%LEOLRWHND

'RNXPHQWL


0(?81$52'12 -$912 35$92

=%,5.$ '2.80(1$7$
,]GDYDa
%HRJUDGVNL FHQWDU ]D OMXGVND SUDYD
%HRJUDGVND  %HRJUDG
7HOID[     
HPDLO EJFHQWDUEJFHQWDURUJ\X
ZZZEJFHQWDURUJ\X
3ULUHGLOL
9LGDQ +DGCL9LGDQRYL`
0DUNR 0LODQRYL`
=D L]GDYDaD
GU 9RMLQ 'LPLWULMHYL`
.RUHNWRU
-DVQD $OLEHJRYL`
7HKQLaNL XUHGQLN
0LUNR 0LOL`HYL`
7LUDC

,6%1 

>WDPSD
      %HRJUDG
,]GDYDQMH RYH NQMLJH SRPRJOD MH
.DQDGVND RUJDQL]DFLMD ]D PH_XQDURGQL UD]YRM
Canadian International Agence canadienne de
Development Agency dveloppement international

0(?81$52'12
-$912 35$92
]ELUND GRNXPHQDWD

%HRJUDG


0H_XQDURGQR MDYQR SUDYR p ]ELU

ND GRNXPHQDWD

0H_XQDURGQR MDYQR SUDYR p ]ELU

ND GRNXPHQDWD

6$'5#$3UHGJRYRU 

 8VWDYQL DNWL 



 8VWDYQD SRYHOMD 6&* L]YRG  

 3RYHOMD R OMXGVNLP L PDQMLQVNLP SUDYLPD L JUD_DQVNLP
   VORERGDPD 6&* L]YRG  
 ,]YRUL p SUDYR PH_XQDURGQLK XJRYRUD  
 %HaND NRQYHQFLMD R XJRYRUQRP SUDYX  
 6XEMHNWL PH_XQDURGQRJ SUDYD p GUCDYH  
 'HNODUDFLMD R QDaHOLPD PH_XQDURGQRJ SUDYD R
   SULMDWHOMVNLP RGQRVLPD L VDUDGQML GUCDYD X VNODGX V
   3RYHOMRP 8MHGLQMHQLK QDFLMD  
 6SRUD]XP R SLWDQMLPD VXNFHVLMH VD 3ULOR]LPD ' ( ) L *  
 6XEMHNWL PH_XQDURGQRJ SUDYD p PH_XQDURGQH RUJDQL]DFLMH  
 3RYHOMD 81  
 'UXJH RUJDQL]DFLMH RG ]QDaDMD ]D 6UELMX L &UQX *RUX  
 'LSORPDWVNR L NRQ]XODUQR SUDYR SULYLOHJLMH L LPXQLWHWL  
 %HaND NRQYHQFLMD R GLSORPDWVNLP RGQRVLPD  
 %HaND NRQYHQFLMD R NRQ]XODUQLP RGQRVLPD  
 .RQYHQFLMD R SULYLOHJLMDPD L LPXQLWHWLPD 81  
 /MXGVNH JUXSH L PH_XQDURGQR SUDYR  
2NYLUQD NRQYHQFLMD 6DYHWD (YURSH ]D ]D^WLWX QDFLRQDOQLK
PDQMLQD 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 ARYHN L PH_XQDURGQR SUDYR p OMXGVND SUDYD  

 8QLYHU]DOQD GHNODUDFLMD R OMXGVNLP SUDYLPD 
 0H_XQDURGQL SDNW R JUD_DQVNLP L SROLWLaNLP SUDYLPD
   VD SURWRNROLPD
 0H_XQDURGQL SDNW R HNRQRPVNLP VRFLMDOQLP L NXOWXUQLP
   SUDYLPD 
 (YURSVND NRQYHQFLMD ]D ]D^WLWX OMXGVNLK SUDYD L RVQRYQLK
   VORERGD V SURWRNROLPD 






 3URWRNRO X] .RQYHQFLMX ]D ]D^WLWX OMXGVNLK

SUDYD L RVQRYQLK VORERGD L]PHQMHQX X VNODGX
V SURWRNRORP EU   
 3URWRNRO EURM  X] .RQYHQFLMX ]D ]D^WLWX OMXGVNLK
SUDYD L RVQRYQLK VORERGD NRMLP VH REH]EH_XMX
L]YHVQD SUDYD L VORERGH NRML QLVX XNOMXaHQL X
.RQYHQFLMX L SUYL SURWRNRO X] QMX L]PHQMHQX
X VNODGX V SURWRNRORP EU   
 3URWRNRO EURM  X] .RQYHQFLMX ]D ]D^WLWX OMXGVNLK
SUDYD L RVQRYQLK VORERGD R XNLGDQMX VPUWQH ND]QH
L]PHQMHQX X VNODGX V SURWRNRORP EU  
 3URWRNRO EURM  X] .RQYHQFLMX ]D ]D^WLWX
OMXGVNLK SUDYD L RVQRYQLK VORERGD L]PHQMHQX
X VNODGX V SURWRNRORP EU   
 3URWRNRO EURM  X] .RQYHQFLMX ]D ]D^WLWX
OMXGVNLK SUDYD L RVQRYQLK VORERGD  
 3URWRNRO EURM  X] .RQYHQFLMX ]D ]D^WLWX
OMXGVNLK SUDYD L RVQRYQLK VORERGD R XNLGDQMX
VPUWQH ND]QH X VYLP RNROQRVWLPD  
 ARYHN L PH_XQDURGQR SUDYR p D]LO DSDWULGL L L]EHJOLFH  
 .RQYHQFLMD L 3URWRNRO R VWDWXVX L]EHJOLFD  
 .RQYHQFLMD R SUDYQRP SRORCDMX OLFD EH] GUCDYOMDQVWYD  
 'HNODUDFLMD R WHULWRULMDOQRP D]LOX  
 ARYHN L PH_XQDURGQR SUDYR p LQGLYLGXDOQD
  NULYLaQD RGJRYRUQRVW  
 .RQYHQFLMD R VSUHaDYDQMX L NDCQMDYDQMX ]ORaLQD JHQRFLGD  

0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 6WDWXW 0H_XQDURGQRJ NULYLaQRJ WULEXQDOD ]D ELY^X

   -XJRVODYLMX  
 =DNRQ R VDUDGQML 6&* VD 0H_XQDURGQLP NULYLaQLP
   WULEXQDORP ]D ELY^X -XJRVODYLMX  
 5H]ROXFLMD  6DYHWD EH]EHGQRVWL 81  
 0LUQR UH^DYDQMH PH_XQDURGQLK VSRURYD  
 6WDWXW 0H_XQDURGQRJ VXGD SUDYGH  
 8SRWUHED VLOH X PH_XQDURGQLP RGQRVLPD  
 %ULDQ.HORJRY SDNW 
 5H]ROXFLMD 8MHGLQMHQL ]D PLUm 
 5H]ROXFLMD  6DYHWD EH]EHGQRVWL 81 
 5H]ROXFLMD  6DYHWD EH]EHGQRVWL 81 
 5H]ROXFLMD  6DYHWD EH]EHGQRVWL 81 







 2GJRYRUQRVW GUCDYH ]D DNWH SURWLYQH PH_XQDURGQRP SUDYX

   L ]D^WLWD CLYRWQH VUHGLQH  
 1DFUW aODQRYD R PH_XQDURGQRM RGJRYRUQRVWL GUCDYD
    .RPLVLMH ]D PH_XQDURGQR SUDYR 
 6WRNKROPVND GHNODUDFLMD R CLYRWQRM VUHGLQL L]YRG 
 'HNODUDFLMD R CLYRWQRM VUHGLQL L UD]YRMX L] 5LMD L]YRG 
 .RQYHQFLMD 8MHGLQMHQLK QDFLMD R SUDYX PRUD L]YRG 
 .RQYHQFLMD R ELROR^NRM UD]QRYUVQRVWL 
 1DFUW aODQRYD R VSUHaDYDQMX SUHNRJUDQLaQH ^WHWH RG
    RSDVQLK GHODWQRVWL L]YRG 








 +XPDQLWDUQR SUDYR 

 0DUWHQVRYD NODX]XOD  
 'RSXQVNL SURWRNRO X] #HQHYVNH NRQYHQFLMH RG
     DYJXVWD  JRGLQH R ]D^WLWL CUWDYD PH_XQDURGQLK
    RUXCDQLK VXNRED 3URWRNRO , 
 'RSXQVNL SURWRNRO X] #HQHYVNH NRQYHQFLMH RG
     DYJXVWD  JRGLQH R ]D^WLWL CUWDYD
    QHPH_XQDURGQLK RUXCDQLK VXNRED 3URWRNRO ,,  

35('*2925
2YD ]ELUND MH ]DPL^OMHQD NDR GRNXPHQWDUQL GRGDWDN X] XGCEHQLN
2VQRYL0H_XQDURGQRJMDYQRJSUDYDXL]GDQMX%HRJUDGVNRJFHQWUD]DOMXG
VND SUDYD 0DGD VPR VYHVQL GD MH GRVWXSQR^`X JUD_H PH_XQDURGQRJ
SUDYD QD ,QWHUQHWX YUHPH RYDNYLK ]ELUNL QD L]PDNX YHUXMHPR GD MR^
SRVWRMH GRYROMQL UD]OR]L ]D QMHQR REMDYOMLYDQMH =ELUND `H SUYHQVWYHQR
VOXCLWL aLWDRFLPD XGCEHQLND WH MH ]DWR VLVWHPDWL]RYDQD QD VOLaDQ QDaLQ
,DNR MH YH`LQD SULORCHQLK GRNXPHQDWD REMDYOMHQD X VOXCEHQLPOLVWR
YLPD QHNL RG QMLK YL^H QLVX ODNR GRVWXSQL SD VH QDGDPR GD `H VH
QMLKRYLP REMDYOMLYDQMHP QD MHGQRP PHVWX ]QDWQR RODN^DWL UDG SUDYQLFLPD
NRML LK EXGX SULPHQMLYDOL 'RNXPHQWLVH REMDYOMXMXX]YDQLaQRPSUHYRGX
DNR SRVWRML D X QDSRPHQDPD VH XND]XMH QD RQD PHVWD JGH WDM SUHYRG
RGVWXSD RG RULJLQDOD LOL MH QHMDVDQ 'RNXPHQWL VH SR SUDYLOX SUHQRVH X
FHORVWL PDGD VH ]ERJ RJUDQLaHQRJ SURVWRUD QHJGH PRUDOR SULEHJDYDWL
L]YRGLPD ,] LVWRJ UD]ORJD X ]ELUFL QHPD QHNLK YDCQLK GRNXPHQDWD NDR
^WR VX QSU #HQHYVNH NRQYHQFLMH R KXPDQLWDUQRP SUDYX 5LPVNL VWDWXW
0H_XQDURGQRJ NULYLaQRJ VXGD L VWDWXWDUQL GRNXPHQWL PH_XQDURGQLK RU
JDQL]DFLMD RG SRVHEQRJ ]QDaDMD ]D 6UELMX L &UQX *RUX
0H_XQDURGQL XJRYRUL ]D ]D^WLWX OMXGVNLK SUDYD YH` VX REMDYOMLYDQL
X L]GDQMLPD %HRJUDGVNRJ FHQWUD ]D OMXGVND SUDYD  SD VX X RYX ]ELUNX
X^OL VDPR RQL ]D NRMH RaHNXMHPR GD `H VH QDMYL^H SULPHQMLYDWL 8 ]ELUNX
VX XYU^WHQL L GRNXPHQWL NRML VX SR SUYL SXW X FHORVWL SUHYHGHQL QD QD^
MH]LN SRSXW UH]ROXFLMD  6DYHWD EH]EHGQRVWL R REDYH]DPD GUCDYD X
ERUEL SURWLY WHURUL]PD NDR L UH]ROXFLMH  L  R ,UDNX D SULORCHQ MH
L SUYL SRWSXQL SUHYRG 1DFUWD aODQRYD R PH_XQDURGQRM RGJRYRUQRVWL GU
CDYD 3RVHEQD SDCQMD SRNORQMHQD MH L LQVWUXPHQWLPD R PH_XQDURGQRM
]D^WLWL CLYRWQH VUHGLQH NRML VX SR SUDYLOX L]RVWDMDOL L] VOLaQLK ]ERUQLND
3ULUH_LYDaL



9 'LPLWULMHYL` p 2 5DaL` p 9 ?HUL` p 7 3DSL` p 9 3HWURYL` p 6 2EUDGRYL` 2VQRYL
0H_XQDURGQRJ MDYQRJ SUDYD %HRJUDG 
2VQRYQL GRNXPHQWL R OMXGVNLP SUDYLPD  ,QVWUXPHQWL 6DYHWD (YURSH OMXGVND SUDYD
 8QLYHU]DOQL GRNXPHQWL R OMXGVNLP SUDYLPD 

 867$91, $.7,

 8VWDYQD SRYHOMD 6UELMH L &UQH *RUH
L]YRGL
ELMHL&UQH*RUHQHSRVUHGQRVHSULPHQMX 
MX

,,
3RYHOMD R OMXGVNLP L PDQMLQVNLP
SUDYLPD L JUD_DQVNLP VORERGDPD

,,,
3ULQFLSL WUCL^QH HNRQRPLMH

AODQ 

3RYHOMDROMXGVNLPLPDQMLQVNLPSUD 
YLPDLJUD_DQVNLPVORERGDPDNRMDMHVD 
VWDYQLGHR8VWDYQHSRYHOMHXVYDMDVHSR
SRVWXSNXLQDQDaLQSUHGYL_HQ]DXVYDMD 
QMH8VWDYQHSRYHOMH

AODQ 

AODQ 

(NRQRPVNL RGQRVL X 6UELML L &UQRM

*RUL ]DVQLYDMX VH QD WUCL^QRM HNRQRPLML
XWHPHOMHQRM QD VORERGQRP SUHGX]HWQL 
^WYXNRQNXUHQFLMLOLEHUDOQRMVSROMQRWUJR 
YLQVNRMSROLWLFLL]D^WLWLVYRMLQH
6UELMD L &UQD *RUD VD GUCDYDPD aOD
QLFDPDNRRUGLQLUDLKDUPRQL]XMHHNRQRP 
VNHVLVWHPH

'UCDYHaODQLFHXUH_XMXREH]EH_XMX
L^WLWHOMXGVNDLPDQMLQVNDSUDYDLJUD_DQ 
VNHVORERGHQDVYRMRMWHULWRULML

=DMHGQLaNR WUCL^WH

2VWYDULYDQMH OMXGVNLK L PDQMLQVNLK

SUDYD L JUD_DQVNLK VORERGD

'RVWLJQXWL QLYR OMXGVNLK L PDQMLQV 

NLKSUDYDLQGLYLGXDOQLKLNROHNWLYQLKL
JUD_DQVNLKVORERGDQHPRCHVHVPDQML 
YDWL

AODQ 

6UELMDL&UQD*RUDLPD]DMHGQLaNRWU 
CL^WH
=D QHVPHWDQR IXQNFLRQLVDQMH ]DMHG 
QLaNRJWUCL^WDRGJRYRUQHVXGUCDYHaODQL 
FH

6UELMD L &UQD *RUD SUDWL RVWYDULYDQMH

OMXGVNLK L PDQMLQVNLK SUDYD L JUD_DQVNLK
VORERGD L REH]EH_XMH QMLKRYX ]D^WLWX X
VOXaDMXNDGDWD]D^WLWDQLMHREH]EH_HQDX
GUCDYDPDaODQLFDPD

6ORERGD NUHWDQMD
AODQ 

1HSRVUHGQD SULPHQD
PH_XQDURGQLK XJRYRUD

86UELMLL&UQRM*RULVORERGQRMHNUH 
WDQMHOMXGLUREHXVOXJDLNDSLWDOD
=DEUDQMHQR MH VSUHaDYDQMH VORERG 
QRJSURWRNDOMXGLUREHXVOXJDLNDSLWD 
OD L]PH_X GUCDYH 6UELMH L GUCDYH &UQH
*RUH

AODQ 

2GUHGEHPH_XQDURGQLKXJRYRUDR
OMXGVNLPLPDQMLQVNLPSUDYLPDLJUD_DQ 
VNLPVORERGDPDNRMLYDCHQDWHULWRULML6U 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PD L PH_XQDURGQLP RUJDQL]DFLMDPD L
]DNOMXaXMHPH_XQDURGQHXJRYRUHLVSRUD 
]XPH
'UCDYH aODQLFH PRJX RGUCDYDWL PH 
_XQDURGQHRGQRVH]DNOMXaLYDWLPH_XQD 
URGQHVSRUD]XPHLRVQLYDWLSUHGVWDYQL^WYD
XGUXJLPGUCDYDPDDNRWRQLMHXVXSURW 
QRVWLVDQDGOHCQRVWLPD6UELMHL&UQH*RUH
LLQWHUHVLPDGUXJHGUCDYHaODQLFH

,9
0H_XQDURGQL VXEMHNWLYLWHW
AODQ 

6UELMD L &UQD *RUD MH MHGDQ VXEMHNW

PH_XQDURGQRJSUDYDLaODQPH_XQDURG 
QLKJOREDOQLKLUHJLRQDOQLKRUJDQL]DFLMD]D
aLMH aODQVWYR MH XVORY PH_XQDURGQL VXE 
MHNWLYLWHW
'UCDYHaODQLFHPRJXELWLaODQLFHPH 
_XQDURGQLKJOREDOQLKLUHJLRQDOQLKRUJD 
QL]DFLMD ]D aLMH aODQVWYR QLMH XVORY PH 
_XQDURGQLVXEMHNWLYLWHW

3ULPDW PH_XQDURGQRJ SUDYD

AODQ 

5DWLILNRYDQL PH_XQDURGQL XJRYRUL L

RS^WHSULKYD`HQD SUDYLOD PH_XQDURGQRJ
SUDYD LPDMX SULPDW QDG SUDYRP 6UELMH L
&UQH*RUHLSUDYRPGUCDYDaODQLFD

8VSRVWDYOMDQMH L RGUCDYDQMH
PH_XQDURGQLK RGQRVD
AODQ 

6UELMD L &UQD *RUD XVSRVWDYOMD

PH_XQDURGQHRGQRVHVDGUXJLPGUCDYD 

 3RYHOMD R OMXGVNLP L PDQMLQVNLP SUDYLPD L

JUD_DQVNLP VORERGDPD 6UELMH L &UQH *RUH
L]YRGL
GQRJ SUDYD PH_XQDURGQLP XJRYRULPD
NRMLYDCHXGUCDYQRM]DMHGQLFLL]DNRQLPD
LGUXJLPSURSLVLPDQDVQD]LSRGL]JRYR 
URPGDRQDQLVX]DMHPaHQDRYRPSRYH 
OMRPLOLGDVX]DMHPaHQDXPDQMHPRELPX

/MXGVND L PDQMLQVND SUDYD

]DMHPaHQD PH_XQDURGQLP SUDYRP
AODQ 

/MXGVNDLPDQMLQVNDSUDYD]DMHPaHQD
RS^WHSULKYD`HQLP SUDYLOLPD PH_XQDURG 
QRJ SUDYD NDR L PH_XQDURGQLP XJRYR 
ULPD NRML YDCH X GUCDYQRM ]DMHGQLFL ]D 
MHPaHQDVXRYRPSRYHOMRPLQHSRVUHGQR
VHSULPHQMXMX

6XGVND ]D^WLWD L XNODQMDQMH

SRVOHGLFD NU^HQMD OMXGVNLK L
PDQMLQVNLK SUDYD

=DEUDQD RJUDQLaHQMD OMXGVNLK

L PDQMLQVNLK SUDYD SRG
L]JRYRURP GD RQD QLVX
]DMHPaHQD RYRP SRYHOMRP

AODQ 

6YDNRLPDSUDYRQDGHORWYRUQXVXG 
VNX]D^WLWXXVOXaDMXGDPXMHSRYUH_HQR
LOL XVNUD`HQR QHNR OMXGVNR LOL PDQMLQVNR
SUDYR ]DMHPaHQR RYRP SRYHOMRP NDR L
SUDYRQDXNODQMDQMHSRVOHGLFDWDNYRJNU 
^HQMD
6YDNRNRVPDWUDGDPXMHQHNROMXG 
VNRLOLPDQMLQVNRSUDYR]DMHPaHQRRYRP

AODQ 

1LMHGRSX^WHQRRJUDQLaDYDQMHOMXG 
VNLKLPDQMLQVNLKSUDYD]DMHPaHQLKRS 
^WHSULKYD`HQLP SUDYLOLPD PH_XQDUR 


6O OLVW 6&* 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SRYHOMRP SRYUH_HQR LOL XVNUD`HQR SRMH 
GLQDaQLPDNWRPLOLUDGQMRPLQVWLWXFLMHGU 
CDYQH]DMHGQLFHRGQRVQRGUCDYQRJRUJD 
QDGUCDYHaODQLFHLOLRUJDQL]DFLMHNRMDYU^L
MDYQD RYOD^`HQMD LPD SUDYR GD SRGQHVH
CDOEX 6XGX 6UELMH L &UQH *RUH DNR QLMH
REH]EH_HQDGUXJDSUDYQD]D^WLWDXGUCDYL
aODQLFLXVNODGXV8VWDYQRPSRYHOMRP
2GOXNH PH_XQDURGQLK RUJDQD L]YU
^DYDMXLWUR^NRYHVQRVHGUCDYQD]DMHGQLFD
RGQRVQR GUCDYH aODQLFH X ]DYLVQRVWL RG
WRJDGDOLMHLQVWLWXFLMDGUCDYQH]DMHGQLFH
RGQRVQRGUCDYQLRUJDQGUCDYHaODQLFHLOL
RUJDQL]DFLMDNRMDYU^LMDYQDRYOD^`HQMDSR 
YUHGLODLOLXVNUDWLODQHNRSUDYR]DMHPaHQR

PH_XQDURGQLPXJRYRURPNRMLYDCLQDWH 
ULWRULML6UELMHL&UQH*RUH

7XPDaHQMH RGUHGDED R OMXGVNLP L

PDQMLQVNLP SUDYLPD
AODQ 

/MXGVNDLPDQMLQVNDSUDYD]DMHPaHQD
RYRPSRYHOMRPWXPDaHVHQDQDaLQNRMLP
VHXQDSUH_XMXYUHGQRVWLRWYRUHQRJLVOR 
ERGQRJ GHPRNUDWVNRJ GUX^WYD X VNODGX
VD YDCH`LP PH_XQDURGQLP MHPVWYLPD
OMXGVNLKLPDQMLQVNLKSUDYDLSUDNVRPPH 
_XQDURGQLK WHOD NRMD QDG]LUX QMLKRYR
VSURYR_HQMH



 ,=925, p 35$92 0(?81$52'1,+ 8*2925$

 %HaND NRQYHQFLMD R XJRYRUQRP SUDYX
'UCDYHaODQLFHRYHNRQYHQFLMH
X]LPDMX`L X RE]LU VX^WLQVNX XORJX
XJRYRUDXLVWRULMLPH_XQDURGQLKRGQRVD
SUL]QDYDMX`LVYHYH`L]QDaDMXJRYR
UDNDRL]YRUDPH_XQDURGQRJSUDYDLVUHG 
VWYD ]D UD]YLMDQMH PLUROMXELYH VDUDGQMH
PH_XQDURGLPDEH]RE]LUDQDQMLKRYRXV 
WDYQRLGUX^WYHQRXUH_HQMH
NRQVWDWXMX`L GD VX SULQFLSL VORERG
QRJSULVWDQNDLGREURQDPHUQRVWLLSUDYLOR
SDVWDVXQWVHUYDQGDRS^WHSUL]QDWL
SRWYU_XMX`L GD VSRURYL X YH]L VD
XJRYRURPWUHEDGDEXGXNDRLRVWDOLPH 
_XQDURGQL VSRURYL UH^DYDQL PLUQLP SX 
WHPLXVNODGXVDSULQFLSLPDSUDYGHLPH 
_XQDURGQRJSUDYD
SRGVH`DMX`LQDUH^HQRVWQDURGD8MH
GLQMHQLKQDFLMDGDVWYRUHXVORYHQHRSKRG 
QH]DRaXYDQMHSUDYGHLSR^WRYDQMHRED 
YH]DSURL]D^OLKL]XJRYRUD
VYHVQH SULQFLSD PH_XQDURGQRJ SUD
YDXQHWLKX3RYHOMX8MHGLQMHQLKQDFLMDNDR
^WRVXSULQFLSLNRMLVHWLaXUDYQRSUDYQRVWL
QDURGDLQMLKRYRJSUDYDQDVDPRRSUHGH 
OMHQMH VXYHUHQH MHGQDNRVWL L QH]DYLVQRVWL
VYLKGUCDYDQHPH^DQMDXXQXWUD^QMHSRV 
ORYH GUCDYD ]DEUDQH SUHWQMH L XSRWUHEH
VLOH L RS^WHJ L VWYDUQRJ SR^WRYDQMD SUDYD
aRYHNDLRVQRYQLKVORERGD]DVYH
XEH_HQH GD `H NRGLILNDFLMD L SRVWH
SHQL UD]YRM XJRYRUQRJ SUDYD NRML VX
RVWYDUHQLXRYRMNRQYHQFLMLVOXCLWLFLOMHYL 
PD8MHGLQMHQLKQDFLMDL]UDCHQLPX3RYHOML
D WR VX RaXYDQMH PH_XQDURGQRJ PLUD L
EH]EHGQRVWL UD]YRM SULMDWHOMVNLK RGQRVD


PH_X QDURGLPD L RVWYDUHQMLPD PH_XQD 

URGQHVDUDGQMH
SRWYU_XMX`L GD `H SLWDQMD NRMD QLVX
UH^HQDRGUHGEDPDRYHNRQYHQFLMHLGDOMH
ELWL UHJXOLVDQD SUDYLOLPD PH_XQDURGQRJ
RELaDMQRJSUDYD
VORCLOHVXVHRVOHGH`HP

'HR ,
892'
AODQ 
'RPD^DM RYH NRQYHQFLMH

2YD NRQYHQFLMD SULPHQMXMH VH QD

XJRYRUHL]PH_XGUCDYD
AODQ 
8SRWUHEOMHQL L]UD]L

=DVYUKXRYHNRQYHQFLMH
D L]UD] XJRYRUm R]QDaDYD PH_XQD
URGQL VSRUD]XP ]DNOMXaHQ SLVPHQR
L]PH_X GUCDYD L NRML MH UHJXOLVDQ
PH_XQDURGQLP SUDYRP ELOR GD MH
VDGUCDQ X MHGQRP LQVWUXPHQWX LOL X
GYD LOL YL^H LQVWUXPHQDWD PH_XVRE 
QRSRYH]DQLKEH]RE]LUDQDQMHJRY
SRVHEDQ QD]LY
E L]UD]L UDWLILNDFLMDm SULKYDWDQMHm
RGREUDYDQMHm L SULVWXSDQMHm R]QD
aDYDMX]DYLVQRRGVOXaDMDPH_XQD 
URGQL DNW NRMLP GUCDYD QD PH_XQD 
URGQRPSODQXGDMHVYRMSULVWDQDNGD
EXGH YH]DQD XJRYRURP

3RWSLVDQD  PDUWD  JRGLQH X %HaX 6O OLVW 6)5-  0H_XQDURGQL XJRYRUL L GUXJL
VSRUD]XPL  VWXSLOD QD VQDJX  MDQXDUD  .RQYHQFLMX MH GR  MDQXDUD 
JRGLQH UDWLILNRYDOR  GUCDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

F L]UD] SXQRPR`MHm R]QDaDYD GRNX
PHQWNRMLMHL]GDODQDGOHCQDYODVWMHG
QHGUCDYHDNRMLPVHRGUH_XMXMHGQR
LOLYL^HOLFDGDSUHGVWDYOMDMXGUCDYXSUL
OLNRP SUHJRYRUD XVYDMDQMD LOL RYHUD
YDQMDWHNVWDQHNRJXJRYRUDGDL]UD]H
SULVWDQDNGUCDYHGDEXGHYH]DQDXJR
YRURP LOL GD L]YU^H ELOR NRMX GUXJX
UDGQMX X YH]L VD XJRYRURP
G L]UD]UH]HUYDmR]QDaDYDMHGQRVWUDQX
L]MDYX EH] RE]LUD NDNR MH VDVWDYOMH 
QDLOLQD]YDQDNRMXGDMHGUCDYDSUL 
OLNRP SRWSLVLYDQMD UDWLILNRYDQMD
SULKYDWDQMD LOL RGREUDYDQMD XJRYRUD
LOLSULOLNRPSULVWXSDQMDWRPXJRYRUX
NRMLPCHOLGDLVNOMXaLLOLL]PHQLSUDY 
QR GHMVWYR QHNLK RGUHGDED XJRYRUD
X SRJOHGX QMLKRYH SULPHQH QD WX
GUCDYX
H L]UD] GUCDYD NRMD MH XaHVWYRYDOD X
SUHJRYRULPDm R]QDaDYD GUCDYX NRMD
MH XaHVWYRYDOD X L]UDGL L XVYDMDQMX
WHNVWD XJRYRUD
I L]UD] GUCDYD XJRYRUQLFDm R]QDaDYD
GUCDYX NRMD MH SULVWDOD GD EXGH YH 
]DQD XJRYRURP ELOR GD MH XJRYRU
VWXSLR QD VQDJX LOL QH
J L]UD]aODQLFDmR]QDaDYDGUCDYXNRMD
MH SULVWDOD GD EXGH YH]DQD XJRYR
URP L ]D NRMX MH XJRYRU VWXSLR QD
VQDJX
K L]UD]WUH`DGUCDYDmR]QDaDYDGUCDYX
NRMD QLMH aODQLFD XJRYRUD
L L]UD] PH_XQDURGQD RUJDQL]DFLMDm
R]QDaDYD PH_XQDURGQX RUJDQL]D 
FLMX
 2GUHGEH WDaNH  NRMH VH RGQRVH
QD L]UD]H XSRWUHEOMHQH X RYRM NRQYHQFLML
QHLGXQD^WHWXXSRWUHEHRYLKL]UD]DQLWL
VPLVODNRMLLPVHPRCHGDWLXXQXWUD^QMHP
SUDYXMHGQHGUCDYH

GUXJLK VXEMHNDWD PH_XQDURGQRJ SUDYD

NDR L QD PH_XQDURGQH VSRUD]XPH NRML
QLVX ]DNOMXaHQL SLVPHQLP SXWHP QH LGH
QDX^WUE
D SUDYQH YUHGQRVWL RYLK VSRUD]XPD
E SULPHQH QD RYH VSRUD]XPH VYLK
SUDYLOD L]UDCHQLK X RYRM NRQYHQFLML
SRG NRMD `H SRWSDGDWL X VNODGX VD
PH_XQDURGQLP SUDYRP QH]DYLVQR
RG RYH NRQYHQFLMH
F SULPHQH .RQYHQFLMH QD RGQRVH L] 
PH_X GUCDYD NRML VX UHJXOLVDQL PH 
_XQDURGQLPVSRUD]XPLPDaLMHVXLV 
WR WDNR aODQLFH RVWDOL VXEMHNWL PH 
_XQDURGQRJ SUDYD
AODQ 
1HSRYUDWQR GHMVWYR RYH NRQYHQFLMH

%H]^WHWH]DSULPHQXVYLKSUDYLODL] 
UDCHQLK X RYRM NRQYHQFLML SRG NRMD EL
XJRYRUL SRWSDGDOL X VNODGX VD PH_XQD 
URGQLP SUDYRP QH]DYLVQR RG RYH NRQ 
YHQFLMH RQD VH SULPHQMXMH LVNOMXaLYR QD
XJRYRUH NRMH GUCDYH ]DNOMXaH SRVOH QMH 
QRJ VWXSDQMD QD VQDJX X RGQRVX QD WH
GUCDYH
AODQ 
8JRYRUL NRMLPD VH RVQLYDMX PH_XQDURGQH
RUJDQL]DFLMH L XJRYRUL NRMH XVYRML MHGQD
PH_XQDURGQD RUJDQL]DFLMD

2YD NRQYHQFLMD VH SULPHQMXMH QD

VYDNL XJRYRU NRML SUHGVWDYOMD XVWDYQL DNW
MHGQHPH_XQDURGQHRUJDQL]DFLMHLQDVYD 
NLXJRYRUNRMLXVYRMLMHGQDPH_XQDURGQD
RUJDQL]DFLMDSRGUH]HUYRPVYDNRJRGJR 
YDUDMX`HJSUDYLODRUJDQL]DFLMH

'HR ,,
=$./-8A(1-( , 6783$1-( 1$
61$*8 8*2925$

AODQ 
0H_XQDURGQL VSRUD]XPL NRML QH XOD]H X
RNYLU RYH NRQYHQFLMH

2GHOMDN 
=$./-8A,9$1-( 8*2925$
AODQ 
6SRVREQRVW GUCDYD GD ]DNOMXaXMX XJRYRUH

ALQMHQLFD GD VH RYD NRQYHQFLMD QH

SULPHQMXMH QD PH_XQDURGQH VSRUD]XPH
]DNOMXaHQHL]PH_XGUCDYDLGUXJLKVXEMH 
NDWDPH_XQDURGQRJSUDYDLOLL]PH_XRYLK

6YDNDGUCDYDLPDVSRVREQRVWGD]D 
NOMXaXMHXJRYRUH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QH L NRMH JODVDMX RVLP DNR RYH GUCDYH
LVWRPYH`LQRPQHRGOXaHGDSULPHQHQH 
NRGUXJRSUDYLOR

AODQ 
3XQRPR`MD

 -HGQR OLFH VH VPDWUD SUHGVWDYQL

NRPGUCDYHXFLOMXXVYDMDQMDLOLRYHUDYDQMD
WHNVWDQHNRJXJRYRUDLOLL]UDCDYDQMDSULV 
WDQNDGUCDYHGDEXGHYH]DQDXJRYRURP
D DNR SRGQHVH RGJRYDUDMX`H SXQR
PR`MH LOL
E DNR SURL]LOD]L L] SUDNVH ]DLQWHUHVR 
YDQLK GUCDYD LOL GUXJLK RNROQRVWLGD
VX LPDOH QDPHUX GD RYR OLFH VPDW 
UDMX NDR SUHGVWDYQLND GUCDYH X WRP
FLOMX L GD QH ]DKWHYDMX SRGQR^HQMH
SXQRPR`MD
 1D RVQRYX VYRMLK IXQNFLMD L EH]
REDYH]HSRGQR^HQMDSXQRPR`MDVPDWUDMX
VHNDRSUHGVWDYQLFLVYRMHGUCDYH
D ^HIRYLGUCDYD^HIRYLYODGDLPLQLVWUL
LQRVWUDQLK SRVORYD ]D VYH DNWH NRML
VH RGQRVH QD ]DNOMXaHQMH XJRYRUD
E ^HIRYL GLSORPDWVNLK PLVLMD ]D XVYD
MDQMH WHNVWD XJRYRUD L]PH_X GUCDYH
NRMDDNUHGLWXMHLGUCDYHNRGNRMHVH
DNUHGLWXMH
F DNUHGLWRYDQL SUHGVWDYQLFL GUCDYD QD
PH_XQDURGQRM NRQIHUHQFLML LOL NRG
PH_XQDURGQHRUJDQL]DFLMHLOLQHNRJ
QMHQRJ RUJDQD ]D XVYDMDQMH WHNVWD
XJRYRUDQDWRMNRQIHUHQFLMLXWRMRU 
JDQL]DFLML LOL WRP RUJDQX

AODQ 
2YHUDYDQMH WHNVWD

'DMHMHGDQWHNVWXJRYRUDYHURGRVWR 
MDQLNRQDaDQXWYU_XMHVH
D SUHPDSRVWXSNXXWYU_HQRPXRYRP
WHNVWX LOL R NRMHP VX VH GRJRYRULOH
GUCDYH NRMH VX XaHVWYRYDOH X L]UDGL
XJRYRUD LOL
E X NROLNR QH SRVWRML WDNDY SRVWXSDN
SRWSLVRP SRWSLVRP DG UHIHUHQGXP
LOL SDUDIRP SUHGVWDYQLND WLK GUCDYD
WHNVWD XJRYRUD LOL ]DYU^QRJ DNWD
NRQIHUHQFLMH X NRML MH WHNVW XQHW
AODQ 
1DaLQ L]UDCDYDQMD SULVWDQND UDGL
YH]LYDQMD XJRYRURP

3ULVWDQDN MHGQH GUCDYH GD EXGH YH 

]DQD XJRYRURP PRCH ELWL L]UDCHQ SRWSL 
VLYDQMHP UD]PHQRP LQVWUXPHQDWD NRML
VDaLQMDYDMX XJRYRU UDWLILNDFLMRP SULKYD 
WDQMHPRGREUDYDQMHPLOLSULVWXSDQMHPLOL
QDVYDNLGUXJLGRJRYRUHQQDaLQ
AODQ 
,]UDCDYDQMH SULVWDQND UDGL YH]LYDQMD
XJRYRURP SXWHP SRWSLVLYDQMD

 3ULVWDQDN MHGQH GUCDYH GD EXGH

YH]DQD XJRYRURP L]UDCDYD VH SRWSLVRP
SUHGVWDYQLNDWHGUCDYH
D DNR XJRYRU SUHGYL_D GD `H SRWSLV
LPDWL WR GHMVWYR
E DNR VH XRVWDORP XWYUGL GD VX VH
GUCDYH NRMH VX XaHVWYRYDOH QD SUH
JRYRULPD GRJRYRULOH GD `H SRWSLV
LPDWL WR GHMVWYR LOL
F DNRQDPHUDGUCDYHGDGWRGHMVWYR
SRWSLVX SURLVWLaH L] SXQRPR`MD QMH 
QRJ SUHGVWDYQLND LOL MH L]UDCHQD X
WRNX SUHJRYRUD
=DVYUKHWDaNH
D SDUDILUDQMH MHGQRJ WHNVWD YDCL NDR L
SRWSLVLYDQMH XJRYRUD DNR VH XWYUGL
GDVXVHGUCDYHNRMHVXXaHVWYRYDOH
QD SUHJRYRULPD WDNR GRJRYRULOH
E SRWSLVLYDQMHDGUHIHUHQGXPXJRYRUD
RG VWUDQH SUHGVWDYQLND MHGQH

AODQ 
1DNQDGQR SRWYU_LYDQMH DNWD L]YU^HQRJ
EH] RYOD^`HQMD

$NWNRMLXYH]LVD]DNOMXaHQMHPXJR 
YRUD L]YU^L OLFH NRMH VH QD RVQRYXaODQD
QHPRCHVPDWUDWLRYOD^`HQLPGDSUHG 
VWDYOMDGUCDYXXWRPFLOMXEH]SUDYQRJMH
GHMVWYDRVLPDNRJDWDGUCDYDGRFQLMHQH
SRWYUGL
AODQ 
8VYDMDQMH WHNVWD

8VYDMDQMHWHNVWDXJRYRUDYU^LVHX]
SULVWDQDNVYLKGUCDYDNRMHVXXaHVWYRYDOH
X QMHJRYRM L]UDGL RVLP X VOXaDMHYLPD
SUHGYL_HQLPXWDaNL
 8VYDMDQMH WHNVWD XJRYRUD QD
PH_XQDURGQRM NRQIHUHQFLML YU^L VH GYRW 
UH`LQVNRPYH`LQRPGUCDYDNRMHVXSULVXW 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GUCDYH DNR RYD GUCDYD WR SRWYUGL
YDCL NDR NRQDaQR SRWSLVLYDQMH XJR 
YRUD

E DNR MH QD GUXJL QDaLQ XWYU_HQR GD

VX VH GUCDYH NRMH VX XaHVWYRYDOH X
SUHJRYRULPD GRJRYRULOH GD WD
GUCDYDPRCHGDL]UD]LSULVWDQDNSX
WHP SULVWXSDQMD LOL
F DNRVXVHVYHaODQLFHGRFQLMHGRJR
YRULOH GD WD GUCDYD PRCH GD L]UD]L
RYDM SULVWDQDN SXWHP SULVWXSDQMD

AODQ 
,]UDCDYDQMH SULVWDQND UDGL YH]LYDQMD
XJRYRURP SXWHP UD]PHQH LQVWUXPHQDWD
NRML VDaLQMDYDMX XJRYRU

3ULVWDQDN GUCDYD GD EXGX YH]DQH

XJRYRURP NRML VDaLQMDYDMX PH_XVREQR
UD]PHQMHQLLQVWUXPHQWLL]UDCDYD VHRYRP
UD]PHQRP
D DNR LQVWUXPHQWL SUHGYL_DMX GD `H
QMLKRYD UD]PHQD LPDWL WR GHMVWYRLOL
E DNR VH QD GUXJL QDaLQ XWYUGL GD VX
VH WH GUCDYH GRJRYRULOH GD `H UD]
PHQD LQVWUXPHQDWD LPDWL WR GHMVWYR

AODQ 
5D]PHQD LOL GHSRQRYDQMH LQVWUXPHQDWD R
UDWLILNDFLML SULKYDWDQMX RGREUDYDQMX LOL
SULVWXSDQMX

2VLP DNR XJRYRURP QLMH GUXJDaLMH

RGUH_HQR LQVWUXPHQWL R UDWLILNDFLML SULK 
YDWDQMX RGREUDYDQMX LOL SULVWXSDQMX
XWYU_XMXSULVWDQDNGUCDYHGDEXGHYH]DQD
XJRYRURPXWUHQXWNX
D QMLKRYH UD]PHQH L]PH_X GUCDYD
XJRYRUQLFD
E QMLKRYRJ GHSRQRYDQMD NRG GHSR]L
WDUD LOL
F QMLKRYRJ VDRS^WDYDQMD GUCDYDPD
XJRYRUQLFDPD LOL GHSR]LWDUX DNR MH
WDNR GRJRYRUHQR

AODQ 
,]UDCDYDQMH SULVWDQND UDGL YH]LYDQMD
XJRYRURP SXWHP UDWLILNDFLMH SULKYDWDQMD
LOL RGREUDYDQMD

 3ULVWDQDN GUCDYH GD EXGH YH]DQD

XJRYRURPL]UDCDYDVHSXWHPUDWLILNDFLMH
D DNR XJRYRU SUHGYL_D GD VH SULVWD
QDN L]UD]L UDWLILNDFLMRP
E DNR MH QD GUXJL QDaLQ XWYU_HQR GD
VX VH GUCDYH NRMH VX XaHVWYRYDOH X
SUHJRYRULPD GRJRYRULOH GD MH SRW
UHEQD UDWLILNDFLMD
F DNR MH SUHGVWDYQLN WH GUCDYH SRWSL
VDR XJRYRU SRG UH]HUYRP UDWLILNDFL
MH LOL
G DNRQDPHUDWHGUCDYHGDSRWSL^HXJR
YRU SRG UH]HUYRP UDWLILNDFLMH SUR
L]LOD]LL]SXQRPR`MDQMHQRJSUHGVWDY
QLNDLOLMHL]UDCHQDXWRNXSUHJRYRUD
 3ULVWDQDN GUCDYH GD EXGH YH]DQD
XJRYRURP L]UDCDYD VH SXWHP SULKYDWDQMD
LOLRGREUDYDQMDXXVORYLPDVOLaQLPRQLPD
NRMLVHSULPHQMXMXQDUDWLILNDFLMX

AODQ 
3ULVWDQDN GUCDYH GD EXGH YH]DQD MHGQLP
GHORP XJRYRUD L L]ERU L]PH_X UD]OLaLWLK
RGUHGDED

 %H] ^WHWH SR aODQRYH  GR 

SULVWDQDN MHGQH GUCDYH GD EXGH YH]DQD
MHGQLPGHORPXJRYRUDLPDGHMVWYRVDPR
DNR WR GR]YROMDYD XJRYRU LOL DNR RVWDOH
GUCDYHXJRYRUQLFHQDWRSULVWDQX
 3ULVWDQDN MHGQH GUCDYH GD EXGH
YH]DQD XJRYRURP NRML RPRJX`XMH L]ERU
L]PH_XUD]OLaLWLKRGUHGDEDLPDGHMVWYRVD 
PR DNR VX RGUHGEH QD NRMH VH RGQRVL
MDVQRRGUH_HQH
AODQ 
2EDYH]D GD VH XJRYRU QH OL^L VYRJ
SUHGPHWD L VYRJ FLOMD SUH QMHJRYRJ
VWXSDQMD QD VQDJX

AODQ 
,]UDCDYDQMH SULVWDQND UDGL YH]LYDQMD
XJRYRURP SXWHP SULVWXSDQMD

'UCDYD WUHED GD VH X]GUCL RG DNDWD

NRML EL OL^LOL XJRYRU QMHJRYRJ SUHGPHWD L
QMHJRYRJFLOMD
D DNRMHSRWSLVDODXJRYRULOLUD]PHQLOD
LQVWUXPHQWH NRML VDaLQMDYDMX XJRYRU
SRG UH]HUYRP UDWLILNDFLMH SULKYDWD

3ULVWDQDN MHGQH GUCDYH GD EXGH YH 

]DQDXJRYRURPL]UDCDYDVHSXWHPSULVWX 
SDQMD
D DNRXJRYRUSUHGYL_DGDRYDMSULVWD 
QDNPRCHWDGUCDYDGDL]UD]LSXWHP
SULVWXSDQMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QMDLOLRGREUDYDQMDVYHGRNQHLVSR 
OML QDPHUX GD QH SRVWDQH aODQLFD
XJRYRUD LOL
E DNRMHL]UD]LODVYRMSULVWDQDNGDEX 
GHYH]DQDXJRYRURPXSHULRGXNRML
SUHWKRGLVWXSDQMXQDVQDJXXJRYRUD
LSRGXVORYRPGDVHWRVWXSDQMHQD
VQDJX EH] UD]ORJD QH RGORCL

D SULKYDWDQMH UH]HUYH RG VWUDQH QHNH

GUXJH GUCDYH LPD ]D SRVOHGLFX GD
GUCDYDNRMDMHVWDYLODUH]HUYXSRVWD 
QH aODQLFD XJRYRUD X RGQRVX QD WX
GUXJXGUCDYXDNRMHXJRYRUQDVQD 
]L LOL DNR VWXSD QD VQDJX ]D WH
GUCDYH
E SULPHGED NRMX XaLQL GUXJD GUCDYD
XJRYRUQLFD QD UH]HUYX QH VSUHaDYD
XJRYRU GD VWXSL QD VQDJX L]PH_X
GUCDYH NRMD MH VWDYLOD SULPHGEX L
GUCDYH NRMD MH XaLQLOD UH]HUYX RVLP
DNR GUCDYD NRMD MH VWDYLOD SULPHGEX
QLMH MDVQR L]UD]LOD VXSURWQX QDPHUX
F DNWNRMLL]UDCDYDSULVWDQDNGUCDYHGD
EXGHYH]DQDXJRYRURPLNRMLVDGUCL
UH]HUYX LPD GHMVWYR aLP MH PDNDU L
QHNDGUXJDGUCDYD XJRYRUQLFDSULK
YDWLOD UH]HUYX
8VYUKHWDaLRVLPDNRXJRYRU
GUXNaLMHQHRGUHGLVPDWUDVHGDMHQHND
GUCDYDSULKYDWLODUH]HUYXDNRQHVWDYLSUL 
PHGEXQDUH]HUYXELORGRLVWHNDPH 
VHFL RG GDWXPD SULMHPD VDRS^WHQMD R WR 
PHELORQDGDQNDGDMHGDODSULVWDQDNGD
EXGHYH]DQDXJRYRURPDNRMDRYDMGDWXP
GRFQLML

2GHOMDN 
5(=(59(
AODQ 
)RUPXOLVDQMH UH]HUYL

8 WUHQXWNX SRWSLVLYDQMD UDWLILNRYD

QMD SULKYD`DQMDRGREUDYDQMDXJRYRUDLOL
SULVWXSDQMD XJRYRUX MHGQD GUCDYD PRCH
VWDYLWLUH]HUYXRVLPDNR
D WD UH]HUYD QLMH ]DEUDQMHQD XJRYR
URP
E XJRYRU UDVSRODCH VDPR RGUH_HQLP
UH]HUYDPD PH_X NRMLPD VH QH QD 
OD]L UH]HUYD X SLWDQMX DOL DNR MH
F UH]HUYD X VOXaDMHYLPD NRML QLVX SR 
PHQXWL X VWDYRYLPD D L E QHVSR 
MLYDVDSUHGPHWRPLFLOMHPXJRYRUD
AODQ 
3ULKYDWDQMH UH]HUYL L SULPHGEH QD UH]HUYH

AODQ 
3UDYQR GHMVWYR UH]HUYL L SULPHGEL QD
UH]HUYH

5H]HUYDNRMDMHL]ULaLWRGR]YROMHQD
XJRYRURPQHPRUDGDEXGHGRFQLMHSULK 
YD`HQDRGVWUDQHRVWDOLKGUCDYDXJRYRUQL 
FDRVLPDNRWRXJRYRUQHSUHGYL_D

$NRXJRYRUSUHGVWDYOMDXVWDYQLDNW
PH_XQDURGQHRUJDQL]DFLMHLDNRRWRPH
QLMH GUXNaLMH RGOXaHQR UH]HUYD ]DKWHYD
SULKYDWDQMHRGVWUDQHQDGOHCQRJRUJDQDWH
RUJDQL]DFLMH

5H]HUYDVWDYOMHQDXRGQRVXQDQH 
NXGUXJXaODQLFXSUHPDaODQRYLPD
L
D PHQMD ]D GUCDYX NRMD MH VWDYLOD UH 
]HUYX X QMHQLP RGQRVLPD VD WRP
GUXJRP aODQLFRP RGUHGEH XJRYRUD
QD NRMH VH RGQRVL UH]HUYD X RQRM
PHUL X NRMRM VH WR SUHGYL_D UH]HU
YRP L
E PHQMD WH RGUHGEH XLVWRM PHUL ]D WX
GUXJXaODQLFXXQMHQLPRGQRVLPDVD
GUCDYRP NRMD MH VWDYLOD UH]HUYX
5H]HUYDQHPHQMDRGUHGEHXJRYR 
UD ]D RVWDOH aODQLFH XJRYRUD X QMLKRYLP
RGQRVLPDLQWHUVH

 8 GUXJLP VOXaDMHYLPD RVLP RQLK

NRML VX SRPHQXWL X SUHWKRGQLP WDaNDPD
LXNROLNRXJRYRUQHRGUH_XMHGUXJDaLMH

.DGDVHGUCDYDNRMDMHVWDYLODSUL 
PHGEX QD UH]HUYX QLMH VXSURWVWDYLOD VWX 
SDQMX QD VQDJX XJRYRUD L]PH_X QMH L

 $NR XVOHG RJUDQLaHQRJ EURMD

GUCDYDNRMHVXXaHVWYRYDOHQDSUHJRYRUL 
PD NDR L SUHGPHWD L FLOMD XJRYRUD SURL 
]LOD]L GD MH SULPHQD XJRYRUD X FHOLQL L] 
PH_XaODQLFDELWDQXVORYSULVWDQNDVYDNH
RGQMLKGDEXGHYH]DQDXJRYRURPUH]HU 
YXWUHEDGDSULKYDWHVYHaODQLFH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GUCDYHNRMDMHVWDYLODUH]HUYXRGUHGEHQD
NRMH VH RGQRVL UH]HUYD QH SULPHQMXMX VH
L]PH_XGYHMXGUCDYDXRQRMPHULXNRMRM
MHWRSUHGYL_HQRUH]HUYRP

2GHOMDN 
6783$1-( 8*2925$ 1$ 61$*8
, 35,95(0(1$ 35,0(1$

AODQ 
3RYODaHQMH UH]HUYL L SULPHGEH QD UH]HUYH

AODQ 
6WXSDQMH QD VQDJX

2VLPDNRXJRYRURPQLMHGUXJDaLMH
RGUH_HQRUH]HUYDPRCHXVYDNRPWUHQXW 
NXELWLSRYXaHQDVWLP^WR]DQMHQRSRY 
ODaHQMHQLMHSRWUHEDQSULVWDQDNGUCDYHNR 
MDMHSULKYDWLODUH]HUYX
2VLPDNRXJRYRURPQLMHGUXJDaLMH
RGUH_HQRSULPHGEDQDUH]HUYXPRCHELWL
SRYXaHQDXVYDNRPWUHQXWNX
2VLPDNRXJRYRURPQLMHGUXJDaLMH
RGUH_HQRLOLDNRQLMHGUXJDaLMHGRJRYRUH 
QR
D SRYODaHQMH UH]HUYH LPD GHMVWYR X
RGQRVX QD QHNX GUXJX GUCDYX XJR 
YRUQLFX WHN NDGD WD GUCDYD R WRPH
GRELMH VDRS^WHQMH
E SRYODaHQMHSULPHGEHQDUH]HUYXLPD
GHMVWYR WHN NDGD GUCDYD NRMD MH VWD 
YLOD UH]HUYX GRELMH REDYH^WHQMH R
RYRP SRYODaHQMX

8JRYRUVWXSDQDVQDJXQDQDaLQL
QDGDQNRMLVXXWYU_HQLQMHJRYLPRGUHG 
EDPDLOLVSRUD]XPQRL]PH_XGUCDYDNRMH
VXXaHVWYRYDOHXSUHJRYRULPD
8NROLNRQHSRVWRMHWDNYHRGUHGEH
LOLWDNDYVSRUD]XPXJRYRUVWXSDQDVQDJX
aLPVYHGUCDYHNRMHVXXaHVWYRYDOHXSUH 
JRYRULPD EXGX GDOH SULVWDQDN GD EXGX
YH]DQHXJRYRURP
$NR VHSULVWDQDNGUCDYHGDEXGH
YH]DQD XJRYRURP G SRVOH VWXSDQMD QD
VQDJX RYRJ XJRYRUD RYDM XJRYRU RVLP
DNRGUXNaLMHQLMHRGUH_HQRVWXSDQDVQD 
JX]DWXGUCDYXWRJGDWXPD
ALPVH XVYRML WHNVWSULPHQMXMXVH
RGUHGEHXJRYRUDNRMHUHJXOL^XRYHUDYDQMH
WHNVWDGDYDQMHSULVWDQNDGUCDYDGDEXGX
YH]DQHXJRYRURPQDaLQLOLGDWXPVWXSD 
QMDQDVQDJXUH]HUYHIXQNFLMHGHSR]LWDUD
NDRLRVWDODSLWDQMDNRMDVHQXCQRSRVWD 
YOMDMXSUHVWXSDQMDQDVQDJXXJRYRUD

AODQ 
3RVWXSDN X YH]L VD UH]HUYDPD

5H]HUYDL]ULaLWRSULKYDWDQMHUH]HU
YH L SULPHGED QD UH]HUYXWUHED GD EXGX
IRUPXOLVDQLSLVPHQRLVDRS^WHQLGUCDYDPD
XJRYRUQLFDPD L RVWDOLP GUCDYDPD NRMH
LPDMXSUDYRGDSRVWDQXaODQLFHXJRYRUD
 $NR MH VWDYOMHQD SULOLNRP SRWSLVL 
YDQMD XJRYRUD SRG UH]HUYRP UDWLILNDFLMH
SULKYDWDQMDLOLRGREUDYDQMDUH]HUYXWUHED
L]ULaLWRGDSRWYUGLGUCDYDNRMDMXMHVWDYLOD
XWUHQXWNXNDGDL]UDCDYDVYRMSULVWDQDNGD
EXGHYH]DQDXJRYRURP8WDNYRPVOXaDMX
VPDWUD`H VH GD MH UH]HUYD VWDYOMHQD RQRJ
GDQDNDGDMHSRWSLVDQD
,]ULaLWRSULKYDWDQMHUH]HUYHLOLSUL
PHGEH VWDYOMHQH QD UH]HUYX DNR VX
XaLQMHQHSUHSRWYU_LYDQMDRYHUH]HUYHQL 
MHSRWUHEQRGDVDPHEXGXSRWYU_HQH
3RYODaHQMHUH]HUYHLOLSULPHGEHQD
UH]HUYXWUHEDGDEXGHIRUPXOLVDQRSLVPH 
QLPSXWHP

AODQ 
3ULYUHPHQD SULPHQD

8JRYRULOLGHRXJRYRUDSULPHQMXMH
VH SULYUHPHQR GRN XJRYRU QH VWXSL QD
VQDJX
D DNR MH VDPLP XJRYRURP WDNR RG
UH_HQR LOL
E DNRVXVHGUCDYHNRMHVXXaHVWYRYD 
OHXSUHJRYRULPDRWRPHGRJRYRULOH
QD GUXJL QDaLQ
2VLPDNRXJRYRURPQLMHGUXNaLMH
RGOXaHQR LOL DNR VH GUCDYH NRMH VX
XaHVWYRYDOH X SUHJRYRULPD QLVX GUXNaLMH
GRJRYRULOHSULYUHPHQDSULPHQDXJRYRUD
LOLGHODXJRYRUDSUHPDMHGQRMGUCDYLSUH 
VWDMH DNR RYD GUCDYD REDYHVWL RVWDOH
GUCDYHPH_XNRMLPDVHXJRYRUSULYUHPH 
QRSULPHQMXMHRVYRMRMQDPHULGDQHSR 
VWDQHaODQLFDXJRYRUD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

$NRVXaODQLFHUDQLMHJXJRYRUDLV 
WRWDNRLaODQLFHGRFQLMHJXJRYRUDDUDQLML
XJRYRUQLMHSUHVWDRLOLQLMHQMHJRYDSULPH 
QD REXVWDYOMHQD SUHPD aODQX  UDQLML
XJRYRUVHSULPHQMXMHVDPRDNRVXQMHJR 
YH RGUHGEH VDJODVQH VD RGUHGEDPD GRF 
QLMHJXJRYRUD

'HR ,,,
32>729$1-( 35,0(1$ ,
780$A(1-( 8*2925$
2GHOMDN 
32>729$1-( 8*2925$
AODQ 
3DFWD VXQW VHUYDQGD

 $NR aODQLFH UDQLMHJ XJRYRUD QLVX

VYHaODQLFHGRFQLMHJXJRYRUD
D X RGQRVX L]PH_X GUCDYD aODQLFD
RED XJRYRUD SULPHQMXMH VH SUDYLOR
QDYHGHQR X WDaNL 
E X RGQRVLPD L]PH_X GUCDYH aODQLFH
RED XJRYRUD L GUCDYH aODQLFH VDPR
X MHGQRP RG RYLK XJRYRUD XJRYRU
XNRPHVXaODQLFHREHGUCDYHUHJX 
OL^H QMLKRYD X]DMDPQD SUDYD L RED 
YH]H
7DaNDSULPHQMXMHVHEH]X^WUED
SR aODQ  QD VYDNR SLWDQMH JD^HQMD LOL
REXVWDYH SULPHQH XJRYRUD SUHPD aODQX
 LOL VYDNR SLWDQMH RGJRYRUQRVWL NRMH
PRCHGDQDVWDQH]DGUCDYX]DNOMXaHQMHP
LOLSULPHQRPXJRYRUDaLMHVXRGUHGEHQH 
VDJODVQHVDREDYH]DPDNRMHMHRQDSUHX 
]HODSUHPDQHNRMGUXJRMGUCDYLQDRVQRYX
QHNRJGUXJRJXJRYRUD

6YDNLXJRYRUQDVQD]LYH]XMHaODQLFHL
RQHWUHEDGDJDGREURQDPHUQRL]YU^DYDMX
AODQ 
8QXWUD^QMH SUDYR L SR^WRYDQMH XJRYRUD

-HGQDaODQLFDQHPRCHVHSR]YDWLQD
RGUHGEHVYRJXQXWUD^QMHJSUDYDGDELRS 
UDYGDOD QHL]YU^DYDQMH XJRYRUD 2YR SUD 
YLORQHLGHQDX^WUEaODQD

2GHOMDN 
35,0(1$ 8*2925$
AODQ 
1HSRYUDWQD VQDJD XJRYRUD

2VLP DNR GUXNaLMD QDPHUD QHSURL]L

OD]L L] XJRYRUD LOL QLMH QD GUXJL QDaLQ
XWYU_HQDRGUHGEHXJRYRUDQHYH]XMXMHGQX
aODQLFXXSRJOHGXDNWDLOLaLQMHQLFHNRMLVX
SUHWKRGLOLGDWXPXVWXSDQMDQDVQDJXRYRJ
XJRYRUDXRGQRVXQDWXaODQLFXLOLVLWXDFLMX
NRMDMHSUHVWDODGDSRVWRMLWRJGDWXPD

2GHOMDN 
780$A(1-( 8*2925$

AODQ 
7HULWRULMDOQD SULPHQD XJRYRUD

AODQ 
2S^WH SUDYLOR R WXPDaHQMX

2VLPDNRGUXNaLMDQDPHUDQHSURLV 
WLaH L] XJRYRUD LOL QD GUXJL QDaLQ QLMH
XWYU_HQDXJRYRUYH]XMHVYDNXaODQLFXX
SRJOHGXFHOHQMHQHWHULWRULMH

8JRYRUVHPRUDGREURQDPHUQRWX 
PDaLWLSUHPDXRELaDMHQRPVPLVOXNRMLVH
PRUDGDWLL]UD]LPDXXJRYRUXXQMLKRYRP
NRQWHNVWXLXVYHWORVWLQMHJRYRJSUHGPHWD
LQMHJRYRJFLOMD
 8 FLOMX WXPDaHQMD XJRYRUD NRQ 
WHNVW REXKYDWD RVLP WHNVWD XYRGD L XN 
OMXaHQLKSULORJD
D VYDNLVSRUD]XPXYH]LVDXJRYRURP
NRMLSRVWRMLL]PH_XaODQLFDSULOLNRP
]DNOMXaLYDQMD XJRYRUD
E VYDNL LQVWUXPHQW NRML VDaLQH MHGQD LOL
YL^HaODQLFDSULOLNRP]DNOMXaHQMDXJR
YRUDDNRMLSULKYDWHRVWDOHaODQLFHNDR
LQVWUXPHQW NRML VH RGQRVL QD XJRYRU

AODQ 
3ULPHQD X]DVWRSQLK XJRYRUD R LVWRP
SUHGPHWX

3RGUH]HUYRPRGUHGDEDaODQD
3RYHOMH8MHGLQMHQLKQDFLMDSUDYDLREDYH 
]H GUCDYD aODQLFD X]DVWRSQLK XJRYRUD R
LVWRP SUHGPHWX XWYU_XMX VH SUHPD VOH 
GH`LPWDaNDPD
 $NR QHNL XJRYRU WDaQR RGUH_XMH
GDSRGOHCHUDQLMHPLOLGRFQLMHPXJRYRUX
LOL GD QH WUHED GDVH VPDWUD QHVDJODVQLP
VD WLP GUXJLP XJRYRURP RGUHGEH RYRJ
SRVOHGQMHJXJRYRUDLPDMXSUHGQRVW



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QLMHPRJX`HRGVWUDQLWLXVYDMDVHVPL 
VDRNRMLYRGH`LUDaXQDRSUHGPHWXLFLOMX
XJRYRUDQDMEROMHXVNOD_XMHRYHWHNVWRYH

 .DR L R NRQWHNVWX YRGL`H VH UD 

aXQD
D R VYDNRP GRFQLMHP VSRUD]XPX L] 
PH_X aODQLFD X SRJOHGX WXPDaHQMD
XJRYRUD LOL SULPHQH QMHJRYLK RGUH 
GDED
E R VYDNRM GRFQLMRM SUDNVL X YH]L VD
SULPHQRP XJRYRUD NRMLP MH SRVWLJ 
QXW VSRUD]XP L]PH_XaODQLFDXSR 
JOHGX WXPDaHQMD XJRYRUD
F R VYDNRP UHOHYDQWQRP SUDYLOX
PH_XQDURGQRJSUDYDNRMHVHSULPH 
QMXMH X RGQRVLPD L]PH_X aODQLFD
,]UD]VHX]LPDXSRVHEQRPVPLVOX
DNRVHXWYUGLGDMHWDNYDELODQDPHUDVWUD 
QDXJRYRUQLFD

2GHOMDN 
8*2925, , 75(@( '5#$9(
AODQ 
2S^WH SUDYLOR X SRJOHGX WUH`LK GUCDYD

8JRYRUQHVWYDUDQLREDYH]HQLSUDYD
]DWUH`XGUCDYXEH]QMHQRJSULVWDQND
AODQ 
8JRYRUL NRML SUHGYL_DMX REDYH]H ]D WUH`H
GUCDYH

=D WUH`X GUCDYX QDVWDMH REDYH]D QD

RVQRYX RGUHGEH XJRYRUD DNR VH aODQLFH
VSRUD]XPHMXGDVWYRUHREDYH]XQDRVQR 
YXWHRGUHGEHLDNRWUH`DGUCDYDWXRED 
YH]XL]ULaLWRSULKYDWLSLVPHQLPSXWHP

AODQ 
'RSXQVND VUHGVWYD WXPDaHQMD

0RCHVHSR]LYDWLQDGRSXQVNDVUHG 
VWYDWXPDaHQMDSRVHEQRQDSULSUHPQHUD 
GRYHNDRLQDRNROQRVWLXNRMLPDMHXJR 
YRU ELR ]DNOMXaHQ X FLOMX GD VH SRWYUGL
VPLVDRNRMLSURL]LOD]LL]SULPHQHaODQD
LOLGDVHRGUHGLVPLVDRNDGDMHWXPDaHQMH
GDWRSUHPDaODQX
D GYRVPLVOHQR LOL QHMDVQR LOL
E GRYRGL GR UH]XOWDWD NRML MH RaLJOHG
QR DSVXUGDQ LOL QHUD]XPDQ

AODQ 
8JRYRUL NRML SUHGYL_DMX SUDYD ]D WUH`H
GUCDYH

 3UDYR ]D WUH`X GUCDYX QDVWDMH QD

RVQRYX RGUHGEH XJRYRUD DNR aODQLFH
RYRJ XJRYRUD QDPHUDYDMX GD QD RVQRYX
RYHRGUHGEHGDMXSUDYRELORWUH`RMGUCDYL
LOL JUXSL GUCDYD NRMRM RQD SULSDGD ELOR
RYLP GUCDYDPD L DNR WUH`D GUCDYD QD WR
SULVWDQH6PDWUDVHGDMHGDWSULVWDQDNVYH
GRNQHSRVWRMHVXSURWQDREDYH^WHQMDRVLP
DNRXJRYRURPQLMHGUXNaLMHRGUH_HQR
'UCDYDNRMDRVWYDUXMHSUDYRQDRV 
QRYXWDaNHGXCQDMHGDVH]DRVWYDULYD 
QMH RYRJ SUDYD SULGUCDYD XVORYD SUHG
YL_HQLKXJRYRURPLOLXVWDQRYOMHQLKSUHPD
QMHJRYLPRGUHGEDPD

AODQ 
7XPDaHQMH XJRYRUD RYHUHQLK QD GYD LOL
YL^H MH]LND

 $NR MH MHGDQ XJRYRU RYHUHQ QD

GYDLOLYL^HMH]LNDQMHJRYWHNVWMHYHURGR 
VWRMDQ QD WLP MH]LFLPD RVLP DNR XJRYR 
URPQLMHRGUH_HQRLOLVHaODQLFHQHGRJR 
YRUH GD X VOXaDMX QHVODJDQMD YDCL MHGDQ
RGUH_HQLWHNVW
 3UHYRG XJRYRUD QD QHNRP GUX
JRPMH]LNXRVLPMH]LNDQDNRMLPDMHWHNVW
RYHUHQVPDWUDVHYHURGRVWRMQLPWHNVWRP
VDPR DNR WR XJRYRU SUHGYL_D LOL DNR VX
VHaODQLFHRWRPHGRJRYRULOH
,]UD]LXXJRYRUXVPDWUDVHGDLPD 
MXVPLVDRXUD]QLPYHURGRVWRMQLPWHNVWR 
YLPD
 2VLP X VOXaDMX NDGD RGUH_HQL
WHNVWLPDSUHGQRVWQDRVQRYXWDaNHDNR
XSRUH_LYDQMH YHURGRVWRMQLK WHNVWRYD SR 
NDCHUD]OLNXNRMXSULPHQRPaODQRYDL

AODQ 
3RQL^WHQMH LOL L]PHQD REDYH]D LOL SUDYD
WUH`LK GUCDYD

8VOXaDMXNDGDMHREDYH]D]DWUH`X
GUCDYX QDVWDOD QD RVQRYX aODQD  RYD
REDYH]DVHPRCHSRQL^WLWLLOLL]PHQLWLVD 
PR X] SULVWDQDN aODQLFD XJRYRUD L WUH`H
GUCDYH XNROLNR QLMH XWYU_HQR GD VX VH
RQHRWRPHGUXNaLMHGRJRYRULOH
 8 VOXaDMX NDGD MH SUDYR ]D WUH`X
GUCDYX QDVWDOR QD RVQRYX aODQD  RYR
SUDYR PRJX SRQL^WLWL LOL L]PHQLWL aODQLFH
VDPRDNRVHXVWDQRYLGDMHELORXWYU_HQR



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GD VH QH PRCH SRQL^WLWL LOL L]PHQLWL EH]
SULVWDQNDWUH`HGUCDYH

]XPD R L]PHQDPD RVLP DNR QH L]UD]L

GUXNaLMXQDPHUXVPDWUDVHNDR
D aODQLFD L]PHQMHQRJ XJRYRUD L
E aODQLFDQHL]PHQMHQRJXJRYRUDXRG 
QRVXQDVYDNXaODQLFXXJRYRUDNRMD
QLMH YH]DQD VSRUD]XPRP R L]PHQD 
PD

AODQ 
3UDYLOD XJRYRUD NRMD SRVWDMX REDYH]QD
]D WUH`H GUCDYH SXWHP VWYDUDQMD
PH_XQDURGQRJ RELaDMD

1LMHGQD RGUHGED aODQRYD  GR 

QH SURWLYL VH GD QHNR SUDYLOR SRPHQXWR
X XJRYRUX SRVWDQH REDYH]QR ]D WUH`X
GUCDYXNDRRELaDMQRSUDYLORPH_XQDURG 
QRJSUDYDNRMHMHNDRWDNYRSUL]QDWR

AODQ 
6SRUD]XPL NRML LPDMX ]D FLOM GD L]PHQH
YL^HVWUDQH XJRYRUH X RGQRVLPD VDPR
L]PH_X QHNLK aODQLFD

 'YH LOL YL^H aODQLFD YL^HVWUDQRJ

XJRYRUD PRJX ]DNOMXaLWL VSRUD]XP NRML
LPD]DFLOMGDL]PHQLXJRYRUVDPRXSR 
JOHGXQMLKRYLKX]DMDPQLKRGQRVD
D DNR MH PRJX`QRVW WDNYH L]PHQH
SUHGYL_HQD XJRYRURP LOL
E DNR RYD L]PHQD QLMH ]DEUDQMHQD
XJRYRURP SRG XVORYRP
L GD QH LGH QD X^WUE XCLYDQMD SUD 
YD NRMD RVWDOL aODQRYL L]YRGH L]
XJRYRUD L L]YU^DYDQMD REDYH]D L

'HR ,9
,=0(1( 8*2925$
AODQ 
2S^WH SUDYLOR X YH]L VD L]PHQRP XJRYRUD

8JRYRU PRCH ELWL L]PHQMHQ L GRSX 

QMHQ VSRUD]XPQR L]PH_X aODQLFD 8NROL 
NRXJRYRURPQLMHGUXNaLMHRGUH_HQRSUD 
YLODQDYHGHQDXGHOX,,SULPHQMXMXVHQD
WDNDYVSRUD]XP
AODQ 
,]PHQH YL^HVWUDQLK XJRYRUD

LL GD VH QH RGQRVL QD RGUHGEX RG

NRMH VH QH PRCH RGVWXSLWL D GD
QH GR_H GR QHVDJODVQRVWL VD
HIHNWLYQLP RVWYDUHQMHP SUHGPH
WD L FLOMD XJRYRUD X FHOLQL
8NROLNRVHXVOXaDMXSUHGYL_HQRP
X VWDYX D WDaND  XJRYRURP GUXNaLMH QH
RGUH_XMHaODQLFHRNRMLPDMHUHaWUHEDGD
REDYHVWHRVWDOHaODQLFHRVYRMRMQDPHULGD
]DNOMXaHVSRUD]XPNDRLRL]PHQDPDNRMH
VHRYLPVSRUD]XPRPXQRVHXXJRYRU

2VLPDNRXJRYRURPQLMHGUXNaLMH
RGUH_HQRL]PHQHYL^HVWUDQLKXJRYRUDUH 
JXOL^XVOHGH`HWDaNH
6YDNLSUHGORJL]PHQHYL^HVWUDQRJ
XJRYRUDXRGQRVLPDL]PH_XVYLKaODQLFD
WUHEDGDVHGRVWDYLVYDNRMGUCDYLXJRYRU 
QLFLLVYDNDRGQMLKLPDSUDYRGDXaHVWYX 
MH
D X RGOXFL R RGJRYRUX NRML WUHED GDWL
X YH]L VD RYLP SUHGORJRP
E X SUHJRYRULPD L ]DNOMXaLYDQMX VYD
NRJ VSRUD]XPD NRML LPD ]D FLOM GD
L]PHQL XJRYRU
 6YDND GUCDYD NRMD LPD SUDYR GD
SRVWDQH aODQLFD XJRYRUD LPD LVWR WDNR
SUDYRGDSRVWDQHaODQLFDXJRYRUDNRMLMH
L]PHQMHQ
 6SRUD]XP R L]PHQL QH YH]XMH
GUCDYHNRMHVXYH`aODQLFHXJRYRUDDNRMH
QHSRVWDMXaODQLFHWRJVSRUD]XPDVWDYE
WDaND  aODQD  QH SULPHQMXMH VH QD WH
GUCDYH
6YDNDGUCDYDNRMDSRVWDQHaODQLFD
XJRYRUD SRVOH VWXSDQMD QD VQDJX VSRUD 

'HR 9
1,>7$9267 *$>(1-( ,
2%867$9/-$1-( 35,0(1(
8*2925$
2GHOMDN 
23>7( 2'5('%(
AODQ 
9DCQRVW L RVWDMDQMH XJRYRUD QD VQD]L

9DCQRVWXJRYRUDLOLSULVWDQNDGUCDYH
GDEXGHYH]DQDXJRYRURPPRCHVHRVSRULWL
VDPRQDRVQRYXRYHNRQYHQFLMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

*D^HQMHXJRYRUDQMHJRYRRWND]L
YDQMHLOLSRYODaHQMHMHGQRJGHODPRCHVH
GRJRGLWL VDPR SULPHQRP RGUHGDED XJR 
YRUD LOL RYH NRQYHQFLMH ,VWR SUDYLOR YDCL
]DREXVWDYOMDQMHSULPHQHXJRYRUD

 8 VOXaDMHYLPD R NRMLPD MH UHa X

aODQRYLPDLGUCDYDNRMDLPDSUDYR
GD VH SR]RYH QD SUHYDUX LOL NRUXSFLMX
PRCHWRXaLQLWLXSRJOHGXFHORJXJRYRUD
LOLXVOXaDMXQDYHGHQRPXWDaNLXSRJ 
OHGXQHNLKRGUH_HQLKNODX]XOD

AODQ 
2EDYH]H NRMH QDPH`H PH_XQDURGQR
SUDYR QH]DYLVQR RG XJRYRUD

8VOXaDMHYLPDSUHGYL_HQLPXaOD 
QRYLPD   L  RGUHGEH XJRYRUD VH
QHPRJXGHOLWL

1L^WDYRVW JD^HQMH LOL RWND]LYDQMH

XJRYRUDSRYODaHQMHMHGQHaODQLFHLOLREX 
VWDYOMDQMHSULPHQHXJRYRUDNDGDVXUH]XO 
WDW SULPHQH RYH NRQYHQFLMH LOL RGUHGDED
XJRYRUD QHPDMX QLNDNYRJ XWLFDMD QD
GXCQRVW GUCDYH GD LVSXQMDYD VYDNX RED 
YH]XSRPHQXWXXXJRYRUXNRMRMSRGOHCX
XVNODGXVDPH_XQDURGQLPSUDYRPQH]D 
YLVQRRGRYRJXJRYRUD

AODQ 

*XELWDN SUDYD SR]LYDQMD QD X]URN

QL^WDYRVWL XJRYRUD LOL QD UD]ORJH ]D
RNRQaDQMHXJRYRUD]DSRYODaHQMHLOLREX 
VWDYOMDQMHQMHJRYHSULPHQH
'UCDYDVHQHPRCHSR]YDWLQDX]URN
QL^WDYRVWLXJRYRUDLOLQDUD]ORJ]DQMHJRYR
RNRQaDQMH ]D SRYODaHQMH L] QMHJD LOL ]D
REXVWDYOMDQMHQMHJRYHSULPHQHSUHPDaOD 
QRYLPDGRLOLaODQRYLPDLDNR
WDGUCDYDSR^WRVHXSR]QDODVDaLQMHQLFD 
PD
D L]ULaLWR MH SULVWDOD GD YH` SUHPD
VOXaDMX VPDWUD GD MH XJRYRU YDCH`L
GD RVWDMH QD VQD]L L GD VH GDOMH SUL 
PHQMXMH LOL
E WUHED]ERJVYRJDVWDYDGDVHVPDWUD
NDR GD MH SULVWDOD YH` SUHPD VOX
aDMX QD YDCQRVW XJRYRUD LOL QD QMH 
JRYRRVWDMDQMHQDVQD]LLOLQDQMHJR 
YX SULPHQX

AODQ 
'HOMLYRVW RGUHGDED XJRYRUD

3UDYRMHGQHaODQLFHSUHGYL_HQRX
XJRYRUXLOLNRMHSURL]LOD]LL]aODQDGD
RWNDCH XJRYRU GD VH L] QMHJD SRYXaH LOL
GD REXVWDYL QMHJRYX SULPHQX PRCH VH
YU^LWL VDPR X SRJOHGX FHORJ XJRYRUD
RVLP DNR RYLP XJRYRURP QLMH GUXNaLMH
RGUH_HQRLOLVHaODQLFHQLVXGUXNaLMHGR 
JRYRULOH
1DUD]ORJQL^WDYRVWLLOLJD^HQMDXJR
YRUD SRYODaHQMD MHGQH aODQLFH LOL REXVWDY 
OMDQMD SULPHQH XJRYRUDNRMHJSUL]QDMHRYD
NRQYHQFLMD PRCH VH SR]YDWL VDPR X SRJ 
OHGXFHORJXJRYRUDRVLPSRGXVORYLPDNR 
MHSUHGYL_DMXVOHGH`HWDaNHLOLaODQ
$NRVHUD]ORJXSLWDQMXRGQRVLVDPR
QD QHNH RGUH_HQH NODX]XOH RQ VH PRCH
QDYHVWLVDPR^WRVHWLaHRYLKNODX]XOD
D DNR VH RYH NODX]XOH PRJX RGYRMLWL
RG RVWDORJ XJRYRUD X SRJOHGX QML
KRYRJ L]YU^HQMD
E DNR L] XJRYRUD SURL]LOD]L LOL MH XRV 
WDORP XVWDQRYOMHQR GD SULKYDWDQMH
RYLK NODX]XOD QLMH SUHGVWDYOMDOR ]D
GUXJX aODQLFX LOL ]D RVWDOH aODQLFH
XJRYRUD JODYQX RVQRYX QMLKRYRJ
SULVWDQNDGDEXGXYH]DQDXJRYRURP
X FHOLQL L
F DNR QLMH QHSUDYHGQR GD VH QDVWDYL
VDL]YU^DYDQMHPRQRJD^WRMHMR^RV 
WDOR RG XJRYRUD

2GHOMDN 
1,>7$9267 8*2925$
AODQ 
3URSLVL XQXWUD^QMHJ SUDYD R QDGOHCQRVWL
]D ]DNOMXaHQMH XJRYRUD

-HGQDGUCDYDVHQHPRCHSR]YDWL
QDaLQMHQLFX^WRMHQMHQSULVWDQDNGDEXGH
YH]DQDXJRYRURPL]UDCHQQDWDMQDaLQ^WR
VH QDUX^DYD RGUHGED QMHQRJ XQXWUD^QMHJ
SUDYD X YH]L VD QDGOHCQR^`X ]D ]DN 
OMXaHQMHXJRYRUDNDRQDVOXaDMPDQOMLYR 
VWLRVLPDNRRYDSRYUHGDQLMHELODRaLJ 
OHGQDLQHRGQRVLVHQDQHNRSUDYLORXQX 
WUD^QMHJSUDYDRGVX^WLQVNRJ]QDaDMD
3RYUHGDMHRaLJOHGQDDNRMHREMHN 
WLYQR MDVQD ]D VYDNX GUCDYX NRMD X WRP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SRJOHGXSRVWXSDSUHPDXRELaDMHQRMSUDN 
VLLOLGREURQDPHUQR

YDWL QD RYX NRUXSFLMX NRMD aLQL QL^WDYLP

QMHQSULVWDQDNGDEXGHYH]DQDXJRYRURP

AODQ 
3RVHEQR RJUDQLaHQMH RYOD^`HQMD GD VH
L]UD]L SULVWDQDN GUCDYH

AODQ 
3ULQXGD L]YU^HQD QDG SUHGVWDYQLNRP
GUCDYH

$NRMHRYOD^`HQMHMHGQRJSUHGVWDYQL 
NDGDL]UD]LSULVWDQDNGUCDYHGDEXGHYH 
]DQDRGUH_HQLPXJRYRURPELORSUHGPHW
SRVHEQRJ RJUDQLaHQMD aLQMHQLFD GD RYDM
SUHGVWDYQLN QLMH YRGLR UDaXQDRWRPRJ 
UDQLaHQMXQHPRCHVHQDYRGLWLNDRVOXaDM
PDQOMLYRVWLRVLPDNRRJUDQLaHQMHQLMHVD 
RS^WHQR SUH L]UDCDYDQMD RYRJ SULVWDQND
RVWDOLP GUCDYDPD NRMH VX XaHVWYRYDOH X
SUHJRYRULPD

,]UDCDYDQMHSULVWDQNDQHNHGUCDYHGD
EXGHYH]DQDXJRYRURPNRMHMHGRELMHQR
SULQXGRP L]YU^HQRP QDG QMHQLP SUHGV 
WDYQLNRP SXWHP SRVWXSDND LOL SUHWQML
XSX`HQLK OLaQR QMHPX OL^HQR MH VYDNRJ
SUDYQRJGHMVWYD
AODQ 
3ULQXGD QDG GUCDYRP L]YU^HQD SXWHP
SUHWQMH LOL XSRWUHEH VLOH

1L^WDYDQMHVYDNLXJRYRUaLMHMH]DN 
OMXaHQMH SRVWLJQXWR SUHWQMRP LOL XSRWUH 
ERP VLOH NU^HQMHP SULQFLSD PH_XQDURG 
QRJ SUDYD NRML VX XQHWL X 3RYHOMX 8MHGL 
QMHQLKQDFLMD

AODQ 
=DEOXGD

'UCDYDVHPRCHSR]YDWLQD]DEOX 
GXXXJRYRUXNRMDaLQLQL^WDYLPQMHQSUL 
VWDQDNGDEXGHYH]DQDXJRYRURPDNRVH
]DEOXGD RGQRVL QD aLQMHQLFX LOL VLWXDFLMX
]DNRMXMHWDGUCDYDSUHWSRVWDYOMDODGDSR 
VWRMLXWUHQXWNXNDGDMHXJRYRU]DNOMXaHQ
LNRMDMHVDaLQMDYDODELWQXRVQRYXSULVWDQ 
NDWHGUCDYHGDEXGHYH]DQDXJRYRURP
 7DaND  VH QH SULPHQMXMH DNR MH
WD GUCDYD GRSULQHOD RYRM ]DEOXGL VYRMLP
SRVWXSNRPLOLDNRVXRNROQRVWLELOHWDNYH
GD MH WUHEDOR GD EXGH REDYH^WHQD RPR 
JX`QRVWL]DEOXGH
 =DEOXGD NRMD VH RGQRVL VDPR QD
UHGDNFLMX WHNVWD XJRYRUDQHLGHQDX^WUE
QMHJRYHYDCQRVWLXRYRPVOXaDMXSULPH 
QMXMHVHaODQ

AODQ 
8JRYRUL NRML VX X VXNREX VD
LPSHUDWLYQRP QRUPRP RS^WHJ
PH_XQDURGQRJ SUDYD MXV FRJHQV

1L^WDYDQ MH VYDNL XJRYRU NRML MH X

WUHQXWNX VYRJD ]DNOMXaHQMD X VXNREX VD
LPSHUDWLYQRP QRUPRP RS^WHJ PH_XQD 
URGQRJ SUDYD =D VYUKH RYH NRQYHQFLMH
LPSHUDWLYQD QRUPD RS^WHJ PH_XQDURG 
QRJ SUDYD MH QRUPD NRMX MH SULKYDWLOD L
SUL]QDOD FHORNXSQD PH_XQDURGQD ]DMHG 
QLFD GUCDYD NDR QRUPX RG NRMH QLNDNYR
RGVWXSDQMH QLMH GRSX^WHQR L NRMD VH QH
PRCH L]PHQLWL QRYRP QRUPRP RS^WHJ
PH_XQDURGQRJSUDYDLVWRJNDUDNWHUD

AODQ 
3UHYDUD

2GHOMDN 
*$>(1-( 8*2925$ ,
2%867$9/-$1-( 1-,+29(
35,0(1(

$NR MH GUCDYD QDYHGHQD GD ]DNOMXaL

XJRYRU REPDQOMLYLP SRVWXSNRP QHNH
GUXJHGUCDYHNRMDMHXaHVWYRYDODXSUHJR 
YRULPDRQDVHPRCHSR]YDWLQDSUHYDUX
NRMD aLQL QL^WDYLP SULVWDQDN GD EXGH YH 
]DQDXJRYRURP

AODQ 
*D^HQMH XJRYRUD LOL SRYODaHQMH L] QMHJD
QD RVQRYX RGUHGDED XJRYRUD LOL SXWHP
SULVWDQND aODQLFD

AODQ 
.RUXSFLMD SUHGVWDYQLND GUCDYH

*D^HQMHXJRYRUDLOLSRYODaHQMHMHGQH
aODQLFHPRCHQDVWDWL
D SUHPD RGUHGEDPD XJRYRUD LOL
E X VYDNRP WUHQXWNX X] SULVWDQDN
VYLK aODQLFD SRVOH VDYHWRYDQMD VD
RVWDOLP GUCDYDPD XJRYRUQLFDPD

$NR MH L]UDCDYDQMH SULVWDQND QHNH

GUCDYH GD EXGH YH]DQD XJRYRURP GREL 
MHQR SXWHP NRUXSFLMH QMHQRJ SUHGVWDYQL 
ND QHSRVUHGQLP LOL SRVUHGQLP GHORYD 
QMHPQHNHGUXJHGUCDYHNRMDMHXaHVWYR 
YDODXSUHJRYRULPDGUCDYDVHPRCHSR] 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

E DNRRYRREXVWDYOMDQMHQLMH]DEUDQMH 
QR XJRYRURP SRGXVORYRPGDRYR
REXVWDYOMDQMH
L QHLGHQDX^WUEQLXCLYDQMDSUDYD
RVWDOLKaODQLFDNRMDRQDLPDMXQD
RVQRYX XJRYRUD QL QD L]YU^HQMD
QMLKRYLK REDYH]D L

AODQ 
%URM aODQLFD YL^HVWUDQRJ XJRYRUD NRML MH
SDR LVSRG EURMD SRWUHEQRJ ]D QMHJRYR
VWXSDQMH QD VQDJX

2VLP DNR XJRYRURP QLMH GUXJDaLMH

RGUH_HQRYL^HVWUDQLXJRYRUQHSUHVWDMHL]
MHGLQRJUD]ORJD^WRMHEURMaODQLFDSDRLV 
SRGEURMDSRWUHEQRJ]DQMHJRYRVWXSDQMH
QDVQDJX

LL QLMH QHVDJODVQR VD SUHGPHWRP L

FLOMHP XJRYRUD
2VLPDNRXVOXaDMXSUHGYL_HQRP
XVWDYXDWDaNDXJRYRURPQLMHRWRPH
GUXNaLMHRGUH_HQRaODQLFHRNRMLPDMHUHa
WUHEDGD REDYHVWH RVWDOH aODQLFHRVYRMRM
QDPHULGD]DNOMXaHXJRYRULRRGUHGEDPD
XJRYRUD aLMX SULPHQX LPDMX QDPHUX GD
REXVWDYH

AODQ 
2WND]LYDQMH LOL SRYODaHQMH X VOXaDMX
XJRYRUD NRML QH VDGUCL RGUHGEH X YH]L VD
JD^HQMHP RWND]LYDQMHP LOL SRYODaHQMHP

 8JRYRU NRML QH VDGUCL RGUHGEH R

QMHJRYRPJD^HQMXLQHSUHGYL_DGDVHPRCH
RWND]DWL LOL L] QMHJD SRYX`L QH PRCH ELWL
SUHGPHWRWND]LYDQMDLOLSRYODaHQMDRVLP
D DNRQLMHXWYU_HQRGDMHELODQDPHUD
aODQLFDGDSULKYDWHPRJX`QRVWRWND 
]LYDQMD LOL SRYODaHQMD LOL
E DNRSUDYRRWND]LYDQMDLOLSRYODaHQMD
QH PRCH GD VH L]YHGH L] SULURGH
XJRYRUD
 -HGQD aODQLFD WUHED GD REDYHVWL
QDMPDQMHGYDQDHVWPHVHFLXQDSUHGRVYR 
MRM QDPHUL GD RWNDCH XJRYRU LOL GD VH L]
QMHJDSRYXaHSUHPDRGUHGEDPDWDaNH

AODQ 
3UH`XWQR JD^HQMH XJRYRUD LOL
REXVWDYOMDQMH QMHJRYH SULPHQH L] UD]ORJD
]DNOMXaHQMD GRFQLMHJ XJRYRUD

 6PDWUD VH GD XJRYRU SUHVWDMH GD

YDCL DNR VYH aODQLFH RYRJ XJRYRUD ]DN 
OMXaHGRFQLMHXJRYRURLVWRPSUHGPHWXL
D DNRSURLVWLaHL]GRFQLMHJXJRYRUDLOL
DNR MH XRVWDORP XVWDQRYOMHQR GD
SUHPDQDPHULaODQLFDSUHGPHWWUHED
GD EXGH UHJXOLVDQ RYLP XJRYRURP
LOL
E DNRVXRGUHGEHGRFQLMHJXJRYRUDQH
VDJODVQHVDRGUHGEDPDUDQLMHJXJRYR
UDGRWHPHUHGDMHQHPRJX`HSULPH
QMLYDWL LVWRYUHPHQR RED XJRYRUD
5DQLMLXJRYRUVHVPDWUDGDMHVDPR
REXVWDYOMHQ DNR SURL]LOD]L L] GRFQLMHJ
XJRYRUDLOLDNRMHQDGUXJLQDaLQXWYU_HQR
GDMHWRELODQDPHUDaODQLFD

AODQ 
2EXVWDYOMDQMH SULPHQH XJRYRUD QD
RVQRYX QMHJRYLK RGUHGDED LOL SXWHP
SULVWDQND aODQLFD

3ULPHQD XJRYRUD X RGQRVX QD VYH

aODQLFH LOL MHGQX RGUH_HQX aODQLFX PRCH
VHREXVWDYLWL
D SUHPD RGUHGEDPD XJRYRUD LOL
E XVYDNRPWUHQXWNXSXWHPSULVWDQND
VYLK aODQLFD SRVOH VDYHWRYDQMD VD
RVWDOLP GUCDYDPD XJRYRUQLFDPD

AODQ 
*D^HQMH XJRYRUD LOL REXVWDYOMDQMH QMHJRYH
SULPHQH NDR SRVOHGLFD QMHJRYRJ NU^HQMD

AODQ 
2EXVWDYOMDQMH SULPHQH YL^HVWUDQRJ
XJRYRUD VSRUD]XPQR VDPR L]PH_X QHNLK
aODQLFD

6X^WLQVNRNU^HQMHGYRVWUDQRJXJR
YRUD RG VWUDQH MHGQH aODQLFH RYOD^`XMH
GUXJX aODQLFX GD VH SR]RYH QD NU^HQMH
NDRUD]ORJ]DSUHVWDQDNXJRYRUDLOLREX 
VWDYOMDQMHQMHJRYHSULPHQHXFHOLQLLOLGH 
OLPLaQR
6X^WLQVNRNU^HQMHYL^HVWUDQRJXJR
YRUDRGVWUDQHMHGQHaODQLFHRYOD^`XMH

'YHLOLYL^HaODQLFDYL^HVWUDQRJXJR
YRUDPRJX]DNOMXaLWLVSRUD]XPNRMLLPD]D
SUHGPHW GD REXVWDYL SULYUHPHQR L VDPR
L]PH_XQMLKSULPHQXRGUHGDEDXJRYRUD
D DNRMHPRJX`QRVWWDNYRJREXVWDYOMD 
QMD SUHGYL_HQD XJRYRURP LOL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PRCHQDYHVWLVDPRNDRUD]ORJ]DREXVWD 
YOMDQMHSULPHQHXJRYRUD
AODQLFDVHQHPRCHSR]YDWLQDQH 
PRJX`QRVW L]YU^HQMD NDR UD]ORJ ]D SUHV 
WDQDN XJRYRUD]DSRYODaHQMHL]QMHJDLOL
]D REXVWDYOMDQMH QMHJRYH SULPHQH DNR
RYDQHPRJX`QRVWSURL]LOD]LL]NU^HQMDRG
VWUDQHaODQLFHNRMDVHQDRYRNU^HQMHSR 
]LYD ELOR REDYH]H XJRYRUD ELOR VYDNH
GUXJH PH_XQDURGQH REDYH]H X RGQRVX
QDVYDNXGUXJXaODQLFXXJRYRUD

D RVWDOHaODQLFHX]MHGQRJODVDQGRJR 
YRU GD REXVWDYH SULPHQX XJRYRUD
X FHOLQL LOL GHOLPLaQR LOL GD JD
RNRQaDMX
L ELOR X RGQRVLPD L]PH_X VDPLK
QMLK L GUCDYH NU^LWHOMD
LL ELOR L]PH_X VYLK aODQLFD
E aODQLFX NRMX MH SRVHEQR SRJRGLOR
NU^HQMH GD VH QD QMHJD SR]RYH NDR
QD UD]ORJ REXVWDYOMDQMD SULPHQH
XJRYRUDXFHOLQLLOLGHOLPLaQRXRG 
QRVLPDL]PH_XQMHLGUCDYHNU^LWHOMD
F VYDNXaODQLFXRVLPGUCDYHNU^LWHOMD
GDVH SR]RYHQDNU^HQMHNDRUD]ORJ
]D REXVWDYOMDQMH SULPHQH XJRYRUD X
FHOLQLLOLGHOLPLaQRXRGQRVXQDQMX
VDPXDNRMHRYDMXJRYRUWDNYHSUL 
URGH GD VX^WLQVNR NU^HQMH QMHJRYLK
RGUHGDED RG VWUDQH MHGQH aODQLFH
NRUHQLWR PHQMD SRORCDM VYDNH aODQL 
FHXSRJOHGXGRFQLMHJL]YU^HQMDQMH 
QLKREDYH]DXVNODGXVDXJRYRURP
 =D VYUKH RYRJ aODQD VX^WLQVNR
NU^HQMHXJRYRUDSUHGVWDYOMD
D RGEDFLYDQMH XJRYRUD NRMH QLMH RGR 
EUHQR RYRP NRQYHQFLMRP LOL
E NU^HQMH RGUHGEH ELWQH ]D RVWYDUHQMH
SUHGPHWD LOL FLOMD XJRYRUD
3UHWKRGQHWDaNHQHQDUX^DYDMXQL 
MHGQXRGUHGEXXJRYRUDNRMDVHSULPHQMX 
MHXVOXaDMXNU^HQMD
7DaNHGRQHSULPHQMXMXVHQD
RGUHGEH R ]D^WLWL OMXGVNH OLaQRVWL NRMH
VDGUCH XJRYRUL KXPDQLWDUQRJ NDUDNWHUD
QDURaLWR QD RGUHGEH NRMLPDVH LVNOMXaXMH
VYDNLREOLNRGPD]GHSUHPDOLFLPDNRMDVX
]D^WL`HQDRYLPXJRYRULPD

AODQ 
6X^WLQVND SURPHQD RNROQRVWL

6X^WLQVNDSURPHQDRNROQRVWLNRMD
MHQDVWDODXRGQRVXQDRQHNRMHVXSRV 
WRMDOHXWUHQXWNX]DNOMXaHQMDXJRYRUDLNR 
MXaODQLFHQLVXSUHGYLGHOHQHPRCHVHQD 
YHVWLNDRUD]ORJSUHVWDQNDXJRYRUDLOLSR 
YODaHQMDL]QMHJDRVLPDNR
D SRVWRMDQMH RYLK RNROQRVWL QH SUHGV 
WDYOMD VX^WLQVNX RVQRYX SULVWDQND
aODQLFD GD EXGX YH]DQH XJRYRURP
L DNR
E RYD SURPHQD QHPD ]D FLOM GD NRUH 
QLWR SURPHQL ]QDaDM REDYH]D NRMH
RVWDMX GD VH L]YU^H QD RVQRYX XJR
YRUD
 6X^WLQVND SURPHQD RNROQRVWL QH
PRCH VH QDYHVWL NDR UD]ORJ SUHVWDQND
XJRYRUDLOLSRYODaHQMDL]QMHJD
D DNRVHUDGLRXJRYRUXNRMLPVHRG 
UH_XMH JUDQLFD LOL
E DNR VX^WLQVND SURPHQD SURL]LOD]L L]
NU^HQMDRGVWUDQHaODQLFHNRMDVHQD
QMHJD SR]LYD ELOR REDYH]H XJRYRUD
ELORVYDNHGUXJHPH_XQDURGQHRED 
YH]H X RGQRVX QD VYDNX GUXJX aOD 
QLFX XJRYRUD
$NRVHaODQLFDPRCHSUHPDSUHW 
KRGQLP WDaNDPD SR]YDWL QD VX^WLQVNX
SURPHQXRNROQRVWLNDRQDUD]ORJSUHVWDQ 
NDXJRYRUDLOLSRYODaHQMDL]QMHJDRQDVH
QDQMHJDPRCHLVWRWDNRSR]YDWLVDPRUDGL
REXVWDYHSULPHQHXJRYRUD

AODQ 
1DVWDQDN VLWXDFLMH NRMD aLQL L]YU^HQMH
QHPRJX`LP

-HGQDaODQLFDVHPRCHSR]YDWLQD
QHPRJX`QRVW L]YU^HQMD XJRYRUD NDR UD] 
ORJ ]D QMHJRY SUHVWDQDN LOL SRYODaHQMH L]
QMHJDDNRRYDQHPRJX`QRVWSURL]LOD]LL]
NRQDaQRJQHVWDQNDLOLXQL^WHQMDSUHGPHWD
QHRSKRGQRJ ]D L]YU^HQMH RYRJ XJRYRUD
$NR MHQHPRJX`QRVW SULYUHPHQD RQDVH

AODQ 
3UHNLG GLSORPDWVNLK LOL NRQ]XODUQLK
RGQRVD

3UHNLG GLSORPDWVNLK LOL NRQ]XODUQLK

RGQRVDL]PH_XaODQLFDXJRYRUDEH]GHM 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VWYD MH QD SUDYQH RGQRVH XVWDQRYOMHQH
XJRYRURPL]PH_XRYLKaODQLFDRVLPDNR
MHSRVWRMDQMHGLSORPDWVNLKLOLNRQ]XODUQLK
RGQRVDQHRSKRGQR]DSULPHQXXJRYRUD

QLFLNRMDWUDCLL]YU^HQMHXJRYRUDLOLVHSR 
]LYDQDQMHQRNU^HQMH
AODQ 
3RVWXSDN RNR VXGVNRJ UH^DYDQMD
DUELWUDCH L L]PLUHQMD

AODQ 
1DVWDQDN QRYH LPSHUDWLYQH QRUPH RS^WHJ
PH_XQDURGQRJ SUDYD MXV FRJHQV

8NROLNR X URNXRGGYDQDHVWPHVHFL
RGGDQDVWDYOMDQMDSULPHGEHQLMHELORPR 
JX`H SRVWL`L UH^HQMH SUHPD WDaNL  aODQD
SULPHQMXMHVHVOHGH`LSRVWXSDN
D VYDND VWUDQD X VSRUX RNR SULPHQH
LOLWXPDaHQMDaODQRYDLOLPRCH
SXWHP PROEH SRGQHWL VSRU QD
UH^DYDQMH 0H_XQDURGQRP VXGX
SUDYGH RVLP DNRaODQLFH QHRGOXaH
VSRUD]XPQRGDL]QHVXVSRUSUHGDU
ELWUDCX
E VYDND VWUDQD X VSRUX RNR SULPHQH
LOL WXPDaHQMD ELOR NRMHJ GUXJRJ aOD 
QD 9 GHOD NRQYHQFLMH PRCH SULPH 
QLWL SRVWXSDN SRPHQXW X SULORJX
.RQYHQFLMH XSX`XMX`L X WRP VPLVOX
]DKWHY JHQHUDOQRP VHNUHWDUX 8MHGL 
QMHQLK QDFLMD

$NRQDVWDQHQRYDLPSHUDWLYQDQRUPD
RS^WHJPH_XQDURGQRJSUDYDVYDNLSRVWR
MH`LXJRYRUNRMLMHXVXNREXVDRYRPQRU 
PRPSRVWDMHQL^WDYLSUHVWDMHGDYDCL

2GHOMDN 
326783$.
AODQ 
3RVWXSDN RNR QL^WDYRVWL XJRYRUD QMHJRYRJ
JD^HQMD SRYODaHQMD MHGQH aODQLFH LOL
REXVWDYOMDQMD SULPHQH XJRYRUD

AODQLFDNRMDVHQDRVQRYXRGUHGD 
EDRYHNRQYHQFLMHSR]RYHELORQDVOXaDM
PDQOMLYRVWLGDEXGHYH]DQDXJRYRURPEL 
ORQDUD]ORJ]DRVSRUDYDQMHYDCQRVWLXJR 
YRUDQMHJRYSUHVWDQDNSRYODaHQMHL]QMH 
JD REXVWDYOMDQMH QMHJRYH SULPHQH WUHED
GDVDRS^WLRVWDOLPaODQLFDPDVYRM]DKWHY
6DRS^WHQMHP WUHED QDYHVWL PHUX NRMD VH
SUHGYL_DXSRJOHGXXJRYRUDLUD]ORJH]D
RYXPHUX
 $NR SR LVWHNX URND NRML RVLP X
VOXaDMXSRVHEQHKLWQRVWLQHELPRJDRGD
EXGH NUD`L RG SHULRGD RG WUL PHVHFD
UDaXQDMX`LRGSULMHPDVDRS^WHQMDQLMHGQD
aODQLFD QHPD SULPHGDED aODQLFD NRMD MH
REDYHVWLOD PRCH X IRUPL NRMX SUHGYL_D
aODQSUHGX]HWLQDPHUDYDQXPHUX
0H_XWLPDNRMHSULPHGEXVWDYLOD
QHNDGUXJDaODQLFDaODQLFHWUHEDGDWUDCH
UH^HQMHQDQDaLQQD]QDaHQXaODQX3R 
YHOMH8MHGLQMHQLKQDFLMD
 1LMHGQD RGUHGED SUHWKRGQLK
WDaDNDQHQDUX^DYDSUDYDLOLREDYH]HaOD 
QLFD NRML SURL]LOD]H L] VYDNH RGUHGEH QD
VQD]L PH_X QMLPD X SRJOHGX UH^DYDQMD
VSRURYD
 %H] X^WUED SR aODQ  aLQMHQLFD
GDGUCDYDQLMHXSXWLODVDRS^WHQMHSURSLVD 
QRXWDaNLQHVSUHaDYDMHGDXaLQLRYR
VDRS^WHQMHNDRRGJRYRUQHNRMGUXJRMaOD 

AODQ 
,QVWUXPHQWL NRML LPDMX ]D SUHGPHW GD
SURJODVH QL^WDYRVW XJRYRUD GD JD
RNRQaDMX GD RVWYDUH SRYODaHQMH LOL GD
REXVWDYH SULPHQX XJRYRUD

 6DRS^WHQMH SUHGYL_HQR X WDaNL 

aODQDPRCHELWLGDWRSLVPHQLPSXWHP
 6YDNL DNW NRMLP VH SURJOD^DYD
QL^WDYRVWXJRYRUDQMHJRYRJRNRQaDQMDLOL
L]YU^HQMD SRYODaHQMD LOL REXVWDYOMDQMH SUL 
PHQHXJRYRUDQDRVQRYXQMHJRYLKRGUH 
GDEDLOLWDaNHLOLaODQDWUHEDGDVH
QDYHGHXLQVWUXPHQWXNRMLVHGRVWDYOMDRV 
WDOLP aODQLFDPD $NR LQVWUXPHQW QH SRW 
SL^H^HIGUCDYH^HIYODGHLOLPLQLVWDULQR 
VWUDQLK SRVORYD SUHGVWDYQLN GUCDYH NRML
GDMHVDRS^WHQMHPRCHELWLSR]YDQGDSR 
NDCHVYRMHSXQRPR`MH
AODQ 
3RQL^WHQMH VDRS^WHQMD L LQVWUXPHQDWD
SUHGYL_HQLK X aODQRYLPD  L 

6DRS^WHQMH LOL LQVWUXPHQW NRML VX

SUHGYL_HQLXaOLPRJXELWLSRQL^WH 
QL X VYDNR GRED SUH QHJR ^WR VWXSH QD
VQDJX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GUCDYHLVYDNHRGRVWDOLKaODQLFDXJRYRUD
SRaHY RG GDQD NDGD RYR RWND]LYDQMH LOL
RYRSRYODaHQMHVWXSLQDVQDJX

2GHOMDN 
326/(',&( 1,>7$9267,
*$>(1-$ ,/, 2%867$9/-$1-$
35,0(1( 8*2925$

AODQ 
3RVOHGLFH QL^WDYRVWL XJRYRUD X VXNREX VD
QHNRP LPSHUDWLYQRP QRUPRP RS^WHJ
PH_XQDURGQRJ SUDYD

AODQ 
3RVOHGLFH QL^WDYRVWL XJRYRUD

8VOXaDMXXJRYRUDNRMLMHQL^WDYQD
RVQRYXaODQDaODQLFHVXGXCQH
D GD RWNORQH XNROLNR MH PRJX`QR
SRVOHGLFH VYDNRJ DNWD L]YU^HQRJ QD
RVQRYXRGUHGEHNRMDMHXVXNREXVD
LPSHUDWLYQRP QRUPRP RS^WHJ
PH_XQDURGQRJ SUDYD L
E GD VYRMH PH_XVREQH RGQRVH XVNOD 
GHVDLPSHUDWLYQRPQRUPRPRS^WHJ
PH_XQDURGQRJ SUDYD
 8 VOXaDMX XJRYRUD NRML SRVWDMH
QL^WDY L SUHVWDMH X VNODGX VD aODQRP 
SUHVWDQDNXJRYRUD
D RVORED_D aODQLFH REDYH]H GDOMHJ
L]YU^DYDQMD XJRYRUD
E QHQDUX^DYDQLNDNYRSUDYRQLNDNYX
REDYH]X QLWL LNDNYX SUDYQX VLWXDFL 
MXaODQLFDNRMLVXQDVWDOLL]YU^HQMHP
XJRYRUD SUH QMHJRYRJ SUHVWDQND
PH_XWLP WD SUDYD REDYH]H LOL VLWX 
DFLMH PRJX VH RGUCDWL VDPR XNROLNR
QMLKRYRRGUCDYDQMHVDPRSRVHELQL 
MH X VXNREX VD QRYRP LPSHUDWLY 
QRP QRUPRP RS^WHJ PH_XQDURG 
QRJ SUDYD

 8JRYRU aLMD MH QL^WDYRVW XWYU_HQD

QD RVQRYX RYH NRQYHQFLMH QHYDCH`L MH
2GUHGEH QHYDCH`HJ XJRYRUD QHPDMX
SUDYQXVQDJX
$NRVXLSDNDNWDELODL]YU^HQDQD
RVQRYXWDNYRJXJRYRUD
D VYDND aODQLFD PRCH ]DKWHYDWL RG
VYDNH GUXJH aODQLFH GD XVSRVWDYL
XNROLNR MH PRJX`H X QMLKRYLP
PH_XVREQLPRGQRVLPDVLWXDFLMXNR 
MDELSRVWRMDODGDRYDDNWDQLVXELOD
L]YU^HQD
E DNWDL]YU^HQDGREURQDPHUQRSUHSR 
]LYDQMDQDQL^WDYRVWQLVXSRVWDODQH 
]DNRQLWD VDPLP WLP ^WR MH XJRYRU
QL^WDY
8VOXaDMHYLPDNRMLSRWSDGDMXSRG
aODQRYH    LOL  WDaND  QH SUL 
PHQMXMH VH QD aODQLFX NRMRM VH SULSLVXMX
SUHYDUDNRUXSFLMDLOLSULQXGD
 8 VOXaDMHYLPD NDGD MH SULVWDQDN
QHNHGUCDYHGDEXGHYH]DQDYL^HVWUDQLP
XJRYRURPPDQMNDYSUHWKRGQDSUDYLODVH
SULPHQMXMXQDRGQRVHL]PH_XRYHGUCDYH
LaODQLFHXJRYRUD
AODQ 
3RVOHGLFH JD^HQMD XJRYRUD

AODQ 
3RVOHGLFH REXVWDYOMDQMD SULPHQH XJRYRUD

 2VLP DNR WR QLMH RGUH_HQR XJR 

YRURPLOLDNRaODQLFHQHRGOXaHGUXNaLMH
aLQMHQLFDGDMHXJRYRUSUHVWDRQDRVQRYX
VYRMLKRGUHGDEDLOLSUHPDRYRMNRQYHQFLML
D RVORED_D aODQLFH REDYH]H GDOMHJ
L]YU^DYDQMD XJRYRUD
E QHNU^LQLNDNYRSUDYRQLNDNYXRED 
YH]X QLWL LNDNYX SUDYQX VLWXDFLMX
aODQLFD NRML VX QDVWDOL L]YU^HQMHP
XJRYRUD SUH QMHJRYRJ SUHVWDQND
$NRQHNDGUCDYDRWNDCHYL^HVWUDQL
XJRYRULOLVHSRYXaHL]QMHJDWDaNDSUL 
PHQMXMH VH X RGQRVLPD L]PH_X RYH

2VLPDNRXJRYRURPQLMHGUXNaLMH
RGUH_HQR LOL DNR VH aODQLFH GUXNaLMH QH
GRJRYRUHREXVWDYOMDQMHSULPHQHXJRYRUD
QDRVQRYXQMHJRYLKRGUHGDEDLOLXVNODGX
VDRYRPNRQYHQFLMRP
D RVORED_D aODQLFH PH_X NRMLPD MH
SULPHQD XJRYRUD REXVWDYOMHQDRED 
YH]H L]YU^HQMD XJRYRUD X QMLKRYLP
PH_XVREQLP RGQRVLPD ]D SHULRG
XNLGDQMD
E QHGLUDQDGUXJLQDaLQXSUDYQHRG 
QRVH L]PH_X aODQLFD XVWDQRYOMHQH
XJRYRURP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

]DFLMDLOLJODYQLDGPLQLVWUDWLYQLIXQNFLRQHU
WDNYHRUJDQL]DFLMH
 'XCQRVWL GHSR]LWDUD XJRYRUD VX
PH_XQDURGQRJ NDUDNWHUD L GHSR]LWDU MH
GXCDQ GD QHSULVWUDVQR UDGL X REDYOMDQMX
VYRMLK GXCQRVWL 1DURaLWR aLQMHQLFD GD
XJRYRUQLMHVWXSLRQDVQDJXL]PH_XQHNLK
aODQLFD LOL GD MH GR^OR GR QHVODJDQMD L] 
PH_XMHGQHGUCDYHLGHSR]LWDUDRSLWDQMX
REDYOMDQMD GXCQRVWL RYRJ SRVOHGQMHJ QH
WUHEDGDXWLaHQDRYXREDYH]X

 =D YUHPH SHULRGD REXVWDYOMDQMD

aODQLFHWUHEDGDVHX]GUCHRGVYDNRJDNWD
NRML EL ELR VPHWQMD SRQRYOMHQRM SULPHQL
XJRYRUD

'HR 9,
5$=1( 2'5('%(
AODQ 
6OXaDMHYL QDVOH_LYDQMD GUCDYD
RGJRYRUQRVWL GUCDYH LOL RWSRaLQMDQMD
QHSULMDWHOMVWDYD

AODQ 
'XCQRVWL GHSR]LWDUD

2GUHGEHRYHNRQYHQFLMHQHSUHMXGL 
FLUDMX QLNDNYR SLWDQMH NRMH EL VH PRJOR
SRVWDYLWL X YH]L VD XJRYRURP ]ERJ QDV 
OH_LYDQMD GUCDYD LOL PH_XQDURGQH RGJR 
YRUQRVWLGUCDYHLOLRWSRaLQMDQMDQHSULMDWHOM 
VWDYDL]PH_XGUCDYD

 2VLP DNR XJRYRURP QLMH RG

UH_HQRLOLDNRGUCDYHXJRYRUQLFHRWRPH
GUXNaLMH QH RGOXaH GXCQRVWL GHSR]LWDUD
VXVOHGH`H
D REH]EHGLWLaXYDQMHRULJLQDOQRJWHNV 
WDXJRYRUDLSXQRPR`MDNRMLPXEX 
GX SUHGDWL
E L]GDYDWL RYHUHQH NRSLMH RULJLQDOQRJ
WHNVWDLVYLKRVWDOLKWHNVWRYDXJRYR
UDQDRVWDOLPMH]LFLPDNRMLVHQDRV 
QRYX XJRYRUD PRJX ]DKWHYDWL L GR
VWDYLWL LK aODQLFDPD XJRYRUD L
GUCDYDPD NRMH PRJX WR SRVWDWL
F SULPDWLVYHSRWSLVHXJRYRUDSULPDWL
L aXYDWL VYH LQVWUXPHQWH VDRS^WHQMD
L GRVWDYH X YH]L VD XJRYRURP
G LVSLWDWL GD OL VX SRWSLV LQVWUXPHQW
VDRS^WHQMDLOLGRVWDYDXYH]LVDXJR
YRURP X SURSLVDQRP REOLNX LXGD 
WRP VOXaDMX QD WR VNUHQXWL SDCQMX
GUCDYL X SLWDQMX
H REDYHVWLWL aODQLFH XJRYRUD L GUCDYH
NRMH PRJX WR SRVWDWL R DNWLPD VD 
RS^WHQMLPD L GRVWDYDPD X YH]L VD
XJRYRURP
I REDYHVWLWL GUCDYH NRMH PRJX SRVWDWL
aODQLFH XJRYRUD R GDWXPX NDGD MH
SULPOMHQ LOL GHSRQRYDQ EURM SRWSLVD
LOLUDWLILNDFLRQLKLQVWUXPHQDWDLQVWUX 
PHQDWD R SULKYDWDQMX RGREUHQMX L
SULVWXSDQMX NRML MH SRWUHEDQ ]D VWX
SDQMH QD VQDJX XJRYRUD
J REH]EHGLWL UHJLVWURYDQMH XJRYRUD
NRG 6HNUHWDULMDWD 2UJDQL]DFLMH XMHGL 
QMHQLK QDFLMD

AODQ 
'LSORPDWVNL LOL NRQ]XODUQL RGQRVL L
]DNOMXaLYDQMH XJRYRUD

3UHNLG GLSORPDWVNLK LOL NRQ]XODUQLK

RGQRVDLOLQHSRVWRMDQMHWDNYLKRGQRVDL] 
PH_X GYH LOL YL^H GUCDYD QH SUHGVWDYOMD
VPHWQMX ]D ]DNOMXaHQMH XJRYRUD L]PH_X
RYLK GUCDYD =DNOMXaHQMH XJRYRUD VDPR
SRVHELQHPDGHMVWYRXSRJOHGXGLSORPDW 
VNLKLOLNRQ]XODUQLKRGQRVD
AODQ 
6OXaDM GUCDYH QDSDGDaD

2GUHGEHRYHNRQYHQFLMHQHPDMXQL 
NDNYRGHMVWYRQDREDYH]HNRMHPRJXGD
QDVWDQX SRYRGRP QHNRJ XJRYRUD ]D
GUCDYXQDSDGDaDNDRSRVOHGLFDPHUDNRMH
VHSUHGX]LPDMXQDRVQRYX3RYHOMH8MHGL 
QMHQLK QDFLMD X SRJOHGX DJUHVLMH NRMX MH
SRaLQLODWDGUCDYD

'(2 9,,
'(32=,7$5, 6$23>7(1-$
,635$9.( , 5(*,67529$1-(
AODQ 
'HSR]LWDUL XJRYRUD

 2GUH_LYDQMH GHSR]LWDUD XJRYRUD

PRJXGDYU^HGUCDYHNRMHVXXaHVWYRYDOH
XSUHJRYRULPDLOLVDPRPXJRYRUXLOLQD
QHNLGUXJLQDaLQ'HSR]LWDUPRCHELWLMHG 
QD LOL YL^H GUCDYD PH_XQDURGQD RUJDQL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

F L]UDGRP LVSUDYOMHQRJ WHNVWD FHORJ
XJRYRUDSUHPDSRVWXSNXNRMLMHNR 
UL^`HQ X RULJLQDOQRP WHNVWX
$NRVHUDGLRXJRYRUX]DNRMLSR 
VWRML GHSR]LWDU RYDM REDYH^WDYD GUCDYH
SRWSLVQLFHLGUCDYHXJRYRUQLFHRJUH^FLL
R SUHGORJX ]D QMHJRYX LVSUDYNX L RG 
UH_XMHRGJRYDUDMX`LURNXNRMHPPRCHGD
VH XaLQL SULPHGEDQDSUHGORCHQXLVSUDY 
NX$NRSRLVWHNXURND
D QLMHXaLQMHQDQLNDNYDSULPHGEDGH 
SR]LWDUYU^LLSDUDILUDLVSUDYNXXWHN 
VWX VDVWDYOMD ]DSLVQLN R LVSUDYOMDQMX
WHNVWD L NRSLMX ]DSLVQLND GRVWDYOMD
aODQLFDPD XJRYRUD L GUCDYDPD NRMH
PRJX SRVWDWL aODQLFH
E XaLQMHQD MH SULPHGED GHSR]LWDU GR 
VWDYOMDSULPHGEXGUCDYDPDSRWSLVQL 
FDPD L GUCDYDPD XJRYRUQLFDPD
3UDYLODQDYHGHQDXWDaLSUL 
PHQMXMX VH LVWR WDNR DNR MH WHNVW RYHUHQ
QDGYDLOLYL^HMH]LNDLDNRVHSRMDYLJUH^ND
QHVODJDQMDNRMDX]VDJODVQRVWGUCDYDSRW 
SLVQLFD L GUCDYD XJRYRUQLFD WUHED GD VH
LVSUDYL

K YU^LWL GXCQRVWL SRPHQXWH X RVWDOLP

RGUHGEDPD RYH NRQYHQFLMH
 $NR GR_H GR QHVODJDQMD L]PH_X
MHGQH GUCDYH L GHSR]LWDUD X SRJOHGX
YU^HQMDQMHJRYLKGXCQRVWLGHSR]LWDUWUHED
GD VNUHQH SDCQMX QD SLWDQMH GUCDYDPD
SRWSLVQLFDPD L GUCDYDPD XJRYRUQLFDPD
LOL X GDWRP VOXaDMX QDGOHCQRP RUJDQX
PH_XQDURGQHRUJDQL]DFLMHRNRMRMMHUHa
AODQ 
6DRS^WHQMD L GRVWDYH

2VLP X VOXaDMHYLPD NDGD XJRYRU LOL

RYD NRQYHQFLMD GUXNaLMH RGUH_XMX VD 
RS^WHQMH LOL GRVWDYD NRMH WUHED GD XaLQL
GUCDYDQDRVQRYXRYHNRQYHQFLMH
D XSX`XMX VH DNR QHPD GHSR]LWDUD
QHSRVUHGQR GUCDYDPD NRMLPDMHQD 
PHQMHQR LOL DNR SRVWRML GHSR]LWDU
RYRP SRVOHGQMHP
E VPDWUDVHGDMHXaLQLODGUCDYDRNR 
MRM MH UHa VDPR NDG LK SULPL GUCDYD
NRMRM VX GRVWDYOMHQL LOL X GDWRP
VOXaDMX NDG LK SULPL GHSR]LWDU
F DNR VX GRVWDYOMHQL GHSR]LWDUX VPD 
WUD VH GD MH SULPLOD GUCDYD NRMRM MH
QDPHQMHQD VDPR RG PRPHQWD NDGD
WD GUCDYD SULPL RG GHSR]LWDUD RED
YH^WHQMH SUHGYL_HQR X VWDYX H
WDaNH  aODQD 

,VSUDYOMHQWHNVW]DPHQMXMHDELQLWLR
SRJUH^DQWHNVWRVLPDNRGUCDYHXJRYRU 
QLFHQHRGOXaHGUXNaLMH
,VSUDYNDWHNVWDXJRYRUDNRMLMHUH 
JLVWURYDQ GRVWDYOMD VH 6HNUHWDULMDWX 2UJD 
QL]DFLMHXMHGLQMHQLKQDFLMD

AODQ 
,VSUDYNH JUH^DND X WHNVWRYLPD LOL X
RYHUHQLP NRSLMDPD XJRYRUD

$NRVHXWYUGLJUH^NDXRYHUHQRP
SUHSLVX XJRYRUD GHSR]LWDU VDVWDYOMD ]D 
SLVQLNRLVSUDYOMDQMXLQMHJRYXNRSLMXGR 
VWDYOMDGUCDYDPDSRWSLVQLFDPDLGUCDYDPD
XJRYRUQLFDPD

$NRSRVOHRYHUDYDQMDWHNVWDXJR 
YRUD GUCDYH SRWSLVQLFH L GUCDYHXJRYRU 
QLFH VSRUD]XPQR XVWDQRYH GD RYDM WHNVW
VDGUCLJUH^NXSULVWXSDVHLVSUDYFLJUH^NH
QD MHGDQ RG VOHGH`LK QDaLQD RVLP DNR
SRPHQXWH GUCDYH QH RGOXaH R QHNRP
GUXJRPQDaLQXLVSUDYNH
D LVSUDYNRP WHNVWD X RGJRYDUDMX`HP
VPLVOX L SDUDILUDQMHP LVSUDYNH RG
VWUDQHSURSLVQRRYOD^`HQLKSUHGVWDY
QLND
E L]UDGRP LQVWUXPHQWD LOL UD]PHQRP
LQVWUXPHQDWD X NRMLPD MH QDYHGHQD
LVSUDYND R NRMRM MH GRJRYRUHQR GD
VH XQHVH X WHNVW

AODQ 
5HJLVWURYDQMH L REMDYOMLYDQMH XJRYRUD

3RVOHQMLKRYRJVWXSDQMDQDVQDJX
XJRYRULVHGRVWDYOMDMX6HNUHWDULMDWX2UJD 
QL]DFLMHXMHGLQMHQLKQDFLMDXFLOMXUHJLVWUR 
YDQMD LOL NODVLUDQMD L XQR^HQMD X UHJLVWDU
YH` SUHPD VOXaDMX NDR L QMLKRYRJ REMDY 
OMLYDQMD
,PHQRYDQMHGHSR]LWDUDSUHGVWDYOMD
LQMHJRYRRYOD^`LYDQMHGDYU^LDNWDQDYH 
GHQDXSUHWKRGQRMWDaNL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PHQWLRSULVWXSDQMXVHGHSRQXMXNRGJH 
QHUDOQRJVHNUHWDUD8MHGLQMHQLKQDFLMD

'HR 9,,,
=$95>1( 2'5('%(

AODQ 
6WXSDQMH QD VQDJX

AODQ 
3RWSLVLYDQMH

 2YD NRQYHQFLMD VWXSD QD VQDJX

WULGHVHWRJGDQDRGGDQDGHSRQRYDQMDWUL 
GHVHW SHWRJ LQVWUXPHQWD R UDWLILNDFLML LOL
SULVWXSDQMX
 =D VYDNX GUCDYX NRMD UDWLILNXMH
.RQYHQFLMX LOL MRM SULVWXSL SRVOH GHSRQR 
YDQMD WULGHVHW SHWRJ LQVWUXPHQWD R UDWLIL 
NDFLMLLOLSULVWXSDQMX.RQYHQFLMDVWXSDQD
VQDJX WULGHVHWRJ GDQD SR^WR RYD GUCDYD
GHSRQXMH VYRM LQVWUXPHQW R UDWLILNDFLML LOL
SULVWXSDQMX

2YD NRQYHQFLMD EL`H RWYRUHQD ]D

SRWSLV VYLP GUCDYDPD aODQLFDPD 2UJDQL 
]DFLMHXMHGLQMHQLKQDFLMDLOLaODQLFDPDVSH 
FLMDOL]RYDQLK XVWDQRYD LOL 0H_XQDURGQH
DJHQFLMH]DDWRPVNXHQHUJLMXNDRLVYDNRM
GUCDYLaODQLFL6WDWXWD0H_XQDURGQRJVXGD
SUDYGH L VYDNRM GUCDYL NRMX *HQHUDOQD
VNXS^WLQD 8MHGLQMHQLK QDFLMD SR]RYH GD
SRVWDQH aODQLFD X .RQYHQFLML QD VOHGH`L
QDaLQ GR  QRYHPEUD  X 6DYH] 
QRP PLQLVWDUVWYX LQRVWUDQLK SRVORYD 5H 
SXEOLNH $XVWULMH D ]DWLP GR  DSULOD
 X VHGL^WX 2UJDQL]DFLMH XMHGLQMHQLK
QDFLMDX1MXMRUNX

AODQ 
9HURGRVWRMQL WHNVWRYL

2ULJLQDO RYH NRQYHQFLMH aLML VX HQ

JOHVNL NLQHVNL ^SDQVNL IUDQFXVNL L UXVNL
WHNVW WDNR_H YHURGRVWRMQL GHSRQXMH VH
NRGJHQHUDOQRJVHNUHWDUD8MHGLQMHQLKQD 
FLMD
8SRWYUGXaHJDVXQLCHSRWSLVDQLSX
QRPR`QLFL SURSLVQR RYOD^`HQL RG VYRMLK
YODGDSRWSLVDOLRYXNRQYHQFLMX
6DaLQMHQR X %HaX GYDGHVHW WUH`HJ
PDMDKLOMDGXGHYHWVWRWLQD^H]GHVHWGHYHWH
JRGLQH

AODQ 
5DWLILNRYDQMH

2YD NRQYHQFLMD SRGOHCH UDWLILNDFLML

5DWLILNDFLRQLLQVWUXPHQWLVHGHSRQXMXNRG
JHQHUDOQRJVHNUHWDUD8MHGLQMHQLKQDFLMD
AODQ 
3ULVWXSDQMH

2YD NRQYHQFLMD RVWDMH RWYRUHQD ]D

SULVWXSDQMH VYDNRM GUCDYL NRMD SULSDGD
MHGQRM RG NDWHJRULMD X aODQX  ,QVWUX 

35,/2*
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMD VDVWDYOMD LYRGLOLVWXSRVUHGQLNDNRMX
VDaLQMDYDMXXJOHGQL SUDYQLFL8WRPFLOMX
VYDND GUCDYD aODQLFD 2UJDQL]DFLMH XMHGL 
QMHQLK QDFLMD LOL aODQLFD RYH NRQYHQFLMH
SR]YDQD MH GD RGUHGL GYD SRVUHGQLND L
LPHQDWDNRR]QDaHQLKOLFDVDaLQMDYDMXOLV 
WX ,PHQRYDQMH SRVUHGQLND XNOMXaXMX`L
RQHNRMLVXRGUH_HQLGDSRSXQHVOXaDMQR
XSUDCQMHQR PHVWR YU^L VH ]D SHULRG RG
SHW JRGLQD NRML VH PRCH REQRYLWL 3R LV 
WHNXSHULRGD]DNRMLEXGXRGUH_HQLSR 
VUHGQLFL`HLGDOMHREDYOMDWLVYRMHGXCQRVWL
]D NRMH `H ELWL L]DEUDQL SUHPD QDUHGQRM
WDaNL
 $NR VH ]DKWHY SRGQHVH JHQHUDO
QRPVHNUHWDUXSUHPDaODQXJHQHUDOQL

VHNUHWDU L]QRVL VSRU SUHG NRPLVLMX ]D L] 

PLUHQMHNRMDVHVDVWDYOMDQDVOHGH`LQDaLQ
'UCDYDLOLGUCDYHNRMHaLQHMHGQXRG
VWUDQDXVSRUXLPHQXMX
D SRVUHGQLNDNRMLLPDGUCDYOMDQVWYRWH
LOL MHGQH RG WLK GUCDYD D L]DEUDQ MH
LOLQHQDOLVWLSRPHQXWRMXWDaNLL
E SRVUHGQLND NRML QHPD GUCDYOMDQVWYR
WH LOL MHGQH RG WLK GUCDYD D L]DEUDQ
MH QD OLVWL
'UCDYDLOLGUCDYHNRMHVXGUXJDVWUD 
QDXVSRUXLPHQXMXGYDSRVUHGQLNDQDLVWL
QDaLQ AHWLUL SRVUHGQLND NRMH VX L]DEUDOH
VWUDQH WUHED GD EXGX LPHQRYDQL X URNX
RG^H]GHVHWGDQDUDaXQDMX`LRGGDQDND 
GDJHQHUDOQLVHNUHWDUSULPL]DKWHY



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

>H]GHVHWGDQDSRVOHSRVOHGQMHJQDL
PHQRYDQMDaHWLULSRVUHGQLNDLPHQXMXSH 
WRJVDOLVWHNRML`HELWLSUHGVHGQLN
$NR VH LPHQRYDQMH SUHGVHGQLND LOL
QHNRJ RG RVWDOLK SRVUHGQLND QH L]YU^L X
JRUHXWYU_HQRPURNX]DRYRLPHQRYDQMH
RQRYU^LJHQHUDOQLVHNUHWDU^H]GHVHWGDQD
SRVOHLVWHNDRYRJURND*HQHUDOQLVHNUHWDU
PRCH RGUHGLWL ]D SUHGVHGQLND ELOR NRMH
RGOLFDQDYHGHQLKQDOLVWLELORMHGQRJaOD 
QD.RPLVLMH]DPH_XQDURGQRSUDYR%LOR
NRMLURNXNRMHPLPHQRYDQMHWUHEDGDEX 
GH XaLQMHQR PRCH ELWL SURGXCHQ VSRUD 
]XPQRL]PH_XVWUDQDXVSRUX
6YDNRXSUDCQMHQRPHVWRWUHEDGDEX 
GHSRSXQMHQRQDQDaLQRGUH_HQ]DSUYR
LPHQRYDQMH
 .RPLVLMD ]D L]PLUHQMH VDPD
XWYU_XMHVYRMSRVWXSDN.RPLVLMDX]SUL 
VWDQDNVWUDQDXVSRUXPRCHSR]YDWLVYD 
NX aODQLFX XJRYRUD GD MRM L]QHVH VYRMH
JOHGL^WH XVPHQR LOL SLVPHQR 2GOXNH L
SUHSRUXNH .RPLVLMH GRQRVH VH YH`LQRP
JODVRYDQMHQLKSHWaODQRYD

 .RPLVLMD PRCH VNUHQXWL SDCQMX

VWUDQDPDXVSRUXQDVYDNXPHUXSRGURE 
QXGDRODN^DVSRUD]XPQRUH^HQMH
.RPLVLMDVDVOX^DYDVWUDQHXJRYRU
QLFH UD]PDWUD ]DKWHYH L SULPHGEH GDMH
SUHGORJHVWUDQDPDXJRYRUQLFDPDNDNREL
LP SRPRJOD GD SRVWLJQX VSRUD]XPQR
UH^HQMHVSRUD
.RPLVLMDSRGQRVLL]YH^WDMGYDQD 
HVWPHVHFLSRVOHVYRJREUD]RYDQMD1MHQ
L]YH^WDMGHSRQXMHVHNRGJHQHUDOQRJVH 
NUHWDUDLGRVWDYOMDVWUDQDPDXVSRUX,] 
YH^WDM .RPLVLMH XNOMXaXMX`L VYH ]DN 
OMXaNHNRMLVHQDOD]HXQMHPXXYH]LVD
aODQLFDPD LOL SUDYQLP SLWDQMLPD QH YH 
]XMHVWUDQHLVDPRSUHGVWDYOMDSUHSRUXNH
NRMHVHSRGQRVHVWUDQDPDQDUD]PDWUD 
QMH X FLOMX RODN^DQMD VSRUD]XPQRJ
UH^DYDQMDVSRUD
 *HQHUDOQL VHNUHWDUSUXCD.RPLVLML
SRPR` L RODN^LFH NRMH VX MRM SRWUHEQH
7UR^NRYH.RPLVLMHVQRVL2UJDQL]DFLMDXMH 
GLQMHQLKQDFLMD



 68%-(.7, 0(?81$52'12* 35$9$ p '5#$9(

 'HNODUDFLMD R QDaHOLPD PH_XQDURGQRJ SUDYD R
SULMDWHOMVNLP RGQRVLPD L VDUDGQML GUCDYD X VNODGX V
3RYHOMRP 8MHGLQMHQLK QDFLMD
FLSLPDLSRWUHELGDVHRVLJXUDQMLKRYDMR^
HILNDVQLMDSULPHQDNUR]SRQD^DQMHGUCDYD
EH]RE]LUDJGHVHRQRRGYLMD
3RGVH`DMX`L QD XVWDQRYOMHQ SULQFLS
SUHPDNRPHNRVPRVXNOMXaXMX`LWXL0H 
VHF L RVWDOD QHEHVND WHOD QH PRJX ELWL
SUHGPHW QDFLRQDOQRJ SULVYDMDQMD SXWHP
SURNODPRYDQMD VXYHUHQLWHWD QLWL SDN NR 
UL^`HQMHPLOLRNXSDFLMRPLOLQDNRMLGUXJL
QDaLQ L VYHVQD aLQMHQLFH GD 8MHGLQMHQH
QDFLMHVDGDUD]PDWUDMXSLWDQMHL]UDGHGUX 
JLK RGJRYDUDMX`LK RGUHGDED LQVSLULVDQLK
LVWLPGXKRP
8EH_HQD GD VWURJR SR^WRYDQMH RED
YH]DGUCDYDGDVHX]GUCHRGLQWHUYHQFLMH
X XQXWUD^QMH SRVORYH QHNH GUXJH GUCDYH
SUHGVWDYOMDELWDQXVORYNRMLWUHEDLVSXQMD 
YDWL GD EL QDURGL CLYHOL X PLUX MHGQL V
GUXJLPD MHU YU^HQMH LQWHUYHQFLMH X ELOR
NRP REOLNX QH SUHGVWDYOMDVDPRNU^HQMH
GXKD L VORYD 3RYHOMH 8MHGLQMHQLK QDFLMD
QHJRLWHCLGDVWYRULVLWXDFLMHNRMHGRYRGH
X RSDVQRVW PH_XQDURGQL PLU L EH]EHG 
QRVW
3RGVH`DMX`LQDGXCQRVWGUCDYDGDVH
X]GUCH X VYRMLP PH_XQDURGQLPRGQRVL 
PDRGSULQXGHYRMQHSROLWLaNHHNRQRP 
VNHLOLGUXJHSULURGHXVPHUHQHSURWLYSR 
OLWLaNHQH]DYLVQRVWLLOLWHULWRULMDOQRJLQWHJ 
ULWHWDQHNHGUCDYH

892'
*HQHUDOQDVNXS^WLQD
3RQRYRSRWYU_XMX`LVDJODVQRRGUHG
EDPD 3RYHOMH GD RaXYDQMH PH_XQDURG 
QRJPLUDLEH]EHGQRVWLLUD]YRMSULMDWHOMV 
NLK RGQRVD L VDUDGQMH PH_X QDURGLPD
SUHGVWDYOMD VDVWDYQL GHR RVQRYQLK FLOMHYD
8MHGLQMHQLKQDFLMD
3RGVH`DMX`LGDVXQDURGL8MHGLQMHQLK
QDFLMDUH^HQLGDEXGXWROHUDQWQLLGDMHGQL
VD GUXJLPD CLYH X PLUX L GXKX GREURJ
VXVHGVWYD
,PDMX`LQDXPXVX^WLQVNL]QDaDM3R
YHOMH 8MHGLQMHQLK QDFLMD UDGL XQDSUH_LYD 
QMDYODGDYLQHSUDYDPH_XQDURGLPD
6PDWUDMX`L GD MH VWURJR SR^WRYDQMH
SULQFLSDPH_XQDURGQRJSUDYDRSULMDWHOM 
VNLP RGQRVLPD L VDUDGQML GUCDYD L VDYHV 
QRJ L]YU^DYDQMD REDYH]D SULKYD`HQLK RG
VWUDQH GUCDYD VDJODVQR 3RYHOML RG QDM 
YH`HJ ]QDaDMD ]D RaXYDQMH PH_XQDURG 
QRJ PLUD L EH]EHGQRVWL L ]D RVWYDULYDQMH
RVWDOLKFLOMHYD8MHGLQMHQLKQDFLMD
.RQVWDWXMX`L GD YHOLNH SURPHQH QD
SROLWLaNRP HNRQRPVNRP L VRFLMDOQRP
SODQXNDRLQDXaQLQDSUHGDNGRNRMLKMH
GR^ORXVYHWXSRVOHXVYDMDQMD3RYHOMH8MH 
GLQMHQLKQDFLMDGDMXYH`L]QDaDMRYLPSULQ 


8VYRMHQD5H]ROXFLMRP;;9*HQHUDOQHVNXS^WLQHQD]DVHGDQMXRNWREUD

JRGLQH 8MHGLQMHQHQDFLMHLVDYUHPHQLVYHW%HRJUDG6DYH]XGUXCHQMD]DXMHGLQMHQHQDFLMH
 VWU 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

LOL SROLWLaNH QH]DYLVQRVWL VYDNH
GUCDYHELORQDVYDNLGUXJLQDaLQQH 
VDJODVDQVDFLOMHYLPD8MHGLQMHQLKQD 
FLMD
E 3ULQFLS GD GUCDYH UH^DYDMX VYRMH
PH_XQDURGQHVSRURYHPLUQLPVUHG 
VWYLPD QD WDNDY QDaLQ GD PH_XQD 
URGQLPLULEH]EHGQRVWNDRLSUDYGD
QH EXGX GRYHGHQL X RSDVQRVW
F 'XCQRVW X VNODGX V 3RYHOMRP GD VH
QHLQWHUYHQL^HXSRVORYHNRMLVSDGD 
MX X QDFLRQDOQX QDGOHCQRVW QHNH
GUCDYH
G 'XCQRVWGUCDYDGDVDUD_XMXMHGQDV
GUXJRP X VNODGX V 3RYHOMRP
H 3ULQFLS UDYQRSUDYQRVWL L VDPRRSUH
GHOMHQMD QDURGD
I 3ULQFLS VXYHUHQH MHGQDNRVWL GUCDYD
J 3ULQFLS GD GUCDYH VDYHVQR LVSXQMD
YDMX REDYH]H NRMH VX SULKYDWLOH X
VNODGX VD 3RYHOMRP
XFLOMXREH]EH_HQMDQMLKRYHHILNDVQL 
MHSULPHQHXPH_XQDURGQRM]DMHGQLFLGR 
SULQHWLRVWYDULYDQMXFLOMHYD8MHGLQMHQLKQD 
FLMD

6PDWUDMX`L GD MH ELWQR GD VH VYH

GUCDYH X]GUCH X VYRMLP PH_XQDURGQLP
RGQRVLPDRGSULEHJDYDQMDSUHWQMLLOLXSR 
WUHELVLOHELORSURWLYWHULWRULMDOQRJLQWHJUL 
WHWD LOL SROLWLaNH QH]DYLVQRVWL VYDNH
GUCDYHELORSDNQDNRMLGUXJLQDaLQQHV 
SRMLYVDFLOMHYLPD8MHGLQMHQLKQDFLMD
6PDWUDMX`L GD MH WDNR_H VX^WLQVNL
YDCQRGDVYHGUCDYHUH^DYDMXVYRMHPH_X 
QDURGQHVSRURYHXVNODGXVD3RYHOMRP
3RQRYQRSRWYU_XMX`LVDJODVQR3RYH
OML RVQRYQL ]QDaDM VXYHUHQH MHGQDNRVWL L
SRGYODaH`LGDVHFLOMHYL8MHGLQMHQLKQDFLMD
PRJX RVWYDULWL VDPR XNROLNR GUCDYH XCL 
YDMX VXYHUHQX MHGQDNRVW L SULGUCDYDMX VH
VWURJR ]DKWHYD RYRJ SULQFLSD X VYRMLP
PH_XQDURGQLPRGQRVLPD
8EH_HQD GD SRWaLQMHQRVW QDURGD
VWUDQRM YODVWL GRPLQDFLML L HNVSORDWDFLML
SUHGVWDYOMD RVQRYQX SUHSUHNX RVWYDULYD 
QMXPH_XQDURGQRJPLUDLEH]EHGQRVWL
8EH_HQDGDSULQFLSUDYQRSUDYQRVWLL
VDPRRSUHGHOMHQMDQDURGDSUHGVWDYOMD]QD 
aDMDQGRSULQRVVDYUHPHQRPPH_XQDURG 
QRPSUDYXLGDMHQMHJRYDVWYDUQDSULPH 
QDRGQDMYH`HJ]QDaDMD]DXQDSUH_LYDQMH
SULMDWHOMVNLK RGQRVD PH_X GUCDYDPD
]DVQRYDQLPQDSR^WRYDQMXSULQFLSDVXYH 
UHQHMHGQDNRVWL

8]LPDMX`LXRE]LUSULQFLSHPH_XQD
URGQRJ SUDYD R SULMDWHOMVNLP RGQRVLPD L
VDUDGQMLGUCDYD
6YHaDQR SURNODPXMX VOHGH`H SULQ
FLSH
3ULQFLS GD VH GUCDYH X]GUCDYDMX X
VYRMLPPH_XQDURGQLPRGQRVLPDRGSUL
EHJDYDQMD SUHWQML LOL XSRWUHEH VLOH ELOR
SURWLYWHULWRULMDOQRJLQWHJULWHWDLOLSROLWLaNH
QH]DYLVQRVWL VYDNH GUCDYH ELOR QD VYDNL
GUXJLQDaQQHVDJODVDQVDFLOMHYLPD8MHGL
QMHQLKQDFLMD

8EH_HQD SUHPD WRPH GD MH VYDNL

SRNX^DM NRML LPD ]D FLOM GD QDUX^L GHOL 
PLaQRLOLSRWSXQRQDFLRQDOQRMHGLQVWYRL
WHULWRULMDOQLLQWHJULWHWQHNHGUCDYHLOLQHNH
]HPOMHLOLGDQDQHVHSRYUHGXQMHQRMSROL 
WLaNRMQH]DYLVQRVWLQHVSRMLYVDFLOMHYLPDL
SULQFLSLPD3RYHOMH
8]LPDMX`LXRE]LURGUHGEH3RYHOMHX
FHOLQL L YRGH`L UDaXQD R RGJRYDUDMX`LP
UH]ROXFLMDPD XVYRMHQLP RG VWUDQH QDG 
OHCQLK RUJDQD 8MHGLQMHQLK QDFLMD NRMH VH
RGQRVHQDVDGUCLQXRYLKSULQFLSD

6YDNDMHGUCDYDGXCQDGDVHX]GUCL
X VYRMLP PH_XQDURGQLP RGQRVLPD RG
SULEHJDYDQMDSUHWQMLLOLXSRWUHELVLOHELOR
SURWLYWHULWRULMDOQRJLQWHJULWHWDLOLSROLWLaNH
QH]DYLVQRVWL VYDNH GUCDYH LOL QD VYDNL
GUXJLQDaLQQHVDJODVDQVDFLOMHYLPD8MHGL 
QMHQLK QDFLMD 2YDNYR SULEHJDYDQMH SUHW 
QMLLOLXSRWUHELVLOHSUHGVWDYOMDNU^HQMHPH 
_XQDURGQRJ SUDYD L 3RYHOMH 8MHGLQMHQLK
QDFLMD L QH WUHED QLNDGD GD EXGH NRUL^ 

6PDWUDMX`L GD `H SURJUHVLYQL UD]YRM

LNRGLILNDFLMDQLCHQDYHGHQLKSULQFLSD
D 3ULQFLSD GD VH GUCDYD X]GUCDYD X
VYLP PH_XQDURGQLP RGQRVLPD RG
SULEHJDYDQMDSUHWQMLLOLXSRWUHEHVLOH
ELOR SURWLY WHULWRULMDOQRJ LQWHJULWHWD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

'UCDYH VX GXCQH GD VH X]GUCH RG

DNDWDUHSUHVDOLMDNRMLVRERPSRYODaHXSR 
WUHEXVLOH

6YDND MH GUCDYD GXCQD GD VH X]GUCL

RGRUJDQL]RYDQMDLSRGVWLFDQMDDNDWDJUD 
_DQVNRJUDWDLOLWHURULVWLaNLKDNDWDQDWH 
ULWRULMLGUXJHGUCDYHGDLKSRWSRPDCHLOL
GDXaHVWYXMHXQMLPDLOLGDWROHUL^HDNWLY 
QRVWL RUJDQL]RYDQH QD QMHQRM VRSVWYHQRM
WHULWRULMLXFLOMXYU^HQMDWDNYLKDNDWDXYHN
NDGD DNWL NRML VH LPDMX X YLGX X RYRP
SDUDJUDIXSRYODaHVRERPSUHWQMXLOLXSR 
WUHEXVLOH
7HULWRULMD QHNH GUCDYH QH PRCH ELWL
SUHGPHWRP YRMQH RNXSDFLMHNRMDELELOD
UH]XOWDWXSRWUHEHVLOHSURWLYQRRGUHGEDPD
3RYHOMH 7HULWRULMD QHNH GUCDYH QH PRCH
ELWL SUHGPHWRP SULVYDMDQMD QHNH GUXJH
GUCDYH NDR SRVOHGLFD SULEHJDYDQMD SUHW 
QML LOL XSRWUHEL VLOH 1LNDNYD WHULWRULMDOQR
SULVYDMDQMHSRVWLJQXWRSUHWQMRPLOLXSRWUH 
ERPVLOHQH`HELWLSUL]QDWRNDR]DNRQLWR
1LMHGQDRGSUHWKRGQLKRGUHGDEDQH`HVH
WXPDaLWLNDRGDGLUDX
D RGUHGEH 3RYHOMH LOL VYDNRJ GUXJRJ
PH_XQDURGQRJXJRYRUDNRMLMHSUHW
KRGLRUHCLPX3RYHOMHLNRMLMHYDCH`L
SR PH_XQDURGQRP SUDYX LOL
E RYOD^`HQMD 6DYHWD EH]EHGQRVWL VDJ
ODVQR 3RYHOML
6YHGUCDYHWUHEDGDQDVWDYHXGREURM
YHUL SUHJRYRUH X FLOMX ^WR EUCHJ ]DNOMX 
aLYDQMDXQLYHU]DOQRJVSRUD]XPDRRS^WHP
L SRWSXQRP UD]RUXCDQMX SRG HILNDVQRP
PH_XQDURGQRPNRQWURORPLGDVH]DODCX
]DSULKYDWDQMHRGJRYDUDMX`LKPHUDNRMHEL
VPDQMLOHPH_XQDURGQX]DWHJQXWRVWPH_X
GUCDYDPD

6YDND MH GUCDYD GXCQD GD VH X]GUCL

RG SULEHJDYDQMD VYDNRM PHUL SULQXGH XV 
PHUHQRMQDOL^DYDQMHQDURGDSRPHQXWLP
XIRUPXODFLMLSULQFLSDUDYQRSUDYQRVWLLVD 
PRRSUHGHOMHQMD QDURGD QMLKRYRJ SUDYD
QDVDPRRSUHGHOMHQMHQDVORERGXLQH]D 
YLVQRVW

6YHGUCDYHWUHEDGDVDYHVQRLVSXQMD 
YDMXVYRMHREDYH]HVDJODVQRSULQFLSLPDL
RS^WHSULKYD`HQLPSUDYLOLPDPH_XQDURG 
QRJ SUDYD X SRJOHGX RGUCDYDQMD
PH_XQDURGQRJPLUDLEH]EHGQRVWLNDRL
GD VH ]DODCX GD VLVWHP EH]EHGQRVWL 8MH 
GLQMHQLKQDFLMDEXGH^WRHILNDVQLML

6YDND MH GUCDYD GXCQD GD VH X]GUCL

RGRUJDQL]RYDQMDLOLRGSRGVWLFDQMDQDRU 
JDQL]RYDQMH QHUHGRYQLK VQDJD LOL
RUXCDQLK EDQGL SRVHEQR EDQGL SOD`HQL 
ND XFLOMXQMLKRYRJXEDFLYDQMDQDWHULWR 
ULMXGUXJHGUCDYH

1L^WD X SUHWKRGQLP SDUDJUDILPD

QH`HELWLWXPDaHQRNDRGDSUR^LUXMHRG 
QRVQR VXCDYD QD ELOR NRML QDaLQ GR 
PD^DMRGUHGDED3RYHOMHNRMHVHRGQRVH
QD VOXaDMHYH X NRMLPD MH XSRWUHED VLOH
GR]YROMHQD

`HQRNDRVUHGVWYR]DUH^DYDQMHPH_XQD 
URGQLKSLWDQMD
$JUHVRUVNLUDWSUHGVWDYOMD]ORaLQSUR
WLYPLUDNRMLSRYODaLRGJRYRUQRVWSRPH 
_XQDURGQRPSUDYX
8 VNODGX VD FLOMHYLPD L SULQFLSLPD
8MHGLQMHQLK QDFLMD GXCQRVW MH GUCDYD GD
VH X]GUCH RG VYDNH SURSDJDQGH X NRULVW
DJUHVRUVNLKUDWRYD
6YDND MH GUCDYD GXCQD GD VH X]GUCL
RG SULEHJDYDQMD SUHWQML LOL XSRWUHEH VLOH
UDGL NU^HQMD SRVWRMH`LK JUDQLFD QHNLK
GUCDYD LOL NDR VUHGVWYR ]D UH^DYDQMH
PH_XQDURGQLK VSRURYD XNOMXaXMX`L WX L
WHULWRULMDOQHVSRURYHLSLWDQMDNRMDVHRG 
QRVHQDGUCDYQHJUDQLFH
,VWR WDNR VYDND MH GUCDYD GXCQD GD
VHX]GUCLRGSULEHJDYDQMDSUHWQMLLOLXSR 
WUHEL VLOH UDGL NU^HQMD PH_XQDURGQLK GH 
PDUNDFLRQLKOLQLMDNDR^WRVXOLQLMHSULPLU 
MD XVSRVWDYOMHQLK PH_XQDURGQLP VSRUD 
]XPLPD X NRPH MH RYD GUCDYD MHGQD RG
XJRYRUQLK VWUDQD LOL NRMD MH GXCQD GD
SR^WXMHL]GUXJLKUD]ORJDLOLVDJODVQRWRP
VSRUD]XPX 3UHWKRGQD RGUHGED QH`H VH
WXPDaLWL NDR GD XWLaH QD VWDY]DLQWHUHVR 
YDQLKVWUDQDXSRJOHGXVWDWXVDLSRVOHGLFD
RYLKOLQLMDRQDNRNDNRVXXWYU_HQHVSH 
FLMDOQLP UHCLPLPD NRML VH QD QMLK SULPH 
QMXMXQLWLNDRGDGLUDXQMLKRYSULYUHPHQL
NDUDNWHU



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

3ULQFLS GD GUCDYH UH^DYDMX VYRMH
PH_XQDURGQHVSRURYHPLUQLPVUHGVWYLPD
QDQDaLQGDPH_XQDURGQLPLULEH]EHG
QRVW NDR L SUDYGD QH EXGX GRYHGHQL X
RSDVQRVW
6YDNDGUCDYDWUHEDGDUH^DYDVYRMH
PH_XQD URGQH VSRURYH VD GUXJLP
GUCDYDPD PLUQLP VUHGVWYLPD QD WDNDY
QDaLQ GD PH_XQDURGQL PLU L EH]EHG 
QRVWNDRLSUDYGDQHEXGXGRYHGHQLX
RSDVQRVW

VH RGQRVH QD PLUQR UH^DYDQMH PH_X 

QDURGQLKVSRURYD
3ULQFLSVDJODVDQ3RYHOMLRGXCQRVWL
GDVHQHLQWHUYHQL^HXSRVORYHNRMLVSDGDMX
XQDFLRQDOQXQDGOHCQRVWGUCDYH
1LMHGQDGUCDYDQLWLJUXSDGUCDYDQH 
PDSUDYR GD LQWHUYHQLVH QHSRVUHGQR LOL
SRVUHGQR L] ELOR NRJ UD]ORJD X XQXW 
UD^QMH LOL VSROMQH SRVORYH QHNH GUXJH
GUCDYH3UHPDWRPHQHVDPRRUXCDQDLQ 
WHUYHQFLMDYH`LVYDNLGUXJLREOLNPH^DQMD
LOL VYDND SUHWQMD XSHUHQL SURWLY OLaQRVWL
GUCDYH LOL SURWLY QMHQLK SROLWLaNLK HNR 
QRPVNLK L NXOWXUQLK HOHPHQDWD VXSURWQL
VXPH_XQDURGQRPSUDYX
1LMHGQDGUCDYDQHPRCHGDSULPHQL
QLWLGDSRGUCLXSRWUHEXPHUDHNRQRPVNH
SROLWLaNH LOL VYDNH GUXJH SULURGH NDNR EL
SULVLOLOD QHNX GUXJX GUCDYX GD MRM VH
SRWaLQL X YU^HQMX VYRMLK VXYHUHQLK SUDYD
LOLGDGRELMHRGQMHNRULVWLELORNRMHYUVWH
6YHGUCDYHWUHEDWDNR_HGDVHX]GUCHRG
RUJDQL]RYDQMD SRPDJDQMD SRGUCDYDQMD
ILQDQVLUDQMD SRGVWLFDQMD LOL WROHULVDQMD
RUXCDQLK VXEYHU]LMD LOL WHURULVWLaNLK DNWLY 
QRVWL NRMH LPDMX ]D FLOM GD QDVLOMHP SUR 
PHQHUHCLPXGUXJRMGUCDYLNDRLGDLQ 
WHUYHQL^XXXQXWUD^QMLPVXNRELPDXGUX 
JRMGUCDYL

'UCDYH WUHED SUHPD WRPH GD WUDCH

EODJRYUHPHQR L SUDYLaQR UH^HQMH VYRMLK
PH_XQDURGQLKVSRURYDSXWHPSUHJRYRUD
DQNHWD SRVUHGRYDQMD L]PLUHQMD DUELW 
UDCHVXGVNRJUH^DYDQMDSULEHJDYDQMDUH 
JLRQDOQLP XVWDQRYDPD LOL VSRUD]XPLPD
LOLGUXJLPPLUQLPVUHGVWYLPDSRVRSVWYH 
QRPL]ERUX7UDCH`LRYRUH^HQMHVWUDQNH
WUHEDGDVHVSRUD]XPHMXRNRUL^`HQMXWDN 
YLK PLUQLK VUHGVWDYD NRMD `H RGJRYDUDWL
RNROQRVWLPDLSULURGLVSRUD
6WUDQNHXVSRUXVXGXCQHXVOXaDMXGD
QH PRJX GD GR_X GR UH^HQMD MHGQLP RG
JRUH QDYHGHQLK PLUQLK VUHGVWDYD GD SUR
GXCHGDWUDCHUH^HQMDVSRUDGUXJLPPLUQLP
VUHGVWYLPDRNRMLPD`HVHVDJODVLWL
'UCDYH VWUDQNH X QHNRP PH_XQD 
URGQRPVSRUXNDRLGUXJHGUCDYHWUHED
GD VH X]GUCH RG VYDNRJ DNWD NRML PRCH
GDSRJRU^DVLWXDFLMXNDNRQHELGRYHOHX
RSDVQRVWRGUCDYDQMHPH_XQDURGQRJPLUD
L EH]EHGQRVWL L WUHED GD GHOXMX X VNODGX
VDFLOMHYLPDLQDaHOLPD8MHGLQMHQLKQDFLMD

8SRWUHEDVLOHXFLOMXOL^DYDQMDQDURGD
QMLKRYRJ QDFLRQDOQRJ LGHQWLWHWD SUHG 
VWDYOMD NU^HQMH QMLKRYLK QHRWX_LYLK SUDYD
LSULQFLSDQHLQWHUYHQFLMH

0H_XQDURGQLVSRURYLWUHEDGDVHUH 
^DYDMXQDED]LVXYHUHQHMHGQDNRVWLGUCDYD
L X VNODGX VD QDaHORP VORERGQRJ L]ERUD
VUHGVWDYD 3ULEHJDYDQMH QHNRPSRVWXSNX
UH^DYDQMD LOL SULKYDWDQMH MHGQRJ WDNYRJ
SRVWXSND VORERGQLP SULVWDQNRP GUCDYH
XVSRUXXNRPHVXRQHVWUDQNHLOLVSRUX
X NRPH EL RQH PRJOH X EXGX`QRVWL ELWL
VWUDQNHQHWUHEDVPDWUDWLQHVDJODVQLPVD
VXYHUHQRPMHGQDNR^`X

6YDND GUCDYD LPD QHRWX_LYR SUDYR

GDELUDVYRMSROLWLaNLHNRQRPVNLGUX^WYH 
QLLNXOWXUQLSRUHGDNEH]PH^DQMDXELOR
NRPREOLNXELORNRMHGUXJHGUCDYH
1L^WDL]SUHWKRGQLKVWDYRYDQH`HELWL
WXPDaHQRNDRGDGLUDXRGUHGEH3RYHOMH
8MHGLQMHQLK QDFLMD NRMH VH RGQRVH QD
RaXYDQMH PH_XQDURGQRJ PLUD L EH]EHG 
QRVWL
'XCQRVW GUCDYD GD VXUD_XMX MHGQH
VDGUXJRPXVNODGXVD3RYHOMRP

1L^WDL]SUHWKRGQLKSDUDJUDIDQHGLUD
RGQRVQRQHXNLGDRGUHGEH3RYHOMHNRMH
VH PRJX SULPHQLWL D SRVHEQR RQH NRMH

'UCDYH VX GXCQH GD VDUD_XMX MHGQH

V GUXJLPD EH] RE]LUDQD UD]OLNH XQMLKR 
YLPSROLWLaNLPLGUX^WYHQLPVLVWHPLPDX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GDSR^WXMHRYRSUDYRVDJODVQRRGUHGED 
PD3RYHOMH
6YDND MH GUCDYD GXCQD GD XQDSUH 
_XMH]DMHGQRVDRVWDOLPGUCDYDPDLOLSR 
MHGLQDaQRSULPHQXSULQFLSDUDYQRSUDY 
QRVWLLVDPRRSUHGHOMHQMDQDURGDXVNOD 
GX VD RGUHGEDPD 3RYHOMH L GD SRPDCH
2UJDQL]DFLMX XMHGLQMHQLK QDFLMD GD XGR 
YROML REDYH]DPD NRMH VX MRM SRYHUHQH
3RYHOMRPXSRJOHGXSULPHQHRYRJSULQ 
FLSDNDNREL

UD]QLPREODVWLPDPH_XQDURGQLKRGQRVD
X FLOMX RGUCDYDQMD PH_XQDURGQRJ PLUD L
EH]EHGQRVWLLXQDSUH_HQMDPH_XQDURGQH
HNRQRPVNHVWDELOQRVWLLQDSUHWNDLRS^WHJ
EODJRVWDQMDQDURGDLPH_XQDURGQHVDUDG 
QMHEH]GLVNULPLQDFLMH]DVQRYDQHQDRYLP
UD]OLNDPD
8WRPFLOMX
D 'UCDYHWUHEDGDVDUD_XMXVDGUXJLP
GUCDYDPD UDGL RGUCDYDQMD PH_XQD 
URGQRJ PLUD L EH]EHGQRVWL
E 'UCDYHWUHEDGDVDUD_XMXUDGLREH] 
EH_HQMD XQLYHU]DOQRJ SR^WRYDQMD L
VSURYR_HQMD OMXGVNLK SUDYDLRVQRY
QLKVORERGD]DVYHNDRLXNODQMDQMD
VYLK REOLND UDVQH GLVNULPLQDFLMH L
YHUVNH QHWUSHOMLYRVWL
F 'UCDYH WUHED GD RGUCDYDMX VYRMH
PH_XQDURGQH RGQRVH QD HNRQRP 
VNRP VRFLMDOQRP NXOWXUQRP WHK 
QLaNRPLWUJRYDaNRPSROMXXVDJODV 
QRVWL VD SULQFLSLPD VXYHUHQH MHGQD 
NRVWL L QHLQWHUYHQFLMH
G 'UCDYH aODQLFH 8MHGLQMHQLK QDFLMD
GXCQH VX GD GHOXMX NDNR ]DMHG 
QLaNL WDNR L SRMHGLQDaQR X VDUDG 
QMLVD8MHGLQMHQLPQDFLMDPDXVNOD 
GX VD RGJRYDUDMX`LP RGUHGEDPD
3RYHOMH

D XQDSUHGLOD SULMDWHOMVNH RGQRVH L VD

UDGQMX PH_X GUCDYDPD
E GRYHOD GR EU]RJ RNRQaDQMD NRORQL 
MDOL]PD SULGDMX`L SULWRP GXCQX
SDCQMX VORERGQR L]UDCHQRM YROML ]D
LQWHUHVRYDQLK QDURGD
,PDMX`LQDXPXGDSRGYUJDYDQMHQD 
URGDVWUDQRPSRWaLQMDYDQMXGRPLQDFLMLLOL
HNVSORDWDFLML SUHGVWDYOMD NU^HQMH RYRJ
QDaHODNDRLRGULFDQMHRVQRYQLKOMXGVNLK
SUDYD L GD MH X VXSURWQRVWL VD 3RYHOMRP
8MHGLQMHQLKQDFLMD
6YDND MH GUCDYD GXCQD GD XQDS
UH_XMH]DMHGQRVDRVWDOLPGUCDYDPDLOLRG 
YRMHQR XQLYHU]DOQR L VWYDUQR SR^WRYDQMH
SUDYDaRYHNDLRVQRYQLKVORERGDVDJODVQR
3RYHOML
6WYDUDQMH VXYHUHQH L QH]DYLVQH
GUCDYH VORERGQR XGUXCLYDQMH LOL LQWHJUD 
FLMDVDQHNLPQH]DYLVQLPGUCDYDPDLOLXV 
SRVWDYOMDQMH ELOR NRJ GUXJRJ SROLWLaNRJ
SRUHWNDNRMLMHMHGDQQDURGVORERGQRRGD 
EUDR SUHGVWDYOMD ]D WDM QDURG QDaLQ
YU^HQMD QMHJRYRJ SUDYD QD VDPRRSUHGH 
OMHQMH

'UCDYH WUHED GD VDUD_XMX QD HNR 

QRPVNRP VRFLMDOQRP L NXOWXUQRP SROMX
NDRLQDQDXaQRPLWHKQROR^NRPSROMXL
UDGLSRGVWLFDQMDQDSUHWNDXREODVWLNXOWXUH
L^NROVWYDXVYHWX'UCDYHWUHEDGDXMHGLQH
VYRMHQDSRUHNDNRELXQDSUHGLOHHNRQRP 
VNLUDVWXaLWDYRPVYHWXSRVHEQRX]HP 
OMDPDXUD]YRMX

6YDND MH GUCDYD GXCQD GD VH X]GUCL

RGSULEHJDYDQMDVYLPSULQXGQLPPHUDPD
NRMLPDELVHQDURGLSRPHQXWLJRUHXIRU 
PXODFLML RYRJ QDaHOD OL^DYDOL VYRJ SUDYD
QD VDPRRSUHGHOMHQMH VORERGH L QH]DYLV 
QRVW .DGD GHOXMX SURWLY L VXSURVWDYOMDMX
VH WDNYLP SULQXGQLP PHUDPD X YU^HQMX
VYRJ SUDYD QD VDPRRSUHGHOMHQMH RYL VX
QDURGL RYOD^`HQL GD WUDCH L SULPDMX SR 
PR` VDJODVQR VD FLOMHYLPD L SULQFLSLPD
3RYHOMH8MHGLQMHQLKQDFLMD

3ULQFLS UDYQRSUDYQRVWL L VDPRRSUH

GHOMHQMDQDURGD
3UHPDSULQFLSXUDYQRSUDYQRVWLLVD 
PRRSUHGHOMHQMD QDURGD SULQFLSX XWYU 
_HQRP 3RYHOMRP VYL QDURGL LPDMX SUD 
YR GD RGUHGH VYRM SROLWLaNL VWDWXV SRW 
SXQRVORERGQRLEH]VWUDQRJPH^DQMDL
GD QDVWDYH VYRM SULYUHGQL GUX^WYHQL L
NXOWXUQLUD]YRMDVYDNDMHGUCDYDGXCQD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

I 6YDND GUCDYD MH GXCQD GD LVSXQMDYD
SRWSXQR L VDYHVQR VYRMH PH_XQD 
URGQH REDYH]H L GD CLYL X PLUX VD
RVWDOLP GUCDYDPD

7HULWRULMDQHNHNRORQLMHLOLGUXJHQH 
VDPRXSUDYQHWHULWRULMHXCLYDVDJODVQR3R 
YHOMLRGYRMHQLLSRVHEDQVWDWXVRGWHULWR 
ULMHGUCDYHNRMDQMRPHXSUDYOMDRYDMRG 
YRMHQLLSRVHEDQVWDWXVXVNODGXV3RYH 
OMRPSRVWRMD`HVYHGRNQDURGNRORQLMHLOL
QHVDPRXSUDYQHWHULWRULMHQHRVWYDULVYRMH
SUDYR QD VDPRRSUHGHOMHQMH X VNODGX V
3RYHOMRP 8MHGLQMHQLK QDFLMD L QDURaLWR
QMHQLPFLOMHYLPDLSULQFLSLPD

3ULQFLS GD GUCDYH VDYHVQR LVSX

QMDYDMXVYRMHREDYH]HNRMHVXSULKYDWLOHX
VNODGXVD3RYHOMRP
6YDND GUCDYD MH GXCQD GD VDYHVQR
LVSXQMDYD REDYH]H SUHX]HWH X VNODGX V
3RYHOMRP8MHGLQMHQLKQDFLMD
6YDND GUCDYD MH GXCQD GD VDYHVQR
LVSXQMDYDVYRMHREDYH]HQDRVQRYXRS^WH 
SUL]QDWLKQDaHODLSUDYLODPH_XQDURGQRJ
SUDYD
6YDND GUCDYD MH GXCQD GD VDYHVQR
LVSXQMDYD VYRMH REDYH]H QD RVQRYX
PH_XQDURGQLKVSRUD]XPDDXVNODGXVD
RS^WH SUL]QDWLP QDaHOLPD L SUDYLOLPD
PH_XQDURGQRJSUDYD
.DGDVXREDYH]HSUHX]HWHPH_XQD 
URGQLPVSRUD]XPLPDXVXNREXVDREDYH 
]DPDaODQRYD8MHGLQMHQLKQDFLMDSR3RYH 
OML 8MHGLQMHQLK QDFLMD RYH SRVOHGQMH SUH 
RYOD_XMX

1L^WDXSUHWKRGQLPSDUDJUDILPDQH`H
ELWL WXPDaHQR NDR GD RYOD^`XMH LOL SRGV 
WLaHELORNDNYXDNFLMXNRMDELLPDOD]DFLOM
GDUD]RULLOLXJUR]LSRWSXQRLOLGHOLPLaQR
WHULWRULMDOQLLQWHJULWHWLOLSROLWLaNXQH]DYLV 
QRVW ELOR NRMH VXYHUHQH L QH]DYLVQH
GUCDYH NRMD VH SRQD^D X VNODGX VD
QDaHORPUDYQRSUDYQRVWLLVDPRRSUHGHOMH 
QMDQDURGDIRUPXOLVDQLPJRUHLNRMLPRWX 
GD XSUDYOMD YODGD NRMD SUHGVWDYOMD FHOR 
NXSDQQDURGWHULWRULMHEH]RE]LUDQDUD] 
OLNHXSRJOHGXUDVHYHUHLOLERMH
6YDND GUCDYD WUHED GD VH X]GUCL RG
VYDNH DNFLMH NRMD LPD ]D FLOM GD UD]RUL
GHOLPLaQRLOLXSRWSXQRVWLQDFLRQDOQRMH 
GLQVWYRLWHULWRULMDOQLLQWHJULWHWQHNHGUXJH
GUCDYHLOLGUXJH]HPOMH

2S^WHRGUHGEH
,]MDYOMXMHGD
3ULOLNRP QMLKRYRJ WXPDaHQMD LOL SUL 
PHQHJRUQMLVXSULQFLSLPH_XVREQRSRYH 
]DQLLVYDNLSULQFLSWUHEDWXPDaLWLXRNYLUX
RVWDOLKSULQFLSD
1L^WD X RYRM 'HNODUDFLML QH WUHED GD
EXGHWXPDaHQRNDRGDQDNRMLJRGQDaLQ
GLUDELORXRGUHGEDPD3RYHOMHLOLXSUDYD
L GXCQRVWL NRMH MH 3RYHOMD QDPHWQXOD GU 
CDYDPDaODQLFDPDLOLSUDYDNRMDVX3RYH 
OMRP GDWD QDURGLPD YRGH`L SUL WRPH
UDaXQD R IRUPXOLVDQMX RYLK SUDYD X RYRM
'HNODUDFLML
,]MDYOMXMHSRUHGWRJDGD
3ULQFLSLL]3RYHOMHXQHWLXRYX'HN 
ODUDFLMX SUHGVWDYOMDMX RVQRYQH SULQFLSH
PH_XQDURGQRJSUDYDL]DKWHYDSUHPDWR 
PH RG VYLK GUCDYD GD VH X VYRP
PH_XQDURGQRP SRQD^DQMX QDGDKQMXMX
RYLP SULQFLSLPD L UD]YLMDMX VYRMH PH_X 
VREQHRGQRVHQDED]LVWURJRJSR^WRYDQMD
QDYHGHQLKSULQFLSD

3ULQFLSVXYHUHQHMHGQDNRVWLGUCDYD
6YH GUCDYH XCLYDMX VXYHUHQX MHGQD
NRVW2QHLPDMXMHGQDNDSUDYDLGXCQRVWL
L UDYQRSUDYQL VX aODQRYL PH_XQDURGQH
]DMHGQLFH QH]DYLVQR RG UD]OLND HNRQRP 
VNHVRFLMDOQHSROLWLaNHLOLQHNHGUXJHSUL 
URGH
3RVHEQR VXYHUHQD MHGQDNRVW REXK 
YDWDVOHGH`HHOHPHQWH
D 'UCDYH VX SUDYQR MHGQDNH
E 6YDNDGUCDYDXCLYDQHRWX_LYDSUDYD
VYRMVWYHQD SXQRP VXYHUHQLWHWX
F 6YDND GUCDYD MH GXCQD GD SR^WXMH
OLaQRVW RVWDOLK GUCDYD
G 7HULWRULMDOQL LQWHJULWHW L SROLWLaND QH 
]DYLVQRVW GUCDYH VX QHSRYUHGLYL
H 6YDND GUCDYD LPD SUDYR GD VORERG
QR ELUD L UD]YLMD VYRM SROLWLaNL VRFL
MDOQL HNRQRPVNLLNXOWXUQLSRUHGDN



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 6SRUD]XP R SLWDQMLPD VXNFHVLMH

V 3ULOR]LPD ' ( ) L *
SLWDQMDVXNFHVLMHXVNODGXVDPH_XQDURG 
QLPSUDYRP
6SRUD]XPHOLVXVHRVOHGH`HP

6325$=80 2 3,7$1-,0$
68.&(6,-(
%RVQDL+HUFHJRYLQD5HSXEOLND+U
YDWVND5HSXEOLND0DNHGRQLMD5HSXEOLND
6ORYHQLMDL6DYH]QD5HSXEOLND-XJRVODYLMD
NRMH SUHGVWDYOMDMX SHW VXYHUHQLK UDYQRS 
UDYQLK GUCDYD VXNFHVRUD ELY^H 6RFLMDOLV 
WLaNH)HGHUDWLYQH5HSXEOLNH-XJRVODYLMH
6YHVQL SRWUHEH GD X LQWHUHVX VYLK
'UCDYDVXNFHVRUDLQMLKRYLKJUD_DQDNDR
LXLQWHUHVXVWDELOQRVWLXUHJLRQXLGREULK
PH_XVREQLK RGQRVD UH^H SLWDQMD VXNFH 
VLMH'UCDYDNRMHVXVHSRMDYLOHSRVOHUDV 
SDGD ELY^H 6RFLMDOLVWLaNH )HGHUDWLYQH 5H 
SXEOLNH-XJRVODYLMH
1DNRQ UD]JRYRUD L SUHJRYRUD
YR_HQLK R ELY^RM -XJRVODYLML SRG SRNUR 
YLWHOMVWYRP 0H_XQDURGQH NRQIHUHQFLMH R
ELY^RM -XJRVODYLML L YLVRNRJ SUHGVWDYQLND
VDFLOMHPGDXWYUGHLRGUHGHPH_XQMLPD
SUDYHGQXUDVSRGHOXSUDYDREDYH]DDNWL 
YHLSDVLYHELY^H6RFLMDOLVWLaNH)HGHUDWLYQH
5HSXEOLNH-XJRVODYLMH
3RVWXSDMX`LXRNYLUXPDQGDWDGDWRJ
9LVRNRP SUHGVWDYQLNX 2GOXNRP .RQIH 
UHQFLMHRSULPHQLPLUDNRMDMHRGUCDQDX
/RQGRQXpGHFHPEUDJRGLQHLX
VYHWOX 6SRUD]XPD L]PH_X 'UCDYD VXNFH 
VRUDLGHNODUDFLMDNRMHVXXVYRMLOL6DYHW]D
SULPHQXPLUDLQMHJRY8SUDYQLRGERU
,PDMX`LXYLGXGDMH6DYHWEH]EHGQR 
VWLXVYRMRM5H]ROXFLMLSRWYUGLR
SRWUHEXUH^DYDQMDQDED]LNRQVHQ]XVDRW 
YRUHQLKSLWDQMDVXNFHVLMH
3RWYU_XMX`L2GOXNXGRQHWXDSULOD
 JRGLQH X YH]L VD SRGHORP DNWLYH
ELY^H6)5-X%DQFL]DPH_XQDURGQRSR 
UDYQDQMHaLMLVHWHNVWGDMHXGRGDWNXRYRJ
6SRUD]XPD
3RND]XMX`L VYRMX VSUHPQRVW GD VD 
UD_XMX QD UH^DYDQMX SUHRVWDOLK RWYRUHQLK


AODQ 

=D SRWUHEH RYRJ 6SRUD]XPD 6)5-m

R]QDaDYDELY^X6RFLMDOLVWLaNX)HGHUDWLYQX
5HSXEOLNX-XJRVODYLMX
AODQ 

6YDND'UCDYDVXNFHVRUSULKYDWDSULQ
FLSGDXVYDNRPWUHQXWNXPRUDSUHGX]HWL
QHRSKRGQH PHUH GD VH VSUHaL JXELWDN
R^WH`HQMH LOL XQL^WHQMH GUCDYQLK DUKLYD
GUCDYQHLPRYLQHLVUHGVWDYD6)5-]DNRMH
VXX VNODGXVRGUHGEDPDRYRJ6SRUD]X 
PDMHGQDLOLYL^HGUXJLK'UCDYDVXNFHVRUD
]DLQWHUHVRYDQH
AODQ 

8GROHQDYHGHQLPSULOR]LPDL]ORCHQL
VXSRMPRYLSRGNRMLPDVHUH^DYDSUHGPHW
VYDNRJRG3ULORJD
3ULORJ$3RNUHWQDLQHSRNUHWQDLPR 
YLQD
3ULORJ % 'LSORPDWVND L NRQ]XODUQD
LPRYLQD
3ULORJ & )LQDQVLMVND DNWLYD L SDVLYD
RVLP RQH NRMD VH GDMH X 'RGDWNX RYRJ
6SRUD]XPD
3ULORJ'$UKLYH
3ULORJ(3HQ]LMH
3ULORJ)2VWDODSUDYDLQWHUHVLLRED 
YH]H
3ULORJ * 3ULYDWQD VYRMLQD L VWHaHQD
SUDYD
AODQ 

 8VWDQRYOMDYD VH 6WDOQL PH^RYLWL

NRPLWHWNRMLMHVDaLQMHQRGYLVRNLKSUHGV 
WDYQLNDVYDNHRG'UCDYHVXNFHVRUDNRML 
PDXUDGXPRJXSRPDJDWLVWUXaQDOLFD
*ODYQL]DGDWDNRYRJ.RPLWHWDMH
SUD`HQMHHILNDVQRVWLSULPHQHRYRJ6SRUD 
]XPD L SUHGVWDYOMD`H IRUXP QD NRMHP VH

3RWSLVDQ  MXQD  X %HaX 6O OLVWX 65-  0H_XQDURGQL XJRYRUL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

UDCX2(%6D(NVSHUW`HXWYUGLWLVYDSLWD 
QMD SURFHGXUH QDNRQ NRQVXOWRYDQMD VD
VWUDQDPDNRMHWUDCHWDNYRVWUXaQRUH^DYD 
QMHXNROLNRWRVPDWUDSRWUHEQLPVDaYUV 
WRP QDPHURP GD REH]EHGL EU]R L GHORW 
YRUQRUH^DYDQMHUD]OLND
3RVWXSDNNRMLVHSUHGYL_DXVWDYX
RYRJaODQDEL`HVWULNWQRRJUDQLaHQQD
WXPDaHQMDWHUPLQD NRUL^`HQLK XVSRUD]X 
PLPDRNRMLPDMHUHaLQH`HQLSRGNRMLP
XVORYLPD GR]YROLWL HNVSHUWX GD RGUH_XMH
SUDNWLaQX SULPHQX RYLK VSRUD]XPD 1D 
YHGHQLSRVWXSDNSRVHEQRVHQH`HRGQR 
VLWLQD
D 'RGDWDN 6SRUD]XPX
E AODQRYH   L  3ULORJD %
F AODQRYH  L   3ULORJD &
G AODQ  3ULORJD '
 3UHWKRGQL SDUDJUDIL RYRJ aODQD
QH`H XWLFDWL QD SUDYD LOL REDYH]H 6WUDQD
XJRYRUQLFDXRYRP6SRUD]XPXQDRVQR 
YXELORNRMHRGUHGEHQDVQD]LNRMDLKRED 
YH]XMHXSRJOHGXUH^DYDQMDVSRURYD

PRJX UD]PDWUDWL SLWDQMD NRMD QDVWDMX WR 

NRP QMHJRYH SULPHQH .RPLWHW PRCH
XNROLNREXGHQHRSKRGQRGDGRGJRYD 
UDMX`HSUHSRUXNHYODGDPD'UCDYDVXNFH 
VRUD
 3UYL IRUPDOQL VDVWDQDN 6WDOQRJ
PH^RYLWRJNRPLWHWD`HVHRGUCDWLQDLQL 
FLMDWLYX 9ODGH 5HSXEOLNH 0DNHGRQLMH X
URNXRGGYDPHVHFDRGGDQDVWXSDQMDQD
VQDJXRYRJ6SRUD]XPD.RPLWHWVHPRCH
QHIRUPDOQRVDVWDWLQDSULYUHPHQRMRVQR 
YL X ELOR NRP SHULRGX NRML RGJRYDUD
'UCDYDPD VXNFHVRULPD QDNRQ SRWSLVLYD 
QMDRYRJ6SRUD]XPD
 .RPLWHW `H XVWDQRYLWL VYRMD VRS
VWYHQDSUDYLODSURFHGXUH
AODQ 

5D]OLNHNRMHPRJXGDQDVWDQXX
SRJOHGX WXPDaHQMD L SULPHQH RYRJ VSR 
UD]XPDSUYHQVWYHQR`HVHUH^DYDWLSUHJR 
YRULPDL]PH_X]DLQWHUHVRYDQLK'UCDYD
 8NROLNR VH WH UD]OLNH QH PRJX
UH^LWLSUHJRYRULPDXURNXRGPHVHFGDQD
RG WUHQXWND SULMHPD SUYRJ WDNYRJ VD 
RS^WHQMD ]DLQWHUHVRYDQH 'UCDYH `H QD
RVQRYXSUHJRYRUD
D XSXWLWL VOXaDM QD RGOXaLYDQMH DXWRUL 
WDWLYQH OLaQRVWL SR QMLKRYRP L]ERUX
VDFLOMHPGRQR^HQMDEUCHJLDXWRULWD 
WLYQRJ UH^HQMD NRMD `H VH SR^WRYDWL
D NRMH PRCH DNR WUHED GD RGUHGL
RGUH_HQHYUHPHQVNHURNRYH]DSUH 
GX]LPDQMH DNFLMD LOL
E XSXWLWL VOXaDM QD UH^DYDQMH 6WDOQRP
PH^RYLWRP NRPLWHWX RVQRYDQRP QD
RVQRYX aODQD  RYRJ 6SRUD]XPD
5D]OLNHNRMHPRJXGDQDVWDQXX
SUDNVLRNRWXPDaHQMDWHUPLQDNRMLVHNR 
ULVWHXRYRP6SRUD]XPXLOLELORNRPGUX 
JRPQDUHGQRPVSRUD]XPXNRMLPRCHGD
SURL]D_H WRNRP VSURYR_HQMD SULORJD
RYRJ 6SRUD]XPD PRJX VH QD SUHGORJ
ELORNRMH]DLQWHUHVRYDQH'UCDYHGRGDWQR
XSXWLWLQDREDYH]XMX`HHNVSHUWVNRUH^DYD 
QMH NRMH YU^L MHGDQ HNVSHUW NRML QLMH
GUCDYOMDQLQ ELOR NRMH XJRYRUQH VWUDQH
RYRJ6SRUD]XPDNRJDVSRUD]XPQRLPH 
QXMXVWUDQHXVSRUXLOLXRGVXVWYXGRJR 
YRUDSUHGVHGQLN6XGD]DPLUHQMHLDUELW 

AODQ 

3ULOR]LX]RYDM6SRUD]XPL'RGDFLX]
RYDM6SRUD]XPL3ULORJHaLQHVDVWDYQLGHR
RYRJ6SRUD]XPD
AODQ 

2YDM6SRUD]XP]DMHGQRVDELORNR 
MLP QDUHGQLP VSRUD]XPLPD QHRSKRGQLP
]DVSURYR_HQMH3ULORJDRYRJ6SRUD]XPD
NRQDaQRUH^DYDSLWDQMH]DMHGQLaNLKSUDYD
LREDYH]D'UCDYDVXNFHVRUDXRGQRVXQD
SLWDQMD VXNFHVLMH NRMD VX REXKYD`HQD
RYLP 6SRUD]XPRP ALQMHQLFD GD VH RYDM
6SRUD]XP QH EDYL QHNLP GUXJLP SLWDQML 
PD NRMD VH QH RGQRVH QD VXNFHVLMX QLMH
QD ^WHWX SUDYD L REDYH]D 'UCDYD VWUDQD
XJRYRUQLFDSRRYRP6SRUD]XPXXRGQR 
VXQDWDNYDGUXJDSLWDQMD
AODQ 

6YDND 'UCDYD VXNFHVRU `H QD ED]L

UHFLSURFLWHWD D X VNODGX VD VYRMLP XQXW 
UD^QMLP]DNRQRGDYVWYRPSUHGX]LPDWLQH 
RSKRGQHPHUHGDREH]EHGLVSURYR_HQMH
RGUHGEL RYRJ 6SRUD]XPD NDNR EL ELOH
SULKYD`HQHLGHORWYRUQHXQMHQLPVXGRYL 
PD YH`LPD L WHOLPD NDR L GD GUXJH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

FHODULMD9LVRNRJSUHGVWDYQLNDDMHGDQVH
GHSRQXMHNRG'HSR]LWDUD
=D%RVQXL+HUFHJRYLQXp=ODWNR/D 
JXPGCLMD
=D5HSXEOLNX+UYDWVNXp7RQLQR3L 
FXOD
=D 5HSXEOLNX 0DNHGRQLMX p 1LNROD
7RGRUaHYVNL
=D5HSXEOLNX6ORYHQLMXp'LPLWULM5X 
SHO
=D 6DYH]QX 5HSXEOLNX -XJRVODYLMX p
*RUDQ6YLODQRYL`

'UCDYHVXNFHVRULLQMLKRYLGUCDYOMDQLLPDMX
SULVWXSD WLP VXGRYLPD YH`LPD L WHOLPD
UDGLREH]EH_HQMDSULPHQHRYRJ6SRUD]X 
PD
AODQ 

6SRUD]XP `HVH VSURYRGLWL XGREURM

YHUL SUHPD 3RYHOML 8MHGLQMHQLK QDFLMD RG
VWUDQH'UCDYDVXNFHVRUDLXVDJODVQRVWLVD
PH_XQDURGQLPSUDYRP
AODQ 

1LMH GR]YROMHQR VWDYOMDWL UH]HUYH QD

RYDM6SRUD]XP
AODQ 

FLML

 2YDM 6SRUD]XP SRGOHCH UDWLILND 

35,/2* '
$UKLYH

 ,QVWUXPHQWL UDWLILNDFLMH GHSRQXMX

VH ^WR MH PRJX`H SUH NRG 'HSR]LWDUD L]
aODQDRYRJ6SRUD]XPD'HSR]LWDURED 
YH^WDYD'UCDYHVXNFHVRUHL.DQFHODULMXYL 
VRNRJSUHGVWDYQLNDRGDWXPXGHSRQRYD 
QMDVYDNRJLQVWUXPHQWDUDWLILNDFLMH

AODQ 

D=DSRWUHEHRYRJ3ULORJD 'UCDY
QDDUKLYD6)5-mR]QDaDYDVYDGRNXPHQWD
ELORNRJGDWXPDLOLYUVWHEH]RE]LUDJGH
VHQDOD]HNRMDVXQDVWDODLOLSULPOMHQDRG
VWUDQH6)5-LOLELORNRMHSUHWKRGQHNRQV 
WLWXWLYQH VWUXNWXUH MXJRVORYHQVNH GUCDYH
RGGHFHPEUDJRGLQHXSURFHVX
L]YU^HQMDQMHQLKIXQNFLMDLNRMDVXMXQD
JRGLQHSULSDGDOD6)5-XVNODGXVD
QMHQLP XQXWUD^QMLP ]DNRQRGDYVWYRP D
VKRGQR 6DYH]QRP ]DNRQX R DUKLYVNRM
JUD_L IHGHUDFLMH aXYDQL SRG SRVUHGQRP
LOLQHSRVUHGQRPNRQWURORPNDRDUKLYD]D
ELORNRMHSRWUHEH
E=DSRWUHEHRYRJ3ULORJD5HSXE
OLaNH L GUXJH DUKLYHm R]QDaDYDMX DUKLYH
ELORNRMHRG'UCDYDXQMLKRYRPSUHWKRG 
QRPVYRMVWYXNDRNRQVWLWXWLYQLKUHSXEOLND
6)5-LOLQMLKRYHWHULWRULMDOQHLOLDGPLQLVWUD 
WLYQHMHGLQLFHLR]QDaDYDVYDGRNXPHQWD
ELORNRJGDWXPDLOLYUVWHEH]RE]LUDJGH
VHQDOD]HNRMDVXQDVWDODLOLSULPOMHQDRG
ELORNRMHRGRYLK5HSXEOLNDLOLWHULWRULMDO 
QLKLOLDGPLQLVWUDWLYQLKMHGLQLFDXSURFHVX
L]YU^DYDQMDQMLKRYLKIXQNFLMDLNRMDVX
MXQDJRGLQHSULSDGDODQMLPDXVNOD 
GX VD YDCH`LP ]DNRQRP L NRMH VX LK X
VNODGXVD=DNRQRPRDUKLYVNRMJUD_LVYD 
NHUHSXEOLNHaXYDOHSRGVYRMRPSRVUHG 
QRP LOL QHSRVUHGQRP NRQWURORP NDR DU 
KLYH]DELORNRMHSRWUHEH

AODQ 

 2YDM 6SRUD]XP VWXSD QD VQDJX

WULGHVHWRJ GDQD QDNRQ GHSRQRYDQMD SH 
WRJ LQVWUXPHQWD UDWLILNDFLMH 'HSR]LWDU `H
REDYHVWLWL'UCDYHVXNFHVRUHL.DQFHODULMX
YLVRNRJ SUHGVWDYQLND R GDWXPX VWXSDQMD
QDVQDJX
 %H] RE]LUDQDSDUDJUDIRYRJ
aODQDaODQRYRJ6SRUD]XPDaODQ
3ULORJD$aODQRYHLp3ULORJD%LaODQ
 L GRGDWND 3ULORJD & `H VH X VNODGX VD
QMLKRYLP XVORYLPD SULYUHPHQR SULPHQML 
YDWLQDNRQGDWXPDSRWSLVLYDQMDRYRJ6SR 
UD]XPD
AODQ 

9LVRNLSUHGVWDYQLN`HGHSRQRYDWL
MHGDQ RULJLQDOQL SULPHUDN RYRJ 6SRUD]X 
PDNRGJHQHUDOQRJVHNUHWDUD8MHGLQMHQLK
QDFLMDNRMLGHOXMHNDRGHSR]LWDU
'HSR]LWDU`HQDNRQVWXSDQMDQD
VQDJXRYRJ6SRUD]XPDREH]EHGLWLQMHJR 
YX UHJLVWUDFLMX X VNODGX VD aODQRP 
3RYHOMH8MHGLQMHQLKQDFLMD
6DaLQMHQRX%HaXMXQDJR 
GLQH X VHGDP RULJLQDOQLK SULPHUDND QD
HQJOHVNRPMH]LNX RG NRMLK SR MHGDQ]D 
GUCDYDVYDND'UCDYDVXNFHVRUMHGDQ.DQ 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

F'RNXPHQWDmXSUHWKRGQLPSRG
SDUDJUDILPD XNOMXaXMX ILOPVNX DXGLR YL 
GHRLGUXJXJUD_XNDRLVYDNLREOLNNRP 
SMXWHUL]RYDQLK ]DSLVD L XNOMXaXMX GRNX 
PHQWDNRMDSUHGVWDYOMDMXNXOWXUQXED^WLQX

QDND QD MXJRVORYHQVNRJUaNRM

JUDQLFL X FLOMX ]D^WLWH SUHYHQFLMH
L UH^HQMD SRJUDQLaQLK LQFLGHQDWD
6O OLVW )15- EU  RG  IHE
UXDUD  JRGLQH EL`H RGPDK
SUHGDWL 5HSXEOLFL 0DNHGRQLML
LL RULJLQDOLLOLRYHUHQDNRSLMD2VLP
VNRJXJRYRUDL2VLPVNRJVSRUD
]XPD L]  JRGLQH L VYL SUD
WH`LVSRUD]XPLDUKLYHLSULSUHP
QL UDGRYL NRML VH RGQRVH QD QML
KRYH SUHJRYRUH L SULPHQX VWD
YL`H VH +UYDWVNRM L 6ORYHQLML QD
UDVSRODJDQMH V FLOMHP GD LP VH
RPRJX`L X] SXQR SRVHGRYDQMH
VYUVLVKRGQRJ PDWHULMDOD GD SUH
JRYDUDMX V ,WDOLMRP R SRVOHGLFD
PD RYLK XJRYRUD QD QMLKRYH
'UCDYH

AODQ 

8NROLNRMHUHSXEOLaNDLOLGUXJDDUKLYD
ELOD L]PH^WHQD L] 5HSXEOLNH NRMRM MH SUL 
SDGDODLOLDNRMH'UCDYQDDUKLYD6)5-ELOD
L]PH^WHQDL]VYRMHRGJRYDUDMX`HORNDFLMH
RQH`HQDRVQRYXRGUHGEHRYRJ3ULORJD
D X VNODGX VD PH_XQDURGQLP SULQFLSRP
SURYHQLMHQFLMHELWLYUD`HQHRGQRVQRM5H 
SXEOLFLNRMRMMHSULSDGDODLOLQMHQRMRGJR 
YDUDMX`RM ORNDFLML ^WR MH PRJX`H SUH RG
VWUDQH'UCDYHNRMDWUHQXWQRLPDNRQWUROX
QDGQMLPD
AODQ 

'HR 'UCDYQH DUKLYH 6)5- DGPLQLV

WUDWLYQD WHNX`D L DUKLYVND GRNXPHQWD
SRWUHEQD ]D QRUPDOQR XSUDYOMDQMH WHULWR 
ULMRPMHGQHLOLYL^H'UCDYDSUH`L`HXVNOD 
GXVDSULQFLSRPIXQNFLRQDOQHSHUWLQHQFL 
MH X QDGOHCQRVW WLK 'UCDYD EH] RE]LUD
JGHVHWHDUKLYHWUHQXWQRQDOD]H

AODQ 

$NRVKRGQRaOLOLDUKLYHWUH

ED GD SULSDGQX YH`HP EURMX 'UCDYD WH
'UCDYH `H VH GRJRYRULWL NRMD `H RG QMLK
SULPLWL RULJLQDOH L RPRJX`LWL GUXJLPD GD
QDSUDYHNRSLMH

AODQ 

AODQ 

D 'HORYL 'UCDYQH DUKLYH 6)5- NRML

SUHGVWDYOMDMX JUXSX NRMD
L VH GLUHNWQR RGQRVL QD WHULWRULMX
MHGQH LOL YL^H 'UCDYD LOL
LL MH QDVWDOD LOL SULPOMHQD QD WHULWR 
ULML MHGQH LOL YL^H 'UCDYD LOL
LLL VH VDVWRML RG XJRYRUD aLML MH GH
SR]LWDUELOD6)5-DRGQRVHVHVD
PRQDSLWDQMDNRMDVHWLaXWHULWR 
ULMH LOL LQVWLWXFLMD NRMH VX LPDOH
VHGL^WHQDWLPWHULWRULMDPDMHGQH
LOL YL^H 'UCDYD SULSD^`H WLP
'UCDYDPD EH] RE]LUD JGH VH WH
DUKLYH WUHQXWQR QDOD]H
E GRSRGHOH'UCDYQHDUKLYH6)5-SUH 
PD RYRP aODQX
L RULJLQDO 8JRYRUD R SUREOHPLPD
YRGRSULYUHGH L]PH_X )15- L
*UaNH SRWSLVDQ  JRGLQH
6O OLVW )15- EU  RG  MXQD
JRGLQHL8JRYRUDRaXYD
QMXLREQDYOMDQMXSRJUDQLaQLKR]

D 8 YH]L VD 'UCDYQLP DUKLYDPD

6)5- NRMH QLVX SUHGPHW UD]PDWUDQMD aO
L'UCDYD`HVSRUD]XPRPNRML`H
VH SRVWL`L X URNX RG  PHVHFL RG GDQD
VWXSDQMDQDVQDJXRYRJ6SRUD]XPDXWYU 
GLWLQMLKRYXSUDYHGQXUDVSRGHOXPH_XVR 
ERP LOL QMLKRYR ]DGUCDYDQMH NDR ]DMHG 
QLaNHED^WLQH'UCDYDNRMH`HLPDWLVORER 
GDQLQHRPHWHQSULVWXS$NRVHWDNDYVSR 
UD]XP QH SRVWLJQH DUKLYD `H SRVWDWL ]D 
MHGQLaND ED^WLQD 8 RED VOXaDMD VYDND
'UCDYDPRCHGDSUDYLNRSLMHDUKLYDRNR 
MLPDMHRYGHUHaQDED]LMHGQDNRJXaH^`D
XWUR^NRYLPD
E6SRUD]XPRNRPHMHUHaXSDUD 
JUDIX D X]H`H X RE]LU VYH VYUVLVKRGQH
RNROQRVWLNRMHXNOMXaXMXQDVWRMDQMHGDVH
^WRMHPRJX`HYL^HSR^WXMHSULQFLSFHORYL 
WRVWL IRQGD GUCDYQH DUKLYH 6)5- NDNR EL
VHRODN^DRSRWSXQLSULVWXSQMRMLLVWUDCLYD 
QMHQMHQLKIRQGRYD3R^WRYDQMHFHORYLWRVWL
DUKLYVNLK IRQGRYD QH RGUH_XMH XQDSUHG
SLWDQMHJGH`HVHRGUH_HQHDUKLYVNHJUX 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RGUHGEDPDRYRJ3ULORJDPRCHGDQDSUDYL
QMLKRYHNRSLMH
E &HQD SUDYOMHQMD NRSLMD VKRGQR
SDUDJUDILPD  L  D EL`H SUHGPHW
GDOMHJ VSRUD]XPHYDQMD PH_X ]DLQWHUHVR 
YDQLP'UCDYDPD
F&HQDWUDQVSRUWDDUKLYDNRMHWUHED
GD VH SUHQHVX VKRGQR RYRP 3ULORJX L`L
`HQDWHUHWSULPDRFD
G6DGD^QMLLPDODFDUKLYDNRMHWUHED
GDVHSUHQHVXLOLGDVHNRSLUDMXVKRGQR
RGUHGEDPD RYRJ 3ULORJD `H RPRJX`LWL
VQLCDYDQMHFHQDNR^WDQMDNROLNRMHWRPR 
JX`H
H 6YDND 'UCDYD NRMD RPRJX`DYD
NRSLUDQMHDUKLYDREH]EHGL`HQDMEROMLPR 
JX`L GRNXPHQW ]D NRSLUDQMH VORERGDQ L
LVWRYHWDQSULVWXSVYLP'UCDYDPDNRMHYU^H
NRSLUDQMH
I 'UCDYD NRMD SRVHGXMH RULJLQDOQD
GRNXPHQWDNRMDSUHGVWDYOMDMXGHR'UCDY 
QLK DUKLYD 6)5- REH]EHGL`H SULVWXS WLP
GRNXPHQWLPDUDGLGRELMDQMDRYHUHQHNR 
SLMHNRMDMHSRWUHEQDXGRND]QHVYUKHD
QD ]DKWHY ]DLQWHUHVRYDQRJ NRULVQLND
XNROLNR UDVSRORCLYD NRSLMD X GUXJRM
'UCDYLQLMHXSRWUHEOMLYD]DQMHJRYH]DNRQ 
VNHSRWUHEH

SHaXYDWL0LQLVWDUVWYDLOLRUJDQLRGJRYRU 
QL]DDUKLYHXVYDNRMRG'UCDYD`HXURNX
RGPHVHFDRGGDQDVWXSDQMDRYRJ6SR 
UD]XPD QD VQDJX LGHQWLILNRYDWL L SURVOH 
GLWLMHGQLGUXJLPDOLVWHDUKLYVNLKIRQGRYD
QD NRMH `H VH RYDM SULQFLS SULPHQLWL D
SRWRP`HXQDUHGQRPSHULRGXRGPH 
VHFDSRNX^DWLGDVHVDJODVHRVYDNRMWDN 
YRM OLVWL 2QH `H WDNR_H LGHQWLILNRYDWL L
PH_XVREQR UD]PHQLWL X SHULRGX RG 
PHVHFDRGGDQDVWXSDQMDQDVQDJXRYRJ
6SRUD]XPDSRSLVHDUKLYDQDNRMHVHRG 
QRVHaOL
AODQ 

'R PRPHQWDVSURYR_HQMDRYRJ6SR
UD]XPD RPRJX`L`H VH WUHQXWQL VORERGDQ L
QHRPHWDQSULVWXS'UCDYQRMDUKLYL6)5-GD 
WLUDQRMVDLOLSUHMXQDJRGLQHSUHG 
VWDYQLFLPD ]DLQWHUHVRYDQLK 'UCDYD 2YDM
SULVWXS WDNR_H VH RGQRVL QD UHSXEOLaNH L
GUXJHDUKLYHRVLPWHNX`LKDUKLYDNRMHVH
VDGDQDOD]HX]DLQWHUHVRYDQLP'UCDYDPD
AODQ 

5HSXEOLaND LOL GUXJD DUKLYD MH YODV 

QL^WYR RGJRYDUDMX`H 'UCDYH L QLMH SUHG 
PHW RGUHGEL RYRJ 3ULORJD VHP aODQRYD
L
AODQ 

3ULYDWQD DUKLYD QLMH SUHGPHW GUXJLK

RGUHGEL RYRJ aODQD2QDSULYDWQDDUKLYD
NRMDMHELODRGX]HWDRGQMLKRYLKYODVQLND
QDNRQ  GHFHPEUD  JRGLQH EL`H
YUD`HQD WDPR JGH MH VWYRUHQD LOL QMHQLP
YODVQLFLPDSUHPDPH_XQDURGQRPSULQFL 
SXSURYHQLMHQFLMHEH]QDGRNQDGHLOLGUX 
JLKXVORYD

AODQ 

8URNXRGWULPHVHFDRGGDWXPDVWX 
SDQMD QD VQDJX RYRJ 6SRUD]XPD SUHGV 
WDYQLFLPLQLVWDUVWYDLOLRUJDQDRGJRYRUQLK
]DDUKLYHXVYDNRMRG'UCDYD`HVHVDVWDWL
GDR]YDQLaHRYDM3ULORJLGDRGPDKSUH 
GX]PXPRJX`HRGJRYDUDMX`HDNFLMH3UL 
SUHPH ]D RYDM VDVWDQDN NDR L SRaHWQL
RS^WL QDG]RU VSURYR_HQMD RYRJ 3ULORJD
YU^L`H6WDOQLPH^RYLWLNRPLWHWXVWDQRYOMHQ
QDRVQRYXaODQDRYRJ6SRUD]XPD

AODQ 

$NR VX ELODWHUDOQL XJRYRUL NRMH MH

]DNOMXaLOD6)5-ELOLQDVQD]LMXQD
JRGLQH D UHJXOLVDOL VX SLWDQMD UHVWLWXFLMH
DUKLYDNRMHQLVXMR^XYHNELOHXSRWSXQR 
VWLL]YU^HQH'UCDYHNRMHLPDMXLQWHUHV]D
WDNYRPDUKLYRPL]UDCDYDMXVSUHPQRVWGD
SUHX]PX SUDYD L REDYH]H NRMH VX SUHW 
KRGQR SULSDGDOH 6)5- X YH]L VD LVSXQMH 
QMHPRYLKXJRYRUD

35,/2* (
3HQ]LMH
AODQ 

6YDND 'UCDYD SUHX]LPD RGJRYRU

QRVW]DSUDYQRRVQRYDQHSHQ]LMHLQMLKRYX
UHGRYQX LVSODWX NRMH MH ILQDQVLUDOD WD
'UCDYDXVYRPUDQLMHPVYRMVWYXNRQVWLWX 
WLYQHUHSXEOLNH6)5-EH]RE]LUDQDQDFL 

AODQ 

D6DGD^QMLLPDODFRULJLQDODELORNRMH
DUKLYH NRMD WUHED GD VH SUHQHVH VKRGQR



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RQDOQRVW GUCDYOMDQVWYR ERUDYL^WH LOL SUH 
ELYDOL^WHNRULVQLND

RYLPVSRUD]XPRPNRMLREXKYDWDMXDOLVH
QHRJUDQLaDYDMXQDSDWHQWH]D^WLWQH]QD 
NRYH DXWRUVND SUDYD WDQWLMHPH ]DKWHYH
]D SRWUDCLYDQMD L GRVSHOLK REDYH]D NRMH
VHRGQRVHQD6)5-EL`HSRGHOMHQLL]PH_X
'UCDYD VXNFHVRUD X]LPDMX`L X RE]LU XV 
YRMHQHVUD]PHUH]DSRGHOXILQDQVLMVNHDN 
WLYH 6)5- NRMD MH QDYHGHQD X 3ULORJX &
RYRJ 6SRUD]XPD 3RGHOD WDNYLK SUDYD L
LQWHUHVD`HVHL]YU^LWLSRGQDG]RURP6WDO 
QRJ PH^RYLWRJ NRPLWHWD XVWDQRYOMHQRJ X
aODQXRYRJ6SRUD]XPD

AODQ 

6YDND'UCDYDSUHX]LPDRGJRYRUQRVW
GDUHGRYQRLVSOD`XMHSHQ]LMHNRMHGXJXMH
VYRMLP JUD_DQLPD NRML VX ELOL FLYLOQL LOL
YRMQLVOXCEHQLFL6)5-EH]RE]LUDJGHLPDMX
ERUDYL^WHLOLSUHELYDOL^WHDNRVXWHSHQ]LMH
ELOH ILQDQVLUDQH L] VDYH]QRJ EXGCHWD LOL
GUXJLKVDYH]QLKVUHGVWDYD6)5-SRGXVOR 
YRPGDXVOXaDMXOLFDNRMHMHGUCDYOMDQLQ
YL^HRGMHGQH'UCDYH
L DNR WR OLFH LPD VWDOQR PHVWR ERUDY 
ND X MHGQRM RG WLK 'UCDYD LVSODWX
SHQ]LMH YU^L WD GUCDYD L
LL DNR WR OLFH QHPD VWDOQR PHVWR ER 
UDYND QL X MHGQRM 'UCDYL aLML MH
GUCDYOMDQLQ WR OLFH LVSODWX SHQ]LMH
YU^L'UCDYDQDaLMRMMHWHULWRULMLWROLFH
LPDORERUDYL^WHQDGDQMXQD
JRGLQH

AODQ 

6YL ]DKWHYL SURWLY 6)5- NRML QLVX QD

GUXJLQDaLQUHJXOLVDQLRYLP6SRUD]XPRP
`H VH UD]PDWUDWL QD 6WDOQRP PH^RYLWRP
NRPLWHWXXVWDQRYOMHQRPQDRVQRYXaODQD
 RYRJ 6SRUD]XPD 'UCDYH VXNFHVRUL `H
REDYH^WDYDWL MHGQD GUXJX R VYLP WDNYLP
]DKWHYLPDSURWLY6)5-

35,/2* *
3ULYDWQD VYRMLQD L VWHaHQD SUDYD

AODQ 

'UCDYH `H DNR WR EXGH SRWUHEQR

]DNOMXaLWL ELODWHUDOQH VSRUD]XPH UDGL
REH]EH_HQMD LVSODWH SHQ]LMD X VNODGX VD
JRUH QDYHGHQLP aO  L  OLFLPD NRMD VH
QDOD]HX'UCDYLUD]OLaLWRMRGRQHNRMDQH
YU^LLVSODWXSHQ]LMDWLKOLFDUDGLWUDQVIHUL 
VDQMDSRWUHEQLKVUHGVWDYD]DREH]EH_HQMH
LVSODWHWLKSHQ]LMDNDRLUDGLLVSODWHSHQ 
]LMD VUD]PHUQR XSODWDPD GRSULQRVD *GH
WREXGHSRWUHEQR]DNOMXaHQMXWDNYLKGH 
ILQLWLYQLKELODWHUDOQLKVSRUD]XPDPRCHGD
SUHWKRGL ]DNOMXaHQMH SULYUHPHQLK
DUDQCPDQDUDGLREH]EH_HQMDLVSODWHSHQ 
]LMDXVNODGXVDaODQRP%LODWHUDOQLVSR 
UD]XPL ]DNOMXaHQL L]PH_X ELOR NRMH GYH
'UCDYH LPD`H YH`X VQDJX RG RGUHGDED
RYRJ3ULORJDLUH^DYD`HSLWDQMDPH_XVRE 
QLK SRWUDCLYDQMD L]PH_X SHQ]LMVNLK IRQ 
GRYDWLK'UCDYDXSRJOHGXLVSODWDSHQ]LMD
NRMHVXYU^HQHSUHVWXSDQMDQDVQDJXWDN 
YLKVSRUD]XPD

AODQ 

3ULYDWQD VYRMLQD L VWHaHQD SUDYD

JUD_DQDLOLGUXJLKSUDYQLKOLFD6)5-`HELWL
]D^WL`HQD RG VWUDQH 'UCDYD VXNFHVRUD X
VNODGXVDRGUHGEDPDRYRJ3ULORJD
AODQ 

 D 3UDYD QD SRNUHWQX L QHSRN 

UHWQX LPRYLQX NRMD VH QDOD]L QD WHULWRULML
'UCDYHVXNFHVRUDLQDNRMXVXJUD_DQLLOL
GUXJDSUDYQDOLFD6)5-LPDOLSUDYRQDGDQ
 JRGLQH EL`H SUL]QDWD
]D^WL`HQDLYUD`HQDXSUYRELWQRVWDQMHRG
VWUDQH WH 'UCDYH X VNODGX VD XWYU_HQLP
VWDQGDUGLPD L QRUPDPD PH_XQDURGQRJ
SUDYD L WR QH]DYLVQR RG QDFLRQDOQRVWL
GUCDYOMDQVWYD ERUDYL^WD LOL SUHELYDOL^WD
WDNYLKOLFD2YLPVHREXKYDWDMXOLFDNRMD
VX QDNRQ  JRGLQH VWHNOD
GUCDYOMDQVWYR LOL QRYR SUHELYDOL^WH LOL ER 
UDYL^WHX'UCDYLUD]OLaLWRMRG'UCDYHVXN 
FHVRUD2VREHNRMHQLVXELOHXPRJX`QR 
VWLGDRVWYDUHWDNYDSUDYD`HLPDWLSUDYR
QD QDNQDGX X VNODGX VD JUD_DQVNLP L
PH_XQDURGQLPSUDYQLPQRUPDPD
E 6YDNL QDPHUQL SUHQRV SUDYD QD
SRNUHWQX LOL QHSRNUHWQX LPRYLQX L]YU^HQ

