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PHUL UD]YLMHQ VHUWLILNDWQL VLVWHP NRML QH]DSR
VOHQLPDLOLYH`]DSRVOHQLPDRPRJX`DYDGDSXWHP
UDGQLKLVNXVWDYDLGRGDWQRJRVSRVRETDYDZDVWHN


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

QXVHUWLILNDWNRMLVYHGRaLRXPH^QRVWLXREDY
TDZX SRVORYD QD RGUH_HQRP QLYRX
3UHPDVDGD^ZRMUHJXODWLYLRYDNYHVHUWLIL
NDWHQHPRCHPRQRVWULILNRYDWLMHUYDCHVDPR]D
REDYTDZH RGUH_HQLK SRVORYD D QH GDMX ^NROVNL
VWHSHQ REUD]RYDZD 1D WDM QDaLQ SRGQRVLODF ]DK
WHYDRVWDMHEH]SUL]QDWHRVSRVRETHQRVWLLOL^DYD
PR JD SUDYD VWHaHQLK X GUXJRM GUCDYL
'RNXPHQWD NRMD PRJX ELWL SUHGPHW SUL]QDYD
ZD VYUVWDYDMX VH X WUL JUXSH
 'RNXPHQWD VWHaHQD NUR] IRUPDOQR REUD]R
YDZHNRMHMHXRNYLUX^NROVNRJVLVWHPDQHNHGUCDYH
RGQRVQRXRNYLUXLQVWLWXFLMD GUCDYQLKLOLSUL
YDWQLK  NRMH VX GUCDYQR SUL]QDWH
'RNXPHQWDNRMDMHVXLOLQLVXGUCDYQRSUL]
QDWDDVWLaXVHQDRVQRYXSRODJDZDLVSLWDSXWHP
LQWHUQHWDGRSLVQRJREUD]RYDZDLVO GRNXPHQWD
VWHaHQDXSULYDWQLPLQVWLWXFLMDPDNRMHQLVXGUCDY
QR SUL]QDWH DOL MH LSDN UHa R YL^HJRGL^ZHP
REUD]RYDZX q SULPHU 9DOGRUIVNH ^NROH X >YDM
FDUVNRM 
 'RNXPHQWD VWHaHQD QD RVQRYX QHIRUPDOQRJ
REUD]RYDZDNRMHMHYDQ^NROVNRJVLVWHPDNDR^WR
MHLQWHUQRREUD]RYDZHXSUHGX]H`LPDVHUWLILND
WL SUHPD VHUWLILNDWQRP VLVWHPX WHaDMHYL RVSR
VRETDYDZD ]D UD]OLaLWH FLTHYH LWG

3 U H G O R J
 'D QRYL ]DNRQ R SUL]QDYDZX X]PH X RE]LU
VDPR GRNXPHQWD VWHaHQD X RNYLUX IRUPDOQRJ RE
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 'D VH ]D SUL]QDYDZH VYLK YUVWD QHIRUPDOQRJ
REUD]RYDZDXVSRVWDYLVLVWHPQDFLRQDOQLKVWUXaQLK


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

NYDOLILNDFLMD WH GD VH VWUDQL VHUWLILNDWL NRML
VYHGRaHRVWHaHQLPRGUH_HQLP]QDZLPDDSRVHEQR
QD RVQRYX VWUDQLK VHUWLILNDWQLK VLVWHPD SUL]
QDMX =DNRQRP R QDFLRQDOQLP VWUXaQLP NYDOLIL
NDFLMDPD8VNODGXVDWLPWUHEDORELSUHGYLGHWL
GRQR^HZH QDYHGHQRJ ]DNRQD
8VOXaDMXGDQRYL=DNRQRSUL]QDYDZXSUHG
YLGLLSUL]QDYDZHGRNXPHQDWDNRMDQLVXIRUPDO
QR ^NROVND WUHEDOR EL GHILQLVDWL NRML VX WL
REOLFLREUD]RYDZD REUD]RYDZHSXWHPLQWHUQHWD
REUD]RYDZH RGUDVOLK GRSLVQR REUD]RYDZH REUD
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8VDGD^ZHPSRVWXSNXSUL]QDYDZD QRVWULIL
NDFLMHHNYLYDOHQFLMH  X]LPDMX VH X RE]LU VLVWHP
^NRORYDZD ]HPTH X NRMRM MH VWHaHQD ^NROVND LV
SUDYD QDVWDYQL SODQ L SURJUDP WUDMDZH ^NROR
YDZD XVORYL ]D VWLFDZH REUD]RYDZD SUDYD NRMD
VWUDQD ^NROVND LVSUDYD GDMH LPDRFX L GUXJH RNRO
QRVWL RG ]QDaDMD ]D RGOXaLYDZH
6 RE]LURPQDWRGDMH SRWUHEQRSULPHZLYDWL
RGUH_HQD PHULOD QDMSUREOHPDWLaQLML GHR MHVWH
XSRUH_LYDZH QDVWDYQLK SURJUDPD L SUDYD NRMD MH
SRGQRVLODFVWHNDRXGUCDYLXNRMRMMHL]GDWRVYH
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VDGUCDMRGUH_HQXVPHUHZHPL SROLWLNRP GUCDYH
ZHQRPREUD]RYQRPSROLWLNRPSROLWLNRP]DSR^TD
YDZDUHJXOLVDZHP]DQLPDZDLVWUXaQHGHODWQRV
WL RUJDQL]RYDZHP SRVORGDYDFD X UD]OLaLWD XG


