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DSVNULþL VDYLYDOG\EL NDOERVWYDUN\WRMDPV


P VDXVLR G /LHWXYRV 5HVSXEOLNRV 6HLPDV SUL P
/LHWXYRV 5HVSXEOLNRV YDOVW\ELQ V NDOERV VWDW\P QXVWDWDQW
NDOERVSROLWLN /LHWXYRMH.DOERVSROLWLND±WDLYDOVW\E VSULLPDPL
VSUHQGLPDLG ONDOERVVWDWXVRYDUWRVHQRVYDUWRMLPRVULþL LUYDU
WRMLPR WHLVL 7DLJL VWDW\PH QXVWDW\WRV VYDUELDXVLRV YDOVW\ELQ V
NDOERV YDUWRMLPR YLHãDMDPH J\YHQLPH VULW\V UHJODPHQWXRWD MRV
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N\P WDLS SDW LãSO WRWD /LHWXYRV 5HVSXEOLNRV .RQVWLWXFLMRV
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NDOERV
6YDUEXV GRNXPHQWDV ± 9DOVW\ELQ V NDOERV SROLWLNRV ±
PJDLU VNXULRVHLãG VW\WDOLHWXYL NDOERVUDLGRVVNDWLQLPR
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NDOED\UD/LHWXYRVWDXWLQLRLUNXOW ULQLRVDYLWXPRSDJULQGDVML\UD
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VDQW\NL NDOED
*DLU VH QXVDNRPDV SDJULQGLQLV YDOVW\ELQ V NDOERV SROLWLNRV
WLNVODV±ÄLãVDXJRWLNDOERVSDYHOG LUVNDWLQWLMRVSO WU NDGE W
XåWLNULQWDVOLHWXYL NDOERVIXQNFLRQDOXPDVYLVRVHYLHãRMRJ\YHQL

PRVULW\VH6YDUELDXVLDVNDOERVSROLWLNRVXåGDYLQ\V±SODQLQJDLLU
N U\ELQJDLYHLNWLYDOVW\ELQ VNDOERVUDLG WDLSNDGYLVXRPHQ VX
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WDPD LU SULLPWLQD YLVXRPHQHL NDG YLVLHPV /LHWXYRMH J\YHQDQ
WLHPV DVPHQLPV SULNODXVDQWLHPV WDXWLQ PV HWQLQ PV PDåX
PRPV E W VXGDU\WRV V O\JRV SXRVHO WL LU SO WRWL VDYR PDåXPRV
NDOE
*DLU VH QXURGRPD NDG ÄYDOVW\ELQ V NDOERV SROLWLND \UD EHQ
GURVLRVYDOVW\E VSROLWLNRVGDOLVWRG OQHDWVLHMDPDQXR(XURSRVLU
SDVDXOLR LQWHJUDFLMRV VNDWLQDP SURFHV 9LHQD YHUWXV (XURSRMH
VWLSU MD YLVXRWLQ QXRVWDWD NDG E WLQD LãVDXJRWL NDOE YDLURY
NDG QDFLRQDOLQL NDOE DSVDXJD LU SXRVHO MLPDV \UD YDOVW\ELQ V
VYDUERVGDO\NDV.LWDYHUWXVNDOE YDUWRMLPXLGLGHO WDN GDURLU
HNRQRPLQLDL EHL VRFLDOLQLDLYHLNVQLDLR MLHSDODQNHVQL YDGLQDPR
VLRPVWDUSWDXWLQLREHQGUDYLPRNDOERPV.DOERVSROLWLNRV J\YHQ
GLQLPR SDJULQGDV \UD NDOERV SODQDYLPDV DSLPDQWLV ãLDV VULWLV
NDOERV VWDWXV NDOERV YDUWRMLPR WHLVLQ V ED] V N ULP LU WREXOL
QLP NDOERVVLVWHP LUYDUWRVHQ NDOE PRN\P ³
%HPLQ W GRNXPHQW YDOVW\ELQ VNDOERVIXQNFLRQDYLP GDU
UHJODPHQWXRMD /LHWXYRV 5HVSXEOLNRV VWDW\PDV Ä' O /LHWXYRV
5HVSXEOLNRVYDOVW\ELQ VNDOERV VWDW\PR J\YHQGLQLPR³/LHWXYRV
5HVSXEOLNRV WDXWLQL PDåXP VWDW\PDV /LHWXYRV 5HVSXEOLNRV
ãYLHWLPR VWDW\PDV /LHWXYRV 5HVSXEOLNRV SLOLHW\E V VWDW\PDV
/LHWXYRV5HVSXEOLNRV9DOVW\ELQ VOLHWXYL NDOERVNRPLVLMRVVWDWX
VR VWDW\PDV /LHWXYRV 5HVSXEOLNRV WHLVP VWDW\PDV /LHWXYRV
5HVSXEOLNRVDGPLQLVWUDFLQL WHLV VSDåHLGLP NRGHNVDV/LHWXYRV
5HVSXEOLNRV WHULWRULMRV DGPLQLVWUDFLQL YLHQHW LU M ULE VWDW\
PDV/LHWXYRV5HVSXEOLNRVYDUWRWRM WHLVL J\QLPR VWDW\PDV/LH
WXYRV 5HVSXEOLNRV YDOGLQLQN VWDW\PDV /LHWXYRV 5HVSXEOLNRV
VWDW\P LUNLW WHLV VQRUPLQL DNW UHQJLPRLUWYDUNRV VWDW\PDV
/LHWXYRV 5HVSXEOLNRV ODLVY M HNRQRPLQL ]RQ SDJULQG VWDW\
PDV /LHWXYRV 5HVSXEOLNRV YLVXRPHQ V LQIRUPDYLPR VWDW\PDV
/LHWXYRV5HVSXEOLNRV VWDW\PDVÄ' OSDE J OL /LHWXYRV5HVSXE
OLNRMH VWDWXVR³ /LHWXYRV 5HVSXEOLNRV $XNãþLDXVLRVLRV 7DU\ERV

QXWDULPDV Ä' O YDUG LU SDYDUGåL UDã\PR /LHWXYRV 5HVSXEOLNRV

SLOLHþLRSDVH³/LHWXYRV5HVSXEOLNRV9\ULDXV\E VQXWDULPDVÄ' O
YDOVW\ELQ V NDOERV PRN MLPR NYDOLILNDFLQL NDWHJRULM ³ LU NW åU
ãDOWLQL V UDã


âLXR PHWX YDOVW\ELQH OLHWXYL NDOED U SLQDVL GYL YDOVW\ELQ V
LQVWLWXFLMRV
x 9DOVW\ELQ OLHWXYL NDOERVNRPLVLMDLU
x 9DOVW\ELQ NDOERVLQVSHNFLMD
9DOVW\ELQ OLHWXYL NDOERV NRPLVLMD ZZZYONNOW ÄVSUHQ
GåLDOLHWXYL NDOERVNRGLILNDFLMRVQRUP YDUWRMLPRLU9DOVW\ELQ V
NDOERV VWDW\PR J\YHQGLQLPRNODXVLPXVWDLSSDWY\NGRYDOVW\EL
Q V OLHWXYL NDOERV XJG\PR SURJUDPDV WYDUNR LU QDXGRMD YDOVW\
E VELXGåHWREHLNLWDVO ãDVVNLUWDVãLRPVSURJUDPRPV J\YHQGLQ
WL³ åU /LHWXYRV 5HVSXEOLNRV 9DOVW\ELQ V OLHWXYL NDOERV NRPLVL
MRVVWDWXVR VWDW\P .RPLVLMRMH\UDNDXSLDPLNDOERVQRUPLQLPR
LUYDUWRMLPRGXRPHQ\VVXNXUWDYLVXRPHQ VNRQVXOWDYLPRVLVWHPD
NDOERV YDUWRMLPR NODXVLPDLV 9DOVW\ELQ V OLHWXYL NDOERV NRPLVL
MRV QXWDULPDL WHLV V DNWDL SULLPDPL SRV GåLXRVH \UD SULYDORPL
YLVRPV PRQ PV VWDLJRPV LU RUJDQL]DFLMRPV EHL PDVLQ PV LQ
IRUPDFLMRV SULHPRQ PV .RPLVLMRV SRV GåLXRVH VYDUVWRP NODX
VLP HNVSHUWL] SDSUDVWDLE QDDWOLNWDSDNRPLVL SRV GåLXRVHNX
ULXRVH EH .RPLVLMRV QDUL GDO\YDXMD WRV VULWLHV NXULDL SULNODXVR
QDJULQ MDPDVNODXVLPDVDWVWRYDL
3O WRGDPDVDYRYHLNO 9DOVW\ELQ OLHWXYL NDOERVNRPLVLMDLNL
PGLUERSDJDO/LHWXYRV5HVSXEOLNRVYDOVW\ELQ VNDOERVYDU
WRMLPRLUXJG\PR±PHW SURJUDP SDWYLUWLQW /LHWXYRV
5HVSXEOLNRV 9\ULDXV\E V P JUXRGåLR G QXWDULPX 1U
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QXPDW\WLNDOERVPRNVORNDOERVXJG\PRNDOERVYDUWRMLPRLUNDO
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VLMD Y\NG YDLULRV LQVWLWXFLMRV %XYR UHPLDPDV NDOERV PRNVOR
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Q UHQJLPDVOHLG\EDNDOERVGXRPHQ NRPSLXWHULQL ED]L VXGD

U\PDV NDOERV NXOW URV LU VSHFLDO\E VNDOERV G VW\PDV DXNãWRVLR
VH DXNãWHVQLRVLRVH LU SURIHVLQ VH PRN\NORVH YDOVW\ELQ V NDOERV
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PHW SURJUDP ³ Ä7DUPL LU HWQLQL YLHWRYDUGåL LãVDXJRMLPR
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SURJUDPDLPSDWYLUWLQWDQDXMD9DOVW\ELQ VNDOERVQRUPLQL
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J\YHQGLQLPRWYDUNRVDSUDãDV
7DLS SDW .DOERV NRPLVLMD UHPGDPDVL /LHWXYRV 5HVSXEOLNRV
WHUPLQ EDQNR VWDW\PX WYDUNR LU SLOGR /LHWXYRV WHUPLQ EDQN
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YRMH LãOHLVW YDLUL PRNVOR VULþL WHUPLQ åRG\Q 'DEDU ãLDP
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WRV WHLNWL PLQLVWHULMRV 9\ULDXV\E V VWDLJRV 6HLPXL DWVNDLWLQJRV
LQVWLWXFLMRV%DQNHHVDQW\VWHUPLQDLWXULE WLDSUREXRWLDWLWLQNDPRV
VULWLHV VSHFLDOLVW LU NDOELQLQN WHUPLQRORJ DSVYDUVW\WLLU SDWYLU
WLQWL 7HUPLQRORJLMRV SDNRPLV V LU .DOERV NRPLVLMRV SRV GåLXRVH
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PRNVORVULþL 6PXONLDXDSLH9DOVW\ELQ VOLHWXYL NDOERVNRPLVL
MRVLVWRULM LUYHLNO åUKWWSZZZYONNOWOLWDSLHYONNLVWRULMDKWPO
.DOERV SROLWLNDL VYDUEXV LU WDL NDG P UXJV MR G
9DOVW\ELQ VOLHWXYL NDOERVNRPLVLMRVSLUPLQLQN ,UHQD6PHWRQLH
Q LU /DWYLMRV YDOVW\ELQ V NDOERV NRPLVLMRV SLUPLQLQNDV $QGUHMDV
9HLVEHUJDV SDVLUDã NRPLVLM EHQGUDGDUELDYLPR VXWDUW 6XWDUWLPL
VWHLJWD %DOW NDOE WDU\ED NXUL VLSDUHLJRWD NXUWL EHQGU ãDOL
NDOERV SROLWLN %DOW NDOE WDU\ED QXRODW NHLVLV LQIRUPDFLMD DSLH
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EHQGU RILFLDOL QXRPRQ NDOERVSROLWLNRVNODXVLPDLVWDUSWDXWLQLX
O\JPHQLX
9DOVW\ELQ NDOERVLQVSHNFLMDKWWSYNLOUVOW VWHLJWD
P NRQWUROLXRMD 9DOVW\ELQ V NDOERV VWDW\PR EHL 9DOVW\ELQ V OLH

WXYL NDOERVNRPLVLMRVSULLPW QXWDULP Y\NG\P ,QVSHNFLMDWXUL

WHLV QDJULQ WLDGPLQLVWUDFLQL WHLV VSDåHLGLP E\ODVLUVNLUWLDG
PLQLVWUDFLQHV QXREDXGDV Xå YDLULXV YDOVW\ELQ V NDOERV YDUWRMLPR
DUNDOERVWDLV\NOLQJXPRSDåHLGLPXV9DOVW\ELQ VNDOERVYDUWRMLP
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JDOLP\EHVMXQJWLVVXNLWDLVåRGåLDLV±PRNVOLãNDLWDULDQWVXVLDXU
MDOHNVLQLRMXQJOXPRJDOLP\E V3DY\]G\V±åRGLVJDOLD9DUWRMD
PDV NDLS QH WHUPLQDV MLV WXUL ãLDV UHLNãPHV M JD JHE MLPDV
VYHLNDWD 6HQDVHVXQHEHWXULXJDOLRV JDOLP\E M JD 6XVWLS
U MR HNRQRPLQ JDOLD %HQGU M ãLR åRGåLR UHLNãP V EUDQGXRO
WXUE W UHLN W QXVDN\WL WDLS µYHLNLPR SRWHQFLMRV WDNRV WXU ML
PDV¶.DLSWHLV VWHUPLQDVJDOLDYDUWRMDPDVWRNLXRVHMXQJLQLXRVH
WXU WL VWDW\PR JDOL WHLV V DNWDV MDX QHWHNR JDOLRV LU SDQ 7DLJL
WDVWHUPLQDVVLHMDPDVWLNVXGRNXPHQWXVSDYDGLQDQþLDLVåRGåLDLV
/HNVLQLRMXQJOXPRJDOLP\E VGDXJGLGHVQ VNDLJDOLD\UDSDSUDV
WDVLVåRGLVåPRJDXVJDOLDHNRQRPLQ JDOLDDXGURVJDOLDVLOSQ
MD6XGDUNLWRNLDWHUPLQRUHLNãPHåRGLVJDOLD HLQD IL]LNRVWHU
PLQLM
5 H L N ã P V S H U N O L P R E GXWHUPLQL]XRW åRGåL Q UD
GDXJQHVSHUNHOWLQ VUHLNãP V\SDW\E ±WXU WLHNVSUHVLQL NRP
SRQHQW 7DL NDLS MDX VDN\WD \UD QHSDJHLGDXMDPDV WHUPLQ SR
å\PLV 7HUPLQX YLUVWDQWLV åRGLV GDåQDL SDWV \UD HNVSUHV\YXV ± MR
UHLNãP WXUL YDL]GLQ NRPSRQHQW J\GDPDV QDXM SHUNHOWLQ
WHUPLQR UHLNãP åRGLV YDL]GLQLR NRPSRQHQWR QHEHWHQND 3DY\]
G\V±XåNDUG\PDV8åNDUG\PDV±GDXJLDXVLDåHPDLþL YDUWRMDPDV
åRGLVUHLãNLDQWLVNOL WLHVSDGDU\P GDåQLDXVLDLNDUWLPLNDUWLPLV
DUSDQDãLRPLVSULHPRQ PLV9DUWRMDQWã åRG ODLVYDLN\ODYDL]GL
Q DVRFLDFLMD.DLSWHLV VWHUPLQDVXåNDUG\PDVYDUWRMDPDVMXQJL
QLXRVH QXVLNDOWLP XåNDUG\PDV QXVLNDOVWDPXPR XåNDUG\PDV LU
SDQ 7HUPLQR UHLNãP QHEHWXUL QHL YHLNVPR DWOLNLPR SULHPRQ V
QHLVXNXULDPRYDL]GRUHLNãPLQL NRPSRQHQW
7HUPLQL]DYLPRE GDLQ UDL]ROLXRWLMLHJDOLVXVLSLQWL
,ã NLW ãDOWLQL ± GDU\ERV VNROLQLPRVL YHUW\ERV ± JDXQDPL
WHUPLQDL\UDDSWDULDPLWROLDXDWVNLUXRVHVN\ULXRVH

3DWHLNLDQW WHUPLQL]DYLPR SDY\]GåLXV QDXGRWDVL Ä'DEDUWLQ V OLHWXYL NDOERV
åRG\QR³LUÄ/LHWXYL NDOERVåRG\QR³PHGåLDJD


.RG O WHUPLQ ãDOWLQLDL YLHQL YDGLQDPL YLGLQLDLV R NLWL LãRUL
QLDLV"
.RNLH\UDYLGLQLDLWHUPLQ ãDOWLQLDL"
.RNLH\UDLãRULQLDLWHUPLQ ãDOWLQLDL"
.DV\UDOLDXGLQ SDYHOG WRMLWHUPLQLMD"
.DV\UDWHUPLQL]DYLPDV"
.RNLH \UD SDSUDVW M EHQGULQ V NDOERV åRGåL WHUPLQL]DYLPR
E GDL"

1SBUJNBJ

SUDWLPDV1DXGRGDPLHVLWHUPLQ ãDOWLQL VFKHPDDSLE GLQNLWH
NLHNYLHQ WHUPLQ SDJDOãDOWLQ

6HQDWLV DSHOLDFLMD WXUWDV SDQDXGD OLFHQFLMD SDWDU MDV VNXQGDV
VDQNFLMD U S\ED QXVLNDOWLPDV EHQGUDDWVDNLV UHLãNLQ\V JLQþDV JLQWLV
J\Q\ED QHYHLNVQXPDV SDLHãND YHUW YHLND YHLNOD JDOLD WHLVWXPDV
WHLVQXPDVSDURG\PDL

