You are on page 1of 122

(95236.$.

20,6,-$

%ULVHO
'RF&HUWLI

1$&57

92',ý
=$,03/(0(17$&,-8',5(.7,9$
=$6129$1,+1$12920,
*/2%$/12035,67838

9(5=,-$
3KDUH35$4,,,3URJUDPPH
5HJLRQDO3URJUDPPHRQ4XDOLW\$VVXUDQFH

BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1$6/2925*,1$/$

³*8,'(727+(,03/(0(17$7,212)
',5(&7,9(6%$6('211(:$3352$&+
$1'*/2%$/$3352$&+´
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

,='$9$ý

3KDUH35$*,,,3URJUDP
]D%RVQXL+HUFHJRYLQX
$GUHVD
=$92'=$67$1'$5',=$&,-8
0-(5,7(/-6792,3$7(17(
%261(,+(5&(*29,1(
+DPGLMHýHPHUOLüD6DUDMHYR%L+

35,-(92'
6HQDG+URPLü

5(&(1=,-$
'DULMD5DPOMDN%RãQMDN


6$'5ä$-

35('*2925

 892' BBBBBBBBBBBBBBBBBBBBBBBB
 3RMDP1RYRJL*OREDOQRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
 6WDQGDUGQLHOHPHQWLGLUHNWLYD1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
 8VYDMDQMHGLUHNWLYD1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
 3UHX]LPDQMHGLUHNWLYD1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
 'LUHNWLYH1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB

32'58ý-(35,0-(1(',5(.7,9$1292*35,6783$ BBBBBBBBBBBBB 
3URL]YRGLSRWþLQMHQLGLUHNWLYDPD BBBBBBBBBBBBBBBBBBBBBBBB
,VWRYUHPHQDSULPMHQDGLUHNWLYD BBBBBBBBBBBBBBBBBBBBBBBB
3ODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEX BBBBBBBBBBBBBBBBBBBBBBBB
3ODVLUDQMHQDWUåLãWH BBBBBBBBBBBBBBBBBBBBBBBB
6WDYOMDQMHXXSRWUHEX BBBBBBBBBBBBBBBBBBBBBB BB
3UHOD]QLSHULRG BBBBBBBBBBBBBBBBBBBBBBBB

2'*29251267, BBBBBBBBBBBBBBBBBBBBBBBB
3URL]YRÿDþ BBBBBBBBBBBBBBBBBBBBBBBB
'LUHNWLYH1RYRJSULVWXSD BBBBBBBBBBBBBBBBBBBBBBBB
'LUHNWLYDRRGJRYRUQRVWL]DSURL]YRGLGLUHNWLYDRRSüRMVLJXUQRVWLSURL]YRGDBBBBBBBB
2YODãWHQLSUHGVWDYQLN BBBBBBBBBBBBBBBBBBBBBBBB
8YR]QLNRVREDRGJRYRUQD]DSODVLUDQMHQDWUåLãWHBBBBBBBBBBBBBBBBBBBBBBB
'LVWULEXWHU BBBBBBBBBBBBBBBBBBBBBBBB
6DVWDYOMDþLPRQWDåHU BBBBBBBBBBBBBBBBBBBBBBBB
.RULVQLN BBBBBBBBBBBBBBBBBBBBBBBB
2GJRYRUQRVW]DSURL]YRG BBBBBBBBBBBBBBBBBBBBBBBB

86$*/$â(12676$=$+7-(9,0$',5(.7,9$0$ BBBBBBBBBBBBBBBB 
(VHQFLMDOQL]DKWMHYL BBB BBBBBBBBBBBBBBBBBBBBB
+DUPRQL]LUDQLVWDQGDUGL BBBBBBBBBBBBBBBBBBBBBBBB
3UHWSRVWDYNDRXVNODÿHQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
3RYODþHQMHSUHWSRVWDYNHRXVNODÿHQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
5HYL]LMDKDUPRQL]LUDQLKVWDQGDUGD BBBBBBBBBBBBBBBBBBBB BBBB


352&('85$2&-(1-,9$1-$86./$ (1267,BBBBBBBBBBBBBBBBBBB 
0RGXOL BBBBBBBBBBBBBBBBBBBBBBBB
3ULPMHQDVWDQGDUGD]DVLVWHPHNYDOLWHWD BBBBBBBBBBBBBBBBBBB BBBBB
7HKQLþNDGRNXPHQWDFLMD BBBBBBBBBBBBBBBBBBBBBBBB
(& (YURSVND=DMHGQLFD GHNODUDFLMDRXVNODÿHQRVWLBBBBBBBBBBBBBBBBBBBB

35,-$9/-(1$7,-(/$ BBBBBBBBBBBBBBBBBBBBBBBB
3ULQFLSLSULMDYOMLYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
3URFHGXUDSULMDYOMLYDQMDLSRYODþHQMHSULMDYOMLYDQMDBBBBBBBBBBBBBBBBBBBBBB
3URFHGXUDSULMDYOMLYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
3RYODþHQMHSULMDYOMLYDQMD BBBBBBBBBBBBBBBBBBBBBBBB 
2SüHRGJRYRUQRVWLSULMDYOMHQLKWLMHOD BBBBBBBBBBBBBBBBBBBBBBBB
3ULMDYOMHQDWLMHODLRFMHQMLYDQMHXVNODÿHQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
3ULMDYOMHQDWLMHODLSRGXJRYDUDQMH BBBBBBBBBBBBBBBBBBBBBBBB
.RRUGLQLUDQMHLVDUDGQMD BBBBBBBBBBBBBBBBBBBBBBBB

&(2=1$ý$9$1-( BBBBBBBBBBBBBBBBBBBBBBBB
3ULQFLSL&(R]QDþDYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
3URL]YRGLNRMLWUHEDMXELWLR]QDþHQL&(R]QDNRPBBBBBBBBBBBBBBBBBBBBBBBB
3RVWDYOMDQMH&(R]QDNH BBBBBBBBBBBBBBBBBBBBBBBB
&(R]QDþDYDQMHLGUXJHR]QDNH BBBBBBBBBBBBBBBBBBBBBBBB

1$'=251$'75ä,â7(0 BBBBBBBBBBBBBBBBBBBBBBBB
3ULQFLSLQDG]RUDQDGWUåLãWHP BBBBBBBBBBBBBBBBBBBBBBBB
$NWLYQRVWLQDG]RUDQDGWUåLãWHP BBBBBBBBBBBBBBBBBBBBBBBB
1DGJOHGDQMHSURL]YRGDSODVLUDQLKQDWUåLãWHBBBBBBBBBBBBBBBBBBBBBBBB
.RUHNWLYQHPMHUH BBBBBBBBBBBBBBBBBBBBBBBB
2VWDOHDNWLYQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
3URFHGXUDSURSLVDQD]DãWLWQRPNODX]XORP BBBBBBBBBBBBBBBBBBBBBBBB
8VORYL]DSR]LYDQMHQD]DãWLWQXNODX]XOX BBBBBBBBBBBBBBBBBBBBBBBB
2EDYMHãWDYDQMH.RPLVLMH BBBBBBBBBBBBBBBBBBBBBBBB
8SUDYOMDQMH]DãWLWQRPNODX]XORP BBBBBBBBB BBBBBBBBBBBBBBB
=DãWLWD&(R]QDþDYDQMD BBBBBBBBBBBBBBBBBBBBBBBB
6LVWHPLUD]PMHQHLQIRUPDFLMD BBBBBBBBBBBBBBBBBBBBBBBB
3RWURãDþNLSURL]YRGL%U]DUD]PMHQDLQIRUPDFLMDBBBBBBBBBBBBBBBBBBBBB
0HGLFLQVNDVUHGVWYD6LVWHPXSR]RUDYDQMDX]EXQMLYDQMDBBBBBBBBBBBBBBBBBB
,QIRUPDFLRQLVLVWHPRQHVUHüDPDXNXüLLQHVUHüDPDXVORERGQRYULMHPHBBBBBBBBB
2VWDOLVLVWHPL]DUD]PMHQXLQIRUPDFLMDQDQLYRX=DMHGQLFHBBBBBB BBBBBBBBBB
$GPLQLVWUDWLYQDVDUDGQMD BBBBBBBBBBBBBBBBBBBBBBBB
.UDWDNSUHJOHGDGPLQLVWUDWLYQHVDUDGQMH BBBBBBBBBBBBBBBBBBBBBBBB
,QIUDVWUXNWXUH]DDGPLQLVWUDWLYQXVDUDGQMX BBBBBBBBBBBBBBBBBBBBBBBB
3URL]YRGLXYH]HQLL]WUHüLK]HPDOMD BBBBBBBBBBBBBBBBBBBBBBBB


632/-1,$63(.7, BBBBBBBBBBBBBBBBBBBBBBBB
6SRUD]XPX(YURSVNRMHNRQRPVNRM]RQL BBBBBBBBBBBBBBBBBBBBBBBB
2VQRYQLHOHPHQWLVSRUD]XPD BBBBBBBBBBBBBBBBBBBBBBBB
3ULMDYOMLYDQMHWLMHOD BBBBBBBBBBBBBBBBBBBBBBBB
3URFHGXUDSURSLVDQD]DãWLWQRPNODX]XORP BBBBBBBBBBBBBBBBBBBBBBBB
6SRUD]XPLRX]DMDPQRPSUL]QDYDQMXHYURSVNLSURWRNROLRRFMHQMLYDQMXXVNODÿHQRVWLBB
6SRUD]XPLRX]DMDPQRPSUL]QDYDQMX BBBBBBBBBBBBBBBBBBBBBBBB
(YURSVNLSURWRNROLRRFMHQMLYDQMXXVNODÿHQRVWL BBBBBBBBBBBBBBBBBBBBBBBB
7HKQLþNDSRPRü BBBBBBBBBBBBBBBBBBBBBBBB
6SRUD]XPRWHKQLþNLPEDULMHUDPDSUHPDWUJRYLQLBBBBBBBBBBBBBBBBBBBBBBB

35,/2*
3ULORJ=DNRQRGDYVWYR=DMHGQLFHQDNRMHVHXSXüXMHXYRGLþX
3ULORJ'RGDWQLGRNXPHQWLVPMHUQLFH QSUOLVWDUHOHYDQWQLKFHUWLILFLUDQLKGRNXPHQDWDL
VHNWRUVNLYRGLþL
3ULORJ3URL]YRGLSRWþLQMHQLGLUHNWLYDPD1RYRJSULVWXSD
3ULORJ1DþLQQDNRMLMHPRJXüHNRQWDNWLUDWL.RPLVLMXXYH]LVD1RYLPL*OREDOQLPSULVWXSRP
3ULORJ'LMDJUDPLWRNDSURFHGXUDRFMHQMLYDQMDXVNODÿHQRVWLXVNODGXVDGLUHNWLYDPD

QLMHMRãGRVWXSDQ


 892'

x 2YDM YRGLþ MH QDPLMHQMHQ ]D EROMH UD]XPLMHYDQMH GLUHNWLYD ]DVQRYDQLK QD 1RYRP LLOL
*OREDOQRPSULVWXSXL]DMHGQRREUD]QLMXSULPMHQXXUD]OLþLWLPVHNWRULPDLX=DMHGQLFL
x *GMHVHVDGUåDMRYRJYRGLþDLRGUHGEHGLUHNWLYHUD]OLNXMXVDPRWHNVWGLUHNWLYHMH]DNRQVNL
DXWHQWLþDQ

 32-$01292*,*/2%$/12*35,6783$

6ORERGDQSURWRNSURL]YRGDMHNDPHQWHPHOMDFMHGLQVWYHQRJWUåLãWD0HKDQL]PLXVSRVWDYOMHQL]D
GRVWL]DQMH RYRJ FLOMD VX ]DVQRYDQLQD VSULMHþDYDQMX QRYLK EDULMHUD SUHPD WUJRYLQL X]DMDPQRP
SUL]QDYDQMXLWHKQLþNRMKDUPRQL]DFLML
1RYHEDULMHUH]DWUJRYLQXNRMHVXUH]XOWDWXVYDMDQMDUD]OLþLWLKQDFLRQDOQLKWHKQLþNLKVWDQGDUGDL
SURSLVD PRJX ELWL VSULMHþHQH NUR] SURFHGXUX XVSRVWDYOMHQX SR GLUHNWLYL (&  'UåDYH
þODQLFH VX REDYH]QH GD REDYLMHVWH R QDFUWX WHKQLþNLK SURSLVD L VWDQGDUGD  .RPLVLMX L RVWDOH
'UåDYHþODQLFH8WRNXSHULRGDPLURYDQMDRQLQHELPRJOLELWLXVYRMHQLãWRRVWDYOMD.RPLVLMLL
RVWDOLP'UåDYDPDþODQLFDPDPRJXüQRVWGDUHDJXMX8RGVXVWYXUHDNFLMDXSHULRGXPLURYDQMD
QDFUW SURSLVD L VWDQGDUGD EL PRJDR ELWL XVYRMHQ 3HULRG PLURYDQMD MH RELþQR WUL PMHVHFD LOL
GYDQDHVWPMHVHFLDNRMHGLUHNWLYDQDSXWXGRQRãHQMD'LUHNWLYD(&WDNRÿHUGDMH.RPLVLML
PRJXüQRVW SR]LYDQMD QDNRQ NRQVXOWDFLMH VD 'UåDYDPD þODQLFDPD HYURSVNLK RUJDQL]DFLMD ]D
VWDQGDUGHGDL]UDGHHYURSVNHVWDQGDUGH
1DFLRQDOQL WHKQLþNL SURSLVL VX SUHGPHW  RGUHGEL þODQRYD  L  ((& VSRUD]XPD NRML
]DEUDQMXMH NROLþLQVND RJUDQLþHQMD LOL PMHUH NRMH LPDMX HNYLYDOHQWDQ HIHNDW 3UHFHGHQWQR SUDYR
(YURSVNRJVXGDSUDYGHSRVHEQRVOXþDM VOXþDM³&DVVLVGH'LMRQ´ REH]EMHÿXMHNOMXþQH
HOHPHQWH]DX]DMDPQRSUL]QDYDQMH5H]XOWDWRYRJ]DNRQVNRJVOXþDMDMHVOLMHGHüL
x 3URL]YRGLSURL]YHGHQLLOLSURGDQLXVNODGXVD]DNRQRPXMHGQRM]HPOMLPRJXVHXSULQFLSX
VORERGQRNUHWDWLNUR]=DMHGQLFX
x 8 RGVXVWYX PMHUD =DMHGQLFH 'UåDYH þODQLFH VX VORERGQH GD GRQRVH ]DNRQH QD VYRMRM
WHULWRULMLL

'LUHNWLYD (& MH VLVWHPDWL]LUDQD GLUHNWLYD ((& L QMHQH GRSXQH 'LUHNWLYD (& MH
 

GRSXQMHQDGLUHNWLYRP(&


x %DULMHUHSUHPDWUJRYLQLNRMHVXUH]XOWDWUD]OLNDL]PHÿXQDFLRQDOQRJ]DNRQRGDYVWYDPRJX
ELWLVDPRSULKYDüHQHDNRQDFLRQDOQHPMHUH
Ÿ VOXåH OHJLWLPQRM VYUVL RSUDYGDYDMXüL  NUãHQMH SULQFLSD VORERGQRJ SURWRND URED QSU
]GUDYOMHVLJXUQRVW]DãWLWDSRWURãDþD]DãWLWDRNROLQH L
Ÿ PRJXELWLRSUDYGDQHXRGQRVXQDOHJLWLPQXVYUKXLDNRVXXVNODÿHQHVDFLOMHYLPD

2JUDQLþHQMDVORERGQRPSURWRNXSURL]YRGDNRMDELPRJODELWLSULKYDüHQDXVNODGXVDþODQRYLPDL
 6SRUD]XPD PRJX ELWL HOLPLQLUDQD VDPR NUR] WHKQLþNX KDUPRQL]DFLMX QD QLYRX =DMHGQLFH 2YD
KDUPRQL]DFLMDMHXSRþHWNXELODSULOLþQRVSRUDL]GYDUD]ORJD3UYR]DNRQRGDYVWYRMHSRVWDORYLVRNR
WHKQLþNRSRãWRMHLPDOR]DFLOM]DGRYROMDYDQMHLQGLYLGXDOQLK]DKWMHYD]DVYDNXNDWHJRULMXSURL]YRGD
'UXJRXVYDMDQMHGLUHNWLYD]DWHKQLþNXKDUPRQL]DFLMXMHELOR]DVQRYDQRQDMHGQRJODVQRVWLX9LMHüX

&LOM  GD VH NUHLUD MHGLQVWYHQR WUåLãWH  JRGLQH QLMH PRJDR ELWL GRVWLJQXW EH] QRYH
UHJXODFLRQH WHKQLNH NRMD XVSRVWDYOMD VDPR RSãWH HVHQFLMDOQH ]DKWMHYH VPDQMXMH NRQWUROX MDYQLK
YODVWL SUYHQVWYHQR ]D SURL]YRG SODVLUDQ QD WUåLãWH L LQWHJULVDQR RVLJXUDQMH NYDOLWHWD L RVWDOH
PRGHUQH WHKQLNH RFMHQMLYDQMD XVNODÿHQRVWL 1DGDOMH SURFHGXUD RGOXþLYDQMD MH WUHEDOD ELWL
SULODJRÿHQD VD VYUKRP GD RODNãD XVYDMDQMH GLUHNWLYD ]D WHKQLþNX KDUPRQL]DFLMX RG VWUDQH SURVWH
YHüLQHX9LMHüX

1RYD UHJXOLFLRQD WHKQLND L VWUDWHJLMD MH ELOD XVSRVWDYOMHQD 5H]ROXFLMRP 9LMHüD R 1RYRPSULVWXSX
WHKQLþNRMKDUPRQL]DFLMLLVWDQGDUGL]DFLML 2-& NRMDMHXVWDQRYLODVOLMHGHüHSULQFLSH
x =DNRQRGDYQD KDUPRQL]DFLMD MH RJUDQLþHQD QD HVHQFLMDOQH ]DKWMHYH NRMH SURL]YRGL
SODVLUDQL QD WUåLãWH =DMHGQLFH PRUDMX ]DGRYROMLWL DNR VH åHOL GD RQL XåLYDMX SRYODVWLFH
NRMHSURL]LOD]HL]VORERGQRJNUHWDQMDXRNYLUX=DMHGQLFH
x 7HKQLþNHVSHFLILNDFLMHSURL]YRGDNRMH]DGRYROMDYDMXHVHQFLMDOQH]DKWMHYHXVSRVWDYOMHQH
XGLUHNWLYDPDELWLüHXJUDÿHQHXKDUPRQL]LUDQHVWDQGDUGH
x 3ULPMHQD KDUPRQL]LUDQLK LOL GUXJLK VWDQGDUGD RVWDMH GREURYROMQD L SURL]YRÿDþ PRåH
XYLMHNSULPLMHQLWLGUXJHWHKQLþNHVSHFLILNDFLMH
x 3URL]YRGL SURL]YHGHQL X VNODGX VD KDUPRQL]LUDQLP VWDQGDUGLPD LPDMX SUHGQRVW X
SUHWSRVWDYFLXVNODÿHQRVWLVDRGJRYDUDMXüLPHVHQFLMDOQLP]DKWMHYLPD

'MHORYDQMHGLUHNWLYD1RYRJSULVWXSD]DKWMHYDGDVWDQGDUGLQXGHJDUDQWLUDQLQLYR]DãWLWHXVNODGXVD
HVHQFLMDOQLP ]DKWMHYLPD XVWDQRYOMHQLP GLUHNWLYDPD L GD QDFLRQDOQD QDGOHåQD WLMHOD LVSXQH VYRMH
RGJRYRUQRVWL ]D ]DãWLWX VLJXUQRVWL LOL GUXJH LQWHUHVH SRNULYHQH GLUHNWLYRP 1DGDOMH SURFHGXUD
SURSLVDQD ]DãWLWQRP NODX]XORP MH QHRSKRGQD GD GR]YROL PRJXüQRVWL RVSRUDYDQMD XVNODÿHQRVWL
SURL]YRGDJUHãDNDLOLQHSRWSXQRVWLKDUPRQL]LUDQLKVWDQGDUGD

3RãWR 1RYL 3ULVWXS SR]LYD GD HVHQFLMDOQL ]DKWMHYL EXGX KDUPRQL]LUDQL L SRVWDQX REDYH]QL SXWHP
GLUHNWLYD RYDNDY SULVWXS MH RGJRYDUDMXüL VDPR JGMH MH WR LVWLQVNL PRJXüH GD VH QDSUDYL UD]OLND
L]PHÿXHVHQFLMDOQLK]DKWMHYDLWHKQLþNLKVSHFLILNDFLMD


,]YRUQRRFMHQLYDQMHRGWUHüHVWUDQHMHVPDWUDQRQHRSKRGQLPJGMHSURL]YRGLQLVXELOLSURL]YHGHQLXVNODGX
VDKDUPRQL]LUDQLPVWDQGDUGLPD2YRVHUD]YLORRGXVYDMDQMDSUYLKGLUHNWLYD1RYRJSULVWXSD


1DGDOMH ãLURNL RSVHJ SURL]YRGD PRUD ELWL GRYROMQR KRPRJHQ LOL KRUL]RQWDOQL UL]LN PRJXü ]D
LGHQWLILFLUDQMH GD RPRJXüL ]DMHGQLþNH HVHQFLMDOQH ]DKWMHYH 3RVPDWUDQR SRGUXþMH SURL]YRGD LOL
UL]LNDPRUDWDNRÿHUELWLSRJRGQR]DVWDQGDUGL]DFLMX

8GRGDWNXQDSULQFLSH1RYRJSULVWXSDXVORYL]DSRX]GDQRRFMHQMLYDQMHXVNODÿHQRVWLVXQHRSKRGQL
.OMXþQL HOHPHQWL X RYRP SRJOHGX VX JUDGQMD SRYMHUHQMD NUR] QDGOHåQRVW L WUDQVSDUHQWQRVW L
XVSRVWDYOMDQMH VYHREXKYDWQH SROLWLNH L RNYLUD ]D RFMHQLYDQMH XVNODÿHQRVWL 5H]ROXFLMD 9LMHüD R
*OREDOQRP3ULVWXSXFHUWLILFLUDQMXLLVSLWLYDQMX 2-& XVSRVWDYOMDVOLMHGHüHSULQFLSHYRGLOMH
]DSROLWLNX=DMHGQLFHQDRFMHQLYDQMXXVNODÿHQRVWL

x 'RVOMHGDQSULVWXSMHUD]YLMHQX]DNRQRGDYVWYX=DMHGQLFHSXWHPRVPLãOMHQLKPRGXOD]D
UD]OLþLWH ID]H SURFHGXUD RFMHQMLYDQMD XVNODÿHQRVWL L SXWHP XVSRVWDYOMDQMD NULWHULMD ]D
NRULãWHQMH RYLK SURFHGXUD ]D LPHQRYDQMH WLMHOD NRMD SURYRGH RYH SURFHGXUH L ]D
NRULãWHQMH&(R]QDþDYDQMD
x .RULãWHQMH HYURSVNLK VWDQGDUGD X YH]L VD RVLJXUDQMHP NYDOLWHWD (1 ,62  VHULMH  L
]DKWMHYLPD NRMH MH SRWUHEQR GD LVSXQH WLMHOD NRMD VSURYRGH RVLJXUDQMH  NYDOLWHWD
(1VHULMH MHXRSãWHQR
x 8VSRVWDYOMDQMH DNUHGLWDFLRQLK VLVWHPD L NRULãWHQMH WHKQLND LQWHUNRPSDUDFLMH NRMH VH
SURPRYLUDMXX'UåDYDPDþODQLFDPDLQDQLYRX=DMHGQLFH
x 6SRUD]XPL R X]DMDPQRP SUL]QDYDQMX NRML VH RGQRVH QD LVSLWLYDQMH L FHUWLILFLUDQMH X
QHUHJXOLUDQRMVIHULVHSURPRYLUDMX
x 5D]OLNH SRVWRMHüLK LQIUDVWUXNWXUD NYDOLWHWD QSU NDOLEUDFLMD L PMHULWHOMVNL VLVWHPL
ODERUDWRULMH]DLVSLWLYDQMDFHULILNDFLRQDLLQVSHNFLMVNDWLMHODLDNUHGLWDFLRQDWLMHOD L]PHÿX
'UåDYDþODQLFDLL]PHÿXLQGXVWULMVNLKVHNWRUDVHPLQLPL]LUDMXSXWHPSURJUDPD
x 0HÿXQDURGQDWUJRYLQDL]PHÿX=DMHGQLFHLWUHüLK]HPDOMDVHSURPRYLUDSXWHPVSRUD]XPD
RX]DMDPQRPSUL]QDYDQMXVDUDGQMLLSURJUDPDWHKQLþNHSRPRüL

1RYL 3ULVWXS MH ]DKWLMHYDR SUHþLãüHQR RFMHQLYDQMH XVNODÿHQRVWLQD WDNDY QDþLQ NDR GD GR]YROMDYD
]DNRQRGDYFX =DMHGQLFH GD RFLMHQL SRVOMHGLFH UD]OLþLWLK PHKDQL]DPD RFMHQMLYDQMD XVNODÿHQRVWL &LOM
MHREH]ELMHGLWLIOHNVLELOQRVWRFMHQMLYDQMDXVNODÿHQRVWLQDGFLMHOLPSURFHVRPSURL]YRGQMHVDVYUKRP
SULODJRÿDYDQMDSRWUHEDPDVYDNHRSHUDFLMHSRQDRVRE*OREDOQLSULVWXSMHXYHRPRGXODUQLSULVWXSNRML
MHSRGLMHOLRRFMHQMLYDQMHXVNODÿHQRVWLXRGUHÿHQLEURMRSHUDFLMD WMPRGXOD 2YLPRGXOLVHUD]OLNXMX
]DYLVQR RG VWHSHQD UD]YRMD SURL]YRGD GL]DMQ SURWRWLS SXQD SURL]YRGQMD  YUVWH SURYHGHQRJ
RFMHQMLYDQMD QSU SURYMHUD GRNXPHQDWD RGREUHQMH WLSD RVLJXUDQMH NYDOLWHWD  L RVREH NRMD SURYRGL
RFMHQMLYDQMH WMSURL]YRÿDþLOLWUHüDVWUDQD 

*OREDOQL SULVWXS MH ELR GRQHVHQ RGOXNRP 9LMHüD ((& NRMD MH ELOD ]DPLMHQMHQD L DåXULUDQD
RGOXNRP((&2YHRGOXNHXVSRVWDYOMDMXRSüHVPMHUQLFHLGHWDOMQHSURFHGXUH]DRFMHQMLYDQMH
XVNODÿHQRVWLNRMHVHNRULVWHXGLUHNWLYDPD1RYRJSULVWXSD


1RYL3ULVWXSQLMHELRSULPLMHQMHQXVHNWRULPDJGMHMH ]DNRQRGDYVWYR =DMHGQLFH ELOR GREUR SURYHGHQR GR
 LOLWDPR JGMH RGUHGEH ]D JRWRYH SURL]YRGH L UL]LNH SRYH]DQH VD WDNYLP SURL]YRGLPD QLVX PRJOH ELWL
XVSRVWDYOMHQH 1D SULPMHU ]DNRQRGDYVWYR =DMHGQLFH ]D SUHKUDPEHQH SURL]YRGH L KHPLMVNH SURL]YRGH
IDUPDFHXWVNHSURL]YRGHPRWRUQDYR]LODLWUDNWRUHQHVOLMHGL SULQFLSH1RYRJSULVWXSD


,]WRJUD]ORJDRFMHQMLYDQMHXVNODÿHQRVWLMH]DVQRYDQRQD
x
XQXWUDãQMHPGL]DMQXSURL]YRÿDþDLDNWLYQRVWLPDNRQWUROHSURL]YRGQMH
x
LVSLWLYDQMXWLSDRGWUHüHVWUDQHNRPELQRYDQRPVDXQXWUDãQMLPDNWLYQRVWLPDNRQWUROHSURL]YRGQMH
SURL]YRÿDþD
x
LVSLWLYDQMX WLSD LOL GL]DMQD RG WUHüH VWUDQH NRPELQRYDQRP VD RGREUHQMHP RG WUHüH VWUDQH
SURL]YRGD  LOL VLVWHPRP RVLJXUDQMD NYDOLWHWD SURL]YRGQMH LOL YHULILNDFLMRP SURL]YRGD RG WUHüH
VWUDQH
x
SRVHEQRMYHULILNDFLMLGL]DMQD]DMHGQXFMHOLQXLSURL]YRGQMLRGWUHüHVWUDQHLOL
x
RGREUHQMXRGWUHüHVWUDQHFMHORNXSQLKVLVWHPDRVLJXUDQMDNYDOLWHWD

8 GRGDWNX  ]D XVSRVWDYOMDQMH VPMHUQLFD ]D NRULãWHQMH SURFHGXUD ]D RFMHQMLYDQMH XVNODÿHQRVWL X
GLUHNWLYDPD ]D WHKQLþNX KDUPRQL]DFLMX RGOXND ((& KDUPRQL]LUD SUDYLOD ]D SRVWDYOMDQMH L
XSRWUHEX&(R]QDNH

 67$1'$5'1,(/(0(17,',5(.7,9$1292*35,6783$ 

x 'LUHNWLYH1RYRJSULVWXSDVX]DVQRYDQHQDVOLMHGHüLPSULQFLSLPD
Ÿ +DUPRQL]DFLMDMHRJUDQLþHQDQDHVHQFLMDOQH]DKWMHYH
Ÿ 6DPRSURL]YRGLNRML]DGRYROMDYDMXHVHQFLMDOQH]DKWMHYHVXSUHGPHWVORERGQRJSURWRND
Ÿ +DUPRQL]LUDQLVWDQGDUGLþLMLVXUHIHUHQWQLEURMHYLREMDYOMHQLX6OXåEHQRPOLVWXLNRMLVX
XVYRMHQL NDR QDFLRQDOQL VWDQGDUGL GDMX SUHWSRVWDYNX XVNODÿHQRVWL VD RGJRYDUDMXüLP
HVHQFLMDOQLP]DKWMHYLPD
Ÿ 3ULPMHQD KDUPRQL]LUDQLK VWDQGDUGD  LOL GUXJLK WHKQLþNLK VSHFLILNDFLMD  RVWDMH
GREURYROMQD L SURL]YRÿDþL VX VORERGQL  GD L]DEHUX  ELOR NRMH WHKQLþNR UMHãHQMH NRMH
REH]EMHÿXMH]DGRYROMDYDQMHHVHQFLMDOQLK]DKWMHYD
Ÿ 3URL]YRÿDþL PRJX L]DEUDWL L]PHÿX UD]OLþLWLK SURFHGXUD ]D RFMHQMLYDQMH XVNODÿHQRVWL
REH]ELMHÿHQLKXSULPMHQMLYRMGLUHNWLYL

3RGUXþMHSULPMHQH

3RGUXþMHSULPMHQHGHILQLãHRSVHJSURL]YRGDSRNULYHQLKGLUHNWLYRPLOLSULURGXUL]LNDNRMHGLUHNWLYD
WUHED GD VSULMHþL 'LUHNWLYD RELþQR SRNULYD UL]LNH SRYH]DQH VD SURL]YRGRP WM SULVWXS YH]DQ ]D
SURL]YRG  LOL UL]LNH SRYH]DQH VD IHQRPHQLPD WM SULVWXS YH]DQ ]D UL]LN  6DJODVQR WRPH SURL]YRG
PRåHELWLSRNULYHQVDQHNROLNRGLUHNWLYD

; 3RGUXþMHSULPMHQHGLUHNWLYDSRJODYOMH

3ODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEX

'UåDYH þODQLFH VX REDYH]QH GD SUHGX]PX  QHRSKRGQH PMHUH GD RVLJXUDMX GD SURL]YRGL EXGX
SODVLUDQLQDWUåLãWHLVWDYOMHQLXXSRWUHEXRVLPDNRRQLQHXJURåDYDMXVLJXUQRVWL]GUDYOMHOMXGLLOL
GUXJH MDYQH LQWHUHVH SRNULYHQH GLUHNWLYRP NDGD VX SURSLVQR LQVWDOLUDQL RGUåDYDQL  L NRULãWHQL ]D
QDPMHQMHQHVYUKH


6WDQGDUGQLHOHPHQWLVXSUHGVWDYOMHQLXUHGRVOLMHGXNRMLVHRELþQRVOLMHGLXGLUHNWLYDPD1RYRJSULVWXSD


2YRMHXþLQLORQHRSKRGQLPREDYH]X]DQDG]RURPQDGWUåLãWHPRGVWUDQH'UåDYDþODQLFD

'UåDYDPD þODQLFDPD MH GR]YROMHQR GD XVYDMDMX  X VNODGX VD 6SRUD]XPRP  QSU þODQ  L  
GRGDWQXQDFLRQDOQXRGUHGEXGD]DãWLWLSRVHEQRUDGQLNHSRWURãDþHLOLRNROLQX0HÿXWLPRYHRGUHGEH
QLWLPRJX]DKWLMHYDWLPRGLILNDFLMHSURL]YRGDQLXWLFDWLQDXVORYH]DQMHJRYRSODVLUDQMHQDWUåLãWH

; 3ODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEXSRJODYOMH
; &(R]QDþDYDQMHSRJODYOMH

(VHQFLMDOQL]DKWMHYL

(VHQFLMDOQL]DKWMHYLGDWLXSULOR]LPDGLUHNWLYDXNOMXþXMXVYHãWRMH QHRSKRGQR GD VH GRVWLJQH FLOM


GLUHNWLYH 3URL]YRGL PRJX ELWL SODVLUDQL QD WUåLãWH L VWDYOMHQL X XSRWUHEX VDPRDNR  ]DGRYROMDYDMX
HVHQFLMDOQH]DKWMHYH

1DPMHQD GLUHNWLYD 1RYRJ SULVWXSD MH GD SRNULMX VYH WLSLþQHUL]LNH  SRYH]DQH VD MDYQLP LQWHUHVRP
NRML GLUHNWLYD QDPMHUDYD GD ]DãWLWL 3UHPD WRPH SRYLQRYDQMH ]DNRQVNLP DNWLPD =DMHGQLFH þHVWR
]DKWLMHYDSULPMHQXQHNROLNRGLUHNWLYD1RYRJSULVWXSDLVWRYUHPHQRLYMHURYDWQRGUXJLK]DNRQVNLK
DNDWD =DMHGQLFH 1DGDOMH QHNL HOHPHQWL PRJX ELWL RVWDYOMHQL YDQ SRGUXþMD SULPMHQH SULPMHQMLYLK
]DNRQVNLK DNDWD =DMHGQLFH 2YR GR]YROMDYD 'UåDYDPD þODQLFDPD GD GRQHVX QDFLRQDOQH ]DNRQVNH
DNWHXVDJODVQRVWLVDþODQRYLPDL6SRUD]XPD

; 3RYLQRYDQMHGLUHNWLYDPDSRJODYOMH

6ORERGDQSURWRN

'UåDYHþODQLFHPRUDMXSUHWSRVWDYLWLGDSURL]YRGLNRMLQRVH&(R]QDNX]DGRYROMDYDMXVYHRGUHGEH
SULPMHQMLYLK GLUHNWLYD REH]ELMHÿHQLK ]D QMHJRYR SRVWDYOMDQMH 6DJODVQR WRPH 'UåDYH þODQLFH QH
PRJX]DEUDQLWLRJUDQLþLWLLOLRPHWDWLSODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEXQDQMLKRYRMWHULWRULML
SURL]YRGD NRML QRVH &( R]QDNX RVLP DNR VX RGUHGEH NRMH VX SRYH]DQH VD &( R]QDþDYDQMHP
QHSUDYLOQRSULPLMHQMHQH

.DRL]X]HWDN'UåDYHþODQLFHPRJX]DEUDQLWLRJUDQLþLWLLOLRPHWDWLVORERGDQSURWRNSURL]YRGDNRML
QRVH &( R]QDNX ± X VNODGX VD þODQRYLPD  L  6SRUD]XPD ± ]ERJ UL]LND NRML QLMH SRNULYHQ
SULPMHQMLYLPGLUHNWLYDPD

; 3ODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEXSRJODYOMH
; &(R]QDþDYDQMHSRJODYOMH


3UHWSRVWDYNDRXVNODÿHQRVWL

=D SURL]YRGH NRML VX X VNODGX VD  QDFLRQDOQLP VWDQGDUGLPD ãWR VX SUHX]HWL NDR KDUPRQL]LUDQL
VWDQGDUGLþLMLVXUHIHUHQWQLEURMHYLREMDYOMHQLX6OXåEHQRPOLVWX(YURSVNH=DMHGQLFHSUHWSRVWDYOMD
VHGDVXXVNODGXVDRGJRYDUDMXüLPHVHQFLMDOQLP]DKWMHYLPD7DPRJGMHSURL]YRÿDþQLMHSULPLMHQLR
LOLMHVDPRGMHOLPLþQRSULPMHQLRWDNDYVWDQGDUGRQPRUDGRNXPHQWRYDWLSUHGX]HWHPMHUHLQMLKRYX
SULNODGQRVWUDGLXVNODÿLYDQMDVDHVHQFLMDOQLP]DKWMHYLPD

; 3RYLQRYDQMHGLUHNWLYDPDSRJODYOMH

=DãWLWQDNODX]XOD

'UåDYHþODQLFHVXREDYH]QHGDSUHGX]PXVYHRGJRYDUDMXüHPMHUHGD]DEUDQHLOLRJUDQLþHSODVLUDQMH
QD WUåLãWH SURL]YRGD NRML QRVH &( R]QDNX LOL GD LK SRYXNX VD WUåLãWD DNR EL RYL SURL]YRGL PRJOL
XJUR]LWL VLJXUQRVW L ]GUDYOMH SRMHGLQDFD LOL GUXJL MDYQL LQWHUHV SRNULYHQ SULPMHQMLYLP GLUHNWLYDPD
NDGD VH SURL]YRGL NRULVWH ]D QMLKRYX QDPLMHQMHQX VYUKX1DGDOMH 'UåDYD þODQLFD PRUD LQIRUPLUDWL
.RPLVLMXRRYDNYRMPMHUL7DPRJGMH.RPLVLMDVPDWUDQDFLRQDOQXPMHUXRSUDYGDQRPLQIRUPLUDVYH
'UåDYHþODQLFHNRMHPRUDMXSUHGX]HWLRGJRYDUDMXüXDNFLMX

; 1DG]RUQDGWUåLãWHPSRJODYOMH
; =DãWLWQDNODX]XODSRJODYOMH

2FMHQMLYDQMHXVNODÿHQRVWL

3ULMHSODVLUDQMDSURL]YRGDQDWUåLãWH=DMHGQLFHSURL]YRÿDþPRUDSRGYUJQXWLVYRMSURL]YRGSURFHGXUL
RFMHQMLYDQMD XVNODÿHQRVWL REH]EMHÿHQRM X WX VYUKX X SULPMHQMLYRM GLUHNWLYL VD RVYUWRP QD
SRVWDYOMDQMH&(R]QDNH

; 2GJRYRUQRVWLSRJODYOMH
; 3URFHGXUDRFMHQMLYDQMDXVNODÿHQRVWLSRJODYOMH

3ULMDYOMHQDWLMHOD

2FMHQMLYDQMHXVNODÿHQRVWLWUHüHVWUDQHSURYRGHSULMDYOMHQDWLMHODNRMDXVSRVWDYOMDMX 'UåDYHþODQLFH
L]ERURP L]PHÿX WLMHOD NRMD LVSXQMDYDMX ]DKWMHYH XVSRVWDYOMHQH X GLUHNWLYL L NRMD VX RVQRYDQD QD
QMLKRYRMWHULWRULML

; 3ULMDYOMHQDWLMHODSRJODYOMH

&(R]QDþDYDQMH

3URL]YRGL XVNODÿHQL VD VYLP RGUHGEDPD SULPMHQMLYLK GLUHNWLYD  REH]EMHÿHQLK ]D &( R]QDþDYDQMH
PRUDMXQRVLWLRYXR]QDNX3UHPD WRPH &( R]QDND XND]XMH SRVHEQR GD VX SURL]YRGL X VNODGXVD
VYLPHVHQFLMDOQLP]DKWMHYLPDVYLK


SULPMHQMLYLKGLUHNWLYDLGDVXSURL]YRGLSUHGPHWSURFHGXUHRFMHQMLYDQMDXVNODÿHQRVWLREH]EMHÿHQHX
GLUHNWLYL 1DGDOMH 'UåDYH þODQLFH  VX REDYH]QH  GD SUHGX]PX RGJRYDUDMXüH PMHUH GD ]DãWLWH &(
R]QDþDYDQMH

; &(R]QDþDYDQMHSRJODYOMH
; =DãWLWD&(R]QDþDYDQMDSRJODYOMH

.RRUGLQLUDQMHLPSOHPHQWDFLMH

7DPR JGMH 'UåDYD þODQLFD LOL .RPLVLMD VPDWUD GD KDUPRQL]LUDQL VWDQGDUG QH LVSXQMDYD SRWSXQR
HVHQFLMDOQH]DKWMHYHGLUHNWLYHWDMVOXþDMüHELWLSDåOMLYRLVSLWDQRGVWUDQHNRPLWHWDXVSRVWDYOMHQRJSR
GLUHNWLYL (& WM NRPLWHW ]D WHKQLþNH VWDQGDUGH L SURSLVH .RPLVLMD  üH X]LPDMXüL X RE]LU
PLãOMHQMH NRPLWHWD REDYLMHVWLWL 'UåDYH þODQLFH GD OL EL VWDQGDUG WUHEDR ELWL  SRYXþHQ LOL QH VD
REMDYOMHQHOLVWHX6OXåEHQRPOLVWX(YURSVNH]DMHGQLFH

0QRJH GLUHNWLYH 1RYRJ SULVWXSD SUHGYLÿDMX IRUPLUDQMH 6WDOQRJ NRPLWHWD NRML PRåH SRPRüL
.RPLVLML L]QRãHQMHP VYRJD PLãOMHQMD X YH]L VD QDFUWRP PMHUD SUHGORåHQLK ]D LPSOHPHQWDFLMX
RGUHGEL UHOHYDQWQH GLUHNWLYH L LVSLWDWL ELOR NRMH SLWDQMH SRYH]DQR VD LPSOHPHQDFLMRP L SUDNWLþQRP
SULPMHQRP GLUHNWLYH 1DGDOMH UHGRYQL VDVWDQFL ]D GLVNXVLMX R LPSOHPHQWDFLML RNR VSRUQLK SLWDQMD
RGYLMDMX VH NUR] UDGQH JUXSH NRMH VX VDVWDYOMHQH RG SUHGVWDYQLND LPHQRYDQLK RG VWUDQH 'UåDYD
þODQLFDL]DLQWHUHVRYDQLKJUXSD QSUSULMDYOMHQLKWLMHODRUJDQL]DFLMD]DVWDQGDUGL]DFLMXSURL]YRÿDþD
GLVWULEXWHUDLWUJRYDþNLKXQLMD DYRÿHQLVXRGVWUDQH.RPLVLMH

; 3RYODþHQMHSUHWSRVWDYNHXVNODÿHQRVWLSRJODYOMH
; $GPLQLVWUDWLYQDVDUDGQMDSRJODYOMH

3UHX]LPDQMHLSUHOD]QHRGUHGEH

2G 'UåDYD þODQLFD VH ]DKWLMHYD GD REH]ELMHGH SUHX]LPDQMH RGUHGEL GLUHNWLYD X VYRMH QDFLRQDOQH
]DNRQVNHDNWH2QHWDNRÿHUPRUDMXLQIRUPLUDWL.RPLVLMXRSUHGX]HWLPPMHUDPD