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

UXCHZD 2GQRVL L]PH_X RYLK GUX^WYHQLK SDUW
QHUDWDNR_HXWLaXQDIRUPLUDZHREUD]RYQLKSUR
JUDPD QD EU]LQX ZLKRYRJ SULODJR_DYDZD SRWUH
EDPDWUCL^WDUDGDNDRLQDREOLNL]YR_HZDRYLK
SURJUDPD 3URJUDPL VH XNLGDMX SULODJR_DYDMX PH
ZDMX VNUD`XMX SURGXCDYDMX
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ZH GD OL VH QHNL VWUDQL SURJUDP PRCH SRUHGLWL
VD SURJUDPRP NRML MH SULPHZLYDQ X 6UELML DOL
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'DOLVYHGRaDQVWYR NRMHMHQDSULPHUL]GDWR
X LQRVWUDQVWYX SUH GYDGHVHW JRGLQD WUHED SRUH
GLWL VD SURJUDPLPD NRML VX WDGD ELOL QD VQD]L
MHUVXPXVDGUCDMQRQDMEOLCLVRE]LURPQDSUDYD
VWHaHQDXPDWLaQRMGUCDYL LOLJDWUHEDSRUHGLWL
VD RQLP SURJUDPLPD NRML VX QD VQD]L X WUHQXWNX
NDGDLPDODFVYHGRaDQVWYD]DKWHYDSUL]QDYDZHRE
UD]RYDZD LDNRVXELWQRGUXJDaLMLL]DSUL]QDYD
ZH EL WUHEDOR SURSLVDWL GRGDWQH LVSLWH "
.RG XSRUH_LYDZD SUDYD WUHED X]HWL X RE]LU
REDSURSLVDQDSUDYDNRMDMHLPDODF^NROVNRJVYH
GRaDQVWYD VWHNDR X GUCDYL JGH MH L GRELR VYH
GRaDQVWYR
8 WRP VOXaDMX MH UHa R GYD WLSD SUDYD NRMD
SURLVWLaX L] VYHGRaDQVWYD
q SUDYR QD QDVWDYDN REUD]RYDZD L
q SUDYR QD REDYTDZH GHODWQRVWL
2EDSUDYDVXYH]DQD]DXQXWUD^ZH]DNRQRGDY
VWYRRGUH_HQHGUCDYH]DUDGQRLREUD]RYQR]DNR


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

QRGDYVWYR6RE]LURPQDWRGDVHVWUDQRVYHGRaDQ
VWYR PRUD L]MHGQDaLWL VD GRPD`LP X VDGD^ZHP
VLVWHPXMHQHPRJX`HX]HWLXRE]LUGHOLPLaQDSUD
YD NRMD SRGQRVLODF ]DKWHYD HYHQWXDOQR LPD NRG
PRJX`QRVWL QDVWDYND REUD]RYDZD X VRSVWYHQRM
GUCDYL QD SULPHU QD QHNH XQLYHU]LWHWVNH YLVR
NR^NROVNH LQVWLWXFLMH PRCH GD VH XSL^H D QD
QHNH QH PRCH  .DNR VH NRG QDV UH^HZHP R QRV
WULILNDFLML SRGQRVLRFX ]DKWHYD QH RJUDQLaDYD
SUDYRQDQDVWDYDNREUD]RYDZDQDSRMHGLQLPYLVR
NR^NROVNLP LQVWLWXFLMDPD RQ WLPH VWLaH YH`D
SUDYD QHJR ^WR LK LPD X VRSVWYHQRM GUCDYL
8 JODYL ,,, aODQ  /LVDERQVNH NRQYHQFLMH
SUHFL]LUDQR MH GD RGOXNH R SUL]QDYDZX WUHED GR
QRVLWL QD RVQRYX RGJRYDUDMX`LK LQIRUPDFLMD R
NYDOLILNDFLMDPD aLMH VH SUL]QDYDZH WUDCL ,V
WLP aODQRP SURSLVDQR MH GD RGJRYRUQRVW ]D SUL
EDYTDZHDGHNYDWQLKLQIRUPDFLMDVQRVLNDQGLGDW
NRMLWUHEDGDREH]EHGLWDNYHSUDYRYDTDQHLQIRU
PDFLMH
.DNRVHNDQGLGDWXQHELRVSRULODLOLXPDZL
OD SUDYD NRMD MH RVWYDULR X PDWLaQRM GUCDYL QH
RSKRGQR MH REDYH]DWL ]DLQWHUHVRYDQRJ GD SULOL
NRP SRGQR^HZD ]DKWHYD X] RVWDOX GRNXPHQWDFLMX
GRVWDYL L GRND] R SUDYLPD NRMD PX X PDWLaQRM
GUCDYL SULSDGDMX QD RVQRYXVWHaHQH ^NROVNH MDY
QH LVSUDYH X FLTX QDVWDYND REUD]RYDZD L SUDYD
QD ]DSRVOHZH

3 U H G O R J
0HULOD]DSUL]QDYDZHVDGUCDQDXQHNDGD^ZHP
=DNRQX R QRVWULILNDFLML L HNYLYDOHQFLML ^NRO
VNLK VYHGRaDQVWDYD VWHaHQLK X LQRVWUDQVWYX 
6OXCEHQL JODVQLN 656o EU   NRML MH


