPüHQMH ELORMHGHWDOMQRJRYRUDX 3RJODYOMX ,QWHUHVLPRWLYDFLMDNDRSUHVXGQLIDNWRUL]DXVSHKXSDPüHQMXL XþHQMXNDRL]DNRQFHQWUDFLMXWDNRÿHVXSRVHEQRREUDÿHQLX 3RJODYOMX 6LVWHPDWLþQRVWXUDGXSUDYLOQDUDVSRGHODYUHPHQDLSRVORYDSR GHODVYDNRJSRVODQDGRYROMQRPDOHGHORYHGDLKPRåHWHSRMHGL
QDþQR ODNR VDYODGDWL RG SRVHEQH VX SRPRüL ]D VWYDUDQMH QDYLNH L VWLFDQMH UXWLQH X NRQFHQWUDFLML 3RVHEQR VYDNL SRVDR PDNDU ELR RQ L QDMPDQML XUDGLWH XYHN WDNR NDR GD UDGLWH QDMEROMH L QDMYHüH GHOR VYRJ åLYRWD%XGLWHWHPHOMQLXSRVOXLSRVYHWLWHPXVYRMXQHSRGHOMHQXSDåQMX 7DNRÿHQHPRMWHQLNDGDLVWRYUHPHQRUDGLWLGYHVWYDULMHUVYDNLSDLRQDM QDMPDQML SRVDR WUDåL VYRMH SRVHEQR YUHPH 0L VH ]DYDUDYDPR GD QDMEROMH UDGLPRX]PX]LNXSHYXãHQMHLOLSXãHQMH8VWYDULQDãDSDåQMDQDL]PHQLþQR SUHVNDþH V MHGQRJ QD GUXJL SUHGPHW L GROD]L GR W]Y GHOHQMD SDåQMH ãWR QHVXPQMLYR VODEL QMHQ HIHNDW 5D]ORJ GHOHQMX SDåQMH L XRSãWH UD]ORJ ]DãWR PRUDPRELWLVNRQFHQWULVDQL QD UDGX OHåL X SULURGL UDGD PR]JD GD X MHGQRP WUHQXWNXLQDLVWRPPHVWXPRåHHJ]LVWLUDWLVDPRMHGQDPLVDR 9DåQR QH GDMWH VH SUHNLGDWL X SRVOX ² XYHN JD GRYUãLWH GRYHGLWH GR NUDMD PD NROLNR RQ VLüXãDQ L QH]QDWDQ ELR MHU SUHNLGQH ]QDþL QDVWDYLWL WDPR JGH VPR VWDOL RQ ]DKWHYD SRQRYQR ª]DJUHMDYDQMH© SD KYDWDQMH YH]H L GRODåHQMH SRQRYR X VWDQMH ]DKXNWDOH GXERNH UDGQH NRQFHQWUDFLMH 3UHNLG X UDGX SRVHEQR QHJDWLYQR XWLþH QD NRQFHQWUDFLMX MHU MH SUHNLGD HOLPLQLãH L QDJRQL QDV GD GHOLPR VYRMX SDåQMX GUXJRM VWYDUL NRMD QDV MH SUHNLQXOD X UDGX 3VLKRIL]LþNR ]GUDYOMH XUHGDQ åLYRW L GREUL QHUYL VX ªFRQGLWLR VLQH TXD QRQ© ! DNR åHOLPR GD VWHNQHPR L RGUåLPR VSRVREQRVW YHOLNHLMDNHNRQFHQWUDFLMH 6ORERGD RG QHJDWLYQLK RVHüDQMD ]DEULQXWRVWL VWUDKD LWG MH RG SRVHEQH YDåQRVWL ]D VORERGQR LVSROMDYDQMH L GHORYDQMH VSRQWDQH NRQFHQWUDFLMH &HVWR QDP XVUHG SRVOD SUHNLQH NRQFHQWUDFLMX QHND X]QHPLUXMXüD PLVDR GD QHNL SRVDR LOL REDYH]X QLVPR REDYLOL 'D EL VH WDNYLK PLVOL RVORERGLOL MHGQRVWDYQR LK PHPRULUDPR ODQ þDQLP LOL YH]QLP PHWRGRP NDNR EL LK VH VHWLOL SRVOH RNRQþDQRJ SRVOD 6OLþQR PRUDPR SRVWXSLWL L VD RVWDOLP QHJDWLYQLP PLVOLPD VOLþQH YUVWH D SRVHEQR VD UD]QLP SUREOHPLPD NRMH PRUDPR RGJRYDUDMXüLP QDþLQLPD UHãDYDWLMHUPRJXGDQDVSRWSXQRRQHPRJXüHXGDOMHPUDGX 6YDNDNRMHYDåQRELWLGREDUUDGQLNDOLWRQLMHGRYROMQR,VWRYUHPHQR WUHED ELWL L VSUHWDQ UDGQLN WUHED XPHWL VSUHWQR XGUXåLWL VYRM UDG VD VYHPRüQLPYUHPHQRP6DWDNYRPVSUHWQRPLGREURPNRPELQDFLMRP9DãHJ UDGD L YUHPHQD PRüL üHWH VLJXUQR RVWYDULWL GHR SR GHR 9DãHJ FLOMD2YR þXGRWYRUQRGHORYDQMHUDGDXGUXåHQRJVDYUHPHQRPPRJXüHMHQDUDYQRVDPR QDGXåLURNDWR]DKWHYDGXJRURþQXNRQFHQWUDFLMXQDSUHGX]HWLSRVDRVYHGR QMHJRYRJRNRQþDQMDãWR]QDþLLGRQMHJRYRJXVSHãQRJ]DYUãHWND1HRNRQþDQ SRVDRMHXYHNQHXVSHOLSRVDR 3UDNWLþQR GXJRURþQD NRQFHQWUDFLMD ]QDþL QHJRYDQMH LGHMH R SR VWDYOMHQRP FLOMX NDR GRPLQDQWQH PLVOL L SRGUHÿLYDQMH VYLK RVWDOLK PLVOL L åHOMD FLOMX NRPH VH WHåL 7LPH VH RJURPQD VQDJD NRQFHQWULVDQLK L X MHGQRP SUDYFXXVPHUHQLKEH]EURMQLKPLVOLRVHüDQMDUD]PLãOMDQMDLþLWDYRJSVLKLþNRJ SRWHQFLMDODþRYHNDXVSHãQRPRELOLãHXVYRMRMVYHXNXSQRVWLQD L &RQGLWLRVLQHTXDQRQODW1HRSKRGDQXVORYEH]NRJDVHQHPRåH
VDYODGDYDQMH SRVWDYOMHQLK ]DGDWDND NDR HWDSD GR åHOMHQRJ FLOMD .DR L VYHYHOLNRLRYDYHOLND]DNRQLWRVWMHMHGQRVWDYQD ]D YHüD GRVWLJQXüD SRW UHEQDMHLYHüDVQDJD D RQD VH PRåH REH]EHGLWL L VDNXSLWL VDPR GXJRURþ QRP NRQFHQWUDFLMRP VYDNRGQHYQLP L XSRUQLP VDNXSOMDQMHP GUDJRFHQLK ]UQDFDVWYDUDODþNRJUDGDNRMLXVDYH]XVDYUHPHQRPQDUDVWDMXXRJURPQX L PRüQX DNXPXODFLMX XORåHQRJ UDGD NRMD NDG GRVWLJQH RGUHÿHQL QLYR SUHUDVWDXåHOMHQRGHOR $NR9DãHVYDNRGQHYQHSRVORYHXãNROLQDUDGQRPPHVWXNRGNXüH LOL QD GUXJRP PHVWX RG VDGD EXGHWH REDYOMDOL SR JRUQMLP XSXWVWYLPD ]D NUDWNRYUHPHüHWHRVHWLWLSRYHüDQXVSRVREQRVWNRQFHQWUDFLMHDVDPLPWLP LSDPüHQMD 3RUHGWRJDüHWH]DSD]LWLGDVDPDQMHQDSRUDREDYLWHYLãHSRVORYD LWREROMHQHJRGRVDGDLGD]DVYHLPDWHGRYROMQRYUHPHQD-HUNDRãWR MHUHNDR/LKWHQEHUJNRVHåDOLGDQLNDGDQHPDYUHPHQDWDMYHRPDPDOR LXUDGL
9UHPHMHGDSURYHULWHVYRMH]QDQMHNRMHVWHXPHÿXYUHPHQXVWHNOL SURUDGRP ]DGQMD WUL SRJODYOMD RE]LURP GD VX X QMLPD VDGUåDQH YHRPD YDåQHWHKQLNHHILNDVQRJSDPüHQMD
7(67%5 SRJO 2GUHGLWHWDþDQUHGRVOHGRYLKQXPHULþNLKUHFLL] ª1XPH ULþNHWDEHOH© 2%RD 20DJ 2'LY 25DGåD 21RWH 27Xã 2/DVR 2$JD 20XQMD 25XQR =DVOHGHüHEURMHYHL]ª1XPHULþNHWDEHOH©GDMWHRGJRYDUDMXüH QXPH ULþNHUHFL SRJO .RMHVXYUVWHNRQFHQWUDFLMHHILNDVQLMH"7DþQDVX WULRG JRYRUD $ 6SRQWDQD &$XWRPDWVND % 3ULVLOQD '6YHVQD (1HVYHVQD 3RþHPXüHWH]QDWLGDVWHVWHNOLQDYLNXDXWRPDWVNH NRQFHQWUDFLMH" 3RGXåLQLª]DJUHYDQMD©SULXPQRPUDGX 3RUH]XOWDWLPDRVWYDUHQLPXSDPüHQMXLXþHQMX 3RODNRüLNRQFHQWUDFLMHLXåLYDQMXXUDGX
SRJO 1DRYRPFUWHåXWUHEDUDVSR]QDWLVYHQDFUWDQH åLYRWLQMH
$ 1DYHGLWHQMLKRYWDþDQEURM % 1DYHGLWHVYHQMLKRYHQD]LYH
$NRVHYUSFDSRWSXQR]DWHJQHNRMDüHILJXUDRVWDWLGDYLVLQD QMRM"
$ 7URXJDR % .UXJ & .YDGUDW
.RGERGRYDQMD9DãLKUH]XOWDWDREUDWLWHSDåQMXQDSLWDQMHEU LNRMDVHVDVWRMHRGSRNRPSRQHQWLNDR L QD SLWDQMH EU NRMH VH VDVWRML FG NRPSRQHQWH =QDþL PRåHWH NRULVWLWL L SDUFLMDOQR ERGRYDQMH X VOXþDMXGDQDRYDSLWDQMDQHRGJRYRULWHVDXVSHKD
-2â-('1$02û1$801$0$â,1$ $62&,-$7,91$7(+1,.$
3UYL GHR DVRFLMDWLYQH WHKQLNH VD QHNROLNR SUDNWLþQLK SULPHQD L]OR åHQ MH X 3RJODYOMX D X RYRP NRMH MH X L]YHVQRP VPLVOX QDVWDYDN VDGUåDQH VX RVWDOH PHWRGH RYH HILNDVQH WHKQLNH NDR L SULPHUL NRML SRND ]XMXãLURNHPRJXüQRVWLQMLKRYHSULPHQH
3DPüHQMHUD]QLKYUVWDUHFL ,PHQLFH $VRFLUDQMH LPHQLFD NRMH R]QDþDYDMX NRQNUHWQH SUHG PHWH REMHNWH LOL SRMPRYH XVSHãQR VWH YUãLOL REUDÿXMXüL UDQLMD SRJODYOMD 6DGD üHWH QDXþLWL PHPRULUDQMH DSVWUDNWQLK LPHQLFD L LPHQLFD NRMH QH R] QDþDYDMXNRQNUHWQHSUHGPHWHRGQRVQRNRMHVHQHPRJXSUHWVWDYLWLLOL]D PLVOLWLXREOLNXQHNRJRSUHGPHüHQRJSRMPD1DSULPHULPHQLFHNDRãWR VX PDUOMLYRVW KUDEURVW XP EU]LQD QDSUHGDN L VOLþQR WHãNR MH GLUHNWQR DVRFLUDWL MHU LK QH PRåHPR ]DPLVOLWL NDR NRQNUHWQH LOL RSUHGPHüHQH SRM PRYH 8]PLPRNDRSULPHUVOHGHüXVHULMXWDNYLKLPHQLFD =$0,6/-(12675$'26725*$1,=$&,-$â.2/29$1-( 352675$16792 'D ELVPR LK PRJOL XVSHãQR DVRFLUDWL PRUDPR VH SRVOXåLWL RGJRYDUD MXüLPSRVUHGQLPNRQNUHWQLPLRSUHGPHüHQLPSRMPRP GDNOH QHNRPYUV WRP VLPEROD NRML PRåHPR ODNR SUHWVWDYLWL L DVRFLUDWL 1D SULPHU ]D ª=$0,6/-(1267© PRåHWH VHEL SUHWVWDYLWL X PDãWL QHNRJ SR]QDQLND LOL þRYHNDNRMLMHMDNR]DPLãOMHQLSRGERþHQQDODNWRYHLQWHQ]LYQRUD]PLã OMD ª5$'267© PRåHWH SUHWVWDYLWL NDR QHNR 9DPD GREUR SR]QDWR GHWH NRPHVWHGRQHOLQHNXLJUDþNXLOLSRNORQLNRMHVNDNXüHLNOLþHRGUDGRVWL 6YDNDNRSRVWRMLPQRJRQDþLQDGDVHVLPEROL]LUDMXRYDNYHLPHQLFH 7DNRL]Dª25*$1,=$&,-8©SRVWRMLYLãHQDþLQD-HGQDRGPRJXüQRVWL MHGD]DPLVOLWHMHGQRJ9DPDGREURSR]QDWRJGLUHNWRUDNDNRVHGRJRYDUD VD VYRMLP VDUDGQLFLPD L]UDÿXMH VD QMLPD RUJDQL]DFLRQH ãHPH WHOHIRQLUD L XRSãWHRUJDQL]XMHSURFHVUDGD
-HGQD RG YDULMDQWL ]D ªâ.2/29$1-(© PRåH GD EXGH VOHGHüD VFHQDQHNROLNRXþHQLND9DãLKSR]QDQLNDVHGLXXþLRQLFLLPDUOMLYRXþL Lâ.2/8-(6( ª352675$16792©PRåHWHVLPEROL]LUDWLPHQWDOQLPSUHWVWDYOMD QMHP QHNH RJURPQH UDYQLFH PRUD LOL SXVWLQMH ]DPLVOLWH VHEH LOL QHNRJ VYRJ SR]QDQLND NDNR VH GLYL WRP QHSUHJOHGQRP ª352675$16798© 9DåQR MH GD SUL RSUHGPHüLYDQMX RYDNYLK DSVWUDNWQLK L QHSUHGPHWQLK LPHQLFD XYHN REUDWLWH SRVHEQX SDåQMX UDGQML NRMD VH RGLJUDYD X 9DãHP LQVFHQLUDQRP SUL]RUX LOL QD PLPLNX LOL JHVWRYH ]DPLãOMHQLK RVRED MHU üH 9DP X VWYDUL XSUDYR UDGQMD PLPLND LOL JHVWRYL D PRåGD L ERMD ]YXN LOL PLULV XND]DWL R NDNYRM VH PLãLüQRM LPHQLFL UDGL NRMX VLPEROL]LUD NRQNUHWQR ]DPLãOMHQ SUHGPHW RVRED LOL VLWXDFLMD 3URL]YROMQR GXJH QL]RYH RYDNYLK LPHQLFD SDPWLWH QD ELOR NRML 9DPD SR]QDW QDþLQ ODQþDQLP PHWRGRP YH]QLP PHWRGRP SRPRüX SUHGPHWQHLOLQXPHULþNHWDEHOH1DSULPHUDNRNRULVWLWHYH]QLPHWRGL QXPHULþNX WDEHOX RQGD ª$872© DVRFLUDMWH VD ª=DPLãOMHQLP SR]QDQLNRP© NRML VLPEROL]LUD ª=$0O6/-(1267© ª$18© NDNR VH UDGXMHLLJUDVDª5DGRVQLPGHWHWRP©NRMHSUHWVWDYOMDª5$'267©LWG 3UH QHJR ãWR ELVWH SUHãOL QD XVYDMDQMH VOHGHüH PHWRGH QHRSKRGQRMHGDQDSDUSULPHUDRGSR²PLVOHQLKLPHQLFDGREUR XYHåEDWHDVRFLUDQMHLSDPüHQMHRYDNYHYUVWHSRMPRYD *ODJROL ,VWL PHWRG SRVUHGQH VLPEROLNH GRQHNOH PRGLILNRYDQ SULPHQLüHPR L ]D SDPüHQMH GXJLK QL]RYD UD]QLK JODJROD .DR ãWR MH SR]QDWRJODJROLVXWDNYDYUVWDUHFLNRMLL]UDåDYDMXQHNXUDGQMXVWDQMH LOL ]ELYDQMH , X RYRP VOXþDMX üHPR NRULVWLWL RGJRYDUDMXüH ]DPLVOLYH L NRQNUHWQHSRMPRYHNRMLüHQDPVLPEROL]LUDWLRGUHÿHQLJODJRO 1DSULPHUMHGDQRYDNDYQL]JODJROD /(7(7, ² 63$9$7, ² 3,6$7, ² .29,7/$7, 6( ² 6.$.$7, SDPWLPR VOLþQR NDR L LPHQLFH VDPR ãWR SUL DVRFLUDQMX LOL PHQWDOQRP SUHWVWDYOMDQMXVLPERODRYRJSXWDVHELQDJODVLPRGDVHUDGLRJODJROXD QH QHNRM GUXJRM YUVWL UHFL 5HFLPR ]D ª/(7(7,© PRåHPR ]DPLVOLWL MHGQRJ EHORJ YHOLNRJ JDOHED NDNR L]YRGL HOHJDQWQH NUXJRYH QDG PRUHP L SUL WRPH QDJODVLPR VHEL GD MH WR ª/(7(1-(© D QH VOXþDMQR ª*DOHE©LOLª*DOHENRMLOHWL©LVOLþQR ,VWRWDNRNDGDVPR]Dª5$'267©]DPLVOLOLNDRSRVUHGQLVLPERO a'HWHNRMHVHUDGXMH©PLVPRVHELQDJODVLOLGDMHWRVDGDª5$'267© DQHª'HWHNRMHVHUDGXMH©LOLª'HWHNRMHMHSULPLORSRNORQ©LWVO 1D VOLþDQ QDþLQ ]D ª63$9$7,© X]PLPR QHNRJ SR]QDQLND NRML YROL GD VSDYD L ]DPLVOLPR JD NDNR VODWNR VSDYD =D ª3,6$1-(© WDNRÿHLPDGRVWDLGHMDGRN]Dª.29,7/$7,6(©QHNLPRåGDQHüHPRüL RGPDKGDQDÿXDGHNYDWDQVLPERO8WDNYLPVOXþDMHYLPDQHWUHEDJXELWL RGPDK KUDEURVW L GLüL UXNH RG VYHJD ,PD WDNR]YDQLK ªWHåLK© UHFL ]D NRMH QDP QH GROD]L RGPDK RGJRYDUDMXüD ]DPHQD LOL DVRFLMDFLMD .DGD QDLÿXWDNYLPRPHQWLWUHEDVHPDORYLãHSRWUXGLWLDDNRQHLGHþLWDYX VWYDU PDOR RVWDYLWL L SUHüL QD QHNL GUXJL SRVDR 3RVOH L]YHVQRJ YUHPHQDSRNXãDWLSRQRYRLXVSHKQHüHL]RVWDWL 3UHPDWRPHMHGQDRGPRJXüQRVWL]Dª.29,7/$7,6(©PRåHGD EXGHª6DPXP©XSXVWLQMLNRMLVDVRERPVYHQRVLLNRYLWODLOLNRYLWODQMH SDSLUD L GUXJLK ODNLK SUHGPHWD NRMH VH SRYUHPHQR GRJDÿD NDG GXYD YHWDU
, RYDM QL] RG JODJROD NDR L GUXJH SURL]YROMQR GXJH QL]RYH PRåHWH PHPRULUDWL QD ELOR NRML 9DPD SR]QDW QDþLQ ELOR NRMRP PHWRGRP9HåEHUDGLNRMXWUHEDVYDNDNRGDXUDGLWHSUHQHJRãWRLGHWH GDOMHX]PLWHMHGDQQL]RGJODJRODLDVRFLUDMWHJDODQþDQLPPHWRGRP =DWLPJDUHSURGXNXMWHRGSRþHWNDGRNUDMDLREUDWQR 3DPüHQMHRVWDOLKYUVWDUHüL=DEURMHYHSRVHGXMHWHYHüHILNDVQX WHKQLNXWDNRGDLKPRåHWHSDPWLWLEH]LNDNYRJRJUDQLþHQMD 1DYHãüHPR 9DP MRã GYH PHWRGH ]D SDPüHQMH SULGHYD D ]D RVWDOHYUVWHUHFLSULORJHVYH]HLXVNOLNHSRVWXSLWHQDDQDORJDQQDþLQ 3ULGHYH PRåHWH PHPRULUDWL X QL]RYLPD åHOMHQH GXåLQH QD VOLþDQ QDþLQ NDR ãWR VPR DVRFLUDOL LPHQLFH L JODJROH , X RYRP VOXþDMX ]D SRMHGLQHSULGHYHRGDEUDüHPRRGJRYDUDMXüHNRQNUHWQHSRMPRYHNRMLVH PRJX ODNR PHQWDOQR SUHWVWDYLWL L NRML QHGYRVPLVOHQR XND]XMX L DXWRPDWVNLL]D]LYDMX DVRFLMDFLMXQD GRWLþQLSULGHY =D SULPHU X]PLPR MHGQXNUDüXVHULMXUD]QLKSULGHYD 681ý$1²&59(1²795'²',9296.,²67$./(1² .,6(2 =D ª681ý$1©]DPLVOLWH UHFLPR ª6XQþDQLVDW© LSRGYXFLWH GD VH QH UDGL R ª6XQþDQRP VDWX© YHü R SULGHYX ª681ý$1© -HGQD OHSD UD]UH]DQD OXEHQLFD GREUR üH 9DP VXJHULUDWL SULGHY ª&59(1© 'D EL GRþDUDOLVHELXSHþDWOMLYRSULGHYª795'©]DPLVOLWHQHNRJþRYHNDNDNR SRNXãDYDGDVORPL ª7YUGRUDK©LXWRPHQHXVSHYD$NRVHEHXPDãWL GRþDUDWH SUHG QRJDPD QHNRG LPDJLQDUQRJ ªGLYD© LPDüHWH NRPSOHWDQ XWLVDN R SULGHYX ª',9296.,© =D ª67$./(1© PRåHWH VH SRVOXåLWL QHNLP ª6WDNOHQLNRP© D ª.,6(2© GRþDUDMWH SUL]RURP QHNH SR]QDWH RVREHNDNRMHGHOLPXQLªSUDYLNLVHOROLFH© 'UXJL QDþLQ SDPüHQMD SULGHYD MH GD GLUHNWQR DVRFLUDPR SRMPRYHþLMDMHELWQDRVRELQDXSUDYRQHNLSULGHY1DSULPHQ /LVLFD² /8.$9$ 7LJDU ² .592ä('$1 .RQM ² 3/(0(1,7 3DV ² 9(5$1 0UDY ² 95('$1 LWG ,VWL PHWRG PRåHWH XSRWUHELWL L NRG SDPüHQMD QHNLK DSVWUDNWQLK LPHQLFD ]D NRMH VX YHü XVWDOMHQL VLPEROL 6LGUR 1$'$ 0DUV 5$7 *ROXE VD JUDQþLFRP 0,5 6UFH /-8%$9LWG 8NROLNR QLMHGDQ RG RYLK QDþLQD X QHNLP L]X]HWQLP VOXþDMHYLPD QH ELVWH PRJOL SULPHQLWL RQGD PRåHWH NRULVWLWL PHWRG VXSVWLWXFLMH NRML üH ELWL REUDÿHQ X SRJODYOMX R XþHQMX L SDPüHQMX VWUDQLK MH]LND LOL LPHQD L OLNRYD LOL PHWRG SDPüHQMD SR VORJRYLPD LOL VORYQLPR]QDNDPDNRMLüHELWLL]ORåHQWDNRÿHXSRVHEQRPSRJODYOMX 8 FLOMX SURYHUH 9DãHJ QRYRVWHþHQRJ ]QDQMD ? / DVRFLMDWLYQH WHKQLNH L VWLFDQMD SRWUHEQH UXWLQH L VLJXUQRVWL X PHPRULUDQMX UD]QLK YUVWD UHFL L]DEHULWH MHGDQ WHNVW NRML QH WUHED GD SUHÿH UHFL L DVRFLUDMWH JD UHþ SR UHþ SRPRüX ª1XPHULþNH WDEHOH© RG PHVWD =DWLP UHSURGXNXMWH þLWDY WHNVW RG UHüL SRþHY RG EURMD O SD GR EURMD ª1XPHULþNH WDEHOH© L REUDWQR D ]DWLP QD SUHVNRN X RED VPHUDQD]DGDWLEURMGDMWHRGJRYDUDMXüXUHþLQD]DGDWXUHþGDMWHWDüDQ UHGQL EURM 2YDM PHWRG PRåHWH NRULVWLWL ]D DSVROXWQR SUHFL]QR L GRVORYQRSDPüHQMHQHNLKYDåQLKFLWDWDLNUDüLKWHNVWRYD 3DPüHQMHFHOLKUHþHQLFD .DGDVWHSDPWLOLQDSULPHULPHQLFXª5$'267©9LVWH]DPLVOLOL ª-HGQR GHWH NRMH MH GRELOR SRNORQ L ]ERJ WRJD VH UDGXMH© 3RãWR VWH VWD
YLOL DNFHQDW QD SDPüHQMH LPHQLFH ª5$'267© 9L þLWDY RYDM SUL]RU ªSUHYRGLWH©VDPRMHGQRPUHþMXª5$'267© 0HÿXWLPGDVWHLPDOL]DGDWDNLELOLXVPHUHQLGDSDPWLWHXSUDYR JRUQMX UHþHQLFX 9L ELVWH þLWDY SUL]RU VD GHWHWRP NRMH MH GRELOR SRNORQ ªGHãLIURYDOL© NDR ª-HGQR GHWH NRMH MH GRELOR SRNORQ L ]ERJ WRJD VH UDGXMH© =QDþL ]D SDPüHQMH þLWDYLK UHþHQLFD X SUDNWLþNL QHRJUDQLþHQRP EURMXSRWUHEQHVX9DPVDPRRYHGYHVWYDUL 'D EXGHWH GREDU VFHQDULVWD L VFHQRJUDI NRML ]QD GREUR L XSHþDWOMLYRGDVQDJRPVYRMHLPDJLQDFLMHDUDQåLUDVFHQHLSUL]RUH QDSR]RUQLFL VYRMH PDãWH NRML üH PX QHGYRMEHQR L HILNDVQR VXJHULUDWLSRWUHEQXUHþHQLFX 'DXPHWHSUDYLOQRSURJUDPLUDWLVYRMXPHPRULMX9QLåHª3UR JUDPLUDQMHPHPRULMH© GD9DPSULUHSURGXNFLML DXWRPDWVNLXNDåH NDNRWUHEDGDªSUHYHGHWH©LªGHãLIUXMHWH©DVRFLUDQLSUL]RULOLVFHQX GD9DPNDåHQDãWDVWHVWDYLOLDNFHQDWGDOLMHWRSULGHYLPHQLFD QHNDGUXJDYUVWDUHFLLOLüHODUHþHQLFD.DRSULPHU]DSUDNWLþQX YHåEXPHPRULUDMPRRYRPWHKQLNRPVOHGHüLKSHWUHþHQLFD ª.XSDþLFDVHVNLMDSRPRUX© ª$XWRMHQHSURSLVQRPEU]LQRPSUHOD]LRPRVWLVDREUDüDMDF JDMH ]DXVWDYLR© ª9UHPHLPDNULODLQLNDGDQHNDåH'RYLÿHQMD© 1MHPDþNDSRVORYLFD ª3RWUHEQRMHYUHPHLVWUSOMHQMHGDELVHEUåHVWLJORGRFLOMD© 7LEHWDQVNDPXGURVW ª.RPH]DNRQXWRSX]XOHåLWUDJRYLPXVPUGHQHþRYMHãWYRP© 1MHJRã
5HþHQLFREUª.XSDþLFDVHVNLMDSRPRUX
2GOXþLWHVHQDMSUH]DPHWRGSDPüHQMD5HFLPRGDVWHX]HOLª3UHG PHWQXWDEHOX©RGQRVQRQMHQLKSUYLKPHVWD=DSUYRPHVWRWDEHOHª79 WRUDQM©]DPLVOLWHGDMHQDPRUX=DWLPDUDQåLUDMWHVFHQX]DSUYXUHþH QLFX ]DPLVOLWH MHGQX NXSDþLFX QDMEROMH SR]QDWX RVREX NRMD VH YHVHOR VNLMD SR PRUX RNR ª79 WRUQMD© GRN ]D QMRP RVWDMX GXJH EUD]GH XVNRYLWODQHYRGH1DUDYQRXSRWUHELWHVYHSR]QDWHPHWRGH]DVWYDUDQMH GREULKDVRFLMDFLMDNRMHVXSREURMDQHX3RJODYOMX 7DNRÿHMHODNRDUDQåLUDWLVFHQXL]DGUXJXUHþHQLFX=DPLVOLWHª/D EXGD© PHVWR WDEHOH NDNR SUHSODãHQR EHåL VD PRVWD GRN DXWR QH
SURSLVQRP EU]LQRP MXUL SUHNR QMHJD 1D NUDMX PRVWD MHGDQ VDREUDüDMDF þHND L ]DXVWDYOMD DXWR 8 WUHüRM UHþHQLFL SHUVRQLILFLUDMWH YUHPH SRPRüX SHãþDQRJ LOL QHNRJ GUXJRJ þDVRYQLND NRML üHWH ]DPLVOLWL VD NULOLPD L X 9DãRMXREUD]LOMLYLGHWLNDNRRGOHüHRG9DVEH]ª'RYLÿHQMD© =D þHWYUWX UHþHQLFX ]DPLVOLWH MHGQX SDUDGRNVDOQX VLWXDFLMX ãWR VH XRVWDORP XYHNEROMHL ODNãH SDPWL MHGDQ WUNDþ NRML QRVL SHãþDQL VDW YUHPH L PDþNX VWUSOMHQMH EUåH VWLåH QD FLOM RG GUXJRJD NRML QHPD QLãWD X UXNDPD 1DUDYQR RYX VFHQX üHWH SRYH]DWL VD PHVWRP ª3UHG PHWQHWDEHOH©QDSUGDª-HGUR©SUHWVWDYOMDFLOMWUNH 8SHWRMVFHQLGDELDVRFLUDOLSR]QDWX1MHJRãHYXPLVDRSRVWDYLWH QD9DãXPHQWDOQXSR]RUQLFXMHGQRJVLOHGåLMXNRMLWRSX]RPXGDUD ª=PLMX© PHVWR L GRNYLþH YLWODMXüL WRSX]RP ª2YR MH PRM]DNRQ© ]D QMLP RVWDMXSUOMDYLLEODWQMDYLWUDJRYL 2YGH MH SRWUHEQR GD SRVHEQR LVWDNQHPR MHGDQ YDåDQ PRPHQDW YH URYDWQRVWHYHüLVDPL]DSD]LOLGDMHSRWUHEQRGDOHNRYLãHYUHPHQDGDVH RSLãH LOL SURXþL MHGDQ PHWRG SDPüHQMD QHJR ãWR MH SRWUHEQR VWYDUQR YUH PHQD GD EL VH QHãWR SR QMHPX ]DSDPWLOR 7DNR L X VOXþDMX LQVFHQLUDQMD DVRFLMDFLMD ]D SDPüHQMH UHþHQLFD 2SLVLYDQMH VDPRJ SRVWXSND WUDMH GDOHNR GXåH RG VDPRJ DVRFLUDQMD MHU SULNODGQX VFHQX PRåHPR VWYRULWL VQDJRP QDãH XREUD]LOMH ]D QHNROLNR WUHQXWDND .DGD EXGHWH VWHNOL UXWLQX L SR WUHEQXEU]LQXPRüLüHWHSRWUHEQHDVRFLMDFLMHLVFHQHVWYDUDWLLVWRYUHPHQR GRNþLWDWHWHNVWSRMHGLQLKUHþHQLFD .DGD VWH ]DYUãLOL VD LQVFHQDFLMRP L SHWH UHþHQLFH SUHÿLWH VDGD QD SURYHUX ]DSDPüHQLK UHþHQLFD QD GDWL UHGQL EURM UHSURGXNXMWH RGJRYD UDMXüX UHþHQLFX YDåDQ MH WDþDQ VPLVDR D QH GRVORYQD UHSURGXNFLMD LDNR üHWH X YHüLQL VOXþDMHYD UHþHQLFH UHSURGXNRYDWL L GRVORYQR =DWLP UHSUR GXNXMWH REUQXWLP UHGRP L NRQDþQR QD SUHVNRN ² 5DGL SRWSXQRJ XLJUD YDQMD L VWLFDQMD SRWUHEQH UXWLQH L] QHNH NQMLJH LOL ]ELUNH L]UHND L PDN VLPDL]GYRMWHUD]QLKUHþHQLFDLL]UHNDL ]DSDPWLWH LK SRPRüX ª1XPH ULþNHWDEHOH©NRULVWHüLSUYLKPHVWD 3URJUDPLUDQMHPHPRULMH 3ULOLNRP UHSURGXNFLMH UDQLMH VWYRUHQLK DVRFLMDWLYQLK VOLND L SUL ]RUD PRåH GD GRÿH GR GYRXPOMHQMD ãWD ]DSUDYR DVRFLUDP SRMDP LOL VFHQD WUHED WDþQR GD ]QDþL 1D SULPHU DVRFLUDOL VWH ª0RWRELFLNO© L SUL UHSUR GXNFLMLQLVWHVLJXUQLGDOL9DãDPHQWDOQDVOLNDR]QDþDYDª0272%,&,./© LOL PRåGD ª023('© NRML MH WDNRÿH MHGQD YUVWD PRWRELFLNOD 6OLþQR NR OHEDQMH PRåH GD L]D]RYH L ª$87202%,/© MHU SUL UHSURGXNFLML SRVOH GXåHJ YUHPHQD PRåHWH ODNR GD VH GYRXPLWH GD OL 9DãD PHQWDOQD VOLND DXWRPRELOD WUHED GD VH ªGHãLIUXMH© NDR ª.2/$© ãWR PRåH GD ]QDþL UH FLPREURM LOL ª$87202%,/© EURM DNR VPR QD SULPHU RYLP UHFLPDSDPWLOLEURMHYH ,VWR WDNR NDGD LQVFHQLUDWH þLWDYH SUL]RUH VD QHNROLNR DNWHUD RE MHNDWD L þLWDYRP UDGQMRP PRåH RSHW GD GRÿH GR YLãHVWUXNRJ WXPDþHQMD MHUPHQWDOQRLQVFHQLUDQLSUL]RUPRåHGDR]QDþDYD 0LVOHQXRGQRVQRDSVWUDNWQXLPHQLFX *ODJROGDNOHQHNXUDGQMX 3ULGHY]QDþLVDPRQHNXRVRELQXLOLVYRMVWYRLOLQHNXGUXJX YUVWXUHFLNDRãWRVXSULOR]LSUHGORåLVYH]HLXVNOLFL ûHOXMHGQXUHþHQLFX]QDPHQLWXPLVDRL]UHNXLOLVHQWHQFX
'D ELVPR L]EHJOL QHVSRUD]XPH L SRJUHãQD ªRþLWDYDQMD© DVRFLUDQLK VFHQD L SUL]RUD NDR L VWYRUHQLK PHQWDOQLK VOLND SRMHGLQLK SRMPRYD QHRS KRGQR MH GD VH NRULVWLPR ª0HWRGRP SURJUDPLUDQMD PHPRULMH© 6WD ]QDþL QDSUDYRSURJUDPLUDQMHPHPRULMHXRYRPVOXþDMX" $NR VWH DVRFLUDOL SRMDP ª$87202%,/© LOL ª.2/$© VYHMHGQR D 9DPD MH SRWUHEQR GD WDM SRMDP NRG UHSURGXNFLMH REDYH]QR ]QDþL ª.2 /$©DQHQLNDNR ª$87202%,/©RQGDXSUDYRWRLWDNR QDJODVLWHVHELL VYRMRMPHPRULMLVWDYLWHMHGQRVWDYDQDNFHQDWQDª.2/$©LSRGYXFLWHVHEL LVYRMRMPHPRULMLGD9DPWUHEDDVRFLUDQLSRMDPX]QDþHQMXª.2/$©D QHQLNDNR ª$87202%,/©7LPHVWHL]YUãLOLSURJUDPLUDQMHVYRMHPHPR ULMH X NRMX VH PRåHWH SRWSXQR SRX]GDWL MHU 9DV QHüH QLNDGD L]QHYHULWL DNR MH RYDNR SURJUDPLUDWH X SRWUHEQLP VOXþDMHYLPD 8 WR üHWH VH VD ]D GRYROMVWYRP XYHULWL SUL SUYRM UHSURGXNFLML DVRFLUDQRJ PDWHULMDOD MHU NDGD EXGHWHGRãOLGRSRMPDª$872©RGQRVQRª.2/$©9DãDSURJUDPLUDQDPH PRULMD SRSXW QDMEROMHJ HOHNWURQVNRJ PR]JD QHSRJUHãLYR L DXWRPDWVNL üH 9DP ªVNUHQXWL SDåQMX© QD RYDM YDåDQ GHWDOM GD 9DP WDM SRMDP WUHED X ]QDþHQMXª.2/$©DQHª$87202%,/© ,VWLMHSRVWXSDNSURJUDPLUDQMDPHPRULMHNDGDVQDJRPVYRMHXREUD ]LOMH LQVFHQLUDWH X VYRMRM PDãWL QHNL SUL]RU SR QDþHOLPD DVRFLMDWLYQH WHK QLNHþLPVWHªSRVWDYLOL©SULNODGDQSUL]RUQD9DãXPHQWDOQXVFHQXRGPDK GDMWHQDORJVYRMRMPHPRULMLGD9DPWDMSUL]RUR]QDþDYDUHFLPRVDPRSUL GHY L QLãWD YLãH D GD þLWDYD VFHQD VOXåL VDPR ]DWR GD EL ãWR HILNDVQLMH VXJHULUDODGRWLþQLSULGHY 3URJUDPLUDQMH PHPRULMH WUHED GD NRULVWLWH NRG VYLK WHKQLND SDP üHQMD L XYHN WDPR JGH WUHED GD QHNL GHWDOM ªSRGYXþHWH© ªQDJODVLWH© L] GYRMLWHLOLQHãWRSRVHEQRVDQMLPR]QDþLWH,PDMWHQHRJUDQLþHQRSRYHUHQMH X VYRMX PHPRULMX MHU VX QMHQH PRJXüQRVWL RJURPQH DNR MH SUDYLOQR SURJUDPLUDPR RGQRVQR VQDEGHPR SRWUHEQLP SRGDFLPD RQD üH QDP NDR QHNLHOHNWURQVNLPR]DNXYHNQDYUHPHLSUHFL]QRWDMSRGDWDNYUDWLWL LGDWLNDGDQDP]DWUHED
3DPüHQMHþLWDYLKVHULMDODQþDQLK QL]RYDNRMLVDGUåHUD]QHSRGDWNH 3UHWSRVWDYLPRGDVWHNULPLQDOLVWLþNLLQVSHNWRULGDWUHEDGDL]YUãLWH XYLÿDMQD UD]OLþLWLK PHVWD 3RUHG WRJD SRãWR VX VH ]ORþLQL SURYDOH L NUDÿH GRJRGLOH X UD]QLP VWDQRYLPD L NXüDPD 9L WUHED GD SUHJOHGDWH VYH SURVWRULMHLXVYDNRMSRVHEQRGDSUHFL]QRNRQVWDWXMHWHþLQMHQLþQRVWDQMH NDR L SRVWRMHüH GRND]H L WUDJRYH NRMH MH ]ORþLQDF LOL SURYDOQLN VOXþDMQR RVWDYLR]DVRERP 2YDMQLPDORODNRELPDQLRGJRYRUDQSRVDR PRåHWH HILNDVQR RED YLWL SULPHQRP DVRFLMDWLYQH WHKQLNH ]D SDPüHQMH FHOLK VHULMD ODQþDQLK QL ]RYDNRMLVDGUåHSRWUHEQHSRGDWNH 8]HüHWH ª1XPHULþNXWDEHOX© VD PHVWD3RãWRüHWHLPDWLXYL ÿDMD ]D VYDNL XYLÿDM RVWDYLWH SR PHVWD QD WDEHOL 1D SULPHU ]D SUYL XYLÿDMEURMHYHO²]DGUXJL²EURMHYH²LWG1DWDM QDþLQRGPDK ]QDWH L UHGQL EURM XYLÿDMD 3RãWR VYDNR XYLÿDMQR PHVWR UHFLPR VWDQ LOL NXüD PRåH GD LPD L GR UD]OLþLWLK RGHOHQMD LOL QD L]YHVWDQ QDþLQ RGH ,MHQLKPHVWDWR]DVYDNRWDNYRPHVWRUHFLPRVREXRVWDYLWHSRMHGDQEURM QD WDEHOL 7DNR üHWH ]D VYDNL XYLÿDM LPDWL QD UDVSRODJDQMX SR PHVWD RGQRVQR]DVYDNXVREXLOLRGHOHQMHSRMHGQRPHVWRQDWDEHOL
6DGD ãWR VH WLþH SDPüHQMD XYLÿDM PRåH GD SRþQH 3UYL XYLÿDM WUHED GD L]YUãLWH UHFLPR X MHGQRP WURVREQRP VWDQX NRML X] VREH LPD NXSDWLOR NXKLQMX SUHWVREOMH RVWDYX GDNOH VYHJD RGHOHQMD $VRFLMD WLYQLK PHVWD QD WDEHOL LPDWH GRYROMQR MHU 9DP QD UDVSRODJDQMX VWRML XNXSQRPHVWD3UHWSRVWDYLPRGDVHGHVLRVOXþDMSURYDOQHNUDÿHLGD VWHXSUYRMVSDYDüRMVRELQDãOLRYHSUHGPHWHLRYDNYRVWDQMHþHNLüNOH ãWD NOXSNR NDQDSD GåHSQL QRåLü MHGQX JXPHQX SRWSHWLFX LVSUHWXUDQH ODGLFHRELMHQRUPDQUD]ELMHQHVOLNHSR]LGRYLPD VD RãWHüHQMHP ]LGRYD L]DQMLKMHGDQ NRQþLü QD EUDYL XOD]QLK YUDWD L WUDJ GHVQH EODWQMDYH FL SHOHQDSDUNHWX 6YH RYH SUHGPHWH L NRQVWDWRYDQR VWDQMH ]DSDPWLWH NDR QL] SRGD WDND X WRM SURVWRULML ODQþDQLP PHWRGRP SDPüHQMD 7DNR SRVWXSLWH L VD VYLP RVWDOLP RGHOHQMLPD 'RELüHWH XNXSQR ODQþDQLK QL]RYD 3UYL þODQ VYDNRJ QL]D DVRFLUDMWH VD QMHJRYLP RGJRYDUDMXüLP EURMHP QD ª1XPHULþ NRM WDEHOL© 1D SULPHU SUYL þODQ SUYRJ QL]D L] VSDYDüH VREH MH ªý( .,û© 3RãWR VWH ]D RYX VREX RGUHGLOL UHGQL EU O QD ª1XPHULþNRM WDEHOL© ]QDþLª$872©RQGDDVRFLUDMWHª&(.O&©]Dª$872© 1D LVWL QDþLQ SRVWXSLWH L QD RVWDOLP XYLÿDMLPD RGQRVQR VD SUHG PHWLPD L þLQMHQLþQLP VWDQMHP L] RVWDOLK VRED L SURVWRULMD 7DNR üHWH ]D VYDNL XYLÿDM GRELWL RQROLNR QL]RYD SRGDWDND DVRFLUDQLK SR ODQþDQRP PH WRGX SDPüHQMD NROLNR VWH LPDOL SURVWRULMD 3RãWR VWH DVRFLUDOL L SRVOHGQML ODQþDQL QL] L ªSULNRSþDOL© JD ]D QMHJRYR PHVWR QD ª1XPHULþNRM WDEHOL© GRELOLVWHNRPSOHWQXLHILNDVQXHYLGHQFLMXRVYLPL]YUãHQLPXYLÿDMLPD VD RJURPQRP PDVRP GUDJRFHQLK SRGDWDND $NR X]PHPR GD VWH X SUR ãHNX LPDOL GHVHW SUHGPHWD LOL SRGDWDND SR SURVWRULML L GD VWH QD VYDNRP XYLÿDMX LPDOL GD SUHJOHGDWH SR VRED RQGD VWH VDNXSLOL L YHRPD SUH FL]QRLHILNDVQRPHPRULUDOLVYLKSRGDWDND 1DUDYQR RYX DVRFLMDWLYQX WHKQLNX ]D SDPüHQMH YHüHJ EURMD QL]RYDSRGDWDNDPRåHWHDQDORJQRNRULVWLWLXPQRJLPREODVWLPDLåLYRWQLP VLWXDFLMDPD 0HWRÿJUXSQHDVRFLMDFLMH 0HWRG JUXSQH DVRFLMDFLMH MH VSHFLMDODQ PHWRG DVRFLMDWLYQH WHKQLNH NRML MH ]ERJ VYRMH MHGQRVWDYQRVWL L VLJXUQRVWL QDãDR YHRPD ãLURNR SROMH SULPHQHXPQRJLPREODVWLPD *UXSQD DVRFLMDFLMD JUXSLVDQMH L JUXSQR HWLNHWLUDQMH RGUHÿHQRJ EURMD VOLþQLK HOHPHQDWD YHRPD MH YDåQD L QHRSKRGQD IXQNFLMD QDãHJ SDP üHQMD 1D SULPHU VYDND RGUDVOD RVRED PRåH GD ]DSDPWL V ODNRüRP ² UHþHQLFH WLSD ª%ROMH MH RNOL]QXWL QRJRP QHJR MH]LNRP© ãWR XVWYDUL ]QDþL SDPüHQMH YLãH RG VORYD $NR EL RGWH LVWH RVREH ]DKWHYDOL GD ]DSDPWL WLK LVWLK VORYD DOL SUH]HQWLUDQLK X REOLNX RGYRMHQLK QHSR YH]DQLKLL]PHãDQLKHOHPHQDWDRQGDELWR]DQMXELRQHVDYODGLY]DGDWDN .DGD SRVPDWUDPR GREURJ ãDKLVWX NDGD DQDOL]LUD QHNX SDUWLMX GL YLPR VH QMHJRYRM VSRVREQRVWL GD PRåH GD SRQRYL VYH SRWH]H QDSDPHW QHNHRGUHÿHQHYDULMDQWHGD]DÿHXDQDOL]XYDULMDQWHLRSHWGDVHYUDWL QD SRþHWQX SR]LFLMX 1DPD WR L]JOHGD SRVHEQR WHãNR L NRPSOLNRYDQR MHU SRWH]H SRVPDWUDPR NDR VNXS QHSRYH]DQLK HOHPHQDWD GRN VX RQL ]D LV NXVQRJãDKLVWXRWSULOLNHãWRLVORYD]DþLWDRFDDSRMHGLQHYDULMDQWHL GH ORYLSDUWLMHNDRUHþHQLFHLNUDüLRGORPFL]DþLWDRFD 6OLþQRVHGRJDÿDNDGDVOXãDPRQHNRL]ODJDQMHLOLSULþXPLQHRE
UDüDPRSDåQMXQDVYDNL]YXNRGQRVQRVORYRSDþDNQLQDUHFLLUHþH QLFHYHüQDGRJDÿDMHLQMLKRYR]QDþHQMHQDVWRMLPRGDJUXSLVDQMHPYLãH UHþHQLFDVKYDWDPRGHRSRGHRVPLVODFHORJDWHNVWD 8RSãWH NDGD PRUDPR SDPWLWL RELPQLMH JUDGLYR RQGD MH GREURGDJDUDVSRUHGLPRXPDQMHORJLþQHFHOLQHNDRQHND ªRVWUYD©GD JDJUXSLãHPRXSULURGQRSRYH]DQHGHORYH .DRSUDNWLþDQSULPHUSULPHQHJUXSQHDVRFLMDFLMHNDRPHWRGDDVR FLMDWLYQHWHKQLNHGDüHPRSDPüHQMHQHNLKNDUDNWHULVWLND ªYD]GXãQRJGL QRVDXUXVD© ² -XPER -HWD 'åDPER 'åHW ]D VDGD MHGQRJ RG QDMYHüLK SXWQLþNLK DYLRQD -XPER-HWLOL%RHLQJ-HW %RLQJ 'åHW LPD RYH NDUDNWHULVWLNH 'XåLQDP *D6/DX7D2EDYH]QRUHFL]ERJGHFLPDOQRJUD] ORPND=DPLVOLWHNDNRª*D6©GXåWUXSDVWUXMLNUR]ª/DX7X© 5DVSRQ P /H3D6L5LQD3RãWRXYHNYDåHVDPRGYHGHFL PDOH ]QDWH RGPDK GD ªQ© X ª6L5LQD© QHPD YUHGQRVWL $VRFLUDMWH GD QHNR VWRML LVSUHG DYLRQD L UDãLUHQLK UXNX NDåH ª=DLVWD /H3D 6L5LQD© 7HåLQDWRQD 0X1L&LMD=DPLVOLWHGDMHYHOLNLVYHåDQM0X1L&LMH RNDþHQRXåHLVSRGDYLRQDLGDJDYXþHQDGROH %U]LQDNPK %5=LOL%5=LQD3ULNODGQDNRLQFLGHQFLMD 1DMYHüDãLULQDXNDELQLP â7D0SDULMD0RåHMHGQDUHþMHU VX GHFLPDOH XYHN GYRFLIUHQ EURM NRG RYLK SRGDWDND D ORJLþNL PMHQHPRJXüH=DPLVOLWHGDMHWROLNRXQXWUDãLURNGDPRåHGDVH VPHVWLMHGQDâ7D0SDULMD %URMVHGLãWD 0Xâ7HULMHLOLV0Hâ7DM PRåHELWLVDPR $VRFLUDMWHSXWQLNHXDYLRQXNDR0Xâ7HULMHYD]GXKRSORYQH NRPSDQLMH .DRãWRMHYHüQHNROLNRSXWDQDJODãHQRJRUQMLSULPHULVXVDPR MHGQD RG PRJXüQRVWL L]ERUD QXPHULþNLK UHFL L JUXSQRJ DVRFLUDQMD NRMD QH PRUD VYDNRP GD RGJRYDUD =DWR üH VYDNR SUHPD VYRP QDKRÿHQMX L PRJXüQRVWLPD L]DEUDWL QXPHULþNH UHFL L DVRFLUDWL LK QD QDMSULNODGQLML]DQMHJDQDþLQ 0HWRGRPJUXSQHDVRFLMDFLMHPRåHWHSDPWLWLSRGDWNHL]UD]QLKRE ODVWL QDURþLWR DNR VH YLãH UD]OLþLWLK SRGDWDND RGQRVH QD MHGQX VWYDU LOL RVREX 1D SULPHU SRGDWNHR SRMHGLQLP WLSRYLPD YR]LOD SRGDWNH NDR ãWR VX DGUHVD EURM WHOHIRQD JRGLQH VWDURVWL SRURGLþQR VWDQMH L WVO 9DãLK SR]QDQLND L SRVORYQLK SULMDWHOMD ]DWLP JODYQH RVRELQH L FHQX SRMHGLQLKDUWLNDODLWG $VDGDMHGRãDRWUHQXWDNGDVHYUDWLWHSRQRYRQDWHVWEUª3UH VOLNDQLWHNVWRYL©LSRQRYRSRNXãDWHGDJDUHVLWHSRPRüXª$VRFLMDWLYQH WHKQLNH]DSDPüHQMHFHOLKUHþHQLFD©1HSURSXVWLWHGD9DãQRYLGUXJL UH]XOWDWXEHOHåLWHQDSUHGYLÿHQDPHVWD
ä,9$%,%/,27(.$'8+29,7267,
ª.UDWNRüDMHGXãDGXKRYLWRVWL© ²6HNVSLU
3$0û(1-($1(*'27$,.5$û,+35,ý$
-HGQRGUXãWYRKXPRULVWDþLMDMHVSHFLMDOQRVWELODSLVDQMHYLFHYD LNUDüLKãDODSRVOHJRGLãQMHVNXSãWLQHELORMHQD]DMHGQLþNRMYHþHUL3R ãWRVXVYLELOLYUKXQVNLVSHFLMDOLVWL]DYLFHYHGDELXãWHGHOLYUHPH RQLLK QLVX SULþDOL YHü VX LK QXPHULVDOL L NDG EL VH SRMDYLOD ]JRGQD SULOLND L] YLNLYDOLELVDPRUHGQLEURMRGJRYDUDMXüHJYLFD .DGD VX ]DYUãLOL VD MHORP L SUHãOL QD SLüH XVNRUR VH XND]D ]JRGQD SULOLND L MHGDQ RG GRDMHQD GUXãWYD X]YLNQX ª%URM © L UD]OHåH VH JUR PRJODVDQVPHK8VNRURYLNQXLGUXJLþODQª%URM©²MRãMDþLVPHK , WDNR VX VH UHGDOL EURMHYL L VPHK QLMH SUHVWDMDR -HGDQ VDVYLP QRYL þODQ GUXãWYD åHOHüL GD GRSULQHVH RSãWHP GREURP UDVSRORåHQMX XVXGL VH GD YLNQH ª%URM © L QDVWD ² RSãWL WDMDF =EXQMHQRP QRYDMOLML QMHJRY VWDULMLNROHJDNRMLMHVHGHRGRQMHJDUHþH ² %U]R üHWH VKYDWLWL GUDJL SULMDWHOMX GD QLMH YDåDQ WROLNR VDP YLFQHJRQDþLQQDNRMLVWHJDLVSULþDOL 8 RYRP SRJODYOMX PRåGD QHüHWH QDXþLWL NDNR VH GXKRYLWR L]YLNXMX UHGQL EURMHYL SRMHGLQLK YLFHYD L DQHJGRWD DOL VH PRåHWH RVSRVRELWL GD ]DSDPWLWH LVWR WROLNR ãDOD L DQHJGRWD NDR GD VWH þODQ MHGQRJ RYDNYRJ GUXãWYD $QHJGRWH L YLFHYH NDR L NUDWNH ãDOH PRåHWH SDPWLWL XJODYQRP QDGYDQDþLQD 3UYLQDþLQVH VDVWRML XPHPRULUDQMX åHOMHQRJ EURMD YLFHYD ãDOD L DQHJGRWD SR UHGQRP EURMX XSUDYR RQDNR NDR ãWR VX WR QDYRGQR þLQLOL L þODQRYLKXPRULVWLþNRJGUXãWYDXQDYHGHQRMDQHJGRWL 1D SULPHU X]PLPR MHGDQ QL] RG DQHJGRWD L YLFHYD L QXPHUL UDMPRLKUHGQLPEURMHYLPD -HGQRPVHQHPDþNLSHVQLN.HOHUSRVOHQHNHJR]EH YUDüDR NXüLVD MHGQLPPODGLPNROHJRPNRMLPXVHSRåDOLGDPXMHYLQRXGDULOR XJODYX 1DWRPX.HOHURGJRYRULª$PHQLXQRJH6WDüHWHNROHJDVYDNRP XVODELMLGHRWHOD© 8SLWDOLMHGQRPIUDQFXVNRJNQMLåHYQLND0ROLMHUDNDNRWRGDSULQþHYL XQHNLP]HPOMDPDSUHX]LPDMXYODVWYHüXRMJRGLQLDåHQLGED LPMHGR]YROMHQDWHNXRMª0QRJRMHODNãHYODGDWLNUDOMHYVWYRP QHJRåHQRP²RGJRYRULPXGUR0ROLMHU
3YHQMHSULVXVWYRYDRXMHGQRPGUXãWYXUD]JRYRUXRXþHVWDOLPUD] YRGLPDEUDNRYD ª.DGDELPXãNDUFLELOLLQWHOLJHQWQLMLGRPQRJLK UD]YRGDQHELGRãOR©UHþHMHGQDGDPDª$OLRQGDQHELGRãORQLGR PQRJLKYHQþDQMD©²GREDFLMRM7YHQ .QMLåHYQLN&HVWHUWRQANRMLMHELRYHRPDGHEHRþRYHNUHþHMHGQRJ GDQD]DMHGOMLYRLQDþHXYHNPUãDYRP%HUQDUGXâRXª.DG9DVþRYHN SRJOHGDSRPLVOLRELGDVHXRYRM]HPOMLJODGXMH©²ª$NDGD9DV YLGLUHNDRELGDVWH9LWRPHNULYL©²GRþHNDJDãR 1HNLPODGLSHVQLNþLWDRMH9ROWHUXVYRMHVWLKRYHª'UDJLPRMPOD GLüX©²SUHNLGHJDILOR]RI²ªWDNYHSHVPHPRåHWHGDSLãHWHWHN NDGDSRVWDQHWHVODYQL=DVDGDPRUDWHSD]LWLGD9DPVWLKRYLEXGX GREUL .OLMHQWª0RJXOLGD9DPSRVWDYLPVDPRMHGQRPDORSLWDQMH"1DGDP VHGDPLJDQHüHWHQDSODWLWL" $GYRNDWª1DUDYQRGDQHüX3ODWLüHOHPLVDPRRGJRYRU ª6WDVHGHVLOR"²]DSLWDPDPD3HULFXNRMLMHSODNDRª-HGQDVOLND MHSDODWDWLQDQRJX©²RGJRYRUL3HULFDNUR]SODþª3DGREURPLOL WRMH]DLVWDåDORVQRDOLWLQHWUHEDGD]ERJWRJDSODþH㩲ª3DL QLVDP6PHMDRVDPVH©RGJRYRUL3HULFDLQDVWDYLGDSODþH 7ULUD]ERMQLNDSRVOHRJRUþHQHERUEHMHGYDVXXVSHOLGDQHNDNRVDY ODGDMXMHGQRJ6NRWODQÿDQLQDNRMLVHRþDMQLþNLEUDQLR$OLNDGDVXPX SUHWUDåLOLGåHSRYHQDÿRãHVDPRMHGDQQRYþLüRGWULSHQLMDª6WRPX JURPRYD©²UHþH]DSUHSDãüHQRMHGDQRGUD]ERMQLND²ªGDMHNRMLP VOXþDMHPLPDRNRGVHEHãHVWSHQLMDWDMELQDVVYHSRELR©
3DSDJDMªâWDKRüHã"
3DWULN2SURVWLWH JRVSRGLQHDOLPLVOLRVDPGD VWHSWLFD©
'RN MH ãHWDR XOLFRP 3DWULN XJOHGD QD SUR]RUX MHGQRJ SDSDJDMD 3RãWR VH QLMH UD]XPHYDR PQRJR X SWLFH SULÿH SDSDJDMX GD JD EROMH RVPRWUL 8 WRP WUHQXWNX SDSDJDM NRML MH QDXþLR SDU UHFL JUDNQX QD 3DWULND ª6WD KRüHã© 3UHQHUDåHQL 3DWULN VNLGH SRQL]QR ãHãLU L RG JRYRULª2SURVWLWHJRVSRGLQHDOLPLVOLRVDPGDVWHSWLFD ©
-HGQRJD GDQD WDãWD VH VHWLOD VYRJD ]HWD L NXSLOD PX GYH NUDYDWH 3RãWRMHKWHRGDMRMVHLYLGQR]DKYDOLLXGRYROML]HWLVWHYHþHULVWDYL MHGQX NUDYDWX $OL WDãWD þLP JD XJOHGD UHþH ª7DNR ]QDþL RQD GUXJD NUDYDWDWLVHQHGRSDGD"©
$QHJGRWH QLMH YDåQR D QL SRWUHEQR SDPWLWL GRVORYQR %LWQR MH GD VH WDþQR ]DSDPWL SRHQWD D RVWDOH SRMHGLQRVWL VX XYHN PDQMH YDåQH .DGD VPR X 3RJODYOMX JRYRULOL R SDPüHQMX SRMHGLQLK REDYH]D NDR L X SRJODYOMX R YH]QRP PHWRGX SDPüHQMD QDYHOL VPR L NRULãüHQMH WDNR ]YDQLK NOMXþQLK UHFL SRPRüX NRMLK VDåLPDPR VDGUåDM MHGQH LOL YLãH UHþHQLFD X MHGQX SULNODGQX UHþ =DKYDOMXMXüL ]DNRQX DVRFLMDFLMH GRYROMQR MH GD VH VHWLPR VDPR WH NOMXþQH UHFL L RQD DXWRPDWVNLSRYODþL]DVRERPRVWDOHUHFLRGQRVQRPLVOLXUHþHQLFL 1D VOLþDQ QDþLQ üHPR SRVWXSLWL L NRG SDPüHQMD YLFHYD L DQHJGRWD =D VYDNX DQHJGRWX SURQDÿLWH SR MHGQX NOMXþQX UHþ 1D SULPHU $QHJGRWDEU9,12 $QHJGRWD EU $'92.$7 EU35,1& Ä EU =,'1$6/,.$ EU5$=92' Ä EU 6.27/$1$1,1 EU05â$9,62 Ä EU 3$3$*$EU67,+29, Ä EU .5$9$7( 6YDNRüHQDUDYQRL]DEUDWLNOMXþQHUHFLNRMHQMHPXQDMYLãHRGJR YDUDMXLNRMHJDQDMODNãHSRWVHüDMXQDSRHQWXDQHJGRWH 3UHRVWDMH GD VDGD MRã RYH NOMXþQH UHFL DVRFLUDWH VD RGJRYDUDMXüLP EURMHYLPD QD MHGQRM RG WDEHOD ]D SDPüHQMH SR YH]QRP VLVWHPX 1D RYDM QDþLQ PRåHWH ]D VDGD ]DSDPWLWL L GR DQHJGRWD L YLFHYD RE]LURP GD ]QDWH ª1XPHULþNX WDEHOX© RG PHVWD L ª3UHGPHWQX WDEHOX©RGPHVWD.DGDEXGHWHQDXþLOLNDNRVHSURãLUXMXSRVWRMHüLL VWYDUDMX QRYL NDSDFLWHWL ]D SDPüHQMH SR YH]QRP PHWRGX RQGD üHWH PRüLSDPWLWLSUDNWLþQRQHRJUDQLþHQEURMDQHJGRWD 8NROLNRQHNRPNOMXþQHUHFLQLVXGRYROMQHGDELVHVHWLRSRHQWH PRåHGDVHXPHVWRNOMXþQLK UHFL SRVOXåL DVRFLMDWLYQRP WHKQLNRP L GD L]GYRML þLWDYH SUL]RUH L] SRMHGLQLK DQHJGRWD 1D SULPHU X SUYRM DQHJGRWL GD LQVFHQLUD GYD SHVQLND LGX GREUR ]DJUHMDQL YLQRP MHGDQ VH GUåL ]D JODYX D GUXJL VWDULML SRVUþH ,OL X GUXJRM DQHJGRWL MHGDQ SULQF NDR GHWH VHGL QD SUHVWROX L SRVPDWUD NDNR GUXJL SULQF PODGLü RG JRGLQD YRGL SULQFH]X QD YHQþDQMH ,WG =DWLP PHWRGRP DVRFLMDWLYQH WHKQLNH SRYHåHPR LQVFHQLUDQL SUL]RU NRML MH X RYRP VOXþDMX ªNOMXþQD VFHQD© XPHVWR NOMXþQH UHFL VD RGJRYDUDMXüLP SUHGPHWLPDQDYH]QRMWDEHOL 'UXJLQDþLQMHSDPüHQMHDQHJGRWDSRWHPDPD QDSULPHUR6NRW ODQÿDQLPDRSDSDJDMXRWUJRYDþNRPSXWQLNXRPRGHUQRMGHFLLWGäH OMHQLEURMDQHJGRWD LYLFHYD VUHGL VH SR RGDEUDQLP WHPDPD =DWLP VH ]D VYH RGDEUDQH DQHJGRWH L YLFHYH X MHGQRM WHPL SURQDÿX NOMXþQH UHFL LOL DNR QHNRP YLãH RGJRYDUD NOMXþQH VFHQH L GQH VH ]DSDPWH ODQþDQLP QL]RP 7DNR üHWH GRELWL RQROLNR ODQþDQLK QL]RYD NOMXþQLK UHFL LOL VFHQD NROLNR LPDWH WHPD 1D SRþHWNX QL]D PRUD XYHN GD EXGHSRMDPNRMLüH9DPQHSRJUHãLYRXND]DWLQDWHPXQDSULPHUDNR MH QD SRþHWNX QL]D ª3DSDJDM© ]QDþL GD QL] VDGUåL YLFHYH L DQHJGRWH R SDSDJDMX 2YLPQDþLQRPPRåHWHPHPRULUDWLSUDNWLþQRQHRJUDQLþHQLEURMYL FHYD L DQHJGRWD MHU QHPD QLNDNYRJ RJUDQLþHQMD QL X SRJOHGX WHPD QL X EURMX þODQRYD ODQþDQRJ QL]D RGQRVQR DQHJGRWD 3RUHG WRJD þLP X UD]JRYRUX LVNUVQH QHND WHPD 9L üHWH PRüL QD WX WHPX GD LVSULþDWH þLWDYX VHULMX YLFHYD 'RYROMLR MH VDPR GD LGHWH UHGRP SR þODQRYLPD 9DãHJ ODQþDQRJ QL]D L DQHJGRWH L YLFHYL QD WX WHPX L]OD]LüH NDR VD SRNUHWQHWUDNH
=*5$'$9$â(*3$0û(1-$025$32ý,9$7, 1$='5$9,07(0(/-,0$ 0HQVVDQDLQFRUSRUHVDQR -XYHQDO
36,+2),=,&.(26129(9$â(*3$0û(1-$ 3VLKLþNRLIL]LþNRVWDQMHRUJDQL]PDMHRGSUHVXGQRJXWLFDMDQD NYDOLWHWQDãHJSDPüHQMD1LNDNYHPHWRGHQLGUXJDVUHGVWYDQHPRJXSR EROMãDWL L UD]YLWL SDPüHQMH DNR QHGRVWDMH ]GUDYD SVLKRIL]LþND RVQRYD
1HXURIL]LRORãNHRVQRYHSDPüHQMD 8 VDYUHPHQRM QDXFL PDWHULMDOQX RVQRYX SDPüHQMD L]XþDYD QHNROLNRQDXNDNDRãWRVXIL]LRORJLMDLQHXURORJLMDPR]JDELRKHPLMD ELRIL]LND L GUXJH =D VDGD QHPD GHILQLWLYQRJ L VLJXUQRJ REMDãQMHQMD PDWHULMDOQH RVQRYH SDPüHQMD 3RVWRML QHNROLNR KLSRWH]D RG NRMLK MH QDMYLãH SULKYDüHQD RQD NRMD WYUGL GD VYH QDXþHQR L GRåLYOMHQR RVWDYOMD X PR]JX WUDJ W]Y HQJUDP LOL PQHPRJUDP L WR X REOLNX QDMYHURYDWQLMH SURPHQD X VWUXNWXUL QHUYQLK üHOLMD SUL þHPX ]QDþDMQX XORJXWUHEDGD LPDMX PROHNXOL ULERQXNOHLQVNLK NLVHOLQD 3R WRL WHRULML ]DGUåDYDQMH LOL SDPüHQMH SRþLYD QD WUDMDQMX WLK SURPHQD ]DERUDYOMDQMHMHXVORYOMHQRVODEOMHQMHP D VHüDQMH LOL UHSURGXNFLMD ² SRQRYQLPDNWLYLUDQMHPHQJUDPD 0LNURVNRSVNHDQDOL]HQHUYQRJVLVWHPDLPR]JDSRND]XMXVWUXNWXUX VDVWDYOMHQX RG PLOLMDUGL QHUYQLK üHOLMD ]YDQLK QHXURQL NRML QD MHGQRP NUDMX LPDMX GXJR YODNQR LOL DNVRQ D QD GUXJRP NUDWND YODNQDLOLGHQGULWH6SRMGHQGULWDMHGQRJLDNVRQDGUXJRJQHXURQDþLQL VLQDSVXNRMDSUHWVWDYOMDIL]LþNXRVQRYX]DDVRFLMDFLMXPLVOL,DNRVHRYD W]Y WHRULMD QHXURQVNLK PRGHOD SRNODSD VD DVRFLMDWLYQRP WHRULMRP SDPüHQMD MRã XYHN MH QHUDVYHWOMHQD WHMQD NDNR KLSRWHWLþQL HOHNWUR KHPLVNLLPSXOVSUROD]LNUR]RYDMVLVWHPLVWYDUDVOLNXLOL]9XNXVYHVWL
0R]DNLSDPüHQMH ,DNRMRãXYHNQLMHUDVYHWOMHQSUDYLRGQRVPR]JDLSDPüHQMDLSDN ]QDPR GD VX RQL QD QHNL QDþLQ SRYH]DQL 1H PRåH VH WYUGLWL GD MH PR]DN²XPDOLSR]QDWRMHGDXPQDRGUHÿHQQDþLQ]DYLVLRGPR]JD 1DSULPHUIL]LþNLWUHQLQJSRYHüDYDEURMüHOLMDXWNLYXGRNYHå EDQMH SDPüHQMD QHPD XWLFDMD QD EURM QHXURQD 1DSURWLY SUHWSRVWDYOMD VH GD MH QHQDGRNQDGLY JXELWDN GR NUDMD åLYRWD RG RNR² PRåGDQLK üHOLMD WM RNR GR PLOLRQD NRG þRYHND 3R]QDYDQMH DQDWRPLMH PR]JD QHPRåH SREROMãDWL SDPüHQMH DOL MH SRWUHEQR SR]QDYDWL QHNH SRGDWNH 3URVHþQD WHåLQD PR]JD NRG PXãNDUFD MH RNR JU D NRG åHQHRNRJU0LQLPDOQDWHåLQDNRGPXãNDUFD MH JU DNRG åHQH L ª0HQV VDQD LQ FRUSRUH VDQR© ODW ª=GUDY GXK X ]GUDYRP WHOX© 3RVORYLFDSUHX]HWDL]-XYHQDOD; (QJUDP JUþNL HQ X JUDWQPD ]DUH] ]DUH] XUH] WUDJ 0QHPRJUDP JUþNL PQHPR NRML VH WLþH LOL RGQRVL QD SDPüHQMH L ªJUDP© WUDJSDPüHQMDWUDJ]DSDPüHQRJ
JUDPDNVLPDOQDRNRJU=DSUHPLQDRNRFP 9HOLþLQD L WHåLQD PR]JD QLMH X GLUHNWQRM YH]L VD LQWHOLJHQFLMRP ,DNR SRVWRMLQHNLRGQRVLPHÿXWHåLQHPR]JDLWHODNRMLNRGþRYHNDL]QRVL QMHJRYHWHOHVQHWHåLQHDNRGQDMUD]YLMHQLMLKåLYRWLQMDWDMRGQRVMH VYHJDGRLSDNMHLQDMPDQMDWHåLQDLVSRGJULQDMYHüDGR JUL]PHUHQDNRGPHQWDOQRREROHOLK1LNROLþLQDYLMXJDRGQRVQR SRYUãLQDPRåGDQHNRUHQLMHQLNDNYR PHULORNDRãWRMHLGRND]DQR NRG PQRJLK LVWDNQXWLK XPRYD LVWRULMH 1D SU 7XUJHQMHY MH LPDR PR]DNSUHNRNJDVODYQLVOLNDU 5DIDHOVDPR JU 7DNRÿH VX SRGHOMHQD PLãOMHQMD QDXþQLND X SRJOHGX ORNDOL]DFLMH SRMHGLQLK WDNR ]YDQLK PRåGDQLK FHQWDUD NDR L QMLKRYH IXQNFLMH GD OL VX X SRMHGLQLP SVLKLþNLP SURFHVLPD NDR ãWR VX SDPüHQMH XþHQMH L PLãOMHQMH DQJDåRYDQL RGUHÿHQL GHORYL PR]JD FHQWUL LOL üHOD PRåGDQDNRUDLOLFHRPR]DNRVWDMHMRãXYHNRWYRUHQRSLWDQMH .DR ãWR VPR YHü UHNOL QHSR]QDYDQMH VXãWLQH L WDþQRJ IXQNFLRQLVDQMDSDPüHQMD QL PDOR QDV QH VSUHþDYD GD VYRMH SDPüHQMH SRYHüDPR L YHRPD XVSHãQR NRULVWLPR 0R]DN L VYH RQR ãWR MRã XþHVWYXMH VD QMLP X SDPüHQMX L XþHQMX L]YDQUHGQD MH WYRUHYLQD NRMD RPRJXüXMH VYDNRP YHOLNH XVSHKH X SDPüHQMX L XþHQMX DNR SULPHQMXMHRGJRYDUDMXüHWHKQLNH
9DåQRVWWHOHVQRJLSVLKLþNRJ]GUDYOMD]DGREURSDPüHQMH 7HOHVQR L GXãHYQR ]GUDYOMH VX SUYL L RVQRYQL XVORYL HILNDVQRJ SDPüHQMDLXUQQRJUDGDXRSãWH 3UDYLOQD LVKUDQD ]D XPQH UDGQLNH MH RG SRVHEQH YDåQRVWL MHU ]ERJQHNUHWDQMDQDJLQMXJRMD]QRVWLLVUþDQLPREROHQMLPD+UDQDWUHED GDMHVLURPDãQDXPDVWLPDDERJDWDXYLWDPLQLPD8SULQFLSX WUHED SUDNWLNRYDWLGREDUGRUXþDNXPHUHQUXþDNLODNXYHþHUX 5DGQR YUHPH PRUD GD RGJRYDUD QDXþQR XVWDQRYOMHQRP RSWL PXPX RG RNR þDVRYD *UHãH RQL NRML þRYHND XSRUHÿXMX VD PDãLQRP NR MDRQROLNRSXWDSRYHüDYDXþLQDNNROLNRMRMVHSXWDSRYHüDUDGQRYUHPH .RGþRYHNDSRYHüDYDQMHUDGQRJYUHPHQD SUHNRXWYUÿHQRJ RSWLPXPD VPDQMXMHXþLQDNSRþDVX3RUHGWRJDOMXGHQH]DPDUDWROLNRVDPUDG NROLNRORãDWHKQLND UDGD6YDNR QHND SURQDÿH SR VYRP SURILOX VYRM RS WLPXP L YUHPH SUHNR QMHJD QHND XYHN LVNRULVWL ]D UHNUHDFLMX RQR üH SRVLVWHPXSRYUDWQHVSUHJHGDWLGDOHNRYHüLXþLQDNXHIHNWLYQRPUDGQRP YUHPHQXQHJRGDVHNRULVWLGLUHNWQR]DUDG 2GPRU L SDX]H NDR ãWR MH QDXþQR XWYUÿHQR VDPR SRYHüDYDMX XþLQDNHIHNWLYQRJUDGD 6YDNDVWDQND]D PDãLQX MH JXELWDN D GREUR SURJUDPLUDQDSDX]D LRGPRU]D þRYHND X UDGX ² GRELWDN 1H VUQH VH þHNDWL QDVWDQDN YHOLNRJ ]DPRUD GD EL VH XYHOD SDX]D 8PHVWR YLãHþD VRYQRJ QHSUHNLGQRJ UDGD SRGHOLPR VYRM SRVDR QD QRþDVRYQH LOL þD VRYQHSHULRGHVDSDX]DPDRGþHWYUWGRSRODþDVDL]PHÿXQMLK5DGLPRRG SRJODYOMD GR SRJODYOMD VD NUDüLP SDX]DPD SD üHPR QH VDPR YLãH XUD GLWLQHJRVHLPDQMHXPRULWL 6SDYDQMH MH QDMEROML L QH]DPHQOMLY QDþLQ GD VH REQRYL LVWURãHQD HQHUJLMD .URQLþQL QHGRVWDWDN VQD GRYRGL GR EH]YROMQRVWL GHSUHVLMH L ER OHVWL 3URVHþQR MH SRWUHEQR RNR þDVRYD VSDYDQMD X þDVD VD LQGLYL GXDOQLPUD]OLNDPDRG²þDVRYD 3RX]GDQNULWHULMXPMHRVHüDMVYH åLQH VOHGHüHJ MXWUD 2E]LURP QD ELRORãNH ULWPRYH QDMEROMH YUHPH ]D VSD YDQMHMHL]PHÿXLþDVýDVRYLVQDSUHSRQRüLVXQH]DPHQOMLYL
.UHWDQMHMHQHRSKRGQR]DRGUåDYDQMHSVLKLþNHUDYQRWHåHLGREUH WHOHVQH NRQGLFLMH 8WYUÿHQR MH GD VH SUHNR OMXGL L þDN åHQD QHGRYROMQR NUHüH 1DURþLWR XPQL UDGQLN WUHED VYDNL VORERGDQWUHQXWDNGDLVNRULVWL ]D NUHWDQMHL WHOHVQLUDG WH ERUDYDN QD þLVWR P YD]GXKX X SULURGL NDR L ]D EDYOMHQMH QHNLP VSRUWRP7R PRåH GD EXGH MHGLQD DGHNYDWQD NRPSHQ]DFLMD UHGRYQR GXJRPLXELVWYHQRPVHGHQMXLEDYOMHQMXX]DWYRUHQLPSURVWRULMDPD YHüLQHXPQLKUDGQLND 8YHN LPDMWH QD XPX þLQMHQLFX GD NR SUHWHUXMH WDM XYHN ]DRVWDMH L GD YUHPH NRMH VPR SRVYHWLOL VYRP ]GUDYOMX L UHNUHDFLML QLMHQLNDGDL]JXEOMHQRQHJRMHQHRFHQMLYGRSULQRVQDãHP]GUDYOMXL UDGQRM VSRVREQRVWL 1DãD UDGQD VSRVREQRVW QH VUQH GD LPD PDNVLPXP QHJR RSWLPXP MHU NDGD GRÿH GR PDNVLPXPD RQGD RELþQR ]ERJ SUHPRUHQRVWL L LVFUSHQRVWL SDGD QD PLQLPXP 2SWLPXPSRVWLåHPRSUDYLOQLPVWDYRPSUHPDVYRP]GUDYOMXLUDGX 3XãHQMHDONRKROLRVWDOLRWURYLXNDILLOLQDUNRWLFLPDNDR L VHN VXDOQD SUHWHULYDQMD QHJDWLYQR GHOXMX QD SDPüHQMH L XRSãWH VPDQMXMX UDGQX VSRVREQRVW 0HÿXWLP WUHED VH GUåDWL VYRMH OLþQH PHUH MHU ãWR MHG QRPHVPHWDLRQHVSRVREOMDYDJDQDGUXJRPVHLQHSULPHWL 8 SULQFLSX QDVWRMWH NDGD 9 DP MH PRJX üH GD RGUåDYDWH XYHN MHGDQ SR]LWLYDQ PDOL VDOGR åLYRWQH L UDGQH HQHUJLMH .DGD RUJDQL]DPSURL]YRGLYLãHHQHUJLMHQHJRãWRXWURãLQDVWDMHL]RELOMH VQDJH QHUYQL VLVWHP MH MDN þRYHN VH RVHüD åLYDKDQ HQHUJLþDQ L XYHNGREURUDVSRORåHQ 8WLFDMRVREHQRVWLþRYHNRYHOLþQRVWLQDSDPüHQMH 3URILOVDPHOLþQRVWLþRYHNDSUHVXGQRXWLþHQDVYHSVLKLþNH SURFHVHSDLQDVDPRSDPüHQMH ,QWHUHVL L VNORQRVWL NRML RGUHÿXMX QDãX OLþQRVW L OHåH X RVQRYL QDãLK QDMGXEOMLK WHåQML SUHVXGQR XWLþX QD SURILO QDãHJ SDP üHQMDR þHPXMHYHüELORUHFL6YHãWROHåLXVIHULWLKLQWHUHVD SDPWLVHQDMEROMH
.UR]SVLKRIW]þNXOLþQRVWþRYHNDSUHODPDVHVYDNRQRYR]QDQMHLRQDSUHVXGQR XWLþHQDQMHJRYRSDPüHQMHLSRYH]LYDQMHVDVWDULP]QDQMHP
2VHüDQMDLHPRFLRQDOQLRGQRVMHYHRPDYDåDQMHUãWRXQDPD SREXÿXMH MDNH HPRFLMH L YHOLND RVHüDQMD ãWR HPRFLRQDOQR GRåLYOMDYDPRXYHNEROMHSDPWLPRRGRQRJDãWRQDVHPRFLRQDOQR RVWDYOMDUDYQRGXãQLP
5DGQDHQHUJLMDXSRUQRVWLYUHGQRüDVXQHRSKRGQLSUHGXVORYL ]D VWLFDQMH YHOLNRJ SDPüHQMD &HVWR MH SDPüHQMH VODER L QHL]JUDÿHQR XVOHG QHGRVWDWNDRYLKYHRPDYDåQLKRVRELQDþRYHNRYHOLþQRVWL 1DVOHÿHLRNROLQDSRUHGYDVSLWDQMDLPDMXVYRMYHRPDYDåDQXGHRX IRUPLUDQMX L VSRVREQRVWL SDPüHQMD DOL QL X NRP VOXþDMX SUHVXGDQ 0HÿXWLP WUHED LPDWL QD XPX GD UD]YRM MHGLQNH X WDNR]YDQRM ªRVLURPDãHQR@ VUHGLQL© PRåH GD QDQHVH QHQDGRNQDGLYH ãWHWH QMHQRP LQWHOHNWXDOQRPUD]YRMX2SLWLPDQDåLYRWLQMDPDMHXWYUÿHQRGDMHGLQNH L] ªRERJDüHQH VUHGLQH© GUXãWYR RVWDOLK UD]QH VSUDYLFH ]D LJUDQMH L YHåEDQMH QH VDPR GD VX UD]YLMHQLMH UHDJRYDOH QD RNROLQX QHJR VX LPDOHLGHEOMXNRUXYHOLNRJPR]JD]DUD]OLNXRGMHGLQNLNRMHVXUDVOHX W]Y ªRVLURPDãHQRM VUHGLQL© VDPR KUDQD YRGD L RVYHWOMHQMHL DOL X VDPRüL 6GUXJHVWUDQHQHWUHED]DERUDYLWLþLQMHQLFXGDUHFLPRWDLVWDMH GLQNDL]W]YªRERJDüHQHVUHGLQH©PDNROLNRYHåEDODUD]YLMDODVHLNR ULVW3D SUHGQRVWL ªRERJDüHQH VUHGLQH© QLNDGD QHüH SRVWDWL DNR MH EHOL PLã UHFLPR ² PDþND -Rã XYHN WDMDQVWYHQD ãLIUD QDVOHÿD VYDNH MHGLQNHQHXPLWQRVHSUHQRVLJHQLPDQHL]EULVLYRXWLVQXWD âLULQDXPQRJKRUL]RQWDLYHOLþLQD L VWUXNWXUD ]QDQMD X PQRJRPH RGUHÿXMX þRYHNRYR SDPüHQMH âWR YLãH ]QDPR ² YLãH SDPWLPR L REUDWQR 2RYRPPRPHQWXMHELORYHüRSãLUQLMHJRYRUD
0HWRGHLQDYLNHSDPüHQMDNRMLPDVHþRYHNVOXåLLNRMHMHVWHNDRX WRNXGXåHJSHULRGDXPQRJUDGDIRUPLUDMXSURILOQMHJRYRJSDPüHQMD RGOXþXMXüHXWLþXQDYHOLþLQXLVWUXNWXUXQMHJRYRJVWHþHQRJ]QDQMD1D QHNLPUDQLMLPSULPHULPDIHQRPHQDOQLKSDPüHQMDYLGHOLVPR GDþDNL WDOHQDW]DSDPüHQMHEH]RGJRYDUDMXüHJUDGDRVWDMHQHUD]YLMHQNDRLGD MHPRJXüHW]YORãDSDPüHQMDSULPHQRPRGJRYDUDMXüLKPHWRGDL VWL FDQMHPSRWUHEQLKQDYLNDXSDPüHQMXLUDGXUD]YLWLGR IHQRPHQDOQLK PRJXüQRVWL 1DMEROMHYUHPHXåLYRWX]DSDPüHQMHLXþHQMH &RYHN VH UDÿD VD SRWHQFLMDOQLP LQWHOHNWRP L SUHGXVORYLPD ]D GREUR SDPüHQMH DOL XNROLNR VH RGPDK QH QDVWDYL VD VYHVQLP UD]YLMDQMHP RYRJ SRWHQFLMDOD PRåH GD GRÿH GR YHOLNLK ]DVWRMD X UD]YRMX 1HNH VH VWYDUL PRJX QDGRNQDGLWL D QHNH QH , RSLWL VD åLYRWLQMDPD GRND]XMX GD MHGLQNH NRMLPD VX ELOL XVNUDüHQL XVORYL ]D QRUPDODQ UD]YLWDN QD GXåH YUHPH QLNDGD QLVX YLãH PRJOH GD GRVWLJQX RVWDOH MHGLQNH VYRMH YUVWH LDNR VX ELOH YUDüHQH X LVWH QRUPDOQHXVORYH =D XþHQMH SRMHGLQLK VWYDUL SRVWRMH WRNRP åLYRWD RGUHÿHQD UD]GREOMDNRMDDNRVHSURSXVWHLQHLVNRULVWHXRSãWHLOLGHOLPLþQRVH YLãH QH PRJX QDGRNQDGLWL MHU VX SURãOH LOL RVODELOH RGUHÿHQH IXQNFLMH RUJDQL]PDNRMHVXELOHSUHGXVORYWDNYRJSDPüHQMDLXþHQMD 1DSULPHUNRGGHFHNRMDVHYLãHEDYHLJUDþNDPDLGUXJLPDNWLY QRVWLPDEUåHVHUD]YLMDLQWHOHNWLGUXJHVSRVREQRVWL=DQLPOMLYRMHSRUH ÿHQMH GD PR]DN þRYHND NDPHQRJ GRED QD SULPHU QLMH ELR QLãWD PDQML NDNR SRND]XMX LVNRSDYDQMD RG PR]JD þRYHND GDQDãQMLFH 5D]OLNDMHXWRPHãWRMHþRYHNPRGHUQRJGREDMRãRGPDOLKQRJXSRþHR NRULVWLWL VYRM SRWHQFLMDO L UD]YLMDWL VYRM LQWHOHNW YHRPD LQWHQ]LYQR VYH GRNJDQLMHUD]YLRGRGDQDãQMHJQLYRD 6SRVREQRVW SDPüHQMD MH QDMXåH SRYH]DQD VD XQXWUDãQMLP åLYRWRP NDUDNWHURP VWUHPOMHQMLPD L QDMGXEOMLP LQWHUHVLPD þRYHND WDNR GD VHL
XVDYUãDYDQMH SDPüHQMD RGYLMD SDUDOHOQR VD UD]YLWNRP þRYHND 3DPüHQMH VH QH PRåH LVWUHQLUDWL UHFLPR NDR QHNL PLãLü $OL VH PRåH VLVWHPDWVNLP UDGRP SULPHQRP VSHFLMDOQLK WHKQLND SDPüHQMD L XþHQMD VYHGXEOMHSURGLUDWLXVXãWLQXSRMHGLQLKþLQMHQLFDVYHODNãHVQDOD]LWLX PDWHULMDOX NRML VH SDPWL L WLPH VWLFDWL GQDJRFHQH QDYLNH RGQRVQR VSRVREQRVWLVLVWHPDWVNRJLUDFLRQDOQRJSDPüHQMD
3VLKLþNR]GUDYOMHLSDPüHQMH 6DPRSRX]GDQMH L YHUD X VYRMH SDPüHQMH MH QHRSKRGQR MHU EH] VDPRSRX]GDQMD SDPWLWL ]QDþL YUãLWL SRNXãDMH XQDSUHG RVXÿHQH QD QHXVSHK .DR ãWR MH UHNDR 7RPDV GH .YLQVL 7KRPDV GH 4XLQFH\ ªSDPüHQMH MDþD NDNR JD RSWHUHüXMHWH L SRVWDMH SRX]GDQLMH ãWR VH YLãH RVODQMDWHQDQMHJD© %XGLWH JRVSRGDU VYRMLK UDVSRORåHQMD 3RGORåQRVW UDVSRORåHQMLPD MH VNRUR LGHQWLþQD VD QHRGOXþQRãüX 1DMEROMH YUHPH GD VH SRþQH VD UDGRP MH 2'0$+ L '$1$6 D QDMEROMH PHVWR 29'( 1HPD UD]ORJD ]DãWREL.$61,-(6875$LOL1$'58*200(678ELOREROMH&HVWR XSUDYRREUQXWRMHVOXþDM'DELYODGDOLVYRMLPUDGQLPUDVSRORåHQMHP VSURYRGLWHXYHNRYHPHWRGH $NRQLVWHUDVSRORåHQL]DUDGRGPDKSRPLVOLWHQDþLQMHQLFX GD VX9DVGRVDGDVDPR9DãDORãDUDVSRORåHQMDRGELODRGUDGD 6YDNLSRVDRLOL]DGDWDNX]PLWH2'0$+XUDG3ULGUåDYDMWH VH IRUPXOHHILNDVQRVWL2'0$+²'$1$6²29'( 1HGDMWHVHSUHNLGDWLXSRVOXLVYDNL]DSRþHWLSRVDRGRYHGLWHGR NUDLD 3RPLVOLWH ãWD EL ELOR VD VYLP UDGQLFLPD L VWYDUDRFLPD RYRJ VYHWD NDGD 'L VWDOQR þHNDOL QD QHNR ªSUDYR UDVSRORåHQMH© ýHNDQMH QD ªSUDYR UDVSRORåHQMH© L SRGORåQRVW UD]QRUD]QLP UDVSRORåHQMLPD ODNR UD]YLMDQDYLNXGDVHL]EHJDYDUDGLVWYDUDODþNLQDSRU %H] GREURJ UDVSRORåHQMD QHPD QL GREURJ UDGD 8 UDGX XVSHYDPR DNR X QMHPX XåLYDPR *GH FDUXMX SHVLPL]DP L QHJDWLYQH PLVOLNRMHXVYDNRPSRGXKYDWXYLGHQHXVSHK ² WX XVSHKD VWYDUQR L QHPD 3DPüHQMX NDR L VYDNRP XPQRP UDGX SRJRGXMX YHGUR UDVSRORåHQMH L SVLKD VORERGQD RG SULWLVND VWUDKD EULJD ,MXWLQH QHJDWLYQLKPLVOLLRVHüDQMD 5DVSRORåHQMHGREURLOLORãHSURL]YRGMH XJODYQRP QDãLK QDYLND QDþLQD åLYRWD L SUH VYHJD ² QDþLQD PLãOMHQMD .OMXþ ]D YODGDQMH 9DãLP UDVSRORåHQMHPOHåLRSHWXYODGDQMX9DãRPSDåQMRP3DåQMDMHåLYRWQLHOLNVLU QHRSKRGQD KUDQD VYLP YUVWDPD PLVOL SR]LWLYQLP LOL QHJDWLYQLP .DNR üHWHRQGDRWNORQLWLQHJDWLYQHPLVOLLORãDUDVSRORåHQMDLVWYRULWLGREUR UDVSRORåHQMH" -HGQRVWDYQR YHRPD MHGQRVWDYQR QHJDWLYQLP PLVOLPD XVNUDüXMWHSDåQMXSXVWLWHLKGDXJLQXEH]QMLKRYHKUDQHDSR]LWLYQLP SRNODQMDMWH SXQX SDåQMX L RQH üH WROLNR QDEXMDWL GD X 9DãRM VYHVWL QHüH ELWL PHVWD QHJDWLYQLP PLVOLPD 0D NROLNR 9DP RYDM PHWRG L]JOHGDR MHGQRVWDYDQ QMHJRYD HILNDVQRVW MH EH]EURM SXWD LVNXVWYRP SURYHUHQD NRG PQRJR OMXGL 2Q MH ]DVQRYDQ QD ]DNRQLWRVWLPD NRMH YODGDMXPHKDQL]PRPQDVWDMDQMDLGHORYDQMDQDãLKPLVOL 3RUHG WRJD GD EL ãWR YLãH GRSULQHOL RþXYDQMX VYRJ SVLKLþNRJ ]GUDYOMD NDR XPQRJ UDGQLND SULGUåDYDMWH VH L RYLK SUDYLOD NRMD MH L]GDOR QD RVQRYX VYRMLK LVSLWLYDQMD ª1DFLRQDOQR XGUXåHQMH ]D PHQWDOQR]GUDYOMH©X6$'ª1DWLRQDO$VVRFLDWLRQIRU0HQWDO+HDOWK©
2SUREOHPLPDLEULJDPDWUHEDRGPDKUD]JRYDUDWLVDVYRMLPQDMEOL åLPVXSUXJRPLOLURÿDNRPMHUVDPLPWLPLOLQHVWDMXLOLLPVHQDOD]L UHåHQMFª*XWDWL©XYHNXVHELMHYHRPDRSDVQR ,]SUREOHPDVHWUHEDSRYUHPHQRLVNOMXþLYDWLSXWHPILOPDWHOHYL]LMH NQMLJHLOLSURPHQHVUHGLQHLVOLþQRGDVHL]EHJQHQHSUHNLGQRLRSD VQRVWDOQREDYOMHQMHVDQMLP 6QDJXOMXWQMHLOLEHVDLVWURãLWHQDVSRUWVSUHPDQMHVWDQDGXJHãHW QMHLVOLþQRDQHQLNDGDQDGUXJHQDURþLWRQDPDEOLVNHLGUDJHRVREH 8PHWLUD]XPQRSRSXãWDWLXPHÿXOMXGVNLPRGQRVLPD QDURþLWRX PDQMHYDåQLPVWYDULPDSRPDåHEROMHPUD]XPHYDQMXVOMXGLPDLL] EHJDYDQMXNRQIOLNWD 3RPDJDWLGUXJLPDNDGJRGMHPRJXüHSRUHGSULMDWQRJRVHüDQMDYHR PDQDPSRPDåHGDVHQHEDYLPRQHSUHNLGQRVYRMLPSUREOHPLPD 5DGLWLXYHNMHGQXSRMHGQXVWYDUNRQ]HNYHQWQRGRNUDMDSDSUHüL QDGUXJXMHUDNRLVWRYUHPHQRX]PHPRQDVHEHSXQRVWYDULQDUR þLWRDNRVPRQDSHWLRQGDRGPDKªYLGLPR©QHVDYODGLYHSUHSUHNH %HåLWHRGX]RUDQDWþRYHNDLJHQLMDMHUDNRVWHVHELSRVWDYLOLVXYLãH YHOLNH]DGDWNHRQGDüHWHDXWRPDWVNLVHEHSRWVYHVQRREHVKUDEULYDWL 5HDOQRFHQLWHVYRMHPRJXüQRVWLLVYRPVQDJRPVHNRQFHQWULãHWHQDFL OMHYHL]DGDWNHNRMHUHDOQRPRåHWHL]YUãLWL 9HRPDUHWNRNULWLNXMWHMHUNDRLRVWDOLOMXGLL 9LQLVWHVDYUãHQLL DNRVWHWRJDVYHVQLL]EHüLüHWHPQRJDUD]RþDUHQMD ª/LYHDQGOHWOLYH©ªäLYLLSXVWLLGUXJHGDåLYH© MHUYHRPDãWHUWLGX KRYQRP]GUDYOMXDNRVWDOQRVYHOMXGHVPDWUDPR]DVYRMHULYDOHNRMH PRUDPRSUHVWLüL1DSURWLYVDOMXGLPDWUHEDUD]YLMDWLGXKVDUDGQMH LX]DMDPQRJSRWSRPDJDQMD %XGLWHVSUHPQLGDSUYLSUXåLWHUXNXGDELVWHXVSRVWDYLOLQHNXSULMDWHOM VNXYH]XMHUþHVWRJUHãLPRNDGDXYHNRþHNXMHPRGDVHGUXJLRQDPD EULQXL]DQDVLQWHUHVXMX 8YHNSODQLUDWLLRSRUDYDNXVYLPUDGQLPSODQRYLPDDSXWHPVORERG QRJYUHPHQDVSRUWDQHNH ]DEDYHLVOLþQR MHUMHWRQHRSKRGQR]D QDãHSVLKLþNRLIL]LþNR]GUDYOMH
'REUHQDYLNHVXSUHGXVORYHILNDVQRJUDGD 'REUH QDYLNH QDV DXWRPDWVNL RVOREDÿDMX PQRJLK SUREOHPD L EULJD X UDGX L RPRJXüDYDMX QDP GD RSWLPDOQR ODNR EU]R L HILNDVQR REDYOMDPR VYRM SRVDR =DWR WUHED QDVWRMDWL GD QDP WHKQLNH L PHWRGL VLVWHPDWVNRJ SDPüHQMD SUHÿX X QDYLNX 7LPH üHPR SRVWLüL QDMRSWLPDOQLMH NRULãüHQMH VYRMLK VSRVREQRVWL SUL SDPüHQMX L XþHQMX RVWYDUXMXüL LVWRYUHPHQR L PLQLPDNV SULQFLS X WURãHQMX YUHPHQD L HQHUJLMHLSRVWL]DQMXUDGQLKUH]XOWDWD .UDMQMLFLOMNRPHWUHEDWHåLWLLNRJDWUHEDSRVWLüLMHQDYLNDGDVL JXUQR EU]R L HILNDVQR SDPWLPR WM GD QDP PHWRGL L VLVWHPL SDPüHQMD L]ORåHQL X RYRM NQML]L SUHÿX X UHGRYQX QDYLNX L GD LK SRþQHPR DXWRPDWVNLQHVYHVQRSUDNWLNRYDWLLNRULVWLWL
-2â0$/26$02$1$/,=(
6YDNL þRYHN NDGD VH XMXWUX SUREXGL LPD VYDNRJ GDQD þDVD QD UDVSRODJDQMX ² ]ODWQD JUXPHQD .ROLNR üH PX RQL NRULVWLWL ]DYLVL RG QDþLQD JGH üH LK LQYHVWLUDWL WM RG QDþLQD NDNR NRULVWL VYRMHYUHPH
2'5(',7(692-7,33$0û(1-$ 3DPüHQMH NRG VYDNRJ þRYHND SRND]XMH YLãH LQGLYLGXDOQLK VYRMVWDYD 6YDNL þRYHN UDVSRODåH SDPüHQMHP NRMH VH RGOLNXMH VYRMLP RVREHQRVWLPD EU]LQRP LOL RELPRP XVYDMDQMD PDWHULMDOD WUDMQRãüX SDPüHQMD LOL WDþQRãüX UHSURGXNRYDQMD LOL SR QDURþLWR FHQMHQRM RVRELQL ² JRWRYRVWL SDPüHQMD L VSUHPQRVWL GD SUDYRYUHPHQR UHSURGXNXMH SRGDWNHNRMLVXSRWUHEQL 'D EL VH GREUR SDPWLOR L]PHÿX RVWDORJ WUHED L GREUR SR]QDYDWL WLS L RVREHQRVWL VYRJD SDPüHQMD NRMH ]DYLVH RG QDVOHGQLK IDNWRUD YDVSLWDQMD REUD]RYDQMD QDþLQD YRÿHQMD åLYRWD XVYRMHQLK QDYLNDXåLYRWXLUDGXRþHPXMHELORYHüRSãLUQLMHJRYRUD .DRãWRüHWHGDOMHYLGHWLSRVWRMLQHNROLNRYUVWDSDPüHQMDLOLEROMH UHþHQR QHNROLNR JODYQLK RVREHQRVWL þRYHNRYRJ SDPüHQMD 0HÿXWLP WDNR]YDQLªþLVWLWLS©MHGQRJSDPüHQMDUHFLPRYL]XHOQRJ YHRPDUHWNR VH VUHüH L X SURãHNX VH VPDWUD GD YHüLQD OMXGL LPD ªPHãRYLW WLS SDPüHQMD© 8RSãWH OMXGL VD MHGQRP KDUPRQLþQRP NRPELQDFLMRP UD]OLþLWLK YUVWD SDPüHQMD LPDMX YHOLNX SUHGLVSR]LFLMX L SRWHQFLMDO ]D GREUR SDPüHQMH $OL L RGJRYDUDMXüLP PHWRGDPD PRåHPR UD]YLWL RQH YUVWHSDPüHQMDNRMHQDPQHGRVWDMX 1DMSUH üHPR QDYHVWL UD]QH YUVWH SDPüHQMD UDGL QMLKRYRJ XSR] QDYDQMD *HQHWLþNR SDPüHQMH NDR UXGLPHQWDUDQ REOLN SDPüHQMD VXVUHüHPR RG LQVHNDWD NRML VX SXWHP QDVOHGQLK RVRELQD ]DEHOHåHQLK X JHQLPD ªSURJUDPLUDQL© ]D þLWDY VYRM åLYRW 1MHPX MH GRVWD DQDORJQR QDVOHGQR SDPüHQMH NRMH VH VWYDUDOR JHQHUDFLMDPD NRG YLãLK RUJDQL]DPDLVDGUåDQRMHGREULPGHORPXUHIOHNVLPDLLQVWLQNWLPD 3DPüHQMH]DWLP PRåH ELWL NUDWNRWUDMQRNDGD QHNL PDWHULMDO LOL SRGDWNH SDPWLPR QD NUDWDN URN LOL GXJRWUDMQR DNR QDP RGUHÿHQR ]QDQMH/UHEDQDGXåLURNLOLSRVOHGXåHJYUHPHQD 3DPüHQMH RVLP WRJD PRåH ELWL QDPHUQR L QHQDPUHQR L YHRPD EOLVNRRYRMSRGHOLSRWVYHVQRNRMHVHVPDWUD]DRVQRYQRLVYHVQRNRMH SRþLYD QD SRWVYHVQRP D NRMH VH XJODYQRP LVSROMDYD NDR YL]XHOQR DXGLWLYQRLPRWRUQRSDPüHQMH
3RNYDOLWHWXUHSURGXNFLMHVHüDQMD SDPüHQMHPRåHELWLUHSURGXN WLYQR DNR EH] QHNH SRPRüL VSROMD VDPR UHSURGXNXMH þLWDY ]DSDPüHQL PDWHULMDOLOLSUHSR]QDYDMXüHNDGD X VWYDUL X] SRPRü UD]QLK SRPDJDOD SUHSR]QDMH L L]GYDMD WDþDQ SRGDWDN L] PQRãWYD GUXJLK QD SULPHU UHSURGXNFLMD]DSDPüHQRJ]QDQMDSRPRüXWHVWRYD 1HNHRVREHLPDMXSUHWHåQRNRQNUHWQRSDPüHQMHODNãHSDPWH UD]QH EURMHYH OLFD LPHQD DGUHVH IRUPXOH NRQNUHWQH GRJDÿDMH ODNãH XþH VWLKRYH VWUDQH MH]LNH 'UXJH RVREH NRMH VH RGOLNXMX SUHWHåQR DSVWUDNWQRORJLþNLPSDPüHQMHPEROMHSDPWHYH]XL]PHÿXSRMHGLQLK SRMPRYDSRMDYDLOLGRJDÿDMDUD]QH]DNRQLWRVWLGRND]HL]DNOMXþNH=D QMLKRYR SDPüHQMH MH SUHVXGQR GD ãWR EROMH VKYDWH VXãWLQX VWYDUL GD VWYRUH ãWR YLãH SRVOHGLþQRX]URþQLK YH]D GD EL EROMH ]DSDPWLOL WX VWYDU2YDYUVWDSDPüHQMDLPD]DSUDYRYRGHüXXORJXNRGþRYHND 3UHPD SRMHGLQLP þXOLPD UD]OLNXMHPR YL]XHOQR DXGLWLYQR L PR WRUQR SDPüHQMH R NRMLPD üH SRVHEQR ELWL JRYRUD 3DPüHQMH SUHNR þXOD SLSDQMD MH QDURþLWR UD]YLMHQR NRG VODERYLGQLK RVRED 'HJXVWDWRUL DONRKROQLK SLüD L NRQWURORUL NYDOLWHWD FLJDUHWD LPDMX SRVHEQR UD]YLMHQR SDPüHQMH XNXVD L PLULVD SRMHGLQLK PDWHULMD 2QL QD RVQRYX ]DSDPüHQLK QLMDQVL X XNXVX PLULVX LOL DURPL XVSHãQR LGHQWLILNXMX L NODVLILNXMXNYDOLWHWQRYRJSURL]YRGD 1RUPDOQR þRYHN MH X VWDQMX GD X SURãHNX UDVSR]QD RNR UD]QLK YUVWD PLULVD 0HÿXWLP VWUXþQMDFL ]D PLULVH NRML UDGH X SURL]YRGQML QD RFHQL L NODVLILNDFLML PLULVD PRJX VD VLJXUQRãüX GD UD]OLNXMXLGRUD]QLKYUVWDPLULVD 'R NRJ VWHSHQD VHPRåH UD]YLWL RYD YUVWD SDPüHQMD LOXVWUXMH L VOHGHüDDQHJGRWD 1HNDGDãQML EHRJUDGVNL JOXPDF L ERHP &LRD,OLMD 6WDQRMHYLü RSNODGL VH VD VYRMLP GUXãWYRP GD üH YH]DQLK RþLMX SUHSR]QDWL VYDNX YUVWXYLQDNRMXPXL]QHVX,]DLVWDQDRSãWHGLYOMHQMHSULVXWQLK&LþDMH NDR GD þLWD L] YLQVNH NDUWH JRYRULR QD]LYH SRMHGLQLK YLQD -HGDQ ãDOMLYGåLMD QD -FUDMX PX SRGPHWQX þDãX RELþQH YRGH 2NXVL &LþD MHGDQSXW]DPLVOLVHSDRNXVLLGUXJLSXWLUHþHVDRVPHKRP ²,VNUHQRGD9DPNDåHPSULMDWHOMLQH]QDPNDNYRMHRYRYLQR 1LNDGJDGRVDGDQLVDPSLR 3UHPD PHWRGL NRMX SULPHQMXMHPR X SDPüHQMX UD]OLNXMHPR PH KDQLþNRNRMHQHWUHEDQLNDGDNRULVWLWLDOLNRMHVHQDåDORVWMRãXYHN GRVWD PDVRYQR NRULVWL L VPLVDRQR,RJLþNR NRPH WUHED XYHN WHåLWL L GDWLPXSULPDWNDRPHWRGLSDPüHQMD3DPüQMHNRMHL]XþDYDWHXRYRM NQML]L MH VLVWHPDWVNR L DVRFLMDWLYQRORJLþNR NRMH VH ]DVQLYD QD VPLVDRQRORJLþNRPSDPüHQMXDOLMHMRãSURãLUHQRLSRMDþDQRSRVHEQLP DVRFLMDWLYQLPWHKQLNDPDLPHWRGDPDVLVWHPDWVNRJSDPüHQMD 'DOLVWHYL]XHODQLOLDXGLWLYDQWLS" .DR ãWR MH YHü QDJODãHQR QHPD ªþLVWLK WLSRYD© X SDPüHQMX DOL NRG YHüLQH OMXGL SUHRYODGDYD MHGDQ RG RYD GYD WLSD 0RWRUQL WLS SDPüHQMD MH YHRPD UHGDN D YHüLQD OMXGL MH YL]XHOQRJ WLSD =D RYR SRVWRMLLMHGDQIL]LþNRIL]LRORãNLUD]ORJ²RNR,DNRMHUHODWLYQRPDOL RUJDQ NRML QH SUHOD]L YHOLþLQX MHGQRJ RUDKD RQR LPD GHVHWLQH PLOLRQD UD]QLK QHUYQLK VSRMHYD L PRåH GD SULPL LVWRYUHPHQR RNR UD]QLK SRUXND 6PDWUD VH GD SUHNR þXOD YLGD þRYHN VDNXSL RNR]QDQMD0UHåQMDþD
NRMD LPD SRYUãLQX RG VDPR SDU NYDGUDWQLK VDQWLPHWDUD SRVHGXMH SUHNR PLOLRQD üHOLMD RVFWOMLYLK QD VYHOL RVW NRMH VYHWORVQH QDGUDåDMH SUHQRVH SUHNR QHUDYD ND PR]JX EU]LQRP RG VNRUR NPþDV D þLWDY SURFHVSHUFHSFLMHWUDMHVDPRVHNXQGH8SURãHNX PLãLüL RND VH SRNUHQX RNR SXWD QD GDQ 6PDWUD VH GD MH RNR SRVOHPR]JDQDMVORåHQLMLRUJDQüRYHNRYRJRUJDQL]PD
'DOLVWHSUHWHåQRDXGLWLYDQLOLYL]XHODQWLSXSDPüHQMX" .DGD XWYUGLWH VYRM WLS SDPüHQMD RQGD VYRMX PHWRGX XþHQMD L SDPüHQMD WUHED DGHNYDWQR SRGHVLWL LPDMXüL X YLGX GD XYHN XþHVWYXMX L RVWDOLREOLFLSDPüHQMDSXWHQLGUXJLKþXODDQDURþLWRDXGLWLYQRLPRWRU QR1HVDPRUD]OLþLWHRVREHQHJRLMHGQDRVREDWRNRPVYRJåLYRWDPLVOL QD UD]OLþLWH QDþLQH 1D SULPHU QHNL OMXGL PRJX LQWHQ]LYQLMH GD PLVOH X VOLNDPDQDYL]XHODQQDþLQDGUXJLRSHWYLãHDSVWUDNWQRORJLþNL.DRRS ãWHSUDYLORYDåLGDVDSRUDVWRPJRGLQDVPDQMXMHVHVSRVREQRVWPLãOMHQMD X VOLNDPD ]D UDþXQ DSVWUDNWQRORJLþNRJ PLãOMHQMD 2YR MH L SULURGQR MHU PLãOMHQMHXVOLNDPDSUHWVWDYOMDSUYXSRþHWQXID]XXUD]YLWNXPLãOMHQMD QD SULPHU NRG GHFH HLGHWVNH VOLNH L HLGHWVNR SDPüHQMH D DSVWUDNWQR OR JLþNR PLãOMHQMH MH YLãD ID]D X NRMRM VH RSHULãH VD VLPEROLPD L L]YHGHQLP ]ELUQLPYHOLþLQDPDLSRMPRYLPD 7LSLþDQ SULPHU YL]XHOQRJ SDPüHQMD QDOD]LPR NRG OLNRYQLK XPHW QLND7DNRMHQDSULPHUSR]QDWLUXVNLSHM]DåLVWD,, /HYLWDQ² QD RVQRYX VNLFD QD VYRMLP OHWQMLP SXWRYDQMLPD ]LPL VOLNDR YHOHOHSQH SHM]DåHUXVNHSULURGH $NR VWH SUHWHåQR YL]XHODQ WLS RQGD WUHED GD XþLWH XYHN L] LVWH NQMLJH WHNVW GD SRGHOLWH X ORJLþNH FHOLQH RELOQR GD NRULVWLWH SRGYODþHQMD YDåQLK PHVWD RORYNDPD X ERML NDR L SULORåHQH VOLNH FUWHåH ãHPH L GLMD JUDPH 6WDYLãH SUHSRUXþOMLYR MH GD L WHåD PHVWD L] WHNVWD SUHWVWDYLWH RGJRYDUDMXüRP ãHPRP FUWHåRP LOL WDEHORP =D YDV MH XYHN EROMH GD WHNVWþLWDWHLOL]DSLVXMHWH QHJR GD JD VOXãDWH 2þLJOHGQD QDVWDYD L VUHG VWYDRþLJOHGQHQDVWDYH9DPDüHSRVHEQRSRJRGRYDOL .UR] LVWRULMX L PQRJL ]QDPHQLWL OMXGL VX ELOL SUHWHåQR DXGLWLYQL WL SRYL 9Hü MH VSRPHQXWR UDQLMH IHQRPHQDOQR DXGLWLYQR SDPüHQMH 0RFDUWD =QD VH WDNRÿHGD MH QD SULPHU $EUDKDP /LQNROQXYHN XþLR L þLWDR QD JODV%DKPDQMHMHGQRPUHNDR]D/LVWD/LV]W² ª9HOLNL/LVW MH VOXãDR ² VOXãDR MH VYRM XQXWUDãQML JODV .DåX GD MH ELR LQVSLULVDQ -HG QRVWDYQRMHVOXãDRVHEH©
,DNR SUHWHåQR DXGLWLYQL WLS SDPüHQMD VXVUHüHPR NRG PX]LþDUD LPDPX]LþDUD NRML OHåHüL þLWDMX QDSLVDQX PX]LNX VD XåLYDQMHP NDR ãWR 9L þLWDWH UHFLPR QHNX GREUX NQMLJX 7DNRGH LPD SLMDQLVWD NRML PX]LNX PRJX QDXþLWL EH] NODYLUD -HGQRVWDYQR MH XþH þLWDMXüL GRN SXWXMX QHNLP SUHYR]QLPVUHGVWYRP 6OXãQL LOL DXGLWLYQL WLS UDGH þXMH MHGDQSXW PDWHULMDO NRML SDPWL QHJRGHVHWSXWD GD JD YLGL 'RN MH NRG YL]XHOQLK WLSRYD REUQXW VOXþDM =DWR PQRJL DXGLWLYQL WLSRYL NRULVWH PDJQHWRIRQ LOL JUDPRIRQVNH SORþH ]D XþHQMH $NR VWH SUHWHåQR DXGLWLYQL WLS X SDPüHQMX RQGD SRVHEQR NRULVWLWH SUHGDYDQMD VQLPLWH PDWHULMDO QD PDJQHWRIRQ JODVQR þLWDMWH PDWHULMDO NRMLSDPWLWHNRULVWLWHUDGLRLJUDPRIRQ 3RãWRXSUDNVLLPDPRW]YPHãRYLWLWLSSDPüHQMDRYHPHWRGHWUHED NRPELQRYDWLSUHPDPDWHULMDOXNRMLVHXþLMHULPDGRVWDPDWHULMDODLRE OLND XþHQMD NRML XNOMXþXMX ]DKWHYH L DXGLWLYQRJ L YL]XHOQRJ WLSD SDP üHQMD 3RUHG WRJD RVWDMH NDR SRWYUÿHQD þLQMHQLFD GD ãWR YLãH þXOD XþH VWYXMH X DSVRUSFLML QHNRJ PDWHULMDOD WR EROMH L YLãH SDPWLPR MHU X SUDN WLþQRP åLYRWX L UDGX XþHVWYXMX VYD QDãD þXOD JRWRYR LVWRYUHPHQR 6YD NDNRRE]LURPQDWLSSDPüHQMDMHGQRRGQMLKPRåHGDEXGHQDJODãHQLMH LYLãHIRUVLUDQR 0RWRUQRSDPüHQMHLOLSDPüHQMHSRNUHWD
8XþHQMXSVLKRPRWRUQLKYHãWLQDJUHãLVHDNRVHSROD]LRGNUDMQRVWL 1HNLPLVOHGDVYHPRJXQDXþLWLL]NQMLJHDGUXJLRSHWVDPR SR VPDWUDQMHPLSUDNVRPWMVDLQVWUXNWRURP1DMEROMHSRVWXSDRQDM NRML REDQDþLQDNRPELQXMHLXSRWSXQMDYDGUXJLPLQIRUPDFLMDPD*ODYQHID]H PRWRUQRJSDPüHQMDMHVX 0RWLYDFLMDLLQWHUHVNDRLNRGRVWDORJSDPüHQMDEH]NRMLKQHPD QDSUHWND 2SVHUYDFLMDLOLSRVPDWUDQMHLDQDOL]DMHGQHUDGQMHQMHQRUDãþODQML YDQMHLXRþDYDQMHVYLKSRNUHWDLNRPSRQHQWLWHQMLKRYRJUHGRVOHGD XYUãHQMXWHUDGQMH $VRFLMDFLMDLSDPüHQMHVDPHUDGQMH2YGHVHXVSHãQRPRåHNRULVWLWL ODQþDQLLOLYH]QLVLVWHPSDPüHQMD]DDVRFLUDQMHSUDNWLþQRQHRJUDQL þHQRJEURMDHOHPHQDWDQHNHUDGQMH 5HSHWLFLMDLOLSRQDYOMDQMHMHYHRPDYDåQDMHU]QDþLXYHåEDYDQMH L XSUDåQMDYDQMHVDPHUDGQMH .RGVYDNHPRWRUQHYHãWLQHLOLXPHüDSRVWRMHLQGLYLGXDOQHSVLKLþNH LIL]LþNHJUDQLFHNRMHVHQLNDNYLPWUHQLQJRPQHPRJXSUHYD]LüLNDRQD SUXVSRUWX²JUDQLFHUHNRUGDVSRUWLVWD 8 RYODGDYDQMX PRWRUQRP YHãWLQRP YDåQR MH RYODGDWL LOL VWHüL ªJUXSX SRWUHEQLK QDYLND© 6YH GRN QHGRVWDMH PDNDU L MHGDQ MHGLQL HOH PHQDW PL WX UDGQMX QHüHPR PRüL SUDYLOQR REDYLWL 6RYMHWVNL SLORWORYDF 0HUHVMHYSRãWRMHL]JXELRRED VWRSDOD X MHGQRP YD]GXãQRP RNUãDMX RG OXþLR MH GD VD RED DPSXWLUDQD VWRSDOD SRQRYR QDXþL GD OHWL QD EU]RM OR YDþNRM PDãLQL 9Hü MH QHEURMHQR SXWD XOD]LR X RãWDU ]DRNUHW DOL MH VWDOQR NDVQLRVDNRPDQGDPD8SRUQRQHVDORPLYRPYROMRPSRQDYOMDRMHSRNXãDMH L] þDVD X þDV L] GDQD X GDQ 8 MHGQRP QHRþHNLYDQRP WUHQXWNX NDR GD MH ªQHãWR SXNOR© RVORERGLOR VH L QRJD VD SURWH]RP MH SUHFL]QR L SUDYRYUH PHQRGDODNRPDQGXLDYLRQMHHOHJDQWQRVHQDNUHQXYãLEH]NDãQMHQMD
XãDRXYLUDå=QDþLVYHGRNNRPSOHNVSROUWEQLKQDYLNDQLLRELR NRP SOHWLUDQþLWDYDVORåHQDUDGQMDQLMHPRJODELWLSUDYLOQRL]YUãHQD 0RåHPR VPDWUDWL GD VPR MHGQX PRWRUQX YHãWLQX VDYODGDOL DNR MH SUDYLOQRLDXWRPDWVNLGDNOHEH]VYHVQRJQDSRUDPRåHPRL]YUãDYDWL1D SULPHU YRåQMX DXWRP VPR WHN RQGD VDYODGDOL NDGD QDP MH VYHVW L SDåQMD NRQFHQWULVDQDQDVDREUDüDMQXVLWXDFLMXDUXNHLQRJHSRVOXãQRLDXWR PDWVNLL]YUãDYDMXSRWUHEQHSRNUHWH6OLþQRMHLVDVYLUDQMHPQDNODYLUX 3R]QDWL SLMDQLVWD 0 3DXHU NDåH ªýLWDYD VWYDU RNR WHKQLNH VYLUDQMD VDVWRML VH X WRPH GD VH SXWHP VYHVQRJ QDSRUD SRVWLJQH WDNYR VWDQMH X NRPH RQGD PRåHPR GD VH RVORERGLPR WRJ VYHVQRJ QDSRUD .DGDMHXPHWQLNVWYDUQRYHOLNLþLWDYDVWYDURNRWHKQLNHVH]DERUDYOMD 2Q PRUD ELWL DSVRUERYDQ VDPR OHSRWRP VYRMH PX]LþNH SRUXNH VYRMLP L]UD]RPVYRJPX]LþNRJELüD© 6YDNX PRWRUQX UDGQMX SRþQHPR REDYOMDWL SUDYLOQR L VDYUãHQR NDGD MH SRþQHPR REDYOMDWL DXWRPDWVNL NDGD XSUDYOMDQMH QDG QMRP VD VYHVWL VYHVQRJ QDSRUD SUHÿH QD QDãX SRWVYHVW RGQRVQR NDGD WD YHãWLQDSUHÿHXQDãXSUDYLOQXQHLVNULYOMHQXQDYLNX 0RWRUQH YHãWLQH MHGQRP GREUR QDXþHQH YHRPD WHãNR LOL VNRUR QLNDNR VH QH ]DERUDYOMDMX 1D SULPHU SOLYDQMH LOL YRåQM!D ELFLNORP 5D]ORJOHåLXRGOLþQRMDVRFLMDFLMLL]PHÿXPLVOLLSRWUHEQLK SRNUHWDNRMD MHXþYUãüHQDGXJRPSUDNVRPL]DRNUXåHQDXSRWVYHVWLXREOLNXQDYLNH 8YHåEDYDQMHGDMHEROMHUH]XOWDWHDNRVHYUãLXRGYRMHQLPYUHPHQ VNLPLQWHUYDOLPDQHJRXQHSUHNLGQRPWUDMDQMXNDRLNRGXPQRJUDGD 7DNRÿHPHQWDOQRREQDYOMDQMHSRVOHSDX]HDSUHVOHGHüHJXYHåEDYDQMD PRåH SREROMãDWL UH]XOWDW ]DGQMHJ XYHåEDYDQMD ãWR üH VH RGPDK YLGHWL QD VOHGHüHPXYHåEDYDQMX 2GUHGLWHVYRMHQDMEROMHYUHPH]DSDPüHQMHLXþHQMH =DSLWDOLMHGQRP3DWD ² 'DOLUDQRXVWDMHWH" ² 8VWDRVDPMHGQRJMXWUDUDQRDOLVDP]ERJWRJDELRWDNR JRUG üHORSUHSRGQHDWDNRVWUDãQRSRVSDQüHORSRSRGQHGDVDP MHGQRVWDYQR RGOXþLRGDWRYLãHQLNDGDQHSRQRYLP²RGJRYRUL3DW
3DWRþLJOHGQRQLMHELRWDNR]YDQLªMXWDUQMLWLS©MHUQLMHPRJDR UDQRGDXVWDQHLGDEXGHERGDULþLRSUHNRGDQD
1Dã RUJDQL]DP SRGOHåH RGUHÿHQLP ELRORãNLP ULWPRYLPD L SURPHQDPDQHVDPRWRNRPåLYRWDQHJRLXWRNXJRGLQHVHGPLFHD SRVHEQR X WRNX ULWPLþNRJ LQWHUYDOD RG þDVD WM X WRNX GDQD L QRüL .DR ãWR SRND]XMH GLMDJUDP SURPHQD VSUHPQRVWL ]D SDPüHQMH L XþHQMHSURVHþQRX]HYãLRSWLPDOQLSHULRGWRNRPGDQD]DSDPüHQMHL XþHQMH MH RG GR þDVRYD VD QDMYHüRP VSUHPQRãüX RNR K ]DWLP QDVWXSD MHGQD GHSUHVLMD RG GR K NDGD VSUHPQRVW ]D UDGSDGDþDNLVSRGGDELRSHWQDVWXSLRMHGDQLQWHUYDOSRJRGDQ ]DXPQLUDGDOLQHãWRVODELMLQHJRSUHSRGQHYQLXYUHPHQXRGGR K VD MHGQRP SRQRYQRP NXOPLQDFLMRP VSUHPQRVWL ]D UDG RNR þDVRYD 2YX]DNRQLWRVWNROHEDQMDVSUHPQRVWL]DUDG LELRORãNRJULWPD X RUJDQL]PX WUHED SUDYLOQR LVNRULVWLWL L VYRMH YUHPH SDPüHQMD L XþHQMD VDREUD]LWL VD QDMSRYROMQLMLP SHULRGLPD X WRNX GDQD 1DUDYQRSUHWKRGQRPRUDWHXWYUGLWLGDOLVWHªMXWDUQMLWLS©NRMLODNR UDQR XVWDMH L EROMH UDGL XMXWUX L SUH SRGQH DOL ]DWR YHü X UDQLP YHþHUQMLP þDVRYLPD SRND]XMH SUYH ]QDNH XPRUD L QHVSUHPQRVWL ]D XPQXDNWLYQRVW,OLVWHPRåGDªYHþHUQMLWLS©NRMLWHãNRUDGLXPQRSUH SRGQHDOL]DWR SRND]XMHYHOLNH UDGQHVSRVREQRVWL XYHþH 6DREUD]QR VYRPHWLSXSRGHVLüHWHLYUHPHXPQRJDUDGD 1DMEROMH MH GD VDPRSRVPDWUDQMHP L VDPRDQDOL]RP WRNRP QHNROLNRVHGPLFDXWYUGLWH 'DOLVWHYHþHUQMLLOLMXWDUQMLWLS 6WRWDþQLMLGLMDJUDP9DãHJOLþQRJGQHYQRJELRORãNRJULWPD RG QRVQRNROHEDQMH9DãHOLþQHVSUHPQRVWL]DXPQLUDGWRNRP GD QD 1D RVQRYX WLK SRGDWDND NRML üH YDåLWL LVNOMXþLYR ]D 9DV OLþQRLNRMLVHPRJXLQHPDORUD]OLNRYDWLRGJRUQMLKSUDYLODNRMD VX VDVWDYOMHQD QD RVQRYX MHGQRJ SURãHND VDVWDYLWH RQGD VYRM VHGPLþQLUDVSRUHGUDGQLKþDVRYDSRRYDNYRMãHPL 9UHPH RGGR ² ² ²
3RQ
8W
6UHGD
&HW
3HW
6XE
1HG
LWG ² ² ²
3UDNVRP MH GRND]DQR GD MH VNRUR QHPRJXüH MXWDUQML WLS SUHRULMHQWLVDWL X YHþHUQML L REUDWQR RG YHþHUQMHJ RþHNLYDWL YHOLNH XþLQNH XMXWUX 9HþHUQML WLS LPD L]YHVQX SUHGQRVW X SDPüHQMX MHU L]EHJDYD GHMVWYR UHWURDNWLYQH LQKLELFLMH WRNRP GUXJRJ GHOD GDQD GRNüHMXWDUQMLPRUDWLYLãHGDSRQDYOMDQDXþHQRJUDGLYR
2VWDOLWLSRYLXSDPüHQMXLXþHQMX ,PD RVRED NRMH VH PRJX YUOR GREUR NRQFHQWULVDWL L UDGLWL X SULOLþQRM EXFL L YHOLNRP QHUHGX ² WR VX WDNR]YDQL ªEXþQL WLSRYL© ]DUD]OLNXRGªWLKLKWLSRYD©NRMLPRJXUDGLWLLXVUHGVUHGLWLVHVDPR X QDMYHüRM WLãLQL 1D SULPHU / 1 7ROVWRM MH ELR ªWLKL WLS© MHU MH PRJDR SLVDWL VDPR X QDMYHüRM WLãLQL 7DNR MH VYRMD QDMYHüD GHOD SLVDRXMHGQRMSUL]HPQRMSURVWRULML X GRPX X -DVQRM SROMDQL NRMD MH LPDOD RJURPQH GHEHOH ]LGRYH GD QH EL QL MHGDQ ]YXN PRJDR GD SURGUHVSROMD1LNRVHQLMHXVXÿLYDRGDXOD]LXQMHJRYNDELQHWGRN ELUDGLRRVLPYHRPDUHWNRGHFHNRMXMHMDNRYROHRLSUDYLRVDQMLPD YHOLNHL]X]HWNH 8 VWYDUL RYDNYD RãWUD SRODUL]DFLMD RYD GYD WLSD SDPüHQMD L XPQRJ UDGD XRSãWH NDR L RVWDOLK GR VDGD QDYHGHQLK WLSRYD SDPüHQMD LPD VYDNDNR EH]EURM ªSUHOD]QLK© LOL ªPHÿX WLSRYD© RE]LURPQDXVORYOMHQRVWSDPüHQMDPQRJLPIDNWRULPD 6OLþQD MH VLWXDFLMD L VD W]Y GXJR L NUDWNRSUXJDãLPD WM VD RQLPRVREDPD NRMH PRJX XþLWL X GXJLP LQWHUYDOLPD EH] SUHNLGD L RGPRUDLRQLPNRMHSRVOHNUDüHNRQFHQWUDFLMHPRUDMXVHRGPDUDWL 6YH VX WR SRODUL]RYDQH NUDMQRVWL L ªþLVWL WLSRYL© SDPüHQMD L]PHÿX NRMLK MH EH]EURM QDMUD]OLþLWLMLK NRPELQDFLMD =D 9DV MH ELWQR GD QD RVQRYX VYLK GR VDGD L]ORåHQLK ªþLVWLK WLSRYD© SDPüHQMD VDPRSRVPDWUDQMHP L VDPRDQDOL]RP WRNRP GXåHJ SHULRGD XWYUGLWH L RGUHGLWH VYRM NRPSR]LW VYRM VWYDUQL SURILO X SDPüHQMX L VYRMH PHWRGHUDGDLYUHPHUDGDVDREUD]QRQMHPXSRGHVLWH 'RãDR MH SRQRYR WUHQXWDN GD VXPLUDWH UH]XOWDWH 9DãLK GRVDGDãQMLK QDVWRMDQMD L XWYUGLWH YHOLþLQX 9DãLK GRVWLJQXüD X RYODGDYDQMXWHKQLNDPDHILNDVQRJSDPüHQMD
7(67%5 SRJO 8EHOHåDYDQMHPEURMHYDXOHYX NRORQXR]QDþLWH NRMLP DQHJGRWDPDSULSDGDMXRYHUHþHQLFH 2$QHJGRWDEU ª3ODWLüHWHPLVDPRRGJRYRU© 2$QHJGRWDEU ª$OLRQGDQHELGRãORQLGRPQRJLKYHQ þDQMD© 2$QHJGRWDEU ª3DLQLVDP6PHMDRVDPVH© 2$QHJGRWDEU ª2SURVWLWHJRVSRGLQHDOLPLVOLR VDP GDVWHSWLFD© 2$QHJGRWDEU ª7DNYHSHVPHPRåHWHSLVDWLWHNNDGD SRVWDQHWHVODYQL© SRJO )L]LþNRIL]LRORãNXRVQRYXDVRFLMDFLMHPLVOLSR WHRULML QHX URQVNLKPRGHODþLQH $$NVRQL %6LQDSVH &1HXURQL ,QWHOLJHQFLMDNRGþRYHNDMHXGLUHNWQRMYH]LVD $ 9HOLþLQRPLWHåLQRPPR]JD 2 '$ 2 1(
%6DEURMHPYLMXJDQDPRåGDQRMNRULWMVDYHOLþLQRP PRåGDQH NRUH 2'$ 2 1( 2GJRYDUDWHQDREDSLWDQMD$L% (ILNDVQRSDPüHQMHüHPRVWHüL $NRQDVWRMLPRSRYUHPHQRNRULVWLWLWHKQLNHVLVWHPDWVNRJ SDPüHQMD $NRQDPWHKQLNHLPHWRGLVLVWHPDWVNRJSDPüHQMDSUHÿXX QDYLNX $NRXVYDNRMSULOLFLQDVWRMLPRVYHOLNRPHQHUJLMRPL]DODJDQMHP ]D SDPWLWLSRWUHEQHSRGDWNH SRJO 3ULSDPüHQMXLXþHQMXWUHEDNRULVWLWLPHWRGH $ 0HKDQLþNRJSDPüHQMD % 0RWRUQRJSDPüHQMD & 6PLVDRQRORJLþNRJSDPüHQMD ' 6LVWHPDWVNRJLDVRFLMDWLYQRORJLþNRJSDPüHQMD 1DMYHüDVSUHPQRVW]DXPQLUDGQDRVQRYXKLRULWPRYDX QDãHPRU JDQL]PXMHRNR $ KLK % KLK & KLK
95(0(3/2920867$58*5ý.8,5,0 72326,67(03$0û(1-$
² $JGHVLVHWL]DGHVLR6LPRQLGHVHXWUHQXWNXNDGDVHNURYVD WDYDQLFRPVYRPVYRMRPWHåLQRPVUXþLRQDQHGXåQHåUWYH"² ]DSLWD +ULVLSRVVYRJVODYQRJSULMDWHOMDSHVQLNDLOLULND6LPRQLGHVDVLQD/HR SUHSHVD ² ,]JOHGDGDVHVDPDVXGELQDXWRXPHãDOD%LODMHWRPRMDXS UDYRQHYHURYDWQDVUHüDGDVDP]DGODNXL]EHJDRVPUW²RGJRYRULPX 6LPRQLGHVWYRUDFþXYHQRJHSLJUDPD6SDUWDQFLPDSDOLPNRG7HUPRSLOD 0HÿXSULMDWHOMLPDLSR]QDQLFLPDYHOLNRJJUþNRJOLULNDNRMLMHVD3LQ GDURPãLURP*UþNHGHOLRSHVQLþNXVODYX]DYODGDWLãLQD1MXMHUHPHWLOR VDPRODNRãX6WDQMHREOLåQMHJNLSDULVDNRMLMHEDFLRVYRMXRJURPQXL]GX åHQXVHQNXSUHNRFHORJWUJDSUHOLYHQRJVUPRPPHVHþHYHVYHWORVWL%L ODMHPLUQDLWRSODOHWQMDQRü6LPRQLGHVMHVDVYRMLPSULMDWHOMLPDVHGHR QDMHGQRPNUDMXSURVWUDQRJWUJDLRSKUYDQWHãNLPXVSRPHQDPDQDQH
,]QHQDGDWDYDQLFDVHVYRPVYRMRPWHåLQRPVUXþLODQDJRVWHNRMLVXVHYHVHOLOLQH VOXWHüLQLãWD©
GDYQXWUDJHGLMXQHPRMHSRVPDWUDRWLKXLJUXVHQNLNRMHVXSUXåDOHJUDQH YLWNRJNLSDULVDSRGODNLPXGDUFLPDYHþHUQMHJODKRUD ² 3DLVSULþDMQDP6LPRQLGHVHNDNRVHWRGRJRGLOR²XVNRURVH RJODVLSHVQLNRYSR]QDQLN0LPDV ² .DRãWR]QDWH²SRþHVYRMXSULþX6LPRQLGHVGXERNRX]GDK QXYãL²6NRSDVL]7HVDOLMHSULUHGLYHOLNXJR]EXXþDVWSREHGHVYRJRPL ,MHQRJERUFD.DRãWRMHELORGRJRYRUHQRMDVDPPXLVSHYDRLQDJR]EL L]UHFLWRYDRRGX$OLRQQHKWHGHGDPLSODWLüHOXXJRYRUHQXFHQXYHüVD PRMHGDQGHRD]DGUXJLGHRXSXWLPHQD.DVWRUDL3ROXNVDX]QDSRPH QXGDPLRQLSODWHRVWDWDNXJRYRUHQHFHQHMHUVDPLQMLKXLVWRMRGLRSH YDR8EU]R]DWLPSR]YDãHPHQHNLGHþDFLGDL]DÿHPL]GYRUDQHGDELK UD]JRYDUDRVDQHNLPOMXGLPDNRMLVXPHWUDåLOL²6LPRQLGHVPDOR]D VWDGHMHUVXSRþHOLSRQRYRGDPXLVNUVDYDMXSUHGRþLPDMH]LYLSUL]RUL WHYHOLNHQHVUHüH ² 6DPRãWRVDPL]DãDRL]GYRUDQHSXQH]YDQLFD²QDVWDYL GD SULþD6LPRQLGHV²NDGDVHNURYGYRUDQHSRWSXQRQHRþHNLYDQRX]VWUD KRYWWUHVDNVYRPVYRMRPRJURPQRPWHåLQRPVUXþLQDOMXGHRNXSOMHQH RNRERJDWHWUSH]HNRMLVXMHOLSLOLLYHVHOLOLVHQHVOXWHüLQLãWD1LNRQL MHåLYRVWDR $LWHODVXLPELODWDNRGHIRUPLVDQDLVSRGUXãHYLQDGD VXELOL]DQHSUHSR]QDWL²]DYUãLVYRMXWXåQXSULþX6LPRQLGHV ² $OLWLVLLSDN6LPRQLGHVHXVSHRQHVDPRGDSUHSR]QDãXQDND åHQDWHODXQHVUHüHQLK²UHþH+ULVLSRV²QHJRLGDNDåHãJGHMHNRWDþ QRVHGHR]DJR]EHQLPVWRORPSUHQHVUHüH
² 'DWDþQR²X]YLNQX.LQHDV²5HFLQDPNDNRVLPRJDRGD ]DSDPWLãQHVDPRWROLNH]YDQLFHYHüLWDþQRPHVWRJGHMHNRVHGHR" ² 1H]QDPQLVDPSULMDWHOMLPRML²RGJRYRULLPSULVHüDMXüLVH 6LPRQLGHV²0RåGDPHMHYHOLNDEROURÿDNDNRMLVXXEU]RGRãOLQD PHVWRQHVUHüHLPRMDMDNDåHOMDGDLPQHNDNRSRPRJQHPGDSUHSR]QDMX VYRMHGUDJHSURVWRQDWHUDODGDSRNXãDPGDVHVHWLP2GMHGQRPPLMHVL QXODVSDVRQRVQDLGHMD5HVLRVDPGDSRNXãDPGDVHXPDãWLSRQRYRSUH QHVHPQDVYRMHPHVWR]DJR]EHQLPVWRORPQHSRVUHGQRSUHPRJL]ODVND L]GYRUDQHLVDPHQHVUHüHLGDSRNXãDPGDVHVHWLPJGHMHNRVHGHR=D GLYQRþXGRXWRPWUHQXWNXVDVYLPQHRþHNLYDQRSRQRYRVDPYLGHRFHR SUL]RUJR]EHYHRPDMDVQRLXSHþDWOMLYR]DKYDOMXMXüLVQD]LLPDJLQDFLMH 3RLWRVDP]DYUHPHUHFLWRYDQMDRGHNUXåLRSRJOHGRPRG]YDQLFHGR]YD QLFHRNRVWRODGDELKSUDWLRVWYRUHQLXWLVDNLSRGHãDYDRUHFLWRYDQMHXYL GHRVDPGDPLQHüHELWLWHãNRGDWRSRQRYLPLXPDãWL,]DLVWDNUXåHüL SRJOHGRPRNRVWRODXPDãWLNDR]DYUHPHUHFLWRYDQMDRGHXVSHR VDP VUHüRPXWRMYHOLNRMQHVUHüLGDUHGRPSUHSR]QDMHPOLNRYHLPHVWRJGHMH NRLSRUHGNRJDMHNRVHGHR ² 7DNRVDPLPRJDRGDSRSRORåDMXSRMHGLQLKWHODRNRVPUYOMHQRJ VWRODSUHSR]QDPNRMHNR²]DYUãLVYRMHREMDãQMHQMH6LPRQLGHVRNXS OMHQLPSULMDWHOMLPDLSR]QDQLFLPD ,] RYRJ QHRELþQRJ VOXþDMD 6LPRQLGHV JUþNL OLUVNL SHVQLN L] -XOLVDQDRVWUYX.HRVXNRMLMHåLYHRRG²JRGSQHL]YXNDR MH SDU YHRPD YDåQLK SRXND ]D VYRMX GRFQLMX WHKQLNX SDPüHQMD NRMD PX MH GDOD QH VDPR RJURPQR SDPüHQMH YHü PX MH ]DMHGQR VD QMHJRYLPRGDPDLSHVPDPDSURQHODVODYXãLURPDQWLþNRJVYHWD 6LPRQLGHVMH]DSD]LRGDUHGLXWYUÿHQL SRUHGDNPRåH PQRJR GDSRPRJQHSDPüHQMX 0DãWDDNRVHSUDYLOQRNRULVWL]DVWYDUDQMHSRJRGQLKPHQWDO QLKVOLNDPRåHGDVOXåLNDRGREURLVLJXUQRVUHGVWYR]DPHQ WDOQREHOHåHQMHUD]QLKSRGDWDNDLGRJDÿDMD .RQDþDQ]DNOMXþDN6LPRQLGHVDMHELRGDVHSDPüHQMHPRåH PQRJRRODNãDWLLHQRUPQRSRYHüDWLDNRVHQDRGUHÿHQLPPH VWLPDXQHNRMSURVWRULMLVWYDUQLPLOL]DPLãOMHQLPSRVWDYH SUHGPHWLLOLRVREHNRMHåHOLPR]DSDPWLWL 6LPRQLGHV MH QD RVQRYX RYLK ]DSDåDQMD L]JUDGLR ]D VYRMH YUHPH QHYHURYDWQR HILNDVDQVLVWHPSDPüHQMD.ROLNRMHSRUHG 3LQGDUD ELR VODYOMHQ ]ERJ VYRMLK OLUVNLK SHVDPD L RGD WROLNR MH ELR QDGDOHNR þXYHQL]ERJVYRJQHYHURYDWQRRJURPQRJSDPüHQMD 0HÿXWLP QHNL NODVLþQL SLVFL RJUDÿXMX VH RG WYUGQMH GD MH XSUDYR6LPRQLGHVSURQDãDRWHKQLNXSDPüHQMDSRPRüXPHVWDLOLWRSR VLVWHPMHUVHWDNRÿH]QDGDMH L 3LWDJRUD ERUDYLR GXJR X (JLSWX L GD MH YHURYDWQR WDPR QDXþLR L RGDQGH SUHQHR QHNH PHWRGH SDPüHQMD VWDULK(JLSüDQD3R]QDWRMHWDNRÿHGDMH3LWDJRUDDNWLYQRSRGXþDYDR VYRMH XþHQLNH WHKQLFL SDPüHQMD L GD PX MH MHGDQ RG PHWRGD ELR UHWURVSHNWLYD WUDåLR MH RG VYRMLK XþHQLND GD VH XYHþH SULVHüDMX VYLK GRJDÿDMD XQD]DG NRML VX VH ]ELOL WRNRP GDQD =DWLP GD GRJDÿDMH SRMHGLQLK GDQD QD NUDMX VHGPLFH REMHGLQH X VHGPLFH LWG GR üHOH JRGLQH3RPLQMXVHWDNRÿHL6RNUDWL$ULVWRWHOGDVXVHSRVHEQREDYLOL SUREOHPLPD SDPüHQMD $ULVWRWHO MH QDSLVDR SRVHEQX UDVSUDYX ª'H PHPRULDHWUHPLQLVFHQWLD©ª2