'UåDYH þODQLFH PRUDMX GR]YROLWL SODVLUDQMH SURL]YRGDQD WUåLãWH X VNODGX VD SURSLVLPD NRML VX QD
VQD]LQDQMLKRYRMWHULWRULMLQDGDQSULPMHQHSUHGPHWQHGLUHNWLYHGRGDWXPDRGUHÿHQRJXGLUHNWLYL8
VNODGX VD RGUHÿHQLP RJUDQLþHQMLPD WDNYLP SURL]YRGLPD PRUD ELWL WDNRÿHU GR]YROMHQR GD EXGX
VWDYOMHQLXXSRWUHEXSRVOLMHWRJGDWXPD

; 3UHX]LPDQMHGLUHNWLYDSRJODYOMH
; 3UHOD]QLSHULRGSRJODYOMH

6DUDGQMD VH ]DVQLYD QD RGOXFL 9LMHüD R UD]YRMX DGPLQLVWUDWLYQH VDUDGQMH X LPSOHPHQWDFLML L SURYRÿHQMX
 

]DNRQVNLKDNDWD=DMHGQLFHQDXQXWUDãQMHPWUåLãWX 2-& 


869$-$1-(',5(.7,9$1292*35,6783$

x 'LUHNWLYH 1RYRJ SULVWXSD VH XVYDMDMX X VNODGX VD SURFHGXURP VDRGOXþLYDQMD NRMD MH
REH]ELMHÿHQDXþODQXE6SRUD]XPD

x 8VYRMHQH GLUHNWLYH 1RYRJ SULVWXSD VH REMDYOMXMX X / VHULML 6OXåEHQRJ OLVWD (YURSVNH
]DMHGQLFH3ULMHGOR]LGLUHNWLYD1RYRJSULVWXSDRGVWUDQH.RPLVLMHVHREMDYOMXMXX&VHULML
6OXåEHQRJOLVWD

8 VNODGX VD þODQRP E 6SRUD]XPD .RPLVLMD LQLFLUD  XVYDMDQMH GLUHNWLYD 1RYRJ SULVWXSD LOL
QMLKRYXPRGLILNDFLMXSXWHPIRUPLUDQMDSULMHGORJDNRMLVHXSXüXMH9LMHüXL(YURSVNRPSDUODPHQWX
7DNYL SULMHGOR]L .RPLVLMH NRML VH RGQRVH QD ]GUDYOMH VLJXUQRVW ]DãWLWX RNROLQH L ]DãWLWX SRWURãDþD
PRUDMXVDJODVQRVDþODQRPDX]HWLNDRRVQRYXYLVRNQLYR]DãWLWH

1DNRQ SULMHPD SULMHGORJD .RPLVLMH 9LMHüH SUYR ]DKWLMHYD PLãOMHQMH 3DUODPHQWD L (NRQRPVNRJ L
6RFLMDOQRJ NRPLWHWD SULMH QHJR ãWR IRUPLUD ]DMHGQLþNL VWDY R SULMHGORJX .DGD MH VWDY MHGQRP
IRUPLUDQSURVOLMHÿXMHVH3DUODPHQWXNRMLJDPRUDSULKYDWLWLRGELWLLOLSUHGORåLWLDPDQGPDQHXWRNX
GUXJH UDVSUDYH R SRPHQXWRP VWDYX .RPLVLMD SUHLVSLWXMH VYRM SULMHGORJ X VYMHWOX DPDQGPDQD
GRQHVHQLKQD3DUODPHQWXLYUDüDSULMHGORJ9LMHüXNRMHPRUDGRQLMHWLNRQDþQXRGOXNXXURNXRGWUL
PMHVHFD $NR MH QHRSKRGQR SUREOHPL VH UMHãDYDMX X NRPLWHWX ]D XVNODÿLYDQMH L]PHÿX 9LMHüD L
3DUODPHQWDXNRPH.RPLVLMDXþHVWYXMHNDRSRVUHGQLN'LMDJUDPWRNDSULND]XMHSURFHGXUXXVYDMDQMD
VDJODVQRþODQXE6SRUD]XPDLDOWHUQDWLYHXUD]OLþLWLPID]DPD


7DEHOD8VYDMDQMHGLUHNWLYDVDJODVQRþODQXE6SRUD]XPD

.RPLVLMDVDþLQMDYDSULMHGORJ

9LMHüH

'RELMDQMHPLãOMHQMD(YURSVNRJ
SDUODPHQWDWH(NRQRPVNRJ
L6RFLMDOQRJNRPLWHWD

8VYDMDQMH]DMHGQLþNRJVWDYD
SURVWRPYHüLQRP

(YURSVNLSDUODPHQW
XURNXRGWULPMHVHFD

2GREUDYDLOLQH
3UHGODåHDPDQGPDQH 2GELMD
GRQRVLRGOXNX

9LMHüHPRåH
9LMHüHVD]LYD VD]YDWLVDVWDQDN
9LMHüHXVYDMD
$NWMHXVYRMHQ VDVWDQDN NRPLWHWD]D
VYHDPDQGPDQH
RGVWUDQH9LMHüD NRPLWHWD]D XVNODÿLYDQMHGD
LDNW
XVNODÿLYDQMH REMDVQLVYRMVWDY

(YURSVNLSDUODPHQW
.RPLWHW]DXVNODÿLYDQMH
.RPLWHW]DXVNODÿLYDQMH SRWYUÿXMHRGELMDQMH
QHRGREUDYD]DMHGQLþNL
RGREUDYD]DMHGQLþNLWHNVW ]DMHGQLþNRJVWDYD
WHNVW
DSVROXWQRPYHüLQRP

$NRMH]DMHGQLþNLWHNVW
XVYRMLR(YURSVNLSDUODPHQW $NWQLMHXVYRMHQ $NWQLMHXVYRMHQ
L9LMHüH

9LMHüHPRåHSRWYUGLWL]DMHGQLþNLVWDY
$NWMHXVYRMHQ DSVROXWQRPYHüLQRPLXWRPVOXþDMXDNWMH
XVYRMHQRVLPDNRXSRVOMHGQMHPSUHWUHVX
(YURSVNLSDUODPHQWQHRGEDFL]DMHGQLþNLVWDY
DSVROXWQRPYHüLQRP


35(8=,0$1-(',5(.7,9$1292*35,6783$

x 'LUHNWLYH1RYRJSULVWXSDVXGLUHNWLYHNRMHYUãHSRWSXQXKDUPRQL]DFLMXRGUHGEHRYLKGLUHNWLYD
]DPMHQMXMXVYHRGJRYDUDMXüHQDFLRQDOQHRGUHGEH

x 'LUHNWLYH1RYRJSULVWXSDVXQDPMHQMHQH'UåDYDPDþODQLFDPDNRMHVXREDYH]QHGDLKSUHX]PX
XVYRMHQDFLRQDOQH]DNRQVNHDNWHQDRGJRYDUDMXüLQDþLQ

x 1DFLRQDOQL ]DNRQL SURSLVL LOL DGPLQLVWUDWLYQH RGUHGEH NRML SUHX]LPDMX  GLUHNWLYX PRUDMX
VDGUåDYDWLXSXüLYDQMHQDSUHGPHWQXGLUHNWLYXLOLWDNYRXSXüLYDQMHPRUDELWLSRSUDWQRSULOLNRP
QMLKRYRJVOXåEHQRJREMDYOMLYDQMD

x 'UåDYH þODQLFH PRUDMX XSXWLWL  .RPLVLML  QDFLRQDOQH ]DNRQH SURSLVH LOL DGPLQLVWUDWLYQH
RGUHGEHNRMLVXXVYRMHQLLREMDYOMHQLUDGLSUHX]LPDQMDSUHGPHWQHGLUHNWLYH

'LUHNWLYH 1RYRJ SULVWXSD XVDJODãDYDMX ]DNRQH 'UåDYD þODQLFD UDGL RWNODQMDQMD EDULMHUD SUHPD
WUJRYLQL =ERJ WRJD ãWR GLUHNWLYH 1RYRJ 3ULVWXSD YUãH SRWSXQX KDUPRQL]DFLMX 'UåDYH þODQLFH
PRUDMX SRYXüL  VYH QDFLRQDOQH ]DNRQVNH DNWH NRML VX X VXSURWQRVWL VD GLUHNWLYDPD 1DGDOMH
'UåDYDPD þODQLFDPD QLMH GR]YROMHQR D WR MH RSãWH SUDYLOR NDR ãWR MH VOXþDM VD GLUHNWLYDPD
XVYRMHQLP X VNODGXVD  þODQRP D  6SRUD]XPD WM GLUHNWLYH QDPLMHQMHQH SREROMãDQMX ]GUDYOMD L
VLJXUQRVWLUDGQLNDSRVHEQRXUDGQRPRNUXåHQMX GDRGUåDYDMXLOLXYRGHVWURåLMHPMHUDQHJRãWRMH
SUHGYLÿHQRXGLUHNWLYL

'LUHNWLYH1RYRJSULVWXSDLGUXJHGLUHNWLYHNRMHMHXVYRMLOR9LMHüHL3DUODPHQWXVNODGXVDþODQRP
 6SRUD]XPD þYUVWR REDYH]XMX 'UåDYH þODQLFH X SRJOHGX UH]XOWDWD NRMH WUHED SRVWLüL DOL L]ERU
IRUPHLPHWRGDMHQMLKRYYODVWLWL=DNRQVNLVOXþDM(YURSVNRJVXGDSUDYGHREMDãQMDYDVDGUåDMRYLK
REDYH]DLPRJXüHPMHUHNRMHPRJXELWLSUHGX]HWHJGMHVHXVWDQRYLQHSRYLQRYDQMH

8QDGOHåQRVWL'UåDYDþODQLFDMHGDRGOXþHNRMLQDFLRQDOQL]DNRQLSURSLVLLDGPLQLVWUDWLYQHRGUHGEH
VH PRUDMX  XVYRMLWL L REMDYLWL X VYUKX ]DGRYROMDYDQMD ]DKWMHYD GLUHNWLYH 0HÿXWLP 'UåDYH þODQLFH
PRUDMXSURYHVWLRGJRYDUDMXüHPMHUH]DLPSOHPHQWDFLMXSUHX]LPDQMDGLUHNWLYHQDQDþLQNRMLSRWSXQR
]DGRYROMDYD]DKWMHYHMDVQRüHLVLJXUQRVWLX]DNRQVNLPVLWXDFLMDPDNRMHGLUHNWLYHWUDåHNDRNRULVW]D
WUJRYFH  XVWDQRYOMHQH X RVWDOLP 'UåDYDPD þODQLFDPD 2YR QH EL WUHEDOR QHRSKRGQR ]DKWMHYDWL
]DNRQVNXDNFLMXXVYDNRPVOXþDMXNRMLVHRGQRVLQDVYHRGUHGEHGLUHNWLYH

1HPRJXüQRVW SRGX]LPDQMD PMHUD  LOL NRUHNWLYQLK PMHUD ]D SUHX]LPDQMH GLUHNWLYH VD FLOMHP
SRVWL]DQMDUH]XOWDWDSURSLVDQLKGLUHNWLYRPXRNYLUXSHULRGDGDWRJ]DWXVYUKXSUHGVWDYOMDR]ELOMQR
NUãHQMH ]DNRQD =DMHGQLFH 6DJODVQR þODQX  6SRUD]XPD .RPLVLMD SUHGX]LPD  DNFLMX SURWLY
'UåDYH þODQLFH NRMD QH LVSXQMDYD REDYH]H 6SRUD]XPD 1DGDOMH VDJODVQR þODQX  RG 'UåDYD
þODQLFD VH ]DKWMHYD GD SUHGX]PX QHRSKRGQH PMHUH X VPLVOX SRYLQRYDQMD SUHVXGL 6XGD 3UDYGH  L
SUHPDWRPHLVSXQHREDYH]HSUHPD6SRUD]XPX

3UHVXGDVXGDVOXþDMHYL&&±&&&&&


&±&&&&L&


'UåDYH þODQLFH VX REDYH]QH GD GDMX NRPSHQ]DFLMX ]D ãWHWX NRMD MH UH]XOWDWQHSURYRÿHQMD  ]DNRQD
=DMHGQLFH 2YD REDYH]D SRVWRML NDGD SUHNUãHQLP SUDYLORP ]DNRQD VH QDPMHUDYD GDWL SUDYR
SRMHGLQFLPD SUHNUãDM MH GRYROMQR R]ELOMDQ L SRVWRML GLUHNWQD X]URþQD YH]D L]PHÿX QHLVSXQMHQD
REDYH]HNRMDMHRVWDODQD'UåDYLþODQLFLLãWHWHXþLQMHQHWUHüRMVWUDQL

',5(.7,9(1292*35,6783$

8RYRPYRGLþXGLUHNWLYH1RYRJSULVWXSDGHILQLVDQHVXNDRGLUHNWLYHNRMHVOLMHGHSULQFLSH1RYRJL
*OREDOQRJSULVWXSD

7DEHOD'LUHNWLYH1RYRJSULVWXSD

'LUHNWLYD %URM GLUHNWLYH 'DWXP .UDM SUHOD]QRJ


DPDQGPDQ SULPMHQH SHULRGD
 (OHNWULþQD RSUHPD GL]DMQLUDQD  ]D XSRWUHEX X RGUHÿHQLP ((&  
QDSRQVNLPJUDQLFDPD ³QLVNRQDSRQVNDRSUHPD´ ((&  
 -HGQRVWDYQHSRVXGHSRGSULWLVNRP ((&  
((& 
((&  
 6LJXUQRVWLJUDþDND ((& 
((&  
 *UDÿHYLQVNLSURLYRGL ((& 
((&  
 (OHNWURPDJQHWQDNRPSDWLELOQRVW ((&  
((& 
((&  
(& 
 0DãLQH (&  
 
 
 
 /LþQD]DãWLWQDRSUHPD ((&  
((&  
((& 
(& 
 1HDXWRPDWVNHYDJH ((&  
((&  
 $NWLYQDLPSODQWDFLRQDPHGLFLQVNDVUHGVWYD ((&  
((&  
((&  
 8UHÿDMLNRMLVDJRULMHYDMXJDVRYLWDJRULYD ³JDVQLXUHÿDML´ ((&  
((&  
 (NVSOR]LYL]DFLYLOQHQDPMHQH ³FLYLOQLHNVSOR]LYL´ ((&  
 0HGLFLQVNDVUHGVWYD ((&  
 2SUHPD L ]DãWLWQL VLVWHPL QDPLMHQMHQL ]D XSRWUHEX X (&  
SRWHQFLMDOQR HNVSOR]LYQLP DWPRVIHUDPD ³SRWHQFLMDOQR
HNVSOR]LYQHDWPRVIHUH´
 5HNUHDFLRQDSORYLOD RSUHPD]DUHNUHDFLMX (&  
 3DNRYDQMHLRVWDFLRGSDNRYDQMD (&  

 2YDGLUHNWLYDVLVWHPDWLþQRXUHÿXMHXMHGDQMHGLQVWYHQWHNVWGLUHNWLYX((&NRMDMHPRGLILFLUDQD
SUHPD GLUHNWLYDPD ((& ((& L ((& 'DWXP SULPMHQH VH ]DVQLYD QD RULJLQDOQLP
GLUHNWLYDPD


 /LIWRYL
 2SUHPD]DUDGSRGSULWLVNRP (&  
 7HOHNRPXQLNDFLRQDWHUPLQDORSUHPDLRSUHPD]DVDWHOLWVNH (&  
VWDQLFHQD]HPOML ³WHOHNRPXQLNDFLRQDWHUPLQDORSUHPD´
 0HGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMH ;;(& ;; <<

1HNROLNRGLUHNWLYD1RYRJSULVWXSDVDGUåHGRGDWQHHOHPHQWHXRGQRVXQDRQHXVSRVWDYOMHQH1RYLPL
*OREDOQLPSULVWXSRP'LUHNWLYDRQLVNRQDSRQVNRMRSUHPLMHGRQHVHQDJRGLQHSULMHQHJRãWRMH
SRMDP1RYRJL*OREDOQRJSULVWXSDELRXVWDQRYOMHQ'LUHNWLYDMHXVNODÿHQDVDQHNLPSURãLUHQMLPD
VDRVWDOLPGLUHNWLYDPD1RYRJSULVWXSDJRGLQH

6DJODVQR  GLUHNWLYL NRMD VH RGQRVL QD JUDÿHYLQVNH SURL]YRGH HVHQFLMDOQL ]DKWMHYL VH GDMX X
NRQNUHWQRM IRUPL X GRNXPHQWLPD ]D WXPDþHQMH NRML VX GRQHVHQL RG VWUDQH WHKQLþNLK NRPLWHWD
'LUHNWLYDWDNRÿHUXVSRVWDYOMDPHKDQL]DPHYURSVNRJWHKQLþNRJRGREUHQMDNRMLSUHGVWDYOMDWHKQLþNX
RFMHQXSULNODGQRVWLSURL]YRGD]DNRULãWHQMH2YRWHKQLþNRRGREUHQMHPRåHELWLGDWRSURL]YRGLPD]D
NRMH QH SRVWRMH QLWL KDUPRQL]LUDQL VWDQGDUG QL SUL]QDWL QDFLRQDOQL VWDQGDUG QLWL PDQGDW ]D
KDUPRQL]LUDQLPVWDQGDUGRPLSURL]YRGLPDNRMLVH]QDþDMQRUD]OLNXMXRGKDUPRQL]LUDQLKLSUL]QDWLK
QDFLRQDOQLKVWDQGDUGD1DGDOMH.RPLVLMDVSHFLILFLUDSURFHGXUXRFMHQLYDQMDXVNODÿHQRVWL]DSURL]YRG
LOL GDWX IDPLOLMX SURL]YRGD ]DVQRYDQX QD PHWRGDPD XVSRVWDYOMHQLP X SULORJX GLUHNWLYL 6DJODVQR
WRPHSRJODYOMH SURFHGXUDRFMHQLYDQMDXVNODÿHQRVWL QLMHSULPMHQOMLYR

'LUHNWLYH NRMH VH RGQRVH  QD DNWLYQD PHGLFLQVND  LPSODQWDFLRQD VUHGVWYD PHGLFLQVND VUHGVWYD L
PHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMHXVSRVWDYOMDMXVLVWHPHXSR]RUDYDQMDX]EXQMLYDQMD
NRMLREDYH]XMX'UåDYXþODQLFXGDLQIRUPLUD.RPLVLMXLRVWDOH'UåDYHþODQLFHRPRJXüLPR]ELOMQLP
LQFLGHQWLPD YLGL SRJODYOMH   'LUHNWLYH NRMH VH RGQRVH QD  PHGLFLQVND VUHGVWYD ]D ³LQ YLWUR´
GLMDJQRVWLFLUDQMH L PHGLFLQVNH XUHÿDMH WDNRÿHU  ]DKWLMHYDMX ]D XUHÿDMH QDPLMHQMHQH ]D NOLQLþNH
SUHWUDJHL]MDYXNRMDVHSRGQRVLNRPSHWHQWQRPSUHGPHWQRPQDFLRQDOQRPQDGOHåQRPWLMHOXNRMHWR
LVSLWXMH QD RVQRYX UD]PDWUDQMD MDYQRJ ]GUDYOMD L UHGD 'RGDWQR GLUHNWLYH NRMH VH RGQRVH QD
PHGLFLQVNH XUHÿDMH L PHGLFLQVND VUHGVWYD ]D ³LQYLWUR´ GLMDJQRVWLFLUDQMH  ]DKWMHYDMX UHJLVWULUDQMH
RVREDRGJRYRUQLK]DSODVLUDQMHXUHÿDMDQDWUåLãWH

'LUHNWLYD NRMD VH RGQRVL QD HNVSOR]LYH ]D FLYLOQH QDPMHQH  XVSRVWDYOMD RGUHGEH XSUDYOMDQMD
QDGJOHGDQMHPSURPHWDHNVSOR]LYDX=DMHGQLFL'LUHNWLYDWDNRÿHU]DKWLMHYDGDIL]LþNRLOLSUDYQROLFH
SRVMHGXMH GR]YROX LOL RYODãWHQMH NRMH PX GDMH SUDYR GD VH XNOMXþL X SURL]YRGQMX VNODGLãWHQMH
XSRWUHEXSURPHWLOLWUJRYLQXHNVSOR]LYLPD

'LUHNWLYD NRMD VH RGQRVL QD SRWHQFLMDOQR HNVSOR]LYQH DWPRVIHUH XVWDQRYOMDYD NDR GRGDWDN QD &(
R]QDþDYDQMHVSHFLILþQRR]QDþDYDQMH]D]DãWLWXRGHNVSOR]LMH

'LUHNWLYDRSDNRYDQMXLRVWDFLPDSDNRYDQMDGRSXãWDGDSDNRYDQMHEXGHSODVLUDQRQDWUåLãWHVDPR
DNR ]DGRYROMDYD HVHQFLMDOQH ]DKWMHYH NRML VH RGQRVH QD  VSULMHþDYDQMH RGODJDQMD PRJXüQRVW
SRQRYQRJNRULãWHQMDLUHFLNODåH

2YD GLUHNWLYD VLVWHPDWLþQR XUHÿXMH X MHGDQ MHGLQVWYHQ WHNVW GLUHNWLYX ((& NRMD MH PRGLILFLUDQD
 

GLUHNWLYRP ((& L GRGDWQRP GLUHNWLYRP ((& 'DWXP SULPMHQH VH ]DVQLYD QD RUJLQDOQLP
GLUHNWLYDPD


2YDGLUHNWLYDSRNULYDVYDSDNRYDQMDSODVLUDQDQDWUåLãWH=DMHGQLFHEH]RE]LUDQDNRULãWHQLPDWHULMDO
2YRWDNRÿHUSRGUD]XPLMHYDGDVHSDNRYDQMHNRULãWHQR]DSURL]YRGHSRNULYHQRGLUHNWLYDPD1RYRJ
SULVWXSD  PRUD  SRWþLQLWL RGUHGEDPD GLUHNWLYH ]D SDNRYDQMH L RVWDWNH RG SDNRYDQMD 0HÿXWLP
GLUHNWLYDQHVDGUåLQLWLSURFHGXUXRFMHQMLYDQMDXVNODÿHQRVWLQLUHåLPR]QDþDYDQMDNRMLVXSUHGYLÿHQL
XSULMHGORJXGLUHNWLYH]DR]QDþDYDQMHSDNRYDQMD NRQDþQL&20 6DJODVQRWRPHSRJODYOMD
QLVXSULPMHQMLYDQDGLUHNWLYXRSDNRYDQMXLRVWDFLPDRGSDNRYDQMD

'LUHNWLYD NRMD VH RGQRVL QD RSUHPX ]D UDG SRG SULWLVNRP XVSRVWDYOMD HYURSVNR RGREUHQMH ]D
PDWHULMDOH WM WHKQLþNL GRNXPHQW NRML GHILQLãH NDUDNWHULVWLNH PDWHULMDOD QDPLMHQMHQH ]D SRQRYOMLYX
XSRWUHEX X SURL]YRGQML RSUHPH ]D UDG SRG SULWLVNRP D QLVX SRNULYHQL ELOR NRMLP KDUPRQL]LUDQLP
VWDQGDUGRP 'LUHNWLYD WDNRÿHU ]DKWLMHYD RG 'UåDYD þODQLFD GD RGREUDYDMX QD VYRMRM WHULWRULML
SODVLUDQMHQDWUåLãWHVWDYOMDQMHXSURPHWSXWHPNRULVQLNDRSUHPH]DUDGSRGSULWLVNRPLOLPRQWDåX
LVWH NRMD QH QRVL &( R]QDNX DOL WR MH SUHGPHW RFMHQMLYDQMD XVNODÿHQRVWL SURYHGHQRJ RG VWUDQH
NRULVQLþNRJLQVSHNWRUDWDXPMHVWRSULMDYOMHQRJWLMHOD

'LUHNWLYD NRMD VH RGQRVL QD WHOHNRPXQLNDFLRQX WHUPLQDO RSUHPX GR]YROMDYD ]D KDUPRQL]LUDQH
VWDQGDUGH GD LP VH GD PDQGDWRUQL VWDWXV NUR] ]DMHGQLþNH WHKQLþNH SURSLVH 'LUHNWLYD WDNRÿHU
XVSRVWDYOMD VLPERO NRML SRND]XMH NROLNR RSUHPD ]DGRYROMDYD X VPLVOX VSDMDQMD QD MDYQX
WHOHNRPXQLNDFLRQXPUHåXLGRGDMHRGUHÿHQHWHOHNRPXQLNDFLRQH]DKWMHYHQDSURFHGXUHRFMHQMLYDQMD
XVNODÿHQRVWL 6DJODVQR WRPH SRJODYOMH  SUHWSRVWDYND XVNODÿHQRVWL  QLMH SULPMHQOMLYR ]D
KDUPRQL]LUDQHVWDQGDUGHNRMLVXVHWUDQVIRUPLUDOLXREDYH]QHWHKQLþNHSURSLVH

7DEHOD'LUHNWLYHED]LUDQH QDSULQFLSLPD*OREDOQRJ3ULVWXSD

'LUHNWLYD %URMGLUHNWLYH 'DWXPSULPMHQH .UDM SUHOD]QRJ


SHULRGD
 1RYL WRSORYRGQL NRWORYL  QD WHþQD LOL ((&  
JDVRYLWDJRULYD ³WRSORYRGQLNRWORYL´ ((&  
 0HÿXRSHUDWLYQL WUDQVHYURSVNL (& 
YLVRNREU]LQVNL åHOMH]QLþNL VLVWHP
³YLVRNREU]LQVNLåHOMH]QLþNLVLVWHP´

 =DKWMHYL]DHQHUJHWVNXHILNDVQRVW NXüQLK (&  


HOHNWULþQLK IULåLGHUD ]DPU]LYDþD L
NRPELQRYDQLK UDVODGQLK DSDUDWD
³UDVKODGQLDSDUDWL´
 3RPRUVNDRSUHPD (& 

'LUHNWLYH R WRSORYRGQLP NRWORYLPD L UDVKODGQLP DSDUDWLPD SUHGYLÿDMX RFMHQMLYDQMH XVNODÿHQRVWL


VDJODVQR SULQFLSLPD *OREDOQRJ SULVWXSD L ]D &( R]QDþDYDQMH DOL SULPMHQD VWDQGDUGD  QD NRML
XSXüXMH GLUHNWLYD MH REDYH]QD 6DJODVQR WRPH  SRJODYOMH  SRYLQRYDQMH GLUHNWLYDPD  QLMH
SULPMHQMLYR 1DGDOMH GLUHNWLYH NRMH VHRGQRVH  QD WRSORYRGQH NRWORYH XVSRVWDYOMDMX  NDR GRGDWDN
&(R]QDþDYDQMXGREURYROMQRSRVHEQRR]QDþDYDQMHRHQHUJHWVNRMSHUIRUPDQVL


'LUHNWLYDRYLVRNREU]LQVNRPåHOMH]QLþNRPVLVWHPXVHQH]DVQLYDQDþODQXD6SRUD]XPDQLWLVH
XVYDMD VDJODVQR SURFHGXUL VDRGOXþLYDQMD ³FRGHFLVLRQ´   NRMD MH XVSRVWDYOMHQD X þODQX E
6SRUD]XPD 'LUHNWLYD QH SRNULYD &( R]QDþDYDQMH 1DGDOMH WHKQLþNHVSHFLILNDFLMH  ]D PHÿXVREQX
]DPMHQMLYRVW 76, XVWDQRYOMDYDMXQHRSKRGQHX]DMDPQHIXQNFLRQDOQHRGQRVHL]PHÿXSRGVLVWHPDL
RVLJXUDYDMX NRPSDWLELOQRVW YLVRNREU]LQVNRJ åHOMH]QLþNRJ VLVWHPD UDGL ]DGRYROMDYDQMD HVHQFLMDOQLK
]DKWMHYD 6DJODVQR WRPH SRJODYOMD  XVYDMDQMH GLUHNWLYD 1RYRJ SULVWXSD   SRYLQRYDQMH
GLUHNWLYDPD L &(R]QDþDYDQMH QLVXSULPMHQMLYD

'LUHNWLYD R QDXWLþNRM RSUHPL QLWL VH  ]DVQLYD QD þODQX D  6SRUD]XPD QLWL VH XVYDMD VDJODVQR
SURFHGXUL VDRGOXþLYDQMD  NRMD MH XVSRVWDYOMHQD X þODQX E 6SRUD]XPD 'LUHNWLYD QH SRNULYD &(
R]QDþDYDQMH DOL XVSRVWDYOMD SRVHEQX R]QDNX XVNODÿHQRVWL 1DGDOMH RSUHPD SRNULYHQDGLUHNWLYRP
PRUD ]DGRYROMLWL XPMHVWR HVHQFLMDOQLK ]DKWMHYD SULPMHQMLYH ]DKWMHYH PHÿXQDURGQLK NRQYHQFLMD
UHOHYDQWQLK UH]ROXFLMD L FLUNXODUQLK SLVDPD 0HÿXQDURGQH PRUQDULþNH RUJDQL]DFLMH ,02  L
UHOHYDQWQLK PHÿXQDURGQLK VWDQGDUGD ]D LVSLWLYDQMH 6DJODVQR WRPH SRJODYOMD  XVYDMDQMH
GLUHNWLYD 1RYRJ SULVWXSD  L  SRYLQRYDQMH GLUHNWLYDPD  « QLVX SULPMHQMLYD 3RJODYOMH  &(
R]QDþDYDQMH MHSULPMHQMLYRMHUVXSULQFLSLNRMLVHRGQRVHQDRFMHQMLYDQMHXVNODÿHQRVWLSRPRUVNH
RSUHPHLQGHQWLþQLVDRQLPNRMLVHRGQRVHQD&(R]QDþDYDQMH

7DEHOD'LUHNWLYH1RYRJSULVWXSDNRMHVHQDOD]HXSULSUHPL

1DFUWGLUHNWLYH %URMSULMHGORJD
DPDQGPDQ
 'LMHORYLGUDJRFMHQRJPHWDOD &20NRQDþDQ
&20NRQDþDQ
 .DEORYVNHLQVWDODFLMHGL]DMQLUDQHGDQRVHSXWQLNH &20NRQDþDQ
 5DGLRLWHOHNRPXQLNDFLRQDWHUPLQDORSUHPD &20NRQDþDQ

7DEHOD'LUHNWLYHNRMHVHQDOD]HXSULSUHPLDED]LUDMXVHQDGLUHNWLYDPD*OREDOQRJ
SULVWXSD

1DFUWGLUHNWLYH %URMSULMHGORJD
 2]QDþDYDQMHSDNRYDQMD &20NRQDþDQ
 (PLVLMDEXNH &20NRQDþDQ

2YDMYRGLþVHSULPMHQMXMHQDQDFUWHGLUHNWLYDQDNRMHVHXSXüXMHXWDEHODPDLGR JUDQLFD
XNRMLPDRQHVOLMHGHSULQFLSH1RYRJL*OREDOQRJSULVWXSD


32'58ý-(35,0-(1(',5(.7,9$1292*35,6783$

352,=92',327ý,1-(1,',5(.7,9$0$

x 'LUHNWLYH 1RYRJ SULVWXSD VH SULPMHQMXMX QD SURL]YRGH NRML VH QDPMHUDYDMX SODVLUDWL LLOL
VWDYLWL X XSRWUHEX QD WUåLãWH =DMHGQLFH SUYL SXW =ERJ WRJD VH GLUHNWLYH SULPMHQMXMX  QD
QRYH SURL]YRGH SURL]YHGHQH X 'UåDYDPD þODQLFDPD L QD QRYH NDR L QD NRULãWHQH WH
SRORYQHSURL]YRGHXYH]HQHL]WUHüLK]HPDOMD

x 3RMDPSURL]YRGDYDULUDPHÿXGLUHNWLYDPD1RYRJSULVWXSDLRGJRYRUQRVWMHSURL]YRÿDþD
GD YHULILFLUD GD OL MH LOL QH QMHJRY SURL]YRG X RNYLUX SRGUXþMD SULPMHQH MHGQH LOL YLãH
GLUHNWLYD

x 3URL]YRGL NRML VX SUHWUSMHOL YDåQH L]PMHQH PRJOL EL VH VPDWUDWL QRYLP SURL]YRGLPD NRML
PRUDMX]DGRYROMLWLRGUHGEHSULPMHQMLYLKGLUHNWLYDNDGDVHSODVLUDMXQDWUåLãWH=DMHGQLFHL
VWDYOMDMXXXSRWUHEX2YRVHPRUDRFLMHQLWLRGVOXþDMDGRVOXþDMD

x 3URL]YRGLNRMLVXYUDüHQLXSUYRELWQRVWDQMHEH]SURPMHQHRUJLQDOQHNDUDNWHULVWLNHVYUKH
LLOLWLSDQLVXSUHGPHWRFMHQMLYDQMDXVNODÿHQRVWLVDJODVQRGLUHNWLYDPD1RYRJSULVWXSD

x 3URL]YRGL SRVHEQR GL]DMQLUDQL ]D YRMQH LOL SROLFLMVNH VYUKH VX HNVSOLFLWQR LVNOMXþHQL L]
SRGUXþMD SULPMHQH RGUHÿHQLK GLUHNWLYD 1RYRJ SULVWXSD =D RVWDOH GLUHNWLYH 'UåDYH
þODQLFH  EL PRJOH SRG RGUHÿHQLP XVORYLPD  LVNOMXþLWL L] QMLKRYRJ SRGUXþMD SULPMHQH
VDJODVQRþODQX  E6SRUD]XPDSURL]YRGHQDPLMHQMHQH]DVSHFLILþQHYRMQHVYUKH

'LUHNWLYH 1RYRJ SULVWXSD VH SULPMHQMXMX QD SURL]YRGH NRML VH QDPMHUDYDMX SODVLUDWL LLOL VWDYLWL X
XSRWUHEXQDWUåLãWH=DMHGQLFH2ELþQRVXWDNYLSURL]YRGLVSUHPQL]DXSRWUHEXLOL]DKWLMHYDMXVDPR
SULODJRÿDYDQMD NRMD PRJX ELWL SURYHGHQD X SRJOHGX QMLKRYH QDPMHQH 1DGDOMH GLUHNWLYH VH
SULPMHQMXMXVDPRNDGDVHSURL]YRGSODVLUDLLOLVWDYOMDXXSRWUHEXQDWUåLãWH=DMHGQLFHSUYLSXW=ERJ
WRJD GLUHNWLYH VH SULPMHQMXMX QD NRULãWHQH L SRORYQH SURL]YRGH XYH]HQH L] WUHüH ]HPOMH NDGD RQL
XOD]HQDWUåLãWH=DMHGQLFHSUYLSXW


DOLQHLQDWDNYHSURL]YRGHNRMLVXYHüQDWUåLãWX=DMHGQLFH 2YRVHSULPMHQMXMHþDNL]DNRULãWHQHL
SRORYQH SURL]YRGH XYH]HQH L] WUHüH ]HPOMH NRML VX ELOL SURL]YHGHQL SULMH QHJR  ãWR MH GLUHNWLYD
SRVWDODSULPMHQMLYD

3RMDP SURL]YRGD YDULUD  PHÿX GLUHNWLYDPD 1RYRJ 3ULVWXSD 'LUHNWLYD VX RGQRVL QD SULPMHU QD
SURL]YRGH RSUHPX VSUDYH XUHÿDMH DSDUDWH LQVWUXPHQWH PDWHULMDOH VNORSRYH NRPSRQHQWH LOL
VLJXUQRVQH NRPSRQHQWH FMHOLQH MHGLQLFH  GLMHORYH RSUHPH SRPRüQL SULERU LOL VLVWHPH
2GJRYRUQRVW SURL]YRÿDþD MH GD YHULILFLUD GD OL MH QMHJRY SURL]YRG X RNYLUX SRGUXþMD SULPMHQH
GLUHNWLYHLOLQH

.RPELQDFLMDSURL]YRGDLGLMHORYDRGNRMLKMHVYDNLXVNODGXVDSULPMHQMLYLPGLUHNWLYDPDQHPRUD
XYLMHNELWLXVNODGXLNDRFLMHOLQD0HÿXWLPXQHNLPVOXþDMHYLPDNRPELQDFLMDUD]OLþLWLKSURL]YRGDL
GLMHORYD GL]DMQLUDQLK LLOL VDVWDYOMHQLK RG VWUDQH LVWH RVREH  VH VPDWUD NDR MHGDQ ]DYUãHQ SURL]YRG
NRML NDR WDNDY PRUD ELWL X VNODGX VD GLUHNWLYRP 3RVHEQR NDGD MH WDNYD NRPELQDFLMD SODVLUDQD QD
WUåLãWHNDRSRVHEQDIXQNFLRQDOQDLOLNRPHUFLMDOQDMHGLQLFD]DNUDMQMHJNRULVQLNDLQDPLMHQMHQDGD
EXGH LQVWDOLUDQD L NRULãWHQD NDR FMHOLQD X VPLVOX L]YUãHQMD RGUHÿHQRJ ]DGDWND RG SURL]YRÿDþD
RYDNYH NRPELQDFLMH VH RþHNXMH GD SUHX]PH RGJRYRUQRVW ]D QMHQR XVNODÿLYDQMH NDR FMHOLQH VD
SULPMHQMLYLPGLUHNWLYDPD2GOXNDRWRPHGDOLNRPELQDFLMDSURL]YRGDLOLGLMHORYDWUHEDGDVHVPDWUD
NDRMHGDQ]DYUãHQSURL]YRGPRUDELWLGRQHVHQDRGVOXþDMDGRVOXþDMD

3URL]YRGNRMLMHSUHWUSLR]QDþDMQHL]PMHQHNRMHPLMHQMDMXQMHJRYXRULJLQDOQXNDUDNWHULVWLNXVYUKX
LLOL WLS QDNRQ ãWR MH VWDYOMHQ X XSRWUHEX PRåH VH VPDWUDWL  QRYLP SURL]YRGRP 2YR PRUD ELWL
RFLMHQMHQR RG VOXþDMD GR VOXþDMD D SRVHEQR X SRJOHGX FLOMD GLUHNWLYH L WLSD SURL]YRGD SRNULYHQLK
SUHGPHWQRP GLUHNWLYRP 7DPR JGMH VH REQRYOMHQL LOL PRGLILNRYDQL SURL]YRG VPDWUD QRYLP
SURL]YRGRP RQ PRUD ELWL XVNODÿHQ VD VYLP RGUHGEDPD SULPMHQMLYLK GLUHNWLYD NDGD VH SURL]YRG
SODVLUD QD WUåLãWH LLOL VWDYOMD X XSRWUHEX L WR PRUD ELWL YHULILFLUDQRSR RFMHQMLYDQMX UL]LND RYR VH
VPDWUD QHRSKRGQLPSXWHP SULPMHQH RGJRYDUDMXüH SURFHGXUH RFMHQMLYDQMD XVNODÿHQRVWL
XVSRVWDYOMHQHXSUHGPHWQRMGLUHNWLYL2VREDNRMDSURYRGLYDåQHL]PMHQHQDSURL]YRGXMHRGJRYRUQD
]DYHULILFLUDQMHGDOLQHNLSURL]YRGWUHEDVPDWUDWLQRYLPSURL]YRGRP

3URL]YRGL NRML VX YUDüHQL X SUYRELWQR VWDQMH QSU ]ERJ RãWHüHQMD  EH] SURPLMHQMHQLK RULJLQDOQLK
NDUDNWHULVWLND VYUKH LLOL WLSD QH VPDWUDMX VH QRYLP SURL]YRGLPD VDJODVQR GLUHNWLYDPD 1RYRJ
SULVWXSD3UHPDWRPHWDNYLSURL]YRGLQHWUHEDMXSURYRÿHQMHRFMHQMLYDQMDXVNODÿHQRVWLQHRYLVQRRG
WRJDGDOLMHRULJLQDODQSURL]YRGELRSODVLUDQQDWUåLãWHSULMHLOLSRVOLMHVWXSDQMDGLUHNWLYHQDVQDJX
2YRMHUHOHYDQWQRþDNLDNRMHSURL]YRGSULYUHPHQRL]YH]HQXWUHüX]HPOMX]ERJSRSUDYNH7DNYH
SRSUDYNHVHRELþQRSURYRGHQDQDþLQGDVH]DPLMHQLRãWHüHQLLOLLVWURãHQLGLRUH]HUYQLPGLMHORP
RGNRMLKMHVYDNLLGHQWLþDQ


8 RYRP NRQWHNVWX =DMHGQLFRP VH VPDWUD  VNXS VDGDãQMLK 'UåDYD þODQLFD JGMH VH VORERGDQ SURWRN
NRULãWHQLKLSRORYQLKSURL]YRGDRGYLMDVDJODVQRþODQRYLPDL6SRUD]XPD

8YH]LVDSODVLUDQMHPQDWUåLãWHLVWDYOMDQMHPXXSRWUHEXYLGLSRJODYOMH

9LGLSULORJ

8YH]LVDRGJRYRUQRVWLYLGLSRJODYOMH


LOLEDUHPVOLþDQRULJLQDOQRPUH]HUYQRPGLMHOX QSUPRGLILNDFLMHELVHPRJOHGHVLWL]ERJWHKQLþNRJ
SURJUHVDLOL]ERJSUHNLGDSURL]YRGQMHVWDURJGLMHOD 3UHPDWRPHRSHUDFLMHRGUåDYDQMDVXXJODYQRP
LVNOMXþHQH L] SRGUXþMD SULPMHQH GLUHNWLYD 0HÿXWLP QD QLYRX GL]DMQD SURL]YRGD QDPMHQD L
RGUåDYDQMHPRUDMXELWLX]HWLXRE]LU

1HNH GLUHNWLYH 1RYRJ SULVWXSD HNVSOLFLWQR LVNOMXþXMX SURL]YRGH  NRML VX SRVHEQR QDPLMHQMHQL ]D
YRMQHLOLSROLFLMVNHVYUKH =DRVWDOHGLUHNWLYHþODQ  E6SRUD]XPDPRUDELWLX]HWXUD]PDWUDQMH
EDUHPGRNSURL]YRGNDRWDNDYVDJODVQRQMHJRYRMGHILQLFLMLQHPRåHELWLNRULãWHQXYRMQHVYUKH QSU
LJUDþNH RSUHPD ]D UHNUHDFLMX L UDVKODGQL DSDUDWL  ýODQ   E 6SRUD]XPD QXGL 'UåDYDPD
þODQLFDPDPRJXüQRVWGDLVNOMXþHL]SULPMHQH]DNRQVNLKDNDWD=DMHGQLFHSURL]YRGHQDPLMHQMHQH]D
SRVHEQH YRMQH VYUKH LVWR WDNR L SURL]YRGH NRML VH SRMDYOMXMX QD OLVWL GRQHVHQRM RG VWUDQH 9LMHüD
VDJODVQR þODQX    1DGDOMH WDNYR LVNOMXþLYDQMH PRJOREL  LPDWL QHSRåHOMDQ HIHNDW  QD XVORYH
NRQNXUHQFLMHQDWUåLãWX=DMHGQLFH]DVOXþDMSURL]YRGDNRMLQLVXSRVHEQRQDPLMHQMHQL]DYRMQHVYUKH

