Professional Documents
Culture Documents
pzzuꪣ¥£¾¢©¥ê |krê©£ªÂ¤©§¥Ã®ê©¢©§£¡ê
yhkv}pêÀêêêêê ©¤Â¤©§¥ÃÀª¥ê
}꣨±ê
ꢪª¦ê wê
4NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
7LMHNRPSURWHNORJVWROMHüDXKUYDWVNRMMHKLVWRULRJUD¿ML ]DPMHWDQ YHOLNL LQWHUHV ]D
SUREOHPVPUWLNUDOMD'PLWUD=YRQLPLUDWRMHVWRQDþLQXQMHJRYHVPUWL8RYRP
VHUDGXGDMHSUHJOHGVYLKSRYLMHVQLKL]YRUDNRML±L]UDYQRLOLQHL]UDYQR±JRYRUHR
=YRQLPLURYRMVPUWLVWDYXKUYDWVNHKLVWRULRJUD¿MH SUHPD WRP SUREOHPX WH PRJXüLP
WXPDþHQMLPDQDVWDQNDOHJHQGHRVPUWLWRJDYODGDUDL];,VWROMHüD=DNOMXþXMHVHGD
MHOHJHQGDRVPUWLNUDOMD=YRQLPLUDXSUDYRWR±OHJHQGD
8YRG
.UDOM'PLWDU=YRQLPLUQHRVSRUQRMHMHGQDRGQDMYHüLKOLþQRVWLKUYDWVNRJDUDQRJ
VUHGQMHJYLMHND1MHJRYDYODGDYLQDNRMDMHSURãODEH]YHüLKUDWRYDLXQXWUDãQMLK
QDSHWRVWLRGUD]LODVHXJRVSRGDUVNRPLNXOWXUQRPQDSUHWNX.UDOMHYVWYR+UYDWVNH
L'DOPDFLMH=YRQLPLURYRPMHNUXQLGERPRGSDSH*UJXUD9,,±SUHNRSDSLQD
OHJDWD*HEL]RQD±VWHNORPHÿXQDURGQLSRORåDMNRMLVHELWQRUD]OLNRYDRRGUDQLMHJ
UD]GREOMDDL]WDNYRJRGQRVDSUHPDSDSLQVWYXLPDORLNRULVWL*ROGVWHLQ
7RMHWDNRÿHUUD]GREOMHSUYLKSRþHWDNDIHXGDOL]PDQDKUYDWVNRPSURVWRUX
%XGDN0DFDQ0HÿXWLP]ERJQHGRVWDWNDL]YRUD±WLSLþQR
]DPQRJDSLWDQMDKUYDWVNRJDUDQRJVUHGQMHJYLMHND±LRNUDOMX=YRQLPLUXYRGLOH
VXVHUD]QRYUVQHSROHPLNH7DNRVXSRYMHVQLþDULUDVSUDYOMDOLSULPMHULFHRQMHJRYX
SRGULMHWOXLOLJRGLQLNUXQLGEHLQDUDYQRGRQRVLOLUD]OLþLWH]DNOMXþNH
-HGQRRGQDMNRQWURYHU]QLMLKSLWDQMDNRMHVHWLþHNUDOMD=YRQLPLUDMHVWSUREOHP
QMHJRYHVPUWLRGQRVQRQDþLQQDNRMLMHXPUR3RVWRMHQDLPHGYDJOHGLãWD3UHPD
SUYRP=YRQLPLUMHXPURSULURGQRPVPUüXDSUHPDGUXJRPXELMHQMHRGVYRJ
QDURGDMHULKMHSURWLYQMLKRYHYROMHKWLRSRYHVWLXNULåDUVNLUDWQD,VWRN8LSR
3DSD*UJXU9,,JRGLQHMHNDR=YRQLPLURYVHQLRUXSXWLRSLVPRLVWDUVNRPJURIX9HFHOLQX
LXSR]RULRJDGDQHQDSDGD=YRQLPLUDMHUüHJDLQDþHL]RSüLWLYLGL&',
5DVSUDYOMDORVHRWRPHMHOL=YRQLPLUELRVDPRSULSDGQLNQHNRJDXJOHGQRJKUYDWVNRJURGDLOLMH
SULSDGDRGLQDVWLML7USLPLURYLüDWRMHVWMHOLELRSRWRPDN6YHWRVODYD6XURQMHYLGLâLãLü
%DUDGD
8W]Y=YRQLPLURYRM]DYMHUQLFLVWRMLGDVHNUXQLGEDRGUåDODJRGLQHþHWUQDHVWHLQGLNFLMH
0HÿXWLP ]ERJ UD]QLK WXPDþHQMD QDYHGHQH þHWUQDHVWH LQGLNFLMH SRYMHVQLþDUL VH MRã L GDQDV
YUDüDMXQDSLWDQMHMHOL=YRQLPLURNUXQMHQLOLJRGLQHYLGL6WLSLãLü
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
þHWNRPVWROMHüDPRJORVHSUHPDVWDYXJOHGHRYLKUD]OLþLWLKWXPDþHQMDQDVOXWLWL
SROLWLþNRRSUHGMHOMHQMHDXWRUDNRMLVXVHEDYLOLWLPSLWDQMHPRQLNRQ]HUYDWLYQLML
VPDWUDOLVXGD+UYDWLQLVXPRJOLXELWLVYRJDNUDOMDMHUVHRVORQLRQDSDSXGRNVX
OLEHUDOQLMLREMDãQMDYDOLGDMHQDURGXELR=YRQLPLUDMHUMHVOXåLRWXÿLPSROLWLþNLP
FLOMHYLPD*ROGVWHLQ7DMHSROHPLNDWUDMDODþLWDYRVWROMHüHLXURGLOD
MHYHOLNLPEURMHPþODQDNDUDVSUDYDLSULORJD
'DQDãQMHJELþLWDWHOMDPRJOD]DþXGLWLNROLþLQDSROLWL]DFLMHRYHWHPHDOLLNROL
þLQDUDGRYDNRMLVXVHEDYLOLMHGQLPWDNYLPSLWDQMHPNDRãWRMHQDYRGQRXERMVWYR
MHGQRJGRGXãHYUOR]QDþDMQRJKUYDWVNRJNUDOMDL];,VWROMHüD1DLPHSRVWRMH
PQRJHYDåQLMHWHPHL]KUYDWVNRJVUHGQMRYMHNRYOMDNRMHQLVX]DGRELOHWROLNXYDåQRVW
NDRRYDXKUYDWVNRMKLVWRULRJUD¿ML ;; VWROMHüD 0HÿXWLP LDNR VH VSRU R QDþLQX
VPUWLNUDOMD=YRQLPLUDSURYODþLLGRGDQDVLSDNMHSUHYODGDORPLãOMHQMHGDMHRQ
XPURSULURGQRPVPUüXGRNMHSULþDRQMHJRYXXERMVWYXVDPROHJHQGD*ROGVWHLQ
%XGDN*ROGVWHLQ
2YDMüHUDGGDWLSUHJOHGþLQMHQLFDYH]DQLK]DSUREOHP=YRQLPLURYHVPUWLRG
SRYLMHVQLKLSRYLMHVQROLWHUDUQLKL]YRUDXNRMLPDVHRQVSRPLQMHDNRMLVHPRJX
XSRWULMHELWLXLVWUDåLYDQMXQDþLQDQMHJRYHVPUWLUD]QLKLQWHUSUHWDFLMDNRMHVXWL
LVWL L]YRUL GRåLYOMDYDOL X KLVWRULRJUD¿ML WH SRQXGLWL PRJXüH UD]ORJH L RNROQRVWL
QDVWDQNDOHJHQGHRQDVLOQRMVPUWL
,]YRULRVPUWLNUDOMD=YRQLPLUD
&LMHODUDVSUDYDRNRSULURGH=YRQLPLURYHVPUWLSURLVWHNODMHXSUDYRL]NRQWUD
GLNWRUQRVWLL]YRUDNRMLRWRPGRJDÿDMXJRYRUH1DLPHNDRL]DRVWDOHGRJDÿDMH
KUYDWVNRJVUHGQMRYMHNRYOMDQL]DRYDMQHSRVMHGXMHPRVXYUHPHQHL]YRUH9LMHVW
RVPUWLNUDOMD=YRQLPLUDFUSLPRL]NDVQLMLKSULMHSLVDQHNLKGRNXPHQDWDLNURQLND
QDVWDOLKSDUVWROMHüDNDVQLMH=DQHNHGRNXPHQWHQHSRVWRMLVXJODVMHQLNDGDVX
WRþQRQDVWDOLQLMHVXOLXRSüHYMHURGRVWRMQL0HÿXWLPLWDNYLQDPGRNXPHQWLQHãWR
JRYRUHDNRQHRGRJDÿDMXNRMLRSLVXMXRQGDEDUHPRYUHPHQXNDGDVXQDVWDOL
=DWRVHQLMHGDQL]YRUR=YRQLPLURYRMVPUWLQHELVPLRMHGQRVWDYQRRGEDFLWL3R
VWRMLXNXSQRGYDQDHVWUD]OLþLWLKL]YRUDNRMLVHPRJXUD]PDWUDWLNDGDJRYRULPRR
VPUWLNUDOMD=YRQLPLUD,DNRQHNLQLWLQHJRYRUHL]ULþLWRRNUDOMHYRMVPUWLL]QMLK
VHPRåHLãþLWDWLNDNYDMHRQDELOD,]YRULVHMHGQRVWDYQRPRJXSRGLMHOLWLXGYLMH
JUXSHQDRQHNRMLJRYRUHRSULURGQRMVPUWLWHQDRQHNRMLJRYRUHRXERMVWYX
,]YRUL]DSULURGQXVPUWNUDOMD=YRQLPLUD
,VSUDYDNUDOMD6WMHSDQD,,
'DELVHXRSüHPRJORJRYRULWLR=YRQLPLURYRMVPUWLWUHEDQDMSULMHXWYUGLWL
JRGLQXNDGDVHWRLGRJRGLOR=DGQMDLVSUDYDNRMDMHL]GDQDMRã]DQMHJRYDåLYRWD
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
GDWLUDQDMHOLVWRSDGDJRGLQHNDGDNUDOMSRWYUÿXMHSRYODVWLFHVDPRVWDQX
EHQHGLNWLQNL VY 0DULMH X =DGUX 'RFXPHQWD 6OMHGHüL L]YRU NRML
VSRPLQMH=YRQLPLUDLVSUDYDMHNRMXMHUXMQDL]GDRXâLEHQLNXQMHJRY
QDVOMHGQLN6WMHSDQ,,âLãLü8QMRMRQSRWYUÿXMHVSOLWVNRPVDPRVWDQX
UHGRYQLFDÄVY%HQHGLNWDSRVMHG3XVWLFXX/DåDQLPD³
2QDMGLRNRMLVHRGQRVLQD=YRQLPLURYXVPUWJODVLÄ6WRJDMHL]PHÿXRVWDOLK
GRãODSUHGQDVPDMNDLXSUDYLWHOMLFDUHGRYQLFDVSOLWVNRJVDPRVWDQDWMVDPR
VWDQDVY%HQHGLNWDVQHNLPVYRMLPVHVWUDPDGRQLMHYãLVDVRERPQHNXLVSUDYX
NRMXMRMMHGDRQHGDYQRSUHPLQXOLNUDOM=YRQLPLUXNRULVWQMH]LQDVDPRVWDQDLWR