SDPüHQMX L VHüDQMX© SUHPD QHNLP WUDJRYLPD SUHWSRVWDYOMD VH GD MH QDSLVDRLSRVHEQXª.QMLJXRSDPüHQMX©ª0QHPRQLNRQ© 1D SULPHU SRMHGLQL NODVLþQL SLVFL NDR &LFHURQ X VYRP GHOX ª2 JRYRUQLNX©&LFHURª'HRUDWRUH©,,/;;;9,JSQH .YLQWLOLMDQ 8 VYRP GHOX R JRYRUQLãWYX 4XLQWLOLDQXV ª,QVWLWXWLR RUDWRULD© ;, ,, L DQRQLPQL SLVDF ª.QMLJD ]D +HUHQLMD© $QRQ\PXV ª$G & +HUHQQLXP© OLEUL,9,,,RNR²JRGSQH SLãXGDSRVWRMLSUHGDMDR6LPRQL GHVXGDVHGDNOHSUHWSRVWDYOMDGDMHRQSUYLLOLPHÿXSUYLPDSULPH QLRSRVHEQHWHKQLNH]DSRYHüDQMHVYRJSDPüHQMD 'RN VX SRPHQXWL NODVLþQL SLVFL L]ODJDOL 6LPRQLGHVRY VLVWHP ]D SRWUHEHSDPüHQMDSUYHQVWYHQR X UHWRULFL GRWOH JD MH 6LPRQLGHV NRUL VWLR ]D SDPüHQMH VYLK PRJXüLK YUVWD SRGDWDND 1DYRGL VH GD MH þLWDY IRQGVYRJIDNWRJUDIVNRJ]QDQMDLUD]QLKSRGDWDNDVPHVWLRXMHGDQJUDG VD XNXSQR PHVWD NRML MH ELR SRGHOMHQ QD YLãH GHORYD SUHPD SR MHGLQLPJODYQLPREODVWLPDWDGDãQMHJ]QDQMD D VYDNL GHR RSHW QD RGUH ÿHQ EURM NXüD L ]JUDGD .ROLNL EURM SRGDWDND L SRMPRYD MH PRJDR 6LPR QLGHV VD VYRMLP VLVWHPRP SDPüHQMD GD REXKYDWL LOXVWUXMH SRUHÿHQMH VD QHNRP PDQMRP HQFLNORSHGLMRP NRMRM WUHED QDMPDQMH ² WRPRYD QRU PDOQRJ HQFLNORSHGLVNRJ IRUPDWD GD VPHVWL L REXKYDWL RNR UD] OLþLWLKSRMPRYD
7RSRVLVWHP]DSDPüHQMHSRYH]QRPPHWRGX 6WD MH X VWYDUL WRSRVLVWHP SDPüHQMD" 7R MH MHGQD YDULMDQWD WHK QLNH ]D SDPüHQMH SR YH]QRP PHWRGX 3RVWXSDN X VXãWLQL MH LVWL XNOMX þXMXüLLQDþLQDVRFLUDQMDVDPRãWRNRGWRSRVLVWHPDXPHVWRUD]QLKYH] QLK WDEHOD LPDPR VREH LOL SURVWRULMH VD QXPHULVDQLP PHVWLPD NRMH YUãH LVWX IXQNFLMX NDR L YH]QH WDEHOH 3RWUHEQR MH RGPDK LVWDüL L MHGQX SRVHEQXYHRPD YHOLNX SUHGQRVWWRSRVLVWHPD QDGELOR NRMRP WDEHORP ]D SDPüHQMH SR YH]QRP VLVWHPX 7DEHOH VX SULOLþQR RJUDQLþHQH X VYRP NDSDFLWHWX LDNR SRVWRMH VSHFLMDOQL QDþLQL ]D SURãLUHQMH L SRYHüDQMH QML KRYRJNDSDFLWHWDRþHPXüHELWLSRVHEQRJRYRUD 0HÿXWLP QHXSRUHGLYD SUHGQRVW WRSRVLVWHPD MH XSUDYR X QHRJ UDQLþHQLP PRJXüQRVWLPD GDOMHJ SURãLUHQMD L SRYHüDQMD VPHãWDMQLK ND SDFLWHWD 1RUPDOQR L ODQþDQL VLVWHP SDPüHQMD LPD SUDNWLþQR QHRJUDQL þHQH PRJXüQRVWL X SRJOHGX VPHãWDMQLK NDSDFLWHWD MHU PRåHPR MHGQR VWDYQR IRUPLUDWL RQROLNR ODQþDQLK QL]RYD NROLNR QDP WUHED $OL ODQþDQL VLVWHP RSHW LPD MHGDQ QHGRVWDWDN NRML VH PRåH MDNR RVHWLWL X PHPRUL UDQMXRGUHÿHQHYUVWHSRGDWDNDVYXGDWDPRJGHVHWUDåLVWURJUHGRVOHG L]QDQMHUHGQRJEURMD =DKYDOMXMXüL WRSRVLVWHPX PL XVSHãQR NRPELQXMHPR SUHGQRVWL L ODQþDQRJ VLVWHPD SUDNWLþQR QHRJUDQLþHQ NDSDFLWHW L YH]QRJ VLVWHPD REH]EHÿHQMH SUHFL]QRJ PHPRULUDQMD SRGDWDND SR VWURJRP UHGRVOHGX L UHGQRP EURMX 3RUHGWRJD SRYHüDYDPR QH VDPR EURM VYRMLK XPQLK PD ãLQD QHJR GROD]LPR L X SRJRGDQ SRORåDM GD SRMHGLQH RG QMLK QDPHQVNL L HILNDVQR NRULVWLPR X ]DYLVQRVWL RG YUVWH SRGDWDND L ]QDQMD NRMH PHPRUL UDPR 'D YLGLPR VDGD NDNR VH SRPRüX WRSRVLVWHPD PRåH IRUPLUDWL NR ULãüHQMHPVREDLUD]QLKGUXJLKSURVWRULMD SUDNWLþQR QHRJUDQLþHQ LOL VWYD UQRSRWUHEDQEURMWDEHOD]DYH]QLVLVWHPSDPüHQMD9LVWHGRVDGDXOD]L
OLL ERUDYLOLXPQRJLPVREDPDLSURVWRULMDPDLPRåHWHSRWYUGLWLGD SUDNWLþLR QLNDGD QLVWH QDLãOL QD GYH SRWSXQR LVWH VREH 3RUHG WRJD VYDND VRED LOL SURVWRULMD LPD L WX SRJRGQX RVRELQX GD X QMRM XYHN LPD QHNLK VWYDUL LOL REMHNDWD SRUHG WRJD SRVWRMH X QMLPD YUDWD SUR]RUL SRG WDYDQLFD L UD]QL GUXJL SUHGPHWL L XUHÿDML 6YL RYL HOHPHQWL RPRJX üXMX GD VH SRMHGLQL GHORYL VREH PRJX RãWUR UD]OLNRYDWL L GD VH PHÿX QMLPD PRåH XVWDQRYLWL L]YHVWDQUHGLUHGRVOHG 1D SULPHU VYDNX WDNYX SRJRGQX VREX PRåHPR QD RVQRYX UD]OLþLWLK HOHPHQDWD NRML MH þLQH QXPHULVDWL QD UD]OLþLWH QDþLQH -HGDQRGMHGQRVWDYQLMLKQDþLQDPRåHGDEXGHLRYDM
6NLFD SUHWVWDYOMD MHGQX VREX X WORFUWX 2WYRU QD GRQMRM VWUDQL SUHWVWDYOMD YUDWD (OHPHQWL ]D UD]OLNRYDQMH L UHGRVOHG NRMH X RYRP VOXþDMX NRUVLWLPR L NRML üH QDP VOXåLWL ]D IRUPLUDQMH YHRPD SULNODGQLK L SUDNWLþQLK YH]QLK PHVWD VDVWRMH VH RG RYLK GHORYDVYDNHVREH 5HGEURM (OHPHQWVREH %URMHOHPHQDWD O 9UDWDVREHMHGLQDLOLJODYQD 8JORYLVHEH =LGRYLVREHEH]JODYQLK YUDWD O 3RGVREH O 7DYDQLFDVREH 3UHPD WRPH XNXSQR LPDPR UD]OLþLWLK HOHPHQDWD X VYDNRM VREL L DNR WH HOHPHQWH QXPHULãHPR UHGQLP EURMHYLPD X VPLVOXNUHWDQMDVDWQHND]DOMNHGRELüHPRYHRPDHILNDVQRVUHGVWYR ]DSDPüHQMHSRYH]QRPPHWRGXRGXNXSQRYH]QLKPHVWD7DNR VX QD QDãRM ãHPL VYL ]LGRYL XNOMXþXMXüL L RQDM VD YUDWLPD LOL YUDWD R]QDþHQL QHSDUQLP UHGQLP EURMHYLPD D XJORYL ² VD SDUQLP UHGQLP EURMHYLPD ãWR MH RGOLþQD GLIHUHQFLMDFLMD X PHPRULUDQMX QHNLK YUVWD SRGDWDND 6UHGLQD SRGD MH R]QDþHQD EURMHP D VUHGLQD WDYDQLFH LOL OXVWHU DNR JD LPD XYHN EURMHP
6DGD SUHRVWDMH GD VQDJRP VYRMH LPDJLQDFLMH ]DPLVOLWH GD VWH XãOLXMHGQX9DPDGREURSR]QDWXVREXLGDXYHåEDWHQMHQXQXPHUDFLMX RGQRVQRSUHWYDUDQMHXSRJRGDQLQVWUXPHQDWYH]QRJPHWRGDSDPüHQMDSR WRSRVLVWHPX *OHGDMWH VHEH X PDãWL NDNR X WRM VREL VWRMLWH OHÿLPD RNUHQXWL ND YUDWLPD QD PHVWX EU O L ªGXKRYQLP RþLPD© GREUR RVPRWULWH üHOX VREX L VYH VWYDUL QDPHãWDM L SUHGPHWH X QMRM =DWLP QXPHULãLWH XJORYH L ]LGRYH RGJRYDUDMXüLP UHGQLP EURMHYLPD NDR L VUHGLQX SRGD L WDYDQLFH 3URYHULWH YDOMDQRVW VYRMH QXPHUDFLMH UHSURGXNFLMRP X RED VPHUD DQDURþLWRQDSUHVNRN1DSULPHUPRUDWH ELWLXVWDQMXEH]SUHPLãOMDQMDRGJRYRULWLQDRYDNYDSLWDQMD .RML MH EURM OHYL ]LG" $ GHVQL" .RML MH EURM VUHGLQD SRGD" $ YUDWD".RMLGHRVHEHMHEURMO LOL",WG1H]DERUDYLWHNDGJRG QXPHULãHWHVREXLOLPHPRULUDWHQHãWRSRPRüXVREHLOLªYDGLWH©RGQRVQR UHSURGXNXMHWH SRWUHEQH SRGDWNH L] VREH 9L X 9DãRM PDãWL GRN UDGLWH VD WRP VRERP VWRMLWH XYHN NRG YUDWD NRMLPD VWH OHÿLPD RNUHQXWLQDPHVWXEUOMHUWDNRLPDWHSRWSXQLQDMEROMLSUHJOHGüHOH VLWXDFLMHLUDVSRUHGDXVREL $VDGDüHPRNDRMHGQXRGPQRJLKPRJXüQRVWLSULPHQHWRSRVL VWHPD]DSDPWLWLMHGDQPDOLWHOHIRQVNLLPHQLNRGEURMYD]D QDãLK SR]QDQLNDLOLSRVORYQLKSULMDWHOMD 6XãLü 6PLOHYVNL 3HWURYLü 0DKHþLü .RVWLü .RODU 3RSRY 9DUJD %DELü 0LãLü 2GPDK SULPHüXMHWH GD VYL RYL WHOHIRQVNL EURMHYL SRþLQMX VD LVWLUQ GYRFLIUHQLP EURMHP ª © NDR ãWR MH WR UHGRYQR VOXþDM X QDãLP PQRJLP PHVWLPD L]X]HY YHüLK FHQWDUD /RJLþQR GD RYH GYH FLIUH PRåHPR PLUQR LVSXVWLWL L WLPH SDPüHQMH RYRJ PDORJ LPHQLND VYHVWL QD SDPüHQMH WURFLIUHQLK EURMHYD -HGQRVWDYQR üHPR QDãHJ SUYRJ SR]QDQLND 6XãLFD ªSRVWDYLWL© X VREX QD PHVWR EU O L GDWL PX X UXNH MHGQX 75X%X L ]DPLVOLWL GD MDNR GXYD X QMX WDNR GD üHOD VREDRGMHNXMH 6OLþQRüHPRXUDGLWLL VDRVWDOLPRVREDPD LWHOHIRQVNLP EURMHYLPD 3HWURYLüD VD UHFLPR )X'%DORP VWDYLüHPR QD PHVWR EU .RãWLFD VD .L6R%UDQRP X]D ]LG QD PHVWR EU 3RSRYD VD UHFLPR /H67YDPD X XJDR QD EU LWG GR NUDMD $VRFLMDFLMH L]PHÿXQDãLKSR]QDQLNDLSRMHGLQLKSUHGPHWDNRMLR]QDþDYDMXQMLKRYH EURMHYH WHOHIRQD YUãLPR SR YHü SR]QDWLP SUDYLOLPD .DGD VPR L 0LãLüD QD SULPHU VD 0D&.RP SRVWDYLOL QD OXVWHU LOL VUHGLQX SODIRQD RQGD MRã MHGQRP GREUR ªSRJOHGDMPR© X VYRMRM PDãWL þLWDY SUL]RU VYH RVREH QD VYRMLP PHVWLPD VD QMLKRYLP SUHGPHWLPD L L]YUãLPRNRQWUROXUHSURGXNFLMRPXVYLPSUDYFLPD RGUHGEUOGR L REUDWQR RQGD QD SUHVNRN LPHQD SD QD SUHVNRN WHO EURMHYH $NR åHOLWH GD EXGHWH SRWSXQR VLJXUQL RQGD ]D EU ª © VWDYLWH LVSUHGYUDWDMHGQX3Hû NRMDüH9DVQHSRJUHãLYRSRWVHüDWLGDVYLK GHVHWWHOEURMHYDSRþLQMXEURMHPª© 1D VOLþDQ QDþLQ PRåHWH SDPWLWL L PQRãWYR GUXJLK SRGDWDND WDEHOD VWDWLVWLNDUD]QLKSUHJOHGDLWG
7RSRVLVWHPSDPüHQMDSRPRüXYLãHVRED $NRåHOLWHGDSDPWLWHYLãHRGSRGDWDNDSRRYRPPHWRGXWRSR VLVWHPDRQGDXPHVWRMHGQHVREHX]PLWHþLWDYVWDQNRMLVDGUåLGRYROMQR VRED GD X QMLK ªVPHVWLWH© VYH 9DãH SRGDWNH NRMH åHOLWH PHPRULUDWL LOL MHGQRVWDYQR SRWUHEDQ EURM VRED 3UHSRUXþOMLYR MH GD VREH EXGX QD QHNL QDþLQ SRYH]DQH GD SULSDGDMX MHGQRP VWDQX LOL GD VX SRYH]DQH ]DMHGQLþNLP KRGQLNRP L WVO NDNR EL NDVQLMH DXWRPDWVNL ]QDOL GD SRGDFLVDGUåDQLXQMLPDSULSDGDMXMHGQRM]DRNUXåHQRMLORJLþNRMFHOLQL 8 VOXþDMX GD VH UDGL R MHGQRP VWDQX LOL NXüL JGH PRåHWH ª XSRWUHELWL© SHW RGHOHQMD UHFLPR VREH WUSH]DULMX NXKLQMX L SUHWVREOMH QXPHUDFLMX L]YUãLWH QD LVWRP SULQFLSX GUåHüL VH XYHN JODYQLK YUDWD NDR SROD]QHWDþNH]DEURMHYHORGQRVQRLWGD UHGRVOHGVREDRGUHGLWHSRQDþLQXNDNRVHRGQRVQRNRMLPVHUHGRVOHGRP NUR]QMLKXYHNSUROD]LQDSULPHU 62%$%5O 62%$%5 62%$%5
62%$%5 62%$%5 1D WDM QDþLQ GRELMDWH X MHGQRP VWDQX LOL NXüL L VYLK YH]QLK PHVWD 0HWRG DVRFLUDQMD L NRULãüHQMD MH SRWSXQR LGHQWLþDQ VD QDþLQRPNRMLVPRSULPHQLOLNRGMHGQHVREHVDVDPRPHVWD
0HWRGSRWSXQHQXPHUDFLMHVREH 6YH VREH X NRMLPD VPR PDNDU MHGDQSXW ELOL LOL GUXJH SURVWRULMH NRMH ]QDPR PRåHPR NDR ãWR 9DP MH SR]QDWR GD XVSHãQR NRULVWLPR ]D SDPüHQMHQDMUD]QRYUVQLMLKSRGDWDNDSRWRSRVLVWHPX6YDNDWDNYDVRED LOL SURVWRULMD SRVWDMH ]DSUDYR MHGQD WDEHOD ]D SDPüHQMH SR YH]QRP VLVWHPX 0HÿXWLP DNR SULPHQLPR PHWRG SRWSXQH QXPHUDFLMH VREH RGQRVQR SURVWRULMH GREL MDPR X VXãWLQL LVWR GDNOH MHGQR HILNDVQR VUHGVWYR ]D SDPüHQMH SR WRSRVLVWHPX VDPR ãWR RQGD PRåHPR LPDWL GDOHNRYLãHYH]QLK PHVWD ² þDN L GR X MHGQRM VREL 6WYDU MH YHRPD MHGQRVWDYQD QXPHULãH VH VYDNL ]LG SRVHEQR SRG SRVHEQR L WDYDQLFD SRVHEQR ãWR QDP RPRJXüDYD GRELMDQMH YLãH YH]QLK WM DVRFLMDWLYQLK PHVWD 1D SULPHU DNR EL ]DPLVOLOL GD VWH XãOL X MHGQX VREX SULSUHPOMHQX]DSDPüHQMHSRPHWRGXSRWSXQHQXPHUDFLMHVWLP GD MH ]LG NRPH VWH RNUHQXWL OHÿLPD RWVWUDQMHQ LPDOL EL RWSULOLNH MHGQX RYDNYXSHUVSHNWLYX 3/$)21
32' =QDþL EU O QDP MH X VUHGLQL SODIRQD ªQD OXVWHUX© DNR JD LPD SD RQGD GROD]L QDMSUH SRG NRML QXPHULãHPR NDR ãWR þLWDPR RGR]JR QDGROHVWLPGDQXPHUDFLMXSRUHGRYLPDYUãLPRXREOLNXVORYDª=© 3UHPD WRPH VUHGQML UHG QLNDGD QH QXPHULãHPR V OHYD QD GHVQR NDR RVWDOH QHJR V GHVQD QD OHYR 5D]ORJ MH YHRPD MHGQRVWDYDQ D L MDN LVWRYUHPHQR 2YDNYRP QXPHUDFLMRP X REOLNX VORYD ª=© VYDNRJ ]LGD L SRGD GREL MDPR GRGDWQX PRJXüQRVW GD SRMDþDPR VYDNX QDãX DVRFLMDFLMX QD VYDNRP YH]QRP PHVWX ODQþDQLP PHWRGRP 1DLPH SRUHGWRJD ãWR üHPR SRVWDYOMHQH SUHGPHWH VWYDUL L RVREH DVRFLUDWL VD QMLPD SULSDGDMXüLP PHVWRP MRã üHPR VYH WH DVRFLMDFLMH GXSOLUDWL WLPH ãWR üHPR VYH WH SUHGPHWH LOL RVREH SRYH]DWL L DVRFLUDWL PHÿXVREQR MHGQLP ODQþDQLP QL]RP 7LPH VH SRWSXQR REH]EHÿXMHPR RG HYHQWXDOQRVWL GD QHNL DVRFLUDQLSRMDPªSUHYLGLPR©LOLGDQDPSURVWRQHVWDQHVDVYRJPHVWD MHUDNRVHVOXþDMQRQHSRMDYLSRWRSRVLVWHPXREDYH]QRüHVHSRMDYLWL SRODQþDQRPPHWRGX
=DWLP GROD]L ]LG LVSUHG QDV 0L ]DPLãOMDPR GD XYHN NDGD UDGLPR VD VRERP SR WRSRVLVWHPX VWRMLPR QD PHVWX EU =QDþL PHVWR EU MH QDãH VWDOQR VWDMDOLãWH X VREL QD NRPH VH SR SRWUHEL RNUHüHPRGDELªYLGHOL©SRMHGLQH]LGRYH3UHPDWRPH]LGLVSUHGQDV QXPHULãHPRGDOMHQDLVWLQDþLQVWLPãWREUGRÿHQDSODIRQRGPDK QHSRVUHGQRL]QDGQMHJDNDRQHNDHWLNHWD 3RVOH WRJD RVWDOH ]LGRYH QXPHULãHPR QD LVWL QDþLQ V WLP ãWR VYDNL QD SODIRQX QHSRVUHGQR L]QDG ]LGD LPD ªHWLNHWX© ]D ODNR L EU]R UDVSR]QDYDQMH²SRþHWQLEURMVYRMHGHNDGH1DSULPHU]LGNRMLVDGUåL SHWX GHNDGX WM EURMHYH RG ² LPD QHSRVUHGQR L]QDG L QD VUHGLQL DOL QD SODIRQX SRþHWQL EURM GHNDGH ² EU 1DUDYQR ]LGRYHQXPHULãHPRSRUHGXVOHYDQDGHVQRLOLXVPHUXVDWQHND]DOMNH 'DMHPR MRã MHGQRP SUHJOHGQR UHGRVOHG SRMHGLQLK SRYUãLQD X VREL QD RVQRYXNRJDVHYUãLQXPHULVDQMHSRMHGLQLKSRYUãLQDLNRULãüHQMHþLWDYH VREH 3RG1DQMHPXMHPHVWREUXYHN9DãHVWDMDOLãWHDSRþHWQL EURMGHNDGH²EUO²QDOD]LVHQDSODIRQXNDRLNRGRVWDOLK SRYUãLQDVREHRGQRVQRGHNDGD1XPHULVDQMHEURMHYLPD² =LGLVSUHG9DV7RMH]LGNRMLYLGLWHSUDYRLVSUHG9DVNDGDVWR MLWHQDVWDMDOLãWXPHVWXEU DOHÿLPDVWHRNUHQXWLXOD]QLP YUDWLPDLOLJODYQLPYUDWLPDDNRLKLPDYLãHXVREL 1XPHUL VDQMHEURMHYLPD² =LGGHVQRRG9DV,OLGHVQL]LG1XPHULVDQ² =LGL]D9DVNRPHVWHRNUHQXWLOHÿLPDLNRMLLPDYUDWD1XPH UDFLMDEURMHYLPDRG² /HYL]LG1XPHULVDQEURMHYLPDRG² ²3ODIRQLPDVDPRªHWLNHWH©RYLKSHWSRYUãLQDO L /RJLþQR NDGD UDGLWH VD VRERP SR WRSRVLVWHPX RQGD üHWH VH X PDãWLSRSRWUHELRNUHWDWLQDVYRPVWDMDOLãWXSUHPDRQRP]LGXVDNRMLP UDGLWHGDELLPDOLSRWSXQSUHJOHGVLWXDFLMHQDWRP]LGX-HGLQRSRGL SUHGQML ]LG RþLWDYDWH GLUHNWQR RGPDK SRVOH XODVND EH] SRWUHEH QHNRJ RNUHWDQMDGRNVWRMLWHQDPHVWXEUOHÿLPDRNUHQXWLSUHPDYUDWLPD $NR EL ]DPLVOLOL GD VPR VREX ªUDVWYRULOL© NDR QHNX NXWLMX VD SRGRP NDR RVQRYRP RQGD EL GRELOL QLåH GDWX PUHåX QXPHUDFLMH VREHNRMDYHRPDSUHJOHGQRGDMHUDVSRUHGSRMHGLQLKSRYUãLQDVREHL EURMHYDQDQMLPD 6YDNXVREXLOLSURVWRULMXQHNXGYRUDQXVDOXJDUDåXLWGNRMXVWH YLGHOLL]QXWUDLOLXNRMRMVWHPDNDULMHGDQSXWELOLPRåHWHRYDNRQXPH ULVDWLVQDJRPVYRMHLPDJLQDFLMHLWLPHSULSUHPLWL]DSDPüHQMHQDMUD]QR YUVQLMLK SRGDWDND SR WRSRVLVWHPX 6YDND RYDNR SRWSXQR QXPHULVDQD VREDSUHWVWDYOMD9DP]DSUDYRMHGQX YH]QX WDEHOX RG XNXSQR PHVWD ]DSDPüHQMHSRYH]QRPVLVWHPX 3RVOH QXPHUDFLMH SRWUHEQR MH GD L]YUãLWH SURYHUX UHSURGXNFLMRP SRMHGLQLK PHVWD UHGRP D ]DWLP L QD SUHVNRN 1D SULPHU PRUDWH VH RVSRVRELWLGDEH]SUHPLãOMDQMDRGJRYRULWHQDRYDNYDSLWDQMDª*GHMH EU " $ EU " .RML VX EURMHYL QD SODIRQX" .DNR JODVL QXPHUDFLMD ]DGQMHJ ]LGD ]LGD L]D 9DV " 2GJRYRUH üHWH VDVYLP ODNR L DXWRPDWVNL GDYDWLDNRVHEH]DPLãOMDWHGDVWRMLWHQDPHVWXEULGDVHSRSRWUHEL RNUHüHWHSRMHGLQLP]LGRYLPDGDELRþLWDYDOLSRMHGLQHEURMHYH
/(9,
SODIRQ
3RãWRVWHGREURXYHåEDOLQXPHUDFLMXVREHPRåHWHVDGDSUHüLLQD VDPR PHPRULUDQMH UD]QLK SRGDWDND NRML üH 9DP ELWL VWDOQR SRWUHEQL L QD GXåH YUHPH 7RSRVLVWHP NRULVWLPR SUYHQVWYHQR ]D GXJRURþQR L WUDMQR SDPüHQMH SRGDWDND RG WUDMQH YUHGQRVWL NRML üH QDP QH VDPR VWDOQR LOL SRYUHPHQR WUHEDWL YHü NRML üH QDP ELWL SRWUHEQL L QD GXåL URN 1D SULPHU VDGD ELPRJOL 9DãPDOLWHOHIRQVNL LPHQLNSRYHüDWL QD EURMHYD NRULãüHQMHP MHGQH VREH VD SRWSXQRP QXPHUDFLMRP LOL RQROLNRSXWDSREURMHYDWHOHIRQDNROLNRVREDX]PHWH $NRX]PHWH UHFLPRMHGDQVWDQLOL NXüXXNRMRMPRåHWH NRULVWLWL SURVWRULMD RQGD VWH RGPDK GRELOL VYLK YH]QLK PHVWD ]DKYDOMXMXüL SRWSXQRM QXPHUDFLML VRED $ YH]QLK LOL DVRFLMDWLYQLK PHVWD QLMH PDOR MHU X QMLK PRåHWH VPHVWLWL UHFLPR VYRM NRPSOHWDQ SULYDWQL DGUHVDU VD WHOHIRQVNLP EURMHYLPD VYRMLK SR]QDQLND L SRVORYQLK SULMDWHOMD3ULPHUDUDGLQDYHãüHPRVDPRMRãQHNROLNRPRJXüLKSULPHQD 3DPüHQMHPDNVLPDL]UHNDVODYQLKOMXGLLOLVHQWHQFD 1HNX]ELUNXSURSLVDLOL]DNRQRGþODQRYDPRåHWHEH] SURE OHPDVPHVWLWLXMHGDQRYDNDYVWDQLOLNXüX 0RåHWHQDSUDYLWLþLWDYDUVHQDOGXKRYLWRVWLSDPüHQMHP DQHJ GRWDãDODLGRVHWNLRGQRVQRYLFHYD .DRãWRüHGRFQLMHELWLL]ORåHQRXMHGQRPSRJODYOMXPRåHWH ]D SDPWLWLLQHNXNQMLJXRGVWUDQD 'DOMHPRåHWH]DSDPWLWLVYRMLKSDFLMHQDWDNOLMHQDWD NXSDFD LOLVDUDGQLNDLNROHJDVDSRWUHEQLPSRGDFLPD 8NROLNRVWHSDVLRQLUDQLãDKLVWDPRåHWH]DSDPWLWLVYH SDUWLMH MHGQRJWXUQLUDNRMLVHLJUDQDSHWSORþDLWRSUHFL]QRSR UHGQRP EURMXSORþDLVYDNLSRWH]EHORJDLFUQRJD,WG
/LVWD PRJXüLK SULPHQD MH SUDNWLþQR QHLVFUSQD MHU WRSR VLVWHPNRMLMHXVWYDULVDPRMHGQDYDULMDQWDYH]QRJVLVWHPDLXVXãWLQL WRMHYH]QLVLVWHPSDPüHQMDLPDSUDNWLþQRQHRJUDQLþHQXSULPHQXMHU VH PRåV NDRLVYDNLGUXJLPHWRGYH]QRJVLVWHPDNRULVWLWL]DSDPüHQMH VYLKYUVWDSRGDWDNDLLQIRUPDFLMD 9L VWH YLGHOL QD SULPHU NROLNR L NDNYLK SRGDWDND PRåHWH VPHVWLWL VDPR X MHGDQ VWDQ LOL NXüX $ ãWD 9DP VWRML QD SXWX GD WR LVWR SRQRYLWH X EH]EURM GUXJLK VWDQRYD LOL NXüD X NRMLPD VWH VWDQRYDOL ERUDYLOL NUDüH YUHPH LOL LK SULOLNRP UD]QLK SRVHWD GHWDOMQR RVPRWULOLLXSR]QDOL"=DLVWDQLãWD=QDþL]DKYDOMXMXüLWRSRVLVWHPX9L VWH GRãOL X SRVHG SUDNWLþQR QHRJUDQLþHQLK NDSDFLWHWD ]D ªVPHãWDM© UD]QLK SRGDWDND L ]QDQMD 9DåQR MH GD VDPR REUDWLWH SRVHEQX SDåQMX QD NODVLILNDFLMX L RUJDQL]DFLMX RJURPQRJ EURMD SRGDWDND L LQIRUPDFLMD NRMH PRåHWH WRSRVLVWHPRP ]DSDPWLWL NDNR EL VH NDVQLMH SULOLNRP NRULãüHQMD WLK SRGDWDND ODNR VQDOD]LOL L EU]R L HILNDVQR SURQDOD]LOL X 9DãRMRJURPQRMPHQWDOQRMNDUWRWHFLSRWUHEQHSRGDWNH
.DNRPRåHWHVWYRULWLPHQWDOQXNDUWRWHNX HQFLNORSHGLVNLKUD]PHUDSRPRüXWRSR VLVWHPD" 2E]LURP GD WRSRVLVWHP SUXåD SUDNWLþQR QHRJUDQLþHQH PRJXüQRVWL SDPüHQMDUD]QLKSRGDWDNDSRWUHEQRMHGDSRVWXSDWHSRXQDSUHGRGUH ÿHQRP SODQX X IRUPLUDQMX L RGUHÿLYDQMX QXPHULVDQLK VRED GD EL VH NDVQLMHODNRVQDOD]LOLXQMLPDLEU]RSURQDOD]LOLSRWUHEQHSRGDWNH 6YDNDNR SRVWRML YLãH QDþLQD GD XVWURMLWH VYRMX YHOLNX PHQWDOQX NDUWRWHNXRGLDNR]DWUHEDLYLãHYH]QLKWMDVRFLMDWLYQLK PHVWD-HGDQRGQDþLQDPRåHGDEXGH]DVQRYDQQD0HÿXQDURGQRMGHFL PDOQRMNODVLILNDFLMLLOL0'.NRMDþLWDYROMXGVNR]QDQMHUD]YUVWDYDLNOD VLILNXMHXJODYQLKREODVWLLOLJUXSD ²2SãWH ²)LOR]RILMD ²5HOLJLMD ²'UXãWYHQHQDXNH ²-H]LFL)LORORJLMD ²(J]DNWQHQDXNH0DWHPDWLND)L]LND ²3ULPHQMHQHQDXNH0HGLFLQD7HKQLND ²8PHWQRVW6SRUW,JUH ².QMLåHYQRVW ²,VWRULMD%LRJUDILMH*HRJUDILMD 7DNRÿH L NRG RGUHÿLYDQMD L IRUPLUDQMD NDSDFLWHWD 9DãH EXGXüH PHQWDOQH NDUWRWHNH PRåHWH SRVWXSLWL QD YLãH QDþLQD 2YGH QDYRGLPR VDPRSDURGYLãHPRJXüLKQDþLQD 1DþLQ O VREDRGHOHQMH PHVWD O NXüDVWDQ RGHOHQMD PHVWD O XOLFDLOLGHRJUDGD .XüD PHVWD O JUDG XOLFDLOLGHORYD PHVWD 8.8312 PHVWD JUDGRYD
1DþLQ OVREDRGHOHQMH PHVWR ONXüDVWDQ VREH PHVWD OXOLFDLOLGHRJUDGD NXüD PHVWD OJUDG XOLFDLOLGHORYD PHVWD 8.8312 PHVWD JUDGRYD ,OL JUDGRYD 8.8312 PHVWD 6YHVXRYRQDUDYQRRJURPQLVPHãWDMQLNDSDFLWHWL]DNRMHWUHEDGRVWD YUHPHQD L VWUSOMHQMD GD EL VH L]JUDGLOL 5HFLPR VDPR NDSDFLWHW RG DVRFLMDWLYQLK PHVWD PRåH GD SULPL DNR MH GREUR RUJDQL]RYDQ L VROLGQR NRQVWUXLVDQNUR]GXåLYUHPHQVNLSHULRGLVYLKUD]QLKSRGDWDND ãWR MH RWSULOLNH SRORYLQD SRMPRYD MHGQH VYHWVNH HQFLNORSHGLMH LOL WRPRYD HQFLNORSHGLMVNRJIRUPDWD 6YH ]DYLVL RG 9DãLK SRWUHED XPHãQRVWL GD X SUDNVL VSURYHGHWH RYH PHWRGHL9DãHLVWUDMQRVWLLXSRUQRVWL.ROLNHüHWHNDSDFLWHWHVWYRULWLNUR]GXåL YUHPHQVNLSHULRGLNROLNLüH9DPNDSDFLWHWLELWLVWYDUQRSRWUHEQLX9DãHP SR]LYX L VYDNRGQHYQRP åLYRWX ]DYLVL RG 9DV VDPLK 3ULOLNRP VWYDUDQMD SODQD ]DIRUPLUDQMHVPHãWDMQLKNDSDFLWHWDLPDMWHQDXPXGYDYHOLNDRJUDQLþHQMD 7RSRVLVWHPRPNRMLMHXVWYDULYH]QLVLVWHPSDPüHQMDSDPWL PRVDPRRQHVWYDULLSRGDWNHNRMHQHPRåHPRWDNRODNRLHIL NDVQRGDSDPWLPR VPLVDRQLPRGQRVQR DVRFLMDWLYQRORJLþNLP SDPüHQMHP=QDþLXJODYQRPVHULMHLQL]RYHQHSRYH]DQLKHOH PHQDWD]QDQMDLOLSRGDWDND 'REDUGHRXSUDYRQHSRYH]DQLKHOHPHQDWDLSRGDWDNDSUDNWLþ QLMHPHPRULUDPRQH]DYLVQLPLOLW]YDVRFLMDFLMDPDSDURYDãWR MHSRVHEQRREUDÿHQRXSRJODYOMX1DSUEURMHYHWHOHIRQD DGUHVHLGUXJHSRGDWNHPRåHPRMHGQRVWDYQRSRYH]DWLVDRGQRV QLPRVREDPD .RG WRSRVLVWHPD VYDNL JUDG NRML RGDEHUHPR ]D MHGQX REODVW VOXåL NDRQHNLYHOLNLNDUWRWHþQLRUPDQVYDNDXOLFDXQMHPXLOLGHRJUDGDRGJRYDUDSR MHGQRMODGLFLRUPDQDDJODYQHSRGHOHXMHGQRMODGLFLRGJRYDUDMX NXüDPD LOL VWDQRYLPD X QDãRM PHQWDOQRM NDUWRWHFL GRN VDPH VREH WM RGHOHQMD RGJRYDUDMX SRMHGLQLP IDVFLNODPD LOL RPRWLPD X NDUWRWHþQRP RUPDQX 3UHPD WRPH NDGD PHQWDOQLP WUDåHQMHP RGUHÿHQRJ SRGDWND QDãLP ªGXKRYQLP RNRP© XÿHPR X RGUHÿHQXVREX JGHQDP VHQDOD]HSRWUHEQL SRGDFL PL NDR GD VPR L] RGUHÿHQRJ NDUWRWHþQRJ RUPDQD RGQRVQR L] RGJRYDUDMXüH ODGLFH L]YDGLOLXSUDYRRQDMIDVFLNONRMLVDGUåLQDPDSRWUHEQHSRGDWNH 0QRJD IHQRPHQDOQD SDPüHQMD NUR] YHNRYH R NRMLPD VWH þLWDOL X 3RJODYOMX L]JUDÿHQD VX GREULP GHORP L QD WRSRVLVWHPX 'D QDSRPHQHPR VDPRQHNDRGQMLK6LPRQLGHV&LFHUR+DUPLGHV+RUWHQ]LMHEUDüD.DVWLOMR .RWH LWG 3LHWUR GD 5DYHQD NRJD VPR YHü VSRPLQMDOL NDR L QMHJRYD GRVWLJQXüDLUHNRUGHXSDPüHQMXNRULVWLRMHWDNRÿHWRSRVLVWHP 2QMH LPDR RELþDMGDM RGDEUDQH]JUDGHLSURVWRULMH]DVYRMVLVWHPSDPüHQMDRELOD]LWULGR þHWLULSXWDGDLKGXåHUD]JOHGDGDELLKGREUR]DSDP
OLR-RãNDRPODGLüIRUPLUDRMHWDNRMHGDQRJURPDQNDSDFLWHWRG PHVWD.DVQLMHMHRYDMNDSDFLWHWLGDOMHSURãLULYDRLSRYHüDYDRQRYLPSUR VWRULMDPD RGQRVQR PHVWLPD NRMD MH SRVHüLYDR L YLÿDR QD VYRMLP SXWRYDQMLPD $JRVWLQR GHO 5LNR 5LFFR X VYRP GHOX ª8PHWQRVW SDPüHQMD SRPRüX PHVWD© ª$UWH GHOOD PHPRULD ORFDOH© QDYRGL ]DQLPOMLY SRGDWDN GD MH þXYHQL SURSRYHGQLN )UDQþHVNR 3DQLJDUROD WDNRÿH NRULVWLRQHNXYUVWXWRSRVLVWHPDRGRNRPHVWD 8 SUHWKRGQLP SRJODYOMLPD YHü VPR VSRPLQMDOL LVWDNQXWRJ VRYMHWVNRJSVLKRORJD$5/XULMXLQMHJRYRJGXJRJRGLãQMHJSR]QDQLND6 9 âHUHãHYVNRJ þLMH MH SDPüHQMH /XULMD LVSLWLYDR NUR] þLWDY QL] JRGLQDâHUHãHYVNLMHNDRRGãDOHSDPWLRQL]RYHRGLYLãHEURMHYD GXJDþNH VSLVNRYH UHFL QL]RYH EHVPLVOHQLK VORJRYD PQRãWYR UHFL QHSR]QDWRJ VWUDQRJ MH]LND GXJDþNH IRUPXOH LWG 6YH RYH SRGDWNH PRJDRMHSRQRYLWLELORNRM L P UHGRPLWRSRVOHPQRJRJRGLQD.DGDMH RGQMHJDELOR]DWUDåHQRGDSRQRYLQHNH SRGDWNH]DSDPüHQHSUHPQRJR JRGLQD ]DWYRUHQLK RþLMX QDJODV EL VH SULVHüDR RNROLQH L RNROQRVWL X NRMLPD MH WH SRGDWNH SDPWLR L RQGD EL EU]R SRþHR GD UHSURGXNXMH 3RVPDWUDþLVXLPDOLXWLVDNNDRGDâHUHãHYVNLªþLWD©RGQHNXGSRGDWNH L GD QLMH QLãWD þXGQR ãWR LK VH VHüD L QDNRQ YLãH JRGLQD NDGD LK ªþLWD©NDRGDLPDNQMLJXSUHGVRERP 2SLVXMXüLQDþLQSDPüHQMDVYRJSR]QDQLNDVDP/XULMDNDåHGDVH UDGL R MHGQRP PHWRGX SDPüHQMD SXWHP ªYL]XHOQRJ UDVSRUHÿLYDQMD SUHGPHWDSDPüHQMDL QMLKRYRJ YL]XHOQRJ RþLWDYDQMD© ]QDþL MHGQRM YUVWL WRSRVLVWHPD 7DNRÿH MH L âHUHãHYVNL SRWYUÿLYDR GD MH ]D UDVSRUHÿLYDQMH SRMPRYD NRMH MH SDPWLR NRULVWLR XOLFH VYRJ URGQRJ JUDGD LOL XOLFX *RUNRJ X 0RVNYL X NRMRM EL SR L]OR]LPDSUR]RULPD L YUDWLPDSRMHGLQLK]JUDGD ªSRVWDYOMDR©XPDãWLSUHGPHWHLSRMPRYHNRMH MH SDPWLR -HGQRVWDYQR MH NRULVWLR VLVWHP ªPHQWDOQRJ ]DSLVLYDQMD© SRPRüXVOLNDLYHRPDMDNLKDVRFLMDFLMDRQRJDãWRMHKWHRGD]DSDPWL, âHUHãHYVNL MHXYLãHPDKRYDSRWYUGLR GD RQ QH SDPWL YHü PHQWDOQR ª]DSLVXMH© RQR ãWR WUHED GD SDPWL $NR VH WRPH GRGDMX QMHJRYH L]YDQUHGQH VLQHVWH]LVNH VSRVREQRVWL NRMLPD MH PRJDR GD VWYDUD YHRPDMDNHLWUDMQHDVRFLMDFLMHRQGDMHRþLJOHGQRGDMHNRULVWLRMHGQX VYRMXYUVWXªWRSRVLVWHPD©LDVRFLMDWLYQHWHKQLNH ,QWHUHVDQWQR MH GD âHUHãHYVNL QLMH ]DERUDYOMDR SRWYUÿXMH GDOMH SURIHVRU/XULMD$NRQHNLHOHPHQDWL]QL]DQLMHPRJDRRGPDKGDUHSUR GXNXMHRQGDMHJRYRULRGDQLMHSRVUHGL]DERUDYOMDQMHYHüORãHLQHGR YROMQR XSHþDWOMLYR XVYDMDQMH L DVRFLUDQMH VOLNH SUHGPHWD NRML VH SDPWL 1HNROLNRSUDNWLþQLKXSXWVWDYD]DHILNDVQX SULPHQXWRSRVLVWHPD %H] RE]LUD QD EURM VRED L SURVWRULMD NRMH åHOLWH XSRWUHELWL QH WUHED GD VWUDKXMHWH RG NRQIX]LMH L QHXVSHKD VYH GRN VX 9DP DVRFLMDFLMH SUHGPHWD L YH]QLK PHVWD GREUH D L]ERU QXPHUDFLMD L NODVLILNDFLMD VRED L NXüD VWDQRYD SUDYLOQR VSURYHGHQL 9H]QD PHVWD X VREDPD WUHED GD EXGX GRYROMQR YHOLND YLGOMLYD L SULNODGQD ]D DVRFLUDQMH UD]QLK SUHGPHWD =DWR XYHN QDVWRMWH L]DEUDWL YHOLNH VYHWOH VREHNRMHQLVXSUHWUSDQHVYDNRMDNLPQDPHãWDMHP 8SULQFLSXWUHEDXYHNNRULVWLWLUHDOQHVWYDUQRSRVWRMHüHVREH0H ÿXWLP PRJXüH MH NRULVWLWL L ]DPLãOMHQH VREH L SURVWRULMH L QLMH LVNOMXþHQR GD üH RQH RVREDPD VD YHRPD UD]YLMHQRP PDãWRP ELWL PRåGDþDNLEROMH
1DLPH]DPLãOMHQHVREHLPDMXWXSUHGQRVWãWRLKPRåHWH]DPLVOLWLRQDNR NDNR9DPDL9DãLPDVRFLMDFLMDPDQDMYLãHRGJRYDUD3RUHGWRJDGD EL VH L]EHJOD MHGQRREUD]QRVW X L]JOHGX VRED PRåH VH NRULVWLWL QMLKRYR ERMHQMHSULNODGQRPERMRPQDUDYQRXPDãWL 1DSULPHU VREHXNRMLPD VPHãWDPRSRGDWNHMHGQHRGUHÿHQHREODVWLªRERMLPR©MHGQRPERMRPD RQHXNRMLPDPHPRULUDPRGUXJXQHNXREODVW²GUXJRPERMRP 2VQRYQL SUHGXVORY GD 9DP DVRFLUDQMH SUHGPHWD NRMH SDPWLWH SRWSXQR XVSH MHVWH GD PRåHWH EH] QDSRUD YL]XHOQR VHEL X VYDNRP WUHQXWNX SUHWVWDYLWL YH]QD PHVWD X GRWLþQLP VREDPD 3RUHG WRJD QH VDPR ãWR MH YDåQR GD NRG DVRFLUDQMD SUHGPHWD VD QMHJRYLP QXPHULVDQLP PHVWRP WDþQR ªYLGLWH© NDNR VWH JD ªSRVWDYLOL© SRUHG QHNRJ SUHGPHWD LOL NRPDGD QDPHãWDMD NRML VWYDUQR SRVWRML X VREL UHFLPR SRUHG QHNH VOLNH QHJR MH LVWR WDNR QHRSKRGQR GD WDNR DVRFLUDQL SUHGPHW ªYLGLWH© NDNR VWRML X RGQRVX SUHPD GUXJLP DVRFLUDQLPSUHGPHWLPDDQDURþLWRSUHPDRQLPNRMLVXPXQDMEOLåL2G SRVHEQH MH YDåQRVWL QDUDYQR GD VYH DVRFLUDQH SUHGPHWH MRã MHGQRP VLJXUQR ªXþYUVWLWH© X QMLKRYRP UHGRVOHGX SRQRYQLP DVRFLUDQMHP ODQþDQLP PHWRGRP 2YDNDY SRVWXSDN SUL DVRFLUDQMX QDP JDUDQWXMH GD üHPR VH DVRFLUDQRJ SUHGPHWD XYHN PRüL VHWLWL $NR VOXþDMQR ]DNDåH YH]D SUHGPHWD VD QMHJRYLP QXPHULVDQLP PHVWRP RQGD ªEU] SRJOHG OHYR L GHVQR© QD QMHJRYH ªVXVHGH© RGPDK üH QDP ]DKYDOMXMXüL DVRFL MDFLMLSRODQþDQRPPHWRGXWDMSUHGPHWGR]YDWLXVHüDQMH
80,187'2'9$1$(67 69(9567(5('29$92ä1-(89$â(0'ä(38
-HGDQ VLQ ]HPOMH L]OD]HüHJ VXQFD SRVORYQL þRYHN L] -DSDQD X NRPH YR]RYL WDNR WDþQR VDREUDüDMX GD VH SR QMLPD PRJX NRPRWQR GRWHULYDWL þDVRYQLFL ]DX]HR MH VYRMH PHVWR X MHGQRP HYURSVNRP HNVSUHVX ,DNR MH GRSXWRYDR X (YURSX EH] LNDNYLK SUHGUDVXGD ELR MH SULMDWQRL]QHQDÿHQNDGDMHHNVSUHVNUHQXRWDþQRQDYUHPHMHUMHLVDP ELRSRVORYLþQRWDþDQ $OL QMHJRYR ]DGRYROMVWYR ELOR MH NUDWNRJ YHND 8VNRUR MH QDLãDR NRQGXNWHULSUHJOHGDMXüLPXNDUWXUHNDR ² 9HRPDåDOLPDOLPRUDüHWHGDQDSXVWLWHRYRPHVWRMHUVWHJD SRJUHãQR]DX]HOL ² $OLPROLP9DVSRJOHGDMWHEROMHPRMXYR]QXNDUWX6YHVHVOD åHEURMPRJDVHGLãWDYUHPHSRODVND ²YHRPDL]QHQDÿHQSURWHVWYR YDRMH-DSDQDF ² 'DVYHVHVODåH²RGJRYRULUH]LJQLUDQRNRQGXNWHU²RVLPGD WXPD2YDMYR]NDVQLþLWDYDþDVD
2YRMHVLJXUQRMHGQDRGPDQMLKLUHÿLKQH]JRGDNRMHQDPVHPRJX GHVLWLNDGDNUHQHPRQDSXW0QRJRþHãüHQDPVHGRJDÿDGD]DNDVQLPR QDYR]LOLDXWREXVLOLGDL]JXELPRSRYROMQXYH]XVDQHNLPGUXJLPSUHYR] QLP VUHGVWYRP MHU QLVPR ]QDOL LOL VPR ]DERUDYLOL WDþQR YUHPH SRODVND =DKYDOMXMXüL 9DãHP GR VDGD VWHþHQRP ]QDQMX L] WHKQLNH VLVWHPDWVNRJ SDPüHQMDQDYHRPDODNLMHGQRVWDYDQQDþLQL]EHüLüHWHXEXGXüHRYDN YH SUREOHPH L VHEL D PRåGD L GUXJRPH XãWHGLWL QHSRWUHEDQ JXELWDN YUH PHQDLQHUDYD
3DPüHQMHåHOH]QLþNLKUHGRYDYRåQMH .DR ãWR 9DP MH SR]QDWR VYDNL åHOH]QLþNL UHG YRåQMH PRåH GD VH NRULVWLRGVWUDQHSXWQLNDXJODYQRPXRYDGYDREOLND .DRL]YRGL]UHGDYRåQMHNRMLXYUHPHQXRG2GRþDVDSRND ]XMHYUHPHQDSRODVNDLOLGRODVNDVYLKYR]RYDVDWHVWDQLFH .DRNRPSOHWDQUHGYRåQMHQDVYLPSUXJDPDX]HPOML8QMHPX VXSUXJHQXPHULVDQHUHGQLPEURMHYLPDL]DVYDNXSUXJXGDMH VHNDRELWQR NLORPHWUDåD LPHQDVWDQLFDQDWRMSUX]LL YUHPHQDSRODVNDLGRODVNDQDSRMHGLQLPVWDQLFDPD
3DPüHQMHL]YRGDL]UHGDYRåQMH .RGL]YRGDL]UHGDYRåQMHWUHED]DSDPWLWLVDPRRYDWULSRGDWND ýDVRYHSROD]DNDGROD]DND 0LQXWHSROD]DNDGROD]DND 8SXWQXVWDQLFXLOLVWDQLFXRGDNOHYR]GROD]LDNRSDPWLPRGR ODVNHYR]RYD ýDVRYH SRODVND üHWH DXWRPDWVNL SDPWLOL SRPRüX UHGQLK EURMHYD NRMLPD üHWH QXPHULVDWL MHGQX SRJRGQX þHNDRQLFX LOL GUXJX QHNX SURVWR ULMXQDåHOH]QLþNRMVWDQLFL.RULVWLüHWHQDUDYQRUHGQHEURMHYHRGO² ]Dª2þDVRYD©X]PLWHPHVWRSUHGYUDWLPDVDPHþHNDRQLFH =DXSXWQHVWDQLFHX]HüHWHVYRMHSR]QDQLNHSULMDWHOMHLOLURÿDNHL] WLK PHVWD LOL QHNH LVWDNQXWH VLPEROH WLK PHVWD NRML üH 9DV RGPDK SRW VHWLWLRNRMLPVHPHVWLPDUDGL 0LQXWH WDþQLK SROD]DND SUHWYRULWH X RGJRYDUDMXüH UHFL WM SUHG PHWHVWDYLWHLKXUXNHRVREDPDNRMHSUHWVWDYOMDMXXSXWQHVWDQLFHLOLLK QD GUXJL 9DPD SRJRGDQ QDþLQ DVRFLUDMWH VD QMLPD D RVREH VD DVRFLUD QLPSUHGPHWLPDSRVWDYLWHQDRGJRYDUDMXüDPHVWDVREH7DNRRGPDKGREL MDWH ² þDVSRODVNDL]UHGQRJEURMDVDPRJYH]QRJPHVWD ² PLQXWSRODVNDL]SUHGPHWDDVRFLUDQRJVDRVRERPQDWRPYH] QRPPHVWX ² LPHVWDQLFH9DPVXJHULãH9DPDSR]QDWDRVREDNRMDMHXSUDYR L]WRJPHVWD 3UHWSRVWDYLPR QD SULPHU GD LPDWH VOHGHüH SRODVNH YR]RYD VD 9DãHVWDQLFH
9UFPH SRODVND
3UHPD 6DUDMHYR
%HRJUDG
=DJUHE
6RPERU
,WG
=DJUHE 9LQNRYFL
$VRFLMDFLMD
,VSUHG YUDWD SRVWDYLWH 9DPD SR]QDWRJ 6DUDMOLMX VD 0D&HP 1D PHVWX EU O VWRML UHFLPR MHGQD 9DãDSR]QDQLFD%HRJUDÿDQNDLJDÿDL] /X.D 3RVWDYLWHQDPHVWR EU QHNRJ 9DãHJ SULMDWHOMD L] =DJUHED L ]DPLVOLWH GD MHGH6X3X =DPLVOLWH QD PHVWX EU MHGQRJ 9DãHJ SR]QDQLND L] 6RPERUD NDNR VH NXSDSRG7XãHP ,WG 2SHW =DJUHE 1HPD SUREOHPD =DPLVOLWH RYRJ SXWD MHGQX 9DPD SR]QDWX =DJUHSþDQNX NDNR VYLUD QD /L5L 1D PHVWX SRVWDYLWH QHNRJ 9DãHJ SR]QDQLND L] 9LQNRYDFD LOL QHNRJ 9LQNDVD1R=HP
.DGD ]DYUãLWH PHPRULUDQMH FHORJ UHGD YRåQMH SUHNRQWUROLãLWH MRã MHGQRP UHSURGXNFLMRP X VYLP SUDYFLPD GD OL VWH JD GREUR L SRWSXQR ]DSDPWLOL 6YDNDNR PRüL üHWH GD JD UHSURGXNXMHWH L QD SUHVNRN MHU NDGD 9DV QHNR XSLWD ª.DGD LPD YR] ]D =DJUHE"© 9L üHWH RGPDK ªYLGHWL© 9DãHJ =DJUHSþDQLQD QD PHVWX þDVD NDNR MHGH 6X3X PLQXWD L SR]QDQLFX =DJUHSþDQNX QD PHVWX þDVD NDNRVYLUDQD/L5L LPLQXWD $NR åHOLWH GD ]DSDPWLWH L GRODVNH YR]RYD QD 9DãRM VWDQLFL RQGD SRVWXSLWH LVWR VDPR üHWH PRUDWL SUHWKRGQR L]DEUDWL GUXJX QHNXSURVWRULMXQDåHOH]QLþNRMVWDQLFLLDGHNYDWQRMHQXPHULVDWL 3DPüHQMHNRPSOHWQLKUHGRYDYRåQMH .RGNRPSOHWQRJUHGDYRåQMHWUHED]DSDPWLWLRYHELWQH HOHPHQWH .LORPHWUDåX 1D]LYHVWDQLFD 1HNROLNRYUHPHQDSRODVNDYR]RYDVDSRMHGLQLKVWDQLFD QDWRM SUX]L %URMLQD]LYSUXJH 3RVWXSLüHPR VOLþQR NDR L X SUHWKRGQRP VOXþDMX NDGD VPR SDPWLOL L]YRG L] UHGD YRåQMH 8 ]DYLVQRVWL RG GXåLQH SUXJH RGDEUDüHPR MHGQX LOL YLãH VRED .DR ãWR ]QDWH VYDND VRED PRåH GD ªSRNULMH©NPGXåLQHSUXJH =DWR DNR SDPWLPR UHG YRåQMH ]D QHNX PDJLVWUDOQXSUXJXQDSULPHU%HRJUDG²=DJUHERQGDWUHEDX]HWLL GYD VWDQD NXüH VD XNXSQR UQHVWD SRãWR MH RYD SUXJD GXJD SUHNRNP
3UDYLOQRP SULPHQRP WHKQLNH HILNDVQRJSDPüHQMD UD]QL UHGRYL YRåQMHELüH 9DP XYHNQDUDVSRODJDQMX
%URMSUXJHSUHWYRULPRXQXPHULþNXUHþRGQRVQRSUHGPHWLDVR FLUDQRJVDRVRERPNRMDQDPGDMHQD]LYSUXJHVWDYLPRJDLVSUHGVWDQD NXüH LOLQDVDPX]JUDGXNXüX =DªQXOWLNLORPHWDU©WMSROD]QXVWDQLFX NRULVWLPR YH]QRPHVWR SUHG YUDWLPDVREH D RVWDOH EURMHYH NLORPHWDUD SDPWLPR DXWRPDWVNL VDPLP WLP ãWR QD RGJRYDUDMXüH EURMHYH PHVWD VWDYLPR SUHGPHWH LOL RVREH NRMH QDP VXJHULãX QD]LYH SRMHGLQLK VWDQLFD=DRYHSUHGPHWHLOLRVREHDVRFLUDPRSRWUHEDQEURMQXPHULþNLK UHFLSRODQþDQRPPHWRGXNRMHVDGUåHYUHPHQD'ROD]DNDVDSRMHGLQLK VWDQLFD 1DSULPHUX]PLPRQHNROLNRVWDQLFDQDSUX]LEU%HRJUDG ²9LQNRYFL²1RYVND²=DJUHE*O.RO 7DU NP
67$1,&( 95(0(32/$6.$ %HRJUDG LWG 6WDUD3D]RYD LWG 5XPD LWG ,WG =QDþL QD ªQXOWR PHVWR© NRMH VH XYHN QDOD]L LVSUHG XOD]QLK YUVWD SRVWDYLüHPR QHNRJ QDPD SR]QDWRJ %HRJUDÿDQLQD LOL %HRJUDÿDQNX LOL QHNL GUXJL VLPERO WRJD JUDGD L ]D QMHJD DVRFLUDWL QXPHULþNH UHFL NRMH VDGUåH YUHPHQD SRODVND SRMHGLQLK YR]RYD 1D SULPHU .R6D WM RGPDK ]QDPR GD MH X VWYDUL .D57D 9H'5R 9H17LODWRU 7H6/D O DOL ]DKYDOMXMXüL NURQRORãNRP UHGRVOHGX SROD]DND ]QDPR RGPDK GD QH PRåH ELWL ª © QHJR 1D5&LV RGQRVQR 7DNR VPR VD MHGQLP NUDWNLP /DQþDQLP QL]RP RG VYHJD þODQRYD ]DSDPWLOLVYHSRODVNHYR]RYDL]%HRJUDGD 1DLVWLQDþLQSDPWLPRLYUHPHQDSRMHGLQLKSROD]DNDLL] RVWDOLK XVSXWQLK VWDQLFD 1D SULPHU ]D VWDQLFX 6WDUD 3D]RYD PRåHPR XSRWUHELWLVOHGHüLODQþDQLQL].X1L&²9H6/R²9D03²3H6D. ²'R0D5 OWM ²0D6/R RGQRVQR 1D LVWLQDþLQSR
VWXSDPR L VD RVWDOLP XVSXWQLP VWDQLFDPD 1DUDYQR PRJX VH SDPWLWL VDPR SRMHGLQH SUXJH LOL VDPR YHüH XVSXWQH VWDQLFH LOL VDPR EU]L L HNVSUHVQL YR]RYL LWG 6YH ]DYLVL RG NRQNUHQWLK åHOMD L SRWUHED VYDNRJ SRMHGLQFD 'UX"L QDþLQ SDPüHQMD NRPSOHWQRJ UHGD YRåQMH PRåHWH WDNRÿH SUD NWLNRYDWL DNR NRULVWLWH PHWRG DXWRQRPQLK DVRFLMDFLMD QH NRULVWLWH QL WR SRVLVWHP QLWL QHNX YH]QX WDEHOX YHü RGYRMHQH ODQþDQH QL]RYH ]D VYDNL UHG SRGDWDND QD WRM SUX]L 1D SULPHU ]D RVREX LOL QHNL GUXJL VLPERO NRML 9DP SUHWVWDYOMD VWDQLFX 5XPD DVRFLUDMWH RGJRYDUDMXüL ODQþDQLQL]VDVWDYOMHQ RG QXPHULþNLKUHFLNRMHVDGUåHSRODVNHYR]RYD VDVWDQLFH5XPD6YDNDNRSUYDQXPHULþNDUHþXQL]XR]QDþDYDüH9DP EURMNLORPHWDUDD. NP ².X5L5 ²9X1L&D ²3D6 ²=D67DYD RGQRVQRSRKURQRORJLML ²'H/L-D ²-X1D. 1D LVWL QDþLQ SRVWXSLüHWH L ]D RVWDOH XVSXWQH VWDQLFH L SRODVNH SRMHGLQLKYR]RYD
3DPüHQMHDXWREXVNLKUHGRYDYRåQMH ² 'DPROLPâWDåHOLWH"²SLWDRMHKRWHOVNLJRVWXMHGQRPJUD GLüXGRNPXMHQHNROXSDRQDYUDWD ² 2YGHSRUWLU,]YLQLWHDOLQLVDP]DSDPWLRGDOLWUHEDGD9DVSUR EXGLPXãHVWLOLVHGDPVDWL" ² 8SHWXSHW²]DYDSLJRVWVDGDYHüYLãHQHJREXGDQ²3D OHSRVDP9DPUHNDRXSHW-RãüX]DNDVQLWLQDDXWREXVNRMLSROD]LXSR ODãHVW.ROLNRMHVDGDVDWL" ² 7DNRRNRSRODGHYHW ²RGJRYRULSRUWLU $XWREXVNHUHGRYHYRåQMHPRåHPRODNRGHSDPWLWLQDYLãH QDþLQD -HGDQQDþLQELVHVDVWRMDRXWRPHGDQDDXWREXVNRMVWDQLFLL]D EHUHPR SRJRGQX SURVWRULMX L QXPHULãHPR MH ]D SDPüHQMH SR WRSR VLVWHPX,VSUHG YUDWD VWDYLPR QD]LY RGQRVQR RGUHGLãQX VWDQLFX OLQLMH LHYHQWXDOQREURMOLQLMD3XQHVDWHQDPGDMXRGJRYDUDMXüDQXPHULþND PHVWDQDNRMDüHPRSRVWDYOMDWLSUHGPHWHLOLRVREHþLMLüHQD]LYLVDGUåDWL LPLQXWHSRODVND 2YDMQDþLQMHSRVHEQRSULNODGDQDNRSDPWLPRVYHSRODVNHLOLGR ODVNH DXWREXVDVDSROD]QHVWDQLFHNRMLKLPDSULOLþQRRE]LURPQDYHOLNX IUHNYHQFLMX DXWREXVNRJ VDREUDüDMD 2YDM QDþLQ MH WDNRÿH QDURþLWR SRJRGDQ ]D EU]R VQDODåHQMH X UHGX YRåQMH 1D SULPHU X SUDNWLþQRP åLYRWX XYHN NDåHPR ª,ãDR ELK ]D 6NRSOMH QHNLP DXWREXVRP RNR þDVRYD.DGDXVWYDULWDþQRSROD]L"©'RYROMQRMHGD9DãLPªGXKRYQLP RNRP© SRWUDåLWH YH]QR PHVWR EU L QXPHULþNH UHFL NRMH WDPR ªQDÿHWH©GDüH9DPSUHFL]QRXPLQXWWDþQDYUHPHQDSROD]DNDXWREXVD ]D6NRSOMHSRVOHþDVRYD 'UXJL QDþLQ SDPüHQMD SROD]DND L GROD]DND DXWREXVD QD MHGQRM VWDQLFL MH GD MHGQRVWDYQR SULPHQLPR ODQþDQL PHWRG SDPüHQMD L SRãWR VPR YUHPHQD SUHWYRULOL X SULNODGQH QXPHULþNH UHFL RYH UHFL DVRFLUDPRXMHGDQODQþDQLQL]VWLPãWRSUYLþODQQL]DWUHEDGDVDGUåLLOL VXJHULãHLPHVWDQLFH]DNRMXVPRSRODVNHLOLGRODVNHDXWREXVDSDPWLOL 8NROLNR LPDWH SRWUHEX GD SDPWLWH üHOH OLQLMH VD LPHQLPD SUROD]QLKPHVWD²VWDQLFDNLORPHWUDåRPLWGRQGD SRVWXSLWH DQDORJQR PHWRGXNRMLVWHQDXþLOLLQDGDPRVHSULPHQLOL]DSDPüHQMHNRPSOHWQLK åHOH]QLþNLKUHGRYDYRåQMH
=D SDPüHQMH RVWDOLK YUVWD UHGRYD YRåQMH NDR ãWR VX DYLRQVNL EURGVNL JUDGVNRJ LOL SULJUDGVNRJ VDREUDüDMD PRåHWH NRULVWLWL ELOR NRMLRGL]ORåHQLKQDþLQDX]QDUDYQRRGUHÿHQHPDQMHDGDSWDFLMH 2EUDWLWH SDåQMX QD YHRPD SUDNWLþQX PRJXüQRVW ODNRJ L NRPSDNWQRJ SDPüHQMD UD]QLK GRGDWQLK REDYHãWHQMD X] SRMHGLQH GRODVNHLRGODVNH VDREUDüDMQLK VUHGVWDYD NRMHXYHN QDOD]LPR X VYLP UHGRYLPD YRåQMH 1D SULPHU X DYLRQVNRP UHGX YRåQMH LOL ª5HGX OHWHQMD© YHRPD MH YDåQR ]DSDPWLWL QH VDPR SRMHGLQD YUHPHQD SROD]DNDLRGOD]DNGRQDQHJRLWLSDYLRQDEURMOHWDLWDþQHGDQD NDGD VDREUDüD %H] RYLK SRGDWDND þHVWR QDP PDOR NRULVWL VDPR YUHPHSROHWDQMDLOLVOHWDQMD 7LSRYL DYLRQD VX QD SULPHU R]QDþHQL RYDNR %RHLQJ ª© .D-D. 7XSROHY78 ª7© 7D0D5D WDNRGD SDPWLPRVDPRVNUDüHQLFH'DQLVDREUDüDQMDVXR]QDþHQLEURMHYLPD 1DSU ªXWRUNRP SHWNRP L QHGHOMRP© R]QDþDYD VH X ª5HGX OHWHQMD© VDPRVDRGJRYDUDMXüLPEURMNDPDNRMHODNRSDPWLPRMHGQRP QXPHULþNPUHþMX1D/R*7DNRÿHLEURMOHWDR]QDþDYDVHUHGXYQR VD VORYD L MHGQLP FLIUHQLP EURMHP 1D SU /HW DYLRNRPSDQLMH 6$6 6FDQGLQDYLDQ $LU UHV 6\VWHP EU ]D .RSHQKDJHQ .REHQKDYQ R]QDþDYDVHNUDWNR6. ãWRODNRSDPWLPRVDGYH UHFL6. 6D.RLOL6H.DDª© 9H17LOLOL9H17LODWRU 2YHUD]QRYUVQHYHRPDSUDNWLþQHPRJXüQRVWLNRPELQRYDQMD NRMH X PQRJRPH XSURãüDYDMX L RODNãDYDMX DVRFLUDQMH SRGDWDND L] ELORNRJUHGDYRåQMHWUHEDLPDWLQDXPXLRELOQRNRULVWLWL
%(=321$9/-$1-$1(0$ 75$-12*3$0û(1-$ 5HSHWLWLRPDWHUVWXGLRUXP ²/DWVHQWHQFD
=$â72-(6,67(0$76.2321$9/-$1-(1(23+2'12=$ '2%523$0û(1-("
1Dã SR]QDWL SVLKRORJ SURIHVRU 'U % 3HWURQLMHYLü MRã X VYRMLPWLPJRGLQDPDåLYRWDPRJDRMHGDUHFLWXMHGXJDþNHVWLKRYH QDIUDQFXVNRPMH]LNX.DGDVXJDXSLWDOL ªâWDMH]DSUDYRSDPüHQMH"© L /DWª3RQDYOMDQMHMHPDWL]QDQMDXþHQMD ©
6WDULSURIHVRUMHRGJRYRULR ª3 D P üHQMHMHSRQDYOMDQMHSRQDYOMDQMHSRQDYOMDQMH © 8 QDãRM VYHVWL L QD SRYUãLQL SDPüHQMD QDOD]L VH ]QDQMH NRMH þHVWR XSRWUHEOMDYDPR L NRMH X L]YHVQRP VPLVOX þLQL RVQRYX QDãHJ VYHVQRJ SVLKLþNRJ åLYRWD 7R ]QDþL DNR QHNRP GHOX QDãHJD ]QDQMD GXåH YUHPHQD QH SRNORQLPR SDåQMX RQR SRWLVQXWR GUXJLP SUHWVWDYDPD NRMH RELWDYDMX X QDãRM VYHVWL WRQH X SRWVYHVW X GXELQX QDãHJ SDP üHQMD 8 NROLNR VD WLP GHORP ]QDQMD L]JXELPR YH]X DVRFLMDFLMX RQGD JD SUDNWLþQR YLãH QH PRåH P R YUDWLWL RGQRVQR GR]YDWL X VYHVW 7HRUHWVNL MH MRã XYHN VSRUQR GD OL þRYHN PRåH QHãWR SRWSXQR GD ]DERUDYL MHU LPD GRVWD VOXþDMHYD GD VX VH OMXGL GRGXãH SRG SRVHEQLP XVORYLPD VHüDOL SRWSXQR ]DERUDYOMHQLKVWYDUL =QDþLDNRWDMGHR]QDQMDGREURSRYHåHPRSUL]DSDPüLYDQMXVD YHü SRVWRMHüLP ]QDQMHP RQGD üH RQ ELWL WUDMQR UDVSRORåLY X QDãHP SDP üHQMXSRG XVORYRPGDJD þHãüHGR]LYDPR XVYHVW WM SRQDYOMDPR 3RQDYOMDQMHNDR PHWRGMHGYRVWUXNR NRULVQRL QHRSKRGQR ]D QDãHSDPüHQMHLXþHQMH 3RQDYOMDQMHNRMHYUãLP RMR ãXWRNX]DSDP üLYDQMDNRMH QDP RPRJXüDYDGDEUåHLEROMHSDPWLPR 3RQDYOMDQMHNRMHYUãLPRNDVQLMHSRREDYOMHQRP ]DSDP üLYDQMX GDELQDXþHQRWUDMQRXWYUGLOLXVYRPSDP üHQMX
1HRSKRGQRVWSRQDYOMDQMDWRNRP]DSDPüLYDQMD 3UHPD WRPH SRQDYOMDQMH VH MDYOMD L NDR RGOLþQD L QHRSKRGQD PHWRGD SDPüHQMD DNR JD YUãLPR MRã X WRNX VDPRJ ]DSDPüLYDQMD 8VSHK ]DSDPüLYDQMD QH ]DYLVL VDPR RG RVPLãOMDYDQMD L DVRFLUDQMD QHJR L RG SUDYLOQRJ SRQDYOMDQMD 2SLWLPD MH GRND]DQR GD MH QD SULPHU JUXSD NRMD MH SRQRYLOD PDWHULMDOSRVOHSUYRJ þLWDQMDEROMH]QDODPDWHULMDOSRVOHGUXJRJ þLWDQMD RG NRQWUROQH JUXSH NRMD MH LVWL PDWHULMDO VDPR GYD SXWD SURþLWDODEH]LNDNYRJSRQDYOMDQMD =DãWR VH GRJDÿD GD WHãNR SDPWLPR L EU]R ]DERUDYOMDPR" -HGDQRGJODYQLKUD]ORJDMH]DWR ãWRQHSRQDYOMDPR$NRVOXãDPR LOL þLWDPR QHNR JUDGLYR D QH SRQDYOMDPR JD RQGD JD SDVLYQR SDPWLPR UHDJXMHPR SDVLYQR L VYH QDãH VQDJH SRWUHEQH ]D ]DSDP üLYDQMH QHGRYROMQR DQJDåXMHPR (NVSHULPHQWDOQR MH GRND]DQRGDDNRVDPRMHGDQSXWSRQRYLPRJODVQRVYRMLPUHFLPD RQR ãWR VPR XSUDYR þXOL LOL SURþLWDOL SDP üHQMH VH PRåH L GYRVWUXNR SRYHüDWL 6HWLWH VH VDPR QDãHJ VUHGQMRãNROFD L QMHJRYRJ QRYRJ PHWRGD SDP üHQMD L XþHQMD NRML PX MH GRQHR RGOLþQH UH]XOWDWH 8 QMHJRYRM PHWRGL SRQDYOMDQMH MH ELOR SRG WDþNRP]QDþLGUXJRSRYDåQRVWLRGPDKSRVOHXVYDMDQMD]QDQMD 0 HÿXWLP XVSHK X ]DSDP üLYDQMX QH ]DYLVL VDPR RG EURMD SRQDYOMDQMD QHJR QDMYLãH RG SUDYLOQH RUJDQL]DFLMH L VSURYR ÿHQMDSRQDYOMDQMD 3RVWDYOMDQMH ]DGDWND X VYDNRP SRQDYOMDQMX MH YHRPD YDåQRDNRåHOLPRGDQDPSRQDYOMDQMHNDRPHWRGSDPüHQMDGRQHVH VYRMHIHNDW6YDNRSRQDYOMDQMHWUHEDGDLPDVYRMFLOML]DGDWDN 3UYRþLWDQMHLOLVOXãDQMH PDWHULMDODLQHSRVUHGQRSRVOHWRJD SRQDYOMDQMHLPDMX]DFLOMGDVHXRSãWHXSR]QDPRVDPDWHULMDORP 6YDNR GDOMH þLWDQMH L SRQDYOMDQMH LPD GUXJL UD]OLþLW ]DGDWDN XR þDYDQMHJODYQLKPLVOLSURGLUDQMHXVXãWLQXLVPLVDRSRMHGLQLK ORJLþNLKFHOLQDPDWHULMDOD
L L]QDODåHQMH PHÿXVREQLK ]DYLVQRX]URþQLK YH]D L]PHÿX SRMHGLQLK ORJLþ NLK FHOLQD /LKWHQEHUJRYR SURELMDQMH NDQDOD L JUDÿHQMH PRVWRYD L]PHÿX SRMHGLQLK GHORYD ]QDQMD 2YD UD]QROLNRVW ]DGDWDND SUL SRMHGLQLP SRQDY OMDQMLPDX]URNXMHQDãDNWLYDQLVYHVWDQRGQRVSUHPDSDPüHQMX 6YDNRSRQDYOMDQMHYUãLWLQDUD]OLþLWQDþLQ þLPHVHL]EHJDYD YHRPDRSDVQDMHGQRREUD]QRVWLPRQRWRQLMDDSREXÿXMHVHLQWHUHVRYD QMHLQDãDDNWLYQRVWXSDPüHQMX5D]QRYUVQRVWXSRQDYOMDQMXSRVWLåHPR SURPHQRPQDþLQDSRQDYOMDQMDLDVSHNWDL]NRJDYUãLPRSRQDYOMDQMHUH ãDYDQMHPUD]QLK]DGDWDNDXYH]LVD]DSDPüHQLPPDWHULMDORPL UD]QLP REOLFLPDSULPHQHQDXþHQRJPDWHULMDODXSUDNVLãWRMHQDMYDåQLMH 3RQDYOMDQMHNDRNRQWURODWDþQRVWL]DSDPüHQRJPDWHULLDODQH ]DPHQOMLYRMHMHUMHGLQRUHSURGXNFLMRP]DSDPüHQRJPDWHULMDOD PRåHPR XVWDQRYLWLNROLNRVPR]DSDPWLOLLNDNRVPR]DSDPWLOLWHVDREUD]QRWRPH L]YUãLWLSUDYRYUHPHQRSRWUHEQHNRUHNFLMH -HGQRPSRJUHãQRQDXþHQRL ]DSDPüHQRGRFQLMHVHYHRPDWHãNRLVSUDYOMD 3RQDYOMDQMHSRVOH]DSDPüLYDQMDMHXVORYRGUåDYDQMD]QDQMD .DR ãWR MH YDåQR SULPHQMLYDWL SRQDYOMDQMH NDR PHWRG SDPüHQMD WR NRP VDPRJ SURFHVD ]DSDPüLYDQMD LVWR MH WDNR YDåQR DNR QH L YDåQLMH SUDYLOQR RUJDQL]RYDWL L SULPHQMLYDWL SRQDYOMDQMH SRVOH ]DSDPüLYDQMD QH NRJPWHULMDOD
3RQDYOMDQMHMHQHRSKRGQRWRNRPVDPRJ]DSDPüLYDQMDLSUHGXVORYMHRþXYDQMD]QDQMD SRGUD]RUQLPGHMVWYRPYUHPHQD
3UDYRYUHPHQR SRQRYLWL ]QDþL VSDVLWL YHüL GHR ]DSDPüHQRJ PD WHULMDOD RG ]DERUDYOMDQMD NRMH MH QDLLDþH XSUDYR RGPDK SRVOH ]DSDP üLYDQMD L XãWHGHWL VHEL PQRJR WUXGD L YUHPHQD RNR SRQRYQRJ SDPüHQMD ]DERUDYOMHQRJ PDWHULMDOD (NVSHULPHQWDOQR MH XWYUÿHQR GD NULYD ]DER UDYOMDQMDQDMRãWULMHSDGDSUYLK²GDQDRGPDKSRVOH]DSDPüLYDQMD D NDVQLMH VH PDQMH LOL YLãH XVWDOMXMH X ]DYLVQRVWL RG YUVWH ]DSDPüHQRJ PDWHULMDOD
9UHPHQVNLGREURUDVSRUHÿHQRSRQDYOMDQMHNRMHVHYUãLþHãüH GDMHGDOHNRYHüLHIHNDW0QRJRYLãH]DSDPWLPRDNRMHGDQPDWHULMDO SR QRYLPRþHãüHDNUDüHLSRGHORYLPDXWRNXGDQDQHJRDNRJDGQHYQR VDPRMHGQRPPDNDUYUHPHQVNLMHGQDNRGXJRSRQRYLPR2SLWLPDMH WDNRÿHGRND]DQRGDRWSULOLNHWUL SXWD YLãH]DSDPWLPRDNRPDWHULMDO WRNRPGDQDMHGDQSXWGQHYQRSRQRYLPR QHJRDNRODMLVWLPDWHULMDOX WRNXVDPRMHGQRJGDQDSHWSXWDSRQRYLPR=QDþLSDPüHQMXãWHWLIRUVL UDQRSRQDYOMDQMHDYUHPHQVNLSUDYLOQRUDVSRUHÿHQRQDGXåLURNYHRPD JDSRVSHãXMH3RQDYOMDWLWUHEDþHãüHLSRPDORDQHUHWNRLPQRJR7D NRÿH]DSDPüHQLPDWHULMDOWUHEDXSRþHWNXþHãüHSRQDYOMDWLDNDVQLMH SRãWRVHVYHYLãHLYLãHX þYUãüXMHXSDPüHQMXVYHUHGH,QWHUYDOHSR QDYOMDQMDNRML9DPDQDMYLãHRGJRYDUDMXPRUDWHVDPLSURQDüLLXWYUGLWL ]DVYRMVOXþDM 3RQDYOMDQMHXFHOLQLLOLGHORYLPD"3RQDYOMDWLWUHEDRQDNR NDNR XþLPRLSDPWLPRD]DRSWLPDOQRXþHQLHYDåLSUDYLORGDWUHED SULPHQLWL NRPELQRYDQLPHWRG
1DMSUHVHPDWHULMDOSURþLWDXFHORVWLGDVHVWHNQHRSãWLXYLGL XSR]QDVDQMHJRYRPVWUXNWXURP =DWLPVHSURUDÿXMHGHWDOMQRSRGHORYLPDSULþHPXVHQDURþLWR VDYODÿXMXWHãNDPHVWD 1DNUDMXFHRPDWHULMDOVHSURþLWDSRQRYRXFHORVWLNDNRELVH VYLGHORYL]DRNUXåHQLXMHGQXFHOLQXLPHÿXVREQRSRYH]DQLXV YRMLOLXSRWSXQRVWL ,VWLP PHWRGRP WUHED L SRQDYOMDWL SRVOH VYDNH ID]H ]DSDPHLYDQMD L XþHQMD þLPH VH SRUHG RVWDORJ RVWYDUXMH L UD]QROLNRVWSRQDYOMDQMD 3RQDYOMDQMHVDLOLEH]NQMLJH"8YHNWUHEDSRQDYOMDWLEH]NQML JHLOLQHNHGUXJHSRPRüLVDVWUDQHMHUWLPHSDVLYQRSRQDYOMDQMH]DPH QMXMHPRYHRPDHILNDVQRDNWLYQLP3RUHGWRJDWRNRPUHSURGXNFLMH RGPDKYLGLPRNRMDPHVWDQH]QDPRWDNRGDVHSULVOHGHüHPþLWDQMXPR åHPRQDQMLKNRQFHQWULVDWLãWR]QDWQRRODNãDYDUDGLXEU]DYDSDPüHQMH =QDþLSUL]DSDPüLYDQMXPDWHULMDODQHVPHPRVHRVORQLWLQDUD]XPHYDQMH PDWHULMDODL]DNOMXþLWLGDDNRVPRPDWHULMDOUD]XPHOLGDVPRJDLVWR YUHPHQRLQDXþLOL0HULORPRåHGDQDPEXGHVDPRUHSURGXNFLMDNRMD QDPXYHNSRNDåHLGRNDåHGDRQRãWRVPRUD]XPHOLSDVLYQR QLVPR XYHNXVWDQMXLSRWSXQRUHSURGXNRYDWLDNWLYQRSULPHQLWL 3RUHGWRJD MHGLQRQDPUHSURGXNFLMDRWNULYDJUHãNHX]DSDPüLYDQMXLQMLKPRåHPR MHGLQRSRPRüXUHSURGXNFLMHLL]EHüLLRWVWUDQLWL $NREL VH]DGRYROMLOL VDPRUD]XPHYDQMHPX]DSDPüLYDQMXRYHJUHãNHELL]PDNOHQDãRMSDå QMLLRVWDYLOHQDVXODåQRPXYHUHQMXGDPDWHULMDOGREUR]QDPR -RãQHNDSUDNWLþQDXSXWVWYD]DHILNDVQXSULPHQXSRQDYOMDQMD ýLWDQMH EH] SRQDYOMDQMD MH VDPR SDVLYQR þLWDQMH ýLWDQMH VD SRQDYOMDQMHP MH DNWLYQR XþHQMH L ]DSDPüLYDQMH 3RQDYOMDQMH QDP VWDOQR SRND]XMH NDNDY XVSHK SRVWLåHPR X ]DSDPüLYDQMX ãWR PRåH MRãYLãHSRMDþDWLQDãLQWHUHVLSRYHüDWLQDãXPRWLYDFLMX .RQDþQRSRQDYOMDQMHPSRVWLåHPRLQDãNUDMQMLFLOMXSDPüHQMX LXþHQMXWDþQXUHSURGXNFLMX]DSDPüHQRJPDWHULMDOD -Rã MHGQD QHRSKRGQD IXQNFLMD SRQDYOMDQMD ªEUXãHQMH© GRWHULYDQMHLNRQDþQRXREOLþDYDQMHQDãLKSRMPRYDNRML X SRþHWQRM ID]L PRJX GD EXGX SRJUHãQL QHSRWSXQL LOL RSWHUHüHQL UD]QLPVSRUHGQLPLQH
SRWUHEQLP GHWDOMLPD 3URYHUHQL L NRQDþQR XREOLþHQL NUR] SRQDYOMDQMH L 3) LPHQX SRVWDMX ]GUDYL SRMPRYL QD RVQRYX NRMLK VH PRJX GRQRVLWL ]GUDYL L LVSUDYQL ]DNOMXþFL GDNOH NRML RPRJXüDYDMX L RODNãDYDMXWUH]YHQRLUHDOQRPLãOMHQMH 6D REQDYOMDQMHP ]DSDPüHQRJ L QDXþHQRJ ]QDQMD QH WUHED SUDNWLþQR QLNDGD SUHVWDWL MHU ]QDQMH DNR VH QH REQDYOMD PRåH GD SRWRQH X GXELQH QDãH SRWVYHVWL JGH SRVWDMH QHHILNDVQR ]D VYDNRGQHYQX SUDNWLþQX XSRWUHEX /MXGL RELþQR SUHVWDQX YLãH GD VH EULQX ]D QHãWR ãWR MHGQRP QDXþH L PRJX GD SRQRYH L WLPH þLQH IDWDOQX JUHãNX SUHPD VYRP ]QDQMX 1H WUHED QLNDGD VWDWL QHJR RVYHåDYDWLVYRMHSDPüHQMHVYUHPHQDQDYUHPH .ROLND YHOLND L þHVWR QHLVNRULãüHQD VQDJD ]D SRYHüDQMH SDPüHQMD OHåL X SRQDYOMDQMX SRND]XMH L ]DQLPOMLY VOXþDM MHGQRJ LWDOLMDQVNRJ JOXPFD $ $YLOMDQD $YLJOLDQR 2Q MH X URNX RG JRGLQDWDþQLMHRG²²SXWDSUHSLVDRVYD6HNVSLURYDGHOD RGUHFLGRUHFL2YRGRVORYQRSUHSLVLYDQMHELORMHVYRMHYUVQRYL]XHOQR PRWRUQR D SRQHNDG YHURYDWQR L DXGLWLYQR SRQDYOMDQMH NRMH MH GDOR IDQWDVWLþDQ UH]XOWDW SRVOHGQML SXW SUHSLVDR MH VYD GHOD RSHW GRVORYQR DOLQHL]NQMLJHQHJRL]VYRJSDPüHQMD 1HSURSXãWDMWHNRULVQHXVOXJHUHPLQLVFHQFLMH 5HPLQLVFHQFLMDLOLSRYUDWQRQDNQDGQRVHüDQMH²]RYHVHMRãL%D ODUGRYHIHNDWSR'U)LOLSX%%DODUGX3KLOLS%%DOODUG ²MHRVRELQD SDPüHQMD L XPD GD SRVOH MHGQRJ þDVD D QDMYLãH MHGQRJ GDQD SR SUHVWDQNX XþHQMD PRåHPR SRQRYLWL YLãH PDWHULMDOD QHJR ãWR VPR ELOL X VWDQMX UHSURGXNRYDWL QHSRVUHGQR SRVOH SDPüHQMD L XþHQMD %DODUGRY HIHNDW LOL UHPLQLVFHQFLMX PRåHPR XSRUHGLWL VD LQHUFLMRP X PDWHULMDOQRP VYHWX ODNR VPR SUHVWDOL VD SDPüHQMHP L SRQDYOMDQMHP XP QDVWDYOMD GD UDGL þDN L X VOXþDMX GD VH EDYLPR QHNLP VDVYLP UD]OLþLWLPSRVORP =D WDM QMHJRY QDNQDGQL UDG L VUHÿLYDQMH ]DSDPüHQRJ WUHED PX QDMPDQMH RNR O þDV UDþXQDMXüL RG SUHVWDQND ]DSDPüLYDQMD PDWHULMDOD SRVOH þHJD QDP VSUHPQR VWDYOMD QD UDVSRODJDQMH HIHNW UHPLQLVFHQFLMH 8SUDYR NDGD QDVWXSL RYDM NRULVQL HIHNW WUHED SRþHWL VD UHSURGXNFLMRPLELüHPRXYHNSULMDWQRL]QHQDÿHQLSRYHüDQLPUH]XOWDWRP XSRUHÿHQMXVDSUYLPSRQDYOMDQMHPQHSRVUHGQRSRVOH]DSDPüLYDQMD
3RQDYOMDQMHLVLVWHPDWVNRSDPüHQMH ,DNR VH WHKQLNDPD VLVWHPDWVNRJ SDPüHQMD LQWHQ]LYQR VYXGD VSURYRGL RVPLãOMDYDQMH DVRFLUDQMH L RVWDOH HILNDVQH ]DNRQLWRVWL DVRFLMDWLYQRORJLþNRJSDPüHQMDLSDNVWYRUHQHDVRFLMDFLMHEH]RE]LUD ãWRVXVLJXUQLMHLWUDMQLMHRGRELþQLKSRGOHåX]DNRQLWRVWLPDSRQDYOMDQMD 6YDNDNR ]D SRQDYOMDQMH PDWHULMDOD ]DSDPüHQRJ WHKQLNDPD VLVWHPDWVNRJSDPüHQMDWUHEDüHQDP]QDWQRPDQMHYUHPHQDDOLWRQH ]QDþL GD QDãH DVRFLMDFLMH QH WUHED LVWR WDNR VLVWHPDWVNL REQDYOMDWL L SURYHUDYDWLSRL]ORåHQLPPHWRGDPD 1H WUHED ]DERUDYLWL þLQMHQLFX GD VYH QDãH VSRVREQRVWL ]DYLVH RG QMLKRYRJ QHSUHNLGQRJ NRULãüHQMD L XSUDåQMDYDQMD RGQRVQR RG QMLKRYRJ RVYHåDYDQMDLREQDYOMDQMD²DQDãHSDPüHQMHQLMHQLNDNDYL]X]HWDN
3RPRüQLLQVWUXPHQWL SRQDYOMDQMD GQHYQLN SRQDYOMDQMDLNDUWRWHND]QDQMD 8 SRþHWQRM ID]L GRN QH VWHNQHWH SRWUHEQX UXWLQX L RGUHGLWH VYRMH OLþQH LQWHUYDOH ]D SRVWL]DQMH QDMEROMLK HIHNDWD X SRQDYOMDQMX YHRPD NROLVQR PRåH GD 9DP SRVOXåL GQHYQLN SRQDYOMDQMD 7R MH X VWYDUL MHGQD PDOD HYLGHQFLMD X NRMRM üHWH UHGRYQR EHOHåLWL RYH ELWQH SRGDWNH 5HGQLEURM]DSDPüHQRJPDWHULMDOD 1D]LY]DSDPüHQRJPDWHULMDOD 'DWXPSDPüHQMD 'DWXPSUYRJSRQDYOMDQMD 'DWXPHNDGDWUHEDL]YUãLWL,,,,,LOL,9SRQDYOMDQMH 9DãHSULPHGEH 2YLPQDþLQRPREH]EHÿXMHPRGDQLMHGDQGHRQRYRJ]QDQMDQHL]R VWDYLPRLGDVHQHGRJRGLGDXYHNRGSRþHWNDSRQDYOMDPRMHGDQWHLVWL PDWHULMDO YHü GD VYDNL GHR QRYRJ ]QDQMD EXGH VLVWHPDWVNL L RSWLPDOQR SRQDYOMDQ8MHGQRGQHYQLNSRQDYOMDQMDMHLSUHJOHGQDãLKXVSHKDXSDP üHQMX 8 SRþHWNX YDåQR MH GD SUYR SRQDYOMDQMH REDYLWH LVWRJ GDQD NDGD L ]DSDPüLYDQMH 'UXJR SRQDYOMDQMH VOHGHüHJ GDQD QDMEROMH SUH VSDYDQMD MHU VDQ VSUHþDYD GHMVWYR UHWURDNWLYQH LQKLELFLMH ]D RNR SXWD 7UHüH SRQDYOMDQMH ² LGXüH VHGPLFH D ]D VYDNR GDOMH SRQDYOMDQMH DNR WUHED RVWDYLWH ² SXWD YLãH YUHPHQD QHJR ]D SUHWKRGQR1DRVQRYXRYDNYHGLQDPLNHSRQDYOMDQMDXVNRURüHWHPRüLGD RGUHGLWHVYRMXOLþQX]D9DVQDMSRJRGQLMXGLQDPLNX .DUWRWHND ]QDQMD MH SRVHEQR REUDÿHQD X 3RJODYOMX 2YGH üHPR VDPR QDSRPHQXOL GD ]DSDPüHQL PDWHULMDO NRML MH VUHÿHQ X NDUWRWHFL ]QDQMD SUHWVWDYOMD RGOLþQR SRPRüQR VUHGVLYR ]D REQDYOMDQMH L NRQWUROX 9DãHJSDPüHQMDMHURQDVDGUåL WDþQH SRGDWNH NRMH MH WUHEDOR ]DSDPWLWL 3R XWYUÿHQRM GLQDPLFL X ª'QHYQLNX SRQDYOMDQMD© YUãLWH SRYUHPHQD SRQDYOMDQMD SUHOLVWDYDMXüL L SUHJOHGDYDMXüL9DãXNDUWRWHNX]QDQMD
6/,.$-(3267$/$5(&
3URQDOD]DNSLVPDSRPRJDRMHSRJRUãDQMX SDPüHQMD 3ODWRQ 3RGDFLQDSDSLUXQLVX]QDQMH²RQLWR SRVWDMXWHNNDGDVHQDÿXXJODYL
3,602,3$0û(1-(
3URQDOD]DN SLVPD GRQHR MH VD VRERP PQRJH SUHGQRVWL L YHOLNH NRULVWL DOL L ãWHWH ]ERJ ODNRüH ILNVLUDQMD VYHJD ãWR WUHED ]QDWL VXYLãH VH RVODQMDPR QD SLVPR D VYH PDQMH LOL VNRUR QLPDOR QD VRSVWYHQR SDPüH
QMH]ERJþHJDGROD]LþHVWRGRUDVHMDQRVWL]DERUDYQRVWLLORãHJSDPüHQMD 3UHPDJUþNRMPLWRORJLMLNDGDVXERJRYLRGOXþLOL GD OMXGLPD RGX] PXSDPüHQMHRQGDVXLPSRGDULOLSLVPR1DåDORVWXSUDNWLþQRPåLYRWX DNR VH QHPD SUDYLODQ VWDY SUHPD EHOHåHQMX X RGQRVX QD VRSVWYHQR SDPüHQMHRQGDPRåHYHRPDODNRGDGRÿHGRSRWSXQRJQHSRYHUHQMDSUHPD VYRPSDPüHQMXLGDVHUD]YLMHSUDYDPDQLMD]DSLVLYDQMDVYHJDLVYDþHJD 1DWDM QDþLQ VYH YLãH SUHVWDMHPR GD NRULVWLPR VYRMH SPüHQMH L SRVWDMHPR VYH ]DYLVQLML RG SDSLUD L RORYNH 3RVOHGLFH VX QHPLQRYQH UDVHMDQRVW ]DERUDYQRVW SRWSXQD ]DYLVQRVW RG SDSLUD L EHOHåDND L VODER QHSRX]GDQR SDPüHQMH .DGD VPR X 3RJODYOMX JRYRULOL R IHQRPHQDOQLP SDPüHQMLPD QDYHOL VPR QHNROLNR SULPHUD UD]QLK SULPLWLYQLK SOHPHQD UD]QLK UDQLMLK FLYLOL]DFLMD NRMD VH QLVX VOXåLOD SLVPRP D IHQRPHQDOQR VX SDPWLOL UD]QH SRGDWNH GXJH SRUXNH LOL LPSR]DQWQR NXOWXUQR EODJR 2þLJOHGDQ MH SULPHU VNXSOMDþDQDURGQLKXPRWYRULQDNRMLVXNRGQHSLVPHQLKVHOMDNDQDLOD]LOL QDþLWDYHUL]QLFHVDNXSOMHQRJQDURGQRJGXKRYQRJ VWYDUDODãWYD NRMHVX RQLþXYDOLLSUHQRVLOLNUR]SRNROHQMDLVNOMXþLYRSDPüHQMHP ² 5HFLQDPNQMDåHNDNRPRåHãGD]DSDPWLãVYHãWRWLVHVDPR MHGDQSXWSURþLWD"²]DPROLãHMHGQRPNQMD]D0LORãDGDREMDVQLVYRMHYH OLNRSDPüHQMHQHNLQMHJRYLSLVDULLVHNUHWDUL ² (KODNRMHWHELNDG]QDãGDþLWDãLSLãHã3URþLWDãVNORSLãNQML JXLNDåHãª.DG]DWUHEDODNRüXQDüLLYLGHWLãWDMH©$OLMDQHYLGLP ãWDSLãHL]DWRPRUDPUH]DWLVYHXSDPHW²MHGQRVWDYQRLPREMDVQL NQMD]WDMQXVYRJYHOLNRJSDPüHQMD 'UXJRP SULOLNRP SURþLWDãH NQMD]X MHGQR YDåQR SLVPR 2GPDK ]D WLPQDUHGLNQMD]GDGRYHGXGUXJRJSLVDUDGDSRQRYRSURþLWDSLVPR ² $OLNQMDåH²]DSLWDãHJD]DþXÿHQRSULVXWQL²]DãWRVLWUDåLR GDWLVHLVWRSLVPRGYDSXWDSURþLWD" ² 'DSURYHULPGDQLVWHQHãWRQDPHUQRSUHüXWDOLLVSXVWLOLLOLGR GDOL²RGJRYRULLPNQMD]NRMLVHPRJDRSRWSXQRSRX]GDWLXVYRMHYHOL NRSDPüHQMH 6OLþQRVHGRJDÿDLNDGDGHFLSULþDPRQHNXSULþXSRGUXJLSXW$NR VDPR PDOR SURPHQLPR QDþLQ L]ODJDQMD LOL VOXþDMQR L]RVWDYLPR QHNL GHWDOM GHWH üH QDV PRPHQWDOQR NRULJRYDWL L UHüL QDP GD SURãOL SXW ªQLMH ELOR WDNR©8RJURPQRMYHüLQLVOXþDMHYDGHFDLPDMXVOLNRYLWRSDPüHQMHþDN LIRWRJUDIVNR]DPQRJHVWYDULLRGPDKSULPHüXMXHYHQWXDOQHUD]OLNH'RN QHQDXþHSLVPRGHFDVHLVNOMXþLYRRVODQMDMXQDVYRMHSDPüHQMHNRMHMH NRGQMLK]DLVWDRJURPQR 3RMDYX RWND]LYDQMD SDPüHQMD SULPHüXMHPR NRG RQLK RVRED NRMH ]DSLVXMX VYH SD L QDMPDQMH VLWQLFH GD LK QH EL ]DERUDYLOL L XVOHG WRJD SRþLQMXGD]DERUDYOMDMXLYHRPDNUXSQHVWYDUL 6OLNRYQRSLVPRLSDPüHQLH ,PDGRVWD UD]ORJD ]D SUHWSRVWDYNX GD MH SUYL REOLN SLVPD PRUDR ELWLVOLþDQVDSULPDUQLPL RVQRYQLP REOLFLPD SDPüHQMD .DR ãWR MH SR] QDWR SDPüHQMH MH SUHWHåQR YL]XHOQR L SXQR VH SDPWL X REOLNX RGUHÿHQLK VOLNDLSUL]RUDMHURNRVYRJD]QDQMDGRELMHPRYL]XHOQLPSXWHP=D WRMHLSULURGQRGDVXVYDSUYRELWQDSLVPDELODVOLNRYQD0HQWDOQHVOLNH
LSUL]RULNRMLVXELOLRGUD]UHDOQRJVYHWDSUHVHOLOLVXVHQDSRGORJX]DSL VDQMHXREOLNXVOLNHLFUWHåDNRMLVXYUHPHQRPXVDYUãDYDQLX VPLVOX GD VX JXELOL VYRMH NRQNUHWQR D VYH YLãH SRSULPDOL LGHRJUDIVNR L VLPEROLþQR ]QDþHQMH 1D SULPHU SUYRELWQD NLQHVND SLVPD ELOD VX VOLNRYLWD NDR L RVWDODSLVPDDOLNUR]YHNRYHLPLOHQLMXPHSUHWUSHODVXPHWDPRUIR]HNR MHVXRGQMLKRYLKVOLNDVWYRULOHYUHPHQRPLGHRJUDPH -RãLGDQGDQDVMHWHãNRSRYXüLVWURJXJUDQLFXL]PHÿXVOLNRYQRJ LRVWDOLKSLVDPD8LVWRULMVNRMSURãORVWLGXJRVXVHSDUDOHOQRLLVWRYUHPH QRNRULVWLOHVYHWULRVQRYQHYUVWHSLVPDVOLNRYQRKLMHURJOLIL LGHRJUDI VNRLOLVLPEROLþQRLDOIDEHWVNR,XQDãHPPRGHUQRPYUHPHQXMRãXYHN VHQLVPRRVORERGLOLRYRJWULDOL]PDMHU NRULVWLPR VYH WUL YUVWH SLVPD L VOL NRYQR UD]QH LOXVWUDFLMH VOLNH L FUWHåL LGHRJUDIVNR UD]QL LGHRJUDPL L VLPEROL QD DHURGURPLPD X VDREUDüDMX KRWHOLPD LWG L VYDNDNR DOIDEHW VNR 6OLNRYQR SLVPR NRGVWDULK (JLSüDQD LOL KLMHURJOLIL LPDOR MH QHNR OLNRKLOMDGDª]QDNRYD©RGQRVQRVOLNDLOLXSURãüHQLKFUWHåDUD]QLKSUHGPHWDL SRMPRYD.DRLXHQJOHVNRPMH]LNXMHGDQSRMDPRGQRVQRVOLNDR]QDþDYDR MH L LPHQLFX L JODJRO 1D SULPHU FUWHå SWLFH MH R]QDþDYDR L ªSWLFX© L JODJRO ªOHWHWL© $SVWUDNWQH SRMPRYH R]QDþDYDOL VX SRPRüX NRQNUHWQLK VWYDUL ª3DSLUXV© XþHQRVW ]QDQMH ªäH]OR© LOL ª6NLSWDU© YODGDYLQD YODVWLWG3ULPHüXMHWHVOLþQRVWVDPHWRGRPDVRFLMDWLYQHWHKQLNH]DSDPüHQMH DSVWUDNWQLKSRMPRYD(JLSDWVNLKLMHURJOLILVXELOLVOLNRYQRSLVPR NRMH MH ED]LUDOR QD YL]XHOQRP VOLNRYLWRP SUHWVWDYLMDQMX NRQNUHWQLK L DSVWUDNWQLKSRMPRYDLQMLKRYRPSDPüHQMX , SRUHG VYLK PRJXüLK QDþLQD ILNVLUDQMD L EHOHåHQMD QDãLK PLVOL L UHFLXQDãHPVDYUHPHQRPVYHWXMRãXYHNQHPRåHPRL]EHüLXSRWUHEXVYH WULYUVWHSLVPDVOLNRYQRJLGHRJUDIVNRJLOLVLPEROLþQRJLDOIDEHWVNRJ
1HNLVLPEROLLLGHRJUDPLNRMLVXQDãOLãLURNXSULPHQXQDVDYUHPHQLPPHÿXQDURGQLP DHURGURPLPD
6WDUDNLQHVNDSRVORYLFDGDªMHGQDVOLNDYUHGLYLãHQHJRKLOMDGXUH FL©SRND]DODVHYHRPDWDþQRPLXQDãHPPRGHUQRPYUHPHQX%H]VOLNH L VOLNRYLWRJ SUHWVWDYOMDQMD PQRJH DNWLYQRVWL L JUDQH SURL]YRGQMH ELOH EL QH]DPLVOLYH3LVDQLMH]LNNDRVLPERONRULãüHQMDDOIDEHWVNRJSLVPDWDNR ÿH MH QH]DPLVOLY X REOLNX UD]QLK NQMLJD L GUXJLK SXEOLNDFLMD EH] VYRMH VOLNRYQHNRPSRQHQWHLYDåQHGRSXQH²UD]QLKVOLNDIRWRVDFUWHåDLGUXJLK LOXVWUDFLMD 6OLþQD MH VLWXDFLMD L VD LGHRJUDPLPD LOL VLPEROLPD NRML X VDYUHPHQLPSURFHVLPDVYHYHüHLQWHUQDFLRQDOL]DFLMHLSRYH]LYDQMDUD]
QLK QDURGD VYHWD QH]DGUåLYR RVYDMDMX VDREUDüDM WXULVWLþNX SULYUHGX L VYH RQHGHODWQRVWLJGHSULSDGQLFLUD]QLKQDURGDGROD]HXGRGLU=DPLVOLWHVD PRNDNDYELKDRVQDVWDRXGRPDüHPLPHÿXQDURGQRPVDREUDüDMXNDGD ELXPHVWRLGHRJUDPDLVLPERODQDVDREUDüDMQLP]QDFLPDXSRWUHELOLSLVD QHUHFLLREMDãQMHQMD3UYRQHUHãLYRSLWDQMHELJODVLORª1DNRPMH]LNX"© 'DQDV MH QH]DPLVOLY YHüL PHÿXQDURGQL DHURGURP LOL QHNL YHOLNL KRWHOEH]DGHNYDWQHXSRWUHEHLGHRJUDPDLVLPEROLþQRJSLVPDMHUVHQD WLP PHVWLPD GQHYQR VWLHX VWRWLQH L KLOMDGH SULSDGQLND VYLK QDFLMD VYHWD 3UDNWLþQR EL ELOR QHPRJXüH LVSLVDWL QD VYLP MH]LFLPD PDNDU L QDMRVQRY QLMDLQDMSRWUHEQLMDREMDãQMHQMDLXSXWVWYD 0L VH VOLNH L LGHRJUDPD QHüHPR L QH PRåHPR RVORERGLWL L] SURVWRJ UD]ORJDãWRVXQH]DPHQOMLYLXPQRJLPVOXþDMHYLPDLãWRVXLPDQHQWQLSUL URGLQDãHJSDPüHQMDLPLãOMHQMD ,] VOLþQLK UD]ORJD QHNL LVWRþQMDþNL QDURGL NRML SLãX LGHRJUDPLPD NDR QD RULPHU .LQH]L L -DSDQFL QH PRJX GD SUHÿX QD DOIDEHWVNL QDþLQ SLVDQMD NRML MH ]D QMLK LVWR WDNR QHSULKYDWOMLY L QHSUDNWLþDQ NDR ]D QDV QMLKRYLªNLQHVNLKLMHURJOLIL© ,GHRJUDP LPD SXQR SUHGQRVWL NDR L VOLND ýLWD VH MHGQLP SRJOH GRP UD]XPOMLY MH VYLP SULSDGQLFLPD QH VDPR WRJ QDURGD QHJR L RVWDOLP QDURGLPD NRML VH VOXåH WLP SLVPRP 1D SULPHU LDNR VH -DSDQFL L .LQH]L JRYRUQRXRSãWHQHUD]XPHMXMHUVXWRGYDSRWSXQRUD]OLþLWDMH]LNDRQL VHPRJXYHRPDGREURVSRUD]XPHYDWLVYRMLPLGHRJUDPLPDMHUVXNLQHV VNLKLMHURJOLILXXSRWUHELLX-DSDQX=QDþLNDRãWRVXEURMHYLIRUPX OHLVDREUDüDMQL]QDFLUD]XPOMLYLVYLPQDURGLPDXVYHWX 3URFHVLQWHUQDFLRQDOL]DFLMHRPRJXüXMHSURGRULGHRJUDPDNRMLVX X VWYDUL UHGXFLUDQL SLNWRJUDPL VOLNRYQR SLVPR QDURþLWR X UD]QH QDXþQH REODVWL 3RVWRMH þLWDYH OLVWH UD]QLK LGHRJUDPD L VLPEROD QHRSKRGQLK X DV WURQRPLMLKHUQLMLPHWHRURORJLMLPHGLFLQLOLQJYLVWLFLLWG7DNRÿHUD]QDPH ÿXQDURGQD L]GDQMD ãDKRYVNLK SXEOLNDFLMD NRULVWH EURM L VLPEROH ãDKRYVNLK ILJXUD NDNR EL ELOH GRVWXSQH VYLP ãDKLVWLPD VYHWD EH] RE]LUD QD MH]LþNX EDULMHUX 1D RVWUYX ² KRWHOX ª6Y 6WHIDQ© NRG %XGYH JGH MH þLWDYR UDQLMH RVWUYVNR QDVHOMH SUHWYRUHQR X RJURPDQ KRWHO QD]LYL XOLFD VX R]QDþHQL VLPEROLPD1DSULPHUQDSRþHWNXXOLFHRNDþHQMHVLPEROL]UDÿHQRGNRYD QRJ JYR]GDLOLPHWDODNRMLSUHWVWDYOMD ª6XQFH© L WR MH ª8OLFD 6XQFD© ,VWR WDNR MH R]QDþHQD L ª8OLFD 0HVHFD© LWG 6OLþQR X DXVWULMVNRP JUDGX 6DOFEXUJX 6DO]EXUJ SRVWRML MHGQD YHRPD VWDUD L þXYHQD W]Y ª6WDUD XOL FD© X NRMRMMRãXYHN LPDGRVWD]DQDWVNLK UDGQML $OL XPHVWR XRELþDMHQLK ILUPL L QDWSLVD QDUDGQMDPD VWRMH VDPR VLPEROL SRMHGLQLK ]DQDWD NDR ª0DND]H© ² NURMDþ ª1DRþDUH© ² RSWLþDU LWG 8RVWDORPPQRJH ]DQDW VNH L GUXJH UDGQMH SXQR NRULVWH VLPEROH ]D R]QDNX VYRMH GHODWQRVWL 1D SULPHU IUL]HUL LPDMX XYHN VYRM RNUXJOL PHVLQJDQL ]QDN SUHG XOD]RP þD VRYQLþDUL²VOLNXLOLPRGHOþDVRYQLNDREXüDUL²FLSHOXDXDXWRPRELO VNRM HUL YXONDQL]HUL RELþQR LVWDNQX YHOLNX DXWRPRELOVNX LOL WUDNWRUVNX VSROMQXJXPX ýLQHVHLPQRJLSRNXãDMLGDVHSRUHGHVSHUDQWDLHQJOHVNRJMH]L ND NRML PQRJL ]RYX ªSUDNWLþQL HVSHUDQWR© ]ERJ QMHJRYH YHOLNH UDVSUR VWUDQMHQRVWL VWYRUL MHGDQ SUDNWLþDQ L XSRWUHEOMLY PHÿXQDURGQL MH]LN ]D VQRYDQQDLGHRJUDPLPDLVLPEROLPDQHNDYUVWDªVOLNRYQRJHVSHUDQWD© L ª$OWH*DVVH©
.ROLNR MH VOLNRYQR L LGHRJUDIVNR SLVPR SRX]GDQR SUDNWLþQR L QH RSKRGQR SRND]XMX QDP QDMRþLWLMH UD]QL VDREUDüDMQL ]QDFL ýLWDMX VH OD NR EU]R L VLJXUQR MHGQLP NUDWNLP SRJOHGRP X GHOLüX VHNXQGH SRQHNDGD NDGD WR ]DKWHYD VDREUDüDMQD VLWXDFLMD (ILNDVQR QDP VDRSãWDYDMX VYRMH SRUXNH YDåQH ]D VLJXUQRVW YR]DþD L SXWQLND 6YRMX QHRSKRGQRVW L QHL] EHåQRVW GRND]DOL VX XQLYHU]DOQRP SULPHQRP L UDVSURVWUDQMHQRãüX SR þL WDYRPVYHWX , 9DãH SDPüHQMH DNR JD SUDYLOQR WUHWLUDWH NRULVWL X YHOLNRM PHUL PHQWDOQHVOLNHVLPEROHLGHRJUDPHLWGNDRãWRVWHLPDOLSULOLNHGDYLGL WH XVYDMDMXüL SRMHGLQH WHKQLNH SDPüHQMD =DWR QHPRMWH þLQLWL IDWDOQX JUHãNXSUHPDVYRPSDPüHQMXEHOHåHQMHPL]DSLVLYDQMHPVYHJDLVYDþHJD 7LPH SRNXãDYDWH QHXVSHãQR GD 9DãH SDPüHQMH ]DPHQLWH VDPR MHGQRP RG QHNROLNR YUVWD SLVPD NRMH QLMH QL XQLYHU]DOQR QL VDYUãHQR NDR ãWR VPRYLGHOL ,PDMWHSRWSXQRSRYHUHQMHXVYRMHSDPüHQMHLRVODQMDMWHVHQDQMH JD ãWR MH PRJXüH YLãH X VYRP SR]LYX L SUDNWLþQRP åLYRWX 9DãLP SDPüH QMHP PRåHWH X] SULPHQX RGJRYDUDMXüLK WHKQLND QH VDPR LVWR WDNR VL JXUQR L GREUR ª]DSLVLYDWL© UD]QH SRGDWNH L ]QDQMD QHJR ãWR MH GDOHNR YDåQLMH HILNDVQLMH UDVSRODJDWL VYRMLP ]QDQMHP L GDOHNR JD XVSHãQLMH SOD VLUDWLLSULPHQMLYDWLXSRMHGLQLPREODVWLPDåLYRWDLUDGD
3URYHULWHVDGDVDNROLNRXVSHKDVWHXORåLOLVYRMHYUHPHLQDSRUX SURXþDYDQMHLXVYDMDQMHSUHWKRGQLKSRJODYOMD 7(67%5 SRJO ,]ª0DORJWHOHIRQVNRJLPHQLNDRGEURMHYD©RYGH LPDWH LPHQDLWHOHIRQVNLKEURMHYD3RUHGVYDNRJLPHQDXSLãLWH UHGQL EURMWHOHIRQVNRJEURMDNRMLPXSULSDGD 2 .RODU 2 .RVWLü 2 0LãLü 2 %DELü 2 9DUJD 8SRWSXQRMQXPHUDFLMLVREHSRWRSRVLVWHPXXSLãLWHEURMHYHX OHYX NRORQXGDELRGUHGLOLNRMLPSRYUãLQDPD SULSDGDMXSRMHGLQD YH]QD PHVWD 2 2 3UHGQML]LG 2 2 =DGQML]LG 2 2 3RG 2 2 /HYL]LG 2 2 7DYDQLFD3ODIRQ 'HVQL]LG
SRJO 2GUHGLWHWDþQDYUHPHQDSRODVND]DSRMHGLQH SUDYFHXSL VLYDQMHPEURMHYDXOHYXNRORQX 2 %HRJUDG 2 6RPERU 2 6DUDMHYR 2 9LQNRYFL 2 =DJUHE 3RUHGQDYHGHQLKSROD]DNDXSLãLWH UHGQH EURMHYH SROD]QLK VWDQLFD QDNRMHVHRGQRVH 2 2 6WDUD3D]RYD 2 %HRJUDG 2 5XPD 2 SRJO 3RQDYOMDQMHNDRQHRSKRGDQQDþLQVWLFDQMDL RGUåDYDQMD ]QDQMDWUHEDSULPHQMLYDWL $ 6DPRSRVOHL]YUãHQRJ]DSDPüLYDQMD % 6DPRWRNRP]DSDPüLYDQMD & 7RNRPVDPRJ]DSDPüLYDQMDLSRVOH]DSDPüLYDQMDVLVWHPDWVNLSRXW YUÿHQRMGLQDPLFL $NRVHSULPHQMXMXPHWRGHLWHKQLNHVLVWHPDWVNRJ SDPüHQMD RQGD $ 1HWUHEDXRSãWHSRQDYOMDWLMHUVXRQHWDNRHILNDVQHGDQH]DKWH YDMXSRQDYOMDQMH % 7UHEDSRQDYOMDWLDOL]QDWQRPDQMHLUHGH]DKYDOMXMXüLEROMHPL WUDMQLMHP]DSDPüLYDQMXSXWHPWHKQLNDVLVWHPDWVNRJSDPüHQMD & 7UHEDSRQDYOMDWLXLVWRPRELPXLXþHVWDORVWLNDRLNRGPDWHULMDOD NRMLQLVPR]DSDPWLOLWHKQLNDPDVLVWHPDWVNRJSDPüHQMD SRJO 3UHPD]DSLVLYDQMXNDRQDþLQXGDVHVDþXYDMXUDQLSR GDFLL]QDQMDWUHED]DX]HWLVOHGHüLVWDY $ 1HWUHEDQLãWD]DSLVLYDWLMHUMH]DSLVLYDQMHQDMYHüLQHSULMDWHOMGR EURJSDPüHQMDYHüVHYDOMDLVNOMXþLYRRVODQMDWLQDVYRMHSDPüH QMHXVYLPSULOLNDPDLVOXþDMHYLPD % =DSLVDWLWUHEDRQRãWRQDPMHSRYUHPHQRLOLQDGXåLURNSRWUHEQR LãWRQHWUHEDGDEXGHþHVWRLOLVWDOQRXSDPüHQMX=QDþLVYHRQR ãWRQDPMHSRWUHEQRDOLãWRQDPQHüHVWYDUDWLSUREOHPDNRJD QHSDPWLPR & 3RãWRMHEHOHåHQMHQDMVLJXUQLMLQDþLQGDVDþXYDPRRG]DERUDYD SRWUHEQD]QDQMDLSRGDWNHWUHEDãWRYLãHEHOHåLWLL]DSLVLYDWL ,XRYRPWHVWXVWHLPDOLSLWDQMDSLWDQMDEU² NRMDVHVDVWRMHRG LOLNRPSRQHQWLãWR9DPRPRJXüXMHGDSULPHQLWHSDUFLMDOQR ERGRYDQMHXVOXþDMXGDQLVWHELOLXPRJXüQRVWLGDQDQHNRRG SLWDQMDRGJRYRULWH1DSULPHUSLWDQMHEUVDVWDYOMHQRMH RGNRPSRQHQWLWDNRGDVYDNXNRPSRQHQWXNRMXUHVLWHWDþQR PRåHWHERGRYDWLVDSRMHGQLPERGRP
3$0 û(1-(
683(5
801(0$â,1(1$ '(/8
'(2
35$.7,ý1$35,0(1$
0(72'$(),.$612*3$0û(1-$
&29(..2-,-('129%(0(12',.7,5$ û(/20'$.7,/2%,528 ª3LVPRVHQHFUYHQL©
²&LFHURQ
.$.26(02ä(',.7,5$7,1(.2/,.23,6$0$8,672 95(0("
3DW MH MHGQRP X JRVWLRQLFL SLVDR SLVPR VYRPH SULMDWHOMX L RGMHGQRP X RJOHGDOX SUHNRSXWD RSD]L MHGQRJ þRYHND NDNR þLWD RQR ãWR RQ SLãH3DWSUHNLGH]DSRþHWXUHþHQLFXLRWSRþHRYDNR ª1HPRJX QDåDORVW GD 7L VDGD QDSLãHP QHãWR YHRPD YDåQR MHU MHGDQ QHXþWLY þRYHNL]DPHQHþLWDPRMHSLVPR© ² 7RQLMHLVWLQD²WUåHVHþRYHNL]D3DWRYLKOHÿD²1LVDP SUR þLWDRQLMHGQXMHGLQXUHþL]9DãHJSLVPD ² 2GOLþQR²UHüLüHPXQDWR3DW²1DSLVDüXWRPRPH SULMD WHOMXLRQüHVHWRPHVLJXUQRREUDGRYDWL %LOR MH þDVRYD SRSRGQH DSULOD J 8 /HLS]LJHU 0XVHXPX SUHG þODQRYLPD QHNROLNR DNDGHPVNLK XVWDQRYD SRþHR MH GHPRQVWUDFLMXVYRJIHQRPHQDOQRJSDPüHQMDL]YHVQLªJ/LFHQFLMDW.DUO 'XFKHWSUHYRGLODFX.QHåHYVNRML1DFLRQDOQRMELEOLRWHFLX0LQKHQX© ,]PHÿX RVWDORJ SRND]DR MH VDYUãHQR SDPüHQMH VDGUåDMD L] VYLK NQMLJDELEOLMHVDXNXSQRJODYDLWRSRELORNRPHUHGRVOHGX1D ]DGDWLEURMJODYHJRYRULRMHVDGUåDMJODYHDQDGDWLVDGUåDMJRYRULREL EURMHYHJODYDLVWLKRYD 1D NUDMX MH ]DPROLR SULVXWQH GD PX QDSLVX GXåLK LOL NUDüLK SLVDPD QD UD]QLP VWUDQLP MH]LFLPD L WUL GDQD NDVQLMH JX$NDGHPLMLQDXNDSRGHOLRMHNUDüLKSLVDPDNRMDVXELOD QDSLVDQD QD VOHGHüLP MH]LFLPD QHPDþNRP ODWLQVNRP IUDQFXVNRP LWDOLMDQVNRP þHãNRP SROMVNRP PDÿDUVNRP VORYHQVNRP L UXVNRP SULVXWQLK RVRED MH SLVDOR D RQ MH GLNWLUDR UHG SR UHG L] VYLK SLVDPD LVWRYUHPHQR VYDNRM RVREL QMHQR SLVPR 'LNWLUDQMH MH MRã MHGQRPXVSHãQRSRQRYLRNDGDMHVYLKRVREDSURPHQLORVYRMDPHVWD 8 NXüL WDMQRJ VDYHWQLND .OLEHUD .OXEHU X (UODQJHQX MHGQH WRSOH DYJXVWRYVNH YHþHUL LVWH JRGLQH 'XFKHW MH GHYHWRULFL SLVDUD GLNWLUDR UD]OLþLWLK SLVDPD NRMH MH GRELR SUHWKRGQRJ GDQD QD QHPDþNRP IUDQFXVNRP LWDOLMDQVNRP L ODWLQVNRP MH]LNX 'LNWLUDR MH SR MHGQX UHþHQLFX LOLNUDüL SDVXVVYDNRP SLVDUX SRMHGLQDþQR L UHGRP RG SUYRJ SR SRVOHGQMHJ 3RVOH WRJD MH GLNWLUDR QHND SLVPD REUQXWLP UHGRP L ª(SLVWRODQRQHUXEHVFLW©&LFHUR9
3UH WRJD L DYJXVWD LVWH JRGLQH SUHG þODQRYLPD $NDGHPVNRJ VHQDWD X (UODQJHQX SRND]DR MH QHND GRVWLJQXüD L VSRVREQRVWL VYRJ QHRELþQRJ SDPüHQMD ,]PHÿX RVWDORJ ]D VDPR PLQXWD ]DSDPWLR MH VYH SROLWLþNH þODQNH NRML VX VH QDOD]LOL QD SRVOHGQMHVWUDQHPHVQLKQRYLQD ª(UODQJHU5HDO]HLWXQJ© RG , J3DVXVL]DSDPüHQLKþODQDNDELOLVXQXPHULVDQLEURMHYLPDQDPDUJLQL LRQ MHQDGDWL EURM JRYRULR VDGUåLQX SDVXVD D QD SURþLWDQL SDVXV GDR WDþDQQMHJRYEURMVDPDUJLQH 0HÿXWLP 'XFKHW MH XVSHãQR REDYLYãL SUREH VYRJD QHRELþQRJD SDPüHQMD L]QHQDÿHQRP VNXSX L]MDYLR GD SRVHGXMH RVUHGQMH SULURGQR SDPüHQMH L GD RYD GRVWLJQXüD LPD GD ]DKYDOL SULPHQL SRVHEQLK PHWRGD]DSDPüHQMHRYDNYHPDWHULMH1DSULPHUUHNDRMHVXPLUDQH VDGUåDMH RG XNXSQR NQMLJH ELEOLMH VD JODYD ]DSDPWLR MH ]D VHGPLFH =D XVSHãQR REDYOMHQH SUREH QD RSãWH ]DGRYROMVWYR GRELR MH YHRPD GREUR VYHGRþDQVWYR D $NDGHPVNRP VHQDWX MH L]MDYLR GD VH QMHJRYHPHWRGHSDPüHQMDPRJXQDXþLWL]DSDUVHGPLFD 2RYLP ]DQLPOMLYLP GRJDÿDMLPD SLVDOH VX QRYLQH ª(UODQJHU 5HDO ]HLWXQJ©XVYRPHEURMX]DJRGLQX
© , &H]DUMHPRJDRVYRMLPSLVDULPDGLNWLUDWLGRVHGDPSLVDPDXLVWRYUHPH©
2YX YHãWLQX LVWRYUHPHQRJ GLNWLUDQ MD QHNROLNR SLVDPD SR]QDYDR MH L 1DSROHRQ D SR]QDWR MH GD MH L &H]DU PRJDR VYRMLP SLVDULPD GD GLNWLUD GR SLVDPD LVWRYUHPHQR D DNR MH L RQ VDP SLVDR RQGDªVYHJD©SLVDPD =DKYDOMXMXüL WHKQLNDPD VLVWHPDWVNRJ SDPüHQMD NRMH VWH GR VDGD XSR]QDOLL9LüHWHPRüLGDVHSULGUXåLWHRYRPQHRELþQRPNOXEXGLN WRUD QDNRQ NUDüHJ XYHåEDYDQMD RYGH L]ORåHQH PHWRGH LVWRYUHPHQRJ GL NWLUDQMD QHNROLNR SLVDPD 7D VSRVREQRVW QHüH 9DP WROLNR WUHEDWL GD EL SRYUHPHQRVDPL]DSRVOLOLFHRMHGDQ GDNWLORELURGLNWLUDMXüLPXGHVHWDN UD]OLþLWLKSLVDPDLVWRYUHPHQRNROLNRGDX9DãHPSR]LYXPRåHWHVODNR üRP L]GLNWLUDWL GHVHWDN UD]QLK UHFLPR SRVORYQLK SLVDPD D GD QH PRUDWHVYDNLþDVNRQVXOWRYDWLVYRMHSDSLUHLNRQFHSWH 8]PLPR NDR UDGQL SULPHU GD VX 9DP SUHGDOL SLVDPD UD]OLþLWH VDGUåLQH GD LK ]DSDPWLWH D ]DWLP GD LK LVWRYUHPHQR SDVXV SRSDVXV
L]GLNWLUDWHJUXSLRGGDNWLORJUDINLQMDLOLVWHQRGDNWLORJUDID9DãSR VWXSDNVDVWRMLVHXVOHGHüHP 8SUYRMID]L]DVYDNRSLVPRSRVHEQRSURQDüLüHWHLRGUHGLWLNOMXþ QHUHFL]DSRMHGLQHUHþHQLFHLOLNUDüH SDVXVH 'DNOHXSUDYR RQDNR NDR NDG VWH SDPWLOL üHOH UHþHQLFH LOL L]UHNH L VHQWHQFH 3RND]DüHPR WR QD MHGQRP SULPHUX WM QD MHGQRP SLVPX NUDüH VDGUåLQH L MRã NUDüHP RG JRYRUXQDQMHJD -HGDQVWXGHQWNRPHMHWUHEDORQHãWRSDUDQDSLVDVYRPH XMDNXRYDNYRSLVPR ª'UDJLXMDþH 9L ELVWH PH VLJXUQR VDåDOMHYDOL NDGD ELVWH YLGHOL NDNR FU YHQLPGRN9DPSLãHPRYR SLVPR $ ]QDWH]DãWR" =DWR ãWR PR UDPGD9DV]DPROLP]DQHNROLNRKLOMDGDDQH]QDPNDNRGD9DP WR QDSLãHP =DLVWD PL MH QHPRJXüH GD 9DP WR NDåHP 9LãH ELK YROHR GD XPUHP QHJR GD WR RG 9DV WUDåLP âDOMHP 9DP SLVPR SR MHGQRP SULMDWHOMX NRML üH GD VDþHND RGJRYRU 3XQR 9DV SR]GUDY OMDPLRVWDMHP 9DãLVNUHQLVHVWULü 3HUD 36 2EX]HW VWLGRP ]ERJ RQRJD ãWR VDP 9DP QDSLVDR SRWUþDR VDP]DPRMLPSULMDWHOMHPGDPXX]PHPSLVPRDOL JDQLVDPVWL JDR7DNRELKYROHRGDVHQHãWRGRJRGLãWRELJD]DGUåDORLOL GD VHRYRSLVPRL]JXEL© 8MDN MH ELR VYDNDNR JDQXW DOL L GRUDVWDR VLWXDFLML 1MH JRYRGJRYRUMHJODVLR
ª'UDJL3HUR %XGLVSRNRMDQLQHPRMYLãHGDFUYHQLã3UREOHPDQHPD 7YRMSULMDWHOMMHL]JXELRSLVPR 7YRMLVNUHQL 8MDN© ,] RYRJ SLVPD EL VH PRJOH L]YXüL L RYH NOMXþQH UHüL L NOMXþQH VL WXDFLMH 9L üHWH VYDNDNR RGDEUDWL UHFL L NOMXþQH VLWXDFLMH NRMH EXGX 9DPD QDMYLãHRGJRYDUDOH 6WXGHQWEH]QRYFD 8MDNVQRYFHP 3LVDQMHSLVPD 6WXGHQWFUYHQXOLFXRGVWLGD .ROHEDQMH]ERJQRYFD 3ULMDWHOMVSLVPRPþHNDRGJRYRU 3HUDSR]GUDYOMD 7UþDQMH]DSULMDWHOMHP 8MDNSLãHSLVPR ,]JXEOMHQRSLVPR .DGD L]GYRMLWH QD VOLþDQ QDþLQ NOMXþQH UHFL LOL VLWXDFLMH ]D VYLK SLVDPDRQGDPRåHWHSUHüLQDVOHGHüXID]XSDPüHQMDWLKSLVDPD
8GUXJRMID]LWUHEDGD]DSDPWLWHL]GYRMHQHNOMXþQHUHFLLVLWXDFLMH ]DVYDNRSLVPRXWYUÿHQLPUHGRVOHGRP.DRãWR9DPMHSR]QDWRSRVWX SLWLPRåHWHQDQHNROLNRQDþLQD .OMXþQHUHFL]DVYDNRSLVPRSRVHEQRDVRFLUDMWHVDSRMHGQLP ODQþDQLPQL]RPDSUYHUHFLQL]RYDSRYHåLWHVDSUYLKSUHG PHWDUHFLPRª3UHGPHWQHWDEHOH©þLPHüHWHREH]EHGLWLVWURJL UHGRVOHGSLVDPD,OL 8]PLWHª1XPHULþNXWDEHOXRG PHVWD©L]DVYDNR SLVPR RGUHGLWHSRMHGQXGHVHWLQXPHVWD$VRFLUDQMHPNOMXþQLKUHFL ]DRGJRYDUDMXüDLSULSDGDMXüDPHVWDWDEHOHREH]EHÿXMHWHVWUR JLUHGRVOHGQHVDPRSMVDPDQHJRLNOMXþQLKUHFL,OL 0RåHWHWDNRÿHGDVHRSUHGHOLWHL]DVREHVDSR PHVWD]D VYDNRSLVPRSRMHGDQFHR]LGVDPHVWD2YLPQDþLQRPWD NRÿHREH]EHÿXMHWHVWURJRXWYUÿHQLUHGRVOHGSLVDPDLQMLKRYLK NOMXþQLKUHFL .DGDYUHPHQRPVWHNQHWHUXWLQXNOMXþQHUHFLLOLVFHQHPRüLüHWH L]GYDMDWL L DVRFLUDWL MRã WRNRP þLWDQMD SRMHGLQLK SLVDPD ,VNXVWYD SR ND]XMX GD ]D SULSUHPX SLVDPD VUHGQMH YHOLþLQH ]D LVWRYUHPHQR GLN WLUDQMHWUHEDRG GRþDVDX]DYLVQRVWLRGPQRJLKIDNWRUDYUVWHLVWUX NWXUH SLVPD LQGLYLGXDOQLK UD]OLND NRG VYDNRJ SRMHGLQFD VWHSHQD XVYR MHQRVWLSRWUHEQLKWHKQLND]DSDPüHQMHSLVDPDLWG .DGD ]DYUãLWH DVRFLUDQMH VYLK RGDEUDQLK NOMXþQLK UHFL RGQRVQR VFHQD9LVWHWLPHL]DSDPWLOLVYLKSLVDPDSRXWYUÿHQRPUHGRVOHGX PRåHWHSUHüLQDVOHGHüXID]XVDPRGLNWLUDQMH .RG GLNWLUDQ MD NDR WUHüH L SRVOHGQMH ID]H QDMSUH XWYUGLWH WDþDQ UHGRVOHGRVREDNRMLPDüHWHGLNWLUDWL $NR VWH SLVPD ]DSDPWLOL UHFLPR SR PRüX ª1XPHULþNH WDEHOH© RQGD VYDNRM RVREL UHGRP PRåHWH GDWL SR MHGDQ SUHGPHWL]ª3UHGPHWQHWDEHOH©LWLPHLPR]QDþLWLUHGRVOHGýLPSRJOHGDWH ELOR NRMX RG RVRED NRMLPD GLNWLUDWH ªYLGHüHWH© RGPDK SUHGPHW VD NR MLP MH DVRFLUDQD L RQ üH 9DP RGPDK VXJHULVDWL QMHQ UHGQL EURM 2YR MH QDURþLWR YDåQR NDVQLMH NDGD RVREH SURPHQH VYRMD PHVWD MHU üHWH 9L ELWL X VWDQMX ]DKYDOMXMXüL R]QDþHQRP UHGRVOHGX RVRED GD RSHW VYDNRM RVRELGLNWLUDWHQMHQRSLVPRQDSULPHURVRELEUO²SLVPREUORVREL EU²SLVPREULWG 3ULVDPRP GLNWLUDQMX SRVWXSDWH QD VOHGHüL QDþLQ ,D RVRED ² ,DGHNDGD²PHVWREUOLQDRVQRYXNOMXþQHUHFLLOLVFHQHNRMXªQDÿH WH©QDPHVWXEUOL]GLNWLUDWH,RMRVREL,XUHþHQLFXLOLNUDüLSDVXV =DWLP ,OD RVRED ² ,OD GHNDGD ² PHVWR EU L QD RVQRYX ]D SDPüHQH UHFL LOL VFHQH QD EURMX L]GLNWLUDWH L ,,RM RVREL , UHG QMHQRJ SLVPD 3RVOHWRJDGROD]L,+DRVRED²,+DGHNDGD²PHVWREULWG GRNUDMDWMGRNL;RMRVRELVDYH]QRJPHVWDEUQHL]GLNWLUDWHSUYL UHGLOLSDVXVQMHQRJ;RJSLVPD =DWLPVHSRQRYRYUDüDWHQD,XRVREX,XGHNDGXDOLXPHVWREU RGDNOHX]LPDWHDVRFLUDQXNOMXþQXUHþLOLVFHQXLQDRVQRYXQMHL]GLN WLUDWH,RMRVREL,,XUHþHQLFXQMHQRJSLVPD .RG ,OH RVREH L] ,OH GHNDGH QD PHVWX EU XSRWUHELWH DVRFL UDQXNOMXþQXUHþ.RG,+HRVREH²PHVWREULWGGRNFHORMJUXSL RGRVREDQHL]GLNWLUDWHUHGRPLUHGSRUHGRGQRVQRSDVXVSRSDVXV
VYLKSLVDPDQDRVQRYXDVRFLUDQLKNOMXþQLKUHFLLVFHQDSRPRüX YH]QLKPHVWDWRSRVLVWHPDLOLQHNRJGUXJRJYH]QRJPHWRGD 3RUHG WRJD 9L üHWH PRüL NDR ãWR MH YHü VSRPHQXWR GLNWLUDWL VYDNRM RVREL QMHQR SLVPR L X VOXþDMX GD VYH RVREH SURPHQH UHGRVOHG VYRMLKPHVWD =DWLP üHWH PRüL SLVPD GLNWLUDWL REUQXWLP UHGRVOHGRP LOL SRþHY RG NUDMD SLVPD SD SUHPD SRþHWNX 0RüL üHWH WDNRÿH GD GLNWLUDWHSLVPDRGSRORYLQHGRNUDMDLWG 8PHVWR SLVDPD PRåHWH JUXSL RG åHOMHQRJ EURMD RVRED UHüL GD 9DP SR åHOML MHGQD RVRED QDSLãH UD]QLK VHQWHQFL L L]UHND GUXJD DQHJGRWD WUHüD FLIUHQLK EURMHYD WM EURM RG FLI DUD þHWYUWD ² MHGQRSLVPRSHWD² MHGQX NUDüX SULþX ãHVWD ² OLVWX NXSRYLQD RG SUHGPHWDVHGPDPRåHGD9DP]DGDVSLVDNRGUD]QLKUHFLRVPD ²VSLVDNRGREDYH]DNRMHWUHEDL]YUãLWLLWG 8 RYDNYRP VOXþDMX MH SRWUHEQRGDVYDNXRVREXSRUHGPDUNLUDQMDUHGQLPEURMHPREHOHåLWHL SUHGPHWRP GLNWLUDQMD GD ELVWH ]QDOL ãWD NRMRM RVREL QD RVQRYX DVRFLUDQLKNOMXþQLK UHFLWUHEDGDGLNWLUDWHDQHJGRWXVHQWHQFH SLVPR LOLWRFLIUHQLEURM , RYDM UD]OLþLWL PDWHULMDO PRüL üHWH SR åHOML GLNWLUDWL ELOR NRMLP UHGRVOHGRP LOL QDþLQRP þDN L X VOXþDMX GD VYH RVREH SURPHQH VYRMD PHVWD9LüHWHELWLXVWDQMXGDVYDNRMRVRELRSHWGLNWLUDWHELORNRMLP UHGRPPDWHULMDONRML9DPMH]DGDOD
1$8ý,7(-(=,.7(/(*5$),-(=$.5$7.295(0( 3$0û(1-(0256(292*$/)$%(7$ $PHULþNLIL]LþDULVOLNDU6HPMXHO)LQOL%UL]0RUV6DPXHO)LQOH\ %UHHVH0RUVH² ELRMHSURIHVRUVOLNDQMDQDXQLYHU]LWHWX X1MX-RUNXLSURQDOD]DþWHOHJUDIDJRGLQH2QMHWDNRÿHL]UDGLR LVSHFLMDODQDOIDEHW]DNRULãüHQMHXWHOHJUDILMLNRMLMHSR]QDWSRGLPHQRP ª0RUVHRY DOIDEHW© D VDVWDYOMHQ MH RG WDþNLFD L FUWLFD .RULVWL VH SXQR X UDGLRWHOHJUDILML D PRåH VH SUHQRVLWL UDGLRQL VLJQDOQLP ]DVWDYLFDPDVYHWOLPDLUD]QLP]YXNRYQLPVLJQDOLPD 8SUYRMID]LXþHQMD0RUVHRYRJDOIDEHWDPRUDMXVHVYDVORYD]QDOL ªQDSDPHW© GD EL NDVQLMH NUR] SUDNWLþQX SULPHQX L XYHåEDYDQMH SUHãODXPRWRUQRSDPüHQMH.DRãWR9DPMHSR]QDWRVYH DSVWUDNWQR L EH] QHNRJ SRVHEQRJ ]QDþDMD ]D QDV PRåHPR XVSHãQR SDPWLWL DNR JD GREURRVPLVOLPR L SRVOH SUDYLOQR DVRFLUDPR VD YHü SR]QDWLP ]QDQMHP 9DãH MHGLQR RJUDQLþHQMH X WRPH PRåH GD EXGH VDPR 9Dã LQWHUHV L PDãWD0RUVHRYDOIDEHWPRåHWHSDPWLWLQDQHNROLNRQDþLQD
1DþLQSRª6ORJRYQRPVLVWHPX©6ORJRYLVDMHGQLPLOLGYD VORYD SUHWVWDYOMDMXªWDþNLFH©DVORJRYLVDWULLYLãHVORYD²ªFUWLFH© 3RUHG WRJDVYDNDWDNYDUHþSRþLQMHRGJRYDUDMXüLPVORYRP1DSULPHU
6/292 $ % & & & ' '= ( ) * + , . / /0 1 1NDR
=1$.