35,/2* )
2VWDOD SUDYD LQWHUHVL L REDYH]H
AODQ 

6YDSUDYDLLQWHUHVLNRMLVXSULSDGDOL
6)5-DNRMLQLVXQDGUXJLQDaLQUHJXOLVDQL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VSRUD]XPD]DNOMXaHQLKSRLVWLPSLWDQMLPD
L]PH_X 'UCDYD VXNFHVRUD NRML SR RG 
UH_HQLP SLWDQMLPD PRJX ELWL NRQDaQL L] 
PH_XWLK'UCDYD

SRVOH  JRGLQH ]DNOMXaHQ SRG

SULWLVNRP LOL VXSURWQR SRGSDUDJUDIX D
RYRJaODQD`HELWLQL^WDYDQ
 6YL XJRYRUL ]DNOMXaHQL L]PH_X
JUD_DQDLOLGUXJLKSUDYQLKOLFD6)5-SRaHY
RG  JRGLQH XNOMXaXMX`L L RQH
]DNOMXaHQH RG VWUDQH MDYQLK SUHGX]H`D
EL`HSR^WRYDQLEH]LNDNYHGLVNULPLQDFLMH
6YDND 'UCDYD VXNFHVRU `H REH]EHGLWL
L]YU^DYDQMH REDYH]D QD RVQRYX WDNYLK
XJRYRUD X VOXaDMHYLPD JGH MH UDVSDGRP
6)5- ELOR RQHPRJX`HQR L]YU^DYDQMH WDN 
YLKXJRYRUD

AODQ 

'RPD`H ]DNRQRGDYVWYR VYDNH RG

'UCDYDVXNFHVRUDNRMHVHRGQRVLQD VWD
QDUVNR SUDYRm VWDQDUVNR SUDYRVWDQR
YDQMVND SUDYLFDVWDQDUVNR SUDYRm `H VH
SULPHQMLYDWL MHGQDNR QD OLFD NRMD VX ELOD
GUCDYOMDQL6)5-LNRMDVXLPDODWDNYDSUDYD
EH] GLVNULPLQDFLMH SR ELOR NRP RVQRYX
NDR ^WR MH SRO UDVD ERMD MH]LN UHOLJLMD
SROLWLaNRLOLGUXJRPL^OMHQMHQDFLRQDOQRLOL
GUX^WYHQR SRUHNOR SULSDGQRVW QDFLRQDO 
QLPPDQMLQDPDLPRYQRVWDQMHUR_HQMHLOL
GUXJLVWDWXV

AODQ 

'UCDYHVXNFHVRUL`HSR^WRYDWLL^WLWLWL
SUDYD VYLK IL]LaNLK L SUDYQLK OLFD 6)5- X
RGQRVX QD LQWHOHNWXDOQX VYRMLQX XN 
OMXaXMX`LSDWHQWH]D^WLWQH]QDNRYHDXWRU 
VNDSUDYDLGUXJDVURGQDSUDYDQDSUWDQ 
WLMHPH X VNODGX VD PH_XQDURGQLP NRQ 
YHQFLMDPDXWRMREODVWL

AODQ 

6YD IL]LaND L SUDYQD OLFD L] VYDNH

'UCDYH VXNFHVRUD `H QD RVQRYX UHFLSUR 
FLWHWDLPDWLLVWDSUDYDSULVWXSDVXGRYLPD
DGPLQLVWUDWLYQLP YH`LPD L WHOLPD WH
'UCDYHLGUXJLK'UCDYDVXNFHVRUDVFLOMHP
RVWYDULYDQMD]D^WLWHQMLKRYLKSUDYD

AODQ 

'UCDYHVXNFHVRUL`HSUHGX]HWLWDNYH
DNWLYQRVWL NRMH PRJX ELWL ]DKWHYDQH
RS^WLP SUDYQLP SULQFLSLPD L QD GUXJL
QDaLQSUHGYL_HQHGDELVHREH]EHGLODHIL 
NDVQDSULPHQDSULQFLSDNRMLVHQDYRGHX
RYRP3ULORJXNDR^WRMH]DNOMXaLYDQMHEL 
ODWHUDOQLKVSRUD]XPDLREDYH^WHQMHVYRMLK
VXGRYDLGUXJLKRYOD^`HQLKRUJDQD

AODQ 

1DYHGHQHRGUHGEHRYRJ3ULORJDQH 
PDMXXWLFDMDQDELORNDNYHJDUDQFLMHXSR 
JOHGX RGVXVWYD GLVNULPLQDFLMH X YH]L VD
SULYDWQRP VYRMLQRP L VWHaHQLP SUDYLPD
NRML SRVWRMH X GRPD`HP ]DNRQRGDYVWYX
'UCDYDVXNFHVRUD

AODQ 

3UHWKRGQR QDYHGHQH RGUHGEH RYRJ

3ULORJDQH`HSRQL^WLWLRGUHGEHELODWHUDOQLK



 68%-(.7, 0(?81$52'12* 35$9$ p

0(?81$52'1( 25*$1,=$&,-(
 3RYHOMD 8MHGLQMHQLK QDFLMD
0,1$52',8-(',1-(1,+1$&,-$
UH^HQL
GDVSDVHPREXGX`DSRNROMHQMDXCDVD
UDWD NRML MH GYDSXW X WRNX QD^HJ CLYRWD
QDQHRaRYHaDQVWYXQHRSLVLYHSDWQMHL
GDSRQRYRSRWYUGLPRYHUXXRVQRY 
QD SUDYD aRYHND X GRVWRMDQVWYR L YUHG 
QRVWOMXGVNHOLaQRVWLXUDYQRSUDYQRVWOMXGL
LCHQDLQDFLMDYHOLNLKLPDOLKL
GD REH]EHGLPR XVORYH SRG NRMLPD
`HPR`LGDVHRaXYDMXSUDYGDLSR^WRYD 
QMH REDYH]D NRMH SURLVWLaX L] XJRYRUD L
GUXJLK L]YRUD PH_XQDURGQRJ SUDYD NDR
L
GD UDGLPR QD VRFLMDOQRP QDSUHWNXL
SREROM^DQMXCLYRWQLKXVORYDXYH`RMVORER 
GL
LXWRPFLOMX
GDEXGHPRWUSHOMLYLLGD]DMHGQRCLYL 
PRXPLUXMHGQLVGUXJLPDNDRGREULVX 
VHGLL
GD XMHGLQLPR VYRMH VQDJH UDGL
RGUCDQMD PH_XQDURGQRJ PLUD L EH]EHG 
QRVWLL
GDREH]EHGLPRSULKYDWDQMHPQDaHOD
L XVWDQRYOMHQMHP PHWRGD GD VH RUXCDQD
VLOD QH XSRWUHEOMDYD L]X]HY X RS^WHP LQ 
WHUHVX L GD NRULVWLPR PH_XQDURGQL PH 
KDQL]DP X VYUKX XQDSUH_HQMD HNRQRP 
VNRJLVRFLMDOQRJQDSUHWNDVYLKQDURGD


SRUH

RGOXaLOL VPR GD XGUXCLPR VYRMH QD 

UDGLRVWYDUHQMDRYLKFLOMHYD
6DJODVQRWRPHQD^HRGQRVQHYODGH
SRVUHGVWYRPVYRMLKSUHGVWDYQLNDRNXSOMH 
QLKXJUDGX6DQ)UDQFLVNXNRMLVXSRGQHOL
VYRMD SXQRPR`MD X LVSUDYQRP L SURSLV 
QRP REOLNX XVYDMDMX RYX 3RYHOMX 8MHGL 
QMHQLKQDFLMDLRVQLYDMXPH_XQDURGQXRU 
JDQL]DFLMXNRMD`HVH]YDWL8MHGLQMHQHQD 
FLMH

*/$9$ ,
&LOMHYL L QDaHOD
AODQ 

&LOMHYL8MHGLQMHQLKQDFLMDVX
 RGUCDQMH PH_XQDURGQRJ PLUD L
EH]EHGQRVWL L X WX VYUKX SUHGX]LPDQMH
HILNDVQLKNROHNWLYQLKPHUDUDGLVSUHaDYD 
QMD L RWNODQMDQMD SUHWQML PLUX L VX]ELMDQMH
DNDWDDJUHVLMHLOLGUXJLKSRYUHGDPLUDNDR
LSRVWL]DQMHPLUQLPVUHGVWYLPDDXVNODGX
V QDaHOLPD SUDYGH L PH_XQDURGQRJ SUD 
YDVUH_LYDQMDLOLUH^DYDQMDPH_XQDURGQLK
VSRURYDLOLVLWXDFLMDNRMLELPRJOLGRYHVWL
GRSRYUHGHPLUD
UD]YLMDQMHPH_XQDFLMDPDSULMDWHOM 
VNLK RGQRVD ]DVQRYDQLK QD SR^WRYDQMX
QDaHODUDYQRSUDYQRVWLLVDPRRSUHGHOMHQMD

8VYRMHQD X 6DQ )UDQFLVNX  MXQD  JRGLQH D VWXSLOD QD VQDJX  RNWREUD 
3RYHOML MH GR  MDQXDUD  SULVWXSLOD  GUCDYD 6O OLVW ')-  3UHYRG 0LODQD
>DKRYL`D L %RJGDQD %DERYL`D p ,QIRUPDFLRQL FHQWDU 81 X %HRJUDGX 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

aODQRYDGDWDNYDSLWDQMDL]QRVHQDUH^DYD 
QMHQDRVQRYXRYH3RYHOMHDOLRYRQDaHOR
QH`H XWLFDWL QD SULPHQX SULQXGQLK PHUD
SUHGYL_HQLKXJODYL9,,

QDURGD L SUHGX]LPDQMH GUXJLK RGJRYDUD 

MX`LKPHUDUDGLXaYU^`HQMDRS^WHJPLUD
SRVWL]DQMHPH_XQDURGQHVDUDGQMH
UH^DYDQMHP PH_XQDURGQLK SUREOHPD
HNRQRPVNH VRFLMDOQH NXOWXUQHLOLKXPD 
QLWDUQHSULURGHLXQDSUH_LYDQMHLSRGVWL 
FDQMHSR^WRYDQMDSUDYDaRYHNDLRVQRYQLK
VORERGD ]D VYH EH] RE]LUD QD UDVX SRO
MH]LNLOLYHUXL
GDSRVWDQXVUHGL^WH]DXVNOD_LYD 
QMHDNFLMDSUHGX]HWLKUDGLSRVWL]DQMDRYLK
]DMHGQLaNLKFLOMHYD

*/$9$ ,,
AODQVWYR
AODQ 

AODQRYL RVQLYDaL 8MHGLQMHQLK QDFLMD

VXGUCDYHNRMHSR^WRVXX]HOHXaH^`DQD
.RQIHUHQFLML 8MHGLQMHQLK QDFLMD ]D
PH_XQDURGQXRUJDQL]DFLMXX6DQ)UDQFLV 
NXLOLSUHWKRGQRSRWSLVDOH'HNODUDFLMXR
8MHGLQMHQLPQDFLMDPDRGMDQXDUD
SRWSL^XRYX3RYHOMXLUDWLILNXMXMHXVNODGX
VaODQRP

AODQ 

2UJDQL]DFLMDLQMHQLaODQRYLSRVWXSD 
MXXVSURYR_HQMXFLOMHYDQDYHGHQLKXaOD 
QXXVDJODVQRVWLVDVOHGH`LPQDaHOLPD
2UJDQL]DFLMDSRaLYDQDQDaHOXVX 
YHUHQHMHGQDNRVWLVYLKVYRMLKaODQRYD
 GD EL VYDNRP RG QMLK RVLJXUDOD
SUDYD L SRYODVWLFH NRMH SURLVWLaX L] aODQ 
VWYDVYLaODQRYLVDYHVQRLVSXQMDYDMXRED 
YH]H NRMH VX SUHX]HOL X VDJODVQRVWL V
RYRP3RYHOMRP
VYLaODQRYLUH^DYDMXVYRMHPH_XQD 
URGQHVSRURYHPLUQLPQDaLQLPDWDNRGD
PH_XQDURGQL PLU L EH]EHGQRVW NDR QL
SUDYGDQHEXGXSRYUH_HQL
 VYL aODQRYL VH X VYRMLP PH_XQD 
URGQLP RGQRVLPD X]GUCDYDMX RG SUHWQMH
VLORPLOLXSRWUHEHVLOHSURWLYWHULWRULMDOQRJ
LQWHJULWHWDLOLSROLWLaNHQH]DYLVQRVWLVYDNH
GUCDYHLOLQDVYDNLGUXJLQDaLQQHVDJODVDQ
VFLOMHYLPD8MHGLQMHQLKQDFLMD
VYLaODQRYLGDMX8MHGLQMHQLPQDFL 
MDPD VYDNX SRPR` X VYDNRM DNFLML NRMX
RQHSUHGX]LPDMXXVNODGXVRYRP3RYH 
OMRPLX]GUCDYDMXVHRGGDYDQMDSRPR`L
VYDNRMGUCDYLSURWLYNRMH8MHGLQMHQHQDFL 
MH SUHGX]LPDMX SUHYHQWLYQX LOL SULQXGQX
DNFLMX
 2UJDQL]DFLMD REH]EHGXMH GD
GUCDYHNRMHQLVXaODQLFH8MHGLQMHQLKQDFL 
MDSRVWXSDMXXVNODGXVRYLPQDaHOLPDX
PHULXNRMRMMHWRSRWUHEQRUDGLRGUCDQMD
PH_XQDURGQRJPLUDLEH]EHGQRVWL
 QL^WD X RYRM 3RYHOML QH RYOD^`XMH
8MHGLQMHQH QDFLMH GD VH PH^DMX X SLWDQMD
NRMD VH SR VX^WLQL QDOD]H X XQXWUD^QMRM
QDGOHCQRVWL VYDNHGUCDYH QLWL]DKWHYDRG

AODQ 

 AODQVWYR X 8MHGLQMHQLP QDFLMDPD

RWYRUHQR MH VYLP RVWDOLP PLUROMXELYLP
GUCDYDPDNRMHSULKYDWHREDYH]HVDGUCDQH
XRYRM3RYHOMLDSRRFHQL2UJDQL]DFLMHVX
VSRVREQHLYROMQHGDWHREDYH]HL]YU^DYD 
MX
3ULMHPVYDNHWDNYHGUCDYHXaODQ
VWYR8MHGLQMHQLKQDFLMDVSURYRGLVHQDRV 
QRYXRGOXNH*HQHUDOQHVNXS^WLQHSRSUH 
SRUXFL6DYHWDEH]EHGQRVWL
AODQ 

AODQX8MHGLQMHQLKQDFLMDSURWLYNRJD
MH 6DYHW EH]EHGQRVWL SUHGX]HR SUHYHQ 
WLYQX LOL SULQXGQX DNFLMX *HQHUDOQD
VNXS^WLQDPRCHQDSUHSRUXNX6DYHWDEH] 
EHGQRVWL SULYUHPHQR REXVWDYLWL YU^HQMH
SUDYD L SRYODVWLFD SR RVQRYX aODQVWYD
9U^HQMHRYLKSUDYDLSRYODVWLFD6DYHWEH] 
EHGQRVWLPRCHSRQRYRXVSRVWDYLWL
AODQ 

AODQD8MHGLQMHQLKQDFLMDNRMLXSRUQR
QDUX^DYD QDaHOD VDGUCDQD R RYRM 3RYHOML
*HQHUDOQDVNXS^WLQDQDSUHSRUXNH6DYH 
WDEH]EHGQRVWLPRCHLVNOMXaLWLL]2UJDQL 
]DFLMH

*/$9$ ,,,
2UJDQL
AODQ 

.DRJODYQLRUJDQL8MHGLQMHQLKQDFLMD
RVQLYDMX VH *HQHUDOQD VNXS^WLQD 6DYHW



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

8MHGLQMHQLKQDFLMDXVNODGXVaODQRP
VWDYLPRCHVL]X]HWNRPSUHGYL_HQLP
XaODQXGDGDMHSUHSRUXNHRVYDNRP
WDNYRP SLWDQMX ]DLQWHUHVRYDQRM GUCDYL LOL
GUCDYDPDLOL6DYHWXEH]EHGQRVWLLOLLMHG 
QLPD L GUXJLPD 6YDNR WDNYR SLWDQMH X
NRPH MH SRWUHEQR SUHGX]HWL DNFLMX *H 
QHUDOQDVNXS^WLQDXSX`XMH6DYHWXEH]EHG 
QRVWLSUHLOLSRVOHUD]PDWUDQMD
*HQHUDOQDVNXS^WLQDPRCHVNUHQX 
WL SDCQMX 6DYHWX EH]EHGQRVWL QDVLWXDFLMH
NRMH EL PRJOH XJUR]LWL PH_XQDURGQL PLU
LEH]EHGQRVW
 2YOD^`HQMD *HQHUDOQH VNXS^WLQH
L]ORCHQD X RYRP aODQX QH RJUDQLaDYDMX
RS^WLGRPD^DMaODQD

EH]EHGQRVWL(NRQRPVNLLVRFLMDOQLVDYHW
6WDUDWHOMVNL VDYHW 0H_XQDURGQL VXG L 6H 
NUHWDULMDW
8VNODGXVRYRP3RYHOMRPPRJX
VH RVQLYDWL L SRPR`QL RUJDQL ]D NRMH VH
EXGHVPDWUDORGDVXSRWUHEQL
AODQ 

8MHGLQMHQHQDFLMHQHVWDYOMDMXQLNDN 
YD RJUDQLaHQMD X SRJOHGX L]ERUD PX^ND 
UDFDLCHQDUDGLXaH^`DXELORNRPHVYRM 
VWYXLQDUDYQRSUDYQRMRVQRYLXQMLKRYLP
JODYQLPLSRPR`QLPRUJDQLPD

*/$9$ ,9
*HQHUDOQD VNXS^WLQD
6DVWDY

AODQ 

AODQ 

 'RN 6DYHW EH]EHGQRVWL REDYOMD X

SRJOHGX ELOR NRJD VSRUD LOL VLWXDFLMH ]D 
GDWNH NRML VX PX SRYHUHQL RYRP 3RYH 
OMRP*HQHUDOQDVNXS^WLQDQHGDMHQLNDN 
YX SUHSRUXNXXYH]LVWLPVSRURPLOLVL 
WXDFLMRPVHPDNRWRQH]DWUDCL6DYHWEH] 
EHGQRVWL
 *HQHUDOQL VHNUHWDU V SULVWDQNRP
6DYHWD EH]EHGQRVWL REDYH^WDYD *HQHUDO 
QXVNXS^WLQXQDVYDNRP]DVHGDQMXRVYLP
SUHGPHWLPD NRML VH WLaX RGUCDQMD
PH_XQDURGQRJPLUDLEH]EHGQRVWLNRMLPD
VH EDYL 6DYHW EH]EHGQRVWL V WLP ^WR LVWR
WDNRREDYH^WDYDL*HQHUDOQXVNXS^WLQXLOL
aODQRYH8MHGLQMHQLKQDFLMDDNR*HQHUDOQD
VNXS^WLQDQH]DVHGDYDRGPDKSR^WRMH6D 
YHWEH]EHGQRVWLSUHVWDRGDVHEDYLWDNYLP
SUHGPHWLPD

 *HQHUDOQX VNXS^WLQX VDaLQMDYDMX

VYLaODQRYL8MHGLQMHQLKQDFLMD
 1LMHGDQ aODQ QHPD YL^H RG SHW
SUHGVWDYQLNDX*HQHUDOQRMVNXS^WLQL

=DGDFL L RYOD^`HQMD
AODQ 

*HQHUDOQD VNXS^WLQD PRCH UDVSUDY 

OMDWLRVYLPSLWDQMLPDLOLRVYLPSUHGPHWL 
PDXRNYLUXRYH3RYHOMHLOLNRMHVHRGQRVH
QD RYOD^`HQMD L ]DGDWNH VYDNRJ RUJDQD
SUHGYL_HQRJ X RYRM 3RYHOML PRCH V L]X 
]HWNRPSUHGYL_HQLPXaODQXGDGDMH
SUHSRUXNH aODQRYLPD 8MHGLQMHQLK QDFLMD
LOL6DYHWXEH]EHGQRVWLLOLLSUYLPDLGUX 
JRPRVYLPWDNYLPSLWDQMLPDLOLSUHGPH 
WLPD

AODQ 

AODQ 

 *HQHUDOQD VNXS^WLQD SRNUH`H

SURXaDYDQMDLGDMHSUHSRUXNHXFLOMX
D XQDSUH_LYDQMD PH_XQDURGQH VDUDG 
QMHQDSROLWLaNRPSROMXLSRGVWLFDQMD
SURJUHVLYQRJ UD]YRMD PH_XQDURG
QRJ SUDYD L QMHJRYH NRGLILNDFLMH
E XQDSUH_HQMD PH_XQDURGQH VDUDGQMH
QDHNRQRPVNRPVRFLMDOQRPNXOWXU 
QRP SURVYHWQRP L ]GUDYVWYHQRP
SROMX L SRPDJDQMD RVWYDUHQMD SUDYD
aRYHND L RVQRYQLK VORERGD ]D VYH
EH]RE]LUDQDUDVXSROMH]LNLOLYH 
UX

*HQHUDOQDVNXS^WLQDPRCHUD]PD 
WUDWLRS^WDQDaHODVDUDGQMHXRaXYDQMXPH 
_XQDURGQRJ PLUD L EH]EHGQRVWL XN 
OMXaXMX`LQDaHODQDNRMLPDSRaLYDMXUD]R 
UXCDQMHLUHJXOLVDQMHQDRUXCDQMDLPRCHX
SRJOHGXWLKQDaHODGDGDMHSUHSRUXNHaOD 
QRYLPDLOL6DYHWXEH]EHGQRVWLLOLLSUYLPD
LGUXJRP
*HQHUDOQDVNXS^WLQDPRCHUDVSUD 
YOMDWLRVYLPSLWDQMLPDRGUCDQMDPH_XQD 
URGQRJPLUDLEH]EHGQRVWLNRMDSUHGQMX
L]QHVHELORNRMLaODQ8MHGLQMHQLKQDFLMDLOL
6DYHW EH]EHGQRVWL LOL GUCDYD QHaODQLFD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 2GOXNH *HQHUDOQH VNXS^WLQH R
YDCQLP SLWDQMLPD GRQRVH VH GYRWUH`LQV 
NRP YH`LQRP SULVXWQLK aODQRYD NRML JOD 
VDMX 2YD SLWDQMD REXKYDWDMX SUHSRUXNH
RRGUCDYDQMXPH_XQDURGQRJPLUDLEH] 
EHGQRVWL L]ERU QHVWDOQLK aODQRYD >DYHWD
EH]EHGQRVWL L]ERU aODQRYD (NRQRPVNRJ
LVRFLMDOQRJVDYHWDL]ERUaODQRYD6WDUDWHOM 
VNRJVDYHWDXVDJODVQRVWLVDVWDYRPF
aODQDQRYLKaODQRYDX8MHGLQMHQHQD 
FLMH REXVWDYOMDQMH SUDYD L SRYODVWLFD SR
RVQRYLaODQVWYDLVNOMXaLYDQMHaODQRYDSL 
WDQMD NRMD VH WLaX SULPHQH VLVWHPD VWDUD 
WHOMVWYDLEXGCHWVNDSLWDQMD
 2GOXNH R RVWDOLP SLWDQMLPD XN 
OMXaXMX`L WX L RGUH_LYDQMH GRSXQVNLK
NDWHJRULMDSLWDQMDRNRMLPD`HVHRGOXaLYD 
WL GYRWUH`LQVNRP YH`LQRP GRQRVH VH
YH`LQRPSULVXWQLKaODQRYDNRMLJODVDMX

 2VWDOH RGJRYRUQRVWL ]DGDFL L RY

OD^`HQMD*HQHUDOQHVNXS^WLQHXRGQRVXQD
SUHGPHWH QDSUHG QDYHGHQH X VWDYX  E
L]ORCHQLVXXJODYDPD,;L;
AODQ 

3ULGUCDYDMX`LVHRGUHGELaODQD*H 
QHUDOQD VNXS^WLQD PRCH GD SUHSRUXaXMH
PHUH ]D PLUQRVUH_LYDQMHVYDNH VLWXDFLMH
pQH]DYLVQRRGQMHQRJSRUHNODp]DNRMX
QDOD]L GD PRCH GD ^WHWL RS^WHP EODJR 
VWDQMXLOLSULMDWHOMVNLPRGQRVLPDPHGXQD 
FLMDPDXNOMXaXMX`LVLWXDFLMHQDVWDOHSRYUH 
GRPRGUHGDEDRYH3RYHOMHNRMHSRVWDYOMD 
MXFLOMHYHLQDaHOD8MHGLQMHQLKQDFLMD
AODQ 

 *HQHUDOQD VNXS^WLQD SULPD L UD] 

PDWUDJRGL^QMHLSRVHEQHL]YH^WDMH6DYHWD
EH]EHGQRVWLRYLL]YH^WDMLVDGUCHSRGDWNH
R PHUDPD NRMH MH 6DYHW EH]EHGQRVWL RG 
OXaLRGDSUHGX]PHLOLMHYH`SUHGX]HRUDGL
RGUCDQMD PH_XQDURGQRJ PLUD L EH]EHG 
QRVWL
 *HQHUDOQD VNXS^WLQD SULPD L UD] 
PDWUDL]YH^WDMHRVWDOLKRUJDQD8MHGLQMHQLK
QDFLMD

AODQ 

AODQ8MHGLQMHQLKQDFLMDNRMLMHX]D 
RVWDWNXVXSODWRPVYRJDILQDQVLMVNRJGR 
SULQRVD2UJDQL]DFLMLQHPRCHXaHVWYRYDWL
X *HQHUDOQRM VNXS^WLQL DNR MH L]QRV QMH 
JRYLK ]DRVWDOLK XSODWD UDYDQ LOL YH`L RG
L]QRVDGRSULQRVDNRMLMHELRREDYH]DQGD
SODWL]DSUHWKRGQHGYHSXQHJRGLQH*H 
QHUDOQD VNXS^WLQD PRCH LSDN GR]YROLWL
WDNYRPaODQXGDJODVDDNRVHXYHULGDMH
RYRQHSOD`DQMHL]D]YDQRXVORYLPDNRMLVX
L]YDQNRQWUROHaODQD

AODQ 

*HQHUDOQD VNXS^WLQD X YH]L V

PH_XQDURGQLP VLVWHPRP VWDUDWHOMVWYD
L]YU^DYD ]DGDWNH NRML VX MRM SRYHUHQL SR
JODYL;,,L;,,,XNOMXaXMX`LLSRWYU_LYDQMH
XJRYRUD R VWDUDWHOMVWYX ]D SRGUXaMD NRMD
QLVXR]QDaHQDNDRVWUDWHJLMVND

3RVWXSDN

AODQ 

AODQ 

 *HQHUDOQD VNXS^WLQD UD]PDWUD L

RGREUDYDEXGCHW2UJDQL]DFLMH
 7UR^NRYH 2UJDQL]DFLMH VQRVH aOD 
QRYLSUHPDUDVSRGHOLNRMXL]YU^L*HQHUDO 
QDVNXS^WLQD
 *HQHUDOQD VNXS^WLQD UD]PDWUD L
RGREUDYDVYHILQDQVLMVNHLEXGCHWVNHVSR 
UD]XPH VD VSHFLMDOL]RYDQLP DJHQFLMDPD
SRPHQXWLP X aODQX  L LVSLWXMH
DGPLQLVWUDWLYQHEXGCHWHWLKVSHFLMDOL]RYD 
QLKDJHQFLMDUDGLGDYDQMDSUHSRUXNDDJHQ 
FLMDPDXSLWDQMX

*HQHUDOQDVNXS^WLQDVHVDVWDMHXUH 
GRYQDJRGL^QMD]DVHGDQMDNDRLSUHPDSR 
WUHELXYDQUHGQD]DVHGDQMD9DQUHGQD]D 
VHGDQMD VD]LYD JHQHUDOQL VHNUHWDU QD WUD 
CHQMH6DYHWDEH]EHGQRVWLLOLYH`LQHaODQR 
YD8MHGLQMHQLKQDFLMD
AODQ 

*HQHUDOQD VNXS^WLQD VDPD XVYDMD

VYRMSRVORYQLN2QDELUDVYRJSUHGVHGQL 
ND]DVYDNR]DVHGDQMH
AODQ 

AODQ 

*HQHUDOQD VNXS^WLQD PRCH RVQLYDWL

RQHSRPR`QHRUJDQHNRMLVXMR^SRWUHEQL
]DREDYOMDQMHQMHQLK]DGDWDND

 6YDNL aODQ *HQHUDOQH VNXS^WLQH

LPDMHGDQJODV



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 

*/$9$ 9
6DYHW EH]EHGQRVWL
6DVWDY

AODQRYL 8MHGLQMHQLK QDFLMD VDJODVQL

VXGDSULKYDWHLL]YU^DYDMXRGOXNH6DYHWD
EH]EHGQRVWL X VDJODVQRVWL V RYRP 3RYH 
OMRP

AODQ 

6DYHWEH]EHGQRVWLVDVWRMLVHRG
aODQRYD8MHGLQMHQLKQDFLMD5HSXEOLND.L 
QD)UDQFXVND6DYH]6RYMHWVNLK6RFLMDOLV 
WLaNLK 5HSXEOLND 8MHGLQMHQR .UDOMHYVWYR
9HOLNH%ULWDQLMHL6HYHUQH,UVNHL6MHGLQMH 
QH$PHULaNH'UCDYHVXVWDOQLaODQRYL6D 
YHWDEH]EHGQRVWL*HQHUDOQDVNXS^WLQDEL 
UDGHVHWGUXJLKaODQRYD8MGLQMHQLKQDFLMD
NDRQHVWDOQHaODQRYH6DYHWDEH]EHGQRVWL
YRGH`LQDURaLWRUDaXQDXSUYRPUHGXR
GRSULQRVX aODQRYD 8MHGLQMHQLK QDFLMD
RGUCDQMX PH_XQDURGQRJ PLUD L EH]EHG 
QRVWLLRVWDOLPFLOMHYLPD2UJDQL]DFLMHNDR
LRSUDYLaQRMJHRJUDIVNRMUDVSRGHOL
1HVWDOQLaODQRYL6DYHWDEH]EHGQR 
VWLELUDMXVHQDYUHPHRGGYHJRGLQH3UL 
OLNRPSUYRJL]ERUDQHVWDOQLKaODQRYDSR 
VOH SRYH`DQRJ EURMD aODQRYD 6DYHWD
EH]EHGQRVWL RG MHGDQDHVW QD SHWQDHVW
GYDRGaHWLULQRYDaODQDEL`HL]DEUDQD]D
YUHPH RG JRGLQX GDQD AODQ NRPH MH
PDQGDW LVWHNDR QH PRCH RGPDK ELWL SR 
QRYRELUDQ
6YDNLaODQ6DYHWDEH]EHGQRVWLLPD
MHGQRJSUHGVWDYQLND

AODQ 

8FLOMXXQDSUH_LYDQMDXVSRVWDYOMDQMD
L RGUCDYDQMD PH_XQDURGQRJ PLUD L EH] 
EHGQRVWLX]^WRPDQMHUDVLSDQMHOMXGVNLK
L HNRQRPVNLK VYHWVNLK L]YRUD QD QDR 
UXCDQMH 6DYHW EH]EHGQRVWL MH X] SRPR`
.RPLWHWDYRMQRJ^WDEDSUHGYL_HQRJXaOD 
QXRGJRYRUDQ]DIRUPXOLVDQMHSODQRYD
NRML`HVHSRGQHWLaODQRYLPD8MHGLQMHQLK
QDFLMDUDGLXVWDQRYOMDYDQMDVLVWHPD]DUH 
JXOLVDQMHQDRUXCDQMD

*ODVDQMH
AODQ 

6YDNLaODQ6DYHWDEH]EHGQRVWLLPD
MHGDQJODV
2GOXNH6DYHWDEH]EHGQRVWLRSUR 
FHGXUDOQLP SLWDQMLPD GRQRVH VH SRWYUG 
QLPJODVDQMHPGHYHWaODQRYD
2GOXNH6DYHWDEH]EHGQRVWLRVYLP
RVWDOLP SLWDQMLPD GRQRVH VH SRWYUGQLP
JODVRYLPDGHYHWaODQRYDXNOMXaXMX`LSRW 
YUGQHJODVRYHVWDOQLKaODQRYDVWLPGDVH
SULGRQR^HQMXRGOXNDQDRVQRYXJODYH9,
LaODQDVWDYDVWUDQDXVSRUXX]GUCL
RGJODVDQMD

=DGDFL L RYOD^`HQMD
AODQ 

'DELVHREH]EHGLODEU]DLHILNDVQD
DNFLMD 8MHGLQMHQLK QDFLMD QMLKRYL aODQRYL
SRYHUDYDMX 6DYHWX EH]EHGQRVWL SUYHQ 
VWYHQR RGJRYRUQRVW ]D RGUCDQMH
PH_XQDURGQRJPLUDLEH]EHGQRVWLLVDJ 
OD^DYDMXVHGD6DYHWEH]EHGQRVWLGHOXMHX
QMLKRYR LPH SUL VSURYR_HQMX VYRMLK
GXCQRVWLQDRVQRYXRYHRGJRYRUQRVWL
9U^H`LRYHGXCQRVWL6DYHWEH]EHG 
QRVWLGHOXMHXVDJODVQRVWLVFLOMHYLPDLQD 
aHOLPD 8MHGLQMHQLK QDFLMD 6SHFLILaQD RY 
OD^`HQMDSRYHUHQD6DYHWXEH]EHGQRVWLUD 
GLREDYOMDQMDRYLKGXCQRVWLXWYU_HQDVXX
JODYDPD9,9,,9,,,L;,,
6DYHW EH]EHGQRVWLSRGQRVL*HQHUDO
QRMVNXS^WLQLJRGL^QMHDSRSRWUHELLVSH 
FLMDOQHL]YH^WDMHQDUD]PDWUDQMH

3RVWXSDN
AODQ 

6DYHWEH]EHGQRVWLVHWDNRRUJDQL 
]XMHGDPRCHVWDOQRGDYU^LVYRMH]DGDWNH
5DGLWRJD`HVYDNLaODQ6DYHWDEH]EHGQR 
VWL ELWL X VYDNR GRED SUHGVWDYOMHQ X VH 
GL^WX2UJDQL]DFLMH
6DYHWEH]EHGQRVWLRGUCDYDSRYUH
PHQRVDVWDQNHQDNRMLPDVYDNLRGQMHJR 
YLKaODQRYDPRCHDNRWDNRCHOLGDEXGH
SUHGVWDYOMHQ aODQRP YODGH LOL QHNLP GUX 
JLP VSHFLMDOQR SRVWDYOMHQLP SUHGVWDYQL 
NRP
6DYHWEH]EHGQRVWLPRCHRGUCDYDWL
VDVWDQNHLXWDNYLPPHVWLPDL]YDQVHGL^WD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VH SUHWYRUL X VSRU NDNR EL XWYUGLR GD OL
SURGXCDYDQMH VSRUD LOL VLWXDFLMH PRCH GD
GRYHGHXRSDVQRVWRGUCDQMHPH_XQDURG 
QRJPLUDLEH]EHGQRVWL

2UJDQL]DFLMHNRMD`HPXSRQMHJRYRMRFH 
QLQDMYL^HRODN^DWLUDG
AODQ 

6DYHW EH]EHGQRVWL PRCH GD RVQLYD

SRPR`QH RUJDQH SRWUHEQH ]D REDYOMDQMH
QMHJRYLK]DGDWDND

AODQ 

6YDNLaODQ8MHGLQMHQLKQDFLMDPRCH
GD VNUHQH SDCQMX 6DYHWX EH]EHGQRVWL LOL
*HQHUDOQRMVNXS^WLQLQDVYDNLVSRULOLVYD 
NXVLWXDFLMXaLMDMHSULURGDL]ORCHQDXaOD 
QX
'UCDYD NRMD QLMH aODQ 8MHGLQMHQLK
QDFLMDPRCHGDVNUHQHSDCQMX6DYHWXEH] 
EHGQRVWLLOL*HQHUDOQRMVNXS^WLQLQDVYDNL
VSRUXNRPHMHRQDMHGQDRGVWUDQDNDDNR
SULKYDWL XQDSUHG X YH]L V WLP VSRURP
REDYH]H QD PLUQR UH^DYDQMH SUHGYL_HQR
XRYRM3RYHOML
3RVWXSDQMH*HQHUDOQHVNXS^WLQHX
SLWDQMLPDQDNRMDMRMMHVNUHQXWDSDCQMDQD
RVQRYX RYRJ aODQD SRGOHCH RGUHGEDPD
aODQRYDL

AODQ 

6DYHW EH]EHGQRVWL VDP XVYDMD VYRM

SRVORYQLNXNOMXaXMX`LLQDaLQL]ERUDVYRJ
SUHGVHGQLND
AODQ 

6YDNLaODQ8MHGLQMHQLKQDFLMDNRMLQLMH
aODQ 6DYHWD EH]EHGQRVWL PRCH XaHVWYR 
YDWLEH]SUDYDJODVDXGLVNXVLMLRVYDNRP
SLWDQMX L]QHWRP SUHG 6DYHW EH]EHGQRVWL
XYHNNDGRYDMVPDWUDGDVXLQWHUHVLWRJD
aODQDVSHFLMDOQRXSLWDQMX
AODQ 

6YDNLaODQ8MHGLQMHQLKQDFLMDNRMLQLMH
aODQ 6DYHWD EH]EHGQRVWL D LVWR WDNR L
VYDND GUCDYD NRMD QLMH aODQ 8MHGLQMHQLK
QDFLMDDNRMHVWUDQDXVSRUXNRMLUD]PDWUD
6DYHW EH]EHGQRVWL EL`H SR]YDQL GD
XaHVWYXMXEH]SUDYDJODVDXUDVSUDYOMDQMX
RWRPHVSRUX6DYHWEH]EHGQRVWLSRVWDYOMD
XVORYHNRMHVPDWUDSUDYHGQLP]DXaHVWYR 
YDQMH GUCDYH NRMD QLMH aODQ 8MHGLQMHQLK
QDFLMD

AODQ 

 6DYHW EH]EHGQRVWL PRCH SUHSR

UXaLWLXVYDNRMID]LVSRUDaLMDSULURGDRG 
JRYDUDaODQXLOLVLWXDFLMHVOLaQHSULURGH
RGJRYDUDMX`H SRVWXSNH LOL PHWRGH XUH 
_HQMD
 6DYHW EH]EHGQRVWL WUHED GD X]PH
X RE]LU VYDNL SRVWXSDN UH^DYDQMD VSRUD
NRMHVXVWUDQNHYH`XVYRMLOH
 'DMX`L SUHSRUXNH VKRGQR RYRP
aODQX6DYHWEH]EHGQRVWLWUHEDLVWRWDNR
GDLPD X YLGX GD EL VWUDQNH SRSUDYLOX
WUHEDOR GD SUDYQH VSRURYH L]QRVH SUHG
0H_XQDURGQL VXG X VDJODVQRVWL V RGUHG 
EDPD6WDWXWD6XGD

*/$9$ 9,
0LUQR UH^DYDQMH VSRUD
AODQ 

 6WUDQNH X VYDNRP VSRUX aLMH WUD 

MDQMH PRCH GD XJUR]L RGUCDQMH PH_XQD 
URGQRJPLUDLEH]EHGQRVWLWUHEDGDWUDCH
UH^HQMH SUH VYHJD SXWHP SUHJRYRUD LV 
WUDCQH NRPLVLMH SRVUHGRYDQMD L]PLUHQMD
VXGVNRJUH^DYDQMDSULEHJDYDQMDUHJLRQDO 
QLPXVWDQRYDPDLOLVSRUD]XPLPDLOLGUX 
JLPPLUQLPQDaLQLPDSRVYRPHVRSVWYH 
QRPL]ERUX
6DYHWEH]EHGQRVWLNDGVPDWUDSR 
WUHEQLPSR]LYDVWUDQNHGDVYRMVSRUUH^H
WDNYLPQDaLQLPD

AODQ 

$NRVWUDQNHXVSRUXaLMDMHSULURGD
L]ORCHQD X aODQX  QH XVSHMX GD UH^H
VSRU QDaLQLPD R]QDaHQLP X WRPH aODQX
RQH`HJDXSXWLWL6DYHWXEH]EHGQRVWL
$NR 6DYHW EH]EHGQRVWL VPDWUDGD
QDVWDQDN VSRUD PRCH VWYDUQR XJUR]LWL
RGUCDQMH PH_XQDURGQRJ PLUD L EH]EHG 
QRVWLRGOXaXMHGDOLGDSRVWXSLSRaODQX
LOLGDSUHSRUXaLRQHXVORYHUH^HQMDNR 
MHVPDWUDRGJRYDUDMX`LP

AODQ 

6DYHW EH]EHGQRVWL PRCH LVSLWLYDWL

VYDNL VSRU LOL VYDNX VLWXDFLMX NRMD PRCH
GRYHVWL GR PH_XQDURGQRJ WUYHQMD LOL GD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YDVSRVWDYOMDQMD PH_XQDURGQRJ PLUD L
EH]EHGQRVWL 7DNYD DNFLMD PRCH XNOMXaLWL
GHPRQVWUDFLMHEORNDGXLGUXJHRSHUDFLMH
YD]GXKRSORYQLP SRPRUVNLP LOL VXYR 
]HPQLPVQDJDPDaODQRYD8MHGLQMHQLKQD 
FLMD

AODQ 

1HGLUDMX`LXRGUHGEHaODQRYDGR
 6DYHW EH]EHGQRVWL PRCH DNR VYH
VWUDQNH X ELOR NRP VSRUX WR ]DWUDCH GD
GDMHSUHSRUXNHVWUDQNDPDXFLOMXPLUQRJ
UH^HQMDVSRUD

AODQ 

*/$9$ 9,,
$NFLMH X VOXaDMX SUHWQMH PLUX
SRYUHGH PLUD L DNDWD DJUHVLMH

'DELGRSULQHOLRGUCDQMXPH_XQD 
URGQRJ PLUD L EH]EHGQRVWL VYL aODQRYL
8MHGLQMHQLK QDFLMD VH REDYH]XMX GDVWDYH
QD UDVSRODJDQMH 6DYHWX EH]EHGQRVWL QD
QMHJRYSR]LYLXVNODGXVDSRVHEQLPVSR 
UD]XPRPLOLVSRUD]XPLPDRUXCDQHVQDJH
SRPR` L RODN^LFH XNOMXaXMX`L WX L SUDYR
SUROD]D QHRSKRGQH UDGL RGUCDQMD
PH_XQDURGQRJPLUDLEH]EHGQRVWL
7DNDYVSRUD]XPLOLVSRUD]XPLRG 
UH_XMXEURMQRVWDQMHLVYUKXVQDJDQMLKRY
VWXSDQM SULSUDYQRVWL L RS^WL UDVSRUHGNDR
LSULURGXRODN^LFDLSRPR`LNRMHVHLPDMX
SUXCLWL
6SRUD]XPLOLVSRUD]XPLEL`HSUHG 
PHW SUHJRYRUD NRML `H VH QD LQLFLMDWLYX
6DYHWDEH]EHGQRVWLSRYHVWL^WRMHPRJX`H
SUH2QLVH]DNOMXaXMXL]PH_X6DYHWDEH] 
EHGQRVWLLaODQRYDLOLL]PH_X6DYHWDEH] 
EHGQRVWLLJUXSDaODQRYDLSRGOHCXUDWLIL 
NDFLMLGUCDYDSRWSLVQLFDXVNODGXVQMLKR 
YLPRGJRYDUDMX`LPXVWDYQLPSRVWXSFLPD

AODQ 

6DYHWEH]EHGQRVWLXWYU_XMHGDOLSR 
VWRMLSUHWQMDPLUXSRYUHGDPLUXLOLDJUH 
VLMDLGDMHSUHSRUXNHLOLRGOXaXMHNRMH`H
VHPHUHSUHGX]HWLXVNODGXVDaODQRYLPD
 L  GD EL VH RGUCDOL LOL YDVSRVWDYLOL
PH_XQDURGQLPLULEH]EHGQRVW
AODQ 

'D EL VSUHaLR SRJRU^DQMH VLWXDFLMH

6DYHW EH]EHGQRVWL PRCH SUH QR ^WR GD
SUHSRUXNH LOL RGOXaL R PHUDPD SUHG 
YL_HQLPXaODQXSR]YDWL]DLQWHUHVRYD 
QHVWUDQHGDVHSRYLQXMXRQLPSULYUHPH 
QLPPHUDPD]DNRMHRQVPDWUDGDVXSR 
WUHEQHLOLSRCHOMQH7DNYHSULYUHPHQHPH 
UH QH VPHMX XWLFDWL QD SUDYD ]DKWHYH LOL
SRORCDM]DLQWHUHVRYDQLKVWUDQD6DYHWEH] 
EHGQRVWLGXCDQMHGDYRGLUDaXQDRQHLV 
SXQMDYDQMXWDNYLKSULYUHPHQLKPHUD

AODQ 

AODQ 

.DG6DYHWEH]EHGQRVWLGRQHVHRGOX 
NXR XSRWUHEL VLOH RQ `HSUH QR ^WRRG
aODQDNRMLQLMHXQMHPX]DVWXSOMHQ]DWUDCLWL
GDVWDYLQDUDVSRODJDQMHRUXCDQHVQDJHX
VYUKX LVSXQMHQMD REDYH]D SUHGX]HWLK QD
RVQRYX aODQD  SR]YDWL WRJD aODQD GD
DNRWRCHOLXaHVWYXMHXGRQR^HQMXRGOXND
6DYHWD EH]EHGQRVWL NRMH VH RGQRVH QD
XSRWUHEXNRQWLQJHQDWDRUXCDQLKVQDJDWR 
JDaODQD

6DYHW EH]EHGQRVWL PRCH RGOXaLWL

NDNYH PHUH NRMH QH SRYODaH XSRWUHEX
RUXCDQH VLOH WUHED GD VH SULPHQH X FLOMX
L]YU^HQMDQMHJRYLKRGOXNDLPRCHSR]YDWL
aODQRYH 8MHGLQMHQLK QDFLMD GD SULPHQH
WDNYHPHUH2YHPRJXGDVDGUCHSRWSXQ
LOL GHOLPLaDQ SUHNLG HNRQRPVNLK RGQRVD
L CHOH]QLaNLK SRPRUVNLK YD]GX^QLK
SR^WDQVNLK WHOHJUDIVNLK UDGLRJUDIVNLK L
GUXJLK YH]D D LVWR WDNR L SUHNLG GLSOR 
PDWVNLKRGQRVD

AODQ 

'DELVH8MHGLQMHQHQDFLMHRVSRVRELOH
GDSUHGX]LPDMXKLWQHYRMQHPHUHaODQRYL
RGUCDYDMX QDFLRQDOQH NRQWLQJHQWH YD]GX 
KRSORYQLK VQDJD VSUHPQH ]D QHRGORCQX
]DMHGQLaNX PH_XQDURGQX SULQXGQX DNFL 
MX-DaLQXLVWHSHQSULSUDYQRVWLRYLKNRQ 
WLQJHQDWDLSODQRYD]DQMLKRYX]DMHGQLaNX
DNFLMXRGUH_XMH6DYHWEH]EHGQRVWLX]SR 

AODQ 

$NR 6DYHW EH]EHGQRVWL VPDWUD GD

PHUHSUHGYL_HQHXaODQXQHRGJRYD 
UDMX LOL VH SRNDCH GD VX QHGRYROMQH RQ
PRCH SUHGX]HWL WDNYX DNFLMX YD]GXKRS 
ORYQLP SRPRUVNLP LOL VXYR]HPQLP VQD 
JDPD NRMD MH SRWUHEQD UDGL RGUCDQMD LOL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PR` .RPLWHWD YRMQRJ ^WDED X JUDQLFDPD
XWYU_HQLP X SRVHEQRP VSRUD]XPX LOL
VSRUD]XPLPD QDYHGHQLP X aODQX 

AODQ 

AODQRYL 8MHGLQMHQLK QDFLMD VH XG

UXCXMXUDGLPH_XVREQRJSUXCDQMDSRPR`L
SULVSURYR_HQMXPHUDNRMHMHGRQHR6DYHW
EH]EHGQRVWL

AODQ 

3ODQRYH]DSULPHQXRUXCDQHVLOHL] 
UD_XMH 6DYHW EH]EHGQRVWL X] SRPR` .R 
PLWHWDYRMQRJ^WDED

AODQ 

$NR 6DYHW EH]EHGQRVWL SUHGX]PH

SUHYHQWLYQHPHUHLOLSULQXGQHPHUHSURWLY
ELORNRMHGUCDYHVYDNDGUXJDGUCDYDELOD
aODQLFD 8MHGLQMHQLK QDFLMD LOL QH NRMD VH
VXRaLVSRVHEQLPHNRQRPVNLPSUREOHPL 
PDQDVWDOLPNDRSRVOHGLFDWLKPHUDLPD
SUDYRGDVHVDYHWXMHVD6DYHWRPEH]EHG 
QRVWLXYH]LVUH^DYDQMHPWLKWH^NR`D

AODQ 

 2VQLYD VH .RPLWHW YRMQRJ ^WDED

UDGL GDYDQMD VDYHWD L XND]LYDQMD SRPR`L
6DYHWXEH]EHGQRVWLXVYLPSLWDQMLPDNRMD
VHWLaXYRMQLKSRWUHED6DYHWDEH]EHGQRVWL
X VYUKX RGUCDQMD PH_XQDURGQRJ PLUD L
EH]EHGQRVWL XSRWUHEH L NRPDQGRYDQMD
VQDJDPD VWDYOMHQLP PX QD UDVSRODJDQMH
UHJXOLVDQMDQDRUXCDQMDNDRLPRJX`HJUD 
]RUXCDQMD
 .RPLWHW YRMQRJ ^WDED VDaLQMDYDMX
QDaHOQLFL ^WDERYD VWDOQLK aODQRYD 6DYHWD
EH]EHGQRVWLLOLQMLKRYLSUHGVWDYQLFL.RPL 
WHWSR]LYDVYDNRJaODQD8MHGLQMHQLKQDFLMD
NRML QLVX VWDOQR SUHGVWDYOMHQL X .RPLWHWX
GDPXVHSULGUXCLNDGXVSH^QRREDYOMDQMH
]DGDWDND .RPLWHWD ]DKWHYD XaH^`H WRJD
aODQDXQMHJRYRPUDGX
.RPLWHWYRMQRJ^WDEDMHRGJRYRUDQ
SUHG6DYHWRPEH]EHGQRVWL]DVWUDWHJLMVNR
UXNRYR_HQMHVYLPRUXCDQLPVQDJDPDVWD 
YOMHQLP QD UDVSRODJDQMH 6DYHWX EH]EHG 
QRVWL 3LWDQMD NRMD VH WLaX NRPDQGRYDQMD
WLPVQDJDPDEL`HQDNQDGQRUD]UD_HQD
 .RPLWHW YRMQRJ ^WDED SR RY
OD^`HQMX6DYHWDEH]EHGQRVWLLSRVOHVDYH 
WRYDQMD V RGJRYDUDMX`LP UHJLRQDOQLP XV 
WDQRYDPD PRCH GD RVQLYD UHJLRQDOQH
SRWNRPLWHWH

AODQ 

1L^WD X RYRM 3RYHOML QH XPDQMXMH

XUR_HQRSUDYRQDLQGLYLGXDOQXLOLNROHN 
WLYQX VDPRRGEUDQX X VOXaDMX RUXCDQRJ
QDSDGD SURWLY aODQD 8MHGLQMHQLK QDFLMD
GRN6DYHWEH]EHGQRVWLQHSUHGX]PHPHUH
SRWUHEQH]DRaXYDQMHPH_XQDURGQRJPL 
UDLEH]EHGQRVWL2PHUDPDNRMHSUHGX] 
PX aODQRYL SUL YU^HQMX RYRJD SUDYD QD
VDPRRGEUDQXEL`HRGPDKL]YH^WHQ6DYHW
EH]EHGQRVWL L RQH QH`H QL QD NRML QDaLQ
GDGRYHGXXSLWDQMHRYOD^`HQMDLRGJRYRU 
QRVW6DYHWDEH]EHGQRVWLGDSRRYRM3RYH 
OML SUHGX]PH X VYDNR GRED WDNYX DNFLMX
DNR MH VPDWUD QXCQRP UDGL RGUCDQMD LOL
YDVSRVWDYOMDQMD PH_XQDURGQRJ PLUD L
EH]EHGQRVWL

*/$9$ 9,,,
5HJLRQDOQL VSRUD]XPL
AODQ 

 2YD 3RYHOMD QLaLP QH LVNOMXaXMH

SRVWRMDQMH UHJLRQDOQLK VSRUD]XPD LOL
DJHQFLMD NRML VH EDYH RQLP SLWDQMLPD
RGUCDQMD PH_XQDURGQRJ PLUD L EH]EHG 
QRVWL NRMD VX SRGHVQD ]D UHJLRQDOQX DN 
FLMX SRG XVORYRP GD VX WL VSRUD]XPL LOL
XVWDQRYH L QMLKRYD DNWLYQRVW X VNODGX V
FLOMHYLPDLQDaHOLPD8MHGLQMHQLKQDFLMD
 AODQRYL 8MHGLQMHQLK QDFLMD NRML
VNODSDMXWDNYHVSRUD]XPHLOLRVQLYDMXWDN 
YHXVWDQRYHXODJDaHVYDNLQDSRUGDORNDO 
QHVSRURYHSUHQR^WRLKSRGQHVX6DYHWX
EH]EHGQRVWL UH^H PLUQLP SXWHP SRVUHG 
VWYRPWDNYLKUHJLRQDOQLKXVWDQRYD

AODQ 

$NFLMXSRWUHEQX]DL]YU^HQMHRGOX 
ND 6DYHWD EH]EHGQRVWL X VYUKX RGUCDQMD
PH_XQDURGQRJPLUDLEH]EHGQRVWLSUHGX 
]LPDMX VYL aODQRYL 8MHGLQMHQLK QDFLMD LOL
QHNLRGQMLKSUHPDRGOXFL6DYHWDEH]EHG 
QRVWL
 7DNYH RGOXNH L]YU^DYDMX aODQRYL
8MHGLQMHQLK QDFLMD QHSRVUHGQR L YR_H 
QMHP VYRMLK DNFLMD X RGJRYDUDMX`LP PH 
_XQDURGQLPXVWDQRYDPDaLMLVXaODQRYL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

UDYQRSUDYQRVWL L VDPRRSUHGHOMHQMD QDUR 
GD 8MHGLQMHQH QDFLMH UDGH QD XQDS 
UH_HQMX
D SRYH`DQMD CLYRWQRJ VWDQGDUGD SX
QRJ]DSRVOHQMDLXVORYD]DHNRQRP 
VNL L VRFLMDOQL QDSUHGDN L UD]YRM
E UH^DYDQMD PH_XQDURGQLK HNRQRP 
VNLK VRFLMDOQLK ]GUDYVWYHQLK L VURG
QLK SUREOHPD L PH_XQDURGQH NXO 
WXUQH L SURVYHWQH VDUDGQMH L
F VYHRS^WHJ SR^WRYDQMD L XYDCDYDQMD
OMXGVNLKSUDYDNDRLRVQRYQLKVORER 
GD ]D VYH EH] RE]LUD QD UDVX SRO
MH]LN LOL YHUX

6DYHWEH]EHGQRVWLSRGVWLaHUD]YRM
PLUQRJ UH^DYDQMD ORNDOQLK VSRURYD SR 
VUHGVWYRP WDNYLK UHJLRQDOQLK VSRUD]XPD
LOLWDNYLKUHJLRQDOQLKDJHQFLMDQDLQLFLMDWL 
YX]DLQWHUHVRYDQLKGUCDYDLOLQDSR]LY6D 
YHWDEH]EHGQRVWL
2YDMaODQQLQDNRMLQDaLQQHGLUD
XSULPHQXaODQRYDL
AODQ 

6DYHWEH]EHGQRVWLNDGJRGMHFH 
OLVKRGQR NRULVWL WDNYH UHJLRQDOQH VSRUD 
]XPHLOLDJHQFLMH]DSULQXGQXDNFLMXSRG
VYRMLPUXNRYRGVWYRP$OLEH]RGREUHQMD
6DYHWDEH]EHGQRVWLQH`HSRUHJLRQDOQLP
VSRUD]XPLPDQLWLSUHNRUHJLRQDOQLKDJHQ 
FLMDELWLSUHGX]HWDQLMHGQDSULQXGQDDNFL 
MDL]X]HYPHUHSURWLYVYDNHQHSULMDWHOMVNH
GUCDYHNDR^WRVXRQHGHILQLVDQHXVWDYX
 RYRJ aODQD SUHGYL_HQLK X VNODGX VD
aODQRP  LOL X UHJLRQDOQLP VSRUD]XPL 
PDXVPHUHQLPSURWLYREQDYOMDQMDDJUHVLY 
QH SROLWLNH ELOR NRMH WDNYH GUCDYH VYH
GRN 2UJDQL]DFLMD QH EXGH PRJOD QD
WUDCHQMH]DLQWHUHVRYDQLKYODGDGDSUHX] 
PHQDVHEHRGJRYRUQRVW]DVX]ELMDQMHQR 
YHDJUHVLMHWDNYHGUCDYH
 ,]UD] QHSULMDWHOMVND GUCDYDm NDNR
MH XSRWUHEOMHQ X VWDYX  RYRJ aODQD SUL 
PHQMXMHVHQDVYDNXGUCDYXNRMDMHXWRNX
GUXJRJ VYHWVNRJ UDWD ELOD QHSULMDWHOM ELOR
NRJSRWSLVQLNDRYH3RYHOMH

AODQ 

6YL aODQRYLVHREDYH]XMXGD`HSUH 
GX]LPDWL]DMHGQLaNXLSRMHGLQDaQXDNFLMX
XVDUDGQMLV2UJDQL]DFLMRPUDGLSRVWL]DQMD
FLOMHYDXWYU_HQLKXaODQX
AODQ 

5D]QHVSHFLMDOL]RYDQHDJHQFLMHXV 
WDQRYOMHQHPH_XQDURGQLPVSRUD]XPRPL
VD ^LURNRP PH_XQDURGQRP RGJRYRU 
QR^`X NDR ^WR MH XWYU_HQR QMLKRYLP RV 
QRYQLPLQVWUXPHQWLPDQDHNRQRPVNRP
VRFLMDOQRP NXOWXUQRP SURVYHWQRP
]GUDYVWYHQRPLVURGQLPSROMLPDSRYH]X 
MXVHV8MHGLQMHQLPQDFLMDPDXVDJODVQRVWL
VRGUHGEDPDaODQD
2YHDJHQFLMHWDNRSRYH]DQHV8MH 
GLQMHQLP QDFLMDPD QD]LYDMX VH X GDOMHP
WHNVWXVSHFLMDOL]RYDQLPDJHQFLMDPD

AODQ 

6DYHWEH]EHGQRVWLPRUDELWLXVYDNR
GRED SRWSXQR REDYH^WHQ R SUHGX]HWLP
DNWLYQRVWLPDLOLRQLPDNRMLVHLPDMXXYLGX
QD RVQRYX UHJLRQDOQLK VSRUD]XPD LOL RG
VWUDQH UHJLRQDOQLK DJHQFLMD X FLOMX
RGUCDQMD PH_XQDURGQRJ PLUD L EH]EHG 
QRVWL

AODQ 

2UJDQL]DFLMD GDMH SUHSRUXNH UDGL

XVDJOD^DYDQMDSROLWLNHLGHODWQRVWLVSHFLMD 
OL]RYDQLKDJHQFLMD
AODQ 

2UJDQL]DFLMD GDMH NDGD WRPH LPD

PHVWDLQLFLMDWLYX]DSUHJRYRUHL]PH_XGU 
CDYD ]DLQWHUHVRYDQLK ]D VWYDUDQMH VYDNH
QRYHVSHFLMDOL]RYDQHDJHQFLMHSRWUHEQH]D
LVSXQMHQMHFLOMHYDXWYU_HQLKXaODQX

*/$9$ ,;
0H_XQDURGQD HNRQRPVND L
VRFLMDOQD VDUD_QMD
AODQ 

AODQ 

8 FLOMX VWYDUDQMD XVORYD VWDELOQRVWL L

EODJRVWDQMD NRML VX QHRSKRGQL ]D PLUR 
OMXELYHLSULMDWHOMVNHRGQRVHL]PH_XQDFL 
MD ]DVQRYDQH QD SR^WRYDQMX QDaHOD

2GJRYRUQRVW ]D L]YU^HQMH ]DGDWDND

2UJDQL]DFLMHL]ORCHQLKXRYRMJODYLOHCLQD
*HQHUDOQRM VNXS^WLQL L SRG QMHQLP RNUL 
OMHPQD(NRQRPVNRPLVRFLMDOQRPVDYHWX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 2Q PRCH X VNODGX V SUDYLOLPD
NRMDSURSL^X8MHGLQMHQHQDFLMHGDVD]LYD
PH_XQDURGQHNRQIHUHQFLMHRSLWDQMLPDL]
VYRMHQDGOHCQRVWL

NRML X WX VYUKX UDVSRODCH RYOD^`HQMLPD

XWYU_HQLPXJODYL;

*/$9$ ;
(NRQRPVNL L VRFLMDOQL VDYHW
6DVWDY

AODQ 

(NRQRPVNL L VRFLMDOQL VDYHWPRCH

GD VD VYDNRP RG DJHQFLMD QDYHGHQLK X
aODQX]DNOMXaXMHVSRUD]XPHNRMLPDVH
RGUH_XMXXVORYLSRGNRMLPDVHDJHQFLMDX
SLWDQMXSRYH]XMHV8MHGLQMHQLPQDFLMDPD
7DNYL VSRUD]XPL SRGOHCX RGREUHQMX JH 
QHUDOQHVNXS^WLQH
2QPRCHGDXVDJOD^DYDGHODWQRVW
VSHFLMDOL]RYDQLK DJHQFLMD VDYHWXMX`L VH V
QMLPDLGDMX`LSUHSRUXNHWDNYLPDJHQFLMD 
PDDLVWRWDNRGDMX`LSUHSRUXNH*HQHUDO 
QRMVNXS^WLQLLaODQRYLPD8MHGLQMHQLKQD 
FLMD

AODQ 

(NRQRPVNLLVRFLMDOQLVDYHWVDVWRML
VH RG SHGHVHW L aHWLUL aODQD 8MHGLQMHQLK
QDFLMDNRMHELUD*HQHUDOQDVNXS^WLQD
8]UH]HUYXXRGQRVXQDRGUHGEH
VWDYD  RVDPQDHVW aODQRYD(NRQRPVNRJ
L VRFLMDOQRJ VDYHWD ELUD VH VYDNH JRGLQH
]D SHULRG RG WUL JRGLQH AODQRYL NRML VH
SRYODaHPRJXRGPDKSRQRYRELWLELUDQL
 1D SUYLP L]ERULPD SRVOH SR
YH`DQMD EURMD aODQRYD (NRQRPVNRJ L VR 
FLMDOQRJVDYHWDRGGYDGHVHWVHGDPQDSH 
GHVHWLaHWLULSRUHGaODQRYDL]DEUDQLKQD
PHVWRGHYHWaLMLPDQGDWLVWLaHNUDMHPJR 
GLQH ELUD VH GRGDWQLK GYDGHVHW L VHGDP
aODQRYD0DQGDWGHYHWRULFHRGRYLKGYD 
GHVHW LVHGDPGRGDWQLKaODQRYDLVWLaH]D
JRGLQXGDQDDPDQGDWGUXJLKGHYHWaOD 
QRYD]DGYHJRGLQHXVNODGXVUH^HQMHP
*HQHUDOQHVNXS^WLQH
 6YDNL aODQ (NRQRPVNRJ L VRFLMDO 
QRJVDYHWDLPDMHGQRJSUHGVWDYQLNDX6D 
YHWX

AODQ 

(NRQRPVNL L VRFLMDOQL VDYHWPRCH

GD SUHGX]LPD RGJRYDUDMX`H NRUDNH UDGL
GRELMDQMD UHGRYQLK L]YH^WDMD RG VSHFLMDOL 
]RYDQLK DJHQFLMD 2Q PRCH GD VNODSD
VSRUD]XPH VD aODQRYLPD 8MHGLQMHQLK QD 
FLMDLVDVSHFLMDOL]RYDQLPDJHQFLMDPDUDGL
GRELMDQMDL]YH^WDMDRNRUDFLPDSUHGX]HWLP
XVYUKXVSURYRGHQMDQMHJRYLKVRSVWYHQLK
SUHSRUXND NDR L SUHSRUXND *HQHUDOQH
VNXS^WLQHRSUHGPHWLPDNRMLXOD]HXRNYLU
QMHJRYHQDGOHCQRVWL
 2Q PRCH GD VDRS^WDYD VYRMH SUL
PHGEH R WLP L]YH^WDMLPD *HQHUDOQRM
6NXS^WLQL

=DGDFL L RYOD^`HQMD
AODQ 

 (NRQRPVNL L VRFLMDOQL VDYHWPRCH

GD YU^L LOL SRNUH`H SURXaDYDQMD L GD SUL 
SUHPD L]YH^WDMH R PH_XQDURGQLP HNR 
QRPVNLP VRFLMDOQLP NXOWXUQLP SURVYHW 
QLP]GUDYVWYHQLPLVURGQLPSUHGPHWLPD
L PRCH GD GDMH SUHSRUXNH R VYLP WLP
SUHGPHWLPD *HQHUDOQRM VNXS^WLQL aODQR 
YLPD8MHGLQMHQLKQDFLMDL]DLQWHUHVRYDQLP
VSHFLMDOL]RYDQLPDJHQFLMDPD
2QPRCHGDGDMHSUHSRUXNHXFLOMX
XQDSUH_HQMDSR^WRYDQMDLXYDCDYDQMDSUD 
YDaRYHNDLRVQRYQLKVORERGD]DVYH
2QPRCHRSLWDQMLPDL]VYRMHQD 
GOHCQRVWL GD SULSUHPD QDFUWH NRQYHQFLMD
UDGLSRGQR^HQMD*HQHUDOQRMVNXS^WLQL

AODQ 

(NRQRPVNLLVRFLMDOQLVDYHWPRCHGD
SUXCD REDYH^WHQMD 6DYHWX EH]EHGQRVWL L
SRPDCH 6DYHWX EH]EHGQRVWL QD QMHJRYR
WUDCHQMH
AODQ 

(NRQRPVNLLVRFLMDOQLVDYHWREDYOMD
WDNYH]DGDWNHNRMLVSDGDMXXQMHJRYXQD 
GOHCQRVW D X YH]L VX VD VSURYR_HQMHP X
CLYRWSUHSRUXND*HQHUDOQHVNXS^WLQH
2QPRCHX]RGREUHQMH*HQHUDOQH
VNXS^WLQH GD YU^L XVOXJH QD ]DKWHY aOD 
QRYD8MHGLQMHQLKQDFLMDLQDWUDCHQMHVSH 
FLMDOL]RYDQLKDJHQFLMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

2QYU^LLGUXJH]DGDWNHQDEURMDQH
X GUXJLP RGHOMFLPD RYH 3RYHOMH LOL NRMH
PXRGUHGL*HQHUDOQDVNXS^WLQD

AODQ 

 (NRQRPVNL L VRFLMDOQL VDYHW VDP

XVYDMD VYRM SRVORYQLN XNOMXaXMX`L QDaLQ
L]ERUDQMHJRYRJSUHGVHGQLND
(NRQRPVNLLVRFLMDOQLVDYHWVHVD 
VWDMH SUHPD SRWUHEL VDJODVQR VYRPH SR 
VORYQLNXNRMLVDGUCLLRGUHGEXRVD]LYDQMX
VHGQLFD QD WUDCHQMH YH`LQH QMHJRYLK aOD 
QRYD

*ODVDQMH
AODQ 

 6YDNL aODQ (NRQRPVNRJ L VRFLMDO 

QRJVDYHWDLPDMHGDQJODV
 2GOXNH (NRQRPVNRJ L VRFLMDOQRJ
VDYHWDGRQRVHVHYH`LQRPaODQRYDNRMLVX
SULVXWQLLNRMLJODVDMX

*/$9$ ;,
'HNODUDFLMD R QHVDPRXSUDYQLP
WHULWRULMDOQD

3RVWXSDN

AODQ 

AODQ 

AODQRYL8MHGLQMHQLKQDFLMDNRMLVXRG 
JRYRUQL LOL NRML SUHX]LPDMX QD VHEH RG 
JRYRUQRVW ]D XSUDYOMDQMH WHULWRULMDPD aLML
QDURGLMR^QLVXSRVWLJOLSXQXPHUXVDPR 
XSUDYHSUL]QDMXQDaHORGDVXLQWHUHVLVWD 
QRYQL^WYD WLK WHULWRULMD RG SUYHQVWYHQH
YDCQRVWL L SULKYDWDMX NDR VYHWX GXCQRVW
REDYH]X GD XQDSUH_XMX X QDMYH`RM PR 
JX`RMPHULXRNYLUXVLVWHPDPH_XQDURG 
QRJ PLUD L EH]EHGQRVWL XVWDQRYOMHQRJ
RYRP3RYHOMRPEODJRVWDQMHVWDQRYQL^WYD
WLKWHULWRULMDLXWRPHFLOMX
D GD RVLJXUDMX X] GXCQR SR^WRYDQMH
NXOWXUHQDURGDXSLWDQMXQMLKRYSR 
OLWLaNL HNRQRPVNL VRFLMDOQL L SURV 
YHWQLQDSUHGDNSUDYLaQRSRVWXSDQMH
VQMLPDNDRLGDLK^WLWLRG]ORXSR 
WUHED
E GD UD]YLMDMX VDPRXSUDYX GD SRV
YH`XMX GXCQX SDCQMX SROLWLaNLP
WHCQMDPD WLK QDURGD NDR L GD LP
SUXCDMXSRPR`XSURJUHVLYQRPUD] 
YRMX QMLKRYLK VORERGQLK SROLWLaNLK
XVWDQRYD X VNODGX V SRVHEQLP XV 
ORYLPDVYDNHWHULWRULMHLQMHQLKQDUR 
GD L UD]OLaLWRJ VWXSQMD QMLKRYRJ QD 
SUHWND
F GDUD]YLMDMXPH_XQDURGQLPLULEH] 
EHGQRVW
G GD UDGL XVSH^QRJ SRVWL]DQMD VRFLMDO
QLK HNRQRPVNLK L QDXaQLK FLOMHYD
L]ORCHQLK X RYRPH aODQX XQDS
UH_XMXSULPHQXNRQVWUXNWLYQLKPHUD
UD]YRMD GD SRGVWLaX LVWUDCLYDQMD GD

(NRQRPVNLLVRFLMDOQLVDYHWREUD]XMH
NRPLVLMH]DHNRQRPVNDLVRFLMDOQDSLWDQMD
L ]D XQDSUH_LYDQMH SUDYD aRYHND NDR L
GUXJH WDNYH NRPLVLMH ]D NRMH VH XNDCH
SRWUHEDXFLOMXREDYOMDQMDQMHJRYLK]DGD 
WDND
AODQ 

(NRQRPVNL L VRFLMDOQL VDYHW SR]LYD

VYDNRJ aODQD 8MHGLQMHQLK QDFLMD GD EH]
SUDYDJODVDXaHVWYXMHXQMHJRYRPUD]PD 
WUDQMXVYDNRJSUHGPHWD]DNRMLMHWDMaODQ
SRVHEQR]DLQWHUHVRYDQ
AODQ 

(NRQRPVNLLVRFLMDOQLVDYHWPRCHGD
]DNOMXaL VSRUD]XPH NDNR EL SUHGVWDYQLFL
VSHFLMDOL]RYDQLKDJHQFLMDEH]SUDYDJODVD
X]HOLXaH^`DXQMHJRYRPUD]PDWUDQMXLX
UD]PDWUDQMX NRPLVLMD NRMH MH RQ REUD]R 
YDRNDRLGDELQMHJRYLSUHGVWDYQLFLX]HOL
XaH^`D X UD]PDWUDQMX VSHFLMDOL]RYDQLK
DJHQFLMD
AODQ 

(NRQRPVNLLVRFLMDOQLVDYHWPRCHGD
]DNOMXaLSRWUHEQHVSRUD]XPHUDGLNRQVXO 
WRYDQMDVD]DLQWHUHVRYDQLPQHYODGLQLPRU 
JDQL]DFLMDPD ]DLQWHUHVRYDQLP ]D SLWDQMD
NRMD XOD]H X RNYLU QMHJRYH QDGOHCQRVWL
7DNYL VSRUD]XPL PRJX VH SUDYLWL V
PH_XQDURGQLP RUJDQL]DFLMDPD LNDG WR 
PHLPDPHVWDVQDFLRQDOQLPRUJDQL]DFL 
MDPDSRVOHNRQVXOWRYDQMDVD]DLQWHUHVRYD 
QLPaODQRP8MHGLQMHQLKQDFLMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VDUD_XMX MHGQL V GUXJLPD L NDGD L
JGH WRPH LPD PHVWD VD VSHFLMDOL]R 
YDQLP PH_XQDURGQLP WHOLPD L
H GD JHQHUDOQRP VHNUHWDUX UHGRYQR
GRVWDYOMDMX UDGL REDYH^WHQMD D X
RNYLULPD NRMH QDODCX EH]EHGQRVW L
XVWDYQH PRJX`QRVWL VWDWLVWLaNH L
GUXJH SRGDWNH WHKQLaNH SULURGH R
HNRQRPVNLP VRFLMDOQLP L SURVYHW 
QLPSULOLNDPDQDWHULWRULMDPD]DNRMH
VX RGJRYRUQL L]X]LPDMX`L WHULWRULMH
QD NRMH VH SULPHQMXMX JODYH ;,, L
;,,,

YDQLKQDURGDNDRLXVORYLPDVYDNRJ
VSRUD]XPD R VWDUDWHOMVWYX
Y GD SRGVWLaH SR^WRYDQMH SUDYD aRYH
ND L RVQRYQLK VORERGD ]D VYH EH]
RE]LUD QD UDVX SRO MH]LN LOL YHUX
NDR L GD SRGVWLaH RVH`DQMH
PH_XVREQH]DYLVQRVWLQDURGDVYHWD
L
J GDREH]EHGLSRGMHGQDNRSRVWXSDQMH
XVRFLMDOQLPHNRQRPVNLPLWUJRYLQ 
VNLP SLWDQMLPD SUHPD VYLP aODQRYL 
PD 8MHGLQMHQLK QDFLMD L QMLKRYLP
GUCDYOMDQLPD NDR L SRGMHGQDNR SR
VWXSDQMH VD RYLP SRVOHGQMLP X L]UL 
FDQMX SUDYGH EH] QDQR^HQMD ^WHWH
RVWYDUHQMXQDSUHGL]ORCHQLKFLOMHYDL
X RNYLUX RGUHGEL aODQD 

AODQ 

AODQRYL 8MHGLQMHQLK QDFLMD VODCX VH

WDNR_H GD VH QMLKRYD SROLWLND QD WHULWR 
ULMDPD QD NRMH VH RYD JODYD SULPHQMXMH
PRUD]DVQLYDWLQL^WDPDQMHQHJRNDGDMH
X SLWDQMX REODVW QMLKRYLK PHWURSROD QD
RS^WHP QDaHOXGREURJVXVHGVWYDX]SUL 
GDYDQMHGXCQHSDCQMHLQWHUHVLPDLEODJR 
VWDQMXRVWDORJVYHWDXVRFLMDOQRMHNRQRP 
VNRMLWUJRYLQVNRMREODVWL

AODQ 

AODQ 

 6LVWHP VWDUDWHOMVWYD SULPHQMXMH VH

QDVOHGH`HNDWHJRULMHWHULWRULMDNRMHPRJX
ELWL VWDYOMHQH SRG WDM VLVWHP QD RVQRYX
VSRUD]XPDRVWDUDWHOMVWYX
D WHULWRULMH NRMH VH VDGD QDOD]H SRG
PDQGDWRP
E WHULWRULMH NRMH EXGX RGX]HWH RG QH 
SULMDWHOMVNLK GUCDYD NDR SRVOHGLFD
'UXJRJ VYHWVNRJ UDWD L
Y WHULWRULMHNRMHGREURYROMQRVWDYHSRG
WDM VLVWHP GUCDYH RGJRYRUQH ]D QML
KRYR XSUDYOMDQMH
1DNQDGQLPVSRUD]XPRP`HVHRG 
UHGLWLNRMH`HWHULWRULMHL]QDSUHGL]ORCHQLK
NDWHJRULMD ELWL VWDYOMHQHSRGVLVWHPVWDUD 
WHOMVWYDLSRGNRMLPXVORYLPD

AODQ 

AODQ 

*/$9$ ;,,
0H_XQDURGQL VLVWHP VWDUDWHOMVWYD
8MHGLQMHQH QDFLMH XVSRVWDYL`H SRG
VYRMLP UXNRYRGVWYRP PH_XQDURGQL VLV 
WHP VWDUDWHOMVWYD ]D XSUDYOMDQMH L QDG]RU
QDGRQLPWHULWRULMDPDNRMHPRJXELWLVWD 
YOMHQHQDNQDGQLPSRMHGLQDaQLPVSRUD]X 
PLPDSRGWDMVLVWHP2YHWHULWRULMHVHGD 
OMH QD]LYDMX WHULWRULMDPD SRG VWDUDWHOM 
VWYRP

6LVWHP VWDUDWHOMVWYD QH SULPHQMXMH VH

QD WHULWRULMH NRMH VX SRVWDOH aODQRYL 8MH 
GLQMHQLK QDFLMD PH_X NRMLPD VH RGQRVL
WUHED GD ]DVQLYDMX QD SR^WRYDQMX QDaHOD
VXYHUHQHMHGQDNRVWL

2VQRYQL FLOMHYL VLVWHPD VWDUDWHOMVWYD

XVDJODVQRVWLVFLOMHYLPD8MHGLQMHQLKQDFLMD
XWYU_HQLPXaODQXRYH3RYHOMHMHVX
D GD XaYU^`XMH PH_XQDURGQL PLU L
EH]EHGQRVW
E GDXQDSUH_XMHSROLWLaNLHNRQRPVNL
VRFLMDOQL L SURVYHWQL QDSUHGDN
VWDQRYQL^WYD WHULWRULMD SRG VWDUDWHOM
VWYRP L QMLKRY SURJUHVLYQL UD]YRM X
SUDYFX VDPRXSUDYH LOL QH]DYLVQRVWL
NDNR WR RGJRYDUD SRVHEQLP XVORYL 
PDVYDNHWHULWRULMHLQMHQLKQDURGDL
VORERGQR L]UDCHQRM CHOML ]DLQWHUHVR 

AODQ 

8VORYLVWDUDWHOMVWYD]DVYDNXWHULWRULMX
NRMDVHVWDYOMDSRGVLVWHPVWDUDWHOMVWYDSR 
GUD]XPHYDMX`LLVYDNXL]PHQXLOLGRSXQX
XWYU_XMX VSRUD]XPQR L]PH_X VHEH QH 
SRVUHGQR ]DLQWHUHVRYDQH GUCDYH XN 
OMXaXMX`LLVLOXPDQGDWRUNXXVOXaDMXWHUL 
WRULMD NRMH VH QDOD]HSRG PDQGDWRP MHG 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

6DYHWEH]EHGQRVWLNRULVWH`LXVNOD 
GXVRGUHGEDPDVSRUD]XPDRVWDUDWHOMVWYX
LQHQDQRVH`L^WHWX]DKWHYLPDEH]EHGQR 
VWL SRPR` 6WDUDWHOMVNRJ VDYHWD UDGL
L]YU^HQMDRYLK]DGDWDND8MHGLQMHQLKQDFLMD
SRRVQRYXVLVWHPDVWDUDWHOMVWYDNRMLVHWLaX
SROLWLaNLK HNRQRPVNLKVRFLMDOQLKLSURV 
YHWQLKVWYDULXVWUDWH^NLPSRGUXaMLPD

QRJaODQD8MHGLQMHQLKQDFLMDLRGREUDYDMX
VHNDR^WRMHSUHGYL_HQRXaODQRYLPD
L
AODQ 

,]X]HY^LRQR^WRVHPRCHXJRYRULWL
X SRMHGLQDaQLP VSRUD]XPLPD R VWDUD 
WHOMVWYX ]DNOMXaHQLP VDJODVQR aODQRYLPD
  L  NRMLPD VH SRMHGLQH WHULWRULMH
VWDYOMDMXSRGVLVWHPVWDUDWHOMVWYDLVYHGRN
WLXJRYRULQHEXGX]DNOMXaHQLQL^WDXRYRM
JODYLQH`HELWLVKYD`HQRNDRGDSRVUHGQR
LOL QHSRVUHGQR QD PD NRML QDaLQ PHQMD
ELOR NRMD SUDYD VYDNH GUCDYH LOL VYDNRJ
QDURGD QLWL XVORYH L] SRVWRMH`LK
PH_XQDURGQLK LQVWUXPHQDWD aLMH VX XJR 
YRUQHVWUDQHaODQRYL8MHGLQMHQLKQDFLMD
6WDYRYRJaODQDQH`HVHWXPDaLWL
NDRGDGDMHRVQRYX]DRGXJRYODaHQMHLOL
RGODJDQMH YR_HQMD SUHJRYRUD L ]DN
OMXaHQMHVSRUD]XPD]DVWDYOMDQMHWHULWRULMH
SRGPDQGDWRPLGUXJLKWHULWRULMDSRGVL 
VWHPVWDUDWHOMVWYDNDR^WRMHWRSUHGYL_HQR
XaODQX

AODQ 

'XCQRVW MH DGPLQLVWUDWLYQH YODVWL GD

RVLJXUDGDWHULWRULMDSRGVWDUDWHOMVWYRPG
VYRM GRSULQRV RGUCDQMX PH_XQDURGQRJ
PLUD L EH]EHGQRVWL 8 WRP FLOMX
DGPLQLVWUDWLYQDYODVWPRCHVHNRULVWLWLGR 
EURYROMDaNLP VQDJDPD RODN^LFDPD L SR 
PR`L V WHULWRULMH SRG VWDUDWHOMVWYRP SULOL 
NRP VSURYR_HQMD REDYH]D NRMH MH DGPL 
QLVWUDWLYQDYODVWSUHX]HODXRYRPSRJOHGX
SUHPD6DYHWXEH]EHGQRVWLNDRLUDGLOR 
NDOQHRGEUDQHLRGUCDQMD]DNRQLWRVWLLSR 
UHWNDQDWHULWRULMLSRGVWDUDWHOMVWYRP
AODQ 

 =DGDWNH 8MHGLQMHQLK QDFLMD X RG 

QRVXQDVSRUD]XPHRVWDUDWHOMVWYX]DVYD
SRGUXaMD NRMD QLVX R]QDaHQD NDR VWUD 
WH^NDXNOMXaXMX`LWXLRGREUDYDQMHXVORYD
L]VSRUD]XPDRVWDUDWHOMVWYXLQMLKRYLKL] 
PHQDLOLGRSXQDYU^L*HQHUDOQDVNXS^WL 
QD
6WDUDWHOMVNLVDYHWUDGH`LSRGRNUL
OMHP*HQHUDOQHVNXS^WLQHSRPDCH*HQH 
UDOQRMVNXS^WLQLSULL]YU^DYDQMXWLK]DGDWD 
ND

AODQ 

6SRUD]XPRVWDUDWHOMVWYXVDGUCLXVYD 
NRP VOXaDMX XVORYH QD RVQRYX NRMLK VH
XSUDYOMD WHULWRULMRP SRG VWDUDWHOMVWYRP L
XWYU_XMH YODVW NRMD `H YU^LWL XSUDYX QDG
WHULWRULMRP SRG VWDUDWHOMVWYRP 7X YODVW
NRMD VH GDOMH QD]LYD DGPLQLVWUDWLYQRP
YOD^`X PRJX VDaLQMDYDWL MHGQD LOL YL^H
GUCDYDLOLVDPD2UJDQL]DFLMD
AODQ 

8VYDNRPVSRUD]XPXRVWDUDWHOMVWYX
PRCH VH RGUHGLWL MHGQR LOL YL^H VWUDWH^NLK
SRGUXaMDNRMDPRJXREXKYDWLWLGHRLOLVYX
WHULWRULMX SRG VWDUDWHOMVWYRP QD NRMX VH
VSRUD]XP RGQRVL EH] SRYUHGH ELOR NRJ
VSHFLMDOQRJ VSRUD]XPD LOL VSRUD]XPD
]DNOMXaHQLKQDRVQRYXaODQD

*/$9$ ;,,,
6DVWDY
AODQ 

 6WDUDWHOMVNL VDYHW VDaLQMDYDMX VOH

GH`LaODQRYL8MHGLQMHQLKQDFLMD
D aODQRYL NRML XSUDYOMDMX WHULWRULMDPD
SRG VWDUDWHOMVWYRP
E RQL aODQRYL SRLPHQLaQR QDYHGHQL X
aODQX  NRML QH XSUDYOMDMX WHULWRUL
MDPD SRG VWDUDWHOMVWYRP L
F RQROLNR RVWDOLK aODQRYD NRML QD URN
RG WUL JRGLQH L]DEHUH *HQHUDOQD
VNXS^WLQD NROLNR VH SRNDCH SRWUHE 
QLPGDELVHREH]EHGLORGDXNXSDQ

AODQ 

6YH]DGDWNH8MHGLQMHQLKQDFLMDNRML
VH RGQRVH QD VWUDWH^ND SRGUXaMD XN 
OMXaXMX`LLRGREUDYDQMHXVORYDL]VSRUD]X 
PDRVWDUDWHOMVWYXNDRLQMLKRYHL]PHQHL
GRSXQHYU^L6DYHWEH]EHGQRVWL
 2VQRYQL ]DGDFL XWYU_HQL X aODQX
 SULPHQMXMX VH QD QDURG VYDNRJ VWUD 
WH^NRJSRGUXaMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

6WDUDWHOMVNLVDYHWVHVDVWDMHSUHPD
SRWUHEL VDJODVQR VYRP SRVORYQLNX NRML
VDGUCL L RGUHGEX R VD]LYDQMX VHGQLFD QD
WUDCHQMHYH`LQHQMHJRYLKaODQRYD

EURMaODQRYD6WDUDWHOMVNRJVDYHWDEX 
GH SRGMHGQDNR SRGHOMHQ L]PH_X
RYLK aODQRYD 8MHGLQMHQLK QDFLMD NRML
XSUDYOMDMX WHULWRULMDPD SRG VWDUDWHOM 
VWYRP L RQLK NRML WR QH aLQH
6YDNLaODQ6WDUDWHOMVNRJVDYHWDRG 
UH_XMH MHGQR QDURaLWR NYDOLILNRYDQR OLFH
GDJDXQMHPXSUHGVWDYOMD

AODQ 

6WDUDWHOMVNLVDYHWNDGWRPHLPDPH 
VWD NRULVWL SRPR` (NRQRPVNRJ L VRFLMDO 
QRJVDYHWDDLVWRWDNRLVSHFLMDOL]RYDQLK
DJHQFLMDXSLWDQMXNRMLPDVHRQLEDYH

=DGDFL L RYOD^`HQMD

*/$9$ ;,9
0H_XQDURGQL VXG

AODQ 

*HQHUDOQD VNXS^WLQD L SRG QMHQLP

RNULOMHP 6WDUDWHOMVNL VDYHW PRJX SUL YU 
^HQMXVYRMLK]DGDWDND
D UD]PDWUDWLL]YH^WDMHNRMHSRGQRVLDG 
PLQLVWUDWLYQD YODVW
E SULPDWL SHWLFLMH L LVSLWLYDWL LK VDYHWX 
MX`L VH V DGPLQLVWUDWLYQRP YOD^`X
F YU^LWL SULYUHPHQH RELODVNH WHULWRULMD
SRG VWDUDWHOMVWYRP X YUHPH X NRMH
VH VSRUD]XPHMX V DGPLQLVWUDWLYQRP
YOD^`X L
G SUHGX]LPDWLWHLRVWDOHDNFLMHXVNOD 
GX V RGUHGEDPD R VWDUDWHOMVWYX

AODQ 

0H_XQDURGQLVXGMHJODYQLVXGVNLRU
JDQ 8MHGLQMHQLK QDFLMD 2Q SRVWXSD X
VNODGXVSULORCHQLPVWDWXWRPNRMLMH]DV 
QRYDQ QD 6WDWXWX 6WDOQRJ VXGD PH_XQD 
URGQHSUDYGHLaLQLVDVWDYQLGHRRYH3R 
YHOMH
AODQ 

 6YL aODQRYL 8MHGLQMHQLK QDFLMD VX

LSVR IDFWR VWUDQH 6WDWXWD 0H_XQDURGQRJ
VXGD
'UCDYD NRMD QLMH aODQ 8MHGLQMHQLK
QDFLMD PRCH GD SRVWDQH VWUDQD 6WDWXWD
0H_XQDURGQRJVXGDSRGXVORYLPDNRMHX
VYDNRP SRMHGLQRP VOXaDMX RGUH_XMH
*HQHUDOQDVNXS^WLQDQDSUHSRUXNX6DYHWD
EH]EHGQRVWL

AODQ 

6WDUDWHOMVNL VDYHW VDVWDYOMD XSLWQLN R

SROLWLaNRP VRFLMDOQRP L SURVYHWQRP QD 
SUHWNXVWDQRYQLNDVYDNHWHULWRULMHSRGVWD 
UDWHOMVWYRP D DGPLQLVWUDWLYQD YODVW VYDNH
WHULWRULMH SRG VWDUDWHOMVWYRP NRMDVSDGDX
QDGOHCQRVW *HQHUDOQH VNXS^WLQH SRGQRVL
JRGL^QML L]YH^WDM *HQHUDOQRM VNXS^WLQL QD
ED]LWDNYLKXSLWQLND

AODQ 

6YDNLaODQ8MHGLQMHQLKQDFLMDRED 
YH]XMH VH GD `H VH SULGUCDYDWL RGOXNH
0H_XQDURGQRJ VXGD X VYDNRP VSRUX X
NRPHMHVWUDQND
 $NR MHGQD VWUDQND X VSRUX QH LV 
SXQLREDYH]HNRMHQDQMRMOHCHSUHPDSUH 
VXGL NRMX 6XG GRQHVH GUXJD VWUDQND VH
PRCH REUDWLWL 6DYHWX EH]EHGQRVWL NRML
PRCHDNRVPDWUDSRWUHEQLPGDWLSUHSR 
UXNHLOLRGOXaLWLRPHUDPDNRMHWUHEDSUH 
GX]HWLGDELVHSUHVXGDL]YU^LOD

*ODVDQMH
AODQ 

6YDNLaODQ6WDUDWHOMVNRJVDYHWDLPD
MHGDQJODV
2GOXNH6WDUDWHOMVNRJVDYHWDVHGR 
QRVH YH`LQRP aODQRYD NRML VX SULVXWQL L
NRMLJODVDMX

AODQ

3RVWXSDN

1L^WDXRYRM3RYHOMLQHVSUHaDYDaOD 
QRYH8MHGLQMHQLKQDFLMDGDUH^DYDQMHVYR 
MLKVSRURYDSRYHUDYDMXGUXJLPVXGRYLPD
QDRVQRYXVSRUD]XPDNRMLYH`SRVWRMHLOL
NRMLPRJXELWLXEXGX`H]DNOMXaHQL

AODQ 

 6WDUDWHOMVNL VDYHW VDP XVYDMD VYRM

SRVORYQLNXNOMXaXMX`LLQDaLQL]ERUDVYR 
JDSUHGVHGQLND



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VHNUHWDUD L RVREOMD L GD QH`H WHCLWL GD QD
QMLKXWLaHXYU^HQMXQMLKRYLKGXCQRVWL

AODQ 

*HQHUDOQDVNXS^WLQDLOL6DYHWEH] 
EHGQRVWL PRJX WUDCLWL RG 0H_XQDURGQRJ
VXGD GDG VDYHWRGDYQRPL^OMHQMHRVYD 
NRPSUDYQRPSLWDQMX
 'UXJL RUJDQL 8MHGLQMHQLK QDFLMD L
VSHFLMDOL]RYDQH XVWDQRYH NRMH *HQHUDOQD
VNXS^WLQD PRCH X VYDNR GRED QD WR GD
RYODVWL WDNR_H PRJX WUDCLWL RG 6XGD
VDYHWRGDYQR PL^OMHQMH R SUDYQLP SLWDQML 
PDXRNYLUXQMLKRYHGHODWQRVWL

AODQ 

*HQHUDOQLVHNUHWDULPHQXMHRVREOMH
SUHPD SUDYLOLPD NRMH GRQRVL *HQHUDOQD
VNXS^WLQD
 2GJRYDUDMX`H RVREOMH EL`H VWDOQR
GRGHOMHQR (NRQRPVNRP L VRFLMDOQRP VD 
YHWX 6WDUDWHOMVNRP VDYHWX L XNROLNR MH
SRWUHEQR GUXJLP RUJDQLPD 8MHGLQMHQLK
QDFLMD 2YRRVREOMH aLQL VDVWDYQL GHR6H 
NUHWDULMDWD
 3UL ]DSR^OMDYDQMX RVREOMD L RG
UH_LYDQMXXVORYDVOXCEHQDMYH`DSDCQMD`H
VHSRNORQLWLSRWUHELGDVHREH]EHGLQDMYL^L
VWXSDQM PDUOMLYRVWL VWUXaQRVWL L QHSR 
URaQRVWL3RWUHEQDSDCQMD`HVHREUDWLWLQD
YDCQRVW UHJUXWRYDQMD RVREOMD QD QDM^LURM
PRJX`RMJHRJUDIVNRMRVQRYL

*/$9$ ;9
6HNUHWDULMDW
AODQ 

6HNUHWDULMDW VDaLQMDYDMX JHQHUDOQL VH 

NUHWDU L RQR RVREOMH NRMH 2UJDQL]DFLMD
PRCH GD ]DKWHYD *HQHUDOQRJ VHNUHWDUD
LPHQXMH*HQHUDOQDVNXS^WLQDQDSUHSRUX 
NX 6DYHWD EH]EHGQRVWL 2Q MH JODYQL DG 
PLQLVWUDWLYQLVOXCEHQLN2UJDQL]DFLMH

*/$9$ ;9,
5D]QH RGUHGEH

AODQ 

*HQHUDOQL VHNUHWDU SRVWXSD X WRP

VYRMVWYX QD VYLP VDVWDQFLPD *HQHUDOQH
VNXS^WLQH 6DYHWD EH]EHGQRVWL (NRQRP 
VNRJLVRFLMDOQRJVDYHWDL6WDUDWHOMVNRJVD 
YHWDDYU^LLVYHGUXJHIXQNFLMHNRMHPX
SRYHUH RYL RUJDQL *HQHUDOQL VHNUHWDU
SRGQRVL*HQHUDOQRMVNXS^WLQLJRGL^QMLL] 
YH^WDMRUDGX2UJDQL]DFLMH

AODQ 

6YDNLXJRYRULVYDNLPH_XQDURGQL
VSRUD]XP NRML ]DNOMXaL QHNL aODQ 8MH 
GLQMHQLK QDFLMD SRVOH VWXSDQMD QD VQDJX
RYH 3RYHOMH EL`H ^WR MH PRJX`QR SUH UH 
JLVWURYDQ X 6HNUHWDULMDWX L REMDYOMHQ RG
QMHJRYHVWUDQH
 1LMHGQD VWUDQD WDNYRJ XJRYRUD LOL
PH_XQDURGQRJVSRUD]XPDNRMLQLMHUHJL 
VWURYDQVKRGQRRGUHGEDPDVWDYDRYRJ
aODQDQH`HVHPR`LSR]LYDWLQDWDMXJRYRU
LOLVSRUD]XPQLSUHGMHGQLPRUJDQRP8MH 
GLQMHQLKQDFLMD

AODQ 

*HQHUDOQL VHNUHWDU PRCH VNUHQXWL

SDCQMX6DYHWXEH]EHGQRVWLQDVYDNRSLWD 
QMHNRMHSRQMHJRYRPPL^OMHQMXPRCHGD
XJUR]L RaXYDQMH PH_XQDURGQRJ PLUD L
EH]EHGQRVWL

AODQ 

AODQ 

8 VOXaDMX VXNRED L]PH_X REDYH]D

aODQRYD8MHGLQMHQLKQDFLMDSRRYRM3RYHOML
L QMLKRYLK REDYH]D SR QHNRP GUXJRP
PH_XQDURGQRP VSRUD]XPX SUHYDJX `H
LPDWLQMLKRYHREDYH]HSRRYRM3RYHOML

8YU^HQMXVYRMLKGXCQRVWLJHQHUDO
QLVHNUHWDULRVREOMHQHWUDCHQLWLSULPDMX
XSXWVWYDQLRGNRMHYODVWLL]YDQ2UJDQL]D 
FLMH 2QL `H VH X]GUCDWL RG VYDNH DNFLMH
NRMD EL VH PRJOD RGUD]LWL QD QMLKRY SR 
ORCDMNDRPH_XQDURGQLKVOXCEHQLNDMHGL 
QR2UJDQL]DFLML
6YDNLaODQ8MHGLQMHQLKQDFLMDRED 
YH]XMH VH GD `H SR^WRYDWL LVNOMXaLYR PH 
_XQDURGQL NDUDNWHU IXQNFLMD JHQHUDOQRJ

AODQ 

2UJDQL]DFLMD XCLYD QD WHULWRULML VYD 

NRJ VYRJ aODQD RQX SUDYQX VSRVREQRVW
NRMDMRMMHSRWUHEQDGDYU^LVYRMHIXQNFLMH
LSRVWLCHVYRMHFLOMHYH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

KRYRPXVWDYQRPSRVWXSNXUDWLILNXMXGYH
WUH`LQH aODQRYD 8MHGLQMHQLK QDFLMD XN 
OMXaXMX`LLVYHVWDOQHaODQRYH6DYHWDEH] 
EHGQRVWL

AODQ 

 2UJDQL]DFLMD XCLYD QD WHULWRULML VYD

NRJ VYRJ aODQD RQH SRYODVWLFH L LPXQLWHWH
NRMLVXSRWUHEQL]DSRVWL]DQMHQMHQLKFLOMHYD
 3UHGVWDYQLFL aODQRYD 8MHGLQMHQLK
QDFLMDLVOXCEHQLFL2UJDQL]DFLMHXCLYDMXLV 
WRWDNRSRYODVWLFHLLPXQLWHWHNRMLVXSR 
WUHEQLGDVDPRVWDOQRREDYOMDMXVYRMHIXQN 
FLMHXYH]LV2UJDQL]DFLMRP
 *HQHUDOQD VNXS^WLQD PRCH GDYDWL
SUHSRUXNHXFLOMXRGUH_LYDQMDSRMHGLQRVWL
SULPHQHVWDYRYDLRYRJaODQDLOLSUH 
GODJDWL X WX VYUKX NRQYHQFLMH aODQRYLPD
8MHGLQMHQLKQDFLMD

AODQ 

 8 FLOMX UHYL]LMH RYH 3RYHOMH PRCH

VHRGUCDWL2S^WDNRQIHUHQFLMDaODQRYD8MH 
GLQMHQLK QDFLMD QD GDQ L X PHVWX NRML `H
XWYUGLWLJODVRYLPDGYHWUH`LQHaODQRYD*H 
QHUDOQH VNXS^WLQH L JODVRYLPD PD NRMLK
VHGDPaODQRYD6DYHWDEH]EHGQRVWL6YDNL
aODQ 8MHGLQMHQLK QDFLMD QD .RQIHUHQFLML
LPD`HMHGDQJODV
 6YDND L]PHQD RYH 3RYHOMH NRMX
.RQIHUHQFLMD SUHSRUXaL GYRWUH`LQVNRP
YH`LQRPJODVRYDVWXSL`HQDVQDJXNDGMH
UDWLILNXMXGYHWUH`LQHaODQRYD8MHGLQMHQLK
QDFLMDVDJODVQRVYRPXVWDYQRPSRVWXSNX
XNOMXaXMX`L L VYH VWDOQH aODQRYH 6DYHWD
EH]EHGQRVWL
 $NR VH SRVOH VWXSDQMD QD VQDJX
RYH 3RYHOMH WDNYD .RQIHUHQFLMD QH RGUCL
SUHGHVHWRJ]DVHGDQMD*HQHUDOQHVNXS^WL 
QHSUHGORJ]DVD]LYDQMHWDNYH.RQIHUHQ 
FLMHVWDYL`HVHQDGQHYQLUHGWRJ]DVHGDQMD
*HQHUDOQHVNXS^WLQHD.RQIHUHQFLMD`HVH
RGUCDWL DNR WR EXGH RGOXaHQR YH`LQRP
JODVRYD aODQRYD *HQHUDOQH VNXS^WLQH L
JODVRYLPDPDNRMLKVHGDPaODQRYD6DYHWD
EH]EHGQRVWL

*/$9$ ;9,,
3UHOD]QH RGUHGEH R EH]EHGQRVWL
AODQ 

'RNQHVWXSHQDVQDJXSRVHEQLVSR 
UD]XPLSRPHQXWLXaODQXLNRML6DYHWX
EH]EHGQRVWL SR QMHJRYRP PL^OMHQMX
RPRJX`DYDMXGDRWSRaQHVYU^HQMHPVYR 
MLK IXQNFLMD SR aODQX  VWUDQH 'HNODUD 
FLMH aHWLUL QDFLMH SRWSLVDQH X 0RVNYL 
RNWREUD  L )UDQFXVND SULVWXSL`H
PH_XVREQRP VDYHWRYDQMX VDJODVQR RG 
UHGEDPD VWDYD  RYH 'HNODUDFLMH D SR
SRWUHELLVDYHWRYDQMXVGUXJLPaODQRYLPD
8MHGLQMHQLKQDFLMDXFLOMXSUHGX]LPDQMDp
XLPH2UJDQL]DFLMHp]DMHGQLaNHDNFLMHNR 
MD PRCH ELWL SRWUHEQD UDGL RaXYDQMD
PH_XQDURGQRJPLUDLEH]EHGQRVWL

*/$9$ ;,;
AODQ 

 2YX 3RYHOMX UDWLILNRYD`H GUCDYH

SRWSLVQLFH X VNODGX VD VYRMLP RGQRVQLP
XVWDYQLPSRVWXSNRP
 5DWLILNDFLMH `H ELWL GHSRQRYDQH
NRG YODGH 6MHGLQMHQLK$PHULaNLK'UCDYD
NRMD`HRVYDNRPL]YU^HQRPGHSRQRYDQMX
REDYHVWLWLVYHGUCDYHSRWSLVQLFHNDRLJH 
QHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH NDG RQ
EXGHLPHQRYDQ
2YD3RYHOMDVWXSDQDVQDJXSR 
^WR UDWLILNDFLMH GHSRQXMX 5HSXEOLND .L 
QD)UDQFXVND6DYH]6RYMHWVNLK6RFLMDOL 
VWLaNLK 5HSXEOLND 8MHGLQMHQR .UDOMHY 
VWYR9HOLNH%ULWDQLMHL6HYHUQH,UVNH6MH 
GLQMHQH$PHULaNH'UCDYHLYH`LQDRVWD 
OLKGUCDYDSRWSLVQLFD3URWRNRORGHSR 
QRYDQLP UDWLILNDFLMDPD VDVWDYL`H ]DWLP

AODQ 

1L^WD X RYRM 3RYHOML QH REHVQDCXMH

QLWL VSUHaDYD DNFLMX X RGQRVLPD QD PD
NRMXGUCDYXNRMDMH]DYUHPH'UXJRJVYHW 
VNRJUDWDELODQHSULMDWHOMELORNRMHGUCDYH
SRWSLVQLFHRYH3RYHOMHSUHGX]HWXLOLRGR 
EUHQXpNDRSRVOHGLFXWRJUDWDpRGYODGD
RGJRYRUQLK]DWDNYXDNFLMX

*/$9$ ;9,,,
,]PHQH L GRSXQH
AODQ 

,]PHQHLGRSXQHRYH3RYHOMHVWXSDMX
QD VQDJX]DVYHaODQRYH8MHGLQMHQLKQD 
FLMDNDGLKXVYRMHGYHWUH`LQHaODQRYD*H 
QHUDOQHVNXS^WLQHLNDGDLKVDJODVQRQML 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YODGD6MHGLQMHQLK$PHULaNLK'UCDYDNRMD
`HJDXSUHSLVXGRVWDYLWLVYLPGUCDYDPD
SRWSLVQLFDPD
'UCDYHSRWSLVQLFHRYH3RYHOMHNR 
MH MH UDWLILNXMX SRVOH QMHQRJ VWXSDQMD QD
VQDJX SRVWDMX aODQRYL RVQLYDaL 8MHGLQMH 
QLK QDFLMD QD GDQ GHSRQRYDQMD VYRMLK
RGQRVQLKUDWLILNDFLMD

QDNR YHURGRVWRMQL RVWD`H GHSRQRYDQD X

DUKLYL YODGH 6MHGLQMHQLK $PHULaNLK 'U 
CDYD1MHQHXUHGQRRYHUHQHSUHSLVHRYD
YODGD`HGRVWDYLWLYODGDPDRVWDOLKGUCDYD
SRWSLVQLFD
8SRWYUGXaHJDVXSUHGVWDYQLFLYODGD
8MHGLQMHQLKQDFLMDSRWSLVDOLRYX3RYHOMX
5D_HQRXJUDGX6DQ)UDQFLVNXGYD 
GHVHW ^HVWRJ MXQD KLOMDGX GHYHW VWRWLQD
aHWUGHVHWSHWHJRGLQH

AODQ 

2YD3RYHOMDaLMLVXNLQHVNLIUDQFXV
NLUXVNLHQJOHVNLL^SDQVNLWHNVWSRGMHG 

 'UXJH RUJDQL]DFLMH RG

SRVHEQRJ ]QDaDMD ]D 6&*
SDHXLQWHXUOH[OH[HQWUHDWLHVLQGH[K
WP
8JRYRU NRMLP MH XVWDQRYOMHQ 1$72
VDYH]PRCHVHQD`LQDZZZQDWRLQWGR 
FXEDVLFW[WWUHDW\KWP

6WDWXW6DYHWD(YURSHSRWSLVDQPD 
MD JRGLQHX/RQGRQX 6OOLVWX6&*
0H_XQDURGQLXJRYRUL
0H_XQDURGQL XJRYRULNRMLPDVXXV
WDQRYOMHQHHYURSVNH]DMHGQLFHL(YURSVND
XQLMD PRJX VH QD`L QD ZZZHXUR



 ',3/20$76.2 , .21=8/$512 35$92

35,9,/(*,-( , ,081,7(7,
 %HaND NRQYHQFLMD
R GLSORPDWVNLP RGQRVLPD
'UCDYHXJRYRUQLFHRYHNRQYHQFLMH
SRGVH`DMX`LGDRGQDMVWDULMLKYUHPH
QDQDURGLVYLK]HPDOMDSUL]QDMXVWDWXVGL 
SORPDWVNLKDJHQDWD
VYHVQHFLOMHYDLQDaHOD3RYHOMH8MHGL
QMHQLK QDFLMD X SRJOHGX VXYHUHQH MHGQD 
NRVWLGUCDYDRGUCDQMDPH_XQDURGQRJPL 
UDLEH]EHGQRVWLLUD]YRMDSULMDWHOMVNLKRG 
QRVDPH_XQDURGLPD
XYHUHQHGDELPH_XQDURGQDNRQYHQ
FLMDRGLSORPDWVNLPRGQRVLPDSULYLOHJLMD 
PD L LPXQLWHWLPD GRSULQHOD XQDSUH_HQMX
SULMDWHOMVNLK RGQRVD PH_X ]HPOMDPD PD
NDNYDELODUD]OLNDL]PH_XQMLKRYLKXVWDY 
QLKLGUX^WYHQLKVLVWHPD
XEH_HQHGDMHFLOMQDYHGHQLKSULYLOH
JLMD L LPXQLWHWD QH GD VH GDMH SUHGQRVW
SRMHGLQFLPDYH`GDVHREH]EHGLXVSH^QR
L]YU^HQMHIXQNFLMDGLSORPDWVNLKPLVLMDNDR
SUHGVWDYQLNDGUCDYD
SRWYU_XMX`L GD VH X SLWDQMLPD NRMD
QLVX ELOD L]ULaLWR UHJXOLVDQD RGUHGEDPD
RYHNRQYHQFLMHWUHEDLGDOMHXSUDYOMDWLSUH 
PD SUDYLOLPD RELaDMQRJ PH_XQDURGQRJ
SUDYD
VORCLOHVXVHXVOHGH`HP

D L]UD] ^HI PLVLMHm R]QDaDYD OLFH NRMH

MHGUCDYDNRMDDNUHGLWXMHRYODVWLODGD
GHOD X WRP VYRMVWYX
E L]UD]aODQPLVLMHmR]QDaDYD^HIDPL
VLMH L aODQRYH RVREOMD PLVLMH
F L]UD] aODQRYL RVREOMD PLVLMHm R]
QDaDYD aODQRYH GLSORPDWVNRJ RVRE
OMD DGPLQLVWUDWLYQRJ L WHKQLaNRJ
RVREOMD L aODQRYH SRVOXCQRJ RVREOMD
PLVLMH
G L]UD] aODQ GLSORPDWVNRJ RVREOMDm
R]QDaDYD aODQD RVREOMD PLVLMH NRML
LPDMX GLSORPDWVNR VYRMVWYR
H L]UD] GLSORPDWVNL DJHQWm R]QDaDYD
^HID PLVLMH LOL aODQD GLSORPDWVNRJ
RVREOMD PLVLMH
I L]UD] aODQ DGPLQLVWUDWLYQRJ L WHK
QLaNRJ RVREOMDm R]QDaDYD aODQRYH
RVREOMD PLVLMD NRML VX ]DSR^OMHQL X
DGPLQLVWUDWLYQRM L WHKQLaNRM VOXCEL
PLVLMH
J L]UD] aODQ SRVOXCQRJ RVREOMDm R]
QDaDYD aODQRYH RVREOMD PLVLMH NRML
VX ]DSR^OMHQL QD SRVOXCQLP GXCQRV
WLPD X PLVLML
K L]UD]SULYDWQDSRVOXJDmR]QDaDYDOL
FD X SULYDWQRM VOXCEL QHNRJ aODQD
PLVLMH NRMD QLVX VOXCEHQLFL GUCDYH
NRMD DNUHGLWXMH
L L]UD] SURVWRULMH PLVLMHm R]QDaDYD
]JUDGHLOLGHORYH]JUDGDLRNROQR]H 

AODQ 

8VPLVOXRYHNRQYHQFLMHVOHGH`LL] 
UD]LR]QDaDYDMXNDR^WRMHQLCHXWYU_HQR


3RWSLVDQD X %HaX  DSULOD  JRGLQH 6WXSLOD QD VQDJX  DSULOD  JRGLQH  6O
OLVW 6)5- 0H_XQDURGQLXJRYRULL GUXJL VSRUD]XPL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PHL]ULaLWRQHVXSURWVWDYLQHNDRGGUCDYD
NRGNRMLKVHDNUHGLWXMH
 $NR GUCDYD NRMD DNUHGLWXMH ^HID
PLVLMHDNUHGLWXMHNRGMHGQHLOLYL^HGUXJLK
GUCDYD RQD PRCH RWYRULWL GLSORPDWVNX
PLVLMXSRGUXNRYRGVWYRPRWSUDYQLNDSR 
VORYD DG LQWHULP X VYDNRM RG GUCDYD X
NRMRM^HIPLVLMHQHPDVWDOQRSUHELYDOL^WH
 >HI PLVLMH LOL aODQ GLSORPDWVNRJ
RVREOMD PLVLMH PRCH SUHGVWDYOMDWL GUCDYX
NRMD DNUHGLWXMH NRG VYDNH PH_XQDURGQH
RUJDQL]DFLMH

POML^WH NRML VH PD NR ELR QMLKRY

YODVQLN NRULVWH ]D SRWUHEH PLVLMH
XNOMXaXMX`L L UH]LGHQFLMX ^HID PLVLMH
AODQ 

8VSRVWDYOMDQMH GLSORPDWVNLK RGQRVD

L]PH_XGUCDYDLRGD^LOMDQMHVWDOQLKGLSOR 
PDWVNLKPLVLMDYU^HVHQDRVQRYXRERVWUD 
QHVDJODVQRVWL
AODQ 

)XQNFLMHGLSORPDWVNHPLVLMHVHVD 
VWRMHQDURaLWRX
D SUHGVWDYOMDQMXGUCDYHNRMDDNUHGLWXMH
NRG GUCDYH NRG NRMH VH DNUHGLWXMH
E ]D^WLWL X GUCDYL NRG NRMH VH DNUHGL
WXMH LQWHUHVD GUCDYH NRMD DNUHGLWXMH
LQMHQLKGUCDYOMDQDXJUDQLFDPDNR 
MH GR]YROMDYD PH_XQDURGQR SUDYR
F SUHJRYDUDQMX V YODGRP GUCDYH NRG
NRMH VH DNUHGLWXMH
G REDYH^WDYDMX VYLP GR]YROMHQLP
VUHGVWYLPDRXVORYLPDLUD]YRMXGR 
JD_DMD X GUCDYL NRG NRMHVH DNUHGL 
WXMH L SRGQR^HQMX L]YH^WDMD R WRPH
YODGL GUCDYH NRMD DNUHGLWXMH
H XQDSUH_LYDQMX SULMDWHOMVNLK RGQRVD L
UD]YLMDQMX SULYUHGQLK NXOWXUQLK L
QDXaQLKRGQRVDL]PH_XGUCDYHNRMD
DNUHGLWXMH L GUCDYH NRG NRMH VH DN 
UHGLWXMH
 1LMHGQD RGUHGED RYH NRQYHQFLMH
QHPRCHVHWXPDaLWLNDR]DEUDQD]DQHNX
GLSORPDWVNX PLVLMX GD YU^L NRQ]XODUQH
IXQNFLMH

AODQ 

9L^H GUCDYD PRJX DNUHGLWRYDWL LVWR

OLFHXVYRMVWYX^HIDPLVLMHXQHNRMGUXJRM
GUCDYL RVLP DNR VH WRPH QH SURWLYL
GUCDYDNRGNRMHVHDNUHGLWXMH
AODQ 

3RGUH]HUYRPRGUHGDEDaOL
 GUCDYD NRMD DNUHGLWXMH LPHQXMH SR
VYRP L]ERUX aODQRYH RVREOMD PLVLMH >WR
VHWLaHYRMQLKSRPRUVNLKLOLYD]GXKRSORY 
QLKDWD^HDGUCDYDNRGNRMHVHDNUHGLWXMH
PRCH ]DKWHYDWL GD MRM VH QMLKRYD LPHQD
XQDSUHGVDRS^WHUDGLVDJODVQRVWL
AODQ 

AODQRYLGLSORPDWVNRJRVREOMDPL 
VLMH PRUDMX LPDWL X QDaHOX GUCDYOMDQVWYR
GUCDYHNRMDDNUHGLWXMH
AODQRYLGLSORPDWVNRJRVREOMDPL 
VLMH PRJX VH ELUDWL PH_X GUCDYOMDQLPD
GUCDYH NRG NRMH VH DNUHGLWXMH VDPR X]
VDJODVQRVW WH GUCDYH NRMD PRCH X VYDNR
GREDSRYX`LVYRMXVDJODVQRVW
 'UCDYD NRG NRMH VH DNUHGLWXMH
PRCHVHELSULGUCDWLLVWRSUDYRLXSRJOHGX
GUCDYOMDQD QHNH WUH`H GUCDYH NRML QLVX
GUCDYOMDQLLGUCDYHNRMDDNUHGLWXMH

AODQ 

'UCDYDNRMDDNUHGLWXMHWUHEDGDVH
XYHULGDMHOLFHNRMHQDPHUDYDDNUHGLWRYDWL
NDR ^HID PLVLMH X GUCDYL NRG NRMHVH DN 
UHGLWXMHGRELORDJUHPDQWHGUCDYH
'UCDYDNRGNRMHVHDNUHGLWXMHQLMH
GXCQDGDGUCDYLNRMDDNUHGLWXMHL]QHVHUD 
]ORJHRGELMDQMDDJUHPDQD

AODQ 

 'UCDYD NRG NRMH VH DNUHGLWXMH

PRCH X VYDNR GRED L EH] REDYH]H GD
REUD]ORCLVYRMXRGOXNXREDYHVWLWLGUCDYX
NRMD DNUHGLWXMH GD MH ^HI LOL PD NRML aODQ
GLSORPDWVNRJRVREOMDPLVLMH SHUVRQDQRQ
JUDWD LOL GD PD NRML GUXJL aODQ RVREOMD
PLVLMHQLMHSULKYDWOMLY'UCDYDNRMDDNUHGL 
WXMH`HWDGDRSR]YDWLOLFHXSLWDQMXLOL`H
RNRQaDWLQMHJRYHIXQNFLMHXWRMPLVLMLSUH 

AODQ 

'UCDYDNRMDDNUHGLWXMHPRCHSR 
VOHQRWLILNDFLMHNRMXMHGXCQDGDWL]DLQWH 
UHVRYDQLPGUCDYDPDNRGNRMLKVHDNUHGL 
WXMHDNUHGLWRYDWL^HIDPLVLMHLOLLPHQRYDWL
QHNRJaODQDGLSORPDWVNRJRVREOMDSUHPD
VOXaDMXNRGYL^HGUCDYDRVLPDNRVHWR 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

NULPLQDFLMH RGELWL GD SULPL VOXCEHQLNH
SRMHGLQHNDWHJRULMH

PDVOXaDMX1HNROLFHPRCHELWLRJOD^HQR
NDRSHUVRQDQRQJUDWDLOLNDRQHSULKYDW
OMLYR SUH QHJR ^WR GR_H QD WHULWRULMX
GUCDYHNRGNRMHVHDNUHGLWXMH
$NRGUCDYDNRMDDNUHGLWXMHRGELMH
GD L]YU^L LOL QH L]YU^L X UD]XPQRP URNX
REDYH]H NRMH SUHX]LPD VKRGQR WDaNL 
RYRJaODQDGUCDYDNRGNRMHVHDNUHGLWXMH
PRCHRGELWLGDOLFXRNRPHVHUDGLSUL]QD
VYRMVWYRaODQDPLVLMH

AODQ 

'UCDYDNRMDDNUHGLWXMHQHPRCHSUH
QHJR ^WR GRELMH SUHWKRGQR L]ULaLWL SULVWD 
QDN GUCDYH NRG NRMH VH DNUHGLWXMH RWYD 
UDWLXUHGHNRMLaLQHGHRPLVLMHYDQPHVWD
XNRPHMHXVSRVWDYOMHQDVDPDPLVLMD
AODQ 

6PDWUDVHGDMH^HIPLVLMHSUHX]HR
VYRMHIXQNFLMHXGUCDYLNRGNRMHVHDNUH 
GLWXMHaLPSRGQHVHDNUHGLWRYDQDSLVPDLOL
aLPQRWLILNXMHVYRMGROD]DNLSRGQHVHSUH 
SLV VYRMLK DNUHGLWLYQLK SLVDPD PLQLVWDU 
VWYX LQRVWUDQLK SRVORYD GUCDYH NRG NRMH
VHDNUHGLWXMHLOLQHNRPGUXJRPPLQLVWDU 
VWYX R NRPH EXGH GRJRYRUHQR SUHPD
YDCH`RMSUDNVLXGUCDYLNRGNRMHVHDNUH 
GLWXMHNRMDVHPRUDSULPHQMLYDWLQDMHGLQ 
VWYHQQDaLQ
5HGRVOHGSRGQR^HQMDDNUHGLWLYQLK
SLVDPDLOLSUHSLVDWLKSLVDPDRGUH_XMHVH
SUHPDGDQXLaDVXGRODVND^HIDPLVLMH

AODQ 

1RWLILNRYD`HVHPLQLVWDUVWYXLQRV 
WUDQLKSRVORYDGUCDYHNRGNRMHVHDNUHGL 
WXMH LOL QHNRP GUXJRP PLQLVWDUVWYX NRMH
EXGHXJRYRUHQR
D LPHQRYDQMH aODQRYD PLVLMH QMLKRY
GROD]DN L NRQDaQL RGOD]DN LOL SUHV 
WDQDN QMLKRYLK IXQNFLMD X PLVLML
E GROD]DN L NRQDaQL RGOD]DN OLFD NRMH
SULSDGDSRURGLFLQHNRJaODQDPLVLMH
LOL DNR MH SRWUHEQR aLQMHQLFD GD MH
QHNROLFHSRVWDORLOLSUHVWDORGDEX 
GH aODQ SRURGLFH QHNRJ aODQD PLVL 
MH
F GROD]DNLOLNRQDaQLRGOD]DNSULYDWQH
SRVOXJHXVOXCELOLFDRNRMLPDMHUHa
XJRUQMHPVWDYXDLDNRMHSRWUHE 
QR aLQMHQLFD GD RQL QDSX^WDMX
VOXCEX NRG WLK OLFD
G X]LPDQMHXVOXCEXLOLRWSX^WDQMHOLFD
NRMD SUHELYDMX X GUCDYL NRG NRMH VH
DNUHGLWXMH X VYRMVWYX aODQRYD PLVLMH
LOLXVYRMVWYXSULYDWQHSRVOXJHVSUD 
YRP QD SULYLOHJLMH L LPXQLWHW
.DGJRGMHWRPRJX`HWUHEDLVWR
WDNRSUHWKRGQRQRWLILNRYDWLGROD]DNLNR 
QDaQLRGOD]DN

AODQ 

 >HIRYL PLVLMH GHOH VH QD WUL NODVH

LWR
D DPEDVDGRUHLOLQXQFLMHDNUHGLWRYDQH
NRG ^HIRYD GUCDYD L GUXJH ^HIRYH
PLVLMD RGJRYDUDMX`HJ UDQJD
E SRVODQLNH PLQLVWUH LOL LQWHUQXQFLMH
DNUHGLWRYDQH NRG ^HIRYD GUCDYD
F RWSUDYQLNH SRVORYD DNUHGLWRYDQH
NRG PLQLVWDUVWYD LQRVWUDQLK SRVORYD
1LNDNYDUD]OLNDQHPRCHVHSUDYLWL
L]PH_X ^HIRYD PLVLMD QD RVQRYX QMLKRYH
NODVHRVLPXSRJOHGXSUH]HDQVHLHWLNH 
FLMH
AODQ 

AODQ 

'UCDYHVHVSRUD]XPHYDMXRNODVLNR 
MRMWUHEDGDSULSDGDMX^HIRYLQMLKRYLKPL 
VLMD

$NRQHSRVWRMLL]ULaLWLVSRUD]XPR
EURMX RVREOMD PLVLMH GUCDYD NRG NRMH VH
DNUHGLWXMH PRCH ]DKWHYDWL GD VH WDM EURM
NUH`HXJUDQLFDPDRQRJD^WRRQDVPDWUD
UD]XPQLPLQRUPDOQLPVRE]LURPQDRNRO 
QRVWL L XVORYH NRML YODGDMX X WRM GUCDYL L
QDSRWUHEHPLVLMHRNRMRMVHUDGL
 'UCDYD NRG NRMH VH DNUHGLWXMH
PRCHWDNR_HXLVWLPJUDQLFDPDLEH]GLV 

AODQ 

>HIRYLPLVLMDGRELMDMXUDQJXVYD
NRMNODVLSUHPDGDQXLaDVXSUHX]LPDQMD
IXQNFLMDVKRGQRaODQX
5D]PHQHDNUHGLWLYQLKSLVDPD^HID
PLVLMH NRMH QH SRYODaH SURPHQH X NODVL
QHGLUDMXXQMHJRYUDQJSUH]HDQVH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 2YDM aODQ QH GLUD X RELaDMH NRMH
VXLOLNRMH`HXVYRMLWLGUCDYDNRGNRMHVH
DNUHGLWXMHXSRJOHGXSUH]HDQVHSUHGVWDY 
QLND6YHWH6WROLFH

2QDWDNR_HPRUDDNRMHSRWUHE 
QR SRPR`L PLVLMDPD GD GRELMX SULVWRMQH
VWDQRYH]DVYRMHaODQRYH

AODQ 

 3URVWRULMH PLVLMH VX QHSRYUHGLYH

2UJDQLPDGUCDYHMHGR]YROMHQRGDXQMLK
X_XVDPRX]SULVWDQDN^HIDPLVLMH
'UCDYDNRGNRMHVHDNUHGLWXMHLPD
VSHFLMDOQXREDYH]XGDSUHGX]PHVYHSR 
WUHEQHPHUHGDELVSUHaLODQDVLODQXOD]DN
X SURVWRULMH PLVLMH LOL QMLKRYR R^WH`HQMH
QDUX^DYDQMH PLUD PLVLMH LOL SRYUHGX QMH 
QRJGRVWRMDQVWYD
 3URVWRULMH PLVLMH QDPH^WDM L GUXJL
SUHGPHWL NRML VH X QMLPD QDOD]H NDR QL
SUHYR]QD VUHGVWYD PLVLMH QH PRJX ELWL
SUHGPHW QLNDNYRJ SUHWUHVD UHNYL]LFLMH
]DSOHQHLOLPHUHL]YU^HQMD

AODQ 

>HIPLVLMHVDRS^WDYDPLQLVWDUVWYXLQR 
VWUDQLKSRVORYDLOLQHNRPGUXJRPPLQLV 
WDUVWYXRNRPHEXGHGRJRYRUHQRUHGSUH 
]HDQVHaODQRYDGLSORPDWVNRJRVREOMDPL 
VLMH
AODQ 

8VYDNRMGUCDYLSRVWXSDNXSRJOHGX
SULMHPD ^HIRYD PLVLMD WUHED GD EXGH MHG 
QRREUD]DQ]DVYDNXNODVX
AODQ 

$NRMHPHVWR^HIDPLVLMHXSUDCQMH 
QR LOL DNR MH ^HI PLVLMH VSUHaHQ GD YU^L
VYRMHIXQNFLMHRWSUDYQLNSRVORYD DGLQWH
ULP GHOD SULYUHPHQR NDR ^HI PLVLMH ,PH
RWSUDYQLND SRVORYD DG LQWHULP VDRS^WL`H
ELOR ^HI PLVLMH ELOR X VOXaDMX GD MH RYDM
VSUHaHQ GDWRXaLQLPLQLVWDUVWYRLQRVWUD 
QLKSRVORYDGUCDYHNRMDDNUHGLWXMHpPL 
QLVWDUVWYX LQRVWUDQLK SRVORYD GUCDYH NRG
NRMH VH DNUHGLWXMH LOLQHNRPGUXJRPPL 
QLVWDUVWYXNRMHEXGHXJRYRUHQR
8VOXaDMXGDXGUCDYLNRGNRMHVH
DNUHGLWXMHQHPDQLMHGQRJaODQDGLSORPDW 
VNRJ RVREOMD GUCDYD NRMD DNUHGLWXMH
PRCH X] VDJODVQRVW GUCDYH NRG NRMH VH
DNUHGLWXMHRGUHGLWLQHNRJaODQDDGPLQLV 
WUDWLYQRJLWHKQLaNRJRVREOMDGDXSUDYOMD
WHNX`LPDGPLQLVWUDWLYQLPSRVORYLPDPLVL 
MH

AODQ 

'UCDYDNRMDDNUHGLWXMHL^HIPLVLMH
RVORER_HQLVXVYDNRJGUCDYQRJUHJLRQDO 
QRJLOLNRPXQDOQRJSRUH]DLWDNVD]DSUR 
VWRULMHPLVLMHaLMLVXRQLYODVQLFLLOL]DNXSFL
SRGXVORYRPGDVHQHUDGLRSRUH]LPDLOL
WDNVDPD NRML VH XELUDMX NDR QDNQDGD ]D
SRVHEQRXaLQMHQHXVOXJH
 )LVNDOQRRVORER_HQMHSUHGYL_HQR
XRYRPaODQXQHSULPHQMXMHVHQDWDNYH
SRUH]HLWDNVHDNRSUHPD]DNRQRGDYVWYX
GUCDYHNRGNRMHVHDNUHGLWXMHRQHSDGDMX
QD WHUHW OLFD NRMH MH VDXJRYDUDa GUCDYH
NRMDDNUHGLWXMHLOL^HIDPLVLMH
AODQ 

AODQ 

$UKLYD L GRNXPHQWL PLVLMH QHSRYUH 

GLYLVXXVYDNRGREDLPDJGHVHQDOD]LOL

0LVLMDLQMHQ^HILPDMXSUDYRGDLVWLaX
]DVWDYX L JUE GUCDYH NRMD DNUHGLWXMH QD
SURVWRULMHPLVLMHXNOMXaXMX`LLUH]LQGHQFLMX
^HID PLVLMH L QD SUHYR]QD VUHGVWYD ^HID
PLVLMH

AODQ 

'UCDYD NRG NRMH VH DNUHGLWXMH GDMH

VYHRODN^LFH]DREDYOMDQMHIXQNFLMDPLVLMH
AODQ 

AODQ 

3RGUH]HUYRP]DNRQDLSURSLVDNRML
VHRGQRVHQD]RQHXNRMHMHXOD]]DEUD 
QMHQ LOL SRVHEQR UHJXOLVDQ L] UD]ORJD QD 
FLRQDOQHEH]EHGQRVWLGUCDYDNRGNRMHVH
DNUHGLWXMH REH]EH_XMH VYLP aODQRYLPD
PLVLMH VORERGX SXWRYDQMD L NUHWDQMD QD
VYRMRMWHULWRULML

'UCDYDNRGNRMHVHDNUHGLWXMHPR 
UD ELOR RODN^DWL GUCDYL NRMD DNUHGLWXMH GD
QDQMHQRMWHULWRULMLXRNYLUXQMHQRJ]DNR 
QRGDYVWYD VWLaH SURVWRULMH SRWUHEQH ]D
QMHQXPLVLMXELORSRPR`LGUCDYLNRMDDN 
UHGLWXMH GD GR_H GR SURVWRULMD QD QHNL
GUXJLQDaLQ



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SUHX]PH GLSORPDWVNX YDOL]X L] UXNX ]D 
SRYHGQLNDYD]GXKRSORYD

AODQ 

'UCDYDNRGNRMHVHDNUHGLWXMHGR] 
YROMDYD L ^WLWL VORERGQR RS^WHQMH PLVLMH X
VYHVOXCEHQHVYUKH8RS^WHQMXVDYODGRP
LVDGUXJLPPLVLMDPDLNRQ]XODWLPDGUCDYH
NRMD DNUHGLWXMH PD JGH VH RQL QDOD]LOL
PLVLMDPRCHXSRWUHEOMDYDWLVYDRGJRYDUD 
MX`D VUHGVWYD NRPXQLNDFLMD XNOMXaXMX`L
GLSORPDWVNRJ NXULUD L SRUXNH NRGHNVRP
LOL^LIURP0H_XWLPPLVLMDPRCHSRVWDYLWL
LNRULVWLWLRWSUHPQXUDGLRVWDQLFXVDPRX]
SULVWDQDNGUCDYHNRGNRMHVHDNUHGLWXMH
6OXCEHQDSUHSLVNDPLVLMHMHQHSR 
YUHGLYD ,]UD] VOXCEHQD SUHSLVNDm R]
QDaDYDVYDNXSUHSLVNXNRMDVHRGQRVLQD
PLVLMXLQMHQHIXQNFLMH
'LSORPDWVNDYDOL]DQHVPHELWLQL
RWYRUHQDQL]DGUCDQD
3DNHWNRMLaLQHGLSORPDWVNXYDOL]X
WUHEDGDQRVHYLGQHVSROMQHR]QDNHVYRMH
SULURGHLPRJXVDGUCDWLVDPRGLSORPDWVNH
GRNXPHQWHLOLSUHGPHWH]DVOXCEHQXXSR 
WUHEX
'UCDYDNRGNRMHVHDNUHGLWXMH^WLWL
XYU^HQMXQMHJRYLKIXQNFLMDGLSORPDWVNRJ
NXULUDNRMLPRUDLPDWLVOXCEHQLGRNXPHQW
NRMLPVHSRWYU_XMHQMHJRYRVYRMVWYRLR] 
QDaDYDEURMSDNHWDNRMLaLQHGLSORPDWVNX
YDOL]X 2Q XCLYD QHSRYUHGLYRVW VYRMH
OLaQRVWLLQHPRCHELWLSRGYUJQXWQLNDNYRM
YUVWLKDS^HQMDLOLSULWYDUDQMD
 'UCDYD NRMD DNUHGLWXMH LOL PLVLMD
PRCH LPHQRYDWL GLSORPDWVNH NXULUH DG
KRF , X WRP VOXaDMX `H VH SULPHQMLYDWL
RGUHGEH VWDYD  RYRJ aODQD SRG UH]HU 
YRPGD`HVHLPXQLWHWLNRMLVXWDPRQDE 
URMDQLSUHVWDWLGDVHSULPHQMXMXaLPNXULU
EXGHSUHGDRSULPDRFXGLSORPDWVNXYDOL 
]XNRMDPXMHELODSRYHUHQD
'LSORPDWVNDYDOL]DPRCHVHSRYH 
ULWL ]DSRYHGQLNX WUJRYDaNRJ YD]GXKRS
ORYVWYDNRMLWUHEDGDDWHULUDQDGR]YROMHQR
PHVWR XODVND 7DM ]DSRYHGQLN PRUD ELWL
VQDEGHYHQVOXCEHQLPGRNXPHQWRPXNR 
PHMHR]QDaHQEURMSDNHWDNRMLaLQHGLS 
ORPDWVNXYDOL]XDOLVHRQQHVPDWUDGLS 
ORPDWVNLP NXULURP 0LVLMD PRCH SRVODWL
QHNRJVYRJaODQDGDGLUHNWQRLVORERGQR

AODQ 

7DNVHLGDCELQHNRMHXELUDPLVLMD]D
VOXCEHQH UDGQMH RVORER_HQH VX VYDNRJ
SRUH]DLWDNVH
AODQ 

/LaQRVWGLSORPDWVNRJDJHQWDMHQHS 
ULNRVQRYHQD2QQHPRCHELWLSRGYUJQXW
QLNDNYRMYUVWLKDS^HQMDLOLSULWYRUD'UCDYD
NRGNRMHVHDNUHGLWXMHWUHWLUDJDVGXCQLP
SR^WRYDQMHP L SUHGX]LPD VYH UD]XPQH
PHUHGDELVSUHaLODQDQR^HQMHXYUHGDQMH 
JRYRMOLaQRVWLQMHJRYRMVORERGLLOLQMHJR 
YRPGRVWRMDQVWYX
AODQ 

3ULYDWDQVWDQGLSORPDWVNRJDJHQWD
XCLYDLVWXQHSRYUHGLYRVWLLVWX]D^WLWXNDR
LSURVWRULMHPLVLMH
 1MHJRYL GRNXPHQWL QMHJRYD SUH 
SLVND L SRG UH]HUYRP VWDYD  aODQD 
QMHJRYDLPRYLQDWDNR_HXCLYDMXQHSRYUH 
GLYRVW
AODQ 

 'LSORPDWVNL DJHQW XCLYD LPXQLWHW

RGNULYLaQRJVXGVWYDGUCDYHNRGNRMHVH
DNUHGLWXMH 2Q WDNR_H XCLYD LPXQLWHW RG
JUD_DQVNRJLXSUDYQRJVXGVWYDRVLPNDG
VHUDGLR
D QHNRM VWYDUQRM WXCEL NRMD VH RGQRVL
QD SULYDWQH QHSRNUHWQRVWL QD WHULWR
ULML GUCDYH NRG NRMH VH DNUHGLWXMH
RVLPDNRGLSORPDWVNLDJHQWSRVHGX 
MH WX QHSRNUHWQRVW ]D UDaXQ GUCDYH
NRMD DNUHGLWXMH D ]D SRWUHEH PLVLMH
E WXCEL NRMD VH RGQRVL QD QDVOH_H X
NRMRMVHGLSORPDWVNLDJHQWSRMDYOMXMH
NDR L]YU^LODF WHVWDPHQWD DGPLQLVWUD 
WRUQDVOHGQLNLOLOHJDWRUSRSULYDWQRM
RVQRYL D QH X LPH GUCDYH NRMD DN 
UHGLWXMH
F WXCEL NRMD VH RGQRVL QD VORERGQH
SURIHVLMHLOLWUJRYDaNHGHODWQRVWLPD
NDNYD RQD ELOD NRMX YU^L GLSORPDW 
VNL DJHQW X GUCDYL NRG NRMH VH DN 
UHGLWXMH L]YDQ VYRMLK VOXCEHQLK
IXQNFLMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

X GUCDYL NRMD DNUHGLWXMH LOL X QHNRM
WUH`RM GUCDYL
'LSORPDWVNLDJHQWNRMLLPDXVYR 
MRMVOXCELRVREOMHQDNRMHVHQHSULPHQMXMH
RVORER_HQMH SUHGYL_HQR X VWDYX  RYRJ
aODQDWUHEDGDSR^WXMHREDYH]HNRMHSRV 
ORGDYFX QDPH`X RGUHGEH R VRFLMDOQRP
RVLJXUDQMXGUCDYHNRGNRMHVHDNUHGLWXMH
2VORER_HQMHSUHGYL_HQRXWDa
L  RYRJ aODQD QH LVNOMXaXMHGREURYROMQR
XaH^`H X UHCLPX VRFLMDOQRJ RVLJXUDQMD
GUCDYH NRG NRMH VH DNUHGLWXMH DNR WD
GUCDYDGR]YROMDYDWDNYRXaH^`H
 2GUHGEH RYRJ aODQD QH GLUDMX X
UDQLMH ]DNOMXaHQH GYRVWUDQH LOL YL^HVWUDQH
VSRUD]XPH R VRFLMDOQRP RVLJXUDQMX L QH
VSUHaDYDMX EXGX`H ]DNOMXaLYDQMH WDNYLK
VSRUD]XPD

 'LSORPDWVNL DJHQW QLMH REDYH]DQ

GDVYHGRaL
 1LNDNYD PHUD L]YU^HQMD QH PRCH
VHSUHGX]HWLSURWLYGLSORPDWVNRJDJHQWD
RVLPXVOXaDMHYLPDSUHGYL_HQLPXVWD
ELFWDaNHRYRJaODQDLSRGXVORYRP
GD VH L]YU^HQMH PRCH VSURYHVWL D GD VH
WLPHQHYUH_DQHSULNRVQRYHQRVWQMHJRYH
OLaQRVWLLOLVWDQD
 ,PXQLWHW GLSORPDWVNRJ DJHQWD RG
VXGVWYDGUCDYHNRGNRMHVHDNUHGLWXMHQH
RVORED_D WRJ DJHQWD RG VXGVWYD GUCDYH
NRMDDNUHGLWXMH
AODQ 

 'UCDYD NRMD DNUHGLWXMH PRCH VH

RGUH`L VXGVNRJ LPXQLWHWD GLSORPDWVNLK
DJHQDWDLOLFDNRMDXCLYDMXLPXQLWHWQDRV 
QRYXaODQD
2GULFDQMHPRUDXYHNELWLL]ULaQR
$NRGLSORPDWVNLDJHQWLOLOLFHNRMH
XCLYDVXGVNLLPXQLWHWQDRVQRYXaODQD
SRNUHQHVXGVNLSRVWXSDNRQRVHYL^HQH
PRCHSR]LYDWLQDVXGVNLLPXQLWHWXSRJ 
OHGXSURWLYX]DKWHYDQHSRVUHGQRYH]DQRJ
]DRVQRYQL]DKWHY
2GULFDQMHRGVXGVNRJLPXQLWHWDX
SRJOHGXQHNHJUD_DQVNHWXCEHLOL]DKWHYH
X XSUDYQRP SRVWXSNX QH VPDWUD VH GD
SRYODaLRGULFDQMHRGLPXQLWHWDXSRJOHGX
PHUDL]YU^HQMDSUHVXGH]DNRMHMHSRWUHE 
QRSRVHEQRRGULFDQMH

AODQ 

'LSORPDWVNLDJHQWRVORER_HQMHVYLK
SRUH]DLWDNVDOLaQLKLOLVWYDUQLKGUCDYQLK
UHJLRQDOQLKLOLNRPXQDOQLKVDL]X]HWNRP
D SRVUHGQLK SRUH]D NRML VX SR VYRMRM
SULURGL RELaQR XNOMXaHQL X FHQX UR 
EH LOL XVOXJD
E SRUH]DLWDNVDQDSULYDWQXQHSRNUHW 
QX LPRYLQX QD WHULWRULML GUCDYH NRG
NRMH VH DNUHGLWXMH RVLP DNR MH GLS 
ORPDWVNL DJHQW SRVHGXMH ]D UDaXQ
GUCDYH NRMD DNUHGLWXMH D ]D SRWUHEH
PLVLMH
F QDVOHGQLK WDNVD NRMH XELUD GUCDYD
NRG NRMH VH DNUHGLWXMH SRG UH]HU
YRP RGUHGDED WDaNH  aODQD 
G SRUH]D LWDNVDQDOLaQHSULKRGHNRML
SRWLaX L] GUCDYH NRG NRMH VH DNUH
GLWXMH L SRUH]D QD NDSLWDO NRML VH
QDSOD`XMX QD XODJDQMD L]YU^HQD X WU 
JRYDaND SUHGX]H`D aLMH MH VHGL^WH X
GUCDYL NRG NRMH VH DNUHGLWXMH
H SRUH]D L WDNVD NRML VH XELUDMX NDR
QDNQDGD ]D SRVHEQH XVOXJH
I WDNVD ]D UHJLVWUDFLMX VXGVNLK KLSR
WHNDUQLKLILVNDOQLKWDNVDNDGVHUD 
GLRQHSRNUHWQRMLPRYLQLSRGUH]HU
YRP RGUHGDED aODQD 

AODQ 

 3RG UH]HUYRP RGUHGDED VWDYD 

RYRJaODQDGLSORPDWVNLDJHQWVHXSRJ 
OHGX VOXCEH GUCDYL RVORED_D RGUHGDED
VRFLMDOQRJ RVLJXUDQMD NRMH PRJX ELWL QD
VQD]LXGUCDYLNRGNRMHVHDNUHGLWXMH
 2VORER_HQMH SUHGYL_HQR X VWDYX
 RYRJ aODQD SULPHQMXMH VH LVWR WDNR QD
SULYDWQX SRVOXJX NRMD MH X LVNOMXaLYRM
VOXCEL GLSORPDWVNRJ DJHQWD SRG XVOR 
YRP
D GD VHQHUDGLRGUCDYOMDQLPDLOLOLFL 
PD NRMD LPDMX VWDOQR SUHELYDOL^WH X
GUCDYL L
E GD SRGOHCH RGUHGEDPD VRFLMDOQRJ
RVLJXUDQMD NRMH PRJX ELWL QD VQD]L



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QHSULPHQMXMHQDSRVWXSNHXaLQMHQHL]YDQ
YU^HQMD QMLKRYLK IXQNFLMD 2QL WDNR_H
XCLYDMX L SULYLOHJLMH SRPHQXWH X WDaNL 
aODQD  X SRJOHGX SUHGPHWD XYH]HQLK
SULOLNRPQMLKRYRJSUYRJGRVHOMHQMD
 AODQRYL SRVOXCQRJ RVREOMD PLVLMH
NRML QLVX GUCDYOMDQL GUCDYH NRG NRMH VH
DNUHGLWXMHLOLNRMLQHPDMXXQMRMVWDOQRSUH 
ELYDOL^WH XCLYDMX LPXQLWHW X SRJOHGX SR 
VWXSDNDXaLQMHQLKXYU^HQMXVYRMLKIXQNFL 
MDLRVORER_HQMHRGSRUH]DLWDNVDQDSODWH
NRMHSULPDMX]DVYRMXVOXCEXNDRLRVOR 
ER_HQMHSUHGYL_HQRXaODQX
 AODQRYL SULYDWQH SRVOXJHaODQRYD
PLVLMHNRMLQLVXGUCDYOMDQLGUCDYHNRGNRMH
VHDNUHGLWXMHLOLNRMLXQMRMQHPDMXVWDOQR
SUHELYDOL^WH RVORER_HQL VX RG SRUH]D L
WDNVD QD SODWH NRMH SULPDMX ]D VYRMX
VOXCEX 8 VYDNRP GUXJRP SRJOHGX RQL
XCLYDMXSULYLOHJLMHLLPXQLWHWHVDPRXRQRM
PHULNRMXGR]YROMDYDGUCDYDNRGNRMHVH
DNUHGLWXMH 0H_XWLP GUCDYD NRG NRMH VH
DNUHGLWXMHWUHEDVYRMXMXULVGLNFLMXQDGWLP
OLFLPDGDYU^LWDNRGDSUHWHUDQRQHRPHWD
YU^HQMHIXQNFLMDPLVLMH

AODQ 

'UCDYD NRG NRMH VH DNUHGLWXMH RVOR 

ERGL`HGLSORPDWVNHDJHQWHVYLKOLaQLKGD 
YDQMDVYDNHMDYQHVOXCEHPDNDNYHSUL 
URGHRQDELODLYRMQLKQDPHWDNDR^WRVX
UHNYL]LFLMHNRQWULEXFLMHLYRMQLVPH^WDM
AODQ 

3UHPDRGUHGEDPDVYRMLK]DNRQDL
SUDYLOQLND NRML PRJX ELWL GRQHWL GUCDYD
NRG NRMH VH DNUHGLWXMH RGREUDYD XYR] L
RVORER_HQMH RG FDULQD WDNVD L GUXJLK
GDCELQDVHPWUR^NRYDXVNODGL^WHQMDSUH 
YR]DLWUR^NRYD]DVOLaQHXVOXJH
D SUHGPHWH QDPHQMHQH ]D VOXCEHQH
SRWUHEH PLVLMH
E SUHGPHWH QDPHQMHQH ]D OLaQX XSRW 
UHEX GLSORPDWVNRJ DJHQWD LOL aODQR 
YD QMHJRYH SRURGLFH NRML aLQH GHR
QMHJRYRJ GRPD`LQVWYD XNOMXaXMX`L L
SUHGPHWH QDPHQMHQH ]D QMHJRY
VPH^WDM
 'LSORPDWVNL DJHQW MH RVORER_HQ
SUHJOHGD QMHJRYRJ OLaQRJ SUWOMDJD RVLP
DNR SRVWRMH R]ELOMQL UD]OR]L GD VH YHUXMH
GD WDM SUWOMDJ VDGUCL SUHGPHWH NRML QH
XCLYDMX RVORER_HQMD R NRMLPD MH UHa X
WDaNL  RYRJ aODQD LOL SUHGPHWH aLML MH
XYR]LOLL]YR]]DEUDQMHQ]DNRQRGDYVWYRP
LOLSRGOHCHNDUDQWLQVNLPSURSLVLPDGUCDYH
NRGNRMHVHDNUHGLWXMH8WDNYRPVOXaDMX
SUHJOHG SUWOMDJD VH PRCH YU^LWL VDPR X
SULVXVWYX GLSORPDWVNRJ DJHQWD LOL QMHJR 
YRJRYOD^`HQRJSUHGVWDYQLND

AODQ 

$NRGUCDYDNRGNRMHVHDNUHGLWXMH
QLMHGDODGRSXQVNHSULYLOHJLMHLLPXQLWHWH
GLSORPDWVNL DJHQW NRML LPD GUCDYOMDQVWYR
WHGUCDYHLOLNRMLLPDXQMRMVWDOQRSUHEL 
YDOL^WHXCLYDVXGVNLLPXQLWHWLQHSULNRVQR 
YHQRVW VDPR X SRJOHGX VOXCEHQLK UDGQML
XaLQMHQLKXYU^HQMXVYRMLKIXQNFLMD
2VWDOLaODQRYLRVREOMDPLVLMHLSUL 
YDWQH SRVOXJH NRML VX GUCDYOMDQL GUCDYH
NRGNRMHVHDNUHGLWXMHLOLNRMLLPDMXXQMRM
VWDOQR SUHELYDOL^WH XCLYDMX SULYLOHJLMH L
LPXQLWHWH VDPR DNR LP LK SUL]QDMH WD
GUCDYD0H_XWLPGUCDYDNRGNRMHVHDN 
UHGLWXMH WUHED VYRMX MXULVGLNFLMX QDG WLP
OLFLPDGDYU^LWDNRGDSUHWHUDQRQHRPHWD
YU^HQMHIXQNFLMDPLVLMH

AODQ 

 AODQRYL SRURGLFH GLSORPDWVNRJ

DJHQWD NRML aLQH GHR QMHJRYRJ GRPD`LQ 
VWYDXCLYDMXSULYLOHJLMHLLPXQLWHWHSRPH 
QXWHXaOGRSRGXVORYRPGDQLVX
GUCDYOMDQLGUCDYHNRGNRMHVHDNUHGLWXMH
 AODQRYL DGPLQLVWUDWLYQRJ L WHK
QLaNRJRVREOMDPLVLMHNDRLaODQRYLQMLKR 
YH SRURGLFH NRML aLQH GHR QMLKRYLK GR 
PD`LQVWDYDXCLYDMXSRGXVORYRPGDQLVX
GUCDYOMDQL GUCDYH NRG NRMH VH DNUHGLWXMH
LOLGDXQMRMQHPDMXVYRMHVWDOQRSUHELYD 
OL^WHSULYLOHJLMHLLPXQLWHWHSRPHQXWHXaO
GRVWLPGDVHLPXQLWHWRGJUD_DQ 
VNRJLXSUDYQRJVXGVWYDGUCDYHNRGNRMH
VHDNUHGLWXMHSRPHQXWXWDaNLaODQD

AODQ 

6YDNROLFHNRMHLPDSUDYRQDSUL 
YLOHJLMH L LPXQLWHWH NRULVWL VH QMLPD aLP
VWXSLQDWHULWRULMXGUCDYHNRGNRMHVHDN 
UHGLWXMHUDGLSUHX]LPDQMDVYRMHVOXCEHLOL
DNR VH YH` QDOD]L QD WRM WHULWRULML aLP MH
QMHJRYR LPHQRYDQMH QRWLILNRYDQR PLQLV 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

8XVORYLPDVOLaQLPRQLPDNRMLVX
SUHGYL_HQL X WDaNL  RYRJ aODQD WUH`H
GUCDYHQHWUHEDGDRPHWDMXSUROD]SUHNR
VYRMH WHULWRULMH aODQRYLPD DGPLQLVWUDWLY 
QRJ L WHKQLaNRJ RVREOMD LOL SRVOXCQRP
RVREOMXPLVLMHLaODQRYLPDQMLKRYLKSRUR 
GLFD
 7UH`H GUCDYH GDMX SUHSLVFL L GUX
JLP VOXCEHQLP VDRS^WHQMLPD NRML SUHOD]H
SUHNR QMLKRYH WHULWRULMH XNOMXaXMX`L L SR 
UXNH X NRGHNVX LOL ^LIUL LVWX VORERGX L
]D^WLWX NRMH SUXCD L GUCDYD NRG NRMH VH
DNUHGLWXMH 2QH SUL]QDMX GLSORPDWVNLP
NXULULPDNRMLPDMHL]GDWDYL]DDNRMHSR 
WUHEQDLGLSORPDWVNRMYDOL]LXWUDQ]LWXLVWX
QHSRYUHGLYRVWLLVWX]D^WLWXNRMXMHGXCQD
GD LP SUL]QD GUCDYD NRG NRMH VHDNUHGL 
WXMH
2EDYH]HWUH`LKGUCDYDQDRVQRYX
WDaLRYRJaODQDSULPHQMXMXVHLVWR
WDNR L QD OLFD SRPHQXWD X WLP WDaNDPD
NDRLQD VOXCEHQDVDRS^WHQMDLGLSORPDW 
VNH YDOL]H NDG VH RQL QD_X QD WHULWRULML
WUH`HGUCDYHXVOHGYL^HVLOH

WDUVWYXLQRVWUDQLKSRVORYDLOLQHNRPGUX 
JRPPLQLVWDUVWYXNRMHEXGHXJRYRUHQR
 .DG VH IXQNFLMH QHNRJ OLFD NRMH
XCLYD SULYLOHJLMH L LPXQLWHWH RNRQaDMX WH
SULYLOHJLMHLLPXQLWHWLSRSUDYLOXSUHVWDMX
X WUHQXWNX NDG WR OLFH QDSX^WD]HPOMX LOL
SR LVWHNX UD]XPQRJ URND NRML PX MH GDW
X WX VYUKX DOL RQL YDCH GR WRJ WUHQXWND
aDN L X VOXaDMX RUXCDQRJ VXNRED
0H_XWLP LPXQLWHW RVWDMH ]D UDGQMH NRMH
WROLFHXaLQLXYU^HQMXVYRMLKIXQNFLMDNDR
aODQPLVLMH
8VOXaDMXVPUWLQHNRJaODQDPLVLMH
aODQRYL QMHJRYH SRURGLFH L GDOMH XCLYDMX
SULYLOHJLMHLLPXQLWHWHQDNRMHLPDMXSUDYR
GR LVWHND UD]XPQRJ URND NRML LP MH SRW 
UHEDQGDQDSXVWHWHULWRULMXGUCDYHNRGNR 
MHVHDNUHGLWXMH
 8 VOXaDMX VPUWL aODQD PLVLMH NRML
QLMHGUCDYOMDQLQGUCDYHNRGNRMHVHDNUH 
GLWXMHLOLNRMLXQMRMQHPDVWDOQRSUHELYD 
OL^WH LOL aODQD QMHJRYH SRURGLFH NRML aLQL
GHR QMHJRYRJ GRPD`LQVWYD GUCDYD NRG
NRMHVHDNUHGLWXMHRGREUDYDL]QR^HQMHSR 
NUHWQH LPRYLQH SUHPLQXORJ RVLP SUHG 
PHWD NRML VX VWHaHQL X WRM ]HPOML D aLML MH
L]YR]]DEUDQMHQXWUHQXWNXVPUWL1H`HVH
QDSOD`LYDWL QDVOHGQH WDNVH QD SRNUHWQX
LPRYLQXNRMDVHXGUCDYLNRGNRMHVHDN 
UHGLWXMH QDOD]L MHGLQR ]ERJ WRJD ^WR VH
SUHPLQXOL QDOD]LR X WRM GUCDYL NDR aODQ
PLVLMHLOLNDRaODQSRURGLFHaODQDPLVLMH

AODQ 

 1H GLUDMX`L X QMLKRYH SULYLOHJLMH L

LPXQLWHWHVYDOLFDNRMDXCLYDMXWHSULYLOH 
JLMH L LPXQLWHWH GXCQD VX GD SR^WXMX ]D 
NRQH L SURSLVH GUCDYH NRG NRMH VH DNUH 
GLWXMH 2QD VX WDNR_H GXCQD GD VH QH
PH^DMXXXQXWUD^QMHVWYDULWHGUCDYH
 6YL VOXCEHQL SRVORYL VD GUCDYRP
NRGNRMHVHDNUHGLWXMHDNRMHGUCDYDNRMD
DNUHGLWXMHSRYHUDYDPLVLMLPRUDMXVHYR 
GLWL VD PLQLVWDUVWYRP LQRVWUDQLK SRVORYD
GUCDYHNRGNRMHVHDNUHGLWXMHLOLQMHJRYLP
SRVUHGVWYRP LOL VD QHNLP PLQLVWDUVWYRP
RNRPHEXGHGRJRYRUHQR
3URVWRULMHPLVLMHQHVPHMXVHXSR 
WUHEOMDYDWL]DFLOMHYHNRMLQLVXXVNODGXVD
IXQNFLMDPD PLVLMH RQDNR NDNR VX RG 
UH_HQHRYRPNRQYHQFLMRPLOLGUXJLPSUD 
YLOLPDRS^WHJPH_XQDURGQRJSUDYDLOLSR 
VHEQLP VSRUD]XPLPD QD VQD]L L]PH_X
GUCDYH NRMD DNUHGLWXMH LGUCDYHNRGNRMH
VHDNUHGLWXMH

AODQ 

$NRGLSORPDWVNLDJHQWSUHOD]LSUH 
NR WHULWRULMH LOL VH QD_H QD WHULWRULML QHNH
WUH`H GUCDYH NRMD PX MH L]GDOD YL]X QD
SDVR^DNRMHWDYL]DSRWUHEQDGDELL^DR
GD SUHX]PH VYRMH IXQNFLMH LOL GD EL VH
YUDWLRQDVYRMXVOXCEXLOLGDELVHYUDWLR
XVYRMX]HPOMXWDWUH`DGUCDYD`HPXSUL] 
QDWLQHSULNRVQRYHQRVWLVYHGUXJHLPXQL 
WHWHNRMLVXSRWUHEQLGDELPXRPRJX`LOD
SUROD]LOLSRYUDWDN2QD`HLVWRWDNRSRV 
WXSLWLXSRJOHGXaODQRYDQMHJRYHSRURGL 
FHNRMLXCLYDMXSULYLOHJLMHLLPXQLWHWHDNRML
SUDWHGLSORPDWVNRJDJHQWDLOLNRMLSXWXMX
RGYRMHQR GDELVHVDVWDOLVQMLPLOLGDEL
VHYUDWLOLXVYRMX]HPOMX

AODQ 

'LSORPDWVNL DJHQW QH VPH YU^LWL X

GUCDYLNRGNRMHVHDNUHGLWXMHSURIHVLRQDO 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QXLOLWUJRYDaNXGHODWQRVWUDGLOLaQH]DUD 
GH

GUCDYL GUCDYD NRMD DNUHGLWXMH PRCH SUH 

X]HWLSULYUHPHQX]D^WLWXLQWHUHVDWHWUH`H
GUCDYHLQMHQLKGUCDYOMDQD

AODQ 

AODQ 

)XQNFLMH GLSORPDWVNRJ DJHQWD SUHV 

WDMXL]PH_XRVWDORJ
D QRWLILNDFLMRP GUCDYH NRMD DNUHGLWXMH
GUCDYL NRG NRMH VH DNUHGLWXMH GD VX
IXQNFLMH GLSORPDWVNRJ DJHQWD SUHV 
WDOH
E QRWLILNDFLMRPGUCDYHNRGNRMHVHDN 
UHGLWXMH GUCDYL NRMD DNUHGLWXMH GD
VKRGQR VWDYX  aODQD  WD GUCDYD
RGELMDGDSUL]QDGLSORPDWVNRJDJHQ 
WD ]D aODQD PLVLMH

3ULPHQMXMX`LRGUHGEHRYHNRQYHQ 
FLMH GUCDYD NRG NRMH VH DNUHGLWXMH QH`H
SULKYDWLWLGLVNULPLQDFLMXL]PH_XSRMHGLQLK
GUCDYD
0H_XWLP QH`HVHVPDWUDWLGLVNUL 
PLQDFLMRP
D DNR GUCDYD NRG NRMH VH DNUHGLWXMH
SULPHQMXMH UHVWULNWLYQR QHNX RGUHG
EXRYHNRQYHQFLMH]ERJWRJD^WRVH
RQDWDNRSULPHQMXMHQDQMHQXPLVLMX
X GUCDYL NRMD DNUHGLWXMH
E DNRSRMHGLQHGUCDYHSULPHQMXMXX]D 
MDPQRSRRELaDMXLOLQDRVQRYXVSR 
UD]XPD SRYROMQLML SRVWXSDN QHJR
^WR WRSUHGYL_DMXRGUHGEHRYHNRQ
YHQFLMH

AODQ 

'UCDYDNRGNRMHVHDNUHGLWXMHWUHED
aDN L X VOXaDMX RUXCDQRJ VXNRED GDWL
RODN^LFH GD EL RPRJX`LOD OLFLPD NRMD
XCLYDMXSULYLOHJLMHLLPXQLWHWHRVLPGUCDY 
OMDQLPDGUCDYHNRGNRMHVHDNUHGLWXMHNDR
L aODQRYLPD SRURGLFD WLK OLFD PD NRJ
GUCDYOMDQVWYDRQLELOLGDQDSXVWHWHULWRULMX
X QDMNUD`HP PRJX`HP URNX 2QD QD 
URaLWR PRUD DNR MH WR SRWUHEQR GD LP
VWDYL QD UDVSRODJDQMH SUHYR]QD VUHGVWYD
QHRSKRGQD]DQMLKLQMLKRYXLPRYLQX

AODQ 

2YD NRQYHQFLMD EL`H RWYRUHQD ]D

SRWSLVLYDQMH VYLP GUCDYDPDaODQLFDPD
2UJDQL]DFLMH XMHGLQMHQLK QDFLMD LOL QHNH
VSHFLMDOL]RYDQH XVWDQRYH NDR L VYLP
GUCDYDPD aODQLFDPD 6WDWXWD 0H_XQDURG 
QRJ VXGD SUDYGH L VYDNRM GUXJRM GUCDYL
NRMX *HQHUDOQD VNXS^WLQD 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDSR]RYHGDSRVWDQHaOD 
QLFDNRQYHQFLMHQDVOHGH`LQDaLQGR
RNWREUDJRGLQHX6DYH]QRPPLQLV 
WDUVWYX LQRVWUDQLK SRVORYD $XVWULMH D ]D 
WLPGRPDUWDJRGLQHXVHGL^WX
2UJDQL]DFLMH XMHGLQMHQLK QDFLMD X 1MXMRU 
NX

AODQ 

8 VOXaDMX SUHNLGD GLSORPDWVNLK RG 

QRVD L]PH_X GYH GUCDYH LOL DNRMHQHND
PLVLMDNRQDaQRLOLSULYUHPHQRRSR]YDQD
D GUCDYDNRGNRMHVHDNUHGLWXMHGXCQD
MHaDNLXVOXaDMXRUXCDQRJVXNRED
SR^WRYDWL L ^WLWLWL SURVWRULMH PLVLMH
NDR L QMHQX LPRYLQX L DUKLYX
E GUCDYDNRMDDNUHGLWXMHPRCHSRYHULWL
QDaXYDQMHSURVWRULMHPLVLMHVDLPR 
YLQRP NRMD VH X QMLPD QDOD]LNDR L
DUKLYXQHNRMWUH`RMGUCDYLNRMXSULK 
YDWD L GUCDYD SULMHPD
F GUCDYDNRMDDNUHGLWXMHPRCHSRYHULWL
]D^WLWXVYRMLKLQWHUHVDLLQWHUHVDVYR 
MLKGUCDYOMDQDQHNRMWUH`RMGUCDYLNR 
MXSULKYDWDLGUCDYDNRGNRMHVHDN 
UHGLWXMH

AODQ 

2YD NRQYHQFLMD EL`H UDWLILNRYDQD

5DWLILNDFLRQL LQVWUXPHQWL `H ELWL GHSRQR 
YDQL NRGJHQHUDOQRJVHNUHWDUD2UJDQL]D 
FLMHXMHGLQMHQLKQDFLMD
AODQ 

2YD NRQYHQFLMD RVWD`H RWYRUHQD ]D

SULVWXSDQMHVYLPGUCDYDPDNRMHSULSDGDMX
MHGQRM RG aHWLUL NDWHJRULMH SRPHQXWH X
aODQX  ,QVWUXPHQWL R SULVWXSDQMX EL`H
GHSRQRYDQLNRGJHQHUDOQRJVHNUHWDUD2U 
JDQL]DFLMHXMHGLQMHQLKQDFLMD

AODQ 

8] SUHWKRGQL SULVWDQDN GUCDYH NRG

NRMHVHDNUHGLWXMHLQDWUDCHQMHQHNHWUH`H
GUCDYH NRMD QHPD SUHGVWDYQL^WYR X WRM



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VLPDGDOMHXWHNVWXQD]YDQH.RQYHQFLMDm
NRMDMHXVYRMHQDQD.RQIHUHQFLML8MHGLQMH 
QLK QDFLMD RGUCDQRM X %HaX RG  PDUWD
GRDSULODJRGLQH
L]UDCDYDMX`LCHOMXGDNDGVXRQHX
SLWDQMXSULEHJDYDMXREDYH]QRMQDGOHCQR 
VWL0H_XQDURGQRJVXGDSUDYGH]DUH^DYD 
QMHVYLKVSRURYDXSRJOHGXWXPDaHQMDLOL
SULPHQH.RQYHQFLMHRVLPNDGVWUDQHXV 
YRMH SR ]DMHGQLaNRP VSRUD]XPX L X UD 
]XPQRPURNXQHNLGUXJLQDaLQUH^DYDQMD
VORCLOHVXVHXVOHGH`HP

AODQ 

 2YD NRQYHQFLMD VWXSL`H QDVQDJX

WULGHVHWRJ GDQD SRVOH GDQD GHSRQRYDQMD
NRG JHQHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDGYDGHVHWGUXJRJLQVWUX 
PHQWDRUDWLILNDFLMLLOLSULVWXSDQMX
=DVYDNXGUCDYXNRMDEXGHUDWLIL 
NRYDOD NRQYHQFLMX LOL MRM EXGH SULVWXSLOD
SRVOH GHSRQRYDQMD GYDGHVHW GUXJRJ LQ 
VWUXPHQWD R UDWLILNDFLML LOL SULVWXSDQMX
NRQYHQFLMD`HVWXSLWLQDVQDJXWULGHVHWRJ
GDQDSRVOHGHSRQRYDQMDLQVWUXPHQWDRUD 
WLILNDFLMLLOLSULVWXSDQMXWHGUCDYH

AODQ ,

AODQ 

6SRURYLRWXPDaHQMXLOLSULPHQL.RQ 
YHQFLMH VSDGDMX X REDYH]QX QDGOHCQRVW
0H_XQDURGQRJ VXGD SUDYGH SUHG NRML
SR RYRP RVQRYX VYDND VWUDQD X VSRUX
NRMDEXGHLVDPDaODQLFDRYRJSURWRNROD
PRCHVYRMLPSRGQHVNRPL]QHWLVSRU

*HQHUDOQL VHNUHWDU 2UJDQL]DFLMH XMH 

GLQMHQLKQDFLMDQRWLILNRYD`HVYLPGUCDYD 
PDNRMHSULSDGDMXMHGQRMRGaHWLULNDWHJR 
ULMHSRPHQXWHXaODQX
D VYDNR SRWSLVLYDQMH RYH NRQYHQFLMH L
GHSRQRYDQMH LQVWUXPHQWD R UDWLILND 
FLMLLOLSULVWXSDQMXVKRGQRaO
L 
E GDQVWXSDQMDRYHNRQYHQFLMHQDVQD 
JX VKRGQR aODQX 

AODQ ,,

6WUDQH PRJX XJRYRULWL X URNX RG

GYDPHVHFDSRVOHQRWLILNDFLMHMHGQHVWUDQH
GUXJRM GD SR QMHQRP PL^OMHQMX SRVWRML
VSRUGD]DMHGQLaNLXPHVWRGDVHREUDWH
0H_XQDURGQRPVXGXSUDYGHXVYRMHSR 
VWXSDN SUHG QHNLP DUELWUDCQLP VXGRP
.DG WDM URN LVWHNQH VYDND VWUDQD PRCH
SRGQHVNRPL]QHWLVSRUSUHG0H_XQDURG 
QLVXGSUDYGH

AODQ 

2ULJLQDO RYH NRQYHQFLMH aLML VX HQ 

JOHVNL NLQHVNL ^SDQVNL IUDQFXVNL L UXVNL
WHNVW SRGMHGQDNR YHURGRVWRMQL EL`H GH 
SRQRYDQNRGJHQHUDOQRJVHNUHWDUD2UJD 
QL]DFLMH XMHGLQMHQLK QDFLMD NRML `H GRVWD 
YLWL RYHUHQH NRSLMH VYLP GUCDYDPD NRMH
SULSDGDMX MHGQRM RG aHWLUL NDWHJRULMH SR 
PHQXWHXaODQX
8SRWYUGXaHJDVXGROHSRWSLVDQLSX 
QRPR`QLFL SURSLVQR ]D WR RYOD^`HQL RG
VYRMLKYODGDSRWSLVDOLRYXNRQYHQFLMX
6DaLQMHQRX%HaXRVDPQDHVWRJDSUL 
ODKLOMDGXGHYHWVWR^H]GHVHWSUYHJRGLQH

AODQ ,,,

 6WUDQH VH WDNR_H PRJX VSRUD]X 

PHWL X LVWRP URNX RG GYD PHVHFD GD
SULEHJQX SRVWXSNX NRQVLOLDFLMH SUH QHJR
^WRVHREUDWH0H_XQDURGQRPVXGXSUDY 
GH
.RQVLOLDWRUQDNRPLVLMDWUHEDGDVD 
VWDYLVYRMHSUHSRUXNHXURNXRGSHWPH 
VHFLSRVOHVYRJREUD]RYDQMD$NRLKVWUD 
QHXVSRUXQHSULKYDWHWRNRPGYDPHVHFD
SRVOH QMLKRYRJ SURJOD^HQMD VYDND VWUDQD
`H ELWL VORERGQD GD SRGQHVNRP L]QHVH
VSRUSUHG0H_XQDURGQLVXGSUDYGH

35272.2/
6$ )$.8/7$7,91,0
3273,6,9$1-(0 .2-, 6(
2'126, 1$ 2%$9(=12
5(>$9$1-( 632529$

AODQ ,9

'UCDYHaODQLFH.RQYHQFLMH3URWRNR 
OD VD IDNXOWDWLYQLP SRWSLVLYDQMHP NRML VH
WLaHVWLFDQMDGUCDYOMDQVWYDLRYRJSURWRNR 
ODPRJXXVYDNRGREDL]MDYLWLGDRGUHGEH
RYRJSURWRNRODSUR^LUXMXQDVSRURYHQD 

'UCDYHSRWSLVQLFH RYRJ SURWRNROD L

%HaNH NRQYHQFLMH R GLSORPDWVNLP RGQR 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VWDOHXVOHGWXPDaHQMDLOLSULPHQH3URWRNR 
OD VD IDNXOWDWLYQLP SRWSLVLYDQMHP NRML VH
WLaH VWLFDQMD GUCDYOMDQVWYD 7H L]MDYH EL`H
GRVWDYOMHQH JHQHUDOQRP VHNUHWDUX 8MHGL 
QMHQLKQDFLMD

E R L]MDYDPD GDWLP VKRGQR aODQX ,9

RYRJ SURWRNROD
F RGDQXVWXSDQMDQDVQDJXRYRJSUR
WRNROD VKRGQR aODQX 9,,,

AODQ 9

2ULJLQDO RYRJ SURWRNROD aLML VX HQ

JOHVNL NLQHVNL ^SDQVNL IUDQFXVNL L UXVNL
WHNVW SRGMHGQDNR YHURGRVWRMQL EL`H GH 
SRQRYDQNRGJHQHUDOQRJVHNUHWDUD2UJD 
QL]DFLMH XMHGLQMHQLK QDFLMD NRML `H GRVWD 
YLWLRYHUHQHNRSLMHVYLPGUCDYDPDRNR 
MLPDMHUHaXaODQX9
8SRWYUGXaHJDVXGROHSRWSLVDQLSX
QRPR`QLFL SURSLVQR ]D WR RYOD^`HQL RG
VYRMLKYODGDSRWSLVDOLRYDMSURWRNRO
5D_HQRX%HaXRVDPQDHVWRJDSULOD
KLOMDGXGHYHWVWR^H]GHVHWSUYHJRGLQH

AODQ ;

2YDMSURWRNROEL`HRWYRUHQ]DSRWSL 
VLYDQMHVYLPGUCDYDPDNRMHEXGXSRVWDOH
aODQLFH .RQYHQFLMH QD VOHGH`L QDaLQ GR
 RNWREUD  X 6DYH]QRP PLQLVWDU 
VWYX LQRVWUDQLK SRVORYD $XVWULMH D SRVOH
WRJDGRPDUWDXVHGL^WX2UJD 
QL]DFLMHXMHGLQMHQLKQDFLMDX1MXMRUNX
AODQ 9,

2YDM SURWRNRO EL`H UDWLILNRYDQ 5DWL 

ILNDFLRQL LQVWUXPHQWL EL`H GHSRQRYDQL
NRG JHQHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMD
AODQ 9,,

35272.2/
6$ )$.8/7$7,91,0
3273,6,9$1-(0 .2-, 6(
7,A( 67,&$1-$
'5#$9/-$1679$

2YDMSURWRNRORVWD`HRWYRUHQ]DSUL 
VWXSDQMHVYLPGUCDYDPDNRMHEXGXaODQL 
FH .RQYHQFLMH ,QVWUXPHQWL R SULVWXSDQMX
EL`HGHSRQRYDQLNRGJHQHUDOQRJVHNUHWD 
UD2UJDQL]DFLMHXMHGLQMHQLKQDFLMD
AODQ 9,,,

'UCDYH SRWSLVQLFH RYRJ SURWRNROD L

%HaNH NRQYHQFLMH R GLSORPDWVNLP RGQR 
VLPDGDOMHQD]YDQH .RQYHQFLMDmNRMDMH
XVYRMHQD QD .RQIHUHQFLML 8MHGLQMHQLK QD 
FLMD RGUCDQRM X %HaX RG  PDUWD GR 
DSULODJRGLQH
L]UDCDYDMX`L CHOMX GD PH_X VRERP
XVWDQRYH QRUPH ]D VWLFDQMH GUCDYOMDQVWYD
aODQRYDQMLKRYLKGLSORPDWVNLKPLVLMDLaOD 
QRYDQMLKRYLKSRURGLFDNRMLaLQHGHRQML 
KRYRJGRPD`LQVWYD
VORCLOHVXVHXVOHGH`HP

 2YDM SURWRNRO VWXSL`H QD VQDJX

LVWRJGDQDNDGL.RQYHQFLMDLOLDNRMHRYDM
GUXJLGDWXPGRFQLMLWULGHVHWRJGDQDSRVOH
GHSRQRYDQMD NRG JHQHUDOQRJ VHNUHWDUD
2UJDQL]DFLMHXMHGLQMHQLKQDFLMDGUXJRJUD 
WLILNDFLRQRJ LQVWUXPHQWD SURWRNROD LOL LQ 
VWUXPHQWDRSULVWXSDQMXWRPSURWRNROX
=DVYDNXGUCDYXNRMDEXGHUDWLIL 
NRYDOD RYDM SURWRNRO LOL PX EXGH SULVWX 
SLOD SRVOH QMHJRYRJ VWXSDQMD QD VQDJX
VKRGQR VWDYX  RYRJ aODQD SURWRNRO `H
VWXSLWLQDVQDJXWULGHVHWRJGDQDSRVOHGH 
SRQRYDQMDLQVWUXPHQWDWHGUCDYHRUDWLIL 
NDFLMLLOLSULVWXSDQMX

AODQ ,

8VPLVOXRYRJSURWRNRODL]UD] aOD
QRYLPLVLMHmLPDVPLVDRNRMLPXMHGDWX
VWDYX E aODQD , .RQYHQFLMH WR MHVW R] 
QDaDYD ^HIDPLVLMHLaODQRYHRVREOMDPL
VLMHm

AODQ ,;

*HQHUDOQL VHNUHWDU 2UJDQL]DFLMH XMH 

GLQMHQLK QDFLMD `H REDYHVWLWL VYH GUCDYH
NRMHPRJXSRVWDWLaODQLFH.RQYHQFLMH
D R SRWSLVLYDQMX RYRJ SURWRNROD L R
GHSRQRYDQMX LQVWUXPHQWD R UDWLILND 
FLML LOL SULVWXSDQMX VKRGQR aO 9 9,
L 9,,

AODQ ,,

AODQRYLPLVLMHNRMLQHPDMXGUCDYOMDQ 
VWYR GUCDYH NRMD DNUHGLWXMH L aODQRYL QML 
KRYLKSRURGLFDNRMLaLQHGHRQMLKRYRJGR 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

=DVYDNXGUCDYXNRMDEXGHUDWLIL 
NRYDOD RYDM SURWRNRO LOL PX EXGH SULVWX 
SLOD SRVOH QMHJRYRJ VWXSDQMD QD VQDJX
VKRGQR VWDYX  RYRJ aODQD SURWRNRO `H
VWXSLWLQDVQDJXWULGHVHWRJGDQDSRVOHGH 
SRQRYDQMDLQVWUXPHQWDWHGUCDYHRUDWLIL 
NDFLMLLOLSULVWXSDQMX

PD`LQVWYDQHVWLaXGUCDYOMDQVWYRWHGUCDYH
VDPLPGHMVWYRPQMHQRJ]DNRQRGDYVWYD
AODQ ,,,

2YDMSURWRNROEL`HRWYRUHQ]DSRWSLVL
YDQMHVYLPGUCDYDPDNRMHEXGXSRVWDOHaOD 
QLFH .RQYHQFLMH QD VOHGH`L QDaLQ GR 
RNWREUDJRGLQHX6DYH]QRPPLQLVWDU
VWYXLQRVWUDQLKSRVORYD$XVWULMHD]DWLPGR
 PDUWD  JRGLQH X 6HGL^WX 2UJDQL
]DFLMHXMHGLQMHQLKQDFLMDX1MXMRUNX

AODQ 9,,

*HQHUDOQL VHNUHWDU 2UJDQL]DFLMH XMH 

GLQMHQLKQDFLMDREDYHVWL`HVYHGUCDYHNRMH
PRJXSRVWDWLaODQLFH.RQYHQFLMH
D R SRWSLVLYDQMX RYRJ SURWRNROD L GH 
SRQRYDQMX LQVWUXPHQWD R UDWLILNDFLML
LOLSULVWXSDQMXVKRGQRaO,,,,9L9
E R GDQX VWXSDQMD RYRJ SURWRNROD QD
VQDJX VKRGQR aODQX 9,

AODQ ,9

2YDM SURWRNRO EL`H UDWLILNRYDQ 5DWL 

ILNDFLRQL LQVWUXPHQWL `H ELWL GHSRQRYDQL
NRG JHQHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMD
AODQ 9

AODQ 9,,,

2YDMSURWRNRORVWD`HRWYRUHQ]DSUL 
VWXSDQMHVYLPGUCDYDPDNRMHEXGXSRVWD 
OH aODQLFH .RQYHQFLMH ,QVWUXPHQWL R SULV 
WXSDQMXEL`HGHSRQRYDQLNRGJHQHUDOQRJ
VHNUHWDUD2UJDQL]DFLMHXMHGLQMHQLKQDFLMD

2ULJLQDO RYRJ SURWRNROD aLML VX HQ 

JOHVNL NLQHVNL ^SDQVNL IUDQFXVNL L UXVNL
WHNVWSR_HGQDNRYHURGRVWRMQLEL`HGHSR 
QRYDQ NRG JHQHUDOQRJ VHNUHWDUD 2UJDQL 
]DFLMHXMHGLQMHQLKQDFLMDNRML`HGRVWDYLWL
RYHUHQH NRSLMH VYLP GUCDYDPD R NRMLPD
MHUHaXaODQX,,,
8SRWYUGXaHJDVXGROHSRWSLVDQLSX 
QRPR`QLFL SURSLVQR ]D WR RYOD^`HQL RG
VYRMLKYODGDSRWSLVDOLRYDMSURWRNRO
6DaLQMHQRX%HaXRVDPQDHVWRJDSULOD
KLOMDGXGHYHWVWR^H]GHVHWSUYHJRGLQH

AODQ 9,

 2YDM SURWRNRO VWXSL`H QD VQDJX

LVWRJGDQDNDGL.RQYHQFLMDLOLDNRMHRYDM
GUXJLGDWXPNDVQLMLWULGHVHWRJGDQDSRVOH
GHSRQRYDQMD NRG JHQHUDOQRJ VHNUHWDUD
2UJDQL]DFLMHXMHGLQMHQLKQDFLMDGUXJRJLQ 
VWUXPHQWDRUDWLILNDFLMLSURWRNRODLOLLQVWUX 
PHQWDRSULVWXSDQMXSURWRNROX

 %HaND NRQYHQFLMD

R NRQ]XODUQLP RGQRVLPD
'UCDYHXJRYRUQLFHRYHNRQYHQFLMH
SRGVH`DMX`LGDVXYH`XGDYQDYUH
PHQDXVSRVWDYOMHQLNRQ]XODUQLRGQRVLL] 
PH_XQDURGD
VYHVQHFLOMHYDLQDaHOD3RYHOMH8MHGL
QMHQLK QDFLMD R VXYHUHQRM MHGQDNRVWL
GUCDYDRRaXYDQMXPH_XQDURGQRJPLUDL
EH]EHGQRVWLLRUD]YRMXSULMDWHOMVNLKRGQR 
VDPH_XQDURGLPD
LPDMX`L X YLGX GD MH .RQIHUHQFLMD
8MHGLQMHQLK QDFLMD R GLSORPDWVNLPRGQR 


VLPD R LPXQLWHWLPD XVYRMLOD %HaNX NRQ 

YHQFLMXRGLSORPDWVNLPRGQRVLPDNRMDMH
RWYRUHQD ]D SRWSLVLYDQMH  DSULOD 
JRGLQH
XYHUHQH GD `H PH_XQDURGQD NRQ
YHQFLMD R NRQ]XODUQLP RGQRVLPD SULYL 
OHJLMDPDLLPXQLWHWLPDWDNR_HGRSULQHWL
XQDSUH_LYDQMX SULMDWHOMVNLK RGQRVD PH 
_X ]HPOMDPD PD NDNR UD]OLaLWL ELOL QML 
KRYLXVWDYQLLGUX^WYHQLVLVWHPL

3RWSLVDQD X %HaX  DSULOD  JRGLQH 6WXSLOD QD VQDJX  PDUWD   6O OLVW 6)50H_XQDURGQL XJRYRUL L GUXJL VSRUD]XPL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

XYHUHQHGDMHFLOMWLKSULYLOHJLMDLLPX
QLWHWD QH GD VH SUXCDMXNRULVWLSRMHGLQFL 
PDYH`GDVHREH]EHGLXVSH^QRLVSXQMH 
QMHQMLKRYLKIXQNFLMDSUHNRNRQ]XODWDDX
LPHQMLKRYLKGUCDYD
SRWYU_XMX`LGD`HVHSLWDQMDNRMDQLVX
L]ULaLWRUH^HQDRGUHGEDPDRYHNRQYHQFLMH
LGDOMHUH^DYDWLSUHPDSUDYLOLPDRELaDMQRJ
PH_XQDURGQRJSUDYD
VORCLOHVXVHXVOHGH`HP

NOMXaLYR X SULYDWQRM VOXCEL QHNRJ

aODQD NRQ]XODWD
M L]UD] NRQ]XODUQH SURVWRULMHm R]
QDaDYD ]JUDGH LOO GHORYH ]JUDGD L
RNROQR]HPOML^WHNRMLPDNRELRQML 
KRY VRSVWYHQLN VOXCH LVNOMXaLYR ]D
FLOMHYH NRQ]XODWD
N L]UD] NRQ]XODUQD DUKLYDm R]QDaDYD
VYH LVSUDYH GRNXPHQWH SUHSLVNX
NQMLJH ILOPRYH PDJQHWRIRQVNH WUD 
NH L UHJLVWUH NRQ]XODWD NDR L PDWH 
ULMDO ]D ^LIULUDQMH NDUWRWHNH L QD
PH^WDM NRML MH QDPHQMHQ QMLKRYRM
]D^WLWL L aXYDQMX
 3RVWRMH GYH YUVWH NRQ]XODUQLK
IXQNFLRQHUDNDULMHUQLLSRaDVQLNRQ]XODU 
QLIXQNFLRQHUL2GUHGEHGUXJHJODYHRYH
NRQYHQFLMH RGQRVH VH QD NRQ]XODWH NRML 
PDUXNRYRGHNDULMHUQLNRQ]XODUQLIXQNFL 
RQHUL RGUHGEH WUH`H JODYH RGQRVHVHQD
NRQ]XODWHNRMLPDUXNRYRGHSRaDVQLNRQ 
]XODUQLIXQNFLRQHUL
3RVHEDQSRORCDMaODQRYDNRQ]XOD 
WD NRML VX GUCDYOMDQL GUCDYH SULMHPD LOL X
QMRM LPDMX VYRMH SUHELYDOL^WH UHJXOLVDQ MH
aODQRPRYHNRQYHQFLMH

AODQ 
'HILQLFLMH

 8 VPLVOX RYH NRQYHQFLMH VOHGH`L

L]UD]L R]QDaDYDMX NDR ^WR MH QLCH
XWYU_HQR
D L]UD] NRQ]XODWm R]QDaDYD VYDNL JH
QHUDOQL NRQ]XODW NRQ]XODW YLFHNRQ 
]XODW LOL NRQ]XODUQX DJHQFLMX
E L]UD] NRQ]XODUQR SRGUXaMHm R]
QDaDYD WHULWRULMX RGUH_HQX NRQ]XOD 
WX ]D YU^HQMH NRQ]XODUQLK IXQNFLMD
F L]UD] ^HI NRQ]XODWDm R]QDaDYD OLFH
NRMH MH RYOD^`HQR GD GHOD X WRP
VYRMVWYX
G L]UD] NRQ]XODUQL IXQNFLRQHUm R]
QDaDYD VYDNR OLFH SRGUD]XPHYDMX`L
L^HIDNRQ]XODWDNRMHMHXWRPVYRM 
VWYX RYOD^`HQR GD YU^L NRQ]XODUQH
IXQNFLMH
H L]UD] NRQ]XODUQL VOXCEHQLNm R]
QDaDYD VYDNR OLFH NRMH YU^L DGPLQL 
VWUDWLYQHLOLWHKQLaNHSRVORYHNRQ]X 
ODWD
I L]UD] aODQ SRVOXCQRJ RVREOMDm R]
QDaDYDVYDNROLFHNRMHMH]DSRVOHQR
QD SRVOXCQLP GXCQRVWLPD X NRQ]X 
ODWX
J L]UD] aODQ NRQ]XODWDm R]QDaDYD
NRQ]XODUQH IXQNFLRQHUH NRQ]XODUQH
VOXCEHQLNHLaODQRYHSRVOXCQRJRVR 
EOMD
K L]UD] aODQRYL NRQ]XODUQRJ RVREOMDm
R]QDaDYD NRQ]XODUQH IXQNFLRQHUH
RVLP ^HID NRQ]XODWD NRQ]XODUQH
VOXCEHQLNHLaODQRYHSRVOXCQRJRVR 
EOMD
L L]UD] aODQ SULYDWQH SRVOXJHm R]
QDaDYD OLFH NRMH MH ]DSRVOHQR LV 

*ODYD ,
.21=8/$51, 2'126,
823>7(
'HR ,
863267$9/-$1-( , 92?(1-(
.21=8/$51,+ 2'126$
AODQ 
8VSRVWDYOMDQMH NRQ]XODUQLK RGQRVD

 8VSRVWDYOMDQMH NRQ]XODUQLK RGQR

VDL]PH_XGUCDYDYU^LVHQDRVQRYXRER 
VWUDQHVDJODVQRVWL
 6DJODVQRVW NRMD MH GDWD ]D XVSRV
WDYOMDQMH GLSORPDWVNLK RGQRVD L]PH_X
GYH GUCDYH LPDVHVPDWUDWLGDREXKYDWD
DNR QLMH GUXNaLMH RGUH_HQR L VDJODVQRVW
QDXVSRVWDYOMDQMHNRQ]XODUQLKRGQRVD
 3UHNLG GLSORPDWVNLK RGQRVD QH
SRYODaLLSVRIDFWRLSUHNLGNRQ]XODUQLKRG
QRVD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
9U^HQMH NRQ]XODUQLK IXQNFLMD

.RQ]XODWLREDYOMDMXNRQ]XODUQHIXQN 
FLMH.RQ]XODUQHIXQNFLMHPRJXREDYOMDWLL
GLSORPDWVNH PLVLMH VDJODVQR RGUHGEDPD
RYHNRQYHQFLMH

AODQ 
2WYDUDQMH NRQ]XODWD

.RQ]XODWVHPRCHRWYRULWLQDWHUL 
WRULML GUCDYH SULMHPD VDPR X] QMHQX VDJ 
ODVQRVW
 6HGL^WH NRQ]XODWD QMHJRY UDQJ L
QMHJRYR NRQ]XODUQR SRGUXaMH RGUH_XMH
GUCDYD LPHQRYDQMD L SRGOHCH RGREUHQMX
GUCDYHSULMHPD
 'UCDYD LPHQRYDQMD PRCH YU^LWL
QDNQDGQH SURPHQH VHGL^WD NRQ]XODWD
QMHJRYRJUDQJDLOLQMHJRYRJNRQ]XODUQRJ
SRGUXaMD VDPR X] VDJODVQRVW GUCDYH SUL 
MHPD
 6DJODVQRVW GUCDYH SULMHPD MH LVWR
WDNRSRWUHEQDLXVOXaDMHYLPDGDJHQHUDO 
QL NRQ]XODW LOL NRQ]XODW CHOH GD RWYRUH
YLFHNRQ]XODW LOL NRQ]XODUQX DJHQFLMX X
QHNRP PHVWX YDQ RQRJ X NRMHP VH RQ
VDPQDOD]L
,]ULaLWLSUHWKRGQLSULVWDQDNGUCDYH
SULMHPDMHLVWRWDNRSRWUHEDQ]DRWYDUDQMH
NDQFHODULMHNDRGHODSRVWRMH`HJNRQ]XOD 
WDYDQPHVWDXNRPHMHVHGL^WHNRQ]XODWD

H
I

AODQ 
.RQ]XODUQH IXQNFLMH

.RQ]XODUQHIXQNFLMHVHVDVWRMHX
D ]D^WLWL X GUCDYL SULMHPD LQWHUHVD
GUCDYHLPHQRYDQMDLQMHQLKGUCDYOMD 
QDIL]LaNLKLSUDYQLKOLFDXJUDQLFD
PDNRMHGRSX^WDPH_XQDURGQRSUD 
YR
E SRPDJDQMXUD]YRMDWUJRYLQVNLKHNR 
QRPVNLK NXOWXUQLK L QDXaQLK RGQR 
VD L]PH_X GUCDYH LPHQRYDQMD L
GUCDYH SULMHPD L XQDSUH_HQMX QD
VYDNLGUXJLQDaLQSULMDWHOMVNLKRGQR 
VD PH_X QMLPD X RNYLUX RGUHGDED
RYH NRQYHQFLMH
F REDYH^WDYDQMX VYLP GRSX^WHQLP
VUHGVWYLPD R XVORYLPD L UD]YRMX WU
JRYLQVNRJ SULYUHGQRJ NXOWXUQRJ L



QDXaQRJCLYRWDGUCDYHSULMHPDSRG 
QR^HQMX L]YH^WDMD R RYRPH GUCDYL
LPHQRYDQMD L GDYDQMX REDYH^WHQMD
]DLQWHUHVRYDQLPD
L]GDYDQMX SDVR^D L SXWQLK LVSUDYD
GUCDYOMDQLPD GUCDYH LPHQRYDQMD
NDR L YL]D L GUXJLK RGJRYDUDMX`LK
GRNXPHQDWDOLFLPDNRMDCHOHGDSX 
WXMX X GUCDYX LPHQRYDQMD
SUXCDQMXSRPR`LLSRWSRUHGUCDYOMD 
QLPD IL]LaNLP L SUDYQLP OLFLPD
GUCDYH LPHQRYDQMD
GHODQMX X VYRMVWYX MDYQRJ EHOHCQLND
L VOXCEHQLND JUD_DQVNRJ VWDQMD L
YU^HQMX VOLaQLK IXQNFLMD NDR L
YU^HQMXL]YHVQLKIXQNFLMDDGPLQLVWUD 
WLYQH SULURGH XNROLNR VH WRPH QH
SURWLYH ]DNRQL L SURSLVL GUCDYH SUL
MHPD
]D^WLWL LQWHUHVD GUCDYOMDQD GUCDYH
LPHQRYDQMDIL]LaNLKLSUDYQLKOLFDX
SRJOHGX QDVOH_LYDQMD QD WHULWRULML
GUCDYH SULMHPD X VNODGX VD ]DNRQL 
PD L SURSLVLPD GUCDYH SULMHPD
]D^WLWL X JUDQLFDPD RGUH_HQLP ]D 
NRQLPD L SURSLVLPD GUCDYH SULMHPD
LQWHUHVD PDOROHWQLK L SRVORYQR QHV 
SRVREQLK OLFD GUCDYOMDQD GUCDYH
LPHQRYDQMD QDURaLWR X VOXaDMHYLPD
NDGD VH ]D QMLK ]DKWHYD XVWDQRYOMH 
QMH VWDUDWHOMVWYD WXWHOH L NXUDWHOH
SRGUH]HUYRPSUDNVHLSRVWXSNDQD
VQD]L X GUCDYL SULMHPD ]DVWXSDQMX
GUCDYOMDQD GUCDYH LPHQRYDQMD LOL
SUHGX]LPDQMX PHUD ]D REH]EH_HQMH
RGJRYDUDMX`HJ ]DVWXSDQMD SUHG VX
GRYLPD LOL GUXJLP RUJDQLPD GUCDYH
SULMHPD NDNR EL VH WUDCLOR X VNODGX
VD]DNRQLPDLSURSLVLPDGUCDYHSUL 
MHPD XVYDMDQMH SULYUHPHQLK PHUD
UDGL RaXYDQMD SUDYD L LQWHUHVD WLK
GUCDYOMDQD X VOXaDMHYLPD NDGD RYL
]ERJRGVXWQRVWLLOLL]GUXJLKUD]ORJD
QHPRJXEODJRYUHPHQREUDQLWLVYRMD
SUDYD L LQWHUHVH
GRVWDYOMDQMX VXGVNLK L YDQVXGVNLK
DNDWD LOL L]YU^DYDQMX ]DPROQLFD X
VNODGX VD PH_XQDURGQLP VSRUD]X 
PLPDQDVQD]LLOLXNROLNRWDNYLVSR 

0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

UD]XPL QH SRVWRMH QD VYDNL GUXJL
QDaLQ NRML MH X VDJODVQRVWL VD ]DNR 
QLPD L SURSLVLPD GUCDYH SULMHPD
N YU^HQMX SUDYD NRQWUROH L LQVSHNFLMH
SUHGYL_HQLK ]DNRQLPD L SURSLVLPD
GUCDYH LPHQRYDQMD QDG SRPRUVNLP
LUHaQLPEURGRYLPDNRMLLPDMXQDFL 
RQDOQRVW GUCDYH LPHQRYDQMD QDG
DYLRQLPDXSLVDQLPXWRMGUCDYLNDR
L QDG QMLKRYRP SRVDGRP
O SUXCDQMX SRPR`L EURGRYLPD OD_D 
PD L DYLRQLPD SRPHQXWLP X VWDYX
NRYRJaODQDNDRLQMLKRYRMSRVDGL
SULPDQMX L]MDYD R SXWRYDQMX RYLK
EURGRYDLOD_DLVSLWLYDQMXLYL]LUDQMX
EURGVNLKSDSLUDLQHGLUDMX`LXQDG 
OHCQRVW RUJDQD GUCDYH SULMHPD X YU
^HQMX DQNHWD SRYRGRP LQFLGHQDWD
QDVWDOLK ]D YUHPH QMLKRYRJ SXWD L
UH^DYDQMX VYLK VSRURYD L]PH_X ]D 
SRYHGQLND EURGD RILFLUD L PRUQDUD
XNROLNR LK QD WR RYOD^`XMX ]DNRQL L
SURSLVL GUCDYH LPHQRYDQMD
P YU^HQMXVYLKGUXJLKIXQNFLMDNRMHGU
CDYD LPHQRYDQMD SRYHUL NRQ]XODWX
DNRMH]DNRQLLSURSLVLGUCDYHSULMH 
PD QH ]DEUDQMXMX LOL NRMLPD VH GU 
CDYD SULMHPD QH SURWLYL LOL NRMH VX
SRPHQXWH X PH_XQDURGQLP VSRUD 
]XPLPD QD VQD]L L]PH_X GUCDYH
LPHQRYDQMD L GUCDYH SULMHPD

AODQ 
9U^HQMH NRQ]XODUQLK IXQNFLMD
]D UDaXQ WUH`H GUCDYH

3R^WR R WRPH REDYHVWL GUCDYX SULMH 

PDLDNRVHRYDWRPHQHSURWLYLNRQ]XODW
GUCDYH LPHQRYDQMD PRCH YU^LWL NRQ]XODU 
QHIXQNFLMHXGUCDYLSULMHPD]DUDaXQQH 
NHWUH`HGUCDYH
AODQ 
.ODVH ^HIRYD NRQ]XODWD

>HIRYLNRQ]XODWDVHGHOHQDaHWLUL
NODVHLWR
D JHQHUDOQH NRQ]XOH
E NRQ]XOH
F YLFHNRQ]XOH
G NRQ]XODUQH DJHQWH
7DaNDRYRJaODQDQLXaHPXQH
RJUDQLaDYDSUDYRPDNRMHVWUDQHXJRYRU 
QLFH GD RGUHGL QD]LYH NRQ]XODUQLK IXQN 
FLRQHUDNRMLQLVX^HIRYLNRQ]XODWD
AODQ 
,PHQRYDQMH L SULKYDWDQMH
^HIRYD NRQ]XODWD

 >HIRYH NRQ]XODWD LPHQXMH GUCDYD

LPHQRYDQMDDYU^HQMHIXQNFLMDLPRGREUD 
YDGUCDYDSULMHPD
3RGUH]HUYRPRGUHGDEDRYHNRQ
YHQFLMH QDaLQ LPHQRYDQMD L SULKYDWDQMD
^HIDNRQ]XODWDXWYU_XMHVH]DNRQLPDSUR 
SLVLPD L SUDNVRP GUCDYH LPHQRYDQMD L
GUCDYHSULMHPD

AODQ 
9U^HQMH NRQ]XODUQLK IXQNFLMD YDQ
NRQ]XODUQRJ SRGUXaMD

AODQ 
3DWHQWQR SLVPR LOL QRWLILNDFLMD
R LPHQRYDQMX

8SRVHEQLPRNROQRVWLPDNRQ]XODUQL
IXQNFLRQHU PRCH X] VDJODVQRVW GUCDYH
SULMHPD REDYOMDWL VYRMH IXQNFLMH L]YDQ
VYRJNRQ]XODUQRJSRGUXaMD

 >HI NRQ]XODWD GRELMD RG GUCDYH

LPHQRYDQMDGRNXPHQWXREOLNXSDWHQWQRJ
SLVPD OHWWUH GH SURYLVLRQ LOL QHNRJ
VOLaQRJDNWDNRMLVHL]GDMH]DVYDNRLPH 
QRYDQMH X NRPH VH SRWYU_XMH QMHJRYR
VYRMVWYRLQDYRGLSRSUDYLOXLPHLSUH]L 
PH NRQ]XOD QMHJRYD NDWHJRULMD L NRQ]X 
ODUQDNODVDNRQ]XODUQRSRGUXaMHLVHGL^WH
NRQ]XODWD
'UCDYDLPHQRYDQMDGRVWDYL`HGLS
ORPDWVNLP LOL GUXJLP SRJRGQLP SXWHP
SDWHQWQRSLVPRLOLVOLaDQDNWYODGLGUCDYH
QDaLMRMWHULWRULML^HINRQ]XODWDWUHEDGDYU^L
VYRMHIXQNFLMH

AODQ 
9U^HQMH NRQ]XODUQLK IXQNFLMD
X WUH`RM GUCDYL

'UCDYDLPHQRYDQMDPRCHSRQRWLIL 
NDFLML]DLQWHUHVRYDQLPGUCDYDPDXNROLNR
VHQLMHGQDRG]DLQWHUHVRYDQLKGUCDYDWR 
PH L]ULaLWR QH SURWLYL RYODVWLWL NRQ]XODW
RWYRUHQ X MHGQRM GUCDYL GD SUHX]PH
YU^HQMHNRQ]XODUQLKIXQNFLMDXQHNRMGUX 
JRMGUCDYL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GUCDYL SULMHPD QHPD GLSORPDWVNRJSUHG 
VWDYQL^WYDGUCDYHLPHQRYDQMD^HINRQ]X 
ODWDELORXVOXaDMXGDMHRYDMVSUHaHQGD
WRXaLQLNRMLGUXJLQDGOHCQLRUJDQGUCDYH
LPHQRYDQMDPLQLVWDUVWYXLQRVWUDQLKSRVOR 
YDGUCDYHSULMHPDLOLRUJDQXNRMLWRPLQL 
VWDUVWYR RGUHGL 3R SUDYLOX RYR VDRS^WH 
QMH WUHED GD EXGH XQDSUHG XaLQMHQR
'UCDYD SULMHPD PRCH XVORYLWLVYRMLPSUL 
VWDQNRP SULKYDWDQMH ]D YU^LRFD GXCQRVWL
DGLQWHULP QHNRJOLFDNRMHQLMHQLGLSOR
PDWVNL QL NRQ]XODUQL IXQNFLRQHU GUCDYH
LPHQRYDQMDXGUCDYLSULMHPD
1DGOHCQHYODVWLGUCDYHSULMHPDWUH 
ED GD SUXCH SRPR` L ]D^WLWX YU^LRFX
GXCQRVWL DG LQWHULP =D YUHPH QMHJRYH
XSUDYH QD QMHJD VH SULPHQMXMX RGUHGEH
RYH NRQYHQFLMH MHGQDNR NDR L QD ^HID
NRQ]XODWD R NRPH VH UDGL 0H_XWLP
GUCDYD SULMHPD QLMH REDYH]QD GD YU^LRFX
GXCQRVWLDGLQWHULPSUL]QDRODN^LFHSULYL 
OHJLMHLLPXQLWHWH]DNRMH^HINRQ]XODWDGD
EL LK XCLYDR PRUD GD LVSXQMDYD XVORYH
NRMHYU^LODFGXCQRVWL DGLQWHULPQHLVSX
QMDYD
8VOXaDMXNDGDGUCDYDLPHQRYDQMD
RGUHGL aODQD GLSORPDWVNRJ RVREOMD X
GUCDYLSULMHPD]DYU^LRFDGXCQRVWL DGLQ
WHULP X XVORYLPD SUHGYL_HQLP WDaNRP 
RYRJ aODQD RQ L GDOMH XCLYD GLSORPDWVNH
SULYLOHJLMHLLPXQLWHWHDNRVHWRPHQHSUR 
WLYLGUCDYDSULMHPD

8NROLNRWRGUCDYDSULMHPDSULKYD 
WDSDWHQWQRSLVPRLOLVOLaDQDNWPRJXELWL
]DPHQMHQL QRWLILNDFLMRP NRMD VDGUCL SR 
GDWNHSUHGYL_HQHWDaNRPRYRJaODQD
AODQ 
(J]HNYDWXUD

 >HIX NRQ]XODWD GR]YROMDYD VH GD

YU^L VYRMH IXQNFLMH NDG GRELMH RG GUCDYH
SULMHPD RYOD^`HQMH ]YDQR HJ]HNYDWXUDm
EH] RE]LUD NDNYD MH IRUPD RYRJ RY 
OD^`HQMD
'UCDYDNRMDRGELMHGDL]GDHJ]HN 
YDWXUXQLMHGXCQDGDVDRS^WLUD]ORJHVYRJ
RGELMDQMDGUCDYLLPHQRYDQMD
3RGUH]HUYRPRGUHGDEDaOL
^HINRQ]XODWDQHPRCHVWXSLWLQDGXCQRVW
SUHQHJR^WRGRELMHHJ]HNYDWXUX
AODQ 
3ULYUHPHQR RYOD^`HQMH
^HIRYLPD NRQ]XODWD

8RaHNLYDQMXL]GDYDQMDHJ]HNYDWXUH
^HIXNRQ]XODWDVHPRCHSULYUHPHQRGR] 
YROLWLGDYU^LVYRMHIXQNFLMH8WRPVOXaDMX
LPDMX VH SULPHQMLYDWL RGUHGEH RYH NRQ 
YHQFLMH
AODQ 
1RWLILNDFLMD YODVWLPD NRQ]XODUQRJ
SRGUXaMD

2GPRPHQWDNDGVHNRQ]XOXGR]YROL
aDN L SULYUHPHQR GD YU^L VYRMH IXQNFLMH
GUCDYD SULMHPD MH REDYH]QD GD R WRPH
RGPDKREDYHVWLQDGOHCQHYODVWLNRQ]XODU 
QRJSRGUXaMD2QDMHLVWRWDNRREDYH]QD
GDVHVWDUDRSUHGX]LPDQMXVYLKSRWUHEQLK
PHUD NDNR EL ^HI NRQ]XODWD PRJDR GD
REDYOMDVYRMHGXCQRVWLLGDXCLYDWUHWPDQ
NRMLSUHGYL_DMXRGUHGEHRYHNRQYHQFLMH

AODQ 
5HG SUYHQVWYD PH_X
^HIRYLPD NRQ]XODWD

 >HIRYL NRQ]XODWD GRELMDMX UDQJ X

VYDNRMNODVLSUHPDGDWXPXL]GDYDQMDHJ 
]HNYDWXUH
 0H_XWLP X VOXaDMX NDGD MH ^HIX
NRQ]XODWDGR]YROMHQRSULYUHPHQRGDYU^L
VYRMH IXQNFLMH SUH QHJR ^WR MH GRELR HJ 
]HNYDWXUXGDWXPRYHSULYUHPHQHGR]YR 
OH RGUH_XMH UHG SUYHQVWYD RYDM UHGRVOHG
RVWDMHLSRVOHL]GDYDQMDHJ]HNYDWXUH
5HGSUYHQVWYDL]PH_XGYDLOLYL^H
^HIRYD NRQ]XODWD NRML VX GRELOL HJ]HNYD 
WXUX LOL SULYUHPHQX GR]YROX LVWRJ GDQD
RGUH_XMH VH SUHPD GDWXPX SRGQR^HQMD
QMLKRYRJSDWHQWQRJSLVPDLOLVOLaQRJDNWD

AODQ 
3ULYUHPHQR YU^HQMH IXQNFLMD ^HID
NRQ]XODWD

 $NR MH ^HI NRQ]XODWD VSUHaHQ GD

YU^LVYRMHIXQNFLMHLOLDNRMHQMHJRYRPHVWR
XSUDCQMHQR YU^LODF GXCQRVWL DG LQWHULP
PRCHSULYUHPHQRGDGHODNDR^HINRQ]X 
ODWD
3UH]LPHLLPHYU^LRFDGXCQRVWL DG
LQWHULPVDRS^WL`HELORGLSORPDWVNRSUHG
VWDYQL^WYRGUCDYHLPHQRYDQMDELORDNRX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

OLFH ]D NRQ]XODUQRJ IXQNFLRQHUD X WRM
GUCDYL

LOLSUHPDGDWXPXQRWLILNDFLMHGUCDYLSULMH 
PDSUHGYL_HQRMXWDaNLaODQD
 9U^LRFL GXCQRVWL ^HID DG LQWHULP
GRELMDMXUDQJSRVOHVYLK^HIRYDNRQ]XODWD
,]PH_XVHEHRQLGRELMDMXUDQJSUHPDGD 
QXSUHX]LPDQMDGXCQRVWLDGLQWHULPLSUH
PDGDWXPXQRWLILNDFLMDL]YU^HQLKQDRVQR 
YXWDaNHaODQD
 3RaDVQL NRQ]XODUQL IXQNFLRQHUL
^HIRYL NRQ]XODWD GRELMDMX UDQJ X VYDNRM
NODVLSRVOHNDULMHUQLK^HIRYDNRQ]XODWDX
UHGRVOHGXLSUHPDSUDYLOLPDXWYU_HQLPX
SUHWKRGQLPWDaNDPD
 >HIRYL NRQ]XODWD LPDMX SUYHQVWYR
SUHGNRQ]XODUQLPIXQNFLRQHULPDNRMLQH 
PDMXWRVYRMVWYR

AODQ 
,PHQRYDQMH aODQRYD
NRQ]XODUQRJ RVREOMD

3RGUH]HUYRPRGUHGDEDaO
LGUCDYDLPHQRYDQMDLPHQXMHSRVYRP
QDKR_HQMXaODQRYHNRQ]XODUQRJRVREOMD
 'UCDYD LPHQRYDQMD VDRS^WDYD
GUCDYLSULMHPGRVWDUDQLMHSUH]LPHLLPH
NDWHJRULMX L NODVX VYLKNRQ]XODUQLKIXQN 
FLRQHUD VHP ^HID NRQ]XODWD NDNR EL
GUCDYDSULMHPDPRJODDNRWRCHOLNRULVWLWL
SUDYDNRMDMRMSUXCDWDaNDaODQD
 'UCDYD LPHQRYDQMD PRCH DNR WR
]DKWHYDMXQMHQL]DNRQLLSURSLVLWUDCLWLRG
GUCDYHSULMHPDGDL]GDHJ]HNYDWXUXNRQ 
]XODUQRPIXQNFLRQHUXNRMLQLMH^HINRQ]X 
ODWD
'UCDYDSULMHPDPRCHDNRWR]DK 
WHYDMX QMHQL ]DNRQL L SURSLVL GDWL HJ]HN 
YDWXUXNRQ]XODUQRPIXQNFLRQHUXNRMLQLMH
^HINRQ]XODWD