 ,67295(0(1$35,0-(1$',5(.7,9$

 'LUHNWLYH1RYRJSULVWXSD

x (VHQFLMDOQL ]DKWMHYL XVSRVWDYOMHQL GLUHNWLYDPD 1RYRJ SULVWXSD PRJOL EL VH SRGXGDUDWL LLOL
GRSXQMDYDWLRYLVQRRUL]LFLPDSRYH]DQLPVDSUHGPHWQLPSURL]YRGRP

x 3ODVLUDQMHQDWUåLãWHLVWDYOMDQMHXXSRWUHEXPRåHVHGHVLWLVDPRNDGDSURL]YRG]DGRYROMDYD
RGUHGEH VYLK SULPMHQMLYLK GLUHNWLYD L NDGD MH SURYHGHQR RFMHQMLYDQMH XVNODÿHQRVWL X
VDJODVQRVWLVDVYLPSULPMHQMLYLPGLUHNWLYDPD

x 7DPR JGMH MH LVWL SURL]YRG LOL UL]LN SRNULYHQ VD GYLMH LOL YLãH GLUHNWLYD SULPMHQD RVWDOLK
GLUHNWLYDVHPRåHSRQHNDGLVNOMXþLWLQDSULPMHUVOLMHGHüLDQDOL]XUL]LNDSURL]YRGD

'LUHNWLYH 1RYRJ SULVWXSD SRNULYDMX ãLURNR SRGUXþMH SURL]YRGD LLOL UL]LND NRML VH PHÿXVREQR
SRGXGDUDMX L GRSXQMXMX MHGQL GUXJH .DR UH]XOWDW WRJD QHNROLNR GLUHNWLYD EL PRJOR ELWL X]HWR X
UD]PDWUDQMH ]D MHGDQ SURL]YRG SRãWR VH  SODVLUDQMH QD WUåLãWH L VWDYOMDQMH X XSRWUHEX PRåH GHVLWL
VDPRNDGDMHSURL]YRGXVNODGXVDVYLPSULPMHQMLYLPRGUHGEDPD


8YH]LVDSURL]YRGLPDNRMLVHNRULVWHQDUDGQRPPMHVWXSRVORGDYDFPRUDSUHGX]HWLVYHQHRSKRGQHPMHUH
GDRVLJXUDGDUDGQDRSUHPDEXGH]DGRYROMDYDMXüDLVLJXUQD1DSULPMHU NRULVQLNSRSUDYOMHQHPDãLQHPRUD
ELWLVLJXUDQGDWDPDãLQDQLMHPDQMHVLJXUQDQHJRRULJLQDOQD 9LGLSRJODYOMH

9LGL GLUHNWLYH  NRMH VH RGQRVH QD PDãLQH OLþQX ]DãWLWQX RSUHPX HNVSOR]LYH ]D FLYLOQH QDPMHQH
SRWHQFLMDOQRHNVSOR]LYQHDWPRVIHUHOLIWRYHLRSUHPX]DUDGSRGSULWLVNRP


5L]LFL SRNULYHQL HVHQFLMDOQLP ]DKWMHYLPD GLUHNWLYD NRML VH RGQRVH QD UD]OLþLWH DVSHNWH L X PQRJLP
VOXþDMHYLPD QDGRSXQMXMX MHGDQ GUXJRJ QSU GLUHNWLYD NRMD VH RGQRVL QD PDãLQH SRNULYD SRVHEQR
PHKDQLþNH UL]LNH GLUHNWLYD NRMD VH RGQRVL QD QLVNRQDSRQVNH HOHNWULþQH UL]LNH  L GLUHNWLYD NRMD VH
RGQRVL QD  HOHNWURPDJQHWQX NRPSDWLELOQRVW HOHNWURPDJQHWQH VPHWQMH L LPXQLWHW  L SR]LYDMX QD
]DMHGQLþNXSULPMHQXGLUHNWLYD6DJODVQRWRPHSURL]YRGPRUDELWLGL]DMQLUDQLSURL]YHGHQXVNODGX
VDVYLPSULPMHQMLYLPGLUHNWLYDPDLSRGYUüLVH SURFHGXUDPD RFMHQMLYDQMD XVNODÿHQRVWL X VNODGX VD
VYLPSULPMHQMLYLPGLUHNWLYDPDL]X]HYDNRVHQDGUXJLQDþLQQHREH]ELMHGL]DWR

2GUHÿHQHGLUHNWLYHGLUHNWQR]DKWLMHYDMXSULPMHQXGUXJLKGLUHNWLYD QSUGLUHNWLYDNRMDVHRGQRVLQD
OLIWRYH XSXüXMH QD GLUHNWLYH NRMH VH RGQRVH QD PDãLQH L GLUHNWLYD NRMD VH RGQRVL QD
WHOHNRPXQLNDFLRQXWHUPLQDORSUHPXXSXüXMHQDGLUHNWLYXNRMDVHRGQRVLQDQLVNRQDSRQVNXRSUHPX 
0DGD WDNYR XSXüLYDQMH QLMH XNOMXþHQR X PQRJLP GLUHNWLYDPD RSüLL SULQFLS LVWRYUHPHQH SULPMHQH
MRãXYLMHNMHUHOHYDQWDQWDPRJGMHHVHQFLMDOQL]DKWMHYLGLUHNWLYDQDGRSXQMXMXMHGDQGUXJRJ

,VWL SURL]YRG LOL UL]LN PRåH ELWL SRNULYHQ VD GYLMH LOL YLãH GLUHNWLYD 8 WDNYRP VOXþDMX SULPMHQD
GUXJLKGLUHNWLYDMHþHVWRRJUDQLþHQDLVNOMXþLYDQMHPRGUHÿHQLKSURL]YRGDL]SRGUXþMDSULPMHQHGUXJLK
GLUHNWLYD LOL GDYDQMHP  SUHGQRVWL RGUHÿHQLMRM  GLUHNWLYL 2YR RELþQR ]DKWLMHYD DQDOL]X UL]LND
SURL]YRGDLOLSRQHNDGDQDOL]XQDPMHQHSURL]YRGDNRMDRQGDRGUHÿXMHSULPMHQMLYXGLUHNWLYX

 'LUHNWLYH1RYRJSULVWXSDLGLUHNWLYDRRSüRMVLJXUQRVWLSURL]YRGD

x 'LUHNWLYD R RSüRM VLJXUQRVWL SURL]YRGD VH SULPMHQMXMH QD SRWURãDþNH SURL]YRGH


QDEDYOMHQHXWRNXNRPHUFLMDOQLK DNWLYQRVWLDREH]EMHÿHQDMHDNR

Ÿ SURL]YRG QLMH SRNULYHQ  GLUHNWLYDPD 1RYRJ SULVWXSD LOL GUXJLP ]DNRQVNLP DNWLPD
=DMHGQLFHLOL
Ÿ VYL DVSHNWL VLJXUQRVWL LOL NDWHJRULMH UL]LND QLVX SRNULYHQH GLUHNWLYDPD 1RYRJ
SULVWXSDLOLGUXJLP]DNRQVNLPDNWLPD=DMHGQLFH


1DSULPMHU
x 'LUHNWLYDNRMDVHRGQRVLQDQLVNRQDSRQVNXRSUHPXQLMHSULPMHQMLYDQDHOHNWULþQXRSUHPX]DPHGLFLQVNH
VYUKHXPMHVWRVYDNHRGGLUHNWLYDGLUHNWLYHNRMDVHRGQRVLQDDNWLYQDLPSODQWDFLRQDPHGLFLQVNDVUHGVWYD
LOLGLUHNWLYHNRMDVHRGQRVLQDPHGLFLQVNDVUHGVWYDNRMHELVHPRJOLSULPLMHQLWL
x 'LUHNWLYD NRMD VH RGQRVL QD HOHNWURPDJQHWQX NRPSDWLELOQRVW QLMH SULPMHQMLYD QD SURL]YRGH SRNULYHQH
RGUHÿHQLP GLUHNWLYDPD NRMH KDUPRQL]LUDMX ]DãWLWQH ]DKWMHYH RGUHÿHQH X GLUHNWLYL R HOHNWURPDJQHWQRM
NRPSDWLELOQRVWL
x 'LUHNWLYD NRMD VH RGQRVL QD OLþQX ]DãWLWQX RSUHPX SULPMHQMXMH VH X VYLP VLWXDFLMDPD JGMH SULQFLS
QDPLMHQMHQHVYUKHOLþQH]DãWLWQHRSUHPHMHVWH GD]DãWLWLWLRVREXNRMDWRNRULVWLEH]RE]LUDGDOLVHRYR
RGYLMDXPHGLFLQVNRPRNUXåHQMX
x 'LUHNWLYDNRMDVHRGQRVLQDOLIWRYHQLMHSULPMHQMLYDQDOLIWRYHYH]DQH]D PHKDQL]DFLMXLQDPLMHQMHQDMH
LVNOMXþLYR]DSULVWXSUDGQRPPMHVWXXPMHVWRGLUHNWLYHNRMDVHRGQRVLQDPDãLQH
x 3RPRUVNDRSUHPDNRMDMHWDNRÿHUXRNYLUXSRGUXþMDSULPMHQH GUXJLKGLUHNWLYDUD]OLþLWLKRGGLUHNWLYHR
SRPRUVNRMRSUHPLMHLVNOMXþHQDL]SULPMHQHWDNYLKGLUHNWLYD


1DPMHQDGLUHNWLYHRRSüRMVLJXUQRVWLSURL]YRGD ((& MHGDRVLJXUDGDSRWURãDþNLSURL]YRGL
SODVLUDQL QD WUåLãWH  QH SUHGVWDYOMDMX UL]LN SUL QRUPDOQLP XVORYLPD XSRWUHEH 2QD ]DKWLMHYD RG
SURL]YRÿDþD GD SODVLUDMX VDPR VLJXUQH SURL]YRGH QD WUåLãWH L LQIRUPLUDMX R UL]LFLPD 2QD WDNRÿHU
REDYH]XMH 'UåDYH þODQLFH GD YUãH QDG]RU QDG SURL]YRGLPD QD WUåLãWX L LQIRUPLUDMX .RPLVLMX R
SUHGX]HWLPDNFLMDPDLOLNUR]SURFHGXUXGDWXVLJXUQRVQRPNODX]XORPLOLLQIRUPDFLRQLPVLVWHPRP]D
R]ELOMQHLQHSRVUHGQHUL]LNH

'LUHNWLYD]DRSüXVLJXUQRVWSURL]YRGDSRNULYDQRYHNRULãWHQHLSURL]YRGHYUDüHQHXGREURVWDQMH
QDPLMHQMHQHSRWURãDþLPDLOL]DNRMHVHRþHNXMHGDEXGXNRULãWHQLRGVWUDQHSRWURãDþDDQDEDYOMHQHX
WRNX NRPHUFLMDOQH  DNWLYQRVWL 6DJODVQR RYRM GHILQLFLML SURL]YRGL X RNYLUX SRGUXþMD SULPMHQH
QHNROLNR GLUHNWLYD 1RYRJ SULVWXSD VH VPDWUDMX SRWURãDþNLP SURL]YRGLPD QSU LJUDþNH RSUHPD ]D
UHNUHDFLMXUDVKODGQLXUHÿDMLLGRRGUHÿHQLKJUDQLFDHOHNWULþQDRSUHPDJDVQLDSDUDWLLOLþQD]DãWLWQD
RSUHPD 

'LUHNWLYD R RSüRM VLJXUQRVWL SURL]YRGD MH SULPMHQMLYD X WROLNRM PMHUL GRN QH SRVWRMH RGUHÿHQH
RGUHGEH X SUDYLOLPD ]DNRQD =DMHGQLFH NRMH XSUDYOMDMX VYLP VLJXUQRVQLPDVSHNWLPD  SURL]YRGD QD
NRMH VH RGQRVH 1DGDOMH WDPR JGMH VSHFLILþQD  SUDYLOD ]DNRQD =DMHGQLFH VDGUåH RGUHGEH NRMH
XSUDYOMDMX VDPR RGUHÿHQLP DVSHNWLPD VLJXUQRVWL SURL]YRGD LOL NDWHJRULMDPD UL]LND ]D SURL]YRG QD
NRML VH RGQRVH RYH RGUHGEH VX SULPMHQOMLYH QD SUHGPHWQH SURL]YRGH VD RVYUWRP QD UHOHYDQWQH
DVSHNWH VLJXUQRVWL L UL]LNH 2YR SUDYLOR GDMH SULRULWHW SULPMHQL GLUHNWLYD 1RYRJ SULVWXSD ]D VYH
DVSHNWHVLJXUQRVWLSURL]YRGDLNDWHJRULMHUL]LNDNRMHRQHSRNULYDMX

3RWURãDþNL SURL]YRGL YDQ SRGUXþMD SULPMHQH  GLUHNWLYD 1RYRJ SULVWXSD L GUXJLK ]DNRQVNLK DNDWD
=DMHGQLFH QSU SURL]YRGL NRML QH SRGOLMHåX GHILQLFLML  XVSRVWDYOMHQRM SR SUHGPHWQRM GLUHNWLYL
NRULãWHQLLSRORYQLSURL]YRGLNRMLVXSODVLUDQLQDWUåLãWH=DMHGQLFHSULMHQHJRãWRMHGLUHNWLYDVWXSLOD
QDVQDJXLSRSUDYOMHQLSURL]YRGL SRGOLMHåXGLUHNWLYL]DRSãWXVLJXUQRVWSURL]YRGDWDPRJGMHVXRQL
REH]ELMHÿHQLWRNRPNRPHUFLMDOQHDNWLYQRVWL

7DPRJGMHVYLDVSHNWLVLJXUQRVWLLOLNDWHJRULMHUL]LNDQLVXSRNULYHQLGLUHNWLYDPD1RYRJSULVWXSDLLOL
GUXJLP ]DNRQVNLP DNWLPD =DMHGQLFH GLUHNWLYD R RSüRM VLJXUQRVWL SURL]YRGD MH SULPMHQMLYD QD
SUHGPHWQHSRWURãDþNHSURL]YRGH0HÿXWLP]DSURL]YRGHSRNULYHQHGLUHNWLYDPD1RYRJSULVWXSDFLOM
MHSRNULWLVYHUL]LNHNRMLVHPRJXSUHGYLGMHWLDNRMHQHRSKRGQRNRULãWHQMHPLVWRYUHPHQHSULPMHQH
RYLKGLUHNWLYDLGUXJLKUHOHYDQWQLKRGUHGEL]DNRQVNLKDNDWD=DMHGQLFH

'LUHNWLYH 1RYRJ SULVWXSD QH VDGUåH ELOR NDNDY VLVWHP ]D EU]X UD]PMHQX LQIRUPDFLMD L]PHÿX
QDGOHåQLK WLMHOD ]D QDG]RU QDG WUåLãWHP X KLWQLP VLWXDFLMDPD VD L]X]HWNRP VLVWHPD
XSR]RUDYDQMDX]EXQMLYDQMDNRMLMHGDWXGLUHNWLYDPDNRMHVHRGQRVHQDUD]OLþLWHWLSRYHPHGLFLQVNLK
VUHGVWDYD =ERJ WRJDRGUHGEH NRMH VH RGQRVH QD SURFHGXUX ]D EU]X UD]PMHQX LQIRUPDFLMD R
RSDVQRVWLPDLDNFLMDPDNRMHVOLMHGH


QDQLYRX=DMHGQLFHVXSULPMHQMLYHQDSRWURãDþNHSURL]YRGHSRNULYHQHGLUHNWLYDPD1RYRJSULVWXSD

'LUHNWLYDRRSüRMVLJXUQRVWLSURL]YRGDVDGUåLGHWDOMQHRGUHGEHRQDG]RUXQDGWUåLãWHP þODQRYLL
 2YHRGUHGEHQLVXGLUHNWQRSULPMHQMLYHXVHNWRULPDSRNULYHQLPGLUHNWLYDPD1RYRJSULVWXSDDOL
RQHREH]EMHÿXMXPRGHO]DREDYH]HLRYODãWHQMD]DSURYRÿHQMHQDG]RUDQDGWUåLãWHP

 'LUHNWLYH1RYRJSULVWXSDLGLUHNWLYDRRGJRYRUQRVWL]DSURL]YRG

x 'LUHNWLYD R RGJRYRUQRVWL ]D SURL]YRG MH SULPMHQMLYD ]D VYH SURL]YRGH SRNULYHQH
GLUHNWLYDPD1RYRJSULVWXSD

&LOM GLUHNWLYD 1RYRJ SULVWXSD MH ]DãWLWD MDYQRJ LQWHUHVD  QSU ]GUDYOMH L VLJXUQRVW OMXGL ]DãWLWD
SRWURãDþD ]DãWLWD SRVORYQLK WUDQVDNFLMD L ]DãWLWD RNROLQH  3UHPD WRPH QMLKRYD QDPMHUD MH GD
VSULMHþH NROLNR JRG MH PRJXüH SODVLUDQMH QD WUåLãWH L VWDYOMDQMH X XSRWUHEX QHVLJXUQLK LOL SDN
QHXVNODÿHQLKSURL]YRGD'LUHNWLYDRRGJRYRUQRVWL]DSURL]YRG ((& NRMDMHSULPMHQMLYDQD
VYH SURL]YRGH SRNULYHQH GLUHNWLYDPD 1RYRJ SULVWXSD SULVLOMDYD GREDYOMDþD GDSURL]YRGL  VLJXUQH
SURL]YRGH X QDPMHUL GD L]EMHJQH WURãNRYH NRMH PX QDPHüH RGJRYRUQRVW  ]D RãWHüHQH SURL]YRGH
3RVOLMHGLFDWRJDMHGDVHGLUHNWLYH1RYRJSULVWXSDLGLUHNWLYDRRGJRYRUQRVWL]DSURL]YRGPHÿXVREQR
QDGRSXQMXMXXVPLVOXRVLJXUDQMDRGJRYDUDMXüHJQLYRD]DãWLWH

 3/$6,5$1-(1$75ä,â7(,67$9/-$1-(883275(%8

x 3URL]YRG VH PRUD XVNODGLWL VD  VYLP SULPMHQMLYLP GLUHNWLYDPD 1RYRJ SULVWXSD NDGD VH
SODVLUDSUYLSXWQDWUåLãWH=DMHGQLFHLVWDYOMDXXSRWUHEX
x 'UåDYHþODQLFHVXREDYH]QH

Ÿ GDQH]DEUDQMXMXRJUDQLþDYDMXLOLRPHWDMXSODVLUDQMHQDWUåLãWHLVWDYOMDQMHX
XSRWUHEX SURL]YRGD NRML VX X VNODGX VD SULPMHQMLYLP GLUHNWLYDPD 1RYRJ
SULVWXSDL
Ÿ SRGX]HWL VYH QHRSKRGQH PMHUH GD VH RVLJXUD GD VH SURL]YRGL SODVLUDMX QD
WUåLãWH LLOL VWDYOMDMX X XSRWUHEX VDPR DNR RQL QH XJURåDYDMX  VLJXUQRVW L
]GUDYOMHOMXGLLOLGUXJHLQWHUHVHSRNULYHQHSULPMHQMLYLPGLUHNWLYDPDNDGDVX
SURSLVQR NRQVWUXLVDQL LQVWDOLUDQL RGUåDYDQL L NRULãWHQL  X VNODGX VD
QMLKRYRPQDPMHQRP

x 3ODVLUDQMHQDWUåLãWHMHSRþHWQDDNFLMDNRMRPVHSURL]YRGSUYLSXWVWDYOMDQDUDVSRODJDQMH
WUåLãWX=DMHGQLFHXVPLVOXGLVWULEXFLMHLLOLXSRWUHEH


2YDSURFHGXUDMHRSLVDQDXSRJODYOMX

8YH]LVDRGJRYRUQRVWL]DSURL]YRGSRJOHGDWLSRJODYOMH
 'LUHNWLYH NRMH VH RGQRVH QD VLJXUQRVW LJUDþDND QLVNRQDSRQVNRX RSUHPX JUDÿHYLQVNH SURL]YRGH
HNVSOR]LYH]DFLYLOQHQDPMHQHLUDVKODGQHDSDUDWHSRNULYDMXVDPRSODVLUDQMHQDWUåLãWH


X=DMHGQLFL6WDYOMDQMHQDUDVSRODJDQMHPRåHELWLLOL]DQRYDFLOLEHVSODWQR

x 6WDYOMDQMHXXSRWUHEXVHGRJDÿDXWUHQXWNXSUYHXSRWUHEHXQXWDU=DMHGQLFHRGVWUDQH
NUDMQMHJNRULVQLND0HÿXWLPSRWUHEDGDVHRVLJXUDXRNYLUXQDG]RUDQDGWUåLãWHPGD
VX SURL]YRGL X VNODGX VD RGUHGEDPD GLUHNWLYH NDGD VH VWDYOMDMX X XSRWUHEX MH
RJUDQLþHQRQD SURL]YRGH NRML QLVX GLUHNWQR VSUHPQL ]D XSRWUHEX QD QLYRX SODVLUDQMD
QD WUåLãWH QD þLMH SRYLQRYDQMH GLUHNWLYL PRJX XWLFDWL XVORYL GLVWULEXFLMH LLOL NRML QLVX
SODVLUDQLQDWUåLãWHSULMHVWDYOMDQMDXXSRWUHEX

3ODVLUDQMHQDWUåLãWH 

1DPMHQD GLUHNWLYD 1RYRJ SULVWXSD MH GD RVLJXUDMX VORERGDQ SURWRN SURL]YRGD NRML VX X VNODGXVD
YLVRNLP QLYRRP ]DãWLWH XVWDQRYOMHQLP X SULPMHQMLYLP GLUHNWLYDPD =ERJ WRJD 'UåDYH þODQLFH QH
PRJX ]DEUDQLWL RJUDQLþLWL LOL RPHWDWL SODVLUDQMH QD WUåLãWH WDNYLK SURL]YRGD 0HÿXWLP 'UåDYDPD
þODQLFDPDMHGRSXãWHQRXVYDMDQMHXVNODGXVD6SRUD]XPRP SRJOHGDWLþODQRYHL GRGDWQLK
QDFLRQDOQLKRGUHGELNRMHVHRGQRVHQDXSRWUHEXLNRMHVXQDPLMHQMHQH]D]DãWLWXUDGQLNDLOLGUXJLK
NRULVQLND LOL RNROLQH 2YDNYH QDFLRQDOQH RGUHGEH QLWL PRJX ]DKWLMHYDWL L]PMHQH SURL]YRGD
SURL]YHGHQRJ X VNODGX VD RGUHGEDPD SULPMHQMLYLK GLUHNWLYD QLWL XWLFDWL QD XVORYH ]D QMHJRYR
SODVLUDQMHQDWUåLãWH=DMHGQLFH

3URL]YRGMHSODVLUDQQDWUåLãWH=DMHGQLFHNDGDMHVWDYOMHQQDUDVSRODJDQMHSUYLSXW6PDWUDVHGDVH
RYRGRJRGLORNDGDVHL]YUãLWUDQVIHUSURL]YRGD LOLMHSRQXÿHQ]DWUDQVIHU VDQLYRDSURL]YRGQMHVD
QDPMHURPGLVWULEXFLMHLLOLNRULãWHQMDQDQLYRX=DMHGQLFH 2VLPWRJDSRMDPSODVLUDQMDQDWUåLãWHVH
RGQRVL QD VYDNL SURL]YRG SRMHGLQDþQR QH QD WLS SURL]YRGD  QLWL RYLVL RG WRJD GD OL MH SURL]YRG
SURL]YHGHQNDRSRVHEQDMHGLQLFDLOLXVHULML

7UDQVIHUSURL]YRGDVHGRJDÿDRGSURL]YRÿDþDLOLQMHJRYRJRYODãWHQRJSUHGVWDYQLNDX=DMHGQLFLGR
XYR]QLND VD VMHGLãWHP X =DMHGQLFL LOL GR RVREH RGJRYRUQH ]D GLVWULEXFLMX SURL]YRGD QD WUåLãWH
=DMHGQLFH 7UDQVIHU VH PRåH WDNRÿHU GRJRGLWL GLUHNWQR RG SURL]YRÿDþD LOL QMHJRYRJ RYODãWHQRJ
SUHGVWDYQLNDX=DMHGQLFLGRNUDMQMHJSRWURãDþDLOLNRULVQLND

 
3ODVLUDQMH QD WUåLãWH VHGHILQLãH X VDPR QHNROLNR GLUHNWLYD 6DJODVQR GLUHNWLYL R LJUDþNDPD SODVLUDQMH QD
WUåLãWHSRNULYDRERMHLSURGDMXLEHVSODWQXGLVWULEXFLMXVDJODVQRGLUHNWLYDPDNRMHVHRGQRVHQDPHGLFLQVND
VUHGVWYDLPHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMHWR]QDþLSUYRXþLQLWLGRVWXSQLPQDNRQL]YUãHQRJ
SODüDQMDLOLEHVSODWQR]DXUHÿDMXSRJOHGXQDGLVWULEXFLMHL LOL NRULãWHQMH QDWUåLãWX =DMHGQLFH QHRYLVQR RG
WRJDGDOLMHQRYRGSRWSXQRREQRYOMHQRJVDJODVQRGLUHNWLYLRHNVSOR]LYLPD]DFLYLOQHQDPMHQHWR]QDþLSUYR
SURGDMD ]D QRYDF LOL EHVSODWQR ]D HNVSOR]LYH SRNULYHQH GLUHNWLYRP VD RE]LURP QD QMLKRYX GLVWULEXFLMX LLOL
NRULãWHQMHQDWUåLãWX=DMHGQLFHLVDJODVQRGLUHNWLYLROLIWRYLPDSODVLUDQMHQDWUåLãWHVHGRJDÿDNDGDPRQWDåHU
XþLQLOLIWGRVWXSQLPNUDMQMHPNRULVQLNX
 
9LGL XSXüLYDQMD X GLUHNWLYDPD NRMH VH RGQRVH QD MHGQRVWDYQH SRVXGH SRG SULWLVNRP JUDÿHYLQVNH
SURL]YRGHPDãLQHOLþQX]DãWLWQXRSUHPXSRWHQFLMDOQRHNVSOR]LYQHDWPRVIHUHRSUHPX]DUHNUHDFLMXOLIWRYHL
RSUHPX]DUDGSRGSULWLVNRP2YRPRåHSRVWDWLSULPMHQMLYRXVHNWRULPDNRMHSRNULYDMXGUXJHGLUHNWLYH

3UHPDWRPHXYR]GREDUD]DYODVWLWHSRWUHEHVHWDNRÿHUVPDWUDSODVLUDQMHPQDWUåLãWHXWUHQXWNXQMLKRYRJ
XODVNDX=DMHGQLFX


6PDWUDVHGDMHL]YUãHQWUDQVIHUSURL]YRGDNDGDVHL]YUãLWUDQVIHUIL]LþNLLOLNDGDVHGRJRGLWUDQVIHU
SUHQRV  YODVQLãWYD 2YDM WUDQVIHU PRåH ELWL ]D QRYDF LOL EHVSODWDQ L PRåH ELWL ]DVQRYDQ QD ELOR
NRMHPWLSX]DNRQVNRJVUHGVWYD3UHPDWRPHVPDWUDVHGDVHWUDQVIHUSURL]YRGDGRJRGLRQDSULPMHU
XRNROQRVWLPDSURGDMH]DMPD]DNXSDQDMPDLSRNORQD

6PDWUDVHGDMHSURL]YRGSRQXÿHQ]DWUDQVIHUNDGDJDSURL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLNX
=DMHGQLFL VWDYH QD UDVSRODJDQMH X VYRP YODVWLWRP NRPHUFLMDOQRP ODQFX GLVWULEXFLMH V RE]LURP QD
QMHJRYWUDQVIHUGRNUDMQMHJSRWURãDþDLOLNRULVQLND

6PDWUDVHGDVHSODVLUDQMHQDWUåLãWHQLMHGRJRGLORNDGDMHSURL]YRG
x WUDQVIHULVDQ RG SURL]YRÿDþD X WUHüRM ]HPOML GR QMHJRYRJ RYODãWHQRJ SUHGVWDYQLND X =DMHGQLFL
NRJDMHSURL]YRÿDþDQJDåLUDRGDRVLJXUDGDMHSURL]YRGXVNODGXVDGLUHNWLYRP
x WUDQVIHULVDQGRSURL]YRÿDþD]DGDOMXREUDGX QSUPRGLILNRYDWLSURL]YRGLOLJDLQWHJULVDWLXGUXJL
SURL]YRGLOLVWDYLWLQMHJRYRYODVWLWRLPHQDSURL]YRG 
x QLMH MRã SXãWHQXVORERGQXFLUNXODFLMX]ERJ FDULQHLOLMHSRGGUXJRPFDULQVNRPSURFHGXURP
QSUSUROD]VNODGLãWHQMHLOLSULYUHPHQLXYR] LOLMHXVORERGQRM]RQL
x SURL]YHGHQX'UåDYLþODQLFLVQDPMHQRP]DL]YR]SURL]YRGDXWUHüX]HPOMX
x L]ORåHQQDWUJRYDþNLPVDMPRYLPDL]ORåEDPDLOLSUH]HQWDFLMDPD LOL
x XVNODGLãWLPDSURL]YRÿDþDLOLQMHJRYRJRYODãWHQRJSUHGVWDYQLNDVDVMHGLãWHPX =DMHGQLFLWDPR
JGMHSURL]YRGQLMHMRãVWDYOMHQQDUDVSRODJDQMHL]X]HYNDGDQDGUXJLQDþLQQLMHREH]ELMHÿHQ]D
SODVLUDQMHQDWUåLãWHXRNYLUXSULPMHQMLYLKGLUHNWLYD

=DSURL]YRGNRMLMHSRQXÿHQXNDWDORJXLOLSXWHPHOHNWURQVNHWUJRYLQHVHVPDWUDGDQLMHSODVLUDQQD
WUåLãWH =DMHGQLFH GRN SURL]YRG QLMH ]DLVWD VWDYOMHQ QD UDVSRODJDQMH SUYL SXW8 QDPMHUL  GD SRãWXMH
SUDYLOD L SULQFLSH XVPMHUHQH QD ]DEUDQX SRJUHãQRJ UHNODPLUDQMD QHXVNODÿHQRVW SURL]YRGD
QDPLMHQMHQRJWUåLãWX=DMHGQLFHWUHEDODELELWLMDVQRQD]QDþHQD

3URL]YRGL PRUDMX ELWL X VNODGX VD  VYLP SULPMHQMLYLP GLUHNWLYDPD 1RYRJ SULVWXSD L GUXJLP
]DNRQVNLPDNWLPD=DMHGQLFHNDGDVHSODVLUDMXQDWUåLãWH6DJODVQRWRPHQRYLSURL]YRGLSURL]YHGHQL
X =DMHGQLFL  L VYL SURL]YRGL XYH]HQL L] WUHüLK ]HPDOMD  ELOR QRYL LOL NRULãWHQL  PRUDMX ]DGRYROMLWL
RGUHGEH SULPMHQMLYLK GLUHNWLYD NDGD VX VWDYOMHQL QD UDVSRODJDQMH SUYL SXW QD WUåLãWX =DMHGQLFH
'UåDYHþODQLFHLPDMXREDYH]XGDWRRVLJXUDMXXRNYLUXQDG]RUDQDGWUåLãWHP .RULãWHQLSURL]YRGL
NRMLVXQD


8YH]LVDRYODãWHQLPJSUHGVWDYQLNRPYLGMHWLSRJODYOMH

9LGLSURSLV9LMHüD ((& EURMNRMLMHXVWDQRYOMHQX&DULQVNRPSUDYLOX=DMHGQLFH

0HÿXWLPXWDNYLPRNROQRVWLPDYLGOMLYLP]QDNRP PRUDVHMDVQRQD]QDþLWLGDVHSUHGPHWQLSURL]YRG QH
PRåHSODVLUDWLQDWUåLãWHLOLVWDYLWLXXSRWUHEXGRNVHQHXVNODGL

'LUHNWLYH1RYRJSULVWXSDXVYRMHQHGRVDGDQHVDGUåHHNVSOLFLWQDSUDYLODR]DOLKDPD VNODGLãWLPD 

8YH]LVDQDG]RURPQDGWUåLãWHPYLGLSRJODYOMH


WUåLãWX=DMHGQLFHVXSUHGPHWVORERGQRJSURWRNDVDJODVQRSULQFLSLPDXVSRVWDYOMHQLPSXWHPþODQRYD
L6SRUD]XPD

 6WDYOMDQMHXXSRWUHEX 

6WDYOMDQMHXXSRWUHEXVHGRJDÿDXWUHQXWNXSUYRJNRULãWHQMDXRNYLUX =DMHGQLFHRG VWUDQH NUDMQMHJ


NRULVQLND

3URL]YRGL VH PRUDMX XVNODGLWL VD  RGUHGEDPD SULPMHQMLYLK GLUHNWLYD 1RYRJ 3ULVWXSD L GUXJLK
]DNRQVNLK DNDWD =DMHGQLFH NDGD VH RQL VWDYOMDMX X XSRWUHEX 0HÿXWLP SRWUHED  GD VH YHULILFLUD
XVNODÿHQRVW SURL]YRGD L DNR MH SULPMHQMLYR GD MH SURSLVQR LQVWDOLUDQ RGUåDYDQ L NRULãWHQ ]D
QDPMHQMHQXVYUKXWUHEDODELELWLRJUDQLþHQDXRNYLUXQDG]RUDQDGWUåLãWHP ]DSURL]YRGH
x NRMLPRJXELWLVDPRNRULãWHQLQDNRQVNODSDQMDLQVWDOLUDQMDLOLQHNHGUXJHPDQLSXODFLMHNRMDVH
SURYRGL
x þLMDXVNODÿHQRVWPRåHELWLSRGXWLFDMHPXVORYDGLVWULEXFLMH QSUVNODGLãWHQMHWUDQVSRUW LOL
x NRMLQLVXSODVLUDQLQDWUåLãWHSULMHVWDYOMDQMDXXSRWUHEX QSUSURL]YRGLSURL]YHGHQL]DYODVWLWH
SRWUHEH 

'UåDYH þODQLFH QH VPLMX ]DEUDQLWL RJUDQLþLWL LOL RPHWDWL VWDYOMDQMH X XSRWUHEX SURL]YRGD NRML
]DGRYROMDYDMX RGUHGEH SULPMHQMLYLK GLUHNWLYD 0HÿXWLP 'UåDYDPD þODQLFDPD MH GRSXãWHQR GD
XVYRMHXVNODGXVD6SRUD]XPRP QSUþODQRYLL GRGDWQHQDFLRQDOQHRGUHGEHNRMHVHRGQRVH
QDVWDYOMDQMHXXSRWUHEXLOLLQVWDODFLMXDQDPMHQMHQHVX]D]DãWLWXUDGQLNDLOLGUXJLKNRULVQLNDLOL
GUXJLKSURL]YRGD 7DNYHQDFLRQDOQHRGUHGEHQHVPLMX]DKWLMHYDWLL]PMHQHSURL]YRGDSURL]YHGHQRJ
XVNODGXVDRGUHGEDPDSULPMHQMLYLKGLUHNWLYD

 
6WDYOMDQMHXXSRWUHEXVHRELþQRQHGHILQLãHXGLUHNWLYDPD0HÿXWLPVDJODVQRGLUHNWLYLNRMDVHRGQRVLQD
DNWLYQD PHGLFLQVND LPSODQWDFLRQD VUHGVWYD VWDYOMDQMH X XSRWUHEX ]QDþL XþLQLWL LK GRVWXSQLP PHGLFLQVNRM
VWUXFL]DLPSODQWDFLMXLXVNODGXVDGLUHNWLYDPDNRMHVHRGQRVHQDPHGLFLQVNDVUHGVWYDLPHGLFLQVNDVUHGVWYD
]D³LQYLWUR´GLMDJQRVWLFLUDQMHWR]QDþLID]DX NRMRMMHXUHÿDMVSUHPDQ]DXSRWUHEXQDWUåLãWX=DMHGQLFHSUYL
SXWL]DQMHPXQDPLMHQMHQXVYUKX 'LUHNWLYDRSRPRUVNRMRSUHPLNRULVWLL]UD]³SRVWDYOMDQMHQDSDOXEXEURGD
=DMHGQLFH´XPMHVWRVWDYOMDQMHXXSRWUHEX
'LUHNWLYHNRMHVHRGQRVHQDVLJXUQRVWLJUDþDNDQLVNRQDSRQVNXRSUHPXJUDÿHYLQVNHSURL]YRGHHNVSOR]LYH]D
FLYLOQHQDPMHQHLUDVKODGQHDSDUDWHQHSRNULYDMXVWDYOMDQMHXXSRWUHEX

8YH]LVDQDG]RURPQDGWUåLãWHPYLGLSRJODYOMH
 
'LUHNWLYD NRMD VH RGQRVL QD RSUHPX ]D UHNUHDFLMX LVNOMXþXMH L] SRGUXþMD SULPMHQH þDPFH QDSUDYOMHQH ]D
YODVWLWXXSRWUHEXDREH]EMHÿXMHGDVHRQLQDNQDGQRQHSODVLUDMXQDWUåLãWH=DMHGQLFHXWRNXSHULRGDRGSHW
JRGLQD

6DJODVQR GLUHNWLYL NRMD VH RGQRVL QD WRSORYRGQH NRWORYH SURL]YRGL QH PRJX ELWL VWDYOMHQL X XSRWUHEX
L]X]HYNDGD]DGRYROMHXGRGDWNXQD]DKWMHYHHILNDVQRVWLXVSRVWDYOMHQHRGVWUDQHGLUHNWLYHQDFLRQDOQHXVORYH
]DXSRWUHEX0HÿXWLPRYDNYHRGUHGEHQHELPRJOHVSULMHþLWLVORERGDQSURWRNNRWORYD

9LGMHWLGLUHNWLYHNRMHVHRGQRVHQDHOHNWURPDJQHWQXNRPSDWLELOQRVWLOLIWRYH 2YRELPRJORWDNRÿHUSRVWDWL
SULPMHQMLYRXVHNWRULPDSRNULYHQLPGUXJLPGLUHNWLYDPD


 35(/$=1,3(5,2'

x 9HüLQDGLUHNWLYD1RYRJSULVWXSDREH]EMHÿXMHSUHOD]QLSHULRG

x 'UåDYH þODQLFH VX REDYH]QH GD RGUåDYDMX VYRM QDFLRQDOQL VLVWHP GR NUDMD SUHOD]QRJ
SHULRGD 3UHPD WRPH SURL]YRÿDþ LPD L]ERU X SUHOD]QRP SHULRGX GD SULPLMHQL
QDFLRQDOQLVLVWHPLOLGLUHNWLYX

x 8WRNXSUHOD]QRJSHULRGDSURL]YRGLXVNODÿHQLVDVYLPSULPMHQMLYLPGLUHNWLYDPDPRJX
ELWL SODVLUDQL QD WUåLãWH =DMHGQLFH L VWDYOMHQL X XSRWUHEX X ELOR NRMRM 'UåDYL þODQLFL
3URL]YRGL SURL]YHGHQL X VNODGX VD QDFLRQDOQLP SURSLVLPD LOL QHREDYH]QLP WHKQLþNLP
VSHFLILNDFLMDPD VH NUHüX VORERGQR  VDJODVQR VD SULQFLSLPD XVSRVWDYOMHQLP SR
þODQRYLPDL6SRUD]XPD

x 1DNUDMXSUHOD]QRJSHULRGDGLUHNWLYDVHSULPMHQMXMHLVNOMXþXMXüLELORNRMDQDFLRQDOQD
SUDYLODNRMDSRNULYDMXLVWHSURL]YRGHLLVWHHVHQFLMDOQH]DKWMHYH3RVOMHGLFDWRJDMHGD
VDPRSURL]YRGLX VNODGX VD SULPMHQMLYRP GLUHNWLYRP PRJX ELWL SODVLUDQL QD WUåLãWH LOL
VWDYOMHQLXXSRWUHEXQDWUåLãWH=DMHGQLFHQDNRQSUHOD]QRJSHULRGD

&LOM SUHOD]QRJ SHULRGD MH GD RPRJXüL SURL]YRÿDþLPD L SULMDYOMHQLP WLMHOLPD SRVWHSHQR
SULODJRÿDYDQMH SURFHGXUDPD RFMHQMLYDQMD XVNODÿHQRVWL NRMH VX XVSRVWDYOMHQH SR QRYRM GLUHNWLYL L
SUHPD WRPH VSULMHþL UL]LN EORNLUDQMD SURL]YRGQMH 1DGDOMH SURL]YRÿDþLPD XYR]QLFLPD L
GLVWULEXWHULPDWUHEDELWLGDWRYULMHPHGDRVWYDUHQHNDSUDYDNRMDVXRQLVWHNOLXVNODGXVDSUDYLOLPD
NRMDGDWLUDMXSULMHQRYHGLUHNWLYHQSUSURGDMDQMLKRYLK]DOLKDSURL]YRGDSURL]YHGHQLKXVNODGXVD
QDFLRQDOQLP SUDYLOLPD NRMD VX ELOD QD VQD]L SULMH GLUHNWLYH.RQDþQR SUHOD]QL SHULRG REH]EMHÿXMH
GRGDWQRYULMHPH]DXVYDMDQMHKDUPRQL]LUDQLKVWDQGDUGDþDNLDNRRYRQLMHXSULQFLSXSUHGXVORY]D
SULPMHQXGLUHNWLYD1RYRJSULVWXSD

8VNODGXVDFLOMHYLPDSUHOD]QRJSHULRGD'UåDYHþODQLFHVXREDYH]QHGDRGUåDYDMXVYRMDQDFLRQDOQD
SUDYLODGRNUDMDSUHOD]QRJSHULRGDXNROLNRWRQDGUXJLQDþLQQLMHUHJXOLVDQR 2EDYH]DRGUåDYDQMD
UDQLMLKSUDYLODVHRGQRVLQHVDPRQDVYHREDYH]QHRGUHGEHNRMHVXQDVQD]LXVYDNRM'UåDYLþODQLFL
QHJRLQDVYHQDFLRQDOQHVSHFLILNDFLMHNRMHSURL]YRÿDþLSULPMHQMXMXGREURYROMQR


8YH]LVDGLUHNWLYDPD1RYRJSULVWXSDYLGLWDEHOXD]DGLUHNWLYHED]LUDQHQD*OREDOQRPSULVWXSXYLGL
WDEHOXX SRJODYOMX3UHOD]QLSHULRGMHMRãXYLMHNXWRNX]DGLUHNWLYHNRMHVHRGQRVHQDQHDXWRPDWVNH
YDJH GR HNVSOR]LYH]DFLYLOQHQDPMHQH GR SRWHQFLMDOQRHNVSOR]LYQHDWPRVIHUH GR
  OLIWRYH GR   UDVKODGQH DSDUDWH GR   RSUHPX ]D UDG SRG SULWLVNRP GR
 LPHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMH GR[[[[ 
 
0HÿXWLP WDPR JGMH QDFLRQDOQL SURSLVL NRML EL WUHEDOL ELWL ]DPLMHQMHQL VH ]DPMHQMXMX SRVWRMHüLP
KDUPRQL]LUDQLP ]DNRQVNLP DNWLPD =DMHGQLFH VYL SURL]YRGL ELOR GD VX X VNODGX VD VWDULP LOL QRYLP
VLVWHPRP  VX SUHGPHW VORERGQRJ SURWRND X WRNX SUHOD]QRJ SHULRGD 1D SULPMHU QDFUWL GLUHNWLYD R UDGLR L
WHOHNRPXQLNDFLRQRMWHUPLQDORSUHPLLHPLVLMLEXNHWUHED GD]DPLMHQHSRVWRMHüHGLUHNWLYH=DMHGQLFH
 
.DR L]X]HWDN GLUHNWLYD NRMD VH RGQRVL QD DSDUDWH NRML VDJRULMHYDMX JDVRYLWD JRULYD QH QDPHüH REDYH]X
'UåDYDPDþODQLFDPDDOLGHILQLWLYQRRGUHÿXMHGDRQHPRJXGR]YROLWLSODVLUDQMHQDQMLKRYDWUåLãWDSURL]YRGDX
VNODGXVDUDQLMLPSUDYLOLPDXWRNXSUHOD]QRJSHULRGD