3$07,6(3202û85(&, $PEDU %DUEDULFDLOL%HUEDUXåD &LQNRJUDIL &DUãLVNDILUPD ûXUþLVNRãLOR 'UDJLFD 'åLQJLV.DQRYHS LQÿXYDåHQVND (S )HGRUHQNR *UDÿDQND +XOLJDQL ,YDLOL,1$ -XULVGLNWRU .RQNXUHQW /HWDUJLMDLOL/LWDUYRGH /MXEOMDQVNDEDQND 0HUPHU 1RUPDLOL1XUPLþXYHQLWUNDþ 1MHJRãMHSHVQLNRYGHL]X]HWQRYDåLªM©
SRVHEQRVORYR 2OG6XUKHQG2OG6XUHKDQG BB 3REHGQLþNL 5DGHQFL 6X]DQD 6DUPDQWQLþRYHN 7RULOL7HU 8]GDQLN 9HWHULQDU =GUDYVWYHQLFL äHQVNLPHGDOMRQ 1DWDMQDþLQ]DVYDNRVORYRQDSLVDQR0RUVHRYLPDOIDEHWRPLPDWH RGJRYDUDMXüX UHþ NRMD 9DP DXWRPDWVNL GDMH RYH SRGDWNH QMHQR SRþHWQR VORYR GDMH 9DP RGPDK L GRWLþQR VORYR DOIDEHWD EURM VORYDXVORJXGDMH9DPYUVWX]QDNDFUWLFDLOLWDþND L EURMVORJRYD GDMH9DPEURM]QDNRYDL]NRMLKVHGRWLþQRVORYRVDVWRML 2YH UHFL PRåHWH SRYH]DWL L X ODQþDQL QL] WDNR GD LK PRåHWH UH SURGXNRYDWL QDSUHG ² QD]DG LOL LK DVRFLUDWL VD ª$OIDEHWVNRP WDEHORP© 1DþLQSRª1XPHULþNRPVLVWHPX©=DRYDMVLVWHPNRULVWLWH EUR MHYHRGOGR2VWLPãWREURMHYLGRª]DNOMXþQRR]QDþDYDMX ªWDþNH© DSUHNRª©]QDþHªFUWLFH©NDRãWRVHYLGLL]RYHWDEHOH OWDþND OFUWD ² WDþNH FUWH ² 2 3 5 6 6 7 8 9 = ä
WDþNH WDþNH W DþN H
FUWH FUWH FUWD
IW
6ORYD0RUVHRYRJDOIDEHWDPRJXVHSUHWYRULWLLXEURMHYHLPHPRULUDWL NDRQL]QXPHULþNLKUHFL
8 0RUVHRYRP DOIDEHWX QHPD YLãH RG WDþDND LOL FUWLFD SR MHGQRP VORYX LOL EURMX 3RPRüX RYH WDEHOH NRMD VH RGPDK ORJLþNL SDPWL VYRGLPR SDPüHQMH VORYD 0RUVHRYRJ DOIDEHWD QD SDPüHQMH EURMHYDRGQRVQRQXPHULþNLKUHFL1DSULPHU 6/292=1$. $ % 9 * ' ( ä = , - . / /- 0 1 1- 2 3 5 6 7 &
%52- 180(5,ý.(5(&,
$7D6H %D&L-D 9X-L& *X*X7ND9DåHVDPRSUYDVXJODVQLND 'X6D1 D&HL1R*D ('RLOL('L =DR.DL1R= =D.R1 ,1$ -D7R9DYLRQ .X&DL7X6 /H'LH1D /MX'LL9R'D 0D. 1L67LFD 1MH*D'R*H 29DåHQD 3R'L.L7 5X'DL=L7R 6R0 7X6 &R6HL7Dâ1H
8 81X&H ) )D1RLDX7R + +R5 & &HL7Dâ7DLOL&L&DL'X' & &L&DL'R.7RU '= '=D.L'D='HYQMDN 6 6H9DL7X& =D VORYD JGH LPDWH SR GYH UHFL RVWDYOMHQR MH 9DPD GD VDPL QDSUDYLWH SRJRGQH DVRFLMDFLMH 6YDNDNR L VDP L]ERU QXPHULþNLK UHFL VDPR MH MHGQD RG PRJXüLK YHU]LMD L 9L üHWH ]D VHEH XYHN RGDEUDWLRQHQXPHULþNHUHFLNRMH9DPDQDMYLãHRGJRYDUDMX , X RYRP VOXþDMX PRåHWH QXPHULþNH UHFL NRMH 9DP GDMX SRMHGLQD VORYD 0RUVHRYRJ DOIDEHWD SRYH]DWL X MHGDQ QL] ODQþDQLP PHWRGRPLOLLKDVRFLUDWLVDª$OIDEHWVNRPWDEHORP© 3DPüHQMH]QDNRYD]DEURMHYH =DSDPüHQMHEURMHYDLVSLVDQLKSR0RUVHRYRPDOIDEHWXUQRåHWHNR ULVWLWLGYDQDþLQD 3UYL QDþLQ VH NRULVWL RVPLãOMDYDQMHP L ORJLþNLP SDPüHQMHP $NR EROMH DQDOL]LUDWH NRQVWUXNFLMX ]QDNRYD ]D EURMHYH RQGD üHWH XRþLWL RYHRVREHQRVWL =DVYDNLEURMPRUDGDEXGHXNXSQR]QDNRYD %URMHYL GR SLãX VH MHGQRVWDYQR VD RGJRYDUDMXüLP EURMHP ªWDþNLFD© V WLP ãWR VH RVWDOD PHVWD GR XNXSQR SRSXQH FUWDPD 1D SULPHU GYH WDþNL FH Lª²©WULFUWLFHNDRGRSXQDGR]QDNRYD LOL ª©Lªa©%U VHSLãHQDUDYQRVDªWDþNLFD© ª© %URMHYL RG GR 2 SLãX VH REUQXWR SRþLQMH VH VD MHGQRP ªFUWLFRP©D]DYUãDYD]Dª2©VDªFUWLFD©VWLPãWRVHVDGDSUD]QDPHVWD SRSXQMDYDMXVDªWDþNLFDPD©GRXNXSQR]QDNRYD1DSULPHU ª² ©LGRSXQDGR ]QDNRYDª©LWGª1XOD© SLãHVHVDFUWLFD 'UXJLQDþLQVH]DVQLYDQDª1XPHULþNRPDOIDEHWX©LVWRNDRLNRG SDPüQMD 0RUVHRYRJ DOIDEHWD VORYD SR ª1XPHULþNRP VLVWHPX© .RULVWHüL WDEHOX L] ª1XPHULþNRJ VLVWHPD© ]D SDPüHQMH VORYD GRELMDPR RSHW QL] EURMHYD NRMH PRåHPR SRQRYR ODNR SUHWYRULWL X SULNODGQHQXPHULþNHUHFL B7R3 ²=L5 ²1-L9D ²*X0D ²0L.L ²9L1R ²5D'=D ²3X7 ²/HR ²26D 2YHQXPHULþNHUHFLPRåHWHDVRFLUDWLVDELORNRMRPYH]QRP WDEHORPª3UHGPHWQRP©ª1XPHULþNRP©LOLSRWRSRVLVWHPXVDQHNRP VRERP NRULVWHüLQDUDYQRSUYLKYH]QLKPHVWD
2VWDOL QDþLQL ]D SDPüHQMH 0RUVHRYRJ DOIDEHWD NRULVWH UD]QH YUVWH DVRFLMDFLMD =Dª© WDþNX VHX]PHª5©LQMHJRYSDUª+©D]Dª© FUWLFX ª7©LQMHJRYSDUª'©7DNRQDSULPHUPRåHPRVNODSDWLSRJRGQH UHFL$ 5R'D * 7D7D5 . 7R57D 5 5D'D5 8 +57 LWG $NR NRULVWLWH RYDM QDþLQ RQGD PRUDWH RYH UHFL REDYH]QR DVRFLUDWL VD ª$OIDEHWVNRPWDEHORP©NDNREL]QDOLNRMHVORYRR]QDþDYDMXSRMHGLQHUHFL 7DNRÿHMHPRJXüHGDüHQHNLPDQDMYLãHRGJRYDUDWLGD]DªWDþ NX©X]PXELORNRMXMHGQRVORåQXLOLGYRVORåQXUHüD]DªFUWLFX©ELORNR MXWURVORåQXLOLYLãHVORåQXUHþ1DSULPHU$ ²$VSREHÿXMH% %DUEDUDMHXVREL0 ² 0LPR]DPLULãH6 ²6DQMH OHS,WG2YHNUDWNHUHþHQLFHPRåHWHWDNRÿHSRYH]DWLVDª$OIDEHWVNRPWD EHORP©NDRXVOXþDMXSDPüHQMDUD]QLKUHþHQLFDL]UHNDLVHQWHQFL²DVR FLMDWLYQRPWHKQLNRP 3RVWRMH L GUXJL QDþLQL ]D HILNDVQR DVRFLUDQMH 0RUVHRYLK ]QDNRYD VD VORYLPDNRMHR]QDþDYDMXNDRQDSUGDVHYRNDOLª$©Lª(©NRULVWH]DªWDþNH© DSUHRVWDOLYRNDOL,28]DFUWLFH .DR ãWR YLGLWH L L] RYLK VOXþDMHYD PRJXüQRVWL RVPLãOMDYDQMD DVR FLUDQMD L NRPELQRYDQMD SRPRüX PHWRGD L WHKQLND VLVWHPDWVNRJ SDPüH QMD VX YHOLNH L UD]QRYUVQH RQH RPRJXüXMX SRWSXQL UD]PDK 9DãH PDãWH L VSRVREQRVWL NRPELQRYDQMD L SUXåDMXüL 9DP ãLURN L]ERU GR]YROMDYDMX 9DP GD VH RGOXþLWH ]D RQX YDULMDQWX LOL PHWRG NRML 9DPD OLþQR QDMYLãH RGJRYDUD BBBBBBBBBB
.$.9$6(79$²7$.9$ä(79$
6HüDQMHMHMHGLQLUDML]NRJDQH PRåHPRELWLSURJQDQL ²3DXOäDQ
)$.725,2'/8ý8-8û,=$'2%526(û$1-(
'DOLVWHPRåGDQHNDGDSRPLãOMDOLGDL]PHÿX9DãHJSDPüHQMD 9DãHPRüLVHüDQMDL9DãHJNRQWDXEDQFLSRVWRMLYHOLNDVOLþQRVW"$NR QLVWHQLMHOL9DPVHYHüGRJDÿDORNDGDVWHåHOHOLGDVHVHWLWHQHþHJDGD SRQHNDG VDPL VHEL OLþLWH QD þRYHND NRML åHOL GD SRGLJQH VD VYRJ UDþXQD X EDQFL RGUHÿHQX VXPX D NDGD WDPR GRÿH XVWDQRYL GD MH ]DERUDYLRGDUDVSRODåHVDPDQMLPL]QRVRP"
3DXO -HDQ SUDYR LPH -RKDQQ 3DXO )ULHGULFK 5LFKWHU ² QHPNQMLåHYQLN
0LQHEURMHQRSXWDXWRNXVYDNRJDGDQDþDVDLWUHQXWND]DKWHYD PR RG EDQNH QDãHJ SDPüHQMD GD QDP ªLVSODüXMH© VLJXUQH L þYUVWH SR GDWNH L UD]QH LQIRUPDFLMH $OL QLNDGD VH QH ]DSLWDPR GD OL PL WDNYH ªYDOXWH© LPDPR QD VYRP NRQWX X QDãRM EDQFL SDPüHQMD L GD OL VPR QHãWR SUHGX]HOLGDWDNYHSRGDWNHREH]EHGLPRLVWDYLPRQDVYRMNRQWRNDNR EL LK PRJOL HILNDVQR NRULVWLWL NDGD QDP ]DWUHEDMX 1DåDORVW VXYLãH þHVWR QDP VH GRJDÿD GD X EDQFL QDãHJ SDPüHQMD V SXQLP SUDYRP ]DKWHYDPR LVSODWXVD²SUD]QRJUDþXQD $NDGD ªLVSODWH© QHPDRQGD QH NULYLPR QDã SUD]DQ NRQWR L QDV VDPH ãWR QLVPR QLãWD XUDGLOL GD VH RQ QDSXQL RG UHÿHQLP SRGDFLPD L ]QDQMLPD QHJR VH RGPDK RERULPR QD QDãH SDPüHQMH RNULYOMXMXüLJDGDMHVODERLQHHILNDVQR .DRãWRVPRYHüQDSDUPHVWDUDQLMHLVWDNOLLPDOMXGLVDYHOLNLP LGREURVWUXNWXLUDQLPDNXPXOLUDQLP]QDQMHPDOLVDVODERPPRüLVHüDQMD L QMLPD WDNYR ]QDQMH X YDåQLP WUHQXFLPD QH NRULVWL -HU ODNR VH VHWLWL VYHJD ãWR ]QDPR MH SRVHEQD XPHWQRVW NRMD VH UD]OLNXMH RG XPHWQRVWL ]D SDPüLYDQMD 6WRJD VH þHVWR GHãDYD GD VH LQDþH GREUR SDPüHQMH RNULY OMXMH NDR ORãH MHU MH ORãD PRü VHüDQMD =DSDPüLYDQMH L VHüDQMH VH QH PRJX LGHQWLILNRYDWL 7R VX LVWLQD GYD PHÿXVREQR XVORYOMHQD L SRYH]DQD SUR FHVD SDPüHQMD DOL VD VWDQRYLãWD SUDNWLþNRJ NRULãüHQMD ]DSDPüHQRJ ]QD QMDWRVXGYHRGYRMHQHIXQNFLMH -Rã YHüD VH JUHãND þLQL NDGD VH X VYDNRGQHYQRP åLYRWX þLWDYR SDPüHQMHL]MHGQDþLVDPRüLVHüDQMDNDGDVHFHOLQDLGHQWLILNXMHVDGHORP NDR QD SULPHU X JRUQMHP VOXþDMX NDGD VH LQDþH GREUR SDPüHQMH L]MHG QDþXMH VD ORãLP VHüDQMHP 3DPüHQMH MH NRG þRYHND MHGDQ NRPSOHNVDQ L FHORYLW SURFHV XVYDMDQMD ]DGUåDYDQMD L SRQRYQRJ YUDüDQMD ]DSDPüHQRJ ]QDQMDX NRPHMH VHüDQMH VDPR MHGQD RG QHNROLNR NRPSRQHQWL NRMH ]D MHGQRVDþLQMDYDMXSURFHVSDPüHQMD 0HÿXWP WR QLNDNR QH ]QDþL GD MH VHüDQMH VSRUHGQD LOL QHYDåQD NRPSRQHQWD .DR ãWR MH XPHWQRVW XPHWL ]DSDPüLYDWL L ]DGUåDYDWL ]DSDP üHQR GRN ]DWUHED LVWR MH WDNR YHOLND XPHWQRVW XPHWL UDVSRODJDWL VSRVRE QRãüX HILNDVQRJ VHüDQMD L WDþQRJ UHSURGXNRYDQMD ]DSDPüHQRJ ]QDQMD 9L WRPQHRSKRGQRPXPHWQRãüXPRUDWHRYODGDWL $NR VH RQGD ]DSLWDPR ª.RML MH SUYL L RVQRYQL XVORY GD EL VH QHþHJDVHWLOL"©RGJRYRUPRUDGDJODVLª'DELVHQHþHJDVHWLOLPRUDPR JD SUHWKRGQR ]DSDPWLWL© $ RSHW ]DSDPüLYDQMH ]DYLVL RG þLWDYRJ QL]D IDNWRUDRNRMLPDVPRSRVHEQRJRYRULOLXGRVDGDãQMLPSRJODYOMLPD'D LKRYGHMRãMHGQRPNUDWNRVSRPHQHPR 3VLKRIL]LþNHRVREHQRVWLþRYHNRYHOLþQRVWL ,QWHUHVLPRWLYDFLMD 3DåQMD 2SDåDQMH .RQFHQWUDFLMD 2VPLãOMDYDQMH $VRFLMDFLMD 3RQDYOMDQMH5HSHWLFLMD =DGUåDYDQMH5HWHQFLMD LVDGDXRYRPSRJODYOMX 6HüDQMHLOLUHSURGXNFLMD 6OLþQRWRPHDNRELSRVWDYLOLSLWDQMHª2GþHJD]DYLVL]DGUåDYDQMH L UHWHQFLMD ]DSDPüHQRJ ]QDQMD"© RGJRYRU EL RSHW JODVLR ª2G VYLK IDNWRUDLNRPSRQHQWLSDPüHQMD©2GJRYRUELPRUDRGDJODVLLVWRLQDVYD RVWDODSLWDQMDXYH]LGUXJLKNRPSRQHQWLSDPüHQMDNDRãWRVXSDåQMD
NRQFHQWUDFLMD SRQDYOMDQMH L GU MHU MH SDPüHQMH FHORYLW MHGLQVWYHQ L QHGHOMLY SURFHV 0L QH PRåHPR QL ]D MHGQX RG JRUH SREURMDQLK NRPSRQHQWL WYUGLWL GD MH SRWSXQR QH]DYLVQD L GD PRåH VDPRVWDOQRHJ]LVWLUDWLIXQNFLRQLVDWL L UD]YLMDWL VH 1DSURWLY VYH WH NRPSRQHQWH VX QH VDPR QDMXåH SRYH]DQH QHJR L WROLNR PHÿXVREQR LVSUHSOHWDQH L X]DMDPQR XVORYOMHQH GD LK MH þHVWR WHãNR WHRULVNL UD]GYRMLWL UDGL DQDOL]H 3RUHG WRJD VYH WH NRPSRQHQWH GHMVWYXMX LVWRYUHPHQR X VYRMRM X]DMDPQRM XVORYOMHQRVWL L LVSUHSOHWDQRVWL RVWYDUXMXüL VORåHQX IXQNFLMX MHGLQVWYHQRJ L QHGHOMLYRJ SURFHVD SDPüHQMD 3URFHV SDPüHQMD NDR FHORYLW MHGLQVWYHQ L QHGHOMLY SURFHV GHLL VH VDPR XVORYQR L WHRUHWVNL X VYUKX ODNãHJ L HILNDVQLMHJ SURXþDYDQMDLXSR]QDYDQMD NDNR EL QD RVQRYX VWHþHQLK VD]QDQMD R SULURGL L RVREHQRVWLPD WRJ MHGLQVWYHQRJ SURFHVD XSR]QDOL ]DNRQLWRVWL NRMH QMLP YODGDMX ýRYHN YODGD SULURGRP SRNRUDYDMXüL VH QMHQLP ]DNRQLPD 7DNR LVWR DNR XSR]QDPR ]DNRQLWRVWL SURFHVD SDPüHQMD RYODGDüHPR VYRMLP SDPüHQMHP SRãWXMXüL QMHJRYH ]DNRQLWRVWL =DGUåDYDQMHLOLUHWHQFLMD]QDQMD]QDþLXYHNL SURPHQXQRYR]DSDPüHQRJ]QDQMD 5HSURGXNFLMD LOL VHüDQMH MH NRQDþDQ FLOM SDPüHQMD 7R MH SURFHVNRULãüHQMD L GHPRQVWUDFLMH SDPüHQMD 9LGHOL VPR GD ]DYLVL RG VYLK RVWDOLK NRPSRQHQWL SDPüHQMD D SR UHGRVOHGX IXQNFLMD QHSRVUHGQR MRM SUHWKRGL ]DGUåDYDQMH LOL UHWHQFLMD ]DSDPüHQRJ ]QDQMD 0HÿXWLP QRYR XVYRMHQR ]QDQMH XYHN WUSL QL] XWLFDMD L SURPHQD WRNRP UHWHQFLMH GRN VH QH DVLPLOLUD L SRWSXQR SRYHåH VD VWDULP SRVWRMHüLP]QDQMHP8]DSDPüLYDQMXLUHWHQ
5HWHQFLMD]QDQMDMHLVWRYUHPHQRWUDQVIRUPDFLMDLGHIRUPDFLMDQRYRJ]QDQMDXVNODGX VDSVLKRIL]LþNRPOLþQRãüXRYHNDLQMHJRYLPYHüVWHþHQLP]QDQMHP
þLML VYDNRJ QRYRJ ]QDQMD XþHVWYXMH FHORNXSQD SVLKLþND OLþQRVW þRYHND SRUHG RVWDOLK þLQLODFD WDNR GD RG FHORNXSQRJ ]QDQMD SUH]HQWLUDQRJSDPüHQMXQDMSUHVHSULKYDWDRQDMGHRNRMLMHXVNODGX VD QDãRP SVLKLþNRP OLþQRãüX 3RUHG WRJD WDNR SULPOMHQR ]QDQMH SRQRYR VH SRYH]XMH L SUHSOLüH VD VWDULP SRVWRMHüLP ]QDQMHP NRMH VWDOQR DVLPLOLUD L PHQMD QRYR ]QDQMH SUHPD QDãLP VKYDWDQMLPD LQWHUHVRYDQMLPDSRWUHEDPDLWG
]QDQMHPRVPLãOMDYDMXVHDVRFLUDMXLQHRVWDMXL]RORYDQLQHJRSURVWR XUDVWDMX X VWDUR ]QDQMH VWDSDMXüL VH VD QMLP =DWR GREUR SDPWLWL XYHN ]QDþL GREUR PLVOLWL RGQRVQR GREUR SRYH]LYDWL QRYL PWDHULMDO NRML VH XþL VD VWDULP ]QDQMHP 2WXGD L EU]R ]DERUDYOMDQMH VWYDUL NRMH QDPQHRGJRYDUDMXLOLVX QDPQDELORNRMLQDþLQ QHSULMDWQH& 'DUYLQ &KDUOHV 'DUZLQ ² MH GREUR ]QDR ]D RYX RVREHQRVW SDPüHQMD SD MH XSUDYR ]ERJ WRJD YHRPD SDåOMLYR L UHGRYQR EHOHåLR VYH DUJXPHQWH L GRND]H VYRMLK SURWLYQLND GR NRMLK MH PRJDR GRüL WRNRP VWYDUDQMDVYRMHWHRULMHRHYROXFLMLGDLKQHEL]DERUDYLR 3RVWRML]DWRXYHNRSDVQRVWGRPLQDFLMHVWDURJ]QDQMD1DSULPHU PQRJL VWDULML OMXGL SURVWR QLVX YLãH X VWDQMX GD DVLPLOLUDMX QRYR ]QDQMH ªQH SULKYDWDMX QRYR QHJR RQR ãWR ]QDMX ² ]QDMX© RELþQR VH ]D QMLK NDåH 7UHED LPDWL QD XPX RYX RNROQRVW L SUL DVLPLODFLML QRYRJ ]QDQMDELWLVYHVWDQþLQMHQLFHGDQDQMHJDXWLþXPQRJLIDNWRULDSRVHEQR MHMDNXWLFDMVWDURJSRVWRMHüHJ]QDQMD 7RNRPUHWHQFLMHGROD]LMRãLGRRYLKGHIRUPDFLMD]DSDPüHQRJ ]QDQMD 8SURãüDYDQMHMHWDNDYSURFHVGHIRUPDFLMHQRYRJ]QDQMDSRGXWL FDMHPQDãHüHOHSVLKLþNHOLþQRVWLSULNRPHVHJXEHPQRJLYDåQLGHWDOML DSUHRVWDOR]QDQMHNRMHRGJRYDUDQDãLPQD]RULPDDOLOLãHQRYDåQLKSRMH GLQRVWLSRYH]XMHVHLXWDSDXVWDUR]QDQMH 5DFLRQDOL]DFLMDQRYRJ]QDQMDLVSROMDYDVHNDRWHåQMD]DGDYDQMHP QHNRJVPLVODGROD]LGR]DPHQHQHRELþQRJLQHSR]QDWRJVDRELþQLPLSR] QDWLP2WXGDGROD]LLGRGRSXQDQHMDVQLKPHVWDLPHQMDQMDQRYRJ]QDQMD SRVRSVWYHQRPQDKRÿHQMXUDGLGDYDQMDQRYRP]QDQMXVYRMLKREHOHåMD L OLþQRJVPLVOD 6YH RYH SURPHQH QRYR]DSDPüHQRJ ]QDQMD SRG MDNLP XWLFDMHP QDãHFHORNXSQHSVLKLþNHOLþQRVWLSRVOHGLFDVXQHSUHVWDQRJLGLQDPLþQRJ SURFHVDXVDJODãDYDQMDQRYRJ]QDQMDVDVWDULP 0HWRGHHILNDVQHUHSURGXNFLMH 8PHWQRVW GREURJ VHüDQMDLOL HILNDVQH UHSURGXNFLMH]DSDPüHQRJ ]QDQMD]DYLVLRGPQRJLKIDNWRUDDOLLRGSULPHQHGREULKPHWRGD]DHIL NDVQXUHSURGXNFLMX 2VQRYQL MH SUHGXVORY QDUDYQR WDM GD SUDYLOQR XþHQMH L ]DSDPüLYDQMHREH]EHÿXMHLSUDYLOQRVHüDQMH /HQMRVW GD SRNXãDPR GD VH VHWLPR QHNRJ PDWHULMDOD þHVWR MH X]URN GD VH YUHPHQRP IRUPLUD QDYLND SR NRMRM VPR XYHN VSUHPQLML GD SUL SUYRP QHXVSHORP VHüDQMX SRYHUXMHPR GD VPR WDM PDWHULMDO ]DERUDYLOLXPHVWRGDSRNXãDPRMRãNRMLSXWGDVHWRJPDWHULMDODVHWLPR 7LPH SRVWHSHQR VWYDUDPR SRJUHãQR XYHUHQMH NRG VHEH GD VODER SDPWLPRLSRþQHPRVHVYHYLãHRVODQMDWLQDSLVDQMHLOLNQMLJH 1DVWRMDQMH GD VH VHWLPR QDãL XSRUQL SRNXãDML WUL GR þHWLUL D DNR MH SRWUHEQR L YLãH SXWD RG SUYRUD]UHGQRJ VX ]QDþDMD ]D UD]YLMDQMH VSRVREQRVWL GREURJ VHüDQMD 1DURþLWR MH YDåQR GD XYHN SRNXãDPR GD VH VHWLPRRGUHÿHQRJPDWHULMDODEH]LNDNYHSRPRüLVDVWUDQL©QHNHRVREH NQMLJHLVOLþQR .DGD SRNXãDYDWH GD VH VHOLWH RQGD GR]RYLWH X PDãWL VYH RNROQRVWL L YUHPH NDGD VWH SDPWLOL GRWLþQL PDWHULMDO ,QWHUHVDQWDQ MH VOXþDMMHGQRJ
þRYHNDNRMLMHYLãHJRGLQDSURYHRX.LQLLGREURQDXþLRNLQHVNLMH]LN$OL NDGD VH YUDWLR X VYRMX ]HPOMX XVNRUR JD MH SRWSXQR ]DERUDYLR &RYHN VH SRPLULR VD WRP PLãOMX GD YLãH QH ]QD NLQHVNL 6OXþDM MH KWHR GD MH SRVOH QHNROLNR JRGLQD SRQRYRGRãDR X .LQX 1D QMHJRYR YHOLNR L]QHQDÿHQMH þLPMHGRãDRXNRQWDNWVD.LQH]LPDSURJRYRULRMHSRQRYRNLQHVNLNDRGD JDQLNDGDQLMH]DERUDYLR 3ULSRNXãDMLPDVHüDQMDWUHEDPHQMDWLXJDRSULOD]DPDWHULMDOXNRJD VH åHOLPR VHWLWL QH WUHED LQVLVWLUDWL XSRUQR QD MHGQRP SULOD]X ]DERUDYOMH QRP PDWHULMDOX L] SURVWRJ UD]ORJD ãWR MH VYDNR ]QDQMH PQRJREURMQLP YH ]DPDDVRFLUDQRVDRVWDOLP]QDQMHP,QVLVWLUDMXüLEHVFLOMQRGDVHVHWLPRVD PR SUHNR MHGQH YH]H ]QDþL VHEL XVNUDWLWL RVWDOH PRJXüQRVWL GD VH WRJ PD WHULMDOD VHWLPR 2YR PRåH GD EXGH YHOLND SUHSUHND ]D UD]YLMDQMH HILNDVQRJ VHüDQMD =QDþL SRVOH VYDNRJ SRJUHãQRJ RGQRVQR QHXVSHORJ NRUDND X MHGQRP SUDYFX WUHED VH YUDWLWL QD SRþHWQX SR]LFLMX GD EL VH SRQRYR SRNXãDOR X GUXJLP SUDYFLPD VYH GRN VH QH ªVXGDULPR© VD SUDYRP YH]RP ]D WUDåHQL SRGDWDN 1D WDM QDþLQ SUDYLOQR UD]PLãOMDQMH R ª]DERUDYOMHQRP© SRMPX LOL SRGDWNXYHRPDSRPDåHVHüDQMX =DJUHYDQMHSULVHüDQMXMHQHRSKRGQRNDRLSUL]DSDPüLYDQMX=DWR MH SRJUHãQR VLOLWL VYRMH SDPüHQMH GD UHSURGXNXMH QHNL SRGDWDN GRN MH ªKODGQR©7UHEDSUYRSRþHWLVD]DJUHYDQMHPVYRJVHüDQMD UD]PLãOMDQMHP R UD]QLP YH]DPD NRMH EL 9DV PRJOH GRYHVWL GR SRWUHEQRJ PDWHULMDOD NRML ªQHüHRGPDKGDVHMDYL©8SRþHWNXüHWHRVHWLWLPDOLQDSRUGRNQHVWHN QHWH UXWLQX L QDYLNX GD VH RVODQMDWH QD VYRMH VHüDQMH L GD LPDWH SRWSXQR SRYHUHQMH GD üH 9DP WUDåHQL PDWHULMDO SRãWR REDYL SRWUHEQH SUHGUDGQMH VDPDQMLPLOLYHüLPXWURãNRPYUHPHQDSRX]GDQRUHSURGXNRYDWL 0HWRGSURJUDPLUDQMDPHPRULMHWUHED WDNRÿH NRULVWLWL DNR QH PR åHPR RGPDK GD VH VHWLPR QHNRJ PDWHULMDOD 6DVWRML VH X WRPH GD VH NUDWNR YUHPH MDNR NRQFHQWULãHPR QD PDWHULMDO NRML åHOLPR GD QDP VH üDQMH L]OLIHUXMH L RQGD PLUQR SUHQHVHPR SDåQMX QD VDVYLP GUXJH VWYDUL 3RVOH L]YHVQRJ YUHPHQDA þDN L GRN VWH ]DX]HWL QHNLP GUXJLP YDåQLP SRVORP9DãPHKDQL]DPVHüDQMDüH9DVªSUHNLQXWL©XVUHGQHNRJSRVOD LOL UD]JRYRUD L UHSURGXNRYDWL 9DP SRGDWDN ]D NRML MH GRELR QDORJ RG 9DVSUHRGUHÿHQRJYUHPHQDGDJDSULEDYL 6WD VH ]DSUDYR GRJRGLOR" .UDWNRP LQWHQ]LYQRP NRQFHQWUDFLMRP QD SRWUHEDQ PDWHULMDO NRML QHüH RGPDK GD VH SRMDYL 9L VWH X VWYDUL SURJUD PLUDOL VYRMX PHPRULMX L GDOL MRM ]DGDWDN GD 9DP ªSURQDÿH© SRWUHEDQ PD WHULMDO 6NUHWDQMHP SDåQMH QD GUXJH VWYDUL 9L VWH SUHVWDOL GD PLVOLWH GDOMHRWRPPDWHULMDOXLãWRMHELWQRGDOLVWHVYRP PR]JX GRYROMQR YUH PHQD GD NUHQH X SRWHUX ]D ]DOXWDOLP PDWHULMDORP VD VYRMLK QHNROLNR KL OMDGD PLVOL UDþXQD VH RNR PLVOL GD GQHYQR XOD]H X VYHVW 1DVWDMH VXSWLODQ L LVWRYUHPHQR JUDQGLR]DQ UDG X SRWVYHVWL JGH SRWVYHVQL GHR QDãHJ SDPüHQMD L] RJURPQRJ PQRãWYD QDMUD]OLþLWLMLK SRGDWDND YDGL XSUDYR PD WHULMDO NRML MH QDPD SRWUHEDQ L RGPDK QH SLWDMXüL þLPH VPR PL WRJ WUH QXWND ]DX]HWL SUHNLGD QDãX SDåQMX L ªVDRSãWDYD© QDP UH]XOWDW X REOLNX L]QHQDGQRJVHüDQMD 1D SULPHU VLJXUQR 9DP VH YHü GRJDÿDOR GD WRNRP UD]JRYRUD QH PRåHWHGDVHVHWLWHQHNRJSRGDWNDLPHQDEURMDLVOLþQR2QGDVHRELþQR XUD]JRYRUXVSUDYRPNDåHª1LãWDVHWLüXVHVLJXUQRNDVQLMH© ,]DLVWDYHüSRVOHNUDüHJYUHPHQDGRNUD]JRYDUDWHPRåGDR
GUXJRMQHNRMWHPL9DãHSDPüHQMH9DV³SUHNLGD´WDNRUHüLXSRULMHþLL9L RGMHGQRP X]YLNXMHWH ³ 'D XSUDYR VDP VH VMHWLR NDNR VH ]YDR RQDM þRYMHN´ 5HSURGXNFLMD MH UHGH YHUQD NRSLMD RULJLQDOD D þHãüH MH UHNRQ VWUXNFLMD SD þDN L NRQVWUXNFLMD QD RVQRYX RULJLQDOD ,]X]HWDN VX ]QDQMD]DSDPüHQDWHKQLNDPDVLVWHPDWVNRJ SDPüHQMDNRMD PRJX GD VH SRPRüX QMLK YHUQR RULJLQDOX UHSURGXNXMX 'R UHNRQVWUXNFLMH ]DSDPüHQRJ PDWHULMDOD WRNRP UHSURGXNFLMH GROD]L L ]ERJ VWYDUDODþNHSULURGHVDPRJVHüDQMD$NRMHQHNLPDWHULMDOQHSRWSXQR LOL PDQMNDYR ]DSDPüHQ PL WHåLPR VDVYLP SULURGQR GD JD WRNFP UHSURGXNFLMHGRSXQLPRSRERAãDPRLQDQHNLQDþLQGRWHUDPR .RG VHULVNH UHSURGXNFLMH X NRMRM XþHVWYXMH QHNROLNR RVRED NRMHMHGQX LQIRUPDFLMX LOL SRGDWDN ODQþDQR SUHQRVH MHGQD GUXJRM GROD]L GR MRã YHüLK UHNRQVWUXNFLMD RULJLQDOQRJ PDWHULMDOD L QMHJRYRJ GHIRUPLVDQMD 2VQRYQL X]URN YHOLNLP GHIRUPDFLMDPD SUHQRãHQRJ PDWHULMDOD MH XþHãüH YHüHJ EURMD OLFD X VHULMVNRM UHSURGXNFLML VD VYRMLP YHRPD UD]OLþLWLP SVLKLþNLP OLþQRVWLPD WDNR GD VYDNR PRGLILNXMHRULJLQDOQXLQIRUPDFLMXSUHPDVYRPSVLKLþNRPSURILOXL WHåQMDPD 3UL WRPH SRVHEQR YHOLNL XWLFDM QD GHIRUPDFLMX RULJLQDOQH LQIRUPDFLMHLJUDMXXVWDOMHQDPLãOMHQMDLYUHGQRVWLWDNRGDUHGRYQR GROD]LGR]DPHQHRULJLQDOQLKQRYLKGHWDOMDVDVWDULPSR]QDWLPLOL NRQYHQFLRQDOQLP VKYDWDQMLPD L GHWDOMLPD 7LSLþQL SULPHUL VHULVNH UHSURGXNFLMH VX UD]QD SUHSULþDYDQMD JODVLQH XVPHQR ãLUHQMH YHVWL LWG 2E]LURP QD VWHSHQ XVYRMHQRVWL QHNRJ ]DSDPüHQRJ PDWHULMDOD LPDPRWULYUVWHVHüDQMD 3UHSR]QDYDQMHMHSUYLLQDMODNãLYLGVHüDQMDMHUQDPRGPQR ãWYDHOHPHQDWDNRMLþLQHMHGDQSRMDPGRVWDMHVDPRQHNROLNRGD]QDPR RGQRVQRSUHSR]QDPRSDGDLGHQWLILNXMHPRFHRSRMDP0HÿXWLPNRGVH üDQMDLOLUHSURGXNFLMHPRUDPRELWLXVWDQMXGR]YDWLXVYHVWVYHHOHPHQWH NRMLþLQHWDMSRMDP 7R MH XSUDYR L UD]ORJ ]DãWR VH XYHN ODNãH VHWLPR SUHSR]QDPR OLFD QHNH RVREH QHJR OL QMHQRJ LPHQD ,PHQD PRUDPRGDVHVHWLPRXSRWSXQRVWL²LVSXVWLPROLVDPRMHGDQVORJ SRJUHãLOLVPRGRNJOHGDMXüLOLFHSUHGVRERPPLLPDPRVYHQMHJRYH HOHPHQLH L REHOHåMD QD UDVSRODJDQMX L GRYROMQR MH GD VDPR LGHQWLILNXMHPR SDU FUWD UHFLPR RþL L QRV L þLWDYR OLFH üHPR SUHSR]QDWL 2YD ]DNRQLWRVW OHåL X RVQRYL PQRJLP SRMDYDPD X SUDNWLþQRP åLYRWX1DSULPHU]DWRMHUHþQLN þLWDQMDNRGVYDNRJRGQDVYHüLL ERJDWLML RG UHþQLND JRYRUD LOL SLVDQMD MHU NRG þLWDQMD LOL VOXãDQMD GRYROMQR MH GD VDPR SUHSR]QDMHPR GRN NRG JRYRUD LOL SLVDQMD PRUDPR GD ]QDPR ,OL VYDNRP XþHQLNX MH ODNãH GD RGJRYDUD QD SRMHGLQD NUDüD SLWDQMD QDURþLWRDNR VX RQD DOWHUQDWLYQR SRVWDYOMHQD NDRQDSUWHVWRYLQHJRGDUHSURGXNXMHVDPVYHGHWDOMHMHGQHOHNFLMH 1D NUDMX ]DWR MH L XYHN ODNãH NULWLNRYDWL JOHGDMXüL NDNR GUXJL UDGL QHJRVDPWRXUDGLWL 5HSURGXNFLMDMHGDOHNRWHåDRGSUHSR]QDYDQMDMHU]DKWHYDSR] QDYDQMHVYLKHOHPHQDWDNRMLþLQH]QDQMHNRMHVHUHSURGXNXMH2WXGD GROD]LGRSRJUHãQRJXYHUHQMDNRGPQRJLKGDVOXãDMXüLLOLJOHGDMXüLQHNL PDWHULMDOLOLPRWRUQXYHãWLQXPLVOHGDLRQLWR]QDMXMHUJDVKYDWDMX DQDSURELLOLLVSLWXXVWDQRYHGDVHUDGLORVDPRR QMLKRYRPSDVLYQRP ]QDQMXRþLVWRMVSRVREQRVWLSUDüHQMDLUD]XPHYDQMDGRWLþQRJ PDWHULMDODNDRUHFLPRSULþLWDQMX
7X OHåL XRVWDORP L MHGDQ RG JODYQLK UD]ORJD ãWR OMXGL XYHN ODNãH UD]XPHMXQHNLVWUDQLMH]LNDUHGRYQRLPWHåHSDGDGD JDDNWLYQR JR YRUHMHU]DUD]XPHYDQMHGRYROMQRMHVDPRSUHSR]QDYDQMHGRNMH]DDN WLYDQ JRYRU SRWUHEQR SRWSXQR ]QDQMH L VSRVREQRVW QMHJRYH NRPSOHWQH UHSURGXNFLMH 3UHPD WRPH SUHSR]QDYDQMH PRåHPR LGHQWLWLNRYDWL NDR SDVLYQRDSRWSXQXUHSURGXNFLMXNDRDNWLYQR]QDQMHQHNHVWYDUL $XWRPDWVNRVHüDQMHQDVWXSDWDGDNDGDVHQHNRJPDWHULMDODVH üDPR HILNDVQR L GLUHNWQR EH] SRVUHGVWYD UD]QLK SRPDJDOD D PRåH ELWL SRVOHGLFD ªSUHQDXþHQRVWL© LOL NDNR VH WR X VYDNRGQHYQRP åDUJRQX NDåH VWHþHQH UXWLQH L ªGXJH SUDNVH© 3UHQDXþHQRVW MH X VWYDUL QRYR VWYRUHQD QDYLND 1D SULPHU XSUDYOMDQMH DXWRPRELORP JGH VYH UDGQMH YUãLPRRRWSXQRDXWRPDWL]RYDQR 3ULURGQRãWRVHþHãüHVHüDPRQHNHVWYDULWRMHVHODNãHVHüDPR $NRVHüDQMHSRQRYLPRGRYROMDQEURMSXWDRQRSRVWDMHDXWRPDWVNRLSR WUHEQR ]QDQMH GROD]L DXWRPDWVNL X VYHVW âWD YLãH NRG PRWRUQLK YHãWLQD SRWUHEQR]QDQMHLQH PRUD GD GRSLUH GR QDãH VYHVWL MHU SRWUHEQH UDGQMH REDYOMDPRSRWVYHVQRSRQDYLFL 1DSULPHU DNRVPRQHNLPRG PHWRGD VLVWHPDWVNRJ SDPüHQMD ]D SDPWLOL MHGDQ SRGDWDN PL üHPR PRUDWL X SUYRM ID]L GD VH VHWLPR þLWDYH NRQVWUXNFLMH GD EL SUHNR QMH NDR QHNRJ SRVUHGQLND LOL SRPDJDOD GRãOLGRVDPRJSRGDWND5HFLPRQXPHULþNHUHFLLEURMQHNRJWHOHIRQD 'RFQLMHA QDNRQ RGUHÿHQRJ EURMD SRQDYOMDQMD RYRJ SURFHVD SRVWLåHPR DXWRPDWL]DP LOL GLUHNWQR VHüDQMH NDGD VH WRJ SRGDWND PRåHPR VHWLWL L]UDYQREH]SRPRüLELORNDNYHNRQVWUXNFLMHLOLYH]H 8 PQRJLP REODVWLPD ]QDQMLPD L PRWRUQLP YHãWLQDPD QHRSKRGQR MH SRVWLüL DXWRPDWVNR VHüDQMH $XWRPDWVNR VHüDQMH MH QDMYLãLLQDMVLJXUQLMLREOLNSRWSXQRHILNDVQHUHSURGXNFLMH]QDQMD 6HüDQMH PRåHGD UDGLDXWRPDWVNLDNR PX XNORQLPR UD]QH GXKRYQH VPHWQMH L SUHSUHNH NRMH VH MDYOMDMX NDR QHGRVWDWDN VDPRSRX]GDQMD UD]QH YUVWH VWUDKD VXPQMH ,MXWLQD L XRSãWH VYH RQR ãWR ]RYHPR VNXSQLP LPHQRP ªQHJDWLYQHPLVOL© L ªQHJDWLYQDVWDQMD©6SRVREQRVW L VQDJD UHWHQFLMH ]DSDPüHQRJ PDWHULMDOD OHåL X SRWVYHVWL L GD EL WDM PDWHULMDO PRJOL UHSURGXNRYDWL PRUDPR LPDWL ªþLVWX© VYHVW RG GUXJLK SUHSUHND L VPHWQML PRUD QDP SDåQMD ELWL NRQFHQWULUDQD QD ]DSDPüHQR ]QDQMH NRMH UHSURGXNXMHPR D QH QLNDNR ]DRNXSOMHQD L SULWLVQXWD UD]QLPQHJDWLYQLPVWDQMLPDLPLVOLPD .DRãWRMHSR]QDWRXVYHVWLQHPRJXLVWRYUHPHQRHJ]LVWLUDWLGYH PLVOL PRUDMX VH VXNFHVLYQR VPHQMLYDWL GD EL LK PRJOL VKYDWLWL SDPWLWL LOLUHSURGXNRYDWL5DGLWRJDMHVHüDQMHQD RGUHÿHQ QDþLQ ]DYLVQR RG ]DERUDYOMDQMD 7R ]DERUDYOMDQMH MH ]DSUDYR XSUDYOMDQMH SDåQMRP VD MHGQRJ SRMPD QD GUXJL WM RG RQRJ ãWR WUHED GD LGH L] VYHVWL UHFLPR UD]QD QHJDWLYQD VWDQMD QD RQR ãWR WUHED GD EXGH VDGUåDM VYHVWL WRNRP UHSURGXNFLMH ,VWR WDNR X SDPüHQMH PRåH VQDåQR GD VH XWLVQH MHGDQ SRMDPWHNNDGDPXMHSUHWKRGQLQDSUDYRPHVWDXVYHVWL7DNRÿH DNRMH PLVDR R SRWUHEL VHüDQMD LOL MRã JRUH VWUDK GD VH QHüHPR PRüL VHWLWL VWDOQR SULVXWQD X VYHVWL RQGD RQD SHUPDQHQWQR ]DX]LPD PHVWR L QH GRSXãWD]QDQMXNRMHWUHEDGDUHSURGXNXMHPRGDGRÿHXåLåXQDãHVYHVWL L ª3UHQDXþHQRVW©HQJO2YHUOHDUQLQJQHPW-EHUOHUQHQ6WHSHQ]QDQMDQHNRH PDWHULMDOD GR DXWRPDWL]PD NRML VH SRVWLåH GDOMLP XþHQMHP L YHåEDQMHPSUHNR QLYRD SRWUHEQRJ]DQRUPDOQXUHSURGXNFLMX
=DWRPRUDPRRGVWUDQLWLVYDQHJDWLYQDVWDQMDLOLPLVOLNRMHELPRJOHGDQDP RNXSLUDMXSDåQMXLVYHVWLGDVWYRULPRSR]LWLYQXVLWXDFLMXXQDãRMVYHVWLJGH üHLPDWLPHVWDVDPRSR]LWLYQHPLVOL L RVHüDQMD 7LPH üHPR DXWRPDWVNL VWYRULWL VORERGDQ SURVWRU X QDãRM VYHVWL ]D QHVPHWDQ X-D] ]QDQMD L] SRWVYHVWL²WHQHL]PHUQHUL]QLFHQDãHJDSDPüHQMD 1DãHVHüDQMHPRåHGDUDGLSRWSXQRDXWRPDWVNLVDPRDNRJDX WRPHQHVSUHþDYDPR$XWRPRUDPRþYUVWRYHURYDWL ,PDMWH XYHN SXQR SRYHUHQMH X RJURPQX PRü VYRJD VHüDQMD MHURQRSRþLYDQDQHL]PHUQLPSRWHQFLMDOLPDüHOHQDãHSVLKH
'9((3,'(0,-(02'(512*95(0(1$
9HOLNDNRQFHQWUDFLMDXMHGQRMREODVWL þHVWR]QDþLUDVHMDQRVWXGUXJRM
27675$1-,9$1-(5$6(-$1267,,=$%25$91267,
3HVQLN3RORQVNL-33RORQVNLM² ELMHSR]QDWSR VYRMRMYHOLNRMUDVHMDQRVWL-HGQRPSULOLNRPMHRVWDRGXJRXSRVHWLNRG MHGQRJVYRJSULMDWHOMD'RPDüLQMHLPDRRELþDM GDYHüX K RGH QD VSDYDQMHLVDXåDVRPMHYHüSRJOHGDYDRQDVDWNRMLMHSRND]LYDRSULEOL åDYDQMHSRQRüL.DGD3RORQVNLYLãHQLMHPRJDRGDL]GUåLRGXPRUDNR QDþQRSULPHWL ² $ODMHPRMDNXüDGDOHNRRG9DãH $QDSROMXMHWDNRVWHJDR PUD] 1MHHRYSULMDWHOMRGPDKLVNRULVWLSULOLNXLGFGDGH ² 'DMDLPDPWXVUHüXGDVDPXVYRMRMNXüL$NDNRüHWH9L" 8WRPWUHQXWNX3RORQVNLVNRþLNDRRSDUHQ ² 3DRQGDWR]QDþLGD9LQLVWHNRGPHQHQHJRMDNRG9DV 5DVHMDQRVW L ]DERUDYQRVW VSDGDMX X QDMPDVRYQLMH EROHVWL QDãHJD YUHPHQD 7R VX GYH HSLGHPLMH NRMH VYH YLãH ]DKYDWDMX OMXGH GYDGHVHWRJ YHND =DERUDYQRVW VH YHRPD þHVWR SRJUHãQR WXPDþL NDR VODERVW SDPüHQMD ãWR QLMH WDþQR MHU PQRJL QDXþQLFL QD SULPHU NRML LPDMX L]YDQUHGQR SDPüHQMH ]D VYRMX QDXþQX REODVW NRMRP VH EDYH þHVWRVXUDVHMDQLLOL]DERUDYQLOLXGL 7DNRMH(GLVRQQDVDPGDQVYRJYHQþDQMD]DQHWVYRMLPSURQDOD VFLPD ]DERUDYLR JGH ]DSUDYR WUHED GD EXGH L MHGQRVWDYQR MH RWLãDR XVYRMXODERUDWRULMXGDQDVWDYLUDG.DGDVXJDSULMDWHOMLRSRPHQXOLGD QLMH X UHGX GD VYRMX VXSUXJX RVWDYOMD WDNR GXJR VDPX (GLVRQ MH RGJRYRULR ² 'DQDVLPDPSRVHEQRWHåDNGDQ=DãWRåHOLWROLNRGDPH XSUDYRVDGDYLGL"
7YRUDFWHRULMHUHODWLYLWHWD$OEHUW$MQãWDMQELRMHSRVORYLþQRUD VHMDQ -HGQRP SULOLNRP YR]LR VH WUDPYDMHP L ELR MH ]DERUDYLR GD SRQHVH QRYDF L QLMH LPDR GD SODWL NDUWX -HGQD GHYRMND NRMD MH VHGHOD SUHNR SXWD QMHJD L]YDGL QRYDF L SODWL PX NDUWX 1D WR VH $MQãWDMQSULGLåHX]ODNLQDNORQLUHþH ² 1DMOHSãH9DPVH]DKYDOMXMHPJRVSRÿLFHQDOMXED]QRVWL ² $OL7DWD²X]YLNQX$MQãWDMQRYDNüLSUHNRUQR 9HRPD þHVWR UDVHMDQRVW NRG PQRJLK OMXGL LPD ]D VYRM X]URN MDNX VNRQFHQWULVDQRVW QD QHNX GUXJX REODVW LOL VWYDU 5DVHMDQRVW L ]DERUDYQRVW VX SRVOHGLFD GHNRQFHQWUDFLMH L QHREUDüDQMD SDåQMH X YDåQLP WUHQXFLPD QD SRMHGLQH VWYDUL 7R VX GYH HSLGHPLMH QDãHJ VDYUHPHQRJ VYHWD NRMH VYRMH SORGQR WOR QDOD]H X XEU]DQRP WHPSX QDãHJåLYRWDXLVWU]DQRMLVNRURSDUDOLVDQRMSDåQMLQHSUHNLGQLPQL]RP QDMUD]OLþLWLMLKGRåLYOMDMDREDYH]DEULJDODYLQRPLQIRUPDFLMDLWG $OLREHRYHEROHVWLLOLWDþQLMHUHþHQRUXåQHQDYLNHPRJXVHRW NORQLWL L NOMXþ ]D UHãHQMH WRJ SUREOHPD PQRJLK RG QDV OHåL X PDORM YHãWLQLXSUDYOMDQMDQDãRPSDåQMRP.R VH EXGH PDORSRWUXGLR GD QDXþL JRVSRGDULWL VYRMRPSDåQMRP XYDåQLPWUHQXFLPD NDGD GR ]DERUDYQRVWL RELþQR PRåH GD GRÿH VD QHNLP PHWRGDPD VLVWHPDWVNRJ SDPüHQMD PRüL üH GDXEXGXüHXãWHGLGRVWDWUXGD QHUDYD L JXELWDND QH VDPR VHEL QHJRGRVWDþHVWRLGUXJLPDRNRVHEH
8þHWQXMHX]URN]DERUDYQRVWLLUDVHMDQRVWL" 3UREOHPOHåL]DSUDYRXWRPHãWRVYHVWYDULQDRYRPVYHWXGHOLPR RQDNRHQJHQHUDOXGYHYHOLNHJUXSHQDªYDåQH©LªQHYDåQH©QDªNUX SQH© L QD ªVLWQH© ]DERUDYOMDMXüL SUL WRP GD VH W]Y ªNUXSQH© VWYDUL VDVWRMHXYHNRGW]Y ªVLWQLK©VWYDUL ,RQGD SULURGQRVPDWUDPR GDMH VDVYLP X UHGX GD ªVLWQH© VWYDUL REDYOMDPR PHKDQLþNL QHVYHVQR L SR QHNDNYRM QDYLFL QH REUDüDMXüL XRSãWH QD QMLK QL PDOR SDåQMX MHU GR]YROLWH SDåQMX SRNODQMDPR VDPR ªYDåQLP© L ªNUXSQLP© VWYDULPD ]DU QH" 7DNR X NUDMQMRM NRQ]HNYHQFL LVSDGQH GD VYRLX GUDSRFHQX SDåQMX QH SRNODQMDPR QL ªVLWQLP© QL ªNUXRQLP© VWYDULPD LHU VH ªNUXSQH©VWYDULUHNRVPRVDVWRMHRGªVLWQLK©LVOXåHQDPSRUHGWRJD NDR RGOLþDQ L]JRYRU GD VYRMX GUDJRFHQX L X RYRP VOXþD MX VYHUHãDYDMXüX SDåQMX XRSãWH QH SRNODQMDPR VWYDULPD RNR VHEH =DU VH RQGDWUHEDþXGLWL]DãWRVPRUDVHMDQLL]DERUDYQL" .DNRVHPRåHPRVHWLWLQHþHJDþHPXQHSRNODQMDPRSDåQMX"9L VWH YLGHOL L] GRVDGDãQMLK L]ODJDQMD GD MH SDPüHQMH PUWYR PRUH DQRQLPQLKSRGDWDNDEH]åLYRWYRUQRJ]UDNDNRMLVH]RYHSDåQMD$OLSRG PDJLþQLP GHMVWYRP WRJ SXO]LUDMXüHJ QHVWDOQRJ L YHþLWR SRNUHWOMLYRJ ]UDNDNRMLXVYHWXSUHWVWDYDLSRMPRYD]QDþLGRYRÿHQMHXåLåXVYHVWL]QDþL ² åLYRW SRMHGLQD ]QDQMD SRGDFL LQIRUPDFLMH L UD]QD VHüDQMD GLåX VH SRVOXãQR L] GXELQD QDãHJ SDPüHQMD L] QDãH SRWVYHVWL L L]UDQMDMX QD SRYUãLQXVYHVWLJGHåLYHVDRSãWDYDMXQDPVYRMHSRUXNHLGHOXMX 8]PLPRMHGDQSULPHUL]VYDNRGQHYQRJåLYRWDVHGLWHXVYRMRMQD VORQMDþL þLWDWH L SRGYODþLWH YDåQLMD PHVWD 2GMHGQRP ]D]YRQL WHOHIRQ RVWDYOMDWH NQMLJX RORYNX L QDRþDUH X] SXW GRN LGHWH ND WHOHIRQX .DGD VWH REDYLOL UD]JRYRU KRüHWH QDVWDYLWL þLWDQMH DOL QH PRåHWH GD QDÿHWH QDRþDUH L RORYNX ² QHJGH VWH LK X] SXW åXUHüL ND WHOHIRQX RVWDYLOLLVDGDQHPRåHWHGDVHVHWLWHJGH
2þLJOHGDMXDOLQLãWDQHYLGHMHUMHSDåQMDRWVXWQD2þLPDJOHGDPRDOLXPRPY LGLPR
0HÿXWLP XRSãWH VH QH WUHED þXGLWL ãWR RORYNX L QDRþDUH QH PRåHWH QDüL 9DãD SDåQMD ELOD MH NRPSOHWQR XVPHUHQD QD WHOHIRQ 9DãD VYHVW ELOD MH VDVYLP ]DRNXSOMHQD WHOHIRQRP L SUHWVWRMHüLP UD]JRYRURP L 9L XRSãWH QLVWH QL YLGHOL QD NRP PHVWX VWH RVWDYLOL QDRþDUH L RORYNX -HU RþL PRJX GD JOHGDMX DOL DNR SDåQMD QH XþHVWYXMH RQGD QLãWD QH YLGH 2þLPD JOHGDPR DOL XPRP YLGLPR 3RãWR YHOLNL EURM VOXþDMHYD UDVHMDQRVWL L ]DERUDYQRVWL ]D X]URN LPD QHSRãWRYDQMHXSUDYRRYH]DNRQLWRVWLWRüHPRMHMRãMHGDQSXWSRQRYLWL 2þLPRJXJOHGDWLDOLDNRXWRPHQHXþHVWYXMH LSDåQMD RQGDQLãWDQHYLGH-HURþLPDJOHGDPRDOLXPRP YLGLPR 3RWVHWLWH VH MRã MHGQRP QD SULPHUH L ]DNRQLWRVWL NRMH XSUDYOMDMX SDåQMRPRNRMLPDVPRJRYRULOLX3RJODYOMX =DERUDYOMDQMH NLãREUDQD ãHãLUD WDãQL L VOLþQLK VWYDUL SRVWDOR MHYHüRGDYQRSRVORYLþQR%LURL]DQDÿHQHVWYDULQLVXQLNDGDXNUL]L ²XYHNLPDMXSXQRSRVOD .DNRVHRWVWUDQMXMH]DERUDYQRVW" 2 ]DERUDYQRVWL WDNYH YUVWH SRVWRML SXQR L DQHJGRWD -HGDQ SURIHVRUVHVSUHPDRQDSXWLSRQHRMHWULNLãREUDQD ² =DãWRWULNLãREUDQDGUDJL"²]DSLWDJDåHQD ² 3D²RGJRYRULSURIHVRU²MHGDQGD ]DERUDYLPX WUDPYDMX GUXJLXYR]XDWUHüLGDPLVHQDÿHDNRSDGDNLãD 'D EL VH UHVLOL RYDNYH YUVWH ]DERUDYQRVWL GRYROMQR MH GD PDNDU L QD VHNXQG REUDWLPR SDåQMX JGH ãWD RVWDYOMDPR 6OXþDM VD WHOHIRQRP QDSULPHU 'RYROMQR MH GD VDPR ]D VHNXQG SRJOHGDWH L NRQVWDWXMHWH GD VWH QDRþDUH RVWDYLOL QD SROLFL RUPDQD D RORYNX X GåHS 7X VOLNX ªQDRþDUH QD SROLFL RUPDQD© L ªRORYND X GåHSX© WUHED ]D WUHQXWDN GREUR GD ILNVLUDWH L NDGD SRQRYR EXGHWH KWHOL U D QDÿHWH RYH VWYDUL 'UL]RUL ILNVLUDQL 9DãRP NUDWNRWUDMQRP DOL HILNDVQRP SDåQMRPL]URQLüH9DPDXWRPDWVNLXVYHVWL =D VWYDUL NRMH ]DERUDYOMDWH X NDQFHODULMDPD UHVWRUDQLPD L SUHYR]QLP VUHGVWYLPD SULPHQLWH LVWL PHWRG GRN RVWDYOMDWH VYRM NLãREUDQUH
FLPR X UHVWRUDQX SRVPDWUDMWH JD SDåOMLYR ]DMHGQR VD RNROQLP SUHGPHWLPD JGH JD RVWDYOMDWH 'RYROMQR MH ILNVLUDWL FHR SUL]RU 9DãHJ NLãREUDQD L QMHJRYH RNROLQH VDPR ]D SDU WUHQXWDND XSUDYR GRN JD RGODåHWHQDQMHJRYRPHVWR3RUHGWRJDDVRFLUDMWHJDQD9DPDSR]QDW QDþLQNDRGDVHUDGLRDVRFLUDQMXSRODQþDQRPPHWRGXSDPüHQMDLOLR DVRFLMDFLMLSDURYDUHFLLSRMPRYDVDSRVOHGQMLPSUHGPHWRPNRJDüHWH REDYH]QR YLGHWL LOL X]HWL NDGD L]OD]LWH L] UHVWRUDQD 7R PRåH GD EXGH 9DãNDSXWLOLãHãLULOLXQDMJRUHPVOXþDMXEUDYDQDL]OD]QLPYUDWLPD 3UHWSRVWDYLPR GD VWH JD DVRFLUDOL VD 9DãLP ]LPVNLP NDSXWRP NDNR YLVL RNDþHQ R GXJPH NDSXWD L NDGD REODþLWH NDSXW RQ 9DV X ]DPDKX XGDUD RWNDþLQMH VH L SDGD QD SRG 6WD üH VH ]DSUDYR GRJRGLWL" .DGD NUHQHWH L] UHVWRUDQD X]HüHWH VYRM NDSXW GD JD REXþHWH L DXWRPDWVNL üH 9DP VH MDYLWL VWYRUHQD DVRFLMDFLMD ýLP VWH SRPLVOLOLª'DNLãREUDQ$OLJGHVDPJDRQRRVWDYLR"©RGPDKüH9DP VHMDYLWLRQDGUXJDDVRFLMDFLMD9DãHJNLãREUDQDLQMHJRYHRNROLQHNRMX VWHILNVLUDOLVYRMRPSDåQMRPMRãGRNVWHRVWDYOMDOLNLãREUDQ $NR VWH MDNR ]DERUDYQL LOL LPDWH SXQR UD]QLK VWYDUL VD VRERP RQGD QDSUDYLWH PDOL ODQþDQL QL] RG VYLK SUHGPHWD ]D NRMH SRVWRML 9DãD VXPQMDGDLKPRåHWH]DERUDYLWL$VRFLUDMWHLKMHGQRVWDYQR SR ODQþDQRP PHWRGX L SUYL SUHGPHW L] QL]D DVRFLUDMWH VD SUHGPHWRP NRMLPRUDWHREDYH]QRYLGHWLLOLX]HWLSULSRODVNX 0QRJLSDWHRGYHRPDUXåQHQDYLNHGDþDNL²SXWDSURYHUD YDMX GD OL VX UHFLPR ]DNOMXþDOL VWDQ LOL NXüX NDGD QHNXGD RGOD]H 6WD YLãH GHãDYD LP VH GD VH L SR GYD SXWD YUDWH X] VWHSHQLFH GD SURYHUH GD OL VX ]DNOMXþDOL YUDWD 6OLþQR VH GRJDÿD L GRPDüLFDPD NRMH GRNNXSXMXLOLREDYOMDMX GUXJH SRVORYH YDQ NXüH VWDOQR VWUDKXMX GD OLVXLVNOMXþLOHSHJOXHOHNWULþQLãWHGQMDNLVOLþQR 2YDNYH VOXþDMHYH UHãDYDPR RSHW SRPRüX NUDWNRJ REUDüDQMD SDåQMH QD RQR ãWR UDGLPR 3DU VHNXQGL SDåQMH L VWYDU MH UHãHQD 'RN ]DNOMXþDYDWH YUDWD 9DãHJ VWDQD LOL GRN LVNOMXþXMHWH ãWHGQMDN LOL SHJOX QHPRMWHVDPRJOHGDWLVHEHNDNRWRUDGLWHYHüMHSRWUHEQRLGDYLGLWHVD SDåQMRP VHEH NDNR WR UDGLWH 8 WRåLP VOXþDMHYLPD ]DERUDYQRVWL SUHSRUXþOMLYR MH L GD X PDãWL ªYLGLWH© PHQWDOQX VFHQX X NRMRM ª]DNOMXþDYDWH L]OD]QD YUDWD© ªLVNOMXþXMHWH ãWHGQMDN© ªLVNOMXþXMHWH SHJOX©LWG=DVYHRYR9DPMHSRWUHEQRVDPR SDU VHNXQGL YUHPHQD L VD WLK SDU VHNXQGL XãWHGHüHWH VHEL PQRJR YLãH YUHPHQD QHUDYD L GUXJLKJXELWDND 7LSLþDQ VOXþDM ]DERUDYQRVWL ]ERJ RWVXWQRVWL SDåQMH X NULWLþQRP WUHQXWNX GRJRGLR VH MHGQRP VHNUHWDUX 8SUDYR GRN MH ]DNOMXþDYDR VYRM UDGQL VWR L SDNRYDR VYRMX UXþQX WRUEX SUHG RGOD]DN QD YLNHQG QDLãDRMHMHGDQNROHJDLSRþHRVDQMLPUD]JRYRU-RãWRNRPSUHSRGQHYD VHNUHWDU MH RGOXþLR GD QD YLNHQGX NRG URGELQH X GUXJRP JUDGX SUHJOHGDMHGQXNQMLJXUDþXQD .RGURGELQHQDYLNHQGXQLMHVWLJDRGDREDYLSODQLUDQLSRVDR L NDGVHYUDWLRNXüLXQHGHOMXSUHSRGQHLSRWUDåLRVYRMXNQMLJXUDþXQDVD ]DSUHSDãüHQMHPMHNRQVWDWRYDRGDMHXWRUELQHPD3RþHORMHJUR]QLþDYR WUDåHQMH QDMSUH NRG NXüH SD RQGD NRG URGELQH NXGD MH PRUDR SRQRYR GD RWSXWXMH $OL QL WDPR QLMH QDãDR QLãWD 3RQRYR VH YUDWLR NXüLL SDåOMLYRMRãMHGQRPSUHWUDåLR VYH DOL NQMLJH QLJGH QLMH ELOR 8 NDQFHODULML QLMH PRJDR GD SURYHUL MHU MH ELOD QHGHOMD 1DVWDOL VX GXJL JUR]QLþDYLþDVRYLþHNDQMDGRSRQHGHOMNDXMXWUX
8SRQHGHOMDNXMXWUXNDGDMHRWNOMXþDRVWRNQMLJDUDO XQDMHQD UDYQRELODXVWROX²6WDVH]DSUDYRGRJRGLOR"2QMHLPDRþYUVWXQD PHUXGDNQMLJXSRQHVHVDVRERPLNDGDVHSDNRYDRXãDRMHQHRþHNLYDQR QMHJRY NROHJD L UD]JRYRURP PX DQJDåRYDR FHORNXSQX SDåQLX 6HNUH XU MH ELR XYHUHQ GD MH NQMLJX SRQHR L VD WLP XYHUHQMHP MH L RWSXWRYDR D NQMLJDMHXVWYDULRVWDOD]DNOMXþDQD X VWROX -HGDQ VHNXQG NRQFHQWULVDQH SDåQMH PRJDR MH GD XãWHGL MHGDQ SURSDOL YLNHQG þDVRYH L]JXEOMHQRJ YUHPHQD VWRWLQH SUHÿHQLK NLORPHWDUD WH YHRPD QHSULMDWQH WUHQXWNHQHUYLUDQMDL]DEULQXWRVWL &HVWRVHGHãDYDGDQHNHVWYDULNRMHSRYUHPHQRNRULVWLPRWDNR]D WXULPRGDLKXNULWLþQRPPRPHQWXQLNDNRQHPRåHPRQDüL =ERJWRJD PRåHPRLPDWLSXQRQHSULMDWQRVWLQHREDYOMHQHYDåQHSRVORYHQHUYLUDQMH LWG3UYLLRVQRYQL QDþLQ]DVSUHþDYDQMH]DERUDYQRVWL RYDNYH YUVWH MH XUHGQRVWXNXüLLGUåDQMHVYLKVWYDULQDVYRPPHVWX5HGLXUHGQRVWMH YHOLND SRPRü L UDVWHUHüHQMH QDãHP SDPüHQMX 'UXJL LOL GRSXQVNL QDþLQ MH GD DVRFLMDWLYQRP WHKQLNRP GREUR PDUNLUDWH GRWLþQH SUHGPHWH 1D SULPHU EDWHULVNX ODPSX NRULVWLWH VDPR NDGD QHVWDQH VWUXMH L þHVWRVH GRJDÿD GDMHXSUDYRXPUDNXPRUDWH WUDåLWL SR NXüL -HGQRVWDYQR MH DVRFLUDMWH VD PHVWRP JGH VWH MH RVWDYLOL L ]DPLVOLWH NDNR VYHWOL WDNR MDNR GD QMHQD VYHWORVW SURELMD NUR] SXNRWLQH ILMRNH JGHVWHMHSRORåLOL$NRVHUDGLRVYHüDPDRQGD]DPLVOLWHNDNRJRUHL SURJRUHYDMXGDVNXRUPDQDJGHVXVPHãWHQH .RPH VH YHü QLMH GRJRGLOR GD QDSLãH SLVPR L RQGD JD GDQLPD QRVL VD VRERP X GåHSX LOL WDãQL" 2YDM SUREOHP PRåHWH WDNRGH UHVLWL DVRFLMDWLYQRP WHKQLNRP 0RåHWH SUHGDMX SLVPD XYUVWLWL NDR MHGDQ RG SRVORYD NRMH VWH ]DSDPWLOL YH]QLP LOL ODQþDQLP PHWRGRP D DNR 9DP WR L] ELOR NRJ UD]ORJD QH RGJRYDUD RQGD QDSUDYLWH MHGQX RG RYDNYLKDVRFLMDFLMD 7DþQR QD PHVWX JGH EL åHOHOL GD VH VHWLWH GD WUHED SUHGDWL SLVPR LOL JD XEDFLWL X VDQGXþH ]DPLVOLWH 9DãH SLVPR DOL RJURPQLK UD]PHUD NDNR 9DP MH SRWSXQR SUHJUDGLOR SXW NRMLP PRUDWH SURüL LOL NDNR XPHVWR RJUDGH QD QHNRM WLSLþQRM NXüL ]D NRMX VWH VLJXUQL GD MH PRUDWH SRJOHGDWL NDG WXGD SUROD]LWH VWRMH SRERGHQD X ]HPOMX YHOLND SLVPDLWVO 2WVWUDQMLYDQMH]DERUDYQRVWLXSRVORYLPDYH]DQLP ]DRGUHÿHQXRVREXLOLPHVWR 0QRJL OMXGL VH SRJUHãQR åDOH QD SDPüHQMH NDGD LPDMX QHSULMDWQRVWL L ãWHWH ]ERJ VYRMH ]DERUDYQRVWL X REDYOMDQMX VYRMLK SRVORYD0HÿXWLPWXQLMHNULYDQL]DERUDYQRVWYHüQHGRVWDWDNPHWRGH NRMD QDP JDUDQWXMH VLJXUQR VHüDQMH QD VYH GHWDOMH L UHGRVOHG RSHUDFLMD NRML MH QHRSKRGDQ VD GREUR L]YUãDYDQMH WRJ SRVOD 9HRPD þHVWR SRVDRQHLVSDGQH GREUR QH ]DWRãWRQLVWH]QDOLGDJDXUDGLWHYHüãWR VWH X NULWLþQRP PRPHQWX LVSXVWLOL QHNH YDåQH GHWDOMH LOL SURPHQLOL VWURJLUHGRVOHGYDåQLKUDGQLKRSHUDFLMD 0QRJL]QDMXVYHãWRMHSRWUHEQR]DREDYOMDQMHQHNRJSRVODDOLJD VDPRQHNROLFLQDREDYOMDHILNDVQRLEHVSUHNRUQRGRNRVWDOLXYHNLPDMX QHNLK SURSXVWD 3UHPD WRPH X SUDNWLþQRP åLYRWX SFUHG ]QDQLD SRWUHEQRJ ]D REDYOMDQMH QHNRJ SRVOD LVWR MH WDNR YDåQR GD YODGDPR L VLJXUQRP PHWRGRP NRMD QDP JDUDQWXMH GD üHPR VV WRNRP L]YUãHQMD SRVODVHWLWLQH
VDPRVYLKSRWUHEQLKGHWDOMDQHJRLQMLKRYRJSUDYLOQRJUHGRVOHGDX REDYOMDQMX LOL UHGRVOHGD SRWUHEQLK UDGQLK RSHUDFLMD =DERUDYOMHQ GHWDOM LOL UDGQD RSHUDFLMD MH XYHN QHXUDÿHQ GHWDOM L QHREDYOMHQDUDGQDRSHUDFLMD7XJDUDQFLMXPRåHGD9DPREH]EHGL ]DRGUHÿHQLSRVDRMHGQDRGQDXþQLKW"KQLNDVLVWHPDWVNRJSDPüHQMD
5DVHMDQ7HOHIRQVNHYH]HVXQHYHURYDWQRORãH1HþXMHPQLMHGQXUHFL
5D]QH SRYUHPHQH PDQMH REDYH]H þHVWR ]DERUDYOMDPR \UF VVQHQDOD]HXWRNXLXVNORSXQDãHVYDNRGQHYQHUXWLQVNHDNWLYQRVWL LOLãWRVPDWUDPRGDVXWR ªVLWQLFH©L!PDQMHYDåQHVWYDUL©3RãWR RQH QLVX YH]DQH ]D QHNR RGUHÿHQR YUHPH RYH REDYH]H ODNR SDPWLPR SULPHQRP DVRFLMDWLYQH WHKQLNH ]D SDPüHQMH SDURYD SRMPRYDLOLVWYDULSRVDRDVRFLUDPRXYHNVD PHVWRP JGH WUHED GD JD REDYLPR L ]D NRMH VPR VLJXUQL GD üHPR JD YLGHWL L GRüL X NRQWDNW VD QMLP LOL VD RVRERP X YH]L NRMH WUHED GD JD REDYLPR L ]D NRMX VPR WDNRÿH VLJXUQL GD üHPR MH YLGHWL LOL NRQWDNWLUDWL 1D SULPHUNUR]QHNROLNRGDQDWUHEDGDSRVHWLWHVYRJSULMDWHOMD L GD RG QMHJD SR]DMPLWH NQMLJX , 6RD ,UZLQ 6KDZ ² ª0ODGL ODYRYL© 3RãWR VWH DSVROXWQR VLJXUQL GD üH 9DV RQ L WRP SULOLNRP NDR L GR VDGD SRQXGLWL FLJDUHWRP L] VYRMH SRVHEQR OHSH WDEDNHUH DVRFLUDMWH WX QHRELþQX WDEDNHUX 9DãHJ SULMDWHOMD VD ª0ODGLP ODYRYLPD© , ]DLVWD WRNRP UD]JRYRUD NDGD EXGH L]YDGLR VYRMX WDEDNHUX 9DPD üH RGPDK VLQXWL DVRFLMDFLMD GD WUHED GD JD ]DPROLWH]DNQMLJXª0ODGLODYRYL© ,OL GUXJL VOXþDM 9DãRM SR]QDQLFL WUHED GD NDåHWH SUYRP SULOLNRP N DG R G HWH X G UX J L JUDG J G H þH ãüH R G OD]LWH L Q MX VX VUHüHWH G D MR M MH EUDWSRUXþLRGD PXYUDWLPDJQHWRIRQMHU PX WUHED ]D XþHQMH QHPDþNRJ MH]LND 9DãD SR]QDQLFD LPD SRVHEDQ VSHFLILþDQLVDVYLPQHRELþDQJODV
IRQRP.DGDMH.UR] .2-, DDQELþQLPJODVRP9LüHWH VHVHWLWL SRUXNH L ]DGDWND NRJD WUHED GD REDYLWH 8 VOXþDMX GD LPDPR YLãH RYDNYLK SRVORYD GD REDYLPR QD MHGQRP PHVWX LOL X YH]L VD MHGQRP RVRERP RQGD MHGQRVWDYQR ODQþDQL QL] NRML VDGUåL WH SRVORYH DVRFLUDPR V GRWLþQLPPHVWRPRGQRVQRRVRERP 2WVWUDQMLYDQMHUDVHMDQRVWLXSRVORYLPD YH]DQLP]DRGUHÿHQRYUFPH 6YDNRGQHYQH SRVORYH L REDYH]H NRMH VH UHGRYQR SRQDYOMDMX WUHED XYHN REDYOMDWL X LVWR RGUHÿHQR YUHPH XWYUÿHQLP UHGRVOHGRP WDNR GD YUHPHQRP SUHÿX X QDYLNX 7DGD MHGDQ ]DYUãHQL SRVDR RGPDK DXWRPDWVNLSRWVHüDQDVOHGHüLLWG,VWRYUHPHQRWUHEDXYHNQDVWRMDWLGDWH SRVORYHãWRUDFLRQDOQLMHREDYOMDPR+HUEUHW6SHQVHU6SHQFHU² HQJOHVNL ILOR]RI L VRFLRORJ MH QD SULPHU FHORJ VYRJ åLYRWD QDVWRMDR UDFLRQDOLVDWL VYH VYRMH SRVORYH SD L RQH ªQDMVLWQLMH© L XVWDQRYLR MH GD VH VYDNL L RQDM QDMPDQML SRVDR PRåH MRã YLãH L GDOMH UDFLRQDWLVDWL8SRþHWNXPRåHWHQDSUDYLWLOLVWXWDNYLKSRVORYDL]DSDPWLWL LH SR ODQþDQRP LOL YH]QRP PHWRGX þLPH üHWH UDFLRQDOLVDWL L VLVWHPDWL]RYDWL NRULãüHQMH VYDNRGQHYQRJ YUHPHQD L DXWRPDWVNL VH RVORERGLWLUDVHMDQRVWLL]DERUDYQRVWL ,VWL PHWRG SURãLULWH L QD üHOX VHGPLFX WM ]D SRVORYH L REDYH]H NRMHREDYOMDWH LVNOMXþLYR SRQHGHOMNRP GUXJH XWRUNRP WUHüH VUHGRP LWG GR NUDMD VHGPLFH þLPH VWH REH]EHGLOL IXQNFLRQLVDQMH RYRJ DXWRPDWVNRJSRWVHWQLNDSUHNRüHOHJRGLQHSRãWRVHVHGPLFD QHSUHNLGQR SRQDYOMDNDRQDMSULNODGQLMDSULURGQDYUHPHQVNDMHGLQLFD &HVWR VH GHãDYD GD QHNL SRVDR LOL REDYH]X WUHED GD REDYLPR VWURJR QD YUHPH D X PHÿXYUHPHQX WUHED GD UDGLPR QHãWR GUXJR L QH PRåHPR VYDNL þDV SRJOHGDWL QD þDVRYQLN L SUDWLWL YUHPH 2YR MH QDURþLWR VOXþDM DNR VPR XWRQXOL X QHNL ]DQLPOMLY LOL YDåDQ SRVDR NRML QDVSRWSXQRDSVRUEXMH8WXVYUKXQDMSULNODGQLMHMHNRULVWLWLEXGLOQLN LOL VSHFLMDOQL PDOLþDVRYQLN]DPHUHQMH NUDWNLK YUHPHQVNLK LQWHUYDOD QD QHPDþNRP W]Y .XU]]HLWPHVVHU LOL PDOL SDUNLQJ þDVRYQLN NRML X åHOMHQR YUHPH GDMX ]YXþQL VLJQDO 3RGHVLWH þDVRYQLN GD ]YRQL X SRWUHEQRYUHPHL9LVHVORERGQRPRåHWHNRQFHQWULVDWLQDVYRM SRVDR MHU NDGD VH þDVRYQLN RJODVL 9L üHWH DXWRPDWVNL RGPDK ]QDWL NDNYX REDYH]XWUHEDGDL]YUãLWHXWRRGUHÿHQRYUHPH $NRVHSUHGVSDYDQMHQDXOLFLLOLXRSãWHXNDNYRMVOLþQRMVLWXDFLML VHWLWH QHNRJ YDåQRJ SRVOD NRJD WUHED GD REDYLWH D QLMH 9DP ]JRGQR GD JD RGPDK REDYLWH RQGD MHGQRVWDYQR NRULVWLWH ª0HQWDOQX EHOHåQLFX© GD JD ILNVLUDWH ]D VXWUDGDQ LOL GUXJR SRJRGQR YUHPH 9 3RJODYOMH
2WVWUDQMLYDQMHPHQWDOQRJEORNLUDQMDLOL]DVWRMDPLVOL 1HNL SXW VH GHãDYD GD XVUHG QHNRJ L]ODJDQMD LOL UD]PLãOMDQMD D PRåHGDVHGHVLLSULSLVDQMXPLVDRQDPVHMHGQRVWDYQR ªL]JXEL© LOL VWDQH1DVWXSLWDNR]YDQLPHQWDOQLEORNLOL]DVWRMPLVOL8WRPVOXþDMX PRåHPRSRVWXSLWLQDYLãHQDþLQD 3UYL QDþLQ MH GD UD]PLãOMDPR R VWYDULPD NRMH VX X GLUHNWQRM YH]L VD SRMPRP NRJD VH QH PRåHPR VHWLWL 7DNYLP UD]PLãOMDQMHP DNWLYLUDPRXVWYDULSRMHGLQHDVRFLMDWLYQHYH]HVDWUDåHQLPSRMPRPL NDGD ªGLUQHPR© SUDYX YH]X SRMDP üH QDP VDP RG VHEH LVNUVQXWL X VYHVWL
'UXJLQDþLQ VH VDVWRML X 9DPD YHü GREUR SR]QDWRP PHWRGX SUR JUDPLUDQMDPHPRULMH93RJODYOMH 7UHüL QDþLQ SULPHQMXMHPR QDURþLWR DNR R QHþHPX UD]PLãOMDPR LOL QHãWR SLãHPR SD QDVWXSL PHQWDOQL EORN 8 WRP VOXþDMX YHRPD MH SUHSRUXþOMLYR SRUD]JRYDUDWL VD QHNRP SRJRGQRP RVRERP R WRPH SUREOHPX 6WDYLãH QLMH QHRSKRGQR GD WD RVRED EXGH VWUXþQMDN ]D WX REODVW þDN QH PRUD QL PQRJR GD VH UD]XPH X VWYDUL NRMH DQDOL]LUDWH %LWQR MH GD 9L VD QMRP PRåHWH R WRPH GD SRUD]JRYDUDWH L QD 9DãH SULMDWQR L]QHQDÿHQMH XEU]R WRNRP UD]JRYRUD 9DPD üH VH SRMDYLWL SRWUHEQHDVRFLMDFLMHLPLVDRüHSRWHüLåHOMHQLPWRNRP ýHWYUWLQDþLQPRåHPRVSHFLMDOQRNRULVWLWLXVOXþDMXGDVHQHPR åHPRVHWLWLQD]LYDQHNRJSRMPDOLFDLOLVWYDULNRMLLQDþHQLVPRDVRFLUDOL QHNRPRGWHKQLNDVLVWHPDWVNRJSDPüHQMD-HGQRVWDYQRWUHEDUHSURGX NRYDWLD]EXNXLOLDEHFHGXLWUDåHQLQD]LYüHVSRQWDQRELWLUHDNWLYLUDQX QDãRM VYHVWL SUHNR DVRFLMDWLYQH YH]H L]PHÿX VYRJ SUYRJ VORYD L VORYD D]EXNHNDGDGRQMHJDGRÿHPR 6YDNDNR MH QDMYDåQLMH NFG L]XþDYQMD L SULPHQH PHWRGD ]D RWVWUD QMLYDQMH]DERUDYQRVWLLUDVHMDQRVWLGDUD]YLMHWHLVWHNQHWHSRWSXQRSR YHUHQMHXRYHPHWRGHXãWDüH9DVLVDPDSUDNVDEU]RXYHULWLNDRL GDVHSRWSXQRRVORQLWHXEXGXüHQDVYRMHVRSVWYHQRSDPüHQMH 8SUYLKQHNROLNRSRJODYOMD'UXJHNQMLJHLPDOLVWHSULOLNXGDSUL PHQLWH QHNH RG QDXþHQLK WHKQLND VLVWHPDWVNRJ SDPüHQMD L] 3UYH NQMLJH 3RãWR MH SUDNWLþQD SULPHQD MHGLQL SUDYL QDþLQ GD SUHYDULWH QH VDPR VYRMD WHRUHWVND ]QDQMD QHJR L VWHSHQ XVYRMHQRVWL L YODGDQMD QDXþHQLPWHKQLNDPDSDPüHQMDXUD]QLPRNROQRVWLPDQHRSKRGQRMHGD NUR] VOHGHüH WHVWRYH XWYUGLWH YHOLþLQX 9DãHJ QDSUHWND X SRYHüDYDQMX 9DãHJSDPüHQMD 7(67%5 SRJO 'LNWLUDQMHYLãHSLVDPDX LVWR YUHPH PRåHPR QDXGLWL SRPRüX $ /DQþDQRJPHWRGDSDPüHQMD % %LORNRJYH]QRJPHWRGDSDPüHQMD & .RPELQDFLMRPODQþDQRJLYH]QRJPHWRGD ' *UXSQRPDVRFLMDFLMRP 2GUHGLWHSUDYLODQUFGRVOHGRYLKNOMXþQLKUHFLLVFHQDNRMH VOXåH]D SDPüHQMHSLVDPDQDYHGHQLKXSRJODYOMX 2 8MDNSLãHSLVPR© 2 ª6WXGHQWFUYHQXOLFXRGVWLGD© 2 ª,]JXEOMHQRSLVPR© 2 ª3HUDSR]GUDYOMD© 2 ª6WXGHQWEH]QRYFD© 2 ª.ROHEDQMH]ERJQRYFD© 2 ª3LVDQMHSLVPD© 2 ª3ULMDWHOMVSLVPRPþHNDRGJRYRU© 2 ª8MDNVQRYFHP© 2 ª7UþDQMH]DSULMDWHOMHP©
SRJO 3RQXPHULþNRPPHWRGXSDPüHQMD0RUVFRYRJ DOIDEHWDRG UHGLWHNRPHVORYXLOLEURMXSULSDGDQXPHULþNLHNYLYDOHQW
2 2 2 2 2 2 2 2 2 2
8 % 5 . $ = 1
SRJO 'REURVHüDQMHLOLSDPüHQMH]DYLVLRG 3VLKRIL]LþNLKRVREHQRVWLFHORNXSQHþRYHNRYHOLþQRVWL 6YLKIDNWRUDLNRPSRQHQWLSDPüHQMD 6SRVREQRVWLGREURJ]DGUåDYDQMDLO L UHWHQFLMH 9UVWH]QDQMDLPDWHULMDODNRMLVPR]DSDPWLOL
5DQJLUDMWHUHGQLPEURMHYLPDVWHSHQODNRüHVOHGHüLK YUVWD VHüDQMD UHSURGXNFLMH $2 $XWRPDWVNRVHüDQMH %2 3UHSR]QDYDQMH &2 5HSURGXNFLMD SRJO 5DVHMDQRVWL]DERUDYQRVWVXSRVOHGLFD $ 6ODERJSDPüHQMDLORãHVSRVREQRVWLVHüDQMD % /RãHQDYLNHQHREUDüDQM!DSDåQMHXNULWLþQRP WUHQXWNXL QHSUD YLOQRJVWDYDSUHPDW]YªVLWQLFDPD© & 3UHYHOLNHNRQFHQWUDFLMHQDGUXJHVWYDUL ' 6WDURVWLLOLSUH]DX]HWRVWL
2NROLQX]DSDåDLQR $ 2þLPD % 8PRP & 2þLPDJOHGDPRDXPRP]DSDåDPR , X RYRP WHVWX LPDWH PRJXüQRVW SDUFLMDOQRJ ERGRYDQMD 9DãLK RGJRYRUD QD SLWDQMD EU L .RG SLWDQMD EU REUDWLWH SDåQMX GDVHQDMODNãDYUVWDVHüDQMDR]QDþDYDVD²DQDMWHåDVD²
=$%25$9/-$1-(² 86/29'2%52*3$0û(1-$"
,PDWLGREURSDPüHQMHMHYHOLNLGDU DOLXPHWL]DERUDYLWLMHþHVWRMRãYHüL GDU ²*./LKWHQEHUJ 6HüDQMDXOHSãDYDMXåLYRWDOLJDVDPR ]DERUDYOMDQMHþLQLVQRãOMLYLP ²2QRUHGH%DO]DN
2'ý(*$=$9,6,=$%25$9/-$1-(L9(â7,1$=$%25$9/-$1-$
² 1LãWDQLãWDQHPRMWHVHX]EXÿLYDWL1DüLüHWHNDUWXNDVQLMH² UHþHNRQGXNWHU$MQãWDMQXNRMLMHSXWRYDRYR]RPL JUR]QLþDYRSUHWUD åLYDRVYHVYRMHGåHSRYHDOLNDUWXQLMHPRJDRSURQDüL ² 7RPLPQRJRQHSRPDåH² RGJRYRULVDVYLPR]ELOMQRYHOLNL QDXþQLN²MHUDNRMHQHQDÿHPQHüX]QDWLGRNOHWUHEDGDSXWXMHP 2YD PDOD DQHJGRWD R SR]QDWRM ]DERUDYQRVWL VODYQRJ QDXþQLND MRã MHGQRP SRWYUÿXMH GD MHGQD GRPLQDQWQD PLVDR X VYHVWL NRMD þLWDYX VYHVW LVSXQMDYD VYRMLP VDGUåDMHP PRåH GD SRWLVQH LOL UHSUHVLUD GUXJH PLVOL $MQãWDMQ MH YHURYDWQR DQDOL]LUDR QHNL NRPSOLNRYDQ SUREOHP NDGD MH WUHEDOR GD NXSL NDUWX L MHGQRVWDYQR X QMHJRYRM VYHVWL WRJ WUHQXWND QLMH ELOR PHVWD ]D PLVDRRWDNYRMREDYH]LNDRãWRMHYDÿHQMHYR]QHNDUWH 5HWURDNWLYQDLQKLELFLMDLOLNDNRMHPRJXüHGDXþHüL YLãH]DSDPWLPRPDQMH 'DOLVHQDNUDMXWHOHYL]LVNRJSURJUDPD PRåHWHVHWLWLVDGUåDMD SRMHGLQLKHPLVLLDDNRVWHXVHULMLJOHGDOL²HPLVLMD" ,VWRWDNRSR]DYUãHWNXQHNHFLUNXVNHSUHWVWDYHGDOLPRåHWH SRQRYLWLJODYQHPRPHQWHVYDNHWDþNH" 9Dã RGJRYRU QD RYD SLWDQMD MH QHJDWLYDQ PRUD GD EXGH QHJDWLYDQ MHU VX REH VSRPHQXWH VLWXDFLMH WLSLþQL VOXþDMHYL ]D SRYROMQR GHORYDQMH UHWURDNWLYQH LQKLELFLMH 5HWURDNWLYQD LQKLELFLMD LOL SRYUDWQR NRþHQMH RGQRVQR SRWLVNLYDQMH UHSUHVLMD SUHWKRGQRJ ]QDQMD MH MHGQD RG JODYQLK L QDMYDåQLMLK SROXJD ]DERUDYOMDQMD 0HKDQL]DP QMHQRJ XQLãWDYDMXüHJ GHORYDQMD QD SDPüHQMH L ]QDQMH ]DVQLYD VH QD SUHEU]RP QDJRPLODYDQMX L VPHQMLYDQMX XWLVDNDLOLSRMHGLQLK]QDQMD X VYHVWL NDR QMHQRJ VDGUåDMD WDNR GD SUHWKRGQL XWLVDN LOL LQIRUPDFLMD EXGX UHGRYQR SRWLVQXWL L ]DNR þHQL LQKLELUDQL MHU QHPDMX GRYROMQR YUHPHQD GD VH SRYH]X VD SUHWKRGQLP ]QDQMLPD L WLPH SRVWDQX QDãD GXKRYQD VYRMLQD 7R SUHEU]R L QDJRPLODQR VPDQMLYDQMH XWLVDND LOL LQIRUPDFLMD X QDãRM VYHVWL QH GR]YROMDYD QL MHGQRP RG QMLK GD SURÿH QHRSKRGDQ SURFHV SDPüHQMD RG SDåQMH GR UHSURGXNFLMH 9 3RJODYOMH
XVOHG þHJD QH GROD]L GR GREURJ ]DSDPüLYQQMD LOL DNR MH L GRãOR GR ]D SDPüLYDQMD QHNRJ ]QDQMD RQGD JD EU]D VXNFHVLMD VD QRYLP ]QDQMHP NRþLLEULãHL]QDãHVYHVWL =DSDPüLYDQMHL]DERUDYOMDQMHVX GYD PHÿXVREQR QDMXåH SRYH]DQD SURFHVDLX]DMDPQRSRWSXQRXVORYOMHQDMHUPDNROLNRWRSDUDGRNVDOQR ]YXþDOR EH] ]DERUDYOMDQMD QHPD QL ]DSDPüLYDQMD D VYDNDNR QL REUDWQR ãWR MH X RYRP WUHQXWNX PDQMH YDåQR -HU VDPR ]DKYDOMXMXüL ]DERUDYOMDQMX QHSUHVWDQR VH RVOREDÿD QRYL SURVWRU X VYHVWL ]D QRYD VD]QDQMD%H]]DERUDYOMDQMDQDãH]QDQMHELELORRNDPHQMHQRVWDWLþQR QHSURERMQR ]D QRYD VD]QDQMD L GLQDPLþQR SULODJRÿDYDQMH SRWUHEDPD þRYHNRYHSVLKLþNHLIL]LþNHOLþQRVWL =DKYDOMXMXüL ]DERUDYOMDQMX PL PRåHPR XYHN GD ! DåXULUDPR© VYRMH ]QDQMH GD JD QHSUHVWDQR RERJDüXMHPR L SURãLUXMHPR QRYLP VD]QDQMLPD D ]DVWDUHOD SUHYD]LÿHQD L QHSRWUHEQD ]QDQMD GD RGEDFXMHPR NDR VXYLãDQ EDODVW VWYDUDMXüL X VYHVWL VORERGDQ SURVWRU ]D QRYD SRWUHEQLMD ]QDQMD 1D WDM QDþLQ PL VPR X PRJXüQRVWL GD VWUXNWXUXLRELPQDãHJD]QDQMDQHSUHNLGQRLSRVLVWHPXSRYUDWQHVSUHJH SRGHãDYDPRSUHPD]DKWHYLPDSULODJRÿDYDQMDQDãRMåLYRWQRMVUHGLQL.DR ãWR VH VHüDWH YHü MH SRVHEQR QDJODãHQR GD MH RVQRYQD IXQNFLMD L FLOM SDPüHQMD GD REH]EHGL SUDYLOQR L QHVPHWDQR SULODJRÿDYDQMH MHGLQNH QMHQRMåLYRWQRMVUHGLQLLRNROLQL 5HWURDNWLYQDLQKLELFLMDPRåHGDSRYHüD]DERUDYOMDQMHRGGR NDR ãWR MH RSLWLPD XWYUÿHQR 1MX QDMYLãH VPDQMXMH VSDYDQMH ]DWR MH GREUR XþLWL SUH VSDYDQMD L RGPDK XMXWUX VOHGHüHJ GDQD JUDGLYRSRQRYLWL3RVOHVSDYDQMDQDMYLãHMHVPDQMXMX UD]QH]DEDYQH DNWLYQRVWLVSRUWPX]LNDUD]QHGUXJHUHNUHDWLYQHDNWLYQRVWL 5HWURDNWLYQDLQKLELFLMDGHOXMHLWRNRPVDPRJXþHQMDLSDPüHQMD 8PHVWRGD]DVWDQHPRþLPSURþLWDPRMHGQXPLVDRQXFHOLQXGDRQMRMUD] PLVOLPRLRVWDYLPRMRMPDORYUHPHQDGDVHSRYHåHVDSRVWRMHüLP]QD QMHP PL NDR EHVRPXþQL MXULPR NUR] NQMLJH L þODQNH .DR GD VH ERMLPR GD QHüHPR LPDWL YUHPHQD VYH VD]QDWL D XSUDYR WR MH QDMEROML QDþLQ GD QDMPDQMH VD]QDPR MHU QH GR]YROMDYDPR QL WUHQXWND VYRMRM SVLKLGDGHOXMHQDQRYRJUDGLYRSR]DNRQLPDSDPüHQMD .DNRüHPRVPDQMLWLUHWURDNWLYQXLQKLELFLMX" =D XVSHãQR VPDQMHQMH UXãLODþNRJ GHMVWYD UHWURDNWLYQH LQKLELFLMH WUHED SULPHQMLYDWL VYD SUDYLOD L PHWRGH NRMH VX GR VDGD L]ORåHQH MHU VYH RQH LPDMX ]D FLOM WUDMQR L VLJXUQR SDPüHQMH 3RUHG WRJDWUHEDREUDWLWLSDåQMXLQDVOHGHüDSUDNWLþQDSUDYLOD 5DVSRUHGSDPüHQMDLXþHQMD SRMHGLQLKPDWHULMDODPRUD ELWL WDNDYGDVHUD]OLþLWLPDWHULMDOLVPHQMXMXQLNDNRVOLþQLMHUüH MHGDQGUXJRJSRWLVNLYDWL 8YHVWLREDYH]QRYUHPHQVNHSDX]HQHVDPRL]PHÿXGYDX]D VWRSQDSDPüHQMDQHJRLWRNRPVDPRJSDPüHQMDL]PHÿXSRMH GLQLKORJLþNLKFHOLQD .RULVWLWLãWRYLãH]DNRQLWRVWGDVSDYDQMHQDMYLãHVSUHþDYDGHM VWYRLQKLELFLMHD]DWLPUD]QLVSRUWRYLLIL]LþNDUHNUHDFLMD3RVOH VSDYDQMDWUHEDPDWHULMDORGPDKXMXWUXSRQRYLWL 3DPWLWLWUHEDXYHNSRSULQFLSLPDVLVWHPDWVNRJSDPüHQMD RV PLãOMHQRLDVRFLMDWLYQRLRJLþNL,QKLELFLMDMDþHGHOXMHQD PHKD QLþNL]DSDPüHQLPDWHULMDO 1HSUHOD]LWLQDSDPüHQMHQRYRJGRNVHVWDULPDWHULMDOQLMHSRW SXQRVDYODGDRL]DSDPWLR
3URDNWLYQD LQKLELFLMD WDNRÿH GHOXLH NDR MHGQD RG SROXJD ]DERUDYOMDQMD SRUHG UHWURDNWLYQH LQKLELFLMH 0HKDQL]DP QMHQRJ GHORYDQMD SRþLYD QD UDQLMH ]DSDPüHQRP L GREUR XVYRMHQRP PDWHULMDOX NRML WDNRÿH RPHWD ]DSDPüLYDQMH L XWLþH QD EUåH ]DERUDYOMDQMH QRYRJ PDWHULMDOD QDURþLWR DNR VX RED PDWHULMDOD L] LVWLK LOLVOLþQLKREODVWL7RMHMHGQDYUVWDUHDNFLMHVWDURJXNRUHQMHQRJ]QDQMD QD QRYR MRã GRYROMQR QHSR]QDWR L QHXVYRMHQR ]QDQMH -HGDQ RG SUHSRUXþOMLYLK QDþLQD ]D VPDQMHQMH SURDNWLYQH LQKLELFLMH MH GD EXGHPR PDNVLPDOQR SULVWXSDþQL L SR]LWLYQR XVPHUHQL X SRJOHGX SULMHPD QRYLK ]QDQMD L VD]QDQMD $NR VH EXGHPR X VYRMLP JOHGLãWPD XSRUQR GUåDOLQDãLK XVWDOMHQLK VKYDWDQMD RQGD WLPH VWYDUDPR RJURPQX DQHNDGDLQHSUHPRVWLYXEDULMHUXXODVNXLVWLFDQMXQRYLK]QDQMD
2GþHJD]DYLVL]DERUDYOMDQMHLãWDQDQMHJDXWLþH" .DR ãWR MH SR]QDWR 9 3RJODYOMH SDPüHQMH MH MHGLQVWYHQ L QHGHOMLY SURFHV VORåHQ RG QHNROLNR NRPSRQHQWL PHÿX NRMLPD MH L ]DERUDYOMDQMH NRMH PRåH GD LPD GYRVWUXNX XORJX SR]LWLYQX L QHJDWLYQX =QDþL ]DERUDYOMDQMH ]DYLVL RG VYLK GR VDGD L]ORåHQLK IDNWRUD RQR MH XVORYOMHQR VYLP NRPSRQHQWDPDNRMH þLQHSURFHVSDPüHQMDNDRLRG þLQLODFDNRMH üHPRL]ORåLWLXRYRPSRJODYOMX 3RUHG WRJD ]DERUDYOMDQMH SRVHEQR ]DYLVL RG YDOMDQRVWL ]DSDPüLYDQMD L VSRVREQRVWL UHSURGXNFLMH 3ULURGQR ãWR EROMH ]DSDPWLPR QHNL PDWHULMDO WR üHPR JD WHåH ]DERUDYLWL 3RãWR VX RYD GYD YDåQD SUHGXVORYD ]DERUDYOMDQMD SRVHEQR REUDÿHQD 9 3RJO L RVWDOD SRJODYOMD R GUXJLP YDåQLP IDNWRULPD SDPüHQMD RYGH üHPR VH SR]DEDYLWL VD QHNROLNR SRVHEQLK IDNWRUDNRMLPRJXSXQRGDXWLþXQD]DERUDYOMDQMH 9UVWD PDWHULMDOD PRåH GD LPD YHOLNRJ XWLFDMD QD EU]LQX ]DERUDYOMDQMD .DR ãWR VH YLGL L] SULORåHQRJ GLMDJUDPD QDMVSRULMH VH ]DERUDYOMDMX UD]QL SULQFLSL L ]DNRQLWRVWL NDR L PDWHULMDO]DSDPüHQWHKQLNDPDVLVWHPDWVNRJSDPüHQMDDQDMODNãH L QDMEUåH VH ]DERUDYOMD EHVPLVOHQ QHRVPLãOMHQ L PHKDQLþNL ]DSDPüHQPDWHULMDO !
326/(
3ULQFLSL L PDWHULMDO ]DSDPüHQ VLVWHPSDPüHQMHP 6WLKRYL 7HNVWRYLSUR]D 1HRVPLãOMHQ PD WHULMDO PHKDQLþNL ]DSDPüHQ GDQD
0HWRGD SDPüHQMD WDNRÿH LPD SUHVXGDQ XWLFDM QD YHOLþLQX L EU]LQX ]DERUDYOMDQMD 0HKDQLþNL ]DSDPüHQ PDWHULMDO ]DERUDYOMDPR QDMEUåH GRN PDWHULMDO ]DSDPüHQ RVPLãOMHQR ORJLþNLP L VLVWHPDWVNLP SDPüHQMHP QDMVSRULMH ]DERUDYOMDPR 6LVWHPDWVNR SDPüHQMH VD VYRMLP WHKQLNDPD L PHWRGDPD DVRFLMDWLYQRORJLþNRJSDPüHQMDQDURþWRMHSRJRGQR]DRQDM
GHR OMXGVNLK ]QDQMD NRMD QH PRJX ELWL VPLVDRQD NDR QD SULPHU ãWR VXUD]QHIRUPXOHQD]LYLVWUDQHUHFLEURMHYLLVWRULMVNLGDWXPLLWG 3ULPHQMHQD ]QDQMD VH YHRPD WHãNR L VSRUR ]DERUDYOMDMX MHU VHNUR]SUDNVX SRWSXQRVDYODGDMXLQDXþH GXåRP SUDNVRP VWLþH VH SRWUHEQD UXWLQD L GROD]L GR SR]LWLYQRJ HIHNWD ªSUHQDXþHQRVWL© 2YHUOHDUQQJ NDR L GR VWDOQRJ SRQDYOMDQMD L RGUåDYDQMD ]DSDPüHQRJ]QDQMD
=DãWR]DERUDYOMDPR" 2VQRYQLX]URN]DERUDYOMDQMDOHåLXJODYQRMIXQNFLMLSDPüHQMDGD VOXåL XVSHãQRP SULODJRÿDYDQMX MHGLQNH VYRMRM åLYRWQRM VUHGLQL =ERJ WRJD ]DERUDYOMDQMHMHMHGQDQHRSKRGQDLNRULVQDIXQNFLMDSXWHPNRMHVHQDãH ]QDQMHSRWUHEQR]DXVSHãQRSULODJRÿDYDQMHXåLYRWXVWDOQRREQDYOMDRV OREDÿD QHSRWUHEQLK ]DVWDUHOLK GHORYD L VWUXNWXUQR PHQMD GD EL XGRYROMLOR]DKWHYLPDXVSHãQRJåLYOMHQMDLGHORYDQMD 3UHPD WRPH RQR ãWR QDP VWDOQR WUHED ãWR VWDOQR NRULVWLPR WR QH PRåHPR ]DERUDYLWL $ RQR ãWR QDP SRYUHPHQR WUHED L ãWR UHGH NRULVWLPRWRYHüPRåHPRODNãH]DERUDYLWL1DMODNãH]DERUDYOMDPRVWYDUL NRMHYLãHQHWUHEDPRLOLNRMHVXSUHYD]LGHQHQRYLPVD]QDQMLPD1DãD SVLKD YUãL QHSUHNLGQX L ULJRUR]QX VHOHNFLMX QHSRWUHEQRJ ]QDQMD L SXWHP ]DERUDYOMDQMD JD RWVWUDQMXMH GD EL VWYRULOD XVORYH ]D SULKYDW QRYRJ DNWXHOQRJ L SRWUHEQRJ ]QDQMD 0HÿXWLP RYGH MH SRWUHEQR LVWDüL QHNHSRVHEQHRNROQRVWLXNRMLPDVHRGLJUDYD]DERUDYOMDQMH 9HRPDþHVWRSUREOHPQLMHX]DERUDYOMDQMXQHJRXVPHWQMDPDNRMH VSUHþDYDMX VHüDQMH 1D SULPHU LDNR MRã QLMH GRND]DQD WYUGQMD GD DSVROXWQRQLãWDQH]DERUDYOMDPRLGDVYHMHGQRPGRåLYOMHQRLOL]DSDPüHQR RVWDMH X GXELQDPD SDPüHQMD LSDN SRVWRMH QHNL GRND]L NRML VH QH PRJX SUHQHEUHJQXWL 1HND GHYRMND NRMD MH MHGYD ]QDOD GD þLWD L SLãH UD]EROHOD VH L SDOD MH X WUDQV 1D YHOLNR L]QHQDÿHQMH SULVXWQLK SRþHOD MH X WUDQVX GD JRYRUL KHEUHMVNL .DVQLMH VH LVSRVWDYLOR GD MH VOXåLOD NRG MHGQRJ QDXþQLND NRML MH LPDR RELþDM GD VWDUH KHEUHMVNH WHNVWRYH þLWD QDJODV 'HYRMND NRMD LK MH VDVYLP VOXþDMQR L X]JUHGQR VOXãDOD SRWSXQR LK MH ]DSDPWLODDGDWRJDQLMHELODVYHVQD%LOLVXSRWUHEQLVSHFLMDOQLXVORYLGD L]D]RYXVHüDQMHLUHSURGXNFLMXRYRJQHVYHVQR]DSDPüHQRJPDWHULMDOD 7DNRÿHSXWHPKLSQR]HPRJXüHMHUHJUHVLUDWLPHGLMXPDXåHOMHQR GRED QMHJRYRJ åLYRWD 0HGLMXP MH NDR X QHNRP YUHPHSORYX NRMLP XSUDYOMD KLSQRWL]HU NRML SR åHOML REMDYOMXMH PHGLMXPX SRMHGLQH ªVWUDQLFH©1D SULPHUDNRPXNDåH ª9L VWH VDGDX JRGLQL3ULþDMWHPL ãWDYLGLWHLGRåLYOMDYDWH©0HGLMXPüHWDNRYHUQRSULþDWLGHWDOMHNRMLKVH QLNDGDQHELVHWLRXEXGQRPVWDQMX 3UHRYODGDYDPLãOMHQMHGDVHSULYLGQR]DERUDYOMHQHVWYDULLGRåLY OMDML PRJX UHSURGXNRYDWL X QHNLP SRVHEQLP VWDQMLPD VQRYLPD WUDQVX VRPQDPEXOL]PXSXWHPKLSQR]HLSVLKRDQDOL]H2YLGRND]LSRWYUÿXMXIH QRPHQDOQXPRüQDãHJSDPüHQMDDOLVDVWDQRYLãWDSUDNVHQHVPHMXELWL RVQRYD]DWYUGQMXªGDVHMHGQRP]DSDPüHQRQLNDGDQH]DERUDYOMD© 0HQWDOQD SUHQDWUSDQRVW UD]QRUD]QLP SRGDFLPD XWLVFLPD L GRåLY OMDMLPD NRG VDYUHPHQRJ þRYHND QHL]EHåQR L]D]LYD UHWURDNWLYQX LQKLELFLMXRNRMRMVPR YHü JRYRUL &RYHN GDQDãQMLFH VH SULVLOMDYD GD SOLYD X VYH YHüHP RNHDQX ]QDQMD GRåLYOMDMD VHQ]DFLMD 7R YRGL PHQWDOQRM UDVFHSNDQRVWL L SRWSXQRM GHNRQFHQWUDFLML 8P SRþLQMH GD OXWD]DSOMXVNLYDQWDODVL
PD LQIRUPDFLMD VD VYLK VWUDQD EH] RGUHÿHQRJ NXUVD L XVPHUHQRVWL =DWR MH SRWUHEQR L]EHJDYDWL WULYLMDOQH QHYDåQH VWYDUL L NRQFHQWULVDWL VH QD YDåQH L YHRPD SRWUHEQH VWYDUL NRMH WUHED RUJDQL]RYDQR L VLVWHPDWVNL SDPWLWL $ RQR ãWR 9DP VWYDUQR WUHED D WR üH QDMEROMH SRND]DWL SUDNWLþDQ åLYRW RQR ãWR 9DP EXGH WUHEDOR L NRULVWLOR X SUDNWLþQRP åLYRWX WR üHWH XYHN WUDMQRL VLJXUQRSDPWLWLLXSRWUHERPQDMEROMHþXYDWLRG]DERUDYD =DERUDYOMDQMH ]ERJ HIHNWD =HLJDUQLN QDVWDMH ]ERJ XVSHãQRJ RNRQþDQMD QHNRJ SRVOD LOL REDYH]H %HUOLQVNL SVLKRORJ =HLJDULQN 'U %OXPD =HLJDUQLN SULPHWLOD -H LVSLWXMXüL IHQRPHQH ]DERUDYOMDQMDGDQHREDYOMHQLSRVORYLLQHL]YUãHQHREDYH]HRVWDMX WDNR GXJR X VHüDQMX GRN LK QH RNRQþDPR D SRVOH WRJD YHRPD EU]R LK ]DERUDYOMDPR (IHNDW =HLJDUQLN MH MRã MHGQD SRWYUGD GLQDPLþNH L IXQNFLRQDOQH XORJH ]DERUDYOMDQMD X FHORNXSQRP SURFHVXþRYHNRYRJSDPüHQMD =DERUDYOMDQMH ]ERJ SRYUHGD PR]JD L UD]QLK IL]LRORãNLK X]URND SULPFüHQR MH RG QDMUDQLMLK YUHPHQD DOL RYDM IHQR PHQ MRã QLMH UDVYHWOMHQ MHU LPD SXQR VOXþDMHYD R]ELOMQLK SRYUHGD PR]JDNRMHL]D]RYXVDPRSUROD]QX DPQH]LMX JXELWDN SDPüHQMD QHSRVUHGQRSRVOHRSHUDFLMH $PQH]LMDNRMDMHXYHüLQLVOXþDMHYDGHOLPLþQDPRåHGDEXGH L]D]YDQD UD]QLP REROHQMLPD NDR ãWR VX UD]QD WURYDQMD JDVRYLPD DONRKROL]DP HSLOHSVLMD UD]QH SROQH EROHVWL LWG NDGD GROD]L GR L]XPLUDQMD L]YHVQRJ EURMD PRåGDQLK QHUYQLK üHOLMD 3RUHG WRJD SR]QDWD MH þLQMHQLFD GD VDPRSDUPLQXWD]DVWRMDNUYRWRNDXPR]JX PRåHGDGRYHGHGRSRWSXQRJSRPUDþHQMDXPD %U]LQD]DERUDYOMDQMD 9Hü VPR YLGHOL GD LPD SXQR GRND]D SURWLY WYUGQMH GD þRYHN PRåH SRWSXQR QHãWR GD ]DERUDYL DOL ]D SUDNWLþQH VYUKH LSDN VH PRåHUHüLGDLPDPRSRWSXQRLOLWUDMQR]DERUDYOMDQMHLGHOLPLþQRLOL SULYUHPHQR]DERUDYOMDQMH 'HOLPLþQR ]DERUDYOMDQMH MH UHGRYQD SRMDYD L QDVWDMH RGPDK QDNRQ ]DSDPüLYDQMD $NR VH VLVWHPDWVNL QH REQDYOMD ]DSDPüHQR YHü ]DMHGQXGRGYHVHGPLFHPRåHGDVH]DERUDYLL]D VYLK²
=DERUDYOMDQMHQHPRåHPRPHULWLLSUDWLWLGLUHNWQRQHJRVDPR SRVUHGQR SUHNR SRQDYOMDQMD L SRQRYQRJ X þHQMD WDNR ]YDQR P PHWRGRP XãWHGH 0HWRG XãWHGH VH VDVWRML X WRPH GD VH SXWHP SRQDYOMDQMD RGQRVQR SRQRYQRJ ]DSDPüLYDQMD MHGQRJ WH LVWRJ PDWHULMDOD RGUHGL NROLND MH XãWHGD X YUHPHQX SRVWLJQXWD SULOLNRP GUXJRJ ]DSDPüLYDQMD WRJ PDWHULMDOD 1D SULPHU DNR QDP MH ]D SDPüHQMH QHNRJ PDWHULMDOD ELOR SRWUHEQR PLQ D SRVOH MHGQH VHGPLFHVDPRPLQWR]QDþLGDMHXãWHGDXYUHPHQXPLQLOL LGD VPR WDM PDWHULMDO ]DERUDYLWL VDPR MHU QDP MH WUH EDORXSRODPDQMHYUHPHQDGDJDSRQRYR]DSDPWLPR
1HPDþNL SVLKRORJ + (ELQJKDXV MH SUYL HNVSHULPHQWDOQR SURX þDYDR]DERUDYOMDQMHLWRQDSDPüHQMXQL]RYDEHVPLVOHQLKVORJRYD 3UHPD (ELQJKDXVRYLP UH]XOWDWLPD GRELMHQLP SULOLNRP SDPüHQMD EHVPLVOHQLKVORJRYDGLMDJUDP]DERUDYOMDQMDL]JOHGDRELSULEOLåQRRYDNR 3RVOH PLQ ]DERUDYL VH RNR ]DSDPüHQLK VORJRYD 3RVOH O þDVD ]DERUDYL VH RNR ]DSDPüHQLK VORJRYD 3RVOH þDV ]DERUDYL VH RNR ]DSDPüHQLK VORJRYD 3RVOH O GDQD ]DERUDYL VH RNR ]DSDPüHQLK VORJRYD 3RVOH GDQD ]DERUDYL VH RNR ]DSDPüHQLK VORJRYD 3RVOH GDQD ]DERUDYL VH RNR ]DSDPüHQLK VORJRYD 3RVOHGDQD]DERUDYLVHRNR]DSDPüHQLKVORJRYD
.DR ãWR YLGLWH ]DERUDYOMDQMH SRþLQMH RGPDK SRVOH SDPüHQMD L QDMMDþH MH RGPDK QHSRVUHGQR SRVOH SDPüHQMD WRNRP SUYD GYD GDQD L SUYH VHGPLFH GD EL VH NUDMHP SUYH VHGPLFH SULOLþQR VWDELOL]RYDOR L SR ND]DOR MHGQX GDOHNR EODåX WHQGHQFLMX RSDGDQMD =DWR MH X SRJODYOMX R SRQDYOMDQMX L VHüDQMX SRVHEQR ELOR QDJODãHQR GD MH YHRPD YDåQR L]YU ãLWL SRQDYOMDQMH ]DSDPüHQRJ PDWHULMDOD RGPDK SRVOH XþHQMD SD MRã MHG QRPSUHVSDYDQMDLRQGDRGPDKVOHGHüHJGDQD$NR]DSDPüHQLPDWHULMDO SRQRYLPRMRãLWRNRPSUYHVHGPLFHRQGDVPRVHXYHOLNRMPHULREH]EHGLOL SURWLYQMHJRYRJEU]RJ]DERUDYOMDQMD 3RUHG WRJD DNR REQDYOMDQMH YUãLPR SRJRUQMRMãHPLLPDüHPRWDNRÿHLYHOLNHXãWHGHMHUVPRPDOR]DERUDYLOLL PDORüHQDPWUHEDWLYUHPHQDGD]DERUDYOMHQRSRYUDWLPR 6YDNDNR EU]LQD ]DERUDYOMDQMD NDR ãWR MH YHü UHþHQR ]DYLVL RG YUVWH PDWHULMDOD PHWRGD SDPüHQMD L PQRJLK GUXJLK IDNWRUD 'LMDJUDP ]DERUDYOMDQMD ]D RVPLãOMHQL PDWHULMDO ]DSDPüHQ QD SULPHU WHKQLNDPD VLVWHPDWVNRJ SDPüHQMD MH QHXSRUHGLYR EODåL L QH SRND]XMH WDNR L]UD]LWH WHQGHQFLMH RãWURJ SDGD 0HÿXWLP QDPHUQR MH RYGH GDW XSUDYR GLMDJUDP ]DERUDYOMDQMDEHVPLVOHQRJPDWHULMDODGDELVHXRþLOHPRJXüHLPDNVLPDO QH JUDQLFH EU]LQH ]DERUDYOMDQMD L NDNYRP GLQDPLNRP WUHED YUãLWL SRQDY OMDQMHGDELVHRQRVSUHþLOR7R]QDþLGDVPRX GDOHNR EROMHP SRORåDMX DNRSDPWLPRQHNLRVPLãOMHQLPDWHULMDO$DNRSDPWLPRSRPRüXWHKQLNDVL VWHPDWVNRJ SDPüHQMD L YUãLPR SRQDYOMDQMH SR JRUH QDYHGHQRM ãHPL RQGD üHPRGRWLþQLPDWHULMDOSDPWLWLXYHN -HGLQL OHN SURWLY ]DERUDYOMDQMD NRMH MH YHRPD EU]R L SURVWR QDP WRSL L XQLãWDYD ]DSDPüHQR MH HILNDVQR ]DSDPüLYDQMH SRPRüX WHKQLND VL VWHPDWVNRJSDPüHQMDLVLVWHPDWVNRREQDYOMDQMH]DSDPüHQRJPDWHULMDOD ,]VYHVQRJSDPüHQMDQHSUHVWDQRLVWLVNXMHPR]QDQMH NRMHQDPQLMHSRWUHEQRLOLNRMHQLMHDNWXHOQR -HGQRJD GDQD $QD *ULJRUMHYQD VXSUXJD 'RVWRMHYVNRJ ) 0 'R VWRMHYVNLM ² SRþHOD MH GD UD]JRYDUD VD QMLP R QMHJRYRP GHOX ª3RQLåHQL L XYUHÿHQL© L QD QMHQR YHOLNR þXÿHQMH SULPHWLOD MH GD 'R VWRMHYVNL QHãWR ]DPXFNXMH L ]DSLQMH WH GD VH QH VHüD SRMHGLQLK HSL]RGD L OLNRYD$QD*ULJRUMHYQDQLMHPRJODGDYHUXMHVDPRMVHELMHUMHQMHQVXS UXJ]DYUãLRRYDMURPDQVDPRSUHSHW JRGLQD1D NUDMXVHLVSRVWDYLOR GDMH 'RVWRMHYVNL ]DERUDYLR QH VDPR VDGUåLQX QHJR þDN L SRVWRMDQMH VYRJ UR PDQD L WR X VYRMRM JRGLQL åLYRWD VDPR SHW JRGLQD SR]DYUãHWNX RYRJ VYRJYHOLNRJGHOD'RVWRMHYVNRPQLMHELORSUHRVWDORQLãWDGUXJRQHJRGD L +HUPDQ(EELQJKDXV²
REHüD VYRMRM VXSUX]L GD üH VYRMH VRSVWYHQR GHOR SRQRYR SURþLWDWL GD ELPRJDRRQMHPXGDUD]JRYDUDVDQMRP 5D]ORJMHELRGRVWDMHGQRVWDYDQ1DOD]LRVHXMHGQRMRGJODYQLK SROXJD]DERUDYOMDQMDUHSUHVLMLLOLSRWLVNLYDQMXWUHQXWQRPDQMHYDåQRJLOL QHSRWUHEQRJ ]QDQMD UDGL ªVWYDUDQMD SURVWRUD© X SDPüHQMX L VYHVWL ]D DNWXHOQRQHãWR YHRPD YDåQRãWR VHQDOD]LX VUHGLãWX QDãHJ QDMYHüHJ LQ WHUHVRYDQMDLNRQFHQWUDFLMHLãWRMHL]UD]QDãLKQDMGXEOMLKKWHQMDLSR WUHEDWRJWUHQXWNDLOLRGUHÿHQRJYUHPHQVNRJSHULRGD 8SUDYRXWRYUHPH'RVWRMHYVNLMH]DYUãDYDRVYRMHþXYHQRGHOR ª=ORþLQ L ND]QD© L YHü SRþHR GD GLNWLUD L VYRMH QRYR GHOR ª.RFNDU© åXUHüL VH GD XGRYROML VWURJLP URNRYLPD NRMH VX PX QDPHWQXOL QHXPROMLYLL]GDYDþL7RMHELRGRYROMDQUD]ORJGDYHOLNLSLVDFVYHVYRMH VQDJH XVUHGVUHGL QD QHSRVUHGQX DNWXHOQX L QDMYDåQLMX SRWUHEX GD ]DYUãL VYRMH QRYR GHOR L GD VYH RVWDOR SRWLVQH X VWUDQX =DWR MH SRWSXQR ª]DERUDYLR© RGQRVQR SRWLVQXR X GXELQH VYRJ SDPüHQMD L SRWVYHVWLVYRMH]QDPHQLWRGHORª3RQLåHQL L XYUHÿHQL© QD NRPH MH SUH SHWJRGLQDUDGLRüHOXJRGLQXGDQD .DGDVPRJRYRULOLRSDåQMLX3RJODYOMXRQGDVPRMHXSRUH GLOL VD SXO]LUDMXüLP ]UDNRP QHNRJ VYHWLRQLND NRML X RGUHÿHQRP PRPHQWX RVYHWOMDYD VDPR MHGDQ VHNWRU PUDþQH PRUVNH SRYUãLQH 7DNRÿH L QDãH VYHVQR SDPüHQMH NRMH X YHOLNRM PHUL ]DYLVL RG SDåQMH PRåHXRGUHÿHQRPYUHPHQVNRP LQWHUYDOX GD REXKYDWL L GUåL X VYHVWL VDPR MHGDQ GHR RG QDãHJ FHORNXSQRJ ]QDQMD L WR RQDM NRML QDP MH QDMSRWUHEQLML ]D åLYRW L UDG $NR VPR SRVHEQR XVUHGVUHÿHQL QD QHNL LQWHQ]LYQL XPQL UDG RQGD PRåH GD GRÿH GR GDOMH VHOHNFLMH SRWUHEQRJ ]QDQMD GR MRã YHüH NRQFHQWUDFLMH L VXåDYDQMD VHNWRUD ]QDQMD NRML NRULVWLPR WDNR GD VYH RVWDOR QHVYHVQR SRWLVNXMHPR X SRWVYHVQL GHR SDPüHQMD1DWDMQDþLQPRåHGDGRÿHGRUDVHMDQRVWLL]DERUDYQRVWLX GUXJLP REODVWLPD åLYRWD L UDGD LOL SULYUHPHQRJ ]DERUDYOMDQMD þLWDYLK NRPSOHNVD]QDQMDNDRXVOXþDMX'RVWRMHYVNRJ 5DGL WRJD VH L SUHWSRVWDYOMD GD X VWYDUL QHPD WRWDOQRJ ]DERUDYOMDQMD EULVDQMD ]QDQMD L] OMXGVNH SVLKH QHJR GD VDPR SRG XWLFDMHP UHSUHVLMH LQKLELFLMH L GUXJLK VOLþQLK X]URND L]YHVQL ªQHDNWXHOQL© NRPSOHNVL ]QDQMD SRWRQX X GXELQH SRWVYHVWL PHÿX KLOMDGH GUXJLK QMLPD VOLþQLK L GD VD QMLPD L]JXELPR DVRFLMDWLYQX YH]X.DNRLQDþHREMDVQLWLþLQMHQLFXGDVHþRYHNPRåHVHWLWLªWRWDOQR ]DERUDYOMHQLK© VWYDUL SRG XWLFDMHP KLSQR]H HOHNWULþQLK SRGUDåDMD PRåGDQHNRUHXVWUHVRYLPDLGUXJLPDL]YDQUHGQLPRNROQRVWLPD" 1DSULPHU]DERUDYOMDQMHPRåHGDQDVWXSLXVOHGUHSUHVLMHGRJD ÿDMDNRMLVXELOLQHSRYROMQLLOLQDGUXJLQHNLQDþLQQHSRåHOMQLRGVWUDQH RVREHNRMDLKMHªWRWDOQR]DERUDYLOD©7RMHVOXþDMW]YDNWLYQRJLOLGH IDQ]IYQRJ ]DERUDYOMDQMD .R MH JOHGDR ILOP ª=DþDUDQL© ª7KH &KDUPHG© VD*UHJRUL3HNRP*UHJRUY3HFN L,QJULG%HUJPDQVHWLüHVH GDMHMHGDQL]YDQUHGDQ GRJDÿDM GRN MH RQ MXULR QD VNLMDPD QH]DGUåLYR QL] SDGLQX QDWHUDR JODYQRJ MXQDND GD VH VHWL ªWRWDOQR ]DERUDYOMHQRJ© GRJDÿDMD L] GHWLQMVWYD ² QHKRWLþQRJ XELVWYD VYRJ GUXJD X LJUL 7DM WUDJLþQL GRJDÿDM VWYRULR MH ªNRPSOHNV NULYLFH L] GHWLQMVWYD© L QMHJRYR GHIDQ]LYQR RGEUDPEHQR ]DERUDYOMDQMH SRWLVQXOH JD MH X QDMYHüH GXELQHSRWVYHVWL .DR ãWR MH OHSR UHNDR /LKWHQEHUJ ]DLVWD MH VUHüD ãWR PRåHPR SDPWLWLDOLMHLVWRWDNRQHNLSXWMRãYHüDVUHüDGDPRåHPRQHNHVWYDULL ]DERUDYLWL QDURþLWR RQH PDQMH YDåQH LOL QHSRWUHEQH =DPLVOLWH EH] ]DER
UDYOMDQMDQHELVHPRJOLNRQFHQWULVDWLQDGUXJHYDåQHVWYDULSURFHVVH üDQMD ELR EL SUDNWLþQR QHPRJXü NDR L XþHQMH QRYLK VWYDUL %H] ]DERUDYOMDQMDQDVWDRELSUDYLKDRVXQDãHPSDPüHQMX .ROLNR RGEUDPEHQR SRWLVNLYDQMH LOL GHIDQ]LYQD UHSUHVLMD PRåH GD EXGH MDND SRWYUÿXMX L VOXþDMHYL GHIDQ]LYQH DPQH]LMH RGEUDPEHQRJ JXELWND SDPüHQMD NRG ]ORþLQDFD NDGD SRWSXQR ]DERUDYH VYRM ]ORþLQ MHU ]D PQRJH RG QMLK ]DERUDYLW VYH MH QDMSRWSXQLMLLQDMEROMLL]OD]LEHNVYRRGVYHJD 3RG XWLFDMHP VODERJ L NROHEOMLYRJ NDUDNWHUD þHVWR PRåH GD GRÿH GR MHGQH SRVHEQH YUVWH ]DERLDYOMDQMD LOL WDþQLMH SUHLQDþHQMD X SDPüHQMX GRWLþQLK RVRED 7R MH WDNR]YDQD VXSVWLWXFLRQD PHPRULMD LOL SDPüHQMH VD ]DPHQRP 1D SULPHU MHGDQ LQDþH VODE VWXGHQW QDSXãWD GDOMHVWXGLMHLURGLWHOMLPXXVNUDüXMXGDOMHL]GUåDYDQMHåHOHüLWLPHGD JDSULPRUDMXGDVH]DSRVOL.DVQLMHWRNRPþLWDYRJVYRJåLYRWDSURSDOL VWXGHQWRSODNXMHVYRMXVXGELQXãWRMHPRUDRQDSXVWLWLVWXGLMH ªMHUVX PXURGLWHOMLXVNUDWLOLGDOMHL]GUåDYDQMH© 3DPüHQMHGREULPGHORUQ]DYLVLRG]DERUDYOMDQMD 8 /LYDGLLL SUHPD JUþNRM PLWRORJLML JGH MH :R VHGLãWH þXYHQRJ SURURþLãWD 7ULIRQLD SRVHWLRFL VX SLOL SUYR YRGX L] /HWH D ]DWLP NRG 0QHPR]LQH GD EL QDMSUH ]DERUDYLOL VYDNX GUXJX PLVDR D ]DWLP VDþXYDOLXSDPüHQMXVYHRQRãWRELXSURURþLãWXYLGHOLLþXOL 0QHPR]LQDJUþ0QHPRVYQH MHPLWRORãNDSHUVRQLILNDFLMDSDP üHQMDNüL8UDQDL*FMHNRMDMHVD=HYVRPLPDODGHYHWPX]D8YHNVH GRYRGLXYH]XVDPX]DPDVYRMLPNüHUNDPDXPLWRJUDILML8$WLQLMH VODYOMHQDSROLYDQMHPLOLQDSLMDQMHPYRGRPLOLPOHNRPLPHGRPEH]YLQD 5HWNL VX VOXþDMHYL OLNRYQRJ SUHWVWDYOMDQMD ERJLQMH 0QHPR]LQH 0RåGD MH QDMSR]QDWLMD MHGQD VWDWXD X 9DWLNDQVNRP PX]HMX NRMD SUHWVWDYOMD ERJLQMX X SHSOXPX ERJDWR L]YH]HQRP åHQVNRP RJUWDþX X ]DPLãOMHQRPLXVUHGVUHÿHQRPVWDYX 1DãHSDPüHQMHXQHSUHNLGQRPWRNXVWDOQR]DSOMXVNXMXRJURPQLL EURMQL WDODVL VYLK PRJXüLK XWLVDND L LQIRUPDFLMD 2G WRJD QDUDYQR PRåH L PRUD GD VH NRULVWL VDPR PDOL GHR MHU JODYQLQD WLK LQIRUPDFLMD VOXåL VDPR ]D NRUHNFLMX QDãHJ WUHQXWQRJ UHDJRYDQMD SUHPD RNROQRP VYHWXGDNOH]DREH]EHÿHQMHQDãHJSUDYLOQRJWUHQXWQRJUHDJRYDQMD'UXJL GHR VOXåL]D NUDWNRURþQH SRWUHEH UHFLPR ]D UHãDYDQMH WHNXüLK SUREOHPD åLYRWDLUDGD6DPRPDQMLEURMLVWDNQXWLKLSRVHEQRYUHGQLKLQIRUPDFLMD NDRWUHüLGHRSUHOD]LXWUDMQRSDPüHQMHL]DGUåDYDVH]DEXGXüQRVWSRG XVORYRPGDVHRFHQLNDRSRWUHEDQLNRULVWDQ]DEXGXüQRVW 'DQLMHRYRJPHKDQL]PDLDXWRPDWL]PDXVHOHNFLMLLGLVWULEXFLMLþL WDYRJ PQRãWYD UD]QLK LQIRUPDFLMD NRMH VH VYDNRGQHYQR VUXþH QD QDãX VYHVW L SRWVYHVW QH ELVPR LPDOL VORERGX SULPDQMD QRYLK XWLVDND L ãWR MH SRGMHGQDNR YDåQR PRJXüQRVW L]ERUD SRWUHEQLK LQIRUPDFLMD ]D UD]OLþLWHSRWUHEHXåLYRWXLSR]LYX 3DPüHQMH ]DLVWD X YHOLNRM PHUL ]DYLVL RG ]DERUDYOMDQMD MHU EL WUHQXWQRYDåQLGHWDOMLPRJOLGDQDPWUDMQREORNLUDMXSDåQMXLQWHUHVRYD QMH L GUXJH SRWHQFLMDOH XPD L WLPH QDV RQHPRJXüH X SULPDQMX GDOMLK L /HWD JUþ /HWKH ² UHND ]DERUDYD SR YHURYDQMX VWDULK *UND 8 SRG ]HPQRP VYHWX RQL NRML VH QDSLMX L] QMH ]DERUDYH VYH ãWR VX SUHåLYHOL UDQLMH ²/HWRWHKQLND²XPHWQRVWLOLYHãWLQD]DERUDYOMDQMD
]QDQMD RG WUDMQH YUHGQRVWL L YDåQRVWL ,OL NDNR MH JRYRULR 9 ' åHP V RG VYLK þRYHNRYLK DNWLYQRVWL L LVNXVWDYD QHND QH SUHåLYH QLWUHQXWDNVYRJGRYUãHWND äLYRW GUXJLK LVNXVWDYD RJUDQLþHQ MH QD SDU WUHQXWDND þDVRYD LOL GDQD $ QHND RSHW RVWDYOMDMX QHL]EULVLYHWUDJRYHLSDP WHVHþLWDYRJ åLYRWD
' D QHP D ]DERUDYOMDQMD X QD ãHP SDP üHQMX QDVWDR EL SRWSXQ QHUHG L GH]RUJDQL]DFLMD MHU QDV RQR RVORED ÿD QHSRWUHEQLK L QHYD åQLK P LVOL LGHMDL]QDQMDDQDURþLWRRQLKNRMH QLVX X VNODGX VD QDãLP RVQRYQLP WHåQMDPD 6SRVREQRVW L YHãWLQD ]DERUDYOMDQMD SRPDåX VWYDUDQMX RGJRYDUDMXüHJ L VWYDUQR SRWUHEQRJSDP üHQMDMHUSDP üHQMHNRMHWHåLLKRüHGDRþXYDVYHX VWYDUL MH SUHSUHND ]D GDOML QHSUHNLGQL XPQL UD]YLWDN 6YDNR WUHEDGDSULODJRGLVWUXNWXUXVYRJSDP üHQMDL]QDQMDSUHP DVYRP SVLKRIL]LþNRP SURILOX GD SRVWLJQH GD QMHJRYR SDP üHQMH EXGH ]D QMHJD D QH SURWLY QMHJD 'REUR IRUPLUDQR SDP üHQMH PRUD GD VOXåL QDMYHüLP åHOMDPD L QDMGXEOMLP KWHQMLPD L SRWUHEDPD þRYHND 1H WUHED VPHWQXWL V XPD GD ]DERUDYOMDQMH PRåH ELWL SURX]URNRYDQR UD]QLP GUXJLP ãWHWQLP IDNWRULPD L WDGD MH RQR QHNRULVQR MHUQDP SRUHG QHSRWUHEQRJ L QHYD åQRJ RGQRVL L RQR GUDJRFHQR $ L DNR VYRMLP ]DERUDYOMDQMHP ]QDPR YODGDWL RQGD MH L RQR MDNR VUHGVWYR ]D L]JUDÿLYDQMH QDãHJ SDP üHQMD L XPQHVORERGH
,1,&,-$/1$7(+1,.$ ,1,&,-$/,,6/2*29,.$23202û3$0û(1-8
3DWMH RWLãDR MHGQRPVDVYRMLP SULMDWHOMHP GD UD]JOHGD 1DFLR QDOQL PX]HM 'RN VX VWDMDOL SUHG MHGQRP HJLSDWVNRP PXPLMRP LVSRG NRMHMHVWDMDRQDWSLVª31(©]DSLWDSULMDWHOM3DWD ²âWDELRYDMQDWSLVPRJDRGD]QDþL" ² 3D ²R GJRYRUL3DW² S UDYRGDWLND åHP QH]QDP WD þQRDOL YHURYDWQRGDMHWRUHJLVWDUVNLEURMDXWDNRMLJDMHSUHJD]LR (NVSHULP HQWDOQR MH GRND]DQR GD MH SURVHþQL UDVSRQ SDP üHQMD RJUDQLþHQ QD VYHJD ² UD]OLþLWLK HOHP HQDWD WM SURVH þDQ þRYHN P R åH GD ]DSDP WL MHGQRYUHPHQR ² UD]OLþLWLK FLIDUD VORYD LOL GUXJLK QHNLK QHSRYH]DQLK L QHRVPLãOMHQLK HOHPHQDWD 1D SULPHU DNR EL SRNXãD ]DSDP WLWLSULURGQLP SDP üHQMHP RYDMQL]VORYD -7$.3,,(&1$(/-1&$$30,1+,(208$1
VLJXUQRELGRJXUDOLPDNVLPDOQRGRLOLVORYDRGMHGQRP$OLDNRSUL PHQLPRPHWRGRVPLãOMDYDQMDRQGDFHRRYDMQL]RGVORYDSDPWLPRDX WRPDWVNL1DSULPHU ,1,&,-$/1$7(+1,.$320$ä(3$0û(1-8 =QDþL JUXSLVDQMHP VORYD X RVPLãOMHQH UHFL SURãLUXMHPR PRJXüQRVW SDPüHQMDQHNROLNRSXWDMHURGMHGQRPPRåHPR]DSDPWLWLSULURGQLPSDP üHQMHP WDNRÿH ² QHSRYH]DQLK UHFL D VYDND UHþ PRåH GD VDGUåL UHFLPR X SURãHNX RNR VORYD WR MH RGPDK ² ]DSDPüHQLK UD]OLþLWLKVORYD 0HÿXWLP L RYDNYD PRJXüQRVW SDPüHQMD RJUDQLþHQD MH UDVSRQRP SDPüHQMDRG²UHFL$OLDNRSULPHQLPRQHNLRGPHWRGDVLVWHPDWVNRJ SDPüHQMD RYDNYH NRPELQDFLMH VORYD PRåHPR SDPWLWL X SUDNWLþQR QHR JUDQLþHQLPNROLþLQDPD6YDNDNRPLPRUDPRXWURãLWLL]YHVWDQWUXGL YUHPH GD EL NRQVWUXLVDOL RGJRYDUDMXüH NRPELQDFLMH VORYD X VPLVDRQH UHFL DOL WR QDP VH YLãHVWUXNR NRPSHQ]LUD ODNLP VLJXUQLP L WUDMQLPSDPüHQMHPåHOMHQRJEURMDVORYD ,QLFLMDOQRP WHKQLNRP PRåHPR SDPWLWL UD]QL PDWHULMDO SR RGUHÿHQRP UHGRVOHGX LOL EH] RE]LUD QD UHGRVOHG QD SULPHU OLVWX NXSRYLQD PRåHPR YHRPD SUDNWLþQR SDPWLWL VDPR SRPRüX LQLFLMDOD X QD]LYLPDSRMHGLQLKDUWLNDOD1DSULPHU ý $QDQDV $ ýDM $ %UHVNYH % $UWLãRNH 6DODPD 9HJHWD 9 6 2UDVL *UDãDN * 2 9LQR ª'ULQD©FLJDUHWH ' 9 ,QGLVNLRUDãþLü HYUHN , ª(NVSUHVSROLWLND© ( äHOH = .UDVWDYFL . 8UPH =HPLþNH = 8 3DUDGDM] S 2JUR]G 1DUDQGåH 1 2 9LQGLMDVLU 202SUDãDN 2 9 9LQMDN 9 ,JOH U , $QWLNRUR]LYQLVSUHM $ 1DSUVWDN 1 &UQDSDVWD]DFLSH H & $XWRNR]PHWLND $
7DNR VPR X VWYDUL RG LQLFLMDOD SRMHGLQLK DUWLNDOD VD QDãLK OLVWD NXSRYLQD GRELOL NRPELQDFLMH VORYD NRMH VX RVPLãOMHQH L ODNR VH SDPWH UHGRVOHGVORYDXD]EXFL UHþ ý$629, UHþ129$& EH]NRJDVHQHLGHXNXSRYLQXL RSHWSRJRGQXUHþ.8329,1$ 8 SRþHWNX GRN QH VWHNQHWH SRWUHEQX UXWLQX X VNODSDQMX SRJRGQLK UHFL RG LQLFLMDOD SRMPRYD NRMH SDPWLWH PRåHWH VH SXQR SRPRüLPDOLPNDUWLFDPDRGXNXSQRNRPQDNRMLPDüHELWLLVSLVDQD VORYDDOIDEHWDVOLþQR NDR NDG VWH SDPWLOL UD]QH WDEHOH =DKYDOMXMXüL RYLP NDUWLFDPD PRüL üHWH ODNR SUDYLWL UD]QD SUHPHãWDQMD SRMHGLQLK VORYD GRN QH GRELMHWH SULNODGQX NRPELQDFLMX NRMD 9DP GDMH MHGQX LOLYLãHUHFLNRMHPRåHWHODNRSDPWLWL 0HÿXWLP QH PRåHPR XYHN VNORSLWL LQLFLMDOH X VPLVDRQH UHFL LOL]DWRãWRLKMHPQRJRLOLãWRPRUDMXLüLRGUHÿHQLPUHGRPWDNRGDMH QHPRJXüH VNORSLWL SRJRGQX UHþ LOL UHFL 8 WRP VOXþDMX PRåHPR SRVWXSLWLQDQHNROLNRQDþLQD
1DþLQVDVWRMLVHXWRPHGDVHSRVOXåLPRDQDORJLMRPL]WHKQLNH SDPüHQMD EURMHYD RGQRVQR SUHWYDUDQMD EURMHYD X UHFL 1L] VORYD NRMD WUHED ]DSDPWLWL SRGHOLPR MHGQRVWDYQR X JUXSH RG SR VORYD L RQGD]DVYDNXJUXSXRGVORYDQDÿHPRRGJRYDUDMXüXUHþ XNRMRM üH YDåLWLVYDWULWMSUYDWULVORYDLOLVXJODVQLND 1DSULPHUQDVWDURHJLSDWVNRPMH]LNXKLMHURJOLILVXVH]YDOL 0²'²5 1²7²5 ãWR ODNR SDPWLPR VD UHFLPD ª0X'D5 1R7D5© NRMH XNRPSRQXMHPR UHFLPRXRYDNYXMHGQXUHþHQLFX0X'D51R7D5MHX(JLSWXSLVDRKL MHURJOLILPD© 2YDM QDþLQ PRåHPR YHRPD XVSHãQR NRULVWLWL L SUL SDPüHQMX UD]QLK VORYQLK R]QDND L VLPEROD 1D SULPHU EURMHYL WHOHIRQD UHJLVWDUVNL EURMHYL DXWRPRELOD X PQRJLP VWUDQLP ]HPOMDPD ]DWLP R]QDNH UD]QLK VHULMD R]QDNH UH]HUYQLK GHORYD LWG YHRPD þHVWR VH VDVWRMHRGQHNROLNRVORYDLYLãHFLIUHQRJEURMD1DSULPHU .5$² .5$WHUL05D9/$0² /$0SDL672/LFD %20² %20EDL%5'R 653² 653L'59R 35$² 35$PDFL.D0H1(5$² %5$YDL%59QR 1DUDYQRXNROLNRVHRYDNYHR]QDNHVDVWRMHL]YLãHVORYDL FLIDUD SRVWXSDPRDQDORJQRSDPüHQMXYLãHFLLUHQLKEURMHYD1DSULPHUDNRVH R]QDND VDVWRML L] VORYD RQGD PRåHPR XSRWUHELWL UHüL DNR VH VDVWRML L]VORYDRQGDRSHWUHFLRGNRMLKMHGQDVDYDåHüD VORYD D GUXJD VD YDåHüD VORYD LOL REUDWQR LWG =D SDPüHQMH YLãHFLIUHQLK EURMHYDYHüVX9DPGREURSR]QDWDRGJRYDUDMXüDSUDYLOD
3DPüHQMHåHOMHQRJEURMDVORYQLKVLPERODLR]QDNDSRVWDMHODNRQMLKRYLPVYRÿHQMHP QDRGUHÿHQEURMRGJRYDUDMXüLKUHFL
1DþLQMHGDNRULVWLPRSULNODGQHUHFLXNRMLPDüHYDåLWLVDPR SUYRLSRVOHGQMHVORYR2YDMQDþLQMHQDURþLWRSRJRGDQ]DSDPüHQMHGX JDþNLKQL]RYDVORYQLKR]QDNDLOLVLPEROD 1D SULPHU RYGH LPDWH MHGDQ QL] RG VORYD NRML PRåH GD SUHWVWDYOMD UHGRVOHG QHNLK VLPEROD R]QDNDHWLNHWDLVOLþQR 2$6271%'%&.%&'.37$$%/â57.*3&12&%$(5û3 1DSRPHQD X VWYDUL LPD WDþQR VORYR DOL ª'ä© X]LPDPR NDRMHGQRVORYRWMJODVNDRXUHFLª'åDN©
2YLK VORYQLK R]QDND YHRPD ODNR SDPWLWH SR GUXJRP QDþLQX1DSULPHU 2²$ 2ORYN$ %²/ %LFLN/ 6²2 6O2 â²5 6DWR5 7²1 7U1 7². 7HQ. %B' %UR' *²ä *UXä %²ä %RGHä 3²ä 3Xä &². &RYH. &²1 &X1 %²& %ULMD& 2²& 2EUX& 'å². 'åD. %²$ %DþY$ 37 3HþD7 (²5 (NVH5 $²$ $UHQ$ &²3 &X3 2YLK UHFL NRG NRMLK YDåL VDPR SUYR L SRVOHGQMH VORYR SRYHåLWH X ODQþDQL QL] L VYLK VORYQLK R]QDND LOL VLPEROD PRüL üHWH UHSURGXNRYDWL SR åHOMHQRP UHGRVOHGX QDSUHG LOL QD]DG $NR åHOLWH GD ]DSDPWLWH L WDþDQ UHGQL EURM SRMHGLQLK VORYD RQGD XPHVWR ODQþDQRJ PHWRGDXSRWUHELWHELORNRMLYH]QLPHWRG]DSDPüHQMHRYLKUHFL1D SULPHU DNR WUHED WUDMQR GD ]DSDPWLWH RYDNDY QL] RQGD PRåHWH SULPHQLWL WRSRVLVWHP SDPüHQMD 1D SULPHU WUDåL VH WR VORYR X QL]X9LRGPDK]QDWHGDPRUDELWLXRMUHFLSRVOHGQMHVORYRGDNOH ª$© MHU RQD VDGUåL WR L WR VORYR ,OL WUDåL VH R VORYR9LRGPDK]QDWHGDMHRQRXSDUXVDLPVORYRPD DWXUHþSRYH]QRPPHWRGXRGPDKSURQDOD]LWHGDMHª(NVH5©]QDþL R VORYR PRUD GD EXGH ª(© 7DNRÿH L REUDWQR DNR VH WUDåL QD NRPH PHVWX LPDPR VORYR ªý© RQGD MHGQRVWDYQR SUHOD]LWH QL] UHGRP RG SRþHWND SUHPD NUDMX L NDGD QDLÿHWH QD UHþ NRMD VDGUåL VORYR ª&© MHGQRVWDYQRPXRþLWDWHUHGQLEURM1DSULPHUªý©VHSUYLSXWQDOD]LX UHFL ª&RYHN© NRMD MH D SR UHGX ; ² ]QDþL RYDUHþVDGUåL WR L WR VORYR D SRãWR MH ªý© SUYR VORYR X UHFL ]QDþL GD MH WR SRUHGX 1DþLQ NRULVWLPR NRG WDNYLK NRPELQDFLMD VORYD JGH QH PRåHPR SULPHQLWLQLMHGDQRGQDSUHGL]ORåHQLKQDþLQD6DVWRMLVHXWRPHGD]D VYDNRVORYRXQL]XX]PHPRSRMHGQXUHþNRMDSRþLQMHVDWLPVORYRP1D SULPHU /-²²1-²'²66²=²/-² =D RYDM QL] MH YHRPD WHãNR SURQDüL SULNODGQH UHFL SR ELOR NRPHRGGRVDGDL]ORåHQLKQDþLQD$OLDNRSULPHQLPRWDNDYQDþLQGD]D VYDNR VORYR QDÿHPR RGJRYDUDMXüX UHþ NRMD SRþLQMH XSUDYR WLP VORYRP ãWR QLMH XRSãWH WHãNR RQGD MH SUREOHP RGPDK UHãHQ 5HFLPR GD VPR ]DJRUQMLKVORYDRGDEUDOLRYLKUHFL /MLOMDQ²LUL²1-LYD²1MHJRYDQ²'H]²âWHGQMDN ²6DUD²=HF²/-XOMDãND²HYUHN ,]DEUDQH UHFL PRåHPR SRYH]DWL ODQþDQLP LOL YH]QLP PHWRGRP X ]DYLVQRVWLRGNRQNUHWQLKSRWUHED 5D]QHPRJXüQRVWLSULPHQHLQLFLMDOQHWHKQLNHSRVWRMHXVNRURVYLP REODVWLPD]QDQMDLSUDNWLþQRJåLYRWD 1DSULPHUXIL]LFL]DSDPüHQMHUHGRVOHGDERMDXVSHNWUX&UYHQR 2UDQåXWR=HOHQR3ODYR/MXELþDVWR0RåHWHSULPHQLWLUHFLPRSDP üHQMHSDURYDLQLFLMDOD=DSDPüHQMHãLIDUDUD]QLKVHIRYDLEODJDMQLMHG QRVWDYQR PRåHWH SDPWLWL RYRP WHKQLNRP RGUHÿHQH NRPELQDFLMH VORYD L EURMHYD
8GRPDüLQVWYXRVW5LJDLPDXPHVHFLPDNRMLVDGUåHVORYRª5©D QHPD LK ]QDþL X PDMX MXQX MXOX L DYJXVWX ]ERJ YHOLNL YUXüLQD 8 JHRJUDILML DNR XRþLPR EURM VORYD X QD]LYX ª6²5²(²'²1² -²$ $²0²(²5²,².²$© YLGHüHPR GD VYDND UHþ VDGUåL SR VORYDXSUDYRNROLNRLPDLGUåDYDX6UHGQMRM$PHULFL ,QLFLMDOQX WHKQLNX PRåHPR NRULVWLWL ]D SDPüHQMH UD]QLK VWYDUL X PQRJLPREODVWLPDNDRQDSULPHU 3DPüHQMHGQHYQLKLOLVHGPLþQLKSRVORYDLREDYH]D /LVWDNXSRYLQDGQHYQLKLOLVHGPLþQLK 5DVSRUHGDþDVRYDLGUXJLKGQHYQLKLOLVHGPLþQLKREDYH]D 5D]QLKUHJLVWDUVNLKR]QDNDLVORYQLKVLPERODXVDREUDüDMXWHK QLFLLRVWDOLPREODVWLPD 9HRPDNRPSOLNRYDQHQD]LYHLWHãNH]DSDPüHQMHUHFLLLPHQD 5HFLSRWSXQRQHSR]QDWLKVWUDQLKMH]LND 1HRJUDQLþHQLEURMVORYQLKR]QDNDLVLPERODXNRPELQDFLMLVD EURMHYLPD 3ULPHQX LQLFLMDOQH WHKQLNH SULND]DOL VPR 9DP NUR] L]QHWH SULPHUH X QHNLP RG QDYHGHQLK REODVWL 8 REODVWLPD JGH QLVPR L]ORåLOL QDþLQSULPHQHSRVWXSDWHVOLþQRLDQDORJQRMHUMHVXãWLQDRYHWHKQLNH VYXGD LVWD 9L YHü UDVSRODåHWH VD WROLNR WHKQLND L PHWRGD VLVWHPDWVNRJ SDPüHQMD GD üHWH SRWSXQR ELWL X VWDQMX GD QDSUDYLWH SRJRGQX NRPELQDFLMX UDVSRORåLYLK PHWRGD ]D NRQNUHWQH VOXþDMHYH L] ELOR NRMH RGJRUHSREURMDQLKREODVWLSULPHQH
6,*851,-,=$92/$120$87202%,/$
/MXGLVWDYOMDMXXVYRMHDXWRPRELOHLVWRWR OLNRWDãWLQHNROLNRLEHQ]LQD ²3'DQLQRV
3$0û(1-(03275(%1,+32'$7$.$3267$-(7( (),.$61,-,92=$ý
² âWDUDGLãRYGHQDRYRMRãWURLNULYLQL"²]DSLWDSULMDWHOM3DWD NRMLMHQDMHGQRMRãWURMRNXFLQDSHWRJOHGDRXYHOLNRþHWYUWDVWRVDREUD üDMQRRJOHGDOR ² (YRþHNDPYHüGRVWDGXJRGDSURÿXRYHDXWRWUNHSDGDPDOR SRJOHGDP79GQHYQLN²RGJRYRUL3DWQHVWUSOMLYR
GRYROMQRLDGHNYDWQR]DSRMHGLQHVLWXDFLMH 3UHGPDORPEDQNRPXMHGQRPJUDGLüXVDYH]QHGUåDYH1MX0HN VLNR 1HZ 0H[LFR ELR MH SDUNLUDQ MHGDQ DXWRPRELO X NRPH MH VHGHOD VDPR MHGQD åHQD 3ROLFDMDF X UHGRYQRM SDWUROL SRJOHGDR MH UHJLVWDUVNLEURMSDUNLUDQRJDXWD²*$²LXþLQLORPXVHGDMHWDM EURM QD OLVWL VXPQMLYLK DXWRPRELOD 3ROLFLVNL SDWUROQL DXWR MH SURãDR GUDJRFHQL VHNXQGL VX SUROD]LOL QH]DGUåLYRP EU]LQRP GRN MH RQ UD]PLãOMDRRVYRMRMVXPQML .DGD VH NRQDþQR RGOXþLR GD VYRMX VXPQMX SURYHUL ELOR MH YHü NDVQR *DQJVWHUL VX YHü RSOMDþNDOL EDQNX L ]DMHGQR VD QRYFHP X]HOLVXLQHNROLNRQHGXåQLKåLYRWD6YRMHRNOHYDQMHSODWLRMHåLYRWRPL VXPQMLþDYLSROLFDMDF 2YRMHXYRGQDVFHQDL]DPHULþNRJWULOHUDª8ELWHýDUOLMD9RULND© ª.LOL7KDW&KDUOHY9DUULFN© ,DNRRYRQHWUHEDGDEXGHQLNDNYDYD ULMDQWD VFHQDULMD SRPHQXWRJ WULOHUD LSDN VH PRåH SUHWSRVWDYLW GD EL VH GRJDÿDML VDVYLP GUXJDþLMH RGLJUDYDOL GD MH SROLFDMDF NRMLP VOXþDMHP]QDRQDSDPHWOLVWXVXPQMLYLKUHJLVWDUVNLKEURMHYD6YDNDNRGD QHELRNOHYDRLGDELPQRJRVPLãOMHQLMHNUHQXRXRSDVQXDNFLMX
3DPüHQMHUHJLVWDUVNLKEURMHYDYR]LOD .DGD VPR JRYRULOL R ª,QLFLMDOQRM WHKQLFL© VSRPHQXOL VPR GD VH RQD SRUHG RVWDORJ PRåH XVSHãQR SULPHQLWL L ]D SDPüHQMH UHJLVWDUVNLK EURMHYD UD]QLK YR]LOD 8]PLPR NDR SULPHU GD MH SROLFLVND VWDQLFDXSRPHQXWRPDPHULþNRPJUDGLüXLPDODRYDNYXOLVWXVXPQMLYLK YR]LODVDVOHGHüLPUHJLVWDUVNLPEURMHYLPD
/LVWDVXPQMLYLKPRWRUQLKYR]LOD =% *$ 50 35 5% 6+ /1 &3 %5 01 3RãWR NRG VYDNRJ UHJLVWDUVNRJ EURMD LPDPR VORYD L EURMNH WR PRUDPR SULPHQLWL ª,QLFLMDOQX WHKQLNX© 'DOMH SULPHüXMHPR GD MH VYDNL UHJ EURM VDVWDYOMHQ L] VORYD L EURMNH WH PRåHPR SUHPD WRPH SULPHQLWL VLVWHP SDPüHQMD SRPRüX QXPHULþNLK UHFL X NRMLPD YDåH VDPR SUYD VXJODVQLND =QDþL ]D VYDNL UHJ EURM ELüH QDP SRWUHEQH SR GYH UHFL1DSULPHU ª*$©SDPWLPRNDR ª*$© *$7HUYDåHWULVORYD .5D1 GDOMHEL üHODOLVWDPRJOD GDVH]DSDPWLSRPRüXMHGQHRYDNYHVHOHNFLMHQXPHULþNLKUHFL *$7HU.5D1 =X%D5=9H=GD 5D03DâH6L5 35D6DN%D1.D 5L%D55H9R/YHU 6+H0D6H67DU /D1D&6H0D)RU &L3H/H75H=RU %5R')H1-H5 0D17LO%D=H1 2YHL]DEUDQHQXPHULþNHUHFLRGNRMLKSUYDVDGUåLXYHNGYDVORYD UHJLVWDUVNHR]QDNHLMHGQXFLIUXDGUXJDSUHRVWDOHWULFLIUHGRYROMQR MH
GDDVRFLUDPRVDSUYLKGHVHWYH]QLKPHVWDELORNRMHWDEHOHLª/LVWDVXP QMLYLK YR]LOD© ELüH QDP VWDOQR L HILNDVQR QD WUDMQRP UDVSRODJDQMX =D VDPR QHNROLNR WUHQXWDND QD GDWL UHGQL EURM PRåHPR UHSURGXNRYDWL VDVLJXUQRãüXRGJRYDUDMXüL UHJLVWDUVNLEURM YR]LOD D QDGDWL UHJ EURM PRåHPR RGPDK LGHQWLILNRYDWL SRG NRMLP UHGQLP EURMHP VH QDOD]L QD ª/LVWLVXPQMLYLKYR]LOD©
3DPüHQMHSURSLVDLWHVWRYD]DLVSLW $NRVWHQDSULPHUUHVLOLUHGRVOHGSURODVNDYR]LODNUR]UDVNU VQLFXQDWHVWXVDVOLNRPRQGDVHUHãHQMHXYHNVDVWRMLL]MHGQRJQL]D RG ²EURMNLNDRQDSULPHUONRMHMHGQRVWDYQRPHPRULUDWH NDRVYDNLYLãHFLIUHQLEURM² 0R7R5ý/D16YDNR9DãHUH ãHQMHWHVWDVDVOLNRPPRåHWHRYDNRPHPRULUDWLLDVRFLUDWLJDVDUHGQLP EURMHPWHVWDWDNRGDQDNUDMXYHRPDEU]RLHILNDVQRL]YUãLWHNRQWUROX VYRMLKUHãHQMDEH]SDSLUDLRORYNH 7DNRÿHLVYRMDRVWDODUHãHQMDSULOLNRPL]UDGHWHVWRYDPRåHWH SDPWLWLQDVOLþDQQDþLQ7DNRUHãHQMHWHVWDDSDPWLWHNDR²O ENDR² LWGWM]DVORYDDEFGX]PHWHMHGQRVWDYQR EURMNHOUHVSHNWLYQR1DWDMQDþLQ]D9DãDUHãHQMDWHVWRYDGR ELMDWHXYHNGYRFLIUHQHLOLWURFLIUHQHEURMHYHNRMHXYHNLVWRYUHPHQRSDP WLWHGRNUHãDYDWHWHVW7LPHHILNDVQLMHUHãDYDWHWHVWRYHMHUXãWHÿXMHWHSL VDQMHL]DPRUQRXSRUHÿLYDQMHVDª7DþQLPRGJRYRULPD©MHGQRVWDYQRþL WDMXüLª7DþQHRGJRYRUH©XSRUHÿXMHWHVYRMDPHPRULUDQDUHãHQMD 0RåHWH]DSDPWLWLLWDþQH RGJRYRUH]DVYH WHVWRYH NDR QL] EURMHYDþLMHüHWHQXPHULþNHUHFLRSHWDVRFLUDWL]DQHNXRGWDEHODGDELVWH LVWRYUHPHQR]QDOLLUHGEURMWHVWD7LPHYHRPDXEU]DYDWHUHãDYDQMHWH VWRYDMHU9DãDUHãHQMDPRåHWHRGPDKXSRUHGLWLLSUHNRQWUROLVDWLMRã GRNUHãDYDWHWHVWRYH 1DUDYQRQLXNRPVOXþDMXVHQHVPHWH]DGRYROMLWLVDPR]DSDP üHQLP RGJRYRURP SRãWR EL WLPH QDMSUH QDãNRGLOL VHEL MHU ]QDWH VDPR MHGDQ EURM D QH L UD]ORJH LOL X]URNH ]D QHNX þLQMHQLFX X VDREUDüDMX 7HKQLND SDPüHQMD EURMHYD RYGH 9DP VDPR SRPDåH GD XEU]DWH L RODNãDWH VHEL UDG RNR UHãDYDQMD WHVWRYD D QLNDNR ]D PHKDQLþNR SDPüHQMH SUDYLOD L SURSLVD NRMH EL X VDREUDüDMX ELOR SRWSXQRQHXSRWUHEOMLYR 1DUDYQR 9L PRåHWH YHRPD HILNDVQR L VLJXUQR RYLP QDþLQLPD SDPWLWL PDVX EURMþDQLK L RVWDOLK SRGDWDND NRML VX QHRSKRGQL X VDREUDüDMXDWDNRÿHLVDREUDüDMQHSURSLVHLWRSRþODQRYLPD 3RãWR üH SDPüHQMH WHNVWRYD L SURSLVD ELWL REUDÿHQR X SRVHEQRP SRJODYOMX RYGH üHPR 9DP VDPR VSRPHQXWL MHGQX RG PRJXüQRVWL ]D SDPüHQMH SURSLVD 3R WRSRVLVWHPX RGUHGLWH RQROLNL EURM PHVWD NROLNR LPD þODQRYD SURSLVD =D VYDNL þODQ SURSLVD RGDEHULWH SULNODGQH NOMXþQHUHFLLOLVFHQHLDVRFLUDMWHLK]DYH]QDPHVWD SRWRSRVLVWHPX 1D WDM QDþLQ ELüHWH X VWDQMX GD UHSURGXNXMHWH SURSLVH SR ELOR NRP UHGRVOHGX 3DPüHQMH,WLQHUHUDLYDåQLKSRGDWDNDX YRåQMLQDGXJHUHODFLMH 'REDUYR]DþSUHVYDNRJGXåHJSXWRYDQMDGREURSURXþLNDUWXLVYH RVWDOH GHWDOMH NRML PRJX GD EXGX RG ]QDþDMD ]D XVSHãQR SXWRYDQMH 3RãWRVHRGUHGLQDMEROMLLWLQHUHUPRåHWH]DSDPWLWL 6YDPHVWDNUR]NRMDPRUDWHSURüL
.LORPHWUDåXQD9DãHPEURMDþXNLORPHWDUD]DSRMHGLQD PHVWD LOLXGDOMHQRVWXNP]DSRMHGLQDPHVWD 9UHPHNDGDVWHSURãOLSRMHGLQDPHVWD ,VYDNLGUXJLSRGDWDNNRMLVPDWUDWHUHOHYDQWQLP]D VLJXUQRVW LXVSHK9DãHYRåQMH 1DSULPHUSUYRSUROD]QRPHVWR9DPMH2VLMHNGRNRJDLPD NP L SODQLUDWH GD JD SURÿHWH RNR 7R SDPWLWH WDNR ãWR üHWH QD JODYQRM UDVNUVQLFL X 2VLMHNX LOL JGH YHü VNUHüHWH ]D VOHGHüH PHVWR SRVWDYLWLQDSU'D1L&X NP NDNR VH þHãOMD VD 75L0HURP K 1DLVWLQDþLQSRVWXSLWHL]DVYDRVWDODPHVWDLSRGDWNHNRMH åHOLWH GD LPDWH X YH]L VD QMLPD 7LPH GRELMDWH YHRPD SUHJOHGQX L NRULVQX WDEHOX SRGDWDND NRPSOHWDQ LWLQHUHU NRML üH 9DP SUXåLWL YHüX VLJXUQRVWLXJRGQRVWXYRåQMLQDGXJHUHODFLMH