]DNUDOMHYVNLSRVMHGNRMLMHXPMHVWXNRMHVH]RYH/DåDQL³1.ODLü
'DNOH=YRQLPLUMHXPURQHJGMHL]PHÿXOLVWRSDGDLUXMQDNDGD
VHVSRPLQMHÄDQXSHUUHJHGHIXQFWR6XLQLPLUR³±GDNOHQHGDYQRSUHPLQXOLNUDOM
=YRQLPLU'RFXPHQWDâLãLüVWDYOMDNUDOMHYXVPUWXSUYXSRORYLFX
JRGLQHGRNMH%DUDGDWRNRULJLUDRXJRGLQXâLãLü0RURYLü
=ERJL]UD]DÄQXSHUGHIXQFWR³ãWRMHLVWRNDRLÄPRUWXR³RþLWRMHGD
MH=YRQLPLUXPURSULURGQRPVPUüX
7UHEDLVWDNQXWLGDMHWDLVSUDYDSRVYHPXVXGHüLIDOVL¿NDW 1RYDN
1.ODLü,VWDL0HÿXWLPQMH]LQGLSORPDWLþNL
VDVWDYLDNRNUQMRGJRYDUDLVSUDYDPDL]GREDQDURGQLKYODGDUDXVYLPGLMHORYLPD
LIRUPXODPDWHQHPDWUDJRYDGLSORPDWLþNHSUDNVH;,,VWROMHüDRVRELWRQHRQH
XJDUVNRKUYDWVNHNDQFHODULMH7DNRÿHUWDMHLVSUDYDQDMYMHURMDWQLMHQDþLQMHQDSUHPD
SLVPHQRMWUDGLFLMLWHVHLãOR]DWLPGDVHSULNDåHNDRL]YRUQDXYULMHPHNDGDMH
RULJLQDOELRSRWUHEDQNDRGRND]QDVQDJDSUDYQRJþLQD3UHPDWRPH6WMHSDQRYD
MHLVSUDYDVDPRIRUPDOQLIDOVL¿NDW 1MH]LQ VDGUåDM NRML QL V SRYLMHVQRJ VWDQRYL
ãWDQHGRQRVLL]UD]HNRMLELVHPRJOLGRND]DWLNDRQHRGJRYDUDMXüLMHVWYMHURGR
VWRMDQLPRåHVOXåLWLNDRSRX]GDQLSRYLMHVQLL]YRU7DQRGL7DNR
6WMHSDQRYDLVSUDYDQHJXELQDVYRMRMYDåQRVWLNDRL]YRU]DSULURGQXVPUWNUDOMD
=YRQLPLUD2QDMHMRãXYLMHNNURQRORãNLQDMEOLåDVDPRPYUHPHQXNUDOMHYHVPUWL
1DGDOMHLDNRMHRYRIDOVL¿NDW IDOVL¿NDWRU MH ]DVLJXUQR ELR XSR]QDW VWLPH NDNR
MHNUDOM=YRQLPLUSUHPLQXR7DNRÿHUVYHNDVQLMHOHJHQGHRXERMVWYXVSRPLQMX
=YRQLPLUDNDRSRVOMHGQMHJDKUYDWVNRJNUDOMDDIDOVL¿NDWRU ]D GRQDWRUD LVSUDYH
VWDYOMDQMHJRYDQDVOMHGQLND6WMHSDQD,,1.ODLü'DNOHPRåH
VH]DNOMXþLWLGDSLVDF6WMHSDQRYHLVSUDYHQLMH]QDRQL]DNDNYXQDVLOQXVPUWMHU
GDVHXERMVWYRGRLVWDGRJRGLORELORELQDQHNLQDþLQVSRPHQXWRVRE]LURPGDMH
XNDVQLMLPOHJHQGDPDRSLVDQRNDRL]X]HWQRQDVLOQR
%DãüDQVNDSORþD
.DGDVHJRYRULRL]YRULPDL]UD]GREOMDNUDOMD=YRQLPLUDQHPRJXüHMHL]RVWDYLWL
%DãüDQVNXSORþX2QDMHQHSURFMHQMLYVSRPHQLNKUYDWVNHSLVPHQRVWLLNXOWXUH1D
QMRMMHXNOHVDQ]DSLVGDMHNUDOM=YRQLPLUVYRMHGREQRGDURYDROHGLQX6DPRVWDQX
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
,VSUDYHL];,,VWROMHüD
7LMHNRP ;,, VWROMHüD QDLOD]LPR QD VSRPHQ LPHQD NUDOMD =YRQLPLUD X ãHVW
LVSUDYD3UYDMHL]JGMHKUYDWVNRXJDUVNLNUDOM6WMHSDQSRWYUÿXMH6DPRVWDQX
VY,YDQDNRG%LRJUDGDGDURYDQMH5RJRYD9UELFHL.DPHQMDQkNDNRVXPXLK
GDURYDOLKUYDWVNLNUDOMHYL.UHãLPLUL=YRQLPLU&',,,VWRþLQHLNUDOM%HOD
,,,KHUFHJ$QGULMDLNUDOM(PHULN&',,3RVWRML
LGRNXPHQWL]XNRMHPL]YMHVQL3HWUDþD1HJRPLUVYMHGRþLGDMHKUYDWVNL
NUDOM=YRQLPLUQHNRVYRMH]HPOMLãWHGDURYDRVYRPÄPDJLVWUX³SUDGMHGXâHVWDND
&',,=YRQLPLUVHWDNRÿHUVSRPLQMHXLVSUDYLVSOLWVNRJNQH]D*UXEHãH
L]&',,2YHLVSUDYHGRND]XMXGDMHX;,,VWROMHüX=YRQLPLUELRX
åLYRMXVSRPHQLGRNRQDþLQXQMHJRYHVPUWLELORQDVLOQHELORQHQDVLOQHQHPD
QLULMHþL
+LVWRULD6DORQLWDQD7RPH$UKLÿDNRQD
8SRJODYOMXVYRMHJGMHODÄ+LVWRULD6DORQLWDQD³7RPD$UKLÿDNRQNDåHÄ8WR
MHYULMHPHSUHPLQXRNUDOM=YRQLPLUQHRVWDYLYãLVYRJDSRWRPNDNDRQDVOMHGQLND
%XGXüLGDVHXJDVLRVDYURGNUDOMHYVNHNUYLXKUYDWVNRPNUDOMHYVWYXQLMHYLãHELOR
QLNRJDWNRELSRQDVOMHGQRPSUDYXWUHEDRSUHX]HWLSULMHVWROMH³7RPD
7RPD]D=YRQLPLURYXVPUWNRULVWLL]UD]ÄPRUWLVGHELWXPVROXLW³GDNOHÄSODWLR
MHGXJVPUWL³7RMHNUãüDQVNLL]UD]DWHPHOMLVHQDL]UHFLL]%LEOLMHÄ6WDWXWXPHVW
KRPLQLEXVVHPHOPRUL³+HE'DNOHL=YRQLPLUMHPRUDRXPULMHWLMHUMHWR
SULURGQRVYDNRPþRYMHNX7DML]UD]LVNOMXþXMHQDVLOQXVPUW1DLPHRQMHVLQRQLP
]DSULURGQXVPUW7RPD-DGULMHYLü3RVWRMLMRããHVWVOXþDMHYD
NRG7RPH$UKLÿDNRQDNDGDVHNRULVWLWDMLVWLL]UD]LXYLMHNXVPLVOXSULURGQHVPU
WL7DNRÿHUGYDSXWDLVWLþHGDMH=YRQLPLUÄXOWLPXVUH[&URDWRUXP³LQHQDYRGL
QLãWDSRVHEQRRQMHJRYRMVPUWL1.ODLü3R]QDWRMHGD7RPDQLMH
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
&KURQLFRQSLFWXP9LQGRERQHQVH
=YRQLPLURYDVHVPUWVSRPLQMHLXRYRMXJDUVNRMNURQLFLL]JRGLQH1D]LYD
VHÄEHþNRP³MHUVHQDOD]LODX%HþNRMGYRUVNRMNDQFHODULMLDXNUDãHQDMHVD
PLQLMDWXUH(YRNDNRJODVLYLMHVWR=YRQLPLUXÄ2QMH/DGLVODYSUYL'DOPDFL
MXL+UYDWVNXVYRMRMGUåDYLYMHþQLPSUDYRPSRGORåLR.DGMHQDLPHXPURNUDOM
=RORPHU =YRQLPLUQHRVWDYLYãLGMHFHåHQDQMHJRYDVHVWUDNUDOMD/DGLVODYD
JRQMHQDPQRJLPQHSUDYGDPDRGGXãPDQDVYRJDPXåD]DPROLXLPH,VXVD+ULVWD
SRPRüLRGVYRJDEUDWDNUDOMD/DGLVODYD1MH]LQHMHQHSUDYGHNUDOMOMXWRRGPD
]GLRLSRYUDWLRMRMþLWDYX+UYDWVNXL'DOPDFLMXNRMXMHNDVQLMHNUR]VSRPHQXWX
NUDOMLFXVYRMRMGUåDYLSRGORåLR7RSDNNUDOMQLMHXþLQLRRGSRKOHSHQHJRãWRMH
VHELEDãWLQXSULVYDMDRSRNUDOMHYVNRPSUDYX.UDOM=YRQLPLUQDLPHELMDãHQMHPX
XSUYRPVWHSHQXURÿDNDEDãWLQLNDQLMHLPDR³-DGULMHYLü
1LRYDML]YRUQHJRYRULRNUDOMHYXXERMVWYX$XWRUMHGQRVWDYQRNRQVWDWLUDGDMH
NUDOMXPURLDNRELþLQMHQLFDRXERMVWYXMRãGRGDWQRRVQDåLOD/DGLVODYRYSRKRGQD
+UYDWVNXLNDVQLMXXJDUVNXYODVWQDGWLPSURVWRURP2QJRYRULVDPRRPQRJLP
QHSUDYGDPDNRMHVXSUHPDNUDOMLFLXþLQLOLGXãPDQLQMH]LQDPXåD'DMHPHÿXWLP
QHSUDYGDPDELORLNUDOMHYRXERMVWYRRQREL]DVLJXUQRELORVSRPHQXWR
2YXYLMHVWMHGRVORYFHSUHX]HODLÄ%XGLPVNDNURQLND³L]JRGLQHDL]QMH
MHSULþDGRãODGRÄ&KURQLFRQ+XQJDURUXP³-iQRVD7KXUyF]\MDWDNRÿHUL];9
VWROMHüDDMDYOMDVHVQHNLPSURPMHQDPDLXGMHOX$QWRQLD%RQ¿QLMD Ä5HUXP
8QJDULFXP GHFDGHV³ NRMH MH QDVWDOR QD SULMHOD]X ;9 L ;9, VWROMHüD 5HÿHS
3DUQLFD]D.DULQ
3DUQLFD ]D .DULQ XRELþDMHQL MH QD]LY ]D LVSUDYX NRMX MH VWXGHQRJ
L]GDRNUDOM/XGRYLN&';,,,2QXQMRMSRWYUÿXMHSRåHOMLVYRMHPDMNH
(OL]DEHWHSOHPLüLPD/DSþDQLPD]HPOMX.DULQNDRSOHPHQãWLQX1DLPHNDNR
VHXLVSUDYLVSRPLQMHWDMMHSRVMHGGRELRQDGDUQMLKRYSUHGDN9LQLKDRGKUYDW
VNRJNUDOMD=YRQLPLUDdXDQLPHULXVSULJRGRPYMHQþDQMDVQMHJRYRPNüHUNRP
