.

UDOM)HUGLQDQGQHGRSXãWDGDVH1LNROD=ULQVNLSRELMHXGYRERMXV
ERVDQVNLPSDãRPNRMLJDMHXYULMHGLR
)HUGLQDQGSR%RåMRMPLORVWLNUDOMULPVNLXJDUVNLþHãNLLWGXYLMHNX]YLãHQLLQIDQW
ãSDQMROVNLQDGYRMYRGDDXVWULMVNLLWG
9HOHPRåQLPRMPLOLYMHUQL
3ULPLOLVPRSLVPR7YRMH]DMHGQRVRQLPSLVPRPãWRJDMHSRJODYLWLLYHOHPRåQLPXå
0HKPHWSDãDERVDQVNLSLVDRDUDGLVHRGYRERMXLOLSRMHGLQDþNRPERMXPH X
SRJODYLWLPLYHOHPRåQLPYMHUQLPQDPDPL,LPJURIRP1LNRORP=ULQVNLPEDQRP
NUDOMHYLQDQDãLK'DOPDFLMH+UYDWVNHL6ODYRQLMHLWGLPH X SRPHQXWLPSDãRPD
VPLVDRPLORVWLYRLGREURUD]XPMHVPR3DSUHPGDPLORVWLYRGRSXVWLVPREDQXQD
WROLNHLWDNRYHOLNHSRQL]QHLQHSUHVWDQHPROEHQMHJRYHGDVDþXYDVYRMXþDVWLGREDU
JODVSDVGUXJLKYDOMDQLKLVLOQLKX]URNDGDVHVSRPHQXWLPERVDQVNLPSDãRPX
GYRERMXVPLMHSRELWLLRJOHGDWLDOLLSDNQLMHVPRWRJDGRSXãWHQMDGDOLSRGGUXJLXYMHW
QHJRGDVHQHNUãLLQHSRJD]LSULPLUMHNRMHMHVDGDXJRYRUHQRVSUHMDVQLPLVLOQLP
FDUHPWXUVNLPSRãWRYDQLPSULMDWHOMHPLVXVMHGRPQDãLPDELOLVPRXYMHUHQLGD
WDNDY GYRERMNRMLVHPH X QMLPDELMHUDGLþDVWLQHüHPRüLSULPLUMXVPHWDWL$OLVDGD
L] SLVPDSRPHQXWRJDSDãHERVDQVNRJDãWRMH7HELSLVDRYLGLPRGDRQRYRQDãH
GRSXãWHQMHGUXNþLMHVKYDWDQHJROLMHGDQR-HUELVHPRJORVKYDWLWLGDMHSULPLUMHWLP
GYRERMHPQDUXãHQRLXNLQXWRDWDNYHPLVOLLQD]RUDLSDNQLMHVPRELOLQLWLVPRVDGD
 VWRJDVPRRSR]YDOLRQRVSULMHGSRPHQXWRGRSXãWHQMHãWRVPRJDSULMHGDOLLGUåDOL
VPR GDVHRYDMGYRERMLOLSRMHGLQDþNLERM]DVDGDSUHSULMHþLL]DEUDQLGDQHELSDãD
VDP PLVOLRHMHSULPLUMHãWRJDPLNDNRMHSULMHUHþHQRåHOLPRVWDOQRRGUåDWLRYRP
QHSULOLNRPQDUXãHQRLSRJDåHQRSDGDVHYLGLGDGREURVWLYRSRãWXMHPRRERMLFX
WDNR SDãXERVDQVNRJDNDNRLEDQDQDãHJDLWRWDNRGDVHVDþXYDþDVWQMLKRYD
NRMRMQHåHOLPRRYRPQDãRP]DEUDQRPQLãWDX]HWLQLRWHWL2ERMLFDVXOMXGLYHOLNLL
GLþQLSDãDMHERVDQVNLYUORXJOHGDQEXGXüLGDXSUDYOMDNUDOMHYVWYRPERVDQVNLPWH
]DSRYLMHGDPQRJLPGUXJLPYHOLNLPVDQGåDFLPDSUHMDVQRJDFDUDWXUVNRJDSDþHMH
RQ MHGDQL]PH X YH]LUDLSUYLKVDYMHWQLND9HOLþDQVWYDWHMH9HOLþDQVWYX1MHJRYXEH]
VXPQMHUDGLYU,LQDL]DVOXJDVYRMLKþRYMHNRVRELWRPLREDQSDNLVDPSRWMHþHRG
YHRPD VWDUHLRGOLþQHNQHåHYVNHSRURGLFHWHMHMHGDQRGOLþQLKLWDMQLKQDãLK
VDYMHWQLNDDYUãLYH,LNXVOXåEXMHUMHEDQWMSRWNUDOMWULMXNUDOMHYLQDQDãLK'DOPDFLMH