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

SRaHWNRP GHYHGHVHWLK JRGLQD VWDYTHQ YDQ VQDJH X
QDaHOX QLVX VSRUQD WH PRJX ELWL RVQRY QRYRJ
]DNRQD L WUHEDOR EL LK X FHOLQL VDaXYDWL MHU VX
X VNODGX VD /LVDERQVNRP NRQYHQFLMRP
1RYLP]DNRQRPYDTDORELSURSLVDWLRGUHGEX
NRMD UHJXOL^H XSRWUHEX LVSUDYH R SUL]QDYDZX
RGQRVQR RGUH_XMH GD OL VH PRCH XSRWUHELWL ]D
SULMDYTLYDZH QD WUCL^WH UDGD LOL VDPR ]D QDV
WDYDN REUD]RYDZD


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1DGOHCQRVW X SUL]QDYDZX VWUDQLK ^NROVNLK
LVSUDYDSRVWRMH`RPSUDYQRPUHJXODWLYRPSRGHTH
QD MH L]PH_X 0LQLVWDUVWYD SURVYHWH L VSRUWD
YL^LK ^NROD IDNXOWHWD L XQLYHU]LWHWD

 1RVWULILNDFLMDSUL]QDYDZH
VYHGRaDQVWDYD RVQRYQLK ^NROD
=DNRQRGUH_XMHSUL]QDYDZHSRMHGLQLKUD]UHGD
L ]DYU^HQH RVQRYQH ^NROH 8 RYRP WUHQXWNX WR
MH X QDGOHCQRVWL 0LQLVWDUVWYD SURVYHWH L VSRU
WD
6 RE]LURP QD WR GD MH RVQRYQD ^NROD REDYH]QD
LGDGHFDPRUDMXELWLXNTXaHQDXRVQRYQR^NROVNR
REUD]RYDZHQHSULKYDWTLYRMHGDQRVWULILNDFLMD 
SUL]QDYDZH EXGH SRVWDYTHQD NDR XVORY ]D XSLV
WHELL]WRJUD]ORJDWUHEDORSUL]QDYDWL]DYU^QD
VYHGRaDQVWYDRVQRYQLK^NROD1RYLP]DNRQRPSR
VWXSDNSUL]QDYDZD]DYU^HQLKUD]UHGDELWUHEDOR
SRYHULWLRVQRYQRM^NROLXNRMRMSRGQRVLODFCHOL
GDQDVWDYL^NRORYDZH6DPSRVWXSDNMHQHRSKRGQR
SRMHGQRVWDYLWL L SRWUHEQX GRNXPHQWDFLMX VYHVWL
QD QDMPDZX PHUX


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

 1RVWULILNDFLMDSUL]QDYDZH
VYHGRaDQVWDYD VUHGZLK ^NROD
8 VNODGX VD ]DNRQRP QRVWULILNXMX VH VYH
GRaDQVWYD RGQRVQR GLSORPH RS^WHREUD]RYQLK L
VUHGZLK VWUXaQLK ^NROD X aHWYRURJRGL^ZHP L
WURJRGL^ZHP WUDMDZX NDR L VYHGRaDQVWYD
]DYU^HQLKUD]UHGD3UHPDYDCH`LPSURSLVLPD RYDM
SRVWXSDNVSURYRGL0LQLVWDUVWYRSURVYHWHLVSRUWD
3UL]QDYDZHSRMHGLQLKUD]UHGDPRCHGDEXGHVSRU
LUHODWLYQRVNXSSRVWXSDNSRVHEQRXVOXaDMHYLPD
NDG ]DLQWHUHVRYDQL SUHOD]L L] MHGQRJ SURJUDPD X
GUXJLD]ERJHYHQWXDOQRJSURSLVLYDZDGRSXQVNLK
LVSLWD
1RYLP ]DNRQRP WUHEDOR EL UHJXOLVDWL SUL]
QDYDZH ]DYU^HQLK VUHGZLK VWUXaQLK L RS^WHRE
UD]RYQLK^NRODVWLP^WRVHYL^HQHELSUL]QD
YDOD UDYQRSUDYQRVW VD RGUH_HQRP ]DYU^HQRP
QD^RP ^NRORP QHJR EL VH XSRUH_LYDR L SUL]QD
YDRVDPRVWHSHQREUD]RYDZDDVPHULOL]DQLPDZH
VHXRGOXFLXWRPVOXaDMXQHELQDYRGLOLLOLEL
ELOLQDYHGHQLRQDNRNDNRMHQD]QDaHQRXVWUDQRP
VYHGRaDQVWYX
8 VOXaDMX QDVWDYND REUD]RYDZD X VNODGX VD
SUDYLPD NRMD MH SRGQRVLODF ]DKWHYD VWHNDR X PD
WLaQRM GUCDYL L QD RVQRYX WLK SUDYD ELOR EL
QD]QDaHQR L SUDYR NDQGLGDWDQDQDVWDYDN REUD]R
YDZD NRMH EL RVWYDULR GD VH REUD]RYDR X 6UELML
^WR MH X VNODGX VD /LVDERQVNRP NRQYHQFLMRP
=DNRQRP EL RYOD^`HZD ]D QRVWULILNDFLMX
SUL]QDYDZHSRMHGLQLKJRGL^ZLKVYHGRaDQVWDYDWUH
EDOR SUHQHWL QD ^NROX X NRMRM SRGQRVLODF CHOL
GD QDVWDYL ^NRORYDZH %LOR EL UDFLRQDOQLMH GD
REUD]RYQD XVWDQRYD X NRMRM SRMHGLQDF CHOL GD QD