3DPüHQMHPHÿXVREQLKXGDOMHQRVWLSRMHGLQLKPHVWD 7DEHOH XGDOMHQRVWL SRMHGLQLK YDåQLMLK PHVWD X ]HPOML LOL X LQR VWUDQVWYXPRåHPRSDPWLWLQDQHNROLNRQDþLQD -HGDQ QDþLQ VH VDVWRML X WRPH GD QDMSUH ]D QD]LYH PHVWD RGDEHUHWHRVREHREMHNWHLOLSUHGPHWHNRMLVLPEROLãXSRMHGLQHJUDGRYHLOL 9DV QHGYRVPLVOHQR SRWVHüDMX QD QMLKRYD LPHQD 1D SULPHU ]D ª/MXEOMDQX© PRåHWH X]HWL QHNRJ RG 9DãLK SR]QDQLND NRML VH ]RYH ª/MXED© ª/MXSþH© LOL ª/MXELQNR© LOL MRã EROMH QHNX ª/MXELFX© LOL MHGQRVWDYQR FYHW ªOMXELþLFX© =D ª6DUDMHYR© PRåHWH X]HWL QHNX 9DãX SR]QDQLFX ª6DUX© LOL QHNL REMHNDW X 6DUDMHYX NRML OLþQR 9DV QDMEROMH SRWVHüD QD 6DUDMHYR LOL PRåGD QHNRJ ª6DUDMOLMX© 9DãHJ GUXJD LOL SULMDWHOMD ,VWR WDNR ]D ª6NRSOMH© PRåHWH X]HWL UHFLPR ªNRSOMH© LOL QHNRJSULMDWHOMDLOLSR]QDQLFXNRMDåLYLX6NRSOMX 1DVOLþDQQDþLQSRVWXSLWHLXQDODåHQMXVLPERODLOL]DPHQDL]D RVWDOHJUDGRYHNRMLVHQDOD]HQDWDEHOLPHÿXVREQLKXGDOMHQRVWL 'UXJXYHRPDYDåQXVWYDU NRMX PRUDWH RGPDK XRþLWL NRG VYLK WDEHODRYDNYHYUVWHMHQMLKRYDVLPHWULþQRVW$NRSRJOHGDWHª7DEHOXXGD OMHQRVWL L]PHÿX JODYQLK JUDGRYD X ]HPOML© X 3RJO 7HVW EU RQGD üHWH SULPHWLWL GD SUD]DQ SURVWRU X WDEHOL X REOLNX GLMDJRQDOH GHOLüHOXWDEHOXQDGYDVLPHWULþQDSRWSXQRMHGQDNDGHOD7R]QDþLGD MH GRYROMQR GD ]DSDPWLPRQD SULPHU VDPR GRQML GHR WDEHOH L GD DXWRPDWVNL ]QDPR VYH XGDOMHQRVWL QD WDEHOL 7LPH ]D XãWHÿXMHPR VHELWUXGLYUHPH 6DGD 9DP SUHRVWDMH GD SDURYH JUDGRYD DFRFLUDWH VD QXPHULþNRP UHFL NRMD VDGUåL WDþDQ EURM NLORPHWDUD QMLKRYH PHÿXVREQH XGDOMHQRVWL 1D SULPHU /MXEOMDQD ² 6NRSOMH NPª/MXELþLFD©ªNRSOMH©ª%XâL/LFD© NP 1DSUDYLWHPDOL ODQþDQL QL] RGª/MXELþLFH© ² ª.RSOMD© ² ª%XâL/LFH© LOL JUXSQX DVRFLMDFLMX L LPDüHWH XYHN QD UDVSRODJDQMX EU]R L HILNDVQR RYX XGDOMHQRVW 1D LVWL QDþLQ QDSUDYLWH SRJRGQH DVRFLMDFLMH L ]D RVWDOD PHVWD$NRåHOLWH]DSDPWLWLWDEHOXXGDOMHQRVWLL]PHÿXJUDGRYDRQGD üH9DPWUHEDWLXNXSQRWDNYLKJUXSQLKLOLODQþDQLKDVRFLMDFLMD 'UXJL QDþLQ MH GD ]D JUDGRYH QH X]LPDWH VLPEROH X REOLNX RVRED LOL GUXJLK REHOHåMD YHü GD VH NRULVWLWH ª,QLFLMDOQRP WHKQLNRP© ]DSDPüHQMHQD]LYDJUDGRYD1DSULPHU $PVWHUGDP $ +DJ + 3DUL] 3 %HRJUDG % .RSHQKDJHQ . 5LP 5
&LULK & /LVDERQ / 6WRNKROP 6 'UH]GHQ ©' 0RVNYD 0 9DUãDYD 9 )UDQNIXUW ) 1LFD 1 =DJUHE = .DNRVXPHÿXVREQHXGDOMHQRVWLJODYQLKJUDGRYD(YURSH L]UDåHQH XJODYQRPXKLOMDGDPDNLORPHWDUDGDNOHFLIUHQLPEURMHYLPD PRåHPR RQGDGYDJUDGDLQMLKRYXPHÿXVREQXXGDOMHQRVW ]DKYDOMXMXüLSULPHQL ª,QLFLMDOQHWHKQLNH©SDPWLWLVDPRVDGYHQXPHULþNHUHFL
05079*0D5D0DL79L*L 8GDOMHQRVW026.9$² 5,0MHNP 7WYLJJLH
1D SULPHU ª3DUL] ² 5LP NP© 3 3DUL] ² 5 5LP ² 7 35X7 D ª © SUHRVWDOL EURM NP RG NP ª+X0.D©35X7L+X0.XMHYHRPDODNRDVRFLUDWL ,OL ª0RVNYD ² 5LP NP© 0 ² 5 ² 0 ª NP© 79L*L0D5D0XSRYHåLWHVD79L*L7ZLJJLH LDXWRPDWVNLVWH ]DSDPWLOLXGDOMHQRVWL]PHÿX 0RVNYH L 5LPD 1D VOLþDQ QDþLQ PRåHWH SRVWXSLWLL]DRVWDOHXGDOMHQRVWL 8NROLNRåHOLWHLOLVHGRJRGLGDXVYRMRMWDEHOLXGDOMHQRVWLSRMH GLQLK JUDGRYD LPDWH YLãH QD]LYD JUDGRYD NRML SRþLQMX LVWLP VORYRP NDR QD SU %DUVHORQD %HUOLQ %ULVHO %XGLPSHãWD LWG RQGD RYDM SUREOHP PRåHWHUHVLWLLWDNRGDSUYRPVORYXSULNOMXþLWHLGUXJRNRMHüH 9DV QHGYRVPVOHQR SRWVHüDWL GD VH UDGL UHFLPR R ª+DJX© D QH R ª+DPEXUJX©1DSULPHU %HUOLQ $PVWHUGDP $P %H %ULVHO $WLQD $W %L %XGLPSHãWD %X %DUVHORQD %D 6DRYLPVORJRYLPDSUHPDª,QLFLMDOQRMWHKQLFL©PRåHPR SUDYLWLSXQRNRPELQDFLMDNDRQDSU$0%$5 $PVWHUGDP² %DUVHORQD
.DR ãWR YLGLWH PRJXüQRVWL ]D UD]OLþLWH L EURMQH NRPELQDFLMH SRVWRMHQDURþLWRDNRSULPHQMXMHPRSDUDOHOQRLOLLVWRYUHPHQRGYHLOL YLãHPHWRGDVLVWHPDWVNRJSDPüHQMD1DUDYQRVYDNRüHSUHPDVYRP SURILOX L SRWUHEDPD RGDEUDWL RQX NRPELQDFLMX NRMD QMHPX QDMYLãH RGJRYDUD 8YHOLNLPJUDGRYLPDLQDYHOLNLPSDUNLUDOLãWLPDPRåHGD9DPVH GRJRGL GD SRQHNDG GXJR WUDåLWH VYRM DXWR DNR QLVWH ]DSDPWLOL PHVWR JGHVWHJDSDUNLUDOL7DþQRPHVWRSDUNLUDQMD9DãHJDXWRPRELODPRåHWH ]DSDPWLWLQDYLãHQDþLQD $NR VWH SDUNLUDOL QD QHNRP YHOLNRP SDUNLUDOLãWX WDþQR PHVWR JGHVWHRVWDYLOL9DãDXWRPRåHWHPHPRULUDWLDNREURMUHGDLUHGQLEURMX UHGX DVRFLUDWH VD 9DãLP DXORP 1D SULPHU 1R9D *X0D UHG L NROD SR UHGX LOL X WRP UHGX $NR X PDãWL ªXNUDVLWH© 9Dã SDUNLUDQLDXWRVDMHGQRPYHOLNRPXSDGOMLYRP1R9RP*X0RP UHG L üD NROD X UHGX UHFLPR QD QMHJRYRP NURYX RQGD 9DP VH VLJXUQR QHüH YLãH GRJRGLWL GD QDVXPLFH WUDåLWH 9DãD NROD SR üHORP SDUNLQJX 8NROLNRSDUNLUDWHXQHNRMXOLFLXQHSR]QDWRPJUDGXRQGDRSUHG PHüHQX RVPLãOMHQX DGUHVX L NXüQL EURM LVSUHG NRJD VWH SDUNLUDOL DVRFLUDMWH VD 9DãLP SDUNLUDQLP NROLPD 3UHWSRVWDYLPR GD VWH RVWDYLOL 9DãDNRODX*XQGXOLüHYRMXOLFLRUHG]JUDGRPEUGRYROMQR MHGD]DPLVOLWH*81'8/O&$ *XQGXOLüHYDXO NDNRVYLUDQDMHGQRM /L5L ]JUDGDEU VHGHüLQDNURYX9DãHJSDUNLUDQRJDXWRPRELOD 8PHVWRDGUHVHPRåHWH NRULVWLWLL QD]LYH GYHMX XOLFD NRMH þLQH UDV NUVQLFXXþLMRMVWHEOL]LQLSDUNLUDOL9DãDXWR3UHWSRVWDYLPRGDVWHSR JRGQRPHVWR]DSDUNLUDQMHQDãOLQDXJOX*DULEDOGLMHYHL=PDM-RYLQH XOLFH'RYROMQRMHGDVDPRQDWUHQXWDN ªYLGLWH©XVYRMRMPDãWLGRN]DN OLXþDYDWHNRODNDNR*$5,%$/', ªRSRPLQMH© ýLND-RYX²=PDMD GD MH QHSURSLVQR SDUNLUDR VYRMD NROD 2YD QHRELþQD L JURWHVNQD DVRFLMDFLMD VLJXUQR üH 9DV SRWVHWLWL QD WDþQR PHVWR JGH VWH RVWDYLOL VYRMDNRODNDGDLKSRVOHL]YHVQRJYUHPHQDEXGHWHSRQRYRSRWUDåLOL 3RUHGQDYHGHQLKSULPHQDXVDREUDüDMXQDXþHQHPHWRGHPRåHWH GDOMHSULPHQLWLXELORNRMRMGUXJRMREODVWLVDREUDüDMDNDRãWRVX ² 3DPüHQMHLWLQHUHUDNUR]YHOLNHLQHSR]QDWHJUDGRYHVDQD]LYL PDMHGQRVPHUQLKXOLFDLWDþQLPXSXWVWYLPDJGHWUHEDVNUHQXWLLOLSUR PHQLWLSUDYDFãWRMHXYHOHJUDGRYLPDRGSRVHEQHYDåQRVWL ² 3DPüHQMHNDOHQGDUDRGUåDYDQMDYR]LODSRGDWXPLPDLOLSR SUHÿHQRMNLORPHWUDåL ² 3DPüHQMHVDREUDüDMQLK]QDNRYD1DSU]QDFLRSDVQRVWLOLþHQD XVSUDYOMHQRNRSOMHLOLVWUHOXNRMLSRWVHüDMXQD23$61267=QDFLL]UL þLWLKQDUHGELVXNUXåQRJREOLNDVDFUYHQRRERMHQRPSHULIHULMRPWHSRW VHüDMXQD&59(1269(7/26(0$)25$LOL/23$7,&8=1$.6$2 %5$û$-&$NRMRPVHL]ULþLWRQDUHÿXMHGDYR]LORPRUDVWDWL3UDYRXJDR QRJLOLþHWYUWDVWRJREOLNDVX]QDFLREDYHãWHQMDXSUDYRNDRãWRVXLVYD RVWDODREDYHãWHQMDQDSDSLUXLOLUD]QLPWDEODPD ² 3DPüHQMHVYLKSRGDWDNDRSRMHGLQLPWLSRYLPDYR]LODL QMLKR YLKWHKQLþNLKNDUDNWHULVWLNDNDRãWRVXEURMHYLPRWRUDLãDVLMHEURM.6
WHåLQD GLPHQ]LMH NXEDWXUD LWG 1D SU JUXSQRP DVRFLMDFLMRP 9 ª0HWRG JUXSQHDVRFLMDFLMH©X3RJO ² 3DPüHQMH EURMD VDREUDüDMQH L YR]DþNH GR]YROH SROLVH RVLJX UDQMDNDUWRQDWHKQSUHJOHGDLGUXJLKVOLþQLKSRGDWDND =DKYDOMXMXüL GR VDGD VWHþHQRP ]QDQMX L LVNXVWYX SUDYLOQRP SUL PHQRPQDXþHQLKPHWRGDLWHKQLNDSDPüHQMDPRåHWHSRVWDWLHILNDVQLMLL EROML YR]Dþ D WR X NUDMQMRM OLQLML ]QDþL L RQR QDMYDåQLMH ² VLJXUQLML YR]Dþ 'RãOR MH YUHPH GD SRSUDYLWH ORãH PLãOMHQMH NRMH VWH VWHNOL R VYRP SDPüHQMX UHãDYDMXüL 7HVW EU ª=D YRODQRP DXWRPRELOD© 8SLãLWH 9Dã QRYLUH]XOWDWQDSUHGYLÿHQDPHVWDLL]YUãLWHXSRUHÿHQMD
8%(6.5$-1200258.20%,1$725,.( 352â,5(1-(ª0(025,-( 801,+0$â,1$
8 RYRP SRJODYOMX SRVHEQR üHPR VH SR]DEDYLWL PRJXüQRVWLPD SR YHüDQMD VPHãWDMQLK NDSDFLWHWD UD]QLK WHKQLND SDPüHQMD RGQRVQR SUR ãLUHQMHPªPHPRULMH©QDãLKXPQLKPDãLQD $NR QDSUDYLPR MHGQX PDOX UHNDSLWXODFLMX GR VDGD UDVSRORåLYLK NDSDFLWHWD ]D ªVPHãWDM© UD]QLK SRGDWDND L ]QDQMD RQGD LPDPR RYDNYR VWDQMH 5HGQLEURM
1D]LYWHKQLNH
%URMPHVWD
ª3UHGPHWQDWDEHODRGPHVWD©²9H]QLPHWRG SDPüHQMD ª1XPHULþNDLOLEURMþDQDWDEHODRG PHVWD© ²9H]QLPHWRGSDPüHQMD ª7RSRVLVWHPSDPüHQMD©²9H]QLPHWRGSDPüHQMD3UDNWLþQRQH RJUDQLþHQ ª3DUQHLJUXSQHDVRFLMDFLMH© ²$VRFLMDWLYQDWHK 3UDNWLþQRQH QLND RJUDQLþHQ ª$VRFLMDWLYQLQL]RYL© ²/DQþDQLPHWRGSDPüHQMD3UDNWLþQRQH RJUDQLþHQ
3ULPHüXMHPR GD VDPR NRG SUHGPHWQH L QXPHULþNH WDEHOH NRMH NR ULVWLPR ]D SDPüHQMH SR YH]QRP PHWRGX LPDPR VYHJD YH]QLK LOL DVRFLMDWLYQLKPHVWDXNXSQR7RDSVROXWQRX]HYãLQLMHPDORMHUVWHLPDOL
SULOLNH GD VH VDPL XYHULWH NRONR VH PQRJR NRULVQLK SRGDWDND UD]QLK LQIRUPDFLMD L GUXJLK NRULVQLK ]QDQMD PRåH ªVPHVWLWL© X RYH NDSDFLWHWH 6 GUXJH VWUDQH X SRUHÿHQMX VD SUDNWLþQR QHRJUDQLþHQLP NDSDFLWHWLPD GUXJLK WHKQLND RYL NDSDFLWHWL L]JOHGDMX VPHãQR PDOL 3RUHG WRJD RG YH]QLK VLVWHPD SDPüHQMD MHGLQR MH WRSRVLVWHP SUDNWLþQRQHRJUDQLþHQMHUGRNOHJRGSURQDOD]PRLQXPHULãHPRQRYH ]JUDGH PRåHPR QHVPHWDQR L GDOMH SURãLULYDWL ªPHPRULMX© RYRJ VLVWHPD 5DGL WRJD MH SRWUHEQR GD SRUHG WRSRVLVWHPD LPDPR MRã MHGDQ VLVWHP]DYH]QLPHWRGSDPüHQMDNRMLüHLPDWLGRYROMQRYHOLNL NDSDFLWHW WDNR GD VH VD QMLP PRåHPR XSXVWLWL L X QDMR]ELOMQLMH SRGXKYDWH SDPüHQMD GRYROMQR YHOLNRJ EURMD UD]QLK SRGDWDND L ]QDQMD =D SURãLUHQMH NDSDFLWHWD UD]QLK YH]QLK WDEHOD LPDPR QHNROLNR SUDNWLþQLKLYHRPDHILNDVQLKPRJXüQRVWL ,]UDGDGRGDWQLKWDEHODX]ª1XPHULþNXWDEHOXRG PHVWD© 1DMSUHWUHEDGDNRPSRQXMHPRGRGDWQXWDEHOX]DEURMHYHRG &L&D 6D/D 6X' 6D6D 6H1R 6R. 6R0 &H9 6L5 6L3D .RPH JRUQMD VHOHNFLMD QXPHULþNLK UHüL ]D EURMHYH RG ² QH EL RGJRYDUDOD PRüL üH YHRPD ODNR QD RVQRYX QXPHULþNRJ DOIDEHWD GD NRQVWUXLãH WDEHOX NRMD üH PX QDMYLãH RGJRYDUDWL ² 6D RYRP WDEHORP GRELOL VPR QRYLK DVRFLMDWLYQLK PHVWD 'UXJD QHLVNRULãüHQD PRJXüQRVW QXPHULþNH WDEHOH MH L]UDGD MRã MHGQHGRGDWQHQXPHULþNHWDEHOH]DEURMHYHRG²1DSU 6X=L&H =D67DYD 6X=D1D &L&L-D 6X63HQ]LMD UDVWYRU 6X'D& 6D0D5 6D- /D =%H* 63H9 H63D3 URED 6YDNR PRåH RYX GRGDWQX WDEHOX GD NRQVWUXLãH SUHPD VYRMLP SUH IHUHQFLMDPD L ]QDQMX ² 2YRP GUXJRP GRGDWQRP WDEHORP REH]EHGLOL VWHMRãDVRFLMDWLYQLKLOLYH]QLKPHVWD 3RVWRML MRã MHGQD YHOLND QHLVNRULãüHQD UH]HUYD NRG ª1XPHULþNH WDEHOH©DWRMHGDVHMHGQRVWDYQRSURGXåLGRWMRGGR $NR EL VDGD VXPLUDOL XNXSQH UDVSRORåLYH NDSDFLWHWH ]D YH]QL PHWRG SDPüHQMD QDUDYQREH] WRSRVLVWHPD RQGD EL GRELOL RYDNYX VOLNX .DSDFLWHWX 5HGQLEURM 1D]LYWDEHOH EURMX PHVWD 3HUGPHWQDWDEHODRGPHVWD $]EXþQDWDEHODRGVORYQLKPHVWD $EHFHGQDWDEHODRGVORYQLKPHVWD 'RGDWQDQXPHUþNDWDEHODRG² 'UXJDGRGDWQDQXPHULþNDWDEHODRG² ª1XPHULþNDWDEHODRGPHVWD©O² 3URGXåHWDNª1XPHULþNHWDEHOHRGPHVWD© WMRG² 8.8312 ² 3UHPDWRPHVDGD9DPVWRMHQDUDVSRODJDQMXXNXSQRUD]OLþLWLK WDEHOD ]D YH]QL VLVWHP SDPüHQMD VD XNXSQLP NDSDFLWHWRP RG DVRFL
MDWLYQLK LOL YH]QLK PHVWD 0HÿXWLP NDR ãWR üHWH YLGHWL X VOHGHüHP RGHOM NX RYGH PRJXüQRVWL SRYHüDQMD ªPHPRULMH© 9DãLK XPQLK PDãLQD QH SUH VWDMXQHJRWHNSRþLQMX ª8PRUXNRPELQDWRULNH© 6DGD PRåHWH SUDNWLþQR NRPELQRYDWL VYDNX RG RYLK WDEHOD VD ELOR NRMRPGUXJRPRGQMLK1DSULPHU 0RåHWH NRPELQRYDWL ª3UHGPHWQX WDEHOX© VD ª$]EXþQRP RGQRVQR DEHFHGQRP© WDNR GD GRELMHWH RGPDK ; YH]QLK PHVWD 7LPH GRELMDWH MHGQX WDEHOX RG DVRFLMDWLYQLK PHVWD NRMRM VX UHGRYL XNXSQR R]QDþHQLSUHGPHWLPDVDPHª3UHGPHWQHWDEHOHRGPHVWD©DNRORQH XNXSQRVORYLPDWMSUHGPHWLPD ª$EHFHGQHRGQRVQR D]EXþQHWDEHOHRG PHVWD© 797RUDQM $²$XWR%²%LQD9²9LMDN LWG /DEXG GRâ²âXPLFD 7URXJDR ,WGGR 8JDRQLN =QDþL VYDNR YH]QR PHVWR X QRYRVWYRUHQRM NRPELQRYDQRM WDEHOL RG XNXSQR PHVWD VDVWRML VH X VWYDUL XYHN RG GYD PHVWD V WLP ãWR MH MHGQR L] SUHGPHWQH D GUXJR L] DOIDEHWVNH WDEHOH 7DNR MH ª79 WR UDQM© VD ª$XWRP© EU O ª79 WRUDQM© VD ª%LQRP© EU ª79 WR UDQM©VDª9LMNRP© EULWGGRNUDMDWRJUHGDWMª79WRUDQM©L ªJXPLFD© EU =DWLP LGH GUXJL UHG WDEHOH RG PHVWD ª/DEXG© L ª$XWR© EU ª/DEXG© L ª%LQD© EU LWG GR NUDMD GUXJRJ UHGD WM ª/D EXG© L ªâXPLFD© EU ² 7UHüL UHG R]QDþHQ VD ª7URXJORP© VDGUåL EURMHYH ² þHWYUWL UHG R]QDþHQ VD ª-HGURP© VDGUåL UHGQH EURMHYH RG ² LWG GR RJ UHGD R]QDþHQRJ VD ª8JDRQLNRP© NRML VDGUåL SRVOHG QMLK YH]QLK PHVWD ª7DEHOH RG PHVWD© WM UHG EURMHYH RG GR ª8JDRQLN© VD ªâXPLFRP© WL UHG L WR PHVWR LOL NRORQD WRPHVWRª7DEHOHRGPHVWD© 7R ]QDþL GD VYDNL SRGDWDN NRML SDPWLWH DVRFLUDWH X JUXSQRM DVRFL MDFLML XYHN VD GYD SUHGPHWD MHGDQ L] SUHGPHWQH D GUXJL L] DOIDEHWVNH WDEHOH ]D UD]OLNX RG UDQLMHJ DVRFLUDQMD UHFLPR VDPR VD ª3UHGPHWQRP WDEHORP© NDGD VWH ]D MHGDQ SUHGPHW DVRFLUDOL MHGDQ SRMDP NRML SDPWLWH 2YDM QDþLQ QH WUHED GD 9DV XRSãWH ]EXQMXMH MHU VH X VWYDUL UDGL XYHN R RELþQRM JUXSQRM DVRFLMDFLML RG SUHGPHWD NDNYH VWH LQDþH YHü PQRJR SXWDSUDYLOLVDPRãWR9DPGYDSUHGPHWDL]WDEHODGDMXUHGEURM ,VWR WDNR PRåHWH ]D ELOR NRML SUHGPHW UHFLPR ª3UHGPHWQH WDEHOH© DVRFLUDWL þLWDY ODQþDQL QL] RG þODQRYD L ]DEXQH QHPD =DãWR EL RQGD LPDOLSUREOHPDVDVDPRSUHGPHWDLOLþODQDDVRFLMDFLMH" 3RUHG WRJD SRWUHEQR MH SRVHEQR QDJODVLWL GD NRPELQRYDQMH MHGQH WDEHOH RG PHVWD VOXåL DPELFLR]QLMLP FLOMHYLPD NDGD KRüHWH GD ]D SDPWLWH UHFLPR UD]OLþLWLK FLIUHQLK EURMHYD GDNOH XNXSQR FLI DUD QHNLK WDEOLFD LOL UD]QLK SRGDWDND L] QHNH REODVWL LOL XRSãWH ELORNDNYLKUD]QLKQHSRYH]DQLKHOHPHQDWD 1DUDYQR DNR QHNRP QH RGJRYDUD RYDM PHWRG D SRWUHEDQ PX MH MHGDQ YHOLNL NDSDFLWHW RG SDU KLOMDGD PHVWD MRã XYHN PX VWRMH QD UDV SRODJDQMX GUXJH PRJXüQRVWL NDR ãWR MH WRSRVLVWHP L RVWDOH NRPELQDFLMH VDWDEHODPDYH]QRJVLVWHPD
'DOMH PRåHWH NRPELQRYDWL ª1XPHULþNX WDEHOX RG PHVWD© VD ª3UHGPHWQRP WDEHORP RG PHVWD© L QD WDM QDþLQ GRELWL ; YH]QLK PHVWD NRMD VDþLQMDYDMX RSHW SDURYL VDVWDYOMHQL RG SR MHGQRJ SUHGPHWDL]VYDNHWDEHOHNDRLXSUHWKRGQRPVOXþDMX 9HRPD GREUD NRPELQDFLMD PRåH GD VH QDSUDYL VD ª1XPHULþNRP WDEHORPRGPHVWD©LGYHGRGDWQHQXPHULþNHWDEHOHRG²L² 1D SULPHU LWG 7DEHOD NRPELQRYDQD QD RYDM QDþLQ PRåH GD LPD PHVWD 3RUHG WRJD VYH WUL WDEHOH PRJX RGOLþQR SRVOXåLWL ]D SDPüHQMH GHFLPDOQLK UD]ORPDND 1D SULPHU LOL LOL LWG =D RGUHÿHQH SRWUHEH MHGQD RG QDMEROMLK NRPELQDFLMD MH VD SUR ãLUHQRPQXPHULþNRPWDEHORPRGPHVWDWMO²3RPRüXRVWD OLK WDEHOD PRåHPR SUDYLWL åHOMHQL EURM NRPELQDFLMD L GRELMDWL SRWUHEDQ EURM NDSDFLWHWD1DSULPHU .RPELQDFLMRPVDMHGQRPDOIDEHWVNRPWDEHORPGRELMDWH; XNXSQRPHVWD .RPELQDFLMRPVDSUHGPHWRPWDEHORPRG PHVWDGRELMDWH ; XNXSQRPHVWD 8NRPELQDFLML VDGRGDWQLP QXPHULþNLPWDEHODPD² L ²MHGQRVWDYQLPSULGUXåLYDQMHPSRWUHEQLKJUXSDFLIDUD PRåHWHIRUPLUDWLRJURPDQNDSDFLWHWRGPHVWD 1DSULPHU LOLO 6DWDEHODPD]D YHOLNHNDSDFLWHWHWUHEDELWL SRVHEQR RSUH]DQ L UHD ODQ 7R VX YHü EURMQL GåLQRYL NRML VH PRJX VDYODGDWL VDPR X VDYH]X VD YHOLNLPYUHPHQRPD WR üH UHüL SRVWHSHQR L QD GXJL URN X] GRVWD PDUOML YRVWL XSRUQRVWL L WUXGD 9Hü MHGDQ ªPDQML© NDSDFLWHW RG SDU KLOMDGD PHVWD SUHWVWDYOMD YHRPD PQRJR DNR VH PHUL EURMHP L YUHGQRãüX SRGDWDND NRMH PRåH GD SULPL =DWR SRVWXSDMWH L RYGH VYUVLVKRGQR VD UD]UDÿHQLP SOD QRPLMDVQLPFLOMHP8]DYLVQRVWLRGRQRJDãWDKRüHWHLãWD9DPVWYDU QRWUHEDRGUHGLWHLSRWUHEQHNDSDFLWHWH 0RJXüQRVWLGDOMLKNRPELQDFLMD 3RPRüX SULGHYD $NR X]PHPR SULGHYD X REOLNX WDEHOH þLML QD]LYL SRþLQMX RGJRYDUDMXüLP VORYLPD QXPHULþNRJ DOIDEHWD RQGD LPDPR PRJXüQRVWLGDELORNRMXWDEHOX]DYH]QLPHWRGSDPüHQMDSRYHüDPR]D SXWD1DSULPHU 7LK7HVDQ7DQDN'HEHR'XJDþDN'REDU 1RY1HMDN1HRELþDQ1DJDR 0DOL0HN-DN-HGDU 5DVDQ5REXVWDQ+UDEDU+UDSDY /HS/DN/MLJDY/MXVNDY âLURNýLVWýXGDQDþNL'åLQRYVNL *DUDY*UXE*RURVWDVDQ.RV.UDWDN 9HOLN9LVRN)LQ %XFPDVW3RVSDQ3UOMDY%LVWDU 6QDåDQ6QDåDQ6WUDãDQ=LPVNL=PLMVNL 2
1D SULPHU DNR åHOLPR GD XGHVHWRVWUXþLPR ª1XPHULþNX WDEHOX RG PHVWD© RQGD SRMHGLQLP SUHGPHWLPD WDEHOH VDPR GRGDPR SRJRGDQ SULGHY 0D3D D 'åLQRYVND 0D3D 5D) D 'XJDþDN5D) 3RPRüXERMD $NR ]D EURMHYH WDEHOH RG O² X]PHPR RGJRYD UDMXüH ERMH þLML QD]LYL SRþLQMX VXJODVQLFLPD NRML ]QDþH SRMHGLQH EURMHYH WDEHOH RQGD LPDPR MRã MHGQX PRJXüQRVW GD VYDNX YH]QX WDEHOX XGHVHWR VWUXþLPRWMGDRGVYDNHGRELMHPRSXWDYHüLNDSDFLWHW 7DPDQFUQ XW 1DUDQGåDVW .HVWHQMDYEUDRQ -DUNRFUYHQ 9LROHWSODY 5R]DUXåLþDVW %HR /MXELþDVW =HOHQ 2 1DþLQ NRPELQRYDQMD MH LVWL NDR L X SUHWKRGQRP RGHOMNX SRPRüX SULGHYD8VWYDULMHGQXWHLVWXYH]QXWDEHOXUHFLPRª3UHGPHWQXWDEHOX RG PHVWD© NRULVWLWH SXWD VDPR VYDNL SXW X GUXJRM RGJRYDUDMXüRM ERML 2VREDPD NRMH LPDMX GREUX PDãWX RYL PHWRGL VD SULGHYLPD L ERMDPD SRVHEQRüHRGJRYDUDWL 3RPRüXYRNDOD2YDMQDþLQSRYHüDQMDNDSDFLWHWDYH]QLKWDEHOD QDURþLWRMHSRGHVDQ]DDOIDEHWVNHWDEHOH3RMHGLQLYRNDOLLPDMXRYHYUHG QRVWL $ O ( 2 8 =DWLP VH QDSUDYL SUYD DOIDEHWVND WDEHOD þLML SUYL YRNDO RGQRVQR GUXJLDNR UHþ SRþLQMH YHü YRNDORP PRUD GDEXGHXVYDNRM RGDEUDQRM UHFLª$©=DWLPXGUXJRMPRUDGDEXGHª(©LWGGRNQHGRELMHPRXNXSQR WDEHOD $NR X]PHPR X RE]LU GD WDEHOD PRåHPR IRUPLUDWL X D]EXFL L GUXJLK X DEHFHGL VD SRVWRMHüH GYH DOIDEHWVNH WDEHOH WR þLQL XNXSQR DOIDEHWVNLK WDEHOD LOL ; DVRFLMDWLYQLK PHVWD ]D SDPüHQMH UD]QLKSRGDWDNDVYUVWDQLKSRDOIDEHWVNRPVLVWHPX 3RPRüXODQþDQLKQL]RYD/DQþDQLQL]RYLIRUPLUDQLRGSRGDWDND ]DSDPüHQLKSRODQþDQRPPHWRGXSDPüHQMDPRJXELWLNODVLILNRYDQLSR PRüXELORNRMHYH]QHWDEHOH7RSUDNWLþQR]QDþLGDEURMþODQRYDXODQ þDQLPQL]RYLPDLEURMPHVWDXGRWLþQRMWDEHOLSRPQRåHQLGDMXXNXSQL NDSDFLWHWWRJQRYRJNRPELQRYDQRJVLVWHPDSDPüHQMD1DSULPHUDNRX] PHPRª1XPHULþNXWDEHOXRGPHVWD©L]DQMXDVRFLUDPRODQþDQHQL ]RYHNRMLXSURãHNXLPDMXVDPRSRþODQRYDRQGDMHWRYHüNDSDFLWHW RGPHVWDDVDþODQRYDGRELMDPRYHüNDSDFLWHWRGPHVWD 8NROLNRELX]HOLª3URãLUHQXQXPHULþNXWDEHOXRGPHVWD©ªPHPRUL MD©RYDNYRJVLVWHPDQDJORVHSURãLUXMHQD]DSDPüHQLKSRGDWDND DNRXQL]XLPDVDPRþODQRYDSRGDWDND SURVHþQR 9LãHVWUXNRNRULãüHQMHLVWHWDEHOH=DSRWUHEHSDPüHQMDQDNUDüL URNPRåHWHVORERGQRYLãHVWUXNRNRULVWLWLMHGQXWHLVWXYH]QXWDEHOXMHU LVNXVWYRPMHSURYHUHQRGDQHPRåHGDGRÿHGR]DPHQHLOLNRQIX]LMH 3UDNWLþQRWR]QDþLGDDNRSDPWLWHQHNHSRGDWNHUHFLPRVDª1XPHULþ NRPWDEHORPRGPHVWD©RQGDNDGDVWHSRSXQLOLVYLKVWRPHVWDYL SRGDWDNDVRFLUDWHVDSUHGPHWRPNRMLMHYHüSRYH]DQVD PHVWRPEUO JLSRGDWDNVDSUHGPHWRPQDPHVWXEULWGGRNUDMD.DGDVWHWDNR
DVRFLUDOLVYHSRGDWNHGRNUDMDGDNOHVDGDXNXSQRRQGDPRåHWHSUHüL L QDWUHüX VWRWLQX SRGDWDNDWDNR ãWR üHWH LK VDGD SRYH]DWL VD YHü DVRFL UDQLPSRGDFLPDL]GUXJHVWRWLQHLWG ,VNXVWYR MH SRND]DOR GD RYLP QDþLQRP MHGQX MHGLQX WDEHOX PRåH åHWH NRULVWLWL QHNROLNR SXWD SD þDN L ² SXWD MHU X VXãWLQL GRELMDWH NRPELQDFLMXYH]QHWDEHOHVDNUDWNLPODQþDQLPQL]RYLPDRG²þODQR YD7RLVNOMXþXMHVYDNXPRJXüQRVW]DEXQH 6SHFLMDOQHWDEHOH]DSDPüHQMHNODVLILNRYDQLKLJUXSLVDQLK SRGDWDND &HVWR PRåH GD VH XNDåH SRWUHED GD RGUHÿHQL QL] SRGDWDND ]DSDP WLPR SR VWURJRP UHGRVOHGX X QHNRM SRVHEQRM REODVWL ]QDQMD LOL GHODWQRVWL 2E]LURP GD VX WDNYL SRGDFL VWURJR NODVLO LNRYDQL L JUXSLVDQL PRåHPR XYHN NRQVWUXLVDWL SRVHEQH PDQMH QXPHULþNH WDEHOH NRMH üH YUãLWL WURVWUXNX XORJX 1D]LYLYH]QLKPHVWDWDEHOHSUHGPHWL WDEHOD QHGYRVPLVOHQR XND]XMXRNRMRMVHREODVWLUDGL 3UYLVXJODVQLNXQD]LYXGDMHWDþDQUHGEURM 6DRYDNYLPWDEHODPDPRåHPRHILNDVQRSDPWLWLSRGDWNHL]GR WLþQHREODVWLSRYH]QRPPHWRGXSDPüHQMD 3UHWSRVWDYLPR GD L] REODVWL DXWRPRELOL]PD WUHED GD ]DSDPWLWH L] JUXSH ª(OHNWULþQL XUHÿDML X DXWRPRELOX© SRGDWNH ]D HOHNWULþQLK XUH ÿDMD L GHORYD 0RåHPR RGPDK IRUPLUDWL MHGQX YH]QX WDEHOX NRMD üH ]D GRYROMLWLJRUQMHXVORYH 7UDQVIRUPDWRU 6XNRXWLNDþ L1GXNWRU .DEORYL 0DJQHW )DVXQJ 5HOHM %DWHULMD H/HNWURPRWRU R6LJXUDþ2 =D SUHGPHWH RYH WDEHOH PRåHPR VDGD DVRFLUDWL SRGDWNH L] XVNR VSHFLMDOL]RYDQH REODVWL ª(OHNWULþQL XUHÿDML X DXWRPRELOX© 1DUDYQR ]D GUXJHVSHFLMDOL]RYDQHREODVWLPRåHPRWDNRÿHQDSUDYLWLåHOMHQLEURMYH]QLK WDEHOD 1D SULPHU DNR åHOLPR QHãWR VSHFLMDOQR GD ]DSDPWLPR X YH]L VD ªâNRORP©RQGDPRåHPRVDVWDYLWLLRYDNYXYH]QXWDEHOX 7DEOD X&HQLN 1DVWDYQLN .OXSD 0DSD )LVNXOWXUQDGYRUDQD 5D]UHG %LEOLRWHND /DERUDWRULMD 6HNUHWDU 2 3RGDWNHRãNROLDVRFLUDQH]DRYXWDEHOX NRMD VH NDR L VYDND GUXJD PRåH MRã SURGXåLWL QD VOLþDQ QDþLQ QDOD]LPR NDVQLMH EH] SRWHãNRüD NDGD QDP]DWUHEDMX
)RUPLUDQMHUD]QLKSRPRüQLKWDEHOD =D UD]QH VYUKH SDPüHQMD QD NUDüL URN LOL QHNH SRVHEQH VOXþDMHYH PRåHPRIRUPLUDWLQL]SULUXþQLKLOLSRPRüQLKWDEHOD2YGHüHPRLOXVWUDFLMH UDGLSULND]DWLQHNROLNRQDþLQD +RPRIRQLVNDWDEHODRGPHVWD]DVQLYDVHQDVOLþQRVWLL]JRYRUDSR MHGLQLKEURMHYDLUHFL1DSULPHU
-('UHQMDN -HGDQ 6(67DU âHVW '9HUL 'YD 6('$OR 6HGDP 75,NR 7UL 26$ 2VDP &(7ND &HWLUL '(9D 'HYHW 3(7DR 3HW ,2'(6(7DU 'HVHW 0DOD SUHGPHWQD WDEHOD RG PHVWD PRåH GD QDP NRULVQR SRVOXåL NDR SRPRüQD WDEHOD X NRPELQDFLML VD QHNRP YHOLNRP WDEHORP LOL QHNLP GUXJLP VLVWHPRP SDPüHQMD 1D SULPHU DNR WUHED R]QDþLWL UHGRVOHG YODGDUD X LVWRULML NDR QD SU +HQUL , +HQUL ,, +HQUL ,,, ,YDQ ,,, .DUOR;,,LWG 6WUHOD /XOD &LSHOHXYHNSDU .RVD]DNRãHQMH 'HWHOLQDOLVWD 7HJRYL]DYHåEDQMH ² 6WROLFDQRJH 6WDSVDSRYLMHQRPGUãNRP 5XNDSUVWLMX LOL/RSWD 3RUHG RYLK QDþLQD SRVWRML MRã PQRJR GUXJLK PRJXüQRVWL GD .RQ VWUXLãHWH SRJRGQH YH]QH WDEHOH RG DN LOL DN YH]QLK PHVWD NDR QD SULPHU GHORYLþRYHþLMHJWHOD GåHSRYLQDRGHüL UHGRVOHGUD]QLK PHVWDNRMHUHGRYQRLþHVWRRELOD]LPRLOLYLGLPRWRNRPGDQDLWG 1DNUDMXRYRJSRJODYOMDGD9DVSRWVHWLPRGDVPRX3RJODY OMX ª7RSRVLVWHP SDPüHQMD© X RGHOMNX ª.DNR PRåHWH VWYRULWL PHQWDOQX NDUWRWHNX HQFLNORSHGLVNLK UD]PHUD SRPRüX WRSRVLVWHPD"© SRVHEQR L] ORåLOLQHNROLNRPRJXüQRVWLVWYDUDQMDYHOLNLKVPHãWDMQLKNDSDFLWHWD
.DR ãWR 9DP MH YHü SR]QDWR ]QDQMH MH YHRPD VORåHQD L UD]JUD QDWD JUDÿHYLQD 2E]LURP QD QDþLQH L WHKQLNH SDPüHQMD L VWLFDQMD ]QD QMDWUHEDLPDWLXYLGXRYHWULJODYQHREODVWLQDãHJ]QDQMD GHR]QDQMDNRMLVWLþHPREH]SULPHQHQHNHVSHFLMDOQHWHKQLNH SRWVYHVQRRVPLãOMHQRORJLþNLP SDPüHQMHP LOL PHKDQLþNLP SDPüHQMHP GHR]QDQMDNRMLVWLþHPRSULPHQRPSRVHEQLKWHKQLNDSDPüHQMD LXþHQMDDVRFLMDWLYQRORJLþNRSDPüHQMHODQþDQLPHWRGSDPüH QMDLDVRFLMDWLYQDWHKQLNDEH]YH]QRJPHWRGDSDPüHQMDGDNOH DXWRQRPQHPHÿXVREQRQHSRYH]DQHLQH]DYLVQHDVRFLMDFLMH WUHüLLSRVOHGQMLGHR]QDQMDNRMLMHVWURJRNODVLILNRYDQDVD VWRMLVHL]QHSRYH]DQLKþHVWR QHRVPLãOMHQLKHOHPHQDWD NRMH WUHED]DSDPWLWLSRVWURJRPUHGRVOHGX 7HKQLNH NRPELQRYDQMD L]QHWH X RYRP SRJODYOMX L SURãLUHQH ªPH PRULMH© SRMHGLQLK YH]QLK WDEHOD V RJURPQLP NDSDFLWHWLPD NRULVWLüHWH SUL URGQRVDPR]D ªWUHüLGHR©9DãHJ]QDQMDNDGDWUHEDGD]DSDPWLWHYHOLNL EURMQHSRYH]DQLKSRGDWDNDXQHNRMREODVWL =QDþL RQGD NDGD QH SRVWRMH PRJXüQRVWL VWYDUDQMD DXWRQRPQLK PHÿXVREQR QH]DYLVQLK SDURYD LOL JUXSD DVRFLMDFLMD NRMH QRUPDOQR NRUL VWLPRNRGSDPüHQMDWHOEURMHYD]QDþHQMDVWUDQLKUHFLUD]QLKSRGDWDND R RVREDPD PDãLQDPD LWG 2YL YHOLNL NDSDFLWHWL WUHED GD VH NRULVWH VLVWH PDWVNL NDR QHND YHOLND NDUWRWHND ]UVDQMD X NRMX üHPR ªRGODJDWL© VDPR SRGDWNH L ]QDQMD NRMD PRUDPR SDPWLWL YH]QLP VLVWHPRP $NR SRVWXSDPR SODQVNL UHDOQR L VLVWHPDWVNL YUHPHQRP üHPR GRELWL ]DLVWD LPSR]DQWQX PHQWDOQXNDUWRWHNX]QDQMDRGQHNROLNRGHVHWLQDKLOMDGDSRGDWDNDL]ªWUHüHJ GHOD ]QDQMD© NRML üH QDP WUDMQR L HILNDVQR ELWL XYHN UDVSRORåLYL X SR WUHEQRPWUHQXWNX
$ VDGD SRVYHWLWH SRQRYR QHNROLNR WUHQXWDND SUDüHQMX 9DãHJ QDS UHWND X L]XþDYDQMX WHKQLND SDPüHQMD L L]UDþXQDYDQMX GR VDGD SRVWLJQXWRJ XVSHKD 7(67%5 SRJO 5HWURDNWLYQDLQKLELFLMDQDMMDþHGHOXMH $ 7RNRPVSDYDQMDLEDYOMHQMDQHNLPVSRUWRP % $NRVOLþQHPDWHULMDOHSDPWLPRMHGDQ]DGUXJLPXVHULMLEH]SDX]H & $NRSDPWLPRLXþLPRPHKDQLþNL ' $NRSDPWLPRSRPHWRGDPDVLVWHPDWVNRJSDPüHQMD 2]QDþLWHWDþDQUHGRVOHGEU]LQHLYHOLþLQH]DERUDYOMDQMDNRGRYLKPD WHULMDOD 27HNVWRYLLSUR]D 21HRVPLãOMHQPDWHULMDO]DSDPüHQPHKDQLþNL 23ULQFLSLL]DNRQLWRVWL0DWHULMDO]DSDPüHQVLVWHPDWVNLPSDPüH QMHP 26WLKRYLSHVPHSRH]LMD =DERUDYOMDQMHNDRIHQRPHQSDPüHQMDLQMHJRYDYDåQDNRPSRQHQWD 8YHNMHãWHWQRLWUHEDJDVWDOQRVX]ELMDWLGDQHELQLãWD]DERUDYLOL ãWRVPRMHGDQSXW]DSDPWLOL
,PDYHRPDNRULVQXLQHRSKRGQXIXQNFLMXDNRVHXPHãQRNRULVWL YUãLQHRSKRGQXVHOHNFLMXLRWVWUDQMLYDQMHQHSRWUHEQRJ]QDQMDLQH SUHNLGQRQDPDåXULUDVWYDUQRSRWUHEQR]QDQMH ,PDWHXNXSQRPLQXWDYUHPHQDGD]DSDPWLWHRYLK UHJLVWDUVNLKEURMHYDDXWRPRELOD
SRJO 3DPüHQMHUHJEURMHYDDXWRPRELOD 6% .3 1, 35 %3 %7 *6 =5 2+ .9
8SULPHUXSDPüHQMDXNXSQR VORYQLKR]QDNDLVLPERODQDYHGLWH NDNRJODVL WRVORYR PRÄ WR Ä üH Ä PR Ä
SRJO 8EHOHåDYDQMHPEURMHYDL]GHVQHNRORQHRGUHGLWH ãPHãWDMQH NDSDFLWHWHVLVWHPDSDPüQMDSRYH]QRPPHWRGX 2 6YHYH]QHWDEHOH]DMHGQR 27RSRVLVWHPSDPüHQMD 2$VRFLMDWLYQLQL]RYL² 3UDNWLþQR /DQþDQLPHWRGSDPHüQMD QHRJUDQLþHQR 23DUQHLJUXSQHDVRFLMDFLMH PHVWD ²$VRFLMDWLYQDWHKQLND PHVWD 2.RPELQDFLMDª3UHGPHWQHWDEHOH© Vª1XPHULþNRPWDEHORP© RGPHVWD© =DSRWUHEHSDPüHQMD QDNUDüLURNNROLNR SXWD PRåHPR NRULVWLWL MHGQXWHLVWXYH]QXWDEHOX" $ ²SXWD % 1HRJUDQLþHQR²SRSRWUHEL & ²SXWD ' 6DPRMHGDQSXWMHUPRåHGRüLGRNRQIX]LMH 2YGH MH SRWUHEQR GD 9DP SRVHEQR VNUHQHPR SDåQMX QD SLWDQMH EU WR MH QH VDPR WHVW MHGQH WHKQLNH SDPüHQMD YHü L EU]LQH SDPüHQMD NRMD X RGUHÿHQLP RNROQRVWLPD PRåH GD EXGH RG SUHVXGQRJ ]QDþDMD .DR ãWR PRåHWH YLGHWL X ª'RGDWNX 5HãHQMD WHVWRYD© EURM ERGRYD ]DYLVL RG EU]LQH SDPüHQMD L X RYRP VOXþDMX QH PRåHWH SULPHQLWLSDUFLMDOQRERGRYDQMHLDNRVHSLWDQMHVDVWRMLL]NRPSRQHQWL
=$*29251,ý.,038/720
1DMEROMLMHJRYRUQLNRQDMNRMLVD QDMPDQMHUHFLQDMYLãHNDåH ²/DWVHQWHQFD
3$0 û(1-(*2925$,35('$9$1-$
8MHGQRPGUXãWYXQHNLSR]QDWLMLJRYRUQLNMHSULþDRGDVH]DMHGDQ JRYRUNRMLWUHEDGDWUDMHRNRþHWYUWþDVDSULSUHPDGDQDD]D JRYRU RGRNRMHGQRJþDVDVDPRMHGQXVHGPLFX ² $ NROLNR EL 9DP WUHEDOR YUHPHQD GD VH SULSUHPLWH ]D MHGDQ JRYRU NRML EL WUDMDR RNR þDVD" ² ]DSLWD JDQHNRL]GUXãWYD L /DWª2SWLPXVRUDWRUHVWTXLPLQLPLVYHUELVSOXULPXPGLFLW©
²7DNDYJRYRUPRJDRELKGDRGUåLPRGPDKEH]LNDNYHSULSUHPH ²JODVLRMHRGJRYRU 1H PRUD VYDNR GD EXGH JRYRUQLN D LSDN PRåH GD GRÿH X VLWXD FLMX GD PRUD JRYRULWL SUHG QHNLP VNXSRP XGUXåHQMHP GUXãWYRP QD VDVWDQNXXãNROLQDQHNRPSUHGDYDQMXLWG$OLDNRVHQH]QDJRYRULWL DNR VH QH XPH L]UD]LWL VYRMD PLVDR RQGD MH WR QHSULMDWQR ]D VDPRJ JR YRUQLNDDPXþQR]DQMHJRYDXGLWRULMXP 0Rü SLVDQH UHFL MH YHOLND DOL MH MRã YHüD VQDJD JRYRUD 6YL YHOLNL GRJDÿDML XLVWRULML SRNUHWDQL VX L VQDJRP JRYRUD =DWRMHQDSLVDQLSUR þLWDQ JRYRU XYHN VODELML EHåLYRWDQ MHU MH WR SLVDQL MH]LN VD NRPSOLNRYD QLMLPGXåLPUHþHQLFDPDNRMLVHVNRURQHPRåHSUDWLWLMHUWHþHPHKDQLþNL VXYLãHJODWNRLQHSULURGQRKODGQRLEH]RVHüDMD2QRãWRMHQDSLVDQRQLMH ]DVOXãDQMHQHJR]DþLWDQMH3RUHGWRJDQDSLVDQJRYRUMHQHSURPHQ,MLYL QHPRåHVHSULODJRÿDYDWLWRNRPþLWDQMDUDVSRORåHQMXLVWDYXVOXãDODFD *RYRUSRUHGQHSRVUHGQRJSUHQRVDLVNXVWYDWUHEDGDLGHRGþRYHND NDþRYHNXRGVUFDNDVUFXWUHEDþHVWRGDSUHQRVLRVHüDQMDDWRMHPR JXüH VDPR NRG SURGXNRYDQRJ D QH L UHSURGXNRYDQRJ JRYRUD 'REUR VH PRåH JRYRULWL VDPR R RQRP ãWR VPR OLþQR LVNXVLOL SUHUDGLOL X VHEL GR åLYHOL 6DPR JRYRU L] VUFD LVNXVWYD L]UHþHQ SULURGQR VORERGQLP UHFLPD L]D]LYDRGJRYDUDMXüLRGMHNXVYHVWLLRVHüDQMLPDVOXãDODFD *RYRURP LOL SUHGDYDQMHP PRUD VH UHüL XYHN QHãWR QRYR GD EL ELR ]DQLPOMLY L GD VOXãDRFL XRSãWH LPDMX UD]ORJD GD JD VOXãDMX =DWR VH PD WHULMD R NRMRM JRYRULPR PRUD RGOLþQR SR]QDYDWL D ]DWR MH SUHVXGQD GREUD SULSUHPDJRYRUDLOLSUHGDYDQMD
3ULSUHPDJRYRUDLOLSUHGDYDQMD -HGDQ JRYRUQLN RGOXþL GD VH PDOR QDãDOL VD VYRMLP VOXãDRFLPD L NDGD VH SRSH QD JRYRUQLFX ]DSLWD LK ª'D OL ]QDWH R þHPX üX 9DP GDQDV JRYRULWL"© ² ª1H ]QDPR© ² JODVLR MH RGJRYRU ª3D RQGD QHPD QLNDNYH NRULVWL GD JRYRULP WDNYLP QH]QDOLFDPD© ² UHþH JRYRUQLN L VLÿH VD JR YRUQLFH6OHGHüLSXW NDGD LP MH SRVWDYLR LVWR SLWDQMH VOXãDRFL RGJRYRULãH ª'D ]QDPR© QD ãWD LP JRYRUQLN UHþH ª2QGD MH QHSRWUHEQR GD 9DP JRYRULP©LSRQRYRVLÿHVDJRYRUQLFH 7UHüLSXWVOXãDRFLVHGRJRYRULãHLSULSUHPLãHRGJRYRU]DNRMLVX ELOLXYHUHQLGDüH]EXQLWLãDOMLYRJJRYRUQLND1DJRYRUQLNRYRXRELþDMH QR SLWDQMHRGJRYRULãH ª1HNL ]QDMX DQHNL QH ]QDMX© QD ãWD LP RQ EU]R RGJRYRUL ª2QL NRML ]QDMX QHND NDåX RQLPD NRML QH ]QDMX© L SR WUHüLSXWVLÿHVDJRYRUQLFH *RYRUWUHED GDLPDVYRMX JODYQX SRUXNX LOL FLOM L X VNODGX VD WLP FLOMHP WUHED JD L SULSUHPLWL *RYRU PRUD GD UDVWH V YUHPHQRP GD VH GREUHPLVOLLþLQMHQLFHSRVWHSHQR NULVWDOLãX RNR JODYQH LGHMHL SRUXNH =D SRþHWQLNDMH GREUR GD JODYQHPLVOL L SRGDWNH X] QMLK VWDYL QD SDSLU þLPH üH VH VDþXYDWL JODYQH RSDVQRVWL ² SUHGXJRJ JRYRUD ª1H PDQMD YUOLQD RG ]QDWL JRYRULWL MH XPHWL QD YUHPH SUHVWDWL© JRYRULOL VX VWDUL /DWLQL 8 JRYRUX VH QH VPH V\H UHüL WUHED QHãWR RVWDYLWL L ]D GLVNX VLMX L ]DNOMXþDN 3RUHG WRJD JRYRU WUHED RVYHåLWL GREULP SULPHULPD L SULJRGQLP DQHJGRWDPD 1DURþLWR VH WUHED þXYDWL SUHWUSDQRVWL L PQRãWYD QHSRWUHEQLKUHFLª9DOUHþLWRVWLDVDPRNDSPXGURVWL©NDåHVWDUDL]UHND
'REDU L]UD] VH SRVWLåH ERJDWLP UHþQLNRP L OHSR L VDåHWR IRUPLUDQRP UH þHQLFRPDQHRELOMHPUHFL 6YDNLGREDUJRYRULOLL]ODJDQMHWUHEDGDSRþLYDQD RYD JODYQDWUL GHOD 8 XYRGQRP GHOX NRML WUHED GD MH ãWR NUDüL WUHED GD VH VOXãDRFL ]DLQWHUHVXMX]DJODYQLGHRQDNRMLWUHEDSUHüLVDVYLPVSRQWDQRLQHRVHWQR 8 JODYQRP GHOX WUHED VLVWHPDWVNL L ORJLþNLP UDGRP L]QHWL ãWR YLãH þLQMHQLFDLGRND]D]DVYRMXWYUGQMXLOLSRUXNXSRVWHSHQRVHSULEOLåDYDMXüL ]DNOMXþNX ,]EHJDYDWL SRQDYOMDQMD D QDþLQ L]ODJDQMD SRGHVLWL QLYRX REUD ]RYDQMDVOXãDODFD 1D ]DNOMXþDN WUHED WDNRÿH QHRVHWQR SUHüL NUDWNLP VXPLUDQMHP L]ORåHQLK þLQMHQLFD L PLVOL L VXJHVWLYQR MDVQR L VDåHWR L]QHWL VYRMX JODYQX LGHMXLOLWYUÿHQMH *RYRU VH QH VUQH VNOHSDWL ]D SDU VDWL MHU VDNXSOMDQMH þLQMHQLFD VRSVWYHQLK PLVOLLLGHMDPRUDRPRJXüLWL GD VH LVWH LVNULVWDOLãX RNR JODYQH LGHMH LOL SRUXNH JRYRUD X SULURGQX GREUR XUDYQRWHåHQX FHOLQX ýLWDMWH GLVNXWXMWHUD]PLãOMDMWHLUD]JRYDUDMWHRJODYQRMLGHML9DãHJJRYRUD3RP QR EHOHåLWHVYDNXL]QHQDGQX PLVDR NRMD 9DP GRÿH X YH]L VD QMLP 7H VX PLVOLRELþQRLQDMEROMH6ORERGQRVDNXSLWHYLãH PDWHULMDOD QHJRãWR PR åHWH XSRWUHELWL MHU üH 9DP WR GDWL VLJXUQRVW D 9DãHP JRYRUX XEHGOMLYRVW L GXELQX ,PDMWHXYHNQDXPXþLQMHQLFXGDMHGREURSULSUHPOMHQJRYRUYLãH RGSRORYLQHYHüLVDVWDYOMHQMHURQMH GREULPGHORPX 9DPD X 9DãHP GXKX $NR LPDWH SRUXNX DNR X 9DPD SRVWRML QHND ]DQLPOMLYD LGHMD NRMX KRüHWHGDL]ORåLWHRQGDüHVHWRNRPVDPHSULSUHPHVYHSRWUHEQHþLQMHQLFR L GREUH PLVOL RNXSLWL X SUDYLOQRP UDVSRUHGX RNR QMH L VUDãüH VD QMRP X ORJLþNX GREUR VWUXNWXLUDQX FHOLQX $NR JRYRUQLN LPD LGHMX X VHEL DNR VWYDUQRªLPDQHãWRGDNDåH©RQGDüHLXVSHWLXJRYRUX 3DPüHQMHJRYRUDLOLSUHGDYDQMD -Rã WRNRP SULSUHPH JRYRUD PRåHPR NRULVWLWL VYH WHKQLNH L PHWRGH V VWHPDWVNRJSDPüHQMD]DPHPRULUDQMHUD]QLKSRGDWDNDNRMLüHQDPWUH EDWLWRNRP JRYRUD NDR ãWR VX UD]QL EURMþDQL SRGDFL QD]LYL LPHQD R] QDNH WDEHOH QDEUDMDQMD DQHJGRWH FLWDWL L L]UHNH L WDNR GDOMH 6YH RYH SRGDWNH PRåHPR ]DSDPWLWL DXWRQRPQLP QH]DYLVQLP DVRFLMDFLMDPD LOL DNR VHUDGLRQHNLPQL]RYLPDSRGDWDNDRQGDSRVHEQLPODQþDQLPQL]RYLPD LOLPDQMLPYH]QLPWDEHODPD 3ULOLNRPSDPüHQMDþLWDYRJJRYRUDPRåHWHSRVWXSLWLQDGYDQDþLQD3UYL QDþLQ,DNRVHVPDWUDGDMH²PLQSUDNWLþQDGXåLQD VYDNRJXVSHORJ JRYRUDNUDüL JRYRUPRåHVDPR GDEXGH HILNDVQLML-HUSXEOLNDQLMH GRãOD GD þXMH UHFL QHJR GREUH PLVOL GD þXMH JODYQX LGHMX L SRUXNX þLWDYRJ L]ODJDQMD3UHPDWRPHNDRãWRVPRYHüQDJODVLOLWUHEDGDIRUPXOLãHWHVYRMX JODYQXLGHMXLOLSRUXNX9DãHJJRYRUDD]DWLPVYHJODYQHLOLNOMXþQHPLVOL NRMH MH þLQH .DGD VYH WR VWDYLWH QD SDSLU X REOLNX NRQFHSWD GRELOL VWH SODQLOLNRVWXU9DãHJSUHWVWRMHüHJL]ODJDQMD2QGDPRåHWHX]HWLMHGQXRG WDEHOD]DSDPüHQMHSRYH]QRPVLVWHPXL JODYQHNOMXþQH PLVOL DVRFLUDMWH ]D WDEHOX WDNR GD ]D VYDNX NOMXþQX PLVDR RVWDYLWH SR PHVWD 1D SULPHUSUYX]DEUOGUXJX]DEUWUHüX]DEULWG1DWDMQDþLQ LPDüHWH GRYROMQR SURVWRUD GD VYH SRGDWNH NRMH VWH WRNRP SULSUHPH ]DSDPWLOL DXWRQRPQLP DVRFLMDFLMDPD D NRML SULSDGDMX GRWLþQRM NOMXþQRM PLVOLDVRFLUDWH]DVORERGQDPHVWDWDEHOHXSULSDGDMXüRMGHNDGL
6DGD SUHRVWDMH GD L]YUãLWH SUREQX UHSURGXNFLMX JRYRUD L RFHQLWH YDOMDQRVW 9DãLK DVRFLMDFLMD L HILNDVQRVW þLWDYRJ L]ODJDQMD ýLP 9DãLP ªGXKRYQLP RNRP© XJOHGDWH SUYL SUHGPHW WDEHOH DVRFLUDQD SUYD NOMX þQD PLVDR LVSXQLüH 9DãX VYHVW L 9L üHWH PRüL VLJXUQR L HILNDVQR VYRMLP UHFLPD GD MH ãWR NRQFL]QLMH L]ORåLWH 6YH SRWUHEQH SULSDGDMXüH SRGDWNH X] WX NOMXþQX PLVDR ODNR üHWH QDüL DVRFLUDQH ]D SUYLK PHVWD YH]QH WDEHOH NRMH VWHRGUHGLOL]D SUYX NOMXþQX PLVDR .DGD ]DYUãLWH VD L]ODJD QMHP SUYH NOMXþQH PLVL L VYLK SRGDWDND NRML QMRM SULSDGDMX WM NDGD LVFUSLWH SUYLK PHVWD QD WDEHOL SUHÿLWH QD GUXJX GHNDGX RGQRVQR GUXJX NOMXþQXPLVDRLWDNRGRNUDMDJRYRUD 8 ]DNOMXþQRP GHOX NDGD L]QRVLWH JODYQX LGHMX L VDRSãWDYDWH DX GLWRULMXPX VYRMX SRUXNX PRåHWH SRUHG YHü UHþHQRJ NRULVWLWL UHFLPR SR VHEQX GHNDGX QD WDEHOL ]D DVRFLUDQMH VYLK SRHQWL L JODYQLK NRPSRQHQWL ]DNOMXþNDJRYRUDXVOXþDMXGDLKLPDQHNROLNR 'UXJL QDþLQ NRML MH SUHSRUXþOMLY QDURþLWR ]D SRþHWQLNH GRN QH VWHNQXSRWUHEQXUXWLQX VDVWRML VH X WRPH GD VH FHR JRYRU QDSLãH VD VYLP VYRMLP JODYQLP LGHMDPD L NOMXþQLP PLVOLPD SRVHEQR L]GYRMHQLP L SRG YXþHQLP 7DNRÿH WUHED QDYHVWL XWYUÿHQLP UHGRVOHGRP VYH SRGDWNH LOX VWUDFLMH NDR L FLWDWH VHQWHQFH L DQHJGRWH UDGL RVYHåDYDQMD þLWDYRJ L]ODJD QMD 3UL WRPH SRVHEQR WUHED YRGLWL UDþXQD GD VH SLãH JRYRUQLP D QH SL VDQLP MH]LNRP MHU WR ãWR SLVPHQR VDVWDYOMDWH QDPHQMHQR MH XVPHQRP L]ODJDQMXDQHþLWDQMX =DWLPFHRJRYRUWUHEDQHNROLNRSXWDMRãSURþLWDWLGDVHWXLWDPR MRãQHãWRGRGDLOLNRULJXMHLGDVH IRUPLUDNDRMHGQDLQWHJUDOQDORJL þNDLPHÿXVYRMLPJODYQLPGHORYLPDLNOMXþQLPPLVOLPD]DRNUXåHQDFH
OLQD-HGQRRGWLKþLWDQMDWUHEDGDEXGHQDJODVGDELVWHSURYHULOLGDOLVH 9DãJRYRUXNODSDXUDVSRORåLYRYUHPH 3RVOHWRJDSUHüLQDVDPRDVRFLUDQMHNOMXþQLKPLVOLLGHORYDNDR ãWRMHYHüREMDãQMHQRNRGSUYRJQDþLQDSDPüHQMDJRYRUD 1D NUDMX SURYHULWH UHSURGXNFLMRP QDJODV NYDOLWHW 9DãLK DVRFL MDFLMD L 9DãX VSUHPQRVW GD RGUåLWH SULSUHPOHMQL JRYRU =DKYDOMXMXüL DVR FLMDFLMDPD SRWVYHVQR L VYHVQR VWYRUHQLP WRNRP VDPH SULSUHPH JRYRUD ]DWLP DVRFLMDFLMDPD NRMH VWH NRULVWLOL GD EL SRYH]DOL NOMXþQH PLVOL VD SUHG PHWLPDYH]QHWDEHOHLSULSDGDMXüHSRGDWNHLPDWHULMDOX]SRMHGLQHNOMX þQH PLVOL NDR L YLãHVWUXNRP þLWDQMX JRWRYRJ SULSUHPOMHQRJ JRYRUD 9DãD UHSURGXNFLMDSURWHüLüHVLJXUQRXEHGOMLYRMHILNDVQRRGMHGQHGRGUX JHNOMXþQHPLVOLýLPXVYHVWGR]RYHWHMHGQXNOMXþQXPLVDR RQD üH SR YXüL]D VRERP VYH RVWDOH SULSDGDMXüH PLVOL SRGDWNH L VDY RVWDOL LOXVWUD WLYQLLGUXJLPDWHULMDOQHL]RVWDYOMDMXüLQLMHGDQSULSUHPOMHQLGHWDOMMHU MH VD QMLPD SRYH]DQD PQRJRVWUXNLP DVRFLMDWLYQLP YH]DPD 3RUHG WRJD QD VWDOQRP UDVSRODJDQMX 9DP MH VLJXUQD JDUDQFLMD NRMX 9DP SUXåD YH]QD WDEHOD QD NRMRMMH WUDMQRILNVLUDQ SODQLNRQFHSW þLWDYRJ JRYRUD 8 VOX þDMX HYHQWXDOQH SRWUHEH GD VH VHWLWH QHNRJ ]DYLVQRJ SRGDWND LOL PLVOL WRNRP L]ODJDQMD MHGQH NOMXþQH PLVOL ELüH GRYROMQR GD 9DãLP ªGXKRYQLP RNRP© SRJOHGDWH ªRGJRYRUQL© SUHGPHW X GHNDGL RGUHÿHQRM ]D WX NOMXþQX PLVDRLSRWUHEDQSRGDWDNüH9DPDXWRPDWVNLGRüLXVHüDQMH 3R]QDWRMHGDVX&LFHURLRVWDOLYHOLNLDQWLþNLRUDWRULXVSHãQRNRUL VWLOL WRSRVLVWHP ]D SDPüHQMH VYRMLK QDMSR]QDWLMLK JRYRUD &LFHUR MH X VYRPGHOX ª2JRYRUQLNX©NDRLGUXJL DQWLþNL SLVFLQD SU .YLQWLOLMDQ 9 3RJO GHWDOMQR L]ORåLR WHKQLNX SDPüHQMD JRYRUD SRPRüX WRSR VLVWHPD 8SUDYR ]ERJ UHWRULNH X VWDURM *UþNRM L 5LPX SRVHEQR MH QH JRYDQD XPHWQRVW SDPüHQMD L VWYDUDQH VX SRVHEQH WHKQLNH SDPüHQMD UDGL XVSHãQRJ RYODGDYDQMD JRYRUQLþNLP YHãWLQDPD =DQLPOMLYR MH GD MH WD GDãQMD QDXND R SDPüHQMX VSDGDOD X UHWRULNX MHGQX RG QDMYDåQLMLK GLV FLSOLQDDQWLþNRJVLVWHPDYDVSLWDQMDLREUD]RYDQMD
6WDYLQDVWXSJRYRUQLND ,DNR VDP JRYRUQLN L QMHJRYD OLþQRVW XEHÿXMX D QH JRYRU LSDN QDVWXS JRYRUQLNDWUHED GD EXGH ãWR SULURGQLML GDQHãWRQD QMHJRYRM OLþ QRVWL LOL XYH]LVD QMRPQHEL VNUHWDOR SDåQMX VOXãDODFD L RGYUDüDOR LK RGJRYRUD2GHüDJODVPDQLUJRYRUDLNUHWQMHWUHEDGDEXGXSULURGQL L VD XNXVRP L UQHURP D QLNDNR XSDGOMLYL 2GHOR PRåH GD EXGH SRVHEQR XSDGOMLYRELOR]ERJSUHWHUDQHHOHJDQFLMHLOLQHGRSXVWLYHQHXUHGQRVWL 1D MHGQRP SULMHPX PQRJL VX SRKYDOLOL HOHJDQFLMX L GREDU NURM QRYRJ RGHOD EULWDQVNRJ GUåDYQLND VHU $QWRQL ,GQD 6LU $QWKRQY (GHQ ² $OLNDGDVXVHYUDWLOLNXüLRQRGPDKUHþHVYRMRMåHQL ² 0ROLPWHVNORQLRYRRGHORQHJGHMHUJDMDYLãHQHüXREXüL ² $OL]DãWR"²]DSLWDJDåHQDXþXGX²3DRGHORMHQRYRLVYL VXJDSRKYDOLOLGDMHOHSR" ² 1LMHHOHJDQWQRMHUVXJDVYLSULPHWLOL²RGJRYRUL,GQ ,]JRYRUWUHEDGDEXGHNQMLåHYDQMDVDQJODVDQLUD]XPOMLY6YD
NDNR DNR VWH XYUVWLOL QHNX SULJRGQX DQHJGRWX LOL L]UHNX þLML GHR SRHQWHOHåLXSUDYRXGLMDOHNWXRQGDüHWHMHLVSULþDWLXGLMDOHNWX 6D DXGLWRULM XPRP WUHED RGUåDYDWL QHSUHNLGQL NRQWDNW L VWDOQR SUDWLWL QMHJRYH UHDNFLMH WRNRP L]ODJDQMD NDNR ELVWH PRJOL SRGHãDYDWL VYRM QDVWXS L JRYRU , RYR MH MHGDQ RG MDNLK UD]ORJD ]DãWR WUHED ELWL X VWDQMXJRYRULWLEH]SLVDQRJWHNVWDGDVHQHELJOHGDORXWHNVWQHJRX SXEOLNX VD NRMRP WUHED GD RGUåDYDWH EOL]DN L GREDU NRQWDNW 9Dã JRYRU QH VUQH ELWL EH]OLþQR L]GHNODPRYDQ LOL MRã JRUH SURþLWDQ VOXãDRFLPDPHKDQLþNL9LNDR JRYRUQLNWUHED GDVYRMLP VOXãDRFLPD VDRSãWLWHQHVDPRPLVOLQHJRLRVHüDQMD ª3RHWDQDVFLWXURUDWRUILW
35(6/,.$1,7(.6729,,2ä,9/-(1,3$5$*5$), 3$0û(1-(7(.6729$ý/$1$.$3523,6$,67,+29$
8 RYRP SRJODYOMX üHWH YLGHWL NDNR VH SDPWH WHNVWRYL SR VPLVOX L VD VYLP SULSDGDMXüLP SRMHGLQRVWLPD ]DWLP GRVORYQR L NDNR VH SDPWH ]DNRQVNL SURSLVL L XRSãWH VYDNL QXPHULVDQL WHNVW 7DNRÿH üHWH QDXþWLLNDNRVHSDPWHVWLKRYL1DMSUHüHPRL]ORåLWL
3DPüHQMHWHNVWRYD 3RãWR MH L X RYRM REODVWL SULPHU QDMEROML XþLWHOM X]HüHPR MHGDQ WHNVWLQDQMHPXSRND]DWLNDNRVHPRåHEU]RLWUDMQR]DSDPWLWL
3,67$/-.$ .DGD VDP ELR GHþDN QD PRM VHGPL URÿHQGDQ SULMDWHOML PL QDSXQLãH GåHSRYH QRYþLüLPD 8EU]R SRWRP XSXWLR VDP VH SUDYR X SURGDYQLFXLJUDþDNDDOLX]SXWVUHWRKMHGQRJGHþDNDVDSLãWDOMNRPþLML PHMH]YXNSURVWRRSþLQLRWHPXVSUHPQRSRQXGLKVDYQRYDFNRMLVDP LPDR 9UDWLR VDP VH NXüL L YHRPD ]DGRYROMDQ VYRMRP SLãWDOMNRP VYLUDRVDPXQMXSRFHORMNXüLYHRPDRPHWDMXüLüHOXSRURGLFX 0RMDEUDüDLVHVWUHNDRLRVWDOLURÿDFLGR]QDYãLNDNDYVDPSRVDR QDSUDYLR UHNRãH PL GD VDP ]D SLãWDOMNX GDR þHWLUL SXWD YLãH QHJR ãWR YUHGL 7R PH PDOR XUD]XPL L SRWVHWL NDNYH VDP VYH OHSH VWYDUL PRJDRGRELWL]DRVWDWDNQRYFD,VYLVXPLVHWROLNRVPHMDOL]ERJPRMH JOXSRVWLGD L /DWª3HVQLNVHUDÿDDJRYRUQLNVHVWYDUD©
VDP]DSODNDRRGEHVD0RMD UD]PLãOMDQMD R RYRP VOXþDMX SULþLQLãH PLYLãH WXJHQHJRSLãWDOMND]DGRYROMVWYD0HÿXWLPRYDPDODHSL]RGDELODPLMH RGNRULVWLNDVQLMHMHUVDPMHWUDMQR]DSDPWLRWDNRGDVDPþHVWRJRYRULR VHELNDGDELKGRãDRXLVNXãHQMHGDNXSLPQHNX QHSRWUHEQX VWYDU ª1H PRMRSHWGDSODWLãVXYLãH]DSLãWDOMNX©WHELKWDNRVDþXYDRVYRMQRYDF .DGDVDPRGUDVWDRLRWLãDRXVYHWSRVPDWUDRVDPSRQDãDQMHOMXGL L PLVOLP GD VDP YLGHR YHRPD PQRJR OMXGL ªNRML VX GDOL SUHYLãH ]D VYRMX SLãWDOMNX© .DGD ELK YLGHR QHNRJ VXYLãH DPELFLR]QRJ X QDVWRMDQMX GD VWHNQH GYRUVNX QDNORQRVW NDNR åUWYXMH VYRMH YUHPH GRGYRUDYDMXüL VH SULQþH YLPDVYRMPLUVORERGXYUOLQHLPRåGDþDNLVYRMHSULMDWHOMHVDPRGD EL MH ]DGRELR UHNDR ELK X VHEL ª2YDM þRYHN SODüD SUHVNXSR VYRMX SLã WDOMNX© .DGD ELK YLGHR GUXJRJ QHNRJ ]DOMXEOMHQRJ X SRSXODUQRVW NDNR MH QHSUHNLGQR ]DRNXSOMHQ SROLWLþNLP VWYDULPD D ]DQHPDUXMH VYRMH SRVORYH L XSURSDãüXMH LK WDNYRP QHEULJRP JRYRULR ELK ª2YDM SODüD ]DLVWDVXYLãH]DVYRMXSLãWDOMNX© 3R]QDYDR VDP QHNRJ WYUGLFX NRML MH åUWYRYDR VYDNL REOLN XGREQRJ åLYRWD VYDNR ]DGRYROMVWYR GD GUXJRPH XþLQL QHNR GREUR VYDNR SRãWRYD QMH VYRMLK VXJUDÿDQD L VYH UDGRVWL GREURQDPHUQRJ SULMDWHOMVWYD UDGL ]JUW DQMD ERJDWVWYD ª-DGQL þRYHþH© UHNDR ELK MD ª=DLVWD SODüDã SUHVNXSR WYRMXSLãWDOMNX© .DGD ELK VUHR þRYHND RGDQRJ ]DGRYROMVWYLPD NDNR åUWYXMH VYDNL QDSUHGDN VYRJ XPQRJ UD]YLWND NRML EL ELR ]D SRKYDOX SXNRP þXOQRP ]DGRYROMVWYX ª=DEOXGHOL þRYHþH© UHNDR ELK ª6WYDUDã VHEL ERO XPHVWR ]DGRYROMVWYDGDMHãVXYLãHPQRJR]DVYRMXSLãWDOMNX© $NR ELK YLGHR QHNRJ NRML YROL ILQD RGHOD OHS QDPHãWDM ILQH NR þLMH DOL VYH L]QDG QMHJRYLK PRJXüQRVWL UDGL þHJD MH VHEL QDWRYDULR GX JRYH QD YUDWL]DYUãLR VYRMX NDULMHUX X ]DWYRUX UHNDR ELK ª$YDM RYDM MH SODWLRLVXYLãHVNXSRVYRMXSLãWDOMNX© .UDWNR UHþHQR VKYDWLR VDP GD YHOLNL GHR QHVUHüD OMXGL VWYRUH VDPL VHEL SRJUHãQRP SURFHQRP YUHGQRVWL SRMHGLQLK VWYDUL L SUHVNXSLP SODüDQMHPVYRMLKSLãWDOMNL ²% )UDQNOLQ 2YDM WHNVW SURþLWDMWH SDåOMLYR QH åXUHüL L VD LQWHUHVRYDQMHP RG SRþHWNDGRNUDMD²SXWDNDNRELJDSRWSXQRUD]XPHOL =DWLP SUHOD]HüL UHþHQLFX SR UHþHQLFX L SDVXV SR SDVXV SDåOMLYR RGDEHULWHNOMXþQHUHFLNRMH üH GRYROMQRUHSUH]HQWDWLYQRPRüLGD9DVSRW VHWH QD RNROQL WHNVW 7DNRÿH PRåHWH XPHVWR NOMXþQLK UHFL GD RGDEHUHWH NOMXþQH UHþHQLFH LOL NOMXþQH VFHQH NDR ãWR VWH LPDOL GREUX DOWHUQDWLYX SULOLNRPSDPüHQMDDQHJGRWD93RJO -HGQDRGPRJXüLKLSUHSRUXþOMLYLKVHOHNFLMDL]JOHGDODELRYDNR 0DOL)UDQNOLQGRELMDSXQRQRYþLüDQDVYRPRPURÿHQGDQX .XSXMHSLãWDOMNXRGGHþND]DVDYQRYDFLVYLUDSRFHORMNXüL 6YLVHVPHMXPDORP)UDQNOLQX]ERJSUHVNXSRSODüHQHSLãWDOMNHGRN RQOMXWLWRSODþH )UDQNOLQVDGD RGUDVWDRþRYHNRGOXþQRRGXVWDMHRGMHGQHNXSRYLQH MHUVHVHüDVYRMHSLãWDOMNHL]GHWLQMVWYD L %HQGåDPLQ)UDQNOLQ%HQMDPLQ)UDQNOLQ² DPGUåDYQLNLSLVDF
3RVPDWUDOMXGHRNRVHEHNDNRªVXYLãHSODüDMX]DVYRMHSLãWDOMNH© -HGQDGYRUVNDXGYRULFDNODQMDVHQHSUHNLGQRSULQþHYLPD 1HNLþRYHNªELVWULSROLWLNX©DNXüDLSRVORYLVWRMHPX]DQHPDUHQLL ]DSXãWHQL 7YUGLFDVHGLQDJRPLOL]ODWDDOLXEHGLPUãDYXULWDPDLRVDPOMHQ 5DVNDODãDQþRYHNXåLYDXSLüXGRNMHGUXJRPUXNRPRGJXUQXR NQMLJX
)LQRREXþHQRJþRYHNDYRGHSRYHULRFLVSROLFLMRPX]DWYRUL]QMHJRYRJ ERJDWRQDPHãWHQRJVWDQDXUDVNRãQRMNRþLML 0QRãWYROMXGLVHWLVNDRNRJRPLOHRELþQLKSLãWDOMNLJUDELVHRNRQMLK NDRGDVXQHãWRQDMYUHGQLMHQDVYHWXLSODüDþLWDYHKUSHQRYDFD]DQMLK .DRãWRVPRYHüQHNROLNRSXWDSRVHEQRQDJODVLOLQHNRPüHRGJR YDUDWL VDVYLP GUXJDþLML L]ERU NOMXþQLK UHþHQLFD LOL VFHQD D GUXJL üH VHUDGLMH RGOXþLWL]DNOMXþQH UHFL 1HNRüH YDGLWL NOMXþQH UHþHQLFH D GUXJL üH L]GYRMLWL NOMXþQH VFHQH 8 RYRP QDãHP SULPHUX PL VPR VH RGOXþLOL]DNOMXþQHVFHQHLVYLKUHþHQLFDRSLVXMXXVWYDULNOMXþQLK VFHQD RYHSRXþQHSULþH%HQGåDPLQD)UDQNOLQD 3RãWR åHOLPR GD RYDMWHNVW WUDMQR]DSDPWLPR SRVOXåLüHPR VH MHG QRVWDYQR WRSRVLVWHPRP SDPüHQMD L RYLK SUL]RUD LOL UHþHQLFD DVRFLUDWL ]D SUYLK YH]QLK PHVWD 8 RYRM YUVWL DVRFLMDFLMH 9L YHü LPDWHGRYROMQRLVNXVWYDSRãWRYHü]QDWHGDSDPWLWHþLWDYHUHþHQLFHNDR XVOXþDMXSDPüHQMDL]UHNDLVHQWHQFL93RJO LDQHJGRWD9 3RJO $NRVWHVHPRåGDRGOXþLOL]DNOMXþQHUHFLLQMLKPRåHWHDVRFLUDWL QDLVWLQDþLQ 3RVWRMLMRãMHGDQQDþLQGD]DSDPWLWHNOMXþQHUHFLRGQRVQRVFHQH ODQþDQL PHWRG SDPüHQMD RE]LURP GD SRMHGLQH GHORYH ]DSDPüHQRJ WHNVWD QH PRUDWH GD UHSURGXNXMHWH QD SUHVNRN YHü MH GRYROMQR GD JD UHSURGXNXMHWHQRUPDOQLPUHGRVOHGRP =DWLP MRã MHGQRP UHSURGXNFLMRP X VYLP SUDYFLPD SURYHULWH GD OL VWH GREUR DVRFLUDOL VYH NOMXþQH SUL]RUH UHFL D RQGD VOXåHüL VH ]DSDPüHQRP RVQRYRP WHNVWD UHSURGXNXMHWH þLWDY WHNVW UHGRP RG SRþHWND GR NUDMD 5HSURGXNFLMD 9DP XRSãWH QHüH WHãNR SDVWL MHU üH VYDNDNOMXþQDVFHQDUHþ QHSRJUHãLYRLVLJXUQRSRYODþLWLPQRJREURMQLP VYRMLPDVRFLMDWLYQLPYH]DPDVYHRVWDOHGHWDOMHWRJGHODWHNVWD,WDNR RG MHGQH GR GUXJH NOMXþQH VFHQH UHFL ODNR L VLJXUQR üHWH UHSURGXNRYDWLGHRSRGHRüHOLWHNVW .RG SDPüHQMD UD]QLK þODQDND L] QRYLQD LOL þDVRSLVD SRVWXSDWH QDVOLþDQQDþLQ9UHPHQRPLSUDNWLþQLPUDGRPQDSULPHQLRYLKPHWRGD VWHüL üHWH WDNYX UXWLQX GD üHWH SULNODGQH NOMXþQH UHFL LOL UHþHQLFH RGDELUDWL MRã WRNRP VDPRJ þLWDQMD þODQND L RGPDK LK SRYH]LYDWL ODQþDQLP LOL YH]QLP PHWRGRP 8NROLNR 9DP QH EXGH SRWUHEQD UHSURGXNFLMDSRMHGLQLKGHORYDþODQNDQDSUHVNRNQDMEROMHMHGDþODQNH SDPWLWHODQþDQLPPHWRGRP.OMXþQXUHþ NRMD SUHWVWDYOMD QDVORY þODQND VWDYLWHNDRSUYXUHþXODQþDQRPQL]X 3DPüHQMHLOLªVQLPDQMH©WXÿHJJRYRUD 2YDVSRVREQRVWPRåHGDEXGHRGQHRFHQMLYHNRULVWLXPQRJLPRE ODVWLPD OMXGVNH GHODWQRVWL D SRVHEQR ]D XþHQLNH L VWXGHQWH GRN SUDWH SUHGDYDQMH 0RåHWHNRULVWLWLODQþDQLLOLYH]QLPHWRGLOLWRSRVLVWHPX]DYL VQRVWL RG 9DãLK SRWUHED GD SDPWLWH QHþLMH L]ODJDQMH QD NUDüL LOL GXåL
URN ýLP JRYRUQLN L]QHVH VYRMX WHPX RGPDK MH ªSUHWYRULWH© X SRJRGQX NOMXþQX UHþ LOL VFHQX UHþHQLFX L DVRFLUDMWH MH VD SUYLP YH]QLP PHVWRP $NR JRYRUQLN SRVOH WRJD L]QHVH JODYQH WHPH R NRMLPD üH JRYRULWL 6WR MH NRG VLVWHPDWLþQLK SUHGDYDþD þHVWR VOXþDM RQGDNOMXþQHUHFL]DVYDNXWHPXSRVHEQRSRYHåLWHVHSUYLP SUHGPHWRP GHNDGD QD 9DãRM YH]QRM WDEHOL 1D SULPHU SUYX WHPX SRYHåLWHVHYH]QLP PHVWRPEUGUXJX VD PHVWRP EU WUHüX VD EURMHP LWG 1D WDM QDþLQ ]D VYDNX WHPX RVWDMH 9DP VORERGQR SR YH]QLK PHVWD ]D NRMH PRåHWH UHGRP NDNR QDLOD]H WRNRP L]ODJDQMDDVRFLUDWLPDQMHGHORYHLRGHOMNHSRMHGLQLKWHPD 8NROLNR VH GRJRGL QD SULPHU QDNRQ ãWR VWH DVRFLUDOL GUXJL RGH,MDN WUHüH WHPH ]D QMHJRYR PHVWR D WR PRUD ELWL EU GD SUHGDYDþ R WRP RGHOMNX NDåH QHãWR YLãH L L]QHVH GRGDWQH SRGDWNH QHPD UD]ORJD GD VH ]EXQLWH MHU MHGQRVWDYQR ]D WR PHVWR EU QDVWDYLWHVDDVRFLUDQMHPNOMXþQLKUHFLXREOLNXODQþDQRJQL]D $NR SUHGDYDþ LOL JRYRUQLN QH L]QHVH SUH SRþHWND VYRJ L]ODJDQMD NRQFHSW VYRJ SUHGDYDQMD RQGD WRNRP QMHJRYRJ L]ODJDQMD MHGQRVWDYQR IRUPLUDMWH NOMXþQH UHFL UHþHQLFH ]D SRMHGLQH PDQMH ORJLþQHFHOLQHLSRYHåLWHLKVD9DãRPWDEHORP 3UL ªVQLPDQMX ©QHþLMHJL]ODJDQMDSRPDåX QDP XYHN VOHGHüL PRPHQWL 8VYDNRPL]ODJDQMXþXMHPRPQRJHVWDUHLSR]QDWHVWYDULãWR QDPRPRJXüXMHGDXQDãHPªVQLPDQMX©LGHPRLLVSUHGJRYRUQL NDMHU]QDPRãWDüHUHüLXWRPRGHOMNXVYRJL]ODJDQMD7DNR PRåHPRSUHGDKQXWLLPLUQRVDþHNDWLVOHGHüLRGHOMDNQMHJRYRJ L]ODJDQMD 'REULSUHGDYDþLLJRYRUQLFLþHVWRQDNUDMXSRQRYHJODYQHWDþ NHVYRJL]ODJDQMDãWRMHRGOLþQDSULOLNDGDVYRMªVQLPDN © QD QDãRMYH]QRMWDEHOLSURYHULPRLOLHYHQWXDOQRSRSXQLPR 1DUDYQR GD EL SRVWDOL SRWSXQR VLJXUQL L HILNDVQL X RYRM YHãWLQLSRWUHEQRMHSUHWKRGQRPDORSUDNVH3RþQLWHVDPDJQHWRIRQRP LOLQHNLPSULMDWHOMHP NRML üH 9DP LVSUYD GLNWLUDWL NUDüH UHþHQLFH L FLWDWHDNDVQLMHNDNRXVSHYDWHGDªKYDWDWH©WHNVWSRYHüDYDMWHGXåLQX LWHåLQXVDPRJWHNVWD =DNRQVNH SDUDJUDIH L SURSLVH SR EURMHYLPD þODQRYD SDPWLWHNDRLVYDNLGUXJLWHNVWVWLPãWRREDYH]QRNRULVWLWHYH]QL PHWRG SDPüHQMD UDGL SUHFL]QRJ PHPRULUDQMD SRMHGLQLK EURMHYD VDPLKþODQRYDLOLSDUDJUDID 3RVWRMLMRãMHGDQQDþLQSDPüHQMDRYHPDWHULMHDXWRQRPQLPLOL QH]DYLVQLP DVRFLMDFLMDPD QXPHULþNH UHFL NRMD VDGUåL EURM þODQD L NOMXþQH UHFL VFHQH UHþHQLFH NRMD VXJHULãH VDGUåDM VDPRJ þODQD LOL SURSLVD%LORNRMLQDþLQGDSULPHQLWHELüHWHXVWDQMXMHGDQ]DNRQVNL WHNVWUHSURGXNRYDWL X ELOR NRP SUDYFX SR EURMHYLPD þODQRYD QD SUHVNRNLOLQDGDWLWHNVWþODQDGDGDWHWDþDQEURMþODQD 'RVORYQRSDPüHQMHWHNVWRYD 'RVORYQRSDPWLPRVDPRNUDüHWHNVWRYHNDRãWRVXSRVORYLFH FLWDWLL]UHNHLPLVOLSR]QDWLKOMXGLLVOLþQR 3RVWXSDPR X VYHPX LVWR NDR L NRG SDPüHQMD RVWDOLK WHNVWRYD VDPRãWRREDYH]QRYUãLPRL]ERU þLWDYLK UHþHQLFD LOL QMLKRYLK GHORYD NDR NOMXþQLK D QH VDPR SRMHGLQLK UHFL LOL UHþHQLFD 7R ]QDþL SUDNWLþQRGDFHRWHNVW
NRML üHPR GRVORYQR SDPWLWL SRGHOLPR EH] RVWDWND X SRWUHEDQ L SULNODGDQ EURM NOMXþQLK UHþHQLFD D DNR MH QHND UHþHQLFD GRVWD GXJD RQGD L QMX X SRWUHEDQ EURM ORJLþNLK GHORYD =QDþL NDGD VDVWDYLPR IRUPLUDQH NOMXþQH UHþHQLFH GRELMDPR NRPSOHWDQ WHNVW NRMLGRVORYQRSDPWLPR 2YDNR IRUPLUDQH NOMXþQH UHþHQLFH DVRFLUDPR QD 9DPD YHü SR]QDW QDþLQ NRML VPR XSRWUHELOL L]PHÿX RVWDORJ L X RGHOMNX R SDPüHQMXþLWDYLKUHþHQLFD93RJO 3DPüHQMH L]X]HWQR WHãNLK WHNVWRYD GRVORYQR NRML VDGUåH GRVWD UD]QLK R]QDND VLPEROD EURMHYD L WVO SDPWLPR NRPELQRYDQR SULPHQRP DVRFLMDWLYQH WHKQLNH ]D SDPüHQMH WHNVWXDOQRJ GHOD L LQLFLMDOQH WHKQLNH ]D SDPüHQMH SRVHEQR WHãNLK UHFL VLPEROD R]QDND LOLVORYQLKR]QDND 3DPüHQMH WHNVWRYD QD QHSR]QDWRP VWUDQRP MH]LNX PRåHPR REDYLWLLOLLQLFLMDOQRPWHKQLNRPVDYDåHüDSUYDWULVORYDLOLDNRMH WHNVWL]X]HWQRWHåDNVDYDåHüDGYDVORYD ² SUYLPLSRVOHGQMLP LOL VXSVWLWXFLRQLP UHFLPD QD ED]L KRPRIRQLVNH DQDORJLMH NRML PHWRG XVSHãQRNRULVWLPR]DSDPüHQMHUHüLVWUDQLKMH]LND93RJO 2YLQDþLQLGRVORYQRJSDPüHQMDWHNVWRYDQDL]YHVWDQQDþLQVX RJUDQLþHQL MHU QD SU LQLFLMDOQRP WHKQLNRP ]D WHNVW RG VORYD WUHED QDP X QDMEROMHP VOXþDMX UHþLL D DNR MH L]X]HWQR WHåDN L NRPSOLNRYDQ LOL QD QHSR]QDWRP VWUDQRP MH]LNX RQGD L VYLK UHFL ãWR X NUDMQMRM OLQLML QLMH SUREOHP GD VH DVRFLUD 0HÿXWLP L VDPLWHNVWRYLRYDNYHYUVWHVXRJUDQLþHQLLSREURMXLSRVYRMRMGXåLQL LRELþQRVHVYRGHQDQHNROLNRVWLKRYDLOLUHGDND
3DPüHQMHVWLKRYDLSRH]LMH ² .DNRVHGRSDGDMX9DãHP9HOLþDQVWYXPRMLQDMQRYLMLVWLKRYL" ²]DSLWD9ROWHU)09ROWDLUH² )ULGULKD9HOLNRJVYRJSUL MDWHOMDLPHFHQXQDþLMHPMHGYRUXGXåHERUDYLRSRãWRMHXSUDYRGRYU ãLRVDYHOLNLPRGXãHYOMHQMHPþLWDQMHVYRMHQDMQRYLMHSHVPH ² 8SRVOHGQMHYUHPHVDPSUPHWLRGDPRQVLHXU9ROWDLUHSULVYDMD WXÿDGHODLSULND]XMHLKVYHWXNDRVYRMD2YHVWLKRYHVDPYHüþXRLNUDM QMHVDPQH]DGRYROMDQRYLPSRNXãDMHPSUHYDUH²RGJRYRULNUDOM NRML MHL]JOHGDRSRWSXQRUDYQRGXãDQGRNMH9ROWHUþLWDRVYRMHVWLKRYH 'D JD MH SRJRGLR JURP L] YHGUD QHED )UDQFX] QH EL ELR YLãH ]D SUHSDãüHQ L SRþH GD VH åDOL GD MH GXERNR XYUHÿHQ MHU MH SHVPX ]DYUãLR WHNMXþH ² 'REUR²UHþHQDNUDMX)ULGULK²XWYUGLüHPRWDþQRVWYDU 'RYHGLWHPLRGPDKQDãHJSRVHWLRFDL](QJOHVNH
(QJOH]VHSRMDYLX]GXERNSRNORQLQDNUDOMHY]DKWHYSRQRYL þLWDYXSHVPXEH]JUHãNH]DNRMXMH9ROWHUWYUGLRGD MHQMHJRYD ² 2QGDPRQVLHXU²UHþHNUDOL²MRãXYHNLQVLVWLUDWHGDPRMH RSWXåEHQLVXWDþQH" ² =DLPHVYHWD²X]YLNQXRþDMQLSRHWD²âWDVDPVNULYLR GD PLVHRYDNYDQHSUDYGDGRJRGL"2YGHPRUDGDMHXPHãDQDQHNDþD UROLMDGDELPLXQLãWLODUHSXWDFLMXDPHQHEDFLODXRþDMDQMH 6WDUL )ULF VH WUHVDR RG VPHKD JOHGDMX üL SHVQLND NDNR ]DSDGD X VYH YHüL EHV L RþDM L NDGD VH PDOR ]DEDYLR QMHJRYRP OMXWQMRP RWNUL PX X þHPX MH VWYDU (QJOH] MH UDVSRODJDR WDNYLP PHWRGDPD SDPüHQMD GD MH ELOR NDNDY WHNVW PRJDR RG UHFL GR UHFL WDþQRGDSRQRYLDNRELJDVDPRMHGDQSXWþXR.DGDMH9ROWHU þLWDR SR SUYL SXW VYRMH VWLKRYH SUHG NUDOMHP (QJOH] MH SR NUDOMHYRP QDORJXVWDMDRVDNULYHQL]D]DYHVH 9LVYDNDNRQHPDWHQDPHUXGDGRYRGLWHSHVQLNHXQDGRXPLFX QHJRGDNDRRQDM(QJOH]QDXþLWHGDHILNDVQRSDPWLWHVWLKRYH .RG VWLKRYD LPDWH RGUHÿHQLK RODNãLFD ]D SDPüHQMH ãWR NRG WHNVWRYD QH SRVWRMH 7R VX ULPD L ULWDP D SRQHNDGD DOLWHUDULMD LOL DNURVWLK$OLWHUDFLMXLPDPRXSHVPL91D]RUDª&YUþDN©DUHWNROHS DNURVWLK X þXYHQRP ª6RQHWQRP 9HQFX© ª6RQHWQL 9HQHF© )UDQFD 3UHãHUQD NRML MH SRVYHüHQ 3ULPLFRYRM -XOLML 6YDNR SUYR VOFYR X SUYRPVWLKXVYDNRJRGXNXSQRVRQHWDGDMHLPHLSUH]LPHYROMHQH GHYRMNHª35,0,&29,-8/ -,©DLVWRLPHVHMRãMHGQRP SRQDYOMD X PDMVWRUVNRP RP VRQHWX ª0DJLVWUDOX© X NRPH LQLFLMDOLVYLKVWLKRYDGDMXRYRLPH .RGSDPüHQMDVWLKRYDWUHEDSULPHQLWLVOLþQXWHKQLNXNDRLNRG GRVORYQRJ PHPRULUDQMD WHNVWRYD =QDþLQDNRQSDåOMLYRJ þLWDQMD üHOH SHVPH LXRþDYDQMDVYLKYDåQLKVFHQDL PRPHQDWD YUVWH ULPH ULWPD HYHQWXDOQHDOLWHUDFLMHLOLGUXJLKRVREHQRVWLSHVPHNRMHPRJXELWL RG SRPRüL X ]DSDPüLYDQMX SUHüL QD VDPR DVRFLUDQMH =D VYDNL VWLK SHVPH RGUHGLWH SR MHGQR PHVWR QD QHNRM YH]QRM WDEHOL L DVRFLUDMWH üHOH VWLKRYH VD QMLKRYLP YH]QLP PHVWLPD QD WDEHOL NDR GD VX üHOL VWLKRYL NOMXþQH UHþHQLFH LOL NOMXþQH VFHQH 8PHVWR YH]QH WDEHOHPRåHWHSULPHQLWLXVSHãQRLODQþDQLPHWRG 9HüSRVOHQHNROLNRUHSURGXNFLMDRYDNRDVRFLUDQHSHVPHELüHWH X VWDQMX GD üHOX SHVPX EH] JUHãNH SRQRYLWH 9UHPHQRP L SUDNVRP PRåHWH VWHüL WDNYX UXWLQX GD VOLþQR RQRP (QJOH]X EXGHWH X PRJXüQRVWL GD üHOX SHVPX SRQRYLWH VDPR QDNRQ MHGQRJ þLWDQMD LOL VOXãDQMD 8PHVWRGDüHOHVWLKRYHWMSRMHGLQHUHWNHXSHVPLDVRFLUDWH NDR ãWR VWH þLQLOL VD NOMXþQLP UHþHQLFDPD LOL VFHQDPD PRåHWH DVRFLUDWL VDPR SUYH UHFL VYDNRJ VWLKD LOL DNR 9DP RGJRYDUD VPR LQLFLMDOHVYLKVWLKRYDSHVPHSRPRüXLQLFLMDOQHWHKQLNH 1HNLPD üH RSHW RGJRYDUDWL YLãH GD QDNRQ SDåOMLYRJ SURXþDYDQMD þLWDQMD L XRþDYDQMD ELWQLK RVREHQRVWL SHVPH ]D VYDNX VWURIX ]DPLVOH RGJRYDUDMXüX NOMXþQX VFHQX L GD RYH NOMXþQH VFHQH QDMHGDQRGPRJXüLKQDþLQDGREURDVRFLUDMX =DSDPüHQMHVWLKRYDQDVWUDQRPMH]LNXYDåHLVWDSUDYLODNDRL]D VWLKRYH QD PDWHUQMHP MH]LNX MHU MH RVQRYQD SUHWSRVWDYND GD VH VWUDQLMH]LNXSLWDQMXGREURSR]QDMH $NRVHUDGLRSDPüHQMXVWLKRYDQDQHSR]QDWRPVWUDQRPMH]LNX RQGD VH SULPHQMXMX LVWL PHWRGL NDR L ]D GRVORYQR SDPüHQMH WHNVWRYD QDQHSR]QDWRPVWUDQRPMH]LNX
'58*$675$1$0('$/-(
7UDJHGLMDLQWHOLJHQFLMHSRþLQMHNDGD ]QDQMHSRVWDQHYHüHRGUD]XPD
1(*$7,91(675$1(3$0û(1-$
-HGQD RG QDMQHJDWLYQLMLK VWUDQD QDãHJ SDPüHQMD SUHPD NRMRM WUHEDRGPDKGD]DX]PHPRSUDYLODQVWDYMHVWH
2SDVQRVWRGGRPLQDFLMHSDPüHQMD $NRVHQHSR]QDMHSUDYDXORJDLPHVWRSDPüHQMDXSVLKLþNRP åLYRWXþRYHNDLDNRVHSUHPDSDPüHQMXQH]DX]PHSUDYLODQVWDYRQGD PRåH GD GRÿH GR LVSROMDYDQMD MHGQH YHRPD QHJDWLYQH VWUDQH SDPüHQMD ² QMHJRYH GRPLQDFLMH QDG RVWDOLP SVLKLþNLP SURFHVLPD L ãWR MH WDNRÿH YHRPD QHJDWYQR GR QMHJRYH ]DPHQH VD LQWHOLJHQFLMRP L VWYDUDODþNLPPLãOMHQMHP 3DPüHQMHMHXVWYDULXYHNSRPRüQDIXQNFLMDNRGVYLKYLãLKSVL KLþNLK SURFHVDNDR ãWRVX LQWHOLJHQFLMD L PLãOMHQMH 0L PRåHPR QHNR ]QDQMH XVYRMLWL L UHSURGXNRYDWL L KLOMDGX SXWD DOL L] WRJD QHüH QDVWDWL QLãWD QRYR =QDQMH EH] LQWHOLJHQFLMH L UD]XPD MH PUWDY NDSLWDO NRML QH GDMH QLãWD QRYR ,PD VOXþDMHYD GD QHNH RVREH SRVHGXMXYHOLNR]QDQMHLRGOLþQXUHSURGXNWLYQXVSRVREQRVWWRJ]QDQMD DOL QHPDMX UD]YLMHQH VSRVREQRVWL VWYDUDODþNRJ PLãOMHQMD L WR YHOLNR ]QDQMH RVWDMH LP SUDNWLþQR QHLVNRULãüHQR 1D SULPHU NDUGLQDO 0H]]RIDQWL MH ]QDR SUHNR VWUDQLK MH]LND DOL QMHJRYR GRVWLJQXüH X åLYRWX X WRM REODVWL MH ELOR VDPR ]QDQMH D QH L QHND QRYD VD]QDQMD L] OLQJYLVWLNH L WR QMHJRYR ]QDQMH QHVWDOR MH ]DMHGQR VD QMLP GRN VX QRYD VD]QDQMD UHFLPR MHGQRJ 1MXWQD QDGåLYHOD L QMHJD L QMHJRYR GREDLELODRGYHOLNHNRULVWLþLWDYRPþRYHþDQVWYX .RGXþHQMDSRVWRMLMHGQDRVQRYQDWHåQMDGDYLãHSDPWLPRRGUH ÿHQHVDGUåDMHDGDPDQMHQDVWRMLPRGDPLVDRQRSURQLNQHPRXQMLK 7DNRVHGRJDÿDGDVHPLãOMHQMHGRQHNOHSRYODþLWRNRPVDPRJXþHQMD 5D]ORJMHXWRPHãWRMHUHSURGXNFLMDWXÿHJ]QDQMDLSUL]QDWLKXPQLK SORGRYDGUXJLKPLVOLODFDGDOHNRODNãDRGVRSVWYHQRJUD]PLãOMDQMDLPX NRWUSQRJGRODåHQMDGR]GUDYLKLVLJXUQLK]DNOMXþDND=DWRVHYLãHWHåL ND REUD]RYDQMX L VWLFDQMX UD]QLK ]QDQMD D PDQMH SUDYRP YDVSLWDQMX XPD L UD]YRMX LQWHOLJHQFLMH $OL RYR QH WUHED VKYDWLWL EXNYDOQR L LVNOMXþLYRMHUNDNRELL]JOHGDRVYHWNDGDELVYDNRSRQRYRNUþLRLVWH SXWHYHNRMLVXGUXJLGDYQRSURNUþLOL3RUHGWRJDSUYRWUHEDPQRJR ]QDWL D WR üH UHüL L ]DSDPWLWL GD EL VH GRãOR GR RQH OLQLMH NRMD VH GDQDV QDOD]L SULOLþQR YLVRNR RGDNOH VH PRåH VWDUWRYDWL X NUþHQMH QRYLKSXWHYD
ª7UDJHGLMDLQWHOLJHQFLMHSRþLQMHNDGD]QDQMHSRVWDQHYHüHRGUD]XPD©
3UHPD WRPH SDPüHQMX WUHED GDWL QMHJRYR SUDYR PHVWR X RGQRVXQDRVWDOHSVLKLþNHIXQNFLMH2QRVHQHVUQHQLSUHFHQMLYDWLQL LüL VD QMLP X WDNYH NUDMQRVWL GD VH ]DPHQMXMH VD LQWHOLJHQFLMRP D SRGMHGQDNR SRJUHãQR EL ELOR SRWFHQMLYDWL JD L YHURYDWL GD VH PRåH GREUR ]DPHQWL ² SDSLURP L RORYNRP 3RUHG WRJD ]D VYDNRJ þRYHND QMHJRYR SDPüHQMH LPD GUXJDþLMX YUHGQRVW L YDåQRVW X åLYRWX L UDGX X ]DYLVQRVWL RG QMHJRYLK SUHGLVSR]LFLMD SVLKRIL]LþNRJ SURILOD FLOMHYD SR]LYDLPQRJLKGUXJLKIDNWRUD 3UDNWLþNL MH QHPRJXüH SRYXüL SUHFL]QX JUDQLFX L]PHÿX SDPüHQMD L PLãOMHQMD WM NDGD WUHED SDPWLWL D NDGD UD]PLãOMDWL MHU VX RYD GYD SURFHVD QDMXåH LVSUHSOHWDQD L PHÿXVREQR XVORYOMHQD 7SDN WUHEDVHUXNRYRGLWLRYLPRSãWLPSULQFLSLPD 1HSURQDOD]LWLYHüSURQDÿHQR7LPHL]EHJDYDPRRJURPDQJX ELWDNXYUHPHQXLHQHUJLML 3URQDÿHQRL SR]QDWRWUHEDQD XþLWLDWR]QDþLL]DSDPWLWLDOLSULWRPHWUHEDQDVWRMDWLGDãWR YLãHPLVDRQRSURåLPDPRPDWHULMDONRMLSDPWLPR 8YHNELWLVYHVWDQLþXYDWLVHRSDVQRVWLGRPLQDFLMHSDPüHQMD NDGDSDPüHQMHLXþHQMHPRJXODNRGD]DPHQHVRSVWYHQRPLã OMHQMHL]DNOMXþLYDQMH2QLPRJXODNRQDãXPGDSUHWYRUHXSD VLYQRJDYUHPHQRPLQHNULWLþNRJVDNXSOMDþDWXÿHJLVYDNRMDNRJ ]QDQMD
7DNRÿH DNR X] WR NULWLþNL L GREUR RGDEHUHPR PDWHULMDO ]D SDPüHQMH DNR SUHPD RQRP ãWR SDPWLPR XYHN IRUPLUDPR VYRMH NUL WLþNR PLãOMHQMH L VYRM VXG L DNR R ]DSDPüHQRP EXGHPR GRYROMQR UD] PLãOMDOLGDELJDSRYH]DOLLRFHQLOLXRGQRVXQDVYRMHSRVWRMHüH]QDQMHL VWDQMH RQGD üHPR VLJXUQR L]EHüL RSDVQRVW GD QDP SDVLYQR L QHNULWLþNR SDPüHQMH]DPHQLDNWLYQRUDVXÿLYDQMHLVWYDUDODþNRPLãOMHQMH 1DåDORVW YHüLQD REUD]RYQLK L YDVSLWQLK VLVWHPD GDQDV X VYHWX þHãüH WUDåL GRND] L VSRVREQRVW UHSURGXNWLYQRJ ]QDQMD ªQDþLWDQRVWL© L NQMLãNH REUD]RYDQRVWL þLPH VH PODGL OMXGL QDJRQH GD LQWHOLJHQFLMX VSR VREQRVW LVWUDåLYDQMD L VDPRVWDOQRJ ]DNOMXþLYDQMD D X NUDMQMRM OLQLML L VYRJ VWYDUDODþNRJ PLãOMHQMD ]DPHQH QHNULWLþNLP XVYDMDQMHP NRGLILFLUDQLK ]QDQMD 7DNR VH X PQRJLP VOXþDMHYLPD GHãDYD GD VH GRELMX RQL NRML SXQR ]QDMXDYHRPDPDORXPHMXLOLPRJX
1HSRX]GDQRVWQHRUJDQL]RYDQRJSDPHüQMD 8MHGQRP åHQVNRPGUXãWYX åLYRVHUDVSUDYOMDORRUD]JRYRUXNRML VX åHQHþXOHWRJSUHSRGQHYDL]PHÿXMHGQHVYRMHSR]QDQLFHLQMHQRJVXSUXJD ² 0RUDGDVXQMLKGYRMHELOLXEROQLFLMHUVDPMDVQRþXOD UHü ªGUHQLUDWL©NRMXMHPODGDåHQDL]JRYRULODXUD]JRYRUXVDVYRMLPVXSUX JRP²UHþHMHGQDåHQD ² 1HYHURYDWQR²QDVPHMDVHQDWRGUXJD²NDNDYþXGDQVOXK 9LLPDWH3DRQLVXUD]JRYDUDOLRVYRPSUHGX]HüXMHUVDPMDVQRþXOD NDGDMHUHNODª'DOLüHWRSUHPLUDWL"© ² 3D]DUMHPRJXüHGDWDNRQHãWRXRSãWHPRåHWHGDWYUGLWH"² REUDWLMRMVHWUHüDåHQD²2QLVXVHXVWYDULVYDÿDOLLMDVDPSRWSXQR MDVQRþXOD NDNRMHPODGD åHQD UHNOD VYRPPXåX ª1HüHPRVHVDGD SUHSLUDWL© .DGD MH UDVSUDYOMDQMH L XEHÿLYDQMH GRVWLJOR NXOPLQDFLMX VOXþDMQR VHSRMDYLPODGDåHQDRNRMRMMHELORUHFL=DPROLãHMHRGPDKGDNDåHNRMD MH RG QMLK X SUDYX 3RãWR MH VDVOXãDOD WYUÿHQMH VYDNH RG QMLW\ RQD VH QDVPHMD L UHþH ª3D YL VWH SUHWHUDOH VYH QRUPH 3RãWR MH VXWUD VXERWDD PRMVXSUXJVHEDYLVSRUWRPSLWDODVDPJDGDOLüHVXWUDPRåGDWUHQLUDWL© .DGD VPR JRYRULOL R VHüDQMX L ]DERUDYOMDQMD 9 3RJO L YL GHOL VPR GD ]DSDPüHQL PDWHULMDO REDYH]QR WUSL UD]QH SURPHQH X ]DYLV QRVWL RG VDPH OLþQRVWL NRMD JD MH ]DSDPWLOD 7DNR QD SULPHU VHULVND UHS URGXNFLMD LOL SUHSULþDYDQMH SUHWVWDYOMD åLYL PRGHO L SULPHU QHSRX]GDQRVWL SDPüHQMD 6YDND RVRED NDR VSHFLILþDQ VXEMHNW L VLVWHP QXåQR ILOWULUD NUR] VYRMX LQWHUSUHWDFLMX SULPOMHQL PDWHULMDO L GHIRUPLãH JD SUHPD VYRMLP PRJXüQRVWLPD L SRWUHEDPD 3RUHG WRJD GROD]L L GR GHOLPLþQRJ SDPüHQMD QHNRJ GRJDÿDMD QD SULPHU 6YDND RVRED SDPWL VDPR RQH GHORYH NRML QMRM RGJRYDUDMX 1D SULPHU L]YUãHQ MH L RYDNDY HNVSHULPHQW *UXSD OMXGL MH ]DPR OMHQD GD LVSULþD ãWR YLãH VRSVWYHQLK GRåLYOMDMD 3RVOH JRGLQX GDQD UHSUR GXNRYDQLVXLP]DEHOHåHQLGRJDÿDMLRQDNRNDNRVXLKRQLLVSULþDOL6DPRMH SRORYLQDGRåLYOMDMDSUL]QDWDNDRVRSVWYHQDMHGQDþHWYUWLQDMHNODVLILNRYDQD NDR ªVOLþQD© QMLKRYLP GRåLYOMDMLPD D GUXJD þHWYUWLQD MH SRWSXQR RGEDþHQD NDRQHSR]QDWD2YRPRåHGDEXGHPRåGDL]DQLPOMLYRGRNVHþLWDDOLNDNR RYDQHSRX]GDQRVWQHãNRORYDQRJLQHXVPHUHQRJWDNRUHüL
QDVXPLþQRJ SDPüHQMD L]JOHGD X SUDNVL UHþLWR L WUDJLþQR JRYRUL YHþLWL VXGVNLSUREOHPSRX]GDQRVWWMQHSRX]GDQRVWVYHGRND 0RåH VH QDYHVWL PQRãWYR SULPHUD QDQHWH YHOLNH ãWHWH SRWSXQR QH YLQLPOMXGLPDRGVWUDQHQHSRX]GDQLKVYHGRND3RUHGRQLKNRML]DRELOD]H L GHIRUPLãX LVWLQX VYHVQR L] UD]QLK SREXGD XJODYQRP UD]QLK VHELþQLK PRWLYD PDWHULMDOQD NRULVW RVYHWROMXELYRVW OLþQD UHNODPD LWG LPD SXQR WDNYLK NRML VX X SRWSXQRM ]DEOXGL D XEHÿHQL VX GD QMLKRYR VYHGRþHQMH SRWSXQR RGJRYDUD LVWLQL 7DNYL VYHGRFL VX QDMRSDVQLML MHU UHGRYQR VYRMRP GREURQDPHUQRãüX L QH]DLQWHUHVRYDQRãüX RVWDYOMDMX GREDU XWLVDN QD VXG $OLPQRJRSXWDVHYHüLVSRVWDYLOR GDVX WDNYDQDL]JOHG EHVSUHNRUQDVYH GRþHQMDL X VWYDUL ELOD QHVYHVWDQ L QHQDPHUDQ ODåDQ SULND] SUDYRJ VWDQMD VWYDUL 7UDJLNRPLþQR MH X þLWDYRM VWYDUL ãWR WDNYL VYHGRFL NDGD VH XWYUGL SUDYRþLQMHQLþNRVWDQMHXSRUQRRGELMDMXGDSUL]QDMXGDVXSRJUHãLOLQHJR LGDOMHWYUGHGDVXVYLGUXJLSRJUHãLOLþDNGDVXLSUH]HQWLUDQLPDWHULMDOQL GRND]LSUHGPHWL ODåQL 1HSRX]GDQRVW SDPüHQMD SRþLQMH VD SRJUHãQLP ]DSDPüLYDQMHP YH OLNRJ EURMD SRMHGLQRVWL RG þHJD QLMH LPXQR QLMHGQR SDPüHQMH 1DMYDåQLMH VWYDULVHSDPWHXJODYQRPGREURLWDþQRDOLXRNRVOXþDMHYDJUHãLPR X GHWDOMLPD QDURþLWR WDPR JGH VH WUDåL YHOLND SUHFL]QRVW 1DåDORVW SR JUHãQR ]DSDPüLYDQMH L]D]LYD MRã YLãH QH]JRGD RG VDPRJ ]DERUDYOMDQMD MHUVHQDQMHJDVSRX]GDQMHPRVODQMDPRDRQRQDPGDMHXVWYDULSRJUHãQH SRGDWNH 7R VH SRVHEQR QHJDWLYQR LVSROMDYD NRG VYHGRþHQMD GRQRãHQMD YDåQLK RGOXND X UD]QLP SRVORYLPD X ãLUHQMX L SUHQRãHQMX YHVWL QD LVSL WLPDLWG=DWRSUHFL]QRSDPüHQMHYUHGLNROLNRLGREURSDPüHQMHDSRJUHã QRSDPüHQMHPRåHQDQHWLYLãHãWHWHQHJR]DERUDYOMDQMH =DWRQHYHUXMWHPQRJRGHWDOMLPDNRMLKVH VHüDWH VD YHOLNLPQDSR URPMHUPL GREULP GHORPSDPWLPRRQR ãWRåHOLPR 9UHPHPRåH SRVHEQR GD XþLQL OMXGH ODåOMLYLP MHU XYHN VH QDVWRML ]DSDPWLWL JODYQH PRPHQWH L YUHPHQRP VH GR]YROMDYD GD JUHãNH L QHWDþQRVWL XSRWSXQH SUD]QLQH 1D RYDNYR IRUPLUDQMH LOL EROMH UHþHQR GHIRUPDFLMX VHüDQMD SRVHEQR PRåH GDXWLþHREUD]DFLOLX]RUNDNRGRWLþQDRVRED]DPLãOMDGDVWYDUNRMXSDP WLWUHEDGDEXGHLOLGDL]JOHGD1DSULPHUWRMHUD]ORJãWRSRVDRNRUHNWRUD QLMHQLPDORODNMHURQSULURGQRWHåLGDYLGLLVSUDYQDVORYDDQHRQDNRMD VXQDSDSLUX $NR QH NRULVWLPR RGJRYDUDMXüH PHWRGH ]D RUJDQL]DFLMX L VLVWHPD WL]DFLMX SDPüHQMD RVWDMH þLQMHQLFD GD NRG QHRUJDQL]RYDQRJ L GREULP PH WRGLPD QHRSUHPOMHQRJ SDPüHQMD QDMYLãH UHJLVWUXMHPR PQRJR PDQMH ]D GUåDYDPR D RG ]DGUåDQRJ MRã PDQMH PRåHPR GD UHSURGXNXMHPR 3RUHG WRJD L WD UHSURGXNFLMD þHVWR QLMH VLJXUQD X MHGQRP SULOLþQR YHOLNRP SUR FHQWXMHUPRUDGDSURÿHNUR]ILOWHUQDãHOLþQRVWL
3DWRORãNHSURPHQHSDPüHQMD 1DYHãüHPR VDPR QHNH QDMSR]QDWLMH SDWRORãNH SURPHQH L REROHQMDSDPüHQMD $PQH]LMD MH JXELWDN VSRVREQRVWL SDPüHQMD XVOHG RãWHüHQMD PR]JD UD]QLK REROHQMD XGDUD L VL 0RåH GD EXGH L SDUFLMDOQD LOL WRWDOQD 3RVWRML L SURJUHVLYQD DPQH]LMD QDMSUH VH ]DERUDYOMDMX DSVWUDNWQLSRMPRYL]DWLP SUHWVWDYH NRQNUHWQLK SUHGPHWD L QD NUDMX þDN SRNUHWL VRSVWYHQRJ WHOD 6OLþQL SURFHVL VH PRJX ]DSD]LWL L NRG SURJUHVLYQHDPQH]LMHSURX]URNRYDQHGHORYDQMHPDONRKROD
+LSHUPQH]LMD VH LVSROMDYD NDR QHPRJXüQRVW REROHORJ GD ]DERUDYL QHNH GRåLYOMDMH L LVNXVWYD RQ QH PRåH GD LVWLVQH L] VYHVWL L ]DERUDYL QHNL SXW L VYH GHWDOMH RGUHÿHQLK GRJDÿDMD 7DNRÿH NRG SRVHEQLK QHUYQLK X]EXÿHQMD MDYOMD VH X REOLNX QHRELþQRJ L QHQRUPDOQR YHOLNRJ L RãWURJ SDPüHQMD 9Hü VPR VSRPHQXOL 9 3RJO VOXþDM QHSLVPHQH VHRVNH GHYRMNH L] ;9,,, YHND NRMD MH X JUR]QLFL UHFLWRYDOD VWDURKHEUHMVNH WHNVWRYH NRMH MH QHKRWLFH VOXãDOD L QHVYHVQR ]DSDPWLOD GRNLKMHMHGDQQDXþQLNQDJODVþLWDR +LSHUPQH]LMDVHPRåHL]D]YDWLL KLSQR]RPDþHVWRVHMDYOMDLX YHOLNRM VPUWQRM RSDVQRVWL NDGD OMXGL X MHGQRP WUHQXWNX ªYLGH© þLWDYVYRMåLYRW 3DUDPQH]LMDMHODåQRVHüDQMHLOLREPDQDSDPüHQMDª'HMDYX©² ªYHü YLÿHQR© 3RJUHãDQ XWLVDN NRG REROHORJ GD MH QHãWR ãWR VH SUHG QMLP GRJDÿD SUYL SXW YHü UDQLMH YLGHR L GRåLYHR ,OL ]D RVREX NRMXSUYLSXWYLGLYHUXMHGDPXMHRGDYQRSR]QDWD $JQR]LMD MH X L]YHVQRP VPLVOX SDWRORãND SURPHQD SDPüHQMD VXSURWQDSDUDPQH]LMLMHUR]QDþDYDSUHVWDQDNSR]QDYDQMDLSUHSR]QD YDQMDLQDþHGREURSR]QDWLKSUHGPHWDLOLRVRED $SUDNVLMDSUHWVWDYOMDJXELWDNSDPüHQMD]DWHOHVQHSRNUHWH1D SULPHUREROHOLQLMHXVWDQMXGDYHåHþYRULOLQDSLãHVYRMHLPHLDNRPHQ WDOQR VYH GREUR ]QD NDNR WR WUHED XUDGLWL DOL PX QHGRVWDMH RGJRYDUDMXüDDXWRPDWVNDNRUHNFLMDSRNUHWD +LSRPQH]D VH MDYOMD NDR XPDQMHQD VSRVREQRVW SDPüHQMD QRYLK L REQDYOMDQMDYHü]DSDPüHQLK]QDQMD0RåHGDSUDWLPQRJDGXãHYQDRER OHQMD -DYOMD VH L NDR SURSUDWQD SRMDYD VWDUHQMD VD RSãWRP UHJUHVLMRP VYLK åLYRWQLK IXQNFLMD 1D SULPHU WHãNR VH SDPWL QRYR D ]DERUDYOMD VH QDMEOLåD SURãORVW DOL VX ]DWR VHüDQMD L] PODGRVWL YHRPD GREUD 1HNH SDWDORãNH SURPHQH SDPüHQMD V GUXJH VWUDQH SRVPDWUDQH QDMEROMHQDPSRND]XMXNROLNRVXRJURPQLSRWHQFLMDOLSDPüHQMDQDURþLWR QMHJRYRJ SRWVYHVQRJ GHOD 1D SULPHU VOXþDM KLSHUPQH]LMH NRG QHSLVPHQH VHRVNH GHYRMNH NRMD MH ]DSDPWLOD GXJDþNH WHNVWRYH QD VWDURKHUEHMVNRP 7DNRÿH MH NDUDNWHULVWLþLQ L VOXþDM VREDUD MHGQRJ ãSDQVNRJ DPEDVDGRUD 2Q MH X EXQLOX GUåDR L]YDQUHGQH GLSORPDWVNH JRYRUHNRMHMHSRWVYHVQR]DSDPWLRVOXãDMXüL VYRJ DPEDVDGRUD GRN MH GUåDRVYRMHJRYRUH
6WDURVWLSDPüHQMH 6WDURVWXåLYRWX þRYHND MHUHODWLYQR GXJ SHULRGL QH SRþLQMH RG MHGQRPDOLLPDVYRMSRþHWDNLQDUDYQRNUDM3RþHFLVWDUHQMDRE]LURPQD SDPüHQMH YHRPD VX UD]OLþLWL L ]DYLVH RG VYDNRJ VOXþDMD SRVHEQR 1D SU PRJXVHNUHWDWLRGGR JRGLQDMHUSRQHNLPLVSLWLYDQMLPDSRWHQFLMDO SDPüHQMD UDVWH GR JRGLQH åLYRWD NDGD GRVWLåH VYRMX QDMYLãX WDþNX D RQGDSRVWHSHQRRSDGD6GUXJHVWUDQHYLWDOQLMLOMXGLNRMLVHQHSUHNLGQR EDYH XPQLP L GUXJLP DNWLYQRVWLPD VDþXYDMX GXKRYQX L XPQX VYHåLQX þDN L GR NUDMD VYRJ åLYRWD .UR] LVWRULMX VUHüHPR PQRJH SULPHUH VWYDUDODFD NRMLVXPQRJD YHOLND RVWYDUHQMD GDOL X SRVOHGQMLP JRGLQDPDVYRJåLYRWD 5DQLMHVHVPDWUDORGD]DERUDYOMDQMHQDVWDMHXVOHGUD]JUDGLYDQ MDLªEULVDQMD©HQJUDPDNDRWUDJRYD]DSDPüHQRJ]QDQMDXPR]JX$OL XSUDYR IHQRPHQ VWDUHQMDX SDPüHQMX GRND]XMH VXSURWQR MHU X VWDURVWL XSUDYR VX VHüDQMD L] PODGRVWL QDMEROMD L QDMVYHåLMD GRN VH QHSRVUHGQD L EOLVND SURãORVW GDOHNR ODNãH ]DERUDYOMD 1D RVQRYX L]YUãHQLK LVSLWLYDQMD VPDWUD VH GD GR VODEOMHQMD SDPüHQMD X VWDURVWL PRåH GD GRÿHL]RYLKUD]ORJD
2SãWDUHJUHVLMDVYLKåLYRWQLKIXQNFLMDXVOHG VWDUHQMDLVDPLP WLPJXELWDNMHGQRJGHODPRåGDQLKLRVWDOLKQHUYQLKüHOLMD 9HRPD VQDåQR GHORYDQMH SURDNWLYQH LQKLELFLMH UDQLMH VDNX SOMHQRRJURPQRLVNXVWYRL]QDQMHDXWRPDWVNLVSUHþDYDXVYDMD QMHQRYRJ]QDQMD.DGDWUHEDGDVHXVYRMLQHãWRQRYRVWDUH RVREHDXWRPDWVNLSRWHåXVYRMHRJURPQRLVNXVWYRL]QDQMHJR YRUHüLª.DGVDPMDELRPODGWRMHELOREROMHUHãHQR©,OL ª=QDPMDVYHWHQRYRWDULMHVYHMHWRSRQDYOMDQMHMHGQRJWHLVWRJ QHPDXWRPHQLþHJQRYRJLQHSR]QDWRJ©LWG *XELWDNRSãWHJLQWHUHVDLPRWLYDFLMH]D DNXPXODFLMXLSUDüH QMHQRYLK]QDQMDLVD]QDQMDMHUMHRSLWLPDGRND]DQRGDVWDUL YHRPDPDORLOLXRSãWHQHJXEHSDPüHQMH]DVWYDUL]DNRMH VX YLWDOQR]DLQWHUHVRYDQL3R]QDWDMHSUHVXGQDXORJDLQWHUHVDLPR WLYDFLMH]DSDPüHQMHDNRGVWDULMLKOMXGLJXELVHLQWHUHVQHVDPR ]DQRYLP]QDQMLPDQHJRSRVWHSHQRL]DVDPLPåLYRWRP.DNR VHJXELLQWHUHV]DSRMHGLQHVWYDULåLYRWDWDNRVHJXELLVSRVRE QRVWSDPüHQMD]DQMLK6WDULVHWDGDRELþQRRNUHüXGREXVYRMH PODGRVWLNDGDVXELOLVUHüQLML 0HÿXWLPDNRVHVSURYRGLRGUHÿHQUHåLPåLYRWDMRãL]PODGRVWL L WLPH RþXYD YLWDOQRVW L ãWR MH YHRPD YDåQR LQWHUHV L YROMD ]D UD]QLP DNWLYQRVWLPD X åLYRWX RQGD VH SDPüHQMH L RVWDOH XPQH VQDJH PRJX VDþXYDWLVYHåLPGRNUDMDåLYRWD 6 GUXJH VWUDQH VWDUL OMXGL XVSHãQR NRPSHQ]LUDMX L]YHVWDQ JXELWDN X SDPüHQMX VYRMLP YHüLP LVNXVWYRP DNXPXOLUDQLP ]QDQMHP VSRVREQRãüX RUJDQL]DFLMH VYRJ SRVOD UDGL QMHJRYRJ RSWLPDOQRJ L]YUãHQMD L ãLULP VKYDWDQMHP VWYDUL 9HOLNL ]QDþDM LPD L YUVWD SR]LYD 1D SULPHU X QDXFL SROLWLFL L PQRJLP XPHWQRVWLPD XSUDYR VWDULML SRND]XMX EROMH UH]XOWDWH MHU NRULVWH SUHGQRVWL XGUXåHQRJGHORYDQMDSURãOLKDNXPXOLUDQLKLVNXVWDYDL]QDQMDãWRVHX VYDNRGQHYQRPJRYRUX]RYHª]UHORLOLYHOLNRLVNXVWYR©WHªVDNXSOMHQD åLYRWQD PXGURVW© LWG 1D WDM QDþLQ JXELFL QD VYHåLQL L YLWDOQRVWL SDPüHQMD SUHPDãHQL VX SUHGQRVWLPD XGUXåHQRJ GHORYDQMD DNXPXOLUDQLKLVNXVWDYD 3UHPD QHNLP LVSLWLYDQMLPD GR JRGLQH åLYRWD X SURãHNX VDNXSL VH RNR XNXSQRJ IRQGD ]QDQMD L WR X REODVWL NRQNUHWQRJ SDPüHQMD 9 3RJO GRN DSVWUDNWQRORJLþNR SDPüHQMH NDR YLãL REOLN L JODYQL RVQRY QDãH VSR]QDMH L PLãOMHQMD QLMHRJUDQLþHQRVWDURVQLPGRERP 3RVHEQRMHSRWUHEQRLVWDüLGDVHSULPHQRPHILNDVQLKPHWRGDL WHKQLND VLVWHPDWVNRJ SDPüHQMD PRåH EH] LNDNYLK SRWHãNRüD SRVWLüL RSWLPXPXVYRMRMVSRVREQRVWLSDPüHQMD1DXVSHãQXSULPHQXPHWRGD LWHKQLNDVLVWHPDWVNRJSDPüHQMDVWDURVWLPD YHRPDPDORJSUDNWLþNL QHRVHWQRJXWLFDMDDDNRVHX]PXXRE]LUYHüHVSRVREQRVWLVWDULKGD XPHãQLMH SULPHQMXMX VYRMD ]QDQMD RQGD VH PRJX XåLYDWL L RGUHÿHQH SUHGQRVWL $VDGDSRJOHGDMWHNROLNLVWHXVSHKSRVWLJOLXSURXþDYDQMXL SULPHQL]DGQMDWULSRJODYOMD 7(67%5
SRJO 6PDWUDVHGDXVSHRLHILNDVDQJRYRUWUHEDGDWUDMH
2NRPLQXWD 'RPLQXWD 2NRþDVD 8FLOMXXVSHãQHLHILNDVQHUHSURGXNFLMHJRYRUDSRWUHEQRMH $ &HRJRYRUQDSLVDWLLGRVORYQRJD]DSDPWLWLVDVYLPQMHJRYLP SRMH GLQRVWLPD % ,]GYRMLWLVDPRELWQHPLVOLLSRUXNXJRYRUDLQMLK]DSDPWLWL ODQþD QLPPHWRGRPSDPüHQMD & *RYRUWUHEDGXåHYUHPHQDSULSUHPDWLLLVNULVWDOLVDQHJODYQH PLVOL VDSULSDGDMXüLPSRGDFLPDLGHORYLPD]DSDPWLWLMHGQRPRG YH]QLK PHWRGDSDPüHQMD SRJO 8EHOHåDYDQMHPUHGEURMHYDRGUHGLWHNRMLPPHWRGDPD WUHED WUHEDSDPWLWLQDYHGHQHYUVWHWHNVWRYD 2 1RUPDODQSUR]QLWHNVWLOL]DNRQVNLSURSLVL 2 ª6QLPDQMH©WXÿHJJRYRUDSUHGDYDQMD 2 'RVORYQRSDPüHQMHWHNVWRYD 2 3DPüHQMHWHNVWRYDQDQHSR]QDWRPVWUDQRPMH]LNX 2 3DPüHQMHVWLKRYDSRH]LMH 0RJXüLRGJRYRUL ,]DEUDQLPNOMXþQLPUHFLPDUHþHQLFDPDLOLVFHQDPD ,QLFLMDOQRPWHKQLNRP 3UHWYDUDQMHPFHORJWHNVWDXVNXSNOMXþQLKUHFLUHþHQLFDLOL VFHQD 2GUHGLWHWDþDQUHGRVOHGVOHGHüLKNOMXþQLKVFHQDUHþHQLFD L]SULþH % )UDQNOLQDª3LãWDOMND© 2 ª7YUGLFDVHGLQDJRPLOL]ODWDDOLXEHGLPUãDYX ULWDPDL XVDPOMHQ© 2 ª6YLVHVPHMXPDORP)UDQNOLQX]ERJSUHVNXSRSODüHQHSLã WDOMNHGRNRQ,MXWLWRSODþH© 2 ª)LQRREXþHQRJþRYHNDSRYHULRFLYRGHVSROLFLMRPX]DWYRU L]QMHJRYRJERJDWRQDPHãWHQRJVWDQDXUDVNRãQRMNRþLML© 2 ª-HGQDGYRUVNDXGRYLFDNODQMDVHQHSUHNLGQRSULQþHYLPD© 2 ª5DVNDODãDQþRYHNXåLYDXSLüXGRNMHGUXJRPUXNRPRGJXU QXRNQMLJX© SRJO 'DELSDPüHQMHSUDYLOQRYUãLORVYRMXXORJXXRGQRVX QD RVWDOHSVLKLþNHIXQNFLMHSRWUHEQRMH $ 'DSDPüHQMHVOXåLVWLFDQMXãWRYHüHJ]QDQMDLREUD]RYDQMD % %LWQRMHUD]YLMDWLLQWHOLJHQFLMXLãWRPDQMHSDPWLWL]ERJ RSDVQRVWL GRPLQDFLMHSDPüHQMD & 3DPüHQMHWUHEDGDVOXåLVWLFDQMXSRWUHEQLK]QDQMDNRMHüHELWL RV QRYDSUDYLOQRJYDVSLWDQMDXPDLUD]YRMDLQWHOLJHQFLMH2QRVH QH VUQHQLSUHFHQMLYDWLDQLSRWFHQMLYDWLQHJRPXWUHEDGDWL SUDYX XORJXXYDVSLWDQMXXPDLLQWHOLJHQFLMH 6YUKDYDVSLWDQMDLREUD]RYDQMDMH $ 6DNXSOMDQMH ãWR YHüHJ ]QDQMD L VWLFDQMD VSRVREQRVWL UHSURGXNFLMHYHOLNRJ]QDQMD
% 5D]YRMLVWLFDQMHYHOLNLKVSRVREQRVWLSDPüHQMDXFLOMX SRVWL]DQMD QDþLWDQRVWLLYHOLNHNQMLãNHREUD]RYDQRVWL & 5D]YRMVSRVREQRVWLLVWUDåLYDQMDVDPRVWDOQRJ]DNOMXþLYDQMD LQWH OLJHQFLMHLXNUDMQMRMNRQ]HNYHQFLVWYDUDODþNRJPLãOMHQMDL UDGD 3DPüHQMHXVWDURVWL $ 8VYLPVOXþDMHYLPDMHXYHNVODELMH]ERJSURFHVDVWDUHQMD RUJD QL]PDGHMVWYDSURDNWLYQHLQKLELFLMHLVODEOMHQMDLQWHUHVRYDQMD % 6DþXYDQDYLWDOQRVWXGUXåHQRGHORYDQMHYHOLNLKDNXPXOLUDQLK LV NXVWDYDLNRULãüHQMHHILNDVQLKPHWRGDSDPüHQMDPRJX NRPSHQ ]LUDWLQHJDWLYQDGHMVWYDSURFHVDVWDUHQMD
=$3$0û(1(326(71,&(,1(9,'/-,9,'26,-(,
ª=YH]GDQRJQHEDLOMXGVNRJOLFDQLNDGVH þRYHNQHüHPRüLQDJOHGDWL*OHGDãLJOH GDãLVYHMHYLÿHQRLQH]QDQRSR]QDWRD QRYR/LFHWRMHFYHWQDWRMELOMFLNRMDVH ]RYH þRYHN 8 QMLPD VX ]D PHQH XFUWDQL VYL SXWHYL VYHWD VYH SRPLVOL L VYD GFODVYHåHOMHLSRWUHEHOMXGVNHVYH PRJXüQRVWL þRYHNRYH VYH âWR JD GUåL L GLåHLVYHãWRJDWUXMHLXELMD© ²,$QGULü
3$0û(1-(,0(1$ ,/,.29$
=DYHüLQXOMXGLQHVHWLWLLPVHOLNDLOLLPHQD]DERUDYLWLSRVOHXSR ]QDYDQMD SUL VOHGHüHP VXVUHWX LPH LOL QH SUHSR]QDWL OLN ]QDþL LJQRULVDQMHSRWFHQMLYDQMHLQHSRãWRYDQMH=DPQRJHOMXGHQMLKRYRLPH MHQDMOHSãDUHþXQMLKRYRPMH]LNXDSUHSR]QDWLSRQRYRQMLKRYOLNSRVOH GXåHJYUHPHQD]QDþL]DQMLKSULKYDWLWLLKLFHQLWLNDROLþQRVW .ROLNRVWHYHüQHSULMDWQRVWLLPXþQLKVLWXDFLMDLPDOLXSULYDWQRP åLYRWXNDGDVHQLVWHPRJOLVHWLWLLPHQDSRMHGLQLKRVREDLOLSUHSR]QDWL RGPDKQHNHVYRMHSR]QDQLNHSULSRQRYQRPVXVUHWX".ROLNRVWHLPDOLQH ]JRGQLKVLWXDFLMDLGLUHNWQLKãWHWDXSRVORYQRPåLYRWX]DWRãWRVWH]DER UDYLOLLPHVYRJSRVORYQRJSDUWQHUDNRJDMHWUHEDORSRVHWLWLLOLPXWHOH IRQLUDWL LOL VH QLVWH PRJOL VHWLWL QMHJRYRJ LPHQD LOL OLND X OLþQRP NRQWDNWX" ² 6LJXUQR PQRJR MHU YHOLND MH ]DEOXGD YHURYDWL GD üH VH 9DV GUXJL VHüDWL L XYDåDYDWL DNR 9L QMHJD LJQRULãHWH PDNDU L QHVYHVQR L SRVUHGQR WLPH ãWR VWH PX ]DERUDYLOL LPH LOL VH QH PRåHWH VHWLWLQMHJRYRJOLND
8VSHãQL NRQWDNWL VD OMXGLPD X SULYDWQRP L SRVORYQRP åLYRWX QH PRJX WHüL JODWNR L EH] SUREOHPD DNR ]DERUDYOMDPR VWDOQR LPHQD L OLNRYHOMXGLVDNRMLPDGROD]LPRXGRGLU
3DPüHQMHOLNRYD ýXYHQRP LWDOLMDQVNRP NRPSR]LWRUX 5RVLQLMX * 5RVVLQL ² GRJRGLOD VH WDNR MHGQD YHRPD PXþQD VLWXDFLMD NDGD QLMH PRJDR GD SUHSR]QDþRYHNDVDNRMLPMHMHGQRPþDNLUXþDR ² =DUMHPRJXüHGDVHQHVHüDWHRQLKRGOLþQLKPDNDURQDVDJOML YDPDNRMHVPRRQDNRVDDSHWLWRP]DMHGQRMHOL"²SRNXãDþRYHNGDJD SRWVHWL ² $QHQHPDNDURQDVJOMLYDPDVHGREURVHüDPDOL9DVQDåD ORVWQH²L]UHþHVH5RVLQL ,DNROLNRYHOMXGLUHGHLWHåH]DERUDYOMDPRQHJRUHFLPRQMLKRYD LPHQD LSDN VH GRJDÿD GD PQRJH YDåQH OLNRYH QH ]DSDPWLPR L] LVWLK UD]ORJDVDNRMLKQHSDPWLPRLRVWDOHVWYDUL*ODYQLX]URNOHåLNDRLNRG RVWDOLK]QDQMDLSRGDWDNDXQHGRYROMQRPLQWHUHVRYDQMXLSURSXVWLPDGD VH RGUHÿHQLP PHWRGDPD SR]DEDYLPR VD OMXGVNLP OLNRYLPD $ OLFH þRYHND MR VOLND QMHJRYRJ GXKD ª FYHW QD WRM ELOMFL NRMD VH ]RYH þRYHN ©NDNRNDåH$QGULüLQXGLQDPPQRãWYRSRND]DWHOMDLEH]EURM QMLKRYLK NRPELQDFLMD SRPRüX NRMLK VD PDOR RUJDQL]RYDQRJ WUXGD L X] SULPHQX RGJRYDUDMXüLK PHWRGD PRåHPR WUDMQR SDPWLWL KLOMDGH OLFD L OLNRYD 6YDND RVRED VD VYRMLP OLFHP L RVWDOLP RVRELQDPD VYRMH OLþQRVWL SUXåDQDPRELOMHPRJXüQRVWLGDMH]DSDPWLPRNDRãWRVX QDJODYL L]UD]OLFDERMDWHQDNRVHLRþLMXREOLNQRVDXVDQD EUDGHREUYDLþHODYHOLþLQDLOLREOLNXãLMXEUNRYDEUDGHYUDWD LþLWDYHJODYH QDWFOXYHOLþLQDLREOLNWHODSRMHGLQLKGHORYDLXGRYD SVLKRIL]LþNHRVREHQRVWLSRQDãDQMHNUHWDQMHPLPLNDVPHKKRG SVLKLþNHLNDUDNWHUQHRVRELQHGREURXRþHQHL]UD]LWH SVLKLþNH VSRVREQRVWLLOLNDUDNWHUQHRVRELQHPRJXWDNRÿHELWLRGOLþDQSRW VHWQLN 7UHEDSRVWDWLYHVWSRVPDWUDþOMXGLNRMLüHRGPDKMRãSULSUYRP VXVUHWX]DSD]LWLQHNXQMLKRYXLVWDNQXWXRVREHQRVWLWUDMQRMHNRULVWLWLNDR VLJXUDQSRWVHWQLNLDVRFLMDWLYQXYH]XVDQMLKRYRPSRMDYRPLOLOLNRPSUL VOHGHüHPVXVUHWX$WDNDYSRVPDWUDþPRåHWHSRVWDWLVDPRSUDNVRP1DM EROMH MH GD ]D VYDNX RG QDYHGHQLK RVREHQRVWL RGUHGLWH SR MHGQX VHGPLFX LGDWRNRPWHVHGPLFHSRVPDWUDWHDQDOL]LUDWHLGRQRVLWHVYRMH ]DNOMXþNH UHFLPR VDPR R REOLNX L YHOLþLQL QRVD NRML üHWH YLGHWL VYDNRGQHYQR NRG EH]EURM OMXGL QD XOLFL X SUHYR]QLP VUHGVWYLPD LWG 'UXJH VHGPLFH XþLQLWH LVWR X YH]L VD PLPLNRP L NUHWDQMHP L WDNR GR NUDMD GRN QH LVFUSHWH VYH SRND]DWHOMH 0RåGD üHWH X SRþHWNX RVHWLWL L]YHVWDQQDSRUDOLXEU]RüH9DPVHWROLNRUD]YLWLLQWHUHVGDüH9DPRYD VYDNRGQHYQD DQDOL]D NDUDNWHUQLK FUWD ELWL YHRPD ]DQLPOMLYD L ãWR MH YDåQR NRULVQD 8EU]R üHWH ]DSD]LWL GD YHRPD ODNR SUHSR]QDMHWH OMXGH NRMH VWH YHü MHGQRP PDNDU L OHWLPLþQR YLGHOLMHUVWHXPHÿXYUHPHQX VLVWHPDWVNL L]RãWULOL VYRMH RNR VSHFLMDOQR ]D ]DSDåDQMH OMXGVNLK NDUDNWHUQLKFUWD .DGD ]DYUãLWH VD SRMHGLQDþQRP DQDOL]RP SRMHGLQLK RVREHQRVWL RQGD 9DãX VSRVREQRVW SUHSR]QDYDQMD OLNRYD OMXGL PRåHWH GDOMH ]QDWQR SRWHQ
FOUDWLDNRVH SUL SRVPDWUDQMX OLNRYD WUXGLWHGDRGPDK L]GYRMLWHQDMNDUDN WHULVWLþQLMXFUWX GDMHGREUR XRþLWH L X VYRMRM PDãWL VKRGQR ]DNRQLWRVWL PDDVRFLUDQMD93RJO SUHXYHOLþDWHGLQDPL]LUDWHXPQRåLWHLWGRQGD üHWHWXRVREXWUDMQR]DSDPWLWL 6YDNDNR NDR L X RVWDOLP REODVWLPD SDPüHQMD L NRG SDPüHQMD OL NRYD PRUDWH SULPHQLWL VYH SRWUHEQH PHWRGH ]D REH]EHÿHQMH WUDMQRJ L VL JXUQRJ ]DSDPüLYDQMD XRþHQLK RVREHQRVWL 1DMEROMH MH GD XYHþH SRQRYLWH ]DSDPüHQH OLNRYH L GD LK RGPDK VXWUDGDQ SR YHü SR]QDWRM GLQDPLFL SR QRYR UHSURGXNXMHWH .DGD SRMHGLQH OLNRYH PRåHWH PHQWDOQR SUHWVWDYLWL X VYRMRMPDãWLEH]SRWHãNRüDLVDVYLP]QDþDMQLPRVREHQRVWLPDRQGDPRåHWH VPDWUDWLGDVWHLKWUDMQRPHPRULUDOL 3DPüHQMHLPHQD
'YRMLFDVXVHVUHODQDXOLFL ² =GUDYR3HUR.DNRVL" ² +YDODGREUR$WL0DUNR" ² 0DUNR"-DVHQH]RYHP0DUNR ² 3DQLMDVHQH]RYHP3HUD ² 'RYUDJDRQGDWRQLVPRQDVGYRMLFD .DR ãWRVPRQDSRPHQXOLXRGHOMNXRSDPüHQMX OLNRYD LPHQD YHüL QDOMXGLGDOHNRWHåHSDPWLRGOLNRYD5D]ORJDLPDQHNROLNR /LNYLGLPRþHVWRVYDNLSXWNDGDVUHWQHPRRGUHÿHQXRVREXGRN LPHYHRPDUHWNRþXMHPRRELþQRSULXSR]QDYDQMXLWDGDQHSRW SXQRLQHMDVQR$YHüLQDOMXGLMHYL]XHOQRJDQHDXGLWLYQRJWLSD XSDPüHQMX 3RãWRQDPVHOLNXYHNSUH]HQWLUDGRYROMQRMHGD]QDPRVDPR MHGQXQMHJRYXFUWXLOLQHNLGHWDOMSDGDJDSUHSR]QDPRGRN LPHQDVHPRUDPRVHWLWLXFHORVWL.DRãWR9DPMHYHüSR]QDWR SUHSR]QDYDQMHMHGDOHNRODNãHRGVHüDQMDLUHSURGXNRYDQMD9 3RJO 'RNQDPVYDNLOLNSUHGVWDYOMDQHãWRNRQNUHWQRRGUHÿHQRLRV PLãOMHQRVDVYRMLPL]UD]RPLRVREHQRVWLPDGRWOHLPHPRåHGD EXGHVDPRQHMDVDQVNXSUD]OLþLWLKVORYDLOLJODVRYDDSVWUDNWDQ LEH]LNDNYRJVPLVODNDRQDSUVWDURPHNVLNDQVNRLPH,ãWOLOãR þLWO$SR]QDWR9DPMHGDVHRVPLãOMHQHLORJLþQHVWYDULODNãHL EUåHSDPWHRGEHVPLVOHQLKLQDPDDSVWUDNWQLKVWYDUL 3ULXSR]QDYDQMXLPHVHYHRPDSRYUãQRLQHMDVQRL]JRYRULD X PQRJLPVOXþDMHYLPDOMXGLLQHL]JRYRUHLPHSULXSR]QDYDQMX YHüVHVDPRUXNXMX3RUHGWRJDSULXSR]QDYDQMXRELþQRQHSR ND]XMHPRQLLQWHUHVQLåHOMXGDLPHQDãHJQRYRJSR]QDQLNDPH PRULUDPRDNDRãWR9DPMHSR]QDWREH]PHQWDOQHXVPHUHQRVWL REUDüDQMDSDåQMHLLQWHUHVRYDQMDQHPDQLGREURJSDPüHQMD7D NRVHQDåDORVWLVXYLãHþHVWRGRJDÿDGDLPHXRSãWHQHSDPWL PRDSULVOHGHüHPVXVUHWXYHRPDVPRL]QHQDÿHQLLOLþDNQHUYR] QLãWRVHWRJLPHQDQHPRåHPRVHWLWL =DQHNHRVREHSRMHGLQDLPHQDOMXGLLQMLKRYD]DQLPDQMDPRJX GDEXGX]DQLPOMLYDLOLSRVHEQR]QDþDMQDGRN]DGUXJHLVWDWD LPHQDLRVREHNRMHLKQRVHPRJXGDEXGXEH]LNDNYRJ]QDþDMD LYDåQRVWL1DSULPHU GRNüHVHQHNLSRVHEQRLQWHUHVRYDWLL þDNRGXãHYOMDYDWLSRMHGLQLPSR]QDWLMLPJOXPFLPDLOLVSRUWLVWL
PD L RGOLþQR ]QDWL QH VDPR QMLKRYD LPHQD QHJR L PDVX GUXJLK SRGDWDND R QMLPD GRWOH üH GUXJL ELWL SRWSXQR UDYQRGXãQL L QDUDYQRQHüH]QDWLþDNQLLPHQDWLKJOXPDFDLOLVSRUWLVWDDOL üH ]DWR SRND]DWL RGOLþQR SR]QDYDQMH QH VDPR LPHQD QHJR L PQRãWYD SRGDWDND R GHOLPD L åLYRWLPD UHFLPR PQRJLK VOLNDUD NRPSR]LWRUDLGUXJLKXPHWQLND .DRãWRYLGLWHLLPHELORNRMHRVREHSUHWVWDYOMDVDPRMHGDQRGUH ÿHQL SRGDWDN ]D þLMH SDPüHQMH YDåH LVWH ]DNRQLWRVWL NDR L ]D SDPüHQMH GUXJLK SRGDWDND %LWQR MH GD XRþLWH þLQMHQLFX GD NRG PHPRULUDQMD LPHQD L]UD]LWRQHSRãWXMHPR]DNRQLWRVWLSDPüHQMDNDRãWRMHJRUHQDYHGHQRL GD UHGRYQR ª]DKWHYDPR LVSODWX VD UDþXQD QD NRML QLNDGD QLVPR XORåLOL VUHGVWYD© $OL SULPHQRWQ RGJRYDUDMXüLK PHWRGD L SRãWRYDQMHP ]DNRQLWRVWL SDPüHQMD ]D YHRPD NUDWNR YUHPH PRåHPR VH RVSRVRELWL GD QH VDPR ELOR NRMHLPHSUH]LPHLOLQDGLPDNQHJRLQMLKRYHþLWDYHVHULMHHILNDVQRLWUDM QRSDPWLPR .ROLNRLPDPRYUVWDLPHQD" %LOR NRMH LPH RGQRVQR SUH]LPH LOL QDGLPDN LPD SXQR VOLþQRVWL VD VWUDQLP UHFLPD DNR VH UDGL RQMHJRYRP SDPüHQMXL XVYDMDQMX .DR L ELOR NRMD VWUDQD UHFL RQR ]D QDV PRåH ELWL DSVWUDNWDQ QHSR]QDW L QRY SRMDP DOL LVWRYUHPHQR L UHþ NRMD PRåH GD LPD SXQR VOLþQRVWL L YH]H VD QHNRP QDPD GREUR SR]QDWRP UHFL LOL VWYDUL 8 ]DYLVQRVWL RG VWHSHQD X NRPH PRåHPR QHNR LPH RVPLVOLWL L DVRFLUDWL VD QDPD GREUR SR]QDWLP UHFLPD LOL SRMPRYLPD VYD LPHQD PRåHPR SRGHOLWL XJODYQRP QD RYH þHWLUL JUXSH ,PHQDNRMDQHãWR]QDþHLOLSUHWVWDYOMDMXQDPDGREURSR]QDWHSRM PRYH1DSULPHU.RODU=HF0OLQDU*ROXE7RUELFDâWDPSDU 9XN.RYDþLWG ,PHQDþLMLMHGDQGHRLPDRGUHÿHQR]QDþHQMH1DSULPHU%5$7Lü 98.RY.29$&HYLü'=$.X0Q/2=$QLü-85O6Lü/8.Lü %(*RYLüLWG ,PHQDNRMDQDPL]JOHGDMXDSVWUDNWQDEH]QHNRJRGUHÿHQRJL NRQNUHWQRJ]QDþHQMD2QDQDPQDSUYLSRJOHGQHVXJHULãXQL ãWDRGUHÿHQR1DSULPHU3DYLü0UDWLQNRYLü.UPSRWLü0DQ GLü.HåLü*HQFHO-HPULüLWG 8þHWYUWXJUXSXPRåHPRVYUVWDWLVYDLPHQDNRMDVXVORåHQDRG GYDLOLYLãHLPHQDL]ELORNRMHRGSUHWKRGQLKJUXSD1DSULPHU +DGåL.RVWLü 3RS0DUNRYLü0UNãLü&DULQ %DGDQMDF*DYULü LWG .RGVWUDQLKLPHQDLPDPRLVWXVLWXDFLMX$NRJRYRULWHQHNLVWUDQLMH ]LNRQGDLPHQDQDWRPVWUDQRPMH]LNXPRåHWHNODVLILNRYDWLQDLVWLQDþLQ 1DSULPHUHQJOHVNDLPHQD6PLWK.RYDþ %ODFN&UQL )R[/LVLFD 7X UQHU6WUXJDU âSDQVNDLPHQD%DUUOJD7UEXK 'RORUHV%RORYL %ODQ FR %HOL 5XVND LPHQD 2UORY .RQMHY 'ROJRUXNRY 1HPDþND LPHQD 6FKPLGW.RYDþ %DXP'UYR %DXHU=HPOMRUDGQLN LWG 'DELLKHILNDVQRSDPWLOLLPHQD9DPPRUDMXSRVWDWLEOLVND 9Dã SUYL YDåDQ NRUDN ND HILNDVQRP SDPüHQMX LPHQD VDVWRML VH X EROMHP XSR]QDYDQMX QMLKRYLK QH VDPR YHRPD UD]OLþLWLK QHJR L þHVWR YUOR ]DQLPOMLYLKRVREHQRVWL$NRVHELGDWHGRYROMQRYUHPHQDLWUXGDSULMDWQR üHWHVHL]QHQDGLWLþLQMHQLFRPGDLPHQDPRJXELWLYHRPDLQWHUHVDQWQD
.DR ãWR VPR YHü QDJODVLOL LPHQD VDPD SR VHEL L QD SUYL SRJOHG SUHWVWDY,MDMX DSVWUDNWQH L EOHGH SRMPRYH NRML SURVHüQRP þRYHNX QH ND]XMX QLãWD ]DQLPOMLYR 0HÿXWLP MRã X SRJODYOMX R UD]YLMDQMX L VWYDUDQMX LQWHUHVD SRVHEQR VPR LVWDNOL ]DNRQLWRVW GD QDP MH QHND VWYDUQH]DQLPOMLYDL]SURVWRJUD]ORJD ãWR QDPMHQHSR]QDWD L GD VH LQWHUHV SUHPD QMRM EXGL L UD]YLMD X RQRM PHUL X NRMRM MH VYH YLãH L GXEOMHXSR]QDMHPR 7DNDY MH XSUDYR VOXþDM L VD LPHQLPD 1D SUYL SRJOHG ]D QH]DLQWHVRYDQRJ þRYHND DSVWUDNWQL L QH]DQLPOMLYL SRMPRYL L UHFL VD PDOR WUXGD RNR QMLKRYRJ XSR]QDYDQMD LPHQD SRVWDMX YHRPD ]DQLPOMLYD GDOHNR ODNãD ]D SDPüHQMH L ãWR MH WDNRÿH YDåQR YHRPD NRULVQDQH VDPRX VYDNRGQHYQRP åLYRWX QHJR L X QDãHP SR]LYX L SRVORYQLPNRQWDNWLPD 3RVWRML QDUDYQR QHNROLNR QDþLQD GD VH SULEOLåLWH LPHQLPD LOL GDXþLQLWH GD RQD SRVWDQX EOLVND 9DPD -HGDQ GREDU QDþLQ VDVWRML VH X WRPH GD SRVWDQHWH ªVYHVQL© LPHQD WM GD SRþQHWH GD RVHüDWH QMLKRYVPLVDRVNORS RVREHQRVWL L UD]QD ]QDþHQMD NRMD PRJX X VHEL GD VDGUåH 8 WX VYUKX SRWUHEQR MH GD SURXþDYDWH LPHQD SRPRüX UHFLPR WHOHIRQVNRJ LPHQLND UD]QLK VSLVNRYD LPHQD L XRSãWH SUL VYDNRP VXVUHWX VD UD]QLP LPHQLPD QD UD]QLP QDWSLVLPD ILUPDPD SXEOLNDFLMDPD L WVO 3UL WRPH MH ELWQR GD VYDNR WDNYR LPH UDãþODQMXMHWH L SRPQR DQDOL]LUDWH 1D SULPHU GD OL MH QDãH LOL VWUDQR L] NRJD NUDMD LOL ]HPOMH PRåH GD SRWLþH GD OL LPD QHNR NRQNUHWQR ]QDþHQMH GD OL 9DV SRWVHüD QD QHNRJ SULMDWHOMD LOL URÿDND LOL QDQHNLGUXJLSRMDPGDOLVHWHãNRL]JRYDUDLOL SLãH LWG $NRVYDNRQRYR]D9DVLPHSRVPDWUDWHL]RYLKQHNROLNRXJORYDRQR üH ]D 9DV GRELWL VDVYLP QRYH LQWHUHVDQWQH GLPHQ]LMH L GUXJL XSHþDWOMLYLSUL]YXN 'UXJLQDþLQNRMLPRåHWHYHRPDXVSHãQRNRPELQRYDWLVDSUYLP L SRWSXQR ]DRNUXåLWL VYRMX LPSUHVLMX R QRYRP LPHQX VDVWRML VH X WRPHGDQRYDLPHQDUD]YUVWDWHXMHGQXRGQDSUHGSRPHQXWH þHWLUL JUXSH $ GD ELVWH MHGQR QRYR LPH PRJOL SUDYLOQR UD]YUVWDWL SRWUHEQR MH QDMSUH GD VH GREUR XSR]QDWH VD QMHJRYRP SULURGRP RVREHQRVWLPD HYHQWXDOQLP ]QDþHQMHP L VOLþQR 1D WDM QDþLQ NUR] UD]YUVWDYDQMH LPHQD 9L VH DXWRPDWVNL VD QMLPD XSR]QDMHWH RQD 9DPSRVWDMXEOLVNDL]DQLPOMLYLMDDVDPLPWLPLODNãD]DSDPüHQMH 8 NRMRM PHUL LPHQD PRJX ELWL ]DQLPOMLYD L QHRELþQD D VDPLPWLPLSUXåLWLPRJXüQRVW]DQMLKRYRODNãHSDPüHQMHJRYRULL VOHGHüLKQHNROLNRSULPHUD 9HüVHGRJDÿDORGD VHQHNL LQDþHNUXSDQ þRYHN SUHWVWDYL VD ªDVDP0$/,©NDRLGDVHQHNLPUãDYNRX]VLPSDWLþDQRVPHKQD VYRMUDþXQXSR]QDVD9DPDUHFLPDª'UDJRPLMHMDVDPâ,52.,© 8 VYRMRM þXYHQRM UXEULFL ª9HURYDOL LOL QH © 5LSOL 5 5LSOHY ² QDYRGL MHGDQ YHRPD QHRELþDQ VOXþDM NRPELQDFLMH LPHQD 1HNL (QJOH] 'DYLG 2WR 1RUPDQ $OEHUW 7RPDV '21$7 þLMH VH SUH]LPH 'RQDW VDVWRML X VWYDUL RG SRþHWQLK VORYD QMHJRYLK SHW LPHQD RåHQLR VH GH YRMNRP þLMH MH LPH SRþLQMDOR VD LVWLP LQLFLMDOLPD 1MHQR LPH MH JODVLOR 'LQD 2VD 1LQD $QD 7DUD âWRVHWLþHLPHQDVNORSLOLVX]DLVWDVDYUãHQEUDN 8 âSDQLML MH RELþDM GD GHYRMND NDGD VH XGD GRGDMH VYRP LPHQXLPHPXåD1HUHWNRVHGHãDYD GDVNODSDQMHPEUDNRYDGROD]L GR QHRELþQLK NRPELQDFLMD LPHQD -HGQRP VH GRJRGLOR GD MHGQD VHQMRULWDSRLPHQX'RORUHV)XHUWHVSRVOHXGDMH]DQHNRJVHQMRUDGH %DUULJDSRVWDQHVHQMRUD'RORUHV)XHUWHVGH%DUULJDãWRPDNROLNR ]YXþQR GHORYDOR QD ãSDQVNRP LPD YHRPD SUR]DLþQR ]QDþHQMH MDNL VWRPDþQLERORYL
$NR VH GDOMH XGXEOMXMHWH X DQDOL]LUDQMH UD]QLK LPHQD RWNULüHWH L PQRJHGUXJHQMLKRYHLQWHUHVDQWQH RVRELQH 1D SULPHU PQRJL OMXGL QRVH LVWRLPHLSUH]LPHNDR0LOLü0LOLüL0LORã0LORãDEURMQLVXLVOXþDMHYL GDVHSUH]LPHQDPQRJLKSRURGLFDSRGXGDUDMXVDLPHQLPDSRMHGLQLKPHVWD LOLNUDMHYD1DSULPHU*ODPRþ.DPHQLFD%Dþ7HVOLüLWG1HNHSRURGLFH QRVHSUH]LPHQDRGQRVQRLPHQDSRMHGLQLKUHNDQDSULPHUX%RVQLSRVWRML SUH]LPH'ULQD 3RUHGWRJDãWRLPHQDPRJXGD]QDþHQHNXSURIHVLMXLOL]DQLPDQMH NDRãWRVX.XKDU/RQþDU6ROGDWLOLâXVWHUPRJXGDR]QDþDYDMXLYHR PDUD]OLþLWHSUHGPHWHL GUXJH SRMPRYH .RNRãDUD âXEDUD0RWLND .RPD GLQD'ODND.XJD-HOHQLWG0QRJDLPHQDLPDMXVDVYLPQHRELþDQREOLN L]QDþHQMHNDRQDSULPHU9LQRSLMD.XNDYLFD%XEDORâXãWDOR7ULQDHV WLü 3DSD .XWODþD ,JOD *LEDQLFD 'ULMHPDOR 9UHEDOR 8JOMHQ 3HãNLU 3L MHYDF2URV.RSULYD2EOL]DORLWG 9HüLQX RYLK LPHQD PRåHPR VYUVWDWL X , JUXSX RE]LURP GD LPDMX RGUHÿHQR]QDþHQMH
3URQDODåHQMHLVWDNQXWLKFUWDLRVREHQRVWL ,PHQDPRåHPR HILNDVQRLWUDMQR ]DSDPWLWL MHGLQR WDNR ãWR üHPR LKDVRFLUDWLVDQHNLPNDUDNWHULVWLþQLP]QDNRPLVWDNQXWRPFUWRPQDOLFX LOLVDQHNRPXSDGOMLYRPRVREHQRãüXOLFDþLMHLPH SDPWLPR .DGDVPR JR YRULOL R SDPüHQMX OLNRYD LPDOL VWH SULOLNX GD YLGLWH NROLNR UD]QRYUVQLK L EURMQLK PRJXüQRVWL SUXåD VDPR OLFH VD VYRMLP FUWDPD L SRMHGLQLP GHOR YLPD]DSDPüHQMHþLWDYRJOLND 6YDNR OLFH MH VOLND ]D VHEH L MHGLQVWYHQD NRPELQDFLMD SRMHGLQLK ND UDNWHUQLKFUWD L RVREHQRVWL ýDN L NRG GYRMQLND SRVWRMH L]YHVQH UD]OLNH LDNR WHãNR XRþOMLYH QD SUYL SRJOHG 3UDNWLþQR PRåHPR VPDWUDWL GD VYDNL OLN SUXåD GRYROMQR RVREHQLK FUWD L] NRMLK PRåHPR XYHN L]GYRMLWL MHGQX NRMD üH ]D QDV ELWL QDMLVWDNQXWLMD .DGD VH RGOXþXMHWH ]D QHNX FUWX LOL RVR EHQRVWYRGLWHVWURJRUDþXQDRVOHGHüLPPRPHQWLPD ,]DEUDQDFUWDQDOLFXLOL RVREHQRVWWUHEDGDMHWUDMQHSULURGH 3UHPDWRPHãPLQNDIUL]XUDEUDGDEUNRYLLWVOQHGROD]HXRE ]LUNDRSRJRGQLGHORYLOLFD]DNRMHüHPRDVRFLUDWLLPHQDNRMD SDPWLPR ,]DEUDQLGHROLFDLOLRVREHQRVWLWUHEDGDVX]D9DVXSDGOMLYHL XRþOMLYHQDSUYLSRJOHG8SULQFLSXGHROLFDLOLRVREHQRVWNRMX SUYX]DSD]LPRSULOLNRPXSR]QDYDQMDRELþQRMHQDMEROMDFUWD]D NRMXWUHEDDVRFLUDWLLPH ,]DEUDQDRVREHQRVWRGQRVQRNDUDNWHULVWLþQDFUWDWUHEDGDEXGH SRJRGQD]DDVRFLUDQMHVDVDPLPLPHQRP1DSULPHUQHNLPDOL RåLOMDNLOLL]UDVOLQDQDOLFXLVOLþQRQLVXEDãQDMSRJRGQLMHRVREH QRVWL]DDVRFLUDQMH]ERJVYRMLKPDOLKGLPHQ]LMDLMHGQRREUD]QR VWLGRNUHFLPRYHOLNLQRVNUXSQHRþLLOLYHRPDSXQHXVQHSUHW VWDYOMDMXYHRPDSRJRGQHGHORYHOLFD]DGREURDVRFLUDQMHVDLPH QRP %LWQRMHGDVHRGOXþLWH]DRQXRVREHQRVWLOLNDUDNWHULVWLþQXFUWXNR MDüH9DVVLJXUQRLQHGYRVPLVOHQRSRWVHWLWLQDLPHRVREHNRMHVWHSRYH ]DOL VD WRP RVREHQRãüX D SUL SUYRP VOHGHüHP VXVUHWX 1D SULPHU SUHW SRVWDYLPRGDVWHVHSULOLNRPSDPüHQMDLPHQDOLNRYDX3RJODYOMX X7HVWXEUNRGRVREHVDLPHQRP=HFRGOXþLOL]DQMHJRYYHRPDYHOLNL