+UYDWVNHL6ODYRQLMHLRYDNRJDREDVMDYDVMDMPQRJLKLPHQDYHOLNRJDGRVWRMDQVWYDD
QDPDMHXPQRJLP]JRGDPDSRãWHQRYMHUQRSRåUWYRYDQRLUHYQRVOXåLRLVYRMLP
QHXPRUQLPXVOXJDPD]DVOXåLRGDJDREDVSHPRQDãRPNUD,MHYVNRPPLORãüX
6WRJD7LGREURVWLYRLRGUMHãLWRQDODåHPRGDSRPHQXWLGYRERMLOLSRMHGLQDþNLERM
]DVDGDLVYHGRGUXJHQDãH]DSRYLMHGLQLSRGNRMLQDþLQQHGRSXVWLãQHJRGD
QDVWRMLãGDVHSULPLUMHVYXGDLRGVYLMXþXYDLQHGDãGDLWNRPDLMHGDQSRYRG
SRGDGDVHRQRSRUHPHWLNROLNRJDEXGHLSDãDERVDQVNLþXYDRLJOHGDRGDJD
YRMQLFLQMHJRYLþXYDMXNDRãWRWRQMHPXQDODåHJRVSRGDUQMHJRYDPLQHVXPQMDPR
GDüHRQWRXþLQLWL2YXYROMXQDãXVPMHVWDMDYLQHWRPSRPHQXWRPXSDãL
ERVDQVNRPXLþXMQMHJRYRPQLMHQMHRWRPH
$ ]DEUDQLVPRLVDPLEDQXSRGSULMHWQMRPVPUWQHND]QLSDJXELWNDþDVWLLVYLKGREDUD
GD]DVDGGRGUXJH]DSRYLMHGLQDãHQHLGHGDELMHSRPHQXWLGYRERMQLGDJDVHQH
XVXGLVUHþHQLPSDãRP]DPHWQXWLQLGDLNDNRUDGLSURWLYRYHRGOXNHQDãH
7RMHãWRVPRQD7YRMHUHþHQRSLVPRPLORVWLYRKWMHOLRGJRYRULWL$WLüHãL]YUãLWL
PLORVWLYX YROMXQDãXãWRVDPMHRYGMHL]UD]LR
8 %HþXNRORYR]D
,YDQX8QJQDGX

-XUDM'UDãNRYLüþHVWLWD0DUNX6WDQüLüX+RUYDWXãWRMHREUDQLR6LJHW

3RJODYLWLJRVSRGLQHLSULMDWHOMX3R]GUDYOMDP7HLSUHSRUXþDPVH
2G VUFDþHVWLWDPãWRVLREUDQLRWYU DYX6LJHWLVYHRQRãWRMHXQMRMSDWRYLãHãWR
YLGLPGDMH7YRMHJRVSRGVWYRFYLMHWQDURGDQDãHJDDWRMHQDURGKUYDWVNL7D7YRMH
JRVSRGVWYRQLMHWLPVODYQLPGMHORPVYRMLPVDPRVHEHSURGLþLORQHJRLQDVVYH
+UYDWH=DWRãWRQDPJD7YRMHJRVSRGVWYRMHGREULYHOLNL%RJGDRQDüLüHQDVRQR
DNR VHXþHPXQDãRPSRPRüLKRüHGDRNRULVWLXYLMHNVDVYLPSULSUDYQHGDVH
VYHPX ]DUDGLQMHJDL]YUJQHPWHåHOLPRVRVWDOLPDNRMLWXåLYGDQDPVHRQRVUHWQR
X]GUåL
8 %HþXNRORYR]D
7YRMHJJRVSRGVWYDEUDWLSULMDWHOM
-XUDM'UDVNRZ\WKPS

*RYRU1LNROH=ULQVNRJXRþLGRODVNDVXOWDQD6XOHMPDQD9HOLþDQVWYHQRJSRG
6LJHW

.DG VXYHüMDYLOLGDWXUVNLFDUPLVOL6LJHWSRGVMHVWLLNDGDMHJRVSRGLQNQH]=ULQVNL
YLGLRGDVHVLOQHþHWHQMHJRYHSULEOLåXMXSR]RYHNVHELXXQXWUDãQMXWYU DYX
NDSHWDQH]DSRYMHGQLNHSMHãDþNLKþHWDLOLYRMYRGHSOHPLüHNRQMDQLNHLSMHãDNH
]DMHGQRVJUD DQLPDLVYLPRVWDOLPDNRMLVXVHRQþDVXWYU DYLLJUDGX6LJHWXGHVLOL
D NDNRVXGROD]LOLGDGHVYDYUDWDJUDGVND]DWYRULWLýLPVXVHVYLWLXXQXWUDãQMRM
WYU DYLVNXSLOLVWXSLQDXOLFLXPDORMWYU DYLPHGXQMLKQDVULMHGXVDP
JRVSRGLQ1LNROD=ULQVNLLVYLPDRWSULOLNHRYDNRSURJRYRUL