.ODXGRP2YDMGRNXPHQWWDNRÿHUQLãWDQHJRYRULR=YRQLPLURYRMQDVLOQRMVPU
WL,]JOHGDGDMH]DWHOMXGH=YRQLPLUELRVDPRÄGRPLQXVUH[³DRNRMHPVXSR
WUDGLFLML]QDOLVDPRWROLNRGDMHLPDRNüHUNRMDVHXGDOD]DMHGQRJQMLKRYDSUHWND
1.ODLü
8SRJODYOMX7RPDGRQRVLSRGDWDNGDMHNUDOM=YRQLPLUQDSRNUDMLQVNRPVLQRGXX1LQXQD
]DKWMHYQDGELVNXSD/RYUHYUDWLR6SOLWVNRMQDGELVNXSLML&UNYXVYHWRJ6WMHSDQDL&UNYXVYHWH
0DULMHX6ROLQXVDVYLPGREULPD7RPD
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
,]YRUL]DQDVLOQXVPUWNUDOMD=YRQLPLUD
'RGDWDNÄKUYDWVNRMUHGDNFLML³/MHWRSLVDSRSD'XNOMDQLQD
/MHWRSLV SRSD 'XNOMDQLQD LOL %DUVNL URGRVORY GMHOR MH QHSR]QDWRJ EDUVNRJ
VYHüHQLNDL]GUXJHSRORYLFH;,,VWROMHüD3ULMHSRþHWND;9,VWROMHüDSUYD
SRJODYOMDODWLQVNHUHGDNFLMHSUHYHGHQRMHQDKUYDWVNLMH]LN3ULWRPMHQHSR]QDWL
SUHYRGLWHOMGRGDROHJHQGXRQDVLOQRMVPUWLNUDOMD=YRQLPLUD7HNVW+5/-3'SR
þHWNRPMH;9,VWROMHüDSURQDãDRVSOLWVNLSOHPLü'RPLQLN3DSDOLü1DQMHJRYMH
QDJRYRU0DUNR0DUXOLüSUHYHRWHNVWQDODWLQVNLMH]LNLWDMMHSULMHYRGGDR
WLVNDWL,YDQ/XþLü+UYDWVNLL]YRUQLNQLMHVDþXYDQYHüVDPRQMHJRYSULMHSLVNRML
MHXþLQLR-HURQLP.DOHWLü-DGULMHYLü
/HJHQGD]DSRþLQMHRSLVRPYODGDQMDNUDOMD=YRQLPLUDÄ,]DGREURJDNUDOMD
=YRQLPLUD ELãH YHVHOD VYD ]HPOMD MHUH ELãH SXQD L XUHãHQD VYDNRJD GREUD L
JUDGRYLSXQLVUHEUDL]ODWD,QHERMDãHVHXERJLGDJDL]MLMDNLQLVOXJDGDPX
XþLQL QHSUDYR JRVSRGLQ³ 1DGDOMH VH JRYRUL NDNR VX ULPVNL FDU L SDSD SRVODOL
SLVPR=YRQLPLUXXNRMHPJDPROHGDVD]RYHVNXSãWLQXL]DPROLQDURGGDNUHQH
XNULåDUVNLUDW]DRVOREDÿDQMH.ULVWRYDJUREDLGUXJLKVYHWLKPMHVWD2QWRLXþLQL
WHVD]RYHQDURGQXVNXSãWLQXÄXSHWLKFULNYDKX.RVRYL³0HÿXWLP+UYDWLQH
GRSXVWLYãLPXGDGRNUDMDSURþLWDSLVPRÄQHUHNDNRSVLQDYXNHODMXüLNDGD
LGXWDNRRQLQDGREURJDNUDOMD=YRQLPLUDNRPXQHGDãHQLSURJRYRULWLQHUHV
EXNRPLRUXåMHPSRþHãHVLüLQDQMHJDLWLORQMHJRYRUDQLWLLNUYSUROLYDWLVYRJD
GREURJDNUDOMDLJRVSRGLQDNRMLOHåHüLXNUYLL]UDQMHQYHOLFLPEROL]QLSURNOHWDGD
QHYLUQH+UYDWHLRVWDWDNQMLKERJRPLVYHWLPLQMHJRYLPLLVRERPLQHGRVWRMQRP
VPUWLQMHJRYRPLGDELYHüH+UYDWLQLJGDUQHLPDOLJRVSRGLQDRGVYRJDMD]LND
QHJRYD]GDWXMXMD]LNXSRGORåQLELOL³8VOMHGHüHPSRJODYOMXRSLVXMHVHNDNRMH
XJDUVNLNUDOM%HOD,SRYHRYRMVNXQD+UYDWHGDRVYHWL=YRQLPLURYRXERMVWYR
RVYRMLRQMLKRYXGUåDYXÄ,LPLãHNUDOMD%HOX]DJRVSRGLQDMHUVYRJDELKXXELOL
SUH]NULYLQH,SRUHþHQRPHNUDOMXXJDUVNRPX+UYDWLELãHSRGORåHQLRGYROMHX
QHYROMXLRGVORERGQLKXUDERWXREUDWL³/-3'
3RVYHPXVXGHüLRYDGRSLVDQDSULþDR=YRQLPLURYXXERMVWYXQLMHRULJLQDOQD
WYRUHYLQDDXWRUD+5/-3'1DLPHXWRPVHGLMHOXWHNVWDGDMX]DPLMHWLWLWUDJRYL
SUHYRGLODþNRJSRVODDOLLVDPRVWDOQHJUDPDWLþNHNRQVWUXNFLMH$QþLü
2SVWRMDQMHSULþHSDNQHRYLVQRR+5/-3'VYMHGRþLLSRMDYDWRJPRWLYDXRVWDOLP
*UJHFVPDWUDGDMH+5/-3'QDVWDODQDMNDVQLMHGRVUHGLQH;,9VWROMHüDYLGL*UJHF
âLãLüMHVPDWUDRGDMHSULMHYRGQDVWDRX;,9VWROMHüXYLGLâLãLü5DGRMþLüJDSDN
GDWLUDX;9VWROMHüHYLGL5DGRMþLü1DGD.ODLüVPDWUDGDELVH]ERJVOLNHGUXãWYHQLK
LSROLWLþNLKRGQRVDXSRVOMHGQMLPSRJODYOMLPD+5/-3'QMH]LQQDVWDQDNPRJDRVWDYLWLX;9
VWROMHüHYLGL1.ODLü-DJLüL&UQþLüMH]LþQRPDQDOL]RPUXNRSLVDSUHPDREOLNX
SRMHGLQLK ULMHþL L QRYLP L]UD]LPD VWDYOMDMX QDVWDQDN +5 /-3' X ;9 LOL þDN SRþHWDN ;9,
VWROMHüDYLGL/-3'3HULþLüSDNVPDWUDGDMH+5/-3'QDVWDODYHüNUDMHP;,,VWROMHüD
YLGL.ROXPELü
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
L]YRULPDRNRMLPDüHXQDVWDYNXELWLYLãHULMHþL,DNRMHPRJXüHGD+5/-3'L
QLMH QDMVWDULML L]YMHãWDM R QDVLOQRM VPUWL NUDOMD =YRQLPLUD RQD MH QDMRSãLUQLMD L
QDMYMHURGRVWRMQLMDMHUMHSULþD]DSLVDQDQDWHULWRULMXQDNRMHPMHOHJHQGDLQDVWDOD
LQDNRMHPVHWRERåHGRJDÿDML]ELR*ROGVWHLQ
8JDUVNRSROMVNDNURQLND
8RYRPGMHOXWDNRÿHUSURQDOD]LPRPRWLYXERMVWYDKUYDWVNRJNUDOMD.ULWLþND
KLVWRULRJUD¿MD 8JDUVNRSROMVNX NURQLNX RGEDFXMH ]ERJ WRJD ãWR VH QH ]QD WRþQR
YULMHPHNDGDMHQDVWDODQLWNRMHQMH]LQDXWRU1.ODLü0HÿXWLPQLMH
]DRGEDFLWLSUHWSRVWDYNDGDMHDXWRULOLYLãHQMLKLPDRXYLGXQDãHNURQLþDUVNH
VDVWDYNH$QþLü
.DR L]YRU ]D KUYDWVNX SRYLMHVW RELþQR VH FLWLUD WUHüH SRJODYOMH Ä2 SREMHGL
NUDOMD$WLOH³XNRMHPVHQDOD]HHOHPHQWLOHJHQGHRXERMVWYXNUDOMD=YRQLPLUD
7DPRVWRMLGDVH.ULVWREUDWLR$NYLOL $WLOLWHPX]DSRYMHGLRGDRGXVWDQHRG
RVYDMDQMD5LPDLGDÄRVYHWLPRJL]DEUDQRJNUDOMD.D]LPLUDNRMLMHNUDOMHYLPD
6ODYRQLMHL+UYDWVNH]DåLYRWDYMHUQRVOXåLRVYLPåDURPVUFDLGXãHRVYHWLVH
RQLPDNRMLVXJDL]GDMRPVUDPRWQRXELOL2QLVXQDLPHUHNOLQLNDGDQHüHELWL
NUDOMQDGQDPDQHJRüHPRPLVDPLYODGDWL³$NYLODJDMHSRVOXãDRSUHãDR$OSH
LVSXVWLRVHQDJUDQLFXÄ+UYDWVNHL6ODYRQLMHL]PHÿXULMHND6DYHL'UDYH'RÿRãH
PXRQGMHXVXVUHWSUYDFL+UYDWVNHL6ODYRQLMHXUHGLãHERMQHUHGRYHDRGVLMHYDOR
MHVXQFHQD]ODWQLPãWLWRYLPDLVMDODVXEUGDLYRGLOLVXYHOLNXELWNXRVDPGDQD
DOLLKMH%RJSUHGDRXUXNHNUDOMD$NYLOH]ERJQMLKRYDNUDOMD.D]LPLUDNRMHJD
VXL]GDOLLVUDPRWQRXELOLSRXELMDQLVX6ODYHQLL+UYDWLQHNLSREMHJRãHDGUXJL
VXRGYHGHQLX]DUREOMHQLãWYR³7DNRMHRVYHWLR.D]LPLURYXVPUWLQDNRQWRJDVH
RGOXþLRQDVHOLWLX6ODYRQLMLLX]HWLQHNX+UYDWLFX]DåHQX1.ODLü,VWD
8JDUVNRSROMVNDNURQLNDPLMHãDUD]OLþLWHSULSRYMHGQHL]YRUHRNRMHGQHþLQMHQLFH
±SRJLELMHSRVOMHGQMHJDKUYDWVNRJNUDOMD.DNRPXNURQLþDUYMHURMDWQRUHGRYQLN
L]0DOH3ROMVNHQLMH]QDRLPHXSRWULMHELRMHSROMVNRYODGDUVNRLPH.D]LPLU7X
VHWDNRÿHUPRåHYLGMHWLGDMHRVYDMDQMH+UYDWVNHRGXJDUVNRJNUDOMDSULND]DQR
NDR%RåMDRVYHWD]DXERMVWYRNUDOMD.D]LPLUD=YRQLPLUD7LPHVHRSUDYGDYD
XJDUVNDYODVWQDKUYDWVNRPSURVWRUX
+LVWRULD6DORQLWDQDPDLRU
.DRLGMHORSRSD'XNOMDQLQDLGMHORMH7RPH$UKLÿDNRQDWLMHNRPYUHPHQDVORER