AODQ 
9U^HQMH GLSORPDWVNLK DNDWD RG VWUDQH
NRQ]XODUQLK IXQNFLRQHUD

 8 GUCDYL X NRMRM GUCDYD LPHQR 

YDQMDQHPDGLSORPDWVNHPLVLMHLXNRMRM
MH QH ]DVWXSD GLSORPDWVND PLVLMD QHNH
WUH`HGUCDYHNRQ]XODUQLIXQNFLRQHUPR 
CH X] VDJODVQRVW GUCDYH SULMHPD ELWL
RGUH_HQ GD YU^L GLSORPDWVNH DNWH EH]
SRYUHGH VYRJ NRQ]XODUQRJ VWDWXVD 9U 
^HQMH WLK DNDWD QH GDMH NRQ]XODUQRP
IXQNFLRQHUXQLNDNYRSUDYRQDGLSORPDW 
VNHSULYLOHJLMHLLPXQLWHWH
.RQ]XODUQLIXQNFLRQHUPRCHSR
QRWLILNDFLML GUCDYL SULMHPD ELWL RGUH_HQ
GD SUHGVWDYOMD GUCDYX LPHQRYDQMD NRG
ELORNRMHPH_XYODGLQHRUJDQL]DFLMH.DG
SRVWXSDXWRPVYRMVWYXRQLPDSUDYRQD
VYHSULYLOHJLMHLLPXQLWHWHNRMHPH_XQD 
URGQR RELaDMQR SUDYR LOL PH_XQDURGQL
VSRUD]XPL SUL]QDMX SUHGVWDYQLNX NRG
QHNH PH_XYODGLQH RUJDQL]DFLMH PH 
_XWLP X SRJOHGX PD NRMH NRQ]XODUQH
IXQNFLMHNRMXRQYU^LRQQHPDSUDYRQD
VXGVNL LPXQLWHW ^LUL RG RQRJ NRML VYDNL
NRQ]XODUQL IXQNFLRQHU XCLYD QDRVQRYX
RYHNRQYHQFLMH

AODQ 
%URM RVREOMD NRQ]XODWD

$NR QH SRVWRML L]ULaLW VSRUD]XP R

EURMX RVREOMD NRQ]XODWD GUCDYD SULMHPD
PRCH]DKWHYDWLGDVHWDMEURMNUH`HXJUD 
QLFDPD RQRJD ^WR VH VPDWUD UD]XPQLP L
QRUPDOQLPVRE]LURPQDRNROQRVWLLXVOR 
YHNRMLYODGDMXXNRQ]XODUQRPSRGUXaMXL
QDSRWUHEHNRQ]XODWDRNRPHVHUDGL
AODQ 
5HG SUYHQVWYD L]PH_X NRQ]XODUQLK
IXQNFLRQHUD MHGQRJ NRQ]XODWD

'LSORPDWVNDPLVLMDGUCDYHLPHQRYD 
QMD LOL DNR WDNYH PLVLMH QHPD X GUCDYL
SULMHPD^HINRQ]XODWDVDRS^WDYDPLQLVWDU 
VWYXLQRVWUDQLKSRVORYDGUCDYHSULMHPDLOL
RUJDQXNRMLWRPLQLVWDUVWYRRGUHGLUHGSU 
YHQVWYD L]PH_X IXQNFLRQHUD NRQ]XODWD L
VYHGRQHWHL]PHQHXWRPH

AODQ 
,PHQRYDQMH LVWRJ OLFD RG VWUDQH GYH LOL
YL^H GUCDYD ]D NRQ]XODUQRJ IXQNFLRQHUD

AODQ 
'UCDYOMDQVWYR NRQ]XODUQLK
IXQNFLRQHUD

'YH LOL YL^H GUCDYD PRJX X] VDJ 

ODVQRVW GUCDYH SULMHPD LPHQRYDWL LVWR

 .RQ]XODUQL IXQNFLRQHUL `H X QD 

aHOXELWLGUCDYOMDQLGUCDYHLPHQRYDQMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QMLKRYRJ VWDWXVD ]D YUHPH QMLKRYRJ
VOXCERYDQMD X NRQ]XODWX
E GRODVNX L NRQDaQRP RGODVNX OLFD
NRMH SULSDGD SRURGLFL QHNRJ aODQD
NRQ]XODWD NRMH CLYL X QMHJRYRP GR 
PD`LQVWYXLNDGMHWRVOXaDMRaLQMH 
QLFL GD MH QHNR OLFH SRVWDOR LOL SUH 
VWDOR GD EXGH aODQ SRURGLFH
F GRODVNX LOL NRQDaQRP RGODVNX aOD 
QRYD SULYDWQH SRVOXJH L NDG MH WR
VOXaDMRSUHVWDQNXQMLKRYHVOXCEHX
WRP VYRMVWYX
G X]LPDQMXXVOXCEXLOLRWSX^WDQMXOLFD
QDVWDQMHQLK X GUCDYL SULMHPDXVYRM 
VWYXaODQRYDNRQ]XODWDLOLXVYRMVWYX
SULYDWQHSRVOXJHVSUDYRPQDSULYL
OHJLMH L LPXQLWHWH
.DGJRGMHWRPRJX`HWUHEDLVWR
WDNRSUHWKRGQRREDYHVWLWLRGRODVNXLNR 
QDaQRPRGODVNX

 .RQ]XODUQL IXQNFLRQHUL VH PRJX

ELUDWL PH_X GUCDYOMDQLPD GUCDYH SULMHPD
VDPRX]L]ULaLWXVDJODVQRVWWHGUCDYHNRMD
PRCHXVYDNRGREDSRYX`LVYRMXVDJODV 
QRVW
'UCDYDSULMHPDPRCHVHELSULGUCDWL
LVWR SUDYR X SRJOHGX GUCDYOMDQD QHNH
WUH`HGUCDYHNRMLQLVXGUCDYOMDQLLGUCDYH
LPHQRYDQMD
AODQ 
/LFH RJOD^HQR NDR
SHUVRQD QRQ JUDWD

'UCDYDSULMHPDPRCHXVYDNRGR 
EDREDYHVWLWLGUCDYXLPHQRYDQMDGDMHQH 
NL NRQ]XODUQL IXQNFLRQHU SHUVRQD QRQ
JUDWD LOL GDPDNRMLGUXJLaODQNRQ]XODU
QRJ RVREOMD QLMH SULKYDWOMLY 'UCDYD LPH 
QRYDQMD`HWDGDRSR]YDWLOLFHXSLWDQMXLOL
`HRNRQaDWLQMHJRYHIXQNFLMHXWRPNRQ 
]XODWXSUHPDVOXaDMX
$NRGUCDYDLPHQRYDQMDRGELMHGD
L]YU^LLOLQHL]YU^LXUD]XPQRPURNXRED 
YH]HNRMHSUHX]LPDVKRGQRWDaNLRYRJ
aODQD GUCDYD SULMHPD PRCH VKRGQR
VOXaDMXSRYX`LHJ]HNYDWXUX]DOLFHXSL 
WDQMXLOLSUHVWDWLGDJDVPDWUDaODQRPNRQ 
]XODUQRJRVREOMD
 /LFH LPHQRYDQR ]D aODQD QHNRJ
NRQ]XODWDPRCHELWLRJOD^HQRNDRQHSULK 
YDWOMLYR SUH QHJR ^WR VWLJQH QD WHULWRULMX
GUCDYHSULMHPDLOLDNRVHRQRYH`WXQD 
OD]L SUH QHJR ^WR SUHX]PH IXQNFLMH X
NRQ]XODWX8WDNYRPVOXaDMXGUCDYDLPH 
QRYDQMDWUHEDGDSRYXaHLPHQRYDQMH
8VOXaDMHYLPDSRPHQXWLPXWDa
LRYRJaODQDGUCDYDSULMHPDQLMHGXCQD
GDVDRS^WLGUCDYLLPHQRYDQMDUD]ORJHVYR 
MHRGOXNH

'HR ,,
35(67$1$. .21=8/$51,+
)81.&,-$
AODQ 
3UHVWDQDN IXQNFLMD
aODQD NRQ]XODWD

)XQNFLMHaODQDNRQ]XODWDSUHVWDMXQD 
URaLWR
D VDRS^WHQMHP GUCDYH LPHQRYDQMD
GUCDYLSULMHPDGDVXSUHVWDOHQMHJR 
YH IXQNFLMH
E SRYODaHQMHP HJ]HNYDWXUH
F VDRS^WHQMHP GUCDYH SULMHPD GUCDYL
LPHQRYDQMDGDMHSUHVWDODGDVPDWUD
OLFH X SLWDQMX aODQRP NRQ]XODUQRJ
RVREOMD

AODQ 
1RWLILNDFLMD GUCDYL SULMHPD R
LPHQRYDQMLPD GRODVFLPD L RGODVFLPD

AODQ 
2GOD]DN VD WHULWRULMH
GUCDYH SULMHPD

 0LQLVWDUVWYR LQRVWUDQLK SRVORYD

GUCDYH SULMHPD LOL QHNL GUXJL RUJDQ NRML
RQRRGUHGLEL`HREDYH^WHQLR
D QDLPHQDYDQMX aODQRYD NRQ]XODWD
QMLKRYRP GRODVNX X NRQ]XODW SRVOH
LPHQRYDQMD NDR L R QMLKRYRP NR 
QDaQRPRGODVNXLOLSUHVWDQNXQMLKR 
YLKIXQNFLMDNDRLRVYDNRMSURPHQL

'UCDYDSULMHPDWUHEDaDNLXVOXaDMX
RUXCDQRJ VXNRED GD RGREUL aODQRYLPD
NRQ]XODWD L SULYDWQH SRVOXJH NRML QLVX
GUCDYOMDQLGUCDYHSULMHPDNDRLaODQRYLPD
QMLKRYLK SRURGLFD NRML CLYH X QMLKRYRP
GRPD`LQVWYX PD aLML GUCDYOMDQL RQL ELOL
YUHPHLRODN^LFHNRMLVXLPSRWUHEQLGDEL
SULSUHPLOL VYRM RGOD]DN L QDSXVWLOL QMHQX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

WHULWRULMXXQDMNUD`HPPRJX`HPURNXSR
SUHVWDQNXQMLKRYLKIXQNFLMD2QDMHXVOX 
aDMXSRWUHEHSRVHEQRGXCQDGDLPVWDYL
QDUDVSRODJDQMHSRWUHEQDSUHYR]QDVUHG 
VWYDNDNR]DQMLKVDPHWDNRL]DQMLKRYX
LPRYLQX RVLP ]D LPRYLQX VWHaHQX X GU 
CDYLSULMHPDaLMLMHL]YR]]DEUDQMHQXYUH 
PHRGODVND

*ODYD ,,
2/$.>,&( 35,9,/(*,-( ,
,081,7(7, .21=8/$7$
.$5,-(51,+ .21=8/$51,+
)81.&,21(5$ , '58*,+
A/$129$ .21=8/$7$

AODQ 
=D^WLWD NRQ]XODUQLK SURVWRULMD L DUKLYH L
LQWHUHVD GUCDYH LPHQRYDQMD X L]X]HWQLP
RNROQRVWLPD

'HR ,
2/$.>,&( 35,9,/(*,-( ,
,081,7(7, .2-, 6( 2'126(
1$ .21=8/$7

8VOXaDMXSUHNLGDNRQ]XODUQLKRG 
QRVDL]PH_XGYHGUCDYH
D GUCDYD SULMHPD MH GXCQD aDN L X
VOXaDMX RUXCDQRJ VXNRED SR^WRYDWL
L ^WLWLWL NRQ]XODUQH SURVWRULMH NDR L
LPRYLQX NRQ]XODWD L NRQ]XODUQX DU 
KLYX
E GUCDYDLPHQRYDQMDPRCHSRYHULWLQD
aXYDQMH NRQ]XODUQH SURVWRULMH NDR L
LPRYLQX NRMD VH X QMLPD QDOD]L L
NRQ]XODUQX DUKLYX QHNRM WUH`RM
GUCDYL NRMX SULKYDWD L GUCDYD SULMH
PD
F GUCDYD LPHQRYDQMD PRCH SRYHULWL
]D^WLWXVYRMLKLQWHUHVDLLQWHUHVDVYR 
MLKGUCDYOMDQDQHNRMWUH`RMGUCDYLNR 
MX SULKYDWD L GUCDYD SULMHPD
 8 VOXaDMX SULYUHPHQRJ LOL NR
QDaQRJ]DWYDUDQMDNRQ]XODWDSULPHQMLYD`H
VHRGUHGEHVWDYDDWDaNHRYRJDaODQD
2VLPWRJD
D DNRGUCDYDLPHQRYDQMDLDNREH]GL 
SORPDWVNRJ SUHGVWDYQL^WYD X GUCDYL
SULMHPDLPDQHNLGUXJLNRQ]XODWQD
WHULWRULML RYH GUCDYH WDM NRQ]XODW
PRCH SUHX]HWL aXYDQMH SURVWRULMD
]DWYRUHQRJ NRQ]XODWD LPRYLQH NRMD
VH X QMLPD QDOD]L L NRQ]XODUQH DUKL 
YHNDRLX]VDJODVQRVWGUCDYHSULMH 
PD YU^HQMH NRQ]XODUQLK IXQNFLMD QD
SRGUXaMX WRJ NRQ]XODWD LOL
E DNR GUCDYD LPHQRYDQMD QHPD QL GL 
SORPDWVNHPLVLMHQLGUXJLKNRQ]XOD 
WD X GUCDYL SULMHPD SULPHQMLYD`H VH
RGUHGEH VW E L F WDaNH  RYRJ
aODQD

AODQ 
2ODN^LFH NRMH VH GDMX NRQ]XODWX ]D
QMHJRYX GHODWQRVW

'UCDYD SULMHPD GDMH VYH RODN^LFH]D

REDYOMDQMHIXQNFLMDNRQ]XODWD
AODQ 
8SRWUHED QDFLRQDOQH ]DVWDYH L JUED

 'UCDYD LPHQRYDQMD LPD SUDYR GD

XSRWUHEOMDYD VYRMX QDFLRQDOQX ]DVWDYX L
VYRM JUE X GUCDYLSULMHPDVKRGQRRGUHG
EDPDRYRJaODQD
1DFLRQDOQD]DVWDYDGUCDYHLPHQR 
YDQMDPRCHVHLVWD`LLGUCDYQLJUEVWDYOMDWL
QD]JUDGXNRQ]XODWDLQDXOD]QDYUDWDNDR
LQDUH]LGHQFLMX^HIDNRQ]XODWDLQDQMHJR 
YD SUHYR]QD VUHGVWYD NDG VH RYD NRULVWH
]DVOXCEHQHSRWUHEH
 8 YU^HQMX SUDYD SUL]QDWRJ RYLP
aODQRP YRGL`H VH UDaXQD R ]DNRQLPD
SURSLVLPDLSUDNVLGUCDYHSULMHPD
AODQ 
3URVWRULMH

 'UCDYD SULMHPD MH GXCQD ELOR GD

RPRJX`LGUCDYLLPHQRYDQMDGDQDQMHQRM
WHULWRULMLXRNYLUXQMHQLK]DNRQDLSURSLVD
VWHNQH SRWUHEQH SURVWRULMH ]D NRQ]XODW
ELOR GD MRM SRPRJQH GD QD QHNL GUXJL
QDaLQGR_HGRSURVWRULMD
2QDMHWDNR_HGXCQDGDSRPRJQH
DNR MH SRWUHEQR NRQ]XODWX GD GR_H GR
RGJRYDUDMX`LKVWDQRYD]DVYRMHaODQRYH
AODQ 
1HSRYUHGLYRVW NRQ]XODUQLK SURVWRULMD

3URVWRULMHNRQ]XODWDVXQHSRYUHGL 
YHNDNRMHSUHGYL_HQRRYLPaODQRP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 2UJDQLPD GUCDYH SULMHPD GR]YR
OMHQRMHGDX_XXRQHNRQ]XODUQHSURVWR 
ULMHNRMHNRQ]XODWNRULVWLLVNOMXaLYR]DSR 
WUHEH VYRJ UDGD VDPR X] SULVWDQDN ^HID
NRQ]XODWDOLFDNRMHRQRGUHGLLOL^HIDGL 
SORPDWVNH PLVLMH GUCDYH LPHQRYDQMD
0H_XWLPXVOXaDMXSRCDUDLOLGUXJHQHV 
UH`HNRMD]DKWHYDKLWQH]D^WLWQHPHUHSUL 
VWDQDN ^HID NRQ]XODWD VH PRCH VPDWUDWL
GRELYHQLP

AODQ 
1HSRYUHGLYRVW NRQ]XODUQH DUKLYH L
GRNXPHQDWD

.RQ]XODUQD DUKLYD L GRNXPHQWL VX

QHSRYUHGLYL X VYDNR GRED L PD JGH VH
QDOD]LOL
AODQ 
6ORERGD NUHWDQMD

3RGUH]HUYRPVYRMLK]DNRQDLSURSL 
VDNRMLVHRGQRVHQD]RQHXNRMHMHXOD]DN
]DEUDQMHQLOLSRVHEQRUHJXOLVDQL]UD]ORJD
QDFLRQDOQH EH]EHGQRVWL GUCDYD SULMHPD
REH]EH_XMHQDVYRMRMWHULWRULMLVYLPaODQR 
YLPD NRQ]XODWD VORERGXSXWRYDQMD LNUH 
WDQMD

 3RG UH]HUYRP RGUHGDED WDaNH 

RYRJaODQDGUCDYDSULMHPDLPDSRVHEQX
REDYH]XGDSUHGX]PHVYHSRWUHEQHPHUH
GDELVSUHaLODQDVLODQXOD]DNXSURVWRULMH
NRQ]XODWDLOLQMLKRYRR^WH`HQMHQDUX^DYD 
QMH PLUD NRQ]XODWD LOL SRYUHGX QMHJRYRJ
GRVWRMDQVWYD

AODQ 
6ORERGD RS^WHQMD

 'UCDYD SULMHPD GR]YROMDYD L ^WLWL

VORERGQR RS^WHQMH NRQ]XODWD ]D VYH
VOXCEHQHVYUKH8RS^WHQMXVDYODGRPVD
GLSORPDWVNLPPLVLMDPDLGUXJLPNRQ]XOD 
WLPD GUCDYH LPHQRYDQMD PD JGH VH RQL
QDOD]LOLNRQ]XODWPRCHXSRWUHEOMDYDWLVYD
RGJRYDUDMX`D VUHGVWYD RS^WHQMD XN
OMXaXMX`LGLSORPDWVNHLOLNRQ]XODUQHNXUL 
UHGLSORPDWVNXLOLNRQ]XODUQXYDOL]XLSR 
UXNHNRGHNVRPLOL^LIURP0H_XWLPNRQ 
]XODW PRCH SRVWDYLWL L NRULVWLWL RWSUHPQX
UDGLRVWDQLFX VDPR X] SULVWDQDN GUCDYH
SULMHPD

 3URVWRULMH NRQ]XODWD QDPH^WDM X

QMLPDLLPRYLQDNRQ]XODWDNDRLQMHJRYD
SUHYR]QDVUHGVWYDQHPRJXELWLSUHGPHW
QLNDNYHUHNYL]LFLMHXVYUKHQDURGQHRG 
EUDQH LOL MDYQH NRULVWL 8 VOXaDMX GD MH
SRWUHEQDHNVSURSULMDFLMDXWHVYUKHSUH 
GX]H`HVHVYHSRWUHEQHPHUHNDNRELVH
L]EHJOR RPHWDQMH YU^HQMD NRQ]XODUQLK
IXQNFLMDDEU]DRGJRYDUDMX`DLHIHNWLYQD
RG^WHWD`HVHLVSODWLWLGUCDYLLPHQRYDQMD
AODQ 
)LVNDOQR RVORED_DQMH NRQ]XODUQLK
SURVWRULMD

6OXCEHQDSUHSLVNDNRQ]XODWDMHQH 
SRYUHGLYD ,]UD] VOXCEHQD SUHSLVNDm R]
QDaDYDVYDNXSUHSLVNXNRMDVHRGQRVLQD
NRQ]XODWLQMHJRYHIXQNFLMH

.RQ]XODUQHSURVWRULMHLUH]LGHQFLMD
NDULMHUQRJ^HIDNRQ]XODWDaLMLMHVRSVWYHQLN
LOL L]QDMPLODF GUCDYD LPHQRYDQMD LOL NRMH
GUXJR OLFH NRMH SRVWXSD X LPH WHGUCDYH
RVORER_HQL VX VYLK SRUH]D L WDNVD ELOR
NDNYH SULURGH GUCDYQLK UHJLRQDOQLK LOL
NRPXQDOQLKXNROLNRVHQHUDGLRWDNVDPD
NRMHVHXELUDMXNDRQDNQDGD]DXaLQMHQH
SRVHEQHXVOXJH

 .RQ]XODUQD YDOL]D QH VPH ELWL QL

RWYRUHQDQL]DGUCDQD0H_XWLPDNRQDG 
OHCQL RUJDQL GUCDYH SULMHPD LPDMX R]ELOM 
QLK SRYRGD GD YHUXMX GD YDOL]D VDGUCL L
GUXJHSUHGPHWHRVLPSUHSLVNHGRNXPH 
QDWDLSUHGPHWDRNRMLPDMHUHaXWDaNL
RYRJaODQDRQLPRJXWUDCLWLGDYDOL]XRW 
YRULXQMLKRYRPSULVXVWYXRYOD^`HQLSUHG 
VWDYQLN GUCDYH LPHQRYDQMD $NR RUJDQL
SRPHQXWH GUCDYH RGELMX WUDCHQMH YDOL]D
VHYUD`DXPHVWRSRUHNOD

 )LVNDOQR RVORED_DQMH SUHGYL_H 

QR X WDaNL  RYRJ aODQD QH SULPHQMXMH
VH QD WDNYH SRUH]H L WDNVH DNR SUHPD
]DNRQLPD L SURSLVLPD GUCDYH SULMHPD
SDGDMX QD WHUHW OLFD NRMH MH VDXJRYDUDa
GUCDYHLPHQRYDQMDLOLOLFDNRMHSRVWXSD
XLPHWHGUCDYH

3DNHWLNRMLaLQHNRQ]XODUQXYDOL]X
WUHEDGDQRVHVSROMQHYLGQHR]QDNHVYRMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

NRQ]XODUQLPIXQNFLRQHULPDLGDRG 
OD]H NRG QMLK
E DNR]DLQWHUHVRYDQLWRWUDCLQDGOHCQL
RUJDQL `H REDYHVWLWL EH] RGODJDQMD
NRQ]XODW GUCDYH LPHQRYDQMD DNR MH
QDQMHJRYRPNRQ]XODUQRPSRGUXaMX
GUCDYOMDQLQ WH GUCDYH XKDS^HQ ]DW
YRUHQ VWDYOMHQ X SULWYRU LOL ]DGUCDQ
QD PD NRML GUXJL QDaLQ 2QL `H LVWR
WDNR EH] RGODJDQMD GRVWDYLWL NRQ]X
ODWX VYDNR VDRS^WHQMH NRMH PX MH
XSXWLOROLFHNRMHMHXKDS^HQR]DWYR
UHQR SULWYRUHQR LOL QD GUXJL QDaLQ
]DGUCDQR 7L RUJDQL PRUDMX EH] RG
ODJDQMD REDYHVWLWL ]DLQWHUHVRYDQRJ R
QMHJRYLP SUDYLPD QD RVQRYX RYRJ
VWDYD
F NRQ]XODUQLIXQNFLRQHULLPDMXSUDYR
GDSRVHWHGUCDYOMDQLQDGUCDYHLPH 
QRYDQMD NRML MH ]DWYRUHQ SULWYRUHQ
LOL ]DGUCDQ QD GUXJL QDaLQ GD UD] 
JRYDUDMX L GD VH GRSLVXMX VD QMLP
LGDYRGHUDaXQDGDEXGH]DVWXSDQ
SUHG VXGRP 2QL LPDMX LVWR WDNR
SUDYR L GD SRVHWH GUCDYOMDQLQD GU 
CDYHLPHQRYDQMDNRMLMHQDRVQRYX
VXGVNH SUHVXGH ]DWYRUHQ LOL ]DGU
CDQQDQMLKRYRPNRQ]XODUQRPSR 
GUXaMX 0H_XWLP NRQ]XODUQL IXQN 
FLRQHUL WUHED GD VH X]GUCDYDMX RG
SRVUHGRYDQMD X NRULVW GUCDYOMDQLQD
NRML MH ]DWYRUHQ LOL VWDYOMHQ X SULW 
YRU LOL ]DGUCDQ QD NRML GUXJL QDaLQ
DNRVH]DLQWHUHVRYDQLWRPHL]ULaLWR
SURWLYL
 3UDYD SUHGYL_HQD X WDaNL  RYRJ
aODQDWUHEDGDVHYU^HXJUDQLFDPD]DNRQD
L SURSLVD GUCDYH SULMHPD DOL V WLP GD WL
]DNRQL L SURSLVL WUHED GD GRSX^WDMX SRW 
SXQR RVWYDUHQMH FLOMHYD ]D NRMH VX SUDYD
GDWDQDRVQRYXRYRJaODQD

SULURGH L PRJX VDGUCDWL VDPR VOXCEHQX

SUHSLVNX NDR L GRNXPHQWD LOL SUHGPHWH
LVNOMXaLYR]DVOXCEHQXXSRWUHEX
.RQ]XODUQLNXULUPRUDELWLVQDEGH 
YHQ VOXCEHQLP GRNXPHQWRP NRMLP VH
SRWYU_XMH QMHJRYR VYRMVWYR L R]QDaDYD
EURM SDNHWD NRML aLQH NRQ]XODUQX YDOL]X
2VLP DNR GUCDYD SULMHPD QD WR SULVWDQH
RQQHPRCHELWLQLGUCDYOMDQLQGUCDYHSUL 
MHPDQLpRVLPDNRMHGUCDYOMDQLQGUCDYH
LPHQRYDQMD p LPDWL SUHELYDOL^WH X GUCDYL
SULMHPD'UCDYDSULMHPD^WLWLNRQ]XODUQRJ
NXULUDXYU^HQMXQMHJRYLKIXQNFLMD2QXCL 
YDQHSRYUHGLYRVWVYRMHOLaQRVWLLQHPRCH
ELWL SRGYUJQXW QLNDNYRM YUVWL KDS^HQMD LOL
SULWYDUDQMD
 'UCDYD LPHQRYDQMD QMHQH GLSOR 
PDWVNHPLVLMHLQMHQLNRQ]XODWLPRJXRG 
UHGLWL NRQ]XODUQH NXULUH DG KRF 8 WRP
VOXaDMXRGUHGEHWDaNHRYRJaODQDVHLVWR
WDNR SULPHQMXMX SRGXVORYRPGDLPXQL 
WHWL NRML VX WX SRPHQXWL SUHVWDQX GD VH
SULPHQMXMXaLPNXULUEXGHSUHGDRSULPD 
RFX NRQ]XODUQX YDOL]X NRMD PX MH SRYH 
UHQD
.RQ]XODUQDYDOL]DVHPRCHSRYHULWL
]DSRYHGQLNXEURGDLOLWUJRYDaNRJYD]GXKR
SORYD NRML WUHED GD VWLJQH QD GR]YROMHQR
PHVWR XODVND 7DM ]DSRYHGQLN PRUD ELWL
VQDEGHYHQ VOXCEHQLP GRNXPHQWRP X NR 
PHMHR]QDaHQEURMSDNHWDNRMLaLQHNRQ]X 
ODUQXYDOL]XDOLVHRQQHVPDWUDNRQ]XODU 
QLP NXULURP 3R VSRUD]XPXVDQDGOHCQLP
ORNDOQLP RUJDQLPD NRQ]XODW PRCH SRVODWL
QHNRJ RG VYRMLK aODQRYD GD QHSRVUHGQR L
VORERGQRSUHX]PHYDOL]XL]UXNX]DSRYHG
QLNDEURGDLOLYD]GXKRSORYD
AODQ 
2S^WHQMH VD GUCDYOMDQLPD GUCDYH
LPHQRYDQMD

8FLOMXRODN^DQMDYU^HQMDNRQ]XODU 
QLK IXQNFLMD X RGQRVX QD GUCDYOMDQH
GUCDYHLPHQRYDQMD
D NRQ]XODUQL IXQNFLRQHUL PRUDMX LPDWL
VORERGX GD RS^WH VD GUCDYOMDQLPD
GUCDYH LPHQRYDQMD L GD RGOD]H NRG
RYLK 'UCDYOMDQL GUCDYH LPHQRYDQMD
PRUDMX LPDWL VORERGX GD RS^WH VD

AODQ 
2EDYH^WHQMD X VOXaDMX VPUWL VWDUDWHOMVWYD
WXWHOH LOO NXUDWHOH EURGRORPD L
YD]GXKRSORYQLK QHVUH`D

$NR QDGOHCQL RUJDQL GUCDYH SULMHPD

SRVHGXMX RGJRYDUDMX`D REDYH^WHQMD RQL
VXGXCQL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

D GD X VOXaDMX VPUWL GUCDYOMDQLQD
GUCDYH LPHQRYDQMD RGPDK REDYHVWH
NRQ]XODW QD aLMHP VH SRGUXaMX GR 
JRGLR VPUWQL VOXaDM
E GDVDRS^WLEH]RGODJDQMDQDGOHCQRP
NRQ]XODWX VYH VOXaDMHYH JGH EL WUH 
EDOR SRVWDYLWL WXWRUD LOL NXUDWRUD ]D
PDOROHWQRJ LOL SRVORYQR QHVSRVRE 
QRJGUCDYOMDQLQDGUCDYHLPHQRYDQMD
0H_XWLP UH]HUYL^H VH SUDYR SULPH 
QH ]DNRQD L SURSLVD GUCDYH SULMHPD
X SRJOHGX QDLPHQRYDQMD WRJ WXWRUD
LOL NXUDWRUD
F GDREDYHVWLEH]RGODJDQMDNRQ]XODW
NRML MH QDMEOLCL PHVWX QHVUH`H X
VOXaDMXNDGSRPRUVNLLOLUHaQLEURG
NRML LPD GUCDYOMDQVWYR GUCDYH LPH 
QRYDQMDSUHWUSLEURGRORPLOLVHQD 
VXaH XWHULWRULMDOQRPPRUXLOLXQX 
WUD^QMLP YRGDPD GUCDYH SULMHPD LOL
NDG YD]GXKRSORY UHJLVWURYDQ X
GUCDYL LPHQRYDQMD SUHWUSL QHVUH`X
QD WHULWRULML GUCDYH SULMHPD

'HR ,,
2/$.>,&( 35,9,/(*,-( ,
,081,7(7, .2-, 6( 2'126(
1$ .$5,-(51( .21=8/$51(
)81.&,21(5( , '58*(
A/$129( .21=8/$7$
AODQ 
=D^WLWD NRQ]XODUQLK IXQNFLRQHUD

'UCDYD SULMHPD `H SRVWXSDWL SUHPD

NRQ]XODUQLP IXQNFLRQHULPD VD GXCQLP
SR^WRYDQMHP SUHGX]H`H VYH RGJRYDUD 
MX`HPHUHGDELVHVSUHaLODVYDNDSRYUHGD
QMLKRYHOLaQRVWLVORERGHLGRVWRMDQVWYD
AODQ 
/LaQD QHSRYUHGLYRVW NRQ]XODUQLK
IXQNFLRQHUD

 .RQ]XODUQL IXQNFLRQHUL PRJX ELWL

VWDYOMHQLX]DWYRULOLSULWYRUVDPRXVOXaDMX
WH^NRJNULYLaQRJGHODLWRVDPRQDRVQR 
YXRGOXNHQDGOHCQHVXGVNHYODVWL
 2VLP X VOXaDMX SUHGYL_HQRP X
WDaNLRYRJaODQDNRQ]XODUQLIXQNFLRQHUL
QH PRJX ELWL KDS^HQL QLWL SRGYUJQXWL X
ELOR NRP GUXJRP REOLNX RJUDQLaHQMX
OLaQH VORERGH L]X]HY NDG VH UDGL R
L]YU^HQMXSUDYQRVQDCQHVXGVNHRGOXNH
 $NR VHSRYHGH NULYLaQL SRVWXSDN
SURWLY NRQ]XODUQRJ IXQNFLRQHUD RYDM MH
GXCDQGDVHSRMDYLSUHGQDGOHCQLPRUJD 
QLPD 0H_XWLP SRVWXSDN WUHED GD EXGH
YR_HQ VD GXCQLP SR^WRYDQMHP SUHPD
NRQ]XODUQLP IXQNFLRQHULPD L RVLP X
VOXaDMXSUHGYL_HQRPX WDaNLRYRJaOD 
QD QD QDaLQ NDNR EL VH ^WR MH PRJX`H
PDQMHRPHWDORYU^HQMHNRQ]XODUQLKIXQN 
FLMD$NRMHXRNROQRVWLPDSRPHQXWLPX
WDaNLRYRJaODQDQDVWDODSRWUHEDGDVH
QHNLNRQ]XODUQLIXQNFLRQHUVWDYLXSULWYRU
SRVWXSDN SURWLY QMHJD PRUD VHRWYRULWLX
QDMNUD`HPURNX

AODQ 
2S^WHQMH VD RUJDQLPD
GUCDYH SULMHPD

8YU^HQMXVYRMLKIXQNFLMDNRQ]XODUQL
IXQNFLRQHULVHPRJXREUD`DWL
D ORNDOQLP QDGOHCQLP YODVWLPD VYRJ
NRQ]XODUQRJ SRGUXaMD
E FHQWUDOQLP QDGOHCQLP YODVWLPD
GUCDYHSULMHPDDNRLXNROLNRWRGR 
SX^WDMX ]DNRQL SURSLVL L SUDNVD
GUCDYHSULMHPDLOLPH_XQDURGQLVSR 
UD]XPL R WRP SUHGPHWX
AODQ 
.RQ]XODUQH
GDCELQH L WDNVH

 .RQ]XODW PRCH QDSOD`LYDWL QD WH 

ULWRULMLGUCDYHSULMHPDGDCELQHLWDNVHNRMH
VH]DNRQ]XODUQHDNWHSUHGYL_DMX]DNRQL 
PDLSURSLVLPDGUCDYHLPHQRYDQMD

AODQ 
2EDYH^WHQMH X VOXaDMX KDS^HQMD SULWYRUD
LOL JRQMHQMD

6YRWHXEUDQHNDRGDCELQHLWDNVH
SUHGYL_HQHXWDaNLRYRJaODQDLSRWYUGH
NRMHVH]DQMLKL]GDMXRVORER_HQLVXVYLK
SRUH]DLWDNVDXGUCDYLSULMHPD

8VOXaDMXKDS^HQMDLOLSULWYDUDQMDaOD 
QDNRQ]XODUQRJRVREOMDLOLSRNUHWDQMDNUL 
YLaQRJSRVWXSNDSURWLYQMHJDGUCDYDSUL 
MHPD MH GXCQD GD R WRPH X QDMNUD`HP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

URNXREDYHVWL^HIDNRQ]XODWD$NRVHRYH
PHUH RGQRVH QD ^HID NRQ]XODWD GUCDYD
SULMHPDWUHEDRWRPHGLSORPDWVNLPSXWHP
GDREDYHVWLGUCDYXLPHQRYDQMD

AODQ 
2GULFDQMH RG SULYLOHJLMD L LPXQLWHWD

 'UCDYD LPHQRYDQMD VH X SRJOHGX

QHNRJaODQDNRQ]XODWDPRCHRGUH`LSULYL 
OHJLMDLLPXQLWHWDSUHGYL_HQLKXaO
L
 2GULFDQMH PRUD XYHN ELWL L]ULaQR
SRGUH]HUYRPRGUHGDEDWDaNHRYRJaOD 
QD L WUHED GD EXGH SLVPHQR VDRS^WHQR
GUCDYLSULMHPD
$NRNRQ]XODUQLIXQNFLRQHULOLNRQ 
]XODUQLVOXCEHQLNSRNUHQHSRVWXSDNXQH 
NRPSLWDQMXXNRPHELRQXCLYDRVXGVNL
LPXQLWHW QD RVQRYX aODQD  RQ VH YL^H
QH PRCH SR]LYDWL QD LPXQLWHW X SRJOHGX
PD NRJ SURWLY]DKWHYD QHSRVUHGQR YH]D 
QRJ]DJODYQL]DKWHY
2GULFDQMHRGLPXQLWHWDXSRJOHGX
QHNHJUD_DQVNHWXCEHLOL]DKWHYDXXSUDY 
QRP SRVWXSNX QH VPDWUD VH GD SRYODaL
RGULFDQMH RG LPXQLWHWD X SRJOHGX PHUD
L]YU^HQMDSUHVXGH]DNRMHMHSRWUHEQRSR 
VHEQRRGULFDQMH

AODQ 
6XGVNL LPXQLWHW

.RQ]XODUQLIXQNFLRQHULLNRQ]XODU 
QLVOXCEHQLFLQHSRGOHCXQDGOHCQRVWLVXG 
VNLKLXSUDYQLKRUJDQDGUCDYHSULMHPD]D
GHOD L]YU^HQD X REDYOMDQMX NRQ]XODUQLK
IXQNFLMD
 0H_XWLP RGUHGEH WDaNH  RYRJ
aODQDQHSULPHQMXMXVHXVOXaDMXJUD_DQ 
VNRJSRVWXSND
D SRNUHQXWRJQDRVQRYXXJRYRUDNRML
MH QHNL NRQ]XODUQL IXQNFLRQHU LOL
NRQ]XODUQLVOXCEHQLN]DNOMXaLRDOLQH
L]ULaLWRLOLSUH`XWQRNDRSXQRPR`QLN
GUCDYH LPHQRYDQMD LOL
E NRMLMHSRNUHQXORQHNRWUH`HOLFH]D
^WHWX QDVWDOX L] QH]JRGH NRMX MH X
GUCDYL SULMHPD SURX]URNRYDOR QHNR
YR]LOR EURG LOL YD]GXKRSORY
AODQ 
2EDYH]D VYHGRaHQMD

AODQ 
2VORER_HQMH RG REDYH]D SULMDYOMLYDQMD
VWUDQDFD L GR]YROH ERUDYND

AODQRYLNRQ]XODWDPRJXELWLSR] 
YDQL GD VYHGRaH X VXGVNRP L XSUDYQRP
SRVWXSNX.RQ]XODUQLVOXCEHQLFLLaODQRYL
SRVOXCQRJ RVREOMDQHWUHEDGDRGELMXGD
VYHGRaH RVLP X VOXaDMHYLPD SRPHQXWLP
X WDaNL  RYRJ aODQD $NR NRQ]XODUQL
IXQNFLRQHURGELMHGDVYHGRaLQLNDNYDSUL 
QXGQD PHUD LOL QHND GUXJD VDQNFLMD QH
PRCHVHSULPHQLWLSURWLYQMHJD
 2UJDQ NRML SR]LYD QD VYHGRaHQMH
WUHEDGDL]EHJDYDGDRPHWDNRQ]XODUQRJ
IXQNFLRQHUD X YU^HQMX QMHJRYLK IXQNFLMD
2Q PRCH GD SULPL VYHGRaHQMH NRQ]XODU 
QRJ IXQNFLRQHUD X QMHJRYRP VWDQX LOL X
NRQ]XODWXLOLGDSULKYDWLQMHJRYXSLVPHQX
L]MDYXNDGJRGMHWRPRJX`H
 AODQRYL NRQ]XODWD QLVX GXCQL GD
VYHGRaHRaLQMHQLFDPDNRMHVHRGQRVHQD
YU^HQMHQMLKRYLKIXQNFLMDQLWLGDSRND]XMX
SUHSLVNX L ]YDQLaQD GRNXPHQWD NRMD VH
WRJD WLaX 2QL LVWR WDNR LPDMX SUDYR GD
RGELMX GD VYHGRaH NDR YH^WDFL R GR 
PD`HP ]DNRQRGDYVWYX GUCDYH LPHQRYD 
QMD

.RQ]XODUQLIXQNFLRQHULLNRQ]XODU 
QLVOXCEHQLFLNDRLaODQRYLQMLKRYLKSRUR 
GLFD NRML CLYH X QMLKRYRP GRPD`LQVWYX
RVORER_HQLVXREDYH]DSUHGYL_HQLK]DNR 
QLPDLSURSLVLPDGUCDYHSULMHPDXSRJOH 
GXSULMDYOMLYDQMDVWUDQDFDLGR]YROHERUDY 
ND
 0H_XWLP RGUHGEH WDaNH  RYRJ
aODQDQHSULPHQMXMXVHQLQDNRQ]XODUQRJ
VOXCEHQLND NRML QLMH VWDOQL VOXCEHQLN
GUCDYH LPHQRYDQMD LOL NRML REDYOMD QHNX
SULYDWQXGHODWQRVWOXNUDWLYQRJNDUDNWHUDX
GUCDYLSULMHPDQLQDaODQDQMHJRYHSRUR 
GLFH
AODQ 
2VORER_HQMH RG GR]YROH ]D UDG

 AODQRYL NRQ]XODWD VX X SRJOHGX

XVOXJD GUCDYL LPHQRYDQMD RVORER_HQL
REDYH]DNRMH]DNRQLLSURSLVLGUCDYHSUL 
MHPD R ]DSRVOHQMX VWUDQH UDGQH VQDJH
SUHGYL_DMXXYH]LVDGR]YRORP]DUDG



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 AODQRYL SULYDWQH SRVOXJH NRQ]X
ODUQLKIXQNFLRQHUDLNRQ]XODUQLKVOXCEHQL 
NDDNRQHREDYOMDMXQHNDNYHGUXJHSRV 
ORYHOXNUDWLYQRJNDUDNWHUDXGUCDYLSULMH 
PD RVORER_HQL VX REDYH]D R NRMLPD MH
UHaXWDaNLRYRJaODQD

E SRUH]DLWDNVDQDSULYDWQXQHSRNUHW 
QXLPRYLQXNRMDVHQDOD]LQDWHULWR 
ULML GUCDYH SULMHPD SRG UH]HUYRP
RGUHGDED aODQD 
F QDVOHGQLK L SUHQRVQLK WDNVD NRMH
XELUD GUCDYD SULMHPD SRGUH]HUYRP
RGUHGDED VWDYD E aODQD 
G SRUH]D L WDNVD QD SULYDWQH SULKRGH
XNOMXaXMX`LLGRELWNHXNDSLWDOXNRML
SRWLaXL]GUCDYHSULMHPDLSRUH]DQD
NDSLWDONRMLVHQDSOD`XMHQDXODJDQMD
L]YU^HQD X WUJRYDaND LOL ILQDQVLMVND
SUHGX]H`D X GUCDYL SULMHPD
H SRUH]D L WDNVD NRML VH XELUDMX NDR
QDNQDGD ]D SRVHEQH XVOXJH
I WDNVD]DXSLVXMDYQHNQMLJHVXGVNLK
WDNVD WDNVD ]D KLSRWHNH L LVSUDYH
SRG UH]HUYRP RGUHGDED aODQD 
 AODQRYL SRVOXCQRJ RVREOMD RVOR
ER_HQL VXSRUH]DLWDNVDQD]DUDGHNRMH
SULPDMX]DVYRMHXVOXJH
AODQRYLNRQ]XODWDNRML]DSR^OMDYD 
MX OLFD aLMH SODWH L QDGQLFH QLVX RVOR 
ER_HQHSRUH]DQDSULKRGXGUCDYLSULMH 
PD WUHED GD SR^WXMX REDYH]H NRMLPD ]D 
NRQLLSURSLVLWHGUCDYHSRGYUJDYDMXSR 
VORGDYFH X SRJOHGX XELUDQMD SRUH]D QD
SULKRG

AODQ 
2VORED_DQMH RG UHCLPD VRFLMDOQRJ
RVLJXUDQMD

8SRJOHGXVOXCEHGUCDYLLPHQRYD 
QMD aODQRYL NRQ]XODWD L aODQRYL QMLKRYLK
SRURGLFD NRML CLYH X QMLKRYRP GRPD`LQ 
VWYX VX SRG UH]HUYRP RGUHGDED VWDYD 
RYRJaODQDRVORER_HQLRGUHGDEDVRFLMDO 
QRJRVLJXUDQMDNRMHPRJXELWLQDVQD]LX
GUCDYLSULMHPD
2VORER_HQMHSUHGYL_HQRXWDaNL
RYRJ aODQD SULPHQMXMH VH LVWR WDNR L QD
SULYDWQX SRVOXJX NRMD MH X LVNOMXaLYRM
VOXCELaODQRYDNRQ]XODWDSRGXVORYRP
D GD QLMH UHa R GUCDYOMDQLPD GUCDYH
SULMHPD LOL OLFLPD NRMD LPDMX SUHEL 
YDOL^WH X WRM GUCDYL L
E GDSRGOHCHSURSLVLPDVRFLMDOQRJRVL 
JXUDQMD NRML VX QD VQD]L X GUCDYL
LPHQRYDQMD LOL QHNRM WUH`RM GUCDYL
 AODQRYL NRQ]XODWD NRML LPDMX X
VYRMRMVOXCELOLFDQDNRMDVHQHSULPHQMXMH
RVORER_HQMH SUHGYL_HQR X WDaNL  RYRJ
aODQDWUHEDGDSR^WXMXREDYH]HNRMHSRV 
ORGDYFX QDPH`X RGUHGEH R VRFLMDOQRP
RVLJXUDQMXGUCDYHSULMHPD
2VORER_HQMHSUHGYL_HQRXWDa
L  RYRJ aODQD QH LVNOMXaXMH GREURYROMQR
XaH^`H X UHCLPX VRFLMDOQRJ RVLJXUDQMD
GUCDYHSULMHPDXNROLNRWDGUCDYDGRSX^WD
WDNYRXaH^`H

AODQ 
2VORED_DQMH RG FDULQD L FDULQVNRJ
SUHJOHGD

3UHPDRGUHGEDPDVYRMLK]DNRQDL
SUDYLOQLND NRMH PRCH GRQHWL GUCDYD SUL 
MHPD RGREUDYD XYR] L RVORED_DQMH RG
VYLKFDULQDWDNVDLGUXJLKVURGQLKGDCEL 
QD RVLP WUR^NRYD XVNODGL^WHQMD SUHYR]D
LWUR^NRYD]DVOLaQHXVOXJH]D
D SUHGPHWH QDPHQMHQH ]D VOXCEHQH
SRWUHEH NRQ]XODWD
E SUHGPHWH QDPHQMHQH ]D OLaQX XSRW 
UHEXNRQ]XODUQRJIXQNFLRQHUDLaOD 
QRYD QMHJRYH SRURGLFH NRML CLYH X
QMHJRYRPGRPD`LQVWYXXNOMXaXMX`LL
SUHGPHWH QDPHQMHQH ]D QMHJRY
VPH^WDM 3RWUR^QL SUHGPHWL QH WUHED
GD SUHOD]H NROLaLQH SRWUHEQH ]D QML 
KRYX QHSRVUHGQX XSRWUHEX RG VWUD 
QH ]DLQWHUHVRYDQLK

AODQ 
2VORED_DQMH RG ILVNDOQLK GDCELQD

.RQ]XODUQLIXQNFLRQHULLNRQ]XODU 
QLVOXCEHQLFLNDRLaODQRYLQMLKRYLKSRUR 
GLFD NRMLCLYHXLVWRPGRPD`LQVWYXRVOR 
ER_HQL VX VYLK SRUH]D L WDNVD OLaQLK LOL
VWYDUQLK GUCDYQLK UHJLRQDOQLK LOL NRPX 
QDOQLKRVLP
D SRVUHGQLK SRUH]D NRML VX SR VYRMRM
SULURGL RELaQR XNOMXaHQL X FHQX UR 
EH LOL XVOXJD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

.RQ]XODUQLVOXCEHQLFLXCLYDMXSUL 
YLOHJLMHLRVORER_HQMDSUHGYL_HQHWDaNRP
RYRJaODQDXSRJOHGXSUHGPHWDXYH]H 
QLKSULOLNRPQMLKRYRJSUYRJVPH^WDMD

AODQ 
3RaHWDN L NUDM NRQ]XODUQLK SULYLOHJLMD L
LPXQLWHWD

6YDNLaODQNRQ]XODWDLPDSUDYRQD
SULYLOHJLMH L LPXQLWHWH SUHGYL_HQH RYRP
NRQYHQFLMRPaLPVWXSLQDWHULWRULMXGUCDYH
SULMHPDUDGLSUHX]LPDQMDVYRMHVOXCEHLOL
DNRVHYH`QDOD]LQDWRMWHULWRULMLaLPSUH 
X]PHGXCQRVWXNRQ]XODWX
AODQRYLSRURGLFHaODQDNRQ]XODWD
NRMLCLYHXQMHJRYRPGRPD`LQVWYXNDRL
aODQRYLQMHJRYHSULYDWQHSRVOXJHXCLYDMX
SULYLOHJLMH L LPXQLWHWH SUHGYL_HQH RYRP
NRQYHQFLMRPSRaHYRGQDMNDVQLMHJRGVOH 
GH`LKGDWXPDGDQDNDGWDMaODQNRQ]XODWD
XCLYDSULYLOHJLMHLLPXQLWHWHVKRGQRWDaNL
 RYRJ aODQD GDQD QMLKRYRJ XODVND QD
WHULWRULMX GUCDYH SULMHPD LOL GDQD NDG VX
SRVWDOLaODQRYLWHSRURGLFHLOLWHSULYDWQH
SRVOXJH
.DGIXQNFLMHaODQDNRQ]XODWDSUH 
VWDQXQMHJRYHSULYLOHJLMHLLPXQLWHWLNDR
L SULYLOHJLMH L LPXQLWHWL aODQRYD QMHJRYH
SRURGLFHNRMLCLYHXQMHJRYRPGRPD`LQ 
VWYXLOLaODQRYDQMHJRYHSULYDWQHSRVOXJH
SUHVWDMX SR SUDYLOX UDQLMHJ RG GYD VOH 
GH`DGDQDXWUHQXWNXNDGOLFHRNRPHMH
UHaQDSXVWLWHULWRULMXGUCDYHSULMHPDLOLSUL
LVWHNXUD]XPQRJURNDNRMLPXEXGH]DWR
GDWDOL RQL YDCHGRWRJWUHQXWNDaDNLX
VOXaDMXRUXCDQRJVXNRED8SRJOHGXOLFD
RNRMLPDMHUHaXWDaNLRYRJaODQDQML 
KRYHSULYLOHJLMHLLPXQLWHWLSUHVWDMXaLPWD
OLFDSUHVWDQXGDSULSDGDMXGRPD`LQVWYXLOL
GDEXGXXVOXCELaODQDNRQ]XODWDVWLPGD
DNRWDOLFDQDPHUDYDMXQDSXVWLWLWHULWRULMX
GUCDYHSULMHPDXUD]XPQRPURNXQMLKRYH
SULYLOHJLMHLLPXQLWHWLWUDMXGRWUHQXWNDQML 
KRYRJRGODVND
0H_XWLPXSRJOHGXDNDWDNRMHQH 
NL NRQ]XODUQL IXQNFLRQHU LOL NRQ]XODUQL
VOXCEHQLNREDYLXYU^HQMXVYRMLKIXQNFLMD
VXGVNL LPXQLWHW L GDOMH YDCL EH] RJUD 
QLaHQMDWUDMDQMD
8VOXaDMXVPUWLQHNRJaODQDNRQ 
]XODWDaODQRYLQMHJRYHSRURGLFHNRMLCLYH
X QMHJRYRP GRPD`LQVWYX L GDOMH XCLYDMX
SULYLOHJLMHLLPXQLWHWHNRMHLPDMXGRSUYRJ
RGVOHGH`LKGDWXPDNDGQDSX^WDMXWHULWR 

/LaQLSUWOMDJNRMLSUDWHNRQ]XODUQL
IXQNFLRQHULLOLaODQRYLQMLKRYLKSRURGLFD
NRMLCLYHXQMLKRYRPGRPD`LQVWYXRVOR 
ER_HQMHFDULQVNRJSUHJOHGD2QPRCH
ELWLSUHJOHGDQVDPRXVOXaDMXGDSRVWRMH
R]ELOMQL UD]OR]L SUHWSRVWDYNL GD WDM SUW 
OMDJVDGUCLSUHGPHWHNRMLQLVXQDYHGHQL
X VWDYX E WDaNH  RYRJ aODQD LOL SUHG 
PHWHaLMLL]YR]LXYR]VX]DEUDQMHQL]D 
NRQLPD L SURSLVLPD ]HPOMH SULMHPD LOL
SRGOHCH]DNRQLPDLSURSLVLPDRNDUDQ 
WLQX2YDMSUHJOHGSUWOMDJDPRCHVHRED 
YLWLVDPRXSULVXVWYXNRQ]XODUQRJIXQN 
FLRQHUDLOL]DLQWHUHVRYDQRJaODQDQMHJR 
YHSRURGLFH
AODQ 
1DVOH_LYDQMH aODQD NRQ]XODWD LOL aODQD
QMHJRYH SRURGLFH

8 VOXaDMX VPUWL aODQD NRQ]XODWD LOL

aODQD QMHJRYH SRURGLFH NRML MH CLYHR X
QMHJRYRPGRPD`LQVWYXGUCDYDSULMHPDMH
REDYH]QD
D GD GR]YROL L]QR^HQMH SRNUHWQH LPR 
YLQHSUHPLQXORJL]X]HYRQHNRMDMH
SULEDYOMHQD X GUCDYL SULMHPD aLML MH
L]YR] ]DEUDQMHQ X PRPHQWX VPUWL
E GD QH QDSOD`XMH GUCDYQH UHJLRQDO 
QH LOL RS^WLQVNHQDVOHGQHLSUHQRV 
QHWDNVHQDSRNUHWQXLPRYLQXNRMD
VH QDOD]L X GUCDYL SULMHPD LVNOMX 
aLYR XVOHG WRJD ^WR VH SUHPLQXOL
QDOD]LR X WRM GUCDYL NDR aODQ NRQ 
]XODWD LOL aODQ SRURGLFH QHNRJ aOD 
QD NRQ]XODWD
AODQ 
2VORED_DQMH RG OLaQLK GDYDQMD

'UCDYDSULMHPD`HRVORERGLWLaODQRYH
NRQ]XODWD L aODQRYH QMLKRYLK SRURGLFD
NRML CLYH X QMLKRYRP GRPD`LQVWYX VYLK
OLaQLK GDYDQMD VYDNH MDYQH VOXCEH PD
NDNYH SULURGH RQD ELOD L YRMQLK QDPHWD
NDR^WRVXUHNYL]LFLMHNRQWULEXFLMHLYRMQL
VPH^WDM



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

ULMXGUCDYHSULMHPDLOLSRLVWHNXUD]XPQRJ
URNDNRMLLPEXGHGDWXWXVYUKX

AODQ 
3R^WRYDQMH ]DNRQD L SURSLVD GUCDYH
SULMHPD

AODQ 
2EDYH]H WUH`LK GUCDYD

%H]^WHWHSRVYRMHSULYLOHJLMHLLPX 
QLWHWHVYDOLFDNRMDXCLYDMXRYHSULYLOHJLMH
LLPXQLWHWHGXCQDVXGDSR^WXMX]DNRQHL
SURSLVH GUCDYH SULMHPD 2QD VX WDNR_H
GXCQDGDVHQHPH^DMXXXQXWUD^QMHVWYDUL
WHGUCDYH
3URVWRULMHNRQ]XODWDVHQH`HXSR 
WUHEOMDYDWL X FLOMHYH NRML QLVX X VNODGXVD
YU^HQMHPNRQ]XODUQLKIXQNFLMD
2GUHGEHWDaNHRYRJaODQDQHLV
NOMXaXMX PRJX`QRVW GD VH X MHGQRP GHOX
]JUDGHXNRMRMVHQDOD]HSURVWRULMHNRQ]X
ODWDVPHVWHNDQFHODULMHGUXJLKWHODLOLDJHQ 
FLMD SRG XVORYLPD GD VX WDNYH SURVWRULMH
RGYRMHQH RG RQLK SURVWRULMD NRMH NRULVWL
NRQ]XODW 8 WRP VOXaDMX SRPHQXWH NDQFH 
ODULMHQHVPDWUDMXVHXVPLVOXRYHNRQYHQ 
FLMHNDRGHRNRQ]XODUQLKSURVWRULMD

 $NR QHNL NRQ]XODUQL IXQNFLRQHU

SUHOD]LSUHNRWHULWRULMHLOLVHQD_HQDWHUL 
WRULMLQHNHWUH`HGUCDYHNRMDPXMHL]GDOD
YL]XXVOXaDMXNDGMHWDYL]DSRWUHEQDGD
EL L^DR GD SUHX]PH VYRMH IXQNFLMH LOL GD
ELGR^DRQDVYRMXVOXCEXLOLGDELVHYUD 
WLRXGUCDYXLPHQRYDQMDWUH`DGUCDYD`H
PXSUL]QDWLLPXQLWHWHSUHGYL_HQHXRVWD 
OLPaODQRYLPDRYHNRQYHQFLMHNRMLPRJX
ELWL SRWUHEQL GD EL PX RPRJX`LOD SUROD]
LOLSRYUDWDN7UH`DGUCDYD`HLVWRWDNRSR 
VWXSLWLVDaODQRYLPDQMHJRYHSRURGLFHNRML
CLYHXQMHJRYRPGRPD`LQVWYXLNRMLXCLYD 
MXSULYLOHJLMHLLPXQLWHWHDNRMLSUDWHNRQ 
]XODUQRJIXQNFLRQHUDLOLNRMLSXWXMXRGYR 
MHQR GD EL VH VDVWDOL V QMLP LOL GD EL VH
YUDWLOLXGUCDYXLPHQRYDQMD

AODQ 
2VLJXUDQMH SURWLY ^WHWH QDQHWH WUH`HP OLFX

8XVORYLPDVOLaQLPRQLPDNRMLVX
SUHGYL_HQL X WDaNL  RYRJ aODQD WUH`H
GUCDYHQHWUHEDGDRPHWDMXSUROD]DNSUH 
NRVYRMHWHULWRULMHGUXJLPaODQRYLPDNRQ 
]XODWDLaODQRYLPDQMLKRYLKSRURGLFDNRML
CLYHXQMLKRYRPGRPD`LQVWYX

AODQRYL NRQ]XODWD WUHED GD VH SRYL 

QXMXVYLPREDYH]DPDNRMHSUHGYL_DMX]D 
NRQL L SURSLVL GUCDYH SULMHPD X SRJOHGX
RVLJXUDQMDJUD_DQVNHRGJRYRUQRVWL]DNR 
UL^`HQMHYR]LODEURGDLOLYD]GXKRSORYD
AODQ 
3RVHEQH RGUHGEH R SULYDWQRP ]DQLPDQMX
OXNUDWLYQRJ NDUDNWHUD

 7UH`H GUCDYH GDMX VOXCEHQRM SUH

SLVFLLGUXJLPVOXCEHQLPVDRS^WHQMLPDNR 
MD SUHOD]H SUHNR QMLLRYH WHULWRULMH XN 
OMXaXMX`LLSRUXNHXNRGHNVXLOL^LIULLVWX
VORERGXLLVWX]D^WLWXNRMXMHGUCDYDSULMH 
PD GXCQD GD SUXCL QD RVQRYX RYH NRQ 
YHQFLMH2QHSUL]QDMXNRQ]XODUQLPNXULUL 
PDNRMLPDMHL]GDWDYL]DDNRMHSRWUHEQD
LNRQ]XODUQLPYDOL]DPDXWUDQ]LWXLVWXQH 
SRYUHGLYRVW L LVWX ]D^WLWX NRMX MH GUCDYD
SULMHPD GXCQD GD LP SUL]QD QD RVQRYX
RYHNRQYHQFLMH

 .DULMHUQL NRQ]XODUQL IXQNFLRQHUL

QH`H REDYOMDWL X GUCDYL SULMHPD QLNDNYX
SURIHVLRQDOQX LOL WUJRYDaNX GHODWQRVW ]D
VYRMXOLaQXNRULVW
 3ULYLOHJLMH L LPXQLWHWL SUHGYL_HQL
RYLPRGHOMNRPQHSUL]QDMXVH
D NRQ]XODUQLPVOXCEHQLFLPDLaODQRYL 
PDSRVOXCQRJRVREOMDNRMLREDYOMDMX
X GUCDYL SULMHPD QHNR SULYDWQR ]D 
QLPDQMH OXNUDWLYQRJ NDUDNWHUD
E aODQRYLPD SRURGLFH QHNRJ OLFD SR 
PHQXWRJXVWDYXDRYHWDaNHLaOD 
QRYLPD QMHJRYRJ SULYDWQRJ RVREOMD
F aODQRYLPD SRURGLFH QHNRJ aODQD
NRQ]XODWD NRML L VDPL REDYOMDMX X
GUCDYL SULMHPD SULYDWQR ]DQLPDQMH
OXNUDWLYQRJ NDUDNWHUD

2EDYH]HWUH`LKGUCDYDQDRVQRYX
WDa   L  RYRJ aODQD SULPHQMXMX VH
LVWRWDNRLQDOLFDSRPHQXWDXWLPWDaND 
PDNDRLQDVOXCEHQDVDRS^WHQMDLNRQ 
]XODUQH YDOL]H DNR MH QMLKRYR SULVXVWYR
QDWHULWRULMLWUH`HGUCDYHSURX]URNRYDQR
YL^RPVLORP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

FLRQHU aLML MH YODVQLN LOL ]DNXSDF GUCDYD
LPHQRYDQMD RVORER_HQL VX VYLK SRUH]D L
WDNVDELORNDNYHSULURGHGUCDYQLKUHJLR 
QDOQLK LOL NRPXQDOQLKXNROLNRVHQHUDGL
RWDNVDPDNRMHVHXELUDMXNDRQDNQDGD]D
XaLQMHQHSRVHEQHXVOXJH
)LVNDOQR RVORER_HQMH SUHGYL_HQR
X WDaNL  RYRJ aODQD QH RGQRVL VH QD WH
SRUH]HLWDNVHXNROLNRRYHSUHPD]DNR 
QLPD L SURSLVLPD GUCDYH SULMHPD SDGDMX
QDWHUHWOLFDNRMHMHXJRYDUDaVDGUCDYRP
LPHQRYDQMD

*ODYD ,,,
5(#,0 .2-, 6( 35,0(1-8-(
1$ 32A$61( .21=8/$51(
)81.&,21(5( , 1$
.21=8/$7( .2-,0$ 21,
58.292'(
AODQ 
2S^WH RGUHGEH R RODN^LFDPD
SULYLOHJLMDPD L LPXQLWHWLPD

AOL
WDaND  aODQD  L WDa LaODQDSUL 
PHQMXMXVHLQDNRQ]XODWHNRMLPDUXNRYRGL
SRaDVQLNRQ]XODUQLIXQNFLRQHU3RUHGWRJD
RODN^LFHSULYLOHJLMHLLPXQLWHWLWLKNRQ]XODWD
UHJXOLVDQLVXaOL
AOLWDaNDaODQDaO
L  L WDaND  aODQD  SULPHQMXMX VH QD
SRaDVQH NRQ]XODUQH IXQNFLRQHUH 2VLP
WRJD RODN^LFH SULYLOHJLMH L LPXQLWHWL WLK
NRQ]XODUQLKIXQNFLRQHUDUHJXOLVDQLVXaO
L
3ULYLOHJLMHLLPXQLWHWLSUHGYL_HQLX
RYRMNRQYHQFLMLQHSUL]QDMXVHaODQRYLPD
SRURGLFHSRaDVQRJNRQ]XODUQRJIXQNFLR 
QHUD LOL NRQ]XODUQRJ VOXCEHQLND ]DSRVOH 
QRJXNRQ]XODWXNRMLPUXNRYRGLSRaDVQL
NRQ]XODUQLIXQNFLRQHU
 5D]PHQD NRQ]XODUQLK YDOL]D L] 
PH_X GYD NRQ]XODWD X UD]OLaLWLP ]HPOMD 
PD NRMLPD UXNRYRGH SRaDVQL NRQ]XODUQL
IXQNFLRQHULGR]YROMHQDMHVDPRSRGUH]HU 
YRPVDJODVQRVWLGYHGUCDYHSULMHPD

AODQ 
1HSRYUHGLYRVW NRQ]XODUQLK DUKLYD L
GRNXPHQDWD

.RQ]XODUQD DUKLYD L GRNXPHQWD

NRQ]XODWDNRMLPUXNRYRGLSRaDVQLNRQ 
]XODUQLIXQNFLRQHUQHSRYUHGLYLVXXVYD 
NRGREDLPDJGHVHQDOD]LOLSRGXVOR 
YRP GD VX RGYRMHQL RG RVWDOLK VSLVD D
SRVHEQRRGSULYDWQHSUHSLVNH^HIDNRQ 
]XODWDLVYDNRJOLFDNRMHUDGLVQMLPNDR
LRGGREDUDNQMLJDLOLGRNXPHQDWDNRML
VHRGQRVHQDQMLKRYR]DQLPDQMHLOLSUL 
YUHGQXGHODWQRVW
AODQ 
2VORED_DQMH RG FDULQH

3UHPDRGUHGEDPD]DNRQDLSURSLVD
NRMH PRCH GRQHWL GUCDYD SULMHPD GR 
SX^WD XQR^HQMH L RVORED_DQMH RG VYLK
FDULQD WDNVD L GUXJLK VOLaQLK GDCELQD
RVLP WUR^NRYD XVNODGL^WHQMD SUHYR]D L
WUR^NRYDVOLaQLKXVOXJD]DVOHGH`HSUHG 
PHWHSRGXVORYRPGDVXRYLQDPHQMHQL
LVNOMXaLYR]DVOXCEHQXXSRWUHEXNRQ]X 
ODWDNRMLP UXNRYRGL SRaDVQL NRQ]XODUQL
IXQNFLRQHU JUERYH ]DVWDYH QDWSLVH
SHaDWH L ^WDPELOMH NQMLJH VOXCEHQH
^WDPSDQH VWYDUL NDQFHODULMVNL QDPH^WDM
NDQFHODULMVNL PDWHULMDO L SULERU L VOLaQH
SUHGPHWH NRMH NRQ]XODWX GRVWDYOMD
GUCDYDLPHQRYDQMDLOLNRMLPXVHGRVWD 
YOMDMXQDQMHQ]DKWHY

AODQ 
=D^WLWD NRQ]XODUQLK SURVWRULMD

'UCDYDSULMHPDSUHGX]LPDSRWUHEQH
PHUHGDEL]D^WLWLODNRQ]XODUQHSURVWRULMH
NRQ]XODWDNRMLPUXNRYRGLSRaDVQLNRQ]X 
ODUQLIXQNFLRQHULGDELVSUHaLODXOD]DNX
QMLKLOLQMLKRYRR^WH`HQMHNDRLQDUX^DYD 
QMH PLUD NRQ]XODWD LOL SRYUHGX QMHJRYRJ
GRVWRMDQVWYD

AODQ 
.ULYLaQL SRVWXSDN

AODQ 
)LVNDOQR RVORED_DQMH NRQ]XODUQLK
SURVWRULMD

$NRMHSURWLYSRaDVQRJNRQ]XODUQRJ
IXQNFLRQHUD SRNUHQXW NULYLaQL SRVWXSDN
RQVHPRUDSRMDYLWLSUHGQDGOHCQLPYODV 
WLPD 0H_XWLP SRVWXSDN VH PRUD YRGLWL

 .RQ]XODUQH SURVWRULMH NRQ]XODWD

NRMLPUXNRYRGLSRaDVQLNRQ]XODUQLIXQN 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VSR^WRYDQMHPNRMHVHGXJXMHSRaDVQRP
NRQ]XODUQRPIXQNFLRQHUXXVOHGQMHJRYRJ
VOXCEHQRJSRORCDMDLRVLPDNRMH]DLQWH 
UHVRYDQL XKDS^HQ LOL SULWYRUHQ QD QDaLQ
NDNR EL VH ^WRPDQMHRPHWDORREDYOMDQMH
NRQ]XODUQLK IXQNFLMD $NR MH SRWUHEQR
SULWYRULWL SRaDVQRJNRQ]XODUQRJIXQNFLR 
QHUD SRVWXSDN SURWLY QMHJD WUHED GD VH
RWYRULXQDMNUD`HPPRJX`HPURNX

*ODYD ,9
23>7( 2'5('%(
AODQ 
.RQ]XODUQL DJHQWL NRML QLVX ^HIRYL
NRQ]XODWD

 6YDND GUCDYD VORERGQR RGOXaXMH

GD OL `H RWYDUDWL LOL SULKYDWLWL NRQ]XODUQH
DJHQFLMH SRG XSUDYRP NRQ]XODUQLK DJH 
QDWDNRMHGUCDYDLPHQRYDQMDQLMHRGUHGLOD
]D^HIRYHNRQ]XODWD

AODQ 
=D^WLWD SRaDVQRJ NRQ]XODUQRJ
IXQNFLRQHUD

 8VORYH SRG NRMLPD NRQ]XODUQH

DJHQFLMHXVPLVOXWDaNHRYRJDaODQDPR 
JXREDYOMDWLVYRMXGHODWQRVWNDRLSULYLOH 
JLMHLLPXQLWHWHNRMHPRJXXCLYDWLNRQ]X 
ODUQLDJHQWLNRMLQMLPDXSUDYOMDMXXWYU_XMX
VSRUD]XPQR GUCDYD LPHQRYDQMD L GUCDYD
SULMHPD

'UCDYDSULMHPDMHREDYH]QDGDSUXCL
SRaDVQRP NRQ]XODUQRP IXQNFLRQHUX
]D^WLWXNRMDPRCHELWLSRWUHEQD]ERJQMH 
JRYRJVOXCEHQRJSRORCDMD
AODQ 
2VORED_DQMH RG REDYH]D
SULMDYOMLYDQMD VWUDQDFD L GRELMDQMD
GR]YROD ]D ERUDYDN

AODQ 
9U^HQMH NRQ]XODUQLK IXQNFLMD RG VWUDQH
GLSORPDWVNH PLVLMH

3RaDVQL NRQ]XODUQL IXQNFLRQHULL]X 

]HY RQLK NRML X GUCDYL SULMHPD REDYOMDMX
]DVYRMUDaXQQHNXSURIHVLRQDOQXLOLWUJR 
YLQVNXGHODWQRVWRVORER_HQLVXVYLKRED 
YH]D SUHGYL_HQLK ]DNRQLPD L SURSLVLPD
GUCDYH SULMHPD X SRJOHGX SULMDYOMLYDQMD
VWUDQDFDLGRELMDQMDGR]YROD]DERUDYDN

2GUHGEHRYHNRQYHQFLMHVHSULPH 
QMXMX LVWR WDNR XNROLNR NRQWHNVW WR GR 
SX^WDQDYU^HQMHNRQ]XODUQLKIXQNFLMDRG
VWUDQHGLSORPDWVNHPLVLMH
,PHQDaODQRYDGLSORPDWVNHPLVLMH
NRMLVXRGUH_HQL]DNRQ]XODUQXVHNFLMXLOL
NRML VX QD GUXJL QDaLQ RGUH_HQL GD YU^H
NRQ]XODUQH IXQNFLMH PLVLMH QRWLILNRYD`H
VHPLQLVWDUVWYXLQRVWUDQLKSRVORYDGUCDYH
SULMHPDLOLRUJDQXNRMLWRPLQLVWDUVWYRRG 
UHGL
8YU^HQMXNRQ]XODUQLKIXQNFLMDGL 
SORPDWVNDPLVLMDVHPRCHREUD`DWL

AODQ 
2VORED_DQMH RG
ILVNDOQLK GDYDQMD

3RaDVQL NRQ]XODUQL IXQNFLRQHU RVOR 

ER_HQMHVYLKSRUH]DLWDNVDQDQDNQDGH
LSODWXNRMHSULPDRGGUCDYHLPHQRYDQMD
]DYU^HQMHNRQ]XODUQLKIXQNFLMD
AODQ 
2VORED_DQMH RG OLaQLK GDYDQMD

D ORNDOQLPYODVWLPDNRQ]XODUQRJSRG 
UXaMD
E FHQWUDOQLP YODVWLPD GUCDYH SULMHPD
DNR WR GRSX^WDMX ]DNRQL SURSLVL L
SUDNVD GUCDYH SULMHPD LOL PH_XQD 
URGQL VSDUD]XPL X WRM REODVWL

'UCDYD SULMHPD RVORERGL`H SRaDVQH

NRQ]XODUQHIXQNFLRQHUHVYDNRJOLaQRJGD 
YDQMDLVYDNHMDYQHVOXCEHPDNDNYHSUL 
URGHRQDELODLYRMQLKQDPHWDNDR^WRVX
UHNYL]LFLMHNRQWULEXFLMHLYRMQLVPH^WDM
AODQ 
)DNXOWDWLYQL NDUDNWHU LQVWLWXFLMH SRaDVQLK
NRQ]XODUQLK IXQNFLRQHUD

3ULYLOHJLMHLLPXQLWHWLaODQRYDGLS 
ORPDWVNHPLVLMHSRPHQXWLXWDaNLRYRJ
aODQDRGUH_XMXVHSUDYLOLPDPH_XQDURG 
QRJSUDYDNRMDVHRGQRVHQDGLSORPDWVNH
RGQRVH

6YDND GUCDYD MH VORERGQD GD RGOXaL

GDOL`HLPHQRYDWLLOLSULPDWLSRaDVQHNRQ 
]XODUQHIXQNFLRQHUH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

E aLQMHQLFD GD GUCDYH MHGQD GUXJRM
SUL]QDMXSRRELaDMXLOLVSRUD]XPQR
SRYROMQLMLSRVWXSDNQHJR^WRWR]DK
WHYDMX RGUHGEH RYH NRQYHQFLMH

AODQ 
'UCDYOMDQL GUCDYH SULMHPD LOL OLFD NRMD
LPDMX SUHELYDOL^WH X WRM GUCDYL

 8NROLNR GUCDYD SULMHPD QLMH GDOD

GRSXQVNHRODN^LFHSULYLOHJLMHLLPXQLWHWH
NRQ]XODUQL IXQNFLRQHUL NRML VX GUCDYOMDQL
GUCDYHSULMHPDLOLXQMRMLPDMXVYRMHSUH 
ELYDOL^WH XCLYDMX ]D VOXCEHQH DNWH REDY 
OMHQHXYU^HQMXVYRMLKIXQNFLMDVDPRVXG 
VNL LPXQLWHW L OLaQX QHSRYUHGLYRVW NDR L
SULYLOHJLMXSUHGYL_HQXXWDaNLaODQD
8 SRJOHGX RYLK IXQNFLRQHUD GUCDYD SUL 
MHPDMHLVWRWDNRYH]DQDREDYH]RPSUHG 
YL_HQRPXaODQX$NRMHNULYLaQLSRV 
WXSDN SRNUHQXW SURWLY WDNYRJ NRQ]XODU 
QRJIXQNFLRQHUDWDMVHSRVWXSDNPRUDYR 
GLWL RVLP DNR MH ]DLQWHUHVRYDQL XKDS^HQ
LOL SULWYRUHQ QD QDaLQ NDNR EL VH ^WR MH
PRJX`HPDQMHRPHWDORYU^HQMHNRQ]XODU 
QLKIXQNFLMD
 2VWDOL aODQRYL NRQ]XODWD NRML VX
GUCDYOMDQL GUCDYH SULMHPD LOL X QMRM LPDMX
VYRMH SUHELYDOL^WH aODQRYL QMLKRYLK SRUR 
GLFDLaODQRYLSRURGLFHNRQ]XODUQLKIXQN 
FLRQHUD R NRMLPD MH UHa X WDaNL  RYRJ
aODQD XCLYDMX RODN^LFH SULYLOHJLMH L LPX 
QLWHWH VDPR X RELPX X NRPH LP LK WD
GUCDYD SUL]QDMH AODQRYL SRURGLFH aODQD
NRQ]XODWDLaODQRYLSULYDWQHSRVOXJHNRML
VXLVDPLGUCDYOMDQLGUCDYHSULMHPDLOLNRML
X QMRM LPDMX VYRMH SUHELYDOL^WH WDNR_H
XCLYDMXRODN^LFHSULYLOHJLMHLLPXQLWHWHVD 
PRXRELPXXNRPHLPLKWDGUCDYDSUL] 
QDMH 0H_XWLP GUCDYD SULMHPD WUHED GD
YU^LVYRMXMXULVGLNFLMXQDGWLPOLFLPDWDNR
GDSUHWHUDQRQHRPHWDREDYOMDQMHIXQNFLMD
NRQ]XODWD

AODQ 
2GQRV L]PH_X RYH NRQYHQFLMH L GUXJLK
PH_XQDURGQLK VSRUD]XPD

2GUHGEHRYHNRQYHQFLMHQHGLUDMX
XGUXJHPH_XQDURGQHVSRUD]XPHNRMLVX
QDVQD]LXRGQRVLPDL]PH_XGUCDYDVWUD 
QDXJRYRUQLFDWLKVSRUD]XPD
 1LMHGQD RGUHGED RYH NRQYHQFLMH
QH PRCH VSUHaLWL GUCDYH GD ]DNOMXaH
PH_XQDURGQH VSRUD]XPH NRMLPD EL SRW 
YUGLOHGRSXQLOHLOLUD]YLOHQMHQHRGUHGEH
LOLSUR^LULOHQMHQRSROMHSULPHQH

*ODYD 9
=$95>1( 2'5('%(
AODQ 
3RWSLVLYDQMH

2YD NRQYHQFLMD EL`H RWYRUHQD ]D

SRWSLVLYDQMH VYLP GUCDYDPD aODQLFDPD
2UJDQL]DFLMH XMHGLQMHQLK QDFLMD LOL QHNH
VSHFLMDOL]RYDQH XVWDQRYH NDR L VYLP
GUCDYDPD aODQLFDPD 6WDWXWD 0H_XQDURG 
QRJVXGDSUDYGHLVYLPGUXJLPGUCDYDPD
NRMHMH*HQHUDOQDVNXS^WLQD2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDSR]YDODGDSRVWDQXaOD 
QLFH.RQYHQFLMHLWRQDVOHGH`LQDaLQGR
RNWREUDJRGLQHX6DYH]QRPPL 
QLVWDUVWYX LQRVWUDQLK SRVORYD 5HSXEOLNH
$XVWULMHD]DWLPGRPDUWDJRGL 
QHXVHGL^WX2UJDQL]DFLMHXMHGLQMHQLKQD 
FLMDX1MXMRUNX

AODQ 
1HGLVNULPLQDFLMD

AODQ 
5DWLILNDFLMD

3ULPHQMXMX`LRGUHGEHRYHNRQYHQ 
FLMHGUCDYDSULMHPDQH`HSUDYLWLGLVNULPL 
QDFLMXL]PH_XGUCDYD
 0H_XWLP QH`HVHVPDWUDWLGLVNUL 
PLQDFLMRP
D aLQMHQLFD GD GUCDYD SULMHPD UHVWULN
WLYQR SULPHQMXMH QHNX RG RGUHGDED
RYHNRQYHQFLMH]DWR^WRVHRQDWDNR
SULPHQMXMH QD QMHQH NRQ]XODWH X
GUCDYL LPHQRYDQMD

2YD NRQYHQFLMD SRGOHCH UDWLILNDFLML

5DWLILNDFLRQLLQVWUXPHQWLEL`HGHSRQRYDQL
NRG JHQHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMD
AODQ 
3ULVWXSDQMH

2YDNRQYHQFLMDEL`HRWYRUHQD]DSUL 
VWXSDQMH VYLP GUCDYDPD NRMH SULSDGDMX
MHGQRM RG aHWLUL NDWHJRULMH SRPHQXWH X
aODQX  ,QVWUXPHQWL R SULVWXSDQMX EL`H



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GHSRQRYDQLNRGJHQHUDOQRJVHNUHWDUD2U 
JDQL]DFLMHXMHGLQMHQLKQDFLMD

D R SRWSLVLYDQMX RYH NRQYHQFLMH L GH 

SRQRYDQMXLQVWUXPHQDWDRUDWLILNDFLML
LOL SULVWXSDQMX VKRGQR aO   L

E R GDQX VWXSDQMD RYH NRQYHQFLMH QD
VQDJX VKRGQR aODQX 

AODQ 
6WXSDQMH QD VQDJX

 2YD NRQYHQFLMD VWXSL`H QDVQDJX

WULGHVHWRJ GDQD RG GDQD GHSRQRYDQMD
NRG JHQHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDGYDGHVHWGUXJRJLQVWUX 
PHQWDRUDWLILNDFLMLLOLSULVWXSDQMX
=DVYDNXGUCDYXNRMDEXGHUDWLIL 
NRYDODRYXNRQYHQFLMXLOLMRMEXGHSULVWX 
SLOD SRVOH GHSRQRYDQMDGYDGHVHW GUXJRJ
LQVWUXPHQWD R UDWLILNDFLML LOL SULVWXSDQMX
.RQYHQFLMD`HVWXSLWLQDVQDJXWULGHVHWRJ
GDQD RG GDQD GHSRQRYDQMD LQVWUXPHQWD
WHGUCDYHRUDWLILNDFLMLLOLSULVWXSDQMX

AODQ 
9HURGRVWRMQL WHNVWRYL

2ULJLQDO RYH NRQYHQFLMH aLML VX HQ 

JOHVNL NLQHVNL ^SDQVNL IUDQFXVNL L UXVNL
WHNVWSR_HGQDNRYHURGRVWRMQLEL`HGHSR 
QRYDQ NRG JHQHUDOQRJ VHNUHWDUD 2UJDQL 
]DFLMHXMHGLQMHQLKQDFLMDNRML`HGRVWDYLWL
RYHUHQX NRSLMX VYLP GUCDYDPD NRMH SUL 
SDGDMX MHGQRM RG aHWLUL NDWHJRULMH SRPH 
QXWHXaODQX
8SRWYUGXaHJDVXGROHSRWSLVDQLSX 
QRPR`QLFL SURSLVQR RYOD^`HQL RG VYRMLK
YODGDSRWSLVDOLRYXNRQYHQFLMX
6DaLQMHQRX%HaXGYDGHVHWaHWYUWRJ
DSULODKLOMDGXGHYHWVWR^H]GHVHWWUH`HJR 
GLQH

AODQ 
2EDYH^WHQMD JHQHUDOQRJ VHNUHWDUD

*HQHUDOQL VHNUHWDU 2UJDQL]DFLMH XMH 

GLQMHQLK QDFLMD `H REDYHVWLWL GUCDYH NRMH
SULSDGDMX MHGQRM RG aHWLUL NDWHJRULMH SR 
PHQXWHXaODQX

 .RQYHQFLMD R SULYLOHJLMDPD L LPXQLWHWLPD

8MHGLQMHQLK QDFLMD
YDQMDPDJGHVHRQDQDOD]LODLPDNRELR
QMLKRY SULWHCDODF QH PRJX ELWL SUHGPHW
SUHPHWDaLQHUHNYL]LFLMH]DSOHQHHNVSUR 
SULMDFLMHLOLPDNRJGUXJRJREOLNDL]YU^QH
DGPLQLVWUDWLYQH VXGVNH LOL ]DNRQRGDYQH
SULQXGQHPHUH
2GHOMDN  $UKLYD 2UJDQL]DFLMH L
XRS^WH VYL GRNXPHQWL NRML MRM SULSDGDMX
LOLNRMHRQDGUCLQHSRYUHGLYLVXPDJGH
VHQDOD]LOL
2GHOMDN1HSRGOHCX`LQLNDNYRMIL 
QDQVLMVNRM NRQWUROL ILQDQVLMVNRM XUHGEL LOL
PRUDWRULMXPXPDNDNYHYUVWHD2UJDQL 
]DFLMDPRCHGDLPDIRQGRYH]ODWRLOLPD
NRMH GHYL]H L GD LPD RWYRUHQH UDaXQH X
PD NRMRM PRQHWL E 2UJDQL]DFLMD PRCH
VORERGQRGDYU^LWUDQVIHUVYRMLKIRQGRYD
VYRJ]ODWDLOLVYRMLKGHYL]DL]MHGQH]HPOMH
X GUXJX LOL XQXWDU ELOR NRMH ]HPOMH L GD

AODQ ,
3UDYQR OLFH

2GHOMDN  2UJDQL]DFLMD 8MHGLQMHQLK

QDFLMD MH SUDYQR OLFH 2QD PRCH D GD
]DNOMXaXMHXJRYRUHEGDVWLaHLRWX_XMH
SRNUHWQDLQHSRNUHWQDGREUDFGDLVWXSD
SUHGVXGRYLPD
AODQ ,,
,PRYLQD IRQGRYL L SRWUDCLYDQMD

2GHOMDN  2UJDQL]DFLMD XMHGLQMHQLK

QDFLMD QMHQD LPRYLQD L SRWUDCLYDQMH PD
JGH VH QDOD]LOD L PD NR ELR QMLKRY SUL 
WHCLODF XCLYDMX VXGVNL LPXQLWHW L]X]HY
DNR2UJDQL]DFLMDL]ULaQRRGQMHJDQHRGX 
VWDQH X MHGQRP SRVHEQRP VOXaDMX 3RG 
UD]XPHYDVHPH_XWLPGDRGXVWDMDQMHQH
PRCHGDVHSURWHJQHQDL]YU^QHPHUH
2GHOMDN3URVWRULMH2UJDQL]DFLMHVX
QHSRYUHGLYH 1MHQD LPRYLQD L SRWUDCL 


8VYRMHQD  IHEUXDUD  6WXSLOD QD VQDJX  VHSWHPEUD  6O OLVW 6)5- 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VD]LYDMX8MHGLQMHQHQDFLMHXCLYD`H]DYUH 
PH YU^HQMD GXCQRVWL X WRNX SXWRYDQMD X
PHVWR LOL L] PHVWD JGH VH RGUCDYD VDVWD 
QDN VOHGH`H SULYLOHJLMH L LPXQLWHWH D
LPXQLWHW RGOLaQRJKDS^HQMDLOL]DGUCDYD 
QMDL]DSOHQHQMLKRYRJOLaQRJSUWOMDJDNDR
L XNROLNR VH WLaH QMLKRYRJ GHORYDQMD X
VYRMVWYX SUHGVWDYQLND SRGUD]XPHYDMX`L
WXJRYRULSLVDQMHVYDNLVXGVNLLPXQLWHW
E QHSULNRVQRYHQRVW VYLK SLVPHQD L GR 
NXPHQDWD F SUDYR XSRWUHEH ^LIUH NDR L
SUDYR SULPDQMD GRNXPHQDWD LOL SUHSLVNH
SRNXULUXLOLX]DSHaD`HQLPYDOL]DPDG
RVORER_HQMH]DQMLKLQMLKRYHEUDaQHGUX 
JRYH X SRJOHGX VYLK RJUDQLaHQMD XVHOMD 
YDQMD VYLK IRUPDOQRVWL SULMDYOMLYDQMD VWUD 
QDFDL VYLKREDYH]DQDFLRQDOQHVOXCEHX
]HPOMDPDNRMHRQLSRVH`XMXLOLNUR]NRMH
SUROD]H YU^H`L VYRMH IXQNFLMH H LVWH
RODN^LFH X SRJOHGX PRQHWDUQLK LOL GHYL] 
QLK SURSLVD NRMH VX GDWH SUHGVWDYQLFLPD
VWUDQLKYODGDNRMLVHQDOD]HXSULYUHPHQRM
]YDQLaQRMPLVLMLILVWHLPXQLWHWHLRODN^LFH
XSRJOHGXQMLKRYRJOLaQRJSUWOMDJDNDR^WR
LPDMXLGLSORPDWVNLDJHQWLJLRQHSULYL 
OHJLMHLPXQLWHWHLRODN^LFHNRMLQLVXXRS 
UHFLVDJRUHL]ORCHQLPDNRMHXCLYDMXGLS 
ORPDWVNLDJHQWLL]X]HYSUDYDWUDCHQMDRV 
ORER_HQMDRGFDULQHQDXYH]HQHSUHGPH 
WHL]X]HYRQLKNRMLaLQHVDVWDYQLGHRQML 
KRYRJ OLaQRJ SUWOMDJD WUR^DULQD LOL SUR
PHWQLKWDNVDQDXYH]HQHSUHGPHWH
2GHOMDN'DELVHSUHGVWDYQLFLPD
aODQLFD NRG JODYQLK LOL SRPR`QLK RUJDQD
8MHGLQMHQLK QDFLMD L QD NRQIHUHQFLMDPD
VD]YDQLPRGVWUDQH2UJDQL]DFLMHRVLJXUD 
ODSRWSXQDVORERGDJRYRUDLSRWSXQDQH 
]DYLVQRVWXYU^HQMXQMLKRYLKIXQNFLMDRQL
`HLGDOMHXCLYDWLVXGVNLLPXQLWHWXSRJOH 
GX JRYRUD L SLVDQMD LOL QMLKRYH GHODWQRVWL
]D YU^HQMH QMLKRYLK IXQNFLMD aDN L NDGD
SUHVWDQXGDEXGXSUHGVWDYQLFLaODQLFD
2GHOMDN8VOXaDMXGDMHSULPHQD
QHNH GDCELQH YH]DQD ]D PHVWR VWDOQRJ
ERUDYNDRQRJDQDNRJDVHSULPHQMXMHYUH 
PHNRMH`HSUHGVWDYQLFLNRGJODYQLKLSR 
PR`QLK RUJDQD 8MHGLQMHQLK QDFLMD L QD
NRQIHUHQFLMDPDVD]YDQLPRGVWUDQH2UJD 
QL]DFLMHXMHGLQMHQLKQDFLMDSURYHVWLQDWH 
ULWRULML MHGQH GUCDYH aODQLFH UDGL YU^HQMD

SURPHQL VYH GHYL]H NRMH LPD X PD NRMX

GUXJXPRQHWX
2GHOMDN  2UJDQL]DFLMD XMHGLQMHQLK
QDFLMDQMHQDSRWUDCLYDQMDSULKRGLLGUXJD
LPRYLQD EL`H D RVORER_HQL VYDNRJ QH 
SRVUHGQRJ SRUH]D 3RGUD]XPHYD VH
PH_XWLP GD 2UJDQL]DFLMD QH PRCH GD
WUDCL RVORER_HQMH RG GDCELQD NRMH QH EL
SUHNRUDaLOH RELaQH QDSODWH ]D MDYQH
VOXCEH E RVORER_HQL VYLK FDULQD NDR L
VYLK XYR]QLK L L]YR]QLK GDCELQD L RJUD 
QLaHQMDX SRJOHGX SUHGPHWD XYH]HQLK LOL
L]YH]HQLKRGVWUDQH2UJDQL]DFLMHXMHGLQMH 
QLK QDFLMD ]D QMHQX VOXCEHQX XSRWUHEX
3RGUD]XPHYD VH PH_XWLP GD SUHGPHWL
XYH]HQLEH]QDSODWHFDULQDQH`HELWLSUR 
GDWLQDWHULWRULML]HPOMHXNRMXVXXYH]HQL
L]X]HY SRG XVORYLPD NRMH MH SULKYDWLOD
9ODGDWH]HPOMHFRVORER_HQLVYLKXYR] 
QLKLL]YR]QLK]DEUDQDLRJUDQLaHQMDXSR 
JOHGXQMHQLKSXEOLNDFLMD
AODQ ,,,
2ODN^LFH X SRJOHGX NRPXQLNDFLMD

2GHOMDN=DVYRMHVOXCEHQHNRPX 
QLNDFLMH 2UJDQL]DFLMD XMHGLQMHQLK QDFLMD
XCLYD`H QD WHULWRULML VYDNH aODQLFH X QDM 
PDQMX UXNX WDNR SRYROMDQ SRVWXSDN NDR
^WRMHSRVWXSDNNRMLVHSULPHQMXMHQDPD
NRMX GUXJX YODGX SRGUD]XPHYDMX`L WX L
GLSORPDWVNX PLVLMX RGQRVQR SULRULWHWD
WDULID L WDNVD ]D SR^WDQVNH SR^LOMNH NDE 
ORJUDPHWHOHJUDPHUDGLRWHOHJUDPHWHOH 
IRWRJUDILMH WHOHIRQVNH YH]H L ]D GUXJH
QDaLQHNRPXQLNDFLMDNDRLXSRJOHGXQR 
YLQDUVNHWDULIH]DREDYH^WDYDQMH^WDPSHL
UDGLMD 6OXCEHQD SUHSLVND L GUXJL QDaLQL
VOXCEHQLK NRPXQLNDFLMD 2UJDQL]DFLMH QH
SRGOHCXFHQ]XUL
2GHOMDN2UJDQL]DFLMDXMHGLQMHQLK
QDFLMDLPD`HSUDYRQDXSRWUHEX^LIUHNDR
L QD VODQMH L SULPDQMH SR^WH SR NXULULPD
LOL X YDOL]DPD NRMH `H XCLYDWL LVWH SUL 
YLOHJLMHLLPXQLWHWHNDRLGLSORPDWVNLNXULUL
LGLSORPDWVNHYDOL]H
AODQ ,9
3UHGVWDYQLFL aODQLFD

2GHOMDN  3UHGVWDYQLFL aODQLFD SUL

JODYQLPLSRPR`QLPRUJDQL]DFLMDPD8MH 
GLQMHQLK QDFLMD L QD NRQIHUHQFLMDPD NRMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GLSORPDWVNLP PLVLMDPD DNUHGLWRYDCQLP
NRGGRWLaQHYODGHIXGREDPH_XQDURG 
QHNUL]HXCLYD`HLQMLKRYLEUDaQLGUXJRYL
L aODQRYL QMLKRYH SRURGLFH NRMH RQL
L]GUCDYDMXLVWHRODN^LFHLUHSDWULUDQMDNDR
GLSORPDWVNL SUHGVWDYQLFL JLPD`HSUDYR
GDQHSOD`DMXFDULQXXYH]XVYRMQDPH^WDM
LVYRMHOLaQHVWYDULSULOLNRPSUYRJGRODVND
QDGXCQRVWXGRWLaQX]HPOMX
2GHOMDN3RUHGSULYLOHJLMDLLPXQL 
WHWD SUHGYL_HQLK X RGHOMNX  JHQHUDOQL
VHNUHWDU L VYL SRPR`QLFLJHQHUDOQRJVHN 
UHWDUD NDR L QMLKRYL EUDaQL GUXJRYL L PD 
OROHWQDGHFDXCLYD`HSULYLOHJLMHLPXQLWHWH
RVORER_HQMDLRODN^LFHGDWHSUHPD0H_X 
QDURGQRP SUDYX ^HIRYLPD GLSORPDWVNLK
PLVLMD
2GHOMDN3ULYLOHJLMHLLPXQLWHWLGDWL
VXIXQNFLRQHULPDMHGLQRXLQWHUHVX8MHGL 
QMHQLKQDFLMDDQHUDGLQMLKRYHOLaQHNR 
ULVWL*HQHUDOQLVHNUHWDUPR`L`HLPRUD`H
GD OL^L LPXQLWHWD IXQNFLRQHUD X VYLP
VOXaDMHYLPDNDGDELSRQMHJRYRPPL^OMH 
QMXWDMLPXQLWHWVSUHaDYDRGDSUDYGDEX 
GH]DGRYROMHQDXNROLNRWRQHEL^NRGLOR
LQWHUHVLPD2UJDQL]DFLMH8SRJOHGXJHQH 
UDOQRJVHNUHWDUD6DYHWEH]EHGQRVWLMHQD 
GOHCDQGDJDOL^LLPXQLWHWD
2GHOMDN2UJDQL]DFLMDXMHGLQMHQLK
QDFLMDVDUD_LYD`HVWDOQRVDQDGOHCQLPYOD 
VWLPDGUCDYDaODQLFDGDELVHRODN^DORSUD 
YLOQRIXQNFLRQLVDQMHVXGVWYDGDELVHRVL 
JXUDORSR^WRYDQMHSROLFLMVNLKSURSLVDLGD
EL VH L]EHJOD VYDND ]ORXSRWUHED SULYL 
OHJLMD LPXQLWHWD L RODN^LFD SRPHQXWLK X
RYRPaODQX

VYRMLKIXQNFLMDQH`HVHVPDWUDWLNDRYUHPH
VWDOQRJERUDYND
2GHOMDN 3ULYLOHJLMHLLPXQLWHWLVX
GDWL SUHGVWDYQLFLPD aODQLFD QH UDGL QML 
KRYHOLaQHNRULVWLYH`XFLOMXGDVHRVLJXUD
X SRWSXQRM QH]DYLVQRVWL YU^HQMH QMLKRYLK
IXQNFLMD X YH]L VD 2UJDQL]DFLMRP 3UHPD
WRPH MHGQD aODQLFD LPD QH VDPR SUDYR
YH`LGXCQRVWGDRGX]PHLPXQLWHWVYRPH
SUHGVWDYQLNXXVYLPVOXaDMHYLPDXNRMLPD
EL SR QMHQRP PL^OMHQMX LPXQLWHW
VSUHaDYDR GD SUDYGD EXGH ]DGRYROMHQDL
X NRMLPD LPXQLWHW PRCH ELWL GLJQXW EH]
^WHWHSRFLOM]DNRMLMHGDW
2GHOMDN2GUHGEHRGHOMND
L  QH SULPHQMXMX VH QD MHGQRJ SUHG 
VWDYQLNDXRGQRVXQDYODVWLGUCDYHaLMLMH
RQGUCDYOMDQLQLOLNRMXRQVDGDSUHGVWDYOMD
LOLaLMLMHSUHGVWDYQLNELR
2GHOMDN,]UD]SUHGVWDYQLFLmXSR
WUHEOMHQ X RYRP aODQX REXKYDWD VYH GH 
OHJDWH]DPHQLNHGHOHJDWDVDYHWQLNHWHK 
QLaNHVWUXaQMDNHLVHNUHWDUHGHOHJDFLMH
AODQ 9
)XQNFLRQHUL

2GHOMDN*HQHUDOQLVHNUHWDURGUH 
GL`HNDWHJRULMHIXQNFLRQHUDQDNRMH`HVH
SULPHQMLYDWLRGUHGEHRYRJaODQDNDRLaOD 
QD 9,, 2Q `H SRGQHWL *HQHUDOQRM VNXS 
^WLQLQMLKRYXOLVWXD]DWLP`HRWRPHRED 
YHVWLWLYODGHVYLKaODQLFD,PHQDIXQNFLR 
QHUD NRML XOD]HX WH NDWHJRULMHEL`HSHUL 
RGLaQRVDRS^WDYDQHYODGDPDaODQLFD
2GHOMDN)XQNFLRQHUL2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDDXCLYD`HVXGVNLLPX 
QLWHW]DREDYOMHQHSRVORYHNRMHVXL]YU^LOL
X VOXCEHQRP VYRMVWYX SRGUD]XPHYDMX`L
WX JRYRU L SLVDQMH E EL`H RVORER_HQL
VYDNRJSRUH]DQDSODWXLKRQRUDUHSULP 
OMHQH RG 2UJDQL]DFLMH XMHGLQMHQLK QDFLMD
F EL`H RVORER_HQL VYLK REDYH]D NRMH VH
RGQRVHQDQDFLRQDOQXVOXCEXGQDQMLK
VH QH`H SULPHQMLYDWL NDR QL QMLKRYH
EUDaQHGUXJRYHLaODQRYHQMLKRYHSRURGL 
FHNRMHRQLL]GUCDYDMXRGUHGEHNRMLPDVH
RJUDQLaDYD XVHOMDYDQMH QLWL IRUPDOQRVWL
SULMDYOMLYDQMD VWUDQDFD H XCLYD`H X SRJ 
OHGXGHYL]QLKRODN^LFDLVWHSULYLOHJLMHNDR
LIXQNFLRQHULVOLaQRJUDQJDNRMLSULSDGDMX

AODQ 9,
6WUXaQMDFL NRMH 2UJDQL]DFLMD XMHGLQMHQLK
QDFLMD ^DOMH X PLVLMDPD

2GHOMDN  6WUXaQMDFL NRML QLVX

IXQNFLRQHULRNRMLPDJRYRULaODQ9NDGD
REDYOMDMXPLVLMH]DUDaXQ2UJDQL]DFLMHXMH 
GLQMHQLKQDFLMDXCLYDMX]DYUHPHWUDMDQMD
OMLKRYHPLVLMHUDaXQDMX`LWXLWUDMDQMHSXWD
SULYLOHJLMHLLPXQLWHWHSRWUHEQH]DYU^HQMH
VYRMLKIXQNFLMDXSXQRMQH]DYLVQRVWL2QL
QDURaLWRXCLYDMXVOHGH`HSULYLOHJLMHLLPX 
QLWHWH D LPXQLWHW RG OLaQRJ KDS^HQMD LOL
]DGUCDYDQMDL]DSOHQHQMLKRYRJOLaQRJSUW 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GD VSUHaL GD SUDYGD EXGH ]DGRYROMHQD L
NDGD RQ PRCH ELWL XNLQXW EH] ^WHWH SR
LQWHUHVH2UJDQL]DFLMH

OMDJD E VXGVNL LPXQLWHW ]D GHOD NRMD VX

L]YU^LOLXREDYOMDQMXVYRMHPLVLMHSRGUD]X 
PHYDMX`L WX JRYRU L SLVDQMH 7D OLFD
]DGUCD`H RYDM LPXQLWHW aDN L NDGD EXGX
SUHVWDOD GD YU^H PLVLMX ]D UDaXQ 2UJDQL 
]DFLMHXMHGLQMHQLKQDFLMDFQHSULNRVQRYH 
QRVWVYLKSLVPHQDLGRNXPHQDWDGSUDYR
XSRWUHEH^LIUHNDRLSUDYRSULPDQMDSR^WH
NXULURP LOL X ]DSHaD`HQLP YDOL]DPD X
VYRPRS^WHQMXVD2UJDQL]DFLMRPXMHGLQMH 
QLKQDFLMDHLVWHRODN^LFHXSRJOHGXPR 
QHWDUQLK LOL GHYL]QLK SURSLVD NDR L RQH
NRMHVXGDWHSUHGVWDYQLFLPDVWUDQLKYODGD
XSULYUHPHQRMVOXCEHQRMPLVLMLILVWHLPX 
QLWHWH L RODN^LFH X SRJOHGX QMLKRYRJ
OLaQRJ SUWOMDJD NRMH LPDMX L GLSORPDWVNL
DJHQWL
2GHOMDN3ULYLOHJLMHLLPXQLWHWLGDWL
VX VWUXaQMDFLPD X LQWHUHVX 2UJDQL]DFLMH
XMHGLQMHQLKQDFIMDDQHUDGLQMLKRYHOLaQH
NRULVWL *HQHUDOQLVHNUHWDUPR`L`HLPR 
UD`H GD OL^L LPXQLWHWD GDWRJ MHGQRP
VWUXaQMDNXXVYLPVOXaDMHYLPDNDGDELSR
QMHJRYRP PL^OMHQMX WDM LPXQLWHW PRJDR

AODQ 9,,
/DLVVH]SDVVHU 8MHGLQMHQLK QDFLMD

2GHOMDN2UJDQL]DFLMDXMHGLQMHQLK
QDFLMDPR`L`HL]GDYDWLODLVVH]SDVVHUVYR 
MLP IXQNFLRQHULPD 9ODVWL GUCDYD aODQLFD
SUL]QDYD`H L XVYRML`H RYH ODLVVH]SDVVHU
NDRSXQRYDCQXSXWQXLVSUDYX
2GHOMDN  *HQHUDOQL VHNUHWDU SR
PR`QLFL JHQHUDOQRJ VHNUHWDUD L GLUHNWRUL
NRML SXWXMX ]D UDaXQ 2UJDQL]DFLMH LPDMX
ODLVVH]SDVVHU NRML LP MH RQD L]GDOD XCL 
YD`HLVWHRODN^LFHNDRL^HIRYLGLSORPDWV 
NLKPLVLMD
2GHOMDN2GUHGEHRYRJaODQDPR 
JX ELWL SULPHQMHQH QD IXQNFLRQHUH LVWRJ
UDQJD NRML SULSDGDMX VSHFLMDOL]RYDQLP
DJHQFLMDPDDNRVSRUD]XPLNRMLQDRVQRYX
aODQD3RYHOMHRGUH_XMXRGQRVHSRPH 
QXWLKDJHQFLMDVDGUCHRGUHGEXXWRPVPL 
VOX



 /-8'6.( *583( , 0(?81$52'12 35$92

 2NYLUQD .RQYHQFLMD ]D ]^WLWX QDFLRQDOQLK PDQMLQD
VDUDGQMH PH_X GUCDYDPD YH` ]DKWHYD L
SUHNRJUDQLaQXVDUDGQMXPH_XORNDOQLPL
UHJLRQDOQLP RUJDQLPD EH] XJURCDYDQMD
XVWDYD L WHULWRULMDOQRJ LQWHJULWHWD VYDNH
GUCDYH
8YDCDYDMX`L .RQYHQFLMX R ]D^WLWL
OMXGVNLK SUDYD L RVQRYQLK VORERGD L SUD 
WH`HSURWRNROH
8YDCDYDMX`L REDYH]H X SRJOHGX
]D^WLWHQDFLRQDOQLKPDQMLQDL]NRQYHQFLMD
LGHNODUDFLMD8MHGLQMHQLKQDFLMDLGRNXPH 
QDWD.RQIHUHQFLMHRHYURSVNRMEH]EHGQR 
VWL L VDUDGQML D SRVHEQR GRNXPHQWD L]
.RSHQKDJHQDRGMXQDJRGLQH
2GOXaQH GD GHILQL^X SULQFLSH NRMH
WUHEDSR^WRYDWLLREDYH]HNRMHL]QMLKSUR 
LVWLaXNDNRELVHXGUCDYDPDaODQLFDPDL
GUXJLP GUCDYDPD NRMH PRJX SULVWXSLWL
RYRP LQVWUXPHQWX RVLJXUDOD HILNDVQD
]D^WLWD QDFLRQDOQLK PDQMLQD LSUDYDLVOR 
ERGDSULSDGQLNDWLKPDQMLQDXRNYLUXYOD 
GDYLQHSUDYDSR^WXMX`LWHULWRULMDOQLLQWHJ 
ULWHWLQDFLRQDOQLVXYHUHQLWHWGUCDYD
5H^HQH GD VSURYHGX SULQFLSH L]QHWH
XRYRM2NYLUQRMNRQYHQFLMLNUR]QDFLRQDO 
QR]DNRQRGDYVWYRLRGJRYDUDMX`XYODGLQX
SROLWLNX
6SRUD]XPHOHVXVHRVOHGH`HP

'UCDYHaODQLFH6DYHWD(YURSHLGUXJH
GUCDYHSRWSLVQLFHRYH2NYLUQHNRQYHQFLMH
6PDWUDMX`LGDMHFLOM6DYHWD(YURSHGD
RVWYDULYH`HMHGLQVWYRPH_XaODQLFDPDX
FLOMXRaXYDQMDLUHDOL]DFLMHLGHDODLSULQFLSD
NRMLSUHGVWDYOMDMX]DMHGQLaNRQDVOH_H
6PDWUDMX`LGDMHMHGDQRGPHWRGD]D
RVWYDULYDQMHWRJFLOMD]D^WLWDLRVWYDULYDQMH
OMXGVNLKSUDYD
8 CHOML GD VOHGH 'HNODUDFLMX ^HIRYD
GUCDYDLYODGDGUCDYDaODQLFDXVYRMHQXX
%HaXRNWREUDJRGLQH
2GOXaQHGDXRNYLUXVYRMLKWHULWRULMD
]D^WLWHSRVWRMDQMHQDFLRQDOQLKPDQMLQD
6PDWUDMX`L GD VX SUHYLUDQMDXLVWRULML
(YURSHSRND]DODGDMH]D^WLWDQDFLRQDOQLK
PDQMLQDVX^WLQVND]DVWDELOQRVWGHPRNUD 
WVNXEH]EHGQRVWLPLUQDRYRPNRQWLQHQ 
WX
6PDWUDMX`L GD SOXUDOLVWLaNR L LVWLQVNL
GHPRNUDWVNRGUX^WYRWUHEDGDSR^WXMHQH
VDPRHWQLaNLNXOWXUQLOLQJYLVWLaNLLYHUVNL
LGHQWLWHW VYDNRJ SULSDGQLND QDFLRQDOQH
PDQMLQHYH`LGDVWYDUDRGJRYDUDMX`HXV 
ORYHNRMLLPRPRJX`XMXGDL]UD]HRaXYD 
MXLUD]YLMXWDMLGHQWLWHW
6PDWUDMX`LGDMHVWYDUDQMHRGQRVDWR 
OHUDQFLMHLGLMDORJDQHRSKRGQRNDNRELVH
RPRJX`LOR GD NXOWXUQD UD]QROLNRVW EXGH
L]YRU L IDNWRU RERJD`LYDQMD VYDNRJ GUX 
^WYD
6PDWUDMX`LGDRVWYDUHQMHWROHUDQWQHL
SURVSHULWHWQH (YURSH QH ]DYLVL VDPR RG


2'(/-$. ,
AODQ 

=D^WLWDQDFLRQDOQLKPDQMLQDLSUDYDL
VORERGDSULSDGQLNDWLKPDQMLQDVDVWDYQLMH
GHRPH_XQDURGQH]D^WLWHOMXGVNLKSUDYDL

8VYRMHQD  QRYHPEUD  JRGLQH X 6WUD]EXUX 6WXSLOD QD VQDJX  IHEUXDUD  6O
OLVW 65- 0H_XQDURGQL XJRYRUL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 %H] ^WHWH SR PHUH SUHGX]HWH X
VNODGXVDQMLKRYRPRS^WRPSROLWLNRPLQ 
WHJUDFLMHVWUDQHXJRYRUQLFH`HVHX]GUCDWL
RG SROLWLNH LOL SUDNVH NRMH LPDMX ]D FLOM
DVLPLODFLMXSULSDGQLNDQDFLRQDOQLKPDQML 
QDSURWLYQMLKRYHYROMHL^WLWL`HWDOLFDRG
VYDNHDNFLMHXVPHUHQHNDWDNYRMDVLPLOD 
FLML

NDRWDNYDVSDGDXGRPHQPH_XQDURGQH
VDUDGQMH
AODQ 

2GUHGEH RYH 2NYLUQH NRQYHQFLMH

SULPHQMLYD`HVHXGREURMQDPHULXGXKX
UD]XPHYDQMDLWROHUDQFLMHLXVNODGXVSULQ 
FLSLPD GREURVXVHGVWYD SULMDWHOMVNLK RG 
QRVDLVDUDGQMHPH_XGUCDYDPD

AODQ 

AODQ 

 6WUDQH XJRYRUQLFH `H SRGVWLFDWL

GXKWROHUDQFLMHLPH_XNXOWXUQRJGLMDORJD
LSUHGX]LPDWLRGJRYDUDMX`HPHUH]DXQD 
SUH_HQMHX]DMDPQRJSR^WRYDQMDLUD]XPH 
YDQMD L VDUDGQMH PH_X VYLP OMXGLPD NRML
CLYH QD QMLKRYRM WHULWRULML EH] RE]LUD QD
HWQLaNLNXOWXUQLMH]LaNLLOLYHUVNLLGHQWLWHW
WLKOLFDDSRVHEQRXREODVWLREUD]RYDQMD
NXOWXUHLPDVRYQRJLQIRUPLVDQMD
6WUDQHXJRYRUQLFHVHREDYH]XMXGD
SUHGX]PX RGJRYDUDMX`H PHUH NDNR EL
]D^WLWLOHOLFDNRMDPRJXELWLL]ORCHQDSUHW 
QMDPD LOL GLVNULPLQDFLML QHSULMDWHOMVWYLPD
LOLQDVLOMX]ERJVYRJHWQLaNRJNXOWXUQRJ
MH]LaNRJLOLYHUVNRJLGHQWLWHWD

6YDNLSULSDGQLNQDFLRQDOQHPDQML 
QHLPD`HSUDYRGDVORERGQRELUDGDEXGH
WUHWLUDQ NDR WDNDY LOL QH L QH`H GR`L X
QHSRYROMDQ SRORCDM ]ERJ WDNYRJ RSUHGH 
OMHQMD LOL YU^HQMD SUDYD YH]DQLK ]D WR RS 
UHGHOMHQMH
 3ULSDGQLFL QDFLRQDOQLK PDQMLQD
PRJXGDYU^HRQDSUDYDLXCLYDMXVORERGH
NRMHSURL]OD]HL]SULQFLSDXJUD_HQLKXVD 
GD^QMX 2NYLUQX NRQYHQFLMX SRMHGLQDaQR
LOLX]DMHGQLFLVGUXJLPD

2'(/-$. ,,
AODQ 

AODQ 

6WUDQHXJRYRUQLFHVHREDYH]XMXGD
`H SULSDGQLFLPDQDFLRQDOQLKPDQMLQDJD 
UDQWRYDWL UDYQRSUDYQRVW SUHG ]DNRQRP L
MHGQDNX ]DNRQVNX ]D^WLWX 8 WRP VPLVOX
]DEUDQMHQDMHELORNDNYDGLVNULPLQDFLMDQD
RVQRYXSULSDGQRVWLQDFLRQDOQRMPDQMLQL
6WUDQHXJRYRUQLFHVHREDYH]XMXGD
XVYRMH JGH MH SRWUHEQR RGJRYDUDMX`H
PHUHNDNRELXVYLPREODVWLPDHNRQRP 
VNRJ GUX^WYHQRJ SROLWLaNRJ L NXOWXUQRJ
CLYRWD REH]EHGLOH SXQX L VWYDUQX MHGQD 
NRVWSULSDGQLNDQDFLRQDOQHPDQMLQHLSUL 
SDGQLNDYH`LQH8WRPSRJOHGX`HYRGLWL
UDaXQDRVSHFLILaQLPXVORYLPDSULSDGQLND
QDFLRQDOQLKPDQMLQD
 0HUH XVYRMHQH VKRGQR VWDYX 
QH`HVHVPDWUDWLDNWRPGLVNULPLQDFLMH

6WUDQH XJRYRUQLFH `H REH]EHGLWL

SR^WRYDQMHSUDYDVYDNRJSULSDGQLNDQDFL 
RQDOQH PDQMLQH QD VORERGX PLUQRJ RNX 
SOMDQMD VORERGX XGUXCLYDQMD VORERGX L] 
UDCDYDQMDLVORERGXPLVOLXYHUHQMDLYHUR 
LVSRYHVWL
AODQ 

6WUDQH XJRYRUQLFH VH REDYH]XMX GD

SUL]QDMX GD VYDNL SULSDGQLN QDFLRQDOQH
PDQMLQHLPDSUDYRGDL]UDCDYDVYRMXUHOL 
JLMXLOLYHUXLGDXVWDQRYOMDYDYHUVNHLQV 
WLWXFLMHRUJDQL]DFLMHLXGUXCHQMD
AODQ 

6WUDQHXJRYRUQLFHVHREDYH]XMXGD
`HSUL]QDWLGDSUDYRQDVORERGXL]UDCDYD 
QMDVYDNRJSULSDGQLNDQDFLRQDOQHPDMLQH
XNOMXaXMH VORERGX PL^OMHQMD L SULPDQMD L
SUHQR^HQMD LQIRUPDFLMD L LGHMD QD MH]LNX
PDMLQH EH] PH^DQMD MDYQLK RUJDQD L EH]
RE]LUDQDJUDQLFH6WUDQHXJRYRUQLFH`HX
RNYLUXVYRMLKSUDYQLKVLVWHPDRVLJXUDWLGD
SULSDGQLFL QDFLRQDOQLK PDQMLQD QH EXGX
GLVNULPLQLVDQLXVYRPSULVWXSXVUHGVWYLPD
MDYQRJLQIRUPLVDQMD

AODQ 

6WUDQHXJRYRUQLFHVHREDYH]XMXGD
VWYDUDMXSRWUHEQHXVORYHNDNRELSULSDG 
QLFLQDFLRQDOQLKPDQMLQDRaXYDOLLUD]YLMDOL
VYRMX NXOWXUX L VDaXYDOL QHRSKRGQH HOH 
PHQWH VYRJ LGHQWLWHWD QDLPH UHOLJLMX MH 
]LNWUDGLFLMHLNXOWXUQRQDVOH_H



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SUDYRQDQMLKRYR]YDQLaQRSUL]QDYDQMHSR
PRGDOLWHWLPDXWYU_HQLPXQMLKRYRPSUDY 
QRPVLVWHPX
6WUDQHXJRYRUQLFHVHREDYH]XMXGD
`HVYDNRPSULSDGQLNXQDFLRQDOQHPDQML 
QHSUL]QDWLSUDYRGDQDVYRPPDQMLQVNRP
MH]LNXLVWDNQHR]QDNHQDWSLVHLGUXJHLQ 
IRUPDFLMH SULYDWQH SULURGH NRMH VX MDYQR
YLGOMLYH
8REODVWLPDNRMHVXWUDGLFLRQDOQR
QDVHOMHQH]QDWQLPEURMHPSULSDGQLNDQD 
FLRQDOQH PDQMLQH VWUDQH XJRYRUQLFH `H
QDVWRMDWLGDXRNYLUXVYRMLKSUDYQLKVLVWH 
PD D XNOMXaXMX`L JGH MH WR SRWUHEQR L
VSRUD]XPHVDGUXJLPGUCDYDPDX]LPDMX`L
X RE]LU QMLKRYH VSHFLILaQH XVORYH GD LV 
WDNQXWUDGLFLRQDOQHORNDOQHQD]LYHLPHQD
XOLFDLGUXJHWRSRJUDIVNHQD]QDNHQDPH 
QMHQH MDYQRVWL L QD MH]LNX PDQMLQH DNR
SRVWRMLGRYROMQDWUDCQMD]DWDNYLPQD]QD 
NDPD

6WDYQHVSUHaDYDVWUDQHXJRYRU
QLFHGD]DKWHYDMXSRVHGRYDQMHRGREUHQMD
NRMDVHL]GDMXEH]GLVNULPLQDFLMHDQDRV 
QRYXREMHNWLYQLKNULWHULMXPD]DHPLWRYD 
QMHUDGLRLWHOHYL]LMVNLKSURJUDPDLOL]DUDG
ELRVNRSVNLKSUHGX]H`D
 6WUDQH XJRYRUQLFH QH`H RPHWDWL
VWYDUDQMHLNRUL^`HQMH^WDPSDQLKVUHGVWDYD
LQIRUPLVDQMD RG VWUDQH SULSDGQLND QDFLR 
QDOQLKPDQMLQD8]DNRQVNLPRNYLULPD]D
579 REH]EHGL`H NROLNR JRG MH PRJX`H
D X]LPDMX`L X RE]LU RGUHGEH VWDYD  GD
SULSDGQLFL QDFLRQDOQLK PDQMLQD GRELMX
PRJX`QRVWVWYDUDQMDLNRUL^`HQMDVRSVWYH 
QLKVUHGVWDYDMDYQRJLQIRUPLVDQMD
 6XUDQH XJRYRUQLFH `H X RNYLUX
VYRMLK SUDYQLK VLVWHPD XVYRMLWLRGJRYDUD 
MX`HPHUHNDNRELSULSDGQLFLPDQDFLRQDO 
QLKPDQMLQDRODN^DOHSULVWXSPHGLMLPDX
FLOMX SRYH`DYDQMD WROHUDQFLMH L RPR 
JX`DYDQMDNXOWXUQRJSOXUDOL]PD
AODQ 

AODQ 

6WUDQHXJRYRUQLFHVHREDYH]XMXGD
SUL]QDMX GD VYDNL SULSDGQLN QDFLRQDOQH
PDQMLQH LPD SUDYR GD NRULVWL VORERGQR L
EH]RPHWDQMDVYRMPDQMLQVNLMH]LNSULYDW 
QRLMDYQRXVPHQRLOLSLVPHQR
8REODVWLPDWUDGLFLRQDOQRLOL]QDW 
QR QDVHOMHQLP SULSDGQLFLPD QDFLRQDOQLK
PDQMLQDDNRWRRYDOLFD]DKWHYDMXLOLWD 
NDY]DKWHYRGJRYDUDUHDOQLPSRWUHEDPD
VWUDQH `H X PHUL X NRMRM MH WR PRJX`H
QDVWRMDWLGDRVLJXUDMXXVORYHNRMLELRPR 
JX`LOL XSRWUHEX PDQMLQVNRJ MH]LND X RG 
QRVLPD L]PH_X SULSDGQLND QDFLRQDOQLK
PDQMLQDLDGPLQLVWUDWLYQLKRUJDQD
6WUDQHXJRYRUQLFHVHREDYH]XMXGD
JDUDQWXMXSUDYRVYDNRPSULSDGQLNXQDFL 
RQDOQH PDQMLQH GD EXGH REDYH^WHQ EH]
RGODJDQMDQDMH]LNXNRMLUD]XPHRUD]OR 
]LPDKDS^HQMDLRNDUDNWHUXLX]URNXRS 
WXCEH SURWLY QMHJD L GD VH EUDQL QD WRP
MH]LNXDNRMHSRWUHEQRX]EHVSODWQXSR 
PR`WXPDaD

6WUDQHXJRYRUQLFH`HJGHWRRGJR 
YDUD SUHGX]HWLPHUH X REODVWLREUD]RYD 
QMDLLVWUDCLYDQMDNDNRELVHQHJRYDODNXO 
WXUD MH]LN L YHUD QDFLRQDOQLK PDQMLQD L
YH`LQH
8WRPNRQWHNVWXVWUDQHXJRYRUQL 
FH`HL]PH_XRVWDORJREH]EHGLWLRGJRYD 
UDMX`HPRJX`QRVWL]DREXNXQDVWDYQLNDL
GRVWXSQRVWQDVWDYQLKXaLODLRODN^DWLNRQ 
WDNWH L]PH_X XaHQLND L QDVWDYQLND UD] 
OLaLWLK]DMHGQLFD
6WUDQHXJRYRUQLFHVHREDYH]XMXGD
REH]EHGH MHGQDNX PRJX`QRVW SULVWXSD
REUD]RYDQMX QD VYLP QLYRLPD ]D SULSDG 
QLNHQDFLRQDOQLKPDQMLQD
AODQ 

 8 RNYLUX VYRMLK REUD]RYQLK VLVWH

PD VWUDQH XJRYRUQLFH `H SUL]QDWL SUDYR
SULSDGQLFLPDQDFLRQDOQLKPDQMLQDGDXV 
WDQRYOMDYDMXLYRGHVRSVWYHQHSULYDWQHLQ 
VWLWXFLMH]DREUD]RYDQMHLREXNX
 9U^HQMH WRJ SUDYD QH SRYODaL QL
NDNYXILQDQVLMVNXREDYH]X]DSRWSLVQLFH

AODQ 

6WUDQHXJRYRUQLFHVHREDYH]XMXGD
SUL]QDMX GD VYDNL SULSDGQLN QDFLRQDOQH
PDQMLQHLPDSUDYRGDNRULVWLVYRMHSUH]L 
PH SDWURQLP L LPH QD MH]LNX PDQMLQHL

AODQ 

6WUDQHXJRYRUQLFHVHREDYH]XMXGD
SUL]QDMX GD VYDNL SULSDGQLN QDFLRQDOQH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

JLPGUCDYDPDSRVHEQRVXVHGQLPGUCDYD 
PD NDNR EL RVLJXUDOH ]D^WLWX SULSDGQLND
RGQRVQLKQDFLRQDOQLKPDQMLQD
7DPRJGHMHWRUHOHYDQWQRVWUDQH
XJRYRUQLFH `H SUHGX]HWL PHUH ]D SRGVWL 
FDMSUHNRJUDQLaQHVDUDGQMH

PDQMLQHLPDSUDYRGDXaLVYRMPDQMLQVNL
MH]LN
 8 REODVWLPD QDVHOMHQLP SULSDGQL 
FLPDQDFLRQDOQLKPDQMLQDWUDGLFLRQDOQRLOL
X]QDWQRPEURMXDNRLPDGRYROMQR]DK 
WHYD VWUDQH XJRYRUQLFH `H QDVWRMDWL GD
REH]EHGHXPHULXNRMRMMHWRPRJX`HL
X RNYLUX VYRMLK REUD]RYQLK VLVWHPD GD
SULSDGQLFLWLKPDQMLQDLPDMXRGJRYDUDMX`H
PRJX`QRVWLGDXaHMH]LNPDQMLQHLOLGDVH
REXaDYDMXQDWRPMH]LNX
 6WDY  RYRJ aODQD SULPHQL`H VH
EH]^WHWHSRL]XaDYDQMH]YDQLaQRJMH]LND
LOLQDVWDYHQDWRPMH]LNX

AODQ 

6WUDQH XJRYRUQLFH VH REDYH]XMX GD

`H SR^WRYDWL L SULPHQMLYDWL SULQFLSH XJ 
UD_HQH X SRVWRMH`X 2NYLUQX NRQYHQFLMX
QDPH`X`LWDPRJGHMHWRSRWUHEQRVDPR
RQDRJUDQLaHQMDUHVWULNFLMHLOLRGVWXSDQMD
NRMDVXSUHGYL_HQDPH_XQDURGQLPSUDY 
QLP LQVWUXPHQWLPD SRVHEQR .RQYHQFL 
MRP ]D ]D^WLWX OMXGVNLK SUDYD L RVQRYQLK
VORERGDXPHULXNRMRMVXRQDUHOHYDQWQD
]D SUDYD L VORERGH NRMH SURLVWLaX L] SR 
PHQXWLKSULQFLSD

AODQ 

6WUDQH XJRYRUQLFH `H VWYRULWL XVORYH

SRWUHEQH]D GHORWYRUQR XaH^`HSULSDGQL 
ND QDFLRQDOQLK PDQMLQD X NXOWXUQRP
GUX^WYHQRP L HNRQRPVNRP CLYRWX L MDY 
QLPRGQRVLPDSRVHEQRRQLPNRMLVHQD
QMLKRGQRVH

2'(/-$. ,,,
AODQ 

AODQ 

8YU^HQMXSUDYDLVORERGDNRMDSURL 
]OD]HL]SULQFLSDXJUD_HQLKXRYX2NYLU 
QXNRQYHQFLMXVYDNLSULSDGQLNQDFLRQDO 
QHPDQMLQHSR^WRYD`HQDFLRQDOQH]DNRQH
L SUDYD GUXJLK SRVHEQR SULSDGQLND
YH`LQHLOLGUXJLKQDFLRQDOQLKPDQMLQD

6WUDQHXJRYRUQLFH`HVHX]GUCDWLRG
PHUDNRMHPHQMDMXVUD]PHUXVWDQRYQL^WYD
X REODVWLPD QDVHOMHQLP SULSDGQLFLPD QD 
FLRQDOQLK PDQMLQD D LPDMX ]D FLOM RJUD 
QLaDYDQMH SUDYD L VORERGD NRMH SURL]OD]H
L]SULQFLSDXJUD_HQLKXRYX2NYLUQXNRQ 
YHQFLMX

AODQ 

1L^WDVDGUCDQRXRYRM2NYLUQRMNRQ 
YHQFLML QH`H VH WXPDaLWL GD ]QDaL SUDYR
DQJDCRYDQMDXQHNRMDNWLYQRVWLLOLYU^HQMX
QHNRJ GHOD VXSURWQR RVQRYQLP SULQFLSL 
PDPH_XQDURGQRJSUDYDDSRVHEQRVX 
YHUHQRM MHGQDNRVWL WHULWRULMDOQRP LQWHJUL 
WHWXLSROLWLaNRMUDYQRSUDYQRVWLGUCDYD

AODQ 

6WUDQHXJRYRUQLFHVHREDYH]XMXGD
QHRPHWDMXSUDYRSULSDGQLNDQDFLRQDOQLK
PDQMLQDGDRVQLYDMXLRGUCDYDMXVORERGQH
L PLUROMXELYH SUHNRJUDQLaQH NRQWDNWH VD
OLFLPD NRMD ]DNRQLWR ERUDYH X GUXJLP
GUCDYDPDSRVHEQRRQLP VNRMLPDLPDMX
]DMHGQLaNLHWQLaNLNXOWXUQLMH]LaNLLOLYHU 
VNL LGHQWLWHW LOL ]DMHGQLaNR NXOWXUQR QDV 
OH_H
6WUDQHXJRYRUQLFHVHREDYH]XMXGD
QHRPHWDMXSUDYRSULSDGQLNDQDFLRQDOQLK
PDQMLQD GD XaHVWYXMX X DNWLYQRVWLPD QH 
YODGLQLK RUJDQL]DFLMD NDNR QD QDFLRQDO 
QRPWDNRLQDPH_XQDURGQRPQLYRX

AODQ 

1L^WDVDGUCDQRXRYRM2NYLUQRMNRQ 
YHQFLML QH`H VH WXPDaLWL WDNR GD SUHGVWD 
YOMDRJUDQLaHQMHLOLRGVWXSDQMHRGELORNR 
MLKOMXGVNLKSUDYDLRVQRYQLKVORERGDNRMH
PRJX ELWL RVLJXUDQH ]DNRQLPD ELOR NRMH
VWUDQH XJRYRUQLFH LOL ELOR NRMLP GUXJLP
VSRUD]XPRPaLMDMHRQDSRWSLVQLFD
AODQ 

AODQ 

3UDYD L VORERGH NRMH SURL]OD]H L]

SULQFLSD XJUD_HQLK X RYX 2NYLUQX NRQ 
YHQFLMXXNROLNRVXSUHGPHWRGJRYDUDMX`H
RGUHGEH X .RQYHQFLML ]D ]D^WLWX OMXGVNLK

6WUDQHXJRYRUQLFH`HQDVWRMDWLGD
WDPRJGHMHWRSRWUHEQR]DNOMXaHELODWH 
UDOQH L PXOWLODWHUDOQH VSRUD]XPH VD GUX 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SUDYD L RVQRYQLK VORERGD LOL X SUDWH`LP
SURWRNROLPD VPDWUD`H VH VDJODVQLP WLP
RGUHGEDPD

2'(/-$. ,9
AODQ 

 .RPLWHW PLQLVWDUD 6DYHWD (YURSH

SUDWL`HVSURYR_HQMHRYH2NYLUQHNRQYHQ 
FLMHRGVWUDQHXJRYRUQLFD
6WUDQHXJRYRUQLFHNRMHQLVXaODQL 
FH6DYHWD(YURSHXaHVWYRYD`HXPHKDQL] 
PXLPSOHPHQWDFLMHSRPRGDOLWHWLPDNRML
`HVHXWYUGLWL
AODQ 

8URNXRGJRGLQXGDQDRGVWXSD 
QMD RYH 2NYLUQH NRQYHQFLMH QD VQDJX X
RGQRVXQDVWUDQXXJRYRUQLFXLVWD`HSRG 
QHWLJHQHUDOQRPVHNUHWDUX6DYHWD(YURSH
SXQXLQIRUPDFLMXR]DNRQRGDYQLPLGUX 
JLPPHUDPDSUHGX]HWLPXFLOMXRVWYDULYD 
QMD SULQFLSD XWYU_HQLK X RYRM RNYLUQRM
.RQYHQFLML
 1DNRQ WRJD VYDND VWUDQD XJRYRU
QLFD`HJHQHUDOQRPVHNUHWDUXSHULRGLaQR
LVYDNLSXWNDG.RPLWHWPLQLVWDUDWR]DK 
WHYD SUHQRVLWL VYH GDOMH LQIRUPDFLMH RG
YDCQRVWL ]D VSURYR_HQMH RYH 2NYLUQH
NRQYHQFLMH
 *HQHUDOQL VHNUHWDU `H .RPLWHWX
PLQLVWDUD SURVOHGLWL LQIRUPDFLMH SUHQHWH
VKRGQRXVORYLPDRYRJaODQD
AODQ 

 8 RFHQMLYDQMX DGHNYDWQRVWL PHUD

SUHGX]HWLK RG VWUDQH XJRYRUQLFD UDGL
RVWYDULYDQMD SULQFLSD XWYU_HQLK X RYRM
2NYLUQRM NRQYHQFLML .RPLWHWX PLQLVWDUD
SRPDJD`HVDYHWRGDYQLNRPLWHWaLML`HaOD 
QRYLELWLSUL]QDWLHNVSHUWLXREODVWL]D^WLWH
QDFLRQDOQLKPDQMLQD
6DVWDYWRJVDYHWRGDYQRJNRPLWHWD
LSRVWXSDNXUDGXXWYUGL`H.RPLWHWPLQL 
VWDUDXURNXRGJRGLQXGDQDRGVWXSDQMD
QDVQDJXRYH2NYLUQHNRQYHQFLMH

2'(/-$. 9
AODQ 

2YD2NYLUQDNRQYHQFLMDEL`HRWYRUH 
QD ]D SRWSLVLYDQMH GUCDYDPD aODQLFDPD

6DYHWD(YURSH2QD`HGRGDWXPDVWXSD 
QMD.RQYHQFLMHQDVQDJXELWLRWYRUHQD]D
SRWSLVLYDQMHLVYLPGUXJLPGUCDYDPDNRMH
.RPLWHW PLQLVWDUD SR]RYH GD WR XaLQH
2QD SRGOHCH UDWLILNDFLML SULKYDWDQMX LOL
RGREUDYDQMX ,QVWUXPHQWL UDWLILNDFLMH
SULKYDWDQMD LOL RGREUDYDQMD EL`H GHSRQR 
YDQLNRGJHQHUDOQRJVHNUHWDUD6DYHWD(Y 
URSH
AODQ 

2YD2NYLUQDNRQYHQFLMD`HVWXSLWL
QD VQDJX SUYRJ GDQD X PHVHFX QDNRQ
LVWHND SHULRGD RG WUL PHVHFD RG GDWXPD
NDGD GYDQDHVW GUCDYD aODQLFD 6DYHWD (Y 
URSH L]UD]H VSUHPQRVW ]D REDYH]LYDQMH
.RQYHQFLMRPXVNODGXVDRGUHGEDPDaOD 
QD
=DVYDNXGUCDYXaODQLFXNRMDQDN 
QDGQR L]UD]L VYRMX VSUHPQRVW GD EXGH
QMRPHREDYH]DQD2NYLUQDNRQYHQFLMD`H
VWXSLWL QD VQDJX SUYRJ GDQD X PHVHFX
QDNRQ LVWHND SHULRGD RG WUL PHVHFD RG
GDWXPD GHSRQRYDQMD LQVWUXPHQDWD UDWLIL 
NDFLMHSULKYDWDQMDLOLRGREUDYDQMD
AODQ 

1DNRQVWXSDQMDQDVQDJXRYH2N 
YLUQH NRQYHQFLMH L NRQVXOWRYDQMD GUCDYD
SRWSLVQLFD .RPLWHW PLQLVWDUD 6DYHWD (Y 
URSH PRCH RGOXNRP NRMX MH GRQHOD
YH`LQDSUHGYL_HQDaODQRPG6WDWXWD6D 
YHWD(YURSHSR]YDWLELORNRMXGUCDYXaOD 
QLFX 6DYHWD (YURSH NRMD PDGD SR]YDQD
GDMHSRWSL^HXVNODGXVDRGUHGEDPDaOD 
QDWRMR^QLMHXaLQLODGDSULVWXSL.RQ 
YHQFLML NDR L ELOR NRMX GUXJX GUCDYX
QHaODQLFX
=DVYDNXGUCDYXNRMDSULVWXSLRYD
2NYLUQDNRQYHQFLMDVWXSL`HQDVQDJXSU 
YRJGDQDXPHVHFXQDNRQLVWHNDSHULRGD
RGWULPHVHFDRGGDWXPDGHSRQRYDQMDLQ 
VWUXPHQDWDRSULVWXSDQMXNRGJHQHUDOQRJ
VHNUHWDUD6DYHWD(YURSH
AODQ 

 6YDND GUCDYD PRCHXYUHPHSRW

SLVLYDQMDLOLGHSRQRYDQMDVYRMLKLQVWUXPH 
QDWDUDWLILNDFLMHSULKYDWDQMDRGREUDYDQMD
LOLSULVWXSDQMDRGUHGLWLWHULWRULMXLOLWHULWRUL 
MH]DaLMHMHPH_XQDURGQHRGQRVHRGJR 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YRUQDDQDNRMH`HVHRYD2NYLUQDNRQ 
YHQFLMDSULPHQMLYDWL
 6YDND GUCDYD PRCH NDVQLMH L]MD 
YRPXSX`HQRPJHQHUDOQRPVHNUHWDUX6D 
YHWD(YURSHSUR^LULWLSULPHQXRYH2NYLU 
QHNRQYHQFLMHQDELORNRMXGUXJXWHULWRULMX
QDYHGHQXXL]MDYL8RGQRVXQDWXWHULWR 
ULMX2NYLUQDNRQYHQFLMDVWXSL`HQDVQDJX
SUYRJD GDQD X PHVHFX QDNRQ LVWHND SH 
ULRGDRGWULPHVHFDRGGDWXPDSULMHPDWH
L]MDYHRGVWUDQHJHQHUDOQRJVHNUHWDUD
6YDNDL]MDYDGDWDXVNODGXVDSUHW 
KRGQD GYD SDUDJUDID PRCH ]D ELOR NRMX
WHULWRULMXRGUH_HQXXWDNYRML]MDYLELWLSR 
YXaHQD REDYH^WHQMHP XSX`HQLPJHQHUDO 
QRP VHNUHWDUX 3RYODaHQMH `H VWXSLWL QD
VQDJXSUYRJGDQDXPHVHFXQDNRQLVWHND
SHULRGDRGWULPHVHFDRGGDWXPDSULMHPD
WDNYRJREDYH^WHQMDRGVWUDQHJHQHUDOQRJ
VHNUHWDUD
AODQ 

 6YDND VWUDQD XJRYRUQLFD PRCH X

ELOR NRMH YUHPH RWND]DWL RYX 2NYLUQX
NRQYHQFLMX REDYH^WHQMHP XSX`HQLP JH 
QHUDOQRPVHNUHWDUX6DYHWD(YURSH
7RRWND]LYDQMHVWXSDQDVQDJXSU 
YRJDGDQDXPHVHFXNRMLQDVWXSLSRLVWH 
NXSHULRGDRG^HVWPHVHFLRGGDWXPDSUL 
MHPD REDYH^WHQMD RG VWUDQH JHQHUDOQRJ
VHNUHWDUD

AODQ 

*HQHUDOQL VHNUHWDU 6DYHWD (YURSH

REDYHVWL`H GUCDYH aODQLFH 6DYHWD GUXJH
]HPOMH SRWSLVQLFH L VYDNX GUCDYX NRMD MH
SULVWXSLODRYRM2NYLUQRMNRQYHQFLMLR
D VYDNRP SRWSLVLYDQMX
E GHSRQRYDQMX LQVWUXPHQWD R UDWLILND 
FLMLSULKYDWDQMXRGREUDYDQMXSULVWX
SDQMX
F VYDNRPGDWXPXVWXSDQMDRYH2NYLU 
QH NRQYHQFLMH QD VQDJX VKRGQR aO
  L 
G VYDNRP GUXJRP DNWX REDYH^WHQMX
LOL SRGQHVNX X YH]L V RYRP 2NYLU
QRP NRQYHQFLMRP
3RWYU_XMX`L SUHGQMH GROH SRWSLVDQL
YDOMDQR]DWRRYOD^`HQLSRWSLVXMXRYX2N 
YLUQXNRQYHQFLMX
6DaLQMHQR X 6WUD]EXUX GDQD  QR
YHPEUD  JRGLQH QD HQJOHVNRP L
IUDQFXVNRP V WLP ^WR VX RED WHNVWD DX 
WHQWLaQD X MHGQRP SULPHUNX NRML `H ELWL
GHSRQRYDQXDUKLYL6DYHWD(YURSHJHQH 
UDOQL VHNUHWDU 6DYHWD (YURSH GRVWDYL`H
RYHUHQHNRSLMHVYDNRMGUCDYLaODQLFL6DYH 
WD(YURSHLVYDNRMGUCDYLSR]YDQRMGDSRW 
SL^HLOLGDSULVWXSLRYRM2NYLUQRMNRQYHQ 
FLML



 A29(. , 0(?81$52'12 35$92

p /-8'6.$ 35$9$
 8QLYHU]DOQD GHNODUDFLMD
R OMXGVNLP SUDYLPD
3R^WR MH SUL]QDYDQMH XUR_HQRJ GRV
WRMDQVWYD L MHGQDNLK L QHRWX_LYLK SUDYD
VYLKaODQRYDOMXGVNHSRURGLFHWHPHOMVOR 
ERGHSUDYGHLPLUDXVYHWX
SR^WR MH QHSR^WRYDQMH L SUH]LUDQMH
OMXGVNLKSUDYDYRGLORYDUYDUVNLPSRVWXS 
FLPD NRML VX YUH_DOL VDYHVW aRYHaDQVWYD
LSR^WRMHVWYDUDQMHVYHWDXNRMHP`HOMXG 
VND EL`D XCLYDWL VORERGX JRYRUD L
XEH_HQMDLELWLVORERGQDRGVWUDKDLQHV 
WD^LFH SURJOD^HQR NDR QDMYL^D WHCQMD VYD 
NRJaRYHND
SR^WRMHELWQRGDOMXGVNDSUDYDEXGX
]D^WL`HQD SUDYQLP SRUHWNRPNDNR aRYHN
QHELELRSULPRUDQGDNDRNUDMQMHPL]OD]X
SULEHJQHSREXQLSURWLYWLUDQLMHLXJQMHWD 
YDQMD
SR^WR MH ELWQR GD VH SRGVWLaH UD]YRM
SULMDWHOMVNLKRGQRVDPH_XQDURGLPD
SR^WR VX QDURGL 8MHGLQMHQLKQDFLMDX
3RYHOMLSRQRYRSURJODVLOLVYRMXYHUXXRV 
QRYQD OMXGVND SUDYD X GRVWRMDQVWYR L
YUHGQRVW aRYHNRYH OLaQRVWL L UDYQRSUDY 
QRVWPX^NDUDFDLCHQDLSR^WRVXRGOXaLOL
GD SRGVWLaX GUX^WYHQL QDSUHGDN L SR 
EROM^DMXXVORYHCLYRWDXYH`RMVORERGL
SR^WRVXVHGUCDYHaODQLFHREDYH]DOH
GD X VDUDGQML V 8MHGLQMHQLP QDFLMDPD
REH]EHGH RS^WH SR^WRYDQMH L SULPHQX
OMXGVNLKSUDYDLRVQRYQLKVORERGD


SR^WRMHRS^WHVKYDWDQMHRYLKSUDYDL
VORERGD RG QDMYH`H YDCQRVWL ]D SXQR
RVWYDUHQMHRYHREDYH]H
*HQHUDOQD6NXS^WLQDSURJOD^DYD
RYX8QLYHU]DOQXGHNODUDFLMXROMXGV 
NLPSUDYLPDNDR]DMHGQLaNLVWDQGDUGNRML
WUHED GD SRVWLJQX VYL QDURGL L VYH QDFLMH
GD EL VYDNL SRMHGLQDF L VYDNL RUJDQ
GUX^WYDLPDMX`LRYX'HNODUDFLMXVWDOQRQD
XPX WHCLR GD XaHQMHP L YDVSLWDYDQMHP
GRSULQHVHSR^WRYDQMXRYLKSUDYDLVORER 
GDLGDSRVWXSQLPXQXWUD^QMLPLPH_XQD 
URGQLPPHUDPDREH]EHGLQMLKRYRRS^WHL
VWYDUQRSUL]QDQMHLSR^WRYDQMHNDNRPH_X
QDURGLPD VDPLK GUCDYD aODQLFD WDNR L
PH_X QDURGLPD RQLK WHULWRULMD NRMH VX
SRGQMLKRYRPXSUDYRP
AODQ 

6YD OMXGVNDEL`DUD_DMXVHVORERGQD
L MHGQDND X GRVWRMDQVWYX L SUDYLPD 2QD
VX REGDUHQD UD]XPRP L VYH^`X L WUHED
MHGQLSUHPDGUXJLPDGDSRVWXSDMXXGXKX
EUDWVWYD
AODQ 

6YDNRPSULSDGDMXVYDSUDYDLVORER 
GHSURJOD^HQHXRYRM'HNODUDFLMLEH]LNDN 
YLKUD]OLNDXSRJOHGXUDVHERMHSRODMH 
]LND YHURLVSRYHVWL SROLWLaNRJ LOL GUXJRJ
PL^OMHQMD QDFLRQDOQRJ LOL GUX^WYHQRJ SR 
UHNODLPRYLQHUR_HQMDLOLGUXJLKRNROQR 

8VYRMHQDLSURJOD^HQDUH]ROXFLMRP*HQHUDOQHVNXS^WLQH8MHGLQMHQLKQDFLMD,,,RG

GHFHPEUDJRGLQHGUCDYDMHJODVDOR]DQLMHGQDSURWLYGRNVHX]GUCDOR 2VQRYQL
GRNXPHQWL R OMXGVNLP SUDYLPD %HRJUDGVNL FHQWDU ]D OMXGVND SUDYD %HRJUDG 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VWL 'DOMH QH`H VHSUDYLWLQLNDNYDUD]OLND
QD RVQRYX SROLWLaNRJ SUDYQRJ LOL
PH_XQDURGQRJVWDWXVD]HPOMHLOLWHULWRULMH
NRMRM QHNR OLFH SULSDGD ELOR GD MH RQD
QH]DYLVQDSRGVWDUDWHOMVWYRPQHVDPRXS 
UDYQDLOLGD MRMMHVXYHUHQRVWQDPDNRML
GUXJLQDaLQRJUDQLaHQD
AODQ 

6YDNRLPDSUDYRQDCLYRWVORERGXL
EH]EHGQRVWOLaQRVWL
AODQ 

1LNR VH QH VPH GUCDWL X URSVWYX LOL

SRWaLQMHQRVWL URSVWYR L WUJRYLQD UREOMHP
]DEUDQMHQLVXXVYLPREOLFLPD
AODQ 

1LNRVHQHVPHSRGYUJQXWLPXaHQMX
LOL VYLUHSRP QHaRYHaQRP LOL SRQLCDYD 
MX`HPSRVWXSNXLOLNDCQMDYDQMX
AODQ 

6YDNRLPDSUDYRGDVYXGDEXGHSUL] 
QDWNDRSUDYQLVXEMHNW
AODQ 

6YLVXSUHG]DNRQRPMHGQDNLLLPDMX
SUDYR EH] LNDNYH UD]OLNH QD SRGMHGQDNX
]D^WLWX]DNRQD6YLLPDMXSUDYRQDMHGQD 
NX]D^WLWXSURWLYELORNDNYHGLVNULPLQDFLMH
NRMRPVHNU^LRYD'HNODUDFLMDLSURWLYVYD 
NRJSRGVWLFDQMDQDRYDNYXGLVNULPLQDFLMX
AODQ 

6YDNRLPDSUDYRQDGHORWYRUQLSUDY 
QLOHNSUHGQDGOHCQLPQDFLRQDOQLPVXGR 
YLPDSURWLYGHODNRMLPDVHNU^HRVQRYQD
SUDYDNRMDVXPXSUL]QDWDXVWDYRPLOL]D 
NRQLPD
AODQ 

1LNR QH VPH ELWL SURL]YROMQR

XKDS^HQSULWYRUHQQLWLSURWHUDQ

QDMDYQRPSUHWUHVXQDNRMHPVXPXREH] 
EH_HQDVYDMDPVWYDSRWUHEQD]DQMHJRYX
RGEUDQX
1LNRVHQHVPHRVXGLWL]DGHODLOL
SURSX^WDQMD NRMD QLVX SUHGVWDYOMDOD NUL 
YLaQR GHOR SR XQXWUD^QMHP LOL PH_XQD 
URGQRPSUDYXXYUHPHNDGDVXL]YU^HQD
,VWRWDNRQHVPHVHL]ULFDWLWHCDND]QDRG
RQHNRMDVHPRJODSULPHQLWLXYUHPHNDGD
MHNULYLaQRGHORL]YU^HQR
AODQ 

1LNRVHQHVPHL]ORCLWLSURL]YROMQRP
PH^DQMX X SULYDWQL CLYRW SRURGLFX VWDQ
LOLSUHSLVNXQLWLQDSDGLPDQDaDVWLXJOHG
6YDNRLPDSUDYRQD]D^WLWX]DNRQDSURWLY
RYDNYRJPH^DQMDLOLQDSDGD
AODQ 

6YDNRLPDSUDYRQDVORERGXNUH 
WDQMDLL]ERUDVWDQRYDQMDXJUDQLFDPDSR 
MHGLQHGUCDYH
6YDNRLPDSUDYRGDQDSXVWLVYDNX
]HPOMX XNOMXaXMX`L VYRMX YODVWLWX LGDVH
YUDWLXVYRMX]HPOMX
AODQ 

6YDNRLPDSUDYRGDWUDCLLXCLYDX
GUXJLP]HPOMDPDD]LORGSURJDQMDQMD
1DRYRSUDYRVHQHPRCHSR]YDWL
XVOXaDMXJRQMHQMDNRMHVHLVWLQVNLRGQRVL
QDNULYLaQDGHODQHSROLWLaNHSULURGHLOLQD
SRVWXSNH SURWLYQH FLOMHYLPD L QDaHOLPD
8MHGLQMHQLKQDFLMD
AODQ 

6YDNRLPDSUDYRQDGUCDYOMDQVWYR
1LNRQHVPHVDPRYROMQRELWLOL^HQ
VYRJ GUCDYOMDQVWYD QLWLSUDYDGDSURPHQL
GUCDYOMDQVWYR
AODQ 

AODQ 

6YDNR LPD SRWSXQR MHGQDNR SUDYR

QDSUDYLaQRMDYQRVX_HQMHSUHGQH]DYLV 
QLPLQHSULVWUDVQLPVXGRPNRML`HRGOXaLWL
RQMHJRYLPSUDYLPDLREDYH]DPDLRRV 
QRYDQRVWL VYDNH NULYLaQH RSWXCEH SURWLY
QMHJD
AODQ 

 6YDNR NR MH RSWXCHQ ]D NULYLaQR

GHORLPDSUDYRGDVHVPDWUDQHYLQLPGRN
VH QD RVQRYX ]DNRQD NULYLFD QH GRNDCH

 3XQROHWQL PX^NDUFL L CHQH EH]

LNDNYLK RJUDQLaHQMD X SRJOHGX UDVH
GUCDYOMDQVWYD LOL YHURLVSRYHVWL LPDMX SUD 
YRGDVNORSHEUDNLGD]DVQXMXSRURGLFX
2QL VX UDYQRSUDYQL SULOLNRP VNODSDQMD
EUDND]DYUHPHQMHJRYRJWUDMDQMDLSULOL 
NRPQMHJRYRJUD]YRGD
 %UDN VH PRCH VNORSLWL VDPR X]
VORERGDQLSRWSXQSULVWDQDNOLFDNRMDVWX 
SDMXXEUDN



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 3RURGLFD MH SULURGQD L RVQRYQD
`HOLMD GUX^WYD L LPD SUDYR QD ]D^WLWX
GUCDYHLGUX^WYD
AODQ 

6YDNRLPDSUDYRGDSRVHGXMHLPR 
YLQXVDPLX]DMHGQLFLVGUXJLPD
1LNRQHVPHELWLVDPRYROMQROL^HQ
VYRMHLPRYLQH
AODQ 

6YDNRLPDSUDYRQDVORERGXPLVOLVD
YHVWL L YHURLVSRYHVWL RYR SUDYR XNOMXaXMH
VORERGXSURPHQHYHURLVSRYHVWLLOLXYHUHQMD
L VORERGX GD aRYHN VDP LOL X ]DMHGQLFL V
GUXJLPDMDYQRLOLSULYDWQRPDQLIHVWXMHVYR 
MXYHUXLOLXYHUHQMHSRGXaDYDQMHPRELaDML 
PDPROLWYRPLREUHGRP
AODQ 

6YDNRLPDSUDYRQDVORERGXPL^OMH 
QMDLL]UDCDYDQMD^WRREXKYDWDLSUDYRGD
QH EXGH X]QHPLUDYDQ ]ERJ VYRJ PL^OMH 
QMDNDRLSUDYRGDWUDCLSULPDL^LULRED 
YH^WHQMDLLGHMHELORNRMLPVUHGVWYLPDLEH]
RE]LUDQDJUDQLFH
AODQ 

6YDNRLPDSUDYRQDVORERGXPLU 
QRJRNXSOMDQMDLXGUXCLYDQMD
1LNRVHQHPRCHSULPRUDWLGDSUL 
SDGDQHNRPXGUXCHQMX
AODQ 

 6YDNR LPD SUDYR GD XaHVWYXMH X

XSUDYOMDQMX MDYQLPSRVORYLPDVYRMH]HP 
OMH QHSRVUHGQR LOL SUHNR VORERGQR L]DE 
UDQLKSUHGVWDYQLND
6YDNRLPDSUDYRGDQDUDYQRSUDY 
QRMRVQRYLVWXSDXMDYQXVOXCEXXVYRMRM
]HPOML
 9ROMD QDURGD MH RVQRYD GUCDYQH
YODVWL RYD YROMD WUHED GD VH L]UDCDYD QD
SRYUHPHQLP L VORERGQLP L]ERULPD NRML
`H VH VSURYRGLWL RS^WLP L MHGQDNLP SUD 
YRPJODVDWDMQLPJODVDQMHPLOLRGJRYDUD 
MX`LP SRVWXSNRP NRMLP VH REH]EH_XMH
VORERGDJODVDQMD
AODQ 

6YDNR NDR aODQ GUX^WYD LPD SUDYR

QDVRFLMDOQRRVLJXUDQMHLSUDYRGDRVWYD 
UXMHSULYUHGQDGUX^WYHQDLNXOWXUQDSUDYD

QHRSKRGQD]DVYRMHGRVWRMDQVWYRL]DVOR 
ERGDQ UD]YRM VYRMH OLaQRVWL X] SRPR`
GUCDYHLSXWHPPH_XQDURGQHVDUDGQMHD
X VNODGX VD RUJDQL]DFLMRP L VUHGVWYLPD
VYDNHGUCDYH
AODQ 

6YDNRLPDSUDYRQDUDGQDVORER 
GDQL]ERU]DSRVOHQMDQDSUDYLaQHL]DGR 
YROMDYDMX`H XVORYH UDGD L QD ]D^WLWX RG
QH]DSRVOHQRVWL
6YDNREH]LNDNYHUD]OLNHLPDSUD 
YRQDMHGQDNXSODWX]DMHGQDNLUDG
 6YDNR NR UDGL LPD SUDYR QD SUD 
YHGQX L ]DGRYROMDYDMX`X QDNQDGX NRMD
QMHPXLQMHJRYRMSRURGLFLREH]EH_XMHHJ 
]LVWHQFLMXNRMDRGJRYDUDOMXGVNRPGRVWR 
MDQVWYXLNRMD`HDNREXGHSRWUHEQRELWL
XSRWSXQMHQDGUXJLPVUHGVWYLPDVRFLMDOQH
]D^WLWH
6YDNRLPDSUDYRGDRVQLYDVLQGL
NDWLXaODQMXMHVHXQMHJDUDGL]D^WLWHVYR 
MLKLQWHUHVD
AODQ 

6YDNRLPDSUDYRQDRGPRULUD]RQR 
GXXNOMXaXMX`LUD]XPQRRJUDQLaHQMHUDG 
QRJ YUHPHQD L SRYUHPHQR SOD`HQL RG 
PRU
AODQ 

6YDNRLPDSUDYRQDVWDQGDUGCLYR 
WDNRMLREH]EH_XMH]GUDYOMHLEODJRVWDQMH
QMHJRYR L QMHJRYH SRURGLFH XNOMXaXMX`L
KUDQXRGH`XVWDQLOHNDUVNXQHJXLSRW 
UHEQH VRFLMDOQH VOXCEH NDR L SUDYR QD
RVLJXUDQMHXVOXaDMXQH]DSRVOHQRVWLEROH 
VWLRQHVSRVREOMHQMDXGRYL^WYDVWDURVWLLOL
GUXJLK VOXaDMHYD JXEOMHQMD VUHGVWDYD ]D
L]GUCDYDQMHXVOHGRNROQRVWLQH]DYLVQLKRG
QMHJRYHYROMH
 0DMNH L GHFD LPDMX SUDYR QD QD 
URaLWRVWDUDQMHLSRPR`6YDGHFDUR_HQD
XEUDNXLOLYDQQMHJDXCLYDMXMHGQDNXVR 
FLMDOQX]D^WLWX
AODQ 

6YDNRLPDSUDYRQDREUD]RYDQMH
2EUD]RYDQMHWUHEDGDEXGHEHVSODWQREDU
X RVQRYQLP L QLCLP ^NRODPD 2VQRYQR
REUD]RYDQMH MH REDYH]QR 7HKQLaNR L
VWUXaQRREUD]RYDQMHWUHEDGDEXGHVYLPD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SRGMHGQDNRGRVWXSQRQDRVQRYXQMLKRYH
VSRVREQRVWL
2EUD]RYDQMHWUHEDGDEXGHXVPH 
UHQRNDSXQRPUD]YLWNXOMXGVNHOLaQRVWLL
XaYU^`LYDQMX SR^WRYDQMD OMXGVNLK SUDYD L
RVQRYQLK VORERGD 2QR WUHED GD XQDS 
UH_XMHUD]XPHYDQMHWUSHOMLYRVWLSULMDWHOM 
VWYRPH_XVYLPQDURGLPDUDVQLPLYHUV 
NLPJUXSDPDNDRLGHODWQRVW8MHGLQMHQLK
QDFLMD]DRGUCDQMHPLUD
5RGLWHOMLLPDMXSUYHQVWYHQRSUDYR
GDELUDMXYUVWXREUD]RYDQMD]DVYRMXGHFX
AODQ 

 6YDNR LPD SUDYR GD VORERGQR

XaHVWYXMH X NXOWXUQRP CLYRWX ]DMHGQLFH
GD XCLYD X XPHWQRVWL L GD XaHVWYXMH X
QDXaQRPQDSUHWNXLXGREURELWLNRMDRWX 
GDSURLVWLaH
6YDNRLPDSUDYRQD]D^WLWXPRUDO 
QLKLPDWHULMDOQLKLQWHUHVDNRMLSURLVWLaXL]
VYDNRJ QDXaQRJ NQMLCHYQRJ LOL XPHW 
QLaNRJGHODaLMLMHRQWYRUDF
AODQ 

6YDNR LPD SUDYR QD GUX^WYHQL L

PH_XQDURGQL SRUHGDN X NRMHP SUDYD L

VORERGHREMDYOMHQLXRYRM'HNODUDFLMLPR 
JXELWLSRWSXQRRVWYDUHQL
AODQ 

 6YDNR LPD REDYH]H SUHPD ]DMHG

QLFL X NRMRM MH MHGLQR PRJX` VORERGDQ L
SXQUD]YLWDNQMHJRYHOLaQRVWL
 8 YU^HQMX VYRMLK SUDYD L VORERGD
VYDNRVHPRCHSRGYUJQXWLVDPRRQLPRJ 
UDQLaHQMLPDNRMDVXSUHGYL_HQD]DNRQRP
LVNOMXaLYRXFLOMXREH]EH_HQMDSRWUHEQRJ
SUL]QDQMD L SR^WRYDQMD SUDYD L VORERGD
GUXJLKNDRL]DGRYROMHQMDSUDYLaQLK]DK 
WHYDPRUDODMDYQRJSRUHWNDLRS^WHJEOD 
JRVWDQMDXGHPRNUDWVNRPGUX^WYX
2YDSUDYDLVORERGHVHQLXNRP
VOXaDMXQHPRJXRVWYDULYDWLSURWLYQRFLOMH 
YLPDLQDaHOLPD8MHGLQMHQLKQDFLMD
AODQ 

1LMHGQDRGUHGEDRYH'HNODUDFLMHQH
PRCH VH WXPDaLWL NDR SUDYR ]D PD NRMX
GUCDYXJUXSXLOLOLFHGDREDYOMDELORNRMX
GHODWQRVWLOLGDYU^LELORNDNYXUDGQMXXV 
PHUHQXQDUX^HQMHSUDYDLVORERGDNRMLVX
XQMRMVDGUCDQL

 0H_XQDURGQL SDNW R JUD_DQVNLP L

SROLWLaNLP SUDYLPD )DNXOWDWLYQL SURWRNRO X]
0H_XQDURGQL SDNW R JUD_DQVNLP L SROLWLaNLP SUDYLPD L
'UXJL IDNXOWDWLYQL SURWRNRO X] 0H_XQDURGQL SDNW R
JUD_DQVNLP L SROLWLaNLP SUDYLPD NRML LPD ]D FLOM
XNLGDQMH VPUWQH ND]QH
'UCDYHXJRYRUQLFHRYR3DNWD
6PDWUDMX`L X VNODGX V QDaHOLPD L]
UDCHQLPX3RYHOML8MHGLQMHQLKQDFLMDGDMH
SUL]QDQMHXUR_HQRJGRVWRMDQVWYDLMHGQD 
NLKLQHRWX_LYLKSUDYDVYLKaODQRYDOMXG 
VNHSRURGLFHWHPHOMVORERGHSUDYGHLPL 
UDXVYHWX


3UL]QDMX`LGDRYDSUDYDSURL]LOD]HL]
XUR_HQRJGRVWRMDQVWYDOMXGVNHOLaQRVWL
3UL]QDMX`LGDXVNODGXVD8QLYHU]DO
QRP GHNODUDFLMRP R OMXGVNLP SUDYLPD
LGHDOVORERGQRJOMXGVNRJEL`DNRMHXCLYD
JUDGDQVNH L SROLWLaNH VORERGH L RVOR
ER_HQRJRGVWUDKDLEHGHPRCHELWLSRV 

8VYRMHQ L RWYRUHQ ]D SRWSLVLYDQMH UH]ROXFLMRP *HQHUDOQH VNXS^WLQH 8MHGLQMHQLK QDFLMD

$ ;;, RG  GHFHPEUD  JRGLQH 6WXSLR QD VQDJX  PDUWD  JRGLQH X
VNODGX VD aODQRP  GR  MDQXDUD  JRGLQH UDWLILNRYDOH  GUCDYH 6O OLVW 6)50H_XQDURGQL XJRYRUL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

WLJQXWVDPRDNRVHVWYRUHXVORYLNRMLRPR 
JX`DYDMXVYDNRPHGDXCLYDVYRMDJUD_DQ 
VNDLSROLWLaNDSUDYDLVWRWDNRNDRLVYRMD
HNRQRPVNDVRFLMDOQDLNXOWXUQDSUDYD
6PDWUDMX`L GD 3RYHOMD 8MHGLQMHQLK
QDFLMD QDPH`H GUCDYDPD REDYH]X XQDS 
UH_HQMD VYHRS^WHJ L VWYDUQRJ SR^WRYDQMD
OMXGVNLKSUDYDLVORERGD
8]LPDMX`LXRE]LUaLQMHQLFXGDSRMH
GLQDF LPD REDYH]H SUHPD GUXJLP SRMH 
GLQFLPDLSUHPD]DMHGQLFLNRMRMSULSDGDL
GDMHGXCDQWHCLWLXQDSUH_HQMXLSR^WRYD 
QMXSUDYDSUL]QDWLKXRYRP3DNWX
6DJODVLOHVXVHRVOHGH`LPaODQRYLPD

359, '(2
AODQ 

 6YL QDURGL LPDMX SUDYR QD VDPR 

RSUHGHOMHQMH 1D RVQRYX RYRJ SUDYD RQL
VORERGQR RGUH_XMX VYRM SROLWLaNL SRORCDM
LVORERGQRSRVWLCXVYRMSULYUHGQLGUX^WYH 
QLLNXOWXUQLUD]YRM
 5DGL RVWYDUHQMD VYRMLK FLOMHYD VYL
QDURGLPRJXVORERGQRUDVSRODJDWLVYRMLP
SULURGQLPERJDWVWYLPDLL]YRULPDEH]XJ 
URCDYDQMD REDYH]D NRMH SURL]OD]H L]
PH_XQDURGQHSULYUHGQHVDUDGQMH]DVQR 
YDQH QD QDaHOX X]DMDPQH NRULVWL L
PH_XQDURGQRPSUDYX1LXNRPVOXaDMX
QDURGQHPRCHELWLOL^HQVRSVWYHQLKVUHG 
VWDYDRSVWDQND
 'UCDYH XJRYRUQLFH RYRJ 3DNWD
XNOMXaXMX`LWXLRQHNRMHVXRGJRYRUQH]D
XSUDYOMDQMH QHVDPRXSUDYQLP WHULWRULMDPD
LWHULWRULMDPDSRGVWDUDWHOMVWYRPGXCQHVX
GD RODN^DMX RVWYDUHQMH SUDYD QDURGD QD
VDPRRSUHGHOMHQMHLGDSR^WXMXRYRSUDYR
VKRGQR RGUHGEDPD 3RYHOMH 8MHGLQMHQLK
QDFLMD

'58*, '(2

AODQ 

'UCDYHXJRYRUQLFHRYRJ3DNWDRED 
YH]XMXVHGDREH]EHGHMHGQDNRSUDYROMX 
GL L CHQD QD XCLYDQMH VYLK SROLWLaNLK L
JUD_DQVNLKSUDYDXWYUGHQLKXRYRP3DN 
WX
AODQ 

AODQ 

 'UCDYH XJRYRUQLFH RYRJ 3DNWD

REDYH]XMXVHGDSR^WXMXLGD]DMDPaHSUD 
YD SUL]QDWD X RYRP 3DNWX VYLP SRMHGLQ 



FLPDNRMLVHQDOD]HQDQMLKRYRMWHULWRULMLL
SRWSDGDMXSRGQMLKRYXYODVWEH]LNDNYRJ
UD]OLNRYDQMDQDURaLWRXSRJOHGXUDVHER 
MH SROD MH]LND YHURLVSRYHVWL SROLWLaNRJ
LOLVYDNRJGUXJRJXEH_HQMDQDFLRQDOQRJ
LOL GUX^WYHQRJ SRUHNOD LPRYLQH UR_HQMD
LOLGUXJRJVWDWXVD
'UCDYHXJRYRUQLFHRYRJ3DNWDVH
REDYH]XMX GD X VNODGX VD VYRMLP XVWDY 
QLUQ SRVWXSFLPD L VD RGUHGEDPD RYRJ
3DNWD SUHGX]PX SRWUHEQH NRUDNH UDGL
XVYDMDQMD WDNYLK PHUD ]DNRQRGDYQRJ LOL
GUXJRJNDUDNWHUDSRJRGQLKGDVHRVWYDUH
SUDYDSUL]QDWDXRYRP3DNWXNRMDMR^QLVX
SUHGYL_HQD
'UCDYHXJRYRUQLFHRYRJ3DNWDVH
REDYH]XMXGD
D REH]EHGH VYDNRP OLFX aLMD SUDYD L
VORERGHSUL]QDWHRYLP3DNWRPEXGX
SRYUH_HQLGDUDVSRODCHSUDYRPGH 
ORWYRUQH CDOEH  aDN L RQGD NDGD EL
SRYUHGX SRaLQLOD OLFD NRMD VX UDGLOD
X REDYOMDQMX VYRMLK VOXCEHQLK
GXCQRVWL
E REH]EHGH GD QDGOHCQD VXGVND XS
UDYQDLOL]DNRQRGDYQDYODVWLOLVYDND
GUXJD YODVW NRMD MH SUHPD ]DNRQR 
GDYVWYX GUCDYH QDGOHCQD UH^DYD R
SUDYLPD OLFD NRMH XORCH CDOEX L GD
UD]YLMDMX PRJX`QRVWL VXGVNLK SUDY
QLK OHNRYD
F GDREH]EHGHGDQDGOHCQHYODVWLSR 
VWXSH SR VYDNRM CDOEL  NRMD VH XV
YRML NDR RSUDYGDQD

8GREDNDGDRSVWDQDNQDFLMHXJ 
UR]L L]YDQUHGQD MDYQD RSDVQRVW NRMD MH
SURJOD^HQD]YDQLaQLPSXWHPGUCDYHXJR 
YRUQLFH RYRJ 3DNWD PRJX SUHGX]HWL X

%ROMH EL ELOR GHORWYRUQRJ SUDYQRJ OHNDm

%ROMH EL ELOR VYDNRP SUDYQRP OHNXm



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RELPXVWURJRRGUH_HQRP]DKWHYLPDVLWX 
DFLMH PHUH NRMLPD VH XNLGDMX REDYH]H
SUHGYL_HQH X RYRP 3DNWX V WLP GD WH
PHUHQHEXGXQHVSRMLYHVGUXJLPREDYH 
]DPDNRMHLPQDPH`HPH_XQDURGQRSUD 
YRLGDVRERPQHSRYODaHGLVNULPLQDFLMX
]DVQRYDQX LVNOMXaLYR QD UDVL ERML SROX
MH]LNXYHURLVSRYHVWLLOLGUX^WYHQRPSRUH 
NOX
 3UHWKRGQD RGUHGED QH GDMH RY
OD^`HQMH QL QD NDNYR RGVWXSDQMH RG aOD 
QRYDVWDYOLL
'UCDYHXJRYRUQLFHRYRJ3DNWDNR 
MH VH NRULVWH SUDYRP XNLGDQMD RGPDK `H
REDYHVWLWLSRVUHGVWYRPJHQHUDOQRJVHNUH 
WDUD8MHGLQMHQLKQDFLMDGUXJHGUCDYHXJR 
YRUQLFHRRGUHGEDPDNRMHVXXNLQXOHNDR
LUD]OR]LPDNRMLVXLKQDWRQDYHOL1RYR
VDRS^WHQMH EL`H XaLQMHQR LVWLP SXWHP
RQRJGDQDNDGDEXGXRNRQaDOHRYDRGV 
WXSDQMD
AODQ 

 1LMHGQD RGUHGED RYRJ 3DNWD QH

PRCHVHWXPDaLWLWDNRGDSRGUD]XPHYD]D
QHNXGUCDYXJUXSXLOLSRMHGLQFDPDNDN 
YR SUDYR GD VH RGD NDNYRM GHODWQRVWL LOL
GDL]YU^LQHNLaLQNRMLPVHWHCLXQL^WHQMX
SUDYD L VORERGD SUL]QDWLK X RYRP 3DNWX
LOLRJUDQLaHQMLPD^LULPQHJR^WRVXSUHG 
YL_HQDSRPHQXWLP3DNWRP
1HPRCHVHGRSXVWLWLQLNDNYRRJ 
UDQLaHQMHLOLRGVWXSDQMHRGRVQRYQLKOMXG 
VNLKSUDYDSUL]QDWLKLOLNRMDVXQDVQD]LX
QHNRMGUCDYLXJRYRUQLFLRYRJ3DNWDQDRV 
QRYX ]DNRQD NRQYHQFLMD SURSLVD LOL
RELaDMD SRG L]JRYRURP GD LK RYDM 3DNW
QHSUL]QDMHLOLLKSUL]QDMHXXCHPRELPX

75(@, '(2
AODQ 

 6YDNR OMXGVNR EL`H LPD SUDYR QD

CLYRW 2YR SUDYR PRUD ELWL ]D^WL`HQR ]D 
NRQRP 1LNR QH PRCH ELWL VDPRYROMQR
OL^HQCLYRWD
8]HPOMDPDJGHQLMHXNLQXWDVPUW 
QDND]QDVPUWQDSUHVXGDPRCHVHL]UH`L
VDPR]DQDMWHCH ]ORaLQH X VNODGX VD]D 
NRQRGDYVWYRPQDVQD]LXYUHPHNDGDMH
]ORaLQ ELR SRaLQMHQ L NRMH QLMH X VXSURW 

QRVWLVRGUHGEDPDRYRJ3DNWDQLWLVD.RQ 
YHQFLMRP R VSUHaDYDQMX L NDCQMDYDQMX
]ORaLQD JHQRFLGD 2YD ND]QD PRCH ELWL
SULPHQMHQDVDPRQDRVQRYXNRQDaQHSUH 
VXGHNRMXMHGRQHRQDGOHCQLVXG
 .DGD OL^HQMH CLYRWD SUHGVWDYOMD
]ORaLQ JHQRFLGD VPDWUD`H VH GD QLNDNYD
RGUHGED RYRJ aODQD QH RYOD^`XMH MHGQX
GUCDYX XJRYRUQLFX RYRJ 3DNWD GD XNLQH
ELORQDNRMLQDaLQPDNDNYXREDYH]XSUH 
X]HWXQDRVQRYXRGUHGDED.RQYHQFLMHR
VSUHaDYDQMXLNDCQMDYDQMX]ORaLQDJHQRFL 
GD
6YDNLRVX_HQLNQDVPUWLPDSUDYR
GD WUDCL SRPLORYDQMH LOL ]DPHQX ND]QH
$PQHVWLMDSRPLORYDQMHLOL]DPHQDVPUWQH
ND]QHPRJXVHGDWLXVYLPVOXaDMHYLPD
6PUWQDSUHVXGDQHPRCHVHL]UH`L
]D ]ORaLQH NRMH SRaLQH OLFD POD_D RG 
JRGLQDLQHPRCHVHL]YU^LWLQDGWUXGQLP
CHQDPD
1HPRCHELWLSR]LYDQMDQLQDMHGQX
RGUHGEX RYRJ aODQD GD ELVH RGORCLOR LOL
VSUHaLORXNLGDQMHVPUWQHND]QHRGVWUDQH
MHGQHGUCDYHXJRYRUQLFHRYRJ3DNWD
AODQ 

1LNR QH PRCH ELWL SRGYUJQXW

PXaHQMX QLWL VYLUHSRP QHaRYHaQRP LOL
SRQLCDYDMX`HP SRVWXSDQMX LOL NDCQMDYD 
QMX3RVHEQRMH]DEUDQMHQRSRGYUJDYDQMH
QHNRJOLFDPHGLFLQVNLPLOLQDXaQLPRSLWL 
PDEH]QMHJRYRJVORERGQRJSULVWDQND
AODQ 

1LNRVHQHPRCHGUCDWLXURSVWYX
URSVWYR L WUJRYLQD UREOMHP ]DEUDQMHQL VX
XVYLPVYRMLPREOLFLPD
 1LNR VH QH`H GUCDWL X ]DYLVQRP
SRORCDMX
 D 1LNR VH QH PRCH SULPRUDWL QD
REDYOMDQMHSULQXGQRJLOLREDYH]QRJUDGD
E 7DaND D RYRJ VWDYD QH PRCH VH
WXPDaLWLNDRGD]DEUDQMXMHL]Y^HQMHND]QH
SULQXGQRJ UDGD L]UHaHQH RG VWUDQH QDG 
OHCQRJ VXGD X ]HPOMDPD JGH VH]DQHNL
]ORaLQ PRCH L]UH`L ND]QD OL^HQMD VORERGH
VSULQXGQLPUDGRP
F 1H VPDWUD VH NDR SULQXGDQ LOL
REDYH]DQUDGmXVPLVOXRYRJVWDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VYDNLUDGLOLVOXCEDQDNRMLVHRG 
QRVLWDaNDEDNRMLVHQRUPDOQRWUDCHRG
OLFD OL^HQRJ VORERGH QD RVQRYX UHGRYQH
VXGVNHRGOXNHLOLNRMHVHQDRVQRYXWDNYH
RGOXNHQDOD]LQDXVORYQRPRWSXVWX
VYDNDVOXCEDYRMQHSULURGHX]H 
POMDPDJGHMHGR]YROMHQSULJRYRUVDYHVWL
VYDND QDFLRQDOQD VOXCED NRMD VH WUDCL QD
RVQRYX]DNRQDRGWDNYLKSULJRYDUDaD
VYDNDVOXCEDNRMDVHWUDCLXVOXaDMX
YL^HVLOHLOLQHVUH`HNRMHXJURCDYDMXCLYRW
LOLEODJRVWDQMH]DMHGQLFH
VYDNLUDGLOLVOXCEDNRMHaLQHGHR
QRUPDOQLKJUD_DQVNLKREDYH]D
AODQ 

 6YDNR LPD SUDYR QD VORERGX L

OLaQX EH]EHGQRVW 1LNR QH PRCH ELWL VD 
PRYROMQR XKDS^HQ LOL SULWYRUHQ 1LNR VH
QHPRCHOL^LWLVORERGHVHPL]UD]ORJDLX
VNODGX VD SRVWXSNRP X ]DNRQX SUHG 
YL_HQLP
 6YDNR NR MH XKDS^HQ EL`H X WUH 
QXWNX KDS^HQMD REDYH^WHQ R UD]OR]LPD
KDS^HQMD L X QDMNUD`HP URNX `H PX VH
VDRS^WLWL ELOR NDNYD RSWXCED SURWLYX QMH 
JD
 6YDNR NR MH XKDS^HQ LOL ]DWYRUHQ
]ERJNULYLaQRJGHODEL`HXQDMNUD`HPUR 
NXL]YHGHQSUHGVXGLMXLOLQHNRJGUXJRJ
VOXCEHQLND ]DNRQRP RYOD^`HQRJ GD YU^L
SUDYRVXGQHIXQNFLMHLXUD]XPQRPURNX
`HPXVHVXGLWLLOL`HELWLRVORER_HQ6WD 
YOMDQMH X SULWYRU OLFD NRMD RaHNXMX GD LP
VH VXGL QH VPH ELWL RS^WH SUDYLOR DOL
SX^WDQMHQDVORERGXPRCHVHXVORYLWLMDP 
VWYRPNRMLP`HVHRVLJXUDWLSULVXVWYROLFD
XSLWDQMXQDVX_HQMXXELORNRPVWDGLMX 
PX VXGVNRJ SRVWXSND NDR L X VOXaDMX
SRWUHEHUDGLL]YU^HQMDSUHVXGH
 .R JRG MH KDS^HQMHP LOL SULWYDUD
QMHP OL^HQ VORERGH LPD SUDYR GD XORCL
CDOEX NRG VXGD X FLOMX GD VXG EH] RGOD 
JDQMDRGOXaLR]DNRQLWRVWLOL^HQMDVORERGH
LQDUHGLQMHJRYRRVORER_HQMHDNRMHSULW 
YDUDQMHELORQH]DNRQLWR
6YDNRNRMHQH]DNRQLWRKDS^HQLOL
SULWYRUHQLPDSUDYRQDQDNQDGX^WHWH

AODQ 

6DVYDNLPNRMHOL^HQVORERGHSR 
VWXSD`H VH aRYHaQR L V SR^WRYDQMHP
XUR_HQRJGRVWRMDQVWYDOMXGVNHOLaQRVWL
 D 2SWXCHQL VH VHP X L]X]HWQLP
SULOLNDPDGUCHRGYRMHQRRGRVX_HQLNDL
SRGYUJDYDMXVXSRVHEQRPSRVWXSNXNRML
RGJRYDUDQMLKRYRPSRORCDMXQHRVX_HQLK
OLFD
E 2SWXCHQL PDOROHWQLFL RGYRML`H VH
RG RGUDVOLK L R QMLKRYRP VOXaDMX VH RG 
OXaXMH^WRMHPRJX`HSUH
 .D]QHQRSRSUDYQL UHCLP `H SRG
UD]XPHYDWLSRVWXSDQMHVRVX_HQLFLPDaLML
MH ELWQL FLOM QMLKRYR SUHYDVSLWDYDQMH L SR 
QRYQR XNOMXaHQMH X GUX^WYR 0DOROHWQL
SUHVWXSQLFL EL`H RGYRMHQL RG RGUDVOLK L
SRGYUJQXWL UHCLPX NRML RGJRYDUD QMLKR 
YRPGREXLQMLKRYRPSUDYQRPSRORCDMX
AODQ 

1LNRQHPRCHELWL]DWYRUHQVDPRL]
UD]ORJD ^WR QLMH X VWDQMX GD L]YU^L QHNX
XJRYRUQXREDYH]X
AODQ 

 6YDNR NR VH ]DNRQLWR QDOD]L QD

WHULWRULML MHGQH GUCDYH LPD SUDYR GD VH X
QMRM VORERGQR NUH`H L VORERGQR L]DEHUH
VYRMHPHVWRERUDYND
6YDNROLFHVORERGQRMHGDQDSXVWL
ELORNRMX]HPOMXXNOMXaXMX`LWXLVYRMXYOD 
VWLWX
1DSUHGQDYHGHQDSUDYDPRJXELWL
SUHGPHWVDPR]DNRQRPSUHYL_HQLKRJUD 
QLaHQMDNRMDVXQXCQD]D]D^WLWXQDFLRQDO 
QH EH]EHGQRVWL MDYQRJ SRUHWND MDYQRJ
]GUDYOMDLOLMDYQRJPRUDODLOLSUDYDLVOR 
ERGDGUXJLKOLFDLXVNODGXVXVGUXJLP
SUDYLPDSUL]QDWLPRYLP3DNWRP
1LNRVHQHPRCHVDPRYROMQROL^LWL
SUDYDGDX_HXVYRMXYODVWLWX]HPOMX
AODQ 

6WUDQDFNRMLVH]DNRQLWRQDOD]LQDWH 
ULWRULMLMHGQHGUCDYHXJRYRUQLFHRYRJ3DN 
WDPRCHRGDQGHELWLSURWHUDQVDPRXVOHG 
VWYX L]YU^HQMD RGOXNH GRQHWH VDREUD]QR
]DNRQX L DNR VH YL^L UD]OR]L QDFLRQDOQH
EH]EHGQRVWL WRPH QH SURWLYH RQ PRUD
LPDWLPRJX`QRVWLGDLVWDNQHUD]ORJHSUR 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

WLYQMHJRYRJSURWHULYDQMDLGDVHRGVWUDQH
QDGOHCQH YODVWL LOL MHGQRJ LOL YL^H OLFD QD 
URaLWRR]QDaHQLK]DWRQMHJRYVOXaDMSUH 
LVSLWDXNRMXVYUKX`HLPDWL]DVWXSQLND
AODQ 

6YLVXSUHGVXGRYLPDMHGQDNL6YD 
NRLPDSUDYRGDQMHJRYDVWYDUEXGHSUD 
YLaQR L MDYQR VDVOX^DQD RG VWUDQH QDG 
OHCQRJ QH]DYLVQRJ L QHSULVWUDVQRJ VXGD
XVWDQRYOMHQRJ]DNRQRPNRML`HRGOXaLYDWL
ELORRRVQRYDQRVWLPDNDNYHRSWXCEHNUL 
YLaQRSUDYQHSULURGHXSHUHQHSURWLYQMH 
JDELORXVSRURYLPDRQMHJRYLPSUDYLPD
LREDYH]DPDJUD_DQVNHSULURGH>WDPSDL
MDYQRVWPRJXVHLVNOMXaLWLXWRNXFHORJLOL
MHGQRJ GHOD VX_HQMD ELOR X LQWHUHVX PR 
UDOD MDYQRJ SRUHWND LOL QDFLRQDOQH EH] 
EHGQRVWL X GHPRNUDWVNRP GUX^WYX ELOR
NDGD LQWHUHVL SULYDWQRJ CLYRWD VWUDQD X
VSRUXWR]DKWHYDMXLOLSDNDNRVXGWRVPD 
WUDDSVROXWQRQHRSKRGQLPNDGDEL]ERJ
SRVHEQLKRNROQRVWLVOXaDMDMDYQRVW^NRGLOD
LQWHUHVLPDSUDYGH0H_XWLPVYDNDSUHVX 
GDGRQHWDXNULYLaQLPLOLJUD_DQVNLPVWYD 
ULPDEL`HMDYQDVHPDNRLQWHUHVPDOROHW 
QLND]DKWHYDGDEXGHGUXJDaLMHLOLDNRVH
SRVWXSDNWLaHEUDaQLKVSRURYDLOLVWDUDWHOM 
VWYDGHFH
 6YDNR NR MH RSWXCHQ ]D NULYLaQR
GHORLPDSUDYRGDVHVPDWUDQHYLQLPVYH
GRNVHQMHJRYDNULYLFDQDRVQRYX]DNRQD
QHGRNDCH
 6YDNR NR MH RSWXCHQ ]D NULYLaQR
GHOR LPD SRWSXQR MHGQDNR SUDYR EDU QD
VOHGH`DMDPVWYD
D GDEXGHXQDMNUD`HPURNXSRGURE 
QR L QD MH]LNX NRML UD]XPH RED 
YH^WHQRSULURGLLUD]OR]LPDRSWXCEH
SURWLY QMHJD
E GD LPD GRYROMQR YUHPHQD L PR
JX`QRVWL QD UDVSRODJDQMX ]D SULSUH
PX VYRMH RGEUDQH L ]D RS^WHQMH VD
EUDQLRFHP SR VYRP L]ERUX
F GD PX EXGH VX_HQR EH] QHSRWUHE 
QRJ RGXJRYODaHQMD
G GDEXGHSULVXWDQQDVX_HQMXLGDVH
EUDQLVDPLOLX]SRPR`SUDYQRJ]D 
VWXSQLNDSRVYRPL]ERUXDNRQHPD
SUDYQRJ ]DVWXSQLND GD EXGH XSR]

QDW R VYRP SUDYX GD JD LPD L NDG

JRG WR LQWHUHV SUDYGH ]DKWHYD GD
PXVHSRVWDYLEUDQLODFSR]YDQLaQRM
GXCQRVWL EH] SOD`DQMD WUR^NRYD DNR
QHPDGRYROMQRVUHGVWDYDGDJDSODWL
H GDLVSLWXMHLOLSRVWLJQHGDVHLVSLWDMX
VYHGRFL RSWXCEH L GD SRVWLJQH GD
SULVWXSH VXGX L EXGX VDVOX^DQL VYH
GRFL X QMHJRYX NRULVW SRG LVWLP XV
ORYLPD NDR L VYHGRFL RSXWCEH
I GD GRELMH EHVSODWQX SRPR` WXPDaD
DNR QH UD]XPH LOL QH JRYRUL MH]LN
NRML VH XSRWUHEOMDYD X VX_HQMX
J GD QH EXGH SULPRUDQ GD VYHGRaL
SURWLYVDPRJDVHEHLOLGDSUL]QDNUL 
YLFX
 8 SRVWXSNX V PDOROHWQLFLPD YR
GL`H VH UDaXQD R QMLKRYRP X]UDVWX L R
LQWHUHVXNRMLSUHGVWDYOMDQMLKRYRSUHYDVSL 
WDYDQMH
6YDNRNRMHRJOD^HQNULYLP]DQH 
NR NULYLaQR GHOR LPD SUDYR GD QMHJRYX
NULYLFXLRVXGXUD]PRWULYL^LVXGXVNODGX
VD]DNRQRP
.DGDVHNRQDaQDNULYLaQDSUHVXGD
GRFQLMHSRQL^WLLOLNDGDMHGDWRSRPLORYD 
QMH]ERJWRJD^WRQRYHLOLQRYRRWNULYHQH
aLQMHQLFHSRND]XMXGDMHGR^ORGRVXGVNH
]DEOXGH OLFH NRMH MH L]GUCDOR ND]QX QD
RVQRYX WH SUHVXGH EL`H REH^WH`HQR X
VNODGXVD]DNRQRPDNRVHQHGRNDCHGD
VH QHRWNULYDQMH QD YUHPH QHSR]QDWH
aLQMHQLFHXFHOLQLLOLGHOLPLaQRLPDQMHPX
SULSLVDWL
1LNRQHPRCHELWLNULYLaQRRGJR
YRUDQLOLNDCQMHQ]ERJGHOD]DNRMHMHYH`
ELRRVORER_HQLOLRVX_HQNRQDaQRPSUH 
VXGRP X VNODGX VD ]DNRQRP L NULYLaQLP
SRVWXSNRPVYDNH]HPOMH
AODQ 

 1LNR VH QH`H VPDWUDWL NULYLP ]D

GHODLOLSURSX^WDQMDNRMDQLVXSUHGVWDYOMDOD
NULYLaQR GHOR SUHPD GRPD`HP LOL
PH_XQDURGQRP SUDYX X YUHPH NDGD VX
ELOD SRaLQMHQD ,VWR WDNR QH`H VH L]UH`L
WHCDND]QDRGRQHNRMDVHPRCHSULPHQLWL
X WUHQXWNX NDGD MH NULYLaQR GHOR ELOR
L]YU^HQR$NRNDVQLMHSRVOHL]YU^HQMDGH 
OD ]DNRQVNRP RGUHGERP EXGH SUHG 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YL_HQD SULPHQD ODN^H ND]QH SUHVWXSQLN
`HVHWLPHNRULVWLWL
 1L^WD VH X RYRP aODQX QHSURWLYL
VX_HQMX L RVXGL OLFD ]ERJ UDGQML LOL SUR 
SX^WDQMD NRMD VX VH X YUHPH NDGD VX
SRaLQMHQDVPDWUDOD]DNULYLaQDGHODSUHPD
RS^WLP SUDYQLP QDaHOLPD NRMD SUL]QDMH
PH_XQDURGQD]DMHGQLFD
AODQ 

6YDNRLPDSUDYRGDVHVYXGDSUL]QD 
MHQMHJRYDSUDYQDOLaQRVW
AODQ 

O 1LNR QH PRCH ELWL L]ORCHQ SURL] 

YROMQRP LOL QH]DNRQLWRP PH^DQMX X SUL 
YDWQLCLYRWSRURGLFXVWDQLOLSUHSLVNXQLWL
SURWLY]DNRQLWLPQDSDGLPDQDaDVWLXJOHG
 6YDNR LPD SUDYR QD ]DNRQVNX
]D^WLWXRGWDNYRJPH^DQMDLOLQDSDGD
AODQ 

 6YDNR LPD SUDYR QD VORERGX

PL^OMHQMDVDYHVWLLYHURLVSRYHVWLWRSUDYR
SRGUD]XPHYDVORERGXRVWDMDQMDSULVYRMRM
LOLXVYDMDQMDYHURLVSRYHVWLLOLXEH_HQMDSR
VYRPH L]ERUX NDR L VORERGX GD SRMHGL 
QDaQR LOL X ]DMHGQLFL V GUXJLPD MDYQR LOL
SULYDWQR LVSROMDYD VYRMH YHURYDQMH LOL
XEH_HQMHYHURLVSRYHGDQMHPREDYOMDQMHP
REUHGDSRKD_DQMHPVOXCEHLQDVWDYRP
 1LNR VH QH`H SRGYUJQXWL SULQXGL
NRMD EL PRJOD QDQHWL SRYUHGX QMHJRYRM
VORERGL RVWDMDQMD SUL VYRMRM LOL XVYDMDQMD
YHURLVSRYHVWLLOLXEH_HQMDSRVYRPHL]ER 
UX
 6ORERGD LVSROMDYDQMD VYRJD YHUR
YDQMDLOLVYRJDXEH_HQMDPRCHVHSRGYUJ 
QXWL MHGLQR RJUDQLaHQMLPD NRMD VX SUHG 
YL_HQDX]DNRQXLNRMDVXQHRSKRGQD]D
]D^WLWXMDYQHEH]EHGQRVWLSRUHWND]GUDY 
OMDLPRUDODLOLRVQRYQLKVORERGDLSUDYD
GUXJLKOLFD
'UCDYHXJRYRUQLFHRYRJ3DNWDVH
REDYH]XMX QD SR^WRYDQMH VORERGHURGLWH 
OMD RGQRVQR ]DNRQVNLK VWDUDWHOMD GD
REH]EHGH YHUVNR L PRUDOQR YDVSLWDQMH
VYRMH GHFH X VNODGX VD VYRMLP XEH_HQML 
PD

AODQ 

 1LNR QH PRCH ELWL X]QHPLUDYDQ

]ERJVYRJDPL^OMHQMD
 6YDNR LPD SUDYR QD VORERGX L] 
UDCDYDQMDWRSUDYRSRGUD]XPHYDVORERGX
WUDCHQMD SULPDQMD L ^LUHQMD REDYH^WHQMD L
LGHMD VYDNH YUVWH EH] RE]LUD QD JUDQLFH
ELOR XVPHQR SLVPHQR SXWHP ^WDPSH LOL
X XPHWQLaNRP REOLNX LOL PD NRMLP GUX 
JLPVUHGVWYRPSRVYRPL]ERUX
.RUL^`HQMHVORERGDSUHGYL_HQLKX
VWDYX  RYRJ aODQD SRYODaL SRVHEQH
GXCQRVWL L RGJRYRUQRVWL 2QR VH SUHPD
WRPH PRCH SRGYUJQXWL L]YHVQLP RJUD 
QLaHQMLPDNRMDLSDNPRUDMXELWLL]ULaLWRXW 
YUGHQD]DNRQRPLNRMDVXQHRSKRGQD
D ]D SR^WRYDQMH SUDYD LOL XJOHGD GUX
JLK OLFD
E ]D]D^WLWXQDFLRQDOQHEH]EHGQRVWLLOL
MDYQRJSRUHWNDLOLMDYQRJ]GUDYOMDLOL
PRUDOD
AODQ 

6YDNDSURSDJDQGDXNRULVWUDWD]D 
NRQRP`HVH]DEUDQLWL
=DNRQRP`HVH]DEUDQLWLVYDNR]D 
JRYDUDQMH QDFLRQDOQH UDVQH LOL YHUVNH
PUCQMH NRMH SUHGVWDYOMD SRGVWLFDQMH QD
GLVNULPLQDFLMXQHSULMDWHOMVWYRLOLQDVLOMH
AODQ 

3UL]QDMHVHSUDYRPLPRJRNXSOMDQMD
.RUL^`HQMH WRJD SUDYD PRCH ELWL
SUHGPHW VDPR RJUDQLaHQMD QDPHWQXWLK X
VNODGXVD]DNRQRPLNRMDVXQXCQDXGH 
PRNUDWVNRPGUX^WYXXLQWHUHVXQDFLRQDO 
QH EH]EHGQRVWL LOL MDYQH VLJXPRVWL MDY 
QRJ SRUHWND ]D^WLWH MDYQRJ ]GUDYOMD LOL
PRUDODLOLSUDYDLVORERGDGUXJLKOLFD
AODQ 

 6YDNR `H LPDWL SUDYR VORERGQRJ

XGUXCLYDQMD V GUXJLP OLFLPD XNOMXaXMX`L
WX L SUDYR GD REUD]XMH VLQGLNDWH L GD LP
VORERGQRSULVWXSDUDGL]D^WLWHVYRMLKLQWH 
UHVD
 .RUL^`HQMH WRJD SUDYD PRCH ELWL
MHGLQR SUHGPHW RJUDQLaHQMD SUHGYL_HQLK
]DNRQRP L NRMD VX QHRSKRGQD X GHPR 
NUDWVNRP GUX^WYX X LQWHUHVX QDFLRQDOQH
EH]EHGQRVWL LOL MDYQH VLJXPRVWL MDYQRJ



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SRUHWNDLOL]D^WLWHMDYQRJ]GUDYOMDLOLPR 
UDODLOLSUDYDLVORERGDGUXJLKOLFD2YDM
aODQ QH`H VSUHaDYDWL GD VH NRUL^`HQMH
RYRJSUDYDRGVWUDQHSULSDGQLNDRUXCDQLK
VQDJDLSROLFLMHSRGYUJQH]DNRQVNLPRJ 
UDQLaHQMLPD
1LMHGQDRGUHGEDRYRJaODQDQH`H
RYOD^`LYDWL GUCDYH XaHVQLFH .RQYHQFLMH
0H_XQDURGQHRUJDQL]DFLMHUDGDRG
RVLQGLNDOQLPVORERGDPDL]D^WLWLVLQGLNDO 
QLKSUDYDGDSUHGX]PX]DNRQRGDYQHPH 
UHNRMHSRYUH_XMXLOLGDSULPHQMXMX]DNRQ
QD QDaLQ NRML SRYUH_XMH MDPVWYD SUHG 
YL_HQDXWRM.RQYHQFLML
AODQ 

]XPQLK RJUDQLaHQMD LPD SUDYR L PR 

JX`QRVWL
D GD XaHVWYXMH X YR_HQMX MDYQLK SRV
ORYD ELOR QHSRVUHGQR ELOR SUHNR
VORERGQR L]DEUDQLK SUHGVWDYQLND
E GD JODVD L GD EXGH ELUDQ QD SRYUH 
PHQLPLVSUDYQRRGUCDQLPL]ERULPD
X] MHGQDNR L RS^WH ELUDaNR SUDYR
VSURYHGHQLP WDMQLP JODVDQMHP NR
MLP VH REH]EH_XMH VORERGQR L]
UDCDYDQMH YROMH ELUDaD
F GD PX SRG RS^WLP XVORYLPD MHGQD 
NRVWLEXGHGRVWXSQDMDYQDVOXCEDX
QMHJRYRM ]HPOML
AODQ 

O 3RURGLFD MH SULURGQD L RVQRYQD

`HOLMD GUX^WYD L LPD SUDYR QD ]D^WLWX
GUX^WYDLGUCDYH
 3UL]QDMH VH SUDYR QD VWXSDQMH X
EUDN L ]DVQLYDQMH SRURGLFH PX^NDUFLPD L
CHQDPD]UHOLP]DEUDN
1LNDNDYEUDNVHQHPRCH]DNOMXaLWL
EH]VORERGQRJLSXQRJSULVWDQNDEXGX`LK
VXSUXCQLND
 'UCDYH XJRYRUQLFH RYRJ 3DNWD
SUHGX]H`HRGJRYDUDMX`HPHUHUDGLREH] 
EHGHQMDMHGQDNRVWLXSUDYLPDLGXCQRVWL 
PDVXSUXCQLNDXRGQRVXQDEUDN]DYUH 
PH EUDND L SULOLNRP QMHJRYRJ UDVNLGD
$NR GR_H GR UDVNLGD EUDND GRQH`H VH
RGOXNH NDNR EL VH GHFL REH]EHGLOD SRW 
UHEQD]D^WLWD
AODQ 

O6YDNRGHWHEH]LNDNYRJUD]OLNRYD 
QMD]DVQRYDQRJQDUDVLERMLSROXMH]LNX
YHURLVSRYHVWL QDFLRQDOQRP LOL GUX^WYH 
QRPSRUHNOXLPRYLQLLOLURGHQMXLPDSUD 
YRQDPHUH]D^WLWHRGVWUDQHQMHJRYHSR 
URGLFHGUX^WYDLGUCDYHNRMH]DKWHYDQMH 
JRYSRORCDMPDOROHWQLND
 6YDNR `H VH GHWH UHJLVWURYDWL RG
PDKSRURGHQMXLGREL`HLPH
 6YDNR GHWH LPD SUDYR QD GUCDY
OMDQVWYR
AODQ 

6YDNLJUD_DQLQEH]LNDNYRJUD]OLNR 
YDQMD SRPHQXWRJ X aODQX  L EH] QHUD 

6YLVXSUHG]DNRQRPMHGQDNLLLPDMX
SUDYR QD MHGQDNX ]DNRQVNX ]D^WLWX EH]
LNDNYRJUD]OLNRYDQMD8WRPSRJOHGX]D 
NRQ`H]DEUDQLWLVYDNXGLVNULPLQDFLMXL]D 
MHPaLWLVYLPOLFLPDSRGMHGQDNXLHILNDVQX
]D^WLWX SURWLY VYDNH GLVNULPLQDFLMH QD 
URaLWRQDRVQRYXUDVHERMHSRODMH]LND
YHURLVSRYHVWL SROLWLaNRJ L ELOR NRJ GUX 
JRJ PL^OMHQMD QDFLRQDOQRJ L GUX^WYHQRJ
SRUHNOD LPRYLQH UR_HQMD LOL GUXJRJ VWD 
WXVD
AODQ 

8GUCDYDPDJGHSRVWRMHHWQLaNHYHU 
VNHLOLMH]LaNHPDQMLQHOLFDNRMDSULSDGDMX
WLPPDQMLQDPDQHPRJXELWLOL^HQDSUDYD
GDLPDMXX]DMHGQLFLVGUXJLPaODQRYLPD
VYRMHJUXSHVYRMVRSVWYHQLNXOWXPLCLYRW
GD LVSRYHGDMX VYRMX VRSVWYHQX YHURLVSR
YHVW L REDYOMDMX YHUVNH GXCQRVWL LOL GD
XSRWUHEOMDYDMXVYRMVRSVWYHQLMH]LN

A(7957, '(2
AODQ 

8VSRVWDYOMDVH.RPLWHW]DOMXGVND
SUDYDGDOMHXRYRP3DNWXQD]YDQ.RPL 
WHW2YDM.RPLWHW`HVHVDVWRMDWLRGRVDP 
QDHVW aODQRYD L YU^L`H QLCH RGUHGHQH
GXCQRVWL
.RPLWHW`HELWLVDVWDYOMHQRGGUCDY 
OMDQD GUCDYD XJRYRUQLFD RYRJ 3DNWD NRML
PRUDMXGDEXGXOLaQRVWLYLVRNLKPRUDOQLK
RVRELQD L SUL]QDWH XSX`HQRVWL X REODVWL
OMXGVNLKSUDYD9RGL`HVHUDaXQDRNRULV 
QRVWL NRMX SUHGVWDYOMD XaH^`H XUDGX .R 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PLWHWDL]YHVQLKOLFDNRMDLPDMXSUDYQLaNR
LVNXVWYR
AODQRYL.RPLWHWDVHELUDMXL]DVH 
GDMXXOLaQRPVYRMVWYX
AODQ 

O AODQRYL .RPLWHWD ELUDMX VH WDMQLP

JODVDQMHPVDOLVWHOLFDNRMDSRVHGXMXVYRM 
VWYDSURSLVDQDXaODQXLNRMDVXGUCDYH
XJRYRUQLFH RYRJ 3DNWD SUHGORCLOH X WX
VYUKX
 6YDND GUCDYD XJRYRUQLFD RYRJ
3DNWD PRCH SUHGORCLWL QDMYL^H GYD OLFD
2YDOLFDPRUDMXELWLGUCDYOMDQLGUCDYHNRMD
LKSUHGODCH
 ,VWR OLFH PRCH VH SRQRYR SUHG
ORCLWL
AODQ 

3UYLL]ERU`HVHREDYLWLQDMNDVQLMH
^HVW PHVHFL RG GDQD VWXSDQMD QD VQDJX
RYRJ3DNWD
 1DMPDQMH aHWLUL PHVHFD SUH GDQD
VYDNRJ L]ERUD ]D .RPLWHW VHP L]ERUD X
FLOMX SRSXQH XSUDCQMHQRJ PHVWD NRMH MH
RJOD^HQR WDNYLP X VNODGX VD aODQRP 
JHQHUDOQL VHNUHWDU 8MHGLQMHQLK QDFLMD SLV 
PHQLP SXWHP SR]LYD GUCDYH XJRYRUQLFH
RYRJ3DNWDGDRGUHGHNDQGLGDWHNRMHSUH 
GODCX]DaODQRYH.RPLWHWD
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMD`HSULSUHPLWLSRDEHFHGQRPUHGXVSL 
VDN VYLK WDNR SUHGORCHQLK OLFD QDYRGH`L
GUCDYH NRMH VX LK SUHGORCLOH L GRVWDYL`H
LK GUCDYDPD XJRYRUQLFDPD RYRJ 3DNWD
QDMNDVQLMH PHVHF GDQD SUH GDQD VYDNRJ
L]ERUD
AODQRYL.RPLWHWDVHELUDMXQDVD 
VWDQNXGUCDYDaODQLFDNRMLVD]LYDJHQHUDO 
QL VHNUHWDU 8MHGLQMHQLK QDFLMD X VHGL^WX
2UJDQL]DFLMH1DRYRPVDVWDQNXQDNRPH
NYRUXP VDaLQMDYDMX GYH WUH`LQH GUCDYD
XJRYRUQLFDRYRJ3DNWDL]DEUD`HVH]DaOD 
QRYH .RPLWHWD RQL NDQGLGDWL NRML GRELMX
QDMYH`L EURM JODVRYD L DSVROXWQX YH`LQX
JODVRYD SUHGVWDYQLND GUCDYD XJRYRUQLFD
SULVXWQLKLNRMLJODVDMX
AODQ 

 8 .RPLWHWX QH PRCHELWLYL^H RG

MHGQRJGUCDYOMDQLQDMHGQHLVWHGUCDYH

 3UL L]ERULPD X .RPLWHW YRGL`H VH

UDaXQD R SUDYLaQRM JHRJUDIVNRM UDVSRGHOL
LRWRPHGDEXGX]DVWXSOMHQLUD]OLaLWLRE 
OLFLFLYLOL]DFLMHNDRLJODYQLSUDYQLVLVWHPL
AODQ 

AODQRYL.RPLWHWDVHELUDMXQDSH 
ULRGRGaHWLULJRGLQH2QLVHPRJXL]QRYD
L]DEUDWLDNRVXSRQRYRSUHGORCHQL0HGX 
WLPPDQGDWGHYHWaODQRYDL]DEUDQLKSUL 
OLNRPSUYRJL]ERUDLVWLaHSRVOHGYHJRGL 
QHRGPDKSRVOHSUYLKL]ERUDLPHQDRYLK
aODQRYDEL`HL]YXaHQDNRFNRPRGVWUDQH
SUHGVHGDYDMX`HJ VDVWDQND QD NRML VH RG 
QRVLVWDYaODQD
 3R LVWHNX PDQGDWD L]ERUL `H VH
RGUCDWL VKRGQR RGUHGEDPD SUHWKRGQLK
aODQRYDRYRJGHOD3DNWD
AODQ 

$NRMHSRMHGQRGX^QRPPL^OMHQMX
GUXJLKaODQRYDMHGDQaODQ.RPLWHWDSUHV 
WDRGDYU^LVYRMHIXQNFLMHL]QHNRJGUXJRJ
UD]ORJDDQHXVOHGRGVXVWYDSULYUHPHQRJ
NDUDNWHUDSUHGVHGQLN.RPLWHWDL]YH^WDYD
R WRPH JHQHUDOQRJ VHNUHWDUD8MHGLQMHQLK
QDFLMD NRML RQGD RJOD^DYD XSUDCQMHQLP
PHVWR NRMH MH ]DX]LPDR aODQ R NRPH MH
UHa
8VOXaDMXVPUWLLOLRVWDYNHMHGQRJ
aODQD .RPLWHWD SUHGVHGQLN RGPDK RED 
YH^WDYDRWRPHJHQHUDOQRJVHNUHWDUD8MH 
GLQMHQLK QDFLMD NRML RJOD^DYD PHVWR XS 
UDCQMHQLPUDaXQDMX`LRGGDQDVPUWLLOLRG
GDQDNDGDRVWDYNDSURL]YRGLGHMVWYR
AODQ 

.DGDMHREMDYOMHQRGDMHMHGQRPH 
VWR XSUDCQMHQR VKRGQR aODQX  L DNR
PDQGDW aODQD NRML WUHED GD EXGH ]DPH 
QMHQ QH LVWLaH X URNX RG ^HVW PHVHFL RG
GDQDNDGDMHPHVWRSURJOD^HQRXSUDCQMH 
QLPJHQHUDOQLVHNUHWDU8MHGLQMHQLKQDFLMD
REDYH^WDYDRWRPHVYHGUCDYHXJRYRUQLFH
RYRJ 3DNWD NRMH PRJX X URNX RG GYD
PHVHFDRGUHGLWLNDQGLGDWHVKRGQRRGUHG 
EDPD aODQD  X FLOMX SRSXQH XSUDCQMH 
QRJPHVWD
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMD XVWDQRYL`H SR DEHFHGQRP UHGX VSL 
VDN WDNR SUHGORCHQLK OLFD L VDRS^WL`H JD
GUCDYDPD XJRYRUQLFDPD RYRJ 3DNWD ,] 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

ERU X FLOMX SRSXQH XSUDCQMHQRJ PHVWD
REDYL`H VH ]DWLP X VNODGX V RGQRVQLP
RGUHGEDPDRYRJGHOD3DNWD
 6YDNL aODQ .RPLWHWD L]DEUDQ QD
PHVWR NRMH MH SURJOD^HQR XSUDCQMHQLP
VKRGQRaODQXXaHVWYXMHXUDGX.RPL 
WHWDGRGDQDLVWHNDPDQGDWDaODQDaLMHMH
PHVWRRVWDORXSUDCQMHQRX.RPLWHWXVDR 
EUD]QRRGUHGEDPDSRPHQXWRJaODQD
AODQ 

AODQRYL.RPLWHWDSULPDMXX]RGREUH 
QMH*HQHUDOQHVNXS^WLQH8MHGLQMHQLKQDFL 
MDQDJUDGXL]VUHGVWDYD8MHGLQMHQLKQDFLMD
SRG XVORYLPD NRMH XWYUGL *HQHUDOQD
VNXS^WLQD V RE]LURP QD ]QDaDM RGJRYRU 
QRVWL.RPLWHWD
AODQ 

*HQHUDOQLVHNUHWDU8MHGLQMHQLKQDFLMD
VWDYOMDQDUDVSRODJDQMH.RPLWHWXRVREOMHL
PDWHULMDOQD VUHGVWYD NRML VX PX SRWUHEQL
]D XVSH^QR REDYOMDQMH GXCQRVWL NRMH VX
PXSRYHUHQHQDRVQRYXRYRJ3DNWD
AODQ 

*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMDVD]LYDaODQRYH.RPLWHWDQDSUYXVHG 
QLFX X VHGL^WX 2UJDQL]DFLMH XMHGLQMHQLK
QDFLMD
3RVOHVYRJSUYRJVDVWDQND.RPL 
WHW VH VDVWDMH NDG JRG MH WR SUHGYL_HQR
QMHJRYLPSRVORYQLNRP
 6DVWDQFL .RPLWHWD QRUPDOQR VH
RGUCDYDMXXVHGL^WX2UJDQL]DFLMHXMHGLQMH 
QLKQDFLMDLOLX8UHGX8MHGLQMHQLKQDFLMDX
#HQHYL
AODQ 

6YDNLaODQ.RPLWHWDPRUDSUHVWXSD 
QMD QD GXCQRVW QD MDYQRM VHGQLFL GDWL
VYHaDQX REDYH]X GD `H VYRMH GXCQRVWL
YU^LWLSRWSXQRQHSULVWUDVQRLVDYHVQR
AODQ 

 .RPLWHW ELUD VYRMH VOXCEHQLNH QD

URNRGGYHJRGLQH2QLVHPRJXSRQRYR
ELUDWL
.RPLWHWVDPXWYU_XMHVYRMSRVORY 
QLNRQ`HPHGXWLPVDGUCDWLL]PH_XRV 
WDORJVOHGH`HRGUHGEH
D NYRUXP VDaLQMDYD  aODQRYD