L XSDGOMLY 126 NDR LVWDNQXWX FUWX LOL RVREHQRVW QMHJRYRJ OLND 3R SUDYLOLPD DVRFLUDQMD NRMD VX 9DP GREUR SR]QDWD DVRFLUDMWH MHGQRJ =(&$ VD QMHJRYLP 12620 L SUL SUYRP VOHGHüHP VXVUHWX RGPDK üHWH QDMSUH ]DSD]LWL 126 QD QMHJRYRP OLFX L LVWRYUHPHQR DXWRPDWVNL üH 9DP VH SRMDYLWL L =(& NRJD VWH DVRFLUDOL VD 126201DWDMQDþLQRGPDKüHWH]QDWLGDVHGRWLþQDRVREDSUH]LYD =(& 3ULOLNRPRGDELUDQMDNDUDNWHULVWLþQHFUWHLOLRVREHQRVWLQDQHNRM RVRELþLMHLPHåHOLWHGDWUDMQR]DSDPWLWHSRJUHãQRELELORRJUDQLþLWL VH VDPR QD OLFH GRWLþQH RVREH RGQRVQR VDPR QD QMHQX JODYX MHU L RVWDOLGHORYLWHODLRVREHQRVWLVDPHOLþQRVWLSUXåDMXRELOMHPRJXüQRVWL ]DL]QDODåHQMHLL]GYDMDQMHSRJRGQRJ]QDND]DDVRFLUDQMHVDLPHQRP WH RVREH .DR ãWR 9DP MH SR]QDWR L] WHKQLNH SDPüHQMD OLNRYD QH VDPR OLFH L JODYD YHü L þLWDYR WHOR NDR L NDUDNWHUQD REHOHåMD VDPH OLþQRVWLSUXåDMXPQRãWYRSRJRGQLKRVREHQRVWL]DDVRFLUDQMHVDVDPLP LPHQRPGRWLþQHRVREH =DWRMHSUHSRUXþOMLYRGDXRþDYDWHXSUDYRQDMLVWDNQXWLMHL]D9DV QDMSRJRGQLMH]QDNHREHOHåMDLOLRVRELQHQDþLWDYRMRVRELþLMHLPHåHOLWH PHPRULUDWL0QRJLPD üH]DSUDYRQDMYLãHRGJRYDUDWLGDXRþHLX]PX NDR RVREHQRVW L QDMLVWDNQXWLML ]QDN VPHK KRG GUåDQMH PLPLNX LOL JODV GRWLþQH RVREH 'UXJLPD üH RSHW YLãH RGJRYDUDWL RVREHQL QDþLQ RGHYDQMDLOLJHVWLNXODFLMDSULJRYRUXRVRED þLMH LPH åHOH ]DSDPWLWL MHU VXLPXSUDYRWHRVREHQRVWLXRþOMLYLMHQDGRWLþQRMOLþQRVWLRGELORNRJ GUXJRJ REHOHåMD QD OLFX LOL JODYL 1D SULPHU DNR SRQRYR SRJOHGDWH QDãLKOLNRYDX3RJO7HVWEU]DSD]LüHWHGDRVREDVDLPHQRP .8+$5 NDUDNWHULVWLþQR JHVWLNXOLUD ãDNRP GRN JRYRUL GRN VH GHYRMNDNRMDVHSUH]LYD9,â1-,ûVNRURSRGUXJOMLYRRVPHKXMHVDPR MHGQRPVWUDQRPOLFDLXVDQD .DGDMHQDMEROMHGDXRþDYDWHLL]GYDMDWHRVREHQL]QDN",]ERU]D 9DV QDMSRJRGQLMHJ RVREHQRJ ]QDND QD RVREL þLMH LPH SDPWLWH L]YUãLüHWHQDMEROMHWRNRPXSR]QDYDQMDLUD]JRYRUDNRMLSRWRPXVOHGL 3XVWLWHGD9DãQRYLSR]QDQLNSULþDLGUåL LQLFLMDWLYX X UD]JRYRUX 1D WDMQDþLQLPDüHWHGRYROMQRYUHPHQDGDPLUQRSRWUDåLWHLXRþLWH]D9DV QDMSRJRGQLML RVREHQL ]QDN QD QMHJRYRM RVREL LOL X QMHJRYRP NDUDNWHUX7DNRÿHüHWHLPDWLGRYROMQRYUHPHQDGDL]YUãLWHDVRFLUDQMH LPHQD VD RGDEUDQLP RVREHQLP ]QDNRP SUHPD PHWRGDPD NRMH üHPR XSUDYRL]ORåLWL .DNRVHXVWYDULSDPWHLPHQD" 1DMSUHMHSRWUHEQRGDXNORQLWHVYHRQHQHJDWLYQHIDNWRUHNRML XWLþX QD VODER SDPüHQMH LPHQD D NRMH VPR QDYHOL QD SRþHWNX SRJODYOMD'REDUGHRQMLKSUHWVWDYOMDXVWYDULNRPSOHNV ORãLK QDYLND NRMH QDP QH GR]YROMDYDMX GD LPH PDNDU ]DSD]LPR D NDPROL SDPWLPR L ]DSDPWLPR =DWR MH SRWUHEQR GD UD]YLMHWH VXSURWQH QDYLNH NRMH üH MHGQRVWDYQR ]DPHQLWL L LVWLVQXWL ORãH QDYLNH X SDPüHQMXLPHQDLNDRãWRVX 3ULXSR]QDYDQMXQDVWRMWHGDLPH9DãHJQRYRJSR]QDQLNDMDVQRþX MHWH&HVWRVHGRJDÿDGDVHLPHVDPRSURPUPOMDLOLþDNLQHL]JR YRUL8WDNYLPVOXþDMHYLPDWDNWLþQRLQVLVWLUDQMHGD9DPVHLPHSR QRYL$NRVHWHãNRL]JRYDUDLOLXVOXþDMXVWUDQLKLPHQDWHãNRSLãH VORERGQR]DPROLWHGD9DP9DãQRYLSR]QDQLNUDVWXPDþLQHMDVDQ L]JRYRULOLSLVDQMHQMHJRYRJLPHQD2QüHWLPHELWLSRODVNDQLGR SDãüHPXVH9DãHSRVHEQRLQWHUHVRYDQMH]DQMHJRYRLPH 2GPDKSRVOHXSR]QDYDQMDLPDWHRGOLþQXSULOLNXGDPDORSRUD]JR YDUDWHVDVYRMLPQRYLPSR]QDQLNRPRQMHJRYRPLPHQX QDSUL
PHU LPH PRåH ELWL UHWNR QHRELþQR VOLþQR VD QHNLP GUXJLP LPHQRP LVWR NDR LPH QHNRJ 9DãHJ SR]QDQLND LOL URÿDND 9DãH SRVHEQR LQWHUHVRYDQMH ]D QMHJRYR LPH YHRPD üH JRGLWL 9DãHP SR]QDQLNX D XMHGQR WLPH GRELMDWH L RGOLþQX XYRGQX WHPX ]D GDOML UD]JRYRU L XSR]QDYDQMH 7RNRPUD]JRYRUDQDVWRMWHQHXSDGOMLYRLQHQDPHWOMLYRRVORYLWL9D ãHJQRYRJSR]QDQLNDQMHJRYLPLPHQRP7DNRÿHQHSURSXVWLWHSUL OLNXGDJDMRãMHGQRPRVORYLWHSRLPHQXQDUDVWDQNXLSULSR] GUDYX ,PDMWHXYHNQDXPXþLQMHQLFXSULOLNRPXSR]QDYDQMDGDMH]DRJ URPQXYHüLQXOMXGLQMLKRYRLPHMHGQDRGQDMPLOLMLKLQDMYDåQLMLK UHFLXQMLKRYRPMH]LNXLGDQH]DSDPWLWLLPLPHLOLOLN]DQMLK ]QDþLYHOLNRRPDORYDåDYDQMHLSRWFHQMLYDQMHDLREUQXWR =DWLPMHSRWUHEQRGDXRþLWHLL]DEHUHWH]D9DVQDMSRJRGQLMLRVREH QL]QDNLOLNDUDNWHULVWLþQXFUWXQD9DãHPQRYRPSR]QDQLNXRþH PXMHELORRSãLUQLMHJRYRUDXSUHWKRGQRPRGHOMNX 6OHGHüD ID]D X HILNDVQRP SDPüHQMX LPHQD VDVWRML VH X NODVLILNRYDQMX LPHQD X MHGQX RG þHWLUL JUXSH 6DPLP WLP DXWRPDWVNL RGUHÿXMHWH L PHWRG QMHJRYRJ RVPLãOMDYDQMD .DR L SUL PHPRULUDQMX L DVRFLUDQMX RVWDOLK SRGDWDND L NRG LPHQD PRUDPR SRãWRYDWL ]DNRQLWRVWL DVRFLUDQMD NRMH QDODåX GD SRGDWDN NRML åHOLPR DVRFLUDWL QDMSUH PRUDPR RVPLVOLWL L WLPH JD XþLQLWL SRJRGQLP ]D DVRFLUDQMH ýLQLWL VXSURWQR ]QDþLOR EL X VWYDUL SRNXãDYDWL GLUHNWQR SRYH]DWL OLFH LOL QHNL RVREHQL ]QDN QD QMHPX VD DSVWUDNWQLP QH]DQLPOMLYLPLPHQRP7RELELORUDYQRX]DOXGQRPQDVWRMDQMXGDVH ERMDSRYHåHVDWRQRP,PHNDRLVYDNLGUXJLSRGDWDNPRUDSUHWKRGQR ELWL GRYROMQR ASUHSDULUDQR© WM RVPLãOMHQR GD EL VH PRJOR DVRFLUDWL L WLPHHILNDVQRSDPWLWL 3UYD JUXSD LPHQD VH YHRPD ODNR RVPLãOMDYD D VDPLP WLP L SDPWLMHULPHQDSUYHJUXSHXYHN]QDþHQHãWRNRQNUHWQRLRGUHÿHQR 1D SULPHU LPH 3871,. DXWRPDWVNL RVPLãOMDYDPR MHGQRVWDYQLP ]DPLãOMDQMHP MHGQRJ ª3XWQLND© NDNR SXWXMH L ODNR JD PRåHPR DVRFLUDWL VDRGDEUDQLPRVREHULP]QDNRP , NRG GUXJH JUXSH LPHQD LPDPR MRã XYHN GRVWD SRJRGQX VLWXDFLMX MHU WD LPHQD EDU MHGQLP VYRMLP GHORP ]QDþH QHNL NRQNUHWDQ SRMDP 1D SULPHU LPH .2/$529,û PRåHPR RVPLVOLWL QD QHNROLNR QDþLQDNDR.2/$5 NRML SUDYLLOLRSUDYOMD NRODVWLPãWR QDVWDYDN ² 2 9,& ]DKYDOMXMXüL ]DNRQX DVRFLMDFLMH NDVQLMH VH DXWRPDWVNL MDYOMD SULUHSURGXNFLMLVDPRJLPHQD.RåHOLGDEXGHSRVHEQRVLJXUDQQDURþLWR X SRþHWNX GRN QH VWHNQH SRWUHEQX UXWLQX PRåH LVWR LPH L SRWSXQLMH RVPLVOLWLQDSULPHU.2/$5529,û PDOLURY LWVO 7UHüX JUXSX LPHQD QH PRåHPR GLUHNWQR RVPLãOMDYDWL MHU LPHQD WH JUXSH QHPDMX QLNDNYR NRQNUHWQR ]QDþHQMH QL X FHORVWL QL X SRMHGLQLPVYRMLPGHORYLPD7DNYDLPHQDPRåHPRRVPLVOLWLSRVUHGQRW]Y PHWRGRPKRPRIRQHDQDORJLMHLOLIRQLþQHDQDORJLMHDQDORJLHSKRQLTXH 'UXJLPUHFLPDWRMHPHWRGNRULãüHQMDGUXJHSRVUHGQHUHFLNRMDVYRMLP ]YXNRP SULOLNRP L]JRYRUD SRWVHüD QD LPH NRMH åHOLPR DVRFLUDWL L PHPRULUDWL1DSULPHULPH(7(/.$VYRMLPIRQHWLþNLPREOLNRPNDGD VH L]JRYRUL SRWVHüD QDV QD UHþ 3(7(/-.$ 'DOML SULPHUL IRQLþQH DQDORJLMH L]PHÿX SRMHGLQLK LPHQD WUHüH JUXSH L SRVUHGQLK UHFL ]D QMLKRYRRVPLãOMDYDQMHVWUDQRLPH9LOL:LOO\ SRWVHüDQDUHþª9,/$© LOLª9,/(©/(.,ûQDPD
OL /(. LOL /(. .O& ²,&$ -(/29$&QD-(/$ -(/2 /29$& 3,17$5,ûVHPRåHSRVUHGQRRVPLVOLWLSRPRüXUHFL3,17(5D3$17,û SRPRüX UHFL 3$17(5 LOL NDR ERJ 3$1 7,& SWLü SWLþLFD ]D 6$0$5'ä,-8PRåHWHXSRWUHELWLUHFL6$0$56O-8LOLâ,-$ YUDW D]D.8/(129,û$]DPLVOLWHQHNLGREDUNRPDG.8/(1$LOL .8/(L129ý,ûLWG .DR ãWR YLGLWH VYDNR LPH L] WUHüH JUXSH PRåH VH RVPLVOLWL PHWRGRP VOLþQRVWL SR ]YXNX VD MHGQRP LOL YLãH VOLþQLK UHFL 6YDNDNR JRUH QDYHGHQL SULPHUL SUHWVWDYOMDMX VDPR MHGQX RG PRJXüQRVWL RVPLãOMDYDQMD NRMD üH QHNLPD RGJRYDUDWL 6YDNR üH SUHPD VYRMLP PRJXüQRVWLPD L DILQLWHWLPD RGDEUDWL RQH UHFL L QMLKRYH NRPELQDFLMH NRMH QMHPX QDMYLãH RGJRYDUDMX 8 þLWDYRM VWYDUL MH SUHVXGQR VDPR WR GD 9DV NRPELQDFLMD UHFL NRMH VWH RGDEUDOL X VYDNRP WUHQXWNX PRåH QHSRJUHãQR SRWVHWLWL QD LPH NRMH VWH SRVUHGQR SUHNR RGDEUDQH VOLþQH UHFL LOL NRPELQDFLMH VOLþQLK UHFL DVRFLUDOL VD RVREHQLP ]QDNRP QD GRWLþQRMRVREL 3RVHEQR åHOLPR GD 9DP QDJODVLPR GD QLMH EH]XVORYQR SRWUHEQR GD VYH GHORYH LOL VORJRYH LPHQD QDURþLWR RQH ]DYUãQH REXKYDWLWHVXSVWLWXFLRQLPUHFLPDWMVOLþQLPLOLSRVUHGQLPUHFLPDMHU 9DP SUL UHSURGXNFLML WDNR ]DSDPüHQLK LPHQD XYHN QHSRJUHãLYR SRPDåH]DNRQDVRFLMDFLMHGDVHODNRLDXWRPDWVNLVHWLWH]DYUãQLKGHORYD LPHQD 1D SULPHU ]D LPH .20$& GRYROMQR MH GD X]PHWH .20 RG NRJDVHSHþHUDNLMD LOL.20$ ]DSHWD SDGDVHRGPDKVHWLWHLPHQD .20$& $OL DNR åHOLWH GD EXGHWH VDVYLP VLJXUQL QDURþLWR X SRþHWNX RQGDPRåHWHX]HWLLNRPELQDFLMXUHFLPR.20I0$&$LWG 8 RYRM JUXSL QDLüLüHWH QD LPHQD NRMD VH YHRPD WHãNR PRJX RVPLVOLWL RYLP QDþLQRP LOL þDN GD VH XRSãWH QH PRJX RYDNR RVPLVOLWL 7R VX WDNR]YDQD ªWHãND LPHQD© þLMH üHPR RVPLãOMDYDQMH L DVRFLUDQMH SRVHEQRREUDGLWLXRYRPSRJODYOMX ýHWYUWD JUXSD LPHQD NDR ãWR 9DP MH SR]QDWR VDVWRML VH ]DSUDYR RG VORåHQLK LPHQD WM GYRVWUXNLK SUH]LPHQD NDR ãWR VX QD SULPHU %UNLü0DåXUDQLü ,YDQRYLü9XNRY LOL LPHQD VD QDGLPNRP 9XNDãLQ9XOH-RYRYLü0LKDLOR0LãR%HQþLüLWG 2YD LPHQD SDPWLPR SR GHORYLPD L] NRMLK VX VORåHQD 7X VX QDUDYQR PRJXüH UD]QH NRPELQDFLMH SRMHGLQLK JUXSD %LWQR MH GD XRþLWHL]NRMLKGHORYDVHVORåHQRLPHLOLGYRVWUXNRSUH]LPHVDVWRMLLGD]D VYDNRSRMHGLQDþQRLPHRGUHGLWHJUXSXNRMRMSULSDGD'DOMHSRVWXSDPR NDR GD VH UDGL R SDPüHQMX LPHQD L] QHNH RG SUYLK WULMX JUXSD )RUPLUDQH SRMPRYH X REOLNX SRVUHGQLK UHFL L NRQNUHWQLK SRMPRYD GDNOH ªSUHSDULUDQD© LPHQD ]D DVRFLUDQMH SRYHåLWH ELOR ODQþDQLP VLVWHPRP LOL JUXSQRP DVRFLMDFLMRP X MHGQX FHOLQX D RYX VD L]DEUDQRP LVWDNQXWRPRVREHQRãüXLOLFUWRPV!DPHRVREHþLMHLPHSDPWLWH 1DSR]QDWDLW]YªODNDLPHQD©]DSDPüHQMHWUHEDREUDWLWLSRVHEQX SDåQMX MHU XSUDYR NRG QMLK QDMYLãH JUHãLPR NDGD NDåHPR VHEL ª2YR PLMHLPHYHRPDSR]QDWRLODNR6LJXUDQVDPGDüXJDWUDMQR]DSDPWLWL© 8SUDYR WDNYD LPHQD WHãNR LOL QLNDNR QH PRåHPR GR]YDWL X VYHVW SUL VOHGHüHP VXVUHWX MHU LK MHGQRVWDYQR ² QLVPR QL SDPWLOL 5DGL WRJD RYLPLPHQLPDSRVYHWLWHLVWXSDåQMXLGDMWHLPLVWLWUHWPDQNDRLRVWDOLP NDWHJRULMDPDLPHQDRGUHGLWHPXJUXSXNRMRMSULSDGDQDRVQRYXJUXSH ªSUHSDULUDMWH© JD ]D DVRFLUDQMH RVPLVOLYãL JD NRQNUHWQLP SRMPRP LOL SRVUHGQRP UHþMX L NRQDþQR DVRFLUDMWH JD SR SR]QDWLP SUDYLOLPD DVRFLUDQMDVDQDMLVWDNQXWLMRPRVREHQRPFUWRPGRWLþQHRVREH
6DGD 9DP VDPR SUHRVWDMH GD RYDNR SULSUHPOMHQD LPHQD DVRFLUDWH VD RGDEUDQLP ]QDNRP LOL RVREHQRãüX VDPRJ OLND þLMH LPH SDPWLWH 3UL DVRFLUDQMX SULSUHPOMHQRJ LPHQD L L]DEUDQRJ RVREHQRJ ]QDND VOXåLWH VH VYLP 9DPD YHü SR]QDWLP SUDYLOLPD ]D RVWYDUHQMH GREULKLWUDMQLKDVRFLMDFLMDNRMDVPRGHWDOMQRREUDGLOLXSRJODYOMXR ODQþDQRP PHWRGX SDPüHQMD 2YGH üHPR QDYHVWL MHGDQ SULPHU DVRFLUDQMDLHILNDVQRJSDPüHQMDMHGQHOLVWHRGXNXSQRãHVWLPHQD
9DãQRYLSR]QDQLN60,/(96.,MHL]UD]LWL632576.,7,3LNDNR 9DPMHEU]RRWNULRWRNRPUD]JRYRUDRGXãHYOMHQMH6.,-$1-(0-HG QDRGPRJXüLKDVRFLMDFLMDMHGD]DPLVOLWH60,/(96.2*NDNRVHNUR] ª60,/-(LERVLOMH©GDNOHVDVYLPQHRELþQRSRQHNRMOLYDGL6.,MDäL YRSUHWVWDYLWHVHELNDNRQL]SDGLQXNUR]60,/-(MXULQD6.,MDPD 60,/-(6.,MH 60,/(96., 6OHGHüL9DãSR]QDQLN]RYHVH+$',.267,û2GPDK]DSDåDWHGDMH WRLPHJUXSHLGDPRUDWHGDOMHUD]YUVWDWLVYDNLGHRRYRJVORåHQRJ SUH]LPHQD6OXþDMQRREDGHODVSDGDMXXJUXSXMHUMHGQLPVYRMLP GHORP]QDþHQHãWRNRQNUHWQR+$'=,SRWVHüDQDª+DGåLMX©ª+RGRþD VQLND©D.267,ûQDª.RVW©3ULXSR]QDYDQMX]DSD]LOLVWHYHRPDXSDG OMLYRSRJQXWRLOLSRJUEOMHQRGUåDQMH9DãHJQRYRJSR]QDQLND'RþDUDM WHVHELPHQWDOQXVOLNXLOLSUL]RUNDNRVH9DãSR]QDQLNXSXWLRQDKRGR þDãüHLOL+$',/8.LNDNR32*187QRVL.267QDUDPHQXXPHVWR ãWDSDRNRMRMYLVLQMHJRYDSXWQDWRUEDLOL]DYHåOMDM 3UH]LPH9DãHJWUHüHJSR]QDQLNDJODVL85%$12GPDKSULPHüXMHWHGD RYRSUH]LPHVSDGDXWUHüXJUXSXLGDVHPRUDWH SRVOXåLWLIRQLþQRP DQDORJLMRPLOL]YXNRYQRPVOLþQRãüXGDSRPRüXMHGQHSRVUHGQHUHüL RPRJXüLWHDVRFLUDQMHRYRJLPHQD3RãWRVWHXRþLOLGD9DãQRYLSR]QD QLNLPDL]UD]LWRYLVRNRû(/2X9DãRMPDãWLVWDYLWHPXMHGDQ785 %$1785%$1 RNRJODYH
6D9DãLPþHWYUWLPSR]QDQLNRPQLVWHLPDOLQDURþLWLKSUREOHPDMHUQMH JRYRSUH]LPH.1-,ä$5VSDGDXSUYXJUXSXLYHRPDVHODNRDVRFLUD VDQMHJRYLPL]UD]LWRYHOLNLP2ý,0$6QDJRPVYRMHXREUD]LOMHGRþD UDMWHVHELSUL]RUNDNR9DãSR]QDQLN.1-,ä$5NDRNQMLåDUVYRMLP NUXSQLP2&O0$SUHJOHGDLUD]YUVWDYDþLWDYXMHGQXJRPLOXNQMLJDX VYRMRMNQMLåDUL ,PH9DãHJVOHGHüHJSR]QDQLNDOHSRVHPRåHXNORSLWLXGUXJXJUXSX ²%$5%(. %$5%(.3RãWRLPDYHOLNX-$0,&81$%5$', ]DPLVOLWHJDNDNRNDR%(.ãXWLUDORSWXL]WH-$0,&(SUDYRXMHGDQ %$5XNRPHORSWDUXãLLORPLERFHLþDãHLL]D]LYDYHOLNLQHUHG,OLDNR 9DPYLãHRGJRYDUDPRåHWHLPH%$5%(.]DPHQLWLSRVUHGQLPUHFLPD 3$5%(*LOL%$5%(LWGNRMHVHLVWRWDNRGREURLHILNDVQRPRJX DVRFLUDWLVDL]DEUDQRPRVREHQRãüX 9DãSRVOHGQMLSR]QDQLNQDRYRMOLVWLLPDVWUDQRLPH²/$1&NRMH SULSDGDWUHüRMJUXSLMHUYHRPDSRWVHüDQDQDãXUHþ/$1$&3RãWRVWH ]DSD]LOLGD9DãSR]QDQLN/DQHLPDXSDGOMLYH8â,DVRFLUDMWHQD9DPD QDMSULNODGQLMLQDþLQMHGDQYHOLNL/$1$&VDQMHJRYLPNDUDNWHULVWLþQLP 8â,0$3RWSXQRVHPRåHWHRVORQLWLQDVYRMHSDPüHQMHGD9DPQHüH VXJHULVDWLGDSULSRQRYQRPVXVUHWXUHSURGXNXMHWHRYRSUH]LPH NDR /$1$&1DSURWLY]DKYDOMXMXüLVWYRUHQRMDVRFLMDFLMLLSURJUDPLUDQMX 9DãHPHPRULMHGDLPHQHJODVL/$1$&QHJR/$1&9LüHWHSULSUYRP VOHGHüHPVXVUHWXLPHUHSURGXNRYDWLSUDYLOQRLVDSRWSXQRPVLJXUQRã üX6WDYLVHVHWLüHWHVHRGPDKGDVWHSRVHEQRSRGYXNOLUD]OLNXL]PHÿX /$1$&L/$1& .DRãWRVPRYHüQHNROLNRSXWDSRVHEQRLVWLFDOLL]DEUDQHDVRFLMDFLMHLXRYLP SULPHULPD SUHWVWDYOMDMX VDPR MHGQX RG PRJXüQRVWL D VYDNR üH SUHPD VYRMLP PRJXüQRVWLPD L SRWUHEDPD L]DEUDWL L IRUPLUDWL ]D QMHJD QDM SULNODGQLMHDVRFLMDFLMH 3RVWRML MRã MHGDQ QDþLQ HILNDVQRJ DVRFLUDQMD SXWHP ]DPHQH L]DEUDQRJ RVREHQRJ]QDNDLOLFUWHVDSRMPRPNRMLSUHWVWDYOMDVDPRLPH1D
SULPHU X SRVOHGQMHP VOXþDMX XPMHVWR GD DVRFLUDWH /$1$& VD 8â,0$ 9DãHJ SR]QDQLND /DQFD PRåHWHMHGQRVODYQR ]DPLVOLWL GD RQ XPHVWR 86,-8 LPD VDPR MHGDQ /$1$& ,VWR WDNR GD 8UEDQ XPHVWR YLVRNRJ û(/$LPDMHGDQYHOLNL785%$1LWG 7DNRÿHPRåHWHDNR9DPXSRMHGLQLPVOXþDMHYLPDYLãHRGJRYDUD LPH9DãHJQRYRJSR]QDQLNDDVRFLUDWLVDLPHQRPQHNRJ9DãHJURÿDNDLOL GREURJ SULMDWHOMD 1D SULPHU DNR VH RQ ]RYH 25( NDR UHFLPR 9Dã URÿDN RQGD 9DãHJ QRYRJ SR]QDQLND 25$ LOL QHNX QMHJRYX LVWDNQXWXRVREHQRVWSRYHåLWHMHGQRVWDYQRVD9DãLPURÿDNRP25(0 .RGSDPüHQMDVWUDQLKLPHQDSRVWXSDWHQDLGHQWLþDQ QDþLQ NDR ãWRMHJRUHL]ORåHQRDNRJRYRULWHWDMVWUDQLMH]LN8VOXþDMXGDQH]QDWH WDMVWUDQLMH]LNRQGDSRVWXSLWHVDVWUDQLPLPHQLPDNDRVDLPHQLPDWUHüH JUXSH 3URQDODåHQMHP RGJRYDUDMXüLK VXSVWLWXFLRQLK UHFL SR ]YXNRYQRM VOLþQRVWLPRåHWHDSVWUDNWQDVWUDQDLPHQDNRMD9DPQLãWDQH]QDþHODNRL EU]R SUHWYRULWL X NRQNUHWQH UD]XPOMLYH SRMPRYH VD SXQR ]QDþHQMD ]D 9DVNRMLVHPRJXODNRLEU]RDVRFLUDWL -Rã RG SLWDJRUHMFD 0LPDVD RVWDOR QDP MH VYHGRþDQVWYR GD VX VH 6WDUL *UFL YHRPD XVSHãQR NRULVWLOL VOLþQLP WHKQLNDPD ]D SDPüHQMH LPHQD2QQDYRGLGDMHQDMYDåQLMHVYDNRQRYRLPHNRMHþXMHPRLåHOLPR ]DSDPWLWLSUHWYRULWLXRGJRYDUDMXüXVOLNXLNRQNUHWDQSRMDP1DSULPHU DNRåHOLPRGD]DSDPWLPRLPH&KUYVLSSRVRQGDSUHWVWDYLPRVHELXPDãWL ]ODWR &KUYVRQ L NRQMD LSSRQ L YHRPD ODNR üHPR ]DSDPWLWL LPH &KUYVLSSRVSLVDRMHSUHYLãHRGGYDPLOHQLMXPDSLWDJRUHMDF0LPDV
3DPüHQMHUD]QLKWLWXODLQDVORYDX]LPH =D SDPüHQMH UD]QLK WLWXOD QDVORYD LOL QD]LYD X] SRMHGLQD LPHQDNDRãWRVX'U,QJ0UVDYHWQLNVHNUHWDUGLUHNWRU3URILWG SUHSRUXþOMLYR MH GD XVWDQRYLWH MHGQX PDOX OLVWX VYRMLK VWDQGDUGD WM NRQNUHWQLK SRMPRYD LOL SUHGPHWD NRML üH 9DV HILNDVQR SRWVHüDWL GD 9Dã QRYL SR]QDQLN LPD RGUHÿHQX WLWXOX LOL QDVORY 1D SULPHU ]D ª,QJ© PRåHWH X]HWL ªâHVWDU© LOL ª/HQMLU© D ]D ª'U© ² ª%HOL PDQWLO© LOL ªVWHWRVNRS©0DJLVWUDIDUPDFLMHPRåHWHR]QDþLWLMHGQRPHSUXYHWRPLOL UHWRUWRP D RGOLþQR PRJX GD SRVOXåH L DSRWHNDUVNH WHUD]LMH RGQRVQR DSRWHNDUVND YDJD GRN RVREL NRMRM WUHED GD ]DSDPWLWH WLWXOX ªSURIHVRU©PRåHWHVWDYLWLMHGQXNDSXVDNLüDQNRPNDNYXQRVHþXYHQL SURIHVRULL]2NVIRUGD2[IRUG .RPH EXGH RGJRYDUDOR PRåH L ]D WLSLþQH QDVWDYNH PQRJLK SUH]LPHQD² 7,&² 9,&LWGGD XVWDQRYL VYRMHVWDQGDUGHNRML üH PX RODNãDWL DVRFLUDQMH RYDNYLK SUH]LPHQD 1D SULPHU 37O& SWLFD PRåHRGOLþQRGDSRWVHüDGDVHSUH]LPH]DYUãDYDQD²7,&DUHFLPR ),û$ GD VH UDGL R SUH]LPHQX NRMH VH ]DYUãDYD QD ² 9,& 1DUD\QR ª)LüX© LOL ª3WLüD© PRUDWH DVRFLUDWL VD NRQNUHWQLP SRMPRP NRML 9DP SUHWVWDYOMD SUYL GHR LPHQD 1D SULPHU SUH]LPH 3(529,& ODNR VH SDPWL NDR LPH GUXJH JUXSH VOHGHüRP NRPELQDFLMRP 3(52 9,& 3HUR L )LüD MHGQRVWDYQR VWYRULWH NRPLþQX PHQWDOQX VOLNX NDNR MHGQR YHOLNRª3HUR©YR]LYHOLNRPEU]LQRPª)LüX© 3UDYLOQRPSULPHQRPL]ORåHQLKPHWRGDSRVWLåHWHMHGQXYHOLNX SUHGQRVWLYHRPDYDåQXVSRVREQRVWXRSKRÿHQMXVDOMXGLPDELORX SRVORYQRP
LOLSULYDWQRPåLYRWX%LüHWHXVWDQMXGDVDVYDNRJQRYRJOLFDNDGDJDSR QRYR VUHWQHWH ªSURþLWDWH© QMHJRYR LPHL PQRJH GUXJH YDåQH SRGDWNH L REUDWQR GD NDGD þXMHWH LPH RGPDK SUHSR]QDWH QMHJRY OLN LOL JD X 9DãRMPDVWLSUHWVWDYLWH
.DNRüHWHQRYHSR]QDQLNHSUHWYRULWLXVWDUHSULMDWHOMH" -HGDQPODGLYHRPDDPELFLR]QLDGYRNDWVNLSULSUDYQLNL]1MXMRUND RWSXWRYDR MH X %RVWRQ GD SRVHWL MHGQRJ YDåQRJ NOLMHQWD UDGL NRQVXOWDFLMH LGRJRYRUD$+NDGDMHVWLJDRX%RVWRQREOLRJDMHKODGDQ ]QRM²VD]DSUHSDãüHQMHPMHNRQVWDWRYDRGDMHSRWSXQR]DERUDYLRLPH VYRJNOLMHQWD2GPDKMHSRVODRVYRPãHIXX1MX-RUNWHOHJUDPXNRPH MH X]SXQRL]YLQMHQMD]DPROLRGD PX MDYL LPH NOLMHQWD 8EU]R MH GRELR WHOHJUDPVOHGHüHVDGUåLQH ª,PHNOLMHQWD²3HUNLQV9DãHLPH²+DULVRQ© ,PHQDQDãLKQRYLKSR]QDQLNDWUHEDQHVDPR]DSDPWLWLSULXSR]QD YDQMX YHü LK WUHED WUDMQR VDþXYDWL X PHPRULML NDNR EL LK PRJOL XSRWUHELWL SUL VOHGHüHP VXVUHWX VD QMLPD .DR ãWR MH YDåQR XPHWL ]DSDPWLWL LPH SUL XSR]QDYDQMX LVWR MH WDNR YDåQR XPHWL JD WUDMQR VDþXYDIINDNRELQDPELORHILNDVQRUDVSRORåLYRNDGD]DWUHED3RUHGWRJD WR MH MHGQD RG ELWQLK NRPSRQHQWL GD QRYH SR]QDQLNH SRþQHPR SUHWYDUDWLXVWDUH SULMDWHOMH $ NDNRPRåHPRXVWYDULWUDMQRVDþXYDWLX PHPRULMLLPHQDQDãLKQRYLKSR]QDQLNX"6DPRSRPRüXRYDGYDQDþLQD 3UDYLOQRPSULPHQRPQDSUHGL]ORåHQLKPHWRGDLWHKQLND]DSDP üHQMHLPHQDL 6LVWHPDWVNLPLSUDYLOQRGLQDPL]LUDQLPSRQDYOMDQMHPWDNR]D SDPüHQLKLPHQD 2 YDåQRVWL L QHRSKRGQRVWL SRQDYOMDQMD ELOR MH YHü RSãLUQLMH JRYRUD 2YGH PRUDPR SRVHEQR LVWDüL þLQMHQLFX GD SRQDYOMDQMH ]DSDPüHQLKLPHQDQLMHVDPRXþYUãüLYDQMHWLKLPHQDXQDãRMPHPRULML QHJRLYHRPDYDåQDSURYHUDGDOLVPRXRSãWHLNDNR]DSDPWLOLLPHGD OL VPR XRSãWH QDSUDYLOL GREUX DVRFLMDFLMX NRMD HILNDVQR IXQNFLRQLãH 1DåDORVWXVYDNRGQHYQRPåLYRWXRYXYDåQXSURYHUXSUHSXãWDPRVWLKLMLL SUYRPQDUHGQRPVXVUHWXNDGDRELþQRPRåHPRVDPRGDNRQVWDWXMHPRGD VPR LPHQDãHJSR]QDQLND ]DERUDYLOL L SURSXVWLOL MRã MHGQX SULOLNX GD RG QMHJDQDSUDYLPRVWDURJSR]QDQLNDLOLSULMDWHOMD -HGDQ YHRPD SRJRGDQ QDþLQ NRML VH SRND]DR NDR HILNDVDQ X SUDNVLVDVWRMLVHXVOHGHüHP 2GPDK XYHþH LVWRJD GDQD WUHED SRQRYLWL X PDãWL VYH VXVUHWH NRMHVWHLPDOLWRJGDQDLPHQD 9DãLK QRYLK SR]QDQLND L ãWR MH QDMYDåQLMH DVRFLMDFLMH NRMH VWH VWYRULOL GD EL QMLKRYD LPHQD WUDMQR ]DSDPWLOL 3ULOLNRP SRQDYOMDQMD GUåLWH VH KURQRORJLMH VXVUHWD ]D WDM GDQ GR]LYDMWH SRMHGLQH VXVUHWH X VYHVW RQLP UHGRPNDNRVXVHRQLVWYDUQRRGYLMDOLWRJGDQD 1DURþLWRMHYDåQRGDVHXPDãWLQDMSUHSUHQHVHWHXVLWXDFLMXX NRMRM VWH VUHOL 9DãHJ QRYRJ SR]QDQLND =DWLP GRþDUDMWH QMHJRY OLN VD VYLP YDåQLP SRMHGLQRVWLPD L RGPDK üHWH DXWRPDWVNL XRþLWL L RVREHQL ]QDN LOL FUWX NRMX VWH L]DEUDOL SULOLNRP XSR]QDYDQMD QD QMHJRYRM RVREL ,VWRYUHPHQR L VSRQWDQRMDYLüH9DPVHL9DãDDVRFLMDFLMDNRMXVWHQDSUDYLOLD VDPLPWLPLLPHGRWLþQHRVREH
3UHSRUXþOMLYRMHQDURþLWRXSRþHWNXGRNQHVWHNQHWHSRWUHEQX UXWLQXGD]DEHOHåLWHVYDNRQRYRLPHXSRVHEQXVYHVNX]DMHGQR VDDVRFLMDFLMRPNRMXVWHNRQVWUXLVDOLVQDJRP 9DãHXREUD]LOMH NDRLNDUDNWHULVWLþQRPFUWRPLOLRVREHQRãüXNRMXVWHL]GYRMLOL]D DVRFLUDQMHVDLPHQRP2YRHYLGHQWLUDQMHQRYLKLPHQDQLMEROMH MHYUãLWLXYHþH]DWDMGDQNDGDYUãLWHLSRQDYOMDQMH 2QR MH YLãHVWUXNR NRULVQR D VNRUR MH QH]DPHQOMLYR ]D SUDYLOQR YUHPHQVNRGLQDPL]LUDQMHSRQDYOMDQMDLQMHJRYXXVSHãQXNRQWUROX 'UXJRSRQDYOMDQMHREDYLWHRGPDKVXWUDGDQ-HGQRVWDYQR GRN SUHOD]LWHVSLVDNLPHQDLVNUVDYDüH9DPUHGRPDVRFLMDFLMHL VD QMLPDSRYH]DQLOLNRYL$NRLVWLSRVWXSDNSRQRYLWHNUR]WULGDQDL MRãMHGQRPNUR]GHVHWGDQDRQGDüH9DPVHVWYRUHQHDVRFLMDFLMH WUDMQRXþYUVWLWLXPHPRULML1DUDYQRSRQDYOMDQMHLXWYUÿLYDQMH DVRFLMDFLMDREDYOMDüHWHUHGRYQRLDXWRPDWVNLSULVYDNRPGDOMHP VXVUHWXVDRVREDPDþLMDVWHLPHQDPHPRULUDOL 8 SR]QDWRM ãDOMLYRM SULþL $ &HKRYD $ 3 &HKRY ª.RQMVNR SUH]LPH© QLNR QLMH PRJDR GD VH VHWL SRWUHEQRJ SUH]LPHQD 29629 MHU VX VYL PLVOLOL GD PRUD GD JODVL QHNDNR NDR =GUHSFRY .RELOLQ .RQMHY WM GDLPDQHNHYH]HVDNRQMHP©D X VWYDUL LPD YLãH YH]H VD NRQMVNRP KUDQRP 2YGH MH X]URN SRJUHãHQH UHSURGXNFLMH LPHQD ELOD SRJUHãQR L SRYUãQR QDSUDYOMHQD DVRFLMDFLMD 'R ]DPHQH SRMPRYD ODNR GROD]L DNR MDVQR QH SRGYXþHPR UD]OLNX L]PHÿX DVRFLUDQLKSRMPRYDRþHPXMHELORSRVHEQRJRYRUD6OLþQRVHSULPHüXMH L NRG GHFH NRMD MRã QHPDMX L]JUDÿHQX VSRVREQRVW RãWURJ GLIHUHQFLUDQMD SRMPRYD L VWYDUDQMD SUHFL]QLK DVRFLMDFLMD NDGD VOXãDMXüL R /$98 7ROVWRMXSRVOHSULþDMXGDVXLPJRYRULOLRSLVFX7,*587ROVWRMX $ãWDDNRQLMHGDQPHWRGQHSRPDåH" .RGLPHQDWUHüHJUXSHPRåHGDVHGRJRGLGDQHPRåHPRQDüLSUL NODGQXSRVUHGQXLOLVSRMQXUHþSR]YXNRYQRMVOLþQRVWLMHUMHLPHL]X]HWQR ªWHãNR©LNRPSOLNRYDQR7DNRÿHPRåHGDVHGRJRGLGDªWHãNRLPH©QHPR åHPR REXKYDWLWL QL VD WUL LOL YLãH VOLþQLK WM SRVUHGQLK UHFL 8 WLP VOXþDMHYLPD LPDPR QHNROLNR QDþLQD GD L ªQDMWHåH LPH© ODNR L HILNDVQR VDYODGDPRLWUDMQR]DSDPWLPR 3UYL QDþLQ SRNXãDMWH QDMSUH ªWHãNR LPH© SRGHOLWL QD YLãH GHORYD LOL VORJRYD L ]D VYDNL GHR QDüL RGJRYDUDMXüX SRVUHGQX UHþ 1D SULPHUþLWDMXüLRUHNRQNLVWL0HNVLNDLNUYDYRMLVWRULML $VWHNDQDLOD]LPR QDLPHQMLKRYRJQHRELþQRJERåDQVWYD.(&$/.28$7/NRMHPRUDPR SUL]QDWL QLMH PRJXüH ªL] SUYH© ]DSDPWLWL $OL DNR JD SRGHOLPR QD QHNROLNR VORJRYD LOL GHORYD ªWHãND© VLWXDFLMD VH ELWQR PHQMD .(& ² $/.2 ² 8$ ² $7/ 6DGD PRåHPR ]D VYDNL GHR QDüL SULNODGQX ]DPHQX LOL SRVUHGQX UHþ NRMD üH QDV X FHOLQL LOL VYRMLP SUYLP GHORP SRWVHüDWLQDSRMHGLQHGHORYHªWHãNRJ©LPHQD .(& $V ²$/.2KRO²8$²$7/DV 2YDM QL] SRVUHGQLK UHFL PRåHPR ODNR DVRFLUDWL JUXSQRP DVRFLMDFLMRPLOLODQþDQLPVLVWHPRPSDPüHQMD
'UXJL QDþLQ VDVWRML VH X WRPH GD ªWHãNR LPH© SRGHOLPR X JUXSH RG WUL VORYD DQDORJQR SDPüHQMX GXJLK EURMHYD X JUXSDPD RG SR WUL FLIUH L GD ]D VYDNX JUXSX QDÿHPR SULNODGQX UHþ 1D SULPHU VWDURPHNVLNDQVNR LPH ,â7/,/â2ý,7/ PRåHPR ªSRNULWL© RYLP UHFLPD ,ä7YDQ /,/LSXWDQDF 62ýLYR XVSXWQD DVRFLMDFLMD XYHN üH QDV SRWVHWLWL GD MH ª62&© D QH ª62&© ,7D/LMDQ ,7$/² XVSXWQRP DVRFLMDFLMRPODNRVSRQWDQRNRULJXMHPRX,7/² 7UHüLPQDþLQRPPRåHPRUHVLWLLQDMWHåHVOXþDMHYH3ULPHQLPRMHG QRVWDYQR WHKQLNXSDPüHQMDVORYQLK R]QDND L VLPEROD ,PH SRGHOLPR X JUXSH RG SR GYD VORYD L ]D VYDNX JUXSX SURQDÿHPR RGJRYDUDMXüX UHþXNRMRMPRJXGDYDåHSUYDGYDVORYDLOLSUYRLSRVOHGQMH 2YDM QDþLQ LPD MRã MHGQX YDULMDFLMX NRMRM QH PRåH GD VH RGXSUH QL MHGQR RG ªWHãNLK LPHQD© D WR MH GD ]D VYDNR VORYR SRVHEQR SURQDÿHPRRGJRYDUDMXüXUHþXNRMRMüHYDåLWLVDPRSUYRVORYR ,²JOD ,²PHQLN &²HN ²WDS /²XSD ,²YHU 7²RS 6²LELFD 7²RU /²XN 2²EUXþ /²XOD $NR EL SRQRYR ]D SULPHU X]HOL LVWR VWDURPHNVLNDQVNR LPH RQGD ELQHNHRGPRJXüLKNRPELQDFLMDPRJOHL]JOHGDWLLRYDNR ,6²,OLMD6 â2²6X.R 7,²7L/ &L²ýLQRYL ,/²,GR/ 7/²7HOD/ .DRãWRYLGLWH 9LYHüVDGDUDVSRODåHWHPHWRGDPDLWHKQLNDPDX WDNYRP EURMX L NYDOLWHWX GD PRåHWH UHVLWL ELOR NDNDY SUREOHP SDPüHQMD HILNDVQR L SRWSXQR VDPR DNR SUDYLOQR SULPHQLWH RGJRYDUDMXüX PHWRGX LOLWHKQLNX 3DPüHQMHLPHQDRVREDNRMHQLVPRYLGHOL
9HRPD þHVWR QDURþLWR X SRVORYQRP åLYRWX XND]XMH VH SRWUHED GD ]DSDPWLPR LPH QHNH RVREH NRMX LQDþH QLVPR OLþQR XSR]QDOL L YLGHOL 2ELþQR QMHQR LPH GR]QDPR SUHNR WHOHIRQD L] WHOHIRQVNRJ LOL QHNRJ GUXJRJLPHQLNDLOLDGUHVDUDLOLQDPQHNRSUHSRUXþLGDNRQWDNWLUDPR GRWLþQXRVREXXYH]LQHNRJNRQNUHWQRJSRVOD 8 WDNYLP VOXþDMHYLPD SRVWXSDPR LVWR NDR L VD RVWDOLP LPHQLPDVDPRãWRLPHSULSUHPOMHQR]DDVRFLMDFLMXSRYMHåHPRVDSRVORP NRMLWDRVREDREDYOMDLOLVDQD]LYRPXVWDQRYHLPHVWDQDNRPHUDGLLOL VD SUHGPHWRP LOL SRMPRP X YH]L NRJD VPR MH WUDåLOL 1D SULPHU X MHGQRPYHOLNRPVHUYLVXWUHEDGDRSUDYLWHVYRMDXWRLUHþHQR9DPMHGD WUHED GD VH REUDWLWH QHNRP *$/29O&8 QD WHO EU 2GPDK XRþDYDWH GD MH LPH L] GUXJH JUXSH *$/ /29, 0RåHWH RGPDK DVRFLUDWL LPH ]D DXWRVHUYLV L WHO EURM ª*$/ /29, *$/29O& 6D5H1H 37L&H WHO EU SR $8726(59,68© .DGD 9DP NDVQLMH]DWUHEDDXWRVHUYLV]D9DãDNRODGRYROMQRMHGDGR]RYHWHXVYHVW 9Dã]DPLãOMHQL$8726(59,6LDXWRPDWVNLüHLVNUVQXWLVFHQDNDNR*$/ /29,6D5H1H37L&HSRQMHPX *$/29O&WHOEU
2YLP QDþLQRP HILNDVQR REDYOMDWH VYRMH SRVORYH MHU XãWRGXMHWHSXQRWUXGDLYUHPHQD3RWUHEQHRVREHGRELMDWHGLUHNWQRL EU]R QH þHNDMXüL GD 9DV RNROLãQLP SXWHP VD QMLPD SRYH]X L EH] SRWUHEHGD þHVWRQHQDGOHåQRMRVRELSRQDYOMDWHLVWXSULþX3RUHGWRJD þLWDYUD]JRYRURGYLMD VHQHSRVUHGQR L HILNDVQR MHU VWH SUDYX RVREX GLUHNWQRQD]YDOLLREUDWLOLMRMVHQMHQLPLPHQRP
3DPüHQMHFHOLKVNXSRYDOMXGLLQMLKRYLKLPHQD $PHULNDQDF 'åHPV )HUOL -DPHV )DUOHY NRML MH ELR VYRMHYUHPHQR L GLUHNWRU SRãWD 6$' LPDR MH MHGQX L]X]HWQX VSRVREQRVW ]DKYDOMXMXüL VYRP SDPüHQMX PRJDRMH GD RVORYL SUHNR OMXGLQMLKRYLP SUYLP LPHQRP2YDQMHJRYDVSRVREQRVWGRVWD MH SRPRJOD QMHJRYRP SULMDWHOMX SUHGVHGQLNX 5X]YHOWX ) ' 5RRVHYHOW GDSREHGLQDVYRMLPSUYLPL]ERULPD6HWLWHVH VWDURSHUVLVNRJ NUDOMD .LUD L $OHNVDQGUD 0DNHGRQVNRJ NRML VX PRJOL VYDNRJ VYRJ YRMQLND GD RVORYH SR LPHQX LOL .LQHMD L]DVODQLND NUDOMD3LUDNRMLMH]QDRLPHQDVYLK5LPOMDQDVDNRMLPDVHXSR]QDR, QHNROLNR QDãLK VDYUHPHQLND SRVWDYLOR MH ]D QHXSXüHQH IDQWDVWLþQH UHNRUGHXSDPüHQMXLPHQDLOLNRYDNRMLVHPHUHLVWRWLQDPDKLOMDGD =DLVWD SULPHQRP GR VDGD QDXþHQLK WHKQLND PRåHWH SUDNWLþQR QHRJUDQLþHQR SRYHüDYDWL NDSDFLWHWH 9DãH PHQWDOQH NDUWRWHNH OLþQLK YH]D L SR]QDQVWDYD 6YDNDNR GD EL ]DSDPWLOL QHNROLNR KLOMDGD OMXGL SRUHGVDYUãHQRJYODGDQMDL]ORåHQLPWHKQLNDPDSRWUHEQRMHLYUHPH $OL UHFLPR OLNRYH L LPHQD QHNLK WDN RVRED QD QHNRP VNXSX PRåHWH PHPRULUDWL ]D ² PLQXWD 5HWNR NRML GUXJL HIHNDW SDPüHQMD WROLNR LPSUHVLRQLUD OMXGH NDR RYD VSRVREQRVW NRMD þHVWR PRåH ELWL RG QHSURFHQMLYH NRULVWL X SRVORYQRP GUXãWYHQRP LOL SULYDWQRP åLYRWX =DPLVOLWH VDPR NROLNR RYD VSRVREQRVW HILNDVQRJ SDPüHQMDLPHQDLOLNRYDXSUDNWLþQRQHRJUDQLþHQRPEURMXPRåHGD NRULVWL OHNDUX DGYRNDWX DSRWHNDUX SURVYHWQRP L GUXãWYHQRP UDGQLNX SRVORYQRP þRYHNX L VYDNRP þODQX LOL SUHWVHGQLNX QHNH GUXãWYHQHRUJDQL]DFLMHLWG 6NXSRYL OMXGL L QMLKRYD LPHQD SDPWH VH LVWLP QDþLQLPD NDR L SRMHGLQFLVDPRãWRMHþLWDYSURFHVQHãWREUåL7R]QDþLGDSUHWKRGQR PRUDWH VWHüL RGJRYDUDMXüX UXWLQX X SDPüHQMX LPHQD L OLNRYD SRMHGLQDFD NDR L SRWUHEQX EU]LQX 7HN RQGD PRåHWH SUHüL QD PHPRULUDQMH þLWDYLK VNXSRYD 1DUDYQR SRþHüHWH VD GHVHWDN RVRED L SRVWHSHQR SRYHüDYDWL EURM RVRED 3RUHG WRJD JGH MH WR PRJXüH REDYLüHWH SUHWKRGQH SULSUHPH DQDOL]LUDüHWH LPHQD SRPRüX VSLVND DNR MH UDVSRORåLY 3UH VDPRJ SRþHWND VHDQVH QHXSDGOMLYR üHWH DQDOL]LUDWL SRMHGLQH OLNRYH L L]GYDMDWL XRþHQH RVREHQRVWL NRG SRMHGLQDFD þLMD üHWH LPHQD SDPWLWL =DWLP PRåHWH X RGUHÿHQRP LOL SRJRGQRPWUHQXWNXSUHüLQDVDPRSDPüHQMHLPHQDþLWDYRJVNXSD 6SRUHGQR MH GD OL üH SRMHGLQFL XVWDMDWL L L]JRYDUDWL VYRMD LPHQD LOL üHWH 9L LüL RG MHGQRJ GR GUXJRJ L XSR]QDYDWL VH QD XRELþDMHQQDþLQ %LWQRMHGDVHELRVWDYLWHNRGVYDNHRVREHGRYROMQR YUHPHQD]DREDYOMDQMHSRWUHEQLKUDGQMLLDVRFLMDFLMDVKRGQRQDXþQLP WHKQLNDPD 1L SR NRMX FHQX QH VPHWH åXULWL MHU PRUDWH LPDWL GRYROMQR YUHPHQD GD QDSUDYLWH GREUH DVRFLMDFLMH %U]LQX SRVWLåHWH EHVSUHNRUQLP YODGDQMHP WHKQLNRP SDPüHQMD LPHQD L OLNRYD L RGJRYDUDMXüRP SUDNVRP D QH QLNDNR åXUERP L QHUYR]RP SULOLNRP VDPRJPHPRULUDQMD2YGHNDRUHWNRJGHYDåLRQDSR]QDWDHQJ
OHVND SRVORYLFD ª2QH EXVLQHVV DW D WLPH DQG WKDW ZHOO GRQH© 6YDNL SRVDR X VYRMH YUHPH L WR GREUR REDYOMHQ© 1H VPHWH GR]YROLWL GD 9DP LNR SRNYDUL WHPSR XSR]QDYDQMD SRMHGLQLK RVRED UHGRP MHU WHPSR NRML 9DPD RGJRYDUD MH QDMYDåQLML ]D VWYDUDQMH GREULK DVRFLMDFLMD =QDþL SR MHGQD RVRED X RGUHÿHQR YUHPH RG ² VHF VD VLJXUQRP DVRFLMDFLMRP LPHQD VD XRþHQRP FUWRP L WDNRUHGRPGRNUDMD 3UHSRUXþOMLYR MH GD SUH UHSURGXNFLMH SUHWKRGQR MHGDQSXW X VHEL SRQRYLWH VWYRUHQH DVRFLMDFLMH NUXåHüL SRJOHGRP UHGRP RG MHGQH GR GUXJH RVREH =DWLP PRåHWH VD VLJXUQRãüX SUHüL QD VDPX UHSURGXNFLMXSRMHGLQFLPRJX SRåHOMLGDXVWDMX L 9L üHWHPRüL RGPDK GD VYDNRJ RVORYLWH SR LPHQX LOL PRåHWH LüL RG MHGQRJ GR GUXJRJ L L]JRYDUDWLLPHQDUHGRP7DNRÿHPRåHQHNR GD 9DP þLWD LPHQD D 9L GD SRND]XMHWH QD RGJRYDUDMXüH RVREH .DR L NRG SDPüHQMD YH]QLP LOL ODQþDQLP PHWRGRP DVRFLUDQD LPHQD L OLNRYH PRåHWH UHSURGXNRYDWLELORNRMLPUHGRPLXVYLPSUDYFLPD 3DPüHQMH VNXSRYD OMXGL PRåH SRVHEQR GD EXGH NRULVQR X SRVORYQRPåLYRWX DNR SRMHGLQH RVREH SDPWLWH UHFLPR SR EURMHYLPD VRED QHNH YHOLNH XVWDQRYH LOL ILUPH JGH PRåHWH YHRPD XVSHãQR NRULVWLWL QHNX WDEHOX YH]QRJ VLVWHPD ]D EURMHYH VRED D ODQþDQH QL]RYH ]D SDPüHQMH RVRED NRMH X QMLPD VHGH 0RJXüH VX L GDOMH NRPELQDFLMH QD SULPHU SDPüHQMH VNXSRYD OMXGL SR SRMHGLQLP REODVWLPDGHODWQRVWLSRSRMHGLQLPRGHOHQMLPDQHNHXVWDQRYHLWG 9UHPHQRPLSUDNVRPPRåHWHVWHüLWDNYXUXWLQXGDXMHGQRM VHDQVLVLJXUQRLWUDMQRPHPRULUDWHþDNLSDUVWRWLQDOLNRYDVD QMLKRYLPLPHQLPD
0HQWDOQDNDUWRWHND9DãLKOLþQLKYH]DLSR]QDQVWDYD 8 ]DYLVQRVWL RG 9DãLK LQWHUHVD SRWUHED L åHOMD SRVWRML VYDNDNR PQRJR UD]ORJD UDGL NRMLK MH YDåQR ]QDWL QH VDPR LPHQD YHü L RVWDOH SRGDWNH R 9DãLP SR]QDQLFLPD L SULMDWHOMLPD -HGDQ RG YHRPDYDåQLKUD]ORJDMHLþLQMHQLFDGDOMXGLYROHLSRVHEQRFHQHDNR SRND]XMHWH LQWHUHV ]D QMLKRYH SULOLNH X NRMLPD åLYH L UDGH 1LMH SRWUHEQR SRVHEQR QDJODãDYDWL GD VH SULMDWHOMVWYR L]PHÿX RVWDORJ L RGOLNXMH X]DMDPQRP EULJRP L LQWHUHVRYDQMHP ]D åLYRWQH RNROQRVWL SUREOHPHLUDGRVWL 6D WHKQLNDPD NRMH VWH GR VDGD QDXþLOL 9L VWH VDGD X VWDQMX GD XVWURMLWHYHRPDIXQNFLRQDOQXLHILNDVQXª0HQWDOQXNDUWRWHNX9DãLK OLþQLK YH]D L SR]QDQVWDYD© NRMD üH VDGUåDWL VYH SRWUHEQH SRGDWNH R 9DãLP SR]QDQLFLPD 6WR MH SRGMHGQDNR YDåQR WL SRGDFL ELüH 9DP VWDOQR UDVSRORåLYL SR SRWUHEL L WR EH] SUHWXUDQMD SR UD]QRUD]QLP DGUHVDULPDNDUWRWHNDPDLSRWVHWQLFLPD 6KRGQR 9DãLP SRWUHEDPD L åHOMDPD RYX PHQWDOQX NDUWRWHNX PRåHWHXUHGLWLQDQHNROLNRQDþLQD 1D SULPHU DNR åHOLWH GD X] VYDNX RVREX LPDWH VDPR QDMRVQRYQLMH SRGDWNH NDR ãWR VX WHOHIRQVNL EURM DGUHVD L UHFLPR SR]LY RQGD MH GRYROMQR GD ]D 4YD SRGDWND IRUPLUDWH PDOL ODQþDQL QL] RG þODQD L GD QMHJRY SUYL þODQ DVRFLUDWH VD VDPRP RVRERP 3R ORJLFL VWYDUL XYHN üHWHSULUHSURGXNFLML]QDWL GD þODQQL]DVDGUåLEURM WHOHIRQD þODQ ² DGUHVX D þODQ ² SR]LY 9DãHJSR]QDQLND 8NROLNR åHOLWH ]DSDPWLWL YLãH SRGDWDND R VYDNRP 9DãHP SR]QDQLNXRQGDVHPRåHWHSRVOXåLWLQHNRPRGVOHGHüLKWHKQLND =D VYDNX RVREX RGUHGLWH SR MHGQX VREX RG PHVWD LOL X SRWSXQRM QXPHUDFLML VREH SR MHGDQ ]LG RG PHVWD L LPDüHWHGR
YROMDQNDSDFLWHW]DILNVLUDQMHXNXSQRUD]OLþLWLKSRGDWDND R WRM RVREL 5DGL HILNDVQLMHJ VQDODåHQMD X 9DãRM ª0HQWDOQRM NDUWRWHFL© SRMHGLQD PHVWD X VREL NRULVWLWH RYLP UHGRP L ]D VOHGHüHSRGDWNH ²7HOHIRQ âNROVNDVSUHPD 1DYLNH .XüQDDGUHVD L0HVXSUXJHLGHFH )DPLOLMDEURMGHFHQMLKRYD B A VWDURVWLWG +REO 3R]LYVWUXNDWMUDGQR /LþQDNDUWDLOL PHVWR /LþQHRVRELQH 6WDURVWJRGLQHåLYRWD
2GPDK]DSDåDWH GD SRþHWQRVORYRQD]LYD VYDNRJ SRGDWND DXWR PDWVNLGDMHUHGQLEURMVDPRJSRGDWND7LPHYHRPDEU]RLHIL NDVQR PRåHWH UHSURGXNRYDWL SRMHGLQH SRGDWNH MHU DNR 9DP WUHED ª+REL© RGQRVQH RVREH RGPDK ]QDWH GD ª+REL© + PRUDGDEXGHQDPHVWXLOL ª.XüQDDGUHVD© . PRUD GD EXGH VDGUåDQD X SUHGPHWX NRML VWH VWDYLOL SR WRSR VLVWHPXSDPüHQMDQDPHVWRLWG 9H]QHWDEHOHRGSRPHVWDPRåHWHIRUPLUDWLLDXWRQRPQRQD VYDNRM RVREL SRVHEQR þLPH MRã YLãH SRYHüDYDWH HILNDVQRVW PH PRULUDQMD L UHSURGXNRYDQMD SRMHGLQLK SRGDWDND -HGQRVWDYQR NRULVWLWHSRMHGLQHGHORYHWHODNDRQDSULPHU *ODYD 6WUXNLOLWUEXK ² 'HVQRUDPH 'HVQRNROHQR /HYRUDPH /HYRNROHQR 'HVQDUXNDãDND 'HVQRVWRSDOR /HYDUXNDãDND /HYRVWRSDOR 5HGQH EURMHYH MH ODNR ]DSDPWLWL DNR VH LGH RGR]JR QD GROH L X]PH X RE]LU GD MH SUYLK PHVWD QD JRUQMRM D SUHRVWDOLK PHVWD QD GRQMRM SRORYLQL WHOD NDR L GD SUYR LGH XYHN '(61, SD RQGD /(9, GHR WHOD $NR RYX WDEHOX NRPELQXMHWH VD SUHWKRGQRPXVPLVOXGDQDPHVWX 7 XYHNVWDYOMDWH7HO EURM QD PHVWR 1 ² 1DYLNH LWG RQGD üHWH ]D VYDNRJ 9DãHJ QRYRJ SR]QDQLND LPDWL RGPDK UDVSRORåLY L YHRPD SUHFL]DQ ªGRVLMH©NRMLüHRQX9DãRMXREUD]LOMLXYHNQRVLWLVD VRERP .RPELQDFLMRP RYLK PHWRGD L WHKQLND GRãOL VWH X L]YDQUHGQX SR]LFLMX X SRJOHGX IRUPLUDQMD SUDNWLþQR QHRJUDQLþHQLK NDSDFLWHWD X 9DãRMª0HQWDOQRMNDUWRWHFLOLþQLKYH]DLSR]QDQVWDYD©MHUVDOLFDVYDNRJ 9DãHJ SR]QDQLND SUL VYDNRP VXVUHWX PRåHWH RGPDK ªSURþLWDWL© QMHJRYRLPHDVDQMHJRYHRVREHVYHSRWUHEQHªOLþQHSRGDWNH©
8 PQRJLP VOXþDMHYLPD PHWRGH VLVWHPDWVNRJ SDPüHQMD VOXåH VDPR]DWRGDQDHILNDVDQQDþLQEU]RLODNRL]YXþHPRSRWUHEDQSRGDWDN L] PRUD QHSR]QDWLK L ]D QDV DQRQLPQLK SRGDWDND NDR L GD WDM LVWL SRGDWDN PRåHPR RGPDK VD VLJXUQRãüX NRULVWLWL ]D VYRMH SRWUHEH 0HÿXWLP DNR QRYR ]DSDPüHQL SRGDWDN XSRWUHELPR QHNROLNR SXWD RQ üH]DKYDOMXMXüLSURFHVXªRYHUOHDUQLQJ©DSUHüLXUXWLQXLOLQDYLNX² SRVWDüHªSUHQDX
þHQ© ªRYHUOHDUQW© 6DPLP WLP QMHJRYD UHSURGXNFLMD QHüH YLãH WHüL LQ GLUHNWQR ² SUHNR DVRFLMDFLMD VWYRUHQLK VLVWHPDWVNLP SDPüHQMHP ² YHü GLUHNWQRMHUQDãHVHüDQMHWDGDUDGLDXWRPDWVNL'UXJLP UHFLPD DXWRPDW VNLüHRWSDVWLSRWUHEDGDVHNRULVWLPRQHNRPPHWRGRPVLVWHPDWVNRJSDP üHQMD GD EL VH VHWLOL UHFLPR LPHQD LOL SRGDWND R QHNRM RVREL MHU ]DKYD OMXMXüLSUDNVLLªSUHQDXþHQRVWL©ªRYHUOHDUQLQJªX VHüDQMHVHRGYLMDQHSR VUHGQRVSRQWDQRLODNR 7R ]QDþL GD VX WHKQLNH VLVWHPDWVNRJ SDPüHQMD X PQRJLP VOXþD MHYLPD QH]DPHQOMLYR VUHGVWYR ]D HILNDVQR L]GYDMDQMH L SRþHWQR XVYDMDQMH SRWUHEQLK ]QDQMD L SRGDWDND .DVQLMH VOLþQR VNHODPD NDGD MH JUDÿHYLQD ]QDQMD JRWRYD SRVWDMX VXYLãQH MHU VH XSRWUHERP L SUDNVRP QRYR ]QDQMH LQWHJULVDORLSRVWDORVDVWDYQLGHRVWDURJSRVWRMHüHJ]QDQMD $VDGDVHPRåHWHSRQRYRYUDWLWLQD7HVWEUª0HQWDOQDNDUWRWHND SRVORYQLKYH]D©LXWYUGLWLYUHGQRVW9DãHJYUHPHQDNRMHVWHXWURãLOLQD VDYODÿLYDQMX RYRJ SRJODYOMD 3RUHG WRJD PRüLüHWH QXPHULþNL L]UD]LWL YHOLþLQX 9DãH QRYRVWHþHQH VSRVREQRVWL X HILNDVQRP L WUDMQRP SDPüHQMX LPHQDLOLNRYDRVREDVDNRMLPDNRQWDNWLUDWH
9(&,7,.$/(1'$5%(=.$/(1'$5$ 3$0û(1-(5$=1,+'$780$*2',â1-,&$ 52.291,.$?.$/(1'$5$
² ,PDOLQHþHJQRYRJXGDQDãQMLPQRYLQDPD" ² ,PD ² ,ãWDMHQRYR" ² 'DWXP 8 ]DYLVQRVWL RG SRMHGLQLK VOXþDMHYD L SRWUHED GDWXPH PRåHPR ILNVLUDWLXPHPRULMLQDQHNROLNRQDþLQD83RJODYOMXNDGDVPRL]OR åLOL SULPHQX ª3UHGPHWQH WDEHOH© QDXþLOL VWH MHGDQ YHRPD HILNDVDQ QDþLQ SDPüHQMD UD]QLK REDYH]D L WHUPLQD SR GDWXPLPD X RNYLUX MHGQRJ PH VHFD 7DNRÿH VWH X 3RJODYOMX LPDOL SULOLNH GD YLGLWH NDNR VH SDPWH UD]QL WHUPLQL L REDYH]H SR SRMHGLQLP GDQLPD X VHGPLFL 2YGH üHPR VHSRVHEQRSR]DEDYLWLSDPüHQMHPUD]QLKGDWXPDNRMLVXQDPSRWUHEQL XPQRJLPREODVWLPDåLYRWDLUDGD =DKYDOMXMXüL QXPHULþNRP DOIDEHWX SDPüHQMH ELOR NRJ GDWXPD JRGLãQMLFHLOLRGUHÿHQRJURNDPRåHPRVDSDUVSUHWQLKNRPELQDFLMDVYHVWL X VWYDUL QD PHPRULUDQMH QHNROLNR EURMHYD 8 ]DYLVQRVWL RG SULPHQMHQLK NRPELQDFLMDPRåHPRNRULVWLWLQHNROLNRQDþLQD]DSDPüHQMHGDWXPD
3UYL QDþLQ MH YHRPD MHGQRVWDYDQ 'DWXPH X PHVHFX R]QDþLPR EURMHYLPD RG O ² D PHVHFH DQDORJQR EURMHYLPD RG O ² 1D SULPHUüLIHEUXDU L WLRNWREDU L2 WL PDM L LWG1DWDMQDþLQGDWXPLPHVHFSDPWLPRMHGQRVWDYQR NDR MHGDQ GYRFLIUHQ EURM X NRPH QDP SUYD FLIUD GDMH XYHN GDWXP D GUXJD PHVHF 1D SULPHU ª3HULQ URÿHQGDQ MH RJ PDMD© /X/D =DPLVOLWH 3HUX NDNR VQDåQR GLPL SXãHüL MHGQX YHOLNX /X/X QD URÿHQGDQVNRMVYHþDQRVWL 2YDMQDþLQEHVSUHNRUQRIXQNFLRQLãHGRNVXXSLWDQMXMHGQRFLIUHQL GDWXPL L PHVHFL NRMH R]QDþDYDPR VDPR MHGQRP FLIURP $ ãWD VH GHãDYD DNR PRUDPR XSRWUHELWL GYRFLIUHQH EURMHYH" 8 WRP VOXþDMX RSHWLPDPRQDUDVSRODJDQMXGYHPRJXüQRVWL 3RãWRMHUHGRVOHGXYHNSUYRGDWXPSDRQGDPHVHFGRYROMQRMHGDNRG VYDNRJSRMHGLQDþQRJVOXþDMDNUDWNRSURYHULPRGDOLPRåHGRüLGRGYR VPLVOHQRJRþLWDYDQMD1DSULPHUPRåHGD]QDþLVDPRPDUW MHUWUHüLWULQDHVWRJ QHSRVWRML,VWRWDNRPRåH GD R]QDþDYDMHGLQRWMDSULOMHUMHQHPRJXüH 0RåHWHX]HWLNDRSUDYLORGDMHEU]DSURYHUDQHRSKRGQDþLPVHUDGL GYRFLIUHQRPGDWXPXLOLPHVHFX7DNRÿHPRåHWHELWLVLJXUQLGDGR ]DEXQHQHPRåHGRüLDNRMHGYRFLIUHQLEURMYHüLRGMHULPDQDM YLãHGDQXPHVHFX ]DGDWXPHRGQRVQRDNRMH]DGQMDFLIUDYHüD RGMHULPDXNXSQRPHVHFLDNRVHUDGLRR]QDþDYDQMXPHVHFL1D SULPHUPRåHGD]QDþLMHGLQRIHEUXDU MHUQHSRVWR ML,VWRWDNRLPDVDPRMHGQR]QDþHQMH²QRYHPEDU RE]LURPGDªMDQXDU©QHSRVWRML 'R]DEXQHPRåHGDGRÿHXYHNNDGDVHUDGLRGDWXPLPDNRMHR]QDþD YDPRVDEURMHYLPDOLRGQRVQRNRG129(0%5$L'(&(0%5$ PHVHFDNRMHR]QDþDYDPRVDLUHVSHNWLYQR2.72%$5PHVHF QHPRåHQLNDGDSURX]URNRYDWLGYRVPLVOQRWXPDþHQMH]DSDPüHQRJGD WXPDSRãWRJDR]QDþDYDPRVDQXORP 2 LSULSDGDJUXSLMHG QRFLIUHQLKPHVHFL1DSULPHUPRåHGD]QDþLLWMOQR YHPEDULOLMDQXDUPRåHWDNRÿHGD]QDþLQRYHPEDULOLMD QXDULWG2YDMSUREOHPMHGQRVWDYQRUHãDYDPRXYRÿHQMHPQXOH ]D GYRFLIUHQRR]QDþDYDQMHMHGQRFLIUHQLKGDWXPDLOLPHVHFL1DSULPHU ELPRJORELWLLOL$NRåHOLPRGDQDP]QDþLGDNOH GHFHPEDUXYHGLPRQXOX]DMHGQRFLIUHQLGDWXP L QHGYRMEHQRüHPRXYHN]QDWLSULUHSURGXNFLMLGDVHUDGLVDPRRª GHFHPEUX©$NRMHSRWUHEQRGDSDPWLPRGDWXPªIHEUXDU© RGQRVQR 'RELMDPRSUHFL]QRR]QDNXGDWXPDSXWHPMHG QRJFLIUHQRJEURMD 'UXJL QDþLQ LPD WX SUHGQRVW GD ]D GDWXP L PHVHF GRELMHWH XYHN VDPR WURFLIUHQ EURM L QLNDGD QH PRåH GD GRÿH GR GYRVPLVOHQRJ RþLWDYDQMD LOL ]DEXQH SUL UHSURGXNFLML WDNR PHPRULUDQRJ GDWXPD L PHVHFD8WXVYUKXNRULVWLWHVOHGHüXWDEHOX]DSDPüQMHPHVHFL
-DQXDU )HEUXDU 0DUW $SUL@ 0DM -XQL
²6LMHþDQM ²9HOMDþD 2åXMDN ²7UDYDQM ²6YLEDQM ²/LSDQM
O²7' ²11²0 ²3 ² ,/²6&&'
-XOL $YJXVW 6HSWHPEDU
2NWREDU 1RYHPEDU 'HFHPEDU
²6USDQM ².RORYR] ²5XMDQ
²/LVWRSDG ²6WXGHQL ²3URVLQDF
a
²)9 ²*. ²%)
²&= ) -+
2YDWDEHODMHLGHQWLþQDXVWYDULVDQXPHULþNLPDOIDEHWRPGRRJ PHVHFD NRML MH VD WLP PHVHFRP MHGLQL GYRFLIUHQL PHVHF RE]LURP GD RNWREDU NDR WL PHVHF R]QDþDYDPR QXORP WDNR GD VD QMLP PD QLSXOLãHPRNDRVDVYDNLPGUXJLPMHGQRFLIUHQLPPHVHFRP=DWRMH]DOLWL PHVHF X]HWR ª6© L] QMHJRYRJ QD]LYD ª6WXGHQL© GRN MH ]D WL PHVHF 'HFHPEDULOL3URVLQDFX]HWRª-©Lª+©NRMLVXRGX]HWL]DSUDYRRGPDU WDLDSULODNRMLPDSULSDGDMXSUHPDª1XPHULþNRPDOIDEHWX©2YDWDEHOD VH DXWRPWVNL SDPWL RE]LURP GD MH GR WRJ PHVHFD LGHQWLþQD VD ª1XPH ULþNLPDOIDEHWRP©WHGDMH]D6WXGHQLX]HWRQMHJRYRSUYRVORYRD]D WLPHVHFVORYD-L+ =D GDWXPH GR RJ X PHVHFX VD WLP ]DNOMXþQR LPDüHPR XYHN GYRFLIUHQHEURMHYHD]DVYHRVWDOHGDWXPHLPHVHFHXYHNVDPRWURFLIUH QH EURMHYH NRMH MH ODNR SDPWLWL RGJRYDUDMXüLP QXPHULþNLP UHFLPD X NR MLPDSRSUDYLOXXYHNYDåHVDPRSUYDWULVXJODVQLND1DSULPHUMXQL VHSWHPEDU QRYHPEDU 6 /D6RD/D6LWG7DNR ÿH 2NWREDU 2 2 &L&D 6X=D LWG 6OLþQR GRELMDPR L NRG GYRFL IUHQLKGDWXPDGHFHPEDU -+ 0D7L-DQRYHPEDU 6 'R1R6LWG
3DPüHQMHUD]QLKURNRYQLNDLSODQRYDUDGDSRþDVRYLPD .DRãWRMHYHüQDSRPHQXWRQD SRþHWNX RYRJ SRJODYOMD 9L VWHLPDOL SULOLNX GD VH RSãLUQR XSR]QDWH VD UD]QLP QDþLQLPD SDPüHQMD URNRYQLND UDVSRUHGD SODQRYD UDGD L GUXJLK REDYH]D SR GDQLPD VHGPLFDPD LOL PHVH FLPD6DGDüHWHQDXþLWLNDNRVHSDPWHUD]QLURNRYQLFLUDVSRUHGLLSODQRYL UDGDNDRLGUXJHREDYH]HLWHUPLQLSRþDVRYLPD2E]LURPQDYHOLNXYUHG QRVWYUHPHQD L QHRSKRGQRVW QMHJRYH UDFLRQDOL]DFLMH X HILNDVQRP NRULãüH QMXYHRPDMHYDåQRQHVDPRXSRVORYQRPQHJRLXVYDNRGQHYQRPåLYRWX XPHWLHILNDVQRSDPWLWLUD]QHWHUPLQHLREDYH]HSRþDVRYLPDDYHRPDþHVWRL SRPLQXWLPD =DKYDOMXMXüL WHKQLNDPD NRMLPD GR VDGD UDVSRODåHWH RYDNYH L QMLPD VOLþQHWHUPLQHLREDYH]HPRåHWHSDPWLWLQDQHNROLNRQDþLQD 6HGPLþQH URNRYQLNH WHUPLQH L REDYH]H PRåHWH VLJXUQR L ODNR ILN VLUDWL X VYRMRM PHPRULML ]D üHOX VHGPLFX ELOR RGMHGQRP ELOR SR UHGR VOHGX NDNR 9DP VH SRMDYOMXMX DNR ]D VHGPLþQH GDQH XSRWUHELWH 9DPD YHü SR]QDWL QDþLQ R]QDþDYDQMD EURMHYLPD RG O² 9 SRJO D "D þDVRYH RGJRYDUDMXüH QXPHULþNH UHFL =D þDVRYH MHGQRVWDYQR NRULVWLWH EURMHYH RG 2² þLPH REXKYDWDWH VYLK þDVD 1D WDM QDþLQ GRELMDWH MHGQX FLIUX ]D VHGPLþQL GDQ L MRã MHGQX LOL QDMYLãH GYH FLIUH ]D R]QDþD YDQMH þDVRYD 'DNOH ]D SDPüHQMH VHGPLþQRJ GDQD L þDVD NDGD WUHED QHNX REDYH]X GD L]YUãLWH GRELMDWH XNXSQR VDPR MHGDQ FLIUHQ LOL FLIUHQ EURM NRMLODNRSUHWYDUDWHXSRJRGQXQXPHULþNXUHþ1DSULPHU 83(7$.XþDVRYDSRGLüLUH]HUYLVDQHDYLRQVNHNDUWH3HWDN þDV 'DNOHL /H7H/LFD$VRFLUDMWH/H7H/LFX VDDYLRQVNLPNDUWDPDLSRX]GDQRüHWH]DSDPWLWLRYXREDYH]X
$NR XRþLWH þLQMHQLFX GD X YHüLQL VOXþDMHYD QHPDPR REDYH]D SUH K SUH SRGQH L SRVOH K XYHþH RQGD RYDM PHWRG PHPRULUDQMD UD]QLK REDYH]D PRåHPR GDOMH XSURVWLWL 8PHVWR GD ]D SRSRGQHYQH þDVRYH RG ²NRULVWLPRFLIUHQHEURMHYHPRåHPRYHRPDHILNDVQR NRULVWLWLLMHGQRFLIUHQHEURMHYHXSUDYRRQDNRNDR ãWR MH L XRELþDMHQR X VYDNRGQHYQRP åLYRWX 1D SULPHU UHWNR NDåHPR ª6DVWDüHPR VH X K© YHü SURVWLMH L SUDNWLþQLMH ª6DVWDüHPR VH X K© =DEXQD MH WDNRÿH LVNOMXþHQD MHU R]QDþDYDQMHP SRSRGQHYQLK þDVRYD RG ² VD EURMHYLPDRGO²UHVSHNWLYQRXYHN]QDPR GD VH UDGL R SRSRGQHYQLP REDYH]DPD RE]LURP GD QHPDPR REDYH]D RG O² K XMXWUX 7DNRÿH GYRXPOMHQMDQHPRåHELWLQL]DWHUPLQHXLOLKXYHþHMHUVH UHFLPRXWRYUHPHQHLGHXMXWURQDUD]QHSULUHGEHXSRVHWHLVOLþQR =QDþL SR YUVWL SRVOD NRJD WUHED REDYLWL ]QDPR GD OL VH UDGL R SUHSRGQHYQRPLOLSRSRGQHYQRPWHUPLQX $NRMHSRWUHEQRGDURNRYQLNHLWHUPLQHSDPWLWHSUHFL]QRSRþD VRYLPDLPLQXWXQDRQGDRSHWLPDWHYLãHPRJXüQRVWL8VOXþDMXGDNR ULVWLWH SRWSXQX QXPHUDFLMX þDVRYD RG 2² K RQGD X SUYRM QXPHULþNRM UHFL PHPRULUDMWH VHGPLþQL GDQ I þDV D X GUXJRM VDPR PLQXWH V WLP ãWR üHWH MHGQRFLIUHQH PLQXWH R]QDþDYDWL VD MHGQRP ªQXORP© LVSUHG VDPRJ PLQXWD LWG 1D SULPHU ª8 ý(7957$. XK LPLQXWD VWLåH9DãDVHVWUD HNVSUHVQLPYR]RPL]/MXEOMDQH ª&HWYUWDN X K© ª L PLQ© -HGQD RG DVRFLMDFLMD ª9DãDVHVWUDMHGH5D7/XN L 6L5 1 0DOR QHRELþQD L NRPLþQD VLWXDFLMD DOL NRMD VH XSUDYR ]ERJWRJDHILNDVQLMHSDPWL 0HÿXWLPDNRNRULVWLWHXSURãüHQXQXPHUDFLMX]DR]QDþDYDQMH þDVRYDRQGD GRELMDWHSR MHGDQEURM]DVHGPLþQL GDQ þDV L PLQXW DNR VHUDGLRMHGQRFLIUHQLPPLQXWLPD1DSULPHUª6UHGD© X O K O L PLQXWD © GDMH VDPR MHGDQ FLIUHQ EURM 0R7R5 -H'5R LWG 8 VOXþDMX FLIUHQLK PLQXWD VHGPLþQL GDQ L þDV SDPWLWH NDR FLIUHQ EURM MHGQRP QXPHULþNRP UHþMX D PLQXWH WDNRÿH NDR FLIUHQEURM²GUXJRPQXPHULþNRP UHþMX 1D SULPHU ª1HGHOMD XK LPLQ © *X0D L /H3LOR PLQ DXWRPDWVNL ]QDWH GD X QXPHULþNRM UHFL ª/H3LOR© PRJX GD YDåH VDPR SUYDGYDVXJODVQLNDMHUMHQHPRJXüHªþDVLPLQXWD© .RåHOLGDRYDNYHWHUPLQHXYHNSDPWLVDPRVDMHGQLPFLIUHQLP EURMHPLPDSRQRYRGYHPRJXüQRVWL $NRVH]DGRYROMDYDVDSUHFL]QRãüXRGþHWYUWþDVD² PLQ RQGD VHGPLþQLGDQLþDVSDPWLVDSRMHGQRPFLIURPDPLQXWH]DRNUXåDYD QDQDMEOLåXþHWYUWV WLPãWR]DSUYXþHWYUWNRULVWL²O]DGUXJX ² D]DWUHüX²1DSULPHUª6XERWDXK LPLQ©SRVWDMH ² OMHUVPRªPLQXWD©]DRNUXåLOLQDEOLåXþHWYUWGDNOHPL QXWD 7DNRGRELMDPRRSHWMHGDQFLIUHQLEURMNRMLQDPGHILQL ãHWHUPLQVDWDþQRãüXRGþHWYUWþDVDLOLPLQXWD 8NROLNRåHOLYHüXSUHFL]QRVWDGD]DGUåLYHRPDSUDNWLþDQQDþLQPH PRULUDQMDNRPSOHWQRJWHUPLQDVDVDPRMHGQLPEURMHPRGWULFLIUH RQGDPRåHGDNRULVWLWUHüXFLIUX]DREHOHåDYDQMHPLQXWDVDWDþQR ãüXRGPLQXWD'DQLLþDVRYLVHSDPWHVDSRMHGQRPFLIURPDPL QXWLVH]DRNUXåXMXQDQDMEOLåLKPLQXWDSRRYRMãHPL PLQ ; PLQ PLQ PLQ ; PLQ PLQ PLQ ; PLQ PLQ PLQ ; PLQ PLQ LWG8]PLPRMHGDQSULPHU]DSDPüHQMHSRRYRPQDþLQX
ª6XERWD X K L PLQ © ² ² â.R/D ýD./-HLWGMHUVPR ªLPLQ©]DRNUXåLOLQDEOLåLKPLQ D 1D WDM QDþLQ SRVOHGQMD FLIUD QDP VD ODþQRãüX RG PL QXWDGDMHYUHPHL]YUãHQMD]DSDPüHQRJWHUPLQD 0HVHþQH URNRYQLNH SDPWLPR QD DQDORJDQ QDþLQ VDPR ãWR XPHVWR VHGPLþQLKGDQDGDNOHMHGQRFLIUHQLKEURMHYD]DGDQHRGRJXPHVHFX MHU ]D WL PRåHPR XSRWUHELWL ªQXOX© PRUDPR NRULVWLWL FLIUHQH EURMHYH .DGD VH UDGL R MHGQRFLIUHQLP GDWXPLPD SRVWXSDN MH LVWL NDR L NRG PHPRULUDQMD VHGPLþQLK URNRYQLND .RG FLIUHQLK GDWXPD LPDWH YLãH QDþLQD]DUD]QHNRPELQDFLMHDOLMHGQDRGSUDNWLþQLMLKMHGDGDWXP FLIUH LþDV FLIUD SDPWLWHNDRMHGDQFLIUHQDPLQXWHNDRGUXJL FLIUHQ EURM 2VWDOH NRPELQDFLMH PRåHWH QDSUDYLWL VKRGQR 9DãRM LQYHQ WLYQRVWLLSRWUHEDPD 9DãH URNRYQLNH L UD]QH WHUPLQH PRåHWH SDPWLWL L SR VLVWHPX ND OHQGDUD =D VHGPLüQH URNRYQLNH X]PHWH ELOR NRMX YH]QX WDEHOX LOL SDU VRED SR WRSRVLVWHPX L ]D VYDNL VHGPLþQL GDQ RVWDYLWH SR PHVWD ]D NRMH DVRFLUDWH XJRYRUHQH WHUPLQH 1D WDM QDþLQ VD XNXSQR YH]QLK PHVWD SDPWLWH FHR 9Dã VHGPLþQL URNRYQLN SUHFL]QR VD SR GQHYQLK WHUPLQD 1D VOLþDQ QDþLQ PRåHWH SDPWLWL L PHVHþQH URNRYQLNH NRULãüH QMHPRGJRYDUDMXüLKYH]QLKWDEHODLOLWRSRVLVWHPD9SRJO VWLPãWR ]D VYDNL GDQ X PHVHFX RGUHGLWH SR MHGQR YH]QR PHVWR ]D NRMH SR ODQ þDQRP PHWRGX DVRFLUDWH RSUHGPHüHQH WHUPLQH XJRYRUHQH ]D WDM GDQ $NRRGUHGLWHYH]QDPHVWD]DVYDNLPHVHF DXWRPDWVNLGRELMDWH NDSDFLWHW RG XNXSQR PHVWD]DSDPüHQMHJRGLãQMLKURNRYQLND1D SULPHU PR åHWH X]HWL PHVWD RGQRVQR X SUHVWXSQRM JRGLQL L] ª3URãLUHQH QX PHULþNHWDEHOH©RGPHVWDVREDXWRSRVLVWHPXVYDNDVRED]D SRMHGDQPHVHFXJRGLQL LOLELORNRMXGUXJXNRPELQDFLMX9DPDSR]QDWLK YH]QLKWDEHOD9SRJO .DRãWRYHüLVDPL]DNOMXþXMHWHPRJXüQRVWL]DGDOMH NRPELQRYD QMHLPDPQRJR1DSULPHUDNRVHSRVOXåLWHª'UXJLPQDþLQRP]DSDPüH QMHGDWXPDLPHVHFD©NRMLRPRJXüXMHGDVHGDWXPLPHVHFXYHNSDPWH NDRMHGDQ FLIUHQLEURMRQGD PRåHWH NRULVWLWL L PHWRGSDUQLKLOLJUXS QLK DVRFLMDFLMD ]D RSUHGPHüHQ GDWXP L PHVHF MHGQD QXPHULþND UHþ DVRFLUDWH ODQþDQLP PHWRGRP RSUHGPHüHQH WHUPLQH NRML VDGUåH YUHPH QMLKRYRJL]YUãHQMD
.DGD ]DSDPWLWH YDã URNRYQLN LOL UDVSRUHG UDGD L REDYH]X SR ELOR NRP VLVWHPX QH SURSXVWLWH GD SURYHULWH 9DãH DVRFLMDFLMH VLVWHPDWVNRP UHSURGXNFLMRP 3UL WRPH MH YDåQR UHSURGXNRYDWL QH VDPR X VPLVOX YUHPH L]YUãHQMD ² REDYH]D QHJR L REUDWQR MHU VH þHVWR GRJDÿD GD ]QDPR ]D REDYH]XDOLQH]QDPRYUHPHQMHQRJL]YUãHQMD 3DPüHQMX URNRYQLND UD]QLK WHUPLQD L SODQRYD UDGD SRVYHWLOL VPR UQDOR YLãH SDåQMH QH VD FLOMHP GD 9DP SRQRYLPR SUHGQRVWL SODQLUDQRJ L VLVWHPDWVNRJ UDGD X SRVWL]DQMX XVSHKD YHü GD EL VPR 9DP SUXåLOL HIL NDVQR VUHGVWYR XSUDYR ]D XVSHãQR SODQLUDQMH L VLVWHPDWL]RYDQMH 9DãHJ UDGD 3ODQLUDQMHP VYRJ GQHYQRJ VHGPLþQRJ LOL PHVHþQRJ IRQGD YUH PHQD L UDGD 9L QH VDPR GD XåLYDWH SUHGQRVWL VLVWHPDWVNRJ UDGD YHü SRVWLåHWHLYHOLNHXãWHGHXYUHPHQXLUDGX$OLQDUDYQRQHVDPRWRãWR MH QDMYDåQLMH 9L SRVWLåHWH XVSHK X VYRP UDGX LOL SRGXKYDWX L] SURVWRJ UD]ORJDãWRXUDGLWHLVSURYHGHWHVYHSRVORYHNRMHVWHSODQLUDOL$NDR ãWR9DPMHSR]QDWR]DERUDYOMHQSRVDRMHXYHN²QHREDYOMHQSRVDR
%H] RE]LUD ]D NRML VH PHWRG RGOXþLWH XVYDMDQMHP RYLK WDEHOD L QDþLQD SDPüHQMD GDWXPD GREL MDWH MHGQR YHRPD HILNDVQR VUHGVWYR ]D WUDMQRLVLJXUQRSDPüHQMHELORNRMLKGDWXPDXQHRJUDQLþHQRPEURMX 2G VDGD 9DP VH YLãH QH VUQH GRJRGLWL GD ]DERUDYLWH QHNX YDåQX JRGLãQMLFXURÿHQGDQURNLOLYDåQXREDYH]X'RYROMQRMHGDRSUHGPHüHQL RVPLãOMHQ GDWXP MHGQRVWDYQR DVRFLUDWH VD RGJRYDUDMXüRP RVRERP LOL SUHGPHWRP
3DPüHQMHNRPSOHWQLKGDXWPD 8 QHNLP REODVWLPD SRWUHEQR MH SDPWLWL NRPSOHWQH GDOXPH NRML SRUHGVDPRJ GDQDX PHVHFXLPHVHFD VDGUåH MRã L JRGLQX L VHGPLþQL GDQ 1D SULPHU ª8WRUDN DYJXVWD J© -Rã X 3RJODYOMX VWH NRULVWLOL MHGQRVWDYDQ L HILNDVDQ PHWRG ]D SDPüHQMH VHGPLþQLK GDQD R]QDþLYãL LK EURMHYLPD RG O GR UHVSHNWLYQR =D PHPRULUDQMH JRGLQD PRåHWH QDUDYQR NRULVWLWL LVWL PHWRG NDR L ]D SDPüHQMH ELOR NRMLKGUXJLKEURMHYD 1D SULPHU WUHED GD ILNVLUDWH X VYRMRM PHPRULML VOHGHüL GDWXP ª1HGHOMDPDUWJRG©2E]LURPGDVHGPLþQLGDQPRåHPRXYHN R]QDþLWL VDPR VD MHGQRP FLIURP D VDP GDWXP VD QDMYLãH GYH FLIUH WR üHPRVHGPLþQLGDQXYHNPRüLSDPWLWL]DMHGQRVDGDWXPRP'DN H L 9HRPD UHWNRELüH SRWUHEQR GD SDPWLPR LYHN XNRUQHVH QHNL GRJDÿDM RGLJUDR L YHRPD þHVWR GRYROMQR MH GD ]DSDPWLPR VDPR GYHSRVOHGQMHFLIUHRGQRVQHJRGLQH$NRSULPHQLPRVSHFLMDOQLDOIDEHW ]D SDPüHQMH PHVHFL RQGD PHVHF L JRGLQX PRåHPR WDNRÿH SDPWLWL ]DMHGQRNDRMHGDQFLIUHQLEURMPDUW ]QDþLL 3UHPD WRPH þLWDY RYDM NRPSOHWDQ GDWXP VYHOL VPR QD SDPüHQMH GYD EURMD RG SR FLIUH L .1-L*D L 0H'9HG $VRFLUDMWHQD9DPDQDMSRJRGQLMLQDþLQRYDGYDSRMPDVD GRJDÿDMHPQD NRML VH RGQRVL RYDM NRPSOHWQL GDWXP L RQ üH 9DP WUDMQR ELWL QD UDVSRODJDQMX
.ROLNRGDQDLPDRYDMPHVHF" 2YR SLWDQMH þHVWR SRVWDYOMDPR X UD]QLP RNROQRVWLPD D QDURþLWR NDGD SODQLUDPR QHãWR X YH]L VD YUHPHQRP 'D ELVPR LPDOL XYHN VSUHPDQ L WDþDQ RGJRYRU GRYROMQR MH GD VH SRVOXåLPR QHNRP RG VOHGHüLKPHWRGD -$1 )(%0$57$350$--81-8/$9*6(32.7129'(& /(9$58.$ '(61$58.$ *RUQMD ãHPD SUHWVWDYOMD 9DãX OHYX L GHVQX ãDNX VWLVQXWH X SHVQLFH L WDNR VDVWDYOMHQH NRG NDåLSUVWD L QMLKRYLK ]JORERYD 6DGD SRÿLWH RG 9DãHJ SUYRJ ]JORED QD OHYRM ãDFL ]JORE PDORJ SUVWD L QMHJDRGUHGLWH]DPHVHFª-DQXDU©XGXEOMHQMHGRQMHJDL]PHÿXPDORJ LGRPDORJSUVWD]DPHVHFª)HEUXDU©VOHGHüL]JORE ]JOREGRPDORJ SUVWD ]D PHVHF ª0DUW© LWG GR NUDMD WM GRN QH ªVPHVWLWH© L PHVHF ª'HFHPEDU© QD ]JORE GRPDORJ SUVWD GHVQH ãDNH 3ULPHWLüHWH YHRPD LQWHUHVDQWQX L X LVWR YUHPH NRULVQX NRLQFLGHQFLMX PHVHF VD GDQRP GRãDR MH XYHN QD ]JORE D PHVHFL NRML LPDMX SR GDQD ªVPHVWLOL© VX VH X XGXEOMHQMD L]PHÿX SRMHGLQLK ]JORERYD 1DUDYQR L PHVHF IHEUXDU NRML LPD VDPR RGQRVQR GDQD X SUHVWXSQRM JRGLQLWDNRÿHMHGRELRXRYRPSULURGQRPUDVSRUHGXVYRMHXGXEOMHQMH
8EXGXüH NDGD 9DP ]DWUHED WDþDQ EURM GDQD ]D SRMHGLQH PHVHFH ELüH GRYROMQR GD NDåLSUVWRP MHGQH UXNH SUHÿHWH SUHNR ]JORERYD SUVWLMX GUXJHUXNHLGDDXWRPDWVNL ªRþLWDYDWH©SRWUHEDQEURMGDQD2EUDWLWHVD PR SDåQMX GD -8/, GROD]L QD ]JORE NDåLSUVWD MHGQH UXNH D $9*867 QD ]JORE NDåLSUVWD GUXJH UXNH L GD L]PHÿX QMLK 1(0$ XGXEL MHQMD ãWR MH RSHWVDYUãHQDNRLQFLGHQFLMDMHUREDRYDPHVHFDLPDMXSRGDQ 'UXJLPHWRGNRULVWL9DPDYHüSR]QDWXVXSVWLWXFLMXQD]LYD SRMHGL QLK PHVHFL RGJRYDUDMXüLP EURMNDPD 1DLPH DNR PHVHFH R]QDþLPR EUR MHYLPD RG O ² UHVSHNWLYQR SULPHWLüHPR GD GR RJ PHVHFD GDNOH $9*867$VYLPHVHFLR]QDþHQL1(3$51,0%52-(0LPDMXSRGDQ DMHWDNRÿHQHSDUDQEURM GRNRQLR]QDþHQLVDSDUQLPEURMHPLPDMX VDPR SR GDQD RGQRVQR ]D IHEUXDU GDQD NRML VX WDNRÿH 3$51, EURMHYL 1DSULPHUO MDQXDU PDUW PD`VYLQHSDUQLLVYLLPDMX SR GDQ IHEUXDU DSULO MXQL VYL SDUQL L VYL LPDMX 3$51, EURM GDQD WM VD L]X]HWNRP IHEUXDUD ]D NRML ]QDPR GD LPD VDPRGDQD 2YR SUDYLOR YDåL GR $9*867$ NRML MH SUHNUHWQLFD MHU RG QMHJDGDOMHYDåLREUQXWRSUDYLOR1(3$51,PHVHFLLPDMXSDUDQEURMGDQD GDNOHSR D3$51, PHVHFL REUQXWR .RG )(%58$5$ WUHED LPDWL X YLGXGD X SUHVWXSQRM JRGLQL LPD GDQD 3UHVWXSQX JRGLQX RGUHÿXMHWH SURVWLP GHOHQMP ]DGQMH GYH FLIUH VD DNR VX GHOMLYH EH] RVWDWND ² JRGLQD MH SUHVWXSQD 1D SULPHU SUHVWXSQH VX JRGLQH LWG
0QRJLPD üH QDMYLãH RGJRYDUDWL GD VH L RYGH SRVOXåH ª1XPHULþNLP DOIDEHWRP© GDQLPDMX O L 'H0R/LUDQ .D9H= 'L1-D GDQDLPDMX 1D+R&H %X'L7L 2G VWYRUHQLK QXPHULþNLK UHFL PRåHWH QDSUDYLWL LOL JUXSQX DVRFLMD FLMX LOL ODQþDQL QL] 8NROLNR åHOLWH GD EXGHWH SRWSXQR SUHFL]QL L VLJXUQL PRåHWHGRGDWLMRãSRMHGDQþODQXVYDNRPDVRFLMDWLYQRPQL]X²0H7X GDELR]QDþLOL ªGDQLPDMX© L UHFLPR0D&X GDEL]QDOL ª GDQD LPDMX © 1DUDYQR 0H7D L 0D&D PRUDMX GRüL QD SRþHWNX VYRMLK ODQ þDQLKQL]RYDLOLJUXSQLKDVRFLMDFLMD 2GUHÿLYDQMHVHGPLþQRJGDQD]DELORNRMLGDWXPX JRGLQL 6HGPLFD MH YHRPD SRJRGQD L SULURGQD MHGLQLFD YUHPHQD X QDãHP VLVWHPXUDþXQDQMDYUHPHQDLPQRJH VYRMH SRVORYQH L OLþQH DNWLYQRVWL SOD QLUDPRLUDVSRUHÿXMHPRSRGDQLPDVHGPLFH8ãWHÿXMHPRVHELSXQRWUX GDLYUHPHQDLXYHOLNRMPHULVLVWHPDWL]XMHPRVYRMSRVDRDNRSRMHGLQHDN WLYQRVWL NRMH VH SHULRGLþQR SRQDYOMDMX REDYOMDPR X RGUHÿHQH VHGPLþQH GDQH 6WRJD MH YDåQR ]QDWL EU]R L VLJXUQR RGUHGLWL VHGPLþQL GDQ ]D ELOR NRMLGDWXPXJRGLQLQDURþLWRNDGDSODQLUDPRVYRMHYUHPHLDNWLYQRVWLLOL VDQHNLPGRJRYDUDPR UD]QHREDYH]HLVXVUHWH8SURWLYQRPPRåHþHVWR GD9DPVHGRJRGLGDUHFLPRSODQLUDMXüLLOLGRJRYDUDMXüLVHSRGDWXPLPD LPDWHYUHPHQDMXQDDOLNDGDSRJOHGDWH9DãVHGPLþQLSODQRQGDXVWD
QRYLWH GD MXQL SDGD XSUDYR X VXERWX NRMD 9DP MH VWURJR UH]HUYLVDQD]DVDVYLPGUXJHSRVORYH =D SUDNWLþQH SRWUHEH GRYROMQR MH GD QDXþLWH RGUHÿLYDWL VHGPLþQLGDQ]DELORNRMLGDWXPXWHNXüRMSUHWKRGQRMLQDUHGQRMJRGLQL GDNOHDXNXSQRWULJRGLQH1DSULPHU]DL JRGLQX 1DUDYQR NR åHOL GD SURãLUL VYRMH NDSDFLWHWH X RYRM REODVWL QHüH ELWL QL QDMPDQMH RJUDQLþDYDQ PHWRGRP NRMD RPRJXüXMH GD VH VHGPLþQL GDQL ]DSDPWH]DSUDNWLþQRELORNRMLEURMJRGLQD 0HWRGD WDEHODUQRJ NDOHQGDUD MH VDVYLP GRYROMQD ]D VYDNRGQHYQH SUDNWLþQHSRWUHEH.DRãWR9DPMHSR]QDWRNRGWDEHODUQRJNDOHQGDUDVYL GDWXPL X PHVHFX VYUVWDQL VX SR VHGPLþQLP GDQLPD SRG NRMH SRWSDGDMX 1D SULPHU X MDQXDUX JRG QHGHOMD SDGD L D VUHGD O L 2GPDK SULPHüXMHWH GD MH GRYROMQR ]QDWL NDGD SDGD SUYD QHGDOMD X PHVHFX GD EL ODNR RGUHGLOL GDWXPH X WRP PHVHFX]DVYHRVWDOHQHGHOMH9LGHOLVWHGDSUYDQHGHOMDXMDQXDUXSDGD RJãWR]QDþLGDGUXJDPRUDELWLNUR]GDQD]QDþLRJWUHüDNUR] GDQDWMRJLþHWYUWDNUR]GDOMLKGDQDGDNOHRJ 1D LVWL QDþLQ PRåHPR RGUHGLWL VHGPLþQL GDQ ]D ELOR NRML GUXJL PHVHFLOLJRGLQX=QDþLGRYROMQRMHGD]DSDPWLPRVDPRGDWXPHNDGD SDGDMXSUYHQHGHOMHXPHVHFXSDGDEXGHPRXPRJXüQRVWLGDYHRPD HILNDVQR L VLJXUQR ]DSDPWLPR LOL RGUHGLPR VHGPLþQL GDQ ]D ELOR NRML GDWXPXJRGLQL8]PLWHQDSULPHUJRGLRGUHGLWHGDWXPH SUYLK QHGHOMDXVYDNRPPHVHFX
0(6(&, O '$780,359,+ 1('(/-$ 'RELOL VWH GDWXPD SUYLK QHGHOMD X PHVHFX ]D VYDNL PHVHFJRGLQH1DSULPHUåHOLWH]QDWLNRMLüHVHGPLþQLGDQELWL GVFHPEUDJRGLQH" 'D ELVWH HILNDVQR L WDþQR GRELMDOL RGJRYRUH QD RYDNYD L VOLþQD SLWDQMD SRWUHEQR MH GD VDPR QD MHGDQ RG SR]QDWLK 9DP QDþLQD PHPRULUDWH GDWXPH SUYLK QHGHOMD X VYDNRP PHVHFX GRWLþQH JRGLQH =D QDYHGHQLK GDWXPD PRJX GREUR GD SRVOXåH L RYH QXPHULþNH UHFL X ODQþDQRPQL]X
/D1H1RSODWQR ²6L5L7²=0L*DYDF²/H1*HU ² ² ² =DWLP9DãLPPHQWDOQLPRNRPSRWUDåLWHPHVHFGHFHPEDUXIRUPL UDQRP ODQþDQRP QL]X 3RãWR ]QDWH GD VYDND QXPHULþND UHþ QL]D VDGUåL SR WUL PHVHFD RGPDK ]DNOMXþXMHWH GD WUHüL VXJODVQLN X SRVOHGQMRM UHFL UHFL;VXJODVQLND PHVHFL PRUDGDVDGUåLGDWXPSUYHQHGHOMH X GHFHPEUX PHVHFX 'DNOH * WM GHFVPEDU MH 1('(/-$ MH SRQHGH,MDN MH XWRUDN ]QDþL GHFHPEDU J PRUD GD EXGH 65('$,VWR WDNR HILNDVQR RGUHÿXMHWH VHGPLþQL GDQ ]D ELOR NRML GUXJL GDWXP 8]PLPR MRã MHGDQ SULPHU QD NRML GDQ SDGD DSULO JRGLQH"3RãWRMHDSULOþHWMYUWLPHVHFSRUHGXRGPDK]QDWHGDPXSULSDGD SUYL VXJODVQLN X GUXJRM QXPHULþNRM UHFL 9DãHJ ]DSDPüHQRJ ODQþDQRJ QL]D 'DNOH 6 L5L7 SUYD QHGHOMD DSULOD MH RJ .DNR 9DPD WUHEDWLUD]OL
2Q3R]YDQLVPR]DDSULO-HVLOLQHãWRSODQLUDOD"2QD DSULOMHý(7957$.DþHWYUWNRPLPDPRQHRGORåQHSUDNWLþQH YHåEH
ND @H GDQD RSHULãXüL XYHN VD IDNWRURP SRPQRåLWH RQROLNR SXWD NROLNR FHQLWH GD üHWH VH QDMYLãH SULEOLåLWL WUDåHQRP GDWXPX 8 RYRPVOXþDMXLPDPR; ãWR ]QDþL GD MH QHGHOMD L DSULOD 3UHPD WRPH DNR MH RJ QHGHOMD RQGD DSULOD JPRåHGDEXGHVDPR68%27$ ,VWL PHWRG PRåHWH QDUDYQR SRGMHGQDNR HILNDVQR SULPHQLWL ]D ELOR NRMX GUXJX NDOHQGDUVNX JRGLQX -HGQRVWDYQR ]D VYDNX JRGLQX IRUPLUDMWH RGJRYDUDMXüL ODQþDQL QL] NRML üH VDGUåDYDWL GDWXPH SUYLK QHGHOMD X VYDNRP PHVHFX =DWLP ]DGQMH GYH FLIUH RGQRVQH JRGLQH SULNODGQRRSUHGPHWLWH1?DSULPHU]DJ .R/DLWDNR RSUHGPHüHQHVWDYLWHLK]DSUYLþODQQL]D1DWDMQDþLQþLQLåHOLWHQHNL VHGPLþQLGDQ]DJRGLQX X]PLWHSRVOHGQMHGYHFLIUH² ² SUHWYRULWH LK X QXPHULþNX UHþ L RGPDK üHWH VH VHWLWL GD VX WR ª.R/D©NRMDüHYDPRGPDKGR]YDWLXVYHVWSUHRVWDODþODQDQL]DL] NRMLKPRåHWHRQGDSRåHOMLX]LPDWLSRWUHEQHSRGDWNH 0HWRGD ª9HþLWRJ NDOHQGDUD© QDURþLWR MH SRJRGQD ]D RGUHÿLYDQMHVHGPLþQRJGDQD]DELORNRMLGDWXPXRNYLUXQHNRJGXåHJ YUHPHQVNRJ SHULRGD QD SULPHU þLWDYLK GHFHQLMD SD L VWROHüD 7DNR]YDQL ª9HþLWL NDOHQGDUL© RPRJXüXMX RGUHÿLYDQMH VHGPLþQLK GDQD ]D þLWDYLK ² YHNRYD 6YDNDNR NDSDFLWHW MHGQRJ ªYHþLWRJ NDOHQGDUD© X SUDNVL üHPR UHGH NRULVWLWL LDNR LPD SR]LYD L REODVWLGHODWQRVWLJGHüHQDPRYDVSRVREQRVWYHRPDNRULVWLWL 3RVWRMLQHNROLNRVLVWHPD ª9HþLWLKNDOHQGDUD©WHSUHPDWRPHL PHWRGD QMLKRYRJ SDPüHQMD 2YGH üHPR L]ORåLWL QHNH RG PHWRGD SDPüHQMD9HþLWLKNDOHQGDUD©
3DPüHQMHª9HþLWRJNDOHQGDUD©]DSHULRGRG²J
9UHGQRVWL ]DGDQH
9UHGQRVWL]DPHVHFH
1HGHOMD -DQ)HE0DUW$SU0DM-XQL 3RQHGHOMDN 8WRUDN 6UHGD ýHWYUWDN -XOL $XJ 6HS 4NW 1RY 'HF 3HWDN 6XERWD 9UHGQRVWL]DGDQHDXWRPDWVNLSDPWLWHLYHüVX9DPSR]QDWHL] UDQLMLK PHWRGD L WHKQLND 9UHGQRVWL ]D PHVHFH SDPWLWH WDNRÿH MHGQRVWDYQR DQDORJQR PHPRULUDQMX GDWXPD SUYLK QHGHOMD X PHVHFX X ª0HWRGL WDEHODUQRJ NDOHQGDUD© 1D SULPHU ]D WUDMQR ILNVLUDQMH ª9UHGQRVWL ]D PHVHFH© PRåHWH XSRWUHELWL L RYDM ODQþDQL QL] QXPHULþNLKUHFL0H'-D6 ²1D5&LV D1D/L7LþDU 0H&H7D 1DSULPHUDNR9DPMHSRWUHEQRGDGR]QDWHNRMLMHVHGPLþQL GDQELRDYJXVWJSRVWXSLüHWHQDRYDMQDþLQ'DWXP DYJXVWJRG 8]HWL]DGQMHGYHFLIUHXJRGLQLSRGHOLWLVDL]DSDPWLWLRVWDWDN RVWDWDN 3RGHOLWLVDQHRED]LUXüLVHQDRVWDWDN 3RãWRXYHN GHOLPRIDNWRURPNDGDMHPRJXüHWRLRYRJSXWDLPDPR RVWDWDN 'RGDPRYUHGQRVW]DPHVHF DYJXVW 'RGDPRYUHGQRVWGDWXPD SRGHOMHQRVDIDNWRURPGDMH RVWDWDN O 6DEHUHPRLGHOHQMHPVDIDNWRURPQDÿHPRRVWDWDN]ELU 267$7$.MH
2þLWDYDQMHRVWDWNDSUHPDWDEHOLYUHGQRVWL]DYHNRYH ²RVWDWDN VHGPLþQLGDQ 9HNRGJ VHGPLþQLGDQ 9HN ²RVWDWDN ²RVWDWDN² VHGPLþQLGDQ 9HN ²RVWDWDN VHGPLþQLGDQ 9HN ²RVWDWDN VHGPLþQLGDQ 9HN 3UHPDWRPHSRãWRMHRVWDWDNXJRUQMHPSULPHUX ª2©DUDGL VH R YHNX PRUDWH RGX]HWL L ]D VHGPLþQL GDQ GRELMDWH þHWYUWDN8WDEHOL ª9UHGQRVWL]DGDQH©2VWRMLXPHVWRL]DWRMH 2² MHUMH² $NR VH UDGL R SUHVWXSQRM JRGLQL RQGD VH RG YUHGQRVWL ]D PHVHFH ! -DQXDU © L ª)HEUXDU © XYHN RGX]PH O GRN YUHGQRVWL RVWDOLK PHVHFL RVWDMX QHSURPHQMHQH 3UHVWXSQX JRGLQX RGUHÿXMHWHMHGQRVWDYQLPGHOHQMHP]DGQMHGYHFLIUHDNRVXGHOMLYHEH] RVWDWND²WDJRGLQDMH]QDþLSUHVWXSQD*RGLQDVWROHüDQDSULPHU JJJLWGMH
SUHVWXSQDVDPRDNRMHGHOMLYDVDEH]RVWDWND3UHPDWRPH]DSUDNWLþ QHVYUKHGREURMH]QDWLGDJRGLQHLQLVXSUHVWXSQHDGDüH JELWLSUHVWXSQD 1LMH SRWUHEQR SRVHEQR QDJODãDYDWL GD VYH RYH RSHUDFLMH PRåHWH L] YRGLWLEH]SRPRüLRORYNHLSDSLUDGDNOHQDSDPHW]DKYDOMXMXüLWHKQLNDPD SDPüHQMDNRMLPDUDVSRODåHWH
3DPüHQMHYHOLNRJª9HþLWRJNDOHQGDUD©RG YHNRYD]DSHULRGRG²J =D YHRPD NUDWNR YUHPH L X] PDOR QDSRUD PRåHWH PHPRULUDWL RYDM YHOLNL ª9HþLWLNDOHQGDU©NRMLüH9DPRPRJXüLWLGDXVYDNRGREDRGUHGLWH EU]RLHILNDVQRVHGPLþQLGDQ]DELORNRMLGRJDÿDMRGQRVQRGDWXPL]PHÿX LJGDNOH]DSXQLKYHNRYD 9UHGQRVWL]D GDQH
9UHGQRVWL]D PHVHFH
1HGHOMD O -XOL ² -DQXDU 3RQHGHOMDN $YJXVW ² )HEUXDU 8WRUDN 6HSWHPEDU ² 0DUW 6UHGD 2NWREDU ² $SULO ýHWYUWDN O 1RYHPEDU ² 0DM 3HWDN 'HFHPEDU ² -XQL 6XERWD 9UHGQRVWL]DJRGLQHGDWHVXVDPRGYH]DGQMHFLIUH 2 O 2 O O .RG RYRJ VLVWHPD ª9HþLWRJ NDOHQGDUD© EURM JRGLQD VH VPDQMXMH ]D MHGDQ NDGDVX XSLWDQMXPHVHFL MDQXDULIHEUXDU3UHRVWDMH GD MRã PHPR ULUDWHLWDEHOXYUHGQRVWL]DSUYHGYHFLIUHJRGLQHSDGDSUHÿHWHQDVDPR RGUHÿLYDQMH VHGPLþQLK GDQD ]D SRMHGLQH GDWXPH 2EUDWLWH SDåQLX GD GROH QDYHGHQL EURMHYL QH R]QDþDYDMX YHNRYHQHJR SUYHGYH FLIUHRGQRVQHJR GLQH1DSULPHUª©QH]QDþLWLYHNQHJRSUYHGYHFLIUH]DVYHJRGL QHRJYHNDUHFLPR²LWG7DNRÿHª©]QDþLQD SUJLWG O 2
9UHGQRVWL]DSUYHGYHFLIUHJRGLQH
-8/,-$16.,67$5, .$/(1'$5 ² ² ² ² ² ² ² ²
*5(*25,-$16.,129, .$/(1'$5 ² ² ² ² ² ² ² ²
² ² ² ² ² ² ² ² ² ² ² 2YDM ª'HVHWRYHNRYQL YHþLWL NDOHQGDU© LPD MRã MHGQX SUHGQRVW SRQMHPX VH PRJX SDPWLWL L RGUHÿLYDWL VHGPLþQL GDQL QH VDPRSRQRYRPLOLJUHJRULMDQVNRP NDOHQGDUX QHJR L SR VWDURP W]Y MXOLMDQVNRP NDOHQGDUX 3RVWXSDN MH LGHQWLþDQ ]D REH YUVWH NDOHQGDUD VDPR ãWR YUHGQRVWL ]D SUYH GYH FLIUH RGQRVQH JRGLQH X]LPDPR]DRQDMNDOHQGDUSRNRPH RGUHÿXMHPRVHGPLþQLGDQ 6YH RYH WDEHOH YUHGQRVWL SRPRüX NRMLK L]QDOD]LWH WUDåHQL VHGPLþQL GDQ PRåHWH PHPRULUDWL QD YLãH QDþLQD 7DEHOD YUHGQRVWL ]D GDQH YHü 9DP MH GREUR SR]QDWD 9UHGQRVWL ]D PHVHFH PRåHWH WDNRÿH SDPWLWL QD YLãH QD þLQD MHGDQ RG SUDNWLþQ LMLK MH GD UHGQ L EURM P HVHFD L VD P X YUHG QRVW ]D WDM PHVHF WUHWLUDWH NDR MHGDQ EURM 1D SULPHU ª$SULO © SDPWLWH NDR DSULO L WM LOL ª'HFHPEDU © X]LPDWH MHGQRVWDYQRNDR GHFHPEDU L LWG 9UHGQRVWL]DJRGLQHPRåHWHWDNRÿHSDPWLWL]DMHGQRVDVDPLP JRGLQDPD X REOLNX FLIUHQLK EURMHYD 1D SULPHU ª 2© SDPWLWH MHGQRVWDYQR NDR LOL ª © DVRFLUDMWH NDR 1DUDYQR PRåHWH XSRWUHELWL ]D 9DV QDMSUDNWLþQLML QDþLQ RG QHNH YH]QHWDEHOHVDPHVWD]DJRGLQHRG ² SDGRUHFLPR GYH SRWSXQR QXPHULVDQH VREH NRMH ]DMHGQR LPDMX WDNRÿH PHVWD 1DLVWLQDþLQPRåHWH]DSDPWLWLLYUHGQRVWL]DSUYHGYHFLIUH RGQRVQHJRGLQH7DNRGRELMDWH]Dª ©VDPRMHGDQFLIUHQL EURMNRMLODNRPHPRULUDWHYHüSR]QDWLPWHKQLNDPD .DGDVWHVYHSRWUHEQHWDEHOHILNVLUDOLXVYRMRMPHPRULMLL UHSURGXNFLMRPSURYHULOLGDQMLPDHILNDVQRLEH]]DVWRMDYODGDWH PRåHWHRQGDSUHüLQDRGUHÿLYDQMHVDPLKVHG PLþQLKGDQD]D SRMHGLQHGDWXPHSRELORNRPNDOHQGDUXMHUVWHWLPH]DSUDYR ]DSDPWLOLFHRRYDM ª9 HþLWLNDOHQGDU©NRMLSRVWDURPNDOHQGDUX REXKYDWDþLWDYLKYHNRYDDSRQRYRP9LüHWHELWLXVWDQMX GDEU]RLWDþQRGDWHVHGPLþQLGDQ]DELORNRMLGDWXPXRYRP RJURPQRPYUHPHQVNRPSHULRGXLSRELORNRPNDOHQGDUX 8]PLPRQHNROLNRSULPHUD .RMLMHGDQELRPDUWJRG"
2YDMVLVWHPLPDLWXSUHGQRVWãWRVHREUDGDGDWXPDYUãLLVWLPRQLP UHGRPNRMLPMHLQDSLVDQVDPRãWRVHSRMHGLQLGHORYLUDGLODNãHJVDELUD QMDSLãXMHGDQLVSRGGUXJRJ ²GDWXPX]LPDPRXFHORVWLLDNRMHPRJXüHGHOLPRVDLSDP WLPRVDPRRVWDWDN RVWDWDN PDUW²YUHGQRVW]DPHVHFPDUWL]WDEHOHMH ²YUHGQRVW]DSUYHGYHFLIUHJMH O SRãWRVHUDGLRQRYRPNDOHQGDUX ²YUHGQRVW]DSRVOHGQMHGYHFLIUHJRGLQHMH 8NXSDQ]ELUMH
.DGD XNXSDQ ]ELU SRGHOLPR VD IDNWRURP RVWDWDN MH NRML QDP SUHPDWDEHOLYUHGQRVWL]DGDQHND]XMHGDMHPDUWDJELOD65( '$ .RMLMHGDQELRIHEUXDUJ" RVWDWDN IHEUXDU ]ERJIHEUXDUDJRGLQDVHXPDQMXMH]DO
O O
IHEUXDUJMHELR3(7$.
.RMLMHGDQELRMDQXDUJSRVWDURPNDOHQGDUX" RVWDWDN MDQXDU SRVWDURPNDOHQGDUX ]ERJMDQXDUDX]LPDPR
O
MDQXDUJSRVWDURPNDOHQGDUXELRMHý(7957$. 6D PDOR SUDNVH L YHåEDQMD XEU]R üHWH VWHüL WDNYX UXWLQX GD üHWH PRüLSRELORNRPRGL]ORåHQLKPHWRGD]DYHRPDNUDWNRYUHPHGDRGUHGLWH VHGPLþQLGDQ]DELORNRMLGDWXPLSRELORNRPRGRYDGYDNDOHQGDUDX SUDNWLþQR QHRJUDQLþHQRP YUHPHQVNRP UD]GREOMX 2YD 9DãD QRYRVWHþHQD VSRVREQRVW ELüH 9DP RG SRPRüL X PQRJLP REODVWLPD åLYRWD L UDGD D QDURþLWR SUL SODQLUDQMX 9DãHJ YUHPHQD X XJRYDUDQMX UD]QLK WHUPLQD L REDYH]D
2GUHÿLYDQMHEURMDSURWHNOLKLOLSUHRVWDOLK GDQDXJRGLQL]DRGUHÿHQGDWXP 8PQRJLPVLWXDFLMDPDDQDURþLWRSULOLNRPSODQLUDQMDRGSRVHEQH MHYDåQRVWLWDþQRLEU]R]QDWLNROLNRMHSUHRVWDORLOLSURWHNORYUHPHQD X JRGQL RG QHNRJ GDWXPD 2YDM SUREOHP UHãDYDWH MHGQRVWDYQLP PHPR ULUDQMHPVOHGHüHGYHWDEHOH
%52-3527(./,+'$1 0HVFL 'DQL
%52-35(267$/,+'$1$ 0HVHFL'DQL
/HYDWDEHOD ª%URM SURWHNOLKGDQD© GDMH 9DP QD SUYL SRJOHG EURM SURWHNOLK GDQD RG SRþHWND JRGLQH WM RG MDQXDUD SD GR NUDMD ELORNRJPHVHFDXJRGLQL1DSULPHUGRDSULODSURWHNORMHGR QRYHPEUDDGRMXODGDQDRGSRþHWNDJRGLQH=DSUHVWXSQX JRGLQX PRUDWH GRGDWL SRþHYãL RG IHEUXDUD JRUQMLP YUHGQRVWLPD SR MHGDQ GDQ YLãH WDNR GD ]D IHEUXDU LPDWH PDUW ² D DSULO ²GDQLWGGRNUDMDJRGLQHGHFHPEDU ²GDQD $NR 9DP MH QD SULPHU SRWUHEQR GD ]QDWH NROLNR MH SURWHNOR XNXSQR GDQD VD MXQRP RGJRYRU GRELMDWH EU]R MHU VWH RYX WDEHOX PHPRULUDOL QHNLP RG YH]QLK PHWRGD 9DãLP ªPHQWDOQLP RNRP© SRWUDåLWH WR PHVWR EU SURWHNOLK GDQD GR NUDMD MXQD L WDPR QHSRJUHãLYRQDOD]LWHWMEURM SURWHNOLKGDQDGRMXQDDNDNR MH ² GRELMDWH GD MH VD MXQRP SURWHNOR XNXSQR GDQD0RåHWHSRVWXSLWLLQDGUXJLQDþLQGRNUDMDPDMDMHSURWHNOR GDQMGDQDL]MXQDPHVHFD XNXSQRGDQD 8]PLPRMRãMHGDQSULPHUNROLNRMHGDQDXNXSQHSURãORRGOMD QXDUDGRVHSWHPEUDJ"'RNUDMDVHSWHPEUDLPDPRGDQD PDQMH GDQD XNXSQR GDQD O GDQ ]D SUHVWXSQX J XNXSQRGDQD,OLGRNUDMDDYJXVWD IOGDQ]DSUHVWXSQX JRGLQX GDQDL]VHSWHPEUD GDQD 'HVQD WDEHOD MH UHYHU]LELOQD OHYRM ² SRND]XMH NROLNR MH SUHRVWDORGDQDQDNUDMXVYDNRJPHVHFDGRNUDMDJRGLQH1DSULPHU QD NUDMX LOL SR LVWHNX DYJXVWD PHVHFD SUHRVWDMH MRã GDQD LOL PDUWD ² MRã GDQD GR NUDMD JRGLQH =D SUHVWXSQH JRGLQH WUHED GRGDWLVDPREURMXGDQD]DMDQXDU OGDQYLãHGDNOH GDQD]ERJIHEUXDUDNRMLWDGDLPDGDQDDüHODJRGLQDGDQD 6YHRVWDOHYUHGQRVWL]DSRMHGLQHPHVHFHRVWDMXQHSURQLHQMHQH ,RYXWDEHOX PRåHWHYHRPDODNR]DSDPWLWLELORNRMLPYH]QLPPH WRGRPLRVSRVRELWLVHWLPHGDRGJRYRULWHEU]RLVLJXUQRNROLNRMHGDQD SUHRVWDOR RG ELOR NRJ GDWXPD X JRGLQL 1D SU NROLNR MH GDQD SUHRVWDOR GRNUDMD JRGLQH RG DSULOD" 3R WDEHOL QD NUDMX DSULOD SUHRVWDMH GDQDSOXVGDQDL]DSULOD XNXSQRGDQD
2GUHÿLYDQMHEURMDGDQDL]PHÿXGYDGDWXPDX LVWRMLOLGYHUD]OLþLWHJRGLQH 3RãWR VWH ]DSDPWLOL RYH GYH WDEHOH X VWDQMX VWH GD HILNDVQR GRELMDWH L GUXJH SRGDWNH L] RYH REODVWL 8NROLNR åHOLWH ]QDWL QD SULPHU NROLNR MH GDQD SURWHNOR RG SRþHWND MHGQH GR UHFLPR RNWREUD VOHGHüH JRGLQH GRYROMQR MH GD SRVWXSLWH QD LVWL QDþLQ NDR NDGD VH UDGL R MHGQRM JRGLQL VDPR ãWR üHWH L]UDþXQDWRP EURMX GDQD GRGDWL MRã LOL ]D SUHVWXSQX JGLQX L GRELWL XNXSDQ EURM SURWHNOLK GDQD $QDORJQR SRVWXSDWH L NDGD 9DP MH SRWUHEDQ EURM SUHRVWDOLKGDQDRGQHNRJGDWXPDXRYRMSDGRNUDMDUHFLPRLGXüH JRGLQH 2G SRVHEQH NRULVWL PRåH GD YDP EXGH VSRVREQRVW RGUHÿLYDQMD EURMD GDQD L]PHÿX GYD GDWXPD X LVWRM LOL GYH UD]OLþLWH JRGLQH 6OXåHüL VH SUYRP WDEHORP ©%URM SURWHNOLK GDQD© RYDNYH SRGDWNH PRåHWH YHRPD ODNR L EU]R GRELWL 1D SULPHU .ROLNR MH SURWHNOR GDQD L]PHÿX PDUWD L DYJXVWD" 1DMSUH L]YUãLWH DQDORJQXUHGXNFLMXX]PLWHQDMSUHSHULRGRGPDUWDGRDYJXVWD V WLP ãWR SUHRVWDMH W GDQD 3HULRG RG PDUWD GR DYJXVWD PRåHWH GDOMH X]HWL GD MH LGHQWLþDQ VD SHULRGRP RG O PDUWD GR O DYJXVWD 'DOML SRVWXSDN MH VOLþDQ SUHWKRGQLP GR O DYJXVWD LOL QD NUDMXMXOD SRWDEHOLSURWHNORMHGDQD PDQMHGDQDNROLNR MH SURWHNOR GR O PDUWD GDQD SUHRVWDOLK GDQD RG ² DYRXVWD XNXSQRGDQD $NRVHUDGLREURMXGDQDL]PHÿXGYDGDWXPDL]UD]QLKJRGLQD SRVWXSDNMHLGHQWLþDQVDPR ãWRVH]DVYDNX üHOXJRGLQXGRGDMRãSR GDQDRGQRVQRGDQD]DSUHVWXSQXJRGLQX6YDNDNRPRJXüH VX UD]OLþLWH NRPELQDFLMH þDN L VD GUXJRP WDEHORP 1D SULPHU .ROLNRMHSURWHNORGDQDL]PHÿXVHSWHPEUDLMXQD J" 3RãWR MH SUYL GDWXP YHüL RG GUXJRJD PRåH NRULVQR GD 9DP SRVOXåL L GUXJD WDEHOD ª%URM SUHRVWDOLK GDQD© 3R QMRM 9DãLP ªGXKRYQLP RNRP© RGPDK SURQDOD]LWH GD QD NUDMX VHSWHPEUD SUHRV WDMH+L]VHSWHPEUD GDQD GDQD ]D J GDQQDNUDMXPDMDSRSUYRMWDEHOLGDQDL]MXQD XNXSQRGDQD 6YH RYH RSHUDFLMH PRåHWH REDYLWL QDSDPHW MHU VWH ]DSDPWLOL REHWDEHOHDNDNRVHHILNDVQRYUãLPHQWDOQRVDELUDQMHQDXþLüHWHODNR X3RJODYOMX
3DPüHQMHUD]OLþLWLKQD]LYDPHVHFL 2QL NRML NRULVWH QD]LYH SRMHGLQLK PHVHFL L]YHGHQH QD RVQRYX ODWLQVNLK QD]LYD QD SULPHU MDQXDU IHEUXDU PDUW LWG LPDMX SRWHãNRüD VD QD]LYLPD PHVHFL SR VORYHQVNRM HWLPRORJLML QD SULPHU VLMHþDQM YHOMDþD RåXMDN LWG L REUDWQR 2YDM SUREOHP PRåHWHUHVLWLWUDMQR]DVYHJD QHNROLNR PLQXWD NRULãüHQMHP PHWRGD IRQLþQHDQDORJLMHLOLVOLþQRVWLSRL]JRYRUX 2YDM PHWRG VWH YHü XVSHãQR NRULVWLOL NRG SDPüHQMD LPHQD WUHüH JUXSH D RQ QDOD]L VYRMX XVSHãQX SULPHQX L X PQRJLP GUXJLP REODVWLPD L]PHÿX RVWDORJ L X SDPüHQMX UHFL VWUDQLK MH]LND 1DMSUH RGDEHULWH ]D YDV QDMSULNODGQLMH VXSVWLWXFLRQH UHFL ]D QD]LYH SRMHGLQLKPHVHFL ²6HþLYR6HMDþ 6LMHþDQM ²9HOMDYDUMDþD 9HOMDþD ²2åLOMDN2åXMVNRSLYR 2åXMDN
7UDYDQM 6YLEDQM */LSDQM
6USDQM .RORYR] 5XMDQ
/LVWRSDG 6WXGHQL 3URVLQDF
²7UDYD ²*LEDQM ²/LSD
²6US ².RORLYR].RORYR].ROD ²ª5XMD©ª5XMQRYLQR© ²/LVW ²6WXGHQW6WXGHQDF ²3URVLODF3URVR
7DNRÿHL]DPHVHFHþLMLVXQD]LYLL]YHGHQLQDRVQRYXODWLQVNRJ -DQXDU ²-DJXDU-DQDNR )HEUXDU ²)HEXVD )DS 0DUW ²0DUWD0DUWLQ0DUD $SULO ²3ULOGHWHUGåHQW )RUG &DSUL 0DM ²0DMD0DMR0DMND -XQL ²-XQH -XOL ²-XOD-XOLMD $YJXVW ²$YJXVW&ORZQXFLUNXVX 6HSWHPEDU ²6HSHW6LSD 2NWREDU 1RYHPEDU 'HFHPEDU
²2NWRSRG3ROLS ²1RYDPEDU1RYDF ²'HFD'HVD
6DGD PRåHWH SRVWXSLWL QD GYD QDþLQD GD VXSVWLWXFLRQH UHFL 6HþLYR9HOMD2åLOMDN LWGSRYH]HWHVDRGJRYDUDMXüLPVXSVWLWXFLRQLP UHFLPD L] GUXJH JUXSH -DJXDU )HE 0DUWD LWG 'RELüHWH SDUQLK DVRFLMDFLMDNRMHüH9DPXVYDNRPWUHQXWNXRGPDKUHüLSRWUHEQHQDLYH SRMHGLQLKPHVHFLNRMHQH]QDWH1DSULPHUDNRåHOLWH]QDWLNDNRVHGUX JDþLMH ]RYH ª6USDQM© RGPDK üH 9DP VH SRMDYLWL 9DãD DVRFLMDFLMD ª6USD©VD-XORP©UHFLPRª-XODVDVUSRPåDQMHåLWR©LRGPDKüHWH]QDWL GDVH653$1-GUXJDþLMH]RYH-8/, ,OLNRMLMHPHVHF ª2NWREDU©" $NR VWH ª2.72SRGD© DVRFLUDOL VD ª/,67RP© RGPDK üHWH GHãLIURYDWL GD MH 2.72EDUXVWYDUL/,67RSDG 'UXJLQDþLQVHVDVWRMLXWRPHGDVXSVWLWXFLRQHUHFL]DSDPWLPR YH]QLP PHWRGRP 1D SULPHU -DJXDU )HE 1RY DPEDULWGIOL 7UDYD /LSD 3URVLODFLWG2E]LURPGDVH YHRPD þHVWR XPHVWR QD]LYD PHVHFD XSRWUHEOMDYD MHGQRVWDYQR QMHJRY UHGQLEURMRYDNR ]DSDPüHQL QHSR]QDWL QD]LYL PHVHFD ELüH QDP XYHN UDVSRORåLYL 1D SULPHU DNR VH ]DSLWDPR NRML MH PHVHF ª$YJXVW© DXWRPDWVNL GRELMDPR QMHJRY UHGQL EURM SR YH]QRP PHWRGX ² 260, L RGPDK]QDPRGDMHWRª.RORYR]©,OLXREUQXWRPVOXþDMXDNRQDPWUHED QD]LY ]D PHVHF ª2åXMDN© SUHNR QMHJRYRJ UHGQRJ EURMD 75(û, RGPDK ]QDPR GD 75(û, 0(6(& PRUD GD EXGH ª0DUW© 1D WDM QDþQ SUHNR UHGQRJ EURMD VD]QDMHPR DXWRPDWVNL QD]LYH SRMHGLQLK PHVHFL NRMH QHSR]QDMHPR]DKYDOMXMXüLþLQMHQLFLGDVHYHRPDþHVWRXPHVWRQD]LYD PHVHFD MHGQRVWDYQR XSRWUHEOMDYD QMHJRY UHGQL EURM 1D SULPHU X VYDNRGQHYQRP JRYRUX VH XPHVWR ª8 DSULOX PHVHFX © LOL ª8 VYLEQMX© MHGQRVWDYQLMH NDåH ª8 þHWYUWRPPHVHFX ©LOL ª8SHWRP PHVHFX©
2]QDþDYDQMHYUHPHQVNLKMHGLQLFDSULSDPüHQMX UD]QLKYUHPHQVNLKLQWHUYDOD , RYGH üHPR VH SRVOXåLWL IRQLþQRP DQDORJLMRP GD EL R]QDþLOL QD]LY YUHPHQVNHMHGLQLFHNRMXSDPWLPRLWDNRHOLPLQLãHPRPRJXüQRVWHYHQ WXDOQH ]DEXQH LOL GYRVPLVOHQRJ WXPDþHQMD ]DSDPüHQRJ YUHPHQVNRJ LQWHUYDOD *2',1(*2'RYLMD*2'D.27D.2'RYL LWG 0(6(&,0(6R0(6(&SODQHWD 0(6DU0(6(þDULWG '$1,'$1H'$1DN7$1H'$1,FDLWG0,187, 0,1D0,1LMDWXUD0,1LMDV0,1LWG6(.81',6(.D 6(.LUD6(.WRU=(.D&(.LQLWG 1XPHULþND UHþ NRMD VDGUåL EURM YUHPHQVNLK MHGLQLFD DVRFLUD VH VD SULNODGQRQVXSVWLWXFLRQRPUHFLNRMDR]QDþDYDSRWUHEQXYUHPHQVNXMH GLQLFX L WLNR GRELMDPR WDþDQ EURM L YUVWX ]DSDPüHQH YUHPHQVNH MHGLQLFH 1DSULPHUA.F53DVDMD*2'DPD© *2',1$ ª7L*D5 MHGH 0(6R© 0(6(&, ª0H'9HG VD 6(.LURP© 6(.81',©LWG 2YX PHWRGX üHPR NRULVWLWL X RGUHÿHQLP VOXþDMHYLPD MHU üHPR XJODYQRP]QDWLRNRMRMVHYUHPHQVNRMMHGLQLFLUDGL$OLVYDNDNRGDLPD REODVWLLVLWXDFLMDXNRMLPDüHRYDNYRSUHFL]QRR]QDþDYDQMHYUHPHQVNLK MHGLQLFDELWLQHRSKRGQR 3RUHGXSUDYR SULND]DQRJ SRVWRMHMRãLVDåHWLMLREOLFLREHOHåDYDQMD YUVWD YUHPHQVNLK MHGLQLFD -HGDQ QDþLQ NRULVWL RGJRYDUMXüH VXJODVQLNH *2',1$ *. ²75.D JRG%D5.D JRGLWG 0(6(& 0- ²0D5D0D PHV3R3D- PHVHFLLWG '$1 '7 ²%5R' GDQD75X7 GDQDLWG &$6 &&6='= ²*5R=ÿH þDVD356XW þDVD 0,187 11- ².R/R1D PLQXWD%D/R1 PLQXWD 6(.81' 6&= ²0D0D& VHN0X1L&LMD VHFLWG 'UXJLQDþLQNRULVWLSUYLVDPRJODVQLNXQXPHULþNRMUHFL J2GLQD 2 ² 3R7R. JRGLQD P(VHF ( ² 0H7HR5 PHVHFL G$Q $ ² %D5.D GDQD þDV V$K$W $$ ² %5D'D þDV PLQXW ² /L67 PLQXW VHN8QG 8 ² 7X5%LQD VHNXQGL .RGRYDGYDQDþLQDSULPHQLOLVPR QHNX YUVWX ]DSLVLYDQMD SXWHP PHQWDOQHVWHQRJUDILMHMHUVPR]DQD]LYHYUHPHQVNLKMHGLQLFDXSRWUHELOL VNUDüHQLFHªVLJOH© XNRPSRQRYDOLLKXQXPHULþNHUHFLNRMHVDGUåHSR WUHEDQ EURM L VYH WR PHPRULUDOL SULNODGQLP WHKQLNDPD VLVWHPDWVNRJ SDPüHQMD .DR ãWR YLGLWH LPD GRYROMQR PRJXüQRVWL ]D QD M UD]OLþLWL MH NRPELQDFLMH ]D SRWSXQR SRX]GDQR L SUHFL]QR SDPüHQMH UD]QLK SRGDWDND.DGDQDPEXGXSRQRYR]DWUHEDOLRYLSRGDFLELüHGRYROMQR GD ªGYLKRYQLP RNRP© SRWUDåLPR VYRM PHQWDOQL VWHQRJUDP L GD MHGQRVWDYQRªRþLWDPR©SRWUHEQHSRGDWNH
9(/,.,35,1&,398,9(1
6YHMHULWDPLVYHSRGOHåHULWPX ²,QGLVNDPXGURVW
9$ä1267727$/1(5(/$.6$&,-(=$3$0û(1-(
6DYUHPHQL åLYRW RELOXMH VWUHVRYLPD L UD]QLP VLWXDFLMDPD NRMH VWYDUDMX IL]LþNX L SVLKLþNX QDSHWRVW X RUJDQL]PX &RYHN GDQDãQMLFH VYDNRGQHYQR MH VXRþHQ VD EH]EURM YHüLK L PDQMLK SUREOHPD þLMH QHRGORåQR UHãDYDQMH þHVWR VWDYOMD SUHYHONH ]DKWHYH QD QMHJRYX QHUYQX VQDJX GXãHYQL PLU L SVLKLþNX UDYQRWHåX 8NROLNR VH QH ]DX]PH SUDYLODQ VWDY SUHPD RYRP SUREOHPX SRVWRML RSDVQRVW GD RYDNYD SURGXåHQD VWDQMD SVLKLþNRJ L IL]LþNRJ LVFUSOMLYDQMD UH]XOWXMX L]PHÿX RVWDORJ L X VPDQMHQRM VSRVREQRVWL NRQFHQWUDFLMH SDPüHQMD L XPQRJD UDGDXRSãWH ª6YH MH ULWDP L VYH SRGOHåH ULWPX ² XþLOL VX MRã VWDUL ,QGXVL 2G UDGD VUFD L SOXüD X åLYLP RUJDQL]PLPD SUHNR SOLPH L RVHNH QD PRUX L VPHQLLYDQMD GDQD L QRüL WH JRGLãQMLK GRED SD GR RNUHWDQMD EH]EURMQLK QHEHVNLK WHOD RNR VYRMLK FHQWDUD ² VYH MH WR JLEDQMH RVFLODFLMD L YLEUDFLMD NRMD SRGOHåH MHGQRP MHGLQVWYHQRP ]DNRQX ULWPD ULWPLþNRJ QDVWDMDQMD L QHVWDMDQMD L YHþLWH SURPHQH 5LWPLþQRVW MH MHGQD RG YHOLNLK ]DNRQLWRVWL NRMH YODGDMX L IXQNFLMDPD QDãHJ RUJDQL]PD 2QD VH SRGMHGQDNR PDQLIHVWXMH X IL]LþNRIL]LRORãNLP IXQNFLMDPD QDãHJ RUJDQL]PD NDR L X QMHJRYLP SVLKLþNLP IXQNFLMDPD -HGQD RG SRVHEQR YLGQLK PDQLIHVWDFLMD MH SRWUHED VPHQMLYDQMD DNWLYQRVWLLRGPRUDNDNRXWHOHVQRPWDNRLXXPQRPUDGX 2YDM SULQFLS ULWPLþQRJ VPHQMLYDQMD L SURPHQH ELR MH SRVHEQR FHQMHQ L SULPHQMLYDQ X PQRJLP REODVWLPD SULYDWQRJ L MDYQRJ åLYRWD MRã X GUHYQRM .LQL 3R]QDW MH SRG QD]LYRP ª9HOLNL SULQFLS 9X L 9HQ© SR LPHQX YODGDUD NRML VX JD SRVHEQR SULPHQMLYDOL þDN L X XSUDYOMDQMXMDYQLPSRVORYLPDYHOLNHNLQHVNHGUåDYH7DNRÿHMHQD]LYDQ Lª3ULQFLS]DWHJQXWRJOXND©MHUOXN]DJDÿDQMHVWUHORPPDNDNRGREUR QDSUDYOMHQ YUHPHQRP JXEL VYRMX HODVWLþQRVW L MDþLQX DNR RVWDQH QHSUHNLGQR ]DWHJQXW VYRMRP WHWLYRP ,VWR VH GRJDÿD DNR WDM LVWL OXN RVWDQH XYHN QH]DWHJQXW L YLVL R NOLQX VD RSXãWHQRP WHWLYRP -HGLQR ãWRPXSRJRGXMHLRPRJXüDYDGDWUDMQRRGUåDYDVYRMXJLSNRVWLVQDJX MH ULWPLþQD SURPHQD ]DWHJQXWRVWL ² UDGD L RGPRUD -HGLQR WDNR SRYUHPHQLP]DWH]DQMHPWHWLYHLDNWLYQRPXSRWUHERPNRMDVHVPHQMXMHX ULWPX VD SRYUHPHQLP RSXãWDQMHP WHWLYH L RGPRURP PRåH OXN GD ]DGUåL VYRMDSRWUHEQDVYRMVWYD ,VWH ]DNRQLWRVWL XSUDYOMDMX L QDãLP SVLKRIL]LþNLP VSRVREQRVWLPD SD L QDãRP VSRVREQRãüX XPQRJD UDGD -Rã X 3RJODYOMXª3VLKRIL]LþNHRVQRYH9DãHJSDPüHQMD©SRVHEQRMHQDJODãHQD YDåQRVW SUDYLOQRJ RGPDUDQMD L NRULãüHQMD SUHNLGD L SDX]D X XPQRP UDGX3DX]D]DPDãLQXMH
JXELWDND]DþRYHNDXUDGXYHOLNLGRELWDNMHUQDURþLWRXXPQRP UDGX YDåL SUDYLOR NR SUHWHUXMH QH NRULVWHüL VWDQNH L RGPRU X UDGX WDM XYHN ]DRVWDMH MHU X NUDMQMRM NRQ]HNYHQFL GROD]L GR YHOLNRJ SUHPRUD NRML RQH PRJXüL VYDNL GDOML UDG GRN VH IRUVLUDQR LVFUSOMHQD HQHUJLMD SRQRYR QH DNXPXOLUD1HEURMHQRSXWDMHSRWYUÿHQRGDQHPRåHPRQHNDåQMHQRJUHãLWL SURWLYYHOLNH]DNRQLWRVWLULWPDXVPHQMLYDQMXSUDYLOQRSURJUDPLUDQRJUDGD LRGPRUD 3UDYLOQR SURJUDPLUDQX VWDQNX X UDGX L RGPRU SRVOH UDGD QH WUHED QLNDGD VPDWUDWL L]JXEOMHQLP YUHPHQRP 1DSURWLY 3R ]DNRQX SRYUDWQH VSUHJHRGPRUDQRUJDQL]DPXVOHGHüRMUDGQRMWXULGDüHGDOHNRYHüLHIH NDW RG XPRUQRJ L LVFUSHQRJ RUJDQL]PD (NVSHULPHQWDOQR MH GRND]DQR GD RGPRUL L SDX]H WRNRP XPQRJ UDGD X WUDMDQMX RG VDPR ² XNXSQRJ UDGQRJYUHPHQDSRYHüDYDMXUDGQLXþLQDN]DþLWDYLK²XR3ULWRPH MH WDNRÿH GRND]DQR GD RGPRU RGUHÿHQH GXåLQH GDMH YHüL UDGQL XþLQDN DNR VH þHãüH SD PDNDU L NUDüH NRULVWL WRNRP XPQRJ UDGD QHJR DNR VH SULPHQMXMH UHGH SD PDNDU L GXåH X LVWRP SURFHVX XPQRJ UDGD 1D SU GYHJUXSHVXREDYOMDOHLVWLXPQLUDGþDVDLLPDOHVXLVWLRGPRUXXNXS QRPWUDMDQMXRGPLQXWD$OLMHGQDMHJUXSDNRULVWLODRGPRUVDPRSXWD SR PLQ XNXSQR PLQ SRVOH VYDNLK PLQ UDGD GRN MH GUXJD JUXSD LVWL WDM IRQG RGPRUD RG PLQ LVNRULVWLWH VLVWHPDWVNL L SUDYLOQR SURJUDPLUDQR SRVOH VYDNLK PLQ UDGD L WR SR VOHGHüRM GLQDPLFL L UH GRVOHGXOPLQ UHVSHNWLYQRGDNOHXNXSQRRSHW PLQ 'RN MH SUYD JUXSD LPDOD SRYHüDQMH UDGQRJ HIHNWD X RGQRVX QD NRQWUROQX JUXSX NRMD MH LVWL WDM UDG REDYOMDOD EH] RGPRUD RG VDPR R GRWOH MH GUXJD JUXSD UDGHüL SRG LVWLP XVORYLPD DOL VDPR VD VSHFLMDOQR SURJUDPLUDQLP RGPRURPRVWYDULODSRYHüDQMHUDGQRJXþLQND]DþLWYLK 0R]DN MH MHGDQ RG UHWNLK RUJDQD NRML QHXPRUQR UDGL X QDãHP RU JDQL]PX .DGD JRYRULPR R XPQRP ]DPRUX RQGD VH QH UDGL ]DSUDYR R ]DPRUHQRVWL PR]JD YHü R RSãWHP XPRUX NRML MH SRVOHGLFD GRVDGH QH]DLQ WHUHVRYDQRVWLIL]LþNRJXPRUDLGUXJLKX]URND3UDNWLþQRX]HYãLPR]DN MD QHXPRUDQ L PRåH YHRPD GXJR UDGLWL EH] ]DPRUD L ]DVWRMH SRG XVOR YRP GD MH RVORERÿHQ GUXJLK ª]DPDUDMXüLK© X]URND L XWLFDMD RG VWUDQH RVWDORJ RUJDQL]PD 7R X VWYDUL SUDNWLþQR ]QDþL GD DNR VH EULQHPR ]D GREUR]GUDYVWYHQRVWDQMHRUJDQL]PDX]RGJRYDUDMXüHWHKQLNHSDPüHQMD LXþHQMDRQGDVWYDUDPRRSWLPDOQHXVLRYH]D QHVPHWDQ UDG QDãHJ PR]JD =DWR X]URNH XPQRJ ]DPRUD QH WUDåLWL X ª]DPRUHQRVWL PR]JD© QHJR X GUXJLPWHOHVQLPLGXKRYQLPX]URFLPD 7DNRÿH MH YHRPD YDåQR GD WRNRP XPQRJ UDGD L]EHJDYDWH IL]LþNX SUHWHUDQX XGREQRVW L NRPRGLWHW 2SLWLPD MH XWYUÿHQR GD VH UDGQL HIHNDW PRåH VPDQMLWL X PQRP UDGX L GR R DNR VH UDGL X OHåHüHP LOL GUXJRP RSXãWHQRP VWDYX 3UHSRUXþOMLYR MH VHGHWL QD QHWDSDFLUDQRM VWROLFL X GREUR SURYHWUHQRMLWLKRMSURVWRULML
ª0UWYHWDþNHSDPüHQMD© 9HURYDWQR 9DP VH YHü GRJDÿDOR DNR VWH XþLOL QHNL RELPQLML PD WHULMDO QD GXåL URN GD SRVOH L]YHVQRJ SHULRGD LQWHQ]LYQRJ XþHQMD L SDP üHQMD SULPHWLWH QHNL ]DVWRM X GDOMHP QDSUHGRYDQMX -HGQRVWDYQR L SRUHG 9DãLK QDMEROMLK QDVWRMDQMD SULPHüXMHWH GD QHPD QDSUHWND X SDPüHQMX 2YR VWDQMH WUDMH MHGQR NUDüH YUHPH L SRVOH SRQRYR RVHWLWH QRUPDODQ QD SUHGDNXUDGXNDRLUDQLMH2YLSHULRGLQDSUHWNDL]DVWRMDXSDPüHQMXL
XþHQMXPRJXGDVHVPHQMXMXSRQHNROLNRSXWDWRNRPQHNRJRELPQLMHJ XþHQMDQDGXåLURN âWD VH X VWYDUL GRJRGLOR" ² -Rã MHGQRP VH SRWYUGLOD ]DNRQLWRVW ULWPD L X UDGX QDãHJ SDPüHQMD 3DPüHQMH NDR FHORYLW SVLKLþNL SURFHV RGYLMD VH SR MHGQRM XYHN X]OD]QRM NULYL SRYUHPHQR LVSUHNLGDQRM ªSUHGD VLPD© LOL ªPUWYLP WDþNDPD© 7L SUHGDVL VX ]DSUDYR WDNR]YDQL ªSODWRL X SDPüHQMXLXþHQMX©GDNOHQHND YUVWD SHULRGLþQLK]DUDYQL QD QHSUHNLG QRMX]OD]QRMNULYLSDPüHQMDLXþHQMDNDRãWRSULND]XMHRYDMGLMDJUDP
%LWQR MH ]QDWL NDGD QDVWXSL ©SODWR© GD MH RQ SUROD]DQ L GD WUDMH VDPR NUDüH YUHPH GRN VH QH XKYDWL SRQRYQL ULWDP L QHVWDQH SVL KLþNL ]DPRU L GD JD QH VKYDWLPR SRJUHãQR L RGPDK SRPLVOLPR MHU VPRQDWRXYHNVSUHPQL GDQDPMHSDPüHQMHªSRSXVWLOR©WHGDªQLãWD QH SDPWLPR© L WVO -HGQRVWDYQR WUHED QDSUDYLWL NUDüL SUHGDQ L SRVOH WRJD QDVWDYLWL VD XþHQMHP L SDPüHQMHP L XEU]R üHPR ]DSD]LWL GD SDPWLPR VD LVWLPLOLþDNLYHüLPLQWHQ]LWHWRP3ODWRXSDPüHQMXMHQRUPDOQDSRMDYD L PRåH VH XSRUHGLWL VD VWHSHQDVWLP XEU]DYDQMHP DXWRPRELOD GREDU YR]Dþ NRML DXWRPDWVNL SUDWL UDG PRWRUD VYRJ DXWD SR ]YXNX GDMH JDV SR NULYL NRMD MH YHRPD VOLþQD VD JRUQMLP GLMDJUDPRP 2Q QDMSUH GDMH JDV L]YHVQR NUDüH YUHPH ]DWLP JD SULGUåL QHNROLNR VHNXQGL SODWR WRNRP NRMHJ LQ WHUYDOD VDþHND GD DXWR LVNRULVWL GDWR XEU]DQMH L PRWRU SRWSXQR VDJRUL HYHQWXDOQH ]DRVWDWNH VPHãH GD EL ]DWLP SRQRYR GDOMH SRMDþDR JDV L GDR VYRMLPNROLPDMRãYHüHXEU]DQMHGRVOHGHüHJ ªSODWRD© NDGD SRQRYRSUL GUåL JDV QD GRVWLJQXWRP VWHSHQX MDþLQH LIFG GRN QH SRVWLJQH åHOMHQR XEU ]DQMH 1D WDM QDþLQ GREDU YR]Dþ XYHN SULODJRÿDYD MDþLQX JDVD VD VQD JRP PRWRUD L VWHSHQRP RSWHUHüHQMD NRMH QMHJRYD NROD WUHED RSWLPDOQR GD VDYODGDMXXMHGLQLFLYUHPHQD 0R]DN NDR L VYDNL GUXJL RUJDQ ]DKWHYD SRYUHPHQR SUHGDK UDGL DSVRUERYDQMD L VUHÿLYDQMD SULPOMHQLK XWLVDND L SRGDWDND ãWR VH RVHWQR LV SROMDYDXSODWRLPDLOLªPUWYLPWDþNDPD©SDPüHQMD 7HKQLNDWRWDOQHUHODNVDFLMH =D RSWLPDOQR IXQNFLRQLVDQMH QDãHJ RUJDQL]PD L SURFHVD SDPüHQMD QHRSKRGQRMHSUDNWLNRYDWLVOHGHüHYUVWHRGPRUD 'REURSURJUDPLUDQHSUHGDKHLSDX]HWRNRPVDPRJUDGD 'QHYQLRGPRUSRVOHUDGD]DMHGQRVDQRüQLPRGPRURPDSUHPD LQGLYLGXDOQLPSRWUHEDPDVYDNRJSRMHGLQFD 6HGPLþQLRGPRU1HGHOMDWUHEDGDEXGH]DLVWDGDQSUDYRJRG PRUDXSULURGLLOLQDGUXJLQDþLQSUHPDVRSVWYHQLPVNORQR VWLPDLSRWUHEDPD
*RGLãQMLRGPRUNRMLWUHEDSURYHVWLDNWLYQRNDRLVYDNLGUXJL RGPRU 3URPHQDDNWLYQRVWLLOLYUVWHSRVELUDGDWDNRÿHGHOXMHUHNUHD WLYQRLPRåHNRGPQRJLKGD]DPHQLDNWLYDQRGPRU9HüSUHPD LQGLYLGXDOQLPVNORQRVWLPDWRPRåHELWLSDUWLMDãDKDþLWDQMH NQMLJHVOXãDQMHSORþHLOLQHNLNRULVWDQPDQXHOQLUDG ,PDMWH XYHN QD XPX þLQMHQLFX GD SUDYLOQR SURJUDPLUDQ L RUJDQL]RYDQRGPRUQLMHQLNDGDL]JXEOMHQRYUHPHYHüQDSURWLYMHU NRSUHWHUXMH/DMXYHN]DRVWDMH 3RVHEQR VH WUHED EULQXWL ]D WLãLQX L PLU SUL XPQRP UDGX L QDVWRMDWL NROLNR MH PRJXüH RWNORQLWL EXNX L GUXJH VPHWQMH NRMH UHPHWH SDåQMX L GXERNX NRQFHQWUDFLMX 2QL NRML WYUGH GD PRJX GREUR ªUDGLWL© X VUHG JDODPH GRN VH JODVQR UD]JRYDUD L SUL XNOMXþHQRP WHOHYL]RUX LOL UDGLX QHND SRNXãDMX GD UDGH X PLUX L WLãLQLLQHNDRQGDXSRUHGHUDGQHHIHNWHLSRVWLJQXWHUH]XOWDWH 3RUHGQDYHGHQLKYUVWDRGPRUDYHRPDHILNDVQRLEODJRWYRUQR GHOXMX VSHFLMDOQH WHKQLNH WRWDOQH UHODNVDFLMH NRMH PRåHWH SULPHQMLYDWL NDGJRG RVHWLWH ]DPRU D QDURþLWR DNR GRåLYLWH QHNL VWUHVLOLSRVHEQRQDSHWXVLWXDFLMX 7HKQLND WRWDOQH SVLKRIL]LþNH UHODNVDFLMH QDMEROMH VH XSUDåQMDYD X OHåHüHP SRORåDMX X PLUQRM GREUR SURYHWUHQRM SURVWRULML 3RãWR VWH OHJOL XGREQR QD OHÿD VD UXNDPD RSUXåHQLP SRUHGWHODL]YUãLWHQDMSUHQHNROLNRGXERNLKXGLVDMDLL]GLVDMDSRODNR LEH]åXUEH=DWLPXGDKQLWHSRQRYRGXERNRLQDSUHJQLWH]DQHNROLNR WUHQXWDNDVYH PLãLüHQD WHOXXGRYLPDLJODYL8WDNRQDSUHJQXWRP VWDQMX VD QDSHWLP PLãLüLPD RVWDQLWH VDPR SDU VHNXQGL ]DGUåDYDMXüL ]D WR YUHPH GDK 2GPDK ]DWLP QHXVLOMHQR L SRODNR L]GLãLWH NUR] QRV XYHN GLVDWL NUR] QRV RSXãWDMXüL SRVWHSHQR VYH PLãLüH3URLYHULWHMRãMHGQRPSRþHYãLRGQRJXGDOLVWHVYHPLãLüH SRWSXQR RSXVWLOL L DNR SULOLNRP NRQWUROH QDLÿHWH QD QHNX JUXSX MRã XYHN]DWHJQXWLKPLãLüDRGPDKMHSRWSXQRUHODNVLUDMWH 'RN QH VWHNQHWH SRWUHEQX UXWLQX QDVWRMWH SRVWLüL SRWSXQX RSXãWHQRVW PLãLüD VOLþQR PDþNL NRMD VH RGPDUD =DSD]LOL VWH GD MH PDþND X VWDQMX GD SRVWLJQH WRWDOQX UHODNVDFLMX VYRMLK PLãLüD L GD SRWVHüD QD NRPDG PRNURJ WHNVWLOD NDGD MH SRGLJQHWH UXNRP GRN VSDYD ² 3RVWR VWH SRVWLJOL SRWSXQX UHODNVDFLMX VYLK VYRMLK PLãLüD SUHÿLWH RGPDK QD UHODNVDFLMX VYRMH SVLKH SUHVWDQLWH GD PLVOLWH QD ELOR ãWD L QHND 9DP ]DGQMD PLVDR EXGH VDPR SRWSXQL PLU L RSXãWHQRVWNRMLVYHYLãHQDLOD]HLSRWSXQR9DVREX]LPDMX8SRþHWNX üH SRMHGLQH PLVOL QDVWRMDWL GD SURGUX X 9DãX ]RQX WLãLQH PLUD L SRWSXQH RSXãWHQRVWL DOL DNR þLWDY SRVWXSDN SUDYLOQR VSURYRGLWH YUHPHQRPüHLRQHQHVWDWLL]9DãHVYHVWL 8 RYRM 9DãRM VWYRUHQRM RD]L PLUD L WRWDOQH SVLKRIL]LþNH UHODNVDFLMH SURYHGLWH RNR PLQXWD =D PHUHQMH YUHPHQD L ª EXÿHQMH© L] SRWSXQH UHODNVDFLMH NRULVWLWH EXGLOQLN LOL PDOL SDUNLQJ þDVRYQLNNDNRELVHPRJOLSRWSXQRNRQFHQWULVDWLLQHVPHWDQRSUHGDWL SRWSXQRMUHODNVDFLML $NRQHNRPHYLãHRGJRYDUDXPHVWRMHGQRYUHPHQHNRQWUDNFLMHL UHODNVDFLMH VYLK PLãLüD PRåH GD SULPHQMXMH GHOLPLþQX L SRVWHSHQX NRQWUDNFLMXPLãLüDLSRVOHWRJDQMLKRYXWDNRÿHGHOLPLþQXLSRVWHSHQX UHODNVDFLMX SRþHYãL RG VWRSDOD LOL RG JODYH 7LPH VH SRVWLåH QDURþLWR X SRþHWNX GRN VH QH VWHNQH SRWUHEQD UXWLQD EROMD NRQWUROD NRQWUDNFLMHLUHODNVDFLMHSRMHGLQLKPLãLüQLKSDUWLMD