GQRSUHUDÿHQR7DNRMHYMHURMDWQRSRþHWNRP;9,VWROMHüDQHSR]QDWLDXWRUPRåGD
5DGRMþLüVPDWUDGDMHGMHORQDVWDORYMHURMDWQRSRORYLFRP;,9VWROMHüDYLGL5DGRMþLü
âLãLüSDNGRQRVLSRGDWDNGDMHWRGMHORQDVWDORRNRJRGLQHYLGLâLãLü
-DGULMHYLüNUDOMD.D]LPLUDL]MHGQDþDYDVKUYDWVNLPNUDOMHP0LURVODYRPL]SRORYLFH;VWROMHüD
-DGULMHYLü
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
QHNLVSOLWVNLVYHüHQLNGRUDGLR7RPLQRGMHORXQRVHüLXQMHJDL]YRUQLPDWHULMDODOL
LL]EDFLYãLVYHãWRQHVOXåLQMHJRYRMVYUVL7DNRÿHUMHGRGDRLOHJHQGXRQDVLOQRM
=YRQLPLURYRMVPUWL1.ODLü
Ä8WRYULMHPH±RS'1=YRQLPLUNUDOM+UYDWDNRMHJDVX8JULQD]LYDOL
=RORPHU]DSRYLMHGLLRGUHGLGDVHVYLSOHPLüLLYLWH]RYLNDRLUDWRYDQMXYMHãWL
PXåHYLQMHJRYDNUDOMHYVWYDVDNXSHXPMHVWXLOLUVNLPMH]LNRPQD]YDQX.RVRYR
JGMHMHNDåHVHPMHVWR3HWFUNDYDLRQGMHGDGHSURþLWDWLSLVPDSDSLQVNRJGYRUDL
FDUVNDXNRMLPDPHÿXRVWDOLPELMDãHLRYR=DSRYLMHGDPRLQDODåHPRWHELNUDOMX
6XRQHPLULMXL]DNOLQMHPRWHRVLPWRJDGDWL]DMHGQRVDVYRMRPYRMVNRPGDELVH
RVORERGLRJUREVODYQRJD.ULVWDSULMHÿHãSUHNRPRUDLWG,RGPDKWDNRX]QHPLUHQL
LUDVSDOMHQLELMHVRPLVUGåERPMHUVXPLVOLOLGDüHVHWRGRJRGLWLSULYRORPNUDOMD
QDYDOLãHQDVDPRJNUDOMDLXELãHJD$WDMMHNUDOMYHüELRSURåLYLRXVYRMHP
NUDOMHYVWYX+UYDWVNHJRGLQDYUORVYHWRLEH]QDVOMHGQLND%LRMHGRGXãHRåHQMHQ
NüHUNRPNUDOMD%HOH3UYRJDLWDMMH6XRQHPLUELR]DGQMLXNUDOMHYVWYX+UYDWVNH
,WDNRSRVOLMHQMHJD+UYDWLQLNDGDQLVXLPDOLNUDOMD%XGXüLGDVHWRWDNRVYUãLOR
6XRQHPLURYDåHQDNüHUNDNUDOMD%HOHRVMHüDMXüLGDMHXJURåHQDRGXERMLFDL
]ERJVPUWLVYRJDPXåDSR]RYHVYRJDEUDWD9ODGLVODYDNUDOMD8JDUVNHGDVH
RVYHWLVSRPHQXWLPXERMLFDPDQMH]LQDPXåD7DGDNUDOM9XODQGLVODYEH]LNDNYD
]DGUåDYDQMDVDNXSLYãLYHOLNXYRMVNXGRÿHLRVYRMLþLWDYX]HPOMXRGULMHNH'UDYH
GRSODQLQDNRMHVH]RYXÄäHOMH]QH³3RVOLMHWRJDSULMHÿHSODQLQHLVWDGHRVYDMDWL
XWYUGHLNDVWUDSUROLMHYDMXüLPQRJRNUYLX]QDNRVYHWH]DVYRJDURÿDND,WDNR
]DGRELYãLNUDOMHYVWYR+UYDWDSUHGDGHJDVYRMRMVHVWULåHQLSRNRMQRJ6XRQHPLULMD
MHUMHNDNRMHUHþHQRRQELRSRVOMHGQMLNUDOMXNUDOMHYVWYX+UYDWVNHNRMHPXMH
]DXVSRPHQXLVDVWDYOMHQQLåHQDYHGHQLHSLWDI
7NRüHPRüLVX]GUåDWLQDURGGDQHX]GLãH
NDGDEXGHJOHGDRRYDMJUREGRLVWDYULMHGDQRSODNLYDQMD"
-HUXRYRMWDPLSRþLYDVYLMHWOD]YLMH]GD
X]YLãHQDSRGULMHWOD.DNROLVHþXGQRWUQH
-HUQMH]LQDVHGLYOMDþNDVPUWPRåHVSURNOLQMDQMHPWXPDþLWL
FUQLP]ORþLQLPDSRNYDUHQRJQDURGD
%LMHVQLSRSXVWLãHGRNUDMQRVWLVUFX
LQDMWHåLPXPRUVWYRPSRJXELãHNUDOMD
NUHSNHVQDJHUXNRPPRüQRJD
SRERåQRJD=YRQLPLUDEHVNUDMQRSRãWHQRJD
NRMLMHELRQMLKRYãWLWSURWLYGXãPDQLQD
QDYLNDRGDVDWLUHQHSULMDWHOMVNDYUDWD
2SODNXMWHSUYDFLYHüMHGQRPJODYDUDþDVWL
VWDUFLLPODGLüLKUYDWVNH]HPOMH
3RVWRMDORMHLPLãOMHQMHGDMH+60QHNDYUVWDNRQFHSWDLOLVDNXSOMHQHL]YRUQHJUDÿHVDVWDYOMHQD
MRãX;,,,VWROMHüXL]NRMHMH7RPDVDVWDYLRVYRMX+6SUHUDÿXMXüLLOLLVSXãWDMXüLPQRJDPMHVWD
L]NRQFHSWDSDWDNRLPMHVWRRQDVLOQRM=YRQLPLURYRMVPUWL*XQMDþD
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
MHUãWRELMDãHSUYDVYHþDQRVWNUDOMHYVWYD
LXMHGQRþDVWLVODYDVDGMHSURSDOR³1.ODLü
.DRãWRMHYLGOMLYRDXWRUVHVOXåLLKUYDWVNRPLXJDUVNRPYDULMDQWRP1DLPH
X]URNVPUWLMHSULND]DQNDRLX+5/-3'DSRVOMHGLFHNDRLXL]YRULPDXJDUVNRJ
SRGULMHWOD6YHPXWRPHMHQDGRGDRLWRERåQML=YRQLPLURYHSLWDI2QVHMRãRG
YUHPHQD,YDQD/XþLüDVPDWUDRL]PLãOMRWLQRPLOLWYRUHYLQRP;,9VWROMHüD1DLPH
RQMHVSMHYDQXW]YYDJDQDWVNRPVWLKX8QDãLPLXGUXJLPHXURSVNLPQDGJUREQL
FDPDWDMVHVWLKQHXSRWUHEOMDYDQLX;,QLX;,,QLX;,,,VWROMHüX7UDGLFLRQDOQR
PMHULOR]DQDGJUREQHQDWSLVHXWRPMHUD]GREOMXKHNVDPHWDULOLKHNVDPHWDUXGUX
åHQVDSHQWDPHWURP9DJDQVNLVWLKMHQDQDãHPSRGUXþMXXXSRWUHELWHNRG;,9
VWROMHüDWHMHRJUDQLþHQQDSRGUXþMHJUDGD7URJLUD3RVWRMHWULWDNYDHSLWDIDNRML
SRWMHþXRGLVWRJSMHVQLND$NRVHMHGDQRGQMLKHSLWDI0ODGHQD,,,âXELüDXPUR
RåXMNDXVSRUHGLVD=YRQLPLURYLPHSLWDIRPXYLÿDPRGDL]PHÿXQMLK
SRVWRMHYHOLNHVWLOVNHLIUD]HRORJLMVNHVOLþQRVWL'DNOHSRVWRMLYHOLNDYMHURMDWQRVW
GDREDSRWMHþXRGLVWRJSMHVQLNDWHGDVXQDVWDOLLXLVWRYULMHPH±VUHGLQRP;,9
VWROMHüD*UJHF7DNRQLVDPDÄ+LVWRULD6DORQLWDQDPDLRU³QHPRåH
ELWLVWDULMDRGWRJYUHPHQD
$QRQLPQDVSOLWVNDNURQLND
2YD MH NURQLND SURQDÿHQD X DUKLYX WURJLUVNH RELWHOML )DQIRJQD*DUDJQLQ D
SUYLMXMHREMDYLR+UYRMH0RURYLü1MH]LQGLRELRMHSR]QDWLâLãLüX6DPWHNVW
MHLVSLVDQXWLSLþQRMKXPDQLVWLþNRMNXU]LYLNRQFD;9,LSRþHWND;9,,VWROMHüD
0RURYLüMHQMHQSRVWDQDNQDWHPHOMXQMHQHEDUEDUVNHODWLQãWLQHWHQHNLKL]UD]DL
REOLNDULMHþLVWDYLRX;,9VWROMHüHLXVSOLWVNXVUHGLQX*XQMDþDMHVPDWUDRGDMH
NURQLNDLPODÿDRG;,9VWROMHüD0RURYLü*XQMDþD
0RURYLüQLMH]ERJWRJDãWRXWHNVWXQHGRVWDMXQHNHULMHþLGRQLRWRþDQSULMHYRG
YHüSUHSULþDQLVDGUåDMÄ8GREDNUDOMD=YRQLPLUDELODMHJRGLQHQDPDUWD
YRMQDQD6DUDFHQHXNRMRMVXVXGMHORYDOLIUDQFXVNLNUDOML$QGULMDXJDUVNLNRML
MHSRVODRSRVODQLNH=YRQLPLUXSR]LYDMXüLJDGDVXGMHOXMHXWRMYRMQL2QMHWR
REHüDRVD]YDRYHOLNLVNXSQDSROMH]YDQR3HWURYR3ROMHLRE]QDQLR+UYDWHGDVH
VSUHPH]DWULPMHVHFDQDYRMQX0HÿXWLPRQLVHVWDQXL]JRYDUDWLSRPDQMNDQMHP
QRYFDLQHYMHãWLQRPSXWRYDQMDPRUHP.UDOMLK]DWLPSR]RYHGDSRÿXNRSQRP
]DMHGQRVXJDUVNLPNUDOMHP7DGDQHNL6ODYHQLUDVUÿHQLQDSDGQXQDVYRJNUDOMD
9DJDQDWVNLVWLKSRþHRVHMDYOMDWLYMHURMDWQRSRORYLFRP;,VWROMHüDDVYDNDNRJDMHSR]QDYDR
YHü$EHODUG6YDNLVWLKVHUDãþODQMXMHXGYDGLMHODRGNRMLKSUYLGLRLPDDGUXJL
VORJRYD7DMWULQDHVWHUDFVXSR]QDWLPXþLQLOLX;,,L;,,,VWROMHüXFOHULFLYDJDQWHVNOHULFL
OXWDRFLWHMHSRQMLPDLGRELRLPHYLGL*UJHF
7DNYLVHHSLWD¿ QDOD]H QD JURERYLPD VSOLWVNLK QDGELVNXSk /RYUH XPUR L .UHVFHQFLMD