%UDüRPRMDNRMDVOXåLWHXYRMVFL9HOLþDQVWYDFDUVNRJDOMXGLQHMXQDFL9Hü
SRMHGLQFLMDVQRYLGLPRGDQDPMHWXUVNLFDU]DYUDWRP6WRJDMHSULMHNDSRWUHEDGD
VH SULSUDYLPRLQHXVWUDãLYDVUFDGRþHNDPRQHSULMDWHOMDQDãHJDQHSULMDWHOMDFLMHORJD
VYLMHWDLLPHQDNUãüDQVNRJD2QVHRELMHVQLRVQHSURPLãOMHQRPVPMHORãüXX]GDX
VQDJX VYRMXLXPQRãWYR,MXGLQHYMHUQLNDWHVHGLåHQDQDVRUXåMHP$PLSR,DåHPR
QDGXVYRMXLSRPRüX%RJDNRMLQDVPRåHEH]LNDNYHPXNHREUDQLWLDQMLKRSHWYUOR
ODNRXSURSDVWLWLLRGELWL6RGXãHYOMHQMHPGDNOHWUHEDGDþHNDPRGROD]DNQMHJRYLQH
VPLMHPRVHGDWL]DVWUDãLWLVLORPQMHJRYRPQLJROHPLPþHWDPD7DQHVXPQMDPR
QLPDORGDüHQDPYLãQML%RJDNRJDLVNUHQRPPROLWYRP]D]RYHPRGDWLSRPRüL
GREURVWLYRSULWHüL$SULMHVYHJDWUHEDQDVWRMDWLGDEXGHPRVORåQLLYMHUQLGDPH X
QDVQH]D H QLNDNYDUD]PLULFDGDVHQHJDMLQHSULMDWHOMVWYRQLPUåQMDGDVHQHGLåH
MHGDQQDGUXJRJDQHJRVYRPVHVLORPWUHEDXSHWLGDVHPH X QDPDVYLPDUDGLMH
XGRPLSRãWHQMHLGDRYGMHERUDYLPRXQDMYHüRMVOR]LOMXEDYLGRNVHJRGVYLGLYROML
%RåMRM=DWREUDüRPRMDGUåLPGDQLMHEH]NRULVWLYHüXSUDYRRGSULMHNHSRWUHEH
GD VHXSUYRPUHGXLSULMHVYHJD]DNOHWYRP]DNXQHPR1DMSULMH]DYMHULPRVH%RJXL
SR GXãLREHüDMPRVWDOQRVWLSRãWHQMHQDMYLãRMREODVWLQDãRMLVYRMQHVUHWQRMGRPRYLQL
1DMSULMHüXVH]DNOHWLMDDSRVOLMHPHQHYLGDQHSRGDPMDYDPDDYLPHQLLNDNYD
SRYRGDQHSRX]GDQMXýXMWHVDG]DNOHWYXPRMX
-D 1LNRODNQH]=ULQVNLREHüDMHPQDMSULMH9LãQMHPX%RJX]DWLPFDUVNRPX
9HOLþDQVWYXQDãHPXYUKRYQRPXJRVSRGDUXLYODGDUXSDRYRMMDGQRMGRPRYLQL
QDSRNRQLYDPDYRMQLFLPDLMXQDFLPDVDGDRYGMHVDNXSOMHQLPDWDNRPL%RJRWDF
6LQ L'XK6YHWLLMRãVYHWR7URMVWYRMHGDQ%RJSRPRJDRGDYDVQHüXQLXNRMLþDV
RVWDYLWLãWRYLãHVYDPDüXåLYMHWLLXPULMHWLL]DMHGQRVYHãWRJRGVH]ELORELORGREUR
LOL]ORWUSMHWL³
ij9Hü LVDPUD]XPWUDåLGDYLLVWRXþLQLWHGDGLJQHWHGYDSUVWD]D]RYHWH%RJD]D
VYMHGRNDLREHüDWH3RVOLMHüHVYDNLYDVVDP]DVHVYRPHNDSHWDQXLYMHUX]DGDWLL
]DNOHWLVHQDVDPLPYUDWLPD6WRJDüHPRSRPQRSD]LWLGDYDVVYDNLQDULMHþ
SLVDUHYXMDVQLPJODVRPNDåHGLJDYãLGYDSUVWDDWNRWRVOXþDMQRQHXVWMHGQHGD
XþLQLLOLNDåHGDQHüHQMHJDüHPRRãWURND]QLWLMHUWDMQHPLVOLQLSRãWRVQDPDXGLOM
GRNUDMDXVWUDMDWLWHJDVSUDYRPQHWUHEDGUåDWL]DSUDYDþRYMHNDQHJR]DL]GDMLFX
=DWR üHPR]DSRYMHGLWLGDJDVPMHVWDXKLWH2YRQHNDYDPMHSULVHJD
Ä0L VYLJUD DQLNRQMDQLFLSMHãDFLLSOHPLüLFDUVNRJD9HOLþDQVWYDSULMHVYHJDVH