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

VWDYL ^NRORYDZH RGOXaL QD RVQRYX GRND]D NRMH
LPD NDQGLGDW QD NRML QDaLQ `H VH XSLVDWL L QDV
WDYLWL REUD]RYDZH HYHQWXDOQR SRODJDWL GRSXQV
NH LVSLWH L VO
,QVWLWXFLMDNRMDXEXGX`HEXGHELODQDGOHCQD
]D SRVWXSNH SUL]QDYDZD QD ]DKWHY ^NROH EL SRG
QRVLODPL^THZHRVWHaHQRPREUD]RYDZXNDQGLGDWD
=ERJ HYHQWXDOQLK VSRUQLK VOXaDMHYD SUDYQD
VLJXUQRVW EL ELOD ]DJDUDQWRYDQD PRJX`QR^`X SUL
WXCEH 0LQLVWDUVWYX SURVYHWH L VSRUWD ^WR EL
SRGUD]XPHYDORSRVUHGRYDZHPLQLVWDUVWYDXUH^DYD
ZXWDNYLKVSRURYD8VNODGXVWLP0LQLVWDUVWYR
SURVYHWHLVSRUWDLPDORELXVWDQRYTHQSRVWXSDN
LRVSRVRETHQDOLFDNRMDELSUHX]HODRYDMGHRSRVOD

 1RVWULILNDFLMDSUL]QDYDZH
VYHGRaDQVWDYD YL^LK ^NROD
3UHPDVDGD^ZHP]DNRQRGDYVWYXVDPHYL^H^NR
OH SRVUHGVWYRP QDVWDYQLK YH`D VSURYRGH SRVWX
SDNQRVWULILNDFLMHGLSORPHRGQRVQRHNYLYDOHQ
FLMH VWUDQH ^NROVNH MDYQH LVSUDYH 8 VOXaDMX GD
QHSRVWRMLRGJRYDUDMX`DYL^D^NRODNRMDREUD]XMH
WDNDYSURILOSUL]QDYDZHLVSUDYDREDYTD0LQL
VWDUVWYR SURVYHWH L VSRUWD QD RVQRYX PL^THZD
VWUXaQHNRPLVLMHNRMXLPHQXMHPLQLVWDUSURVYHWH
8 SURFHVX UHIRUPL REUD]RYDZD SUHGYL_D VH
LWUDQVIRUPDFLMDVDGD^ZLKYL^LK^NRODXYLVR
NH VWUXaQH ^NROH aLPH `H RQH LPDWL VWDWXV YL
VRNR^NROVNLK LQVWLWXFLMD NDNDY YH` LPDMX X SR
MHGLQLPELY^LPUHSXEOLNDPD6)5-0LVHMR^QH
VXRaDYDPRVDSUREOHPRPSUL]QDYDZDGLSORPDYL^LK
^NROD DOL X WUHQXWNX NDGD VH ]DYU^L SURFHV
UHIRUPHREUD]RYDZDLXQD^RM]HPTLWDNDYSUR


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

EOHP `H VH SRMDYLWL L V WRJD EL X VOXaDMHYLPD
SUL]QDYDZD GLSORPD YL^LK ^NROD L] GUCDYD
ELY^LKUHSXEOLND6)5-DHYHQWXDOQRLL]GUXJLK
GUCDYD SUREOHP WUHEDOR UH^DYDWL WDNR ^WR YL^L
VWHSHQ REUD]RYDZD WUHED SUL]QDWL SRGQRVLRFLPD
SUHPD VWDULP SURJUDPLPD
'LSORPH NRMH VX VWHaHQH X LQRVWUDQVWYX NDR
SUYLVWHSHQGLSORPVNLKVWXGLMD^WRMHVDGD^ZLP
=DNRQRP R XQLYHU]LWHWX SUHGYL_HQR L NRG QDV
XSRUHGLYHVXVDQD^LPSURJUDPLPDYL^LK^NROD
WH MH L ZLK SULOLNRP SUL]QDYDZD SRWUHEQR WUH
WLUDWLNDRYL^LVWHSHQREUD]RYDZDRGQRVQRNDR
GLSORPX YL^H ^NROH SUHPD WDGD YDCH`LP SURJ
UDPLPD
7DNR_HQHRSKRGQRMHRGUHGLWLQDGOHCQRVW]D
SUL]QDYDZH L MHGQLK L GUXJLK GLSORPD
0RJX`H UH^HZH MH GD QDGOHCQRVW ]D SRVWXSNH
SUL]QDYDZD XEXGX`H SUHX]PH RGJRYDUDMX`D YLVR
NR^NROVNDXVWDQRYDNRMDELWDMSRVWXSDNYU^LOD
X] VWULNWQR SR^WRYDZH SUDYLOD (8 =DKWHYH ]D
SUL]QDYDZH X WRP VOXaDMX SULNXSTDOR EL 0LQLV
WDUVWYR SURVYHWH L VSRUWD D PRCGD L QHND GUXJD
LQVWLWXFLMDNRMDELELODXVWDQRYTHQD D]DWLPLK
SURVOH_LYDOR QDGOHCQRM YLVRNR^NROVNRM XVWDQR
YL RGJRYDUDMX`RM ]D NRQNUHWQX REODVW 8NROLNR
WDNYDYLVRNR^NROVNDXVWDQRYDQHSRVWRMLPLQLV
WDUVWYRLQVWLWXFLMDELIRUPLUDORVWUXaQXNRPL
VLMX L REDYLOR SUL]QDYDZH