XPUR9HNHQHJHRSDWLFH]DGDUVNRJ6DPRVWDQDVY0DULMHXPUODWHQDJUREX7RPH
$UKLÿDNRQDXPURYLGL*UJHF
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
=YRQLPLUDLSREMHJQXRVWDYLYãLJDSROXPUWYD=YRQLPLUSR]RYHQRWDUD6LPRQD
LGDGHSUHGNQLQVNLPELVNXSRPLGUXJLPDQDSLVDWLRSRUXNX,]PHÿXRVWDORJSR
YMHULVYRMHGYLMHNüHULSOHPLüX6QD]DFKDKUYDWVNRNUDOMHYVWYRSRGYUJQHSRG
8JDUVNXSULKYDWLYãLXJDUVNRJNUDOMDNDRVLQDGDELVHRVYHWLR+UYDWLPD3RNRSDQ
MHXPDQDVWLUXVY0DULMHXJUDGX%ULELUXNRMLSULSDGDHSLVNRSDWXVY0DULMH³
0RURYLü
&LMHODNURQLNDLQMH]LQHSRMHGLQRVWL±SULPMHULFHNUDOMHYDRSRUXNDLOL]DMHGQLþNL
NULåDUVNLSRKRGIUDQFXVNRJLXJDUVNRJNUDOMD±VXPQMLYHVXLQHL]OD]HL]RNYLUD
OHJHQGDUQLKL]YRUDR=YRQLPLURYXXERMVWYX
&KURQLFRQEUHYH5HJQL&URDWLDH
2YD.UDWNDNURQLNDKUYDWVNRJNUDOMHYVWYDGMHORMHIUDQMHYFD,YDQD7RPDãLüD
%XGXüLGDMHSRVOMHGQMLXQRV]DJRGLQXSUHWSRVWDYOMDVHGDMHGMHORQDSLVDQR
WHJRGLQHLOLXEU]RQDNRQWRJD
(YRNDNRNRG7RPDãLüDJODVLYLMHVWR=YRQLPLURYXXERMVWYXÄ*RGLQH
JRVSRGQMHWLVXüXSHGHVHWVHGPH=DYULMHPHVYHWRJNUDOMD/DGLVODYDVLQD%HOH
3UYRJWDMVHX]SULVWDQDNVYLKSRGDQLNDX]QDNORQRVWERåDQVNHEODJRVWLRNUXQL
,VWHMHJRGLQHXPURNUDOM=RUREHOSRVOMHGQMLNUDOM+UYDWVNH'DOPDFLMHL6ODYR
QLMHNUDOM=RUREHOELMDãHQDLPHYHRPDKUDEDUþRYMHNYMHãWRUXåMXYUORSRERåDQ
L ]DWRþHQLN NUãüDQVNH YMHUH KWLR MH L åHOLR RVORERGLWL .ULVWRY JURE NRML ELMDãH
]DX]HR6ROGDQ6WRJDMHSRGYMHUQRVWQDORåLRVYLPSRGDQLFLPDGDVYDNLGRÿH
SRGRUXåMHPQD3HWURYRSROMH.DGVXVH6ORYLQFL]ERJåHQDLGMHFHVXSURWVWD
YLOL]DSRYLMHGLPDLQDUHGEDPDNUDOMDJRYRULOLVXµâWRUDGLWDMNUDOMQLNDGYLãH
QHüHPRYLGMHWLGMHFXåHQHLVYRMXGRPRYLQX]DãWRQDVQDJRYDUDGDSULMHÿHPR
SUHNRPRUD¶7DGDRQLSUHYUWOMLYL6ORYLQFLQDJRYRUHNUDOMHYRJWDMQLNDGDJDXEL
MHLGUXJRJSHKDUQLNDNRMLVH]YDR7DGLMD6ORYLQDFLRYDVXGYRMLFDXãODQRüX
GDQDWUDYQMDSRGNUDOMHYãDWRUXELOLJDQDJRUHUHþHQRPSROMXNRGFUNYH
VY&HFLOLMHDNUDOMSULMHQHJRMHXPURVD]YDYãLVYHSRGDQLNHSUHGVYLPDMH
SURJRYRULRRYHULMHþL2YMHUQLLEUDüRPRML+UYDWLL'DOPDWLQFLL]GXELQHVUFD
åDOLPãWRVWHPLELOLEUDüDLYHRPDYMHUQHVOXJHELWüXYDãSRVOMHGQMLNUDOMMHUüHWH
RGVDGXYLMHNELWLSRGORåQLWXÿLPNUDOMHYLPDLYODGDULPD¶*RYRUHüLWRL]GDKQH
DSRNRSDQMHX.DSWROXNQLQVNRPXFUNYLVY%DUWRORPHMDSUHGYHOLNLPROWDURP
2QHVUHWQD+UYDWVNDNRMDVLWLWDNYRJLWDNRYHOLNRJNUDOMDL]JXELODLPQRJHVX
JDJRGLQHSRVOLMHWRJDRSODNLYDOH+UYDWVNDL'DOPDFLMD,PDRMH]DåHQXVHVWUX
VYHWRJ9ODGLVODYDXJDUVNRJNUDOMD%XGXüLGDMH=RUREHOXPUREH]GMHFHNUDOM
MH/DGLVODY]DX]HRSRQDMSULMHNUDOMHYVWYR+UYDWVNHLSRGORåLRSRGVYRMXYODVWVYH
GRGDQDGDQDãQMHJD³1.ODLü
.DNRMH7RPDãLüVSRGUXþMDVUHGQMRYMHNRYQH+UYDWVNHRQ]DUD]OLNXRGGUXJLK
L]YRUDQHRSWXåXMH+UYDWH]D=YRQLPLURYRXERMVWYRQHJRÄSUHYUWOMLYH6ORYLQFH³
DåDOLYMHUQH+UYDWHL'DOPDWLQFHãWRYLãHQHüHLPDWLGRPDüHYODGDUH2QMHGLQL
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
LLPHQXMHNUDOMHYHXERMLFH±QMHJRYDWDMQLNDLSHKDUQLND7DGLMX6ORYLQFD2EOLN
LPHQDNRMLNRULVWL]D=YRQLPLUD±=RUREHOXSXüXMHQDWRGDMHSULVDVWDYOMDQMX
VYRJDGMHODNRULVWLRQHNHXJDUVNHL]YRUHPHÿXRVWDOLPYMHURMDWQRL%XGLPVNX
NURQLNXâLãLü1.ODLü
&DWDORJXVGXFHPHWUHJXP'DOPDWLHHW&URDWLH
.DRLÄ$QRQLPQDVSOLWVNDNURQLND³LRYDMMHL]YRUSURQDÿHQXWURJLUVNRPDUKLYX
)DQIRJQD*DUDJQLQ7DMMHNDWDORJSUHSXQIDQWDVWLþQLKNRQVWUXNFLMDLQLMHSRX]GDQ
SRYLMHVQLL]YRU0HÿXWLPWXVHPRåHYLGMHWLNRPSLODWRURYSRNXãDMXVNODÿLYDQMD
OHJHQGHLSRYLMHVQHLVWLQH(YRNDNRVHVSRPLQMH=YRQLPLU
Ä;;9,,=YRQLPLU3UYLNRML>VH]YDãH@L'PLWDURGNDULQVNRJåXSDQDXþLQMHQ
NUDOMHP>L@X]GRSXãWHQMH*UJXUD9,,X6DORQLRNUXQMHQYUORVYHþDQLPREUHGRP
LXþLQLRMHVYRMHNUDOMHYVWYRYD]DORP6YHWRJ3HWUD6XSUXJD/HSDLOL-HOH
QDVHVWUD6YHWRJ/DGLVODYDNüLSRLPHQXLOLPDQL.ODXGD>ãHSDYD±RSSUHY@
VXSUXJD9LQLKHL]SOHPHQLWHRELWHOML/DSþDQD3UHPLQXR
;;9,,,=YRQLPLU,,GUXJDþLMH6WMHSDQWDNRÿHU,,VLQ7UHEHOLMHYX]SULVWDQDN
QDMSOHPHQLWLMLKGUåDRMHYODVW*RGLQHSRVODRMHL]åXSHNUEDYVNHþHWHXVYHWL
UDWVDP>LK@MHQDPMHUDYDRVOLMHGLWLGDQLMHSRJLQXRXELMHQRG+UYDWDYDUNRP
NRG.QLQDRYMHQþDQPXþHQLãWYRP
3RVOLMH RYRJD NDR ãWR MH VYHWL NUDOM SURUHNDR +UYDWLPD VX YODGDOL 8JUL D
%RVDQFLLWDNRÿHU1HUHWOMDQLSRNRUDYDKXVHYODVWLWRPNQH]X³SUHPDâLãLü
SUHYHR0LVODY*UHJO
9LGLVHGDMHNRPSLODWRUSRNXãDRGRYHVWLXUHG=YRQLPLURYXVPUWSUYLNULåDUVNL
SRKRG SRJLELMXSRVOMHGQMHJKUYDWVNRJNUDOMDLSUHX]LPDQMHKUYDWVNHNUXQHRG
VWUDQHXJDUVNRJNUDOMD2YRMHLQDþHMHGLQLL]YRUNRMLMHQDWDNDYQDþLQSRNXãDR
VSRMLWLMHGQXOHJHQGDUQXLMHGQXVWYDUQXVPUWGYDMXKUYDWVNLKYODGDUD1.ODLü
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
XERMVWYXSUHPD7XEHURQRYXGMHOXLRGPDKJDSRELMD,,YDQ/XþLüMHVPDWUDRGD
YLMHVWRQDVLOQRMVPUWLQLMHLVWLQLWD2QQLMHSULKYDWLRL]YMHãWDM+5/-3'DWHNVW
XÄ+LVWRULD6DORQLWDQDPDLRU³QLMHVPDWUDRDXWHQWLþQLP5DWWNDM
.XUHODF
+LVWRULRJUD¿MD ;,; VWROMHüD RGEDFXMH YLMHVW R =YRQLPLURYX XERMVWYX VPD
WUDMXüLMHOHJHQGRPQDVWDORPX;,9VWROMHüXâXWQMDVXYUHPHQLKL]YRUDRWDNR
HNODWDQWQRPGRJDÿDMXNDRãWRMHXERMVWYRNUDOMDGDODMHWH]LRSULURGQRMVPUWLVQDJX
XYMHUOMLYRVWLWHVXMRMVHSULNORQLOLYHOLNLSRYMHVQLþDULWRJDGRED±)UDQMR5DþNL
0DWLMD 0HVLü9MHNRVODY .ODLü ,YDQ7NDOþLü7DGLMD 6PLþLNODV L GUXJL 0HVLü
9M.ODLü.RãüDN
7RPVHVWDYXQLMHQLWNRVXSURWVWDYLRVYHGRJRGLQHNDGD)HUGRâLãLüREMD
YOMXMHUDVSUDYXÄ2VPUWLNUDOMD=YRQLPLUD³2QMHVPDWUDRGDL]YRUHRXERMVWYX
QHWUHEDRODNRRGEDFLWL$UJXPHQWGDQLMHPRJORELWLNULåDUVNRJUDWDXYULMHPH
=YRQLPLURYHVPUWLSRELMDRMHWRERåQMLPSLVPRPNRMHMHEL]DQWVNLFDU$OHNVLMH,
.RPQHQXJURåHQRG3HþHQHJDL6HOGåXNDXSXWLRJURIX5REHUWX)ODQGULMVNRP