7HKQLNDWRWDOQHPHQWDOQHUHODNVDFLMHLGHQWLþQDMHVDSUHWKRG QRPGRPRPHQWDSVLKLþNHUHODNVDFLMH=QDþLNDGDVWHUHODNVLUDOLL SR VOHGQMLQDMPDQMLPLãLüSUHÿLWHQDVDPXPHQWDOQXUHODNVDFLMXXPHVWRGD SUHVWDQHWHPLVOLWLNUHQLWHQDMHGQRNUDWNRDOLQHRELþQRSXWRYDQMHQDNUL OLPDVYRMHPDãWH6QDJRPVYRMHXREUD]LOMH]DPLVOLWHGDVWHVYRMHWHOR RVWDYLOLSHUIHNWQRUHODNVLUDQRGDVHRGPDUDL SXQLQRYRPHQHUJLMRPL QHUYQRPVQDJRPDGD9LªOHWLWH©L]QDGVXQFHPREDVMDQLKGLYQLKSHM ]DåDSUHNRSODQLQDUHNDLPRUDXEHVNUDMQHEHVNRJSODYHWQLOD =DPL ãOMDMWHGDOMHGDL]WHGLYQHSHUVSHNWLYHSRVPDWUDWHQDãXOHSXSODQHWXL EH]EURMGUXJLKQHEHVNLKWHODXEHVNUDMQRPVYHPLUXXNRPHQDãD=HPOMD SUHWVDYOMDVDPRMHGDQGHOLü'LYLWHVHYHOLþLQLQHL]PHUQRVWLLEHVNUDMQRM UD]QRYUVQRVWLåLYRWD XVYLP QMHJRYLP REOLFLPDª3RVPDWUDMWH©=HPOMX NDRMHGQXRGPDQMLKSODQHWDXWRPLPSR]DQWQRPEHVNUDMXLVHEHNDR MHGQRRGPQRJREURMQLKELüDQDQMRM%XGLWHLVWRYUHPHQRVUHWQLLSRQRVQL ãWRVWHXYHOLNRMOMXGVNRM]DMHGQLFLL9LQHRSKRGDQGHRWRJQHL]PHUQRJL LPSR]DQWQRJåLYRWD.DGDVHXPDãWLSRQRYRYUDWLWHVDRYRJªVYHPLUVNRJ SXWRYDQMD©IL]LþNLüHWHVHRVHüDWLSRQRYRþLOLLRGPRLQLDSVLKLþNLRVYH åHQLLUHNUHLUDQLMHUVWHRYLPªL]OHWRP©SUHNLQXOLGHSUHVLYQLWRNQHJD WLYQLKPLVOLLSVLKLþNLKVWDQMDNRMDPRJXGDVHQDPQRåHLQDEXMDMXQD URþLWRSRVOHQHNRJVWUHVDQDSHWHVLWXDFLMHLOLYHOLNRJ]DPRUD 3RUHG WRJD VD ]DGRYROMVWYRP üHWH RVHWLWL GD VWH VH RVORERGLOL WHãNRJGHSUHVLYQRJVWDQMDGDVWHDNXPXOLUDOLQRYXHQHUJLMXLGDMHåLYRW QHSUHVXãQLL]YRUQRYLKãDQVLLSHUVSHNWLYD 8PHVWR RSLVDQRJ ªNRVPLþNRJ OHWD© PRåHWH VH X VYRMRM XREUD]LOML SR]DEDYLWL QHþLP GUXJLP ãWR 9DV OLþQR QDMYLãH RGPDUD RSOHPHQMXMH L UHODNVLUD ² 3UHSRUXþOMLYR MH GD L RYD PHQWDOQD UHODNVDFLMD WUDMH QDMGXåHRNRPLQXWD %U]DUHODNVDFLMDWRNRPGDQDPRåHGDVHSUDNWLNXMHQDVYDNRP PHVWXNDGDRVHWLWHSRWUHEXLJGHLPDWHSULOLNXGDVHPDORRGPRULWH1D SRUQLLþHVWRQDSHWLVYDNRGQHYQLWRNREDYOMDQMDUD]QLKSRVORYDLLVSX QMHQMDPQRJREURMQLKREDYH]DSUHSRUXþOMLYRMHEDUMHGQRPSUHNLQXWLX WRNXGDQDRYRPYUVWRPUHODNVDFLMH3RãWRQHPRåHWHGDVHUHODNVLUDWHX OHåHüHPVWDYXGRYROMQRMHGDãWRXGREQLMHVHGQHWHLGDQDSR]QDW9DP QDþLQUHODNVLUDWHRQHGHORYHWHODNRML9DPSULVHGHQMXQHPRUDMXRVWDWL QDSHWL7DNRRSXãWHQLQDSUDYLWHQHNROLNRGXERNLKXGLVDMDLSRNXãDMWHVH LVNOMXþLWLL]VYDNRGQHYQHYUHYHNRQFHQWULãXüLVHQDSRVWHSHQQDVWDQDN SRWSXQRJPLUD1DVWRMWHGDQLãWDQHPLVOHüLXUHODNVLUDQRPVWDQMXSUR YHGHWHRNR²PLQXWD 2YDMPHWRG UHODNVDFLMH PD NDNR MHGQRVWDYDQ L]JOHGDR HILNDVQR SUHNLGDQHJDWLYDQWRNUD]QLKQDSHWRVWL]DPRUDLLVFUSOMLYDQMDNRMPDVWH QHSUHNLGQR L]ORåHQL WRNRP GDQD EU]R 9DV RVYHåDYD ªQD OLFX PHVWD© L RPRJXüXMH 9DUD GD UHNUHLUDQL VDNXSLWH QRYX HQHUJLMX ]D XVSHãQR RNRQþDQMH9DãLKVYDNRGQHYQLKREDYH]D $NR VSURYRÿHQMHP X åLYRW L]ORåHQLK PHWRGD EXGHWH UHGRYQR SR ãWRYDOL ]DNRQLWRVW ELRULWPRYD X VYRP RUJDQL]PX L ULWPLþNRJ VPHQMLYDQMD UDGD L SUDYLOQR SURJUDPLUDQRJ RGPRUD RQGD üHWH VLJXUQR REH]EHGLWL YHRPDYDåQH SVLKRIL]LþNHSUHGXVORYH]DRSWLPDOQR LHILNDVQRRGYLMDQMHþLWDYRJSURFHVDSDPüHQMD
1$69,0-(=,&,0$69(7$
6DVYDNLPQRYRQDXþHQLPMH]LNRP GRELMDãSRMHGDQQRYGXK ²ýHãNDSRVORYLFD
3$0û(1-(,8ý(1-(675$1,+-(=,.$
3RVWRMLMHGQD VWDUD L]UHND NRMD NDåH ªGD üRYHN YUHGL RQROLNR NROLNR ]QD MH]LND© ODNR RYX L]UHNX QH PRåHPR QLXNRP VOXþDMX X]HWL GRVORYQR L VKYDWLWL EXNYDOQR LSDN X VDYUHPHQRP VYHWX NRML VYH EUåH VUDãüXMH ]DKYDOMXMXüL VYH YHüHP UD]YRMX VYLK PRJXüLK YUVWD NRPXQLFLUDQMD L NRPXQLNDFLMD SR]QDYDQMH VWUDQLK MH]LND QH VDPR GD MH L GR VDGD LJUDOR SRVHEQR YDåQX XORJX QHJR L VYH YLãH GRELMDQDYDåQRVWL ,DNR QH WUHED SRVHEQR LVWLFDWL NRULVWL LSUHGQRVWL NRMH SURLVWLþX L] SR]QDYDQMD VWUDQLK MH]LND LSDN üHPR RYGH QDYHVWL QHNHRGQMLK ² 2YODGDYDQMHVYDNLPVWUDQLPMH]LNRP]QDþLRWYDUDQMHMRãMHG QRJYHOLNRJSUR]RUDXVYHWSRJRWRYRDNRMHWRMH]LNQHNHYHOLNHNXOWXUH LOL]HPOMH,VWRYUHPHQRWR]QDþLQRYXPRJXüQRVW]DNRULãüHQMHNXOWXUQRJ EODJDQHVDPRWHQDFLMHYHüLGUXJLKQDFLMDþLMHVXNXOWXUQHWHNRYLQH SUHYHGHQHQDWDMMH]LN ² 3R]QDYDQMHVWUDQRJMH]LND]QDWQRRODNãDYDSRYHüDQMH]QDQMD XVYRMRMVWUXFLLQMHJRYRDåXULUDQMHXVNODGXVDQDMQRYLMLPUD]YRMHPX QMRMDVDPLPWLPLYHüXHILNDVQRVWXVYRPSR]LYX ² 6DPRXþHQMHVWUDQRJMH]LNDUD]YLMDPQRJHXPQHLNDUDNWHUQH RVRELQHLVSRVREQRVWLNDRãWRVXLVWUDMQRVWVLVWHPDWLþQRVWVPLVDR ]D SURJUDPLUDQSODQVNLUDGUDGQDHQHUJLMDVSRVREQRVWDQDOLWLþNRJLVLQWH WLþNRJUD]PLãOMDQMDL]DNOMXþLYDQMDLGUXJR ² 6DYODÿXMXüLMHGDQVWUDQLMH]LNUD]ELMDPRVYRMHSDPüHQMHXVD YUãDYDQMHPVYRMLKPHWRGDSDPüHQMD L VDPLQWHOHNW SURãLUHQMHP]QD þHQMDPQRJLKSRMPRYDUHFL LãLUHQMHPNXOWXUQLKKRUL]RQDWD ² %H]SR]QDYDQMDVWUDQLKMH]LNDQHPRåHPRVHªQDL]YRUX©XSR] QDWLVDNXOWXURPRELþDMLPDGRVWLJQXüLPDLLVWRULMRPGUXJLKQDURGD 3RUHGWRJDSR]QDWDMHþLQMHQLFDGDSUHYRGQHNRJGHODQLNDGDQHPRåHEL WLãWRLQMHJRYRULJLQDOLGDVXPQRJLOMXGLþHVWRXþLOLQHNLVWUDQLMH]LNXS UDYRVFLOMHPGDþLWDMXüLGR]LYHVYXOHSRWXRULJLQDOD'DVSRPHQHPRVDPR *HWHD-:*RHWKH NRMLMHL]PHÿXRVWDOLKMH]LNDXþLRþDNL QDãMH]LNVDPRGDELRVHWLRVYXOHSRWXRULJLQDODQDãLKQDUHGQLKSHVDPD LOL7ROVWRMDNRMLXSULQFLSXQLMHGQRGHORQLMHSUR þLWDRXSUHYRGX8 VYRMRMRMJRGLQLSRþHRMHXþLWLMDSDQVNLL]MDYOMXMXüLGDPXQHLGHEDã JODWNRMHUMHYHüSRþHRSRPDORGDVWDUL
² 8 QDEUDMDQMX QHNLK YDåQLMLK NRULVWL RG SR]QDYDQMD VWUDQLK MH]LNDGDVSRPHQHPRRYGHNDRSRVOHGQMXSRUHGXDOLVYDNDNRQHLSR YDåQRVWLYHOLNXPRJXüQRVWQDMUD]QRYUVQLMLKNRQWDNWDLVDUDGQMH QD VYLP SROMLPDOMXGVNHGHODWQRVWLVDGUXJLPQDURGLPDYHüHPRJXüQRVWL]DSX WRYDQMD X VWUDQH ]HPOMH QMLKRYR EROMH XSR]QDYDQMH L ODNãH VQDODåHQMHXQMLPD 0HÿXWLP XþHQMH VWUDQLK MH]LND ]D PQRJH MH VNRSþDQR VD YHOLNLP SRWHãNRüDPD NDNR VH RELþQR VPDWUD DNR VH RYRP SUREOHPX SULOD]L SRYUãQRLLPSURYL]RYDQR3RJUHãQRYODGDXYHUHQMHNRGPQJLKGD]D VWUDQL MH]LN WUHED ELWL ªWDOHQDW© NDR UHFLPR ]D PX]LNX L GD XVOHG WRJD QHNL XþH YHRPD WHãNR VWUDQH MH]LNH MHU MHGQRVWDYQR ªQHPDMX WDOHQWD©]DL]XþDYDLMHVWUDQLKMH]LND
6WDMHSRWUHEQR]DXVSHãQRXþHQMHMHGQRJVWUDQRJMH]LND" =D XVSHãQR RYODGDYDQMH QHNLP VWUDQLP MH]LNRP L HILNDVQR SDPüHQMHUD]QLKNRPSRQHQWLNRMHJDþLQHSRWUHEQRMHVYHRQRãWRVPR GR VDGD UHNOL ]D SDPüHQMH LOL XþHQMH ELOR NRMH GUXJH REODVWL ]QDQMD D QDURþLWRGRYROMQRYHOLNLLQWHUHVLMDNDåHOMDNDRLRGJRYDUDMXüHWHKQLNHL PHWRGH ]D HILNDVQR VDYODÿLYDQMH VWUDQRJ M]LND 9 QDURþLWR 3RJODYOMHª.OMXþ]DGREURSDPüHQMH $NRXåLYDPRXXþHQMXVWUDQRJ MH]LND L RVHüDPR SRVHEQR ]DGRYROMVWYR X WRP UDGX SUHWYRULYãL JD X QHNXYUVWXOHSRJLLQWHUHVDQWQRJKRELMDX]SULPHQXHILNDVQLKWHKQLNDL PHWRGDRQGDXVSHKQHPRåHL]RVWDWL.DRLXELORNRMRMGUXJRMREODVWLLOL UDGXQDURþLWRGREUHXVSHKHSRVWLåHPRXRQLPGHODWQRVWLPDJGHQDOD]LPR SRVHEQR]DGRYROMVWYRREDYOMDMXüL LK NRMH QDV UHNUHLUDMX RVYHåDYDMX L GDMXSRVHEDQVPLVDRQDãLPQDVWRMDQMLPDLUDGX 6OLþQR NDR L X SDPüHQMX L X XþHQMX QHNH GUXJH REODVWL ]QDQMD SRVWDMHPR RGPDK ªQHWDOHQWRYDQL L QHVSRVREQL© L X RYODGDYDQMX VWUDQLP MH]LFLPD DNR LK XþLPR PHKDQLþNLLEH]SRWUHEQRJ LQWHUHVRYDQMD 3UHPD WRPHQHXVSHKXVDYODÿLYDQMXQHNRJVWUDQRJMH]LNDQHWUHEDSULSLVLYDWL QHGRVWDWNX WDOHQWD ORãHP SDPüHQMX LOL ªWHåLQL© VDPRJ VWUDQRJ MH]LND 9HRPD þHVWR VH þXMX PLãOMHQMD GD MHGDQ MH]LN QH WUHED XþLWL MHU MH ªYHRPD ODN L VOLþDQ VD PDWHUQMLP© D GUXJL RSHW ]DWR ãWR MH ªWHåDN© 8 VWYDUL þHVWR XSUDYR REUQXWR MH WDþQR MHU WDM ªODNL© MH]LN XSUDYR ]ERJ VYRMH VOLþQRVWL VD PDWHUQMLP MH]LNRP PRåH GD EXGH PQRJR WHåL DNR åHOLPR GD JD SUDYLOQR L NRUHNWQR QDXþLPR L JRYRULPR 6 GUXJH VWUDQH WDNR]YDQLP ªWHãNLP MH]LFLPD© JRYRUH GHVHWLQH SD L VWRWLQH PLOLRQD OMXGLNDRVYRMLPPDWHUQMLP MH]LNRP NRJD VX LVWR WDNR QDXþLOL NDR L 9L 9DãDSRUHGWRJDKLOMDGHOMXGLYODGDMXWLPMH]LFLPD NRMHVXQDXþLOL NDR VWUDQHMH]LNH 6DRGJRYDUDMXüLPLQWHUHVRPLWHKQLNRPþRYHNPRåHVYDNLVWUDQL MH]LN ]DSDQMXMXüH EU]R GD QDXþL MHU PX RELþQR QH WUHED RQROLNR ]QDQMDNDRãWRVHWRVPDWUD3RMHGLQLVYHWVNLMH]LFLVDGUåHLSRQHNROLNR VWRWLQD KLOMDGD UHFL X VYRP OHNVLþNRP EODJX QD SULPHU NRPSOHWQL UHþQLFL HQJOHVNRJ MH]LND VDGUåH L GR UD]QLK UHFL L SRMPRYD 2YDNYR OHNVLþNR ERJDWVWYR HQJOHVNL MH]LN NDR L RVWDOL VYHWVNL MH]LFL LPDMX GD ]DKYDOH L]PHÿX RVWDORJ L VYRMRM YHOLNRM JHRJUDIVNRM UDVSURVWUDQMHQRVWL 0HÿXWLP QDMYHüLP SLVFLPD VYHWD ELR MH GRYROMDQ VDPRMHGDQQH]QDWDQGHRRGWRJQHL]PHUQRJOHNVLþNRJERJDWVWYDLJUDÿH GDELVD]GDOLVYRMDEHVPUWQDGHOD'RNVX'RVWRMHYVNL'LNHQV7ROVWRML QMLPD VOLþQL SLVFL NRULVWLOL XNXSQR RNR UHFL X VYRMLP GHOLPD âHNVSLUXMHELORGRYROMQRPDQMHRG
D0LOWRQXQLVYLKGDREXKYDWH JRWRYR þLWDYåLYRWLLVNDåX QMHJRYHQDMGXEOMHLVWLQHLL]QHVXQMHJRYHQDMYHüHSUREOHPH $NR WDNR VWRML VWYDU VD YHOLNDQLPD VYHWVNH NQMLåHYQRVWL X NRMLP JUDQLFDPD VH RQGD NUHüX QDãH SUDNWLþQH NRQNUHWQH SRWUHEH X RYODGDYDQMXQHNLPVWUDQLPMH]LNRP"2YGHQDåDORVWYDåLRQRSUDYLORGD þRYHNX þHVWR PDQMH WUHED QHJR ãWR PLVOL LOL SRVHGXMH 6YDNDNR VYH ]DYLVLRGLQGLYLGXDOQLKSRWUHEDLåHOMDDOLSURVHþQRX]HYãLDNRVHQDXþH QDMYDåQLMD JUDPDWLþND SUDYLOD L VDPR ² UHFL PRåH VH X PQRJLP REODVWLPD YHRPD XVSHãQR L ]D OLþQH SRWUHEH VDVYLP ]DGRYROMDYDMXüH NRULVWLWL GRWLþQL VWUDQL MH]LN 8 YHüLQL VOXþDMHYD SR]QDYDQMH MH]LND L]QDG RYRJ QLYRD SRWUHEQR MH UD]QLP VSHFLMDOLVWLPD L MH]LþNLP VWUXþQMDFLPD D ]D þRYHND SUDNWLþDUD PRåH GD SUHWVWDYOMD VDPR QHSRWUHEDQEDODVWXVYDNRGQHYQRPåLYRWXLUDGX ,VSLWLYDQMDVX SRND]DOD GD VYDNRGQHYQL JRYRU RGQRVQR W]Y NRQ YHU]DFLRQL MH]LN REXKYDWD IRQG RG VYHJD ² UHFL X ]DYLVQRVWL XJODYQRP RG REUD]RYQRJ QLYRD RQRJD NRML JRYRUL NDR L REODVWL åLYRWDLUDGDXNRMRMVHNUHüH6WDYLãHQLMHPDOLEURMQLRQLKOMXGLNRML X RGUHÿHQLP REODVWLPD åLYRWD L UDGD X VYRP VYDNRGQHYQRP JRYRUX NRULVWH MHGDQ XKRGDP IRQG NRML þDN QH SUHPDãXMH QL UHFL 2YD LVSLWLYDQMD QD VYRMVWYHQ QDþLQ SRWYUÿXMH L EURM SRWUHEQLK LGHRJUDPD NRMHWUHED VDYODGDWLXNLQHVNRPLOLMDSDQVNRPMH]LNXRE]LURPGDMHGDQ LGHRJUDPRELþQRSUHWVDYOMD XWLPMH]LFLPDMHGDQSRMDPRGQRVQRUHþ 1D SULPHU SRVOH YHOLNH UHIRUPH SHGHVHWLK JRGLQD NLQHVNL VLVWHP SLVDQMD REXKYDWDR MH RNR W]Y ªXSURãüHQLK© ]QDNRYD LOL LGHRJUDPD ãWR RWSULOLNH RGJRYDUD EURMþDQR OHNVLþNRM NXOWXUL QDMYHüLK VYHWVNLKSLVDFD0HÿXWLPGDELVHþLWDOH QRYLQH LOL NQMLJH X .LQL L -DSDQX VH VPDWUD GD WUHED ]QDWL RNR ² QMLKRYLK ]QDNRYD LOL LGHRJUDPDãWREURMþDQRRGJRYDUDVWYDUQRSRWUHEQRP IRQGX VWUDQLK UHFL SRWUHEQLK ]D XVSHãQR NRULãüHQMH VWUDQRJ MH]LND X SUDNWLþQRP åLYRWX L UDGX 3URVHþQR X]HYãL þRYHN X VYRP åLYRWX L UDGX PRåH XVSHãQR GD SURÿH VD QHNROLNR KLOMDGD UHFL L MRã XYHN PRåH GDPXVHGRJRGL GDVD WLPUHODWLYQRPDOLPIRQGRPUHFLNDåHGRVWDQHSULOLþQRVWL
.RMDMHPHWRGDQDMEROMD]DXþHQMHVWUDQLKMH]LND" 3RVWRML YHRPD PQRJR PHWRGD ]D XþHQMH VWUDQLK MH]LND L VYDND WYUGL]D VHEH GD MH XQLYHU]DOQD QDMEROMD QDMEUåD LWG 'RN MHGQD VWDYOMD DNFHQDW QD XþHQMH JUDPDWLNH L UHFL GUXJD SURSDJLUD XþHQMH EH] RYLK NRPSRQHQWL D WUHüD ]DVWXSD VDYODÿLYDQMH MH]LND SXWHP GLUHNWQRJ JRYRUDLNRQYHU]DFLMHRGVDPRJSRþHWND 2SãWHYDåHüDPHWRGDQHPRåHSRVWRMDWLMHURSWLPDOQDPHWRGDSR NRMRM üH VYDNL SRMHGLQDF XþLWL VWUDQL MH]LN QD QMHPX QDMSULNODGQLML QDþLQ PRUD GD RGJRYDUD QMHJRYLP FLOMHYLPD OLþQLP SUHGLVSR]LFLMDPD L UDVSRORåLYLP VUHGVWYLPD ]D XVSHãQR VDYODÿLYDQMH VWUDQRJ MH]LND 2SWLPDOQD PHWRGD PRUD ELWL LQGLYLGXDOQD L WDNR KDUPRQLþQR NRPELQRYDQDLSRGHãHQDGDRGJRYDUD 3RVWDYOMHQRPFLOMXNRMLVHåHOLGRVWLüL XXþHQMXVWUDQRJ MH]LND DNWLYQR LOL SDVLYQR ]QDQMH MH]LND ]DWLP GD OL VH åHOL RVSRVRELWL SUHWHåQR ]D þLWDQMH QD SU VWUXþQH OLWHUDWXUH LOL NQMLåHYQLK GHOD SLVDQMHQD VWUDQRPMH]LNXLOLMH SRWUHEQR QDXþLWLGREURNRQYHU]DFLMXQD WRPMH]LNX3RGMHGQDNR MH YDåQD L YUVWD MH]LND NRMRP VH åHOL RYODGDWL SRVORYQLWUJRYD
þNL VWUXþQLQDSULPHUWHKQLþNL LOL NQMLåHYQL=QDWDQ XWLRDM LPD L JUXSD NRMRM L]XþDYDQL MH]LN SULSDGD DNR SULSDGD JL XSL L] NRMH YHü ]QDPR MHGDQ MH]LN RQGD PRåHPR XåLYDWL L]YHVQH SUHGQRVWL L RODNãLFH ]ERJ EURMQLK VOLþQRVWL SD L LVWRYHWQRVWL .UDMQML FLOM X L]XþDYDQMX VWUDQRJ MH]LND NRML SUHWVWDYOMD SRWSXQR YODGDQMH MH]LNRP MH DNWLYQR ]QDQMHJRYRUDþLWDQMDLSLVDQMDQDVWUDQRPMH]LNX /LþQLPSUHGLVSR]LFLMDPDWLSXSDPüHQMDDXGLWLYQLYL]XHOQL LOL PRWRUQLWLS -DþLQLLQWHUHVRYDQMDLPRWLYDFLMH=DWLPMHYDåQRSUHG]QD QMHGDOLVHYHüYODGDQHNLPVWUDQLPMH]LNRPLOLVHUDGLRSRþHWQLNX 2GYDåQRVWLMHLNYDOLWHWUDGQLKQDYLNDLVWUDMQRVWUDGQDHQHUJLMDVLVWH PDWLþQRVWXUDGXLWG 5DVSRORåLYLPVUHGVWYLPD]DXþHQMHVWUDQRJMH]LND 8þHQMH X VWUDQRMåHPOMLLOLQHVDLOLEH]QDVWDYQLNDSRPRüXQDMVDYUHPHQLMLKDX GLRYL]XHOQLKVUHGVWDYDLOLEH]QMLKXþHQMHXJUXSLLOLVDPRVWDOQRNYDOL WHWPHWRGDLWHKQLNDSDPüHQMDLXþHQMDLWG 6YDNLSRMHGLQDFXRGDELUDQMXPHWRGHQDRVQRYXL]ORåHQLKIDNWRUD WUHED GD WHåL GD RGDEHUH L NRPSRQXMH WDNYX PHWRGX NRMD üH QMHJD OLþQRãWREUåHLSRWSXQLMHRVSRVRELWL]DãWRVDPRVWDOQMLUDGLQDSUHGRYDQMH X VDYODÿLYDQMX VWUDQRJ MH]LND 1H WUHED QLNDGD VPHWQXWL V XPD þLQMHQLFXGDVWUDQLMH]LNþRYHNPRUDGDQDXþLVDP=QDQMHVWUDQRJ MH]LNDMHVOLþQRQHNRMJUDÿHYLQLXNRMXPRUDPRVDPLXJUDGLWLSRWUHEQH HOHPHQWH 1DVWDYQLN LOL QHNR GUXJL WR QH PRåH REDYLWL ]D QDV MHU DNR WR RQ XþLQL RQGD MH WR QMHJRYD JUDÿHYLQD L QMHJRYR ]QDQMH D QH 9DãH 1DVWDYQLN PRåH VDPR GD 9DP SRNDåH L RODNãD QDþLQ JUDGQMH D UD]QD VUHGVWYD]DXþHQMHXGåEHQLFLLSULUXþQLFLGD9DPSRPRJQXQDWRPSRVOX DOLJODYQLGHRSRVODPRUDWHLPRåHWHREDYLWLVDPR9L 8þHQMH X VWUDQRM ]HPOML LOL VUHGLQL NRMD JRYRUL WLP VWUDQLP MH]LNRPMHQHVXPQMLYRQDMHILNDVQLMLQDþLQMHURQRãWRVHQDXþLQDþDVX RGPDK VH PRUD SULPHULLWL X VYDNRGQHYQRP JRYRUX 0HÿXWLP X NRMRM PHUL üHWH LVNRULVWLWL RYH QHVXPQMLYH SUHGQRVWL ]DYLVL RG 9DV VDPLK L 9DãH PHWRGH UDGD MHU LPD GRVWD VOXþDMHYD GD OMXGL SURYHGX þDN L GHFHQLMH X QHNRM VWUDQRM ]HUROML D GD QMHQ MH]LN QH VDYODGDMX 7DNRÿH LPD L REUQXWLK VOXþDMHYD GD OMXGL NRML QLVX SRVHWLOL QL MHGQX VWUDQX ]HPOMX RGOLþQR VDYODGDMX L SR QHNROLNR VWUDQLK MH]LND SRJRWRYR GDQDV NDGD UD]QD DXGLRYL]XHOQD VUHGVWYD UDGLR WHOHYL]LMD L ILOP PRJX X SULOLþQRMPHULGD]DPHQHERUDYDNXVWUDQRMVUHGLQL 8þHQMHVDQDVWDYQLNRP]DPQRJHPRåHGDSUHWVWDYOMDQDMEROMHUH ãHQMH NRMH XNOMXþXMH X VHEL PQRJH SUHGQRVWL DOL L QHGRVWDWNH 1D SULPHU LGHDOQR MH GD MHGDQ QDVWDYQLN LQVWUXLUD ² XþHQLND ãWR X UHFLPR MH]LþNLP ODERUDWRULMDPD QLMH PRJXüH L XþHQLN WUHED GD þHND ªVYRM UHG© QD NRML GRÿH UHGH QHJRãWRELPRJDR LOL KWHR =DWLP WHPSR SUHODåHQMDMHSRGHãHQ]DªSURVHþQRJ©SROD]QLNDWDNRGD]DPQRJHPRåH ELWLSUHVSRULOLSUHEU]3RUHGWRJDVDPDPHWRGDUDGDMHWDNRÿHSRGHãHQD ]D ªSURVHþQRJ© SROD]QLND WDNR GD PRåH GD QHRGJRYDUD SRMHGLQFLPD RE]LURP QD QMLKRYH SRVWDYOMHQH FLOMHYH X L]XþDYDQMX MH]LND L OLþQH SUHGLVSR]LFLMHLWG 3R]QDWR MH PHÿXWLP GD VX PQRJL SROLJORWL VYRMH VLOQH VWUDQH MH]LNH XþLOL XJODYQRP VDPL L VDPRVWDOQR 2G PQRJREURMQLK RVREHQRVWL L]GYRMLüHPRVDPRQHNH 6DPRVWDOQR XþHQMH LPD PQRJH SUHGQRVWL D L QHGRVWDWNH 1HVXPQMLYH VX SUHGQRVWL ãWR PRåHWH XþLWL WHPSRP QDþLQRP L X YUHPHNDGD
9DPDOLþQRRGJRYDUD*ODYQLQHGRVWDFLVXãWRPRåHWHODNR]DVWUDQLWLL SRJUHãQR QDXþLWL SRMHGLQH HOHPHQWH QDURþLWR JRYRUD MHU QHPD VWUXþQH NRQWUROH UDGL WRJD WUHED GD SRVWRML GREUD VDPRNULWLND L VDPRNRQWUROD X UDGX 9RUHG WRJD ]D VDPRVWDOQR XþHQMH VWUDQLK MH]LND SRUHG SULNODGQH L VDREUDåHQH PHWRGH WUHED LPDWL MDNX PRWLYDFLMX L GRVWD YROMH L UDGQH HQHUJLMH MHU XþHQMH X JUXSL ªYXþH© PQRJH SRMHGLQFH EH] RYLK NYDOLWHWD GD XþHQMH MH]LND GRYHGX GR NUDMD 9HRPD MH YDåQR XþHQMH VWUDQRJ MH]LND GRYHVWL GR NUDMD 6YDNL QHGRYUãHQ SRVDR SUHWVWDYOMD QHXVSHK 2YR QDURþLWR YDåL X XþHQMX VWUDQRJ MH]LND $NR XþHQMH VWUDQRJ MH]LND QH GRYHGHWH GR NUDMD L QH SRVWLJQHWH SRVWDYOMHQL FLOM QHJR JD SUHNLQHWH X XYHUHQMX GD üHWH NDVQLMHQDVWDYLWLJGHVWHVWDOLYHRPDVHYDUDWHMHU üH9DP QDVWDYDN XþHQMD XEU]R SRND]DWL GD VH PRUDWH YUDWLWL VNRUR QD SRþHWDN 1HGRYUãHQRXþHQMHLQH]DRNUXåHQR]QDQMHVWUDQRJMH]LNDSRVHEQRMH ODNR UDQMLYR L L]ORåHQR QHPLORVUGQR UD]RUQRP ]XEX YUHPHQD MHU MH VOLþQR QHGRYUãHQRM ]JUDGL EH] NURYD NRMD MH L]ORåHQD VYLP PRJXüLP QHSRJRGDPD L UD]RUQLP XWLFDMLPD 'RYUãLWL XþHQMH VWUDQRJ MH]LND GRYHVWLJDXVSHãQRGRNUDMDLSRVWLüLXQMHPXSRVWDYOMHQLFLOM]QDþL VYRMRM]JUDGLMH]LNDVWDYLWLGREDULVLJXUDQNURYLREH]EHGLWLRVWDOX SRWUHEQX ]DãWLWX NRMD üH MH SRX]GDQR ãWLWLWL RG UD]RUQRJ L UXãLODþNRJ GHMVWYDYUHPHQD =DWR MH QHRSKRGQR GD VH MRã QD SRþHWNX RGOXþLWH L GREUR RGPHULWHVYRMHVQDJHGDOLüHWHLPDWLGRYROMQRPRJXüQRVWLGDXþHQMH GRYHGHWHGRNUDMDNDNREL]DLVWDL]EHJOLYHOLNRUDVLSDQMHHQHUJLMHL YUHPHQD 8þHQMHVWUDQLKMH]LNDSR9$0²PHWRGL 3HUIHNWQR YODGDQMH MHGQLP VWUDQLP MH]LNRP SRGUD]XPHYD SUH VYHJDVSRVREQRVWGDQDWRPVWUDQRPMH]LNXPLVOLPRDWRMHRVQRYD LSUHGXVORYGD QD WRP MH]LNX PRåHPR RQGD WHþQR JRYRULWL þLWDWL L SLVDWL 0HÿXWLP GR WRJ VWHSHQD VH QH GROD]L QL RGMHGQRP QL GLUHNWQR QHJR SRVWHSHQR L SRVUHGQLP SXWHP 6LPXOWDQLP XþHQMHP JRYRUDþLWDQMDLSLVDQMDVWLþHPRSRVWHSHQRLVSRVREQRVWGDPLVOLPR QD WRP VWUDQRP MH]LNX ãWR QDP RSHW SR VLVWHPX SRYUDWQH VSUHJH VQDåQRSRPDåHGDMRãEUåHLEROMHVDYODÿXMHPR GDOMHJRYRU þLWDQMHL SLVDQMHQDVWUDQRPMH]LNX 2YGH MH SRWUHEQR RGPDK SRVHEQR QDJODVLWL GD VH JRYRU LOL NRQYHU]DFLMD QD VWUDQRP MH]LNX PRåH QDXþLWL VDPR JRYRURP ,VWR WDNR SLVDQMH VH PRåH QDXþLWL VDPR SLVDQMHP D þLWDQMH VDPR þLWDQMHP8SURWLYQRPDNRQHREUDWLPRGRYROMQRSDåQMHQDQHNXRG RYLK ELWQLK NRPSRQHQWL SR]QDYDQMD MHGQRJ VWUDQRJ MH]LND WRNRP VDPRJ XþHQMD PRåH ODNR GD QDP VH GRJRGL GD WDM VWUDQL MH]LN QDXþLPRSRORYLþQRLQHSRWSXQR2WXGDLPDSXQRVOXþDMHYDGDOMXGL RGOLþQRJRYRUHQHNLVWUDQLMH]LNDOLQH]QDMXQDQMHPXSLVDWL L þLWDWL L]SURVWRJUD]ORJD ãWRSLVDQMHL þLWDQMHQDWRP MH]LNX QLVXQLNDGDQL XþLOLMHUVXMH]LNQDXþLOLªQDXYR©WMDXGLWLYQRPPHWRGRP ,PD L REUQXWLK VOXþDMHYD OMXGL RGOLþQR þLWDMX L SLãX QHNL VWUDQL MH]LN DOL YHRPD QHVLJXUQR L VD SRWHãNRüDPD JRYRUH ãWR MH RþLJOHGQR QHGRVWDWDN XþHQMD MH]LND LVNOMXþLYR L] NQMLJD L QHSRVYHüLYDQMDGRYROMQRSDåQMHNRQYHU]DFLMLQDWRPMH]LNX .RPH MH FLOM GD MHGDQ VWUDQL MH]LN SHUIHNWQR FHORYLWR L ]DRNUXåHQRVDYODGDWDMPRUDSDUDOHOQRXþLWLVYHWULELWQHNRPSRQHQWH VYDNRJ VWUDQRJ MH]LND JRYRU þLWDQMH L SLVDQMH 3UHPD WRPH L PHWRGDNRMXüHSULPHQML
YDWLPRUDGDEXGHVDREUDåHQDORPFLOMX²GDEXGHLVWRYUHPHQRYL]XHOQD DXGLWLYQD L PRWRUQD VNUDüHQR 9$0 ² PHWRGD WH GD SRUHG WRJD REH]EHÿXMHEU]XNRQYHU]LMXSDVLYQRJ]QDQMDXDNWLYQR 0QRJLPD NRML VH RGOXþH ]D XþHQMH VWUDQRJ MH]LND SRPRüX PDJQHWRIRQD RGQRVQR SORþD L SURJUDPLUDQRJ XGåEHQLND RGJRYDUDüH VOHGHüD 9$0 ² PHWRGD X] PDQMH LQGLYLGXDOQH PRGLILNDFLMH L SULODJRÿDYDQMHVYRPSURILOXLPRJXüQRVWLPD 0RJXüQRVWLXþHQMDSR9$0PHWRGLVDPRVWDOQRLLQGLYLGXDOQRLOL XJUXSLRG²XþHQLNDVDQDVWDYQLNRPLOLEH]QDVWDYQLND 3RWUHEQDVUHGVWYD 0DJQHWRIRQVDVQLPOMHQRPWUDNRPLOLJUDPRIRQVDSORþDPD 3URJUDPLUDQLXGåEHQLNNRMLMHVQLPOMHQQDSORþDPDRGQRVQR QD PDJQHWRIRQVNRMWUDFL -HGQDVYHVND²UHþQLN]DXEHOHåDYDQMHSUHÿHQLKUHFL VWUDQRJ MH]LND -HGQDVYHVND]DSLVPQXL]UDGX]DGDWDNDWHVWRYDLOLYHåEDQMD X] VYDNXOHNFLMX -HGDQUHþQLNVUHGQMHYHOLþLQHRGGRUHFL
3RWUHEQRYUHPH 3URJUDPLUDQLXGåEHQLFL]D XþHQMH SRPRüX PDJQHWRIRQD LOL SORþD RELþQR VX QDSLVDQL X ² OHNFLMD ,VNXVWYD VX SRND]DOD GD VH SURVHþQR PRåH SUHüL SR MHGQD OHNFLMD GQHYQR ]D RWSULOLNH O ² þDV UDGD3UHPDWRPHL]OD]LGDXSURãHNX þLWDY NXUVVH PRåH VDYODGDWL ]D ² PHVHFD WM DNR VH GRGD YUHPH SRWUHEQR ]D SRQDYOMDQMH L UH]HUYXRQGDNRPSOHWQR]D²GDQD
7HPSRSUHODåHQMDSRMHGLQLKOHNFLMD 6YDNDNRYHüSUHPDVYRMLPPRJXüQRVWLPDLSRWUHEDPDVYDNRüHLQGLYLGXDOQR SRGHVLWLWHPSRSUHODåHQMDSRMHGLQLKOHNFLMDYRGHüLUDþXQD RþLQMHQLFLGDMHQHRSKRGQRVYDNLGDQXþLWLVWUDQLMH]LNPDNDULVDPRSR þDV=DXVSHKMHELWDQVWDODQQHSUHNLGDQLVLVWHPDWLþDQUDG6YDNL]D VWRMXXþHQMXMH]LNDMHQHPLQRYQRQD]DGRYDQMH%ROMHMHUDGLWLVYDNRJD GDQDSROþDVQHJRVYDNRJGUXJRJSR LOLVYDNRJWUHüHJSR²VDWL 3UDNVD üH SRND]DWL VYDNRPH YHü SRVOH SDU VHGPLFD NRML MH RSWLPDOQL WHPSR SUHODåHQMD SRMHGLQLK OHNFLMD 1HNRPH üH RGJRYDUDWL WHPSR RG MHGQH OHNFLMH QD GDQ GUXJRPH RG GYH OHNFLMH QD GDQ GRN üH WUHüL SRVWL]DWL QDMEROMH UH]XOWDWH DNR SUHOD]L SR MHGQX OHNFLMX ]D GYD GDQDLWG 0(72'$2%5$'(-('1(/(.&,-(
3RãWRVHSURJUDPLUDQLXGåEHQLNVDSORþDPDRGQRVQRPDJQHWRIRQ VNRPWUDNRPVDVWRMLRG² OHNFLMD NRMH VX NRQVWUXLVDQHVYH QD LVWL QDþLQ GDMHPR RYGH PHWRG REUDGH MHGQH OHNFLMH RE]LURP GD VH LVWLPPHWRGRPREUDÿXMXLVYHRVWDOHOHNFLMHXGåEHQLND 1DXþLWLJUDPDWLNXX]GRWLþQXOHNFLMXSRPRüXPHWRGDVLVWHPDWVNRJ SDPüHQMDLGRSXQVNLKPHWRGDL]ORåHQLKXRYRPSRJODYOMX 1DUDYQRUHS
UHGXNFLMRP SURYHULWH NYDOLWHW 9DãLK DVRFLMDFLMD L VPDWUDMWH GD VWH JUDPDWLNX X] WX OHNFLMX QDXþLOL DNR JUDPDWLþND REMDãQMHQMD L GDWH SULPHUHPRåHWHEH]SRPRüLNQMLJHODNRLVLJXUQRSRQRYLWL 3UYRVOXãDQMHWHNVWDQDPDJQHWRIRQXJUDPRIRQX VDSUDüHQMHPX XGåEHQLNX2GPDK]DWLPSUHÿLWHQDSUYRVOXãDQMHWHNVWDQDPDJQH WRIRQX,VWRYUHPHQRGRNSDåOMLYRVOXãDWHVWUDQRJVSLNHUDSUDWLWHEH] JODVQRJþLWDQMDLVWLWDMWHNVWXXGåEHQLNXL]DSDåDWHL]JRYRUSRMHGLQLK VORYDLJODVRYDWHþLWDYLKUHFLLUHþHQLFD2EUDWLWHSRVHEQXSDåQMXQD RYXWDþNXMHUMHRQDSULSUHPD]D9DãHVDPRVWDOQRJODVQRþLWDQMHLL] JRYRUVWUDQLKJODVRYDLUHFL 9DãHSUYRVDPRVWDOQRþLWDQMHREDYLWHJODVQRSULNODGQLPWHPSRPNR ULVWHüL]DSDPüHQLL]JRYRUSRGWDþVWLPãWRüHWHþLWDQMHRGPDK SUHNLQXWLþLPQDLÿHWHQDQHSR]QDWXUHþ1HSR]QDWXQRYXUHþRGPDK L]YDGLWHXVYRMXVYHVNX²UHþQLNVOXåHüLVHUHþQLNRPNRMLSRVWRMLX] VDPXOHNFLMXLOLXGåEHQLN$NRMHVOXþDMQRWDPRQHPDRQGDVHSRVOX åLWH9DãLPSULUXþQLPUHþQLNRP9ª3RWUHEQDVUHGVWYD©²7DþL 2YRJODVQRþLWDQMHPRUDGDLGHSRUHþHQLFDPDQHVPHWHSUHüLQDVOH GHüXUHþHQLFXVYHGRNQLVWHL]YDGLOLL]DSLVDOLVYHQHSR]QDWHUHFLX QMRMXVYRMXVYHVNX²UHþQLNLVKYDWLOLVPLVDRüHOHUHþHQLFH1DURþL WRYDåQRNDGJRGGROD]LWHXGRGLUVDQHNRPVWUDQRPUHþMXRGPDKMH L]JRYRULWHJODVQR1DSULPHUNDGDMHSUYLSXWQDÿHWHXUHþQLNX ND GDMH]DSLVXMHWHXVYRMUHþQLNLVYDNDNRNDGDSRQRYRSURþLWDWHüHOX UHþHQLFXGDELSRWSXQRVKYDWLOLQMHQVPLVDR$NRMHSRWUHEQRNDRQD SULPHUXHQJOHVNRPMH]LNXQHSR]QDWHUHFLYDGLWHXVYRMUHþQLN]DMHG QRVDWUDQVNULSFLMRPQMLKRYRJL]JRYRUD 7DNR L]YDÿHQH QHSR]QDWH UHFL MHGQLP SURþLWDYDQMHP ILNVLUDMWH X VYRMRM PHPRULML VOXåHüL VH WHKQLNDPD ]D SDPüHQMH VWUDQLK UHFL NRMH VX L]ORåHQH X VOHGHüHP RGHOMNX 2E]LURP GD VH RYLP VDPLP SRVWXSNRP ]DSDPWL L GR QHSR]QDWLK UHFL VDPLP WHKQLNDPD PRåHWH SDPWLWL SUHRVWDOH QH]DSDPüHQHLOLSRVHEQRªWHãNH©VWUDQHUHFL 9DãHGUXJRVDPRVWDOQRþLWDQMHREDYLWHWDNRÿHJODVQRVWLPãWRüHWH LVWRYUHPHQRQDVWRMDWLGDVKYDWLWHSRWSXQRVPLVDRL]QDþHQMHVYDNH UHþHQLFH,RYRþLWDQMHREDYLWHSRVLVWHPXªRGUHþHQLFHGRUHþHQLFH© WMQHSUHOD]LWHQDVOHGHüXUHþHQLFXVYHGRNQLVWHSRWSXQRVKYDWLOLL UD]XPHOLVDGUåLQXSUHWKRGQH$NR]DSQHWHNRGQHNHQRYHUHFL MHG QRVWDYQRVHSRVOXåLWH9DãRPVWYRUHQRPDVRFLMDFLMRPSRPRüX NRMH VWHMRM]DSDPWLOL]QDþHQMHLRGPDKüHWHPRüLGDQDVWDYLWHGDOMHRGJR QHWDQMHVPLVODüHOHUHþHQLFH 1HGRSXVWLYR MH XþHQMH VWUDQRJ WHNVWD SRPRüX PDWHUQMHJ MH]LND WM QMHJRYR SUHYRÿHQMH QD PDWHUQML MH]LN WRNRP þLWDQMD L VL LOL RGYRMHQR PHKDQLþNR XþHQMH QRYLK QHSR]QDWLK UHFL 3URFHV XVYDMDQMD QRYLK UHFL WHþH DXWRPDWVNL SDUDOHOQR VD VSRQWDQLP VKYDWDQMHP L GLUHNWQLP UD]XPHYDQMHP EH] SUHYRÿHQMD QD PDWHUQML MH]LN VPLVOD L VDGUåLQH VWUDQRJWHNVWDWRNRPQMHJRYRJJODVQRJþLWDQMD6DPRXSUYRMSRþHWQRMID]L NRULVWLPR ]QDþHQMD VWUDQLK UHFL QD PDWHUQMHP MH]LNX GD EL LK VSHFLMDOQLP WHKQLNDPD ILNVLUDOL X PHPRULML L SRYUHPHQR WRNRP VDPRJ UD]XPHYDQMD WHNVWDDNR]DSQHPRNRG]QDþHQMDQHNHQRYHUHFL3RUHGWRJDWUHEDãWRSUH SUHVWDWL PLVOLWL QD PDWHUQMHP MH]LNX WRNRP þLWDQMD VWUDQRJ MH]LND MHU ãWR SUHSUHVWDQHWHPLVOLWLQDPDWHUQMHPMH]LNXWRüHWHUDQLMHSURJRYRULWLQD VWUDQRP
9DãHWUHüHVDPRVWDOQRþLWDQMHNRQWUROQR PRUDWHVDPLRFHQLWLGDOLMH SRWUHEQRXVOXþDMXGDVWHSUHWKRGQRþLWDQMHODNRLVSRWSXQLPUD]X PHYDQMHPREDYLOL²7RNRPRYRJþLWDQMDNRMHWDNRÿHPRUDELWLJOD VQRGHILQLWLYQRSUHNRQWUROLãLWHSRVWLJQXWLVWHSHQIOXHQWQRVWLX L]JR YRUXQRYLKUHFLLODNRüXWHVSRQWDQRVWXVKYDWDQMXLUD]XPHYDQMXVD GUåLQHLVPLVODSRMHGLQLKUHþHQLFDLþLWDYRJWHNVWD8NROLNRXVWDQRYLWH GDRYDMVWHSHQQLVWHSRVWLJOLRQGDRYRþLWDQMHDXWRPDWVNLSUHWYRULWH XþLWDQMHSRGWDþLWRRQROLNRSXWDNROLNRMHSRWUHEQR 8 SRJOHGX L]JRYRUD L UD]XPHYDQMD VWUDQRJ WHNVWD RYR NRQWUROQR þLWDQMH WUHED GD EXGH WDNYRJ NYDOLWHWD NDR GD MH VWUDQL WHNVW QDSLVDQ QD PDWHUQMHPMH]LNX 'UXJRVOXãDQMHQDPDJQHWRIRQXVDSUDüHQMHPVWUDQRJWHNVWDXXGå EHQLNXSUHWVWDYOMDSUHORPQXWDþNXLSUYLNRUDNNDDNWLYL]DFLMLVWHþH QRJSDVLYQRJ]QDQMDVWUDQRJWHNVWD'RNWDþNHO²VDGUåHSUHWHå QRPHWRGHLSRVWXSNH]DVWLFDQMHXJODYQRPSDVLYQRJ ]QDQMDMH]LND RYDWDþNDSUHWVWDYOMDSUYLNRUDNNDDNWLYLUDQMXSDVLYQRJ]QDQMDLQMH JRYRPSUHWYDUDQMXXDNWLYQR]QDQMHVWUDQRJWHNVWD.RPELQRYDQRP DXGLRYL]XHOQRPPHWRGRPDGDSWLUDWHVYRMHXYRQDVKYDWDQMHLUD]X PHYDQMHJRYRUQRJVWUDQRJMH]LND1DVWRMDWLWUHEDGDSRWSXQRUD]XPH WHVWUDQLWHNVWNRJDþLWDVWUDQLVSLNHU 7UHüHVOXãDQMHVWUDQRJWHNVWDQDPDJQHWRIRQXEH]SRPRüLXGåEHQLND ]QDþLEH]SUDüHQMDVWUDQRJWHNVWDXXGåEHQLNXSUHWVWDYOMDVOHGHüLNR UDNXGDOMRMDNWLYL]DFLML9DãHJGRVDGDVWHþHQRJSDVLYQRJ]QDQMD 2YLPVHSRWSXQRRVDPRVWDOMXMHWHXUD]XPHYDQMXJRYRUQRJMH]LND EH]SRPRüLSLVDQRJWHNVWDLVNOMXþLYRDXGLWLYQRPPHWRGRP 6WUDQL WHNVWVHPRUDSRWSXQRVKYDWLWLLUD]XPHWLXVYLPGHORYLPDWRNRPþL WDQMDVWUDQRJVSLNHUDLVNOMXþLYRVOXãDQMHP 3LVPHQDL]UDGD]DGDWNDWHNVWDLOLYHåEDQMD MHREDYH]QDNDRLL]JRYD UDQMH QDJODVVYDNHSUHYHGHQHUHþHQLFH QDVWUDQRP MH]LNXSUHQHJR ãWRVHLVWDQDSLãHXVYHVNX]D]DGDWNH9ª3RWUHEQDVUHGVWYD© ² WDþ 8NRPELQDFLMLVDJODVQLPL]JRYDUDQMHPLSLVDQMHPVYDNHQR YHVWUDQHUHFL9WDþ RYLPVHSRVWLåHDVLPLODFLMDVWUDQRJWHNVWD YL]XHOQLPDXGLWLYQLPLPRWRUQLPSXWHPWMSR9$0²PHWRGLLV WRYUHPHQRVWUDQLWHNVWDVLPLOLUDPRYL]XHOQLPSXWHPþLWDMXüLJDDX GLWLYQLPSXWHP²VOXãDMXüLJDGRNJDJODVQRþLWDPR LPRWRUQLPSX WHP²GRNJDJODVQRL]JRYDUDPRLUXNRPSLãHPR .RQYHU]DFLMDRQDXþHQRPVWUDQRPWHNVWXLOLQMHJRYRSUHSULþDYDQMHQD VWUDQRPMH]LNXSUHWVWDYOMD]DYUãQXID]XXVWLFDQMX DNWLYQRJ]QDQMD MH]LND3RãWRVHMHGDQVWUDQLMH]LNPRåHVPDWUDWLVDYODGDQLPNDGDVH QDQMHPXPRåHIOXHQWQRJRYRULWLLOLSLVDWL GDNOHDNWLYQRL]UDåDYDWL WRVHLMHGQDOHNFLMDPRåHVPDWUDWLSUDYLOQRLGHILQLWLYQRREUDÿHQRP DNRVHPRåHWHþQRLODNRSUHSULþDWLDNRXþLWHVDPLLOLXJUXSL RG QRVQRDNRVHRQMRMPRåHVDODNRüRPNRQYHU]LUDWLDNRXþLWHXJUXSL .DRãWRMHYHüQDSUHGSRPHQXWRRYDPHWRGDSUHWVWDYOMDMHGQXRGHILNDVQLK PHWRGD XþHQMD VWUDQRJ MH]LND SR VYLP QMHJRYLP NRPSRQHQWDPD 'D ELVWH VD QMRPH SRVWLJOL ãWR SRWSXQLML XVSHK SRWUHEQR MH GD SULOLNRP XþHQMD VWUDQRJ MH]LNDVSURYHGHWHXåLYRWLRYDSUDYLOD 5HGRYQR YUãLWH SRQDYOMDQMD SUHÿHQRJ JUDGLYD SRVOH VYDNH SHWH LOL GHVHWHOHNFLMHVYLKSHWRGQRVQRGHVHWOHNFLMDRGMHGQRPSRRYRMPHWRGL
3URYHULWH]QDQMHJUDPDWLNH 3URYHULWHSDVLYQR]QDQMHWHNVWDVDPRVOXãDMXüLQD PDJQHWRIR QXEH]SRPRüLXGåEHQLND 3URYHULWHDNWLYQR]QDQMHWHNVWDMHGQLPRGRYLKQDþLQD L] UDGRP]DGDWNDVDPRXVPHQRL QDJODV NRQYHU]DFLMRP R WHNVWXLOL SUHSULþDYDQMHPWHNVWDQDVWUDQRPMH]LNXQDJODV 'REURYODGDQMHMH]LNRPXNOMXþXMHLVSRVREQRVWWDþQRJLODNRJ SUHYRÿHQMDVDVWUDQRJMH]LNDLREUDWQR8WXVYUKXDNR9Dã FLOML]XþDYDQMDMH]LNDXNOMXþXMHLRYXNRPSRQHQWXSUDNWLNXM WHþHãüHUHWURYHU]LMXQDMSUHVWUDQLWHNVWSUHYHGLWHSLVPHQRQD PDWHUQMLSDRQGDREUDWQRWDNRÿHSLVPHQRVDPDWHUQMHJQD VWUDQL3RVOHVUDYQLWHVYRMSUHYRGVDVWUDQLPRULJLQDORP 8YHNLPDMWHQDXPXLVWDOQRSULPHQMXMWHSUDYLOR 69$.8 675$185(&89(.,=*29$5$7,*/$612 8VORERGQRPYUHPHQXSUHÿHQHOHNFLMHãWRþHãüHVOXãDMWHQD PDJQHWRIRQXLXþHVWYXMWHXUD]JRYRUXOLFDXWHNVWXSRQDYOMD QMHPQMLKRYLKUHþHQLFDLOLRGJRYDUDQMHPQDQMLKRYDSLWDQMD8 WXVYUKXPRåHWHNRULVWLWLPRJXüQRVWNUDüHJ]DXVWDYOMDQMDWUD NHSRPRüXVSHFLMDOQRJWDVWHUDQDPDJQHWRIRQX 8]DYLVQRVWLRGUDVSRORåLYLKVUHGVWDYDLPRJXüQRVWLRþHPXMH YHüELORGHWDOMQRJRYRUDNRULVWLWHVYDNXPDNDULQDMPDQMXSUL OLNX]DSUDNWLþQXSULPHQXVWHþHQRJ]QDQMDQDURþLWRDNRMH]LN XþLWHXVWUDQRM]HPOMLLOLVHQDOD]LWHXVUHGLQLNRMDWLPMH]LNRP JRYRUL3RUHGWRJDYHRPDHILNDVQRüH9DPSRPRüLL UDGLR ILLPWHOHYL]LMDLþLWDQMHUD]QLKSXEOLNDFLMDQDVWUDQRPMH]LNX 2YD PHWRGD DNR VH VWULNWQR L NRPSOHWQR SULPHQMXMH RPRJXüXMH RYODGDYDQMH VWUDQLP MH]LNRP SR VYLP ELWQLP NRPSRQHQWDPD NRMH VH X SUDNWLþQRPåLYRWXWUDåHþLWDQMHSLVDQMHJRYRUSR]QDYDQMHJUDPDWLNHL SUHYRÿHQMH6YDNRüHQDUDYQRX]DYLVQRVWLRGIDNWRUDNRMHVPRUDQLMH SRPHQXOL D QDURþLWR VKRGQR VYRP ILNVLUDQRP FLOMX X XþHQMX VWUDQRJ MH]LND RYX PHWRGX PRGLILFLUDWL VNUDWLWL LOL SURãLULWL L GDWL DNFHQDW QD RQDMGHRNRMLRPRJXüXMHSRVWL]DQMHQMHJRYRJFLOMDXXþHQMXMH]LND 'DOMHSURãLULYDQMH]QDQMDVWUDQRJMH]LND 8]DYLVQRVWLRGRELPDVDPRJSURJUDPLUDQRJXGåEHQLNDLXVSHKD XSULPHQLRYHPHWRGHSR]DYUãHQRMSURUDGLXGåEHQLNDPRåHVHHILNDVQR UDVSRODJDWLVD SRWUHEQLP RVQRYDPD JUDPDWLNH L MHGQLP SROD]QLP IRQGRP RG ² UHFL 2YD SROD]QD SR]LFLMD 9DP SRWSXQR RPRJXüXMH RWYDUDQMH SHUVSHNWLYD GDOMHJ XVDYUãDYDQMD L XSRWSXQMDYDQMD 9DãHJ ]QD QMD X åHOMHQRP SUDYFX 6KRGQR 9DãLP FLOMHYLPD L SRWUHEDPD VDGD PR åHWH QDVWDYLWL SURGXEOMLYDQMH VYRJ RVQRYQRJ ]QDQMD VWUDQRJ MH]LND X RGDEUDQRPVPHUX $PELFLR]QLMLP VH SUHSRUXþXMH GD VYRMH RVQRYQR ]QDQMH GDOMH NRQ VROLGXMX L ]DRNUXJOH SRUHG UHGRYQH SUDNWLþQH SULPHQH QDURþLWR þLWD QMHP SULNODGQLK NQMLJD L SXEOLNDFLMD 3RVHEQR MH HILNDVQR X SUHOD]QRM ID]L NRULVWLWL GYRMH]LþQH SXEOLNDFLMH 1D SULPHU SURþLWDWL QDMSUH ² NQMLJHVDSDUDOHOQLPSUHYRGRPDSRVOHSUHüLQDþLWDQMHRULJLQDOD$NR X RULJLQDOX SURþLWDWHWHPHOMQR MRã SDU NQMLJD RQGD PRåHWH VPDWUDWL GD VWHXJODYQRPGRYHOLGRNUDMDXþHQMHVDPRJMH]LNDLVROLGQR]DRNUXåLOL
VYRMH ]QDQMH 'DOMX SRSXQX L XVDYUãDYDQMH VYRJ ]QDQMD MH]LND YUãLüHWH EH] VYHVQRJ L VLVWHPDWVNRJ QDSRUD NUR] VYDNRGQHYQX SULPHQXVYRJ]QDQMDMH]LNDXSRVORYQRPLSULYDWQRPåLYRWX
(IHNDWVWLFDQMDRVHüDMD]DMH]LN .DR ãWR 9DP MH SR]QDWR JRYRUQL MH]LN MH YHRPD OLPLWLUDQ X SRJOHGX UDVSRORåLYRJ IRQGD UHüL L X QDMEROMHP VOXþDMX PRåH GD VH NUHüH GR SDU KLOMDGD UHFL 3UHPD WRPH MHGLQD GDOMD PRJXüQRVW SURãLUHQMDLSRYHüDQMDOHNVLNDMHSLVDQLMH]LNRGQRVQRþLWDQMHUD]QLK SXEOLNDFLMDQDVWUDQRPMH]LNXNDRãWR9DPMHYHü ELORSUHSRUXþHQR 0HÿXWLP RYGH WUHED LPDWL QD XPX RNROQRVW GD VH L MH]LN SHULRGLNH NUHüH X SULOLþQR OLPLWLUDQLP RNYLULPD L GD MH SUDYR ERJDWVWYR MH]LND UDVSRORåLYRXNQMLJDPDLWRXGHOLPDSR]QDWLKSLVDFDþLMHVHOHNVLþNR ERJDWVWYR SHQMH L GR UHFL =DWR VH ]D GDOMH SURãLUHQMH L SURGXEOMLYDQMH VWHþHQRJ ]QDQMD VWUDQRJ MH]LND SUHSRUXþXMH þLWDQMH RGDEUDQLKGHODVYHWVNHNQMLåHYQRVWL 2QL NRML SRVWDYH VHEL ]D FLOM L WHPHOMQR SURþLWDMX ² RYDNYLK GHOD QD VWUDQRP MH]LNX ELüH SRVHEQR QDJUDÿHQL ]D VYRMX LVWUDMQRVW MHGQLP VSHFLMDOQLP HIHNWRP ² DXWRPDWVNLP VWLFDQMHP RVHüDMD ]D WDM VWUDQL MH]LN 2VHüDM ]D MH]LN MDYOMD VH SRVOH MHGQRJ VROLGQR VWHþHQRJ ]QDQMD VWUDQRJ MH]LND NRMH VH OHNVLþNL PRåH NYDQWLILFLUDWLNDRIRQG]QDQMDRG²UHFL3UDNWLþQRRVHüDM]D MH]LNVHLVSROMDYDNDRYHRPDNRULVQDVSRVREQRVWSRJDÿDQMDLRVHüDQMD ]QDþHQMD QRYH QHSR]QDWH VWUDQH UHFL LOL þLWDYRJ L]UD]D NRJD UDQLMH QLNDGD QLVWH VUHWDOL LOL XþLOL =DKYDOMXMXüL VWHþHQRP RVHüDM X ]D MH]LN 9DãHGDOMHSURãLULYDQMHLSURGXEOMLYDQMH]QDQMDVWUDQRJMH]LNDWHþHMRã EUåH HILNDVQLMH L ODNãH ,]PHÿX RVWDORJ PQRJR SXWD üH 9DP XãWHGHWL ]DPRUQRSUHYUWDQMHSRUHþQLNXXFLOMXSURQDODåHQMD]QDþHQMDQHNHQRYH UHFLLOLL]UD]D 2VHüDM ]D MH]LN PRåHWH XSRUHGLWL VD 9DãLP SRVWRMHüLP RVHüDM HP ]D VYH VORYHQVNH MH]LNH EXGXüL GD L 9Dã PDWHUQML MH]LN SULSDGD JUXSL VORYHQVNLK MH]LND ,DNR QLNDGD QLVWH XþLOL UHFLPR SROMVNL 9L üHWH RVHWLWL VPLVDR L ]QDþHQMH PQRJLK SROMVNLK UHFL L L]UD]D ]DKYDOMXMXüL VOLþQRVWL L VURGQRVWL VYLK VORYHQVNLK MH]LND ,VWL HIHNDW VH RþLWXMH DNR GRYROMQR RYODGDPR VD SR MHGQLP VWUDQLP MH]LNRP L] ELOR NRMHGUXJHJUXSHMH]LNDUHFLPRURPDQVNHLOLJHUPDQVNH 2YDM HIHNDW RVHüDMD ]D MH]LN DNR VH GDOMH SHUPDQHQWQR DXWRPDWVNL UD]YLMD XþHQMHP GUXJLK MH]LND YUHPHQRP NRG SROLJORWD SUHUDVWD X MHGDQ UXWLQHUVNL LQWXLWLYQL RVHüDM ]D VWUDQH MH]LNH NRML NXOPLQLUD X UHWNRM VSRVREQRVWL GD VH MHGDQ SRWSXQR QHSR]QDWL VWUDQL MH]LN QDXþL ]D QHYHURYDWQR NUDWNR YUHPH 6HWLWH VH VDPR VOXþDMD IUDQFXVNRJ SUHYRGLRFD X 281 NRJD VPR QDYHOL X 3RJODYOMX WH QMHJRYRJXþHQMDDOEDQVNRJMH]LND 7HKQLNDHILNDVQRJSDPüHQMDUHFLVWUDQRJMH]LND .DGD VWH VH XSR]QDYDOL VD ª0HWRGRP REUDGH MHGQH OHNFLMH© X WDþQDLãOLVWH QDXSXWVWYR GDL]YDÿHQHVWUDQH UHüLX 9Dã SRVHEDQ UHþQLNVYH]DSDPWLWHMHGQRVWDYQLPLMHGQLPMHGLQLPSURþLWDYDQMHPRG SRþHWNDGRNUDMD.DNRMHWRXRSãWHPRJXüH" 3UH QHJR ãWR SUHÿHPR QD L]ODJDQMH VDPH WHKQLNH SDPüHQMD VWUDQLKUHFLSRWUHEQRMHGDREUDWLWHSDåQMXQDRYHQDSRPHQH
1DMVLJXUQLMHüHPRRGDEUDWLQDMJRULPHWRGXþHQMDMH]LNDDNR UHFLVWUDQRJMH]LNDXþLPRRGYRMHQRNDRVNXSQHSRYH]DQLKUHFLEH]LNDN YHYH]HVDVDPLPWHNVWRPLOLEH]QMLKRYHNRUHODFLMHXNRQWHNVWXUHþHQL FH%LORMHLWDNYLKVOXþDMHYDGDVXOMXGLQDXþLOLQDMSUHJUDPDWLNXVWUD QRJMH]LNDD]DWLPX]HOLRVUHGQMLUHþQLNWRJLVWRJMH]LNDLGRVORYQRQDX þLOLVYHUHFLVDGUåDQHXQMHPX8SUDYRNDGDVXVHSRQDGDOLGDVXWDM VWUDQLMH]LNVDYODGDOLPRUDOLVXVDåDOMHQMHPGDNRQVWDWXMXGDQLVXX VWDQMXGDNDåXQLQDMRELþQLMHNUDüHUHþHQLFHDNDPROLGDYRGHQHNLNUD üLUD]JRYRU 9HURYDWQRVWH ]DSD]LOL GD MH X WDþ ª0HWRGH REUDGH MHGQH OHN FLMH© SRVHEQR QDJODãHQR GD VH VDPLP SRVWXSNRP YDÿHQMD QHSR]QDWLK UHFL X UHþQLN L QMLKRYLP XNODSDQMHP X NRQWHNVW UHþHQLFH UDGL VKYDWDQMD VPLVOD L UD]XPHYDQMD UHþHQLFD DXWRPDWVNL L VSRQWDQR QDXþL L GR QHSR]QDWLK UHFL 6DPR UHFL NRMH VH QH QDXþH QD RYDM QDþLQ PRJX VH SUL YUHPHQR QDXþLWL RGYRMHQR RQDNR NDNR VX L]YDÿHQH X SRVHEDQ UHþQLN VYHVNX VSHFLMDOQRP WHKQLNRP ]D XþHQMH VWUDQLK UHFL 1D WDM QDþLQ RQH 9DP HILNDVQR VWRMH QD UDVSRODJDQMX ]D EU]R L ODNR XNODSDQMH X NRQWHNVW VYRMLK UHþHQLFD þLPH VH VDPR RODNãDYD L XEU]DYD QMLKRYD VSRQWDQD DVL PLODFLMDLXNODSDQMHXNRQWHNVWVDRVWDOLPUHFLPDUHþHQLFHýLPVHQR YR QDXþHQD UHþ WDNR XNORSLOD X VDGUåDM þLWDYH UHþHQLFH RQD MH PQRJLP DVRFLMDWLYQLP YH]DPD ORJLþNL L RVPLãOMHQR VSRMHQD VD RVWDOLP GHORYLPD X UHþHQLFL L VDPLP WLP DXWRPDWVNL RWSDGD SRWUHED ]D DVRFLMDFLMDPD NRMH VWHVWYRULOLVSHFLMDOQLPWHKQLNDPDUDGLQMHQRJSULYUHPHQRJSDPüHQMD 7DNRÿHMHGDQRGQDMJRULKQDþLQDXþHQMDVWUDQLKUHFLMHQMLKR YRPHKDQLþNRXþHQMHLSRQDYOMDQMHWMNDGDVHPHKDQLþNLPQRJRSXWD SRQDYOMDQDJODVVWUDQDUHþLQMHQR]QDþHQMHLREUDWQR7DNYRªXþHQMH Lª]QDQMH©QRVLVYDQHJDWLYQDREHOHåMDPHKDQLþNRJQHRVPLãOMHQRJLQH ORJLþQRJSDPüHQMDRþHPXMHXUDQLMLPSRJODYOMLPDELORGRVWDUHFL $ VDGD SUHÿLPR QD XVYDMDQMH VSHFLMDOQH WHKQLNH ]D HILNDVQR SDP üHQMHVWUDQLKUHFL 2VQRYQLSULQFLSXSDPüHQMXVWUDQLKUHFLX YHOLNRM PHULRODN ãDYD L XSURãüXMH SDPüHQMH YHOLNRJ EURMD VWUDQLK UHFL ELOR NRJ MH]LND 2Q JODVL 6WUDQHUHFLQLNDGDQHXþLWLLSDPWLWLRGYRMHQRLX SRVWRMHüHPREOLNXQHJRVDPRNRUHQRYHLSRSRURGLFDPDUHFL 3RãWR VH UHFL X VYDNRP MH]LNX SRMDYOMXMX X QDMUD]QRYUVQLMLP L] YHGHQLPLNRPSRQRYDQLPREOLFLPDWRSUDNWLþQR]QDþLGDVYDNXWDNYX UHþ WUHED QDMSUH UDãþODQLWL QD QMHQ NRUHQ L SULSDGDMXüH SUHGPHWNH SUH ILNVH LGRPHWNHVXILNVH LRQGD]DSDPWLWLVDPRNRUHQUHüL 1D SULPHU HQJOHVND UHþ ª5HFRUUHFWLQJ© SRQRYR LVSUDYOMDQMH NR ULJRYDQMHVDVWRMLVHL]SUHILNVDª5(©NRUHQDLOLRVQRYQHUHFL!&255(&7© LVXILNVDª,1*©6DNRUHQRPª&255(&7©GRGDYDQMHPUD]QLKSUHILN VDLVXILNVDPRåHPRQDSUDYLWLþLWDYXMHGQXSRURGLFXUHFL &255(&7 ²WDþDQLVSUDYDQ WRFRUUHFW ²LVSUDYLWLNRULJRYDWL FRUUHFWRU FRUUHFWRU ²NRUHNWRULVSUDYOMDþ FRUUHFWHG FRUUHFWHG ²LVSUDYOMHQSRSUDYOMHQ LQFRUUHFW LQFRUUHFW ²QHWDþDQ UHFRUUHFW UHFRUUHFW ²SRQRYRLVSUDYLWL
FRUUHFW QHVV FRUHFWQHVV ²WDþQRVWLVSUDYQRVW FRUUHFWWLRQ FRUUHFWLRQ ²NRUHNFLMDLVSUDYOMDQMH LQFRUUHFWQHVV LQFRUUHFWQHVV²QHWDþQRVWQHLVSUDYQRVW UHFRUUHFWWLRQ UHFRUUHFWLRQ²SRQRYQRLVSUDYOMDQMH FRUUHFWO\ FRUUHFWO\ ²NRUHNWQRWDþQR FRUUHFWLQJ FRUUHFWLQJ ²LVSUDYOMDQMH .DR ãWR YLGLWH L] MHGQH RVQRYQH UHFL LOL NRUHQD ª&255(&7© L]YHGHQDMHSUHGPHFLPDLGRPHFLPDþLWDYDQMHQDSRURGLFDRGXNXSQR UHFL 7R SUDNWLþQR ]QDþL GD DNR QDXþLPR QHNROLNR GHVHWLQD SUHGPHWDNDLX]DYLVQRVWLRGMH]LNDRWSULOLNHSULEOLåQRWROLNRGRPHWDND RQGD MH GRYROMQR GD ]DSDPWLPR VDPR -('$1 .25(1 L DXWRPDWVNL üHPR]QDWLþDNLGRSDUGHVHWLQDQRYLKUHFLLOLWDþQLMH²L]YHGHQLKUHFL RG WRJ NRUHQD 2YDM SULQFLS RPRJXüXMH HILNDVQR L UDSLGQR VDYODÿLYDQMH RJURPQRJ VWUDQRJ YRNDEXODUD X PDVDPD MHU VD SDU KLOMDGD QDXþHQLK NRUHQRYDLVWRYUHPHQRVPRQDXþLOLQDMPDQMH²VWUDQLKUHFL 8]PLPRMRãMHGDQSULPHUL]QHPDFNRJMH]LND $5%(,7 ²UDG DUEHLWHQ DUEHLWHQ ²UDGLWL DUEHLW ORV DUEHLWORV ²QH]DSRVOHQ EHDUEHLWHQ EHDUEHLWHQ ²REUDÿLYDWL $UEHLWHU $UEHLWHU ²UDGQLN YRUDUEHLWHU 9RUDUEHLWHU ²SUHGUDGQLN EHDUEHLWXQJ %HDUEHLWXQJ ²REUDGD YHUDUEHLWHQ YHUDUEHLWHQ ²SUHUDÿLYDWL $UEHLWHULQ $UEHLWHULQ ²UDGQLFD $UEHLWORVLJNHLW $UEHLWORVLJNHLW ²EHVSRVOLFDQH]DSRVOHQRVW EHDUEHLWHQ %HDUEHLWHQ ²REUDÿLYDQMH 2YXRVRELQXMH]LNDYHRPDHILNDVQRMHLVNRULVWLRLWYRUDFPHÿXQD URGQRJ MH]LND (VSHUDQWD 'U / / =DPHQKRI 1DXþLYãL VDPR SDU GHVHWLQD SUHGPHWDND L GRPHWDND VD PDQMH RG GYH KLOMDGH NRUHQRYDPRåHWHDXWRPDWVNL]QDWLþLWDYYRNDEXODU(VSHUDQWDLUD]XPHWL LOL VDVWDYLWL ELOR NRMX UHþ X (VSHUDQWX 1D SULPHU VD VDPR MHGQLP NRUHQRP 3$75 GRELMD VH GRGDYDQMHP RGJRYDUDMXüLK SUHILNVD L VXILNVDþLWDYDSRURGLFDUHFL SDWU²R SDWUR ²RWDF S DW U ² D S DW UD ²RþHYRþLQVNL SDWU²LQ+R SDWULQR²PDMND SDWU²XM²R SDWUXMR ²RWDGåELQD ERSDWU²R²M ERSDWURM ²URGLWHOML SDWULQ²H SDWULQH ²PDWHULQVNLLWG =DKYDOMXMXüLRYDNYRMNRQVWUXNFLML(VSHUDQWDLYHRPDMHGQRVWDYQRM JUDPDWLFLNRMDVHVDVWRMLRGVDPRSUDYLODRYDMVHMH]LNPRåHQDXþLWL YHRPDODNRL]DNUDWNRYUHPH 'UXJLSULQFLSWHKQLNH]DSDPüHQMHVWUDQLKUHFL]DKWHYDGDNR UHQRYHRGQRVQRRVQRYQHUHFLSUHSDPüHQMDSUDYLOQRNODVLILNXMHPRXRG JRYDUDMXüH JUXSH 3UDYLOQRP NODVLILNDFLMRP X MHGQX RG VOHGHüLK JUXSD YHOLNL EURM UHFL VSRQWDQR SDPWLPR LOL ]QDWQR RODNãDYDPR QMLKRYRSDPüHQMH
8SUYXJUXSXVSDGDMXVYHRQHUHFLVWUDQRJMH]LNDNRMHVXLGHQWLþQH LOL]DMHGQLþNHXREDMH]LND1DSULPHUIUDQFXVNHUHFLRGRPDüHQHXQD ãHPMH]LNXUXåURXJH ãDQVDFKDQFH NRPELQH]RQFRPELQDLVRQ LWG ,OLHQJOHVNHUHüLKLWKRELKREE\ VRQJOLIWGUDJVWRUGUXJVWRUH VWR ULMDVWRU\ WLQHMGåHUWHHQDJHU ILOPVWDUEHVWVHOHUEHVWVHOOHU LWG 7DNRÿHMHXVYRMHQRLSXQRQHPDþNLKUHFLXQDãHPMH]LNXNHOQHU.HOO QHU ãODJ6FKODJ ãQDMGHU6FKQHLGHU XUDU8KU ãODJHU6FKODJHU LWG)RQGRYLKUHFLLGDOMHUDVWH]DKYDOMXMXüLVYHEUåHPUD]YRMXNRPX QLNDFLMDVDUDGQMHLPHãDQMDL]PHÿXQDURGDVYHWD 'UXJXJUXSXVDþLQMDYDMXUHFLNRMHXREDMH]LNDVWUDQRPLPDWHUQMHP LPDMXLOL]DMHGQLþNLNRUHQLOLVXXMHGQRPVYRPGHOXVOLþQHLOLþDNLGHQ WLþQHXREDMH]LND1DSULPHUQHPDþNHUHFL1DWLRQL]J1$&,RQ 1$&,MDQDURG6WDWLRQâ7$&,RQ 67$QL&D02'(51 02'( 5DQVDYUHPHQ,17(5(66$17 ,17(5(6$17DQ ]DQLPOMLY LWG ,OLHQJOHVNHUHFLFUXHO.58HO R.58WDQFRFN.2. .2.RW .2.Rã\HV-(6 -(6WHGD672ROVWX 672/LFDJRRVH *86 *86NDFDNHV.(.6 NRODþL.(.6LWG 8 RYX JUXSX VSDGDMX WDNRÿH L NRUXPSLUDQH LVNULYOMHQH VWUDQH UHFL RGRPDüHQH X PDWHUQMHPMH]LNX NRMHVH PRJX ODNR SUHSR]QDWL HQJOH VNHUHFLNORYQ²XVWYDULFORZQNODXQ ãHULEUHQGL²XVWYDULFKHUU\ EUDQG\þHULEUDHQGL RNH²XVWYDUL2.RXNHM RG$OLFRUUHFW LWG7DNRÿHQHPDþNHUHFLãUDI²RG6FKUDXEHãUDXEH SDUWLNOD²RG %DUWWXFKOHLQ EDUWLLKODMQ VLF ² RG 6LW] ]LF ãWULNDWL ² RG VWULFNHQ ãWULNHQ LWG )RQG RYH JUXSH QLMH PDOL RE]LURP QD YHOLNX SULVXWQRVW W]Y ªVWUDQLK UHFL L L]UD]D© X VYDNRP PRGHUQRP MH]LNX NRML QDMþHãüH LPDMX ]DMHG QLþNHJUþNHLODWLQVNHNRUHQRYH3RUHGWRJDRYDMIRQGQHSUHVWDQRVHSR YHüDYD NDR QXåQDSRVOHGLFD SURFHVD LQWHUQDFLRQDOL]DFLMH MHGQRJ GHOD OHN VLþNRJ EODJD VYDNRJ QDURGD QRYL SURQDODVFL PHÿXQDURGQR SR]QDWL L SULPHQOMLYL SURL]YRGL UD]YRM NRPXQLNDFLMD L VDUDGQMH QD PHÿXQDURG QRPSODQXLWG 7UHüDJUXSDREXKYDWDVYHRQHUHFLVWUDQRJMH]LNDNRMHQHPRåHPR VYUVWDWLQLXMHGQXRGRYLKJUXSDLNRMHQDSUYLSRJOHGQLãWDQDPQH ND]XMXQLWL]QDþH1DSULPHUHQJOHVNHUHFLFURRNNUXN ER\ERM VKLSãLS FDQGLGNDHQGLG ZLQGRZZLQGRX LWG,OLUXVNHUHFLDSD DQ.SHF-LRSRUDUMLDDDFDQRULWG,OLQHNROLNRSULPHUDL]ãSDQVNRJ MH]LNDKLMRLKR FRUD]RQNRUDVRQ OLQGDROYLGDUROELGDU FKLTXLWR þLNLWR MRYHQKRYHQ FDEDOOHURNDEDOMHUR LWG 8 RYX JUXSX QDURþLWR GROD]H UHFL HJ]RWLþQLK L YDQHYURSVNLK MH]LND WH MH]LND NRML SULSDGDMX GUXJLP SRURGLFDPD MH]LND NDR QD SULPHU ãWR VX NLQHVNL MDSDQVNLILQVNLLWG 1D SULPHU UHFL NLQHVNRJ MH]LND VDQ JRUD SODQLQD PHQ YUDWD SDR WRS EDR QRYLQH KDL EHR LWG 1HNROLNR SULPHUD L] MDSDQVNRJ MH]LND þRPH EORN NYDUW GHQãD HOHNWULþQL YR]WUDPYDM JDNXVHL VWXGHQWLQX SDV NHU RNXãDQ VXSUXJDJRVSRÿDNDãX SHYDþLWG 8þHWYUWXJUXSXGROD]HVDPRVORåHQLFHRGQRVQRUHFLVDVWDYOMHQHRG GYHLOLYLãHUHFLL]QHNHRGSUHWKRGQLKJUXSD1DSULPHUQHNROLNRVOR åHQLFDL]HQJOHVNRJMH]LNDVZLPPLQJ SOLYDQMH SRRO ED]HQ VZLPPLQJSRRO ED]HQ]DSOLYDQMHFRZ NUDYD ER\ GH þDNPRPDN FRZER\ NUDYDUNDXERMPRWRU PRWRU FDU
NROD PRWRUFDU DXWRPRELO LWG 8]PLPR QHNROLNR SULPHUD L] QHPDþNRJMH]LNDOHKUHQ SRGXþDYDWLXþLWL %XFK NQMLJD /HKUEXFK XGåEHQLN SULUXþQLN )UHPGH VWUDQDF 9HUNHKU SURPHW VDREUDüDM )UHPGHQYHUNHKU WXUL]DP VWUDQL %LHQH SþHOD .RUE²NRUSDNRãDUD %LHQHQNRUE NRãQLFD 7DVFKH GåHS WRUED 7XFK WNDQLQD PDUDPD 7DVFKHQWXFK GåHSQDPDUDPLFDLWG 6ORåHQLFDPD QDURþLWR RELOXMX JHUPDQVNL MH]LFL (VSHUDQWR L UD]QL DJ OXWLQDWLYQLMH]LFLGRNURPDQVNLLVORYHQVNLMH]LFLQHPDMXWROLNRVORåH QLFD 6SHFLMDOQDWHKQLNDHILNDVQRJSDPüHQMDVWUDQLKUHFLVDVWRMLVHX VSUHWQRPNRULãüHQMXSUHWKRGQDGYDSULQFLSDSDPüHQMDVDPRNRUHQRYDL QMLKRYHSUHWKRGQHSUDYLOQHNODVLILNDFLMHNDRLXSULPHQLPHWRGDIRQLþQH DQDORJLMH LOL ]YXNRYQH VOLþQRVWL NRMX VWH YHü NRULVWLOL X SDPüHQMX LPHQD93RJO 7R SUDNWLþQR ]QDþL GD VWUDQH UHFL SUYH JUXSH VSRQWDQR L DXWRPDWVNL SDPWLPR RQRJ PRPHQWD NDGD LK NODVLILNXMHPR X SUYX JUXSXMHUVXLGHQWLþQHXREDMH]LNDLQHSUHWVWDYOMDMXQLNDNDYSRVHEDQ SUREOHP]DSDPüHQMH 6OLþQD MH VLWXDFLMD L VD UHFLPD GUXJH JUXSH MHU VX LOL MHGQLP VYRMLP GHORP LGHQWLþQH VD VYRMLP ]QDþHQMHP LOL QD QHNL GUXJL QDþLQ SRWVHüDMX QD VYRMH ]QDþHQMH 'DNOH X VYDNRP VOXþDMX WX YHü SRVWRML YHRPD MDND DVRFLMDWLYQD YH]D NRMD QDP X VYDNRP WUHQXWNX MDVQR VXJHULãH ]QDþHQMH WLK UHFL 3RWUHEQR MH GD WX YHü SRVWRMHüX YH]X VDPR GREURXRþLPRLSRWUHEQDDVRFLMDFLMDMHYHüVWYRUHQD 0HÿXWLPWUHüDJUXSD]DKWHYDSULPHQXPHWRGH]YXNRYQHVOLþQRVWL IRQLþQH DQDORJLMH WM SURQDODåHQMH VOLþQH SRVUHGQH LOL VXSVWLWXFLRQH UHFLSRPRüXNRMHRQGDODNRDVRFLUDPRVWUDQXUHþVDQMHQLP]QDþHQMHP 7LPH X VWYDUL ªSUHSDULUDPR© VWUDQX UHþ RVPLVOLPR MH L XþLQLPR SULNODGQRP]DDVRFLUDQMHVDVYRMLP]QDþHQMHP,VWXPHWRGXVWHXVSHãQR SULPHQMLYDOLXSDPüHQMXLPHQDWDNRÿHWUHüHJUXSHNRMDLVWRWDNRQLVWH PRJOL GLUHNWQR RVPLVOLWL QHJR VWH PRUDOL NRULVWLWL PHWRG SRVUHGQRJ RVPLãOMDYDQMD SUHNR SRJRGQH SRVUHGQH LOL VXSVWLWXFLRQH UHFL 5D]OLND MHVDPRXWRPHãWRVWHLPHSUHNRSRVUHGQHUHFLDVRFLUDOLVDLVWDNQXWLP RVREHQLP ]QDNRP VDPH RVREH D X RYRP VOXþDMX VWUDQX UHþ SUHNR SRVUHGQH VXSVWLWXFLRQH UHFL DVRFLUDWH VD QMHQLP ]QDþHQMHP X PDWHUQMHPMH]LNX 1D SULPHU ãSDQVNX UHþ ªFXDUWR© VRED QH PRåHPR GLUHNWQR DVRFLUDWL VD QMHQLP ]QDþHQMHP MHU QD SUYL SRJOHG QHPD QHNRJ NRQNUHWQRJ]QDþHQMDGHOXMHDSVWUDNWQRQHRVPLãOMHQR$OLDNRSRWUDåLPR QHNXSRVUHGQX UHþNRMD SRWVHüD QD QMXUHFLPR .9$57LU VWDQ LOL .9$57 þHWYUW RQGD MH ODNR RVPLãOMDYDPR L SRYH]XMPR VD QMHQLP ]QDþHQMHP ªFXDUWR© NZDUWR ² .9$57LU ² VWDQ D RQ SRWVHüD QD ªVREX© =QDþL FXDUWR VRED ,OL ãSDQVNL VH ªVWDNOR© NDåH ©YDVD© ª9DãD© SRWVHüD QD QDãX UHþ ªYD]D© NRMD MH QDSUDYOMHQD WDNRÿH RG ªVWDNOD©=QDþLªYDãD©²YD]D²VWDNORWMYDãD VWDNOR 6XãWLQDMHXWRPHGDVXSVWLWXFLRQDLOLSRVUHGQDUHþLPD]D9DV]QD þHQMH L VPLVDR L GD VH PRåH DVRFLUDWL VD ]QDþHQMHP VWUDQH UHFL GRN VWUDQD UHþ L] RYH JUXSH GHOXMH DSVWUDNWQR L PRUD VH SUHWKRGQR ªSUHSDULUDWL© RVPLVOLWL SRVUHGQRP UHFL GD EL VH PRJOD DVRFLUDWL VD VYRMLP]QDþHQMHP
2VWDOH SULPHUH SDPüHQMD VWUDQLK UHFL L] RYH L GUXJLK JUXSD QDüL üHWH GDOMH X RYRP SRJODYOMX JGH MH L]ORåHQD SULPHQD RYH WHKQLNH QDSRMHGLQHVWUDQHMH]LNH 5HüLþHWYUWHJUXSHWDNRÿHODNRLHILNDVQRSDPWLPRSULPHQRPRYH WHKQLNH6ORåHQXUHþQDMSUHUDVWDYLPRQDVDVWDYQHGHORYHWMQDNOMXþQH UHüLSUHGPHWNHLGRPHWNH.OMXþQHUHFL]DWLPNODVLILNXMHPRXRGJRYD UDMXüH JUXSH L SDPWLPR SR PHWRGL SURSLVDQRM ]D WX JUXSX 3UHGPHFL L GRPHFLVH]QDMXRGUDQLMHWM]DSDPüHQLVXMHGQRPRGWHKQLNDIRQLþQH DQDORJLMH LOL LQLFLMDOQH WHKQLNH JUXSQR VD VYRMLP ]QDþHQMLPD 1D WDM QDþLQ EU]R L HILNDVQR SDPWLPR VORåHQLFH X ELOR NRP VWUDQRP MH]LNX 8]PLPRQHNROLNRSULPHUD 1HPDþNX VORåHQX UHþ 7DVFKHQXKUGHFNHO SRNORSDF GåHSQRJ þD VRYQLND SDPWLPR WDNR ãWR üHPR SRVWXSLWL SUHPD RSLVDQRM PHWRGL SDPüHQMD VWUDQLK UHFL 1DMSUH MH SRGHOLPR QD VDVWDYQH GHORYH L NRUHQRYH 7DVFKH 8KU 'HFNHO =DWLP NODVLILNXMPR SURQDÿHQH NRUHQRYH X RGJRYDUDMXüH JUXSH ª7DVFKH© SULSDGD GUXJRM JUXSL MHU MH NRGQDVRYDUHþSRJUHãQRXVYRMHQDNDRªWDãQD©X]QDþHQMXWRUEDSUHPD WRPH XRþLPR RGPDK YH]X ª7DVFKH© ² ªWDãQD© WRUED GåHS ª8KU© PRåH GDLGH X SUYX JUXSX MHU L NRG QDV SRVWRML X LVWRP REOLNX ªXUD© LOL ªXUDU© þDVRYQLþDU 2YX UHþ DXWRPDWVNL SDPWLPR VDPRP NODVLILNDFLMRP X SUYX JUXSX ª'HFNHO© PRUD SULSDVWL WUHüRM JUXSL SRWVHüD QD ªGHND© SRNULYDþ RGQRVQR SRNORSDF 3RãWR MH L] WUHüH JUXSH ª'HFNHO© SUHNR SRVUHGQH UHüL ªGHND© ODNR DVRFLUDPR VD QMHQLP ]QDþHQMHPSRNORSDF
(QJOHVNDUHþ%RRN©EXN SRWVHüDQDª%8.YDU©LODNRVHDVRFLUDVDVYRMLP ]QDþHQMHP²ªNQMLJD©
1D LVWL QDþLQ SDPWLPR L RYX HQJOHVNX VORåHQLFX ª7HHQDJHU 3RFNHW%RRN©ª7HHQDJHU©SULSDGDSUYRMJUXSLMHUMHRYDUHþLNRGQDV XVYRMHQD NDR ªWLQHMGåHU© X ]QDþHQMX PODGLü .LOL GHYRMND LVSRG JRG ª3RFNHW© L ª%RRN© LGX X WUHüX JUXSX L PRJX VH DVRFLUDWL VD VYRMLP ]QDþHQMLPD SUHNR SRVUHGQLK UHFL ª32.(U© L ª%8.YDU© UHVSHNWLYQR 7DNR LPDPR 3RFNHW ² SRNHU ² GåHS WM SRFNHW GåHS L %RRN ² EXNYDU²NQMLJDWMERRN NQMLJDLWG 3DPüHQMH L]X]HWQR ªWHãNLK© UHFL 8 VOXþDMX GD QHNX UHþ NRMD SULSDGDWUHüRMJUXSLQHPRåHWHQLNDNRRVPLVOLWLSURQDODåHQMHPSULNODGQH SRVUHGQHUHFLRQGDVHPRåHWHSRVOXåLWLª,QLFLMDOQRPWHKQLNRP©9 3RJO NRMX VWH HILNDVQR NRULVWLOL ]D ODNR L EU]R SDPüHQMH ªWHãNLK LPHQD© 9 3RJO ª3DPüHQMH LPHQD L OLNRYD© ² ª$ ãWD DNR QL MHGDQPHWRGQHSRPDåH"©
3ULPHULVLVWHPDWVNRJSDPüHQMDJUDPDWLNHLUHFLUD]QLKMH]LND 6DGD VH PRåHPR GHWDOMQLMH SR]DEDYLWL VLVWHPDWVNLP SDPüHQMHP YLãHSULPHUDL]JUDPDWLNHLOHNVLþNHJUDÿHQHNROLNRVWUDQLKMH]LND (QJOHVNLMH]LN8]PLPRMHGDQPDQMLYRNDEXODUHQJOHVNLKUHFLL MHGQLP SRODJDQLP SURþLWDYDQMHP WRNRP NRJD SULPHQMXMHPR QDXþHQX WHKQLNXSDPüHQMDUHFLSRNXãDMPRLKPHPRULUDWL UXPRXU ²JODVLQD SORXJK ²SOXJ PXUPRXU ²ãXPHWLPXPODWL QRVH ²QRV KHDU ²þXWL HDU ²XYR PRYH ²NUHWDWLVH EDUQ ²DPEDU EXFNHW ²YHGURNRID EUXVTXH ²JUXEUDSDY VWDPS ²PDUND KDPSHU ²NRãDUDNRUSD MRW ²WUXQNDWDþNLFD ORFN ²NDWDQDFEUDYD PLQH ²UXGQLN WUXFN ²NDPLRQ ZDWHU ²YRGD XS ²JRUHWQDYLãH ª5XPRXU©VOLþQRMHVDQDãRPUHFL ªURPRULWL©WMãXãWDWLãDSWDWL SUHQRVLWLJODVLQH3LVDQLREOLNUHFLª3ORXJK©YHRPDSRWVHüDQDQDãXUHþ ª3OXJ© ª0XUPRXU©MHVOLþQRVDª0XPODWL©Dª1RVH©UHþGUXJHJUXSH VDGUåDQDMHMHGQLQLGHORPXVYRP]QDþHQMX²ª1RV©.DGD]QDWHª+HDU© KLD NRMHSRWVHüDQDªKLU©RQGDªHDU©PRåHWHWUHWLUDWLNDRUHþL]GUXJH JUXSHMHUMHGHRRGªKHDU©L]QDþLªXYR©.DRãWRYLGLWHLQRYRVWHþHQR ]QDQMHL]VWUDQRJMH]LNDPRåHWHRGPDKNRULVWLWL]DSUDYOMHQMHGREULKDVR FLMDFLMDSRPRüXNRMLKüHWHSDPWLWLQRYHUHFL ª0RYH© DVRFLUD QD ªPXYX© NRMD VH XYHN ªNUHüH© LOL QD ªPXYDWL VH© NUHWDWL VH ª%DUQ© MH RSHW MHGQD UHþ L] GUXJH JUXSH ªDP%$5© 'RN ª%XFNHW© SRWVHüD QD ªSDNHW© NRJD üHWH ]DPLVOLWL X ªYHGUX© GRWOH MH !%UXVTXH© YHRPD VOLþQR VD ªEUXV© NRML MH L]UD]LWR ªJUXE UDSDY© ª6WDPS© SRWVHüD QD ªãWDPSX© D ªPDUNH© VH WDNRÿH ãWDPSDMX ª+DPSHU© ]D SRVUHGQX UHþ PRåH X]HWL ªDPSHU© NDNR VH X QHNLP NUDMHYLPD ]RYH YHGUR LOL NRID D RYD MH YHRPD VOLþQD ªNRãDUL© 3LVDQL REOLN ªMRW© VNRUR MH LVWL VD QDãLP ªMRWD© NRMD VH SLãH VD ªWDþNLFRP©DXSUHQRVQRP]QDþHQMXSRGUD]XPHYDªGHOLRWUXQNX©8 QHNLP QDãLP NUDMHYLPD NDWDQDF VH MRã ]RYH L ªORNRW© ãWR MH GREUD VXSVWLWXFLMD ]D ªORFN© 3LVDQL REOLN ª0LQH© LGHQWLþDQ MH VD ªPLQDPD© NRMHVHNRULVWHX ªUXGQLNX©3LVDQLREOLNRG ªWUXFN© VOLþDQMHVDQDãRP UHFL ªWUXFNDWL© D ªNDPLRQ© SR QHUDYQRP SXWX PRåH MDNR GD WUXFND ª:DWHU©YHRPDSRWVHüDQDªYRGX©ªZDWHU©ZR8 M²YRGD.DGDQHNRP NDåHPRGDVNRþLªQDYLãHLOLJRUH©RQGDX]YLNQHPRª+RS©LOL!2S©DWR MHYHRPDVOLþQRVDHQJOHVNLPª8S©DS 3UHNULWH VDGD ]QDþHQMD RYLK HQJOHVNLK UHFL L SRNXãDMWH UHGRP UHSURGXNRYDWL ]QDþHQMD QD QDãHP MH]LNX 0RåGD VWH PDOR L]QHQDÿHQL VYR
MLPXVSHKRPDOLNDRãWRYLGLWH©ELORMHGRYROMQRGDRYDMQL]RGUHüL VXPRMHGDQSXWPDORQHXRELþDMHQRSURþLWDWHRGSRþHWNDGRNUDMDLGDLKVYH GR MHGQH WUDMQR EU]R L ODNR ]DSDPWLWH âWD 9DV VDGD VSUHþDYD GD RYDM XVSHK GXSOLUDWH LOL WULSOLUDWH" =DLVWD QLãWD 3RNXãDMWH L XEU]R üHWH VH XYHULWL GD üHWH VD PDOR SUDNVH L UXWLQH ELWL X VWDQMX XPHVWR VDGDãQMLK ]DSDPWLWLªVDPRMHGQLPMHGLQLPQHXRELþDMHQLPþLWDQMHP©LVYLKLYL ãHVWUDQLKUHüLELORNRJMH]LND 1DMWHåD YUVWD UHFL X HQJOHVNRM JUDPDWLFL MH JODJRO NRG NRJD QLMH MHGQRVWDYQR]DSDPWLWLVYDYUHPHQDNRMLKPRåHGDEXGHXDNWLYXL X SDVLYX 0HÿXWLP VLVWHPDWVNLP NODVLILNRYDQMHP L JUXSLVDQMHP RYDM ]D VWUDãXMXüLJUDPDWLþNLGLYSRVWDMHODNRLEU]RVDYODGLY3RJOHGDMPRNDNR WRL]JOHGDQDMHGQRPSULPHUX 8]PLPR HQJOHVNL JODJRO ªWR DVN© SLWDWL .DR ãWR MH SR]QDWR JOD JROVND UDGQMD X HQJOHVNRP MH]LNX PRåH ELWL SR YUHPHQX RGLJUDYDQMD 3UHVHQW 3DVW L )XWXUH D SR YUVWL 6LPSOH &RQWLQXRXV 3HUIHFW L 3HUIHFW &RQWLQXRXV 3RUHG WRJDL QDUDYQR JODJRO PRåH GD EXGH L X ª,QILQLWLYH© 6YHãWRMHSRWUHEQRGDXUDGLWHMHGDSRVWRMHüDYUHPHQDXHQJOHVNRPMH ]LNXNODVLILNXMHWHLJUXSLãHWHSRRYLPNULWHULMXPLPDXMHGQXWDEHOX *ODJROVNDUDGQMD 3RYUHPHQX 3RYUVWL 6LPSOH
&RQWLQXRXV
3HUIHFW 3HUIHFW &RQWLQXRXV
3UHVHQW
3DVW
)XWXUH
,QILQLWLYHV
,DVN
,DVNHG
,VKDOODVN
WRDVN
,DP DVNLQJ ,KDYH DVNHG ,KDYH EHHQ DVNLQJ
,ZDV DVNLQJ ,KDG DVNHG ,KDG EHHQ DVNLQJ
,VKDOOEH DVNLQJ ,VKDOOKDYH DVNHG ,VKDOOKDYH EHHQDVNLQJ
WREH DVNLQJ WRKDYH DVNHG WRKDYHEHHQ DVNLQJ
6YDNRYUHPHSRKRUL]RQWDOLLPDVYRMLQILQLWLYL]NRJDVHYUHPHQD SR YHUWLNDOL GRELMDMX MHGQRVWDYQLP VWDYOMDQMHP SRPRüQRJ JODJROD X RGJR YDUDMXüH YUHPH 1D SULPHU VYD ª3HUIHFW 7HQFHV© LPDMX VYRM LQILQLWLY ªWR KDYH DVNHG© 6WDYOMDQMHP SRPRüQRJ JODJROD ªWR KDYH© X RGJRYDUDMXüH YUHPHGRELMDPRYUHPHQDSRYHUWLNDOL7DNRVWDYOMDQMHPªWRKDYH©XIXWXU GRELMDPR RGPDK )XWXUH 3HUIHFW 7HQFH , VKDOO KDYH DVNHG 3RUHG WRJD SRPRüX RYH MHGQRVWDYQH WDEHOH EU]R RGUHÿXMHWH QD]LY VYDNRJ YUHPHQD L REUDWQRDNRX]PHWHSUYRQD]LY NRORQH SDRQGD UHGDLQMLPDGRGDWH UHþ ª7HQFH© YUHPH X JUDPDWLFL 1D SULPHU ª, VKDOO KDYH DVNHG© MH ª)XWXUH3HUIHFW7HQFH© 2YDM PHWRG SDPüHQMD L XþHQMD SRPRüX ORJLþNRJ XSRUHÿLYDQMD L SRYH]LYDQMDPRåHWHHILNDVQRNRULVWLWLL]DSDPüHQMHGUXJLKJUDPDWLþNLK
SUDYLOD 1D SULPHU LPHQLFH X HQJOHVNRP MH]LNX NRMH VH ]DYUãDYDMX QD ©a\© NRPH SUHWKRGL VXJODVQLN PHQMDMX JD X ªL© L GRELMDMX QDVWDYDN ªHV© X PQRåLQL VN\ ² VNLHV $NR SULPHQLWH PHWRGX ORJLþNRJ XSRUHÿLYDQMD L SRYH]LYDQMD SULPHWLüHWH GD LVWR SUDYLOR YDåL L NRG SULGHYD X SRUHÿHQMX NDR L NRG JODJROD X OLFX 6LPSOH 3UHVHQW 7HQFHD KDSS\ ² KDSSLHU ² KDSSLHVW RGQRVQR NRG JODJRODWRIO\²KHVKHLWIOLHV,WG 1D SULPHU NRVH SDGHåH RG ªZH© ODNR SDPWLWH DNR XRþLWH GD ªXVDV! MHXVWYDULVDGUåDQRXVYRP]QDþHQMXQ$67DNRÿHRGªKH© ODNRSDPWLWHªKLP©DNRXRþLWHMHGQRRGQMHJRYLK]QDþHQMDVD QM,0 WM²,0VLJXUQRSRWVHüDQDªKLP© 5XVNL MH]LN NDR VODYHQVNL MH]LN VDGUåL SXQR UHFL LGHQWLþQLK LOL YHRPD VOLþQLK VD VYRMLP ]QDþHQMHP X QDãHP MH]LNX 1D SULPHU FHeR qDF gH[R hg FBJ dgb]Z LWG 6YH WDNYH UHFL UXVNRJ MH]LND VSDGDMX X SUYX JUXSX L VSRQWDQR VH SDPWH 6OLþQH UHFL NRMH VSDGDMX X GUXJX JUXSX EL ELOH q_eh\_d ihk_lbl_e djh\Zle fhehdh
%Hþ 3RVUHGQDUHþ =QDþHQMH GUHND WXþD ^SDdD \FlZl SRV867$7L XPRULWLVH ãWHWLWLQDXGLWL 32 X95(',7L \j_^bl \ebdZ EXODLOLPDN ]HPLþND GUDWLGHUDWLVH WXüLVH ^jZlekj EDMDQJODV]YXN KDUPRQLNDEDUG [Zjg 'RYROMQR MH GD WRNRP VDPR MHGQRJ þLWDQMD QD 9DPD QDMSRJRGQLMLQDþLQDVRFLUDWHSRVUHGQXUHþVD]QDþHQMHPVDPHVWUDQH UHFL LOL GD VDPR XRþLWH SRVWRMHüX YH]X X SRMHGLQLP VOXþDMHYLPD SD GDRYHUHFLWUDMQRLVLJXUQR]DSDPWLWH
, X QHPDþNRP MH]LNX NDR L X GUXJLP VWUDQLP MH]LFLPD LPD GRVWDL]X]HWDNDSUDYLODLSRVHEQLKVOXþDMHYDNRMHWUHED]DSDPWLWL 1D SULPHU SR PHãRYLWRM SURPHQL PHQMD VH LPHQLFD PXãNRJ URGD 'RUQ *HYDWWHU 0DVW 6FKPHU] 6HH 6SRUQ 6WDDW 6WDFKHO 6WUDKO 9HWWHU =LQV L LPHQLFD VUHGQMHJ URGD $XJH %HWW (QGH +HPG 2KU /HLG 6YH RYH LPHQLFH PRåHWH ]DSDPWLWL NDR QL] UHüL MHGQRP RG SR]QDWLK 9DP WHKQLND D PRåHWH HILNDVQR SULPHQLWL ª,QLFLMDOQX WHKQLNX© ILNVLUDMXüL X PHPRULMLVDPRSRþHWQD VORYDRYLK UHFL %$/ L (+2LOL2+/(%$$+%2/( ýODQ RGQRVQR URG LPHQLFH X QHPDþNRP MH]LNX PRåH WDNRÿH GD SUHWVWDYOMD SUREOHP ]D PQRJH NRML JD XþH RE]LURP GD VH URG LPHQLFD X QHPDþNRP L QDãHP MH]LNX UD]OLNXMX DOL L WX PRåHWH VHEL RODNãDWL UDG SULPHQRPRGJRYDUDMXüLKPHWRGD 0QRJHLPHQLFHSRGOHåXþYUVWLPSUDYLOLPDXSRJOHGXRGUHÿLYDQMDUR GD1DSULPHUVYHLPHQLFHVXEH]L]X]HWNDåHQVNRJURGDNRMHVH]D YUãDYDMXQDNHLWKHLWXQJVFKDIWLWG7DNRÿHLPHQLFHNRMHVH]DYU ãDYDMXQDªHQ©JODJROVNDLPHQLFDNDRQDSU'Dã/HVHQ þLWDQMH VXVUHGQMHJURGD 0QRJHLPHQLFHYHüXVYRPHQDVWDYNXWMSRVOHGQMHPVORJXVDGUåHL VYRMþODQLOLQMHJRYGHR'(5%UX'(5',(&KHPO('(56FKQHL'(5 '(5$UEHLW(5LWG 1DMWHåLMHVYDNDNRRQDMGHRLPHQLFDNRMLVHQHPRåHSRGYHVWLQLSRG NRMXRGJRUQMLKJUXSD0HÿXWLPQMLKRYHþODQRYHPRåHPRWDNRÿHSDP WLWLQDQHNLRGRYLKQDþLQD M 8RþDYDQMHP YH]H VD QMLKRYLP ]QDþHQMHP LOL VD VDPRP UHþMX 1D SULPHU GD6 =LPPHU 6RED WM ª6© ² GD6 LOL 6UHGQML URG GD6 +HIW 6YHVND RSHW ª6© SRWVHüD QD ªGD6© 7DNRÿH GH5 5DXP SURVWRU D ªSURVWRU© MH L X QDãHP MH]LNX PXãNRJ URGD SRUHG WRJD ª5©Xª5DXP©SRWVHüDQDªGH5©LWG ² 3RUHG WRJD PRåHWH L]YUãLWL VXSVWLWXFLMX þODQRYD QMLKRYLP ]DGQMLP VXJODVQLFLPDGH5 5+SRQXPHULþNRPDOIDEHWX 'LH '7 L GD6 6 & = L GD ]D SRVUHGQX UHþ DVRFLUDWH QHNX GUXJX SULNODGQX UHþ NRMD SRþLQMH RGJRYDUDMXüLP VXJODVQLNRP1D SULPHU GD6 -DKU MDU ² ªMDUH© JRGLQD MHGQRP DVRFLMDFLMRP NDR ª&UQR & GD6 MDUH -DKU © SDPWLPR QH VDPR ]QDþHQMH LPHQLFH QHJR L QMHQ þODQ
$NR]DPLVOLWHªEXEDQM©VDQRJDPDª3$8.D©ODNRSDPWLWHª3DXNH© ªEXEDQM©
$VDGDRVPLVOLWHLªSUHSDULUDMWH©QHNROLNRQHPDþNLKUHFL]D ODNRSDPüHQMHSRYHüSR]QDWRPVLVWHPX LKP VDQM,0 QMHPXV QMLP :HWWHU YHGDU YUHPH 6FKDFKWHO ãDKLWHOH NXWLMD XUDOW 8UDOMHSUDVWDUD SODQLQD SUDVWDU
3DXNH SDXN EXEDQM %DU EDU SRORYLQD 1DSULPHUª%DU© JRWRYLQD PRåHWHDVRFLUDWLVDEDURPX NRPH VHVYHSODüDJRWRYLQRP 8]PLPRQHNROLNRSULPHUDL]ãSDQVNRJMH]LND EDQGHUD EDQGHUD ]DVWDYD RUJXOOR RUJXOMH SRQRV MRYHQ -RYDQ PODG FDPLQR NDPLQLOLNDPHQ SXW GRORU GRODU ERO FDUSD NRUSD ãDUDQ KDULQD DUHQD EUDãQR .DGDL]DEHUHWH9DPDQDMSULNODGQLMHSRVUHGQHUHFLDVRFLUDQMHLGH YHRPD ODNR 1D SULPHU ªRUJXOOR© RUJXOMR SRWVHüD QD ªRUJXOMH© NRMH VH XYHN SRQRVQR X]GLåX X VYMRM PRQXPHQWDOQRM YHOLþLQL LOL þLML ]YXN XYHNSRQRVQR]YXþL6OLþQR ªFDPLQR© DVRFLUD QD ªNDPHQ© RG NRJD VH WDNRÿHSUDYHSXWHYL.RGªMRYHQ©KRYHQ NRULVWLPRVOLþQRVWSRSLVDQMX ²ª-RYDQ©WMªPODGL-RYDQ©LWG /DWLQVNL MH]LN MH RVQRYD VYLK URPDQVNLK MH]LND L SRãWR MH GXJR ELR L MH]LN QDXNH PQRJL L]UD]L L QD]LYL X QDXFL L XPHWQRVWL L]YHGHQL VX L] ODWLQVNLK NRUHQRYD 3RUHG WRJD ODWLQVNL MH SUHNR URPDQVNLK MH]LND L GLUHNQR SURGUR L X GUXJH MH]LNH 1D SULPHU X (QJOHVNRMSRVOHQRUPDQVNRJRVYDMDQMDNDGDVHSRþHRIRUPLUDWLHQJOHVNL MH]LN UDYQRSUDYQR VX VH XSRWUHEOMDYDOL ODWLQVNL DQJORVDNVRQVNL L QRUPDQVNL =DKYDOMXMXüL GLUHNWQRP XWLFDMX ODWLQVNRJ MH]LND QD WDGDãQML DQJORVDNVRQVNL L LQGLUHNWQRM DVLPLODFLML PQRJLK ODWLQVNLK NRUHQRYD SUHNRQRUPDQVNRJVXVUHüHPRXVDYUHPHQRPHQJOHVNRPMH]LNXYHRPD PQRJRUHFLVDODWLQVNLPNRUHQRYLPD 1DXþHQHWHKQLNHPRJX9DPSXQRSRPRüLLXL]XþDYDQMXODWLQVNRJ MH]LND 1D SULPHU QDVWDYNH SUYH LOL D GHNOLQDFLMH SULPD GHFOLQDWLR ODNRüHWH]DSDPWLWLDNRLKSUYRNODVLILNXMHWHLXRþLWHGDVXQRPLQDWLY YRNDWLY L DEODWLY MHGQLQH LGHQWLþQL ]DWLP JHQLWLY L GDWLY MHGQLQH L QRPLQDWLY LYRNDWLYPQRåLQHSRUHGWRJD MHGQDNL VX MRã L GDWLY L DEODWLY PQRåLQH /RJLþNLP XSRUHÿLYDQMHP L NODVLILNDFLMRP NDR L X SUHWKRGQLPSULPHULPDVYHOLVWHSDPüHQMHSDGHåDXMHGQLQL XPQRåLQL QDVYHJD8]PLPRMHGDQSULPHUURVD UXåD
6LQJXODULV 3OXUDOLV 1RPURVDNRV$ URVDH *HQ URVDH RV( URVDUXP VH580LOL580 'DW URVDH URVLV ED],6 $FF URVDPVXV$0 URVDV DQDQ$6 9RF URVD URVDH $EO URVD URVLV 'RYROMQRMHGDVXSVWLWXFLRQH UHFL]DQDVWDYNH DVRFLUDWHVD UHGQLP EURMHYLPD LOL ªSUHSDULUDQLP© L RVPLãOMHQLP QD]LYLPD SRMHGQLK SDGHåD SD GD VYH RYH QDVWDYNH WUDMQR ]DSDPWLWH 1DUDYQR NDR ãWR MH YHü ELOR SRVHEQR QDJODãHQR YUHPHQRP VH JXEL SRWUHED ]D SRVUHGQLP UHFLPD L DVRFLMDFLMDPD MHU GXåRP XSRWUHERP L SULPHQRP ]DSDPüHQRJ ]QDQMD SRVWLåHPRQHSRVUHGQRLDXWRPDWVNRVHüDQMH
8PHVWR QDVWDYDND VXSVWLWXFLRQLK UHFL ]D SDPüHQMH QDVWDYDND PRåHWH NRULVWLWL ª,QLFLMDOQX WHKQLNX© WM VLVWHP SRþHWQLK VORJRYD ,OXVWUDFLMH UDGL X]PLPR JODJRO DPR DPDUH YROHWL NRML VH PHQMD SR SUYRMNRQMXJDFLML DPR²R 2²GDR²VD DP²DPXV 0XV²WUD DP²DV $V DP²DWLV 7LV²NDUD DP²DW $W²OHWD DP²DQW $QW²HQD $VDGDSURþLWDMPRVDPRMHGQRPNRULVWHüLQDXþHQXWHKQLNXRYDM VSLVDNODWLQVNLKUHFL ULSD ULED REDOD DTXD DNYDULMXP YRGD XYD XYR JURåÿH FLFRQLD FLNRULMD URGD ODHWLWLD ODWLFD/HWLFD UDGRVW FHQD FHQD YHþHUD PHQVD PHQ]D VWR DOD DODKDOD NULOR SHQQD SHQD SHUR .DRãWRYLGLWHRYHUHFLVHVDPHSRVHELODNRSDPWHDNRNRULVWLWH RGJRYDUDMXüX WHKQLNX %LOR MH GRYROMQR GD LK VDPR MHGDQSXW QD VSHFLMDODQQDþLQSURþLWDWHGDELVWHLKVYH]DSDPWLOL ,]JUþNRJMH]LNDX]HüHPRVOXþDMSDPüHQMDJUþNRJDOIDEHWD $ $OID ²ª$OID5RPHR©LOLªN$/)$©LOLª$OYD© % %HWD ²%HWDSHWD U *DPD ².DPD*DPDG $'HOWD ²ª'HOWD©NULODGHOWDUHNH ( (SVLORQ ²(SVORQ = =HWD ²=HWDFLJDUHWH ]HW + (WD ²(GDHWDå ²7HWDWHWND 7HWD O -RWD ²-RGMXWDMDWR . .DSD ².DSD $ /DPEGD ²/DPSD 0 0L ²0LQD0L 1 1L ²1LO 1,1 + .VL ².VLORIRQ 2 2PLNURQ ²2PLFD NUXQD ª0LNURQ©åLOHWL ,, 3L ²3LU 3 5R ²5RMURJ 6LJPD ²6LJODVLJQDO6LJPXQG 7 7DX ²7DXQXV 7DXHU < ,SVLORQ ²3VLORQDF LOLª5DNLMH©NRMHVOLNRYLWR SUHWVWDYOMDMXVORYRª<© 2 )L ²)LNXV )LüD ; +L ²+LUKLW ²SVLSVLKRORJ ?9 S V L 8 2PHJD ²ª2PHJD©üDVRYQLN =DSRMHGLQD VORYD QDYHGHQR MH YLãH YHU]LMD VXSVWLWXFLRQLK UHüL RG NRMLK PRåHWH L]DEUDWL ]D 9DV QDMSULNODGQLMH D XNROLNR 9DP QL MHGQD RG
QMLK QH RGJRYDUD PRåHWH SURQDüL L GUXJH SRVUHGQH UHFL 'RYROMQR MH GD RGDEUDQHSRVUHGQHUHFLSRYH]HWHMHGQLP ODQþDQLP DVRFLMDWLYQLP QL]RP L ELüHWH RGPDK X VWDQMX UHSURGXNRYDWL ª*UþNL DOIDEHW© X ELOR NRP VPHUX$NRåHOLWHGD]DSDPWLWHLUHGQHEURMHYHSRMHGLQLKVORYDXDOIDEHWX RQGDVXSVWLWXFLRQHUHFLDVRFLUDMWHVDQHNRPRGWDEHODYH]QRJVLVWHPDL QDNRQ SDU SRQDYOMDQMD ELüHWH X PRJXüQRVWL UHSURGXNRYDWL SRMHGLQD VORYDSRQMLKRYRPUHGQRPEURMXLREUDWQR 1D MDSDQVNRP MH]LNXSRUHG NLQHVNLK LGHRJUDPD þLML MH EURM MDNR UHGXFLUDQ J QD VDPR ]QDNRYD RG WRJD QLVX REDYH]QL XJODYQRPVHSLãHVORJRYQLPSLVPRPXGYHYHU]LMHKLUDNDQD LOLKLUDJDQD ODND MHGQRVWDYQD NDQD NRMD MH QDVWDOD L] QDMVWDULMHJ MDSDQVNRJ VORJRYQRJ SLVPD ªNDQD© X UD]GREOMX RG 9,,,,; YHND L NDWDNDQD GHOLPLþQD NDQD MHU NRULVWL VDPR SR MHGDQ L WR XSURãüHQ ]QDN]DVYDNLVORJ 2EDRYDSLVPDNDWDNDQDLKLUDJDQDR]QDþDYDMXVORJRYDNRMLVX VORåHQL SR W]Y ª,52+$© UHGRVOHGX L VD WLP VORJRYLPD VH PRåH QDSLVDWLRGQRVQRNRPSRQRYDWLVYDNDUHþXMDSDQVNRPMH]LNX ,52+$1,+2+(72&+,5,1858: 2: $ . $ <27$5(627681(1$5$088 : , 12 2 .8 <$ 0$ .( )8 .2 ( 7( $6$.O <80( 0,6+,: (+,02 6(68 15DGLODNãHJ SDPüHQMDVYRJSLVPDSR,52+$UHGRVOHGXLOLVYRJªDOIDEHWD© -DSDQFLNRULVWHMHGQXPHODQKROLþQXSHVPXNRMDVHSULSLVXMHYHOLNRP MDSDQVNRPILOR]RIXSLVFXLSHVQLNX.XNDLXNRML MHSR]QDWLMLNDR .RER'DLVKL5RÿHQMHJQDRVWUYX6LNRNXXþLRX.LQLDWUDGL FLMDPXWDNRÿHSULSLVXMHLSURQDOD]DNSLVPDKLUDJDQD8WUDQVNULSFLML SR5RPDMLVLVWHPXSHVPLFDLQMHQVORERGDQSUHYRGJODVH ,URZDQLRHGR 6DPRXOHSRWLERMH FKLULQXUXZR FYHWRYLSDGDMX :DJD\RWDUH]R .RMHYHþLW WVXQHQDUDPX" XQDãHPVYHWX" 8LQRRNX\DPD 'DQDVSUHOD]HüLSODQLQH N\RNRHWH QHL]PHUQHQHVWDOQRVWL $VDNL\XPHPLML 1HüXYLGHWLYLãHIULYROQHVQH HLPRVHåX LRPDPOMHQYLãHQHüXELWL 3RãWR QH PRåHPR NDR -DSDQFL XåLYDWL SUHGQRVW SDPüHQMD ,52+$ VORJRYQLFH SRPRüX SHVPLFH PRåHPR MH YHRPD HILNDVQR ]DSDPWLWL ª,QL FLMDOQRPWHKQLNLP©LOLPHWRGRPVORJRYD=DVYDNLVORJIRUPLUDPRRGJR YDUDMXüX UHþ X NRMRM üH YDåLWL SUYL VORJ LOL SUYR L ]DGQMH VORYR L GRELMHQLQL]UHFLDVRFLUDMPRODQþDQLPPHWRGRP 3RJOHGDMPR VDGD QD QHNROLNR SULPHUD NDNR VH PRJX HILNDVQR DVRFLUDWLMDSDQVNHUHFLVDVYRMLQL]QDþHQMLPDSRPRüXSRVUHGQLKUHFL ýLãD þLþD ²PXGUDF 'HQãD GHQþDU ²HOYR]WUDPYDM +DQD
+DQD+DQND ²FYHW +DãL KDãLã ²LYLFDNUDM âDNR ãDND ²JDUDåD 8PD XPDQ ²NRQM -DPD MDPD ²SODQLQD :DQL YDQL ²NURNRGLO
,]KLQGLMH]LNDSURþLWDüHPR]DMHGQRWDNRÿHMHGDQPDOL VSLVDNUHFLLWLPHLKRGPDKVSRQWDQR]DSDPWLWL
©$PLUªUHþL]KLQGLMH]LNDODNRVHDVRFLUDSUHNRUHFLªHPLU©VDVYRMLP]QDþHQMHP ªERJDWJODYQL©
$ãUDIL $PLU .DþUD 3HU 1DXNDU 0DJD] 6DULI 'RVW =DKDU .DWDU
ãUDI HPLU NDþDUD SHUR QDXND PDJD]D LQ ãHULI GRVWRMDQ VDKDULQ NDWDUND
² ² ² ² ² ² ² ² ² ²
]ODWQLN ERJDWJODYQLãHI VPHüHSUOMDYãWLQD GUYR VOXJD PR]DN SOHPHQLW SULMDWHOM RWURY PDþ
1DNUDMXSRJOHGDMPRNDNRVHSDPüHQMHUHFLNLQHVNRJMH]LND XNODSDXRYDMVLVWHP
.LQHVNDUHþª)HQJ©VOLþQDMHVDªIFQ©NRMLRGPDKDVRFLUDQDªYHWDU
6DQ 7DQJ )HQJ /X
VDQ WDQND IHQ OXN
VXQFREUDQ ² VXSD ² YHWDU ² MHOHQ
6XL ãXPL ²YRGD /DQJ ODQ ²YXN %DED EDED ²WDWD .DL NHM ²RWYDUDWL .DRãWRVWHVHPRJOLXYHULWLL]RYLKSULPHUDNRGVYDNRJVWUDQRJ MH]LNDEH]RE]LUDNRMRMJUXSLLOLSRURGLFLMH]LNDRQSULSDGDRPRJOLVWH QHJGH ODNãH D QHJGH WHåH XVSHãQR SULPHQLWL QDXþHQH WHKQLNH ]D SDPüHQMHUHFLLOLJUDPDWLþNLKSUDYLOD
7DMQDSROLJORWDNRPSDUDWLYQRXþHQMHVWUDQLKMH]LND =DNRQLWRVWLMH]LNDSRQDYOMDMXVHXYHüRMLOLPDQMRMPHULXPQRJLP MH]LFLPD ,VWRYHWQRVWL L PDQMH LOL YHüH VOLþQRVWL L]PHÿX JUDPDWLþNLK SUDYLOD L VDPLK OHNVLND SRVWRMH X PQRJLP MH]LFLPD -HGDQ RG JODYQLK UD]ORJD MH þLQMHQLFD GD L MH]LFL VOLþQR OMXGLPD SULSDGDMX JUXSDPD SRURGLFDPD L QDFLMDPD 1D SULPHU ãSDQVNL SULSDGD JUXSL URPDQVNLK MH]LND ]DMHGQR VD L WDOLMDQVNLP IUDQFXVNLP L RVWDOLP URPDQVNLP MH]LFLPD SROMVNL VD UXVNLP L RVWDOLP VORYHQVNLP MH]LFLPD SULSDGD JUXSL VORYHQVNLK MH]LND D UHFLPR ãYHGVNL VD GDQVNLP QHPDþNLP L RVWDOLP JHUPDQVNLP MH]LFLPD SULSDGD JUXSL JHUPDQVNLK MH]LND 0HÿXWLP VYH RYH JUXSH VSDGDMX X YHOLNX SRURGLFX LQGRHYURSVNLK MH]LND MHU VYL LVND]XMX SDUDOHOQH VOLþQRVWL X IRQHWLFL PRUIRORJLMLLOHNVLNL .RULãüHQMHP RYLK VOLþQRVWL SULOLNRP NRPSDUDWLYQHJ L]XþDYDQMD VWUDQLK MH]LND QHNROLNR SXWD VNUDüXMHPR YUHPH L HQRUPQR XãWHÿXMHPR WUXG SRWUHEDQ ]D XþHQMH QRYRJ VWUDQRJ MH]LND 7LPH X VWYDUL GRELMDPR MRã MHGQX QRYX PRüQX XPQX PDãLQX SRPRüX NRMH ODNR SUHSR]QDMHPR VOLþQRVWL L LVWRYHWQRVWL X JUDPDWLFL L X PDVDPD VDYODÿXMHPR UHFL QRYRJ VWUDQRJ MH]LND 1D SULPHU SRJOHGDMPR VDPR NROLNR YHOLNH VOLþQRVWL SRVWRMH UHFLPR L]PHÿX SRMHGLQLK JHUPDQVNLK MH]LNDXQMLKRYRMUHþQLþNRMJUDÿL 1HPDþNL 'DQVNL +RODQGVNL (QJOHVNL QMLYD ²$FNHU $HFNHU $NNHU $FUH VYH ²$OL $O $O $OL VDP ²$OOHLQ $OHQH $OOHHQ $ORQH UXND ²$UP $UP $UP $UP NXSDQMH ²%DG %DG %DG %DWK KYDOD ²'DQN 7DN 'DQN 7KDQN þHNLü ²+DPPHU +DPPHU +DPHU +DPPHU ODEXG ²6FKZDQ 6YDQH =ZDDQ 6ZDQ RWDF ²9DWHU )DGHU 9DGHU )DWKHU UHþ ²:RUW 2UG :RRUG :RUG 2YDNYH NRPSDUDWLYQH VOLþQRVWL QDOD]LPR L NRG RVWDOLK MH]LþNLK JUXSD L WR QH VDPR X UHFLPD QHJR L X JUDPDWLFL ãWR VYH PRåH X YHOLNRM PHULRODNãDWLVDYODÿLYDQMHYHüHJEURMDVWUDQLKMH]LND6YDNLSROLJORWDüH SRWYUGLWL SUDYLOR GD MH XþHQMH SUYRJ VWUDQRJ MH]LND ELOR QDMWHåH L ]DKWHYDORQDMYLãHYUHPHQDLQDSRUDDGD]DVYDNLGDOMLMH]LNWUHEDVYH PDQMHYUHPHQDLQDSRUD/MXGLNRML]QDMXQHNROLNRVWUDQLKMH]LNDPRJX SRQHNDG ]D QHYHURYDWQR NUDWNR YUHPH QDXþLWL QHNL VWUDQL MH]LN 1D SULPHUVOXþDMIUDQFXVNRJSUHYRGLRFDX281NRJDVPRVSRPHQXOLX 3RJ/ 3RUHGNRP
SDUDWLYQLK VOLþQRVWL RQL HILNDVQR NRULVWH VWHþHQ L UD]YLMHQ RVHüDM ]D MH]LNH XRSãWF L SURIHVLRQDOQR SDPüHQMH NRMH VH YUHPHQRP UD]YLOR L]XþDYDQMHP YLãH VWUDQLK MH]LND ,OL GUXJLP UHFLPD SROLJORWH VX VDYODÿLYDQMHP VYRMLK SUYLK VWUDQLK MH]LND VWHNOL UXWLQX L HILNDVQX WHKQLNX ]D VDYODÿLYDQMH ELOR NRJ GUXJRJ VWUDQRJ MH]LND SRPRüX NRMH VXODNRSURGLUDOLXVXãWLQXLVNORSVYDNRJQRYRJVWUDQRJMH]LND 3RUHGWRJDNDRãWRVWHPRJOLSULPHWLWLL]GRVDGDãQMHJL]ODJDQMD]D VDYODÿLYDQMHSUYRJVWUDQRJMH]LNDXQDMYHüRMPRJXüRMPHULVHNRULVWL ]QDQMH²PDWHUQMHJMH]LND5D]ORJMHRþLJOHGDQPDWHUQMLMH]LNWDNRÿH SULSDGD MHGQRM JUXSL MH]LND L QMHJRYR SR]QDYDQMH QDP XQDSUHG RPRJXüXMH HILNDVQR NRULãüHQMH NRPSDUDWLYQLK VOLþQRVWL L LVWRYHWQRVWL NRMH RQ NDR LVYDNLGUXJL MH]LN LPDVD RVWDOLPMH]LFLPD D QDURþLWRVD MH]LFLPDL] LVWHJUXSH=DWRMHLSUHSRUXþOMLYRL]XþDYDWLVWUDQHMH]LNHSR JUXSDPD URPDQVNH VORYHQVNH JHUPDQVNH LWG MHU WDNDY PHWRG RPRJXüDYD PDNVLPDOQR NRULãüHQMH NRPSDUDWLYQLK VOLþQRVWL L LVWRYHWQRVWLSRMHGLQLKVWUDQLKMH]LND 3ULPHQRPL]ORåHQLKPHWRGDXNRPELQDFLMLVDYHüQDXþHQLPWHKQL NDPD SDPüHQMD GROD]LWH X SRVHG MHGQH YHRPD HILNDVQH XPQH PDãLQH SRPRüX NRMH üHWH PRüL XVSHãQR VDYODGDWL ELOR NRML VWUDQL MH]LN X UHODWLYQRNUDWNRPURNXãWHGHüLSULWRPHPDNVLPDOQRYUHPHLQDSRU 3ULWRPH LPDMWHXYHNQDXPXþLQMHQLFXGDRYHPHWRGHVYRMXYUHGQRVWL HILNDVQRVW RWNULYDMX VDPR þRYHNX SUDNWLþDUX VDPR RQRP NRML LK SULPHQMXMH6YUKD RYRJ SRJODYOMD NDR L üHOH NQMLJH QLMH X WRPH GD 9DP SRNDåH ãWD ELVWH PRJOLSDPWLWL LOL ]QDWL YHü GD 9DP SRNDåH RPRJXüL L SRPRJQH NDNR üHWHSRVWLüLVYRMFLOMLRVWYDULWLåHOMHQLXVSHKXVYRPSRGXKYDWX$]DWR MHQHRSKRGQD SUDNWLþQD SULPHQD RYLK PHWRGD MHU RQH QLVX KLSRWH]H L QDJDÿDQMD R WRPH ãWD EL VH QMLPD PRJOR HYHQWXDOQR SRVWLüL QHJR SUDNWLþQDSUDYLODL]YXþHQDL]LVNXVWYDEH]EURMOMXGLLSRWYUÿHQDEH]EURM SXWD QMLKRYLP XVSHVLPD NRMH WUHED L 9L GD SRQRYLWH L VYRMLP LVNXVWYRPSRWYUGLWH .DGDVPRX3RJODYOMX]DKWHYDOLRG9DVGD]DVYHJDPLQXWD ]DSDPWLWHXNXSQRUHFLL]UD]OLþLWLKVWUDQLKMH]LNDYHURYDWQRVWHSR PLVOLOL GD VH RG 9DãHJ SDPüHQMD WUDåL QHPRJXüH =DLVWD EH] RGJRYDUDMXüH XPQH PDãLQH QHPRJXüH MH VDYODGDWL WROLNL SRVDR X WDNR NUDWNRP URNX 6DGD NDGD UDVSRODåHWH HILNDVQLP WHKQLNDPD ]D XþHQMH VWUDQLKMH]LNDYUDWLWHVHSRQRYRQD7HVWEULSRNXãDMWHUHVLWLSRQRYR ]DGDWDN 1H SURSXVWLWH GD XEHOHåLWH SRVWLJQXWH ERGRYH QD SUHGYLÿHQD PHVWD NDNR EL PRJOL QHSUHNLGQR SUDWLWL VYRMH XVSHKH X VWDOQRP SRYHüDYDQMX9DãHJSDPüHQMD
%2*61$+,31268+5$0801(02=,1( 3$0û(1-(8+,312=,,8618
2SR]LWLYQLPGHMVWYLPDVQDQDSDPüHQMHJRYRULOLVPRXSRJODYOMX R]DERUDYOMDQMX93RJO 3RVHEQRMHXRþHQD]DNRQLWRVWGDVDQXVSR UDYDSURFHV]DERUDYOMDQMDLGDMHSUHSRUXþOMLYRDNRQLVWH IL]LþNL LOL PHQ WDOQR XPRUQLGD PDWHULMDO NRML WUHED GD UHSURGXNXMHWH QHSRVUHGQR VOHGH üHJ GDQD SR PRJXüVWYX SDPWLWH QHSRVUHGQR SUHG VSDYDQMH þLPH üHWH X YHOLNRMPHULSDUDOLVDWLãWHWQRGHMVWYRUHWURDNWLYQHLQKLELFLMH
+LSQRSHGLMDLOLSDPüHQMHLXþHQMHXSULURGQRPVQX 1D]LY ª+LSQRSHGLMD©]DXþHQMHLSDPüHQMHXVQXSRWLþHRG JUþNLK UHFL ª+\SQRV© VDQ ERJ VQD L ª3DHGLD© REUD]RYDQMH XþHQMH =D IHQRPHQHKLSQRSHGLMH]QDOLVXMRãQDMVWDULMLQDURGL7DNRMHSR]QDWRGD VX VWDUL 6XPHUL NRML VX LPDOL YLVRNR UD]YLMHQX FLYLOL]DFLMX QHNROLNR PL OHQLMXPD S Q H HILNDVQR NRULVWLOL IHQRPHQH KLSQRSHGLMH ]D YDVSLWDQMH L REUD]RYDQMH+LSQRSHGLMDMHELODSRSXODUQDLXKUDPRYLPDGUHYQH,QGLMH X NRMLPD VX XþLWHOML L VYHãWHQLFL ãDSXWDOL WHNVWRYH VYHWLK NQMLJD VYRMLP XþHQLFLPD XWRQXOLP X VDQ NDNR EL LK RYL EUåH L ODNãH ]DSDPWLOL 6YRMX UHQHVDQVX KLSQRSHGLMD GRåLYOMDYD ]D YUHPH 'UXJRJ VYHWVNRJ UDWD NDGD MHSRQRYR ªSURQDÿHQD© L LQWHQ]LYQR NRULãüHQD]DEU]R REXþDYDQMH X VWUD QLP MH]LFLPD XþHQMX ãLIUL L NRGRYD D QDURþLWR X REXFL REDYHãWDMDFD ]D EU]R L VLJXUQR VDYODÿLYDQMH QH VDPR VWUDQLK MH]LND YHü L QMLKRYLK GLMD OHNDWD 8 QHNLP REODVWLPD L ]D RGUHÿHQH VYUKH KLSQRSHGLMRP VH PRåH SR VWLüL XEU]DQMH SDPüHQMD L XþHQMD þDN L GR 6WD YLãH PRJXüH MH NRG RGUHÿHQLK RVRED SRVWLüL SDPüHQMH WHNVWRYD QD SRWSXQR QHSR]QDWRPVWUD QRPMH]LNX3RUHGWRJDKLSQRSHGLMDMHSRND]DODLRKUDEUXMXüHUH]XOWDWH X SHGDJRJLML QDURþLWR X YDVSLWDQMX GHFH UHFLPR RGYLNDYDQMH RG ãWHWQLK QDYLND YHü SRVOH ² VHDQVH L X SUHYDVSLWDYDQMX RGUDVOLK QD SULPHU SUHYDVSLWDYDQMHSUHVWXSQLNDL]DWYRUHQLNDLXSXüLYDQMHQDSUDYLSXW )HQRPHQ KLSQRSHGLMH MH YHRPD WHãNR RGYRMLWL SR VYRMRM VXãWLQL RG IHQRPHQDKLSQR]HLQDURþLWRIHQRPHQDSRVWKLSQRWLþNHVXJHVWLMH6SRUQR MH]DSUDYR GDOL VHVDQ X KLSQRSHGLML ELWQR UD]OLNXMH RG VQD X KLSQR]L 7DNR PQRJL VWUXþQMDFL ]D KLSQRSHGLMX VPDWUDMX GD SRVWRML VDPR KLSQR]QD KLSQRSHGLMDRGQRVQR KLSQRSHGLMD XKLSQRWLþQRP VQX MHUVH X KLSQRSH GLML RELþDQ VDQ X VWYDUL SUHWYDUD X KLSQR]QL 8SUDYR ]ERJ RYH SRVWDYNH SRVWRMH L PQRJL R]ELOMQL SULJRYRUL R ãWHWQRVWL KLSQRSHGLMH MHU SULURGDQ VDQ UHPHWL QMHJRYLP SUHWYDUDQMHP X YHãWDþNL KLSQR]QL VDQ 8 VYDNRP VOXþDMXKLSQRSHGLMDVHQHVUQHSULPHQMLYDWLDPDWHUVNLMHUPRåHGRüLGR
R]ELOMQLK NRPSOLNDFLMD L SRUHPHüDMD VQD GD QH JRYRULPR R UL]LNX SRVWL ]DQMDYHRPDVODELKLOLQLNDNYLKHIHNDWDXSDPüHQMXLXþHQMX5DGLWRJD MHQHRSKRGQRGDVHKLSQRSHGLMDVSURYRGLSRGVWUXþQLPQD]RURPLNRQWUR ORPOHNDUD .DR ãWR MH SR]QDWR NRG WHPSLUDQH SRVWKLSQRWLþNH VXJHVWLMH SRVWL åHPR LVWL HIHNDW NRG PHGLM XPD NDR L X KLSQRSHGLML GD VH VD NULVWDOQRP MDVQRüRPVHüDVYLKGHWDOMDRQRJDãWRPXMHVXJHULVDQRXKLSQR]QRPVWD QMX 7R MH L UD]ORJ GD MH SDPüHQMH SRPRüX KLSQRSHGLMH WUDMQLMH L MDþH RG QRUPDOQRJSDPüHQMD3RUHGWRJDX KLSQRSHGLMLLPDMXSRGMHGQDNRXVSH KDLYHRPDVSRVREQLLPDQMHVSRVREQLXþHQLFLãWRMHVOXþDMLXVLVWHPDW VNRPSDPüHQMX2GYHOLNRJXWLFDMDMHLWLSOMXGLXSDPüHQMX7DNRRVR EH VD SUHWHåQR DXGLWLYQLP SDPüHQMHP EROMH XVYDMDMX X KLSQRSHGLML RG YL]XHOQLKWLSRYD X SDPüHQMX 0RWLYDFLMD L LQWHUHVRYDQMH NDR L X VLVWHPDW VNRPSDPüHQMXLPDMX RGOXþXMXüL XWLFDM X KLSQRSHGLML QD NYDOLWHW L NYDQ WLWHWXVYRMHQRJ]QDQMD 7HKQLNDKLSQRSHGLMHMHYHRPDMHGQRVWDYQD0RåHVHL]YRGLWLJUXSQR LOL LQGLYLGXDOQR 7HNVW NRML WUHED ]DSDPWLWL VQLPL VH QD PDJQHWRIRQVNX WUDNX L XþHQLFL JD QDMSUH þXMX X EXGQRP VWDQMX =DWLP VH WUDND HPLWXMH MRã² SXWD SRPRüXSRVHEQRJXUHÿDMD PRåHLSRPRüXEXGLOQLND SROD þDVD QDNRQ ãWR XþHQLFL ]DVSH L ² PLQXWD SUH VDPRJ EXÿHQMD 8NROLNRVHKLSQRSHGLMDL]YRGLJUXSQRXNOMXþLYDQMHWUDNHLEURMQMHQRJUH SURGXNRYDQMD UHJXOLãH GHåXUQL VWUXþQMDN 3UHSRUXþOMLYR MH GD PDJQHWR IRQ EXGH X GUXJRM SURVWRULML GD VYRMLP ãXPRP QH EL UHPHWLR VDQ D X VSDYDRQLFL GD EXGH VDPR ]YXþQLN VD SDåOMLYR SRGHãHQRP L SULODJRÿHQRP MDþLQRP]YXND 1HJDWLYQH VWUDQH KLSQRSHGLMH ,DNR VH KLSQRSHGLMRP X RGUHÿHQLP VOXþDMHYLPDPRåHSRVWLüLL²XXVYDMDQMXRGUHÿHQLK]QDQMDLSDN RQDLPDQHNROLNRYHüLKQHGRVWDWDND +LSQRSHGLMDMHSUHVYHJDPHWRGPHKDQLþNRJSDPüHQMDLSUHWVWDYOMDX VWYDULSREROMãDQMHVDPRPHKDQLþNRJSDPüHQMD 2QDSRWSXQRLVNOMXþXMHXSRWUHEXLUD]YRMVPLVDRQRORJLþNRJSDPüH QMDNDRQHRSKRGQHNRPSRQHQWHXSUDYLOQRPSRWSXQRPLVYHVWUDQRP UD]YRMXLYDVSLWDQMXOLþQRVWL 2QDWDNRÿHLVNOMXþXMHXSRWSXQRVWLUD]PLãOMDQMH]DNOMXþLYDQMHLVWYD UDODþNRPLãOMHQMHWHQMLKRYRGHOR\DQMHSR]DNRQXSRYUDWQHVSUHJHWR NRPVDPRJSURFHVDXþHQMDLSDPüHQMD +LSQRSHGLMDVYRMXHILNDVQRVWRJUDQLþDYDVDPRQDRQD]QDQMDLLQIRU PDFLMHNRMDVHPRJXSULPLWLSDVLYQRLPHKDQLþNLWHVDPLPWLPLVNOMX þXMHPRJXüQRVWXþHQMDSUDNWLþQLK]QDQMDLQDYLNDNDRãWRVXXSUDY OMDQMHDXWRPSLVDQMHQDWHOHSULQWHUXXSUDYOMDQMHQHNRPUDGQRPRSH UDFLMRPLWG 1MHQDSULPHQDMHGRVWDVNXSDMHU]DKWHYDRGUHÿHQDWHKQLþNDVUHGVWYD NRPSOHWQXDSDUDWXUXVDVDPRUHJXODFLMRPLSRPRüQLP XUHÿDMLPD L VWUXþDQQDG]RU 3ULPHüHQRMHQHJDWLYQRGHMVWYRXþHQMDXVQXQDUDVSRORåHQMHLSVLKLþ NXVWDELOQRVW2YRVHWXPDþLSUHNLGDQMHPVQRYDNRMHVYDNLþRYHNLPD ²SXWDWRNRPQRüLLNUR]NRMHQRUPDOQRLVSRQWDQRL]UDYQDLQHX WUDOLãHãWHWQRGHMVWYRUD]QLKVWUHVRYDLQDSHWRVWLGRåLYOMHQLKSUHNRGD QD
=ERJ QHGRVWDWND SRYUDWQH VSUHJH XþHQLN PRåH GD EXGH EXGDQ LOLGDMHXGXERNRPVQXLGDQHSULPDLQIRUPDFLMHNRMHPXVHHPLWXMX L QHRSKRGQRVWL ]GUDYVWYHQH NRQWUROH XþHQLND KLSQRSHGLMD PRåH GDWL ]DGRYROMDYDMXüH UH]XOWDWH VDPR X] SULPHQX NLEHUQHWVNLK HOHNWURQVNLK DSDUDWD L XUHÿDMD 2QL PRJX QHSUHNLGQR QH VDPR SUDWLWL SVLKRIL]LþNR VWDQMH XþHQLND QHJR L DXWRUHJXODFLMRP REH]EHGLWL SUDYRYUHPHQR L SUDYLOQRGR]LUDQMHLQIRUPDFLMDNRMHVHHPLWXMX
+LSQR]DLSDPüHQMH +LSQR]DPRåHGDEXGHYHOLNDSRPRüXSDPüHQMXLWRSRVUHGQLP SXWHPMHUVH SRPRüX QMH PRJX RWNORQLWL PQRJH SVLKLþNH VPHWQMH NRMH GHOLPLþQR LOL SRWSXQR SDUDOLãX ELWQH IDNWRUH RGOXþXMXüH ]D SUDYLODQ SURFHV SDPüHQMD 1D SULPHU QMRP VH PRJX RWNORQLWL VPHWQMH NRMH RGYODþH SDåQMX VPDQMXMX VSRVREQRVW NRQFHQWUDFLMH SDUDOLãX PRWLYDFLMXLLQWHUHVLWG3RQHNDGLIHQRPHQDOQRSREROMãDQMHSDPüHQMDX KLSQR]L L SRPRüX KLSQR]H XSUDYR VH REMDãQMDYD RYLP HILNDVQLP XNODQMDQMHPUD]QLKVPHWQMLNRMHQHGR]YROMDYDMXSRWHQFLMDOXSDPüHQMD GDGRÿHGRVYRJQRUPDOQRJL]UDåDMD ,VWRYUHPHQRKLSQR]DPRåHGDEXGHLYHOLNDUH]HUYDSDPüHQMDRE ]LURPGDVHQMRPPRåHL]D]YDWLKLSHUPQH]LMDSRYHüDQMHSDåQMHLOLPRWL YDFLMH]DQHNROLNRSXWDOHþHQMHOMXGLRGUD]QLKNRPSOHNVDPDQDLSVL KLþNLK SD L IL]LRORãNLK VPHWQML NRMH SRQHNDG PRJX VNRUR SDUDOLVDWL QRUPDOQRRGYLMDQMH SURFHVD SDPüHQMD +LSQR]QLP VQRP VH PRåH GDOMH L]D]YDWL L DPQH]LMD NRMD X RGUHÿHQLP VOXþDMHYLPD PRåH GD LPD VSDVRQRVQR NXUDWLYQR GHMVWYR 3R]QDWR 9DP MH YHü GD SDPüHQMH X RGUHÿHQLP VOXþDMHYLPD ]DYLVL RG ]DERUDYOMDQMD 9 3RJO âWDYLãH KLSQR]RP MH PRJXüH NRQWUROLVDWL X RGUHÿHQLP VOXþDMHYLPD QDL]PHQLþQR NRþHQMH LQKLELFLMX L SREXÿLYDQMH HNVFLWDFLMX PRåGDQH NRUHDNDRãWR9DPMHSR]QDWRRGRYLKSURFHVD]DYLVHQHNLYHRPDYDåQL IDNWRUL SDPüHQMD NDR ãWR VX NRQFHQWUDFLMD SDåQMD LVWUDMQRVW X UDGX 9 3RJO 3REROMãDQMH SDPüHQMD DXWRVXJHVWLMRP -HGDQ RG JODYQLK QHGRVWDWDND KLSQR]H MH X WRPH ãWR RQD QLMH XYHN L NRG VYDNH RVREH SUDNWLþQRLHILNDVQRVSURYRGOMLYD.DRãWRMHRSLWLPDGRND]DQRQDMODNãH VHKLSQRWLãXGHFDGR JRGLQDLRVREHVDUD]YLMHQRPLEXMQRPPDãWRP 7HåH MH KLSQRWLVDWL VWDULMH RVREH L OMXGH VD L]UD]LWLP DSVWUDNWQR ORJLþNLP WLSRP PLãOMHQMD L SDPüHQMD 3RUHG WRJD X QDMYLãL WDNR]YDQL VRPQDPEXOLVWLþNLVWDGLMXPKLSQR]HPRJXüHMHGRYHVWLVDPRRJUDQLþHQL EURMRVREDRNRMHGQHSHWLQHRGXNXSQRKLSQRWLVDQLKRVRED $ XSUDYR XRYRMID]LKLSQRWLþNRJVQDPRJXVHL]D]YDWLVYLRQLSR]LWLYQLHIHNWL]D SREROMãDQMH SURFHVD SDPüHQMD 3UHPD WRPH PQRJLPD SUHGQRVWL KLSQRWLþNRJ XWLFDMD QD SREROMãDQMH QMLKRYRJ SDPüHQMD REMHNWLYQR QLVX GRVWXSQH DOL VH ]DWR VYDNR PRåH YHRPD XVSHãQR L HILNDVQR NRULVWLWL SUHGQRVWLPDNRMHSUXåDVDPRXWLFDQMHLOLDXWRVXJHVWLMD 2YRJD SXWD VH QDåDORVIW QH PRåHPR EOLåH SR]DEDYLWL DDPLP PHKD QL]PRP GHODYDQMD VXJHVWLMH L DXWRVXJHVWLMH L ]ERJ WRJD üHPR RYGH L]QHWL VDPR QDMQXåQLMH ]DNRQLWRVWL L XSXWVWYD NRMD WUHED GD RPRJXüH VYDNRP SUDNWLþDUX HILNDVQR NRULãüHQMH DXWRVXJHVWLMH X VYUKX SREROMãDQMDVYRJSDPüHQMD 1DMSUH QHNROLNR QDMYDåQLMLK ]DNRQLWRVWL QD NRMLPD SRþLYD VYDND VXJHVWLMDSDSUHPDWRPHLDXWRVXJHVWLMD
0LVDRVHPRåHRVWYDULWLVDPRDNFLMRP-HGQDPLVDRGDELSRVWDODGH ORPRUDVHPDWHULMDOL]RYDWLUDGRP 8QDãRMVYHVWLXMHGQRPWHLVWRPYUHPHQXPRåHGDHJ]LVWLUDVDPR MHGQDPLVDR.DRãWRGYHVWYDULQHPRJXELWLQDLVWRPPHVWXXLVWRP YUHPHQXWDNRLXVYHVWLLVWRYUHPHQRQHPRJXRSVWDWLGYHPLVOL² MHGQDPRUDXVWXSLWLPHVWRGUXJRM .RQFHQWUDFLMDLSDåQMDVXåLYRWQLVRNRYLVYDNHPLVOL6YDNDPLVDRPD NDNRMDNDELODXYHQXüHDNRQDQMXQHREUDüDPRSDåQMXLREUDWQR VYDNDPLVDRPDNDNRVODEDELODQDEXMDüHLWROLNRRMDþDWLGDüHRYOD GDWLQDãLPPLãOMHQMHPRVHüDQMLPDLþLLWDYLPELüHPLSRNUHQXWLQDãX YROMXLFHORNXSQXHQHUJLMXXSUDYFXVYRJRVWYDUHQMDVDPRDNRVHQD QMXGRYROMQRGXJRNRQFHQWULãHPRLWLPHMRMRPRJXüLPRGDVHGRYROM QRQDSDMDVYRMLPåLYRWQLPHOLNVLURP²QDãRPMDNRPLQHSRGHOMHQRP SDåQMRP ,PDMXüL X YLGX RYH RVQRYQH ]DNRQLWRVWL SUDNWLþQR SUDYLOR VDPRXWLFDMD JODVL åHOMHQL HIHNDW LOL FLOM IRUPXOLVDWL NUDWNR L MDVQR VD SDU UHþHQLFD 1D SULPHU DNR åHOLWH SRYHüDWL VYRMX PRü NRQFHQWUDFLMHª0RMDPRüNRQFHQWUDFLMHVHSREROMãDYDL]GDQDXGDQ 6YDNLP GDQRP VYH YLãH RVHüDP GD VH PRJX MDþH WUDMQLMH L HILNDVQLMH VNRQFHQWULVDWL QD VYRM UDG© 2YDNR VDVWDYOMHQD VXJHVWLMD SUHWVWDYOMD MHGQX IRUPXOX NRMD VH SRQDYOMD QHSUHNLGQR X VHULML QDMPDQMH²SXWDLWR²SXWDGQHYQR3RQDYOMDQMHIRUPXOH RGQRVQRYUãHQMHDXWRVXJHVWLMHPRåHWHREDYLWLQDYLãHQDþLQD 3RQDYOMDQMHPXVHELLLQWHQ]LYQRPNRQFHQWUDFLMRPLYHURYDQMHPGD VHVXJHULUDQRRVWYDUXMH *ODVQLPSRQDYOMDQMHPSURSLVDQLEURMSXWDWDNRÿHVDXYHUHQMHPGDüH VHåHOMHQLHIHNDWRVWYDULWL 3RPRüXPDJQHWRIRQDQDNRPHVWHSUHWKRGQRVQLPLOLVXJHVWLYQXIRU PXOX$XWRVXJHVWLMHVDPDJQHWRIRQDSUHSRUXþOMLYRMHSULPDWLXUHODN VLUDQRPVWDQMXLOLQHSRVUHGQRSUHGVSDYDQMHNDGDSRþLQMHGD9DVREX ]LPDVDQ -HGDQRGQDMHILNDVQLMLKQDþLQDMHVYDNDNRGDWRNRPGDQDãWRþHãüH LãWRGXåHPLVOLWHQDåHOMHQLHIHNDWRGQRVQRFLOM.RULVWLWHMHGQRVWDYQR VYDNLWUHQXWDNGRNROLFHRGPRUDãHWQMHLOLþHNDQMDGDYUãLWHRYXPHQ WDOQXDXWRVXJHVWLMX0LVOLWHãWRSODVWLþQLMHLXVUHGVUHÿHQLMHQDåHOMHQL FLOMLXPDãWLGRþDUDYDMWHQMHJRYRRVWYDUHQMHGRNRJDPRUDGRüLMHU PLVPRRQDNYLNDNRPLVOLPRLSRVWDMHPRRQRãWRPLVOLPR6YDNDPL VDRVDPRDNRMHGRYROMQRMDNDYUHPHQRPQHXPLWQRGROD]LGRVYRMH UHDOL]DFLMH $XWRVXJHVWLMRP QH PRåHPR QDUDYQR GLUHNWQR SRYHüDWL VYRMH SDPüHQMH L ]DWR VXJHVWLYQH IRUPXOH RYRJ WLSD ª0RMH SDPüHQMH MH VYDNRJ GDQD VYH EROMH L EROMH© QH PRåH LPDWL åHOMHQRJ GHMVWYD ,] GRVDGDãQMHJL]ODJDQMDMHMDVQRGDVHSDPüHQMHVDPRSRVHELQHPRåH SRYHüDWL 2QR VH PRåH L]JUDGLWL GR IHQRPHQDOQLK UD]PHUD VDPR SRVUHGQR SREROMãDQMHP IDNWRUD RG NRMLK ]DYLVL L VDPLK PHWRGD L WHKQLNDSDPüHQMD )DQWDVWLþQRSXWRYDQMHXVRSVWYHQXSURãORVW ª² 6DGD üHWH SRþHWL GD VH YUDüDWH MHGQX SR MHGQX JRGLQX åLYRWDXQD]DG 6DGDVWHXVYRMRMJRGLQL 9LVDGDLPDWH JRGLQH ² LQWHQ]LYQR MH VXJHULVDR KLSQRWL]HU PHGLM XPX NRML MH SRWSXQRUHODNVL
UDQ X QDMYLãHP VWHSHQX KLSQRWLþNRJ VQD VHGHR GXERNR ]DYDOMHQ X XGREQRMIRWHOML 7UHEDOR MH WDþQR VD]QDWL SUDYL X]URN DJRUDIRELMH RG NRMH PHGLMXP SDWL RG VYRMH ãHVWH JRGLQH NDNR EL VH PRJOR NDVQLMH HILNDVQRGHORYDWLSRVWKLSQRWLþNLPVXJHVWLMDPDQDXNODQMDQMHRYRJ X]URND +LSQRWL]HU MH RGJRYDUDMXüLP VXJHVWLMLPD YUãLR UHJUHVLMX PHGLMXPRYHOLþQRVWLXUDQLMHSHULRGHåLYRWDXQMHJRYRGHWLQMVWYRX GHOLNDWQRP SRNXãDMX GD SURELMH QHSUR]LUQH YHORYH VDWNDQH VDPRRGEUDPEHQLP PHKDQL]PLPD OMXGVNH SVLKH RG VWUDKD NRPSOHNVDXNRUHQMHQLKGXJRJRGLãQMLKQDYLNDSRJUHãQLKXYHUHQMD NRML VX JRGLQDPD OMXERPRUQR VNULYDOL SUDYL X]URN QMHJRYRJ REROHQMDXQHL]PHUQLPGXELQDPD]DERUDYD +LSQRWL]HU MH QDVWDYLR VD VYRMLP VXJHVWLMDPD 3ULEOLåDYDR VH NULWLþDQ WUHQXWDN 1HRELþDQ YUHPHSORY XOD]LR MH X ãHVWX JRGLQX PHGLMXPRYRJåLYRWD ² 9L VH VDGD QDOD]LWH X ãHVWRM JRGLQLVYRJ åLYRWD 9L þXMHWH VDPR PRM JODV L QHüHWH VH SUREXGLWL 'HOL QDV VDPR MRã PLQXWDRGNULWLþQRJGRJDÿDMD-RãVDPRGHVHWPLQXWD 9L üHWH VDGD SRQRYR GR QDMPDQMLK SRMHGLQRVWL SUHåLYHWL NULWLþDQ GRJDÿDMDOLVHQHüHWHXRSãWHXSODãLWLQLWLSUREXGLWL .UR]MHGDQ PLQXW SRQRYR üHWH SURåL\HWL LVWL GRJDÿDM DOL VH QHüHWH QL QDMPDQMH SODãLWLL]DSDPWLüHWHVYHGHWDOMH2EUDWLWHSDåQMX'RJDÿDMMHSRþHR GD VH SUHG 9DPD SRQRYR RGLJUDYD GHWDOM SR GHWDOM VHNXQGX SR VHNXQGXL9LVYHYLGLWHNULVWDOQRMDVQR6YH]DSDåDWHLSDPWLWH LXRSãWHVHQHSODãLWH .ULWLþQH VHNXQGH VX YHRPD VSRUR SUROD]LOH 0HGLMXPRYR OLFH QLMH SRND]LYDOR QLNDNYH ]QDNH X]EXÿHQMD LOL QHNH SURPHQH 1DNRQ QHNROLNR PLQXWD KLSQRWL]HU MH LVWLP SRVWXSNRP X] þHVWR GDYDQMH RKUDEUXMXüLK L SRWSRPDåXüLK VXJHVWLMD SRVWHSHQR YUDWLR PHGLMXPD SRQRYR X QMHJRYX JRGLQX åLYRWD =DWLP PX MH GDR WHPSLUDQX SRVWKLSQRWLþNX VXJHVWLMX GD üH VH SRQRYR SUHåLYOMHQRJ NULWLþQRJ GRJDÿDMD X JRGLQL åLYRWD SRVOH EXÿHQMD VHüDWL VD NULVWDOQRP MDVQRãüXNDRGDJDMHXSUDYRSUHåLYHR 3RãWR VH SUREXGLR L] KLSQRWLþNRJ VQD PHGLM XP MH YHRPD VOLNRYLWRLVDPQRãWYRPGHWDOMDRSLVDRNULWLþQLGRJDÿDMNRJDVHGR WDGD QLMH PRJDR QLNDNR VHWLWL ,VSRVWDYLOR VH GD JD MH MHGDQ GUXJ ãDOHüLVHJXUQXRGRNVXSUHOD]LOLXOLFXLGDMHRQSDRDOLMHYR]DþMRã UDQLMH]DXVWDYLRVYRMHYR]LORSUHGSHãDþNLPSUHOD]RP8VWUDKXRQMH SRYHURYDRGDMHDXWRVWDRXSRVOHGQMHPWUHQXWNXLQDWRPSRJUHãQRP XYHUHQMXUD]YLRNRPSOHNVDJRUDIRELMH8RYDNYLPVOXþDMHYLPDVDPR VD]QDQMH SUDYH LVWLQH R VWYDUQRP X]URNX SRUHPHüDMD LOL VPHWQMH SUHWVWDYOMDYHüNUXSDQNRUDNNDL]OHþHQMX 5HJUHVLMD OLþQRVWL X KLSQR]L MH ]D PHGLMXPD VWYDUQD ãWR MH SRWYUÿHQR WRNRP RSLWD UXNRSLVRP JODVRP VWHSHQRP LQWHOLJHQFLMH LWG 1D SULPHU PHGLMXP UHJUHVLUDQ X WX JRGLQX åLYRWD LDNR RGUDVODRVREDJRYRULJODVRPMHGQRJGHVHWRJRGLãQMDNDLPDUXNRSLVL QLYR LQWHOLJHQFLMH NRML RGJRYDUD WRP X]UDVWX (NVSHULPHQWDOQR MH SRWYUÿHQR GD MH UHJUHVLMX OLþQRVWL PRJXüH L]YHVWL X ELOR NRMH GRED åLYRWDQHNLPLVWUDåLYDþLPDMHþDNXVSHORGDPHGLMXPDUHJUHVLUDMXX WUHüL LOL þHWYUWL GDQ SRVOH URÿHQMD ãWR QD VYRM QDþLQ SRWYUÿXMH SRVWDYNXGDVHQLãWDQH]DERUDYOMDLGDMHPRüþRYHNRYRJSDPüHQMD ]DLVWDIHQRPHQDOQD L $JRUDIRELMDJUþDJRUD WUJSKREHR ERMLPVH VWUDKRGSUHODåHQMD WUJRYDXOLFDLSUD]QLKSURVWRUD
.DR ãWRMH QDYHGHQR X 3RJO X SRVHEQLP SVLKLþNLP VWDQMLPD OMXGLVHPRJXVHWLWLGDYQRª]DERUDYOMHQLK©VWYDULLOLLVSROMLWLRVRELQHIHQR PHQDOQLKSDPüHQMD=DQLPOMLYMHVOXþDMLVREDUDMHGQRJDPEDVDGRUDNRML MH X EXQLOX JUR]QLFH GUåDR L]YDQUHGQH GLSORPDWVNH EHVHGH QD VWUDQLP MH]LFLPDNRMHQLMHQLNDGDXþLRLVDDNFHQWRPLWRQDOLWHWRPXJODVXNRMLMH MDNR SRWVHüDR QD DPEDVDGRURY QDþLQ JRYRUD 6REDU MH þHVWR ELR VD VYRMLP DPEDVDGRURP GRN MH RYDM GUåDR JRYRUH L QLMH QL X VQX VDQMDR GD EL QMH JRYR SDPüHQMH PRJOR GD LK UHJLVWUXMH GRN MH QH]DLQWHUHVRYDQR VOXãDR YH üLQRP ]D QMHJD QHUD]XPOMLYH JRYRUH VYRJ DPEDVDGRUD %LOH VX SRWUHEQH VSHFLMDOQH RNROQRVWL GD EL VH SRND]DOH IHQRPHQDOQH PRJXüQRVWL OMXGVNRJ SDPüHQMD $XWRPDWVNRSLVDQMHXKLSQR]LMHMRãMHGQDPRJXüQRVWGDVHSULYLG QR ]DERUDYOMHQH VWYDUL L GRJDÿDML GR]RYX X VHüDQMH 0HGLMXP SLVDQMHP RGJRYDUDQDSRVWDYOMHQDSLWDQMDLGDMHRGJRYRUHNRMLKVHXEXGQRPVWD QMX QH EL VHWLR $XWRPDWVNR SLVDQMH VH NRULVWL L X KLSQRDQDOL]L 6OLþQH HIHNWHGDMHLJOHGDQMHXQHNLNULVWDORJOHGDORLOLXRSãWHQHNLVYHWOL SUHG PHW+LSQRWLVDQLSRGVXJHVWLMRPGDüHJOHGDMXüLUHFLPRXRJOHGDORYLGH WL GRJDÿDMH L] VYRJ UDQLMHJ åLYRWD NDR QD WHOHYL]LML LOL ILOPX þHVWR PRåH ]DLVWDGDYLGLGDYQR]DERUDYOMHQHVFHQH 3RVWKLSQRWLþND DPQH]LMD VH MDYOMD VNRUR UHGRYQR NRG YHüLQH PHGL MXPDNRMLSRVOHKLSQRWLþNHVHDQVHL]MDYOMXMX© GDVHQLþHJQHVHüD MX RG RQRJD ãWR VH GHãDYDOR ]D YUHPH KLSQR]H© $OL YHü X VOHGHüHP KLS QR]QRPVQXPRJXVHSRQRYRVYHJDVHWLWLVDVYLP SRMHGLQRVWLPD 7DNRÿH DNR LP VH GD SRVWKLSQRWLþND WHPSLUDQD VXJHVWLMD GD üH VH VYHJD VHüDWL NDGD VH SUREXGH L] KLSQRWLþNRJ VQD LOL SRVOH ª;© þDVRYD QDNRQ EXÿHQMD YHüLQDPHGLMXPDüHVHVHWLWLVYHJDRQRJDãWRLPMHELORVXJHULVDQRXKLS QR]L GD QH ]DERUDYH =QDþL DPQH]LMD VH PRåH L]D]YDWL VOLþQR NDR L KLSHU PQH]LMD NRG YHüLQH PHGLMXPD RGJRYDUDMXüLP SRVWKLSQRWLþNLP VXJHVWLMD PD2YGHLPDPRMRãMHGQXSRWYUGXGDDPQH]LMDQLMHQLNDGDSRWSXQDLGD VH RGJRYDUDMXüLP PHWRGDPD L SRVWXSFLPD PRåH GHOLPLþQR LOL SRWSXQR RW NORQLWL 3RWUHEQR MH SRVHEQR QDJODVLWL GD VYL RYL IHQRPHQL SDPüHQMD X VWDQMXKLSQR]HLVSROMDYDMXVHQDUD]OLþLWHQDþLQHLXGUXJDþLMHPLQWH]LWH WXNRGUD]QLKRVREDãWRMHLVDPRSRVHELUD]XPOMLYRRE]LURPGDMHVYDNL þRYHNOLþQRVW]DVHEHVDVYLPVYRMLPRVREHQRVWLPDLSRVHEQRVWLPDNRMH JD UD]OLNXMX RG VYDNH GUXJH RVREH 3RUHG WRJD ªPRü© KLSQRWLVDQMD QH SRþLYDXKLSQRWL]HUXNRMLMHVDPRSRPRüQLVXEMHNWLQHNDYUVWD ªYRGLWH OMD© X þLWDYRP SURFHVX QHJR X VDPRP PHGLMXPX RG þLMHJ LQWHUHVD PR WLYDFLMH VSUHPQRVWL ]D VDUDGQMX L RVWDOLK SVLKRIL]LþNLK RVRELQD ]DYLVL QH VDPRNYDOLWHWLLQWH]LWHWYHüLPRJXüQRVWVDPHSRMDYHVSHFLMDOQLKHIHND WDLIHQRPHQDSDPüHQMDXKLSQR]QRPVQX $ VDGD L]UDþXQDMWH YUHGQRVW 9DãHJ YUHPHQD XWURãHQRJ QD SURXþD YDQMX]DGQMLK SRJODYOMD LRFHQLWH 9Dã XVSHK XGDOMHPVDYODÿLYDQMX WHK QLNDVLVWHPDWVNRJSDPüHQMD 7(67%5 SRJO .RPSOHWQHGDWXPHPRåHPRSDPWLWL
6DPRVDQXPHULþNHUHFL 6DQXPHULþNHUHFLNRGNRMLKYDåHSUYDVXJODVQLND 6DQXPHULþNHUHFLNRGNRMLKYDåHSUYDVXJODVQLND
.RMLMHVHÿPLþQLGDQELR;,,J $8WRUDN %ýHWYUWDN &6XERWD
.RMLMHVHÿPLþQLGDQELR,; JSRVWDURPNDOHQGDUX" $1HGHOMD%8WRUDN&3HWDN .ROLNRGDQDSUHRVWDMHGRNUDMDJRGMXQDJ" SRJO 2GPRUGHOXMHQDMHILNDVQLMHDNRJDSUDNWLNXMHPR $ 8GXåLPLUHGLPLQWHUYDOLPD % 8NUDüLPLþHãüLPLQWHUYDOLPD & 8MHGQRPMHGLQRPLQWHUYDOXXVUHGLQLUDGQRJYUHPHQD ª0UWYHWDþNHSDPüHQMD©SUHWVWDYOMDMX 3RþHWQXL]DYUãQXID]XXSURFHVXSDPüHQMD 1DMQLåXLQDMYLãXWDþNXXVSRVREQRVWLSDPüHQMD 3ODWRXSDPüHQMXLXþHQMX
3URPHQDSRVODLOLDNWLYQRVWLPRåHGD $ 8EU]DSRYHüDQMH]DPRUD % 'HOXMHUHNUHDWLYQRL]DPHQLDNWLYQLRGPRU & 6DPRSULYUHPHQRRGORåLQDVWDQDN]DPRUD SRJO +LSQRSHGLMDMHYHRPDHILNDVQD]DSRMHGLQH PDWHULMDOHL QMRPVHPRåHXVYRMLWLJUDGLYRLGR $ % & +LSQRSHGLMD ED]LUDQD $XGLWLYQRPSDPüHQMX 6PLVDRQRORJLþNRPSDPüHQMX 0HKDQLþNRPSDPüHQMX
+LSQR]RPVHPRåHSRYHüDWLPRüSDPüHQMDSXWHP $ 3REROMãDQMDQDãLKPHWRGDSDPüHQMD % 2WVWUDQMLYDQMHPUD]QLKVPHWQMLXSURFHVXSDPüHQMDL SRYHüDYD QMHPPRWLYDFLMHLLQWHUHVD & .RULãüHQMHPKLSQR]HNDRLKLSQRSHGLMH
5HJUHVLMRPOLþQRVWLXKLSQR]LPRJXVHGR]YDWLXVHüDQMH GRåLYOMDMLL] 'HVHWHJRGLQHåLYRWD 3UYHVHGPLFHåLYRWD 'UXJHJRGLQHåLYRWD 3RVWLJQXWHERGRYHXQHVLWH XSUHGYLÿHQH UXEULNHX FLOMX REH]EHÿH QMDNRQWLQXLWHWDXHJ]DNWQRPSUDüHQMX9DãLKXVSHKDXSRYHüDYDQMX9DãH PRüLSDPüHQMD
(,'(76.(6/,.(,)272*5$)6.23$0û(1-(
8YDVSLWDYDQMXGHFHPRUDPRVHLPL SRQHNDGDVDQMLPDSRQDãDWLNDRGHFD