SUDWLPDV1XURG\NLWHWHUPLQ ãDOWLQLXV

&LYLOLQLR NRGHNVR VWUDLSVQLV DWVDNRYDV LNLWHLVPLQLV W\ULPDV
SUH]XPSFLMDNDVDFLQ WYDUNDSDUHLãN MDVNOLHQWDVQXRVSUHQGLVVXWDU
WLVNRQYHQFLMDPDORQ WHLVHQDWHLV WYDUNDWHVWDWRULXVYDOLDJOREDSD
UHLJ\E SDUDLãND LQVWLWXFLMD VDYLYDOG\E QXVLãDOLQLPDV PHUDV VXWDU
WLHVãDOLVQXRVWDWDLUHJLVWUDVMXULGLQLVDVPXRDOJDNRQNXUVDVGLVSR
QDYLPDVQHSULHPRND

4LPMJOUJBENJOJTUSBDJOJBJUFSNJOBJJSLJUBMFLTJLB

6NROLQWL DGPLQLVWUDFLQLDL WHUPLQDL LU NLWD VNROLQWD OHNVLND \UD
YDGLQDPD WLHVLRJ V N R O L Q L D L V 1 UD Q YLHQRV \SDþ J\YRVLRV
ãLXR PHWX YDUWRMDPRV NDOERV NXUL QHWXU W VNROLQL 6NROLQL UD
GLPRVLSULHåDVþL \UD YDLULDXVL YDLU VQDXMLVXNXUWLGDLNWDLQX
VWDW\WL UHLãNLQLDL LU DEVWUDNþLRV V YRNRV \UD YDUGLMDPRV WD NDOED
NXULRV YDUWRMLPR DSOLQNRMH MLH DWVLUDQGD 3OLQWD WDL NDV QDXMD
GUDXJHSOLQWDLU YDUGLMLPRåRGåLDL.LHNYLHQRVNDOERVWLNVOLDXVD
NDQWNDOERVYDUWRWRM SUHVWLåDVUHLNDODXMDLãYLGLQLRNDOERVãDOWL
QLRUDVWLVDY åRG QDXMDPGDO\NXL YDUG\WL5HLNLDSDLV\WLSULQFL
SRMHLJXYLHQXVYHWLPXåRGåLXGDXJLDXYLHQXOLHWXYLãNXPDåLDX
% WLQR VNROLQLPRVL DWYHMX UHLNLD JHUDL VXSUDVWL NDOE SULLPDPR
VYHWLPRåRGåLRYHUW 2VNROLQLDL\UDQHYLHQRGL
<UD VHQ M VNROLQL SDLPW Lã NDLP\QLQL WDXW NDOE 7
VNROLQL JDUVLQ VDQGDUDVXOLHWXYLQWDMLHLãSOLWR YDLULDLVSDYLGDODLV
WDUNLP \UD DWLWLQNDPRV ãDNQLHV GDLNWDYDUGLV YHLNVPDåRGLV LU
SDQ MLH QHWXUL OLHWXYLãN DWLWLNPHQ 7LN NDOELQLQNDL VSHFLDOLDL
WLUGDPLSDå VWDMXRVHVDQWVNROLQLXVRãLDLSNDOERVYDUWRWRMDLSUL
LPDNDLSOLHWXYLãNXVåRGåLXV,ãWHLV VWHUPLQ WRNLHVHQLHMLVNROL
QLDL \UD OLXG\WRMDV LU OLXGLQLQNDV ãDOLD M ± YHLNVPDåRGLV OLXG\WL
3DVLVNROLQWDVLãVHQRVLRVOHQN NDOERVåRGLVOXG]LüNXULVVLHMDPDV
VX OXG]LH µåPRQ V¶ 7YDUNDQW WHLV V WHUPLQLM EXYR VYDUVWRPD
NDWU GDLNWDYDUG ULQNWLV.DLSDLãNHVQ VPRW\YDFLMRVåRGLVODELDX
VLJDO MR OLXG\WRMDV âLXR PHWX YDUWRMDPDV LU OLXGLQLQNDV 7HLV V
NDOERMH ãL åRGåL UHLNãP V \UD DLãNLDL DWVNLUWRV OLXG\WRMDV ± DV
PXRJDOLQWLVGXRWLDUEDGXRGDQWLVSDURG\PXVWHLVPHOLXGLQLQNDV
±DVPXRN QRUVPDW V6HQDVLVVNROLQ\V\UD/LHWXYRV5HVSXEOL
NRV SDUODPHQWR SDYDGLQLPDV 6HLPDV SDVNROLQWDV Lã OHQN NDOERV
VHMPåRGLVVHLPDVYDUWRWDVMDX0LNDORMDXV'DXNãRVµVXVLWLNLPR
DWVWRY VXVLULQNLP VXYDåLDYLPRµUHLNãP PLV

3ODþLDX DSLH WDL åU .OLPDYLþLXV - .DV NUDWR WHLV V NDOERV YHåLP " *LPWRML
NDOED9LOQLXV1US

.LWL VNROLQLDL Lã VODY NDOE NDåNDGD ODEDL NHQN EHQGULQ V

NDOERV OHNVLNDL YDGLQDPLHML EDUEDUL]PDL ãLXR PHWX EHQGULQH
NDOEDNDOEDQþL åPRQL EHYHLNQHYDUWRMDPL±MXRVQXUXQJ WDLV\N
OLQJL OLHWXYLãNL åRGåLDL 3DYDUWRWL MLH \UD ãLXUNãþLRV OHNVLNRV NODL
GRV9LHQDVNLWDVM GDU\UDXåVLOLN VWHLVLQLQN YDOVW\E VWDUQDX
WRM ãQHNDPRMRMH NDOERMH NDUWDLV SDVLWDLNDQWLV LU UDã\WLQLDPH
WHNVWH
DSDUW EH LãVN\UXV $ S D U W %H WRV LQIRUPDFLMRV NXUL
JDYRWHQRULXSDWHLNWLSDSLOGRP IDNW
DUHQGD QXRPD YDUWRMDPL åRGåLDL DUHQGXRWL QXRPRWL
DUHQGXRWRMDVD QXRPRWRMDVD /LHWXYRV PRQL D U H Q G X R
M D P L QXRPRMDPLODLYDLJDOLåYHMRWLSDJDOOLFHQFLMDV
EXMRWL NOHVW WL WDLS SDW EXMRMLPDV NOHVW MLPDV 7DL SUR
WHNFLM E X M R M L P R NOHVW MLPRSULHODLGD
GDERNO ± MDX DNLYDL]GåLDL SDVLWUDXN V Lã YDUWRVHQRV åRGLV
YDUWRMDPDVåRGLVDUHãWLQ 3DWDLVRVGDUEDLEHODLVY VDW PLPRND
ULDPV SDNHLþLDPL ODLN\PX G D E R N O M H DUHãWLQ MH LNL GYLHM
P QHVL
NROLRWL SO VWL NHLNWL NRQHYHLNWL WDLS SDW NROLRMLPDVLV
6RFLDOLQ V U S\ERV GDUEXRWRMDL LãJLUVWD XåJDXOLRMLP N R O L R M L
P R V L SO GLPRVL
PDãWDEDV PDVWDV G\GLV DSLPWLV NDL NDP ãLV YRNLãNRV
ãDNQLHV åRGLV NHOLD SUREOHP QHV VXYRNLDPDV NDLS WDUSWDXWLQLV
3DUHQJWDV GLGHOLR P D ã W D E R GLGHO V DSLPWLHV WHLV V GRNX
PHQW ULQNLQ\V
SDU G\PDV SRWYDUNLV QXURG\PDV VDN\PDV WDLS SDW VX
U G\PDV VXGDU\PDV VDQGDUD WLN QH V UDQJD 3DYDOGLQLDL
Y\NGRWLNVDYRWLHVLRJLQLRYDGRYRS D U G \ P X V QXURG\PXV
'RNXPHQWRVXU G\PDV VDQGDUDEHSULHNDLãW
ãODJEDXPDV±JHULDXXåNDUGDV*HOHåLQNHOLRSHUYDåRVHHLVP
VWDEGDQþL ã O D J E D X P XåNDUG QHE UD
%DUEDUL]PDL\UDVHQLDXVLDLWDLVRPLVNROLQLDL-LHEHYHLNSDãD
OLQWLLãNDOERV\SDþUDã\WLQ V9DUWRWRMDPVDWURGRNDGWDLQHEH
VYDUEXV åRGåL VOXRNVQLV 'HMD LU YLHQDV EDUEDUL]PDV LãVSU G V
YLHãRMHWDUQDXWRM DUNLW DVPHQ NDOERMHODEDLSUDVLNLãDNDLSåH

PRMR VWLOLDXV åRGLV SDURG\GDPDV NDG NDOE WRMDV PDåD G PHVLR

VNLULDVDYRNDOERVYDOLDSDPDQ\WLNDGLUYHLNORVWYDUNLQJXPXL
6DYRWLãND VHQ M VNROLQL SULHãSULHãD \UD QDXMLHML VNROLQLDL
DWHLQDQW\VGDXJLDXVLDLãDQJO UHþLDXLãYRNLHþL SUDQF ] ãYHG
DU NLW 9DNDU (XURSRV NDOE 7DþLDX SDJDO NDOELQLXV SRå\PLXV
MLH \UD WRNLH SDW Xå QRUPLQ V OHNVLNRV ULE HVDQW\V åRGåLDL NDLS
EDUEDUL]PDL
<SDþ ãLXUNãWXV NDOERV SDåHLGLPDV \UD Q NLHN QHDSOLHWXYLQW
EHJDO QL VYHWLPRVNDOERVSRVDNL WUDXNLPDV OLHWXYLãN VDNL
Q $WURGRWDUVLNDOERVYDUWRWRMDVVSHFLDOLDLGHPRQVWUXRMDJLUGLWH
DãPRNXDQJO SUDQF ] DUNWNDOE N DãWXULXJDOYRMQHOLHWX
YLãNDLRWLNWDNDOEDJDOLPDLãUHLNãWL3OJ5HIRUPRVUH]XOWDW\YX
P XåWLNULQDV W H S E \ V W H S QXRVHNOXPRVWUDWHJLQLVSULQFL
SDV0RNVORLUJDP\ERVSDåDQJRVYDULNOLV\UDN Q R Z K R Z GLH
JLPDV 0RNVORLUJDP\ERVSDåDQJ VNDWLQDQDXM WHFKQRORJLM
GLHJLPDV 1HULERWDV QDXGRMLPDVLV VDYR F D U W H E O D Q F K H
YHLNVP ODLVYH GDåQLDXVLDL \UD WDOHQWLQJRV DVPHQ\E V JULX
YLPR åOXJLPR SULHODLGD1HSDVODSWLVNDG\UDWDU\ERVQDUL
NXUL WLNVODV QLHNR QHYHLNLDQW NDLS QRUV LãODXNWL VDYR NDGHQFLMRV
K D S S \ H Q G ODLPLQJRVSDEDLJRVLUSDQ3ULHãLRVU ãLHVQH
WROHUXRWLQ NDOERV UHLãNLQL SULVNLUWLQL LU QHVXOLHWXYLQWL ORW\QLãNL
åRGåLDLPDNVLPXP GDXJLDXVLDPLQLPXP PDåLDXVLDL
âLDLS QDXM M VNROLQL YLHQ GDåQLDX NLW UHþLDX YDUWRMDP
\UDQHPDåDL'DXJHOLVM YDUWRMDPLNDLSYLHQRVNDOERVGDOLHVåR
GåLDLGDXJLDXVLDGDLNWDYDUGåLDLEHW\UDLUWRNL NXUãDOLDGDLNWD
YDUGåLR\UDWRVSDþLRVãDNQLHVYHLNVPDåRGLVE GYDUGLV,ã YDLUL
WHLV VUHJXOLDYLPRVULþL WHNVW LUDSVNULWDLLãDGPLQLVWUDYLPRVUL

1DXMLHVLHPVVNROLQLDPVQDJULQ WLLUWDLV\WL\UDSDUDã\WDQHWVSHFLDOL NQ\J
*LUþLHQ -1DXM M VNROLQL DWLWLNPHQ\VVWUXNW UDLUYDUWRVHQD9LOQLXV/LH
WXYL NDOERV LQVWLWXWDV 5XGDLWLHQ 9 /HNVLNRV VNROLQLDL DGPLQLVWUD
FLQ MH NDOERMH 9LOQLXV 0\NROR 5RPHULR XQLYHUVLWHWR /HLG\ERV FHQWUDV
5XGDLWLHQ 99LWNDXVNDV99DNDU NDOE QDXMLHMLVNROLQLDL9LOQLXV
(QFLNORSHGLMD 9DLFHNDXVNLHQ / 1DXMLHML OLHWXYL NDOERV VYHWLPåR
GåLDL NDOERV SROLWLND LU YDUWRVHQD9LOQLXV /LHWXYL NDOERV LQVWLWXWDV
Ä.DOERVSDWDULP ³PNQ\JDVNLUWDVYHWLP\E PVLUWDUSWDXWLQLDPVåR
GåLDPV

WLHVVDN\WLQ VLUUDã\WLQ VNDOERVWHNVW PDW\WLQHPHQNDVSROLQNLV

YDUWRWLQDXMXRVLXVVNROLQLXV1HWUXPSDVLUM V UDãDV
DGRSWDFLMD ãLV WHLV V WHUPLQDV ODLNRPDV VNROLQLX YDL
NLQLPDV NRQNUHþLX DWYHMX ± V QLMLPDV GXNULQLPDV $ G R S
W D F L M R V YDLNLQLPRSURFHG UDLãYLVRQHEXYRSUDG WD
DJUHPDQDV VXWLNLPDV.DLEXVJDXWDVD J U H P D Q D V VX
WLNLPDVEXVSDVNHOEWDLUNDQGLGDWR DPEDVDGRULXVSDYDUG
DNFHSWDV DNFHSWDYLPDV DNFHSWDQWDV DNFHSWXRWL ± åRGåLDL
NXULH WDUSWDXWLQLDLV QHODLNRPL EHW LU JULHåWDL QHWDLVRPL NDLS
ãLXUNãþLRVNODLGRV1HQXURG\WDVDWVLVDN\PRD N F H S W X R W L ±SUL
WDUWLPRW\YDV
DONRWHVWHULV DONRKROLR WLNULQWXYDV PDWXRNOLV 9LHQ WLN
EXLWLQLR D O N R W H V W H U L R DONRKROLR WLNULQWXYR URGPHQ\V QH
JDOLRMD
DQWUHSHULV HQWUHSUHQHULV YDGRYDV VDYLQLQNDV
DQWUHSHU\VW YDGRYDYLPDV YDG\ED 1HGLGHO V PRQ V VDYL
QLQNDV\UDLUWRV PRQ VYDGRYDV±åRGåLXD Q W U H S H U L V â VDNL
Q UHLNLD EDLJWL åRGåLX YDGRYDV QHV VNROLQLX QLHNR QDXMD QHSDVD
NRPD
DQXLWHWDV PHWLQ LãPRNDSDYDUWRMDPDVLUE GYDUGLVDQXLWH
WLQLV $ Q X L W H W X L 0HWLQHL LãPRNDL JDXWL \UD QXPDW\WL
NHOLE GDL
DSDWULGDV ±ãLRåRGåLRãDNQLV\UDORW\QLãNDWDþLDX OLHWX
YL NDOE MLV DW MR NDLS QDXMDVLV VNROLQ\V WDL QHWHLNWLQDV WHLV V
WHUPLQDVNXULRDWLWLNPXR±EHSLOLHWLV1XRODWXåVLHQ\MHJ\YHQDQ
W\V DVPHQ\V QH YLVDGD WLNVOLDL DSLE GLQDPL NDLS D S D W U L G D L
EHSLOLHþLDL
DXVOHQGHULV XåVLHQLHWLV DWY\N OLV 9DGLQDP M
D X V O H Q G H U L $WY\N OL XåVLHQLHþL WHLV V NDåNDLS WXU W
E WLDSWDUWRVäUGDUHJ]LODV
EORJDV WLQNODUDãWLVLQWHUQHWLQLVGLHQRUDãWLVWDLDQJO NDO
ERVVNROLQ\VVXGDU\WDVLã:HEORJ3ROLWLN EORJXRVH WLQN
ODUDãþLXRVH JDOLPD UDVWL LU GRPL VYDUVW\P LU YLVLãNDL O NãW
QHDLãNL PLQþL ,ãSDJULQGLQLRVNROLQLRVXGDURPDGDXJLDXåRGåL
SY]EORJHULV WLQNODUDãWLQLQNDV EORJRVIHUD WLQNODUDã