E RGOXNH.RPLWHWDVHGRQRVHYH`LQRP
SULVXWQLK aODQRYD
AODQ 

O 'UCDYH XJRYRUQLFH RYRJ 3DNWD VH

REDYH]XMX GD SRGQRVH L]YH^WDMH R PHUD 
PD NRMH EXGX XVYRMLOH UDGL RVWYDULYDQMD
SUDYD SUL]QDWLK X RYRP 3DNWX NDR L R
QDSUHWNXRVWYDUHQRPXXCLYDQMXRYLKSUD 
YD
D X URNX RG JRGLQH GDQD UDaXQDMX`L
RG GDQD VWXSDQMD QD VQDJX RYRJ
3DNWD ]D VYDNX ]DLQWHUHVRYDQX
GUCDYX XJRYRUQLFX SRQDRVRE
E ]DWLP NDG JRG .RPLWHW WR ]DWUDCL
6YLL]YH^WDMLXSXWL`HVHJHQHUDOQRP
VHNUHWDUX8MHGLQMHQLKQDFLMDNRML`HLKGR 
VWDYLWL .RPLWHWX UDGL UD]PDWUDQMD 8 L] 
YH^WDMX `H VH XND]DWL X VOXaDMX SRWUHEH
QD aLQLRFH L WH^NR`H NRML XWLaX QD VSUR 
YR_HQMHXCLYRWRGUHGDEDRYRJ3DNWD
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMD PRCH SR^WR VH SRVDYHWXMH VD .RPL 
WHWRP GRVWDYLWL VSHFLMDOL]RYDQLP XVWDQR 
YDPD SUHSLV VYLK GHORYD L]YH^WDMD NRML
LPDMX YH]H V GHORNUXJRP QMLKRYH QDG 
OHCQRVWL
.RPLWHWSURXaDYDL]YH^WDMHNRMHVX
SRGQHOH GUCDYH XJRYRUQLFH RYRJ 3DNWD
2QXSX`XMHGUCDYDPDXJRYRUQLFDPDVYR 
MH YODVWLWH L]YH^WDMH NDR L VYH RS^WH SUL 
PHGEHNRMHEXGHVPDWUDRSRJRGQLP.R 
PLWHW PRCH LVWR WDNR GRVWDYLWL (NRQRP 
VNRP L VRFLMDOQRP VDYHWX RYH SULPHGEH
SURSUD`HQHSUHSLVRPL]YH^WDMDNRMHMHSUL 
PLRRGGUCDYDXJRYRUQLFDRYRJ3DNWD
 'UCDYH XJRYRUQLFH RYRJ 3DNWD
PRJXSRGQRVLWL.RPLWHWXPL^OMHQMDRVYLP
SULPHGEDPDNRMHEXGXXaLQMHQHQDRVQR 
YXVWDYDRYRJaODQD
AODQ 

 6YDND GUCDYD XJRYRUQLFD RYRJ

3DNWDPRCHQDRVQRYXRYRJaODQDL]MDYLWL
XVYDNRGREDGDSUL]QDMHQDGOHCQRVW.R 
PLWHWD GD SULPD L UD]PDWUD VDRS^WHQMD X
NRMLPD MHGQD GUCDYD XJRYRUQLFD WYUGL GD
GUXJD GUCDYD XJRYRUQLFD QH LVSXQMDYD
VYRMH REDYH]H SUHPD RYRP 3DNWX 6D 
RS^WHQMD SRGQHWD QD RVQRYX RYRJ aODQD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PRJXVHSULPDWLLUD]PDWUDWLVDPRDNRLK
MHSRGQHODGUCDYDXJRYRUQLFDNRMDMHGDOD
L]MDYXRSUL]QDQMXQDGOHCQRVWL.RPLWHWDX
RGQRVXQDVHEH.RPLWHWQH`HSULPLWLQL 
NDNYRVDRS^WHQMHDNRVHRQRWLaHGUCDYH
XJRYRUQLFHNRMDQLMHGDODWDNYXL]MDYX8
SRJOHGX VDRS^WHQMD SULPOMHQLK VKRGQR
RYRP aODQX SULPHQL`H VH VOHGH`L SRVWX 
SDN
D DNR QHND GUCDYD XJRYRUQLFD RYRJ
3DNWD VPDWUD GD QHND GUXJD GUCDYD
XJRYRUQLFDRYRJ3DNWDQHSULPHQMX 
MH QMHJRYH RGUHGEH RQD PRCH SLV
PHQLP VDRS^WHQMHP VNUHQXWL SDCQMX
RYH GUCDYH QD WX VWYDU 8 URNX RG
WULPHVHFDUDaXQDMX`LRGSULMHPDVD 
RS^WHQMD GUCDYD NRMRM MH XSX`HQR
VDRS^WHQMH SUXCL`H GUCDYL NRMD JDMH
XSXWLOD REMD^QMHQMD LOL QHNX GUXJX
SLVPHQX L]MDYX UDGL UDVYHWOMDYDQMD
SLWDQMD NRML WUHED GD REXKYDWH X
PRJX`RM L RGJRYDUDMX`RM PHUL SR
GDWNH R QMHQLP XQXWUD^QMLP SUDYLOL 
PDSRVWXSNDLRSUDYQLPOHNRYLPD
ELOR YH` LVNRUL^`HQLP ELOR RQLP X
WRNX UH^DYDQMD LOL RQLP NRML VX MR^
GRVWXSQL
E $NRXURNXRG^HVWPHVHFLUDaXQD 
MX`LRGGDQDSULMHPDSUYRELWQRJVD 
RS^WHQMD RG VWUDQH GUCDYH NRMRM MH
XSX`HQR SLWDQMH QLMH UH^HQR QD ]D 
GRYROMVWYR REH ]DLQWHUHVRYDQH
GUCDYH XJRYRUQLFH L MHGQD L GUXJD
LPD`H SUDYR GD JD SRGQHVX .RPL 
WHWX XSX`XMX`L VDRS^WHQMH .RPLWHWX
NDR L GUXJRM ]DLQWHUHVRYDQRM GUCDYL
F .RPLWHW PRCH GD UDVSUDYOMD R VWYDUL
NRMD PX MH SRGQHWD VDPR SR^WR VH
EXGH XYHULR GD VX ELOL XSRWUHEOMHQL
LLVFUSHQLVYLXQXWUD^QMLSUDYQLOHNR 
YL X VNODGX VD RS^WH SUL]QDWLP
QDaHOLPD PH_XQDURGQRJ SUDYD
2YR SUDYLOR VH QH SULPHQMXMH X
VOXaDMX NDGD VH SRVWXSDN SR SUDY
QLP OHNRYLPD EH]UD]ORCQR RGXJRY 
ODaL
G .RPLWHW RGUCDYD QHMDYQH VHGQLFH
NDGD UD]PDWUD VDRS^WHQMD SUHG
YL_HQD X RYRP aODQX

H 3RGXVORYRPRGUHGDEDWDaNHF.R 
PLWHW `H VWDYLWL VYRMH GREUH XVOXJH
QD UDVSRODJDQMH ]DLQWHUHVRYDQLP
GUCDYDPD XJRYRUQLFDPD GD EL VH
GR^ORGRSULMDWHOMVNRJUH^HQMDSLWDQMD
QDRVQRYLSR^WRYDQMDOMXGVNLKSUDYD
LRVQRYQLKVORERGDNDR^WRLKSUL] 
QDMH RYDM 3DNW
I 8VYDNRPVOXaDMXNRMLPXMHSRGQHW
.RPLWHW PRCH GD WUDCL RG ]DLQWHUH 
VRYDQLK GUCDYD XJRYRUQLFD QD NRMH
VHRGQRVLWDaNDEGDPXSUXCHVYD
RGQRVQD REDYH^WHQMD
J =DLQWHUHVRYDQH GUCDYH XJRYRUQLFH
SRPHQXWH X WDaNL E LPDMX SUDYR
GDEXGXSUHGVWDYOMHQH]DYUHPHGRN
.RPLWHWUD]PDWUDSLWDQMHLGDXVPH 
QRLOLSLVPHQRLOLXMHGQRPLXGUX 
JRP REOLNX SRGQRVH SULPHGEH
K .RPLWHW MH GXCDQ GD SRGQHVH L]
YH^WDMXURNXRGGYDQDHVWPHVHFLRG
GDQD NDGD M H SULPLR VDRS^WHQMH R
NRPH MH UHa X WDaNL E
L DNR MH SRVWLJQXWR UH^HQMH X VPLVOX
RGUHGDED WDaNH H .RPLWHW `H VH X
VYRP L]YH^WDMX RJUDQLaLWL QD NUDWNR
L]ODJDQMHaLQMHQLFDLUH^HQMDGRNRJD
VH GR^OR
M DNR VH UH^HQMH X VPLVOX RGUHGDED
WDaNHHQLMHPRJORSRVWL`L.RPLWHW
`HVHXVYRPL]YH^WDMXRJUDQLaLWLQD
NUDWNRL]ODJDQMHaLQMHQLFD7HNVWSLV 
PHQLKSULPHGDEDL]DSLVQLNRXVPH 
QLP SULPHGEDPD ]DLQWHUHVRYDQLK
GUCDYDXJRYRUQLFDSULORCL`HVHX]L] 
YH^WDM
,]YH^WDM R VYDNRP VOXaDMX GRVWDYL`H
VH]DLQWHUHVRYDQLPGUCDYDPD
 2GUHGEH RYRJ aODQD VWXSL`H QD
VQDJXNDGDGHVHWGUCDYDXJRYRUQLFDRYRJ
3DNWDEXGXGDOHL]MDYXSUHGYL_HQXXVWD 
YXORYRJaODQD
7DNYH L]MDYH GHSRQRYD`H GUCDYH
XJRYRUQLFHNRGJHQHUDOQRJVHNUHWDUD8MH 
GLQMHQLKQDFLMDNRML`HQMLKRYSUHSLVGR 
VWDYLWL GUXJLP GUCDYDPD XJRYRUQLFDPD
,]MDYDVHPRCHXVYDNRGREDSRYX`LSX 
WHP VDRS^WHQMD JHQHUDOQRP VHNUHWDUX
2YR SRYODaHQMH QH XWLaH QD UD]PDWUDQMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PDNRJDSLWDQMDNRMHMHSUHGPHWYH`GR 
VWDYOMHQRJVDRS^WHQMDQDRVQRYXRYRJaOD 
QD D QLNDNYR GUXJR VDRS^WHQMH MHGQH
GUCDYH aODQLFH QH`H ELWL SULPOMHQR SR^WR
JHQHUDOQLVHNUHWDUEXGHSULPLRREDYH^WH 
QMHRSRYODaHQMXL]MDYHDNR]DLQWHUHVRYD 
QDGUCDYDXJRYRUQLFDQHGDQRYXL]MDYX
AODQ 

 D $NR VH QHNR SLWDQMH SRGQHWR

.RPLWHWXXVNODGXVaODQRPQHUH^LQD
]DGRYROMVWYR]DLQWHUHVRYDQLKGUCDYDXJR 
YRUQLFD.RPLWHWPRCHX]SUHWKRGQLSUL 
VWDQDN ]DLQWHUHVRYDQLK GUCDYD XJRYRUQL 
FDQDLPHQRYDWLDGKRFNRPLVLMX]DPLUH
QMHXGDOMHPWHNVWXQD]YDQX .RPLVLMDm
.RPLVLMD`HVWDYLWLVYRMHGREUHXVOXJHQD
UDVSRODJDQMH ]DLQWHUHVRYDQLP GUCDYDPD
XJRYRUQLFDPDXFLOMXGDVHSRVWLJQHSUL 
MDWHOMVNRUH^HQMHSLWDQMDQDRVQRYXSR^WR 
YDQMDRYRJ3DNWD
E.RPLVLMDVHVDVWRMLRGSHWaODQRYD
NRML VX SULKYDWOMLYL ]D ]DLQWHUHVRYDQH
GUCDYH XJRYRUQLFH $NR ]DLQWHUHVRYDQH
GUCDYHXJRYRUQLFHQHSRVWLJQXVSRUD]XP
R VDVWDYX .RPLVLMH X FHOLQL LOL GHOLPLaQR
XURNXRGWULPHVHFDaODQRYH.RPLVLMHX
SRJOHGXNRMLKVHVSRUD]XPQLMHSRVWLJDR
L]DEUD`H.RPLWHWPH_XVYRMLPaODQRYLPD
WDMQLP JODVDQMHP SXWHP GYRWUH`LQVNH
YH`LQH
 AODQRYL .RPLVLMH ]DVHGDMX X
OLaQRPVYRMVWYX2QLQHPRJXELWLGUCDY 
OMDQL QL ]DLQWHUHVRYDQLK GUCDYD XJRYRUQL 
FD QL GUCDYH NRMD QLMH XJRYRUQLFD RYRJ
3DNWDQLWLGUCDYHXJRYRUQLFHNRMDQLMHGD 
ODL]MDYXSUHGYLGHQXXaODQX
 .RPLVLMD `H L]DEUDWL VYRJD SUHG
VHGQLNDLXVYRMLWLSRVORYQLN
 .RPLVLMD QRUPDOQR RGUCDYD VYRMH
VDVWDQNHXVHGL^WX2UJDQL]DFLMHXMHGLQMHQLK
QDFLMDLOLXXUHGX8MHGLQMHQLKQDFLMDX#HQH 
YL0H_XWLPRQLVHPRJXRGUCDYDWLQDVYD 
NRPGUXJRPSRJRGQRPPHVWXNRMH.RPL 
VLMD PRCH RGUHGLWL VDYHWXMX`L VH V JHQHUDO 
QLPVHNUHWDURP8MHGLQMHQLKQDFLMDL]DLQWH 
UHVRYDQLPGUCDYDPDaODQLFDPD
 6HNUHWDULMDW SUHGYL_HQ X aODQX 
SUXCDWDNR_HVYRMHXVOXJHNRPLVLMDPDQD 
LPHQRYDQLPQDRVQRYXRYRJaODQD

2EDYH^WHQMDNRMDGRELMHLSUHJOHGD
.RPLWHW VWDYOMDMX VH QD UDVSRODJDQMH .R 
PLVLMLD.RPLVLMDPRCH]DKWHYDWLRG]DLQ 
WHUHVRYDQLK GUCDYD aODQLFD GD MRM SUXCH
VYDSRWUHEQDGRSXQVNDREDYH^WHQMD
 3R^WR MH SRWSXQR UD]PRWULOD SLWD 
QMHXVYLPQMHJRYLPYLGRYLPDQRXVYD 
NRPVOXaDMXQDMGXCHXURNXRGGYDQDHVW
PHVHFL RG NDGD MRM MH RQR ELOR SRGQHWR
.RPLVLMD`HSRGQHWLL]YH^WDMSUHGVHGQLNX
.RPLWHWD UDGL VDRS^WDYDQMD ]DLQWHUHVRYD 
QLPGUCDYDPDXJRYRUQLFDPD
D DNR.RPLVLMDQLMHXVWDQMXGDGRYU^L
UD]PDWUDQMH SLWDQMD X WRNX GYDQDHVW
PHVHFL RQD `H VH RJUDQLaLWL QD WR
GDXVYRPL]YH^WDMXXNUDWNRQDYHGH
GRNOHMHGR^ODXUD]PDWUDQMXSLWDQMD
E DNRVHGR^ORGRSULMDWHOMVNRJUH^HQMD
SLWDQMD QD RVQRYL SR^WRYDQMD OMXGV
NLK SUDYD SUL]QDWLK X RYRP 3DNWX
.RPLVLMD`HVH RJUDQLaLWLQDWRGDX
VYRP L]YH^WDMX XNUDWNR QDYHGH
aLQMHQLFH L UH^HQMH NRMH MH SRVWLJQX
WR
F DNR VH QLMH GR^OR GR UH^HQMD X VPL 
VOX WDaNH E .RPLVLMD XQRVL X L] 
YH^WDM VYRMH ]DNOMXaNH R VYLP aLQMH 
QLFDPD NRMH VH RGQRVH QD VSRUQR
SLWDQMH L]PHGX ]DLQWHUHVRYDQLK
GUCDYD XJRYRUQLFD NDR L VYRMD JOH
GL^WD R PRJX`QRVWLPD SULMDWHOMVNRJ
UH^HQMDVOXaDMD7DML]YH^WDMVDGUCLLV
WRWDNRSLVPHQHSULPHGEHL]DSLVQLN
R XVPHQLP SULPHGEDPD ]DLQWHUHVR 
YDQLK GUCDYD XJRYRUQLFD
G DNR MH L]YH^WDM .RPLVLMH SRGQHW
VKRGQR WDaNL F ]DLQWHUHVRYDQH
GUCDYH XJRYRUQLFH VDRS^WL`H SUHG
VHGQLNX.RPLWHWDXURNXRGWULPH 
VHFDSRSULMHPXL]YH^WDMDGDOLSULK
YDWDMX VDGUCLQX L]YH^WDMD.RPLVLMH LOL
QH
 2GUHGEH RYRJ aODQD QH GLUDMX X
RYOD^`HQMD.RPLWHWDNRMDVXSUHGYLGHQDX
aODQX
 6YL WUR^NRYL aODQRYD .RPLVLMH
SR_HGQDNRVHUDVSRGHOMXMXL]PHGX]DLQ 
WHUHVRYDQLKGUCDYDXJRYRUQLFDQDRVQRYL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SURFHQHNRMXXWYU_XMHJHQHUDOQLVHNUHWDU
8MHGLQMHQLKQDFLMD
 *HQHUDOQL VHNUHWDU 8MHGLQMHQLK
QDFLMDLPDRYOD^`HQMHGDXVOXaDMXSRWUH 
EH SODWL aODQRYLPD .RPLVLMH QMLKRYH
WUR^NRYH SUH QHJR ^WR LK ]DLQWHUHVRYDQH
GUCDYHXJRYRUQLFHEXGXQDNQDGLOHVKRG 
QRVWDYXRYRJaODQD
AODQ 

AODQRYL .RPLWHWD L aODQRYL DG KRF

NRPLVLMD]DPLUHQMHNRMLPRJXELWLQDLPH 
QRYDQL SUHPD aODQX  LPDMX SUDYR QD
RODN^LFH SULYLOHJLMH L LPXQLWHWH SUL]QDWD
VWUXaQMDFLPD NRMLPD MH SRYHUHQ QHNL ]D 
GDWDN ]D UDaXQ 2UJDQL]DFLMH XMHGLQMHQLK
QDFLMDRQDNRNDR^WRVXL]ORCHQLXRGJR 
YDUDMX`LPRGHOMFLPD.RQYHQFLMHRSULYLOH 
JLMDPDLLPXQLWHWLPD8MHGLQMHQLKQDFLMD
AODQ 

2GUHGEDRVSURYRGHQMXXCLYRWRYRJ
3DNWDSULPHQMLYD`HVHEH]X^WUEDSRSRV 
WXSNH SURSLVDQH X REODVWL OMXGVNLK SUDYD
SRG XVORYLPD LOL QD RVQRYX XVWDYQLK LQ 
VWUXPHQDWDLNRQYHQFLMD2UJDQL]DFLMHXMH 
GLQMHQLK QDFLMD L VSHFLMDOL]RYDQLK XVWDQR 
YD L QH`H VSUHaDYDWL GUCDYH XJRYRUQLFH
GD SULEHJQX GUXJLP QDaLQLPD UH^DYDQMD
VSRURYDXVNODGXVDRS^WLPLOLSRVHEQLP
PH_XQDURGQLP VSRUD]XPLPD NRML VX
PH_XQMLPDQDVQD]L
AODQ 

.RPLWHW SRGQRVL VYDNH JRGLQH L]

YH^WDM R VYRP UDGX *HQHUDOQRM VNXS^WLQL
8MHGLQMHQLK QDFLMD SUHNR (NRQRPVNRJ L
VRFLMDOQRJVDYHWD

3(7, '(2
AODQ 

1LMHGQDRGUHGEDRYRJ3DNWDQH`HVH
WXPDaLWL WDNR GD YUH_D RGUHGEH 3RYHOMH
8MHGLQMHQLK QDFLMD L XVWDYD VSHFLMDOL]RYD 
QLKXVWDQRYDNRMLPDVHRGUH_XMXRGQRVQH
RGJRYRUQRVWL UD]QLK RUJDQD 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDLVSHFLMDOL]RYDQLKXVWD 
QRYD X SRJOHGX SLWDQMD NRMLPD VH EDYL
RYDM3DNW

AODQ 

1LMHGQDRGUHGEDRYRJ3DNWDQH`HVH
WXPDaLWLWDNRGDYUH_DSUDYRNRMHSULSDGD
VYDNRPH QDURGX GD SRWSXQR L VORERGQR
LVNRUL^`DYD L XSRWUHEOMDYD VYRMD SULURGQD
ERJDWVWYDLL]YRUH

>(67, '(2
AODQ 

2YDM3DNWMHRWYRUHQ]DSRWSLVLYD 
QMHVYLPGUCDYDPDaODQLFDPD2UJDQL]DFL 
MHXMHGLQMHQLKQDFLMDLOLaODQLFDPDELORNR 
MH RG QMHQLK VSHFLMDOL]RYDQLK XVWDQRYD
VYDNRMGUCDYLXJRYRUQLFL6WDWXWD0H_XQD 
URGQRJ VXGD SUDYGH L VYDNRM GUXJRM
GUCDYL NRMX SR]RYH *HQHUDOQD VNXS^WLQD
8MHGLQMHQLKQDFLMDGDSRVWDQHXJRYRUQLFD
RYRJ3DNWD
 2YDM 3DNW SRGOHCH UDWLILNDFLML ,Q 
VWUXPHQWL UDWLILNDFLMH GHSRQRYD`H VH NRG
JHQHUDOQRJVHNUHWDUD8MHGLQMHQLKQDFLMD
2YDM3DNW`HELWLRWYRUHQ]DSULV 
WXSDQMH VYDNRM GUCDYL QD NRMX VH RGQRVL
VWDYORYRJaODQD
 3ULVWXSDQMH `H VH L]YU^LWL GHSRQR
YDQMHP LQVWUXPHQDWD R SULVWXSDQMX NRG
JHQHUDOQRJVHNUHWDUD8MHGLQMHQLKQDFLMD
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMD`HREDYHVWLWLVYHGUCDYHNRMHVXSRW 
SLVDOHRYDM3DNWLOLNRMHVXPXSULVWXSLOH
RGHSRQRYDQMXVYDNRJLQVWUXPHQWDUDWLIL 
NDFLMHLOLSULVWXSDQMD
AODQ 

O 2YDM 3DNW `H VWXSLWL QD VQDJX WUL

PHVHFD SRVOH GHSRQRYDQMD NRG JHQHUDO 
QRJ VHNUHWDUD 8MHGLQMHQLKQDFLMDWULGHVHW 
SHWRJ LQVWUXPHQWD R UDWLILNDFLML LOL SULVWX 
SDQMX
 =D VYDNX GUCDYX NRMD UDWLILNXMH
RYDM 3DNW LOL PX SULVWXSL SRVOH GHSRQR 
YDQMDWULGHVHWSHWRJLQVWUXPHQWDRUDWLILND 
FLMLLOLSULVWXSDQMXSRPHQXWL3DNW`HVWX 
SLWLQDVQDJXWULPHVHFDSRVOHGHSRQRYD 
QMDRGVWUDQHWHGUCDYHQMHQRJLQVWUXPHQ 
WDRUDWLILNDFLMLLOLSULVWXSDQMX
AODQ 

2GUHGEH RYRJ 3DNWD VH SULPHQMXMX

QD VYH MHGLQLFH IHGHUDWLYQLK GUCDYD EH]
LNDNYRJRJUDQLaHQMDLOLL]X]HWND



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VWXSDQMD QD VQDJX VYDNH L]PHQH LOL
GRSXQH SUHGYL_HQH X aODQX 

AODQ 

 6YDND GUCDYD XJRYRUQLFD RYRJ

3DNWD PRCH SUHGORCLWL QMHJRYX L]PHQX
LOLGRSXQXLQMLKRYWHNVWGRVWDYLWLJHQH 
UDOQRPVHNUHWDUX8MHGLQMHQLKQDFLMD*H 
QHUDOQLVHNUHWDU`HSRWRPSURVOHGLWLVYH
SUHGORCHQHL]PHQHLOLGRSXQHGUCDYDPD
XJRYRUQLFDPD RYRJ 3DNWD WUDCH`L RG
QMLK GD PX VDRS^WH GD OL CHOH VD]LYDQMH
NRQIHUHQFLMHGUCDYDXJRYRUQLFDUDGLUD] 
PDWUDQMDWLKSUHGORJDLJODVDQMDRQMLPD
$NR VH QDMPDQMH MHGQD WUH`LQD GUCDYD
L]MDVQLXSULORJRYRJVD]LYDQMDJHQHUDO 
QL VHNUHWDU `H VD]YDWL NRQIHUHQFLMX SRG
RNULOMHP2UJDQL]DFLMHXMHGLQMHQLKQDFLMD
6YDND L]PHQD LOL GRSXQD NRMX XVYRML
YH`LQD GUCDYD XJRYRUQLFD SULVXWQLK QD
NRQIHUHQFLML LNRMHXaHVWYXMXXJODVDQMX
SRGOHCHRGREUHQMX*HQHUDOQHVNXS^WLQH
8MHGLQMHQLKQDFLMD
2YHL]PHQHLOLGRSXQHVWXSDMXQD
VQDJXNDGDLKRGREUL*HQHUDOQDVNXS^WL 
QD8MHGLQMHQLKQDFLMDLSULKYDWLGYHWUH`LQH
GUCDYDXJRYRUQLFDRYRJ3DNWDVDREUD]QR
QMLKRYLPXVWDYQLPSRVWXSFLPD
.DGDRYHL]PHQHLOLGRSXQHVWXSH
QDVQDJXRQHVXREDYH]QH]DVYHGUCDYH
XJRYRUQLFHNRMHVXLKSULKYDWLOHGRNGUX 
JH GUCDYH XJRYRUQLFH RVWDMX YH]DQH RG 
UHGEDPD RYRJ 3DNWD L VYDNRP L]PHQRP
LGRSXQRPNRMXVXUDQLMHSULKYDWLOH
AODQ 

1H]DYLVQR RG VDRS^WHQMD SUHG

YL_HQLKXVWDYXaODQDJHQHUDOQLVHN 
UHWDU 8MHGLQMHQLK QDFLMD `H REDYHVWLWL VYH
GUCDYH NRMH VH SRPLQMX X VWDYX O LVWRJ
aODQD
D R SRWSLVLPD VWDYOMHQLP QD RYDM 3DNW
L R LQVWUXPHQWLPD UDWLILNDFLMH L SULV 
WXSDQMD GHSRQRYDQLP VKRGQR aODQX

E R GDWXPX VWXSDQMD QD VQDJX RYRJ
3DNWD VKRGQR aODQX  L R GDWXPX


AODQ 

 2YDM 3DNW aLML VX WHNVWRYL QD HQ

JOHVNRP NLQHVNRP ^SDQVNRP IUDQFXV 
NRP L UXVNRP SRGMHGQDNR YHURGRVWRMQL
EL`HGHSRQRYDQXDUKLYL2UJDQL]DFLMHXMH 
GLQMHQLKQDFLMD
 *HQHUDOQL VHNUHWDU 8MHGLQMHQLK
QDFLMD GRVWDYL`H RYHUHQL SUHSLV RYRJ
3DNWD VYDNRM GUCDYL QD NRMX VH RGQRVL
aODQ

 )DNXOWDWLYQL SURWRNRO

X] 0H_XQDURGQL SDNW R
JUD_DQVNLP L SROLWLaNLP
SUDYLPD
'UCDYHXJRYRUQLFHRYRJ3URWRNROD
6PDWUDMX`L GD EL ^WR EROMHP REH]
EH_HQMX SRVWL]DQMD FLOMHYD 3DNWD R
JUD_DQVNLP L SROLWLaNLP SUDYLPD X GD 
OMHPWHNVWX3DNWLSULPHQHQMHJRYLKRG 
UHGDEDRGJRYDUDORGDVHRYODVWL.RPLWHW
]DOMXGVNDSUDYDXVSRVWDYOMHQQDRVQRYX
aHWYUWRJGHODRYRJ3DNWDXGDOMHPWHNVWX
.RPLWHW GD SULPL L UD]PDWUD NDR ^WR MH
SUHGYL_HQRXRYRP3URWRNROXSUHGVWDY 
NH NRMD SRWLaX RG SRMHGLQDFD NRML WYUGH
GD VX CUWYH NU^HQMD QHNRJ RG SUDYD L] 
ORCHQLKX3DNWX
6SRUD]XPHOHVXVHRVOHGH`HP
AODQ 

6YDNDGUCDYDXJRYRUQLFD3DNWDNRMD
SRVWDQHVWUDQDXJRYRUQLFDRYRJ3URWRNR 
ODSUL]QDMHGDMH.RPLWHWQDGOHCDQGDSUL 
PDLUD]PDWUDSUHGVWDYNHNRMDSRWLaXRG
SRMHGLQDFD NRML VSDGDMX SRG QMHQX QDG 
OHCQRVWDNRMLWYUGHGDVXCUWYHNU^HQMDRG
VWUDQHWHGUCDYHXJRYRUQLFHELORNRJSUD 
YDQDYHGHQRJX3DNWX.RPLWHWQH`HSUL 
PDWL QLNDNYD VDRS^WHQMD NRMD VH WLaX

'R  MDQXDUD  UDWLILNRYDOH  GUCDYH NRMH VX WLPH SULKYDWLOH QDGOHCQRVW .RPLWHWD
]D OMXGVND SUDYD GD SULPD LQGLYLGXDOQH SUHGVWDYNH 6O OLVW 6)5- 0H_XQDURGQL XJRYRUL
-XJRVODYLMDUDWLILNRYDODGHFHPEUD 6OOLVW6&*0H_XQDURGQLXJRYRUL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GUCDYHXJRYRUQLFH3DNWDNRMDQLMHVWUDQND
RYRJ3URWRNROD
AODQ 

3RGXVORYRPL]RGUHGDEDaODQDOVYD 
NLSRMHGLQDFNRMLWYUGLGDMHCUWYDNU^HQMD
PD NRJD RG SUDYD QDYHGHQLK X 3DNWX L
NRMLMHLVFUSDRVYDUDVSRORCLYDXQXWUD^QMD
SUDYQD VUHGVWYD PRCH SRGQHWL .RPLWHWX
QDUD]PDWUDQMHSLVPHQXSUHGVWDYNX
AODQ 

.RPLWHWQH`HSULKYDWLWLQLMHGQXSUHG 
VWDYNXSRGQHWXQDRVQRYXRYRJ3URWRNR 
OD DNR MH QHSRWSLVDQD LOL ]D NRMX VPDWUD
GDSUHGVWDYOMD]ORXSRWUHEXSUDYDQDSRG 
QR^HQMHWDNYLKSUHGVWDYNLLOLGDMHQHVSR 
MLYDVRGUHGEDPD3DNWD
AODQ 

O 3RG XVORYLPD L] RGUHGDED aODQD

.RPLWHWVWDYOMDGR]QDQMDVYDNXSUHG 
VWDYNX NRMD PX MH SRGQHWD GUCDYL XJR 
YRUQLFLRYRJ3URWRNROD]DNRMXVHQDYR 
GL GD MH SUHNU^LOD QHNX RG RGUHGDED
RYRJ3DNWD
8WRNXVOHGH`LK^HVWPHVHFLSRPH 
QXWDGUCDYD`HGRVWDYLWL.RPLWHWXSLVPH 
QDREMD^QMHQMDLOLL]MDYHUDVYHWOMDYDMX`LSL 
WDQMHLQDYRGH`LSUHPDSRWUHELVYHPHUH
NRMH MH HYHQWXDOQR SUHGX]HODGD EL SRS 
UDYLODVLWXDFLMX
AODQ 

 .RPLWHW `H UD]PRWULWL SUHGVWDYNH

SULPOMHQH QD RVQRYX RYRJ3URWRNRODYR 
GH`LUDaXQDRVYLPSLVPHQLPREDYH^WHQML 
PDNRMDVXPXSRGQHOLSRMHGLQFL]DLQWH 
UHVRYDQLKGUCDYD
 .RPLWHW QH`H UD]PDWUDWL QLMHGQX
SUHGVWDYNXSRMHGLQDFDDNRVHQLMHXYHULR
D GDVHLVWRSLWDQMHYH`QHUD]PDWUDX
SRVWXSNX SUHG QHNLP GUXJLP
PH_XQDURGQLPRUJDQRP]DLVSLWLYD 
QMH LOL UH^DYDQMH
E GDMH SRMHGLQDF LVFUSDR VYD UDVSR
ORCLYD XQXWUD^QMD SUDYQD VUHGVWYD
2YRVHSUDYLORQHSULPHQMXMHDNRMH


SRVWXSDNSRCDOEL SURGXCHQSUHNR
UD]XPQRJ URND
.RPLWHW`HRGUCDYDWLQHMDYQHVHG 
QLFH NDGD EXGH UD]PDWUDR SUHGVWDYNH
SUHGYL_HQHRYLP3URWRNRORP
.RPLWHW`HXSR]QDWLVDVYLP^WRMH
XVWDQRYLR]DLQWHUHVRYDQXGUCDYXXJRYRU 
QLFXLSRMHGLQFD
AODQ 

.RPLWHWXNOMXaXMHXJRGL^QMLL]YH^WDM
NRML VDaLQMDYD VKRGQR aODQX  3DNWD
VDCHWLSUHJOHGVYRMLKGHODWQRVWLQDRVQRYX
RYRJ3URWRNROD
AODQ 

8 RaHNLYDQMX RVWYDUHQMD FLOMHYD UH 

]ROXFLMH  ;9 XVYRMHQH RG VWUDQH
*HQHUDOQH VNXS^WLQH 8MHGLQMHQLK QDFLMD
GHFHPEUDNRMDVDGUCL'HNODUD 
FLMXRGDYDQMXQH]DYLVQRVWLNRORQLMDOQLP
]HPOMDPD L QDURGLPD RGUHGEH RYRJ
3URWRNROD QH`H QL X aHPX RJUDQLaDYDWL
SUDYRSHWLFLMHNRMHMHRYLPQDURGLPDGD 
WR3RYHOMRP8MHGLQMHQLKQDFLMDLGUXJLP
PH_XQDURGQLP NRQYHQFLMDPD L LQVWUX 
PHQWLPD]DNOMXaHQLPSRGRNULOMHP8MH 
GLQMHQLK QDFLMD LOL QMHQLK VSHFLMDOL]RYD 
QLKXVWDQRYD
AODQ 

2YDM3URWRNROMHRWYRUHQ]DSRWSL 
VLYDQMH VYDNRM GUCDYL NRMD MH SRWSLVDOD
3DNW
 2YDM 3URWRNRO SRGOHCH UDWLILNDFLML
VYDNH GUCDYH NRMD MH UDILWLNRYDOD 3DNW LOL
PX MH SULVWXSLOD ,QVWUXPHQWL UDWLILNDFLMH
GHSRQRYD`HVHNRGJHQHUDOQRJVHNUHWDUD
8MHGLQMHQLKQDFLMD
2YDM3URWRNROEL`HRWYRUHQ]DSUL 
VWXSDQMHVYDNRMGUCDYLNRMDMHUDWLILNRYDOD
3DNWLOLPXMHSULVWXSLOD
3ULVWXSDQMH`HVHL]YU^LWLGHSRQR 
YDQMHP LQVWUXPHQDWD R SULVWXSDQMX NRG
JHQHUDOQRJVHNUHWDUD8MHGLQMHQLKQDFLMD
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMDREDYHVWL`HVYHGUCDYHNRMHVXSRWSL 

%ROMH EL ELOR SUDYQRP OHNXm



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VDOHRYDM3URWRNROLOLVXPXSULVWXSLOHR
GHSRQRYDQMXVYDNRJLQVWUXPHQWDRUDWLIL 
NDFLMLLOLSULVWXSDQMX
AODQ 

 3RG XVORYRP VWXSDQMD QD VQDJX

3DNWD RYDM3URWRNROVWXSL`HQDVQDJXWUL
PHVHFD SRVOH GHSRQRYDQMD NRG JHQHUDO 
QRJ VHNUHWDUD 8MHGLQMHQLK QDFLMD GHVHWRJ
LQVWUXPHQWDRUDWLILNDFLMLLOLSULVWXSDQMX
 =D VYDNX GUCDYX NRMD UDWLILNXMH
RYDM3URWRNROLOLPXSULVWXSLSRVOHGHSR 
QRYDQMDGHVHWRJLQVWUXPHQWDRUDWLILNDFLML
LOLSULVWXSDQMXSRPHQXWL3URWRNRO`HVWX 
SLWLQDVQDJXWULPHVHFDSRVOHGHSRQRYD 
QMD RG VWUDQH RYH GUCDYH QMHQRJ LQVWUX 
PHQWDRUDWLILNDFLMLLOLSULVWXSDQMX
AODQ 

2GUHGEH RYRJ 3URWRNROD SULPHQML 

YD`H VH EH] LNDNYRJRJUDQLaHQMD L L]X 
]HWND QD VYH MHGLQLFH IHGHUDWLYQLK GU 
CDYD
AODQ 

6YDNDGUCDYDVWUDQNDRYRJ3URWR 
NROD PRCH SUHGORCLWL QMHJRYX L]PHQX LOL
GRSXQX L QMLKRY WHNVW GRVWDYLWL JHQHUDO 
QRP VHNUHWDUX 8MHGLQMHQLK QDFLMD *HQH 
UDOQLVHNUHWDU`HSRWRPSURVOHGLWLVYHSUH 
GORCHQH L]PHQH LOL GRSXQH GUCDYDPD
VWUDQNDPDRYRJ3URWRNRODWUDCH`LRGQMLK
GDPXVDRS^WHGDOLCHOHVD]LYDQMHNRQIH 
UHQFLMH GUCDYD XJRYRUQLFD UDGL UD]PDWUD 
QMD WLK SUHGORJD L JODVDQMD R QMLPD $NR
VHQDMPDQMHMHGQDWUH`LQDGUCDYDL]MDVQLX
SULORJ RYRJ VD]LYDQMD JHQHUDOQL VHNUHWDU
`HVD]YDWLNRQIHUHQFLMXSRGRNULOMHP8MH 
GLQMHQLK QDFLMD 6YDND L]PHQD LOL SRSXQD
NRMXMHXVYRMLODYH`LQDGUCDYDXJRYRUQLFD
SULVXWQLKQDNRQIHUHQFLMLLNRMHXaHVWYXMX
X JODVDQMXSRGOHCHRGREUHQMX*HQHUDOQH
VNXS^WLQH8MHGLQMHQLKQDFLMD
 2YH L]PHQH LOL GRSXQH VWXSDMX
QD VQDJX NDGD LK RGREUL *HQHUDOQD
VNXS^WLQD 8MHGLQMHQLK QDFLMD L SULKYDWL
GYH WUH`LQH GUCDYD XJRYRUQLFD RYRJ
3URWRNRODVDREUD]QRQMLKRYLPXVWDYQLP
SRVWXSFLPD

.DGDRYHL]PHQHLOLGRSXQHVWX 
SH QD VQDJX RQH VX REDYH]QH ]D VYH
GUCDYHXJRYRUQLFHNRMHVXLKSULKYDWLOH
GRNGUXJHGUCDYHXJRYRUQLFHRVWDMXYH 
]DQH RGUHGEDPD RYRJ 3URWRNROD L VYD 
NRPL]PHQRPLGRSXQRPNRMXVXUDQLMH
SULKYDWLOH
AODQ 

O6YDNDGUCDYDXJRYRUQLFDPRCHX
VYDNR GRED RWND]DWL RYDM 3URWRNRO SX 
WHPSLVPHQRJVDRS^WHQMDXSX`HQRJ*H 
QHUDOQRJ VHNUHWDUX 8MHGLQMHQLK QDFLMD
2WND] SURL]YRGL GHMVWYR WUL PHVHFD RG
GDQD NDGD MH JHQHUDOQL VHNUHWDU SULPLR
VDRS^WHQMH
2WND]QH`HVSUHaLWLSULPHQXRGUH 
GDEDRYRJ3URWRNRODQDVYDNRVDRS^WHQMH
SRGQHWRQDRVQRYXaODQDSUHQHJR^WR
RWND]SURL]YHGHGHMVWYR
AODQ 

%H] RE]LUD QD VDRS^WDYDQMD SUHG

YL_HQDXVWDYXaODQDRYRJ3URWRNROD
JHQHUDOQL VHNUHWDU 8MHGLQMHQLK QDFLMD `H
REDYHVWLWL VYH GUCDYH NRMH VH SRPLQMX X
VWDYXaODQD3DNWD
D R SRWSLVLPD VWDYOMHQLP QD RYDM 3UR
WRNRO L R LQVWUXPHQWLPD UDWLILNDFLMH L
SULVWXSDQMD GHSRQRYDQLP VKRGQR
aODQX 
E R GDWXPX VWXSDQMD QD VQDJX RYRJ
3URWRNROD VKRGQR aODQX  L R GD 
WXPX VWXSDQMD QD VQDJX VYDNH L] 
PHQHLOLGRSXQHSUHGYLGHQHXaOD 
QX 
F R RWND]LPD NRML VX XaLQMHQL VKRGQR
aODQX 
AODQ 

 2YDM 3URWRNRO aLML VX WHNVWRYL QD

HQJOHVNRP NLQHVNRP ^SDQVNRP IUDQ 
FXVNRPLUXVNRPSRGMHGQDNRYHURGRVWRM 
QL GHSRQRYD`H VH X DUKLYL 8MHGLQMHQLK
QDFLMD
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMDGRVWDYL`HRYHUHQHSUHSLVHRYRJ3UR 
WRNROD VYDNRM GUCDYL QD NRMX VH RGQRVL
aODQ3DNWD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 'UXJL IDNXOWDWLYQL

SURWRNRO X] 0H_XQDURGQL
SDNW R JUD_DQVNLP L
SROLWLaNLP SUDYLPD
'UCDYHXJRYRUQLFHRYRJ3URWRNROD
YHUXMX`L GD XNLGDQMH VPUWQH ND]QH
GRSULQRVL SR^WRYDQMX OMXGVNRJ GRVWRMDQ 
VWYDLSURJUHVLYQRPUD]YRMXOMXGVNLKSUD 
YD
SRGVH`DMX`L QD aODQ  8QLYHU]DOQH
GHNODUDFLMH ROMXGVNLPSUDYLPDXVYRMHQH
GHFHPEUDLaODQ0H_XQDURG 
QRJSDNWDRJUD_DQVNLPLSROLWLaNLPSUD 
YLPDXVYRMHQGHFHPEUD
NRQVWDWXMX`L GD VH aODQ  0H_XQD
URGQRJ SDNWD R JUD_DQVNLP L SROLWLaNLP
SUDYLPD RGQRVL SUHPD VPUWQRM ND]QL QD
QDaLQ NRML VQDCQR VXJHUL^H QMHQR XNLGD 
QMH
XYHUHQHGDELVYHPHUHSUHGX]HWHX
FLOMXXNLGDQMDVPUWQHND]QHWUHEDORVPDW 
UDWL XQDSUH_LYDQMHP ]D^WLWH SUDYD QD
CLYRW
CHOH`L GD QD RYDM QDaLQ SUHX]PX
PH_XQDURGQX REDYH]X GD XNLQX VPUWQX
ND]QXVDJODVLOHVXVHRVOHGH`HP
AODQ 

1LNRXQDGOHCQRVWLGUCDYHXJRYRU
QLFHRYRJ3URWRNRODQHPRCHELWLSRJXE 
OMHQ
 'UCDYH XJRYRUQLFH `H SUHGX]HWL
VYHQHRSKRGQHPHUHXRNYLUXVYRMHQDG 
OHCQRVWLXFLOMXXNLGDQMDVPUWQHND]QH
AODQ 

5H]HUYHQDRYDMSURWRNROQLVXGR] 
YROMHQHVHPUH]HUYLVWDYOMHQLKXWUHQXWNX
UDWLILNDFLMH LOL SULVWXSDQMD NRMH RPR 
JX`DYDMXGDVPUWQDND]QDEXGHSULPHQMH 
QD]DYUHPHUDWD]DQDMWHCDNULYLaQDGHOD
YRMQHSULURGHSRaLQMHQDXWRNXUDWQRJVWD 
QMD
 'UCDYD XJRYRUQLFD NRMD MH VWDYLOD
RYDNYXUH]HUYXSURVOHGL`HXWUHQXWNXUD 
WLILNDFLMHLOLSULVWXSDQMDJHQHUDOQRPVHNUH 
WDUX 8MHGLQMHQLK QDFLMD WHNVW RGJRYDUD 


MX`LK RGUHGEL ]DNRQD NRMH VH SULPHQMXMX

XYUHPHUDWD
 'UCDYD XJRYRUQLFD NRMD MH VWDYLOD
RYDNYXUH]HUYXREDYHVWL`HJHQHUDOQRJVH 
NUHWDUD8MHGLQMHQLKQDFLMDRSURJOD^HQMXL
XNLGDQMXUDWQRJVWDQMDQDVYRMRMWHULWRULML
AODQ 

'UCDYH XJRYRUQLFH RYRJ SURWRNROD

XNOMXaL`HXL]YH^WDMHNRMHSRGQRVH.RPL 
WHWX]DOMXGVNDSUDYDXVNODGXVDaODQRP
 3DNWD SRGDWNH R PHUDPD SUHGX]HWLP
XFLOMXLVSXQMHQMDREDYH]DSUHX]HWLKRYLP
SURWRNRORP
AODQ 

8RGQRVXQDGUCDYHXJRYRUQLFH3DN 
WDNRMHVXGDOHL]MDYXXVNODGXVaODQRP
QDGOHCQRVW.RPLWHWD]DOMXGVNDSUDYD
GD SULPD L UD]PDWUD VDRS^WHQMD X NRMLPD
QHND GUCDYD XJRYRUQLFD WYUGL GD GUXJD
GUCDYD XJRYRUQLFD QH LVSXQMDYD VYRMH
REDYH]HEL`HSUR^LUHQDLQDRGUHGEHRYRJ
3URWRNRODVHPDNRGUCDYDXSLWDQMXQLMH
L]MDYLODVXSURWQRXWUHQXWNXUDWLILNDFLMHLOL
SULVWXSDQMD
AODQ 

8RGQRVXQDGUCDYHXJRYRUQLFH3U
YRJ IDNXOWDWLYQRJ SURWRNROD X] 0H_XQD 
URGQLSDNWRJUD_DQVNLPLSROLWLaNLPSUD 
YLPD XVYRMHQRJ  GHFHPEUD  JR 
GLQHQDGOHCQRVW.RPLWHWD]DOMXGVNDSUD 
YD GD SULPD L UD]PDWUD VDRS^WHQMD NRMD
SRWLaX RG SRMHGLQDFD X QMLKRYRM QDG 
OHCQRVWLEL`HSUR^LUHQDLQDRGUHGEHRYRJ
SURWRNRODVHPDNRGUCDYDXSLWDQMXQLMH
L]MDYLODVXSURWQRXWUHQXWNXUDWLILNDFLMHLOL
SULVWXSDQMD
AODQ 

2GUHGEHRYRJSURWRNROD`HVHSUL 
PHQMLYDWLNDRGRSXQVNHRGUHGEH3DNWD
%H]XWLFDMDQDPRJX`QRVWVWDYOMD 
QMD UH]HUYH X VNODGX V aODQRP  RYRJ
SURWRNRODSUDYR]DMHPaHQRaODQRPVW
RYRJSURWRNRODQH`HELWLSRGORCQRXNL 
GDQMXXVNODGXVaODQRP3DNWD

'R  MDQXDUD  UDWLILNRYDOH  GUCDYH 6O OLVW 65- 0H_XQDURGQL XJRYRUL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 

2YDMSURWRNROMHRWYRUHQ]DSRWSL 
VLYDQMH VYDNRM GUCDYL NRMD MH SRWSLVDOD
3DNW
 2YDM SURWRNRO SRGOHCH UDWLILNDFLML
VYDNH GUCDYH NRMD MH UDWLILNRYDOD 3DNW LOL
PX MH SULVWXSLOD ,QVWUXPHQWL UDWLILNDFLMH
EL`HGHSRQRYDQLNRGJHQHUDOQRJVHNUHWD 
UD8MHGLQMHQLKQDFLMD
2YDMSURWRNROEL`HRWYRUHQ]DSUL 
VWXSDQMHVYDNRMGUCDYLNRMDMHUDWLILNRYDOD
3DNWLOLPXMHSULVWXSLOD
 3ULVWXSDQMH `H VH L]YU^LWL GHSRQR
YDQMHP LQVWUXPHQWD R SULVWXSDQMX NRG
*HQHUDOQRJVHNUHWDUD8MHGLQMHQLKQDFLMD
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMDREDYHVWL`HVYHGUCDYHNRMHVXSRWSL 
VDOH RYDM SURWRNRO LOL VX PX SULVWXSLOH R
GHSRQRYDQMXVYDNRJLQVWUXPHQWDRUDWLIL 
NDFLMLLOLSULVWXSDQMX
AODQ 

2YDMSURWRNROVWXSL`HQDVQDJXWUL
PHVHFD SRVOH GHSRQRYDQMD NRG JHQHUDO 
QRJ VHNUHWDUD 8MHGLQMHQLK QDFLMD GHVHWRJ
LQVWUXPHQWDRUDWLILNDFLMLLOLSULVWXSDQMX
 =D VYDNX GUCDYX NRMD UDWLILNXMH
RYDMSURWRNROLOLPXSULVWXSDSRVOHGHSR 
QRYDQMDGHVHWRJLQVWUXPHQWDRUDWLILNDFLML
LOLSULVWXSDQMXSRPHQXWLSURWRNRO`HVWX 
SLWLQDVQDJXWULPHVHFDSRVOHGHSRQRYD 

QMD RG VWUDQH RYH GUCDYH QMHQRJ LQVWUX 

PHQWDRUDWLILNDFLMLLOLSULVWXSDQMX
AODQ 

2GUHGEH RYRJ SURWRNROD SULPHQML

YD`H VH EH] LNDNYRJ RJUDQLaHQMD LOL L]X 
]HWNDQDVYHaODQLFHVDYH]QLKGUCDYD
AODQ 

*HQHUDOQLVHNUHWDU8MHGLQMHQLKQDFLMD
`HREDYHVWLWLVYHGUCDYHQDNRMHVHRGQRVL
aODQVW3DNWDRVOHGH`HP
D UH]HUYDPD VDRS^WHQMLPD L REDYH^WH 
QMLPD X VNODGX V aODQRP  RYRJ
SURWRNROD
E L]MDYDPDGDWLPXVNODGXVaODQRYLPD
 L  RYRJ SURWRNROD
F SRWSLVLPD UDWLILNDFLMDPD L SULVWXSD 
QMLPD X VNODGX V aODQRP  RYRJ
SURWRNROD
G GDWXPX VWXSDQMD QD VQDJX RYRJ
SURWRNROD X VNODGX VD aODQRP 
AODQ 

 2YDM SURWRNRO aLML VX WHNVWRYL QD

DUDSVNRP NLQHVNRP HQJOHVNRP IUDQ 
FXVNRPUXVNRPL^SDQVNRPMH]LNXSRG 
MHGQDNR YHURGRVWRMQL EL`H GHSRQRYDQ X
DUKLYL2UJDQL]DFLMHXMHGLQMHQLKQDFLMD
*HQHUDOQLVHNUHWDU8MHGLQMHQLKQD 
FLMDGRVWDYL`HRYHUHQHSUHSLVHRYRJ3UR 
WRNROD VYDNRM GUCDYL QD NRMX VH RGQRVL
aODQ3DNWD

 0H_XQDURGQL SDNW R HNRQRPVNLP VRFLMDOQLP L

NXOWXUQLP SUDYLPD
'UCDYHaODQLFHRYRJSDNWD
VPDWUDMX`L GD SUHPD SULQFLSLPD L] 
UDCHQLPX3RYHOML8MHGLQMHQLKQDFLMDSUL] 
QDQMH GRVWRMDQVWYD NRMH MH ELWQR ]D VYH
aODQRYHOMXGVNHSRURGLFHLQMLKRYLKMHGQD 
NLKLQHRWX_LYLKSUDYDSUHGVWDYOMDRVQRYX
VORERGHSUDYGHLPLUDXVYHWX


XYL_DMX`L GD RYD SUDYD SURL]LOD]H L]

GRVWRMDQVWYD QHRGYRMLYRJ RG aRYHNRYH
OLaQRVWL
XYL_DMX`LGDVHSUHPD2S^WRMGHNOD 
UDFLMLRSUDYLPDaRYHNDLGHDOVORERGQRJ
OMXGVNRJEL`DRVORER_HQRJVWUDKDLEHGH
PRCH SRVWL`L VDPR DNR VH VWYRUH XVORYL
NRMLRPRJX`DYDMXVYDNRPHGDXCLYDVYRMD

8VYRMHQ L RWYRUHQ ]D SRWSLVLYDQMH UH]ROXFLMRP *HQHUDOQH VNXS^WLQH 8MHGLQMHQLK QDFLMD

$;;,RGGHFHPEUDJRGLQH6WXSLRQDVQDJXMDQXDUD'RMDQXDUD
 UDWLILNRYDOR  GUCDYD 6O OLVW 6)5- 0H_XQDURGQL XJRYRUL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

HNRQRPVND VRFLMDOQD L NXOWXUQD SUDYD L
VYRMDJUD_DQVNDLSROLWLaNDSUDYD
VPDWUDMX`LGD3RYHOMD8MHGLQMHQLKQD 
FLMDQDPH`HGUCDYDPDREDYH]XGDXQDS 
UH_XMXRS^WHLVWYDUQRSR^WRYDQMHaRYHNR 
YLKSUDYDLVORERGD
YRGH`LUDaXQDRaLQMHQLFLGDSRMHGL 
QDFLPDGXCQRVWSUHPDGUXJRPHLSUHPD
]DMHGQLFL NRMRM SULSDGD L GD MH GXCDQ GD
VH ]DODCH ]D XQDSUH_HQMH L SR^WRYDQMH
SUDYDSUL]QDWLKRYLPSDNWRP
GRJRYRULOHVXVHRVOHGH`LPaODQRYL 
PD

359, '(2
AODQ 

 6YL QDURGL LPDMX SUDYR QD VDPR 

RSUHGHOMHQMH1DRVQRYXRYRJSUDYDRQL
VORERGQR RGUH_XMX VYRM SROLWLaNL VWDWXV L
VORERGQR REH]EH_XMX VYRM HNRQRPVNL
VRFLMDOQLLNXOWXUQLUD]YRM
'DELSRVWLJOLVYRMHFLOMHYHVYLQD 
URGLPRJXVORERGQRGDUDVSRODCXVYRMLP
ERJDWVWYLPDLVYRMLPSULURGQLPL]YRULPD
EH] ^WHWH SR REDYH]H NRMH SURLVWLaX L]
PH_XQDURGQHSULYUHGQHVDUDGQMH]DVQR 
YDQH QD SULQFLSX X]DMDPQRJ LQWHUHVD L
PH_XQDURGQRJ SUDYD -HGDQ QDURG QH
PRCHQLXNRPVOXaDMXGDEXGHOL^HQVYR 
MLKYODVWLWLKVUHGVWDYD]DCLYRW
 'UCDYH aODQLFH RYRJ SDNWD XN
OMXaXMX`LWXLRQHGUCDYHNRMHVXRGJRYRU 
QH ]D XSUDYOMDQMH QHVDPRVWDOQLP WHULWRUL 
MDPD L WHULWRULMDPD SRG VWDUDWHOMVWYRP
GXCQHVXGDSRPDCXRVWYDUHQMHSUDYDQD 
URGD QD VDPRRSUHGHOMHQMH L GD SR^WXMX
RYR SUDYR VKRGQR RGUHGEDPD 3RYHOMH
8MHGLQMHQLKQDFLMD

'58*, '(2
AODQ 

 6YDND GUCDYD aODQLFD RYRJ SDNWD

REDYH]XMH VH GD L SRMHGLQDaQR L SXWHP
PH_XQDURGQHSRPR`LLVDUDGQMHQDURaLWR
QDHNRQRPVNRPLWHKQLaNRPSROMXDNR 
ULVWH`LXQDMYH`RMPRJX`RMPHULVYRMHUDV 
SRORCLYH L]YRUH SUHGX]LPD NRUDNH NDNR
ELVHSRVWHSHQRSRVWLJORSXQRRVWYDUHQMH

SUDYDSUL]QDWLKXRYRPSDNWXVYLPRGJR 
YDUDMX`LP VUHGVWYLPD SRVHEQR XN
OMXaXMX`LGRQR^HQMH]DNRQRGDYQLKPHUD
'UCDYHaODQLFHRYRJSDNWDVHRED 
YH]XMXGDJDUDQWXMXGD`HVYDSUDYDNRMD
VX X QMHPX IRUPXOLVDQD ELWL RVWYDULYDQD
EH] LNDNYH GLVNULPLQDFLMH ]DVQRYDQH QD
UDVL ERML SROX MH]LNX YHUL SROLWLaNRP
PL^OMHQMX LOL NDNYRP GUXJRP PL^OMHQMX
QDFLRQDOQRPLOLVRFLMDOQRPSRUHNOXLPR 
YLQVNRPVWDQMXUR_HQMXLOLNDNYRMGUXJRM
RNROQRVWL
 9RGH`L QD RGJRYDUDMX`L QDaLQ
UDaXQD R SUDYLPD aRYHND L VYRMRM QDFLR 
QDOQRMSULYUHGL]HPOMHXUD]YRMXPRJXGD
RGUHGHXNRMRM`HPHULJDUDQWRYDWLOLFLPD
NRMDQLVXQMHQLGUCDYOMDQLHNRQRPVNDSUD 
YDSUL]QDWDRYLPSDNWRP
AODQ 

'UCDYHaODQLFHRYRJSDNWDREDYH]X 
MXVHGDREH]EHGHMHGQDNRSUDYRPX^NDU 
FLPDLCHQDPDGDXCLYDMXVYDHNRQRPVND
VRFLMDOQD LNXOWXUQDSUDYDNRMDVXQDEUR 
MDQDXRYRPSDNWX
AODQ 

'UCDYH aODQLFH RYRJ SDNWD SUL]QDMX

GDXSRJOHGXXCLYDQMDSUDYDNRMHGUCDYD
REH]EH_XMH SUHPD RYRP SDNWX GUCDYD
PRCHGDRJUDQLaLWDSUDYDVDPR]DNRQRP
L WR X RQRM PHUL NRMD MH X VDJODVQRVWL VD
SULURGRP RYLK SUDYD L LVNOMXaLYR X FLOMX
XQDSUH_HQMDRS^WHJEODJRVWDQMDXGHPR 
NUDWVNRPGUX^WYX
AODQ 

 1LMHGQD RGUHGED RYRJ SDNWD QH

PRCHVHWXPDaLWLNDRGDVDGUCLELORNDNYR
SUDYR]DQHNXGUCDYXJUXSDFLMXLOLSRMH 
GLQFDGDREDYOMDQHNXGHODWQRVWLOLGDYU^H
QHNLDNWXFLOMXUX^HQMDSUDYDLOLVORERGH
SUL]QDWHRYLPSDNWRPLOLGD]DYRGHYH`D
RJUDQLaHQMD RG RQLK SUHGYL_HQLK RYLP
SDNWRP
 1H SUL]QDMH VH QLNDNYR RJUD
QLaHQMHLOLRGVWXSDQMHRGRVQRYQLKSUDYD
aRYHNDNRMDVXSUL]QDWDLOLYDCHXVYDNRM
]HPOML SUHPD ]DNRQLPD NRQYHQFLMDPD
SURSLVLPD LOL RELaDMLPD SRG L]JRYRURP
GDLKRYDMSDNWQHSUL]QDMHLOLLKSUL]QDMH
XPDQMRMPHUL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 

75(@, '(2
AODQ 

'UCDYHaODQLFHRYRJSDNWDSUL]QD 
MXSUDYRQDUDGNRMHREXKYDWDSUDYRNRMH
LPDVYDNROLFHQDPRJX`QRVW]DUD_LYDQMD
NUR]VORERGQRL]DEUDQLOLSULKYD`HQUDGL
SUHGX]LPDMX RGJRYDUDMX`H PHUH ]D
RaXYDQMHRYRJSUDYD
 0H_X PHUH NRMH VYDND GUCDYD
aODQLFD RYRJ SDNWD WUHED GD SUHGX]PH
X FLOMX SXQRJ RVWYDUHQMD RYRJ SUDYD
VSDGDMXSURJUDPLWHKQLaNHLVWUXaQHRUL 
MHQWDFLMH L REXNH SROLWLND L PHWRGL ]D
SRVWL]DQMHVWDOQRJHNRQRPVNRJVRFLMDO 
QRJLNXOWXUQRJUD]YRMDLSXQHSURL]YRG 
QH]DSRVOHQRVWLXXVORYLPDNRMLaRYHNX
JDUDQWXMXXCLYDQMHRVQRYQLKSROLWLaNLKL
HNRQRPVNLKVORERGD
AODQ 

'UCDYH aODQLFH RYRJ SDNWD SUL]QDMX

SUDYR NRMH LPD VYDNR OLFH GD VH NRULVWL
SUDYLaQLPLSRYROMQLPXVORYLPD]DUDGNR 
MLQDURaLWRREH]EH_XMX
D QDJUDGX NRMD PLQLPDOQR REH]
EH_XMH VYLP UDGQLFLPD
L SUDYLaQX]DUDGXLMHGQDNXQDJUD 
GX ]D UDG L LVWH YUHGQRVWL EH]
LNDNYH UD]OLNH SRVHEQR CHQH
PRUDMXGDLPDMXJDUDQFLMXGDXV 
ORYL QMLKRYRJ UDGD QLVX JRUL RG
XVORYD NRMH NRULVWH PX^NDUFL L
SULPDMX LVWX QDJUDGX NDR RQL ]D
LVWL UDG
LL SULVWRMDQ CLYRW ]D QMLK L QMLKRYX
SRURGLFX VKRGQR RGUHGEDPD
RYRJ SDNWD
E KLJLMHQVNRWHKQLaNX ]D^WLWX QD UDGX
F LVWXPRJX`QRVW]DVYHGDQDSUHGXMX
X VYRP UDGX X YL^X RGJRYDUDMX`X
NDWHJRULMX YRGH`L UDaXQD MHGLQR R
QDYU^HQLPJRGLQDPDVOXCEHLRVSR 
VREQRVWLPD
G RGPRU UD]RQRGX UD]XPQR RJUD 
QLaHQMH UDGQRJ YUHPHQD L SRYUHPH 
QDSOD`HQDRGVXVWYDNDRLQDNQDGX
]D SUD]QLaQH GDQH

'UCDYHaODQLFHRYRJSDNWDREDYH 
]XMXVHGDREH]EHGH
D SUDYRNRMHLPDVYDNROLFHGDVDGUX 
JLPDRVQLYDVLQGLNDWHLGDVHXaODQL
XVLQGLNDWSRVYRPL]ERUXX]MHGLQL
XVORY GD SUDYLOD EXGX XWYU_HQD RG
VWUDQH]DLQWHUHVRYDQHRUJDQL]DFLMHX
FLOMX XQDSUH_HQMD L ]D^WLWH HNRQRP 
VNLK L VRFLMDOQLK LQWHUHVD 2VWYDULYD
QMH RYRJ SUDYD PRCH ELWL SUHGPHW
MHGLQR RJUDQLaHQMD SUHGYL_HQLK ]D
NRQRPLNRMDSUHGVWDYOMDMXSRWUHEQH
PHUHXGHPRNUDWVNRPGUX^WYXXLQ 
WHUHVX QDFLRQDOQH EH]EHGQRVWL LOL
MDYQRJ SRUHWND LOL ]D^WLWH SUDYD L
VORERGD GUXJRJD
E SUDYRNRMHLPDMXVLQGLNDWLGDVWYDUD 
MX XGUXCHQMD L QDFLRQDOQH VDYH]H L
SUDYR NRMH RYL LPDMX QD VWYDUDQMH
PH_XQDURGQLKVLQGLNDOQLKRUJDQL]D
FLMD LOL QD XaODQMLYDQMH X QMLK
F SUDYR NRMH LPDMX VLQGLNDWL GD VOR
ERGQRREDYOMDMXVYRMXGHODWQRVWEH]
GUXJRJ RJUDQLaHQMD RVLP RQRJ NRMH
SUHGYL_D ]DNRQ D NRMH SUHGVWDYOMD
SRWUHEQX PHUX X GHPRNUDWVNRP
GUX^WYX X LQWHUHVX QDFLRQDOQH EH] 
EHGQRVWL LOL MDYQRJ SRUHWND LOL UDGL
]D^WLWH SUDYD L VORERGD GUXJRJD
G SUDYR QD ^WUDMN NRMH VH RVWYDUXMH
SUHPD ]DNRQLPD VYDNH ]HPOMH
 2YDM aODQ QH VSUHaDYD GD VH
YU^HQMH RYLK SUDYD RG VWUDQH aODQRYD
RUXCDQLKVQDJDSROLFLMHLOLGUCDYQHXSUD 
YHSRGYUJQH]DNRQVNLPRJUDQLaHQMLPD
 1LMHGQD RGUHGED RYRJ aODQD QH
GRSX^WD GUCDYDPD aODQLFDPD .RQYHQFLMH
0H_XQDURGQHRUJDQL]DFLMHUDGDRG
JRGLQHRVLQGLNDOQRMVORERGLL]D^WLWLVLQ 
GLNDOQRJSUDYDGDGRQRVL]DNRQVNHPHUH
NRMHELQDUX^DYDOHLOLGDSULPHQMXMX]DNRQ
QDQDaLQNRMLELQDUX^DYDRJDUDQFLMHSUHG 
YL_HQHQDYHGHQRPNRQYHQFLMRP
AODQ 

'UCDYH aODQLFH RYRJ SDNWD SUL]QDMX

SUDYR VYDNRP OLFX QD VRFLMDOQR REH] 
EH_HQMHXNOMXaXMX`LWXVRFLMDOQRRVLJXUD 
QMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SURL]YRGDNUR]SXQRNRUL^`HQMHWHK 
QLaNLKLQDXaQLK]QDQMDNUR]^LUHQMH
YDVSLWQLKSULQFLSDRLVKUDQLUD]YLWDN
LOL UHIRUPX DJUDUQLK VLVWHPD WDNR GD
REH]EHGH^WRMHPRJX`HEROMHRVSR 
VREOMDYDQMH L NRUL^`HQMH SULURGQLK
ERJDWVWDYD
E ]D REH]EH_HQMH SUDYLaQH UDVSRGHOH
VYHWVNLK SUHKUDPEHQLK ERJDWVWDYD X
RGQRVXQDSRWUHEHYRGH`LUDaXQDR
SUREOHPLPDNRMLVHSRVWDYOMDMXNDNR
X]HPOMDPDXYR]QLFDPDWDNRLX]H 
POMDPD L]YR]QLFDPD SUHKUDPEHQLK
SURL]YRGD

AODQ 

GD

'UCDYH aODQLFH RYRJ SDNWD SUL]QDMX

 7UHED GD EXGH SUXCHQD ^WR ^LUD

]D^WLWD L SRPR` SRURGLFL NRMD MHSULURGQL
L RVQRYQL VDVWDYQL GHR GUX^WYD SRVHEQR
]D QMHQR REUD]RYDQMH L ]DRQRYUHPH]D
NRMH RQD VQRVL RGJRYRUQRVW ]D L]GUCDYD 
QMH L YDVSLWDQMH GHFH R NRMLPD VH EULQH
1D VNODSDQMH EUDND EXGX`L VXSUXCQLFL
PRUDMXVORERGQRSULVWDWL
 7UHED GD EXGH SUXCHQD SRVHEQD
]D^WLWDPDMNDPD]DUD]XPQRYUHPHSUHL
SRVOHUR_HQMDGHFH=DSRVOHQHPDMNHWUH 
ED GD XCLYDMX ]D YUHPH RYRJ SHULRGD
SOD`HQRRGVXVWYRLOLRGVXVWYRX]RGJRYD 
UDMX`DGDYDQMDL]VRFLMDOQRJRVLJXUDQMD
 7UHED SUHGX]HWL SRVHEQH PHUH
]D^WLWH L SRPR`L X NRULVW GHFH L PODGLK
EH]LNDNYHGLVNULPLQDFLMHL]URGELQVNLKLOL
GUXJLK UD]ORJD 'HFD L RPODGLQD PRUDMX
GD EXGX ]D^WL`HQL RG HNRQRPVNH L VRFL 
MDOQHHNVSORDWDFLMH=DNRQRPWUHEDGDVH
]DEUDQL ]DSR^OMDYDQMH QD SRVORYLPD NRML
VXWDNYHSULURGHGDPRJXGDL]ORCHRSDV 
QRVWLQMLKRYPRUDOLOLQMLKRYR]GUDYOMHGD
GRYHGX X RSDVQRVW QMLKRY CLYRW LOL GD
QD^NRGH QMLKRYRP QRUPDOQRP UD]YRMX
'UCDYH WUHEDLVWR WDNR GD XWYUGH JUDQLFH
VWDURVWL LVSRG NRMLK MH SOD`HQL UDG GHaLMH
UDGQHVQDJH]DNRQRP]DEUDQMHQLNDCQMLY
AODQ 

'UCDYHaODQLFHRYRJSDNWDSUL]QD 
MXSUDYRVYDNRPOLFXQDCLYRWQLVWDQGDUG
GRYROMDQ]DQMHJDVDPRJLQMHJRYXSRUR 
GLFX XEUDMDMX`L WX L GRYROMQX KUDQX
RGH`XLVPH^WDMNDRLVWDOQRSREROM^DQMH
QMHJRYLKXVORYDCLYRWD'UCDYHaODQLFH`H
SUHGX]HWL RGJRYDUDMX`H PHUH UDGL REH] 
EH_HQMD RVWYDUHQMD RYRJ SUDYD L X WRP
FLOMX RQH SUL]QDMX ELWQL ]QDaDM VORERGQR
L]DEUDQHPH_XQDURGQHVDUDGQMH
 'UCDYH aODQLFH RYRJ SDNWD SUL]
QDMX`LRVQRYQRSUDYRNRMHLPDVYDNROLFH
QD ]D^WLWX RG JODGL GRQH`H SRMHGLQDaQR
LOLNUR]PH_XQDURGQXVDUDGQMXSRWUHEQH
PHUHXNOMXaXMX`LWXLNRQNUHWQHSURJUDPH
D ]D SREROM^DQMH PHWRGD SURL]YRGQMH
RaXYDQMD L SRGHOH SUHKUDPEHQLK

AODQ 

'UCDYHaODQLFHRYRJSDNWDSUL]QD 
MX SUDYR NRMH LPD VYDNR OLFH QDQDMEROMH
SVLKLaNR L PHQWDOQR ]GUDYOMH NRMH PRCH
GDSRVWLJQH
0HUHNRMH`HGUCDYHaODQLFHRYRJ
SDNWD SUHGX]HWL X FLOMX REH]EH_HQMD SX 
QRJRVWYDUHQMDRYRJSUDYDWUHEDGDREXK 
YDWHPHUHSRWUHEQHUDGLREH]EH_HQMD
D VPDQMHQMDEURMDPUWYRUR_HQHGHFHL
VPUWQRVWL GHFH NDR L ]GUDY UD]YLWDN
GHWHWD
E SREROM^DQMDVYLKYLGRYDKLJLMHQHVUH
GLQH L LQGXVWULMVNH KLJLMHQH
F SURILODNVLMH L OHaHQMD HSLGHPLaNLK
HQGHPLaNLK SURIHVLRQDOQLK L GUXJLK
REROMHQMD NDR L ERUEX SURWLY RYLK
EROHVWL
G VWYDUDQMDXVORYD]DREH]EH_HQMHVYL 
PD OHNDUVNLK XVOXJD L SRPR`L X
VOXaDMX EROHVWL
AODQ 

'UCDYHaODQLFHRYRJSDNWDSUL]QD 
MX VYDNRP OLFX SUDYR QD REUD]RYDQMH
2QHVHVODCXGDREUD]RYDQMHWUHEDGDLPD
]DFLOMSXQUD]YRMOMXGVNHOLaQRVWLLGRVWR 
MDQVWYDLGDSRMDaDSR^WRYDQMHSUDYDaRYH 
ND L RVQRYQLK VORERGD 2QH VX VDJODVQH
RVLPWRJDGDREUD]RYDQMHWUHEDGDRPR 
JX`LVYDNRPOLFXGDLJUDNRULVQXXORJXX
VORERGQRP GUX^WYX GDSRWSRPDCHUD]X 
PHYDQMHWROHUDQFLMXLSULMDWHOMVWYRL]PH_X
VYLKQDURGDLVYLKUDVQLKHWQLaNLKLOLYHU 
VNLKJUXSDLGDSRGVWLaHUD]YRMGHODWQRVWL
8MHGLQMHQLKQDFLMDQDRaXYDQMXPLUD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

'UCDYHaODQLFHRYRJSDNWDSUL]QD 
MX GD X FLOMX REH]EH_HQMD SXQRJ NR 
UL^`HQMDRYRJSUDYD
D RVQRYQR ^NRORYDQMH PRUD GD EXGH
REDYH]QRLVYLPDGRVWXSQREHVSODW 
QR
E VUHGQMH ^NRORYDQMH X VYRMLP UD]QLP
YLGRYLPD XNOMXaXMX`L WX L VUHGQMH
WHKQLaNR L VWUXaQR ^NRORYDQMH WUHED
GD EXGH RS^WH L GRVWXSQR VYLPD
NUR] RGJRYDUDMX`H PHUH D QDURaLWR
NUR]SRVWXSQRXYR_HQMHEHVSODWQRJ
^NRORYDQMD
F YL^H ^NRORYDQMH WUHED GD EXGH GRV 
WXSQR VYLPD SRGMHGQDNR ]DYLVQR
RGVSRVREQRVWLVYDNRJDNUR]RGJR
YDUDMX`D VUHGVWYD D QDURaLWR NUR]
SRVWXSQR XYR_HQMH EHVSODWQRJ ^NR 
ORYDQMD
G RVQRYQRREUD]RYDQMHWUHEDGDEXGH
SRGVWLFDQR LOL SRMDaDQR ^WR MH PR 
JX`H YL^H ]D OLFD NRMD QLVX GRELOD
RVQRYQRREUD]RYDQMHLOLNRMDJDQLVX
GRELOD X SRWSXQRVWL
H WUHED DNWLYQR UDGLWL QD UD]YRMX ^NRO 
VNHPUHCH QD VYLP VWXSQMHYLPD XV 
SRVWDYLWLDGHNYDWDQVLVWHPVWLSHQGLMD
L VWDOQR SREROM^DYDWL PDWHULMDOQH XV 
ORYH QDVWDYQRJ RVREOMD
'UCDYHaODQLFHRYRJSDNWDVHRED 
YH]XMX GD SR^WXMX VORERGX URGLWHOMD L X
GDWRP VOXaDMX ]DNRQVNLK VWDUDWHOMD GD
L]DEHUX ]D VYRMX GHFX L GUXJH XVWDQRYH
NRMHPRJXGDVHSURSL^XLOLGDVHXVYRMH
RG VWUDQH GUCDYH SR SLWDQMX ^NRORYDQMD L
GDREH]EHGHYHUVNRLPRUDOQRYDVSLWDQMH
VYRMH GHFH SUHPD VYRMLP VRSVWYHQLP
XEH_HQMLPD
1LNDNYDVHRGUHGEDL]RYRJaODQD
QHPRCHWXPDaLWLNDRGDQDUX^DYDVORER 
GXSRMHGLQFDLSUDYQLKOLFDGDRVQLYDMXL
XSUDYOMDMX^NRODPDSRGXVORYRPGDSULQ 
FLSL L]QHWL X WDaNL  RYRJ aODQD EXGX
SR^WRYDQL L GD REUD]RYDQMH NRMH SUXCDMX
RYH ^NROH EXGH X VNODGX VD PLQLPDOQLP
QRUPDPDNRMHPRCHGDSURSL^HGUCDYD
AODQ 

6YDNDGUCDYDaODQLFDRYRJSDNWDNR 
MD X WUHQXWNX NDGD SRVWDMH aODQLFD QLMH

MR^PRJODGDREH]EHGLXVYRMRMPHWURSROL
LOL QD WHULWRULMDPD SRG VYRMRP XSUDYRP
REDYH]QX L EHVSODWQX RVQRYQX QDVWDYX
REDYH]XMHVHGDL]UDGLLGRQHVHXURNXRG
GYH JRGLQH LVFUSDQ SODQ PHUD SRWUHEQLK
]DSRVWXSQRRVWYDUHQMHXUD]XPQRPEUR 
MX JRGLQD NRMH XWYUGL WDM SODQ SXQX SUL 
PHQXSULQFLSDREDYH]QRJEHVSODWQRJRV 
QRYQRJ^NRORYDQMD]DVYH
AODQ 

'UCDYHaODQLFHRYRJSDNWDSUL]QD 
MXVYDNRPSUDYD
D GD XaHVWYXMH X NXOWXUQRP CLYRWX
E GD VH NRULVWL GRVWLJQX`LPD QDXNH L
QMLKRYRP SULPHQRP
F GDXCLYD]D^WLWXPRUDOQLKLPDWHULMDO 
QLK LQWHUHVD NRML SURLVWLaX L] VYDNH
QDXaQHNQMLCHYQHLOLXPHWQLaNHSUR 
L]YRGQMH aLML MH RQ DXWRU
 0HUH NRMH GUCDYH aODQLFH RYRJ
SDNWD EXGX SUHGX]HOH X FLOMX REH] 
EH_HQMD SXQRJ NRUL^`HQMD RYRJ SUDYD
PRUDMX GD REXKYDWDMX PHUH NRMH VX SRW 
UHEQH]DREH]EH_HQMHRaXYDQMDUD]YLWND
L^LUHQMDQDXNHLNXOWXUH
'UCDYHaODQLFHRYRJSDNWDVHRED 
YH]XMXGDSR^WXMXVORERGXQHRSKRGQX]D
QDXaQR LVWUDCLYDQMH L VWYDUDODaNX GHODW 
QRVW
'UCDYHaODQLFHRYRJSDNWDSUL]QD 
MX NRULVWL NRMH WUHED GD EXGX UH]XOWDWL
MDaDQMDLUD]YLWNDPH_XQDURGQHVDUDGQMHL
YH]DQDSROMXQDXNHLNXOWXUH

A(7957, '(2
AODQ 

'UCDYHaODQLFHRYRJSDNWDREDYH 
]XMX VH GD SRGQHVX SUHPD RGUHGEDPD
RYRJGHODSDNWDL]YH^WDMHRPHUDPDNRMH
EXGXXVYRMLOHNDRLRQDSUHWNXSRVWLJQX 
WRPXFLOMXREH]EH_HQMDSR^WRYDQMDSUDYD
SUL]QDWLKX3DNWX
D6YLL]YH^WDMLVHXSX`XMXJHQHUDO 
QRP VHNUHWDUX 2UJDQL]DFLMH XMHGLQMHQLK
QDFLMD NRML GRVWDYOMD QMLKRYX NRSLMX HNR 
QRPVNRPLVRFLMDOQRPVDYHWXQDUD]PDW 
UDQMHXVNODGXVDRGUHGEDPDRYRJSDNWD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

E *HQHUDOQL VHNUHWDU 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDGRVWDYOMDLVWRWDNRVSH 
FLMDOL]RYDQLPXVWDQRYDPDNRSLMXL]YH^WDMD
LOL RGJRYDUDMX`H GHORYH L]YH^WDMD NRMH VX
XSXWLOHGUCDYHaODQLFHRYRJSDNWDNRMHVX
WDNR_H aODQRYL QDYHGHQLK VSHFLMDOL]RYD 
QLK XVWDQRYD XNROLNR VH RYL L]YH^WDML LOL
GHORYLL]YH^WDMDRGQRVHQDSLWDQMDXYH]L
VDQDGOHCQRVWLPDRYLKXVWDQRYDXVNODGX
VDQMLKRYLP]DNRQRGDYQLPDNWLPD
AODQ 

'UCDYHaODQLFHRYRJSDNWDSRGQR 
VHVYRMHL]YH^WDMHSRHWDSDPDSUHPDSUR 
JUDPX NRML `H L]UDGLWL (NRQRPVNL L VRFL 
MDOQLVDYHWXURNXRGMHGQHJRGLQHUDaXQD 
MX`LRGGDQDVWXSDQMDQDVQDJXRYRJSDN 
WDSR^WREXGHNRQVXOWRYDRGUCDYHaODQLFH
L ]DLQWHUHVRYDQH VSHFLMDOL]RYDQH XVWDQR 
YH
,]YH^WDMLPRJXGDL]QHVXIDNWRUHL
WH^NR`H NRMH RPHWDMX RYH GUCDYH GD X
SRWSXQRVWL L]YU^H VYRMH REDYH]H SUHG 
YL_HQHXRYRPSDNWX
 8 VOXaDMX GD MH GUCDYD aODQLFD
RYRJSDNWDYH`XSXWLOD2UJDQL]DFLMLXMHGL 
QMHQLKQDFLMDLOLQHNRMVSHFLMDOL]RYDQRMXV 
WDQRYL REDYH^WHQMD SR WRP SLWDQMX QH`H
ELWLSRWUHEQRGDVHXPQRCDYDMXREDYH^WH 
QMDLEL`HGRYROMQRSR]YDWLVHQDRYDRED 
YH^WHQMD
AODQ 

1DRVQRYXRGJRYRUQRVWLNRMHVXPX
GDWH3RYHOMRP8MHGLQMHQLKQDFLMDSRSLWD 
QMX SUDYD aRYHND L RVQRYQLK VORERGD
(NRQRPVNLLVRFLMDOQLVDYHWPRCHGD]DN 
OMXaLVSRUD]XPHVDVSHFLMDOL]RYDQLPXVWD 
QRYDPD UDGLSRGQR^HQMDL]YH^WDMDXYH]L
VD SRVWLJQXWLP QDSUHWNRP X SRJOHGX
SR^WRYDQMDRGUHGDEDRYRJSDNWDNRMLXOD 
]HXRNYLUQMLKRYHGHODWQRVWL2YLL]YH^WDML
PRJX GD REXKYDWH SRGDWNH R RGOXNDPD
LSUHSRUXNDPDXVYRMHQLPRGVWUDQHQDG 
OHCQLK RUJDQD VSHFLMDOL]RYDQLK XVWDQRYD
SRSLWDQMXVSURYR_HQMDRYLKPHUD
AODQ 

(NRQRPVNLLVRFLMDOQLVDYHWPRCHGD
YUDWL.RPLVLML]DSUDYDaRYHNDUDGLRS^WHJ
SURXaDYDQMDLSUHSRUXNHLOLUDGLLQIRUPD 
FLMHDNRMHSRWUHEQRL]YH^WDMHSRSLWDQMX

SUDYD aRYHND NRMH GRVWDYOMDMX GUCDYH

VKRGQR aO  L  L L]YH^WDMH SR SLWDQMX
SUDYDaRYHNDNRMHGRVWDYOMDMXVSHFLMDOL]R 
YDQHXVWDQRYHSUHPDaODQXRYRJSDN 
WD
AODQ 

'UCDYH aODQLFH RYRJ SDNWD L ]DLQWH 

UHVRYDQH VSHFLMDOL]RYDQH XVWDQRYH PRJX
GD SRGQHVX (NRQRPVNRP L VRFLMDOQRP
VDYHWX SULPHGEH R VYDNRM SUHSRUXFL
RS^WHJ NDUDNWHUD XaLQMHQRM VKRGQR aODQX
RYRJSDNWDLOLRVYDNRMQDSRPHQLSUH 
SRUXNH RS^WHJ NDUDNWHUD X L]YH^WDMX .R 
PLVLMHRSUDYLPDaRYHNDLOLXVYDNRPGUX 
JRP GRNXPHQWX QDYHGHQRP X WRP L] 
YH^WDMX
AODQ 

(NRQRPVNL L VRFLMDOQL VDYHW PRCH V

YUHPHQDQDYUHPHGDSRGQHVH*HQHUDO 
QRMVNXS^WLQLL]YH^WDMHNRMLVDGUCHSUHSR 
UXNHRS^WHJNDUDNWHUDLSUHJOHGREDYH^WH 
QMD NRMD VX GRELMHQD RG GUCDYD aODQLFD
RYRJSDNWDLVSHFLMDOL]RYDQLKXVWDQRYDR
SUHGX]HWLP PHUDPD L SRVWLJQXWRP QDS 
UHWNXUDGLREH]EH_HQMDRS^WHJSR^WRYDQMD
SUDYDSUL]QDWLKXRYRPSDNWX
AODQ 

(NRQRPVNLLVRFLMDOQLVDYHWPRCHGD
VNUHQH SDCQMX RVWDOLP RUJDQLPD 2UJDQL 
]DFLMH XMHGLQMHQLK QDFLMD QMLKRYLP SR 
PR`QLPRUJDQLPDL]DLQWHUHVRYDQLPVSH 
FLMDOL]RYDQLP XVWDQRYDPD NRMH VH EDYH
SUXCDQMHPWHKQLaNHSRPR`LQDVYDNRSL 
WDQMHNRMHMHSRNUHQXWRXL]YH^WDMLPDQD 
YHGHQLPXRYRPGHOXRYRJSDNWDDNRMH
PRCHGDSRPRJQHRYLPRUJDQLPDGDVH
L]MDVQHVYDNLXREODVWLVYRMHQDGOHCQRVWL
R XPHVQRVWL PH_XQDURGQLK PHUD NRMH
PRJX GD GRSULQHVX VWYDUQRP L SRVWXS 
QRPVSURYR_HQMXRYRJSDNWD
AODQ 

'UCDYHaODQLFHRYRJSDNWDVXVDJODV 
QHGDPHUHPH_XQDURGQRJNDUDNWHUDNR 
MH LPDMX ]D FLOM GD REH]EHGH RVWYDUHQMH
SUDYDSUL]QDWLKXRYRPSDNWXREXKYDWDMX
QDURaLWR]DNOMXaLYDQMHNRQYHQFLMDXVYDMD 
QMH SUHSRUXND GDYDQMH WHKQLaNH SRPR`L
LRUJDQL]RYDQMH]DMHGQRVD]DLQWHUHVRYD 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QLPYODGDPDUHJLRQDOQLKLWHKQLaNLKVDV 
WDQDNDUDGLNRQVXOWRYDQMDLSURXaDYDQMD
AODQ 

1LMHGQD RGUHGED RYRJ SDNWD QH

PRCHVHWXPDaLWLNDRGDQDUX^DYDRGUHG 
EH3RYHOMH8MHGLQMHQLKQDFLMDLXVWDYDVSH 
FLMDOL]RYDQLKXVWDQRYDNRMHRGUH_XMXRG 
JRYRUQRVWL UD]QLK RUJDQD 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDLVSHFLMDOL]RYDQLKXVWD 
QRYDXSRJOHGXSLWDQMDNRMDVXREUD_HQD
XRYRPSDNWX
AODQ 

1LMHGQD RGUHGED RYRJ SDNWD QH

PRCHVHWXPDaLWLNDRGDQDUX^DYDSUDYR
NRMH SULSDGD VYLP QDURGLPD QD SXQR L
VORERGQR XCLYDQMH L NRUL^`HQMH QMLKRYLK
ERJDWVWDYDLSULURGQLKL]YRUD

3(7, '(2
AODQ 

2YDMSDNWRWYRUHQMH]DSRWSLVLYD 
QMHVYDNRMGUCDYLaODQLFL2UJDQL]DFLMHXMH 
GLQMHQLKQDFLMDLOLaODQXELORNRMHVSHFLMD 
OL]RYDQH XVWDQRYH VYDNRM GUCDYL aODQLFL
6WDWXWD 0H_XQDURGQRJ VXGD SUDYGH NDR
LVYDNRMGUXJRMGUCDYLNRMXSR]RYH*HQH 
UDOQDVNXS^WLQD8MHGLQMHQLKQDFLMDGDSR 
VWDQHaODQLFDRYRJSDNWD
2YDMSDNWSRGOHCLUDWLILNRYDQMXD
UDWLILNDFLRQLLQVWUXPHQWLVHGHSRQXMXNRG
JHQHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH XMHGL 
QMHQLKQDFLMD
2YDMSDNWMHRWYRUHQ]DSULVWXSDQMH
VYDNRM GUCDYL SRPHQXWRM X WDaNL  RYRJ
aODQD
3ULVWXSDQMHVHYU^LGHSRQRYDQMHP
LQVWUXPHQWDRSULVWXSDQMXNRGJHQHUDOQRJ
VHNUHWDUD2UJDQL]DFLMHXMHGLQMHQLKQDFLMD
 *HQHUDOQL VHNUHWDU 2UJDQL]DFLMH
XMHGLQMHQLK QDFLMD REDYH^WDYD VYH GUCDYH
NRMHVXSRWSLVDOHRYDMSDNWLOLNRMHVXPX
SULVWXSLOHRGHSRQRYDQMXVYDNRJUDWLILND 
FLRQRJLQVWUXPHQWDLOLLQVWUXPHQWDRSULV 
WXSDQMX
AODQ 

2YDMSDNWVWXSDQDVQDJXWULPH 
VHFD SRVOH GDQD GHSRQRYDQMD NRG JHQH 
UDOQRJ VHNUHWDUD 2UJDQL]DFLMH XMHGLQMHQLK

QDFLMDWULGHVHWSHWRJUDWLILNDFLRQRJLQVWUX 
PHQWDLOLLQVWUXPHQWDRSULVWXSDQMX
 =D VYDNX GUCDYX NRMD UDWLILNXMH
RYDMSDNWLOLPXSULVWXSLSRVOHGHSRQRYD 
QMD WULGHVHW SHWRJ UDWLILNDFLRQRJ LQVWUX 
PHQWD LOL LQVWUXPHQWD R SULVWXSDQMX RYDM
SDNWVWXSDQDVQDJXWULPHVHFDSRGHSR 
QRYDQMX UDWLILNDFLRQRJ LQVWUXPHQWD LOL LQ 
VWUXPHQWDRSULVWXSDQMXRGVWUDQHGUCDYH
AODQ 

2GUHGEH RYRJ SDNWD VH SULPHQMXMX

EH]LNDNYRJRJUDQLaHQMDLL]X]HWNDQDVYH
XVWDYQHMHGLQLFHIHGHUDWLYQLKGUCDYD
AODQ 

 6YDND GUCDYD aODQLFD RYRJ SDNWD

PRCH GD SUHGORCL L]PHQX L GRSXQX L GD
L]PHQMHQLGRSXQMHQWHNVWGHSRQXMHNRG
JHQHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH XMHGL 
QMHQLKQDFLMD*HQHUDOQLVHNUHWDUGRVWDYOMD
WDGDVYHQDFUWHL]PHQDLGRSXQDGUCDYD 
PDaODQLFDPDRYRJSDNWDWUDCH`LGDPX
QD]QDaHGDOLCHOHGDVHVD]RYHNRQIHUHQ 
FLMD GUCDYD aODQLFD UDGL UD]PDWUDQMD RYLK
QDFUWDLQMLKRYLKL]JODVDYDQMD$NRVHQDM 
PDQMHMHGQDWUH`LQDGUCDYDL]MDVQL]DRYR
VD]LYDQMHJHQHUDOQLVHNUHWDUVD]LYDNRQIH 
UHQFLMX SRG RNULOMHP 2UJDQL]DFLMH XMHGL 
QMHQLKQDFLMD6YDNDL]PHQDLGRSXQDNRMX
XVYRML YH`LQD GUCDYD NRMH VX SULVXWQH L
NRMH JODVDMX QD NRQIHUHQFLML GRVWDYOMD VH
QD XVYDMDQMH *HQHUDOQRM VNXS^WLQL 8MHGL 
QMHQLKQDFLMD
 2YH L]PHQH L GRSXQH VWXSDMX QD
VQDJXNDGDLKRGREUL*HQHUDOQDVNXS^WL 
QD 8MHGLQMHQLK QDFLMD L SULKYDWL SUHPD
VYRMLP XVWDYQLP SUDYLOLPD GYRWUH`LQVND
YH`LQDGUCDYDaODQLFDRYRJSDNWD
.DGDRYHL]PHQHLGRSXQHVWXSH
QDVQDJXREDYH]QHVX]DGUCDYHaODQLFH
NRMHVXLKXVYRMLOHDRVWDOHGUCDYHaODQLFH
RVWDMX YH]DQH RGUHGEDPD RYRJ SDNWD L
VYDNRPGUXJRPGRSXQRPLL]PHQRPNR 
MDNDVQLMHEXGHXVYRMHQD
AODQ 

1H]DYLVQR RG VDRS^WHQMD SUHG

YL_HQLK X WDaNL  aODQD  RYRJ SDNWD
JHQHUDOQL VHNUHWDU 2UJDQL]DFLMH XMHGLQMH 
QLK QDFLMD REDYH^WDYD VYH GUCDYH SRPH 
QXWHXWDaNLWRJaODQD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

D R SRWSLVLPD VWDYOMHQLP QD RYDM SDNW
L UDWLILNDFLRQLP LQVWUXPHQWLPD L LQ 
VWUXPHQWLPD R SULVWXSDQMX GHSRQR 
YDQLP SUHPD aODQX  RYRJ SDNWD
E R GDWXPX VWXSDQMD QD VQDJX RYRJ
SDNWD SUHPD aODQX  L R GDWXPX
VWXSDQMD QD VQDJX L]PHQD L GRSXQD
SUHGYL_HQLKXaODQXRYRJSDNWD
AODQ 

2YDMSDNWaLMLVXHQJOHVNLNLQHVNL
^SDQVNLIUDQFXVNLLUXVNLWHNVWSRGMHGQD 

NRYHURGRVWRMQLGHSRQXMHVHXDUKLYX2U 
JDQL]DFLMHXMHGLQMHQLKQDFLMD
 *HQHUDOQL VHNUHWDU 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDGRVWDYOMDRYHUHQXNRSL 
MXRYRJSDNWDVYLPGUCDYDPDQDYHGHQLP
XaODQXRYRJSDNWD
8 SRWYUGX aHJD VX QLCH SRWSLVDQL
SURSLVQR RYOD^`HQL RG VYRMLK YODGD SRW 
SLVDOLRYDMSDNWNRMLMHRWYRUHQ]DSRWSL 
VLYDQMH X 1MXMRUNX GHYHWQDHVWRJ GHFHP 
EUD KLOMDGX GHYHW VWRWLQD ^H]GHVHW ^HVWH
JRGLQH

 (YURSVND NRQYHQFLMD ]D ]D^WLWX OMXGVNLK SUDYD L

RVQRYQLK VORERGD VD SURWRNROLPD
L]PHQMHQD X VNODGX V SURWRNRORP EU 
9ODGH SRWSLVQLFH RYH .RQYHQFLMH
NDRaODQLFH6DYHWD(YURSH
,PDMX`LXYLGX8QLYHU]DOQXGHNODUD
FLMXROMXGVNLPSUDYLPDNRMXMH*HQHUDOQD
VNXS^WLQD8MHGLQMHQLKQDFLMDSURJODVLOD
GHFHPEUD
,PDMX`L X YLGX GD RYD 'HNODUDFLMD
LPD]DFLOMGDRVLJXUDRS^WHLVWYDUQRSUL] 
QDQMH L SR^WRYDQMH SUDYD SURNODPRYDQLK
XQMRM
,PDMX`L X YLGX GD MH FLOM 6DYHWD (Y
URSH SRVWL]DQMH YH`HJ MHGLQVWYD L]PH_X
QMHJRYLKaODQLFDLGDMHRaXYDQMHLUD]YL 
MDQMH RVQRYQLK OMXGVNLK SUDYD L VORERGD
MHGDQ RG QDaLQD QD NRML WRP FLOMX WUHED
VWUHPLWL
3RWYU_XMX`L L]QRYD VYRMX GXERNX
YHUX X RQH RVQRYQH VORERGH NRMH VX WH 
PHOMSUDYGHLPLUDXVYHWXLNRMHVHQDM 
EROMH RGUCDYDMX VWYDUQRP SROLWLaNRP GH 
PRNUDWLMRPVMHGQHVWUDQHL]DMHGQLaNLP
VKYDWDQMHP L SR^WRYDQMHP OMXGVNLK SUDYD
RGNRMLKRQH]DYLVHVGUXJHVWUDQH
5H^HQH GD NDR YODGH HYURSVNLK ]H
PDOMDNRMHVXVOLaQLKSRJOHGDLLPDMX]D 


MHGQLaNR QDVOH_H SROLWLaNLK WUDGLFLMD LGH 

DOHVORERGHLYODGDYLQHSUDYDSUHGX]PX
SUYHNRUDNH]DVNXSQRRVWYDULYDQMHL]YHV 
QLKSUDYDQDYHGHQLKX8QLYHU]DOQRMGHN 
ODUDFLML
6SRUD]XPHOHVXVHRVOHGH`HP
AODQ 
2EDYH]D SR^WRYDQMD
OMXGVNLK SUDYD

9LVRNHVWUDQHXJRYRUQLFHMHPaHVYD 
NRPHXVYRMRMQDGOHCQRVWLSUDYDLVORERGH
RGUH_HQHX'HOX,RYH.RQYHQFLMH

'HR ,
35$9$ , 6/2%2'(
AODQ 
3UDYR QD CLYRW

 3UDYR QD CLYRW VYDNH RVREH

]D^WL`HQRMH]DNRQRP1LNRQHPRCHELWL
QDPHUQR OL^HQ CLYRWD VHP SULOLNRP
L]YU^HQMD SUHVXGH VXGD NRMRP MH RVX_HQ
]D]ORaLQ]DNRMLMHRYDND]QDSUHGYL_HQD
]DNRQRP

3RWSLVDQD  QRYHPEUD  JRGLQH X 5LPX 'R  MDQXDUD  UDWLILNRYDOR  GUCDYD
6OOLVW6&*0H_XQDURGQLXJRYRUL]DMHGQRVDSURWRNROLPDLVWXSLOD
QD VQDJX ]D 6UELMX L &UQX *RUX  PDUWD  JRGLQH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

/L^HQMHCLYRWDVHQHVPDWUDSURWLY 
QLPRYRPaODQXDNR SURLVWHNQHL]XSRW 
UHEHVLOHNRMDMHDSVROXWQRQXCQD
D UDGLRGEUDQHQHNRJOLFDRGQH]DNR 
QLWRJ QDVLOMD
E GD EL VH L]YU^LOR ]DNRQLWR KDS^HQMH
LOL VSUHaLOR EHNVWYR OLFD ]DNRQLWR
OL^HQRJ VORERGH
F SULOLNRP]DNRQLWLKPHUDNRMHVHSUH 
GX]LPDMXXFLOMXVX]ELMDQMDQHUHGDLOL
SREXQH
AODQ 
=DEUDQD PXaHQMD

1LNRQHVPHELWLSRGYUJQXWPXaHQMX
LOL QHaRYHaQRP LOL SRQLCDYDMX`HP SRVWX 
SDQMXLOLNDCQMDYDQMX
AODQ 
=DEUDQD URSVWYD L SULQXGQRJ UDGD

 1LNR VH QH VPH GUCDWL X URSVWYX

LOLURSVNRPSRORCDMX
1LRGNRJDVHQHPRCH]DKWHYDWL
GDREDYOMDSULQXGQLLOLREDYH]QLUDG
=DVYUKHRYRJaODQDL]UD]SULQXG
QLLOLREDYH]QLUDGmQHREXKYDWD
D UDG XRELaDMHQ X VNORSX OL^HQMD VOR 
ERGHRGUH_HQRJXVNODGXVDRGUHG 
ERP aODQD  RYH .RQYHQFLMH LOL WR 
NRP XVORYQRJ RWSXVWD
E VOXCEXYRMQHSULURGHLOLX]HPOMDPD
X NRMLPD VH SUL]QDMH SULJRYRU VDYH 
VWL VOXCEX NRMD VH ]DKWHYD XPHVWR
RGVOXCHQMD YRMQH REDYH]H
F UDG NRML VH L]LVNXMH X VOXaDMX NDNYH
NUL]HLOLQHVUH`HNRMDSUHWLRSVWDQNX
LOL GREURELWL ]DMHGQLFH
G UDG LOL VOXCEX NRML aLQH VDVWDYQL GHR
XRELaDMHQLK JUD_DQVNLK GXCQRVWL
AODQ 
3UDYR QD VORERGX L EH]EHGQRVW

6YDNRLPDSUDYRQDVORERGXLEH] 
EHGQRVWOLaQRVWL1LNRQHPRCHELWLOL^HQ
VORERGHRVLPXVOHGH`LPVOXaDMHYLPDLX
VNODGX VD ]DNRQRP SURSLVDQLP SRVWXS 
NRP
D X VOXaDMX ]DNRQLWRJ OL^HQMD VORERGH
QDRVQRYXSUHVXGHQDGOHCQRJVXGD

E X VOXaDMX ]DNRQLWRJ KDS^HQMD LOL

OL^HQMDVORERGH]ERJQHL]YU^HQMD]D 
NRQLWH VXGVNH RGOXNH LOL UDGL REH] 
EH_HQMD LVSXQMHQMD QHNH REDYH]H
SURSLVDQH ]DNRQRP
F X VOXaDMX ]DNRQLWRJ KDS^HQMD LOL
OL^HQMD VORERGH UDGL SULYR_HQMD OLFD
SUHG QDGOHCQX VXGVNX YODVW ]ERJ
RSUDYGDQHVXPQMHGDMHL]YU^LORNUL 
YLaQRGHORLOLNDGDVHWRRSUDYGDQR
VPDWUDSRWUHEQLPNDNRELVHSUHGX 
SUHGLOR L]YU^HQMH NULYLaQRJ GHOD LOL
EHNVWYR SR QMHJRYRP L]YU^HQMX
G XVOXaDMXOL^HQMDVORERGHPDOROHWQRJ
OLFD QD RVQRYX ]DNRQLWH RGOXNH X
VYUKX YDVSLWQRJ QDG]RUD LOL ]DNRQL
WRJ OL^HQMD VORERGH UDGL QMHJRYRJ
SULYR_HQMD QDGOHCQRP RUJDQX
H X VOXaDMX ]DNRQLWRJ OL^HQMD VORERGH
GDELVHVSUHaLOR^LUHQMH]DUD]QLKER
OHVWLNDRL]DNRQLWRJOL^HQMDVORERGH
GX^HYQR SRUHPH`HQLK OLFD DONRKR
OLaDUD LOL XCLYDODFD GURJH LOL VNLWQLFD
I X VOXaDMX ]DNRQLWRJ KDS^HQMD LOL
OL^HQMDVORERGHOLFDGDELVHVSUHaLR
QMHJRYQHRYOD^`HQLXOD]DNX]HPOMX
LOL OLFD SURWLY NRJD VH SUHGX]LPDMX
PHUH X FLOMX GHSRUWDFLMH LOL HNVWUDGL 
FLMH
6YDNRNRMHXKDS^HQEL`HRGPDK
LQDMH]LNXNRMLUD]XPHREDYH^WHQRUD] 
OR]LPD ]D QMHJRYR KDS^HQMH L R VYDNRM
RSWXCELSURWLYQMHJD
6YDNRNRMHXKDS^HQLOLOL^HQVOR
ERGH VKRGQR RGUHGEDPD L] VWDYD F
RYRJ aODQD EL`H EH] RGODJDQMD L]YHGHQ
SUHGVXGLMXLOLGUXJRVOXCEHQROLFH]DNR 
QRPRGUH_HQRGDREDYOMDVXGVNHIXQNFLMH
LLPD`HSUDYRGDPXVHVXGLXUD]XPQRP
URNX LOL GD EXGH SX^WHQ QD VORERGX GR
VX_HQMD3X^WDQMHQDVORERGXPRCHVHXV 
ORYLWL MHPVWYLPD GD `H VH OLFH SRMDYLWL QD
VX_HQMX
6YDNRNRMHOL^HQVORERGHLPDSUD 
YRGDSRNUHQHSRVWXSDNXNRPH`HVXG
KLWQR LVSLWDWL ]DNRQLWRVW OL^HQMD VORERGH L
QDORCLWLSX^WDQMHQDVORERGXDNRMHOL^HQMH
VORERGHQH]DNRQLWR



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 6YDNR NR MHELR XKDS^HQ LOL OL^HQ
VORERGHXVXSURWQRVWLVRGUHGEDPDRYRJ
aODQDLPDXWXCLYRSUDYRQDQDNQDGX
AODQ 
3UDYR QD SUDYLaQR VX_HQMH

6YDNRWRNRPRGOXaLYDQMDRQMHJR 
YLPJUD_DQVNLPSUDYLPDLREDYH]DPDLOL
RNULYLaQRMRSWXCELSURWLYQMHJDLPDSUD 
YRQDSUDYLaQXLMDYQXUDVSUDYXXUD]XP 
QRP URNX SUHG QH]DYLVQLP L QHSULVWUDV 
QLP VXGRP REUD]RYDQLP QD RVQRYX ]D 
NRQD3UHVXGDVHL]ULaHMDYQRDOLVH^WDP 
SD L MDYQRVW PRJX LVNOMXaLWL V FHORJ LOL V
GHOD VX_HQMD X LQWHUHVX PRUDOD MDYQRJ
UHGD LOL QDFLRQDOQH EH]EHGQRVWL X GHPR 
NUDWVNRPGUX^WYXNDGDWR]DKWHYDMXLQWH 
UHVLPDOROHWQLNDLOL]D^WLWDSULYDWQRJCLYRWD
VWUDQDND LOL X PHUL NRMD MH SR PL^OMHQMX
VXGD QXCQR SRWUHEQD X SRVHEQLP RNRO 
QRVWLPDNDGDELMDYQRVWPRJODGDQD^NRGL
LQWHUHVLPDSUDYGH
 6YDNR NR MH RSWXCHQ ]D NULYLaQR
GHOR VPDWUD`HVH QHYLQLP VYH GRN VH QH
GRNDCH QMHJRYD NULYLFD QD RVQRYX ]DNR 
QD
 6YDNR NR MH RSWXCHQ ]D NULYLaQR
GHORLPDVOHGH`DPLQLPDOQDSUDYD
D GDXQDMNUD`HPPRJX`HPURNXSR 
GUREQRLQDMH]LNXNRMLUD]XPHEX 
GH REDYH^WHQ R SULURGL L UD]OR]LPD
]D RSWXCEX SURWLY QMHJD
E GD LPD GRYROMQR YUHPHQD L PR
JX`QRVWL ]D SULSUHPDQMH RGEUDQH
F GDVHEUDQLOLaQRLOLSXWHPEUDQLRFD
NRJD VDP L]DEHUH LOL DNR QHPD GR 
YROMQR VUHGVWDYD GD SODWL ]D SUDYQX
SRPR` GD RYX SRPR` GRELMH EHV
SODWQR NDGD LQWHUHVL SUDYGH WR ]DK 
WHYDMX
G GD LVSLWXMH VYHGRNH SURWLY VHEH LOL
GD SRVWLJQH GD VH RQL LVSLWDMX L GD
VH REH]EHGL SULVXVWYR L VDVOX^DQMH
VYHGRND X QMHJRYX NRULVW SRG LVWLP
XVORYLPD NRML YDCH ]D RQH NRML VYH 
GRaH SURWLY QMHJD
H GDGRELMHEHVSODWQXSRPR`SUHYRGL 
RFD DNRQH UD]XPH LOL QH JRYRUL MH 
]LN NRML VH XSRWUHEOMDYD QD VXGX

AODQ 
.DCQMDYDQMH VDPR QD RVQRYX ]DNRQD

 1LNR VH QH PRCH VPDWUDWL NULYLP

]DNULYLaQRGHORL]YU^HQRaLQMHQMHPLOLQH 
aLQMHQMHPNRMHXYUHPHNDGDMHL]YU^HQR
QLMH SUHGVWDYOMDOR NULYLaQR GHOR SR XQXW 
UD^QMHPLOLPH_XQDURGQRPSUDYX,VWRWD 
NRQHPRCHVHL]UH`LVWURCDND]QDRGRQH
NRMD MH ELOD SURSLVDQD X YUHPH NDGD MH
NULYLaQRGHORL]YU^HQR
2YDMaODQQHXWLaHQDVX_HQMHLND
CQMDYDQMHQHNRJOLFD]DaLQMHQMHLOLQHaLQMH 
QMHNRMHVHXYUHPHL]YU^HQMDVPDWUDORNUL 
YLaQLP GHORP SUHPD RS^WLP SUDYQLP QD 
aHOLPDNRMDSUL]QDMXFLYLOL]RYDQLQDURGL
AODQ 
3UDYR QD SR^WRYDQMH SULYDWQRJ L
SRURGLaQRJ CLYRWD

 6YDNR LPD SUDYR QD SR^WRYDQMH

VYRJSULYDWQRJLSRURGLaQRJCLYRWDGRPD
LSUHSLVNH
 -DYQH YODVWL QH`H VH PH^DWL X
YU^HQMHRYRJSUDYDVHPDNRWRQLMHXVNOD 
GXVD]DNRQRPLQHRSKRGQRXGHPRNUD 
WVNRPGUX^WYXXLQWHUHVXQDFLRQDOQHEH] 
EHGQRVWL MDYQH EH]EHGQRVWL LOL HNRQRP 
VNHGREURELWL]HPOMHUDGLVSUHaDYDQMDQH 
UHGD LOL NULPLQDOD ]D^WLWH ]GUDYOMD LOL PR 
UDODLOLUDGL]D^WLWHSUDYDLVORERGDGUXJLK
AODQ 
6ORERGD PLVOL VDYHVWL L YHURLVSRYHVWL

6YDNRLPDSUDYRQDVORERGXPLVOL
VDYHVWL L YHURLVSRYHVWL RYR SUDYR XNOMX 
aXMHVORERGXSURPHQHYHUHLOLXYHUHQMDL
VORERGXaRYHNDGDELORVDPLOL]DMHGQRV
GUXJLPDMDYQRLOLSULYDWQRLVSROMDYDYHUX
LOLXYHUHQMHPROLWYRPSURSRYHGLRELaDML 
PDLREUHGRP
6ORERGDLVSRYHGDQMDYHUHLOLXEH 
_HQMD PRCH ELWL SRGYUJQXWD VDPR RQLP
RJUDQLaHQMLPD NRMD VX SURSLVDQD ]DNR 
QRP L QHRSKRGQD X GHPRNUDWVNRP GUX 
^WYXXLQWHUHVXMDYQHEH]EHGQRVWLUDGL]D 
^WLWH MDYQRJ UHGD ]GUDYOMD LOL PRUDOD LOL
UDGL]D^WLWHSUDYDLVORERGDGUXJLK
AODQ 
6ORERGD L]UDCDYDQMD

 6YDNR LPD SUDYR QD VORERGX L] 

UDCDYDQMD 2YR SUDYR XNOMXaXMH VORERGX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SRVHGRYDQMDVRSVWYHQRJPL^OMHQMDSULPD 
QMHLVDRS^WDYDQMDLQIRUPDFLMDLLGHMDEH]
PH^DQMD MDYQHYODVWL L EH] RE]LUDQDJUD 
QLFH 2YDM aODQ QH VSUHaDYD GUCDYH GD
]DKWHYDMXGR]YROH]DUDGWHOHYL]LMVNLKUD 
GLRLELRVNRSVNLKSUHGX]H`D
3R^WRNRUL^`HQMHRYLKVORERGDSR 
YODaL ]D VRERP GXCQRVWL L RGJRYRUQRVWL
RQR VH PRCH SRGYUJQXWL IRUPDOQRVWLPD
XVORYLPDRJUDQLaHQMLPDLOLND]QDPDSUR 
SLVDQLP]DNRQRPLQHRSKRGQLPXGHPR 
NUDWVNRP GUX^WYX X LQWHUHVX QDFLRQDOQH
EH]EHGQRVWL WHULWRULMDOQRJ LQWHJULWHWD LOL
MDYQHEH]EHGQRVWLUDGLVSUHaDYDQMDQHUH 
GDLOLNULPLQDOD]D^WLWH]GUDYOMDLOLPRUDOD
]D^WLWH XJOHGD LOL SUDYD GUXJLK VSUHaDYD 
QMDRWNULYDQMDREDYH^WHQMDGRELMHQLKXSR 
YHUHQMXLOLUDGLRaXYDQMDDXWRULWHWDLQHS 
ULVWUDVQRVWLVXGVWYD
AODQ 
6ORERGD RNXSOMDQMD L XGUXCLYDQMD

6YDNRLPDSUDYRQDVORERGXPLU
QRJ RNXSOMDQMD L VORERGX XGUXCLYDQMD V
GUXJLPDXNOMXaXMX`LSUDYRGDRVQLYDVLQ 
GLNDW L XaODQMXMH VH X QMHJD UDGL ]D^WLWH
VYRMLKLQWHUHVD
=DYU^HQMHRYLKSUDYDQH`HVHSR 
VWDYOMDWL QLNDNYD RJUDQLaHQMD RVLP RQLK
NRMDVXSURSLVDQD]DNRQRPLQHRSKRGQD
XGHPRNUDWVNRPGUX^WYXXLQWHUHVXQDFL 
RQDOQHEH]EHGQRVWLLOLMDYQHEH]EHGQRVWL
UDGL VSUHaDYDQMD QHUHGD LOL NULPLQDOD
]D^WLWH ]GUDYOMD LOL PRUDOD LOL UDGL ]D^WLWH
SUDYD L VORERGDGUXJLK 2YLPVHaODQRP
QH VSUHaDYD ]DNRQLWR RJUDQLaDYDQMH
YU^HQMDRYLKSUDYDSULSDGQLFLPDRUXCDQLK
VQDJDSROLFLMHLOLGUCDYQHXSUDYH
AODQ 
3UDYR QD VNODSDQMH EUDND

0X^NDUFLLCHQHRGJRYDUDMX`HJX]UD 
VWDLPDMXSUDYRGDVWXSDMXXEUDNL]DVQL 
YDMXSRURGLFXXVNODGXVXQXWUD^QMLP]D 
NRQLPDNRMLXUH_XMXYU^HQMHRYRJSUDYD
AODQ 
3UDYR QD GHORWYRUQL SUDYQL OHN

6YDNR NRPH VX SRYUH_HQD SUDYD L

VORERGHSUHGYL_HQLXRYRM.RQYHQFLMLLPD
SUDYR QD GHORWYRUDQ SUDYQL OHN SUHG QD 
FLRQDOQLPYODVWLPDEH]RE]LUDMHVXOLSR 

YUHGX L]YU^LOD OLFD NRMD VX SRVWXSDOD X

VOXCEHQRPVYRMVWYX
AODQ 
=DEUDQD GLVNULPLQDFLMH

8CLYDQMH SUDYD L VORERGD SUHG

YL_HQLKXRYRM.RQYHQFLMLREH]EH_XMHVH
EH] GLVNULPLQDFLMH SR ELOR NRP RVQRYX
NDR^WRVXSROUDVDERMDNRCHMH]LNYH 
URLVSRYHVW SROLWLaNR LOL GUXJR PL^OMHQMH
QDFLRQDOQR LOL VRFLMDOQR SRUHNOR YH]D V
QHNRP QDFLRQDOQRP PDQMLQRP LPRYQR
VWDQMHUR_HQMHLOLGUXJLVWDWXV
AODQ 
2GVWXSDQMH X YDQUHGQLP RNROQRVWLPD

8GREDUDWDLOLGUXJHMDYQHRSDV
QRVWLNRMDSUHWLRSVWDQNXQDFLMHVYDND9L 
VRNDVWUDQDXJRYRUQLFDPRCHGDSUHGX] 
PHPHUHNRMHRGVWXSDMXRGQMHQLKREDYH 
]D SR RYRM .RQYHQFLMLL WR XQDMQXCQLMRM
PHUL NRMX L]LVNXMH KLWQRVW VLWXDFLMH V WLP
GDWDNYHPHUHQHEXGXXQHVNODGXVQMH 
QLP GUXJLP REDYH]DPD SUHPD PH_XQD 
URGQRPSUDYX
 3UHWKRGQD RGUHGED QH GRSX^WD
RGVWXSDQMD RG aODQD  RVLP X SRJOHGX
VPUWL SURX]URNRYDQH ]DNRQLWLP UDWQLP
SRVWXSFLPDLOLaODQDVWDYL
 6YDND 9LVRND VWUDQD XJRYRUQLFD
NRMDNRULVWLVYRMHSUDYRGDRGVWXSLRGRG 
UHGEL.RQYHQFLMHREDYH^WDYDXSRWSXQRVWL
JHQHUDOQRJVHNUHWDUD6DYHWD(YURSHRPH 
UDPDNRMHSUHGX]LPDLUD]OR]LPD]DQMLK
2QD WDNR_H REDYH^WDYD JHQHUDOQRJ VHN 
UHWDUD6DYHWD(YURSHNDGDWDNYHPHUHSUH 
VWDQXGDGHOXMXLNDGDRGUHGEH.RQYHQ 
FLMH SRQRYR SRaQX GD VH SULPHQMXMX X
SRWSXQRVWL
AODQ 
2JUDQLaHQMD SROLWLaNH DNWLYQRVWL VWUDQDFD

1LMHGQDRGUHGEDaODQRYDL
QH`HVHWXPDaLWLWDNRGDVSUHaDYD9LVRNH
VWUDQH XJRYRUQLFH GD RJUDQLaDYDMX SROL 
WLaNXGHODWQRVWVWUDQDFD
AODQ 
=DEUDQD ]ORXSRWUHEH SUDYD

1L^WD X RYRM.RQYHQFLML QH PRCHVH

WXPDaLWLWDNRGDSRGUD]XPHYDSUDYRELOR
NRMHGUCDYHJUXSHLOLOLFDGDVHXSXVWHX
QHNX GHODWQRVW LOL L]YU^H QHNL aLQ NRML MH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

XVPHUHQQDSRQL^WDYDQMHELORNRJRGQD 
YHGHQLKSUDYDLVORERGDLOLQDQMLKRYRRJ 
UDQLaDYDQMH X YH`RM PHUL RG RQH NRMD MH
SUHGYL_HQD.RQYHQFLMRP

VRNLK VWUDQD XJRYRUQLFD NDR L SULOLNRP

SRSXQMDYDQMDXSUDCQMHQLKPHVWD

AODQ 
*UDQLFH NRUL^`HQMD RJUDQLaHQMD SUDYD

6XGLMHVHELUDMXQDSHULRGRG^HVW
JRGLQD 2QL VH PRJX SRQRYR ELUDWL
0H_XWLP PDQGDW MHGQH SRORYLQH VXGLMD
L]DEUDQLK QD SUYLP L]ERULPD LVWLaH SRVOH
WULJRGLQH
 6XGLMH aLML PDQGDW LVWLaH QD NUDMX
SRaHWQRJ WURJRGL^QMHJ SHULRGD CUHERP
RGUH_XMH JHQHUDOQL VHNUHWDU 6DYHWD (YUR 
SHQHSRVUHGQRSRVOHL]ERUD
'DELVHREH]EHGLORGDVHNROLNR
MHWRPRJX`HPDQGDWMHGQHSRORYLQHVX 
GLMDREQDYOMDVYDNHWULJRGLQH3DUODPHQ 
WDUQDVNXS^WLQDPRCHSUHVYDNLKVOHGH`LK
L]ERUDRGOXaLWLGDPDQGDWLOLPDQGDWLMHG 
QRJLOLYL^HVXGLMDNRMLEXGXL]DEUDQLWUDMX
GXCHLOLNUD`HRG^HVWJRGLQDDOLQHGXCH
RGGHYHWLQHNUD`HRGWULJRGLQH
.DGDMHUHaRYL^HPDQGDWDD3D 
UODPHQWDUQD VNXS^WLQD SULPHQMXMH SUHW 
KRGQL VWDY JHQHUDOQL VHNUHWDU6DYHWD(Y 
URSHCUHERPUDVSRUH_XMHPDQGDWHQHSR 
VUHGQRSRVOHL]ERUD
6XGLMDL]DEUDQQDPHVWRVXGLMHaLML
PDQGDWQLMHLVWHNDRREDYOMDGXCQRVWVYRJ
SUHWKRGQLNDGRRNRQaDQMDQMHJRYRJPDQ 
GDWD
 6XGLML LVWLaH PDQGDW NDGD QDSXQL
VHGDPGHVHWJRGLQDCLYRWD
 6XGLMH RVWDMX QD GXCQRVWL GRN QH
EXGX]DPHQMHQL0H_XWLPRQLQDVWDYOMDMX
GDUDGHQDSUHGPHWLPDNRMHVXYH`X]HOL
XUD]PDWUDQMH

2JUDQLaHQMD QDYHGHQLK SUDYD L VOR 

ERGDNRMDVXGR]YROMHQDRYRP.RQYHQFL 
MRPQH`HVHSULPHQMLYDWLQLXNRMHGUXJH
VYUKHVHPRQLK]ERJNRMLKVXSURSLVDQD

'HR ,,
(95236., 68' =$ /-8'6.$
35$9$
AODQ 
8VSRVWDYOMDQMH 6XGD

'DELVHREH]EHGLORSR^WRYDQMHRED 
YH]DL].RQYHQFLMHLSURWRNRODX]QMXNRMH
VX SULKYDWLOH 9LVRNH VWUDQH XJRYRUQLFH
XVWDQRYOMDYD VH (YURSVNL VXG ]D OMXGVND
SUDYDXGDOMHPWHNVWX6XGm6XG`HUDGLWL
NDRVWDOQLRUJDQ
AODQ 
%URM VXGLMD

6XGVHVDVWRMLRGRQROLNRJEURMDVX 
GLMDNROLNRMH9LVRNLKVWUDQDXJRYRUQLFD
AODQ 
8VORYL ]D L]ERU

6XGLMHPRUDMXLPDWLYLVRNLPRUDOQL
XJOHG LSRVHGRYDWL NYDOLILNDFLMH SRWUHEQH
]D REDYOMDQMH YLVRNLK VXGVNLK IXQNFLMD
RGQRVQRELWLSUL]QDWLSUDYQLVWUXaQMDFL
6XGLMHVOXCHXOLaQRPVYRMVWYX
7RNRPVYRJPDQGDWDVXGLMHVHQH
PRJXEDYLWLSRVORYLPDNRMLVXQHVSRMLYLV
QMLKRYRP QH]DYLVQR^`X QHSULVWUDVQR^`X
LOL ]DKWHYLPD VWDOQH VOXCEH VYD SLWDQMD X
YH]LVSULPHQRPRYRJVWDYDUH^DYD6XG
AODQ 
,]ERU VXGLMD

=DVYDNXVWUDQXXJRYRUQLFXVXGLMX
ELUD 3DUODPHQWDUQD VNXS^WLQD YH`LQRP
JODVRYDVDOLVWHRGWULNDQGLGDWDNRMHGR 
WLaQD9LVRNDVWUDQDXJRYRUQLFDSUHGORCL
,VWLSRVWXSDNVHSULPHQMXMH]DSR 
SXQX6XGDXVOXaDMXSULVWXSDQMDQRYLK9L 

AODQ 
7UDMDQMH PDQGDWD

AODQ 
5D]UH^HQMH

6XGLMD VH QH PRCH UD]UH^LWL VYRMH

IXQNFLMHGRNGUXJHVXGLMHQHRGOXaHGYR 
WUH`LQVNRP YH`LQRP GD RQ YL^H QH LVSX 
QMDYDSRWUHEQHXVORYH
AODQ 
6HNUHWDULMDW L VWUXaQL VDUDGQLFL

6XGLPDVHNUHWDULMDWaLMHVHIXQNFLMHL
RUJDQL]DFLMHRGUH_XMX3RVORYQLNRP6XGD
6XGXSRPDCXVWUXaQLVDUDGQLFL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2S^WD VHGQLFD 6XGD

1DRS^WRMVHGQLFL6XG
D ELUDSUHGVHGQLNDLMHGQRJLOLGYDSRW
SUHGVHGQLND6XGDQDSHULRGRGWULJR
GLQH RQL VH PRJX SRQRYR ELUDWL
E XVWDQRYOMDYD YH`D ]D RGUH_HQL YUH
PHQVNL SHULRG
F ELUD SUHGVHGQLND YH`D 6XGD RQL VH
PRJX SRQRYR ELUDWL
G XVYDMD SRVORYQLN 6XGD L
H ELUD VHNUHWDUD 6XGD L MHGQRJ LOL YL^H
QMHJRYLK ]DPHQLND
AODQ 
2GERUL YH`D L 9HOLNR YH`H

6XGUD]PDWUD SUHGPHWHXRGERUL 
PDRGWULVXGLMHYH`XRGVHGDPVXGLMDL
X 9HOLNRP YH`X RG VHGDPQDHVW VXGLMD
9H`D VXGD XVSRVWDYOMDMX RGERUH ]D RGUH 
_HQLYUHPHQVNLSHULRG
3RVOXCEHQRMGXCQRVWLXVDVWDYYH 
`D L 9HOLNRJ YH`D XOD]L VXGLMD L]DEUDQ VD
OLVWH]DLQWHUHVRYDQHGUCDYHLOLDNRWDNYRJ
QHPD LOL QLMH X PRJX`QRVWL GD XaHVWYXMH
XUDGXGUXJROLFHSRQMHQRPL]ERUXNRMH
`HREDYOMDWLVXGVNXIXQNFLMX
8VDVWDY9HOLNRJYH`DWDNR_HXOD 
]H SUHGVHGQLN L SRWSUHGVHGQLFL 6XGD
SUHGVHGQLFL YH`D L GUXJH VXGLMH L]DEUDQH
X VNODGX V SRVORYQLNRP 6XGD .DGD VH
SUHGPHW L]QHVH SUHG 9HOLNR YH`H QD RV 
QRYXaODQDVXGLMHaODQRYLYH`DNRMHMH
GRQHOR SUHVXGX QH PRJX XaHVWYRYDWL X
UDGX9HOLNRJYH`DVL]X]HWNRPSUHGVHG 
QLND YH`D L VXGLMH NRML MH L]DEUDQ VD OLVWH
]DLQWHUHVRYDQHGUCDYH
AODQ 
,]MDYH RGERUD R QHSULKYDWOMLYRVWL

2GERUPRCHMHGQRJODVQRPRGOXNRP
GDSURJODVLQHSULKYDWOMLYRPLOLGDVNLQHV
OLVWH SUHGPHWD SRMHGLQDaQX SUHGVWDYNX
SRGQHWXQDRVQRYXaODQDDNRVHWDNYD
RGOXNDPRCHGRQHWLEH]GDOMHJLVSLWLYDQMD
2YDRGOXNDMHNRQDaQD
AODQ 
2GOXNH YH`D R SULKYDWOMLYRVWL L VX^WLQL
VWYDUL

 $NR QLMH GRQHWD RGOXND L] aODQD

YH`HRGOXaXMHRSULKYDWOMLYRVWLLVX^WLQL

SRMHGLQDaQLK SUHGVWDYNL SRGQHWLK QD RV 

QRYXaODQD
9H`HRGOXaXMHL R SULKYDWOMLYRVWLL
VX^WLQL PH_XGUCDYQLK SUHGVWDYNL SRGQH 
WLKQDRVQRYXaODQD
2GOXNDRSULKYDWOMLYRVWLVHGRQRVL
SRVHEQR RVLP NDGD 6XG X L]X]HWQLP
VOXaDMHYLPDGUXNaLMHRGOXaL
AODQ 
8VWXSDQMH QDGOHCQRVWL 9HOLNRP YH`X

$NRVHSRYRGRPSUHGPHWDNRMLYH`H
UD]PDWUD SRNUHQH QHNR R]ELOMQR SLWDQMH
RG ]QDaDMD ]D WXPDaHQMH .RQYHQFLMH LOL
SURWRNROD X] QMX LOL DNR UH^HQMH SLWDQMD
SUHGYH`HPPRCHGDGRYHGHGRUH]XOWDWD
NRMLQLMHXVDJODVQRVWLVQHNRPSUHWKRGQR
GRQHWRPSUHVXGRP6XGDYH`HPRCHVYH
GRN QH GRQHVH SUHVXGX GD XVWXSL QDG 
OHCQRVW9HOLNRPYH`XL]X]HYNDGDVHWR 
PHSURWLYLMHGQDRGVWUDQDNDXVSRUX
AODQ 
2YOD^`HQMD 9HOLNRJ YH`D

9HOLNRYH`H
D RGOXaXMH R SUHGVWDYNDPD SRGQHWLP
QDRVQRYXaODQDLaODQDNDGD
PXQHNRRGYH`DXVWXSLQDGOHCQRVW
QD RVQRYX aODQD  LOL NDGD PX MH
SUHGPHW XSX`HQ QD RVQRYX aODQD
 L
E UD]PDWUD ]DKWHYH ]D VDYHWRGDYQD
PL^OMHQMD SRGQHWH QD RVQRYX aODQD

AODQ 
1DGOHCQRVW 6XGD

1DGOHCQRVW6XGDVHSURWHCHQDVYH
SUHGPHWHNRMLVHWLaXWXPDaHQMDLSULPHQH
RYH.RQYHQFLMHLSURWRNRODX]QMXDNRML
VXPXXSX`HQLQDRVQRYXaODQRYD
L
8VSRURYLPDRNRQDGOHCQRVWLRG
OXaXMH6XG
AODQ 
0H_XGUCDYQL VSRURYL

6YDND 9LVRND VWUDQD XJRYRUQLFD

PRCHXND]DWL6XGXQDVYDNXSRYUHGXRG 
UHGEL .RQYHQFLMH LOL SURWRNROD X] QMX ]D
NRMX VPDWUD GD VH PRCH SULSLVDWL QHNRM
GUXJRM9LVRNRMVWUDQLXJRYRUQLFL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
3RMHGLQDaQH SUHGVWDYNH

6XG PRCH GD SULPD SUHGVWDYNH RG

VYDNH RVREH QHYODGLQH RUJDQL]DFLMH LOL
JUXSHOLFDNRMLWYUGHGDVXCUWYHSRYUHGH
SUDYDXVWDQRYOMHQLK.RQYHQFLMRPLOLSUR 
WRNROLPDX]QMXXaLQMHQHRGVWUDQHQHNH
9LVRNH VWUDQH XJRYRUQLFH 9LVRNH VWUDQH
XJRYRUQLFH REDYH]XMX VH GD QL QD NRML
QDaLQ QH RPHWDMX VWYDUQR YU^HQMH RYRJ
SUDYD
AODQ 
8VORYL SULKYDWOMLYRVWL

6XGPRCHX]HWLSUHGPHWXSRVWX 
SDNWHNNDGDVHLVFUSXVYLXQXWUD^QMLSUDY 
QL OHNRYL X VNODGX VD RS^WHSUL]QDWLP
QDaHOLPDPH_XQDURGQRJ SUDYDLXURNX
RG^HVWPHVHFLRGGDQDNDGDMHSRYRGRP
QMHJDGRQHWDSUDYRVQDCQDRGOXND
 6XG QH SRVWXSD SR SRMHGLQDaQRM
SUHGVWDYFL SRGQHWRM QD RVQRYX aODQD 
NRMDMH
D DQRQLPQD LOL
E X VX^WLQL LVWRYHWQD V SUHGVWDYNRP
NRMX MH 6XG YH` UD]PDWUDR LOL NRMD
MH YH` SRGQHWD QHNRM GUXJRM PH_X 
QDURGQRM LQVWDQFL UDGL LVSLWLYDQMD
RGQRVQRUH^DYDQMDDQHVDGUCLQRYH
UHOHYDQWQH aLQMHQLFH
 6XG SURJOD^DYD QHSULKYDWOMLYRP
VYDNX SRMHGLQDaQX SUHGVWDYNX SRGQHWX
QDRVQRYXaODQD]DNRMXVPDWUDGDMH
QHVSRMLYDVRGUHGEDPD.RQYHQFLMHLOLSUR 
WRNROD X] QMX RaLJOHGQR QHRVQRYDQD LOL
SUHGVWDYOMD ]ORXSRWUHEX SUDYD QD SUHGV 
WDYNX
 6XG RGEDFXMH VYDNX SUHGVWDYNX
NRMX VPDWUD QHSULKYDWOMLYRP X VPLVOX
RYRJ aODQD2QWRPRCHXaLQLWLX VYDNRM
ID]LSRVWXSND
AODQ 
,QWHUYHQFLMD WUH`LK OLFD

 9LVRND VWUDQD XJRYRUQLFD aLML MH

SRGQRVLODF SUHGVWDYNH GUCDYOMDQLQ PRCH
SRGQHWLSLVDQLSRGQHVDNLX]HWLXaH^`HX
UDVSUDYLXSUHGPHWLPDSUHGYH`HPLOL9H 
OLNLPYH`HP

3UHGVHGQLN6XGDPRCHXLQWHUHVX
LVSUDYQRJSRVWXSDQMDSR]YDWL9LVRNXVWUD 
QXXJRYRUQLFXNRMDQLMHVWUDQDXSRVWXS 
NXLOLVYDNR]DLQWHUHVRYDQROLFHNRMHQLMH
SRGQRVLODFSUHGVWDYNHGDSRGQHVXSLVDQL
SRGQHVDNLOLX]PXXaH^`HXUDVSUDYL
AODQ 
%ULVDQMH SUHGVWDYNL

6XGXVYDNRMID]LSRVWXSNDPRCH
RGOXaLWL GD L]EUL^H SUHGVWDYNX VD OLVWH
SUHGPHWD DNR VH QD RVQRYX RNROQRVWL
PRCH]DNOMXaLWL
D GD SRGQRVLODF SUHGVWDYNH QH QDPH 
UDYD GD GDOMH XaHVWYXMH X SRVWXSNX
LOL
E GD MH VWYDU UH^HQD LOL
F GD L] VYDNRJ GUXJRJ UD]ORJD NRML
6XG XWYUGL QLMH YL^H RSUDYGDQR QDV 
WDYLWL VD LVSLWLYDQMHP SUHGVWDYNH
0H_XWLP 6XG QDVWDYOMD V LVSLWLYD 
QMHPSUHGVWDYNHDNRMHWRSRWUHEQRUDGL
SR^WRYDQMD OMXGVNLK SUDYD XVWDQRYOMHQLK
.RQYHQFLMRPLSURWRNROLPDX]QMX
 6XG PRCH RGOXaLWL GD SUHGVWDYNX
YUDWL QD VYRMX OLVWX SUHGPHWD DNR VPDWUD
GDRNROQRVWLWRQDODCX
AODQ 
,VSLWLYDQMH SUHGPHWD L SRVWXSDN
SULMDWHOMVNRJ SRUDYQDQMD

$NR6XGSURJODVLSUHGVWDYNXSULK
YDWOMLYRPRQ
D QDVWDYOMD LVSLWLYDQMH SUHGPHWD ]DMHG 
QR V SUHGVWDYQLFLPD VWUDQDND L DNR
MH WR SRWUHEQR SUHGX]LPD LVWUDJX
]D aLMH `H PX HILNDVQR VSURYR_HQMH
GUCDYH X SLWDQMX SUXCLWL VYH SRWUHE
QH RODN^LFH
E VWDYOMD VH QD UDVSRODJDQMH VWUDQDPD
XVSRUXNDNRELVHSRVWLJORSULMDWHOM 
VNRSRUDYQDQMH]DVQRYDQRQDSR^WR 
YDQMX OMXGVNLK SUDYD XVWDQRYOMHQLK
.RQYHQFLMRP L SURWRNROLPD X] QMX
 3RVWXSDN NRML VH YRGL QD RVQRYX
VWDYDESRYHUOMLYHMHSULURGH
AODQ 
3RVWL]DQMH SULMDWHOMVNRJ SRUDYQDQMD

$NRVHSRVWLJQHSULMDWHOMVNRSRUDYQD 
QMH 6XG EUL^H SUHGPHW VD VYRMH OLVWH RG 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

OXNRPNRMDVDGUCLNUDWDNRSLVaLQMHQLFDL
SRVWLJQXWRJUH^HQMD

F NDGDNROHJLMXPRGELMH]DKWHY]DRE 
UD`DQMH 9HOLNRP YH`X QD RVQRYX
aODQD 
3UDYRVQDCQDSUHVXGDVHREMDYOMXMH

AODQ 
-DYQD UDVSUDYD L XYLG X VSLVH

5DVSUDYHVXMDYQHVHPNDGD6XG
XSRVHEQLPRNROQRVWLPDRGOXaLGUXNaLMH
 6SLVL GHSRQRYDQL NRG 6HNUHWDUD
GRVWXSQL VX MDYQRVWL VHP NDGD SUHGVHG 
QLN6XGDRGOXaLGUXNaLMH
AODQ 
3UDYLaQR ]DGRYROMHQMH

.DGD6XGXWYUGLSUHNU^DM.RQYHQFLMH
LOL SURWRNROD X] QMX D XQXWUD^QMH SUDYR
9LVRNHVWUDQHXJRYRUQLFHXSLWDQMXRPR 
JX`DYD VDPR GHOLPLaQX RG^WHWX 6XG `H
DNRMHWRSRWUHEQRSUXCLWLSUDYLaQR]DGR 
YROMHQMHR^WH`HQRMVWUDQFL
AODQ 
3UHVXGH YH`D

3UHVXGHYH`DSRVWDMXSUDYRVQDCQHX
VNODGXVRGUHGEDPDaODQDVWDY
AODQ 
2EUD`DQMH 9HOLNRP YH`X

8URNXRGWULPHVHFDRGGDQDGR 
QR^HQMD SUHVXGH YH`D VYDND VWUDQND
PRCHXSRVHEQLPVOXaDMHYLPDGD]DKWH 
YDGDVHSUHGPHWL]QHVHSUHG9HOLNRYH`H
 .ROHJLMXP RG SHW VXGLMD 9HOLNRJ
YH`D SULKYDWL`H ]DKWHY DNR VH SUHGPHW
WLaH QHNRJ ]QDaDMQRJ SLWDQMD YH]DQRJ]D
WXPDaHQMH.RQYHQFLMHLOLR]ELOMQRJSLWDQMD
RGRS^WHYDCQRVWL
$NRNROHJLMXPSULKYDWL]DKWHY9H 
OLNRYH`HRGOXaXMHRSUHGPHWXSUHVXGRP
AODQ 
3UDYRVQDCQH SUHVXGH

 3UHVXGD 9HOLNRJ YH`D MH SUDYRV

QDCQD
3UHVXGDYH`DMHSUDYRVQDCQD
D NDGD VWUDQNH L]MDYH GD QH`H ]DKWH 
YDWL GD VH SUHGPHW L]QHVH SUHG 9H 
OLNR YH`H LOL
E WULPHVHFDSRVOHGRQR^HQMDSUHVXGH
DNR VH QH ]DWUDCL GD VH SUHGPHW L] 
QHVH SUHG 9HOLNR YH`H LOL

AODQ 
2EUD]ORCHQMD SUHVXGD L RGOXND

2EUD]ORCHQMHVHGDMH]DSUHVXGHL
]D RGOXNH NRMLPD VH SUHGVWDYND SURJ 
OD^DYDSULKYDWOMLYRPLOLQHSULKYDWOMLYRP
 $NR SUHVXGD X FHORVWL LOL MHGQRP
VYRP GHOX QH SUHGVWDYOMD MHGQRJODVQR
PL^OMHQMHVXGLMDVYDNLVXGLMDLPDSUDYRGD
L]QHVHL]GYRMHQRPL^OMHQMH
AODQ 
2EDYH]QRVW L L]YU^HQMH SUHVXGD

 9LVRNH VWUDQH XJRYRUQLFH SUHX]L

PDMX REDYH]X GD VH SRYLQXMX SUDYRV 
QDCQRMSUHVXGL6XGDXVYDNRPSUHGPHWX
XNRPHVXVWUDQNH
3UDYRVQDCQDSUHVXGD6XGDVHGR
VWDYOMD .RPLWHWX PLQLVWDUD NRML QDGJOHGD
QMHQRL]YU^HQMH
AODQ 
6DYHWRGDYQD PL^OMHQMD

1D]DKWHY.RPLWHWDPLQLVWDUD6XG
PRCH GD GDMH VDYHWRGDYQD PL^OMHQMD R
SUDYQLPSLWDQMLPDNRMDVHWLaXWXPDaHQMD
.RQYHQFLMHLSURWRNRODX]QMX
7DNYDPL^OMHQMDVHQHPRJXEDYLWL
SLWDQMLPD NRMD VH RGQRVH QD VDGUCDM LOL
REXKYDW SUDYD L VORERGD XVWDQRYOMHQLK
'HORP,.RQYHQFLMHLSURWRNROLPDX]QMX
NDRQLELORNRMLPGUXJLPSLWDQMHPNRMHEL
6XGLOL.RPLWHWPLQLVWDUDPRJOLGDUD]PD 
WUDMX X YH]L V SRVWXSFLPD NRML VH PRJX
SRNUHQXWLXVNODGXVD.RQYHQFLMRP
 =D RGOXNH .RPLWHWD PLQLVWDUD GD
]DKWHYD VDYHWRGDYQR PL^OMHQMH 6XGD SRW 
UHEQDMHYH`LQDJODVRYDSUHGVWDYQLNDNRML
LPDMXSUDYRGDX.RPLWHWX]DVHGDMX
AODQ 
1DGOHCQRVW 6XGD GD GDMH VDYHWRGDYQD
PL^OMHQMD

6XGRGOXaXMHGDOL]DKWHY]DGDYDQMH
VDYHWRGDYQRJPL^OMHQMDNRMLSRGQHVH.R 
PLWHW PLQLVWDUD VSDGD X QMHJRYX QDG 
OHCQRVWRGUH_HQXaODQRP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2EUD]ORCHQMH VDYHWRGDYQLK PL^OMHQMD

6DYHWRGDYQDPL^OMHQMD6XGDVHRE 
UD]ODCX
$NRVDYHWRGDYQRPL^OMHQMHXFHOR 
VWL LOL MHGQRP VYRP GHOX QH SUHGVWDYOMD
MHGQRJODVQRPL^OMHQMHVXGLMDVYDNLVXGLMD
LPDSUDYRGDL]QHVHL]GYRMHQRPL^OMHQMH
6DYHWRGDYQDPL^OMHQMD6XGDGRVWD 
YOMDMXVH.RPLWHWXPLQLVWDUD
AODQ 
7UR^NRYL 6XGD

7UR^NRYH6XGDVQRVL6DYHW(YURSH
AODQ 
3ULYLOHJLMH L LPXQLWHWL VXGLMD

7RNRP YU^HQMD VYRMH IXQNFLMH VXGLMH

XCLYDMXSULYLOHJLMHLLPXQLWHWHSUHGYL_HQH
aODQRP6WDWXWD6DYHWD(YURSHLVSRUD 
]XPLPDGRQHWLPQDRVQRYXQMHJD

'HR ,,,
267$/( 2'5('%(
AODQ 
2EDYH^WHQMD JHQHUDOQRP VHNUHWDUX

3R SULMHPX ]DKWHYD RG JHQHUDOQRJ

VHNUHWDUD 6DYHWD (YURSH VYDND 9LVRND
VWUDQD XJRYRUQLFD SUXCL`H REMD^QMHQMH R
QDaLQX QD NRML QMHQR XQXWUD^QMH SUDYR
REH]EH_XMHVWYDUQXSULPHQXVYLKRGUHGD 
EDRYH.RQYHQFLMH
AODQ 
2EH]EH_HQMH SRVWRMH`LK OMXGVNLK SUDYD

1LMHGQD RGUHGED RYH .RQYHQFLMH

QH`H VH WXPDaLWL WDNR GD RJUDQLaDYD RG 
QRVQR XJURCDYD OMXGVND SUDYD L RVQRYQH
VORERGHNRMLELELOLSUL]QDWLSR]DNRQLPD
VYDNH9LVRNHVWUDQHXJRYRUQLFHLOLSRVYD 
NRPGUXJRPVSRUD]XPXaLMDMHRQDVWUDQD
XJRYRUQLFD
AODQ 
2YOD^`HQMD .RPLWHWD PLQLVWDUD

1L^WDXRYRM.RQYHQFLMLQHGLUDXRY 
OD^`HQMD NRMD VX GDWD .RPLWHWX PLQLVWDUD
6WDWXWRP6DYHWD(YURSH
AODQ 
,VNOMXaHQMH GUXJLK QDaLQD ]D UH^DYDQMH
VSRUD

9LVRNHVWUDQHXJRYRUQLFHVDJODVLOHVX
VHGDVHQH`HNRULVWLWLL]X]HYDNRSRVWRML

SRVHEDQVSRUD]XPSRVWRMH`LPPH_XVRE 
QLPXJRYRULPDNRQYHQFLMDPDLOLGHNODUD 
FLMDPDNDNRELQHNLVSRUNRMLSURL]OD]LL]
WXPDaHQMDLOLSULPHQHRYH.RQYHQFLMHSX 
WHPSUHGVWDYNHSRGQHODGDVHUH^DYDQH 
NLPGUXJLPQDaLQRPDQHRQLPDNRMLVX
SUHGYL_HQLRYRP.RQYHQFLMRP
AODQ 
7HULWRULMDOQD SULPHQD

3ULOLNRPUDWLILNDFLMHLOLXVYDNRGR 
EDSRVOHWRJDVYDNDGUCDYDPRCHL]MDYLWL
SXWHP QRWLILNDFLMH XSX`HQH JHQHUDOQRP
VHNUHWDUX6DYHWD(YURSHGD`HVHXVNOD 
GXVDRGUHGEDPDVWDYDRYRJaODQDRYD
.RQYHQFLMDSULPHQMLYDWLQDVYHLOLQDQHNX
RG WHULWRULMD ]D aLMH MH PH_XQDURGQH RG 
QRVHRGJRYRUQD
 .RQYHQFLMD `H VH SULPHQMLYDWL QD
WHULWRULMXLOLWHULWRULMHR]QDaHQHXQRWLILND 
FLMLSRaHYRGWULGHVHWRJGDQDSRSULMHPX
RYHQRWLILNDFLMHRGVWUDQHJHQHUDOQRJVH 
NUHWDUD6DYHWD(YURSH
3ULSULPHQLRGUHGDEDRYH.RQYHQ 
FLMH QD WDNYLP WHULWRULMDPD YRGL`H VH
UDaXQDRORNDOQLPSRWUHEDPD
6YDNDGUCDYDNRMDMHGDODL]MDYXX
VDJODVQRVWLVDVWDYRPRYRJaODQDPRCH
XVYDNRGREDSRVOHWRJDL]MDYLWLGDSULK 
YDWDQDGOHCQRVW6XGDXSRJOHGXSULPDQMD
SUHGVWDYNLRGSRMHGLQDFDQHYODGLQLKRUJD 
QL]DFLMD LOL JUXSD OLFD SUHPD RGUHGEDPD
aODQD.RQYHQFLMHDXRGQRVXQDQHNX
LOLYL^HWHULWRULMDQDNRMHVHL]MDYDRGQRVL
AODQ 
5H]HUYH

3ULOLNRPSRWSLVLYDQMDRYH.RQYHQ 
FLMHLOLSULOLNRPGHSRQRYDQMDLQVWUXPHQWD
UDWLILNDFLMH VYDND GUCDYD PRCH VWDYLWL UH 
]HUYX QD VYDNX SRMHGLQX RGUHGEX .RQ 
YHQFLMHXRELPXXNRPHQHNL]DNRQNRML
MH WDGD QD VQD]L QD QMHQRM WHULWRULML QLMH
VDJODVDQ VD WRP RGUHGERP 5H]HUYH
RS^WHJ NDUDNWHUD QLVX GR]YROMHQH QD RV 
QRYXRYRJaODQD
6YDNDUH]HUYDVWDYOMHQDQDRVQRYX
RYRJaODQDVDGUCLNUDWNXL]MDYXR]DNRQX
XSLWDQMX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2WND]LYDQMH

9LVRNDVWUDQDXJRYRUQLFDPRCHRW 
ND]DWLRYX.RQYHQFLMXWHNSRSURWHNXSHW
JRGLQD RG GDQD NDGD MH SRVWDOD VWUDQD
XJRYRUQLFDLWRSXWHPRWND]DVD^HVWRPH 
VHaQLPRWND]QLPURNRPNRMLVHGRVWDYOMD
JHQHUDOQRPVHNUHWDUX6DYHWD(YURSHNRML
R WRPH REDYH^WDYD GUXJH 9LVRNH VWUDQH
XJRYRUQLFH
2WND]QHPRCHLPDWL]DSRVOHGLFX
GDVH9LVRNDVWUDQDXJRYRUQLFDXSLWDQMX
RVORERGLVYRMLKREDYH]DSUHPDRYRM.RQ 
YHQFLML X SRJOHGX VYDNH UDGQMH XaLQMHQH
GRGDQDNDGDMHRWND]SRaHRGDGHMVWYXMH
DNRMDELPRJODGDSUHGVWDYOMDNU^HQMHWLK
REDYH]D
 3RG RYLP LVWLP XVORYLPD VYDND
9LVRNDVWUDQDXJRYRUQLFDNRMDSUHVWDQHGD
EXGH aODQLFD 6DYHWD (YURSH SUHVWDMH GD
EXGHLXJRYRUQLFDRYH.RQYHQFLMH
 6DJODVQR RGUHGEDPD SUHWKRGQLK
VWDYRYD .RQYHQFLMD VH PRCH RWND]DWL X
RGQRVX QD VYDNX WHULWRULMX ]D NRMXMHVD 
JODVQRRGUHGEDPDaODQDL]MDYOMHQRGD
VHSULPHQMXMH
AODQ 
3RWSLV L UDWLILNDFLMD

 2YD .RQYHQFLMD MH RWYRUHQD ]D

SRWSLV aODQLFDPD 6DYHWD (YURSH 2QD VH
UDWLILNXMH5DWLILNDFLMHVHGHSRQXMXNRGJH 
QHUDOQRJVHNUHWDUD6DYHWD(YURSH
 2YD .RQYHQFLMD VWXSD QD VQDJX
SRVOHGHSRQRYDQMDGHVHWLQVWUXPHQDWDUD 
WLILNDFLMH
 8 SRJOHGX VYDNH SRWSLVQLFH NRMD
MHEXGHUDWLILNRYDODSRVOHWRJD.RQYHQFL 
MDVWXSDQDVQDJXQDGDQNDGDRQDGHSR 
QXMHVYRMLQVWUXPHQWUDWLILNDFLMH
 *HQHUDOQL VHNUHWDU 6DYHWD (YURSH
REDYH^WDYD VYH aODQLFH 6DYHWD (YURSH R
VWXSDQMXQDVQDJXRYH.RQYHQFLMHRLPH 
QLPDYLVRNLKVWUDQDXJRYRUQLFDNRMHVXMH
UDWLILNRYDOH LRVYLPLQVWUXPHQWLPDUDWLIL 
NDFLMHQDNQDGQRGHSRQRYDQLP
6DaLQMHQRX5LPXGDQDQRYHPEUD
QDHQJOHVNRPLIUDQFXVNRPMH]LNX
SULaHPXVXREDWHNVWDSRGMHGQDNRYHUR 

GRVWRMQDXMHGQRPSULPHUNXNRMLVHSR 
KUDQMXMHXDUKLYL6DYHWD(YURSH*HQHUDOQL
VHNUHWDU`HGRVWDYLWLRYHUHQHSUHSLVHVYD 
NRMSRWSLVQLFL

 3URWRNRO X] .RQYHQFLMX

]D ]D^WLWX OMXGVNLK SUDYD L
RVQRYQLK VORERGD L]PHQMHQX
X VNODGX V SURWRNRORP EU 

9ODGHSRWSLVQLFHNDRaODQLFH6DYHWD
(YURSH
5H^HQH GD SUHGX]PX NRUDNH GD EL
RVLJXUDOH VNXSQR VSURYR_HQMH L]YHVQLK
SUDYDLVORERGDNRMLQLVXXNOMXaHQLX'HR
, .RQYHQFLMH ]D ]D^WLWX OMXGVNLK SUDYD L
RVQRYQLK VORERGD SRWSLVDQH X 5LPX 
QRYHPEUDXGDOMHPWHNVWX.RQYHQ
FLMDm
6SRUD]XPHOHVXVHRVOHGH`HP
AODQ 
=D^WLWD LPRYLQH

6YDNRIL]LaNRLSUDYQROLFHLPDSUDYR
QDQHRPHWDQRXCLYDQMHVYRMHLPRYLQH1L 
NRQHPRCHELWLOL^HQVYRMHLPRYLQHRVLP
X MDYQRP LQWHUHVX L SRG XVORYLPD SUHG 
YL_HQLP ]DNRQRP L RS^WLP QDaHOLPD
PH_XQDURGQRJSUDYD
3UHWKRGQHRGUHGEHPH_XWLPQLQD
NRML QDaLQ QH XWLaX QD SUDYR GUCDYH GD
SULPHQMXMH]DNRQHNRMHVPDWUDSRWUHEQLP
GDELUHJXOLVDODNRUL^`HQMHLPRYLQHXVNOD 
GXVRS^WLPLQWHUHVLPDLOLGDELREH]EHGLOD
QDSODWXSRUH]DLOLGUXJLKGDCELQDLOLND]QL
AODQ 
3UDYR QD REUD]RYDQMH

1LNRQHPRCHELWLOL^HQSUDYDQDRE 
UD]RYDQMH 8 YU^HQMX VYLK VYRMLK IXQNFLMD
XREODVWLREUD]RYDQMDLQDVWDYHGUCDYDSR 
^WXMHSUDYRURGLWHOMDGDREH]EHGHREUD]R 
YDQMHLQDVWDYXNRMLVXXVNODGXVQMLKRYLP
YHUVNLPLILOR]RIVNLPXYHUHQMLPD
AODQ 
3UDYR QD VORERGQH L]ERUH

9LVRNH VWUDQH XJRYRUQLFH VH REDYH 

]XMXGDXSULPHUHQLPYUHPHQVNLPUD]PD 



3DUL]  PDUWD  JRGLQH

0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

FLPD RGUCDYDMX VORERGQH L]ERUH V WDMQLP
JODVDQMHPSRGXVORYLPDNRMLREH]EH_XMX
VORERGQRL]UDCDYDQMHPL^OMHQMDQDURGDSUL
L]ERUX]DNRQRGDYQLKWHOD
AODQ 
7HULWRULMDOQD SULPHQD

6YDND 9LVRND VWUDQD XJRYRUQLFD

PRCHSULOLNRPSRWSLVLYDQMDLOLUDWLILNDFLMH
LOLXVYDNRGREDSRVOHWRJDGRVWDYLWLJH 
QHUDOQRP VHNUHWDUX 6DYHWD (YURSH L]MDYX
RWRPHXNRPRELPXSULKYDWDGDVHRG 
UHGEHRYRJ3URWRNRODSULPHQMXMXQDWHUL 
WRULMDPD ]D aLMH MH PH_XQDURGQH RGQRVH
RGJRYRUQDDNRMHMHR]QDaLODXL]MDYL
6YDND9LVRNDVWUDQDXJRYRUQLFDNRMD
MH GRVWDYLOD L]MDYX X VPLVOX SUHWKRGQRJ
VWDYDPRCHQDNQDGQRGDGRVWDYLQRYXL] 
MDYX NRMRP PHQMD XVORYH VDGUCDQH X UD 
QLMRML]MDYLLOLXNLGDSULPHQXRGUHGELRYRJ
3URWRNRODXRGQRVXQDELORNRMXWHULWRULMX
,]MDYDGDWDXVNODGXVDRYLPaODQRP
VPDWUD`H VH NDR GD MH GDWD X VNODGX VD
VWDYRPaODQD.RQYHQFLMH
AODQ 
2GQRV V .RQYHQFLMRP

8SRJOHGX9LVRNLKVWUDQDXJRYRUQLFD
RGUHGEHaODQDLRYRJ3URWRNROD
VPDWUDMXVHGRGDWQLPaODQRYLPD.RQYHQ 
FLMHLVYHRGUHGEH.RQYHQFLMHSULPHQMXMX
VHXVNODGXVWLP
AODQ 
3RWSLV L UDWLILNDFLMD

2YDM 3URWRNRO MH RWYRUHQ ]D SRWSLV

aODQLFDPD 6DYHWD (YURSH NRMH VX SRWSLV 
QLFH .RQYHQFLMH RQ VH UDWLILNXMH LVWRYUH 
PHQRLOLSRVOHUDWLILNDFLMH.RQYHQFLMH2Q
VWXSDQDVQDJXSRVOHGHSRQRYDQMDGHVHW
LQVWUXPHQDWDUDWLILNDFLMH8SRJOHGXVYDNH
SRWSLVQLFHNRMDJDEXGHUDWLILNRYDODSRVOH
WRJD3URWRNROVWXSDQDVQDJXQDGDQND 
GDRQDGHSRQXMHVYRMLQVWUXPHQWUDWLILND 
FLMH
,QVWUXPHQWL UDWLILNDFLMH GHSRQXMX VH
NRGJHQHUDOQRJVHNUHWDUD6DYHWD(YURSH
NRML `H VYH aODQLFH REDYHVWLWL R LPHQLPD
RQLKaODQLFDNRMHVXL]YU^LOHUDWLILNDFLMX
6DaLQMHQR X 3DUL]X GDQD  PDUWD
QDHQJOHVNRPLIUDQFXVNRPMH]LNX

SULaHPXVXREDWHNVWDSR_HGQDNRYHUR 
GRVWRMQDXMHGQRPSULPHUNXNRMLVHSR 
KUDQMXMHXDUKLYL6DYHWD(YURSH*HQHUDOQL
VHNUHWDU`HGRVWDYLWLRYHUHQHSUHSLVHYODGL
VYDNHGUCDYHSRWSLVQLFH

 3URWRNRO EURM  X]

.RQYHQFLMX ]D ]D^WLWX OMXGVNLK
SUDYD L RVQRYQLK VORERGD
NRMLP VH REH]EH_XMX L]YHVQD
SUDYD L VORERGH NRML QLVX
XNOMXaHQL X .RQYHQFLMX L SUYL
SURWRNRO X] QMX L]PHQMHQX X
VNODGX V SURWRNRORP EU 

1D]LYLGRGDWQLKaODQRYDLWHNVWL]PH 
QMHQLVXXVNODGXVDRGUHGEDPD3URWRNROD
EURM(761RGDQRPVWXSDQMDQD
VQDJXQRYHPEUDJRGLQH
9ODGHSRWSLVQLFHNDRaODQLFH6DYHWD
(YURSH
5H^HQH GD SUHGX]PX NRUDNH GD EL
RVLJXUDOH VNXSQR VSURYR_HQMH L]YHVQLK
SUDYDLVORERGDNRMLQLVXXNOMXaHQLX'HR
, .RQYHQFLMH ]D ]D^WLWX OMXGVNLK SUDYD L
RVQRYQLK VORERGD SRWSLVDQH X 5LPX 
QRYHPEUDXGDOMHPWHNVWX.RQYHQ
FLMDm L aODQRYH  GR  3UYRJ 3URWRNROD
X] .RQYHQFLMX SRWSLVDQRJ X 3DUL]X 
PDUWD
6SRUD]XPHOHVXVHRVOHGH`HP
AODQ 
=DEUDQD ND]QH ]DWYRUD ]D GXJ

1LNRVHQHPRCHOL^LWLVORERGHVDPR
]DWR^WRQLMHXVWDQMXGDLVSXQLXJRYRUQX
REDYH]X
AODQ 
6ORERGD NUHWDQMD

 6YDNR NR VH ]DNRQLWR QDOD]L QD

WHULWRULMLMHGQHGUCDYHLPDQDWRMWHULWRULML
SUDYRQDVORERGXNUHWDQMDLVORERGXL]ER 
UDERUDYL^WD
6YDNRMHVORERGDQGDQDSXVWLELOR
NRMX]HPOMXXNOMXaXMX`LLVRSVWYHQX



6WUD]EXU  VHSWHPEUD  JRGLQH

0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 1LNDNYD RJUDQLaHQMD QH PRJX VH
SRVWDYLWLXRGQRVXQDYU^HQMHRYLKSUDYD
VHPRQLKNRMDVXXVNODGXVD]DNRQRPL
NRMD VX QHRSKRGQD X GHPRNUDWVNRP
GUX^WYXXLQWHUHVXQDFLRQDOQHEH]EHGQR 
VWL LOL MDYQH VLJXUQRVWL UDGL RaXYDQMD MDY 
QRJSRUHWND]DVSUHaDYDQMHNULPLQDOD]D
]D^WLWX ]GUDYOMD LOL PRUDOD LOL UDGL ]D^WLWH
SUDYDLVORERGDGUXJLK
3UDYDL]VWDYDPRJXVHWDNR_H
X L]YHVQLP REODVWLPD SRGYUJQXWL RJUDQL 
aHQMLPDNRMDVXXYHGHQDXVNODGXVD]D 
NRQRP L RSUDYGDQD MDYQLP LQWHUHVRP X
GHPRNUDWVNRPGUX^WYX
AODQ 
=DEUDQD SURWHULYDQMD VRSVWYHQLK
GUCDYOMDQD

 1LNR QH PRCH ELWL SURWHUDQ ELOR

SRMHGLQDaQRPELORNROHNWLYQRPPHURPV
WHULWRULMHGUCDYHaLMLMHGUCDYOMDQLQ
 1LNRQHPRCHELWLOL^HQ SUDYDGD
X_HQDWHULWRULMXGUCDYHaLMLMHGUCDYOMDQLQ
AODQ 
=DEUDQD JUXSQRJ SURWHULYDQMD VWUDQDFD

=DEUDQMHQR MH NROHNWLYQR SURWHULYD 

QMHVWUDQDFD
AODQ 
7HULWRULMDOQD SULPHQD

 6YDND 9LVRND VWUDQD XJRYRUQLFD

PRCHSULOLNRPSRWSLVLYDQMDLOLUDWLILNDFLMH
LOLXVYDNRGREDSRVOHWRJDGRVWDYLWLJH 
QHUDOQRP VHNUHWDUX 6DYHWD (YURSH L]MDYX
RWRPHXNRPRELPXSULKYDWDGDVHRG 
UHGEHRYRJ3URWRNRODSULPHQMXMXQDWHUL 
WRULMDPD ]D aLMH MH PH_XQDURGQH RGQRVH
RGJRYRUQDDNRMHMHR]QDaLODXL]MDYL
 6YDND 9LVRND VWUDQD XJRYRUQLFD
NRMDMHGRVWDYLODL]MDYXXVPLVOXSUHWKRG 
QRJVWDYDPRCHQDNQDGQRGDGRVWDYLQR 
YXL]MDYXNRMRPPHQMDXVORYHVDGUCDQHX
UDQLMRM L]MDYL LOL XNLGD SULPHQX RGUHGEL
RYRJ 3URWRNROD X RGQRVX QD ELOR NRMX
WHULWRULMX
,]MDYDGDWDXVNODGXVRYLPaODQRP
VPDWUD`H VH NDR GD MH GDWD X VNODGX VD
VWDYRPaODQD.RQYHQFLMH

7HULWRULMDVYDNHGUCDYHQDNRMXVH
SULPHQMXMH RYDM 3URWRNRO QD RVQRYX UDWL 
ILNDFLMHLOLSULKYDWDQMDLVYDNDWHULWRULMDQD
NRMXVHRYDM3URWRNROSULPHQMXMHQDRVQR 
YXL]MDYHWHGUCDYHGDWHQDRVQRYXRYRJ
aODQDVPDWUDMXVHRGYRMHQLPWHULWRULMDPD
XVPLVOXaODQDL
'UCDYDNRMDMHGDODL]MDYXXVNODGX
VDVWDYRPLOLRYRJaODQDPRCHXVYDNR
GREDL]MDYLWLXLPHMHGQHLOLYL^HWHULWRULMD
QDNRMHVHL]MDYDRGQRVLGDSULKYDWDQDG 
OHCQRVW6XGDGDSULPDSUHGVWDYNHRGSR 
MHGLQDFDQHYODGLQLKRUJDQL]DFLMDLOLJUXSD
SRMHGLQDFD SUHPD RGUHGEDPD aODQD 
.RQYHQFLMHDXYH]LaODQRYDGRRYRJ
3URWRNROD
AODQ 
2GQRV V .RQYHQFLMRP

8SRJOHGX9LVRNLKVWUDQDXJRYRUQLFD
RGUHGEH aODQD  GR  RYRJ 3URWRNROD
VPDWUDMXVHGRGDWQLPaODQRYLPD.RQYHQ 
FLMHLVYHRGUHGEH.RQYHQFLMHSULPHQMXMX
VHXVNODGXVWLP
AODQ 
3RWSLV L UDWLILNDFLMD

2YDM3URWRNROMHRWYRUHQ]DSRWSLV
aODQLFDPD 6DYHWD (YURSH NRMH VX SRWSLV 
QLFH .RQYHQFLMH RQ VH UDWLILNXMH LVWRYUH 
PHQRLOLSRVOHUDWLILNDFLMH.RQYHQFLMH2Q
VWXSDQDVQDJXSRVOHGHSRQRYDQMDSHWLQ 
VWUXPHQDWD UDWLILNDFLMH 8 SRJOHGX VYDNH
SRWSLVQLFHNRMDJDEXGHUDWLILNRYDODSRVOH
WRJD3URWRNROVWXSDQDVQDJXQDGDQND 
GDRQDGHSRQXMHLQVWUXPHQWUDWLILNDFLMH
 ,QVWUXPHQWL UDWLILNDFLMH GHSRQXMX
VHNRGJHQHUDOQRJVHNUHWDUD6DYHWD(YUR 
SH NRML `HVYHaODQLFHREDYHVWLWLRWRPH
NRMHVXaODQLFHL]YU^LOHUDWLILNDFLMX
8 SRWYUGX aHJD VX GROH SRWSLVDQL
SURSLVQR RYOD^`HQL X WRP FLOMX SRWSLVDOL
RYDM3URWRNRO
6DaLQMHQRX6WUD]EXUXGDQDPDU
WDQDHQJOHVNRPLIUDQFXVNRPMH]L 
NX SUL aHPX VX RED WHNVWD SRGMHGQDNR
PHURGDYQD X MHGQRP SULPHUNX NRML VH
SRKUDQMXMHXDUKLYL6DYHWD(YURSH*HQH 
UDOQLVHNUHWDU`HGRVWDYLWLRYHUHQHSUHSLVH
VYDNRMGUCDYLSRWSLVQLFL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 3URWRNRO EURM  X]

.RQYHQFLMX ]D ]D^WLWX OMXGVNLK
SUDYD L RVQRYQLK VORERGD R
XNLGDQMX VPUWQH ND]QH
L]PHQMHQX X VNODGX V
SURWRNRORP EU 

'UCDYH aODQLFH 6DYHWD (YURSH SRW

SLVQLFHRYRJ3URWRNRODX].RQYHQFLMX]D
]D^WLWXOMXGVNLKSUDYDLRVQRYQLKVORERGD
SRWSLVDQX X 5LPX  QRYHPEUD  X
GDOMHPWHNVWX.RQYHQFLMDm
6PDWUDMX`L GD SURPHQH GR NRMLK MH
GR^OR X QHNROLNR GUCDYD aODQLFD 6DYHWD
(YURSHL]UDCDYDMXRS^WXWHCQMXNDXNLGD 
QMXVPUWQHND]QH
6SRUD]XPHOHVXVHRVOHGH`HP
AODQ 
8NLGDQMH VPUWQH ND]QH

6PUWQD ND]QD VH XNLGD 1LNR VH QH

PRCHRVXGLWLQDVPUWQXND]QXLOLSRJXELWL
AODQ 
6PUWQD ND]QD ]D YUHPH UDWD

'UCDYD PRCH X VYRP ]DNRQRGDYVWYX

GDSUHGYLGLVPUWQXND]QX]DGHODL]YU^HQD
XGREDUDWDLOLQHSRVUHGQHUDWQHRSDVQRVWL
WDNYDND]QDSULPHQL`HVHVDPRXVOXaDMHYL 
PDSUHGYL_HQLP]DNRQRPLXVNODGXVQMH 
JRYLP RGUHGEDPD 'UCDYD REDYH^WDYD JH
QHUDOQRJ VHNUHWDUD 6DYHWD (YURSH R RGJR
YDUDMX`LPRGUHGEDPDWRJ]DNRQD
AODQ 
=DEUDQD RGVWXSDQMD

1LMHGQD RGUHGED RYRJ 3URWRNROD QH

PRCHVHXNLQXWLQDRVQRYXaODQD.RQ 
YHQFLMH
AODQ 
=DEUDQD UH]HUYL

1DRGUHGEHRYRJ3URWRNRODQHPRJX
VH VWDYOMDWL UH]HUYH QD RVQRYX aODQD 
.RQYHQFLMH
AODQ 
7HULWRULMDOQD SULPHQD

6YDNDGUCDYDPRCHSULOLNRPSRW
SLVLYDQMDLOLNDGDGHSRQXMHLQVWUXPHQWUD 

6WUD]EXU  DSULOD  JRGLQH

WLILNDFLMHSULKYDWDQMDLOLRGREUHQMDGDRG 
UHGLWHULWRULMXLOLWHULWRULMHQDNRMHVHRYDM
3URWRNROSULPHQMXMH
6YDNDGUCDYDPRCHXVYDNRGRED
SRVOH WRJD SXWHP L]MDYH XSX`HQH JHQH 
UDOQRP VHNUHWDUX 6DYHWD (YURSH GD
SUR^LUL SULPHQX RYRJ 3URWRNROD QD ELOR
NRMXGUXJXWHULWRULMXR]QDaHQXXL]MDYL8
SRJOHGXWDNYHWHULWRULMH3URWRNROVWXSDQD
VQDJX SUYRJ GDQD PHVHFD NRML QDVWXSD
SRVOHGDQDNDGDJHQHUDOQLVHNUHWDUSULPL
WDNYXL]MDYX
 6YDND L]MDYD XaLQMHQD QD RVQRYX
SUHWKRGQDGYDVWDYDPRCHXSRJOHGXWH 
ULWRULMHR]QDaHQHXQMRMGDVHSRYXaHSX 
WHP L]MDYH XSX`HQH JHQHUDOQRP VHNUHWD 
UX3RYODaHQMHL]MDYHLPDGHMVWYRRGSUYRJ
GDQDPHVHFDNRMLQDVWXSDQDNRQGDQDND 
GDMHJHQHUDOQLVHNUHWDUSULPLRWDNYRRED 
YH^WHQMH
AODQ 
2GQRV V .RQYHQFLMRP

8SRJOHGX9LVRNLKVWUDQDXJRYRUQLFD
RGUHGEH aODQD  GR  RYRJ 3URWRNROD
VPDWUDMXVHGRGDWQLPaODQRYLPD.RQYHQ 
FLMHLVYHRGUHGEH.RQYHQFLMHSULPHQMXMX
VHXVNODGXVWLP
AODQ 
3RWSLV L UDWLILNDFLMD

2YDM 3URWRNRO MH RWYRUHQ ]D SRWSLV

GUCDYDPD aODQLFDPD 6DYHWD (YURSH NRMH
VXSRWSLVQLFH.RQYHQFLMH2QVHUDWLILNXMH
SULKYDWD LOL RGREUDYD 'UCDYD aODQLFD 6D 
YHWD (YURSH QH PRCH GD UDWLILNXMH SULK 
YDWLLOLRGREULRYDM3URWRNRODNRQLMHLVWR 
YUHPHQR LOL SUHWKRGQR UDWLILNRYDOD .RQ 
YHQFLMX ,QVWUXPHQWL UDWLILNDFLMH SULKYDWD 
QMD LOL RGREUHQMD VH GHSRQXMX NRG JHQH 
UDOQRJVHNUHWDUD6DYHWD(YURSH
AODQ 
6WXSDQMH QD VQDJX

2YDM3URWRNROVWXSDQDVQDJXSU
YRJGDQDPHVHFDNRMLQDVWXSDSRVOHGDQD
NDGDMHSHWGUCDYDaODQLFD6DYHWD(YURSH
L]UD]LORVYRMSULVWDQDNGDLKRYDM3URWRNRO
REDYH]XMH X VNODGX VD RGUHGEDPD aODQD

 8 SRJOHGX VYDNH GUCDYH aODQLFH
NRMDSRVOHWRJDL]UD]LVYRMSULVWDQDNGDMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RYDM3URWRNROREDYH]XMHRQVWXSDQDVQD 
JXSUYRJGDQDPHVHFDNRMLQDVWXSDSRVOH
GDQDNDGDMHGHSRQRYDQLQVWUXPHQWUDWL 
ILNDFLMHSULKYDWDQMDLOLRGREUHQMD
AODQ 
)XQNFLMD GHSR]LWDUD

*HQHUDOQL VHNUHWDU 6DYHWD (YURSH

REDYH^WDYDGUCDYHaODQLFH6DYHWD(YURSH
R
D VYDNRP SRWSLVX
E GHSRQRYDQMX LQVWUXPHQWD UDWLILNDFL 
MH SULKYDWDQMD LOL RGREUHQMD
F VYDNRP GDWXPX VWXSDQMD QD VQDJX
RYRJ3URWRNRODXVNODGXVDaODQRYL 
PD  L 
G VYDNRMNRMRMGUXJRMUDGQMLREDYH^WH 
QMXLOLVDRS^WHQMXXYH]LVRYLP3UR 
WRNRORP
8 SRWYUGX aHJD VX GROH SRWSLVDQL
SURSLVQR RYOD^`HQL X WRP FLOMX SRWSLVDOL
RYDM3URWRNRO
6DaLQMHQR X 6WUD]EXUX GDQD  DS
ULODQDHQJOHVNRPLIUDQFXVNRPMH 
]LNXSULaHPXVXREDWHNVWDSR_HGQDNR
YHURGRVWRMQDXMHGQRPSULPHUNXNRMLVH
SRKUDQMXMHXDUKLYL6DYHWD(YURSH*HQH 
UDOQL VHNUHWDU 6DYHWD (YURSH `H GRVWDYLWL
RYHUHQHSUHSLVHVYDNRMGUCDYLaODQLFL6D 
YHWD(YURSH

 3URWRNRO EURM  X]

.RQYHQFLMX ]D ]D^WLWX OMXGVNLK
SUDYD L RVQRYQLK VORERGD
L]PHQMHQX X VNODGX V
SURWRNRORP EU 
'UCDYHSRWSLVQLFHaODQLFH6DYHWD(Y 
URSH
5H^HQHGDSUHGX]PXGDOMHNRUDNHGD
ELRVLJXUDOHVNXSQRVSURYR_HQMHL]YHVQLK
SUDYD L VORERGD SXWHP .RQYHQFLMH ]D
]D^WLWXOMXGVNLKSUDYDLRVQRYQLKVORERGD
SRWSLVDQH X 5LPX  QRYHPEUD  X
GDOMHPWHNVWX .RQYHQFLMDm
6SRUD]XPHOHVXVHRVOHGH`HP
6WUD]EXU  QRYHPEDU  JRGLQH

6WUDQDFNRML]DNRQLWRERUDYLQDWH 
ULWRULML MHGQH GUCDYH QH PRCH VH L] QMH
SURWHUDWLRVLPQDRVQRYXRGOXNHGRQHWH
XVNODGXVD]DNRQRPLLPDSUDYR
D GD L]QHVH UD]ORJH NRMLPD RVSRUDYD
SURWHULYDQMH
E GD VH QMHJRY VOXaDM SUHLVSLWD L
F GD X WX VYUKX EXGH ]DVWXSOMHQ SUHG
QDGOHCQLP RUJDQRP LOL OLFHP LOL OLFL 
PD NRMD WDM RUJDQ RGUHGL
6WUDQDFVHPRCHSURWHUDWLLSUHQH 
JR^WRLVNRULVWLVYRMDSUDYDSUHPDVWDYX
D E L F RYRJ aODQD DNR MH SURWHULYDQMH
QHRSKRGQR X LQWHUHVX MDYQRJ UHGD LOL VH
WHPHOML QD UD]OR]LPD QDFLRQDOQH EH]EHG 
QRVWL
AODQ 
3UDYR QD CDOEX X NULYLaQLP VWYDULPD

6YDNRNRMHRGOXNRPVXGDRVX_HQ
]D NULYLaQR GHOR LPD SUDYR GD QMHJRYX
RVXGXLOLND]QXSUHLVSLWDYL^LVXG2VWYD 
ULYDQMH RYRJ SUDYD XNOMXaXMX`L L RVQRYH
]D QMHJRYR NRUL^`HQMH XUH_XMH VH ]DNR 
QRP
 2YR SUDYR PRCH WUSHWL L]X]HWNH
NDGDMHUHaRGHOLPDPDQMHJ]QDaDMDNRMD
VX RGUH_HQD ]DNRQRP LOL X VOXaDMHYLPD
NDGD MH OLFX X SLWDQMX X SUYRP VWHSHQX
VXGLR QDMYL^L VXG LOL MH ELOR RVX_HQR QD
RVQRYXCDOEHQDRVORED_DMX`XSUHVXGX
AODQ 
1DNQDGD ]D SRJUH^QX RVXGX

AODQ 
=D^WLWD X SRVWXSNX SURWHULYDQMD VWUDQDFD

$NRMHQHNROLFHELORSUDYRVQDCQRP
SUHVXGRPRVX_HQR]ERJNULYLaQRJGHODL
DNR MH NDVQLMH QMHJRYD SUHVXGD ELOD XNL 
QXWD LOL MH ELR SRPLORYDQ ]ERJ WRJD ^WR
QHNDQRYDLOLQRYRRWNULYHQDaLQMHQLFDQH 
RVSRUQR XND]XMH GD VH UDGLOR R VXGVNRM
JUH^FL OLFH NRMH MH SUHWUSHOR ND]QX NDR
SRVOHGLFXWDNYHRVXGHGREL`HQDNQDGXX
VNODGX VD ]DNRQRP LOL SUDNVRP GRWLaQH
GUCDYHRVLPDNRVHQHGRNDCHGDMHRQR
X SRWSXQRVWL LOL GHOLPLaQR RGJRYRUQR ]D
WR ^WR QHSR]QDWDaLQMHQLFD QLMHEODJRYUH 
PHQRRWNULYHQD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
3UDYR GD VH QH EXGH VX_HQ LOL NDCQMHQ
GYDSXW X LVWRM VWYDUL

1LNRPHVHQHPRCHSRQRYRVXGLWL
QLWLVHPRCHSRQRYRND]QLWLXNULYLaQRP
SRVWXSNXXQDGOHCQRVWLLVWHGUCDYH]DGH 
OR]ERJNRJDMHYH`ELRSUDYRVQDCQRRV 
ORER_HQLOLRVX_HQXVNODGXVD]DNRQRP
LNULYLaQLPSRVWXSNRPWHGUCDYH
 2GUHGEH SUHWKRGQRJ VWDYD QH
VSUHaDYDMXSRQRYQRRWYDUDQMHSRVWXSNDX
VNODGX VD ]DNRQRP L NULYLaQLP SRVWXS 
NRP GDWH GUCDYH DNR SRVWRMH GRND]L R
QRYLPLOLQRYRRWNULYHQLPaLQMHQLFDPDLOL
DNRMHXUDQLMHPSRVWXSNXGR^ORGRELWQH
SRYUHGHNRMDMHPRJODGDXWLaHQDQMHJRY
LVKRG
 2YDM VH aODQ QH PRCH VWDYLWL YDQ
VQDJHQDRVQRYXaODQD.RQYHQFLMH
AODQ 
-HGQDNRVW VXSUXCQLND

8 YH]L V EUDNRP X WRNX EUDND L X

VOXaDMX QMHJRYRJ UDVNLGD VXSUXCQLFL VX
UDYQRSUDYQL X SRJOHGX PH_XVREQLKJUD 
_DQVNRSUDYQLKSUDYDLREDYH]DLXVYRP
RGQRVXSUHPDGHFL2YLPVHaODQRPGU 
CDYHQHVSUHaDYDMXGDSUHGX]LPDMXQHRS 
KRGQHPHUHXLQWHUHVXGHFH
AODQ 
7HULWRULMDOQD SULPHQD

6YDNDGUCDYDPRCHSULOLNRPSRW
SLVLYDQMDLOLNDGDGHSRQXMHLQVWUXPHQWUD 
WLILNDFLMHSULKYDWDQMDLOLRGREUHQMDGDRG 
UHGLWHULWRULMXLOLWHULWRULMHQDNRMHVHRYDM
3URWRNROSULPHQMXMHLGDQDYHGHVWHSHQX
NRPH`HVHQMHJRYHRGUHGEHSULPHQMLYDWL
QDWLPWHULWRULMDPD
 6YDNDGUCDYD PRCH XVYDNR GRED
SRVOHWRJDSXWHPL]MDYHXSX`HQHJHQHUDO 
QRPVHNUHWDUX6DYHWD(YURSHGDSUR^LULSUL 
PHQX RYRJ 3URWRNROD QD ELOR NRMX GUXJX
WHULWRULMXR]QDaHQXXL]MDYL8SRJOHGXWDNYH
WHULWRULMH3URWRNROVWXSDQDVQDJXSUYRJGD 
QDPHVHFDNRMLQDVWXSDSRVOHSURWRNDGYR 
PHVHaQRJSHULRGDRGGDQDNDGDJHQHUDOQL
VHNUHWDUSULPLWDNYXL]MDYX
 6YDND L]MDYD XaLQMHQD QD RVQRYX
SUHWKRGQDGYDaODQDPRCHXSRJOHGXWH 

ULWRULMH R]QDaHQHXQMRMGDVHSRYXaHLOL
L]PHQLSXWHPL]MDYHXSX`HQHJHQHUDOQRP
VHNUHWDUX3RYODaHQMHLOLL]PHQDL]MDYHLPD
GHMVWYRRGSUYRJGDQDPHVHFDNRMLQDVWX 
SD SRVOH SURWRND GYRPHVHaQRJ SHULRGD
RG GDQD NDGD JHQHUDOQL VHNUHWDU SULPL
WDNYXL]MDYX
 ,]MDYD GDWD X VNODGX VD RYLPaOD 
QRPVPDWUD`HVHNDRGDMHGDWDXVNODGX
VDVWDYRPaODQD.RQYHQFLMH
7HULWRULMDVYDNHGUCDYHQDNRMXVH
SULPHQMXMH RYDM 3URWRNRO QD RVQRYX UDWL 
ILNDFLMH SULKYDWDQMD L RGREUHQMD L VYDND
WHULWRULMDQDNRMXVHRYDM3URWRNROSULPH 
QMXMHQDRVQRYXL]MDYHWHGUCDYHQDRVQR 
YXRYRJaODQDPRJXVHVPDWUDWLRGYRMH 
QLPWHULWRULMDPDXVPLVOXaODQD
'UCDYDNRMDMHGDODL]MDYXXVNODGX
VDVWDYRPLOLRYRJaODQDPRCHXVYDNR
GREDL]MDYLWLXLPHMHGQHLOLYL^HWHULWRULMD
QDNRMHVHL]MDYDRGQRVLGDSULKYDWDQDG 
OHCQRVW6XGDGDSULPDSUHGVWDYNHRGSR 
MHGLQDFDQHYODGLQLKRUJDQL]DFLMDLOLJUXSD
SRMHGLQDFD SUHPD RGUHGEDPD aODQD 
.RQYHQFLMHDXYH]LaODQRYDGRRYRJ
3URWRNROD
AODQ 
2GQRV V .RQYHQFLMRP

8SRJOHGX9LVRNLKVWUDQDXJRYRUQLFD
RGUHGEH aODQD  GR  RYRJ 3URWRNROD
VPDWUDMXVHGRGDWQLPaODQRYLPD.RQYHQ 
FLMHLVYHRGUHGEH.RQYHQFLMHSULPHQMXMX
VHXVNODGXVWLP
AODQ 
3RWSLV L UDWLILNDFLMD

2YDM 3URWRNRO MH RWYRUHQ ]D SRWSLV

aODQLFDPD 6DYHWD (YURSH NRMH VX SRWSLV 
QLFH.RQYHQFLMH2QVHUDWLILNXMHSULKYDWD
LOLRGREUDYD'UCDYDaODQLFD6DYHWD(YUR 
SHQHPRCHGDUDWLILNXMHSULKYDWLLOLRGR 
EULRYDM3URWRNRODNRQLMHLVWRYUHPHQRLOL
SUHWKRGQRUDWLILNRYDOD.RQYHQFLMX,QVWUX 
PHQWLUDWLILNDFLMHSULKYDWDQMDLOLRGREUHQMD
VHGHSRQXMXNRGJHQHUDOQRJVHNUHWDUD6D 
YHWD(YURSH
AODQ 
6WXSDQMH QD VQDJX

2YDM3URWRNROVWXSDQDVQDJXSU
YRJGDQDPHVHFDNRMLQDVWXSDSRVOHSUR 
WRNDGYRPHVHaQRJSHULRGDRGGDQDNDGD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

MHVHGDPGUCDYDaODQLFD6DYHWD(YURSHL] 
UD]LOR VYRM SULVWDQDN GD LK RYDM 3URWRNRO
REDYH]XMH X VNODGX VD RGUHGEDPD aOD 
QD
 8 SRJOHGX VYDNH GUCDYH aODQLFH
NRMDSRVOHWRJDL]UD]LVYRMSULVWDQDNGDMH
RYDM3URWRNROREDYH]XMHRQVWXSDQDVQD 
JXSUYRJGDQDPHVHFDNRMLQDVWXSDSRVOH
SURWRND GYRPHVHaQRJ SHULRGD RG GDQD
NDGDMHGHSRQRYDQLQVWUXPHQWUDWLILNDFLMH
SULKYDWDQMDLOLRGREUHQMD
AODQ 
)XQNFLMD GHSR]LWDUD

*HQHUDOQL VHNUHWDU 6DYHWD (YURSH

REDYH^WDYDGUCDYHaODQLFH6DYHWD(YURSH
R
D VYDNRP SRWSLVX
E GHSRQRYDQMX LQVWUXPHQWD UDWLILNDFL 
MH SULKYDWDQMD LOL RGREUHQMD
F VYDNRP GDWXPX VWXSDQMD QD VQDJX
RYRJ3URWRNRODXVNODGXVDaODQRYL 
PD  L 
G VYDNRM GUXJRM UDGQML REDYH^WHQMX LOL
VDRS^WHQMX X YH]L V RYLP 3URWRNR
ORP
8 SRWYUGX aHJD VX GROHSRWSLVDQL
SURSLVQR RYOD^`HQL X WRP FLOMX SRWSLVDOL
RYDM3URWRNRO
6DaLQMHQR X 6WUD]EXUX GDQD  QR 
YHPEUDQDHQJOHVNRPLIUDQFXVNRP
MH]LNXSULaHPXVXREDWHNVWDSRGMHGQD 
NRYHURGRVWRMQDXMHGQRPSULPHUNXNRML
VHSRKUDQMXMHX$UKLYL6DYHWD(YURSH*H 
QHUDOQLVHNUHWDU6DYHWD(YURSH`HGRVWDYLWL
RYHUHQHSUHSLVHVYDNRMGUCDYLaODQLFL6D 
YHWD(YURSH

 3URWRNRO EURM  X]

.RQYHQFLMX ]D ]D^WLWX OMXGVNLK
SUDYD L RVQRYQLK VORERGD

'UCDYHSRWSLVQLFHaODQLFH6DYHWD(Y 
URSH
,PDMX`LXYLGXRVQRYQRQDaHORGDVX
VYL OMXGL MHGQDNL SUHG ]DNRQRP L LPDMX
SUDYRQDMHGQDNX]D^WLWX]DNRQD

5LP  QRYHPEDU  JRGLQH

6WXSD QD VQDJX  DSULOD 

5H^HQHGDSUHGX]PXGDOMHNRUDNHUD 
GLXQDSUH_LYDQMDMHGQDNRVWLVYLKOMXGLNR 
OHNWLYQRP SULPHQRP RS^WH ]DEUDQH GLV 
NULPLQDFLMH SXWHP .RQYHQFLMH ]D ]D^WLWX
OMXGVNLKSUDYDLRVQRYQLKVORERGDSRWSL 
VDQHX5LPXQRYHPEUDXGDOMHP
WHNVWX.RQYHQFLMDm
3RWYU_XMX`LGDQDaHORQHGLVNULPLQD 
FLMHQHVSUHaDYDSRWSLVQLFHGDSUHGX]LPD 
MXPHUHUDGLXQDSUH_LYDQMDSXQHLVWYDUQH
MHGQDNRVWLSRGXVORYRPGDSRVWRMLREMHN 
WLYQR L UD]XPQR RSUDYGDQMH ]D RYDNYH
PHUH
6DJODVLOHVXVHRVOHGH`HP
AODQ 
2S^WD ]DEUDQD GLVNULPLQDFLMH

6YDNRSUDYRNRMH]DNRQSUHGYL_D
RVWYDULYD`HVH EH] GLVNULPLQDFLMHSRELOR
NRP RVQRYX NDR QSU SROX UDVL ERML
NRCH MH]LNX YHURLVSRYHVWL SROLWLaNRP L
GUXJRP XYHUHQMX QDFLRQDOQRP LOL
GUX^WYHQRP SRUHNOX SRYH]DQRVWL V QDFL 
RQDOQRP PDQMLQRP LPRYLQL UR_HQMX LOL
GUXJRPVWDWXVX
 -DYQH YODVWL QH`H QL SUHPD NRPH
YU^LWLGLVNULPLQDFLMXSRRVQRYLPDNDR^WR
VXRQLSRPHQXWLXVWDYX
AODQ 
7HULWRULMDOQD SULPHQD

6YDNDGUCDYDPRCHXYUHPHSRW
SLVLYDQMDLOLSULOLNRPGHSRQRYDQMDLQVWUX 
PHQWD R UDWLILNDFLML SULKYDWDQMX LOL RGRE 
UHQMXR]QDaLWLWHULWRULMXLOLWHULWRULMHQDNR 
MLPD`HVHSULPHQMLYDWLRYDM3URNRO
6YDNDGUCDYDPRCHELORNDGDNDV 
QLMHGHNODUDFLMRPXSX`HQRPJHQHUDOQRP
VHNUHWDUX6DYHWD(YURSHSUR^LULWLSULPHQX
RYRJ 3URWRNROD QD QHNX GUXJX WHULWRULMX
R]QDaHQXXGHNODUDFLML3URWRNRO`HVWXSLWL
QDVQDJXXRGQRVXQDWDNYXWHULWRULMXSU 
YRJGDQDXPHVHFXSRVOHLVWHNDURNDRG
WULPHVHFDRGGDQDNDGDMHJHQHUDOQLVH 
NUHWDUSULPLRRYDNYXGHNODUDFLMX
6YDNDGHNODUDFLMDGDWDSRMHGQRP
RGGYDSUHWKRGQDVWDYDPRCHVHXRGQR 
VX QD VYDNX WHULWRULMX R]QDaHQX X GHNOD 
UDFLML SRYX`L LOL L]PHQLWL REDYH^WHQMHP
XSX`HQRP JHQHUDOQRP VHNUHWDUX 3RY 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

ODaHQMHLOLL]PHQDVWXSL`HQDVQDJXSUYRJ
GDQD X PHVHFX SRVOH LVWHND URND RG WUL
PHVHFDRGGDQDNDGDMH*HQHUDOQLVHNUH 
WDUSULPLRREDYH^WHQMH
 'HNODUDFLMD GDWD X VNODGX V RYLP
aODQRPVPDWUD`HVHVDJODVQRPVDVWDYRP
aODQD.RQYHQFLMH
6YDNDGUCDYDNRMDMHGDODGHNODUD 
FLMXXVNODGXVDVWDYRPLOLRYRJaODQD
PRCH X VYDNR YUHPH L]MDYLWL GD SULKYDWD
QDGOHCQRVWVXGDGDSULPDSUHGVWDYNHSR 
MHGLQDFDQHYODGLQLKRUJDQL]DFLMDLOLJUXSD
SRMHGLQDFDXRGQRVXQDaODQRYRJ3UR 
WRNRODVMHGQHLOLYL^HWHULWRULMDQDNRMHVH
GHNODUDFLMDRGQRVLNDR^WRMHSUHGYL_HQR
aODQRP.RQYHQFLMH
AODQ 
2GQRV SUHPD .RQYHQFLML

2GUHGEH aODQRYD  L  RYRJ 3URWR

NRODVPDWUD`HVHL]PH_XXJRYRUQLFDGR 
GDWQLPaODQRYLPD.RQYHQFLMHVYHRGUHG 
EH.RQYHQFLMH`HVHVKRGQRSULPHQMLYDWL
AODQ 
3RWSLV L UDWLILNDFLMD

2YDM3URWRNROEL`HRWYRUHQ]DSRWSL 
VLYDQMH RG VWUDQH GUCDYD aODQLFD 6DYHWD
(YURSHNRMHVXSRWSLVDOH.RQYHQFLMX2Q
SRGOHCHUDWLILNDFLMLSULKYDWDQMXLOLRGREUH 
QMX'UCDYDaODQLFD6DYHWD(YURSHQHPR 
CH UDWLILNRYDWL SULKYDWLWL LOL RGREULWL RYDM
3URWRNRODGDSUHWRJDLOLLVWRYUHPHQRQH
UDWLILNXMH.RQYHQFLMX,QVWUXPHQWLRUDWLIL 
NDFLML SULKYDWDQMX LOL RGREUHQMX GHSRQR 
YD`H VHNRGJHQHUDOQRJVHNUHWDUD6DYHWD
(YURSH
AODQ 
6WXSDQMH QD VQDJX

 2YDM 3URWRNRO VWXSL`H QD VQDJX

SUYRJ GDQD X PHVHFX SRVOH LVWHND URND
RG WUL PHVHFD RG GDQD NDGD VX GHVHW
GUCDYDaODQLFD6DYHWD(YURSHL]UD]LOHVDJ 
ODVQRVWGDLK3URWRNROREDYH]XMHXVNODGX
VRGUHGEDPDaODQD
 8 RGQRVX QD VYDNX GUCDYX NRMD
NDVQLMHL]UD]LVYRMXVDJODVQRVWGDEXGHQML 
PHREDYH]DQD3URWRNRO`HVWXSLWLQDVQD 
JXSUYRJGDQDXPHVHFXSRVOHLVWHNDURND
RG WUL PHVHFD RG GDQD GHSRQRYDQMD LQ 

VWUXPHQWD R UDWLILNDFLML SULKYDWDQMX LOL

RGREUHQMX
AODQ 
)XQNFLMH GHSR]LWDUD

*HQHUDOQL VHNUHWDU 6DYHWD (YURSH

REDYHVWL`H VYH GUCDYH aODQLFH6DYHWD(Y 
URSHR
D VYDNRP SRWSLVX
E GHSRQRYDQMX VYDNRJ LQVWUXPHQWD R
UDWLILNDFLMLSULKYDWDQMXLOLRGREUHQMX
F VYDNRP GDWXPX VWXSDQMD QD VQDJX
RYRJ 3URWRNROD X VNODGX V aODQRYL 
PD  L 
G VYDNRP GUXJRP DNWX REDYH^WHQMX
LOLGRSLVXNRMLVHWLaHRYRJ3URWRNR 
OD
8 SRWYUGX aHJD VX GROHSRWSLVDQH
SURSLVQRRSXQRPR`HQHOLaQRVWLSRWSLVDOH
RYDM3URWRNRO
6DaLQMHQRX5LPXGDQDQRYHPEUD
JRGLQHQDHQJOHVNRPLIUDQFXVNRP
MH]LNX V WLP GD VX RED WHNVWD MHGQDNR
DXWHQWLaQDXMHGQRPSULPHUNXNRML`HVH
GHSRQRYDWL X $UKLYL 6DYHWD (YURSH *H 
QHUDOQL VHNUHWDU 6DYHWD (YURSH GRVWDYL`H
RYHUHQHSUHSLVHVYDNRMaODQLFL6DYHWD(Y 
URSH

 3URWRNRO EURM  X]

.RQYHQFLMX ]D ]D^WLWX OMXGVNLK
SUDYD L RVQRYQLK VORERGD R
XNLGDQMX VPUWQH ND]QH X VYLP
RNROQRVWLPD

'UCDYH aODQLFH 6DYHWD (YURSH SRW

SLVQLFHRYRJ3URWRNROD
8YHUHQH GD MH SUDYR VYDNRJD QD
CLYRWRVQRYQDYUHGQRVWXGHPRNUDWVNRP
GUX^WYXLGDMHXNLGDQMHVPUWQHND]QHRG
VX^WLQVNH YDCQRVWL ]D ]D^WLWX RYRJ SUDYD
NDR L ]D SRWSXQR SUL]QDYDQMH XUR_HQRJ
GRVWRMDQVWYDVYLKOMXGVNLKEL`D
#HOH`L GD XaYUVWH ]D^WLWX SUDYD QD
CLYRW ]DMHPaHQRJ .RQYHQFLMRP R ]D^WLWL
OMXGVNLKSUDYDLRVQRYQLKVORERGDSRWSL 



9LOMQXV  PDM  JRGLQH

0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VDQRMX5LPXQRYHPEUDJRGLQH
XGDOMHPWHNVWX.RQYHQFLMD
,PDMX`LXYLGXGD3URWRNROX].RQ 
YHQFLMXNRMLVHRGQRVLQDXNLGDQMHVPUWQH
ND]QH SRWSLVDQ X 6WUD]EXUX  DSULOD
QHLVNOMXaXMHVPUWQXND]QX]DGHOD
SRaLQMHQDXYUHPHUDWQRJVWDQMDLOLVWDQMD
QHSRVUHGQHUDWQHRSDVQRVWL
5H^HQHGDSUHGX]PXRGOXaXMX`LNR 
UDNXFLOMXXNLGDQMDVPUWQHND]QHXVYLP
RNROQRVWLPD
6SRUD]XPHOHVXVHRVOHGH`HP
AODQ 
8NLGDQMH VPUWQH ND]QH

6PUWQD ND]QD VH XNLGD 1LNR VH QH

PRCHRVXGLWLQDVPUWQXND]QXLOLSRJXELWL
AODQ 
=DEUDQD RGVWXSDQMD

1LMHGQD RGUHGED RYRJ 3URWRNROD QH

PRCHVHXNLQXWLQDRVQRYXaODQD.RQ 
YHQFLMH
AODQ 
=DEUDQD VWDYOMDQMD UH]HUYL

1DRGUHGEHRYRJ3URWRNRODQHPRJX
VH VWDYOMDWL UH]HUYH QD RVQRYX aODQD 
.RQYHQFLMH
AODQ 
7HULWRULMDOQD SULPHQD

6YDNDGUCDYDPRCHXWUHQXWNXSRW 
SLVLYDQMD LOL GHSRQRYDQMD LQVWUXPHQDWD R
UDWLILNDFLML SULKYDWDQMX LOL RGREUDYDQMX
QD]QDaLWL WHULWRULMX LOL WHULWRULMHQDNRMHVH
RYDM3URWRNROSULPHQMXMH
 6YDND GUCDYD XJRYRUQLFD PRCH
QDNQDGQR L]MDYRP XSX`HQRP JHQHUDO 
QRPVHNUHWDUX6DYHWD(YURSHSUR^LULWLSUL 
PHQXRYRJ3URWRNRODQDQHNXGUXJXWH 
ULWRULMXQDYHGHQXXL]MDYL8RGQRVXQDWX
WHULWRULMX 3URWRNRO VWXSD QD VQDJX SUYRJ
GDQDXPHVHFXNRMLQDVWXSDSRLVWHNXSH 
ULRGDRGWULPHVHFDRGGDQDNDGDMHJH 
QHUDOQLVHNUHWDUSULPLRWXL]MDYX
6YHL]MDYHGDWHXVNODGXVSUHWKRG 
QDGYDVWDYDXRGQRVXQDVYDNXWHULWRULMX
QDYHGHQX X L]MDYL PRJX GD VH SRYXNX
QRWLILNDFLMRP GRVWDYOMHQRP JHQHUDOQRP
VHNUHWDUX 3RYODaHQMH VWXSD QDVQDJXSU 
YRJGDQDXPHVHFXNRMLQDVWXSDSRLVWHNX

SHULRGD RG WUL PHVHFD RG GDQD NDGD MH

JHQHUDOQLVHNUHWDUSULPLRSRPHQXWXQRWL 
ILNDFLMX
AODQ 
2GQRV SUHPD .RQYHQFLML

8SRJOHGX9LVRNLKVWUDQDXJRYRUQLFD
RGUHGEH aODQRYD  GR  RYRJ 3URWRNROD
VPDWUDMXVHGRGDWQLPaODQRYLPD.RQYHQ 
FLMHLVYHRGUHGEH.RQYHQFLMHSULPHQMXMX
VHXVNODGXVWLP
AODQ 
3RWSLV L UDWLILNDFLMD

2YDM 3URWRNRO MH RWYRUHQ ]D SRWSLV

GUCDYDPD aODQLFDPD 6DYHWD (YURSH NRMH
VXSRWSLVQLFH.RQYHQFLMH2QSRGOHCHUD 
WLILNDFLML SULKYDWDQMX LOL RGREUDYDQMX
'UCDYDaODQLFD6DYHWD(YURSHQHPRCHGD
UDWLILNXMHSULKYDWLLOLRGREULRYDM3URWRNRO
EH]SUHWKRGQHLOLLVWRYUHPHQHUDWLILNDFLMH
.RQYHQFLMH,QVWUXPHQWLRUDWLILNDFLMLSULK 
YDWDQMX LOL RGREUDYDQMX GHSRQXMXVH NRG
JHQHUDOQRJVHNUHWDUD6DYHWD(YURSH
AODQ 
6WXSDQMH QD VQDJX

2YDM3URWRNROVWXSDQDVQDJXSU
YRJGDQDXPHVHFXNRMLQDVWXSDSRLVWHNX
SHULRGD RG WUL PHVHFD RG GDQD NDGD MH
GHVHWGUCDYDaODQLFD6DYHWD(YURSHL]UD]L 
ORSULVWDQDNGDVHREDYHCXRYLP3URWRNR 
ORPXVNODGXVRGUHGEDPDaODQD
8RGQRVXQDGUCDYXaODQLFXNRMD
QDNQDGQRL]UD]LSULVWDQDNGDVHREDYHCH
RYLP3URWRNRORPRQVWXSDQDVQDJXSU 
YRJGDQDXPHVHFXNRMLQDVWXSDSRLVWHNX
SHULRGD RG WUL PHVHFD RG GDQD GHSRQR 
YDQMDLQVWUXPHQDWDRUDWLILNDFLMLSULKYDWD 
QMXLOLRGREUDYDQMX
AODQ 
)XQNFLMH GHSR]LWDUD

*HQHUDOQL VHNUHWDU 6DYHWD (YURSH

REDYH^WDYD VYH aODQLFH 6DYHWD (YURSH R
VOHGH`HP
D VYDNRP SRWSLVLYDQMX
E VYDNRP GHSRQRYDQMX LQVWUXPHQDWD
R UDWLILNDFLML SULKYDWDQMX LOL RGREUD
YDQMX
F VYDNRP GDWXPX VWXSDQMD QD VQDJX
RYRJ3URWRNRODXVNODGXVDaODQRYL 
PD  L 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

G VYDNRP GUXJRP SRVWXSNX RED
YH^WHQMXLOLVDRS^WDYDQMXNRMHVHRG 
QRVL QD RYDM 3URWRNRO
8 SRWYUGX WRJD VX GROH SRWSLVDQL
SURSLVQR RYOD^`HQL ]D WR SRWSLVDOL RYDM
3URWRNRO
6DaLQMHQR X 9LOMQXVX  PDMD 
JRGLQHQDHQJOHVNRPLIUDQFXVNRPMH]L 
NXSULaHPXVXREDWHNVWDYHURGRVWRMQD
XMHGQRPSULPHUNXNRML`HVHGHSRQRYDWL
X$UKLYX6DYHWD(YURSH*HQHUDOQLVHNUH 
WDU 6DYHWD (YURSH GRVWDYOMD RYHUHQH SUH 
SLVHVYDNRMGUCDYLaODQLFL6DYHWD(YURSH
3ULOLNRPGHSRQRYDQMDUDWLILNDFLRQRJ
LQVWUXPHQWDXVNODGXVDaODQRP.RQ
YHQFLMH]D]D^WLWXOMXGVNLKSUDYDLRVQRY
QLKVORERGD6UELMDL&UQD*RUDMHVWDYLOD
VOHGH`HUH]HUYH
 2GUHGEH aODQD  VWDY  WDaND F
L VWDY  QH`H XWLFDWL QD SULPHQX YDCH`LK
SUDYLODRREDYH]QRPSULWYRUX2YDUH]HU 
YDRGQRVLVHQDaODQVWDY=DNRQLND
RNULYLaQRPSRVWXSNX6OXCEHQLOLVW65-m
X5HSXEOLFL6UELMLNRMLSUHG 
YL_DREDYH]DQSULWYRUXVOXaDMXGDSRVWRML
RVQRYDQD VXPQMD GD MH OLFH L]YU^LOR NUL 
YLaQR GHOR ]D NRMH MH SUHGYL_HQD ND]QD
]DWYRUDXWUDMDQMXRGJRGLQD

6UELMDL&UQD*RUDL]UDCDYDVSUHP
QRVW GD X SRWSXQRVWL MHPaL SUDYD SUHG 
YL_HQDaODQRYLPDL.RQYHQFLMHVWLP
^WRRGUHGEHaODQDVWDYWDaNDFLaODQD
 VW  L  QH`H XWLFDWL QD SULPHQX aO
p =DNRQD R SUHNU^DMLPD 5HSXEOLNH
6UELMH6OXCEHQLJODVQLN656UELMHm
     
     L aO
p =DNRQD R SUHNU^DMLPD 5HSXEOLNH
&UQH*RUH6OXCEHQLOLVW5HSXEOLNH&UQH
*RUHmEUNR 
MLXUH_XMXSRVWXSDNSUHGSUHNU^DMQLPRU 
JDQLPD
 3UDYR QD MDYQX UDVSUDYX SUHG
YL_HQRaODQRPVWDY.RQYHQFLMHQH`H
XWLFDWLQDSULPHQXQDaHODGDXXSUDYQLP
VSRURYLPDVXGRYLX6UELMLSRSUDYLOXQH
RGUCDYDMX MDYQH UDVSUDYH 3RPHQXWR
QDaHOR VDGUCDQR MH XaODQX=DNRQDR
XSUDYQLP VSRURYLPD 6OXCEHQL OLVW 65-
EUX5HSXEOLFL6UELML
2GUHGEHaODQDQH`HVHSULPH 
QMLYDWL X SRJOHGX SUDYQLK OHNRYD NRML VX
XQDGOHCQRVWL6XGD6UELMHL&UQH*RUHVYH
GRNWDM6XGQHSRaQHVUDGRPXVNODGX
VDaOp8VWDYQHSRYHOMH



 A29(. , 0(?81$52'12 35$92 p $=,/

$3$75,', , ,=%(*/,&(
 .RQYHQFLMD L 3URWRNRO R VWDWXVX L]EHJOLFD
.219(1&,-$ 2 67$7868
,=%(*/,&$
892'
9LVRNH6WUDQHXJRYRUQLFH
VPDWUDMX`LGDVX3RYHOMD8MHGLQMHQLK
QDFLMDL2S^WDGHNODUDFLMDRSUDYLPDaRYH 
ND NRMX MH  GHFHPEUD  JRGLQH
RGREULOD *HQHUDOQD VNXS^WLQD SRWYUGLOH
SULQFLSGDOMXGVNDEL`DEH]UD]OLNHWUHED
GDXCLYDMXSUDYDaRYHNDLRVQRYQHVORER 
GH
VPDWUDMX`L GD MH 2UJDQL]DFLMD XMHGL 
QMHQLK QDFLMD X YL^H PDKRYD SRND]DOD
EULCQRVWDUDQMHNRMHSRND]XMH]DL]EHJOLFH
LGDMHQDVWRMDODGDRYLPREH]EHGLQDM^LUH
PRJX`HXCLYDQMHSUDYDaRYHNDLRVQRYQLK
VORERGD
VPDWUDMX`LGDMHSRCHOMQRGDVHUDQLML
PH_XQDURGQLVSRUD]XPLRVWDWXVXL]EHJ 
OLFD UHYLGLUDMX L NRGLILNXMX L GD VH SXWHP
QRYRJVSRUD]XPDSUR^LULSULPHQDWLKLQ 
VWUXPHQDWDL]D^WLWDNRMXRQLSUHWVWDYOMDMX
]DL]EHJOLFH
VPDWUDMX`LGDL]GDYDQMDSUDYDQDD]LO
PRJX QDVWDWL L]X]HWQR WH^NH REDYH]H ]D
QHNH]HPOMHLGD]DGRYROMDYDMX`HUH^HQMH
SUREOHPDaLMXMHPH_XQDURGQXYDCQRVWL
NDUDNWHUSUL]QDOD2UJDQL]DFLMDXMHGLQMHQLK
QDFLMD QH ELPRJORSRGWRPSUHWSRVWDY 


NRP GD VH SRVWLJQH EH] PH_XQDURGQH

VROLGDUQRVWL
L]UDCDYDMX`LCHOMXGDVYHGUCDYHNRMH
SUL]QDMX VRFLMDOQL L KXPDQLWDUQL NDUDNWHU
SUREOHPDL]EHJOLFDXaLQH^WRMHXQMLKRYRM
PR`LGDELVHL]EHJORGDWDMSUREOHPSR 
VWDQHUD]ORJ]DWHJQXWRVWLPH_XGUCDYDPD
X]LPDMX`LQD]QDQMHGD9LVRNLNRPH 
VDU8MHGLQMHQLKQDFLMD]DL]EHJOLFHLPD]D
]DGDWDNGDVHVWDUDRSULPHQLPH_XQDURG 
QLK NRQYHQFLMD NRMH REH]EH_XMX ]D^WLWX
L]EHJOLFDLXYL_DMX`LGD`HVWYDUQDNRRU 
GLQDFLMD PHUD SUHGX]HWLK ]D UH^HQMH WRJ
SUREOHPD ]DYLVLWL RG VDUDGQMH GUCDYD VD
9LVRNLPNRPHVDURP
VSRUD]XPHOHVXVHRVOHGH`HP