²0/XWHU
6,67(0$76.23$0û(1-(=$1$-0/$(
.DGD MH X 3RJODYOMX ELOR JRYRUD R WLSRYLPD SDPüHQMD QDSRPHQXWH MH GD VH VD VWDURVQRP GREL VPDQMXMH L VSRVREQRVW PLãOMHQMDXVOLNDPDDSRYHüDYDVHPRüDSVWUDNWQRORJLþNRJPLãOMHQMD 2YR MH QRUPDOQD SRMDYD MHU PLãOMHQMH X VOLNDPD L NRQNUHWQLP SUHWVWDYDPD SUHWKRGL GDOMHP LQWHOHNWXDOQRP UD]YLWNX X þLMRM SRRGPDNORM ID]L þRYHN RSHULãH UD]QLP VLPEROLPD L L]YHGHQLP LOL ]ELUQLPSRMPRYLPD .RGGHFHVXVUHüHPRQDML]UD]LWLMHREOLNHQHVDPRPLãOMHQMDQHJRL SDPüHQMD X VOLNDPD NRMH VH RþLWXMH X YHRPD EXMQLP L MDVQLP SUHWVWDYDPD 'RN VX QD SULPHU SUHWVWDYH NRG QDXþQLND L OMXGL VD L]UD]LWLP DSVWUDNWQRORJLþNLP PLãOMHQMHP IUDJPHQWDUQH QHSRWSXQH L RGUDåDYDMX VDPR GHORYH RSDåDMD L RSDåHQLK SUHGPHWD NRG GHFH VX RQH VNRURUDYQHRSDåDMLPDMHUGHFDPRJXSRMHGLQHSUHGPHWHLSUL]RUHWDNR åLYRGD]DPLãOMDMXNDRGDVHXSUDYRQDOD]HSUHGQMLPD -HGDQ SRVHEDQ REOLN VOLNRYLWRJ SDPüHQMD MH HLGHWVNR SDPüHQMH LOLªIRWRJUDIVNRSDPüHQMH©NRMHMHXVWYDULUD]YLMHQLMLREOLN SDPüHQMDXVOLNDPD1DMYLãHVHVXVUHüHNRGGHFHGRSXEHUWHWDRNR² R VOXþDMHYD D UHGH NRG RGUDVOLK QDMYLãH GR VOXþDMHYD .RG OLNRYQLK XPHWQLND SRVWRMH UHODWLYQR SRWSXQH YL]XHOQH SUHWVWDYH L L]UDåHQRSDPüHQMHXVOLNDPDGRNNRGPX]LþDUDYHRPDUD]YLMHQHVOXãQH SUHWVWDYH L MDNR DXGLWLYQR SDPüHQMH QD SULPHU NDR NRG 0R]DUWD (LGHWVNRSDPüHQMHPRåHGDEXGHLGRIRWRJUDIVNRX]DYLVQRVWLRG GHWHWD LOL þRYHND VD WDNYLP RVRELQDPD NDR L RG QDþLQD VDPRJ REUDüDQMD SDåQMH YUVWH REMHNWD LWG $NR GHWHWX VD HLGHWVNLP SDPüHQMHP SUHGRþLPR QHNX VOLNX L SRVOH QHNROLNR WUHQXWDND MH XNORQLPRGHWHüHL]MDYLWLGDYLGLüHOXVOLNXWDNRMDVQRNDRGDMHSUHG QMLP , X RYRP VOXþDMX SULURGD VH SREULQXOD GD GHWHWX NRMH WUHED XSUDYR X WRP X]UDVWX GD PQRJR L LQWHQ]LYQR SDPWL L XþL RPRJXüL ãWR EROMH ]DSDåDQMH SXWHP HLGHWVNLK VOLND SUHWVWDYD LGHQWLþQLK VD RSDåDM LPD D SRPRüX QMLK L RGOLþQR LOL IRWRJUDIVNR HLGHWVNR SDP üHQMH (LGHWVNRSDPüHQMHWUSLPRGLILNDFLMHNDRLVYDNDGUXJDYUVWDSDP üHQMD LDNR X ]QDWQR PDQMHP RELPX RG VWUDQH UD]QLK þLQLODFD D QDURþL
0DUWLQ/XWHU/XWKHU² MHGDQRGYRÿD5HIRUPDFLMHX1HPDþNRM (LGRVJUVOLNDOLNREOLN
WRRGFHORNXSQHSVLKRIL]LþNHOLþQRVWLGDELVDSRþHWNRPSXEHUWHWDNRG PQRJLKSRWSXQRQHVWDOR8L]X]HWQLPVOXþDMHYLPDNDRãWRVPRYHüQD SRPHQXOLPRåHGDWUDMHLGDOMHWRNRPåLYRWD-HGDQWLSLþDQSULPHUSUHW VWDYOMD LVSLWDQLN SURIHVRUD $ 5 /XULMH þRYHN VD IRWRJUDIVNRP PHPRULMRP L YLVRNR L]UDåHQLP VLQHVWH]LVNLP VSRVREQRVWLPD NRML MH VSRPHQXWX3RJODYOMX 5D]YRMSDPüHQMDNRGGHFHSRND]XMHQHNROLNRID]D1HJGHRG ²JRGLQHGHþLMHSDPüHQMHMHQHQDPHUQRQHVYHVQRGDELQHJGHRNR JRGLQHSRþHORSRND]LYDWLHOHPHQWHQDPHUQRJVYHVQRJSDPüHQMDãWRMH L SUHGXVORY ]D SRþHWDN ãNRORYDQMD 5D]OLND L]PHÿX GHFH L RGUDVOLK QH LVSR,MDYDVHWROLNRXSUHWHåQRPHKDQLþNRPSDPüHQMXGHFHLRVPLãOMHQR ORJLþNRP SDPüHQMX RGUDVOLK 7D UD]OLND ]DSUDYR SRVWRML X QDþLQX LOL PHWRGL SDPüHQMD GHFD WDNRÿH SDPWH ORJLþNL L RVPLãOMHQR DOL ]ERJ QH]UHORVWLLQHUD]YLMHQRVWLMRãQLVXXVWDQMXGDVHXWROLNRMPHULVOXåHNDR RGUDVOL DSVWUDNWQRORJLþNLP YH]DPD PHGX SRMPRYLPD YHü SDPWH RþLJOHGQHYH]HL]PHÿXSRMPRYDLSUHGPHWD 7DNRÿHVHQHNRULVWHXYHNVWDULP]QDQMHP]ERJQHGRVWDWNDGR YROMQRJLVNXVWYDQLWLUD]QLPDQDORJLMDPDVOLþQRVWLPDLOLDVRFLMDFLMDPD 7DNRÿH UHWNR LOL SRMHGLQDþQR NRULVWH SRMHGLQH HOHPHQWH WHKQLNH SDPüHQMD NDR ãWR VX NODVLILNDFLMD JUXSLVDQMH DVRFLUDQMH SURGLUDQMH X VXãWLQX LWG 5DGL WRJD MH QHRSKRGQD SRPRü LQVWUXNWRUD NRML WUHED GD SRNDåH RGUHÿHQH PHWRGH L GD VH EULQH SRVHEQR ]D QMLKRYX SUDNWLþQX SULPHQX 6DREUD]QR VYRP X]UDVWX L PRJXüQRVWLPD D QDURþLWR LQWHUHVRYDQMXGHFDPRJXYHüRGVYRMHSHWHJRGLQHSRþHWLGDNUR]LJUX XþH SRMHGLQH PHWRGH VLVWHPDWVNRJ SDPüHQMD âWDYLãH SDPüHQMH UD]QLK VWYDUL WHKQLNDPD L PHWRGDPD VLVWHPDWVNRJ SDPüHQMD PRåH XþLQLWLQMLKRYXLJUXOHSãRPL]DEDYQLMRP 1D SULPHU ODQþDQL PHWRG SDPüHQMD GHFD PRJX YHRPD ODNR QDXþLWL X JUXSL RG ² LJUDþD 6YDNR GHWH NDåH UHGRP SR MHGQX UHþ QDMEROMH LJUDþNX LOL QHNL GUXJL QMHPX EOL]DN SUHGPHW D VYDNR QDUHGQR GHWHPRUDSRQRYLWLUHGRPVYHSUHWKRGQHUHFL'HWHNRMHKRüHGDLPD XVSHKD X RYRM LJUL UDGR üH QDXþLWL GD SRYH]XMH L]JRYRUHQH SUHGPHWH SRJRWRYX DNR PX VH RSHW NUR] LJUX SULVWXSDþQR L QD ]DQLPOMLY QDþLQ REMDVQL WHKQLND SRYH]LYDQMD L SDPüHQMD 1HRELþQR JURWHVNQR L ]DQLPOMLYR SRYH]LYDQMH L DVRFLUDQMH QMHJRYLK LJUDþDND L EOLVNLK SUHGPHWDLSRMPRYDSUHWVWDYOMDüH]DGHWHSRVHEQR]DQLPOMLYXLJUX 9H]QLPHWRGSDPüHQMDGHFDPRJXQDXþLWLQDUDYQRXSRþHWQRP RELPX WHN NDGD QDXþH GD EURMH GR LOL NDGD SRþQX GD VH XVSHãQR SRPDåXMHGQRPRYDNYRPKRPRIRQRPWDEHORPRGYH]QLKPHVWD -('52 -('UR -('DQ '92-.$ '9RMNDWUDPYDM '9D LOLDXWREXV 75,.2 75,NR 75, ý(7.$ &(7ND &(7 0 3(7$2 3(7DR 3(7 â (67$5 ã(67DU â(67 6('/2 6('OR 6('DP 26$ 26$ 26$P '(9$NDPLOD '(9D '(9HW '(6(7$5 '(6(7DU '(6(7
,JUDMXüLVHGHFDPRJXYHRPDODNRLEU]RGDQDXþHRYXKRPRIRQX YH]QXWDEHOXRGPHVWD8GUXJRMID]LPRJXGDQDXþHSRYH]LYDQMH LJUDþDNDSUHGPHWD ]DRYXWDEHOX.DRPDOLXYRGX VDYODÿLYDQMHRYLK WHKQLND PRåH YHRPD ]JRGQR GD SRVOXåL SULþD ª2 GHGL L UHSL© SRPRüX NRMHüHGHFDDXWRPDWVNLQDXþLWLGDSRYH]XLUHSURGXNXMXQL]RGUHFL 5(3$²'('$²%$%$²818.$².8&$²0$&$²0,â
²+DMGHGDVHLJUDPRHQJOHVNRJ².DNRVHNDåHªREUD]"²ýLNFKHHN NDR ªþLND©
*RWRYRSUHVYLKPHWRGDGHFDPRJXODNRQDXþLWLGDVHVOXåHPHWR GRP SRVUHGQLK UHüL LOL ]YXþQH DQDORJLMH QDURþLWR ]D ODNR L ]DQLPOMLYR XþHQMH VWUDQLK MH]LND 1D SULPHU GHFL PRåHWH UHüL ª.RMX üHPR LJUX L]DEUDWL ]D GDQDV" +DMGH GD VH LJUDPR PDOR HQJOHVNRJ ² .DNR VH NDåH REUD]©" ² ª&LN© &KHHN NDR ª&LND© $ ªQRV©" ² 3D YHRPD VOLþQR ªQRX]© QRVH LWG $NR GHFD LVWRYUHPHQR XþH X JUXSL L SRND]XMX SRMHGLQH GHORYH WHOD GRN L]JRYDUDMX QD]LYH QD HQJOHVNRP MH]LNXPRJXYHRPDEU]RLODNRQDXþLWLL]YHVWDQPDQMLEURMUHFLMHULP þLWDYSRVWXSDNL]JOHGDNDRQHNDYHRPD]DQLPOMLYDLJUD 'DOMH VH GHFD PRJX SRVWHSHQR XSXüLYDWL L QDYLNDYDWL QD WUDåHQMH L VWYDUDQMH DVRFLMDFLMD L]PHÿX SRMPRYD NRMH WUHED GD SDPWH L QMLKRYR RVPLãOMDYDQMH X UD]QLP VOXþDMHYLPD 1D SULPHU NDGD XþH üLULOLþQD VORYD SRMHGLQD VORYD PRJX GR WH PHUH RVPLVOLWL L DVRFLUDWL GD üH LK RGPDK VSRQWDQR L ]DSDPWLWL & 6US 7 *UHGH 'HOWD NULOD 7D HUDP 0 ,JOD VD NRQFHP + 1RJDUH + ýDãD ,,, âLEOMH 2 2EUXþ LWG6YDNRVORYRMHRVPLãOMHQRSUHGPHWRPLOL SRMPRPNRMLREOLNRPSRWVHüDQDVDPRVORYR DSRUHGWRJDVDPQD]LY SUHGPHWD SRþLQMH XSUDYR WLP VORYRP ,OL SULOLNRP XþHQMD VORYD ODWLQLFH, ,JOD8 8GLFD2 2NR9 9DORY% %UHJRYL/ /XOD0 0HWDUQDVNODSDQMH 3 3XãNDVDUHPHQRP LWG 'DELGHFDODNãHQDXþLODWDEOLFXPQRåHQMDGDOMHRG;PRJXVH ]DEDYLWLRYRPLJURPSUVWLMX 1DMSUH WUHED LVSUXåLWL REH ãDNH 3LWDQMH MH UHFLPR ; " 3RãWR GHFD YHü ]QDMX GD PQRåH GR ; ! VDGD JOHGDMX NROLNR MH OHYL EURMYHüLRG=QDþLL]DWRQDOHYRMãDFLVWLVQXSUVWD$QDGHVQRM VWLVQXüH VDPR O SUVW 6WLVQXWHSUVWHVDEUDWL L GRELüH GHVHWLFH I O GHVHWLFH D LVSUXåHQH SUVWH WUHED SRPQRåLWL ; L GRELüHMHGLQLFHNRMH GRGDWH GHVHWLFDPD GDMX WDþDQ UH]XOWDW ² 2YDLJUDPRåHGDEXGHYHRPDNRULVQDLRGSRPRüLGHFLNRMDVH ODNREXQHRNRSRMHGLQLKSURL]YRGDWDEOLFHPQRåHQMDNDR ãWRVX ; ;;LWG
'HFD üH YHRPD EU]R L ODNR QDXþLWL JGH VH QDOD]H SRMHGLQH ]HPOMHVYHWDLNRQWLQHQWLDNRLP]DQMLKDSVWUDNWDQJOREXVQDSULNODGDQ QDþLQ RVPLVOLWH 1D SULPHU QD JOREXVX PRåHWH QDFUWDWL SURYLGQRP ERMRP JODYX ª0HGH© QHNRJ PDORJ &UQFD LOL GUXJRJ QHNRJ RPLOMHQRJ GHþLMHJOLNDWDNRGDVDPJOREXVSUHWVWDYOMDQMHJRYXJODYXQDNRPH üH SURYLGQRP ERMRP ELWL QDFUWDQH XãL RþL QRV LWG 1D YHOLNR ]DGRYROMVWYR GHFH (QJOHVND VH PRåH QDüL NRG GHVQRJ XYD 'DQVND X GHVQRPRNX D6UHGR]HPQR0RUHXXVWLPD'HFD üH UDGRLEH]QDSRUD DVRFLUDWL SRMHGLQH ]HPOMH L NRQWLQHQWH VD GHORYLPD JODYH QDFUWDQRJ OLND QD JOREXVX 8NROLNR QH åHOLWH GD NYDULWH JOREXV ERMRP PRåHWH SUHNR QMHJD QDYXüL MHGDQ SURYLGDQ GHþLML EDORQ L WRPH VOLþQR L QD QMHPX QDFUWDWLJODYXNRMDüHGHFLRVPLVOLWLFHRJOREXV 'DOMHNRPELQDFLMHNRMHüHGHFLSULEOLåLWLWHKQLNHVLVWHPDWVNRJSDP üHQMD L RPRJXüLWL LP GD LK SRVWHSHQR VYH YLãH SULPHQMXMX QD RVQRYX L]QHWLK SULPHUD SUHSXãWDPR 9DãRM PDãWL L NDR ãWR NDåH PRWR RYRJ SRJODYOMD9DãRMVSRVREQRVWLGDVHSULODJRGLWHGHþLMHPVYHWX
7(/()216.,,0(1,&,,$'5(6$5,8*/$9, 3$0û(1-(7(/()216.,+%52-(9$
1HNH PHWRGH SDPüHQMD WHOHIRQVNLK EURMHYD YHü VWH XSR]QDOL NDGDVWHXVYDMDOLWHKQLNHSDPüHQMDUD]QLKYUVWDEURMHYD93RJO D NDGD VWH XVYDMDOL WRSRVLVWHP SDPüHQMD 9 3RJO LPDOL VWH SULOLNH GD QDXþLWH SDPüHQMH WHOHIRQVNLK EURMHYD SRPRüX RYRJ VLVWHPD.DRLXVOXþDMXSDPüHQMDGUXJLKYUVWDSRGDWDNDYHRPDMHYDåQR GDSRGDWNHNRMHQDPHUDYDWHWUDMQRSDPWLWLSUHWKRGQRNODVLILFLUDWHL JUXSLãHWH QD SULNODGDQ QDþLQ 7LPH PRåHWH SRVWLüL YHOLNH XãWHGH X YUHPHQXLUDGX8SRJODYOMX R XþHQMX L SDPüHQMX VWUDQLK MH]LND LPDOL VWH GRYROMQR PRJXüQRVWL GD QD SUDNWLþQLP SULPHULPD YLGLWH X NRMRM PHUL SUDYLOQR VSURYHGHQD NODVLILNDFLMD L JUXSLVDQMH SRGDWDND PRåH GD XãWHGLWUXGLYUHPHLXEU]DVDPSURFHVQMLKRYRJSDPüHQMD 6YDNDNR QDMSUH PRUDWH RGUHGLWL NRMX YUVWX WHOHIRQVNLK EURMHYD L X NRP RELPX åHOLWH SDPWLWL =DWLP SULVWXSLWH QMLKRYRM DQDOL]LGD ELXRþLOLQMLKRYHQHNH]DMHGQLþNHRVRELQHLOLVOLþQRVWL 1DNRQ WRJD LK PRåHWH NODVLILNRYDWL L JUXSLVDWL SR RGDEUDQLP NULWHULM XPLPD .DGD VYH RYR VSURYHGHWH VD ]DGRYROMVWYRP üHWH NRQVWDWRYDWL GD MH GREDUGHRSRVODYHüJRWRYLGD9DPMHVDGDYHRPDODNRGDVHRGOXþLWH]D QDMHILNDVQLMX WHKQLNX QMLKRYRJ SDPüHQMD 1D SULPHU NDGD VWH X 3RJODYOMXSDPWLOLWHOHIRQVNHEURMHYH SRPRüX WRSRVLVWHPD RGPDK VWH ]DSD]LOLMHGQXYDåQXRVRELQXWHOHIRQVNLKEURMHYDXPQRJLPPHVWLPD GDVXSUYHGYHFLIUHXYHN
LVWHLGDVHXYHNSRQDYOMDMX8RþDYDQMHPVDPRRYHMHGQHRVREHQRVWLYL VWH ]QDWQR XSURVWLOL RODNãDOL L XEU]DOL GDOMH SDPüHQMH RYLK EURMHYD ² XPHVWRFLIUHQLKPRJOLVWHSDPWLWLVDPRFLIUHQHEURMHYHWHOHIRQD 7HOHIRQVNL EURMHYL PRJX ELWL YHRPD UD]OLþLWL L]UDåHQL VDPR EURMNDPD L]UDåHQL L EURMNDPD L VORYLPD LOL L]UDåHQL UHFLPD LOL GHORYLPDUHFLVORJRYLPD LEURMNDPD3ULPHUH]DVYHRYHYUVWHWHOHIRQVNLK EURMHYDLPDWHX3RJODYOMX7HVWEU3RUHGWRJDEURMHYLWHOHIRQDSUH PDEURMXFLIDUDPRJXVHNUHWDWLRG FLIUHQLK SDVYHGRFLIUHQLKEUR MHYD D DNR VH UDþXQDMX L NDUDNWHULVWLþQL EURMHYL LOL W]Y REODVQL EURMHYL X GUXJLP]HPOMDPDRQGDMHGDQNRPSOHWDQWHOHIRQVNLEURMPRåHGDSUHPDãL ²FLIDUD8]DYLVQRVWLRGVYLKRYLKþLQLODFD9LVHPRUDWHSUHWKRGQR RGOXþLWLQHVDPR]DYUVWXLRELPNRULãüHQMDLSDPüHQMDWHOHIRQVNLKEURMHYD QHJRLVWRYUHPHQRL]DVDPQDþLQLWHKQLNXSDPüHQMD 8 QDVWDYNX RYRJ SRJODYOMD QDüLüHWH SUDNWLþQD XSXWVWYD L PHWRGH NRMHREXKYDWDMXQDMWLSLþQLMHVOXþDMHYHLSUREOHPHXSDPüHQMXWHOHIRQVNLK EURMHYDL QD RVQRYX QMLK PRüL üHWH YHRPD EU]R L ODNR UHãDYDWL QHNH 9DãH VSHFLILþQHVOXþDMHYH 3DPüHQMHWHOEURMHYDL]UDåHQLKVDPRFLIUDPDVYRGLVHXVWYD ULQDSDPüHQMHEURMHYDRGO²LOLFLIDUDãWRMH9DPDYHüGREUR SR]QDWR2EUDWLWHSDåQMXGDFLIUHQHLFLIUHQHEURMHYHSDPWLWHQXPH ULþNLPUHFLPDVDMHGQLPRGQRVQRGYDVXJODVQLNDUHVSHNWLYQRRVLPDNR QLVWHDSVROXWQRVLJXUQLGDSUL!!GHãLIURYDQMX©VDPHQXPHULþNHUHFLQHüH GRüLGR]DEXQHXNRPVOXþDMXPRåHWHXSRWUHELWLLUHþVDYLãHVXJODVQL ND%LWQRMHGDXYHN]QDWHSULUHSURGXNFLMLãWD]QDþL9DãDDVRFLMDFLMDLX NRPRELPXMHWUHEDªGHãLIURYDWL© 1DUDYQRFLIUHQH EURMHYHWHOHIRQD SDPWLWHRGJRYDUDMXüLPQXPHULþNLPUHFLPDXNRMLPDXYHN YDåHVDPR SUYHWULFLIUHDFLIUHQHLYLãHFLIUHQHEURMHYHRGJRYDUDMXüRPNRPELQD FLMRPQXPHULþNLKUHFL1DSULPHUMHGDQWRFLIUHQLEURMSDPWLWHNRPEL QDFLMRPMHGQHQXPHULþNHUHFLVDVXJODVQLNDLMRãMHGQHVDYDåHüDVXJ ODVQLNDLWG 3DPüHQMHWHOHIRQVNLKEURMHYDL]UDåHQLKVORYLPDL EURMNDPD NDNYLKLPDXQHNLPVWUDQLP]HPOMDPDPRåHWHREDYLWLQDGYDQDþLQD
6ORYDMHGQRVWDYQR]DPHQLWHRGJRYDUDMXüLPEURMNDPD LWDNR ªSUHYHGHQ©WHOHIRQVNLEURMSDPWLWLNDRLRVWDOHEURMHYH1DSUL PHUWHOEURM.²² ²²MHUMH. SUHPD WDEHOL]QDþHQMDVORYDQDEURMþDQLNXWHOHIRQDNRMDMHQDYHGHQD X3RJODYOMX 6ORYDPRåHWHXNOMXþLWLXRGDEUDQXQXPHULþNX UHþVWLPãWR XQDSUHG]QDWHGDSUYRVORYRXQXPHULþNRMUHFLQHGHãLIUXMHWHX EURMNXQHJRJDGLUHNWQRNRULVWLWLSULELUDQMXWHOHIRQVNRJEUR MD1DSULPHU*²²*² *D5'LVWL3Xâ.D %URMHYLWHOHIRQDNRPSRQRYDQLRGUHFLLOLVORJRYDLEURMNLSDPWH VHQDDQDORJDQQDþLQNDRLEURMHYLSRGWDþ=QDþLUHþLOLVORJPRåHWH ªSUHYHVWL©XRGJRYDUDMXüHEURMNHLOLLKMHGQRVWDYQRDVRFLUDWLVDRGDEUD QLPQXPHULþNLPUHFLPDNRMHVDGUåHSUHRVWDOHFLIUHWRJWHOHIRQVNRJEUR MD1DSULPHUWHOEURM+2/ERUQPRåHWHSUHYHGHQRJSDPWLWLNDR ²LOLNDRª+RO©LOLª+2/DQÿDQLQ©LWG 9Hü MH ELOR SRVHEQR QDJODãHQR GD PHWRGX SDPüHQMD PRUDWH VDPL L]DEUDWLLOLNRPELQRYDWLVDMRãQHNRPGUXJRPPHWRGRPX]DYLVQRVWLRG
ª0DUNRJXUD/H7H&L%5R' 7HOEU ©
YUVWHWHOHIRQVNLKEURMHYDGDOLLKSDPWLWHVDPHLOLXNRPELQDFLMLVDLPH QRP]DWLPGDOLSR]QDMHWHGRWLþQXRVREXþLMLEURMWHOHIRQDSDPWLWHLOL QH GD OL SDPWLWH þLWDYH LPHQLNH LOL VDPR PDQMH DGUHVDUH VD WHOHIRQVNLP EURMHYLPD 1DUDYQR SRãWRYODGDWHPQRJLP WHKQLNDPD L PHWRGDPD PR åHWH XSRWUHELWL PQRJH RG QMLK NDR L PQRãWYR QMLKRYLK NRPELQDFLMD 1HNH VWHYHüPRJOLGDXSR]QDWHNDRQDSULPHU ª3DPüHQMHLPHQDLEURMDWHOH IRQDRVREDNRMHQHSR]QDMHWH©X3RJODYOMX 0HÿXWLP X SUDNVL üHWH QDMYLãH NRULVWLWL WHKQLNX SDUQLK DVRFLMDFLMD WLSDLPHLOLOLNRVREH QXPHULþNDUHþNRMDVDGUåLEURMQMHQRJWHOHIRQ QD 9 3RJODYOMH 1D SULPHU DNR WUHED GD ]DSDPWLWH WHOHIRQVNL EURM 9DãHJSULMDWHOMD0DUNDNRMLJODVL²9LüHWH]DWUHQXWDN]DPLVOLWL 9DãHJ SULMDWHOMD 0DUND NDNR UHFLPR JXUD MHGDQ /H7H&L %5R' ² .DVQLMH NDGJRG 9DP ]DWUHED QMHJRY EURM WHOHIRQD RGQRVQR NDGDKRüHWHGDJDQD]RYHWHELüHGRYROMQRGDVQDJRPVYRMHXREUD]LOMHGR þDUDWH VHEL QMHJRY OLN L RGPDK üHWH ]DWLP ªXJOHGDWL© X VYRMRM PDãWL QH RELþDQSUL]RU ª0DUNR JXUD /H7H&L%5R' WHO EU ² © 1D RYDM QDþLQ PRåHWH WUDMQR ]DSDPWLWL SUDNWLþQR QHRJUDQLþHQ EURM WHOHIRQVNLK EUR MHYD1LVX9DPSRWUHEQHQLYH]QHWDEHOHQLODQþDQLQL]RYL'RYROMQRMH GD åHOMHQL EURM WHOHIRQVNLK EURMHYD MHGQRVWDYQR SUDYLOQR DVRFLUDWH VD OL NRYLPD LOL LPHQLPD QMLKRYLK YODVQLND L GD WX OLVWX SDUQLK DVRFLMDFLMD SR ]DNRQLWRVWLPD SRQDYOMDQMD MRã QHNROLNR SXWD SRQRYLWH X LQWHUYDOX RG ² VHGPLFH93RJO %URMHYH WHOHIRQD SDPWLPR VYDNDNR VDPR ]DWR GD EL LK NRULVWLOL 7R SUDNWLþQR ]QDþL GD WRNRP NRULãüHQMD SUYRELWQR VWYRUHQH DVRFLMDFLMH üH YUHPHQRP QHVWDWL L UHSURGXNRYDQMH SRMHGLQLK SRWUHEQLK EURMHYD WHOHIRQD RGYLMDþH VH GLUHNWQR L DXWRPDWVNL , X RYRP VOXþDMX VWYRUHQH DVRFLMDFLMH VOXåHVDPRXSUYRMID]LNDGDWUHEDEURMWHOHIRQDEU]RLHILNDVQR]DSDP
WLWLLXSRWUHERPXþYUVWLWLXPHPRULML2YX]DNRQLWRVWSULPHWLOLVWHLX PQRJLPGUXJLPREODVWLPDSDPüHQMD 2YGHåHOLPRSRVHEQRQDJODVLWLMRãMHGQXþLQMHQLFXRELþQRXYHN WUHED PQRJR YLãH YUHPHQD GD VH QHND VWYDU REMDVQL QHJR GD VH XUDGL 7DNRMHL VD SDPüHQMHP WHOHIRQVNLK EURMHYD .DR ãWR VH PRåHWH L VDPL XYHULWL SUDNWLþQRP SULPHQRP L]ORåHQLK PHWRGD L WHKQLND SDPüHQMH L WHOHIRQVNLKEURMHYDMH]DLVWDVWYDURGQHNROLNRVHNXQGL 3DPüHQMHRVWDOLKYDåQLKSRGDWDNDLWDEHODSRWUHEQLKXWHOHIRQLUD QMX PRåHWH REDYLWL SR VYRP L]ERUX VKRGQR VYRMLP SUDNWLþQLP SRWUHEDPD1DYHãüHPRQHNROLNRSULPHUD 3RPRüQDWDEOLFD]DVORYLUDQMHWHãNRUD]XPOMLYLKUHFLXGRPDüHP WH OHIRQVNRPVDREUDüDMX1DYRGLPRVDPRQMHQSRþHWDN $²$YDOD &²&DþDN %²%HRJUDG &²ûXSULMD &²&HWLQMH '²'XEURYQLNLWG ,VWDWDNYDWDEOLFDDOL]DPHÿXQDURGQLVDREUDüDML]NRMHWDNRÿH QDYRGL PRVDPRSRþHWDN $²$QWRQ &K²&KDUORWWH %²%HUWD '²'RUD &²&DHVDU ( ²(PLOLWG 2EHRYH WDEHOH PRåHWH WDNRUHüL GRN LK SRODNR MHGQRP SURþLWDWH YHRPDHILNDVQR]DSDPWLWLSRPRüXQHNHRGDOIDEHWVNLKWDEHOD'RYROMQR MH GD VD RSUHGPHüHQLP VORYRP DOIDEHWVNH WDEHOH DVRFLUDWH RVPLãOMHQR LPHLOLQD]LYL]WHOHIRQVNHWDEOLFHSRPHWRGX]YXNRYQHVOLþQRVWL =DPQRJHPRåHGDEXGHRGYHOLNHNRULVWL]QDQMHNRPSOHWQRJLOL GHOL PLþQRJVSLVNDNDUDNWHULVWLþQLKEURMHYDFHQWUDODXNOMXþHQLKX DXWRPDW VNLVDREUDüDMNDRQDSULPHU $MGRYãþLQD %DQMD/XND $OHNVLQDF %DU $SDWLQ %DãND9RGD %DþND3DODQND %HOD&UNYD %DNDU %HOL0DQDVWLULWG 2YDMVSLVDNMHVUHÿHQSRDOIDEHWVNRPSRUHWNXDNRPHYLãHRGJR YDUDPRåHSR]LYQHEURMHYHSRMHGLQLKSRWUHEQLKFHQWUDODSDPWLWLSRUHGRV OHGXSULURGQRJQL]DEURMHYD1DSULPHU 3LURW /HVNRYDF %HRJUDG 9UDQMH 3RåDUHYDF 1Lã 3DQþHYR =DMHþDU 9DOMHYR 1RYL6DG âDEDF 6UHPVND0LWURYLFDLWG 3R]LYQH LOL NDUDNWHULVWLþQH EURMHYH PRåHWH SDPWLWL NDR FLIUHQH EURMHYH EH] SRþHWQH QXOH NRMD VH XYHN SRGUD]XPHYD LOL VD QXORP GDNOH NDR FLIUHQH EURMHYH 7DNRÿH PRåHWH XSRWUHELWL QHNROLNR UDVSRORåLYLK WHKQLND 1D SULPHU VSLVDN VUHÿHQ SR DOIDEHWX PRåHWH SDPWLWL SRPRüX QHNH RG DOIDEHWVNLK YH]QLK WDEHOD ]D NRMH DVRFLUDWH VDPH SR]LYQH EURMHYH 6SLVDN VUHÿHQ SR UHGRVOHGX SULURGQRJ QL]D EURMHYDPRåHWHSDPWLWLSR
PRüX ELOR NRMH PHWRGH YH]QRJ VLVWHPD SUL þHPX 9DP VDP EURM PHVWD GDMH SR]LYQL EURM EH] QXOH QDUDYQR 3RUHG WRJD PRåHWH HILNDVQRNRULVWLWLLPHWRGSDUQLKDVRFLMDFLMDRVPLãOMHQLOLRSUHGPHüHQ QD]LYPHVWDSRPHWRGL]YXNRYQHVOLþQRVWLLOLSRVUHGQLKUHFLMHGQRVWDYQR DVRFLUDWH VD QXPHULþNRP UHFL NRMD VDGUåL GYH LOL VYH WUL FLIUH SR]LWLYQRJ EURMD 2YRP DVRFLMDWLYQRP WHKQLNRP PRåHWH EU]R L ODNR ]DSDPWLWL SRWUHEDQEURMSR]LYQLKEURMHYD 3RUHG RYLK PRåHWH SDPWLWL ELOR NRMH GUXJH SRGDWNH R]QDNH WDEHOHUDGQDYUHPHQDLWG]QDþLSUDNWLþQRVYHãWRL]LVNXMX9DãHSRWUHEH X WHOHIRQLUDQMX MHU UDVSRODåHWH RELOMHP WHKQLND L UD]QRYUVQLP PRJXüQRVWLPDQMLKRYLKSULNODGQLKNRPELQDFLMD 6DGDVHPRåHWHSRQRYRYUDWLWLQDWHVWEUX3RJODYOMXª7HOH IRQVNL LPHQLN X JODYL© L SRNXãDWL GD JD SRPRüX QDXþHQLK WHKQLND UHVLWH QD GUXJL QDþLQ 8EHOHåLWH 9DãH QRYR RVYRMHQH ERGRYH X SUHGYLÿHQXUXEULNXPHPRPHWUDLXSRUHGLWHVDUDQLMLPUH]XOWDWRP
0(17$/1,.203-87(5,
3UHGQRVW DXWRPDWL]DFLMH MH X WRPH ãWR QHNL HOHNWURQVNL NRPSMXWHU QH PRåH L]QHQDGDGDWLRWND]²UDGLXGDMH ²&1LFROLQ
0(17$/125$ý81$1-(,3$0û(1-(5$=1,+)2508/$
6YRMLP WHVWDPHQWRPMHGDQ IDUPHUMHRVWDYLR HUJHOX RG NRQMD GD VH SRGHOL L]PHÿX QMHJRYD WUL VLQD 1DMVWDULML MH WUHEDOR GD GRELMH SRORYLQX VUHGQML MHGQX WUHüLQX D QDMPODÿL ² MHGQX GHYHWLQX RG XNXSQRNRQMD3RãWRVLQRYLQLVX]QDOLNDNRGD SRGHOH]DRVWDYãWLQX ]DPROLãHQRWDUDGDLPSRPRJQH3RVOHGXåHJUD]PLãOMDQMDQRWDUGRYHGH MHGQRJVYRJNRQMDX HUJHOX WDNR GD MH HUJHOD VDGD EURMDOD XNXSQR NRQMD =DWLP MH RGX]HR MHGQX SRORYLQX RGQRVQR NRQMD L GDR MH QDMVWDULMHP VLQX SRWRP MHGQX WUHüLQX LOL NRQMD NRMH MH GDR VUHGQMHP VLQX L QD NUDMX MH GDR NRQMD ãWR þLQL MHGQX GHYHWLQX QDMPODÿHPVLQX7DNRMHQRWDUSRGHOLRXNXSQR NRQMD V WLP ãWR PX MH SUHRVWDR QMHJRY VRSVWYHQLNRQMNRJDMHSRQRYRX]HR VHEL 2YR VX SUREOHPL QDG NRMLPD PRUDPR GD VH GREUR ]DPLVOLPR GRN QH QDÿHPR UHãHQMH 0HÿXWLP ]D XPHWQLNH X UDþXQDQMX NRML VH UHWNR MDYOMDMX L VYRMLP IHQRPHQDOQLP VSRVREQRVWLPD ]DGLYOMXMX VYHW RYDNYLSURE
OHPL VX SUDYD LJUDULMD -HGDQ RG WDNYLK IHQRPHQDOQLK PHQWDOQLK UDþXQDUD ELR MH L -RKDQ 0DUWLQ =DKDULMH 'D]H -RKDQQ 0DUWLQ =DFKDULDV'DãH NRMLVHURGLRX+DPEXUJXJ1LMHL]YHVQRGDOLMH SRKDÿDR RVQRYQX ãNROX DOL VH ]QD GD MH PDWHPDWLþNH VSRVREQRVWL LVSROMDYDR X UDQRP GHWLQMVWYX WDNR GD YHü RG VYRMH JRGLQH åLYRWD SXWXMHSR(YURSLNDRXPHWQLNXPHQWDOQRPUDþXQDQMX ,PDR MH L]YDQUHGQH VSRVREQRVWL 'YD EURMD RG SR FLIDUD PQRåLRMH]DPDQMHRGMHGQHPLQXWHDGYDWRFLIUHQDEURMDPQRåLRMH ]D QHãWR YLãH RG PLQXWD =D YHüH EURMHYH WUHEDOR PX MH ]QDWQR YLãH YUHPHQD7DNRMHX%HUQXPQRåLRGYDWRFLIUHQDEURMD]DPLQDX :LHVEDGHQX GYD WRFLIUHQD EURMD ]D QHãWR PDQMH RG þDVD 'UXJL NRUHQL]WRFLIUHQRJEURMDYDGLRMHWDNRÿHQDSDPHWXURNXRGPLQ D L] MHGQRJ FLIUHQRJ EURMD ]D PLQXWD 8 SRUHÿHQMX VD GUXJLP PHQWDOQLP UDþXQDULPD 'D]H MH ELR UHODWLYQR VSRU DOL MH LPDR IRWRJUDIVNX PHPRULMX L IHQRPHQDOQR ]DSDåDQMH 0RJDR MH QD SULPHU MHGQLP SRJOHGRP GD SRJRGL NROLNR LPD NQMLJD QD SROLFL LOL NROLNR MH ]UQD EDþHQR QD VWR =D VHEH MH JRYRULR GD MH LPDR YHRPD WHãNR GHWLQMVWYR GD MH ªURÿHQ QD NDPHQX X PUDþQRP SRGUXPX© DOL GD MH XYHN UDþXQDR L X VQX L QD MDYL 6PDWUDR MH GD EH] UDþXQDQMD QLMH PRJDRåLYHWLL GD WRPH LPD GD ]DKYDOL VYRMH L]YDQUHGQH VSRVREQRVWL X PHQWDOQRPUDþXQDQMX 8 %HUOLQX NUDOM PX MH SRGDULR VWDOQX SODWX DOL MH QLMH GXJR XåLYDRMHUMHXPURPODGXVYRMRMJRGLQLåLYRWD=DUD]OLNXRGQHNLK UDþXQDUVNLKJHQLMD'D]HMHVYRMHIHQRPHQDOQHVSRVREQRVWLVDþXYDRGR NUDMDåLYRWD
8RYRPSRJODYOMXELüHL]ORåHQHQHNHPHWRGHLWHKQLNHNRMHüH9DPSXQR SRPRüLXVWLFDQMXRGUHÿHQLKPDWHPDWLþNLK]QDQMD3RPRüXQHNLKRG QMLK PRüL üHWH þDN GD REDYOMDWH UDþXQVNH UDGQMH L SDPWLWH YHOLNL EURM SRGDWDNDQDQDþLQNRMLVHJUDQLþLVDIHQRPHQDOQLP0HÿXWLPN"RLNRG SULPHQD X GUXJLP REODVWLPD QDXNH SULPHQRP RYLK PHWRGD QH åHOL VH L QHPRJXüHMH]DPHQLWLORJLþNRUH]RQRYDQMHGHGXNFLMXLOLVSRVREQRVWUH ãDYDQMDPDWHPDWLþNLKSUREOHPDL]DGDWDNDNRMDVHVWLþHVDPRGXJLPL XSRUQLPUDGRP2YGHL]ORåHQHPHWRGHWUHEDVKYDWLWLNDRYHOLNXSRPRüL WUHEDLKSULPHQMLYDWLXVYLPRQLPVOXþDMHYLPDJGH]QDþHRþLJOHGQXUDFL RQDOL]DFLMXRODNãDQMHYHüXHILNDVQRVWLXãWHGXXYUHPHQXLWUXGX %U]RVDELUDQMH 6YRMH L]X]HWQH VSRVREQRVWL YHOLNL PDWHPDWLþDU *DXV .DUO )ULHGULFK *DXVV ² LVSROMLR MH MRã X VYRMRM VHGPRM JRGLQL 1DVWDYQLN MH MHGQRJ GDQD ]DGDR üHORP UD]UHGX GD L]UDþXQD ]ELU VYLK EURMHYD RG O ² ² 'RN VX QMHJRYL GUXJRYL SRþHOL GXJRWUDMQR VDELUDQMHPDOL*DXVMHYHüLPDRUHãHQMHQDNRQQHNROLNRWUHQXWDND QD YHOLNRL]QHQDÿHQMHQDVWDYQLND2QMHRGPDK]DSD]LRGDVH QL]EURMHYD RGO²PRåHJUXSLVDWLXMHGQDNLKSDURYDOL L L LWG 7LPH MH FHR SUREOHP VYHR QD PQRåHQMH SDURYDVDGDNOH; 6DELUDQMH MH YHRPD þHVWD UDþXQVND UDGQMD L PRåHPR JD ]QDWQR XSURVWLWL L XEU]DWL DNR VH VOXåLPR PHWRGRP JUXSLVDQMD $NR WUHED VDEUDWL
RQGDPRåHPRL]YUãLWLJUXSLVDQMHSRMHGQRMNRORQL SLãHPRDGYDSUHQRVLPR SLãHPRDSUHQRVLPR RGQRVQR XNXSDQ]ELU
*UXSLVDQMHSRGYHNRORQHPRåHPRHILNDVQRYUãLWLDNRVHUDGLR FLIUHQLPVDELUFLPD1DSULPHU
² 6DPDORSUDNVHXVNRURþLWDYDRSHUDFLMDWHþHRYDNR² B ²
6DELUDQMHVDKYDWDOMNDPD]QDWQRXEU]DYDþLWDYXUDGQMX
$ % &
3RþLQMHVHVDNRORQRPª&©²MHGLQLFH SLãHVHVDPRSRUHGSHWLFH RSHWQDSLVDWLVDPRSRUHGRVPLFH,VWXUHQHKYDWDOMNH VDEHUHPR DSRãWRLKLPDGYH]QDþLGD LPDLGYHGHVHWLFH =QDþLSLãHPRD SUHQRVLPRLVDELUDPRVDGDXNRORQLª%©QDLVWLQD þLQ.RGRYRJSRVWXSNDYDåQRMHGDVDELUNHQDSLãHWH GRYROMQRUD]PDNQXWRNDNR ELVWH PRJOLXSLVLYDWL ªKYDWDOMNH©2YDMPHWRGVHPRåHNRULVWLWLLNRGVDEL UDQMDEURMHYDVDYLãHFLIDUDDQDURþLWRMHSRJRGDQ]D VDELUDQMH GXJDþNLK QL]RYD VDELUDND 8PHVWR SLVDQMD KYDWDOMNL NRMH R]QD þXMX GHVHWLFH NRG GXåLK QL]RYD VDELUDND PRåH VH NRULVWLWL SLVDQMH NRG GYDGHVHWLFDLOLSHGHVHWLFD 6DELUDQMHVDWDþNDPDMHMHGQD HILNDVQD YDULMDFLMDSUHWKRGQRJ PHWRGD 3RVWXSDNMHVOLþDQ ,VSUHGRVPLFH VWDYLPRWDþNX]DLVSXãWHQXGHVHWLFX'DOMH VDWDþNRPD VDWDþNRPD ; ªWDþND© ²XNXSQR2YXPHWRGXPRåHWHQDUDYQR SURãLULWLQDLYLãHNRORQDVDPRLKRQGDPRUDWHSLVDWLQH ãWRUD]PDNQXWLMHQRRELþQR DªWDþNH©PRåHWHVWDYOMDWLLWD NRGD9DPXPHVWRª©R]QDþDYDMXª©ª©LOLª© %U]RYL]XHOQRVDELUDQMHGYDVDELUNDþHVWRWUHEDL]YUãLWLXUD]QLP VLWXDFLMDPD
8SUYRPVOXþDMXWUHEDVDPRQDWUHQXWDN ]DSDPWLWLSUYL]ELU NRPHRGPDKGR GDPRGUXJL]ELU L 'UXJLVOXþDMMHWHåLMHUSRMHGLQDþQL YLSRNRORQDPDSUHOD]H²3UREOHPODNR ãDYDPRSRPRüXªWDþNH©²WML QDªWDþND© OªWDþND© 6DELUDQMHªVOHYDQDGHVQR 2YDMQDþLQVDELUDQMDPRåHGDVH SULPHQMXMHLPHQWDOQRWMEH]SRPRüLSDSLUDLRORYNH 6DELUDMXüLSRRYRPPHWRGXQDMSUHVDEH UHWHVWRWLQHRQGDGHVHWLFHLQDNUDMXMHGLQLFH 6DPDORSUDNVHLUXWLQHRYLPQDþLQRPPRåHWH YUãLWLVDELUDQMHLPHQWDOQRWMEH]NRULãüHQMD SDSLUDLRORYNH
2YDMPHWRGPRåHWHNRULVWLWLLNRGYHüHJ EURMDVDELUDNDNDGDUDþXQDWHVDSDSLURPLRORY NRP,OXVWUDFLMHUDGLX]PLPRMHGDQVOXþDMVD ²²² ELUDQMDRGþHWLULFLIUHQDEURMD VWRWLQH GHVHWLFD MHGLQLFD
%U]RRGX]LPDQMH 7DNRÿH NRG RGX]LPDQMD WUHED NRULVWLWL UD]QH RODNãLFH UDGL QMHJRYRJXEU]DQMD .DRLNRGVDELUDQMDEURMHYDLXYHN]DRNUXåLPRX PLVOLPD QDª©RGQRVQRª2©D]DWLPRGX]PHPRGRGDWLEURM1DSULPHU ² ² ² LOL ² 7DNRÿHLYHüHEURMHYHPRåHWHRGX]LPDWLPHWRGRPXSDURYLPD 3RGHOLPRVDGDRYDMEURMXSDURYHLVYDNRPSDUX GRGDMPRMHGDQEURMWDNRGDVHSRMHGDQþODQSDUD]DYUãD ² YDVDQXORP 8]PLPRMRãMHGDQSULPHU ²
3RVOH QHNROLNR XUDÿHQLK ]DGDWDND ELüHWH X VWDQMX þLWDYX RYX RSHUDFLMXL]YHVWLPHQWDOQREH]SRPRüLSDSLUDLRORYNH
7HKQLNHPHQWDOQRJUDþXQDQMD 7HKQLNH PHQWDOQRJ UDþXQDQMD PRJX SRPRüL VDPR GREURP UDþXQDUX NRML YHü SR]QDMH UD]QH QDþLQH ODNRJ L EU]RJ UDþXQDQMD GRN QHXSXüHQRP L VDPRREMDãQMHQMHSRMHGLQLK WHKQLND PRåH L]JOHGDWL WHãNR 8 VYDNRP VOXþDMX GREUD WHKQLND SDPüHQMD QH PRåH GD QDGRNQDGL QHGRVWDWDN SR]QDYDQMD YHãWLQH UDþXQDQMD 1D RVQRYX L]QHWLK PHWRGD L SULPHUDDPELFLR]QLMLþLWDRFLPRüLüHGDSRVWLåXVDVYLPVROLGQHUH]XOWDWH DGDOMLPNRPELQRYDQMHPLSUDNWLNRYDQMHP L GDOHNR EROMH UH]XOWDWH NRML VHJUDQLþHVDIHQRPHQDOQLP 6D PHQWDOQLP UDþXQDQMHP VUHOL VWH VH SUYL SXW X RYRM NQML]L NDGD VWH XþLOL PHWRGX RGUHÿLYDQMD EURMD GDQD L]PHÿX GYD GDWXPD X JRGLQL WM EURMD SUHRVWDOLK LOL SURWHNOLK GDQD X JRGLQL ]D QHNL RGUHÿHQL GDWXP 8 RYRP SRJODYOMX LPDüHWH SULOLNH GD RYR VYRMH ]QDQMHSURãLULWHLXVDYUãLWH
1L]VDELUDND]DSDPüHQODQþDQLPQL]RPODNRVHPHQWDOQRVDELUDPHWRGRPªVOHYD QDGHVQR©
7HKQLNDPHQWDOQRJVDELUDQMD 3UHQHJRãWRSUHÿHPRQDXVYDMDQMHRYHWHKQLNHXSR]QDMWHVHSUHW KRGQR VD MHGQLP IHQRPHQRP MSDPüHQMD L PHQWDOQRJ NDONXOLVDQMD NRML MH LPDR QHYHURYDWQX VSRVREQRVW L VDELUDQMD =YDR VH 'åHGHGLMD %DNVWRQ -HGHGLDK %X[WRQ URÿHQ J X (OPHWRQX (QJOHVND ,DNR MH ELR QHSLVPHQPRJDRMH]DRNRþDVRYDGDSRPQRåLMHGDQFLIUHQLVDGUXJLP FLIUHQLP EURMHP L QMLKRY SURL]YRG VD MRP MHGQLP FLIUHQLP EURMHP =DQLPOMLYR MH GD MH %DNVWRQ RELþQR UDGLR QHNL PDQXHOQL SRVDR GRN MH UHãDYDR RYH DVWURQRPVNH ]DGDWNH ýDN MH PRJDR UHãDYDQMH ]DGDWND GD SUHNLQHQDGXåHYUHPHLSRVOHGDJDQDVWDYL
3RUHG WRJD ãWR MH X SRUHÿHQMX VD GUXJLP ªPXQMHYLWLP UDþXQDULPD UDþXQDR YHRPD VSRURL LPDR MH MRã MHGQX QHRELþQX RVRELQX ]QDR MH WDþDQ EURM þDãD SLYD NRMH MH SRSLR RG VYRMH JRGLQH -HGQRP MH X /RQGRQX JOHGDR 6HNVSLURYX WUDJHGLMX ª5LFKDUG ,,,© DOL XPHVWR VLåHD ]DSDPWLR MH EURM UHFL NRMH VX SRMHGLQD OLFD X GUDPLL]JRYRULODLGDRMHXNXSDQQMLKRY]ELU 7HKQLNXPHQWDOQRJVDELUDQMDQDMEROMH üHWHQDXþLWLQDVOHGHüHP SULPHUX 8]PLPR NDR ]DGDWDN VDELUDQMH RYLK WURFLIUHQLK EURMHYD .DRãWRYLGLWHRGPDKVPRLKSUHWYRULOL XRGJRYDUDMXüHQXPHULþNHUHFL3RãWR]DSDUUWL ²0R51DU ²/L1R/HXP WHFHRRYDMQL]VDELUDNDDVRFLUDQMHPQXPHULþ ²/L/L3XWDQDF NLKUHFLXODQþDQLQL]RGORåLWHNQMLJXLUHSUR GXNXMXüLUHGRPVDPRSUYLVXJODVQLNSRMHGLQLK ²0D5D0D QXPHUþNLKUHFLPHQWDOQRVDELUDMWHVWRWLQH.R ².1-L*D ULVWLPR]QDþLPHWRGXVDELUDQMDªVOHYDQDGHV ²95D7D QR©ýLPVWHVDEUDOLVWRWLQHWMSUYXNRORQXGR ²9R'L& ELOLVWHEURM]QDþLVWRWLQD2GPDKJDSUH ²0D61D WYRULWHXSULNODGQXQXPHULþNXUHþLQMXDVRFL ²R3D1D. UDMWHVDQHNLPSUHGPHWRPX9DãRM QDMEOLåRM ²&D6R9QLN RNROLQLLOLVD9DãRPRVRERP.DGDQDLVWLQDþLQ VDEHUHWH L GUXJX NRORQX GHVHWLFH L WUHüX NRORQX MHGLQLFH GRELüHWH RYH EURMHYH RGQRVQR QXPHULþNH UHFL ]DSDPüHQH ODQþDQLPPHWRGRP D/.D VWRWLQD 0D&D GHVHWLFD /R = M H G LQ LF D 2YD WUL VDELUND PRåHWH WDNRÿH YHRPD ODNR PHQWDOQR VDEUDWL VOXåHüL VH JRUQMLP SRPRüQLP ODQþDQLP QL]RP L SRQRYR VDELUDMXüL PHWRGRPªVOHYDQDGHVQR©.DGDVWHNQHWHPDORUXWLQHMHGDQRYDNDY EURM RG XNXSQR FLI DUD UDVSRUHÿHQ X WURFLIUHQLK VDELUDND PRüLüHWH]DSDPWLWLLPHQWDOQRVDEUDWLQDNRQVDPRMHGQRJþLWDQMD]D VYHJD²PLQXWD
7HKQLNDPHQWDOQRJPQRåHQMD (QJOHVNL LQåHQMHU 'RUGå 3DUNHU %LGHU *HRUJH 3DUNHU %LGGHU NRML VH MRã NDR GHþDN SUHWãNROVNRJ GRED SURVODYLR QH VDPR NDR PHQWDOQL UDþXQDU QHJR L NDR ªPXQMHYLW UDþXQDU© MHU MH NRPSOLNRYDQH ]DGDWNH UHãDYDR X LQWHUYDOLPD NRML VH PHUH VHNXQGDPD VPDWUDR MH L MDYQR L]MDYOMLYDR GD VYDNR PRåH SRVWLüL QMHJRYH UH]XOWDWH DNR VHY VDPR GRYROMQR GXJR L XSRUQR SRVYHWL UDþXQDQMX 5RÿHQ X 'HYRQX (QJOHVND RQ MH YHü NDR ãHVWRJRGLãQML GHþDN QDXþLR WDEOLFX PQRåHQMD GR ; L GDOMH MH SURãLULYDR GRN QLMH GRVWLJDR DVWURQRPVNL NDSDFLWHW WDEOLFH PQRåHQMD RG ; 'UXJLP UHFLPD PRJDR MH PXQMHYLWR GD SRPQRåL ELORNRMDGYDEURMDþLMLSURL]YRGQLMHSUHOD]LR1HVXPQMLYR GDMH RYD VSRVREQRVW VWHþHQD PXNRWUSQLP L XSRUQLP UDGRP LPDOD VYRJRJURPQRJXGHODXQMHJRYRPGDOMHPUD]YRMXNDR ªPXQMHYLWRJ PHQWDOQRJUDþXQDUD© 6DP %LGHU NDåH ªäUWYRYDR VDP JRGLQH YHOLNRJ WUXGD ERULR VDP VH VD YHOLNRP XSRUQRãüX GD VWHNQHP L ]DGUåLP PRü L YODVW QDG EURMHYLPD©
3RUHG WRJD YHRPD ]QDþDMDQ IDNWRU NRML RPRJXüXMH X ]QDWQRM PHUL SRVWL]DQMH QDWSURVHþQLK UH]XOWDWD L X RYRM REODVWL MH IRUPLUDQMH L VWLFDQMH SURIHVLRQDOQRJ SDPüHQMD R þHPX MH YHü ELOR JRYRUD 9 3RJODYOMH 1D SULPHU QLMH UHGDN VOXþDM GD VX GREUL PDWHPDWLþDUL NRML VH LQWHQ]LYQLMH EDYH UDþXQDQMHP X VWDQMX GD ODNR UHVH VLVWHP MHGQDþLQD VD GYH QHSR]QDWH EH] SRPRüL RORYNH L SDSLUD 2ELþQR RNUHQX OHÿD WDEOL QD NRMRM MH QDSLVDQ ]DGDWDN L EH] ]DVWRMD GLNWLUDMX þLWDYWRNL]UDGH]DGDWNDGRNRQDþQRJUHãHQMD 6YRMPHWRGPQRåHQMDQDSDPHW%LGHURSLVXMHRYDNRª'DELK SRPQRåLR;SRVWXSDPRYDNR ; ; ; ; 6DELUNHWUHEDYL]XHOQRILNVLUDWLLGUåDWLNDRVWDOQXVOLNXGRNVH QHREDYLVDELUDQMH 8PHQWDOQRMDULWPHWLFLSRþLQMHWHVOHYLPFLIUDPD L ]DYUãDYDWH V MHGLQLFDPD GR]YROMDYDMXüL GD VH VDPR MHGQD þLQMHQLFDXWLVQHXXPXMHGQRPWUHQXWNX0HQMDMWHWXþLQMHQLFXVYDNL SXWNDNRVHSURFHVRGYLMDDOLXYHNMHFLOMLPDWLVDPRMHGQXþLQMHQLFX RGORåHQX X MHGQRP WUHQXWNX .RQDþDQ UH]XOWDW X VYDNRM RSHUDFLMLSRVHEQRVHUHJLVWUXMHXSDPüHQMXDVYLUDQLMLUH]XOWDWLVH SRVWHSHQREULãXVYHGRNVHQHGRELMHXNXSDQSURL]YRG© 6YRMH ]DGDWNH NRML VX VDGUåDYDOL UHGRYQR DVWURQRPVNH EURMHYH %LGHU MH UHãDYDR X YUHPHQX RG VHNXQGL GR PLQXWD L WLPH]DVOXåHQRVWHNDRQD]LYªPXQMHYLWRJPHQWDOQRJUDþXQDUD© .DR L X SUHWKRGQRP VOXþDMX PHQWDOQRJ VDELUDQMD WHKQLNX PHQWDOQRJ PQRåHQMD QDMODNãH üHWH VKYDWLWL L QDXþLWL QD VOHGHüHP SULPHUXPQRåHQMDMHGQRJFLIUHQRJVDMHGQRFLIUHQLPEURMHP ; " 1DMSUHSRGHOLWHPQRåHQLNXJUXSHRGSRFLIUHLWRVGHVQDQD OHYR]DVYDNXJUXSXSURQDÿLWHSULNODGQXQXPHULþNXUHþLODQþDQLP PHWRGRP]DSDPWLWHPQRåHQLN 'D5²&D6D²5D) 3RãWR VWH VDGD ]DSDPWLOL PQRåHQLN L PQRåLWHOM UHSURGXNXMWH ]DGQMX JUXSX PQRåHQLND PHQWDOQR MH SRPQRåLWH VD PQRåLWHOMHP L GRELMHQLSUYLSRWSURL]YRGILNVLUDMWHMHGQRPQXPHULþNRPUHFL 5D) ; ; ; 5 H0H1 3ULPHWLOL VWH GD MH SUYD FLIUD X SRWSURL]YRGX ª© SRVHEQR REHOHåHQD PDOLP GLVORFLUDQMHP ª© NDR L X QXPHULþNRM UHFL ª5 H0H1 L] UD]ORJD ãWR RQD XOD]L X ]ELU VD VOHGHüLP SRWURL]YRGRP D VDPR ]DGQMH FLIUH ª © XOD]H X NRQDþDQ SURL]YRG'DOMHSRVWXSDPRQDLVWLQDþLQ &D6D ; ; ; REH OHåHQDFLIUDL] SUHWKRGQRJSRWSURL]YRGD V / L3R9þDM
'D5 ; ; ; L] SUHWKRGQRJSRWSURL]YRGD 'L-D'HPD .RG SRVOHGQMHJ SRWSURL]YRGD QLVPR YUãLOL REHOHåDYDQMH SUYH FLIUH MHU MH PQRåHQMH ]DYUãHQR L FHR SRWSURL]YRG XOD]L X NRQDþDQ SURL]YRG RG QRVQR UH]XOWDW 2G QXPHULþNLK UHFL NRMH VDGUåH SRWSURL]YRGH NDR L X VOX þDMX PHQWDOQRJ VDELUDQMD IRUPLUDWH SRVHEDQ ODQþDQL QL] 5 H0H1 ² /L3R9 þDM ² 'L-D'HPD NRML VDGD UHSURGXNXMHWH XQD]DG GD EL GRELOL NR QDþDQUH]XOWDWYRGHüLUDþXQDGDXNRQDþDQUH]XOWDWXOD]HVDPRSRVOHGQMH GYH FLIUH RVLP SRVOHGQMH QXPHULþNH UHFL þLMH VYH FLIUH XOD]H X NRQDþDQ UH]XOWDW 'L-D'HPD²/ L3R9þDM²5 H0H1 3UHPDWRPHVOXåHüLVHRYLPODQþDQLPQL]RPODNRLEH]]DVWRMDGD MHWH VYRM RGJRYRU QD SRVWDYOMHQL ]DGDWDN NRJD VWH UHVLOL PHQWDOQLP UDþX QDQMHPEH]SRPRüLRORYNHLSDSLUD ª; © 8NROLNR QDXþLWH WDEOLFX PQRåHQMD NDSDFLWHWD ; 9 VOHGHüL RGHOMDN RQGD þLWDY SRVWXSDN ]QDWQR XEU]DYDWH L XSURãüXMHWH RE]LURP GD SRMHGLQHSRWSURL]YRGHGRELMDWHGLUHNWQR8VYDNRPVOXþDMXLNRGRYHWHK QLNH RSLVLYDQMH MH GDOHNR GXJRWUDMQLMH L NRPSOLNRYDQLMH RG QMHQRJ SUL PHQMLYDQMD L SUDNWLþQRJ NRULãüHQMD X ãWD VH L VDPL PRåHWH NUR] SUDNVX XYHULWL ,VWL MH VOXþDM L VD RVWDOLP WHKQLNDPD L PHWRGDPD VLVWHPDWVNRJ SD PüHQMD 2YRP WHKQLNRP PRåHWH SRPQRåLWL QDSDPHW YHRPD YHOLNH EURMHYH ELOR NRMLP MHGQRFLIUHQLP EURMHP 1D SULPHU PQRåHQMH MHGQRJ WRFLI UHQRJEURMDVDMHGQRFLIUHQLPPRåHVHREDYLWLVDVDPRGYDODQþDQDLOLYH]QD QL]DRGSR QXPHULþNLKUHFLGYRFLIUHQLKJUXSDLQXPHULþNLKUHFL ]DSDPüHQMHSRWSURL]YRGD 0HQWDOQRPQRåHQMHFLIUHQLPEURMHPPRåHVHL]YUãLWLQDYLãHQDþLQD $NRMHLPQRåHQLNFLIUHQEURMRQGDVHPRåHSULPHQLWLQDþLQNRMLMH RSLVDR*3%LGHU $NRMHPQRåLWHOMEURM LRQGDPQRåHQMHYUãLPRGHOHQMHPVD LLPQRåHQMHPVDL;UHVSHNWLYQR1DSULPHU ,OL $NRMHPQRåHQLNYLãHFLIUHQLEURMRQGDVHPQRåHQMHFLIUHQLPEURMHP PRåHL]YUãLWLPHWRGRPªVOHYDQDGHVQR©1DSULPHU 3DPWLWL 3UHQHWL ML
.DR L NRG PQRåHQMD MHGQRFLIUHQLP EURMHP SRVOHGQML SRWSURL]YRG XOD]L FHR X NRQDþDQ UH]XOWDW 3UHPD WRPH GHãLIUXMXüL RGJRYDUDMXüH QXPHULþNH UHFL NRMLPD VWH SDPWLOL SRMHGLQH SRWSURL]YRGHGRELMDWHUH]XOWDW
; 3ULPHüXMHWH YHOLNX DQDORJLMX RYRJ PHWRGD VD WHKQLNRP PHQWDOQRJ PQRåHQMD MHGQRFLIUHQLP EURMHP VDPR ãWR VH X RYRP VOXþDMX XPHVWR SUYH FLIUH GLVORFLUDMX SUYH GYH FLIUH X SRWSURL]YRGLPD 0QRåHQMHFLIUHQLPEURMHPPRåHPRHILNDVQRL]YUãLWLLPHWRGRP UHGXFLUDQMD SUL þHPX PQRåHQMH YLãHFLIUHQRJ EURMD MHGQLP FLIUHQLP EURMHP VYRGLPR QD PQRåHQMH VD GYD MHGQRFLIUHQD EURMDQDSULPHU ; ; ; 3UYR PQR åHQMH MH LGHQWLþQR PQR åHQMX MHGQRFLIUHQLP EURMHP VDPR ãWR VH GRELMHQRP SURL]YRGX GRGD QXOD 3URL]YRGH MHGQRJLGUXJRJPQRåHQMDILNVLUDQHNDRLGUXJHUDþXQVNHRSHUDFLMH QXPHULþNLP UHFLPD L DVRFLMDWLYQLP QL]RYLPD QD NUDMX VDEHUHWH WHKQLNRPªVOHYDQDGHVQR© 0HQWDOQR PQRåHQMH FLIUHQLP EURMHP PRåHWH L]YUãLWL NRPELULRYDQMHP QDX þHQLK WHKQLND ]D PQR åHQMH MHGQRFLIUHQLP L GYRFLIUHQLPEURMHPDX]DYLVQRVWLRGVDPRJ]DGDWND1DSULPHU ; PR åHWH VYHVWL QD PQRåHQMH VD SR MHGQLP MHGQRFLIUHQLPEURMHP ; ; ; ; .R åHOL GD VH X RYRM REODVWL GDOMH XVDYUãDYD PRåH GD NRQVWUXLãH SULNODGQH WHKQLNH L PHWRGH ]D PQRåHQMH GåLQRYVNLK EURMHYDVOXåHüLVHL]ORåHQLPRVQRYQLPWHKQLNDPD
3DP üHQMHYHOLNHWDEOLFHPQRåHQMD]DSRWUHEHPHQWDOQRJ PQRåHQMD -HGQRP SULOLNRP 3DW MH GRELR QD LVSLWX GD UHVL VOHGHüL ]DGDWDNSULND]DQXSUYRPVWXSFX [ " [ [ [ " [ [ [ " [ [ [ " [ [ [ " [ [ [ " [ [ [ " [ [ [ " [ [ [ " [ [ ª2GVYLKRYLK]DGDWDND]QDPGDUHVLPVDPRSUYL [ © ² UD]PLãOMDR MH 3DW ª2VWDOH QH ]QDP GD UHVLP $OL GD YLGLP NROLNR]DGDWDND QLVDP PRJDR GD UHVLP © ² UHþH 3DW L SRþH GD LK REHOHåDYDUHGQLPEURMHYLPD7DNRMHGRELRVUHGQMLVWXEDF3RãWR QLMHELRVDVYLPVLJXUDQGDOLMHQHUHãHQH]DGDWNHGREURL]EURMDR SUHEURMDR LK MHMRã MHGQRP REUQXWLP UHGRP SLãX üL UHGQH EURMHYH RGR]GR QD JRUH 7DNR MH GRELR SRVOHGQML WUHüL VWXEDF 3RãWR MH ]DNOMXþLR GD VH WX YLãH QH PRåH QLãWD XþLQLWL UH]LJQLUDQR MH SUHGDR QDVWDYQLNX SDSLU VD VYRMLP ]DGDWNRP L ² SRORåLR =DKYDOMXMX üL LQWHUHVDQWQRMRVRELQLEURMHYDXRYR PGHOXWDEOLFH PQR åHQMD3DW MHREHOH åDYDMX üLVYRMQHXVSHKXVWYDULXVSHãQ RUHVLR]DGDWDN
7DEOLFD PQRåHQMD EH] NRMH QH ELVPR PRJOL UHãDYDWL PQRJH SURELWPHXSUDNWLþQRPåLYRWXLUDGXRELþQRVHQDXþLVDPRGR;
3RPRüX RYH WDEOLFH PQRåHQMD PQRåLWHOM QDOD]LPR X SUYRP UHGX PQRåHQLN X SUYRM NRORQL D SURL]YRG UH]XOWDW X SUHVHNX WRJ UHGD L NRORQH1DUDYQRPQRåLWHOMPRåHPRX]HWLL]SUYHNRORQHDPQRåHQLNL] SUYRJ UHGD L RSHW üHPR LVWL UH]XOWDW QDüL X QMLKRYRP SUHVHNX 1D SULPHU X SUYRP UHGX ; X SUYRM NRORQL EURM QD SUHVHNX PH NRORQH L RJ UHGD 'HFD L SRþHWQLFL PRJX QDXþLWL WDEOLFX PQRåHQMDYHRPDEU]RLODNRSRPRüXSDUQLK DVRFLMDFLMD1D SULPHU ; .X.D 5L%D ]DPLVOLWHUHFLPRGDQD.X.LYLVL5L%D WM; 'DELQDXþLOLüHOXWDEOLFXPQRåHQMDNDSDFLWHWD; ELOR EL SRWUHEQR XNXSQR RYDNYLK SDUQLK DVRFLMDFLMD LOL QXPHULþNLKUHFLýLWDYSRVWXSDNVHPRåH]QDWQRVNUDWLWLDNR ,]RVWDYLPRPQRåHQMHVDOLVDãWRVHVDPRSRVHELODNRSDPWLL .RULVWLPRVDPRGRQMLGHRWDEOLFHRGGLMDJRQDOHNRMXþLQHEURMHYLO QDGROHXNOMXþLYRLVDPXGLMDJRQDOX1D GDOMLQDULPDUD]QLKDXWRNDUDWDLUHGRYDSORYLGEHSULPHWLOLVWHGDMH VSURYHGHQDLVWDXãWHGDNRULãüHQMHPªWURXJODVWH©XPHVWR ªNYDGUDWQH© WDEHOHMHUVHEURMHYLL]QDGGLMDJRQDOHLGHQWLþQRLVLPHWULþQRSRQDY OMDMX 7LPH VH PHPRULUDQMH üHOH WDEOLFH PQRåHQMD VYRGL QD VYHJD SDUQLKDVRFLMDFLMDVDXNXSQRQXPHULþNHUHFL]DXPQRåHQLNH ]DUH]XOWDWH XPHVWRUDQLMLKDVRFLMDFLMDVDQXPHULþNLKUHFL 8 DQJORVDNVRQVNLP ]HPOMDPD WDEOLFD PQRåHQMD VH RELþQR XþL GR ; $NR VH RQD GDOMH SURãLUXMH L QDXþL GR ; WRPRåHLPDWLYHOLNLKSUDNWLþQLKSUHGQRVWLXUDþXQDQMXXRSãWHD SRVHEQR XPHQWDOQRPUDþXQDQMX.RåHOL L LPD WDNYH SRWUHEH X UDGX LOL VYDNRGQHYQRPåLYRWXPRåHRYXWDEOLFXPQRåHQMDSURãLULWLLGR; NRULVWHüL QXPHULþNH UHFL L SDUQH DVRFLMDFLMH LOL UD]QH YH]QH WDEHOH$NRVWHX3RJODYOMXNRPELQRYDOLUD]QHYH]QHWDEHOHXFLOMX SURãLUHQMD ªPHPRULMH© 9DãLK XPQLK PDãLQD RQGD VWH XUDGLOL YLãH RG SRODSRVODXSDPüHQMXMHGQHYHOLNHWDEOLFHPQRåHQMD1DSULPHUDNRVWH NRPELQRYDOLD]EXþQXVDDEHFHGQRPWDEHORPXFLOMXGRELMDQMD; XNXSQR PHVWD RQGD MH SRWUHEQR GD QD VWYRUHQD PHVWD VDPR ªVWDYLWH© RSUHGPHüHQH QXPHULþNH UHFL NRMH VDGUåH RGJRYDUDMXüH SURL]YRGH UH]XOWDWH L WLPH üHWH RGPDK GRELWL MHGQX YHOLNX WDEOLFX PQRåHQMD NDSDFLWHWD ; 1D VOLþDQ QDþLQ PRåHWH ]DSDPWLWL ELOR NRMX GUXJX SRWUHEQX YHOLNX WDEOLFX PQRåHQMD NRPELQRYDQMHP RGJRYDUDMXüLKYH]QLKWDEHOD
6YDNDNR X VYLP RYLP VOXþDMHYLPD QHüHWH SURSXVWLWL GD UHGXFLUDQMHP VDPH WDEOLFH QD RSLVDQL QDþLQ VYHGHWH EURM SRWUHEQLK DVRFLMDFLMD QD VNRUR MHGQX WUHüLQX WH WLPH SRVWLJQHWH RJURPQH XãWHGHXYUHPHQXLUDGX
3DPüHQMHUD]QLKREUD]DFDLIRUPXOD .UDMHP SURãORJ YHND PQRJH OMXGH MH ]DGLYLR VYRMLP QHRELþQLP VSRVREQRVWLPD$OEHUW+DMQKDXV+HLQKDXV QD]YDQ ªEURMQLGLYVD 5DMQH© 1D VYRMLP PQRJREURMQLP VHDQVDPD YUãLR MH UD]QH PDWHPDWLþNHUDGQMHUHSURGXNRYDRWDEOLFXPQRåHQMDGRGL]DRQD NYDGUDW FLIUHQH L FLIUHQH EURMHYH NXELUDR L NYDGULUDR VYH EURMHYH RG O ² YDGLR GUXJL NRUHQ L] FLIUHQLK EURMHYD 3UHWYDUDRELORNRMLL]QRVGRHQJOIXQWLXRGJRYDUDMXüLL]QRVX QHPDþNLP PDUNDPD =DWLP MH ELOR NRML EURM JRGLQD GR PRPHQWDOQRSUHWYDUDRXVHNXQGHNDRLJRGLQHVWDURVWLQHNHRVREH X PHVHFH GDQH þDVRYH L PLQXWH 0RJDR MH GDWL WDþDQ ]ELU ² ELORNRMLK FLIUHQLK LOL FLIUHQLK EURMHYD þLP VH SRVOHGQML VDELUDN QDSLãH QD WDEOL LOL SDSLUX 1D NUDMX MH PRJDR UHüL VHGPLþQL GDQ ]D ELORNRMLGDWXPXSURãORVWLLOLEXGXüQRVWL 2YDM VOXþDM IHQRPHQDOQRJ SDPüHQMD L QHRELþQLK VSRVREQRVWL PHQWDOQRJ UDþXQDQMD QLVPR QDYHOL X QDPHUL GD 9DV LPSUHVLRQLUDPR L]YDQUHGQLPVSRVREQRVWLPD ªEURMQRJGLYDVD5DMQH©1DRVQRYXGR VDGD L]ORåHQLK WHKQLND L PHWRGD VLVWHPDWVNRJ SDPüHQMD SRJRWRYR DNR VWH LK GRYROMQR SULPHQMLYDOL X SUDNVL VPDWUDPR GD RYH ]DLVWD QHVYDNLGDãQMHLL]X]HWQHVSRVREQRVWLXRYRMREODVWLQHELVPHOHGD 9DVSRVHEQRLPSUHVLRQLUDMX 6DGDEL WUHEDOR GD EXGHWH SRWSXQR X VWDQMXGDRGPDKSUR]UHWHVXãWLQXLRVQRYXRYLKQHRELþQLKGRVWLJQXüD MHGQRJ QRUPDOQRJ XPD DOL QDRUXåDQRJ L RSUHPOMHQRJ PHWRGDPD L WHKQLNDPD VLVWHPDWVNRJ SDPüHQMD $NR SRNXãDWH GD PDOR EROMH SURDQDOL]LUDWH QDþLQ NDNR VH PRJX SRVWLüL RYL UH]XOWDWL VD ]DGRYROMVWYRP üHWH NRQVWDWRYDWL GD ELVWH L 9L PRJOL QDMPDQMH RYLK ªSRGYLJD© SRVWLüL WHKQLNDPD L ]QDQMHP NRMLPD VWH GR VDGD RYODGDOL 1DSULPHUWDEOLFDPQRåHQMDNXELUDQMHLNYDGULUDQMHEURMHYD GRVWRSUHWYDUDQMHIXQWLJRGLQDLWGVYHVHUHãDYDMHGQRPYH]QRP WDEHORP RG PHVWDDVDELUDQMH L YLãH WURFLIUHQLK VDELUDND LOL GDYDQMH VHGPLþQRJ GDQD ]D ELOR NRML GDWXP QDXþLOL VWH L 9L GD HILNDVQR L VLJXUQR GHPRQVWULUDWH 3UHPD WRPH LVNOMXþLYR ]DYLVL RG 9DV X NRMRM PHUL üHWH SRVWL]DWL VOLþQH LOL EROMH UH]XOWDWH DGHNYDWQLP XVYDMDQMHPLHILNDVQRPSULPHQRPWHKQLNDLPHWRGDL]ORåHQLKXRYRM NQML]L 0DWHPDWLþNH L RVWDOH IRUPXOH L UD]QH REUDVFH PRåHWH SDPWLWL QDQHNROLNRQDþLQD 6OLNRYLWLP SUHWVWDYOMDQMHP L SULPHQRP RþLJOHGQLK REUDVFH L IRUPXOH 1D SULPHU VUHGVWDYD PRåHWH SDPWLWL PQRJH IRUPXOX D E D DE E PRüL üHWH XYHN ODNR UHSURGXNRYDWL SRPRüX MHGQRJ NYDGUDWD þLMD MH VWUDQLFD D E $NR WDNDY NYDGUDW QDFUWDWH SULPHWLüHWH RGPDK GDMH QMHJRYD SRYUãLQD MHGQDND SRYUãLQDPD GYD PDQMD NYDGUDWD D I E L SRYUãLQDPD GYDSUDYRXJDRQLNDDEDE3UHPDWRPHSRYUãLQDWRJNYDGUDWDMH D DE E 7LPH D E LOL NRULVWHüL JRUH QDYHGHQH RGQRVH GRELMDWHLNRQDþDQREOLNRYHIRUPXOHDE D DEIE 1DVOLþDQ QDþLQ PRåHWH ]DSDPWLWL L NYDGUDW UD]OLNH D ² E 8 VXãWLQL L RYGH VWH SULPHQLOL 9DPD SR]QDWX PHWRGX VOLNRYLWRJ SUHWVWDYOMD
QMD L RSUHGPHüLYDQMD DSVWUDNWQLK SRMPRYD -HGQRP RYDNYRP LOL DQDORJQRP YL]XDOL]DFLMRP PRåHPR RSUHGPHWLWL L RVPLVOLWL PQRJH DSVWUDNWQHIRUPXOHLREUDVFH 0HWRGRPIRQLþQHDQDORJLMHLOLSRPRüXSRVUHGQLKUHFLNRML VWH LPDOLSULOLNHGDNRULVWLWHXSDPüHQMXLPHQDLVWUDQLKUHFL1HNLPDPRåH RYDMPHWRGGDRGJRYDUDLXSDPüHQMXUD]QLKIRUPXOD1DSULPHU %U 3 5 6(.$ 6HF$ -( NRG%81$5$ % 6HF$ QDHU²% U , 3(5$ &RV$ 35 JGH'(/, NUR]UD]ORPDþND FUWD .26( &RV$ 7LPH üHOD RYD IRUPXOD PRåH GD ªVWDQH© X MHGQX DVRFLMDWLYQX UHþHQLFX 6(.$ -( NRG %81$5$ L 3(5$ JGH '(/, .26( ,OL 6(.$ -( EOL]X %81$5$ , 3(5$ RG NRMLK MH '(/, MHGQD .2 6$ 3UK 92-$ 9MH VD3(520 3U L.9$NRP 9 NYDGUDW 9,6, YLVLQD 1$ FUWD $08 ,OL92-$VD3(520.9$.20GUåLVH QD9,6,1,NDRQHNL1$'5, QDWUL OHNDU© ,DNRRYHDVRFLMDWLYQHUHþHQLFHPRJXGDGHOXMXPDORQDWHJQXWRL LVNRQVWUXLVDQRLVNXVWYRMHXYHNSRND]DORGDWRQLQDMPDQMH QHXWLþH QDQMLKRYX HILNDVQRVW 8SUDYR ]ERJ WRJD VH ODNR SDPWH L X] SRPRü SULURGQRJ SDPüHQMD RPRJXüXMX VLJXUQX L WDþQX UHSURGXNFLMX IRUPXOH 0HWRGRP]DPHQHLODQþDQLPPHWRGRPSDPüHQMDPRåHWH YHRPD SUHFL]QRILNVLUDWLXPHPRULMLELORNRMXIRUPXOX3UHWKRGQRMH SRWUHEQR GDSULNODGQLPRSUHGPHüLYDQMHPRVPLVOLWHVYHRQHPDWHPDWLþNH ]QDNHL VORYDNRMDVHSRMDYOMXMXXWLPIRUPXODPD1DSULPHU SOXV PDþERGHå ² PLQXV FLJDUDRORYND ; SXWD QRJDUHQRåLYLOMXãND SRGHOMHQR NUR] OHQMLUãWDS MHGQDNR GYHSDOLFH]DGRERã]DVWDYDVDGYH YRGRUDY B QHERMH ¥ NRUHQ NRUHQOHYDN D QDNYDGUDW NYDGUDWRGGUYHWDLOLSODVWLNHUDP D QDNXE ²NRFNDRGGUYHWDLOLSODVWLNHNRFNDãHüHUD D VORYRªD© ²DXWRDJD E VORYRªE© EXEDQMEXEDLWG .DR ãWR YLGLWH VYDNL ]QDN LOL VORYR X PDWHPDWLFL PRåH VH RVPLVOLWL QD SULNODGDQ QDþLQ 2YGH LPDWH QD UDVSRODJDQMX SR GYD SUHGPHWD ]D VYDNL ]QDN D DNR 9DP QH RGJRYDUDMX XYHN PRåHWH XPHVWRQMLKL]DEUDWLSUHGPHWHLQDþLQRVPLãOMDYDQMDNRML9DPDOLþQR QDMYLãH RGJRYDUD 8]PLPR VDGD MHGQX IRUPXOX L L]YUãLPR ]DPHQX ]QDNRYDXQMRMVDSUHGPHWLPD]DRVPLãOMDYDQMH D E ¥ D ² E < ²5DNLMH < ²=DVWDYD MHGQDNR ² DE¥ D E $XWR².RFND²%XEDQM²5DP²/HYDN² $JD ² .YDGUDW ² &LJDUD ² %XED ² 5DP ² 6WDS ² $JD ² %XEDQM².RUHQ²DXWR²NRFND²%XEDQM
7LPHVWHSDPüHQMHMHGQHNRPSOLNRYDQH IRUPXOHVYHOLQD ODNRSDPüHQMHODQþDQLPPHWRGRPMHGQRJQL]DUHüL 6DåHWL PHWRG ]DPHQH MH YDULMDQWD SUHWKRGQRJ PHWRGD X WRPH ãWR SRMHGLQH PDWHPDWLþNH ]QDNH ]DPHQMXMHPR RGJRYDUDMXüLPVORYLPD1DSULPHU YLãH 9 ² PDQMH 0 SRGHOMHQR ''HOLWL
B SXWD 3 ¥ NRUHQ . UDYQR 5 DQ QD VWHSHQ 1 ]DJUDGD = ; ªLNV© 6 < ªLSVLORQ© -XQHNLPVWUMH]LFLPDþLWDVHNDRª-© D VORYRªD© 7 OWMSUYRVORYRQXPHUDOIDEHWD E VORYRªE© % F VORYRªF© &LWG
1DRVQRYXJRUQMHWDEHOHPRåHPRRVPLVOLWLELORNRML PDWHPDWLþNL L]UD]LOLIRUPXOX8]PLPRMHGDQSULPHU E¥E ²DF ; , D
67H1D ;O ²5R0% ²E ²9RL0D. ¥ ² %R1 E ²0R5H ² ²7X&H DF ²'H17LVW D 2YLP QDþLQRP ]QDWQR VPDQMXMHWH EURM SRWUHEQLK QXPHULþNLK UHüL X ODQþDQRP QL]X RE]LURP GD MHGQD UHþ VDGUåL ²PDWHPDWLþND]QDND 5D]QHPDWHPDWLþNHLGUXJHNRQVWDQWHNDRQD SULPHU EURM-7 EURMH (XOHURYDNRQVWDQWDJ LW GSDPWLWHNDRLRVWDOHEURMHYHLUD]ORPNH =DSUDNWLþDQ UDG PRåH NRULVQR GD SRVOXåL PHPRULUDQMH ORJDULWDPD EURMHYD O ² L WDEOLFD NYDGUDWD NXERYD GUXJRJ L WUHüHJ NRUHQD EURMHYD RG O ² ãWR PRåHWH ODNR XþLQLWL ELOR NRMRP YH]QRP WDEHORP RGPHVWD 3RUHG WRJD RVPLãOMDYDQMH L DQDORJLMX PRåHWH NRULVWLWL X UD]QLPREODVWLPD XþHQMDPDWHPDWLNH 1D SULPHU X WULJRQRPHWULML GDEL]DSDPWLOLGHILQLFLMHIXQNFLMD EF
VLQ$
DF &RV$
ª%X&DMH6,1©78ª%X&DLPD6,186H© ª$&DL.26$ &RV$ ©
7J$ ª%R$NRQVWULNWRU ERULVHVD7L*URP©,OL ªR%R$ VYLUD7$1*R© =D UHãDYDQMH UD]QLK PDWHPDWLþNLK SUREOHPD PRåHWH YHRPD XVSHãQR NRULVWLWL PHWRG YL]XHOQRJ L VOLNRYLWRJ SUHWVWDYOMDQMD 1D VOHGHüHPSULPHUXYLGHüHWHNDNRWUHEDSUREOHPGHRSRGHRXPDãWL VOLNRYLWR SUDWLWL L SUHWVWDYOMDWL L QMHJRYLP GLQDPL]LUDQMHP DXWR P DWVNLGR üLGRUH ãHQMD ED
3UREOHPSRGHORYLPD -HGQDFLJODWHãNDMH
9DãDUHDNFLMD 9LGLWHRGPDKMHGQXFLJOX QDMHGQRP WDVXYDJH ONJLMRãSRODFLJOH DQDGUXJRPWHJRGONJLMRãSRODFLJ OH .ROLNRWHåLMHGQDFLJOD" 2GPDKGDOMHªYLGLWH©GDXPHVWRWRJD PRåHWHVWDYLWLSRODFLJOHLREUDWQRWM GDMHSRODFLJOH WHJRGONJL L L GDMH üHODFLJOD NJ 9HüLQDOMXGLPLVOLDSVWUDNWQRXVLPEROLPDLYH]DPDDXUHãDYDQMX PDWHPDWLþNLKLGUXJLKSUREOHPDVOLNRYLWRSUHWVWDYOMDQMHLPLãOMHQMHXVOL NDPD SUHWVWDYOMD YHOLNX SRPRü MHU WHNVWXDOQD VWUDQD SUREOHPD VNULYD RG QDV RþLJOHGQX 9L]XDOL]DFLMRP L PLãOMHQMHP X VOLNDPD PRåHPR RþLJOHGQXVWUDQXSUREOHPDODNãHLEUåHVDJOHGDOL 6DGD ELVWH PRJOL SRQRYR SUHNLQXWL QD NUDüH YUHPH GDOMH SURXþDYDQMH GD ELVWH XWYUGLOL VD NDNYLP XVSHKRP VWH XVYRMLOL ]DGQMD WULSRJODYOMD 7DNRÿHVWHXVWDQMXGDVDGDXVSHãQRUHVLWHLGUXJLGHR7HVWDEU 9UDWLWHVHMRãMHGQRPQDRYDMWHVWLSRNXãDMWHPHQWDOQRVDEUDWL]DGDWLQL EURMHYD 7(67%5
SRJO (LGHWVNRSDPüHQMHVXVUHüHVHNRGGHFHX $²VOXþDMHYD%²VOXþDMHYD &² VOXþDMHYD 'HFDSDPWHLPLVOHSUHWHåQR $SVWUDNWQRORJLþNL 6PLVDRQRRþLJOHGQRLXVOLNDPD 9L]XHOQR 6DVLVWHPDWVNLPSDPüHQMHPGHFDPRJXSRþHWLNUR]LJUXX $JRGLQL %JRGLQL &²JRGLQL
SRJO 3DPüHQMHWHOHIRQVNLKEURMHYDVHPRåH]QDWQRRODNãDWL .ODVLILNDFLMRPLJUXSDFLMRP 3DPüHQMHPVDPRXQDMSRWUHEQLMHPLRJUDQLþHQRPRELPX 3RNXãDMLPDRVPLãOMDYDQMDVDPLKEURMHYDL L]QDODåHQMHP ORJLþNLK YH]DL]PHÿXSRMHGLQLKFLIDUDWHOEURMD 8SLVLYDQMHPRGJRYDUDMXüLKEURMHYDL]GRQMH NRORQHRGUHGLWH QDMHIL NDVQLMHPHWRGHSDPüHQMDSRMHGLQLKYUVWDWHOEURMHYD 27HOEURMHYLL]UDåHQLFLIUDPD 27HOEURMHYLL]UDåHQLFLIUDPDLVORYLPD 27HOEURMHYLL]UDåHQLFLIUDPDLUHFLPDVORJRYLPD 6XSVWLWXFLRQLPUHFLPDLQXPHULþNLPUHFLPD 1XPHULþNLPUHFLPD ,QLFLMDOQRPWHKQLNRPLQXPHULþNLPUHFLPD
SRJO 8PHQWDOQRPVDELUDQMXQDMHILNDVQLMLPHWRGMH $ 6DELUDQMHªVGHVQDQDOHYR© % 6DELUDQMHªVOHYDQDGHVQR© & 6DELUDQMHJUXSLVDQMHPSRNRORQDPD
.RGPHQWDOQRJVDELUDQMDWUHEDNRULVWLWL 7RSRVLVWHPSDPüHQMD 9H]QLPHWRGSDPüHQMD /DQþDQLPHWRGSDPüHQMD 8SLVLYDQMHPEURMHYDL]GHVQHNRORQHRGUHGLWHQDMSULNODGQLMH PHWRGH PHQWDOQRJPQRåHQMDYLãHFLIUHQLKEURMHYD 20QRåOFLIUHQLPEURMHP 0HWRGªVGHVQDQDOHYR© 20QRåFLIUHQLPEURMHP 6YRÿHQMHQDPQRåHQMHFLI UHQLPEURMHP 20QRåFLIUHQLPEURMHP 0HWRGªVOHYDQDGHVQR© =DPHPRULUDQMHYHOLNLKWDEOLFDPQRåHQMDSRWUHEQRMHSDUQLK DVRFLMD FLMD $ ,VWRWROLNRNROLNRLPDLSURL]YRGDUH]XOWDWD % 6DPRRNRMHGQHWUHüLQHRGXNXSQRJEURMDUH]XOWDWD & 2NRMHGQHSRORYLQHRGXNXSQRJEURMDUH]XOWDWD 8SLVLYDQMHPRGJRYDUDMXüHJEURMDL]GHVQHNRORQHRGUHGLWH NRMDRG QHNLKGRVWLJQXüDIHQRPHQDOQLKSDPüHQMDPRåHWHRVWYDULWL L NRMRP WHKQLNRPVLVWHPDWVNRJSDPüHQMD 23DPüHQMHGåLQRYVNLKEURMHYD /DQþDQLPHWRG 27DEOLFDPQRåHQMD; 3DUQHDVRFLMDFLMH 29DÿHQMHRJNRUHQDL]FLIUH 6XSVWLWXFLRQHUHFL QRJEURMD 2.YDGULUDQMHELORNRJ FLIUHQRJ9H]QLPHWRG EURMD 29DÿHQMHGUXJRJLWUHüHJNRUHQD )HQRPHQDOQHVSRVREQRVWL L]FLIUHQLKEURMHYD 2=ELU²FLIUHQLKEURMHYD 0HWRG]DPHQH 26WDURVWELORNRMHRVREHXGDQLPD ,QLFLMDOQDWHKQLND PHVHFLPDLOLþDVRYLPD 22GUHÿLYDQMHORJDULWPD]DEURMHYH *UXSQDDVRFLMDFLMD O² 2'L]DQMHQDVWHSHQELORNRJYL0HKDQLþNRSDPüHQMH ãHFLIUHQRJEURMD 23DPüHQMHUD]QLKIRUPXOD 7RSRVLVWHP 1HPRMWHVOXþDMQRSURSXVWLWLGDRFHQH9DãLKXVSHKDXQHVHWHXSUH GYLÿHQHUXEULNHUDGLGDOMHJSUDüHQMD9DãHJQDSUHGRYDQMDXVDYODÿLYDQMX WHKQLNDVLVWHPDWVNRJSDPüHQMD
.52=9(.29(
+LVWRULFLVHPSHUPDJLVWUDYLWDH ²/DWVHQWHQFD
.$.26(3$07('$780,*2',1(,'58*,32'$&,,= ,6725,-("
8SULQFLSXJRGLQHL]LVWRULMH SDPWH VHNDRL VYLRVWDOL EURMHYL =DJRGLQXL]LVWRULMHRGUHGLVHSULNODGQDQXPHULþNDUHþLDVRFLUDVHVD VDPLP GRJDÿDMHP LOL LVWRULVNRP OLþQRãüX 0HÿXWLP GDWLUDQMH SRMHGLQLK GRJDÿDMD X LVWRULML QDURþLWR ]D SRWUHEH VLVWHPDWVNRJ SDPüHQMDPRåHVHXYHOLNRMPHULSRMHGQRVWDYLWLLUDFLRQDOL]LUDWL ,]RVWDYOMDQMH SUYH EURMNH NRMD R]QDþDYD KLOMDGH ]QDWQR XSURãüXMH L RODNãDYD SDPüHQMH JRGLQD L] LVWRULMH MHU XPHVWR FLIUHQRJ WUHED SDPWLWL VDPR MHGDQ FLIUHQ EURM 2YR MH PRJXüH ]DKYDOMXMXüL RNROQRVWL ãWR SR ORJLFL RGLJUDYDQMD LVWRULVNLK GRJDÿDMD PRåHPRXYHN]QDWLGDOLVHQHNLGRJDÿDMRGLJUDRSUHLOLSRVOHWH JRGLQH QDãH HUH 1D SULPHU þXYHQL SRUWXJDOVNL PRUHSORYDF 9DVNR GD *DPD9DVFRGD*DPD SURQDãDRMHSRPRUVNLSXW]D,QGLMX J'RYROMQRMHGDSDPWLWHVDPRSRVOHGQMHWULEURMNH 5X%R9L MHGQRP UHFLPR RYDNYRP DVRFLMDWLYQRP YH]RP ª6YRMLP RWNULüHP SRPRUVNRJ SXWD ]D ,QGLMX 9DVNR GD *DPD MH GRãDR GR 5X%R9D WDGDQMLK GRVWLJQXüD LVWUDåLYDþD© 6LJXUQR QHüHWH SRPLVOLWL SULOLNRP UHSURGXNFLMH GD ª© ]QDþL JRGLQH MHU 3RUWXJDOLMD SRG WLP LPHQRP WDGD QLMH QL SRVWRMDOD D MRã PDQMH GD MH WDM SRPRUVNLSXWRWNULYHQJSQH =DKYDOMXMXüL PHWRGL SDUQLK DVRFLMDFLMLD L]PHÿX QXPHULþNH UHFL NRMD VDGUåL JRGLQX L VDPRJ LVWRULVNRJ GRJDÿDMD PRåHWH SDPWLWL SUDNWLþQR QHRJUDQLþHQ EURM JRGLQD UD]QLK LVWRULVNLK GRJDÿDMD 8]PLPRMRãMHGDQSULPHU0DUWLQ/XWHUMHJREMDYLRWDþDND WH]D NRMLPD MH SR]YDR QD MDYQX UDVSUDYX SURWLY ]ORXSRWUHED NDWROLþNH FUNYH ãWR VH VPDWUD NDR SRþHWDN5HIRUPDFLMH /H7D. ª7H]H 0 /XWHUD VX ELOH NDR /H7D. NRML MH SR]LYDR QDMDYQXUDVSUDYX© 3DPüHQMHJRGLQDRNRSRþHWNDQRYHHUHRGQRVQRSUHQRYHHUH PRåHGDSUHWVWDYOMDSRVHEQXWHãNRüXMHUPRåHGDGRÿHGR]DEXQHGD OLVHGRJDÿDMRGLJUDRSQHLOLXQRYRMHUL'DELVWHL]EHJOLPRJXüQRVW GYRVPLVOHQRJWXPDþHQMDSULUHSURGXNFLMLRYDNYLKJRGLQDGRYROMQRMH GD LVSUHG JRGLQH VWDYLWH MHGQX QXOX L WDNR ]DSDPWLWH WX JRGLQX1D SULPHU ª*RGLQHL]ELRMHYHOLNLSRåDUX5LPX]DYUHPHYODGDYLQH
1HURQD ]D NRJD VH VXPQMDOR GD MH QDUHGLR SRGPHWDQMH SRåDUD© 3RãWR MH RYDM GRJDÿDM ELR J QRYH HUH RYX JRGLQX MHGQRVWDYQR SDPWLWHNDRLVYDNLGUXJLFLIUHQL
ª+LVWRULDVHPSHUPDJLVWUDYLWDH©/DWª,VWRULMDMHXYHNXþLWHOMLFDåLYRWD©
EURM = D5 ª3 R åDU 5 LP D MH P QRJH WHNRYLQH NXOWXUH SUHWYRULR X =D5© $OL QD SULPHU ª*RGLQH S Q H &H]DU MH SUHãDR V MHGQLP OHJLRQRP UHNX 5XELNRQ UHNDYãL ª$OHD MDFWD HVW © ª. RFND MH SDOD © ! þLP H MH R]QDþHQ SR þHWDN QMHJRYRJ SRKRGD QD 5LP © 3R ãWR MH RYDM GRJDÿDM ELR S Q H JRGLQX SDPWLWHVDQXORPJRGLQDSQH 65H%URª.DGDMH &H]DUSUHãDRUHNX5XELNRQRQDVHSUHVLMDYDODSRSXW65H%UD© 0 RJX üQRVW GYRVPLVOHQRJ WXPDþHQMD SRVWRML VDPR ]D JRGLQHRNRQRYHHUHGRN]DGRJDÿDMHNRMLVXVHRGLJUDOLQDL YLãH JRGLQD SUH LOL SRVOH QRYH HUH ODNR RGUHÿXMHWH GD OL JRGLQD SULSDGDQRYRMLOLVWDURMHULSRORJLFLVDPLKLVWRULVNLKGRJDÿDMD .RG JRGLQD URÿHQMD L VPUWL SRMHGLQLK LVWRULVNLK OLþQRVWL LOL SHULRGD WUDMDQMD QMLKRYLK YODGDYLQD LOL SRMHGLQLK LVWRULVNLK GRJDÿDMD SRUHG L]RVWDYOMDQMD ªKLOMDGH © PRåHWH L]RVWDYLWL L ªVWRWLQH© L] MHGQH RG JRGLQD 1D SULPHU YHOLNL IUDQFXVNL KHPLþDU /DYRD]LMH $ / /DYRLVLHU ² åLYHR MH RG ² J8PHVWRJRGLQD²SDPWLPRVDPR ² .5H0 L 3H5R ª/DYRD]LMH MH SULSDGDR .5H0X HYURSVNH QDXNH LDNRMH]DSLVDQMHNRULVWLRJXãþLMH3H5R © 8PHVWRNRGGUXJHVWRWLQHPRåHWHL]RVWDYLWLNRGSUYHJRGLQH ª9HOLNLVHYHUQL UDW L]PH ÿX âYHGVNH L VDYH]QLND 5XVLMH ' DQVNH L 3ROMVNHWUDMDRMHRG ²J ª9HOLNLVHYHUQLUDW]DQDURGH ]DUDüHQLK]HPDOMD]QDþLRMH6X=H L. 1X7 © 7DPR JGH VWH VLJXUQL ]D YHN GRYROMQR MH GD SDPWLWH L VDPR GYH SRVOHGQMH JRGLQH D JGH VH WUDMDQMH QHNRJ LVWRULVNRJ SHULRGD YLGL L] VDPRJ QMHJRYRJ QD]LYD GRYROMQR MH SDPWLWL VDPR SUYX JRGLQX 1D SULPHU 6HGPRJRGLãQML UDW RG ² GRYROMQRMHSDPWLWLVDPRSUYXJRGLQXLOLVDPRMHU 7DNR ÿH 7ULGHVHWRJRGLãQML UDW RG ² GRYROMQRMHSDPWLWLVDPRª©RGQRVQRª =D SDPüHQMH UD]QLK KURQRORJLMD GLQDVWLMD YODGDUD LOL QL]RYDSRMHGLQLKLVWRULVNLKOLþQRVWLLOLQMLKRYLKGHODPRåHWHYHRPD HILNDVQR NRULVWLWL YH]QL VLVWHP MHU 9DP REH]EHÿXMH SUHFL]DQ UHGRVOHGLVLJXUQRVWGDQHNLSRGDWDNL]KURQRORJLMHQHL]RVWDYLWH 1 D SR þHWNX QL]D VWDYLWH QXPHULþNX UHþ ]D VWROHüH QD RGJRYDUDMXüD YH]QD PHVWD WDEHOH SRMHGLQH OLþQRVWL LOL GRJDÿDMH L] KURQRORJLMH NRMH DVRFLUDWH VD QXPHULþNLP UHFLPD NRMH VDGUåH VDPR SRVOHGQMH GYH FLIUH RGQRVQH JRGLQH 1D WDM QDþLQ SDPWLWH VDPR SRVOHGQMH GYH FLIUH JRGLQH MHU VWH YHN R]QDþLOL YHü QD SR þHWNXQL]DQDSULPHUSRVWDYOMDQMHPQXPHULþNHUHFLLVSUHGVREH DNRSDPWLWHUHFLPRWRSRVLVWHPRP 8NROLNR ]D QHNL þODQ KURQRORJLMH WUHED GD ]DSDPWLWH YLãH SRGDWDND UHFLPR UHGRVOHG YODGDUD NDR /XM ;9, /XM ;9,,, LWGWD þQHGDWX PHLWVO RQGDIRUPLUDWHSRWUHEDQPDOLODQþDQLQL] þLML üH SUYL þODQ ELWL LVWRULVND OLþQRVW LOL GRJD ÿDM NRML VWH SRVWDYLOL QD WRP YH]QRP PHVWX 3RUHG WRJD UHGRVOHG YODGDUD PRåHWHR]QDþLWLLSRVOHGQMLPVXJODVQLNRPXVXSVWLWXFLRQRMUHFL]D QMHJRYRLPHQDSU&KDUOHV, 6DUL, 6$5D'D&KDUOHV,, 6DUL 6$5D1 &KDUOHV ,,, 6DUL 6$5 0 â$50 =QDþLSUYLGHRVXSVWLWXFLRQHUHFLSRWVHüD9DVQDVDPRLPHYODGDUD DSRVOHGQMLVXJODVQLNQDQMHJRYUHGRVOHG 3UREOHP SDPüHQMD W]Y ªWHãNLK JRGLQD© ]D NRMH QH PRåHWH RGPDKLOLODNRQDüLRGJRYDUDMXüX QXPHULþNXUHþVDYDåHüDSUYD VXJODVQLNDMHG
QDVWDYQRUHãDYDOHQDWDMQDþLQãWRüHWH]DVYDNXEURMNXJRGLQHX]HWL SR MHGQX QXPHULþNX UHþ VD YDåHüLP SUYLP VXJODVQLNRP 3UHWSRVWDYLPR GD MH ªWHãND© JRGLQD NDGD MH REMDYOMHQD GHNODUDFLMD QH]DYLVQRVWL DPHULþNLK NRORQLMD ª'HNODUDFLMD QH]DYLVQRVWLSUHWVWDYOMDODMH*ODV.RORQLMDLäLWHOMDXQMLPD *² .² © 3DPüHQMH RVWDOLK þLQMHQLFD L SRGDWDND PRåHWH VHEL RODNãDWL UD]QLP PHWRGDPD L WHKQLNDPD NRMLPD VDGD UDVSRODåHWH 1D SULPHU LPDYHRPDVUHWQLKNRLQFLGHQFLMDXSRMHGLQLPLVWRULVNLPGRJDÿDMLPD LOLþLQMHQLFDPDLPH/LQNROQRYRJSRWSUHWVHGQLNDVDGUåDQRMHXLPHQXL SUH]LPHQXVDPRJ/LQNROQD+DPOLQ $EUD+$0²/,1NROQ ,OL WUL QHXWUDOQH GUåDYH WRNRP 'UXJRJ VYHWVNRJ UDWD ELOH VX âYHGVNDâYDMFDUVNDLâSDQLMD9HRPDVHODNRSDPWHMHUVYHSRþLQMX VDª6©LMHGLQHVXWULGUåDYHX(YURSLþLMLQD]LYSRþLQMHVDªâ© 8]PLPRMRãMHGDQSULPHUL]LVWRULMH6HGDPULWHUVNLKYLWHãNLK YHãWLQD VX ELOH MDKDQMH SOLYDQMH EDFDQMH NRSOMD PDþHYDQMH ORY LJUDQMH ãDKDLSHVQLãWYRYHUVLILNDFLMD $NRVYDNXYHãWLQXSUHWVWDYLWH RGJRYDUDMXüLP VLPERORP LOL SRVUHGQRP UHþMX ODNR LK PRåHWH WUDMQR ]DSDPWLWL åHOMHQLP UHGRVOHGRP SR ODQþDQRP PHWRGX SDPüHQMD -HGQD RG PRJXüLK NRPELQDFLMD MH L RYD MDKDQMH .21- SOLYDQMH 3/,9$ý EDFDQMH NRSOMD .23/-( PDþHYDQMH 0$& ORY /29$& LJUDQMHãDKD â$+ L SHVQLãWYR 3(61,. ,]DEUDQH UHFL DVRFLUDMWH MHGQLP ODQþDQLP QL]RP L QD SRþHWDN QL]D NDR QMHJRY SUYLþODQVWDYLWHVDPRJYLWH]DNRMLüH9DVXYHNSRWVHüDWLGDVHUDGL RVHGDPULWHUVNLKYLWHãNLK YHãWLQD 8 SDPüHQMX LVWRULVNLK SRGDWDND L þLQMHQLFD LPDWH ]DLVWD ãLURNH PR JXüQRVWL ]D SULPHQX PHWRGD L WHKQLND NRMLPD YODGDWH 3UHWKRGQR MH QDM YDåQLMHGDVDPPDWHULMDOGREURSURDQDOL]LUDWHLQDRVQRYXWRJDNODVLILNX MHWH L JUXSLãHWH MHUWLPH UDFLRQDOL]LUDWH þLWDY SRVWXSDN L X YHOLNRM PHUL ãWHGLWHYUHPHLWUXG1DRVQRYXVYHJDWRJDODNãHPRåHWHGDVHRGOXþLWH ]DãWRHILNDVQLMLL]ERUSULNODGQLKPHWRGDLWHKQLND]DSDPüHQMHVDPRJPD WHULMDOD BBBBBBBBBBB
1$38782.269(7$
=HPOMDMHGLYQDDNRVHQDQMRMWUDåL PLUþLQLSUDYGDLPDORåHOL ²3HVWDORFL
3$0û(1-(32-029$,32'$7$.$,=*(2*5$),-(
-Rã X 3RJODYOMX XSR]QDOL VWH MHGDQ PHWRG RVPLãOMDYDQMD L SDPüHQMDJHRJUDIVNLKNDUDWDQHNLK]HPDOMD 1D VOLþDQ QDþLQPRåHWH RVPLVOLWL NRQWXUH L GUXJLK ]HPDOMD L NRQWLQHQDWD L QD WDM QDþLQ LK ODNRSUHSR]
-RKDQQ+HLQULFK3HVWDOR]]L² ãYDMFDUVNLSHGDJRJLUHIRUPDWRU
QDYDWLQDJHRJUDIVNRMNDUWL1DSULPHU-XåQD$PHULNDHYHQWXDOQRRNUH QXWD ]D X VPLVOX VDWQH ND]DOMNH SRWVHüD QD NRQWXUH SURILOD JODYH VORQDLOLDNRQHNRPYLãHRGJRYDUDQDNRUQHWSUHSXQMHQVODGROHGRP 7DNRÿH3LULQHMVNRSROXRVWUYRSRWVHüDQDSURILOJODYH.ROXPEDNRML JOHGD QD ]DSDG NXGD MH SORYLR OLFHP 3RUWXJDOMD RNUHQXW $WODQWLNXVDGXJRPNRVRPNRMDVHOHSUãDQDYHWUX 6SDQLMD GRN *LEUDOWDU SRWVHüD QD QMHJRY YUDW .RQWXUH 6NDQGLQDYVNRJSROXRVWUYD SRWVHüDMX YHRPD QD QHNRJ SVD X WUNX LWG 1D VOLþDQ QDþLQ PRåHWH RVPLVOLWL L RQGD DVRFLUDWL L NRQWXUH GUXJLK ]HPDOMD LOL NRQWLQHQDWD VD QMLKRYLPQD]LYRP 5D]QHSRGDWNHRSRMHGLQLP]HPOMDPDNDRQDSULPHUL]YR]LXYR] SRMHGLQLK SURL]YRGD X WRQDPD EURM VWDQRYQLND SRMHGLQLK QDURGQRVWL X SURFHQWLPD LOL KLOMDGDPD SURL]YRGQMD UD]QLK GREDUD X WRQDPD LQGHNVL UDVWD SRMHGLQLK SRND]DWHOMD SR JRGLQDPD LOL PHVHFLPD LWG PRåHWH HILNDVQR SDPWLWL X REOLNX RGJRYDUDMXüLK WDEHOD WHKQLNDPD NRMLPD UDVSRODåHWH 3RãWR VH UDGL R WDEHODUQLP SUHJOHGLPD SUHSRUXþOMLYR MH NRULVWLWL WRSRVLVWHP WDNR GD QD]LY SRGDWND RSUHGPHüHQ LOL GLUHNWQR SRVWDYLWH QD RGJRYDUDMXüH YH]QR PHVWR D VD QMLPDVRFLUDWHQXPHULþNXUHþNRMDVDGUåLSURFHQDWLOLEURMWRQDKLOMDGD PHWDUDLWG6DPQD]LYWDEHOHDNRMHSRWUHEQRRVPLVOLWHLOLRSUHGPHWLWHL SRVWDYLWHJDSUHGYUDWLPDWHVREH 8 SDPüHQMX ELOR NDNYLK WDEHODUQLK SRGDWDND L] JHRJUDILMH UHGRYQR RGUHGLWH XQDSUHG NDNR üHWH SDPWLWL EURMþDQH SRGDWNH VD NROLNRFLIDUDLXNRMLPMHGLQLFDPDPHUH1DSULPHUX]PLPRGYDWDNYD WDEHODUQDSUHJOHGDJHRJUDIVNLKSRGDWDND 1$-9(û$26759$69(7$ 1$-9,â,95+29,69(7$ XNP XP *UHQODQG 0DXQW(YHUHVW 1*YLQHMD $NRQNDJYD %RUQHR 0DN.LQOL %DILQRYD=HPOMD 0DGDJDVNDU .LOLPDQG]DUR 6XPDWUD 0DXQW.DUVWHQ +RQãX+RQGR 0RQEODQ 9HOLND%ULWDQLMD =D PHPRULUDQMH RVWUYD PRåHWH XQDSUHG RGUHGLWL GD üHWH LK SDPWLWL X KLOMDGDPD NP X NP L WR NDR FLIUHQH EURMHYH MHU RQGD PRåHWH NRULVWLWL VDPR SR MHGQX QXPHULþNX UHþ VD YDåHüD SUYD WUL VXJODVQLND ýDN L SRYUãLQX *UHQODQGD PRåHWH ]DRNUXåLWL QD WUL FLIUH UHFLPR L QMX WDNRÿH DVRFLUDWL SRPRüX MHGQH QXPHULþNH UHFL =DEXQH QH PRåH ELWL MHU *UHQODQG QH PRåH ELWL PDQML RG 9 %ULWDQLMH D SRUHG WRJD RQ MH L QDMYHüH RVWUYR VYHWD 3UHPD WRPH EURM XYHNüHWHªSUHYHVWL©NDR 6OLþQHRODNãLFHLXSURãüDYDQMDPRåHWHSULPHQLWLLNRGGUXJLKWDEH ODUQLK SRGDWDND 1D SULPHU QDMYHüH YUKRYH VYHWD PRåHWH WDNRÿH SDPWLWLVDSRMHGQRPQXPHULþNRPUHFLVDYDåHüDVXJODVQLNDXPHVWRVD GYH QXPHULþNH UHFL X NRMLPD YDåH SR VXJODVQLND 'RYROMQR MH GD SRVOHGQMX FLIUX ]DRNUXåLWH QD EOLåX GHVHWLFX 0DXQW (YHUHVW 0DN.LQOL LWGMHUSRVOHGQMDFLIUDQLMHWROLNRYDåQDD RELþQRQLMHXYHNQLWDþQD%LWQRMHGDNRGVYDNHWDEHOH]QDWHXNRMLP MHGLQLFDPDPHUHMH
SDPWLWHLXNRMLPGHNDGQLPMHGLQLFDPDVHNUHüXQXPHULþNLSRGDFL VDWDEHOH *HRJUDIVNHNRRUGLQDWHSRMHGLQLKPHVWDLWDþDND QD =HPOMLPRåHWH SDPWLWL VD GYH QXPHULþNH UHFL V WLP ãWR XYHN SDPWLWH ãLULQX D RQGD JHRJUDIVNX GXåLQX =QDþL UHGRVOHGRP RGUHÿXMHWH NRML EURM 9DP R]QDþDYD ãLULQX D NRML GXåLQX 1D SULPHU VHYHUQH ãLULQH L LVWRþQHGXåLQH ²L²'DELR]QDþLOLMXåQX ãLULQX L ]DSDGQX GXåLQX VWDYLWH MHGQX QXOX LVSUHG $NR VH VWHSHQL PLQXWL LOL VHNXQGL VDVWRMH RG MHGQRFLIUHQRJ EURMD GD EL L]EHJOL ]DEXQX XYHNLVSUHGMHGQRFLIUHQRJEURMDVWDYLWHMHGQXQXOX1DSULPHU ² LOL ² 7LPH SDPüHQMH NRRUGLQDWD SRMHGLQLK PHVWD LOL WDþDND VYRGLWH QD DVRFLUDQMH MHGQRJ FLIUHQRJLOLFLIUHQRJEURMDVDVDPLPQD]LYRPPHVWD 3DPüHQMHJHRJUDIVNLKNDUDWDLSODQRYDPRåHWHHILNDVQRREDYLWLSR PRüX MHGQH PUHåH QD SURYLGQRP SDSLUX þLMH NYDGUDWH QXPHULãHWH UHGQLP EURMHYLPD RG O SD QDGDOMH VOLþQR NDR NRG SRWSXQH QXPHUDFLMH VREH X WRSRVLVWHPX 8NROLNR X]PHWH VLWQLMH NYDGUDWH QD PUHåL GRELüHWH YHüX SUHFL]QRVW 3UHNULYãL NDUWX LOL SODQ RYDNR QXPHULVDQRP PUHåRP PRåHWH EU]R DVRFLUDWL REMHNWH ]D EURM NYDGUDWD SRG NRMLP VH QDOD]H L QD WDM QDþLQ VLJXUQR L SUHFL]QR PHPRULUDWL YH]QLP PHWRGRP ELOR NRMX JHRJUDIVNX NDUWX 1DUDYQR SRMHGLQH EURMHYH 9DãH NYDGUDWQH PUHåH WUHWLUDüHWH NDR YH]QD PHVWD X MHGQRM VRELSRWRSRVLVWHPXLOLNDRPHVWDMHGQHRGYH]QLKWDEHOD 6DVWRSURFHQWQRPSUHFL]QRãüXPRåHWHSDPWLWLWDþDQSUDYDFSUX åDQMDLGXåLQXSRMHGLQLKUHNDNRPXQLNDFLMDUD]QLKREMHNDWDLWDþDNDQD NDUWL SRPRüX NRRUGLQDWQH PUHåH NRMX SRVWDYLWH SUHNR NDUWH 3DPüHQMH VH WLPH VYRGL QD DVRFLUDQMH SDURYD NRRUGLQDWD VD QD]LYRP REMHNWDNRML RGUHÿXMX QD NRRUGLQDWQRM PUHåL 1D SULPHU MHGDQ REMHNDW QD NDUWL PRåH VH RGUHGLWL L ]DSDPWLWL VD VDPR MHGQLP SDURP NRRUGLQDWD;L<DQHNLUHNDSXWLXRSãWHREMHNDWXREOLNXOLQLMHVD YLãHSDURYDNRRUGLQDWDSR;XL<X 5D]QHGUXJHSRGDWNHLSRMPRYHPRåHWHPHPRULUDWLVSUHWQRPSUL PHQRPLNRPELQDFLMDPDWHKQLNDNRMLPDUDVSRODåHWH1DSULPHUþHVWR GROD]LGR]DEXQHRNRWDþQRJUHGRVOHGDVRYMHWVNLKUHSXEOLND (VWRQLMH ²(6WRQLMD /HWRQLMH ²/(WRQLMD /LWYDQLMH ²/,WYDQLMD $OLDNRLKSRUHGDWHSUHPDDOIDEHWVNRPUHGRVOHGXNRULVWHüLSUYH VORJRYH QD]LYD RQGD üHWH X9HN WDþQR GRELWL QMLKRY JHRJUDIVNL UDVSRUHGRGVHYHUDSUHPDMXJX 9HOLNDMH]HUDX6HY$PHULFLPRåHWHODNRILNVLUDWLXPHPRULMLSR PRüXLQLFLMDOQHWHKQLNH6XSHULRU0LFKLJDQ(ULH+XURQ 6²0² ( ² + 60(+ ,VWRP WHKQLNRP PRåHWH ODNR DVRFLUDWL QD]LYH SURYLQFLMDX.DQDGL ..YHEHN 1 1HZ)RXQGODQG 22QWDULR 0 0DQLWRED 11RYD6FRWLD 33ULQFH(GZDUG,VODQG 1 1HZ%UXQVZLFN $ $OEHUWD 6 6DVNDþHYDQ % %ULWDQVND.ROXPELMD
'RYROMQRMHGDLQLFLMDOHQD]LYDSRYH]HWHMHGQRPDVRFLMDWLYQRPUH þHQLFRPNDRãWRMHRYDª.203$61D1RüQRP1H%X© 'D OL 0HVHF UDVWH LOL VH VPDQMXMH PRåHWH MHGQRVWDYQR XWYUGLWL DNR X PDãWL ªSULVORQLWH© X] 0HVHF RORYNX LOL QHNL SUDY SUHGPHW $NR GRELMHWHVOLNXVORYDª3©LDNRVHVOXåLWHüLULOLFRPRQGDRGPDKYLGLWHGD ª3©5 üLULOLFRP ² ]QDþL GD 5DVWH D DNR NRULVWLWH ODWLQLFX RQGD DVRFLUDWHª3© 3XQ]QDþL0HVHFüHELWL3XQ$NR9DPGDMHVOLNXVORYD ª&© RQGD DVRFLUDWH ª&© üLULOLFRP ª6© 6PDQMXMH VH ,L ª&© MH GHRVORYDª6©LWG 7UDMQR PRåHWH ]DSDPWLWL GD VX VWDODJPLWL GROH D VWDODNWLWL JRUH DNR DVRFLUDWH GD GHR QD]LYD ª67$/$*PLWL© SRWVHüD QD ª7$/2*© ª7$/$*© NRMLVHXYHNQDOD]LGROH7DNRÿHGHRQD]LYD MHLª/$*0© 6WD/$*0LWL NRMLSRWVHüDQDª/$*80©DODJXPLVX XYHNGROHSRG]HPOMRP .RULVWHüL VXSVWLWXFLRQH UHFL PRåHWH VDPR MHGQLP þLWDQMHP ]DRDPWLWLYH]QLPPHWRGRPQD]LYHVYLKVDYH]QLKGUåDYD6$',OXVWUDFLMH UDGLQDYHãüHPRVDPRQHNROLNRSULPHUD $ODEDPD ²$OEXP &RORUDGR ².RORUL5DGD $ODVND ²$ODVNDþRUED &RQHFWLFXW ².RQHNWRU $UL]RQD ²5,=L]RQD 6'HODZDUH ²' HODL9HUD $UNDQVDV ²$UDNLND]DQ )ORULGD ²)ORUD &DOLIRUQLD ².DOLI *HRUJLD ²RUÿLMDLWG .DR ãWR VWH YLGHOL X RYRP L SUHWKRGQLP SRJODYOMLPD SUDNWLþQR QHPD VOXþDMHYD QD NRMH QH EL PRJOL SULPHQLWL QHNX RG WHKQLND NRMLPD UDVSRODåHWHMHUMHQMLKRYDPRJXüQRVWSULPHQHQDUD]QHREODVWLGDOHNR YHüDRGSULPHUDQDYHGHQLKQDRJUDQLþHQRPSURVWRUXRYHNQMLJH
.52=&$567921$8.$ 35,0(5,3$0û(1-$32'$7$.$,=1(.2/,.2 1$8ý1,+2%/$67,
8RYRPSRJODYOMXüHWHQDüLSRQHNROLNRSULPHUDSDPüHQMDUD]QLK SRGDWDND L] QHNROLNR QDXþQLK REODVWL 3RJOHGDMPR QHNH SULPHUH L] ELRORJLMHþHVWRPHãDPRSRMPRYHªRQWRJHQLMD©LªILORJHQLMD©NDRQD SULPHUXWYUGQMLª2QWRJHQLMDMHSRQDYOMDQMHILORJHQLMH©ª3 LORJHQLMD© VYRMLP SUYLP GHORP ª)LOR© SRWVHüL QD QDãX UHþ ª)HOD© NRMD ]QDþL ª YUVWD© 3UHPD WRPH ODNR ILNVLUDPR DVRFLMDFLMX GD MH ª)LORJHQLMD© UD]YLWDNYUVWH,OLDNRXRþLPRGDMHSUYLVORJª21WRJHQLMH©LGHQWLþDQVD OLþQRP ]DPHQLFRP ªRQ© NRMD QDV GLU HNWQR SRWVHüD QD ªþRYHN© ªMHGLQND©RGPDKPRåHPRDVRFLUDWLGDMHªRQWRJHQLMD©UD]YLWDNMHGLQNH
'D ELVWH ]DSDPWLOL YUHPHQD FYHWDQMD SRMHGLQLK ELOMDND L FYHüD GRYROMQRMHGDDVRFLUDWHQXPHULþNXUHþNRMDVDGUåLSHULRGFYHWDQMDVD VDPLP QD]LYRP ELOMNH 1D SULPHU DNR FYHüH FYHWD RG DSULOD GR VHSWHPEUD QXPHULþND UHþ NRMD VDGUåL EURMHYH DSULO L VHSWHPEDU DVRFLUD VHVDQD]LYRPVDPRJFYHüD$NRFYHWDLSUHFYHWDX LVWRPPHVHFXRQGDVHX]PHGYDSXWDLVWLEURM]DWDMPHVHFLOLWDMEURM LQXODLOLWDMEURMLELORNRML GUXJL EURM SUH QMHJDMHUMHQHORJLþQRGD FYHWDQMHWUDMHUHFLPRRGMXQDGRPDUWD =DSDPüHQMHERWDQLþNHQRPHQNODWXUHLNODVLILNDFLMHELOMDNDYHRPD XVSHãQRPRåHWHNRULVWLWLELORNRMXYHU]LMXYH]QRJPHWRGDSDPüHQMD 8 IL]LFL GD ELVWH ]DSDPWLOL VSHFLILþQH WHåLQH UHFLPR PHWDOD GRYROMQR MH GD QDMSUH XRþLWH QDMPDQMX L QDMYHüX VSHFLILþQX WHåLQX L GD QDRVQRYXWRJDRGUHGLWHãWDüH9DPSRMHGLQHQXPHULþNHUHFLR]QDþDYDWL =DWLP RGDEUDQH QXPHULþNH UHFL NRMH VDGUåH VDPH VSHFLILþQH WHåLQH DVRFLUDMWH VD QD]LYLPD SRMHGLQLK PHWDOD 7DNRÿH GD ELVWH ]DSDPWLOL GD FUYHQDERMDLPDQDMYHüXWDODVQXGXåLQXXVSHNWUXDOMXELþDVWDQDMNUDüX MHGQRVWDYQR ILNVLUDMWH GD MH OMXELþLFD OMXELþDVWD ERMD NUDWDN LOL NUDWNRWUDMDQ FYHW D GD MH FUYHQGDü FUYHQD ERMD GXåL LOL YHüL RG OMXELþLFH 8 KHUQLML PRåHWH WDNRÿH QHRJUDQLþHQR SULPHQMLYDWL YHRPD XVSHãQR QDXþHQH WHKQLNH SDPüHQMD 1D SULPHU SHULRGQL VLVWHP HOHPHQDWD PRåHWH ]DSDPWLWL YHRPD EU]R L VLJXUQR QD QHNROLNR QDþLQD -HGDQ RG SUDNWLþQLMLK MH RYDM X]PHWH SULNODGQX WDEHOX SR YH]QRP VLVWHPX LOL VREH SR WRSRVLVWHPX L RGUHGLWH GD 9DP EURMHYL YH]QLK PHVWD DXWRPDWVNL R]QDþDYDMX L UHGQH EURMHYH HOHPHQDWD 1D VYDNRP YH]QRPPHVWXIRUPLUDWHPDOLODQþDQLQL]NRMLVDGUåL VLPERO LPH DWRPVNX WHåLQX L SUHGPHW þLML QD]LY SUYLP VXJODVQLNRP GDMH UHG D GUXJLP VXJODVQLNRP JUXSX X NRMX WDM HOHPHQDW VSDGD 'D EL R]QDþLOLGDMHQHNLHOHPHQDWVDGHVQHVWUDQHXJUXSLGRYROMQRMHGDX UHFL NRMD VD VYRMD SUYD GYD VXJODVQLND ND]XMH UHG L JUXSX GRGDWH MRã MHGQXQXOXNRMDüH9DVXYHNSRWVHWLWLGDWDMHOHPHQDWGROD]LVGHVQH VWUDQH X JUXSL 8 9,,, JUXSL LPDWH SR WUL HOHPHQWD X UHGX L GD EL SUHFL]LUDOLQMKRYDPHVWDNRULVWLWHLVWXQXPHULþNXUHþNRMDR]QDþDYDUHGL JUXSX DNR RQD SRþLQMH VD QXORP ]QDþL HOHPHQDW MH OHYR X JUXSL EH] QXOH]QDþL XVUHGLQL JUXSH D VD QXORP NDR WUHüRP FLIURP R]QDþDYD GD MHHOHPHQDWGHVQRXJUXSL1DSULPHUHOHPHQWLX9,UHGXL9,,,JUXSL 5X 5K L 3G LPDüH QXPHULþNH UHFL ]D R]QDNX PHVWD NRMH VDGUåHVOHGHüHEURMHYHUHVSHNWLYQR OHYR9,UHGL9,,,JUXSD X VUHGLQL 9, UHG L 9,,, JUXSD L 9, UHG 9,,, JUXSD L GHVQR 7DNRÿH þHVWR GROD]L GR ]DEXQH GD OL MH PHVLQJ OHJXUD EDNUD VD FLQNRP LOL NDODMHP $NR XRþLWH GD GUXJL VORJ QD]LYD PH6,1* SRWVHüDQD&,1.RQGDüHWHWUDMQR]DSDPWLWLGDMHPHVLQJOHJXUDEDNUD VDFLQNRPDQHQLNDNRVDNDODMHP 8 ORJLFL PHWRGDPD NRMLPD UDVSRODåHWH PRåHWH WUDMQR ILNVLUDWL X PHPRULML UD]QH VLORJL]PH =D SDPüHQMH R]QDND XQLYHU]DOQR DILUPDWLYQRJ D L SDUWLNXODUQR DILUPDWLYQRJ L VXGD NRULVWL VH MRã XYHN ODWLQVND UHþ $IILUPR WYUGLP D ² L 7DNRÿH ]D RSãWH RGUHþQH H LGHOLPLþQRRGUHþQH R UHþQ(J2 RGULþHP H² R =D SDPüHQMH PRGXVD ]DNOMXþLYDQMD L QMLKRYLK NRPELQDFLMD UHFLPR SUYH ILJXUH VOXåH WDNRÿH RYH ODWLQVNH UHFL %$UE$U$ DDD &(O$U(QW HDH '$U, DLL LWG 0HÿXWLP ]D PQRJH üH ELWL SUDNWLþQMHLODNãHGDVHSRPRJQXVXSVWL
WXFLRQLPUHFLPDMHUVHQMLPDPRåHLVWRYUHPHQRSDPWLWLL VLORJLVWLþNDI L JXUDLVYHQMHQHNRPELQDFLMH1DSULPHU 0D3 ²0D3D 0H3 ²0H3KLVWR 6D0 ²6D0VRQ 6D0 ²6D0DF 6D3² 6D3XQ
6H3 6H3DUH $NRL]DEUDQHVXSVWLWXFLRQHUHFL]DSDPWLWHQHNLPRGYH]QLK PHWRGD]QDüHWHRGPDKLUHGQLEURMVYDNHILJXUH
3DPüHQMHXSRVORYQRPåLYRWX 5RNIHOHU -RKQ 'DYLVRQ 5RFNHIHOOHU ² SR]QDWL DPHULþNL LQGXVWULMDODF L ILQDQVLVNL PDJQDW LPDR MH RELþDM GD NDåH GD SRORYLQX VYRMLK SRVORYQLK XVSHKD LPD GD ]DKODYL VYRP SDPüHQMX NDR L GD RQDM NRML LPD ORãH SDPüHQMH QHüH QLNDGD SRVWLüL QHãWR X åLYRWX 'DQDãQML SRVORYQL åLYRW WUDåL VSRVREQH LVNXVQH OMXGH VD VLJXUQLP WUH]YHQLP UDVXÿLYDQMHP L UHDOQLP ]DNOMXþLYDQMHP 1H PDOL GHR WH VSRVREQRVWL þLQL L PRü GREURJ SDPüHQMD 1D SULPHU MHGQD RG YHOLNLK WDMQL XVSHãQH SURGDMH OHåL X VSRVREQRVWL VLJXUQRJ SDPüHQMD LPHQD SRURGLþQLK SULOLND KRELMD L GU VDPRJD NXSFD R þHPX VH ODNR SRþLQMH UD]JRYRU NRML SRVWHSHQR SUHUDVWD X QHXVL,MHQ L SULURGDQ SRVORYQL GLMDORJ =DKYDOMXMXüL GREURP SDPüHQMX PRJX VH VYL SRWUHEQL SRGDFL R VDPRPSURL]YRGXLQMHJRYHSUHGQRVWLQDGRVWDOLPDYHRPDVLJXUQR L VXJHVWLYQR X QHQDPHWOMLYRP WRQX SUH]HQWLUDWL NXSFX .DR L X RVWDOLP REODVWLPD L X SRVORYQRP åLYRWX QHLVFUSQD MH OLVWD PRJX üLKSULPHQDPHWRGDLWHKQLNDNRMLPDUDVSRODåHWH1DYHãüHPRVDPR QHNROLNR VOXþDMHYD SDPüHQMH ILQDQVLVNLK L]YHãWDMD EHU]DQVNLK L]YHãWDMD NDWDORJD FHQRYQLND NXUVQLK OLVWD QRPHQNODWXUD SURL]YRGDFDULQVNLKWDULIDLWG 1D SULPHU EHU]DQVNH L]YHãWDMH LQRVWUDQLK EHU]L SDPWLWH SDUQLP DVRFLMDFLMDPD WDNR ãWR QD]LY ILUPH RSUHGPHüHQ L RVPLãOMHQ DNR WUHED DVRFLUDWH VD FHQDPD DNFLMH NRMH VH GDMX X PHãRYLWLP UD]ORPFLPD W 9V LOL V 3RãWR VH VYL RYL UD]ORPFLPRJXVYHVWLQDª9J©RQGD]DGQMRPFLIURPXFHQLDNFLMH MHGQRVWDYQRREHOHåLPREURMRVPLQD 1DSULPHU L LWG 3RUHG SDPüHQMD EURMHYD UD]QLK UDþXQD X EDQNDUVWYX PRJX VH HILNDVQR L VLJXUQR SDPWLWL X NQMLJRYRGVWYX EURMHYL UDþXQD NRQWQLSODQRYLNODVHYDåQHSDUWLMH LWG âWDYLãH PRJXüH MH YRGLWL L GHWDOMQRPHQWDOQRNQMLJRYRGVWYR8YH]LVDWLP]DQLPOMLYMHVOXþDM IHQRPHQDOQRJ 9LOMHPD 1RUEHUWD :LOOLDP 1RUEHUW JODYQRJ VYHGRNDQDVXÿHQMXRSWXåHQLPªQDVOHGQLFLPD©$O&DSRQHD *RGLQH /XLÿL 5LQDOGR MH SRVWHSHQR XYXNDR X VYRMX EDQGXL1RUEHUWDDGDRYDMWRJDQLMHELRQLVYHVWDQMHUMH5LQDOGR SULYLGQR SRVORYDR OHJDOQR 1RUEHUWMH ELR ]DSUDYR VDPR 5LQDOGRYR ªPHQWDOQRNQMLJRYRGVWYR © MHU VX VH VYD SODüDQMD X JDQJVWHUVNRP VLQGLNDWX YUãLOD X JRWRYRP D SRMHGLQH ªVWDYNH© MH ªNQMLåLR© X VYRP SDPüHQMX IHQRPHQDOQL 1RUEHUW þRYHN VD L]YDQUHGQLP SDPüHQMHP]DFLIUH .DGD MH VXG GHILQLWLYQR åHOHR SURYHULWL GD OL PRåH SULKYDWLWL 1RUEHUWRYR VYHGRþHQMH 1RUEHUW MH ]D GRND] VDEUDR EUåH RG GYRMLFH UDþXQDUD NRML VX UDGLOL VD UDþXQVNLP PDãLQDPD ]ELU RG SUHNRSHWRFLIUHQLKL
ãHVWRFLIUHQLK EURMHYD GRELYãL WDþDQ UH]XOWDW 7DNRÿH MH QD VXÿHQMX GDR WDþQX UHSURGXNFLMX MHGQH ILQDQVLVNH WUDQVDNFLMH L SULND] QMHQRJ NQMLåHQMDãWRMHQDNQDGQRPSURYHURPXWYUÿHQRNDRWDþQR 8SRVORYQLPSUHJRYRULPDSRUHGOLVWHNXUVHYDVWUDQLKYDOXWDEHU ]DQVNLKFHQDLL]YHãWDMDLGUXJLKSRGDWDNDYDåQRMH]QDWLLFDULQVNHVWR SHSRUHVNHLGUXJHGDåELQHNDNRELVHFHQHSRMHGLQLKSURL]YRGDEU]RL HILNDVQRPRJOHL]UDþXQDYDWLLWRNRPSUHJRYRUDNRULVWLWL8]PLPRQHNR OLNRSULPHUDL]ª&DULQVNHWDULIH© 5EU 1D]LY ,]YR] 8YR] &DULQDR 3ROLSURSLOHQ /% *'. )HQROSUHþLãüHQL /% 5. 7UDNWRUL /% ' 7UDNWRULJXVHQLþDUL /% ' W 3XWQLþNLDXWRPRELOL /% ' GRFFP 5HFLPRSULPHUª7UDNWRULJXVHQLþDUL©ODNRDVRFLUDPRSXWHP SDUQH DVRFLMDFLMH DNR XYR]QL UHåLP ' DVRFLUDPR X MHGQRM QXPHULþNRM UHFL VD FDULQRP L GRGDWQLP GDåELQDPD WM XNXSQR ª7UDNWRUL JXVHQLþDUL L ª'D-0OHU© ' 1D VOLþDQ QDþLQ ]DSDPWLPR VYH SR]LFLMH NRMH QDV LQWHUHVXMX L] ª&DULQVNH WDULIH©,]YR]QLUHåLPª/%©QHWUHEDSDPWLWLMHUVHXJODYQRPSRQDYOMD NRGYHüLQHSURL]YRGDRVLPWDPRJGHMHUD]OLþLW 7DNRÿH PHWRGRP SDUQLK DVRFLMDFLMD PRåHPR ]DSDPWLWL OLVWX NXUVHYDVWUDQLKYDOXWDNRMHVXQDPQDMþHãüHSRWUHEQH1DSULPHU 9$/87$ .856 86 O² '0 ² 6IU ² $VFK ² LWG =DRYHVYUKHGRYROMQRMHSDPWLWLNXUVHYHVDWULFLIUHWMVDSRMHG QRPQXPHULþNRPUHFLãWR]QDWQRXSURãüXMHþLWDYSRVWXSDN².DGD ]QDPRFDULQVNXVWRSXL NXUV VWUDQH YDOXWH PRåHPR EU]R L]UDþXQDWL GL QDUVNXFHQXWRJSURL]YRGD0HÿXWLP þLWDY SRVWXSDNPRåHPRMRã YLãH VNUDWLWL L SRMHGQRVWDYLWL NRULãüHQMHP WDNR]YDQLK IDNWRUQLK EURMHYD XPHVWRGDGHYL]QXFHQXPQRåLPRNXUVHPGDELGRELOLGLQDUVNXFHQXSD RQGD RYX VD FDULQVNRP VWRSRP GD EL L]UDþXQDOL L]QRV FDULQH LWG GRYROMQR MH GD GHYL]QX FHQX SRPQRåLPR VDPR IDNWRUQLP EURMHP L GD GLUHNWQRGRELMHPRGLQDUVNXFHQXRFDULQMHQRJSURL]YRGD)DNWRUQLEURM]D RGUHÿHQX FDULQVNX VWRSX L NXUV GRELMDPR MHGQRVWDYQLP PQRåHQMHP FDULQVNHVWRSHVDNXUVHPNRMLMHXYHüDQ]D1DSULPHU FDULQVNDVWRSD NXUV]D86² IDNWRUQLEURM ; 3UHPD WRPH PRåHPR ]DSDPWLWL MHGQX WDEHOX SRWUHEQLK IDNWRUQLK EURMHYD ]D FDULQVNH VWRSH RG ² DNR LK LPD L ]D YDOXWH VD NRMLPD QDMYLãH UDGLPR =D FDULQVNH VWRSH X]PLWH ELOR NRMX YH]QX WDEHOXWDNRGD9DPEURMYH]QRJPHVWDRGPDKGDMHLFDULQVNXVWRSX=D SRMHGLQH FDULQVNH VWRSH EURMHYL YH]QLK PHVWD DVRFLUDMWH IDNWRUQH EURMHYHNRMHMHGRYROMQRGDSDPWLWHVDVDPRFLIUHQDSULPHUJRUQML IDNWRUQLEU]DSUDNWLþQHSRWUHEHXSUHJRYRULPDGR\ROMQRMHGD SDPWLWHLNDR
$NR QD RYDM QDþLQ ILNVLUDWH X PHPRULML MHGQX RYDNYX WDEHOX IDNWRUQLK EURMHYD ELüHWH X VWDQMX GD HO LNDVQR L EU]R L]UDþXQDYDWH GLQDUVNXFHQXNRMDXNOMXþXMHLFDULQX]DELORNRMLSURL]YRGVDNRMLP UDGLWH þLMD MH FHQD L]UDåHQD X ELOR NRMRM VWUDQRM YDOXWL NRMX RELþQR NRULVWLWHXVYRPSRVOX 3DPüHQMHVWDWLVWLþNLKSRGDWDND 9HOLNLEURMVWDWLVWLþNLKSRGDWDNDREMDYOMXMHVHXREOLNXWDEHODLWD EHODUQLK SUHJOHGD 3RãWR VH VYDND WDNYD WDEHOD VDVWRML L] RGUHÿHQRJ EURMDNRORQDLOLVWXEDFDLL]YHVQRJEURMDUHGRYDPRåHPRMHYHRPDODNR ]DSDPWLWL DNR MHGQRP QXPHULþNRP UHFL SDPWLPR R]QDNX NRORQH R]QDNX UHGD D GUXJRP ² VDP VWDWLVWLþNL SRGDWDN 1D SULPHU SRJOHGDMPRMHGDQXRSãWHQLWLSRYDNYHWDEHOHNRMLSRVOHPRåHPRODNR SULPHQLWLQDELORNRMLNRQNUHWQLVOXþDM $ % & ' ( ) 2YGH VPR NRORQH R]QDþLOL VORYLPD DOIDEHWD D UHGRYH EURMHYLPD ,VWR WDNR VPR PRJOL R]QDþLWL L NRORQH EURMHYLPD LOL UHGRYH VORYLPD 'D EL ]DSDPWLOL ELOR NRML SRGDWDN L] JRUQMH WDEHOH GRYROMQR MH GD RG R]QDNH ]D NRORQX L UHG QDSUDYLWH MHGQX QXPHULþNX UHþ L GD MH SDUQRP DVRFLMDFLMRP SRYH]HWH VD GUXJRP QXPHULþNRP UHFL NRMDR]QDþDYDVDPSRGDWDN1DSULPHU SRGDWDN ª© L] %NRORQH L UHGDSDPWLWHNDR%R-D % NRORQD%LUHG L/L67 $NR VX NRORQH L UHGRYL R]QDþHQL VDPR EURMHYLPD LOL VDPR VORYLPD SRVWXSDWHQDDQDORJDQQDþLQ 8 VOXþDMX GD VX NRORQH L UHGRYL R]QDþHQL UHFLPD RQGD QDMSUH NRORQH L UHGRYH R]QDþLWH EURMHYLPD D GRWLþQH UHFL DVRFLUDMWH VD SULSDGDMXüLP EURMHYLPD =DWLP QDVWDYLWH SDPüHQMH üHOH WDEHOH NDR GD MH R]QDþHQD VDPR EURMHYLPD ² 6YDNDNR PQRJH VWDWLVWLþNH SRGDWNH PRåHWHSDPLWWLWRSRVLVWHPRPODQþDQLPPHWRGRPL RVWDOLPWHKQLNDPDL PHWRGDPDVLVWHPDWVNRJSDPüHQMDNRMLPDUDVSRODåHWH%LWQRMHGDNDGD VH QDÿHWH SUHG VDPLP ]DGDWNRP SUDYLOQR RGUHGLWH L L]DEHUHWH QDMHILNDVQLMLQDþLQ]DSDPüHQMH]DGDWLKSRGDWDND 3DPüHQMHERMDLQMLKRYLKUD]QLKNRPELQDFLMD %RMHLQMLKRYHUD]OLþLWHNRPELQDFLMHXREOLNX]DVWDYDJUERYDVDR EUDüDMQLK ]QDNRYD UD]QLK R]QDND LWG PRåHPR SDPWLWL QDUDYQR QD QHNROLNR QDþLQD ERMH PRåHPR QXPHULVDWL SRMHGLQLP EURMHYLPD L RGUHÿHQX NRPELQDFLMX ERMD SDPWLWL NDR MHGDQ EURM PRåHPR LK VXSVWLWXLVDWL RGUHÿHQLP VXJODVQLFLPD L SDPWLWL NDR QL]RYH UHFL NRMH VDGUåH WH VXJODVQLNH 7DNRÿH LK PRåHPR SUHWVWDYLWL L SULNODGQLP SUHGPHWLPDLRQGDLKSDPWLWLODQþDQLPLOLQHNLPYH]QLPPHWRGRPNDR QL]SUHGPHWDLWG
6LVWHPDWVNRSDPüHQMHXUD]QLPGUXJLPREODVWLPD 8 ILODWHOLML GREDU ILODWHOLVWD PRUD ]QDWL SUHFL]QR PQRJR GHWDOMD R EURMQLPVHULMDPDUD]OLþLWLKPDUDNDNDRãWRVX
*RGL]GDQMD QDSU %UNRPDGDXVHULML QDSU %RMD QDSU]HOHQD 1RPLQDOQDYUHGQRVW QDSULWG 0RWLYVOLND QDSUª7HOHVNRS©LWG 6YH RYH SRGDWNH YHRPD MHGQRVWDYQR DVRFLUDMWH ELOR NRMRP PHWRGRP NRMD MH 9DPD OLþQR QDMSULNODGQLMD 3UL WRPH JRGLQX SDPWLWH NDR ª © EU NRPDGD L ERMX NRMX SUHPD PHWRGX ]D SDPüHQMH ERMH PRåH GD SUHWVWDYOMD WDNRÿH VDPR MHGQD EURMND SDPWLWH ]DMHGQRNDRMHGDQFLIUHQLEURMYUHGQRVWNDRFLIUHQLEURMLQDNUDMX QL]DGRGDWHVDPPRWLYLOLVOLNXNRMXPDUNDSUHWVWDYOMD 8 HOHNWURWHKQLFL þHVWR MH RG SUHVXGQH YDåQRVWL ]DSDPWLWL SUDYLODQ UHGRVOHG RERMHQLK SURYRGQLND X QHNRP XUHÿDMX 3UHWSRVWDYLPR GD WUHEDWDþQRILNVLUDWLVOHGHüLUDVSRUHGSURYRGQLNDSRERMDPD0UNL ² äXWL ² %HOL ² =HOHQL ² 3ODYL ² /MXELþDVWL ² 1DUDQGåDVWL 6YH VH GDNOH VYRGL QD SDPüHQMH RGUHÿHQRJ UHGRVOHGD ERMD -HGDQ RG QDþLQD PRåH GD EXGH L LQLFLMDOQD WHKQLND RG LQLFLMDOD QD]LYD VDVWDYLWH SULNODGQXUHþHQLFX1DSULPHU0R=HL%H=3/D1D .DR VSRUWLVWD PRåHWH HILNDVQR SDPWLWL SRMHGLQH UDGQMH QD WUHQLQJX NDR L VHULMH UD]QLK RSFLMD ãHPD LOL YDULMDFLMD WRNRP LJUH UHFLPR X QRJRPHWX LOL NRãDUFL D NDR QDYLMDþ VSRUWVNL UDGQLN LOL QRYLQDU VYH SRWUHEQH SRGDWNH L] UD]QLK VSRUWRYD UH]XOWDWH VDVWDYH WLPRYDYUHPHQDRGLJUDYDQMDLWG 8 VDPRL]JUDÿLYDQMX L RWVWUDQMLYDQMX UD]QLK ORãLK QDYLND DVRFLMDWLYQD WHKQLND PRåH GD EXGH RG YHOLNH SRPRüL $NR LPDWH UXåQX QDYLNXQHUYR]QRJGRERYDQMDSUVWLPDSRVWROXDVRFLUDMWHNDRGDGREXMHWH SR OHÿLPD QHNRJ MHåD 6OHGHüL SXW þLP SRþQHWH PDKLQDOQR L RWVXWQR GRERYDWLSUVWLPDRGPDKüHWHVHWUJQXWLNDRGDVWHVH ªQDEROL©QDMHåHYH ERGOMHMHUüHDXWRPDWVNLGDSURUDGL9DãDDVRFLMDFLMD 3ULOLNRPUHãDYDQMDSRMHGLQLKSUREOHPDPRåHWHWDNRÿHNRULVWLWLQD XþHQH WHKQLNH 5HFLPR X SUREOHPLPD RYDNYRJ WLSD 8 JUXSL RG UHFL LOL EURMHYD VH SRMDYOMXMX SXWD D QMLK XNXSQR SXWD© 5HãHQMH UHüL EURMHYH þLWDMWH UHGRP L ]D VYDNX IRUPLUDMWH 9DãX PHQWDOQX VOLNX NDR NDGD LK åHOLWH DVRFLUDWL .DGD SRQRYR QDLÿHWH QD LVWX UHþ EURM DXWRPDWVNL üH 9DP VH SRMDYLWL YHü VWYRUHQD VOLND L ]D WDNYX UHþ SRYHåLWH ª/DEXGD© D NDGD QDLÿHWH QD QMX MRã MHGDQSXW WM WUHüL SXW RQGD MH SRYHåLWH VD ª7URXJORP© 1D WDM QDþLQ LVWRYUHPHQR üHWH GRELWL GYD RGYRMHQD QL]D MHGDQ V UHFLPD NRMH 9DPVHSRQDYOMDMXSXWDDGUXJLVDUHFLPDNRMHVHSRQDYOMDMXSXWD 3URYHULWHVDGDNDNRVWHVHRVSRVRELOL]DSDPüHQMHUD]QLK SRGDWDNDL]LVWRULMHJHRJUDILMHLRVWDOLKQDXND
7(67%5 3RJO *RGLQHLVWRULVNLKGRJDÿDMDRNRSRþHWNDQRYHHUH SDPWLPR $ 6WDYOMDQMHPQXOHLVSUHGJRGLQHSRVOHQRYHHUH % 6WDYOMDQMHPQXOHLVSUHGJRGLQHSUHQRYHHUH & $VRFLUDQMHPQXPHULþNHUHFL]DJRGLQXSQHVDGUXJRPUHFL NR MDVDGUåLVXJODVQLNHª3© SUH Lª1© QRYHHUH
6, *RGLQH URÿHQMD L VPUWL SRMHGLQLK LVWRULVNLK OLþQRVWL LOL XRSãWH SHULRGHWUDMDQMDUD]QLKLVWRULVNLKGRJDÿDMDSDPWLPR ,VSXãWDQMHPSUYHFLIUHNRMDR]QDþDYDªKLOMDGH© ,VSXãWDQMHPSUYHLGUXJHFLIUHXREHJRGLQH ,]RVWDYOMDQMHPSUYHFLIUHXMHGQRMLSUYHGYHFLIUHXGUXJRM JRGLQL 3RJO 8SLVLYDQMHPUHGQLKEURMHYDL]GHVQHNRORQHRGUHGLWH WDþQH SRYUãLQHQDMYHüLKRVWUYDVYHWD 2*UHQODQG 2%RUQHR 20DGDJDVNDU 26XPDWUD 29HO%ULWDQLMD .DGDSDPWLPRJHRJUDIVNHNRRUGLQDWHMXåQHãLULQHL]DSDGQH GXåLQH R]QDþDYDPR $ 6WDYOMDQMHPªQXOH©LVSUHGEURMDNRMLR]QDþDYDVWHSHQH % 6WDYOMDQMHPVORYDª6© ãLULQD Lª'© GXåLQD QDSRþHWDN QX PHULþNHUHFL]DVWHSHQH & 5HGRVOHGRP 3RJO 3HULRGQLVLVWHPHOHPHQDWDQDMSUDNWLþQLMH PRåHWH ]DSDP WLWL /DQþDQLPPHWRGRPLJUXSQRPDVRFLMDFLMRP .RPELQDFLMRPODQþDQRJLYH]QRJPHWRGDSDPüHQMD 7RSRVLVWHPRPLSDUQLPDVRFLLDFLMDPD %HU]DQVNHL]YHãWDMHPRåHWHSDPWLWLWDþQDVXRGJRYRUD $ .DRLRVWDOHEURMHYH % 3DUQLPDVRFLMDFLMDPD & 6DGYHQXPHULþNHUHFLMHGQD]DFHREURMDGUXJD]DUD]ORPDN ' -HGQRPQXPHULþNRPUHþMXXNRMRM]DGQMDFLIUDR]QDþDYDEURM RV PLQD 21$-9(û2-35,72&,=1$1-$
ý,7$1-(L3$0û(1-(
ýLWDQMH EH] UD]PLãOMDQMD RWXSOMXMH D UD] PLãOMDQMH EH] þLWDQMD QDYRGL QD SRJUHãDQ SXW ²%Y&ODLUYDX[
² 'D GUDJL PRM VDPR X SURãORP PHVHFX GRåLYHOR MH PRMH QDMQRYLMH GHOR WUL L]GDQMD ãWR 9L VD 9DãLP ª=HOHQLP +DMQULKRP© QHüHWHSRVWLüLQL]D JRGLQXGDQD² REUDWLVH QDGPHQR.HOHUX QHNL WDGDSRSXODUQL
*RWIULG .HOHU *RWWIULHG .HOOHU ² ãYDMFDUVNL NQMLåHYQLN UHDOLVW SLVDF þXYHQRJ URPDQD ª=HOHQL +DMQULK© ª'HU JUXQH +HLQULFK© MHGQRJ RG QDMSR ]QDWLMLKUHDOLVWLþNLKURPDQD
SLVDFNRMLMHVDVYRMLPODNLPURPDQLPDLPDRYHOLNHXVSHKHXWDGDãQMHP GUXãWYX ² 7R EL PRJOR ELWL VDVYLP WDþQR ² RGJRYRUL .HOHU VSRNRMQR L RGPDK ]DWLP GRGDGH ²9LGLWH WR MH NDR L VD åLURP L DQDQDVRP6LJXUQRMHGDVH JRGLãQMH SRMHGH EDU PLOLRQ NRPDGD åLUHYD YLãHQHJRDQDQDVDDOLSRVWDYOMDVHSLWDQMHNRãWDMHGH 0QRJL OMXGL VWLþX þLWDQMHP JODYQLQX LOL QDMYHüL GHR VYRJ ]QDQMD ,VWRYUHPHQR þLWDQMH MH MHGDQ RG QDMEROMLK QDþLQD GDOMHJ SURãLULYDQMD L RGUåDYDQMD VWHþHQRJ ]QDQMD 7DNRÿH þLWDQMH MH MHGDQ RG QDMYHüLK JUDGLWHOMD SDPüHQMD L ]QDQMD MHU ]QDQMH XYHN UDÿD QRYR ]QDQMH $OL þLWDQMH LPD L VYRMH QHJDWLYQH VWUDQH NRMH PRJX GD VH LVSROMH XSUDYR QD QDãHP ]QDQMX L SDPüHQMX DNR QH ]QDPR ]DX]HWL SUDYLODQ VWDY SUHPDþLWDQMX .DNRLãWDþLWDWL"
1HVPH7YRMDOHNWLUDYODGDWL7RERPYHü 7LYODGDMQMRP ²/LKWHQEHUJ 8 RGJRYRUX QD RYR SLWDQMH WUHED XYHN SROD]LWL RG LQGLYLGXDOQLK PRJXüQRVWL L SRWUHED VYDNRJ SRMHGLQFD 1D SULPHU ]D þRYHND PLVOLRFD PQRJRþLWDQMDMHQHSULKYDWOMLYRLW]YªWHKQLNDEU]RJþLWDQMD©JDXRSãWH QH LQWHUHVXMH GRN MH MHGQRP SURIHVLRQDOQRP OHNWRUX NULWLþDUX LOL QRYLQDUX QHRSKRGQR NDR L XRSãWH OMXGLPD NRML PRUDMX ªXYHN ELWL X WRNX© GD EL VDYODGDOL ODYLQX ãWDPSDQRJ PDWHULMDOD NRMD LK VYDNRGQHYRQR]DSOMXVNXMH =DL]JUDÿLYDQMHVWYDUQRSRWUHEQRJLNRULVQRJ]QDQMDELWQHVXGYH VWYDUL VDNXSOMDQMH ]QDQMD L QMHJRYD DGHNYDWQD SURUDGD 6DNXSOMDQMH ]QDQMD WUHED SUYHQVWYHQR YUãLWL L] åLYRWD D RQGD L L] RVWDOLK L]YRUD NDR NRSLMDPD²PDQMHLOLYLãHXVSHOLK²VDPHåLYRWQHLVWLQHJGHVYDNDNR GRPLQLUDMX NQMLJH 1DJRPLODQR D QHSUHUDÿHQR ]QDQMH MH ODåQD YUHGQRVW L PUWDY NDSLWDO 1DåDORVW þHVWR VH SXND QDþLWDQRVW NDR NDNYD ODåQDPRQHWD]DPHQMXMHVDSUDYLP]QDQMHPLYDVSLWDQMHP 8YHN WUHED þLWDWL SODQVNL RG ODNãHJ ND WHåHP RG SR]QDWRJ ND QH SR]QDWRPLXYHNSUHUDÿLYDWLQRYR]QDQMHRSURþLWDQRPHUD]PLãOMDWL L XYHN GRQRVLWL VYRM VXG L PLãOMHQMH XSRUHGLWL JD VD SRVWRMHüLP UDQLMH VWHþHQLP]QDQMHPLLVNXVWYLPD %XGLWH RSUH]QL SUHPD WYUGQMDPD L ]DNOMXþFLPD L]QHWLP X SHULRGLþQLP SXEOLNDFLMDPD L NQMLJDPD QDSLVDQLP X QMLKRYRP VWLOX MHU GREUH L NRULVQH PLVOL VH QH QDOD]H QD VYDNRP NRUDNX L VYDNL GDQ =D QMLK MH SRWUHEQR GRVWD YUHPHQD L QDSRUD GD EL VH VORåLOH X OHS NULVWDO WUDMQH YUHGQRVWL 3RUHG WRJD QDVWRMWH ãWR YLãH þLWDWL L]YRUQL RULJLQDOQL PDWHULMDO QD SULPHU ãWR YLãH RG 7ROVWRMD D QH R 7ROVWRLX MHU MH WR MHGDQRG YDåQLK SUHGXVORYD]DIRUPLUDQMHVRSVWYHQRJVWDYDLPLãOMHQMD ýLWDWL WUHED SR REODVWLPD REXKYDWDMXüL MHGDQ ]DRNUXJOMHQ FHORYLW NRPSOHNV ]QDQMD D QH VNDNDWL VD SUHGPHWD QD SUHGPHW 7HN NDGD LVFUSHPR SRWSXQR MHGQX REODVW SUHOD]LPR QD GUXJX 1D WDM QDþLQ XJUDÿXMHPRX]JUDGXQDãHJ]QDQLDFHORYLWHSRWSXQHGREURSURUDÿHQHL RUJDQVNL SRYH]DQH NRPSRQHQWH 2EUDÿXMXüL MHGQX REODVW QLNDGD VH QHPRMWH RJUDQLþLWL VDPR QD MHGQX NQMLJX MHU MHGQD NQMLJD MH MHGQR PLãOMHQMHNRMHPRåHELWLLQHSRWSXQRQHWDþQRSDþDN
*RWIULG .HOHU *RWWIULHG .HOOHU ² ãYDMFDUVNL NQMLåHYQLN UHDOLVW SLVDF þXYHQRJ URPDQD ª=HOHQL +DMQULK© ª'HU JUXQH +HLQULFK© MHGQRJ RG QDMSR ]QDWLMLKUHDOLVWLþNLKURPDQD
L SULVWUDVQR 8 YHN QDVWRMWH SUR þLWDWL NQMLJH L VD VXSURWQLP JOHGLãWLPD þLPHQHVDPRSURãLUXMHWHVYRMH]QDQMHQHJRVWYDUDWHL SRYROMQLMH XVORYH ]D IRUPLUDQMH VYRJ REMHNWLYQRJ PLãOMHQMD X WRM REODVWL ]QDQMD ,VWRYUHPHQR VWLþHWH ]DRNUXåHQR SRWSXQR SR]QDYDQMH WH REODVWL L GROD]LWH GR PDNVLPDOQR P RJX üH L SULVWXSD þQH REMHNWLYQH LVWLQH X WRM REODVWL ]QDQMD RE]LUR P GD WDNRXYHNVSURYRGLWHSULQFLSª$XGLDWXUHWDOWHUDSDUV©
2YUVWDPDLNROLþLQLNQMLJD 6WRQHYUHGLGYDSXWþLWDWL QHYUHGLþLWDWLQLMHGDQSXW ²)5LNHUW .QMLJH VX NDR L OMXGL ² QDãL SR]QDQLFL L SULMDWHOML 0QRJH VDPR XSR]QDPR L XEU]R ]DERUDYLPR 6DPR VD PDOR QMLK GUXJXMHPR LOL RVWDMHPR SULMDWHOML GXJR L SRWSXQR 1H WUHED ]DERUDYLWLGD VX YHOLNL XPRYL LPDOL DYHU]LMX SUHPD SHULRGLþQLP SXEOLNDFLMDPD NDR ãWR VX QRYLQH L þDVRSLVLMHUWDNYD L]GDQMD QH PRJX QLNDGD ]ERJ NUDWNR üH YUHPHQD GD REH]EHGH RQDM NYDOLWHW NDRGREUDNQMLJDNRMDMHXYHNSORGGXåHJLVLVWHPDWLþQLMHJUDGDL VWYDUDQMD1DVWRMWHGDXVYRMRMREODVWLUDGDLLQWHUHVRYDQMD ãLRSUH SURQDÿHWHLL]GYRMLWHWDNR]YDQHRVQRYQHNQMLJHW@QDMEROMHNQMLJH NRMH VX R]QDþDYDOH SUHNUHWQLFX X WLP REODVWLPD L NRMH VX SRVOH PQRJR SXWD NRSLUDQH SRQDYOMDQH L SRGUDåDYDQH X UD]QLP REOLFLPD =QDþL NQMLJH RG NRMLK VHQHELVWHQLNDGDRGYRMLOLLNRMH VX ªYHþQD NDWHJRULMD© L PHURGDYQH ]D REODVWL NRMH 9DV SRVHEQR LQWHUHVXMX 8 SRJOHGX RVWDOLK NQMLJD NDR ãWR VX NULWLNH L UD]QH VHNXQGDUQH L SRPR üQH NQMLJH XSUDYOMDMWH VH SUHPD VYRMLP FLOMHYLPDLSRWUHEDPD3UHPDNULWLNDPDPRUDWHELWLVHOHNWLYQLNDR LSUHPDGUXJLPNQMLJDPD MHU NULWLþDUD NDR L SLVDFD LPD GREULK L ORãLKPDOLKLYHOLNLKPDQMHLOLYLãHNRULVQLK .DR L GREUH SLVFH WUHED QDVWRMDWL GD þLWDWH VDP R GREUH NULWLþDUH DOL WHN NDGD SUR þLWDWH GHOR R NR PH VH UDGL MHU X SURWLYQ R P OLãDYDWH VH VYRJ QDMYDåQLMHJ SUDYD L REDYH]D X LVWR YUHPH GD SURþLWDQR SRUHGLWH VD VWYDUQRãüXLVDVRERPGDPLVOLWHVYRMRPXPHVWRWX ÿR PJODYRP 'REDU NDUDNWHU NDR L SUDYLOQR YDVSLWDQ LQWHOHNW QDVWDMH SRVWHSHQR L SRODNR SRG XWLFDMHP PLVOL NRMH SREXÿXMX QDãH QDMGXEOMH åHOMH L QDMVQDåQLMD KWHQMD =DWR WUHED GREUR SD]LWL ãWD þLWDWHLRGNRJD þLWDWHMHUNDNDYMHþRYHNWDNDYMHGREULPGHORPL SLVDFLQMHJRYRGHORýLWDQMHNQMLJDMHGUXåHQMHVDSLVFLPDNRMLVXLK QDSLVDOL&LWDWLQDMEROMDGHOD]QDþLGUXåLWLVHVDQDMEROMLPLQDMYHüLP XPRYLPDþRYHþDQVWYD 2SDVQRVWRGSUHNRPHUQRJþLWDQMD 1RQPXOWDVHGPXOWXP² /DWVHQWHQFD 9LãHYUHGLMHGDQVDWUD]PLãOMDQMDRG MHGQRJGDQDþLWDQMD²-XOHV3D\RW 3UHNR PHUQR þLWDQMH XQLãWLOR MH PQRJH WDOHQWRYDQH X P RYH MHUVXUDVXOLVYRMHVQDJHQDEH]EURMQHNQMLJHQHXVSHYDMX üLGDVH XVUHGVUHGHQD
ª$XGLDWXUHWDOWHUDSDUV©ODWª1HNDVHþXMHLGUXJDSUROLYQD VWUDQD© 1RQ PXOWDVHGPXOWXP©²/DWª1HPQRJRSRNROLþLQL YHüPQRJRSRNYDOLWHWX
WUDåHQMH L SRVWL]DQMH VYRJ FLOMD &LWDWL WUHED PDOR DOL GREUR RGQRVQR WUHED þLWDWLPDORGREULKNQMLJDDOLQMLKWUHEDþLWDWLPQRJRLSRWSXQR6HWLPR VH 5LNHUWRYH PDNVLPH ª6WR QH YUHGL GYDSXW þLWDWL QH YUHGL þLWDWL QL MH GDQSXW© 1DURþLWR X QDãHP YUHPHQX SUDYH SRSODYH QDMUD]QRYUVQLMLK SX EOLNDFLMDWHãNRMHRGROHWLVYDNRGQHYQLPLVNXãHQMLPDGDVHSUHGDPRþLWDQMX XSUDYR RQLK NRMH QDV RGYODþH RG QDãHJ FLOMD L NRMH QDMPDQMH PRJX GD GR SULQHVX QMHJRYRP RVWYDUHQMX 8 NDVQLMRM ]UHOLMRM ID]L VWLFDQMD ]QDQMD WH VWYDUDODãWYD SRVHEQR NQMLJH YUHGH VDPR RQROLNR NROLNR RODNãDYDMX VRS VWYHQR PLãOMHQMH L VWYDUDODãWYR ² RQH VX WDGD VDPR SXWRND] L SRPRü QD VWUPRP L QHUDYQRP SXWX GDOMHJ VWLFDQMD ]QDQMD SR NRPH VH PRåHPR L PRUDPRVDPRPLVDPLSHQMDWL 6YDNDNRXSULPHQLRYRJ QDþHODWUHED SRVWXSDWL GLIHUHQFLUDQR L HOD VWLþQR1HPRåHGHWHL VYDNR RGPDK SRþHWL GD UD]PLãOMD L GD VH NQMLJDPD VDPR SRPDåH 7R PRåH VDPR MHGDQ YHü L]JUDÿHQL L ]UHOLML XP D X SRþHWNX PODGLXPWUHEDYRGLWLLSUDYLOQRXVPHUDYDWLSUL þHPXMHL]ERUXNYDQWL WHWXDQDURþLWRXNYDOLWHWXRGSRVHEQHYDåQRVWL=DQLPOMLYRMHGDVXYHOLNL XPRYL þRYHþDQVWYD þLWDOL UHODWLYQR PDOR /LþQH ELEOLRWHNH MHGQRJ 0RQ WHQMD6SLQR]HQLVXSUHOD]LOHNQMLJD1DUDYQRVWYDUQLMHXSRVHGRYD QMX NQMLJD MHU NQMLJH NRMH QH þLWDPR QH PRåHPR QL SRVHGRYDWL ² RQH SUH WVWDYOMDMXPUWDYNDSLWDO