þLDL %ORJHULDLV WLQNODUDãWLQLQNDLV WDPSD LU 6HLPR QDULDL LU

ILUP YDGRYDL LU ãLDLS åPRQ V NXULHPV VYDUEX NDG M PLQWLPLV
NDVGRPLVL/LHWXYLãNDEORJRVIHUD /LHWXYLãNLWLQNODUDãþLDLDW
VLUDGRDSLHXRVLXVPHWXV
EDUWHULQLDL PDLQDL QDW ULQLDL SUHNL PDLQDL 8åVDNRYDL
XåDWOLNWXVVWDW\ERVGDUEXVDWVLVNDLWRE D U W H U L Q L QDW ULQL
PDLQ WYDUND
EL]QLV YHUVODV WDLS SDW EL]QHVPHQDV YHUVOLQLQNDV
3LUPHQ\E \UD WHLNLDPD JHULDXVL E L ] Q L R YHUVOR SODQ SD
WHLNXVLHPVDVPHQLPV
EULILQJDV EU\ILQJDV WUXPSD VSDXGRV NRQIHUHQFLMD 7XRM
SR SRV GåLR EXYR VXUHQJWDV E U L I L Q J D V VXUHQJWD WUXPSD
VSDXGRVNRQIHUHQFLMD7HPLãNDLãLVåRGLVVXVLM VVXQHWHLNWLQDLV
VNROLQLDLVSUDVLGHGDQþLDLVSUHVåUWXRVVNROLQLXV
þDUWHULQLV QXRPRMDPDVLVXåVDNRPDVLVUHLVDV3DUDLãNRMH
WXUL E WL QXURG\WDV þ D U W H U L Q L R XåVDNRPRMR UHLVR XåVDNR
YDV
GDWDWRULXV GDWRV VSDXGDV $SVNDLWRV GRNXPHQW WYDUN\PR
GDUEDVEHG D W D W R U L D X V GDWRVVSDXGRJHURNDLSDVXQN MD
GLOHULV ± QHDSLEU åWRV UHLNãP V åRGLV NXULR DWLWLNPHQ\V
SULNODXVR QXR NRQWHNVWR WDUSLQLQNDV SUHN\ERV DJHQWDV
ILUPRV DWVWRYDV ' L O H U L SUHN\ERV DJHQW GDUER Xå
PRNHVWLVWLHVLRJLDLSULNODXVRQXRYHLNORVUH]XOWDW
GLVWULEXWRULXV ±QHDSLEU åWRVUHLNãP VVNROLQ\VSDJDONRQ
WHNVW SDUHQNDPLMRDWLWLNPHQ\V\UDãLHSODWLQWRMDVDVNLUVW\WR
MDVD JDOLRWLQLV 9 $ PDQ\PX VWDW\PDV DNLYDL]GåLDL SD
ODQNXV SUHNL LPSRUWXRWRMDPV LU G L V W U L E X W R U L D P V SODWLQ
WRMDPV
HNVNOLX]\YLQLV ± ãLV åRGLV QRUV WXUL ORW\QLãN ãDNQ \UD Lã
WLNU M VLHWLQDVVXDQJO SUDQF ] NDOE DWLWLQNDPDLVåRGåLDLVOLH
WXYLãNL MR DWLWLNPHQ\V \UD LãVNLUWLQLV \SDWLQJDVD SUDãPDW
QXVL 3DEU åWLQLR WDXS\PR SURJUDPD YLVLãNDL QHVLGHULQD VX
H N V O L X ] \ Y L Q L SUDãPDWQL DXWRPRELOL SLUNLPX

HVWDEOLãPHQWDVLVWHEOLãPHQWDV YDOGåLDDXNãWXRPHQ 9D

GLQDPLHML SRSXOLVWDL YLVXRPHW XåVLSXROD H V W D E O L ã P H Q W R
DXNãWXRPHQ VDWVWRYXV
HYHQWXDOXV HYHQWXDOLDL JDOLPDV PDQRPDV JDOLPDL 3UL
YDWL]DYLPR V O\JDV LU WYDUN YHUWLQR H Y H Q W X D O V JDOLPL
SUHWHQGHQWDL
ILVNDOLQLV ± QHJULHåWDL WDLVRPDV åRGLV QHV MLV \UD VLHMDPDV
VXORW\Q NDOERVåRGåLXILVFDOLVEHW OLHWXYL NDOE MLVSDLPWDVLã
GDEDUWLQL 9DNDU (XURSRVNDOE JHULDXYDUWRWLDWLWLNPHQLVLåGR
PRNHVþL åU GDU PRQHWDULQLV 9\ULDXV\E V Y\NG\WD I L V N D
O L Q PRNHVþL SROLWLND QHDWLWLNR NLR VNDWLQDPRVLRV IXQNFL
MRV
JDVWDUEDLWHULV DWY\N OLV XåGDUELDXWRMDVD* D V W
D U E D L W H U L D L 8åGDUELDXWRMDLXåVLHQ\MHPDåLQGDPLQHGDU
ERO\J VXNXULDNYDOLILNXRW VSHFLDOLVW WU NXP VDYRãDO\MH
KROGLQJDV KROGLQJR NRPSDQLMD NRQWUROLXRMDQWL NRPSDQL
MD -HL K R O G L Q J R NRQWUROLXRMDQWL NRPSDQLMD EXYR NUHGLWR
ILUPDMLYHLN QHSDJDO VWDW\P
LPLGåDVUHLNãPHµ YDL]GLV¶JDOLPDVDN\WL\UD YHLNWDVEHWLPD
LUQHWLN WDLSDVLURGRWRNVåRGLVNDLSLPLGåPHLNHULV YDL]GåLR
N U MDVD, P L G å P H L N H U L V YDL]GåLRN U MDVDJDOLVX
NXUWLSROLWLNRYHLG ±LãRULQ SDYHLNXP EHWSROLWLNRDVPHQ\E V
MLVQHIRUPXRMD
LQWHUYLXHULV ±W VNROLQ YDUWRMDQHWLNVDYHWDLS YDUGLMDQW\V
åXUQDOLVWDLEHWLU YDLUL DSNODXV DWOLN MDL9LVRVHãDO\VHODEDLRSL
SUREOHPD ± L Q W H U Y L X H U L DSNODXVRV Y\NG\WRM NRQWURO
9DUWRMDPDVLUQHN JHUHVQLVåRGLVKLEULGDVLQWHUYLXRWRMDVD
NOHUNDV WDUQDXWRMDVDYDOGLQLQNDV 3XLNLDLåLQRPD
NDLS WRNLH OHLGLPDL PLQLVWHULMRV N O H U N WDUQDXWRM EXYR Lã
GXRGDPL EHMH NOHUNDV GDXJLDXVLD \UD YDUWRMDPDV VDN\WLQ MH NDO
ERMHNXUMLVWXULPHQNLQDP M UHLNãP
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9DOVW\ELQ V OLHWXYL NDOERV NRPLVLMRV QXWDULPDV JHQHUDOLQLR GL
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4VEêUJOJ QBWBEJOJN USVNQJOJNBT

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1BSFJH QBWBEJOJNBJ

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QBWBEJOJNBJ

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$UFKLWHNW URV SDPLQNO U P VDOL SDYDGLQLPDL VXVLGHGDQ

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%JE J K SBJE J WBSUPKJNBTTUJMJTUJOJBJTTVNFUJNBJT

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5HVSXEOLNRV GDUER NRGHNVDV /LHWXYRV 5HVSXEOLNRV .RQVWLWXFLQLV 7HL
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5HVSXEOLNRV6HLPR$XGLWRNRPLWHWDV

5&3.*/ *3,*5 "%.*/*453"$*/é4
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%DOVL WDUWLV
'YLEDOVL LUPLãUL M GYLJDUVL WDUWLV
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7DUWLV \UD NDOERV JDUV DUWLNXOLDYLPR åRGåL WDULPR E GDV
%HQGULQ VOLHWXYL NDOERVWDUWLVSUDG WDQRUPLQWL;;DSUDGåLRMH
NDL LãVLSO W PRN\PDV OLHWXYL NDOED LU LãDXJR OLHWXYL NDOERV
YDLGPXRYDOVW\E VLUYLHãDMDPHJ\YHQLPHâLXRPHWXSDJULQGLQLDL
P V EHQGULQ VNDOERVGDO\NDLMDXQXVLVWRY M %HQGULQ VOLHWXYL
NDOERVWDUWLHVQRUPRVUHPLDVLWUXPS M LULOJ M EDOVL SULHEDOVL
M MXQJLQL åRGåLRJDORLUNLWRPLVWDLV\NO PLV

#BMTJ UBSUJT

6LHNLDQW NDG YLHãRVLRV NDOERV WDUWLV E W WDLV\NOLQJD VYDU
ELDXVLDLãPRNWLLU SUDVWLWLQNDPDLLãWDUWLLOJXRVLXVLUWUXPSXRVLXV
EDOVLXVWDLSMLHVNLUVWRPLSDJDOWDULPRWUXNP
%HQGULQ MH OLHWXYL NDOERMH UDLG PLV L X å\PLPL WUXPSLHML
EDOVLDL -LH YLVDGD WDULDPL WUXPSDL QHVYDUEX DU NLUþLXRWL DU QH
3Y] NLUþLXRWL EDOVLDL W\U PDV ELUDV VXWDUW V OLGLMLPDV VDX
JPDVQHNLUþLXRWLEHQGULMjYL]jELXGåqWDVEXYH Q SURNXUzUDV
EXG WRMDV 7DLS SDW UHLNLD WDUWL WUXPSDL ãLXRV EDOVLXV QHNDLWRP
WDUSWDXWLQL åRGåL NLUþLXRWRVH JDO Q VH SY] WDNV åLXU LQWHU
YLWDE

%DOVL LLUXWDUWLHVNODLG GDåQLDXVLDLDWVLUDQGDWDGDNDLNLU

þLXRWDPH VNLHPHQ\MH MLH SDLOJLQDPL SY] URG NOLV W NVODV GLV
NVLMDOLXG\WRMDV
5DLG PLVDH\UDå\PLPLWUXPSLHMLLULOJLHMLEDOVLDLâLHEDO
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Q WLNãDmWO\JLVmWSLOGDVSmMDPRVSmJULQGDV
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9LVDLV NLWDLV DWYHMDLV NLUþLXRWL D H \UD WDULDPL WUXPSDL 3DY
JDO Q VH±EDXGjEDXGjVYHLNOjVXYHLNOjVXDWVWRYqEDXVPqV
VX YDGRYq YHUWq SULHVDJRMHqVQLV ± SDWLNLPqVQLV WLNVOqV
QLV WLQNDPqVQLV SULHãG OLXRVH ± jWPHWD jWSO ãLD QqNHOLD
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SDGDU\W IRUP ãDNQ\VH±DWUjVWLDWUjVGDYR SUjVWL SUjVGDPDV
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PjVLV SLUPjVLV VSURJVWDPjVLV WHLVLDPjVLV YDUGåLXRVH ± PjQR
VjYRWjYR
7DLJLWLNN PLQ WDLVDWYHMDLVNLUþLXRWLDHQHWXULE WLLOJLQD
PL

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SURWRNzODV 7LN NDL NXULXRVH VHQLDL OLHWXYL NDOE SDWHNXVLXRVH

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M}UDVWULEXQ}ODV
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7DLS SDW UHLNLD LOJDL LãWDUWL YLVXV LOJXRVLXV EDOVLXV NDL åRG\MH M
\UD NHOL LU NLUþLXRWDV LU QHNLUþLXRW SY] VWmW\P Y\NL SD
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WDULDPDVLOJDLSY]DWDã HV I}M NXS UH]LXP
/LHWXYL NDOERMH\UDOLHWXYLãN LUWDUSWDXWLQL åRGåL NXULXRVH
VXVLGXULDNHOLEDOVLDLWRNLDEDOVL VDPSODLNDYDGLQDPDKLDWX>ORW
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GåLXRVH E W LãWDULDPL DEX EDOVLDL SY] NRDO FLMD NRHILFLHxWDV
QHDSêNDQWD QHXWUDOLWqWDV QXmOLQWDV SDDJLW~RWL SDiLãNLQWL SD
DxNVWLQWLUHDELOLWmFLMDUHmNFLMDUHRUJDQL]mFLMD

%WJCBMTJ JSNJ SJ K EWJHBSTJ UBSUJT

'YLEDOVLDLLUPLãULHMLGYLJDUVLDLVNLHPHQ\MHWXULSDQDãL IXQN
FLM NDLSLOJLHMLEDOVLDLW\M VXGDURPLVNLHPHQ\VYLVDGD\UDLOJL
LUJDOLWXU WLVNLUWLQJDVSULHJDLGHV
6NLULDPLGXVXWDSWLQLDLLHXRLUNHWXULVXG WLQLDLDLDXHLXL
GYLEDOVLDL SY] V HQD SLOL WLV Q~RPD QXRVDYêE UDLGj NiLQD

WDXWjWDXUVWpLV WH VWLEXLW VXåJLWDV7DUWLHVQRUPDUHLNDODX

MD NDG YLVRVH åRGåL IRUPRVH GYLEDOVLDL E W DLãNLDL LãWDULDPL
1HJDOLPDYLHQEDOVLQWLVXWDSWLQL GYLEDOVL LHXR\SDþMHLMLHQH
NLUþLXRWL LU WDUWL M SDQDãLDL NDLS H R SY] /LHWXYj QH /HWXYD
OLHWYL QHOHWXYL SLOLHWêE QHSLOHW\E Q~RPRWLQHQRPRWL
QXRODWLQLVQHQRODW QLV
0LãUL M GYLJDUVL \UDãHãLROLNDDHLXOPQU7DULDQW
PLãULXRVLXVGYLJDUVLXVDODPDQDUHOHPHQHUSDSUDVWDLNODL
G QHGDURPD QHEHQW VXSDLQLRMDPD SULHJDLG DSLH WDL LãVDPLDX
NLUþLDYLPR VN\UHO\MH 'DXJLDX E G DWVLUDQGD WDULDQW VNLHPHQLV
VXGYLJDUVLDLVLOLPLQLUXOXPXQXU.DGDQJLåLQRPDNDG
OLHWXYL NDOERMH L LU X YLVDGD WDULDPD WUXPSDL WDL LU GYLJDUVLXRVH
ãLH EDOVLDL WXUL E WL WUXPSL SY] S UPDV W OWDV 9 OQLXV VPONXV
NUWLVWPWL1HUHWDLãL GYLJDUVL SLUP G PHQ EHVLVWHQJLDQWLã
WDUWLODEDLWUXPSDLVNLHPXRWDPSDSDQDãXV WYLUWDJDO RWDGDMDX
VXVLSDLQLRMD WYLUWDSUDGåLDL LU WYLUWDJDOLDL VNLHPHQ\V WDUSXVDY\MH
SY] YLHWRM S ONDV MDX JLUGLP S ONDV WDUVL NDLS SL NLV YLHWRM
S UPLQLQNDV ± SLUPLQLQNDV WDUVL NDLS YL ãLQLQNDV YLHWRM V
åLQ QJDV±V åLQLQJDVYLHWRMSOWL±SXOWLWDUVLNDLSSX NDVLUSDQ
7DLJLVNLHPHQLVVXLOLPLQLUXOXPXQXUUHLNLDLãWDUWLWLQND
PDLLUVXJHE WLVNLUWLNDGDMLHWYLUWDSUDGåLDLRNDGDWYLUWDJDOLDL

1SJFCBMTJ UBSUJT

9LVLEHQGULQ VOLHWXYL NDOERVSULHEDOVLDLLãVN\UXVMNXULVYL
VDGDWDULDPDVPLQNãWDLJDOLE WLPLQNãWLLUNLHWL3ULHEDOVLDL\UDWD
ULDPL PLQNãWDL SULHã SULHãDNLQ V HLO V EDOVLXV L \ H LU
SULHãGYLJDUVLXVNXUL SLUPLG PHQ\V\UDãLHEDOVLDLSY]þ¶qN¶LV
¶±PLQNãWXPRåHQNODVG¶LSOzPDVP¶qUDVYLVDW¶H V¶LV3ULHãSULH
ãDNLQ VHLO VEDOVLXVVXPLQNãW MDQHWLNãDOLDHVDQWLVSULHEDOVLVEHW
LU YLVD SULHEDOVL VDPSODLND SY] Dx¶W¶S¶HO¶Q¶LV EXKiO¶W¶HULV
NiO¶W¶LQDPDV¶LVNRP¶S¶HW¶Hx¶F¶LMDVPO¶N¶P¶HQDYDO¶G¶LQ¶LxNDV

3ULHãXåSDNDOLQ VHLO VEDOVLXVD RX LUSULHãGYLJDU

VLXV NXUL SLUPL G PHQ\V \UD ãLH EDOVLDL SULHEDOVLDL WDULDPL NLH
WDL SY] VWDLJD VWDWDL NRQNUVDV V PDWD V QDXGRV V YRND
VPUWDVWUDQVSzUWDV
7DP WLNUDLV DWYHMDLV SULHã XåSDNDOLQ V HLO V EDOVLXV HVDQWLV
SULHEDOVLV JDOL E WL WDULDPDV PLQNãWDL WDGD SR MR UDãRPDV PLQNã
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åmOLDYRV
äRGåLR JDOH HVDQW\V SULHEDOVLDL WDULDPL NLHWDL SY] G O JiO
NRG ONX WHxWRG O
5HLN W DWNUHLSWLG PHV N WLNPLQ WDVWDLV\NOHVLUWDLV\NOLQ
JDLNLHWDLWDUWLSULHEDOVLXVåRGåLXRVHDVIiOWDVNDONXOLmFLMDNRQVXO
WmFLMDNXOW UjUH]XOWmWDVÈOPD9iOGDV9 OPDLUSDQ
3DJDO EDOVR VW\J WHPSLP OLHWXYL NDOERV SULHEDOVLDL VNLUV
WRPL GXVOLXRVLXVSWNVãFKIVNDUGåLXRVLXVEGJ]å
K Y M O P Q U ' O DVLPLOLDFLMRV VXSDQDã MLPR GXVOLHML SULH
EDOVLDL DWVLG U SULHã VNDUGåLXRVLXV VXVNDUG MD SY] mWJDUVLV
>DGJDUVLV@EDýVGDYR>EDX]GDYR@LãGLGåLD >LåGLGåLDL@NDVGLHQ QLV
>ND]GLHQLQLV@ WUXNG¨WL >WUXJG\WL@ R VNDUGLHML SULHEDOVLDL DWVLG U
SULHã GXVOLXRVLXV VXGXVO MD SY] DEVROYHxWDV >DSVROYHQWDV@
G UEWL >GLUSWL@ NDåNDGj >NDãNDGD@ WH JWL >WHLNWL@ YpQJWL >YHQNWL@
7DULDQWSULHEDOVLXVDVLPLOLDFLMDWXULE WLLãODLNRPDRWDULPRNODLG
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SVãLPWLV>SXãLPWLV@XåVLHQL WLV>XVLHQLHWLV@XåãQ NLQR>XãQHNLQR@
7DPWLNUXRVHåRGåLXRVHSULHEDOVLVVSULHãþYLUVWDSULHEDOVLXã
SY] PyNHVþLDL >PRNHãþLDL@ S VþLjVLV >S ãþLDVLV@ YqVþLDX >YHã
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6XVLG UXV GYLHP YLHQRGLHPV SULHEDOVLDPV YLHQDV M QHWDULD
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6NDUGLHML SULHEDOVLDL G J å åRGåLR JDOH WDULDPL GXVOLDL SY]
GD J>GDXN@GDXJPjå>GDXJPDã@NjG>NDW@