*ODYD ,
23>7( 2'5('%(
AODQ 
'HILQLFLMD L]UD]D L]EHJOLFDm

8VPLVOXRYHNRQYHQFLMHL]UD]L]EH
JOLFDm`HVHSULPHQMLYDWLQDVYDNROLFH
 NRMH VH VPDWUDOR NDR L]EHJOR OLFH
VKRGQR DUDQCPDQLPD RG  PDMD  L
MXQDJRGLQHLOLVKRGQRNRQYHQFL
MDPDRGRNWREUDLRGIHEUXDUD
JRGLQHL3URWRNROXRGVHSWHPEUD
 JRGLQH LOL SDN VKRGQR 8VWDYX
0H_XQDURGQHRUJDQL]DFLMH]DL]EHJOLFH

6WXSLODQDVQDJXDSULOD'RMDQXDUDUDWLILNRYDOHGUCDYH 6OOLVWX)150H_XQDURGQL XJRYRUL L GUXJLVSRUD]XPL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

2GOXNHRQHL]ERUQRVWLNRMHMHGRQHOD
0H_XQDURGQDRUJDQL]DFLMD]DL]EHJOLFH]D
YUHPH WUDMDQMD QMHQRJ PDQGDWD QH
VSUHaDYDMX GD VH VYRMVWYR L]EHJOLFH SUL] 
QDMHOLFLPDNRMDLVSXQMDYDMXXVORYHSUHG 
YL_HQHXSDUDJUDIXRYRJRGHOMND
 NRMH VH XVOHG GRJD_DMD QDVWDOLK
SUH  MDQXDUD  JRGLQH L ERMH`L VH
RSUDYGDQR GD `H ELWL SURJRQMHQR ]ERJ
VYRMHUDVHVYRMHYHUHVYRMHQDFLRQDOQRVWL
VYRMHSULSDGQRVWLQHNRMVRFLMDOQRMJUXSLLOL
VYRMLKSROLWLaNLKPL^OMHQMDQD_HL]YDQ]H 
POMHaLMHGUCDYOMDQVWYRRQRLPDLNRMHQH
CHOL LOL ]ERJ WRJD VWUDKD QH`H GD WUDCL
]D^WLWXWH]HPOMHLOLNRMHDNRQHPDGUCDY 
OMDQVWYD D QDOD]L VH L]YDQ ]HPOMH X NRMRM
MHLPDORVYRMHVWDOQRPHVWRERUDYNDXVOHG
WDNYLKGRJD_DMDQHPRCHLOL]ERJVWUDKD
QHCHOLGDVHXQMXYUDWL
8VOXaDMXNDGVHUDGLROLFXNRMHLPD
YL^HRGMHGQRJGUCDYOMDQVWYDL]UD]]HPOMH
aLMHGUCDYOMDQVWYRRQRLPDmRGQRVLVHQD
VYDNX ]HPOMX aLMH GUCDYOMDQVWYR WR OLFH
LPD1H`HVHVPDWUDWLGDMHOL^HQR]D^WLWH
]HPOMH aLMH GUCDYOMDQVWYR RQR LPD VYDNR
OLFH NRMH EH] RSUDYGDQRJ UD]ORJD RVQR 
YDQRJ QD RSUDYGDQRP VWUDKRYDQMX QLMH
WUDCLOR]D^WLWXMHGQHRG]HPDOMDaLMHGUCDY 
OMDQVWYRRQRLPD

8VPLVOXRYHNRQYHQFLMHUHaLGR
JD_DMLQDVWDOLSUHMDQXDUDJRGLQHm
NRMHVHQDOD]HXaODQXRGHOMDN$PRJX
VHUD]XPHWLNDR
D GRJD_DMLQDVWDOLSUHMDQXDUD
JRGLQH X (YURSLm LOL
E GRJD_DMLQDVWDOLSUHMDQXDUD
JRGLQH X (YURSL LOL GUXJGHm
L VYDND GUCDYD `H SULOLNRP SRWSLVL
YDQMDUDWLILNDFLMHLOLSULVWXSDQMDGDWLL]MD 
YX NRMRP `H SUHFL]LUDWL ]QDaDM NRML GDMH
WRPL]UD]XXSRJOHGXREDYH]DNRMHX]LPD
QDVHEHQDRVQRYXRYHNRQYHQFLMH
 6YDND 'UCDYD XJRYRUQLFD NRMD MH
XVYRMLOD REUD]DF D PRCH X VYDNR GRED
SUR^LULWLVYRMHREDYH]HXVYDMDMX`LREUD]DF
E QRWLILNDFLMRP XSX`HQRP JHQHUDOQRP
VHNUHWDUX8MHGLQMHQLKQDFLMD

&

2YD NRQYHQFLMD `H X GROH QDYHGH 

QLPVOXaDMHYLPDSUHVWDWLGDVHSULPHQMXMH
QDVYDNROLFHQDNRMHVHRGQRVHRGUHGEH
JRUQMHJRGHOMND$
 DNR MH RQR GREURYROMQR SRQRYR
WUDCLOR ]D^WLWX ]HPOMH aLMH GUCDYOMDQVWYR
RQRLPDLOL
DNRMHSR^WRMHL]JXELORGUCDYOMDQ 
VWYR WH ]HPOMH RQR SRQRYR GREURYROMQR
SULPLORLOL
DNRMHVWHNORQRYRGUCDYOMDQVWYRL
XCLYD ]D^WLWX ]HPOMH aLMH MH GUCDYOMDQVWYR
VWHNORLOL
 DNR VH GREURYROMQR YUDWLOR GD EL
VHQDVWDQLORX]HPOMLNRMXMHQDSXVWLORLOL
L]YDQ NRMH MH CLYHOR L] VWUDKD GD `H ELWL
SURJRQMHQRLOL
DNRSR^WRVXRNROQRVWLXVOHGNR 
MLKMHRQRELORSUL]QDWR]DL]EHJOLFXSUH 
VWDOH GD SRVWRMH RQR QH PRCH L GDOMH GD
RGELMDWUDCLWL]D^WLWX]HPOMHaLMHGUCDYOMDQ 
VWYRLPD
SRGUD]XPHYDMX`L PH_XWLP GD VH
RGUHGEH RYRJD SDUDJUDID QH`H SULPHQML 
YDWLQDVYDNRJL]EHJOLFXRNRPHMHUHaX
SDUDJUDIX  RGHOMND $ RYRJD aODQD NRML
PRCHUDGLRGELMDQMDWUDCHQMD]D^WLWH]HP 
OMHaLMHGUCDYOMDQVWYRLPDQDYHVWLNDWHJR 
ULaQHUD]ORJHRUDQLMLPSURJRQLPD
 NDG VH UDGL R OLFX NRMH QHPD
GUCDYOMDQVWYR DNR MH SR^WR VX RNROQRVWL
XVOHGNRMLKMHRQRELORSUL]QDWR]DL]EHJ 
OLFX SUHVWDOH GD SRVWRMHRQRXVWDQMXGD
VHYUDWLX]HPOMXXNRMRMMHLPDORXRELaDMH 
QRPHVWRERUDYND
3RGUD]XPHYDMX`L PH_XWLP GD VH
RGUHGEH RYRJD SDUDJUDID QH`H SULPHQML 
YDWLQDVYDNRJL]EHJOLFXRNRPHMHUHaX
SDUDJUDIX  RGHOMND $ RYRJD aODQD NRML
PRCHGDELRGELRGDVHYUDWLX]HPOMXX
NRMRMMHLPDRXRELaDMHQRPHVWRERUDYND
GD QDYHGH NDWHJRULaQH UD]ORJH R UDQLMLP
SURJRQLPD

'

2YDNRQYHQFLMDVHQH`HSULPHQMLYDWL
QDOLFDNRMDVDGDXCLYDMX]D^WLWXLOLSRPR`



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QHNRJRUJDQL]PDLOLXVWDQRYH8MHGLQMHQLK
QDFLMD RVLP 9LVRNRJ NRPHVDUD 8MHGLQMH 
QLKQDFLMD]DL]EHJOLFH
.DGWD]D^WLWDLOLSRPR`EXGHSUHVWD 
ODL]PDNRJUD]ORJDDGDVXGELQDWLKOLFD
QLMHGHILQLWLYQRUH^HQDVKRGQRUH]ROXFLMD 
PD R WRPH NRMH MH XVYRMLOD *HQHUDOQD
VNXS^WLQD8MHGLQMHQLKQDFLMDWDOLFD`HSX 
QRSUDYQRPR`LGDVHNRULVWHUHCLPRPRYH
NRQYHQFLMH

(
2YDNRQYHQFLMDVHQH`HSULPHQMLYDWL
QD OLFD ]D NRMH QDGOHCQH YODVWL ]HPOMH X
NRMRM MH WR OLFH L]DEUDOR VYRMH PHVWR ER 
UDYND VPDWUDMX GD LPD SUDYD L GXCQRVWL
YH]DQH ]D SRVHGRYDQMH GUCDYOMDQVWYD WH
]HPOMH

)
2GUHGEHRYHNRQYHQFLMHQH`HVHSUL 
PHQMLYDWL QD OLFD ]D NRMD SRVWRMH R]ELOMQL
UD]OR]LGDVHPLVOL
D GD VX SRaLQLOD ]ORaLQ SURWLY PLUD
UDWQL]ORaLQLOL]ORaLQSURWLYaRYHaDQ 
VWYDXVPLVOXPH_XQDURGQLKLQVWUX 
PHQDWD NRML VX L]UD_HQL ]D SUHG
YL_DQMH RGUHGEH R WLP ]ORaLQLPD
E GD VX SRaLQLOD WHCDN ]ORaLQ SUHPD
PH_XQDURGQRP SUDYX L]YDQ ]HPOMH
NRMDLKMHSULKYDWLODSUHQHJR^WRVX
X QMX SULPOMHQL NDR L]EHJOLFH
F GD VX NULYD ]D SRVWXSNH NRML VX X
VXSURWQRVWL VD FLOMHYLPD L QDaHOLPD
8MHGLQMHQLK QDFLMD
AODQ 
2S^WH REDYH]H

6YDNL L]EHJOLFD LPD SUHPD ]HPOML X

NRMRM VH QDOD]L GXCQRVWL NRMH QDURaLWR
VDGUCHREDYH]XGDVHSRYLQXMH]DNRQLPD
L SURSLVLPD NDR L PHUDPD ]D RGUCDYDQMH
MDYQRJUHGD
AODQ 
1HGLVNULPLQDFLMD

'UCDYH XJRYRUQLFH `H SULPHQMLYDWL

RGUHGEHRYHNRQYHQFLMHQDL]EHJOLFHEH]
GLVNULPLQDFLMHXSRJOHGXUDVHYHUHLOL]H 
POMHSRUHNOD

AODQ 
9HUD

'UCDYH XJRYRUQLFH `H SULPHQMLYDWL

SUHPDL]EHJOLFDPDQDVYRMRMWHULWRULMLSR 
VWXSDNNRML`HELWLEDULVWRWDNRSRYROMDQ
NDR L SRVWXSDN NRML SULPHQMXMX SUHPD
VYRMLP GUCDYOMDQLPD X SRJOHGX VORERGH
YHURLVSRYHVWL L X SRJOHGX VORERGH YHUV 
NRJYDVSLWDQMDQMLKRYHGHFH
AODQ 
3UDYD GDWD QH]DYLVQR RG RYH NRQYHQFLMH

1LMHGQDRGUHGEDRYHNRQYHQFLMHQH
GLUDXGUXJXSUDYDLSUHGQRVWLGDWHL]EH 
JOLFDPDQH]DYLVQRRGRYHNRQYHQFLMH
AODQ 
,]UD] SRG LVWLP RNROQRVWLPDm

8 VPLVOX RYH NRQYHQFLMH L]UD] SRG

LVWLP RNROQRVWLPDm SRGUD]XPHYD GD VYL
XVORYLDSRVHEQRRQLNRMLVHRGQRVHQD
WUDMDQMHLQDXVORYHERUDYNDLOLSUHELYDQMD
NRMH ]DLQWHUHVRYDQR OLFH WUHED GD LVSXQL
GD EL PRJOR GD XCLYD SUDYR R NRPH MH
UHaWUHEDGDVHLVSXQHRVLPXVORYDNRMH
]ERJ QMLKRYH SULURGH L]EHJOLFD QH PRCH
GDLVSXQMDYD
AODQ 
2VORER_HQMH RG UHFLSURFLWHWD

3RGUH]HUYRPSRYROMQLMLKRGUHGD
EDSUHGYL_HQLKRYRPNRQYHQFLMRPVYDND
'UCDYDXJRYRUQLFD`HSUHPDL]EHJOLFDPD
SULPHQMLYDWL UHCLP NRML SULPHQMXMH QD
VWUDQFHXRS^WH
 3RVOH ERUDYND RG WUL JRGLQH VYH
L]EHJOLFH QD WHULWRULML 'UCDYD XJRYRUQLFD
XCLYD`H RVORER_HQMH RG ]DNRQRGDYQRJ
UHFLSURFLWHWD
6YDND 'UCDYDXJRYRUQLFD`H QDV
WDYLWLGDL]EHJOLFDPDGDMHSUDYDLSUHGQR 
VWLQDNRMHVXRQLYH`PRJOLSUHWHQGRYDWL
XQHGRVWDWNXUHFLSURFLWHWDQDGDQVWXSD 
QMDQDVQDJXRYHNRQYHQFLMH]DSRPHQXWX
GUCDYX
 'UCDYH XJRYRUQLFH `H V EODJRQD
NORQR^`XSUHGYLGHWLPRJX`QRVWGDL]EHJ 
OLFDPD GDMX X QHGRVWDWNX UHFLSURFLWHWD
SUDYDLSUHGQRVWLRVLPRQLKQDNRMHPRJX
SUHWHQGRYDWL QD RVQRYX SDUDJUDID  L 
NDRLPRJX`QRVWGDL]EHJOLFHNRMHQHLV 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SXQMDYDMXXVORYHRNRMLPDMHUHaXSDUD 
JUDILPD  L  PRJX XCLYDWL RVORER_HQMH
RGUHFLSURFLWHWD
 2GUHGEH JRUQMLK SDUDJUDID  L 
SULPHQMXMX VH LVWR WDNR QD SUDYD L SUHG 
QRVWLRNRMLPDMHUHaXaO
LRYHNRQYHQFLMHNDRLQDSUDYDLSUHG 
QRVWLNRMLQLVXQMRPHSUHGYL_HQL
AODQ 
2VORER_HQMH RG L]X]HWQLK PHUD

.DGVHUDGLRL]X]HWQLPPHUDPDNRMH
PRJXELWLSUHGX]HWHSURWLYOLaQRVWLGREDUD
LOL LQWHUHVD GUCDYOMDQD QHNH RGUH_HQH
GUCDYH'UCDYHXJRYRUQLFHQH`HSULPHQMLYD 
WLWHPHUHQDL]EHJOLFXNRMLMHIRUPDOQRSR 
UHNORP L] WH GUCDYH MHGLQR ]ERJ QMHJRYRJ
GUCDYOMDQVWYD'UCDYHXJRYRUQLFHNRMH]ERJ
VYRJ ]DNRQRGDYVWYD QH PRJX SULPHQLWL
RS^WHQDaHORXWYU_HQRXRYRPaODQXRGR 
EUL`H X RGJRYDUDMX`LP VOXaDMHYLPD RVOR
ER_HQMDXNRULVWWDNYLKL]EHJOLFD
AODQ 
3ULYUHPHQH PHUH

GROD]LSRVOHGHSRUWRYDQMDUDaXQD`HVH]D
VYDNXVYUKX]DNRMXMHSRWUHEQRQHSUHNL 
GDQERUDYDNNDRGDVDaLQMDYDMXMHGDQMH 
GLQLLQHSUHNLGDQYUHPHQVNLUD]PDN
AODQ 
3RPRUFL L]EHJOLFH

8VOXaDMXNDGVHUDGLRL]EHJOLFDPD
UHGRYQR ]DSRVOHQLP NDR aODQRYL SRVDGH
QD QHNRP EURGX NRML YLMH ]DVWDYX QHNH
'UCDYHXJRYRUQLFHWDGUCDYD`HVEODJR 
QDNORQR^`XSURXaLWLPRJX`QRVWGDSRPH 
QXWLP L]EHJOLFDPD RGREUL GD VH QDVWDQH
QD QMHQRM WHULWRULML L GD LP L]GD SXWQH LV 
SUDYHLOLGDLKSULYUHPHQRSULPLQDVYRMX
WHULWRULMXQDURaLWRUDGLWRJDGDRODN^DQML 
KRYRQDVWDQMLYDQMHXQHNRMGUXJRM]HPOML

*ODYD ,,
35$91, 32/2#$AODQ 
/LaQL VWDWXV

AODQ 
6WDOQRVW ERUDYND

/LaQLVWDWXVVYDNRJL]EHJOLFHUHJX 
OLVD`HVH]DNRQRP]HPOMHQMHJRYRJGRPL 
FLOD LOL DNR GRPLFLOD QHPD ]DNRQRP ]H 
POMHQMHJRYRJPHVWDSUHELYDQMD
 6YDND 'UCDYD XJRYRUQLFD SR^WR
YD`HSUDYDNRMDMHL]EHJOLFDUDQLMHVWHNDR
LNRMDSURLVWLaXL]OLaQRJVWDWXVDDSRVHE 
QR RQD NRMD QDVWDMX L] EUDND SRGUH]HU 
YRPDNRMHSRWUHEQRLVSXQMHQMDIRUPDO 
QRVWL SUHGYL_HQLK ]DNRQRGDYVWYRP SR 
PHQXWH GUCDYH V WLP ^WR SUDYR R NRPH
VHUDGLWUHEDGDEXGHRGRQLKSUDYDNRMD
EL ELOD SUL]QDWD ]DNRQRGDYVWYRP SRPH 
QXWH GUCDYH GD ]DLQWHUHVRYDQR OLFH QLMH
SRVWDORL]EHJOLFD

 $NR MH L]EHJOLFD ELR GHSRUWRYDQ

WRNRP'UXJRJVYHWVNRJUDWDLWUDQVSRUWR 
YDQQDWHULWRULMXMHGQHRG'UCDYDXJRYRU 
QLFDLXQMRMSUHELYDWUDMDQMHWRJSULQXG 
QRJ ERUDYND UDaXQD`H VH NDR UHGRYQR
SUHELYDQMHQDWRMWHULWRULML
$NRMHQHNLL]EHJOLFDELRGHSRUWR 
YDQVDWHULWRULMHMHGQH'UCDYHXJRYRUQLFH
WRNRP 'UXJRJ VYHWVNRJ UDWD L X QMX VH
YUDWLRSUHVWXSDQMDQDVQDJXRYHNRQYHQ 
FLMH GD EL VH WX QDVWDQLR YUHPHQVNL UD] 
PDNNRMLSUHWKRGLGHSRUWRYDQMXLRQDMNRML

'UCDYHXJRYRUQLFH`HSUHPDVYDNRM
L]EHJOLFL SULPHQMLYDWL ^WR MH PRJX`H SR 
YROMQLMLSRVWXSDNDQDVYDNLQDaLQSRVWX 
SDNNRMLQH`HELWLPDQMHSRYROMDQRGRQR 
JDNRMLMHSULPOMHQSRGLVWLPRNROQRVWLPD
QDVWUDQFHXRS^WHXSRJOHGXVWLFDQMDSR 
NUHWQHLQHSRNUHWQHLPRYLQHLGUXJLKSUD 
YD NRMD VH QD WR RGQRVH L]QDMPOMLYDQMDL
GUXJLKXJRYRUDNRMLVHRGQRVHQDSRNUHW 
QXLQHSRNUHWQXLPRYLQX

1LMHGQDRGRGUHGDEDRYHNRQYHQFL 
MH QHPD ]D FLOM GD VSUHaL QHNX 'UCDYX
XJRYRUQLFX ]D YUHPH UDWD LOL X GUXJLP
WH^NLP L L]X]HWQLP RNROQRVWLPD GD SUH 
GX]PH SULYUHPHQR SUHPD QHNRP RG 
UH_HQRPOLFXPHUHNRMHWDGUCDYDVPDWUD
QHRSKRGQLP ]D QDFLRQDOQX EH]EHGQRVW
X RaHNLYDQMX GD SRPHQXWD 'UCDYD XJR 
YRUQLFDXVWDQRYLGDMHWROLFH]DLVWDL]EH 
JOLFDLGDMHSULPHQDSRPHQXWLKPHUDSUH 
PD QMHPX SRWUHEQD XLQWHUHVXQMHQHQD 
FLRQDOQHEH]EHGQRVWL

AODQ 
3RNUHWQD L QHSRNUHWQD LPRYLQD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
,QWHOHNWXDOQD L LQGXVWULVND VYRMLQD

8SRJOHGX]D^WLWHLQGXVWULVNHVYRMLQH
QDURaLWRL]XPDFUWHCDPRGHODIDEULaNLK
R]QDNDNRPHUFLMDOQLKLPHQDLXSRJOHGX
]D^WLWHNQMLCHYQHXPHWQLaNHLQDXaQHVYR 
MLQHVYDNLL]EHJOLFDXCLYD`HX]HPOMLJGH
LPDVYRMHXRELaDMHQRPHVWRERUDYND]D^WL 
WX NRMD VH GDMH L GUCDYOMDQLPD SRPHQXWH
]HPOMH1DWHULWRULMLPDNRMHGUXJH'UCDYH
XJRYRUQLFH RQL `H XCLYDWL ]D^WLWX NRMD VH
QD SRPHQXWRM WHULWRULML GDMH GUCDYOMDQLPD
]HPOMH X NRMRM L]EHJOLFD LPD VYRMH XR 
ELaDMHQRPHVWRERUDYND
AODQ 
3UDYD XGUXCLYDQMD

'UCDYH XJRYRUQLFH `H SULPHQMLYDWL

SUHPD L]EHJOLFDPD NRML ERUDYH UHGRYQR
QDQMLKRYRMWHULWRULMLXSRJOHGXXGUXCHQMD
NRMDQHPDMXSROLWLaNLFLOMLNRMDQLVXOXN 
UDWLYQD L X SRJOHGXVWUXNRYQLKVLQGLNDWD
QDMSRYROMQLML SRVWXSDN NRML VH SRG LVWLP
RNROQRVWLPDSULPHQMXMHSUHPDGUCDYOMDQL 
PDQHNHVWUDQH]HPOMH
AODQ 
3UDYR SRMDYOMLYDQMD SUHG VXGRP

6YDNLL]EHJOLFD`HLPDWLQDWHULWR 
ULML'UCDYDXJRYRUQLFDVORERGDQLODNSUL 
VWXSSUHGVXGRYH
8'UCDYLXJRYRUQLFLJGHLPDVYRMH
XRELaDMHQRPHVWRERUDYNDVYDNLL]EHJOLFD
XCLYD`H LVWL SRVWXSDNNDRL GUCDYOMDQLQX
SRJOHGX SULVWXSD SUHG VXGRYH XN
OMXaXMX`LVXGVNXSRPR`LRVORER_HQMHRG
FDXWLRMXGLFDWXPVROYL
 8 'UCDYDPD XJRYRUQLFDPD YDQ
RQH X NRMRM LPD VYRMH XRELaDMHQR PHVWR
ERUDYNDLXSRJOHGXSLWDQMDRNRMLPDMH
UHaXSDUDJUDIXVYDNLL]EHJOLFDXCLYD`H
LVWL SRVWXSDN NDR L GUCDYOMDQLQ ]HPOMH X
NRMRMRQLPDVYRMHXRELaDMHQRPHVWRER 
UDYND

*ODYD ,,,
/8.5$7,91$ =$326/(1-$
AODQ 
3OD`HQH SURIHVLMH

UDYLQDQMLKRYRMWHULWRULMLQDMSRYROMQLMLSR 
VWXSDNNRMLVHSRGLVWLPRNROQRVWLPDSUL 
PHQMXMHQDGUCDYOMDQHQHNHVWUDQH]HPOMH
XSRJOHGXYU^HQMDQHNHSOD`HQHSURIHVLR 
QDOQHGXCQRVWL
 8 VYDNRP VOXaDMX PHUH RJUD
QLaHQMDQDPHWQXWHVWUDQFLPDLOLXSRVOHQMX
VWUDQDFDUDGL]D^WLWHGRPD`HJWUCL^WDUDGD
QH`H VH SULPHQMLYDWL QD L]EHJOLFH NRML VX
RGVWUDQH]DLQWHUHVRYDQH'UCDYHXJRYRU 
QLFHWRJDYH`ELOLRVORER_HQLQDGDQVWX 
SDQMD QD VQDJX RYH NRQYHQFLMH LOL QD L] 
EHJOLFHNRMLLVSXQMDYDMXMHGDQRGVOHGH`LK
XVORYD
D DNR VX WUL JRGLQH ERUDYLOL X WRM ]H 
POML
E DNRLPDMX]DEUDaQRJGUXJDOLFHNR 
MHLPDGUCDYOMDQVWYR]HPOMHERUDYND
,]EHJOLFD QH PRCH ]DKWHYDWL SUDYR
NRUL^`HQMD RYRP RGUHGERP X
VOXaDMX GD QDSXVWL VYRJ EUDaQRJ
GUXJD
F DNR LPD MHGQR LOL YL^H GHFH NRMD
LPDMX GUCDYOMDQVWYR ]HPOMH ERUDYND
'UCDYHXJRYRUQLFH`HUD]PRWULWLVD
EODJRQDNORQR^`X XVYDMDQMH PHUD NRMH
LPDMX ]D FLOM GD SUDYD VYLK L]EHJOLFD X
SRJOHGX YU^HQMD SOD`HQLK SURIHVLMD L]MHG 
QDaH VD SUDYLPD QMLKRYLK GUCDYOMDQD L WR
QDURaLWR]DL]EHJOLFHNRMLVXX^OLQDQMLKR 
YXWHULWRULMXVKRGQRSULPHQLSURJUDPDUH 
JUXWRYDQMDUDGQHVQDJHLOLSODQXXVHOMDYD 
QMD
AODQ 
1HSOD`HQH SURIHVLMH

'UCDYHXJRYRUQLFHSULPHQMLYD`HSUH 
PD L]EHJOLFDPD NRMH VH UHGRYQR QDOD]H
QDQMLKRYRMWHULWRULML^WRMHPRJX`HSRYROM 
QLMLSRVWXSDNDXVYDNRPVOXaDMXSRVWX 
SDN NRML QLMH PDQMH SRYROMDQ RG RQRJD
NRMLSRGLVWLPRNROQRVWLPDSULPHQMXMHQD
VWUDQFH XRS^WH X SRJOHGX YU^HQMD QHNH
QHSOD`HQHSURIHVLMHXSROMRSULYUHGLLQGX 
VWULML ]DQDWVWYX L WUJRYLQLNDRLVWYDUDQMX
NRPHUFLMDOQLKLLQGXVWULMVNLKGUX^WDYD
AODQ 
6ORERGQH SURIHVLMH

'UCDYHXJRYRUQLFH`HSULPHQMLYDWL
SUHPDVYDNRPL]EHJOLFLNRMLUHGRYQRER 

 6YDND 'UCDYD XJRYRUQLFD `H SUL

PHQMLYDWLSUHPDL]EHJOLFDPDNRMLUHGRYQR



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

ERUDYH QD QMHQRM WHULWRULML D NRML LPDMX
GLSORPHSUL]QDWHRGVWUDQHQDGOHCQLKYOD 
VWLSRPHQXWHGUCDYHLCHOHYU^LWLQHNXVOR 
ERGQXSURIHVLMX^WRMHPRJX`HSRYROMQLML
SRVWXSDN D X VYDNRP VOXaDMX SRVWXSDN
NRML QLMH PDQMH SRYROMDQ RG RQRJD NRML
SRG LVWLP XVORYLPD SULPHQMXMX SUHPD
VWUDQFLPDXRS^WH
'UCDYHXJRYRUQLFHXaLQL`HVYH^WR
MH X QMLKRYRM PR`L VKRGQR QMLKRYLP ]D 
NRQLPDLXVWDYLPDGDELREH]EHGLOHQDV 
WDQMHQH RGUH_HQLK L]EHJOLFD QD WHULWRULML
YDQPHWURSROHaLMHPH_XQDURGQHRGQRVH
RQHREH]EH_XMX

SUHPDVWUDQFLPDXRS^WHXSRJOHGXGUXJLK
NDWHJRULMD QDVWDYH RVLP RVQRYQH D QD 
URaLWRXSRJOHGXSULVWXSDQDVWXGLMHSUL] 
QDYDQMH VYHGRaDQVWDYD R VWXGLMDPD GLS 
ORPD L XQLYHU]LWHWVNLK XYHUHQMD L]GDWLK X
LQRVWUDQVWYX SOD`DQMD GDCELQD L WDNVD L
GRGHOMLYDQMDVWLSHQGLMD]DVWXGLMH
AODQ 
-DYQD SRPR`

8 SRJOHGX SRPR`L L MDYQH SRWSRUH

'UCDYHXJRYRUQLFH`HSULPHQMLYDWLSUHPD
L]EHJOLFDPD NRML UHGRYQR ERUDYH QD QML 
KRYRM WHULWRULML LVWL SRVWXSDN NDR L SUHPD
VYRMLPGUCDYOMDQLPD
AODQ 
5DGQR ]DNRQRGDYVWYR L VRFLMDOQR
RVLJXUDQMH

*ODYD ,9
%/$*267$1-(
AODQ 
5DFLRQLUDQMH

8VOXaDMXNDGSRVWRMLVLVWHPUDFLRQL 
UDQMDNRPHMHSRGYUJQXWRFHORNXSQRVWD 
QRYQL^WYRLNRMLPVHUHJXOL^HRS^WDUDVSR 
GHODSURL]YRGDNRMLKQHPDGRYROMQRSUH 
PDL]EHJOLFDPD`HVHSRVWXSDWLNDRSUH 
PDGRPD`LPGUCDYOMDQLPD
AODQ 
6WDQ

>WRVHWLaHVWDQD'UCDYHXJRYRUQLFH
`HXNROLNRWRSLWDQMHSDGDSRGXGDU]D 
NRQDLSURSLVDLOLSRGOHCHNRQWUROLRGVWUD 
QHMDYQLKYODVWLSULPHQMLYDWLSUHPDL]EH 
JOLFDPD NRML UHGRYQR ERUDYH QD QMLKRYRM
WHULWRULML ^WR MH PRJX`H SRYROMQLML SRVWX 
SDN WDM SRVWXSDN X VYDNRP VOXaDMX QH
PRCH ELWL PDQMH SRYROMDQ RG RQRJD NRML
VH SRG LVWLP RNROQRVWLPD SULPHQMXMH QD
VWUDQFHXRS^WH
AODQ 
2S^WH REUD]RYDQMH

 'UCDYH XJRYRUQLFH `H X SRJOHGX

RVQRYQHQDVWDYHSULPHQMLYDWLSUHPDL]EH 
JOLFDPDLVWLSRVWXSDNNDRLSUHPDVYRMLP
GUCDYOMDQLPD
'UCDYHXJRYRUQLFH`HSULPHQMLYDWL
SUHPDL]EHJOLFDPD^WRMHPRJX`HSRYROM 
QLMLSRVWXSDNDXVYDNRPVOXaDMXSRVWX 
SDN NRML QLMH PDQMH SRYROMDQ RG RQRJD
NRMLVHSRGLVWLPRNROQRVWLPDSULPHQMXMH

'UCDYHXJRYRUQLFH`HSULPHQMLYDWL
QDL]EHJOLFHNRMHUHGRYQRERUDYHQDQML 
KRYRM WHULWRULML LVWL SRVWXSDN NDR L SUHPD
VYRMLPGUCDYOMDQLPDXVOHGH`HPSRJOHGX
D XNROLNR VX WD SLWDQMD UHJXOLVDQD ]D 
NRQRGDYVWYRP LOL ]DYLVH RG DGPLQL 
VWUDWLYQLK YODVWL SODWH XNOMXaXMX`L L
SRURGLaQH GRGDWNH DNR WL GRGDFL
aLQH GHR SODWH WUDMDQMDUDGD SUHNR 
YUHPHQLK aDVRYD SOD`HQRJ JR
GL^QMHJ RGPRUD RJUDQLaHQMD X SRJ 
OHGXUDGDNRGNX`HGREDSULMHPDX
VOXCEX XaHQMD X SULYUHGL L VWUXaQRJ
REUD]RYDQMD UDGD CHQD L RPODGLQH L
XCLYDQMD SUHGQRVWL NRMH VX GDWH NR 
OHNWLYQLP NRQYHQFLMDPD
E VRFLMDOQRJ RVLJXUDQMD ]DNRQVNH RG 
UHGEHRQHVUH`DPDQDSRVOXRSUR 
IHVLRQDOQLP EROHVWLPD SRUR_DMX
EROHVWL LQYDOLGQRVWL VWDURVWL L VPUWL
R QH]DSRVOHQRVWL SRURGLaQLP RED 
YH]DPD NDR L R VYDNRP GUXJRP UL 
]LNX NRML MH VKRGQR QDFLRQDOQRP
]DNRQRGDYVWYX UHJXOLVDQ VLVWHPRP
VRFLMDOQRJ RVLJXUDQMD SRG UH]HU
YRP
L RGJRYDUDMX`LK DUDQCPDQD R
RGUCDYDQMX VWHaHQLK SUDYD L SUD
YD NRMD VX X WRNX VWLFDQMD
LL SRVHEQLK RGUHGDED SURSLVDQLK
QDFLRQDOQLP ]DNRQRGDYVWYRP
]HPOMH ERUDYND NRMH VH RGQRVH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QDGDYDQMHLOLGHORYHGDYDQMDNR
MH VH SOD`DMX LVNOMXaLYR L] MDYQLK
IRQGRYD NDR L QD GRGDWNH NRML
VHGDMXOLFLPDNRMDQHLVSXQMDYD 
MXXVORYHXSRJOHGXSOD`DQMDGR
SULQRVD NRML VH ]DKWHYDMX ]D GD
YDQMH UHGRYQH SHQ]LMH
3UDYDQDGDYDQMDQDVWDODVPU`XL] 
EHJOLFHNRMDMHQDVWXSLOD]ERJQHVUH`HQD
SRVOX LOL SURIHVLRQDOQH EROHVWL QH`H ELWL
RJUDQLaHQD aLQMHQLFRP GD SULWHCDYDODF
SUDYDSUHELYDL]YDQWHULWRULMH'UCDYHXJR 
YRUQLFH
'UCDYHXJRYRUQLFH`HSUR^LULWLQD
L]EHJOLFH SUDYR NRUL^`HQMD VSRUD]XPLPD
NRMH VX ]DNOMXaLOH LOL ]DNOMXaH PH_X VR 
ERPXSRJOHGXRGUCDYDQMDSUDYDVWHaHQLK
LOLNRMDVXXWRNXVWLFDQMDXSRJOHGXVRFL 
MDOQRJRVLJXUDQMDXNROLNRL]EHJOLFHLVSX 
QMDYDMX XVORYH SUHGYL_HQH ]D GUCDYOMDQH
=HPDOMD SRWSLVQLFD VSRUD]XPD R NRMLPD
MHUHa
 'UCDYH XJRYRUQLFH `H LVSLWDWL VD
EODJRQDNORQR^`X PRJX`QRVW SUR^LUHQMD
QD L]EHJOLFH X QDMYH`RM PRJX`RM PHUL
SUDYD QD NRULVWL NRMH QDVWDMX L] VOLaQLK
VSRUD]XPD NRML VX LOL `H ELWL QD VQD]L L] 
PH_XWLK'UCDYDXJRYRUQLFDLGUCDYDNRMH
QLVXXJRYRUQLFH

7DNRL]GDWHLVSUDYHLOLXYHUHQMD]D 
PHQL`H VOXCEHQD DNWD NRMD VWUDQFLPD L] 
GDMXQMLKRYHQDFLRQDOQHYODVWLLOLQMLKRYLP
SRVUHGVWYRP L EL`H YHURGRVWRMQH GRN VH
QHGRNDCHVXSURWQR
 3RG UH]HUYRP L]X]HWDND NRML EL
PRJOLELWLSULKYD`HQLXNRULVWGRPRURGD 
FDXVOXJHSRPHQXWHXRYRPaODQXPRJX
ELWLSOD`HQHDOLWRSOD`DQMH`HELWLXPHUH 
QR L X VNODGX VD XELUDQMLPD RG GRPD`LK
GUCDYOMDQD]DVOLaQHXVOXJH
 2GUHGEH RYRJ aODQD QLaLP VH QH
SURWLYHaOL

*ODYD 9
$'0,1,675$7,91( 0(5(

'UCDYHXJRYRUQLFH`HL]GDYDWLL] 
EHJOLFDPDNRMLUHGRYQRERUDYHQDQMLKR 
YRM WHULWRULML SXWQH LVSUDYH NRMH LP RPR 
JX`XMXGDSXWXMXYDQWHWHULWRULMHRVLPDNR
VHWRPHQHSURWLYHLPSHUDWLYQLUD]OR]LQD 
FLRQDOQH EH]EHGQRVWL LOL MDYQRJ SRUHWND
RGUHGEH3ULORJD$X]RYXNRQYHQFLMXSUL 
PHQMLYD`H VH QD WH LVSUDYH 'UCDYH XJR 
YRUQLFHPRJXL]GDYDWLWDNYXSXWQXLVSUD 
YX VYDNRP GUXJRP L]EHJOLFL QD QMLKRYRM
WHULWRULMLRQH`HSRNORQLWLQDURaLWXSDCQMX
VOXaDMHYLPDJGHVHUDGLRL]EHJOLFDPDNRML
VHQDOD]HQDQMLKRYRMWHULWRULMLDNRMLQLVX
X VWDQMX GD GRELMX LVSUDYX ]D SXW L] ]H 
POMHQMLKRYRJUHGRYQRJERUDYND
'UCDYHXJRYRUQLFH`HSUL]QDWLSXW
QH LVSUDYH NRMH VX VKRGQR UDQLMLP
PH_XQDURGQLPVSRUD]XPLPDL]GDOH6WUD 

AODQ 
$GPLQLVWUDWLYQD SRPR`

$NRELYU^HQMHSUDYDRGVWUDQHQH 
NRJ L]EHJOLFH RELaQR ]DKWHYDOR SRPR`
VWUDQLKYODVWLNRMLPDVHRQQHPRCHREUD 
WLWL'UCDYHXJRYRUQLFHQDaLMRMWHULWRULMLRQ
ERUDYL QDVWRMD`H GD PX WX SRPR` SUXCH
ELOR VDPR QMLKRYH YODVWL ELOR QHND
PH_XQDURGQDYODVW
 9ODVW LOL YODVWL R NRMLPD MH UHa X
SDUDJUDIX  L]GD`H LOL XaLQLWL GD VH SRG
QMLKRYRP NRQWURORP L]GDMX L]EHJOLFDPD
LVSUDYH LOL XYHUHQMD NRMH EL VWUDQFLPD UH 
GRYQRL]GDOHQMLKRYHQDFLRQDOQHYODVWLLOL
QMLKRYLPSRVUHGVWYRP

AODQ 
6ORERGD NUHWDQMD

6YDND'UCDYDXJRYRUQLFDGD`HL]EH 
JOLFDPDNRMLVHUHGRYQRQDOD]HQDQMHQRM
WHULWRULML SUDYR GD RYGH L]DEHUX PHVWR
VYRJERUDYNDLGDVHVORERGQRNUH`XSRG
XVORYLPDXVWDOMHQLPSURSLVLPDNRMLVHSRG
LVWLP RNROQRVWLPD SULPHQMXMX QD VWUDQFH
XRS^WH
AODQ 
,VSUDYH R LGHQWLWHWX

'UCDYH XJRYRUQLFH `H L]GDWL LVSUDYH

RLGHQWLWHWXVYDNRPL]EHJOLFLNRMLVHQDOD]L
QD QMLKRYRM WHULWRULML L NRML QH SRVHGXMH
YDOMDQXSXWQXLVSUDYX
AODQ 
3XWQH LVSUDYH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QHSRWSLVQLFHWLKVSRUD]XPDLWUHWLUD`HLK
NDR GD VX L]GDWH L]EHJOLFDPD QD RVQRYX
RYRJaODQD
AODQ 
)LVNDOQH REDYH]H

'UCDYHXJRYRUQLFHQH`HSRGYUJD
YDWL L]EHJOLFH GDCELQDPD WDNVDPD SRUH 
]LPDPDNDNRVHRQHQD]LYDOHGUXJLPLOL
YH`LPRGRQLKNRMHVHXELUDMXLOLNRMH`H
VHXELUDWLRGGRPD`LKGUCDYOMDQDXVOLaQLP
VLWXDFLMDPD
2GUHGEHSUHWKRGQRJSDUDJUDIDQH
SURWLYHVHSULPHQLQDL]EHJOLFHRGUHGDED
]DNRQDLSURSLVDRWDNVDPD]DL]GDYDQMH
VWUDQFLPD DGPLQLVWUDWLYQLK GRNXPHQDWD
XNOMXaXMX`LLLVSUDYHRLGHQWLWHWX
AODQ 
7UDQVIHU LPRYLQH

 6YDND 'UCDYD XJRYRUQLFD RGRE

UL`HL]EHJOLFDPDVKRGQR]DNRQLPDLSUR 
SLVLPD QMLKRYH ]HPOMH GD LPRYLQX NRMX
VX XQHOL QD QMHQX WHULWRULMX SUHQHVX QD
WHULWRULMXGUXJH]HPOMHJGHVXRQLSULPOMH 
QLUDGLQRYRJQDVWDQMHQMD
6YDND'UCDYDXJRYRUQLFDREUDWL`H
EODJRQDNORQXSDCQMXPROEDPDNRMHSRG 
QHVXL]EHJOLFHNRMLCHOHGRELWLRYOD^`HQMH
]DWUDQVIHUVYHGUXJHLPRYLQHSRWUHEQH]D
QMLKRYRQRYRQDVWDQMLYDQMHXQHNRMGUXJRM
]HPOMLJGHVXSULPOMHQLUDGLQRYRJQDVWD 
QMHQMD
AODQ 
,]EHJOLFH NRMH EHVSUDYQR ERUDYH X ]HPOML
SULMHPD

'UCDYHXJRYRUQLFHQH`HSULPHQML 
YDWLND]QHQHVDQNFLMH]ERJQMLKRYRJEHV 
SUDYQRJ XODVND LOL ERUDYND QD L]EHJOLFH
NRMHGROD]H`LGLUHNWQRVDWHULWRULMHJGHVX
QMLKRYCLYRWLOLVORERGDELOLXRSDVQRVWLX
VPLVOX SUHGYL_HQRP aODQRP  XOD]H LOL
QHQDOD]HQDWHULWRULMLEH]RYOD^`HQMDSRG
UH]HUYRPGDVHRGPDKSULMDYHYODVWLPDL
L]ORCH LP UD]ORJH SUL]QDWH NDR YDOMDQH
QMLKRYRJEHVSUDYQRJXODVNDLOLSULVXVWYD
'UCDYHXJRYRUQLFHQH`HSULPHQML 
YDWL X SRJOHGX SXWRYDQMD WLK L]EHJOLFD
GUXJDRJUDQLaHQMDVHPRQLKNRMDVXSRW 
UHEQD WD RJUDQLaHQMD `H VH SULPHQMLYDWL
VDPRGRNVHX]HPOMLSULMHPDQHUHJXOL^H

VWDWXV WLK L]EHJOLFD LOL GRN RQL QH XVSHMX

GD EXGX SULPOMHQL X QHNX GUXJX ]HPOMX
5DGL RYRJ ]DGQMHJ SULMHPD 'UCDYH XJR 
YRUQLFH GDYD`H WLPL]EHJOLFDPD UD]XPDQ
URNNDRLVYHSRWUHEQHRODN^LFH
AODQ 
3URWHULYDQMH

'UCDYHXJRYRUQLFH`HSURWHUDWLL] 
EHJOLFXNRMLVHUHGRYQLPSXWHPQDOD]LQD
QMLKRYRMWHULWRULMLVDPRDNRSRVWRMHUD]OR]L
QDFLRQDOQHEH]EHGQRVWLLOLMDYQRJUHGD
3URWHULYDQMHWRJL]EHJOLFHYU^L`HVH
VDPR X L]YU^HQMX RGOXNH GRQHWH VKRGQR
SRVWXSNXSUHGYL_HQLP]DNRQRP,]EHJOL 
FLWUHEDGDEXGHGR]YROMHQRRVLPDNRVH
WRPHQHSURWLYHLPSHUDWLYQLUD]OR]LQDFL 
RQDOQH EH]EHGQRVWL GD SRGQHVH GRND]H
UDGLVYRJRSUDYGDQMDGDSRGQHVHCDOEXL
GDXWXVYUKXRGUHGLVHEL]DVWXSQLNDSUHG
QDGOHCQRPYOD^`XLOLSUHGMHGQLPLOLYL^H
OLFDNRMHVSHFLMDOQRRGUHGLQDGOHCQDYODVW
 'UCDYH XJRYRUQLFH GD`H WDNYRP
L]EHJOLFLUD]XPDQURNGDELPXRPRJX`LOH
GDWUDCLGDJDUHGRYQLPSXWHPSULPLQHND
GUXJD ]HPOMD 'UCDYH XJRYRUQLFH PRJX
X WRP URNX SULPHQLWL PHUH XQXWUD^QMHJ
NDUDNWHUDNRMHVPDWUDMX]DSRWUHEQH
AODQ 
=DEUDQD SURWHULYDQMD L RGELMDQMD

1LMHGQD'UCDYDXJRYRUQLFDQH`H
SURWHUDWLLOLYUDWLWLVLORPQDPDNRMLQDaLQ
WRELORL]EHJOLFXQDJUDQLFHWHULWRULMHJGH
EL QMHJRY CLYRW LOL VORERGD ELOL XJURCHQL
]ERJ QMHJRYH UDVH YHUH GUCDYOMDQVWYD
SULSDGQRVWL QHNRM VRFLMDOQRM JUXSL LOL QMH 
JRYLKSROLWLaNLKPL^OMHQMD
1DSUDYRNRUL^`HQMDRYRPRGUHG 
ERP QH PRCH VH LSDN SR]YDWL L]EHJOLFD
NRJD L] R]ELOMQLK UD]ORJD WUHED VPDWUDWL
RSDVQLP]DEH]EHGQRVW]HPOMHJGHVHQD 
OD]L LOL NRML SR^WR MH SURWLY QMHJD GRQHWD
NRQDaQDRGOXND]ERJ]ORaLQDLOLQDURaLWR
WH^NRJ NULYLaQRJ GHOD SUHGVWDYOMD RSDV 
QRVW]D]DMHGQLFXSRPHQXWH]HPOMH
AODQ 
1DWXUDOL]DFLMD

'UCDYH XJRYRUQLFH RPRJX`L`H X

QDMYH`RMPRJX`RMPHULDVLPLODFLMXLQDWX 
UDOL]DFLMX L]EHJOLFD 2QH `HQDURaLWRQDV 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

WRMDWLGDXEU]DMXSRVWXSDNQDWXUDOL]DFLMHL
GDVPDQMHXQDMYH`RMPRJX`RMPHULWDNVH
LWUR^NRYHWRJSRVWXSND

VHSWHPEUDLVSRUD]XPRGRNWR 
EUDJRGLQH

*ODYD 9,,
=$95>1( 2'5('%(

*ODYD 9,
,=95>1( , 35(/$=1( 2'5('%(

AODQ 
5H^DYDQMH VSRURYD

AODQ 
6DUDGQMD QDFLRQDOQLK YODVWL VD
8MHGLQMHQLPD QDFLMDPD

 'UCDYH XJRYRUQLFH VH REDYH]XMX

GD `H VDUD_LYDWL VD 9LVRNLP NRPHVDURP
8MHGLQMHQLKQDFLMD]DL]EHJOLFHLOLVYDNRP
GUXJRPXVWDQRYRP8MHGLQMHQLKQDFLMDNR 
MD EL JD ]DPHQLOD X YU^HQMX QMHJRYLK
GXCQRVWLLSRVHEQRGDELPXRODN^DOHQMH 
JRY ]DGDWDN QDG]RUD QDG SULPHQRP RG 
UHGDEDRYHNRQYHQFLMH
'DELRPRJX`LOH9LVRNRPNRPH 
VDUXLOLVYDNRMGUXJRMXVWDQRYL8MHGLQMHQLK
QDFLMD NRMD EL JD ]DPHQLOD GD SRGQHVX
L]YH^WDMHQDGOHCQLPRUJDQLPD8MHGLQMHQLK
QDFLMD 'UCDYH XJRYRUQLFH VH REDYH]XMX
GD LP GRVWDYH X RGJRYDUDMX`RM IRUPL
WUDCHQD REDYH^WHQMD L VWDWLVWLaNH SRGDWNH
NRMLVHRGQRVH
D QD VWDWXV L]EHJOLFD
E QDSULYR_HQMHRYHNRQYHQFLMHXGH 
OR L
F QD]DNRQHSURSLVHLXUHGEHNRMHVX
LOL`HVWXSLWLQDVQDJXXSRJOHGXL] 
EHJOLFD
AODQ 
2EDYH^WHQMD R QDFLRQDOQLP ]DNRQLPD L
SURSLVLPD

'UCDYHXJRYRUQLFH`HGRVWDYOMDWLJH 
QHUDOQRP VHNUHWDUX 8MHGLQMHQLK QDFLMD
WHNVWRYH ]DNRQD L SURSLVD NRMH EL PRJOL
GRQHWL UDGL REH]EH_HQMD SULPHQH RYH
NRQYHQFLMH
AODQ 
2GQRV SUHPD UDQLMLP NRQYHQFLMDPD

1H GLUDMX`L X RGUHGEH SDUDJUDID 

aODQD  RYD NRQYHQFLMD ]DPHQMXMH L] 
PH_X 6WUDQDSRWSLVQLFDNRQYHQFLMHVSR 
UD]XPHRGMXODPDMD
PDMDMXQDLMXOD
JRGLQH NDR L NRQYHQFLMH RG  RNWREUD
  IHEUXDUD  SURWRNRO RG 

6YDNLVSRUL]PH_X6WUDQDSRWSLVQLFD
RYH NRQYHQFLMH X SRJOHGX QMHQRJ WX 
PDaHQMD LOL QMHQH SULPHQH NRML QH EXGH
UH^HQ GUXJLP VUHGVWYLPD SRGQH`H VH
SUHG0H_XQDURGQLVXGSUDYGHQD]DKWHY
MHGQHRGVWUDQDXVSRUX
AODQ 
3RWSLVLYDQMH UDWLILNDFLMD L SULVWXSDQMH

2YDNRQYHQFLMD`HELWLRWYRUHQD]D
SRWSLVLYDQMHX#HQHYLMXODJRGL 
QHLSRVOHWRJDGDWXPDGHSRQRYDQDNRG
JHQHUDOQRJ VHNUHWDUD 8MHGLQMHQLK QDFLMD
2QD `H ELWL RWYRUHQD ]D SRWSLVLYDQMH X
(YURSVNRP XUHGX 8MHGLQMHQLK QDFLMD RG
MXODGRDYJXVWDJRGLQH]DWLP
`HSRQRYRELWLRWYRUHQD]DSRWSLVLYDQMHX
VHGL^WX2UJDQL]DFLMHXMHGLQMHQLKQDFLMDRG
 VHSWHPEUD  GR  GHFHPEUD
JRGLQH
2YDNRQYHQFLMD`HELWLRWYRUHQD]D
SRWSLVLYDQMHRGVWUDQHVYLK'UCDYDaODQLFD
2UJDQL]DFLMHXMHGLQMHQLKQDFLMDNDRLVYD 
NH GUCDYH QHaODQLFH SR]YDQH QD .RQIH 
UHQFLMXRSXQRPR`HQLNDRVWDWXVXL]EHJOL 
FDLOLFDEH]GUCDYOMDQVWYDLOLVYDNHGUCDYH
NRMRM *HQHUDOQD VNXS^WLQD EXGH XSXWLOD
SR]LY GD MH SRWSL^H 2QD `H ELWL UDWLILNR 
YDQDDUDWLILNDFLRQLLQVWUXPHQWL`HELWLGH 
SRQRYDQL NRG JHQHUDOQRJ VHNUHWDUD 8MH 
GLQMHQLKQDFLMD
'UCDYHRNRMLPDMHUHaXSDUDJUDIX
 RYRJD aODQD PRJX SULVWXSLWL RYRM NRQ 
YHQFLML SRaHY RG  MXOD  JRGLQH
3ULVWXSDQMH`HVHYU^LWLGHSRQRYDQMHPLQ 
VWUXPHQDWDRSULVWXSDQMXNRGJHQHUDOQRJ
VHNUHWDUD8MHGLQMHQLKQDFLMD
AODQ 
2GUHGED R WHULWRULMDOQRM SULPHQL

 6YDND GUCDYD `H PR`L SULOLNRP

SRWSLVLYDQMDUDWLILNDFLMHLOLSULVWXSDQMDL] 
MDYLWLGD`HVHRYDNRQYHQFLMDSUR^LULWLQD
VYH WHULWRULMH NRMH RQD ]DVWXSD QD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PH_XQDURGQRPSROMXLOLQDMHGQXLOLYL^H
QMLK7DNYDL]MDYD`HSRaHWLGDSURL]YRGL
GHMVWYR RG GDQD VWXSDQMD QD VQDJX NRQ 
YHQFLMHSUHPDWRMGUCDYL
8VYDNRGREDNDVQLMHWRSUR^LUHQMH
`HVHYU^LWLQRWLILNDFLMRPXSX`HQRPJHQH 
UDOQRP VHNUHWDUX 8MHGLQMHQLK QDFLMD L
SRaH`HGDSURL]YRGLGHMVWYRSRaHYRGGH 
YHGHVHWRJ GDQD SR^WR JHQHUDOQL VHNUHWDU
8MHGLQMHQLKQDFLMDEXGHSULPLRQRWLILNDFL 
MXLOLQDGDQVWXSDQMDNRQYHQFLMHQDVQDJX
X SRJOHGX SRPHQXWH GUCDYH DNR MH RYDM
GDWXPNDVQLML
>WRVHWLaHWHULWRULMDQDNRMHVHRYD
NRQYHQFLMDQH`HSULPHQMLYDWLQDGDQSRW 
SLVLYDQMDUDWLILNDFLMHLOLSULVWXSDQMDVYDND
]DLQWHUHVRYDQDGUCDYDLVSLWD`HPRJX`QRVW
GD^WRMHPRJX`HSUHSUHGX]PHVYHSRW 
UHEQHPHUHUDGLSULPHQHRYHNRQYHQFLMH
QDSRPHQXWHWHULWRULMHSRGXVORYRPDNR
MH WR SRWUHEQR GD ]D WR GDMX VDJODVQRVW
YODGHWLKWHULWRULMDNRMDMHSRWUHEQDL]XV 
WDYQLKUD]ORJD
AODQ 
6DYH]QD RGUHGED

8VOXaDMXNDGVHUDGLRIHGHUDWLYQRM
LOLQHXQLWDUQRMGUCDYLSULPHQMLYD`HVHGR 
QMHRGUHGEH
D ^WR VH WLaH aODQRYD RYH NRQYHQFLMH
aLMH SULYR_HQMH X GHOR VSDGD X QD
GOHCQRVW]DNRQRGDYQHGHODWQRVWLVD 
YH]QH ]DNRQRGDYQH YODVWL REDYH]H
VDYH]QH YODGH EL`H X WRP RNYLUX
LVWH NDR L REDYH]H VWUDQD NRMH QLVX
IHGHUDWLYQH GUCDYH
E ^WRVHWLaHaODQRYDRYHNRQYHQFLMHaLMD
SULPHQD VSDGD X QDGOHCQRVW ]DNRQR
GDYQHGHODWQRVWLVYDNHRGGUCDYDRE
ODVWL LOL NDQWRQD NRML MH VDaLQMDYDMX D
NRMLQDRVQRYXQDVWDYQRJVLVWHPDIH
GHUDFLMHQLVXREDYH]QLGDGRQRVH]D
NRQRGDYQH PHUH VDYH]QD YODGD `H
^WRMHPRJX`HSUHLX]VYRMHSRYROMQR
PL^OMHQMH REDYHVWLWL QDGOHCQH YODVWL
GUCDYDREODVWLLOLNDQWRQDRSRPHQX
WLP aODQRYLPD
F IHGHUDWLYQD GUCDYD SRWSLVQLFD RYH
NRQYHQFLMHSRGQH`HQDWUDCHQMHVYD 
NHGUXJH'UCDYHXJRYRUQLFHNRMHMRM
EXGH GRVWDYOMHQR SUHNR JHQHUDOQRJ

VHNUHWDUD 8MHGLQMHQLK QDFLMD HNVSR 

]H ]DNRQVNLK SURSLVD L SUDNVH NRML
VXQDVQD]LXIHGHUDFLMLLMHGLQLFDPD
NRMHMHVDaLQMDYDMXXSRJOHGXRYHLOL
RQH RGUHGEH NRQYHQFLMH L R]QDaLWL
X NRMRM MH PHUL GDWR GHMVWYR RYLP
LOL RQLP ]DNRQRGDYQLP DNWRP SR 
PHQXWRM RGUHGEL
AODQ 
5H]HUYH

 3ULOLNRP SRWSLVLYDQMD UDWLILNDFLMH

LOL SULVWXSDQMD VYDND GUCDYD PRCH VWDYLWL
UH]HUYHQDaODQRYHNRQYHQFLMHVHPaO
GR]DNOMXaQR
 6YDND 'UCDYD XJRYRUQLFD NRMD MH
VWDYLODUH]HUYXVKRGQRSDUDJUDIXRYRJD
aODQD PRCH X VYDNR GRED SRYX`L WX UH 
]HUYX REDYH^WHQMHP R WRPH XSX`HQRP
JHQHUDOQRPVHNUHWDUX8MHGLQMHQLKQDFLMD
AODQ 
6WXSDQMH QD VQDJX

 2YD NRQYHQFLMD VWXSD QD VQDJX

GHYHGHVHWRJGDQDSRVOHGDQDGHSRQRYD 
QMD^HVWRJLQVWUXPHQWDRUDWLILNDFLMLLOLSUL 
VWXSDQMX
=DVYDNXGUCDYXNRMDEXGHUDWLIL 
NRYDOD NRQYHQFLMX LOL MRM EXGH SULVWXSLOD
SRVOH GHSRQRYDQMD ^HVWRJ LQVWUXPHQWD R
UDWLILNDFLMLLOLSULVWXSDQMXRQD`HVWXSLWLQD
VQDJXGHYHGHVHWRJGDQDSRVOHGHSRQRYD 
QMD LQVWUXPHQWD WH GUCDYH R UDWLILNDFLML LOL
SULVWXSDQMX
AODQ 
2WND]LYDQMH

6YDND'UCDYDXJRYRUQLFDPRCHRW 
ND]DWL RYXNRQYHQFLMXXVYDNRGREDQR 
WLILNDFLMRPXSX`HQRPJHQHUDOQRPVHNUH 
WDUX8MHGLQMHQLKQDFLMD
2WND]`HSRaHWLGDSURL]YRGLGHM
VWYR]D]DLQWHUHVRYDQXGUCDYXJRGLQXGD 
QD RG GDQD NDGD JHQHUDOQL VHNUHWDU 8MH 
GLQMHQLKQDFLMDSULPLWDMRWND]
6YDNDGUCDYDNRMDMHGDODL]MDYXLOL
QRWLILNDFLMX VKRGQR aODQX  PRCH QDN 
QDGQR REDYHVWLWL JHQHUDOQRJ VHNUHWDUD
8MHGLQMHQLKQDFLMDGD`HNRQYHQFLMDSUHV 
WDWL GD VH SULPHQMXMH QD WHULWRULMX QD] 
QDaHQXXREDYH^WHQMX.RQYHQFLMD`HWDGD
SUHVWDWL GD VH SULPHQMXMH QD WX WHULWRULMX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

JRGLQXGDQDRGGDQDNDGJHQHUDOQLVHN 
UHWDUSULPLWRREDYH^WHQMH
AODQ 
5HYL]LMD

6YDND'UCDYDXJRYRUQLFDPRCHX
VYDNRGREDWUDCLWLUHYL]LMXRYHNRQYHQFLMH
SXWHP REDYH^WHQMD XSX`HQLP *HQHUDO 
QRPVHNUHWDUX8MHGLQMHQLKQDFLMD
 *HQHUDOQD VNXS^WLQD 8MHGLQMHQLK
QDFLMDSUHSRUXaL`HPHUHNRMHWUHEDSUHGX 
]HWL DNR MH SRWUHEQR X YH]L VD WLP ]DK 
WHYRP
AODQ 
1RWLILNDFLMD JHQHUDOQRJ VHNUHWDUD
8MHGLQMHQLK QDFLMD

*HQHUDOQLVHNUHWDU8MHGLQMHQLKQDFLMD
QRWLILNRYD`H VYLP GUCDYDPD aODQLFDPD
8MHGLQMHQLK QDFLMD L GUCDYDPD QHaODQLFD 
PDRNRMLPDMHUHaXaODQX
D L]MDYH L REDYH^WHQMD R NRMLPD MH UHa
X RGHOMNX % aODQD 
E SRWSLVH UDWLILNDFLMH L SULVWXSDQMD R
NRMLPD MH UHa X aODQX 
F L]MDYH L QRWLILNDFLMH R NRMLPD MH UHa
X aODQX 
G UH]HUYH VWDYOMHQH LOL SRYXaHQH R
NRMLPD MH UHa X aODQX 
H GDWXPNDG`HRYDNRQYHQFLMDVWXSDWL
QD VQDJX X SULPHUX aODQD 
I RWND]H L REDYH^WHQMD SUHGYL_HQH X
aODQX 
J ]DKWHYH]DUHYL]LMRPRNRMLPDMHUHa
X aODQX 
8 SRWYUGX aHJD VX RSXQRPR`HQLFL
SURSLVQRRYOD^`HQLSRWSLVDOLRYXNRQYHQ 
FLMXXLPHVYRMLKYODGD
6DaLQMHQR X #HQHYL  MXOD KLOMDGX
GHYHWVWRSHGHVHWLSUYHJRGLQHXMHGQRP
MHGLQRPSULPHUNXaLMLVXHQJOHVNLLIUDQ 
FXVNLWHNVWSRGMHGQDNRYHURGRVWRMQLLNRML
`H ELWL GHSRQRYDQ X DUKLYL 2UJDQL]DFLMH
XMHGLQMHQLKQDFLMDDaLMH`HRYHUHQHNRSL 
MHELWLGRVWDYOMHQHVYLP'UCDYDPDaODQLFD 
PD8MHGLQMHQLKQDFLMDLGUCDYDPDQHaODQL 
FDPDRNRMLPDMHUHaXaODQX


35272.2/
2 67$7868 ,=%(*/,&$ 
'UCDYHSRWSLVQLFHRYRJSURWRNROD
V RE]LURP GD .RQYHQFLMD R VWDWXVX
L]EHJOLFD VDaLQMHQD  MXOD  JRGLQH
X #HQHYL X GDOMHP WHNVWX .RQYHQFLMD
REXKYDWD VDPR RQD OLFD NRMD VX SRVWDOD
L]EHJOLFHXVOHGGRJD_DMDNRMLVXVHGHVLOL
SUHMDQXDUDJRGLQH
VRE]LURP GDMHRGYUHPHQDXVYDMD
QMD.RQYHQFLMHGROD]LORGRVLWXDFLMDXNR 
MLPDVXQDVWDOHQRYHL]EHJOLFHLGDWDNYH
L]EHJOLFH VWRJD QH PRJX GD EXGX REXK 
YD`HQH.RQYHQFLMRP
V RE]LURP GD MH SRCHOMQR GD VYH L]
EHJOLFHXCLYDMXMHGQDNLVWDWXVREXKYD`HQ
GHILQLFLMRP.RQYHQFLMHEH]RE]LUDQDSR 
PHQXWLURNRGMDQXDUDJRGLQH
VORCLOHVXVHXVOHGH`HP
AODQ ,
2S^WH RGUHGEH

'UCDYHSRWSLVQLFHRYRJSURWRNROD
SULPHQMLYD`H aODQRYH  GR  ]DNOMXaQR
.RQYHQFLMHQDL]EHJOLFHNDNRMHWRXGD 
OMHPWHNVWXGHILQLVDQR
8RYRPSURWRNROX`HL]UD] L]EHJ
OLFDmL]X]HYXSULPHQLWDaNHRYRJaODQD
R]QDaDYDWL VYDNR OLFH GHILQLVDQRaODQRP
.RQYHQFLMHX]L]RVWDYOMDQMHUHaL XVOHGGR
JD_DMDNRMLVXVHGHVLOLSUHMDQXDUD
JRGLQHLmUHaLNDRSRVOHGLFDRYDNYLK
GRJD_DMDmXaODQX$
 'UCDYH SRWSLVQLFH SULPHQMLYD`H
RYDMSURWRNROEH]LNDNYLKJHRJUDIVNLKRJ 
UDQLaHQMDRVLP^WR`HVHSRVWRMH`HL]MDYH
GDWHRGVWUDQHGUCDYDNRMHVXYH`SRWSLV 
QLFH.RQYHQFLMHXVNODGXVDaODQRP%
D.RQYHQFLMHDNRQLVXSUR^LUHQHQD
RVQRYXQMHQRJaODQD%SULPHQMLYDWL
WDNR_HQDRVQRYXRYRJSURWRNROD
AODQ ,,
6DUDGQMD QDFLRQDOQLK YODVWL VD
8MHGLQMHQLP QDFLMDPD

'UCDYHSRWSLVQLFHRYRJSURWRNROD
REDYH]XMXVHGD`HVDUD_LYDWLVD8UHGRP

8VYRMHQ UH]ROXFLMRP *HQHUDOQH VNXS^WLQH  ;;, RG  GHFHPEUD  6WXSLR QD
VQDJX  RNWREUD  6O OLVW 6)5- 0H_XQDURGQL XJRYRUL L GUXJL VSRUD]XPL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YLVRNRJ NRPHVDUD ]D L]EHJOLFH 8MHGLQMH 
QLKQDFLMDLOLVDELORNRMRPGUXJRPDJHQ 
FLMRP NRMD EL JD QDVOHGLOD X REDYOMDQMX
QMHJRYLK IXQNFLMD D QDURaLWR WLPH ^WR `H
PX SRPR`L GD REDYOMD VYRMX GXCQRVW X
YU^HQMXQDG]RUDQDGSULPHQRPRGUHGDED
RYRJSURWRNROD
5DGLRPRJX`DYDQMD8UHGXYLVRNRJ
NRPHVDUD LOL ELOR NRMRM GUXJRM DJHQFLML
8MHGLQMHQLKQDFLMDNRMDELJDQDVOHGLODGD
SRGQRVL L]YH^WDMH QDGOHCQLP RUJDQLPD
8MHGLQMHQLK QDFLMD GUCDYH SRWSLVQLFH
RYRJ SURWRNROD REDYH]XMX VH GD `H LP
SUXCDWL X RGJRYDUDMX`RM IRUPL SRWUHEQH
LQIRUPDFLMHLVWDWLVWLaNHSRGDWNHR
D XVORYLPDSRGNRMLPD CLYHL]EHJOLFH
E VSURYR_HQMXXCLYRWRYRJSURWRNROD
F ]DNRQLPD SURSLVLPD L XUHGEDPD R
L]EHJOLFDPD NRML MHVX LOL NRML PRJX
VWXSLWL QD VQDJX

AODQ 9,
.ODX]XOD R IHGHUDFLMDPD

AODQ 9
3ULVWXSDQMH 3URWRNROX

8 VOXaDMHYLPD NDGD MH UHa R IHGHUD 

WLYQRMLOLVORCHQRMGUCDYLSULPHQL`HVHVOH 
GH`HRGUHGEH
D X SRJOHGX RQLK aODQRYD .RQYHQFLMH
NRML VH SULPHQMXMX X VNODGX VD aOD 
QRP , WDaND  RYRJ SURWRNROD D
SRWSDGDMX SRG ]DNRQRGDYQX MXULV
GLNFLMX IHGHUDOQH ]DNRQRGDYQH YODV 
WLREDYH]HIHGHUDOQHYODGH`HXWRP
RELPX ELWL LVWH NDR L GUCDYD SRWSLV 
QLFD NRMH QLVX IHGHUDWLYQH
E X SRJOHGX RQLK aODQRYD .RQYHQFLMH
NRML VH SULPHQMXMX X VNODGX VD aOD 
QRP,WDaNDRYRJSURWRNRODDSRW 
SDGDMX SRG ]DNRQRGDYQX MXULVGLNFL
MX GUCDYD SRNUDMLQD LOL NDQWRQD X
VDVWDYXIHGHUDFLMHNRMLSRXVWDYQRP
VLVWHPX IHGHUDFLMH QLVX REDYH]QL GD
SUHGX]LPDMX ]DNRQRGDYQX DNFLMX
IHGHUDOQD YODGD `H X] RGJRYDUDMX`X
SR]LWLYQXSUHSRUXNXQDMKLWQLMHRED 
YHVWLWL QDGOHCQH YODVWL GUCDYD SUR
YLQFLMDLOLNDQWRQDRQDYHGHQLPaOD 
QRYLPD
F IHGHUDOQD GUCDYD SRWSLVQLFD RYRJ
SURWRNROD QD ]DKWHY ELOR NRMH
GUCDYHSRWSLVQLFHXSX`HQSUHNRJH
QHUDOQRJ VHNUHWDUD8MHGLQMHQLKQDFL 
MD GRVWDYL`H L]YH^WDM R ]DNRQRGDY
VWYX L SUDNVL IHGHUDFLMH L QMHQLK VDV 
WDYQLK GHORYD X YH]L VD ELOR NRMRP
SRMHGLQRP RGUHGERP .RQYHQFLMH
NRMD VH SULPHQMXMH X VNODGX VD aOD 
QRP,WDaNDRYRJ3URWRNRODQDYR 
GH`L GR NRMH MH PHUH RYD RGUHGED
VSURYHGHQD X CLYRW ]DNRQRGDYQRP
LOL GUXJRP DNFLMRP

2YDMSURWRNRORWYDUDVH]DSULVWXSD 
QMHXLPHVYLKGUCDYDaODQLFD.RQYHQFLMH
L VYDNHGUXJHGUCDYHaODQLFH8MHGLQMHQLK
QDFLMDLOLaODQLFHELORNRMHVSHFLMDOL]RYDQH
DJHQFLMHLOLRQHNRMRMEXGHXSX`HQSR]LY
RG VWUDQH *HQHUDOQH VNXS^WLQH 8MHGLQMH 
QLK QDFLMD GDPXSULVWXSL3ULVWXSDQMH `H
VH L]YU^LWL GHSRQRYDQMHP LQVWUXPHQWD R
SRVWXSDQMXNRGJHQHUDOQRJVHNUHWDUD8MH 
GLQMHQLKQDFLMD

3ULOLNRPSULVWXSDQMDVYDNDGUCDYD
LPD SUDYR GD VWDYL UH]HUYH QD aODQ ,9
RYRJSURWRNRODLQDSULPHQXXVNODGXVD
aODQRP,RYRJSURWRNRODELORNRMHRGUHG 
EH.RQYHQFLMHRVLPRQLKNRMHVXVDGUCDQH
XaOLSRGXVORYRPGD
VHNDGDMHUHaRGUCDYLSRWSLVQLFL.RQYHQ 
FLMHUH]HUYHVWDYOMHQHQDRVQRYXRYRJaOD 

AODQ ,,,
3UXCDQMH LQIRUPDFLMD R QDFLRQDOQRP
]DNRQRGDYVWYX

'UCDYH SRWSLVQLFH RYRJ SURWRNROD

GRVWDYOMD`H JHQHUDOQRP VHNUHWDUX 8MHGL 
QMHQLK QDFLMD WHNVWRYH ]DNRQD L SURSLVD
NRMHGRQRVHUDGLREH]EH_LYDQMDSULPHQH
RYRJSURWRNROD
AODQ ,9
5H^DYDQMH VSRURYD

6YDNLVSRUL]PH_XGUCDYDSRWSLVQLFD
RYRJSURWRNRODNRMLVHRGQRVLQDQMHJRYR
WXPDaHQMHLOLSULPHQXDNRMLQHELPRJDR
GD VH UH^L QD GUXJL QDaLQ SRGQH`H VH
0H_XQDURGQRP VXGX SUDYGH QD ]DKWHY
ELORNRMHVWUDQHXVSRUX

AODQ 9,,
5H]HUYH L L]MDYH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QDQHSUR^LUHQDL]EHJOLFHQDNRMHVH.RQ 
YHQFLMDSULPHQMXMH
5H]HUYHVWDYOMHQHRGVWUDQHGUCDYH
SRWSLVQLFH.RQYHQFLMHQDRVQRYXaODQD
SULPHQMXMXVHDNRQHEXGXSRYXaHQHQD
QMLKRYH REDYH]H NRMH SURLVWLaX L] RYRJ
SURWRNROD
 6YDND GUCDYD NRMD VWDYOMD UH]HUYX
X VNODGX VD WDaNRP  RYRJ aODQD PRCH
LVWXXVYDNRGREDSRYX`LVWLP^WR`HX
WRPVPLVOXREDYHVWLWLJHQHUDOQRJVHNUHWD 
UD8MHGLQMHQLKQDFLMD
6PDWUD`HVHGDVHL]MDYHNRMHGU
CDYD SRWSLVQLFD NRMD SULVWXSD RYRP 3UR 
WRNROXGDMHQDRVQRYXaODQDWDaL
.RQYHQFLMHRGQRVHQDRYDMSURWRNRODNR
SULOLNRPSULVWXSDQMDGUCDYDSRWSLVQLFDQL 
MH REDYHVWLOD JHQHUDOQRJ VHNUHWDUD 8MHGL 
QMHQLK QDFLMD R SURWLYQRP 6PDWUD VH GD
VHRGUHGEHaODQDWDaLLaODQD
WDaND  .RQYHQFLMH SULPHQMXMX QD RYDM
3URWRNROPXWDWLVPXWDQGLV
AODQ 9,,,
6WXSDQMH QD VQDJX

 2YDM SURWRNRO VWXSD QD VQDJX QD

GDQ GHSRQRYDQMD ^HVWRJ LQVWUXPHQWD R
SULVWXSDQMX
3URWRNROVWXSDQDVQDJX]DVYDNX
GUCDYXNRMDPXEXGHSULVWXSLODSRVOHGH 
SRQRYDQMD^HVWRJLQVWUXPHQWDRSULVWXSD 
QMX 3URWRNROX QD GDQ GHSRQRYDQMD LQ 
VWUXPHQWD R SULVWXSDQMX RG VWUDQH WH GU 
CDYH

AODQ ,;
2WND]LYDQMH

6YDNDGUCDYDSRWSLVQLFDPRCHGD
RWNDCHRYDMSURWRNROXVYDNRGREDSXWHP
VDRS^WHQMD NRMH VH XSX`XMH JHQHUDOQRP
VHNUHWDUX8MHGLQMHQLKQDFLMD
 2YDNDY RWND] VWXSD QD VQDJX ]D
GUCDYXSRWSLVQLFXNRMDJDMHSRGQHODJR 
GLQX GDQD RG GDWXPD NDGD MH RWND] SUL 
POMHQRGVWUDQHJHQHUDOQRJVHNUHWDUD8MH 
GLQMHQLKQDFLMD
AODQ ;
1RWLILNDFLMH JHQHUDOQRJ VHNUHWDUD
8MHGLQMHQLK QDFLMD

*HQHUDOQLVHNUHWDU8MHGLQMHQLKQDFLMD
REDYH^WDYD`HGUCDYHSRPHQXWHXaODQX9
RVWXSDQMXQDVQDJXSULVWXSDQMLPDUH]HU 
YDPDLSRYODaHQMXUH]HUYLLRWND]LYDQMLPD
RYRJSURWRNRODLRL]MDYDPDLVDRS^WHQML 
PDNRMDVHQDLVWLRGQRVH
AODQ ;,
'HSRQRYDQMH X DUKLYL 6HNUHWDULMDWD
8MHGLQMHQLK QDFLMD

3ULPHUDNRYRJSURWRNRODaLMLVXHQ
JOHVNL IUDQFXVNL NLQHVNL UXVNL L ^SDQVNL
WHNVWRYL SRGMHGQDNR YHURGRVWRMQL SRWSL 
VDQ RG VWUDQH SUHGVHGQLND *HQHUDOQH
VNXS^WLQHLJHQHUDOQRJVHNUHWDUD8MHGLQMH 
QLKQDFLMDGHSRQXMXVHX DUKLYL6HNUHWD 
ULMDWD8MHGLQMHQLKQDFLMD*HQHUDOQLVHNUH 
WDU `H GRVWDYLWL RYHUHQH SULPHUNH LVWRJ
VYLPGUCDYDPDaODQLFDPD8MHGLQMHQLKQD 
FLMDLGUXJLPGUCDYDPDQDYHGHQLPXJRU 
QMHPaODQX9

 .RQYHQFLMD R SUDYQRP SRORCDMX OLFD EH]

GUCDYOMDQVWYD
8YRG
9LVRNHVWUDQHXJRYRUQLFH
VPDWUDMX`LGD3RYHOMD8MHGLQMHQLKQD 
FLMDL6YHWVNDGHNODUDFLMDRSUDYLPDaRYH 
NDNRMXMHGHFHPEUDJRGLQHSRW 
YUGLOD *HQHUDOQD VNXS^WLQD 8MHGLQMHQLK


QDFLMDXWYU_XMXQDaHORGDVYDOMXGVNDEL`D
EH]UD]OLNHWUHEDGDXCLYDMXSUDYDaRYHND
LRVQRYQHVORERGH
VPDWUDMX`L GD MH 2UJDQL]DFLMD 8MHGL 
QMHQLK QDFLMD SRND]DOD YL^H SXWD GXERNX
EULJXNRMXRVH`D]DOLFDEH]GUCDYOMDQVWYD
LGDVHMHVWDUDODGDRYLPOLFLPDREH]EHGL

8VYRMHQD  VHSWHPEUD  6WXSLOD QD VQDJX  MXQD  6O OLVW )15- 0H_XQDURGQL
XJRYRUL L GUXJL VSRUD]XPL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QDM^LUH PRJX`H XCLYDQMH SUDYD aRYHND L
RVQRYQLKVORERGD
VPDWUDMX`LGDVHVDPROLFDEH]GUCDY 
OMDQVWYD NRMD VX LVWRYUHPHQR L L]EHJOLFH
PRJX NRULVWLWL .RQYHQFLMRP R SUDYQRP
SRORCDMXL]EHJOLFDRGMXODJRGLQH
LGDSRVWRMHPQRJDOLFDEH]GUCDYOMDQVWYD
QD NRMD VH QDYHGHQD NRQYHQFLMD QH SUL 
PHQMXMH
VPDWUDMX`L GD MH SRCHOMQR GD VH
PH_XQDURGQLP VSRUD]XPRP UHJXOL^H L
SREROM^DSRORCDMOLFDEH]GUCDYOMDQVWYD
VSRUD]XPHOHVXVHXVOHGH`HP

ERUDYL^WHLSUHQHJR^WRVXSULPOMHQD
X WX ]HPOMX
F GD VX RGJRYRUQD ]D SRVWXSNH NRML
VXSURWLYQLFLOMHYLPDLQDaHOLPD8MH 
GLQMHQLK QDFLMD
AODQ 
2S^WH REDYH]H

6YDNR OLFH EH] GUCDYOMDQVWYD LPD X

RGQRVX QD ]HPOMX X NRMRM VH QDOD]L
GXCQRVWLNRMHQDURaLWRREXKYDWDMXREDYH 
]X SR^WRYDQMD ]DNRQD L GUXJLK SURSLVD
NDRLPHUDSUHGX]HWLKXFLOMXRGUCDYDQMD
MDYQRJUHGD
AODQ 
1HGLVNULPLQDFLMD

, SRJODYOMH
23>7( 2'5('%(
AODQ 
'HILQLFLMD L]UD]D OLFH EH] GUCDYOMDQVWYDm

,]UD]OLFHEH]GUCDYOMDQVWYDmXVPL 
VOXRYHNRQYHQFLMHR]QDaDYDOLFHNRMHQL 
MHGQDGUCDYDSUHPDVYRP]DNRQRGDYVWYX
QHVPDWUDVYRMLPGUCDYOMDQLQRP
2YDNRQYHQFLMDQH`HVHSULPHQML 
YDWL
L QD OLFD NRMD VDGD XCLYDMX ]D^WLWX
LOL SRPR` RUJDQD LOL XVWDQRYD
8MHGLQMHQLK QDFLMD L]X]HY 9LVR
NRJ NRPHVDUD 8MHGLQMHQLK QDFLMD
]D L]EHJOLFH L WR ]D YUHPH GRN
XCLYDMXWDNYX]D^WLWXLOLWDNYXSR
PR`
LL QD OLFD ]D NRMD QDGOHCQH YODVWL
]HPOMH X NRMRM RQD LPDMX VYRMH
ERUDYL^WH VPDWUDMX GD LPDMX SUD
YD L REDYH]H NRMH VX YH]DQH ]D
GUCDYOMDQVWYR WH ]HPOMH
LLL QD OLFD ]D NRMD VH L] R]ELOMQLK
UD]ORJD VPDWUD
D GDVXL]YU^LOD]ORaLQSURWLYPLUDUDW
QL ]ORaLQ LOL ]ORaLQ SURWLY aRYHaDQ
VWYDXVPLVOXPH_XQDURGQLKLQVWUX 
PHQDWD L]UD_HQLK X FLOMX GD SUHGYL
GH RGUHGEH NRMH VH RGQRVH QD RYH
]ORaLQH
E GD VX L]YU^LOD WHCDN ]ORaLQ SR RS
^WHPSUDYXYDQ]HPOMHXNRMRMLPDMX

'UCDYHXJRYRUQLFHSULPHQMLYD`HRG 
UHGEH RYH NRQYHQFLMH QD OLFD EH] GUCDY 
OMDQVWYD EH] GLVNULPLQDFLMH X SRJOHGX UD 
VHYHUHLOL]HPOMHSRUHNOD
AODQ 
9HUD

'UCDYHXJRYRUQLFHWUHWLUD`HQDVYRMRM
WHULWRULML OLFD EH] GUCDYOMDQVWYD QD QDaLQ
NRMLQH`HELWLQHSRYROMQLMLRGRQRJNRMLMH
SUHGYL_HQ]DQMLKRYHGUCDYOMDQHXSRJOH 
GX VORERGH LVSRYHGDQMD YHUH L VORERGH
YHUVNRJYDVSLWDQMDQMLKRYHGHFH
AODQ 
3UDYD SUL]QDWD QH]DYLVQR RG RYH
NRQYHQFLMH

1LMHGQD RGUHGED RYH NRQYHQFLMH QH

GLUD X GUXJD SUDYD L SRYODVWLFH SUL]QDWH
OLFLPDEH]GUCDYOMDQVWYDQH]DYLVQRRGRYH
NRQYHQFLMH
AODQ 
,]UD]
SRG LVWLP RNROQRVWLPDm

,]UD]SRGLVWLPRNROQRVWLPDmXVPL
VOXRYHNRQYHQFLMHR]QDaDYDGDVYHXVOR 
YHDQDURaLWRRQHNRMLVHRGQRVHQDWUD 
MDQMHLXVORYHERUDYNDLOLSUHELYDQMDNRMH
EL ]DLQWHUHVRYDQR OLFH PRUDOR GD LVSXQL
GDELPRJORGDVHNRULVWLSUDYRPRNRPH
MH UHa NDG QH EL ELOR OLFH EH] GUCDYOMDQ 
VWYDPRUDRQRGDLVSXQLVHPXVORYDNRMH
]ERJ QMLKRYH SULURGH QH PRCH GD LVSXQL
OLFHEH]GUCDYOMDQVWYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2VORER_HQMH RG UHFLSURFLWHWD

 6YDND GUCDYD XJRYRUQLFD SULPH

QL`H QD OLFH EH] GUCDYOMDQVWYD LVWL UHCLP
NRMLSULPHQMXMHQDVWUDQFHXRS^WHXNROLNR
RGUHGEH SUHGYL_HQH RYRP NRQYHQFLMRP
QLVXSRYROMQLMH
3RVOHSUHELYDQMDRGWULJRGLQHVYD
OLFDEH]GUCDYOMDQVWYDXCLYD`HQDWHULWRUL 
MDPD GUCDYD XJRYRUQLFD RVORER_HQMD RG
]DNRQRGDYQRJUHFLSURFLWHWD
6YDNDGUCDYDXJRYRUQLFDQDVWDYL`H
GDRGREUDYDOLFLPDEH]GUCDYOMDQVWYDSUD 
YD LSRYODVWLFH QDNRMHVXRQDDNRUHFL 
SURFLWHWDQHPDYH`PRJODSRODJDWLSUDYR
QD GDQ VWXSDQMD QD VQDJX NRQYHQFLMH ]D
WXGUCDYX
 'UCDYH XJRYRUQLFH UD]PRWUL`H VD
EODJRQDNORQR^`XPRJX`QRVWGDVHOLFLPD
EH]GUCDYOMDQVWYDDNRUHFLSURFLWHWDQHPD
SUL]QDMXLGUXJDSUDYDLSRYODVWLFHSRUHG
RQLKQDNRMDRQDPRJXSRODJDWLSUDYRQD
RVQRYXSDUDJUDIDLNDRLPRJX`QRVW
GDOLFDEH]GUCDYOMDQVWYDNRMDQHLVSXQMD 
YDMXXVORYHSUHGYL_HQHXSDUDJUDILPDL
XCLYDMXRVORER_HQMHRGUHFLSURFLWHWD
2GUHGEHSDUDJUDIDLSULPHQMX 
MXVHNDNRQDSUDYDLSRYODVWLFHL]aO
LRYHNRQYHQFLMHWDNRLQD
SUDYD L SRYODVWLFH NRML QLVX SUHGYL_HQL
RYRPNRQYHQFLMRP
AODQ 
2VORER_HQMH RG L]X]HWQLK PHUD

>WR VH WLaH L]X]HWQLK PHUD NRMH VH

PRJXSUHGX]HWLSURWLYOLaQRVWLGREDUDLOL
LQWHUHVD GUCDYOMDQD LOL ELY^LK GUCDYOMDQD
RGUH_HQHGUCDYHGUCDYHXJRYRUQLFHQH`H
SULPHQMLYDWL RYH PHUHQDOLFHEH]GUCDY 
OMDQVWYD LVNOMXaLYR ]ERJ WRJD ^WR MH RQR
ELORGUCDYOMDQLQWHGUCDYH'UCDYHXJRYRU 
QLFHNRMHSRVYRP]DNRQRGDYVWYXQHPR 
JXGDSULPHQHRS^WHQDaHORSRWYU_HQRX
RYRPaODQXRVORERGL`HXRGJRYDUDMX`LP
VOXaDMHYLPD WDNYD OLFD EH] GUCDYOMDQVWYD
RGSULPHQHWLKPHUD
AODQ 
3ULYUHPHQH PHUH

1LMHGQDRGUHGEDRYHNRQYHQFLMHQH 
PD]DFLOMGDVSUHaLGUCDYXXJRYRUQLFXGD

SURWLYRGUH_HQRJOLFD]DYUHPHUDWDLOLX
GUXJLPRSDVQLPLOLL]X]HWQLPRNROQRVWLPD
SULYUHPHQR SUHGX]PH PHUH NRMH WD GU 
CDYDVPDWUDQHRSKRGQLP]DGUCDYQXEH] 
EHGQRVWGRNRGVWUDQHWHGUCDYHXJRYRU 
QLFH QH EXGH XVWDQRYOMHQR GD MH WR OLFH
]DLVWD OLFH EH] GUCDYOMDQVWYD L GD MH
RGUCDYDQMHSRPHQXWLKPHUDXRGQRVXQD
WR OLFH SRWUHEQR XLQWHUHVX GUCDYQH EH] 
EHGQRVWL
AODQ 
.RQWLQXLWHW SUHELYDQMD

$NRMHOLFHEH]GUCDYOMDQVWYDELOR
GHSRUWRYDQRXWRNX'UXJRJVYHWVNRJUDWD
L RGYHGHQRQD WHULWRULMX MHGQHRGGUCDYD
XJRYRUQLFD SD WX L GDOMH ERUDYL WUDMDQMH
RYRJ SULVLOQRJ ERUDYND UDaXQD`H VH NDR
VWDOQRSUHELYDQMHQDWRMWHULWRULML
$NRMHOLFHEH]GUCDYOMDQVWYDELOR
XWRNX'UXJRJVYHWVNRJUDWDGHSRUWRYDQR
VDWHULWRULMHMHGQHGUCDYHXJRYRUQLFHLQD
WXWHULWRULMXVHYUDWLORVDFLOMHPGDWXER 
UDYL SUH VWXSDQMD QDVQDJXRYHNRQYHQ 
FLMH SHULRG NRML SUHWKRGL WRP GHSRUWRYD 
QMXLSHULRGNRMLJDVOHGLVPDWUD`HVHNDR
QHSUHNLGDQ X VYLP VOXaDMHYLPD JGH VH
WUDCLERUDYOMHQMHEH]SUHNLGD
AODQ 
/LFD EH] GUCDYOMDQVWYD p SRPRUFL

8 VOXaDMX NDG VX OLFDEH] GUCDYOMDQ

VWYDOHJDOQR]DSRVOHQDNDRaODQRYLSRVD 
GHQDEURGXNRMLYLMH]DVWDYXGUCDYHXJR 
YRUQLFHRYDGUCDYD`HLVSLWDWLVDEODJRQD 
NORQR^`XPRJX`QRVWGDWDNYLPOLFLPDEH]
GUCDYOMDQVWYDRGREUHGDVHQDVWDQHQDQMH 
QRMWHULWRULMLLGDLPL]GDSXWQHLVSUDYHLOL
GDLKSULYUHPHQRSULPLQDVYRMXWHULWRULMX
QDURaLWR X FLOMX GDLP WLPH RODN^D QDVWD 
QMHQMHXGUXJRM]HPOML

,, SRJODYOMH
35$91, 32/2#$AODQ 
/LaQL VWDWXV

/LaQLVWDWXVVYDNRJOLFDEH]GUCDY 
OMDQVWYDEL`HUHJXOLVDQ]DNRQRP]HPOMHX
NRMRM WR OLFH LPD VYRM GRPLFLO RGQRVQR
]DNRQRP ]HPOMH X NRMRM RQR LPD VYRMH
SUHELYDQMHDNRQHPDGRPLFLOD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 6YDND GUCDYD XJRYRUQLFD SR^WR
YD`H SUDYD NRMD MH OLFH EH] GUCDYOMDQVWYD
UDQLMH VWHNOR L NRMD SURLVWLaX L] QMHJRYRJ
OLaQRJVWDWXVDDQDURaLWRSUDYDNRMDSUR 
LVWLaX L] EUDND SRG XVORYRP LVSXQMHQMD
IRUPDOQRVWLSUHGYL_HQLK]DNRQRGDYVWYRP
WH GUCDYH V WLP GD X VOXaDMX SRWUHEH
SUHGPHWQRSUDYRXYHNPRUDGDEXGHMHG 
QRRGRQLKSUDYDNRMDELELODSUL]QDWDRG
]DNRQRGDYVWYDSRPHQXWHGUCDYHGD]DLQ 
WHUHVRYDQR OLFH QLMH SRVWDOR OLFH EH] GU 
CDYOMDQVWYD
AODQ 
3RNUHWQD L QHSRNUHWQD LPRYLQD

8SRJOHGXVWLFDQMDSRNUHWQHLQHSR 
NUHWQHLPRYLQHLGUXJLKX]WRYH]DQLKSUD 
YDNDRLXSRJOHGX]DNXSDLGUXJLKXJR 
YRUDNRMLVHRGQRVHQDSRNUHWQXLQHSR 
NUHWQX LPRYLQX GUCDYH XJRYRUQLFH WUHWL 
UD`HVYDNROLFHEH]GUCDYOMDQVWYDQD^WRMH
PRJX`HSRYROMQLMLQDaLQDXVYDNRPVOX 
aDMX QD QDaLQ NRML QH`H ELWL QHSRYROMQLML
RG RQRJ NRML MH SRG LVWLP RNROQRVWLPD
SUHGYL_HQ]DVWUDQFHXRS^WH
AODQ 
,QWHOHNWXDOQD L LQGXVWULMVND VYRMLQD

8REODVWL]D^WLWHLQGXVWULMVNHVYRMLQH
QDURaLWRXREODVWLSURQDOD]DNDFUWHCDPR 
GHODIDEULaNLKPDUNLLWUJRYDaNRJLPHQD
NDR L X REODVWL ]D^WLWH NQMLCHYQH XPHW 
QLaNHLQDXaQHVYRMLQHVYDNROLFHEH]GU 
CDYOMDQVWYD XCLYD`H X ]HPOML X NRMRM LPD
UHGRYQRERUDYL^WH]D^WLWXNRMDMHSUL]QDWD
GUCDYOMDQLPDWH]HPOMH1DWHULWRULMLPDNR 
MH RG RVWDOLK GUCDYD XJRYRUQLFD RQR `H
XCLYDWL]D^WLWXNRMDMHQDWRMWHULWRULMLSUL] 
QDWDGUCDYOMDQLPD]HPOMHXNRMRMRQRLPD
VYRMHUHGRYQRERUDYL^WH
AODQ 
3UDYR XGUXCLYDQMD

>WRVHWLaHXGUXCHQMDVDFLOMHYLPDNRML
QLVXSROLWLaNLLOXNUDWLYQLLSURIHVLRQDOQLK
VLQGLNDWDGUCDYHXJRYRUQLFHWUHWLUD`HOLFD
EH]GUCDYOMDQVWYDNRMDOHJDOQRERUDYHQD
QMLKRYRMWHULWRULMLQD^WRMHPRJX`HSRYROM 
QLML QDaLQ D X VYDNRP VOXaDMX QD QDaLQ
NRMLQH`HELWLQHSRYROMQLMLRGRQRJNRMLMH
SRG LVWLP RNROQRVWLPD SUHGYL_HQ ]D
VWUDQFHXRS^WH

AODQ 
3UDYR SRNUHWDQMD VXGVNRJ SRVWXSND

6YDNROLFHEH]GUCDYOMDQVWYDLPD`H
QD WHULWRULMDPD GUCDYD XJRYRUQLFD VORER 
GDQLODNSULVWXSSUHGVXGRYH
 8 GUCDYL XJRYRUQLFL X NRMRM LPD
VYRMH UHGRYQR ERUDYL^WH VYDNR OLFH EH]
GUCDYOMDQVWYDWUHWLUD`HVHQDLVWLQDaLQNDR
LGUCDYOMDQLQXSRJOHGXSULVWXSDSUHGVX 
GRYHSRGUD]XPHYDMX`LWXLSUDYQXSRPR`
LRVORER_HQMHRGSRODJDQMDNDXFLMD LXGL
FDWXPVROYL
 8 GUCDYDPD XJRYRUQLFDPD VHP
RQLPDXNRMLPDOLFHEH]GUCDYOMDQVWYDLPD
VYRMHUHGRYQRERUDYL^WHWUHWLUD`HVHXSR 
JOHGX SLWDQMD SUHGYL_HQLK X SDUDJUDIX 
QD LVWL QDaLQ NDR L GUCDYOMDQLQ ]HPOMH X
NRMRMRQRLPDVYRMHUHGRYQRERUDYL^WH

,,, SRJODYOMH
/8.5$7,91$ =$326/(1-$
AODQ 
3OD`HQD ]DQLPDQMD

8SRJOHGXREDYOMDQMDSOD`HQHSUR 
IHVLRQDOQH GHODWQRVWL GUCDYH XJRYRUQLFH
WUHWLUD`HVYDNROLFHEH]GUCDYOMDQVWYDNRMH
OHJDOQRERUDYLQDQMLKRYRMWHULWRULMLQD^WR
MH PRJX`H SRYROMQLML QDaLQ D X VYDNRP
VOXaDMXQDQDaLQNRMLQH`HELWLQHSRYROMQLML
RG RQRJ NRML MH SRG LVWLP RNROQRVWLPD
SUHGYL_HQ]DVWUDQFHXRS^WH
 'UCDYH XJRYRUQLFH UD]PRWUL`H VD
EODJRQDNORQR^`X XVYDMDQMH PHUD NRMH
LPDMX]DFLOMGDXSRJOHGXREDYOMDQMDSOD 
`HQLK]DQLPDQMDL]MHGQDaHSUDYDVYLKOLFD
EH]GUCDYOMDQVWYDVDSUDYLPDQMLKRYLKGU 
CDYOMDQD D QDURaLWR RQLK OLFD EH] GUCDY 
OMDQVWYDNRMDVXGR^ODQDQMLKRYXWHULWRULMX
SRRVQRYXL]YU^HQMDSURJUDPDUHJUXWRYD 
QMDUDGQHVQDJHLOLSODQDLPLJUDFLMH
AODQ 
1HSOD`HQD ]DQLPDQMD

'UCDYHXJRYRUQLFHWUHWLUD`HOLFDEH]
GUCDYOMDQVWYD NRMD VH OHJDOQR QDOD]H QD
QMLKRYRMWHULWRULMLQD^WRMHPRJX`HSRYROM 
QLML QDaLQ D X VYDNRP VOXaDMX QD QDaLQ
NRMLQH`HELWLQHSRYROMQLMLRGRQRJNRMLMH
SRG LVWLP RNROQRVWLPD SUHGYL_HQ ]D



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VWUDQFHXRS^WHXSRJOHGXREDYOMDQMDQH 
SOD`HQRJ]DQLPDQMDXSROMRSULYUHGLLQGX 
VWULML]DQDWVWYXLWUJRYLQLNDRLXSRJOHGX
RVQLYDQMDWUJRYDaNLKLLQGXVWULMVNLKGUX^WD 
YD
AODQ 
6ORERGQD ]DQLPDQMD

6YDNDGUCDYDXJRYRUQLFDWUHWLUD`HOL 
FD EH] GUCDYOMDQVWYD NRMD OHJDOQR ERUDYH
QDQMHQRMWHULWRULMLLLPDMXGLSORPHSUL]QD 
WHRGQDGOHCQLKYODVWLWHGUCDYHDCHOHGD
REDYOMDMX QHNR VORERGQR ]DQLPDQMH QD
^WR MH PRJX`H SRYROMQLML QDaLQ D X VYD 
NRPVOXaDMXQDQDaLQNRMLQH`HELWLQHSR 
YROMQLMLRGRQRJNRMLMHSRGLVWLPRNROQR 
VWLPDSUHGYL_HQ]DVWUDQFHXRS^WH

,9 SRJODYOMH
62&,-$/1( 329/$67,&(
AODQ 
5DFLRQLUDQMH

8VOXaDMXNDGSRVWRMLVLVWHPUDFLRQL 
UDQMD NRPH SRGOHCH FHORNXSQR VWDQRY 
QL^WYRLNRMLUHJXOL^XRS^WXUDVSRGHOXSUR 
L]YRGDXNRMLPDYODGDQHVWD^LFDOLFDEH]
GUCDYOMDQVWYDWUHWLUD`HVHQDLVWLQDaLQNDR
LGRPD`LGUCDYOMDQL
AODQ 
6WDQ

8SRJOHGXVWDQDXNROLNRRYRSLWDQMH
VSDGD SRG XGDU ]DNRQD L GUXJLK SURSLVD
LOLSRGOHCHNRQWUROLGUCDYQLKYODVWLGUCDYH
XJRYRUQLFHWUHWLUD`HOLFDEH]GUCDYOMDQVWYD
NRMD OHJDOQR ERUDYH QD QMLKRYRM WHULWRULML
QD^WRMHPRJX`HSRYROMQLMLQDaLQDXVYD 
NRPVOXaDMXQDQDaLQNRMLQH`HELWLQHSR 
YROMQLMLRGRQRJNRMLMHSRGLVWLPRNROQR 
VWLPDSUHGYL_HQ]DVWUDQFHXRS^WH
AODQ 
2S^WH REUD]RYDQMH

 'UCDYH XJRYRUQLFH WUHWLUD`H OLFD

EH]GUCDYOMDQVWYDQDLVWLQDaLQNDRLVYRMH
GUCDYOMDQHXSRJOHGXRVQRYQHQDVWDYH
 'UCDYH XJRYRUQLFH WUHWLUD`H OLFD
EH] GUCDYOMDQVWYD QD ^WR MH PRJX`H SR 
YROMQLMLQDaLQDXVYDNRPVOXaDMXQDQDaLQ
NRMLQH`HELWLQHSRYROMQLMLRGRQRJNRMLMH
SRG LVWLP RNROQRVWLPD SUHGYL_HQ ]D

VWUDQFHXRS^WHXSRJOHGXGUXJLKYUVWDQD 
VWDYHVHPRVQRYQHQDVWDYHDQDURaLWRX
SRJOHGX SULVWXSD QD VWXGLMH SUL]QDYDQMD
^NROVNLKXYHUHQMDGLSORPDLDNDGHPVNLK
]YDQMDVWHaHQLKXLQRVWUDQVWYXVPDQMHQMD
GDCELQDLWDNVDLGRGHOMLYDQMDVWLSHQGLMD
AODQ 
'UCDYQD SRPR`

8SRJOHGXGRGHOMLYDQMDGUCDYQHSR
PR`L L RODN^LFD GUCDYH XJRYRUQLFH WUHWL 
UD`H OLFD EH] GUCDYOMDQVWYD NRMD OHJDOQR
ERUDYH QD QMLKRYRM WHULWRULML QD LVWL QDaLQ
NDRLVYRMHGUCDYOMDQH
AODQ 
5DGQR ]DNRQRGDYVWYR L VRFLMDOQR
RVLJXUDQMH

 'UCDYH XJRYRUQLFH WUHWLUD`H OLFD

EH]GUCDYOMDQVWYDNRMDOHJDOQRERUDYHQD
QMLKRYRMWHULWRULMLQDLVWLQDaLQNDRLVYRMH
GUCDYOMDQHXSRJOHGX
D SODWD SRGUD]XPHYDMX`L WX L SRURGL
aQHGRGDWNHNDGRYLGRGDFLaLQHVD 
VWDYQL GHR SODWH UDGQRJ YUHPHQD
SUHNRYUHPHQLK aDVRYD UDGD SOD`H
QRJ RGVXVWYD RJUDQLaHQMD X GRPD
`RM UDGLQRVWL JRGLQD VWDURVWL ]D SUL
MHP X VOXCEX L]XaDYDQMH ]DQDWD L
VWUXaQRJ X]GL]DQMDUDGDCHQDLRP 
ODGLQHNDRLXCLYDQMDSRYODVWLFDNR
MH SUXCDMXNROHNWLYQLXJRYRULXNROL 
NR VX RYD SLWDQMD UHJXOLVDQD ]DNR
QRGDYVWYRPLOL]DYLVHRGDGPLQLVWUD 
WLYQLK YODVWL
E VRFLMDOQRJ RVLJXUDQMD ]DNRQVNH RG
UHGEHNRMHVHRGQRVHQDQHVUH`HQD
UDGXSURIHVLRQDOQHEROHVWLSRUR_DM
EROHVW LQYDOLGLWHW VWDURVW L VPUW QH 
]DSRVOHQRVW L]GUCDYDQMH SRURGLFH
NDR L QD VYDNL GUXJL UL]LN NRML MH
VDJODVQR QDFLRQDOQRP ]DNRQRGDY 
VWYX REXKYD`HQ VLVWHPRP VRFLMDO
QRJ RVLJXUDQMD SRG UH]HUYRP
L RGJRYDUDMX`LKDUDQCPDQDNRMLVH
RGQRVH QD RGUCDYDQMH VWHaHQLK
SUDYDLSUDYDNRMDVXXWRNXVWL
FDQMD
LL SRVHEQLK RGUHGDED SURSLVDQLK
QDFLRQDOQLP ]DNRQRGDYVWYRP
]HPOMH NRMD VH RGQRVH QD GDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QMD LOL GHORYH GDYDQMD LVNOMXaLYR
SODWLYD L] MDYQLK IRQGRYD NDR L
QDGRGDWNHLVSOD`HQHOLFLPDNRMD
QH LVSXQMDYDMX XVORYH ]D XSODWX
GRSULQRVDSRWUHEQH]DGRGHOMLYD
QMH UHGRYQH SHQ]LMH
 3UDYD QD GDYDQMD NRMD VH MDYOMDMX
VPU`XOLFDEH]GUCDYOMDQVWYDNRMDMHQDV 
WXSLOD NDR SRVOHGLFD QHVUH`H QD UDGX LOL
SURIHVLRQDOQH EROHVWL QH`H ELWLXJURCHQD
UDGLWRJD^WRSUDYQLSULWHCDODFERUDYLYDQ
WHULWRULMHGUCDYHXJRYRUQLFH
'UCDYHXJRYRUQLFHSUR^LUL`HQDOL 
FD EH] GUCDYOMDQVWYD SRYODVWLFH L] VSRUD 
]XPD NRMH VX RQH ]DNOMXaLOH LOL `H ]DN 
OMXaLWLL]PH_XVHEHXSRJOHGXRGUCDYDQMD
VWHaHQLK SUDYD LOL SUDYD NRMD VX X WRNX
VWLFDQMD X REODVWL VRFLMDOQRJ RVLJXUDQMD
XNROLNROLFDEH]GUCDYOMDQVWYDLVSXQMDYDMX
XVORYH SUHGYL_HQH ]D GUCDYOMDQH ]HPDOMD
SRWSLVQLFDSRPHQXWLKVSRUD]XPD
 'UCDYH XJRYRUQLFH UD]PRWUL`H VD
EODJRQDNORQR^`X PRJX`QRVW GD SUR^LUH
QDOLFDEH]GUCDYOMDQVWYDXQDMYH`RMPR 
JX`RM PHUL SRYODVWLFX L] VOLaQLK XJRYRUD
NRMLVXLOL`HELWLQDVQD]LL]PH_XGUCDYD
XJRYRUQLFDLGUCDYDNRMHQLVXXJRYRUQLFH

WDVWUDQFLPDRGVWUDQHQMLKRYLKQDFLRQDO 
QLKYODVWLLOLQMLKRYLPSRVUHGQL^WYRPLEL`H
SXQRYDCQDGRNVHSURWLYQRQHGRNDCH
3RGUH]HUYRPL]X]HWDNDNRMLELVH
PRJOLGRSXVWLWLXNRULVWYHRPDVLURPD^QLK
OLFD ]D XVOXJH SRPHQXWH X RYRP aODQX
SOD`D`HVHQDNQDGHDOL`HRQHELWLXPH 
UHQHLXVUD]PHULVDQDNQDGDPDNRMHSOD 
`DMXGRPD`LGUCDYOMDQLSULOLNRPNRUL^`HQMD
LVWLKXVOXJD
2GUHGEHRYRJaODQDQLXaHPXQH
YUH_DMXRGUHGEHaOL
AODQ 
6ORERGD NUHWDQMD

6YDNDGUCDYDXJRYRUQLFDSUL]QD`HOL 
FLPDEH]GUCDYOMDQVWYDNRMDVHOHJDOQRQD 
OD]HQDQMHQRMWHULWRULMLSUDYRGDWXL]DEHUX
VYRMHPHVWRERUDYOMHQMDLGDVHVORERGQR
NUH`XSRGUH]HUYDPDSUHGYL_HQLPXSUR 
SLVLPDNRMLVHSRGLVWLPRNROQRVWLPDSUL 
PHQMXMXQDVWUDQFHXRS^WH
AODQ 
/LaQH LVSUDYH

'UCDYH XJRYRUQLFH L]GD`H OLaQH LV 

SUDYHVYDNRPOLFXEH]GUCDYOMDQVWYDNRMH
VHQDOD]LQDQMLKRYRMWHULWRULMLDQHPDYD 
CH`XSXWQXLVSUDYX
AODQ 
3XWQH LVSUDYH

9 SRJODYOMH
$'0,1,675$7,91( 0(5(
AODQ 
$GPLQLVWUDWLYQD SRPR`

$NREL]DYU^HQMHRGUH_HQLKSUDYD
RGVWUDQHOLFDEH]GUCDYOMDQVWYDQRUPDOQR
ELODSRWUHEQDSRPR`VWUDQLKYODVWLQDNRMH
VH RQR QH PRCH REUDWLWL GUCDYH XJRYRU 
QLFH QD aLMRM WHULWRULML RQR ERUDYL VWDUD`H
VHGDPXRYXSRPR`SUXCHVDPHQMLKRYH
YODVWL
9ODVWLOLYODVWLSRPHQXWHXSDUDJ 
UDIX  L]GD`H LOL `H QDUHGLWL GD VH SRG
QMLKRYRPNRQWURORPL]GDMXOLFLPDEH]GU 
CDYOMDQVWYDGRNXPHQWDLOLXYHUHQMDNRMLEL
QRUPDOQRELOLL]GDWLVWUDQFXRGVWUDQHQMH 
JRYLKQDFLRQDOQLKYODVWLLOLQMLKRYLPSRV 
UHGQL^WYRP
 'RNXPHQWL LOL XYHUHQMD QD WDM
QDaLQL]GDWD]DPHQL`H]YDQLaQDDNWDL]GD 

 'UCDYH XJRYRUQLFH L]GD`H OLFLPD

EH]GUCDYOMDQVWYDNRMDOHJDOQRERUDYHQD
QMLKRYRM WHULWRULML SXWQH LVSUDYH NRMH LP
RPRJX`XMX GD SXWXMX YDQ WH WHULWRULMH
XNROLNR VH WRPH QH SURWLYH YL^L UD]OR]L
GUCDYQHEH]EHGQRVWLLOLMDYQRJUHGD2G 
UHGEH SULORJD X] RYX NRQYHQFLMX SULPH 
QMLYD`H VH QD RYH GRNXPHQWH 'UCDYH
XJRYRUQLFH PRJX L]GDWL WDNYX SXWQX LV 
SUDYX L VYDNRP GUXJRP OLFX EH] GUCDY 
OMDQVWYD NRMH VH QDOD]L QD QMLKRYRM WHULWR 
ULMLRQH`HREUDWLWLQDURaLWXSDCQMXQDVOX 
aDMHYHOLFDEH]GUCDYOMDQVWYDNRMDVHQDOD 
]HQDQMLKRYRMWHULWRULMLDQLVXXVWDQMXGD
GRELMXSXWQXLVSUDYX]HPOMHQMLKRYRJUH 
GRYQRJERUDYL^WD
AODQ 
)LVNDOQL WHUHWL

'UCDYHXJRYRUQLFHQH`HSRGYUJD 
YDWLOLFDEH]GUCDYOMDQVWYDSOD`DQMXGUXJLK



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

LOL YH`LK GDCELQD WDNVD SRUH]D PD SRG
NRMLP QD]LYRP WR ELOR RG RQLK NRML VH
XELUDMXLOL`HVHXELUDWLXLVWLPVOXaDMHYLPD
RGGRPD`LKGUCDYOMDQD
2GUHGEHSUHWKRGQRJSDUDJUDIDQH
SURWLYH VH SULPHQL QDOLFD EH] GUCDYOMDQ 
VWYD RGUHGDED ]DNRQD L SURSLVD NRML VH
RGQRVHQDWDNVH]DL]GDYDQMHDGPLQLVWUD 
WLYQLK GRNXPHQDWD VWUDQFLPD SRGUD]X 
PHYDMX`LWXLOLaQHLVSUDYH
AODQ 
3UHQRV LPRYLQH

 6YDND GUCDYD XJRYRUQLFD GR]YR

OL`HOLFLPDEH]GUCDYOMDQVWYDVDJODVQR]D 
NRQLPD L SURSLVLPD QMLKRYH ]HPOMH GD
LPRYLQXNRMXVXRQDXQHODQDQMHQXWHUL 
WRULMX SUHQHVX QD WHULWRULMX GUXJH ]HPOMH
JGHLPMHRGREUHQRGDVHSRQRYRQDVWD 
QH
6YDNDGUCDYDXJRYRUQLFDVDEODJR 
QDNORQRP SDCQMRP UD]PRWUL`H PROEH
SRGQHWH RG VWUDQH OLFD EH] GUCDYOMDQVWYD
NRMDCHOHGDGRELMXRGREUHQMH]DSUHQRV
L RVWDOH LPRYLQH SRWUHEQH ]D QMLKRY
VPH^WDMXGUXJRM]HPOMLJGHLPMHRGREUH 
QRGDVHSRQRYRQDVWDQH
AODQ 
3URWHULYDQMH

 'UCDYH XJRYRUQLFH SURWHUD`H OLFH

EH] GUCDYOMDQVWYD NRMH VH OHJDOQR QDOD]L
QD QMLKRYRM WHULWRULML VDPR X VOXaDMX NDG
WR QDODCX UD]OR]L GUCDYQH EH]EHGQRVWL LOL
MDYQRJUHGD
3URWHULYDQMHWDNYRJOLFDEH]GUCDY 
OMDQVWYD XVOHGL`H VDPR NDR L]YU^HQMH RG 
OXNHGRQHWHVDJODVQRSRVWXSNXSUHGYL_H 
QRPX]DNRQX/LFXEH]GUCDYOMDQVWYDPR 
UDVHGRSXVWLWLVHPXVOXaDMXNDGVHWRPH
SURWLYH YL^L UD]OR]L GUCDYQH EH]EHGQRVWL
GDSRGQHVHGRND]HRVYRMRMQHYLQRVWLGD
SRGQHVHCDOEXLGDXWRPFLOMXEXGH]DV 
WXSOMHQR SUHG QDGOHCQRP YOD^`X LOL SUHG
MHGQLP LOL YL^H OLFD QDURaLWR LPHQRYDQLK
RGVWUDQHQDGOHCQHYODVWL
 'UCDYH XJRYRUQLFH RGREUL`H WDN
YRP OLFX EH] GUCDYOMDQVWYD UD]XPDQ URN
X NRP `H RQR PR`L GD SRWUDCL OHJDODQ
SULMHPXGUXJX]HPOMX'UCDYHXJRYRUQL 
FH PRJX ]D YUHPH WRJ URND GD SULPHQH

PHUHXQXWUD^QMHJNDUDNWHUDNRMHRQHVPD 
WUDMXSRWUHEQLP
AODQ 
1DWXUDOL]DFLMD

'UCDYH XJRYRUQLFH RODN^D`H X JUD

QLFDPDPRJX`QRVWLDVLPLODFLMXLQDWXUDOL 
]DFLMX OLFD EH] GUCDYOMDQVWYD 2QH `H QD 
URaLWRQDVWRMDWLGDXEU]DMXSRVWXSDNQDWX 
UDOL]DFLMH L GD VPDQMH X JUDQLFDPD PR 
JX`QRVWLWDNVHLWUR^NRYHRYRJSRVWXSND

9, SRJODYOMH
=$95>1( ./$8=8/(
AODQ 
2EDYH^WHQMD NRMD VH RGQRVH QD
QDFLRQDOQH ]DNRQH L SURSLVH

'UCDYH XJRYRUQLFH GRVWDYL`H *HQH 

UDOQRPVHNUHWDUX8MHGLQMHQLKQDFLMDWHNV 
WRYH]DNRQDLSURSLVDNRMH`HRQHL]GDWL
XFLOMXREH]EH_HQMDSULPHQHRYHNRQYHQ 
FLMH
AODQ 
5H^DYDQMH VSRURYD

6YDNLVSRUL]PH_XaODQLFDRYHNRQ
YHQFLMHNRMLVHRGQRVLQDQMHQRWXPDaHQMH
LOLQDQMHQXSULPHQXDNRMLVHQLMHPRJDR
UHJXOLVDWLQDGUXJLQDaLQEL`HSRGQHW0H 
_XQDURGQRPVXGXSUDYGHQD]DKWHYMHG 
QHRGVWUDQDXVSRUX
AODQ 
3RWSLVLYDQMH UDWLILNDFLMD L SULVWXSDQMD

 2YD NRQYHQFLMD EL`H RWYRUHQD ]D

SRWSLVLYDQMHXVHGL^WX2UJDQL]DFLMHXMHGL 
QMHQLK QDFLMD GR  GHFHPEUD  JR 
GLQH
2QD`HELWLRWYRUHQD]DSRWSLVLYD 
QMH
D VYDNRM GUCDYL aODQLFL 2UJDQL]DFLMH
XMHGLQMHQLK QDFLMD
E VYDNRM GUXJRM GUCDYL QHaODQLFL NRMD
MHSR]YDQDQDNRQIHUHQFLMX8MHGLQMH 
QLK QDFLMD R SUDYQRP SRORCDMX OLFD
EH] GUCDYOMDQVWYD
F VYDNRMGUCDYLNRMRM*HQHUDOQDVNXS
^WLQD 8MHGLQMHQLK QDFLMD XSXWL SR]LY
GD MH SRWSL^H LOL GD MRM SULVWXSL
2QDPRUDGDEXGHUDWLILNRYDQDD
UDWLILNDFLRQLLQVWUXPHQWLEL`HGHSRQRYDQL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

LOLREODVWLNDRVDVWDYQLKMHGLQLFDNR 
MHQDRVQRYXXVWDYQRJVLVWHPDIHGH 
UDFLMHQLVXREDYH]QHGDSUHGX]LPDMX
]DNRQRGDYQH PHUH VDYH]QD YODGD
REDYHVWL`HRRYLPaODQRYLPD^WRMH
PRJX`H SUH L X] VYRMH SRYROMQR
PL^OMHQMHQDGOHCQHYODVWLWLKGUCDYD
SRNUDMLQD LOL REODVWL
F VDYH]QD GUCDYD NRMD MH aODQLFD RYH
NRQYHQFLMHGRVWDYL`HQD]DKWHYVYD 
NH GUXJH GUCDYH XJRYRUQLFH NRML MRM
EXGH SURVOHGLR JHQHUDOQL VHNUHWDU
8MHGLQMHQLK QDFLMD L]YH^WDM R ]DNR 
QRGDYVWYX L SUDNVL NRML VX QD VQD]L
X IHGHUDFLML L QMHQLP VDVWDYQLP MHGL 
QLFDPD X SRJOHGX RGUH_HQH RGUHG 
EH NRQYHQFLMH R]QDaXMX`L PHUX X
NRMRM VH SXWHP ]DNRQRGDYQH LOL
GUXJH DNFLMH SRPHQXWD RGUHGED
L]YU^XMH

NRGJHQHUDOQRJVHNUHWDUD8MHGLQMHQLKQD 
FLMD
 'UCDYH SRPHQXWH X SDUDJUDIX 
RYRJaODQDPR`L`HGDSULVWXSHRYRMNRQ 
YHQFLML3ULVWXSDQMHVHYU^LGHSRQRYDQMHP
LQVWUXPHQDWD R SULVWXSDQMX NRG *HQHUDO 
QRJVHNUHWDUD8MHGLQMHQLKQDFLMD
AODQ 
.ODX]XOD R WHULWRULMDOQRM SULPHQL

6YDNDGUCDYDPR`L`HXPRPHQWX
SRWSLVLYDQMDUDWLILNDFLMHLOLSULVWXSDQMDL] 
MDYLWLGD`HVHRYDNRQYHQFLMDSURVWLUDWLQD
VYHWHULWRULMHNRMHRQDSUHGVWDYOMDQDPH 
_XQDURGQRPSODQXLOLQDMHGQXWHULWRULMX
LOL QD YL^H QMLK 7DNYD L]MDYD SURL]YH^`H
GHMVWYR X PRPHQWX VWXSDQMD QD VQDJX
NRQYHQFLMH]DWXGUCDYX
8VYDNRPGRFQLMHPWUHQXWNXRYR
SUR^LUHQMH SULPHQH L]YU^L`H VH QRWLILNDFL 
MRP XSX`HQRP JHQHUDOQRP VHNUHWDUX
8MHGLQMHQLKQDFLMDLSURL]YH^`HGHMVWYRSR 
aHY RG GHYHGHVHWRJ GDQD RG GDQD NDGD
MH JHQHUDOQL VHNUHWDU 8MHGLQMHQLK QDFLMD
SULPLR QRWLILNDFLMX RGQRVQR QD GDQ VWX 
SDQMD QD VQDJX NRQYHQFLMH ]D WX ]HPOMX
DNRRYDMGDQSDGDGRFQLMH
>WRVHWLaHWHULWRULMDQDNRMHVHRYD
NRQYHQFLMDQHELSULPHQMLYDODGDQRPSRW 
SLVLYDQMDUDWLILNDFLMHLOLSULVWXSDQMDVYDND
]DLQWHUHVRYDQD GUCDYD UD]PRWUL`H PR 
JX`QRVWGDaLPWREXGHPRJX`HSUHGX] 
PH VYH PHUH SRWUHEQH ]D SULPHQX RYH
NRQYHQFLMH QD WH WHULWRULMH SRG UH]HUYRP
SULVWDQND YODGD WLK WHULWRULMD NRML EL VH
WUDCLRL]XVWDYQLKUD]ORJD
AODQ 
)HGHUDOQD NODX]XOD

8 VOXaDMX VDYH]QH GUCDYH LOL GUCDYH

NRMD QLMH XQLWDUQD SULPHQMLYD`H VH RYH
RGUHGEH
D ^WR VH WLaH aODQRYD RYH NRQYHQFLMH
aLMD MH SULPHQD X QDGOHCQRVWL ]DNR 
QRGDYVWYD VDYH]QH ]DNRQRGDYQH
YODVWLREDYH]HVDYH]QHYODGHEL`HX
WRPSRJOHGXLVWHNDRLREDYH]HVWUD 
QD NRMH QLVX VDYH]QH GUCDYH
E ^WR VH WLaH aODQRYD RYH NRQYHQFLMH
]D aLMX MH SULPHQX QDGOHCQR ]DNR 
QRGDYVWYR VYDNH GUCDYH SRNUDMLQH

AODQ 
5H]HUYH

8PRPHQWXSRWSLVLYDQMDUDWLILND 
FLMHLOLSULVWXSDQMDVYDNDGUCDYDPR`L`H
GD VWDYL UH]HUYH QD aODQRYH NRQYHQFLMH
VHPQDaOLp
 6YDND GUCDYD XJRYRUQLFD NRMD MH
VWDYLODUH]HUYXVDJODVQRSDUDJUDIXRYRJ
aODQD PR`L `H GD MHX VYDNRP PRPHQWX
SRYXaHLWRVDRS^WHQMHPXSX`HQLPXWRP
FLOMX *HQHUDOQRP VHNUHWDUX 8MHGLQMHQLK
QDFLMD
AODQ 
6WXSDQMH QD VQDJX

 2YD NRQYHQFLMD VWXSL`H QDVQDJX

GHYHGHVHW GDQD SR GDQX GHSRQRYDQMD
^HVWRJLQVWUXPHQWDRUDWLILNDFLMLLOLSULVWX 
SDQMX
=DVYDNXGUCDYXNRMDEXGHUDWLIL 
NRYDOD NRQYHQFLMX LOL MRM EXGH SULVWXSLOD
SRVOH GHSRQRYDQMD ^HVWRJ LQVWUXPHQWD R
UDWLILNDFLMLLOLSULVWXSDQMXRQD`HVWXSLWLQD
VQDJX GHYHGHVHW GDQD SR GDQX GHSRQR 
YDQMDLQVWUXPHQWDRUDWLILNDFLMLLOLSULVWXSD 
QMXRGVWUDQHWHGUCDYH
AODQ 
2WND]LYDQMH

6YDNDGUCDYDXJRYRUQLFDPR`L`H
XVYDNRPPRPHQWXGDRWNDCHNRQYHQFLMX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SXWHP QRWLILNDFLMH XSX`HQH *HQHUDOQRP
VHNUHWDUX8MHGLQMHQLKQDFLMD
 2WND]LYDQMH `H SURL]YHVWL GHMVWYR
XRGQRVXQD]DLQWHUHVRYDQXGUCDYXJRGL 
QX GDQD RG GDQD QMHJRYRJ SULMHPD RG
VWUDQH *HQHUDOQRJ VHNUHWDUD 8MHGLQMHQLK
QDFLMD
6YDNDGUCDYDNRMDMHSRGQHODL]MD 
YX LOL XSXWLOD QRWLILNDFLMX VDJODVQR aODQX
 PR`L `H L GRFQLMH GD REDYHVWL *HQH 
UDOQRJVHNUHWDUD8MHGLQMHQLKQDFLMDRSUH 
VWDQNX SULPHQH .RQYHQFLMH QD WHULWRULMX
QDYHGHQXXQRWLILNDFLML.RQYHQFLMD`HWD 
GDSUHVWDWLGDVHSULPHQMXMHQDWXWHULWRULMX
JRGLQXGDQDRGGDQDSULMHPDQRWLILNDFLMH
RGVWUDQH*HQHUDOQRJVHNUHWDUD
AODQ 
5HYL]LMD

6YDNDGUCDYDXJRYRUQLFDPR`L`H
XVYDNRGREDGD]DWUDCLUHYL]LMXRYHNRQ 
YHQFLMHSXWHPQRWLILNDFLMHXSX`HQH*HQH 
UDOQRPVHNUHWDUX8MHGLQMHQLKQDFLMD
 =D VOXaDM SRWUHEH *HQHUDOQD
VNXS^WLQD 8MHGLQMHQLK QDFLMD SUHSRUXaL`H
PHUH NRMH WUHED GD VH SUHGX]PX X YH]L
VDWLP]DKWHYRP
AODQ 
1RWLILNDFLMH NRMH XSX`XMH JHQHUDOQL
VHNUHWDU 8MHGLQMHQLK QDFLMD

QDFLMDLGUCDYHNRMHQLVXaODQLFHSRPHQX 
WHXaODQX
D RSRWSLVLYDQMLPDUDWLILNDFLMDPDLSUL 
VWXSDQMLPDSUHGYL_HQLPXaODQX
E R L]MDYDPD L QRWLILNDFLMDPD SUHGYL 
_HQLP X aODQX 
F R VWDYOMHQLP LOL SRYXaHQLP UH]HUYD 
PD SUHGYL_HQLP X aODQX 
G RGDWXPXVWXSDQMDQDVQDJXRYHNR 
QYHQFLMH SR aODQX 
H R RWND]LYDQMLPD L QRWLILNDFLMDPD
SUHGYL_HQLP X aODQX 
I R]DKWHYLPD]DUHYL]LMXSUHGYL_HQLP
X aODQX 
8 SRWYUGX aHJD VX GROH SRWSLVDQL
SXQRSUDYQR RYOD^`HQL SRWSLVDOL X LPH
VYRMLKYODGDRYXNRQYHQFLMX
6DaLQMHQR X 1MXMRUNX GYDGHVHW RV
PRJ VHSWHPEUD KLOMDGX GHYHWVWR SHGHVHW
aHWYUWHJRGLQHXMHGQRPSULPHUNXaLMLVX
WHNVWRYL QD HQJOHVNRP ^SDQVNRP L IUDQ 
FXVNRP MH]LNX SRGMHGQDNR SXQRYDCQL L
NRML`HELWLGHSRQRYDQXDUKLYL2UJDQL]D 
FLMH XMHGLQMHQLK QDFLMD D QMHJRYL SUHSLVL
RYHUHQLNDRVDJODVQLEL`HGRVWDYOMHQLVYLP
GUCDYDPD aODQLFDPD 8MHGLQMHQLK QDFLMD L
GUCDYDPDNRMHQLVXaODQLFHSRPHQXWLPX
aODQX

*HQHUDOQLVHNUHWDU8MHGLQMHQLKQDFLMD
REDYHVWL`HVYHGUCDYHaODQLFH8MHGLQMHQLK

 'HNODUDFLMD R WHULWRULMDOQRP D]LOX

AODQ ,

 $]LO NRML GDMH MHGQD GUCDYD X YU

^HQMX VYRJ VXYHUHQLWHWD OLFLPD RYOD 
^`HQLPGDVHSR]LYDMXQDaODQ8QLYHU 
]DOQH GHNODUDFLMH R OMXGVNLP SUDYLPD
XNOMXaXMX`LOLFDNRMDVHERUHSURWLYNROR 
QLMDOL]PD EL`H SR^WRYDQ RG VWUDQH VYLK
GUXJLKGUCDYD
 3UDYRP GD WUDCL L XCLYD D]LO QH
PRCHVHNRULVWLWLQLMHGQROLFH]DNRMHSR 
VWRMH R]ELOMQL UD]OR]L GD VH VPDWUD GD MH


RQRL]YU^LOR]ORaLQSURWLYPLUDUDWQL]ORaLQ
LOL]ORaLQSURWLYaRYHaQRVWLNDNRVXGHIL 
QLVDQL X PH_XQDURGQLP LQVWUXPHQWLPD
VDaLQMHQLP GD EL VH L]UDGLOH RGUHGEH X
YH]LVDWDNYLP]ORaLQLPD
2VWDMHXQDGOHCQRVWLGUCDYHNRMD
GDMHD]LOGDFHQLRVQRYH]DGDYDQMHD]L 
OD
AODQ 

 6LWXDFLMD OLFD L] aODQD  VWDY  QH

PRCH ^WHWLWL VXYHUHQRVWL GUCDYD LOL FLOMHYL 

8VYRMHQDLSURJOD^HQDUH]ROXFLMRP;;,,*HQHUDOQHVNXS^WLQH81QD]DVHGDQMX

 GHFHPEUD  6 ?RU_HYL` L GU XU *UD_D PH_XQDURGQRJ MDYQRJSUDYD 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PDLQDaHOLPD8MHGLQMHQLKQDFLMDNRMLVX
EULJDFHOHPH_XQDURGQH]DMHGQLFH
 .DGD VH MHGQD GUCDYD VXRaL VD
WH^NR`DPD SULOLNRP GDYDQMD LOL QDVWDYOMD 
QMDGDYDQMDD]LODGUCDYH`HSRMHGLQDaQR
LOL ]DMHGQR LOL SXWHP 8MHGLQMHQLK QDFLMD
UD]PRWULWLXGXKXPH_XQDURGQHVROLGDU 
QRVWLRGJRYDUDMX`HPHUHGDRODN^DMXWHUHW
WHGUCDYH
AODQ 

1LMHGQROLFHQDNRMHVHRGQRVLaODQ
 VWDY  QH`H ELWL SRGYUJQXWR PHUDPD
NDR^WRVXRGELMDQMHXODVNDQDJUDQLFLLOL
DNRMHX^ORQDWHULWRULMXQDNRMRMWUDCLD]LO
SURWHULYDQMH LOL SULQXGQR YUD`DQMH X ELOR
NRMX GUCDYX JGH PRCH ELWL SRGYUJQXWR
JRQMHQMX

 ,]X]HWDN RG JRUH QDYHGHQRJ

QDaHODPRCHELWLXaLQMHQVDPRL]UD]ORJD
QDFLRQDOQHEH]EHGQRVWLLOLUDGL]D^WLWHVWD 
QRYQL^WYDNDRLXVOXaDMXPDVRYQRJSUL 
OLYDOLFD
 $NR QHND GUCDYD RGOXaL X ELOR
NRP VOXaDMX GD EL L]X]HWDN RG QDaHOD
L]QWRJXVWDYXRYRJaODQDELRRSUDYGDQ
RQD`HUD]PRWULWLPRJX`QRVWGDOLFXXSL 
WDQMXGRSXVWLSRGXVORYLPDNRMLVHPRJX
VPDWUDWL RGJRYDUDMX`LP GD ELOR SXWHP
SULYUHPHQRJ D]LOD ELOR QD QHNL GUXJL
QDaLQRGHXQHNXGUXJXGUCDYX
AODQ 

'UCDYHNRMHGDMXD]LOQH`HGR]YROLWL
OLFLPDNRMDVXGRELODD]LOGDVHDQJDCXMX
X DNWLYQRVWLPD VXSURWQLP FLOMHYLPD L
QDaHOLPD8MHGLQMHQLKQDFLMD



 A29(. , 0(?81$52'12 35$92 p

,1',9,'8$/1$ .5,9,A1$ 2'*29251267
 .RQYHQFLMD R VSUHaDYDQMX L NDCQMDYDQMX ]ORaLQD
JHQRFLGD
6WUDQHXJRYRUQLFH
UD]PRWULY^L GHNODUDFLMX *HQHUDOQH
VNXS^WLQH8MHGLQMHQLKQDFLMDXQMHQRM5H 
]ROXFLML,RGGHFHPEUDJR 
GLQHGDMHJHQRFLG]ORaLQSRPH_XQDURG 
QRPSUDYXNRMLMHXVXSURWQRVWLVDGXKRP
LFLOMHYLPD8MHGLQMHQLKQDFLMDLNRMLFLYLOL 
]RYDQLVYHWRVX_XMH
SUL]QDMX`L GD MH X VYLP SHULRGLPD
LVWRULMH JHQRFLG L]D]YDR YHOLNH ^WHWH
aRYHaDQVWYXL
XEH_HQH GD MH ]D RVORER_HQMH aR
YHaDQVWYD RG WDNR XCDVQH QHGD`H QXCQD
PH_XQDURGQDVDUDGQMD
VSRUD]XPHOHVXVHXVOHGH`HP

E WH^NDSRYUHGDIL]LaNRJLOLPHQWDOQRJ
LQWHJULWHWD aODQRYD JUXSH
F QDPHUQR SRGYUJDYDQMH JUXSH CLYRW
QLP XVORYLPD NRML WUHED GD GRYHGX
GR QMHQRJ SRWSXQRJ LOL GHOLPLaQRJ
XQL^WHQMD
G PHUH XSHUHQH QD VSUHaDYDQMH UD
_DQMD X RNYLUX JUXSH
H SULQXGQRSUHPH^WDQMHGHFHL]MHGQH
JUXSH X GUXJX
AODQ ,,,

D
E
F

AODQ ,

6WUDQH XJRYRUQLFH SRWYU_XMX GD MH

JHQRFLG EH] RE]LUD GD OL MH L]YU^HQ ]D
YUHPHPLUDLOLUDWD]ORaLQSRPH_XQDURG 
QRP SUDYX L GD SUHX]LPDMX REDYH]X GD
JDVSUHaHLND]QH
AODQ ,,

8VPLVOX RYH .RQYHQFLMH NDR JHQR 

FLGVHVPDWUDELORNRMHRGQDYHGHQLKGHOD
XaLQMHQLK X QDPHUL SRWSXQRJ LOL GHOL 
PLaQRJ XQL^WHQMD MHGQH QDFLRQDOQH HW 
QLaNHUDVQHLOLYHUVNHJUXSHNDRWDNYH
D XELVWYR aODQRYD JUXSH


G
H

.DCQMLYDVXVOHGH`DGHOD
JHQRFLG
SODQLUDQMH L]YU^HQMD JHQRFLGD
QHSRVUHGQR L MDYQR SRGVWLFDQMH QD
YU^HQMH JHQRFLGD
SRNX^DM JHQRFLGD
VDXaHVQL^WYR X JHQRFLGX
AODQ ,9

/LFDNRMDXaLQHGHORJHQRFLGDLOLQH 
NRGUXJRGHORQDYHGHQRXaODQX,,,EL`H
NDCQMHQD EH] RE]LUD GD OL XSUDYOMDMX
GUCDYRP REDYOMDMX IXQNFLMH LOL VX RELaQL
SRMHGLQFL
AODQ 9

6YDND VWUDQD XJRYRUQLFD PRCH ]DK

WHYDWL RG QDGOHCQLK RUJDQD 8MHGLQMHQLK
QDFLMDGDSUHGX]PXVDJODVQR3RYHOML8MH 

8VYRMHQD L RWYRUHQD ]D SRWSLVLYDQMH UH]ROXFLMRP *HQHUDOQH VNXS^WLQH  $ ,,, RG 
GHFHPEUD  JRGLQH 6WXSLOD QD VQDJX  MDQXDUD  JRGLQH 'R  MDQXDUD 
JRGLQH UDWLILNRYDOR  GUCDYD 6O YHVQLN 3UH]LGLMXPD QDURGQH VNXS^WLQH )15- 
3RQRYR UDWLILNRYDQD  PDUWD  JRGLQH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GLQMHQLK QDFLMD PHUH NRMH EXGX VPDWUDOL
]D SRJRGQH X FLOMX VSUHaDYDQMD L NDCQMD 
YDQMDGHODJHQRFLGDLOLQHNRJRGGHODQD 
YHGHQLKXaODQX,,,
AODQ 9,

/LFDRVX_HQD]DNULYLaQRGHORJHQR 
FLGD LOL ]D QHNR GUXJR GHOR QDYHGHQR X
aODQX ,,, EL`H SUHGDWD QD VX_HQMH QDG 
OHCQLPVXGRYLPDGUCDYHQDaLMRMWHULWRULML
MH RGUH_HQR GHOR L]YU^HQR LOL 0H_XQD 
URGQRPNULYLaQRPVXGXNRML`HELWLQDG 
OHCDQ]DRQHRGaODQLFDXJRYRUQLFDNRMH
EXGXSUL]QDOHQMHJRYXQDGOHCQRVW
AODQ 9,,

*HQRFLG L RVWDOD GHOD QDYHGHQD X

aODQX,,,QH`HVHVPDWUDWLXSRJOHGXHN 
VWUDGLFLMHNDRSROLWLaNDNULYLaQDGHOD6WUD 
QHXJRYRUQLFHSUHX]LPDMXREDYH]XGD`H
XRYDNYLPVOXaDMHYLPDGRSXVWLWLHNVWUDGL 
FLMX VDJODVQR VYRP]DNRQRGDYVWYX L SR 
VWRMH`LPPH_XQDURGQLPXJRYRULPD
AODQ 9,,,

6YDND VWUDQD XJRYRUQLFD PRCH ]DK 

WHYDWL RG QDGOHCQLK RUJDQD 8MHGLQMHQLK
QDFLMDGDSUHGX]PXVDJODVQR3RYHOML8MH 
GLQMHQLK QDFLMD PHUH NRMH EXGX VPDWUDOL
]D SRJRGQH X FLOMX VSUHaDYDQMD L NDCQMD 
YDQMDGHODJHQRFLGDLOLQHNRJRGGHODQD 
YHGHQLKXaODQX,,,
AODQ ,;

6SRURYLL]PHGXVWUDQDXJRYRUQLFDX
SRJOHGX WXPDaHQMD SULPHQH L L]YU^HQMD
RYH .RQYHQFLMH SRGUD]XPHYDMX`L WX L
VSRURYH NRML VH RGQRVH QD RGJRYRUQRVW
QHNHGUCDYH]DJHQRFLGLOLELORNRMHGUXJR
GHORSREURMDQRXaODQX,,,EL`HL]QHVHQL
SUHG 0H_XQDURGQL VXG SUDYGH QD
WUDCHQMHMHGQHRGVWUDQDXVSRUX

LVYDNRMGUCDYLQHaODQLFLNRMRM*HQHUDOQD
VNXS^WLQDEXGHXSXWLODSR]LYXWXVYUKX
2YD`H.RQYHQFLMDELWLUDWLILNRYDQDL
UDWLILNDFLRQLLQVWUXPHQWLEL`HGHSRQRYDQL
NRG JHQHUDOQRJ VHNUHWDUD 2UJDQL]DFLMH
XMHGLQMHQLK QDFLMD 3RaHY RG  MDQXDUD
JRGLQHRYRM`H.RQYHQFLMLPR`LGD
SULVWXSLVYDNDaODQLFD2UJDQL]DFLMHXMHGL 
QMHQLKQDFLMDLVYDNDGUCDYDQHaODQLFDNR 
MD EXGH SULPLOD QDSUHG QDYHGHQL SR]LY
,QVWUXPHQWLRSULVWXSDQMXEL`HGHSRQRYD 
QLNRGJHQHUDOQRJVHNUHWDUD2UJDQL]DFLMH
XMHGLQMHQLKQDFLMD
AODQ ;,,

6YDND VWUDQD XJRYRUQLFD PR`L `H X

VYDNR GRED SXWHP QRWLINDFLMH XSX`HQH
JHQHUDOQRPVHNUHWDUX2UJDQL]DFLMHXMHGL 
QMHQLKQDFLMDGDSUR^LULSULPHQXRYH.RQ 
YHQFLMH QD VYH WHULWRULMH LOL ELOR QD NRMX
WHULWRULMXaLMLPLQRVWUDQLPSRVORYLPDRQD
UXNRYRGL
AODQ ;,,,

1DGDQNDGDMHGHSRQRYDQGYDGHVHW
SUYLUDWLILNDFLRQLLQVWUXPHQWLOLLQVWUXPHQW
RSULVWXSDQMXJHQHUDOQLVHNUHWDU`HRWR 
PHVDVWDYLWL]DSLVQLN2Q`HGRVWDYLWLNR 
SLMXWRJ]DSLVQLNDVYLPGUCDYDPDaODQLFD 
PD2UJDQL]DFLMHXMHGLQMHQLKQDFLMDNDRL
QHaODQLFDPDRNRMLPDMHUHaXaODQX;,
2YD `H .RQYHQFLMD VWXSLWL QD VQDJX
GHYHGHVHWRJGDQDSRVOHGDWXPDGHSRQR 
YDQMDGYDGHVHWRJLQVWUXPHQWDRUDWLILNDFLML
LOLSULVWXSDQMX6YDNDUDWLILNDFLMDLOLSULVWX 
SDQMH L]YU^HQL SRVOH SRVOHGQMHJ GDWXPD
YDCL`HRGGHYHGHVHWRJGDQDSRVOHGHSR 
QRYDQMDLQVWUXPHQDWDRUDWLINDFLMLLOLSULV 
WXSDQMX

AODQ ;

2YD .RQYHQFLMD aLML `H WHNVWRYL QD

NLQHVNRP HQJOHVNRP IUDQFXVNRP UXV 
NRPL^SDQVNRPELWLSRGMHGQDNRYHURGR 
VWRMQL QRVL`H GDWXP  GHFHPEUD 
JRGLQH
AODQ ;,

2YD `H .RQYHQFLMD ELWL RWYRUHQD ]D

SRWSLVGRGHFHPEUDJRGLQHVYD 
NRMaODQLFL2UJDQL]DFLMH8MHGLQMHQLKQDFLMD

AODQ ;,9

2YD.RQYHQFLMD`HWUDMDWLGHVHWJRGL 
QDSRaHYRGGDQDQMHQRJVWXSDQMDQDVQD 
JX2QD`HSRVOHWRJDRVWDWLQDVQD]L]D
QRYLSHULRGRGSHWJRGLQDLWDNRUHGRP
SUHPDRQLPVWUDQDPDXJRYRUQLFDPDNRMH
MHQHEXGXRWND]DOHQDMPDQMH^HVWPHVHFL
SUHLVWHNDURND2WND]`HVHYU^LWLSLVPH 
QRPQRWLILNDFLMRPXSX`HQRPJHQHUDOQRP
VHNUHWDUX2UJDQL]DFLMH8MHGLQMHQLKQDFLMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

E QRWLILNDFLMDPDSULPOMHQLPQDRVQRYX
aODQD ;,,
F GDWXPXVWXSDQMDQDVQDJXRYH.RQ 
YHQFLMH QD RVQRYX aODQD ;,,,
G RWND]LPD SULPOMHQLPQD RVQRYX aOD 
QD ;,9
H SUHVWDQNX YDCHQMD .RQYHQFLMH QD
RVQRYX aODQD ;9
I QRWLILNDFLMDPDSULPOMHQLPQDRVQRYX
aODQD ;9,

AODQ ;9

$NRXVOHGRWND]DEURMGUCDYDSRWSLV 
QLFDRYH.RQYHQFLMHEXGHVYHGHQQDPD 
QMHRG^HVQDHVWNRQYHQFLMD`HSUHVWDWLGD
YDCLSRaHYRGGDQDNDGMHSRVOHGQMLRG
RWND]DSRVWDRSUDYRVQDCDQ
AODQ ;9,

=DKWHY ]D UHYL]LMX RYH .RQYHQFLMH

PR`L`HSRGQHWLVYDNDVWUDQDXJRYRUQLFD
XVYDNRGREDSXWHPSLVPHQHQRWLILNDFLMH
XSX`HQH JHQHUDOQRP VHNUHWDUX *HQHUDO 
QD VNXS^WLQD `HGRQRVLWLRGOXNHRPHUD 
PDNRMHWUHEDSUHGX]HWLXWDNYRPVOXaDMX
SRSUHGPHWXWRJWUDCHQMD
AODQ ;9,,

*HQHUDOQL VHNUHWDU 2UJDQL]DFLMH XMH 

GLQMHQLKQDFLMDREDYHVWL`HVYHGUCDYHaOD 
QLFH2UJDQL]DFLMHLGUCDYHQHaODQLFHRNR 
MLPDMHUHaXaODQX;,RVOHGH`HP
D SRWSLVLPD UDWLILNDFLMDPD L SULVWXSD 
QMLPD SULPOMHQLP QD RVQRYX aODQD
;,

AODQ ;9,,,

2ULJLQDORYH.RQYHQFLMHGHSRQRYD`H
VHXDUKLYL2UJDQL]DFLMHXMHGLQMHQLKQDFLMD
2YHUHQSUHSLVEL`HXSX`HQVYLPGUCDYD 
PD aODQLFDPD 2UJDQL]DFLMH XMHGLQMHQLK
QDFLMD L GUCDYDPD QHaODQLFDPD R NRMLPD
MHUHaXaODQX;,
AODQ ;,;

*HQHUDOQL VHNUHWDU 2UJDQL]DFLMH XMH 

GLQMHQLKQDFLMDUHJLVWURYD`HRYX.RQYHQ 
FLMXQDGDQQMHQRJVWXSDQMDQDVQDJX

 6WDWXW 0H_XQDURGQRJ NULYLaQRJ WULEXQDOD

]D ELY^X -XJRVODYLMX
0H_XQDURGQL WULEXQDO ]D NULYLaQR
JRQMHQMH RVRED RGJRYRUQLK ]D WH^ND
NU^HQMD PH_XQDURGQRJ KXPDQLWDUQRJ
SUDYDXaLQMHQDQDWHULWRULMLELY^H-XJRVOD 
YLMH RG  JRGLQH X GDOMHP WHNVWX
0H_XQDURGQL WULEXQDOm RVQRYDQ RG
VWUDQH6DYHWDEH]EHGQRVWLQDRVQRYXJOD 
YH 9,, 3RYHOMH 8MHGLQMHQLK QDFLMD GHOXMH
XVNODGXVRGUHGEDPDRYRJ6WDWXWD
AODQ 
1DGOHCQRVW 0H_XQDURGQRJ WULEXQDOD

AODQ 
7H^NH SRYUHGH #HQHYVNLK
NRQYHQFLMD L] 

0H_XQDURGQLWULEXQDOMHQDGOHCDQGD
NULYLaQRJRQLRVREHNRMHVXXaLQLOHLOLQD 
UHGLOHGDVHXaLQHWH^NHSRYUHGH#HQHYV 
NLK NRQYHQFLMD RG  DXJXVWD  RG 
QRVQR VOHGH`D GHOD SURWLY RVRED LOL LPR 
YLQH ]D^WL`HQLK RGUHGEDPD UHOHYDQWQH
#HQHYVNHNRQYHQFLMH

0H_XQDURGQLWULEXQDOMHQDGOHCDQGD
NULYLaQR JRQL RVREH RGJRYRUQH ]D WH^ND
NU^HQMD PH_XQDURGQRJ KXPDQLWDUQRJ
SUDYD SRaLQMHQD QD WHULWRULML ELY^H -XJRV 
ODYLMHRGJRGLQHXVNODGXVRGUHG 
EDPDRYRJ6WDWXWD


D XPL^OMDMQR OL^DYDQMH CLYRWD

E PXaHQMH LOL QHaRYHaQR SRVWXSDQMH
XNOMXaXMX`L ELROR^NH HNVSHULPHQWH
F XPL^OMDMQR QDQR^HQMH YHOLNLK SDWQML
LOL WH^NLK SRYUHGD WHOD LOL ]GUDYOMD

8VYRMHQUH]ROXFLMRP6DYHWDEH]EHGQRVWL81RGPDMDYLGLQDKWWSZZZXQ
RUJLFW\EKVLFW\GRFXPHQWVROGUHVKWP D L]PHQMHQ UH]ROXFLMDPD   
 L  3UHYRG SUHX]HW VD ZZZXQRUJLFW\EKVIUDPHVWULEXQDOKWP L SULODJR_HQ
VUSVNRM SUDYQRM WHUPLQRORJLML



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

D XELMDQMH SULSDGQLND JUXSH
E QDQR^HQMH WH^NH WHOHVQH LOL GX^HYQH
SRYUHGH SULSDGQLFLPD JUXSH
F VPL^OMHQR QDPHWDQMH SULSDGQLFLPD
JUXSH CLYRWQLK XVORYD VUDaXQDWLK GD
GRYHGX GR QMHQRJ SRWSXQRJ LOL GH
OLPLaQRJ IL]LaNRJ XQL^WHQMD
G XYR_HQMH PHUD NRMLPD MH FLOM
VSUHaDYDQMH UD_DQMD XQXWDU JUXSH
H SULVLOQR SUHPH^WDQMH GHFH WH JUXSH
X GUXJX JUXSX
.DCQMLYDVXVOHGH`DGHOD
D JHQRFLG
E XGUXCLYDQMH UDGL L]YU^HQMD JHQRFLGD
F GLUHNWQR L MDYQR SRGVWUHNDYDQMH QD
L]YU^HQMH JHQRFLGD
G SRNX^DM L]YU^HQMD JHQRFLGD
H VDXaHVQL^WYR X JHQRFLGX

G XQL^WDYDQMH L RGX]LPDQMH LPRYLQH

^LURNLKUD]PHUDNRMHQLMHRSUDYGDQR
YRMQRPQXCGRPDL]YHGHQRMHSUR 
WLYSUDYQR L EH]RE]LUQR
H SULVLOMDYDQMH UDWQRJ ]DUREOMHQLND LOL
FLYLOD QD VOXCHQMH X VQDJDPD QHSUL 
MDWHOMVNH VLOH
I XPL^OMDMQR XVNUD`LYDQMH SUDYD UDW
QRP ]DUREOMHQLNX LOL FLYLOX QD SUD 
YLaDQ L UHGRYDQ VXGVNL SRVWXSDN
J SURWLYSUDYQD GHSRUWDFLMD LOL SUH
PH^WDQMH LOL SURWLYSUDYQR ]DWRaHQMH
FLYLOD
K X]LPDQMH FLYLOD ]D WDRFH
AODQ 
.U^HQMD ]DNRQD L RELaDMD UDWRYDQMD

0H_XQDURGQLWULEXQDOMHQDGOHCDQGD
NULYLaQRJRQLRVREHNRMHVXSUHNU^LOH]D 
NRQH L RELaDMH UDWRYDQMD 7D NU^HQMD XN 
OMXaXMXDOLQLVXRJUDQLaHQDQD
D NRUL^`HQMH RWURYQLK RUXCMD LOL GUXJLK
RUXCMD VPL^OMHQLK ]D QDQR^HQMH QH 
SRWUHEQLK SDWQML
E EH]RE]LUQRUD]DUDQMHJUDGRYDQDVH 
OMD LOL VHOD LOL SXVWR^HQMH NRMH QLMH
RSUDYGDQR YRMQRP QXCGRP
F QDSDG LOL ERPEDUGRYDQMH ELOR NR 
MLPVUHGVWYLPDQHEUDQMHQLKJUDGRYD
VHOD VWDPEHQLK REMHNDWD LOL ]JUDGD
G ]DX]LPDQMH XQL^WDYDQMH LOL XPL^OMDM 
QR QDQR^HQMH ^WHWH XVWDQRYDPD QD 
PHQMHQLK UHOLJLML GREURWYRUQLP VYU
KDPDLREUD]RYDQMXXPHWQRVWLLQD 
XFLLVWRULMVNLPVSRPHQLFLPDLXPMHW 
QLaNLP L QDXaQLP GHOLPD
H SOMDaNDQMHMDYQHLOLSULYDWQHLPRYLQH
AODQ 
*HQRFLG

0H_XQDURGQLWULEXQDOMHQDGOHCDQ
GD NULYLaQR JRQL RVREH NRMH VX XaLQLOH
JHQRFLGGHILQLVDQXVWDYXRYRJaODQDLOL
ELOR NRMH RG GHOD QDEURMHQLK X VWDYX 
RYRJaODQD
 *HQRFLG R]QDaDYD ELOR NRMH RG
VOHGH`LKGHODXaLQMHQRVQDPHURPGDVH
X FHORVWL LOL GHOLPLaQR XQL^WL QHND QDFLR 
QDOQDHWQLaNDUDVQDLOLYHUVNDJUXSDNDR
WDNYD

AODQ 
=ORaLQL SURWLY aRYHaQRVWL

0H_XQDURGQLWULEXQDOMHQDGOHCDQGD
NULYLaQR JRQL RVREH RGJRYRUQH ]D VOH 
GH`D NULYLaQD GHOD NDGD VX XaLQMHQD X
RUXCDQRP VXNREX ELOR PH_XQDURGQRJ
ELOR XQXWUD^QMHJ NDUDNWHUD L XVPHUHQD
SURWLYFLYLOQRJVWDQRYQL^WYD
D XELVWYR
E LVWUHEOMLYDQMH
F SRUREOMDYDQMH
G GHSRUWDFLMD
H ]DWYDUDQMH
I PXaHQMH
J VLORYDQMH
K SURJRQL QD SROLWLaNRM UDVQRM L YMHUV 
NRM RVQRYL
L GUXJD QHKXPDQD GHOD
AODQ 
3HUVRQDOQD QDGOHCQRVW

0H_XQDURGQL WULEXQDO LPD QDG

OHCQRVWQDGIL]LaNLPOLFLPDXVNODGXVRG 
UHGEDPDRYRJ6WDWXWD
AODQ 
,QGLYLGXDOQD NULYLaQD RGJRYRUQRVW

 /LFH NRMH MH SODQLUDOR SRGVWUHND 

YDOR QDUHGLOR XaLQLOR LOL QD GUXJL QDaLQ



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SRPRJORLSRGUCDORSODQLUDQMHSULSUHPX
LOL L]YU^HQMH NULYLaQRJ GHOD QDYHGHQRJ X
aODQRYLPD  GR  RYRJ 6WDWXWD LQGLYLGX 
DOQRMHRGJRYRUQR]DWRNULYLaQRGHOR
 6OXCEHQL SRORCDM ELOR NRJ RS
WXCHQRJOLFDELORGDVHUDGLR^HIXGUCDYH
LOLYODGHLOLRRGJRYRUQRPGUCDYQRP]YD 
QLaQLNX QH RVORED_D WDNYR OLFH NULYLaQH
RGJRYRUQRVWLQLWLXEODCDYDND]QX
 ALQMHQLFD GD MH QHNR RG GHOD QD 
YHGHQLKXaODQRYLPDGRRYRJ6WDWXWD
XaLQLR SRGUH_HQL QH RVORED_D QMHJRYRJ
QDGUH_HQRJNULYLaQHRGJRYRUQRVWLDNRMH
QDGUH_HQL]QDRLOLMHLPDRUD]ORJDGD]QD
GD VH SRGUH_HQL VSUHPD GD XaLQL WDNYD
GHOD LOL GD LK MH YH` XaLQLR D QDGUH_HQL
QLMH SRGX]HR QXCQH L UD]XPQH PHUH GD
WDNYDGHODVSUHaLLOLXaLQLRFHND]QL
ALQMHQLFDGDMHRSWXCHQROLFHSR 
VWXSDOR SUHPD QDUH_HQMX YODGH LOL QDG 
UH_HQRJ QH RVORED_D JD NULYLaQH RGJR 
YRUQRVWLDOLVHPRCHX]HWLXRE]LU]DXE 
ODCDYDQMH ND]QH DNR 0H_XQDURGQL WULEX 
QDOXWYUGLGDWDNRQDODCHSUDYGD
AODQ 
7HULWRULMDOQD L YUHPHQVND QDGOHCQRVW

7HULWRULMDOQD QDGOHCQRVW 0H_XQDURG 

QRJWULEXQDODREXKYDWDWHULWRULMXELY^H6R 
FLMDOLVWLaNH)HGHUDWLYQH5HSXEOLNH-XJRVOD 
YLMH ^WR XNOMXaXMH QMHQX NRSQHQX
SRYU^LQX YD]GX^QL SURVWRU L WHULWRULMDOQH
YRGH9UHPHQVNDQDGOHCQRVW0H_XQDURG 
QRJ WULEXQDOD REXKYDWD SHULRG NRMH
SRaLQMHMDQXDUDJRGLQH
AODQ 
.RQNXUHQWQD QDGOHCQRVW

0H_XQDURGQLWULEXQDOLQDFLRQDOQL
VXGRYL NRQNXUHQWQR VX QDGOHCQL GD NUL 
YLaQR JRQH OLFD RVXQMLaHQD ]D WH^ND
NU^HQMD PH_XQDURGQRJ KXPDQLWDUQRJ
SUDYDXaLQMHQDQDWHULWRULMLELY^H-XJRVOD 
YLMHRGMDQXDUDJRGLQH
 0H_XQDURGQL WULEXQDO LPD SULPDW
QDGQDFLRQDOQLPVXGRYLPD0H_XQDURGQL
WULEXQDO PRCH X ELOR NRMRM ID]L SRVWXSND
IRUPDOQR]DWUDCLWLRGQDFLRQDOQLKVXGRYD
GDXVWXSHQDGOHCQRVW0H_XQDURGQRPWUL 
EXQDOXXVNODGXVRYLP6WDWXWRPL3UDYL 

OLPDRSRVWXSNXLGRND]LPD0H_XQDURG 
QRJWULEXQDOD
AODQ 
1RQ ELV LQ LGHP

 1LMHGQRP OLFX VH QH PRCH VXGLWL

SUHGQDFLRQDOQLPVXGRP]DGHODNRMDSUH 
PD RYRP 6WDWXWX SUHGVWDYOMDMX WH^ND
NU^HQMD PH_XQDURGQRJ KXPDQLWDUQRJ
SUDYD D ]D NRMD PX MH YH` VX_HQR SUHG
0H_XQDURGQLPWULEXQDORP
/LFXNRPHMHSUHGQDFLRQDOQLPVX 
GRP VX_HQR ]D GHOD NRMD SUHGVWDYOMDMX
WH^ND NU^HQMD PH_XQDURGQRJ KXPDQLWDU 
QRJSUDYDPRCHVHQDNRQWRJDVXGLWLSUHG
0H_XQDURGQLPWULEXQDORPVDPR
D DNRMHGHOR]DNRMHMHPXMHVX_HQR
RNYDOLILNRYDQR NDR RELaQR NULYLaQR
GHOR LOL
E DNR SRVWXSDN SUHG QDFLRQDOQLP VX
GRP QLMH ELR QHSULVWUDQ LOL QH]DYL 
VDQLOLMHELRVPL^OMHQGDRSWXCHQRJ
]D^WLWLRGPH_XQDURGQHNULYLaQHRG
JRYRUQRVWLLOLDNRNULYLaQLSRVWXSDN
QLMH ELR UHYQRVQR VSURYHGHQ
 3ULOLNRP UD]PDWUDQMD ND]QH NRMD
`HELWLL]UHaHQDOLFXRVX_HQRP]DNULYLaQR
GHOR SUHPD RYRP 6WDWXWX 0H_XQDURGQL
WULEXQDO`HX]HWLXRE]LUXNROLNRMMHPHUL
YH` L]GUCDQD HYHQWXDOQD ND]QD L]UHaHQD
WRM RVREL RG VWUDQH QDFLRQDOQRJ VXGD ]D
LVWRGHOR
AODQ 
2UJDQL]DFLMD 0H_XQDURGQRJ WULEXQDOD

0H_XQDURGQL WULEXQDO aLQH VOHGH`L

RUJDQL
D VXGVND YH`D NRMD VH VDVWRMH RG WUL
3UHWUHVQD YH`D L MHGQRJ #DOEHQRJ
YH`D
E 7XCLODF L
F 6HNUHWDULMDW NRML RSVOXCXMH L VXGVND
YH`D L 7XCLRFD
AODQ 
6DVWDY VXGVNLK YH`D

6XGVNDYH`DVXVDVWDYOMHQDRG^HV
QDHVWVWDOQLKQH]DYLVQLKVXGLMDPH_XNR 
MLPD QH VPHELWLGUCDYOMDQD LVWHGUCDYHL
RG QDMYL^H GHYHW DG OLWHP QH]DYLVQLK VX
GLMD R_HGQRP LPHQRYDQLK X VNODGX VD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

aODQRP  WHU VWDYRP  6WDWXWD PH_X
NRMLPDQHVPHELWLGUCDYOMDQDLVWHGUCDYH
6YDNR3UHWUHVQRYH`HVHVDVWRMLRG
WURMHVWDOQLKVXGLMDLQDMYL^H^HVW DGOLWHP
VXGLMDRGMHGQRP6YDNR3UHWUHVQRYH`HX
NRMHVXUDVSRUH_HQHDGOLWHPVXGLMHPRCH
VH SRGHOLWL X VHNFLMH RG SR WURMH VXGLMD
PH_XNRMLPDVXLVWDOQHVXGLMHL DGOLWHP
VXGLMH 6HNFLMD 3UHWUHVQRJ YH`D LPD LVWH
QDGOHCQRVWLLRGJRYRUQRVWLNRMHSR6WDWXWX
SULSDGDMX 3UHWUHVQRP YH`X L GRQRVL SUH 
VXGXXVNODGXVDLVWLPSUDYLOLPD
 6HGDP VWDOQLK VXGLMD VX aODQRYL
#DOEHQRJYH`D#DOEHQRYH`H]DSRMHGLQL
CDOEHQLSUHGPHW aLQL SHWQMHJRYLKaODQR 
YD
 /LFH NRMH VH X VPLVOX XVORYD ]D
aODQVWYR X YH`LPD 0H_XQDURGQRJ WULEX 
QDODPRCHVPDWUDWLGUCDYOMDQLQRPYL^HRG
MHGQH GUCDYH VPDWUD`H VH GUCDYOMDQLQRP
RQH GUCDYH X NRMRM LQDaH RVWYDUXMH VYRMD
JUD_DQVNDLSROLWLaNDSUDYD
AODQ 
.YDOLILNDFLMH VXGLMD

6WDOQH L DG OLWHP VXGLMH PRUDMX ELWL

QHSULVWUDVQHLaHVWLWHRVREHYLVRNLKPRUDO 
QLK NYDOLWHWD NRMH SRVHGXMX NYDOLILNDFLMH
NDNYH VX SRWUHEQH ]D L]ERU QD QDMYL^H
SUDYRVXGQHSRORCDMHX]HPOMLL]NRMHGR 
OD]H 3ULOLNRP RGUH_LYDQMD XNXSQRJ VDV 
WDYD VXGVNLK YH`D L VHNFLMD SUHWUHVQLK
YH`DGXCQDVHSDCQMDSRVYH`XMHLVNXVWYX
VXGLMDXNULYLaQRPLPH_XQDURGQRPSUD 
YXXNOMXaXMX`LPH_XQDURGQRKXPDQLWDU 
QRSUDYRLOMXGVNDSUDYD
AODQ  ELV
,]ERU VWDOQLK VXGLMD

 AHWUQDHVW VWDOQLK VXGLMD 0H_XQD

URGQRJ WULEXQDOD ELUD *HQHUDOQD VNXS^WL 
QD VD VSLVND NRML MRM GRVWDYOMD 6DYHW EH] 
EHGQRVWLQDVOHGH`LQDaLQ
D *HQHUDOQL VHNUHWDU SR]LYD GUCDYH
aODQLFH 8MHGLQMHQLK QDFLMD L GUCDYH
QHaODQLFH NRMH LPDMX VWDOQH SRVPDW 
UDaNH PLVLMH X VHGL^WX 8MHGLQMHQLK
QDFLMD GD NDQGLGXMX VXGLMH
E X URNX RG  GDQD QDNRQ SR]LYD
JHQHUDOQRJ VHNUHWDUD VYDND GUCDYD
PRCH SUHGORCLWL QDMYL^H GYD NDQGL

GDWD aLMH NYDOLILNDFLMH RGJRYDUDMX

RQLPD QDYHGHQLP X aODQX  6WDWX 
WD V WLP GD PRUDMX LPDWL UD]OLaLWR
GUCDYOMDQVWYR L QLMHGDQ RG QMLK QH
VPH ELWL GUCDYOMDQLQ LVWH GUCDYH NDR
ELORNRMLRGVXGLMDaODQRYD#DOEHQRJ
YH`D NRML MH L]DEUDQ LOL QDLPHQRYDQ
]D VXGLMX 0H_XQDURGQRJ WULEXQDOD
]DNULYLaQRJRQMHQMHOLFDRGJRYRUQLK
]D JHQRFLG L GUXJD WH^ND NU^HQMD
PH_XQDURGQRJ KXPDQLWDUQRJ SUDYD
SRaLQMHQD QD WHULWRULML 5XDQGH L
JUD_DQD 5XDQGH RGJRYRUQLK ]D JH 
QRFLGLGUXJDWDNYDNU^HQMDSRaLQMH 
QD QD WHULWRULML VXVHGQLK GUCDYD L]
PH_X  MDQXDUD  L GHFHP
EUD  GDOMH X WHNVWX 0H_XQD 
URGQL WULEXQDO ]D 5XDQGX X VNODGX
VD aODQRP  ELV 6WDWXWD WRJ 6XGD
F *HQHUDOQL VHNUHWDU SURVOH_XMH SULP
OMHQH NDQGLGDWXUH 6DYHWX EH]EHGQR 
VWL1DRVQRYXSULPOMHQLKQRPLQDFLMD
6DYHWEH]EHGQRVWLVDVWDYOMDVSLVDNVD
QDMPDQMH GYDGHVHW RVDP L QDMYL^H
aHWUGHVHW GYD NDQGLGDWD YRGH`L EUL
JXRWRPHGDEXGX]DVWXSOMHQLJODY 
QL VYHWVNL SUDYQL VLVWHPL
G SUHGVHGDYDMX`L 6DYHWD EH]EHGQRVWL
SURVOH_XMH VSLVDN NDQGLGDWD SUHGVH
GDYDMX`HP *HQHUDOQH VNXS^WLQH
*HQHUDOQD VNXS^WLQD VD WRJ VSLVND
ELUDaHWUQDHVWVWDOQLKVXGLMD0H_XQD 
URGQRJWULEXQDOD.DQGLGDWLNRMLGR 
ELMX DSVROXWQX YH`LQX JODVRYD
GUCDYD aODQLFD 8MHGLQMHQLK QDFLMD L
GUCDYD QHaODQLFD NRMH LPDMX VWDOQX
SRVPDWUDaNX PLVLMX X VHGL^WX 8MHGL 
QMHQLK QDFLMD SURJODVL`H VH L]DEUD 
QLP 8 VOXaDMX GD GYD NDQGLGDWD LV 
WRJ GUCDYOMDQVWYD GRELMX SRWUHEQX
YH`LQX JODVRYD L]DEUDQLP `H VH
VPDWUDWL RQDMNRML MHGRELRYH`LEURM
JODVRYD
 8 VOXaDMX XSUDCQMHQRJ PHVWD X
VXGVNLPYLMH`LPDPH_XVWDOQLPVXGLMDPD
NRML VX L]DEUDQL LOL LPHQRYDQL X VNODGX V
RYLPaODQRPQDNRQNRQVXOWDFLMHVDSUHG 
VHGDYDMX`LP 6DYHWD EH]EHGQRVWL L *HQH 
UDOQHVNXS^WLQHJHQHUDOQLVHNUHWDUQDXS 
UDCQMHQRPHVWRGRNUDMDPDQGDWDLPHQXMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RVREX NRMD LVSXQMDYD NYDOLILNDFLMH QDYH 
GHQHXaODQX6WDWXWD
 6WDOQH VXGLMH L]DEUDQH X VNODGX V
RYLP aODQRP ELUDMX VH QD URN RG aHWLUL
JRGLQH8VORYLVOXCEHVXLVWLNDRL]DVX 
GLMH0H_XQDURGQRJWULEXQDODSUDYGH6X 
GLMHPRJXELWLSRQRYRL]DEUDQH
AODQ  WHU
,]ERU L LPHQRYDQMH DG OLWHP VXGLMD

$GOLWHPVXGLMH0H_XQDURGQRJWUL
EXQDODELUD*HQHUDOQDVNXS^WLQDVDVSLVND
NRML MRM GRVWDYOMD 6DYHW EH]EHGQRVWL QD
VOHGH`LQDaLQ
D *HQHUDOQL VHNUHWDU SR]LYD GUCDYH
aODQLFH 8MHGLQMHQLK QDFLMD L GUCDYH
QHaODQLFH NRMH LPDMX VWDOQH SRVPDW 
UDaNH PLVLMH X VHGL^WX 8MHGLQMHQLK
QDFLMD GD NDQGLGXMX DG OLWHP VXGLMH
0H_XQDURGQRJ WULEXQDOD
E X URNX RG  GDQD QDNRQ SR]LYD
*HQHUDOQRJ VHNUHWDUD VYDND GUCDYD
PRCH SUHGORCLWL SR aHWLUL NDQGLGDWD
aLMH NYDOLILNDFLMH RGJRYDUDMX RQLPD
QDYHGHQLP X aODQX  6WDWXWD YR 
GH`L SULWRP UDaXQD R SUDYLOQRM ]DV 
WXSOMHQRVWL NDQGLGDWD CHQVNRJ L
PX^NRJ SROD
F *HQHUDOQL VHNUHWDU SURVOH_XMH SULP 
OMHQH NDQGLGDWXUH 6DYHWX EH]EHGQR 
VWL1DRVQRYXSULPOMHQLKNDQGLGDWX 
UD6DYHWEH]EHGQRVWLVDVWDYOMDVSLVDN
VD QDMPDQMH SHGHVHW aHWLUL NDQGLGD 
WDYRGH`LEULJXGDEXGX]DVWXSOMHQL
JODYQLVYHWVNLSUDYQLVLVWHPLWHLPD 
MX`L QD XPX YDCQRVW UDYQRSUDYQH
JHRJUDIVNH ]DVWXSOMHQRVWL
G SUHGVHGDYDMX`L 6DYHWD EH]EHGQRVWL
SURVOH_XMH VSLVDN NDQGLGDWD SUHGVH
GDYDMX`HP *HQHUDOQH VNXS^WLQH
*HQHUDOQD VNXS^WLQD VD WRJ VSLVND
ELUDGYDGHVHWVHGDP DGOLWHPVXGLMD
0H_XQDURGQRJ WULEXQDOD .DQGLGDWL
NRMLGRELMXDSVROXWQXYH`LQXJODVRYD
GUCDYD aODQLFD 8MHGLQMHQLK QDFLMD L
GUCDYD QHaODQLFD NRMH LPDMX VWDOQH
SRVPDWUDaNH PLVLMH X VHGL^WX 8MHGL 
QMHQLK QDFLMD SURJODVL`H VH L]DEUD 
QLP

H DG OLWHP VXGLMH VH ELUDMX QD URN RG

aHWLULJRGLQH$GOLWHPVXGLMHQHPR
JX ELWL SRQRYR L]DEUDQH
=DYUHPHWUDMDQMDQMLKRYRJPDQGD 
WDJHQHUDOQLVHNUHWDU`HSR]DKWHYXSUHG 
VHGQLND 0H_XQDURGQRJ WULEXQDOD LPHQR 
YDWL DG OLWHP VXGLMH X SUHWUHVQD YH`D ]D
MHGQRLOLYL^HVX_HQMDWRNRPSHULRGDNRML
QHPRCHELWLGXCLRGWULJRGLQH3ULOLNRP
SRGQR^HQMD]DKWHYD]DLPHQRYDQMH DGOL
WHPVXGLMHSUHGVHGQLN0H_XQDURGQRJWUL 
EXQDODPRUDLPDWLQDXPXNULWHULMXPHL]
aODQD6WDWXWDNRMLVHRGQRVHQDVDVWDY
YH`D L VHNFLMD SUHWUHVQLK YH`D RGUHGEH
VWDYDELFRYRJaODQDWHEURMJODVRYD
NRMH MH GRWLaQL DG OLWHP VXGLMD GRELR X
*HQHUDOQRMVNXS^WLQL
AODQ  TXDWHU
6WDWXV DG OLWHP VXGLMD

7RNRPSHULRGDQDNRMLVXLPHQR 
YDQLGDUDGHX0H_XQDURGQRPWULEXQDOX
DGOLWHPVXGLMH
D LPDMX LVWH XVORYH VOXCEH PXWDWLV
PXWDQGLVNDRLVWDOQHVXGLMH0H_X
QDURGQRJ WULEXQDOD
E LPDMXLVWDRYOD^`HQMDNDRLVWDOQHVX 
GLMH 0H_XQDURGQRJ WULEXQDOD X]
RJUDGH QDYHGHQH X VWDYX  RYRJ
aODQD
F LPDMXSRYODVWLFHLLPXQLWHWHL]X]H`D
L RODN^LFH NDNYH VX QD UDVSRODJDQMX
VXGLMDPD 0H_XQDURGQRJ WULEXQDOD
G LPDMX RYOD^`HQMD GD GRQRVH RGOXNH
X SUHWSUHWUHVQRP SRVWXSNX L X GUX
JLP SUHGPHWLPD D QH VDPR RQLPD
NRMLVXSUHG3UHWUHVQLPYH`HPXNR 
MH VX UDVSRUH_HQL
7RNRPSHULRGDQDNRMLVXLPHQR 
YDQLGDUDGHX0H_XQDURGQRPWULEXQDOX
DGOLWHPVXGLMH
D QHPDMX SUDYR GD ELUDMX QL GD EXGX
ELUDQL ]D SUHGVHGQLND 0H_XQDURG
QRJ WULEXQDOD QLWL ]D SUHGVHGDYD
MX`HJ3UHWUHVQRJYH`DVKRGQRaODQX
 6WDWXWD
E QHPDMX RYOD^`HQMD
L GD XVYDMDMX 3UDYLOD R SRVWXSNX L
GRND]LPDXVNODGXVDaODQRP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

6WDWXWD 2QL `H PH_XWLP ELWL
NRQVXOWRYDQL SULMH XVYDMDQMD WLK
SUDYLOD
LL GDNRQWUROL^XRSWXCQLFXXVNODGX
VD aODQRP  6WDWXWD
LLL GDXaHVWYXMXXNRQVXOWDFLMDPDVD
SUHGVHGQLNRP X YH]L V UDVSRUH
_LYDQMHP VXGLMD X VNODGX VD aOD
QRP  6WDWXWD QLWL X YH]L VD
SRPLORYDQMHP LOL XEODCDYDQMHP
ND]QH X VNODGX VD aODQRP 
6WDWXWD
AODQ 
)XQNFLRQHUL
L aODQRYL YH`D

6WDOQHVXGLMH0H_XQDURGQRJWULEX 
QDODELUDMXSUHGVHGQLNDL]VYRMLKUHGRYD 
 3UHGVHGQLN 0H_XQDURGQRJ WULEX
QDOD MH aODQ #DOEHQRJ YH`D L SUHGVHGDYD
QMHJRYLPUDGRP
1DNRQNRQVXOWDFLMDVDVWDOQLPVX 
GLMDPD 0H_XQDURGQRJ WULEXQDOD SUHG 
VHGQLNUDVSRUH_XMHaHWYRURVWDOQLKVXGLMD
L]DEUDQLKLOLLPHQRYDQLKXVNODGXVDaOD 
QRPELV6WDWXWDX#DOEHQRYH`HDGH
YHWRURXSUHWUHVQDYH`D
 3UHGVHGQLN 0H_XQDURGQRJ WULEX
QDOD]D5XDQGXXNRQVXOWDFLMLVDSUHGVHG 
QLNRP 0H_XQDURGQRJ WULEXQDOD RG 
UH_XMH GYRMH VWDOQLK VXGLMD 0H_XQDURG 
QRJWULEXQDOD]D5XDQGXNRMLVXL]DEUDQL
LOLLPHQRYDQLXVNODGXVDaODQRP6WD 
WXWD WRJ 0H_XQDURGQRJ WULEXQDOD ]D aOD 
QRYH #DOEHQRJ YH`D L ]D VWDOQH VXGLMH
0H_XQDURGQRJWULEXQDOD
1DNRQNRQVXOWDFLMDVDVWDOQLPVX 
GLMDPDSUHGVHGQLNUDVSRUH_XMHXSUHWUHV 
QD YH`D DG OLWHP VXGLMH NRMH SRYUHPHQR
EXGX LPHQRYDQH GD UDGH X 0H_XQDURG 
QRPWULEXQDOX
 6XGLMD PRCH UDGLWL VDPR X RQRP
YH`XXNRMHMHUDVSRUH_HQ
 6WDOQH VXGLMH VYDNRJ SUHWUHVQRJ
YH`D L] VYRMLK UHGRYD ELUDMX SUHGVHGDYD 
MX`HJVXGLMXNRMLQDGJOHGDFHORNXSQLUDG
WRJSUHWUHVQRJYH`D

AODQ 
3UDYLOD R SRVWXSNX L GRND]LPD

6XGLMH 0H_XQDURGQRJ WULEXQDOD XV 

YDMDMX 3UDYLOD R SRVWXSNX L GRND]LPD ]D
YR_HQMH SUHWSUHWUHVQH ID]H SRVWXSND
VX_HQMDLCDOEHQRJSRVWXSNDSULKYDWDQMH
GRND]D ]D^WLWX CUWDYD L VYHGRND L GUXJD
RGJRYDUDMX`DSLWDQMD
AODQ 
7XCLODF

 7XCLODF MH RGJRYRUDQ ]D LVWUDJX L

NULYLaQR JRQMHQMH RVRED RGJRYRUQLK ]D
WH^ND NU^HQMD PH_XQDURGQRJ KXPDQLWDU 
QRJSUDYDSRaLQMHQDQDWHULWRULMLELY^H-X 
JRVODYLMHRGMDQXDUDJRGLQH
 7XCLODF GHOXMH QH]DYLVQR NDR ]D 
VHEQLRUJDQ0H_XQDURGQRJWULEXQDOD2Q
QH VPH WUDCLWL QL SULPDWL XSXWVWYD QL RG
NRMHYODGHQLWLELORNRMHJGUXJRJL]YRUD
 7XCLOD^WYR VH VDVWRML RG 7XCLRFDL
GUXJRJSRWUHEQRJNYDOLILNRYDQRJRVREOMD
7XCLRFDSUHGODCHJHQHUDOQLVHNUH 
WDUDLPHQXMH6DYHWEH]EHGQRVWL7XCLODF
PRUDELWLRVREDYLVRNLKPRUDOQLKNYDOLWHWD
LSRVHGRYDWLQDMYL^LVWHSHQVWUXaQRVWLLLV 
NXVWYD X YR_HQMX LVWUDJD L NULYLaQRJ JR 
QMHQMD X NULYLaQLP SUHGPHWLPD 7XCLODF
LPD PDQGDW RG aHWLUL JRGLQH L PRCH ELWL
SRQRYQR L]DEUDQ 8VORYL VOXCEH 7XCLRFD
RGJRYDUDMXXVORYLPDVOXCEHSRGVHNUHWDUD
8MHGLQMHQLKQDFLMD
 2VREOMH WXCLOD^WYD LPHQXMH JHQH 
UDOQLVHNUHWDUQDSUHSRUXNX7XCLRFD
AODQ 
6HNUHWDULMDW

6HNUHWDULMDWMHRGJRYRUDQ]DDGPL 
QLVWUDFLMX L RSVOXCLYDQMH 0H_XQDURGQRJ
WULEXQDOD
6HNUHWDULMDWVHVDVWRMLRGVHNUHWDUD
LGUXJRJSRWUHEQRJRVREOMD
6HNUHWDUDLPHQXMHJHQHUDOQLVHNUH 
WDU 8MHGLQMHQLK QDFLMD QDNRQ VDYHWRYDQMD
V SUHGVHGQLNRP 0H_XQDURGQRJ WULEXQD 
OD 6HNUHWDU LPD PDQGDW RG aHWLUL JRGLQH
L PRCH ELWL SRQRYQR L]DEUDQ 8VORYL
VOXCEH VHNUHWDUD RGJRYDUDMX XVORYLPD
VOXCEH SRPR`QLND JHQHUDOQRJ VHNUHWDUD
8MHGLQMHQLKQDFLMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

2VREOMHVHNUHWDULMDWDLPHQXMH*HQH
UDOQL VHNUHWDU 8MHGLQMHQLK QDFLMD QD SUHSR 
UXNXVHNUHWDUD0H_XQDURGQRJWULEXQDOD
AODQ 
,VWUDJD L SULSUHPD RSWXCQLFH

 7XCLODF SRNUH`H LVWUDJH H[ RIILFLR

LOL QD WHPHOMX LQIRUPDFLMD SULEDYOMHQLK L]
ELOR NRMHJ L]YRUD SRVHEQR RG YODGD RU 
JDQD 8MHGLQMHQLK QDFLMD PH_XYODGLQLK L
QHYODGLQLKRUJDQL]DFLMD7XCLODFPRUDSUR 
FHQLWLLQIRUPDFLMHNRMHMHSULPLRLOLSULED 
YLRLRGOXaLWLSRVWRMHOLGRYROMQLRVQRYL]D
SRNUHWDQMHSRVWXSND
 7XCLODF MH RYOD^`HQ GD LVSLWXMH
RVXPQMLaHQH CUWYH L VYMHGRNH SULNXSOMD
GRND]H L VSURYRGL LVWUDJX QD OLFX PHVWD
3ULOLNRP REDYOMDQMD WLK SRVORYD 7XCLODF
PRCH NDGD MH WR SULNODGQR ]DWUDCLWL SR 
PR`UHOHYDQWQLKGUCDYQLKYODVWL
 3ULOLNRP LVSLWLYDQMD RVXPQMLaHQL
LPDSUDYRQDSRPR`SUDYQRJ]DVWXSQLND
SRVRSVWYHQRPL]ERUX^WRXNOMXaXMHSUD 
YRGDPXVHDNRQHPDGRYROMQRVUHGVWD 
YDGDMHVDPSODWLGRGHOLEHVSODWQDSUDY 
QDSRPR`NDRLQHRSKRGQRSUHYR_HQMH
QDMH]LNLVMH]LNDNRMLJRYRULLUD]XPH
 3R^WR MH XWYUGLR GD ]D WR SRVWRML
SULPD IDFLH RVQRY 7XCLODF SULSUHPD RS
WXCQLFXNRMDVDGUCLVDCHWSULND]aLQMHQLFD
LNULYLaQRGHORLOLGHOD]DNRMDVHRSWXCHQL
WHUHWLSUHPD6WDWXWX2SWXCQLFDVHGRVWD 
YOMDVXGLMLSUHWUHVQRJYH`D
AODQ 
.RQWUROD RSWXCQLFH

 2SWXCQLFX NRQWUROL^H VXGLMD SUHW 

UHVQRJ YH`D NRMHP MH RQD GRVWDYOMHQD
$NR VH XYHUL GD MH 7XCLODF GRND]DR GD
SRVWRML RVQRY SULPDIDFLHVXGLMD`HSRW
YUGLWL RSWXCQLFX $NR VH X WR QH XYHUL
RSWXCQLFDVHRGEDFXMH
3R^WRVHRSWXCQLFDSRWYUGLVXGLMD
PRCH QD ]DKWHY 7XCLRFD L]GDYDWL VXGVNH
QDUHGEH L QDORJH ]D KDS^HQMH SULWYRU
SUHGDMXLOLWUDQVIHURVREDNDRLVYHGUXJH
QDORJHSRWUHEQH]DYR_HQMHVX_HQMD
AODQ 
3RaHWDN L YR_HQMH VXGVNRJ SRVWXSND

3UHWUHVQDYH`DPRUDMXRVLJXUDWLGD
VX_HQMHEXGHSUDYLaQRLHNVSHGLWLYQRWH

GDVHSRVWXSDNYRGLXVNODGXV3UDYLOLPD
RSRVWXSNXLGRND]LPDX]SXQRSR^WRYD 
QMHSUDYDRSWXCHQRJLGXCQXEULJXR]D^WL 
WLCUWDYDLVYHGRND
 2VRED SURWLY NRMH MH SRWYU_HQD
RSWXCQLFD PRUD QD WHPHOMX VXGVNRJ QD 
ORJD LOL QDORJD ]D KDS^HQMH 0H_XQDURG 
QRJWULEXQDODELWLSULWYRUHQDRGPDKRED 
YH^WHQD R RSWXCEDPD SURWLY QMH L SUH 
EDaHQDX0H_XQDURGQLWULEXQDO
 3UHWUHVQR YH`H `H SURaLWDWL RS
WXCQLFXXYHULWLVHGDVHSR^WXMXSUDYDRS 
WXCHQRJ SRWYUGLWL GD RSWXCHQL UD]XPH
RSWXCQLFXLXSXWLWLRSWXCHQRJGDVHL]MDV 
QLRNULYLFL3UHWUHVQRYH`H`H]DWLPXWYU 
GLWLGDWXPSRaHWNDVX_HQMD
3UHWUHVMHMDYDQRVLPNDGD3UHWUHV 
QR YH`H QH RGOXaL GD ]DWYRUL SUHWUHV ]D
MDYQRVWXVNODGXV3UDYLOLPDRSRVWXSNXL
GRND]LPD
AODQ 
3UDYD RSWXCHQRJ

 6YH VX RVREH UDYQRSUDYQH SUHG

0H_XQDURGQLPWULEXQDORP
3ULOLNRP SUHVX_LYDQMDRRSWXCED 
PD SURWLY QMHJD RSWXCHQL LPD SUDYR QD
SUDYLaQRLMDYQRVX_HQMHX]RJUDGHSUHG 
YL_HQHaODQRP6WDWXWD
 2SWXCHQL VH VPDWUD QHYLQLP GRN
PX VH QH GRNDCH NULYLFD X VNODGX V RG 
UHGEDPDRYRJ6WDWXWD
3ULOLNRPSUHVX_LYDQMDRVYDNRMRS 
WXCEL SURWLY RSWXCHQRJ X VNODGX V RYLP
6WDWXWRP RSWXCHQL LPD V SXQRP UDYQR 
SUDYQR^`X SUDYR QD VOHGH`D PLQLPDOQD
MHPVWYD
D GDEXGHXQDMNUD`HPURNXSRGURE
QR L QD MH]LNX NRML UD]XPH RED 
YH^WHQRSULURGLLUD]OR]LPDRSWXCEH
SURWLY QMHJD
E GD LPD GRYROMQR YUHPHQD L PR
JX`QRVWL QD UDVSRODJDQMX ]D SULSUH
PX VYRMH RGEUDQH L ]D RS^WHQMH VD
EUDQLRFHP SR VYRP L]ERUX
F GD PX EXGH VX_HQR EH] QHSRWUHE
QRJ RGXJRYODaHQMD
G GDEXGHSULVXWDQQDVX_HQMXLGDVH
EUDQLVDPLOLX]SRPR`SUDYQRJ]D 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VWXSQLNDSRVYRPL]ERUXDNRQHPD
SUDYQRJ ]DVWXSQLND GD EXGH XSR]
QDW R VYRP SUDYX GD JD LPD L NDG
JRG WR LQWHUHV SUDYGH ]DKWHYD GD
PXVHSRVWDYLEUDQLODFSRVOXCEHQRM
GXCQRVWL L WR EH] SOD`DQMD WUR^NRYD
DNR QHPD GRYROMQR VUHGVWDYD GD JD
SODWL
H GD LVSLWXMH LOL GD VH X QMHJRYR LPH
LVSLWDMXVYHGRFLRSWXCEHLGDSRVWLJ 
QH GD SULVWXSH VXGX L EXGX VDV
OX^DQLVYHGRFLXQMHJRYXNRULVWSRG
LVWLP XVORYLPD NDR L VYHGRFL RS
WXCEH
I GDLPDEHVSODWQXSRPR`SUHYRGLRFD
DNR QH UD]XPH LOL QH JRYRUL MH]LN
NRML VH NRULVWL QD 0H_XQDURGQRP
VXGX
J GD QHEXGH SULPRUDQVYHGRaLWLSUR 
WLY VDPRJ VHEH QLWL GD SUL]QD NULYL 
FX
AODQ 
=D^WLWD CUWDYD L VYHGRND

0H_XQDURGQL WULEXQDO X VYRMLP 3UD 

YLOLPD R SRVWXSNX L GRND]LPD RVLJXUDYD
]D^WLWX CUWDYD L VYHGRND =D^WLWQH PHUH
REXKYDWDMX DOL QLVX RJUDQLaHQH QD
YR_HQMH SRVWXSND LQ FDPHUD L ]D^WLWX
LGHQWLWHWDCUWDYD
AODQ 
3UHVXGD

3UHWUHVQRYH`HL]ULaHSUHVXGHLRG 
PHUDYD ND]QH L VDQNFLMH RVREDPD
RVX_HQLP ]D WH^ND NU^HQMD PH_XQDURG 
QRJKXPDQLWDUQRJSUDYD
 3UHVXGD VH GRQRVL RGOXNRP
YH`LQHVXGLMDSUHWUHVQRJYH`DDSUHWUHVQR
YH`HMHL]ULaHMDYQR3UHVXGXSUDWLSLVPH 
QR REUD]ORCHQMH NRMHP VH PRJX GRGDWL
L]GYRMHQDLOLUD]OLaLWDPL^OMHQMD
AODQ 
.ULYLaQH VDQNFLMH

3ULOLNRPL]ULFDQMDND]QLSUHWUHVQD
YH`DX]LPDMXXRE]LUIDNWRUHSRSXWWHCLQH
NULYLaQRJ GHOD L LQGLYLGXDOQLK SULOLND
RVX_HQLND
8]ND]QX]DWYRUDSUHWUHVQDYH`D
PRJXQDORCLWLYUD`DQMHHYHQWXDOQHLPRYL 
QH L LPRYLQVNH NRULVWL VWHaHQH NULPLQDO 
QLPSRVWXSDQMHPXNOMXaXMX`LLVUHGVWYLPD
SULVLOHSUDYLPYODVQLFLPD
AODQ 
#DOEHQL SRVWXSDN

 #DOEHQR YH`H UD]PDWUD CDOEH OLFD

NRMD VX RVXGLOD SUHWUHVQD YH`D L CDOEH
WXCLRFDSRVOHGH`LPRVQRYDPD
D JUH^NDXSULPHQLSUDYDNRMDRGOXNX
aLQL QHYDCH`RP LOL
E JUH^ND X XWYU_LYDQMX aLQMHQLaQRJ
VWDQMD ]ERJ NRMH MH GR^OR GR QHR
VWYDUHQMD SUDYGH
 #DOEHQR YH`H PRCH RGOXNH SUHW
UHVQLK YH`D SRWYUGLWL SRQL^WLWL LOL SUHL 
QDaLWL
AODQ 
3RVWXSDN SUHLVSLWLYDQMD

.DGVHRWNULMHQRYDaLQMHQLFDNRMDQLMH
ELODSR]QDWDXYUHPHSRVWXSNDSUHGSUHW 
UHVQLP YH`LPD LOL #DOEHQLP YH`HP D NRMD
MHPRJODELWLRGOXaXMX`LIDNWRUSULOLNRPGR 
QR^HQMD RGOXNH RVX_HQLN LOL WXCLODF PRJX
0H_XQDURGQRPWULEXQDOXSRGQHWL SUHGORJ
]DSUHLVSLWLYDQMHSUHVXGH
AODQ 
,]YU^HQMH ND]QH

.D]QD ]DWYRUD L]GUCDYD VH X GUCDYL

NRMX0H_XQDURGQLWULEXQDORGUHGLVDVSLV 
NDGUCDYDNRMHVX6DYHWXEH]EHGQRVWLL] 
UD]LOH VSUHPQRVW GD SULKYDWH RVX_HQH
RVREH.D]QD]DWYRUDL]GUCDYDVHXVNODGX
V YDCH`LP SUDYQLP SURSLVLPD GRWLaQH
GUCDYH L SRG QDG]RURP 0H_XQDURGQRJ
WULEXQDOD
AODQ 
3RPLORYDQMH LOL XEODCDYDQMH ND]QH

.ULYLaQHVDQNFLMHNRMHL]ULaHSUHW
UHVQR YH`H RJUDQLaHQH VX QD ND]QX ]DW 
YRUD3ULOLNRPRGUH_LYDQMDND]QH]DWYRUD
SUHWUHVQRYH`H`HLPDWLXYLGXRS^WXSUDN 
VXL]ULFDQMD]DWYRUVNLKND]QLSUHGVXGRYL 
PDELY^H-XJRVODYLMH

$NR SUHPD YDCH`LP SUDYQLP SURSL 

VLPD GUCDYH X NRMRM RVX_HQLN L]GUCDYD
ND]QX ]DWYRUD RQ LPD SUDYR QD SRPLOR 
YDQMHLOLXEODCDYDQMHND]QHWDGUCDYDPR 
UD R WRPH REDYHVWLWL 0H_XQDURGQL WULEX 
QDO3UHGVHGQLN0H_XQDURGQRJWULEXQDOD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SR^WRVHSRVDYHWRYDRVDVXGLMDPDGRQRVL
RGOXNXQDWHPHOMXLQWHUHVDSUDYGHLRS^WLK
SUDYQLKQDaHOD
AODQ 
6DUDGQMD L SUDYRVXGQD SRPR`

'UCDYHPRUDMXVDUD_LYDWLV0H_X 
QDURGQLPVXGRPXLVWUD]LLNULYLaQRPJR 
QMHQMX RVRED RSWXCHQLK ]D WH^ND NU^HQMD
PH_XQDURGQRJKXPDQLWDUQRJSUDYD
 'UCDYH PRUDMX EH] QHSRWUHEQRJ
RGJD_DQMD XGRYROMLWL VYDNRP ]DKWHYX ]D
SRPR`LOLQDORJXNRMLMHL]GDORSUHWUHVQR
YH`H^WRXNOMXaXMHDOLQLMHRJUDQLaHQRQD
VOHGH`H
D LGHQWLILNRYDQMH L SURQDODCHQMH RVRED
E X]LPDQMH LVND]D L GRVWDYX GRND]D
F XUXaHQMH GRNXPHQDWD
G KDS^HQMH LOL SULWYDUDQMH RVRED
H SUHGDMX LOL WUDQVIHU RSWXCHQLND X
0H_XQDURGQL WULEXQDO
AODQ 
6WDWXV SRYODVWLFH L LPXQLWHW
0H_XQDURGQRJ WULEXQDOD

SUDYXGR_HOMXMXGLSORPDWVNLPSUHGVWDYQL 
FLPD
 2VREOMH WXCLRFD L VHNUHWDUD XCLYD
SRYODVWLFH L LPXQLWHW NRML VH GDMX VOXCEH 
QLFLPD 8MHGLQMHQLKQDFLMDX VNODGXVaOD 
QRYLPD9L9,,.RQYHQFLMHL]VWDYDRYRJ
aODQD
6DVYLPGUXJLPOLFLPDXNOMXaXMX`L
RSWXCHQHaLMHMHSULVXVWYRSRWUHEQRXVH 
GL^WX0H_XQDURGQRJWULEXQDODSRVWXSD`H
VHQDQDaLQNRMLMHQHRSKRGDQ]DLVSUDYQR
IXQNFLRQLVDQMH0H_XQDURGQRJWULEXQDOD
AODQ 
6HGL^WH 0H_XQDURGQRJ WULEXQDOD

6HGL^WH0H_XQDURGQRJWULEXQDODMHX
+DJX
AODQ 
7UR^NRYL 0H_XQDURGQRJ WULEXQDOD

7UR^NRYL 0H_XQDURGQRJ WULEXQDOD

SRGPLUXMXVHL]UHGRYQRJEXGCHWD8MHGL 
QMHQLKQDFLMDXVNODGXVaODQRP3RYHOMH
8MHGLQMHQLKQDFLMD
AODQ 
5DGQL MH]LFL

.RQYHQFLMDRSRYODVWLFDPDLLPX 
QLWHWX 8MHGLQMHQLK QDFLMD RG  IHEUXDUD
SULPMHQMXMHVHQD0H_XQDURGQLWUL 
EXQDO VXGLMH WXCLRFD L QMHJRYR RVREOMH
WHVHNUHWDUDLQMHJRYRRVREOMH
 6XGLMH WXCLODF L VHNUHWDU XCLYDMX
SRYODVWLFH L LPXQLWHW L]X]H`D L GUXJH
RODN^LFH NRMH VH SUHPD PH_XQDURGQRP

5DGQLMH]LFL0H_XQDURGQRJWULEXQDOD
VXHQJOHVNLLIUDQFXVNL
AODQ 
*RGL^QML L]YH^WDM

3UHGVHGQLN0H_XQDURGQRJWULEXQDOD
SRGQRVL6DYHWXEH]EHGQRVWLL*HQHUDOQRM
VNXS^WLQLJRGL^QMLL]YH^WDMRUDGX0H_XQD 
URGQRJWULEXQDOD

 =DNRQ R VDUDGQML 6&* VD 0H_XQDURGQLP NULYLaQLP

WULEXQDORP ]D ELY^X -XJRVODYLMX
, 23>7( 2'5('%(
AODQ 

2YLP]DNRQRPXUH_XMHVHVDUDG 
QMD6UELMHL&UQH*RUHVD0H_XQDURGQLP
WULEXQDORP ]D NULYLaQR JRQMHQMH OLFD RG 
JRYRUQLK]DWH^NDNU^HQMDPH_XQDURGQRJ
KXPDQLWDUQRJSUDYDSRaLQMHQDQDWHULWRULML
ELY^H -XJRVODYLMH RG  JRGLQH X GD 


OMHP WHNVWX 0H_XQDURGQL NULYLaQL WULEX 

QDO L L]YU^HQMH REDYH]D NRMH ]D 6UELMX L
&UQX*RUXSURL]OD]HL]5H]ROXFLMH6DYHWD
EH]EHGQRVWL EU   L 6WDWXWD 0H 
_XQDURGQRJNULYLaQRJWULEXQDODQDRVQR 
YXNRMHJ`HQDGOHCQLRUJDQLUHSXEOLNDaOD 
QLFDRGOXaLYDWLRXVWXSDQMXNULYLaQRJSR 
VWXSNDLSUHGDMLRSWXCHQLKRYRPWULEXQD 
OX

6O OLVW 65-  L 6O OLVW 6&* 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

6UELMDL&UQD*RUD`HSR^WRYDWLL
VSURYRGLWLVXGVNHRGOXNH0H_XQDURGQRJ
NULYLaQRJWULEXQDODLXND]LYDWLSUDYQXSR 
PR` QMHJRYLP LVWUDCQLP L VXGVNLP RUJD 
QLPD

GUCDYH aODQLFH GD R WRPH REDYHVWL

0H_XQDURGQLNULYLaQLWULEXQDOLXORCLSUL 
JRYRU SUHPD 3UDYLOLPD R SRVWXSNX LGR 
ND]LPD

AODQ 

0HVQDQDGOHCQRVWVXGRYDXSRV 
WXSNX VDUDGQMH VD 0H_XQDURGQLP NUL 
YLaQLP WULEXQDORP MH GHOHJLUDQD QDG 
OHCQRVW2NUXCQRJVXGDX%HRJUDGX]DWH 
ULWRULMX GUCDYH aODQLFH GUCDYH 6UELMH RG 
QRVQR9L^HJVXGDX3RGJRULFL]DWHULWRULMX
GUCDYH aODQLFH GUCDYH &UQH *RUH X GD 
OMHPWHNVWXQDGOHCQLVXG
 0HVQD QDGOHCQRVW GUXJLK GUCDY
QLKRUJDQDNRMLSRVWXSDMXSR]DKWHYX]D
VDUDGQMX 0H_XQDURGQRJ NULYLaQRJ WULEX 
QDOD RGUH_XMH VH SUHPD SUDYLOLPD NRMD
YDCH ]D RGUH_LYDQMH QDGOHCQRVWL X SRV 
WXSNXXNRMHPVHREDYOMDUDGQMDNRMRPVH
RVWYDUXMHVDUDGQMD

 0H_XQDURGQLNULYLaQLWULEXQDO MH
VXG REUD]RYDQ RGVWUDQH6DYHWDEH]EHG 
QRVWL2UJDQL]DFLMHXMHGLQMHQLKQDFLMDWHVH
X VDUDGQML 6DYH]QH 5HSXEOLNH -XJRVODYLMH
VD WLP WULEXQDORP QH SULPHQMXMX RS^WD
SUDYLODLSURSLVLNRMLUHJXOL^XVDUDGQMXVD
VWUDQLPGUCDYDPDXREODVWLSUDYRVX_D
 2GUHGEH 6WDWXWD 0H_XQDURGQRJ
NULYLaQRJ WULEXQDOD VX RS^WHSULKYD`HQD
SUDYLODPH_XQDURGQRJSUDYD
AODQ 

 =DKWHYL ]D VDUDGQMX LOL L]YU^HQMH

SRMHGLQLK RGOXND 0H_XQDURGQRJ NUL 
YLaQRJ WULEXQDOD GRVWDYOMDMX VH 0LQLVWDU 
VWYXVSROMQLKSRVORYD
1DNRQ^WRXWYUGLIRUPDOQXYDOMD 
QRVW]DKWHYD0LQLVWDUVWYRVSROMQLKSRVOR 
YD`HJDGRVWDYLWLQDGOHCQRPRUJDQXUDGL
SRVWXSDQMDSUHGYL_HQRJRYLP]DNRQRP
 6DUDGQMD VD 0H_XQDURGQLP NUL
YLaQLP WULEXQDORP RGYLMD VH QD VUSVNRP
MH]LNX LOL QD MHGQRP RG MH]LND 0H_XQD 
URGQRJNULYLaQRJWULEXQDODX]SUHYRGQD
VUSVNLMH]LN

AODQ 

AODQ 

WDQ

6XGRYLWXCLOD^WYDLGUXJLGUCDYQL
RUJDQLL]YHVWL`H0LQLVWDUVWYRVSROMQLKSR 
VORYDRSUHGX]HWLPUDGQMDPDLOLL]YU^HQMX
]DKWHYD 0H_XQDURGQRJ NULYLaQRJ WULEX 
QDOD NDR L R VPHWQMDPD QDVWDOLPXWRNX
SRVWXSDQMD RGPDK D QDMNDVQLMH X URNX
RGWULGDQD

AODQ 

 =DKWHY ]D VDUDGQMX LOL L]YU^HQMH

RGOXND0H_XQDURGQRJNULYLaQRJWULEXQD 
ODXVYRML`HVHDNRMH]DVQRYDQQDRGUHG 
EDPD6WDWXWDL3UDYLODRSRVWXSNXLGRND 
]LPD0H_XQDURGQRJNULYLaQRJVXGD
$NRQDGOHCQLRUJDQSURFHQLGDEL
RGUH_HQL SRVWXSDN VDUDGQMH PRJDR GD
XJUR]L VXYHUHQLWHW LOL LQWHUHV EH]EHGQRVWL
GUCDYQH ]DMHGQLFH R WRPH `H REDYHVWLWL
6DYHW PLQLVWDUD RGQRVQR YODGX GUCDYH
aODQLFH
 $NR 6DYHW PLQLVWDUD LOL YODGD
GUCDYHaODQLFHRFHQLGDELLVSXQMHQMH]DK 
WHYD XJUR]LORVXYHUHQLWHWLOLLQWHUHVHEH] 
EHGQRVWL GUCDYQH ]DMHGQLFH QDORCL`H0L 
QLVWDUVWYX VSROMQLK SRVORYD RGQRVQR PL 
QLVWDUVWYX QDGOHCQRP ]D SRVORYH SUDYGH

3RVWXSDNSRRYRP]DNRQXMHKL 

AODQ 

2GOXNRP6DYHWDPLQLVWDUDLYODGD
GUCDYD aODQLFD REUD]RYD`H VH 1DFLRQDOQL
VDYHW 6DYH]QH 5HSXEOLNH -XJRVODYLMH ]D
VDUDGQMXVD0H_XQDURGQLPWULEXQDORP]D
NULYLaQR JRQMHQMH OLFD RGJRYRUQLK ]D
WH^ND NU^HQMD PH_XQDURGQRJ KXPDQLWDU 
QRJSUDYDSRaLQMHQDQDWHULWRULMLELY^H-X 
JRVODYLMHRGJRGLQHXGDOMHPWHNV 
WX1DFLRQDOQLVDYHW
 8 RGOXFL R RVQLYDQMX 1DFLRQDO 
QRJ VDYHWD RGUHGL`H VH VDVWDY ]DGDFL L
RYOD^`HQMD X VNODGX VD 5H]ROXFLMRP 
6DYHWD EH]EHGQRVWL L 6WDWXWRP 0H_XQD 
URGQRJ NULYLaQRJ WULEXQDOD D QDURaLWR X
SRJOHGXVWDWXVDRNULYOMHQLKSUXCDQMDSR 
PR`LQMLKRYLPSRURGLFDPDSRORCDMXVYH 
GRND SULVWXSD DUKLYVNRM JUD_L L GUXJLP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SLWDQMLPD RG ]QDaDMD ]D RVWYDULYDQMH VD 
UDGQMH
 6DYHW PLQLVWDUD PRCH LPHQRYDWL
SRVPDWUDaD 6UELMH L &UQH *RUH SUL 0H 
_XQDURGQRPNULYLaQRPWULEXQDOX
AODQ 

 0H_XQDURGQL NULYLaQL WULEXQDO

PRCH LPDWL NDQFHODULMX QD WHULWRULML 6UELMH
L&UQH*RUH
 3UDYQL VWDWXV .DQFHODULMH 0H_X 
QDURGQRJ NULYLaQRJ WULEXQDOD XUH_XMH VH
SRVHEQLPVSRUD]XPRP

$NRVHMDYLSRWUHED]DSULPHQRP
PHUDNRMLPD VHRJUDQLaDYDMXSUDYDLVOR 
ERGH JUD_DQD LVWUDCQL RUJDQL 0H_XQD 
URGQRJ NULYLaQRJ WULEXQDOD `H VH VD ]DK 
WHYRP ]D QMLKRYX SULPHQX REUDWLWL QDG 
OHCQRPRUJDQX6UELMHL&UQH*RUH
2UJDQL0H_XQDURGQRJNULYLaQRJ
WULEXQDOD X YU^HQMX UDGQML L] aODQD  QH
PRJXSRVWXSDWLVXSURWQRSURSLVLPD6UELMH
L&UQH*RUHQLWLQDQDaLQNRMLELPRJDR
GD ^WHWL QMHQRP VXYHUHQLWHWX LOL LQWHUHVX
QDFLRQDOQHEH]EHGQRVWL
AODQ 

2 RVORED_DQMX VYHGRND L RVXP

QMLaHQLK GXCQRVWL aXYDQMD GUCDYQH YRMQH
LOLVOXCEHQHWDMQHLRGRVWDYOMDQMXLUD]JOH 
GDQMX VSLVD NRML VH RGQRVH QD GUCDYQX
YRMQX LOL VOXCEHQX WDMQX RGOXaXMH 6DYHW
PLQLVWDUDRGQRVQRYODGDGUCDYHaODQLFH

,, 29/$>@(1-$
0(?81$52'12*
.5,9,A12* 75,%81$/$ =$
35('8=,0$1-( ,675$#1,+
5$'1-, 8 65%,-, , &512*25,

,,, 86783$1-( .5,9,A12*

326783.$ .2-, 6( 92',
35(' '20$@,0 68'20

AODQ 

,VWUDCQLRUJDQLLWXCLODF0H_XQD 
URGQRJNULYLaQRJWULEXQDODPRJXQDWHUL 
WRULML 6UELMH L &UQH *RUH UDGL RWNULYDQMD
NULYLaQRJ GHOD L] VYRMH QDGOHCQRVWL SUH 
GX]LPDWLVOHGH`HUDGQMH
 SULNXSOMDQMH REDYH^WHQMD RG
JUD_DQD
 VDVOX^DQMH RVXPQMLaHQLK RSWXCHQLK
R^WH`HQLK VYHGRND L YH^WDND XN
OMXaXMX`L REGXNFLMH L HNVKXPDFLMH
OH^HYD
 SULNXSOMDQMH PDWHULMDOQLK GRND]D
 UD]JOHGDQMH L SUHSLVLYDQMH LVSUDYD
XNOMXaXMX`L L RQH NRMH VDaLQH LOL SUL 
NXSH SUDYRVXGQL RUJDQL 6UELMH L &U
QH *RUH R SRYUHGDPD PH_XQDURG 
QRJ KXPDQLWDUQRJ SUDYD
AODQ 

 8 YU^HQMX UDGQML L] SUHWKRGQRJ

aODQD SUHGVWDYQLFL 0H_XQDURGQRJ NUL 
YLaQRJ WULEXQDOD QH PRJX SULPHQMLYDWL
SULQXGQH PHUH NRMLPD VH RJUDQLaDYDMX
SUDYDLVORERGHJUD_DQD6UELMHL&UQH*R 
UHLGUXJLKOLFDQDQMHQRMWHULWRULMLQLWLSR 
VWXSDWLVXSURWQRVWDQGDUGLPDPH_XQDURG 
QRJSUDYD

AODQ 

 2GUHGEDPD RYRJ RGHOMND

XWYU_XMHVHSRVWXSDNXVWXSDQMDNULYLaQRJ
SRVWXSND 0H_XQDURGQRP NULYLaQRP WUL 
EXQDOX
1DGOHCQLRUJDQLUHSXEOLNDGRQR
VHRGOXNXRXVWXSDQMXNULYLaQRJSRVWXSND
0H_XQDURGQRPNULYLaQRPWULEXQDOX
AODQ 

=DKWHY0H_XQDURGQRJNULYLaQRJ
WULEXQDODGDPXVHXVWXSLNULYLaQRJRQMH 
QMH OLFD SURWLY NRMHJ VH SUHG QDGOHCQLP
VXGRP X6UELMLL&UQRM*RULYRGLNULYLaQL
SRVWXSDNPRUDELWLREUD]ORCHQLX]QMHJD
GRVWDYOMHQDSRWYU_HQDRSWXCQLFD
 5H^HQMH R XVWXSDQMX NULYLaQRJ
SRVWXSND GRQRVL YH`H QDGOHCQRJ RN 
UXCQRJRGQRVQRYL^HJVXGDXVDVWDYXRG
WURMHVXGLMD9H`H`HRGELWL]DKWHY]DXV 
WXSDQMHNULYLaQRJSRVWXSNDDNRVH]DKWHY
QHRGQRVLQDLVWROLFHLLVWRNULYLaQRGHOR
DNR NULYLaQR GHOR QLMH X QDGOHCQRVWL
0H_XQDURGQRJNULYLaQRJWULEXQDODLOLDNR
MH RNULYOMHQL ]D WR NULYLaQR GHOR YH`