]DNOLQMHPR9LãQMHPX%RJX]DWLPVYRPHNUãüDQVNRPXYODGDUXRYRMVYRMRMGRPRYLQL
L JRVSRGLQXQDãHPXNQH]X1LNROL=ULQVNRPXLVYHþDQRREULþHPRGDüHPRVHQMHPX
X VYHPXVDVYLPSRNRUDYDWLNDNRYMHUQLPLþHVWLWLPOMXGLPDGROLNXMHVWDOQR
REHüDMHPRGDüHPRVQMLPHLåLYMHWLLXPULMHWL³³
2VLP WRJDþXMWHãWRåHOLPGD]QDWHDNRPH XWLPGR H VPUWLXJUDELPHWRYDPD
QDPMHVWRVHEHSRVWDYOMDPHYRUR DNDVYRJDJRVSRGLQD*DãSDUD$,DSLüDLQDODåHP
YDP GDPXVHSRNRUDYDWHLQDMYHüXPXþDVWLVND]XMHWHNDRãWRVWHPHQLVDPRPH
SD DNRYDPãWRJRGQDORåLL]YUãLWHUHYQRLVDVYLPYMHUQR1DGDOMHSULSD]LWHQDRYR
DNR NRMLNRQMDQLNLOLSMHãDNXVNUDWLSRVOXãQRVWNDSHWDQXVYRMHPXLOLSXNRYQLNXLOLVH
RJOXãLR]DSRYLMHGLPDVNRMHJDUD]ORJDLSRNXãDVLORPLOLJROLPPDþHPQDQMHJD
QDYDOLWLQHNDVHXELMH'DOMHüHVHVPMHVWDXELWLRQDMNRMLELWXUVNRSLVPRSULPLRLOL
þLWDRQDGHOLWNRSLVPRVWUMHOLFRPGREDþHQRLOLGUXJGMHSRGPHWQXWRVWURJRQDODåHP
QHNDJDRGPDKSUHGDNDSHWDQXDRQQHNDJDRQGDEDFLXYDWUX%XGXüL
GD üHNDSHWDQLYRMYRGHL]DSRYMHGQLFLUD]GLMHOLWLVWUDåHLPMHVWDJGMHMHNRPXVWDMDWLL
VWUDåXþXYDWLWRüHVHQDPMHVWXEH]LNDNYDVXGDREMHVLWLDNRVHELORSOHPLüNDNLLOL
PD WNRGUXJL]DWHþHGDVHEH]GRSXãWHQMDL]QDQMDVYRJDNDSHWDQDYRMYRGH
]DSRYMHGQLNDSRG]DSRYMHGQLNDVDVYRJDPMHVWDPDNDRLGDJDQLMHWDPRELOR7NR
LPD åHQXLOLPDMNXPRüLüHPXRQDQDQMHJRYRPMHVWRGRQLMHWLLGDWLMHORLSLORLGUXJR
ãWR WUHEDRQSDNQHNDVHLQHPDNQHVPMHVWD$WNRQHPDQLPDWHUHQLåHQH]D
QMHJDüHVHSULUHGLWLKUDQDXNXKLQMLPRMRMDSULPLWüHMHX]JRGDQLRGUH HQþDV
SUHNRVYRJD]DSRYMHGQLND,YLQDüHGRELWLWNRJDQHPDVYDNLãHVWDNLOLþHWYUWLQX
PMHULFHQDGDQX]WRNUXKRFDWLVRO7NRMHRåHQMHQDQHPDNUXKDGDYDWüHPRLP
NUPHWLQHLEUDãQDGDVHELVDPL]DPLMHVHNUXK1DSRNRQ]DWHNQXOLVHGYRMFDJGMH
QHãWRSRWDMQRVQXMXLãDSüXEH]RNROLãDQMDQHNDVHRERMLFDYMHãDMX3DþXMHOLWNR
VOXþDMQRLOLYLGLDQHKWMHGQHVURGVWYX]DYROMXSULMDYLWLEH]RWH]DQMDQHNDVHMHGQDNR
ND]QLNDRLRQL1DMSRVOLMHXNUDGHOLWNRGUXJRPXPDSDUXVDPRQHNDVHQDPDK
REMHVL


1HNLYDåQLML]DNOMXþFLQXWUDãQMRDXVWULMVNLK]HPDOMDQDVDERUXX%UXFNXQD0XUL
R REUDQLKUYDWVNRVODYRQVNH.UDMLQH
 8 RåXMNX
6WDOHåLSUL]QDGXSRWUHEXR]ELOMQLKPMHUD]DREUDQXRG7XUþLQDGDQHSDGQXXWXUVNR
VXåDQMVWYR'RVDGDãQMHVXQRYþDQHVLOHXWXVYUKXQHGRVWDWQHJRGLPLFHMHGDYDOD