1HUHWDLSDGDURPDSULHEDOVLRMWDULPRNODLG 5HLNLD VLG P WL

NDGãLVSULHEDOVLVWDULDPDVOLHWXYLãN åRGåL SUDGåLRMHLUSRSULHã
G OL SULHãGYLEDOV LHSY]LHãNyWL>MLHãNRWL@LHãNLQ V>MLHãNLQ\V@
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LHãNyWL >LãMLHãNRWL@ SDLHãNj >SDMLHãND@ 7DLS SDW ãLV SULHEDOVLV WD
ULDPDVVYHWLPRVNLOP VåRGåLXRVHWDUSLLUNLW EDOVL SY]ELEOLR
WHNj >ELEOLMRWHND@ LQLFLmODL >LQLFLMHODL@ LQLFLDW\Yj >LQLFLMHW\YD@
NOLHxWDV>NOLMHQWDV@NRPLVDULmWDV>NRPLVDULMHWDV@RULHQW~RWLV>RUL
MHQWXRWLV@ SUH] GLXPDV >SUH]LGLMXPDV@ VRFLmOLQLV >VRFLMHOLQLV@
VSHFLDOêE >VSHFLMHO\E @VSHFLDOV>VSHFLMHOXV@
1HUHLNLDMWDUWLåRGåL IRUPRVHODELDýLUODELiXVLDL
1HWDLV\NOLQJDL M SUDG WDV WDUWL WRNLXRVH WDUSWDXWLQLXRVH åR
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LQIOLmFLMDMXELOLmWDVNRPSLWHULV
0 V NDOERMH\UDWU\VQHOLHWXYLãNRVNLOP VSULHEDOVLDLIKFK
3ULHEDOVLVK \UD VNDUGXVLV LU MR QHJDOLPD GXVOLQWL WDLJL UHLNLD DLã
NLDL WDUWL KqUEDV QH FKHUEDV K PQDV QH FKLPQDV KLSQz] QH
FKLSQR]


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.DGDEDOVLDLDHWDULDPLLOJDLNDGDWUXPSDL"
.RNL NODLG GDURPDWDULDQWWUXPSXRVLXVEDOVLXV"
.RNLHEDOVLDLYLVDGDWDULDPLLOJDL"
.RNL NODLG GDURPDWDULDQWLOJXRVLXVEDOVLXV"
,ãYDUG\NLWHOLHWXYL NDOERVGYLEDOVLXV
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.RNL NODLG GDURPDWDULDQWGYLEDOVLXVLUPLãULXRVLXV
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.DLSWDULDPLåRGåLRJDOHHVDQW\VSULHEDOVLDL"
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SUDWLPDV 7DLV\NOLQJDL SHUVNDLW\NLWH åRGåLXV 6XWHONLWH G PHV
EDOVL WUXNP

3DWDULD VWXGLMRV VDYR NLOR EXYR SDQDãXPDV DWOHLGLPDV þHNLV
UHLNãPLQJHVQLVNLWDVELMRGLGHOLVLãODLGRVSXLNXWLNUDVLVQHNHOLDUDV
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ELQHWDVW\ULPDVGHWDOXVQXUDPLQRGYLJXEDVSDWDU SDVLWDULPDVOLHWX
YLVWHFKQLNDWHLVLQJXPDVSULPLQ
7HLVLQLVWDUNLPHSRWYDUNLVGUDXGåLDWHLV WDVSDåHLGåLDSDWHLVLQL
PDV VNDWLQWL UHLNDODXWL YDOVW\E OHLVWL HOJWLV GDO\YDYLPDV WHLVLQJDV
ODLN\PDVLVSRE GLVDWYLUDVDSJ\YHQGLQWLJLQþDVWYDUN VWDW\PDVWDL
V\NO VYHLNVPDVSDO\JLQLPDVVNLUWXPDVDWVNOHLVWLGHULQDWLNVOLDLSD
UHLJRV WDLN\WL DXWRULXV HOJHV SDUHLJ GDåQLDXVLDL SHUGXRWL YHUWLQL
PDVDWDVNDLWDNHOWLULDXã VDNWDV
,ãYDGD DSOLQN\E V GLVNXVLMD GLVNXWDYR SDåHLG SDåHLVWL SDåHLGL
PDV SDåHLG MDV WHLVPDV EHQGUDV EHQGULMD EHQGUDXWL Y\ULDXV\E DNL
YDL]GX VNXQGDV WLNVODV WDLV\NOHV GUDXVP NODXVLPDL YLUãLQLQNDV SD
YHOG WLSDYHOG MLPDVSDYHOGDVSDåDQJ SDåHQJ VNROLQJDVVNRO SD
VNRO WHLV WHLVLD SULWHLV OLXG\WRMDV GUDXGåLD GUDXGLPDV GUDXG MDV
QXRPRQ WHLJLQ\VWHLJ PRNVODV

SUDWLPDV7DLV\NOLQJDLSHUVNDLW\NLWHWDUSWDXWLQLXVåRGåLXV

$JUHVLMDDNDGHPLMDDPELFLMDDQDORJDVEDQNQRWDVEDQNURWDVEDU
MHUDVELXGåHWDVGLSORPDVHNRQRPLNDHPRFLMDIRUXPDVLQWHUHVDVLVWR
ULMD NDSLWRQDV NLORPHWUDV NRGHNVDV NRPLVLMD NRPLWHWDV NRPSOHNVDV
NRPSURPLVDV NRQJUHVDV NRQWHNVWDV NRQWURO PHUDV PHWRGDV PLOLMR
QDV QRUPD REMHNWDV SHWLFLMD SR]LFLMD SULQFLSDV SURFHVDV SURFHQWDV
SURJUHVDV SURMHNWDV SURWHVWDV SHULRGDV SURNXURUDV SURWRNRODV UDMR
QDVVHPHVWUDVVWUHVDVVXEMHNWDVWHULWRULMDWH] WULEXQRODV

SUDWLPDV7DLV\NOLQJDLSHUVNDLW\NLWH

$WN UXVQHSULNODXVRP\E DGPLQLVWUDFLQ NDOEDLãVLYDGDYRLãM WLH
VLRJLDLVO JXVLRVUXV NDOERV WDNRV3DJHU MR VWDW\P LUNLW YDOVW\E V
GRNXPHQW NDOEDLUVWLOLXVQHVMLHSUDG WLUHQJWLVDYDUDQNLãNDLQHEHVDLV
WRPL UXVLãNDL UDã\W SDY\]GåL /DLVYDL LHãNRPD VDYRV OLHWXYL NDOEDL
WLQNDPRVUDLãNRV'DXJNDVDWJDLYLQDPDLU UHQJLDPXVGRNXPHQWXVDW
NHOLDPDLãWDUSXNDULR/LHWXYRVODLN 9LVG OWROLNRQHPDåDLLãUXV NDO
ERVDW MXVL SULHOLHWXYL NDOERVQHSULWDPSDQþL NDQFHOLDUL]P
'DXJLDXVLDU SHVþL N O VWDLJ LURUJDQL]DFLM UDãWDLNLWDLSVDNDQW
SDSUDVWRML NDQFHOLDULQ NDOED 3LUPDLVLDLV QHSULNODXVRP\E V PHWDLV YL
VXRWLQDLSHU MXVSULHOLHWXYLãN UHLNDO UDãW UDãWYHG\ERVWYDUN\WLDW MR
QHPDåDLåPRQL QHWXU MXVL SDWLUWLHVDUEDSDYHLNW UXVLãNDLUDã\W UDã
W 7U NR LU OLHWXYLãN GRNXPHQW LU OLHWXYLãNRV NDQFHOLDULQ V NDOERV
SDY\]GåL LUOHLGLQL LãNXUL JDOLPDSDVLPRN\WL

3UDQDV.QL NãWD$GPLQLVWUDFLQ NDOEDLUMRVYDUWRVHQDS

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7HUPLQ LUNLW åRGåL NLUþLXRW VM QXVWDW\PDV
3ULHãSDVNXWLQLRVNLHPHQVWDLV\NO
6XG WLQL WHUPLQ NLUþLDYLPDV
$GPLQLVWUDFLQ MH NDOERMH YDUWRMDP VDYLW YHLNVPDåRGåL LU
SULHYHLNVPL NLUþLDYLPDV

,JSUJTJSQSJFHBJEêT

6X WHUPLQ LU VSHFLDO\E V NDOERMH YDUWRMDP åRGåL WDUWLPL
JODXGåLDLVLHMDVLNLUþLDYLPDVâLXRPHWXEHQGULQ VOLHWXYL NDOERV
NLUþLDYLPR GDO\NDL \UD QXVLVWRY M LU JDQD DLãN V % VLPL YDOGL
QLQNDL WHLVLQLQNDL LU NW VSHFLDOLVWDL SULYDOR PRN WL WDLV\NOLQJDL
NLUþLXRWLQRUVVDYRVSHFLDO\E VWHUPLQXVLUWDLWXU W WDSWLM NDOERV
SURþLX-XNMLHWXU W NHOWLEHQGULQ VNDOERVNXOW U U SLQWLVVSH
FLDO\E VSUHVWLåXE WLSDY\]G\VNLWLHPVGDåQDLMXRVJLUGLQWLHPVLU
EHVLPRNDQWLHPVLãM
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WDXW Q V PmåXPRV LU WDUSWDXW QLV NRQIO NWDV å\P PV å\PL
å\P QLVPyNHVWLV
NLUþLXRWDV WUHþLDPH DU WROHVQLDPH QXR JDOR VNLHPHQ\MH SY]
DSêYDUWRPVDSêYDUW DS\YDUW QLVNDSLWmODVDWmVNDLWRPVDWm
VNDLW DWDVNDLW QLV VXVLULQN PDV SDO NDQRPV SDO NDQ
SDO NDQ Q SDVNROj SmWHQWDPV SmWHQW SDWHQW QLV VXVLWD
U PDV V O\JRPV V O\J V O\J QLV SDOHLG PDV YLV~RPHQ PV
YLV~RPHQL YLVXRPHQ QLDLViQW\NLDL
SDPDWLQLV åRGLV UHLãNLD PHGåLDJ SY] iXNVDV DXNV QLV
SmSXRãDODV FHPHxWDV FHPHQW QLDL SDPDWD JLxWDUDV JLQ
WDU Q DSêUDQN J SVDV JLSV Q ãOLHMDP GLV PHG QLVW OWDV
P GYLOQ PHGYLOQ QLDLGUDEåLDLPHWmODV PHWDO QLVVWU SDV
S}SLHULXV SRSLHU QLDLSLQLJD VLGmEUDV VLGDEU QLVOD NURGLV
<UD LãLPþL DOL MXV DOL MLQLDL GDåD EHWzQDV EHWzQLQ
åWYDUDEUzQ]D EUzQ]LQ VNXOSW UjLUNW
SDGDU\WL Lã SULHYHLNVPL SY] DWJD DWJDO QLV mGUHVDV
QX}ODW QXRODW QLV GiUEDV ãLDxGLHQ ãLDQGLHQ QLV Y\NLV
Y HQNDUW YLHQNDUW Q SDãDOSj %HW DSOLxN DSOLxNLQLV N OLDV
VDYiLPH VDYiLPLQLV XåVLGHJ PDV WLHVLyJ WLHVLyJLQLDL
ULQN PDLLUNW

%H SLUPRVLRV NLUþLXRW V E GYDUGåL VX SULHVDJDLQLV GDU
QHUHWDLSDVLWDLNRãLRVNLUþLXRW VE GYDUGåL VXSULHVDJRPLV
QJDVD DYDU QJDV N OLR U~RåDV G PHV QJDV HOJHV V Lã
NLOP QJDVmNWDVNHUãW QJDVåPRJVNRPSHWHQW QJDSDUHLJ Q SD
UHLJ QJDV VWXGHxWDV SODQ QJDV GiUEDV SUDå W QJD SRO WLND VNR
O QJDEHQGUyY WHLV QJDVVSUHQG PDVYDOG QJDVWzQDV
LãNDVD DQDOzJLãNRV V O\JRV OLHWYLãNL JDPLQLD VDYDQD
GLãNDV SyHOJLV VDYDQ}ULãND GUDXJLMj VDYDUDxNLãNDV GiUEDV YD
NLãNDVHOJHV V
WDVD NDXN WDV SO ã NDV QHWHLV WDV YH NVPDV SDYHOG WDV
GiLNWDVWHLV WDVVDYLQLxNDVå\P WDNXSL Uj
5 ãLQLDL WHUPLQDL ± YDUGåLXRWLQLDL E GYDUGåLDL SDGDU\WL Lã
SLUPRVLRVNLUþLXRW VSDSUDVW M E GYDUGåL LãODLNRM NLUþLRYLHW

LU SULHJDLG SY] DWVDN QJDVD DWVDN QJDVLVRML LãNLO

P QJDVD LãNLOP QJDVLVRML WHLV WDVD WHLV WDVLVRML
YLHQ QJDVD YLHQ QJDVLVRML

3DJDODQWU M NLUþLXRW EHSULHVDJRVLQLV E GYDUGåL NLU
þLXRMDPD QHPDåDL VXGXUWLQL E GYDUGåL SY] GDXJLDSUmVPLV
SDVmN\PDVGDXJLDUH NãPLVå}GLVGYLSVLVH VPDVWULãmO VXWDUW V
LOJDP WLVGiUEDVO\JLDWH VLDLViQW\NLDLWXãþLDJD ELVåPRJVYLVX
UH J PDãLQj

3DJDO WUHþL M NLUþLXRW NLUþLXRMDPL SULHãG OLQLDL E GYDUGåLDL
SY] mWYLUDV DWVmN\PDV mWYLUNãþLDV YH NVPDV SUDVWDV HOJHV V
SDWLNLPj SmWLNLP LQIRUPmFLMD ãWLNLPDV WDUQiXWRMDV Q~RVDYDV
QmPDV

% GYDUGåLDL WXULQW\V JDO Q XVL GDåQLDXVLDL NLUþLXRMDPL
SDJDO NHWYLUW M NLUþLXRW SY] DNWXDOV UHLãNLQ V DPRUDOV
åPRJVDJUHV\YVNHOH YLVDSVXNUVYH VOLQLQNDVILNW\Y VXWDUW V
IRUPmO V ViQW\NLDL NRQILGHQFLDO LQIRUPmFLMD QHOHJDOV GiUEDV
REMHNW\YVW\U PDVUDFLRQDOVVSUHQG PDVUHDO SRO WLNDSULYDWV
LQWHUqVDV VXEMHNW\YV SyåL ULV VX JDO QH XVL \UD LU WUHþLRVLRV
NLUþLXRW VåRGåL SY]WiQNXVL PV
7DLS SDW DXNãWHVQLRMR ODLSVQLR E GYDUGåLDL VX SULHVDJD
HVQLV NLUþLXRMDPL SDJDO NHWYLUW M NLUþLXRW SY] DXNãWqVQ
LQVWiQFLMD NRQNUHWqVQLV mWYHMLV SLUPqVQ YLHWj Y OqVQLV OD NDV
å\PqVQLVPyNVOLQLQNDV

5 ãLQLDLV WHUPLQDLV GDåQDL E QD QHYHLNLDPRVLRV U ãLHV GDO\
YLDL \SDþ M YDUGåLXRWLQ V IRUPRV SY] NHOLDPj SUREOHPj
OiXNLDPDV UH]XOWmWDV SDWHLNLDPj DWmVNDLWD SU LPDPDV VWmW\PDV
VL ORPDV SURMqNWDV VYD VWRPD SDWDLVj YpUWLQDPD XåGXRW V DWVL
VND WRPRML V VNDLWD EDLJLDPjVLV GiUEDV EDXGåLDPjVLV SURFqVDV
GUD GåLDPRVLRVSmMDPRVH QDPRVLRVSmUHLJRVNiOWLQDPRMLNDOEj
NiUGRPRMLSU HPRQ PyNRPDVLVOHLGLQ VQXUyGRPLHMLN OLRåHQN
OD VSUyJVWDPRVLRVP GåLDJRV9LHQLLããL GDO\YL \UDNLUþLXRMD
PLSDVWRYLDLW\OLQNVQLXRMDQWNLUWLVYLVDGDOLHNDNDPLHQHLUWDPH