 1RVWULILNDFLMDSUL]QDYDZH
YLVRNR^NROVNLK GLSORPD
3UHPD VDGD^ZHP =DNRQX R XQLYHU]LWHWX 
6O JODVQLN 56o EURM   SRVWXSDN QRVWUL


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

ILNDFLMH GLSORPH RGQRVQR XWYU_LYDZD HNYLYD
OHQWQRVWL VWUDQH ^NROVNH MDYQH LVSUDYH REDYTD
RGJRYDUDMX`LIDNXOWHWDXNROLNRQHPDRGJRYDUD
MX`HJ IDNXOWHWD RGQRVQR VWXGLMVNH JUXSH WDM SR
VDR REDYTD XQLYHU]LWHW
,VNXVWYDSRGQRVLODFD]DKWHYD]DQRVWULILND
FLMX QD YLVRNR^NROVNLP XVWDQRYDPD XND]XMX QD
QHGRYRTQX HILNDVQRVW X GRQR^HZX UH^HZD
ALZHQLFD MH GD PQRJH YLVRNR^NROVNH LQVWL
WXFLMHQHX]LPDMXXRE]LURGUHGEH=DNRQDRXSUDY
QRPSRVWXSNXWDNRGDVHNU^HURNRYL]DL]GDYDZH
UH^HZD R QRVWULILNDFLML REUDaXQDYDMX VH QHV
UD]PHUQL WUR^NRYL GROD]L GR GXSOLUDZD SRVWX
SDNDMHUQHPDFHQWUDOQHED]H]DKWHYDNRMDELVYLP
YLVRNR^NROVNLPLQVWLWXFLMDPDRPRJX`DYDODSUR
YHUX GD OL VH VOLaDQ ]DKWHY YH` QDOD]L X QHNRM
GUXJRM XVWDQRYL 0LQLVWDUVWYX SURVYHWH L VSRUWD
QH GRVWDYTDMX VH UHGRYQR UH^HZD R QRVWULILND
FLMDPDL]YU^HQLPQDIDNXOWHWLPDDQLVDPR0L
QLVWDUVWYRQHYU^LUHGRYQRXYLGXGRNXPHQWDFLMX
SULVSHOX VD IDNXOWHWD
1H]DYLVQRRGWRJDNRMH`HRGQDYHGHQLKUH^HZD
ELWL SULKYD`HQR MDVQR MH GD QHPD RVQRYD GD VH
PHZDGRVDGD^ZD SUDNVD SUL]QDYDZDSHULRGDVWX
GLUDZD QD YLVRNR^NROVNLP LQVWLWXFLMDPD

0RJX`D UH^HZD

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8VOXaDMXGDQRYLP]DNRQRPSUL]QDYDZHRVWD
QH L GDTH X QDGOHCQRVWL YLVRNR^NROVNLK LQVWL
WXFLMD L GD ]DLQWHUHVRYDQR OLFH ]DKWHY SRGQRVL
GLUHNWQR YLVRNR^NROVNRM LQVWLWXFLML SRWUHEQR


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

MHGDYODGDPLQLVWUDVWYRRUJDQL]XMHVWUXaQRRVSR
VRETDYDZHHNVSHUDWDXREODVWLSUL]QDYDZDYLVR
NR^NROVNLK GLSORPD NDNR UDGL XSR]QDYDZD VD
XSUDYQLP SRVWXSNRP WDNR L UDGL XSR]QDYDZD VD
PRJ SRVWXSND SUL]QDYDZD NRML EL WUHEDOR GHIL
QLVDWL QRYLP ]DNRQRP

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'UXJR PRJX`H UH^HZH MHVWH GD VH SUL 0LQLV
WDUVWYX UHRUJDQL]XMH YH` SRVWRMH`H RGHTHZH ]D
QRVWULILNDFLMX NRMH VDGD REDYTD SRVORYH RNR
SUL]QDYDZD VWUDQLK VYHGRaDQVWDYD RVQRYQLK L VUHG
ZLK ^NROD NDR L VWUDQLK GLSORPD YL^LK ^NROD
NRMH QH SRVWRMH X QD^HP REUD]RYQRP VLVWHPX 7R
SUR^LUHQR RGHTHZH EL REDYTDOR SRVORYH SUL]
QDYDZD ]D UD]OLaLWH VYUKH
2GHTHZH]DSUL]QDYDZHELREDYTDORVOHGH`H
]DGDWNH
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 3UL]QDYDZH ]DYU^HQH RVQRYQH ]DYU^HQH
VUHGZH ^NROH
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VWUXaQLK NYDOLILNDFLMD X REODVWL REUD]R
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D  2S^WL ]DKWHYL
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^NROVWYX LOL GDWRP QLYRX LVWRJ LOL GD EL VH
VWHNOD NYDOLILNDFLMD YLVRNRJ REUD]RYDZD QD GD
WRP QLYRX


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

E  3RVHEQL ]DKWHYL
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LOL SULVWXSD RYRM .RQYHQFLML LOL QDNRQ WRJD 8
WRPVOXaDMXQDGOHCQLRUJDQLNRQVWLWXWLYQLKGH
ORYD ]HPTH SRWSLVQLFH NRML EXGX WDNR R]QDaHQL
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1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