]DWRQMHPDþNDGUåDYDIRULQWLFDUGRNMHSDSDELRREHüDR
NUXQDãD]DWDOLMDQVNXJUDQLFX6WDOHåLVWYRUHPH X RVWDOLPRYH]DNOMXþNHNUDMLQX
KUYDWVNXLVORYLQVNXYDOMDSUHXUHGLWL]JRGQLMHLSUHPDSRWUHELWURãDNYDOMDGRSXVWLWL
QD SHWJRGLQDSRWUHELWLQRYDFQHNDVHRGPDKQDPDNQHXUDWQRYLMHüHNRMHüH
VH RVQRYDWLELUDWüHâWDMHUVND.RUXãNDL.UDQMVNDþODQDXWYUGHLJUDGRYLQD
8QLGUåDWüHVHNROLNRVHLJGDEXGHPRJORYRMVNDX.UDMLQLLPDVHEH]UD]OLNH
]DSULVHüLQDXJDUVNXJUDQLFXLPDVHRVRELWRSD]LWLMHURGDWOHþHWXMX0UWRYODVLVYH
GR *UDFDSULMHYR]LX=DJUHEX6LVNXX0D,QDULPD"LPDMXVHXUHGLWL
3RQDMSULMHSDN]DNOMXþHVWDOHåLX%UXFNXGDVHYHüSULSUDYOMHQLPQRYFLPDSRGLJQH
QRYDYH,LNDWYU DYD.DUORYDFLSRSUDYHVWDUHXWYUGHX.UDMLQL]DWRMHELOR
RGUH HQRIRULQWL.DSWRO]DJUHEDþNLLPDVHSR]YDWLGDSUHGDJUDG6LVDN
8WYUGLWLYDOMD+UDVWRYLFXDVDIRULQWLQHNDVHVDJUDGLQRYDVWUDåDUQLFDPH X
6LVNRPL+UDVWRYLFRP]DJUDGRYHX]*OLQXGRSXãWHQMHWURãDNRGIRULQWL]D
%LKDü]DJUDGRYHPH X %LãüHPL6HQMRPIRULQWL]D6OXQMIRULQWL
5DGQMHYDOMDRWSRþHWLQDMSULMHX'XEUDYL&ULNYHQL%LãüXLX6OXQMX=DWRSQLãWYRYDOMD
SULEDYLWLLVNXVQDQDGVWRMQLNDNRMHPXüHELWLGR]QDþHQR]DSUYXSRWUHEXIRULQWL
=DNOMXþHQHVXRGUHGEHUDGLEROMHJDSODüDQMDLRSVNUEOMLYDQMDYRMVNHKUDQRP
,]GDQMHQDSXWDN]DGYRUVNRUDWQRYLMHüHL]DYRMQRJEODJDMQLNDÄ6OLMHSDPMHVWD³]D
NRMD OMXGLGRELYDMXSODüHDQHYUãHVOXåEXLPDMXVHX.UDMLQLGRNLQXWL.RG
QDPMHãWDQMDYLãLKþDVQLNDYDOMDJOHGDWLQDMSULMHQDVSRVREQH]HPOMDNH
QXWUDãQRDXVWULMVNH
2VRELWXSDåQMXYDOMDREUDWLWLQDXWYUGHLVWUDåHQD8QLGD7XUþLQQHRVYRMLLRVWDWDN
+UYDWVNH1DGYRMYRGL.DUOXSUHSRUXþLãHVWDOHåLRVRELWR%LKDü5LSDþ6RNROO]DüLü
%UHNRYLFX=ULQL*YR]GDQVNRNRMLVXJUDGRYLMDNR]DSXãWHQL8*YR]GDQVNRP
QDOD]HVHQDJODVXUXGHDXQVNLMHNUDMS,RGDQ]DMHGQLPLGUXJLPMDNRþH]QH
7XUþLQ
äLYHåLPDVHGREDYOMDWLL]0HWOLNHýUQRPHOMDL*UDFDQD.XSLGR2JXOLQDJGMH
YD,MD XUHGLWLNUXãQHSHüLLRSVNUEOMLYDWL%LKDü6OXQM0RGUXãH-HVHQLFX'DEDU
0XWQLN L7UåDF
+UDVWRYLFDMH]QDWQRPMHVWRWUHEDSRVWDYLWLRVRELWRYMHãWDLKUDEUD]DSRYMHGQLND8
%LKDüXWUHEDXUHGLWLRUXåDQXLEDUXWDQXDX.UXSLSRGLJQXWLPRVWQD8QL2VLPWRJD
WUHEDORELQDþLQLWLPRVWQDOD DPDWHJDGRSUHPLWLRG.UãNRJDX.UDQMVNRMGR6LVND
6WDOHåLVHQDGDKX]DVWDOQRGDüHVH.UDMLQDNDGVHWDNRXUHGLPRüLXPLUXL
VLJXUQRþXYDWLDQDURGNRMLVHSRþHRQDVYHVWUDQHUDVHOMDYDWLGDüHVHXVWDUL