SDþLDPH VNLHPHQ\MH R NLWL \UD NLOQRMDPR NLUþLDYLPR 3DVWRYLDL

NLUþLXRMDPLSDSUDVWDLWLHQHYHLNLDPRVLRVU ãLHVGDO\YLDLNXULHSD
GDU\WL Lã GDXJLDVNLHPHQL DUED Lã WUHþLRVLRV DVPHQXRW R NDPLH
QRGYLVNLHPHQL YHLNVPDåRGåL SY]J\Y QD J\Y QDPDVD
LãWpLVLQD LãWpLVLQDPDVD NiOWLQD NiOWLQDPDVD UmãR
UmãRPDVDWD SR WD SRPDVD7DLSSDWGDåQLDXVLDLSDVWRYLDL
NLUþLXRMDPRVLU YDUGåLXRWLQ VWRNL GDO\YL IRUPRVW\MRVLãODL
NRQH YDUGåLXRWLQL IRUP NLUþLRYLHW LUSULHJDLG SY]DSPyNHV
WLQDPDVLVRML DWVmNRPDVLVRML DWVLVND WRPDVLVRML LãWHLVLQD
PDVLVRML QHNLOQyMDPDVLVRML EDxGRPDVLVRML UmãRPDVLV
RMLVD GRPDVLVRMLWiUGRPDVLVRMLWD SRPDVLVRML
'DO\YLDLSDGDU\WLLãSLUPRVLRVLUDQWURVLRVDVPHQXRW VDLUL
NDPLHQ GYLVNLHPHQL YHLNVPDåRGåL \UD NLUþLXRMDPL QHSDVWR
YLDL SY] ED GåLD ED GåLDPDVj ED GåLDPR}V EDXGåLD
PiPDL ED GåLDPXD EDXGåLDP RV N OLD N OLDPDVj
N OLDPR}V NHOLDPiPDL N OLDPXD NHOLDP RV OiXNLD
OiXNLDPDVj OiXNLDPR}V ODXNLDPiPDL ODXNLDP RV PêOL
PêOLPDVj PêOLPR}V P\OLPiPDL P\OLP RV å PL
å PLPDVj å PLPR}V å\PLPiPDL å\PLP RV âL GDO\YL
YDUGåLXRWLQ V IRUPRV LUJL \UD NLOQRMDPR NLUþLDYLPR WDLJL EXV
EDXGåLDPjVLVyML NHOLDPjVLVyML ODXNLDPjVLVyML P\OLPjVLV
yMLå\PLPjVLVyML5HLNLDSDPLQ WLNDGGDEDUWLQ MHNDOERMHNLO
QRMDP NLUW OLQNXVLRV JDXWL LU Lã SULHVDJLQL EHL DVPHQXRW V
YHLNVPDåRGåL NDPLHQ SDGDU\WRV HVDPRMR ODLNR QHYHLNLDP M
GDO\YL YDUGåLXRWLQ V IRUPRV WRG O NRQNUHþLX DWYHMX YHUWD SDVL
WLNULQWL

"ENJOJTUSBDJOêKFLBMCPKFWBSUPKBN WFJLTNB PE J
JSQSJFWFJLTNJ LJSæJBWJNBT

7HUPLQ YHLNVPDåRGåL QHE QD WDþLDX WDP WLNURV UHLNãP V
YHLNVPDåRGåLDL GDåQDL YDUWRMDPL NRQNUHþLRVH DGPLQLVWUDFLQ V DU
WHLV VNDOERVIRUPXOXRW VHWRG OUHLN W VLG P WLQRUVSDþLXVSD
JULQGLQLXVM NLUþLDYLPRG VQLQJXPXV

<UDSDVWRYDXVNLUþLDYLPRYHLNVPDåRGåL NXUL YLVRVSDJULQ

GLQ VIRUPRVNLUþLXRMDPRVWYLUWDSUDGLãNDL- LUSLUPDVLVLUDQWUD
VLVDVPXRLUJLLãODLNRSDJULQGLQ VIRUPRVNLUþLRYLHW LUSULHJDLG
SY] G UEWL G UED G UER G UEX G UEL G UEDX G UEDL JUyEWL
JUyELD JUyE JUyELX JUyEL JUyELDX JUyEHL NOêVWL NOêVWD
NOêGR NOêVWX NOêVWL NOêGDX NOêGDL PyN\WL PyNR PyN
PyNDXPyNDLPyNLDXPyNHLV HNWLV HNLDV HN V HNLXV HNL
V HNLDXV HNHLVNpOEWLVNpOELDVNpOE VNpOELXVNpOELVNpOELDX
VNpOEHL
3DVWRYLDLNLUþLXRMDPLLUGDXJLDVNLHPHQLDLYHLNVPDåRGåLDLNX
UL NLUWLVQHVYDUEXNRNLDSULHJDLG \UDWROHVQLDPHQHLDQWUDVQXR
JDOR VNLHPHQ\MH SY] iLãNLQWL iLãNLQD iLãNLQR iLãNLQX
iLãNLQL iLãNLQDX iLãNLQDL DSPyNHVWLQWL DSPyNHVWLQD DSPyNHV
WLQR DSPyNHVWLQX DSPyNHVWLQL DSPyNHVWLQDX DSPyNHVWLQDL
LãOiLVYLQWL LãOiLVYLQD LãOiLVYLQR LãOiLVYLQX LãOiLVYLQL LãOiLVYL
QDX LãOiLVYLQDL Q~RPRWL Q~RPRMD Q~RPRMR Q~RPRMX Q~R
PRML Q~RPRMDX Q~RPRMDL WpLVLQWL WpLVLQD WpLVLQR WpLVLQX
WpLVLQL WpLVLQDX WpLVLQDL WY UWLQWL WY UWLQD WY UWLQR WY UWLQX
WY UWLQL WY UWLQDX WY UWLQDL YpUWLQWL YpUWLQD YpUWLQR YpUWLQX
YpUWLQL YpUWLQDX YpUWLQDL YL Q\WL YL QLMD YL QLMR YL QLMX
YL QLMLYL QLMDXYL QLMDL
1HSDVWRYDXV NLUþLDYLPR YHLNVPDåRGåL SDJULQGLQL IRUP
DQWUDVQXRJDORVNLHPXRNLUþLXRMDPDVWYLUWDJDOLãNDLDUEDWUXPSDL
RLUDVPHQVIRUP NLUWLVQXãRND JDO Q SY]ED GåLDED G
EDXGåL EDXG EDXGåLD EDXGH N OD N\O N\O N OR
NLOD NLOD UHxND ULxNR UHQN UHQN ULQND ULQND WH JLD
WH J WHLJL WHLJ WHLJLD WHLJH WH VLD WH V WHLVL WHLV
WH V WHLVLD WHLVH
'DU\UDYHLNVPDåRGåL NXUL NLUWLV\UDQHSDVWRYXVWLNHVDPR
MRDUEDWLNE WRMRNDUWLQLRODLNRIRUPRVHSY]N OLD NHOLNHO
LUN O N OLDXN OHLJ QD JLQJLQ LUJêQ JêQLDXJêQHL
JiXQD JiXQXJiXQLLUJmYR JDYD JDYD G~RGD G~RGX
G~RGLLUGmY GDYLD GDYH
.LUþLXRMDQW YHLNVPDåRGåLXV JDOLPD SULWDLN\WL SULHãSDVNXWLQLR
VNLHPHQV WDLV\NO ± MHLJX HVDPRMR DUED E WRMR NDUWLQLR ODLNR

WUHþLRMR DVPHQV SULHãSDVNXWLQLV VNLHPXR \UD LOJDV WYLUWDJDOLV

DUED WUXPSDV NXU VXGDUR WUXPSDVLV EDOVLV WDL ãL ODLN
SLUPRMR LU DQWURMR DVPHQV IRUPRV NLUW WXUL JDO Q MH SY]
DWOL NDDWO NR DWOLHNDWOLHN DWOLND DWOLND NHxNLDNHxN
NHQNL NHQN NHQNLD NHQNH SH ND SL NR SHUN SHUN
SLUND SLUND U PLD U P UHPL UHP U PLD U PH
VNOH GåLD VNOH G VNOHLGåL VNOHLG VNOHLGåLD VNOHLGH VNED
VNXEVNXE WH JLDWH J WHLJLWHLJ WHLJLD WHLJH W OL
W\OLW\O WLxNDW NR WLQNWLQN WLND WLND
1HVXQNX VLG P WLNDGEHYHLNYLVDGDNLUþLXRMDPDVYHLNVPD
åRGåL SULHãG OLV SpU SY] SpUDXNO WL SpUDXNO MD SpUDXNO MR
SpUNDLQRWL SpUNDLQRMD SpUNDLQRMR SpUVSDXVGLQWL SpUVSDXVGLQD
SpUVSDXVGLQR SpUVS WL SpUVS MD SpUVS MR SpUYDåLXRWL SpUYD
åLXRMDSpUYDåLDYR
3ULHVDJLQL YHLNVPDåRGåL SULHVDJRV WLêWLyWL~RWL \UD
NLUþLXRWRV WYLUWDSUDGLãNDL LU WDP WLNURVH WRNL YHLNVPDåRGåL IRU
PRVHNXULRVHLãOLHNDNLUþLXRWDVSULHVDJRVEDOVLVDUGYLEDOVLVMLVLã
OLHND WYLUWDSUDGLV LãVN\UXV E VLPRMR ODLNR WUHþL M DVPHQ SY]
QDXGyWL QDXGyMXQDXGyMDQDXGyMDLQDXGyMRQDXGyGDYRSD
YHOG WL SDYHOG MDX SDYHOG MDL SDYHOG MRPH SDYHOG MRWH SD
YHOG MR SDYHOG GDYR SDYHOG VLX SDYHOG VL VNXE WL VNXE MDX
VNXE MDL VNXE MRPH VNXE MRWH VNXE GDYR VNXE VLX VNXE VL
YDOGêWL YDOGêGDYDX YDOGêGDYDL YDOGêGDYR YDOGêVLX YDOGêVL
YHW~RWL YHW~RGDYDXYHW~RGDYDLYHW~RGDYRYHW~RVLXYHW~RVL

3ULHYHLNVPLDL NDLS LU YHLNVPDåRGåLDL QHUHWDL SDYDUWRMDPL
NRQNUHþLRVH DGPLQLVWUDFLQ V DU WHLV V NDOERV IRUPXOXRW VH WRG O
DSWDUVLPHUHLNDOLQJLDXVLXVM NLUþLDYLPRDWYHMXV3DSUDVWDLVXVLGX
ULDPDVXSULHYHLNVPL WXULQþL SULHVDJ LDLNLUþLDYLPXNXULVLU
NHOLD GDXJLDXVLD QHDLãNXP âLH SULHYHLNVPLDL GDURPL Lã E GYDU
GåL LUGDO\YL
3ULHYHLNVPLDL SDGDU\WL Lã GYLVNLHPHQL E GYDUGåL WXULQþL
JDO Q DVD GDåQLDXVLDL NLUþLXRMDPL JDO Q MH SY] VOmSWDV
VODSWD W NUDV WLNUD WY UWDV WYLUWD iXNãWDV DXNãWD U WDV
UHWD EHWJUH WDV JUH WDL

,ã GYLVNLHPHQL E GYDUGåL WXULQþL JDO Q XVL SDGDU\WL

SULHYHLNVPLDL NLUþLXRMDPL JDO Q MH MHL M ãDNQLV WUXPSD SY]
EXGUV EXGULD PLNOV PLNOLD SLJV SLJLD VWLSUV
VWLSULD WLNVOV WLNVOLD 2 MHL E GYDUGåLR ãDNQLV LOJD WDL SULH
YHLNVPLVLãODLNRE GYDUGåLRNLUþLRYLHW LUYLHQDVNDLWRVJDOLQLQNR
SULHJDLG SY] EDLVV ED V ED VLDL EUDQJV EUiQJ
EUiQJLDLVDXJVVD J VD JLDLVPDUNV VPD N VPD NLDL
VSDUWV VSD W VSD þLDLWDXSV WD S WD SLDL\UDLãLPþL
EHWWDLEXLWLQ VNDOERVåRGåLDLSY]JDUGåLD NDUþLD VDOGåLD
3ULHYHLNVPLDL SDGDU\WL Lã GDXJLDVNLHPHQL SDVWRYLDL NLUþLXR
MDP E GYDUGåL LãODLNRSDPDWLQLRåRGåLRNLUþLRYLHW LUSULHJDLG
SY]mVPHQLãNDV mVPHQLãNDLDWVDN QJDV DWVDN QJDLGUDXV
P QJDV GUDXVP QJDLNRPSHWHQW QJDV NRPSHWHQW QJDLWpLVLã
NDV WpLVLãNDLQHWHLV WDV QHWHLV WDLY VLãNDV Y VLãNDL
-HL SULHYHLNVPLR SDPDWLQLV åRGLV \UD GDXJLDVNLHPHQLV QHSD
VWRYLDLNLUþLXRMDPDVE GYDUGLVWDLSULHYHLNVPLVNLUW WXULSULHVDJR
MHSY]DEVROLXWV DEVROLXþLD DJUHV\YV DJUHV\YLD DNW\
YV DNW\YLD GHPRQVWUDW\YV GHPRQVWUDW\YLD HIHNW\YV
HIHNW\YLD LQGLYLGXDOV LQGLYLGXDOLD ILNW\YV ILNW\YLD IRU
PDOV IRUPDOLD NRQNUHWV NRQNUHþLD OHJDOV OHJDOLD
PRGHUQV PRGHUQLD QDW UDOV QDW UDOLD QRUPDOV
QRUPDOLD QXRVDLNV QXRVDLNLD QXRãLUGV QXRãLUGåLD
REMHNW\YV REMHNW\YLD RILFLDOV RILFLDOLD RSHUDW\YV
RSHUDW\YLD RULJLQDOV RULJLQDOLD SDVWRYV SDVWRYLD SD
åDQJV SDåDQJLD SUHOLPLQDUV SUHOLPLQDULD SULHNDEV
SULHNDELD SXQNWXDOV SXQNWXDOLD UDFLRQDOV UDFLRQDOLD
UHDOV UHDOLD
,ã NDL NXUL GDXJLDVNLHPHQL E GYDUGåL SDGDU\WXV SULH
YHLNVPLXVJDOLPDNLUþLXRWLGYHMRSDL G}PLDLLU GRPLD PDO}QLDL
LUPDORQLD SDG}ULDLLUSDGRULD SDW}JLDLLUSDWRJLD
3ULHYHLNVPLDL VX EDLJPHQLXLDL SDGDU\WL Lã YHLNLDPRVLRV
U ãLHVHVDPRMRLUE WRMRNDUWLQLRODLNRGDO\YL LãODLNRGDO\YLRYLH
QDVNDLWRV JDOLQLQNR NLUþLR YLHW LU SULHJDLG SY] SU GHUDQWLV

SU GHUDQW SU GHUDQþLDL XåVLVSêU V XåVLVSêUXV XåVLVSêUX

VLDLY N VY NXV Y NXVLDL
3ULHYHLNVPLDL SDGDU\WL Lã SDVWRYLDL NLUþLXRMDP QHYHLNLDPR
VLRV U ãLHV HVDPRMR E WRMR ODLNR LU UHLNLDP\E V GDO\YL LãODLNR
GDO\YLR NLUþLR YLHW LU SULHJDLG SY] W NLQDPDV W NLQDPDL
QHLãYpQJLDPDV QHLãYpQJLDPDL QHLãPDW~RMDPDV QHLãPDWR
MDPDL QHQXVmNRPDV QHQXVmNRPDL DSJDOYyWDV DSJDOYyWDL
QHJLUG WDV QHJLUG WDL DEHMyWLQDV DEHMyWLQDL SDNDUWyWLQDV
SDNDUWyWLQDL 3ULHYHLNVPLDL SDGDU\WL Lã WRNL SDþL WLN QHSD
VWRYLDL NLUþLXRMDP GDO\YL NLUW WXUL EDLJPHQ\MH SY] jWVWX
PLDPDV DWVWXPLDPD SjWLNLPDV SDWLNLPD SU GHUDPDV
SULGHUDPD VNDOEDPDV VXNDOEDPD WHPSWDV WHPSWD
ãW VWDV LãW VWD E WLQDV E WLQD DWPLxWLQDV DWPLQWLQD


SUDWLPDV3DEUDXNLWHNLUþLXRW VNLHPHQ

.RGHNVDVVSUHQGLPDVNRPSHWHQFLMDNODXVLPDLDWVDN\PDVREMHN
W\YXVNRQWURO WHNVWDVDGPLQLVWUDFLQLVYDOGåLDYLVXRPHQ NRPSHWHQ
WLQJDVDWVWRYDVSULSDåLQLPDVV O\JDSDUDPDIRUPDOLDLXåVLHQLVLPX
QLWHWDV MXULVGLNFLMD QRUPD SULYDWXV MXULGLQLV DVPXR WXUWDV SROLWLQLV
GLVNULPLQDFLQLV SLOLHWLV SDUHLJ QDV SURWRNRODV VWUDLSVQLV SUDQHãLPDV
QXRVSUHQGLVDSOLQN\E VODLVY NRPLVLMDY\ULDXV\E NULWHULMXVJ\YHQ
WRMDVJDUDQWLMDV MXQJDDSVDXJDDVSHNWDVSDUWLMDWDUQDXWRMDVEHãDOLã
NXPDV NRQYHQFLMD SDUHLJD GHPRNUDWLQLV VDXJXPDV SULQFLSDV LQWHUH
VDV

SUDWLPDV3DEUDXNLWHNLUþLXRW VNLHPHQ YLHQ VWXOSHO VXUDã\
NLWHåRGåLXVWXULQþLXVWUXPS NLUþLXRW VNLHPHQ NLW ±LOJ NLUþLXRW
VNLHPHQ

.ROHJLMDSRV GLVUDMRQDVSUDã\PDVSDUHLãNLPDVSDUHLãN MDVUHV
SXEOLND ULQNOLDYD QXWDULPDV SUHN\ED FHQWUDV VWXGHQW YLHWD PDãLQD

EDOVDVGUDXJDVKLSRWH] EDXGDNDELQHWDVSRV GLVWHLVPDVNDOEDUDã

WDV WHLV WYDUND MXULVNRQVXOWDV VHLPDV NRQVSHNWDV VSUHQGLPDV DXWR
PRELOLVVNRODGLSORPDVGLDORJDVUHLãNLQ\VYDOG\WRMDVåHP åRGLV