PROHüL]DYRMQXSRPRüDVYHWRX]SRGUãNXSDSH8UEDQD,,'DNOHWRELELOR
XVNODGXVL]YRULPDRQDVLOQRMVPUWLVDPRãWRVHQHELUDGLORRNULåDUVNRPUDWX
QHJRRSRPRüLFDUX$OHNVLMX,7DNDYVWDYL]QRVLLXVYRMRMÄ3RYLMHVWL+UYDWDX
YULMHPHQDURGQLKYODGDUD³6WDYRQDVLOQRM=YRQLPLURYRMVPUWLL]QRVLOLVXL9LNWRU
1RYDNWH0DUNR.RVWUHQþLüâLãLü.RãüDN.RVWUHQþLü
6WMHSDQ*XQMDþDWDNRÿHUMHELRSULVWDOLFDWHRULMHRXERMVWYXNUDOMD=YRQLPLUD
2QMHVYRMXWH]XSRWNUHSOMLYDRDUKHRORãNLPQDOD]LPD1DLPHRQMHWYUGLRGDVH
GDQDãQMH.RVRYRSROMHNUDM.QLQD]YDOR3HWURYRSROMHNDNRELOMHåHÄ$QRQLPQD
VSOLWVNDNURQLND³L,YDQ7RPDãLü1DWRPVHSRGUXþMXQDOD]LORVHOR.RVRYRD
XQMHPXMHX;,VWROMHüXSRVWRMDORSHWFUNDYDLRGVYLKSHWVXVDþXYDQLWHPHOML
7DNRGRELYDPRORNDOLWHWÄXSHWLKFULNYDKX.RVRYL³L]+5/-3'-HGQDRGWLK
FUNDYDMHWUREURGQDED]LOLNDXVWDURKUYDWVNRPFUNYHQRPVORJXLVWDMDODMHQD]D
UDYDQNXNRMLVHGDQDV]RYH6WXSRYL3UHPDREOLåQMHPORNDOLWHWX&HFHOD*XQMDþD
MHSUHWSRVWDYLRGDMHWR&UNYDVY&HFLOLMHSRUHGNRMHMHSUHPD7RPDãLüXXELMHQ
=YRQLPLU*XQMDþD
7DNRÿHUVHVOXåLRUHLQWHUSUHWDFLMRPSRYLMHVQLKL]YRUDGDSRWNULMHSLVYRMXWH
RULMX7DNRMHGMHORÄ+LVWRULDVDORQLWDQDPDLRU³SULND]DRMHNDRNRQFHSW7RPH
$UKLÿDNRQDWHJDQDWDMQDþLQSRNXãDRXþLQLWLVWDULMLPDLVSUDYXNUDOMD6WMHSDQD
,,SURJODVLRMHIDOVL¿NDWRP .RãüDN
3UYLNRMLMHSRQRYRSRþHRJRYRULWLRSULURGQRMVPUWLNUDOMD=YRQLPLUDELRMH
1LNROD5DGRMþLü2QMHXUDVSUDYLÄ/HJHQGDRVPUWLKUYDWVNRJDNUDOMD'LPLWULMD
=YRQLPLUD³L]JRGLQHSRELRL]YRUHRQDVLOQRMNUDOMHYRMVPUWL5DGRMþLü
1DNRQ'UXJRJDVYMHWVNRJUDWDSRQRYQRMHSRþHORSUHYODGDYDWLPLãOMHQMH
RSULURGQRMVPUWL7DNRVXSLVDOL%RJR*UDIHQDXHU-DURVODYâLGDN/RYUH.DWLü
3HWDU.DUOLüWH$QWH-DGULMHYLüNRMLMHSRVWDQDNOHJHQGHRVPUWLNUDOMD=YRQLPLUD
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
SRNXãDR REMDVQLWL VWYDUQLP XERMVWYRP NUDOMD 0LURVODYD NRMHJ MH X ; VWROMHüX
XELR EDQ 3ULELQD .RãüDN -DGULMHYLü ,SDN 1DGD
.ODLüQDMYLãHVHEDYLODWLPSUREOHPRPLWRXGYLMHUDVSUDYHÄ2OHJHQGDUQRMVPUWL
NUDOMD=YRQLPLUD³LÄ3UREOHP=YRQLPLURYHVPUWLXQRYLMRMOLWHUDWXUL³.RQDþQR
MHPLãOMHQMHL]QLMHODXVYRMRMÄ3RYLMHVW+UYDWDXUDQRPVUHGQMHPYLMHNX³2QD
VPDWUDGDVYHGR;,9VWROMHüDPHÿX+UYDWLPDQLMHQLãWDELORSR]QDWRR=YRQLPL
URYRMQDVLOQRMVPUWLWHGDMHOHJHQGDQDVWDODXGDOPDWLQVNLPJUDGRYLPD1DLPH
L]PHÿXNRPXQDOQLKGUXãWDYDQDREDOLLKUYDWVNRJ]DOHÿDSRVWRMDORMHGXJRWUDMQR
QHSULMDWHOMVWYR L QHUD]XPLMHYDQMH7DNRÿHU MH RGEDFLOD PRJXüQRVW GRND]LYDQMD
QDVLOQH VPUWL DUKHRORãNLP SURQDODVFLPD NRG .QLQD 1 .ODLü
6WDY R SULURGQRM =YRQLPLURYRM VPUWL SUHYODGDYD L GDQDV *ROGVWHLQ
%XGDN*ROGVWHLQ=DQLPOMLYRMHQDSRPHQXWLGD
MH9ODGLPLU.RãüDNL]QLRWH]XGDMH=YRQLPLUXPURRGSRVOMHGLFDUDQMDYDQMDQD
VDERUXWHGDL]WRJUD]ORJDVXYUHPHQLL]YRULQDVSRPLQMXQDVLOQXSULURGXNUDOMHYH
VPUWL.RãüDN
1DVWDQDNOHJHQGHR=YRQLPLURYRMVPUWL
.DNRXGDQDãQMHYULMHPHSUHYODGDYDPLãOMHQMHGDMHL]YMHãWDMRXERMVWYXNUDOMD
=YRQLPLUDOHJHQGDLSURGXNWNDVQLMHJUD]GREOMDSRWUHEQRMHVDJOHGDWLPRWLYHL
QDþLQQMHQRJQDVWDQND=DWRMHQDMELWQLMDDQDOL]DVYLKL]YRUDNRMLJRYRUHRXERMVWYX
WHVOLþQRVWLLUD]OLNHNRMHSRVWRMHPHÿXQMLPD6YLüHWLHOHPHQWLELWLRGYHOLNH
SRPRüLXSURQDODåHQMXRGJRYRUDQDSLWDQMHRQDVWDQNXVDPHOHJHQGH,YR*ROG
VWHLQMHXUDVSUDYLÄ.DNRNDGDL]DãWRMHQDVWDODOHJHQGDRQDVLOQRMVPUWLNUDOMD
=YRQLPLUD"³QMH]LQQDVWDQDNSRGLMHOLRXWULID]H*ROGVWHLQ
3UYXID]XRELOMHåDYDSRVWRMDQMHVDPHMH]JUHOHJHQGHWRMHVWPRWLYD]DXERMVWYR
NUDOMDLQMHJRYRSRYH]LYDQMHVD=YRQLPLURP6DPPRWLYXERMVWYDNUDOMDSRVWRML
XPLWRORJLMDPDUD]QLKQDURGDWHVHQHSUHVWDQRSRQDYOMDNUR]SRYLMHVW7XWUHED
LVWDNQXWLGDXRSüHQLMHYDåQRGDOLVHWRXERMVWYRGRLVWDGRJRGLORYDåQRMHVDPR
GDSRVWRMLXVYLMHVWLQDURGD+UYDWLQLWXQLVXL]QLPND.DRLXRVWDOLPGLMHORYLPD
VUHGQMRYMHNRYQH(XURSHQLX+UYDWVNRMQLMHSURãOREH]XERMVWYDYODGDUD3RVWRMH
þHWLULWDNYDVOXþDMDXYULMHPHQDURGQLKYODGDUD3RVDYVNRJMHNQH]D/MXGHYLWD
JRGLQHXELRXMDNNQH]D%RUQH/MXGHPLVO8]DYMHULMHJRGLQHXELMHQNQH]
=GHVODY3RORYLFRP;VWROMHüDNUDOMD0LURVODYDXELRMHEDQ3ULELQD,QDSRVOMHWNX
SRVOMHGQMLKUYDWVNLNUDOM3HWDUSRJLEDQDVLOQRPVPUüXXELWFLVXJDUVNRP
YRMVNRP%XGDN
7DNRÿHU WUHEDOR EL VSRPHQXWL L XERMVWYD GYRMLFH XJDUVNRKUYDWVNLK NUDOMHYD
±/DGLVODYD,9.XPDQFDWH.DUOD'UDþNRJJRGLQH,DNRMHSUYLELR
$USDGRYLüDGUXJL$QåXYLQDFPRJXüHMHGDVXLQMLKRYDXERMVWYDSRGVMHWLOLVWYDUD
WHOMHOHJHQGHR=YRQLPLURYRMVPUWLQDXERMVWYRMHGQRJDRGVSRPHQXWLKKUYDWVNLK
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
QDURGQLKYODGDUD1DLPHRQRVHGHVLORRWSULOLNHNDGDMHLQDVWDODOHJHQGD0RåGD
VXL]XPUüHMHGQHGLQDVWLMHSULMHVWROQHERUEHNRMHVXXVOLMHGLOHQDNRQWRJDWHGROD
]DNQRYHVWUDQHGLQDVWLMH$QåXYLQDFDRGQRVQR/XNVHPEXUJRYDFDSRGVMHWLOHQD
VLWXDFLMXNRMDMHXVOLMHGLODXEU]RQDNRQãWRMHXPUR=YRQLPLUGYDVWROMHüDUDQLMH
.DNRMHXRSüHGRãORGRSRYH]LYDQMDSULþHRXERMVWYXNUDOMDVD=YRQLPLURYLP
LPHQRP".DRãWRMHUHþHQR+UYDWLVXXVYRMRMSRYLMHVWLLVNXVLOLQDVLOQHVPUWL
YODGDUDLYMHURMDWQRMHGDVXRQHRVWDYLOHWUDJDXVYLMHVWLQDURGD7DNRVHSULPMH
ULFHNRGQDURGDX%LVNXSLMLVDþXYDODSUHGDMDRXERMVWYXNUDOMDPHÿXWLPQMHJRYR
LPHQLMHXSDPüHQR%XGDNELOM7DNRMHPRJXüHGDVHOLNXELMHQRJ
NUDOMDXMHGQRPWUHQXWNXVSRMLRVD=YRQLPLURP0RåGDMHQHWNR]QDR]DSRJLELMX
SRVOMHGQMHJDKUYDWVNRJNUDOMD3HWUDWHJDSRPLMHãDRVD=YRQLPLURPNRMLMHELR
SRVOMHGQMLYHOLNLKUYDWVNLNUDOM
=DQLPOMLYXMHSUHWSRVWDYNXL]QLRL'DPLU.DUELüNRMLOHJHQGXRNUDOMX=YRQLPLUX
VWDYOMDXNRQWHNVWSROLWLþNHSURSDJDQGHYHOLNDãNRJURGDâXELüD8SULORJVYRMRM
WH]LL]QRVLSULPMHUHNDRãWRVXRVWDFLQDWSLVDL]ELYãHJIUDQMHYDþNRJVDPRVWDQD