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RVX_HQ SUDYQRVQDCQRP SUHVXGRP QDG 
OHCQRJVXGDX6UELMLL&UQRM*RUL
 ,]X]HWQR NULYLaQL SRVWXSDN
GRYU^HQ SUDYQRVQDCQRP SUHVXGRP XVWX 
SL`H VH 0H_XQDURGQRP NULYLaQRP WULEX 
QDOXDNRVH]DKWHYRGQRVLQDSRQDYOMDQMH
SRVWXSND SUHG 0H_XQDURGQLP NULYLaQLP
WULEXQDORP SUHPD RGUHGEDPD aODQD 
VWDY  6WDWXWD 0H_XQDURGQRJ NULYLaQRJ
WULEXQDOD
1DVHGQLFXYH`DL]VWDYDRYRJ
aODQDSR]LYDMXVHQDGOHCQLMDYQLRGQRVQR
GUCDYQL WXCLODF RNULYOMHQL L QMHJRY EUDQL 
ODFNRMLPRJXL]QHWLVYRMHUD]ORJHLSUH 
GORJH SRYRGRP ]DKWHYD 0H_XQDURGQRJ
NULYLaQRJWULEXQDOD]DXVWXSDQMHNULYLaQRJ
SRVWXSND6HGQLFDYH`DRGUCD`HVHLDNR
SR]YDQH VWUDQH QLVX SULVXWQH NDR L X
VOXaDMX DNR MH RNULYOMHQL X EHNVWYX LOL MH
QHGRVWXSDQVXGX
AODQ 

1DUH^HQMHRXVWXSDQMXNULYLaQRJ
SRVWXSND 0H_XQDURGQRP NULYLaQRP WUL 
EXQDOX QDGOHCQL MDYQL RGQRVQR GUCDYQL
WXCLODFRNULYOMHQLLQMHJRYEUDQLODFPRJX
L]MDYLWLCDOEXXURNXRGRVDPGDQD#DOED
]DGUCDYDL]YU^HQMHUH^HQMD
2CDOELL]VWDYDRYRJaODQDRG 
OXaXMHYUKRYQLVXGGUCDYHaODQLFHXYH`X
VDVWDYOMHQRPRGSHWVXGLMDXURNXRGSHW 
QDHVWGDQDRGGDQDSULMHPDVSLVD
9H`HYUKRYQRJVXGDPRCHRGELWL
CDOEX NDR QHRVQRYDQX LOL MH XYDCLWL L SU 
YRVWHSHQRUH^HQMHXNLQXWLLOLSUHLQDaLWL
3RSUDYQRVQDCQRVWLUH^HQMDRXV
WXSDQMX NULYLaQRJ SRVWXSND UH^HQMH VH
]DMHGQR VD VSLVLPD SUHGPHWD GRVWDYOMD
PLQLVWDUVWYXGUCDYHaODQLFHQDGOHCQRP]D
SRVORYHSUDYGH
 $NR QHPD VPHWQML L] aODQD  VW
 L  RYRJ ]DNRQD PLQLVWDUVWYR GUCDYH
aODQLFH QDGOHCQR ]D SRVORYH SUDYGH `H
VSLVH SUHGPHWD GRVWDYLWL 0H_XQDURGQRP
NULYLaQRPWULEXQDOX
AODQ 

.ULYLaQLSRVWXSDNSUHGGRPD`LP
VXGRP ]D NRML MH GR]YROMHQR XVWXSDQMH

0H_XQDURGQRP NULYLaQRP WULEXQDOX

REXVWDYL`HVH
 $NR MH GR]YROMHQR XVWXSDQMH
0H_XQDURGQRP NULYLaQRP WULEXQDOX D
SUHGPHWSRVWXSNDSUHGGRPD`LPVXGRP
MH NULYLaQR GHOR NRMH QLMH X QDGOHCQRVWL
0H_XQDURGQRJ NULYLaQRJ WULEXQDOD SRV 
WXSDNSUHGGRPD`LPVXGRP`HVHSUHNL 
QXWL GR RNRQaDQMD SRVWXSND SUHG
0H_XQDURGQLPNULYLaQLPWULEXQDORP
 .DGD MH SUHVXGD VXGD X 6UELML L
&UQRM *RUL ]D NULYLaQR GHOR ]D NRMH MH
XVWXSOMHQR JRQMHQMH SRVWDOD SUDYQRV 
QDCQDQH`HVHL]YU^LWLDDNRMHL]YU^HQMH
XWRNXEL`HSUHNLQXWRGDQRPSUHGDMHRN 
ULYOMHQRJ 0H_XQDURGQRP NULYLaQRP WUL 
EXQDOX
AODQ 

 2SWXCHQRP RaLMRM MHNULYLFLRG 

OXaLR 0H_XQDURGQL NULYLaQL WULEXQDO QH
PRCHVH]DLVWRNULYLaQRGHORVXGLWLX6U 
ELMLL&UQRM*RUL
AODQ 

 3UDYQRVQDCQR L L]YU^QR UH^HQMH

NRMLP MH XWYU_HQR GD VX LVSXQMHQH SUHW 
SRVWDYNH]DXVWXSDQMHNULYLaQRJSRVWXSND
0H_XQDURGQRPNULYLaQRPWULEXQDOXGRV 
WDYOMDVH0LQLVWDUVWYXVSROMQLKSRVORYD
 5H^HQMH R XVWXSDQMX NULYLaQRJ
SRVWXSND 0H_XQDURGQRP NULYLaQRP WUL 
EXQDOX GRQRVL 0LQLVWDUVWYR VSROMQLK SRV 
ORYD

,9 326783$. =$ 35('$-8

2.5,9/-(1,+
AODQ 

 2GUHGEDPD RYRJ RGHOMND

XWYU_XMHVHSRVWXSDN]DSUHGDMXRNULYOMH 
QLK0H_XQDURGQRPNULYLaQRPWULEXQDOXL
RGQRVL VH QD VYD OLFD RSWXCHQD SUHG
0H_XQDURGQLPNULYLaQLPWULEXQDORPNRMD
VH]DWHNQXQDWHULWRULML6UELMHL&UQH*RUH
EH]RE]LUDQDSUDYDLSULYLOHJLMHNRMHSUR 
LVWLaXL]QMLKRYHGUCDYQHSROLWLaNHMDYQH
LOLVOXCEHQHGXCQRVWL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 1DGOHCQL RUJDQL GUCDYD aODQLFD
GRQRVH RGOXNX R SUHGDML RNULYOMHQLK
0H_XQDURGQRPNULYLaQRPWULEXQDOX

SR ]DKWHYX 0H_XQDURGQRJ NULYLaQRJ WUL 

EXQDOD ]D XVWXSDQMH NULYLaQRJ JRQMHQMD
aODQVWDY

AODQ 

AODQ 

 =DKWHY ]D SUHGDMX ]DMHGQR VD

SRWYU_HQRP RSWXCQLFRP L QDUHGERP ]D
OL^HQMH VORERGH SRGQRVL VH 0LQLVWDUVWYX
VSROMQLKSRVORYDNRMHLKGRVWDYOMDQDSR 
VWXSDNQDGOHCQRPVXGX

3UHGRQR^HQMDUH^HQMDRSULWYRUX
VXG`HVDVOX^DWLRNULYOMHQRJ

AODQ 

8SRVWXSNX]DSUHGDMXRNULYOMHQL
PRUDLPDWLEUDQLRFD
 $NR RNULYOMHQL VDP QH L]DEHUH
EUDQLRFDVXG`HPXSRVWDYLWLEUDQLRFDSR
VOXCEHQRMGXCQRVWL
AODQ 

 ,VWUDCQL VXGLMD QDGOHCQRJ VXGD

RGUH_XMH SULWYRU RNULYOMHQRP aLMD VHSUH 
GDMDWUDCLRGQRVQRSUHGX]LPDGUXJHPH 
UH]DREH]EH_HQMHQMHJRYRJSULVXVWYD
1DUHGEXLVWUDCQRJVXGLMHROL^HQMX
VORERGH RNULYOMHQRJ L]YU^DYDMX RUJDQL
XQXWUD^QMLKSRVORYD
AODQ 

8KLWQLPVOXaDMHYLPDNDGSRVWRML
RSDVQRVWGD`HRNULYOMHQLSREH`LLOLGD`H
VH VDNULWL LVWUDCQL VXGLMD QDGOHCQRJ VXGD
PRCH RGUHGLWL SULWYRU L SUH GRVWDYOMDQMD
]DKWHYD]DSUHGDMX
 $NR ]DKWHY ]DMHGQR VD
SRWYU_HQRPRSWXCQLFRPQHEXGHSRGQHW
XURNXRGVDWLSULWYRUHQL`HVHSXVWLWL
QDVORERGX
AODQ 

 2UJDQL XQXWUD^QMLK SRVORYD

OL^L`HVORERGHRNULYOMHQRJLEH]QDUHGEH
LVWUDCQRJ VXGLMH DNR MH ]D RNULYOMHQLP
UDVSLVDQDSRWHUQLFDQDGOHCQRJGRPD`HJ
RUJDQD LOL 0H_XQDURGQRJ NULYLaQRJ VX 
GD2UJDQXQXWUD^QMLKSRVORYDMHGXCDQ
GD RNULYOMHQRJ RGPDK VSURYHGH QDG 
OHCQRPLVWUDCQRPVXGLMLNRML`HRGUHGLWL
SULWYRU LOL OLFH OL^HQR VORERGH SXVWLWL QD
VORERGX
AODQ 

3ULWYRUPRCHQDUHGLWLLYH`HQDG 
OHCQRJVXGDXWRNXSRVWXSNDNRMLVHYRGL

AODQ 

 3ULWYRU RGUH_HQ SR aO  L 

RYRJ]DNRQDPRCHWUDMDWLGRSUHGDMHRS 
WXCHQRJ0H_XQDURGQRPNULYLaQRPWULEX 
QDOXRGQRVQRGRSUDYQRVQDCQRVWLRGOXNH
NRMRPMH]DKWHY]DSUHGDMXRGELMHQ
AODQ 

3URWLYUH^HQMDRRGUH_LYDQMXSULW
YRUD RNULYOMHQL L QMHJRY EUDQLODF PRJX
XORCLWLCDOEXYH`XQDGOHCQRJVXGDXURNX
RGWULGDQDRGGDQDSULMHPDUH^HQMD#DOED
QH]DGUCDYDL]YU^HQMHUH^HQMD
AODQ 

 8 SRVWXSNX SR ]DKWHYX ]D SUH

GDMXRNULYOMHQRJLVWUDCQLVXGLMDQDGOHCQRJ
VXGD`HRNULYOMHQRJXSR]QDWLVD]DKWHYRP
LRSWXCEDPDNRMHPXVHVWDYOMDMXQDWHUHW
LVDVOX^DWLJDRVYLPRNROQRVWLPDYDCQLP
]DRGOXaLYDQMHR]DKWHYX0H_XQDURGQRJ
NULYLaQRJWULEXQDOD
AODQ 

$NRLVWUDCQLVXGLMDQDGOHCQRJVX
GDQD_HGDVXLVSXQMHQHSUHWSRVWDYNH]D
SUHGDMXRNULYOMHQRJXWYUGL`HWRUH^HQMHP
X URNX RG WUL GDQD RG GDQD SULYR_HQMD
RNULYOMHQRJ
3UHWSRVWDYNH]DSUHGDMXVXLVSX
QMHQH DNR VH XWYUGL GD VH ]DKWHY RGQRVL
QDOLFHSURWLYNRMHJVHYRGLSRVWXSDNGD
MH SURWLY OLFD aLMD VH SUHGDMD WUDCL
SRWYU_HQDRSWXCQLFDXVNODGXVDaODQRP
6WDWXWD0H_XQDURGQRJNULYLaQRJWULEX 
QDOD GD VH UDGL R GHOX NDCQMLYRP L SR
GRPD`HP]DNRQXLGDVHUDGLRNULYLaQRP
GHOX L] QDGOHCQRVWL 0H_XQDURGQRJ NUL 
YLaQRJWULEXQDODaOL6WDWXWD
3URWLYUH^HQMDL]VWDYDRYRJaOD 
QD RNULYOMHQL QMHJRY EUDQLODF L QDGOHCQL
MDYQLRGQRVQRGUCDYQLWXCLODFLPDMXSUD 
YRCDOEHYH`XVDVWDYOMHQRPRGWURMLFHVX 
GLMD QDGOHCQRJ VXGD X URNX RG WUL GDQD
RGGDQDSULMHPDUH^HQMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 9H`H QDGOHCQRJ VXGD L] VWDYD 
RYRJ aODQD MH GXCQR GD RGOXNXSRCDOEL
GRQHVHXURNXRGWULGDQDRGGDQDSULMH 
PDVSLVD
AODQ 

$NRLVWUDCQLVXGLMDQDGOHCQRJVX 
GDUH^HQMHPXWYUGLGDQLVXLVSXQMHQHSUHW 
SRVWDYNH ]D SUHGDMX RNULYOMHQRJ SR
VOXCEHQRMGXCQRVWLGRVWDYL`HYH`XWURMLFH
VXGLMDQDGOHCQRJVXGDUH^HQMH]DMHGQRVD
VSLVLPDSUHGPHWD
 9H`H VDVWDYOMHQR RG WURMH VXGLMD
QDGOHCQRJ VXGD UD]PDWUD SUYRVWHSHQR
UH^HQMHLVYRMLPUH^HQMHPSRWYU_XMHXNL 
GD LOL SUHLQDaXMH UH^HQMH LVWUDCQRJ VXGLMH
QDGOHCQRJVXGDXURNXGRWULGDQD
 5H^HQMH YH`D QDGOHCQRJ VXGD MH
SUDYQRVQDCQRLL]YU^QRWHVHSURWLYLVWRJ
QH PRJX XODJDWL YDQUHGQD SUDYQD VUHG 
VWYD L QH PRCH VH WUDCLWL RGODJDQMH
L]YU^HQMD
AODQ 

3UDYRVQDCQRLL]YU^QRUH^HQMHNR 
MLPMHXWYU_HQRGDVXLVSXQMHQHSUHWSRV 
WDYNH]DSUHGDMXRNULYOMHQRJOLFD0H_XQD 
URGQRPNULYLaQRPWULEXQDOXGRVWDYOMDVH
0LQLVWDUVWYX]DOMXGVNDLPDQMLQVNDSUDYD
 5H^HQMH R SUHGDML RNULYOMHQRJ
0H_XQDURGQRP NULYLaQRP WULEXQDOX GR 
QRVL 0LQLVWDUVWYR ]D OMXGVND L PDQMLQVND
SUDYD NRMH L]YU^DYD PLQLVWDUVWYR XQXW 
UD^QMLKSRVORYDGUCDYHaODQLFH
3URWLYUH^HQMDL]SUHWKRGQRJVWDYD
RYRJ aODQD QH PRCH VH YRGLWL XSUDYQL
VSRU

9 8.$=,9$1-( 35$91(
3202@, 0(?81$52'120
.5,9,A120 75,%81$/8
AODQ 

 1D ]DKWHY 0H_XQDURGQRJ NUL

YLaQRJWULEXQDODQDGOHCQLGUCDYQLRUJDQL
6UELMH L &UQH *RUH REDYL`H SRMHGLQH LV 
WUDCQHUDGQMHSULNXSLWLSRWUHEQHSRGDWNH
RNULYLaQRPGHOXLXaLQLRFXLGUXJHaLQMH 
QLFHYDCQH]DNULYLaQLSRVWXSDNUDVSLVDWL
SRWHUQLFXSUHGX]HWLPHUH]D]D^WLWXVYH 

GRNDGRVWDYLWLSR]LYLGUXJDSLVPHQDNR 
MD OLFLPD VD ERUDYL^WHP X 6UELML L &UQRM
*RULXSX`XMH0H_XQDURGQLNULYLaQLWULEX 
QDO L REDYLWL GUXJH UDGQMH YDCQH ]D SRV 
WXSDN SUHG 0H_XQDURGQLP NULYLaQLP WUL 
EXQDORP
 3UHGVWDYQLFLPD 0H_XQDURGQRJ
NULYLaQRJ WULEXQDOD RPRJX`L`H VH SULVX 
VWYRSULREDYOMDQMXUDGQMLL]VWDYDRYRJ
aODQDNDRLGDSULWRPHSRVWDYOMDMXSLWD 
QMDGDMXSUHGORJHLREDYOMDMXGUXJHUDGQMH
YH]DQH]DSRVWXSDN
AODQ 

 1D ]DKWHY 0H_XQDURGQRJ NUL

YLaQRJWULEXQDOD0LQLVWDUVWYRVSROMQLKSR 
VORYDRGREUL`HWUDQ]LWRNULYOMHQRJVYHGR 
ND L GUXJLK OLFD SUHNR WHULWRULMH 6UELMH L
&UQH*RUH
 1DGOHCQL GUCDYQL RUJDQL 6UELMH L
&UQH*RUHSUHGX]H`HUDGQMHSRWUHEQH]D
EH]EHGDQWUDQ]LWOLFDL]VWDYDRYRJaOD 
QDXNOMXaXMX`LLPHUHRJUDQLaHQMDVORER 
GHOLFDaLMLVHWUDQ]LWYU^L

9, ,=95>(1-( 35(68'$

0(?81$52'12*
.5,9,A12* 75,%81$/$ 1$
7(5,725,-, 65%,-( , &51(
*25(
AODQ 

 3UDYRVQDCQD SUHVXGD 0H_XQD 

URGQRJ NULYLaQRJ WULEXQDOD PRCH VH
L]YU^LWL X 6UELML L &UQRM *RUL 0LQLVWDUVWYR
VSROMQLKSRVORYDREDYHVWL`H0H_XQDURGQL
NULYLaQLWULEXQDORVSUHPQRVWL6UELMHL&UQH
*RUH GD SULKYDWL RVX_HQLNH QDL]GUCDYD 
QMH]DWYRUVNHND]QH
=DWYRUVNDND]QDL]YU^DYDVHSUH 
PDSURSLVLPD6UELMHL&UQH*RUH
0H_XQDURGQRPNULYLaQRPWULEX 
QDOXRPRJX`L`HVHQDG]RUQDGL]YU^HQMHP
ND]QH
AODQ 

 .DGD VH SUHPD SURSLVLPD 6UELMH

L &UQH *RUH VWHNQX XVORYL ]D SRPLORYD 
QMHXEODCDYDQMHND]QHLOLXVORYQLRWSXVW



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RWRPH`HVHREDYHVWLWL0H_XQDURGQLNUL 
YLaQL WULEXQDO UDGL GRQR^HQMD RGJRYDUD 
MX`HRGOXNH

 6OXCEHQLFL .DQFHODULMH L GUXJL

SUHGVWDYQLFL0H_XQDURGQRJNULYLaQRJWUL 
EXQDODXCLYDMXLPXQLWHWHLSRYODVWLFHNRMH
VHSUL]QDMXSUHPDPH_XQDURGQRPSUDYX

9,, 267$/( 2'5('%(

AODQ 

%ULVDQ

AODQ 

=DOLFHNRMHVHGREURYROMQRSUHGD
0H_XQDURGQRP NULYLaQRP WULEXQDOX 6D 
YHWPLQLVWDUDLYODGDGUCDYHaODQLFHaLMLMH
RNULYOMHQL GUCDYOMDQLQ GD`H QHRSKRGQH
JDUDQFLMH 0H_XQDURGQRP NULYLaQRP WUL 
EXQDOXGDVHWROLFHEUDQLVDVORERGH
AODQ 

 0LQLVWDUVWYR VSROMQLK SRVORYD

PRCHRG0H_XQDURGQRJNULYLaQRJWULEX 
QDOD ]DWUDCLWL QDNQDGX WUR^NRYD QDVWDOLK
]D6UELMXL&UQX*RUXXYH]LVDVDUDGQMRP
VD 0H_XQDURGQLP NULYLaQLP WULEXQDORP
REDYOMHQRPQDQMHJRY]DKWHY
AODQ 

 6XGLMH WXCLODF L UHJLVWUDWRU

0H_XQDURGQRJNULYLaQRJWULEXQDODXCLYD 
MXX6UELMLL&UQRM*RULLPXQLWHWLSRYODV 
WLFHSUHGYL_HQH]DGLSORPDWVNHSUHGVWDY 
QLNH

AODQ 

 1D SLWDQMD NRMD QLVX UHJXOLVDQD

RYLP ]DNRQRP QSU R SR]LYDQMX GR 
YR_HQMX REH`DQMX RNULYOMHQRJ GD QH`H
QDSXVWLWLERUDYL^WHMHPVWYXL]GDYDQMXSR 
WHUQLFHSRVWXSNXL]YU^HQMDSULWYRUDLGU
VKRGQR`HVHSULPHQMLYDWLRGUHGEH=DNR 
QLNDRNULYLaQRPSRVWXSNX
AODQ 

 2YDM ]DNRQ VWXSD QD VQDJX QD

UHGQRJ GDQD RG GDQD REMDYOMLYDQMD X
6OXCEHQRPOLVWX65-m
6DPRVWDOQLaODQ=DNRQDRL]PHQDPD
=DNRQDRVDUDGQML6DYH]QH5HSXEOLNH-X 
JRVODYLMHVD0H_XQDURGQLPWULEXQDORP]D
NULYLaQR JRQMHQMH OLFD RGJRYRUQLK ]D
WH^ND NU^HQMD PH_XQDURGQRJ KXPDQLWDU 
QRJSUDYDSRaLQMHQDQDWHULWRULMLELY^H-X 
JRVODYLMHRGJRGLQH

 5H]ROXFLMD  6DYHWD EH]EHGQRVWL 81

6DYHWEH]EHGQRVWL
3RWYU_XMX`L VYRMH UH]ROXFLMH 
RGRNWREUDL
RGVHSWHPEUD
7DNR_HSRWYU_XMX`LVYRMXMDVQXRVX
GXWHURULVWLaNLKQDSDGDNRMLVXVHGRJRGLOL
X 1MXMRUNX 9D^LQJWRQX L 3HQVLOYDQLML 
VHSWHPEUD  L L]UDCDYDMX`L VYRMX RG 
OXaQRVWGDSUHGXSUHGLVYHVOLaQHDNWH
3RWYU_XMX`L QDGDOMH GD WDNYL DNWL
NDR L VYDNL GUXJL DNW PH_XQDURGQRJ WH 
URUL]PDSUHGVWDYOMDMXSUHWQMX]DPH_XQD 
URGQLPLULEH]EHGQRVW
3RWYU_XMX`LQHRWX_LYRSUDYRQDSR
MHGLQDaQXLNROHNWLYQXVDPRRGEUDQXSUL] 


QDWR3RYHOMRP8MHGLQMHQLKQDFLMDNDNRMH
YH`QD]QDaHQRX5H]ROXFLML
3RWYU_XMX`L QHRSKRGQRVW VXSURWVWD
YOMDQMDVYLPVUHGVWYLPDXVNODGXVD3RYH 
OMRP 8MHGLQMHQLK QDFLMD SUHWQMDPD
PH_XQDURGQRPPLUXLEH]EHGQRVWLL]D] 
YDQLPWHURULVWLaNLPDNWLPD
'XERNR ]DEULQXW ]ERJ SRYH`DQMD
EURMDWHURULVWLaNLKQDSDGDXUD]OLaLWLPUH 
JLRQLPDVYHWDLQVSLULVDQLKQHWROHUDQFLMRP
LHNVWUHPL]PRP
3R]LYDMX`L GUCDYH GD KLWQR ]DMHG
QLaNL GHOXMX UDGL SUHYHQFLMH L VX]ELMDQMD
WHURULVWLaNLK DNDWD NUR] SRVSH^LYDQMH
PH_XVREQH VDUDGQMH L SRWSXQX SULPHQX

8VYRMHQD QD  VHGQLFL 6DYHWD EH]EHGQRVWL  VHSWHPEUD  81 '2& 12
65(6  3UHYRG %HRJUDGVNRJ FHQWUD ]D OMXGVND SUDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

UHOHYDQWQLK PH_XQDURGQLK NRQYHQFLMD X
YH]LVDWHURUL]PRP
3UL]QDMX`LSRWUHEXGUCDYDGDGRSX
QH PH_XQDURGQX VDUDGQMX SUHGX]LPD 
QMHPGRGDWQLKPHUD]DSUHGXSUH_LYDQMHL
VX]ELMDQMH ILQDQVLUDQMD L SULSUHPDQMD ELOR
NRJWHURULVWLaNRJDNWDQDVYRMLPWHULWRULMD 
PDVYLPSUDYQRGR]YROMHQLPVUHGVWYLPD
3RWYU_XMX`LSULQFLSNRMLMH*HQHUDOQD
VNXS^WLQDXVWDQRYLODVYRMRPGHNODUDFLMRP
RGRNWREUDUH]ROXFLMD;;9
SRWYU_HQRGVWUDQH6DYHWDEH]EHGQRVWLX
QMHJRYRMUH]ROXFLMLRGDY 
JXVWDSUHPDNRPHVYDNDGUCDYDLPD
REDYH]X GD VH X]GUCL RG RUJDQL]RYDQMD
]DSRaLQMDQMD SRPDJDQMD LOL XaHVWYRYDQMD
XWHURULVWLaNLPDNWLPDSUHGX]HWLPXGUX 
JRM GUCDYL LOL SULVWDMDQMHP QD DNWLYQRVWL
RUJDQL]RYDQLK QD QMHQRM WHULWRULML UDGL
L]YU^HQMDWDNYLKDNDWD
'HOXMX`LQDRVQRYX*ODYH9,,3RYH
OMH8MHGLQMHQLKQDFLMD
2GOXaXMHGD`HVYHGUCDYH
D 6SUHaDYDWL L VX]ELMDWL ILQDQVLUDQMH WH 
URULVWLaNLK DNDWD
E 3URJODVLWL ]D NULYLaQR GHOR VYHVQR
SULEDYOMDQMH GREDYOMDQMH LOL SULNXS
OMDQMH QD ELOR NRML QDaLQ QHSRVUHG 
QRLOLSRVUHGQRILQDQVLMVNLKVUHGVWD
YD VYRMLK GUCDYOMDQD LOL QD VYRMRM WH
ULWRULML V QDPHURP GDVH WDNYD VUHG 
VWYDNRULVWH LOLVD]QDQMHPGD`HVH
NRULVWLWL UDGL L]YU^HQMD WHURULVWLaNLK
DNWD
F %H] RGODJDQMD ]DPU]QXWL IRQGRYH L
GUXJD ILQDQVLMVND VUHGVWYD LOL HNR
QRPVNH UHVXUVH NRML SULSDGDMX IL
]LaNLPOLFLPDNRMDYU^HLOLSRNX^DYD 
MX GD L]YU^H WHURULVWLaNH DNWH LOL
XaHVWYXMX X L]YU^HQMX WHURULVWLaNLK
DNDWD LOL LK RPRJX`DYDMX SUDYQLP
OLFLPDNRMDQHSRVUHGQRLOLSRVUHGQR
SRVHGXMX LOL NRQWUROL^X WDNYD OLFD
NDR L IL]LaNLP L SUDYQLP OLFLPD NRMD
LVWXSDMX X LPH LOL SR QDORJX WDNYLK
OLFDXNOMXaXMX`LVUHGVWYDNRMDSRWLaX
LOL VX QDVWDOD L] LPRYLQH NRMX QHSR 
VUHGQRLSRVUHGQRSRVHGXMXLOLNRQ 
WUROL^XWDNYDLVQMLPDSRYH]DQDOLFD

G =DEUDQLWLVYRMLPGUCDYOMDQLPDLVYLP
OLFLPD QD VYRMRM WHULWRULML GD QHSRV 
UHGQR LOL SRVUHGQR aLQH GRVWXSQLP
ELORNDNYHIRQGRYHILQDQVLMVNDVUHG 
VWYD LOL HNRQRPVNH UHVXUVH LOL ILQDQ 
VLMVNH L GUXJH SRYH]DQH XVOXJH OLFL
PD NRMD YU^H LOL SRNX^DYDMX GD
L]YU^H WHURULVWLaNH DNWH XaHVWYXMX X
L]YU^HQMX WHURULVWLaNLK DNDWD LOL LK
RPRJX`DYDMX SUDYQLP OLFLPD NRMD
QHSRVUHGQR LOL SRVUHGQR SRVHGXMX
LOL NRQWUROL^X WDNYD OLFD NDR L IL]L
aNLP L SUDYQLP OLFLPD NRMD LVWXSDMX
X LPH LOL SR QDORJX WDNYLK OLFD XN 
OMXaXMX`L VUHGVWYD NRMD SRWLaX LOL VX
QDVWDOD L] LPRYLQH NRMX QHSRVUHGQR
L SRVUHGQR SRVHGXMX LOL NRQWUROL^X
WDNYD L V QMLPD SRYH]DQD OLFD
 7DNR_H RGOXaXMH GD `H VH VYH
GUCDYH
D 8]GUCDWLRGSUXCDQMDELORNRJREOLND
DNWLYQHLOLSDVLYQHSRGU^NHJUXSDPD
LOL SRMHGLQFLPD XPH^DQLP X WHURULV 
WLaNHDNWHXNOMXaXMX`LWXLVSUHaDYD 
QMH UHJUXWDFLMH aODQRYD WHURULVWLaNLK
JUXSD L RQHPRJX`DYDQMH VQDEGHYD 
QMD WHURULVWD QDRUXCDQMHP
E 'D`HSUHGX]HWLVYHQHRSKRGQHNR 
UDNH UDGL SUHGXSUH_LYDQMD L]YU^HQMD
WHURULVWLaNLK DNDWD XNOMXaXMX`L WX L
GRVWDYOMDQMH UDQRJ XSR]RUDYDQMD
GUXJLP GUCDYDPD NUR] UD]PHQX LQ 
IRUPDFLMD
F 8VNUDWLWLXWRaL^WHRQLPDNRMLILQDQVL 
UDMX SODQLUDMX SRGUCDYDMX LOL L]YU
^DYDMX WHURULVWLaNH DNWH LOL SUXCDMX
XWRaL^WH WDNYLP OLFLPD
G 2QHPRJX`LWL RQLPD NRML ILQDQVLUDMX
SODQLUDMXSRPDCXLOLL]YU^DYDMXWHUR 
ULVWLaNH DNWH XSHUHQH SURWLY GUXJLK
GUCDYDLQMLKRYLKJUD_DQDGDNRULVWH
QMLKRYH WHULWRULMH X WH VYUKH
H 2VLJXUDWL GD `H VYDNR OLFH NRMH
XaHVWYXMH X ILQDQVLUDQMX SODQLUDQMX
SULSUHPDQMX L L]YU^DYDQMX WHURULV
WLaNLK DNDWD LOL X SUXCDQMX SRGU^NH
WHURULVWLaNLP DNWLPD ELWL L]YHGHQR
SUHG OLFH SUDYGH L RVLJXUDWL GD `H
WDNYL WHURULVWLaNL DNWL SRUHG GUXJLK



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PHUD XVWDQRYOMHQLK SURWLY WLK OLFD

ELWLSURJOD^HQL]DWH^NDNULYLaQDGHOD
X GRPD`LP ]DNRQLPD L GUXJLPSUR 
SLVLPD L GD `H VDQNFLMD ]D RYD GHOD
X SRWSXQRVWL RGJRYDUDWL R]ELOMQRVWL
WDNYLK WHURULVWLaNLK DNDWD
3UXCLWLMHGQDGUXJRMQDMYH`XPRJX`X
SRPR` UDGL VSURYR_HQMD LVWUDJD LOL
NULYLaQLKSRVWXSDNDXYH]LVDILQDQ 
VLUDQMHP LOL SRGUCDYDQMHP WHURULV
WLaNLK DNDWD XNOMXaXMX`L WX L SRPR`
X SULNXSOMDQMX GRND]D QHRSKRGQLK
]D VSURYR_HQMH SRVWXSND D NRML VH
QDOD]H X QMKRYRP SRVHGX
3UHGXSUHGLWL NUHWDQMD WHURULVWD LOL WH 
URULVWLaNLK JUXSD HILNDVQRP NRQWUR 
ORP JUDQLFH L NRQWURORP L]GDYDQMD
OLaQLK GRNXPHQDWD L SXWQLK LVSUDYD
L NUR] PHUH VSUHaDYDQMD NULYRWYRUH 
QMDLIDOVLILNRYDQMDOLaQLKGRNXPHQD 
WD L SXWQLK LVSUDYD L QMLKRYRJ SUH
YDUQRJ NRUL^`HQMD
3R]LYDVYHGUCDYHGD
3URQD_X QDaLQH ]D LQWHQ]LYLUDQMH L
XEU]DYDQMH UD]PHQH RSHUDFLRQLK LQ
IRUPDFLMD QDURaLWR X SRJOHGX DNFLMD
LOL NUHWDQMD WHURULVWD LOL WHURULVWLaNLK
PUHCD NULYRWYRUHQLK LOL IDOVLILNRYDQLK
SXWQLK LVSUDYD NOMXPaDUHQMD RUXCMD
HNVSOR]LYDLGUXJLKRVHWOMLYLKPDWHULMD
ODXSRWUHEHNRPXQLNDFLRQLKWHKQROR
JLMD RG VWUDQH WHURULVWLaNLK JUXSD SR
VWRMDQMDSUHWQMHQDVWDOHXVOHGSRVHGR
YDQMD QDRUXCDQMD ]D PDVRYQR XQL^WH
QMH RG VWUDQH WHURULVWLaNLK JUXSD
5D]PHQMXMX LQIRUPDFLMH X VNODGX VD
PH_XQDURGQLP L XQXWUD^QMLP SUD 
YRP L VDUD_XMX X REODVWL XSUDYQLK L
SUDYRVXGQLKSLWDQMDUDGLVSUHaDYDQMD
L]YU^HQMD WHURULVWLaNLK DNDWD
6DUD_XMX QDURaLWR NUR] ELODWHUDOQH L
PXOWLODWHUDOQHVSRUD]XPHXSUHYHQ 
FLML L VX]ELMDQMX WHURULVWLaNLK QDSDGD
L SUHGX]LPDQMX PHUD XSHUHQLK SUR 
WLY SRaLQLRFD WDNYLK DNDWD
3RVWDQX VWUDQH XJRYRUQLFH UHOH
YDQWQLK PH_XQDURGQLK NRQYHQFLMD L
SURWRNROD R WHURUL]PX X QDMNUD`HP
PRJX`HP URNX XNOMXaXMX`L WX L

0H_XQDURGQX NRQYHQFLMX ]D VX]EL 

MDQMHILQDQVLUDQMDWHURUL]PDRGGH 
FHPEUD 
H 3RMDaDMXVDUDGQMXLXSRWSXQRVWLSUL 
PHQHUHOHYDQWQHPH_XQDURGQHNRQ 
YHQFLMHLSURWRNROHNRMLVXXYH]LVD
WHURUL]PRP L UH]ROXFLMH 6DYHWD EH] 
EHGQRVWL   L  
I 3UHGX]PX RGJRYDUDMX`H PHUH NRMH
VXXVNODGXVDUHOHYDQWQLPRGUHGED 
PD QDFLRQDOQRJ L PH_XQDURGQRJ
SUDYD XNOMXaXMX`L L PH_XQDURGQH
VWDQGDUGH OMXGVNLK SUDYD SUH GRGH
OMLYDQMD L]EHJOLaNRJ VWDWXVD X VYUKX
XWYU_LYDQMD GD D]LODQW QLMH SODQLUDR
SRPDJDR LOL XaHVWYRYDR X L]YU^DYD
QMX WHURULVWLaNLK DNDWD
J 2VLJXUDMX X VNODGX VD PH_XQDURG
QLP SUDYRP GD L]EHJOLaNL VWDWXV QH
EXGH ]ORXSRWUHEOMHQ RG VWUDQH L]YU
^LODFDRUJDQL]DWRUDLOLSRPDJDaDWHUR
ULVWLaNRJDNWDLGDWYUGQMHRSROLWLaNRM
PRWLYDFLML JRQMHQMD QH EXGX SUL]QDWH
NDRRVQRY]DRGELMDQMH]DKWHYD]DHN
VWUDGLFLMX RVXPQMLaHQLK WHURULVWD
8YL_DVD]DEULQXWR^`XSRVWRMDQMH
EOLVNHYH]HL]PH_XPH_XQDURGQRJWHUR 
UL]PD L WUDQVQDFLRQDOQRJ RUJDQL]RYDQRJ
NULPLQDOD WUJRYLQH QDUNRWLFLPD SUDQMD
QRYFDNOMXPaDUHQMDRUXCMDLSURWLY]DNRQL 
WRJ NUHWDQMD QXNOHDUQLK KHPLMVNLK ELR 
OR^NLKLOLGUXJLKSRWHQFLMDOQRVPUWRQRVQLK
PDWHULMDODLVRE]LURPQDWRLVWLaHSRWUH 
EX ]D SRMDaDQRP NRRUGLQDFLMRP QDSRUD
QD QDFLRQDOQRP VXEUHJLRQDOQRP UHJLR 
QDOQRP L PH_XQDURGQRP SODQX UDGL
MDaDQMDJOREDOQRJRGJRYRUDRYRPR]ELOM 
QRP L]D]RYX L SUHWQML ]D PH_XQDURGQX
EH]EHGQRVW
,]MDYOMXMHGDVXDNWLPHWRGLLSUDN
WLNRYDQMDWHURUL]PDXVXSURWQRVWLVDFLOMH 
YLPDLQDaHOLPD8MHGLQMHQLKQDFLMDLGDMH
VYHVQRILQDQVLUDQMHSODQLUDQMHLSR]LYDQMH
QDYU^HQMHWHURULVWLaNLKDNDWDWDNR_HXVX 
SURWQRVWLVDFLOMHYLPDLQDaHOLPD8MHGLQMH 
QLKQDFLMD
 2GOXaXMH GD RVQXMH X VNODGX VD
SUDYLORP  3RVORYQLND .RPLWHW 6DYHWD
EH]EHGQRVWL VDVWDYOMHQ RG VYLK aODQRYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

6DYHWD EH]EHGQRVWL UDGL QDGJOHGDQMD
VSURYR_HQMD RYH UH]ROXFLMH X] SUXCDQMH
RGJRYDUDMX`H VWUXaQH SRPR`L L SR]LYD
VYHGUCDYHGDL]YHVWH.RPLWHWQDMNDVQLMH
XURNXRGGDQDRGGDQDXVYDMDQMDRYH
UH]ROXFLMHDSUHPDUDVSRUHGXNRML`HXW 
YUGLWL.RPLWHWRNRUDFLPDSUHGX]HWLPUD 
GLVSURYR_HQMDRYHUH]ROXFLMH
1DODCH.RPLWHWXGDGHILQL^HVYRMH
]DGDWNHSUHGDSODQUDGDXURNXRGWULGH 
VHWGDQDRGGDQDXVYDMDQMDRYHUH]ROXFLMH

LUD]PRWULNDNYDPXMHSRGU^NDQHRSKRG 
QDNRQVXOWXMX`LVHVD6DYHWRPEH]EHGQR 
VWL
 ,]UDCDYDVYRMXRGOXaQRVWGDSUH
GX]PH VYH QHRSKRGQH NRUDNH UDGL SRW 
SXQRJVSURYR_HQMDRYHUH]ROXFLMHXVNOD 
GXVDVYRMLP]DGDFLPDSUHGYL_HQLK3RYH 
OMRP
 2GOXaXMH GD VH L GDOMH EDYL RYLP
SLWDQMHP



 0,512 5(>$9$1-( 0(?81$52'1,+ 632529$

 6WDWXW 0H_XQDURGQRJ VXGD SUDYGH
L]YRGL
AODQ 

0H_XQDURGQL VXGXVWDQRYOMHQ3RYH 
OMRP8MHGLQMHQLKQDFLMDNDRJODYQLVXGVNL
RUJDQ8MHGLQMHQLKQDFLMDEL`HREUD]RYDQL
UDGL`HVKRGQRRGUHGEDPDRYRJD6WDWXWD

*/$9$ ,
25*$1,=$&,-$ 68'$
AODQ 

6XG VDaLQMDYDMX VNXS QH]DYLVQLK VX

GLMD L]DEUDQLK EH] RE]LUD QD QMLKRYR GU 
CDYOMDQVWYR L]PH_X OLFDYLVRNLK PRUDOQLK
RVRELQD NRMD LVSXQMDYDMX XVORYH NRML VH
]D REDYOMDQMH QDMYL^LK VXGVNLK IXQNFLMD
WUDCH X QMLKRYLP RGQRVQLP ]HPOMDPD LOL
VX SR]QDWL SUDYQL VWUXaQMDFL X PH_XQD 
URGQRPSUDYX
AODQ 

6XGVHVDVWRMLRGSHWQDHVWaODQRYD
L]PH_XNRMLKGYRMLFDQHPRJXELWLGUCDY 
OMDQLLVWHGUCDYH
/LFH]DNRMHELVHXVYUKXaODQVWYD
X6XGXPRJORX]HWLGDMHGUCDYOMDQLQYL^H
RG MHGQH GUCDYH VPDWUD`H VH GUCDYOMDQL 
QRPGUCDYHXNRMRMUHGRYQRYU^LJUD_DQ 
VNDLSROLWLaNDSUDYD
AODQ 

 AODQRYH 6XGD ELUDMX *HQHUDOQD

VNXS^WLQD L 6DYHW EH]EHGQRVWL V OLVWH OLFD
NRMDVXSUHGORCLOHQDFLRQDOQHJUXSH6WDO 
QRJ DUELWUDCQRJ VXGD X VNODGX VD VOH 
GH`LPRGUHGEDPD


 $NR VX X SLWDQMX aODQRYL 8MHGL

QMHQLKQDFLMDNRMLQLVXSUHGVWDYOMHQLX6WDO 
QRP DUELWUDCQRP VXGX NDQGLGDWH SUHG 
ODCX QDFLRQDOQH JUXSH NRMH X WX VYUKX
RGUHGHQMLKRYHYODGHSRGLVWLPXVORYLPD
NRMH aODQ  +D^NH NRQYHQFLMH RG 
R PLUQRP UH^DYDQMX PH_XQDURGQLK VSR 
URYD SURSLVXMH ]D aODQRYH 6WDOQRJ DUELW 
UDCQRJVXGD
8VORYHSRGNRMLPDMHGQDGUCDYDNR
MD MH VWUDQD RYRJ 6WDWXWD DOL NRMD QLMH aODQ
8MHGLQMHQLKQDFLMDPRCHGDVXGHOXMHXL] 
ERUX aODQRYD 6XGD RGUH_XMH X RGVXVWYX
SRVHEQRJVSRUD]XPD*HQHUDOQDVNXS^WLQD
QDSUHSRUXNX6DYHWDEH]EHGQRVWL
AODQ 

 1DMPDQMH WUL PHVHFD SUH GDQD L] 

ERUDJHQHUDOQLVHNUHWDU8MHGLQMHQLKQDFLMD
REUD`DVHSLVPHQRaODQRYLPD6WDOQRJDU 
ELWUDCQRJ VXGD NRML SULSDGDMX GUCDYDPD
VWUDQDPD RYRJ 6WDWXWD NDR L aODQRYLPD
QDFLRQDOQLK JUXSD RGUH_HQLK X VPLVOX
aODQD  VWDY  SR]LYDMX`L LK GDX RG
UH_HQRP URNX SUHNR QDFLRQDOQH JUXSH
SULVWXSHSUHGODJDQMXOLFDNRMDVXXVWDQMX
GDVHSULPHGXCQRVWLaODQD6XGD
1LMHGQDJUXSDQHPRCHSUHGORCLWL
YL^HRGaHWLULOLFDRGNRMLKQDMYL^HGYRMLFX
VYRMLK GUCDYOMDQD 1L X NRP VOXaDMX EURM
NDQGLGDWD NRMH SUHGODCH MHGQD JUXSD QH
PRCHELWLYH`LRGGYRVWUXNRJEURMDPHVWD
NRMDWUHEDSRSXQLWL

8VYRMHQ ]DMHGQR VD 3RYHOMRP 81 X 6DQ )UDQFLVNX  MXQD  6O OLVW ')- EU 
3UHYRG 0LODQD >DKRYL`D L %RJGDQD %DERYL`D ,QIRUPDFLRQL FHQWDU 8MHGLQMHQLK QDFLMD
%HRJUDG 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 

3UHSRUXaXMH VH VYDNRM QDFLRQDOQRM

JUXSLGDVHSUHQR^WRSULVWXSLRYRPSUH 
GODJDQMXNDQGLGDWDSRVDYHWXMHVDVYRMLP
QDMYL^LP VXGRP VYRMLP SUDYQLP IDNXOWH 
WLPDLSUDYQLP^NRODPDDLVWRWDNRLVD
VYRMLPQDFLRQDOQLPDNDGHPLMDPDLQDFLR 
QDOQLPRGHOMHQMLPDPH_XQDURGQLKDNDGH 
PLMDNRMHVHEDYHSURXaDYDQMHPSUDYD
AODQ 

*HQHUDOQLVHNUHWDUVDVWDYOMDSRD] 
EXaQRPUHGXOLVWXVYLKWDNRSUHGORCHQLK
OLFD ,]X]HY VOXaDMD SUHGYL_HQRJ X aODQX
VWDYVDPRRYDOLFDPRJXELWLELUDQD
*HQHUDOQLVHNUHWDUSRGQRVLRYXOL 
VWX*HQHUDOQRMVNXS^WLQLL6DYHWXEH]EHG 
QRVWL
AODQ 

*HQHUDOQDVNXS^WLQDL6DYHWEH]EHG 
QRVWL SULVWXSDMX L]ERUX aODQRYD 6XGD QH 
]DYLVQRMHGDQRGGUXJRJ
AODQ 

3UL VYDNRP L]ERUX ELUDaL `H LPDWL X

YLGXQHVDPRGDOLFDNRMDWUHEDGDEXGX
L]DEUDQDSRMHGLQDaQRLVSXQMDYDMXSRWUHE 
QHXVORYHQHJRLGDVHX6XGXNDRFHOLQL
REH]EHGLSUHGVWDYOMDQMHQDMYDCQLMLKREOLND
FLYLOL]DFLMHLJODYQLKSUDYQLKVLVWHPDVYHWD
AODQ 

 6PDWUDMX VH L]DEUDQLP RQL NDQGL 

GDWLNRMLGRELMXDSVROXWQXYH`LQXJODVRYD
L X *HQHUDOQRM VNXS^WLQL L X 6DYHWX EH] 
EHGQRVWL
 6YDNR JODVDQMH X 6DYHWX EH]EHG 
QRVWL ELOR ]D L]ERU VXGLMD LOL ]D LPHQR 
YDQMH aODQRYD NRPLVLMH R NRMRM MH UHa X
aODQXEL`HREMDYOMHQREH]LNDNYHUD] 
OLNHL]PH_XVWDOQLKLQHVWDOQLKaODQRYD6D 
YHWDEH]EHGQRVWL
8VOXaDMXGDYL^HRGMHGQRJGUCDY 
OMDQLQD LVWH GUCDYH GRELMX DSVROXWQX
YH`LQXJODVRYDLX*HQHUDOQRMVNXS^WLQLL
X6DYHWXEH]EHGQRVWLVPDWUDVHGDMHL]D 
EUDQVDPRQDMVWDULMLRGQMLK
AODQ 

$NR SRVOH SUYRJ VDVWDQNDRGUCDQRJ

X FLOMXL]ERUDRVWDQHQHSRSXQMHQRMHGQR
LOL YL^H PHVWD RGUCDYD VH GUXJL L DNR MH
SRWUHEQRWUH`LVDVWDQDN

AODQ 

$NRSRVOHWUH`HJVDVWDQNDRVWDQH
LGDOMHQHSRSXQMHQRMHGQRLOLYL^HPHVWD
PRCH VH X VYDNR GRED QD WUDCHQMH ELOR
*HQHUDOQHVNXS^WLQHELOR6DYHWDEH]EHG 
QRVWL REUD]RYDWL ]DMHGQLaND NRPLVLMD RG
^HVWaODQRYDRGNRMLKWURMLFXLPHQXMH*H 
QHUDOQDVNXS^WLQDDWURMLFX6DYHWEH]EHG 
QRVWLGDELVH]DVYDNRMR^QHSRSXQMHQR
PHVWR L]DEUDOR DSVROXWQRP YH`LQRP JOD 
VRYD MHGQR LPH NRMH VH SUHGODCH QD RG 
YRMHQRXVYDMDQMHX*HQHUDOQRMVNXS^WLQLL
X6DYHWXEH]EHGQRVWL
$NRVH]DMHGQLaNDNRPLVLMDMHGQR 
JODVQR VDJODVL R QHNRP OLFX NRMH LV 
SXQMDYD SRWUHEQH XVORYH RQR PRCH ELWL
XQHWRXQMHQXOLVWXaDNLDNRQLMHELORXQH 
WR X OLVWX SUHGORCHQLK NDQGLGDWD R NRMRM
MHUHaXaODQX
$NRMH]DMHGQLaNDNRPLVLMDXYHUH 
QDGDQH`HXVSHWLGDREH]EHGLL]ERUaOD 
QRYL6XGDNRMLVXYH`L]DEUDQLSULVWXSDMX
SRSXQMDYDQMXVORERGQLKPHVWDXURNXNR 
ML `H RGUHGLWL 6DYHW EH]EHGQRVWL RGDELUD 
QMHP L]PH_X RQLK NDQGLGDWD NRML VX ELOL
L]DEUDQL LOL X *HQHUDOQRM VNXS^WLQL LOL X
6DYHWXEH]EHGQRVWL
8VOXaDMXMHGQDNHSRGHOHJODVRYD
PH_X VXGLMDPD RGOXaXMH JODV QDMVWDULMHJ
VXGLMH
AODQ 

 AODQRYL 6XGD ELUDMX VH QD GHYHW

JRGLQD L PRJX ELWL SRQRYR ELUDQL PH 
_XWLP ^WR VH WLaH VXGL MD L]DEUDQLK SUL 
OLNRP SUYRJ L]ERUD SHWRULFL VXGLMD PDQ 
GDWL LVWLaX QD NUDMX WUH`H JRGLQH D PDQ 
GDWL RVWDOH SHWRULFH VXGLMD LVWLaX QD NUDMX
^HVWHJRGLQH
6XGLMHaLMLPDQGDWLWUHEDGDLVWHNQX
QDNUDMXQDSUHGSRPHQXWLKSRaHWQLKSH 
ULRGDRGWULL^HVWJRGLQDRGUHGL`HJHQH 
UDOQLVHNUHWDUEDFDQMHPNRFNHRGPDKSR
REDYOMHQRPSUYRPL]ERUX
AODQRYL6XGDQDVWDYOMDMXGDREDY 
OMDMXVYRMXGXCQRVWVYHGRNQMLKRYDPHVWD
QH EXGX SRSXQMHQD,SRVOHSRSXQHRQL
`HGRYU^LWLVYHVSRURYHNRMHVXSRaHOLGD
VXGH
8VOXaDMXRVWDYNHQHNRJaODQD6X 
GDRVWDYNDVHXSX`XMHSUHGVHGQLNX6XGD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

UDGLGRVWDYHJHQHUDOQRPVHNUHWDUX2YLP
SRVOHGQMLP REDYH^WHQMHP PHVWR SRVWDMH
XSUDCQMHQR

$NRXWDNYRPVOXaDMXL]PH_XaOD 
QD 6XGD L SUHGVHGQLND GR_H GR QHVOD 
JDQMDVWYDUVHUH^DYDRGOXNRP6XGD
AODQ 

AODQ 

8SUDCQMHQDPHVWDSRSXQMDYDMXVHQD
LVWL QDaLQ NRML MH SURSLVDQ ]D SUYL L]ERU
]DYLVQR RG VOHGH`H RGUHGEH X URNX RG
PHVHF GDQD SR XSUDCQMHQMX PHVWD JHQH 
UDOQL VHNUHWDU `H XSXWLWL SR]LYH R NRMLPD
MHUHaXaODQXDGDWXPL]ERUDXWYUGL`H
6DYHWEH]EHGQRVWL
AODQ 

AODQ 6XGD L]DEUDQ GD ]DPHQL aODQD

aLMLPDQGDWQLMHLVWHNDRYU^LGXCQRVW
AODQ 

6HGL^WH6XGDEL`HX+DJX0H_X 
WLPWRQHVSUHaDYD6XGGD]DVHGDLRED 
YOMDVYRMHGXCQRVWLLQDGUXJRPPHVWXNDG
JRG6XGVPDWUDGDMHWRSRCHOMQR
3UHGVHGQLNLVHNUHWDUERUDYHXVH 
GL^WX6XGD
AODQ 

6XG]DVHGDVWDOQRL]X]HY]DYUH
PHVXGVNRJRGPRUDaLMLSRaHWDNLWUDMDQMH
RGUH_XMH6XG
 AODQRYL 6XGD LPDMXSUDYRQDSR 
YUHPHQD RGVXVWYD aLML SRaHWDN L WUDMDQMH
XWYU_XMH6XGYRGH`LUDaXQDRXGDOMHQRVWL
L]PH_X+DJDL]DYLaDMDVYDNRJSRMHGLQRJ
VXGLMH
 AODQRYL 6XGD VX GXCQL GD EXGX
VWDOQRQDUDVSRODJDQMX6XGDVHPNDGDVH
QDOD]HQDRGVXVWYXLOLVXVSUHaHQLGDEX 
GX SULVXWQL EROH^`X LOL GUXJLP R]ELOMQLP
UD]OR]LPDNRMLPD`HVHXUHGQRRSUDYGDWL
SUHGSUHGVHGQLNRP
AODQ 

$NRMHGDQaODQ6XGDVPDWUDGDL]
QHNRJSRVHEQRJUD]ORJDQHWUHED
GDXaHVWYXMHXUH^DYDQMXRGUH_HQRJ
VSRUDRQ`HRWRPHREDYHVWLWLSUHGVHGQL 
ND
 $NR SUHGVHGQLN VPDWUD GD MHGDQ
aODQ6XGDL]QHNRJSRVHEQRJUD]ORJDQH
WUHEDGDXaHVWYXMHXUH^DYDQMXRGUH_HQRJ
VSRUDRQ`HJDRWRPHREDYHVWLWL

6XG]DVHGDXSXQRPVDVWDYXL]X
]HYNDGMHXRYRP6WDWXWXL]ULaLWRGUXNaLMH
SUHGYL_HQR
3UDYLOQLNRP6XGDPRCHVHSUHGYL 
GHWLGDMHGDQLOLYL^HVXGLMDSUHPDRNRO 
QRVWLPDLSRUHGRVOHGXEXGXRVORER_HQL
XaHVWYRYDQMDXVX_HQMXSRGXVORYRPGD
VH WLPH EURM VXGLMD UDVSRORCLYLK ]D REUD 
]RYDQMH6XGDQHVPDQMLLVSRGMHGDQDHVW
 =D REUD]RYDQMH 6XGD GRYROMDQ MH
NYRUXPRGGHYHWVXGLMD
AODQ 

6XGPRCHVYUHPHQDQDYUHPHGD
REUD]XMHMHGQRLOLYL^HRGHOMHQMDVDVWDYOMH 
QLKRGWURMLFHLOLYL^HVXGLMDSUHPDRGOX 
FL6XGDNRMD`HVHEDYLWLRGUH_HQLPYUV 
WDPD VSRURYD q QDSULPHUUDGQLPVSR 
URYLPDXYH]LVWUDQ]LWRPLVDREUD`DMHP
6XGPRCHXVYDNRGREDGDREUD 
]XMHRGHOMHQMHNRMH`HVHEDYLWLRGUH_HQLP
VSRURP%URMVXGLMDNRMLVDaLQMDYDMXWDNYR
RGHOMHQMHXWYUGL`H6XGX]VDJODVQRVWVWUD 
QDNDXVSRUX
 2GHOMHQMD SUHGYL_HQD RYLP aOD
QRPVXGHLRGOXaXMXXVSRURYLPDDNRWR
]DKWHYDMXVWUDQNHXVSRUX
AODQ 

3UHVXGDNRMXL]ULaHELORNRMHRGHOMH 
QMHSUHGYL_HQRXaODQRYLPDLVPD 
WUDVHNDRGDMXMHL]UHNDR6XG
AODQ 

2GHOMHQMD SUHGYL_HQD X aODQRYLPD

 L  PRJX V SULVWDQNRP VWUDQDND X
VSRUX]DVHGDYDWLLREDYOMDWLVYRMH]DGDWNH
LXGUXJLPPHVWLPDYDQ+DJD
AODQ 

5DGLEUCHJRWSUDYOMDQMDSRVORYD6XG
`HVYDNHJRGLQHREUD]RYDWLMHGQR
RGHOMHQMHVDVWDYOMHQRRGSHWRULFHVXGL
MDNRMHPRCHQD]DKWHYVWUDQDNDXVSRUX
GD X VSRURYLPD VXGL L RGOXaXMH SR
VNUD`HQRPSRVWXSNX3RUHGWRJDELUDMXVH
LGYRMLFDVXGLMDXVYUKXGD]DPHQHVXGLMH
NRMLEXGXVSUHaHQLGDXaHVWYXMXXVX_HQMX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 

AODQ 

 6XG GRQRVL 3UDYLOQLN SR NRPH

REDYOMD VYRMH IXQNFLMH 3RVHEQR RQ SUR 
SLVXMHSUDYLODSRVWXSND
 3UDYLOQLNRP 6XGD PRJX 6H SUHG 
YLGHWLSRURWQLFLNRML`H]DVHGDYDWLX6XGX
LOL X QHNRP RG QMHJRYLK RGHOMHQMD EH]
SUDYDJODVD

 6YDNL aODQ 6XGD SULPD JRGL^QMX

SODWX
3UHGVHGQLNSULPDVSHFLMDOQLJRGL
^QMLGRGDWDN
3RWSUHGVHGQLNSULPDSRVHEDQGR 
GDWDN]DVYDNLGDQNDGYU^LGXCQRVWSUHG 
VHGQLND
6XGLMHL]DEUDQLVKRGQRaODQXD
NRML QLVX aODQRYL 6XGD SULPDMX QDNQDGX
]DVYDNLGDQNDGYU^HVYRMHIXQNFLMH
2YHSODWHGRGDWNHLQDNQDGHRG 
UH_XMH *HQHUDOQD VNXS^WLQD 2QL VH QH
PRJXVPDQMLYDWLXWRNXWUDMDQMDGXCQRVWL
3ODWXVHNUHWDUDRGUH_XMH*HQHUDO 
QDVNXS^WLQDQDSUHGORJ6XGD
3UDYLOQLNRPNRMLGRQRVL*HQHUDOQD
VNXS^WLQDRGUH_XMXVHXVORYLSRGNRMLPD
VHaODQRYLPD6XGDLVHNUHWDUXPRJXGDWL
SHQ]LMHNDRLXVORYLSRGNRMLPD`HVHaOD 
QRYLPD VXGD L VHNUHWDUX YU^LWL QDNQDGD
SXWQLKWUR^NRYD
 1DSUHGSRPHQXWH SODWH GRGDFLL
QDNQDGHRVORER_HQLVXVYLKSRUH]D

AODQ 

6XGLMHGUCDYOMDQLVYDNHVWUDQNHX
VSRUX]DGUCDYDMX SUDYRGDVXGHXVSRUX
NRMLMHSUHG6XGRP
$NR6XGXYUVWLXYH`HVXGLMXNRML
MHGUCDYOMDQLQMHGQHRGVWUDQDNDXVSRUX
VYDNDGUXJDVWUDQNDXVSRUXPRCHGDL]D 
EHUHMHGQROLFHNRMH`H]DVHGDYDWLXVYRM 
VWYX VXGLMH 7DNYR OLFH EL`H L]DEUDQR SU 
YHQVWYHQRPH_XRQLPOLFLPDNRMDVXELOD
SUHGORCHQDNDRNDQGLGDWLNDNRMHWRSUR 
SLVDQRXaODQXL
$NR6XGXYH`HQHXYUVWLQLMHGQRJ
VXGLMXNRMLMHGUCDYOMDQLQVWUDQDNDXVSRUX
VYDND RG WLK VWUDQDND PRCH SULVWXSLWL L] 
ERUXMHGQRJVXGLMHNDNRMHWRSUHGYL_HQR
XVWDYXRYRJaODQD
2GUHGEHRYRJaODQDVHSULPHQMXMX
QD VOXaDM L] aODQD  L  8 WDNYLP
VOXaDMHYLPD SUHGVHGQLN `H ]DPROLWL MHG 
QRJ LOL DNR MH SRWUHEQR GYRMLFX aODQRYD
6XGDNRMLVDaLQMDYDMXRGHOMHQMHGDXVWXSH
PHVWR aODQRYLPD VXGD NRML VX GUCDYOMDQL
]DLQWHUHVRYDQLKVWUDQDXVSRUXDDNRWDN 
YLK QHPD LOL DNRQLVX XVWDQMX GDSULVX 
VWYXMXVXGLMDPDNRMHSDUQLaQHVWUDQNHSR 
VHEQRL]DEHUX
 .DG YL^H VWUDQDND X VSRUX LPDMX
LVWLLQWHUHVRQHVHSULOLNRPSULPHQHJRU 
QMH RGUHGEH UDaXQDMX VDPR NDR MHGQD
VWUDQND X VSRUX 2 VYDNRM VXPQML X WRP
SRJOHGXRGOXaXMH6XG
6XGLMHL]DEUDQHSUHPDRGUHGEDPD
VWDYRYD   L  RYRJ aODQD PRUDMX LV 
SXQMDYDWLXVORYHSRVWDYOMHQHaODQRYLPD
 VWDY   L  RYRJ 6WDWXWD 2QL X
GRQR^HQMX RGOXNH XaHVWYXMX X XVORYLPD
SXQHUDYQRSUDYQRVWLVDVYRMLPNROHJDPD

AODQ 

7UR^NRYH6XGDVQRVH8MHGLQMHQHQD 
FLMH QD QDaLQ NRML RGUH_XMH *HQHUDOQD
VNXS^WLQD

*/$9$ ,,
1$'/(#1267 68'$
AODQ 

 6DPR GUCDYHPRJX ELWL VWUDQNH X

VSRURYLPDSUHG6XGRP
6XG]DYLVQRRGVYRJ3UDYLOQLNDL
X VNODGX V QMLP PRCH WUDCLWL RG MDYQLK
PH_XQDURGQLKRUJDQL]DFLMDREDYH^WHQMDX
YH]L VD VSRURYLPD NRML VX SUHG QMLP L
SULPD`H
WDNYDREDYH^WHQMDNRMDPXEXGX
GRVWDYOMDOH WDNYH RUJDQL]DFLMHSRYODVWLWRM
LQLFLMDWLYL
 .DG JRG VH X VSRUXSUHG6XGRP
SRVWDYL SLWDQMH WXPDaHQMD XVWDYQRJ DNWD
QHNHMDYQHPH_XQDURGQHRUJDQL]DFLMHLOL
MHGQH PH_XQDURGQH NRQYHQFLMH ]DN 
OMXaHQHQDRVQRYXQMHJDVHNUHWDU`HRWR 
PHREDYHVWLWLRGQRVQXMDYQXPH_XQDURG 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QX RUJDQL]DFLMX L GRVWDYLOH MRM X SUHSLVX
FHORNXSDQSLVPHQLSRVWXSDN
AODQ 

 6XG MH GRVWXSDQ GUCDYDPD VWUD

QDPDRYRJ6WDWXWD
8VORYHSRGNRMLPDMH6XGGRVWXSDQ
RVWDOLPGUCDYDPDRGUH_XMH6DYHW
EH]EHGQRVWL ]DYLVQR RG SRVHEQLK
RGUHGDED VDGUCDQLK X YDCH`LP XJRYRUL 
PDDOLWLXVORYLQLXNRPVOXaDMXQHVPHMX
VWDYOMDWLVWUDQNHXVSRUXXQHUDYQRSUDYDQ
SRORCDMSUHG6XGRP
 .DG MH GUCDYD NRMD QLMH aODQ 8MH 
GLQMHQLK QDFLMD VWUDQND X QHNRP VSRUX
6XG `H XWYUGLWL L]QRV NRML MH WD VWUDQND
GXCQD GD SRORCL QD LPH WUR^NRYD 6XGD
2YDRGUHGEDVHQH`HSULPHQMLYDWLDNRWD
GUCDYDXaHVWYXMHXVQR^HQMXWUR^NRYD6X 
GD
AODQ 

1DGOHCQRVW6XGDVHSURVWLUHQDVYH
VSRURYH NRMH VWUDQNH L]QHVX SUHG QMHJD
D LVWR WDNR L QD VYH VOXaDMHYH SRVHEQR
SUHGYL_HQHX3RYHOML8MHGLQMHQLKQDFLMDLOL
XYDCH`LPXJRYRULPDLNRQYHQFLMDPD
'UCDYHVWUDQHRYRJD6WDWXWDPRJX
X VYDNR GRED L]MDYLWL GD SUL]QDMX RED 
YH]QX QDGOHCQRVW 6XGD LSVR IDFWR L EH]
SRVHEQRJ VSRUD]XPD SLVPD VYDNRM GUX 
JRMGUCDYLNRMDSULPLLVWXREDYH]XXVYLP
SUDYQLPVSRURYLPDNRMLVHRGQRVHQD
D WXPDaHQMH QHNRJ XJRYRUD
E VYDNRSLWDQMHPH_XQDURGQRJSUDYD
F SRVWRMDQMH ELOR NRMH aLQMHQLFH NRMD
EL DNR VH XWYUGL SUHGVWDYOMDOD NU^H 
QMH QHNH PH_XQDURGQH REDYH]H
G SULURGX LOL RELP REH^WH`HQMD ]ERJ
NU^HQMD QHNH PH_XQDURGQH REDYH 
]H
1DSUHGQDYHGHQHL]MDYHPRJXELWL
GDWH EH]XVORYQR LOL SRG XVORYRP UH 
FLSURFLWHWD RG YH`HJ EURMD LOL VDPR RG 
UH_HQLKGUCDYDLOL]DRGUH_HQRYUHPH
7DNYHL]MDYHVHGHSRQXMXNRGJH 
QHUDOQRJVHNUHWDUD8MHGLQMHQLKQDFLMDNRML
QMLKRYH NRSLMH GRVWDYOMD VWUDQDPD 6WDWXWD
LVHNUHWDUX6XGD

 ,]MDYH GDWH SR aODQX  6WDWXWD

6WDOQRJVXGDPH_XQDURGQHSUDYGHDNR 
MHVXMR^QDVQD]LVPDWUD`HVHPH_XVWUD 
QDPD RYRJ 6WDWXWD NDR SULKYDWDQMH RED 
YH]QH QDGOHCQRVWL 0H_XQDURGQRJ VXGD
GRLVWHNDQMLKRYRJURNDWUDMDQMDLVDJODVQR
QMLKRYLPRGUHGEDPD
8VOXaDMXVSRUDRWRPHGDOLMH6XG
QDGOHCDQ SLWDQMH VH UH^DYD RGOXNRP 6X 
GD
AODQ 

.DG JRG VH QHNLP YDCH`LP XJRYR

URP LOL NRQYHQFLMRP SUHGYL_D L]QR^HQMH
QHNRJSLWDQMDSUHGVXGNRMLMHWUHEDORGD
REUD]XMH 'UX^WYR QDURGD LOL SUHG 6WDOQL
VXG PH_XQDURGQH SUDYGH SLWDQMH `H VH
DNRVXSRVUHGLVWUDQHRYRJ6WDWXWDL]QHWL
SUHG0H_XQDURGQLVXG
AODQ 

6XGaLMLMH]DGDWDNGDVSRURYHNRML
VX PX SRGQHWL UH^DYD VDJODVQR PH_XQD 
URGQRPSUDYXSULPHQMXMH
D PH_XQDURGQH NRQYHQFLMH ELOR
RS^WHLOLSRVHEQHNRMLPDXVWDQRYOMD 
YDMX SUDYLOD L]ULaLWR SUL]QDWD RG
GUCDYD X VSRUX
E PH_XQDURGQL RELaDM NDR GRND]
RS^WH SUDNVH SULKYD`HQHNDR SUDYR
F RS^WD SUDYQD QDaHOD SUL]QDWD RG FL
YLOL]RYDQLK QDURGD
G SRG XVORYRP RGUHGDED aODQD 
VXGVNH RGOXNH L GRNWULQX QDMSR
]YDQLMLKVWUXaQMDNDMDYQRJSUDYDUD] 
QLK QDURGD NDR SRPR`QR VUHGVWYR
]D XWYU_LYDQMH SUDYQLK SUDYLOD
2YDRGUHGEDQHSUHMXGLFLUDSUDYR
6XGD GD MHGDQ VSRU UH^DYD H[ DHTXR HW
ERQRDNRVWUDQNHXVSRUXQDWRSULVWDQX

*/$9$ ,,,
326783$.
AODQ 

6OXCEHQLMH]LFL6XGDVXIUDQFXVNL
L HQJOHVNL$NRVHVWUDQNHVSRUD]XPHMX
GD VH VSRU UDVSUDYOMD QD IUDQFXVNRP
SUHVXGDVHL]ULaHQDIUDQFXVNRP$NRVH
VWUDQNH VSRUD]XPHMX GD VH VSRU UDV 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SUDYOMDQDHQJOHVNRPSUHVXGDVHL]ULaH
QDHQJOHVNRP
8QHGRVWDWNXVSRUD]XPDRMH]LNX
NRML`HELWLXSRWUHEOMHQVYDNDVWUDQNDX
VSRUX PRCH VH X SRVWXSNX VOXCLWL MH 
]LNRP NRMLP KR`H SUHVXGX 6XG L]ULaH
QD IUDQFXVNRP L HQJOHVNRP MH]LNX 8
RYRPVOXaDMX6XGLVWRYUHPHQRRGUH_XMH
NRML `H VH RG GYD WHNVWD VPDWUDWL YHUR 
GRVWRMQLP
6XGFHQDWUDCHQMDPDNRMHVWUDQ 
NH X VSRUX RGREULWL XSRWUHEX L GUXJRJ
MH]LNDRVLPIUDQFXVNRJLHQJOHVNRJNRMLP
`HVHWDVWUDQNDVOXCLWL
AODQ 

6SRURYLVHL]QRVHSUHG6XGSUH 
PD VOXaDMX ELOR VDRS^WDYDQMHP NRP 
SURPLVD LOL SLVPHQRP WXCERP XSX`H 
QRP VHNUHWDUX 8 RED RYD VOXaDMD PR 
UDMX ELWL QD]QDaHQL SUHGPHW VSRUD L
VWUDQNHXVSRUX
 6HNUHWDU RGPDK VDRS^WDYD WXCEX
VYLPD]DLQWHUHVRYDQLP
 2Q LVWR WDNR SUHNR JHQHUDOQRJ
VHNUHWDUDREDYH^WDYDaODQRYH8MHGLQMHQLK
QDFLMDNDRLVYHGUXJHGUCDYHNRMHVXRY 
OD^`HQHGDVHSRMDYHSUHG6XGRP
AODQ 

 6XG MH RYOD^`HQ GD XNDCH DNR

VPDWUD GD RNROQRVWL WR ]DKWHYDMX QD VYH
SULYUHPHQHPHUHNRMHWUHEDSUHGX]HWLUD 
GL REH]EH_HQMD SUDYD MHGQH LOL GUXJH
VWUDQNHXVSRUX
 8 RaHNLYDQMX NRQDaQH RGOXNH
REDYH^WHQMH R SUHGORCHQLP PHUDPD RG 
PDKVHGRVWDYOMDVWUDQNDPDXVSRUXL6D 
YHWXEH]EHGQRVWL
AODQ 

 6WUDQNH X VSRUX SUHGVWDYOMDMX ]D

VWXSQLFL
 1MLPD SUHG 6XGRP PRJX SRPD 
JDWLVDYHWQLFLLOLDGYRNDWL
 =DVWXSQLFL VDYHWQLFL L DGYRNDWL
VWUDQDNDXVSRUXSUHG6XGRPXCLYDMXSUL 
YLOHJLMHLLPXQLWHWHSRWUHEQH]DQH]DYLVQR
REDYOMDQMHVYRMLKGXCQRVWL

AODQ 

 3RVWXSDN VH VDVWRML L] GYD GHOD

SLVPHQRJLXVPHQRJ
3LVPHQLSRVWXSDNVHVDVWRMLL]GR 
VWDYOMDQMD6XGXLVWUDQNDPDXVSRUXSRG 
QHVDNDSURWLYSRGQHVDNDLDNRMHSRWUHE 
QR RGJRYRUD D LVWR WDNR L L] VYLK GR 
ND]QLKVSLVDLLVSUDYD
2YHGRVWDYHYU^HVHSUHNRVHNUH 
WDUD SR UHGX L R URNRYLPD NRMH RGUHGL
6XG
2YHUHQSUHSLVVYDNHLVSUDYHNRMX
SRGQHVHMHGQDVWUDQNDXVSRUXEL`HGRV 
WDYOMHQGUXJRMVWUDQFLXVSRUX
 8VPHQL SRVWXSDN VDVWRML VH X VD 
VOX^DQMX SUHG 6XGRP VYHGRND YH^WDND
]DVWXSQLNDVDYHWQLNDLDGYRNDWD
AODQ 

5DGLXUXaHQMDVYLKVDRS^WHQMDGUX 
JLP OLFLPD RVLP ]DVWXSQLFLPD VDYHWQLFL 
PD L DGYRNDWLPD 6XG VH REUD`D QHSRV 
UHGQR YODGL GUCDYH QD aLMRM WHULWRULML VD 
RS^WHQMHWUHEDGDVHXUXaL
 ,VWD RGUHGED VH SULPHQMXMH NDG
JRGWUHEDGDVHSUHGX]PXNRUDFLUDGLSUL 
EDYOMDQMDGRND]DQDOLFXPHVWD
AODQ 

5DVSUDYRP UXNRYRGL SUHGVHGQLN LOL

DNR MH RQ VSUHaHQ GD SUHGVHGDYD SRW 
SUHGVHGQLN DNR VX RERMLFD VSUHaHQL GD
SUHGVHGDYDMXSUHGVHGDYDQDMVWDULMLSULVXW 
QLVXGLMD
AODQ 

5DVSUDYD SUHG 6XGRP MH MDYQD DNR

6XG GUXNaLMH QH RGOXaL LOL DNRVWUDQNHX
VSRUXQH]DWUDCHGDVHMDYQRVWLVNOMXaL
AODQ 

 1D VYDNRM UDVSUDYL YRGL VH ]DSLV

QLNNRMLSRWSLVXMXVHNUHWDULSUHGVHGQLN
6DPRMHWDM]DSLVQLNYHURGRVWRMDQ
AODQ 

6XGL]GDMHQDUH_HQMD]DYR_HQMHSR 
VWXSNDRGUH_XMHREOLNLYUHPHXNRMLPD
VYDNDVWUDQNDXVSRUXPRUDGDWL]DYU^QX
UHa L SUHGX]LPD VYH PHUH X YH]L V L] 
YR_HQMHPGRND]D



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 

6XGPRCHLSUHSRaHWNDUDVSUDYHSR 
]YDWL ]DVWXSQLNH GD SRGQHVX VYDNX LV 
SUDYXLOLGDSUXCHVYDNRREMD^QMHQMH6YD 
NRRGELMDQMHXQRVLVHX]DSLVQLN
AODQ 

6XGPRCHXVYDNRGREDVYDNRPSR 
MHGLQFXWHOXQDGOH^WYXNRPLVLMLLOLGUXJRM
RUJDQL]DFLMLNRMXL]DEHUHSRYHULWL]DGDWDN
GD VSURYHGH LVWUDJX LOL GD L]YU^L YH
^WDaHQMH
AODQ 

6YHGRFLPD L YH^WDFLPD X WRNX UDV 

SUDYHSRVWDYOMDMXVHVYDSLWDQMDRG]QDaDMD
SRGXVORYLPDNRMH6XGXWYU_XMHX3RVORY 
QLNXSRPHQXWRPXaODQX
AODQ 

3R^WR6XGSULPLGRND]HLL]MDYHVYH 
GRND X URNX RGUH_HQRP X WX VYUKX RQ
PRCH RGELWL GD SULPL VYDNL GDOML XVPHQL
LOLSLVPHQLGRND]NRMLELMHGQDVWUDQNDX
VSRUXCHOHODGDSRGQHVHRVLPDNRGUXJD
VWUDQNDXVSRUXSULVWDQH
AODQ 

 .DG JRG VH MHGQD RG VWUDQDND X

VSRUXQHSRMDYLSUHG6XGRPLOLSURSXVWL
GDEUDQLVYRMXVWYDUGUXJDVWUDQNDXVSR 
UXPRCHWUDCLWLRG6XGDGDRGOXaLXNRULVW
QMHQRJ]DKWHYD
3UHQR^WRWDNRSRVWXSL6XGPRUD
SURYHULWLQHVDPRGDMHQDGOHCDQXVPLVOX
aODQRYDLQHJRLGDMH]DKWHYVWYDUQR
LSUDYQRRVQRYDQ
AODQ 

.DGSRGUXNRYRGVWYRP6XGD]D 
VWXSQLFLVDYHWQLFLLDGYRNDWL]DYU^HVYRMD
L]ODJDQMDVSRUQRJSLWDQMDSUHGVHGQLNRE 
MDYOMXMHGDMHUDVSUDYD]DYU^HQD
 6XG VH SRYODaL QD YH`DQMH R RG
OXFL
9H`DQMD6XGDVHYU^HWDMQRLRVWDMX
WDMQD
AODQ 

 6YH RGOXNH GRQRVH VH YH`LQRP

SULVXWQLKVXGLMD

8VOXaDMXMHGQDNHSRGHOHJODVRYD
SUHGVHGQLN LOL VXGLMD NRML JD ]DPHQMXMH
LPDRGOXaXMX`LJODV
AODQ 

 3UHVXGRP VH XWYU_XMX UD]OR]L QD

NRMLPDMH]DVQRYDQD
 2QD VDGUCL LPHQD VXGLMD NRML VX
XaHVWYRYDOLXGRQR^HQMXRGOXNH
AODQ 

$NRSUHVXGDXFHOLQLLOLGHOLPLaQRQH
SUHGVWDYOMD MHGQRGX^QR PL^OMHQMH VXGLMD
VYDNL VXGLMD MH RYOD^`HQ GD G RGYRMHQR
PL^OMHQMH
AODQ 

3UHVXGX SRWSLVXMX SUHGVHGQLN L VH

NUHWDU2QDVHaLWDQDMDYQRMVHGQLFLSR^WR
VHRWRPHXUHGQRREDYHVWH]DVWXSQLFL
AODQ 

2GOXND 6XGD LPD REDYH]QX VQDJX

VDPRSUHPDVWUDQNDPDXVSRUXLXRGQR 
VXQDWDMSRVHEDQVOXaDM
AODQ 

3UHVXGDMHNRQDaQDLEH]SUDYDCDO 
EH 8 VOXaDMX VSRUD R ]QDaHQMX LOL GR 
PD^DMX SUHVXGH 6XG GDMH WXPDaHQMH QD
]DKWHYELORNRMHVWUDQNHXVSRUX
AODQ 

=DKWHY]DREQRYXSRVWXSNDPRCH
ELWL SRGQHW VDPR NDG VH ]DVQLYD QD RW 
NUL`X QHNH aLQMHQLFH RG RGOXaXMX`HJ
]QDaDMD NRMD SUH L]ULFDQMD SUHVXGH QLMH
ELOD SR]QDWD QL 6XGX QL VWUDQFL X VSRUX
NRMD ]DKWHYD REQRYX SRG XVORYRP GD
WDNYRQHSR]QDYDQMHQLMHSRVOHGLFDQHPDU 
QRVWL
3RVWXSDN]DREQRYXRWYDUDVHRG
OXNRP6XGDNRMRPVHL]ULaLWRXWYU_XMHSR 
VWRMDQMH QRYH aLQMHQLFH X] SUL]QDQMH GD
RQD SR VYRPH NDUDNWHUX aLQL VSRU SRG 
ORCQLP REQRYL L L]MDYOMXMH GD VH SR WRP
RVQRYX]DKWHYXYDCL
6XGPRCH]DKWHYDWLSUHWKRGQRL] 
YU^HQMHSUHVXGHSUHQHJR^WRRGREULRE 
QRYXSRVWXSND
=DKWHY]DREQRYXPRUDVHSRGQHWL
QDMGRFQLMH X URNX RG ^HVW PHVHFL RG RW 
NUL`DRYHaLQMHQLFH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

1LMHGDQ]DKWHY]DREQRYXSRVWXS
ND QH PRCH VH SRGQHWL SR LVWHNX GHVHW
JRGLQDRGGDQDSUHVXGH
AODQ 

$NRQHNDGUCDYDVPDWUDGDXQH 
NRP VSRUX LPD SUDYQL LQWHUHV NRML PRCH
ELWLXJURCHQSUHVXGRPRQDPRCHSRGQHWL
6XGX]DKWHYGDMRMVHRGREULGDVHXPH^D
XVSRU
2RYRP]DKWHYXRGOXaXMH6XG
AODQ 

 .DG JRG MH X SLWDQMX WXPDaHQMH

QHNHNRQYHQFLMHaLMHVXVWUDQHXJRYRUQLFH
LGUXJHGUCDYHNRMHQLVX]DLQWHUHVRYDQHX
VSRUX VHNUHWDU `H VYH WDNYH GUCDYH EH]
RGODJDQMDREDYHVWLWL
6YDNDGUCDYDWDNRREDYH^WHQDLPD
SUDYRGDVHXPH^DXSRVWXSDNDOLDNRVH
RYLP SUDYRP SRVOXCL WXPDaHQMH
VDGUCDQR X SUHVXGL LVWR MH WDNR L ]D QMX
REDYH]QR
AODQ 

$NR 6XG GUXNaLMH QH RGUHGL VYDND

VWUDQNDXVSRUXVQRVLVYRMHWUR^NRYH

*/$9$ ,9
6$9(72'$91$ 0,>/-(1-$

VYDNX GUCDYX RYOD^`HQX GD VH SRMDYOMXMH

SUHG 6XGRP LOL PH_XQDURGQX RUJD 
QL]DFLMX ]D NRMX 6XG LOL DNR 6XG QH ]D 
VHGD QMHJRY SUHGVHGQLN VPDWUD GD MH X
VWDQMX SUXCLWL SRGDWNH R WRP SLWDQMX GD
MH 6XG VSUHPDQ GD X URNX NRML RGUHGL
SUHGVHGQLN SULPL SLVPHQH L]MDYH LOL GD
QD MDYQR L VHGQLFL NRMD `H VH X WX VYUKX
RGUCDWLVDVOX^DXVPHQHL]MDYHXYH]LVWLP
SLWDQMHP
 $NR ELOR NRMD GUCDYD NRMD MH RY 
OD^`HQD GD VH SRMDYOMXMH SUHG 6XGRP QH
SULPL SRVHEQR VDRS^WHQMH SRPHQXWR X
VWDYX  RYRJ aODQD WDNYD GUCDYD PRCH
L]UD]LWL CHOMX GD SRGQHVH SLVPHQX L]MDYX
LOLGDEXGHVDVOX^DQDD6XG`HRGOXaLWL
'UCDYDPDLRUJDQL]DFLMDPDNRMHVX
SRGQHOH SLVPHQH LOL XVPHQH L]MDYH LOL L
MHGQHLGUXJHEL`HGRSX^WHQRGDVWDYOMDMX
SULPHGEHQDL]MDYHNRMHVXXaLQLOHGUXJH
GUCDYH LOL RUJDQL]DFLMH X REOLNX RELPX L
X URNRYLPD NRMH X VYDNRP SRMHGLQRP
VOXaDMXRGUH_XMH6XGLOLDNRRQQH]DVH 
GDSUHGVHGQLN8WXVYUKXVYHVOLaQHL] 
MDYH VHNUHWDU EODJRYUHPHQR VDRS^WDYD
GUCDYDPD L RUJDQL]DFLMDPD NRMH VX SRG 
QHOHWDNYHL]MDYH
AODQ 

AODQ 

6XGPRCHGDYDWLVDYHWRGDYQRPL 
^OMHQMH R VYDNRP SUDYQRP SLWDQMX QD
WUDCHQMHELORNRMHJWHODNRMHMHRYOD^`HQR
3RYHOMRP 8MHGLQMHQLK QDFLMD LOL X VNODGX
VQMRPGDWUDCLWDNYRPL^OMHQMH
 3LWDQMD R NRMLPD VH WUDCL VDYHWR 
GDYQR PL^OMHQMH 6XGD PRUDMX VH SRGQHWL
6XGX SLVPHQLP ]DKWHYRP NRML VDGUCL
WDaQHSRGDWNHRSLWDQMXRNRPHVHPL^OMH 
QMHWUDCLLNRMLMHSURSUD`HQVYLPLVSUDYD 
PDNRMLPDVHWRSLWDQMHPRCHUDVYHWOLWL

6XG SURJOD^DYD VYRMD VDYHWRGDYQD

PL^OMHQMDQDMDYQRMVHGQLFLSR^WRVXSUHW 
KRGQRELOLREDYH^WHQLJHQHUDOQLVHNUHWDUL
SUHGVWDYQLFL aODQRYD 8MHGLQMHQLK QDFLMD
RVWDOLK GUCDYD L PH_XQDURGQLK RUJDQL]D 
FLMDNRMLKVHWRQHSRVUHGQRWLaH
AODQ 

3ULYU^HQMXVYRMLKVDYHWRGDYQLKIXQN
FLMD 6XG `H VH UXNRYRGLWL L RGUHGEDPD
RYRJD 6WDWXWD NRMH VH SULPHQMXMX X NRQ 
WUDGLNWRUQRPSRVWXSNXXNROLNRVPDWUDGD
QMLKRYRMSULPHQLLPDPHVWD

*/$9$ 9
,=0(1( , '2381(

AODQ 

 6HNUHWDU R WUDCHQMX VDYHWRGDYQRJ

PL^OMHQMD RGPDK REDYH^WDYD VYH GUCDYH
NRMH VX RYOD^`HQH GD VH SRMDYOMXMX SUHG
6XGRP
6HNUHWDULVWRWDNRSRVHEQLPLQH 
SRVUHGQLP VDRS^WDYDQMHP REDYH^WDYD

AODQ 

,]PHQHLGRSXQHRYRJ6WDWXWDYU^L`H
VH SR LVWRP SRVWXSNX NRML MH SUHGYL_HQ
3RYHOMRP 8MHGLQMHQLK QDFLMD ]D L]PHQH L
GRSXQHWH3RYHOMHX]UH]HUYXPH_XWLP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GD VH YRGL UDaXQD R VYLPD RGUHGEDPD
NRMH QD SUHSRUXNX 6DYHWD EH]EHGQRVWL
EXGHXVYRMLOD*HQHUDOQDVNXS^WLQDXYH]L
V XaHVWYRYDQMHP GUCDYD NRMH VX VWUDQH
RYRJ 6WDWXWD DOL NRMH QLVX aODQRYL 8MHGL 
QMHQLKQDFLMD

AODQ 

6XGLPDSUDYRGDSUHGODCHL]PHQHL
GRSXQH RYRJ 6WDWXWD NRMH VPDWUD SR 
WUHEQLP SXWHP SLVPHQLK VDRS^WHQMD JH 
QHUDOQRP VHNUHWDUX X FLOMX UD]PDWUDQMD
VDJODVQRRGUHGEDPDaODQD



 83275(%$ 6,/( 8 0(?81$52'1,0 2'126,0$

 %ULDQp.HORJRY SDNW
L]YRG
AODQ ,

AODQ ,,

9LVRNH XJRYRUQH VWUDQH VYHaDQR L] 

MDYOMXMX X LPH VYRMLK QDURGD GD RVX_XMX
SULEHJDYDQMH UDWX UDGL UH^HQMD PH_XQD 
URGQLK VSRURYD L GD JD VH RGULaX NDR
RUX_D QDFLRQDOQH SROLWLNH X VYRMLP
PH_XVREQLPRGQRVLPD

9LVRNH XJRYRUQH VWUDQH SUL]QDMX GD

`HVHUDVSUDYOMDQMHLUH^HQMHVYLKVSRURYD
LOLNRQIOLNDWDPDNDNYHSULURGHLPDNDN 
YRJSRUHNODRQLELOLNRMLELPRJOLL]PH_X
QMLKQDVWDWLVYDNDGDWUDCLWLMHGLQRPLUROMX 
ELYLPVUHGVWYLPD

 5H]ROXFLMD 8MHGLQMHQL ]D PLUm

*HQHUDOQDVNXS^WLQD
3UL]QDMX`LGDVXSUYDGYDXWYU_HQD
FLOMD8MHGLQMHQLKQDFLMD
'D RaXYD PH_XQDURGQL PLU L EH] 
EHGQRVWLXWXVYUKXGDSUHGX]LPDHIHN 
WLYQH NROHNWLYQH PHUH UDGL VSUHaDYDQMD L
RWNODQMDQMD VYHJD^WRJUR]LPLUXLVX]EL 
MDQMDDNDWDDJUHVLMHLGUXJLKSRYUHGDPLUD
L GD RVWYDUL PLUQLP VUHGVWYLPD X VNODGX
VDQDaHOLPDSUDYGHLPH_XQDURGQRJSUD 
YD SRUDYQDQMH LOL UH^HQMH PH_XQDURGQLK
VSRURYDLOLVLWXDFLMDNRMHELPRJOHGRYHVWL
GRSRYUHGHPLUDmL
'DUD]YLMDSULMDWHOMVNHRGQRVHPH_X
QDFLMDPD ]DVQRYDQH QD SR^WRYDQMX
QDaHODUDYQRSUDYQRVWLLVDPRRSUHGHOMHQMD
QDURGD LGDSUHGX]LPDGUXJHRGJRYDUD 
MX`HPHUH]DXaYU^`HQMHVYHRS^WHJPLUDm
3RWYU_XMX`L GD MH SUYHQVWYHQD RED
YH]D VYLK aODQRYD 8MHGLQMHQLK QDFLMD GD
XNROLNRVXXPH^DQLXQHNLPH_XQDURGQL



VSRU WUDCH UH^HQMH WRJ VSRUDPLUQLP VUHG

VWYLPD SRPR`X SRVWXSDND SUHGYL_HQLP X
*ODYL9,3RYHOMHLSRGVH`DMX`LQDXVSH^QD
GRVWLJQX`D8MHGLQMHQLKQDFLMDXWRPSRJOH 
GXXEURMQLPUDQLMLPVOXaDMHYLPD
1DOD]H`L GD PH_XQDURGQD QDSHWRVW
SRVWRMLXRSDVQLPUD]PHULPD
3RGVH`DMX`L QD VYRMX UH]ROXFLMX 
,9 QD]YDQX %LWQL HOHPHQWL PLUDm NRMD
XWYU_XMHGDMHQHSR^WRYDQMHQDaHOD3RYH 
OMH 8MHGLQMHQLK QDFLMD SUYHQVWYHQL UD]ORJ
QDVWDYOMDQMD PH_XQDURGQH QDSHWRVWL L
CHOH`LMR^YL^HGRSULQHWLFLOMHYLPDWHUH]R 
OXFLMH
3RQRYR SRWYU_XMX`L GD MH YDCQR GD
6DYHW EH]EHGQRVWL RGJRYRUL VYRMRM SUYHQ
VWYHQRMRGJRYRUQRVWL]DRGUCDYDQMHPH_X
QDURGQRJPLUDLEH]EHGQRVWLLSRWYU_XMX`L
GXCQRVWVWDOQLKaODQRYDGDWHCHMHGQRJODV
QRVWLLGDRJUDQLaHXSRWUHEXYHWD

6 ?RU_HYL` L GU XU *UD_D PH_XQDURGQRJ MDYQRJ SUDYD  VWU 
8VYRMHQD L SURJOD^HQD UH]ROXFLMRP *HQHUDOQH VNXS^WLQH  $ QD QMHQRP  ]DVHGDQMX 
QRYHPEUDJRGLQH?SU_HYL`6 *UD_DPH_XQDURGQRJMDYQRJSUDYD%HRJUDG



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

3RQRYR SRWYU_XMX`L GD LQLFLMDWLYD ]D
SUHJRYRUHRRUXCDQLPVQDJDPDSUHGYL_H 
QLP X aODQX  3RYHOMH SULSDGD 6DYHWX
EH]EHGQRVWL L CHOH`L GD RVLJXUD VYH GR
]DNOMXaHQMD WDNYLK VSRUD]XPD GD 8MHGL 
QMHQH QDFLMH LPDMX PRJX`QRVW XSRWUHEH
VUHGVWDYD ]D RGUCDYDQMH PH_XQDURGQRJ
PLUDLEH]EHGQRVW
6YHVQDGDSURSXVW6DYHWDEH]EHGQR
VWLGDRGJRYRULVYRMLPRGJRYRUQRVWLPDX
LPH VYLK GUCDYD aODQLFD QDURaLWR RQLP
RGJRYRUQRVWLPD R NRMLPD MH UHa X SUHW 
KRGQDGYDVWDYDQHRVORED_DGUCDYHaOD 
QLFH QMLKRYLK REDYH]D LOL SDN 8MHGLQMHQH
QDFLMHQMLKRYHRGJRYRUQRVWLSUHPD3RYHOML
GDRGUCDYDMXPH_XQDURGQLPLULEH]EHG 
QRVW
3UL]QDMX`L SRVHEQR GD WDNDY SUR
SXVWQHOL^DYD*HQHUDOQXVNXS^WLQXQMHQLK
SUDYDQLWLMHRVORED_DQMHQHRGJRYRUQRVWL
SUHPD 3RYHOML X SRJOHGX RGUCDYDQMD
PH_XQDURGQRJPLUDLEH]EHGQRVWL
3UL]QDMX`LGDMHNDNREL*HQHUDOQD
VNXS^WLQDRGJRYRULODVYRMLPRGJRYRUQRV 
WLPD X WLP VOXaDMHYLPD SRWUHEQR RPR 
JX`LWL SURPDWUDQMH UDGL XWYU_LYDQMD aLQMH 
QLFD L UD]RWNULYDQMD DJUHVRUD SRVWRMDQMH
RUXCDQLK VQDJD ]D NROHNWLYQX XSRWUHEX
RPRJX`LWL*HQHUDOQRMVNXS^WLQLSUDYRYUH 
PHQRGDYDQMHSUHSRUXNHaODQRYLPD8MH 
GLQMHQLKQDFLMD]DNROHNWLYQXDNFLMXNRMD
PRUDELWLEU]DGDELELODGHORWYRUQD
 2GOXaXMH GD XNROLNR 6DYHW EH]
EHGQRVWL ]ERJ QHGRVWDWND MHGQRJODVQRVWL
VWDOQLKaODQRYDSURSXVWLGDRGJRYRULVYR 
MRMSUYHQVWYHQRMRGJRYRUQRVWL]DRGUCDYD 
QMH PH_XQDURGQRJ PLUD L EH]EHGQRVWL X
VOXaDMXVYDNHSUHWQMHPLUXQDUX^HQMDPLUD
LOLaLQDDJUHVLMH*HQHUDOQDVNXS^WLQDPR 
UD RGPDK UD]PRWULWL WDM SUHGPHW NDNR EL
aODQRYLPD GDOD RGJRYDUDMX`H SUHSRUXNH
]DNROHNWLYQHPHUHXNOMXaXMX`LXVOXaDMX
QDUX^HQMDPLUDLOLaLQDDJUHVLMHLXSRWUHEX
RUXCDQLK VQDJD NDGD MH WR SRWUHEQR ]D
RGUCDYDQMHLOLXVSRVWDYOMDQMHPH_XQDURG 
QRJPLUDLEH]EHGQRVWL8NROLNRXWRYUH 


PH*HQHUDOQDVNXS^WLQDQH]DVHGDPRCH
VHVDVWDWLQDKLWQRPYDQUHGQRP]DVHGDQMX
XURNXRGVDWDRG]DKWHYD]D]DVHGD 
QMH7DNYRKLWQRYDQUHGQR]DVHGDQMHPR 
UDVHVD]YDWLDNRWR]DKWHYD6DYHWEH]EHG 
QRVWL QD RVQRYX JODVRYD ELOR NRMLK VH 
GDPaODQRYDLOLYH`LQDaODQRYD8MHGLQMH 
QLKQDFLMD
8VYDMDXWXVYUKXL]PHQHQDVYRM
SRVORYQLNNRMHVXL]QHVHQHXGRGDWNXRYH
UH]ROXFLMH

2VQLYD.RPLVLMXPLURYQLKSRVPD
WUDaD NRMX `H ]D NDOHQGDUVNH JRGLQH
LVDaLQMDYDWLaHWUQDHVWaODQRYD
L WR AHKRVORYDaND )UDQFXVND ,QGLMD
,UDN,]UDHO.LQD.ROXPELMD1RYL=HODQG
3DNLVWDQ 6DYH] 6RYMHWVNLK 6RFLMDOLVWLaNLK
5HSXEOLND 6MHGLQMHQH $PHULaNH 'UCDYH
>YHGVND 8MHGLQMHQR .UDOMHYVWYR 9HOLNH
%ULWDQLMHL6HYHUQH,UVNHL8UXJYDMLNRMD
PRCH YU^LWL SRVPDWUDQMH L L]YH^WDYDQMH R
VLWXDFLMLQDELORNRPSRGUXaMXJGHSRVWRML
PH_XQDURGQDQDSHWRVWaLMHELQDVWDYOMDQMH
PRJOR XJUR]LWL RGUCDYDQMH PH_XQDURG 
QRJPLUDLEH]EHGQRVWL1DRVQRYXSR]LYD
LOLX]SULVWDQDNGUCDYHQDaLMXWHULWRULMXEL
WUHEDOR XSXWLWL .RPLVLMX *HQHUDOQD
VNXS^WLQDLOL3ULYUHPHQLRGERUNDGD*H 
QHUDOQDVNXS^WLQDQH]DVHGDPRJXNRUL 
VWLWL .RPLVLMX DNR 6DYHW EH]EHGQRVWL QH
L]YU^DYD IXQNFLMH NRMH VX PX GRGHOMHQH
3RYHOMRPVRE]LURPQDSUHGPHWRNRPH
VHUDGL2GOXNHRNRUL^`HQMX.RPLVLMHGR 
QRVHVHSRWYUGQLPJODVRYLPDGYHWUH`LQH
aODQRYD NRML VX SULVXWQL L JODVDMX 6DYHW
EH]EHGQRVWL WDNR_H PRCHNRULVWLWL.RPL 
VLMX X VNODGX VD VYRMLP RYOD^`HQMLPD
XWYU_HQLP3RYHOMRP
 2GOXaXMHGD.RPLVLMDLPDGLVNUH
FLRQRSUDYRGDRVQLYDSRWNRPLVLMHLGDVH
NRULVWL XVOXJDPD SRVPDWUDaD NRML MRM SR 
PDCXXREDYOMDQMXQMHQLKIXQNFLMD
3UHSRUXaXMHVYLPYODGDPDLYODVWL
PDGDVDUD_XMXV.RPLVLMRPLGDMRMSR 
PDCXXREDYOMDQMXQMHQLKIXQNFLMD

'DQDVELORNRMLKGHYHWaODQLFD6DYHWDEH]EHGQRVWLVRE]LURPQDNDVQLMHL]PHQHaOD QD
3RYHOMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 =DKWHYD RG JHQHUDOQRJ VHNUHWDUD
GD RVLJXUD SRWUHEQR RVREOMH L RODN^LFH
NRULVWH`LVHVKRGQRRGOXFL.RPLVLMH7H 
UHQVNLPSRVPDWUDaLPDVSRSLVD8MHGLQMH 
QLK QDFLMD SUHGYL_HQLP UH]ROXFLMRP *H 
QHUDOQHVNXS^WLQH%,9

&

 3R]LYD VYDNX aODQLFX 8MHGLQMHQLK

QDFLMD GD SURFHQL VRSVWYHQH L]YRUH UDGL
RGUH_LYDQMDSULURGHLRSVHJDSRPR`LNRMX
ELELODXVWDQMXGDSUXCLSRWSRPDCX`LELOR
NRMX SUHSRUXNX 6DYHWD EH]EHGQRVWL LOL
*HQHUDOQH VNXS^WLQH ]D XVSRVWDYOMDQMH
PH_XQDURGQRJPLUDLEH]EHGQRVWL
 3UHSRUXaXMH GUCDYDPD aODQLFDPD
8MHGLQMHQLKQDFLMDGDVYDNDRGQMLKXVD 
VWDYXQDFLRQDOQLKRUXCDQLKVQDJDRGUCDYD
WDNRREXaHQHRUJDQL]RYDQHLRSUHPOMHQH
MHGLQLFHNRMHELVHRGPDKPRJOHXVNODGX
V XVWDYQLP SRUHWNRP GRWLaQLK GUCDYD
XSRWUHELWL NDR MHGLQLFD LOL MHGLQLFH 8MHGL 
QMHQLKQDFLMDQDRVQRYXSUHSRUXNH6DYH 
WDEH]EHGQRVWLLOL*HQHUDOQHVNXS^WLQHQH
GLUDMX`L X XSRWUHEX WDNYLK MHGLQLFD X
YU^HQMX SUDYD LQGLYLGXDOQH LOL NROHNWLYQH
VDPRREUDQH SUL]QDWRJX aODQX 3RYH 
OMH
3R]LYDaODQRYH8MHGLQMHQLKQDFLMD
GDaLPEXGHPRJX`HREDYHVWH2GERU]D
NROHNWLYQHPHUHSUHGYL_HQXVWDYXR
PHUDPD NRMH VX SUHGX]HWH ]D SULPHQX
SUHWKRGQRJVWDYD
=DKWHYDRGJHQHUDOQRJVHNUHWDUD
GDVRGREUHQMHP2GERUDSUHGYL_HQRJX
VWDYX  RGUHGL SRSLV YRMQLK VWUXaQMDND
NRMLVHQD]DKWHYPRJXVWDYLWLQDUDVSR 
ODJDQMHGUCDYDPDaODQLFDPDNRMHCHOHGR 
ELWL WHKQLaNH VDYHWH X SRJOHGX RUJDQL]D 
FLMHREXaDYDQMDLRSUHPDQMD XVYUKXEU 
]RJGHORYDQMDXVDVWDYXMHGLQLFD8MHGLQMH 
QLKQDFLMDQDNRMHVHRGQRVLVWDY

'

2VQLYD2GERU]DNROHNWLYQHPH
UHNRMLaLQHaHWUQDHVWaODQLFDLWR$XVWUD 
OLMD%HOJLMD%UD]LO%XUPD(JLSDW)LOLSLQL
)UDQFXVND-XJRVODYLMD.DQDGD0HNVLNR
6MHGLQMHQH$PHULaNH'UCDYH7XUVND8MH 
GLQMHQR.UDOMHYVWYR9HOLNH%ULWDQLMHL6MH 

YHUQH,UVNHL9HQH]XHODLQDODCHWRP2G 
ERUX QD RVQRYX NRQVXOWDFLMD V JHQHUDO 
QLPVHNUHWDURPLVRQLPGUCDYDPDaODQL 
FDPD NRMH 2GERU VPDWUD SULNODGQLP GD
SURXaLLXSXWLL]YH^WDM6DYHWXEH]EHGQRVWL
L *HQHUDOQRM VNXS^WLQL QDMNDVQLMH GR 
VHSWHPEUDRPHWRGDPDXNOMXaXMX`L
RQHVSRPHQXWHXRGHOMNX&RYHUH]ROXFL 
MH NRMH EL PRJOH ELWL XSRWUHEOMHQH ]D
RGUCDYDQMHLMDaDQMHPH_XQDURGQRJPLUD
LEH]EHGQRVWLXVNODGXVFLOMHYLPDLQDaHOL 
PD3RYHOMHX]LPDMX`LXRE]LUNROHNWLYQX
VDPRREUDQXLUHJLRQDOQHVSRUD]XPHaOD 
QRYLL3RYHOMH
 3UHSRUXaXMH VYLP GUCDYDPD aOD
QLFDPDGDVDUD_XMXV2GERURPLSRPDCX
PXXREDYOMDQMXQMHJRYLKIXQNFLMD
=DKWHYDRGJHQHUDOQRJVHNUHWDUD
GDRVLJXUDRVREOMHLRODN^LFHSRWUHEQH]D
GHORWYRUQRRVWYDULYDQMHFLOMHYDL]ORCHQLKX
RGHOMFLPD&L'RYHUH]ROXFLMH

 8 SRWSXQRVWL VYHVQD GD XVYDMD

QMHP JRUH L]QHVHQLK SULHGORJD QH`H ELWL
RVLJXUDQVWDOQLPLUVDPRVSRUD]XPLPDR
NROHNWLYQRM VLJXUQRVWL SURWLY QDUX^DYDQMD
PH_XQDURGQRJPLUDLDNDWDDJUHVLMHQHJR
GD VWYDUQL L WUDMQL PLU ]DYLVL WDNR_H RG
RVWYDULYDQMDVYLKFLOMHYDLQDaHODXVWDQRY 
OMHQLK3RYHOMRP8MHGLQMHQLKQDFLMDRSUL 
PHQL UH]ROXFLMD 6DYHWD EH]EHGQRVWL *H 
QHUDOQHVNXS^WLQHLGUXJLKJODYQLKRUJDQD
8MHGLQMHQLKQDFLMDQDGOHCQLKGDSRVWLJQX
RGUCDYDQMHPH_XQDURGQRJPLUDLEH]EHG 
QRVWLDSRVHEQRRGSR^WRYDQMDLLVSXQMD
YDQMD OMXGVNLK SUDYD L RVQRYQLK VORERGD
]DVYHLRXVSRVWDYOMDQMXLRGUCDYDQMXXV 
ORYDHNRQRPVNRJLVRFLMDOQRJEODJRVWDQMD
XVYLP]HPOMDPDLXVNODGXVWLP
 3R]LYD GUCDYH aODQLFH GD X SRW
SXQRVWLSR^WXMXLLQWHQ]LYLUDMX]DMHGQLaNX
DNFLMXXVDUDGQMLV8MHGLQMHQLPQDFLMDPD
NDNR EL VH UD]YLMDOR L SRGVWLFDOR RS^WH
SR^WRYDQMHLLVSXQMDYDQMHOMXGVNLKSUDYDL
RVQRYQLK VORERGD L SRMDaDOL SRMHGLQDaQL
LNROHNWLYQLQDSRUL]DRVWYDULYDQMHXVORYD
HNRQRPVNHVWDELOQRVWLLVRFLMDOQRJQDSUHW 
NDQDURaLWRUD]YRMHPQHUD]YLMHQLK]HPD 
OMDLSRGUXaMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 5H]ROXFLMD 

6DYHWD EH]EHGQRVWL 81
6DYHWEH]EHGQRVWL
,PDMX`LXYLGXSULQFLSHLFLOMHYH3R
YHOMH 8MHGLQMHQLK QDFLMD XNOMXaXMX`L SUL 
PDUQX RGJRYRUQRVW 6DYHWD EH]EHGQRVWL
]D RaXYDQMH PH_XQDURGQRJ PLUD L EH] 
EHGQRVWL
3RGVH`DMX`LQDVYRMHUH]ROXFLMH
RGPDUWDRG
 VHSWHPEUD    RG 
RNWREUD  L   RG  PDMD

,]UDCDYDMX`L CDOMHQMH ]ERJ WRJD ^WR
QLMHGR^ORGRSRWSXQRJSR^WRYDQMD]DKWH 
YDL]RYLKUH]ROXFLMD
2GOXaDQGDUD]UH^LR]ELOMQXKXPDQL
WDUQXVLWXDFLMXQD.RVRYXX6DYH]QRM5H 
SXEOLFL -XJRVODYLML L RVLJXUD EH]EHGDQ L
VORERGDQSRYUDWDNVYLKL]EHJOLFDLUDVHOMH 
QLKOLFDQMLKRYLPGRPRYLPD
2VX_XMX`LVYHDNWHQDVLOMDSURWLYVWD
QRYQLND.RVRYDNDRLWHURULVWLaNHDNWHEL 
ORNRMHVWUDQH
3RGVH`DMX`L QD VDRS^WHQMH JHQHUDO
QRJ VHNUHWDUD 81 RG  DSULOD  X
NRPHVHL]UDCDYD]DEULQXWRVW]ERJKXPD 
QLWDUQH WUDJHGLMH NRMD VH RGYLMDQD .RVR 
YX
3RQRYRSRWYU_XMX`LSUDYRVYLKL]EH
JOLFD L UDVHOMHQLK OLFD GD VH YUDWH VYRMLP
GRPRYLPDXEH]EHGQRVWL
3RGVH`DMX`L QD QDGOHCQRVW L PDQGDW
0H_XQDURGQRJ NULYLaQRJ WULEXQDOD ]D
ELY^X-XJRVODYLMX
3R]GUDYOMDMX`L RS^WH SULQFLSH R SR
OLWLaNRPUH^HQMX]DNRVRYVNXNUL]XNRMLVX
XVYRMHQL  PDMD  JRGLQH 6
DQHNVX]RYXUH]ROXFLMXLWDNR_H
SR]GUDYOMDMX`L WR ^WR 65 -XJRVODYLMD SULK 
YDWDSULQFLSHNRMLVXQDYHGHQLXWDaNDPD
p X SDSLUX NRML MH SRGQHW X %HRJUDGX


 MXQD  JRGLQH 6 DQHNV

X]RYXUH]ROXFLMXLVDJODVQRVW65-XJR 
VODYLMH QD WDM SDSLU 3RQRYR SRWYU_XMX`L
SULYUCHQRVW VYLK GUCDYD FODQLFD VXYHUHQL 
WHWXLWHULWRULMDOQRPLQWHJULWHWX65-XJRVOD 
YLMH L GUXJLK GUCDYDUHJLRQD NDNR MH QD 
YHGHQR X +HOVLQ^NRP GRNXPHQWX L X
DQHNVX
3RQRYRSRWYU_XMX`LDSHOL]SUHWKRG
QLK UH]ROXFLMD ]D ^LURNX DXWRQRPLMX L
VX^WLQVNXVDPRXSUDYX]D.RVRYR
8WYU_XMX`L GD VLWXDFLMD X UHJLRQX L
GDOMH SUHGVWDYOMD SUHWQMX PH_XQDURGQRP
PLUXLEH]EHGQRVWL
2GOXaDQ GD REH]EHGL VLJXUQRVW L
EH]EHGQRVW PH_XQDURGQRJ RVREOMD L
VSURYR_HQMHREDYH]DNRMHSURLVWLaXL]RYH
UH]ROXFLMH RG VWUDQH VYLK QD NRMH VH RQD
RGQRVLLGHOXMX`LXWRPFLOMXXVNODGXVD
*ODYRP9,,3RYHOMH8MHGLQMHQLKQDFLMD
 2GOXaXMH GD SROLWLaNR UH^HQMH ]D
NUL]XQD.RVRYXWUHEDGDEXGH]DVQRYDQR
QDRS^WLPSULQFLSLPDL]DQHNVDLNDNR
MH GDOMHUD]UDGHQRXSULQFLSLPD LGUXJLP
WUDCHQLPHOHPHQWLPDL]DQHNVD
 3R]GUDYOMD WR ^WR 65 -XJRVODYLMD
SULKYDWDSULQFLSHLGUXJHWUDCHQHHOHPHQ 
WHNRMLVHSRPLQMXXJRUHQDYHGHQRPVWD 
YXL]DKWHYDSXQXVDUDGQMX65-XJRVOD 
YLMHXFLOMXQMLKRYHEU]HSULPHQH
1DURaLWRWUDCLGD65-XJRVODYLMDRG 
PDKREXVWDYLQDVLOMHLUHSUHVLMXQD.RVRYX
QD QDaLQ NRML VH PRCH YHULILNRYDWL L GD
]DSRaQHLRNRQaDSRYODaHQMHXID]DPDVD
.RVRYDQDQDaLQNRMLVHPRCHYHULILNRYD 
WLVYLKYRMQLKSROLFLMVNLKLSDUDYRMQLKVQD 
JDXVNODGXVDKLWQLPUDVSRUHGRPVDaLP
`H ELWL VLQKURQL]RYDQR UDVSRUHGLYDQMH
PH_XQDURGQRJ EH]EHGQRVQRJ SULVXVWYD
QD.RVRYX

8VYRMHQD QD  VHGQLFL 6DYHWD EH]EHGQRVWL  MXQD  81 '2& 12 65(6
 3UHYRG %HRJUDGVNRJ FHQWUD ]D OMXGVND SUDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

3RWYU_XMHGDFHSRVOHSRYODaHQMD
GRJRYRUHQRPEURMXMXJRVORYHQVNRJLVUS 
VNRJYRMQRJLSROLFLMVNRJRVREOMDELWLGR] 
YROMHQSRYUDWDNQD.RVRYRUDGLREDYOMDQMD
GXCQRVWLXVNODGXVDDQHNVRP
 2GOXaXMH R UDVSRUHGLYDQMX FLYLO
QRJLEH]EHGQRVQRJSULVXVWYDQD.RVRYX
SRG SRNURYLWHOMVWYRP 81 VD RGJRYDUD 
MX`RP RSUHPRP L RVREOMHP NDNR VH WR
WUDCLLSR]GUDYOMDVDJODVQRVW65-XJRVODYL 
MH]DWDNYRSULVXVWYR
 7UDCL RG JHQHUDOQRJ VHNUHWDUD GD
LPHQXMH QDNRQ NRQVXOWDFLMD VD 6DYHWRP
EH]EHGQRVWLVSHFLMDOQRJSUHGVWDYQLNDNR 
ML `H NRQWUROLVDWL LPSOHPHQWDFLMX FLYLOQRJ
SULVXVWYDLGDOMHWUDCLRGJHQHUDOQRJVHN 
UHWDUDGDGLQVWUXNFLMXVYRPVSHFLMDOQRP
SUHGVWDYQLNXGDYU^LNRRUGLQDFLMXVDPH 
GXQDURGQLP EH]EHGQRVQLP SULVXVWYRP
NDNR EL VH REH]EHGLOR GD RED SULVXVWYD
UDGHXSUDYFXLVWLKFLOMHYDLGDVHPHGX 
VREQRSRPDCX
 2YOD^`XMH GUCDYH aODQLFH L RGJR
YDUDMX`H PH_XQDURGQH RUJDQL]DFLMH GD
XVSRVWDYH PH_XQDURGQR EH]EHGQRVQR
SULVXVWYR QD .RVRYX NDNR VH QDYRGL X
VWDYXDQHNVDX]VYDQHRSKRGQDVUHG 
VWYDNDNRELPRJORGDREDYLVYRMHRGJR 
YRUQRVWLL]GROHQDYHGHQRJVWDYD
3RWYU_XMHSRWUHEX]DKLWQLPL^WR
VNRULMLP UDVSRUH_LYDQMHP HILNDVQRJ
PH_XQDURGQRJ FLYLOQRJ L EH]EHGQRVQRJ
SULVXVWYD QD .RVRYXL ]DKWHYDGDVWUDQH
XSRWSXQRVWLVDUDGXMXSULOLNRPQMHJRYRJ
UDVSRUH_LYDQMD
 2GOXaXMH GD `H RGJRYRUQRVWL
PH_XQDURGQRJ EH]EHGQRVQRJ SULVXVWYD
NRMH`HELWLUDVSRUH_HQRLGHORYDWLQD.R 
VRYXXNOMXaLYDWL
D RGYUD`DQMHRGREQRYHQHSULMDWHOMVWD 
YD RGUCDYDQMH L SUHPD SRWUHEL QD 
PHWDQMH SUHNLGD YDWUH REH]EH_LYD 
QMHSRYODFHQMDLVSUHFDYDQMDSRYUDW
NDQD.RVRYRVQDJDVDYH]QHLUHSX 
EOLFNH YRMVNH SROLFLMH L SDUDYRMQLK
MHGLQLFDRVLPNDNRMHSUHGYLGHQRX
WDFNL  DQHNVD 
E GHPLOLWDUL]DFLMX 2VORERGLODFNH YRMV
NH .RVRYD 29. L GUXJLK QDR

UXCDQLK JUXSD NRVRYVNLK $OEDQDFD

NDNR VH ]DKWHYD X VWDYX 
F XVSRVWDYOMDQMH EH]EHGQRJ RNUXCHQMD
XNRPHL]EHJOLFHLUDVHOMHQDOLFDPR 
JXGDVHYUDWHVYRMLPNX`DPDXEH] 
EHGQRVWL D PH_XQDURGQR FLYLOQR
SULVXVWYR PRCH GD IXQNFLRQL^H X
NRPH SULYUHPHQD XSUDYD PRCH GD
EXGH XVSRVWDYOMHQD L KXPDQLWDUQD
SRPR` LVSRUXFLYDQD
G RVLJXUDQMH MDYQH EH]EHGQRVWL L UHGD
GRN PH_XQDURGQR FLYLOQR SULVXVWYR
QH SUHX]PH RGJRYRUQRVW ]D VSUR
YR_HQMH WRJ ]DGDWND
H QDGJOHGDQMH XNODQMDQMD PLQD GRN
PH_XQDURGQRFLYLOQRSULVXVWYRSUH 
PD SRWUHEL QH SUHX]PH RGJRYRU
QRVW ]D WDM ]DGDWDN
I RGJRYDUDMX`XSRGU^NXLEOLVNXNRRU
GLQDFLMX VD UDGRP PH_XQDURGQRJ
FLYLOQRJ SULVXVWYD
J REDYOMDQMHGXCQRVWLQDGJOHGDQMDJUD 
QLFH SUHPD SRWUHEL
K REH]EH_HQMH]D^WLWHLVORERGHNUHWD 
QMD ]D VHEH ]D PH_XQDURGQR FLYLO 
QR SULVXVWYR L GUXJH PH_XQDURGQH
RUJDQL]DFLMH
 2YOD^`XMH JHQHUDOQRJ VHNUHWDUD
GDX]SRPR`RGJRYDUDMX`LKPH_XQDURG 
QLKRUJDQL]DFLMDXVSRVWDYLPH_XQDURGQR
FLYLOQR SULVXVWYR QD .RVRYX NDNR EL VH
REH]EHGLOD SULYUHPHQD XSUDYD QD .RVR 
YX SUL FHPX FH QDURG .RVRYD PR`L GD
XCLYD VX^WLQVNX DXWRQRPLMX X RNYLUX 65
-XJRVODYLMHLNRMH`HREH]EHGLWLSUHOD]QX
XSUDYXSULaHPX`HXVSRVWDYOMDWLLQDGJOH 
GDWLUD]YRMSULYUHPHQLKGHPRNUDWVNLKLQ 
VWLWXFLMDVDPRXSUDYHNDNRELVHREH]EH 
GLOLXVORYL]DPLUDQLQRUPDODQCLYRWVYLK
VWDQRYQLND.RVRYD
2GOXaXMHGD`HJODYQHRGJRYRU
QRVWLFLYLOQRJSULVXVWYDXNOMXaLYDWL
D XQDSUH_HQMH XVSRVWDYOMDQMD GR NR
QDaQRJUH^HQMDVX^WLQVNHDXWRQRPL 
MH L VDPRXSUDYH QD .RVRYX X]LPD 
MX`L X SRWSXQRVWL X RE]LU DQHNV  L
VSRUD]XPH L] 5DPEXMHD 6




0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

E REDYOMDQMH RVQRYQLK FLYLOQRXSUDY
QLK IXQNFLMD WDPR JGHMH L NROLNRMH
WR SRWUHEQR
F RUJDQL]RYDQMH L QDGJOHGDQMH UD]YRMD
SULYUHPHQLK LQVWLWXFLMD ]D GHPRNUD 
WVNX L DXWRQRPQX VDPRXSUDYX GR
NRQDaQRJ SROLWLaNRJ UH^HQMD XN
OMXaXMX`L L RGUCDYDQMH L]ERUD
G SUHQR^HQMHXVNODGXVDXVSRVWDYOMD 
QMHP WLK LQVWLWXFLMD VYRMLK DGPLQLV 
WUDWLYQLK ]DGDWDND D QDGJOHGDMX`L L
SRGUCDYDMX`L XaYU^`LYDQMH ORNDOQLK
SULYUHPHQLKLQVWLWXFLMD.RVRYDLGUX 
JLKDNWLYQRVWLXSUDYFXJUDGHQMDPL 
UD
H RODN^DYDQMHSROLWLaNRJSURFHVDaLMLMH
FLOM GHILQLVDQMH EXGX`HJ VWDWXVD .R 
VRYD X]LPDMX`L X RE]LU VSRUD]XPH
L] 5DPEXMHD 6
I XNRQDaQRMID]LQDGJOHGDQMHSUHQR 
VD YODVWL VD SULYUHPHQLK LQVWLWXFLMD
.RVRYDQDLQVWLWXFLMHNRMH`HELWLXV 
SRVWDYOMHQH X VNODGX VD SROLWLaNLP
UH^HQMHP
J SRGU^NX UHNRQVWUXNFLML NOMXaQLK RE
MHNDWD LQIUDVWUXNWXUH L GUXJRM HNR
QRPVNRM UHNRQVWUXNFLML
K SRGU^NX VDUDGQML VD PH_XQDURGQLP
KXPDQLWDUQLP RUJDQL]DFLMDPD L KX 
PDQLWDUQRM SRPR`L XQHVUH`HQLPD
L RGUCDYDQMH FLYLOQRJ UHGD L ]DNRQD
XNOMXaXMX`LLXVSRVWDYOMDQMHVQDJDOR 
NDOQH SROLFLMH D X PH_XYUHPHQX
SXWHP UDVSRUH_LYDQMD PH_XQDURG
QRJSROLFLMVNRJRVREOMDNRMH`HUDGLWL
QD .RVRYX
M ]D^WLWXLXQDSUH_HQMHOMXGVNLKSUDYD
N RVLJXUDQMHEH]EHGQRJLQHRPHWDQRJ
SRYUDWND VYLK L]EHJOLFD L UDVHOMHQLK
OLFD X QMLKRYH GRPRYH QD .RVRYX
,VWLaHSRWUHEXNRRUGLQLUDQLKRSH 
UDFLMD KXPDQLWDUQH SRPR`L NDR L GD 65
-XJRVODYLMDGR]YROLQHRPHWHQSULVWXS.R 
VRYX KXPDQLWDUQLP RUJDQL]DFLMDPD ]D
SUXCDQMHSRPR`LLVDUDGXMHVDWDNYLPRU 
JDQL]DFLMDPD NDNR EL VH REH]EHGLOD EU]D
LHILNDVQDGRVWDYDKXPDQLWDUQHSRPR`L

 3RGVWLaH VYH GUCDYH aODQLFH L

PH_XQDURGQHRUJDQL]DFLMHGDGDMXGRSUL 
QRVHNRQRPVNRMLVRFLMDOQRMREQRYLNDRL
EH]EHGQRP SRYUDWNX L]EHJOLFD L UDVHOMH 
QLKOLFDLLVWLaHXWRPNRQWHNVWX]QDaDM
VD]LYDQMD^WRMHSUHPRJX`HPH_XQDURG 
QHNRQIHUHQFLMHGRQDWRUDQDURaLWR]DFL 
OMHYHXJRUHQDYHGHQRPVWDYXJ
 =DKWHYD SXQX VDUDGQMX VYLK QD
NRMHVHWRRGQRVLXNOMXaXMX`LLPH_XQD 
URGQR EH]EHGQRVQR SULVXVWYR VD 0H_X 
QDURGQLP NULYLaQLP WULEXQDORP ]D ELY^X
-XJRVODYLMX
 =DKWHYD RG 29. L GUXJLK QDR
UXCDQLKJUXSDNRVRYVNLK$OEDQDFDGDRG 
PDKSUHNLQXVDVYLPRIDQ]LYQLPDNFLMDPD
LGDVHSRYLQXMX]DKWHYLPD]DGHPLOLWDUL 
]DFLMXNDNRWRWUDCL^HIPHGXQDURGQRJFL 
YLOQRJSULVXVWYDXNRQVXOWDFLMDPDVDVSH 
FLMDOQLPSUHGVWDYQLNRPJHQHUDOQRJVHNUH 
WDUD
 2GOXaXMH GD VH ]DEUDQH NRMH VX
QDPHWQXWH X VWDYX  UH]ROXFLMH 
 QH`H RGQRVLWL QD RUXCMH L VURGQX
YRMQX RSUHPXNRMHNRULVWLPH_XQDURGQR
FLYLOQREH]EHGQRVQRSULVXVWYR
 3R]GUDYOMD UDG NRML MH X WRNX X
(YURSVNRM XQLML L GUXJLP PH_XQDURGQLP
RUJDQL]DFLMDPDXFLOMXUD]YLMDQMDVYHREXK 
YDWQRJ SULVWXSD HNRQRPVNRP UD]YRMX L
VWDELOL]DFLML UHJLRQD NRML MH SRJR_HQ NR 
VRYVNRPNUL]RPXNOMXaXMX`LLLPSOHPHQ 
WDFLMX3DNWDVWDELOQRVWL]DMXJRLVWRaQX(Y 
URSXX]^LURNRPH_XQDURGQRXaH^`HND 
NRELVHSRGVWDNORXQDSUH_HQMHGHPRNUD 
WLMH HNRQRPVNRJ SURVSHULWHWDVWDELOQRVWL
LUHJLRQDOQHVDUDGQMH
=DKWHYDRGVYLKGUCDYDXUHJLRQX
GD X SRWSXQRVWL VDUDGXMX X VSURYRGHQMX
VYLKDVSHNDWDRYHUH]ROXFLMH
2GOXaXMHGDVHPHGXQDURGQRFL 
YLOQR L EH]EHGQRVQR SULVXVWYR XVSRVWDYL
]D SRaHWQL SHULRG RG  PHVHFL NRMH`H
VHQDVWDYLWLSRVOHWRJDXNROLNR6DYHWEH] 
EHGQRVWLQHRGOXaLGUXJDaLMH
7UDCLRGJHQHUDOQRJVHNUHWDUDGD
X UHGRYQLP LQWHUYDOLPD SRGQRVL 6DYHWX
L]YH^WDMH R VSURYR_HQMX RYH UH]ROXFLMH
XNOMXaXMX`L L L]YH^WDMH UXNRYRGVWYD FLYLO 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QRJ L EH]EHGQRVQRJ SULVXVWYD SUL aHPX
SUYLL]YH^WDMWUHEDGDEXGHSRGQHWXURNX
RGGDQDRGXVYDMDQMDRYHUH]ROXFLMH
 2GOXaXMH GD VH L GDOMH DNWLYQR
EDYLRYLPSLWDQMHP
$QHNV  p ,]MDYD SUHGVHGDYDMX`HJ
R ]DNOMXaFLPD VD VDVWDQND
PLQLVWDUD *UXSH  RGUCDQRJ X
3HWHUVEXUJ FHQWUX  PDMD 
JRGLQH
0LQLVWUL*UXSHVXXVYRMLOLGROHQD 
YHGHQH RS^WH SULQFLSH R SROLWLaNRP
UH^HQMXNUL]HQD.RVRYX
p WUHQXWQDL SURYHUOMLYD REXVWDYDQDVL 
OMD L UHSUHVLMH QD .RVRYX
p SRYODaHQMHYRMVNHSROLFLMHLSDUDYRM 
QLK VQDJD VD .RVRYD
p UDVSRUHGLYDQMH HILNDVQRJ PHGXQD
URGQRJFLYLOQRJLEH]EHGQRVQRJSUL
VXVWYD QD .RVRYX NRMH `H SRGUCDWL
L XVYRMLWL 8MHGLQMHQH QDFLMH VSRVRE 
QRJGDJDUDQWXMHRVWYDULYDQMH]DMHG 
QLaNLK FLOMHYD
p XVSRVWDYOMDQMH SULYUHPHQH DGPLQLV
WUDFLMH ]D .RVRYR R aHPX FH GRQHWL
RGOXNX 6DYHW EH]EHGQRVWL 8MHGLQMH 
QLKQDFLMDNDNRELVHREH]EHGLOLXV 
ORYL ]D PLUDQ L QRUPDODQ CLYRW ]D
VYH VWDQRYQLNH .RVRYD
p EH]EHGDQ L VORERGDQ SRYUDWDN VYLK
L]EHJOLFDLUDVHOMHQLKOLFDLQHRPHWDQ
SULVWXS KXPDQLWDUQLK RUJDQL]DFLMD
.RVRYX
p SROLWLaNL SURFHV ND XVSRVWDYOMDQMX
VSRUD]XPD R SULYUHPHQRP SROLWL
aNRP RNYLUX NRML `H REH]EHGLWL VX 
^WLQVNXVDPRXSUDYXQD.RVRYXX]L 
PDMX`L X SRWSXQRVWL X RE]LU VSRUD
]XPH L] 5DPEXMHD L SULQFLSH VXYH 
UHQRVWL L WHULWRULMDOQRJ LQWHJULWHWD 65
-XJRVODYLMHLGUXJLK]HPDOMDXUHJLR 
QX L GHPLOLWDUL]DFLMX 29.
p VYHREXKYDWQL SULVWXS HNRQRPVNRP
UD]YRMX L VWDELOL]DFLML NUL]QRJ UHJLR
QD
$QHNV 
6SRUD]XP WUHED GD EXGH SRVWLJQXW
QDRVQRYXGROHQDYHGHQLKSULQFLSDNDNR

ELVHNUHQXORXSUDYFXUH^DYDQMDNUL]HQD
.RVRYX
 7UHQXWQD L SURYHUOMLYD REXVWDYD
QDVLOMDLUHSUHVLMHQD.RVRYX
3URYHUOMLYRSRYODaHQMHVYLKYRMQLK
SROLFLMVNLKLSDUDYRMQLKVQDJDVD.RVRYD
XVNODGXVDKLWQLPUDVSRUHGRP
 5DVSRUH_LYDQMH QD .RVRYX SRG
SRNURYLWHOMVWYRP 8MHGLQMHQLK QDFLMD HIL 
NDVQRJPH_XQDURGQRJFLYLOQRJLEH]EHG 
QRVQRJSULVXVWYDVSRVREQRJGDJDUDQWXMH
SRVWL]DQMH]DMHGQLaNLKFLOMHYDNRMH`HGH 
ORYDWL DNR VH WDNR RGOXaL X VNODGX VD
*ODYRP9,,3RYHOMH
0H_XQDURGQREH]EHGQRVQRSULVX 
VWYRX]VX^WLQVNRXaH^`H1$72PRUDGD
EXGHUDVSRUH_HQRSRGMHGLQVWYHQRPNR 
PDQGRP L NRQWURORP L RYOD^`HQR GD XV 
SRVWDYLEH]EHGQRRNUXCHQMH]DVYHOMXGH
QD.RVRYXNDRLGDRODN^DEH]EHGDQSR 
YUDWDN VYLK UDVHOMHQLK OLFD L L]EHJOLFD QML 
KRYLPGRPRYLPD
8VSRVWDYOMDQMHSULYUHPHQHDGPLQL 
VWUDFLMH ]D .RVRYR NDR GHOD PH_XQDURG 
QRJFLYLOQRJSULVXVWYDSRGNRMLP`HQDURG
.RVRYD PR`L GD XCLYD VX^WLQVNX DXWRQR 
PLMX X RNYLUX 65 -XJRVODYLMH R aHPX `H
RGOXNXGRQHWL6DYHWEH]EHGQRVWL813UL 
YUHPHQDDGPLQLVWUDFLMDWUHEDGDREH]EHGL
SUHOD]QXXSUDYXLGDSULWRPHXVSRVWDYOMD
L QDGJOHGD UD]YRM SULYUHPHQLK GHPRNUD 
WVNLKVDPRXSUDYQLKLQVWLWXFLMDNDNRELVH
REH]EHGLOL XVORYL ]D PLUDQ L QRUPDODQ
CLYRWVYLKVWDQRYQLND.RVRYD
 1DNRQ SRYODaHQMD GRJRYRUHQRP
EURMXMXJRVORYHQVNRJLVUSVNRJRVREOMD`H
ELWL GR]YROMHQR GD VH YUDWL L REDYOMD VOH 
GH`HIXQNFLMH
p YH]X VD PH_XQDURGQRP FLYLOQRP
PLVLMRP L PH_XQDURGQLP EH]EHG 
QRVQLP SULVXVWYRP
p REHOHCDYDQMHaL^`HQMHPLQVNLKSROMD
p RGUCDYDQMH SULVXVWYD QD PHVWLPD
VUSVNH NXOWXUQH ED^WLQH
p RGUCDYDQMHSULVXVWYDQDJODYQLPJUD 
QLaQLP SUHOD]LPD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 %H]EHGDQ L VORERGDQ SRYUDWDN
VYLK L]EHJOLFD L UDVHOMHQLK OLFD X] QDG]RU
81+&59LVRNRJNRPHVDUD81]DL]EHJ 
OLFHLQHRPHWDQSULVWXSKXPDQLWDUQLKRU 
JDQL]DFLMD.RVRYX
3ROLWLaNLSURFHVXFLOMXXVSRVWDYOMD 
QMDVSRUD]XPDRSULYUHPHQRPSROLWLaNRP
RNYLUXNRML`HREH]EHGLWLVX^WLQVNXVDPR 
XSUDYX]D.RVRYRX]LPDMX`LXSRWSXQR 
VWLXRE]LUVSRUD]XPHL]5DPEXMHDLSULQ 
FLSHVXYHUHQLWHWDLWHULWRULMDOQRJLQWHJULWHWD
65 -XJRVODYLMH L GUXJLK ]HPDOMD UHJLRQD
NDR L GHPLOLWDUL]DFLMX 29. 3UHJRYRUL L] 

PH_X VWUDQD X SUDYFX SRVWL]DQMD UH^HQMD

QH WUHED GD RGODCX LOL RPHWDMX XVSRVWDY 
OMDQMHGHPRNUDWVNLKVDPRXSUDYQLKLQVWLWX 
FLMD
 6YHREXKYDWQL SULVWXS HNRQRP
VNRPUD]YRMXLVWDELOL]DFLMLNUL]QRJUHJLR 
QD 2YR `H XNOMXaLWL VSURYR_HQMH 3DNWD
VWDELOQRVWL]DMXJRLVWRaQX(YURSXX]^LUR 
NRPH_XQDURGQRXFH^`HNDNRELVHGDOMH
SRGVWLFDORXQDSUHGHQMHGHPRNUDWLMHHNR 
QRPVNRJSURVSHULWHWDVWDELOQRVWLLUHJLR 
QDOQHVDUDGQMH

 5H]ROXFLMD 

6DYHWD EH]EHGQRVWL 81
6DYHWEH]EHGQRVWL
3RGVH`DMX`L QD L SRWYU_XMX`L VYRMH
UH]ROXFLMHRGDYJXVWD
RGDYJXVWD
RG  DYJXVWD    RG 
DYJXVWD    RG  DYJXVWD
RGVHSWHPEUD
  RG  VHSWHPEUD  
RGVHSWHPEUD
RGVHSWHPEUDRG
RNWREUDLRGQRYHP 
EUDJRGLQH
3ULPH`XMX`LGDXSUNRVVYLPQDSRUL
PD 8MHGLQMHQLK QDFLMD ,UDN RGELMD GD
L]YU^L VYRMH REDYH]H L] UH]ROXFLMH 
 L JRUH QDYHGHQLK SUDWH`LK UH]ROX 
FLMD IODJUDQWQR SUH]UHY^L DXWRULWHW 6DYHWD
EH]EHGQRVWL
,PDMX`LQDXPXVYRMHREDYH]HLRG
JRYRUQRVWLSR3RYHOML8MHGLQMHQLKQDFLMDX
SRJOHGX RGUCDYDQMD L RaXYDQMD PH_XQD 
URGQRJPLUDLEH]EHGQRVWL
2GOXaDQGDREH]EHGLSXQRSR^WRYD
QMHVYRMLKRGOXND
'HOXMX`LXVNODGXVD*ODYRP9,,3R
YHOMH


 =DKWHYD GD ,UDN X SRWSXQRVWL LV

SXQL VYRMH REDYH]H L] UH]ROXFLMH 
LVYLKSRWRQMLKUHOHYDQWQLKUH]ROX 
FLMDLRGOXaXMHRGUCDYDMX`LQDVQD]LVYRMH
UDQLMH RGOXNH GD ,UDNX SUXCL SRVOHGQMX
SULOLNX NDR ]QDN GREUH YROMH GD VYRMH
REDYH]HLVSXQL
2YOD^`XMHGUCDYHaODQLFHNRMHVD
UD_XMX VD 9ODGRP .XYDMWD GD DNR ,UDN
QHLVSXQLVYRMHREDYH]HNDNRMHWRQD 
YHGHQR XVWDYXGR MDQXDUD
XSRWUHEHVYHQHRSKRGQHPHUHGDRGUCH
L VSURYHGX UH]ROXFLMX   L VYH
SRWRQMHUHOHYDQWQHUH]ROXFLMHLGDXVSR 
VWDYH PH_XQDURGQL PLU L EH]EHGQRVW X
UHJLRQX
 =DKWHYD RG VYLK GUCDYD GDSUXCH
DGHNYDWQX SRGU^NX UDGQMDPD VSURYHGH 
QLPQDRVQRYXVWDYDRYHUH]ROXFLMH
 =DKWHYD GD GUCDYH UHGRYLWR L]
YH^WDYDMX 6DYHW EH]EHGQRVWL R WRNX VYLK
UDGQMLSUHGX]HWLKQDRVQRYXVWDYRYDL
RYHUH]ROXFLMH
 2GOXaXMH GD VH L GDOMH EDYL RYLP
SLWDQMHP

8VYRMHQD QD  VHGQLFL 6DYHWD EH]EHGQRVWL  QRYHPEUD  81 '2& 12
65(6  3UHYRG %HRJUDGVNRJ FHQWUD ]D OMXGVND SUDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 5H]ROXFLMD 

6DYHWD EH]EHGQRVWL 81
6DYHWEH]EHGQRVWL
3RGVH`DMX`LQDVYRMHSUHWKRGQHUHOH
YDQWQHUH]ROXFLMHLWRSRVHEQRUH]ROXFLMX
RGDYJXVWD
RG QRYHPEUDRG
PDUWDRGDSULOD
  RG  DSULOD   
RG  DYJXVWD    RG 
RNWREUDRGDSULOD
LRGGHFHPEDUNDR
L QD VYH UHOHYDQWQH L]MDYH SUHGVHGDYD 
MX`HJ
3RGVH`DMX`L WDNR_H L QD VYRMX UH]R
OXFLMXRGQRYHPEUD
LQDVYRMXQDPHUXGDMHXSRWSXQRVWLSUL 
PHQL
8YL_DMX`L RSDVQRVW NRMX QHLVSXQMD
YDQMH REDYH]D ,UDND L] UHOHYDQWQLK UH]R 
OXFLMD L SUROLIHUDFLMD RUXCMD PDVRYQRJ
XQL^WHQMD L GDOHNRPHWQLK UDNHWD PRJX
LPDWLSRPH_XQDURGQLPLULEH]EHGQRVW
3RGVH`DMX`L GD MH UH]ROXFLMD 
 RYODVWLOD GUCDYH aODQLFH XSRWUHEH
VYHQHRSKRGQHPHUHDXWKRUL]HG0HPEHU
6WDWHVGDRGUCHLVSURYHGXUH]ROXFLMX
LVYHSRWRQMHUHOHYDQWQHUH]ROXFLMH
L GD XVSRVWDYH PH_XQDURGQL PLU L EH] 
EHGQRVWXUHJLRQX
'DOMH SRGVH`DMX`L GD UH]ROXFLMD 
 XVSRVWDYLOH REDYH]H ,UDND NRMH
SUHGVWDYOMDMX QHRSKRGQL NRUDN X RVWYDUL 
YDQMX QDYHGHQRJ FLOMD XVSRVWDYOMDQMD
PH_XQDURGQRJ PLUD L EH]EHGQRVWL X UH 
JLRQX
2VX_XMX`L aLQMHQLFX GD ,UDN QLMH
SUXCLRWDaDQSRWSXQNRQDaDQLNRPSOH 
WDQL]YH^WDMNDR^WRMHWR]DKWHYDQRUH]R 
OXFLMRPRVYLPDVSHNWLPDVYR 
MLK SURJUDPD UD]YLMDQMD RUXCMD PDVRYQRJ
XQL^WHQMDLEDOLVWLaNLKUDNHWDVDYH`LPGR 
PHWRP RG NP R ]DOLKDPD RYDNYRJ
RUXCMD QMLKRYLK NRPSRQHQWL SRVWURMHQML 


PD]DSURL]YRGQMXLQMLKRYLPORNDFLMDPD
NDR L R VYLP RVWDOLP QXNOHDUQLP SURJUD 
PLPDXNOMXaXMX`LLRQH]DNRMH,UDNWYUGL
GDQLVXSRYH]DQL]DSURL]YRGQMRPPDWH 
ULMDODNRMLVHPRCHNRULVWLWL]DL]UDGXQX 
NOHDUQRJRUXCMD
'DOMHRVX_XMX`LQHSUHNLGQHRSVWUXN
FLMH,UDNDXRPRJX`DYDQMDWUHQXWQRJEH 
]XVORYQRJLSRWSXQRJSULVWXSDORNDFLMDPD
NRMHRGUHGH6SHFLMDOQDNRPLVLMD8MHGLQMH 
QLK QDFLMD 816&20 L 0H_XQDURGQD
DJHQFLMD]DDWRPVNXHQHUJLMX,$($LQH 
VDUDGQMXVDLQVSHNWRULPD816&20DL,$ 
($NDNRMHWR]DKWHYDQRUH]ROXFLMRP
 NDR L SRWSXQL SUHNLG VDUDGQMH VD
816&20RPL,$($RGJRGLQH
2VX_XMX`L QHSRVWRMDQMH RG GHFHP
EUDPH_XQXQDURGQRJSRVPDWUDQMD
LQVSHNFLMDLYHULILNDFLMDX,UDNXNDNRMHWR
]DKWHYDQR UHOHYDQWQLP UH]ROXFLMDPD X
SRJOHGX SRVWRMDQMD RUXCMD ]D PDVRYQR
XQL^WHQMH L EDOLVWLaNLK UDNHWD L WR XSUNRV
YL^H SXWD SRQRYOMHQLP ]DKWHYLPD 6DYHWD
GD ,UDN RPRJX`L WUHQXWDQ EH]XVORYDQ L
SRWSXQSULVWXS.RPLVLML8MHGLQMHQLKQDFLMD
]D PRQLWRULQJ YHULILNDFLMX L LQVSHNFLMX
81029,& XVWDQRYOMHQX UH]ROXFLMRP
NDRRUJDQL]DFLMDNRMDMHQDV 
OHGLOD816&20
NDR L ,$($ L CDOH`L ]ERJ WLPH L]UR 
NRYDQRJ SURGXCDYDQMD NUL]H X UHJLRQX L
SDWQMLLUDaNRJQDURGD
'DOMHRVX_XMX`L9ODGX,UDNDNRMDQL
MHLVSXQLODVYRMHREDYH]HQDRVQRYXUH]R 
OXFLMH   X SRJOHGX WHURUL]PD
VYRMX REDYH]X QD RVQRYX UH]ROXFLMH 
GDREXVWDYLUHSUHVLMXQDGFLYLOQLP
VWDQRYQL^WYRP L GD RPRJX`L SULVWXS
PH_XQDURGQLKKXPDQLWDUQLKRUJDQL]DFLMD
VYLPDX,UDNXNRMLPDMHSRPR`SRWUHEQD
NDRLVYRMXREDYH]XQDRVQRYXUH]ROXFLMD
    L   GD

8VYRMHQD QD  VHGQLFL 6DYHWD EH]EHGQRVWL  QRYHPEUD  81 '2& 12
65(6  3UHYRG %HRJUDGVNRJ FHQWUD ]D OMXGVND SUDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YUDWLLOLVDUD_XMHXSURQDODCQMXGUCDYOMDQMD
.XYDMWDLWUH`LK]HPDOMDNRMLVXSURWLYSUDY 
QR]DWYRUHQLX,UDNXLGDYUDWLNXYDMWVNX
LPRYLQXNRMXMH,UDNSURWLYSUDYQRSULVYR 
MLR
3RGVH`DMX`L GD MH 6DYHW X VYRMRM UH
]ROXFLMLQDJODVLRGD`HSULPLUMH
ELWL ]DVQRYDQR QD SULKYDWDQMX REDYH]D
NRMH SURLVWLaX L] WH UH]ROXFLMH RG VWUDQH
,UDND
2GOXaDQ GD RVLJXUD SRWSXQR L WUH
QXWQR LVSXQMDYDQMH REDYH]D ,UDND QD RV 
QRYXUH]ROXFLMHLGUXJLKUHOH 
YDQWQLK UH]ROXFLMD EH] LNDNYLK XVORYD LOL
RJUDQLaHQMD L SRGVH`DMX`L GD UH]ROXFLMH
6DYHWDSUHGVWDYOMDMXVWDQGDUGSRNRPHVH
WRLVSXQMDYDQMHPHUL
3RGVH`DMX`LGDMHHIHNWLYQRIXQNFLR
QLVDQMH 81029,&D NDR VXNFHVRUD 6SH 
FLMDOQHNRPLVLMHNDRL,$($RGVX^WLQVNRJ
]QDaDMD ]D VSURYRHQMH UH]ROXFLMH 
LVYLKGUXJLKUHOHYDQWQLKUH]ROXFLMD
8]LPDMX`LXRE]LUGDSLVPRGDWLUDQR
VHSWHPEUDPLQLVWUDVSROMQLKSR 
VORYD,UDNDQDVORYOMHQDQDJHQHUDOQRJVH 
NUHWDUDSUHGVWDYOMDQHRSKRGQLSUYLNRUDN
SUHPD LVSUDYOMDQMX VWDOQRJ QHSR^WRYDQMD
UHOHYDQWQLK UH]ROXFLMD 6DYHWD RG VWUDQH
,UDND
8]LPDMX`L X RE]LU L SLVPR GDWLUDQR
 RNWREUD  L]YU^QRJ GLUHNWRUD 81 
029,&DLJHQHUDOQRJGLUHNWRUD,$($QD 
VORYOMHQRQDJHQHUDOD$O6DDGLMDL]LUDaNH
9ODGHSRVOHQMLKRYRJVDVWDQNDX%HaXX
NRPHVHQDYRGHSUDNWLaQLXVORYLNRMLPR 
UDMX GD VH LVSXQH NDR SUHGXVORY ]D SR 
QRYQL SRaHWDN LQVSHNFLMD 81029,&D L
,$($X,UDNXLL]UDCDYDMX`LR]ELOMQX]DE 
ULQXWRVW]ERJSURSX^WDQMD9ODGH,UDNDGD
RYH DUDQCPDQH SRWYUGL NDNR MH WR L] 
ORCHQRXQDYHGHQRPSLVPX
3RWYU_XMX`L SULYUCHQRVW VYLK GUCDYD
aODQLFD VXYHUHQRVWL L WHULWRULMDOQRP LQWHJ 
ULWHWX ,UDND .XYDMWD L GUXJLK VXVHGQLK
GUCDYD
3RKYDOMXMX`L JHQHUDOQRJ VHNUHWDUD
NDRL/LJXDUDSVNLKGUCDYDLQMHQRJJHQH 
UDOQRJ VHNUHWDUD ]ERJ QMLKRYLK XORCHQLK
QDSRUD

2GOXaDQGDREH]EHGLSXQRSR^WRYD
QMHVYRMLKRGOXND
'HOXMX`LXVNODGXVD*ODYRP9,,3R
YHOMH8MHGLQMHQLKQDFLMD
2GOXaXMHGD,UDNQDVWDYOMDVDPD
WHULMDOQLPNU^HQMHPVYRMLKREDYH]DQDRV 
QRYX UHOHYDQWQLK UH]ROXFLMD XNOMXaXMX`L
UH]ROXFLMXLWRSRVHEQRQHVD 
UDGQMRPVDLQVSHNWRULPD81L,$($LQH 
L]YU^HQMHPUDGQMLSURSLVDQLKXVWDYRYLPD
GRUH]ROXFLMH
2GOXaXMHLPDMX`LXYLGXVWDYGD
,UDNX RYRP UH]ROXFLMRP SUXCL NRQDaQX
SULOLNX GD LVSXQL VYRMH REDYH]X UD]R
UXCDYDQMDXVNODGDVDUHOHYDQWQLPUH]ROX 
FLMDPD6DYHWDLXWRPVPLVOXRGOXaXMHGD
XVWDQRYLSREROM^DQUHCLPLQVSHNFLMDVDFL 
OMHP GD VH QD SRWSXQ L SURYHUHQ QDaLQ
SULYHGHNUDMXSURFHVUD]RUXCDYDQMDXVNOD 
GX VD UH]ROXFLMRP   L SRWRQMLP
UH]ROXFLMDPD6DYHWD
2GOXaXMHGD`HUDGLSRaHWNDLVSX
QMHQMD REDYH]H UD]RUXCDYDQMD SRUHG GD 
YDQMDREDYH]QLKGYRJRGL^QMLKGHNODUDFLMD
9ODGD ,UDND SUXCLWL LQVSHNWRULPD 8102 
9,&D L ,$($ WDaDQ SRWSXQ L NRPSOHWDQ
XYLG X VYH DVSHNWH VYRMLK SURJUDPD UD] 
YLMDQMDKHPLMVNRJELROR^NRJLQXNOHDUQRJ
RUXCMDEDOLVWLaNLKUDNHWDLVYLKGUXJLKVL 
VWHPD ]D XSRWUHEX RYRJ RUXCMD SRSXW
EHVSLORWQLKOHWLOLFDLVLVWHPD]DUDVSU^DYD 
QMH]DXSRWUHEXQDYD]GXKRSORYLPDXN 
OMXaXMX`LLVYGH]DOLKHLSUHFL]QHORNDFLMH
WDNYRJ RUXCMD NRPSRQHQWL L SRGNRPSR 
QHQWL]DOLKHDJHQDWDLYH]DQRJPDWHULMDOD
LRSUHPHORNDFLMHLVYHUH]XOWDWHXVWDQRYD
]D LVWUDCLYDQMH UD]YRM L SURL]YRGQMX XN 
OMXaXMX`L L RQH ]D NRMH 9ODGD ,UDND WYUGL
GDQLVXQDPHQMHQH]DSURL]YRGQMXRUXCMD
LWDNYRJPDWHULMDOD
2GOXaXMHGD`HVHVYHODCQHL]MDYH
LOLQHGRVWDFLXL]MDYDPD,UDNDXVNODGXVD
RYRP UH]ROXFLMRP NDR L QHSRVWXSDQMH
,UDNDSRRGUHGEDPDRYHUH]ROXFLMHVPD 
WUDWL GDOMLP PDWHULMDOQLP NU^HQMHP QMHJR 
YLK REDYH]D WH GD `H 6DYHW R WRPH ELWL
REDYH^WHQ L GD `H WDNYR NU^HQMH FHQLWL X
VNODGXVDVWDYRYLPDLRYHUH]ROXFLMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 2GOXaXMH GD `H ,UDN SUXCLWL 81
029,&XL,$($WUHQXWDQQHRPHWDQEH 
]XVORYDQLQHRJUDQLaHQSULVWXSVYLPSDL
SRG]HPQLP REODVWLPD XVWDQRYDPD
]JUDGDPD RSUHPL GRNXPHQWDFLML L VUHG 
VWYLPDWUDQVSRUWDNRMHRQLCHOHGDLVWUDCH
NDR L WUHQXWDQ QHRPHWDQ QHRJUDQLaHQ L
SRYHUOMLYSULVWXSVYLPVOXCEHQLFLPDLGUX 
JLP OLFLPD VD NRMLPD 81029,& LOL ,$($
CHOHGDUD]JRYDUDMXQDQDaLQLQDPHVWX
NRML RGUHGH 81029,& LOL ,$($X VNODGX
VDQMLKRYLPPDQGDWLPDGDOMHRGOXaXMHGD
81029,&L,$($PRJXVSURYRGLWLUD]JR 
YRUHXQXWDULOLL]YDQ,UDNDPRJXGDRPR 
JX`HSXWRYDQMHOLFDVDNRMLPDVHUD]JRYRU
REDYOMDNDRLaODQRYDQMLKRYLKSRURGLFD
L]YDQ,UDNDLGDVHSRGLVNUHFLML8102 
9,&DL,$($WDNYLUD]JRYRULPRJXRED 
YOMDWL L EH] SULVXVWYD SRVPDWUDaD LUDaNH
9ODGHQDODCH81029,&XLWUDCLRG,$($
GDQDVWDYHVDLQVSHNFLMDPDQHNDVQLMHRG
GDQDRGGDQDXVYDMDQMDRYHUH]ROXFLMH
NDR LGDRWRPHREDYHVH6DYHWSRVOH
GDQD
 3RGUCDYD SLVPR RG  RNWREUD
 ,]YU^QRJ GLUHNWRUD 81029,&D L
JHQHUDOQRJGLUHNWRUD,$($QDVORYOMHQRQD
JHQHUDOD $O6DDGLMD L] LUDaNH 9ODGH NRMH
MHSULORCHQRRYRMUH]ROXFLMLLRGOXaXMHGD
`H VDGUCLQD SLVPD ELWL REDYH]XMX`D ]D
,UDN
 'DOMH RGOXaXMH GD `H LPDMX`L X
YLGX GRVDGD^QMH SUHNLGH SULVXVWYD 81 
029,&DL,$($X,UDNXNDRLGDELRQL
ELOL X PRJX`QRVWL GD REDYH ]DGDWNH NRML
VX LP SRYHUHQL RYRP LSUHWKRGQLP UHOH 
YDQWQLPUH]ROXFLMDPD6DYHWRYRPUH]ROX 
FLMRP SURSLVDWL QMLKRYD RYOD^`HQMD L QDG 
OHCQRVWLNRMH`HELWLREDYH]XMX`H]D,UDN
p 81029,& L,$($`HRGUHGLWLVDVWDY
VYRMLK LQVSHNFLMVNLK WLPRYD L RVLJX
UDWLGD`HWLWLPRYLELWLVDVWDYOMHQLRG
QDMNYDOLILNRYDQLMLKLQDMLVNXVQLMLKGR 
VWXSQLK VWUXaQMDND
p VYR RVREOMH 81029,&D L ,$($ `H
XCLYDWL SULYLOHJLMH L LPXQLWHWH NRMH
RGJRYDUD RQLPD VWUXaQMDND X PLVLML
X VNODGX VD .RQYHQFLMRP R SULYLOH 
JLMDPDLLPXQLWHWLPD8MHGLQMHQLKQD 



FLMD L 6SRUD]XPX R SULYLOHJLMDPD L

LPXQLWHWLPD ,$($
81029,& L ,$($ `H LPDWL QHRJUD 
QLaHQRSUDYRXODVNDLL]ODVNDX],UD 
ND SUDYR QD VORERGQR L QHRJUD 
QLaHQR NUHWDQMH GR L RG PHVWD LQV 
SHNFLMDLSUDYRGDL]YU^HLQVSHNFLMX
VYLK ORNDFLMD L ]JUDGD XNOMXaXMX`L L
WUHQXWDQ QHRPHWDQ EH]XVORYDQ L
QHRJUDQLaHQ SULVWXS SUHGVHGQLaNLP
SDODWDPD L GUXJLP ORNDFLMDPD MHG 
QDN SULVWXSX GUXJLP PHVWLPD ^WR
QHPD XWLFDMD QD RGUHGEH UH]ROXFLMH
  RG  PDUWD 
81029,&L,$($`HRG,UDNDGRELWL
VSLVDN LPHQD VYLK OLFD NRMD UDGH LOL
VXUDGLODQDLUDaNLPKHPLMVNLPELR 
OR^NLPQXNOHDUQLPLUDNHWQLPSURJ 
UDPLPD NDR L R VYLP YH]DQLP SRV 
WURMHQMLPD ]D LVWUDCLYDQMH UD]YRM L
SURL]YRGQMX
EH]EHGQRVW SURVWRULMD 81029,&D L
,$($ `H RVLJXUDYDWL GRYROMDQ EURM
EH]EHGQRVQRJ RVREOMD 8MHGLQMHQLK
QDFLMD
81029,&L,$($`HLPDWLSUDYRGD
RGUHGH X VYUKX RVLJXUDQMD ORNDFLMD
QDNRMLPD`HVHYU^LWLLQVSHNFLMD]R 
QHL]X]H`DXNOMXaXMX`LRNROQH]RQH
L WUDQ]LWQH NRULGRUH X NRMLPD `H
,UDNREXVWDYLWLVYDNRNRSQHQRLYD] 
GX^QRNUHWDQMHVYRMLKVQDJDWDNRGD
VH QL^WD QH SURPHQL QLWL L]QHVH L]
PHVWD LQVSHNFLMH
81029,&L,$($`HLPDWLSUDYRGR
VORERUQRLQHRJUDQLaHQRNRULVWHYD] 
GX^QHOHWLOLFHELORVDILNVQLPELORVD
URWDFLRQLP NULOLPD XNOMXaXMX`L L SL 
ORWQH L EHVSLORWQH L]YL_DaNH OHWLOLFH
81029,& L ,$($ `H LPDWL GLVNUHFL 
RQR SUDYR GD X] SURYUHGX XNORQH
XQL^WH LOL XaLQH EH]RSDVQLP VYD ]D 
EUDQMHQD RUXCMD SRGVLVWHPH NRP
SRQHQWH GRNXPHQWD PDWHULMDOH L
GUXJHSUHGPHWHLSUDYRGD]DSOHQH
LOL]DWYRUHVYDSRVWURMHQMDLOLRSUHPX
NRMD VH NRULVWH ]D SURL]YRGQMX RYLK
SUHGPHWD L

0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

p 81029,&L,$($`HLPDWLSUDYRQD
EHVSODWDQ XYR] L NRUL^`HQMH RSUHPH
L PDWHULMDOD SRWUHEQLK ]D LQVSHNFLMH
NDRLGDL],UDNDL]QHVXVYXRSUHPX
L PDWHULMDOH ]DSOHQMHQH WRNRP LQV 
SHNFLMD EH] SUHWUHVD ]YDQLaQRJ LOL
SULYDWQRJSUWOMDJDRVREOMD81029,&
LOL ,$($
 2GOXaXMH GD ,UDN QH`H SUHGX]HWL
QLNDNYHQHSULMDWHOMVNHDNWHSUHPDQHNRP
SUHGVWDYQLNXLOLRVREOMX8MHGLQMHQLKQDFLMD
LOL ,$($ LOL ELOR NRMH GUCDYH aODQLFH NRMD
SUHGX]LPDUDGQMHXVYUKXVSURYR_HQMDUH 
]ROXFLMD6DYHWD
 =DKWHYD RG JHQHUDOQRJ VHNUHWDUD
GDRGPDKREDYHVWL,UDNRRYRMUH]ROXFLML
NRMD,UDNREDYH]XMH]DKWHYDRG,UDNDGD
X URNX RG VHGDP GDQD RG SULMHPD RYH
UH]ROXFLMH SRWYUGL GD OL `H VH SRYLQRYDWL
QMHQLP ]DKWHYLPD L ]DKWHYD GD ,UDN WUH 
QXWQR EH]XVORYQR L DNWLYQR VDUD_XMH VD
81029,&RPL,$($
 =DKWHYD RG GUCDYD aODQLFD GD
SUXCHSXQXSRGU^NX81029,&XL,$($
X LVSXQMDYDQMX QMLKRYLK PDQGDWD XN 
OMXaXMX`L L GDYDQMH VYLK LQIRUPDFLMD YH]D 
QLK]D]DEUDQMHQHSURJUDPHLOLGUXJHDV 

SHNWH QMLKRYLK PDQGDWD XNOMXaXMX`L L LQ 

IRUPDFLMHRLUDaNLPSRNX^DMLPDRG
GD SULEDYL ]DEUDQMHQH SUHGPHWH NDR L
SUHSRUXaXMX`L ORNDFLMH ]D LQVSHNFLMH OLFD
VDNRMLPDWUHEDUD]JRYRUDWLXVORYHWLKUD] 
JRYRUD L SRGDWNH NRMH WUHED SULNXSLWL D
aLMLP `H UH]XOWDWLPD 81029,& L ,$($
REDYHVWLWL6DYHW
 2GOXaXMH GD `H L]YU^QL GLUHNWRU
81029,&DLJHQHUDOQLGLUHNWRU,$($L] 
YHVWLWL6DYHWRELORNDNYRPLUDaNRPRPH 
WDQMXLQVSHNFLMVNLKDNWLYQRVWLNDRLRVYD 
NRP NU^HQMX REDYH]D UD]RUXCDQMD XN 
OMXaXMX`LLLQVSHNFLMVNHREDYH]HXVNODGX
VDRYRPUH]ROXFLMRP
2GOXaXMHGDVHVDVWDQHRGPDKSR
SULMHPXL]YH^WDMDXVNODGXVDVWDYRYLPD
LOLGDELUD]PRWULRVLWXDFLMXLQHRSKRG 
QRVW SXQRJ SR^WRYDQMD VYLK UHOHYDQWQLK
UH]ROXFLMD UDGL XVSRVWDYOMDQMD PH_XQD 
URGQRJPLUDLEH]EHGQRVWL
3RGVH`DXWRPVPLVOXGDMH6D
YHWYL^HSXWDXSR]RULR,UDNGD`HVQRVLWL
R]ELOMQH SRVOHGLFH DNR QDVWDYL VD
NU^HQMHPVYRMLKREDYH]D
2GOXaXMHGDVHLGDOMHEDYLRYLP
SLWDQMHP



 2'*29251267 '5#$9(

 1DFUW aODQRYD R RGJRYRUQRVWL GUCDYD ]D
PH_XQDURGQR SURWLYSUDYQH DNWH
'HR SUYL
$.7 '5#$9( 3527,9$1
0(?81$52'120 35$98

*/$9$ ,,
3ULSLVLYRVW RGUH_HQH UDGQMH GUCDYL

*/$9$ ,
2S^WD QDaHOD

5DGQMDQHNRJGUCDYQRJRUJDQD`H
VHVPDWUDWLDNWRPGUCDYHSRPH_XQDURG 
QRP SUDYX QH]DYLVQR RG WRJD GD OL WDM
RUJDQREDYOMD]DNRQRGDYQXL]YU^QXVXG 
VNXLOLQHNXGUXJXIXQNFLMXQH]DYLVQRRG
SRORCDMDNRMLWDMRUJDQ]DX]LPDXRUJDQL 
]DFLMLGUCDYHLQH]DYLVQRRGWRJDGDOLMH
X SLWDQMX RUJDQ FHQWUDOQH YODVWL LOL QHNH
WHULWRULMDOQHMHGLQLFHWHGUCDYH
2UJDQRP`HVHVPDWUDWLVYDNRNRMH
OLFH LOL WHOR NRMH LPD WDM VWDWXV SR XQXW 
UD^QMHPSUDYXGUCDYH

AODQ 
5DGQMD GUCDYQRJ RUJDQD

AODQ 
2GJRYRUQRVW GUCDYH ]D DNWH SURWLYQH
PH_XQDURGQRP SUDYX

6YDNL DNW GUCDYH SURWLYDQ PH_XQD

URGQRPSUDYX]DVYRMXSRVOHGLFXLPDQMH 
QXPH_XQDURGQXRGJRYRUQRVW
AODQ 
(OHPHQWL DNWD GUCDYH SURWLYQRJ
PH_XQDURGQRP SUDYX

$NWGUCDYHSURWLYDQPH_XQDURGQRP
SUDYXSRVWRMLNDGDMHQHNDUDGQMDNRMDVH
VDVWRMLXaLQMHQMXLOLQHaLQMHQMX
D SULSLVLYD WRM GUCDYL SR PH_XQDURG
QRP SUDYX L
E SUHGVWDYOMD NU^HQMH PH_XQDURGQLK
REDYH]D WH GUCDYH

AODQ 
5DGQMD OLFD LOL WHOD NRML YU^H HOHPHQWH
GUCDYQH YODVWL

AODQ 
.YDOLILNDFLMD RGUH_HQRJ DNWD GUCDYH NDR
SURWLYQRJ PH_XQDURGQRP SUDYX

5DGQMD OLFD LOL WHOD NRML QH SUHGVWDY 

OMDMXRUJDQGUCDYHXVPLVOXaODQDDOLVX
SRSUDYXWHGUCDYHRYOD^`HQDGDYU^HHOH 
PHQWH GUCDYQH YODVWL VPDWUD`H VH DNWRP
WHGUCDYHSRPH_XQDURGQRPSUDYXDNR
VXXGDWRPVOXaDMXWROLFHLOLWHORSRVWXSDOL
XVYRP]YDQLaQRPVYRMVWYX

.YDOLILNDFLMD RGUH_HQHQRJ DNWD NDR

SURWLYQRJ PH_XQDURGQRP SUDYX YU^L VH
SRSUDYLOLPDPH_XQDURGQRJSUDYD1DWX
NYDOLILNDFLMXQHPDXWLFDMDQMHJRYD]DNRQL 
WRVWSRSUDYLOLPDXQXWUD^QMHJSUDYD

5DGQMDRUJDQDNRJDMHGUCDYLQDUDV 
SRODJDQMH VWDYLOD GUXJD GUCDYD VPDWUD`H



AODQ 
5DGQMD RUJDQD NRJD MH GUCDYL QD
UDVSRODJDQMH VWDYLOD GUXJD GUCDYD

8VYRMLOD .RPLVLMD ]D PH_XQDURGQR SUDYR QD  VHGQLFL 2IILFLDO 5HFRUGV RI WKH *HQHUDO
$VVHPEO\ )LIW\VL[WK VHVVLRQ 6XSSOHPHQW 1R  $ FKS,9( QRYHPEDU 
3UHYRG %HRJUDGVNRJ FHQWUD ]D OMXGVND SUDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VHDNWRPSUYHGUCDYHSRPH_XQDURGQRP
SUDYXDNRWDMRUJDQYU^HHOHPHQWHGUCDY 
QHYODVWLGUCDYHNRMRMMHVWDYOMHQQDUDVSR 
ODJDQMH
AODQ 
3UHNRUD^HQMH RYOD^`HQMD LOL SRQD^DQMH
VXSURWQR XSXWVWYLPD

5DGQMDGUCDYQRJRUJDQDLOLGUXJLKOL 
FD LOL WHOD RYOD^`HQLK GD YU^H HOHPHQWH
GUCDYQH YODVWL VPDWUD`H VH DNWRP GUCDYH
SRPH_XQDURGQRPSUDYXDNRRUJDQOLFH
LOL WHOR SRVWXSD X VYRP ]YDQLaQRP VYRM 
VWYXaDNLDNRSUHNRUDaLVYRMDRYOD^`HQMD
LOLVHSRQD^DVXSURWQRGRELMHQLPXSXWVWYL 
PD
AODQ 
5DGQMD NRMRP XSUDYOMD LOL NRMX NRQWUROL^H
GUCDYD

DNWRPGUCDYHXVNODGXVDRGUHGEDPDaOD 
QRYDGR
AODQ 
5DGQMD NRMX GUCDYD SUL]QDMH L SULKYDWD
NDR VYRMX

5DGQMDNRMDVHQHPRCHSULSLVDWLQH 
NRM GUCDYL X VNODGX VD RGUHGEDPD SUHW 
KRGQLKaODQRYD`HVHLSDNVPDWUDWLDNWRP
WHGUCDYHSRPH_XQDURGQRPSUDYXDNRL
X RQRM PHUL X NRMRM MH GUCDYD SUL]QDMH L
SULKYDWDNDRVYRMX

*/$9$ ,,,
.U^HQMH PH_XQDURGQH REDYH]H
AODQ 
3RVWRMDQMH NU^HQMD PH_XQDURGQH REDYH]H

5DGQMDOLFDLOLJUXSHOLFD`HVHVPDW 
UDWLDNWRPGUCDYHSRPH_XQDURGQRPSUD 
YXDNRWROLFHLOLJUXSDOLFDSRVWXSDMXSR
XSXWVWYLPDGUCDYHLOLVXSRGQMHQLPXS 
UDYOMDQMHPLOLNRQWURORP
AODQ 
5DGQMD NRMD MH L]YU^HQD X RGVXVWYX LOL
]ERJ SURSXVWD ]YDQLaQLK YODVWL

5DGQMDOLFDLOLJUXSHOLFD`HVHVPDW 
UDWLDNWRPGUCDYHSRPH_XQDURGQRPSUD 
YX DNR WR OLFH LOL JUXSD OLFD IDNWLaNL YU^H
HOHPHQWH GUCDYQH YODVWL X RGVXVWYX LOL
]ERJ SURSXVWD ]YDQLaQLK YODVWL L SRG
RNROQRVWLPD NRMH QDODCX WDNYR YU^HQMH
YODVWL
AODQ 
5DGQMD SREXQMHQLaNRJ LOL GUXJRJ SRNUHWD

5DGQMDSREXQMHQLaNRJSRNUHWDNR 
ML SRVWDQH QRYD YODGD RGUH_HQH GUCDYH
VPDWUD`HVHDNWRPWHGUCDYHSRPH_XQD 
URGQRPSUDYX
 5DGQMD SREXQMHQLaNRJ LOL GUXJRJ
SRNUHWDNRMLXVSRVWDYLQRYXGUCDYXQDWH 
ULWRULMLSRVWRMH`HGUCDYHLOLQDWHULWRULMLSRG
QMHQRPXSUDYRPVPDWUD`HVHDNWRPQRYH
GUCDYHSRPH_XQDURGQRPSUDYX
 2GUHGEH RYRJ aODQD QH XWLaX QD
SULSLVLYDQMH RGUH_HQMH UDGQMH GUCDYL QH 
]DYLVQRRGRGQRVDWHGUCDYHLSRNUHWDX
SLWDQMX DNR VH WD UDGQMD PRCH VPDWUDWL

.U^HQMH PH_XQDURGQH REDYH]H

GUCDYH SRVWRML NDGD DNW WH GUCDYH QLMH X
VNODGX V XVORYLPD NRMH WD REDYH]D QD 
PH`HQH]DYLVQRRGQMHQRJSRUHNODLOLSUL 
URGH
AODQ 
0H_XQDURGQD REDYH]D NRMD YDCL ]D
RGUH_HQX GUCDYX

$NW GUCDYH QH SUHGVWDYOMD NU^HQMH

PH_XQDURGQH REDYH]H GUCDYH DNR WD
REDYH]D QH YDCL ]D GUCDYX X WUHQXWNX
L]YU^HQMDDNWD
AODQ 
3URGXCHQR WUDMDQMH NU^HQMD PH_XQDURGQH
REDYH]H

 .U^HQMH PH_XQDURGQH REDYH]H

DNWRPGUCDYHNRMLQHPDSURGXCHQLNDUDN 
WHU QDVWDMH X WUHQXWNX L]YU^HQMD DNWDaDN
LDNRSRVOHGLFHDNWDQDVWDYHGDWUDMX
 .U^HQMH PH_XQDURGQH REDYH]H
DNWRPGUCDYHNRMLLPDSURGXCHQLNDUDNWHU
SURWHCHVHQDFHOLSHULRGWUDMDQMDDNWDVYH
GRN MH RQ X VXSURWQRVWL VD PH_XQDURG 
QRPREDYH]RP
 .U^HQMH PH_XQDURGQH REDYH]H
NRMD]DKWHYDGDGUCDYDVSUHaLQDVWXSDQMH
RGUH_HQRJGRJD_DMDQDVWDMHNDGDWDMGR 
JD_DMQDVWXSLLSURWHCHVHQDFHOLSHULRG
WUDMDQMDGRJD_DMDVYHGRNMHRQXVXSURW 
QRVWLVDPH_XQDURGQRPREDYH]RP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
.U^HQMH PH_XQDURGQH REDYH]H NRMH VH
VDVWRML RG VORCHQRJ aLQD

AODQ 
3ULQXGD QDG GUXJRP GUCDYRP

 .U^HQMH PH_XQDURGQH REDYH]H

GUCDYH SXWHP QL]D aLQMHQMD LOL QHaLQMHQMD
NRMDVHXFHOLQLPRJXGHILQLVDWLNDRSUR 
WLYSUDYQD QDVWDMH NDGD VH SUHGX]PH RQR
aLQMHQMH LOL QHaLQMHQMH NRMH ]DMHGQR VD
VYLPRVWDOLPaLQMHQMLPDLQHaLQMHQMLPDSR 
VWDMH GRYROMQR GD EL SUHGVWDYOMDOR SURWLY 
SUDYDQDNW
 8 RYDNYRP VOXaDMX NU^HQMH VH
SURWHCHWRNRPFHORJSHULRGDSRaHY^LVD
SUYLP aLQMHQMHP LOL QHaLQMHQMP X QL]X L
WUDMX`LVYHGRNVHRYDaLQMHQMDLOLQHaLQMH 
QMD SRQDYOMDMX VYH GRN VX X RQD X VXS 
URWQRVWLVDPH_XQDURGQRPREDYH]RP

*/$9$ ,9
2GJRYRUQRVW GUCDYH X YH]L VD
DNWRP GUXJH GUCDYH

'UCDYDNRMDSULQXGLGUXJXGUCDYXQD
L]YU^HQMH DNWD SURWLYQRJ PH_XQDURGQRP
SUDYXPH_XQDURGQRMHRGJRYRUQDDNR
D EL DNW X VOXaDMXGDSULQXGHQLMHEL 
OR ELR PH_XQDURGQR SURWLYSUDYDQ
]D SULQX_HQX GUCDYX L
E DNRGUCDYDYU^LSULQXGX]DRNROQRVWL
YH]DQH ]D DNW SURWLYDQ PH_XQDURG 
QRP SUDYX
AODQ 
'HMVWYR RGUHGDED RYH JODYH

2GUHGEHRYHJODYHQHPDMXXWLFDMDQD
PH_XQDURGQX RGJRYRUQRVW GUCDYH NRMD
L]YU^L SURWLYSUDYQL aLQ SR GUXJLP RGUHG 
EDPDRYLKaODQRYDLOLQDRGJRYRUQRVWQH 
NHGUXJHGUCDYH

*/$9$ 9
2NROQRVWL NRMH LVNOMXaXMX
SURWLYSUDYQRVW

AODQ 
3RPDJDQMH X YU^HQMX DNWD SURWLYQRJ
PH_XQDURGQRP SUDYX

'UCDYD NRMD SRPDCH GUXJRM GUCDYL

SUL QMHQRP YU^HQMX DNWD SURWLYQRJ
PH_XQDURGQRP SUDYX MH ]D WR PH_XQD 
URGQRRGJRYRUQDDNR
D GUCDYD WR aLQL ]QDMX`L ]D RNROQRVWL
YH]DQH ]D DNW SURWLYDQ PH_XQDURG 
QRP SUDYX L
E DNRELDNWELRSURWLYDQPH_XQDURG 
QRP SUDYX aDN L DNR EL JD L]YU^LOD
WD GUCDYD
AODQ 
8SUDYOMDQMH L NRQWUROD QDG L]YU^HQMHP
DNWD SURWLYQRJ PH_XQDURGQRP SUDYX

'UCDYD NRMD XSUDYOMD L YU^L NRQWUROX

QDG GUXJRP GUCDYRP X QMHQRP YU^HQMX
DNWD SURWLYQRJ PH_XQDURGQRP SUDYX
PH_XQDURGQR MH RGJRYRUQD ]D WDM DNW
DNR
D GUCDYD WR aLQL ]QDMX`L ]D RNROQRVWL
YH]DQH ]D DNW SURWLYDQ PH_XQDURG 
QRP SUDYX L
E DNRELDNWELRSURWLYDQPH_XQDURG 
QRP SUDYX aDN L DNR EL JD L]YU^LOD
WD GUCDYD

$UWLFOH 
6DJODVQRVW

3XQRYDCQD VDJODVQRVW GUCDYH QD

YU^HQMH RGUH_HQRJ DNWD RG VWUDQH GUXJH
GUCDYH LVNOMXaXMH SURWLYSUDYQRVW WRJ DNWD
X RGQRVX QD GUCDYX NRMD MH VDJODVQRVW
GDOD X RQRP RELPX X NRPH MH DNW X
JUDQLFDPDGDWHVDJODVQRVWL
AODQ 
6DPRRGEUDQD

,VNOMXaHQD MH SURWLYSUDYQRVW DNWD

GUCDYHDNRRQSUHGVWDYOMD]DNRQLWXPHUX
VDPRRGEUDQHSUHGX]HWXXVNODGXVD3R 
YHOMRP8MHGLQMHQLKQDFLMD
AODQ 
3URWLYPHUH SUHGX]HWH X SRJOHGX DNWD
SURWYQRJ PH_XQDURGQRP SUDYX

,VNOMXaHQD MH SURWLYSUDYQRVW DNWD

GUCDYH NRML MH X VXSURWQRVWL VD QMHQRP
PH_XQDURGQRPREDYH]RPSUHPDGUXJRM
GUCDYL DNR L X RQRP RELPX X NRPH WDM
DNWSUHGVWDYOMDSURWLYPHUXSUHGX]HWXSUR 
WLYWHGUXJHGUCDYHXVNODGXVDJODYRP,,
WUH`HJGHODRYLKaODQDND



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
9L^D VLOD

 ,VNOMXaHQD MH SURWLYSUDYQRVW DNWD

GUCDYH NRML MH X VXSURWQRVWL VD QMHQRP
PH_XQDURGQRPREDYH]RPDNRMHDNWSR 
VOHGLFDYL^HVLOHRGQRVQRSRMDYHQHRGR 
OMLYHVLOHLOLQHSUHGYLGOMLYRJGRJD_DMDYDQ
NRQWUROHWHGUCDYHXVOHGNRMLKMHSRVWDOR
IDNWLaNLQHPRJX`HGDGUCDYDLVSXQLVYRMX
PH_XQDURGQXREDYH]X
6WDYRYRJaODQDVHQH`HSULPH 
QLWL
D DNR MH VLWXDFLMD YL^H VLOH L]D]YDQD X
SRWSXQRVWL LOL X VDGHMVWYX GUXJLK
aLQLRFD SRQD^DQMHP GUCDYH NRMD VH
QD YL^X VLOX SR]LYD LOL
E DNR MH GUCDYD SULKYDWLOD UL]LN QDVWX 
SDQMD VLWXDFLMH YL^H VLOH

REDYH]DLOLPH_XQDURGQH]DMHGQLFH
X FHOLQL
 'UCDYD VH QL X NRP VOXaDMX QH
PRCHSR]LYDWLQDVWDQMHQXCGHNDRRVQRY
LVNOMXaHQMDSURWLYSUDYQRVWLDNR
D NRQNUHWQDPH_XQDURGQDREDYH]DLV 
NOMXaXMH PRJX`QRVW SR]LYDQMD QD
VWDQMH QXCGH
E LOL MH GUCDYD VYRMLP SRQD^DQMHP GR
SULQHOD QDVWDQNX VWDQMD QXCGH
AODQ 
6DJODVQRVW VD LPSHUDWLYQLP QRUPDPD

1LMHGQD RGUHGED RYH JODYH QH LV

NOMXaXMHSURWLYSUDYQRVWDNWDGUCDYHNRMLMH
XVXSURWQRVWLVDREDYH]RPNRMDSURL]LOD]L
L]LPSHUDWLYQLKQRUPLRS^WHJPH_XQDURG 
QRJSUDYD
AODQ 
3RVOHGLFH SR]LYDQMD QD RNROQRVWL NRMH
LVNOMXaXMX SURWLYSUDYQRVW

AODQ 
.UDMQMD QXCGD

 ,VNOMXaHQD MH SURWLYSUDYQRVW DNWD

GUCDYH NRML MH X VXSURWQRVWL VD QMHQRP
PH_XQDURGQRP REDYH]RP DNR XaLQLODF
WRJ DNWD QLMH LPDR GUXJRJ UD]XPQRJ
QDaLQDXVLWXDFLMLNUDQMHQXCGHGDVSDVH
VYRMCLYRWLOLCLYRWSRYHUHQLKPXOLFD
6WDYRYRJaODQDQH`HVHSULPH 
QLWL
D DNRMHVLWXDFLMDNUDQMHQXCGHL]D]YD 
QDXSRWSXQRVWLLOLXVDGHMVWYXGUX 
JLKaLQLODFDSRQD^DQMHPGUCDYHNR 
MD VH QD NUDMQMX QXCGX SR]LYD LOL
E DNR MH YHURYDWQR GD `H WDM DNW L]D] 
YDWL VOLaQX LOL YH`X RSDVQRVW

3R]LYDQMH QD RNROQRVWL NRMH LV

NOMXaXMXSURWLYSUDYQRVWQHPDXWLFDMDQD
D REDYH]X SR^WRYDQMD NRQNUHWQH
PH_XQDURGQH REDYH]H DNR L X
RQRP RELPX X NRPH MH SUHVWDOD
RNROQRVW NRMD LVNOMXaXMH SURWLYSUDY 
QRVW
E REDYH]X QDNQDGH PDWHULMDOQH ^WHWH
NRMX MH SURX]URNRYDR NRQNUHWQL DNW
GUCDYH

'HR GUXJL
6$'5#,1$ 0(?81$52'1(
2%$9(=( '5#$9(

AODQ 
6WDQMH QXCGH

 'UCDYD VH QH PRCH SR]LYDWL QD

VWDQMHQXCGHNDRRVQRYLVNOMXaHQMDSURWLY 
SUDYQRVWL VYRJ DNWD NRML MH X VXSURWQRVWL
VD QMHQRP PH_XQDURGQRP REDYH]RP
RVLP
D DNRMHWDMDNWELRMHGLQLQDaLQQDNRML
EL GUCDYD RGEUDQLOD VYRMH RVQRYQH
LQWHUHVH RG WH^NH L QHSRVUHGQH
RSDVQRVWL L
E DNR WDM DNW R]ELOMQLMH QH XJURCDYD
RVQRYQH LQWHUHVH GUCDYH LOL GUCDYD
SUHPD NRMLPD SRVWRML PH_XQDURGQD

*/$9$ ,
2S^WD QDaHOD
AODQ 
3UDYQH SRVOHGLFH DNWD SURWLYQRJ
PH_XQDURGQRP SUDYX

0H_XQDURGQD RGJRYRUQRVW GUCDYH

]DQMHQDNWSURWLYDQPH_XQDURGQRPSUD 
YXXVPLVOX3UYRJGHODRYLKaODQDNDSR 
YODaL SUDYQH SRVOHGLFH X VNODGX V RYLP
'HORP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
1HSUHNLQXWD GXCQRVW
L]YU^HQMD

*/$9$ ,,
1DNQDGD ^WHWH

3UDYQH SRVOHGLFH DNWD SURWLYQRJ

PH_XQDURGQRPSUDYXQHPDMXXWLFDMDQD
QHSUHNLQXWX GXCQRVW RGJRYRUQH GUCDYH
GDL]YU^LREDYH]XNRMXMHSUHNU^LOD
AODQ 
2EXVWDYD L QHSRQDYOMDQMH

'UCDYD RGJRYRUQD ]D DNW SURWLYDQ

PH_XQDURGQRPSUDYXLPDREDYH]X
D GDWDMDNWREXVWDYLDNRLGDOMHWUDMH
E GDSUXCLRGJRYDUDMX`DMHPVWYDGDWDM
DNW QH`H SRQRYLWL DNR RNROQRVWL WR
]DKWHYDMX
AODQ 
1DNQDGD ^WHWH

 2GJRYRUQD GUCDYD LPD REDYH]X

GDSRWSXQRQDNQDGL^WHWXSURX]URNRYD 
QX DNWRP SURWLYQRP PH_XQDURGQRP
SUDYX
 >WHWD REXKYDWD VYX PDWHULMDOQX L
PRUDOQX ^WHWX QDQHWX SURWLYSUDYQLP DN 
WRP
AODQ 
1HRED]LUDQMH QD XQXWUD^QMH SUDYR

2GJRYRUQDGUCDYDVHQHPRCHSR]L 
YDWL QD RGUHGEH VYRJ XQXWUD^QMHJ SUDYD
NDR RSUDYGDQMH ]D QHSR^WRYDQMH VYRMLK
REDYH]DL]RYRJ'HOD
AODQ 
2ELP PH_XQDURGQLK REDYH]D
SUHGYL_HQLK RYLP 'HORP

 2EDYH]H RGJRYRUQH GUCDYH

SUHGYL_HQHRYLP'HORPPRJXSRVWRMDWL
SUHPDGUXJRMGUCDYLJUXSLGUCDYDLOLFH 
ORMPH_XQDURGQRM]DMHGQLFLX]DYLVQRVWL
RG SULURGH L VDGUCLQH NRQNUHWQH PH 
_XQDURGQHREDYH]HLRGRNROQRVWLSRY 
UHGH
2GUHGEHRYRJ'HODQHPDMXXWLFDMD
QL QD NRMH SUDYR NRMH SURL]LOD]L L] PH 
_XQDURGQH RGJRYRUQRVWL GUCDYH D NRMH
VH PRCH QHSRVUHGQR SULSLVDWL ELOR NRP
OLFXLOLWHOXNRMHQLMHGUCDYD

AODQ 
2EOLFL QDNQDGH

3RWSXQDQDNQDGD^WHWHSURX]URNRYD 
QHDNWRPSURWLYQRPPH_XQDURGQRPSUD 
YX VH PRCH GDWL X REOLNX YUD`DQMD X
SUH_D^QMHVWDQMHQRYaDQHQDNQDGHLOL]D 
GRYROMHQMD ELOR SRMHGLQDaQR LOL ]DMHGQR
XVNODGXVRGUHGEDPDRYHJODYH
AODQ 
9UD`DQMH X SUH_D^QMH VWDQMH

'UCDYD RGJRYRUQD ]D DNW SURWLYDQ

PH_XQDURGQRP SUDYX LPD REDYH]X GD
L]YU^LYUD`DQMHXSUH_D^QMHVWDQMHRGQRV 
QRGDYDVSRVWDYLVLWXDFLMXNRMDMHSRVWRMDOD
SUHL]YU^HQMDSURWLYSUDYQRJDNWDSRGXV 
ORYRPLXRELPX
D GD YUD`DQMH X SUH_D^QMH VWDQMH QLMH
IDNWLaNL QHPRJX`H
E GD YUD`DQMH X SUH_D^QMH VWDQMH QH
SUHGVWDYOMD WHUHW QHVUD]PHUDQ NRULVWL
NRMD `H VH VH GRELWL YUD`DQMHP X
SUH_D^QMH VWDQMH XPHVWR QRYaDQRP
QDNQDGRP ^WHWH
AODQ 
1RYaDQD QDNQDGD

'UCDYDRGJRYRUQD]DDNWSURWLYDQ
PH_XQDURGQRP SUDYX LPD REDYH]X GD
QRYaDQRQDGRNQDGL^WHWXSURX]URNRYDQX
WLP DNWRP X RQRP RELPX X NRPH ^WHWD
QLMHQDGRNQD_HQDYUD`DQMHPXSUH_D^QMH
VWDQMH
1DNQDGD`HREXKYDWDWLVYXILQDQ 
VLMVNLSURFHQMLYX^WHWXXNOMXaXMX`LLL]PD 
NOXGRELWXRQRMPHULXNRMRMMHRQDGR 
ND]DQD
AODQ 
=DGRYROMHQMH

'UCDYDRGJRYRUQD]DDNWSURWLYDQ
PH_XQDURGQRP SUDYX LPD REDYH]X GD
SUXCL]DGRYROMHQMH]DSRYUHGXSURX]URNR 
YDQXWLPDNWRPXRQRPRELPXXNRPH
VH SRYUHGD QH PRCH QDGRNQDGLWL YUD 
`DQMHP X SUH_D^QMH VWDQMH LOL QRYaDQRP
QDNQDGRP
=DGRYROMHQMHVHPRCHSUXCLWLSUL] 
QDQMHP XaLQMHQH SRYUHGH L]MDYRP CDOMH 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QMDIRUPDOQLPL]YLQMHQMHPLOLQDQHNLGUX 
JLSULJRGDQQDaLQ
 =DGRYROMHQMH QH VPH ELWL QHVUD] 
PHUQR XaLQMHQRM SRYUHGL L QH VPH ELWL X
REOLNX SRQLCDYDMX`HP ]D RGJRYRUQX GU 
CDYX
AODQ 
.DPDWD

.DPDWDQDJODYQLFXNRMDVHGXJXMH
QD RVQRYX RYH JODYH SOD`D`H VH NDGD MH
WR QHRSKRGQR GD EL VH RVLJXUDOD SXQD
QDGRNQDGD 6WRSD L QDaLQ L]UDaXQDYDQMD
EL`H RGUH_HQL WDNR GD VH SRVWLJQH RYDM
FLOM
 .DPDWD WHaH RG GDWXPD GRVSH`D
JODYQLFH SD GR GDWXPD NDGD MH REDYH]D
LVSXQMHQD
AODQ 
'RSULQRV SRYUHGL

3UL RGUH_LYDQMX YLVLQH QDGRNQDGH

X]H`HVHXRE]LUGRSULQRVSRYUHGLXaLQMHQ
XPL^OMDMQLP LOL QHKDWQLP aLQMHQMHP LOL
QHaLQMHQMHP R^WH`HQH GUCDYH LOL ELOR NRJ
OLFDLOLWHODXRGQRVXQDNRMHVHQDNQDGD
WUDCL

*/$9$ ,,,
2]ELOMQH SRYUHGH REDYH]D SUHPD
LPSHUDWLYQLP QRUPDPD RS^WHJ
PH_XQDURGQRJ SUDYD
AODQ 
3ULPHQD RYH JODYH

2YDJODYDVHSULPHQMXMHXVOXaDMH 
YLPD PH_XQDURGQH RGJRYRUQRVWL SURX] 
URNRYDQH R]ELOMQRP SRYUHGRP REDYH]D
GUCDYH QD SUHPDLPSHUDWLYQLPQRUPDPD
RS^WHJPH_XQDURGQRJSUDYD
3RYUHGDRYDNYHREDYH]HMHR]ELOM 
QD DNR MH UHa R WH^NRP LOL VLVWHPDWVNRP
SURSX^WDQMX GUCDYH GD LVSXQL VYRMX RED 
YH]X
AODQ 
3RVHEQH SRVOHGLFH R]ELOMQH SRYUHGH
REDYH]H SR RYRM JODYL

'UCDYH`HVDUD_LYDWLGDEL]DNRQL 
WLP VUHGVWYLPD REXVWDYLOH VYDNX R]ELOMQX
SRYUHGXXVPLVOXaODQD

 1LMHGQD GUCDYD QH`H SUL]QDWL NDR

]DNRQLWXVLWXDFLMXNRMDMHSURLVWHNODL]R] 
ELOMQH SRYUHGH X VPLVOX aODQD  L QH`H
QLQDNRMLQDaLQSRPR`LXRGUCDYDQMXWDN 
YHVLWXDFLMH
 2YDM aODQ QHPD XWLFDMD QD GUXJH
SRVOHGLFH SURSLVDQH RYLP 'HORP L QD
GUXJH SRVOHGLFH SURSLVDQH PH_XQDURG 
QLP SUDYRP ]D SRYUHGH X VPLVOX RYRJ
'HOD

'HR WUH`L
2679$5,9$1-( 0(?81$52'1(
2'*29251267, '5#$9(
*/$9$ ,
3R]LYDQMH QD RGJRYRUQRVW GUCDYH
AODQ 
3R]LYDQMH R^WH`HQH GUCDYH QD RGJRYRUQRVW
GUXJH GUCDYH

2^WH`HQDGUCDYDVHPRCHSR]YDWLQD
RGJRYRUQRVW GUXJH GUCDYH DNR VH SRY 
UH_HQDREDYH]DRGQRVLODQD
D VDPX R^WH`HQX GUCDYX LOL
E JUXSXGUCDYDNRMRMSULSDGDR^WH`HQD
GUCDYDLOLQDPH_XQDURGQX]DMHGQL 
FXNDRFHOLQXDNU^HQMHWHREDYH]H
L LPDSRVHEQHSRVOHGLFHQDR^WH`
HQX GUCDYX LOL
LL MH WDNYH SULURGH GD PHQMD SR
ORCDM VYLK GUCDYD SUHPD NRMLPD
REDYH]D SRVWRML X SRJOHGX QD
GDOMH LVSXQMDYDQMH WH REDYH]H
AODQ 
2EDYH^WDYDQMH R ]DKWHYX

2^WH`HQDGUCDYDNRMDVHSR]LYDQD
RGJRYRUQRVW GUXJH GUCDYH REDYHVWL`H WX
GUCDYXRVYRP]DKWHYX
 2^WH`HQD GUCDYD PRCH SRVHEQR
QDYHVWL
D UDGQMX NRMX EL RGJRYRUQD GUCDYD
WUHEDORGDSUHGX]PHGDELSUHNLQXOD
VDYU^HQMHPSURWLYSUDYQRJDNWDDNR
RQR L GDOMH WUDMH
E NRML REOLN QDGRNQDGH EL WUHEDOR GD
SUXCL X VNODGX VD RGUHGEDPD 'UX
JRJ GHOD RYLK aODQDND



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
3ULKYDWOMLYRVW ]DKWHYD

1D RGJRYRUQRVW GUCDYH QH PRCH VH

SR]LYDWL
D DNR ]DKWHY QLMH SRGQHW X VNODGX VD
ELOR NRMLP SULPHQMLYLP SUDYLORP R
GUCDYOMDQVWYX SRGQRVLRFD ]DKWHYD
E DNRVHQD]DKWHYSULPHQMXMHSUDYLOR
RLVFUSHQRVWLGRPD`LKSUDYQLKOHNR 
YD D WDNYL HILNDVQL OHNRYL QLVX LVFU
SHQL
AODQ 
*XELWDN SUDYD SR]LYDQMD
QD RGJRYRUQRVW

1D RGJRYRUQRVW GUCDYH QH PRCH VH

SR]LYDWLDNR
D VH R^WH`HQD GUCDYD QD SXQRYDCDQ
QDaLQ RGUHNOD VYRJ ]DKWHYD
E VH PRCH VPDWUDWL GD VH R^WH`HQD
GUCDYD XVOHG SURWHND YUHPHQD L
VRSVWYHQRJ SRQD^DQMD RGUHNOD SUD
YD QD LVWLFDQMH ]DKWHYD
AODQ 
3OXUDOLWHW R^WH`HQLK
GUCDYD

.DGD MH YL^H GUCDYD R^WH`HQR LVWLP

DNWRPSURWLYQRPPH_XQDURGQRPSUDYX
VYDND R^WH`HQD GUCDYD PRCH VH ]DVHEQR
SR]YDWL QD RGJRYRUQRVW GUCDYH NRMD MH
XaLQLOD WDM DNW SURWLYDQ PH_XQDURGQRP
SUDYX

AODQ 
3R]LYDQMH GUCDYH NRMD QLMH R^WH`HQD QD
RGJRYRUQRVW GUXJH GUCDYH

'UCDYDNRMDQLMHR^WH`HQDPRCHVH
SR]LYDWL QD RGJRYRUQRVW GUXJH GUCDYH X
VNODGXVDVWDYRP
D DNR SUHNU^HQD REDYH]D SRVWRML SUH 
PD JUXSLGUCDYDXNOMXaXMX`LGUCDYX
NRMD VH QD RGJRYRUQRVW SR]LYD L
DNR MH REDYH]D XVWDQRYOMHQD UDGL
]D^WLWH NROHNWLYQRJ LQWHUHVD JUXSH
LOL
E SUHNU^HQD REDYH]D SRVWRML SUHPD
PH_XQDURGQRM ]DMHGQLFL NDR FHOLQL
'UCDYDNRMDLPDSUDYRGDLVWDNQH
]DKWHYQDRVQRYXVWDYDPRCHRGRGJR 
YRUQHGUCDYHWUDCLWL
D REXVWDYX DNWD SURWLYQRJ PH_XQD 
URGQRP SUDYX L MHPVWYD R QHSRQD 
YOMDQMX X VNODGX VD aODQRP  L
E LVSXQMHQMH REDYH]H QDGRNQDGH X
VNODGX VD SUHWKRGQLP aODQRYLPD X
LQWHUHVX R^WH`HQH GUCDYH LOL NRULVQL 
ND SUHNU^HQH REDYH]H
 6YL XVORYL ]D SR]LYDQMH R^WH`HQH
GUCDYH QD RGJRYRUQRVW GUXJH GUCDYH X
VNODGXVDaODQRYLPDLSULPHQMX 
MX VH L QD SR]LYDQMH QD RGJRYRUQRVW RG
VWUDQHGUCDYHNRMDMHQDWRRYOD^`HQDVWD 
YRPRYRJaODQD

*/$9$ ,,
3URWLYPHUH

AODQ 
3OXUDOLWHW RGJRYRUQLK
GUCDYD

.DGDMHYL^HGUCDYDRGJRYRUQR]D
LVWL DNW SURWLYDQ PH_XQDURGQRP SUDYX
R^WH`HQDGUCDYDPRCHVHSR]LYDWLQDRG 
JRYRUQRVWVYDNHRGWLKGUCDYDXRGQRVX
QDWDMDNW
6WDY
D QH GR]YROMDYD ELOR NRMRM R^WH`HQRM
GUCDYL GD SXWHP QDNQDGH SULEDYL
YL^HRGL]QRVD^WHWHNRMXMHSUHWUSH 
OD
E QHPD XWLFDMD QD HYHQWXDOQR SUDYR
UHJUHVD MHGQH RGJRYRUQH GUCDYH
SUHPD GUXJRM

AODQ 
&LOM L RJUDQLaHQMD SURWLYPHUD

 2^WH`HQD GUCDYD PRCH SUHGX]HWL

SURWLYPHUHSUHPDGUCDYLNRMDMHRGJRYRU 
QD]DDNWSURWLYDQPH_XQDURGQRPSUDYX
VDFLOMHPGDSULPRUDWXGUCDYXGDLVSXQL
VYRMH REDYH]H SUHPD 'UXJRP GHOX RYLK
aODQRYD
3URWLYPHUHVXRJUDQLaHQHQDSULY 
UHPHQR QHL]YU^DYDQMH PH_XQDURGQLK
REDYH]DGUCDYHNRMDPHUHSUHGX]LPDSUH 
PDRGJRYRUQRMGUCDYL
3URWLYPHUH`HXPHULXNRMRMMHWR
PRJX`HELWLSUHGX]HWHWDNRGDRPRJX`H



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YDVSRVWDYOMDQMHL]YU^DYDQMDREDYH]HRNR 
MRMVHUDGL
AODQ 
2EDYH]H QD NRMH SURWLYPHUH QH PRJX
XWLFDWL

3URWLYPHUHQHPRJXXWLFDWL
D QDREDYH]XGUCDYHGDVHVX]GUCLRG
SUHWQMH LOL XSRWUHEH VLOH SUHPD 3R 
YHOML 8MHGLQMHQLK QDFLMD
E QD REDYH]H SR^WRYDQMD RVQRYQLK
OMXGVNLK SUDYD
F QD REDYH]H KXPDQLWDUQRJ NDUDNWHUD
NRMH ]DEUDQMXMX UHSUHVDOLMH
G QD GUXJH REDYH]H SUHPD LPSHUDWLY 
QLP QRUPDPD RS^WHJ PH_XQDURG 
QRJ SUDYD
'UCDYDNRMDSUHGX]LPDSURWLYPHUH
QHPRCHVHRVORERGLWLVYRMLKREDYH]D
D SUHPD ELOR NRP SRVWXSNX PLUQRJ
UH^DYDQMD VSRURYD NRML MH SULPHQMLY
L]PH_X QMH L RGJRYRUQH GUCDYH
E GD SR^WXMH QHSULNRVQRYHQRVW GLSOR
PDWVNLK L NRQ]XODUQLK DJHQDWD SUR 
VWRULMD DUKLYD L GRNXPHQDWD
AODQ 
3URSRUFLRQDOQRVW

3URWLYPHUHPRUDMXELWLVUD]PHUQHVD
XaLQMHQRP SRYUHGRP X]LPDMX`L X RE]LU
R]ELOMQRVW XaLQMHQRJ DNWD SURWLYQRJ
PH_XQDURGQRP SUDYX NDR L NRQNUHWQD
SUDYDRNRMLPDVHUDGL

3URWLYPHUHQHPRJXELWLSUHGX]H 
WH D DNR VX YH` SUHGX]HWH PRUDMX ELWL
REXVWDYOMHQHEH]RGODJDQMD
D DNR MH DNW SURWLYDQ PH_XQDURGQRP
SUDYX REXVWDYOMHQ L
E DNR VH VSRU QDOD]L SUHG VXGRP LOL
WULEXQDORP NRML MH RYOD^`HQ GD GR
QHVH REDYH]XMX`X RGOXNX SUHPD
VWUDQDPD X VSRUX
 6WDY  VH QH`H SULPHQLWL DNR RG
JRYRUQD GUCDYD QH NRULVWL SRVWXSNH PLU 
QRJUH^DYDQMDVSRURYDXGREURMYHUL
AODQ 
2NRQaDQMH SURWLYPHUD

3URWLYPHUH `H ELWL RNRQaDQH aLP VH

RGJRYRUQDGUCDYDSRYLQXMHVYRMLPREDYH 
]DPDL]'UXJRJGHODRYLKaODQRYDXRG 
QRVXQDDNWSURWLYDQPH_XQDURGQRPSUD 
YX
AODQ 
0HUH NRMH SUHGX]LPDMX GUCDYH NRMH QLVX
R^WH`HQH

2GUHGEHRYHJODYHQHPDMXXWLFDMDQD
SUDYR ELOR NRMH GUCDYH RYOD^`HQH QD RV 
QRYX VWDYD  aODQD  GD VH SR]RYH QD
RGJRYRUQRVWGUXJHGUCDYHGDSUHGX]PH
]DNRQLWHPHUHSURWLYWHGUCDYHUDGLREH] 
EH_HQMDREXVWDYHSRYUHGHLQDNQDGH^WH 
WH X LQWHUHVX R^WH`HQH GUCDYH RGQRVQR
NRULVQLNDSRYUH_HQHREDYH]H

'HR aHWYUWL
23>7( 2'5('%(
AODQ 
/H[ VSHFLDOLV

AODQ 
8VORYL SULEHJDYDQMD SURWLYPHUDPD

 3UH SUHGX]LPDQMD SURWLYPHUD

R^WH`HQDGUCDYD`H
D SR]YDWLRGJRYRUQXGUCDYXXVNODGX
VD aODQRP  GD LVSXQL VYRMH RED 
YH]H L] 'UXJRJ GHOD RYLK aODQRYD
E REDYHVWLWLRGJRYRUQXGUCDYXRRGOX 
FL GD VH SUHGX]PX SURWLYPHUH L WRM
GUCDYL SRQXGLWL SUHJRYRUH
1H]DYLVQRRGRGUHGEHVWDYDE
R^WH`HQDGUCDYDPRCHSUHGX]HWLWDNYHKLW 
QH SURWLYPHUH NDNYH VX QHRSKRGQH ]D
RaXYDQMHQMHQLKSUDYD

2YL aODQRYL VH QH`H SULPHQLWL X

VOXaDMXLXRQRPRELPXXNRPHVXXVORYL
SRVWRMDQMDQHNRJDNWDSURWLYQRJPH_XQD 
URGQRP SUDYX LOL VDGUCLQD L RVWYDULYDQMH
PH_XQDURGQHRGJRYRUQRVWLGUCDYHUHJX 
OLVDQH VSHFLMDOQLP SUDYLOLPD PH_XQDURG 
QRJSUDYD
AODQ 
3LWDQMD RGJRYRUQRVWL GUCDYH NRMD QLVX
UHJXOLVDQD RYLP aODQRYLPD

3ULPHQMLYD SUDYLOD PH_XQDURGQRJ

SUDYD QDVWDYOMDMX GD UHJXOL^X SLWDQMD RG 
JRYRUQRVWL GUCDYD ]D DNWH SURWLYQH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PH_XQDURGQRPSUDYXXRQRMPHULXNRMRM
RYDSLWDQMDQLVXUHJXOLVDQDRYLPaODQRYL 
PD
AODQ 
2GJRYRUQRVW PH_XQDURGQH RUJDQL]DFLMH

2GUHGEHRYLKaODQRYDQHPDMXXWLFD 
MD QD ELOR NRMH SLWDQMH RGJRYRUQRVWL
PH_XQDURGQLK RUJDQL]DFLMD SR PH_XQD 
URGQRPSUDYXLOLGUCDYH]DSRQD^DQMHQH 
NHPH_XQDURGQHRUJDQL]DFLMH

AODQ 
,QGLYLGXDOQD RGJRYRUQRVW

2GUHGEHRYLKaODQRYDQHPDMXXWLFD 
MDQLQDMHGQRSLWDQMHLQGLYLGXDOQHRGJR 
YRUQRVWLSRPH_XQDURGQRPSUDYXQHNRJ
OLFDNRMHGHOXMHXLPHGUCDYH
AODQ 
3RYHOMD 8MHGLQMHQLK QDFLMD

2GUHGEHRYLKaODQRYDQHPDMXXWLFD 
MDQDRGUHGEH3RYHOMH8MHGLQMHQLKQDFLMD

 6WRNKROPVND GHNODUDFLMD R CLYRWQRM VUHGLQL

L]YRG
1DaHOR 

'UCDYHLPDMXVXYHUHQRSUDYRXVNOD 
GX VD 3RYHOMRP 8MHGLQMHQLK QDFLMD L
QDaHOLPD PH_XQDURGQRJ SUDYD GD
HNVSORDWL^XVRSVWYHQHUHVXUVHXVNODGXVD
QMLKRYRPSROLWLNRP]D^WLWHCLYRWQHVUHGL 
QH L REDYH]X GD RVLJXUDMX GD DNWLYQRVWL
NRMHVHSUHGX]LPDMXXQXWDUQMLKRYHQDFL 
RQDOQHMXULVGLNFLMHLOLSRGQMLKRYRPNRQ 
WURORPQHL]D]LYDMX^WHWXSRCLYRWQXVUH 

GLQXGUXJHGUCDYHLOLREODVWLNRMHQHSRW 
SDGDMXSRGQDFRQDOQXMXULVGLNFLMX
1DaHOR 

'UCDYH`HVDUD_LYDWLQDGDOMHPXQD 
SUH_HQMX PH_XQDURGQRJ SUDYD X REODVWL
RGJRYRUQRVWL L QDGRNQDGH ^WHWH CUWYDPD
]DJD_HQMDLGUXJLKR^WH`HQMDCLYRWQHVUH 
GLQH X]URNRYDQLK DNWLYQRVWLPD SUHGX]H 
WLP XQXWDU QDFLRQDOQH MXULVGLNFLMH WLK
GUCDYDREODVWLPDNRMHVXYDQQMLKRYLKMX 
ULVGLNFLMD

 'HNODUDFLMD R CLYRWQRM VUHGLQL L UD]YRMX L] 5LMD

L]YRG
1DaHOR 

'UCDYHLPDMXVXYHUHQRSUDYRXVNOD 
GX VD 3RYHOMRP 8MHGLQMHQLK QDFLMD L
QDaHOLPD PH_XQDURGQRJ SUDYD GD
HNVSORDWL^XVRSVWYHQHUHVXUVHXVNODGXVD
QMLKRYRPSROLWLNRP]D^WLWHCLYRWQHVUHGL 
QH L UD]YRMD L RGJRYRUQRVW GD RVLJXUDMX
GDDNWLYQRVWLNRMHVHSUHGX]LPDMXXQXWDU
QMLKRYHQDFLRQDOQHMXULVGLNFLMHLOLSRGQML 
KRYRP NRQWURORP QH L]D]LYDMX ^WHWX SR
CLYRWQX VUHGLQX GUXJLK GUCDYD LOL REODVWL
NRMH QH SRWSDGDMX SRG QDFRQDOQX MXULV 
GLNFLMX



1DaHOR 

'UCDYH`HVDUD_LYDWLXGXKXJOREDO 
QRJ SDUWQHUVWYD GD RaXYDMX ]D^WLWH L RE 
QRYH ]GUDYOMH L LQWHJULWHW HNRVLVWHPD SOD 
QHWH=HPOMH6RE]LURPQDUD]OLaLWHXORJH
X VYHRS^WRM GHJUDGDFLML CLYRWQH VUHGLQH
GUCDYHLPDMXVOLaQHDOLUD]QRYUVQHREDYH 
]H 5D]YLMHQH GUCDYH SULKYDWDMX X RGJR 
YRUQRVW NRMX QRVH X PH_XQDURGQRM SRW 
UD]L ]D RGUCLYLP UD]YRMHP V RE]LURP QD
SULWLVNHNRMHQMLKRYDGUX^WYDaLQHQDJOR 
EDOQX CLYRWQX VUHGLQX L QD WHKQRORJLMH L
ILQDQVLMVNHUHVXUVHNRMLPDXSUDYOMDMX

=DYU^QLDNW.RQIHUHQFLMH8MHGLQMHQLKQDFLMDR]D^WLWLCLYRWQHVUHGLQHXVYRMHQX6WRNKROPX
 MXQD  JRGLQH
=DYU^QL DNW .RQIHUHQFLMH 8MHGLQMHQLKQDFLMDRCLYRWQRMVUHGLQLL RGUCLYRPUD]YRMXXVYRMHQ
X 5LR GH #DQHLUX  MXQD 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

1DaHOR 

6DFLOMHPGDVH]D^WLWLCLYRWQDVUHGLQD
GUCDYH `H SULPHQLWL SUHYHQWLYQL SULVWXS
SUHPDVYRMLPPRJX`QRVWLPD8NROLNRSR 
VWRMLSUHWQMDQDVWDMDQMDR]ELOMQHLQHQDGRN 