3RVOMHGLFDWRJDMHGD'UåDYHþODQLFHEH]SURSLVDXXåHPVPLVOXPRUDMXRGUåDYDWLSRVWRMHüLVLVWHPL
]ERJWRJDX]GUåDWLVHRGGRQRãHQMD]DNRQVNLKDNDWD1DGDOMHQDFLRQDOQHRUJDQL]DFLMH]DVWDQGDUGH
VX REDYH]QH GD VWDYH QD UDVSRODJDQMH X WRNX SUHOD]QRJ SHULRGD NRSLMH QDFLRQDOQLK VWDQGDUGD
SULPLMHQMHQLKXVNODGXVDSRVWRMHüLPQDFLRQDOQLPVLVWHPRP

6YDNDGLUHNWLYDXSUHOD]QRPSHULRGXXVSRVWDYOMDGDWXP]DPU]DYDQMDQDFLRQDOQRJVLVWHPDNRMLMHQD
VQD]L 8RSãWHQR RYR MH GDWXP NDGD GLUHNWLYD VWXSD QD VQDJX DOL SRQHNDG MH WR L GDWXP NDGD MH
GLUHNWLYDXVYRMHQD

8WRNXSUHOD]QRJSHULRGD'UåDYHþODQLFHQHPRUDMXGDSUDYHL]PMHQHSUHGPHWQRJVLVWHPDNRMLEL
PRJDR PRGLILNRYDWL ]DKWMHYH ]D SURL]YRGRP LOL SURFHGXUX RFMHQMLYDQMD XVNODÿHQRVWL LOL NRML EL
PRJDR QD GUXJL QDþLQ XWLFDWL QD VWHþHQD SUDYD 0HÿXWLP 'UåDYDPD þODQLFDPD VH GR]YROMDYDGD
L]YUãHL]PMHQHXVOXþDMHYLPDYLãHVLOH1DSULPMHUWHKQLþNLSURJUHVLOLQHSUHGYLÿHQHRNROQRVWLPRJX
RWNULWL GD VLVWHP NRML MH QD VQD]L QH PRåH GD ]DGRYROML ]DNRQVNL ]DKWMHY L GD RYD QHSRWSXQRVW
SURL]YRGLUL]LNHNRMH'UåDYDþODQLFDQLMHELODXPRJXüQRVWLGDVSULMHþLXRGJRYDUDMXüHPYUHPHQX
GRSXQMDYDQMHPSUDYLODNRMDVXQDVQD]L2RYDNYLPDPDQGPDQLPDVHPRUDGDWLREDYLMHVWNDGDVX
RQLQDQLYRXQDFUWDNDRãWRMH]DKWLMHYDQRSRGLUHNWLYL(&WDNRGDQMLKRYDRSUDYGDQRVWPRåH
ELWLYHULILFLUDQD

1DNUDMXSUHOD]QRJSHULRGD'UåDYHþODQLFHVXREDYH]QHGD]DXVWDYHQDFLRQDOQHVLVWHPHNRMLVXELOL
QD VQD]L GR WDGD QSU RSR]LYDQMH UHOHYDQWQLK SURSLVD .DR UH]XOWDW WRJD QDFLRQDOQH PMHUH
LPSOHPHQWLUDMXüL QRYX GLUHNWLYXüH ELWL MHGLQD REDYH]QD SUDYLOD QD VQD]L ]D SURL]YRGH L UL]LNH QD
NRMHVHRGQRVHXVYDNRM'UåDYLþODQLFL3RVOMHGLFDWRJDMHGDVHSURL]YRGLQHPRJXGDOMHSURL]YRGLWL
XVNODGXVDRGREUHQMLPDWLSDLOLGUXJLPFHUWLILNDWLPDL]GDWLPSRVLVWHPXNRMLWUHEDELWLSRYXþHQ

1DNRQ SUHOD]QRJ SHULRGD SURL]YRGL SURL]YHGHQL SULMH LOL ]D YULMHPH RYRJ SHULRGD X VNODGX VD
VLVWHPRP NRML EL WUHEDR ELWL SRYXþHQ QH PRJX VH YLãH SODVLUDWL QD WUåLãWH =DMHGQLFH 8 VNODGXVD
VLJXUQRVWL LOL GUXJLP FLOMHYLPD QRYH GLUHNWLYH SURL]YRGX NRML VH SODVLUD QD WUåLãWH SULMH NUDMD
SUHOD]QRJSHULRGD ELWUHEDORELWLGR]YROMHQRGDEXGHVWDYOMHQXXSRWUHEXQDNRQWRJGDWXPDDNRMH
SURL]YRGELRVSUHPDQ]DXSRWUHEXNDGDMHELRSODVLUDQQDWUåLãWH1DGUXJLQDþLQSURL]YRGELPRJDR
ELWL VWDYOMHQ X XSRWUHEX QDNRQ WRJ GDWXPD VDPR DNR MH RQ SRWSXQR X VNODGX VD RGUHGEDPD
GLUHNWLYH

8VNODGXVDRSãWLPSUDYLORP&(R]QDþDYDQMHXND]XMHGDVH]DSURL]YRGHNRMLVXSUHGPHWQHNROLNR
GLUHNWLYDREH]ELMHÿHQLK]DQMHJRYRSRVWDYOMDQMHSUHGSRVWDYOMDGD

3RãWR GLUHNWLYH NRMH VH RGQRVH QD VLJXUQRVW LJUDþDND QLVNRQDSRQVNX RSUHPX JUDÿHYLQVNH SURL]YRGH
 

HNVSOR]LYH]DFLYLOQHQDPMHQHLUDVKODGQHDSDUDWHSRNULYDMXVDPRSODVLUDQMHQDWUåLãWHWDNYLSURL]YRGLPRJX
ELWL VWDYOMHQL X XSRWUHEX X ELOR NRMH YULMHPH D GD QH EXGX SUHGPHW XVNODÿLYDQMD SUHPD QDUHGQLP XVORYLPD
XVSRVWDYOMHQLP X VNODGX VD RYLP GLUHNWLYDPD ,VWR VH RGQRVL L QD SURL]YRGH SRNULYHQH GLUHNWLYDPD NRMH VH
RGQRVH QD DNWLYQD LPSODQWDFLRQD PHGLFLQVND VUHGVWYD PHGLFLQVND VUHGVWYD L PHGLFLQVND VUHGVWYD ]D ³LQ
YLWUR´GLMDJQRVWLFLUDQMHSRãWRMHVWDYOMDQMHX XSRWUHEXGHILQLVDQRNDR VWDYOMDQMH SURL]YRGD QD UDVSRODJDQMH
PHGLFLQVNRMVWUXFL]DLPSODQWDFLMXLOLRGQRVQRNDRQLYRQDNRPHMHXUHÿDMVSUHPDQ]DXSRWUHEXQDWUåLãWX
=DMHGQLFHSRSUYLSXW]DQMHPXQDPLMHQMHQXVYUKX8YH]L VDSODVLUDQMHPQDWUåLãWHLVWDYOMDQMDXXSRWUHEX
YLGLSRJODYOMH


VHSRQDãDMXXVNODGXVDRGUHGEDPDVYLKRYLKGLUHNWLYD0HÿXWLPWDPRJGMHMHGQDLOLYLãHRGRYLK
GLUHNWLYD GR]YROMDYD SURL]YRÿDþX ]D YULMHPH SUHOD]QRJ SHULRGD GD L]DEHUH NRMH VSRUD]XPH üH
SULPLMHQLWL&(R]QDþDYDQMHR]QDþDYDXVNODÿHQRVWVDPRSUHPDGLUHNWLYDPDSULPLMHQMHQLPRGVWUDQH
SURL]YRÿDþD 3RVOMHGLFD WRJD MH GD ]D YULMHPH SUHOD]QRJ SHULRGD &( R]QDþDYDQMH QH R]QDþDYD
REDYH]QR GD VH SURL]YRG SRQDãD X VNODGX VD VYLP SULPMHQMLYLP GLUHNWLYDPD REH]ELMHÿHQLP ]D
QMHJRYRSRVWDYOMDQMH=ERJWRJDGRNXPHQWLREDYMHãWHQMDLOLXSXWVWYD]DKWMHYDQDRGVWUDQHGLUHNWLYD
L NRMD SUHGVWDYOMDMX SUDWHüX GRNXPHQWDFLMX SURL]YRGX PRUDMX MDVQR VLJQDOL]LUDWL GLUHNWLYH NRMH MH
SURL]YRÿDþSULPLMHQLRJGMHQDMPDQMHMHGQDRGSULPMHQMLYLKGLUHNWLYDVDGUåLSUHOD]QLSHULRGXNRPH
MH SURL]YRG SURL]YHGHQ 7DPR JGMH GLUHNWLYD QH ]DKWLMHYD GRNXPHQWH REDYMHãWHQMD LOL XSXWVWYD
LQIRUPDFLMH PRUDMX ELWL GDWH QD SDNRYDQMX SURL]YRGD ,QIRUPDFLMH NRMH VH RGQRVHQD SULPLMHQMHQH
GLUHNWLYHPRUDMXELWLGDWHX(&GHNODUDFLMLRXVNODÿHQRVWL

8YH]LVD(&GHNODUDFLMRPRXVNODÿHQRVWLYLGLSRJODYOMH8YH]L VD&(R]QDþDYDQMHPYLGLSRJODYOMH



 2'*29251267,

 352,=92$ý

'LUHNWLYH1RYRJSULVWXSD

x 3URL]YRÿDþX]QDþHQMX1RYRJSULVWXSDMHRVREDNRMDMHRGJRYRUQD]DGL]DMQLUDQMHL
SURL]YRGQMXSURL]YRGDVDFLOMHPQMHJRYRJSODVLUDQMDQDWUåLãWH=DMHGQLFHXVYRMHLPH

x 3URL]YRÿDþ LPD REDYH]X GD RVLJXUD GD MH SURL]YRG NRML MH QDPLMHQMHQ GD EXGH
SODVLUDQ QD WUåLãWH =DMHGQLFH  GL]DMQLUDQ L SURL]YHGHQ L GD MH L]YUãHQD RFMHQD
XVNODÿHQRVWL SUHPD HVHQFLMDOQLP ]DKWMHYLPD X VNODGX VD RGUHGEDPD SULPMHQMLYHLK
GLUHNWLYHD1RYRJSULVWXSD

x 3URL]YRÿDþPRåHNRULVWLWLJRWRYHSURL]YRGHJRWRYHGLMHORYHLOLNRPSRQHQWHLOLPRåH
SRYMHULWLSRGXJRYDUDþXVYRMH]DGDWNH0HÿXWLPRQPRUDXYLMHN]DGUåDWLFMHORNXSQX
NRQWUROXLLPDWLQHRSKRGQXQDGOHåQRVWGDSUHX]PHRGJRYRUQRVW]DSURL]YRG

3URL]YRÿDþ MH ELOR NRMH IL]LþNR LOL SUDYQR OLFH NRMH MH RGJRYRUQR ]D GL]DMQLUDQMH L SURL]YRGQMX
SURL]YRGD LPDMXüL X YLGX QMHJRYR SODVLUDQMH QD WUåLãWH =DMHGQLFH SRG VYRMLP YODVWLWLP LPHQRP
2GJRYRUQRVWL SURL]YRÿDþD VH RGQRVH WDNRÿHU QD ELOR NRMH IL]LþNR LOL SUDYQR OLFH NRMH VDVWDYOMD
SDNXMHSUHUDÿXMHLLOLHWLNHWLUD JRWRYHWYRUQLþNHSURL]YRGHVDFLOMHPQMLKRYRJSODVLUDQMD QD WUåLãWH
=DMHGQLFHSRGVYRMLPYODVWLWLPLPHQRP1DGDOMHRGJRYRUQRVWSURL]YRÿDþDVHSUHQRVLQDELORNRMX
RVREX NRMD PLMHQMD QDPMHQX SURL]YRGD QD WDNDY QDþLQ GD SRVWDMH SULPMHQMLY GUXJL HVHQFLMDOQL
]DKWMHY LOL ELWQR PLMHQMD LOL REQDYOMD SURL]YRG SUHPD WRPH NUHLUD QRYL SURL]YRG VD FLOMHP
SODVLUDQMDSURL]YRGDQDWUåLãWH=DMHGQLFH

3URL]YRÿDþ PRåH GL]DMQLUDWL L SURL]YHVWL  SURL]YRG OLþQR .DR DOWHUQDWLYD RVRED PRåH GRELWL
SURL]YRG GL]DMQLUDQ SURL]YHGHQ VDVWDYOMHQ ]DSDNRYDQ SUHUDÿHQ LLOL HWLNHWLUDQ V FLOMHP QMHJRYRJ
SODVLUDQMD QD WUåLãWH =DMHGQLFH SRG VYRMLP YODVWLWLP LPHQRP L SUHPD WRPH SUHGVWDYLWL VHEH NDR
SURL]YRÿDþD7DPRJGMHVHGLRSRVORYDSRGXJRYDUDSURL]YRÿDþPRUD]DGUåDWLFMHORNXSQXNRQWUROX
QDG SURL]YRGRP L RVLJXUDWL GD SULPD VYH LQIRUPDFLMH NRMH VX QHRSKRGQH GD LVSXQL VYRMH
RGJRYRUQRVWLXVNODGXVDGLUHNWLYDPD1RYRJSULVWXSD

 
3URL]YRÿDþ QLMH GHILQLVDQ X GLUHNWLYDPD 1RYRJ SULVWXSD VD L]X]HWNRP GLUHNWLYD NRMH VH RGQRVH QD
PHGLFLQVNDVUHGVWYDLPHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMH

8YH]LVDSURL]YRGLPDSRWþLQMHQLPGLUHNWLYDPDYLGLSRJODYOMH


3URL]YRÿDþ NRML GDMH QHNH LOL VYH VYRMH DNWLYQRVWL SRGXJRYDUDþLPD QH EL PRJDR QL X NRMLP
RNROQRVWLPD UD]YODVWLWL VHEH RG VYRMLK RGJRYRUQRVWL QSU GD LK SUHX]PH RYODãWHQL SUHGVWDYQLN
GLVWULEXWHUWUJRYDFQDPDORWUJRYDFQDYHOLNRNRULVQLNLOLSRGXJRYDUDþ

3URL]YRÿDþ LPD  LVNOMXþLYX L NUDMQMX RGJRYRUQRVW ]D XVNODÿHQRVW VYRJD SURL]YRGD VD SULPMHQMLYLP
GLUHNWLYDPD2QMHRGJRYRUDQ
x ]D GL]DMQLUDQMH L SURL]YRGQMX SURL]YRGD X VNODGX VD HVHQFLMDOQLP ]DKWMHYLPD XVSRVWDYOMHQLP
SXWHPGLUHNWLYHDL
x ]DSURYRÿHQMHRFMHQMLYDQMDXVNODÿHQRVWLXVNODGXVDSURFHGXURPDPDXVSRVWDYOMHQRMLP SXWHP
GLUHNWLYHD

3URL]YRÿDþ MH REDYH]DQ GD UD]XPLMH RERMH L GL]DMQ L L]UDGX SURL]YRGD GD EL PRJDR SUHX]HWL
RGJRYRUQRVW]DSURL]YRGWMGDSURL]YRGEXGHXVNODGXVDVYLPRGUHGEDPDUHOHYDQWQHLKGLUHNWLYHD
1RYRJ SULVWXSD 8 RGQRVX QD RFMHQMLYDQMH XVNODÿHQRVWL RGJRYRUQRVW SURL]YRÿDþD RYLVL R
SULPLMHQMHQRM SURFHGXUL .DR RSãWH SUDYLOR SURL]YRÿDþ PRUD SUHGX]HWLVYH  QHRSKRGQH PMHUH GD
RVLJXUD GD SURFHV SURL]YRGQMH RVLJXUDYD XVNODÿHQRVW SURL]YRGD QSU GD XSUDYOMD VLVWHPRP
NYDOLWHWD GDSRVWDYL&(R]QDNXQDSURL]YRGGDIRUPLUDWHKQLþNXGRNXPHQWDFLMXLGDGRQHVH(&
GHNODUDFLMXRXVNODÿHQRVWL2YLVQRRGLUHNWLYLRGSURL]YRÿDþDVHPRåH]DKWLMHYDWLGDSRGQHVHVYRM
SURL]YRGWUHüRMVWUDQL RELþQRSULMDYOMHQRPWLMHOX ]DLVSLWLYDQMHSURL]YRGDLFHUWLILFLUDQMHLOLGDLPD
FHUWLILFLUDQ YODVWLWL VLVWHP NYDOLWHWD RG VWUDQH SULMDYOMHQRJ WLMHOD 'RGDWQR QHNROLNR GLUHNWLYD
XVSRVWDYOMDGRGDWQHREDYH]H QSU]DKWMHYGDVHX]SURL]YRGSULGUXåHRGUHÿHQHLQIRUPDFLMH 

'LUHNWLYHRELþQR]DKWLMHYDMXGDVHSURL]YRÿDþPRåHLQGHQWLILFLUDWLQDSURL]YRGX0HÿXWLPSRQHNDG
QLMHPRJXüHLQGHQWLILFLUDWLRVREXNRMDMH]DLVWDELODRGJRYRUQD]DGL]DMQLSURL]YRGQMXSURL]YRGD8
RGUHÿHQLPVHNWRULPDRYRQHVPDQMXMHRGJRYRUQRVWLRVREHNRMDSODVLUDSURL]YRGQDWUåLãWH=DMHGQLFH
QSU ELOR NRMH IL]LþNR LOL SUDYQR OLFH NRMH XYR]L SURL]YRG L] WUHüH ]HPOMH VD FLOMHP QMHJRYRJ
SODVLUDQMD QD WUåLãWH =DMHGQLFH  6DJODVQR WRPH RQ PRUD RVLJXUDWL  GD MH SURL]YRG X VNODGX VD
SULPMHQMLYLPGLUHNWLYDPDLGDMHSURYHGHQDRGJRYDUDMXüDSURFHGXUDRFMHQMLYDQMDXVNODÿHQRVWL

3URL]YRG EL PRJDR ELWL VWDYOMHQ X XSRWUHEX EH] SUHWKRGQRJ SODVLUDQMD QD WUåLãWH QSU SURL]YRG
SURL]YHGHQ ]D YODVWLWX XSRWUHEX  8 WDNYRP VOXþDMX RVRED NRMD VWDYOMD SURL]YRG X XSRWUHEX PRUD
SUHX]HWLRGJRYRUQRVWLSURL]YRÿDþD


8YH]LVDRGJRYRUQRVWLSURL]YRÿDþDVDJODVQRVYDNRMSURFHGXULRFMHQMLYDQMDXVNODÿHQRVWLYLGLWDEHOXX
SRJODYOMXL]DRGJRYRUQRVWLSULMDYOMHQLKWLMHODYLGLWDEHOXX SRJODYOMX

9LGLGLUHNWLYH«

2YRMHHNVSOLFLWQRXVSRVWDYOMHQRXGLUHNWLYDPDNRMHVHRGQRVH QDPDãLQHLOLIWRYH6DJODVQRVDþODQRP 
GLUHNWLYHRPDãLQDPDLþODQRP  GLUHNWLYHROLIWRYLPDREDYH]HNRMHVHRGQRVHQDSURFHGXUXRFMHQLYDQMD
XVNODÿHQRVWL SDGDMX QD ELOR NRMX RVREX NRMD SODVLUD SURL]YRG QD WUåLãWH X =DMHGQLFL WDPR JGMH QLMH
XVSRVWDYOMHQ QLWL SURL]YRÿDþ QLWL QMHJRY RYODãWHQL SUHGVWDYQLN X =DMHGQLFL LOL PRQWDåHU OLIWD LVSXQMDYD RYH
REDYH]H


6DJODVQR  WRPH RQ PRUD RVLJXUDWL GD MH SURL]YRG X VNODGX VD GLUHNWLYRP L GD VH SURYRGL
RGJRYDUDMXüDRFMHQDXVNODÿHQRVWL

'LUHNWLYH1RYRJSULVWXSDQH]DKWLMHYDMXGDSURL]YRÿDþEXGHVDVMHGLãWHPX=DMHGQLFL3UHPDWRPH
RGJRYRUQRVWL SURL]YRÿDþD VD VMHGLãWHP YDQ =DMHGQLFH VX MHGQDNH VD RGJRYRUQRVWLPD SURL]YRÿDþD
XVSRVWDYOMHQRJX'UåDYLþODQLFL

'LUHNWLYDRGJRYRUQRVWL]DSURL]YRGLGLUHNWLYDRRSüRMVLJXUQRVWLSURL]YRGD

3RMDP SURL]YRÿDþD X VNODGX VD 1RYLP SULVWXSRP MH UD]OLþLW RG SRMPD SURL]YRÿDþD X VNODGX VD
GLUHNWLYRPRRGJRYRUQRVWL]DSURL]YRGLGLUHNWLYRPRRSüRMVLJXUQRVWLSURL]YRGD

=DNRQVNDLOLDGPLQLVWUDWLYQDDNFLMDPRåHVHSURYHVWLSURWLYELORNRMHRVREHXODQFXVQDGELMHYDQMDLOL
GLVWULEXFLMH NRMD VH PRåH VPDWUDWL RGJRYRUQRP ]D RãWHüHQ SURL]YRG 2YR EL PRJDR SRVHEQR ELWL
VOXþDMNDGDMHSURL]YRÿDþVDVMHGLãWHPYDQ=DMHGQLFH6DJODVQRGLUHNWLYLRRGJRYRUQRVWL]DSURL]YRG
SRMDPSURL]YRÿDþDSRNULYDYLãHRVREDLUD]OLþLWHRVREHXSRUHÿHQMXVDRQLPãWDVHVPDWUDSRGWLP
SRMPRP SR GLUHNWLYDPD 1RYRJ SULVWXSD 'HILQLFLMD SURL]YRÿDþD L QMHJRYH RGJRYRUQRVWL VDJODVQR
GLUHNWLYLRRGJRYRUQRVWL]DSURL]YRGMHRSLVDQDXSRJODYOMX

8VNODGXVDGLUHNWLYRPRRSüRMVLJXUQRVWLSURL]YRGDSURL]YRÿDþMHWDNDYSURL]YRÿDþNRMLSURL]YRGL
SURL]YRG NDGD RQ LPD VMHGLãWH X =DMHGQLFL L ELOR NRMD GUXJD RVRED SUHGVWDYOMD QMHJD NDR
SURL]YRÿDþD NDGD SRVWDYOMD QMHJRYR LPH QD SURL]YRG WUJRYDþNL ]QDN LOL GUXJL SRVHEDQ ]QDN LOL
RVRED NRMD SURL]YRG SRQRYR GRYRGL X LVSUDYQR VWDQMH 3URL]YRÿDþ MH WDNRÿHU L QMHJRY SUHGVWDYQLN
NDGDSURL]YRÿDþQHPDVMHGLãWHX=DMHGQLFLLOLXYR]QLNDNRQHSRVWRMLSUHGVWDYQLNNRMLLPDVMHGLãWH
X =DMHGQLFL .RQDþQR SURL]YRÿDþ MH WDNRÿHU L QHNL GUXJL SURIHVLRQDODF X ODQFX VQDGEMHYDQMD GR
RQLK JUDQLFD GR NRMLK QMHJRYH DNWLYQRVWL PRJX XWMHFDWLQD VLJXUQRVQH NDUDNWHULVWLNH SURL]YRGD QD
WUåLãWX

'LUHNWLYDRRSüRMVLJXUQRVWLSRL]YRGD]DKWLMHYDRGSURL]YRÿDþDGDSODVLUDMXQDWUåLãWHVDPRVLJXUQH
SURL]YRGH 2QL VX REDYH]QL X RNYLUX JUDQLFD QMLKRYLK DNWLYQRVWL GD REH]ELMHGH SRWURãDþLPD
UHOHYDQWQH LQIRUPDFLMH L GD LP RPRJXüH GD RFLMHQH UL]LNH SULVXWQH X SURL]YRGX WDPR JGMH WDNYL
UL]LFLQLVXRGPDKRþLJOHGQLEH]RGJRYDUDMXüLKXSR]RUHQMDLGDSUHGX]PXPMHUHRSUH]DSURWLYWDNYLK
UL]LND 2QL VX WDNRÿHU REDYH]QL GD XVYRMH PMHUH NRMH RGJRYDUDMX NDUDNWHULVWLNDPD SURL]YRGD X
QDPMHULGDVHLQIRUPLUDMXRPRJXüLPUL]LFLPDLGDSUHGX]PXRGJRYDUDMXüXDNFLMXXNOMXþXMXüLDNR
MHQHRSKRGQRSRYODþHQMHSURL]YRGDVDWUåLãWD


2YR QLMH SULPMHQMLYR QD SURL]YRGH SRNULYHQH GLUHNWLYDPD NRMH VH RGQRVH QD VLJXUQRVW LJUDþDND
QLVNRQDSRQVNXRSUHPXJUDÿHYLQVNHSURL]YRGHHNVSOR]LYH]DFLYLOQHQDPMHQHLUDVKODGQHDSDUDWHSRãWRRYH
GLUHNWLYH SRNULYDMX VDPR SODVLUDQMH QD WUåLãWH 1DGDOMH RYR QLMH SULPMHQOMLYR QD RSUHPX ]D UHNUHDFLMX
QDSUDYOMHQX]DYODVWLWHSRWUHEHREH]EMHÿHQXGDVH QHSODVLUDQDWUåLãWH=DMHGQLFHXSHULRGXRGJRGLQDLOL
QDRSUHPXGL]DMQLUDQXSULMHJRGLQH8YH]LVDVWDYOMDQMHPXXSRWUHEXYLGLSRJODYOMH


29/$â7(1,35('67$91,.

x 3URL]YRÿDþ PRåH SRVWDYLWL ELOR NRMH IL]LþNR LOL SUDYQR OLFH GD JD ]DVWXSD X VYRMVWYX
RYODãWHQRJSUHGVWDYQLND

x 8 VPLVOX GLUHNWLYD 1RYRJ SULVWXSD RYODãWHQL SUHGVWDYQLN PRUD LPDWL VMHGLãWH XQXWDU
=DMHGQLFH

x 2YODãWHQLSUHGVWDYQLNVHLVNOMXþLYRLPHQXMHRGVWUDQHSURL]YRÿDþDLRQVHPRåHVPDWUDWL
RGJRYRUQLP RG VWUDQH QDGOHåQLK WLMHOD 'UåDYD þODQLFD XPMHVWR SURL]YRÿDþD X SRJOHGX
NDVQLMLKREDYH]DXWYUÿHQLKSRSUHGPHWQRMGLUHNWLYL1RYRJSULVWXSD

x 3URL]YRÿDþ RVWDMH XRSüH RGJRYRUDQ ]D DNFLMH SURYHGHQH RG VWUDQH RYODãWHQRJ
SUHGVWDYQLNDXQMHJRYXNRULVW

3URL]YRÿDþ PRåH ELWL ORFLUDQ X =DMHGQLFLLOL QHJGMH GUXJGMH 8 VYDNRP VOXþDMX SURL]YRÿDþ PRåH
SRVWDYLWL RYODãWHQRJ  SUHGVWDYQLND GD UDGL X QMHJRYX NRULVW X SURYRÿHQMX RGUHÿHQLK ]DGDWDND
]DKWMHYDQLK X SULPMHQMLYLP GLUHNWLYDPD 0HÿXWLP SURL]YRÿDþ VD VMHGLãWHP YDQ =DMHGQLFH QLMH
REDYH]DQ GD LPD RYODãWHQRJ SUHGVWDYQLND X =DMHGQLFL PDGD WR PRåH SUHGVWDYOMDWL RGUHÿHQH
SUHGQRVWL

8 VPLVOX GLUHNWLYD 1RYRJ SULVWXSD WM GD EL VH PRJOR UDGLWL X NRULVW SURL]YRÿDþD RYODãWHQL
SUHGVWDYQLN PRUD LPDW VMHGLãWH X =DMHGQLFL 7UJRYDþNL SUHGVWDYQLFL SURL]YRÿDþD ELOR GD LPDMX
VMHGLãWH X =DMHGQLFL LOL YDQ QMH QH EL VH WUHEDOL PLMHãDWL VD RYODãWHQLP SUHGVWDYQLNRP VDJODVQR
GLUHNWLYDPD1RYRJSULVWXSD

=DGDFL NRMH ãDOMH  SURL]YRÿDþ RYODãWHQRP SUHGVWDYQLNX PRUDMX ELWL WDþQR GHILQLVDQL L X SLVDQRM
IRUPL SRVHEQR GD GHILQLãX VDGUåDMH ]DGDWDND L JUDQLFH PRüL SUHGVWDYQLND 2YLVQR R SURFHGXUL
RFMHQMLYDQMD XVNODÿHQRVWL L SUHGPHWQRM GLUHNWLYL RYODãWHQL SUHGVWDYQLN PRåH QD SULPMHU ELWL
SRVWDYOMHQ GD RVLJXUD L REMDYL GD MH SURL]YRG X VNODGX VD ]DKWMHYLPD SRVWDYL &( R]QDNX L EURM
SULMDYOMHQRJ WLMHOD QD SURL]YRG QDSUDYLWL L SRWSLVDWL  (& GHNODUDFLMX R XVNODÿHQRVWL LOL GUåDWL
GHNODUDFLMXLWHKQLþNXGRNXPHQWDFLMXQDUDVSRODJDQMXQDFLRQDOQLPQDGOHåQLPWLMHOLPD]DQDG]RU

 
2YODãWHQL SUHGVWDYQLN VH RELþQR QH GHILQLãH X GLUHNWLYDPD 1RYRJ SULVWXSD VD L]X]HWNRP GLUHNWLYH R
PHGLFLQVNLPVUHGVWYLPD]D³LQYLWUR´GLMDJQRVWLFLUDQMH
 
.DR L]X]HWDN  VDJODVQR GLUHNWLYDPD R PHGLFLQVNLP VUHGVWYLPD L PHGLFLQVNLP VUHGVWYLPD ]D ³LQ YLWUR´
GLMDJQRVWLFLUDQMH SURL]YRÿDþ PRUD LPHQRYDWL RVREX NRMD VH XVSRVWDYOMD X =DMHGQLFL GD EXGH RGJRYRUQD ]D
PDUNHWLQJ PHGLFLQVNLK VUHGVWDYD DNR RQ QHPD SULMDYOMHQ SRVORYQL SURVWRU X 'UåDYL þODQLFL L RQ SODVLUD
XUHÿDMHQDWUåLãWH=DMHGQLFHSRGVYRMLPYODVWLWLPLPHQRP

8YH]LVDGHWDOMQRPOLVWRPRGJRYRUQRVWLNRMDELPRJODELWLGHOHJLUDQDRYODãWHQRPSUHGVWDYQLNXXVNODGXVD
VYDNLPPRGXORPYLGLWDEHOXXSRJODYOMX


=DGDFLGHOHJLUDQLRYODãWHQRPSUHGVWDYQLNXVXDGPLQLVWUDWLYQHSULURGH 3UHPD WRPH SURL]YRÿDþ QH
ELPRJDRQLWLGHOHJLUDWLQHRSKRGQHPMHUHGDREH]ELMHGLGDSURL]YRGQLSURFHVRVLJXUDYDXVNODÿHQRVW
SURL]YRGDQLIRUPLUDWLWHKQLþNXGRNXPHQWDFLMX1DGDOMHRYODãWHQLSUHGVWDYQLNQHPRåHPRGLILFLUDWL
SURL]YRGVDPRYROMQRXQDPMHULGDJDXVNODGLVDSULPMHQMLYLPGLUHNWLYDPD

2YODãWHQL SUHGVWDYQLN PRåH LVWRYUHPHQR LPDWL IXQNFLMX SRGXJRYDUDþD 6DJODVQR WRPH NDR
SRGXJRYDUDþ RQ EL PRJDR XþHVWYRYDWL X GL]DMQX L SURL]YRGQML SURL]YRGD SRG XVORYRP GD
SURL]YRÿDþ ]DGUåDYD FMHORNXSQX NRQWUROX QDG SURL]YRGRP GR LVSXQMDYDQMD QMHJRYH RGJRYRUQRVWL
NRMDVHRGQRVLQDXVNODÿHQRVWSURL]YRGDVDRGUHGEDPDSULPMHQMLYLKGLUHNWLYD

892=1,.262%$2'*29251$=$3/$6,5$1-(1$75ä,â7(

x 8YR]QLN RVRED RGJRYRUQD ]D SODVLUDQMH QD WUåLãWH X ]QDþHQMX GLUHNWLYD 1RYRJ
SULVWXSD  MH ELOR NRMH IL]LþNR LOL SUDYQR OLFH VD VMHGLãWHP X =DMHGQLFL NRMH SODVLUD
SURL]YRGL]WUHüH]HPOMHQDWUåLãWH=DMHGQLFH

x 8YR]QLNPRUDRVLJXUDWLGDMHXVWDQMXGDREH]ELMHGLQHRSKRGQHLQIRUPDFLMHQDGOHåQRP
WLMHOX]DQDG]RUQDGWUåLãWHPNRMHVHRGQRVHQDSURL]YRGWDPRJGMHSURL]YRÿDþQHPD
VMHGLãWHX=DMHGQLFLLQHPDRYODãWHQRJSUHGVWDYQLNDX=DMHGQLFL

x )L]LþNRLOLSUDYQROLFHNRMHXYR]LSURL]YRGX=DMHGQLFXVHPRåHXQHNLPVLWXDFLMDPD
VPDWUDWL NDR RVRED NRMD PRUD SUHX]HWL RGJRYRUQRVWL SURL]YRÿDþD X VNODGX VD
SULPMHQMLYLPGLUHNWLYDPD1RYRJSULVWXSD

8YR]QLN VD VMHGLãWHP X =DMHGQLFL NRML SODVLUD SURL]YRG L] WUHüH ]HPOMH QD WUåLãWH =DMHGQLFH LPD
RJUDQLþHQX  DOL GHILQLVDQX RGJRYRUQRVW SR GLUHNWLYDPD 1RYRJ 3ULVWXSD 8 QHNLP GLUHNWLYDPD QD
XYR]QLNDVHXSXüXMHNDRQDRVREXRGJRYRUQX]DSODVLUDQMHQDWUåLãWH

8VNODGXVD GLUHNWLYDPD 1RYRJ SULVWXSD XYR]QLN RVRED RGJRYRUQD ]D SODVLUDQMH QD WUåLãWH  PRUD
ELWLXPRJXüQRVWLGDREH]ELMHGLQDGOHåQRPWLMHOX]DQDG]RUNRSLMX(&GHNODUDFLMHRXVNODÿHQRVWLL
VWDYL PX WHKQLþNX GRNXPHQWDFLMX QD UDVSRODJDQMH 2YD RGJRYRUQRVW MH SUHEDþHQD QD XYR]QLND
RVREHRGJRYRUQH]DSODVLUDQMHQDWUåLãWH VDPRWDPR JGMHSURL]YRÿDþQHPDVMHGLãWHX =DMHGQLFLL
JGMHQHSRVWRMLQMHJRYRYODãWHQLSUHGVWDYQLNX=DMHGQLFL8YR]QLN RVREDRGJRYRUQD]DSODVLUDQMHQD
WUåLãWH  EL PRJDR SUHX]HWL EULJX R RYRM REDYH]L SXWHP ]DKWLMHYDQMD ]YDQLþQH JDUDQFLMH X SLVDQRM
IRUPLRG


SURL]YRÿDþDGDüHGRNXPHQWLELWLVWDYOMHQLQDUDVSRODJDQMHNDGDWREXGH]DKWLMHYDORQDGOHåQRWLMHOR
]DQDG]RU

8YR]QLN QH WUHED PDQGDW RG SURL]YRÿDþD QLWL SRYODãWHQ RGQRV VD SURL]YRÿDþHP NDR ãWR WR WUHED
RYODãWHQLSUHGVWDYQLN0HÿXWLPXYR]QLNPRUDRVLJXUDWLXQDPMHULGDLVSXQLVYRMHRGJRYRUQRVWLGD
VHPRåHXVSRVWDYLWLYH]DVDSURL]YRÿDþHP

8YR]QLNELPRJDRåHOMHWLGDXUDGLDGPLQLVWUDWLYQH]DGDWNHXLPHSURL]YRÿDþD8WDNYRPVOXþDMXRQ
PRUD ELWL HNVSOLFLWQR LPHQRYDQRG VWUDQH SURL]YRÿDþD X QDPMHUL GD SRVWDQH RYODãWHQL SUHGVWDYQLN
DNRüHVHXVSRVWDYLWLX=DMHGQLFL

8QHNLPVLWXDFLMDPDRVREDQDNRMXVHXSXüXMHNDRXYR]QLNDPRUDVHVPDWUDWL±X]QDþHQMXGLUHNWLYD
1RYRJ SULVWXSD ± SURL]YRÿDþHP 6DJODVQR WRPH RQ PRUD ELWL X VWDQMX GD SUHX]PH RGJRYRUQRVWL
SURL]YRÿDþDWMGDRVLJXUDGDMHSURL]YRGXVNODGXVDHVHQFLMDOQLP]DKWMHYLPDLGDMHSULPLMHQMHQD
RGJRYDUDMXüDSURFHGXUDRFMHQMLYDQMDXVNODÿHQRVWL

',675,%87(5

x 2GUHGEHNRMHVHRGQRVHQDGLVWULEXFLMXRELþQRQLVXXNOMXþHQHXGLUHNWLYH1RYRJSULVWXSD

x 'LVWULEXWHURP VH VPDWUD ELOR NRMH IL]LþNR LOL SUDYQR OLFH X ODQFX VQDGELMHYDQMD NRMH L]YRGL
WUJRYDþNHDNFLMHNRMHVOLMHGHQDNRQãWRMHSURL]YRGSODVLUDQQDWUåLãWH=DMHGQLFH

x 'LVWULEXWHU VH PRUD SRQDãDWL VD REDYH]RP RGJRYDUDMXüH EULJH X QDPMHUL GD QH SODVLUD
RþLJOHGQRQHXVNODÿHQHSURL]YRGHQDWUåLãWH=DMHGQLFH2QWDNRÿHUPRUDELWLXVWDQMXGDRYR
GHPRQVWULUDQDFLRQDOQRPQDGOHåQRPWLMHOX]DQDG]RU

7UJRYFL QD PDOR WUJRYFL QD YHOLNR L RVWDOL GLVWULEXWHUL X ODQFX VQDGELMHYDQMD QH PRUDMX GD LPDMX
SRYODãWHQ RGQRV VD SURL]YRÿDþHP NDR ãWR WR LPD RYODãWHQL SUHGVWDYQLN 2QL PRJX REDYOMDWL
WUJRYDþNH DNFLMH X LPH SURL]YRÿDþD LOL X QMLKRYR YODVWLWR LPH QDNRQ ãWR MH SURL]YRG VWDYOMHQ QD
UDVSRODJDQMHQDWUåLãWX=DMHGQLFH

2G GLVWULEXWHUD EL VH WUHEDOR ]DKWLMHYDWL GD VH SRQDãD V REDYH]RP  RGJRYDUDMXüH EULJH L GD LPD
RVQRYQR]QDQMHRSULPMHQMLYLP]DNRQVNLP]DKWMHYLPD2QELWUHEDR]QDWLQDSULPMHU


2GJRYRUQRVWLXYR]QLND RVREHRGJRYRUQH]DSODVLUDQMHQDWUåLãWH VXSURãLUHQHSUHPDGLUHNWLYDPDNRMHVH
RGQRVHQDPDãLQHLOLIWRYHXVNODGXVNRMLPREDYH]HNRMHVHRGQRVHQDSURFHGXUXRFMHQMLYDQMDXVNODÿHQRVWL
SDGDMX QD RVREX NRMD SODVLUD SURL]YRG QD WUåLãWH X =DMHGQLFL JGMH QLWL SURL]YRÿDþ QL QMHJRY RYODãWHQL
SUHGVWDYQLNQHPDMXVMHGLãWHX=DMHGQLFLLOLPRQWDåHUOLIWDLVSXQMDYDRYHREDYH]H

8YH]LVDRSLVRPSURL]YRÿDþDLQMHJRYLKRGJRYRUQRVWLYLGLSRJODYOMH


NRML SURL]YRGL PRUDMX QRVLWL &( R]QDNX NRMH LQIRUPDFLMH QSU GHNODUDFLMD R XVNODÿHQRVWL  VH
PRUDMX SULGUXåLWL SURL]YRGX NRML VX MH]LþNL ]DKWMHYL ]D XSXWVWYD ]D NRULVQLNH LOL GUXJH SUDWHüH
GRNXPHQWH L ãWD MH MDVDQ SRND]DWHOM GD SURL]YRG QLMH XVNODÿHQ 6DJODVQR WRPH RQ QH EL PRJDR
QDEDYOMDWL SURL]YRGH ]D NRMH ]QDLOL EL WUHEDR SUHWSRVWDYLWL QD RVQRYX LQIRUPDFLMD NRMH SRVMHGXMH L
NDR SURIHVLRQDODF GD QLVX X VNODGX VD ]DNRQVNLP DNWLPD 1DGDOMH RQ EL WUHEDR LQIRUPLUDWL
QDFLRQDOQRQDGOHåQRWLMHOR]DQDG]RURQHXVNODÿHQLPSURL]YRGLPDLUL]LFLPDYH]DQLP]DSURL]YRGL
VDUDÿLYDWLXDNFLMDPDSRGX]HWLPGDVHL]EMHJQXLOLPLQLPL]LUDMXRYLUL]LFL

8VORYLGLVWULEXFLMH QSUWUDQVSRUWLOLVNODGLãWHQMH PRJXLPDWLXWMHFDMQDRGUåDYDQMHXVNODÿHQRVWLVD


RGUHGEDPDSULPMHQMLYHGLUHNWLYH1DSULPMHURYRELPRJDRELWLVOXþDMVDPMHUQLPLQVWUXPHQWLPDL
PHGLFLQVNLP XUHÿDMLPD 3UHPD WRPH RGJRYRUQD RVRED ]D XVORYH GLVWULEXFLMH PRUD SUHGX]HWL
QHRSKRGQHPMHUHGD]DãWLWLXVNODÿHQRVWSURL]YRGD2YRVHUDGLGDVHRVLJXUDGDMHSURL]YRGXVNODGX
VDHVHQFLMDOQLP]DKWMHYLPDXWUHQXWNXSUYHXSRWUHEHXRNYLUX=DMHGQLFH

8VORYLGLVWULEXFLMHELPRJOLXRGVXVWYX]DNRQVNLKDNDWD=DMHGQLFHELWLUHJXOLUDQLGRQHNHPMHUHQD
QDFLRQDOQRPQLYRXXVNODGXVDþODQRYLPDL6SRUD]XPD1DFLRQDOQL]DNRQVNLDNWLNRMLGDMX
þODQRYLPD VSHFLILþQH SURIHVLMH HNVOX]LYQR SUDYR GD GLVWULEXLUDMX RGUHÿHQH SURL]YRGH VX X VWDQMX
RJUDQLþDYDQMHP SURGDMH RGUHÿHQLP NDQDOLPD GD XWLþX QD PRJXüQRVWL PDUNHWLQJD XYH]HQLK
SURL]YRGD 6DJODVQR WRPH RYDNYL ]DNRQVNL DNWL PRJX XVSRVWDYLWL PMHUH NRMH LPDMX HIHNDW
HNYLYDOHQWDQVDNYDQWLWDWLYQLPRJUDQLþHQMHPXYR]D0HÿXWLPWRPRåHELWLRSUDYGDQRQDSULPMHUQD
SRGUXþMX]DãWLWHMDYQRJ]GUDYOMDDNRMHPMHUDRGJRYDUDMXüD]DWXVYUKXLDNRQHLGHYDQRQRJDãWRMH
QHRSKRGQRGDVHSRVWLJQH