VY0DULMHX%ULELUXX&UNYLVY$QWXQD2SDWDX2VWURYLFLWHSLVPREDQD3DYOD
âXELüDLQMHJRYDEUDWD-XUMDSDSL%RQLIDFLMX9,,,XNRMHPSLãHGDMH+UYDWVNDRG
YUHPHQDNUDOMD=YRQLPLUDOHQR6YHWH6WROLFHWHGDXQMRMQLWNRQHPRåHELWLNUDOM
DNRJDSDSDQHSRWYUGL7DNRÿHULVWLþHþLQMHQLFXGDVHXOHJHQGLNDRPMHVWRVPUWL
VSRPLQMHORNDOLWHWEOL]X%ULELUDDNDRPMHVWRXNRSDXSUDYR&UNYDVY0DULMHX
%ULELUXGDNOHSRGUXþMHSRGYODãüXâXELüD.DRPRGHO]DOHJHQGXNRULãWHQDMH
VXGELQDNQH]D0ODGHQD,,,âXELüD1MHJRYDVHQDJODVPUWRGNXJHJRGLQH
VXYUHPHQLFLPDPRJODXþLQLWLNDRUH]XOWDWQHNHYLãH%RåMHSUDYGHD=YRQLPLURYD
NOHWYDGD+UYDWLYLãHQLNDGDQHüHLPDWLYODVWLWHYODGDUHPRJODELWLQDGDKQXWD
VPUüXWRJDPRüQRJYHOLNDãD.DUELü
'UXJDMHID]DVWYDUDQMDOHJHQGHID]DãLUHQMDMH]JUHRXELMHQRPNUDOMXWHQMH]LQR
XEDFLYDQMHXãLULSRYLMHVQLNRQWHNVW3UYRãWRXSDGDXRþLNDGDVHXVSRUHÿXMXUD
]QLL]YRULNRMLSUHQRVHOHJHQGXMHVWVSRPLQMDQMHNULåDUVNRJUDWD7RQHELWUHEDOR
þXGLWLMHUMHXVUHGQMHPYLMHNXELORþHVWRYH]LYDQMHYHOLNLKYODGDUD]DNULåDUVNH
UDWRYH5RND\âWRVHWLþH3UYRJDNULåDUVNRJUDWDNRMLVHKWLRSR
YH]DWLVOHJHQGRPRQSDGDVHGDPLOLRVDPJRGLQDQDNRQ=YRQLPLURYHVPUWLWH
MHWDNYDNRQVWUXNFLMDQHPRJXüDâLãLüMHWDMGLRSRNXãDRRSUDYGDWLSULþRPGDMH
RNRJRGLQHSRVWRMDODQHND]DMHGQLþNDDNFLMDSDSH8UEDQD,,LEL]DQWVNRJ
FDUD$OHNVLMD,.RPQHQDVFLOMHPRVORERÿHQMD.ULVWRYDJUREDWHMHNDRSRWYUGX
]DWRL]QRVLRQHNRSLVPREL]DQWVNRJFDUDXSXüHQRJURIX5REHUWX)ODQGULMVNRP
XNRMHPJDPROL]DSRPRüXERUELSURWLY6HOGåXNDL3HþHQHJD0HÿXWLPEXGXüL
GDMHGRND]DQRGDMHWRSLVPRIDOVL¿NDW RYD MH WHRULMD SDOD X YRGX âLãLü
1.ODLü
7UHEDVSRPHQXWLLSRYH]DQRVW.DUOD'UDþNRJVKUYDWVNLPSURVWRULPD2QMHL]PHÿXL
ELRKUYDWVNLKHUFHJDLNDVQLMHMHSULGRODVNXQDSULMHVWROMHXåLYDRSRWSRUXKUYDWVNLKYHOLNDãD
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
=DUD]PDWUDQMHPRWLYDNULåDUVNRJUDWDWUHEDJOHGDWLVLWXDFLMXX;,9VWROMHüXNDGD
MHOHJHQGDLQDVWDOD,DNRMH+UYDWVNDLSULMHLPDODGRWLFDMDVNULåDULPDWHNMHRG
ýHWYUWRJNULåDUVNRJUDWDWDMNRQWDNWSRVWDRGLUHNWDQ3RKRGNUDOMD$QGULMH,,
JRGLQHWHUDWRYLSURWLYSDWDUHQDX%RVQLNRMLVXYRÿHQLSRGHJLGRPNULåDUVWYD
MRãVXYLãHãLULOLLGHMXNULåDUVWYD.UDOM/XGRYLN$QåXYLQDFMHJRGLQHSULPLR
NULåX=DJUHEXDLNDVQLMHMHELRXSOHWHQXQHNHSODQRYHRNULåDUVNRPSRKRGXQD
,VWRNýDNMHLEL]DQWVNLFDU,YDQ93DOHRORJJRGLQHGRãDRGR%XGLPDL
WDPR/XGRYLNDPROLR]DSRPRüXERUELSURWLY7XUDND2VPDQOLMD5RND\
ELOM1RUZLFK7DNRÿHUMHSR]QDWLäLJPXQRYNULåDUVNLSRKRG
JRGLQHXNRMHPVXVXGMHORYDOLLPQRJLKUYDWVNLRGOLþQLFLSOHPLüLLSXþDQL
L]'DOPDFLMHDNRMLMH]DYUãLRNDWDVWURIRPNRG1LNRSROD1DNRQWRJDX+UYDWVNRM
VHJRYRULORGDWUHEDQDüLGUXJRJDDNRMHNUDOMSRJLQXRDDNRMHSUHåLYLRLRVWDYLR
GUåDYXWDNRGXJREH]YODVWLWUHEDSURQDüLQRYRJYODGDUD6WDQRYQLFL+UYDWVNHELOL
VXYUORRJRUþHQLUD]RþDUDQLXNUDOMDLXQHXVSMHKNULåDUVNHYRMVNH*UJLQ
8WDNYRPELRNUXåMXWUHEDORWUDåLWLUD]OMXüHQLQDURGL]OHJHQGH
$NRQDVWDQDNOHJHQGHVWDYOMDPRX;,9VWROMHüHWUHEDORELXRE]LUX]HWLLFLSDU
VNRJNUDOMD3HWUD,YODGDRRG2QMHGYDSXWDSRKRGLR(XURSX
VFLOMHPRUJDQL]LUDQMDYHOLNHNULåDUVNHYRMQH*RGLQHXVSLRMHL]YUãLWLQDSDG
LRVYRMLWL$OHNVDQGULMX0HÿXWLP]ERJSURWLYOMHQMDQMHJRYLKYRMQLNDWDSREMHGD
QLMHLVNRULãWHQD]DGDOMQMHQDSUHGRYDQMHWHMHJUDGXEU]RQDSXãWHQ8VSUNRVWRPX
3HWDUMHX(XURSLGRåLYLRYHOLNXSRSXODUQRVWLVODYOMHQMHWHMHSRVWDRVLPEROX]RUQRJ
YODGDUDNULåDUDýHWLULJRGLQHNDVQLMHQDVSDYDQMXVXJDXELOLQMHJRYLSOHPLüLNRML
VXELOLQH]DGRYROMQLãWRNUDOMWURãLYHOLNHVYRWHQRYDFDQDVYRMHNULåDUVNHSODQRYH
5XQFLPDQ0DGGHQ0RåGDMHLRYDMVOXþDMVODYQRJ
NUDOMDNULåDUDXELMHQDRGYODVWLWLKOMXGLELRSR]QDWLXQDãLPNUDMHYLPDWHVXWL
PRWLYLXSRWULMHEOMHQLXNRQVWUXLUDQMXOHJHQGHRNUDOMX=YRQLPLUXâWRYLãHRQMH
QDVYRPSUYRPSXWRYDQMX(XURSRPJRGLQHGRSORYLRX9HQHFLMXWHWDPR
SURYHRQHNROLNRPMHVHFLDWDPRMHERUDYLRLGYLMHJRGLQHNDVQLMHNDGDVHYUDüDR
QD&LSDU5XQFLPDQ2VWDMH]DLVWUDåLWLGDOLVHPRåGD]DXVWDYLR
XNRMRMGDOPDWLQVNRMOXFLLOLMHWLMHNRPERUDYNDX9HQHFLMLLPDRNRQWDNWHVQDãLP
SRGUXþMHPþLPHEL¿]LþND SRYH]DQRVW NUDOMD 3HWUD V RYLP SURVWRULPD QMHJRYX YHü
LRQDNRRSüXSRSXODUQRVWNDRNUDOMDNULåDUDXQDãLPNUDMHYLPDXþLQLODMRãMDþRP
'DOMQMDELSUHWSRVWDYNDELODGDMHYLMHVWR3HWURYXXERMVWYXGDNOHXERMVWYX]QDQRJ
NUDOMDNULåDUDSRVOXåLODNDRSRWLFDMLOLMHGDQRGHOHPHQDWDXVWYDUDQMXOHJHQGHR
=YRQLPLURYXXERMVWYX1DUDYQRVYHWR]DVDGDRVWDMHVDPRQDSUHWSRVWDYFL
7DNRÿHUSULPMHWQRMHVSRPLQMDQMHVWUDQHYODVWLLYODGDUDWXÿHJMH]LND7DNDY
VWDYRFUWDYDVLWXDFLMXX+UYDWVNRML'DOPDFLMLL]VUHGLQH;,9VWROMHüD1DLPH
7UHEDORELQDSRPHQXWLGDMH/XGRYLNQDPMHUDYDRYRGLWLNULåDUVNLUDWSURWLY6UEDSUDYRVODYDFDX
VYUKXSREROMãDQMDRGQRVDVSDSRPQRXPMHVWRQDMXJRLVWRNRNUHQXRVHSUHPD,WDOLMLLVYRMVNRP
SURYDOLRQD]DSDGSUHPD)XUODQLML5DGLORVHGDNDNRRSROLWLþNRPPDQHYULUDQMXWLMHNRPUDWD
V9HQHFLMRPYLGL9M.ODLü
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
L]L]YRUDVD]QDMHPRGDVWDYVWDQRYQLãWYDSUHPDXJDUVNLPYODGDULPDL]GLQDVWLMH
$USDGRYLüDQLMHELRSRVHEQRQHJDWLYDQ2QLVXåLYMHOLXGDOHNRM3DQRQVNRMQL]LQL
WHVHQLVXSUHYLãHXSOLWDOLXKUYDWVNHLGDOPDWLQVNHSRVORYH0HÿXWLPWDNDYVH
VWDYXEU]RSRþLQMHPLMHQMDWL.UDOMHYLL]GLQDVWLMH$QåXYLQDFD.DUOR,5REHUWL
/XGRYLN,SRSUYLVXSXWQDNRQYODGDUDL]QDURGQHGLQDVWLMHQDWLPSURVWRULPD
XVSRVWDYLOLMDNXNUDOMHYVNXYODVWVNUãLYãLPRüJRWRYRQH]DYLVQLKKUYDWVNLKIHXGD
ODFDâXELüDL1HOLSþLüDLSUHRWHYãL0OHþDQLPD'DOPDFLMXQDNRQ=DGDUVNRJPLUD
JRGLQH7DNRÿHU]DEDQRYHVXSRVWDYOMDOLPDÿDUVNHSOHPLüHGDNOHÄYODGDUH
WXÿHJMH]LND³%H]RE]LUDãWRMHL]GDQDãQMHSHUVSHNWLYHMDþDQMHNUDOMHYVNHYODVWL