QDGLYH ^WHWH QHGRVWDWDN SRWSXQLK

QDXaQLKGRND]DQHPRCHVHNRULVWLWLNDR
UD]ORJ]DRGEDFLYDQMHHNRQRPVNLRGUCLYLK
PHUD SRJRGQLK ]D VSUHaDYDQMH QDVWDQND
^WHWHSRCLYRWQXRNROLQX

 .RQYHQFLMD 8MHGLQMHQLK QDFLMD R SUDYX PRUD

L]YRG
AODQ 
2S^WD REDYH]D

'UCDYH LPDMX REDYH]X RaXYDQMD L

]D^WLWHPRUVNHVUHGLQH
AODQ 

6XYHUHQR SUDYR GUCDYD GD LVNR

UL^`DYDMXVYRMHSULURGQHUHVXUVH

'UCDYH LPDMX VXYHUHQR SUDYR LVNR

UL^`DYDQMDVYRMLKSULURGQLKUHVXUVDXVNOD 
GXVDVRSVWYHQRPSROLWLNRP]D^WLWHCLYRW 
QH VUHGLQH L X VDJODVQRVWL VD QMLKRYRP
REDYH]RPGD^WLWHLRaXYDMXPRUVNXVUH 
GLQX

 .RQYHQFLMD R ELROR^NRM UD]QRYUVQRVWL

892'
6WUDQHXJRYRUQLFH
6YHVQH VWYDUQH YUHGQRVWL ELROR^NH
UD]QRYUVQRVWL L HNROR^NLK JHQHWLaNLK
GUX^WYHQLK QDXaQLK REUD]RYQLK NXOWXU 
QLK UHNUHDWLYQLK L HVWHWVNLK YUHGQRVWL EL 
ROR^NHUD]QRYUVQRVWLLQMHQLKNRPSRQHQWL
7DNR_H VYHVQH YDCQRVWL ELROR^NH
UD]QRYUVQRVWL ]D HYROXFLMX L RGUCDYDQMH
CLYLK VLVWHPD NRML RPRJX`DYDMX IXQNFLR 
QLVDQMHELRVIHUH
3RWYU_XMX`L GD MH RaXYDQMH ELROR^NH
UD]QRYUVQRVWL ]DMHGQLaND EULJD aRYHaDQ 
VWYD
3RQRYRSRWYU_XMX`LGDGUCDYHLPDMX
VXYHUHQDSUDYDQDVRSVWYHQHELROR^NHUH 
VXUVH
7DNR_HSRWYU_XMX`LGDVXGUCDYHRG 
JRYRUQH ]D RaXYDQMH VYRMH ELROR^NH UD] 
QRYUVQRVWL L NRUL^`HQMH VRSVWYHQLK ELR 
OR^NLKUHVXUVDQDRGUCLYQDaLQ



=DEULQXWH ]ERJ aLQMHQLFH GD VH ELR

OR^ND UD]QRYUVQRVW ]QDaDMQR VPDQMXMH
]ERJRGUH_HQLKOMXGVNLKDNWLYQRVWL
6YHVQHRS^WHJQHGRVWDWNDLQIRUPDFL 
MDL]QDQMDRELROR^NRMUD]QRYUVQRVWLLKLW 
QRM SRWUHEL ]D UD]YLMDQMH QDXaQLK WHK 
QLaNLK L LQVWLWXFLRQDOQLK NDSDFLWHWD NDNR
ELVHREH]EHGLORVWLFDQMHRVQRYQRJ]QDQMD
QDRVQRYXNRJDELVHSODQLUDOHLSULPHQML 
YDOHRGJRYDUDMX`HPHUH
.RQVWDWXMX`LGDMHRGYLWDOQHYDCQRVWL
SUHGYLGHWL VSUHaDYDWL L VX]ELMDWL X]URNH
]QDaDMQRJ VPDQMHQMD LOL JXELWND ELROR^NH
UD]QRYUVQRVWLQDVDPRPL]YRUX
7DNR_H NRQVWDWXMX`L GD NDGD SRV 
WRML SUHWQMD ]QDaDMQRJ VPDQMHQMD LOL JX 
ELWNDELROR^NHUD]QRYUVQRVWLQHGRVWDWDN
SRWSXQLK QDXaQLK aLQMHQLFD QH VPH VH
NRULVWLWL NDR UD]ORJ ]D RGODJDQMH PHUD
XVPHUHQLK QD L]EHJDYDQMH LOL VPDQMHQMH
WDNYHSUHWQMH
'DOMHNRQVWDWXMX`LGDMHRVQRYQDSR 
WUHED X RaXYDQMX ELROR^NH UD]QRYUVQRVWL

3RWSLVDQD  GHFHPEUD  VWXSLOD QD VQDJX  QRYHPEUD  6UELMD L &UQD *RUD
UDWLILNRYDOD  QRYHPEUD  6O OLVW 6)5- 
8VYRMHQD  MXQD  6WXSLOD QD VQDJX  GHFHPEUD  6O OLVW 65- 0H_XQDURGQL
XJRYRUL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

LQVLWX RaXYDQMH HNRVLVWHPD L SULURGQLK
VWDQL^WDLRGUCDQMHLREQRYD]DCLYRWVSR 
VREQLKSRSXODFLMDYUVWDXQMLKRYRMSULURG 
QRMVUHGLQL
'DOMH NRQVWDWXMX`L GD H[VLWX PHUH
SUHYDVKRGQR X GUCDYL L]NRMH YUVWHYRGH
SRUHNORWDNR_HLPDMXYDCQXXORJX
8YDCDYDMX`L YHOLNX L WUDGLFLRQDOQX
]DYLVQRVW RG ELROR^NLK UHVXUVD PQRJLK
VWDURVHGHODaNLK L ORNDOQLK ]DMHGQLFD NRMH
VH GUCH WUDGLFLRQDOQRJ QDaLQD CLYRWD L
aLQMHQLFX GD MH SRCHOMQR SUDYHGQR GHOLWL
NRULVWLNRMHSURLVWLaXL]NRUL^`HQMDWUDGLFL 
RQDOQRJ]QDQMDLQRYDFLMDLSUDNVLNRMHVH
RGQRVHQDRaXYDQMHELROR^NHUD]QRYUVQR 
VWL L RGUCLYRJ NRUL^`HQMD QMHQLK NRPSR 
QHQWL
7DNR_H XYDCDYDMX`L YLWDOQX XORJX
NRMXLJUDMXCHQHXRaXYDQMXLRGUCLYRP
NRUL^`HQMX ELROR^NH UD]QRYUVQRVWL L
SRWYU_XMX`LSRWUHEXSXQRJXaH^`DCHQD
QDVYLPQLYRLPDNUHLUDQMDSROLWLNHLSUL 
PHQHRaXYDQMDELROR^NHUD]QRYUVQRVWL
1DJOD^DYDMX`L YDCQRVW L SRWUHEX
XQDSUH_HQMD PH_XQDURGQH UHJLRQDOQH
L JOREDOQH VDUDGQMH L]PH_X GUCDYD L
PH_XYODGLQLK RUJDQL]DFLMD LQHYODGLQRJ
VHNWRUD UDGL RaXYDQMD ELROR^NH UD]QR 
YUVQRVWL L RGUCLYRJ NRUL^`HQMD QMHQLK
NRPSRQHQWL
8YDCDYDMX`LGDVHPRCHRaHNLYDWLGD
REH]EH_HQMHQRYLKLGRGDWQLKILQDQVLMVNLK
VUHGVWDYD L RGJRYDUDMX`HJ SULVWXSD UHOH 
YDQWQLPWHKQRORJLMDPDGRYHGHGRVX^WLQ 
VNLK SURPHQD NDGD MH UHa R VSRVREQRVWL
VYHWD GD UH^DYD SLWDQMH JXELWND ELROR^NH
UD]QRYUVQRVWL
'DOMHXYDCDYDMX`LGDVXSRWUHEQLSR 
VHEQLQDSRULNDNRELVH]DGRYROMLOHSRWUH 
EH ]HPDOMD X UD]YRMX XNOMXaXMX`L L REH] 
EH_HQMH QRYLK L GRGDWQLK ILQDQVLMVNLK
VUHGVWDYD L RGJRYDUDMX`HJ SULVWXSD UHOH 
YDQWQLPWHKQRORJLMDPD
.RQVWDWXMX`LXRYRPSRJOHGXSRVHE 
QH XVORYH QDMPDQMH UD]YLMHQLK ]HPDOMD L
PDOLKRVWUYVNLKGUCDYD
8YDCDYDMX`LGDVXSRWUHEQD]QDaDMQD
XODJDQMD ]D RaXYDQMH ELROR^NH UD]QRYUV 

QRVWL L GD VH RaHNXMH ^LURN VSHNWDU HNR 

OR^NLKHNRQRPVNLKLVRFLMDOQLKNRULVWLRG
RYLKXODJDQMD
8YDCDYDMX`LGDVXHNRQRPVNLLVRFL 
MDOQLUD]YRMLRWNODQMDQMHVLURPD^WYDSUYLL
QDMYDCQLMLSULRULWHWL]HPDOMDXUD]YRMX
6YHVQHGDMHRaXYDQMHLRGUCLYRNR 
UL^`HQMHELROR^NHUD]QRYUVQRVWLRGL]X]HW 
QHYDCQRVWL]D]DGRYROMDYDQMHSUHKUDPEH 
QLK]GUDYVWYHQLKLGUXJLKSRWUHEDUDVWX`H
VYHWVNHSRSXODFLMH]ERJaHJDMHRGYLWDO 
QHYDCQRVWLSULVWXSJHQHWLaNLPUHVXUVLPD
L WHKQRORJLMDPD L QMLKRYR ]DMHGQLaNR NR 
UL^`HQMH
.RQVWDWXMX`L GD `H X NUDMQMRM OLQLML
RaXYDQMH L RGUCLYR NRUL^`HQMH ELROR^NH
UD]QRYUVQRVWL RMDaDWL SULMDWHOMVNH RGQRVH
PH_X GUCDYDPD L GRSULQHWL JOREDOQRP
PLUX
#HOH`L GD SRYH`DMX L GRSXQH SRVWR
MH`H PH_XQDURGQH DUDQCPDQH ]D RaXYD 
QMHELROR^NHUD]QRYUVQRVWLLRGUCLYRJNR 
UL^`HQMDQMHQLKNRPSRQHQWLL
2GOXaQH GD RaXYDMX L QD RGUCLY
QDaLQNRULVWHELROR^NXUD]QRYUVQRVWXNR 
ULVWVDGD^QMLKLEXGX`LKJHQHUDFLMD
'RJRYRULOHVXVHNDNRVOHGL
AODQ 
&LOMHYL

&LOMHYL RYH NRQYHQFLMH NRMH WUHED

RVWYDULYDWLXVNODGXVDQMHQLPRGUHGEDPD
VX RaXYDQMH ELROR^NH UD]QRYUVQRVWL
RGUCLYR NRUL^`HQMH QMHQLK NRPSRQHQWL L
SR^WHQD L SUDYHGQD SRGHOD NRULVWL NRMH
SURLVWLaXL]NRUL^`HQMDJHQHWLaNLKUHVXUVD
L]PH_XRVWDORJRGJRYDUDMX`LPSULVWXSRP
JHQHWLaNLP UHVXUVLPD L RGJRYDUDMX`LP
WUDQVIHURP UHOHYDQWQLK WHKQRORJLMD X]L 
PDMX`LXRE]LUVYDSUDYDQDRYHUHVXUVHL
WHKQRORJLMH L RGJRYDUDMX`LP ILQDQVLUD 
QMHP
AODQ 
.RUL^`HQMH WHUPLQD

8VPLVOXRYHNRQYHQFLMHWHUPLQ
%LROR^NDUD]QRYUVQRVWm]QDaLUD]QR 
YUVQRVWCLYLKRUJDQL]DPDXVYLPRNYLULPD
XNOMXaXMX`L L]PH_X RVWDORJ VXYR]HPQH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

PRUVNHLGUXJHYRGHQHHNRVLVWHPHLHNR 
OR^NH NRPSOHNVH aLML VX GHR RYR XNOMX 
aXMHUD]QRYUVQRVWXRNYLUXYUVWHL]PH_X
YUVWDLL]PH_XHNRVLVWHPD
%LROR^NLUHVXUVLmXNOMXaXMHJHQHWLaNH
UHVXUVH RUJDQL]PH L QMLKRYH GHORYH SR 
SXODFLMHLOLELORNRMHGUXJHELRWLaNHNRP 
SRQHQWHHNRVLVWHPDVDVWYDUQRPLOLSRWHQ 
FLMDOQRPQDPHQRPLOLNRUL^`X]DaRYHaDQ 
VWYR
%LRWHKQRORJLMDmR]QDaDYDVYDNXWHK 
QROR^NXSULPHQXNRMDNRULVWLELROR^NHVL 
VWHPHCLYHRUJDQL]PHLOLQMLKRYHGHULYDWH
NDNRELVHQDSUDYLOLLOLL]PHQLOLSURL]YRGL
LOLSURFHVL]DVSHFLILaQHQDPHQH
=HPOMD SRUHNOD JHQHWLaNLK UHVXUVDm
R]QDaDYD]HPOMXNRMDSRVHGXMHRYHJHQH 
WLaNHUHVXUVHX LQVLWXXVORYLPD
=HPOMD NRMD REH]EH_XMH JHQHWLaNH
UHVXUVHmR]QDaDYDGUCDYXNRMDLVSRUXaXMH
JHQHWLaNHUHVXUVHSULNXSOMHQHL]LQVLWXL]
YRUD XNOMXaXMX`L SRSXODFLMH NDNR GLYOMLK
WDNR L SULSLWRPOMHQLK YUVWD LOL L] H[VLWX
L]YRUDNRMLPRJXLOLQHPRUDMXSRWLFDWLL]
WHGUCDYH
3ULSLWRPOMHQH LOL JDMHQH YUVWHm R] 
QDaDYDYUVWHNRGNRMLKMHaRYHNXWLFDRQD
HYROXFLRQLSURFHVNDNREL]DGRYROMLRVYR 
MHSRWUHEH
(NRVLVWHPm R]QDaDYD GLQDPLaNL
NRPSOHNV]DMHGQLFHELOMDNDCLYRWLQMDPL 
NURRUJDQL]DPD L QMLKRYX QHCLYX RNROLQX
NRML PH_XVREQR GHOXMX NDR MHGQD HNR 
OR^NDFHOLQD
([ VLWX RaXYDQMHm R]QDaDYD RaXYD 
QMH NRPSRQHQDWD ELROR^NH UD]QRYUVQRVWL
L]YDQQMLKRYLKSULURGQLKVWDQL^WD
*HQHWLaNL PDWHULMDOm R]QDaDYD ELOR
NRMLPDWHULMDOELOMQRJCLYRWLQMVNRJPLNUR 
ELMDOQRJ LOL GUXJRJ SRUHNOD NRML VDGUCL
IXQNFLRQDOQHMHGLQLFHQDVOH_D
*HQHWLaNL UHVXUVLm R]QDaDYD JHQH
WLaNL PDWHULMDO RG VWYDUQH LOL SRWHQFLMDOQH
YUHGQRVWL
6WDQL^WHmR]QDaDYDPHVWRLOLWLSVUH 
GLQHXNRPHRUJDQL]DPLOLSRSXODFLMDSUL 
URGQRCLYL

,QVLWXXVORYLmR]QDaDYDXVORYHJGH
JHQHWLaNLUHVXUVLSRVWRMHXRNYLUXHNRVLV 
WHPD L SULURGQLK VWDQL^WD L X VOXaDMX SUL 
SLWRPOMHQLK LOL JDMHQLK YUVWD X RNUXCHQMX
JGHVXUD]YLOLVYRMDSUHSR]QDWOMLYDLNDUDN 
WHULVWLaQDVYRMVWYD
,QVLWX RaXYDQMHm R]QDaDYD RaXYD
QMH HNRVLVWHPD L SULURGQLK VWDQL^WD
RGUCDYDQMH L REQRYX SRSXODFLMD YUVWD X
QMLKRYLPSULURGQLPVWDQL^WLPDLXVOXaDMX
SULSLWRPOMHQLK LOL JDMHQLK YUVWH X VUHGLQL
X NRMRM VX UD]YLOH VYRMD SUHSR]QDWOMLYD L
NDUDNWHULVWLaQDVYRMVWYD
=D^WL`HQR SRGUXaMHm R]QDaDYD JHR
JUDIVNL GHILQLVDQR SRGUXaMH NRMH MH RG
UH_HQRLOLNRQWUROLVDQRLNRMLPVHXSUDY 
OMDWDNRNDNRELVHSRVWLJOLRGUH_HQLFLOMHYL
RaXYDQMDELROR^NHUD]QRYUVQRVWL
5HJLRQDOQDHNRQRPVNDLQWHJUDWLYQD
RUJDQL]DFLMDm]QDaLRUJDQL]DFLMXNRMXaLQH
VXYHUHQH GUCDYH GDWRJ UHJLRQD QD NRMX
VX QMHQH GUCDYH aODQLFH SUHQHOH QDG 
OHCQRVW X SRJOHGX SLWDQMD NRMD UHJXOL^H
RYD NRQYHQFLMD L NRMD MH SURSLVQR RY 
OD^`HQD X VNODGX VD VYRMLP XQXWUD^QMLP
SRVWXSFLPDGDSRWSL^HUDWLILNXMHSULKYD 
WLRGREULLOLSULVWXSL.RQYHQFLML
2GUCLYR NRUL^`HQMHm ]QDaL NR
UL^`HQMHNRPSRQHQWLELROR^NHUD]QRYUVQR 
VWLQDQDaLQLXRELPXNRMLQHYRGLGXJR 
URaQRPVPDQMHQMXELROR^NHUD]QRYUVQRVWL
RGUCDYDMX`L QD WDM QDaLQ QMHQ SRWHQFLMDO
UDGL ]DGRYROMDYDQMD SRWUHED L WHCQML VD 
GD^QMLKLEXGX`LKJHQHUDFLMD
7HKQRORJLMDm REXKYDWD ELRWHKQROR
JLMX
AODQ 
3ULQFLS

'UCDYHLPDMXXVNODGXVD3RYHOMRP
8MHGLQMHQLK QDFLMD L SULQFLSLPD PH_XQD 
URGQRJSUDYDVXYHUHQRSUDYRGDHNVSOR 
DWL^XVRSVWYHQHUHVXUVHXVNODGXVDVYRMLP
SROLWLNDPD]D^WLWHCLYRWQHVUHGLQHLRGJR 
YRUQRVWGDRVLJXUDMXGDDNWLYQRVWLXRNYL 
UXQMLKRYHMXULVGLNFLMHLOLNRQWUROHQHSUR 
X]URNXMX^WHWXSRCLYRWQXVUHGLQXGUXJLK
GUCDYD LOL REODVWL YDQ JUDQLFD QDFLRQDOQH
MXULVGLNFLMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2ELP MXULVGLNFLMH

AODQ 
,GHQWLILNDFLMD L SUD`HQMH

8 VNODGX VD SUDYLPD GUXJLK GUCDYD

RVLPDNRQLMHL]ULaLWRGUXJDaLMHQD]QDaHQR
X RYRM NRQYHQFLML RGUHGEH RYH NRQYHQ 
FLMHVHSULPHQMXMXYH]DQR]DVYDNX6WUDQX
XJRYRUQLFX
D 8 VOXaDMX NRPSRQHQWL ELROR^NH
UD]QRYUVQRVWLXREODVWLPDXRNYLUXQMHQH
QDFLRQDOQHMXULVGLNFLMHL
E 8 VOXaDMX SURFHVD L DNWLYQRVWL
EH]RE]LUDJGHVHQMLKRYHSRVOHGLFHLVSR 
OMDYDMXNRMHVHVSURYRGHXVNODGXVDQMH 
QRPMXULVGLNFLMRPLOLNRQWURORPXRNYLUX
REODVWL QMHQH QDFLRQDOQH MXULVGLNFLMH LOL
YDQJUDQLFDQDFLRQDOQHMXULVGLNFLMH

6YDND 6WUDQD XJRYRUQLFD `H NROLNR

JRGMHWRPRJX`HLNDNRMHRGJRYDUDMX`H
QDURaLWRXVPLVOXaOGR
D ,GHQWLILNRYDWL NRPSRQHQWH ELROR^NH
UD]QRYUVQRVWLYDCQH]DQMHQRRaXYD 
QMHLRGUCLYRNRUL^`HQMHX]LPDMX`LX
RE]LULQGLNDWLYQLVSLVDNNDWHJRULMDL] 
ORCHQ X $QHNVX ,
E 8]LPDQMHP X]RUDND L SULPHQRP
GUXJLK WHKQLND SUDWLWL NRPSRQHQWH
ELROR^NH UD]QRYUVQRVWL LGHQWLILNRYD 
QHXVNODGXVDSUHWKRGQLPSRWSDUD 
JUDIRP D SRVYH`XMX`L SRVHEQX
SDCQMX RQLPD NRMH ]DKWHYDMX QHRG 
ORCQHPHUH]D^WLWHLRQLPDNRMHLPD 
MX QDMYH`H SRWHQFLMDOH ]D RGUCLYR
NRUL^`HQMH
F ,GHQWLILNRYDWL SURFHVH L NDWHJRULMH
DNWLYQRVWL NRMH LPDMX LOL YHURYDWQR
LPDMX ]QDaDMDQ QHJDWLYDQ XWLFDM QD
RaXYDQMH L RGUCLYR NRUL^`HQMH ELR
OR^NH UD]QRYUVQRVWL L SUDWLWL QMLKRYH
HIHNWH SXWHP X]LPDQMD X]RUDND L
GUXJLK WHKQLND L
G 3RGUCDYDWL L RUJDQL]RYDWL ELOR NRMLP
PHKDQL]PLPD VDNXSOMDQMH SRGDWDND
NRML SURL]OD]H L] LGHQWLILNDFLMH L
SUD`HQMD X VNODGX VD SUHWKRGQLP
WDaNDPD D E L F

AODQ 
6DUDGQMD

6YDND6WUDQDXJRYRUQLFD`HXNROLNR
MH WR PRJX`H L RGJRYDUDMX`H VDUD_LYDWL
QHSRVUHGQRVDVWUDQDPDXJRYRUQLFDPDLOL
NDGD MH WR XSXWQR SUHNR QDGOHCQLK
PH_XQDURGQLK RUJDQL]DFLMD D X YH]L VD
REODVWLPD L]YDQ QDFLRQDOQH MXULVGLNFLMH L
GUXJLPSLWDQMLPDRGX]DMDPQRJLQWHUHVD
UDGL RaXYDQMD L RGUCLYRJ NRUL^`HQMD ELR 
OR^NHUD]QRYUVQRVWL
AODQ 
2S^WH PHUH ]D RaXYDQMH L RGUCLYR
NRUL^`HQMH

6YDND6WUDQDXJRYRUQLFD`HXVNODGX
VD QMHQLP SRVHEQLP XVORYLPD L VSRVRE 
QRVWLPD
D 5D]YLWL QDFLRQDOQH VWUDWHJLMH SODQR 
YH LOL SURJUDPH ]D RaXYDQMH L RGU
CLYRNRUL^`HQMHELROR^NHUD]QRYUVQR 
VWLLOL]DRYHVYUKHSULODJR_DYDWLSR 
VWRMH`HVWUDWHJLMHSODQRYHLOLSURJUD
PH NRML `H L]PH_X RVWDORJ RG
UDCDYDWLPHUHL]QHWHXRYRMNRQYHQ 
FLMLNRMHVHWLaXRGQRVQH6WUDQHXJR 
YRUQLFH L
E ,QWHJULVDWLXPHULXNRMRMMHWRL]YR 
GOMLYRRaXYDQMHLRGUCLYRNRUL^`HQMH
ELROR^NH UD]QRYUVQRVWL X UHOHYDQWQH
VHNWRUVNH LOL QDGVHNWRUVNH SODQRYH
SURJUDPH L SROLWLNH

AODQ 
,QVLWXm RaXYDQMH

8PHULXNRMRMMHWRPRJX`HLRGJR 
YDUDMX`HVYDND6WUDQDXJRYRUQLFD`H
D 8VSRVWDYLWL VLVWHP ]D^WL`HQLK SRG
UXaMDLOLSRGUXaMDXNRMLPDMHSRWUHE 
QRSUHGX]HWLSRVHEQHPHUHNDNREL
VH RaXYDOD ELROR^ND UD]QRYUVQRVW
E 5D]YLMDWL JGH MH SRWUHEQR VPHUQLFH
]D L]ERU XVWDQRYOMDYDQMH L XSUDYOMD 
QMH ]D^WL`HQLP SRGUXaMLPD LOL SRG
UXaMLPDXNRMLPDMHSRWUHEQRSUHGX 
]HWLSRVHEQHPHUH]DRaXYDQMHELR 
OR^NH UD]QRYUVQRVWL
F 5HJXOLVDWLLOLXSUDYOMDWLELROR^NLPUH 
VXUVLPD YDCQLP ]D RaXYDQMH ELR
OR^NH UD]QRYUVQRVWL ELOR X RNYLUX LOL
L]YDQ]D^WL`HQLKSRGUXaMDXFLOMXQML



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

G
H

KRYRJ RaXYDQMD L RGUCLYRJ NRUL

^`HQMD
8QDSUH_LYDWL]D^WLWXHNRVLVWHPDSUL 
URGQLKVWDQL^WDLRGUCDQMHSRSXODFLMD
YUVWD X SULURGQRM VUHGLQL
8QDSUH_LYDWLHNROR^NL]GUDYLRGUCLY
UD]YRMCLYRWQHVUHGLQHX]RQDPDNR 
MHVHQDOD]HX]]D^WL`HQDSRGUXaMDX
FLOMX SRVSH^LYDQMD QMLKRYH ]D^WLWH
5HKDELOLWRYDWLLREQRYLWLGHJUDGLUDQH
HNRVLVWHPH L XQDSUH_LYDWL RSRUDYDN
XJURCHQLK YUVWD L]PH_X RVWDORJ UD 
]UDGRP L VSURYR_HQMHP SODQRYD L
GUXJLK VWUDWHJLMD XSUDYOMDQMD
8WYUGLWLLOLRGUCDYDWLQDaLQH]DUHJX 
OLVDQMHXSUDYOMDQMHLOLNRQWUROXUL]LND
YH]DQLK]DNRUL^`HQMHLLVSX^WDQMHX
CLYRWQX VUHGLQX CLYLK PRGLILNRYD
QLK RUJDQL]DPD NRML VX UH]XOWDW ELR 
WHKQRORJLMHLNRML`HYHURYDWQRLPDWL
QHJDWLYQH HNROR^NH SRVOHGLFH NRMH
EL PRJOH XWLFDWL QD RaXYDQMH L RGU
CLYRNRUL^`HQMHELROR^NHUD]QRYUVQR 
VWL WDNR_H X]LPDMX`L X RE]LU UL]LNH
SR OMXGVNR ]GUDYOMH
6SUHaDYDWL XQR^HQMH NRQWUROLVDWL LOL
LVNRUHQMLYDWL RQH VWUDQH YUVWH NRMH
XJURCDYDMXSULURGQHHNRVLVWHPHVWD 
QL^WD LOL DXWRKWRQH YUVWH
3RNX^DWLGDREH]EHGLXVORYHSRWUHE 
QH ]D XVDJOD^DYDQMH VDGD^QMHJ NR
UL^`HQMD L RaXYDQMD ELROR^NH UD]QR 
YUVQRVWLLRGUCLYRJNRUL^`HQMDQMHQLK
NRPSRQHQWL
8 VNODGX VD VYRMLP QDFLRQDOQLP ]D 
NRQRGDYVWYRP GUCDYH XJRYRUQLFH
`H SR^WRYDWL aXYDWL L RGUCDYDWL ]QD 
QMH LQRYDFLMH L SUDNVH VWDURVHGH
ODaNLK L ORNDOQLK ]DMHGQLFD NRMH VH
GUCH WUDGLFLRQDOQRJ QDaLQD CLYOMHQMD
YDCQRJ ]D RaXYDQMH L RGUCLYR NR
UL^`HQMH ELROR^NH UD]QRYUVQRVWL L
XQDSUH_LYDWL QMLKRYX ^LUX SULPHQX
X] RGREUHQMH L XNOMXaHQMH RQLK NRML
SRVHGXMX WDNYR ]QDQMH LQRYDFLMH L
SUDNVH L SRGVWD`L SUDYHGQX SRGHOX
NRULVWL NRMH SURLVWLaX L] NRUL^`HQMD
WDNYRJ ]QDQMD LQRYDFLMD L SUDNVL

N 5D]YLWL LOL RGUCDYDWL SRWUHEQR ]DNR

QRGDYVWYR LLOL GUXJH UHJXODWRUQH
RGUHGEH]D]D^WLWXXJURCHQLKYUVWDL
SRSXODFLMD
O .DGDVH]QDaDMDQQHJDWLYDQXWLFDMQD
ELROR^NX UD]QRYUVQRVW XWYUGL X VNOD
GX VD aODQRP  6WUDQD XJRYRUQLFD
`H UHJXOLVDWL LOL XSUDYOMDWL UHOH
YDQWQLP SURFHVLPD L NDWHJRULMDPD
DNWLYQRVWL L
P 6DUD_LYDWL X REH]EH_LYDQMX ILQDQ
VLMVNH L GUXJH SRGU^NH ]D LQVLWX
RaXYDQMH QDYHGHQR X WDaNDPD D
GRORYRJaODQDQDURaLWR]D]HPOMH
X UD]YRMX
AODQ 
([VLWXm RaXYDQMH

6YDND 6WUDQD XJRYRUQLFD `H NROLNR

JRGMHWRPRJX`HLNDNRMHRGJRYDUDMX`H
LSUHVYHJDXFLOMXGRSXQH LQVLWXPHUD
D 8VYRMLWL PHUH ]D H[VLWX RaXYDQMH
NRPSRQHQWL ELROR^NH UD]QRYUVQRVWL
SUYHQVWYHQRX]HPOMLSRUHNODWDNYLK
NRPSRQHQWL
E 8VWDQRYOMDYDWL L RGUCDYDWL NDSDFLWHWH
]D H[VLWX RaXYDQMH L LVWUDCLYDQMH EL
OMDND CLYRWLQMD L PLNURRUJDQL]DPD
SUHYDVKRGQRX]HPOMLSRUHNODJHQH 
WLaNLK UHVXUVD
F 8VYDMDWL PHUH ]D RSRUDYDN L UHYLWD 
OL]DFLMX XJURCHQLK YUVWD L ]D SRQRY
QR QDVHOMDYDQMH X QMLKRYD SULURGQD
VWDQL^WD SRG RGJRYDUDMX`LP XVORYL
PD
G 5HJXOLVDWL L XSUDYOMDWL VDNXSOMDQMHP
ELROR^NLK UHVXUVD L] SULURGQLK VWD
QL^WD UDGL H[VLWX RaXYDQMD NDNR VH
QH EL XJUR]LOL HNRVLVWHPL L LQVLWX
SRSXODFLMH YUVWD RVLP NDGD VH ]DK
WHYDMX VSHFLMDOQH SULYUHPHQH H[VLWX
PHUH X VNODGX VD WDaNRP F RYRJ
aODQD L
H 6DUD_LYDWL X REH]EH_LYDQMX ILQDQ
VLMVNH L GUXJH SRGU^NH ]D H[VLWX
RaXYDQMH QDYHGHQR X WDaNDPD D
GRGRYRJaODQDLX XWYU_LYDQMXL
RGUCDYDQMX XVORYD H[VLWX RaXYDQMD
X ]HPOMDPD X UD]YRMX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2GUCLYR NRUL^`HQMH NRPSRQHQWL ELROR>NH
UD]QRYUVQRVWL

6YDND6WUDQDXJRYRUQLFD`HXPHULX
NRMRMMHWRPRJX`HLRGJRYDUDMX`H
D ,QWHJULVDWL UD]PDWUDQMH RaXYDQMD L
RGUCLYRJ NRUL^`HQMD ELROR^NLK UHVXU
VD X GRQR^HQMH QDFLRQDOQLK RGOXND
E 8VYDMDWLPHUHNRMHVHRGQRVHQDNR 
UL^`HQMHELROR^NLKUHVXUVDNDNRELVH
L]EHJOLLQDPLQLPXPVYHOLQHJDWLYQL
XWLFDML QD ELROR^NX UD]QRYUVQRVW
F >WLWLWLLSRGVWLFDWLRELaDMQRNRUL^`HQMH
ELROR^NLK UHVXUVD X VNODGX VD WUDGL
FLRQDOQLP NXOWXUQLP SUDNVDPD NRMH
VX VDJODVQH ]DKWHYLPD RGUCLYRJ NR
UL^`HQMD
G 3RGUCDYDWL ORNDOQH SRSXODFLMH NDNR
EL VH UD]YLOH L VSURYHOH NRUHNWLYQH
DNFLMHXGHJUDGLUDQLPREODVWLPDJGH
MH ELROR^ND UD]QRYUVQRVW VPDQMHQD
H 3RGVWLFDWL VDUDGQMX L]PH_X YODGLQLK
RUJDQDLSULYDWQRJVHNWRUDXUD]UDGL
PHWRGD RGUCLYRJ NRUL^`HQMD ELR
OR^NLK UHVXUVD
AODQ 
3RGVWLFDMQH PHUH

6YDND 6WUDQD XJRYRUQLFD `H X PHUL

XNRMRMMHWRPRJX`HLNDNRMHSULNODGQR
XVYRMLWLHNRQRPVNLLGUX^WYHQRRGJRYDUD 
MX`H PHUH NRMH `H VOXCLWL NDR SRGVWLFDM
RaXYDQMX L RGUCLYRP NRUL^`HQMX NRPSR 
QHQWLELROR^NHUD]QRYUVQRVWL
AODQ 
,VWUDCLYDQMH L REXND

6WUDQH XJRYRUQLFH `H X]LPDMX`L X

RE]LUSRVHEQHSRWUHEH]HPDOMDXUD]YRMX
D 8VWDQRYLWL L RGUCDYDWL SURJUDPH ]D
QDXaQR L WHKQLaNR REUD]RYDQMH L
REXNX QD SROMX PHUD ]D LGHQWLILND 
FLMX RaXYDQMH L RGUCLYR NRUL^`HQMH
ELROR^NHUD]QRYUVQRVWLLQMHQLKNRP 
SRQHQWLLREH]EHGLWLSRGU^NX]DWD 
NYR REUD]RYDQMH L REXNX UDGL SR 
VHEQLK SRWUHED ]HPDOMD X UD]YRMX
E 8QDSUH_LYDWLLSRGVWLFDWLLVWUDCLYDQMH
NRMHGRSULQRVLRaXYDQMXXRGUCLYRP
NRUL^`HQMX ELROR^NH UD]QRYUVQRVWL

QDURaLWR X ]HPOMDPD X UD]YRMX L] 

PH_X RVWDORJ X VNODGX VD RGOXND 
PD.RQIHUHQFLMHVWUDQDGRQHWLKSUH 
PD SUHSRUXNDPD 3RPR`QRJ WHOD ]D
QDXaQRWHKQLaNRLWHKQROR^NRVDYH 
WRYDQMH L
F 8 VNODGX VD RGUHGEDPD aO   L
 XQDSUH_LYDWL L VDUD_LYDWL X NR
UL^`HQMX QDXaQLK LQRYDFLMD X LV
WUDCLYDQMX ELROR^NH UD]QRYUVQRVWL QD
SROMX UD]YRMD PHWRGD ]D RaXYDQMH L
RGUCLYRNRUL^`HQMHELROR^NLKUHVXUVD
AODQ 
-DYQR REUD]RYDQMH L VYHVW

6WUDQHXJRYRUQLFH`H
D 8QDSUH_LYDWL L SRGVWLFDWL UD]XPHYD 
QMH YDCQRVWL RaXYDQMD ELROR^NH UD] 
QRYUVQRVWL L PHUD NRMH VX ]D WR SR 
WUHEQHNDRLRGJRYDUDMX`XSRSXODUL 
]DFLMX SXWHP PHGLMD L XNOMXaHQMH
RYLKSLWDQMDXREUD]RYQHSURJUDPH
L
E 6DUD_LYDWL NDNR MH RGJRYDUDMX`HVD
GUXJLP GUCDYDPD L PH_XQDURGQLP
RUJDQL]DFLMDPDXUD]YLMDQMXREUD]RY 
QLK SURJUDPD L SURJUDPD ]D MDYQX
VYHVW X SRJOHGX RaXYDQMD L RGUCL
YRJ NRUL^`HQMDELROR^NHUD]QRYUVQR 
VWL
AODQ 
3URFHQD XWLFDMD L VYR_HQMH QHJDWLYQLK
XWLFDMD QD PLQLPXP

6YDND6WUDQDXJRYRUQLFD`HXPHUL
XNRMRMMHWRL]YRGOMLYRLRGJRYDUDMX`H
D 8YRGLWLRGJRYDUDMX`HSURFHGXUHNR
MH ]DKWHYDMX SURFHQX XWLFDMD QD CLY 
RWQXVUHGLQXXVOHGSUHGORCHQLKSUR
MHNDWD NRML `H YHURYDWQR LPDWL ]QDW 
QHQHJDWLYQHHIHNWHQDELROR^NXUD] 
QRYUVQRVW X FLOMX L]EHJDYDQMD LOL
VYR_HQMDQDPLQLPXPWDNYLKHIHND 
WDLJGHMHSULNODGQRGR]YROMDYDQMD
XaH^`D MDYQRVWL X WDNYLP SRVWXSFL
PD
E 8YRGLWLRGJRYDUDMX`HDUDQCPDQHND 
NRELVHREH]EHGLORYR_HQMHUDaXQD
R SRVOHGLFDPD SR CLYRWQX VUHGLQX
SURJUDPD L SROLWLND ]D NRMH MH YHUR 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YDWQR GD `H LPDWL ]QDWQH QHJDWLYQH
XWLFDMH QD ELROR^NX UD]QRYUVQRVW
F 8QDSUH_LYDWL QD ED]L UHFLSURFLWHWD
RGJRYDUDMX`H REDYH^WDYDQMH UD]PH 
QXLQIRUPDFLMDLNRQVXOWRYDQMHRDN 
WLYQRVWLPD X QMLKRYRM MXULVGLNFLML LOL
NRQWUROL ]D NRMHMHYHURYDWQRGD`H
LPDWL]QDWQHQHJDWLYQHHIHNWH]DEL 
ROR^NX UD]QRYUVQRVW GUXJLK GUCDYD
LOLREODVWLYDQJUDQLFHQDFLRQDOQHMX 
ULVGLNFLMH SRGVWLFDQMHP ]DNOMXaLYD 
QMD ELODWHUDOQLK UHJLRQDOQLK LOL PXO 
WLODWHUDOQLK VSRUD]XPD
G 8VOXaDMXQHSRVUHGQHLOLWH^NHRSDV 
QRVWL LOL ^WHWH NRMD SRWLaH L] QMHQH
MXULVGLNFLMH LOL NRQWUROH SR ELROR^NX
UD]QRYUVQRVW X REODVWL SRG MXULVGLN
FLMRPGUXJLKGUCDYDLOLREODVWLPDL] 
YDQ JUDQLFD QDFLRQDOQH MXULVGLNFLMH
RGPDK REDYHVWLWL SRWHQFLMDOQR XJ 
URCHQXGUCDYXRWDNYRMRSDVQRVWLLOL
^WHWLNDRLSRNUHQXWLDNFLMX]DVSUH 
aDYDQMH LOL XPDQMHQMH WDNYH RSDVQR 
VWL LOL ^WHWH L
H 8QDSUH_LYDWL QDFLRQDOQH VSRUD]XPH
]D KLWQR UHDJRYDQMH QDDNWLYQRVWL LOL
GRJD_DMHELORGDVXL]D]YDQLSULURG 
QR LOL QD GUXJL QDaLQ NRML SUHGVWDY 
OMDMX R]ELOMQX L EOLVNX RSDVQRVW ]D
ELROR^NX UD]QRYUVQRVW L SRGVWLFDWL
PH_XQDURGQX VDUDGQMX NDNR EL VH
XQDSUHGLOLWDNYLQDSRULLJGHMHRG 
JRYDUDMX`H L NDNR VX VH GRJRYRULOH
GUCDYHLOLUHJLRQDOQHHNRQRPVNHLQ 
WHJUDWLYQH RUJDQL]DFLMH R NRMLPD MH
UHa NDNR EL VH XWYUGLOL ]DMHGQLaNL
SODQRYL ]D YDQUHGQH VLWXDFLMH
.RQIHUHQFLMD6WUDQD`HLVSLWDWLQD
RVQRYXVWXGLMDNRMH`HELWLUD]UD_HQHSL 
WDQMH RGJRYRUQRVWL L QDGRNQDGH XNOMX 
aXMX`LREQDYOMDQMHLNRPSHQ]DFLMX]D^WH 
WXSRELROR^NXUD]QRYUVQRVWRVLPNDGDMH
WDNYDRGJRYRUQRVWaLVWRXQXWUD^QMDVWYDU
AODQ 
3ULVWXS JHQHWLaNLP UHVXUVLPD

 8YDCDYDMX`L VXYHUHQD SUDYD

GUCDYDQDGQMLKRYLPQDFLRQDOQLPSULURG 
QLP UHVXUVLPD RYOD^`HQH ]D XWYU_LYDQMH
SULVWXSDJHQHWLaNLPUHVXUVLPDLPDQDFLR 

QDOQDYODGDLSRGOHCHQDFLRQDOQRP]DNR 
QRGDYVWYX
6YDND6WUDQDXJRYRUQLFD`HQDVWR
MDWLGDVWYRULXVORYH]DRODN^DYDQMHSULVWX 
SDJHQHWLaNLPUHVXUVLPD]DQDPHQHNRMH
VXHNROR^NL]GUDYHSRCLYRWQXVUHGLQXRG
VWUDQH GUXJLK 6WUDQD XJRYRUQLFD L GD QH
QDPH`H RJUDQLaHQMD NRMD VX VXSURWQD FL 
OMHYLPDRYHNRQYHQFLMH
8VPLVOXRYHNRQYHQFLMHJHQHWLaNL
UHVXUVLNRMHLVSRUXaXMH6WUDQDXJRYRUQLFD
NDNRMH QDYHGHQR X RYRP aODQX LaO
L  VXVDPRRQLNRMHLVSRUXaXMX6WUDQH
XJRYRUQLFHNRMHVX]HPOMHSRUHNODWDNYLK
UHVXUVDLOLVWUDQHNRMHVXVWHNOHJHQHWLaNH
UHVXUVHXVNODGXVDRYRPNRQYHQFLMRP
 7DPR JGH MH RGREUHQ SULVWXS `H
ELWL RVWYDULYDQ SRG X]DMDPQR GRJRYRUH 
QLP XVORYLPD L SRGORCQR RGUHGEDPD
RYRJaODQD
3ULVWXSJHQHWLaNLPUHVXUVLPDSRG
OHJD`HSUHWKRGQRDUJXPHQWRYDQRPRGR 
EUHQMX6WUDQHXJRYRUQLFHNRMDLVSRUXaXMH
WDNYH UHVXUVH RVLP DNR WD 6WUDQD GUX 
JDaLMHQHRGUHGL
6YDND6WUDQDXJRYRUQLFD`HQDVWR
MDWLGDUD]YLMHLVSURYHGHQDXaQRLVWUDCLYD 
QMHQDRVQRYXJHQHWLaNLKUHVXUVDNRMHLV 
SRUXaXMXGUXJHVWUDQHXJRYRUQLFHX]SX 
QR XaH^`H L WDPR JGH MH WR PRJX`H NRG
WLPVWUDQDXJRYRUQLFD
6YDND6WUDQDXJRYRUQLFD`HGRQHWL
]DNRQVNH DGPLQLVWUDWLYQH LOL SROLWLaNH
PHUHNDNRMHRGJRYDUDMX`HLXVNODGXVD
aO  L  L JGH MH SRWUHEQR SXWHP IL 
QDQVLMVNRJPHKDQL]PDXWYU_HQRJaOL
 X FLOMX SRGHOH QD SR^WHQ L SUDYHGDQ
QDaLQUH]XOWDWDLVWUDCLYDQMDLUD]YRMDLNR 
ULVWLNRMHSURLVWLaXL]NRPHUFLMDOQRJLGUX 
JRJNRUL^`HQMDJHQHWLaNLKUHVXUVDVDXJR 
YRUHQRP VWUDQRP NRMD LVSRUXaXMH WDNYH
UHVXUVH 7DNYD SRGHOD `H VH ]DVQLYDWL QD
PH_XVREQRGRJRYRUHQLPXVORYLPD
AODQ 
3ULVWXS WHKQRORJLML L WUDQVIHU WHKQRORJLMH

 6YDND 6WUDQD XJRYRUQLFD `H

XYDCDYDMX`LGDWHKQRORJLMDXNOMXaXMHELR 
WHKQRORJLMXLGDVXLSULVWXSLWUDQVIHUWHK 
QRORJLMDL]PH_XVWUDQDXJRYRUQLFDVX^WLQ 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VNL HOHPHQWL ]D RVWYDULYDQMH FLOMHYD RYH
NRQYHQFLMH SUHX]HWL REDYH]H SRGORCQR
RGUHGEDPDRYRJaODQDGDREH]EH_XMHL
LOLRODN^DYDWUDQVIHULSULVWXSGUXJLPVWUD 
QDPD XJRYRUQLFDPD WHKQRORJLMDPD NRMH
VX UHOHYDQWQH ]D RaXYDQMH L RGUCLYR NR 
UL^`HQMH ELROR^NH UD]QRYUVQRVWL LOL NRUL^ 
`HQMH JHQHWLaNLK UHVXUVD D QH L]D]LYDMX
]QDaDMQLMH^WHWHCLYRWQRMVUHGLQL
3ULVWXSWHKQRORJLMLLWUDQVIHUWHKQR 
ORJLMH QD]QDaHQL X VWDYX  RYRJ aODQD
]HPOMDPD X UD]YRMX REH]EHGL`H VH LLOL
RODN^DWLSRGSR^WHQLPLQDMSRYROMQLMLPXV 
ORYLPDXNOMXaXMX`LNRQFHVLMVNHLSUHIHUHQ 
FLMDOQHXVORYHNDGDVHSRVWLJQHPH_XVRE 
QLGRJRYRULJGHMHQHRSKRGQRXVNODGX
VD ILQDQVLMVNLP PHKDQL]PRP XWYU_HQ aO
L8VOXaDMXWHKQRORJLMHNRMDSRGOHCH
SDWHQWLPDLGUXJLPSUDYLPDLQWHOHNWXDOQH
VYRMLQH WDNDY SULVWXS L WUDQVIHU `H VH
REH]EHGLWLSRGXVORYLPDNRMLXYDCDYDMXL
XVNODGXVXVDRGJRYDUDMX`RPLGHORWYRU 
QRP]D^WLWRPSUDYDLQWHOHNWXDOQHVYRMLQH
3ULPHQDRYRPSDUDJUDID`HELWLXVNODGX
VDVWLRYRJaODQD
6YDND6WUDQDXJRYRUQLFD`HGRQHWL
RGJRYDUDMX`H ]DNRQVNH DGPLQLVWUDWLYQH
LOL SROLWLaNH PHUH NDNR EL VH VWUDQDPD
XJRYRUQLFDPD QDURaLWR ]HPOMDPD X UD] 
YRMX NRMH LVSRUXaXMX JHQHWLaNH UHVXUVH
RVLJXUDRSULVWXSLWUDQVIHUWHKQRORJLMHNR 
MD NRULVWL RYH UHVXUVH SRG PH_XVREQR
GRJRYRUHQLP XVORYLPD XNOMXaXMX`L WHK 
QRORJLMX ]D^WL`HQX SDWHQWLPD L GUXJLP
SUDYLPDLQWHOHNWXDOQHVYRMLQHJGHMHQH 
RSKRGQR NUR] RGUHGEH aO  L  L X
VNODGXVDPH_XQDURGQLPSUDYRPLVWL
RYRJaODQD
6YDND6WUDQDXJRYRUQLFD`HSUHGX
]HWL RGJRYDUDMX`H ]DNRQRGDYQH DGPLQLV
WUDWLYQHLPHUHSROLWLNHNDNRELSULYDWQRP
VHNWRUXRODN^DODSULVWXS]DMHGQLaNLUD]YRML
WUDQVIHU WHKQRORJLMH SRPHQXWH X VWDYX 
RYRJaODQDNDNRXNRULVWYODGLQLKLQVWLWXFLMD
WDNRLSULYDWQRJVHNWRUD]HPDOMDXUD]YRMX
LXWRPSRJOHGX`HVHSULGUCDYDWLREDYH]D
VDGUCDQLKXVWLRYRJaODQD
6WUDQHXJRYRUQLFHXYDCDYDMX`LSD 
WHQWQDLGUXJDSUDYDLQWHOHNWXDOQHVYRMLQH

NRMD PRJX LPDWL XWLFDMD QD SULPHQX RYH

NRQYHQFLMH VDUD_LYD`H X RYRP SRJOHGX
SRGORCQR QDFLRQDOQLP ]DNRQLPD L PH 
_XQDURGQRPSUDYXDNDNRELREH]EHGLOH
GD WD SUDYD SRGUCDYDMX FLOMHYH RYH NRQ 
YHQFLMHLQLVXLPVXSURWQD
AODQ 
5D]PHQD LQIRUPDFLMD

6WUDQHXJRYRUQLFH`HRODN^DWLUD] 
PHQX LQIRUPDFLMD L] VYLK MDYQR UDVSR 
ORCLYLK L]YRUD YH]DQR ]D RaXYDQMH L RGU 
CLYR NRUL^`HQMH ELROR^NH UD]QRYUVQRVWL
X]LPDMX`LXRE]LUSRVHEQHSRWUHEH]HPD 
OMDXUD]YRMX
 7DNYD UD]PHQD LQIRUPDFLMDXNOMX 
aLYD`HUD]PHQXUH]XOWDWDWHKQLaNRJQDX 
aQRJ L GUX^WYHQRHNRQRPVNRJ LVWUDCLYD 
QMDNDRLLQIRUPDFLMHRREXFLLSURJUDPL 
PD SUHJOHGD VSHFLMDOL]RYDQLK ]QDQMD
VYRMVWYHQLK L WUDGLFLRQDOQLK ]QDQMD NDR
WDNYLK L X NRPELQDFLML VD WHKQRORJLMDPD
SRPHQXWLP X aODQX  VWDY  2QD `H
WDNR_H JGH MH WR L]YRGOMLYR XNOMXaLYDWL
SRYUDWDNLQIRUPDFLMVNDX]HPOMXL]YRUDLQ 
IRUPDFLMD
AODQ 
7HKQLaND L QDXaQD VDUDGQMD

6WUDQHXJRYRUQLFH`HXQDSUH_LYDWL
PH_XQDURGQXWHKQLaNXLQDXaQXVDUDGQMX
QD SROMX RaXYDQMD L RGUCLYRJ NRUL^`HQMD
ELROR^NH UD]QRYUVQRVWL JGH MH QHRSKRG 
QR NUR] RGJRYDUDMX`H PH_XQDURGQH L
QDFLRQDOQHLQVWLWXFLMH
6YDND6WUDQDXJRYRUQLFD`HXQDS
UH_LYDWL WHKQLaNX L QDXaQX VDUDGQMX VD
GUXJLPVWUDQDPDXJRYRUQLFDPDQDURaLWR
VD ]HPOMDPD X UD]YRMX X SULPHQL RYH
.RQYHQFLMHL]PH_XRVWDORJNUR]UD]YRML
SULPHQX QDFLRQDOQLK SROLWLND 8 XQDSUH 
_HQMX WDNYH VDUDGQMH WUHED SRVYHWLWL SR 
VHEQX SDCQMX UD]YRMX L MDaDQMX QDFLRQDO 
QLK PRJX`QRVWL SXWHP UD]YRMD OMXGVNLK
UHVXUVDLL]JUDGQMHLQVWLWXFLMD
 .RQIHUHQFLMD VWUDQD `H QD VYRP
SUYRP VDVWDQNX RGUHGLWL NDNR GD XWYUGL
PHKDQL]DP FOHDULQJKRXVH UDGL XQDS 
UH_LYDQMD L RODN^DQMD WHKQLaNH L QDXaQH
VDUDGQMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

6WUDQHXJRYRUQLFH`HXVNODGXVD
QDFLRQDOQLP]DNRQLPDLSROLWLNDPDSRG 
VWLFDWLLUD]YLMDWLPHWRGHVDUDGQMHUDGLUD] 
YRMD L NRUL^`HQMD WHKQRORJLMD XNOMXaXMX`L
ORNDOQHLWUDGLFLRQDOQHWHKQRORJLMHXVNOD 
GX VD FLOMHYLPD RYH NRQYHQFLMH 8 FLOMX
RYRJDVWUDQHXJRYRUQLFH`HWDNR_HXQD 
SUH_LYDWL VDUDGQMX X REXFL RVREOMD L UD] 
PHQLVWUXaQMDND
6WUDQHXJRYRUQLFH`HXVNODGXVD
PH_XVREQLP VSRUD]XPLPD XQDSUH_LYDWL
]DMHGQLaNH SURJUDPH LVWUDCLYDQMD L ]DMHG 
QLaNDXODJDQMDUDGLUD]YRMDWHKQRORJLMDYH 
]DQLK]DFLOMHYHRYHNRQYHQFLMH
AODQ 
3RVWXSDQMH VD ELRWHKQRORJLMRP L UDVSRGHOD
NRULVWL NRMH L] QMH SURLVWLaX

6YDND6WUDQDXJRYRUQLFD`HGRQHWL
RGJRYDUDMX`H ]DNRQVNH DGPLQLVWUDWLYQH
LOLSROLWLaNHPHUHNDNRELREH]EHGLODGH 
ORWYRUQR XaH^`H X ELRWHKQROR^NRP LV 
WUDCLYDQMX RQLK 6WUDQD XJRYRUQLFD D QD 
URaLWR]HPDOMDXUD]YRMXNRMHREH]EH_XMX
JHQHWLaNH UHVXUVH ]D WDNYR LVWUDCLYDQMH L
JGHMHL]YRGOMLYRXWDNYLP6WUDQDPDXJR 
YRUQLFDPD
6YDND6WUDQDXJRYRUQLFD`HGRQHWL
VYH L]YRGOMLYH PHUH UDGL XQDSUH_LYDQMD L
SREROM^DQMD SULRULWHWQRJ SULVWXSD QD
SR^WHQRM L SUDYHGQRM RVQRYL VWUDQDPD
XJRYRUQLFDPD QDURaLWR ]HPOMDPD X UD] 
YRMXUH]XOWDWLPDLNRULVWLPDNRMHSURLVWLaX
L] ELRWHKQRORJLMD ]DVQRYDQLK QD JHQH 
WLaNLP UHVXUVLPD NRMH REH]EH_XMX RYH
VWUDQH XJRYRUQLFH 7DNDY SULVWXS `H VH
]DVQLYDWLQDPH_XVREQRGRJRYRUHQLPXV 
ORYLPD
 6WUDQH XJRYRUQLFH `H UD]PRWULWL
SRWUHEXLPRGDOLWHWHSURWRNRODNRMLELXN 
OMXaLYDR RGJRYDUDMX`H SRVWXSNH XN
OMXaXMX`L SRVHEQR VSRUD]XP R SUHWKRG 
QRP REDYH^WDYDQMX QD SROMX EH]EHGQRJ
WUDQVIHUDUXNRYDQMDLNRUL^`HQMDELORNRJ
CLYRJ PRGLILNRYDQRJ RUJDQL]PD NRML MH
UH]XOWDW ELRWHKQRORJLMH L NRML PRCH LPDWL
QHJDWLYDQXWLFDMQDRaXYDQMHLRGUCLYRNR 
UL^`HQMHELROR^NHUD]QRYUVQRVWL
 6YDND 6WUDQD XJRYRUQLFD `H GL
UHNWQR LOL ]DKWHYDMX`L WR RG ELOR NRJ IL 

]LaNRJ LOL SUDYQRJ OLFD SRG VYRMRP MXULV 

GLNFLMRP NRMH LVSRUXaXMH RUJDQL]PH QD] 
QDaHQH XVWDYXRYRJaODQDREH]EHGLWL
VYH UDVSRORCLYH LQIRUPDFLMH R SURSLVLPD
]D NRUL^`HQMH L EH]EHGQRVW NRMH ]DKWHYD
WD6WUDQDXJRYRUQLFDXUXNRYDQMXWDNYLP
RUJDQL]PLPDNDRLVYHUDVSRORCLYHLQIRU 
PDFLMHRSRWHQFLMDOQRPQHJDWLYQRPXWLFD 
MXVSHFLILaQLKRUJDQL]DPDRNRMLPDMHUHa
NRML VH WLaX 6WUDQH XJRYRUQLFH X NRMX WL
RUJDQL]PLWUHEDGDVHXQHVX
AODQ 
)LQDQVLMVND VUHGVWYD

6YDND6WUDQDXJRYRUQLFD`HSUHGX
]HWLPHUHGDREH]EHGLXVNODGXVDVYRMLP
PRJX`QRVWLPDILQDQVLMVNXSRGU^NXLSRG 
VWLFDMH X RGQRVX QD RQH DNWLYQRVWL NRMH
LPDMX]DVYUKXGDRVWYDUHFLOMHYHRYHNRQ 
YHQFLMH X VNODGX VD VYRMLP QDFLRQDOQLP
SODQRYLPDSULRULWHWLPDLSURJUDPLPD
6WUDQHpUD]YLMHQH]HPOMHREH]EH 
GL`H QRYD L GRGDWQD ILQDQVLMVND VUHGVWYD
NDNRELRPRJX`LOH6WUDQDPDp]HPOMDPD
X UD]YRMX GD X SRWSXQRVWL SRNULMX SXQH
GRJRYRUHQH GRGDWQH WUR^NRYH ]ERJ SUL 
PHQH PHUD NRMLPD LVSXQMDYDMX REDYH]H
RYHNRQYHQFLMHLGDLPDMXNRULVWLRGQMH 
QLKRGUHGELSULaHPXVXGRWLaQLWUR^NRYL
GRJRYRUHQLL]PH_X6WUDQHp]HPOMHXUD] 
YRMX L LQVWLWXFLRQDOQH VWUXNWXUH QDYHGHQH
X aODQX  X VNODGX VD SROLWLaNLP VWUD 
WH^NLPSURJUDPVNLPSULRULWHWLPDLNULWHUL 
MXPLPDRSRJRGQRVWLLLQGLNDWLYQLPVSLV 
NRP GRGDWQLK WUR^NRYD NRMH MH XWYUGLOD
.RQYHQFLMDVWUDQDXJRYRUQLFD'UXJH6WUD 
QH XNOMXaXMX`L ]HPOMHNRMHVXXSURFHVX
SUHODVNDQDWUCL^QXHNRQRPLMXPRJXGR 
EURYROMQR GD SUHX]PX REDYH]H 6WUDQD p
UD]YLMHQLK ]HPDOMD 8 VPLVOX RYRJ aODQD
.RQIHUHQFLMD 6WUDQD `H QD VYRP SUYRP
VDVWDQNXXWYUGLWLVSLVDNVWUDQDpUD]YLMHQLK
]HPDOMD L GUXJLK 6WUDQD XJRYRUQLFD NRMH
GREURYROMQRSUHX]LPDMXREDYH]HVWUDQDp
UD]YLMHQLK ]HPDOMD .RQIHUHQFLMD 6WUDQD
XJRYRUQLFD `H SHULRGLaQR UD]PDWUDWL L
XNROLNR MH QHRSKRGQR GRSXQLWL VSLVDN
7DNR_H `H ELWL SRGVWLFDQL GRSULQRVL L]
GUXJLK ]HPDOMD L L]YRUD QD GREURYROMQRM
RVQRYL 3UL L]YU^HQMX RYLK SUHX]HWLKRED 
YH]D X]H`H VH X RE]LU SRWUHED ]D



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

WDaQR^`X SUHGYLGOMLYR^`X L SUDYRYUHPH 
QLP SULOLYRP VUHGVWDYD L YDCQRVW SRGHOD
WHUHWDPH_X6WUDQDPDXJRYRUQLFDPDNRMH
WDMGRSULQRVGDMXLNRMHVXQDVSLVNX
 6WUDQH p UD]YLMHQH ]HPOMH WDNR_H
PRJX GD REH]EHGH D 6WUDQH p ]HPOMH X
UD]YRM UDVSRODCX ILQDQVLMVNLP VUHGVWYLPD
YH]DQLP]DSULPHQXRYHNRQYHQFLMHNUR]
ELODWHUDOQH UHJLRQDOQH L GUXJH PXOWLODWH 
UDOQHNDQDOH
0HUDXNRMRM`H6WUDQHp]HPOMHX
UD]YRMX GHORWYRUQR SULPHQMLYDWL VYRMH
REDYH]H X VNODGX VD RYRP NRQYHQFLMRP
]DYLVL`H RG HILNDVQH SULPHQH REDYH]D
VWUDQD p UD]YLMHQLK ]HPDOMD X VNODGX VD
RYRPNRQYHQFLMRPXYH]LVDILQDQVLMVNLP
VUHGVWYLPD L WUDQVIHURP WHKQRORJLMH SUL
aHPX`HVHXSRWSXQRVWLX]LPDWLXRE]LU
aLQMHQLFDGDVXHNRQRPVNLLVRFLMDOQLUD] 
YRM L RWNODQMDQMH VLURPD^WYD SUYL L QDM 
YDCQLMLSULRULWHWLVWUDQDp]HPDOMDXUD]YR 
MX
6WUDQH`HXSRWSXQRVWLX]HWLXRE 
]LULSRVHEQXVLWXDFLMXQDMPDQMHUD]YLMHQLK
]HPDOMD X VYRMLP DNFLMDPD X SRJOHGX IL 
QDQVLUDQMDLWUDQVIHUDWHKQRORJLMH
6WUDQHXJRYRUQLFH`HWDNR_HX]HWL
XUD]PDWUDQMHVSHFLMDOQHXVORYHNRMLSURL 
VWLaX L] GLVWULEXFLMH ORNDFLMH L ]DYLVQRVWL
RGELROR^NHUD]QRYUVQRVWLXRNYLUX6WUDQD
pUD]YLMHQLK]HPDOMDQDURaLWRPDOLKRVWUY 
VNLK6WUDQDXJRYRUQLFD
7DNR_H`HVHX]HWLXUD]PDWUDQMH
SRVHEQD VLWXDFLMD ]HPDOMD X UD]YRMX XN 
OMXaXMX`LLRQHNRMHVXHNROR^NLQDMUDQMLYL 
MH NDR ^WR VX ]HPOMH VD VX^QLP L SROX 
VX^QLP ]RQDPD REDOVNLP L SODQLQVNLP
REODVWLPD
AODQ 
)LQDQVLMVNL PHKDQL]DP

 3RVWRMD`H PHKDQL]DP ]D REH] 

EH_LYDQMHILQDQVLMVNLKVUHGVWDYD6WUDQDPD
p ]HPOMDPD X UD]YRMX X VYUKH RYH NRQ 
YHQFLMH ELOR QD EHVSRYUDWQRM LOL NRQFHVL 
RQRMRVQRYL1DMYDCQLMLHOHPHQWLRYRJPH 
KDQL]PDRSLVDQLVXXRYRPaODQX0HKD 
QL]DP `H IXQNFLRQLVDWL X VNODGX VD RY 
OD^`HQMHP L UXNRYR_HQMHP .RQIHUHQFLMH
6WUDQD NRMRM `HELWLLRGJRYRUDQXVYUKH

RYH.RQYHQFLMH2SHUDFLMHRYRJPHKDQL] 
PDVSURYRGL`HVHQDRVQRYXLQVWLWXFLRQDO 
QH VWUXNWXUH NDNR PRCH RGOXaLWL .RQIH 
UHQFLMD6WUDQDQDVYRPSUYRPVDVWDQNX8
VYUKHRYHNRQYHQFLMH.RQIHUHQFLMD6WUDQD
`HXWYUGLWLSROLWLaNHVWUDWHJLMVNHSURJUDP 
VNH SULRULWHWH L NULWHULMXPH R SRJRGQRVWL
XYH]LVDSULVWXSRPLNRUL^`HQMHPWDNYLK
VUHGVWDYD'RSULQRVL`HELWLWDNYLGDX]PX
X RE]LU SRWUHEX ]D SUHGYLGOMLYR^`X
WDaQR^`XLSUDYRYUHPHQLPSULOLYRPVUHG 
VWDYDSRPHQXWLPXaODQXXVNODGXVD
SRWUHEQRP NROLaLQRP VUHGVWDYD R aHPX
`H SHULRGLaQR RGOXaLYDWL .RQIHUHQFLMD
6WUDQD L YDCQR^`X SRGHOH WHUHWD L]PH_X
6WUDQD XJRYRUQLFD NRMH GDMX GRSULQRV L
NRMHVXREXKYD`HQHVSLVNRPSRPHQXWLP
XaODQXVWDY'REURYROMQHGRSULQRVH
WDNR_HPRJXGDYDWL6WUDQHpUD]YLMHQH]H 
POMHLGUXJH]HPOMHL]YRUD2YDMPHKDQL 
]DP `H IXQNFLRQLVDWL X RNYLUX GHPRNUD 
WVNRJLWUDQVSDUHQWQRJVLVWHPDYR_HQMD
8VNODGXVDFLOMHYLPDRYHNRQYHQ 
FLMH .RQIHUHQFLMD 6WUDQD `H QD VYRP SU 
YRPVDVWDQNXXWYUGLWLSROLWLaNHVWUDWHJLMV 
NHLSURJUDPVNHSULRULWHWHNDRLGHWDOMQH
NULWHULMXPH L VPHUQLFH ]D SRJRGQRVW ]D
SULVWXSLNRUL^`HQMHILQDQVLMVNLKVUHGVWDYD
XNOMXaXMX`L SUD`HQMD L RFHQMLYDQMH WDNYRJ
NRUL^`HQMDQDUHGRYQRMRVQRYL.RQIHUHQ 
FLMD6WUDQD`HRGOXaLWLRDUDQCPDQLPDQD
RVQRYXNRMLK`HVHSULPHQLWLVWDYRYRJ
aODQD SRVOH NRQVXOWDFLMD VD LQVWLWXFLRQDO 
QRP VWUXNWXURP NRMRM MH SRYHUHQR IXQN 
FLRQLVDQMHILQDQVLMVNRJPHKDQL]PD
 .RQIHUHQFLMD 6WUDQD `H UD]PRWULWL
GHORWYRUQRVW PHKDQL]PD XWYU_HQRJ X
VNODGXVDRYLPaODQRPLXNOMXaXMX`LNUL 
WHULMXPH L VPHUQLFH QDYHGHQH X VWDYX 
RYRJ aODQD QD PDQMH RG GYHJRGLQHSR
VWXSDQMXQDVQDJXRYHNRQYHQFLMHDSR 
VOH WRJD QD UHGRYQRM RVQRYL 1D RVQRYX
WDNYRJ UD]PDWUDQMD EL`H SRWUHEQD RGJR 
YDUDMX`DDNFLMD]DSREROM^DQMHGHORWYRUQR 
VWLPHKDQL]PDXNROLNRMHWRQHRSKRGQR
 6WUDQH XJRYRUQLFH `H UD]PRWULWL
MDaDQMH SRVWRMH`LK ILQDQVLMVNLK LQVWLWXFLMD
UDGLREH]EH_HQMDILQDQVLMVNLKVUHGVWDYD]D
RaXYDQMH L RGUCLYR NRUL^`HQMH ELROR^NH
UD]QRYUVQRVWL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2GQRV VD GUXJLP PH_XQDURGQLP
NRQYHQFLMDPD

2GUHGEHRYHNRQYHQFLMHQH`HXWL 
FDWL QD SUDYD L REDYH]H ELOR NRMH 6WUDQH
XJRYRUQLFHNRMHSURLVWLaXL]ELORNRJSR 
VWRMH`HJPH_XQDURGQRJVSRUD]XPDRVLP
XVOXaDMXNDGDELVSURYR_HQMHWLKSUDYDL
REDYH]D SURX]URNRYDOR R]ELOMQX ^WHWX LOL
SUHWQMXSRELROR^NXUD]QRYUVQRVW
6WUDQHXJRYRUQLFH`HSULPHQMLYDWL
RYXNRQYHQFLMXXSRJOHGXPRUVNHVUHGL 
QH VKRGQR SUDYLPD L REDYH]DPD GUCDYD
XVNODGXVD=DNRQRPPRUD
AODQ 
.RQIHUHQFLMD VWUDQD XJRYRUQLFD

 2YLP VH XVSRVWDYOMD .RQIHUHQFLMD

6WUDQD XJRYRUQLFD 3UYL VDVWDQDN .RQIH 
UHQFLMH 6WUDQD `H VD]YDWL ,]YU^QL GLUHNWRU
3URJUDPD 81 ]D CLYRWQX VUHGLQX QDMNDV 
QLMH JRGLQX GDQD RG VWXSDQMD QD VQDJX
RYH NRQYHQFLMH 3RVOH WRJD UHGRYQL VDV 
WDQFL .RQIHUHQFLMH 6WUDQD `HVH RGUCDWLX
UHGRYQLP LQWHUYDOLPD NRMH `H XWYUGLWL
.RQIHUHQFLMDQDVYRPSUYRPVDVWDQNX
 9DQUHGQL VDVWDQFL .RQIHUHQFLMH
6WUDQD `H VH RGUCDYDWL X YUHPH NDGD WR
.RQIHUHQFLMDEXGHVPDWUDODSRWUHEQLPLOL
QD SLVPHQL ]DKWHY ELOR NRMH 6WUDQH SRG
XVORYLPD GD X URNX RG ^HVW PHVHFL RG
GRELMDQMDREDYH^WHQMDRG6HNUHWDULMDWDGR 
ELMHSRGU^NXEDUMHGQHWUH`LQH6WUDQD
.RQIHUHQFLMD6WUDQD`HVHNRQVHQ 
]XVRP VDJODVLWL L XVYRMLWL VYRM 3RVORYQLN
NDRLRQDM]DELORNRMHGRGDWQRWHORNRMH
XVSRVWDYLNDRLILQDQVLMVNDSUDYLODNRMDVH
RGQRVH QD ILQDQVLUDQMH 6HNUHWDULMDWD 1D
VYDNRP UHGRYQRP VDVWDQNX XVYRML`H
EXGCHW ]D ILQDQVLMVNL SHULRG GR VOHGH`HJ
UHGRYQRJVDVWDQND
.RQIHUHQFLMD6WUDQD`HSUDWLWLVSUR 
YR_HQMHRYHNRQYHQFLMHLXWRPFLOMX`H
D 8WYUGLWL IRUPX L LQWHUYDOH ]D SUH
QR^HQMH LQIRUPDFLMD NRMH VH GRVWDY 
OMDMXXVNODGXVDaODQRPLUD]PR 
WULWLWDNYHLQIRUPDFLMHNDRLL]YH^WDMH
NRMH GRVWDYOMDMX SUDWH`D WHOD

E 3UHJOHGDWLQDXaQHWHKQLaNHLWHKQR
OR^NHVDYHWHRELROR^NRMUD]QRYUVQR
VWL REH]EH_HQH X VNODGX VD aODQRP

F 5D]PDWUD`H L XVYDMDWL SURWRNROH ND 
NR VH ]DKWHYD X VNODGX VD aODQRP

G 5D]PDWUD`H L XVYDMDWL DPDQGPDQH
QD RYX NRQYHQFLMX L QMHQH DQHNVH
NDNR VH ]DKWHYD X VNODGX VD aO 
L 
H 5D]PDWUD`HDPDQGPDQHQDELORNRML
SURWRNRO NDR L QD ELOR NRMH DQHNVH
QD SURWRNRO L XNROLNR VH WDNR RG
OXaL SUHSRUXaLWL QMLKRYR XVYDMDQMH
6WUDQDPD RGQRVQRJ SURWRNROD
I 5D]PDWUD`H L XVYDMDWL NDNR VH ]DK
WHYDXVNODGXVDaODQRPGRGDW
QH DQHNVH QD RYX NRQYHQFLMX
J 2VQLYDWL WDNYD SRPR`QD WHOD QD 
URaLWR X FLOMX REH]EH_HQMD QDXaQLK
L WHKQLaNLK VDYHWD NRMD VH VPDWUDMX
QHRSKRGQLP ]D SULPHQX RYH NRQ
YHQFLMH
K .RQWDNWLUD`H SUHNR 6HNUHWDULMDWD
L]YU^QDWHODNRQYHQFLMDNRMDVHEDYH
SLWDQMLPD REXKYD`HQLP RYRP NRQ 
YHQFLMRPXFLOMXXWYU_LYDQMDRGJRYD 
UDMX`LK REOLND VDUDGQMH VD QMLPD L
L 5D]PDWUD`HLSUHGX]LPD`HVYDNXGR 
GDWQXDNFLMXNRMDVHPRCH]DKWHYDWL
UDGLSRVWL]DQMDFLOMHYDRYHNRQYHQFL 
MHXVYHWOXLVNXVWYDVWHaHQLKXQMHQRM
SULPHQL
 8MHGLQMHQH QDFLMH QMHQH VSHFLMDOL 
]RYDQHDJHQFLMHL0H_XQDURGQDDJHQFLMD
]DDWRPVNXHQHUJLMXNDRVYHGUCDYHNRMH
QLVX 6WUDQH XJRYRUQLFH RYH NRQYHQFLMH
PRJX ELWL SUHGVWDYOMHQH NDR SRVPDWUDaL
QD VDVWDQFLPD .RQIHUHQFLMH 6WUDQD %LOR
NRMH GUXJR WHOR LOL DJHQFLMD ELOR YODGLQR
LOL QHYODGLQR NYDOLILNRYDQR X REODVWLPD
YH]DQLP]DRaXYDQMHLRGUCLYRNRUL^`HQMH
ELROR^NH UD]QRYUVQRVWL NRMH MH REDYHVWLOR
6HNUHWDULMDW R VYRMRM CHOML GD EXGH SUHGV 
WDYOMHQRXVYRMVWYXSRVPDWUDaDQDVDVWDQ 
NX.RQIHUHQFLMH6WUDQDPRCHELWLSULPOMH 
QR RVLP DNR VH MHGQD WUH`LQD SULVXWQLK
6WUDQD XJRYRUQLFD WRPH QH VXSURWVWDYL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

3ULMHPLXaH^`HSRVPDWUDaDSRGOHCHSRV 
ORYQLNXNRMLMHXVYRMLOD.RQIHUHQFLMD6WUD 
QH
AODQ 
6HNUHWDULMDW

 2YLP VH RVQLYD 6HNUHWDULMDW 1MH 

JRYHIXQNFLMHVXVOHGH`H
D 'D RUJDQL]XMH L RSVOXCXMH VDVWDQNH
.RQIHUHQFLMH 6WUDQD SUHGYL_HQH X
aODQX 
E 'D L]YU^DYD IXQNFLMH NRMH VX SUHG
YL_HQH ELOR NRMLP SURWRNRORP
F 'D SULSUHPD L]YH^WDMH R UHDOL]DFLML
VYRMLK IXQNFLMD QD RVQRYX RYH NRQ 
YHQFLMHLGRVWDYLLK.RQIHUHQFLML6WUD 
QD
G 'D NRRUGLQLUD VD GUXJLP UHOHYDQ
WQLPPH_XQDURGQLPWHOLPDLSRVHE 
QR GD XOD]L X RQH DGPLQLVWUDWLYQH L
XJRYRUQHDUDQCPDQHNRMLVXSRWUHE 
QL]DHILNDVQRL]YU^HQMHQMHQLKIXQN 
FLMD
H 'DL]YU^LVYHRVWDOHIXQNFLMHNRMHPX
RGUHGL .RQIHUHQFLMD 6WUDQD
1DVYRPSUYRPUHGRYQRPVDVWDQ 
NX.RQIHUHQFLMD6WUDQD`HRGUHGLWL6HNUH 
WDULMDWaLML`HaODQRYLELWLL]RQLKSRVWRMH`LK
PH_XQDURGQLK RUJDQL]DFLMD NRMH VX L]UD 
]LOHYROMXGDVSURYRGHIXQNFLMH6HNUHWDUL 
MDWDXVNODGXVDRYRPNRQYHQFLMRP
AODQ 
3RPRaQR WHOR ]D QDXaQH WHKQLaNH L
WHKQROR>NH VDYHWH

 3RPR`QR WHOR ]D REH]EH_LYDQMH

QDXaQLKWHKQLaNLKLWHKQROR^NLKVDYHWDVH
RYLP RVQLYD NDNR EL REH]EHGLOR .RQIH 
UHQFLML6WUDQDLNDNRMHRGJRYDUDMX`HQMH 
QLP GUXJLP SRPR`QLP WHOLPD SUDYRYUH 
PHQHVDYHWHYH]DQH]DSULPHQXRYHNRQ 
YHQFLMH 2YR WHOR `H ELWL RWYRUHQR ]D
XaH^`HVYLK6WUDQDXJRYRUQLFDLEL`HPXO 
WLGLVFLSOLQDUQR 8 QMHPX `H ELWL YODGLQL
SUHGVWDYQLFLNRMLVXVWUXaQL]DUHOHYDQWQH
REODVWL 2YR WHOR `H UHGRYQR GRVWDYOMDWL
L]YH^WDMH .RQIHUHQFLML 6WUDQD R VYLP DV 
SHNWLPDVYRJUDGD
 8 VNODGX VD RYOD^`HQMHP .RQIH 
UHQFLMH 6WUDQD NDR L VD VPHUQLFDPD NRMH

MH.RQIHUHQFLMDXWYUGLODLQD]DKWHY.RQ 
IHUHQFLMHRYRWHOR`H
D 2EH]EHGLWLQDXaQHLWHKQLaNHRFHQH
VWDWXVD ELROR^NH UD]QRYUVQRVWL
E 3ULSUHPLWL QDXaQH L WHKQLaNH RFHQH
HIHNDWDPHUDSUHGX]HWLKXVNODGXVD
RGUHGEDPD RYH NRQYHQFLMH
F ,GHQWLILNRYDWL LQRYDWLYQH HILNDVQH L
QDMVDYU^HQLMH WHKQRORJLMH L NQRZ
KRZXYH]LVDRaXYDQMHPLRGUCLYLP
NRUL^`HQMHPELROR^NHUD]QRYUVQRVWLL
SUXCDWL VDYHWH R QDaLQLPD L SXWHYL 
PDXQDSUH_HQMDUD]YLMDLLOLWUDQVIHUD
WDNYLK WHKQRORJLMD
G 2EH]EH_LYDWLVDYHWHRQDXaQLPSUR 
JUDPLPD L PH_XQDURGQRMVDUDGQML X
REODVWL LVWUDCLYDQMD L UD]YRMD X YH]L
VD RaXYDQMHP L RGUCLYLP NR
UL^`HQMHP ELROR^NH UD]QRYUVQRVWL L
H 2GJRYRULWLQDQDXaQDWHKQLaNDWHK 
QROR^ND L PHWRGROR^ND SLWDQMD NRMD
.RQIHUHQFLMD 6WUDQD L QMHQD SR
PR`QDWHODPRJXSRVWDYLWLRYRPWH 
OX
.RQIHUHQFLMD6WUDQDPRCHGDOMHUD 
]UD_LYDWL IXQNFLMH SURMHNWQL ]DGDWDN RU 
JDQL]DFLMXLGHORYDQMHRYRJWHOD
AODQ 
,]YH^WDM

6YDND 6WUDQD XJRYRUQLFD `H X SHUL

RGLPDNRMH`HRGUHGLWL.RQIHUHQFLMD6WUD 
QD SRGQHWL .RQIHUHQFLML 6WUDQD L]YH^WDMH
R PHUDPD NRMH MH SUHGX]HOD ]D SULPHQX
RGUHGEL RYH NRQYHQFLMH L QMLKRYRM GHORW 
YRUQRVWL X LVSXQMDYDQMX FLOMHYD RYH NRQ 
YHQFLMH
AODQ 
5D]UH^HQMH VSRURYD

 8 VOXaDMX VSRUD L]PH_X 6WUDQD

XJRYRUQLFD RNR WXPDaHQMD LOL SULPHQH
RYHNRQYHQFLMHRGQRVQHVWUDQH`HWUDCLWL
UH^HQMHSXWHPSUHJRYRUD
8NROLNRRGQRVQHVWUDQHQHPRJX
GDSRVWLJQXVSRUD]XPSXWHPSUHJRYRUD
RQH]DMHGQLaNLPRJX]DWUDCLWLGREUHXVOX 
JHLOLSRVUHGRYDQMHWUH`HVWUDQH
3ULOLNRPUDWLILNRYDQMDSULKYDWDQMD
RGREUDYDQMDLOLSULVWXSDQMDRYRM.RQYHQ 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

FLMLLOLXELORNRMHGUXJRYUHPHSRVOHWRJD
GUCDYDLOLUHJLRQDOQDHNRQRPVNDLQWHJUD 
WLYQDRUJDQL]DFLMDPRCHSLVPHQRREDYHV 
WLWL'HSR]LWDUDGDUDGLVSRUDNRMLQLMHUD] 
UH^HQ X VNODGX VD VW  L  RYRJ aODQD
SULKYDWDMHGDQLOLREDVOHGH`DQDaLQDUD] 
UH^HQMDVSRUDNDRREDYH]DQ
D $UELWUDCXXVNODGXVDSRVWXSNRPL] 
ORCHQLP X 'HOX  $QHNVD ,,
E 3RGQR^HQMH VSRUD 0H_XQDURGQRP
VXGX SUDYGH
8NROLNR6WUDQHXJRYRUQLFHXVSR 
UXQLVXXVNODGXVDVWDYRPRYRJaODQD
SULKYDWLOHLVWLLOLELORNRMLGUXJLSRVWXSDN
VSRU `H VH UD]UH^LWL L]PLUHQMHP X VNODGX
VD'HORP$QHNVD,,RVLPDNRVHVWUDQH
GUXJDaLMHQHGRJRYRUH
2GUHGEHRYRJaODQD`HVHSULPH 
QMLYDWLXSRJOHGXELORNRJSURWRNRODRVLP
DNRQLMHGUXJDaLMHSUHGYL_HQRXGRWLaQRP
SURWRNROX
AODQ 
8VYDMDQMH SURWRNROD

6WUDQHXJRYRUQLFH`HVDUD_LYDWLX
IRUPXODFLML L XVYDMDQMX SURWRNROD QD RYX
NRQYHQFLMX
3URWRNROL`HVHXVYDMDWLQDVDVWDQ 
NX.RQIHUHQFLMH6WUDQD
7HNVWELORNRJSUHGORCHQRJSURWR 
NROD`H6WUDQDPDXJRYRUQLFDPDGRVWDYLWL
6HNUHWDULMDWQDMPDQMHPHVHFLSUHWDNYRJ
VDVWDQND
AODQ 
$PDQGPDQ QD NRQYHQFLMX LOL SURWRNROH

 $PDQGPDQH QD RYX NRQYHQFLMX

PRCH SUHGORCLWL ELOR NRMD 6WUDQD XJRYRU 
QLFD$PDQGPDQHQD3URWRNROPRCHSUH 
GORCLWL ELOR NRMD 6WUDQD XJRYRUQLFD WRJ
SURWRNROD
$PDQGPDQLQDRYX.RQYHQFLMX`H
ELWL XVYRMHQL QD VDVWDQNX .RQIHUHQFLMH
VWUDQD$PDQGPDQLQDRYDM3URWRNROEL`H
XVYRMHQL QD VDVWDQNX VWUDQD SRYRGRP
3URWRNRODNRMLMHXSLWDQMX7HNVWELORNRJ
SUHGORCHQRJDPDQGPDQDQDRYX.RQYHQ 
FLMX LOL QD ELOR NRML SURWRNRO RVLP DNR
GUXJDaLMH QLMH SUHGYL_HQR WDNYLP SURWR 
NRORP 6HNUHWDULMDW `H GRVWDYLWL VWUDQDPD

LQVWUXPHQW NRML MH X SLWDQMX QDMPDQMH 

PHVHFL SUH VDVWDQND QD NRPH MH SUHG 
ORCHQ]DXVYDMDQMH6HNUHWDULMDW`HWDNR_H
SRGQHWLSUHGORCHQHDPDQGPDQHSRWSLVQL 
FDPDRYHNRQYHQFLMHUDGLLQIRUPDFLMH
 6WUDQH `H XORCLWL VYDNL QDSRU GD
SRVWLJQX VSRUD]XP R ELOR NRP SUHG
ORCHQRPDPDQGPDQXQDRYXNRQYHQFLMX
LOL ELOR NRML SURWRNRO NRQVHQVXVRP $NR
VHXSRJOHGXNRQVHQVXVDLVFUSXVYLQDSR 
UL D QH SRVWLJQH VH QLNDNDY VSRUD]XP
SULEH`L `H VH SRVOHGQMHP VUHGVWYX L
DPDQGPDQ`HELWLXVYRMHQGYRWUH`LQVNRP
YH`LQRPJODVRYD6WUDQDNRMHVXSULVXWQHL
JODVDMXQDVDVWDQNXLSRGQH`HJD'HSR 
]LWDUVYLP6WUDQDPDQDUDWLILNDFLMXSULKYD 
WDQMHLOLRGREUHQMH
2UDWLILNDFLMLSULKYDWDQMXLOLRGRE
UHQMX DPDQGPDQD EL`H REDYH^WHQ 'HSR 
]LWDUXSLVPHQRMIRUPL$PDQGPDQLXVYR 
MHQL X VNODGX VD VWDYRP  RYRJ aODQD
VWXSL`HQDVQDJX]D6WUDQHNRMHVXLKSULK 
YDWLOHGHYHGHVHWRJGDQDSRRGODJDQMXLQ 
VWUXPHQDWDUDWLILNDFLMHSULKYDWDQMDLOLRGR 
EUHQMD RG VWUDQH QDMPDQMH GYH WUH`LQH
6WUDQDXJRYRUQLFDRYHNRQYHQFLMHLOL6WUD 
QD RGQRVQRJ SURWRNROD RVLP DNR QLMH
GUXJDaLMHSUHGYL_HQRWDNYLPSURWRNRORP
3RVOHWRJDDPDQGPDQL`HVWXSLWLQDVQD 
JX]DELORNRMXGUXJXVWUDQXGHYHGHVHWRJ
GDQD SR^WR WD 6WUDQD RGORCL VYRM LQVWUX 
PHQWUDWLILNDFLMHSULKYDWDQMDLOLRGREUHQMD
DPDQGPDQD
8VPLVOXRYRJaODQD 6WUDQHNRMH
VXSULVXWQHLJODVDMXm]QDaL6WUDQHNRMHVX
SULVXWQHLGDMXSR]LWLYDQLOLQHJDWLYDQJODV
AODQ 
8VYDMDQMH L DPDQGPDQ QD DQHNVH

 $QHNVL QD RYX NRQYHQFLMX LOL QD

ELOR NRML SURWRNRO SUHGVWDYOMD`H VDVWDYQL
GHR RYH NRQYHQFLMH LOL WDNYRJ SURWRNROD
X]DYLVQRVWLRGVOXaDMDLRVLPDNRL]ULaLWR
QLMH GUXJDaLMH SUHGYL_HQR SR]LYDQMH QD
RYXNRQYHQFLMXLOLQMHQHSURWRNROHSUHG 
VWDYOMDXLVWRYUHPHSR]LYDQMHQDELORNRMH
DQHNVHQD.RQYHQFLMXLOLSURWRNROH7DNYL
DQHNVL`HELWLRJUDQLaHQLQDSURFHGXUDOQD
QDXaQDWHKQLaNDLDGPLQLVWUDWLYQDSLWDQMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

2VLPDNRGUXJDaLMHQLMHQD]QDaHQR
X ELOR NRP SURWRNROX X SRJOHGX QMHQLK
DQHNVD SULPHQMLYD`H VH VOHGH`L SRVWXSDN
QDSUHGODJDQMHXVYDMDQMHLVWXSDQMHQDVQD 
JX GRGDWQLK DQHNVD QD RYX NRQYHQFLMX LOL
DQHNVDQDELORNRMLSURWRNRO
D $QHNVL QD RYX NRQYHQFLMX LOL ELOR
NRML SURWRNRO EL`H SUHGORCHQL L XV
YRMHQL X VNODGX VD SRVWXSNRP L]
ORCHQLP X aODQX 
E 6YDND6WUDQDNRMDQLMHXPRJX`QRVWL
GD RGREUL GRGDWQL DQHNV QD RYX
.RQYHQFLMX LOL DQHNV QD ELOR NRML
SURWRNRO aLMD MH 6WUDQD REDYHVWL`H
VKRGQRWRPH'HSR]LWDUDXSLVPHQRM
IRUPL X URNX RG MHGQH JRGLQH RG
GDQD SRGQR^HQMD REDYH^WHQMD R XV
YDMDQMX 'HSR]LWDUD 'HSR]LWDU `H
EH] RGODJDQMD REDYHVWLWL VYH VWUDQH
R VYDNRP WDNYRP SULPOMHQRP RED 
YH^WHQMX 6WUDQD PRCH X ELOR NRMH
YUHPH SRYX`L SUHWKRGQX L]MDYX R
QHVODJDQMX L DQHNVL `H SRVOH WRJD
VWXSLWLQDVQDJX]DWX6WUDQXXVNOD 
GX VD WDaNRP F RYRJ VWDYD
F 3R LVWHNX MHGQH JRGLQH RG GDQD
SRGQR^HQMD REDYH^WHQMD 'HSR]LWDUX
RXVYDMDQMXDQHNV`HVWXSLWLQDVQD 
JX ]D VYH VWUDQH .RQYHQFLMH LOL ELOR
NRJ RGQRVQRJ SURWRNROD NRMH QLVX
SRGQHOHREDYH^WHQMHXVNODGXVDRG 
UHGEDPD WDaNH E RYRJ VWDYD
 3UHGODJDQMH XVYDMDQMH L VWXSDQMH
QDVQDJXDPDQGPDQDQDDQHNVHRYHNRQ 
YHQFLMHLOLELORNRJSURWRNRODSRGOHCHLV 
WRP SRVWXSNX NRML YDCL ]D SUHGODJDQMH
XVYDMDQMHLVWXSDQMHQDVQDJXDQHNVD.RQ 
YHQFLMHLOLDQHNVDELORNRJSURWRNROD
 $NR MH GRGDWQL DQHNV LOL DPDQ 
GPDQ QD DQHNV YH]DQ ]D DPDQGPDQ QD
RYXNRQYHQFLMXLOLELORNRMLSURWRNROGR 
GDWQLDQHNVLOLDPDQGPDQQH`HVWXSLWLQD
VQDJXGRWRJYUHPHQDGRNDPDQGPDQQD
RYXNRQYHQFLMXLOLSURWRNRORNRPHMHUHa
QHVWXSLQDVQDJX
AODQ 
3UDYR QD JODVDQMH

2VLPNDNRMHSUHGYL_HQRVWDYRP
 RYRJ aODQD VYDND 6WUDQD XJRYRUQLFD

RYHNRQYHQFLMHLOLELORNRJSURWRNRODLPD 
`HMHGDQJODV
5HJLRQDOQHHNRQRPVNHLQWHJUDWLY 
QH RUJDQL]DFLMH `H X SLWDQMLPD X RNYLUX
VYRMH QDGOHCQRVWL NRULVWLWL SUDYR JODVD VD
EURMHPJODVRYDNRMLMHMHGQDNEURMXQMLKR 
YLKGUCDYDaODQLFDNRMHVX6WUDQHXJRYRU 
QLFH RYH NRQYHQFLMH LOL RGQRVQRJ SURWR 
NROD7DNYHRUJDQL]DFLMHQH`HLPDWLSUDYR
JODVD XNROLNR QMLKRYH GUCDYH aODQLFH NR 
ULVWHVYRMHSUDYRJODVDLREUQXWR
AODQ 
2GQRV L]PH_X RYH NRQYHQFLMH L QMHQLK
SURWRNROD

 'UCDYD LOL UHJLRQDOQD HNRQRPVND

LQWHJUDWLYQDRUJDQL]DFLMDQHPRCHSRVWDWL
6WUDQD SURWRNROD RVLP DNR QLMH LOL X LVWR
YUHPHQHSRVWDQH6WUDQDXJRYRUQLFDRYH
NRQYHQFLMH
2GOXNHXRNYLUXELORNRJDSURWR 
NRODGRQH`HVDPR6WUDQHGRWLaQRJSURWR 
NROD 6YDND 6WUDQD XJRYRUQLFD NRMD QLMH
UDWLILNRYDOD SULKYDWLOD LOL RGREULOD SURWR 
NRO PRCH XaHVWYRYDWL NDR SRVPDWUDa QD
ELORNRPVDVWDQNX6WUDQDWRJSURWRNROD
AODQ 
3RWSLVLYDQMH

2YD NRQYHQFLMD `H ELWL RWYRUHQD ]D

SRWSLVLYDQMH X 5LR GH #DQHLUX ]D VYH
GUCDYHLELORNRMXUHJLRQDOQXHNRQRPVNX
LQWHJUDWLYQXRUJDQL]DFLMXRGMXQD
GRMXQDLXFHQWUDOL8MHGLQMHQLK
QDFLMDX1MXMRUNXRGMXQDGR
MXQD
AODQ 
5DWLILNDFLMD SULKYDWDQMH LOL RGREUHQMH

2YDNRQYHQFLMDLELORNRMLSURWRNRO
SRGOHCHUDWLILNDFLMLSULKYDWDQMXLOLRGREUH 
QMX GUCDYD L UHJLRQDOQLK HNRQRPVNLK LQ 
WHJUDWLYQLKRUJDQL]DFLMD,QVWUXPHQWLUDWLIL 
NDFLMH SULKYDWDQMD LOL RGREUHQMD EL`H RG 
ORCHQLNRG'HSR]LWDUD
 6YDND RUJDQL]DFLMD SRPHQXWD X
VWDYX  RYRJ aODQD NRMD SRVWDQH 6WUDQD
XJRYRUQLFD RYH NRQYHQFLMH LOL ELOR NRJ
SURWRNRODDGDQLMHGQDRGQMHQLKGUCDYD
aODQLFDQLMH6WUDQDXJRYRUQLFDEL`HYH]D 
QDVYLPREDYH]DPDXVNODGXVD.RQYHQ 
FLMRP LOL 3URWRNRORP X ]DYLVQRVWL RG



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VOXaDMD8VOXaDMXWDNYLKRUJDQL]DFLMDaLMD
MHMHGQDLOLYL^HGUCDYDaODQLFD6WUDQDXJR 
YRUQLFD RYH NRQYHQFLMH LOL UHOHYDQWQRJ
SURWRNRODRUJDQL]DFLMDLQMHQHGUCDYHaOD 
QLFH `H RGOXaLYDWL R VYRMLP UHVSHNWLYQLP
RGJRYRUQRVWLPD ]D VSURYR_HQMH VYRMLK
REDYH]DXVNODGXVD.RQYHQFLMRPLOLSUR 
WRNRORPX]DYLVQRVWLRGVOXaDMD8WDNYLP
VOXaDMHYLPDRUJDQL]DFLMDLGUCDYHaODQLFH
QH`H PR`L GD NRULVWH SUDYR X VNODGX VD
RYRPNRQYHQFLMRPLOLUHOHYDQWQLPSURWR 
NRORPLVWRYUHPHQR
8VYRMLPLQVWUXPHQWLPDUDWLILNDFLMH
SULKYDWDQMDLOLRGREUHQMDRUJDQL]DFLMHSR 
PHQXWHXVWDYXRYRJaODQD`HGDWLRED 
YH^WHQMHRRELPXVYRMHQDGOHCQRVWLXSR 
JOHGXSLWDQMDUHJXOLVDQLKRYRPNRQYHQFL 
MRP LOL UHOHYDQWQLP SURWRNRORP 2YH RU 
JDQL]DFLMH`HWDNR_HREDYHVWLWL'HSR]LWDUD
RVYDNRMUHOHYDQWQRMPRGLILNDFLMLXRELPX
VYRMHQDGOHCQRVWL
AODQ 
3ULVWXSDQMH

2YDNRQYHQFLMDLELORNRMLSURWRNRO
EL`HRWYRUHQL]DSULVWXSDQMHGUCDYDLUHJL 
RQDOQLKHNRQRPVNLKLQWHJUDWLYQLKRUJDQL 
]DFLMDRGGDQDNDGDVH.RQYHQFLMDLOLGR 
WLaQLSURWRNRO]DWYRUH]DSRWSLVLYDQMH,Q 
VWUXPHQWLSULVWXSDQMD`HELWLRGORCHQLNRG
'HSR]LWDUD
 8 VYRMLP LQVWUXPHQWLPD SULVWXSD 
QMDRUJDQL]DFLMHSRPHQXWHXVWDYXRYRJ
aODQD QDYH^`H RELP VYRMH QDGOHCQRVWL X
SRJOHGXSLWDQMDUHJXOLVDQLK.RQYHQFLMRP
LOLUHOHYDQWQLPSURWRNRORP2YHRUJDQL]D 
FLMH`HWDNR_HREDYHVWLWL'HSR]LWDUDRVYD 
NRMUHOHYDQWQRMPRGLILNDFLMLXRELPXVYRMH
QDGOHCQRVWL
2GUHGEHaODQDVWDYSULPHQML 
YD`H VH QD UHJLRQDOQH HNRQRPVNH LQWHJ 
UDWLYQH RUJDQL]DFLMH NRMH SULVWXSDMX RYRM
NRQYHQFLMLLOLELORNRPSURWRNROX
AODQ 
6WXSDQMH QD VQDJX

2YDNRQYHQFLMD`HVWXSLWLQDVQDJX
GHYHGHVHWRJ GDQD SRVOH GDQD RGODJDQMD
WULGHVHWRJLQVWUXPHQWDUDWLILNDFLMHSULKYD 
WDQMDRGREUHQMDLOLSULVWXSDQMD

 %LOR NRML SURWRNRO `H VWXSLWL QD

VQDJXGHYHGHVHWRJGDQDRGGDQDRGODJD 
QMDEURMDLQVWUXPHQDWDUDWLILNDFLMHSULKYD 
WDQMD RGREUHQMD LOL SULVWXSDQMD QD] 
QDaHQRJXWRPSURWRNROX
 =D VYDNX 6WUDQX XJRYRUQLFX NRMD
UDWLILNXMHSULKYDWLLOLRGREULRYXNRQYHQ 
FLMXLOLSULVWXSLRYRMNRQYHQFLMLSRVOHRG 
ODJDQMDWULGHVHWRJLQVWUXPHQWDUDWLILNDFLMH
SULKYDWDQMDRGREUHQMDLOLSULVWXSDQMDRQD
`HVWXSLWLQDVQDJXGHYHGHVHWRJGDQDSR 
VOH GDQD RGODJDQMD WDNYH 6WUDQH XJRYRU 
QLFHQMHQRJLQVWUXPHQWDUDWLILNDFLMHSULK 
YDWDQMDRGREUHQMDLOLSULVWXSDQMD
 %LOR NRML SURWRNRO RVLP DNR QLMH
GUXJDaLMHSUHGYL_HQRWDNYLPSURWRNRORP
VWXSL`H QD VQDJX ]D 6WUDQX XJRYRUQLFX
NRMD UDWLILNXMH SULKYDWD LOL RGREUDYD WDM
SURWRNROLOLSULVWXSDWRPSURWRNROXSRVOH
QMHJRYRJ VWXSDQMD QD VQDJX X VNODGX VD
VWDYRP  RYRJ aODQD GHYHGHVHWRJ GDQD
SRVOHGDQDNDGDWD6WUDQDXJRYRUQLFDRG 
ORCL VYRM LQVWUXPHQW UDWLILNDFLMH SULKYDWD 
QMD RGREUHQMD LOL SULVWXSDQMD LOL QD GDQ
NDGDRYDNRQYHQFLMDVWXSDQDVQDJX]DWX
6WUDQXXJRYRUQLFXX]DYLVQRVWLNRMLMHRG
RYDGYDGDWXPDNDVQLML
8VPLVOXVWLRYRJaODQDVYDNL
LQVWUXPHQW NRML RGORCL UHJLRQDOQD HNR 
QRPVNDLQWHJUDWLYQDRUJDQL]DFLMDQH`HVH
VPDWUDWL GRGDWQLP LQVWUXPHQWRP X] RQH
NRMHVXRGORCLOHGUCDYHaODQLFHWDNYHRU 
JDQL]DFLMH
AODQ 
5H]HUYH

1H PRJX SRVWRMDWL QLNDNYH UH]HUYH

QDRYXNRQYHQFLMX
AODQ 
3RYODaHQMD

 8 ELOR NRMH YUHPH SRVOH GYH JR

GLQHRGGDQDNDGDMHRYDNRQYHQFLMDVWX 
SLOD QD VQDJX ]D 6WUDQX XJRYRUQLFX WD
6WUDQDXJRYRUQLFDVHPRCHSRYX`LL].RQ 
YHQFLMH WDNR ^WR `H XSXWLWL SLVPHQR RED 
YH^WHQMH'HSR]LWDUX
 'R VYDNRJ WDNYRJ SRYODaHQMD
PRCHGR`LSRLVWHNXMHGQHJRGLQHRGGD 
QDNDGDMH'HSR]LWDUSULPLRREDYH^WHQMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RWRPHLOLNDVQLMHJGDWXPDNDNRPRCHELWL
QD]QDaHQRXREDYH^WHQMXRSRYODaHQMX
 =D VYDNX 6WUDQX XJRYRUQLFX NRMD
VHSRYXaHL]RYHNRQYHQFLMHVPDWUD`HVH
GDVHWDNR_HSRYXNODL]VYDNRJSURWRNROD
aLMDMH6WUDQD
AODQ 
)LQDQVLMVNL SULYUHPHQL DUDQCPDQL

3RGXVORYRPGDVHXSRWSXQRVWLSUH 
VWUXNWXULUDXVNODGXVD]DKWHYLPDaODQD
6YHWVNL IRQG ]D CLYRWQX VUHGLQX *OREDO
(QYLURQPHQW )DFLOLW\ p *() 5D]YRMQRJ
SURJUDPD 8MHGLQMHQLK QDFLMD 3URJUDP
8MHGLQMHQLK QDFLMD ]D CLYRWQX VUHGLQX L
0H_XQDURGQD EDQND ]D UHNRQWUXNFLMX L
UD]YRMEL`HLQVWLWXFLRQDOQDVWUXNWXUDQD] 
QDaHQDXaODQXQDSULYUHPHQRMRVQRYL
]DSHULRGL]PH_XVWXSDQMDQDVQDJXRYH
NRQYHQFLMHLSUYRJVDVWDQND.RQIHUHQFLMH
6WUDQDLOLGRN.RQIHUHQFLMD6WUDQDQHRG 
OXaL NRMD `H LQVWLWXFLRQDOQD VWUXNWXUD ELWL
RGUH_HQDXVNODGXVDaODQRP

$QHNV ,
,'(17,),.$&,-$ , 35$@(1-(

 (NRVLVWHPL L VWDQL^WD NRMD VDGUCH

YHOLNX UD]QRYUVQRVW YHOLNL EURM HQGH 
PLaQLKLOLXJURCHQLKYUVWDLOLRaXYDQXL] 
YRUQXSULURGXSRWUHEQLPLJUDWRUQLPYUV 
WDPD RG VRFLMDOQH HNRQRPVNH NXOWXUQH
LOL QDXaQH YDCQRVWL LOL NRML VX UHSUH]HQ 
WDWLYQL MHGLQVWYHQL LOL YH]DQL ]D NOMXaQH
HYROXWLYQHLOLGUXJHELROR^NHSURFHVH
 9UVWH L ]DMHGQLFH NRMH VX XJ
URCHQH GLYOML VURGQLFL SULSLWRPOMHQLK LOL
JDMHQLK YUVWD RG PHGLFLQVNH SROMRSULY 
UHGQH LOL GUXJH HNRQRPVNH YUHGQRVWL LOL
VRFLMDOQHQDXaQHLOLNXOWXUQHYDCQRVWLLOL
YDCQRVWL ]D LVWUDCLYDQMD X IXQNFLML RaXYD 
QMDLRGUCLYRJNRUL^`HQMDELROR^NHUD]QR 
YUVQRVWLNDR^WRVXYUVWHLQGLNDWRULL
2SLVDQLJHQRPLLJHQLRGVRFLMDO 
QRJQDXaQRJLOLHNRQRPVNRJ]QDaDMD

$QHNV ,,

AODQ 
3ULYUHPHQL DUDQCPDQL VHNUHWDULMDWD

6HNUHWDULMDW NRJD WUHED GD RGUHGL

,]YU^QLGLUHNWRU3URJUDPD8MHGLQMHQLKQD 
FLMD ]D CLYRWQX VUHGLQX EL`H 6HNUHWDULMDW
QD]QDaHQXaODQXVWDYQDSULYUHPH 
QRMRVQRYL]DSHULRGL]PH_XVWXSDQMDQD
VQDJX RYH NRQYHQFLMH L SUYRJ VDVWDQND
.RQIHUHQFLMH6WUDQD
AODQ 
'HSR]LWDU

*HQHUDOQLVHNUHWDU8MHGLQMHQLKQDFLMD
`HSUHX]HWLIXQNFLMH'HSR]LWDUDRYHNRQ 
YHQFLMHLVYLKSURWRNROD
AODQ 
$XWHQWLaQL WHNVWRYL

2ULJLQDORYHNRQYHQFLMHaLMLVXDUDS 
VNL NLQHVNL HQJOHVNL IUDQFXVNL UXVNL L
^SDQVNL WHNVWRYL SRGMHGQDNR DXWHQWLaQL
EL`H RGORCHQ NRG *HQHUDOQRJ VHNUHWDUD
8MHGLQMHQLKQDFLMD
8 SRWYUGX aHJD VX GROH SRWSLVDQL
SURSLVDQRRYOD^`HQLXWXVYUKXSRWSLVDOL
RYXNRQYHQFLMX
6DaLQMHQRX5LRGH#DQHLUXSHWRJGDQD
MXQDKLOMDGXGHYHWVWRGHYHGHVHWLGUXJH

'HR 
$5%,75$#$
AODQ 

6WUDQDWUDCLODF `H REDYHVWLWL 6HNUHWD 

ULMDW GD VWUDQH SUHQRVH VSRU QD DUELWUDCX
XVNODGXVDaODQRP2YRREDYH^WHQMH
`HQDYHVWLSUHGPHWDUELWUDCHLQDURaLWRXN 
OMXaLWL aODQRYH .RQYHQFLMH LOL SURWRNROD
aLMH MH WXPDaHQMH LOL SULPHQD X SLWDQMX
$NRVHVWUDQHQHVORCHRSUHGPHWXVSRUD
SUHQHJR^WRVHRGUHGLSUHGVHGQLNVXGD
DUELWUDCQLVXG`HGHILQLVDWLSUHGPHW6HN 
UHWDULMDW`HXSXWLWLWDNRSULPOMHQXLQIRUPD 
FLMX VYLP 6WUDQDPDXJRYRUQLFDPD RYH
NRQYHQFLMHLOLGRWLaQRJSURWRNROD
AODQ 

 8 VSRURYLPD L]PH_X GYH 6WUDQH

DUELWUDCQLVXG`HVHVDVWRMDWLRGWULaODQD
6YDND 6WUDQD X VSRUX`H RGUHGLWL DUELWUD 
WRUD L GYD WDNR QDLPHQRYDQD DUELWUDWRUD
`HQDRVQRYXPH_XVREQHVDJODVQRVWLRG 
UHGLWL WUH`HJ DUELWUDWRUD NRML `H ELWL 3UHG 
VHGQLNVXGD2YDMWUH`LDUELWUDWRUQH`HELWL
GUCDYOMDQLQMHGQHRGVWUDQHVSRUDQLWL`H
QMHJRYRLOLQMHQRXRELaDMHQRPHVWRVWDQR 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YDQMDELWLQDWHULWRULMLMHGQHRGRYLKVWUDQD
QLWL`HELWL]DSRVOHQXELORNRMRMRGQMLK
QLWL VH EDYLR RYLP VOXaDMHP X ELOR NRP
GUXJRPVYRMVWYX
8VSRURYLPDL]PH_XYL^HRGGYH
6WUDQHXJRYRUQLFH VWUDQH VD ]DMHGQLaNLP
LQWHUHVRP`HQDLPHQRYDWLMHGQRJDUELWUD 
WRUD]DMHGQRSXWHPVSRUD]XPD
%LORNRMHSUD]QRPHVWR`HELWLSR 
SXQMHQR QD QDaLQ SUHGYL_HQ ]D SRaHWQR
QDLPHQRYDQMH
AODQ 

$NRVH3UHGVHGQLNDUELWUDCQRJVX 
GD QH RGUHGL X URNX RG GYD PHVHFD RG
QDLPHQRYDQMD GUXJRJ DUELWUDWRUD *HQH 
UDOQL VHNUHWDU 8MHGLQMHQLK QDFLMD `H QD
]DKWHY6WUDQHRGUHGLWL3UHGVHGQLNDXUR 
NXRGQDUHGQRJGYRPHVHaQRJSHULRGD
$NRMHGQDRGVWUDQDXVXNREXQH
QDLPHQXMHDUELWUDWRUDXURNXRGGYDPH 
VHFD RG SULMHPD ]DKWHYD GUXJD 6WUDQD
PRCH LQIRUPLVDWL *HQHUDOQRJ VHNUHWDUD
NRML `H L]YU^LWL QDLPHQRYDQMH X URNX RG
QDUHGQDGYDPHVHFD
AODQ 

$UELWUDCQL VXG `H GRQRVLWL VYRMH RG

OXNHRVNODGXVDRGUHGEDPDRYH.RQYHQ 
FLMH ELOR NRMLP UHOHYDQWQLP SURWRNROLPD
LPH_XQDURGQLPSUDYRP
AODQ 

$UELWUDCQL VXG `H RGUHGLWL VRSVWYHQL

3RVORYQLNXNROLNRVHVWUDQHXVXNREXQH
GRJRYRUHGUXJDaLMH
AODQ 

$UELWUDCQLVXGPRCHQD]DKWHYMHGQH
RGVWUDQDSUHSRUXaLWLL]X]HWQRYDCQHSUL 
YUHPHQHPHUH]D^WLWH
AODQ 

6WUDQHXVSRUX`HRODN^DWLUDGDUELW 
UDCQRJ VXGD D QDURaLWR `H NRULVWH`L VYD
VUHGVWYD NRMD LP VWRMH QD UDVSRODJDQMX
aLQLWLVOHGH`H
D 2EH]EHGLWL VYX UHOHYDQWQX GRNX
PHQWDFLMX LQIRUPDFLMH L RODN^LFH L
E 2PRJX`LWL PX GD NDGD MH WR SRW 
UHEQR SR]RYH VYHGRNH LOL HNVSHUWH
L GD VDVOX^D QMLKRYH L]MDYH

AODQ 

6WUDQHLDUELWUDWRULVXSRGREDYH]RP
GD^WLWHSRYHUOMLYRVWELORNRMHLQIRUPDFLMH
NRMXSULPHNDRSRYHUOMLYXXWRNXSRVWXS 
ND$UELWUDCQRJVXGD
AODQ 

2VLP DNR $UELWUDCQL VXG QH RGUHGL

GUXJDaLMH ]ERJ SRVHEQLK RNROQRVWL
VOXaDMDWUR^NRYH6XGD`HVQRVLWLVWUDQHX
VSRUXSRGMHGQDNR6XG`HYRGLWLHYLGHQ 
FLMXRVYLPWUR^NRYLPDLSRGQH`H]DYU^QL
UDaXQVWUDQDPD
AODQ 

6YDND6WUDQDXJRYRUQLFDNRMDLPDLQ 
WHUHVSUDYQHSULURGH]DSUHGPHWVSRUDQD
NRMXPRCHXWLFDWLRGOXNDXVOXaDMXPRCH
LQWHUYHQLVDWLXSRVWXSNXX]VDJODVQRVW6X 
GD
AODQ 

6XGPRCHGDVDVOX^DLRGUHGLSURWLY 
]DKWHYHNRMLGLUHNWQRSURLVWLaXL]SUHGPH 
WDVSRUD
AODQ 

2GOXNH NDNR R SRVWXSNX WDNR L R

SUHGPHWX $UELWUDCQRJ VXGD GRQRVL`H VH
YH`LQRPJODVRYDQMHQLKaODQRYD
AODQ 

$NR VH MHGQD RG VWUDQD X VSRUX QH

SRMDYLSUHG$UELWUDCQLPVXGRPLOLQHEUD 
QLVYRMVOXaDMGUXJD6WUDQDPRCH]DKWHYDWL
RG 6XGD GD QDVWDYL VD SRVWXSNRP L GD
GRQHVHRGOXNX,]RVWDQDN6WUDQHLOLQHGR 
VWDWDNRGEUDQHVOXaDMD6WUDQHQH`HSUHG 
VWDYOMDWL SUHSUHNX ]D SRVWXSDN 3UH GR 
QR^HQMD NRQDaQH RGOXNH $UELWUDCQL VXG
VHPRUDXYHULWLGDMH]DKWHYGREUR]DVQR 
YDQNDNRaLQMHQLaQRWDNRLSUDYQR
AODQ 

6XG`HGRQHWLVYRMXNRQDaQXRGOXNX
XURNXRGSHWPHVHFLRGGDQDNDGDVHX
SRWSXQRVWLNRQVWLWXL^HRVLPDNRQHQD_H
]DQHRSKRGQRGDSURGXCLYUHPHQVNRRJ 
UDQLaHQMH]DSHULRGNRMLQHWUHEDGDEXGH
GXCLRGSHWQDUHGQLKPHVHFL
AODQ 

.RQDaQDRGOXND$UELWUDCQRJVXGD`H
ELWL RJUDQLaHQD QD SUHGPHW VSRUD L QD 
YH^`H UD]ORJH QD NRMLPD MH ]DVQRYDQD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

6DGUCD`H LPHQD aODQRYD NRML VX XaHVWYR 
YDOL L GDWXP NRQDaQH RGOXNH 6YDNL aODQ
6XGDPRCHSULORCLWLRGYLMHQRPL^OMHQMHLOL
PL^OMHQMHQHVODJDQMDX]NRQDaQXRGOXNX
AODQ 

2GOXND MH REDYH]XMX`D ]D VWUDQH X

VSRUX 1H SRVWRML SUDYR CDOEH L]X]HY
XNROLNR VH VWUDQH X VSRUX XQDSUHG QLVX
GRJRYRULOHRDSHODFLRQRPSRVWXSNX
AODQ 

%LORNRMDRG6WUDQDPRCHVYDNRQH 
VODJDQMHXYH]LVWXPDaHQMHPLOLQDaLQRP
SULPHQHNRQDaQHRGOXNHGRNRMHJPRCH
GDGR_HL]PH_XVWUDQDXVSRUXGDSRG 
QHVH$UELWUDCQRPVXGXNRMLMHRGOXNXGR 
QHRUDGLGRQR^HQMDNRQDaQHRGOXNH

'HR 
,=0,5(1-(
AODQ 

.RPLVLMD]DL]PLUHQMH`HVHRVQRYDWL
QD]DKWHYMHGQHRGVWUDQDVSRUD.RPLVLMD
`HRVLPDNRVHVWUDQHGUXJDaLMHQHGRJR 
YRUH LPDWL SHW aODQRYD RG NRMLK `H GYD
QDLPHQRYDWL VYDND 6WUDQD L 3UHGVHGQLN
NRJDVX]DMHGQLaNLL]DEUDOLRYLaODQRYL
AODQ 

8VSRUXYL^HRGGYHVWUDQHRQHVWUD 
QH NRMH LPDMX LVWRYHWQH LQWHUHVH LPHQXMH
]DMHGQRVYRMHaODQRYHNRPLVLMHGRJRYRU 
QR.DGDGYHLOLYL^HVWUDQDLPDMXUD]OLaLWH
LQWHUHVHLOLNDGDSRVWRMLQHVODJDQMHSRSL 

WDQMXGDOLRQHLPDMXLVWLLQWHUHVRQHLPH 
QXMXVYRMHaODQRYHRGYRMHQR
AODQ 

8NROLNRVWUDQHQHL]YU^HELORNRMHRG
LPHQRYDQMDXURNXRGGYDPHVHFDRGGD 
WXPDSRGQR^HQMD]DKWHYD]DREUD]RYDQMH
NRPLVLMH]DSRPLUHQMH*HQHUDOQLVHNUHWDU
8MHGLQMHQLKQDFLMD`HXNROLNRWRRGQMHJD
]DWUDCLRQD6WUDQDNRMDMHSRGQHOD]DKWHY
L]YU^LWLWDLPHQRYDQMDXURNXRGQDUHGQRJ
SHULRGDRGGYDPHVHFD
AODQ 

8NROLNR 3UHGVHGQLN NRPLVLMH ]D SR 

PLUHQMHQLMHL]DEUDQXURNXRGGYDPHVH 
FD RG GDQD NDGD MH LPHQRYDQ SRVOHGQML
aODQ .RPLVLMH *HQHUDOQL VHNUHWDU 8MHGL 
QMHQLKQDFLMD`HXNROLNRWRRGQMHJD]DW 
UDCLMHGQDRGVWUDQDRGUHGLWL3UHGVHGQLND
XURNXRGQDUHGQDGYDPHVHFD
AODQ 

.RPLVLMD ]D SRPLUHQMH GRQRVL VYRMH

RGOXNH YH`LQRP JODVRYD VYRMLK aODQRYD
2QD`HL]X]HYXNROLNRVHVWUDQHXVSRUX
QH GRJRYRUH GUXJDaLMH VDPD GD XWYUGL
VRSVWYHQX SURFHGXUX 2QD `H GDWL SUHG 
ORJ ]D UH^HQMH VSRUD NRML `H VWUDQH UD] 
PRWULWLXGREULPQDPHUDPD
AODQ 

2 QHVODJDQMX X YH]L V WLP GD OL .R 

PLVLMD ]D SRPLUHQMH LPD QDGOHCQRVW RG 
OXaXMH.RPLVLMD

 1DFUW aODQRYD R VSUHaDYDQMX SUHNRJUDQLaQH ^WHWH

RG RSDVQLK GHODWQRVWL
AODQ 
2SVHJ

2YLaODQRYLVHRGQRVHQDGHODWQRVWL
NRMHQLVX]DEUDQMHQHPH_XQDURGQLPSUD 
YRP DOL NRG NRMLK SRVWRML UL]LN SURX]UR 
NRYDQMD]QDWQHSUHNRJUDQLaQH^WHWH]ERJ
QMLKRYLKIL]LaNLKSRVOHGLFD


AODQ 
=QDaHQMH SRMPRYD

8RYLPaODQRYLPD
D UL]LNSURX]URNRYDQMD]QDWQHSUHNR 
JUDQLaQH ^WHWHm XNOMXaXMH UL]LNH ]D
NRMH SRVWRML YLVRND YHURYDWQR`D GD

8VYRMLOD .RPLVLMD ]D PH_XQDURGQR SUDYR QD  VHGQLFL 2IILFLDO 5HFRUGV RI WKH *HQHUDO
$VVHPEO\ )LIW\VL[WK VHVVLRQ 6XSSOHPHQW 1R  $ FKS9( QRYHPEDU 
KWWSZZZXQRUJODZLOFWH[WVSUHYHQWLRQSUHYHQWLRQIUDKWP3UHYRG%HRJUDGVNRJFHQWUD
]D OMXGVND SUDYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

E
F

`H SURX]URNRYDWL ]QDWQH SUHNRJUD 

QLaQH^WHWHLPDODYHURYDWQR`DGD`H
SURX]URNRYDWL NDWDVWURIDOQX SUHNRJ 
UDQLaQX ^WHWX
^WHWDmSRGUD]XPHYD^WHWXQDaLQMHQX
OLFLPD LPRYLQL LOL CLYRWQRM VUHGLQL
SUHNRJUDQLaQD ^WHWDm SRGUD]XPH 
YD^WHWXSURX]URNRYDQXQDWHULWRUL 
ML LOL QD GUXJLP PHVWLPD X QDG 
OHCQRVWL LOL SRG NRQWURORP GUCDYH
NRMD QLMH GUCDYD SRUHNOD ELOR GD
GUCDYH X SLWDQMX LPDMX ]DMHGQLaNX
JUDQLFX LOL QH
GUCDYD SRUHNODm MH GUCDYD QD aLMRM
VHWHULWRULMLSODQLUDMXLOLREDYOMDMXGH 
ODWQRVWL SUHGYL_HQH aODQRP  LOL X
aLMRM VX QDGOHCQRVWL LOL SRG aLMRP VX
NRQWURORP
GUCDYDNRMDPRCHELWLSRJR_HQDmMH
GUCDYDLOLGUCDYHQDaLMRMWHULWRULMLSR 
VWRMLUL]LN]QDWQHSUHNRJUDQLaQH^WHWH
LOLNRMHLPDMXQDGOHCQRVWLOLNRQWUROX
QDG ELOR NRMLP GUXJLP PHVWRP JGH
SRVWRML WDNDY UL]LN
GUCDYHXSLWDQMXmSUHGVWDYOMDGUCDYX
SRUHNODLOLGUCDYXNRMDPRCHELWLSR 
JR_HQD
AODQ 
6SUHaDYDQMH

'UCDYDSRUHNOD`HSUHGX]HWLVYHRG 
JRYDUDMX`H PHUHNDNRELVSUHaLOD]QDWQX
SUHNRJUDQLaQX ^WHWX LOL X VYDNRP VOXaDMX
VPDQMLODUL]LNRGQMH
AODQ 
6DUDGQMD

'UCDYHXSLWDQMX`HVDUD_LYDWLXGR 
EURMYHULLDNRMHQHRSKRGQRWUDCLWLSR 
PR`MHGQHLOLYL^HQDGOHCQLKPH_XQDURG 
QLKRUJDQL]DFLMDXVSUHaDYDQMX]QDWQHSUH 
NRJUDQLaQH^WHWH
AODQ 
6SURYR_HQMH

'UCDYH`HSUHGX]HWLVYHQHRSKRGQH
]DNRQVNHXSUDYQHLGUXJHPHUH]DQDG 
]RU VSURYR_HQMD RGUHGEL RYLK aODQRYD
XNOMXaXMX`L L XVWDQRYOMDYDQMH RGJRYDUD 
MX`LKPHKDQL]DPD

AODQ 
2GREUHQMH

'UCDYDSRUHNOD`H]DKWHYDWLSUHW
KRGQRRGREUHQMH]D
D VYDNX GHODWQRVW NRMD VSDGD X SROMH
SULPHQHRYLKaODQRYDNRMDVHREDY 
OMD QD QMHQRM WHULWRULML LOL MH QD GUXJL
QDaLQ X QMHQRM QDGOHCQRVWL LOL SRG
QMHQRP NRQWURORP
E VYH]QDWQLMHSURPHQHXGHODWQRVWLPD
QD NRMH VH RGQRVL WDaND D
F VYDNL SODQ SURPHQH GHODWQRVWL NRML
MH PRCH SURPHQLWL WDNR GD X_H X
SROMH SULPHQH RYLK aODQRYD
[]
AODQ 
3URFHQD UL]LND

6YDNDRGOXNDRRGREUHQMXGHODWQRVWL
NRMDVSDGDXSROMHSULPHQHRYLKaODQRYD
]DVQLYD`HVHQDSURFHQLPRJX`HSUHNRJ 
UDQLaQH^WHWHQDQHWHWRPDNWLYQR^`XXN 
OMXaXMX`LLSURFHQXXWLFDMDQDCLYRWQXVUH 
GLQX
AODQ 
2EDYH^WDYDQMH

$NRSURFHQDL]aODQDXNDCHQD
UL]LN SURX]URNRYDQMD ]QDWQH SUHNRJUD 
QLaQH^WHWHGUCDYDSRUHNODREDYHVWL`HQD
YUHPH R UL]LNX L SURFHQL GUCDYX NRMD
PRCHELWLSRJR_HQDLSUHQHWLMRMVYHGR 
VWXSQHWHKQLaNHLGUXJHUHOHYDQWQHLQIRU 
PDFLMHQDNRMLPDMHWDSURFHQD]DVQRYDQD
'UCDYDSRUHNODQH`HGRQHWLQLMHG
QXRGOXNXRRGREUHQMXGHODWQRVWLGRNQH
GRELMHXURNXQHGXCHPRG^HVWPHVHFL
RGJRYRUGUCDYHNRMDPRCHELWLSRJR_HQD
AODQ 
.RQVXOWDFLMH R PHUDPD VSUHaDYDQMD

1D]DKWHYELORNRMHRGQMLKGUCDYH
XSLWDQMX`HSRaHWLVNRQVXOWDFLMDPDUDGL
SRVWL]DQMH SULKYDWOMLYLK UH^HQMD ]D PHUH
NRMH WUHED XVYRMLWL NDNR EL VH VSUHaLOD
]QDWQD^WHWDLOLXVYDNRPVOXaDMXVPDQMLR
UL]LN RG QMH 1D SRaHWNX NRQVXOWDFLMD
GUCDYHXSLWDQMX`HVHGRJRYRULWLRUD]XP 
QRPYUHPHQVNRPRNYLUX]DNRQVXOWDFLMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

'UCDYHXSLWDQMX`HWUDCLWLUH^HQMD
QDRVQRYXSUDYLaQHUDYQRWHCHLQWHUHVDX
VYHWOXaODQD
$NRNRQVXOWDFLMHL]VWDYDQHGR 
YHGXGRVSRUD]XPQRJUH^HQMDGUCDYDSR 
UHNOD`HLSDNX]HWLXRE]LULQWHUHVHGUCDYH
NRMDPRCHELWLSRJR_HQDXVOXaDMXGDRG 
OXaLGDRGREULGHODWQRVWLNRMHWUHEDVSUR 
YHVWL aLPH VH QH GLUD X SUDYD ELOR NRMH
GUCDYHNRMDPRCHELWLSRJR_HQD
AODQ 
ALQLRFL SUDYLaQH UDYQRWHCH LQWHUHVD

.DNR EL VH SRVWLJOD SUDYLaQD UDYQR 

WHCDLQWHUHVDL]aODQDVWDYDGUCDYHX
SLWDQMX`HX]HWLXRE]LUVYHYDCQHaLQLRFH
LRNROQRVWLXNOMXaXMX`LL
D VWHSHQ UL]LND ]QDWQH SUHNRJUDQLaQH
^WHWH L GRVWXSQRVW VUHGVWDYD ]D
VSUHaDYDQMH QDVWXSDQMD WDNYH ^WHWH
LOLVPDQMHQMDLOLRWNODQMDQMDUL]LNDRG
QMHJD
E YDCQRVW GHODWQRVWL ]D GUCDYX SRUHN
OD X]LPDMX`L X RE]LU QMHQH GUX^WYH 
QHHNRQRPVNHLWHKQLaNHSUHGQRVWL
SRGUCDYXSRUHNODXRGQRVXQDSR 
WHQFLMDOQX ^WHWX GUCDYH NRMD PRCH
ELWL SRJR_HQD
F UL]LN]QDWQH^WHWHSRCLYRWQXVUHGLQX
L GRVWXSQRVW VUHGVWDYD ]D VSUHaDYD
QMHWDNYH^WHWHLOLVPDQMHQMDUL]LNRG
QMH LOL REQDYOMDQMH CLYRWQH VUHGLQH
G VWHSHQ X NRPH VX GUCDYDSRUHNODL
WDPR JGH MH SULNODGQR GUCDYD NRMD
PRCH ELWL SRJR_HQD VSUHPQH GD
XORCH X WUR^NRYH VSUHaDYDQMD
H HNRQRPVNX LVSODWLYRVW GHODWQRVWL X
RGQRVX QD WUR^NRYH VSUHaDYDQMD L
PRJX`QRVW REDYOMDQMD GHODWQRVWL QD
GUXJRPPHVWXLOLGUXJLPVUHGVWYLPD
LOL ]DPHQH QHNRP GUXJRP DNWLY 
QR^`X
I VWDQGDUGH VSUHaDYDQMD NRMH GUCDYD
NRMDPRCHELWLSRJR_HQDSULPHQMXMH
NRGLVWLKLOLRGJRYDUDMX`LKGHODWQRVWL
LVWDQGDUGHNRMLVHSULPHQMXMXXRG 
JRYDUDMX`RM UHJLRQDOQRM LOL PH_XQD 
URGQRM SUDNVL

AODQ 
3RVWXSFL X VOXaDMX L]RVWDQND REDYH^WHQMD

$NRGUCDYDLPDUD]XPQRJRVQRYD
GD YHUXMH GD GHODWQRVW NRMDVH SODQLUD LOL
NRMDVHREDYOMDXGUCDYLSRUHNODQRVLUL]LN
SURX]URNRYDQMD ]QDWQH SUHNRJUDQLaQH
^WHWHRQDRGGUCDYHSRUHNODPRCH]DKWH 
YDWL GD SULPHQL RGUHGEH L] aODQD  8]
]DKWHY `H VH GRVWDYLWL REUD]ORCHQR RE 
MD^QMHQMHXNRPHVHL]QRVHQMHJRYLRVQR 
YL
$NRGUCDYDSRUHNODLSDNXWYUGLGD
QHPDREDYH]XGDREDYH^WDYDQMDL]aODQD
RWRPH`HXUD]XPQRPURNXREDYHVWLWL
GUCDYX NRMD MH SRGQHOD ]DKWHY X] REUD] 
ORCHQR REMD^QMHQMH RVQRYD ]D WDNDY ]DN 
OMXaDN $NR RYR QH ]DGRYROML GUXJX
GUCDYXREHGUCDYH`HQDQMHQ]DKWHYRG 
PDK SRaHWL NRQVXOWDFLMH QD QDaLQ SUHG 
YL_HQaODQRP
7RNRPNRQVXOWDFLMDGUCDYDSRUH 
NOD`HVHQD]DKWHYGUXJHGUCDYHSRVWD 
UDWLGDVHXYHGXRGJRYDUDMX`HLRVWYDULYH
PHUHUDGLVPDQMHQMDUL]LNDLWDPRJGHMH
SULNODGQR REXVWDYLWL QD UD]XPQR YUHPH
GHODWQRVWLRNRMLPDMHUHa
AODQ 
5D]PHQD LQIRUPDFLMD

'RNVHGHODWQRVWLREDYOMDMXGUCDYHX
SLWDQMX `H UD]PHQMLYDWL VYH GRVWXSQH LQ 
IRUPDFLMH R GHODWQRVWLPD YH]DQH ]D
VSUHaDYDQMH ]QDWQH SUHNRJUDQLaQH ^WHWH
LOLVYDNRPVOXaDMXVPDQMLYDQMHUL]LNDRG
QMH7DNYDUD]PHQDLQIRUPDFLMD`HVHQD 
VWDYLWLGRNJRGGUCDYHXSLWDQMXWRVPDW 
UDMX SULPHUHQLP SD L SR RNRQaDQMX WLK
GHODWQRVWL
AODQ 
2EDYH^WDYDQMH MDYQRVWL

'UCDYHXSLWDQMX`HQDRGJRYDUDMX`L
QDaLQVWDYLWLQDUDVSRODJDQMHMDYQRVWLNRMD
PRCHELWLSRJR_HQDGHODWQR^`XNRMDSRW 
SDGDSRGSROMHSULPHQHRYLKaODQRYDUH 
OHYDQWQHLQIRUPDFLMHRWRMGHODWQRVWLUL]L 
NXNRMLRQDQRVLL^WHWLNRMDPRCHGDQD 
VWXSLLXSR]QD`HVHVQMHQLPPL^OMHQMHP



 +80$1,7$512 35$92

 0DUWHQVRYD NODX]XOD
'RNQHEXGHL]GDWSRWSXQLMLNRGHNV
UDWQLK ]DNRQD YLVRNH VWUDQH XJRYRUQLFH
VPDWUDMX HNVSHGLWLYQLP L]MDYLWL GD X
VOXaDMHYLPDNRMLQLVXREXKYD`HQL3UDYLOQL 
NRPNRMLVXRQHXVYRMLOHVWDQRYQLFLL]D 

UD`HQHVWUDQHRVWDMXSRG]D^WLWRPLYODGD 
YLQRPSULQFLSDPH_XQDURGQRJSUDYDEX 
GX`LGDRQLSURL]LOD]HL]RELaDMDNRMLYDCH
PH_X FLYLOL]RYDQLP QDURGLPD L] ]DNRQD
aRYHaQRVWLLGLNWDWDMDYQHVDYHVWL

 'RSXQVNL SURWRNRO X] CHQHYVNH NRQYHQFLMH RG

 DYJXVWD  JRGLQH R ]D^WLWL CUWDYD
PH_XQDURGQLK RUXCDQLK VXNRED 3URWRNRO ,
35($0%8/$
9LVRNHVWUDQHXJRYRUQLFH
3URNODPXMX`L VYRMX LVNUHQX CHOMX GD
PLU]DYODGDPH_XQDURGLPD
SRGVH`DMX`L GD MH VYDND GUCDYD
GXCQDGDVHXVNODGXV3RYHOMRP8MHGL 
QMHQLK QDFLMD X VYRMLP PH_XQDURGQLP
RGQRVLPDX]GUCDYDRGSUHWQMHLOLXSRWUH 
EH VLOH SURWLY VXYHUHQLWHWD WHULWRULMDOQRJ
LQWHJULWHWDLOLSROLWLaNHQH]DYLVQRVWLVYDNH
GUCDYHLOLQDELORNRMLGUXJLQDaLQNRMLQLMH
XVNODGXVDFLOMHYLPD8MHGLQMHQLKQDFLMD
YHUXMX`LGDMHLSRUHGWRJDSRWUHEQR
UHDILUPLVDWLLUD]YLWLRGUHGEHNRMLPDVH^WL 
WHCUWYHRUXCDQLKVXNREDLGRSXQLWLPHUH
NRMLPDVHMDaDQMLKRYDSULPHQD
L]UDCDYDMX`LVYRMHXEH_HQMHGDQLMHG 
QDRGUHGEDRYRJSURWRNRODLOLCHQHYVNLK
NRQYHQFLMD RG  DYJXVWD  JRGLQH
QHPRCHELWLSURWXPDaHQDWDNRGDRSUDY 



GDYDLOLRGREUDYDELORNRMLDNWDJUHVLMHLOL
GUXJXXSRWUHEXVLOHNRMDQLMHXVNODGXVD
3RYHOMRP8MHGLQMHQLKQDFLMD
SRWYU_XMX`LGDOMHGDRGUHGEHCHQHY
VNLKNRQYHQFLMDRGDYJXVWDJR 
GLQHLRYRJSURWRNRODWUHEDXSXQRMPHUL
GDEXGXSULPHQMHQHXVYLPSULOLNDPDQD
VYD OLFD NRMD VX]D^WL`HQD WLP LQVWUXPHQ 
WLPDEH]LNDNYHGLVNULPLQDFLMH]DVQRYDQH
QDSULURGLLOLSRUHNOXRUXCDQRJVXNREDLOL
QDFLOMXNRMLVXVWUDQHXVXNREXSRVWDYLOH
LOLNRMLLPVHSULSLVXMH
VDJODVLOHVXVHRVOHGH`HP

'HR ,
23>7( 2'5('%(
AODQ 
2S^WL SULQFLSL L SROMH SULPHQH

 9LVRNH VWUDQH XJRYRUQLFH REDYH 

]XMXVHGD`HSR^WRYDWLRYDMSURWRNROLGD

3UHDPEXOD AHWYUWH KD^NH NRQYHQFLMH .RQYHQFLMH R ]DNRQLPD L RELaDMLPD NRSQHQRJ UDWD

6 ?RU_HYL` L GU XU *UD_D 0H_XQDURGQRJMDYQRJ SUDYD %HRJUDG 
6O OLVW 6)5-0H_XQDURGQL XJRYRUL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

`H REH]EHGLWL QMHJRYR SR^WRYDQMH X VYD 
NRMSULOLFL
8VOXaDMHYLPDNRMLQLVXSUHGYL_HQL
RYLPSURWRNRORPLOLGUXJLPPH_XQDURG 
QLPVSRUD]XPLPDJUD_DQVNDOLFDLERUFL
RVWDMX SRG ]D^WLWRP L GHMVWYRP SULQFLSD
PH_XQDURGQRJ SUDYD NRML SURL]OD]H L]
XVWDQRYOMHQLK RELaDMD L] SULQFLSD aR 
YHaQRVWLL]DKWHYDMDYQHVDYHVWL
2YDMSURWRNRONRMLPVHGRSXQMXMX
#HQHYVNHNRQYHQFLMHRGDYJXVWD
JRGLQH R ]D^WLWL CUWDYD PH_XQDURGQLK
RUXCDQLKVXNREDSULPHQMXMHVHXVLWXDFL 
MDPDSUHGYL_HQLPaODQRP]DMHGQLaNLP
]DWHNRQYHQFLMH
3RGVLWXDFLMDPDSUHGYL_HQLPSUHW
KRGQLP VWDYRP SRGUD]XPHYDMX VH
RUXCDQL VXNREL X NRMLPD VH QDURGL ERUH
SURWLY NRORQLMDOQH GRPLQDFLMH L VWUDQH
RNXSDFLMHLSURWLYUDVLVWLaNLKUHCLPDNRUL 
VWH`L VH SUDYRP QDURGD QD VDPRRSUHGH 
OMHQMH SRWYU_HQLP X 3RYHOML 8MHGLQMHQLK
QDFLMDL'HNODUDFLMLRSULQFLSLPDPH_XQD 
URGQRJSUDYDNRMLVHWLaXSULMDWHOMVNLKRG 
QRVDLVDUDGQMHL]PH_XGUCDYDXVNODGXV
3RYHOMRP8MHGLQMHQLKQDFLMD
AODQ 
'HILQLFLMH

=DVYUKHRYRJSURWRNROD
D SRGL]UD]LPD,NRQYHQFLMDm,,NRQ
YHQFLMDm ,,, NRQYHQFLMDm L ,9 NRQ
YHQFLMDm SRGUD]XPHYDMX VH UHGRP
#HQHYVND NRQYHQFLMD ]D SREROM^DQMH
VXGELQH UDQMHQLND L EROHVQLND X
RUXCDQLPVQDJDPDXUDWXRGDY 
JXVWD  JRGLQH #HQHYVND NRQ
YHQFLMD ]D SREROM^DQMH VXGELQH UD
QMHQLND EROHVQLND L EURGRORPQLND
RUXCDQLK VQDJD QD PRUX RG  DY 
JXVWD  JRGLQH #HQHYVND NRQ
YHQFLMD R SRVWXSDQMX V UDWQLP ]DUR 
EOMHQLFLPD RG  DYJXVWD  JR
GLQH #HQHYVND NRQYHQFLMD R ]D^WLWL
JUD_DQVNLKOLFD]DYUHPHUDWDRG
DYJXVWD  JRGLQH SRG L]UD]RP
.RQYHQFLMHmSRGUD]XPHYDMXVHaHWLUL
#HQHYVNHNRQYHQFLMHRGDYJXVWD
 JRGLQH R ]D^WLWL CUWDYD
PH_XQDURGQLK RUXCDQLK VXNRED

E SRG L]UD]RP SUDYLODPH_XQDURGQRJ

SUDYD NRMD VH SULPHQMXMX X RUX
CDQLPVXNRELPDmSRGUD]XPHYDMXVH
SUDYLOD VDGUCDQD X PH_XQDURGQLP
VSRUD]XPLPD X NRMLPD XaHVWYXMX
VWUDQH X VXNREX NDR L SULQFLSL L
SUDYLOD PH_XQDURGQRJ SUDYD NRMD
VX RS^WH SUL]QDWD
F SRG L]UD]RP VLOD ]D^WLWQLFDm SRGUD
]XPHYD VH QHXWUDOQD GUCDYD LOL GUX 
JDGUCDYDNRMDQLMHVWUDQDXVXNREX
NRMXMHLPHQRYDODMHGQDVWUDQDXVX 
NREX L SULKYDWLOD SURWLYQLaND VWUDQD
L NRMD MH VSUHPQD GD YU^L IXQNFLMH
NRMH VX GRGHOMHQH VLOL ]D^WLWQLFL SR
RGUHGEDPD .RQYHQFLMH L RYRJ SUR 
WRNROD
G SRG L]UD]RP VXSVWLWXWm SRGUD]XPH
YDVHRUJDQL]DFLMDNRMD]DPHQMXMHVL 
OX ]D^WLWQLFX X VNODGX VD aODQRP 
AODQ 
3RaHWDN L SUHVWDQDN SULPHQH

1HGLUDMX`LXRGUHGEHNRMHVHSULPH 
QMXMXXVYDNRGRED
D .RQYHQFLMH L RYDM SURWRNRO SULPH 
QMXMX VH RG SRaHWND VYDNH VLWXDFLMH
SUHGYL_HQHXaODQXRYRJSURWRNR 
OD
E SULPHQD.RQYHQFLMDLRYRJSURWRNR 
OD SUHVWDMH QD WHULWRULML VWUDQD X VX 
NREX RS^WLP ]DYU^HWNRP YRMQLK
RSHUDFLMDDXVOXaDMXRNXSLUDQLKWH 
ULWRULMDSRSUHVWDQNXRNXSDFLMHL]X 
]HYXREDVOXaDMD]DNDWHJRULMHOLFD
aLMH NRQDaQR RVORER_HQMH UHSDWULMD 
FLMD LOL QDVWDQMHQMH QDVWXSL NDVQLMH
1DRYDOLFD`HVHLGDOMHSULPHQMLYDWL
RGJRYDUDMX`H RGUHGEH .RQYHQFLMH L
RYRJ SURWRNROD VYH GR QMLKRYRJ
SRWSXQRJ RVORER_HQMD UHSDWULMDFLMH
LOL QDVWDQMHQMD
AODQ 
3UDYQL VWDWXV VWUDQD X VXNREX

3ULPHQD.RQYHQFLMDLRYRJSURWRNR 
OD NDR L ]DNOMXaHQMH VSRUD]XPD SUHG 
YL_HQLK RYLP LQVWUXPHQWLPD QH`H LPDWL
GHMVWYDQDSUDYQLVWDWXVVWUDQDXVXNREX
1L RNXSDFLMD QHNH WHULWRULMH QL SULPHQD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

.RQYHQFLMDLRYRJSURWRNRODQH`HXWLFDWL
QDSUDYQLVWDWXVWHULWRULMHNRMDMHXSLWDQMX
AODQ 
2GUH_LYDQMH VLOD ]D^WLWQLFD L QMLKRYLK
VXSVWLWXWD

'XCQRVWMHVWUDQDXVXNREXGDRG
SRaHWNDWRJVXNREDREH]EHGHSR^WRYDQMH
L SULPHQX .RQYHQFLMD L RYRJ SURWRNROD
SULPHQRP VLVWHPD VLOD ]D^WLWQLFD XN 
OMXaXMX`L QDURaLWR RGUH_LYDQMH L SULKYDWD 
QMH WLK VLOD X VNODGX V QLCH QDYHGHQLP
VWDYRYLPD 6LOH ]D^WLWQLFH EL`H ]DGXCHQH
GD^WLWHLQWHUHVHVWUDQDXVXNREX
 2G SRaHWND VLWXDFLMH QDYHGHQH X
aODQXVYDNDVWUDQDXVXNREX RGUHGL`H
EH] RGODJDQMD MHGQX VLOX ]D^WLWQLFX UDGL
SULPHQH .RQYHQFLMD L RYRJ SURWRNROD L
RGREUL`HWDNR_HEH]RGODJDQMDLXLVWRP
FLOMXGHODWQRVWVLOH]D^WLWQLFHNRMXMHSUR 
WLYQLaNDVWUDQDRGUHGLODLNRMXMHRQDVDPD
SULKYDWLODNDRWDNYX
 $NR MHGQD VLOD ]D^WLWQLFD QLMH ELOD
RGUH_HQDLOLSULKYD`HQDRGSRaHWNDVLWX 
DFLMH QDYHGHQH X aODQX  0H_XQDURGQL
NRPLWHW&UYHQRJNUVWDQHGLUDMX`LXSUDYR
VYDNHGUXJHQHSULVWUDVQHKXPDQLWDUQHRU 
JDQL]DFLMH GD XaLQL LVWR SRQXGL`H VYRMH
GREUHXVOXJHVWUDQDPDXVXNREXUDGLRG 
UH_LYDQMDEH]RGODJDQMDMHGQHVLOH]D^WLW 
QLFHNRMDMHSULKYDWOMLYD]DVWUDQHXVXNR 
EX8WRPFLOMXRQPRCHL]PH_XRVWDORJ
GD WUDCL RGVYDNH VWUDQH GD PX SRGQHVH
OLVWXRGQDMPDQMHSHWGUCDYDNRMHWDVWUDQD
VPDWUDSULKYDWOMLYLPGDGHOXMXXQMHQRLPH
XVYRMVWYXVLOH]D^WLWQLFHXRGQRVXQDSUR 
WLYQLaNX VWUDQX L ]DWUDCL`H RG VYDNH SUR 
WLYQLaNH VWUDQH GD SRGQHVH OLVWX RG QDM 
PDQMH SHW GUCDYD NRMH EL RQD SULKYDWLOD
NDRVLOX]D^WLWQLFXGUXJHVWUDQHRYHOLVWH
`HELWLVDRS^WHQH.RPLWHWXXURNXRGGYH
QHGHOMHRGSULMHPD]DKWHYDRQ`HLKXSR 
UHGLWL L ]DWUDCLWL VDJODVQRVW VYDNH GUCDYH
aLMHVHLPHQDOD]LQDREHOLVWH
 $NR XSUNRV JRUH L]ORCHQRP QH 
PD VLOH ]D^WLWQLFH VWUDQH X VXNREX WUHED
GDSULKYDWHEH]RGODJDQMDSRQXGXNRMX
XaLQL0H_XQDURGQLNRPLWHW&UYHQRJNUVWD
LOLQHNDGUXJDRUJDQL]DFLMDNRMDSUXCDVYD
MHPVWYD]DQHSULVWUDVQRVWLLHILNDVQRVWLGD

GHOXMHNDRVXSVWLWXWSRVOHRGJRYDUDMX`LK
NRQVXOWDFLMDVDQDYHGHQLPVWUDQDPDLYR 
GH`LUDaXQDRUH]XOWDWLPDWLKNRQVXOWDFLMD
9U^HQMH QMHJRYLK IXQNFLMD NDR VXSVWLWXWD
SRGOHCHVDJODVQRVWLVWUDQDXVXNREXVWUD 
QHXVXNREXSUHGX]H`HVYHGDELRODN^DOH
UDG VXSVWLWXWD X YU^HQMX QMHJRYLK ]DGDWD 
ND VKRGQR .RQYHQFLMDPDL RYRP SURWR 
NROX
8VNODGXVDaODQRPRGUH_LYDQMH
L SULKYDWDQMH VLOD ]D^WLWQLFD UDGL SULPHQH
.RQYHQFLMD L RYRJ SURWRNROD QH`H LPDWL
GHMVWYD QD SUDYQL VWDWXV VWUDQD X VXNREX
QLELORNRMHWHULWRULMHXNOMXaXMX`LRNXSLUD 
QXWHULWRULMX
 2GUCDYDQMH GLSORPDWVNLK RGQRVD
L]PH_XVWUDQDXVXNREXLOLaLQMHQLFDGDMH
VYDNRMWUH`RMGUCDYLSRYHUHQD]D^WLWDLQWH 
UHVDMHGQHVWUDQHLQMHQLKJUD_DQDXVNOD 
GXVDSUDYLOLPDPH_XQDURGQRJSUDYDNR 
MDVHWLaXGLSORPDWVNLKRGQRVDQLVXVPHW 
QMDRGUH_LYDQMXVLOD]D^WLWQLFDUDGLSULPH 
QH.RQYHQFLMDLRYRJSURWRNROD
.DGJRGVHGDOMHXRYRPSURWRNR
OX SRPHQH VLOD ]D^WLWQLFD WR VH RGQRVL
WDNR_HLQDVXSVWLWXW
AODQ 
.YDOLILNRYDQR RVREOMH

 9LVRNH VWUDQH XJRYRUQLFH `H WD

NR_H L X GREDPLUDQDVWRMDWLGDX]SR 
PR` QDFLRQDOQLK GUX^WDYD &UYHQRJ NUVWD
&UYHQRJ SROXPHVHFD &UYHQRJ ODYD L
VXQFDREXaHNYDOLILNRYDQRRVREOMHGDEL
RODN^DOHSULPHQX.RQYHQFLMDLRYRJSUR 
WRNRODDQDURaLWRUDGVLOD]D^WLWQLFD
5HJUXWRYDQMHLREXNDWDNYRJRVR 
EOMDMHXGRPD`RMQDGOHCQRVWL
 0H_XQDURGQL NRPLWHW &UYHQRJ
NUVWD `H VWDYLWL QD UDVSRODJDQMH YLVRNLP
VWUDQDPD XJRYRUQLFDPD VSLVNRYH WDNR
REXaHQRJRVREOMDNRMHYLVRNHVWUDQHXJR 
YRUQLFH PRJX XWYUGLWL LOL PX GRVWDYLWL X
WRPFLOMX
 8VORYL NRUL^`HQMD WDNYRJ RVREOMD
YDQQDFLRQDOQHWHULWRULMHXVYDNRPSRMH 
GLQRP VOXaDMX EL`H SUHGPHW SRVHEQLK
VSRUD]XPD L]PH_X ]DLQWHUHVRYDQLK VWUD 
QD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
6DVWDQFL

'HSR]LWDU RYRJ SURWRNROD VD]LYD`H

VDVWDQDN YLVRNLK VWUDQD XJRYRUQLFD QD
WUDCHQMHMHGQHLOLYL^HSRPHQXWLKVWUDQDL
X]RGREUHQMHYH`LQHSRPHQXWLKVWUDQDUD 
GL UD]PDWUDQMD RS^WLK SUREOHPD SULPHQH
.RQYHQFLMDLSURWRNROD

'HR ,,
5$1-(1,&, %2/(61,&, ,
%52'2/201,&,
2GHOMDN ,
23>7$ =$>7,7$
AODQ 
7HUPLQRORJLMD

=DVYUKHRYRJSURWRNROD
D SRG L]UD]RP UDQMHQLm L EROHVQLm
SRGUD]XPHYDMX VH OLFD YRMQD LOL FL
YLOQDNRMLPDMH]ERJSRYUHGHEROH 
VWL LOL GUXJLK IL]LaNLK LOL PHQWDOQLK
SRUHPH`DMD LOL WH^NR`D SRWUHEQD OH 
NDUVND SRPR` LOL QHJD L NRMD VH
X]GUCDYDMX RG VYDNRJ DNWD QHSULMD
WHOMVWYD3RGRYLPL]UD]LPDSRGUD]X 
PHYDMXVHWDNR_HCHQHQDSRUR_DMX
QRYRUR_HQaDGLGUXJDOLFDNRMLPDMH
SRWUHEQD QHSRVUHGQD OHNDUVND SR 
PR` LOL QHJD NDR ^WR VX QHMDNL LOL
WUXGQLFH L NRMD VH X]GUCDYDMX RG
VYDNRJ DNWD QHSULMDWHOMVWYD
E SRG L]UD]RP EURGRORPQLFLm SRGUD
]XPHYDMX VH OLFD YRMQD LOL FLYLOQD
NRMDVHQDOD]HXRSDVQRVWLQDPRUX
LOL X GUXJLP YRGDPD NDR SRVOHGLFD
QHVUH`HNRMDMH]DGHVLODQMLKLOLEURG
LOL YD]GXKRSORY QD NRPH VH QDOD]H
LNRMDVHX]GUCDYDMXRGVYDNRJDNWD
QHSULMDWHOMVWYD 2YD OLFD SRG XVOR
YRPGDVHLGDOMHX]GUCDYDMXRGVYD 
NRJ DNWD QHSULMDWHOMVWYD VPDWUDMX VH
EURGRORPQLFLPDL]DYUHPHVSDVDYD 
QMD VYH GRN QH VWHNQX QHNL GUXJL
VWDWXVQDRVQRYX.RQYHQFLMDLOLRYRJ
SURWRNROD
F SRG VDQLWHWVNLP RVREOMHPm SRGUD
]XPHYDMX VH RQD OLFD NRMD MH MHGQD

VWUDQD X VXNREX RGUHGLOD LVNOMXaLYR

]D VDQLWHWVNH ]DGDWNH QDEURMDQH X
SRGWDaNLLOL]D]DGDWNHXSUDYOMDQMD
VDQLWHWVNLP MHGLQLFDPD LOL ]D IXQNFL 
RQLVDQMH LOL XSUDYOMDQMH VDQLWHWVNLP
WUDQVSRUWLPD 7DNYR UDVSRUH_LYDQMH
PRCH ELWL VWDOQR LOL SULYUHPHQR ,] 
UD] REXKYDWD
L VDQLWHWVNRRVREOMHYRMQRLOLFLYLO
QR MHGQH VWUDQH X VXNREX XN
OMXaXMX`LRQRNRMHMHQDYHGHQRX
, L ,, NRQYHQFLML L RQR NRMH MH
GRGHOMHQR RUJDQL]DFLMDPD FLYLOQH
]D^WLWH
LL VDQLWHWVNR RVREOMH QDFLRQDOQLK
GUX^WDYD&UYHQRJNUVWD&UYHQRJ
SROXPHVHFD&UYHQRJODYDLVXQ
FD L GUXJLK QDFLRQDOQLK GREUR
YROMQLK GUX^WDYD ]D SRPR` NRMD
MHQDRGJRYDUDMX`LQDaLQSUL]QDOD
LRYODVWLODMHGQDVWUDQDXVXNREX
LLL VDQLWHWVNR RVREOMH VDQLWHWVNLK MH
GLQLFD LOL VDQLWHWVNLK WUDQVSRUWD
QDYHGHQLK X aODQX  VWDY 
G SRG L]UD]RP YHUVNR RVREOMHm SRG
UD]XPHYDMX VH YRMQD LOL FLYLOQD OLFD
NDR ^WR VX NDSHODQL NRMD VH LV
NOMXaLYREDYHVYH^WHQLaNRPVOXCERP
L NRMD VX SULGRGDWD
L RUXCDQLP VQDJDPD MHGQH VWUDQH
X VXNREX
LL VDQLWHWVNLPMHGLQLFDPDLOLVDQLWHW
VNLPWUDQVSRUWLPDMHGQHVWUDQHX
VXNREX
LLL VDQLWHWVNLPMHGLQLFDPDLOLVDQLWHW
VNLP WUDQVSRUWLPD QDYHGHQLP X
aODQX  VWDY  LOL
LY RUJDQL]DFLMDPD FLYLOQH ]D^WLWH
MHGQH VWUDQH X VXNREX
9HUVNR RVREOMH PRCH ELWL SULGRGDWR
VWDOQRLOLSULYUHPHQRDQDQMHJDVSULPH 
QMXMXRGJRYDUDMX`HRGUHGEHSRGWDaNHN
H SRG L]UD]RP VDQLWHWVNH MHGLQLFHm
SRGUD]XPHYDMX VH XVWDQRYH L GUXJH
MHGLQLFH YRMQH LOL FLYLOQH RUJDQL]R 
YDQH X VDQLWHWVNH VYUKH WR MHVW UDGL
WUDCHQMD SULNXSOMDQMD WUDQVSRUWD
XWYU_LYDQMD GLMDJQR]H LOL OHaHQMD p



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

K
L

XNOMXaXMX`L SUXCDQMH SUYH SRPR`L p

UDQMHQLNDEROHVQLNDLEURGRORPQLND
LOL UDGL VSUHaDYDQMD EROHVWL ,]UD]
REXKYDWDQDSULPHUEROQLFHLGUXJH
VOLaQH MHGLQLFH FHQWUH ]D WUDQVIX]LMX
NUYLFHQWUH]DSUHYHQWLYQXPHGLFLQX
L LQVWLWXWH VDQLWHWVND VODJDOL^WD L GH 
SRHVDQLWHWVNRJLIDUPDFHXWVNRJPD 
WHULMDODWLKMHGLQLFD6DQLWHWVNHMHGLQL 
FH PRJX ELWL QHSRNUHWQH LOL SRNUHW 
QH VWDOQH LOL SULYUHPHQH
SRG L]UD]RP VDQLWHWVNL WUDQVSRUWm
SRGUD]XPHYDVHSUHQR^HQMHQDNRS 
QXQDYRGLLOLXYD]GXKXUDQMHQLND
EROHVQLND EURGRORPQLND VDQLWHWV 
NRJ RVREOMD YHUVNRJ RVREOMD VDQL
WHWVNHRSUHPHLOLVDQLWHWVNRJPDWHUL 
MDOD]D^WL`HQRJ.RQYHQFLMDPDLRYLP
SURWRNRORP
SRG L]UD]RP VUHGVWYR VDQLWHWVNRJ
WUDQVSRUWDm SRGUD]XPHYD VH VYDNR
WUDQVSRUWQR VUHGVWYR YRMQR LOL FLYLO
QR VWDOQR LOL SULYUHPHQR GRGHOMHQR
LVNOMXaLYR ]D YU^HQMH VDQLWHWVNRJ
WUDQVSRUWD L NRMH MH SRG NRQWURORP
QDGOHCQLKRUJDQDMHGQHVWUDQHXVX 
NREX
SRG L]UD]RP VDQLWHWVNR YR]LORm SR
GUD]XPHYD VH VYDNR VUHGVWYR VDQL
WHWVNRJ WUDQVSRUWD QD NRSQX
SRG L]UD]RP VDQLWHWVNL EURG LOL
SORYQL REMHNWm SRGUD]XPHYD VH VYD 
NR VUHGVWYR VDQLWHWVNRJ WUDQVSRUWD
QD YRGL
SRG L]UD]RP VDQLWHWVNL YD]GXKRS
ORYmSRGUD]XPHYDVHVYDNRVUHGVWYR
VDQLWHWVNRJ WUDQVSRUWD YD]GX^QLP
SXWHP
SRG VWDOQLP VDQLWHWVNLP RVREOMHPm
VWDOQLP VDQLWHWVNLP MHGLQLFDPDm L
VWDOQLP VUHGVWYLPD VDQLWHWVNRJ
WUDQVSRUWDm SRGUD]XPHYDMX VH RQL
NRMLVXRGUH_HQLLVNOMXaLYRXVDQLWHW 
VNH VYUKH QD QHRGUH_HQR YUHPH
3ULYUHPHQRVDQLWHWVNRRVREOMHmSUL 
YUHPHQHVDQLWHWVNHMHGLQLFHmL SULY
UHPHQD VUHGVWYD VDQLWHWVNRJ WUDQV 
SRUWDm VX RQL NRML VX QDPHQMHQL LV 
NOMXaLYR ]D VDQLWHWVNH VYUKH QD RG

UH_HQRYUHPHXWRNXFHORJWUDMDQMD
WRJ YUHPHQD $NR GUXNaLMH QLMH RG
UH_HQR SRG L]UD]LPD VDQLWHWVNR
RVREOMHm VDQLWHWVNH MHGLQLFHm L
VUHGVWYDVDQLWHWVNRJWUDQVSRUWDmSR
GUD]XPHYDMX VH RVREOMH MHGLQLFH L
VUHGVWYDWUDQVSRUWDNDNRVWDOQDWDNR
L SULYUHPHQD
O SRG L]UD]RP ]QDN UDVSR]QDYDQMDm
SRGUD]XPHYDVH]QDNUDVSR]QDYDQMD
&UYHQRJ NUVWD &UYHQRJ SROXPHVHFD
LOL &UYHQRJ ODYD L VXQFD QD EHORP
SROMX NDG VH XSRWUHEOMDYD ]D ]D^WLWX
VDQLWHWVNLK MHGLQLFD L WUDQVSRUWD LOL
VDQLWHWVNRJ L YHUVNRJ RVREOMD RSUH 
PH L PDWHULMDOD
P SRG L]UD]RP VLJQDO UDVSR]QDYDQMDm
SRGUD]XPHYDMX VH VLJQDOL LOL SRUXNH
QDPHQMHQH LVNOMXaLYR LGHQWLILNDFLML
VDQLWHWVNLK MHGLQLFD LOL WUDQVSRUWD
SUHGYL_HQL X *ODYL ,,, 3ULORJD , X]
RYDM SURWRNRO
AODQ 
3ROMH SULPHQH

 2YDM GHR aLMH RGUHGEH LPDMX ]D

FLOM GD SREROM^DYDMX VXGELQX UDQMHQLND
EROHVQLND L EURGRORPQLND SULPHQMXMX VH
QDVYHRQHNRMLVXSRGGHMVWYRPVLWXDFLMH
SRPHQXWHXaODQXEH]LNDNYHGLVNULPL 
QDFLMH]DVQRYDQHQDUDVLERMLNRCHSROX
MH]LNX YHURLVSRYHVWL LOL XEH_HQMX SROL 
WLaNRPLOLGUXJRPPL^OMHQMXQDFLRQDOQRP
LOLVRFLMDOQRPSRUHNOXERJDWVWYXUR_HQMX
LOLGUXJRPVWDWXVXLOLQDELORNRPGUXJRP
VOLaQRPNULWHULMXPX
2GJRYDUDMX`HRGUHGEHaOL
,,NRQYHQFLMHSULPHQMXMXVHQDVWDOQHVD 
QLWHWVNH MHGLQLFH L VUHGVWYD VDQLWHWVNRJ
WUDQVSRUWD RVLP EROQLaNLK EURGRYD QD
NRMHVHSULPHQMXMHaODQ,,NRQYHQFLMH
L QD QMLKRYR RVREOMH NRMH MH VWDYOMHQR QD
UDVSRODJDQMH VWUDQL X VXNREX L] KXPDQL 
WDUQLKUD]ORJD
D RGVWUDQHQHXWUDOQHLOLGUXJHGUCDYH
NRMD QLMH VWUDQD X WRP VXNREX
E RG VWUDQH SUL]QDWRJ L RYOD^`HQRJ
GUX^WYD WDNYH GUCDYH ]D SRPR`
F RG VWUDQH QHSULVWUDVQH PH_XQDURG
QH KXPDQLWDUQH RUJDQL]DFLMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
=D^WLWD L QHJD

6YLUDQMHQLFLEROHVQLFLLEURGRORP 
QLFL ELOR NRMRM VWUDQL GD SULSDGDMX EL`H
SR^WRYDQLL]D^WL`HQL
8VYDNRMSULOLFLVQMLPD`HVHSR 
VWXSDWL KXPDQR L RQL `H X QDMYH`RM PR 
JX`RMPHULLXQDMNUD`HPPRJX`HPURNX
GRELWL PHGLFLQVNX QHJX L SRPR` NRMX
]DKWHYDQMLKRYRVWDQMH1H`HVHSUDYLWLUD 
]OLNDL]PH_XQMLK]DVQRYDQDQDELORNR 
MLPGUXJLPNULWHULMXPLPDRVLPPHGLFLQV 
NLK
AODQ 
=D^WLWD OLFD

 )L]LaNR LOL PHQWDOQR ]GUDYOMH L LQ 

WHJULWHW OLFD NRMD VX X YODVWL SURWLYQLaNH
VWUDQH LOL NRMD VX LQWHUQLUDQD ]DGUCDQD X
SULWYRUXLOLQDGUXJLQDaLQOL^HQDVORERGH
NDRSRVOHGLFDVLWXDFLMHSRPHQXWHXaODQX
QH`HELWLXJURCHQDELORNDNYRPQHRS 
UDYGDQRP UDGQMRP LOL SURSXVWRP 3UHPD
WRPH ]DEUDQMHQR MH SRGYUJQXWL OLFD SR 
PHQXWDXRYRPaODQXELORNDNYRPPHGL 
FLQVNRP SRVWXSNXNRMLQHELELRPRWLYL 
VDQ VWDQMHP ]GUDYOMD RGQRVQR OLFD L NRML
QLMHXVNODGXVDRS^WHXVYRMHQLPPHGLFLQ 
VNLPVWDQGDUGLPDNRMHELSRGVOLaQLPPH 
GLFLQVNLPRNROQRVWLPDVWUDQDNRMDSULPH 
QMXMH SRVWXSDN SULPHQLOD QD OLFD NRMD VX
QMHQLGUCDYOMDQLLNRMDQLQDNRMLQDaLQQLVX
OL^HQDVORERGH
1DURaLWRMH]DEUDQMHQRQDWLPOLFL 
PDYU^LWLaDNLVDQMLKRYLPSULVWDQNRP
D IL]LaNR VDND`HQMH
E PHGLFLQVNHLOLQDXaQHHNVSHULPHQWH
F XNODQMDQMH WNLYD LOL RUJDQD UDGL
WUDQVSODQWDFLMH RVLP DNR VX WDNYH
UDGQMH RSUDYGDQH X VNODGX VD XVOR 
YLPD SUHGYL_HQLP X VWDYX 
 ,]X]HFL RG ]DEUDQD X VWDYX F
PRJXVHQDSUDYLWLVDPRXVOXaDMXGDYDQMD
NUYL ]D WUDQVIX]LMX LOL NRCH ]D SUHVD_LYD 
QMHSRGXVORYRPGDMHWRGDWRGREURYROM 
QR L EH] LNDNYH SULQXGH LOL QDYR_HQMD L
WDGDVDPRXWHUDSHXWVNHVYUKHSRGXVOR 
YLPDNRMLVXXVNODGXVDRS^WHXVYRMHQLP

PHGLFLQVNLPVWDQGDUGLPDLNRQWURORPLX
LQWHUHVXNDNRGDYDRFDWDNRLSULPDRFD
 6YDND QDPHUQD UDGQMD LOL SURSXVW
NRMLR]ELOMQRXJURCDYDIL]LaNRLOLPHQWDOQR
]GUDYOMHLOLLQWHJULWHWELORNRJOLFDNRMHMH
X YODVWL QHNH GUXJH VWUDQH D QH RQH RG
NRMHRQR]DYLVLLNRMLPVHLOLNU^H]DEUDQH
L]VWLLOLVHQHSR^WXMXXVORYLL]VWDYD
SUHGVWDYOMDWH^NXSRYUHGXRYRJSURWR 
NROD
 /LFD SRPHQXWD X VWDYX  LPDMX
SUDYRGDRGELMXVYDNXKLUXU^NXLQWHUYHQ 
FLMX8VOXaDMXRGELMDQMDVDQLWHWVNRRVRE 
OMH `H QDVWRMDWL GD GRELMH SLVPHQX L]MDYX
RWRPHNRMXMHSRWSLVDRLOLSUL]QDRSDFL 
MHQW
6YDNDVWUDQDXVXNREXYRGL`HPH 
GLFLQVNXHYLGHQFLMXRVYDNRPGDYDQMXNU 
YL ]D WUDQVIX]LMX LOL NRCH ]D SUHVD_LYDQMH
RG OLFD SRPHQXWLK X VWDYX  DNR MH WR
GDYDQMH L]YU^HQR SRG RGJRYRUQR^`X WH
VWUDQH3RUHGWRJDVYDNDVWUDQDXVXNREX
`HQDVWRMDWLGDYRGLHYLGHQFLMXRVYLPPH 
GLFLQVNLP SRVWXSFLPD NRML VX SULPHQMHQL
QDVYDNROLFHNRMHMHLQWHUQLUDQRVWDYOMHQR
XSULWYRULOLQDGUXJLQDaLQOL^HQRVORERGH
NDRSRVOHGLFDVLWXDFLMHSRPHQXWHXaODQX
 2YD HYLGHQFLMD `H X VYDNR GRED ELWL
GRVWXSQDVLOL]D^WLWQLFLUDGLQDG]RUD
AODQ 
=D^WLWD VDQLWHWVNLK MHGLQLFD

6DQLWHWVNHMHGLQLFHEL`HSR^WRYDQH
L]D^WL`HQHXVYDNRGREDLQH`HELWLSUHG 
PHWQDSDGD
6WDYSULPHQMXMHVHQDFLYLOQHVD 
QLWHWVNHMHGLQLFHSRGXVORYRPGD
D SULSDGDMX MHGQRM RG VWUDQD X VXNR
EX
E VX SUL]QDWH L RYOD^`HQH RG QDG
OHCQRJRUJDQDMHGQHRGVWUDQDXVX 
NREX L GD
F VX RYOD^`HQH X VNODGX VD aODQRP 
VWDY RYRJSURWRNRODLOLaODQRP
, NRQYHQFLMH
 6WUDQH X VXNREX SR]LYDMX VH GD
MHGQDGUXJRMQRWLILNXMXSRORCDMVYRMLKQH 
SRNUHWQLK VDQLWHWVNLK MHGLQLFD 2GVXVWYR
WDNYH QRWLILNDFLMH QH RVORED_D QLMHGQX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VWUDQX REDYH]H GD SRVWXSL X VNODGX VD
RGUHGEDPDVWDYD
1LSRGNRMLPXVORYLPDVDQLWHWVNH
MHGLQLFH QH`H ELWL XSRWUHEOMHQH GD EL VH
SRNX^DOL]D^WLWLWLYRMQLREMHNWLRGQDSDGD
.DG JRG MH WR PRJX`H VWUDQH X VXNREX
`HREH]EHGLWLGDVDQLWHWVNHMHGLQLFHEXGX
WDNR SRVWDYOMHQH GD QDSDGLQDYRMQHRE 
MHNWHQHXJUR]HQMLKRYXEH]EHGQRVW
AODQ 
3UHVWDQDN ]D^WLWH FLYLOQLK VDQLWHWVNLK
MHGLQLFD

 =D^WLWD QD NRMX FLYLOQH VDQLWHWVNH

MHGLQLFH LPDMX SUDYR PRCH SUHVWDWL VDPR
DNRVXWHMHGLQLFHYDQVYRMHKXPDQLWDUQH
IXQNFLMHXSRWUHEOMHQH]DL]YU^DYDQMHUDGQML
^WHWQLK SR QHSULMDWHOMD 0H_XWLP ]D^WLWD
PRCH SUHVWDWL WHN SRVOH RSRPHQH NRMRP
MHNDGJRGMHWRSRJRGQRXWYU_HQUD]X 
PDQ URN L NDG WDM URN SURWHNQH EH] GHM 
VWYD
 6OHGH`H UDGQMH QH`H VH VPDWUDWL
NDR^WHWQH]DQHSULMDWHOMD
D GD MH RVREOMH MHGLQLFH VQDEGHYHQR
ODNLPOLaQLPRUXCMHP]DVDPRRGEUD 
QX LOL ]D RGEUDQX UDQMHQLND L EROHV 
QLND R NRMLPD VH VWDUD
E GD MHGLQLFX aXYD SDWUROD VWUDCD LOL
RUXCDQD SUDWQMD
F GDVHXMHGLQLFLQDOD]HODNRRUXCMHL
PXQLFLMD RGX]HWDRG UDQMHQLND L ER 
OHVQLND DOL NRML MR^ QLVX SUHGDWL QD 
GOHCQRM VOXCEL
G GD VH SULSDGQLFL RUXCDQLK VQDJD LOL
GUXJL ERUFL QDOD]H X MHGLQLFL L] PH 
GLFLQVNLK UD]ORJD
AODQ 
2JUDQLaHQMH UHNYL]LFLMH FLYLOQLK VDQLWHWVNLK
MHGLQLFD

 2NXSLUDMX`D VLOD MH GXCQD GD QD

RNXSLUDQLPWHULWRULMDPDREH]EHGLGDVHL
GDOMH XVSH^QR ]DGRYROMDYDMX PHGLFLQVNH
SRWUHEHFLYLOQRJVWDQRYQL^WYD
 3UHPD WRPH RNXSLUDMX`D VLOD QH
PRCH UHNYLULUDWL FLYLOQH VDQLWHWVNH MHGLQL 
FHQMLKRYXRSUHPXPDWHULMDOLRVREOMHVYH
GRWOH GRN VX RYD VUHGVWYD L RVREOMH SRW 
UHEQL ]D SUXCDQMH PHGLFLQVNLK XVOXJD FL 

YLOQRP VWDQRYQL^WYX L ]D REH]EH_HQMH

VWDOQHQHJHLOHaHQMDUDQMHQLNDLEROHVQLND
NRMLVHXQMLPDQDOD]HQDOHaHQMX
 2NXSLUDMX`D VLOD PRCH UHNYLULUDWL
QDSUHG SRPHQXWD VUHGVWYD L RVREOMH SRG
XVORYRPGDLGDOMHSR^WXMHRS^WHSURSLVH
SUHGYL_HQH X VWDYX  L GD VH SULGUCDYD
VOHGH`LKSRVHEQLKXVORYD
D GD VX VUHGVWYD SRWUHEQD ]D REH]EH 
_HQMH QHSRVUHGQH L DGHNYDWQH PH 
GLFLQVNHSRPR`LUDQMHQLFLPDLEROHV 
QLFLPD RUXCDQLK VQDJD RNXSLUDMX`H
VLOH LOL UDWQLP ]DUREOMHQLFLPD
E GD VH UHNYL]LFLMD RJUDQLaL VDPR QD
SHULRG YUHPHQD GRN SRVWRML WDNYD
SRWUHED L
F GD VH LVWRYUHPHQR SUHGX]PX SRW
UHEQH PHUH NDNR EL VH REH]EHGLOR
GDVHLGDOMH]DGRYROMDYDMXPHGLFLQ
VNH SRWUHEH FLYLOQRJ VWDQRYQL^WYD
NDR L RQLK UDQMHQLND L EROHVQLND QD
OHaHQMX NRML EL UHNYL]LFLMRP ELOL SR
JR_HQL
AODQ 
=D^WLWD FLYLOQRJ VDQLWHWVNRJ L YHUVNRJ
RVREOMD

&LYLOQRVDQLWHWVNRRVREOMHWUHEDGD
EXGHSR^WRYDQRL]D^WL`HQR
 8 VOXaDMX SRWUHEH FLYLOQRP VDQL 
WHWVNRP RVREOMX WUHED SUXCLWL VYDNX PR 
JX`XSRPR`QDRQLPSRGUXaMLPDQDNR 
MLPD EL VDQLWHWVND VOXCED ELOD GH]RUJDQL 
]RYDQDXVOHGUDWQLKGHMVWDYD
 2NXSLUDMX`D VLOD `H SUXCLWL VYDNX
SRPR` FLYLOQRP VDQLWHWVNRP RVREOMX QD
RNXSLUDQLPWHULWRULMDPDGDELPXVHRPR 
JX`LOR ^WR EROMH L]YU^DYDQMH QMHJRYLK KX 
PDQLWDUQLK]DGDWDND2NXSLUDMX`DVLODQH
PRCH]DKWHYDWLRGRYRJRVREOMDGDXRED 
YOMDQMX VYRMH GXCQRVWL GDMH SUHGQRVWL PD
NRP OLFX RVLP DNR SUHGQRVW QLMH XVORY 
OMHQDPHGLFLQVNLPUD]OR]LPD2YRRVREOMH
VH QH PRCH SULPRUDYDWL QL QD NDNDY UDG
NRMLMHXVXSURWQRVWLVDQMHJRYLPKXPDQL 
WDUQLPSR]LYRP
 &LYLOQR VDQLWHWVNR RVREOMH LPD`H
SULVWXSDWDPRJGHVXQMHJRYHXVOXJHQH 
RSKRGQHDVWUDQDXVXNREXLPDSUDYRGD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

SUHGX]PH PHUH NRQWUROH L VLJXUQRVWL ]D
NRMHVPDWUDGDVXQHRSKRGQH
&LYLOQRYHUVNRRVREOMHWUHEDGDEX 
GHSR^WRYDQRL]D^WL`HQR2GUHGEH.RQ 
YHQFLMD L RYRJ SURWRNROD NRMH VH RGQRVH
QD]D^WLWXLREHOHCDYDQMHVDQLWHWVNRJRVR 
EOMDSULPHQMLYD`HVHLQDRYRRVREOMH
AODQ 
2S^WD ]D^WLWD PHGLFLQVNRJ SR]LYD

1LNRQHPRCHELWLNDCQMHQ]DRED 
YOMDQMHQHNHGXCQRVWLPHGLFLQVNRJNDUDN 
WHUDNRMDMHXVNODGXVDPHGLFLQVNRPGH 
RQWRORJLMRP EH] RE]LUD QD XVORYH SRG
NRMLPD VH REDYOMD L QD OLFD NRMLPD VH
SUXCD
 2VREOMH NRMH VH EDYL QHNLP SRV 
ORP PHGLFLQVNRJ NDUDNWHUD QH PRCH ELWL
SULVLOMHQR GD REDYOMD SRVORYH LOL GD
L]YU^DYD]DGDWNHXVXSURWQRVWLVDPHGLFLQ 
VNRPGHRQWRORJLMRPLOLGUXJLPPHGLFLQV 
NLPSURSLVLPDNRML^WLWHUDQMHQLNHLEROHV 
QLNHLOLVRGUHGEDPD.RQYHQFLMDLOLRYRJ
SURWRNRODQLWLVHPRCHRGUH`LYU^HQMDSR 
VORYDSUHGYL_HQLKWLPSUDYLOLPDLSURSLVL 
PD
1LMHGQROLFHNRMHREDYOMDQHNXPH 
GLFLQVNX GXCQRVW QH PRCH ELWL SULVLOMHQR
GDGDMHPDNRPOLFXELORGDRQRSULSDGD
SURWLYQLaNRMVWUDQLLOLQMHJRYRMVRSVWYHQRM
SRGDWNHRUDQMHQLFLPDLEROHVQLFLPDNRMH
OHaL LOL NRMH MH OHaLOR RVLP X VOXaDMHYLPD
SUHGYL_HQLP ]DNRQLPD QMHJRYH ]HPOMH
DNR EL SR QMHJRYRM SURFHQL WDNYL SRGDFL
PRJOLLPDWL^WHWQHSRVOHGLFH]DUDQMHQLNH
L EROHVQLNH LOL ]D QMLKRYH SRURGLFH
0H_XWLP L SRUHG RYRJD SURSLVL NRMLPD
VH UHJXOL^H REDYH]QD SULMDYD ]DUD]QLK
REROMHQMDPRUDMXVHSR^WRYDWL
AODQ 
8ORJD FLYLOQRJ VWDQRYQL^WYD L GUX^WDYD ]D
SRPR`

 &LYLOQR VWDQRYQL^WYR MH GXCQR GD

SR^WXMH UDQMHQLNH EROHVQLNH L EURGRORP 
QLNH aDN L NDGD RQL SULSDGDMX SURWLY 
QLaNRMVWUDQLLQDGQMLPDVHQHVPHYU^LWL
DNWQDVLOMD&LYLOQRVWDQRYQL^WYRLGUX^WYD
]DSRPR`NDR^WRVXQDFLRQDOQDGUX^WYD
&UYHQRJNUVWD&UYHQRJSROXPHVHFDL&U 
YHQRJODYDLVXQFDRYOD^`HQLVXaDNLX

]DSRVHGQXWLP L RNXSLUDQLP WHULWRULMDPD

GDSULNXSOMDMXUDQMHQLNHEROHVQLNHLEUR 
GRORPQLNHLGDVHRQMLPDEULQXaDNLQD
VYRMXLQLFLMDWLYX1LNRQHPRCHELWLX]QH 
PLUDYDQ SURJDQMDQ RVX_LYDQ LOL NDCQMD 
YDQ]ERJWDNYLKKXPDQLKGHOD
6WUDQHXVXNREXPRJXVHREUDWLWL
FLYLOQRP VWDQRYQL^WYX L GUX^WYLPD ]DSR 
PR`SRPHQXWLPXVWDYXGDSULNXSOMDMX
UDQMHQLNHEROHVQLNHLEURGRORPQLNHLGD
VH R QMLPD EULQX SD aDN L GD SURQDOD]H
PUWYHLGDMXSRGDWNHRPHVWXJGHVHRQL
QDOD]H RQH `H SUXCLWL ]D^WLWX L SRWUHEQH
RODN^LFHRQLPDNRMLVHRYRPSR]LYXEXGX
RGD]YDOL8VOXaDMXNDGDSURWLYQLaNDVWUD 
QD]DX]PHLOLSRQRYRXVSRVWDYLNRQWUROX
QDGRGQRVQRPREOD^`XRQDMHGXCQDGD
L GDOMH REH]EH_XMH RYX ]D^WLWX L RODN^LFH
VYHGRNVXRQHSRWUHEQH
AODQ 
2EHOHCDYDQMH

6YDNDVWUDQDXVXNREXPRUDQDV 
WRMDWLGDEXGXREHOHCHQLVDQLWHWVNRLYHU 
VNRRVREOMHNDRLVDQLWHWVNHMHGLQLFHLVD 
QLWHWVNDWUDQVSRUWQDVUHGVWYD
6YDNDVWUDQDXVXNREXWUHEDLVWR
WDNR GD QDVWRML GD XVYRML L GD X SUDNVL
SULPHQLPHWRGHLSRVWXSNHNRML`HRPR 
JX`LWLGDVHREHOHCDYDQMHVDQLWHWVNLKMHGL 
QLFD L VUHGVWDYD VDQLWHWVNRJ WUDQVSRUWD
L]YU^L XSRWUHERP ]QDND UDVSR]QDYDQMD L
VLJQDODUDVSR]QDYDQMD
1DRNXSLUDQLPWHULWRULMDPDLX]R 
QDPD X NRMLPD VH RGYLMDMX ERUEHQD GHM 
VWYDLOLJGHMHYHURYDWQRGD`HVHRGYLMDWL
FLYLOQRVDQLWHWVNRRVREOMHLFLYLOQRYHUVNR
RVREOMHUDVSR]QDMHVHSRRS^WHPSUDYLOX
SR]QDNXUDVSR]QDYDQMDLQDRVQRYXSR 
VHEQH OLaQH NDUWH NRMLP SRWYU_XMH VYRM
VWDWXV
 3R RGREUHQMX QDGOHCQRJ RUJDQD
VDQLWHWVNHMHGLQLFHLVDQLWHWVNDWUDQVSRUWQD
VUHGVWYD REHOHCDYDMX VH ]QDNRP UDVSR] 
QDYDQMD %URGRYL L PDQMD SORYLOD SRPH 
QXWD X aODQX  RYRJ SURWRNROD REH 
OHCDYDMXVHSRRGUHGEDPD,,NRQYHQFLMH
2VLP]QDNDUDVSR]QDYDQMDVWUDQD
XVXNREXPRCHVKRGQRRGUHGEDPD*OD 
YH ,,, 3ULORJD , RYRJ SURWRNROD RGREULWL
XSRWUHEX L GUXJLK VLJQDOD UDVSR]QDYDQMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GDELRPRJX`LODREHOHCDYDQMHVDQLWHWVNLK
MHGLQLFDLVUHGVWDYDVDQLWHWVNRJWUDQVSRUWD
,]X]HWQR X SRVHEQLP VOXaDMHYLPD SUHG 
YL_HQLPXSRPHQXWRMJODYLVUHGVWYDVDQL 
WHWVNRJWUDQVSRUWDPRJXVHNRULVWLWLVLJQD 
OLPD UDVSR]QDYDQMD EH] LVWLFDQMD ]QDND
UDVSR]QDYDQMD
3ULPHQDRGUHGDEDSUHGYL_HQLKVW
GRUHJXOLVDQDMHSURSLVLPDJODYD,GR
,,, 3ULORJD , RYRJ SURWRNROD 6LJQDOL RSL 
VDQL X *ODYL ,,, 3ULORJD L QDPHQMHQL LV 
NOMXaLYR ]D NRUL^`HQMH RG VWUDQH VDQLWHWV 
NLKMHGLQLFDLVUHGVWDYDVDQLWHWVNRJWUDQV 
SRUWD PRJX ELWL NRUL^`HQL VDPR NDNR MH
SUHGYL_HQR X SRPHQXWRM JODYL WM GD EL
VHRPRJX`LODLGHQWLILNDFLMDVDQLWHWVNLKMH 
GLQLFDLVUHGVWDYDVDQLWHWVNRJWUDQVSRUWD
2YLPaODQRPQHRGREUDYDVH^LUH
NRUL^`HQMH ]QDND UDVSR]QDYDQMD X YUHPH
PLUDRGRQRJNRMHMHSUHGYL_HQRaODQRP
,NRQYHQFLMH
2GUHGEH.RQYHQFLMDLRYRJSURWR 
NROD NRMH VH RGQRVH QD NRQWUROX NRUL 
^`HQMD]QDNDUDVSR]QDYDQMDLQDVSUHaDYD 
QMH L VX]ELMDQMH QMHJRYH ]ORXSRWUHEH SUL 
PHQMLYD`HVHQDVLJQDOHUDVSR]QDYDQMD
AODQ 
1HXWUDOQH GUCDYH L GUXJH GUCDYH NRMH
QLVX VWUDQH X VXNREX

1HXWUDOQHGUCDYHLGUXJHGUCDYHNRMH
QLVXVWUDQHXVXNREXSULPHQMLYD`HRGJR 
YDUDMX`HRGUHGEHRYRJ SURWRNRODQDOLFD
NRMDVX3URWRNRORP]D^WL`HQDDNRMDPRJX
ELWL SULKYD`HQD LOL LQWHUQLUDQD QD QMLKRYH
WHULWRULMHNDRLQDPUWYHNRMLVXSULSDGDOL
VWUDQDPDXWRPVXNREXXNROLNRELLKRYH
QD^OH
AODQ 
=DEUDQD UHSUHVDOLMD

=DEUDQMHQHVXPHUHUHSUHVDOLMDSURWLY
RVREOMD L GREDUD ]D^WL`HQLK RYLP GHORP
3URWRNROD

2GHOMDN ,,
6$1,7(76., 75$163257,
AODQ 
6DQLWHWVND YR]LOD

6DQLWHWVND YR]LOD WUHED GD EXGX

SR^WRYDQD L ]D^WL`HQD QD QDaLQ NRML MH

.RQYHQFLMDPD L RYLP SURWRNRORP SUHG 

YL_HQ]DSRNUHWQHVDQLWHWVNHMHGLQLFH
AODQ 
%ROQLaNL EURGRYL L PDQMD REDOVND SORYLOD
]D VSDVDYDQMH

 2GUHGEH .RQYHQFLMD NRMH VH RG

QRVH
D QD EURGRYH QDYHGHQH X aO  
 L  ,, NRQYHQFLMH
E QD QMLKRYH aDPFH ]D VSDVDYDQMH L
QMLKRYD PDQMD SORYLOD
F QD QMLKRYR RVREOMH L RSUHPX
G QD UDQMHQLNH EROHVQLNH L EURGRORP 
QLNH NRML VH QD QMLPD QDOD]H
SULPHQMLYD`HVHQDLVWLQDaLQGRNRYL
EURGRYL EURGVNL aDPFL ]D VSDVDYDQMH LOL
PDQMD SORYLOD SUHYR]H FLYLOQH UDQMHQLNH
EROHVQLNH L EURGRORPQLNH NRML QH SULSD 
GDMX QLMHGQRM RG NDWHJRULMD SRPHQXWLK X
aODQX  ,, NRQYHQFLMH 2VLP WRJD RYL
FLYLOLQHPRJXELWLQLSUHGDWLQLMHGQRMVWUD 
QRM]HPOMLQL]DUREOMHQLQDPRUX$NRVH
QD_XXYODVWLQHNHVWUDQHXVXNREXNRMD
QLMHQMLKRYDQDQMLK`HVHSULPHQMLYDWL,9
NRQYHQFLMDLRYDMSURWRNRO
 =D^WLWD NRMD VH .RQYHQFLMDPD
REH]EH_XMHEURGRYLPDQDYHGHQLPXaOD 
QX  ,, NRQYHQFLMH RGQRVL VH L QD ERO 
QLaNH EURGRYH VWDYOMHQH QD UDVSRODJDQMH
MHGQRMVWUDQLXVXNREXXKXPDQLWDUQHVYU 
KHRGVWUDQH
D QHNHQHXWUDOQHGUCDYHLOLGUCDYHNR 
MD QLMH VWUDQD X VXNREX LOL
E QHNH QHSULVWUDVQH PH_XQDURGQH RU
JDQL]DFLMH KXPDQLWDUQRJ NDUDNWHUD
SRG XVORYRP GD VH X RED VOXaDMD
SR^WXMX XVORYL SURSLVDQL X WRP aOD
QX
0DQMDSORYLODQDYHGHQDXaODQX
,, NRQYHQFLMH XCLYDMX ]D^WLWX aDN L X
VOXaDMHYLPDNDGDQLMHL]YU^HQDQRWLILNDFLMD
SUHGYL_HQDLVWLPaODQRP6WUDQHXVXNREX
VX SR]YDQH GD VH EH] RE]LUD QD WR
PH_XVREQR REDYH^WDYDMX R VYLP SRMHGL 
QRVWLPDNRMHVHRGQRVHQDWDPDQMDSOR 
YLOD L NRMH `H RPRJX`LWL GD VH RQD ODN^H
LGHQWLILNXMXLUDVSR]QDMX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
'UXJL VDQLWHWVNL EURGRYL L PDQMD SORYLOD

6DQLWHWVNLEURGRYLLPDQMDSORYLOD
RVLP RQLK QDYHGHQLK X aODQX  RYRJ
SURWRNRODLaODQX,,NRQYHQFLMHELORQD
PRUXLOLXGUXJLPYRGDPDWUHEDGDEXGX
SR^WRYDQLL]D^WL`HQLQDQDaLQNRMLMH.RQ 
YHQFLMDPD L RYLP SURWRNRORP SUHGYL_HQ
]D SRNUHWQH VDQLWHWVNH MHGLQLFH (ILNDVQX
]D^WLWX RYLK SORYQLK REMHNDWD PRJX`H MH
RVWYDULWL VDPR DNR VH RQL EXGX PRJOL
LGHQWLILNRYDWL L UDVSR]QDWL NDR VDQLWHWVNL
EURGRYL L PDQMD SORYLOD UDGL aHJD L RQL
WUHEDGDEXGXREHOHCHQL]QDNRPUDVSR] 
QDYDQMDLWUHEDGDVH^WRMHPRJX`HYL^H
SULODJRGH RGUHGEDPD aODQD  VWDY  ,,
NRQYHQFLMH
%URGRYLLPDQMDSORYLODQDYHGHQL
X VWDYX  SRGYUJDYDMX VH UDWQRP SUDYX
6YDNLUDWQLEURGNRMLSORYLQDSRYU^LQLD
LPDPRJX`QRVWGDREH]EHGLGDVHQMHJR 
YRQDUH_HQMHRGPDKL]YU^LPRCHEURGR 
YLPD L PDQMLP SORYLOLPD QDUHGLWL GD VH
]DXVWDYHGDVHXGDOMHLOLGDSURPHQHRG 
UH_HQL NXUV D RQL VX GXCQL GD VH SRNR 
UDYDMXVYDNRPQDUH_HQMXRYHYUVWH2YLP
VH SORYLOLPD QL QD NDNDY GUXJL QDaLQ QH
PRCH RQHPRJX`LWL L]YU^HQMH QMLKRYLK VD 
QLWHWVNLK ]DGDWDND VYH GRN ]D WR SRVWRMH
SRWUHEHUDQMHQLNDEROHVQLNDLEURGRORP 
QLNDNRMLVHQDQMLPDQDOD]H
=D^WLWDSUHGYL_HQDXVWDYXPRCH
SUHVWDWL VDPR X XVORYLPD SUHGYL_HQLP X
aOL,,NRQYHQFLMH2WYRUHQRRGEL 
MDQMHSRNRUDYDQMDGRELMHQRPQDUH_HQMXX
VNODGXVDVWDYRPSUHGVWDYOMDDNW^WHWDQ
]D QHSULMDWHOMD X VPLVOX aODQD  ,, NRQ 
YHQFLMH
6WUDQDXVXNREXGRVWDYL`HSURWLY 
QLaNRMVWUDQL^WRMHPRJX`HUDQLMHSUHSR 
ODVNDQRWLILNDFLMXVDLPHQRPNDUDNWHULV 
WLNDPD SUHGYL_HQLP aDVRP SRODVND
SUDYFHP NUHWDQMD L SULEOLCQRP EU]LQRP
VDQLWHWVNRJ EURGD LOL SORYLOD D QDURaLWR
NDGVHUDGLREURGXYH`HWRQDCHRGSUHNR
 EUXWR UHJLVWDUVNLK WRQD D WUHED GD
GRVWDYL L VYH GUXJH SRGDWNH NRML EL
RODN^DOL LGHQWLILNDFLMX L UDVSR]QDYDQMH

3URWLYQLaNDVWUDQDMHGXCQDGDSRWYUGLSUL 
MHPRYLKSRGDWDND
 2GUHGEH aODQD  ,, NRQYHQFLMH
SULPHQMXMXVHLQDVDQLWHWVNRLYHUVNRRVR 
EOMH NRMH VH QDOD]L QD WLP EURGRYLPD L
PDQMLPSORYLOLPD
2GJRYDUDMX`HRGUHGEH,,NRQYHQ 
FLMHSULPHQMXMXVHQDUDQMHQLNHEROHVQLNH
LEURGRORPQLNHNRMLSULSDGDMXNDWHJRULMD 
PDSUHGYL_HQLPaODQRP,,NRQYHQFLMH
LaODQRPRYRJSURWRNRODNRMLVHQDOD]H
QDWLPVDQLWHWVNLPEURGRYLPDLSORYLOLPD
&LYLOQD OLFD UDQMHQD REROHOD L EURGRORP 
QLFL NRMLQHSULSDGDMXQLMHGQRMNDWHJRULML
SUHGYL_HQRMXaODQX,,NRQYHQFLMHQH
WUHEDDNRVXQDPRUXQLWLGDEXGXSUH 
GDWDQHNRMVWUDQRM]HPOMLQLWLVXREDYH]QD
GD QDSXVWH EURG LOL SORYLOR DNR VH LSDN
QD_X X YODVWL VWUDQH X VXNREX NRMD QLMH
QMLKRYDQDQMLK`HVHSULPHQMLYDWL,9NRQ 
YHQFLMDLRYDMSURWRNRO
AODQ 
=D^WLWD VDQLWHWVNLK YD]GXKRSORYD

6DQLWHWVNLYD]GXKRSORYLWUHEDGDEX 
GXSR^WRYDQLL]D^WL`HQLXVNODGXVDSUR 
SLVLPDRYRJGHOD
AODQ 
6DQLWHWVNL YD]GXKRSORYL X ]RQDPD NRMH
QH NRQWUROL^H SURWLYQLaND VWUDQD

8]RQDPDQDNRSQXXNRMLPDVWYDU 
QXYODVWLPDMXSULMDWHOMVNHVQDJHLOLXSR 
PRUVNLP ]RQDPD X NRMLPD SURWLYQLaND
VWUDQDQHPDVWYDUQXYODVWNDRLXQMLKR 
YRP YD]GX^QRP SURVWRUX SR^WRYDQMH L
]D^WLWD VDQLWHWVNLK YD]GXKRSORYD MHGQH
VWUDQHXVXNREXQH]DYLVLRGVSRUD]XPD
VDSURWLYQLaNRPVWUDQRP6WUDQDXVXNREX
NRMDQDWDNDYQDaLQNRULVWLVDQLWHWVNHYD] 
GXKRSORYH X RYLP ]RQDPD PR`L `H
PH_XWLPXFLOMXSREROM^DQMDQMLKRYHEH] 
EHGQRVWLGDSURWLYQLaNRMVWUDQLXSXWLQR 
WLILNDFLMX SUHGYL_HQX aODQRP  D QD 
URaLWRNDGRYLYD]GXKRSORYLSULOLNRPOHWD
GROD]H X GRPHW VLVWHPD RUXCMD ]HPOMD
YD]GXKSURWLYQLaNHVWUDQH
AODQ 
6DQLWHWVNL YD]GXKRSORYL X ]RQDPD GRGLUD
LOL VOLaQLP ]RQDPD

8GHORYLPD]RQHGRGLUDXNRMLPD
VWYDUQXYODVWLPDMXSULMDWHOMVNHVQDJH]D 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

WLPX]RQDPDXNRMLPDQLMHMDVQRL]UDCHQD
QLaLMD SUHYODVW NDR L X RGJRYDUDMX`HP
YD]GX^QRP SURVWRUX ]D^WLWD VDQLWHWVNLK
YD]GXKRSORYDPRCHELWLSRWSXQRXVSH^QD
VDPR DNR MH SRVWLJQXW SUHWKRGQL VSRUD 
]XPL]PH_XQDGOHCQLKYRMQLKYODVWLVWUDQD
XVXNREXNDR^WRMHSUHGYL_HQRXaODQX
 8 QHGRVWDWNX WDNYRJ VSRUD]XPD VD 
QLWHWVNLYD]GXKRSORYLOHWH`HQDVRSVWYHQL
UL]LN VDQLWHWVNL YD]GXKRSORYL WUHED LSDN
GDEXGXSR^WRYDQLNDGDEXGXSUHSR]QDWL
NDRWDNYL
3RGL]UD]RP]RQDGRGLUDmSRGUD 
]XPHYD VH VYDND NRSQHQD ]RQD X NRMRM
VX XWYU_HQL GHORYL SURWLYQLaNLK VQDJD X
GRGLUXMHGQLKVGUXJLPDDQDURaLWRWDPR
JGHVXRQLL]ORCHQLGLUHNWQRPJD_DQMXVD
]HPOMH
AODQ 
6DQLWHWVNL YD]GXKRSORYL X ]RQDPD VD
SUHYOD^`X SURWLYQLaNH VWUDQH

6DQLWHWVNLYD]GXKRSORYLVWUDQHXVX
NREX EL`H ]D^WL`HQL L ]D YUHPH QDGOHWDQMD
NRSQHQLKLOLSRPRUVNLK]RQDXVWYDUQRMYOD 
VWL SURWLYQLaNH VWUDQH SRG XVORYRP GD VX
SUHWKRGQR]DWDNYHOHWRYHGRELOLVDJODVQRVW
QDGOHCQLKYODVWLWHSURWLYQLaNHVWUDQH
 6DQLWHWVNL YD]GXKRSORY NRML QDG
OH`H ]RQX QDG NRMRP VWYDUQX YODVW LPD
SURWLYQLaNDVWUDQDXQHGRVWDWNXVDJODVQR 
VWLSUHGYL_HQHVWDYRPLOLDNRWDNYXVD 
JODVQRVWSUHNU^LXVOHGSRJUH^NHXQDYLJD 
FLMLLOLKLWQRJXJURCDYDQMDEH]EHGQRVWLOH 
WDGXCDQMHGDXaLQLVYH^WRMHXQMHJRYRM
PR`LGDELELRLGHQWLILNRYDQLGDRWRPH
REDYHVWL SURWLYQLaNX VWUDQX ALP SURWLY 
QLaND VWUDQD SUHSR]QD WDNDY VDQLWHWVNL
YD]GXKRSORYWUHEDGDSUHGX]PHSRWUHE 
QH UD]XPQH QDSRUH GD PX QDUHGL GD VH
VSXVWLQD]HPOMXLOLQDPRUHVKRGQRRG 
UHGEDPDaODQDVWDYLOLGDSUHGX]PH
GUXJH PHUH X FLOMX ]D^WLWH VRSVWYHQLK LQ 
WHUHVD L GDYDQMD YD]GXKRSORYX X RED
VOXaDMD YUHPHQD GD L]YU^L QDUH_HQMH SUH
QHJR^WRSULEHJQHQDSDGXQDQMHJD
AODQ 
2JUDQLaHQMH XSRWUHEH VDQLWHWVNLK
YD]GXKRSORYD

=DEUDQMHQRMHVWUDQDPDXVXNREX
GDNRULVWHVYRMHVDQLWHWVNHYD]GXKRSORYH

X SRNX^DMX GD SRVWLJQX YRMQX SUHGQRVW

QDG SURWLYQLaNRP VWUDQRP 3ULVXVWYR VD 
QLWHWVNLKYD]GXKRSORYDQHVPHVHNRULVWLWL
GD VH QMLPD QDVWRML GD VH YRMQL REMHNWL
]D^WLWHRGQDSDGD
 6DQLWHWVNL YD]GXKRSORYL VH QH
VPHMX NRULVWLWL ]D SULNXSOMDQMH LOL SUH 
QR^HQMHSRGDWDNDREDYH^WDMQRJNDUDNWHUD
L QH VPHMX SUHQRVLWL PDWHULMDO QDPHQMHQ
RYLP FLOMHYLPD 1MLPD MH ]DEUDQMHQR GD
SUHYR]HRVREOMHLOLWRYDUHNRMLQLVXREXK 
YD`HQL RGUHGERP aODQD  VWDY  3UHYR]
RYLPDYLRQLPDOLaQHRSUHPHRQLKNRMLVH
XQMLPDQDOD]HLOLPDWHULMDODNRMLMHQDPH 
QMHQLVNOMXaLYRRODN^DQMXQDYLJDFLMHYH]D
LOLLGHQWLILNDFLMHQH`HVHVPDWUDWL]DEUDQMH 
QLP
6DQLWHWVNLYD]GXKRSORYLPRJXSUH 
YR]LWL VDPR QDRUXCDQMH PDORJ NDOLEUD L
PXQLFLMXRGX]HWXRGUDQMHQLNDEROHVQLND
LEURGRORPQLNDNRMLVHXQMLPDQDOD]HD
MR^ QLVX SUHGDWL QDGOHCQRM VOXCEL NDR L
ODNR OLaQR QDRUXCDQMH SRWUHEQR VDQLWHWV 
NRP RVREOMX NRMH VH WX QDOD]L ]D OLaQX
RGEUDQXLRGEUDQXUDQMHQLNDEROHVQLNDL
EURGRORPQLNDRNRMLPDVHVWDUD
=DYUHPHOHWRYDSUHGYL_HQLKaOL
 VDQLWHWVNL YD]GXKRSORYL VH QH VPHMX
NRULVWLWLRVLPDNRWRQLMHSUHGYL_HQRSUHW 
KRGQLP VSRUD]XPRP VD SURWLYQLaNRP
VWUDQRP]DSURQDODCHQMHUDQMHQLNDEROHV 
QLNDLEURGRORPQLND
AODQ 
1RWLILNDFLMH L VSRUD]XPL X YH]L VD
VDQLWHWVNLP YD]GXKRSORYLPD

 1RWLILNDFLMH SUHGYL_HQH aODQRP

 LOL ]DKWHYL ]D SUHWKRGQL VSRUD]XP
SUHGYL_HQL aO    VWDY  LOL 
PRUDMXVDGUCDYDWLSUHGYL_HQLEURMVDQLWHW 
VNLK YD]GXKRSORYD SODQ OHWD L VUHGVWDYD
REHOHCDYDQMD VPDWUD VH GD QRWLILNDFLMH L
]DKWHYL]QDaHGD`HVHVYDNLOHWREDYLWLX
VNODGXVDRGUHGEDPDaODQD
6WUDQDNRMDSULPLQRWLILNDFLMXSUR
SLVDQX aODQRP  GXCQDMHGDEH]RGOD 
JDQMDSRWYUGLSULMHP
 6WUDQD NRMD SULPL ]DKWHY ]D VNOD 
SDQMHSUHWKRGQRJVSRUD]XPDXVPLVOXEL 
ORaOVWDYELORaODQGXCQD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

MH GD ^WR MH SUH PRJX`H REDYHVWL VWUDQX
NRMDMH]DKWHYXSXWLOD
D GD ]DKWHY SULKYDWD
E GD ]DKWHY RGELMD LOL
F GDSUHGODCHRSUDYGDQXL]PHQX]DK 
WHYD2QDLVWRWDNRPRCHSUHGORCLWL
]DEUDQXLOLRJUDQLaHQMHRVWDOLKOHWRYD
X WRM ]RQL ]D XWYU_HQR YUHPH $NR
VWUDQDNRMDMHXSXWLOD]DKWHYSULKYDWL
SURWLYSUHGORJH GXCQD MH GD GUXJX
VWUDQX REDYHVWL R VYRP SULVWDQNX
6WUDQH`HSUHGX]HWLSRWUHEQHPHUH
GDVHRPRJX`LHILNDVQRGRVWDYOMDQMHQRWL 
ILNDFLMHL]DNOMXaLYDQMHVSRUD]XPD
6WUDQH`HLVWRWDNRSUHGX]HWLSR 
WUHEQHPHUHGDVHVDGUCDMRYLKQRWLILNDFLMD
L VSRUD]XPD HILNDVQR GRVWDYL ]DLQWHUHVR 
YDQLP YRMQLP MHGLQLFDPD L GD RQH EXGX
EU]RXSR]QDWHVDVUHGVWYLPDREHOHCDYDQMD
NRMD `H NRULVWLWL VDQLWHWVNL YD]GXKRSORYL
NRMLVXXSLWDQMX
AODQ 
$WHULUDQMH L SUHJOHG VDQLWHWVNLK
YD]GXKRSORYD

 6DQLWHWVNL YD]GXKRSORYL NRML QDG

OH`X ]RQH QDG NRMLPD VWYDUQX YODVW LPD
SURWLYQLaNDVWUDQDLOL]RQHQDGNRMLPDQL 
NR QHPD VWYDUQX YODVW PRJXELWL SULPR 
UDQL GD VH VSXVWH QD ]HPOMX LOL QD YRGX
SUHPDWRPHQDGNRMLPSURVWRURPOHWHX
FLOMX SUHJOHGD SUHGYL_HQRJ VOHGH`LP VWD 
YRYLPDRYRJSURWRNROD6DQLWHWVNLYD]GX 
KRSORYL VX GXCQL GD VH SRNRUDYDMX VYD 
NRPSR]LYXRYHYUVWH
 $NR VH VDQLWHWVNL YD]GXKRSORY
VSXVWLQD]HPOMXLOLQDYRGXQDSR]LYLOL
L]GUXJLKUD]ORJDRQPRCHELWLSRGYUJQXW
SUHJOHGXVDPRXFLOMXSURYHUDYDQMDSRGD 
WDND QDYHGHQLK X VW  L  RYRJ aODQD
3UHJOHGXVHPRUDSULVWXSLWLEH]RGODJDQMD
L RQ PRUD ELWL EU]R ]DYU^HQ 6WUDQD NRMD
YU^L SUHJOHG QH PRCH ]DKWHYDWL GD UDQMH 
QLFLLEROHVQLFLEXGXLVNUFDQLL]YD]GXKR 
SORYDRVLPDNRMHLVNUFDYDQMHQHRSKRG 
QRUDGLSUHJOHGD2QDPRUDGDREH]EHGL
GD RYDM SUHJOHG LOL LVNUFDYDQMH QH SR 
JRU^DMXVWDQMHUDQMHQLNDLEROHVQLND
$NRVHSUHJOHGRPXWYUGL

D GD MH YD]GXKRSORY VDQLWHWVNL X VPL

VOX aODQD  VWDY 
E GD QH SRVWXSD SURWLYQR XVORYLPD
SURSLVDQLP X aODQX  L
F GD QLMH NUHQXR QD OHW EH] SUHWKRG 
QRJ VSRUD]XPD LOL GD QLMH SUHNU^LR
SUHWKRGQLVSRUD]XPDNRVHRQWUDCL
YD]GXKRSORY `H VD RQLPD NRMH SUR 
YR]LELORGDSULSDGDMXSURWLYQLaNRMVWUDQL
ELORQHXWUDOQRMGUCDYLLOLQHNRMGUCDYLNRMD
QLMHVWUDQDXVXNREXELWLRYOD^`HQGDQD 
VWDYLVYRMOHWEH]]DGUCDYDQMD
$NRVHSUHJOHGRPXWYUGL
D GD YD]GXKRSORY QLMH VDQLWHWVNL X
VPLVOX aODQD  VWDY 
E GD SRVWXSD SURWLYQR XVORYLPD SUR
SLVDQLP X aODQX  LOL
F GDMHQDOHWNUHQXREH]SUHWKRGQRJ
VSRUD]XPD LOL GD MH SUHNU^LR SUHW
KRGQX VDJODVQRVW DNR VH RQD WUDCL
YD]GXKRSORYPRCHELWL]DSOHQMHQ6D
VYLPDNRMHMHRQSUHYR]LRSRVWXSL`HVHX
VNODGXVRGJRYDUDMX`LPRGUHGEDPD.RQ 
YHQFLMD L RYRJ SURWRNROD $NR MH YD]GX 
KRSORYXPRPHQWX]DSOHQHELRSUHWYRUHQ
XVWDOQLVDQLWHWVNLYD]GXKRSORYRQVHNDV 
QLMHVPHNRULVWLWLVDPRNDRVDQLWHWVNLYD] 
GXKRSORY
AODQ 
1HXWUDOQH GUCDYH L GUXJH GUCDYH NRMH
QLVX VWUDQH X VXNREX

 6DQLWHWVNLP YD]GXKRSORYLPD QLMH

GR]YROMHQRGDQDGOH`XQLWLGDVHVSX^WDMX
QD WHULWRULMX QHXWUDOQH GUCDYH LOL GUXJH
GUCDYH NRMD QLMH VWUDQD X VXNREX RVLP
DNR WR QLMH SUHGYL_HQR SUHWKRGQLP VSR 
UD]XPRP0H_XWLPDNRWDNDYVSRUD]XP
SRVWRML RYL YD]GXKRSORYL VH PRUDMX
SR^WRYDWL WRNRP aLWDYRJ OHWD NDR L SUL
HYHQWXDOQRPVOHWDQMXQDWXWHULWRULMX2QL
VHLVWRPRUDMXSRNRUDYDWLVYDNRPSR]LYX
GD VH VSXVWH QD ]HPOMX LOL YRGX SUHPD
WRPHQDGNRMLPSURVWRURPOHWH
6DQLWHWVNLYD]GXKRSORYNRMLXQH 
GRVWDWNX VSRUD]XPD LOL NU^H`L RGUHGEH
VSRUD]XPD QDGOH`H WHULWRULMX QHXWUDOQH
GUCDYHLOLGUXJHGUCDYHNRMDQLMHVWUDQDX
VXNREXELORXVOHGJUH^NHXNXUVXOHWHQMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