'LUHNWLYH1RYRJ3ULVWXSDQHSUHGYLÿDMXGDELGLVWULEXWHUWUHEDRSUHGX]HWLRGJRYRUQRVWLSURL]YRÿDþD
=ERJ WRJD RG QMHJD VH QH PRåH QD SULPMHU ]DKWLMHYDWL L GD VWDYL QD UDVSRODJDQMH LOL NRSLMX
GHNODUDFLMH R XVNODÿHQRVWL LOL WHKQLþNX GRNXPHQWDFLMX RVLP DNR RQ QLMH X LVWR YULMHPH RYODãWHQL
SUHGVWDYQLNNRMLLPDVMHGLãWHX=DMHGQLFL,SRUHGWRJDRQLPDREDYH]XGDGHPRQVWULUDQDFLRQDOQRP
QDGOHåQRPWLMHOX]DQDG]RUGDVHSRQDãDVDREDYH]RPRGJRYDUDMXüHEULJHLRVLJXUDYDGDSURL]YRÿDþ
LOL QMHJRY RYODãWHQL SUHGVWDYQLN X =DMHGQLFL LOL RVRED NRMD PXREH]EMHÿXMH  SURL]YRG MH SUHX]HOD
QHRSKRGQHPMHUH]DKWLMHYDQHSRSULPMHQMLYLPGLUHNWLYDPD 'LVWULEXWHU PRUD WDNRÿHU ELWL X VWDQMX
GDLGHQWLILFLUDSURL]YRÿDþDQMHJRYRJ


2YD REDYH]D VH QH RGQRVL QD SURL]YRG SRNULYHQ GLUHNWLYDPD NRMH VHRGQRVH QDLJUDþNH QLVNRQDSRQVNX
RSUHPX JUDÿHYLQVNH SURL]YRGH HNVSOR]LYH ]D FLYLOQH QDPMHQH L UDVKODGQH DSDUDWH SRãWR RYH GLUHNWLYH
SRNULYDMX VDPR SODVLUDQMH QD WUåLãWH 1DGDOMH WR VH QH RGQRVL QD SURL]YRGH SRNULYHQH GLUHNWLYRP NRMD VH
RGQRVLQDDNWLYQDLPSODQWDFLRQDPHGLFLQVNDVUHGVWYDSRãWRMHVWDYOMDQMHXXSRWUHEXGHILQLUDQRNDRVWDYOMDQMH
SURL]YRGDQDUDVSRODJDQMHPHGLFLQVNRMVWUXFL]DLPSODQWDFLMX8SRJOHGXSURL]YRGDSRNULYHQLKGLUHNWLYDPDR
PHGLFLQVNLPVUHGVWYLPDLPHGLFLQVNLPVUHGVWYLPD]D³LQYLWUR´GLMDJQRVWLFLUDQMHRYDREDYH]DVHSULPMHQMXMH
VDPRDNRXUHÿDMQLMHVSUHPDQ]DXSRWUHEX QDWUåLãWX=DMHGQLFH]DQMHPXQDPLMHQMHQXVYUKXNDGDMHSODVLUDQD
QDWUåLãWH
8YH]LVDVWDYOMDQMHPXXSRWUHEXYLGLSRJODYOMH

9LGLSUHVXGXVXGDVOXþDM&


RYODãWHQRJSUHGVWDYQLNDX=DMHGQLFLXYR]QLNDLOLRVREXNRMDJDVQDGELMHYDVDSURL]YRGRPXQDPMHUL
GDSRPRJQHQDGOHåQRPWLMHOX]DQDG]RUXQMHJRYLPQDSRULPDGDSULPLGHNODUDFLMXRXVNODÿHQRVWLL
QHRSKRGQH GLMHORYH WHKQLþNH GRNXPHQWDFLMH ýLQMHQLFD GD GHNODUDFLMD R XVNODÿHQRVWL L WHKQLþND
GRNXPHQWDFLMDQHPRJXELWLVWDYOMHQHQDUDVSRODJDQMHELPRJODELWLSRYRG]DSRYODþHQMHSURL]YRGD
VDWUåLãWD

8 VNODGX VD GLUHNWLYRP R RSüRM VLJXUQRVWL SURL]YRGD GLVWULEXWHU VH GHILQLUD NDR ELOR NRML
SURIHVLRQDODF X ODQFX VQDGELMHYDQMD þLMD DNWLYQRVW QH XWLþH QD VLJXUQRVQH NDUDNWHULVWLNH SURL]YRGD
'LUHNWLYD ]DKWLMHYD RG GLVWULEXWHUD GD VH SRQDãD VD REDYH]RP RGJRYDUDMXüH EULJH X QDPMHUL GD
SRPRJQH GD VH RVLJXUD XVNODÿHQRVW VD ]DKWMHYRP R RSüRM VLJXUQRVWL GLUHNWLYH SRVHEQR SXWHP
QHVQDGELMHYDQMDSURL]YRGLPD]DNRMHRQL]QDMXLOLELPRJOLSUHWSRVWDYLWLQDRVQRYXLQIRUPDFLMDNRMH
SRVMHGXMX L NDR SURIHVLRQDOFL GD QLVX X VNODGX VD RYLP ]DKWMHYRP 3RVHEQR X RNYLUX JUDQLFD
QMLKRYLKDNWLYQRVWLRQLPRUDMXXþHVWYRYDWLXQDGJOHGDQMXVLJXUQRVWLSURL]YRGDSODVLUDQLKQDWUåLãWH
SRVHEQRSUHQRãHQMHPLQIRUPDFLMDRUL]LFLPDRGSURL]YRGDLVDUDGQMRPXDNFLMDPDSRGX]HWLPDGDVH
L]EMHJQXRYLUL]LFL

6$67$9/-$ý,0217$ä(5

x 0RQWDåHU L VDVWDYOMDþ SURL]YRGD NRML MH YHü SODVLUDQ QD WUåLãWH EL WUHEDOL SUHGX]HWL
QHRSKRGQHPMHUHGDRVLJXUDMXGDMHSURL]YRGMRãXYLMHNXVNODGXVDHVHQFLMDOQLP]DKWMHYLPD
XWUHQXWNXSUYHXSRWUHEHX=DMHGQLFL2YRVHRGQRVLQDSURL]YRGHJGMHSUHGPHWQDGLUHNWLYD
SRNULYD VWDYOMDQMH X XSRWUHEX L WDPR JGMH EL RYDNYH PDQLSXODFLMH  PRJOH XWLFDWL QD
XVNODÿHQRVWSURL]YRGD

1HNL SURL]YRGL PRJX ELWL NRULãWHQL VDPR QDNRQ VDVWDYOMDQMD PRQWDåHLOL QDNRQ ãWR MH QHND GUXJD
UDGQMD SURYHGHQD 2YR EL PRJDRQD SULPMHU ELWL VOXþDM ]D PDãLQH OLþQX ]DãWLWQX RSUHPX PMHUQH
LQVWUXPHQWHJDVQHXUHÿDMHLWHOHNRPXQLNDFLRQXWHUPLQDORSUHPX

7DPRJGMHSUHGPHWQDGLUHNWLYDSRNULYDVWDYOMDQMHXXSRWUHEX LWDPRJGMHVDVWDYOMDQMHPRQWDåDLOL
GUXJHUDGQMHPRJXXWLFDWLQDRGUåDYDQMHXVNODÿHQRVWLSURL]YRGDRVREDRGJRYRUQD]DRYDNYHUDGQMH
PRUDRVLJXUDWLGDRQHQHX]URNXMXQHXVNODÿHQRVWVDHVHQFLMDOQLP]DKWMHYLPD2YRVHSURYRGLGDEL
VH RVLJXUDOR GD VH SURL]YRG SRQDãD X VNODGX VD RGUHGERP SULPMHQMLYLK GLUHNWLYD X WUHQXWNX SUYH
XSRWUHEHXRNYLUX=DMHGQLFH


8YH]LVDDNWLYQRVWLPDQDG]RUDQDGWUåLãWHPYLGLSRJODYOMH
 
8 VNODGX VD GLUHNWLYDPD NRMH VH RGQRVH QD OLIWRYH L RSUHPX ]D UDG SRG SULWLVNRP VDVWDYOMDþ VH VPDWUD
SURL]YRÿDþHP L VDJODVQR WRPH PRUD SUHX]HWL RGJRYRUQRVWL SURL]YRÿDþD 1DGDOMH GLUHNWLYD R PHGLFLQVNLP
VUHGVWYLPDVDGUåLSRVHEQXSURFHGXUX]DVDVWDYOMDQMHXUHÿDMDNRMLQRVH&(R]QDNXXQDPMHULGDLKSODVLUD QD
WUåLãWHNDRFMHOLQXLOLSURFHGXUXSDNRYDQMD
 
2YRQLMHVOXþDM]DSURL]YRGHSRNULYHQHGLUHNWLYDPDNRMHVHRGQRVHQDVLJXUQRVWLJUDþDNDQLVNRQDSRQVNX
RSUHPXJUDÿHYLQVNHSURL]YRGHHNVSOR]LYH]DFLYLOQHQDPMHQHLUDVKODGQHDSDUDWH

8YH]LVDVWDYOMDQMHPXXSRWUHEXYLGLSRJODYOMH


.25,61,.

x 'LUHNWLYH1RYRJSULVWXSDQHXVSRVWDYOMDMXREDYH]H]DNRULVQLNH

x =DNRQVNL DNWL =DMHGQLFH NRML VH RGQRVH QD ]GUDYOMH L VLJXUQRVW QD UDGQRP PMHVWX LPDMX
XWLFDMDQDRGUåDYDQMHLNRULãWHQMHSURL]YRGDSRNULYHQLKGLUHNWLYDPD1RYRJSULVWXSDNRMLVH
NRULVWHQDUDGQRPPMHVWX

0QRJL SURL]YRGL SRNULYHQL GLUHNWLYDPD 1RYRJ SULVWXSD VH NRULVWHQD UDGQRP PMHVWX 3RVORGDYFL
LPDMXREDYH]HNRMHVHRGQRVHQDNRULãWHQMHUDGQHRSUHPHQDUDGQRPPMHVWX3RVORGDYFHPVHVPDWUD
ELORNRMHIL]LþNRLOLSUDYQROLFHNRMHLPDRGQRV]DSRãOMDYDQMDVDUDGQLNRP WMELORNRMRPRVRERP
]DSRVOHQRPRGVWUDQHSRVORGDYFD LLPDRGJRYRUQRVW]DSUHGX]HüHLLOLXVWDQRYX

8VNODGXVDGLUHNWLYRPNRMDVHRGQRVLQDPLQLPXP]DKWMHYD]DVLJXUQRVWLL]GUDYOMP]DNRULãWHQMH
UDGQH RSUHPH RG VWUDQH UDGQLND SULOLNRP UDGD ((& L]PMHQD (&  SRVORGDYDF PRUD
SUHGX]HWLVYHPMHUHQHRSKRGQHGDRVLJXUDGDUDGQDRSUHPD QSUPDãLQHLDSDUDWL  NRMD MH GDWD QD
NRULãWHQMH UDGQLFLPD MH RGJRYDUDMXüD ]D SURYRÿHQMD UDGQLK DNWLYQRVWL L PRåH  ELWL NRULãWHQD RG
VWUDQH UDGQLND EH] SRJRUãDQMD QMLKRYH VLJXUQRVWL L ]GUDYOMD 3RVORGDYDF EL PRJDR VDPR GRELWL LLOL
NRULVWLWLUDGQXRSUHPXNRMDMHXVNODGXVDRGUHGEDPDSULPMHQOMLYLKGLUHNWLYDLOLDNRQLMHGQDGUXJD
GLUHNWLYDQLMHSULPMHQOMLYD LOL MH SULPMHQOMLYD VDPR SDUFLMDOQR PLQLPXP ]DKWMHYD MH XVSRVWDYOMHQ X
SULORJXGLUHNWLYH((&3RVORGDYDFPRUDWDNRÿHUSUHGX]HWLQHRSKRGQHPMHUHGDRVLJXUDGD
VH UDGQD RSUHPD VDþXYD QD WDNYRP QLYRX 1DGDOMH SRVORGDYDF LPD REDYH]X GD REH]ELMHGL
LQIRUPDFLMHLWUHQLQJ]DUDGQLNHNRMLVHRGQRVHQDNRULãWHQMHUDGQHRSUHPH

8 VNODGX VD GLUHNWLYRP NRMD VH RGQRVL QD PLQLPXP ]DKWMHYD X SRJOHGX ]GUDYOMD L VLJXUQRVWL ]D
NRULãWHQMHOLþQH]DãWLWQHRSUHPHRGVWUDQHUDGQLNDQDUDGQRPPMHVWX ((& WDNYDRSUHPD
PRUDELWLXVNODGXVDUHOHYDQWQLPRGUHGEDPD=DMHGQLFHRGL]DMQXLSURL]YRGQMLXSRJOHGXVLJXUQRVWL
L ]GUDYOMD WM GLUHNWLYD 1RYRJ SULVWXSD NRMD VH RGQRVL QD OLþQX ]DãWLWQX RSUHPX  1DGDOMH RSUHPD
PRUDELWLRGJRYDUDMXüD]DSRVWRMHüLUL]LNLELWLXVNODGXVDSRVWRMHüLPXVORYLPDQDUDGQRPPMHVWX
X]HWLXRE]LUHUJRQRPVNH]DKWMHYHLVWDQMH]GUDYOMDUDGQLNDNRUHNWQRSULODJRGLWLREODþHQMHLPRUD
ELWLNRPSDWLELOQDWDPRJGMHVHPRUDLVWRYUHPHQRNRULVWLWLYLãHRGMHGQHRSUHPH2GSRVORGDYFDVH
]DKWLMHYDSULMHL]ERUDOLþQH]DãWLWQHRSUHPHGDRFLMHQLGDRQD]DGRYROMDYD]DKWMHYH

8 VNODGX VD GLUHNWLYRP R PLQLPXPX ]DKWMHYD ]D VLJXUQRVWL L ]GUDYOMHP ]D UDG VD RSUHPRP VD
PRQLWRUVNLP HNUDQRP ((&  SRVORGDYFL VX REDYH]QL GD SURYHGX DQDOL]X UDGQH VWDQLFH X
QDPMHULGDRFLMHQHVLJXUQRVQHL]GUDYVWYHQHXVORYH

.DR L]X]HWDN X VNODGX VD GLUHNWLYRP R RSUHPL ]D UDG SRG SULWLVNRP 'UåDYH þODQLFH EL PRJOH SRG
 

RGUHÿHQLP XVORYLPD RYODVWLWL QD QMLKRYRM WHULWRULML SODVLUDQMH QD WUåLãWH L VWDYOMDQMH X XSRWUHEX RG VWUDQH
NRULVQLND


SRVHEQR X SRJOHGX RNRP YLGOMLYLK PRJXüLK UL]LND IL]LþNH SUREOHPH L SUREOHPH PHQWDOQRJ VWUHVD
'LUHNWLYD WDNRÿHU XVSRVWDYOMD PLQLPXP ]DKWMHYD ]D RSUHPX VD PRQLWRUVNLP HNUDQRP L GUXJX
RSUHPX

8VNODGXVDGLUHNWLYRPRXYRÿHQMXPMHUD]DSRGVWLFDQMDSREROMãDQMDXSRJOHGXVLJXUQRVWLL]GUDYOMD
UDGQLNDQDSRVOX ((& UDGQLFLLPDMXRSüXRGJRYRUQRVWGDEULQXNROLNRJRGMHPRJXüHR
VYRMRM YODVWLWRM VLJXUQRVWL L ]GUDYOMX L LVWR WDNR R VLJXUQRVWL L ]GUDYOMX GUXJLK RVRED QD NRMH XWLþH
QMLKRYR SRQDãDQMH QD SRVOX 8 VNODGX VD WUHQLQJRP L XSXWVWYLPD NRMD VX GDWD RG VWUDQH QMLKRYRJ
SRVORGDYFDRQLPRUDMXQDSULPMHUSUDYLOQRNRULVWLWLPDãLQHDSDUDWHLGUXJDVUHGVWYDNRMDVHNRULVWH
XSURL]YRGQMLLOLþQX]DãWLWQXRSUHPX

'LUHNWLYH ((& ((& ((& L ((& XVSRVWDYOMDMX PLQLPXP ]DKWMHYD


3UHPDWRPH'UåDYDPDþODQLFDPDVHGR]YROMDYDGDXVYRMHLOL]DGUåHVWURåLMHRGUHGEHNROLNRJRGMH
PRJXüH GXåH DNR VX NRPSDWLELOQH VD 6SRUD]XPRP 1DGDOMH RGUHGED GLUHNWLYD 1RYRJ SULVWXSD VH
PRUDSRãWLYDWLLSUHPDWRPHGRGDWQHQDFLRQDOQHRGUHGEHQLWLVPLMX]DKWLMHYDWLL]PMHQHSURL]YRGDX
RNYLUX SRGUXþMD SULPMHQH 1RYRJ SULVWXSD QL XWLFDWL QD XVORYH SODVLUDQMD QD WUåLãWH RYDNYLK
SURL]YRGD

2'*29251267=$352,=92'

x %LORNRMLSURL]YRGSURL]YHGHQLOLXYH]HQXRNYLUX=DMHGQLFHNRMLX]URNXMHãWHWXSRMHGLQFLPD
LOL YODVQLãWYX MH SRNULYHQ GLUHNWLYRP R RGJRYRUQRVWL ]D SURL]YRG 3UHPD WRPH GLUHNWLYD VH
RGQRVLWDNRÿHUQDSURL]YRGHNRMLSDGDMXXSRGUXþMHSULPMHQHGLUHNWLYH1RYRJSULVWXSD

x 'LUHNWLYD R RGJRYRUQRVWL ]D SURL]YRG XVSRVWDYOMD VWURJ UHåLP RGJRYRUQRVWL SURL]YRÿDþD L


XYR]QLNDX=DMHGQLFL

'LUHNWLYD R RGJRYRUQRVWL ]D SURL]YRG SRNULYD VYX SRNUHWQX LPRYLQX L HOHNWULþQX HQHUJLMX NDR L
VLURYLQH L NRPSRQHQWH ILQDOQLK SURL]YRGD 3ULPDUQL SROMRSULYUHGQL SURL]YRGL SURL]YRGL SULMH
WUDQVIRUPDFLMH  L XVOXJH NDR WDNYH VX LVNOMXþHQH L] SRGUXþMD SULPMHQH X VDGDãQMHP WUHQXWNX .DR
GUXJR GLUHNWLYD VH RGQRVL VDPR QD GHIHNWQH SURL]YRGH WM QD SURL]YRGH NRML QH REH]EMHÿXMX
RGJRYDUDMXüLQLYRVLJXUQRVWLDNRMLRVREDNRMDNRULVWLSURL]YRGLPDSUDYRGDRþHNXMHýLQMHQLFDGD
SURL]YRG QLMH SRJRGDQ ]D RþHNLYDQX XSRWUHEX QLMH GRYROMQD 6DPR DNR SURL]YRGX QHGRVWDMH
VLJXUQRVW GLUHNWLYD VH SULPMHQMXMH ýLQMHQLFD GD MH EROML SURL]YRG QDSUDYOMHQ NDVQLMH QH GDMH
SUHWSRVWDYNXGDVXVWDULMLPRGHOLGHIHNWQL

2GJRYRUQRVW  ]D SODüDQMH ãWHWH MH QD SURL]YRÿDþX 8 VNODGX VD GLUHNWLYRP R RGJRYRUQRVWL ]D
SURL]YRG SURL]YRÿDþLPD VH VPDWUDMX SURL]YRÿDþ JRWRYRJ SURL]YRGD LOL GLMHOD JRWRYRJ SURL]YRGD
SURL]YRÿDþ ELOR NRMH VLURYLQH ELOR NRMD RVRED NRMD VH SUHGVWDYOMD NDR SURL]YRÿDþ QSU SXWHP
VWDYOMDQMD WUJRYDþNRJ ]QDND  L VYL XYR]QLFL NRML SODVLUDMX SURL]YRGH QD WUåLãWH =DMHGQLFH L] WUHüLK
]HPDOMD$NRSURL]YRÿDþQHPRåHELWLLGHQWLILNRYDQVYDNLGREDYOMDþSURL]YRGDSRVWDMHRGJRYRUDQ
RVLPDNRLQIRUPLUDRãWHüHQXRVREXXRNYLUXUD]XPQRJYUHPHQDRLGHQWLWHWXSURL]YRÿDþDLOL


RVREHNRGNRMHMHQDEDYLRSURL]YRG.DGDMHQHNROLNRRVREDRGJRYRUQR]DLVWXãWHWXRQGDVXRQL
VYL]DMHGQRRGJRYRUQLLSRMHGLQDþQR

3URL]YRÿDþPRUDNRPSHQ]LUDWLãWHWHSRMHGLQFLPDNRMHVXX]URNRYDQHGHIHNWQLPSURL]YRGLPD VPUW
OLþQLLQWHJULWHW LSULYDWQRPYODVQLãWYX GREUD]DSULYDWQXXSRWUHEX 0HÿXWLPGLUHNWLYDQHSRNULYD
ELOR NRMX ãWHWX LVSRG  (&8 0RUDOQLP ãWHWDPD EL VH  PRJOR XSUDYOMDWL SXWHP QDFLRQDOQRJ
]DNRQD'LUHNWLYDQHSRNULYDXQLãWHQMHVDPRJGHIHNWQRJSURL]YRGDL]ERJWRJDQHSRVWRMLREDYH]D
GD VH WR NRPSHQ]LUD SR GLUHNWLYL R RGJRYRUQRVWL ]D SURL]YRG 2YR MH EH] SULVWUDVQRVWL SUHPD
QDFLRQDOQRP]DNRQX

'LUHNWLYDRRGJRYRUQRVWL]DSURL]YRGGR]YROMDYD'UåDYDPDþODQLFDPDGDSRVWDYHILQDQVLMVNLSODIRQ
]D VHULMVNH QHVUHüH ILNVQR QD  PLOLRQD (&8 NDR PLQLPXP 0HÿXWLP X YHüLQL 'UåDYD þODQLFD
SURL]YRÿDþL VX RGJRYRUQL ]D ãWHWH SUHPD åLYRWX L OLþQRP LQWHJULWHWX X]URNRYDQH RG VWUDQH LVWLK
SURL]YRGDLVDLVWLPGHIHNWLPD

3URL]YRÿDþQLMHDXWRPDWVNLRGJRYRUDQ]DãWHWHNRMHMHSURX]URNRYDRSURL]YRG2ãWHüHQDRVREDELOR
GD MH LOL QH NXSDF LOL NRULVQLN GHIHNWQRJ SURL]YRGD PRUD QRUPDOQR SRGQLMHWL WXåEX GD GRELMH
NRPSHQ]DFLMX äUWYL üH ELWL LVSODüHQD RGãWHWD VDPR DNR GRNDåH GD WUSL ]ERJ XþLQMHQH ãWHWH GD MH
SURL]YRGELRGHIHNWDQLGDMHãWHWDSURX]URNRYDQDWLPSURL]YRGRP$NRRãWHüHQDRVREDGRSULQHVH
ãWHWLRGJRYRUQRVWSURL]YRÿDþDPRåHELWLVPDQMHQDLOLþDNXNLQXWD0HÿXWLPåUWYDQHWUHEDGRND]DWL
GDMHSURL]YRÿDþELRQHPDUDQ]DWRãWRVHGLUHNWLYDRRGJRYRUQRVWL]DSURL]YRG]DVQLYDQDSULQFLSX
RGJRYRUQRVWLEH] NULYLFH SURL]YRÿDþD 3UHPD WRPH SURL]YRÿDþ QHüH ELWL RVORERÿHQ RSWXåEH þDN L
DNRGRNDåHGDQLMHELRQHPDUDQDNRSRQDãDQMHLOLSURSXVWWUHüHRVREHGRSULQHVHX]URNRYDQRMãWHWL
DNRMHRQSULPLMHQLRREDYH]QHVWDQGDUGHLOLDNRMHQMHJRYSURL]YRGWHVWLUDQ

3URL]YRÿDþQHüHPRUDWLSODWLWLãWHWXDNRGRNDåH
x GDQLMHSODVLUDRSURL]YRGQDWUåLãWH QSUSURL]YRGMHELRXNUDGHQ 
x SURL]YRGQLMHELRGHIHNWDQNDGDJDMHRQSODVLUDRQDWUåLãWH WMDNRRQGRNDåHGDMHGHIHNWQRVW
QDVWDODGYLMHJRGLQHNDVQLMH 
x GDSURL]YRGQLMHELRSURL]YHGHQVDFLOMHPGDEXGHSURGDW
x GDMHGHIHNWQRVWX]URNRYDQD]ERJXVNODÿHQRVWLVDREDYH]QLPSURSLVLPDREMDYOMHQLPRGVWUDQH
MDYQRJQDGOHåQRJWLMHOD NRMHLVNOMXþXMHQDFLRQDOQHHYURSVNHLPHÿXQDURGQHVWDQGDUGH 
x DNRGRNDåHGDVWDQMHQDXþQRJLWHKQLþNRJ]QDQMDXYULMHPH NDGD MH SURL]YRG ELR SODVLUDQ QD
WUåLãWH QLMH PRJOR NDR WDNYR RPRJXüLWL RWNULYDQMH SRVWRMDQMD GHIHNWD RGEUDQD ³UD]YRMD
UL]LND´ LOL

 
6DJODVQRWRPHKDUPRQL]LUDQLVWDQGDUGL±PDGDRQLGDMXSUHWSRVWDYNXXVNODÿHQRVWLQLVXRVORERÿHQLRG
RGJRYRUQRVWLDOLRQLELPRJOLVPDQMLWLYMHURYDWQRüXQDVWDQNDãWHWH8YH]L VDSUHWSRVWDYNRPRXVNODÿHQRVWL
YLGLSRJODYOMH
 
8VNODGXVD6XGRPSUDYGHVOXþDMHP&(RYRXSXüXMHQDREMHNWLYQRVWDQMH]QDQMDSRYH]DQRQH
VDPR VD VWDQGDUGLPD R VLJXUQRVWL NRML SRVWRMH X SRVHEQRP VHNWRUX QHJR L SUHPD ELOR NRMHP YLVRNRP
VWDQGDUGX]DNRMLVHSUHWSRVWDYOMDGDMH SURL]YRÿDþ ]D  QMHJD ]QDR 2GJRYRUQRVW ]D UD]YRMUL]LND SRVWRML X
VDPRGYLMH'UåDYHþODQLFH


x GDXVOXþDMXSRGXJRYDUDQMDILQDOQLSURL]YRGMHGHIHNWDQ]ERJGL]DMQDSURL]YRGDLOLLQVWUXNFLMD
GDWLKRGVWUDQHSURL]YRÿDþD

'HVHWJRGLQDQDNRQãWRMHSURL]YRGSODVLUDQQDWUåLãWHSURL]YRÿDþSUHVWDMHELWLRGJRYRUDQRVLPDNR
]DNRQVNDDNFLMDQLMHXWRNX1DGDOMHåUWYDPRUDSRNUHQXWLDNFLMXXURNXRGWULJRGLQHQDNRQãWHWH
GRN VX SR]QDWL RãWHüHQMH L LGHQWLWHW SURL]YRÿDþD 1HPD RGULFDQMD RGJRYRUQRVWL SUHPD RãWHüHQRM
RVRELNRMDELVHPRJODXVDJODVLWL

'LUHNWLYD R RGJRYRUQRVWL ]D SURL]YRG QH ]DKWLMHYDRG 'UåDYD þODQLFD GD RSR]RYX ELOR NRMH GUXJH
]DNRQVNHDNWHRRGJRYRUQRVWL8VNODGXVDWLPQDSRVWRMHüDQDFLRQDOQDSUDYLODRRGJRYRUQRVWL VH
GRGDMXRQDSURSLVDQDGLUHNWLYRP1DåUWYLMHGDL]DEHUHQDNRMHPRVQRYXüHSRNUHQXWLDNFLMX


86$*/$â(12676$=$+7-(9,0$',5(.7,9$0$

(6(1&,-$/1,=$+7-(9,

x (VHQFLMDOQL]DKWMHYLXVSRVWDYOMDMXQHRSKRGQHHOHPHQWH]D]DãWLWXMDYQRJLQWHUHVD

x (VHQFLMDOQL]DKWMHYLVXREDYH]QL6DPRSURL]YRGLXVNODGXVDHVHQFLMDOQLP]DKWMHYLPDPRJX
VHSODVLUDWLQDWUåLãWHLLOLVWDYLWLXXSRWUHEX

x (VHQFLMDOQL]DKWMHYLPRUDMXELWLSULPLMHQMHQLNDRIXQNFLMDUL]LND RSDVQRVWL QHRGYRMLYLKRG


GDWRJSURL]YRGD

2VQRYQL SULQFLS 1RYRJ SULVWXSD MH RJUDQLþLWL KDUPRQL]DFLMX ]DNRQVNLK DNDWD  QD HVHQFLMDOQH
]DKWMHYLPD NRML VX RG MDYQRJ LQWHUHVD 2YL ]DKWMHYL WUHWLUDMXSRVHEQR  ]DãWLWX ]GUDYOMD L VLJXUQRVWL
NRULVQLND QSU SRWURãDþD L UDGQLND  L SRQHNDG SRNULYDMX GUXJH RVQRYQH ]DKWMHYH QSU ]DãWLWD
YODVQLãWYDLOLRNROLQH 

1DPMHQD HVHQFLMDOQLK ]DKWMHYD MH GD REH]ELMHGH L RVLJXUDMX YLVRN QLYR ]DãWLWH 2QL QDVWDMX L]
RGUHÿHQLK UL]LND RSDVQRVWL  SRYH]DQLK VD SURL]YRGRP QSU IL]LþNL L PHKDQLþNL RWSRU ]DSDOMLYRVW
KHPLMVNH HOHNWULþQH LOL ELRORãNH NDUDNWHULVWLNH KLJLMHQD UDGLRDNWLYQRVW WDþQRVW  LOL XSXüXMX QD
SURL]YRG LOL QMHJRY UDG QSU RGUHGEH NRMH VH RGQRVH QD PDWHULMDOH GL]DMQ JUDÿHQMH SURL]YRGQL
SURFHVXSXWVWYD NRMD MH QDSUDYLR SURL]YRÿDþ  LOL GDMH RVQRYQL FLOM ]DãWLWH QSU NRULãWHQMHP
LOXVWUDWLYQHOLVWH 2ELþQRVXRQLNRPELQDFLMDQDYHGHQRJ5D]OLþLWHRULMHQWDFLMHRGUDåDYDMXRGUHÿHQL
RSVHJ GYD UHJXOLVDQD SULVWXSD WMGLUHNWLYH 1RYRJ SULVWXSD SRNULYDMX GHILQLVDQ WLS SURL]YRGD LLOL
GHILQLVDQUL]LN RSDVQRVW .DRUH]XOWDWWRJDQHNROLNRGLUHNWLYDPRåHELWLSULPMHQMLYRLVWRYUHPHQR
QDGDWLSURL]YRGSRãWRVHHVHQFLMDOQL]DKWMHYLUD]OLþLWLK GLUHNWLYD WUHEDMX SULPLMHQLWL LVWRYUHPHQR X
QDPMHULGDSRNULMXVYHUHOHYDQWQHMDYQHLQWHUHVH

(VHQFLMDOQL ]DKWMHYL PRUDMX ELWL SULPLMHQMHQL NDR IXQNFLMD UL]LND RSDVQRVWL  QHRGYRMLYLKRG  GDWRJ
SURL]YRGD=ERJWRJDSURL]YRÿDþLWUHEDMXSURYHVWLDQDOL]XRSDVQRVWLGDEL

8VNODGXVDGLUHNWLYRPNRMDVHRGQRVLQDJUDÿHYLQVNHSURL]YRGHHVHQFLMDOQL]DKWMHYLVXREDYH]QLVDPRX
 

RQLP VOXþDMHYLPD NDGD VX UHJXOLVDQL  QDFLRQDOQLP ]DNRQVNLP DNWLPD 1DGDOMH RYL HVHQFLMDOQL  ]DKWMHYL VH
RGQRVHQDSRVORYHYLãHQHJRQDJUDÿHYLQVNHSURL]YRGH


RGUHGLOL  HVHQFLMDOQL ]DKWMHY SULPMHQMLY QD RGUHÿHQL SUREOHP 2YD DQDOL]D EL WUHEDOD ELWL
GRNXPHQWRYDQDLXNOMXþHQDXWHKQLþNXGRNXPHQWDFLMX

(VHQFLMDOQL ]DKWMHYL GHILQLãX UH]XOWDWH NRML VH WUHEDMX SRVWLüL LOL UL]LNH RSDVQRVWL  NRMH WUHED
VDYODGDWLDOLQHVSHFLILFLUDLOLSUHGYLÿDWHKQLþNDUMHãHQMDGDVHWRXþLQL2YDIOHNVLELOQRVWGR]YROMDYD
SURL]YRÿDþLPD GD L]DEHUX QDþLQ QD NRML üH ]DGRYROMLWL ]DKWMHYH 7R WDNRÿHU GR]YROMDYD GD QD
SULPMHU  PDWHULMDOL L GL]DMQ SURL]YRGD EXGX SULODJRÿHQL WHKQRORãNRP SURJUHVX 6DJODVQR WRPH
GLUHNWLYH 1RYRJ SULVWXSD QH L]LVNXMX UHGRYQR SULODJRÿDYDQMH SUHPD WHKQLþNRP SURJUHVX SRãWR VH
RFMHQDGDOLVX]DKWMHYL]DGRYROMHQLLOLQH]DVQLYDQDVWDQMXWHKQLþNRJ]QDQMDXGDWRPWUHQXWNX

(VHQFLMDOQL]DKWMHYLVXL]QHVHQLXSULOR]LPD GLUHNWLYD0DGD GHWDOMQH SURL]YRGQH VSHFLILNDFLMH QLVX


XNOMXþHQH X HVHQFLMDOQH ]DKWMHYH VWHSHQ GHWDOMQRVWL IRUPXOLVDQMD VH UD]OLNXMH PHÿX GLUHNWLYDPD
1DVWRML VH GD IRUPXOLVDQMH EXGH GRYROMQR SUHFL]QR GD NUHLUD SULOLNRP SUHX]LPDQMD X QDFLRQDOQH
]DNRQVNH DNWH ]DNRQVNL þYUVWH REDYH]H NRMH PRJX ELWL SURYHGHQH L GD RODNãD .RPLVLML
XVSRVWDYOMDQMH PDQGDWD L QMLKRYR GRGMHOMLYDQMH (YURSVNLP WLMHOLPD ]D VWDQGDUGH X QDPMHUL GD
SURL]YHGH KDUPRQL]LUDQH VWDQGDUGH 2QL VH WDNRÿHU IRUPXOLãX QD WDNDY QDþLQ GD RPRJXüH
RFMHQMLYDQMHXVNODÿHQRVWLVDRYLP]DKWMHYLPDþDNLXVOXþDMXGDQHSRVWRMHKDUPRQL]LUDQLVWDQGDUGL
LOLXVOXþDMXNDGDSURL]YRÿDþL]DEHUHGDLKQHüHSULPLMHQLWL

+$5021,=,5$1,67$1'$5',

x +DUPRQL]LUDQLVWDQGDUGLVXHYURSVNLVWDQGDUGLNRMHVXXVYRMLOH(YURSVNHRUJDQL]DFLMH]D
VWDQGDUGHSULSUHPOMHQLXVNODGXVD2SãWLPVPMHUQLFDPDXVDJODãHQLPL]PHÿX.RPLVLMHL
(YURSVNLKRUJDQL]DFLMD]DVWDQGDUGHLXVNODGXVXVDPDQGDWRPNRMLMHL]GDOD.RPLVLMD
QDNRQNRQVXOWDFLMDVD'UåDYDPDþODQLFDPD

x +DUPRQL]LUDQL VWDQGDUGL X ]QDþHQMX 1RYRJ SULVWXSD VH VPDWUDMX  SRVWRMHüLP NDGD


(YURSVNH RUJDQL]DFLMH ]D VWDQGDUGH ]YDQLþQR SUHGVWDYH .RPLVLML (YURSVNH VWDQGDUGH
HODERULUDQHLOLLQGHQWLILFLUDQHXVNODGXVDPDQGDWRP

'LUHNWLYD (& GHILQLãH HYURSVNH VWDQGDUGH NDR WHKQLþNH VSHFLILNDFLMH XVYRMHQH RG VWUDQH
(YURSVNLK RUJDQL]DFLMD ]D VWDQGDUGH ]D SRQRYOMLYX LOL NRQWLQXLUDQX XSRWUHEX SUHPD NRMLPD
SRYLQRYDQMH  QLMH REDYH]QR 8 VNODGX VD LQWHUQLP SUDYLOLPD RYLK RUJDQL]DFLMD HYURSVNL VWDQGDUGL
PRUDMX ELWL LPSOHPHQWLUDQL QD  QDFLRQDOQRP QLYRX NDR QDFLRQDOQL VWDQGDUGL 1DGDOMH NRQIOLNWQL
QDFLRQDOQL VWDQGDUGL  PRUDMX ELWL SRYXþHQL QSU WHNVW (YURSVNRJ VWDQGDUGD PRUD ELWL SRWSXQR
SUHX]HWLUHIHUHQWQLEURMHYLPRUDMXELWLREMDYOMHQLXQDFLRQDOQRPNDWDORJX


8YH]LVDWHKQLþNRPGRNXPHQWDFLMRPYLGLSRJODYOMH

8VNODGXVDGLUHNWLYRPRJUDÿHYLQVNLPSURL]YRGLPDHVHQFLMDOQL]DKWMHYLVHRGQRVHQD]JUDGHLJUDÿHYLQVNH
UDGRYH L GDWL VX X NRQNUHWQRM IRUPL X W]Y  LQWHUSUHWDWLYQLP GRNXPHQWLPD NRML NUHLUDMX QHRSKRGQX YH]X
L]PHÿXHVHQFLMDOQLK]DKWMHYDQDUDGXLVWDQGDUGQLKPDQGDWD]DSURL]YRGH

&(1 (YURSVNL NRPLWHW ]D VWDQGDUGL]DFLMX &(1(/(& (YURSVNL NRPLWHW ]D VWDQGDUGL]DFLMX X
HOHNWURWHKQLFL(76, (YURSVNLLQVWLWXW]DVWDQGDUGHXWHOHNRPXQLNDFLMDPD


+DUPRQL]LUDQL VWDQGDUGL QLVX SRVHEQD NDWHJRULMD PHÿX (YURSVNLP VWDQGDUGLPD 7HUPLQRORJLMD
NRULãWHQD X GLUHNWLYDPD 1RYRJ 3ULVWXSD MH ]DNRQVND NYDOLILNDFLMD WHKQLþNLK VSHFLILNDFLMD NRMH
SRVWRMH NDR (YURSVNL VWDQGDUGL DOL NRMLPD MH GDWR VSHFLMDOQR ]QDþHQMH  SXWHP RYLK GLUHNWLYD
+DUPRQL]LUDQL VWDQGDUGL RGUåDYDMX VYRM VWDWXV GREURYROMQH SULPMHQH X SRGUXþMX GLUHNWLYD 1RYRJ
SULVWXSD

.RPLVLMD ]DKWLMHYD ]YDQLþQR SXWHP L]GDYDQMD PDQGDWDRG (YURSVNLK RUJDQL]DFLMD ]D VWDQGDUGH GD
GRVWDYH (YURSVNH VWDQGDUGH 3ULMH WRJD .RPLVLMD  NRQVXOWXMH .RPLWHW XVWDQRYOMHQ SR GLUHNWLYL
(& L  DNR SRVWRML VHNWRUVNL .RPLWHW XVWDQRYOMHQ SR SUHGPHWQRM GLUHNWLYL 3RVWL]DQMH
NRQVHQ]XVDXRNYLUX.RPLWHWDSRGLUHNWLYL(&SRGUD]XPLMHYDRELPQHNRQVXOWDFLMHVHNWRUVNLK
QDGOHåQLK WLMHOD QD QDFLRQDOQRP QLYRX 3UHPD WRPH PDQGDW REH]EMHÿXMH VQDåQX LQGLNDFLMX
RþHNLYDQMDMDYQLKQDGOHåQLKWLMHOD

(YURSVNH RUJDQL]DFLMH ]D VWDQGDUGHüH ]YDQLþQR ]DX]HWL VWDY R PDQGDWX GRELMHQRP RG .RPLVLMH X
VNODGXVDVYRMLPLQWHUQLPSURSLVLPD3ULKYDWDQMHPDQGDWDLQDUHGQLUDGQLSURJUDPRYLKRUJDQL]DFLMD
LQLFLUD]DXVWDYOMDQMHNDNRMHWRREH]ELMHÿHQRXQMLKRYLPLQWHUQLPSURSLVLPDLXGLUHNWLYL(&

(ODERULUDQMHLXVYDMDQMHKDUPRQL]LUDQLKVWDQGDUGDVH]DVQLYDQD2SãWLP6PMHUQLFDPD]DVDUDGQMX
L]PHÿX(YURSVNLKRUJDQL]DFLMD]DVWDQGDUGHL.RPLVLMHNRMHVXSRWSLVDQHQRYHPEUD2YH
VPMHUQLFH VDGUåH VHULMH SULQFLSD L RYODãWHQMD NRMD VH RGQRVHQD VWDQGDUGL]DFLMX QD SULPMHU XþHãüH
VYLK]DLQWHUHVLUDQLKVWUDQDXORJDMDYQLKQDGOHåQLKWLMHODNYDOLWHWVWDQGDUGDLMHGQRREUD]QDSULPMHQD
VWDQGDUGDX=DMHGQLFL

(YURSVNH RUJDQL]DFLMH ]D VWDQGDUGL]DFLMX VX RGJRYRUQH ]D LGHQWLILFLUDQMH L HODERULUDQMH


KDUPRQL]LUDQLK VWDQGDUGD X ]QDþHQMX 1RYRJ SULVWXSD L ]D SUHGVWDYOMHQMH OLVWH XVYRMHQLK VWDQGDUGD
.RPLVLML 7HKQLþNL VDGUåDML RYDNYLK VWDQGDUGD VX SRG  SRWSXQRP RGJRYRUQRãüX (YURSVNLK
RUJDQL]DFLMD ]D VWDQGDUGH .DGD VX VH MHGQRP MDYQD QDGOHåQD WLMHOD VORåLOD RNR PDQGDWD WUDåHQMH
WHKQLþNLK UMHãHQMD EL WUHEDOR ELWL X SLQFLSX RVWDYOMHQR ]DLQWHUHVLUDQLP VWUDQDPD 8 RGUHÿHQLP
SRGUXþMLPD NDR ãWR VX RNROLQD ]GUDYOMH L VLJXUQRVW XþHãüH MDYQLK QDGOHåQLK WLMHODQD WHKQLþNRP
QLYRX MH YDåQR X SURFHVX VWDQGDUGL]DFLMH 0HÿXWLP GLUHNWLYH 1RYRJ SULVWXSD QH SUHGYLÿDMX
SURFHGXUXSRNRMRMELVDGUåDMLKDUPRQL]LUDQLKVWDQGDUGDXVYRMHQLKVDSURFHGXUDOQLP JDUDQFLMDPD
SURFHVDVWDQGDUGL]DFLMHELOLYHULILNRYDQLLOLRGREUHQLX

,]X]HWQRKDUPRQL]LUDQLGRNXPHQWLXVYRMHQLRGVWUDQH(YURSVNLKRUJDQL]DFLMD]DVWDQGDUGH PRJX WDNRÿHU


 