SUDWLPDV YLHQ VWXOSHO VXUDã\NLWH åRGåLXV NXUL NLUþLXRW
VNLHPHQ VXGDURYLHQEDOVLV NLW ±GYLEDOVLV6XNLUþLXRNLWH

%DXJLQWL±EDXJLQDNLOWL±NLOR±NLOLPDVJDGLQD±JDGLQWLJ\YHQD±
J\YHQWRMDVULPWL±QXULPREDUWL±EDUD±EDULPDVNHOWL±NHOLDP JLQD
±P JLQWL±P JLQLPDVVWXPWL±VWXPLD±VW PLPDVVDXJR±VDXJXPDV
YDLGLQD ± YDLGLQWL SULNDELQR ± SULNDELQWL VSURJGLQWL ± VSURJGLQR ±
VSURJGLQLPDVLãGDOLQWL±LãGDOLQDUDPLQD±UDPLQWLSULPLQWL±SULPLQ
DWPLQWL±DWPLQWLV

SUDWLPDV6XNLUþLXRNLWHåRGåLRJDO

1DULDL WDXW VNXELXV W\ULPXV QDXMDV ]RQDV WDXWLQLXV NRQIOLNWXV
/LHWXYRVVNDXGåLRPVSDVWDERPVWHLJLQ\VVYDUEL SDå\P SDYDOGLHPV
WHLVPDPV GLGHO PLV EDXGRPLV VNDXGåLXV VP JLXV åPRQL NDQþL
QXRERGåLRPVSDVNDLWRPVWDXWLQHVEHQGULMDVJHULHPVGDUEDPVNHOLVSD
UHLãNLPXV WDLNLDLV YHLNVPDLV åHQNODL DVRFLDOL DVPHQ VSHFLDOLDV YL
]DVWXULPRPVDWVDUJRPV

SUDWLPDV7YLUWDSUDGåLXVLUWYLUWDJDOLXVVNLHPHQLVSDå\P NLWHDWL
WLQNDPRPLVSULHJDLG PLV

'DUEDV QHGDUEDV GLUEWL GDUELQJDV GDUEGDY\V GDUEXRWRMDV GDUEL
QLQNDV NDOW NDOWDV NDOWLQWL NDOWLQWRMDV EHNDOWLV NDOWLQLQNDV YDUJLQWL
YDUJVWD YDUJDV YDUJLQJDV YDUJãDV ODLVY ODLVYDV QHODLVY LãODLVYLQWL
ODLVY WLODLP QHODLP ODLPLQJDVODLPLQWLODLP WLPHODVPHODJLVPH
ODJLQJDVPHOXRWLPHODJ\VW ODLSWDLODLSWLQ ODLSLRWLODLSLQWLODLSVQLV
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%HQGULQ MH NDOERMH WRNLDV SULHVDJDV WXULQþL YHGLQL YDU
GåLXRWLQ VIRUPRVYDUWRMDPRVSDEU åLDPDMDL\SDW\EHLUHLNãWLLãD

QDOL]DYXVYLVXVSDVL O\PXVVXVWRWDSULHSDVNXWLQLRMRJUHWLQDPD

MDL\SDW\EHLUHLNãWLWDLEXYRSLUPDVLVLUSDVNXWLQ\VLVNDUWDVLUWD
GD NDL E GYDUGLV \UD VXSULHYHLNVP M V LU VXGDLNWDYDUG M V VWHQ
J VLLãSDVNXWLQL M DWHLQDSDVNXWLQLRML

1RUVE GYDUGåLDLVQH YDUGLMDPLGDLNWDLRQXURGRPRVM \SD
W\E V NDL NXULH YDUGåLXRWLQLDL E GYDUGåLDL OLQN GDLNWDYDUG WL
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O WXUL Y\ULãN M LU PRWHULãN M R NRN\ELQLDL E GYDUGåLDL GDU LU
EHYDUG JLPLQHV

OHQWHO % GYDUGåL JLPLQ V

9\UJ 0RWJ %HYJ
DVPHQLQLV DVPHQLQ ±
SLUPLQLV SLUPLQ ±
VODSWDV VODSWj VOmSWD
JHUDV JHUj JïUD
VDXJXV VDXJL VDXJX
GRPXV GRPL GRPX

9\ULãNRVLRV LU PRWHULãNRVLRV JLPLQ V E GYDUGåLDL å\PL \SD
W\E NXULVLHMDPDVXWDPWLNUXGDLNWXSY]QDXMDV VWDW\PDVQDX
MD ULQNOLDYD VDXJXV JUHLWLV DVPHQLQ DWVDNRP\E YDOVW\ELQ åH
P GLGHO EDXGD

%HYDUG V JLPLQ V IRUPRV \SDW\E UHLãNLD DSLEHQGULQWDL MRV
QHVLHMDPRV VX GDLNWDYDUGåLX QHV EHYDUG V JLPLQ V GDLNWDYDUGåL
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%HYDUG V JLPLQ V E GYDUGåL IRUPRV GDåQLDXVLDL YDUWRMDPRV

YDUGLQLQNR LU JDOLQLQNR NDUWDLV ± NLOPLQLQNR LU QDJLQLQNR UHLNã
PH3Y]
1HJLUG WDLUQDXMDYLVDGD GRPX7RNLDVNXEDSULYDWL]XRMDQW
VYDUELXVVWUDWHJLQLXVREMHNWXVQH JHUD/LFHQFLM QHWXULQþL
ILUP VL ODQþL GDUE XåVLHQ\MHVNHOELPDLQHWXULQLHNR EHQ
GUDVXSULLPWD GDUELQLPRSURFHG UD WDULPDVNDGSDDXJOLDL
GDURNDåN QHJHUDSDVLWYLUWLQR'DUEXRWRMDQHPDQRN QRUV
EORJDSDGDULXVL*UXS SDUODPHQWDU ODLNRWLNVOLQJDNUHLSWLV
9\ULDXVL M ULQNLP NRPLVLM

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Q V E GYDUGåL - YLHWRMH WHLNWLQRV EHYDUG V JLPLQ V IRUPRV
NRQVWUXNFLMRVVXEHYDUGHJLPLQHDUDWLWLQNDPDV YDUGåLRWDVOLQNV
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0DQRPD HVDQW U H L N D O L Q J X 0DQR NDG UHLNDOLQJD
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JD NR QHUHLNLD LãEUDXNLWH $U JDOLPD ODLN\WL Q R U P D O L X
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NDGMLHJDOLSDGDU\WLN QRUVQHWHLV WR QHWHLV WD$USDY\NR
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6PXONXVLUYLGXWLQLVYHUVORSO WURVDJHQW UD6PXONXVYHUVOLQLQNDL
QHSDWHQNLQWLQDXMDDWVLVNDLW\PRWYDUND6XWXRNWLQLVWXULWHLV NUHLSWLV
WHLVP LUSUDã\WLXåGUDXVWLVXWXRNWLQLXLGLVSRQXRWLEHQGUDVVXWXRNWLQLX
WXUWX 7DP WLNUDLV DWYHMDLV VDQGRULDL VXVLM VX VXWXRNWLQL EHQGUD
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GRPLVL6SHFLDOXVW\ULP WDUQ\ERVYHLNOD&LYLOLQLDPHNRGHNVHQX
URG\WDNDGYLHãDVNRQNXUVDVJDOLE WLVNHOELDPDVQRULQWSDVLHNWLJHUDL
PRUDOHLDUYLHãDWYDUNDLQHSULHãWDUDXMDQW WLNVO

SUDWLPDV.XULXRVHVDNLQLXRVHSDYDUWRWDVE GYDUGåL IRUPDVUHL
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$WYLURYLHãRNRQNXUVRV O\JRVJDOLQXVWDW\WLWDPWLNUXVMRGDO\YL
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WDQJRPLVEXYRSDVLHNWDWRNL UH]XOWDW 9LOQLDXVWHLV VLUYHUVORNROH
JLMD\UDDXNãWRMLQHXQLYHUVLWHWLQ PRN\NOD3DUWLMDODLNRUHLNDOLQJXLQ
IRUPXRWL YLVXRPHQ DSLH VDYR NHWLQLPXV GDO\YDXWL 6HLPR ULQNLPXRVH
.HOL HLVPR GLUHNFLMD SULPHQD SDVLULQNLWH JUHLW NXULV WRNLRPLV RUR
V O\JRPLV E W PDåLDX SDYRMLQJDV VWDW\PR WLNVODV ± VNDWLQWL YLHãR

DGPLQLVWUDYLPRLQVWLWXFLM DGPLQLVWUDFLQLXVJHE MLPXVGLGLQWLM YHLNORV

HIHNW\YXP 1HDLãNXNDWUDVLãM ODELDXNDOWDVåXUQDOLVWDVDUSROLFL
QLQNDV3HUPHWXVED]LQ SHQVLMDEXYRSDGLGLQWDGXNDUWXV0LHVWR
Y\ULDXVLR SROLFLMRV NRPLVDULDWR YDGRYDL NYLHþLD SDUHLJ QXV EXG WL SR
GDUER Xå SDSLOGRP DWO\J 9DLNR WHLVL DSVDXJRV WDUQ\ERV Y\ULDX
VLRMLVSHFLDOLVW LãY\NR NYDOLILNDFLMRVN OLPRNXUVXV

4LBJUWBSE JPHSBNBUJOêTGPSNPT

6NDLWYDUGLV\UDVDYDUDQNLãNDNDOERVGDOLVURGDQWLGDLNW NLHN
GYL E\ORV WUHML PHWDL YLHQXROLND WRP DUED M VNDLþLXRMDP M
YLHW HLO MHSLUPDVVYDUVW\PDVDQWUDVEDQG\PDVWUHþLDVNXUVDV
3DJDOUHLNãP LUJUDPDWLQHV\SDW\EHVVNLULDPLNLHNLQLDLLUNH
OLQWLQLDLVNDLWYDUGåLDL.LHNLQLDLVNDLWYDUGåLDLå\PLDEVWUDNW VNDL
þL DUEDGDLNW NLHN -LHGDUVNLUVWRPL SDJULQGLQLXVGXSHQNLR
OLND GYLGHãLPW GDXJLQLXV GYHMLRV WUHMLRV NHWYHULLRV
NXRSLQLXVGYHMHWDVWUHMHWDVLUWUXSPHQLQLXVGYLWUHþLRVLRVYLHQD
NHWYLUWRML .HOLQWLQLDL VNDLWYDUGåLDL URGR GDLNW VNDLþLXRMDP M
YLHW HLO MHDQWUDVDSHQNLROLNWDVD
%HQGULQ MHNDOERMHQXRLNL\UDYDUWRMDPRVGYLSRURVNLH
NLQL VNDLWYDUGåL SDJULQGLQLDLYLHQDVYLHQD«GHY\QLGHY\QLRVLU
GDXJLQLDL YLHQHUL YLHQHULRV«GHY\QHUL GHY\QHULRV -DX EXYR PL
Q WD NDG VX GDLNWDYDUGåLDLV WXULQþLDLV LU YLHQDVNDLWRV LU GDXJLV
NDLWRV IRUPDV YDUWRMDPL NLHNLQLDL SDJULQGLQLDL VNDLWYDUGåLDL YLH
QDV SDUHLJ QDV WU\V IRWRURERWDL SHQNLRV JDWY V GHY\QLRV QXR
EDXGRV6XGDXJLVNDLWLQLDLVQHWXULQþLDLVYLHQDVNDLWRVDUGDXJLV
NDLWLãNDLYDUWRMDPDLVGDLNWDYDUGåLDLVWXUL E WLYDUWRMDPL GDXJLQLDL
VNDLWYDUGåLDL GYHMRV DWRVWRJRV GYHML ULQNLPDL WUHML SDWDLVRV QD
PDL
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VNDLWYDUGåLDL3Y]
3HUã ODLNRWDUS 6HLPRNRPLWHWRQDULDLSDUHQJ VYDUVW\WLNH
WXULV VWDW\P SURMHNWXV )LQDQV PLQLVWHULMRV VNDLþLDYLPDLV

YDOVW\E V ELXGåHWDV G O WR QHJDXV POQ OLW SDMDP 3R

WUHMXV PHWXV WUXNXVLRV SHUWUDXNRV E\ORV W\ULPDV EXYR DWQDX
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ULDQþLRV NRPLVLMRV SRV GLV SUDVLG MR SULHã WUHMHW YDODQG
7HLVPH SDDLãN MR NDG QDUNRWLN NXUMHUH ML WDSR SULHã WUHMHW
PHW 7RNLH IDNWDL SLUP NDUW SDVNHOEWL SULHã NRN SHQNHW
PHW

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LUNRQNUHW NLHN 7RNLHVNDLWYDUGåLDLUHLãNLDNLHN NDLSWDPWLNU
E U NXRS SY] WUHMHWDV WDULDP M SHQNHWDV ãDXOL ãHãHWDV
NRQIHUHQFLMRVGDO\YL VHSW\QHWDVGDUEXRWRM

*LPLQ

6NDLWYDUGåLDL WXUL JLPLQ WDþLDX JLPLQ PLV NDLWRPD WLN GDOLV
M
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QLDLNLHNLQLDLVNDLWYDUGåLDLYLHQDVD«GHY\QLLRVYLVLGDXJL
QLDL VNDLWYDUGåLDL GYHMLRV WUHMLRV SHQNHULLRV LU W W YLVL
NHOLQWLQLDL VNDLWYDUGåLDL SLUPDVD DQWUDVD LU W W LU PLãUL M
VNDLþL SDYDGLQLPDL VX G PHQLX SXV SXVDQWURRV SXVWUHþLR
LRVLUWW
9\ULãNRVLRV JLPLQ V IRUP WXUL SDJULQGLQLDL VNDLWYDUGåLDL
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WLVXG PHQLX±GDOLVWUHþGDOLVNHWYLUWDGDOLVLUWW
0RWHULãNRVLRVJLPLQ V\UDVXG WLQLDLWUXSPHQLQLDLYLHQDDQW
URML WU\V NHWYLUWRVLRV LU W W EHL NLHNLQLDL SDJULQGLQLDL VNDLWYDU
GåLDLYLHQXROLNDGHY\QLROLNDLUGHãLPWLV
6NDLWYDUGLV YLHQDV LU YLVL NHOLQWLQLDL VNDLWYDUGåLDL GDU WXUL LU
EHYDUG VJLPLQ VIRUPDVYLHQDSLUPDDQWUDGHYLQWDLUWWNX
ULRV GDåQLDXVLDL YDUWRMDPRV G VWRP WHLJLQL HLOHL QXVDN\WL 3D
Y\]GåLXL

6RFLDOLQ SDUWQHU\VW J\YHQGLQDPD

W\SLUPDVXGDUDQWWULãDOHVDUGYLãDOHVWDU\EDV NRPLVL
MDVNRPLWHWXV
W\DQWUDQDXGRMDQWLVLQIRUPDYLPRLUNRQVXOWDYLPRSUR
FHG URPLV
W \ WUHþLD YHGDQW NROHNW\YLQHV GHU\EDV G O NROHNW\YLQL
VXWDUþL SDVLUDã\PR
W \ NHWYLUWD NDL GDUEXRWRMDL GDO\YDXMD YDOGDQW PRQ
>/LHWXYRV5HVSXEOLNRVGDUERNRGHNVRVWU@

1XURGDQW GDW GDåQDL SUDOHLGåLDPDV åRGLV GLHQD 7RNLDLV DW
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QDPDV 5HLNLD DWVLPLQWL NDG NHOLQWLQL VNDLWYDUGåL Y\ULãNRVLRV
JLPLQ V NLOPLQLQNR IRUPRV QHWLQND P QHVLR GLHQDL QXVDN\WL ND
GDQJL åRGLV GLHQD VX NXULXR WXUL E WL GHULQDPDV VNDLWYDUGLV \UD
PRWHULãNRVLRVJLPLQ V3Y]
*HJXå VS L U P R SLUP M 7DUSWDXWLQ GDUERGLHQ QHGLU
EDPD %XKDOWHULQ V DSVNDLWRV VWDW\PXL J\YHQGLQWL UHLNDOLQ
JXV WHLV V DNWXV UHLN MR SDUHQJWL LNL VDXVLR S L U P R
SLUPRV1XRNRYRS H Q N W R SHQNWRVPLQLVWHULMRMHGLU
ERVSHFLDOLHNVSHUW JUXS 3UL PLPRNRPLVLMDGLUEVQXRED
ODQGåLR S H Q N L R O L N W R SHQNLROLNWRV LNL D ã
W X R Q L R O L N W R DãWXRQLROLNWRV .HOL HLVPR WDLV\NO VH
QXPDW\WD NDG QXR ODSNULþLR S L U P R SLUPRV LNL ED
ODQGåLRS L U P R SLUPRVJDOLPDYDåLQ WLVXG\JOLXRWR
PLVSDGDQJRPLV

/LQNVQLV

6NDLWYDUGLV \UD OLQNVQLXRMDPD NDOERV GDOLV 1HOLQNVQLXRMDPL
WLNVXWUXPS M GHãLPþL SDYDGLQLPDLGHãLPW«GHY\QLDVGHãLPW
LUWUXSPHQLQLDLVNDLWYDUGåLDLVXG PHQLXSXVSXVDQWURRVSXV
WUHþLRLRVLUSDQ6NDLWYDUGåLDLWXULQW\VWLNYLHQRVJLPLQ VIRU
P OLQNVQLXRMDPL NDLS GDLNWDYDUGåLDL R WLH NXULH NDLWRPL JLPL
Q PLVOLQNVQLXRMDPLNDLSE GYDUGåLDL