]DYLþDMVYRMSRYUDWLWL1DGDOLVXVHRVRELWRYHOLNRMGRELWLRGVUHEUQLKUXGDX
*YR]GDQVNRP
9RMQHþHWHLPDOHELVHJRWRYRVYXGDXPQRåDWL=DSXNRYQLNDXKUYDWVNRM.UDMLQL
GRSXãWHQDMHPMHVHþQDSODüDXVYHPXIRULQWL6HQMVNDNDSHWDQLMDQHNDLPD
PRPDNDVPMHVHþQLPWURãNRPRGIRULQWL2JXOLQPRPDNDELKDüND
NDSHWDQLMDPRPDNDVWURãNRPRGIRULQWLVOXQMVNRMNDSHWDQLMLGRSXãWHQRMH
PMHVHþQRIRULQWLLWG6ODYRQVND.UDMLQDQHNDEURMLDUNLEX]LUDL
KXVDUDVYHJDNRQMDQLNDWHQMHPDþNLKVOXJDLKDUDPLMDXNXSQR
SMHãDNDPMHVHþQLWURãDNQHNDL]QRVLIRULQWLDJRGLãQMLIRULQWL
6WDOHåLL]MDYLãHåHOMXGDKUYDWVNLEDQVWDQXMHX9DUDåGLQX]DOLþQRVWMHQMHJRYX
GRSXãWHQRNRQMDQLNDLKDUDPLMD%DQRYHþHWHQHNDVH]DMHGQRVRVWDORP
NUDMLãNRPYRMVNRPYMHåEDMX
2EUDPEHQDOLQLMDQHNDEXGHQD*OLQLDSRPRüQHþHWHQHNDVHQDPMHVWHQD.XSLL
6DYL RYGMHQHNDEXGXSRJODYLWRXWYUGH6LVDNL+UDVWRYLFD'R6OXQMDMHPQRJRVWDOR
DNR RQSDGQHSDVWüHL'DEDU2WRþDF%ULQMH-DVHQLFD]DWRELJDWUHEDORRMDþDWLL
YRMVNX SRPQRåDWL]DNRQMDQLND8.UHPHQXJGMH7XUFLSUHNR.RUDQHSUHOD]H
QHNDVHSRVWDYLYRMQLNDX&HWLQXSMHãDNDLNRQMDQLNDDLX.ODGXãL
NRQMDQLND0QRJRMHVWDORGRPMHVWD+UHVQDQD*OLQLNXGD7XUFLRELþQRSUHOD]HSD
]DWR ELWUHEDORLWXVPMHVWLWLNRQMDQLND7DMELNUDMXRSüHWUHEDORRMDþDWL]D
NRQMDQLNDLSMHãDND
'REURELELORGD+UYDWLRGVWXSHGLMHODVYRJDåLWD]DKUDQXYRMVNHX]SODüX
8 %UHVWXQD.XSLYDOMDþYUVWXREUDQXSRGLJQXWLD5LSDþNRMLMH]QDWDQ]D%LKDü
XþYUVWLWLLXQMHPMDNXNXOX]DYRMQLNDVD]LGDWL*UDGRYHQD*OLQLNRMLVHQHPRJX
EUDQLWLWUHEDUD]RULWLRVLP9UDQJRUDþDMHUWDMEUDQL7RSXVNR
9HüL GLRRYLKSULMHGORJDL]DNOMXþDNDSRWYUGLQDGYRMYRGD.DUORL]GDQLPREUDPEHQLP
UHGRP'HIHQVLRQV2UGQXQJRGVLMHþQMDLUH]ROXFLMRPRGRåXMND

%DQ7RPD(UGHGLL]YMHãüXMHRELWFLNRG6LVNDOLSQMD

3UHMDVQLYODGDUX
.ROLNRMH+DVDQSDãDXRYLPNUDMHYLPDLREODVWLPD1MHJRYDFHVDUVNRJ9HOLþDQVWYD
QHNRYULMHPHEMHVQLRNDNRMHRSXVWRãLRRYRQHVUHWQRNUDOMHYVWYRWRQHVXPQMDPGD
MH 9DãD3UHMDVQRVWYHüRGDYQDUD]DEUDOD1MHPXGRGLMDPLULXJRYRUWH]DX]H
SUH DãQMLKGDQDNDãWHO'UHQþLQDMHUPXVHVUHüDQDVPLMDODRSNROLLSRGVMHGQH
RYRJPMHVHFD6LVDN,ELRJDMHEH]SUHVWDQNDL]ãHVWYHOLNLKPMHGHQLKWRSRYD$
PH X WLPWRSRYLPDELMDãHSUYLLRVRELWRQDMãWRJDMHMHGQRPL]JXELROYDQ.DFLMDQHU
D YDQUHGQHMHYHOLþLQH.DGVPR]DWHSRNXãDMHLQDYDOHSDãLQHþXOLJRVSRGLQJHQHUDO