WXURPSUHQH`HWHNVWRYH.RQYHQFLMHWLPLQVWLWX
FLMDPD LOL WHOLPD L SUHGX]H`H VYH SRWUHEQH NR
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SRWSLVQLFD

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ZX WLK NYDOLILNDFLMD


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

 8 RYRP SRJOHGX QH`H ELWL QLNDNYH GLVNUL
PLQDFLMHSRELORNRPRVQRYXNDR^WRMHNDQGLGD
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NRMLK GUXJLK RNROQRVWL NRMH QLVX PHURGDYQH ]D
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LPD`H GXCQRVW GD SRVWXSDMX`L SR ]DKWHYX NDQGL
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PDFLMH QRVLRFX NYDOLILNDFLMD LQVWLWXFLML LOL
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ZH WUDCL
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VWDNQXVYHREUD]RYQHLQVWLWXFLMHXRNYLUXVYRMLK


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

REUD]RYQLK VLVWHPD GD XGRYRTH VYDNRP UD]XPQRP
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ZDYD UHOHYDQWQH ]DKWHYH VQRVL WHOR NRMH SUHGX
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L MDVQH LQIRUPDFLMH R VYRP REUD]RYQRP VLVWHPX
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VH UDaXQDWL RG WUHQXWND NDGD VYH QHRSKRGQH LQ
IRUPDFLMHRSUHGPHWXSRVWDQXGRVWXSQH8NROLNR
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]L ]D RGELMDZH SUL]QDYDZD NYDOLILNDFLMH L GDWL
LQIRUPDFLMH X YH]L VD SRWUHEQLP PHUDPD NRMH
NDQGLGDW PRCH SUHGX]HWL NDNR EL VWHNDR SUL]QD
ZH X VOHGH`RM HWDSL 8NROLNR MH SUL]QDYDZH XV
NUD`HQR LOL QLMH GRQHWD QLNDNYD RGOXND NDQGL
GDWPRCHSRGQHWLCDOEXXRGJRYDUDMX`HPYUHPHQ
VNRP URNX

*ODYD ,9 3UL]QDYDZH NYDOLILNDFLMD
NRMLPD VH VWLaH SULVWXS YLVRNRP
REUD]RYDZX
AODQ ,9q
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NYDOLILNDFLMH L]GDWH X GUXJLP ]HPTDPD SRWSLV
QLFDPD NRMH LVSXZDYDMX RS^WH XVORYH ]D SULVWXS


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

YLVRNRP REUD]RYDZX X WLP ]HPTDPD D X FLTX
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YLVRNRJ REUD]RYDZD RVLP DNR VH QH XWYUGL GD
SRVWRMLVX^WLQVNDUD]OLNDL]PH_XRS^WLKXVORYD
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`HELWLGRYRTQRGDSRSRGQHWRP]DKWHYXRPRJX`L
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]HPDTD SRWSLVQLFD GD GRELMH VWUXaQX RFHQX NYD
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PXWDWLV PXWDQGLV QD WDNDY VOXaDM
AODQ ,9q
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VDPRSRVHEQLPWLSRYLPDLQVWLWXFLMDLOLSURJUD
PD YLVRNRJ REUD]RYDZD X ]HPTL SRWSLVQLFL X
NRMRM MH VWHaHQD VYDND GUXJD ]HPTD SRWSLVQLFD
RGREUL`H QRVLRFX WDNYLK NYDOLILNDFLMD SULVWXS
VOLaQLP SRVHEQLP SURJUDPLPD X LQVWLWXFLMDPD
NRMH SULSDGDMX ZHQRP VLVWHPX YLVRNRJ REUD]RYD
ZD RVLP DNR VH QH XWYUGL GD SRVWRML VX^WLQVND
UD]OLND L]PH_X XVORYD SULVWXSD X ]HPTL X NRMRM
MH NYDOLILNDFLMD VWHaHQD L X ]HPTL X NRMRM VH
WUDCL ZHQR SUL]QDYDZH
AODQ ,9q
7DPRJGHSULMHPXRGUH_HQHSURJUDPHYLVRNRJ
REUD]RYDZDSRUHGRS^WLKXVORYDSULVWXSD]DYL
VL RG LVSXZHZD SRVHEQLK XVORYD QDGOHCQH XVWD
QRYH ]HPTH SRWSLVQLFH R NRMRM MH UHa PRJX ELOR
SURSLVDWL GRGDWQH XVORYH QRVLRFLPD NYDOLILND
FLMD VWHaHQLK X GUXJLP ]HPTDPD ELOR RFHQLWL GD
OLNDQGLGDWLVDNYDOLILNDFLMDPDVWHaHQLPXGUX