6XWUXPS M GHãLPþL SDYDGLQLPDLOLQNVQLDLVQHNDLWRPLWDþLDX

NDOERVSUDNWLNDURGRNDGJUHWDIRUPRV GHãLPWYDUWRMDPRVYDUGL
QLQNR LU JDOLQLQNR UHLNãPH NLW OLQNVQL UHLNãPH YDUWRMDPRV
VNDLWYDUGåLR GHãLPWLV IRUPRV GHãLPW OLXG\WRM GHãLPWLHV OLXG\WR
M GHãLPþLDLOLXG\WRM LUWW'DåQDLWDLSYDUWRMDPRVLUNLW GHãLP
þL SDYDGLQLP IRUPRV SY] SR WULVGHãLPWLHV GLHQ NHWXULDVGH
ãLPþLDOLW SLJLDXXåGYLGHãLPWLHVPHWU LNLãLPWRSHQNLDVGHãLP
WLHVNLORPHWU SHUYDODQG
7RNLD YDUWRVHQD QHODLN\WLQD NDOERV NODLGD WDþLDX QHGHU W
XåPLUãWL LU VWXPWL Lã NDOERV QXR VHQR YDUWRMDP OLQNVQLDLV QHNDL
WRP VXWUXPS MXVL GHãLPþL IRUP 3Y]
1HNLOQRMDPRMR WXUWR HNVSHUW WHLJLPX ãLV SDVWDWDV YHUWDV QH
PDåLDXNDLSGHãLPWPLOLMRQ OLW 7HLVPDVQHSDWHQNLQRSURNX
UDW URV SUDã\PR OHLVWL VXLPWL $ 9 GHãLPW SDU 8å WDL
VNLULDPD QXR WULVGHãLPW LNL SHQNLDVGHãLPW R QXVL
åHQJXVSDNDUWRWLQDL±QXRSHQNLDVGHãLPWLNLãLPWR
OLW G\GåLREDXGD*U å VSRGHãLPWPLQXþL QHUDGRNLHPHSD
OLNWR VWDLJDLSULNODXVDQþLRDXWRPRELOLR3URJQR]XRMDPDNDG
ãL QDNWWHPSHUDW UDQXNULVLNLWULVGHãLPWODLSVQL ãDOþLR

6XG WLQL NHOLQWLQL VNDLWYDUGåL \UD OLQNVQLXRMDPDV WLN SDV
NXWLQLVG PXRSY]GXW NVWDQþLDLWU\VãLPWDLWUHþLDVGXW NVWDQ
þLDLWU\VãLPWDLWUHþLRGXW NVWDQþLDLWU\VãLPWDLWUHþLDPGXW NV
WDQþLDL WU\V ãLPWDL WUHþL LU W W 6XG WLQL NLHNLQL VNDLWYDUGåL
NDLWRPLYLVLG PHQ\VLãVN\UXVGHãLPþL SDYDGLQLPXVSY]NHWXUL
ãLPWDL GYLGHãLPW DãWXRQL NHWXUL ãLPW GYLGHãLPW DãWXRQL NHWX
ULHPVãLPWDPVGYLGHãLPWDãWXRQLHPVNHWXULVãLPWXVGYLGHãLPWDã
WXRQLVLUWW7DþLDXNDOERVSUDNWLNDURGRNDGYDUWRMDQWVXG WLQLXV
NLHNLQLXV VNDLWYDUGåLXV GDåQDL \UD OLQNVQLXRMDPDV WLN SDVNXWLQLV
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6S MDPD NDG WDLS YDOGRPD EHQGURY SDW\U ã H ã L ã L P W D L
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O GX W NVWDQþLDL SLUPDLV PHWDLV 9DOVW\E V VLHQRV DS
VDXJRV WDUQ\ERV SDUHLJ QDL VXODLN W N V W D Q W L V
W U \ V ã L P W D L W NVWDQW WULV ãLPWXV SHQNLDVGHãLPW NHWX

ULVYDOVW\E VVLHQRVSDåHLG MXVDUEDSURFGYLGHãLPWWUL

PLV SURFHQWDLV GDXJLDX QHJX XåSHUQDL VWDLJRV DUFK\YH QH
UDVWDG X ã L P W D L GYLHM ãLPW SHQNLROLNRVVDXJRWLQ E\
O 3R SDWLNULQLPR SDDLãN MR NDG WU NVWD W N V W D Q W L V D ã
W X R Q L ã L P W D L W NVWDQþLR DãWXRQL ãLPW ãHãLROLNRV
YDGRY OL

5HLNLD VLG P WL NDG EHQGULQ MH NDOERMH VNDLWYDUGåL GX GYL
QDXGLQLQNDV VNLUWLQJDL QHL NLHNLQL VNDLWYDUGåL WU\V « GHY\QL
QDXGLQLQNDVWXULE WLYDUWRMDPDVEHJDO Q VV3Y]
GYLHP QH G Y L H P V VXWDUWLPV SDUHQJWL VXODLN\WL GYLHP YD
ODQGRPVVXLPWLGYLHPP QHVLDPVDWY\NWLGYLHPSDURPVNDL
QD GYLHP DVPHQLPV GYLHP VWDW\PDPV LãDQDOL]XRWL GYLHP
PRNVORGDUEDPVSDVNHOEWLSOJWULPVWHLJLQLDPV URG\WLWULPV
DWYHMDPV LãWLUWL NHWXULHPV VLHQRV SDåHLG MDPV VXODLN\WL SHQ
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%HQGULQ MH NDOERMH QHYDUWRWLQRV WRNLRV GDXJLQL VNDLWYDUGåL
JDOLQLQNRIRUPRV
GYHMLV GYHMXV PHWXV SHQNHULV SHQNHULXV VHSW\QHULV
VHSW\QHULXVLUSDQ

'DXJLQLDLVNDLWYDUGåLDLLãOLQNVQLXRWLOHQWHO MH

OHQWHO 'DXJLQL VNDLWYDUGåL OLQNVQLDYLPDV

9 GYHMLGYHMRV NHWYHULNHWYHULRV
. GYHM NHWYHUL
1 GYHMLHPVGYHMRPV NHWYHULHPVNHWYHULRPV
* GYHMXVGYHMDV NHWYHULXVNHWYHULDV
Q GYHMDLVGYHMRPLV NHWYHULDLVNHWYHULRPLV
9W GYHMXRVHGYHMRVH NHWYHULXRVHNHWYHULRVH


.HOLQWLQLDL VNDLWYDUGåLDL WXUL YDUGåLXRWLQHV IRUPDV SLUPD
VLVRMLSHQNLROLNWDVLVRMLãLPWDVGYLGHãLPWDQWUDVLVRMLLUWW
7RNLRVVNDLWYDUGåL IRUPRVWXULE WLYDUWRMDPRVãYHQþL YDL
UL GDOL VNDLWYDUGLQLDPVSDYDGLQLPDPVUHLNãWL3Y]
OLHSRVRMLQHD±9DOVW\E V/LHWXYRVNDUDOLDXV0LQGDX
JR NDU QDYLPR GLHQD 9DVDULR RVLRV QH RV 1HSUL
NODXVRP\E V$NWDV'LGåLRMR/LHWXYRVNXQLJDLNãþLR*HGLPLQR
RMR ODLSVQLR RUGLQDV 6DXVLR RVLRV QH RV DWPLQLPR
PHGDOLV$QWUDVLVSDVDXOLQLVNDUDV9LOQLDXVPLHVWRDVLVSR
OLFLMRV NRPLVDULDWDV 9LOQLDXV PLHVWR RML DGYRNDW NRQWRUD
LHMLSDWDLVRVQDPDLDVLVQRWDU ELXUDVRMLYLGXULQ PR
N\NODLHMLYDLN JORERVQDPDL.DXQRPLHVWRDVLVDS\OLQ
N VWHLVPDV9DVDULR M /LHWXYRVYDOVW\E VDWN ULPRGLH
Q PRQ VH VWDLJRVHLURUJDQL]DFLMRVHQHGLUEDPD

'HU W DWNUHLSWLG PHV GDUGDåQDLSDVLWDLNDQW QHWDLV\NOLQJ
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NDOERV åRGåL N L U þ L X R M D V L NLUþLXRMDPD SDJDO ãL WDL
V\NO 8QLYHUVLWHWHD W V L G D U DWLGDU\WD P YHLNWLLQWHU
QHWR VYHWDLQ 0LHVWR FHQWUH L ã V L Q X R P R M D LãQXRPRMD
PRV SDWDOSRV ELXUDPV 1 X V L P D W R QXPDWRPDV RUR DW
ãDOLPDV 1XPDWRPDNDGRUDVDWãDOV

6DQJU åRV GDOHO VVL QHWLQND GXEOLXRWL YDUGåLR VDY V IRUPR
PLVSY]SDVLVL OLDXVDYH SDVLVL OLDXQXVLSLUNDXVDX QX
VLSLUNDX VLJLMDXVDX VLJLMDXLUSDQ7DþLDXWDPWLNUDLVDWYH
MDLV YDUGLV VDX JDOL E WL YDUWRMDPDV VX VDQJU åLQLDLV YHLNVPDåR
GåLDLVNDLSVWLSULQDPDVLVåRGHOLV,HãNRVLVDXSDODLN\PR$SVLJLQN
VDYHRPDQLPLQHVLU SLQN
.DLNXULHVDQJU åLQLDLYHLNVPDåRGåLDL\UDYDUWRMDPLNDLSDWL
WLQNDP QHVDQJU åLQL YHLNVPDåRGåL VLQRQLPDL SY] JLUG WL ±
JLUG WLV PDW\WL ± PDW\WLV ELMRWL ± ELMRWLV .DOERV SUDNWLND URGR
NDGWRNLDLVDWYHMDLVGDåQLDXSDVLUHQNDPRVLUYDUWRMDPRVVDQJU åL
Q VIRUPRVSY]
,ãOLXG\WRM SDURG\P PDWRVLNDGWHLVLDPDVLVãLXRVYHLNVPXV
DWOLNR 0DWRVL NDG SDUODPHQWDUDL QHVXWDULD G O SHUHLQDPRMR
ODLNRWDUSLR SDUGXRWL GLUEDP åHP XåVLHQLHþLDPV 0DWRVL
NDG SDUWLMD ULPWDL UXRãLDVL DUW MDQWLHPV VDYLYDOG\EL ULQNL
PDPV .DLP\QDL VNXQGåLDVL NDG Lã QXRPRMDPR EXWR GDåQDL
JLUGLVLWULXNãPDV*LUGLVL YDLUL QXRPRQL G O,JQDOLQRVDWR
PLQ VHOHNWULQ VXåGDU\PR%LMRVLNDGSRWRNL NDOE VXODXNV
JUDVLQLP

%HDVPHQXRMDP M YHLNVPDåRGåLRIRUP VDQJU åLQHVIRUPDV

JDOLWXU WLLUSXVGDO\YLDLYDGRYDXGDPDVLV±YDGRYDXGDPDVLWYDU
N\GDPDVLV ± WYDUN\GDPDVL NUHLSGDPDVLV ± NUHLSGDPDVL 5HLNLD
VLG P WLNDGVDQJU åLQL SXVGDO\YL PRWHULãNRVLRVJLPLQ VGDX
JLVNDLWRVJDO Q WXULE WLRVLRQHRVLRVRVLVQHVVDQJU åRVGD
OHO\W QHNDLWRPD VNHOEGDPD ± VNHOEGDPDVL LU VNHOEGDPRV ±
VNHOEGDPRVLGDO\GDPD±GDO\GDPDVLLUGDO\GDPRV±GDO\GDPRVL
LUSDQ3Y]
6RFLDOLQ VDSVDXJRVLUGDUERPLQLVWHULMD6YHLNDWRVDSVDXJRV
PLQLVWHULMD YDGRYDXGDPRVL /LHWXYRV5HVSXEOLNRV .RQVWLWXFL
MDãLXR.RGHNVXNLWDLV VWDW\PDLV9\ULDXV\E VQXWDULPDLVLU
NLWDLV QRUPLQLDL DNWDLV SDJDO VDYR NRPSHWHQFLM J\YHQGLQD
YDOVW\E VSROLWLN GDUEXRWRM VDXJRVLUVYHLNDWRVVULW\MH>/LH
WXYRV5HVSXEOLNRVGDUERNRGHNVRVWU@5HPGDPRVLVXWDU
WLHV ODLVY V LU ãDOL DXWRQRPLMRV SULQFLSX ãDO\V JDOL VXVLWDUWL
NDGM WHLV PVLUSDUHLJRPVEXVWDLNRPDDWLWLQNDPRVYDOVW\E V
WHLV
7DþLDXãL JUDPDWLNRVQRUP QHYLVDGDODLNRPDVL3Y]
9LVXRPHQ V QXRPRQ V W\ULPR EHQGURY V U H P G D P R V L R V
UHPGDPRVLDSNODXVRVGXRPHQLPLVSDVNHOE ãDOLHVJ\YHQ
WRM QXRPRQ DSLH YDOGåLRV LQVWLWXFLMDV 5 H P G D P R V L R V
5HPGDPRVL ãLRPLV VWDW\PR SDWDLVRPLV DXNãWRVLRV PR
N\NORV JDO V SULLPWL GDXJLDX VWXGHQW / D Q N \ G D P R V L V
/DQN\GDPRVL JORERV QDPXRVH VHQL QLMRV GDUEXRWRMRV
GRP MRVL YDLN J\YHQLPR V O\JRPLV 6DYLYDOG\EL NRPLVLMRV
Y D G R Y D X G D P R V L V YDGRYDXGDPRVL VWDW\PX SDUHQJ
DWHVWDFLMRVQXRVWDWXV

/LHWXYRV 5HVSXEOLNRV FLYLOLQLR NRGHNVR NRPHQWDUDV3LUPRML NQ\JD 9LOQLXV
-XVWLWLDS

%HQGUDWLV

1HNDLWRPDYHLNVPDåRGåLRIRUPD±EHQGUDWLV±å\PLYHLNVP
EHDVPHQVVNDLþLDXVODLNR

6XYHLNVPDåRGåLDLVLUQHYHLNLDPRVLRVU ãLHVGDO\YLDLVEHQGUD
WLVYDUWRMDPDWLNVOXLEHLSDVNLUþLDLUHLNãWL3Y]
6WDWLVWLNRV GHSDUWDPHQWDV UHQJLD LU WHLNLD WYLUWLQWL VWDWLVWLNRV
GDUE SURJUDP 7DLVDWYHMDLVNDLWXUWDVDUHãWXRMDPDVLUSHU
GXRGDPDVNLWLHPV VDXJRWLLU DGPLQLVWUXRWLWXULE WLVXGDU\
WDVãLRWXUWRDSUDãDV$NFLQLQN VL O\PXVG OEHQGURY V VWDW
SDSLOG\PRWDU\EDSDWHLNVVYDUVW\WLSRVDYDLW V VYDUVW\WLSD
WHLNW &LYLOLQLRNRGHNVRSURMHNW ãLVNODXVLPDVEXYR WUDXNWDV
7HLVPDVJU åLQRE\O SDSLOG\WL6HLPRNRPLWHWDVVYDUVW\WLSD
WHLN ã VWDW\PRSURMHNW

9HLNVPDåRGåLR EHQGUDWLV VX JDOLQLQNX YDUWRMDPD GRNXPHQW
SDVNLUþLDLUHLNãWLLUM SDYDGLQLPDPV3Y]
JDOLRMLPDVSDUGXRWLQDP JDOLRMLPDVWYDUN\WLSDOLNLP SUD
ã\PDVVXWHNWLDWRVWRJDVSUDã\PDVVNLUWLSDVNRO OHLGLPDVRU
JDQL]XRWL SURWHVWR DNFLM OHLGLPDV UHNRQVWUXRWL SDVWDW
VSUHQGLPDVSUDG WLãLOG\PRVH]RQ VSUHQGLPDVDUHãWXRWLWXU
W

9HLNVPDåRGåLR SDO\JLQWL EHQGUDWLV LU SDGDO\YLDL SDO\JLQXV
O\JLQDQW YDUWRMDPL O\JLQLPXL UHLNãWL 7HLNWLQHVQH IRUPD ODLNRPD
EHQGUDWLV -L JDOL E WL YDUWRMDPD YLHQD DUED VX SULHOLQNVQLX VX
3Y]
'DUER XåPRNHVWLV SDO\JLQWL JHUDV 3DO\JLQWL VX DQNVWHVQLDLV
PHWDLVãLHPHWEDQNRSHOQDVSURFGLGHVQLVäPRQL SDVLWL
N MLPDV /LHWXYRV EDQNX SDO\JLQWL VX VDXVLX SDGLG MR /\JL
QDQWVXSUD MXVLDLVPHWDLVXåPRNVO PRNDQþL VWXGHQW SD
GDXJ MR

'DO\YLV

'DO\YLV å\PL Lã YHLNVPR N\ODQþL GDLNWR \SDW\E YHLNVPR
DSOLQN\E DUEDSDW YHLNVP 'DO\YLDL\UDGYLHM U ãL YHLNLDPLH
MLLUQHYHLNLDPLHML

9HLNLDPLHMLGDO\YLDL

9HLNLDPLHMLGDO\YLDLå\PL\SDW\E WRGDLNWRNXULVYHLNLDSDWV
SY] NDOEDQWLV åPRJXV EXGLQWLV SROLFLQLQNDV GLUEDQWLV DQWVWROLV
QXVLNDOW VDVPXRU GLMDQWLVPHWDODVJUL YDQWLVSDVWDWDVYDåLXR
MDQWLVDXWRPRELOLVVLDXþLDQWLHSLGHPLMD
9HLNLDPRVLRV U ãLHV HVDPRMR ODLNR GDO\YLDL QHYDUWRWLQL VX
YHLN MRQHUHLãNLDQþLDLVGDLNWDYDUGåLDLVGDLNWRSDVNLUþLDLU ãLDLWL
SXLQXVDN\WL3Y]
SURYRNXRMDQWLV SURYRNXRMDPDV HOJHV\V åRGLV JHVWDV WL
NLQDQWLV WLNLQDPDV DUJXPHQWDV IDNWDV WLQNDQWLV WLQ
NDPDV SRHOJLV SDVL O\PDV GDLNWDV VS MDQWLV VS MDPD
VLVã YLVVWUHLNDVSDVLDXNRMDQWLV SDVLDXNRMDPDVGDUEDV
HOJHV\VVYDLJLQDQWLV VYDLJLQDPDNDUMHUDSHUVSHNW\YDDW
HLWLV DLãNLQDQWLV DLãNLQDPDVLV UDãWDV GDUEDV YDGRYDX
MDQWLV YDGRYDXMDPDVGDUEDVLUWW