KUYDWVNLJRVSRGLQ(NHQEHUJSDLOMXGLVJUDQLFHVODYRQVNHNUHQXVPRQHXVWUDãLYR
GD 6LVNXGRQHVHPRSRPRüLGD]D HPRQDRWRNUHþHQHWYU DYH6LVDN3DãDQDP
L]L H VSRL]ERUNRQMDQLNDLSMHãDNDXVXVUHWGDVHVQDPDSRELMH
0L VSUDYQLQDERUEXLREUDQXNUDOMHYVWYDOMXWRVHVHGPLGDQSRGVMHGDQMDVXNRELVPRV
QHSULMDWHOMHP2QMHQDãRMQDYDOLQHNRYULMHPHMXQDþNLRGROLMHYDRDOLQDMSRVOLMHNLãRP
KLWDFDPXãNHWLUDNDUORYDþNLKSRWLVQXWQDåHXELMHJD]DQMLPQDELMHJXXWDERUãWRJD
MH LPDRVRQXVWUDQX.XSHQDYDOLVPRPLLQDWMHUDVPRJDQDSRPHQXWXULMHNX.XSX
2Q SRWRQHVþHWLULEHJDLVFLMHORPJRWRYRYRMVNRP3DãLQRVXWLMHORGDQDVL]YXNOLL
]DUREOMHQLFLVXJDSUHSR]QDOL,]YXNOLVXLOHãHYH.XHUEHJD]DSRYMHGQLND
SHWULQMVNRJD5XVWDQEHJDLQHüDNDFDUDWXUVNRJD0HKPHGEHJD'DQLMHVPRWDNR
UD]ELOLSDãXWYU DYDEL6LVDNELOD]DX]HWDLOLQHSULMDWHOMXSUHSXãWHQDLSUHGDQD,WRVH
MXþHURYGMHSRGYODGRP9DãH3UHMDVQRVWLDVSRPRüXLPLORãüX%RåMRPGRJRGLOR
2WHVPRQHSULMDWHOMXVHGDPYHOLNLKWRSRYDLQHNROLNRIDONRQHWDSDWDNRLQHNROLNR
QRYLKOD D8WDERUXX6LVNXOLSQMD
9DãH3UHMDVQRVWLQDMSRQL]QLMLVOXJD

7RPD(UGHGLEDQV,DYRQVNL
3ULOLNHX+UYDWVNRMRG]DUDWDV7XUFLPDXSLVPLPD,YDQD
&REHQ]HODVDYMHWQLNDQDGYRMYRGD.DUODL)HUGLQDQGD

*UD]
1DãDQHVUHWQDKUYDWVNDLVODYRQVND.UDMLQDGHVLVHXNUDMQMRMQXåGLMHUX=DJUHEX
QHPDQHJRQMHPDþNLKYRMQLNDDLWLVXJODGQLEROHVQLLXWDNYRPQHUHGXGDSR
RSüHQRPVXGXGRVWDMHWHNVWRþLOLKGDRYHWULVWRWLQHUDVSUãDQDVYHVWUDQH
.DUORYDFJODYQRPMHVWRX+UYDWVNRMWDNR HUMHSUD]DQXQMHPQHPDYLãHRG
QMHPDþNLKYRMQLNDMHUVHL]QMHJDSRYXNORDUNLEX]LUDNDRLKUYDWVNDODNDNRQMLFD
MHUWLMHNRPYLãHPMHVHFLQHGRELãHQLSDUHQLSODüH3UHMDVQLQDGYRMYRGD(UQHVW
SUHþHVWRMHYHüSLVDRFDUXGDWRPHGRVNRþLDSUHMDVQLQDGYRMYRGD0DNVLPLOLMDQ
þLQLWRLVWRVYDNLGUXJLGDQQRVYH]DOXGXMHUQHGR,D]LQLNDGDRGJRYRU1LWLQRYDF
QLWLãWRGUXJRYMHUXMHPþYUVWRQHSRPDåHQHJRGDQDVVDP%RJJRVSRGDUQDãQH
þXYDYHüELVPRRGDYQRELOLXMDUPXLURSVWYXWXUVNRPH,QHNDPLYMHUXMHSUHVYLMHWOR
JRVSRGVWYRNDUGLQDO&HQWLR$OGHEUDQGLQLRSDDNRVH]DNUDWNRRYRRYGMHNDNR
GUXJRMDþLMHQHRSVNUELGDüHQHSULMDWHOM]DX]HWLVYHGR)ULMXOD6ODERüHVHQHSULMDWHOM
RED]LUDWLQDWYU DYXãWRMHNDQHSRGLüLJRVSRGDPOHWDþNDSUH]UHWüHMHLREDüLL
MHGQLPVDPRQDOHWRPSRKDUDWüHLXQLãWLWLVYHGR7DUYLVDQDNDNRMHWRYHüXþLQMHQRX