ELOR L] KLWQRJ UD]ORJD NRML VH RGQRVL QD
EH]EHGQRVWOHWDWUHEDGDQDVWRMLGDQRWL 
ILNXMHVYRMOHWLGDRPRJX`LLGHQWLILNDFLMX
ALPRYDGUCDYDSUHSR]QDWDNDYVDQLWHWVNL
YD]GXKRSORYRQDPRUDXaLQLWLVYHUD]XP 
QHQDSRUHGDL]GDQDUH_HQMHRVSX^WDQMX
QD]HPOMXLOLQDYRGXNDNRMHSUHGYL_HQR
XaODQXVWDYLOLGDSUHGX]PHGUXJH
PHUHXFLOMX]D^WLWHLQWHUHVD]HPOMHRGQRV 
QR GDYDQMD YD]GXKRSORYX GRYROMQR YUH 
PHQDGDVHVSXVWLQD]HPOMXLOLQDYRGX
SUHQHJR^WRSULEHJQHQDSDGX
 $NR VH VDQLWHWVNL YD]GXKRSORYX
VNODGX VD VSRUD]XPRP LOL SRG XVORYLPD
QDYHGHQLPXVWDYXVSXVWLQD]HPOMXLOL
YRGXQDWHULWRULMLQHXWUDOQHGUCDYHLOLGUX 
JH GUCDYH NRMD QLMH VWUDQD X VXNREX QD
SR]LY LOL L] GUXJLK UD]ORJD YD]GXKRSORY
PRCH ELWL SRGYUJQXW SUHJOHGX X FLOMX
XWYU_LYDQMD GD OL MH VWYDUQR X SLWDQMX VD 
QLWHWVNL YD]GXKRSORY 3UHJOHGX VH PRUD
SULVWXSLWLEH]RGODJDQMDLRQVHPRUDEU]R
REDYLWL6WUDQDNRMDYU^LSUHJOHGQHPRCH
]DKWHYDWLGDUDQMHQLFLLEROHVQLFLNRMLSUL 
SDGDMX VWUDQL NRMD YD]GXKRSORY NRULVWL
EXGXLVNUFDQLL]YD]GXKRSORYDRVLPDNR
MH LVNUFDYDQMH QHRSKRGQR UDGL SUHJOHGD
2QD`HQDVWRMDWLQDVYDNLQDaLQGDVHSUH 
JOHGRPLOLLVNUFDYDQMHPQHSRJRU^DVWDQMH
UDQMHQLND L EROHVQLND $NR VH SUHJOHGRP
XWYUGL GD MH VWYDUQR X SLWDQMX VDQLWHWVNL
YD]GXKRSORY YD]GXKRSORY `H VD RQLPD
NRMH SUHYR]L VD L]X]HWNRP RQLK NRML SR
SURSLVLPD PH_XQDURGQRJ UDWQRJ SUDYD
NRML VH SULPHQMXMX XRUXCDQLP VXNRELPD
PRUDMXELWL]DGUCDQLELWLRYOD^`HQGDQD 
VWDYL OHW L XCLYD`H VYH SRJRGQH RODN^LFH
$NR VH SUHJOHGRP XWYUGL GD RYDM YD]GX 
KRSORYQLMHVDQLWHWVNLYD]GXKRSORYRQ`H
ELWL ]DSOHQMHQ D VD RQLPD NRMH SUHYR]L
SRVWXSD`HVHSRRGUHGEDPDL]VWDYD
 ,]X]LPDMX`L RQH NRML VX LVNUFDQL
SULYUHPHQR UDQMHQLFL EROHVQLFL L EURGR 
ORPQLFLLVNUFDQLL]VDQLWHWVNRJYD]GXKRS 
ORYDX]SULVWDQDNPHVQLKYODVWLQDWHULWR 
ULMLQHXWUDOQHGUCDYHLOLGUXJHGUCDYHNRMD
QLMH VWUDQD X VXNREX EL`H p DNR QLMH
GUXNaLMH GRJRYRUHQR L]PH_X WH GUCDYH L
VWUDQDXVXNREXp]DGUCDQLRGRYH]HPOMH
NDG SURSLVL PH_XQDURGQRJ UDWQRJSUDYD

NRML VH SULPHQMXMX X RUXCDQLPVXNRELPD

WR]DKWHYDMXQDWDNDYQDaLQGDLPVHRQH 
PRJX`LGDSRQRYRXaHVWYXMXXQHSULMDWHOM 
VWYLPD 7UR^NRYL OHaHQMD L LQWHUQDFLMH SD 
GDMXQDWHUHWGUCDYHNRMRMRYDOLFDSULSD 
GDMX
1HXWUDOQHGUCDYHLOLGUXJHGUCDYH
NRMH QLVX VWUDQH X VXNREX SULPHQMLYD`H
QD LVWL QDaLQ QD VYH VWUDQH X VXNREX XV 
ORYHLHYHQWXDOQDRJUDQLaHQMDNRMDVHRG 
QRVH QD SUHOHWDQMH QMLKRYH WHULWRULMH RG
VWUDQH VDQLWHWVNLK YD]GXKRSORYD LOL QD
VSX^WDQMHRYLKYD]GXKRSORYD

2GHOMDN ,,,
1(67$/$ , 805/$ /,&$
AODQ 
2S^WH QDaHOR

8SULPHQLRYRJRGHOMNDGHODWQRVWYL 
VRNLKVWUDQDXJRYRUQLFDVWUDQDXVXNREX
LPH_XQDURGQLKKXPDQLWDUQLKRUJDQL]DFL 
MDQDYHGHQLKX.RQYHQFLMDPDLRYRPSUR 
WRNROX]DVQLYDVHXSUYRPUHGXQDSUDYX
SRURGLFDGDVD]QDMXVXGELQXVYRMLKaODQR 
YD
AODQ 
1HVWDOD OLFD

 ALP WR RNROQRVWL GR]YROH D QDM

NDVQLMH SR SUHVWDQNX DNWLYQLK QHSULMDWHOM 
VWDYDVYDNDVWUDQDXVXNREXWUHEDGDSUR 
QDOD]LOLFDaLMLMHQHVWDQDNREMDYLODSURWLY 
QLaNDVWUDQD3RPHQXWDSURWLYQLaNDVWUDQD
WUHED GD GRVWDYL VYH NRULVQH SRGDWNH R
RYLPOLFLPDGDELRODN^DODQMLKRYRSURQD 
ODCHQMH
'DELRODN^DODSULNXSOMDQMHSRGD 
WDNDSUHGYL_HQLKXSUHWKRGQRPVWDYX]D
OLFD NRMD QH EL XCLYDOD SRYROMQLML WUHWPDQ
SR.RQYHQFLMDPDLRYRPSURWRNROXVYD 
NDVWUDQDXVXNREXWUHED
D GD SULNXSL SRGDWNH SUHGYL_HQH X
aODQX  ,9 NRQYHQFLMH R RQLP OL 
FLPD NRMD VX ELOD SULWYRUHQD
XKDS^HQD LOL QD GUXJL QDaLQ OL^HQD
VORERGH YL^H RG GYH QHGHOMH XVOHG
QHSULMDWHOMVWDYDLOLRNXSDFLMHNDRLR
RQLPD NRMD VX XPUOD ]D YUHPH ]DW 
YRUD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

E GDVYDNRPPRJX`RPPHURPRODN^D
L DNR MH SRWUHEQR VDPD SUHGX]PH
WUDCHQMHLHYLGHQWLUDSRGDWNHRRQLP
OLFLPD NRMD VX XPUOD SRG GUXJLP
RNROQRVWLPDXVOHGQHSULMDWHOMVWDYDLOL
RNXSDFLMH
 3RGDFL R OLFLPD aLML MH QHVWDQDN
REMDYOMHQSULPHQRPVWDYDL]DKWHYLNRML
VHRGQRVHQDRYHSRGDWNHGRVWDYOMDMXVH
ELORGLUHNWQRELORSRVUHGVWYRPVLOH]D^WLW 
QLFH &HQWUDOQRM DJHQFLML ]D WUDCHQMH
0H_XQDURGQRJNRPLWHWD&UYHQRJNUVWDLOL
QDFLRQDOQLKGUX^WDYD&UYHQRJNUVWD&UYH 
QRJSROXPHVHFDL&UYHQRJODYDLVXQFD
8VOXaDMHYLPDNDGDVHRYLSRGDFLQHGR 
VWDYOMDMX SUHNR 0H_XQDURGQRJ NRPLWHWD
&UYHQRJ NUVWD L QMHJRYH &HQWUDOQH DJHQ 
FLMH ]D WUDCHQMH VYDND VWUDQD X VXNREX
XUHGL`HGDLKGRVWDYLL&HQWUDOQRMDJHQFLML
]DWUDCHQMH
6WUDQHXVXNREX`HQDVWRMDWLGDVH
VSRUD]XPHMX R RGUHGEDPD R SUDYLPD L
GXCQRVWLPD HNLSD ]D SURQDODCHQMH LGHQ 
WLILNDFLMX L XNODQMDQMH PUWYLK VD ERML^WD
RYLP RGUHGEDPD VH PRCH SUHGYLGHWLGD
X VOXaDMX SRWUHEH RVREOMH SURWLYQLaNH
VWUDQH PRCH SUDWLWL HNLSH NDG RYH VYRMH
]DGDWNHREDYOMDMXX]RQDPDNRMHVXSRG
NRQWURORP WH SURWLYQLaNH VWUDQH 2VREOMH
RYLK HNLSD XCLYD`H ]D^WLWX L SR^WRYDQMH
NDGDVHEDYLLVNOMXaLYRRYLPSRVORYLPD
AODQ 
3RVPUWQL RVWDFL XPUOLK OLFD

3RVPUWQLRVWDFLOLFDNRMDVXXPUOD
L]UD]ORJDYH]DQLK]DRNXSDFLMXLOL]DYUH 
PH ]DWYRUD GR NRJD MH GR^OR ]ERJ RNX 
SDFLMH LOL QHSULMDWHOMVWDYD NDR L RQLK OLFD
NRMDQLVXELODGUCDYOMDQL]HPOMHXNRMRMVX
XPUODXVOHGQHSULMDWHOMVWDYDWUHEDGDEX 
GXSR^WRYDQLDJURERYLVYLKRYLKOLFDWUH 
EDGDEXGXSR^WRYDQLXUHGQRRGUCDYDQL
LREHOHCDYDQLNDNRMHSUHGYL_HQRXaODQX
,9NRQYHQFLMHVYHGRWOHGRNSRVPUWQL
RVWDFL LOL JURERYL QHEXGXSRYROMQLMHWUH 
WLUDQL X VPLVOX .RQYHQFLMD L RYRJ SURWR 
NROD
 .DGD RNROQRVWL L RGQRVL PH_X
SURWLYQLaNLP VWUDQDPD GRSXVWH YLVRNH
VWUDQHXJRYRUQLFHQDaLMLPVHWHULWRULMDPD

QDOD]HJURERYLDSRSRWUHELLGUXJDPH 
VWDXNRMLPDVHQDOD]HSRVPUWQLRVWDFLOLFD
XPUOLK XVOHG QHSULMDWHOMVWDYD ]D YUHPH
RNXSDFLMHLOLX]DWYRUXWUHEDGD]DNOMXaH
VSRUD]XPHXFLOMX
D GD VH aODQRYLPD SRURGLFD XPUOLK OL 
FD L ]YDQLaQLP SUHGVWDYQLFLPD
6OXCEH ]D JURERYH RODN^D SULVWXS
JURERYLPD L GD VH GRQHVX SUDNWLaQL
SURSLVL X YH]L VD RYLP SULVWXSRP
E GDVHREH]EHGLVWDOQD]D^WLWDLXUHG 
QR RGUCDYDQMH RYLK JURERYD
F GDVHRODN^DYUD`DQMHSRVPUWQLKRV 
WDWDND XPUOLK OLFD L QMLKRYLK OLaQLK
VWYDUL ]HPOML SRUHNOD QD QMHQ ]DKWHY
LOL QD ]DKWHY SRURGLFH DNR VH WRPH
]HPOMD QH SURWLYL
 8 QHGRVWDWNX VSRUD]XPD SUHG
YL_HQRJ X VW  E LOL F L DNR ]HPOMD
SRUHNODRYLKXPUOLKOLFDQLMHVSUHPQDGD
REH]EHGLXUHGQRRGUCDYDQMHRYLKJURER 
YD R VYRP WUR^NX YLVRND VWUDQD XJRYRU 
QLFDQDaLMRMVHWHULWRULMLQDOD]HRYLJURERYL
PRCHSRQXGLWLGDRODN^DYUD`DQMHSRVPUW 
QLKRVWDWDND]HPOMLSRUHNOD$NRRYDSR 
QXGDQHELELODSULKYD`HQDXURNXRGSHW
JRGLQDRGGDQDNDGDMHXaLQMHQDYLVRND
VWUDQDXJRYRUQLFD`HPR`LSR^WRRWRPH
SURSLVQRREDYHVWL]HPOMXSRUHNODSULPH 
QLWLRGUHGEHSUHGYL_HQHXVYRP]DNRQR 
GDYVWYXRJUREOMLPDLJURERYLPD
 9LVRND VWUDQD XJRYRUQLFD QD aLMRM
VHWHULWRULMLQDOD]HJURERYLRNRMLPMHUHa
X RYRP aODQX RYOD^`HQD MH GD YU^L HNV 
KXPDFLMXSRVPUWQLKRVWDWDNDMHGLQR
D X XVORYLPD QDYHGHQLP X VW  F L
 LOL
E NDG HNVKXPDFLMX ]DKWHYDMX MDYQL LQ 
WHUHVL SRGUD]XPHYDMX`L WX SRWUHEX
L] VDQLWHWVNLK UD]ORJD LOL UD]ORJD LV 
WUDJH X WRP VOXaDMX YLVRND VWUDQD
XJRYRUQLFD WUHED X VYDNR GRED V
SR^WRYDQMHP GD SRVWXSD V SRVPUW
QLP RVWDFLPD XPUOLK L GD REDYHVWL
]HPOMX SRUHNOD R QDPHUL GD LK HNV 
KXPLUD SUXCDMX`L SUL WRPH WDaQD
REDYH^WHQMD R SUHGYL_HQRP PHVWX
]D SRQRYQX VDKUDQX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

'HR ,,,
0(72', , 65('679$ 5$729$1-$
67$786 %25$&$ , 5$71,+
=$52%/-(1,.$
2GHOMDN ,
0(72', , 65('679$
5$729$1-$
AODQ 
2VQRYQD SUDYLOD

8VYDNRPRUXCDQRPVXNREXSUD 
YRVWUDQDXVXNREXGDELUDPHWRGHLVUHG 
VWYDUDWRYDQMDQLMHQHRJUDQLaHQR
 =DEUDQMHQR MH XSRWUHEOMDYDWL
RUXCMH SURMHNWLOH L PDWHULMDO L PHWRGH UD 
WRYDQMDNRMLSURX]URNXMXVXYL^QHSRYUHGH
LOLQHSRWUHEQHSDWQMH
=DEUDQMHQRMHSULPHQMLYDWLPHWRGH
LOL VUHGVWYD UDWRYDQMD NRMD VX QDPHQMHQD
LOLRGNRMLKVHPRCHRaHNLYDWLGD`HSUR 
X]URNRYDWLRSVHCQDGXJRWUDMQDLR]ELOMQD
R^WH`HQMDSULURGQHRNROLQH
AODQ 
1RYD RUXCMD

8SURXaDYDQMXXVDYU^DYDQMXQDEDY 
OMDQMXLOLSULKYDWDQMXQRYRJRUXCMDVUHGV 
WDYD LOL PHWRGD UDWRYDQMD YLVRND VWUDQD
XJRYRUQLFDMHREDYH]QDGDXWYUGLGDOL`H
QMHJRYDSULPHQDXQHNLPLOLVYLPXVORYL 
PD ELWL ]DEUDQMHQD RYLP SURWRNRORP LOL
QHNLP GUXJLP SUDYLORP PH_XQDURGQRJ
SUDYDNRMHVHSULPHQMXMHQDYLVRNXVWUDQX
XJRYRUQLFX
AODQ 
=DEUDQD SHUILGQLK SRVWXSDND

 =DEUDQMHQR MH XELMDWL UDQMDYDWL LOL

]DUREOMDYDWL SURWLYQLND SULEHJDYDMX`L SHU 
ILGQLP SRVWXSFLPD $NWL NRMLPD VH XOLYD
SRYHUHQMHSURWLYQLNXGDJDQDYHGHGDYH 
UXMH GD LPD SUDYR LOL GD MH REDYH]DQGD
SULKYDWL]D^WLWXSRSUDYLOLPDPH_XQDURG 
QRJSUDYDNRMDVHSULPHQMXMXXRUXCDQRP
VXNREXVQDPHURPGDVHL]QHYHULWRSR 
YHUHQMH SUHGVWDYOMDMX SHUILGQH SRVWXSNH
6OHGH`H UDGQMH VX SULPHUL SHUILGQLK SRV 
WXSDND

D SUHWYDUDQMH GD VH LPD QDPHUD SUH 

JRYDUDQMD SRG ]DVWDYRP SULPLUMD LOL
SUHGDMH
E SUHWYDUDQMH GD MH QHNR QHVSRVREDQ
XVOHG UDQD LOL EROHVWL
F SUHWYDUDQMH GD MH QHNR FLYLO GD LPD
VWDWXV QHERUFD L
G SUHWYDUDQMH GD VH LPD ]D^WL`HQL VWD 
WXV NRULVWH`L ]QDNRYH DPEOHPH LOL
XQLIRUPH 8MHGLQMHQLK QDFLMD LOL QHX 
WUDOQLK L GUXJLK GUCDYD NRMH QLVX
VWUDQH X VXNREX
 5DWQD OXNDYVWYD QLVX ]DEUDQMHQD
7DNYDOXNDYVWYDVXUDGQMHNRMHVXQDPH 
QMHQHGDREPDQXSURWLYQLNDLOLGDJDQD 
YHGXGDVHSRQD^DEH]EULCQRDOLNRMHQH
NU^H QLMHGQRSUDYLORPH_XQDURGQRJSUD 
YDNRMHVHSULPHQMXMHXRUXCDQRPVXNREX
LNRMHQLVXSHUILGQHMHUQHXOLYDMXSRYHUH 
QMH SURWLYQLNX X SRJOHGX ]D^WLWH SR WRP
SUDYX6OHGH`LVXSULPHULWDNYLKUDWQLKOX 
NDYVWDYDNRUL^`HQMHNDPXIODCHPDPDFD
ODCQHRSHUDFLMHLSRJUH^QHLQIRUPDFLMH
AODQ 
3UL]QDWL ]QDFL

 =DEUDQMHQR MH QHSUDYLOQR NRULVWLWL

]QDN UDVSR]QDYDQMD &UYHQRJNUVWD&UYH 
QRJSROXPHVHFDLOL&UYHQRJODYDLVXQFD
LOL GUXJH DPEOHPH ]QDNRYH LOL VLJQDOH
XWYU_HQH.RQYHQFLMDPDLOLRYLPSURWRNR 
ORP7DNR_HMH]DEUDQMHQRQDPHUQR]OR 
XSRWUHELWL X RUXCDQRP VXNREX GUXJH
PH_XQDURGQRSUL]QDWH DPEOHPH ]QDNR 
YH LOL VLJQDOH ]D^WLWH XNOMXaXMX`L ]DVWDYX
SULPLUMDL]D^WLWQLDPEOHPNXOWXUQLKGRED 
UD
 =DEUDQMHQR MH NRULVWLWL ]QDN UDV
SR]QDYDQMD8MHGLQMHQLKQDFLMDRVLPRQD 
NRNDNRMHRGREUHQRRGVWUDQHWHRUJDQL 
]DFLMH
AODQ 
1DFLRQDOQL DPEOHPL

=DEUDQMHQRMHNRULVWLWLXRUXCDQRP
VXNREX]DVWDYHLOLYRMQHDPEOHPHR]QD 
NH LOL XQLIRUPH QHXWUDOQLK LOL GUXJLK
GUCDYDNRMHQLVXVWUDQHXVXNREX
 =DEUDQMHQR MH NRULVWLWL ]DVWDYH LOL
YRMQH ]QDNRYH R]QDNH LOL XQLIRUPH SUR 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

WLYQLaNLKVWUDQD]DYUHPHQDSDGDLOLGDEL
VH EUDQLOH SRGVWDNOH ]D^WLWLOH LOL RPHOH
YRMQHRSHUDFLMH
1LMHGQDRGUHGEDRYRJaODQDLOLaOD 
QD  VWDY  G QH XWLaH QD SRVWRMH`D
RS^WHSUL]QDWDSUDYLODPH_XQDURGQRJSUD 
YDNRMDVHSULPHQMXMXQD^SLMXQDCXLOLQD
NRUL^`HQMH ]DVWDYD X YR_HQMX RUXCDQRJ
VXNREDQDPRUX
AODQ 
0LORVW

3RVSX^WDQMXQD]HPOMXQDWHULWRULML
NRMXNRQWUROL^HSURWLYQLaNDVWUDQDOLFHNR 
MH VH VSXVWLOR SDGREUDQRP L] YD]GXKRS 
ORYDXQHYROMLLPD`HPRJX`QRVWGDVHSUH 
GD SUH QHJR ^WR SRVWDQH PHWD QDSDGD
XNROLNRQLMHRaLJOHGQRGDSUHGX]LPDDNW
QHSULMDWHOMVWYD
 9D]GX^QRGHVDQWQH MHGLQLFH NRMH
VH SUHYR]H YD]GXKRSORYRP QLVX ]D 
^WL`HQHRYLPaODQRP

=DEUDQMHQRMHQDUHGLWLGDQHVPHELWL
SUHCLYHOLK NDRL SUHWLWL SURWLYQLNXXWRP
VPLVOX LOL YRGLWL QHSULMDWHOMVWYD QD WRM RV 
QRYL
AODQ 
=D^WLWD QHSULMDWHOMD RQHVSRVREOMHQRJ ]D
ERUEX

 /LFH NRMH MH SUL]QDWR LOL NRMH X

GDWLP XVORYLPD WUHED GD EXGH SUL]QDWR
NDRRQHVSRVREOMHQR]DERUEXQHVPHELWL
SUHGPHWQDSDGD
 /LFH MH RQHVSRVREOMHQR ]D ERUEX
XNROLNRMH
D X YODVWL SURWLYQLaNH VWUDQH
E MDVQR L]UD]LOR QDPHUX GD VH SUHGD
LOL
F X EHVYHVQRP VWDQMX LOL GUXNaLMH
RQHVSRVREOMHQRXVOHGUDQDLOLEROHVWL
L SUHPD WRPH QLMH X PRJX`QRVWL GD
VH VDP EUDQL
SRGXVORYRPGDVHXVYDNRPWDNYRP
VOXaDMX X]GUCDYD RG VYDNRJ QHSULMDWHOMV 
NRJDNWDLGDQHSRNX^DYDGDSREHJQH
 .DGD VH OLFDNRMDLPDMXSUDYRQD
]D^WLWXNDRUDWQL]DUREOMHQLFLQD_XXYODVWL
SURWLYQLaNH VWUDQH SRG QHXRELaDMHQLP
RNROQRVWLPD ELWNH XVOHG NRMLK MH RQHPR 
JX`HQD QMLKRYD HYDNXDFLMD SUHGYL_HQD X
'HOX ,,, 2GHOMDN , ,,, NRQYHQFLMH RQD
WUHED GD EXGX RVORER_HQD L WUHED GD VH
SUHGX]PX VYH SUDNWLaQR PRJX`H PHUH
SUHGRVWURCQRVWL GD VH REH]EHGL QMLKRYD
VLJXUQRVW
AODQ 
/LFD NRMD VH QDOD]H X YD]GXKRSORYX

1LMHGQROLFHNRMHLVNDaHSDGREUD 
QRP L] YD]GXKRSORYD X QHYROML QH VPH
ELWLSUHGPHWQDSDGD]DYUHPHVSX^WDQMD

2GHOMDN ,,
67$786 %25$&$ , 5$71,+
=$52%/-(1,.$
AODQ 
2UXCDQH VQDJH

2UXCDQHVQDJHVWUDQHXVXNREXVH
VDVWRMH RG VYLK RUJDQL]RYDQLK RUXCDQLK
VQDJDJUXSDLMHGLQLFDVWDYOMHQLKSRGNR 
PDQGXNRMDMHRGJRYRUQDWRMVWUDQL]DUX 
NRYR_HQMHVYRMLPSRWaLQMHQLPDaDNNDGD
MHWDVWUDQD]DVWXSOMHQDYODGRPLOLQHNRP
YOD^`XNRMXSURWLYQLaNDVWUDQDQHSUL]QDMH
2YDNYHRUXCDQHVQDJHSRGOHCHLQWHUQRP
VLVWHPX GLVFLSOLQH NRML REH]EH_XMH L] 
PH_X RVWDORJ SR^WRYDQMH SUDYLOD PH 
_XQDURGQRJ SUDYD NRMD VH SULPHQMXMX X
RUXCDQLPVXNRELPD
3ULSDGQLFLRUXCDQLKVQDJDVWUDQHX
VXNREX RVLP PHGLFLQVNRJ RVREOMD L
VYH^WHQLND REXKYD`HQLK aODQRP  ,,,
NRQYHQFLMH VX ERUFL ^WR ]QDaL GD LPDMX
SUDYRGDGLUHNWQRXaHVWYXMXXQHSULMDWHOM 
VWYLPD
 .DG JRG VWUDQD X VXNREX XNOMXaL
SDUDPLOLWDUQX RUJDQL]DFLMX LOL RUXCDQX
VOXCEX ]D RGUCDYDQMH UHGD X VYRMH RUX 
CDQHVQDJHRQDMHGXCQDGDRWRPHRED 
YHVWLGUXJHVWUDQHXVXNREX
AODQ 
%RUFL L UDWQL ]DUREOMHQLFL

6YDNLERUDFXVPLVOXaODQNRML
VH QD_H X YODVWL SURWLYQLaNH VWUDQH SRV 
WDMHUDWQL]DUREOMHQLN
 ,DNR VX RYL ERUFL REDYH]QLGDVH
SULGUCDYDMX SUDYLOD PH_XQDURGQRJ SUDYD
NRMD VH SULPHQMXMX X RUXCDQRP VXNREX
NU^HQMH VYLK SUDYLOD QH`H OL^LWL ERUFD QMH 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

JRYRJ SUDYD GD EXGH ERUDF LOL DNR VH
QD_HXYODVWLSURWLYQLaNHVWUDQHSUDYDGD
EXGHUDWQL]DUREOMHQLNL]X]HYXVOXaDMHYL 
PDSUHGYL_HQLPXVWL
'DELSRMDaDOL]D^WLWXFLYLOQRJVWD 
QRYQL^WYDRGGHMVWYDQHSULMDWHOMVWDYDERUFL
VX GXCQL GD VH UD]OLNXMX RG FLYLOQRJ VWD 
QRYQL^WYDGRNVXDQJDCRYDQLXQDSDGXLOL
XYRMQRMRSHUDFLMLLOLXSULSUHPL]DQDSDG
0H_XWLP V RE]LURP QD WR GD SRVWRMH VL 
WXDFLMH X RUXCDQLP VXNRELPD NDGD VH
]ERJ SULURGH QHSULMDWHOMVNRJ QDSDGD
RUXCDQLERUDFQHPRCHUD]OLNRYDWLRGFL 
YLOQRJ VWDQRYQL^WYD RQ `H ]DGUCDWL VYRM
VWDWXV ERUFD SRG XVORYRP GD X WDNYLP
VLWXDFLMDPDRWYRUHQRQRVLVYRMHRUXCMH
D ]D YUHPH VYDNRJ YRMQRJ DQJDCRYD 
QMD L
E X WRNX YUHPHQD NDGD JD SURWLYQLN
PRCHYLGHWLGRNMHDQJDCRYDQXYRM 
QRPUD]YLMDQMXNRMHSUHWKRGLSUHGX 
]LPDQMXQDSDGDXNRPH`HXaHVWYR 
YDWL
5DGQMH NRMH RGJRYDUDMX XVORYLPD L]
RYRJVWDYDQH`HVHVPDWUDWL]DSHUILGQHX
VPLVOXaODQDVWDYF
%RUDFNRMLVHQD_HXYODVWLSURWLY 
QLaNHVWUDQHNDGDVHRJUH^LR]DKWHYHSR 
VWDYOMHQH X GUXJRM UHaHQLFL VWDYD  EL`H
OL^HQSUDYDGDEXGHUDWQL]DUREOMHQLNDOL
`H LSDN LPDWL ]D^WLWX MHGQDNX X VYDNRP
SRJOHGX VD RQRP NRMD VH SUXCD UDWQLP
]DUREOMHQLFLPDQDRVQRYX,,,NRQYHQFLMHL
RYRJ SURWRNROD 2YD ]D^WLWD REXKYDWD
]D^WLWHMHGQDNHRQLPDNRMHVHSUL]QDMXUDW 
QLP ]DUREOMHQLFLPD SR ,,, NRQYHQFLML X
VOXaDMXNDGDMHWROLFHL]YHGHQRSUHGVXG
LRVX_HQR]ERJSRYUHGDNRMHMHXaLQLOR
 6YDNL ERUDF NRML VH QD_H X YODVWL
SURWLYQLaNHVWUDQHNDGDQLMHDQJDCRYDQX
QDSDGXLOLXYRMQRMRSHUDFLMLLOLXSULSUHPL
]D QDSDG QH`H ELWL OL^HQ VYRMLK SUDYD GD
EXGHERUDFLUDWQL]DUREOMHQLN]ERJVYRMLK
UDQLMLKDNWLYQRVWL
2YLPaODQRPQHGLUDVHQLXaLMH
SUDYR GD EXGH UDWQL ]DUREOMHQLN VKRGQR
aODQX,,,NRQYHQFLMH
 2YDM aODQ QHPD ]D FLOM GD L]PHQL
RS^WHSULKYD`HQXSUDNVXGUCDYDXSRJOHGX

QR^HQMDXQLIRUPHERUDFDSURSLVDQH]DUH 
GRYQHXQLIRUPLVDQHRUXCDQHMHGLQLFHVWUD 
QHXVXNREX
3RUHGNDWHJRULMDOLFDSRPHQXWLKX
aODQX  , L ,, NRQYHQFLMH VYL SULSDGQLFL
RUXCDQLKVQDJDVWUDQHXVXNREXNDR^WR
MHGHILQLVDQRXaODQXRYRJSURWRNROD
LPDMXSUDYRQD]D^WLWXQDRVQRYXWLKNRQ 
YHQFLMD DNR VX UDQMHQL LOL EROHVQL LOL X
VOXaDMX,,NRQYHQFLMHDNRVXSUHWUSHOLEUR 
GRORPQDPRUXLOLQDGUXJLPYRGDPD
AODQ 
=D^WLWD OLFD NRMD VX XaHVWYRYDOD X
QHSULMDWHOMVWYLPD

=DOLFHNRMHXaHVWYXMHXQHSULMDWHOM 
VWYLPDLQD_HVHXYODVWLSURWLYQLaNHVWUD 
QHSUHWSRVWDYOMDVHGDMHUDWQL]DUREOMHQLN
LEL`HSUHPDWRPH]D^WL`HQR,,,NRQYHQ 
FLMRPDNR]DKWHYDVWDWXVUDWQRJ]DUREOMH 
QLND LOL DNR L]JOHGD GD LPD SUDYR QD WDM
VWDWXVLOLDNRVWUDQDNRMRMSULSDGD]DKWHYD
WDNDY VWDWXV X QMHJRYR LPH QRWLILNDFLMRP
VLOLXaLMRMVHYODVWLQDOD]LLOLVLOL]D^WLWQLFL
$NRVHSRMDYLELORNDNYDVXPQMDGDWROLFH
LPD SUDYR QD VWDWXV UDWQRJ ]DUREOMHQLND
RQR`HLGDOMHLPDWLWDNDYVWDWXVLSUHPD
WRPH EL`H ]D^WL`HQR ,,, NRQYHQFLMRP L
RYLP SURWRNRORP VYH GR WUHQXWND GRN
QMHJRYVWDWXVQHRGUHGLQDGOHCQLVXG
$NRVHOLFHNRMHVHQD^ORXYODVWL
SURWLYQLaNHVWUDQHQHWUHWLUDNDRUDWQL]D 
UREOMHQLN L WD VWUDQDWUHEDGDPXVXGL]D
SRYUHGX NRMD SURL]OD]L L] QHSULMDWHOMVWYD
WROLFH`HLPDWLSUDYRGDEUDQLVYRMHSUDYR
QDVWDWXVUDWQRJ]DUREOMHQLNDSUHGVXGRP
LGDVHRWRPSLWDQMXGRQHVHSUHVXGD.DG
JRG MHPRJX`HVRE]LURPQDSURFHGXUX
NRMDVHSULPHQMXMHRYDSUHVXGDWUHEDGD
VHGRQHVHSUHVX_HQMD]DSRYUHGX3UHG 
VWDYQLFLVLOH]D^WLWQLFHVXRYOD^`HQLGDSUL 
VXVWYXMX VXGVNRP SRVWXSNX QD NRPH `H
VHRYRSLWDQMHUH^LWLXNROLNRVHL]X]HWQR
SRVWXSDN QH YRGL LQ FDPHUD X LQWHUHVX
GUCDYQHEH]EHGQRVWL8WRPVOXaDMXVWUD 
QDNRMDGUCLWROLFHREDYHVWL`HRWRPHVLOX
]D^WLWQLFX
 6YDNR OLFH NRMH MH XaHVWYRYDOR X
QHSULMDWHOMVWYLPD D QHPD SUDYR QD VWDWXV
UDWQRJ ]DUREOMHQLND L QH XCLYD SRYROMQLML



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

WUHWPDQ SUHPD ,9 NRQYHQFLML LPD SUDYR
VYH YUHPH QD ]D^WLWX L] aODQD  RYRJ
SURWRNROD 1D RNXSLUDQRM WHULWRULML VYDNR
WDNYR OLFH XNROLNR VH QH GUCL ]ERJ WRJD
^WRVHVPDWUD]D^SLMXQDLPDWDNR_HSUD 
YREH]RE]LUDQDRGUHGEHaODQD,9NRQ 
YHQFLMHQDSUDYRNRPXQLFLUDQMDQDRVQR 
YXWHNRQYHQFLMH
AODQ 
>SLMXQL

%H]RE]LUDQDVYDNXGUXJXRGUHG 
EX.RQYHQFLMDLOLRYRJSURWRNRODQLMHGDQ
SULSDGQLNRUXCDQLKVQDJDVWUDQHXVXNREX
NRML VH QD_H X YODVWL SURWLYQLaNH VWUDQH
GRNMHDQJDCRYDQX^SLMXQDCLQHPDSUDYR
QD VWDWXV UDWQRJ ]DUREOMHQLND L PRCH ELWL
WUHWLUDQNDR^SLMXQ
3ULSDGQLNRUXCDQLKVQDJDVWUDQHX
VXNREX NRML X LPH WH VWUDQH QD WHULWRULML
NRMXNRQWUROL^HSURWLYQLaNDVWUDQDSULNXS 
OMD LOL SRNX^DYD GD SULNXSL REDYH^WHQMD
QH`HVHVPDWUDWLGDMHDQJDCRYDQX^SLMX 
QDCL DNR MH SUL WRP X XQLIRUPL VYRMLK
RUXCDQLKVQDJD
3ULSDGQLNRUXCDQLKVQDJDVWUDQHX
VXNREX NRML SUHELYD QD WHULWRULML NRMX MH
RNXSLUDODSURWLYQLaNDVWUDQDLNRMLXLPH
VWUDQH NRMRM SULSDGD SULNXSOMD LOL SR 
NX^DYD GD SULNXSOMD REDYH^WHQMD RG YRM 
QRJ]QDaDMD]DWRMWHULWRULMLQH`HVHVPD 
WUDWLGDVHEDYL^SLMXQDCRPXNROLNRWRQH
UDGLODCQRVHSUHGVWDYOMDMX`LLOLVYHVQRLQD
WDMQLQDaLQ'DOMHWDNYROLFHQH`HL]JXELWL
SUDYRQDVWDWXVUDWQRJ]DUREOMHQLNDLQH`H
ELWL WUHWLUDQR NDR ^SLMXQ XNROLNR QLMH XK 
YD`HQRGRNVHEDYLOR^SLMXQDCRP
3ULSDGQLNRUXCDQLKVQDJDVWUDQHX
VXNREX NRML QH SUHELYD QD WHULWRULML NRMX
MH RNXSLUDOD SURWLYQLaND VWUDQD L NRML VH
EDYL ^SLMXQDCRP QD WRM WHULWRULMLQH`H L] 
JXELWLSUDYRQDVWDWXVUDWQRJ]DUREOMHQLND
LQHPRCHELWLWUHWLUDQNDR^SLMXQXNROLNR
QLMH XKYD`HQ SUH QHJR ^WR VH SULGUXCLR
RUXCDQLPVQDJDPDNRMLPDSULSDGD
AODQ 
3OD`HQLFL

3OD`HQLNQHPDSUDYRGDEXGHER 
UDFLOLUDWQL]DUREOMHQLN
3OD`HQLNMHVYDNROLFHNRMH

D MH VSHFLMDOQR UHJUXWRYDQRORNDOQRLOL

X LQRVWUDQVWYX GD EL VH ERULOR X
RUXCDQRP VXNREX
E VWYDUQR GLUHNWQR XaHVWYXMH X QHSUL
MDWHOMVWYLPD
F MH PRWLYLVDQR GD XaHVWYXMH X QHSULMD
WHOMVWYLPD XJODYQRP VD CHOMRP ]D OL
aQRP NRUL^`X L NRPH MH X VWYDUL
REH`DQDRGVWUDQHXVXNREXLOLXQMH 
QR LPH PDWHULMDOQD QDNQDGD ]QDWQR
YH`D RG RQH NRMD MH REH`DQD LOL SOD
`HQDERUFLPDVOLaQRJUDQJDLOLIXQNFL
MH X RUXCDQLP VQDJDPD WH VWUDQH
G QLMHGUCDYOMDQLQVWUDQHXVXNREXQLWL
LPD SUHELYDOL^WH QD WHULWRULML NRMX
NRQWUROL^H VWUDQD X VXNREX
H QLMHSULSDGQLNRUXCDQLKVQDJDVWUDQH
X VXNREX L
I QLMHSRVODWRRGGUCDYHNRMDQLMHVWUD 
QD X VXNREX SR ]YDQLaQRM GXCQRVWL
NDR SULSDGQLN QMHJRYLK RUXCDQLK
VQDJD

'HR ,9
&,9,/12 67$1291,>792
2GHOMDN ,
23>7$ =$>7,7$ 2' '(-67$9$
1(35,-$7(/-67$9$
*ODYD ,
2VQRYQR SUDYLOR L SROMH SULPHQH
AODQ 
2VQRYQR SUDYLOR

'DELREH]EHGLOHSR^WRYDQMHL]D^WLWX
FLYLOQRJ VWDQRYQL^WYD L FLYLOQLK REMHNDWD
VWUDQH X VXNREX WUHED X VYDNR GRED GD
SUDYH UD]OLNX L]PH_X FLYLOQRJ VWDQRY 
QL^WYDLERUDFDLL]PH_XFLYLOQLKREMHNDWD
LYRMQLKREMHNDWLGDVKRGQRWRPHXVPH 
UHVYRMHYRMQHRSHUDFLMHVDPRSURWLYYRM 
QLKREMHNDWD
AODQ 
'HILQLFLMD QDSDGD L GRPD^DM SULPHQH

3RGL]UD]RPQDSDGLmSRGUD]XPH
YDMXVHDNWLQDVLOMDSURWLYSURWLYQLNDELOR
GDVXRIDQ]LYQLLOLGHIDQ]LYQL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

2GUHGEHRYRJSURWRNRODXSRJOH 
GXQDSDGDSULPHQMXMXVHQDVYHQDSDGH
EH] RE]LUD QD NRMRM VH WHULWRULML SUHGX]L 
PDMXXNOMXaXMX`LQDFLRQDOQXWHULWRULMXNR 
MDSULSDGDVWUDQLXVXNREXDOLNRMDMHSRG
NRQWURORPSURWLYQLaNHVWUDQH
2GUHGEHRYRJRGHOMDNSULPHQMXMX
VH QD NRSQHQR YD]GX^QR LOL SRPRUVNR
UDWRYDQMHNRMHPRCHSRJRGLWLFLYLOQRVWD 
QRYQL^WYR SRMHGLQFHFLYLOHLOLFLYLOQHRE 
MHNWHQDNRSQX2QHVHGDOMHSULPHQMXMX
QDVYHQDSDGHVDPRUDLOLL]YD]GXKDQD
REMHNWHQDNRSQXDOLNRMLLQDaHQHGLUDMX
X SUDYLOD PH_XQDURGQRJ SUDYD NRMD VH
SULPHQMXMXXRUXCDQLPVXNRELPDQDPRUX
LOLXYD]GXKX
 2GUHGEDPD RYRJ RGHOMDN GRSX
QMXMXVHSUDYLODRKXPDQLWDUQRM]D^WLWLVD 
GUCDQD X ,9 NRQYHQFLML QDURaLWR X 'HOX
,, WH NRQYHQFLMH L X GUXJLP PH_XQDURG 
QLP VSRUD]XPLPD NRML REDYH]XMX YLVRNH
VWUDQH XJRYRUQLFH NDR L GUXJD SUDYLOD
PH_XQDURGQRJ SUDYD NRMDVHRGQRVHQD
]D^WLWXFLYLODLOLFLYLOQLKREMHNDWDQDNRS 
QXQDPRUXLOLXYD]GXKXSURWLYGHMVWDYD
QHSULMDWHOMD

*ODYD ,,
&LYLOL L FLYLOQR VWDQRYQL>WYR
AODQ 
'HILQLFLMD FLYLOD L FLYLOQRJ VWDQRYQL^WYD

&LYLOMHVYDNROLFHNRMHQHSULSDGD
MHGQRMRGNDWHJRULMDOLFDQDYHGHQLKXaOD 
QX$L,,,NRQYHQFLMHLX
aODQXRYRJSURWRNROD8VOXaDMXVXP 
QMH GD OL MH QHNR OLFH FLYLO WR OLFH `H VH
VPDWUDWL]DFLYLOD
 3RG FLYLOQLP VWDQRYQL^WYRP SRG
UD]XPHYDMXVHVYDOLFDNRMDVXFLYLOL
 3ULVXVWYR PH_X FLYLOQLP VWDQRY
QL^WYRPOLFDNRMDQLVXREXKYD`HQDGHILQL 
FLMRPFLYLODQHOL^DYDVWDQRYQL^WYRQMHJR 
YRJFLYLOQRJNDUDNWHUD
AODQ 
=D^WLWD FLYLOQRJ VWDQRYQL^WYD

&LYLOQRVWDQRYQL^WYRLSRMHGLQLFL
YLOLXCLYDMXRS^WX]D^WLWXRGRSDVQRVWLNRMH
SURLVWLaX L] YRMQLK RSHUDFLMD 'D EL VH

VSURYHODWD]D^WLWDSR^WRYD`HVHXVYDNRM
SULOLFL VOHGH`D GRGDWQD SUDYLOD SRUHG
GUXJLKSULPHQMLYLKSUDYLODPH_XQDURGQRJ
SUDYD
 &LYLOQR VWDQRYQL^WYR NDR WDNYR
NDRSRMHGLQLFLYLOLQH`HELWLSUHGPHWQD 
SDGD =DEUDQMHQL VX DNWL LOL SUHWQMH QDVL 
OMHP NRMLPD MH JODYQL FLOM GD ^LUH WHURU
PH_XFLYLOQLPVWDQRYQL^WYRP
 &LYLOL `H XCLYDWL ]D^WLWX NRMD MH
SUHGYL_HQD X RYRP RGHOMNX XNROLNR QH
X]LPDMXGLUHNWQRJXaH^`DXQHSULMDWHOMVWYL 
PD RGQRVQR ]D YUHPH GRN QH X]LPDMX
GLUHNWQRJXaH^`DXQHSULMDWHOMVWYLPD
 =DEUDQMHQL VX QDSDGL YU^HQL EH]
L]ERUD FLOMHYD 1DSDGL EH] L]ERUD FLOMHYD
VX
D QDSDGL NRML QLVX XVPHUHQL QD RG
UH_HQL YRMQL REMHNW
E QDSDGLSULNRMLPDVHSULPHQMXMHPH 
WRGLOLNRULVWLVUHGVWYRERUEHNRMLQH
PRJX ELWL XSUDYOMHQL QD RGUH_HQ
YRMQL REMHNW LOL
F QDSDGL SULOLNRP NRMLK VH SULPHQMXMH
PHWRG LOL NRULVWL VUHGVWYR ERUEH aLMH
VHGHMVWYRQHPRCHRJUDQLaLWLRQDNR
NDNR MH WR SUHGYL_HQR RYLP SURWR
NRORP
WH SUHPD WRPH X VYDNRP WDNYRP
VOXaDMX QDSDGL VX WDNYH SULURGH GD SR 
JD_DMXYRMQHREMHNWHLFLYLOHLFLYLOQHRE 
MHNWHEH]UD]OLNRYDQMD
 ,]PH_X RVWDOLK VOHGH`H YUVWH QD
SDGDVPDWUDMXVHGDVXL]YU^HQHEH]L]ER 
UDFLOMHYD
D QDSDG ERPEDUGRYDQMHP ELOR NRMRP
PHWRGRP LOL VUHGVWYLPD NRMLPD VH
QL] MDVQR RGUH_HQLK L UD]OLaLWLK YRM
QLKREMHNDWDXQHNRPJUDGXVHOXLOL
XGUXJRM]RQLNRMDVDGUCLVOLaQXNRQ
FHQWUDFLMX FLYLOD L FLYLOQLK REMHNDWD
WUHWLUD NDR MHGDQ YRMQL REMHNW L
E QDSDG RG NRMHJ VH PRCH RaHNLYDWL
GD`HL]D]YDWLXVSXWQHJXELWNHFLYLO 
QLK CLYRWD SRYUHGH FLYLOD ^WHWH QD
FLYLOQLP REMHNWLPD LOL NRPELQDFLMX
RYLK GHMVWDYD NRMD EL ELOD QHVUD]
PHUQR YHOLND X RGQRVX QD NRQNUHW 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QXLQHSRVUHGQXYRMQXSUHGQRVWNR 
MD VH SUHGYL_D
 1DSDGL SURWLY FLYLOQRJ VWDQRYQL
^WYDLOLFLYLODUHSUHVDOLMDPD]DEUDQMHQLVX
 3ULVXVWYR LOL SRNUHWL FLYLOQRJ VWD
QRYQL^WYDLOLSRMHGLQLKFLYLODQH`HVHNR 
ULVWLWL GD VH L]YHVQH WDaNH LOL SRGUXaMD
XaLQH LPXQLP RG YRMQLK RSHUDFLMD QDUR 
aLWR QH NDR SRNX^DM GD VH ]D^WLWH YRMQL
REMHNWLRGQDSDGDLOLGDVH^WLWHIDYRUL]XMX
LOLRWHCDMXYRMQHRSHUDFLMH6WUDQHXVXNR 
EXQH`HXVPHULWLNUHWDQMDFLYLOQRJVWDQRY 
QL^WYD LOL SRMHGLQLK FLYLOD GD EL SRNX^DOH
GD]D^WLWHYRMQHREMHNWHRGQDSDGDLOLGD
^WLWHYRMQHRSHUDFLMH
1LMHGQDSRYUHGDRYLK]DEUDQDQH
RVORED_D VWUDQH X VXNREX RG QMLKRYLK
SUDYQLK REDYH]D X SRJOHGX FLYLOQRJ VWD 
QRYQL^WYD L FLYLOD XNOMXaXMX`L REDYH]X
SUHGX]LPDQMDPHUDSUHGRVWURCQRVWLSUHG 
YL_HQLKXaODQX

*ODYD ,,,
&LYLOQL REMHNWL
AODQ 
2S^WD ]D^WLWD FLYLOQLK REMHNDWD

&LYLOQLREMHNWLQHVPHMXELWLSUHG 
PHW QDSDGD LOL UHSUHVDOLMD &LYLOQL REMHNWL
VXVYLREMHNWLNRMLQLVXYRMQLREMHNWLGHIL 
QLVDQLXVWDYX
1DSDGLWUHEDVWURJRGDVHRJUDQLaH
QDYRMQHREMHNWH>WRVHWLaHREMHNDWDYRM 
QL REMHNWL VX RJUDQLaHQL QD RQH NRML SR
VYRMRM SULURGL ORNDFLML QDPHQL LOL NR 
UL^`HQMXHILNDVQR GRSULQRVHYRMQRMDNFLML
LaLMHSRWSXQRLOLGHOLPLaQRXQL^WHQMH]D 
X]LPDQMHLOLQHXWUDOL]DFLMDXXVORYLPDNRML
YODGDMXXWRYUHPHSUXCDMXRGUH_HQXYRM 
QXSUHGQRVW
 8 VOXaDMX GD SRVWRML VXPQMD GD OL
VHQHNLREMHNWNRMLMHQRUPDOQRQDPHQMHQ
]DFLYLOQHVYUKHNDR^WRVXKUDPNX`DLOL
GUXJDSUHELYDOL^WDLOL^NRODNRULVWLWDNRGD
GDMHHILNDVQRGRSULQRVYRMQRMDNFLMLVPD 
WUD`HVHGDVHQHNRULVWLQDWDMQDaLQ
AODQ 
=D^WLWD NXOWXUQLK REMHNDWD L KUDPRYD

1H GLUDMX`L X RGUHGEH +D^NH NRQ

YHQFLMH]D]D^WLWXNXOWXUQLKGREDUDXVOX 

aDMXRUXCDQRJVXNREDRGPDMD
JRGLQH L GUXJLK RGJRYDUDMX`LK PH_XQD 
URGQLKLQVWUXPHQDWD]DEUDQMHQRMH
D YU^LWL ELOR NDNDY QHSULMDWHOMVNL DNW
XSHUHQ SURWLY LVWRULMVNLK VSRPHQLND
XPHWQLaNLK GHOD LOL KUDPRYD NRML
VDaLQMDYDMXNXOWXUQRLOLGXKRYQRQD 
VOH_H QDURGD
E NRULVWLWLWDNYHREMHNWH]DSRPR`YRM 
QLP DNFLMDPD
F GD WDNYL REMHNWL EXGX SUHGPHW UHS
UHVDOLMD
AODQ 
=D^WLWD REMHNDWD QHRSKRGQLK GD EL FLYLOQR
VWDQRYQL^WYR RSVWDOR

,]QXULYDQMHVWDQRYQL^WYDJOD_XNDR
PHWRGUDWRYDQMD]DEUDQMHQRMH
=DEUDQMHQRMHQDSDVWLXQL^WLWLXN 
ORQLWLLOLXaLQLWLQHNRULVQLPREMHNWHQHRS 
KRGQH GD FLYLOQR VWDQRYQL^WYR SUHCLYL
NDR^WRVXQDPLUQLFHSROMRSULYUHGQHRE 
ODVWL]DSURL]YRGQMXKUDQHCHWYDCLYDVWR 
ND LQVWDODFLMH ]D YRGX ]D SL`H L ]DOLKH L
SRVWURMHQMD]DQDYRGQMDYDQMHVDL]ULaLWRP
QDPHURP GD VH WRJD OL^L FLYLOQR VWDQRY 
QL^WYRLOLSURWLYQLaNDVWUDQD]ERJYUHGQR 
VWL NRMX WL REMHNWL LPDMX ]D QMLKRY RSVWD 
QDN EH] RE]LUD QD PRWLY ELOR GD EL VH
VWDQRYQL^WYR L]QXULYDOR JOD_X LOL QDJQDOR
GDVHLVHOLELORL]QHNRJGUXJRJPRWLYD
=DEUDQHL]VWDYDQH`HVHSULPH 
QMLYDWLQDRQHREMHNWHNRMHNRULVWLSURWLY 
QLaNDVWUDQD
D ]D RGUCDYDQMH VDPR aODQRYD QMHQLK
RUXCDQLK VQDJD LOL
E DNRQH]DRGUCDYDQMHRQGDNDRGL 
UHNWQX SRPR` YRMQRM DNFLML SRG XV 
ORYRP PH_XWLP GD QL X NRP
VOXaDMX SURWLY WLK REMHNDWD QH`H ELWL
SUHGX]HWH DNFLMH ]D NRMH VH PRCH
RaHNLYDWL GD `H RVWDYLWL FLYLOQR VWD 
QRYQL^WYR VD QHRGJRYDUDMX`RP KUD 
QRPLOLYRGRP^WRELSURX]URNRYD 
ORQMHJRYRJODGRYDQMHLOLJDQDJQDOR
QD SRNUHW
2YLREMHNWLQHVPHMXELWLSUHGPHW
UHSUHVDOLMD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

6RE]LURPQDYLWDOQHSRWUHEHELOR
NRMHVWUDQHXVXNREXXRGEUDQLQDFLRQDO 
QHWHULWRULMHGRLQYD]LMHRGVWXSDQMHRG]D 
EUDQDVDGUCDQLKXVWDYXPRCHELWLGR] 
YROMHQR VWUDQL X VXNREX X RNYLUX WDNYH
WHULWRULMH NRMD MH SRG QMHQRP NRQWURORP
NDGWR]DKWHYDMXLPSHUDWLYQHYRMQHSRWUH 
EH
AODQ 
=D^WLWD SULURGQH RNROLQH

8UDWRYDQMXVHPRUDREUDWLWLSDCQMD
GD VH SULURGQD RNROLQD ]D^WLWL RG RELP 
QRJ GXJRWUDMQRJ L R]ELOMQRJ R^WH`HQMD
2YD]D^WLWDREXKYDWDL]DEUDQXNRUL^`HQMD
PHWRGDLOLVUHGVWDYDUDWRYDQMDLaLMLMHFLOM
LOL RG NRMLK VH PRCH RaHNLYDWL GD SURX] 
URNXMXWDNYRR^WH`HQMHSULURGQHRNROLQHL
GDWLPH^WHWH]GUDYOMXLOLRSVWDQNXVWDQRY 
QL^WYD
 1DSDGL QD SULURGQX RNROLQX UHS
UHVDOLMDPD]DEUDQMHQLVX
AODQ 
=D^WLWD JUD_HYLQD L LQVWDODFLMD NRMH
VDGUCH RSDVQH VLOH

 *UD_HYLQH LOL LQVWDODFLMH NRMH

VDGUCHRSDVQHVLOHWMEUDQHQDVLSLLQX 
NOHDUQHHOHNWUDQH]DSURL]YRGQMXHQHUJLMH
QHVPHMXELWLSUHGPHWQDSDGDaDNQLWD 
PR JGH VX WR YRMQL REMHNWL XNROLNR EL
WDNDY QDSDG PRJDR SURX]URNRYDWL RVOR 
ED_DQMHRSDVQLKVLODLSUHPDWRPHLYHOLNH
JXELWNH PH_X FLYLOQLP VWDQRYQL^WYRP
'UXJL YRMQL REMHNWL ORFLUDQL NRG RYLK
JUD_HYLQD LOL LQVWDODFLMD LOL X QMLKRYRM EOL 
]LQLQHVPHMXELWLSUHGPHWQDSDGDDNREL
WDNDY QDSDG PRJDR SURX]URNRYDWL RVOR 
ED_DQMHRSDVQLKVLODL]JUD_HYLQDLOLLQV 
WDODFLMDLGRYHVWLGRWH^NLKJXELWDNDPH_X
FLYLOQLPVWDQRYQL^WYRP
 3RVHEQD ]D^WLWD RG QDSDGD SUHG 
YL_HQDXVWDYXSUHVWDMH
D NDGD VX X SLWDQMX EUDQH LOL QDVLSL
VDPR DNR VH NRULVWH ]D QHNX GUXJX
D QH VYRMX QRUPDOQX QDPHQX L NDR
UHGRYQD ]QDaDMQD L QHSRVUHGQD
SRGU^NDYRMQLPRSHUDFLMDPDLDNRMH
WDNDYQDSDGMHGLQLPRJX`LQDaLQGD
VH VSUHaL WDNYD SRGU^ND

E NDGDMHXSLWDQMXQXNOHDUQDFHQWUDOD
]D SURL]YRGQMX HOHNWULaQH HQHUJLMH
VDPR DNR RQD VQDEGHYDMX`L HOHN 
WULaQRP HQHUJLMRP GDMH UHGRYQX
]QDaDMQXLQHSRVUHGQXSRGU^NXYRM
QLP RSHUDFLMDPD L DNR MH WDNDY QD 
SDGMHGLQLPRJX`LQDaLQGDVHVSUHaL
WDNYD SRGU^ND
F NDGDVXXSLWDQMXGUXJLYRMQLREMHNWL
ORFLUDQL NRG RYLK JUD_HYLQD LOL LQV
WDODFLMD LOL X QMLKRYRM EOL]LQL VDPR
DNR VH RQL NRULVWH NDR UHGRYQD
]QDaDMQD L GLUHNWQD SRGU^ND YRMQLP
RSHUDFLMDPD L DNR MH WDNDY QDSDG
MHGLQLPRJX`LQDaLQGDVHVSUHaLWDN 
YD SRGU^ND
 8 VYLP VOXaDMHYLPD FLYLOQR VWD
QRYQL^WYRLSRMHGLQLFLYLOL`HLGDOMHLPDWL
VYX]D^WLWXSRPH_XQDURGQRPSUDYXXN 
OMXaXMX`L ]D^WLWX PHUDPD SUHGRVWURCQRVWL
SUHGYL_HQLK X aODQX  8NROLNR ]D^WLWD
SUHVWDMHLQHNHRGJUD_HYLQDLQVWDODFLMDLOL
YRMQLREMHNWLQDYHGHQLXVWDYXEXGXQD 
SDGQXWLSUHGX]H`HVHVYHSUDNWLaQHPHUH
SUHGRVWURCQRVWL GD EL VH L]EHJOR RVOR
ED_DQMHRSDVQLKVLOD
 =DEUDQMHQR MH GD ELOR NRMH
JUD_HYLQHLQVWDODFLMHLOLYRMQLREMHNWLSR 
PHQXWLXVWDYXEXGXSUHGPHWUHSUHVD 
OLMD
 6WUDQH X VXNREX QDVWRMD`H GD L] 
EHJQXSRVWDYOMDQMHYRMQLKREMHNDWDXEOL 
]LQLJUD_HYLQDLOLLQVWDODFLMDSRPHQXWLKX
VWDYX,SDNLQVWDODFLMHSRGLJQXWHVDPR
X VYUKX RGEUDQH ]D^WL`HQLK JUD_HYLQD LOL
LQVWDODFLMDRGQDSDGDGRSX^WHQHVXLQH`H
VDPH ELWL SUHGPHW QDSDGD SRG XVORYRP
GD VH QH NRULVWH X QHSULMDWHOMVNH VYUKH
RVLP ]D RGEUDPEHQH DNFLMH SRWUHEQH GD
VH RGJRYRUL QD QDSDGH QD ]D^WL`HQH
JUD_HYLQH LOL LQVWDODFLMH L GD MH QMLKRYR
QDRUXCDYDQMH RJUDQLaHQR QD RUXCMH NRMH
RPRJX`XMHVDPRGDVHRGELMHQHSULMDWHOM 
VND DNFLMD SURWLY ]D^WL`HQLK JUD_HYLQD LOL
LQVWDODFLMD
9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
XVXNREXSR]LYDMXVHGD]DNOMXaHL]PH_X
VHEHLGUXJHVSRUD]XPHGDELREH]EHGLOH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GRGDWQX]D^WLWXREMHNDWDNRMLVDGUCHRSDV 
QHVLOH
'DELVHRODN^DODLGHQWLILNDFLMDRE
MHNDWD]D^WL`HQLKRYLPaODQRPVWUDQHXVX 
NREXLKPRJXR]QDaLWLVSHFLMDOQLP]QDNRP
NRML VH VDVWRML RG JUXSH RG WUL VYHWOR QD
UDQGCDVWDNUXJDSRVWDYOMHQDQDLVWRMRVQRYL
NDNRMHRGUH_HQRXaODQX3ULORJD,RYRJ
SURWRNROD 1HSRVWRMDQMH RYDNYH R]QDNHQL
XNRPVOXaDMXQHRVORED_DVWUDQXXVXNREX
QMHQLKREDYH]DL]RYRJaODQD

*ODYD ,9
0HUH SUHGRVWURCQRVWL
AODQ 
3UHGRVWURCQRVW SUL QDSDGX

 8 VSURYR_HQMX YRMQLK RSHUDFLMD

PRUD VH VWDOQR YRGLWL UDaXQD R WRPH GD
VHSR^WHGHFLYLOQRVWDQRYQL^WYRFLYLOLLFL 
YLOQLREMHNWL
8YH]LVQDSDGLPDPRUDMXVHSUH 
GX]HWLVOHGH`HPHUH
D RQL NRML SODQLUDMX LOL RGOXaXMX R QD 
SDGX GXCQL VX
L GD SUHGX]PX VYH ^WR MH PRJX`H
GD SURYHUH GD REMHNWL NRMH `H
QDSDVWL QLVX QL FLYLOL QL FLYLOQL
REMHNWLLGDQLVXREXKYD`HQLSR
VHEQRP]D^WLWRPYH`GDVXYRMQL
REMHNWLXVPLVOXVWDYDaODQD
L GD RGUHGEDPD RYRJ SURWRNROD
QLMH ]DEUDQMHQR QDSDGDWL LK
LL GD SUHGX]PX VYH PRJX`H PHUH
SUHGRVWURCQRVWL SUL L]ERUX VUHGV
WDYD L PHWRGD QDSDGD GD EL VH
L]EHJOL L X VYDNRP VOXaDMX VYHOL
QD PLQLPXP VOXaDMQL JXELFL CL
YRWD FLYLOD SRYUHGD FLYLOD L
R^WH`HQMH FLYLOQLK REMHNDWD
LLL X]GUCDWLVHRGRGOXNHGDVHNUH
QHXELORNRMLQDSDGRGNRJDVH
PRCHRaHNLYDWLGD`HSURX]URNR
YDWL VOXaDMQH JXELWNH CLYRWD FLYL
ODSRYUHGHFLYLODR^WH`HQMHFLYLO
QLK REMHNDWD LOL NRPELQDFLMX WR
JDNRMLELELOLQHVUD]PHUQRYHOL
NLXRGQRVXQDSUHGYL_HQXNRQ
NUHWQXLGLUHNWQXYRMQXSUHGQRVW

E QDSDGWUHEDGDEXGHDQXOLUDQLOLSUH
NLQXW DNR SRVWDQH MDVQR GD FLOM QLMH
YRMQL LOL GD MH REXKYD`HQ SRVHEQRP
]D^WLWRP LOL GD VH PRCH RaHNLYDWL GD
`H SURX]URNRYDWL VOXaDMQH JXELWNH
CLYRWDFLYLODSRYUHGHFLYLODR^WH`HQMD
FLYLOQLKREMHNDWDLOLNRPELQDFLMXWRJD
NRML EL ELOL QHVUD]PHUQR YHOLNL X RG
QRVX QD SUHGYL_HQX NRQNUHWQX L GL
UHNWQX YRMQX SUHGQRVW
F GDYDQMHXQDSUHGHILNDVQRJXSR]RUH 
QMD R QDSDGX NRML PRCH XJUR]LWL FL 
YLOQR VWDQRYQL^WYR RVLP DNR RNRO 
QRVWL WR QH GRSX^WDMX
 .DGD MH PRJX`L]ERUL]PH_XQH 
NROLNR YRMQLK REMHNDWD SUL aHPX `H VH
GRELWLVOLaQDYRMQDSUHGQRVWRGDEUD`HVH
RQDM REMHNW NRG NRJD VH RaHNXMH GD `H
QDSDG SURX]URNRYDWL QDMPDQMX RSDVQRVW
SRCLYRWHFLYLODL R^WH`HQMH FLYLOQLKREMH 
NDWD
8YR_HQMXYRMQLKRSHUDFLMDQDPR 
UX LOL X YD]GXKX VYDND VWUDQD X VXNREX
PRUD X VNODGX VD VYRMLP SUDYLPD L
GXCQRVWLPD SR SUDYLOLPD PH_XQDURGQRJ
SUDYDNRMDVHSULPHQMXMXXRUXCDQRPVX 
NREX SUHGX]HWL VYH UD]XPQH PHUH SUH 
GRVWURCQRVWLGDELVHL]EHJOLJXELFLCLYRWD
FLYLODLR^WH`HQMHFLYLOQLKREMHNDWD
 1LMHGQD RGUHGED RYRJ aODQD QH
PRCHVHSURWXPDaLWLWDNRGDRGREUDYDEL 
OR NDNDY QDSDG QD FLYLOQR VWDQRYQL^WYR
FLYLOHLOLFLYLOQHREMHNWH
AODQ 
3UHGRVWURCQRVW SURWLY SRVOHGLFD QDSDGD

6WUDQH X VXNREX X QDMYH`HP PR 

JX`HPVWHSHQXGXCQHVXGD
D QH GLUDMX`L X RGUHGEH aODQD  ,9
NRQYHQFLMH QDVWRMH GD XNORQH FLYLO 
QRVWDQRYQL^WYRSRMHGLQHFLYLOHLFL 
YLOQH REMHNWH SRG QMLKRYRP XSUD 
YRP L] RNROLQH YRMQLK REMHNDWD
E L]EHJDYDMX ORFLUDQMH YRMQLK REMHNDWD
X RNYLUX LOL EOL]X JXVWR QDVHOMHQLK
SRGUXaMD
F SUHGX]PX RVWDOH SRWUHEQH PHUH
SUHGRVWURCQRVWL GD ]D^WLWH FLYLOQR
VWDQRYQL^WYR SRMHGLQH FLYLOH L FLYLO
QH REMHNWH SRG QMLKRYRP XSUDYRP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

RG RSDVQRVWL NRMH SURL]OD]H L] YRM
QLK RSHUDFLMD

*ODYD 9
0HVWD L ]RQH SRG SRVHEQRP
]D>WLWRP
AODQ 
1HEUDQMHQD PHVWD

6WUDQDPDXVXNREX]DEUDQMHQRMH
GDELORNRMLPVUHGVWYLPDQDSDGDMXQHEUD 
QMHQDPHVWD
2GJRYDUDMX`HYODVWLVWUDQHXVXNR 
EXPRJXSURJODVLWLNDRQHEUDQMHQRPHVWR
VYDNR QDVHOMHQR PHVWR EOL]X LOL X ]RQL
JGH VX RUXCDQH VQDJH X GRGLUX NRMH MH
RWYRUHQR ]D RNXSDFLMX RG SURWLYQLaNH
VWUDQH7DNYRPHVWRPRUDLVSXQMDYDWLVOH 
GH`HXVORYH
D VYLERUFLSRNUHWQRRUXCMHLSRNUHWQD
YRMQD RSUHPD PRUDMX ELWL HYDNXLVD 
QL
E QHSRNUHWQHYRMQHLQVWDODFLMHLOLXVWD 
QRYHQHVPHMXVHQLNDNRNRULVWLWL]D
QHSULMDWHOMVWYD
F YODVWL LOL VWDQRYQL^WYR QH VPHMX SUH 
GX]LPDWL QLNDNDY QHSULMDWHOMVNL DNW
G QHVPHMXVHSUHGX]HWLQLNDNYHDNFL 
MH ]D SRGU^NX YRMQLP RSHUDFLMDPD
3ULVXVWYRQDRYRPPHVWXOLFDSR 
VHEQR ]D^WL`HQLK .RQYHQFLMDPD L RYLP
SURWRNRORPLSROLFLMVNLKVQDJD]DGUCDQLK
LVNOMXaLYR XFLOMXRGUCDYDQMD]DNRQDLUH 
GDQLMH XVXSURWQRVWLVDXVORYLPDSRVWD 
YOMHQLPXVWDYX
 ,]MDYD GDWD QD RVQRYX VWDYD 
XSX`XMHVHSURWLYQLaNRMVWUDQLLXQMRMWUH 
ED GD VH GHILQL^X L ^WR SUHFL]QLMH RSL^X
JUDQLFH QHEUDQMHQRJ PHVWD 6WUDQD X VX 
NREXNRMRMMHXSX`HQDL]MDYDWUHEDGDSRW 
YUGLSULMHPLGDWUHWLUDWRPHVWRNDRQHE 
UDQMHQRPHVWRRVLPDNRXVORYLSRVWDYOMH 
QLXVWDYXQLVXVWYDUQRLVSXQMHQLXNRP
VOXaDMX`HRWRPHRGPDKREDYHVWLWLVWUDQX
NRMDMHGDODL]MDYXADNLDNRXVORYLSRV 
WDYOMHQL X VWDYX  QLVX LVSXQMHQL PHVWR
WUHEDLGDOMHGDXCLYD]D^WLWXREH]EH_HQX
GUXJLPRGUHGEDPDRYRJSURWRNRODLGUX 
JLPSUDYLOLPDPH_XQDURGQRJSUDYDNRMD
VHSULPHQMXMXXRUXCDQRPVXNREX

6WUDQHXVXNREXVHPRJXGRJRYR
ULWLRXVWDQRYOMHQMXQHEUDQMHQLKPHVWDaDN
L DNR WDNYD PHVWD QH LVSXQMDYDMX XVORYH
SRVWDYOMHQHXVWDYX6SRUD]XPRPWUHED
GD VH GHILQL^X L ^WR SUHFL]QLMH RSL^X JUD 
QLFHQHEUDQMHQRJPHVWDDNRMHWRSRWUHE 
QRPRCHVHXWYUGLWLLQDaLQQDG]RUD
6WUDQDNRMDNRQWUROL^HPHVWRNRMH
MHSUHGPHWWDNYRJVSRUD]XPDPRUDJDR] 
QDaLWLNROLNRJRGMHPRJX`HWDNYLP]QD 
FLPDVNRMLPD`HPR`LGDVHVORCLGUXJD
VWUDQDNRMHWUHEDLVWD`LWDPRJGHVXMDVQR
YLGOMLYLQDURaLWRQDQMHJRYLPSDUDPHWULPD
LJUDQLFDPDLQDDXWRSXWHYLPD
 0HVWR JXEL VYRM VWDWXV QHEUDQMH 
QRJPHVWDNDGDSUHVWDQHGDLVSXQMDYDXV 
ORYHSRVWDYOMHQHXVWDYXLOLVSRUD]XPQR
NDNRMHQDYHGHQRXVWDYX8WRPVOXaDMX
PHVWR`HLGDOMHXCLYDWL]D^WLWXSUHGYL_HQX
GUXJLPRGUHGEDPDRYRJSURWRNRODLGUX 
JLPSUDYLOLPDPH_XQDURGQRJSUDYDNRMD
VHSULPHQMXMXXRUXCDQRPVXNREX
AODQ 
'HPLOLWDUL]RYDQH ]RQH

6WUDQDPDXVXNREX]DEUDQMHQRMH
GDSUR^LUHVYRMHYRMQHRSHUDFLMHQD]RQH
R NRMLPD VX VH VSRUD]XPRP GRJRYRULOH
GD LPDMX VWDWXV GHPLOLWDUL]RYDQH ]RQH
XNROLNR MH WR X VXSURWQRVWL V RGUHGEDPD
WRJVSRUD]XPD
 6SRUD]XP WUHED GD EXGH L]ULaLW
PRCH ELWL ]DNOMXaHQ XVPHQR LOL SLVPHQR
GLUHNWQR LOL SUHNR VLOH ]D^WLWQLFH LOL ELOR
NRMHQHSULVWUDVQHKXPDQLWDUQHRUJDQL]DFL 
MH L PRCH GD VH VDVWRML RG UHFLSURaQLK L
SRGXGDUQLKL]MDYD6SRUD]XPVHPRCH]D 
NOMXaLWLXGREDPLUDNDRLSRVOHL]ELMDQMD
QHSULMDWHOMVWYD LXQMHPXWUHEDGD VHGH 
ILQL^XL^WRMHPRJX`HSUHFL]QLMHRSL^XJUD 
QLFH GHPLOLWDUL]RYDQH ]RQH D DNR MH WR
SRWUHEQRLGDVHXWYUGLQDaLQQDG]RUD
 3UHGPHW WDNYRJ VSRUD]XPD WUHED
GDEXGHQRUPDOQRVYDND]RQDNRMDLVSX 
QMDYDVOHGH`HXVORYH
D VYLERUFLSRNUHWQRRUXCMHLSRNUHWQD
YRMQDRSUHPDWUHEDGDEXGXHYDNX 
LVDQL
E QLNDNYHQHSRNUHWQHYRMQHLQVWDODFLMH
LOL XVWDQRYH QH VPHMX VH NRULVWLWL ]D
DNWH QHSULMDWHOMVWYD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

F YODVWL LOL VWDQRYQL^WYR QH VPHMX SUH 
GX]LPDWLQLNDNDYQHSULMDWHOMVNLDNWL
G VYDNDDNWLYQRVWYH]DQD]DYRMQHQD 
SRUH PRUD SUHVWDWL
6WUDQH X VXNREX WUHED GD VH VSRUD 
]XPHMX RWXPDaHQMXXVORYDSRVWDYOMHQRJ
X SRGWDaNL G L R OLFLPD NRMD VH PRJX
SULPLWL X GHPLOLWDUL]RYDQX ]RQX SRUHG
RQLKNRMDVXSRPHQXWDXVWDYX
3ULVXVWYRXRYRM]RQLOLFDSRVHEQR
]D^WL`HQLK.RQYHQFLMDPDLRYLPSURWRNR 
ORP L SROLFLMVNLK VQDJD ]DGUCDQLK LV
NOMXaLYRXFLOMXRGUCDYDQMD]DNRQDLUHGD
QLMH X VXSURWQRVWL VD XVORYLPD SRVWDYOMH 
QLPXVWDYX
6WUDQDNRMDNRQWUROL^HWDNYX]RQX
PRUDMHR]QDaLWLNROLNRJRGMHWRPRJX`H
WDNYLP ]QDFLPD V NRMLPD `H PR`L GD VH
VORCL GUXJD VWUDQD NRMH WUHEDLVWD`LWDPR
JGH VX MDVQR YLGOMLYL QDURaLWR QD QMHQLP
SHULPHWULPDLJUDQLFDPDLQDDXWRSXWHYL 
PD
$NRVHERUEDSULPDNQHEOL]XGH 
PLOLWDUL]RYDQH]RQHLDNRVHVWUDQHXVX 
NREX WDNR VSRUD]XPHMX QLMHGQD RG QMLK
QHPRCH GDNRULVWL WX ]RQX ]D VYUKHYH 
]DQH ]D YR_HQMH YRMQLK RSHUDFLMD LOL MHG 
QRVWUDQRXNLQXWLQMHQVWDWXV
 $NR MHGQD VWUDQD X VXNREX XaLQL
PDWHULMDOQX SRYUHGX RGUHGDED VW  LOL 
GUXJD VWUDQD `H ELWL RVORER_HQD VYRMLK
REDYH]DL]VSRUD]XPDNRMLPVH]RQLGDMH
VWDWXV GHPLOLWDUL]RYDQH ]RQH 8 WRP
VOXaDMX]RQDJXELVYRMVWDWXVDOL`HLGDOMH
XCLYDWL]D^WLWXREH]EH_HQXGUXJLPRGUHG 
EDPDRYRJSURWRNRODLGUXJLPSUDYLOLPD
PH_XQDURGQRJ SUDYD NRML VH SULPHQMXMX
XRUXCDQRPVXNREX

*ODYD 9,
&LYLOQD ]D^WLWD
AODQ 
'HILQLFLMD L SROMH SULPHQH

8VPLVOXRYRJSURWRNROD
D SRG L]UD]RP FLYLOQD ]D^WLWDm SRGUD
]XPHYDVHYU^HQMHQHNLKLOLVYLKQLCH
QDYHGHQLKKXPDQLWDUQLKDNWLYQRVWLV
FLOMHP GD VH FLYLOQR VWDQRYQL^WYR

]D^WLWLRGRSDVQRVWLRGQHSULMDWHOMVWD 
YD LOL QHVUH`H L GD PX VH SRPRJQH
GD VDYODGD QMLKRYR QHSRVUHGQR GHM
VWYR NDR L GD VH REH]EHGH XVORYL
SRWUHEQL ]D QMHJRY RSVWDQDN 7L ]D 
GDFL VX VOHGH`L
L VOXCED X]EXQH
LL HYDNXDFLMD
LLL VWDYOMDQMHQDUDVSRODJDQMHLRUJD 
QL]RYDQMH VNORQL^WD
LY SULPHQD PHUD ]DPUDaHQMD
Y VSDVDYDQMH
YL VDQLWHWVND VOXCED XNOMXaXMX`L SU
YX SRPR` L YHUVNX SRPR`
YLL ERUED SURWLY SRCDUD
YLLL RWNULYDQMHLR]QDaDYDQMHRSDVQLK
]RQD
L[ GHNRQWDPLQDFLMD L GUXJH VOLaQH
PHUH ]D^WLWH
[ SUXCDQMH KLWQRJ VPH^WDMD L VQDE
GHYDQMD
[L KLWQD SRPR` X XVSRVWDYOMDQMX L
RGUCDYDQMX UHGD X SRVWUDGDOLP
]RQDPD
[LL KLWQR XVSRVWDYOMDQMH QHRSKRGQLK
VOXCEL RG MDYQRJ LQWHUHVD
[LLL KLWQR VDKUDQMLYDQMH
[LY SRPR`XRaXYDQMXGREDUDELWQLK
]D RSVWDQDN
[Y GRSXQVNHDNWLYQRVWLSRWUHEQH]D
YU^HQMH ELOR NRMLK QDSUHG QDYH
GHQLK ]DGDWDND XNOMXaXMX`L DOL
QH RJUDQLaDYDMX`L VHQD SODQLUD 
QMH L RUJDQL]DFLMX
E SRG L]UD]RP RUJDQL]DFLMH FLYLOQH
]D^WLWHmSRGUD]XPHYDMXVHRQHXVWD 
QRYH L GUXJH MHGLQLFH NRMH MH QDG
OHCQLRUJDQVWUDQHXVXNREXRUJDQL 
]RYDR LOL RYODVWLR GD YU^H ELOR NRML
RG ]DGDWDND QDYHGHQLK X SRGWDaNL
D L NRMH VX LVNOMXaLYR QDPHQMHQH L
NRULVWH VH ]D WH ]DGDWNH
F SRG L]UD]RP RVREOMHm RUJDQL]DFLMD
FLYLOQH]D^WLWHSRGUD]XPHYDMXVHOLFD
NRMD MH VWUDQD X VXNREX RGUHGLOD LV 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

NOMXaLYR]DYU^HQMH]DGDWDNDQDYHGH 
QLKRSRGWDaNLDXNOMXaXMX`LLRVR 
EOMHNRMHMHQDGOHCQLRUJDQWHVWUDQH
RGUHGLRLVNOMXaLYR]DXSUDYOMDQMHWLP
RUJDQL]DFLMDPD
G SRG L]UD]RP PDWHULMDOm RUJDQL]DFLMD
FLYLOQH]D^WLWHSRGUD]XPHYDMXVHRS
UHPD VQDEGHYDQMH L VUHGVWYD WUDQV 
SRUWD NRMH RYH RUJDQL]DFLMH NRULVWH
]D YU^HQMH ]DGDWDND QDYHGHQLK X
SRGWDaNL D
AODQ 
2S^WD ]D^WLWD

&LYLOQHRUJDQL]DFLMHFLYLOQH]D^WLWH
LQMLKRYRRVREOMHEL`HSR^WRYDQLL]D^WL`HQL
X VNODGX V RGUHGEDPD RYRJ SURWRNROD
QDURaLWR RGUHGEDPD RYRJ RGHOMND 2QH
LPDMXSUDYRGDYU^H]DGDWNHFLYLOQH]D^WL 
WHRVLPXVOXaDMXLPSHUDWLYQLKYRMQLKSR 
WUHED
2GUHGEHVWDYDSULPHQMXMXVHWD 
NR_HQDFLYLOHNRMLLDNRQLVXaODQRYLRU 
JDQL]DFLMD FLYLOQH ]D^WLWH RGJRYRUH QD
DSHOQDGOHCQLKYODVWLLYU^H]DGDWNHFLYLOQH
]D^WLWHSRGQMLKRYRPNRQWURORP
 =JUDGH L PDWHULMDO NRML VH NRULVWH
]DFLOMHYHFLYLOQH]D^WLWHLVNORQL^WDQDPH 
QMHQD FLYLOQRP VWDQRYQL^WYX REXKYD`HQL
VXaODQRP3UHGPHWLNRMLVHNRULVWH]D
FLOMHYHFLYLOQH]D^WLWHQHPRJXELWLXQL^WHQL
LOLL]X]HWLRGVYRMHQDPHQHRVLPXNROLNR
WRQHXaLQLVWUDQDNRMRMSULSDGDMX
AODQ 
&LYLOQD ]D^WLWD QD RNXSLUDQLP WHULWRULMDPD

1DRNXSLUDQLPWHULWRULMDPDRUJDQL 
]DFLMH FLYLOQH ]D^WLWH GREL`H RG YODVWL
RODN^LFH NRMH VX SRWUHEQH ]D YU^HQMH QML 
KRYLK ]DGDWDND 1L SRG NRMLP RNROQRVWL 
PD QMLKRYR RVREOMH QH`H ELWL SULPRUDQR
GDREDYOMDDNWLYQRVWLNRMHELRPHWDOHSUD 
YLOQRYU^HQMHWLK]DGDWDND2NXSLUDMX`DVL 
OD QH PRCH PHQMDWL VWUXNWXUX LOL RVREOMH
WLK RUJDQL]DFLMD QD QDaLQ NRML EL PRJDR
XJUR]LWL HILNDVQR YU^HQMH QMLKRYH PLVLMH
2G RYLK RUJDQL]DFLMD QH`H VH WUDCLWL GD
GDMXSUYHQVWYRJUD_DQLPDLOLLQWHUHVLPDWH
VLOH
2NXSLUDMX`DVLODQHPRCHQDWHUDWL
SULQXGLWLLOLQDYHVWLFLYLOQHRUJDQL]DFLMHFL 

YLOQH]D^WLWHGDYU^HVYRMH]DGDWNHQDELOR
NRMLQDaLQ NRML MH ^WHWDQ ]DLQWHUHVHFLYLO 
QRJVWDQRYQL^WYD
 2NXSLUDMX`D VLOD PRCH UD]RUXCDWL
RVREOMH FLYLOQH ]D^WLWH L] UD]ORJD EH]EHG 
QRVWL
2NXSLUDMX`DVLODQHPRCHRGYUDWLWL
RGSUDYLOQHXSRWUHEHQLWLUHNYLULUDWL]JUD 
GHLOLPDWHULMDONRMLSULSDGDLOLNRMLNRULVWH
RUJDQL]DFLMH FLYLOQH ]D^WLWH DNR EL WR RG 
YUD`DQMHLOLUHNYL]LFLMDELOL^WHWQLSRFLYLOQR
VWDQRYQL^WYR
 2NXSLUDMX`D VLOD PRCH UHNYLULUDWL
LOLL]PHQLWLQDPHQXWLKVUHGVWDYDSRGXV 
ORYRPGDVHSR^WXMHRS^WHSUDYLORL]VWDYD
LGDVXLVSXQMHQLVOHGH`LSRVHEQLXVORYL
D GDVX]JUDGHLOLPDWHULMDOSRWUHEQL]D
GUXJHSRWUHEHFLYLOQRJVWDQRYQL^WYD
E GDUHNYL]LFLMDLOLL]PHQDQDPHQHWUD 
MH VDPR GRN SRVWRML WDNYD SRWUHED
2NXSLUDMX`DVLODQHPRCHL]PHQLWL
QDPHQX QLWL UHNYLULUDWL VNORQL^WD NRMD VX
SUHGYL_HQD ]D XSRWUHEX RG VWUDQH FLYLO 
QRJVWDQRYQL^WYDLOL]DSRWUHEHWDNYRJVWD 
QRYQL^WYD
AODQ 
&LYLOQH RUJDQL]DFLMH FLYLOQH ]D^WLWH
QHXWUDOQLK LOL GUXJLK GUCDYD NRMH QLVX
VWUDQH X VXNREX L PH_XQDURGQLK
NRRUGLQLUDMX`LK RUJDQL]DFLMD

 AO    L  WDNR_HVH SUL

PHQMXMXQDRVREOMHLPDWHULMDOFLYLOQLKRU 
JDQL]DFLMDFLYLOQH]D^WLWHQHXWUDOQLKLGUX 
JLKGUCDYDNRMHQLVXVWUDQHXVXNREXNRMH
REDYOMDMX]DGDWNHFLYLOQH]D^WLWHQDYHGHQH
XaODQXQDWHULWRULMLMHGQHVWUDQHXVX 
NREX X] VDJODVQRVW L SRG NRQWURORP WH
VWUDQH1RWLILNDFLMDRWDNYRMSRPR`L]DLQ 
WHUHVRYDQRMSURWLYQLaNRMVWUDQLL]YU^L`HVH
^WRMHPRJX`HSUH1LSRGNRMLPRNROQR 
VWLPDWDNYDDNWLYQRVWQH`HVHVPDWUDWLNDR
PH^DQMH X VXNRE 2YD DNWLYQRVW `H
PH_XWLPELWLYU^HQDYRGH`LXSXQRMPHUL
UDaXQDRLQWHUHVLPDEH]EHGQRVWL]DLQWHUH 
VRYDQLKVWUDQDXVXNREX
6WUDQHXVXNREXNRMHSULPDMXSR 
PR` R NRMRM MH UHa X VWDYX  L YLVRNH
VWUDQHXJRYRUQLFHNRMHGDMXSRPR`WUHED



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GD RODN^DMX PH_XQDURGQX NRRUGLQDFLMX
WDNYLKDNFLMDFLYLOQH]D^WLWHNDG]DWRSR 
VWRMH UD]OR]L8WRPVOXaDMXRGUHGEHRYH
JODYH SULPHQMXMX VH QD RGJRYDUDMX`H
PH_XQDURGQHRUJDQL]DFLMH
1DRNXSLUDQLPWHULWRULMDPDRNXSL 
UDMX`DVLODPRCHLVNOMXaLWLLOLRJUDQLaLWLDN 
WLYQRVWFLYLOQLKRUJDQL]DFLMDFLYLOQH]D^WLWH
QHXWUDOQLKLOLGUXJLKGUCDYDNRMHQLVXVWUD 
QHXVXNREXLPH_XQDURGQLKNRRUGLQLUD 
MX`LK RUJDQL]DFLMD VDPR DNR PRCH GD
REH]EHGL RGJRYDUDMX`HL]YU^DYDQMH]DGD 
WDNDFLYLOQH]D^WLWHL]VRSVWYHQLKVUHGVWDYD
LOLVUHGVWDYDRNXSLUDQHWHULWRULMH
AODQ 
3UHVWDQDN ]D^WLWH

=D^WLWDQDNRMXLPDMXSUDYRFLYLOQH
RUJDQL]DFLMHFLYLOQH]D^WLWHQMLKRYRRVRE 
OMH]JUDGHVNORQL^WDLPDWHULMDOPRCHSUH 
VWDWL VDPR DNR VH L]YU^H LOL VH NRULVWH ]D
L]YU^HQMHUDGQMH^WHWQHSRQHSULMDWHOMDNR 
MH VX L]YDQ RNYLUD QMLKRYLK ]DGDWDND
0H_XWLP]D^WLWDPRCHSUHVWDWLVDPRSR 
VOH XSX`LYDQMD RSRPHQH NRMRP MH NDG
JRG MH PRJX`H RVWDYOMHQ UD]XPDQ URN L
WHNSR^WRWDRSRPHQDRVWDQHEH]GHMVWYD
1H`HVHVPDWUDWLNDRUDGQMH^WHWQH
SRQHSULMDWHOMD
D DNR VH ]DGDFL FLYLOQH ]D^WLWH YU^H
SRG XSUDYRP LOL NRQWURORP YRMQLK
YODVWL
E DNR FLYLOQR RVREOMH ]D^WLWH VDUD_XMH
VD YRMQLP RVREOMHP X YU^HQMX ]DGD 
WDND FLYLOQH ]D^WLWH LOL DNR VX YRMQD
OLFDSULGRGDWDRUJDQL]DFLMDPDFLYLOQH
]D^WLWH
F DNR YU^HQMH ]DGDWDND FLYLOQH ]D^WLWH
PRCHXVSXWQRGDNRULVWLYRMQLPCUW
YDPDQDURaLWRRQLPDNRMHVXRQHV 
SRVREOMHQH ]D ERUEX
7DNR_HVHQH`HVPDWUDWLNDRUDG 
QMH^WHWQHSRQHSULMDWHOMDDNRFLYLOQRRVR 
EOMH FLYLOQH ]D^WLWH QRVL ODNR OLaQR RUXCMH
]D RGUCDYDQMH UHGD LOL ]D VDPRRGEUDQX
0H_XWLPXSRGUXaMLPDQDNRMLPDVHYRGL
NRSQHQD ERUED LOL VH RaHNXMH GD `H VH
YRGLWLVWUDQHXVXNREXSUHGX]H`HRGJR 
YDUDMX`HPHUHGDRJUDQLaHRYRRUXCMHQD
UXaQRNDR^WRVXSL^WROMLLUHYROYHULNDNR

EL WLPH SRPRJOH GD VH UD]OLNXMH RVREOMH

FLYLOQH]D^WLWHRGERUDFD,DNRRVREOMHFL 
YLOQH]D^WLWHQRVLGUXJRODNROLaQRRUXCMH
XWLP]RQDPDRQR`HLSDNELWLSR^WRYDQR
L]D^WL`HQRaLPEXGHSUHSR]QDWRNDRWDN 
YR
ALQMHQLFDGDVXFLYLOQHRUJDQL]DFL 
MHFLYLOQH]D^WLWHRUJDQL]RYDQHSRYRMQRP
X]RUXLREDYH]QDVOXCEDXQMLPDQHOL^DYD
LK]D^WLWHNRMXGDMHRYDJODYD
AODQ 
2EHOHCDYDQMH

 6YDND VWUDQD X VXNREX QDVWRMD`H

GD REH]EHGL GDVH QMHQH RUJDQL]DFLMH FL 
YLOQH]D^WLWHQMLKRYRRVREOMH]JUDGHLPD 
WHULMDO PRJX LGHQWLILNRYDWL GRN VX LV 
NOMXaLYR DQJDCRYDQL QD YU^HQMX ]DGDWDND
FLYLOQH ]D^WLWH 6NORQL^WD NRMD VX REH] 
EH_HQD]DFLYLOQRVWDQRYQL^WYRLGHQWLILNR 
YD`HVHQDVOLaDQQDaLQ
6YDNDVWUDQDXVXNREX`HQDVWRMDWL
GDXVYRMLLSULPHQMXMHPHWRGHLSRVWXSNH
NRML`HRPRJX`LWLGDVHUDVSR]QDMXFLYLOQD
VNORQL^WDLRVREOMH]JUDGHLPDWHULMDOFLYLO 
QH ]D^WLWH NRML QRVH PH_XQDURGQL ]QDN
UDVSR]QDYDQMDFLYLOQH]D^WLWH
 1D RNXSLUDQLP WHULWRULMDPD L QD
SRGUXaMLPDQDNRMLPVHYRGHERUEHLOLVH
RaHNXMHGDVHPRJXYRGLWLFLYLOQRRVREOMH
FLYLOQH ]D^WLWH EL`H LGHQWLILNRYDQR SR 
PR`X PH_XQDURGQRJ]QDNDUDVSR]QDYD 
QMD FLYLOQH ]D^WLWH L OLaQRP NDUWRP NRMD
SRWYU_XMHQMLKRYVWDWXV
0H_XQDURGQL]QDNUDVSR]QDYDQMD
FLYLOQH]D^WLWHMHUDYQRNUDNLSODYLWURXJDR
QDQDUDQGCDVWRPSROMXNDGVHXSRWUHEOMD 
YD ]D ]D^WLWX RUJDQL]DFLMD FLYLOQH ]D^WLWH
QMLKRYRJ RVREOMD ]JUDGDLPDWHULMDODL]D
FLYLOQDVNORQL^WD
3RUHG]QDNDUDVSR]QDYDQMDVWUDQH
XVXNREXPRJXVHVORCLWLRXSRWUHELVLJ 
QDOD]DUDVSR]QDYDQMHNRMLVOXCH]DLGHQ 
WLILNDFLMXFLYLOQH]D^WLWH
3ULPHQDRGUHGDEDVWGRUHJX 
OLVDQDMH*ODYRP93ULORJD,X]RYDMSUR 
WRNRO
8YUHPHPLUD]QDNRSLVDQXVWDYX
PRCHX]VDJODVQRVWQDGOHCQLKQDFLRQDO 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

QLKYODVWLELWLNRUL^`HQ]DLGHQWLILNRYDQMH
FLYLOQH]D^WLWH
9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
XVXNREXSUHGX]LPD`HPHUHSRWUHEQHGD
VH NRQWUROL^H NRUL^`HQMH PH_XQDURGQRJ
]QDNDUDVSR]QDYDQMDFLYLOQH]D^WLWHLGDVH
VSUHaHLVX]ELMXVYHQMHJRYH]ORXSRWUHEH
,GHQWLILNDFLMDVDQLWHWVNRJLYHUVNRJ
RVREOMDFLYLOQH]D^WLWHVDQLWHWVNLKMHGLQLFD
LVDQLWHWVNLKWUDQVSRUDWDUHJXOLVDQDMHaOD 
QRP
AODQ 
3ULSDGQLFL RUXCDQLK VQDJD L YRMQH
MHGLQLFH GRGHOMHQH RUJDQL]DFLMDPD FLYLOQH
]D^WLWH

3ULSDGQLFLRUXCDQLKVQDJDLYRMQH
MHGLQLFHGRGHOMHQHRUJDQL]DFLMDPDFLYLOQH
]D^WLWHEL`HSR^WRYDQHL]D^WL`HQHSRGXV 
ORYRP
D GD VX WR RVREOMH L WH MHGLQLFH VWDOQR
RGUH_HQL L LVNOMXaLYR VH EDYH
YU^HQMHPELORNRMLKRG]DGDWDNDQD 
YHGHQLKXaODQXRYRJSURWRNROD
E GDWRRVREOMHDNRMHWDNRRGUH_HQR
QH YU^L QLNDNYH GUXJHYRMQH GXCQR 
VWL ]D YUHPH VXNRED
F GD VH WR RVREOMH MDVQR UD]OLNXMH RG
GUXJLK SULSDGQLND RUXCDQLK VQDJD
LVWLFDQMHPQDYLGOMLYQDaLQPH_XQD 
URGQRJ ]QDND UDVSR]QDYDQMD FLYLOQH
]D^WLWH NRML WUHED GD MH ^WR YH`L ]D 
YLVQR RG RNROQRVWL L GD MH WDNYR
RVREOMH VQDEGHYHQR OLaQRP NDUWRP
SUHGYL_HQRPX*ODYL93ULORJD,X]
RYDMSURWRNRONRMDSRWYU_XMHQMHJRY
VWDWXV
G GD VX WR RVREOMH L WH MHGLQLFH VQDE 
GHYHQL VDPR ODNLP OLaQLP RUXCMHP
]D RGUCDYDQMH UHGD L ]DVDPRRGEUD 
QX 2GUHGEH aODQD  VWDY  RYRJ
SURWRNROD WDNR_H VH SULPHQMXMX X
RYRP VOXaDMX
H GD WR RVREOMH QH XaHVWYXMH GLUHNWQR
X QHSULMDWHOMVWYLPD L GD YDQ VYRMLK
]DGDWDNDFLYLOQH]D^WLWHQHYU^LLOLVH
QH NRULVWL ]D YU^HQMH UDGQML ^WHWQLK
SR SURWLYQLaNX VWUDQX

I GDWRRVREOMHLWHMHGLQLFHYU^HVYRMH
]DGDWNH FLYLOQH ]D^WLWHVDPR X RNYL 
UX QDFLRQDOQH WHULWRULMH VYRMH VWUDQH
1HSR^WRYDQMHXVORYDL]QHWLKXHRG
VWUDQHELORNRJSULSDGQLNDRUXCDQLKVQDJD
]D NRJD VX REDYH]QL XVORYL SURSLVDQL X
DLEMH]DEUDQMHQR
 AODQRYL YRMQRJ RVREOMD NRML VOXCH
X RNYLUX RUJDQL]DFLMD FLYLOQH ]D^WLWH SRV 
WDMXUDWQL]DUREOMHQLFLDNRVHQD_XXYODVWL
SURWLYQLaNH VWUDQH1DRNXSLUDQLPWHULWR 
ULMDPD RQL PRJX DOL VDPR X LQWHUHVX FL 
YLOQRJVWDQRYQL^WYDWHWHULWRULMHELWLXSRW 
UHEOMHQL]D]DGDWNHFLYLOQH]D^WLWHXNROLNR
MHWRSRWUHEQRSRGXVORYLPGDVHGREUR 
YROMQRMDYH]DWDNYH]DGDWNHDNRMHWDMUDG
RSDVDQ
=JUDGHLNUXSQLMLGHORYLRSUHPHL
VUHGVWDYDWUDQVSRUWDYRMQLKMHGLQLFDGRGH 
OMHQLKMHGLQLFDPDFLYLOQH]D^WLWHEL`HMDVQR
R]QDaHQLPH_XQDURGQLP]QDNRPUDVSR] 
QDYDQMD FLYLOQH ]D^WLWH 2YDM ]QDN `H ELWL
^WRMHPRJX`HYH`L
 0DWHULMDO L ]JUDGH YRMQLK MHGLQLFD
VWDOQR GRGHOMHQLK RUJDQL]DFLMDPD FLYLOQH
]D^WLWHLLVNOMXaLYRQDPHQMHQLKYU^HQMX]D 
GDWDNDFLYLOQH]D^WLWHRVWD`HSRGORCQL]D 
NRQLPDUDWDDNRSDGQXXUXNHSURWLYQLaNH
VWUDQH 1H PRCH ELWL L]PHQMHQD QMLKRYD
QDPHQDNRUL^`HQMD]DFLOMHYHFLYLOQH]D^WL 
WH VYH GRN MH WR SRWUHEQR ]D YU^HQMH ]D 
GDWDND FLYLOQH]D^WLWHRVLPXVOXaDMXLP 
SHUDWLYQLK YRMQLK SRWUHED L DNR VX SUHW 
KRGQRSUHGX]HWHPHUHGDVHQDRGJRYD 
UDMX`L QDaLQ ]DGRYROMH SRWUHEH FLYLOQRJ
VWDQRYQL^WYD

2GHOMDN ,,
3202@ 8 .25,67 &,9,/12*
67$1291,>79$
AODQ 
3ROMH SULPHQH

2GUHGEHRYRJRGHOMNDSULPHQMXMXVH
QDFLYLOQRVWDQRYQL^WYRNDNRMHGHILQLVDQR
XRYRPSURWRNROXLSUHGVWDYOMDMXGRSXQX
aO LLRVWDOLKRGJR
YDUDMX`LKRGUHGDED,9NRQYHQFLMH



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2VQRYQH SRWUHEH X RNXSLUDQLP
WHULWRULMDPD

 3RUHG GXCQRVWL VSHFLILNRYDQLK X

aODQX  ,9 NRQYHQFLMH NRMH VH RGQRVH
QDVQDEGHYDQMHKUDQRPLOHNRYLPDRNX 
SLUDMX`DVLOD`HXSXQRPRELPXVUHGVWDYD
NRMLPD UDVSRODCH L EH] ELOR NDNYH QHSR 
YROMQHUD]OLNHREH]EHGLWLWDNR_HVQDEGH 
YDQMH RGH`RP SRVWHOMQLP UXEOMHP VUHG 
VWYLPD ]D ]DNORQ L RVWDOLP SUHGPHWLPD
VQDEGHYDQMD SRWUHEQLP ]D CLYRW FLYLOQRJ
VWDQRYQL^WYD QD RNXSLUDQRM WHULWRULML L
SUHGPHWLPDSRWUHEQLP]DYHUVNHREUHGH
 $NFLMH SRPR`L X NRULVW FLYLOQRJ
VWDQRYQL^WYD QD RNXSLUDQLP WHULWRULMDPD
UHJXOLVDQHVXaO
L,9NRQYHQFLMHLaODQRPRYRJ
SURWRNROD LEL`HVSURYHGHQHEH]RGODJD 
QMD
AODQ 
$NFLMH SRPR`L

 $NR FLYLOQR VWDQRYQL^WYR QD ELOR

NRMRMWHULWRULMLNRMDMHSRGNRQWURORPVWUD 
QHXVXNREXL]X]HYQDRNXSLUDQRMWHULWR 
ULML QLMH RGJRYDUDMX`H VQDEGHYHQR PDWH 
ULMDORPLQDPLUQLFDPDNDR^WRMHQDYHGH 
QRXaODQXSUHGX]H`HVHDNFLMHSRPR`L
NRMHVXKXPDQLWDUQRJLQHSULVWUDVQRJND 
UDNWHUDLNRMHVHVSURYRGHEH]LNDNYHQH 
SRYROMQH UD]OLNH SRG UH]HUYRP VSRUD]X 
PDSRVWLJQXWRJL]PH_XVWUDQD]DLQWHUHVR 
YDQLK]DWDNYHDNFLMHSRPR`L3RQXGH]D
WDNYX SRPR` QH`H VH VPDWUDWL NDR
PH^DQMHX RUXCDQLVXNRELOLNDRQHSULMD 
WHOMVNL aLQ .RG UDVSRGHOH SR^LOMDND SR 
PR`LSULRULWHW`HVHGDYDWLOLFLPDNDR^WR
VXGHFDWUXGQLFHCHQHQDSRUR_DMXPDM 
NH GRMLOMH NRMD SUHPD ,9 NRQYHQFLML LOL
RYRP SURWRNROX WUHED GD LPDMX SRY 
OD^`HQWUHWPDQLOLSRVHEQX]D^WLWX
 6WUDQH X VXNREX L VYDND YLVRND
VWUDQD XJRYRUQLFD `H RGREULWL L RODN^DWL
EU] L QHRPHWDQ SUROD] VYLK SR^LOMNL SR 
PR`L RSUHPH L RVREOMD NDNR MH SUHG 
YL_HQR X RYRP RGHOMNX aDN L NDGD MH
WDNYDSRPR`QDPHQMHQDFLYLOQRPVWDQRY 
QL^WYXSURWLYQLaNHVWUDQH

 6WUDQH X VXNREX L VYDND YLVRND

VWUDQDXJRYRUQLFDNRMDRGREULSUROD]SR 
^LOMNL SRPR`L RSUHPH L RVREOMD X VNODGX
VDVWDYRP
D LPDMX SUDYR GD SURSL^X WHKQLaNH
DUDQCPDQH XNOMXaXMX`L L SUHJOHG
SRGNRMLPDVHWDNDYSUROD]RGREUD 
YD
E PRJX XVORYLWL GDYDQMH GR]YROH WLPH
GDVHUDVSRGHODSRPR`LYU^LSRGOR 
NDOQLP QDG]RURP VLOH ]D^WLWQLFH
F QH`HQLQDNRMLQDaLQVNUHQXWLSR^LOM 
NHSRPR`LRGFLOMD]DNRMLVXQDPH 
QMHQHQLWL`H]DGUCDYDWLQMLKRYRVOD 
QMH L]X]HY X VOXaDMHYLPD KLWQH SRW
UHEHXLQWHUHVXFLYLOQRJVWDQRYQL^WYD
NRMH MH X SLWDQMX
6WUDQHXVXNREX`H^WLWLWLSR^LOMNH
SRPR`LLRODN^DWLQMLKRYXEU]XUDVSRGHOX
 6WUDQH X VXNREX L VYDND YLVRND
VWUDQDXJRYRUQLFDNRMHVXXSLWDQMXSRG 
VWLFD`HLRODN^DYD`HHILNDVQXPH_XQDURG 
QX NRRUGLQDFLMX DNFLMD SRPR`L R NRMLPD
MHUHaXVWDYX
AODQ 
2VREOMH NRMH XaHVWYXMH X DNFLMDPD SRPR`L

7DPRJGHMHSRWUHEQRRVREOMH]D
SUXCDQMH SRPR`L PRCH SUHGVWDYOMDWL GHR
SRPR`L NRMD VH SUXCD VYDNRP DNFLMRP
SRPR`LQDURaLWR NRG WUDQVSRUWD LUDVSR 
GHOHSR^LOMDNDSRPR`LXaH^`HWRJRVREOMD
MH XVORYOMHQR GRELMDQMHP VDJODVQRVWL VWUD 
QH QD aLMRM `H WHULWRULML RQR YU^LWL VYRMH
GXCQRVWL
 7R RVREOMH EL`H SR^WRYDQR L
]D^WL`HQR
 6YDND VWUDQD NRMD SULPD SR^LOMNH
SRPR`LSRPDJD`HXQDMYH`HPSUDNWLaQR
PRJX`HPRELPXRVREOMX]DSUXCDQMHSR 
PR`LQDYHGHQRPXVWDYXXYU^HQMXQMH 
JRYHPLVLMHSRPR`L-HGLQRXVOXaDMXLP 
SHUDWLYQLKYRMQLKSRWUHEDDNWLYQRVWLRVR 
EOMD ]D SUXCDQMH SRPR`L PRJX ELWL RJUD 
QLaHQHLOLNUHWDQMHWRJRVREOMDSULYUHPHQR
RJUDQLaHQR
1LSRGNRMLPRNROQRVWLPDRVREOMH
]D SUXCDQMH SRPR`L QH VPH SUHNRUDaLWL
JUDQLFH VYRMH PLVLMH SR RYRP SURWRNROX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

2QRSRVHEQRPRUDLPDWLXYLGX]DKWHYH
EH]EHGQRVWL VWUDQH QD aLMRM WHULWRULML YU^L
VYRMH GXCQRVWL 0LVLMD aODQD RVREOMD NRML
QHSR^WXMHRYHXVORYHPRCHELWLREXVWDY 
OMHQD

2GHOMDN ,,,
326783$. 6 /,&,0$ 8 9/$67,
675$1( 8 68.2%8
*ODYD ,
3ROMH SULPHQH L ]D^WLWD OLFD L VWYDUL
AODQ 
3ROMH SULPHQH

2GUHGEH RYRJ RGHOMND VX GRSXQD

SUDYLOD NRMD VH RGQRVH QD KXPDQLWDUQX
]D^WLWXFLYLODLFLYLOQLKSUHGPHWDNRMLVXX
YODVWL VWUDQH X VXNREX VDGUCDQLK X ,9
NRQYHQFLML QDURaLWR X GHOX , L ,,, NDR L
GUXJLK SULPHQOMLYLK SUDYLOD PH_XQDURG 
QRJ SUDYD NRMD VH RGQRVH QD ]D^WLWX RV 
QRYQLK SUDYD aRYHND ]D YUHPHPH_XQD 
URGQRJRUXCDQRJVXNRED
AODQ 
,]EHJOLFH L OLFD EH] GUCDYOMDQVWYD

/LFDNRMDVXVHSUHSRaHWNDQHSULMD 
WHOMVWDYDVPDWUDODNDROLFDEH]GUCDYOMDQ 
VWYDLOLNDRL]EHJOLFHXVNODGXVDRGJRYD 
UDMX`LP PH_XQDURGQLP LQVWUXPHQWLPD
NRMHVXSULKYDWLOHVWUDQHNRMHVXXSLWDQMX
LOL X VNODGX V QDFLRQDOQLP ]DNRQRGDY 
VWYRPGUCDYHXNRMXVXL]EHJODLOLGUCDYH
X NRMRM ERUDYH VPDWUD`H VH ]D OLFD SRG
]D^WLWRPX VPLVOX GHOD , L ,,, ,9 NRQYHQ 
FLMHXVYLPRNROQRVWLPDLEH]LNDNYHQH 
SRYROMQHUD]OLNH
AODQ 
3RQRYR RNXSOMDQMH UDVWXUHQLK SRURGLFD

9LVRNH VWUDQH XJRYRUQLFH L VWUDQH X

VXNREX`HQDVYDNLPRJX`LQDaLQRODN^DWL
SRQRYR RNXSOMDQMHSRURGLFDNRMHVXUDV 
WXUHQH]ERJRUXCDQLKVXNREDLSRGVWLFD`H
QDURaLWR UDG KXPDQLWDUQLK RUJDQL]DFLMD
DQJDCRYDQLK QD RYRP ]DGDWNX X VNODGX
VD RGUHGEDPD .RQYHQFLMD L RYRJ SURWR 
NRODLXVNODGXVDVYRMLPSURSLVLPDREH] 
EHGQRVWL

AODQ 
2VQRYQH JDUDQFLMH

 8NROLNR VX SRJR_HQD VLWXDFLMRP

QDYHGHQRPXaODQXRYRJSURWRNRODVD
OLFLPD NRMD VX X YODVWL VWUDQH X VXNREX L
NRMDQHXCLYDMXSRYROMQLMLWUHWPDQXVNOD 
GXVD.RQYHQFLMDPDLOLRYLPSURWRNRORP
SRVWXSD`HVHKXPDQRXVYLPSULOLNDPDL
RQD`HXCLYDWLNDRPLQLPXP]D^WLWXNRMD
MH SUHGYL_HQD RYLP aODQRP EH] LNDNYH
QHSRYROMQHUD]OLNHNRMDELVH]DVQLYDODQD
UDVL ERML SROX MH]LNX YHUL LOL XEH_HQMX
SROLWLaNRPLOLGUXJRPPL^OMHQMXQDFLRQDO 
QRP LOL VRFLMDOQRP SRUHNOX ERJDWVWYX
UR_HQMXLOLGUXJRPVWDWXVXLOLELORNRMHP
GUXJRPVOLaQRPNULWHULMXPX6YDNDVWUDQD
`HSR^WRYDWLOLaQRVWaDVWXEH_HQMDLYHU 
VNHREUHGHVYLKWDNYLKOLFD
6OHGH`DGHODMHVXLRVWDMX]DEUDQMH 
QDXVYDNRGREDLQDVYDNRPPHVWXELOR
GDVXLKXaLQLOLFLYLOQLLOLYRMQLSUHGVWDYQL 
FL
D QDVLOMH QDG CLYRWRP ]GUDYOMHPLOLIL 
]LaNLP LOL PHQWDOQLP EODJRVWDQMHP
OMXGL QDURaLWR
L XELVWYR
LL PXaHQMH VYDNH YUVWH IL]LaNR LOL
PHQWDOQR
LLL WHOHVQD ND]QD
LY VDND`HQMH
E YUH_DQMH OMXGVNRJ GRVWRMDQVWYD QD
URaLWR SRQLCDYDMX`L L GHJUDGLUDMX`L
SRVWXSDN SULQXGQD SURVWLWXFLMD L
VYDNL REOLN QHGROLaQRJ QDSDGD
F X]LPDQMH WDODFD
G NROHNWLYQH ND]QH L
H SUHWQMHL]YU^HQMHPELORNRMHJRGSR
PHQXWLK GHOD
6YDNROLFHNRMHMHXKDS^HQRSULW
YRUHQR LOL LQWHUQLUDQR ]ERJ DNFLMD X YH]L
VD RUXCDQLP VXNRERP EL`H REDYH^WHQR
RGPDKQDMH]LNXNRMLUD]XPHRUD]OR]L 
PDL]NRMLKVXWHPHUHSUHGX]HWH,]X]HY
X VOXaDMHYLPD KDS^HQMD LOL SULWYRUD ]ERJ
NDCQMLYLK GHOD WDNYD OLFD `H ELWL SX^WHQD
XQDMNUD`HPPRJX`HPURNXDXVYDNRP
VOXaDMXaLPSUHVWDQXGDSRVWRMHRNROQRVWL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

NRMHRSUDYGDYDMXKDS^HQMHSULWYRULOLLQ 
WHUQDFLMX
 ,]ULFDQMH ELOR NDNYH SUHVXGH L
L]YU^HQMH ELOR NDNYH ND]QH QDG OLFHP ]D
NRMHVHXWYUGLGDMHNULYR]DNULYLaQRGHOR
X YH]L V RUXCDQLP VXNRERP PRCH VH
L]YU^LWL VDPR SR SUHVXGL NRMX MH L]UHNDR
QHSULVWUDVDQ L UHGRYQR XVWDQRYOMHQ VXG
NRML SR^WXMH RS^WH SUL]QDWH SULQFLSH UH 
GRYQRJ VXGVNRJ SRVWXSND NRML VDGUCH
VOHGH`H
D SRVWXSNRP `H VH REH]EHGLWL GD RS
WXCHQL EH] RGODJDQMD EXGH RED
YH^WHQ R GHWDOMLPD SRYUHGH NRMX MH
QDYRGQRXaLQLRLREH]EHGL`HVHRS 
WXCHQRPSUHL]DYUHPHVX_HQMDVYD
SRWUHEQD SUDYD L VUHGVWYD RGEUDQH
E QLNR QH PRCH ELWL SURJOD^HQ NULYLP
]D SRYUHGX RVLP QD ED]L OLaQH NUL 
YLaQH RGJRYRUQRVWL
F QLNR QH PRCH ELWL RSWXCHQ LOL
RVX_HQ]DNULYLaQRGHOR]DELORNR 
MX UDGQMX LOL SURSXVW NRML QH SUHGV
WDYOMDMX NULYLaQR GHOR SUHPD QDFLR 
QDOQRP LOL PH_XQDURGQRP ]DNRQX
SRGNRMLMHRQSRWSDGDRXPRPHQWX
XaLQMHQRJ GHOD QH PRCH VH L]UH`L
WHCDND]QDRGND]QHNRMDMHELODSUL 
PHQOMLYD X YUHPH NDGD MH NULYLaQR
GHOR ELOR L]YU^HQR DNR SRVOH
L]YU^HQH SRYUHGH ]DNRQ SUHGYLGL
ODN^X ND]QX SUHNU^LODF `H VH WLPH
NRULVWLWL
G VYDNR NR MH RSWXCHQ ]D SRYUHGX
VPDWUD`H VH QHYLQLP GRN VH QH GR 
NDCH NULYLFD X VNODGX VD ]DNRQRP
H VYDNR NR MH RSWXCHQ ]D SRYUHGX
LPD`H SUDYR GD SULVXVWYXMH VYRP
VX_HQMX
I QLNR QH`H ELWL SULVLOMHQ GD VYHGRaL
SURWLY VHEH LOL GD SUL]QD NULYLFX
J VYDNR NR MH RSWXCHQ ]D SRYUHGX
LPD`HSUDYRGDLVSLWDLOLGDWUDCLGD
VH LVSLWDMX VYHGRFL SURWLY QMHJD L GD
REH]EHGL SULVXVWYR L LVSLWLYDQMH VYH
GRNDNRMLVYHGRaHXQMHJRYXNRULVW
SRG LVWLP XVORYLPD NDR L VYHGRFL
SURWLY QMHJD

K QLNRQH`HELWLSURJRQMHQLOLNDCQMHQ
RGLVWHVWUDQH]DSRYUHGX]DNRMXMH
NRQDaQD SUHVXGD YH` ELOD GRQHWD
ELOR GD MH RVORER_HQ NULYLFH LOL GD
MH RVX_HQ SR LVWRP ]DNRQX L VXGV 
NRP SRVWXSNX
L VYDNR NR MH SURJRQMHQ ]D SRYUHGX
LPD SUDYR GD WUDCL GD VH SUHVXGD
MDYQR REMDYL L
M OLFH NRMH MH RVX_HQR EL`H SULOLNRP
GRQR^HQMD SUHVXGH REDYH^WHQR R
SUDYQLP L GUXJLP OHNRYLPD L R UR 
NRYLPD GR NRMLK VH RQL PRJX NRUL 
VWLWL
#HQHaLMDMHVORERGDRJUDQLaHQDL]
UD]ORJDXYH]LVDRUXCDQLPVXNRERPEL`H
GUCDQHXRGHOMHQMLPDRGYRMHQRRGRGHOMH 
QMD]DPX^NDUFH2QH`HELWLSRGQHSRV 
UHGQLP QDG]RURP CHQD 0H_XWLP X
VOXaDMHYLPD NDGD VX SRURGLFH SULWYRUHQH
LOL LQWHUQLUDQH RQH `H p NDG JRG MH WR
PRJX`H p ELWL GUCDQH QD LVWRP PHVWX L
VPH^WHQHNDRSRURGLaQH]DMHGQLFH
/LFDNRMDVXXKDS^HQDSULWYRUHQD
LOL LQWHUQLUDQD L] UD]ORJD X YH]L VD
RUXCDQLP VXNRERP XCLYD`H ]D^WLWX NDR
^WR MHSUHGYL_HQR XRYRPaODQXGRNR 
QDaQRJ SX^WDQMD UHSDWULMDFLMH LOL SRQRY 
QRJ QDVWDQMHQMD aDN L SRVOH ]DYU^HWND
RUXCDQLKVXNRED
 'D EL VH L]EHJOD VYDND VXPQMD X
YH]LVDJRQMHQMHPOLFDRSWXCHQLK]DUDWQH
]ORaLQH LOL ]ORaLQH SURWLY aRYHaQRVWL L
VX_HQMH WLP OLFLPD SULPHQL`H VH VOHGH`L
SULQFLSL
D OLFD NRMD VX RSWXCHQD ]D WDNYH
]ORaLQH EL`H SRGYUJQXWD JRQMHQMX L
VX_HQMX X VNODGX V SULPHQOMLYLP
SURSLVLPD PH_XQDURGQRJ SUDYD L
E VYD OLFD NRMD QH XCLYDMX SRYROMQLML
WUHWPDQ X VNODGX VD .RQYHQFLMDPD
LOLRYLPSURWRNRORPLPD`HSUDYRQD
WUHWPDQ NRML MH SUHGYL_HQ RYLP aOD 
QRP EH] RE]LUD QD WR GD OL ]ORaLQL
]DNRMHVXRSWXCHQDSUHGVWDYOMDMXLOL
QHSUHGVWDYOMDMXWH^NHSRYUHGH.RQ 
YHQFLMD LOL RYRJ SURWRNROD
 1LMHGQD RGUHGED RYRJ aODQD QH
PRCH VH WXPDaLWL WDNR GD RJUDQLaDYD LOL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

NU^L ELOR NRMH GUXJH SRYROMQLMH RGUHGEH
NRMH SUXCDMX YH`X ]D^WLWX SR ELOR NRMLP
SULPHQOMLYLP SUDYLOLPD PH_XQDURGQRJ
SUDYD]DOLFDL]VWDYD

*ODYD ,,
0HUH X NRULVW CHQD L GHFH
AODQ 
=D^WLWD CHQD

6DCHQDPD`HVHSRVWXSDWLVDSR 
VHEQLP RE]LULPD L RQH `H ELWL ]D^WL`HQH
QDURaLWRSURWLYVLORYDQMDSULQXGQHSURVWL 
WXFLMHLVYDNRJGUXJRJREOLNDQHGROLaQRJ
QDSDGD
7UXGQLFHLPDMNHVDPDORPGHFRP
NRMD]DYLVH RG QMLK DNRMH VXXKDS^HQH
SULWYRUHQHLOLLQWHQLUDQHL]UD]ORJDXYH]L
VRUXCDQLPVXNRERPXCLYD`HQDMYH`LSUL 
RULWHWNRGUD]PDWUDQMDQMLKRYLKVOXaDMHYD
6WUDQHXVXNREX`HXQDMYH`RMPR 
JX`RM PHUL QDVWRMDWL GD L]EHJQX L]ULFDQMH
VPUWQH ND]QH ]D SRYUHGH X YH]L V
RUXCDQLP VXNRERP QDG WUXGQLFDPD LOL
PDMNDPDVDPDORPGHFRPNRMD]DYLVHRG
QMLK6PUWQDND]QD]DWDNYHSRYUHGHQH`H
VHL]YU^DYDWLQDGWDNYLPCHQDPD
AODQ 
=D^WLWD GHFH

 3UHPDGHFL `H VH SRVWXSDWL V SR 

VHEQLP RE]LULPD L EL`H ]D^WL`HQD SURWLY
VYDNRJREOLNDQHGROLaQRJQDSDGD6WUDQH
X VXNREX `H VH R QMLPD EULQXWL L SUXCLWL
LPSRPR`NRMDLPMHSRWUHEQDELOR]ERJ
QMLKRYRJGREDELORL]GUXJLKUD]ORJD
6WUDQHXVXNREX`HSUHGX]HWLVYH
PRJX`H PHUH GDGHFDNRMDQLVXQDYU^LOD
JRGLQDQHXaHVWYXMXGLUHNWQRXQHSUL 
MDWHOMVWYLPD L RQH `H VH QDURaLWR
X]GUCDYDWL RG QMLKRYRJ UHJUXWRYDQMD X
VYRMHRUXCDQHVQDJH3ULOLNRPUHJUXWRYD 
QMDOLFDNRMDVXQDYU^LODJRGLQDDOLQLVX
QDYU^LODJRGLQDCLYRWDVWUDQHXVXNREX
`HQDVWRMDWLGDGDMXSULRULWHWRQLPDNRMLVX
QDMVWDULML
$NRXL]X]HWQLPVOXaDMHYLPDXSU 
NRVRGUHGEDPDL]VWDYDGHFDNRMDQLVX
QDYU^LOD  JRGLQD XaHVWYXMX GLUHNWQR X
QHSULMDWHOMVWYLPDLQD_XVHXYODVWLSURWLY 

QLaNHVWUDQHRQD`HLGDOMHXCLYDWLSRVHE 
QX]D^WLWXNRMXSUXCDRYDMaODQEH]RE]LUD
QDWRGDOLVXLOLQLVXUDWQL]DUREOMHQLFL
$NREXGXXKDS^HQDSULWYRUHQDLOL
LQWHUQLUDQD L] UD]ORJD X YH]L V RUXCDQLP
VXNRERPGHFD`HELWLVPH^WHQDXSRVHE 
QDRGHOMHQMDRGYRMHQDRGRGHOMHQMD]DRG 
UDVOHL]X]HYXVOXaDMHYLPDNDGDVXSRUR 
GLFH VPH^WHQH NDR SRURGLaQH ]DMHGQLFH
NDR^WRMHSUHGYL_HQRaODQRPVWDY
6PUWQDND]QD]DSRYUHGXXYH]LV
RUXCDQLPVXNRERPQH`HVHL]YU^DYDWLQDG
OLFLPDNRMDQLVXQDYU^LODJRGLQDCLYRWD
XYUHPHNDGDMHL]YU^HQDSRYUHGD
AODQ 
(YDNXDFLMD GHFH

1LMHGQDVWUDQDXVXNREXQH`HSUH 
GX]HWL HYDNXDFLMX GHFH X VWUDQX ]HPOMX
L]X]HY VRSVWYHQLK JUD_DQD RVLP DNR MH
UHaRSULYUHPHQRMHYDNXDFLMLNDGDWR]DK 
WHYDMX ]GUDYVWYHQL UD]OR]L LOL UD]OR]L
OHaHQMDGHFHLOLL]X]HYQDRNXSLUDQRMWH 
ULWRULML L] UD]ORJD QMLKRYH EH]EHGQRVWL
$NRVHURGLWHOMLLOL]DNRQVNLVWDUDWHOMLPRJX
SURQD`L]DHYDNXDFLMXGHFHEL`HSRWUHEQD
QMLKRYDSLVPHQDVDJODVQRVW$NRVHWDNYH
RVREHQHPRJXSURQD`L]DHYDNXDFLMX`H
ELWLSRWUHEQDSLVPHQDVDJODVQRVWOLFDNRMD
VXSR]DNRQXLOLRELaDMXSUYHQVWYHQRRG 
JRYRUQD]DEULJXRGHFL6YDNXWDNYXHYD 
NXDFLMX`HQDG]LUDWLVLOD]D^WLWQLFDX]VDJ 
ODVQRVW]DLQWHUHVRYDQLKVWUDQDpVWUDQHNR 
MDSUHGX]LPDHYDNXDFLMXVWUDQHNRMDSUL 
PDGHFXLVYLKVWUDQDaLMLVHJUD_DQLHYD 
NXL^X8VYDNRPVOXaDMXVYHVWUDQHXVX 
NREXSUHGX]H`HVYHPRJX`HPHUHSUHGR 
VWURCQRVWL NDNR ELVHL]EHJORGDHYDNXD 
FLMDEXGHXJURCHQD
 .DG JRG GR_H GR HYDNXDFLMH
VKRGQRVWDYXREH]EHGL`HVHYDVSLWDQMH
VYDNRPGHWHWXXNOMXaXMX`LLQMHJRYRYHU 
VNRLPRUDOQRYDVSLWDQMHRQDNRNDNRWR
URGLWHOMLCHOHVQDMYH`LPPRJX`LPNRQWL 
QXLWHWRPGRNVHRQRQHYUDWL
 'D EL VH RODN^DR SRYUDWDN GHFH
HYDNXLVDQH VKRGQR RYRP aODQX VYRMLP
SRURGLFDPDX]HPOMLYODVWLVWUDQHNRMDRU 
JDQL]XMHHYDNXDFLMXLNDGMHWRSRJRGQR
YODVWL]HPOMHNRMDSULPDXVWDQRYL`H]DVYD 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

NR GHWH NDUWRQ VD IRWRJUDILMRP NRML `H
SRVODWL&HQWUDOQRMDJHQFLML]DWUDJDQMH0H 
_XQDURGQRJNRPLWHWD&UYHQRJNUVWD6YD 
NLNDUWRQ`HVDGUCDWLNDGJRGMHPRJX`H
LNDGWRQHSRYODaLQLNDNDYUL]LNLOL^WHWX
SRGHWHVOHGH`HLQIRUPDFLMH
D SUH]LPH QD GHWHWD
E SUDYR LPH QD GHWHWD
F SRO GHWHWD
G PHVWR L GDWXP UR_HQMD LOL DNR WDM
GDWXP QLMH SR]QDW SULEOLCQH JRGLQH
CLYRWD
H SXQR RaHYR LPH
I PDMaLQRSXQRLPHLQMHQRGHYRMDaNR
SUH]LPH
J GHaML QDMEOLCL UR_DFL
K QDFLRQDOQRVW GHWHWD
L PDWHUQMLMH]LNGHWHWDLVYLGUXJLMH]LFL
NRMH RQR JRYRUL
M DGUHVD SRURGLFH GHWHWD
N ELORNRMLEURM]DLGHQWLILNDFLMXGHWHWD
O ]GUDYVWYHQR VWDQMH GHWHWD
P NUYQX JUXSX GHWHWD
Q VYDNL RVREHQL ]QDN
R GDWXP NDGD MH L PHVWR JGH MH GHWH
QD_HQR
S GDWXPNDGDMHLPHVWRRGDNOHMHGH 
WH QDSXVWLOR ]HPOMX
T YHURLVSRYHVW GHWHWD XNROLNR MH LPD
U VDGD^QMXDGUHVXGHWHWDX]HPOMLNRMD
JD MH SULPLOD
V X VOXaDMX GD GHWH XPUH SUH VYRJD
SRYUDWND GDWXP PHVWR L RNROQRVWL
VPUWL L PHVWR VDKUDQH

*ODYD ,,,
1RYLQDUL
AODQ 
0HUH ]D ]D^WLWX QRYLQDUD

 1RYLQDUL DQJDCRYDQL X RSDVQLP

SURIHVLRQDOQLP PLVLMDPD X SRGUXaMLPD
RUXCDQRJ VXNRED VPDWUD`H VH FLYLOLPD X
VPLVOXaODQDVWDY
 2QL `H ELWL ]D^WL`HQL SUHPD .RQ 
YHQFLMDPD L RYRP SURWRNROX SRG XVOR 
YRPGDQHSUHGX]PXQLNDNYXDNFLMXNRMD

ELQD^NRGLODQMLKRYRPVWDWXVXFLYLODLEH]
XWLFDMDQDSUDYRUDWQLKGRSLVQLNDDNUHGL 
WRYDQLKSULRUXCDQLPVQDJDPDQDXCLYD 
QMHVWDWXVDSUHGYL_HQRJXaODQX$,,,
.RQYHQFLMH
2QLPRJXGRELWLOLaQXNDUWXVOLaQX
PRGHOXX3ULORJX,,RYRJSURWRNROD2YD
NDUWD NRMX `H L]GDWL YODGD aLML MH QRYLQDU
JUD_DQLQLOLQDaLMRMWHULWRULMLSUHELYDLOLX
NRMRMJD]DSR^OMDYDSRWYUGL`HQMHJRYVWD 
WXVQRYLQDUD

'HR 9
,=95>(1-( .219(1&,-$ ,
292* 35272.2/$
2GHOMDN ,
23>7( 2'5('%(
AODQ 
0HUH ]D L]YU^HQMH

9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
XVXNREX`HEH]RGODJDQMDSUHGX]HWLVYH
PHUHSRWUHEQH]DL]YU^HQMHVYRMLKREDYH 
]DSR.RQYHQFLMDPDLRYRPSURWRNROX
9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
XVXNREXL]GD`HQDUH_HQMDLXSXWVWYDGD
EL REH]EHGLOH SR^WRYDQMH .RQYHQFLMD L
RYRJ SURWRNROD L QDG]LUD`H QMLKRYR L]YU 
^HQMH
AODQ 
$NWLYQRVW &UYHQRJ NUVWD L GUXJLK
KXPDQLWDUQLK RUJDQL]DFLMD

 6WUDQH X VXNREX `H SUXCLWL 0H

_XQDURGQRPNRPLWHWX&UYHQRJNUVWDVYH
RODN^LFHXRNYLUXVYRMLKRYOD^`HQMDGDEL
PX RPRJX`LOH GD L]YU^DYD KXPDQLWDUQH
IXQNFLMHNRMHVXPXSRYHUHQH.RQYHQFL 
MDPD L RYLP SURWRNRORP X FLOMX REH] 
EH_HQMD]D^WLWHLSRPR`LCUWYDPDVXNRED
0H_XQDURGQL NRPLWHW &UYHQRJ NUVWD
PRCH WDNR_H SUHGX]LPDWL VYH GUXJH KX 
PDQLWDUQHDNFLMHXNRULVWRYLKCUWDYDSRG
XVORYRP GD GRELMH VDJODVQRVW RGQRVQLK
VWUDQDXVXNREX
6WUDQHXVXNREX`HSUXCLWLVYRMLP
RGJRYDUDMX`LP RUJDQL]DFLMDPD &UYHQRJ
NUVWD&UYHQRJSROXPHVHFD&UYHQRJODYD
L VXQFD RODN^LFH NRMH VX SRWUHEQH ]D



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

L]YU^DYDQMH QMLKRYLK KXPDQLWDUQLK DNWLY 
QRVWLXNRULVWCUWDYDVXNREDXVNODGXVD
RGUHGEDPD .RQYHQFLMD L RYRJ SURWRNROD
LRVQRYQLPSULQFLSLPD&UYHQRJNUVWDIRU 
PXOLVDQLPQDPH_XQDURGQLPNRQIHUHQFL 
MDPD&UYHQRJNUVWD
9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
X VXNREX `H QD VYDNL PRJX`L QDaLQ
RODN^DWLSRPR`NRMXRUJDQL]DFLMH&UYHQRJ
NUVWD&UYHQRJSROXPHVHFD&UYHQRJODYD
L VXQFD L /LJD GUX^WDYD &UYHQRJ NUVWD
SUXCDMX CUWYDPD VXNRED X VNODGX VD RG 
UHGEDPD.RQYHQFLMDLRYRJSURWRNRODLVD
RVQRYQLP SULQFLSLPD &UYHQRJ NUVWD IRU 
PXOLVDQLPQDPH_XQDURGQLPNRQIHUHQFL 
MDPD&UYHQRJNUVWD
9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
X VXNREX SUXCL`H NROLNR MH WR PRJX`H
RODN^LFH VOLaQH RODN^LFDPD QDYHGHQLP X
VWLGUXJLPKXPDQLWDUQLPRUJDQL]DFL 
MDPD NRMH VH SRPLQMX X .RQYHQFLMDPD L
RYRP SURWRNROX NRMH VX SURSLVQR RY 
OD^`HQHRGVWUDQHRGJRYDUDMX`LKVWUDQDX
VXNREXLNRMHYU^HVYRMHKXPDQLWDUQHDN 
WLYQRVWL X VNODGX VD RGUHGEDPD .RQYHQ 
FLMDLRYRJSURWRNROD
AODQ 
3UDYQL VDYHWQLFL X RUXCDQLP VQDJDPD

9LVRNHVWUDQHXJRYRUQLFH`HXVYDNR
GRED D VWUDQH X VXNREX X YUHPH RUX 
CDQRJVXNREDREH]EHGLWLGDSUDYQLVDYHW 
QLFLEXGXQDUDVSRODJDQMXNDGMHSRWUHE 
QR UDGL GDYDQMD VDYHWD YRMQLP NRPDQ 
GDQWLPD QD RGJRYDUDMX`HP QLYRX R SUL 
PHQL.RQYHQFLMDLRYRJSURWRNRODLRRG 
JRYDUDMX`LP XSXWVWYLPD NRMD WUHED GD VH
GDMXRUXCDQLPVQDJDPDRWRPSLWDQMX
AODQ 
3URSDJLUDQMH

 9LVRNH VWUDQH XJRYRUQLFH SUHX]L

PDMXQDVHEHGDLXYUHPHPLUDLXYUHPH
RUXCDQRJ VXNRED YU^H XSR]QDYDQMH VD
.RQYHQFLMDPD L RYLP SURWRNRORP ^WR MH
YL^H PRJX`H X VYRMLP ]HPOMDPD D QD 
URaLWR GD XNOMXaH QMLKRYR SURXaDYDQMH X
VYRMHSURJUDPHYRMQHQDVWDYHLGDSRGV 
WLaXWRSURXaDYDQMHPH_XFLYLOQLPVWDQRY 
QL^WYRPNDNRELLQVWUXPHQWLSRVWDOLSR] 

QDWLRUXCDQLPVQDJDPDLFLYLOQRPVWDQRY 
QL^WYX
 6YH YRMQH LOL FLYLOQH YODVWL NRMH X
YUHPH RUXCDQRJ VXNRED SUHX]LPDMX RG 
JRYRUQRVWLXSRJOHGXSULPHQH.RQYHQFLMD
LRYRJSURWRNRODEL`HXSRWSXQRVWLXSR] 
QDWHVDQMLKRYLPWHNVWRP
AODQ 
3URSLVL R SULPHQL

9LVRNH VWUDQH XJRYRUQLFH GRVWDYL`H

MHGQD GUXJRM ^WR MH PRJX`H SUH SUHNR
GHSR]LWDUD L NDG MH SRGHVQR SUHNR VLOD
]D^WLWQLFD VYRMH ]YDQLaQH SUHYRGH RYRJ
SURWRNRODNDRL]DNRQDLSUDYLOQLNDNRMH
HYHQWXDOQRXVYRMHGDELREH]EHGLOHQMLKR 
YXSULPHQX

2GHOMDN ,,
68=%,-$1-( 3295('$
.219(1&,-$ , 292*
35272.2/$
AODQ 
6X]ELMDQMH SRYUHGD RYRJ SURWRNROD

1DVX]ELMDQMHSRYUHGDLWH^NLKSR
YUHGDRYRJSURWRNRODSULPHQMLYD`HVHRG 
UHGEH.RQYHQFLMDNRMHVHRGQRVHQDVX] 
ELMDQMH SRYUHGD L WH^NLK SRYUHGD GRSX 
QMHQHRYLPRGHOMNRP
 'HOD RSLVDQD NDR WH^NH SRYUHGH
.RQYHQFLMDVXWH^NHSRYUHGHRYRJSURWR 
NROD XNROLNR VX XaLQMHQDSURWLY OLFD NRMD
VXXYODVWLSURWLYQLaNHVWUDQHDNRMD^WLWH
aO   L  RYRJ SURWRNROD LOL SURWLY
UDQMHQLNDEROHVQLNDLEURGRORPQLNDSUR 
WLYQLaNHVWUDQHNRMH^WLWLRYDMSURWRNROLOL
SURWLYRQRJPHGLFLQVNRJLOLYHUVNRJRVR 
EOMD VDQLWHWVNLK MHGLQLFD LOL VDQLWHWVNLK
WUDQVSRUWDNRMLVXSRGNRQWURORPSURWLY 
QLaNHVWUDQHLNRMH^WLWLRYDMSURWRNRO
 3RUHG WH^NLK SRYUHGD GHILQLVDQLK
XaODQXVOHGH`DGHOD`HVHVPDWUDWLNDR
WH^NH SRYUHGH RYRJ SURWRNROD NDGD VX
L]YU^HQD QDPHUQR NU^HQMHP RGJRYDUD 
MX`LKRGUHGDEDRYRJSURWRNRODLNDGDVX
SURX]URNRYDODVPUWLOLR]ELOMQHWHOHVQHLOL
]GUDYVWYHQHSRYUHGH
D QDSDGQDFLYLOQRVWDQRYQL^WYRLOLSR
MHGLQD FLYLOQD OLFD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

E SUHGX]LPDQMH QDSDGDEH]L]ERUDFL 
OMHYD NRML SRJD_D FLYLOQR VWDQRY
QL^WYRLOLFLYLOQHREMHNWHVD]QDQMHP
GD `H WDNDY QDSDG SURX]URNRYDWL
SUHNRPHUQHJXELWNHCLYRWDSRYUHGH
FLYLOD LOL R^WH`HQMH FLYLOQLK REMHNDWD
GHILQLVDQLKXaODQXVWDYDLLL
F SUHGX]LPDQMH QDSDGD QD JUD_HYLQH
LOL LQVWDODFLMH NRMH VDGUCH RSDVQH VL 
OH VD ]QDQMHP GD `H WDNDY QDSDG
SURX]URNRYDWL SUHNRPHUQH JXELWNH
CLYRWD SRYUHGH FLYLOD LOL R^WH`HQMH
FLYLOQLKREMHNDWDGHILQLVDQLKXaODQX
 VWDY D LLL
G X]LPDQMH QHEUDQMHQLK PHVWD L GHPL 
OLWDUL]RYQH]RQH]DSUHGPHWQDSDGD
H X]LPDQMH]DSUHGPHWQDSDGDOLFDVD
]QDQMHP GD MH RQR RQHVSRVREOMHQR
]D ERUEX
I SHUILGQR NRUL^`HQMH NU^HQMHP aODQD
 ]QDND UDVSR]QDYDQMD &UYHQRJ
NUVWD &UYHQRJ SROXPHVHFD LOL &UYH 
QRJ ODYD L VXQFD LOL GUXJLK ]D^WLWQLK
]QDNRYDNRMLVXSUL]QDWL.RQYHQFLMD 
PD LOL RYLP SURWRNRORP
3RUHGWH^NLKSRYUHGDNRMHVXGH
ILQLVDQHXSUHWKRGQLPVWDYRYLPDLX.RQ 
YHQFLMDPDVOHGH`HUDGQMHVPDWUD`HVH]D
WH^NH SRYUHGH RYRJ SURWRNROD NDGD VX
L]YU^HQHQDPHUQRLX]NU^HQMH.RQYHQFLMD
LOL3URWRNROD
D SUHPH^WDQMH GHORYD VRSVWYHQRJ FL
YLOQRJ VWDQRYQL^WYD RG VWUDQH RNX
SDFLRQH VLOH QD WHULWRULMX NRMX RQD
RNXSLUDLOLGHSRUWRYDQMHLOLSUHEDFL 
YDQMH FHORNXSQRJ VWDQRYQL^WYD LOL
GHORYDVWDQRYQL^WYDVDRNXSLUDQHWH 
ULWRULMH XQXWDU LOL L]YDQ WH WHULWRULMH
NU^HQMHP aODQD  ,9 NRQYHQFLMH
E QHRSUDYGDQR RGODJDQMH UHSDWULMDFLMH
UDWQLK ]DUREOMHQLND LOL FLYLOD
F VSURYR_HQMHDSDUWKHMGDLRVWDOLKQH 
KXPDQLK L GHJUDGLUDMX`LKSRVWXSDND
NRML YUH_DMX OLaQR GRVWRMDQVWYR QD
ED]L UDVQH GLVNULPLQDFLMH
G X]LPDQMH MDVQR YLGOMLYLK LVWRULMVNLK
VSRPHQLND XPHWQLaNLK GHOD LOL PH 
VWD ]D YHUVNH REUHGH NRML SUHGVWDY
OMDMX NXOWXUQR LOL GXKRYQR QDVOH_H

QDURGDLNRMLPDMHSUXCHQDSRVHEQD
]D^WLWDSXWHPVSHFLMDOQLKDUDQCPDQD
QD SULPHU X RNYLUX QDGOHCQH
PH_XQDURGQHRUJDQL]DFLMH]DSUHG 
PHW QDSDGD ^WR LPD ]D SRVOHGLFX
QMLKRYR UD]DUDQMH X YHOLNLP UD]PH 
UDPD WDPR JGH QHPD GRND]D R
SUHNU^DMX aODQD  SRGWDaNH E RG
SURWLYQLaNH VWUDQH L NDGD WDNYL LVWR 
ULMVNL VSRPHQLFL XPHWQLaND GHOD L
PHVWD]DYHUVNHREUHGHQLVXORFLUDQL
X QHSRVUHGQRM EOL]LQL YRMQLK FLOMHYD
H OL^DYDQMH OLFD NRMH MH ]D^WL`HQR .RQ 
YHQFLMDPDLOLQDNRMHVHRGQRVLVWDY
 RYRJ aODQD SUDYD QD SUDYLaQR L
UHGRYQR VX_HQMH
1HGLUDMX`LXSULPHQX.RQYHQFLMD
LRYRJSURWRNRODWH^NHSRYUHGHRYLKLQ 
VWUXPHQDWDVPDWUD`HVH]DUDWQH]ORaLQH
AODQ 
1HSUHGX]LPDQMH PHUD

9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
XVXNREX`HVX]ELMDWLWH^NHSRYUHGHLSUH 
GX]LPDWLPHUHSRWUHEQH]DVX]ELMDQMHVYLK
RVWDOLK SRYUHGD .RQYHQFLMD LOL RYRJ SUR 
WRNROD NRMH VX UH]XOWDW QHSUHGX]LPDQMD
NDGDSRGXCQRVWLWUHEDGDLKSUHGX]LPD 
MX
 ALQMHQLFD GD MH SRYUHGX .RQYHQ
FLMD LOL RYRJ SURWRNROD L]YU^LR QHNL
SRWaLQMHQLQHRVORED_DQMHJRYHVWDUH^LQH
NULYLaQHLOLGLVFLSOLQVNHRGJRYRUQRVWLYH`
SUHPD VOXaDMX XNROLNR VX RQL ]QDOL LOL
LPDOLLQIRUPDFLMHNRMHVXLPRPRJX`LOHGD
]DNOMXaHSRGRNROQRVWLPDNRMHVXYODGDOH
X WR YUHPH GD MH RQ L]YU^LR LOL GD `H
L]YU^LWLWDNYXSRYUHGXLDNRQLVXSUHGX]HOL
VYHPRJX`HPHUHXJUDQLFDPDVYRMHPR`L
GDVSUHaHLOLVX]ELMXSRYUHGX
AODQ 
'XCQRVW NRPDQGDQDWD

9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
XVXNREXWUHEDGDQDORCHYRMQLPNRPDQ 
GDQWLPD X SRJOHGX SULSDGQLND RUXCDQLK
VQDJDSRGQMLKRYRPNRPDQGRPLRVWDOLK
OLFD SRG QMLKRYRP NRQWURORP GD VSUHaH
L WDPR JGH MH SRWUHEQR VX]ELMX SRYUHGH
.RQYHQFLMDLRYRJSURWRNRODLGDRWRPH
L]YHVWHQDGOHCQHYODVWL



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

'DELVHVSUHaLOHLVX]ELOHSRYUHGH
YLVRNHVWUDQHXJRYRUQLFHLVWUDQHXVXNR 
EX WUHED GD QDORCH NRPDQGDQWLPD GD
VUD]PHUQRVWHSHQXQMLKRYHRGJRYRUQRVWL
REH]EHGH GD SULSDGQLFL RUXCDQLK VQDJD
SRGQMLKRYRPNRPDQGRPEXGXXSR]QDWL
VDVYRMLPREDYH]DPDSR.RQYHQFLMDPDL
RYRPSURWRNROX
9LVRNHVWUDQHXJRYRUQLFHLVWUDQH
XVXNREXWUHEDGDQDORCHVYDNRPNRPDQ 
GDQWX NRPH MH SR]QDWR GD `H QMHJRYL
SRWaLQMHQL LOL GUXJD OLFD SRG QMHJRYRP
NRQWURORPL]YU^LWLSRYUHGX.RQYHQFLMDLOL
RYRJ SURWRNROD GD SUHGX]PH PHUH NRMH
VX SRWUHEQH GD VH VSUHaL WDNYD SRYUHGD
DDNRMHSRYUHGD.RQYHQFLMDLOLRYRJSUR 
WRNRODL]YU^HQDGDSRNUHQHGLVFLSOLQVNLLOL
ND]QHQLSRVWXSDNSURWLYL]YU^LODFD
AODQ 
0H_XVREQD SUDYQD SRPR` X NULYLaQLP
VWYDULPD

 9LVRNH VWUDQH XJRYRUQLFH `H

SUXCDWL MHGQD GUXJRM X QDMYH`RMPHULSR 
PR`XYH]LVNULYLaQLPLVXGVNLPSRVWXS 
FLPD NRML VH RGQRVH QD WH^NH SRYUHGH
.RQYHQFLMDLOLRYRJSURWRNROD
 3RG XVORYRP SR^WRYDQMD SUDYD L
REDYH]D XVWDQRYOMHQLK .RQYHQFLMDPD L
aODQRPVWDYRYRJSURWRNRODLNDGD
WR RNROQRVWL GR]YROH YLVRNH VWUDQH XJR 
YRUQLFH`HVDUD_LYDWLXSLWDQMXHNVWUDGLFL 
MH2QH`HSRNORQLWLGXCQXSDCQMX]DKWH 
YXGUCDYHQDaLMRMMHWHULWRULMLL]YU^HQDSR 
YUHGD
 3UDYR YLVRNH VWUDQH XJRYRUQLFH
NRMRM VH XSX`XMH ]DKWHY SULPHQMLYD`H VH
X VYLP VOXaDMHYLPD 0H_XWLP RGUHGEH
SUHWKRGQLKVWDYRYDQH`HXWLFDWLQDREDYH 
]H NRMH SURLVWLaX L] RGUHGDED ELOR NRMHJ
GUXJRJXJRYRUDELODWHUDOQHLOLPXOWLODWHUDO 
QHSULURGH NRMLP VH UHJXOL^H LOL `H VHUH 
JXOLVDWLXFHOLQLLOLGHOLPLaQRPH_XVREQD
SUDYQDSRPR`XNULYLaQLPVWYDULPD
AODQ 
6DUDGQMD

8 VLWXDFLMDPD WH^NLK SRYUHGD .RQ 

YHQFLMD LOL RYRJ SURWRNROD YLVRNH VWUDQH
XJRYRUQLFH SUHX]LPDMX QD VHEH REDYH]X
GD GHOXMX ]DMHGQLaNL LOL SRMHGLQDaQR X

VDUDGQMLVD8MHGLQMHQLPQDFLMDPDLXVNOD 
GXVD3RYHOMRP8MHGLQMHQLKQDFLMD
AODQ 
0H_XQDURGQD NRPLVLMD ]D XWYU_LYDQMH
aLQMHQLaQRJ VWDQMD

 D 2VQRYD`H VH 0H_XQDURGQD NR

PLVLMD ]D XWYU_LYDQMH aLQMHQLaQRJ
VWDQMD X GDOMHP WHNVWX .RPLVLMD
NRMD `H VH VDVWRMDWL GR  aODQRYD
YLVRNRJ PRUDOQRJ XJOHGD L SUL]QDWH
QHSULVWUDVQRVWL
E .DGD VH QDMPDQMH GYDGHVHW YLVRNLK
VWUDQD XJRYRUQLFDVDJODVLGDSULKYD
WH QDGOHCQRVW .RPLVLMH X VNODGX VD
VWDYRPGHSR]LWDU`HWDGDLXUD] 
PDFLPDRGJRGLQDSRVOHWRJDVD 
]LYDWLVDVWDQDNSUHGVWDYQLNDWLKYLVR
NLK VWUDQD XJRYRUQLFD X FLOMX L]ERUD
aODQRYD .RPLVLMH 1D VDVWDQNX `H
SUHGVWDYQLFL L]DEUDWL aODQRYH .RPL 
VLMH WDMQLP JODVDQMHP VDOLVWH OLFD QD
NRMX VYDND RG WLK YLVRNLK VWUDQD
XJRYRUQLFDPRCHLPHQRYDWLMHGQROL 
FH
F AODQRYL.RPLVLMH`HVOXCLWLXOLaQRP
VYRMVWYX D PDQGDW `H LP WUDMDWL GR
L]ERUD QRYLK aODQRYD QD QDUHGQRP
VDVWDQNX
G 3ULOLNRP L]ERUD YLVRNH VWUDQH XJR
YRUQLFH WUHED GD REH]EHGH GD OLFD
NRMD`HELWLL]DEUDQDX.RPLVLMXSR 
MHGLQDaQR SRVHGXMX WUDCHQH NYDOLIL
NDFLMHLGDX.RPLVLMLNDRFHOLQLEX 
GH REH]EH_HQD SUDYHGQD JHRJUDIV
ND ]DVWXSOMHQRVW
H 8 VOXaDMXGDVHQHRaHNLYDQRXSUD] 
QL MHGQR PHVWR VDPD .RPLVLMD `H
SRSXQLWL XSUDCQMHQR PHVWR SRNOD
QMDMX`L GXCQX SDCQMX RGUHGEDPD
SUHWKRGQLK SRGWDaDND
I 'HSR]LWDU `H VWDYLWL .RPLVLML QD UDV 
SRODJDQMH SRWUHEQH DGPLQLVWUDWLYQH
RODN^LFH ]D YU^HQMH QMHQLK IXQNFLMD
 D 9LVRNH VWUDQH XJRYRUQLFH PRJX
X YUHPH SRWSLVLYDQMD UDWLILNRYDQMD
LOL SULVWXSDQMD 3URWRNROX LOL X ELOR
NRMH YUHPH SRVOH WRJD L]MDYLWL GD
SUL]QDMX LSVR IDFWR L EH] SRVHEQRJ
VSRUD]XPD X RGQRVX QD ELOR NRMX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

GUXJXYLVRNXVWUDQXXJRYRUQLFXNR 
MD SULKYDWD LVWX REDYH]X QDGOHCQRVW
.RPLVLMH GD LVSLWXMH QDYRGH WDNYH
GUXJHVWUDQHNDNRMHRYOD^`XMHRYDM
aODQ
E ,]MDYHNRMHVXQDSUHGQDYHGHQHEL`H
GHSRQRYDQH NRG GHSR]LWDUD NRML `H
GRVWDYLWLQMLKRYHNRSLMHYLVRNLPVWUD 
QDPD XJRYRUQLFDPD
F .RPLVLMD `H ELWL QDGOHCQD GD
L LVSLWXMH VYH aLQMHQLFH ]D NRMH VH
WYUGL GD SUHGVWDYOMDMX WH^NH SRY
UHGH GHILQLVDQH X .RQYHQFLMDPD
L RYRP SURWRNROX LOL GUXJH R]
ELOMQH SRYUHGH .RQYHQFLMD LOL
RYRJ SURWRNROD
LL RODN^D SXWHP VYRMLK GREULK XV
OXJD SRQRYQR XVSRVWDYOMDQMH
SR^WRYDQMD .RQYHQFLMD L RYRJ
SURWRNROD
G 8GUXJLPVLWXDFLMDPD.RPLVLMD`HRW 
SRaHWLLVWUDJXQD]DKWHYVWUDQHXVX 
NREXVDPRX]VDJODVQRVWGUXJHVWUD 
QH LOL VWUDQD NRMH VX X SLWDQMX
H 3RGXVORYRPQDSUHGQDYHGHQLKRG 
UHGDED RYRJ VWDYD RGUHGEH aODQD
,NRQYHQFLMHaODQD,,NRQYHQ 
FLMHaODQD,,,NRQYHQFLMHLaODQD
 ,9 NRQYHQFLMH L GDOMH `H VH SUL 
PHQMLYDWL QD VYDNX QDYRGQX SRYUH 
GX.RQYHQFLMDLSUR^LUL`HVHQDVYD 
NXQDYRGQXSRYUHGXRYRJSURWRNR 
OD
 D8NROLNRVH]DLQWHUHVRYDQHVWUDQH
QLVXGUXNaLMHGRJRYRULOHVYHLVWUDJH
`H SUHGX]HWL .RPRUD NRMD VH VDVWRML
RG VHGDPaODQRYDNRMLVXQDLPHQR 
YDQL QD VOHGH`L QDaLQ
L SHW aODQRYD .RPLVLMH NRML QLVX
JUD_DQL QLMHGQH RG VWUDQD X VX
NREX NRMH SRVWDYOMD SUHGVHGQLN
.RPLVLMH QD SULQFLSX SUDYLaQH
]DVWXSOMHQRVWL JHRJUDIVNLK SRG
UXaMD SRVOH NRQVXOWDFLMH VD VWUD
QDPD X VXNREX
LL GYD DG KRF aODQD NRML QLVX
JUD_DQLQLMHGQHVWUDQHXVXNREX

V WLP ^WR VYDND VWUDQD LPHQXMH

SR MHGQRJ
E 3R SULMHPX ]DKWHYD ]D LVWUDJX SUHG 
VHGQLN.RPLVLMH`HRGUHGLWLRGJRYD 
UDMX`L YUHPHQVNL URN ]D XVWDQRYOMH 
QMH .RPRUH $NR ELOR NRML DG KRF
aODQ QH EXGH QDLPHQRYDQ X GDWRP
URNX SUHGVHGQLN `H RGPDK QDLPH 
QRYDWL GRGDWQRJ aODQD LOL aODQRYH
.RPLVLMH NROLNR EXGH SRWUHEQR GD
VH SRSXQL aODQVWYR .RPRUH
 D .RPRUD NRMD MH X VNODGX VD VWD 
YRPXVWDQRYOMHQDGDSUHGX]PHLV 
WUDJX SR]YD`H VWUDQH X VXNREX GD
MRMSRPRJQXLSRGQHVXGRND]H.R 
PRUDPRCH]DWUDCLWLLVYHGUXJHGR 
ND]H NRMH VPDWUD SRGHVQLP L PRCH
LVSLWLYDWL VLWXDFLMX LQ ORFR
E 6YL GRND]L `H ELWL X SXQRM PHUL VD 
RS^WHQL VWUDQDPD NRMH LPDMX SUDYR
GD GDMX .RPLVLML VYRMH SULPHGEH R
WRPH
F 6YDND VWUDQD LPD SUDYR GD RVSRUL
WDNYH GRND]H
 D.RPLVLMD`HVWUDQDPDSRGQHWLL] 
YH^WDMRUH]XOWDWXLVWUDJH.RPRUHVD
SUHSRUXNDPD NRMH VPDWUD SRJRG
QLP
E $NR .RPRUD QH EXGH X VWDQMX GD
REH]EHGL GRYROMQR GRND]D ]D aLQMH 
QLaQH L QHSULVWUDVQH QDOD]H RQD `H
QDYHVWLUD]ORJH]ERJNRMLKMHWRELOR
QHPRJX`H
F .RPLVLMD QH`H MDYQR REMDYLWL VYRMH
QDOD]HXNROLNRVYHVWUDQHXVXNREX
QLVX ]DKWHYDOH RG .RPLVLMH GD WR
XaLQL
 .RPLVLMD `H XVWDQRYLWL VYRMD VRS
VWYHQD SUDYLOD XNOMXaXMX`L L SUDYLOD ]D
SUHGVHGQL^WYR .RPLVLMH L SUHGVHGQL^WYR
.RPRUH 7LP SUDYLOLPD `H VH REH]EHGLWL
GD VH IXQNFLMH SUHGVHGQLND .RPLVLMH
L]YU^DYDMXXVYDNRGREDLGDLKXVOXaDMX
LVWUDJHYU^LOLFHNRMHQLMHJUD_DQLQMHGQH
RGVWUDQDXVXNREX
 $GPLQLVWUDWLYQL WUR^NRYL .RPLVLMH
`HVHSRNULYDWLL]GRSULQRVDYLVRNLKVWUDQD
XJRYRUQLFD NRMH VX GDOH L]MDYX VKRGQR



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VWDYXLL]GREURYROMQLKGRSULQRVD6WUDQD
LOLVWUDQHXVXNREXNRMH]DKWHYDMXLVWUDJX
WUHEDGDGDMXSRWUHEQXDNRQWDFLMX]DSR 
NUL`H WUR^NRYD .RPRUH NRMX `H LP QDN 
QDGLWLVWUDQDLOLVWUDQHSURWLYNRMHVXSRG 
QHWHRSWXCEHXYLVLQLRGRGWUR^NRYD
.RPRUH8VOXaDMXNDGDVX.RPRULSRG 
QHWHSURWLYWXCEHVYDNDVWUDQD`HSRORCLWL
DNRQWDFLMXRGRGSRWUHEQRJL]QRVD
AODQ 
2GJRYRUQRVW

6WUDQDXVXNREXNRMDSRYUHGLRGUHG 
EH.RQYHQFLMDLOLRYRJSURWRNRODEL`HX
]DYLVQRVWL RG VOXaDMD REDYH]QD GD SODWL
REH^WH`HQMH2QD`HELWLRGJRYRUQD]DVYD
GHOD NRMD XaLQH OLFD NRMD VH QDOD]H X UH 
GRYLPDQMHQLKRUXCDQLKVQDJD

'HR 9,
=$95>1( 2'5('%(
AODQ 
3RWSLV

2YDMSURWRNROEL`HRWYRUHQ]DSRWSL 
VLYDQMHVWUDQDPDXaHVQLFLPDX.RQYHQFL 
MDPD ^HVW PHVHFL SRVOH SRWSLVLYDQMD
=DYU^QRJ DNWD L RVWDMH RWYRUHQ ]D YUHPH
RGPHVHFL
AODQ 
5DWLILNDFLMD

2YDMSURWRNROEL`HUDWLILNRYDQ^WRMH
PRJX`H SUH 5DWLILNDFLRQL LQVWUXPHQWL
EL`HGHSRQRYDQLNRG>YDMFDUVNRJIHGHUDO 
QRJYH`DNRMHMHGHSR]LWDU.RQYHQFLMD
AODQ 
3ULVWXSDQMH

2YDM SURWRNRO EL`H RWYRUHQ ]D SULV 

WXSDQMH VYDNRM VWUDQL XaHVQLFL X .RQYHQ 
FLMDPDNRMDJDQLMHSRWSLVDOD,QVWUXPHQWL
RSULVWXSDQMX`HELWLGHSRQRYDQLNRGGH 
SR]LWDUD
AODQ 
6WXSDQMH QD VQDJX

2YDMSURWRNROVWXSDQDVQDJX^HVW
PHVHFLSRVOHGHSRQRYDQMDGYDLQVWUXPHQ 
WDRUDWLILNDFLMLLOLSULVWXSDQMX
 =D VYDNX VWUDQX aODQLFX .RQYHQ 
FLMDNRMDSRVOHWRJDUDWLILNXMHRYDMSURWR 
NROLOLPXSULVWXSL3URWRNROVWXSDQDVQD 

JX^HVWPHVHFLSRVOHGHSRQRYDQMDLQVWUX 
PHQWDRUDWLILNDFLMLLOLSULVWXSDQMXWHVWUD 
QH
AODQ 
8JRYRUQL RGQRVL SRVOH VWXSDQMD QD VQDJX
RYRJ SURWRNROD

.DGDVXVWUDQHaODQLFH.RQYHQFLMD
XMHGQR L VWUDQH aODQLFH RYRJ SURWRNROD
.RQYHQFLMH `H VH SULPHQMLYDWL WDNR NDNR
VXGRSXQMHQHRYLPSURWRNRORP
 .DGD MHGQD RG VWUDQD X VXNREX
QLMHYH]DQDRYLPSURWRNRORPVWUDQHaOD 
QLFH3URWRNRODRVWDMXYH]DQHQMLPHXVYR 
MLP PH_XVREQLP RGQRVLPD 2QH `H QD 
GDOMHELWLYH]DQHRYLPSURWRNRORPXRG 
QRVXQDVYDNXRGVWUDQDNRMHQLVXYH]DQH
QMLPHDNRWHGUXJHVWUDQHSULKYDWHLSUL 
PHQMXMXQMHJRYHRGUHGEH
 9ODVW NRMD SUHGVWDYOMD QDURG DQ
JDCRYDQ SURWLY YLVRNH VWUDQH XJRYRUQLFH
XRUXCDQRPVXNREXNRMLMHSRNDUDNWHUX
WDNDYNDNDYMHQDYHGHQXaODQXVWDY
PRCH VH REDYH]DWL GD `H SULPHQMLYDWL
.RQYHQFLMH L RYDM SURWRNRO X RGQRVX QD
WDM VXNRE SXWHP MHGQRVWUDQH L]MDYH
XSX`HQH GHSR]LWDUX 7DNYD L]MDYD `H
SR^WR MH GHSR]LWDU SULPL LPDWL VOHGH`H
GHMVWYRXRGQRVXQDWDMVXNRE
D .RQYHQFLMH L RYDM SURWRNRO VWXSDMX
QD VQDJX ]D SRPHQXWX YODVW NDR
VWUDQX X VXNREX VD WUHQXWQLP GHM
VWYRP
E SRPHQXWD YODVW SUHX]LPD LVWD SUDYD
L REDYH]H NDR RQH NRMH MH SUHX]HOD
YLVRND VWUDQD XJRYRUQLFD SUHPD
.RQYHQFLMDPD L RYRP SURWRNROX L
F .RQYHQFLMH L RYDM SURWRNRO VX
SR_HGQDNR REDYH]QL ]D VYH VWUDQH
X VXNREX
AODQ 
$PDQGPDQ

 6YDND YLVRND VWUDQD XJRYRUQLFD

PRCHSUHGORCLWLDPDQGPDQHQDRYDMSUR 
WRNRO 7HNVW VYDNRJ SUHGORCHQRJ
DPDQGPDQD`HVHGRVWDYLWLGHSR]LWDUXNR 
ML`HRGOXaLWLSRVOHNRQVXOWRYDQMDVYLKYL 
VRNLKVWUDQDXJRYRUQLFDL0H_XQDURGQRJ
NRPLWHWD &UYHQRJ NUVWD GD OL WUHED VD]L 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

YDWL NRQIHUHQFLMX UDGL UD]PDWUDQMD SUHG 
ORCHQRJDPDQGPDQD
'HSR]LWDU`HSR]YDWLQDWXNRQIH 
UHQFLMXVYHYLVRNHVWUDQHXJRYRUQLFHNDR
aODQLFH.RQYHQFLMDELORGDVXRQHSRWSLV 
QLFHRYRJSURWRNRODLOLGDQLVX
AODQ 
5HYL]LMD 3ULORJD ,

1DMNDVQLMHaHWLULJRGLQHSRVOHVWX 
SDQMD QD VQDJX RYRJ SURWRNROD D ]DWLP
X LQWHUYDOLPD RG QDMPDQMH aHWLUL JRGLQH
0H_XQDURGQL NRPLWHW &UYHQRJ NUVWD `H
NRQVXOWRYDWL YLVRNH VWUDQH XJRYRUQLFH R
3ULORJX,RYRJSURWRNRODLDNRVPDWUD]D
SRWUHEQR PRCH SUHGORCLWL VDVWDQDN WHK 
QLaNLKVWUXaQMDNDGDUD]PRWUH3ULORJ,LGD
SUHGORCHWDNYHDPDQGPDQH3ULORJDNDNYL
HYHQWXDOQREXGXSRCHOMQL8NROLNRXURNX
RG ^HVW PHVHFLRG REMDYOMLYDQMD SUHGORJD
]DWDNDYVDVWDQDNYLVRNLPVWUDQDPDXJR 
YRUQLFDPD MHGQD WUH`LQD VWUDQD QH VWDYL
SULJRYRU 0H_XQDURGQL NRPLWHW &UYHQRJ
NUVWD`HVD]YDWLVDVWDQDNSR]LYDMX`LLSRV 
PDWUDaHRGJRYDUDMX`LKPH_XQDURGQLKRU 
JDQL]DFLMD7DNDYVDVWDQDN`H0H_XQDURG 
QLNRPLWHW&UYHQRJNUVWDWDNR_HVD]YDWLX
VYDNRGREDQD]DKWHYMHGQHWUH`LQHYLVR 
NLKVWUDQDXJRYRUQLFD
'HSR]LWDU`HVD]YDWLNRQIHUHQFLMXYL
VRNLK VWUDQD XJRYRUQLFD L VWUDQD aODQLFD
.RQYHQFLMD UDGL UD]PDWUDQMD DPDQGPDQD
SUHGORCHQLKQDVDVWDQNXWHKQLaNLKVWUXaQMD 
ND DNR SRVOH WRJD VDVWDQND 0H_XQDURGQL
NRPLWHW&UYHQRJNUVWDLOLMHGQDWUH`LQDYLVR 
NLKVWUDQDXJRYRUQLFDWR]DKWHYDMX
$PDQGPDQLQD3ULORJ,PRJXELWL
XVYRMHQL QD WDNYRM NRQIHUHQFLML YH`LQRP
JODVRYDGYHWUH`LQHYLVRNLKVWUDQDXJRYRU 
QLFDNRMHVXSULVXWQHXJODVDQMX
6YDNLDPDQGPDQNRMLELELRWDNR
XVYRMHQ GHSR]LWDU `H VDRS^WLWL YLVRNLP
VWUDQDPDXJRYRUQLFDPDLVWUDQDPDaODQL 
FDPD .RQYHQFLMD 6PDWUD`H VH GD MH
DPDQGPDQ SULKYD`HQ SR LVWHNX SHULRGD
RG MHGQH JRGLQH RG NDGD MH VDRS^WHQ
XNROLNRXWRPSHULRGXGHSR]LWDUXQHEX 
GH GRVWDYOMHQD L]MDYD R QHSULKYDWDQMX
DPDQGPDQD RG VWUDQH QDMPDQMH MHGQH
WUH`LQHYLVRNLKVWUDQDXJRYRUQLFD

 $PDQGPDQ NRML VH X VNODGX VD

VWDYRP  VPDWUD SULKYD`HQLP VWXSD QD
VQDJX WUL PHVHFD SRVOH QMHJRYRJ SULKYD 
WDQMD]DVYHYLVRNHVWUDQHXJRYRUQLFHL]X 
]HYRQLKNRMHVXGDOHL]MDYHRQHSULKYD 
WDQMXXVNODGXVWLPVWDYRP6YDNDVWUDQD
NRMDMHGDODWDNYXL]MDYXPRCHMHXVYDNR
GREDSRYX`LDDPDQGPDQXWRPVOXaDMX
VWXSDQDVQDJX]DWXVWUDQXSRVOHWULPH 
VHFD
'HSR]LWDU`HREDYHVWLWLYLVRNHVWUD 
QHXJRYRUQLFHLaODQLFD.RQYHQFLMDRVWX 
SDQMXQDVQDJXVYDNRJWDNYRJDPDQGPD 
QDRVWUDQDPDNRMHRQREDYH]XMHRGD 
WXPX QMHJRYRJ VWXSDQMD QD VQDJX X RG 
QRVXQDVYDNXVWUDQXRL]MDYDPDRQHS 
ULKYDWDQMXGDWLPXVNODGXVDVWDYRPLR
SRYODaHQMXWDNYLKL]MDYD
AODQ 
2WND]LYDQMH

 8 VOXaDMX GD QHND YLVRND VWUDQD

XJRYRUQLFDRWNDCHRYDMSURWRNRORWND]`H
VWXSLWLQDVQDJXJRGLQXGDQDSRVOHSULMH 
PD LQVWUXPHQWD R RWND]X $NR MH
PH_XWLPSRLVWHNXWHJRGLQHVWUDQDNRMD
MHGDODRWND]DQJDCRYDQDXMHGQRMRGVL 
WXDFLMD QDYHGHQLK X aODQX  RWND] QH`H
LPDWL GHMVWYD SUH ]DYU^HWND RUXCDQRJ VX 
NREDLOLRNXSDFLMHDQLXNRPVOXaDMXSUH
QHJR ^WR VH RNRQaDMX RSHUDFLMH X YH]L V
NRQDaQLP RVORER_HQMHP UHSDWULMDFLMRP
LOL SRQRYQLP QDVWDQMHQMHP OLFD NRMD ^WLWH
.RQYHQFLMHLOLRYDMSURWRNRO
2WND]`HVHQRWLILNRYDWLSLVPHQLP
SXWHP GHSR]LWDUX NRML `H JD SURVOHGLWL
VYLPYLVRNLPVWUDQDPDXJRYRUQLFDPD
2WND]`HLPDWLGHMVWYDVDPRXRG 
QRVXQDVWUDQXNRMDMHGDODRWND]
1LMHGDQRWND]XVNODGXVDVWDYRP
 QH`H XWLFDWL QD REDYH]H NRMH MH ]ERJ
RUXCDQRJVXNREDVKRGQRRYRPSURWRNR 
OXYH`SUHX]HODVWUDQDNRMDMHGDODRWND]
XYH]L V ELOR NRMLP GHORP XaLQMHQLPSUH
QHJR^WRMHWDMRWND]VWXSLRQDVQDJX
AODQ 
1RWLILNDFLMH

'HSR]LWDU `H REDYHVWLWL YLVRNH VWUDQH

XJRYRUQLFH NDRLaODQLFH .RQYHQFLMD ELOR
GDVXLOLQLVXSRWSLVQLFHRYRJSURWRNRODR



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

D SRWSLVLPD VWDYOMHQLP QD RYDM SURWR 
NROLRGHSRQRYDQMXLQVWUXPHQDWDR
UDWLILNDFLML L SULVWXSDQMX VKRGQR aO
 L 
E GDWXPX VWXSDQMD QD VQDJX RYRJ
SURWRNROD X VNODGX VD aODQRP 
F VDRS^WHQMLPD L L]MDYDPD SULPOMHQLP
X VNODGX VD aO   L 
G L]MDYDPDSULPOMHQLPXVNODGXVDaOD 
QRP  VWDY  NRMH `H ELWL SURV
OH_HQH QDMEUCLP SXWHP L
H RWND]LPD X VNODGX VD aODQRP 
AODQ 
5HJLVWUDFLMD

3RVOHVWXSDQMD3URWRNRODQDVQDJX
GHSR]LWDU `H JD SURVOHGLWL 6HNUHWDULMDWX

8MHGLQMHQLKQDFLMDUDGLUHJLVWURYDQMDLRE 
MDYOMLYDQMDXVNODGXVDaODQRP3RYHOMH
8MHGLQMHQLKQDFLMD
'HSR]LWDU`HWDNR_HREDYHVWLWL6H 
NUHWDULMDW 8MHGLQMHQLK QDFLMD RVYLPUDWLIL 
NDFLMDPDSULVWXSDQMLPDLRWND]LPDNRMHMH
SULPLRXYH]LVDRYLPSURWRNRORP
AODQ 
9HURGRVWRMQRVW WHNVWRYD

2ULJLQDORYRJSURWRNRODaLMLVXWHN 
VWRYLQDDUDSVNRPNLQHVNRPHQJOHVNRP
IUDQFXVNRP UXVNRP L ^SDQVNRP MH]LNX
SRGMHGQDNR YHURGRVWRMQL EL`H GHSRQR 
YDQNRGGHSR]LWDUDNRML`HGRVWDYLWLRYH 
UHQH SULPHUNH VYLP VWUDQDPD aODQLFDPD
.RQYHQFLMD

 'RSXQVNL SURWRNRO X] #HQHYVNH

NRQYHQFLMH RG  DYJXVWD  JRGLQH
R ]D^WLWL CUWDYD QHPH_XQDURGQLK RUXCDQLK
VXNRED 3URWRNRO ,,
'HR ,
'20$>$- 292* 35272.2/$

35($0%8/$
9LVRNHVWUDQHXJRYRUQLFH
SRGVH`DMX`L GD KXPDQLWDUQL SULQFLSL
VDGUCDQL X aODQX  NRML MH ]DMHGQLaNL ]D
#HQHYVNHNRQYHQFLMHRGDYJXVWD
JRGLQH SUHGVWDYOMDMX RVQRYX SR^WRYDQMD
aRYHNRYHOLaQRVWLXVOXaDMHYLPDRUXCDQRJ
VXNREDNRMLQLMHPH_XQDURGQRJNDUDNWH 
UD
SRGVH`DMX`LQDGDOMHGDPH_XQDURG 
QL LQVWUXPHQWL NRML VH RGQRVH QD SUDYD
aRYHNDREH]EH_XMXRVQRYQX]D^WLWXaRYH 
NRYHOLaQRVWL
LVWLaX`LSRWUHEXGDVHREH]EHGLEROMD
]D^WLWDCUWDYDRYLKRUXCDQLKVXNRED
SRGVH`DMX`LGDXVOXaDMHYLPDNRMLQL 
VXREXKYD`HQLYDCH`LPSUDYRPaRYHNR 
YDOLaQRVWRVWDMHSRG]D^WLWRPSULQFLSDKX 
PDQRVWLL]DKWHYDMDYQHVDYHVWL
VDJODVLOHVXVHRVOHGH`HP


AODQ 
0DWHULMDOQR SROMH SULPHQH

2YDMSURWRNRONRMLPVHUD]YLMDLGR
SXQMXMHaODQNRMLMH]DMHGQLaNL]D#HQHY 
VNHNRQYHQFLMHRGDYJXVWDJRGLQH
QH PHQMDMX`L QMHJRYH SRVWRMH`H XVORYH ]D
SULPHQX SULPHQMLYD`H VH QD VYH RUXCDQH
VXNREHNRMLQLVXREXKYD`HQLaODQRP'R 
SXQVNRJSURWRNRODX]#HQHYVNHNRQYHQFLMH
RGDYJXVWDJRGLQHR]D^WLWLCUWDYD
PH_XQDURGQLK RUXCDQLK VXNRED 3URWRNRO
,NRMLVHRGYLMDMXQDWHULWRULMLYLVRNHVWUDQH
XJRYRUQLFH L]PH_X QMHQLK RUXCDQLK VQDJD
LRWSDGQLaNLKRUXCDQLKVQDJDLOLGUXJLK RU
JDQL]RYDQLKQDRUXCDQLKJUXSDNRMHSRGRG
JRYRUQRPNRPDQGRPYU^HWDNYXNRQWUROX
QDG GHORP QMHQH WHULWRULMH NRMD LP RPR
JX`XMHGDYRGHQHSUHNLGQHLXVPHUHQHYRM
QHRSHUDFLMHLGDSULPHQMXMXRYDMSURWRNRO

8VYRMHQ  MXQD  JRGLQH VWXSLR QD VQDJX  GHFHPEUD  'R  MDQXDUD 
JRGLQH UDWLILNRYDOR  GUCDYD 6O OLVW 6)5-0H_XQDURGQL XJRYRUL 



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

2YDMSURWRNROVHQH`HSULPHQMLYDWL
QDVLWXDFLMHXQXWUD^QMLKQHPLUDL]DWHJQX 
WRVWLNDR^WRVXSREXQHL]RORYDQLLVSR 
UDGLaQLDNWLQDVLOMDLRVWDOLDNWLVOLaQHSUL 
URGHMHUWRQLVXRUXCDQLVXNREL
AODQ 
/LaQR SROMH SULPHQH

 2YDM SURWRNRO `H VH SULPHQMLYDWL

EH] LNDNYH GLVNULPLQDFLMH ]DVQRYDQH QD
UDVL ERML NRCH SROX MH]LNX YHUL LOL
XEH_HQMX SROLWLaNRP LOL GUXJRP PL^OMH 
QMX QDFLRQDOQRP LOL VRFLMDOQRP SRUHNOX
ERJDWVWYX UR_HQMX LOL GUXJRP VWDWXVX LOL
QDELORNRPGUXJRPVOLaQRPNULWHULMXPX
X GDOMHP WHNVWX GLVNULPLQDFLMD QD VYD
OLFDNRMDVXSRJR_HQDRUXCDQLPVXNRERP
NDNRMHGHILQLVDQRXaODQX
1DNUDMXRUXCDQRJVXNREDVYDOLFD
NRMDVX ELOD OL^HQDVORERGHLOLaLMDMHVOR 
ERGD ELOD RJUDQLaHQD L] UD]ORJD X YH]L V
WDNYLPVXNRERPNDRLOLFDNRMDVXOL^HQD
VORERGHLOLaLMDMHVORERGDRJUDQLaHQDSR 
VOHVXNREDL]LVWLKUD]ORJDXCLYD`H]D^WLWX
VKRGQRaOLGRNUDMDWDNYRJOL^DYDQMD
LOLRJUDQLaHQMDVORERGH
AODQ 
1HLQWHUYHQFLMD

 1H PRCH VH SR]LYDWL QL QD MHGQX

RGUHGEXL]RYRJSURWRNRODGDELVHXJUR 
]LRVXYHUHQLWHWGUCDYHLOLRGJRYRUQRVWYOD 
GHGDVYLP]DNRQLWLPVUHGVWYLPDRGUCDYD
LOLSRQRYRXVSRVWDYL]DNRQLUHGXGUCDYL
LOL GD EUDQL QDFLRQDOQR MHGLQVWYR L WHULWR 
ULMDOQLLQWHJULWHWGUCDYH
 1H PRCH VH SR]LYDWL QL QD MHGQX
RGUHGEXL]RYRJSURWRNRODNDRRSUDYGD 
QMH]DLQWHUYHQFLMXGLUHNWQXLOLLQGLUHNWQX
L] ELOR NRJ UD]ORJD X RUXCDQL VXNRE LOL
XQXWUD^QMHLOLVSROMQHSRVORYHYLVRNHVWUD 
QH XJRYRUQLFH QD aLMRM MH WHULWRULML GR^OR
GRWRJVXNRED

'HR ,,
+80$1, 326783$.
AODQ 
2VQRYQH JDUDQFLMH

6YDOLFDNRMDQHX]LPDMXGLUHNWQR
XaH^`HLOLNRMDVXSUHVWDODGDXaHVWYXMXX
QHSULMDWHOMVWYLPDEH]RE]LUDQDWRGDOLMH

QMLKRYD VORERGD ELOD RJUDQLaHQD LOL QH

LPDMX SUDYR GD QMLKRYD OLaQRVW aDVW L
XEH_HQMHLYHUVNRXEH_HQMHEXGXSR^WR 
YDQL2QD`HXVYLPSULOLNDPDELWLKXPD 
QR WUHWLUDQD EH] LNDNYH GLVNULPLQDFLMH
=DEUDQMHQR MH QDUH_LYDWL GD QH VPH ELWL
SUHCLYHOLK
1HGLUDMX`LXQDaHOQLNDUDNWHUQD 
SUHG QDYHGHQLK RGUHGDED VOHGH`D GHOD
SURWLYOLFDSRPHQXWLKXVWDYXMHVXLRV 
WDMX]DEUDQMHQDXVYDNRGREDLQDVYDNRP
PHVWX
D QDVLOMH QDG CLYRWRP ]GUDYOMHP L IL
]LaNLP LOL PHQWDOQLP EODJRVWDQMHP
OMXGLQDURaLWRXELVWYRLRNUXWQRSR 
VWXSDQMH NDR ^WR VX PXaHQMH VD 
ND`HQMH LOL ELOR NRML REOLN WHOHVQH
ND]QH
E NROHNWLYQH ND]QH
F X]LPDQMH WDODFD
G DNWL WHURUL]PD
H YUH_DQMH OMXGVNRJ GRVWRMDQVWYD QD 
URaLWR SRQLCDYDMX`L L GHJUDGLUDMX`L
SRVWXSDN VLORYDQMH SULQXGQD SURV
WLWXFLMD L VYDNL REOLN QHGROLaQRJ QD 
SDGD
I URSVWYR L WUJRYLQD UREOMHP X VYLP
REOLFLPD
J SOMDaND
K SUHWQMHL]YU^HQMHPELORNRJRGJRUH
SRPHQXWLK GHOD
'HFL`HELWLSUXCHQDQHJDLSRPR`
NRMDLPMHSRWUHEQDDQDURaLWR
D EL`H LP REH]EH_HQR YDVSLWDQMH XN 
OMXaXMX`L YHUVNR L PRUDOQR YDVSLWD 
QMH SULGUCDYDMX`L VH CHOMD QMLKRYLK
URGLWHOMD LOL X VOXaDMX RGVXWQRVWL UR 
GLWHOMD OLFD NRMD VX RGJRYRUQD ]D
EULJX R GHFL
E SUHGX]H`HVHVYLRGJRYDUDMX`LNRUD 
FLGDELVHRODN^DORSRQRYQRRNXS 
OMDQMH SRURGLFD NRMH VX ELOH SULYUH 
PHQR UD]GYRMHQH
F GHFD NRMD QLVX QDYU^LOD  JRGLQD
CLYRWD QH`H ELWL UHJUXWRYDQD X
RUXCDQH VQDJH LOL JUXSH QLWL `H LP
VH GR]YROLWL GD XaHVWYXMX X QHSULMD 
WHOMVWYLPD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

G SRVHEQD]D^WLWDNRMDVHSUHGYL_DRYLP
aODQRP]DGHFXNRMDQLVXQDYU^LOD
JRGLQDCLYRWDSULPHQMLYD`HVHQDQMLK
L DNR X]PX GLUHNWQRJ XaH^`D X QHS
ULMDWHOMVWYLPDXSUNRVRGUHGEDPDSRG
VWDYD F NDG VX ]DUREOMHQD
H SUHGX]H`H VH PHUH DNR EXGH SRW 
UHEQR L NDG JRG MH PRJX`H V SULV 
WDQNRPQMLKRYLKURGLWHOMDLOLOLFDNRMD
VX SR ]DNRQX LOL RELaDMX SUYHQVWYH 
QR RGJRYRUQD ]D EULJX R QMLPD GD
VH GHFD SULYUHPHQR VNORQH L] SRG 
UXaMDXNRPHVXL]ELODQHSULMDWHOMVWYD
X EH]EHGQLMH SRGUXaMH XQXWDU ]HP 
OMH L REH]EHGL`H VH GD GHFX SUDWH
OLFD NRMD VX RGJRYRUQD ]D QMLKRYX
EH]EHGQRVW L EODJRVWDQMH
AODQ 
/LFD aLMD MH VORERGD ELOD RJUDQLaHQD

3RUHGRGUHGDEDL]aODQDVOHGH`H
RGUHGEH`HVHSR^WRYDWLNDRPLQLPXPX
RGQRVX QD OLFD NRMDVX OL^HQD VORERGHL]
UD]ORJDXYH]LVRUXCDQLPVXNRERPELOR
GDVXLQWHUQLUDQDLOLSULWYRUHQD
D UDQMHQLFL L EROHVQLFL WUHWLUD`H VH X
VNODGX VD aODQRP 
E OLFDR NRMLPDVHJRYRULXRYRPVWD 
YXEL`HXLVWRPRELPXNDRLORNDO 
QRFLYLOQRVWDQRYQL^WYRVQDEGHYDQD
KUDQRP L YRGRP ]D SL`H D EL`H
]D^WL`HQDX]GUDYVWYHQRPLKLJLMHQV 
NRP SRJOHGX L SURWLY VXURYRVWL NOL
PHLRSDVQRVWLRGRUXCDQRJVXNRED
F EL`HLPGR]YROMHQRGDSULPDMXLQGL 
YLGXDOQX LOL NROHNWLYQX SRPR`
G EL`H LP GR]YROMHQR GD YU^H VYRMH
YHUVNHREUHGHLDNR]DKWHYDMXLDNR
EXGHSRGHVQRGDSULPDMXGXKRYQX
SRPR` RG OLFD NDR ^WR VX NDSHODQL
NRML YU^H YHUVNH IXQNFLMH
H RQD`HDNREXGXQDWHUDQDGDUDGH
XCLYDWL VOLaQH UDGQH XVORYH L REH] 
EH_HQMH NDNYR LPD ORNDOQR FLYLOQR
VWDQRYQL^WYR
 2QL NRML VX RGJRYRUQL ]D LQWHUQL 
UDQMHLOLSULWYDUDQMHOLFDSRPHQXWLKXVWDYX
 SR^WRYD`H X JUDQLFDPD VYRMLK PR 
JX`QRVWLVOHGH`HRGUHGEHNRMHVHRGQRVH
QDWDNYDOLFD

D L]X]HY NDG VX PX^NDUFL L CHQH L]

MHGQH SRURGLFH VPH^WHQL ]DMHGQR
CHQH `H ELWL GUCDQH X RGYRMHQLP
RGHOMHQMLPDRGRGHOMHQMD]DPX^NDU 
FH L EL`H SRG QHSRVUHGQLP QDG]R
URP CHQD
E QMLPD `H ELWL GR]YROMHQR GD ^DOMX L
SULPDMXSLVPDLNDUWHaLMLEURMPRJX
RJUDQLaLWL QDGOHCQH YODVWL XNROLNR
VPDWUDMX GD MH WR SRWUHEQR
F PHVWD ]D LQWHUQLUDQMH L SULWYRU QH`H
VH QDOD]LWL EOL]X ERUEHQH ]RQH /LFD
R NRMLPD VH JRYRUL X VWDYX  EL`H
HYDNXLVDQD NDG PHVWD JGH VX RQD
LQWHUQLUDQD LOL SULWYRUHQD SRVWDQX
SRVHEQR L]ORCHQD RSDVQRVWL RG
RUXCDQRJ VXNRED XNROLNR VH QMLKR
YD HYDNXDFLMD PRCH REDYLWL SRG UH 
ODWLYQR EH]EHGQLP XVORYLPD
G RQD`HPR`LGDNRULVWHOHNDUVNLSUH 
JOHG
H QMLKRYR IL]LaNR LOL PHQWDOQR ]GUDYOMH
LLQWHJULWHWQH`HELWLXJURCHQLQLNDN 
YLP QHRSUDYGDQLP aLQRP LOL SURSX
VWRP 6KRGQR WRPH ]DEUDQMHQR MH
SRGYUJDYDWL OLFD SRPHQXWD X RYRP
aODQXELORNDNYRPPHGLFLQVNRPSR 
VWXSNX NRML QH ]DKWHYD QMLKRYR
]GUDYVWYHQRVWDQMHLNRMLQLMHXVNOD 
GXVRS^WHSULKYD`HQLPPHGLFLQVNLP
VWDQGDUGLPD NRML VH SULPHQMXMX QD
VORERGQHOMXGHSRGVOLaQLPPHGLFLQ
VNLP RNROQRVWLPD
/LFDNRMDQLVXREXKYD`HQDVWDYRP
 DOL aLMD MH VORERGD ELOD RJUDQLaHQD QD
ELOR NRML QDaLQ X YH]L V RUXCDQLP VXNR 
ERP EL`H WUHWLUDQD QD KXPDQ QDaLQ X
VNODGX VD aODQRP  L VW D F L G L
ERYRJaODQD
 8NROLNR VH GRQHVH RGOXND GD VH
RVORERGHOLFDNRMDVXOL^HQDVORERGHRQL
NRMLGRQHVXWDNYXRGOXNXSUHGX]H`HSR 
WUHEQHPHUHGDRVLJXUDMXQMLKRYXEH]EHG 
QRVW
AODQ 
.ULYLaQR JRQMHQMH

2YDMaODQVHSULPHQMXMHQDJRQMH 
QMH L NDCQMDYDQMH ]D NULYLaQD GHOD X YH]L
VRUXCDQLPVXNRERP



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

 ,]ULFDQMH ELOR NDNYH SUHVXGH L
L]YU^HQMH ELOR NDNYH ND]QH QDG OLFHP ]D
NRMH VH XWYUGL GD MH NULYR ]D SRYUHGX
PRCHVHL]YU^LWLVDPRSRSUHVXGLNRMXMH
L]UHNDRVXGNRMLSUXCDRVQRYQHJDUDQFLMH
RQH]DYLVQRVWLLQHSULVWUDVQRVWL1DURaLWR
D SRVWXSDN`HREH]EHGLWLGDRSWXCHQL
EXGHREDYH^WHQEH]RGODJDQMDRGH 
WDOMLPD SRYUHGH NRMX MH QDYRGQR
XaLQLRLREH]EHGL`HRSWXCHQRPSUH
L ]D YUHPH VX_HQMD VYD SRWUHEQD
SUDYD L VUHGVWYD RGEUDQH
E QLNR QH PRCH ELWL SURJOD^HQ NULYLP
]D SRYUHGX L]X]HY QD RVQRYX OLaQH
NULYLaQH RGJRYRUQRVWL
F QLNR QH`H ELWL SURJOD^HQ NULYLP ]D
ELOR NRMH NULYLaQR GHOR ]ERJ ELOR
NRMH UDGQMH LOL SURSXVWD NRML QH
SUHGVWDYOMDMX NULYLaQR GHOR SUHPD
]DNRQX X PRPHQWX XaLQMHQRJ GHOD
QHPRCHVHL]UH`LWHCDND]QDRGRQH
NRMDMHELODSULPHQOMLYDXYUHPHND 
GD MH NULYLaQR GHOR ELOR L]YU^HQR
DNR VH SRVOH L]YU^HQH SRYUHGH ]D
NRQRP SUHGYLGL ODN^D ND]QD NULYDF
`H VH WLPH NRULVWLWL
G VYDNR NR MH RSWXCHQ ]D SRYUHGX
VPDWUD`H VH QHYLQLP GRN VH QH GR 
NDCH NULYLFD X VNODGX VD ]DNRQRP
H VYDNR NR MH RSWXCHQ ]D SRYUHGX
LPD`H SUDYR GD PX VH VXGL X QMH 
JRYRP SULVXVWYX
I QLNR QH`H ELWL SULVLOMHQ GD VYHGRaL
SURWLY VHEH LOL GD SUL]QD NULYLFX
/LFHNRMHMHRVX_HQREL`HSULOLNRP
GRQR^HQMDSUHVXGHREDYH^WHQRRSUDYQLP
LGUXJLPOHNRYLPDLRURNRYLPDXNRMLPD
VHPRCHQMLPDNRULVWLWL
6PUWQDND]QDVHQH`HL]ULFDWLQDG
OLFLPDNRMDQLVXQDYU^LODJRGLQDXYUH 
PH NDGD MH L]YU^HQD SRYUHGD L QH`H VH
L]YU^DYDWL QDG WUXGQLFDPD LOL PDMNDPD V
PDORPGHFRP
3R]DYU^HWNXQHSULMDWHOMVWYDYODVWL
`HQDVWRMDWLGDDPQHVWLUDMXXQDMYH`RMPR 
JX`RM PHUL OLFD NRMD VX XaHVWYRYDOD X
RUXCDQRP VXNREX LOL RQD NRMD VX OL^HQD
VORERGHL]UD]ORJDXYH]LVRUXCDQLPVX 

NRERPELORGDVXLQWHUQLUDQDLOLSULWYRUH 
QD

'HR ,,,
5$1-(1,&, %2/(61,&, ,
%52'2/201,&,
AODQ 
=D^WLWD L QHJD

6YLUDQMHQLFLEROHVQLFLLEURGRORP 
QLFL ELOR GD VX XaHVWYRYDOL X RUXCDQRP
VXNREXLOLGDQLVXXaHVWYRYDOLEL`HSR^WR 
YDQLL]D^WL`HQL
8VYDNRMSULOLFLVDQMLPD`HVHSR 
VWXSDWLKXPDQRLSUXCL`HLPVHXQDMYH`RM
PRJX`RMPHULLXQDMNUD`HPURNXPHGL 
FLQVNDQHJDLSRPR`NRMX]DKWHYDQMLKRYR
VWDQMH1H`HVHSUDYLWLUD]OLNDPH_XQMLPD
]DVQRYDQDQDELORNRPGUXJRPNULWHULMX 
PXRVLPQDPHGLFLQVNRP
AODQ 
3URQDODCHQMH

.DG JRG SULOLNH GR]YROMDYDMX D QD 

URaLWR SRVOH VXNRED SUHGX]H`H VH VYH
PRJX`HPHUHEH]RGODJDQMDXFLOMXSUR 
QDODCHQMD L SULNXSOMDQMD UDQMHQLND EROHV 
QLND L EURGRORPQLND QMLKRYH ]D^WLWH RG
SOMDaNHL]ORVWDYOMDQMDREH]EH_HQMDRGJR 
YDUDMX`H QHJH ]D QMLK WUDJDQMD ]D PUWYL 
PDVSUHaDYDQMDGDPUWYLEXGXRSOMDaND 
QLNDRLGDEXGXSULNODGQRXNORQMHQL
AODQ 
=D^WLWD VDQLWHWVNRJ L YHUVNRJ RVREOMD

6DQLWHWVNRLYHUVNRRVREOMH`HELWL
SR^WRYDQRL]D^WL`HQRLSUXCL`HPXVHVYD
UDVSRORCLYD SRPR` X YU^HQMX QMHJRYLK
GXCQRVWL7RRVREOMHQH`HELWLSULPRUDQR
GD L]YU^DYD GXCQRVWL NRMH QLVX X VDJODV 
QRVWLVQMHJRYRPKXPDQLWDUQRPPLVLMRP
2GVDQLWHWVNRJRVREOMDVHQHPRCH
]DKWHYDWLGDXYU^HQMXVYRMLKGXCQRVWLGD
SULRULWHW ELOR NRP OLFX RVLP QD RVQRYX
PHGLFLQVNRJNULWHULMXPD
AODQ 
2S^WD ]D^WLWD PHGLFLQVNRJ SR]LYD

 1L SRG NRMLP XVORYLPD QLNR QH

PRCHELWLNDCQMHQ]DREDYOMDQMHGXCQRVWL
PHGLFLQVNRJ NDUDNWHUD NRMH VX X VNODGX



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

VDPHGLFLQVNRPGHRQWRORJLMRPEH]RE]L 
UDQDOLFHNRMHVHWLPHNRULVWL
/LFDNRMDVXDQJDCRYDQDQDPHGL 
FLQVNLP DNWLYQRVWLPD QH PRJX ELWL SULVL 
OMHQDGDREDYOMDMXSRVORYHNRMLVXXVXS 
URWQRVWLVSUDYLOLPDPHGLFLQVNHGHRQWROR 
JLMH LOL GUXJLP SURSLVLPD QLWL GD VH
X]GUCDYDMXRGGHODNRMD]DKWHYDMXWDSUD 
YLOD LOL SURSLVL NRML VX XWYU_HQL X NRULVW
UDQMHQLND L EROHVQLND LOL X VXSURWQRVWL V
RYLPSURWRNRORP
3URIHVLRQDOQHREDYH]HOLFDNRMDVX
DQJDCRYDQDQDPHGLFLQVNLPDNWLYQRVWLPD
XSRJOHGXLQIRUPDFLMDNRMHPRJXSULEDYLWL
R UDQMHQLFLPD L EROHVQLFLPD NRMH OHaH
EL`H SR^WRYDQH SRG UH]HUYRP QDFLRQDO 
QRJ]DNRQD
 3RG UH]HUYRP QDFLRQDOQRJ ]DNR 
QD QLMHGQR OLFH NRMH MH DQJDCRYDQR QD
PHGLFLQVNLP DNWLYQRVWLPD QH PRCH ELWL
NDCQMHQRQLQDNRMLQDaLQ]ERJRGELMDQMD
GD GD LOL ^WR QH GDMH LQIRUPDFLMH NRMH VH
RGQRVHQDUDQMHQLNHLEROHVQLNHNRMHOHaL
LOLNRMHMHOHaLOR
AODQ 
=D^WLWD VDQLWHWVNLK MHGLQLFD L WUDQVSRUWD

6DQLWHWVNHMHGLQLFHLWUDQVSRUWLEL`H
SR^WRYDQLL]D^WL`HQLXVYDNRGREDLQH`H
ELWLSUHGPHWQDSDGD
 =D^WLWD QD NRMX LPDMX SUDYR VDQL 
WHWVNH MHGLQLFH L WUDQVSRUWL QH`H SUHVWDWL
XNROLNRQLVXNRUL^`HQL]DYU^HQMHQHSULMD 
WHOMVNLK DNDWD YDQ QMLKRYH KXPDQLWDUQH
IXQNFLMH 0H_XWLP ]D^WLWD PRCH SUHVWDWL
WHN SRVOH RSRPHQH NRMRM MH NDG JRG MH
WR SRJRGQR XWYU_HQ UD]XPQL URN L NDG
WDMURNSURWHNQHEH]GHMVWYD
AODQ 
=QDN UDVSR]QDYDQMD

6DQLWHWVNR LYHUVNRRVREOMHLVDQLWHW 
VNHMHGLQLFHQRVL`HSRGNRQWURORPRGQRV 
QHQDGOHCQHYODVWL]QDNUDVSR]QDYDQMD&U 
YHQRJ NUVWD &UYHQRJ SROXPHVHFD LOL &U 
YHQRJ ODYD L VXQFD QD EHORP SROMX L RQ
`H ELWL LVWDNQXW QD VDQLWHWVNLPWUDQVSRUWL 
PD =QDN UDVSR]QDYDQMD `H VH SR^WRYDWL
XVYLPSULOLNDPDLQH`HVHNRULVWLWLQHSUD 
YLOQR

'HR ,9
&,9,/12 67$1291,>792
AODQ 
=D^WLWD FLYLOQRJ VWDQRYQL^WYD

&LYLOQRVWDQRYQL^WYRLSRMHGLQFLFL
YLOLXJURCDYDMXRS^WX]D^WLWXRGRSDVQRVWL
NRMH SURLVWLaX L] YRMQLK RSHUDFLMD 'D EL
VHVSURYHODWD]D^WLWDVOHGH`DSUDYLODEL`H
SR^WRYDQDXVYDNRMSULOLFL
&LYLOQRVWDQRYQL^WYRLSRMHGLQFLFL
YLOLQH`HELWLSUHGPHWQDSDGD=DEUDQMHQL
VX DNWL LOL SUHWQMH QDVLOMHP aLML MH JODYQL
FLOM GD ^LUH VWUDK PH_X FLYLOQLP VWDQRY 
QL^WYRP
&LYLOL`HXCLYDWL]D^WLWXSUHGYL_HQX
RYLPGHORPXNROLNRQHX]LPDMXL]DYUH 
PHGRNQHX]LPDMXGLUHNWQRXaH^`HXQH 
SULMDWHOMVWYLPD
AODQ 
=D^WLWD REMHNDWD QHRSKRGQLK GD EL FLYLOQR
VWDQRYQL^WYR SUHCLYHOR

=DEUDQMHQR MH L]QXULYDQMH VWDQRY 

QL^WYDJOD_XNDRPHWRGUDWRYDQMD8WRP
VPLVOX]DEUDQMHQRMHQDSDVWLXQL^WLWLXN 
ORQLWLLOLXaLQLWLQHNRULVQLPREMHNWHQHRS 
KRGQHGDELFLYLOQRVWDQRYQL^WYRSUHCLYH 
OR NDR ^WR VX QDPLUQLFH SROMRSULYUHGQH
REODVWL ]D SURL]YRGQMX KUDQH CHWYD CLYD
VWRNDLQVWDODFLMH]DYRGX]DSL`HLUH]HUYH
LSRVWURMHQMD]DQDYRGQMDYDQMH
AODQ 
=D^WLWD JUD_HYLQD L LQVWDODFLMD NRMH
VDGUCH RSDVQH VLOH

*UD_HYLQH LOL LQVWDODFLMH NRMH VDGUCH

RSDVQH VLOH WM EUDQH QDVLSL L QXNOHDUQH
HOHNWULaQH FHQWUDOH QH VPHMX ELWL REMHNWL
QDSDGD aDN QL DNR VX WR YRMQL REMHNWL
XNROLNRWDNDYQDSDGPRCHSURX]URNRYDWL
RVORED_DQMH RSDVQLK VLOD SD SUHPD WR 
PH L YHOLNH JXELWNH PH_X FLYLOQLP VWD 
QRYQL^WYRP
AODQ 
=D^WLWD NXOWXUQLK REMHNDWD L KUDPRYD

1H GLUDMX`L X RGUHGEH +D^NH NRQ

YHQFLMH ]D ]D^WLWX NXOWXUQLK GREDUD X
VOXaDMX RUXCDQRJ VXNRED RG  PDMD
 JRGLQH ]DEUDQMHQR MH YU^LWL ELOR
NDNYH QHSULMDWHOMVNH DNWH XSHUHQH SURWLY



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

LVWRULMVNLKVSRPHQLNDXPHWQLaNLKGHODLOL
KUDPRYDNRMLSUHGVWDYOMDMXNXOWXUQRLOLGX 
KRYQR QDVOH_H QDURGD NDR L NRULVWLWL LK
]DSRGU^NXYRMQLKDNFLMD
AODQ 
=DEUDQD SULQXGQRJ SUHPH^WDQMD FLYLOD

1HPRCHELWLQDUH_HQRSUHPH^WD 
QMHFLYLOQRJVWDQRYQL^WYDL]UD]ORJDXYH]L
VDVXNRERPXNROLNRWRQH]DKWHYDMXUD] 
OR]L EH]EHGQRVWL WRJ VWDQRYQL^WYD LOL LP 
SHUDWLYQLYRMQLUD]OR]L8NROLNRSUHPH^WD 
QMH PRUD GD VH L]YU^L SUHGX]H`H VH VYH
PRJX`H PHUH NDNR EL FLYLOQR VWDQRY 
QL^WYRPRJORELWLSULKYD`HQRSRG]DGRYR 
OMDYDMX`LP XVORYLPD VPH^WDMD KLJLMHQH L
]D^WLWH]GUDYOMDEH]EHGQRVWLLLVKUDQH
 &LYLOL QH VPHMX ELWL SULVLOMHQL GD
QDSXVWHVYRMXWHULWRULMXL]UD]ORJDNRMLVX
XYH]LVDVXNRERP
AODQ 
'UX^WYD ]D SRPR` L DNFLMH SRPR`L

'UX^WYD]DSRPR`NRMDVHQDOD]H
QDWHULWRULMLYLVRNHVWUDQHXJRYRUQLFHNDR
^WR VX RUJDQL]DFLMH &UYHQRJ NUVWD &UYH 
QRJ SROXPHVHFD &UYHQRJ ODYD L VXQFD
PRJXSRQXGLWLSRPR`]DL]YU^HQMHVYRMLK
WUDGLFLRQDOQLK IXQNFLMD X YH]L VD CUWYDPD
RUXCDQRJ VXNRED &LYLOQR VWDQRYQL^WYR
PRCHaDNLQDVYRMXLQLFLMDWLYXSRQXGLWL
GDVDNXSOMDLQHJXMHUDQMHQLNHEROHVQLNH
LEURGRORPQLNH
 $NR MH FLYLOQR VWDQRYQL^WYR L]
ORCHQRQHRSUDYGDQLPSDWQMDPD]ERJQH 
VWD^LFHVWYDULQHRSKRGQLK]DCLYRWNDR^WR
VX KUDQD L OHNRYL SUHGX]H`H VH VDQNFLMH
SRPR`L ]D FLYLOQR VWDQRYQL^WYR NRMH VX
LVNOMXaLYR KXPDQLWDUQRJ L QHSULVWUDVQRJ
NDUDNWHUD L NRMH VH VSURYRGH EH] GLVNUL 
PLQDFLMH SRG XVORYRP GRELMDQMD VDJODV 
QRVWLRGYLVRNHVWUDQHXJRYRUQLFHNRMDMH
XSLWDQMX

'HR 9
=$95>1( 2'5('%(
AODQ 
8SR]QDYDQMH V 3URWRNRORP

8SR]QDYDQMHVRYLPSURWRNRORPYU 
^L`HVHQD^WRMHPRJX`H^LURMRVQRYL

AODQ 
3RWSLVLYDQMH

2YDMSURWRNROEL`HRWYRUHQ]DSRWSL 
VLYDQMHVWUDQDPDXaHVQLFDPDX.RQYHQFL 
MDPD ^HVW PHVHFL QDNRQ SRWSLVLYDQMD
=DYU^QRJDNWDLRVWDMHRWYRUHQXWXVYUKX
PHVHFL
AODQ 
5DWLILNDFLMD

2YDM SURWRNRO EL`H UDWLILNRYDQ ^WR

MHPRJX`HSUH5DWLILNDFLRQLLQVWUXPHQWL
EL`HGHSRQRYDQLNRG>YDMFDUVNRJIHGH 
UDOQRJ YH`D NRMH MH GHSR]LWDU .RQYHQ 
FLMD
AODQ 
3ULVWXSDQMH

2YDM SURWRNRO EL`H RWYRUHQ ]D SULV 

WXSDQMH VYDNRM VWUDQL aODQLFL .RQYHQFLMD
NRMDJDQLMHSRWSLVDOD,QVWUXPHQWLRSULV 
WXSDQMXEL`HGHSRQRYDQLNRGGHSR]LWDUD
AODQ 
6WXSDQMH QD VQDJX

2YDMSURWRNROVWXSDQDVQDJX^HVW
PHVHFLSRVOHGHSRQRYDQMDGYDLQVWUXPHQ 
WDRUDWLILNDFLMLLOLSULVWXSDQMX
 =D VYDNX VWUDQX NRMD MH aODQLFD
.RQYHQFLMD L NRMD SRVOH WRJD UDWLILNXMH
RYDMURWRNROLOLPXSULVWXSL3URWRNROVWX 
SDQDVQDJX^HVWPHVHFLSRVOHGHSRQRYD 
QMDLQVWUXPHQDWDRUDWLILNDFLMLLOLSULVWXSD 
QMXWHVWUDQH
AODQ 
$PDQGPDQ

 6YDND YLVRND VWUDQD XJRYRUQLFD

PRCHSUHGORCLWLDPDQGPDQHQDRYDMSUR 
WRNRO 7HNVW VYDNRJ SUHGORCHQRJ DPDQ 
GPDQDGRVWDYOMDVHGHSR]LWDUXNRML`HRG 
OXaLWLSRVOHNRQVXOWDFLMHVDVYLPYLVRNLP
VWUDQDPDXJRYRUQLFDPDL0H_XQDURGQLP
NRPLWHWRP&UYHQRJNUVWDGDOLWUHEDVD] 
YDWL NRQIHUHQFLMX UDGL UD]PDWUDQMD SUHG 
ORCHQRJDPDQGPDQD
'HSR]LWDU`HSR]YDWLQDWXNRQIH 
UHQFLMX VYH YLVRNH VWUDQH XJRYRUQLFH L
VWUDQH aODQLFH .RQYHQFLMD ELOR GD VX LOL
GDQLVXSRWSLVQLFHRYRJSURWRNROD



0H_XQDURGQR MDYQR SUDYR p ]ELUND GRNXPHQDWD

AODQ 
2WND]LYDQMH

 8 VOXaDMX GD QHND YLVRND VWUDQD

XJRYRUQLFD RWNDCH RYDM SURWRNRO RWND]
VWXSDQDVQDJXWHN^HVWPHVHFLSRVOHSUL 
MHPD LQVWUXPHQWD R RWND]LYDQMX $NR MH
PH_XWLPSRLVWHNX^HVWPHVHFLVWUDQDNR 
MDGDMHRWND]DQJDCRYDQDXVLWXDFLMLQDYH 
GHQRMXaODQXRWND]QH`HLPDWLGHMVWYD
SUH]DYU^HWNDRUXCDQRJVXNRED0H_XWLP
OLFDNRMDVXELODOL^HQDVORERGHLOLaLMDMH
VORERGDELODRJUDQLaHQDL]UD]ORJDXYH]L
VD VXNRERP LGDOMH`H VH NRULVWLWL RGUHG 
EDPDL]RYRJSURWRNRODVYHGRVYRJNR 
QDaQRJRVORER_HQMD
2WND]VHVDRS^WDYDSLVPHQLPSX 
WHPGHSR]LWDUXNRML`HJDSURVOHGLWLVYLP
YLVRNLPVWUDQDPDXJRYRUQLFDPD
AODQ 
6DRS^WHQMD

'HSR]LWDU REDYH^WDYD YLVRNH VWUDQH

XJRYRUQLFH L VWUDQH aODQLFH .RQYHQFLMD
ELORGDVXLOLGDQLVXSRWSLVQLFHRYRJSUR 
WRNRODR
D SRWSLVLPD VWDYOMHQLP QD RYDM SURWR 
NRO L R GHSRQRYDQMX LQVWUXPHQWD R

UDWLILNDFLML L SULVWXSDQMX VKRGQR aO

 L 
E GDWXP VWXSDQMD RYRJ SURWRNROD QD
VQDJX X VNODGX VD aODQRP  L
F VDRS^WHQMLPD L L]MDYDPD SULPOMHQLP
X VNODGX VD aODQRP 
AODQ 
5HJLVWUDFLMD

3RVOHVWXSDQMDQDVQDJXGHSR]LWDU
SURVOH_XMH RYDM SURWRNRO 6HNUHWDULMDWX
8MHGLQMHQLKQDFLMDUDGLUHJLVWURYDQMDLRE 
MDYOMLYDQMDXVNODGXVDaODQRP3RYHOMH
8MHGLQMHQLKQDFLMD
'HSR]LWDUWDNR_HREDYH^WDYD6HN 
UHWDULMDW8MHGLQMHQLKQDFLMDRVYLPUDWLILND 
FLMDPD L SULVWXSDQMLPD NRMH MH SULPLR X
YH]LVRYLPSURWRNRORP
AODQ 
9HURGRVWRMQRVW WHNVWRYD

2ULJLQDORYRJSURWRNRODaLMLVXWHN 
VWRYLQDDUDSVNRPNLQHVNRPHQJOHVNRP
IUDQFXVNRP UXVNRP L ^SDQVNRP MH]LNX
SRGMHGQDNR YHURGRVWRMQL GHSRQXMH VH
NRG GHSR]LWDUD NRML RYHUHQH SULPHUNH
3URWRNROD GRVWDYOMD VYLP VWUDQDPD aODQL 
FDPD.RQYHQFLMD