X'DOPDFLMLLPDOR]DVWDQRYQLNHQHVXPQMLYRSR]LWLYDQHNRQRPVNLXWMHFDMXWRP
MH WUHQXWNX WR L]JOHGDOR NDR QDPHWDQMH VYRMH YROMH SD MH WR PRJOR SUREXGLWL L
SURWLYOMHQMH0RåGDVHXWDNYLPRNROQRVWLPDVWYRULODSUHGRGåEDGDMH]DYULMHPH
QDURGQHGLQDVWLMHELOREROMHDGDMHVYHSRãORSR]OXNDGVXQDSULMHVWROMHGRãOL
VWUDQFL*ROGVWHLQ
8 OHJHQGL R =YRQLPLURYX XERMVWYX SULPMHWDQ MH L PRWLY QDURGQH VNXSãWLQH
,DNRMHYMHURMDWQRGDVXVHWDNYL]ERURYLRGUåDYDOLLUDQLMHSUYLGRNXPHQWLUDQL
VSRPHQ QDURGQRJ VDERUD SRWMHþH L] ;,,, VWROMHüD L WR X 6ODYRQLML WH RG WDGD
PRåHPRXL]YRULPDSUDWLWLQMLKRYNRQWLQXLWHW*ROGVWHLQ7DNR
VH JRGLQH VSRPLQMH GD MH KHUFHJ 6WMHSDQ VD]YDR VYH SOHPLüH L KUYDWVNL
QDURGQDVDERUXJUDG.QLQ2GUåDYDQMHWRJDLVOLþQLKVDERUDX.QLQXPRJORMH
SULGRQLMHWLQDXYMHUOMLYRVWLGDMH=YRQLPLUWDPRXLVWLQXLXELMHQ9M.ODLü
*ROGVWHLQ
7UHüDID]DQDVWDQNDOHJHQGHMHRELOMHåHQDGRGDYDQMHPSRMHGLQLKGHWDOMDRYLVQR
RDXWRUXLYUHPHQXQDVWDQND.DNRVXDXWRULOHJHQGDUQLKL]YRUDRVPUWLNUDOMD
=YRQLPLUDPDKRPELOLVYHüHQLFLQH]DþXÿXMHSRMDYDPRWLYDSRYLMHVQHNULYQMH
WRMHVWPRWLYDND]QH]DSRþLQMHQHJULMHKH1DLPHYODVWVWUDQRJYODGDUDND]QDMH
+UYDWLPD]DSRþLQMHQLJULMHK±XERMVWYRNUDOMD
,YDQ7RPDãLüSDNQHJRYRULR+UYDWLPDNDRXERMLFDPDMHUMHGQRVWDYQRQH
PRåHRSWXåLWLVYRMQDURGQL]DWDNDY]ORþLQNDRãWRMHXERMVWYRYODGDUD2Q]DWR
]DXERMVWYRRSWXåXMHÄ6ORYLQFH³0RåGDMHRQLRVMHüDRVYRMHYUVWDQDQWDJRQL]DP
SUHPDVWDQRYQLFLPDVMHYHUQH+UYDWVNHNRMLQLVXGRYROMQRSRPRJOLNDGDVHQMHJRYD
+UYDWVNDRGXSLUDODRVPDQVNLPQDMH]GDPD.DGDMHSLVDRVYRMXNURQLNXVUHGQMR
YMHNRYQDMH+UYDWVNDYHüþYUVWRELODXRVPDQVNLPUXNDPDGRNVH6ODYRQLMDMRã
ERULODSURWLY2VPDQOLMD
8+5/-3'SULVXWDQMHLPRWLYåLGRYVNRJJULMHKD.DNRQDWHULWRULMXGDQDãQMH
+UYDWVNHGR;9,VWROMHüDQLMHåLYMHODQHND]QDþDMQLMDåLGRYVNDSRSXODFLMDPR
åHPR]DNOMXþLWLGDRYDNDYVWDYQLMHSRWHNDRL]QDURGDYHüL]FUNYHQLKNUXJRYD
7DNDYVWDYQHSRVWRMLXGMHOLPDVYMHWRYQLKNURQLþDUDQDQDãHPSRGUXþMXLDNRMHSULPMHULFH$
&XWKHLVXVYRMRSLVNXJHX6SOLWXYUORODNRPRJDRXPHWQXWLSULþXRLVSDãWDQMXND]QH]DQHNL
JULMHKSURWLY%RJD
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
1DLPH]ERJRSWXåEHGDVXXELOL,VXVD&UNYDMHäLGRYLPDQDPHWDODUD]QDRJUD
QLþHQMD'DNOHDXWRU+5/-3'YMHURMDWQRVYHüHQLNELRMHXSR]QDWVDVWDYRP
FUNYHQLK NUXJRYD SUHPD äLGRYLPD WH MH WDNDY VWDY LQNRUSRULUDR X OHJHQGX R
XERMVWYXNUDOMD=YRQLPLUD*ROGVWHLQ
8NRMHVXWRþQRGREDQDVWDOLRYDNRNODVL¿FLUDQL GLMHORYL OHJHQGH ]DVDG MH QH
PRJXüHXWYUGLWLVQHNRPYHOLNRPVLJXUQRãüX1DMYMHURMDWQLMHELQDVWDQDNOHJHQGH
NRMXGDQDVSR]QDMHPREH]QHNLKHOHPHQDWDQDGRGDQLKXNDVQLMHPSHULRGXPRJOL
VWDYLWLX;,9VWROMHüH2YGMHPHÿXWLPWUHEDQDSRPHQXWLGDWDNYHOHJHQGHQH
QDVWDMXXMHGQRPWUHQXWNXYHüNUR]QHNLGXOMLYUHPHQVNLSHULRGSDWRþQDGDWDFLMD
QDVWDQNDYMHURMDWQRQLNDGDLQHüHELWLPRJXüD
=DNOMXþDN
/HJHQGDRXERMVWYXNUDOMD=YRQLPLUDXSUDYRMHWR±OHJHQGD1HSRVWRMLQLMHGDQ
L]YRUNRMLELYMHURGRVWRMQRSRWYUGLRWDNYXYLMHVW1DVWDMDODMHVXNFHVLYQR1DMH]JUX
SULþHRQHNRPQHSR]QDWRPYODGDUXNRMLMHXELMHQSRVWXSQRVXQDGRGDYDQLUD]QL
HOHPHQWLNRMLRGUDåDYDMXVKYDüDQMDYUHPHQDNDGDMHOHJHQGDREOLNRYDQD7HãNR
VKYDWOMLYHELWQHSURPMHQHXSRYLMHVWLNDRãWRMHSURPMHQDGLQDVWLMHX+UYDWVNRM
QDSULMHOD]X;,L;,,VWROMHüDVXYUHPHQLFLQLVXPRJOLMHGQRVWDYQRREMDVQLWLMHU
QLVXSRVMHGRYDOLDXWHQWLþQHGRNXPHQWHNRMLELRWRPHJRYRULOL=DWRVXVHSRVOXåLOL
DQDORJLMDPDVOLþQLKGRJDÿDMDL]EOLåHSURãORVWLLOLþDNVXYUHPHQLP]ELYDQMLPDQHEL
OLREMDVQLOLSRYLMHVQHSURPMHQH6YHWHHOHPHQWHSURQDOD]LPRLXOHJHQGLRXERMVWYX
NUDOMD=YRQLPLUD9HOLNHERUEHL]PHÿXNUDOMDIHXGDOQLKRELWHOMLNRPXQDSURGRU
2VPDQOLMDLGUXJLIDNWRULXQRVHVXNREHLQHVLJXUQRVWXYUHPHQXRG;,9GR;9,
VWROMHüDQDKUYDWVNRPHSURVWRUXWHSUHGVWDYOMDMXSORGQRWORPRWLYDFLMVNXSRGORJX
]DQDVWDQDNOHJHQGHXSUDYRRYDNYDVDGUåDMD2QDMHQDVWDODXNUXJRYLPDXþHQLK
OMXGLNURQLþDUDPDKRPVYHüHQLNDNRMLQDVWRMHREMDVQLWLNDNRMHGRãORGRWRJD
GDVXVWUDQLYODGDULQDNRQ=YRQLPLURYHVPUWL]DYODGDOL+UYDWVNRPL'DOPDFLMRP
.DNRMHXSRWSXQRVWLRGJRYDUDODRQRYUHPHQLPVKYDüDQMLPDRVXGELQLLVWDNQXWLK
OLþQRVWLDLQDRNRVHORJLþQRXNORSLODXNRQNUHWQXSRYLMHVQXVLWXDFLMXVQDåQRMH
RGMHNQXODXRGUHÿHQLPGUXãWYHQLPNUXJRYLPD±YLãHMHSXWD]DSLVDQD±SDVXL
PQRJLSRYMHVQLþDULXNDVQLMLPUD]GREOMLPDSDLVYHGR;;VWROMHüDSRYMHURYDOL
XQMHQXYMHURGRVWRMQRVW6YHXVYHPXGRLVWDQLMHQLYDåQRMHOL=YRQLPLUXELMHQ
LOLMHXPURSULURGQLPSXWHP1DþLQQDNRMLMHXPURQLMHRGYHOLNRJ]QDþDMD]D
WXPDþHQMHVXGELQH+UYDWVNRJ.UDOMHYVWYDQDNUDMX;,VWROMHüDMHUMHQHSRELWQD
þLQMHQLFDGDMHXEU]RQDNRQQMHJRYHVPUWLQDKUYDWVNRSULMHVWROMHVWXSLRYODGDU
XJDUVNHNUYL*ROGVWHLQ1.ODLü*UJLQ
%XGDNELOM*ROGVWHLQ
SBEPWJ[IQJOEC
3"%07*;BWPE[BISWBUTLVQPWJKFTU
WPM
TUS
,]YRULLOLWHUDWXUD
,]YRUL
./$,û 1DGD ,]YRUL ]D KUYDWVNX SRYLMHVW GR JRGLQH =DJUHE âNROVND
NQMLJD
02â,19ODGLPLU/MHWRSLV3RSD'XNOMDQLQD=DJUHE0DWLFDKUYDWVND
5$ý.,)UDQMR'RFXPHQWDKLVWRULDHFKURDWLFDHSHULRGXPDQWLTXDPLOOXVWUDQWLD
=DJUHE
5$77.$--XUDM6SRPHQQDNUDOMHYHLEDQRYH.UDOMHYVWDYD'DOPDFLMH+UYDWVNH
L6ODYRQLMH=DJUHE+UYDWVNLLQVWLWXW]DSRYLMHVW
60,ý,./$6 7DGLMD D &RGH[ GLSORPDWLFXV &URDWLDH 'DOPDWLDH HW 6ODYRQLDH
&'YRO,=DJUHE-$=8
60,ý,./$6 7DGLMD E &RGH[ GLSORPDWLFXV &URDWLDH 'DOPDWLDH HW 6ODYRQLDH
YRO,,=DJUHE-$=8
60,ý,./$67DGLMD&RGH[GLSORPDWLFXV&URDWLDH'DOPDWLDHHW6ODYRQLDHYRO
;,,,=DJUHE-$=8
720$$5+,Ĉ$.21+LVWRULDVDORQLWDQD6SOLW.QMLåHYQLNUXJ
/LWHUDWXUD
SBEPWJ[IQJOEC
%3"æ&//&.&54NSUISWBUTLPHLSBMKB;WPOJNJSB¯QSPCMFN
J[WPSJJUVNBĀFOKB
SBEPWJ[IQJOEC