ELWL SULKYDüHQL RG VWUDQH .RPLVLMH NDR KDUPRQL]LUDQL VWDQGDUGL 5D]OLNH L]PHÿX HYURSVNLK VWDQGDUGD L
KDUPRQL]LUDQLK GRNXPHQDWD MH X VXãWLQL SRYH]DQD VD VWHSHQRP REDYH]H GLMHOD QDFLRQDOQLK þODQRYD
+DUPRQL]LUDQLGRNXPHQWLPRUDMXELWLSULPLMHQMHQLQDQDFLRQDOQRPQLYRXEDUHPSXWHPMDYQRJRJODãDYDQMD
QDVORYDLEURMDGRNXPHQWDLSXWHPSRYODþHQMDNRQIOLNWQLKQDFLRQDOQLKVWDQGDUGD0HÿXWLPSULKYDWOMLYRMH
]DGUåDWL  LOL REMDYLWL QDFLRQDOQL VWDQGDUG NRML VH EDYL SUHGPHWRP SRNULYHQLP RG VWUDQH KDUPRQL]LUDQRJ
GRNXPHQWD VD WLP GD LPD WHKQLþNL HNYLYDOHQWQH VDGUåDMH 'RGDWQR KDUPRQL]LUDQL GRNXPHQWL GR]YROMDYDMX
QDFLRQDOQHUD]OLNHSRGVSHFLMDOQLPXVORYLPDNRMHELPRJOH VWYRULWLQHNHSUREOHPHXSULPMHQLDNRELRQLELOL
SULKYDüHQLNDRKDUPRQL]LUDQLVWDQGDUGL-DYQRGRVWXSQHVSHFLILNDFLMHNRMHVXXVYRMHQH RGVWUDQHNRQ]RUFLMD
SULYDWQLK NRPSDQLMD LOL GUXJL GRNXPHQWL GRELMHQL RG (YURSVNLK WLMHOD ]D VWDQGDUGH QLVX KDUPRQL]LUDQL
VWDQGDUGLX]QDþHQMX1RYRJSULVWXSD
 
3RMDP ³PDQGDW´  PDGD RSãWL QLMH VDPR SRMDP NRULãWHQ X RYRP NRQWHNVWX 8PMHVWR IRNXVLUDQMD
WHUPLQRORJLMH  YDåQR MH YRGLWL UDþXQD GD DNWLYQRVWL VWDQGDUGL]DFLMH PRUDMX ELWL ]DVQRYDQH QD ]YDQLþQRP
SR]LYX.RPLVLMHRNRNRJDVX'UåDYHþODQLFHNRQVXOWRYDQH


=DMHGQLFLLOLQDQDFLRQDOQRPQLYRX'LMDORJL]PHÿXWLMHOD]D VWDQGDUGH L QDGOHåQLK WLMHOD L NDGD MH
SULNODGQRQMLKRYRXþHãüHXSURFHVXVWDQGDUGL]DFLMHWUHEDORELLSRUHGWRJDGDRVLJXUDGDVHPDQGDW
SUDYLOQRUD]XPLMHLGDVXMDYQHEULJHSURSLVQRX]HWHXRE]LUXSURFHVX

(YURSVNH RUJDQL]DFLMH ]D VWDQGDUGH QLVX REDYH]QH GD SUH]HQWLUDMX QRYR UD]YLMHQH VWDQGDUGH NDR
KDUPRQL]LUDQHVWDQGDUGH2QLELPRJOLWDNRÿHULQGHQWLILFLUDWLSRVWRMHüHVWDQGDUGHDNRRQLSURVXGH
QDNRQ LVSLWLYDQMD L PRJXüH UHYL]LMH GD ]DGRYROMDYDMX XVORYH PDQGDWD LOL PRGLILFLUDWL SRVWRMHüH
VWDQGDUGHXQDPMHULGD]DGRYROMHWHXVORYH1DQHNLQDþLQRQLPRJXLQGHQWLILFLUDWLPHÿXQDURGQHLOL
QDFLRQDOQH VWDQGDUGH L XVYRMLWL LK NDR HYURSVNH VWDQGDUGH L SUH]HQWLUDWL LK .RPLVLML NDR
KDUPRQL]LUDQHVWDQGDUGH

+DUPRQL]LUDQL VWDQGDUG PRUD ]DGRYROMLWL HVHQFLMDOQH ]DKWMHYH UHOHYDQWQH GLUHNWLYH (YURSVNL


VWDQGDUGPRåHVDGUåDYDWLRGUHGEHSRYH]DQHQH VDPRVD HVHQFLMDOQLP ]DKWMHYLPD QHJR L VD GUXJLP
RGUHGEDPD 8 WRP VOXþDMX RYH RGUHGEH EL VH WUHEDOH MDVQR UD]OLNRYDWL RG RQLK NRMH SRNULYDMX
HVHQFLMDOQH ]DKWMHYH 1DGDOMH KDUPRQL]LUDQL VWDQGDUGL QH SRNULYDMX REDYH]QR VYH HVHQFLMDOQH
]DKWMHYH 8 WRP VOXþDMX QD SURL]YRÿDþX MH GD SUHPRVWL MD] L]PHÿX KDUPRQL]LUDQLK VWDQGDUGD L
HVHQFLMDOQLK]DKWMHYDXQDPMHULGD]DGRYROML]DKWMHYHGLUHNWLYD

7DEHOD3URFHGXUDVWDQGDUGL]DFLMHSR1RYRPSULVWXSX

 0DQGDWVHGRQRVLLREDYOMDMXVHNRQVXOWDFLMH
 0DQGDWVHSUHQRVLQD(YURSVNHRUJDQL]DFLMH]DVWDQGDUGH
 (YURSVNHRUJDQL]DFLMH]DVWDQGDUGHSULKYDWDMXPDQGDW
 (YURSVNHRUJDQL]DFLMH]DVWDQGDUGHHODERULUDMX ]DMHGQLþNL SURJUDP
 7HKQLþNL.RPLWHWHODERULUDQDFUWVWDQGDUGD
 (YURSVNH RUJDQL]DFLMH ]D VWDQGDUGH  L QDFLRQDOQD WLMHOD ]D VWDQGDUGH RUJDQL]XMX MDYQR
LVSLWLYDQMH
 7HKQLþNL.RPLWHWUD]PDWUDNRPHQWDUH
 1DFLRQDOQDWLMHOD]DVWDQGDUGHJODVDMX(YURSVNHRUJDQL]DFLMH]DVWDQGDUGHRGREUDYDMX
 (YURSVNHRUJDQL]DFLMH]DVWDQGDUGHSUHQRVHRVQRYQHSRGDWNH.RPLVLML
 .RPLVLMDREMDYOMXMHRVQRYQHSRGDWNH
 1DFLRQDOQDWLMHOD]DVWDQGDUGHYUãHSUHX]LPDQMHHYURSVNRJVWDQGDUGD
 1DFLRQDOQDQDGOHåQDWLMHODREMDYOMXMXRVQRYQHSRGDWNHRQDFLRQDOQLPVWDQGDUGLPD


35(73267$9.$286./$ (1267,

x 2VQRYQLSRGDFLR QSUQDVORYLLQGHQWLILNDFLRQLEURMHYL KDUPRQL]LUDQLPVWDQGDUGLPDVH


REMDYOMXMX X 6OXåEHQRP OLVWX ]D SUHGPHWQX GLUHNWLYX $åXULUDQD OLVWD VD RVQRYQLP
SRGDFLPD ]D VYDNX GLUHNWLYX PRåH VH QDüL QD VOLMHGHüRM ,QWHUQHW DGUHVL
KWWSZZZHFKROXQDVG

x 8VNODÿHQRVW VD QDFLRQDOQLP VWDQGDUGRP NRML SUHX]LPD KDUPRQL]LUDQL VWDQGDUG þLML VH


RVQRYQL SRGDFL REMDYOMXMX GDMH SUHWSRVWDYNX R XVNODÿHQRVWL VD HVHQFLMDOQLP ]DKWMHYLPD
SULPMHQMLYHGLUHNWLYH1RYRJSULVWXSDNRMDMHSRNULYHQDWDNYLPVWDQGDUGRP

x 'UåDYHþODQLFHPRUDMXREMDYLWLRVQRYQHSRGDWNHRQDFLRQDOQRPVWDQGDUGXNRMLSUHX]LPD
KDUPRQL]LUDQLVWDQGDUGMDVQRSRND]XMXüLYH]XVDSUHGPHWQLP]DNRQVNLPDNWLPD

x 3ULPMHQD KDUPRQL]LUDQLK VWDQGDUGD NRML GDMX SUHWSRVWDYNX R XVNODÿHQRVWL RVWDMH


GREURYROMQD X SRGUXþMX GLUHNWLYD 1RYRJ SULVWXSD 3UHPD WRPH SURL]YRG VH PRåH
GLUHNWQRSURL]YRGLWLQDRVQRYXHVHQFLMDOQLK]DKWMHYD

+DUPRQL]LUDQLVWDQGDUGLREH]EMHÿXMXSUHWSRVWDYNXRXVNODÿHQRVWLVDHVHQFLMDOQLP]DKWMHYLPD DNR
VX QMLKRYL RVQRYQL SRGDFL REMDYOMHQL X 6OXåEHQRP OLVWX L DNR VX SUHX]HWL QD QDFLRQDOQL QLYR
0HÿXWLP QLMH QHRSKRGQR GD VH SUHX]LPDQMH SURYHGH X VYLP 'UåDYDPD þODQLFDPD SULMH QHJR ãWR
SUHWSRVWDYNDRXVNODÿHQRVWLVWXSLQDVQDJX

&LOM REMDYOMLYDQMD RVQRYQLK SRGDWDND X 6OXåEHQRP OLVWX MH GD VH XVSRVWDYL QDMUDQLML GDWXP GD
SUHWSRVWDYND R XVNODÿHQRVWL GDGQH UH]XOWDW 3ULMH QHJR ãWR .RPLVLMD REMDYL RVQRYQH SRGDWNH RQD
PRåHYHULILFLUDWLGDVXXVORYLPDQGDWDLVSXQMHQL.DGD.RPLVLMDVPDWUDGDVWDQGDUGQH]DGRYROMDYD
XVORYH PDQGDWD RQD LOL QHüH REMDYLWL RVQRYQH SRGDWNH R WRP VWDQGDUGX LOL üH RJUDQLþLWL
REMDYOMLYDQMH RVQRYQLK SRGDWDND QD GLMHORYH WRJ VWDQGDUGD 8 RYDNYLP VOXþDMHYLPD XVORY GD
KDUPRQL]LUDQL VWDQGDUG SURL]YRGL SUHWSRVWDYNX R XVNODÿHQRVWL QLMH ]DGRYROMHQ LOL MH WR VDPR
]DGRYROMHQR ]D GLR NRML REMDYOMHQL RVQRYQL SRGDFL SRNULYDMX 3ULPMHQD KDUPRQL]LUDQLK VWDQGDUGD
NRML GDMX SUHWSRVWDYNX R XVNODÿHQRVWL RVWDMH GREURYROMQD 3URL]YRÿDþ PRåH L]DEUDWL GD OL üH VH
SR]LYDWLQDKDUPRQL]LUDQHVWDQGDUGH0HÿXWLPDNRSURL]YRÿDþL]DEHUHGDQHVOLMHGLKDUPRQL]LUDQL
VWDQGDUGRQLPDREDYH]XGDGRNDåHGDVXQMHJRYL SURL]YRGL X VNODGXVD HVHQFLMDOQLP ]DKWMHYLPD
NRULãWHQMHPGUXJLKVUHGVWDYDSRQMHJRYRPYODVWLWRPL]ERUX QSUNRULãWHQMHPELORNRMLKSRVWRMHüLK
WHKQLþNLK VSHFLILNDFLMD  $NR SURL]YRÿDþ SULPMHQMXMH VDPR GLR KDURPRQL]LUDQRJ VWDQGDUGD LOL
SULPMHQLYL


3ULSUHPHGDVHRYDLQIRUPDFLMDLLQIRUPDFLMHRPDQGDWLPDVWDYHQDUDVSRODJDQMHQDRGUHÿHQRPLQWHUQHWVLWH
XVXXWRNX
 
'LUHNWLYD NRMH VH RGQRVL QD JUDÿHYLQVNH SURL]YRGH MH L]X]HWDN RG RYRJ RSüHJ SULQFLSD 'LUHNWLYD R
YLVRNREU]LQVNRP åHOMH]QLþNRP VLVWHPX ]DKWMHYD SULPMHQX WHKQLþNLK VSHFLILNDFLMD ]D PHÿXRSHUDWLYQRVW
'LUHNWLYD NRMD VH RGQRVL QD WHOHNRPXQLNDFLRQX WHUPLQDO RSUHPX GR]YROMDYD GD VH KDUPRQL]LUDQL VWDQGDUGL
WUDQVIRUPLUDMXX]DMHGQLþNHWHKQLþNHSURSLVHNRMLPDMHSRWþLQMDYDQMHREDYH]QR

,OLXVOXþDMXGLUHNWLYHRJUDÿHYLQVNLPSURL]YRGLPDSUHWSRVWDYNDRSRJRGQRVWL]DQDPLMHQMHQXXSRWUHEX


KDUPRQL]LUDQL VWDQGDUG QH SRNULYD VYH HVHQFLMDOQH ]DKWMHYH SUHWSRVWDYND R XVNODÿHQRVWL SRVWRML
VDPRGRJUDQLFHGRNRMHMHVWDQGDUGXVNODGXVDHVHQFLMDOQLP]DKWMHYLPD

8SRWUHED KDUPRQL]LUDQLK VWDQGDUGD üH X VNODGX VD RGUHÿHQLP GLUHNWLYDPD RGUHGLWLWL SULPMHQMLYX
SURFHGXUX RFMHQLYDQMD XVNODÿHQRVWL RWYDUDMXüL PRJXüQRVW ]D RFMHQMLYDQMH XVNODÿHQRVWL EH]
LQWHUYHQFLMHWUHüHVWUDQHLOL]DYHüLPL]ERURPSURFHGXUD

6DJODVQRRGUHÿHQLPGLUHNWLYDPDQDFLRQDOQLVWDQGDUGLPRJXGDWLSUHWSRVWDYNXRXVNODÿHQRVWLNDR
SUHOD]QXPMHUXGRWOHGRNQHSRVWRMLKDUPRQL]LUDQLVWDQGDUGNRMLSRNULYDLVWRSRGUXþMH 2G'UåDYD
þODQLFDVH]DKWLMHYDGDGRVWDYH.RPLVLMLWHNVWRYLKQDFLRQDOQLKVWDQGDUGD]DNRMHRQLVPDWUDMXGD
]DGRYROMDYDMX HVHQFLMDOQH ]DKWMHYH 1DNRQ REDYOMHQLK NRQVXOWDFLMD VD .RPLWHWRP SR GLUHNWLYL
(& L  DNR MH REH]ELMHÿHQ VHNWRUVNL .RPLWHW .RPLVLMD REDYMHãWDYD 'UåDYH þODQLFH GD OL EL
QDFLRQDOQL VWDQGDUG WUHEDR XåLYDWL SUHWSRVWDYNX R XVNODÿHQRVWL $NR MH PLãOMHQMH SRWYUGQR RG
'UåDYD þODQLFD VH ]DKWLMHYD GD REMDYH RVQRYQH SRGDWNH R WDNYLP VWDQGDUGLPD2VQRYQL SRGDFL VH
WDNRÿHU REMDYOMXMH X 6OXåEHQRP OLVWX 2YD SURFHGXUD VH NRULVWLOD GR RYRJ WUHQXWND X QDPMHUL GD
REH]ELMHGLSXQLSULRULWHWUD]YRMX(YURSVNLKVWDQGDUGD

329/$ý(1-(35(73267$9.(286./$ (1267,

x .RPLVLMDSRYODþLSUHWSRVWDYNXRXVNODÿHQRVWLDNRMHXVWDQRYOMHQRGDKDUPRQL]LUDQLVWDQGDUG
QH]DGRYROMDYDXSRWSXQRVWLHVHQFLMDOQH]DKWMHYH

'LUHNWLYH 1RYRJ SULVWXSD VDGUåH NODX]XOX X VNODGX VD NRMRP KDUPRQL]LUDQL VWDQGDUG PRåH ELWL
SUHLVSLWDQ
o 7DPR JGMH 'UåDYD þODQLFD LOL .RPLVLMD VPDWUDMX GD KDUPRQL]LUDQL VWDQGDUG QH ]DGRYROMDYD
SRWSXQRHVHQFLMDOQH]DKWLMHYHPDWHULMDüHELWLSUHGRþHQD.RPLWHWXXVSRVWDYOMHQRPSRGLUHNWLYL
(&LOLDNRMHREH]ELMHÿHQ]DWRVHNWRUVNLNRPLWHWGDYDQMHPUD]ORJDGDVHXþLQLWDNR
o .RPLWHWüHGDWLPLãOMHQMHEH]RGODJDQMD
o 8 VYMHWOX PLãOMHQMD .RPLWHWD .RPLVLMDüH LQIRUPLUDWL 'UåDYH þODQLFH GD SUHGX]PX QHRSKRGQH
PMHUH
o $NR X VNODGXVD PLãOMHQMHP GRELYHQLP RG .RPLWHWD KDUPRQL]LUDQL VWDQGDUG QLMH X SRWSXQRVWL
XVNODÿHQ VD HVHQFLMDOQLP ]DKWMHYLPD .RPLVLMD L 'UåDYH þODQLFH PRUDMX SRYXüL XSXüLYDQMD QD
RYDMVWDQGDUGL]REMDYOMHQLKLQIRUPDFLMD

3URFHGXUD SUHLVSLWLYDQMD VWDQGDUGD L QMHQD SRVOMHGLFD QH PRåH XWLFDWLQD SRVWRMDQMH VWDQGDUGD NDR
KDUPRQL]LUDQRJ VWDQGDUGD 7R EL PRJOR VDPR YRGLWL SRYODþHQMX RVQRYQLK SRGDWDND R VWDQGDUGX
REMDYOMHQLKRGVWUDQH.RPLVLMHL'UåDYDþODQLFD7R]QDþL

9LGLGLUHNWLYHNRMHVHRGQRVHQDMHGQRVWDYQHSRVXGHSRGSULWLVNRPVLJXUQRVWLJUDþDNDHOHNWURPDJQHWQX
NRPSDWLELOQRVWLRSUHPX]DUHNUHDFLMX

9LGLGLUHNWLYHNRMHVHRGQRVHQDJUDÿHYLQVNHSURL]YRGHHOHNWURPDJQHWQXNRPSDWLELOQRVWPDãLQHJDVQH
DSDUDWHLSRWHQFLMDOQRHNVSOR]LYQHDWPRVIHUH


GD SUHGPHWQL KDUPRQL]LUDQL VWDQGDUG YLãH QH GDMH SUHWSRVWDYNX R XVNODÿHQRVWL VD HVHQFLMDOQLP
]DKWMHYLPD

ýLQMHQLFD GD .RPLVLMD LOL 'UåDYH þODQLFH PRJX SUHLVSLWDWL KDUPRQL]LUDQL VWDQGDUG XPMHVWR
SURYRÿHQMD SURFHGXUH RGREUDYDQMD SULMH REMDYOMLYDQMD RVQRYQLK SRGDWDND R QMHPX  SRND]XMH GD
VLVWHPDWVND YHULILNDFLMD WHKQLþNLK VDGUåDMD KDUPRQL]LUDQLK VWDQGDUGD QLMH REH]ELMHÿHQD 6DPR X
VOXþDMHYLPD JGMH VH SRNDåH GD VWDQGDUG QDNRQ ãWR MH ELR SUHLVSLWDQ QH ]DGRYROMDYD HVHQFLMDOQH
]DKWMHYHLOLLPDQHGRVWDWNHRVQRYQLSRGDFLRQMHPXELPRJOLELWLSRYXþHQL

5(9,=,-$+$5021,=,5$1,+67$1'$5'$

x 3ULQFLSL NRML VH RGQRVH QD PDQGDW L XVYDMDQMH KDUPRQL]LUDQLK VWDQGDUGD QMLKRYX
GRVWXSQRVWLSUHWSRVWDYNXRXVNODÿHQRVWLVDHVHQFLMDOQLP]DKWMHYLPDSULPMHQMXMXVHWDNRÿHU
LQDUHYLGLUDQXYHU]LMXKDUPRQL]LUDQLKVWDQGDUGD
x =D YULMHPH SUHOD]QRJ SHULRGD RED L VWDUL L UHYLGLUDQL VWDQGDUG GDMX SUHWSRVWDYNX R
XVNODÿHQRVWLSRGXVORYRPGDVXXVORYL]DRYLP]DGRYROMHQLRGVWUDQHREDVWDQGDUGD

=YDQLþQD RGOXND GD VH UHYLGLUD VWDQGDUG X SULQFLSX GRQRVL VH RG VWUDQH (YURSVNLK WLMHOD ]D
VWDQGDUGH 2YR VH GRJDÿD QD RVQRYX QMLKRYH YODVWLWH LQFLMDWLYH LOL VOLMHGHüL ]DKWMHY .RPLVLMH
GLUHNWQRLOLLQGLUHNWQRQDRVQRYXLQLFLMDWLYH'UåDYHþODQLFH3RWUHED]DUHYL]LMRPPRåHUH]XOWLUDWL
L] SURPMHQD SRGUXþMD SULPMHQH GLUHNWLYH QSU SURãLUHQMH SRGUXþMD SULPMHQHQD GUXJH SURL]YRGH LOL
PRGLILNDFLMDHVHQFLMDOQLK]DKWMHYD LOLL]þLQMHQLFHGD.RPLVLMDLOL'UåDYDþODQLFDLVSLWXMH VDGUåDMH
KDUPRQL]LUDQLK VWDQGDUGD GDMXüL LQGLNDFLMX GD RQ QH EL PRJDR GDOMH REH]EMHÿLYDWL SUHWSRVWDYNX R
XVNODÿHQRVWLVDHVHQFLMDOQLP]DKWMHYLPD

.DGD MH KDUPRQL]LUDQL VWDQGDUG UHYLGLUDQ UHYL]LMD PRUD ELWL SRNULYHQD PDQGDWRP ,]X]HY DNR
VXSURWQRPRåHELWLXWYUÿHQRL]RUJLQDOQRJPDQGDWDWHUPLQLLXVORYLRUJLQDOQRJPDQGDWDVHRGQRVH
WDNRÿHU QD UHYL]LMX KDUPRQL]LUDQRJ VWDQGDUGD 2YR QH LVNOMXþXMH PRJXüQRVW QRYRJ PDQGDWD
SRVHEQRWDPRJGMHMHUHYL]LMDSRYH]DQDVDQHGRVWDFLPDX]XYDåDYDQMHHVHQFLMDOQLK]DKWMHYD

'DELGRELOLSUHWSRVWDYNXRXVNODÿHQRVWLUHYLGLUDQLVWDQGDUGPRUD]DGRYROMLWLRSüHXVORYHXVNODGX
VD 1RYLP SULVWXSRP WM VWDQGDUG VH ]DVQLYD QD PDQGDWX UHOHYDQWQD (YURSVND RUJDQL]DFLMD ]D
VWDQGDUGHJDSUHGVWDYOMD.RPLVLMLRVQRYQHSRGDWNHRQMHPXREMDYOMXMH.RPLVLMDX6OXåEHQRPOLVWX
L YUãL VH QMHJRYR SUHX]LPDQMH RG QDMPDQMH MHGQRJ QDFLRQDOQRJ WLMHOD ]D VWDQGDUGH X QDFLRQDOQL
VWDQGDUG

6OLMHGHüL VYRMH LQWHUQH SURSLVH UHOHYDQWQD (YURSVND RUJDQL]DFLMD ]D VWDQGDUGH RGUHÿXMH GDWXP
REMDYOMLYDQMDQDQDFLRQDOQRPQLYRXUHYLGLUDQRJKDUPRQL]LUDQRJ


8VNODGXVDXVORYLPDQMLKRYLKLQWHUQLKSURSLVDLOLSUDYLODSURFHGXUH(YURSVNHRUJDQL]DFLMH]DVWDQGDUGH
SRQRYRLVSLWXMXVYRMHVWDQGDUGH±ELORGDVX]DVQRYDQLLOLQHQDPDQGDWX±XLQWHUYDOLPDNRMLQLVXGXåLRGSHW
JRGLQD


VWDQGDUGDNDRLGDWXPSRYODþHQMDVWDURJVWDQGDUGD3UHOD]QLSHULRGMHSRSUDYLOXSHULRGL]PHÿXRYD
GYD GDWXPD =D YULMHPH RYRJ SUHOD]QRJ SHULRGD RED KDUPRQL]LUDQD VWDQGDUGD GDMX SUHWSRVWDYNX R
XVNODÿHQRVWL DNR  VX XVORYL ]D RYR ]DGRYROMHQL 1DNRQ RYRJ SUHOD]QRJ SHULRGD VDPR UHYLGLUDQL
KDUPRQL]LUDQLVWDQGDUGGDMHSUHSWRVWDYNXRXVNODÿHQRVWL

.RPLVLMD EL PRJOD VPDWUDWL GD ]ERJ VLJXUQRVWL LOL GUXJLK UD]ORJD VWDUD YHU]LMD KDUPRQL]LUDQRJ
VWDQGDUGD PRUD SUHVWDWL GDYDWL SUHWSRVWDYNX R XVNODÿHQRVWL SULMH QMHJRYRJ GDWXPD SRYODþHQMD
XVWDQRYOMHQRJ RG VWUDQH SUHGPHWQH (YURSVNH RUJDQL]DFLMH ]D VWDQGDUGH 8 WDNYLP VOXþDMHYLPD
.RPLVLMDXWYUÿXMHUDQLMLGDWXPQDNRQNRJDVWDQGDUGQHüHYLãHGDYDWLSUHWSRVWDYNXRXVNODÿHQRVWLL
REMDYOMXMHRYXLQIRUPDFLMXX6OXåEHQRPOLVWX.RPLVLMDWDNRÿHUPRåHVPDWUDWLGD]ERJSUDNWLþQLK
UD]ORJD VWDUD YHU]LMD KDUPRQL]LUDQRJ VWDQGDUGD EL WUHEDOD QDVWDYLWL GD GDMH SUHWSRVWDYNX R
XVNODÿHQRVWL X WRNX RJUDQLþHQRJ SHULRGD QDNRQ GDWXPD SRYODþHQMD XWYUÿHQRJ RG VWUDQH WLMHOD ]D
VWDQGDUGH

2VQRYQLSRGDFLRUHYLGLUDQRPKDUPRQL]LUDQRPVWDQGDUGXRVQRYQLSRGDFLRVWDURPKDUPRQL]LUDQRP
VWDQGDUGXLGDWXPNDGDSUHWSRVWDYNDRXVNODÿHQRVWLVWDURJVWDQGDUGDSUHVWDMHGDYDåLREMDYOMXMXVH
]DMHGQRX6OXåEHQRPOLVWX


352&('85$2&-(1-,9$1-$86./$ (1267,

02'8/,

x 2FMHQMLYDQMHXVNODÿHQRVWLMHSRGLMHOMHQRXPRGXOHNRMLREXKYDWDMXRJUDQLþHQEURMUD]OLþLWLK
SURFHGXUDSULPMHQMLYLKQDQDMãLULRSVHJSURL]YRGD

x 0RGXOL VH RGQRVH QD ID]X GL]DMQD SURL]YRGD LLOL ID]X SURL]YRGQMH SURL]YRGD 2VDP
RVQRYQLKPRGXODLQMLKRYLKRVDPPRJXüLKYDULMDQWLPRJXVHQDUD]OLþLWHQDþLQHPHÿXVREQR
NRPELQRYDWL

x .DRRSãWHSUDYLORSURL]YRGMHSUHGPHWRFMHQMLYDQMDXVNODÿHQRVWLXVNODGXVDPRGXORP]D
ID]XGL]DMQDLVWRWDNRNDRL]DID]XSURL]YRGQMH

x 0RGXOL SRVWDYOMDMX ]DGDWNH SURL]YRÿDþD L JGMH MH WR SULNODGQR SULMDYOMHQRJ  WLMHOD X WRNX
ID]HGL]DMQDLLOLID]HSURL]YRGQMH

x 6YDND GLUHNWLYD 1RYRJ SULVWXSD RSLVXMH RSVHJ PRJXüLK SURFHGXUD RFMHQMLYDQMD


XVNODÿHQRVWL]DNRMHVH VPDWUD GD REH]EMHÿXMX  QHRSKRGQL QLYR ]DãWLWH 'LUHNWLYH WDNRÿHU
SRVWDYOMDMX NULWHULM ]D XSUDYOMDQMH XVORYLPD SR NRMLPD SURL]YRÿDþ PRåH QDSUDYLWL  VYRM
YODVWLWLL]ERUDNRMHREH]ELMHÿHQR]DWRYLãHRGMHGQHRSFLMH

3RGMHOD SURFHGXUH RFMHQMLYDQMD XVNODÿHQRVWL  X PRGXOH VH ]DVQLYD LOL QD XþHãüX SUYH VWUDQH
SURL]YRÿDþD LOLWUHüHVWUDQH SULMDYOMHQRJWLMHOD  LRGQRVLVHQDID]XGL]DMQDSURL]YRGDLLOLQDID]X
SURL]YRGQMH SURL]YRGD YLGL WDEHOH    L    L VOLNX     $NR EL SURL]YRÿDþ SRGXJRYRULR LOL
GL]DMQ LOL SURL]YRGQMX RQ MRã XYLMHN RVWDMH RGJRYRUDQ ]D L]YUãHQMH SURFHGXUD RFMHQMLYDQMD
XVNODÿHQRVWL]DREMHID]H

0RGXOL GDMX ]DNRQRGDYFX X YH]L VD WLSRP SURL]YRGD L XNOMXþHQLP UL]LFLPD VUHGVWYR ]D
XVSRVWDYOMDQMH RGJRYDUDMXüLK SURFHGXUD ]D SURL]YRÿDþH VD FLOMHP GHPRQVWULUDQMD XVNODÿHQRVWL
SURL]YRGDSUHPDRGUHGEDPDGLUHNWLYH


'LUHNWLYDNRMDVHRGQRVLQDRSUHPX]DUDGSRGSULWLVNRPXYRGLNRULVQLþNHLQVSHNWRUDWHNRMLGMHOXMXNDR
GUXJDVWUDQD

8YH]LVDRGJRYRUQRVWLSURL]YRÿDþDYLGLSRJODYOMH


8 XVSRVWDYOMDQMX RSVHJD PRJXüLK PRGXOD GLUHNWLYH X]LPDMX X RE]LU  SRVHEQR X VNODGX VD
SULQFLSRP SURSRUFLRQDOQRVWL WDNYD SLWDQMD  NDR ãWR VX  YUVWD SURL]YRGD SULURGD SULVXWQLK UL]LND
HNRQRPVNH LQIUDVWUXNWXUH GDWRJ VHNWRUD QSU SRVWRMDQMH LOL QHSRVWRMDQMH WUHüLK VWUDQD  WLSRYL L
YDåQRVW SURL]YRGQMH VD FLOMHP RVLJXUDQMD YLVRNRJ  VWHSHQD ]DãWLWH  NDR ãWR MH GHILQLVDQR X þODQX
D  6SRUD]XPD'RGDWQRVYLPRGXOLSULPMHQMLYLSUHPDRGUHÿHQRMGLUHNWLYLPRUDMXREH]ELMHGLWL
QDHNYLYDOHQWDQQDþLQPDGDSURFHGXUHQLVXLGHQWLþQHGRYROMQRSRYMHUHQMDXRGQRVXQDXVNODÿHQRVW
SURL]YRGDSUHPDUHOHYDQWQLPHVHQFLMDOQLP]DKWMHYLPD3ULQFLSSURSRUFLRQDOQRVWLWDNRÿHU]DKWLMHYD
GD GLUHNWLYH QH EL VPMHOH XNOMXþLWL VXYLãQH PRGXOH NRML VX ULJRUR]QL X RGQRVX QD FLOMHYH SRVHEQR
NDNR MH GDWR X HVHQFLMDOQLP ]DKWMHYLPD )DNWRUL NRML VH WUHEDMX X]HWL X RE]LU NDGD VH XVSRVWDYOMD
RSVHJPRJXüLKPRGXODVXRSLVDQLXGLUHNWLYDPD

.DR UH]XOWDW PRGXODUQRJ SULVWXSD GLUHNWLYH 1RYRJ SULVWXSD XVWDQRYOMDYDMX UD]OLþLWH SURFHGXUH X
VNODGX VD SRNULYHQLP NDWHJRULMDPD SURL]YRGD LOL SXWHP RVWDYOMDQMD SURL]YRÿDþD EH] PRJXüQRVWL
L]ERUD X RNYLUX  LVWH NDWHJRULMH LOL SXWHP GDYDQMD VORERGH L]ERUD SURL]YRÿDþLPD  X RNYLUX LVWH
NDWHJRULMHSURL]YRGD $OWHUQDWLYQRGLUHNWLYHPRJXWDNRÿHUXVWDQRYLWL]DVYHSURL]YRGHSRNULYHQH
SRGUXþMHP SULPMHQH RSVHJ SURFHGXUD  L]  NRJD SURL]YRÿDþ PRUD QDSUDYLWL L]ERU 7DEHOD 
SULND]XMH VXPDUQR SURFHGXUH REH]ELMHÿHQH ]D WR X VYDNRM GLUHNWLYL 1RYRJ SULVWXSD 'HWDOMDQ
GLMDJUDP WRND SURFHGXUD RFMHQMLYDQMD XVNODÿHQRVWL X VNODGXVD VYDNRP GLUHNWLYRP PRåH VH QDüL X
SULORJX

2EH]EMHÿHQMH PRJXüQRVWL L]ERUD SR GLUHNWLYDPD 1RYRJ SULVWXSD L]PHÿX GYLMHLOL YLãH SURFHGXUD
RFMHQMLYDQMD XVNODÿHQRVWL ]D LVWL SURL]YRG EL PRJDR ELWL RSUDYGDQ WDPR JGMH VH UD]YLMDMX UD]OLþLWH
LQIUDVWUXNWXUH]DFHUWLILFLUDQMHX'UåDYDPDþODQLFDPDNDRUH]XOWDWUD]OLþLWH]DNRQVNHUHJXODWLYH-Rã
XYLMHN 'UåDYH þODQLFH PRUDMX L]YUãLWL SUHX]LPDQMH X QMLKRYH ]DNRQVNH DNWH VYLK SURFHGXUD
RFMHQMLYDQMDXVNODÿHQRVWLNRMHVXXVWDQRYOMHQHSRGLUHNWLYLLRQHPRUDMXJDUDQWLUDWLVORERGDQSURWRN
VYLK SURL]YRGD NRML SRGOLMHåX  SURFHGXUDPD RFMHQMLYDQMD XVNODÿHQRVWL X VNODGX VD SUHGPHWQRP
GLUHNWLYRP ,]ERUPRGXODELPRJDRELWLWDNRÿHURSUDYGDQWDPRJGMHSURL]YRGSRGOLMHåHRGUHGEDPD
YLãHRGMHGQHGLUHNWLYH8WDNYLPVOXþDMHYLPDFLOMMHREH]ELMHGLWLSURL]YRÿDþX]DMHGQLþNXSURFHGXUX
NRMDMHVDGUåDQDXVYLPUHOHYDQWQLPGLUHNWLYDPDLOLEDUHPVDNRPSDWLELOQLPSURFHGXUDPD.RQDþQR
L]ERU PRåH WDNRÿHU ELWL RSUDYGDQ QD ED]L LQIUDVWUXNWXUH SRVPDWUDQH JUDQH LQGXVWULMH VD FLOMHP GD
RPRJXüLSURL]YRÿDþLPDGDL]DEHUXQDMSRYROMQLMXLQDMHNRQRPLþQLMXSURFHGXUX

2GUHÿHQHGLUHNWLYHREH]EMHÿXMXPRJXüQRVWNRULãWHQMDPRGXOD]DVQRYDQLKQDWHKQLNDPDRVLJXUDQMD
NYDOLWHWD8RYLPVOXþDMHYLPDSURL]YRÿDþWDNRÿHURELþQRLPDPRJXüQRVWNRPELQDFLMHPRGXODQH
NRULVWHüL RVLJXUDQMH NYDOLWHWD RVLP WDPR JGMH XVNODÿLYDQMH VD ]DKWMHYLPD ]DKWLMHYD SRVHEQX
SULPMHQXRGUHÿHQHSURFHGXUH


1D SULPMHU SR GLUHNWLYL NRMD VH RGQRVL QD UHNUHDFLRQX RSUHPX SULPMHQMLYD SURFHGXUD ]D RFMHQMLYDQMH
XVNODÿHQRVWLRYLVLRSUHGPHWQRPSURL]YRGX]DUD]OLNXRGWRJDSRGLUHNWLYLNRMDVHRGQRVLQDRSUHPX]DUDG
SRGSULWLVNRPSURL]YRÿDþPRåHL]DEUDWLL]PHÿXUD]OLþLWLKSURFHGXUD

0HÿXWLP'UåDYHþODQLFHQLVXREDYH]QHGDSULMDYHWLMHOR]DVYDNLPRGXOYLGLSRJODYOMH


5D]ORJ ]D RYR MH GDYDQMH PRJXüQRVWL SULVWXSD WUåLãWX L ]D SURL]YRÿDþH EH] VLVWHPD RVLJXUDQMD
NYDOLWHWD

0RGXOL ]DVQRYDQL QD WHKQLNDPD RVLJXUDQMD NYDOLWHWD NRMH VX SURL]DãOH L] (1 ,62  VHULMH
VWDQGDUGD XVSRVWDYOMDMX YH]X  L]PHÿX UHJXOLVDQLK L QHUHJXOLVDQLK VHNWRUD 2YR EL WUHEDOR SRPRüL
SURL]YRÿDþLPDGDLVSXQHLVWRYUHPHQH REDYH]H ]DVQRYDQHQD GLUHNWLYDPD L SRWUHEDPD NOLMHQWD âWD
YLãHSURL]YRÿDþLPDVHSRGRGUHÿHQLPXVORYLPDGR]YROMDYDGDL]YXNXNRULVWL]QMLKRYHLQYHVWLFLMHX
VLVWHPHNYDOLWHWD7RGRSULQRVLWDNRÿHUUD]YRMXODQFDNYDOLWHWD RGNYDOLWHWDSURL]YRGDGRNYDOLWHWD
VDPLK NRPSDQLMD  L SURPRYLUD VYLMHVW R YDåQRVWL VWUDWHJLMD XSUDYOMDQMD NYDOLWHWRP ]DSREROMãDQMH
NRQNXUHQWQRVWL

7DEHOD2VQRYQLPRGXOL

$ ,QWHUQD NRQWUROD 3RNULYDXQXWUDãQMLGL]DMQLNRQWUROXSURL]YRGQMH2YDMPRGXOQH


SURL]YRGQMH ]DKWLMHYDXOMXþHQRVWSULMDYOMHQRJWLMHOD
% ,VSLWLYDQMHWLSD 3RNULYD ID]X GL]DMQD L QDNRQ QMHJD PRUD XVOLMHGLWL PRGXO NRML
MHREH]ELMHÿHQ]DRFMHQMLYDQMHXID]LSURL]YRGQMH(&FHUWLILNDW
RLVSLWLYDQMXWLSDL]GDMHSULMDYOMHQRWLMHOR
& 8VNODÿHQRVWVDWLSRP 3RNULYD ID]X SURL]YRGQMH L VOLMHGL L]D PRGXOD % 2EH]EMHÿXMH
XVNODÿHQRVW VD WLSRP NDR ãWR MH RSLVDQR X  (& FHUWLILNDWX R
LVSLWLYDQMX WLSD NRML MH L]GDW X VNODGX VD PRGXORP % 2YDM
PRGXOQH]DKWLMHYDXNOMXþHQRVWSULMDYOMHQRJWLMHOD
' 2VLJXUDQMH NYDOLWHWD 3RNULYDID]XSURL]YRGQMHLVOLMHGLPRGXO%3URL]DãORL](1,62
SURL]YRGQMH  VWDQGDUGD R RVLJXUDQMX NYDOLWHWD VD LQWHUYHQFLMRP
SULMDYOMHQRJ WLMHOD RGJRYRUQRJ ]D RGREUDYDQMH L NRQWUROX
VLVWHPDNYDOLWHWDXVSRVWDYOMHQRJRGVWUDQHSURL]YRÿDþD
( 2VLJXUDQMH NYDOLWHWD 3RNULYDID]XSURL]YRGQMHLVOLMHGLL]DPRGXOD%3URL]DãORL](1
SURL]YRGD ,62  VWDQGDUGD R RVLJXUDQMX NYDOLWHWD VD XNOMXþHQMHP
SULMDYOMHQRJ WLMHOD RGJRYRUQRJ ]D RGREUDYDQMH L NRQWUROX
VLVWHPDNYDOLWHWDNRMHJMHXVSRVWDYLRSURL]YRÿDþ
) 9HULILNDFLMDSURL]YRGD 3RNULYD ID]X SURL]YRGQMH L VOLMHGL L]D PRGXOD % 3ULMDYOMHQR
WLMHOR NRQWUROLãH XVNODÿHQRVW SUHPD WLSX NDR  ãWR MH RSLVDQR X
(& FHUWLILNDWX R LVSLWLYDQMX WLSD NRML MH L]GDW X VNODGX VD
PRGXORP%LL]GDMHFHUWLILNDWRXVNODÿHQRVWL
* 9HULILNDFLMD SRMHGLQDþQRJ 3RNULYD GL]DMQ L ID]H SURL]YRGQMH 3ULMDYOMHQR WLMHOR LVSLWXMH
SURL]YRGD VYDNL SRMHGLQDþQL SURL]YRG SULMDYOMHQMR WLMHOR NRQWUROLãH
YHULILFLUDQMH MHGLQLFH GL]DMQD L SURL]YRGQMH VYDNRJ SURL]YRGD L
L]GDMHFHUWLILNDWRXVNODÿHQRVWL
+ 3RWSXQR RVLJXUDQMH 3RNULYD GL]DMQ L ID]H SURL]YRGQMH 3URL]DãOR L] (1 ,62 
NYDOLWHWD VWDQGDUGD R RVLJXUDQMX NYDOLWHWD VD XNOMXþLYDQMHP SULMDYOMHQRJ
WLMHOD RGJRYRUQRJ ]D RGREUDYDQMH L NRQWUROX VLVWHPD NYDOLWHWD
NRMHJMHXVSRVWDYLRSURL]YRÿDþ


6OLND3RMHGQRVWDYOMHQLGLMDJUDPWRNDSURFHGXUD]DRFMHQMLYDQMHXVNODÿHQRVWL

)$=$',=$-1$)$=$352,=92'1-(

02'8/$

02'8/&

02'8/'
02'8/%

02'8/(
352,=92$ý

02'8/)