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

JLP ]HPTDPD SRWSLVQLFDPD LVSXZDYDMX HNYLYD
OHQWQH XVORYH
AODQ ,9q
7DPR JGH VHUWLILNDWL R ]DYU^HQRM ^NROL X
]HPTL SRWSLVQLFL X NRMRM VX VWHaHQL REH]EH_XMX
SULVWXSYLVRNRP^NROVWYXVDPRXNRPELQDFLMLVD
GRGDWQLP NYDOLILNDFLRQLP LVSLWLPD NDR SUHGX
VORYLPD ]D SULVWXS GUXJH SRWSLVQLFH PRJX WDM
SULVWXS XVORYLWL LVWLP WLP ]DKWHYLPD LOL SRQX
GLWL DOWHUQDWLYX X RNYLUX VYRMLK REUD]RYQLK VL
VWHPD NDNR EL VH ]DGRYRTLOL WL GRGDWQL XVORYL
6YDNDGUCDYD6YHWDVWROLFDLOL(YURSVND]DMHG
QLFDPRCHXWUHQXWNXSRWSLVLYDZDLOLSULOLNRP
GHSRQRYDZD LQVWUXPHQWD UDWLILNDFLMH XVYDMDZD
RGREUDYDZD LOL SULVWXSD RYRM .RQYHQFLML LOL
QDNRQ WRJD REDYHVWLWL MHGQR RG WHOD NRG NRMLK MH
RQD GHSRQRYDQD GD `H LVNRULVWLWL SRJRGQRVWL
RGUH_HQRJ VWDYD RYRJ aODQD QDYRGH`L LPH ]HPTH
SRWSLVQLFH X SRJOHGX NRMH QDPHUDYD GD SULPHQL
RYDM aODQ NDR L RGJRYDUDMX`H UD]ORJH ]D WR
AODQ ,9q
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,9q L ,9r SULMHP X GDWX LQVWLWXFLMX YLVRNRJ
REUD]RYDZDLOLGDWLSURJUDPXRNYLUXWDNYHLQ
VWLWXFLMH PRCH ELWL RJUDQLaHQ LOL VHOHNWLYDQ
8 VOXaDMHYLPD NDGD MH SULMHP X LQVWLWXFLMX LLOL
SURJUDP YLVRNRJ REUD]RYDZD VHOHNWLYDQ SURFH
GXUH SULMHPD WUHED RGUHGLWL WDNR GD VH REH]EHGL
GD VH RFHZLYDZH NYDOLILNDFLMD VWHaHQLK X LQRV
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%H]NU^HZDRGUHGDED aODQRYD ,9r ,9r ,9r 
,9r L ,9r SULMHP X GDWX LQVWLWXFLMX YLVRNRJ


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

REUD]RYDZD PRCH VH XVORYLWL NDQGLGDWRYLP SR
ND]LYDZHPGRYRTQRJSR]QDYDZDMH]LNDLOLMH]LND
QDVWDYH X GRWLaQRM LQVWLWXFLML LOL RVWDOLK QD]
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AODQ ,9q
8 ]HPTDPD SRWSLVQLFDPD X NRMLPD VH SUDYR
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NYDOLILNDFLMHVWHaHQHXGUXJLP]HPTDPDSRWSLV
QLFDPDEL`HRFHZHQHQDVOLaDQQDaLQNDRQHWUD
GLFLRQDOQH NYDOLILNDFLMH VWHaHQH X ]HPTL SRW
SLVQLFL X NRMRM VH WUDCL SUL]QDYDZH
AODQ ,9q
8 VYUKX SULMHPD X SURJUDPH YLVRNRJ REUD]R
YDZD VYDND RG ]HPDTD SRWSLVQLFD VSURYH^`H
SUL]QDYDZH NYDOLILNDFLMD NRMH L]GDMX LQRVWUDQH
REUD]RYQHLQVWLWXFLMHNRMHUDGHQDZHQRMWHULWR
ULML ]DYLVQR RG SRVHEQLK XVORYD QDFLRQDOQRJ ]D
NRQRGDYVWYD LOL SRVHEQLK VSRUD]XPD ]DNTXaHQLK VD
PDWLaQRP]HPTRP SRWSLVQLFRPWDNYLK LQVWLWXFLMD

*ODYD 9 3UL]QDYDZH RGUH_HQLK
SHULRGD VWXGLMD
AODQ 9q
6YDND RG ]HPDTD SRWSLVQLFD SUL]QD`H RG
UH_HQH SHULRGH VWXGLUDZD X RNYLUX SURJUDPD YL
VRNRJ REUD]RYDZD X GUXJRM ]HPTL SRWSLVQLFL 7R
SUL]QDYDZH REXKYDWL`H WDNYH SHULRGH VWXGLUDZD
XVPHUHQHQD]DYU^HWDNYLVRNR^NROVNRJSURJUDPD
X]HPTLSRWSLVQLFLXNRMRMVHSUL]QDYDZHWUDCL
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JRM ]HPTL SRWSLVQLFL L GHOD YLVRNRREUD]RYQRJ


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

SURJUDPD NRML EL WH SHULRGH ]DPHQLR X ]HPTL
SRWSLVQLFL X NRMRM VH WUDCL SUL]QDYDZH
AODQ 9q
8VYDNRPGUXJRPVOXaDMX]D]HPTXSRWSLVQLFX
`HELWLGRYRTQRGDSRSRGQHWRP]DKWHYXRPRJX`L
RVRELNRMDMHRNRQaDODSHULRGVWXGLUDZDXRNYLUX
SURJUDPDYLVRNRJREUD]RYDZDXGUXJRM]HPTLSRW
SLVQLFLGDGRELMHRFHQXWRJSHULRGDVWXGLUDZDL
RGUHGEHaODQD9qSULPHQL`HVHPXWDWLVPXWDQGLVX
WRP VOXaDMX
AODQ 9q
6YDND RG ]HPTD SRWSLVQLFD WUHED GD SRVHEQR
RODN^D SUL]QDYDZH SHULRGD VWXGLUDZD
D  XNROLNR MH SRVWRMDR SUHWKRGQL VSRUD]XP
L]PH_X V MHGQH VWUDQH LQVWLWXFLMH YLVRNRJ REUD
]RYDZDLOLQDGOHCQHXVWDQRYHRGJRYRUQH]DUHOH
YDQWDQSHULRGVWXGLUDZDLVGUXJHVWUDQHLQVWL
WXFLMH YLVRNRJ REUD]RYDZD LOL QDGOHCQH XVWDQR
YH RGJRYRUQH ]D SUL]QDYDZH NRMH VH WUDCL L
E XNROLNRMHLQVWLWXFLMDYLVRNRJREUD]RYDZD
X NRMRM MH SHULRG VWXGLUDZD RNRQaDQ L]GDOD VHU
WLILNDW LOL XYHUHZH R SRKD_DQRM QDVWDYL L SR
ORCHQLP LVSLWLPD NRML VYHGRaH GD MH VWXGHQW XV
SH^QRLVSXQLRSRVWDYTHQHXVORYH]DGDWLSHULRG
VWXGLUDZD