YULMHPH/MXGHYLWD0RUDYRMYRGHPLODQVNRJD=DWRVHVPROERPXWMHþHP9DãRM
SUHVYLMHWORVWLDNRELVYRWDFåHOLRSRPRüLFDUXXRYRPWHãNRPUDWXQHNDRQD]DPROL
VYRFDGDELVHRþLQVNLVMHWLRJRUHSRPHQXWLKJUDQLFD.UDMLQHKUYDWVNHLVODYRQVNH
NRMH VHGRWLþX,WDOLMHLNRMHVXWDNRXUH HQHGD]DX]PHOL7XUþLQVDPRMHGDQNDãWHO
ãWR VH]RYH2WRþDF]DX]HWüHQDPDKL6HQMDRGDQOHüHPRüL]DGDQLQRüELWLX,VWUL
D ]DGYDGDQDX)ULMXOXD]DWLPüHXGDULWLQD,WDOLMXVNRSQDLVPRUDNDNRüHPXVH
VDPRSURKWMHWLDWR9DãDSUHVYLMHWORVWPRåHYLGMHWLLUXNRPSLSDWLQDSULORåHQRP
QDFUWX2YRPHOLVWXSULORåLRMH&REHQ]HOLNDUWXRSD7DVWYDUPRUDODELMDPDþQR
SUREXGLWLLSRWDNQXWL0OHþDQHGDQDPSRPRJQXXWYUGLWLSRPHQXWLNDãWHO2WRþDFDQH
GD XOXGREDFDMXQRYDF]DWYU DYXãWRMHQDXPLãHSRGLüLX)ULMXOXýLP7XUþLQ
]DX]PH2WRþDFL6HQMX]QHPLULYDWüHQDPDKFLMHOX'DOPDFLMXDEUåHüHVYDNH
YHþHULSRGNDãWHOHYHQHFLMDQVNHVODWLOD H VYRMHNRMLPDüH]DSULMHþLWLGRYR]KUDQHL]
&KLRVHLL]RQLKRVWDOLKNUDMHYDX9HQHFLMX6RE]LURPQDQHGRVWDWDNWUJRYDQMDELWüH
QHVUHWQLMLQHJROLVXELOLNDGLP*HQRYH]L]DX]HãH&KLRVXLSULVLOLãHLKGDSULKYDWH
RQHXYMHWHPLUDãWRVXLKQMLPDRQLSUHGORåLOL
1RQHüHELWLVDPRRQLQHVUHWQLQHJRRVLPQMLKL5LPPLQLLFLMHOD5RPDQMDL0DUND
DQNRQVNDVDPR]ERJWRJDDNR7XUþLQ]DX]PH6HQML]NRMHJDüHGDQRPLFHPRüL
VODWLSUHPDRQLPVWUDQDPDWROLNR,D DNROLNRüHPXVHSURKWMHWL2GWROLNRJD]ODQHND
QDV%RJþXYD

%HþNR 1RYR0MHVWRWUDYQMD
'DQDVRåXMND]DXUHSULPLVPRYLMHVWGDMHJURI=ULQVNLNDRãWR%UH]QLFX
]DX]HRWDNR HU6HJHVWãWRJD7XUFLRVWDYLãH6DGDRþHNXMHPRQRYRVWLLVSRG6RUJH
NDPR MHRWLãDRQDPDK6RUJDMH]QDPHQLWNDãWHOãWRJDVD6LJHWRPL]JXELVPR
6YDVXWDPMHVWDL]PH X 'UDYHL%ODWQRJDMH]HUDEOL]X'XQDYDRGDWOHVHWROLNRSXWD
7XUFL ]DOLMHWDKXXâWDMHUVNXLXRNUXåMHåHOMH]QRãWRJUDQLþLV$XVWULMRPWHMHWRYHü
ELORSUHWHãNRVQRVLWL
1DGDPVHGDüXPRüL9DãRMSUHVYLMHWORVWLMRãXRYRPPRMHPSLVPXMDYLWL]DX]HüH
6RUJH DLGUXJR.DGELVHPRJ,RGRELWLGRSXãWHQMHRGFDUDLJRVSRGLQDYHOLNRJD
YRMYRGHWRVNDQVNRJDGDVHRQLKYRMQLNDãWRLKMHRYDMREHüDRFDUXXNUFDX
5LPLQXL,L5DYHQLLGDVHSUHYH]XSUHPD6HQMXXRVDPGDQDELVPR]DGRELOLQH
VDPR %LKDüãWRMHSURãOHJRGLQHL]JXEOMHQQHJRLFLMHOX+UYDWVNXNRMDELELOD
QHL]UHþHQLVSDVLVLJXUQRVW]D,WDOLMXL]DWRWUHEDGDVHWRSULEDYLLSULVNUELRGVYLK
VNXSD,PDMWHSUHVYLMHWOLJRVSRGLQH]DOMXEDY%RåMXQDVUFXWDMSRVDR