02'8/*

02'8/+

7DEHOD9DULMDQWHRVQRYQLKPRGXOD

'RGDWQLHOHPHQWLXSRUHÿHQLSUHPDRVQRYQLPPRGXOLPD
$DL&ELV ,QWHUQDNRQWURODSURL]YRGQMH ,QWHUYHQFLMDSULMDYOMHQRJ WLMHODVHRGQRVLQDLVSLWLYDQMH
L MHGQR LOL YLãH LVSLWLYDQMD MHGQRJ ELORQDQLYRXGL]DMQDLOLSURL]YRGQMH 3URL]YRGL QD NRMH
LOL YLãH RGUHÿHQLK DVSHNDWD VH RYR RGQRVL L SULPMHQMLYD LVSLWLYDQMD VX RGUHÿHQL X
JRWRYRJSURL]YRGD GLUHNWLYL
$DL&ELV ,QWHUQD NRQWUROD SURL]YRGQMH ,QWHUYHQFLMD SULMDYOMHQRJ WLMHOD VH RGQRVL QD SURYMHUX
SURYMHUH SURL]YRGD X VOXþDMQLP SURL]YRGD QD QLYRX SURL]YRGQMH 5HOHYDQWQL DVSHNWL
LQWHUYDOLPD SURYMHUHVXRGUHÿHQLXGLUHNWLYL
'ELV 2VLJXUDQMH NYDOLWHWD SURL]YRGQMH =DKWMHYDVHWHKQLþNDGRNXPHQWDFLMD
EH]NRULãWHQMDPRGXOD%
(ELV 2VLJXUDQMH NYDOLWHWD SURL]YRGD =DKWMHYDVHWHKQLþNDGRNXPHQWDFLMD
EH]NRULãWHQMDPRGXOD%
)ELV 9HULILFLUDQMH SURL]YRGD EH] =DKWMHYDVHWHKQLþNDGRNXPHQWDFLMD
NRULãWHQMDPRGXOD%
+ELV 3RWSXQR RVLJXUDQMH NYDOLWHWD VD 3ULMDYOMHQRWLMHORDQDOL]LUDGL]DMQSURL]YRGDLOLSURL]YRGL
NRQWURORPGL]DMQD QMHJRYH YDULMDQWH L L]GDMH (& FHUWLILNDW R LVSLWLYDQMX
GL]DMQD


7DEHOD2SãWLSULND]]DGDWDNDSURL]YRÿDþDLLOLQMHJRYRJRYODãWHQRJSUHGVWDYQLNDSR
VYDNRPPRGXOX

0RGXO 3URL]YRÿDþ 3URL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLN


$ x )RUPLUD WHKQLþNX GRNXPHQWDFLMX NRMD x 2VLJXUDYD L L]MDYOMXMH GD SRVPDWUDQL SURL]YRGL
VH RGQRVL QD GL]DMQ L SURL]YRGQMX ]DGRYROMDYDMX]DKWMHYH
SURL]YRGD x 3RVWDYOMD&(R]QDNXQDVYDNLSURL]YRG
x 3RGX]LPDVYH PMHUHQHRSKRGQHGDVH x ,]UDÿXMHGHNODUDFLMXRXVNODÿHQRVWL
REH]ELMHGL GD SURFHV SURL]YRGQMH
RVLJXUD XVNODÿHQRVW SURL]YRGD VD x ýXYD NRSLMX GHNODUDFLMH R XVNODÿHQRVWL L
WHKQLþNRP GRNXPHQWDFLMRP L VD WHKQLþNH GRNXPHQWDFLMH QD UDVSRODJDQMX
SULPMHQMLYLP ]DKWMHYLPD WM SURYRGL QDGOHåQLPWLMHOLPD]DQDG]RU
VLVWHPNYDOLWHWD
$D 8 GRGDWNX QD RGJRYRUQRVWL NDR X PRGXOX 8GRGDWNXQDRGJRYRUQRVWLNDRXPRGXOX$
$ x 3ULMDYOMXMHVH]DQDGJOHGDQMHLVSLWLYDQMD
x 3URYRGL MHGQR LOL YLãH LVSLWLYDQMD ]D x 3RVWDYOMD LGHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD
VYDNLSURL]YHGHQLSURL]YRG QDNRQ&(R]QDþDYDQMDDNRMHSULMDYOMHQRWLMHOR
ELORXNOMXþHQRXWRNXID]HSURL]YRGQMH
$D .DRXPRGXOX$ 8GRGDWNXQDRGJRYRUQRVWLNDRXPRGXOX$
x 3ULMDYOMXMHVH]DSURYMHUHSURL]YRGD
x 3RVWDYOMD LGHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD
QDNRQ&(R]QDþDYDQMD
% x )RUPLUD WHKQLþNX GRNXPHQWDFLMX NRMD x 3ULMDYOMXMHVH]D(&LVSLWLYDQMHWLSD
VHRGQRVLQDGL]DMQSURL]YRGD x 6WDYOMDQDUDVSRODJDQMHSULMDYOMHQRPWLMHOXMHGDQ
LOL YLãH  X]RUDND NRML MHVX SUHGVWDYQLN
UD]PDWUDQHSURL]YRGQMH
x ,QIRUPLUD  SULMDYOMHQR WLMHOR R VYLP L]PMHQDPD
RGREUHQRJSURL]YRGD
x ýXYD WHKQLþNX GRNXPHQWDFLMX XNOMXþXMXüL
NRSLMX  (& FHUWLILNDWD R LVSLWLYDQMX WLSD QD
UDVSRODJDQMXQDGOHåQLPWLMHOLPD]DQDG]RU
& x )RUPLUD WHKQLþNX GRNXPHQWDFLMX NRMD x 2VLJXUDYD L L]MDYOMXMH GD VX SRVPDWUDQL
VHRGQRVLQDSURL]YRGQMXSURL]YRGD SURL]YRGL X VNODGX VD (& FHUWLILNDWRP  R
x 3RGX]LPD VYH PMHUH QHRSKRGQH GD LVSLWLYDQMX WLSD L GD ]DGRYROMDYDMX SULPMHQMLYH
REH]ELMHGL GD SURFHV SURL]YRGQMH ]DKWMHYH
RVLJXUD XVNODÿHQRVW SURL]YRGD VD x 3RVWDYOMD&(R]QDNXQDVYDNLSURL]YRG
WLSRP NDR ãWR MH WR RSLVDQR X (& x ,]UDÿXMHGHNODUDFLMXRXVNODÿHQRVWL
FHUWLILNDWX R LVSLWLYDQMX WLSD L VD
SULPMHQMLYLP ]DKWMHYLPD WM SURYRGL x ýXYD UHODYDQWQH WHKQLþNH LQIRUPDFLMH L NRSLMX
VLVWHPNYDOLWHWD GHNODUDFLMH R XVNODÿHQRVWL QD UDVSRODJDQMX
QDGOHåQLPWLMHOLPD]DQDG]RU
&ELV .DR X PRGXOX $D X GRGDWNX QD .DRXPRGXOX$DXGRGDWNXQDRGJRYRUQRVWLNDRX
RGJRYRUQRVWLNDRXPRGXOX& PRGXOX&
&ELV .DR X PRGXOX $D X GRGDWNX QD .DRXPRGXOX$DXGRGDWNXQDRGJRYRUQRVLNDRX
RGJRYRUQRVLNDRXPRGXOX& PRGXOX&


0RGXO 3URL]YRÿDþ 3URL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLN
' x 3URYRGL RGREUHQL VLVWHP NYDOLWHWD ]D x 3ULMDYOMXMH VH ]D RFMHQMLYDQMH VLVWHPD NYDOLWHWD
SURL]YRGQMX LQVSHNFLMX  L LVSLWLYDQMH ]DUD]PDWUDQHSURL]YRGH
NRQDþQRJ SURL]YRGD NRML XNOMXþXMH x 2VLJXUDYD L L]MDYOMXMH GD VX SRVPDWUDQL
L]UDGX WHKQLþNH GRNXPHQWDFLMH WM SURL]YRGL X VNODGX VD (& FHUWLILNDWRP R
UHODYDQWQLKLQIRUPDFLMD]DUD]PDWUDQX LVSLWLYDQMX WLSD L GD ]DGRYROMDYDMX SULPMHQMLYH
NDWHJRULMX SURL]YRGD GRNXPHQWDFLMX ]DKWMHYH
NRMD VH RGQRVL QD VLVWHP NYDOLWHWD L
QMHJRYR DåXULUDQMH WHKQLþNX x 3RVWDYOMD&(R]QDNXQDVYDNLSURL]YRG
GRNXPHQWDFLMXRGREUHQRJWLSDNRSLMX x 3RVWDYOMD LGHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD
(& FHUWLILNDWD R LVSLWLYDQMX WLSD L QDNRQ&(R]QDNH
RGOXNHLL]YMHãWDMHSULMDYOMHQRJWLMHOD x ,]UDÿXMHGHNODUDFLMXRXVNODÿHQRVWL
x 3UHX]LPD LVSXQMDYDQMH REDYH]D NRMH x ,QIRUPLUD SULMDYOMHQR WLMHOR R ELOR NRMHP
SURL]LOD]H L] RGREUHQRJ VLVWHPD QDPMHUDYDQRPDåXULUDQMXVLVWHPDNYDOLWHWD
NYDOLWHWD L SRGUåDYD JD WDNR GD RQ
RVWDMHDGHNYDWDQLHILNDVDQ
x ýXYD NRSLMX GHNODUDFLMH R XVNODÿHQRVWL QD
UDVSRODJDQMXQDGOHåQLPWLMHOLPD]DQDG]RU
x 3RGUåDYD DNFLMX NRMX SURYRGL
x 2VLJXUDYD GD MH X VWDQMX GRVWDYLWL QDGOHåQRP
SULMDYOMHQRWLMHORUDGLQDG]RUD
WLMHOX ]D QDG]RU UHODYDQWQX WHKQLþNX
GRNXPHQWDFLMX
'ELV x )RUPLUD WHKQLþNX GRNXPHQWDFLMX NRMD x 3ULMDYOMXMH VH ]D RFMHQMLYDQMH VLVWHPD NYDOLWHWD
VHRGQRVLQDGL]DMQSURL]YRGD ]DUD]PDWUDQHSURL]YRGH
x 3URYRGL RGREUHQL VLVWHP NYDOLWHWD ]D x 2VLJXUDYD L L]MDYOMXMH GD SRVPDWUDQL SURL]YRGL
SURL]YRGQMX LQVSHNFLMX L LVSLWLYDQMH ]DGRYROMDYDMX]DKWMHYH
NRQDþQRJ SURL]YRGD NRML XNOMXþXMH x 3RVWDYOMD&(R]QDNHQDVYDNLSURL]YRG
L]UDGX WHKQLþNH GRNXPHQWDFLMH WM
UHODYDQWQLKLQIRUPDFLMD]DUD]PDWUDQX x 3RVWDYOMD LGHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD
NDWHJRULMX SURL]YRGD GRNXPHQWDFLMX QDNRQ&(R]QDþDYDQMD
NRMD VH RGQRVL QD VLVWHP NYDOLWHWD L x ,]UDÿXMHGHNODUDFLMXRXVNODÿHQRVWL
QMHJRYR DåXULUDQMH L QD RGOXNH L x ,QIRUPLUD SULMDYOMHQR WLMHOR R ELOR NRMHP
L]YMHãWDMHSULMDYOMHQRJWLMHOD QDPMHUDYDQRPDåXULUDQMXVLVWHPDNYDOLWHWD
x 3UHX]LPD LVSXQMDYDQMH REDYH]D NRMH x ýXYD NRSLMX GHNODUDFLMH R XVNODÿHQRVWL QD
SURL]LOD]H L] RGREUHQRJ VLVWHPD UDVSRODJDQMXQDGOHåQLPWLMHOLPD]DQDG]RU
NYDOLWHWDL SRGUåDYD JD WDNR GD RVWDMH
DGHNYDWDQLHILNDVDQ
x 2VLJXUDYD GD MH X VWDQMX GRVWDYLWL QDGOHåQRP
WLMHOX ]D QDG]RU UHODYDQWQX WHKQLþNX
x 3RGUåDYD DNFLMX  NRMX SURYRGL GRNXPHQWDFLMX
SULMDYOMHQRWLMHORUDGLQDG]RUD
( .DR X PRGXOX ' DOL SURYRGL RGREUHQL .DRXPRGXOX'
VLVWHP NYDOLWHWD ]D LQVSHNFLMX L LVSLWLYDQMH
NRQDþQRJSURL]YRGD
(ELV .DR X PRGXOX 'ELV DOL UXNXMH VD .DRXPRGXOX'ELV
RGREUHQLPVLVWHPRPNYDOLWHWD]DLQVSHNFLMX
LLVSLWLYDQMHNRQDþQRJSURL]YRGD


0RGXO 3URL]YRÿDþ 3URL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLN
) x )RUPLUD WHKQLþNX GRNXPHQWDFLMX NRMD x 3ULMDYOMXMHVH]DFHUWLILFLUDQMHXVNODÿHQRVWL
VHRGQRVLQDSURL]YRGQMXSURL]YRGD x 3URYMHUDYDLDWHVWLUDGDVXSURL]YRGLXVNODGXVD
x 3RGX]LPD VYH QHRSKRGQH PMHUH GD WLSRP NDR ãWR MH RSLVDQR X (& FHUWLILNDWX R
REH]ELMHGL GD SURFHV SURL]YRGQMH LVSLWLYDQMX WLSD L GD ]DGRYROMDYDMX SULPMHQMLYH
RVLJXUD XVNODÿHQRVW SURL]YRGD VD ]DKWMHYH
WLSRP NDR ãWR MH RSLVDQR X (& x 3RVWDYOMD&(R]QDNXQDVYDNLSURL]YRG
FHUWLILNDWX R LVSLWLYDQMX WLSD L VD
SULPMHQMLYLP ]DKWMHYLPD WM SURYRGL x 3RVWDYOMD LGHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD
VLVWHPNYDOLWHWD QDNRQ&(R]QDþDYDQMD
x ,]UDÿXMHGHNODUDFLMXRXVNODÿHQRVWL
7DPRJGMHVHNRULVWLVWDWLVWLþNDYHULILNDFLMD x ýXYD NRSLMX GHNODUDFLMD R XVNODÿHQRVWL L
x 3UHGVWDYOMD VYRMH SURL]YRGH X IRUPL WHKQLþNH GRNXPHQWDFLMH QD UDVSRODJDQMX
KRPRJHQLK JUXSD L SRGX]LPD VYH QDGOHåQLPWLMHOLPD]DQDG]RU
QHRSKRGQH PMHUH X QDPMHUL GD x 2VLJXUDYD GD MH X VWDQMX GRVWDYLWL QDGOHåQRP
SURL]YRGQL SURFHV RVLJXUD WLMHOX]DQDG]RUQDQMHJRY]DKWMHYFHUWLILNDWHR
KRPRJHQRVWVYDNHSURL]YHGHQHJUXSH XVNODÿHQRVWLNRMLVXL]GDWLRGVWUDQHSULMDYOMHQRJ
WLMHOD
)ELV x )RUPLUD WHKQLþNX GRNXPHQWDFLMX NRMD x 3ULMDYOMXMHVH]DFHUWLILFLUDQMHXVNODÿHQRVWL
VH RGQRVL QD GL]DMQ L SURL]YRGQMX x 3URYMHUDYDLDWHVWLUDGDSURL]YRGL]DGRYROMDYDMX
SURL]YRGD SULPMHQMLYH]DKWMHYH
x 3RGX]LPD VYH QHRSKRGQH  PMHUH GD x 3RVWDYOMD&(R]QDNXQDVYDNLSURL]YRG
REH]ELMHGL GD SURL]YRGQL SURFHV
RVLJXUD XVNODÿHQRVW SURL]YRGD VD x 3RVWDYOMD LGHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD
SULPMHQMLYLP ]DKWMHYLPD WM SURYRGL QDNRQ&(R]QDþDYDQMD
VLVWHPNYDOLWHWD x ,]UDÿXMHGHNODUDFLMXRXVNODÿHQRVWL
x 2VLJXUDYD GD MH X VWDQMX GRVWDYLWL QD ]DKWMHY
7DPRJGMHVHNRULVWLVWDWLVWLþNDYHULILNDFLMD FHUWLILNDWH R XVNODÿHQRVWL NRMH MH L]GDOR
x 3UHGVWDYOMD VYRMH SURL]YRGH X IRUPL SULMDYOMHQRWLMHOR
KRPRJHQLK JUXSD L SRGX]LPD VYH x ýXYD NRSLMX GHNODUDFLMH R XVNODÿHQRVWL L
QHRSKRGQH PMHUH X QDPMHUL GD WHKQLþNH GRNXPHQWDFLMH QD UDVSRODJDQMX
SURL]YRGQL SURFHV RVLJXUD QDGOHåQLPWLMHOLPD]DQDG]RU
KRPRJHQRVWVYDNHSURL]YHGHQHJUXSH
* x )RUPLUD WHKQLþNX GRNXPHQWDFLMX NRMD x 3ULMDYOMXMHVH]DFHUWLILFLUDQMHXVNODÿHQRVWL
VH RGQRVL QD GL]DMQ L SURL]YRGQMX x 2VLJXUDYD L L]MDYOMXMH GD UD]PDWUDQL SURL]YRG
SURL]YRGD ]DGRYROMDYDSULPMHQMLYH]DKWMHYH
x 3RVWDYOMD&(R]QDNXQDVYDNLSURL]YRG
x 3RVWDYOMD LGHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD
QDNRQ&(R]QDþDYDQMD
x ,]UDÿXMHGHNODUDFLMXRXVNODÿHQRVWL
x ýXYD NRSLMX GHNODUDFLMH R XVNODÿHQRVWL L
WHKQLþNH GRNXPHQWDFLMH QD UDVSRODJDQMX
QDGOHåQLPWLMHOLPD]DQDG]RU


0RGXO 3URL]YRÿDþ 3URL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLN
+ x 3URYRGL RGREUHQL VLVWHP NYDOLWHWD ]D .DRXPRGXOX'ELV
GL]DMQ SURL]YRGQMX LQVSHNFLMX  L
LVSLWLYDQMH NRQDþQRJ SURL]YRGD ãWR
XNOMXþXMH L]UDGX WHKQLþNH
GRNXPHQWDFLMH WM UHODYDQWQH
LQIRUPDFLMD ]D GL]DMQ UD]PDWUDQX
NDWHJRULMX SURL]YRGD GRNXPHQWDFLMX
NRMD VH RGQRVL QD VLVWHP NYDOLWHWD L
QMHJRYRDåXULUDQMHLRGOXNHLL]YMHãWDMH
SULMDYOMHQRJWLMHOD
x 3UHX]LPD GD LVSXQL REDYH]H NRMH
SURL]LOD]H L] RGREUHQRJ VLVWHPD
NYDOLWHWDL SRGUåDYD JD WDNR GD RVWDMH
DGHNYDWDQLHILNDVDQ
x 3RGUåDYD DNFLMX SURYHGHQX RG VWUDQH
SULMDYOMHQRJWLMHODUDGLQDG]RUD
+ELV x .DRXPRGXOX+ 8GRGDWNXQDRGJRYRUQRVWLNDRXPRGXOX'ELV
x 3ULMDYOMXMHVH]DLVSLWLYDQMHGL]DMQD
x ,QIRUPLUD SULMDYOMHQR WLMHOR R ELOR NDNYRM
L]PMHQLRGREUHQRJGL]DMQD

7DEHOD    3RMHGQRVWDYOMHQL SUHJOHG PRGXOD REH]ELMHÿHQLK X GLUHNWLYDPD 1RYRJ SULVWXSD L QHNLP
GUXJLPGLUHNWLYDPD
0RGXO
'LUHNWLYD $ %& %' %( %) * + 'ELV (ELV )ELV
1LVNRQDSRQVNDRSUHPD [
-HGQRVWDYQHSRVXGHSRGSULWLVNRP [ [
6LJXUQRVWLJUDþDND [ [
(OHNWURPDJQHWQDNRPSDWLELOQRVW [[ [
0DãLQH [ [
/LþQD]DãWLWQDRSUHPD [ [[ [
1HDXWRPDWVNLYDJH [ [ [ [ [
$NWLYQD LPSODQWDFLRQD PHGLFLQVND [ [ [
VUHGVWYD
*DVQLDSDUDWL [ [ [ [ [
7RSORYRGQLNRWORYL [ [ [
(NVSOR]LYL]DFLYLOQHQDPMHQH [ [ [ [ [
0HGLFLQVNDVUHGVWYD [ [ [ [ [ [ [ [
3RWHQFLMDOQRHNVSOR]LYQHDWPRVIHUH [[ [ [ [ [ [
2SUHPD]DUHNUHDFLMX [[ [ [ [ [ [
/LIWRYL [ [ [ [ [ [[
5DVKODGQLDSDUDWL [
2SUHPD]DUDGSRGSULWLVNRP [[ [ [ [ [ [ [[ [ [
%´' %´)
7HOHNRPXQLNDFLRQDWHUPLQDORSUHPD [ [ [ [
0HGLFLQVNL VUHGVWYD ]D ³LQ YLWUR´ [
[ [ [
GLMDJQRVWLFLUDQMH
3RPRUVNDRSUHPD [ [ [ [ [

GRGDWQL]DKWMHY
%´ VSHFLMDOQLPRGXONRMLVHQHQDOD]LXGUXJLPGLUHNWLYDPD

8YH]LVDNRPSOHWQLMRPSUH]HQWDFLMRPSURFHGXUDRFMHQMLYDQMDXVNODÿHQRVWL]DVYDNXGLUHNWLYXYLGLSULORJ


 35,0-(1$67$1'$5'$6,67(0$.9$/,7(7$

x 0RGHOL VLVWHPD NYDOLWHWD SULPMHQMLYL X NRQWHNVWX RFMHQMLYDQMD XVNODÿHQRVWL X VNODGX VD


GLUHNWLYDPD1RYRJSULVWXSDVXRSLVDQLXVWDQGDUGLPD(1,62L

x 3RQDãDQMH X VNODGX VD VWDQGDUGLPD  (1 ,62    L  GDMH SUHWSRVWDYNX R
XVNODÿHQRVWL VD RGJRYDUDMXüLP PRGXOLPD RVLJXUDQMD NYDOLWHWD WM PRGXOL '( + L
QMLKRYH YDULMDQWH  NRML VH RGQRVH QD RGUHGEH SRNULYHQH SUHGPHWQLP VWDQGDUGRP
0HÿXWLP SRQDãDQMH X VNODGX VD PRGXOLPD '(+ L QMLKRYLP YDULMDQWDPD QH ]DKWMHYD
FHUWLILFLUDQMH VLVWHPD NYDOLWHWD X VNODGX VD VWDQGDUGLPD (1 ,62    LOL
UHVSHNWLYQRPDGDWRREH]EMHÿXMH NRULVQR VUHGVWYR ]D XVSRVWDYOMDQMH XVNODÿHQRVWL
VDRYLPVWDQGDUGLPD

x 5DGL XVNODÿHQRVWL VD SULPMHQMLYLP GLUHNWLYDPD SURL]YRÿDþ PRUD RVLJXUDWL GD VLVWHP
RVLJXUDQMDNYDOLWHWDGRND]XMHSXQXSULPMHQXSUHGPHWQLKHVHQFLMDOQLK]DKWMHYD

(1,62VHULMDVWDQGDUGDRGUHÿXMHHOHPHQWHSRWUHEQH]DXVSRVWDYOMDQMHLXSUDYOMDQMHVLVWHPRP
NYDOLWHWDGDELVHSRVWLJDRQHRSKRGQLNYDOLWHWLSUHWKRGQRXVSRVWDYOMHQL]DKWMHYLQDQLYRXQDMQLåHJ
WURãND 2YD VHULMD MH QDPLMHQMHQD GD VH NRULVWLRG VWUDQH SURL]YRÿDþD ]D LQWHUQH VYUKH X YRÿHQMX
XSUDYOMDQMDNYDOLWHWRPLVWRWDNRNDRL]DYDQMVNHVYUKH]DVQRYDQHXJRYRUQLPRGQRVLPDSUYHLGUXJH
VWUDQHLOLRGREUHQMXGUXJHVWUDQHLOLFHUWLILFLUDQMDWUHüHVWUDQH

6WDQGDUGL(1 ,62  (1 ,62  L(1 ,62   RGUHÿXMX WUL SRVHEQD
PRGHOD NRML VX SRJRGQL SURL]YRÿDþLPD GRND]XMXüL QMLKRYH PRJXüQRVWL L NRML VX SRJRGQL ]D
RFMHQMLYDQMH WDNYH VSRVREQRVWL SURL]YRÿDþD RG VWUDQH VSROMQLK VWUDQD =DKWMHYL NRML VH RGQRVH QD
HOHPHQWH VLVWHPD NYDOLWHWD NRML VX RGUHÿHQL X RYLP VWDQGDUGLPD VH QDGRSXQMXMX VD WHKQLþNLP
]DKWMHYLPD]DSURL]YRGL RQLVH SULPMHQMXMXQHRYLVQR  R ELOR NRMHP  RGUHÿHQRP LQGXVWULMVNRP LOL
HNRQRPVNRPVHNWRUX

3RQDãDQMHXVNODGXVDVWDQGDUGLPD(1,62LOLGDMHSUHWSRVWDYNXRXVNODÿHQRVWLVD
PRGXOLPD++ELV''ELVLOLUHVSHNWLYQR(LOL(ELVNRMLVHRGQRVHQDRGUHGEHNRMHRYLVWDQGDUGL
SRNULYDMX L REH]EMHÿXMX GD VLVWHP NYDOLWHWD GHPRQVWULUD GD VH SURL]YRG SRQDãD X VNODGX VD
HVHQFLMDOQLP]DKWMHYLPDSUHGPHWQHGLUHNWLYH

6WDQGDUG (1 ,62  VLVWHPL NYDOLWHWDPRGHO ]D RVLJXUDQMH NYDOLWHWD X GL]DMQX UD]YRMX
SURL]YRGQMLXJUDGQMLLVHUYLVLUDQMX VHSULPMHQMXMHXVLWXDFLMDPDJGMHVHGL]DMQ]DKWLMHYDL]DKWMHYL
NRML VX SRVWDYOMHQL ]D SURL]YRG VX XJODYQRP L]UDåHQL X XVORYLPD ]D IXQNFLRQDOQRP HILNDVQRãüX
SURL]YRGD LOL WDPR JGMH MH  QHRSKRGQR XVSRVWDYOMDQMH WDNYLK ]DKWMHYD 6WDQGDUG VH WDNRÿHU
SULPMHQMXMHWDPRJGMHSRYMHUHQMHXSRVWL]DQMHGDSURL]YRGEXGHXVNODGXVDVSHFLILþQLP]DKWMHYLPD
PRUD ELWL SRVWLJQXWR GRND]LYDQMHP VSRVREQRVWL SURL]YRÿDþD NRMH VH RGQRVH QD GL]DMQ UD]YRM
SURL]YRGQMXPRQWDåXLVHUYLVLUDQMH

(1,62VHULMDRGJRYDUDELYãRM(1VHULML6WDQGDUG(1VHWUDQVIRUPLVDRXVWDQGDUG(1


,62  VWDQGDUG  (1  X VWDQGDUG (1 ,62  L VWDQGDUG (1  X VWDQGDUG (1 ,62 
1DGDOMHGLVNXVLMDRPRGLILFLUDQMX(1,62VWDQGDUGDMHXWRNX


6WDQGDUG(1,62REH]EMHÿXMHRVQRYX]DXVNODÿHQRVWVDPRGXOLPD+L+ELV

6WDQGDUG (1 ,62  VLVWHPL NYDOLWHWD  PRGHO ]D RVLJXUDQMH NYDOLWHWD X SURL]YRGQML XJUDGQML L
VHUYLVLUDQMX  VH RGQRVLQD  WDNYH VLWXDFLMH  JGMH VX VSHFLILFLUDQL ]DKWMHYL ]D SURL]YRGH XWYUÿHQL X
XVORYLPD ]D XVSRVWDYOMDQMH GL]DMQD LOL VSHFLILNDFLMH 6WDQGDUG VH WDNRÿHU SULPMHQMXMH WDPR JGMH
SRYMHUHQMH GD MH SURL]YRG SRVWLJDR XVNODÿHQRVW VD VSHFLILþQLP ]DKWMHYLPD PRUD ELWL SRVWLJQXWR
SXWHPGRND]LYDQMDVSRVREQRVWLSURL]YRÿDþDNRMDVHRGQRVLQDSURL]YRGQMXXJUDGQMXLVHUYLVLUDQMH
6WDQGDUG(1,62REH]EMHÿXMHRVQRYX]DXVNODÿHQRVWVDPRGXOLPD'L'ELV

6WDQGDUG (1 ,62  VLVWHPL NYDOLWHWD  PRGHO ]D RVLJXUDQMH NYDOLWHWD X NRQDþQRM LQVSHNFLML L
LVSLWLYDQMX  SULPMHQMXMH VH WDPR JGMH MH FLOM GD VH GRNDåH PRJXüQRVW SURL]YRÿDþD GD RWNULMH
QHXVNODÿHQRVW SURL]YRGD L GD NRQWUROLãH DUDQåPDQH NRML VH RGQRVH QD NRQDþQX LQVSHNFLMX L
LVSLWLYDQMH6WDQGDUG(1,62REH]EMHÿXMHRVQRYX]DXVNODÿHQRVWVDPRGXOLPD(L(ELV

6YHJDQHNROLNRGLUHNWLYDHNVSOLFLWQRXSXüXMXQDVWDQGDUGHVLVWHPDNYDOLWHWD , SRUHGWRJDPRGXOL
'(L+LQMLKRYHYDULMDQWH'ELV(ELVL+ELVNRMHVXREH]ELMHÿHQH]DQMLKXGLUHNWLYDPD1RYRJ
SULVWXSDXVSRVWDYOMDMXVLVWHPHNYDOLWHWDXVNODGX(1,62VWDQGDUGLPD

0RGXOL ' ( L + L QMLKRYH YDULMDQWH ]DKWLMHYDMX GD SULMDYOMHQMR WLMHOR SURYHGH QDG]RU GD EL VH
RVLJXUDOR GD SURL]YRÿDþ LVSXQMDYD REDYH]H NRMH SURL]LOD]H L] RGREUHQRJ VLVWHPD NYDOLWHWD 2YD
REDYH]D QH SRWLþH RG (1 ,62  VHULMH DOL MH ]DWR XVNR SRYH]DQD VD ]DKWMHYRP ]D QDG]RU SR
VWDQGDUGX(1

'LUHNWLYHPRJXXVSRVWDYLWLGRGDWQHRGUHGEH]DRFMHQMLYDQMHPXVNODÿHQRVWLXVNODGXVDPRGXOLPD'
(+LQMLKRYLPYDULMDQWDPDNRMH]DKWLMHYDMXGDVHXVNODÿHQRVWVDVWDQGDUGLPD(1,62L
 VH NRPSOHWLUD VD GRGDWQLP HOHPHQWLPD 2YR MH XUDÿHQR GD EL VH X]HOD X RE]LU VSHFLILþQRVW
SURL]YRGD]DNRMHVHRYRLPSOHPHQWLUD

 7(+1,ý.$'2.80(17$&,-$

x 3URL]YRÿDþPRUDL]UDGLWLWHKQLþNXGRNXPHQWDFLMX

x 7HKQLþNDGRNXPHQWDFLMDMHQDPLMHQMHQDGDREH]ELMHGLLQIRUPDFLMHRGL]DMQXSURL]YRGQML
LUXNRYDQMXVDSURL]YRGRP


9LGLGLUHNWLYHNRMHVHRGQRVHQDWHOHNRPXQLNDFLRQXWHUPLQDORSUHPXLOLIWRYHNRMHXSXüXMXQDVWDQGDUGH
ELYãH(1VHULMH
 
2YDMQDG]RUNDRGLRFHUWLILFLUDQMDQHELVHVPLRSRPMHãDWLVDQDG]RURPQDGWUåLãWHPNRMLSURYRGHMDYQD
QDGOHåQDWLMHOD8YH]LVDQDG]RURPQDGWUåLãWHPYLGLSRJODYOMH

1D SULPMHU VLVWHPL NYDOLWHWD XVSRVWDYOMHQML X VNODGX  VD GLUHNWLYDPD NRMH VH RGQRVH QD DNWLYQD
LPSODQWDFLRQDPHGLFLQVNDVUHGVWYDLPHGLFLQVNDVUHGVWYDPRUDMXELWLGRSXQMHQLSRVWDQGDUGX(1LOL
SRVWDQGDUGX(1


'LUHNWLYH 1RYRJ SULVWXSD REDYH]XMX SURL]YRÿDþD GD L]UDGL WHKQLþNX GRNXPHQWDFLMX LOL WHKQLþNL
GRVLMH  NRMD VDGUåL LQIRUPDFLMH NRMH GHPRQVWULUDMX XVNODÿHQRVW SURL]YRGD SUHPD SULPMHQMLYLP
]DKWMHYLPD 2YD REDYH]D SRþLQMH NDGD VH SURL]YRG SODVLUD QD WUåLãWH QH]DYLVQR RG WRJDNDNYR  MH
QMHJRYRJHRJUDIVNRSRULMHNOR

7HKQLþNDGRNXPHQWDFLMDVHPRUDþXYDWLXSHULRGXRGQDMPDQMHGHVHWJRGLQDRGSRVOMHGQMHJGDWXPD
SURL]YRGQMH SURL]YRGD RVLP DNR GLUHNWLYD SRVHEQR QH SUHGYLÿD QHNL GUXJL SHULRG2YR MH
RGJRYRUQRVWSURL]YRÿDþDLOLQMHJRYRJRYODãWHQRJSUHGVWDYQLNDVDVMHGLãWHPX =DMHGQLFL8QHNLP
VOXþDMHYLPD XYR]QLN LOL RVRED NRMD SODVLUD SURL]YRG  QD WUåLãWH =DMHGQLFH PRUD SUHX]HWL RYX
RGJRYRUQRVW

6DGUåDML WHKQLþNH GRNXPHQWDFLMH VH XVSRVWDYOMDMX SR GLUHNWLYL NRMD MH X VNODGX VD SRVPDWUDQLP
SURL]YRGLPD 3UDYLOR MH GD EL GRNXPHQWDFLMD WUHEDOD SRNULWL  GL]DMQ SURL]YRGQMX L UXNRYDQMH
SURL]YRGRP'HWDOMLXNOMXþHQLXGRNXPHQWDFLMX]DYLVHRGSULURGHSURL]YRGDLRGWRJDãWDVHVPDWUD
NDR QHRSKRGQR VD WHKQLþNH WDþNH JOHGLãWD ]D GRND]LYDQMH XVNODÿHQRVWL SURL]YRGD SUHPD
HVHQFLMDOQLP ]DKWMHYLPD UHODYDQWQH GLUHNWLYH L DNR VX SULPLMHQMHQL KDUPRQL]LUDQL VWDQGDUGL SUHPD
QMLPDXPMHVWRSXWHPQD]QDþDYDQMDHVHQFLMDOQLK]DKWMHYDNRMHSRNULYDMXVWDQGDUGL

1HNROLNRGLUHNWLYD]DKWMHYDGDWHKQLþNDGRNXPHQWDFLMDEXGHQDSLVDQDQDVOXåEHQRPMH]LNX'UåDYH
þODQLFHWDPRJGMHSURFHGXUHWUHEDMXELWLSURYHGHQHLOLXNRMRMSULMDYOMHQRWLMHORLPDVMHGLãWHLOLQD
MH]LNX NRML MH RQR SULKYDWLOR 8 QDPMHUL GD SURYHGH SURFHGXUH RFMHQLYDQMD XVNODÿHQRVWL NRMH
]DKWLMHYDMX YHULILFLUDQMH RG WUHüH VWUDQH QD SURSLVDQ QDþLQ GRNXPHQWDFLMD EL WUHEDOD ELWL XYLMHN QD
MH]LNXUD]XPOMLYRPSULMDYOMHQRPWLMHOXþDNLDNRVHRYRHNVSOLFLWQRQHVSRPLQMHXVYLPGLUHNWLYDPD
1RYRJSULVWXSD

 (&'(./$5$&,-$286./$ (1267,

x 3URL]YRÿDþ LOL QMHJRY RYODãWHQL SUHGVWDYQLN VD VMHGLãWHP X =DMHGQLFL PRUD L]UDGLWL (&
GHNODUDFLMXRXVNODÿHQRVWLNDRGLRSURFHGXUHRFMHQLYDQMDXVNODÿHQRVWLREH]EMHÿHQH]DWRX
GLUHNWLYDPD1RYRJSULVWXSD

x (& GHNODUDFLMD R XVNODÿHQRVWL EL WUHEDOD VDGUåDYDWL VYH UHODYDQWQH LQIRUPDFLMH ]D


LGHQWLILFLUDQMH GLUHNWLYH X VNODGX VD NRMLP VH GHNODUDFLMD L]GDMH NDR L LQIRUPDFLMH R
SURL]YRÿDþXQMHJRYRP RYODãWHQRP SUHGVWDYQLNX DNR MH SULPMHQOMLYR L SULMDYOMHQRP WLMHOX
SURL]YRGX L WDPR JGMH MH WR SULNODGQR XSXüLYDQMH QD KDUPRQL]LUDQH VWDQGDUGH LOL GUXJH
QRUPDWLYQHGRNXPHQWH


8YH]LVDSODVLUDQMHPQDWUåLãWHYLGLSRJODYOMH

8VNODGXVDGLUHNWLYDPDNRMHVHRGQRVHQDDNWLYQDLPODQWDFLRQDPHGLFLQVNDVUHGVWYDLPHGLFLQVNDVUHGVWYD
RYLVHGRNXPHQWLPRUDMXþXYDWLXSHULRGXRGSHWJRGLQD8VNODGX VDGLUHNWLYRPNRMDVHRGQRVLQD]DKWMHYH
]DHQHUJHWVNRPHILNDVQRVWLNXüQLKIULåLGHUDL]DPU]LYDþDRYDMSHULRGYUHPHQDMHWULJRGLQH

8YH]L VD RGJRYRUQRVWLSURL]YRÿDþD QMHJRYRJ RYODãWHQRJ SUHGVWDYQLND XYR]QLND L RVREH RGJRYRUQH ]D
SODVLUDQMHQDWUåLãWHYLGLSRJODYOMH±

9LGLGLUHNWLYHNRMHVHRGQRVHQDMHGQRVWDYQHSRVXGHSRGSULWLVNRPPDãLQH ]DPRGXO% QHDXWRPDWVNH
YDJH DNWLYQD LPSODQWDFLRQD PHGLFLQVND VUHGVWYD JDVQH DSDUDWH WHOHNRPXQLNDFLRQX WHUPLQDO RSUHPX
PHGLFLQVNDVUHGVWYDSRWHQFLMDOQRHNVSOR]LYQHDWPRVIHUHOLIWRYH ]DPRGXOH%&'*+ LRSUHPX]DUDG
SRGSULWLVNRP


'LUHNWYH 1RYRJ SULVWXSD QDPHüX REDYH]XSURL]YRÿDþX  LOL QMHJRYRP RYODãWHQRP SUHGVWDYQLNX VD
VMHGLãWHP X =DMHGQLFL GD L]UDGH (& GHNODUDFLMX R XVNODÿHQRVWL NDGD VH SURL]YRG SODVLUD QD WUåLãWH
=DYLVQR RG PRGXOD GHNODUDFLMD R XVNODÿHQRVWL PRUD LOL RVLJXUDWL GD SURL]YRG ]DGRYROMDYD
HVHQFLMDOQH]DKWMHYHSULPMHQMLYLKGLUHNWLYDLOLGDMHSURL]YRGXVNODGXVDWLSRP]DNRMLVHFHUWLILNDWR
LVSLWLYDQMXWLSDL]GDMHLGD]DGRYROMDYDHVHQFLMDOQH]DKWMHYHSULPMHQMLYLKGLUHNWLYD

'HNODUDFLMDR XVNODÿHQRVWL PRUD VH þXYDWL X SHULRGX RG QDMPDQMH GHVHW JRGLQD RG ]DGQMHJ GDWXPD
SURL]YRGQMHSURL]YRGDRVLPDNRGLUHNWLYDSRVHEQRQHREH]EMHÿXMHQHNLGUXJLSHULRG2YRVSDGDX
RGJRYRUQRVW SURL]YRÿDþD LOL QMHJRYRJ RYODãWHQRJ SUHGVWDYQLND VD VMHGLãWHPX =DMHGQLFL8 QHNLP
VOXþDMHYLPDXYR]QLNLOLRVREDRGJRYRUQD]DSODVLUDQMHQDWUåLãWHPRUDSUHX]HWLRYXRGJRYRUQRVW

6DGUåDML(&GHNODUDFLMHRXVNODÿHQRVWLVXXVWDQRYOMHQLXVYDNRMGLUHNWLYLXVNODGXVDSURL]YRGLPDQD
NRMH VH RGQRVL 6WDQGDUG (1  MH L]UDÿHQ VD FLOMHP REH]EMHÿLYDQMD RSãWHJ NULWHULMD ]D
GHNODUDFLMX R XVNODÿHQRVWL L WDNRÿHU VH PRåH NRULVWLWL NDR GRNXPHQW YRGLþ X SRJOHGX GLUHNWLYD
1RYRJSULVWXSD6DJODVQRVWDQGDUGXGHNODUDFLMDPRåHELWLXIRUPLGRNXPHQWD QDOMHSQLFHLOL QHþHJ
HNYLYDOHQWQRJ L WUHEDOD EL VDGUåDYDWL GRYROMQR LQIRUPDFLMD GD RPRJXüL VYLP SURL]YRGLPD
SRNULYHQLP WLP LQIRUPDFLMDPD GD EXGH RPRJXüHQD VOMHGLYRVW .DR PLQLPXP VOMHGHüH LQIRUPDFLMH
üHELWLREH]ELMHÿHQH

o LPHLDGUHVDSURL]YRÿDþDLOLQMHJRYRJRYODãWHQRJSUHGVWDYQLNDNRMLL]GDMXGHNODUDFLMX
o LGHQWLILNDFLMDSURL]YRGD LPH EURM WLSD LOL PRGHOD L ELOR NRMH UHOHYDQWQH GRSXQVNH LQIRUPDFLMH
QSUNROLþLQDLVSRUXNDLOLVHULMVNLEURMSRULMHNORLEURMHYLSUHGPHWD 
o UHIHUHQWQL VWDQGDUGL LOL GUXJL QRUPDWLYQL GRNXPHQWL QSU QDFLRQDOQL WHKQLþNL VWDQGDUGL L
VSHFLILNDFLMH QDSUHFL]DQNRPSOHWDQLMDVQRGHILQLVDQQDþLQ
o VYH GRSXQVNH LQIRUPDFLMH NRMH EL VH PRJOH ]DKWLMHYDWL QSU VWHSHQ NDWHJRULMD  DNR MH
SULPMHQMLYR
o GDWXPL]GDYDQMDGHNODUDFLMH
o SRWSLVLIXQNFLMDLOLHNYLYDOHQWDQ]QDNRYODãWHQHRVREH
o L]MDYD GD VH GHNODUDFLMD L]GDMH SRG YODVWLWRP RGJRYRUQRãüX SURL]YRÿDþD L DNR MH SULPMHQMLYR
QMHJRYRJRYODãWHQRJSUHGVWDYQLND

2VWDOH NRULVQH LQIRUPDFLMH NRMH EL WUHEDOH ELWL XNOMXþHQH X (& GHNODUDFLMX R XVNODÿHQRVWL VX LPH
DGUHVDLLGHQWLILNDFLRQLEURMSULMDYOMHQRJWLMHODNDGDMHRQRELOR


6DJODVQRGLUHNWLYDPDNRMHVHRGQRVHQDDNWLYQDLPSODQWDFLRQDPHGLFLQVNDVUHGVWYDLPHGLFLQVNDVUHGVWYD
RYL GRNXPHQWL VH PRUDMX þXYDWL X SHULRGX RG SHW JRGLQD 6DJODVQR GLUHNWLYL NRMD VH RGQRVL QD NXüDQVNH
UDVKODGQHDSDUDWHRYDMSHULRGYUHPHQDMHWULJRGLQH

8 YH]L VD RGJRYRUQRVWL SURL]YRÿDþD QMHJRYRJ RYODãWHQRJ SUHGVWDYQLND XYR]QLND L RVREH RGJRYRUQH ]D
SODVLUDQMHQDWUåLãWHYLGLSRJODYOMH
 
1LMH QHRSKRGQR GD SRWSLVQLN EXGH QDVWDQMHQ X =DMHGQLFL 3URL]YRÿDþ VD VMHGLãWHP YDQ =DMHGQLFH MH
RYODãWHQGDSURYRGLVYHSURFHGXUHFHUWLILFLUDQMDXQMHJRYLPSURVWRULMDPDL]ERJWRJD SRWSLVXMHGHNODUDFLMXR
XVNODÿHQRVWLRVLPDNRGUXJDþLMHQLMHRGUHÿHQRXGLUHNWLYLDPD