*ODYD 9, 3UL]QDYDZH
YLVRNR^NROVNLK NYDOLILNDFLMD
AODQ 9,q
8 PHUL X NRMRM MH RGOXND R SUL]QDYDZX ]DVQR
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NYDOLILNDFLMDPD YLVRNRJ REUD]RYDZD VYDND RG
]HPDTDSRWSLVQLFDSUL]QD`HNYDOLILNDFLMHYLVR


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

NRJ REUD]RYDZD GRGHTHQH X GUXJRM ]HPTL SRWSLV
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AODQ 9,q
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GRELMH RFHQX WH NYDOLILNDFLMH L RGUHGEH aODQD
9,qSULPHQL`HVHPXWDWLVPXWDQGLVQDWDNDYVOXaDM
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X GUXJRM ]HPTL SRWSLVQLFL LPD`H MHGQX LOL REH
RG VOHGH`LK SRVOHGLFD
D SULVWXSGDTLPVWXGLMDPDYLVRNRJREUD]RYD
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PH ]D GRNWRUDW SRG LVWLP XVORYLPD NRML YDCH ]D
QRVLRFHNYDOLILNDFLMDX]HPTLSRWSLVQLFLXNR
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E  NRUL^`HZH DNDGHPVNH WLWXOH X VNODGX VD
]DNRQLPD L SURSLVLPD ]HPTH SRWSLVQLFH LOL QD
GOHCQRVW QDG WLP NRUL^`HZHP X ]HPTL SRWSLV
QLFL X NRMRM VH WUDCL SUL]QDYDZH
3RUHGWRJDSUL]QDYDZH`HRODN^DWLSULVWXS
WUCL^WX UDGD NRMH SRGOHCH ]DNRQLPD L SURSLVL
PD]HPTHSRWSLVQLFHLOLMHXQDGOHCQRVWL]HPTH
SRWSLVQLFH X NRMRM VH WUDCL SUL]QDYDZH
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GDWH X GUXJRM ]HPTL SRWSLVQLFL RG VWUDQH QHNH
]HPTH SRWSLVQLFH PRCH ELWL X YLGX


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

D XRS^WHQRJPL^THZD]DSRWUHEH]DSRVOHZD
E PL^THZDXSX`HQRJREUD]RYQRMLQVWLWXFLML
X FLTX SULMHPD X ZHQH SURJUDPH
Y  PL^THZD XSX`HQRJ ELOR NRMRM GUXJRM XVWD
QRYL QDGOHCQRM ]D SUL]QDYDZH
AODQ 9,q
6YDND ]HPTD SRWSLVQLFD PRCH SUL]QDWL NYD
OLILNDFLMH YLVRNRJ REUD]RYDZD NRMH VX L]GDWH X
LQRVWUDQLPREUD]RYQLPLQVWLWXFLMDPDNRMHGHOXMX
QD ZHQRM WHULWRULML ]DYLVQR RG SRVHEQLK XVORYD
QDFLRQDOQRJ ]DNRQRGDYVWYD LOL SRVHEQLK VSRUD
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FRP WDNYLK LQVWLWXFLMD

*ODYD 9,, 3UL]QDYDZHNYDOLILNDFLMD
L]EHJOLFD UDVHTHQLK OLFD L OLFD VD
VWDWXVRP L]EHJOLFH
AODQ 9,,
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TLYH L UD]XPQH NRUDNH X RNYLUX YODVWLWRJ REUD
]RYQRJ VLVWHPD L X VNODGX VD ZHJRYLP NRQVWLWX
WLYQLP SUDYQLP L UHJXODWLYQLP RGUHGEDPD NDNR
EL XVDYU^LOD SURFHGXUH SUDYHGQRJ L HILNDVQRJ
RFHZLYDZDGDOLL]EHJOLFHUDVHTHQDOLFDLOLFD
VD VWDWXVRP L]EHJOLFD LVSXZDYDMX UHOHYDQWQH XV
ORYH ]D SULVWXSYLVRNRPREUD]RYDZXGDTLPSUR
JUDPLPD YLVRNRJ REUD]RYDZD LOL UDGQLP DNWLY
QRVWLPD aDN L X VOXaDMHYLPD NDGD VH NYDOLILND
FLMH VWHaHQH X MHGQRM RG ]HPDTD SRWSLVQLFD QH
PRJX GRND]DWL RGJRYDUDMX`RP GRNXPHQWDFLMRP


1RVWULILNDFLMD L HNYLYDOHQFLMD GLSORPD

*ODYD 9,,, ,QIRUPDFLMHRRFHZLYDZX
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