1HYHLNLDPDLVLDLVGDO\YLDLVSDVDNRPDNDGYHLNVP DWOLHNDNDV
NLWDV Lã ãDOLHV SY] UHQJLDPD VXWDUWLV SULLPDPD QXWDUWLV UDãR
PDVDWVDN\PDVDQDOL]XRMDPRVSDVWDERVVDXJRPDVREMHNWDVVOH
SLDPD WLHVD VYDUVW\WDV SURMHNWDV NRQVWDWXRWDV IDNWDV SDVNHOEWD
SDLHãNDXåSLOG\WDDQNHWD JDOLRWDVDVPXR
3ULHQHYHLNLDP M GDO\YL JDOLPDVNLUWLUHLNLDP\E VGDO\YLXV
-DLVå\PLPRV\SDW\E V\UDVLHMDPRVVXYHLNVPXNXULUHLNLDDWOLN
WL SY] VYDUVW\WLQDV NODXVLPDV PRN WLQD VXPD QDJULQ WLQD SUR
EOHPD JLQþ\WLQD WLHVD $GPLQLVWUDFLQ MH NDOERMH WRNLRV IRUPRV
GDåQRV

$WO\JLQWLQRV åDORV G\G VXGDUR WLHVLRJLQLDL QXRVWROLDL EHL QH

JDXWRVSDMDPRV>/LHWXYRV5HVSXEOLNRVGDUERNRGHNVRVWU
G@ 'RYDQRMLPR VXWDUWLPV WDLN\WLQD WHLV > /LHWXYRV 5HV
SXEOLNRV FLYLOLQLR NRGHNVR VWU@ -HLJX åDO SDGDU NHOL
DVPHQ\VWDLN\WLQDWHLV \UDQXVWDWRPDDWVNLUDLNLHNYLHQDPLã
M 6XGDULXV WLHVLRJLQLR GHEHWR VXWDUW PRN WLQD VXPD QXUD
ãRPDQXRV VNDLWRV

1HYHLNLDPRVLRV U ãLHV GDO\YLDL å\PL \SDW\E NXUL N\OD Lã
YHLNVPR DWOLHNDPR NLW SDVWDQJRPLV WRG O MLH QHJDOL E WL YDUWR
MDPLVDYDLPLQHL\SDW\EHLDUE VHQDLUHLNãWL7DþLDXLãNDOERVSUDN
WLNRVPDW\WLNDGQHYHLNLDPLHMLE WRMRODLNRGDO\YLDLGDåQDLSDVL
UHQNDPLWRNLDLVDYDLPHW\EHSDãDOLQLRSRYHLNLRVSHFLDODXV VL
NLãLPR DWVLUDGXVLDL \SDW\EHL E VHQDL UHLNãWL - YLHWRMH WXUL E WL
YDUWRMDPLYHLNLDPRVLRVU ãLHVE WRMRNDUWLQLRODLNRGDO\YLDL3Y]
SDGLGLQWDV SDGLG M VSDYRMXVG PHV\VVXPDåLQWDV VX
PDå MXVL UL]LND SDNODXVD SDGLGLQWD SDGLG MXVL SUHNL
DS\YDUWD VXO WLQWD VXO W MXVL UHDNFLMD VXO WLQWDV VX
O W M VP VW\PDVSDJUHLWLQWDV SDJUHLW M VSXOVDV

1HYHLNLDPLHMLE GYDUGLQ VUHLNãP VGDO\YLDLQHWLQNDSDSLOGL
QLRYLHWRMH7RNLDLVDWYHMDLVGHU W YDUWRWLGDO\YLREHYDUG VJLPL
Q VIRUP GDO\Y VXGDLNWDYDUGåLXDUEDãDOXWLQ VDNLQ SY]
' O L ã G V W \ W R ' O WR NDV EXYR LãG VW\WD 5HPGDPDVL
WXRNDVEXYRLãG VW\WD9LOQLDXVDS\JDUGRVWHLVPR&LYLOLQL
E\O VN\ULDXVWHLV M NROHJLMDPDQRNDG9LOQLDXVPLHVWRSLU
PRMR DS\OLQN V WHLVPR QXWDUWLV \UD SDJU VWD LU WHLV WD 5H
PLDQWLVL ã G V W \ W X WXRNDVLãG VW\WDVL ORPDLHãNLQ SD
WHQNLQWL-LHQHVLWHQNLQDS D V L H N W X WXRNDVSDVLHNWDSD
VLHNWDLVUH]XOWDWDLVSDVLHNLPDLV.RPLWHWRQDULDLVYDUVWRDU
SULWDUWL SDVL O\WDP WDP NDV SDVL O\WD SDVL O\PXL 5H
PLDQWLV L ã G V W \ W X WXR NDV LãG VW\WD LãG VW\WDLV DUJX
PHQWDLVQXVSU VWD VWDW\PRSDWDLV QHVYDUVW\WL9DGRYDXMDQ
WLVS D V D N \ W X WXRNDVSDVDN\WDE WLQDSDSLOG\WLãL QX
WDULPR GDO 6YDUEX S H U V N D L W \ W WDL NDV SHUVNDLW\WD

VXSUDVWL 9LVDLS VWHQJLDVL QRUL URG\WL Q H U R G R P QH

URGRPDWDLNDVQH URGRPDGDUåU QDJLQLQNROLQNVQ


1HYHLNLDPLHML HVDPRMR ODLNR GDO\YLDL GDåQDL YDUWRMDPL NDLS
E GYDUGåLDLSULLPDPDV VWDW\PDVQHSULNODXVRPDVHNVSHUWDVSD
UGXRGDPDV REMHNWDV VDXJRPDV DVPXR 7DGD NDL MDLV QXVDNRPD
GDLNW DUUHLãNLQL U ãLVUHLNLDYDUWRWL YDUGåLXRWLQHVIRUPDV3Y]
$WNXULDPDVLV6HLPDVEDXGåLDPRMLE\OD%DXGåLDPRMRSURFHVR
NRGHNVDV NDUGRPRML SULHPRQ WYDUNRPDVLV WHLVPR SRV GLV
SHUNDPRML JDOLD QHNLOQRMDPDVLV WXUWDV LãPHWDPRVLRV GXMRV
J\YHQDPDVLV QDPDV JHULDPDVLV YDQGXR LãSHUNDPRML QXRPD
HLQDPRMLV VNDLWDNDXSLDPRMLV VNDLWDQHãLRMDPDVLVNRPSLX
WHULV VS MDPDVLVVWUHLNDV
7DLV DWYHMDLV NDL QXVDNDQW \SDW\E NDUWX QXURGRPD LU U ãLV
WUDGLFLãNDL JDOLPD YDUWRWL QH YDUGåLXRWLQHV IRUPDV DULDPD åHP
GLUEDPDåHP
9DUWRVHQDURGRNDGQXURGDQWU ã QHYHLNLDP M GDO\YL YLH
WRMH QHUHWDL SDYDUWRMDPRV YHLNLDP M GDO\YL HVDPRMR ODLNR IRU
PRV3Y]
NRQVWDWXRMDQþLRML NRQVWDWXRMDPRML GDOLV NDOWLQDQþLRML
NDOWLQDPRMLLãYDGDJLQDQþLRML JLQDPRMLNDOEDVSURJV
WDQþLRML VSURJVWDPRMLPHGåLDJD VS MDQWLHML VS MDPLHML
NHOLR åHQNODL IRQGR Y\NGDQW\VLV Y\NGRPDVLV GLUHNWRULXV
Y\NGDQþLRML Y\NGRPRML YDOGåLD UDPLQDQWLHML UDPLQD
PLHMLYDLVWDLLUSDQ
.DUWDLV E GYDUGLQ UHLNãP WXULQW\V QHYHLNLDPLHML GDO\YLDL
NDOERMH NRQNXUXRMD VX SDVNLUWLHV NLOPLQLQNX SY] PRNRPRVLRV
SURJUDPRV LU PRN\PR SURJUDPRV PRNRPLHML GDO\NDL LU PRN\PR
GDO\NDLSDJLULDPLHMLåRGåLDLLUSDJ\ULPRåRGåLDL

'DO\YL YDUGåLXRWLQ VIRUPRVJDOLE WLYDUWRMDPRVQRULQWLã
VNLUWLSDEU åWL3Y]

' OãLRVVXWDUWLHVYDOGDQþLRMLGDXJXPDNHWLQDNUHLSWLV .RQV

WLWXFLQ 7HLVP 6YDUVWDQW PLHVWR SO WURV SODQ RSRQXRMDQ
þLDMDLSXVHLSULWU NR WLNLQDP DUJXPHQW 3DVNLUWDVLVSUHP
MHUDV 6HLPXL SDWHLN VYDUVW\WL 9\ULDXV\E V YHLNORV SURJUDP
9DOGDQþLRML NRDOLFLMD QHSULWDU WRNLDL 3UH]LGHQWR SDWDU M
QXRPRQHL

.RN\ELQHL GDLNWR \SDW\EHL UHLNãWL YDUGåLXRWLQ V IRUPRV QH
YDUWRWLQRV<SDþGDåQDLYDUWRMDPRV LãVNLUWLQ SDå\PLQ HLQDQþL
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*\YHQWRMDLQ R U L Q W L H M L QRULQW\VJDXWLWRNLDVNRPSHQVD
FLMDVWXULNUHLSWLV /LHWXYRVJ\YHQWRM JHQRFLGRLUUH]LVWHQFL
MRV W\ULPR FHQWU /LHWXYRV SLOLHþLDL Y \ N V W D Q W L H M L
Y\NVWDQW\V XåVLHQ /LHWXYRMH UHJLVWUXRWX DXWRPRELOLX
SULYDOR WXU WL SDSUDVW GUDXGLPR VXWDUW 3DVDXO\MH \UD GDX
J\E PRNVORãDN WDUSXVDY\MHV X V L M X V L M VXVLMXVL LU
YLHQD NLW S D S L O G D Q þ L M SDSLOGDQþL äPRQ V Q H
W X U L Q W L H M L QHWXULQW\V GDUER UHJLVWUXRMDPL 'DUER ELU
åRMH

*HULDXYDUWRWLQH YDUGåLXRWLQHVIRUPDVW GDO\YL NXULH HLQD
LãSO VWLQ SDå\PLQ 3Y]
%HQGURY V YDGRY NDOW U R G D Q W L H M L ± URGDQW\V GRNX
PHQWDLMDXVXUDVWL6XODLN\WL-$9SUH]LGHQWRYL]LWRPHWXYLHã
M WYDUN S D å H L G X V L H M L ± SDåHLG DVPHQ\V 7RNLDP
VSUHQGLPXL Q H S U L W D U L D Q W L H M L ± QHSULWDULDQW\V GDUEXR
WRMDLQHEDOVDYRLULã MRLãVDO V


.DLNXULHQHYHLNLDPRVLRVU ãLHV YDUGåLXRWLQLDLGDO\YLDLYDUWR
MDPL NDLS GDLNWDYDUGåLDL SY] NDOWLQDPDVLVRML JLQDPDVLVRML
QXWHLVWDVLVRML WDULDPDVLVRML QHSDå VWDPDVLVRML SULLPDPD
VLVODXNLDPDVLV

7DþLDXLUVDN\WLQ MHLUUDã\WLQ MHNDOERMHQHUHWDLWDLS\UDYDU

WRMDPLLUYHLNLDPLHMLHVDPRMRODLNRGDO\YLDL<SDþGDåQDLGDURPD
NODLGD±WRNL GDO\YL YDUWRMLPDVDVPHQLPVSDJDOSDUHLJDVDWOLH
NDP YHLNVP SDYDGLQWL YLHWRM NDOERMH HVDP WDSDþLRV UHLNãP V
GDLNWDYDUGåL 3Y]
%DXGåLDPRMR SURFHVR NRGHNVR NRPHQWDUH DLãNLQDPD NDG
S L U P L Q L Q N D X M D Q W \ V L V SRV GåLR SLUPLQLQNDV WXUL
WDLS RUJDQL]XRWL WHLV M SDVLWDULP NDG NLHNYLHQR WHLV MR
QXRPRQ YLVDLV VYDUVWRPDLV NODXVLPDLV E W LãNODXV\WD
3 L U P L Q L Q N D X M D Q W \ V L V 3LUPLQLQNDV SDWHLNGDPDV
NLHNYLHQ NODXVLP WXUL ODLN\WLV WDP WLNU WDLV\NOL ,ãDLãN MR
NDG W D U S L Q L Q N D X M D Q W L H M L WDUSLQLQNDL QHVLODLN VX
WDUWLHVV O\J % X G L Q W L V EXG WRMDVWHLJ MRNLRWULXNãPR
QHJLUG M V QLHNR WDUWLQD QHPDW V % X G L Q W \ V L V
%XG WRMDVSDUHLNDODYRSDURG\WLDVPHQVGRNXPHQWXV* L
Q D Q þ L R M R *\Q MRQXRPRQHQHSDJU VWDLVL ORPDNRQILV
NXRWLWXUW 1HSDWHQNLQWLWRNLXDGPLQLVWUDFLMRVVSUHQGLPXN D
O L Q W L H M L NDOLQLDLSDVNHOE EDGRVWUHLN

(VDPRMR ODLNR YHLNLDP M GDO\YL JHULDX QHYDUWRWL YLHWRM
GDLNWDYDUGåL DVPHQLPVSDJDOQXRODWLQ YHLNLP QXRODWLQ E VHQ
SDYDGLQWL3Y]
0HGLFLQRV SDVODXJ WHLNLPR G L U E D Q W L H V L H P V ± GDUEXR
WRMDPV WYDUN PRQ MH QXVWDWR PRQL GDUEXRWRM VDXJRV LU
VYHLNDWRV WDUQ\E QXRVWDWDL 3URIHVLQ V V MXQJRV JLQD G L U
E D Q þ L M ±GDUEXRWRM GDUELQLQN WHLV VLUWHLV WXVLQWH
UHVXV ,U WROLDX WRNLHPV V H U J D Q W L H V L H P V ± OLJRQLDPV
EXVVNLULDPLNRPSHQVXRMDPLHMLYDLVWDL

'DLNWDYDUGåL YLHWRMH WRNLRV GDO\YL IRUPRV YDUWRWLQRV WDGD
NDL NDOERMH Q UD DWLWLQNDP GDLNWDYDUGåL SY] WLNLQW\VLVLRML
VN VWDQW\VLVLRML 7RNLRV GDO\YL IRUPRV JDOL E WL YDUWRMDPRV LU
NDOEDPXRMX PRPHQWX W \ ODLNLQDL YHLNLDQþLDP DVPHQLXL SDYD
GLQWL SY] ODXNLDQWLHML QHULPDYR VWRMDQWLHML MDXGLQRVL V GLQWLHML
ãXUPXOLDYR

*LPLQ

'DO\YLV \UD JLPLQ PLV NDLWRPD YHLNVPDåRGåLR IRUPD 6DNL
Q\MHGDO\YLRJLPLQ UHLNLDGHULQWLVXGDLNWDYDUGåLRLU YDUGåLRJL
PLQH3Y]
'DUER VXWDUW\MH ãDO\V EXYR QXURGåLXVLRV NDG VXWDUþLDL WDL
NRPDGDUERYLHWRVYDOVW\E VWHLV -RVQHVLMDXþLDSDåHLGXVLRV
.HOL HLVPR WDLV\NOL UHLNDODYLP WRG O NHWLQD DSVN VWL SROL
FLQLQN YHLNVPXV1HWUXNXVWDSRDLãNXNDGPDåRV PRQ VQH
SDVLUXRãXVLRVWRNLDLNRQNXUHQFLQHLNRYDL
7DþLDXNDOEDURGRNDGPRWHULãNRVLRVJLPLQ VYHLNLDP M GD
O\YL YLHWRMH GDåQDL \UD YDUWRMDPRV Y\ULãNRVLRV JLPLQ V GDO\YL
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âDO\V\UDS D V L U L Q N SDVLULQNXVLRVWDLN\WL$QJOLMRVWHL
V 7LULDPD DU EHQGURY V EXYR VXGDU VXGDULXVLRV NDUWH
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SUL PXVLRVVSUHQGLPXV VLJ\WLSULYDþLRVEHQGURY VDNFLM
VWDW\PDPVQHQXVLåHQJ 1 X N H Q W M 1XNHQW MXVLRVNX
URUWRYLHãQLRVNUHLS VL SROLFLMRVNRPLVDULDW SDJDOERV%XYR
DSNODXVWRV YLVRV HLVPR Y\N P D W PDþLXVLRV PRWHU\V
.HOLRV NRQNXUVH G D O \ Y D Y GDO\YDYXVLRV EHQGURY V DS
NDOWLQR MR RUJDQL]DWRULXV WHQGHQFLQJXPX LU SDUHLNDODYR SD
QDLNLQWLNRQNXUVRUH]XOWDWXV

VWDW\P VDN\P QXWDULP VSUHQGLP LUSDQUDãW NDOERMH
GDåQDL YDUWRMDPRV QHYHLNLDPRVLRV U ãLHV HVDPRMR ODLNR GDO\YL
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NLDDSLEHQGULQWXVW\VXNRQNUHþLDLVYHLN MDLVQHVLHMDPXVYHLNV
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