0HWRGLLWHKQLNHHILNDVQRJþLWDQMD &LWDWLVHPRåHQDPQRJRQDþLQDL]DWR þRYHNX WUHED GRVWD SDPHWL GD EL ]QDRGREURþLWDQ ²*)ODXEHUW 0QRJLOMXGLþLWDMXVDPR]DWRGDQH PRUDMXPLVOLWL ²*&K-MFKWHQEHUJ 9DãD PHWRGD þLWDQMD ]DYLVL XJODYQRP RG VOHGHüD GYD IDNWRUD RG 9DãLK FLOMHYD L SRWUHED X þLWDQMX L RG YUVWH PDWHULMDOD SXEOLNDFLMH NRMXþLWDWH2E]LURPQDFLOMþLWDQMHPRåHGDEXGH =DEDYQRLOLUHNUHDWLYQR ,QIRUPDWLYQRXVYUKXSULNXSOMDQMDLQIRUPDFLMDLOLSUDüHQMDQH NLKSRMDYDLOLGRJDÿDMD 2EUD]RYQRYDVSLWQRLOLLQVWUXNWLYQRXFLOMXVWLFDQMD]QDQMDYDV SLWDQMDLREUD]RYDQMDXPDLNDUDNWHUD 3RWUHEQRMH RGPDKQDJODVLWL GDMH RYD SRGHOD VWURJR XVORYQD L GD VOXåL UDGLODNãHJXVYDMDQMDL SULPHQH UD]QLK PHWRGD þLWDQMD MHU VH VYH WUL YUVWH þLWDQMD PHÿXVREQR SUHSOLüX L X]DMDPQR XVORYOMDYDMX X PQRJR EURMQLP NRPELQDFLMDPD L X SUDNWLþQRP åLYRWX NRULVWLPR VYD WUL RYD YLGD þLWDQMD 8VYDNRPVOXþDMXEH]RE]LUDRNRMRMVHYUVWLþLWDQMDUDGLSRWUHEQR MHGDVHSUHWKRGQRXSR]QDWHVDSXEOLNDFLMRPLQDRVQRYXWRJDRGUHGLWH GD OL MH YUHGL XRSãWH þLWDWL $NR VX X SLWDQMX QRYLQH L þDVRSLVL SUHJOHGDMWH SUHWKRGQR QDVORYH L SRGQDVORYH WX L WDPR SR NRML VWDYDN SURþLWDMWH SRJ OHGDMWH LOXVWUDFLMH ãHPH FUWHåH LWG GD ELVWH QD RVQRYX WDNYRJ SUHWKRGQRJ SUHJOHGDPRJOLRFHQLWLYDOMDQRVWLNYDOLWHWWHNVWD
*LVWDY)OREHU² IUDQFXVNLNLMLåHYQLN
$NR VH UDGL R NQML]L ]D LQVWUXNWLYQR þLWDQMH RQGD SURþLWDMWH QDMSUH VDGUåDM ]DWLP SUHGJRYRU SUHJOHGDMWH X L WDPR QHNROLNR VWUDQLFDXNQML]LSUHJOHGDMWHUHJLVWDUQDNUDMXNQMLJHDNRJDLPDL QD RVQRYX MHGQR RYDNYH SURFHQH ELüHWH X VWDQMX GRVWD VLJXUQR RFHQLWLSRGREQRVWNQMLJH]D9DãHSRWUHEH .RG LQVWUXNWLYQRJ LOL REUD]RYQRJ þLWDQMD PRåHWH SULPHQLWL QHNROLNR PHWRGD þLWDQMD 0HWRG WURVWUXNRJ þLWDQMD SR ORJLþNLP FHOLQDPD ]DKWHYD GD SUHWKRGQR RGUHGLWH ORJLþNH FHOLQH SR NRMLPD üHWH þLWDWL L YUãLWL SURUDGX NQMLJH /RJLþNH FHOLQH PRJX GD VH VDVWRMHRGMHGQRJSRJODYOMDDDNRMHNQMLJDPDQMD RQGD L RG üHOH NQMLJH3RãWRMHGDQSXWSUR þLWDWHORJLþNXFHOLQXGDELVHXSR]QDOL VD VDGUåDMHP UDVSRUHGRP L VWUXNWXURP JUDÿH SUHOD]LWHQDGUXJR þLWDQMH WRNRP NRMHJD QDVWRMLWH UD]XPHWL VYH GHWDOMH L X]URþQR SRVOHGLþQH YH]H L]PHÿX SRMHGLQLK YDåQLK NRPSRQHQWL WH ORJLþNH FHOLQH 7DNRÿH WRNRP GUXJRJ þLWDQMD SRGYODþLWH YDåQD PHVWDL]GYDMDMWH YDåQLMH PRPHQWH XSR]QDMWH VH VD QHSR]QDWLP SRMPRYLPD LOL UHFLPD VOXåHüL VH UD]QLP SULUXþQLFLPD HQFLNORSHGLMDPD UHþQLFLPD LWG 7RNRP WUHüHJ þLWDQMD WUHED GD REMHGLQLWH VYH UDãþODQMHQH GHWDOMH L NRPSRQHQWH WRNRP GUXJRJ þLWDQMD X MHGQX ]DRNUX åHQX GREUR VKYD üHQX ORJLþNX FHOLQX L XMHGQR SURYHULWH GR NRJ VWHSHQD VWH VDYODGDOL JUDGLYR WH ORJLþNH FHOLQH 3RVOH WUHüHJ þLWDQMD DNR VWH ORJLþNX FHOLQX X SRWSXQRVWL VKYDWLOL L XVYRMLOL QDSUDYLWH NUDWNH EHOHãNH R QMRM REXKYDWDMX üL WHOHJUDIVNLP VWLORP QDMYDåQLMH PRPHQWH L þLQMHQLFH 3RVHEQR MH YDåQR GD X EHOHãNDPD R SURþLWDQRM L SUHUDÿHQRM ORJLþNRM FHOLQL GDWH VYRMH PLãOMHQMH NDR L VXG R SUDNWLþQRM YUHGQRVWL L SULPHQOMLYRVWL X SUDNVL XVYRMHQRJ ]QDQMD ² 6YDNDNR WRNRP XVYDMDQMD MHGQH ORJLþNH FHOLQH D QDURþLWR ]D YUHPH GUXJRJ þLWDQMD SULPHQMLYDüHWH VYH PHWRGH WHKQLNH L ]DNRQLWRVWL VLVWHPDWVNRJSDP üHQMDLXþHQMDNRMLPDVWHGRVDGDRYODGDOL 8 ]DYLVQRVWL RG LQGLYLGXDOQLK SRWUHED L PRJX üQRVWL RYDM PHWRG þLWDQMD PRåHWH PRGLILFLUDWL XYRÿHQMHP SRQDYOMDQMD SLVDQMHP LOL L]JRYDUDQMHP QDJODV WRNRP GUXJRJ þLWDQMD L SRVOH WUHüHJþLWDQMD2YDåQRVWLLSR]LWLYQLPHIHNWLPDSRQDYOMDQMDELORMH RSãLUQRJRYRUDXSRVHEQRPSRJODYOMX93RJO ýLWDMWH XYHN X VHEL MHU WDNR þLWDWH PLVOL D QH UHFL 1 DVWRMWH þLWDWL X UH þHQLFD P D LOL QMLKRYLP ORJLþN LP GHORYLP D D QLNDNR UH þ S R UH þ MHU WDNR PDNVLPDOQR REUDüDWH SDåQMX QD VPLVDRLVXãWLQXWHNVWDDQHQDSRMHGLQHUHFL1LNDGDQHSUHOD]LWH SUHNR QHMDVQLK PHVWD WRNRP þLWDQMD MHU üHWH VH R QMLK XYHN VSRWLFDWL QH VDPR WRNRP SURUDGH WH NQMLJH YHü L NDVQLMH =DWR QDVWRMWH GD VX 9DP HQFLNORSHGLMH UHþQLFL L RVWDOL SRWUHEQL SUL UXþQLFL XYHN SUL UXFL ² 9 DåQH LGHMH L RNRVQLFX EHOHåDND NRMH 9DPVHMDYOMDMX WRNRP þLWDQMD PRåHWH HILNDVQR ILNVLUDWL HQ SDVVDQW 9DPD GREUR SR]QDWRP WHKQLNRP SDP üHQMD =DVWDQLWH þHãüH WRNRP þLWDQMD QDMEOMH SRVOH ORJLþNH FHOLQH L UD]PLVOLWH R SURþLWDQRP XSRUHÿXMXüL JD VD VYRMLP ]QDQMHP L LVNXVWYLPD ,P DMWHQDX PXGDQDP NQMLJD P R åH P DORSR P R üLDNRSURþLWDQR QH SRYH]XMHPR VD UHDOQLP åLYRWRP QDãLP ]QDQMHP L LVNXVWYRP L QDãLP SUDNWLþQLP åLYRWQLP SRWUHEDPD .QMLJD MH VDPR SRPRüQR VUHGVWYR GD VRSVWYHQLP UD]PLãOMDQMHP GR ÿHPR GR SRWUHEQLK ]DNOMXþDND &LWDWL ]QDþL DNWLYQR PLVOLWL VD FLOMHP GD VH SUYR VKYDWL PLVDR DXWRUD D ]DWLP GD VH RQD XSRUHGL VD VRSVWYHQLP PLãOMHQMHPLRQMRMGRQHVHRGJRYDUDMXüL]DNOMXþDN
-('$13$5$'2.6'$%,67('2%523$07,/,025$7( =1$7,%(/(=,7, .DGDVWLþHWH]QDQMHRQGDQH ]LGDMWHQDSHVNX
.$5727(.$=1$1-$
'D EL GREUR SDPWLOL ² PRUDPR SDåOMLYR ]DSLVLYDWL ² 3DUDGRNV" ² UHüLüHWH ² ýHPX RQGD WUHED GD VOXåL SDPüHQMH DNR üHPR ]DSLVLYDWL L RVODQMDWL VH QD SULEHOHãNH" ² 0HÿXWLP SDPüHQMX WUHEDSULOD]LWLGLIHUHQFLUDQRLHODVWLþQRMHUPQRJHLQIRUPDFLMHL JUXSH SRGDWDND L] SRMHGLQLK REODVWL SUDNWLþQLMH MH QH SDPWLWL YHü LK LPDWL GREUR VUHÿHQH L ODNR SULVWXSDþQH X SLVPHQRM IRUPL 'UXJH RSHW SRGDWNH WUHED LVNOMXþLYR SDPWLWL MHU QDP VDPR ]DSDPüHQL NRULVWH QDURþLWR X SUDNWLþQRP åLYRWX L UDGX 1D SULPHU SDPWLWL ORJDULWDPVNH WDEOLFHLOL/ORYGRYUHJLVWDUEURGRYD]DþRYHNDSUDNWLþDUDPRåHGDEXGH QHRGUåLYD EHVPLVOLFD 9DåQR MH GD RYX YUVWX SRGDWDND LPDPR XUHGQR RGORåHQXQDRGUHÿHQRPPHVWXJGHMHSRSRWUHELPRåHPRXYHNODNRQDüL L NRQVXOWRYDWL 6 GUXJH VWUDQH ªSDPWLWL© LPHQD L OLNRYH UHFL VWUDQRJ MH]LND LOL XSUDYOMDQMH DXWRPRELORP ]DSLVLYDQMHP SRGMHGQDNR MH QHRGUåLYR 6DPR VSUHWQRP NRPELQDFLMRP L HODVWLþQLP SULOD]RP ]DSLVLYDQMXLSDPüHQMXPRåHPRHILNDVQRVDYODGDWLODYLQXSRGDWDND NRMD QDV RNUXåXMH L NRMD QDP MH SRWUHEQD X SUDNWLþQRP åLYRWX L UDGX 7D NROLþLQD SRGDWDND NRG PQRJLK SURIHVLMD PRåH GD EXGH WROLNR RJURPQD GD VH PRåH HILNDVQR VDYODGDWL GLIHUHQFLUDQLP NRULãüHQMHP L VSUHWQRP NRPELQDFLMRP VYD WUL IDNWRUD NRMD QDP VWRMH QD UDVSRODJDQMX ]D SDPüHQMH L þXYDQMH SRWUHEQLK ]QDQMD L SRGDWDND SULURGQLP SDP üHQMHP VLVWHPDWVNLPSDPüHQMHP VLVWHPDWVNLPEHOHåHQMHP 2 VYHPX RQRP ãWR RFHQLPR GD QH WUHED LPDWL XYHN VSUHPQR X SDPüHQMX WUHED QDSUDYLWL GREUX NRQFL]QX L UD]XPOMLYX EHOHãNX L RGORåLWL MH WDNR GD MH PRåHPR EU]R L ODNR QDüL NDGD ]DWUHED 2YR VH PRåH RGQRVLWL QDURþLWR QD UH]XOWDWH L ]DNOMXþNH QDãHJ þLWDQMD QDãH LGHMH NRULVQD L ]DQLPOMLYD ]DSDåDQMD L WVO .DR ãWR üHWH NDVQLMH YLGHWL WRNRP RYRJ SRJODYOMD L RYH EHOHãNH SUDYLOQLP NRULãüHQMHP NDUWRWHNH SRVWHSHQRSUHOD]HX9DãHSDPüHQMH 9HRPD UHWNR ² XJODYQRP NRG PDQMLK L PDQMH YUHGQLK NQMLJD ² PRüL üHPR QDSUDYLWL EHOHãNX R FHORM NQML]L 1DMþHãüH EHOHãNH WUHED SUDYLWLSRSRJODYOMLPDPLVDRQLPLORJLþNLPFHOLQDPDGDNOHRQDNRNDNR L SURUDÿXMHPR VDPX NQMLJX =D SUDYOMHQMH EHOHåDND YDåH LVWH ]DNRQLWRVWLLSUDYLODNDRL]DL]ERUL þLWDQMHNQMLJD /RãHQDSUDYOMHQD EHOHãND MH LVWR WDNR ãWHWQD NDR L SUHYHOLNL EURM EHOHåDND LOL QHSUDYLOQR VORåHQHLOLQHVUHÿHQHEHOHãNH
)LOWHU ]D EHOHãNH MH MHGQRVWDYQR L HILNDVQR VUHGVWYR GD RWNORQLWHUL]LNRGODJDQMDORãLKQHSRWSXQLKSUHRSãLUQLKQHMDVQLKLOL þDN QHSRWUHEQLK EHOHåDND 2Q VH VDVWRML RG MHGQH NXWLMH LOL ODGLFH X NRMX QDMSUH RGODåHWH VYH 9DãH EHOHãNH 3RVOH GXåHJ YUHPHQD NDGD WUHED GD RGODåHWH EHOHãNH X VYRMX NDUWRWHNX SUHJOHGDMWH EHOHãNH X ILOWHUX MRã MHGQRP =DKYDOMXMXüL YUHPHQVNRM SHUVSHNWLYL VDGD üHWH PRüL UHDOQLMH GD RFHQLWH YUHGQRVW QHNH EHOHãNH SUH QMHQRJ RGODJDQMDXNDUWRWHNXLOLGHILQLWLYQRJRGEDFLYDQMD 3RUHG 9DãLK EHOHåDND X 9DãX NDUWRWHNX PRåHWH RGODJDWL L YUHGQH þODQNH LOL VWUDQLFH L] NQMLJD X WRP VOXþDMX WUHED NXSRYDWL SULPHUDN YLãH NRML üHWH XSRWUHELWL X RYH VYUKH 6YDNDNR SUH RGODJDQMD þODQDN LOL VWUDQLFX L] NQMLJD SUHWKRGQR üHWH REUDGLWL SRGYODþHQMHP YDåQLK PHVWD GRSLVLYDQMHP 9DãLK SULPHGEL L PLãOMHQMD L GRGDYDQMHP 9DãHJ ]DNOMXþND 2YDNR REUDÿHQH þODQNH LOLVWUDQLFHL]NQMLJDREDYH]QR ªSURYXFLWH© NUR] ILOWHUSUH QHJR ãWR RFHQLWHGDOLPRJXX9DãXNDUWRWHNXQDRGODJDQMH
.RQVWUXNFLMDNDUWRWHNH]QDQMD 6YH 9DãH YUHGQH EHOHãNH REUDÿHQH þODQNH VWUDQLFH L] UD]QLK SXEOLNDFLMD 9DãH LGHMH L UD]PLãOMDQMD ]D NRMH SRVOH ILOWULUDQMD RFHQLWH GD ]D 9DV LPDMX WUDMQX YUHGQRVW WUHED GD RGORåLWH X 9DãX NDUWRWHNX ]QDQMD 2NR XPQRJ UDGQLND QDURþLWR DNR SRþQH QHNL RELPQLML L YHüL SRVDR LOL QHãWR SRþQH GD VWYDUD X NUDWNRP URNX VH QDNXSL PQRãWYR RYDNYRJ PDWHULMDOD $NR VDY WDM PDWHULMDO QH VUHGL QD HILNDVDQ QDþLQ PD NROLNR VDP PDWHULMDO ELR YUHGDQ WDNR X QHUHGX ELüH QHGRVWXSDQ L EH]YUHGDQ (ILNDVQR VUHÿHQ L GREUR SURILOWULUDQ PDWHULMDO SUXåD QHRþHNLYDQH NRULVWL PQRJH SUHGQRVWL L QHRFHQMLYXSRPRüXGDOMHPXPQRPUDGX 6WURJR RGDEUDQL PLWHULMDO PRåH VH GUåDWL QD UD]QH QDþLQH X IDVFLNODPD NODVHULPD PDSDPD NXWLMDPD ILMRNDPD LWG -HGDQ RG QDMSUDNWLþQLMLK QDþLQD MH VLVWHP NDUWRWHNH VD SUHJUDGQLFLPD NDUWLFDPD LOL YLVHüLP IDVFLNODPD .DUWRWHNX PRåHWH NODVLILNRYDWL WDNRÿH QD UD]QH QDþLQH L SR NULWHULMXPLPD NRML QDMYLãH RGJRYDUDMX 9DãLP SRWUHEDPD L FLOMHYLPD 3RUHG DOIDEHWD YHRPD SUDNWLþDQ MH QDþLQNODVLILNDFLMHSR0HÿXQDURGQRMGHFLPDOQRMNODVLILNDFLML²0'. 93RJO 3RUHG RSãWH NDUWRWHNH ]QDQMD PRåHWH XUHGLWL L VSHFLMDOQX NDUWRWHNX]DQHNXRGUHÿHQXREODVWNRMD9DVSRVHEQRLQWHUHVXMH1D WDM QDþLQ SRUHG HILNDVQRJ VLVWHPDWL]RYDQMD 9DãHJ VSHFLMDOL]RYDQRJ ]QDQMDL]WHSRVHEQHREODVWLGRELMDWHMHGDQQH]DPHQOMLYLQVWUXPHQDW HILNDVQRJ UDGD QD GDOMHP SURGXEOMLYDQMX 9DãHJ ]QDQMD L] WH REODVWL NDRLQMHJRYRPPDNVLPDOQRPNRULãüHQMXX9DãHPXPQRPUDGX
.RULãüHQMHNDUWRWHNH]QDQMD 1D GREULP RVQRYLPD XUDÿHQD L GREUR YRÿHQD NDUWRWHND ]QDQMD NUR] MHGDQ GXåL SHULRG SRUHG RVWDOLK SUHGQRVWL VLJXUQR L QHGYRVPLVOHQR üH 9DP XND]DWL QD 9DãD SUDYD LQWHUHVRYDQMD L QDMGXEOMD KWHQMD VDPLP RELPRP PDWHULMDOD NRML VWH VDNXSLOL X WRM REODVWL 3RUHG WRJD NDUWRWHND 9DP L]YDQUHGQR SRPDåH GD RåLYLWH RVYHåLWHDNWXDOL]LUDWHLXþLQLWHHILNDVQLPVYRMHFHORNXSQR]QDQMH .RULãüHQMH NDUWRWHNH WUHED SRþHWL WDNRUHüL VD QMHQLP SRSXQMDYDQMHP 6YDNH VHGPLFH MHGDQSXW QDMEROMH VXERWRP LOL QHGHOMRPSRVYHWLWH
SDU VDWL ]D UDG VD NDUWRWHNRP -HGQRVWDYQR X]PLWH SUYL OLVW NDUWLFX L SURþLWDYãL JD GR]RYLWH X VYHVW FHORNXSQL NRPSOHNV ]QDQMD YH]DQ ]D QMHJD 8NROLNR VH UDGL R VSRUQLP SLWDQMLPD RQGD V\RMH PLãOMHQMH MRã MHGQRP NULWLþNLSURVXGLWHGRSXQLWHNRULJXMWHLOLSRWSXQR RWVWUDQLWH L]NDUWRWHNH ,VWR WDNR ]DKYDOMXMXüL SRRGPDNORP SURFHVX DNWLYLUDQMD L SURþLãüDYDQMD 9DãHJ ]QDQMD L SRNUHWDQMD 9DãLK VWYDUDODþNLK VQDJD SRYHüDYDüH VH L 9Dã VPLVDR ]D NULWLNX RãWULQD ]DSDåDQMD L VLJXUQRVW SURVXÿLYDQMD 8VOHG WRJD XYHN üHWH NRG SURþLWDYDQMD 9DãH NDUWRWHNH GRSXQMDYDWL NRULJRYDWL LOL SRWSXQR RWVWUDQMLYDWL SRMHGLQH OLVWLüH MHU VDGUåH QHGRYROMQR NYDOLWHWQD PLãOMHQMDLOLLQIRUPDFLMH 1D WDM QDþLQ YUHPHQRP üHWH GRELWL ERJDW VDYUãHQR VLVWHPDWL]RYDQ GREUR VWUXNWXLUDQ L SUHþLãüHQ PDWHULMDO ² UHþMX QHSURFHQMLY MHU MH GR EULPGHORPGLUHNWQLSURL]YRG9DãLK VWYDUDODþNLKVQDJD 9DãHJVWYDUDODþ NRJPLãOMHQMD 3UHJOHGQRVWL UDGL QDYRGLPR VXPDUQR SUHGQRVWL NRMH VWLþHWH SUD YLOQLPYRÿHQMHPLNRULãüHQMHP9DãHNDUWRWHNH]QDQMD $NWLYLUDWHFHORNXSQR9DãH]QDQMHLWLPHJDXSRWSXQRVWLVWDY OMDWHQDUDVSRODJDQMH9DãLPVWYDUDODþNLPVQDJDPD 8YHOLNRMPHULRODNãDYDWHSDPüHQMHQRYRJLREQDYOMDQMHVWDURJ ]QDQMDWHQMLKRYRX]DMDPQRSRYH]LYDQMH 6WLþHWHDXWRPDWVNLVRSVWYHQRLVDPRVWDOQRPLãOMHQMHRSRMHGL QLPVWYDULPDãWRMHSUHGXVORYVWYDUDODþNRJPLãOMHQMD 1HJUDGLWHQDSHVNXVYHãWR]QDWHSURþLWDWHGR]QDWH]DNOMX þLWHXRSãWHXPQRVWHNQHWHWRNRPåLYRWDRVWDMH9DãRPWUDMQRP LNRULVQRPXPQRPVYRMLQRPNRMD9DPXYHNHILNDVQRVWRMLQD UDVSRODJDQMX 3UHþLãüDYDWHLRGDELUDWHQHSUHNLGQRVYRMHFHORNXSQR]QDQMHL SDPüHQMHLGRELMDWHSRX]GDQRLXYHNUDVSRORåLYR]QDQMH 9UHPHQRPNDUWRWHNDSRVWDMHDXWRPDWVNLLQGLNDWRU9DãLKSUDYLK åHOMDLQDMGXEOMLKLQWHUHVDDVDPLPWLPL9DãLKVWYDUQLKVSRVRE QRVWL 6SHFLMDOL]RYDQDNDUWRWHND RPRJXüXMHPDNVLPDOQRDQJDåRYDQMH VYLK9DãLKXPQLKVQDJDLVSRVREQRVWLXMHGQRMRGDEUDQRMREODVWL 3RPDåHWHUD]YLWDNPQRJLKSR]LWLYQLKNDUDNWHUQLKRVRELQDVLVWH PDWLþQRVWSODQLUDQMHXSRUQRVWYUHGQRüDVDPRSRX]GDQMHVDPR NULWLþQRVWDQDOLWLþQRVWPRüSDPüHQMDLUHDOQRJ]DNOMXþLYDQMD .RULãüHQMHPNDUWRWHNHQDRSLVDQHQDþLQHSRVWLåHWHYHRPDYDåQHL NRULVQH FLOMHYH SRYHüDYDWH VYRMH ]QDQMH L SDPüHQMH GDOMH UD]YLMDWH VYRMH XPQHVQDJHLVWYDUDODþNHVSRVREQRVWL
5(',$8720$7,=$&,-$6(û$1-$
5HGMH NOMXþ]DUHãDYDQMH PQRJLKSUREOHPD
5(',85('1267.$27(+1,.$3$0û(1-$
5HG MH MHGDQ RG QDMYDåQLMLK SUHGXVORYD ]D QHVPHWDQR RGYLMDQMH SURFHVD SDPüHQMD 3DPüHQMHP PRUD GD YODGD SULQFLS PHVWR ]D VYDNL SRWUHEDQ SRGDWDN L VYDNL SRWUHEDQ SRGDWDN QD VYRMH PHVWR 'REUR SDPüHQMHMHSUHVYHJD²GREURRUJDQL]RYDQRLVUHÿHQRSDPüHQMHNRMHX RUJDQL]DFLRQRPSRJOHGXSRWVHüDQDQHNLGREURVUHÿHQLNDUWRWHþQLVLVWHP SRGDWDND LOL HILNDVDQ LQIRUPDFLRQL FHQWDU X NRPH VX VYL SRGDFL VWURJRNODVL
.ODVLILNDFLMDRPRJXüDYDJUXSLVDQMHSRGDWDNDDVDPLPWLPQMLKRYRDXWRPDWVNRDVR FLUDQMHLODNãHSDPüHQMH
ILFLUDQL L UD]YUVWDQL =D RJURPQX YHüLQX OMXGL QHUHG L QHVUHÿHQRVW X UDGX UDYQD MH QHHILNDVQRVWL X UDGX ,VWD MH VLWXDFLMD L VD SDPüHQMHP QHVUHÿHQRSDPüHQMHVLQRQLPMH]DQHHILNDVQRSDPüHQMH
=D VSURYHGHQ MH L RGUåDYDQMH UHGD X SDPüHQMX SRWUHEQD MH VWURJD NODVLILNDFLMDSRGDWDNDMRãQDVDPRP ªXOD]X©XSDPüHQMHLSRVOHWRJD QMLKRYD GREQD RUJDQL]DFLMD .ODVLILNDFLMD RPRJXüDYD JUXSLVDQMH SRGDWDNDNRMLVXNODVLILFLUDQLSRQHNRP]DMHGQLþNRPNULWHULMXPXDWR DXWRPDWVNL ]QDþL L PHÿXVREQR DVRFLUDQMH JUXSLVDQLK SRGDWDND JUXSQD DVRFLMDFLMD L QMLKRYR ODNãH SDPüHQMH 3RUHG JUXSQH DVRFLMDFLMH NRMX VWH XVSHãQR NRULVWLOL X UDQLMLP SRJODYOMLPD UHGRYQR VWH VH VOXåLOL NODVLILNDFLMRPLJUXSLVDQMHPSRGDWDNDSUHQMLKRYRJSDPüHQMDXUD]QLP GUXJLP REODVWLPD 1D SULPHU SDPüHQMX LPHQD L OLNRYD UHFL VWUDQLK MH]LND EURMHYD LWG UHGRYQR MH SUHWKRGLOD NODVLILNDFLMD L JUXSLVDQMH SR QHNRP]DMHGQLþNRPNULWHULMXPX7DNRÿHSULOLNRPSDPüHQMDGåLQRYVNLK EURMHYDSUHWKRGQRVWHXYHNJUXSLVDOLL]GHOMHQEURMQLQL]XVNXSLQHRG SR WUL FLIUH 6 GUXJH VWUDQH NDGD VWHLQLFLMDOQRPWHKQLNRPSDPWLOLQD SULPHU UD]QH VORYQH R]QDNH LOL VLPEROH 9L VWH LK UDGL ODNãHJ DVRFLUDQMDRSHWJUXSLVDOLXVNXSRYHRGSRGYDLOLWULVORYDLWG ,] PQRJLK GRVDGDãQMLK SULPHUD PRJOL VWH VH XYHULWL GD MH UHG YHRPD YDåQD NRPSRQHQWD PQRJLK WHKQLND L PHWRGD VLVWHPDWVNRJ SDPüHQMD ,VWR WDNR NODVLILNDFLMD L JUXSLVDQMH SRGDWDND SUH SDPüHQMD MH X VWYDUL VUHÿLYDQMH L ]DYRÿHQMH UHGD X SDPüHQMX âWDYLãH L VDPR SODQLUDQMH L UDG SR SODQX MH X VYRMRM VXãWLQL NRULãüHQMH SR]LWLYQLK HIHNDWD UHGD L XUHGQRVWL X UDGX L DQJDåRYDQMX L WURãHQMX SRWUHEQLK VUHGVWDYD 3RUHG WRJD UHG L XUHGQRVW LPSOLFLUDMX MRã MHGQX YDåQX SROXJX HILNDVQRJ UDGD SRGHOX SRVOD QD GRYROMQR PDOH GHORYH NRMH PRåHPR MHGDQ ]D GUXJLP ODNR L GREUR XUDGLWL 0QRJL SRGXKYDWL UD]ELOL VX VH XSUDYR R QHSRãWRYDQMH RYRJ QDþHOD 6XYLãH YHOLNL ]DORJDML PRJX GD XJXãHDPDQMLGREURRGDEUDQLGDMXRUJDQL]PXVQDJX 3UHPD WRPH UHG NUR]VYRMXYDåQXNRPSRQHQWX²SODQLUDQMH]QDþLLRSWLPDOQXSRGHOX SRVOD QD GRYROMQR PDOH GHORYH NRML RGJRYDUDMX UDVSRORåLYLP VQDJDPD L]YUãLRFDSRVOD.DRãWRYLGLWH UHGLXUHGQRVWXUDGXXNOMXþXMXXVHEH RYHYDåQHNRPSRQHQWHVYDNRJXVSHãQRJUDGD .ODVLILNDFLMX *UXSLVDQMHSRQHNRP]DMHGQLþNRPNULWHULMXPX 3ODQLUDQMH 3RGHOXQDRSWLPDOQRPDOHGHORYH 3RUHGRYLKSUHGQRVWLUHGLXUHGQRVWQDPSUXåDMXMRãMHGQXQHRFHQMLYX NRULVW²DXWRPDWL]DFLMXSDPüHQMDLVHüDQMDXUDGXLSUDNWLþQRPåLYRWX 9L ]QDWH GD VYRMH SDPüHQMH QH WUHED RSWHUHüLYDWL VYLP L VYDþLP L SRWH]DWL JD ]D VYDNX VLWQLFX 3RJRWRYR QH ]D VWYDUL NRMH VYDNRGQHYQR REDYOMDPR ELOR QD UDGX LOL X SUDNWLþQRP åLYRWX NRMH VH LQDþH VWDOQR SHULRGLþQR SRQDYOMDMX GQHYQR VHGPLþQR PHVHþQR LOL JRGLãQMH 8SUDYR XRYRMRVRELQLWLKSRVORYDGDVHSHULRGLþQRSRQDYOMDMXOHåLMHGQDYHOLND UH]HUYDRODNãDQMDLSRPRüLQDãHPSDPüHQMX8VYDMDMXüLGRVDGDãQMHPH WRGH L WHKQLNH SDPüHQMD 9L VWH VSURYRGLOL MHGDQ QMLKRY ]DMHGQLþNL SULQFLS GD VYRMH SDPüHQMH RSUHPLWH L ãWR EROMH QDRUXåDWH ªXPQLP PDãLQDPD© SRPRüX NRMLK RQR WUHED GD QD RSWLPDODQ QDþLQ VDYODGD L XVYRML SRWUHEQD ]QDQMD L SRGDWNH 6DGD PHÿXWLP VD RYRP WHKQLNRP UHGD L XUHGQRVWL 9L RVWYDUXMHWH MHGDQ GUXJDþLML SULQFLS UDVWHUHüXMHWH VYRMH SDPüHQMH RG QHSRWUHEQRJ EDODVWD RVOREDÿDWH JD QHSRWUHEQLK REDYH]DLXPQRJLPVHNWRULPDåLYRWDLUDGDSRVWLåHWHGDVHPQRJHVWYDUL L REDYH]H ªVDPH SR VHEL 7LPH RVWYDUXMHWH DXWRPDWL]DFLMX SDPüHQMD L VHüDQMD
.DNRVHRVWYDUXMHDXWRPDWL]DFLMDSDPüHQMD" $XWRPDWL]DFLMD SDPüHQMD VH PRåH RVWYDULWL XJODYQRP QD RYD WUL QDþLQD 6 WLFDQMHP QDYLNH GD RGUHÿHQH SRVORYH REDYOMDPR X RGUHÿHQR YUHPH $NR VLVWHPDWL]XMHPR VYRMH REDYH]H L SRVORYH NRML VH SHULRGLþQR SRQDYOMDMX X QHNRM YUHPHQVNR@ MHGLQLFL GDQX VHGPLFL PHVHFX LOL JRGLQL HQRUPQR üHPR UDVWHUHWLWL VYRMH SDPüHQMH L HOLPLQLVDWL UDVHMDQRVW L ]DER UDYQRVW6DPDþLQMHQLFDGDVPRRGUHGLOL]DVYDNLWDNDYSHULRGLþQLSRVDR LREDYH]XRGUHÿHQRYUHPHDXWRPDWVNLREH]EHÿXMHGDWDNYDREDYH]DªVDPD VHELYRGLEULJX©ýLPQDVWXSLRGUHÿHQRYUHPHRGQRVQRSHULRGXNRPH REDYOMDPRWHSRVORYHDXWRPDWVNLüHPRSRþHWLGDJDREDYOMDPRLQHPL VOHüLGDWUHEDSUHWKRGQRGDJDVHVHWLPR7RMHVOLþQRVDYHüXVWDOMHQRP QDYLNRPPHKDQLþNRJREDYOMDQMDPQRJLKSRVORYDYH]DQLK]DXVWDMDQMH RGOD]DNQDSRVDRQDVDPRPSRVOXGROD]NNXüLLWG 2GUHÿLYDQMHPLNRULãüHQMHPDVRFLMDWLYQLKPHVWD8NXüLQDUDG QRPPHVWXXNROLPDLXRSãWHVYXGDJGHYUãLPRQHNXDNWLYQRVWLLPDPR RGUHÿHQLKREDYH]DWUHEDãWRVDYHVQLMHVSURYHVWLQDþHORª6YDNDVWYDUQD VYRMHPHVWRL]DVYDNXVWYDUSRMHGQRPHVWR©2YLPYHRPDMHGQRVWDYQLP QDþLQRPSRVWLåHWHMHGQXYHOLNXSUHGQRVWQHPRUDWHSDPWLWLPQRJHVWYDUL L]SURVWRJUD]ORJDãWRXYHN]QDWHJGHVHQDOD]H2YRVHQDURþLWRRGQRVL QDVWDYULNRMHQDPþHVWRLOLVWDOQRWUHEDMXXåLYRWXLUDGX$NRLKGUåLPR XSULPHUQRPUHGXLQDVWURJRRGUHÿHQRPPHVWXXYHNüHPRLKODNRL EU]RQDüLþLPHüHPRXYHOLNRMPHULUDVWHUHWLWLSDPüHQMHHOLPLQLVDWL]D ERUDYQRVWLUDVHMDQRVWLXãWHGHWLSXQRYUHPHQDHQHUJLMHLãWRMHQDM YDåQLMH²QHUDYD - 9 *HWH MH QD SULPHU SLVDR VYRJ ª)DXVWD© FHORJ åLYRWD ]DKYD OMXMXüLVDYUãHQRPUHGXXNRPHMHGUåDRVYHVYRMHVWYDULDQDURþLWRSDSLUH 2Q VDP QDYRGL MHGQRP SULOLNRP GD PX WDM SULPHUDQ UHG RPRJXüXMH SRUHGEURMQLKGUXJLKREDYH]DGDHILNDVQRUDGLL]YHVQRYUHPHQDMHGQRP SD RQGD QD GUXJRP GHOX YHü NDNR UDVSRODåH YUHPHQRP L NDNR PX GROD]L QDGDKQXüHLVWYDUDODþNHPLVOL5HGMHWDMQDLPQRJLKGUXJLKYHOLNLKXPRYD NRMLVXELOLSR]QDWLSRVYRMRMVSRVREQRVWLGDREDYHRJURPDQEURMSRVORYD XGRYROMHPQRJREURMQLPREDYH]DPDXVSHãQRLQDYUHPH 7DNRÿH DVRFLMDWLYQD PHVWD PRåHWH RGUHGLWL L ]D UD]QH GUXJH VWYDUL NRMH WUHED QHNRP RGQHWL YUDWLWL SRSUDYLWL SURGDWL L XRSãWH REDYLWL RGUH ÿHQRPSULOLNRPLOLQDRGUHÿHQRPPHVWX7HVWYDULüHWHMHGQRVWDYQRRVWDY OMDWLQDWLPPHVWLPDNDNR9DPEXGXQDLOD]LOHLOLNDNRVHEXGHWHVHüDOLGD LKWUHEDXUDGLWLELüHGRYROMQRGDSUHSRODVNDVDPRSRJOHGDWHQDWRPHVWR XRUPDQXODGLFLNXWLMLLWG LGDLKWDPRVYHQDRNXSXQDÿHWH .RULãüHQMHPDVRFLMDWLYQHPDSHNRMDVHVDVWRMLXVWYDULRGMHGQH SUHJUDGQHPDSHLOLSULNODGQLKNRULFDNRMXPRåHPRXYHNQRVLWLVDVRERP XWRUELVDVOHGHüLPSUHJUDGDPDLOLSUHJUDGQLPNDUWRQLPD 3RVORYLNRMHWUHEDREDYLWL7XRGODåHPRUHGRPSRNRPHPR UDPRREDYLWLSRMHGLQHSRVORYHGRNXPHQWDLSDSLUHYH]DQH]DWH SRVORYH 3RVORYLXWRNX8RYXSUHJUDGXSUHPHãWDPRGRNXPHQWDLSD SLUHL]SUHWKRGQHSUHJUDGHNDNREL QDVDXWRPDWVNLSRWVHüDOL QDSRVORYHXWRNXDNRWUHEDXUJLUDWLMRãQHãWRXUDGLWLLWG ,] RYHSUHJUDGHGRNXPHQWLLSDSLULLGXXSRVOHGQMXSUHJUDGX
=DYUãHQL SRVORYL 6YL SDSLUL L GRNXPHQWL X RYRM SUHJUDGL R]QD þDYDMXJRWRYHSRVORYHLL]YUãHQHREDYH]HãWR]QDþLGDWUHEDGD LK RGORåLPR X VYRMX NDUWRWHNX LOL DUKLY ]D WUDMQR þXYDQMH GR NXPHQDWD 2YDM VLVWHP MH QDURþLWR SRJRGDQ ]D RQH SRVORYH L REDYH]H NRMH VX YH]DQH ]D QHNL GRNXPHQDW LOL SDSLU WDNR GD LK X UHODWLYQR YHOLNRP EURMX PRåHPR VPHVWLWL X DVRFLMDWLYQX PDSX SUDNWLþQR GD SRNULMHPR VYRMH SR WUHEHXRYDNYRMYUVWLREDYH]D .DR UHDOQX åLYRWQX DQWLWH]X WUHED VSRPHQXWL L þLQMHQLFX GD LPD OMXGL NRML QDMEROMH UDGH X ªVWYDUDODþNRP QHUHGX© =D QMLK MH WR QDMYHUR YDWQLMHVYRMHYUVWDQUHGRE]LURPGDLKUHG]EXQMXMHNDRãWRXUHGQHOMXGH ]EXQMXMHQHUHG ,SDNLPDMWHQD XPXYHNRYQR LVNXVWYRGD MHUHG]D RJURPQX YHüLQX OMXGLNOMXþ]DUHãHQMHPQRJLKSUREOHPDLGDVHXUHGQRãüX YHRPD UDVWHUH üXMHSDPüHQMHLODNRRVWYDUXMHDXWRPDWL]DFLMDSDPüHQMDLVHüDQMD ª 3RQRYR MH GRãDR WUHQXWDN GD SURYHULWH YUHGQRVW 9DãHJ YUHPHQD XWURãHQRJQDSURXþDYDQMH]DGQMLKSRJODYOMD
7(67%5 3RJO 2VQRYQLSULQFLSNRJDVHWUHEDSULGUåDYDWLXþLWDQMX MHVWH &LWDWLWUHEDVWURJRVHOHNWLYQRLRSURþLWDQRPãWRYLãHUD]PLãOMDWL LXYHNGRQHWLVYRM]DNOMXþDN &LWDWLWUHEDãWRYLãHLXYHNQDVWRMDWLGDVHEXGHXWRNXVYLK]ELYDQMD 5D]PLãOMDQMHMHYDåQLMHRGþLWDQMDL]DWRWUHEDPDORþLWDWLLãWR YLãHUD]PLãOMDQMHPGROD]LWLGRVRSVWYHQLK]DNOMXþDND 0HWRGWURVWUXNRJþLWDQMDSRORJLþQLPFHOLQDPDWUHED SULQLHQMLYDWL NRG $ ýLWDQMDUDGL]DEDYHLUHNUHDFLMH % ,QIRUPDWLYQRJþLWDQMD & ,QVWUXNWLYQRJþLWDQMD 3RJO 6WYDUQRSRWUHEQHLNYDOLWHWQHLQIRUPDFLMHLSRGDWNHX 9DãRM NDUWRWHFL]QDQMDREH]EHGLüHWH 3UDYLOQLPNRULãüHQMHPILOWHUD]DEHOHãNH 6WDOQLPRGODJDQMHPXNDUWRWHNXEHOHåDNDLLVHþDNDL]UD]QLKSX EOLNDFLMDNRMH9DPVHþLQHNRULVQLP 6LVWHPDWVNLPRGODJDQMHPVDPR VRSVWYHQLKEHOHåDND L ]DNOMXþDND .DUWRWHND]QDQMDVOXåL]D $ 2GODJDQMHEHOHåDNDLLVHþDNDNDNRELLKXYHNODNRQDãOLSRSRWUHEL QDMHGQRPPHVWX % $NWLYLUDQMHREQDYOMDQMHSUHþLãüDYDQMHL L]JUDÿLYDQMH HILNDVQRJ ]QDQMDLVWYDUDQMHRVQRYH]DVWYDUDODþNRPLãOMHQMHLUDG & 6WLFDQMHãWRYHüHJUD]QRYUVQLMHJLãLUHJ]QDQMD 3RJO $XWRPDWL]DFLMDSDPüHQMDLVHüDQMDSRþLYDQD 8SRWUHELWHKQLNDLPHWRGDVLVWHPDWVNRJSDPüHQMDXVYDNRMSULOLFL 2VODQMDQMXQDVRSVWYHQRSDPüHQMH 3HULRGLþQRPSRQDYOMDQMXYHOLNRJEURMDSRVORYDLREDYH]D
683(5 3$0 û(1-(
1$0$5*,1$0$.25,612*O =$%$912* '(2
=$1,0/-,9$7(+1,.$3$0û(1-$
$67521206.$1$*5$'$=$6,520$â12* 3521$/$=$ý$
âDKSRWVWLþHQDXPQLUDGDOLQDQHNL SRVHEDQVDPRQMHPXVYRMVWYHQQD þLQ ²/17ROVWRM
3$0û(1-(â$+$,â$+296.,+3$57,-$
² =DGLYQXLJUXNRMXVLL]PLVOLRåHOLPGDWHGRVWRMQRQDJUDGLP 'RYROMQRVDPPRüDQGDLVSXQLPVYDNXWYRMXåHOMX5HFLVORERGQRNDNYX QDJUDGXåHOLã]DVYRMRãWURXPQLSURQDOD]DN²2YHUHFLSUHPDVWDURLQ GLMVNRMOHJHQGLRSURQDODVNXãDKDXSXWLRMHPRüQLFDUâDQUDPPXGUDFX 6LVLEHQ'DKLUXSURQDOD]DþXªþDWXUDQJH© ² 2JRVSRGDUX3UHYHOLNDMHWYRMDGREURWD²RGJRYRULEHQ'D KLUX]GXERNSRNORQ²1DUHGLGDPLVH]DSUYRSROMHãDKRYVNHWDEOHGD LHGQR]UQRSãHQLFH ² 2ELþQRSãHQLþQR]UQR"²SUHNLGHJD]DþXÿHQRFDU ² 'DJRVSRGDUX²SRWYUGLSURQDOD]DþLQDVWDYL²=DGUXJR SROMHQHNDPLVHGDMX]UQD]DWUHüH]DþHWYUWRL ² 'REURQHNDEXGHWDNR'RELüHãVYRMXYUHüLFXSãHQLFH]DVYD SROMDQDWDEOLLWR]DVYDNRSROMHGYDSXWDYLãHQHJR]DSUHWKRGQR ²SRQRYRJDSUHNLGHQHVWUSOMLYRFDULQDVWDYL²$OLWDNRVNURPQRP QDJUDGRPWLSRWFHQMXMHãPRMXPLORVWEHQ'DKLUH0RMHVOXJHSUHGDüHWL YUHüLFXVDSãHQLFRPþLPPRMLPDWHPDWLþDULWDþQRL]UDþXQDMXWYRMXQD JUDGX ,GYRUVNLPDWHPDWLþDULVXUDþXQDOLFHRGDQLMRã XYHN QLVXPRJOL GRüLGRUH]XOWDWD&DUâDKUDPMHYHüSRWUHüLSXW,MXWLWRSLWDRGDOLMH6LVL EHQ 'DKLUX SUHGDWD YHü MHGQRP QMHJRYD QDJUDGD 7HN VXWUDGDQ X MXWUX XVXGLR VH JODYQL GYRUVNL PDWHPDWLþDU GD L]DÿH SUHG FDUD 1D QHVWUSOMLYR SLWDQMH VYRJ JRVSRGDUD GD OL MH QDJUDGD NRQDþQR SUHGDQD SURQDOD]DþX ãDKDPDWHPDWLþDUX]GXERNSRNORQVDVWUDKRSRãWRYDQMHPUHþH ² 8VXÿXMHPVHGDWHREDYHVWLPJRVSRGDUXGDSUHPDQDãLPUD þXQLPDL]OD]LGDQLMHXWYRMRMPRüLGDGDMHãWDNRRJURPQHQDJUDGH8 VYLPåLWQLFDPDWYRMHFDUHYLQHQHPDWROLNRSãHQLFHýDNGDQDUHGLãGDVH LVXãHVYDPRUDLRNHDQLGDVHüHOR]HPOMLQRSURVWUDQVWYRSUHWYRULXSORG QDSROMDQLRQGDQHELPRJDRGDLVSXQLãVYRMHREHüDQMHGDWREHQ'D KLUX6D YHOLNLPL]QHQDÿHQMHPVOXãDRMHFDUVYRJPXGUDFDLQDNUDMX UHNDR ² 3RNDåLPLLUHFLNDNRVH]RYHWDMLVSROLQVNLEURM
ª&DWXUDQJD©QDVDQVNUWX]QDþLªþHWYRURGHMQL©MHUMHVWDURLQGLVNLãDKLPDRãDKRYVNXYRMVNX VDVWDYOMHQXRGþHWLULURGDERUQDNRODNRQMLVORQRYLLSHãDFL
²NYLQWLOLRQDNYDGULOLRQDWULOLRQDELOLRQD PLOLRQD KLOMDGD L ]UQD PRM JRVSRGDUX $ QDSLVDQ WDM þXGRYLãQL EURM ]UQD NRML EL WUHEDOR GD SULSDGQH 6LVL EHQ 'DKLUX L]JOHGD RYDNR ² ]DYUãL VYRMH L]ODJDQMHVWDULPDWHPDWLþDU 'D ELVWH VWHNOL SULEOLåQX SUHWVWDYX R DVWURQRPVNRM YHOLþLQL EHQ 'DKLURYH QDJUDGH ]DPLVOLWH GD MH WRP NROLþLQRP SãHQLFH REDYOMHQD ]HPOMLQD NXJOD 'HEOMLQD WRJ RPRWDþD RNR üHOH =HPOMH L]QRVLODELRNRSRODVDQWLPHWUD &DU6DKUDPMHPRJDRODNRGRVNRþLWLEHQ'DKLUXXVORYOMDYDMXüL PXLVSRUXNXSãHQLFHL]JUDGQMRPRGJRYDUDMXüHJVNODGLãWD=DVPHãWDM VYRMHQDJUDGHEHQ'DKLUXELWUHEDORVNODGLãWHPYLVRNRPãLURNR LSUHNRPLOLRQDNPGXJDþNRWMSURVWLUDORELVHGDOMHRG6XQFD $NR åHOLWH PRåHWH YHRPD ODNR ]DSDPWLWL RYDM DVWURQRPVNL L]QRV QDJUDGH NRMD MH SUHPD OHJHQGL WUHEDOR GD SULSDGQH SURQDOD]DþXãDKD'RYROMQRMHVDPRQXPHULþNLKUHFLGDELVWHJD WUDMQRILNVLUDOLXPHPRULML 2YR SRJODYOMH PHÿXWLP QHPD SUHWHQ]LMX GD RG 9DV VWYRUL RGOLþQRJ ãDKLVWX LOL IHQRPHQDOQRJ LJUDþD VLPXOWDQLK SDUWLMD ªQD VOHSR© QD LPSUHVLYQR YHOLNRP EURMX ãDKRYVNLK WDEOL DOL L] QMHJD PRåHWH QDXþLWL NDNR VH SDPWL SUDNWLþQR QHRJUDQLþHQL EURM ãDKRYVNLK SDUWLMD SUREOHPD RWYDUDQMD ]DYUãQLFD L QMLKRYLK YDULMQWL ýLWDY SRVWXSDN SDPüHQMD ãDKRYVNLK SDUWLMD QDMEROMH üHWH VKYDWLWL QD MHGQRP SULPHUX 8]PLPR MHGQX PLQLMDWXUX NRMX MH RGLJUDR YHOHPDMVWRU .RVWLü X .HOQX .ROQ J SURWLY 0LORND NRMLMHYRGLREHOHILJXUH H H 6I 'J 6I 6F 7IO 'H /F 6G" /H 6I 6H 'J
.DR ãWR SULPHüXMHWH ]D SDPüHQMH ãDKRYVNLK SDUWLMD NRULVWLPR LVNOMXþLYR SDUWLMH ]DSLVDQH VNUDüHQRP DOJHEDUVNRP QRWDFLMRP MHU MH WR QDMSUDNWLþQLMH 1DUDYQR PRJX VH SDPWLWL L SDUWLMH QDSLVDQH SRWSXQRP DOJHEDUVNRP LOL RSLVQRP QRWDFLMRP DOL WR EL ]QDþLOR QHSRWUHEDQ JXELWDN YUHPHQ D L HQ HUJLMH 3UH Q HJR ãWR SUHÿHPR QDVDPRPHPRULUDQMHRYHPLQLMDWXUHSRWUHEQRMHGDREDYLPRMRã QHNHSUHGUDGQMH 2EHOHåDYDQMH SRMHGLQLK ILJXUD L]YUãLüHPR SR SRVWRMHüRM QRWDFLML VDPR ãWR üHPR JD GRSXQLWL RGJRYDUDMXüLP VXJODVQLFLPD VKRGQR QXPHULþ NRPDOIDEHWX .UDOM .* 'DPD.UDOMLFD '7 7RS.XOD 3% /RYDF / /- 6=& 6NDNDþ.RQM 3HãDN 3RãWR VPR NRG ª'DPD© X]HOL ª7 © NDR EH]YXþQL SDUQMDN VD ª'© WR ]D ª7RS© QLVPR PRJOL SRQRYR X]HWL ª7© QHJR NRULVWLPR ]DGQMH VORYR QD]LYD ª3© L QMHJRY ]YXþQL SDU ª% © 2VWDOH QD]LYH ]DPHQLOL VPR XRELþDMHQLP VORYLPD NRMD VH LQDþH NRULVWH X ãDKRYVNRM QRWDFLML L GRSXQLOL LK RGJRYDUDMXüLP VORYLPD SR QXPHULþNRP DOIDEHWX 3RãWR VH ª3HãDN © LQ DþH Q H R]Q DþDY D SRVHEQR WR JD QL PL Q HüHPR SRVHEQR S DPWLWL MHU VH QMHJRYD R]QDNDSRGUD]XPHYDVDPLPRWVXVWYRP]QDND]DILJXUH
2VWDOH YDåQLMH ]QDNH QRWDFLMH PRåHPR WDNRÿH ODNR ]DPHQLWL RGJRYDUDMXüLPHOHPHQWLPDQXPHULþNRJDOIDEHWD 0DODURNDGD2²2 1XOD 9HOLNDURNDGD²² ²1XOD²1XOD 0DWSREHGDEHORJ LOL 0DWSREHGDFUQRJ 1HUHãHQUH]XOWDWªUHPLV© LOL 8NROLNR åHOLWH GD SDPWLWH L SUHRVWDOH ]QDNH NRML VH X VWYDUL þHVWRL L]RVWDYOMDMX QDURþLWR NRG VNUDüHQH QRWDFLMH NDR ãWR VX HS HQSDVVDQW GDWãDK" VODESRWH] GREDUSRWH] ; LOL X]HWDILJXUDLWGPRåHWHXSRWUHELWLDQDORJQRRGJRYDUDMXüH VXJODVQLNHRGQRVQREURMNHQXPHULþNRJDOIDEHWD
ª'H 'R/D5.E"
.H1*XU6G 65H&ND7JO 3D.H7/0 YHQDF©
/R9R5R
6DGD QDP SUHRVWDMH MRã VDPR REHOHåDYDQMH ãDKRYVNH WDEOH 2YGH PRåHWH SRVWXSLWL QD GYD QDþLQD PRåHWH ]DGUåDWL SRVWRMHüH REHOHåDYDQMHWMHKELWG,OL XPHVWRVORYDDEFGH
J K PRåHWH ]D REHOHåDYDQMH YHULWLNDOD WDNRÿH XSRWUHELWL EURMHYH NDRL]DREHOHåDYDQMHKRUL]RQWDODO2YRMHPRåGD SUDNWLþQLMH L] UD]ORJD ãWR VDPRJODVQLFL D L H QHPDMX QLNDNYRJ QXPHULþNRJ]QDþHQMD
3UHPD WRPH DNR NRULVWLPR QXPHULþNR REHOHåDYDQMH ãDKRYVNH WDEOH SRMHGLQD SROMD VH REHOHåDYDMX VD LWG XPHVWR H E K LWGUHVSHNWLYQR 3DPüHQMHãDKRYVNLKSDUWLMD $NRVHVDGDSRQRYRYUDWLWHQD.RVWLüHYXPLQLMDWXUXLSULPHQLWH QDYHGHQHQDþLQHREHOHåDYDQMDãDKRYVNLKILJXUDLWDEOHRGQRVQRSROMD YLGHüHWHGDVHSDPüHQMHDSVWUDNWQLKL]DDVRFLUDQMHNRPSOLNRYDQLKL QHSRGHVQLK ]QDNRYD SRMHGLQLK SRWH]D VYHOR QD PHPRULUDQMH MHGQRJ QL]DFLIUHQLKLFLIUHQLKEURMHYD=QDþLNROLNRLPDSRWH]DWROLNR üHWH GRELWL L FLIUHQLK LOL FLIUHQLK EURMHYD $ SDPüHQMH ELOR NRJ QL]DVDVWDYOMHQRJRGåHOMHQRJEURMDFLIUHQLKLOLFLIUHQLKEURMHYD ]D9DVYLãHQLMHQLNDNYDWDMQD $OJHEDUVND 1XPHULþND 1XPHULþNH QRWDFLMD QRWDFLMD UHFL H H ,L5D /X/D 6Dý0D 60X 6I 6F /F 6G /L0D5 6D+D5LQ 6H 'J 6/D/RP 7.D/-D 6I 'J 6H&.D 'LR*H1 7IO 'H ILO 3Râ7DU 'R/D5 /H 6I /-L/-D1 6D&0D 6D7 2YDM QL] EURMHYD PRåHWH ]DSDPWLWL ELOR NRMLP SR]QDWLP PHWRGRP $NR JD SDPWLWH ODQþDQLP PHWRGRP RQGD üHWH ]QDWL SULUHSURGXNFLMLGDMH VYDNLGUXJL þODQ QL]DSRWH] FUQRJD 8NROLNR SULPHQLWH QHNL RG YH]QLK PHWRGD PRüLüHWH UHSURGXNRYDWL ]DSDPüHQX ãDKRYVNX SDUWLMX ELOD NRMLP UHGRP LOL ELOR NRML SRWH] QDL]PHQLþQRLQDSUHVNRNEHORJDLOLFUQRJD 3R]QDWL ãDKLVWL VYHWD RGOLNRYDOL VX VH X PQRJLP VOXþDMHYLPD L]YDQUHGQLP þDN L IHQRPHQDOQLP 'DPüHQLHP ãDKRYVNLK QDUWLLD 3RVOH MHGQH VLPXOWDQNH QD WDEOL SULãDR MH 0LKDLOX 7DOMX 0LKDLO 1HKHPLMHYLþ 7DOM ² VRYMHWVNROHWRQVNRP YHOHPDMVWRUX L ãDPRLRQX VYHWD J MHGDQ RG LJUDþD L ]DSRþHR UD]JRYRU R YDULMDQWDPD MHGQRJ VYRJ SRWH]D 9HOHPDMVWRU PX MH RGPDK RGJRYRULR GD VH GREUR VHüD WRJ SRWH]D L GD SUHGORåHQD YDULMDQWD QH EL ELOD GREUD 9HRPD L]QHQDÿHQL SULVXWQL ]DSLWDãH 7DOMD GD QLMH PRåGD ]DSDPWLR üHOX WX SDUWLMX 2Q LP 87 RVPHK RGJRYRULGDQLMH]DSDPWLRVDPRWXSDUWLMXQHJRLVYLKSDUWLMD VLPXOWDQRJPHþDãWRMHSURYHURPLGRND]DR 0QRJL YHOHPDMVWRUL RJOHGDOL VX VH X LJUDQMX VLPXOWDQLK WXUQLUD ªQD VOHSR © L SUL WRP SRVWL]DOL ]DSDQMXMXüH UH]XOWDWH X SDPüHQMX ãDKRYVNLK SDUWLMD 9UHPHQRP UD]YLOR VH L VYRMHYUVQR WDNPLþHQMHXRYRMREODVWLWDNRGDVYHWVNLUHNRUGXEURMXWDEOLGUåL 0DÿDU )OHã -DQRã 2Q MH J NDR ãDKRYVNL PDMVWRU RGLJUDR VLPXOWDQNX X %XGLPSHãWL ªQD VOHSR© QD XNXSQR WDEOH SREHGLYãL VD UH]XOWDWRP SREHGD L]JXEOMHQH SDUWLMH L UHPLMD 6LPXOWDQR LJUDQLH ªQD VOH'2©© PRåH GD SURX]URNXMH YHOLNL XPQL QDSRU DNR VH QH NRULVWL SRPRü RGUHÿHQLK PHWRGD L WHKQLND 7DNR VH GRJDÿD GD VH SRMHGLQH SR]LFLMH L ªVFH QH ©NDRLQL]RYLSRWH]DXSRUQRQDPHüXGDQLPDQDNRQVLPXOWDQH SUR
GXNFLMH QD YLãH WDEOL D NDR SRVOHGLFD YHRPD MDNH NRQFHQWUDFLMH L YHRPD åLYRJLRãWURJPHQWDOQRJSUHWVWDYOMDQMDSRMHGLQLKWDEOLLSR]LFLMD ,QWHUHVDQWQRMHGDãDKRYVNLPDMVWRULNRMLLJUDMXVLPXOWDQHSURGXN FLMH QD VOHSR QH SDPWH L QH ]DVWDMNXMX NRG VYDNRJ SRWH]D YHü þLWDYX SDUWLMX GRåLYOMDYDMX NDR QHNL YHþLWR SURPHQOMLYL REOLN NDR GLQDPLþQR QDVWRMDQMH L XVPHUHQR NUHWDQMH ND FLOMX ND SREHGL 6DREUD]QR WRM VYRMRM WHåQML ND SREHGL L SUHPD UD]YRMX VLWXDFLMH EH] SRVHEQRJ VYFVQRJ QD SRUD YXNX SRMHGLQH SRWH]H SUDWHüL L GDOMH L NRQWUROLãXüL GD OL VH WDM GL QDPLþQL REOLN þLWDYRJ WXUQLUD NUHüH NDNR RþHNXMX 7R MH VWDQMH VOLþQR PX]LþDUX YLUWXR]X NRML QH GRGLUXMH VYHVQR SRMHGLQH GLUNH QD NODYLUX YHü SURVWR VOXãD VDPRJD VHEH SUDWL L NRQWUROLãH VD NROLNR XVSHKD QMH JRYH UXNH GRþDUDYDMX QMHPX L SXEOLFL QMHJRYX VQDåQX YL]LMX åHOMHQRJ XPHWQLþNRJ GRåLYOMDMD ,]PHÿX RVWDOLK YHOLNLK XPHWQLND VHEH VX WDNR VOXãDOLLOLEROMHUHþHQRVOXãDOLVXXPHWQLNDXVHEL3DJDQLQLâRSHQ/LVW LGUXJL -HGDQ RG WDNYLK XPHWQLND X ãDKX ELR MH L þXYHQL 3RO &DUOV 0RUIL 3DXO &KDUOHV 0RUSKY ² NRML MH UHWNR SURXþDYDR WHRUHWVNH SRVWDYNH LJUH L SUHWHåQR VH RVODQMDR QD VYRMX NUHDWLYQX LQWXLFLMX L PH PRULMX 9Hü X VYRMRM JRGLQL åLYRWD SREHÿLYDR MH PHVQH SUYDNH X ãDKXDVDJRGLQDSRVWDRMHSUDYQLNLSUYDNGYDNRQWLQHQWD$PHULNH L (YURSH LDNR PX MH ãDK ELR VSRUHGDQ 0RUIL MH ELR SUDYL XPHWQLN X LJUL ªQD VOHSR© NDR GD MH LPDR IRWRJUDIVNR SDPüHQMH =DKYDOMXMXüL QMHJRYRP L]YDQUHGQRP SDPüHQMX VDþXYDQR MH RNR QMHJRYLK SDUWLMD NRMHELL]GLNWLUDRSRVOHLJUH 1DXþHQLP PHWRGDPD PRåHWH PHPRULUDWL ELOR NRML EURM ãDKRYVNLK SDUWLMD SUREOHPD RWYDUDQMD LWG $NR åHOLWH SDPWLWL YLãH ãDKRYVNLK SDU WLMD RQGD MH SRWUHEQR GD LK NODVLILNXMHWH SRPRüX UD]QLK PHWRGD YH]QRJ VLVWHPD NDNR EL LK NDVQLMH SR SRWUHEL PRAOL ODNR ªSURQDüL© L HILNDVQR UHSURGXNRYDWL 1D SULPHU SRPRüX WRSRVLVWHPD PRåHWH VLVWHPDWVNL NODVLILNRYDQR L HILNDVQR SDPWLWL YHOLNL EURM SDUWLMD YDULMDQWL LOL SUREOH PD 3RWH]H SDPWLWH DVRFLMDFLMRP VD YH]QLP PHVWLPD X VREL SUL þHPX RGPDK ]QDWH GD QHSDUQL EURMHYL GDMX SRWH]H EHORJ D SDUQL ² FUQRJ 1D]LYH LJUDþD DVRFLUDWH WDNR ãWR VDPH LJUDþH ªVWDYLWH© LVSUHG YUDWD VREH 9UHPH LJUDQMD RSUHGPHüHQR X QXPHULþNRM UHFL L QD]LY SDUWLMH KRPRIR QLþQRSRPRüXVXSVWLWXFLRQHUHFLDVRFLUDMWHVDLJUDþLPD 1DXþHQH WHKQLNH SDPüHQMD ãDKRYVNLK SDUWLMD PRåHWH NRULVWLWL QD PQRJH QDþLQH L X UD]QLP SULOLNDPD NDR L ]D UD]QH SRWUHEH 3RUHG XþHQMD ãDKRYVNH WHRULMH SDPüHQMD åHOMHQRJ EURMD SDUWLMD L QMLKRYLK YDULMDQWL PRåHWHYUãLWLGHPRQVWULUDQMHUD]QLKSDUWLM"SUHGYHüLPVNXSRYLPDSDPWLWL VYRMHLOLWXÿHSDUWLMHQDWXUQLULPDLWG =DSDPüHQLWUDJRYLNRQMLþNRJVNRND ª.RQMLþNLVNRN©MHWDNYDLJUDVDPRNRQMHPQDãDKRYVNRMWDEOL XNRMRMNRQMWUHEDGDNUHQHVDELORNRJSROMDGDVNRþLUHGRPQDVYDNR RG SROMD QL QD MHGQR GYD RXWD L GD RRVOH RJ VNRND SRWH]D SR QRYR VNRþL QD SROD]QR SROMH 2YR QLMH QL PDOR MHGQRVWDYQD SURGXNFLMD RE]LURP QD YHRPD YHOLNL EURM PRJXüLK NRPELQDFLMD $OL DNR SULPHQLWH QHNX RG WHKQLND VLVWHPDWVNRJ SDPüHQMD QH VDPR ãWR ODNR UHãDYDWH RYDM SUREOHP YHü 9DP VH DXWRPDWVNL RWYDUDMX SUDNWLþQR QHRJUDQLþHQH PR JXüQRVWL GDOMLK NRPELQDFLMD RYH LJUH 8]PLPR NDR SULPHU MHGQX RG YDULMDQWLNRQMLþNRJVNRND
D D" F" F H G J" F IH KG J F K H IO F
J HO F DO E D E G I
E D E D FO H JO K J
F G H I K J AKO I GO
G G K K E ELH J I D D I I J E E K G H D 2YD VNRND NRQMHP PRåHWH PHPRULUDWL QD QHNROLNR QDþLQD 1DMSULNODGQLMH MH GD NRULVWLWH QHNL RG YH]QLK PHWRGD NDNR ELVWH PRJOL UHSURGXNRYDWL SRWH]H VNRNRYH SR UHGQRP EURMX 3UYL QDþLQ MH GD NR ULVWLWHGLUHNWQRDOJHEDUVNXãDKRYVNXQRWDFLMXNDRãWRMHJRUHQDYHGHQR L GD VWYRUHQH QXPHULþNH UHFL NRMH SUYLP VORYRP GDMX VORYR QRWDFLMH D GUXJLP EURM DVRFLUDWH VD YH]QLP PHVWLPD 'UXJL QDþLQ MH DQDORJDQ VD SDPüHQMHP ãDKRYVNLK SDUWLMD ]QDþL NRULVWLWH QXPHULþNX QRWDFLMX L QL] RG GYRFLIUHQD EURMD MHGQRVWDYQR DVRFLUDWH VD RGJRYDUDMXüLP YH]QLP PHVWLPD 0RåGD üH QHNRPH QDMYLãH RGJRYDUDWL WUHüL QDþLQ ãDKRYVND WDEOD XPHVWR XRELþDMHQH DOJHEDUVNH QRWDFLMH REHOHåL VH MHGQRVWDYQR UHG QLP EURMHYLPD RG O ² L WR V OHYD QD GHVQR SRþHYãL RGR]JR QD GROH =DWLP ]D MHGQX RG YH]QLK WDEHOD DVRFLUDWH VDPR UHGQH EURMHYH SROMD VWURJLP UHGRVOHGRP NDNR QDLOD]H 3UHWKRGQR PRUDWH VYH NRQMLþNH VNR NRYH SUHYHVWL VD DOJHEDUVNH QRWDFLMH QD RGJRYDUDMXüH UHGQH EURMHYH SR MHGLQLKSROMD 1LåH QDYRGLPR MHGQX YHU]LMX NRQMLþNRJ VNRND ]DEHOHåHQX RYRP YUVWRPQRWDFLMH
LSRQRYR 5HGRVOHG SRWH]D X JRUQMRM YHU]LML NRQMLþNRJ VNRND LGH V OHYD QD GHVQR O LWG 1D NUDMX SRJOHGDMWH MRã MHGQX YHU]LMX NR QMLþNRJVERNDNRMDMH]DEHOH]HQDQXPHULþNRPQRWDFLMRP
LSRQRYR .RG RYH YHU]LMH SUYD FLIUD R]QDþDYD UHG D GUXJD NRORQX QD ãD KRYVNRMWDEOLDSRMHGLQLVNRNRYLSRWH]L þLWDMXVHVOHYHQDGHVQR LWG²$NR]DSDPWLWHVYHWULQDYHGHQHYHU]LMHELORNRMLP RGYH]QLKPHWRGDSDPüHQMDRQGDGROD]LWHXSR]LFLMXGDNRQMLþNLVNRN
L]YHGHWH VD ELOR NRJ SROMD ãDKRYVNH WDEOH 1D SULPHU PRåHWH VYH WUL QDYHGHQH YHU]LMH SUHYHVWL QD MHGQX RG QRWDFLMD L NDGD LK ]DSDPWLWH PR åHWH L]YHVWL QL PDQMH QL YLãH QHJR VYLK YDULMDQWL NRQMLþNRJ VNRND 1DLPH VYDNX QDXþHQX YDULMDQWX PRåHWH SRþHWL RG ELOR NRJ SRWH]D YDULMDQWL ]DWLP MH PRåHWH L]YHVWL QDSUHG LOL QD]DG ãWR NRPELQRYDQR VD VYH WUL QDXþQH YDULMDQWH GDMH XNXSQR PRJXüLK YDULMDQWL NRQMLþ NRJVNRNDLWRVDELORNRJSROMDãDKRYVNHWDEOH .DGDVWHþLWDOL7HVWEUX 3RJODYOMXZURYDWQRVWHSRPLVOLOL GD VH RG 9DãHJ SDPüHQMD ]DKWHYD QHPRJLüH MHU MH MHGQX ãDKRYVNX SDUWLMX RG SRWH]D L SRWH]D NRQMLþNRJ VNRND WUHEDOR SUHFL]QR ]D SDPWLWL]DVYHJDPLQXWD3URYHULWHSRQRYQLPUHãDYDQMHPWRJWHVWD XNRMRMPHULVWHSURPHQLOLVYRMHPLãOMHQMH
=$=(/(1,0672/20&$6,12529$/$
8LJULVHLVSROMDYDNDUDNWHU ²3RVORYLFD
3$0û(1-(.$5$7$=$,*5$1-(
.DGD MH 'U (GYDUG 7RUS (GZDUG 7KRUS SURIHVRU PDWHPDWLNH VD 8QLYHU]LWHWD X 1MX 0HNVLNX QDNRQ GXåLK SURXþDYDQMD L L]UDþXQDYDQMD SRPRüX NRPSMXWHUD REMDYLR VYRM VLVWHP ]D VLJXUQX SREHGX L LJUL QD NDUWH ª9LQJWHWXQ© LOL NDNR VH SRSXODUQR ]RYH ª%ODFNMDFN© QHNH SR]QDWLMH NRFNDUQLFH X /DV 9HJDVX ]DEUDQLOH VX SULVWXS SURIHVRUX L QMHJRYLP VXLJUDþLPD L VOHGEHQLFLPD 1DLPH X ª%ODFNMDFNX© MH YHRPD YDåQR ]QDWL NRMH VX NDUWH SURãOH L LJUDþ NRML LPD GREUX PHPRULMX L ]D SDPWL RYH NDUWH PRåH ]QDWQR GD SRYHüD VYRMH ãDQVH X QDVWRMDQMX GD UD]ELMH ªEDQNX© 8SUDYR QD RYRP PRPHQWX L]JUDGLR MH SURIHVRU VYRMD þHWLUL VLVWHPD ]D GRELWDN QD ª%ODFNMDFNX© YHü SUHQD MDþLQL SDPüHQMD VDPRJD LJUDþD L REMDYLR LK X VYRMRM þXYHQRM NQML]L ª.DNR þMã SREHGLWL EDQNX"©ª%HDWWKH'HDOHU© 0HÿXWLP FVWDOH NRFNDUQLFH X 1HYDGL QLVX VH SRERMDOH ]D VXEGLQX YHRPD SRSXODUQH X 6$' LJUH ª%ODFNMDHN© ]D NRMX VH VPDWUD GD MH LJUD QDMPDQMH WUL PLOLRQD LJUDþD JRGLãQMH ,]JOHGD GD VX VH QMLKRYL PHQD GåHULVORåLOLVDPLãOMHQMHPMHGQRJGLUHNWRUDFDVLQDX/DV9HJDVX ² /MXGVNDSULURGDLNRFNDUVNDVWUDVWVXQDMEROMDJDUDQFLMDGDüH VH ª%ODFNMDFN© L GDOMH LJUDWL L GRQRVLWL QDP GRELW 0QRJL OMXGL VXYLãH VX NRPRWQL GD EL L]XþDYDOL WDM VLVWHP D RQL NRML QHãWR QDXþH SRþQX QDV SRVHüLYDWLWDNRGDQDP7RUSRYDNQMLJDVOXåLNDRRGOLþQDUHNODPD3R
ª9LQJWHWXQ©IUDQFXVNLGYDGHVHWMHGDQMHUMH FLOM L]YXüLNDUWHGR ª%ODFNMDFN©HQJª&UQL'åHN©
UHGWRJDVWDWLVWLNHQDPSRND]XMXGDOMXGLNRMLRVWYDUHYHOLNHGRELWNH QDª%ODFNMDFNX©L]JXEHWDMLVWLQRYDFQDGUXJLPLJUDPDQDVUHüX 2YR SRJODYOMH QHüH RG 9DV QDSUDYLWL ãDPSLRQD X EULGåX LOL 9DP JDUDQWRYDWL GRELWDN X ª%ODFNMDFNX© DOL DNR SULPHQLWH L]ORåHQH PHWRGH PRåH 9DV RVSRVRELWL GD EU]R L ODNR SDPWLWH NDUWH NRMH åHOLWH 2YD VSR VREQRVWPRåH9DPSRPRüLGDEROMHLJUDWHLEXGHWHEOLåHSREHGLXPQRJLP LJUDPD VD NDUWDPD X NRMLPD MH SDPüHQMH SRMHGLQLK NDUDWD RG SRVHEQH YDåQRVWLNDRQDSULPHUXª%ODFNMDFNX©EULGåXSRNHUXLGUXJLPD6DPH NDUWH PRåHWH SDPWLWL QD QHNROLNR QDþLQD 1DMSUH üHPR XWYUGLWL QD]LYH SRMHGLQLK NDUDWD L QMLKRYLK ERMD RE]LURP QD YHOLNL VWUDQL XWLFDM X IRUPLUDQMX QD]LYD NRG QDV L QD SRVWRMDQMH QHNROLNR QD]LYD ]D SRMHGLQH NDUWHLQMLKRYHERMH1DMSUHüHPRQDYHVWLQDMUDVSURVWUDQMHQLMHVWDQGDUGQH QD]LYH D X ]DJUDGL UD]QH QMLKRYH YDULMDQWH NRMH VH NRULVWH X UD]QLP NUDMHYLPD $VNHF +HUFVUFH .DURGLMDPDQWWLNYD 3XEGHþNRåDQGDU 7UHIPDNPDþGHWHOLQD 'DPDNUDOMLFD 3LNOLVW .UDOMSRS 3UHWSRVWDYOMD VH GD MH SUDGRPRYLQD NDUDWD ]D LJUDQMH FHQWUDOQD $]LMDRGDNOHMHSUHNR.LQH,QGLMHL$UDELMHRYDLJUDGRVSHODX(YURSX JGH VH VSRPLQMH SUYL SXW WHN NUDMHP ;,,, YHND 'DQDV VX QDMSR]QDWLMH IUDQFXVNH QHPDþNH L LWDOLMDQVNRãSDQVNH YUVWH NDUDWD ]D LJUDQMH ãWR VH GRQHNOH RGUDåDYD L X QMLKRYLP QD]LYLPD XVYRMHQLP NRG QDV 1D SULPHU ª+HUF©MHXVWYDULXVYRMHQRL]QHPDþNRJª+HU]© VUFH NDRLªSXE© QHPDþNL %XEH GHþNR GRN VX RVWDOL QD]LYL ]D ERMH IUDQFXVNRJ SRUHNOD ªWUHI© MH ]DSUDYR IUDQFXVNR ªWUHIOH© OLVW GHWHOLQH ªSLN© MH IUDQFXVNL ªSLTXH© YUK NRSOMD D ªNDUR© MH ªFDUUHDX© þHWYR URXJDRQLN =DQLPOMLYRMHGDMHªDV©GRãDRL]ODWLQVNRJMH]LNDDVDVVLV LGDMHX6WDURP5LPX R]QDþDYDRQRYþDQXL WHåLQVNX MHGLQLFX GRN QDP MHªNHF©GRãDRL]PDÿDUVNRJMH]LND 0HWRGRPLQLFLMDOQHWHKQLNHSDPWLWLNDUWH]DLJUDQMHYHRPDMH ODNRDNR]DQD]LYHLERMHSRMHGLQLKNDUDWDXSRWUHELWHSULNODGQHVORJRYH LVORYD $V $66$ 66( 3XE 38 .DUR .* '$ 6(6, 75 2662 'DPD 00D +HUF +5 &û( 9(9 .UDOM .5. 3LN 3% 3 3 ( '('2 7UHI 7' .DR ãWR YLGLWH PRJXüQRVWL NRPELQRYDQMD UD]QLK UHFL VX ]DLVWD YHOLNH.D'D NUDOMWUHI9(5D 'HYHWNDKHUF6(L. âHVWLFD ND UR ý(3 ýHWYRUND SLN LWG 3RãWR ]D YHüLQX QD]LYD PRåHWH NRULVWLWL VDPRLQLFLMDOHWMSUYDVORYDPRJXüQRVWL VDVWDYOMDQMD SRJRGQLK VORJRYD VXRJURPQH 7DNRQD SULPHU]D 6 PRåHWH NRULVWLWL VYH VORJRYH NRML VH PRJX LVNRPELQRYDWL VD WLP VXJODVQLNRP L VYLK SHW VDPRJODVQLND 6D 6H 6X 6L 6R 0RUDWH SD]LWL VDPR NRG QD]LYD NRML LPDMX ]DMHG QLþNHVXJODVQLNHNDRQDSU '$L '(LOL$V 6$L 6(LWG 7DNRÿH GR ]DEXQH QH PRåH GRüL MHU SUYL VXJODVQLN LOL VORJ X NRPSRQR YDQRM UHFL R]QDþDYD QD]LY NDUWH D GUXJL ERMX 1DWDM QDþLQ RGUHÿHQL QL] NDUDWD NRML åHOLWH ]DSDPWLWL SUHWYRULWH X VWYDUL X QL] RGJRYDUDMXüLK UHFLNRMHPRåHWH]DSDPWLWLELORNRMRP9DPDSR]QDWRPWHKQLNRP
3RPRüXª1XPHULþNHWDEHOHRGPHVWD©XPRJXüQRVWL VWH GD]DSDPWLWHELORNRMLQL]LOLUHGRVOHGNDUDWDRGPDKLDXWRPDWVNLVDPR DNRL]YUãLWH]DPHQH]DQMLKRYHQD]LYHRGJRYDUDMXüLPEURMHYLPDL]ª1X PHULþNHWDEHOH©9LSRJODYOMH 1D SULPHU VYDNL EURM GUXJH GHNDGH SRþLQMH VD ªO© 7 LOL ª7UHI© LWG =QDþL EURM GHVHWLFD GDMH QDP ERMX D EURMMHGLQLFDV D P Q D ] L Y N D U W H Q D S U E U 7 U H I S H W L F D 7 U H I G H YHWNDLWG1DWDMQDþLQ]DQL] ª7UHI©NRULVWLPREURMHYHRG GR ]D QL] ª+HUF© + 5 ² EURMHYH WDEHOH RG GR ]D ª.DUR©. * EURMHYH ² L ]D ª3LN© 3 % EURMHYH ² 1DUDYQR ]D ª'HVHWNH© NRULVWLPR XYHN ªQXOX© MHU ª2© ª© 1D SULPHU +HUF GHVHWND SLN GHVHWND LWG $V R]QDþDYDPRVDMHGLQLFRP 7UHIDV +HUFDV 3LNDV'D ELVWHPHPRULUDOLVOLNHPRåHWHSRVWXSLWLRSHWQDYLãHQDþLQDPRåHWHLK R]QDþLWLEURMHYLPDRG 3XE RG 'DPD L RG .UDOM L MHGQRVWDYQR LK SDPWLWL ]DMHGQR VD GHNDGRP NRMD R]QDþDYD EURMXREOLNXFLIUHQRJEURMDSULNODGQRPQXPHULþNFPUHþMXQDSU ª7UHI GDPD© LOL 7UHO L GDPD 'R6L-H 7L&L-DQ 'L=D-Q LWG LOL 6X'L-D 67R0DN 67R0DWRORJ LWG ª1XOD© RYGH VOXåL NDR SRND]DWHOM GD VHUDGLRVOLNDPD MHU ELVWH LQDþHª©PRJOLSURWXPDþLWLSULUHSURGXNFLMLNDRª7UHIWURMNX© 8PHVWR WRJD DNR 9DP YLãH RGJRYDUD GD RSHULãHWH VDPR VD UHFLPDL]ª1XPHULþNHWDEHOH©]DR]QDþDYDQMHVOLNHPRåHWHXSRWUHELWLQH LVNRULãüHQH GHNDGH SR 9DãRM OLþQRM NRQYHQFLML 1D SULPHU ² 7UHI 7UHISXE 7UHI GDPD L 7UHI NUDOM =D ª+HUF© VOLNH PRåHWHX]HWLWUHüXGHNDGX²]Dª.DUR©²SHWXD]Dª3LN©² ãHVWX GHNDGX 1D SULPHU 3LN GDPD .DUR SXE LWG 7DNR SRQRYR GRELMDWH ]D VYDNX NDUWX MHGQX QXPHULþNX UHþ L] WDEHOH RGQRVQR]DRGUHÿHQL QL] NDUDWD NRMHWUHED PHPRULUDWL ² DGHNYDWDQ QL] QXPHULþNLK UHFL NRMH PRåHWH DVRFLUDWL ELOR NRMLP YH]QLP LOL ODQþDQLPPHWRGRPSDPüHQMD 3RPRüXSRVHEQLKQXPHULþNLKUHFL2YDMPHWRG]DPQRJH PRåH GDEXGHLQDMSUDNWLþQLMLMHUVH]DVYDNXNDUWXX]LPDSRMHGQD SULNODG QDQXPHULþNDUHþNRMDVYRMLPSUYLPVXJODVQLNRPGDMHERMXD VOHGHüLP EURMRGQRVQRQD]LYNDUWH 7UHI 7D7D 7D1H ² 7R0 7R5 7H/H 7X6 7H* 7D9D 7R3 7D6 7L7D1 7R7H0 7D7D5
+HUF +D7 +X1 ² +X0 +R5 +D/D ² +R'=D +R.HMLVW +D9DMND +DX%D ² +L7D& +R'1L. +H70DQ +L'5RJOLVHU
.DUR ² .D'D R.1R ² .D0D .R5D .X/D .R6 .X.D .D)D .L3 .D6D .D7D1DF .X7L-D .R7X5
3LN
3H7DR 3D13X0D 3H5R 3L/H 3D6D 3DX. 3L9R 3H3HR 3D6 3X71LN 3R'L-XP 3X'H5
8QHNLPLJUDPD DVYUHGLOL SXE ² GDPD ² L NUDOM ² WDNRGDVX]DR]QDNXRYLK NDUDWD X]HWL RGJRYDUDMXüL EURMHYL =D ªGHVHWNH© QHJGH MH NRULãüHQD VDPR ªQXOD© ]D R]QDNX NDR QD SULPHU 7UHIGHWHVND 7D6 7² .DUR GHVHWND .D6D . ² LWG 2YDPRJXüQRVW9DPMHYHüRGUDQLMHGREURSR]QDWD
%LOR NRML RG QDYHGHQLK PHWRGD GD SULPHQLWH XYHN üHWH ]D MHGDQQL]NDUDWDGRELWLRGJRYDUDMXüLQL]UHFLEURMHYDLOLQXPHULþNLK UHFLãWRVHVYHRSHWVYRGLQDMHGDQQL]UHFL 7LPH PHPRULUDQMH QHNROLNR GHVHWLQD NDUDWD LOL FHORJ ãSLOD VYRGLWH RYLP PHWRGDPD QD DVRFLUDQMH RGJRYDUDMXüHJ EURMD UHFL NRMH PRåHWH SDPWLWL UD]QLP 9DPD YHü GREUR SR]QDWLP PHWRGDPD $NR QL] NDUDWD SR åHOMHQRP UHGRVOHGX ]DSDPWLWH ODQþDQLP PHWRGRP RQGD JD PRåHWHUHSURGXNRYDWLQDSUHG L QD]DG LOLRG RGUHÿHQH NDUWH QDSUHGLOL QD]DG GDNOH NDR L VYDNL GUXJL ODQþDQL QL] 0HÿXWLP DNR QL] LOL ãSLO NDUDWD PHPRULUDWH QHNLP RG YH]QLK PHWRGD RQGD JD PRåHWH UHSURGXNRYDWL X VYLP SUDYFLPD RG ELOR NRMH NDUWH L QD SUHVNRN ãWR ODQþDQLP PHWRGRP QLMH PRJXüH 3RUHG WRJD ELüHWH RGPDK X VWDQMX GD L]YHGHWH QHNROLNR YHRPD LQWHUHVDQWQLK L ]DGLYOMXMXüLK HNVSHULPHQDWD NRMLPRJXLVWRYUHPHQRELWLGREDUDXWRWUHQLQJLOHSDGUXãWYHQD]DEDYDL LJUD 3UHFL]QRLWUDMQRSDPüHQMHãSLODNDUDWD=DPROLWHMHGQXRGSUL VXWQLK RVRED GD 9DP SUHWKRGQR GREUR L]PHãDQ ãSLO NDUDWD SURþLWD UHGRP NDUWXSR NDUWX GR NUDMD 'RN 9DP VH NDUWH UHGRP þLWDMX 9L LK DVRFLUDWH ]D MHGQX YH]QX WDEHOX .DGD VWH WDNR ]DSDPWLOL L SRVOHGQMX NDUWX 9L VWH X VWDQMX GD UHSURGXNXMHWH FHR ãSLO SR UHGRVOHGX QDSUHG L QD]DG QD GDWL QD]LY NDUWH GD NDåHWH QMHQ UHGQL EURM L REUDWQR GD
NDåHWHSRåHOMLQDNRPUHGQRPEURMXVXQDSULPHUDVRYLLOLGHVHWNHL WR SUHFL]QR SRERMDPD =D RYR MH GRYROMQR GD X PLVOLPD LGHWH UHGRP SR YH]QRM WDEHOL L NDGD QDLÿHWH QD WUDåHQX NDUWX MHGQRVWDYQR NDåHWH QMHQ QD]LYERMXLUHGQLEURM 3DPüHQMHSUHVHþHQRJãSLODNDUDWD=DWLPGDMWHGDVHSUHVHþH ãSLOQDELORNRPPHVWXL]DPROLWHGD9DPVHNDåHVDPRSUYDJRUQMDNDU WDGDELVWH]QDOLJGH9DPVHQL]SUHNLGD1DSULPHUãSLORGNDUWH LPDRMHSUHSUHVHFDQMDUHGRVOHGO²DQDNRQSUHVHFDQMDNDåH9DP VHGDMHSUYDJRUQMDNDUWDUHFLPRªNDURVHGPLFD©NRMDMHQD9DãRMYH] QRMWDEHOLQDRPPHVWX7LPHRGPDK]QDWHQRYLUHGRVOHGNDUDWDX SUHVHþHQRPãSLOXL9DãDUDGQDãHPDVDSUHVHþHQLPãSLORPXRYRPVOX þDMXL]JOHGDRYDNRJRUQMDSRORYLQDâSLODVDGUåLNDUWHVDUHGQLPEURMH YLPDRG²DGRQMDSRORYLQDVDUHGQLPEURMHYLPDRGO² LOL NUDüH²O²ýLPXVWDQRYLWHUDGQXãHPX]DVYDNLSRVHEDQ VOXþDMPRüLüHWHSRQRYLWLVYHQDYHGHQH HNVSHULPHQWHLVD SUHVHþHQLP ãSLORP 8NROLNRåHOLWHPRåHWHSDPWLWLLQHNROLNRãSLORYDLVWRYUHPHQRVDPR MH SRWUHEQR GD RGUHGLWH VPHãWDMQH NDSDFLWHWH QD YH]QLP WDEHODPD 7DNRÿHUDGLEUåHJHIHNWDPRåHWHXPHVWRFHORJãSLODSDPWLWLVDPRVDSROD ãSLODNDUWHLWVOãWRQHüHQLQDMPDQMHXPDQMLWLHIHNDWNRGSULVXWQLK 3RJDÿDQMHELORNRJEURMDL]YXþHQLKNDUDWD2YXYHãWLQXPRåH WHL]YHVWLVDSUHWKRGQR]DSDPüHQLPãSLORPLOLVDQH]DSDPüHQLPãSLORP $NRUDGLWHVD]DSDPüHQLPãSLORPNRMLVWH]DSDPWLOLQDYHüRSLVDQQD þLQRQGDQHNDQHNRRGSULVXWQLKL]YXþHåHOMHQLEURMNDUDWDNRMH9LQH VPHWHYLGHWLLQHNDLKVWDYLXGåHS=DWLPQHNDSRQRYRSURPHãDSUHR VWDOHNDUWHLQHND9DPLKWDNRSURPHãDQHMRãMHGQRPUHGRPSURþLWD$OL VDGDVYDNXNDUWXNRMX9DPSURþLWDPRUDWHªREHOHåLWL©WDNRãWRüHWHMH XPDãWLLOLªRãWHWLWL©VWDYLWLXQHNLQHORJLþDQSRORåDMQHRELþQRRERMLWLL VOLþQRNDRX3RJODYOMXNDGDVWHREHOHåDYDOLSRVOHGQMLþODQQL]D1D SULPHUDNR9DPSURþLWDª7UHIãHVWLFD3LNGDPD+HUFNUDOM© LWG 9LüHWHRGPDKUHDJRYDWLª7UHIãHVWLFD© ª7Xã©LRGPDKªRãWHWLWH©WXã XPDãWLUHFLPRGDPXMHSXNODFHYLOLJDRNUHQLWHWDNRGDPOD]YRGH SUVNDQDJRUHLWG7DNRÿHþLPþXMHWHª3LNGDPD© ª3RGLMXP©²RG PDKJDRERMLWHNDR]HEUXLOLJDL]YUQLWHLOLJDªRãWHWLWH©]DPLVOLYãLJD SRORPOMHQRJLOLVDYHOLNRPUXSRPLWVO3RãWRVWHWDNRªREHOHåLOL©VQDJRP VYRMHXREUD]LOMHVYHSURþLWDQHNDUWHGRNUDMDSUHÿLWHSRQRYRXPDãWL UHGRPSR9DãRMYH]QRMWDEHOLLþLPQDLÿHWHQDªQHRãWHüHQX©NDUWX]QDüH WHGDMHL]YXþHQDWHMHPRåHWHRGPDKJODVQRLPHQRYDWLLOLMHXYUVWLWL XSRVHEDQDVRFLMDWLYDQQL]NRMLüHWHQDNUDMXRGMHGQRPUHSURGXNRYDWL LQDYHOLNRL]QHQDÿHQMHSULVXWQLKRGMHGQRPUHüLVYHL]YXþHQHNDUWH 8NROLNRVHSRVOHL]YODþHQMDNDUDWDãSLOQHSURPHãDãWRMHMRãMHG QD PRJXüD YHU]LMD RYRJ RSLWD RQGD NDUWH QH PRUDWH ªREHOHåDYDWL© MHU SUL GUXJRP þLWDQMX SUHRVWDOLK NDUDWD X ãSLOX RGPDK üHWH SUDüHQMHP QD 9DãRMYH]QRMWDEHOL]DSD]LWLNRMHNDUWHQHPD $NRUDGLWHVDQH]DSDPüHQLPãSLORPRQGD9DPQHWUHEDYH]QDWD EHOD QHJR NRULVWLWH MHGQRVWDYQR VHULMH SR EURMHYLPD NRMH VX QDYHGHQH X PHWRGXSDPüHQMDNDUDWDEUª3RPRüXSRVHEQLKQXPHULþNLKUHFL©.DU WH NRMH 9DP VH þLWDMX ªRãWHWLWH© WM ªREHOHåLWH© QD SR]QDW QDþLQ L SRVOH þLWDQMDXVHELSUHJOHGDMWHãSLOSRVHULMDPDERMD7DNRGRNSUHJOHGDWHVH ULMXª7UHI©UHGRPRGO²RGPDKüHWH]DSD]LWLQHREHOHåHQHNDUWHL
]QDWLGDVXXSUDYRRQHL]YXþHQH1DLVWLQDþLQ SUHJOHGDMWH L RVWDOH VHULMH KHUF NDUR L SLN L UHSURGXNXMWH ªQHREHOHåHQH© WM L]YXþHQH NDUWH 2EHOHåDYDQMH SRMHGLQLK NDUDWD PRåHWH YUãLWL L WDNR ãWR üHWH LK DVRFLUDWL VD VDPLP VRERP LOL LP GRGDYDWL UD]QH SUHGPHWH 1D SU ª.DURVHGPLFD© ª.XND©QDNRMXRNDþLWHUHFLPRQHNLSDNHWLWG 3RJDÿDQMHVYLKNDUDWDNRGþHWYUWHRVREH6YDNDRGXNXSQR RVREH GRELMH SR NDUDWD ; NDUWH WDNR GD SRGHOLWH SRGMHGQDNRFHRãSLO7ULRVREH9DPUHGRPNDåXVYRMHNDUWHNRMH9L RGPDK QD MHGDQ RG SR]QDWLK QDþLQD ªREHOHåDYDWH© 3RVOH WRJD üHWH PRüL ODNR UHSURGXNRYDWL VYLK NDUDWD NRMH VH QDOD]H NRG þHWYUWH RVREHMHUüHELWLVYHªQHREHOHåFQH©NDUWH 2VWDOHHNVSHULPHQWHNRMHPRåHWHYUãLWLVDQDXþHQLPWHKQLNDPD LYHãWLQH NRMLPD PRåHWH RYODGDWL X SDPüHQMX NDUDWD QDüL üHWH X 3RJODYOMX 87HVWXEUª'HVHWNDWUHI©X3RJODYOMX]DKWHYDORVH RG9DVQHVDPRGDSRQRYLWHFHRãSLOWDþQRSRUHGRVOHGXNDNR9DPVH VDPR MHGDQSXW SURþLWD QHJR þDN L GD SRJRGLWH NDUWH NRMH VX SUHWKRGQR ELOH L]YXþHQH $NR VWH WDGD PRåGD SRPLVOLOL GD SRJDÿDQMH L]YXþHQLK NDUDWD LPD QHãWR VD PDÿLRQLþDUVWYRP VDGD NDGD ]QDWH NDNR VH XVSHãQR UHãDYDMX RYDNYL SUREOHPL SRNXãDMWH SRQRYRUHVLWLRYDM]DQLPOMLYLWHVWLXSRUHGLWLUH]XOWDWH 9HURYDWQRüH9DVLQWHUHVRYDWLGDVDNXSOMHQLPEURMHPERGRYD RGUHGLWHVDNDNYLPXVSHKRPVWHVDYODGDOLSDPüHQMHãDKDLNDUDWD ]DLJUDQMH 7(67%5 3RJO 8EHOHåDYDQMHPUHGQLKEURMHYDL]GHVQHNRORQH RGUHGLWH WDþQHR]QDNHSRQXPHULþNRMQRWDFLMLRYLKILJXUDLSRWH]DX ãDKX 25HPL 2²2 23HãDN 26NDNDþ 29HOLNDURNDGD 27RS 2]QDþLWHWDþDQUHGRVOHGSRWH]D XPLQLMDWXULYHOHPDMVWRUD .RãWLFD 2 2 2 2 2 2 2 1DSLãLWHVYLKSRWH]D,,,YHU]LMHª.RQMLþNRJVNRND©NRMDMH QDYH GHQDX3RJOQXPHULþNRPQRWDFLMRP 3RJO 2GUHGLWHUHGEURMHYLPDL]GHVQHNRORQH]DPHQH]D QD]L YHSRMHGLQLKNDUDWDSRPHWRGLLQLFLMDOQHWHKQLNH
2.DUR 2'DPD 23HWLFD 2'HYHWND 23XE
3 9 38 * 0
1DYHGLWHQXPHULþNHYUHGQRVWL]D2YHQD]LYHNDUDWDDNRVHSDPWH SRPRüXª1XPHULþNHWDEHOHRGPHVWD© +HU]GHYHWND 3LNVHGPLFD 3LNNUDOM .DURGDPD 7UHISXE ,]YXþHQHNDUWHL]ãSLODSDPWLWHLSRJDÿDWHSRPRüX $ 3RVHEQRJªPHQWDOQRJREHOHåDYDQMD©NDRãWRVXªERMHQMH©ªRã WHüHQMH©LWG % 3UHJOHGRPFHORJãSLOD & 3DPüHQMHPSRPRüXODQþDQRJQL]D
ªý$52%1$=9(='$© 3$0û(1-(ª0$*,ý1,+.9$'5$7$©,(1,*0$7,.(
'RN þRYHN OHåL EHVSRPRüQR YH]DQ QD VDQGXNX HNVSOR]LYD L] MHGQH SUREXãHQH SRVXGH SRODNR NDSOMH YRGD L SRVXGD VH SRODNR DOL QH]DGUåLYR VD SROXJRP QD NRMRM YLVL SRGLåH L ]D NRML PLQXW QDSUDYLüH NRQWDNW X VWUXMQRP NROX NRML üH XSDOLWL HNVSOR]LY $OL SHUILGQL ]ORþLQFL VX åUWYL RV WDYLOLPRJXüQRVWVSDVDLVSUHGQD]LGXQDOD]LVHGHOLPLþQRLVSLVDQPDJLþ QLNYDGUDWLGYRFLIUHQLKEURMHYD 1DGRKYDWQMHJRYRJGHVQRJQRåQRJ SDOFD QDOD]L VH MHGQD WDEOD VDEURMHYLPD ² ² ² ,VSRG VYDNRJ EURMD MH SR MHGQR GXJPH² SULWLVDN QD MHGQRPRåHPXGRQHWLVSDVLRVORERGLWLJDRNRYDDSULWLVDNQDRVWDOD² DNWLYLUD RGPDK HNVSOR]LY 6SDVRQRVQL EURM QD WDEHOL LGHQWLþDQ MH VD ]ELURP ELOR NRMH NRORQH LOL UHGD DNR MH PDJLþQL NYDGUDW SUDYLOQR UHãHQ.DNRJODVLVSDVRQRVQLEURM" â$725 $5(32 7(1(7 23(5$ 5 27 $6
-HGDQ RG SUYLK PDJLþQLK NYDGUDWD SR]QDWLK X LVWRULML SULND]DQ MH X VUHGLQL 6PDWUD VH GD SRWLþH SUH O J S Q H L QDÿHQ MH X MHGQRP VWDURP NLQHVNRP WHNVWX /HYR MH MHGDQ QDWSLV QD ODWLQVNRP L] *ORVWHUãLUD X (QJOHVNRM NRML LDNR X REOLNX PDJLþQRJ NYDGUDWD LPD þDN L ]QDþHQMH ªâDWRU $UHSR WHQHW RSHUD URWDV© ª6HMDþ$UHSRUDGRPGUåLWRþNRYH©$NRVHVORYD]DPHQH VYRMLP UHGQLP EURMHYLPD X D]EXFL LOL DEHFHGL 9 3RJO RQGD üHWH GRELWL QD VYH VWUDQH RYRJ NYDGUDWD LVWH ]ELURYH 2YDM NYDGUDWODNRSDPWLWHSRPRüXQDYHGHQLKUHFLLDOIDEHWVNLKWDEHODL] SRJODYOMD ² 6UHGQML PDJLþQL NYDGUDW PRåHWH ]DSDPWLWL VD QXPHULþNH UHFL RG NRMLK VYDND VDGUåL SR MHGDQ UHG 'HVQL PDJLþQL NYDGUDW NRG NRJD VYDNL UHG NRORQD LOL GLMDJRQDOD XYHN GDMH LVWL ]ELU PRåHWH ]DSDPWLWL WDNR ÿH SR UHGRYLPD NDR QL] RG XNXSQR EURMHYD (YR MRã QHNROLNR YHU]LMD PDJLþQLK NYDGUDWD X REOLNXªþDUREQLK]YH]GL© $NR GYD UDYQRVWUDQD WURXJOD SUHNORSLWH WDNR GD MHGDQ EXGH RNUHQXW ]D GRELüHWH NRVWXU ªþDUREQH ]YH]GH© 7HPHQD ]YH]GH REHOHåLWH RYLP EURMHYLPD O L 6HFLãWD VWUDQD WURXJORYD REHOHåLWH RYLP EURMHYLPD SRþHY RG VHFLãWD NRMH VHQDOD]LL]PHÿXWHPHQDªO©Lª©=ELUSRELORNRMRMBVWUDQLWURXJOD X RYRM ªþDUREQRM ]YH]GL© MH XYHN -Rã VDYUãHQLML REOLN ªþDUREQH ]YH]GH© NRG NRMH L ]ELU SR WHPHQLPD GDMH WDNRÿH EU GRELMDWH DNR LVWLP UHGRVOHGRP XPHVWR JRUQMLK VWDYLWH RYH EURMHYH WHPHQD²OD]D VHFLãWD ªýDUREQH ]YH]GH© SDPWLWH NDR L PDJLþQH NYDGUDWH X REOLNX QL]D EURMHYD ODQþDQLP LOL YH]QLP VLVWHPRP V WLP ãWR PRåHWH GRGDWL MHGQX NUDNX ]YH]GX QD NUDMX QL]D GD ELVWH ]QDOL GD VH UDGL R ªþDUREQRM ]YH]GL© 7DNRÿH QL] PRåHWH SRþHWL QXPHULþNRP UHFL NRMD üH VDGUåDWL ]ELU ªþDUREQH]YH]GH© X QDYHGHQLP VOXþDMHYLPD 9DåQR MHGDVHGUåLWHRGUHÿHQRJUHGRVOHGDXSDPüHQMXNDNRQHELGROD]LOR GR ]DEXQH NDVQLMH SUL UHSURGXNFLML 1D SULPHU PRåHWH SUYR SDPWLWL WHPHQDSDRQGDVHFLãWDVWLPGDSUYLEURM]DVHFLãWDSRþLQMHRGPDK SRVOHSUYRJWHPHQDDNRVHSRVPDWUD üHOD ªþDUREQD]YH]GD©XVPLVOX RNUHWDQMD VDWQH ND]DOMNH 1D DQDORJDQ QDþLQ PRåHWH SDPWLWL L RVWDOH YUVWHªPDJLþQLKNYDGUDWD©LªþDUREQLK]YH]GL© .DR ãWR PRåHWH ]DSDPWLWL åHOMHQL EURM ªPDJLþQLK NYDGUDWD© L ªþDUREQLK ]YH]GD© LVWR WDNR PRåHWH PHPRULUDWL L RJURPDQ EURM DQDJUDPD$QDJUDPLVHYHüLQRPVDVWRMHL]]DGDWNDNRMLVDGUåLO ² UHFL L UHãHQMD NRMH SURL]LOD]L L] ]DGDWLK UHFL 1DMSUDNWLþQLMH VH SDPWH SDUQLP DVRFLMDFLMDPD ]DGDWDN UHãHQMH $NR åHOLWH GD LK NODVLILFLUDWH X YHüH JUXSH RQGD RYH SDUQH DVRFLMDFLMH VSRMWH X SULNODGQH ODQþDQH QL]RYH 3RMHGLQH HQLJPDWVNH MHGQDþLQH QDMEROMH MH SDPWLWL ODQþDQLP QL]RYLPD X NRMLPD ]DGQML þODQ XYHN VDGUåL UHãHQMH D DNR åHOLWH GD LK LPDWH NDR NROHNFLMX RG UHFLPR NRPDGDRQGDSUYHþODQRYHWLKQL]RYDDVRFLUDMWHVDMHGQRPYH]QRP WDEHORPRG PHVWD 5D]QHLVSXQMDONHNYDGUDWH ; LWGXNUãWHQIFHNDRLYHOLNX XNUãWHQH UHFL QDMEROMH MH SDPWLWL QHNRP YH]QRP WDEHORP DNR VX UHãHQMD QXPHULVDQD QHSUHNLGQR UHGQLP EURMHYLPD RG O QDGDOMH $NR VXUHãHQMDQXPHULVDQDQDSUHVNRNWMVDSUHNLGLPDRQGDMHQDMEROMH SULPHQLWL ODQþDQL PHWRG 1D SULPHU UHãHQMH QHNLK XNUãWHQLK UHFL JODVL %HUOLR] 0HJGDQ 2UHRO 'UHND /RUND LWG -HGQRVWDYQRSDPWLPRXQHSUHNLGQRP QL]XEURM RGQRVQRQXPHULþNX UHþ L UHãHQMH $X7R ² %HUOLR] ² D*D ² 0HJGDQ ² 'L0 ²2UHRO²7X6
² 'UHND ² 'X*D ² /RUND LWG 3UYL þODQ QL]D PRUD ELWLQD]LYLOL EURM XNUãWHQLFH 3UL UHSURGXNFLML ]QDPR GD QDP SUYD UHþ R]QDþDYD XYHN EURM D GUXJD UHãHQMH SRG WLP EURMHP 2YLP QDþLQRP PRåHWH ]DSDPWLWL SUDNWLþQR QHRJUDQLþHQ EURM XNUãWHQLFD L QMLKRYLKUHãHQMD $NRåHOLWHPRåHWH]DSDPWLWLNRPSOHWQDUHãHQMD]DFHRMHGDQEURM þDVRSLVD HQLJPH =DGDFL X þDVRSLVX RELþQR VX QXPHULVDQL EURMHYLPD RG O QDGDOMH =D VYDNL EURM ]DGDWND GDWD VX UHãHQMD VD VYRMLPEURMHYLPD1DSULPHU%52-=$'$7.$²1LMDJDUD =YRQR ,6.RORV $UHQD LWG 3RãWR VH EURM ]DGDWDND RELþQR NUHüH RG ² GRYROMQR MH GD XSRWUHELWH MHGQX YH]QX WDEHOX GR PHVWD EURMHYH YH]QLK PHVWD X]PLWH ]D EURMHYH ]DGDWDND D ]D QMLK DVRFLUDMWH SUYH þODQRYH ODQþDQLK QL]RYD NRML VDGUåHQXPHULVDQDUHãHQMDVOLþQRNDRSULPHPRULUDQMXUHãHQMDUD]QLK XNUãWHQLFD 1D DQDORJQH QDþLQH PRåHWH SDPWLWL L RVWDOH YUVWH HQLJPDWVNLK ]DGDWDND NDR ãWR VX EURMþDQLFH GLMDJRQDOH VORJRYQH XNUãWHQLFH ORJRJULIQH DQDJUDPH NULSWRJUDPH VDELUDQMD L RVWDOH HQLJPDWVNH SUREOHPH $NR VKRGQR UDQLMH L]ORåHQLP SULQFLSLPD QDMSUH L]YUãLWH VWURJ L]ERU L NODVLILNDFLMX QDMEROMLK HQLJPDWVNLK ]DGDWDND PRåHWH LK WUDMQR PHPRULUDWL VD QHNROLNR ODQþDQLK QL]RYD L YH]QLK WDEHOD L WLPH VWHüL ERJDWX UL]QLFX L]DEUDQLK HQLJPDWVNLK SUREOHPD VD JRWRYLP UHãHQMLPD
)(120(1$/1$0(025,-$8'58â79(1,0 ,*5$0$
1LNDGDQHWUHED]DERUDYLWLGDMHX GUXãWYX]DEDYDXYHNRPLOMHQLMDRG XþHQMD ².QLJJH
$87275(1,1*,/,=$1,0/-,9(,*5(6$3$0û(1-(0
6YH LJUH QDYHGHQH X RYRP SRJODYOMX ]DVQRYDQH VX QD UD]QLP WHKQLNDPDVLVWHPDWVNRJSDPüHQMDLSRUHGGUXãWYHQH]DEDYH PRJXGD SUHWVWDYOMDMXLRGOLþDQWUHQLQJLQRYHPRJXüQRVWLSULPHQHPHWRGDL ]DNRQLWRVWL NRMH VWH GR VDGD QDXþLOL L XVYRMLOL ,VWRYUHPHQR PQRJH WHKQLNH L QMLKRYH SULPHQH X GRVDGDãQMLP SRJODYOMLPD PRJX GD SUHWVWDYOMDMX YHRPD ]DQLPOMLYX GHPRQVWUDFLMX SRQHNDGD L IHQRPHQDOQLKPRJXüQRVWL9DãHQRYH PHPRULMH ãWR PRåHGDEXGHL RGOLþQDGUXãWYHQD]DEDYD ª0HPRULMDHOHNWURQVNRJUDþXQDUD© =DPROLWH MHGQX RVREX X GUXãWYX GD SRSLãH EURMHYH XYHN X JUXSDPD RG SR WUL FLIUH NRMH üH SULVXWQL QDVXPLFH GLNWLUDWL 5DGL EU]RJHIHN
WDRJUDQLþLWHGLNWLUDQMHQDWURFLIUHQLKEURMHYDLOLEURMRGXNXSQR FLI DUD -Rã GRN VH EURM GLNWLUD 9L JD PRåHWH VLPXOWDQR DVRFLUDWL ]D MHGQX YH]QX WDEHOX RG PHVWD ýLP MH GLNWLUDQMH ]DYUãHQR 9L üHWH QD RSãWH L]QHQDÿHQMH SULVXWQLK UHSURGXNRYDWL RYDM GåLQRYVNL EURM RG FLI DUD X VYLP SUDYFLPD ,]QHQDÿHQMH üH VH SUHWYRULWL X GLYOMHQMH NDGD QD EXMLFX SLWDQMD WLSD ª.RMD MH WD JUXSD"© LOL ª.DNR JODVL VUHGQMD FLIUD WH JUXSH"©LOLª8NRMLPJUXSDPDLQDNRPHPHVWXXJUXSLVXVYHSHWLFH"© LWGEXGHWHRGJRYDUDOLVLJXUQREU]RLEH]RNOHYDQMD'DELRGJRYRULOLQD VYD RYDSLWDQMDELüHGRYROMQRGDVDPRSUHOD]LWHVYRMLP ªGXKRYQLP RþL PD© SR 9DãRM YH]QRM WDEHOL L GD RþLWDYDWH SRWUHEQH SRGDWNH MHU UHGQL EURMYH]QLKPHVWDGDMH9DPLUHGEUJUXSHEURMHYDDSRãWRVYDNDJUX SD LPD SR WUL FLIUH ODNR SURQDOD]LWH VUHGQMX FLIUX $NR 9DP VH SRVWDYL SLWDQMHª.DNRJODVLDFLIUD"©9LRGPDK]QDWHGDMHRQDXWRMJUXSL VUHGQMD FLIUD MHU MH ; WM ]DGQMD FLIUD X JUXSL MH D WH VUHGQMDPRUDELWLDLWG ,]QHQDÿHQMH SULVXWQLK GRVSHüH X NXOPLQDFLMX NDGD EXGHWH ]DPROLOL QHNRJ RG SULVXWQLK GD VDEHUH RYLK WURFLIUHQLK EURMHYD QD SRVHEQRP SDSLUX NRML 9L QH PRåHWH YLGHWL L NDGD 9L PHQWDOQR VDELUDMXüL GDWH WD þDQ]ELUGDNOHEH]SRPRüLSDSLUDLRORYNH0RåHWHLGDOMHNRPELQHYDWLL ]DGLYLWL SULVXWQH DNR WURFLIUHQL EURM RGQRVQR QMHJR\X QXPHULþNX UHþ RGPDK SUL GLNWLUDQMX DVRFLUDWH VD RVRERP NRMD JD MH GLNWLUDOD D VYH SUH WKRGQR]DPROLWHGDEURMNRMLEXGXGLNWLUDOL]DSLVXQDSRVHEQRPNRPD GXSDSLUD7DGDüHWHPRüLþDNLPHQRYDWLRVREXNRMRMSULSDGDSRMHGLQD FLUHQDJUXSD ª3RJDÿDQMHNDUWHXSDUX© 2YX LJUX ]DQLPOMLYR MH LJUDWL VD QDMPDQMH ² RVRED ,] SUR PHãDQRJãSLODVYDNRMGDWHSRNDUWHVOLFHPQDJRUHNRMHRGPDKSDP WLWHSDUQLPDVRFLMDFLMDPD6YDNRPXþHVQLNXNDåHWHGD]DSDPWLLOL]DSLãH VYRMSDUNDUDWD =DWLP QHND QHNR SRNXSLVYH NDUWH L GREUR L]PHãD $ SRWRP QHND L]YODþL MHGQX SR MHGQX L] ãSLOD L 9L üHWH RGPDK UHüL NRML MH QMHQSDUãWRüHRGQRVQDRVREDLSRWYUGLWL $NR DVRFLUDQH SDUR\H RGPDK SRYH]HWH VD RVREDPD NRMLPD SULSD GDMX PRåHWH GDOMH NRPELQRYDWL GD NDUWH RGQRVQR SDURYH NDNR LK EX GHWH 9L LOL QHNR GUXJL L]YODþLOL L] ãSLOD RGPDK UDVSRGHOMXMHWH XþHVQLFLPD LJUHNRMLPDSULSDGDMX
ª3UHGPHWLVDLQLFLMDOLPD© 1DMPDQMH²RVREDUHGRP9DPGLNWLUDMXSRMHGDQSUHGPHW LGYDLQLFLMDODX]QMHJDNDRQDSUGLJLWURQ²6'þDãD²+7]QDþ ND²0.LWG$NRMHPDQMHRVREDRQGDVYDNDPRåHGD9DPL]GLNWLUDSR GYD SUHGPHWD VD SR GYD LQLFLMDOD 1HND VYDND RVRED L]GLNWLUDQH SUHG PHWH L LQLFLMDOH ]DSLãH LOL ]D VHEH ]DSDPWL 'RN 9DP VH SUHGPHWL GLNWL UDMX 9L LK RGPDK DVRFLUDMWH VD UHFLPD SRPRüX NRMLK VWH ]DSDPWLOL LQLFL MDOQRP WHKQLNRP RGJRYDUDMXüH LQLFLMDOH 1D SULPHU ª'LJLWURQ ² 6X'© ªýDãD ² +U7© ª=QDþND ² 0D.© LWG =DWLP SRMHGLQH RVREH LPHQRYDüH SUHGPHW D 9L üHWH SUHFL]QRL EH] JUHãNH GDYDWL LQLFLMDOH X]QMHJD LOL RE UDWQR 2YDMHNVSHULPHQWYHRPDLPSUHVLRQLUD SULVXWQH QDURþLWR DNRRYD NR]DSDPüHQHSUHGPHWHVDLQLFLMDOLPDDVRFLUDWHVDRVREDPDNRMLPDSUL
SDGDMX WDNR GD PRåHWH XYHN UHüL L NRMRM RVREL SULSDGDMX DNR LK LPHQXMHQHNDQHXWUDOQDRVRED
ªäLYDNDUWRWHND© 2YDM HNVSHULPHQW QDMEROMH MH L]YHVWL VD QHSR]QDWLP RVREDPD RGQRVQR VD RVREDPD þLMD 9DP LPHQD QLVX SR]QDWD DOL PRåHWH JD XVSHãQRL]YUãLWLLVD9DãLPSR]QDQLFLPD L SULMDWHOMPD (IHNWD UDGL SUHSRUXþOMLYR MHGDEXGHSULVXWQRQDMPDQMH ² RVRED6YDND RVRED UHGRP NDåH 9DP VYRMH LPH WM SUHWVWDYL VH GD EURM VYRJ WHOHIRQD EURM OLþQH NDUWH LOL SDVRãD L EURM MHGQH QRYþDQLFH X VYRP QRYþDQLNX 'RN 9DP VH RYL SRGDFL JRYRUH 9L LK UHGRP SDPWLWH SR]QDWLP WHKQLNDPD LPH DVRFLUDWH ]D OLN GRWLþQH RVREH D EURMHYH SDVRãD WHOHIRQDL QRYþDQLFH SUHWYRUHQH XSULNODGQH QXPHULþNH UHFL X REOLNX ODQþDQRJ QL]D DVRFLUDWH VD VDPRP RVRERP NRMRM SULSDGDMX 2EUDWLWH SRVHEQX SDåQMX GD 9DP VDPD RVRED EXGH XYHN SUYL þODQ QL]DLGD9DPVHSRMHGLQLSRGDFLXYHNQLåXLVWLPUHGRVOHGRPNDNR QHELVWHEURMWHOHIRQD]DPHQLOLVDEURMHPOLþQHNDUWHLWVO =DWLP ]DPROLWH SULVXWQH RVREH GD SURPHQH VYRMD PHVWDL GD 9DP SR åHOMHQRP UHGX GL]DQMHP UXNH LOL XVWDMDQMHP WUDåH GD NDåHWH QMLKRYH ªJHQHUDOLMH© ýLP XJOHGDWH OLN GRWLþQH RVREH RGPDK üH 9DP VHSRMDYLWLDVRFLUDQRVDQMLPQMHQRLPHLDXWRPDWVNLüHGDOMHSRWHüL ODQþDQL QL] þLML üH9DP þODQRYLGDWLRVWDOHSRGDWNHNRMH 9DPMHWD RVRED GDOD GD ]DSDPWLWH $NR WH RVREH DVRFLUDWH VD MHGQRP RG YH]QLKWDEHODLOLLKªVWDYLWH©XMHGQXVREXSRWRSRVLVWHPXPRüLüHWH GD NDåHWH þDN L QMLKRY UHGQL EURM SR NRPH VX VH MDYOMDOL SUHWVWDYOMDOL
ª3RJDÿDQMHSDURYDNDUDWD© 2YX YHRPD HIHNWQX LJUX PRåHWH L]YHVWL L VD PDQMLP EURMHP RVRED 'DMWH QHNRP GD L] ãSLOD L]GYRML NDUDWD L GREUR LK SURPHãD =DWLP QHND QDMPDQMH ² RVRED L]DEHUX L] QMLK SR NDUWH WM SDU ELOR NRMLK NDUDWD L QHND LK ]DSDPWH LOL VHEL ]DEHOHåH 3DURYH NDUDWD VNXSLWH SRQRYR X QRYL ãSLO SD]H üL GD LK QH SRPHãDWH =DWLP SRUHGDWH VDNXSOMHQH NDUWH OLFHP QD JRUH X UHGD VD SR NDUDWD X VYDNRP UHGX L WR QD L]JOHG QDVXPLFH L SURL]YROMQR 6DGD]DPROLWHSULVXWQHGD9DPSRND]XMXVDPRUHGLOLUHGRYH X NRMLPD MH QMLKRY SDU L]DEUDQLK NDUDWD L 9L EH] SUHPLãOMDQMD L SRJUHãNH SRJDÿDMWH SDU NRML MH GRWLþQD RVRED X PLVOLPD RGDEUDOD QDRSãWHL]QHQD .$=$1 &2&(. .2725 9,9$. 58081 5(51$ (0=(7 323,1 ÿHQMH SULVXWQLK 8 þHPX MH WDMQD" ² 8 ]QDQMX MHGQH RG JRUQMLK ãHPD 3RãWR VWH VYH SDURYH NDUDWD VDNXSLOL 9L LK VDPR QD L]JOHG QDVXPLFHUHGDWHXUHGRYHDXVWYDULUHGDWHLKSRMHGQRMRGJRUQMLK ãHPDSUYXNDUWXL]SUYRJSDUDQDVORYR ª.©XUHFL ª.$=$1©D GUXJX NDUWX WDNR ÿH QD VORYR ª.© X UHFL ª.2725© =DWLP SUYX NDUWXL]GUXJRJSDUDQDVORYR ª$©XUHFL ª.$=$1©LGUXJXNDUWX LVWRJ SDUD WDNR ÿH QD VORYR ª$ © X LVWRM UHüL ,VWR WDNR SUYX NDUWX WUHüHJ UHGD QD VORYR ª= © X UHFL ª. $=$ 1 © D GUXJX NDUWX WDNRÿH QDVORYR ª=© X UHFL ª(0=(7© L WDNR GR NUDMD 7LPH VWH SRVWLJOL GDVX9DPSDURYLWDþQRR]QDþHQLLVLJXUQRSR
YH]DQLLVWLPSDURPVORYDXSRMHGLQLPUHFLPDãHPH.DGD9DPVHSRND åHUHGLOLUHGRYLJGHVHWUDåHQLSDUNDUDWDQDOD]LGRYROMQRMHGDXPDãWL SRWUDåLWH GYD LVWD VORYD X WRP UHGX LOL UHGRYLPD L GD NDUWH QD QMLKRYLP PHVWLPD R]QDþLWH NDR WUDåHQL SDU 1D SULPHU DNR 9DP VH SRNDåH ,, L ,9 UHGRGPDKYLGLWHGDVXMHGLQDLVWDVORYDXREDUHGD²ª7©LGDMHWUDåHQL SDUVDVWDYOMHQRGNDUDWDQDWLPPHVWLPD%LWQRMHGDGREUR]QDWHãHPX L GD MH PRåHWH X PDãWL ªLVSLVDWL© QD VWROX NUXSQLP VORYLPD NDNR EL SR QMRM SUDYLOQR UDVSRUHÿLYDOL SDURYH ]DPLãOMHQLK NDUDWD 'DWH VX GYH ãHPHNDNRELVWHPRJOLGDLKPHQMDWHLOLGDSRSRWUHELUDGLWHVDND UDWD; LOLSDURYDRGQRVQRRVRED ,VWX RYX LJUX PRåHWH L]YHVWL L VD SDURYLPD UD]QLK SUHGPHWD XPH VWRNDUDWD3DURYLSUHGPHWDVHSRUHGDMXQDVWROXLVYDNDRVREDRGDEHUH XPLVOLPDSRMHGDQSDU=DWLPUDVSRUHGLWHSDURYHLSRVWXSDWHGDOMHNDR VDNDUWDPD
ª'HWHNWLYYUãLLVWUDJX© 8 RYRP HNVSHULPHQWX 9L VH QDOD]LWH X XOR]L GHWHNWLYD 1D QHNR OLNRGHVHWLQDNDUWLFDLVSLãHWHMHGQRPERMRP ªVNURYLãWD©NDR ]DYHVD SRG UXP NDQDO GLPQMDN RUPDQ LWG D GUXJRP ERMRP UD]QH ªLQNULPLQLVD QH©SUHGPHWHUHYROYHURWLVFLPDVNDQRYDFLWG3RãWRGREURSURPHãD WH LVSLVDQH NDUWLFH SRGHOLWH SULVXWQLPD SR MHGDQ SDU WM MHGQX NDUWLFX VD LVSLVDQLP ªVNURYLãWHP© L GUXJX VD QDSLVDQLP ªLQNULPLQLVDQLP SUHGPH WRP© 'RN SUHGDMHWH SDURYH LVWRYUHPHQR LK SDPWLWH SDUQLP DVRFLMDFL MDPD =DWLPXþHVQLFLUHGRPVMHGQHNDUWLFHþLWDMXªVNURYLãWH©DSRPR üX GUXJH NRQWUROLãX 9DV X XOR]L GHWHNWLYD GD OL VWH WDþQR SRJRGLOL QD]LY ªVDNULYHQRJ© SUHGPHWD² ,VWRWDNR ]DQLPOMLYD YDULMDFLMD RYH LJUH PRåH GDVHQDSUDYLVDNDUWDPD6YDNDRVREDGRELMHSRMHGQXNDUWXDSRãWR VXSRGHOMHQHVYHNDUWHVYDNDRVREDNDåHLPHNDUWHLPHVWRJGHMHVNULYD
1D SULPHU ª.DUR DV ² X QRYþDQLNX© LWG 0RåHWH SDPWLWL SDUQLP DVR FLMDFLMDPDNDUWD ªVNURYLãWH© LOL JUXSQLP GRWLþQD RVRED NDUWD ªVNURYLãWH©XNRPVOXþDMXQDGL]DQMHUXNHWHRVREHPRåHWHUHüLNDUWXL QMHQRªVNURYLãWH©LOLDNR9DPVHNDåHNDUWDGDUHSURGXNXMHWHªVNURYLãWH© LREUDWQR
ª3DPWL²SDVSDUL© 8RYRMLJULXþHVWYXMXQDMPDQMHGYHRVREHâSLOVHUDVSRUHGLOLFHP QDGROHXUHGLVDSRNDUDWDSUHRVWDOHNDUWHQDNUDMXUDGLODN ãHJRGUHÿLYDQMDUHGEURMDSRMHGLQLKNDUDWD,JUDþLQDL]PHQLþQRRNUHüX SRNDUWHLDNRGRELMXSDUQDSUGYHGHVHWNHLOLGYDSXEDLWGVWDYOMD MXLKNRGVHEHX ªEDQNX© $NR QHL]YXNXSDUPRUDMXNDUWHSRQRYR SRN ORSLWL QD LVWLP PHVWLPD .R VDNXSL QDMYLãH SDURYD ² SREHGQLN MH X RYRM ]DQLPOMLYRM LJUL NRMD MH LVWRYUHPHQR L RGOLþDQ WUHQLQJ X SDPüHQMX 1D UDYQR SREHGLüH RQDM NRML LPD QDMEROMH SDPüHQMH RGQRVQR NRML ]DSDPWL QDNRQQHXVSHãQRJ RNUHWDQMD SDUD JGH VH NRMD NDUWD QDOD]L 1D SULPHU DNR VWH RNUHQXOL WX NDUWX X WUHüHP UHGX L PX NDUWX X SHWRP UHGX L GRELOLQHSDUUHFLPRª'DPX©L ª6HGPLFX©RQGDRGPDK]QDWHGDMH ª'D PD©QDUHGEURMXUHGD Dª6HGPLFD©QDUHGEURMX UHGD ãWR RGPDK PHPRULUDWH SRPRüX MHGQH YH]QH WDEHOH ,VWR WDNR RGPDK XRþDYDWH L SDPWLWH QHXVSHOH SRWH]H 9DãLK SUR WLYQLNDX LJUL 7DNR XVNRUR GROD]LWH X SR]LFLMX GD RGPDK QDÿHWH NDUWX NRMD9DPMHSRWUHEQD]DIRUPLUDQMHSDUD =DQLPOMLYX YDULMDFLMX RYH LJUH PRåHWH L]YHVWL VD NDUWLFD NRMH QD MHGQRM VWUDQLLPDMXEURMHYH RGO ² D QD GUXJRM SUHGPHWH NRML VH PRJXVSDULYDWL.DUWLFHVHSRUHGDMXSRUHGXLOLL]PHãDQHVDEURMHYLPD QD JRUH L GDOML SRVWXSDN MH LVWL .RG RYRJ QDþLQD SRVDR 9DP MH RODNãDQ XWROLNRãWRUHGQLEURMSRMHGLQLKSUHGPHWDRþLWDYDWHGLUHNWQRVDNDUWLFH ªýLWDQMHPLVOLLOLWHOHSDWLMDEH]NRQWDNWD©
2YDM QD SUYL SRJOHG ]DSDQMXMXüL HNVSHULPHQW PRåHWH L]YHVWL X VD UDGQMLVDMRãMHGQRPRVRERPNRMDSR]QDMHQXPHULþNLDOIDEHW.DGDGREL MHWHGREURL]PHãDQLãSLONDUDWD9LL]YODþLWHELORNRMXNDUWXL]ãSLODLSLWD WH9DãHJªPHGLMXPD©QDNRJDªSUHQRVLWH9DãHPLVOL©NRMXVWHNDUWXVD GD L]YXNOL 1D RSãWH ]DSUHSDãüHQMH SULVXWQLK ªPHGLMXP© NRML VHGL XGD OMHQ RNUHQXW OHÿLPD LOL ]DYH]DQLK RþLMX EH] RNOHYDQMD L UD]PLãOMDQMD SR JDÿDNDUWXNRMXVWHL]YXNOL .OMXþ RYH ]DJRQHWNH OHåL X XJRYRUHQRM ªãLIUL© L]PHÿX 9DV L 9DãHJ ªPHGLMXPD© SR QXPHULþNRP DOIDEHWX L WDEOLFL ]D SDPüHQMH NDUDWD 9L PXXVWYDULSUYLPVXJODVQLNRPXSUYRMUHFL9DãHJSLWDQMDNDåHWHERMX D SUYLP VXJODVQLNRP X GUXJRM UHFL 9DãHJ SLWDQMD ² VDP QD]LY L]YXþHQH NDUWH1DSULPHUDNRL]YXþHWHª3LNVHGPLFX©9LüHWHJDSLWDWLª3RJRGL ª3LN© NRMX ² . ª6HGPLFD© NDUWX VDGD GUåLP"© ãWR üH 9Dã ªPHGLMXP© ODNR ªGHãLIURYDWL© L VLJXUQR RGJRYRULWL ª3LN VHGPLFX© $NRSUHSLWDQMDX]YLNQHWHª3D]LVDGD©LOLª$VDGD ©LWVORQGD üHRQ]QDWLGDüHWHPXVDGDUHFLQHNXVOLNXLWRRSHWSUYRERMXSDRQGD QD]LY]DNRMHMHGRYROMQRGDXSRWUHELWHVDPR]D 3XE 'DPD L .UDOM UHVSHNWLYQR
ª3DPüHQMHãLIDUDLNRGRYD© 3RPRüX LQLFLMDOQH WHKQLNH L ODQþDQRJ LOL YH]QRJ PHWRGD PRåHWH HILNDVQR ]DSDPWLWL QL] åHOMHQH GXåLQH UD]QLK VORYQLK R]QDND L VLPEROD 0RåHWH QD SULPHU GDWL GD 9DP VH L]GLNWLUD MHGDQ QL] LOL EHVPLVOHQD UHþ VDVWDYOMHQD RG LOL VORYD EH] QHNRJ RGUHÿHQRJ VPLVOD LOL QL] UHFL QHNRJ SRWSXQR QHSR]QDWRJ VWUDQRJ MH]LND =D SDURYH LOL WULD L]GLNWLUDQLK VORYD IRUPLUDMWH SRJRGQH UHFL NRMH DVRFLUDQH YH]QLP PHWRGRP SDPüHQMD SUXåDMX9DPPRJXüQRVWGDUHSURGXNXMHWHVYLKLOLVORYDELORNRMLP UHGRVOHGRP6WDYLãHPRüLüHWHGDSUHFL]QRRGJRYRULWHLQDWDNYDSLWDQMD NDRª.RMHMHPRVORYRSRUHGX"©LOLª1DNRPUHGQRPEURMXVHVYH QDOD]LVORYRª0©LVORYRª6©"©LOLª.RMDVXVORYDQDL PHVWX"©
ª0HPRULMDX&DVLQRX© 9HRPD HIHNWQR PRåHWH PHPRULUDWL åHOMHQL EURM EDFDQMD GYH LOL WUL NRFNHLVWRYUHPHQR 1HNRP RG SULVXWQLKGDMWHWUL NRFNH FUQX EHOX L FU YHQX L ]DPROLWH JD GD L]YUãL QD SURSLVDQ QDþLQ UHFLPR EDFDQMD 6YDNR EDFDQMHGDüHXYHNMHGDQFLIUHQEURMþLMHSRMHGLQHFLIUHQHüHSUHüLEU RE]LURPGDVYDND NRFND QDMHGQRMVWUDQL LPD PDNVLPDOQR WDþNLFD $NR SD]LWH GD XYHN X]LPDWH SRMHGLQD EDFDQMD RGUHÿHQLP UHGRP QD SUL PHU FUYHQD ² EHOD ² FUQD L WDNR IRUPLUDWH WURFLIUHQH EURMHYH NRMH SDPWLWH YH]QLP PHWRGRP PRüL üHWH UHSURGXNRYDWL VYDNR EDFDQMH SR UHGQRPEURMX]D]DGDWREDFDQMHPRüLüHWHUHüLNRMHMHELORSRUHGXLãWD YLãHELüHWHXVWDQMXUHSURGXNRYDWLVYHWRVDPR]DMHGQXNRFNXELORNRMH ERMH 2YD VSRVREQRVWMH QH VDPR LQWHUHVDQWQD GHPRQVWUDFLMD PRüL 9D ãHJQRYRJSDPüHQMDQHJRLYHRPDNRULVQDYHãWLQDXQHNLPLJUDPD
ª=QDNRYL=RGLMDND© =QDNRYH =RGLMDND PRåHWH YHRPD EU]R L ODNR PHPRULUDWL YH]QLP PHWRGRPSDPüHQMD 2YDQ 9DJD %LN âNRUSLRQ %OL]DQFL 6WUHODF 5DN 'LYRNR]D /DY 9RGROLMD 'HYLFD 5LEH =D SHULRG YDåHQMD SRMHGLQLK ]QDNRYD GDW MH VDPR SRþHWQL GDWXP MHU MH RþLJOHGQR GD RQ WUDMH GR SRþHWND VOHGHüHJ ]QDND 7DNRÿH QLMH SR WUHEQRGDSDPWLWHGRVORYQRQDSUMHUVHª©XYHNSRQDYOMDLSUH PDWRPHSRGUD]XPHYDWHMHGRYROMQR GD X] VYDNL]QDN]DSDPWLWH VD
PR PHVHF 3RMHGLQH ]QDNH NRML VX RGOLþQR SHUVRQLILFLUDQL DVRFLUDMWH MHG QRPYH]QRPWDEHORPLGRGDMWHLPQXPHULþNHUHFL]DQMLKRYHPHVHFH 7DNRÿHVDPRMHGQLP ªDVRFLMDWLYQLPþLWDQMHP© ]DSDPWLüHWHLRE OLNVDPLK]QDNRYD=RGLMDND 2YDQ²QMHJRY]QDNOLþLQDVORYRª9©WMªR9DQ© %LN²LPD]QDNNRMLãHPDWVNLSULND]XMHJODYXELND %OL]DQFL²LPDMX]QDNNDRULPVNR,,GDNOHGHWHWD
5DN²QMHJRY]QDNOLþLQDEUª©]DNUHQXW]DDQXPHULþNDUHþ ]Dª©MHªäD%D©NRMDDVRFLUDQDUDND /DY²LPD]QDNNRMLYHRPDOLþLQDUHSODYDVDNLüDQNRP 'HYLFD²SUHWVWDYOMHQDMH]QDNRPNRMLSRWVHüDQDVORYDª0©Lª'© ãWRSDPWLWHSOHRQD]PRP0ODGD'HYRMND 9DJD²RGGHORYDQMHQRJ]QDNDPRåHVHQDSUDYLWLüLULOLþQRVORYRª9 NRMHMHLQLFLMDOQMHQRJQD]LYD âNRUSLRQ²DNRRNUHQHWHQMHJRY]QDNGRELMDWHüLULOLþQRVORYRªâ©² âNRUSLRQ 6WUHODF²QMHJRY]QDNMHXSUDYRMHGQDVWUHOD .R]RURJ²LPD]QDNNRMLSRWVHüDQDEU åDONRMLMHQXPHULþND UHþª.R=D© 9RGROLMD²QMHQ]QDNVHDXWRPDWVNLSDPWLMHUSUHWVWDYOMDYRGX 5LEH²QMLKRY]QDNOLþLQDVORYRª+©²+DULQJHNRMHVX WDNRÿH ªULEH©
ª0DWHPDWLþNHSLUDPLGH© 9HRPD NRULVQX L SRXþQX ]DEDYX PRåH GD SUHWVWDYOMD L]UDGD PDWH PDWLþNLKSLUDPLGDRGNRMLKQDYRGLPRGYHYHU]LMH [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ [ 6OXåHüLVHPHWRGDPD]DSDPüHQMHUD]QLKREUD]DFDLIRUPXOD9 3RJODYOMH GRYROMQR MH GD ]DSDPWLWH VDPR SUYD WUL SRþHWQD ªVORMD© VYDNH SLUDPLGH L GD LK QD RVQRYX WRJD NRPSOHWLUDWH GR NUDMD QD RVQRYX XRþHQH]DNRQLWRVWLQMLKRYRJIRUPLUDQMD =DKYDOMXMXüLRYLPLJUDPDLHNVSHULPHQWLPDVDSDPüHQMHPELüH WH X VWDQMX GD SULMDWQR ]DEDYLWH VYDNR GUXãWYR X NRPH VH NUHüHWH GD X QMLPDEXGHWHXYHNUDGRYLÿHQLJRVWNDRL GD]DLQWHUHVRYDQLP QD SRSXOD UDQ ]DEDYDQ L ]DQLPOMLY QDþLQ GHPRQVWULUDWH SUDNWLþQR QHRJUDQLþHQH PR JXüQRVWLSULPHQHVLVWHPDWVNRJSDPüHQMD 3UH QHJR ãWR SUHÿHWH QD SUDNWLþQR L]YRÿHQMH RSLVDQLK HNVSHULPH QDWDLLJDUD VDSDPüHQMHPSURYHULWHSUHWKRGQRNDNRVWHLKXVYRMLOLLQD XþLOL 7(67%5 3RJO .DNRJODVLVSDVRQRVQLEURML]QDGGXJPHWDNRMH ]DUREOMHQLNWUHEDGDSULWLVQH" $ % & '
-HGDQRGSUYLKªPDJLþQLKNYDGUDWD©SR]QDWLKXLVWRULMLJODVL
O
3RJO 8LJULLOLRSLWXVDSDPüHQMHPª3RJDÿDQMHSDURYD NDUDWD© RGUHGLWHWDþDQUHGRVOHGUHÿDQMDSDURYDNDUDWDSRGUXJRM ãHPL 2 . ² 9 2 9 ² 9 2&²& 22²2 2(²(
8LJULª3UHGPHWLVDLQLFLMDOLPD©PRåHWHNRULVWLWL $ *UXSQXLOLSDUQXDVRFLMDFLMXVDLQLFLMDOQRPWHKQLNRP % /DQþDQLPHWRG SDPüHQMD & 7RSRVLVWHPSDPüHQMD 9DãH RGJRYRUH NDR L X SUHWKRGQLP WHVWRYLPD SURYHULWH SRPRüX WDþQLKRGJRYRUDXª'RGDWNX©LRVYRMHQLEURMERGRYDXSLãLWHXSUHGYLÿH QHUXEULNHWDEHOHª9DãXVSHKXSRYHüDQMX9DãHJSDPüHQMD©
ª69( 80$/2035678©
.QMLJDMHMHGDQYUWNRMLVHQRVLXGåHSX² $UDSVNDSRVORYLFD .QMLJHQLVXVSRPHQLFLSURãORVWLQHJRRUX åMHVDGDãQMRVWL ²+/DXEH
$6$'$1$.5$-8.1-,*(02ä(7(=$3$07,7,û(/8 298.1-,*8
1D NUDMX 9DãLK VLVWHPDWVNLK SURXþDYDQMD NDGD VWH XVYRMLOL QDMH ILNDVQLMH WHKQLNH L PHWRGH VLVWHPDWVNRJ SDPüHQMD QDMUD]QRYUVQLMLK SR GDWDND L] PQRJLK REODVWL ]QDQMD LVWRYUHPHQR VWH VH RVSRVRELOL GD SUHPD 9DãLPSRWUHEDPDSDPWLWHLþLWDYHSXEOLNDFLMH=QDþLQDNUDMXRYHNQML JH UDVSRODåHWH VYLP SRWUHEQLP WHKQLNDPD GD SRUHG RVWDOLK SXEOLNDFLMD ]DSDPWLWH L üHOX RYX NQMLJX 3UH QHJR ãWR SUHÿHWH QD SDPüHQMH üHOH RYH NQMLJHSR]DEDYLüHPRVHQDMSUHSDPüHQMHPRVWDOLKSXEOLNDFLMD
.DNRVHSDPWHQRYLQHLþDVRSLVL" 1RYLQH L þDVRSLVH QDMSUDNWLþQLMH MH SDPWLWL YH]QLP PHWRGRP 3UHPDEURMXVWUDQDRGUHGLWHLNDSDFLWHWYH]QHWDEHOHNRMXüHWHXSRWUHELWL ]DSDPüHQMHWHSXEOLNDFLMH2E]LURPGDQRYLQHLPDMXPDQMHVWUDQDRG þDVRSLVD D GD VX LP VWUDQH RELþQR ]QDWQR YHüH QHJR NRG þDVRSLVD SUHSRUXþOMLYRMHGD]DVWUDQHRGUHGLWHGHNDGHQDYH]QRMWDEHOLDYH]QD PHVWD L]PHÿX SRMHGLQLK GHNDGD GD XSRWUHELWH ]D SDPüHQMH SRMHGLQLK þODQDND LGUXJLKGHWDOMD QDWRM VWUDQL 1D SULPHU DNR QHNH QRYLQH LPDMX VWUDQD RQGD MH GRYROMQR GD XSRWUHELWH MHGQX YH]QX WDEHOX LOL WRSRVLVWHP RG XNXSQR PHVWDWDNR GD VWUDQLFH R]QDþLWH VD GHNDGLPD VWU O WR YH]QR PHVWR VWU WR YH]QR PHVWR VWU WRYH]QRPHVWRLWGD]DVWUXSRWUHELWHLOLWRPHVWR SD QDGDOMH GR LOL YH]QD PHVWD RG ² 1D WDM QDþLQ ]D VYDNX VWUDQLFX GRELMDWH YH]QLK PHVWD ãWR MH VDVYLP GRYROMQR GD SRPRüX QMLK DVRFLUDWH QDMYDåQLML VDGUåDM 3RMHGLQH QDVORYH NRQGHQ]XMWH XNOMXþQHUHFLLOLVFHQHLDVRFLUDMWHLKVDRGJRYDUDMXüLPYH]QLPPHVWRP $NR QD QHNRP RG YH]QLK PHVWD WUHED ]DSDPWLWL YLãH GHWDOMD QD SULPHU VOLND FUWHåD GLMDJUDPD LOL QHNL WHNVW SR NOMXþQLP UHFLPD RQGD üHWH XSRWUHELWL SRVHEDQ PDOL ODQþDQL QL] LOL JUXSQX DVRFLMDFLMX NRMH üHWH SRYH]DWLVDWLPYH]QLPPHVWRPNDRSUYLPþODQRPODQþDQRJQL]D 3ULOLNRP UHSURGXNFLMH DNR 9DP MH SRWUHEQD UHFLPR VWUDQD 9L üHWH 9DãLP ªGXKRYQLP RNRP© SRWUDåLWL YH]QR PHVWR EU L WDPR üHWH RGPDK ªQDüL© SRWUHEQH NOMXþQH UHFL NRMH üH 9DP GR]YDWL X VHüDQMHVDGU
©1DVWUMHDXWR© ª5L%R YR]L$872
ª1DVWU²UDNHWD© ª/$62 L5$.(7$©
åDM MHGQRJ GHOD WH VWUDQH WM QDVORYH þODQDND LOXVWUDFLMH L RVWDOH SRGDWNH NRMH VWH DVRFLUDOL VD WLP YH]QLP PHVWRP =DWLP SUHOD]LWH QD YH]QRPHVWREUNRMH9DPQDLVWLQDþLQGDMHSRWUHEQHNOMXþQHUHFL ]D VOHGHüL þODQDN LWG GR YH]QRJ PHVWD EU RGQRVQR GR NUDMD WH VWUDQH1DWDMQD
þLQ VDGUåDM üHOH MHGQH QRYLQVNH VWUDQH SRGHOLOL VWH X GHORYD L VYDNL GHR VWH DVRFLUDOL SR]QDWLP PHWRGDPD L WHKQLNDPD VD YH]QLP PHVWLPD WH GHNDGHWMRGEURMD²1DLVWLQDþLQUHSURGXNXMHWHLRVWDOHVWUDQH 3RãWRMHUDVSRUHGJUDÿHXþDVRSLVLPDGUXJDþLMLMHUQDSRMHGLQLPVWUDQLFDPD þDVRSLVD QHPDWH WROLNR UD]OLþLWLK þODQDND NDR NRG QRYLQD ]D SDPüHQMH þDVRSLVDPRåHWHNRULVWLWLXSULQFLSXSUDYLOR]DVYDNXVWUDQXSRMHGQRYH]QR PHVWR V WLP ãWR XYHN PRåHWH IRUPLUDWL GRGDWQL LOL SRPRüQL ODQþDQL QL] LOL JUXSQX DVRFLMDFLMX DNR QHND VWUDQD ]DKWHYD SDPüHQMH QHNROLNR QDVORYD LOXVWUDFLMD L VL %LWQR MH GD ]D VYDNX VWUDQX IRUPLUDWH GREUH DVRFLMDFLMH VD SULNODGQR L]DEUDQLP NOMXþQLP UHFLPD SUHPD SR]QDWLP PHWRGDPD L WHKQLNDPD L GD QMLKRYX YDOMDQRVW XYHN SURYHULWH UHSURGXNFLMRP QHSRVUHGQRSRVOHDVRFLUDQMD%H]RE]LUDQDEURMVWUDQDDNRVX9DPNOMXþQH UHFLL DVRFLMDFLMH GREUHLUHSURGXNFLMRP SURYHUHQH L XþYUãüHQH 9LüHWH VLJXUQR L EH] ]DVWRMD PRüL UHSURGXNRYDWL VDGUåDM þLWDYRJ þDVRSLVD VD QHNROLNRGHVHWLQDVWUDQD
.DNRPRåHWH]DSDPWLWLüHOXRYXNQMLJX" 6LVWHPDWVNRP SURUDGRP RYH NQMLJH QDMSUH VWH QDXþLOL NDNR VH SDPWHQL]RYLQHSRYH]DQLKUHFL =DWLPVWHVDYODGDOL SDPüHQMH FHOLK UHþH QLFDSRPRüXNOMXþQLKUHFLLOLNOMXþQLKVFHQD6OHGHüDID]DMHELODSDPüH QMH QL]D DQHJGRWD NRMH VDVWDYOMDQH X MHGDQ QL] GDMX YHü MHGDQ WHNVW RG UHÿHQH GXåLQH 1D NUDMX VWH VH RVSRVRELOL ]D SDPüHQMH WHNVWRYD L JRYRUD RGUHÿHQH GXåLQH =D VSHFLMDOQH SRWUHEH QDXþLOL VWH L NDNR VH GRVORYQR SDPWHNUDüLWHNVWRYLFLWDWLVHQWHQFHLOLUD]QHL]UHNH 3DPüHQMH NQMLJD SUHWVWDYOMD X VWYDUL VYRMHYUVQX VLQWH]X VYLK RYLK PHWRGD L WHKQLND L X ]DYLVQRVWL RG YUVWH NQMLJH ]DKWHYD PDQMH LOL YLãH HILNDVQXSULPHQXLVSUHWQRNRPELQRYDQMHVYLKPHWRGDLWHKQLNDNRMLPD VWH RYODGDOL 2YX NQMLJX QD SULPHU PRåHWH ]DSDPWLWL XJODYQRP QD GYD QDþLQD 3DPüHQMH SR SRJODYOMLPD $NR VH RGOXþLWH ]D SDPüHQMH SR SRJ ODYOMLPD RQGD 9DP MH GRYROMDQ MHGDQ NDSDFLWHW SR YH]QRP PHWRGX SDP üHQMD ² YH]QD WDEHOD LOL WRSRVLVWHP ² RG XNXSQR YH]QLK PHVWD RE ]LURP GD LPDWH SRJODYOMD 1DVORYH SRMHGLQLK SRJODYOMD WUHWLUDWH NDR UHþHQLFH L VYRGLWH LK X VWYDUL QD SDPüHQMH UHþHQLFD =D SRGQDVORYH X SRMHGLQLP SRJODYOMLPD LOXVWUDFLMH WDEHOH L RVWDOH SRGDWNH IRUPLUDWH RG JRYDUDMXüH SRPRüQH ODQþDQH QL]RYH þLMH SUYH þODQRYH DVRFLUDWH VD YH] QLP PHVWLPD WDEHOH NRMLPD SULSDGDMX 1D WDM QDþLQ SUHFL]QR L VLJXUQR PRåHWH ]DSDPWLWL NRVWXU LOL NRQFHSW üHOH NQMLJH NRML üH 9DP XYHN RPR JXüLWL NDR L NOMXþQH UHFL X VOXþDMX SDPüHQMD UHþHQLFD DQHJGRWD UD]QLK WHNVWRYDLOLJRYRUDGDODNRGR]RYHWHXVHüDQMHLRVWDOLX]QMLKSULSDGD MXüLVDGUåDM]DKYDOMXMXüLGHORYDQMX]DNRQDDVRFLMDFLMH .DRãWR9DPMHSR]QDWRSRUHGVYHVQLKDVRFLMDFLMDNRMHIRUPLUDWH ]D SDPüHQMH NOMXþQLK UHFL 9DãH SDPüHQMH DXWRPDWVNL LVWRYUHPHQR IRUPLUD EH]EURMQH DVRFLMDFLMH VD RVWDOLP GHORYLPD WHNVWD SUHPD ]DNRQLWR VWLPD VYRJ IXQNFLRQLVDQMD NRMLK 9L XJODYQRP QLVWH QL VYHVQL 7HN SUL UHSURGXNFLML PRåHWH NRQVWDWRYDWL GD MH GRYROMQR RGUHÿHQRP WHKQLNRP VYHVQRGR]YDWLXVHüDQMHVDPRNOMXþQXUHþVFHQXLOLUHþHQLFXGDELRVWDOL VDQMRPQHVYHVQRDVRFLUDQLVDGUåDMSRWHNDR X QHSUHNLGQRP QL]X RQDNR NDNRMHLXVYRMHQ=QDþLGDJODYQLSRVDRREDYOMD]D9DVRJURPQLSR
WHQFLMDOSDPüHQMDSRGXVORYRPGDMHSUDYRYUHPHQRSRWVWDNQXWLXVPH UHQRGJRYDUDMXüLPWHKQLNDPDLPHWRGDPDNRMHVWHGRVDGDXVYRMLOL 3DPüHQMHSRVWUDQLFDPDPRåH]DQHNHGDSUHWVWDYOMDSUHFL]QLML QDþLQSDPüHQMDNQMLJH$NRVHRGOXþLWH]DRYDMPHWRGRQGDMHSRWUHEQR GD NRULVWLWH YHüL YH]QL NDSDFLWHW RGQRVQR RQROLNR YH]QLK PHVWD NROLNR NQMLJD LPD VWUDQLFD =QDþL QD YHü SR]QDW QDþLQ VXãWLQX VWUDQLFH NRQGHQ ]XMWH X MHGQX NOMXþQX UHþHQLFX LOL VFHQX L DVRFLUDMWH MH VD SULSDGDMXüLP YH]QLP PHVWRP QD WDEHOL 8NROLNR MH SRWUHEQR GD QD WRM VWUDQL SUHFL]QLMH SDPWLWH QHNH GHWDOMH SRVOXåLWH VH SRPRüQLP ODQþDQLP QL]RP LOL JUXS QRPDVRFLMDFLMRP2YLPPHWRGRPGRELMDWHUD]UDÿHQ GHWDOMQLMLL SUHFL] QLML NRVWXU LOL NRQFHSW NQMLJH SRPRüX NRJD RQGD PRåHWH ODNR UHSURGX NRYDWL VDGUåDM üHOH NQMLJH 3RUHG WRJD ELüHWH X VWDQMX GD QD GDWX VWUD QLFXNQMLJHUHSURGXNXMHWHQMHQVDGUåDMLOLREUDWQRGDSUHFL]QRNDåHWH QDNRMRMVWUDQLVHQDOD]LRGUHÿHQLGHRVDGUåDMDNQMLJHLOLSRMHGLQDSRJODYOMD (ILNDVQRIXQNFLRQLVDQMHQH VDPR RYRJ PHWRGD QHJR L RVWDOLK PH WRGDL WHKQLND VLVWHPDWVNRJ SDPüHQMD RWNULYD VYRMX SUDYX YUHGQRVW VD PR þRYHNX SUDNWLþDUX .DR ãWR MH YHü X YLãH QDYUDWD LVWDNQXWR L]ORåHQH WHKQLNHQLWLMHVXQLWLPRJXELWL]DPHQDSDPüHQMXQLWLJDPRJXNDRWDN YR SRYHüDWL 2QH PRJX VDPR GD RPRJXüH SUDYLODQ VWDY SUHPD RJURPQLP SRWHQFLMDOLPD VRSVWYHQRJ SDPüHQMD D VDPLP WLP L HILNDVQR L XVSHãQR NR ULãüHQMHWLKSRWHQFLMDODNRMLVXXRJURPQRMYHüLQLVOXþDMHYDQHLVNRULãüH QL LOL QHGRYROMQR LVNRULãüHQL ãWR VH RELþQR LVSROMDYD NDR ªVODERVW© L QHGR YROMQD HILNDVQRVW SDPüHQMD 3UHPD WRPH WHKQLNH L PHWRGH VLVWHPDWVNRJ SDPüHQMD QH SRYHüDYDMX SDPüHQMH MHU MH þRYHNRYR SDPüHQMH VDPR SR VHELRJURPQRLJUDQLþLVHVDIHQRPHQDOQLPRQHPRJXSRYHüDWLVDPRQMH JRY HIHNDW L WR QHNROLNR SXWD NDR ãWR VWH LPDOL GRYROMQR SULOLNH GD VH XYHULWH NUR] SURUDGX RYH NQMLJH DNR VH SUDYLOQR SULPHQMXMX =DWR MH QH RSKRGQR GD VKYDWLWH SUDYX SULURGX VYRJ SDPüHQMD GD LPDWH SRWSXQR SR YHUHQMH X QMHJRY SUDNWLþQR QHLVFUSDQ SRWHQFLMDO NDR L X L]ORåHQH ]DNR QLWRVWL PHWRGH L WHKQLNH VLVWHPDWVNRJ SDPüHQMD þLMRP SUDYLOQRP SULPH QRP PRåHWH X SRWSXQRVWL DNWLYLUDWL WDM RJURPQL SRWHQFLMDO L XVPHULWL JD X åHOMHQRPSUDYFXGDGDMHSRWUHEQHHIHNWHX9DãHPåLYRWXLUDGX $NRVWHL]ORåHQH]DNRQLWRVWLLWHKQLNHVLVWHPDWVNRJSDPüHQMDGREUR XVYRMLOL L DNR LK EXGHWH UHGRYQR L SUDYLOQR SULPHQMLYDOL X UHãDYDQMX SUDNWLþQLK ]DGDWDND L SUREOHPD NRMH SUHG 9DãH SDPüHQMH SRVWDYOMDMX SRW UHEH 9DãHJ SR]LYD L VYDNRGQHYQRJ åLYRWD RQGD VH 9DãH SDPüHQMH X VYRP HIHNWXPRUDEDUXWURVWUXþLWL9LüHWHLPDWLHILNDVQXLSRX]GDQXPHPRUL MXSRPRüXNRMH üHWHPRüL EU]RLODNRWUDMQRLVLJXUQRSDPWLWLUD]QHSR GDWNHLXVYDMDWLSRWUHEQD]QDQMDXELORNRMRMREODVWLOMXGVNHGHODWQRVWL 3UREOHPQHOHåLWROLNRXQH]QDQMXNROLNRXQHDNWLYQRVWL =QDQMHPDNROLNRELORYHOLNRNRULVQRMHVDPRRQGDDNRMH SUDYLOQRSULPHQMHQR
683(5 3$0 û(1-(
9 $ â6 7 $ / 1 ,3 2 0 2 û1 ,. 8 5 $ ' 8 6$2920 .1-,*20
'(2
'2'$7$.
95('12679$â(*8752â(12*95(0(1$
.RULVQR ]QDQMH QLMH X RQRPH ãWR VPR ]D SDPWLOL QHJR X RQRPH ãWR VPR XVSHãQR SULPHQLOL
5(6(1-$7(6729$,9$â,2692-(1,%2'29, 8 FLOMX ODNãHJ VQDODåHQMD X WHVWRYLPD L EUåHJ SURQDODåHQMD SRMHGLQLK SLWDQMD X QMLPD PRåHWH YHRPD HILNDVQR NRULVWLWL RYX SUHJOHGQXWDEHOX 7HVWEU6WU 7HVWEU 6WU 7HVWEU 6WU O² @ ² ² ² O ² ² ² ² ² ² O² ² ² ² ² %URMHYLX]DJUDGDPD R]QDþDYDMXUHGQHEURMHYHSLWDQMDNRMDVH QDOD]HXSRMHGLQLP WHVWRYLPD GRN FUQRãWDPSDQL EURMHYLR]QDþDYDMX VDPHWHVWRYH 9DãSUHFL]QLPHPRPHWDU %RGRYHNRMHEXGHWH RVYRMLOLXUHãDYDQMXWHVWRYD XEHOHåDYDMWH UH GRYQR]DVYDNRSLWDQMH SRVHEQR X GRQMXWDEHOX 3RãWRVH XEHOHåDYDQMH ERGRYD YUãL SR SLWDQMLPD D QH WHVWRYLPD X WDEHOL VX QDYHGHQL VDPR EURMHYL SLWDQMD SRUHG NRMLK WUHED GD XEHOHåLWH VYRMH SRVWLJQXWH ERGRYH 9$6863(+8329(û$1-89$â(*3$0û(1-$
8.8312%2'29$
863(+8
.DGD XSLãHWH ERGRYH SRVWLJQXWH X UHãDYDQMX L SRVOHGQMHJ WRJ SLWDQMD RQGD VDEHULWH VYH SRVWLJQXWH ERGRYH L XNXSDQ ]ELU SRND]DüH 9DP 9Dã SRVWLJQXWL XVSHK X ERGRYLPD ² QD SU LOL LOL3RVWLJQXWL XVSHKPRåHWHODNRL]UD]LWLL XSURFHQWLPD GRYROMQRMHGDXXNXSQRP]ELUXSRVWLJQXWLKERGRYDRGELMHWHMHGQR PHVWR L GRELüHWH SURFHQDW X NRMHP VWH VDYODGDOL L XVYRMLOL WHKQLNH L PHWRGH VLVWHPDWVNRJ SDPüHQMD $NR SRQRYR X]PHPR ERGRYH L] QDYHGHQRJ SULPHUD RQGD LPDWH SRVWLJQXWLK ERGRYD XVSHKD X L]XþDYDQMX RYH NQMLJH LOL ERGRYD XVSHKD LOL O ERGRYD XVSHK X L]XþDYDQMX ãWR SUHWVWDYOMD QDUDYQRPDNVLPDOQRPRJXüLEURMERGRYDLPDNVLPDOQLVWRSURFHQWQL XVSHK X SURXþDYDQMX RYH NQMLJH .DR ãWR MH YHü QDJODãHQR X QHNROLNRQDYUDWDDNRSRVYHWLWHPDORYLãHYUHPHQDLGREUHYROMHSUR XþDYDQMXLSULPHQL L]ORåHQLK PHWRGD L WHKQLND PRåHWH ODNR SRVWLüL L VYLKOERGRYDLOLRQLXVSHK
7$&1$5(â(1-$7(6729$ 9DãH RGJRYRUH QD SRMHGLQD SLWDQMD VDGUåDQD X WHVWRYLPD NRMH VWH EHOHåLOL QD SRVHEQRP SDSLUX LOL SDPWLOL MHGQRVWDYQR QHNRP RG L]ORåHQLK WHKQLND SURYHULWH SRPRüX RYH SUHJOHGQH WDEHOH WDþQLK RGJRYRUD NDNR ELVWH ]QDOL GD OL 9DP SULSDGDMX ERGRYL ]D WDM 9Dã RGJRYRULOLQH
7(67%5 $ & ² ² ² ² ² ² ² ² ²6²O²B OLOL%RGXMXVHRGJRYRUD 7(67%5 ²²²²²²²²²² .ODYLU ² /DEXG²%RFD².OL]DþLFD²7HOHIRQ²&LJDUHWH²7RS² )XGEDO ² =LUDID²%URGýDPDF²2VWUYR²$XWRPRELO²+RWHO² $YLRQ ² ,QGLMDQDF²5HVWRUDQ²%DOHULQD²-DEXNH²1RYLQH² 5LED² )RWHOMD²%RFH².OL]DOLãWH²5DNHWD&
7(67%5 ² ²² ²²%&L'$L(²²² ² ² ² ª$© QHPD YUHGQRVWL ² ² ª8© QHPD YUHGQRVWL²2² . M * 2 & = 6 O 7 ' 5 + 3 % 0 - )9W 11- 6=&& '= //-
7(67%5 ² ² ² ² ² ² ² ² ² ² 1LYHD 0Dþ 5LED 8åH $WLOD 5DN 1RM 'HND 2UDR 0HWD$ ² ,PD XNXSQR åLYRWLQMD % NUDYD SDSDJDM NDPLOD DMNXOD YLOLQVNL NRQMLF NRQM I RND PRUVND ]YH]GD SLQJYLQ PRUå ]HF YLGUD ODY VYLQMD OHSWLU VORQ ODVWD åDEDSXåLEXED%².UXJ $&L( 7(67%5 ²²²²²%$²1(%²1( '%
7(67%% ²²²²² ²²²² ² ²B²²²²²²²² ²²²²O²&%% 7(67%5 %L&²²²²²²²²² ² ² ² ² ² ² ² ² ² ²²$²%²O&²%L&& 7(67%% % L & ² ² ² ² PLQXWD ERGRYD PLQXWD ERGRYD PLQXWD ERGD O²% ² *².²2²7²²²²²& 7(67%% & ²²²²² ²²² ²²&&% 7(67%% &%%%$ % 7(67%% $&²²²%² ² ² % ² O LOL ² ² ² LOL ²LOL²LOL²²²² 7(67%% %²²²²²$ %L'7(67%% &% 7(67%% ² ²²²²²²²² ² ²²7DþDQRGJRYRUMHXVWYDULWUHüDWMSRVOHGQMD YHU]LMDª.RQMLþNRJVNRND©!LWGNRMXüHWHQDüLX 3RJODYOMX²²²²²² LOL² LOL²²LOL$ 7(67%% &²²²²²$ 3ULOLNRP VDPRNRQWUROH L RFHQMLYDQMD EXGLWH ãWR UHDOQLML L ULJRUR]QLML SUHPD VYRP SRND]DQRP ]QDQMX MHU VDPR]DYDUDYDQMHP ãWHWLWH QDMYLãH L MHGLQR VDPRP VHEL $NR VWH X QHNRP SRJODYOMX SRND]DOL VODEH UH]XOWDWH RQGD JD SURUDGLWH SRQRYR L SRSXQLWH QDVWDOH SUD]QLQH $NR WDNR SRVWXSDWH PRåHWH SRVWLüLQHVDPRQLXVSHKXUHãDYDQMXRYLKWHVWRYDLSURUDGL NQMLJH QHJR ãWR MH GDOHNR YDåQLMH L QL XVSHK X SULPHQL XVYRMHQLKWHKQLNDLPHWRGDVLVWHPDWVNRJSDPüHQMD