XNOMXþHQR X SURFHGXUX RFMHQMLYDQMD XVNODÿHQRVWL NDR L LPH L DGUHVD RVREH NRMD  þXYD WHKQLþNX
GRNXPHQWDFLMX

7DPRJGMHVHQHNROLNRGLUHNWLYD1RYRJSULVWXSDRGQRVHQDSURL]YRGSURL]YRÿDþLOLQMHJRYRYODãWHQL
SUHGVWDYQLN PRåH  X RVQRYL  XGUXåLWL VYH GHNODUDFLMH X MHGLQVWYHQ GRNXPHQW 0HÿXWLP RYR QLMH
PRJXüHDNRMHGLUHNWLYDREH]ELMHÿHQD]DVSHFLILþQXIRUPXGHNODUDFLMHRXVNODÿHQRVWL QSUGLUHNWLYD
NRMD VH RGQRVL QD OLþQX ]DãWLWQX RSUHPX  3UHPD WRPH GHNODUDFLMD EL WUHEDOD WDNRÿHU REH]ELMHGLWL
LQIRUPDFLMX GD OL RQD SRNULYD VDPR MHGQX GLUHNWLYX 8 WDNYRP VOXþDMX GHNODUDFLMD EL WUHEDOD
XNOMXþLWLXSXüLYDQMHQDGUXJHGLUHNWLYHXQDPMHULGDYHULILFLUDGDOLSURL]YRÿDþVOLMHGLVYH]DNRQVNH
DNWH=DMHGQLFHLOLNRML]DNRQVNLDNWLVXL]DEUDQL]DYULMHPHSUHOD]QRJSHULRGD

1D ]DKWMHY QDGOHåQRJ WLMHOD ]D QDG]RU (& GHNODUDFLMD R XVNODÿHQRVWL VH PRUD RGPDK VWDYLWL QD
UDVSRODJDQMH 2VLP WRJD GLUHNWLYH NRMH VH RGQRVH QD PDãLQH SRWHQFLMDOQR HNVSOR]LYQH DWPRVIHUH
RSUHPX ]D UHNUHDFLMX L OLIWRYH ]DKWLMHYDMX GD MH VYDNRP SURL]YRGX SULGUXåHQD  (& GHNODUDFLMD R
XVNODÿHQRVWL

'HNODUDFLMDRXVNODÿHQRVWLVHPRUDL]UDGLWLQDMHGQRPRGVOXåEHQLKMH]LND=DMHGQLFH$NRGLUHNWLYH
=DMHGQLFHQHVDGUåHGDOMQMHRGUHGEHNRMHVHRGQRVHQDMH]LNGHNODUDFLMH]DKWMHYL'UåDYDþODQLFDGD
NRULVWH RGUHÿHQL MH]LN PRUD ELWL RFLMHQMHQ VDJODVQR þODQRYLPD  L  6SRUD]XPD RG VOXþDMD GR
VOXþDMD0HÿXWLP]DSURL]YRGH]DNRMHVH]DKWMHYDGDLPDMXSULGUXåHQXGHNODUDFLMXRXVNODÿHQRVWL
RQD PRUD ELWL QD MH]LNX ]HPOMH X NRMRM VH SURL]YRG NRULVWL 8 RYLP VLWXDFLMDPD SUHYRG PRUD
REH]ELMHGLWL SURL]YRÿDþ QMHJRY RYODãWHQL SUHGVWDYQLN LOL GLVWULEXWHU 2VLP WRJD PRUD ELWL
REH]ELMHÿHQDNRSLMDGHNODUDFLMHXL]YRUQRPMH]LNX


35,-$9/-(1$7,-(/$
35,1&,3,35,-$9/-,9$1-$

x 3ULMDYOMHQDWLMHODSURYRGH]DGDWNHNRMLVHRGQRVHQDSURFHGXUHRFMHQMLYDQMDXVNODÿHQRVWLQD
NRMH VH XSXüXMH X SULPMHQMLYRMLP GLUHNWLYLDPD 1RYRJ SULVWXSD NDGD VH ]DKWLMHYD WUHüD
VWUDQD

x 'UåDYH þODQLFH VX RGJRYRUQH ]D QMLKRYR SULMDYOMLYDQMH 2QH PRJX L]DEUDWL WLMHOD NRMD RQH
SULMDYOMXMX  L]PHÿX JUXSH WLMHOD SRG QMLKRYRP QDGOHåQRãüX NRMD VH NRQWLQXLUDQR
SRWþLQMDYDMX]DKWMHYLPDGLUHNWLYDLSULQFLSDXVSRVWDYOMHQLKRGOXNRP9LMHüD((&

x 2FMHQMLYDQMH WLMHOD NRMH WUDåL GD EXGH SULMDYOMHQR WLMHOR RGUHÿXMH GD OL MH RQR WHKQLþNL
NRPSHWHQWQRLVSRVREQRGDSURYRGLSUHGPHWQHSURFHGXUHRFMHQMLYDQMDXVNODÿHQRVWLLGDOL
RQR PRåH GRND]DWL QHRSKRGQL QLYR QHRYLVQRVWL QHSULVWUDVQRVWL L SRãWHQMD 1DGDOMH
NRPSHWHQWQRVW SULMDYOMHQRJ WLMHOD EL WUHEDOD ELWL SUHGPHW QDG]RUD NRML VH SURYRGL X
UHGRYQLPSHULRGLPDLVOLMHGLSUDNVXXVSRVWDYOMHQXRGVWUDQHRUJDQL]DFLMD]DDNUHGLWLUDQMH

x (1  VHULMD VWDQGDUGD MH YDåDQ LQVWUXPHQW ]D XVSRVWDYOMDQMH XVNODÿHQRVWL VD
]DKWMHYLPDSULPMHQMLYHGLUHNWLYH

3ULMDYOMHQMDWLMHOD SUHX]LPDMXRGJRYRUQRVWLXSRGUXþMLPDRGMDYQRJLQWHUHVDL]ERJWRJDELWUHEDOD
RVWDWLRGJRYRUQDNRPSHWHQWQLP QDFLRQDOQLP QDGOHåQLP WLMHOLPD 5D]ORJ ]D RYR OHåL X þLQMHQLFL GD
'UåDYHþODQLFHPRJXVDPRSULMDYLWLWLMHODNRMDVXSRGQMLKRYRPQDGOHåQRãüXWMNRMDVHRVQLYDMXQD
QMLKRYRMWHULWRULML,QDþH'UåDYDPDþODQLFDPDMHRVWDYOMHQDVORERGDGDRGOXþHGDOLGDSULMDYHWLMHOR
NRMHVHSRQDãDXVNODGXVD]DKWMHYLPDXVSRVWDYOMHQLPXGLUHNWLYDPDLRGOXFL9LMHüD((&

3RãWR SULMDYOMLYDQMH VSDGD X XNYLUH VORERGH RGOXþLYDQMD 'UåDYD þODQLFD RQH QLVX REDYH]QH SR
]DNRQX=DMHGQLFHGDSULMDYOMXMXVYDWLMHODNRMDSRND]XMXWHKQLþNXNRPSHWHQWQRVW1DGDOMH'UåDYH
þODQLFHQLVXREDYH]QHGDSULMDYHWLMHODSRãWXMXüLVYDNX


3R RGUHÿHQLP GLUHNWLYDPD 1RYRJ SULVWXSD RYR WLMHOR VH QH ]RYH SULMDYOMHQR WLMHOR QHJR QD SULPMHU
LQVSHNFLMVNR WLMHOR  GLUHNWLYH R MHGQRVWDYQLP SRVXGDPD SRG SULWLVNRP L JUDÿHYLQVNLP SURL]YRGLPD  LOL
LVSLWQD ODERUDWRULMD L WLMHOR ]D FHUWLILFLUDQMH GLUHNWLYD R JUDÿHYLQVNLP SURL]YRGLPD  LOL RGREUHQR WLMHOR
GLUHNWLYD R LJUDþNDPD  0HÿXWLP LVWL SULQFLSL NRML VH RGQRVH QD SULMDYOMHQD WLMHOD VX SULPMHQMLYL L QD RYD
WLMHOD 1DGDOMH SULQFLSL XVSRVWDYOMHQL XSRJODYOMX  L VH RGQRVH QD NRULVQLþNH LQVSHNWRUDWH QD NRMH VH
XSXüXMH X þODQX  GLUHNWLYH R RSUHPL ]D UDG SRG SULWLVNRP PDGD VH RYD WLMHOD QH VPDWUDMX SULMDYOMHQLP
WLMHOLPD


SURFHGXUXNRMDMHSULPMHQMLYDXVNODGXVDRGUHÿHQRPGLUHNWLYRPýDNL DNR MH WDNR RQH QH PRJX
]DEUDQLWL SODVLUDQMH QD WUåLãWH SURL]YRGD NRML VX SUHGPHW MHGQH RG SURFHGXUD RFMHQMLYDQMD
XVNODÿHQRVWLXVSRVWDYOMHQLKSRGLUHNWLYLLNRMHMHFHUWLILFLUDORSULMDYOMHQRWLMHORGUXJH'UåDYHþODQLFH
5D]ORJ ]D RYR OHåL X þLQMHQLFL GD 'UåDYH þODQLFH LPDMX REDYH]X SUHX]LPDQMD VYDNH SURFHGXUH
RFMHQMLYDQMDXVNODÿHQRVWLXVSRVWDYOMHQHXGLUHNWLYLXQMLKRYHQDFLRQDOQH]DNRQVNHDNWH

'UåDYH þODQLFH SUHX]LPDMX NRQDþQX RGJRYRUQRVW ]D NRPSHWHQWQRVW SULMDYOMHQLK WLMHOD QDVXSURW
RVWDOLK'UåDYDþODQLFDLLQVWLWXFLMD=DMHGQLFH=ERJWRJDRQLPRUDMXYHULILFLUDWLNRPSHWHQWQRVWWLMHOD
NRMD WUDåH GD EXGX SULMDYOMHQD 2YR üH ELWL ]DVQRYDQR QDNULWHULMX  XVSRVWDYOMHQRP X SULPMHQMLYRM
GLUHNWLYL X NRPELQDFLML VD HVHQFLMDOQLP ]DKWMHYLPD L SUHGPHWQRM SURFHGXUL ]D RFMHQMLYDQMH
XVNODÿHQRVWL8RSãWHQRJRYRUHüLNULWHULMNRPSHWHQWQRVWLNRMLMHXVSRVWDYOMHQXGLUHNWLYDPDSRNULYD

o GRVWXSQRVWRVREOMDLRSUHPH
o QHRYLVQRVW L QHSULVWUDVQRVW X RGQRVX QD RQH NRML VX GLUHNWQR LOL LQGLUHNWQR SRYH]DQL VD
SURL]YRGRP QSU GL]DMQHU SURL]YRÿDþ SURL]YRÿDþHY RYODãWHQL SUHGVWDYQLN GREDYOMDþ
VDVWDYOMDþNRULVQLN 
o WHKQLþNX NRPSHWHQWQRVW RVREOMD NRMD MH UHOHYDQWQD ]D SURL]YRGH L SUHGPHWQX SURFHGXUX
RFMHQMLYDQMDXVNODÿHQRVWL
o þXYDQMHSRVORYQHWDMQH
o SUHWSODWX]DRVLJXUDQMHSURWLY JUDÿDQVNHRGJRYRUQRVWL L]X]HY DNR MH WD RGJRYRUQRVW SRNULYHQD
RGVWUDQHGUåDYHSRQDFLRQDOQRP]DNRQX

2FMHQMLYDQMHP WLMHOD NRMH WUDåL GD EXGH SULMDYOMHQR WLMHOR üH VH RGUHGLWL GD OL WLMHOR LVSXQMDYD
]DKWMHYH$NUHGLWLUDQMHXVNODGXVD(1VHULMRPVWDQGDUGDQLMHREDYH]QR]DRYXVYUKXDOLRYL
VWDQGDUGL VX YDåDQ LQVWUXPHQW ]D XVSRVWDYOMDQMH XVNODÿHQRVWL VD ]DKWMHYLPD SULPMHQMLYH GLUHNWLYH
1DGDOMHWRVSDGDXRNYLUHVORERGHRGOXþLYDQMD'UåDYHþODQLFHNRMDYUãLSULMDYOMLYDQMHGDRGOXþLGDOL
MHRFMHQMLYDQMHSURYHORNRPSHWHQWQRWLMHOR]DDNUHGLWLUDQMHRVQRYDQRXGUXJRM'UåDYLþODQLFLãWRVH
X]LPDXUD]PDWUDQMH

(1VHULMDSRNULYDUD]OLþLWHWLSRYHWLMHOD]DRFMHQMLYDQMHXVNODÿHQRVWLWMWLMHOD]DFHUWLILFLUDQMH
ODERUDWRULMH ]D LVSLWLYDQMH LQVSHNFLMVND WLMHOD L WLMHOD ]D DNUHGLWLUDQMH 1HYDåQR MH GD OL WLMHOR VHEH
QD]LYD ODERUDWRULMRP WLMHORP ]D FHUWLILFLUDQMH LOL LQVSHNFLMVNLP WLMHORP GRNOH JRG RQR SURYRGL
]DGDWNH X RNYLULPD SURFHGXUH  RFMHQMLYDQMD XVNODÿHQRVWL L SRVMHGXMH WHKQLþNH PRJXüQRVWL GD WR
L]YUãDYDQDQHRYLVDQLQHSULVWUDVDQQDþLQ

7DEHOD(1VHULMDVWDQGDUGD UHOHYDQWQD]DSULMDYOMHQDWLMHOD

7LMHOD]DFHUWLILFLUDQMH ,VSLWQHODERUDWRULMH ,QVSHNFLMVNDWLMHOD


.ULWHULM]DWLMHOD]DDNUHGLWLUDQMH (1 (1 (1
.ULWHULMRFMHQMLYDQMDLDNUHGLWLUDQMD (1 (1 (1
,]YUãQL RSHUDWLYQL NULWHULM (1 (1 (1
(1
(1

(1  VWDQGDUGL VH VDVWRMH X RSãWLP XVORYLPD RG GLMHORYD NRML WUHWLUDMX RUJDQL]DFLMX L
PHQDGåPHQWWLMHODLGLMHORYDNRMLWUHWLUDMXWHKQLþNH]DKWMHYHSRYH]DQHVDUDGRPWLMHOD


6WDQGDUGL VH PRUDMX SRVPDWUDWL NDR MHGLQVWYHQD FLMHOLQD MHU VX RED GLMHOD SRWUHEQDGD  VH RVLJXUD
SRX]GDQRVW L VSRVREQRVW GMHORYDQMD WLMHOD ]D RFMHQMLYDQMH XVNODÿHQRVWL =D RFMHQMLYDQMH
NRPSHWHQWQRVWL WLMHOD NRMD WUDåH GD SRVWDQX SULMDYOMHQD WLMHOD WHPHOMQL VWDQGDUGLVX  (1  (1
(1L(1
7DEHOD5HOHYDQWQLVWDQGDUGLVHULMH(1]DVYDNLPRGXO
0RGXO 3ULPMHQMLYLVWDQGDUGLVHULMH(1
$D$D (1 PRJXüQRVWRGOXþLYDQMDRXVNODÿHQRVWL LOL
(1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH LOL
(1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH
% (1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH LOL
(1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH
&ELV&ELV (1 PRJXüQRVWRGOXþLYDQMDRXVNODÿHQRVWL LOL
(1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH LOL
(1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH
''ELV (1
((ELV (1
))ELV (1 PRJXüQRVWRGOXþLYDQMDRXVNODÿHQRVWL LOL
(1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH LOL
(1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH
* (1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH LOL
(1 WUHEDVHSULGUåDYDWL(1]D]DKWLMHYDQRLVSLWLYDQMH
+ (1
+ELV (1(1LOL
(1
.OMXþQR MH RGUHÿLYDQMH WHKQRORãNRJ ]QDQMD L LVNXVWYD WLMHOD NRMD WUDåH GD EXGX SULMDYOMHQD WLMHOD L
QMLKRYH VSRVREQRVWL GD SURYRGH RFMHQMLYDQMH L YHULILFLUDQMH X RGQRVX QD RGUHÿHQH WHKQLþNH
VSHFLILNDFLMH LOL RSãWH FLOMHYH LOL LVSXQMDYDQMH ]DKWMHYD X VNODGX VD SUHGPHWQRP GLUHNWLYRP
0HÿXWLPXVNODÿHQRVWVDUHOHYDQWQLPGLMHORYLPD(1VHULMHVWDQGDUGDQLMHXYLMHNVDPRSRVHEL
GRYROMQR
$NR RFMHQMLYDQMH NRPSHWHQWQRVWL X VNODGX VD UHOHYDQWQLP VWDQGDUGRP (1  VHULMH GDMH
SUHWSRVWDYNX R XVNODÿHQRVWL NULWHULM X RGUHÿHQLP (1  VWDQGDUGLPD PRUD LPDWL YH]X VD
RGUHÿHQLP]DGDFLPDNRMLWUHEDMXELWLSURYHGHQLXVNODGXVDGLUHNWLYRP


6WDQGDUG(1XVSRVWDYOMDRSüH]DKWMHYHNRMHODERUDWRULMDPRUD]DGRYROMLWLDNRRQDWUHEDGDSRVWDQH
SUL]QDWD ]D SURYRÿHQMH LVSLWLYDQMD LLOL NDOLEUDFLMH 6WDQGDUG (1  VSHFLILFLUD RSüL NULWHULM ]D
NRPSHWHQWQRVW WLMHOD NRMD SURYRGH LQVSHNFLMX ,QVSHNFLMD XNOMXþXMH LVSLWLYDQMH GL]DMQD SURL]YRGD VDPRJ
SURL]YRGDXVOXJHSURFHVDLOLIDEULNHLRGUHÿLYDQMHQMLKRYHXVNODÿHQRVWLVDVSHFLILþQLP]DKWMHYLPDLOLQDED]L
SURIHVLRQDOQHSURFMHQHRSãWLK]DKWMHYD 6WDQGDUG(1VSHFLILFLUDRSüH]DKWMHYHNRMHWUHüDVWUDQDNRMD
SURYRGLVLVWHPFHUWLILFLUDQMDSURL]YRGDPRUD ]DGRYROMLWL &HUWLILFLUDQMH SURL]YRGD ]DKWLMHYD RVLJXUDQMH GDMH
SURL]YRGXVNODGXVDVSHFLILFLUDQLP]DKWMHYLPDNDRãWRVXVWDQGDUGLSURSLVLVSHFLILNDFLMHLOLGUXJLQRUPDWLYQL
GRNXPHQWL,QVSHNFLMDLFHUWLILFLUDQMHSURL]YRGDLPDMXVOLþQRVWLLSRVWRMHL]YMHVQDSUHNODSDQMDXGHILQLFLMDPD
8RSüHLQVSHNFLMDXNOMXþXMHGLUHNWQRRGUHÿLYDQMHXVNODÿHQRVWL VDVSHFLILNDFLMDPDMHGLQVWYHQLKþHVWRVORåHQLK
LOLNULWLþNLKSURL]YRGDLOLPDOLKVHULMDSURL]YRGDSRãWRFHUWLILFLUDQMHSURL]YRGDSULPDUQRXNOMXþXMHLQGLUHNWQR
RGUHÿLYDQMH XVNODÿHQRVWL SURL]YRGD SURL]YHGHQLK X YHOLNLP VHULMDPD 6WDQGDUG (1  VSHFLILFLUD RSüH
]DKWMHYHNRMHWUHüDVWUDQDNRMDSURYRGLFHUWLILFLUDQMHVLVWHPDNYDOLWHWDPRUD]DGRYROMLWL&HUWLILFLUDQMHVLVWHPD
NYDOLWHWD XNOMXþXMH RFMHQMLYDQMH RGUHÿLYDQMH XVNODÿHQRVWL SUHPD VWDQGDUGX VLVWHPD NYDOLWHWD L X RNYLUX
RGUHÿHQLKDNWLYQRVWLXSRGUXþMXSULPMHQHLQDG]RUD QDGVLVWHPRPNYDOLWHWDGREDYOMDþD


3UHPD WRPH PRUDMX VH X]HWL X RE]LU HOHPHQWL NDR ãWR MH ]QDQMH R SURL]YRGLPD L SUHGPHWQDH
SURFHGXUDH RFMHQMLYDQMD XVNODÿHQRVWL SULPLMHQMHQD WHKQRORJLMD L GREURYROMQD SULURGD VWDQGDUGD
=DKWMHY ]D ]QDQMHP NRMH VH RGQRVL QD SURL]YRG MH SRVHEQR YDåDQ ]D SURFHGXUH RFMHQMLYDQMD
XVNODÿHQRVWLNRMHXNOMXþXMXVLVWHPNYDOLWHWD WMPRGXOL''ELV((ELV++ELV 

8QDPMHULGDVHL]JUDGLLRGUåDYDSRYMHUHQMHL]PHÿX'UåDYDþODQLFDNRMHVHRGQRVLQDRFMHQMLYDQMH
SULMDYOMHQLKWLMHODHVHQFLMDOQRMHGDVHQHSULPLMHQHVDPRLVWLNULWHULML]DRFMHQMLYDQMHQHJRGDWLMHOD
NRMD SURYRGH RFMHQMLYDQMH GRNDåX HNYLYDOHQWQX NRPSHWHQWQRVW L GMHORYDQMH X VNODGX VD LVWLP
NULWHULMLPD2YDNYL]DKWMHYLVXXVSRVWDYOMHQLX(1L(19HüLQDQDFLRQDOQLKWLMHOD]D
DNUHGLWLUDQMH 'UåDYD þODQLFD LVSXQMDYD L GMHOXMH X VNODGX VD ]DKWMHYLPD XVSRVWDYOMHQLP X RYLP
VWDQGDUGLPD L SULPMHQMXMH MHGQDNH  ãHPH ]D SURFMHQMLYDQMH X QDPMHUL GD GRVWLJQX X]DMDPQR
SUL]QDYDQMHUH]XOWDWDDNUHGLWLUDQMD-HGQDNHãHPH]DSURFMHQMLYDQMHELWUHEDOHRVLJXUDWLGDQDFLRQDOQD
WLMHOD]DDNUHGLWLUDQMHGMHOXMXQDLVWRMRVQRYLLXVNODGXVDLVWLP]DKWMHYLPDSUHPDWRPHREH]EMHÿXMX
SRYMHUHQMH GD WLMHOD NRMD RQL DNUHGLWLUDMX LOL RFMHQMXMX GMHOXMX X VNODGX VD LVWLP SUDYLOLPD L
NULWHULMLPD

'UåDYHþODQLFHVXRGJRYRUQH]DJDUDQFLMXGDSULMDYOMHQDWLMHODRGUåDYDMXVYRMXNRPSHWHQWQRVWFLMHOR
YULMHPH L GD VX VSRVREQD GD REDYH SRVDR ]D NRML VX L SULMDYOMHQD 1D 'UåDYDPD þODQLFDPD MH GD
L]DEHUXVUHGVWYDLPHWRGH]DRYRPHÿXWLPSUDNVDNRMDVHRGQRVLQDQDG]RULSRQRYQRRFMHQMLYDQMH
NRMXMHUD]YLORWLMHOR]DDNUHGLWLUDQMHELVHWUHEDODSRãWLYDWL'UåDYHþODQLFHPRJXWDNRÿHURGOXþLWLGD
SULMDYHWLMHORQDRJUDQLþHQSHULRGYUHPHQDLGDREQDYOMDMXSULMDYOMLYDQMHQDNQDGQR

.RPLVLMDQHSURYMHUDYDLOLLPDSURYMHUHQXWHKQLþNXNRPSHWHQWQRVWSULMDYOMHQLKWLMHOD0HÿXWLPRG
'UåDYDþODQLFDNRMHLPDMXSULMDYOMHQDWLMHODNRMDQLVXXPRJXüQRVWLGDGRNDåXVYRMXXVNODÿHQRVWVD
(1VHULMRPVHPRåH]DKWLMHYDWLGDREH]ELMHGHRGJRYDUDMXüHGRND]QHGRNXPHQWH]D.RPLVLMX
LGUXJH'UåDYHþODQLFHQDRVQRYXNRMLKMHSULMDYOMLYDQMHL]YUãHQR

 352&('85$35,-$9/-,9$1-$,329/$ý(1-(35,-$9/-,9$1-$ 

x 3ULMDYOMLYDQMH MH þLQ LQIRUPLUDQMD .RPLVLMH L GUXJLK 'UåDYD þODQLFD R WRPH GD WLMHOR
NRMHLVSXQMDYD]DKWMHYHVH LPHQXMH GD SURYRGL SURFHGXUXH RFMHQMLYDQMD XVNODÿHQRVWL
GHILQLVDQXHXGLUHNWLYL


'LUHNWLYH NRMHVH RGQRVH QD VLJXUQRVWLJUDþDND JUDÿHYLQVNH SURL]YRGH HOHNWURPDJQHWQX NRPSDWLELOQRVW
OLþQX ]DãWLWQX RSUHPX QHDXWRPDWVNH YDJH L JDVQH DSDUDWH SRVWDYOMDMX MDVQR REDYH]X ]D 'UåDYH þODQLFH GD
YHULILFLUDMX LOL SHULRGLþQR YHULILFLUDMX LVSXQMDYDQMH XVORYD  NRML VH RGQRVH QD GRVWXSQRVW NRPSHWHQWQRVW L
SRãWHQMHRVREOMDLQHRSKRGQDVUHGVWYDLRSUHPX'LUHNWLYDRPRUQDULþNRMRSUHPL]DKWLMHYDGD'UåDYHþODQLFH
RUJDQL]XMXDXGLWVYDNHGYLMHJRGLQHGDELRVLJXUDOHGDSULMDYOMHQRWLMHORQDVWDYOMDGDVHSRQDãDXVNODGXVD
NULWHULMLPD
 
2YRSRJODYOMH VH QH RGQRVL QDWLMHOR SRPHQXWR X þODQX    GLUHNWLYH NRMH VH RGQRVH QD QLVNRQDSRQVNX
RSUHPX L NRPSHWHQWQR WLMHOR QD NRMH VH XSXüXMH X þODQX  GLUHNWLYH NRMH VH RGQRVH QD HOHNWURPDJQHWQX
NRPSDWLELOQRVW


x .RPLVLMDREMDYOMXMHOLVWXSULMDYOMHQLKWLMHODX6OXåEHQRPOLVWX(YURSVNH=DMHGQLFHUDGL
LQIRUPLUDQMD/LVWDVHNRQVWDQWQRDåXULUDLPRåHVHGRELWLGLUHNWQRRGVHUYLVD.RPLVLMH

x 3RYODþHQMH SULMDYOMLYDQMD VH GRJDÿD NDGD SULMDYOMHQR WLMHOR SUHVWDMH GD LVSXQMDYD
]DKWMHYHLOLVYRMHREDYH]H3RYODþHQMHVSDGDXRGJRYRUQRVW'UåDYHþODQLFHNRMDYUãL
SULMDYOMLYDQMH7RWDNRÿHUPRåHELWLNRQDþDQUH]XOWDWSURFHGXUHNUãHQMD]DNRQD

3URFHGXUDSULMDYOMLYDQMD

'UåDYDPD þODQLFDPD MH GDWD VORERGD GD SULMDYH WLMHOR X ELOR NRMHP WUHQXWNX QDNRQ ãWR MH 9LMHüH
XVYRMLOR GLUHNWLYX 3RVWDYOMDQMH SUHOD]QLK SHULRGD REH]ELMHÿHQLK X GLUHNWLYDPD ]D SURFHGXUX
SULMDYOMLYDQMDXVPLVOXHILNDVQRJNRULãWHQMDWDNRGDFHUWLILNDWLPRJXELWLGRGLMHOMHQLNDRRGGDWXPD
SUYHSULPMHQH'UåDYHþODQLFHELWUHEDOHUD]PRWULWLPRJXüQRVWRVLJXUDQMDPHKDQL]PDSXWHP NRMHJ
üH SULMDYLWL WLMHOD SULMH ]YDQLþQRJ SUHX]LPDQMD 8 WRP VOXþDMX SULMDYOMHQD WLMHODQLVX  RYODãWHQD GD
L]GDMXFHUWLILNDWHSULMHVWXSDQMDGLUHNWLYHQDVQDJX

3ULMDYOMLYDQMH]DKWMHYDGD.RPLVLMDGRGLMHOLLGHQWLILNDFLRQLEURMWLMHOX6YDNRWLMHORGRELMDMHGLQVWYHQ
EURM QHRYLVQR RG EURMD GLUHNWLYD ]D NRMH MH RQR SULMDYOMHQR 'RGMHOMLYDQMH EURMD MH þLVWL
DGPLQLVWUDWLYQLþLQRVPLãOMHQGDRVLJXUDGRVOMHGQRXSUDYOMDQMHOLVWDPDSULMDYOMHQLKWLMHODLWRQHGDMH
SUDYDLOLREDYH]XMH.RPLVLMXQDELORNRMLQDþLQ

'UåDYH þODQLFH EL WUHEDOH SRVWDYLWL  VYRMD WLMHOD X URNX RG WUL PMHVHFD RG EURMD PMHVHFL NRML MH
GRGLMHOMHQ-HGQRPNDGDRYDMNUDMQMLURNLVWHNQH.RPLVLMDPRåHRGX]HWLEURMGRGLMHOMHQWLMHOX

6OXåEHQRSULMDYOMLYDQMHWLMHODVHGRJDÿDNDGDVHSRãDOMXVYH]DKWMHYDQHLQIRUPDFLMH LLGHQWLILNDFLRQL
EURM NRML MH GRGLMHOMHQ XQDSULMHG VYDNRP WLMHOX  UHGRYQR SXWHP QDFLRQDOQH DGPLQLVWUDFLMH NRMD MH
RGJRYRUQD ]D LPSOHPHQWDFLMX L XSUDYOMDQMH SUHGPHWQRP GLUHNWLYRP  SUHNR VWDOQRJSUHGVWDYQLãWYD
.RPLVLML *HQHUDOQL VHNUHWDULMDW  L GUXJLP 'UåDYDPD þODQLFDPD SXWHP QMLKRYLK VWDOQLK
SUHGVWDYQLãWDYD  3ULMDYOMLYDQMH GDMH UH]XOWDWH  QDNRQ ãWR VH SRãDOMH .RPLVLML L RVWDOLP 'UåDYDPD
þODQLFDPD

.RPLVLMD RVLJXUDYD GD VH LQWHJULVDQD OLVWD SULMDYOMHQLK WLMHOD UHGRYQR DåXULUD.RPLVLMD REMDYOMXMH
RYX OLVWX X LQIRUPDWLYQH VYUKH X 6OXåEHQRP OLVWX (YURSVNH =DMHGQLFH & VHULMD  'RSXQMDYDQMDLOL
VXåDYDQMH SRGUXþMD SULPMHQH L]PMHQH YDOLGQRVWL SULMDYOMLYDQMD L VPDQMHQMH LOL RWND]LYDQMH
SULMDYOMLYDQMD üH WDNRÿHU ELWL REMDYOMHQR X LVWRM IRUPL 'UåDYH þODQLFH PRUDMX WDNRÿHU REMDYLWLQD
QDFLRQDOQRP QLYRX LQIRUPDFLMH NRMH VH RGQRVH QD VYD SULMDYOMHQD WLMHOD WMNRMH VH RGQRVH QD RQH
NRMHRQLSULMDYOMXMXLVWRWDNRNDRLQDRQHNRMHVXSULMDYLOHGUXJH'UåDYHþODQLFH

3ULMDYOMLYDQMHWUHEDXNOMXþLWLLPHQDLDGUHVHXVWDQRYD RSHUDWLYQLKMHGLQLFD VDGHWDOMLPDRRSVHJXSURL]YRGD




NRML SRNULYDMX SRMHGLQDþQD SULMDYOMLYDQMD LVWR WDNR NDR L MDVQR  QD]QDþDYDQMH PRGXOD ]D NRMH VX WLMHOD
SULMDYOMHQD8VOXþDMXDNR ELSULMDYOMLYDQMHWUHEDORELWLYUHPHQVNLRJUDQLþHQRRGVWUDQHQDGOHåQRJWLMHOD]D
SULMDYOMLYDQMHGXåLQDSULMDYOMLYDQMDWDNRÿHUWUHEDELWLQD]QDþHQD


 3RYODþHQMHSULMDYOMLYDQMD

.RPLVLMDLPDRGJRYRUQRVWGDGMHOXMHNDGDVHSRMDYLVXPQMDXNRPSHWHQWQRVWSULMDYOMHQRJWLMHODELOR
X WUHQXWNX SULMDYOMLYDQMD LOL QDNRQ WRJD 8 VOXþDMX GD .RPLVLMD VPDWUD  ELOR QD VYRMX YODVWLWX
LQLFLMDWLYXLOLQDNRQåDOEHGDVHSULMDYOMHQRWLMHORQHSRQDãDXVNODGXVD]DKWMHYLPDLOLQHLVSXQMDYD
VYRMH RGJRYRUQRVWL RQD üH LQIRUPLUDWL QDFLRQDOQR QDGOHåQR WLMHOR ]D SULMDYOMLYDQMH L WUDåLWL
RGJRYDUDMXüL GRNXPHQWRYDQL GRND] NRML VH RGQRVL QD RVQRYX ]D SULMDYOMLYDQMH LOL RGUåDYDQMH
NRPSHWHQWQRVWL WLMHOD $NR 'UåDYD þODQLFD QH REH]ELMHGL RYX LQIRUPDFLMX .RPLVLMD PRåH VNUHQXWL
SDåQMXRVWDOLK'UåDYDþODQLFDQDRYRGDELVHSURYHODGLVNXVLMDQDRYXWHPXLOLSRNUHQXWLSURFHGXUX
SRþODQX6SRUD]XPDSURWLY'UåDYHþODQLFHNRMDMHL]YUãLODSULMDYOMLYDQMH

2VLPSUH]HQWLUDQMDåDOEH.RPLVLML'UåDYHþODQLFHPRJXSRWUDåLWLSRPRüXSURFHGXULXVSRVWDYOMHQRM
þODQRP  6SRUD]XPD DNR RQH RVSRUDYDMX GD WLMHOR NRMH MH SULMDYLOD GUXJD 'UåDYD þODQLFD
LVSXQMDYDQDSUDYLODQQDþLQ]DKWMHYHLOLVYRMHREDYH]H

.DGDSULMDYOMHQRWLMHORSUHVWDMHGDLVSXQMDYD]DKWMHYHLOLVYRMHREDYH]H'UåDYDþODQLFDPRUDSRYXüL
SULMDYOMLYDQMH QDNRQ QHSRVUHGQRJ NRQWDNWD VD SUHGPHWQLP WLMHORP 'UåDYD þODQLFD WDNRÿHU PRUD
REMDYLWLRYXLQIRUPDFLMXLLQIRUPLUDWL.RPLVLMXLRVWDOH'UåDYHþODQLFHSRãWXMXüLSURFHGXUXVOLþQX
RQRM X SURFHVX SULMDYOMLYDQMD 3ULMDYOMHQR WLMHOR EL WUHEDOR LPDWL PRJXüQRVW åDOEH SURWLY RYDNYH
RGOXNHDOLRYDåDOEDQHRGODåHSRYODþHQMHSULMDYOMLYDQMD

3UHGPHWQRQDFLRQDOQRQDGOHåQRWLMHORMHMHGLQRRYODãWHQRGDSRYXþHSULMDYOMLYDQMH.RPLVLMDPRåH
VDPR SRYXüL SULMDYOMHQR WLMHOR VD OLVWH REMDYOMHQH X 6OXåEHQRP OLVWX (YURSVNH =DMHGQLFH NDGD
QDGOHåQRWLMHOR]DSULMDYOMLYDQMH'UåDYHþODQLFHVDPRSRYXþHVYRMHSULMDYOMLYDQMHLOLNDGDQDNUDMX
SURFHGXUH R NUãHQMX ]DNRQD SR þODQX  LOL  6SRUD]XPD 6XG REMDYL GD MH 'UåDYD þODQLFD
SUHNUãLODGDWXGLUHNWLYXLSUHPDWRPHREMDYOMXMHGDMHSULMDYOMLYDQMHQHYDåHüH

3RYODþHQMH SULMDYOMLYDQMD QH XWLþH QD FHUWLILNDWH NRMH MH L]GDOR SULMDYOMHQR WLMHOR GR RQRJ WUHQXWND
NDGD VH SRNDåH  GD EL FHUWLILNDWL WUHEDOL ELWL SRYXþHQL 7DPR JGMH 'UåDYD þODQLFD SRYODþL VYRMH
SULMDYOMLYDQMHSRGX]HWüHVHRGJRYDUDMXüLNRUDFLGDVHRVLJXUDGDüHGUXJRSULMDYOMHQRWLMHORREUDGLWL
GRNXPHQWDFLMXWLMHODQDNRMHVHSRYODþHQMHSULMDYOMLYDQMDRGQRVLXQDPMHULGDVHRVLJXUDNRQWLQXLWHW

 23û(2'*29251267,35,-$9/-(1,+7,-(/$

x 3ULMDYOMHQD WLMHOD PRUDMX REH]ELMHGLWL UHOHYDQWQH LQIRUPDFLMH VYRMLP QDGOHåQLP WLMHOLPD


]D SULMDYOMLYDQMH QDGOHåQLP WLMHOLPD ]D QDG]RU QDG WUåLãWHP RVWDOLP SULMDYOMHQLP
WLMHOLPDL.RPLVLML

x 3ULMDYOMHQD WLMHOD PRUDMX REH]ELMHGLWL UHVXUVH ]D RFMHQMLYDQMH XVNODÿHQRVWL NDR ãWR MH
VSHFLILFLUDQR X SULPMHQMLYRM GLUHNWLYL QD NRQNXUHQWDQ WUDQVSDUHQWDQ QHXWUDODQ
QHRYLVDQLQHSULVWUDVDQQDþLQ


x 3ULMDYOMHQD WLMHOD PRUDMX ]DSRVOLWL QHRSKRGQR RVREOMH NRMH SRVMHGXMH GRYROMQR L
UHOHYDQWQR ]QDQMH L LVNXVWYR ]D SURYRÿHQMH RFMHQMLYDQMD XVNODÿHQRVWL X VNODGX VD
SUHGPHWQRPGLUHNWLYRP

x 3ULMDYOMHQD WLMHOD PRUDMX QDSUDYLWL DGHNYDWQH DUDQåPDQH GD RVLJXUDMX SRYMHUOMLYRVW


LQIRUPDFLMDGRELMHQLKXSURFHVXRFMHQMLYDQMDXVNODÿHQRVWL

x 3ULMDYOMHQD WLMHOD PRUDMX QD RGJRYDUDMXüL QDþLQ ELWL RVLJXUDQD GD SRNULMX VYRMX
SURIHVLRQDOQX DNWLYQRVW RVLP DNR MH RGJRYRUQRVW ]DJDUDQWRYDQD QDFLRQDOQLP
]DNRQVNLPDNWLPD'UåDYHþODQLFHNRMDYUãLSULMDYOMLYDQMH

x 3ULMDYOMHQD WLMHOD PRUDMX XþHVWYRYDWL X DNWLYQRVWLPD NRRUGLQLUDQMD XþHVWYRYDWL


GLUHNWQRLOLSUHNRSUHGVWDYQLNDX(YURSVNRMVWDQGDUGL]DFLML

3ULMDYOMHQD WLMHOD PRUDMX UHGRYQR LQIRUPLUDWL VYRMD QDFLRQDOQD QDGOHåQD WLMHOD ]D SULMDYOMLYDQMH R
VYRMLP DNWLYQRVWLPD QSU NRMH VH RGQRVH QD SURYRÿHQMH RFMHQMLYDQMD XVNODÿHQRVWL GRVWXSQRVW
UHVXUVDSRGXJRYDUDQMHVLWXDFLMHVXNREDLQWHUHVD 3ULMDYOMHQDWLMHODWDNRÿHUPRUDMXELWLVSUHPQDGD
REH]ELMHGHVYHLQIRUPDFLMHNRMHVHRGQRVHQDSUDYLOQXLPSOHPHQWDFLMXXVORYDSRNRMLPVXRQDELOD
SULMDYOMHQDELORQD]DKWMHYVYRMLKQDGOHåQLKWLMHOD]DSULMDYOMLYDQMHLOLQD]DKWMHY.RPLVLMH

3ULMDYOMHQDWLMHODPRUDMXLQIRUPLUDWLRVWDODSULMDYOMHQDWLMHODLQDFLRQDOQDQDGOHåQDWLMHOD]DQDG]RUR
VYLPVXVSHQGRYDQLPLOLSRYXþHQLPFHUWLILNDWLPDLQD]DKWMHYRL]GDWLPLOLRGELMHQLP]DKWMHYLPD]D
L]GDYDQMHFHUWLILNDWD2QDWDNRÿHUPRUDMXREH]ELMHGLWLQDGOHåQRPWLMHOX]DQDG]RURVWDOHUHOHYDQWQH
LQIRUPDFLMH UDGL QDG]RUD QDG WUåLãWHP 1DGDOMH SULMDYOMHQD WLMHOD PRUDMX REH]ELMHGLWL VOXåEDPD
.RPLVLMHNRMHVXRGJRYRUQH]DXSUDYOMDQMH]DãWLWQRPNODX]XORPQHRSKRGQHLQIRUPDFLMHSRYH]DQH
VDSURL]YRGRPLOLRFMHQMLYDQMHPXVNODÿHQRVWLQDNRQSRGQRãHQMD]DKWMHYDVDQMLKRYHVWUDQH

3ULMDYOMHQD WLMHOD SUHGVWDYOMDMX WUHüH VWUDQH QHRYLVQH R VYRMLP NOLMHQWLPD L RVWDOLP ]DLQWHUHVRYDQLP
VWUDQDPDDWDNYDPRUDMXLRVWDWL3UDYQLVWDWXVWLMHODNRMDWUDåHSULMDYOMLYDQMH WMGDOLVXSULYDWQRLOL
GUåDYQR YODVQLãWYR  MH QHELWDQ WROLNR GXJR GRNOH MH QMLKRYD QHRYLVQRVW QHSULVWUDVQRVW L SRãWHQMH
RVLJXUDQRLXNROLNRVXRQDLGHQWLILFLUDQDNDRSRVHEQDSUDYQDFMHOLQDNRMDLPDSUDYDLREDYH]H

8 QDPMHUL GD JDUDQWLUD QHSULVWUDVQRVW WLMHOR L QMHJRYR RVREOMH QH VPLMH ELWL SRG ELOR NDNYLP
NRPHUFLMDOQLP ILQDQVLMVNLP LOL GUXJLP SULWLVNRP NRML EL PRJDR XWLFDWL QD QMLKRYR SURVXÿLYDQMH L
WLMHORPRUDLPSOHPHQWLUDWLSURFHGXUHNRMHüHRVLJXUDWLGDVHQDQMHJRYUDGQHPRåHXWLFDWLVDYDQD
6WUXNWXUDWLMHODPRUD]DãWLWLWLQHSULVWUDVQRVWSRVHEQRDNRWLMHORLPDGUXJHDNWLYQRVWLRVLPRYLKNDR
SULMDYOMHQRWLMHOR7LMHORPRUDWDNRÿHULPDWLWDNYHSROLWLNHLSURFHGXUHGDPRåHGDQDSUDYLUD]OLNX
L]PHÿX ]DGDWDND NRMH SURYRGL NDR SULMDYOMHQR WLMHOR L ELOR NRMH GUXJH DNWLYQRVWL X NRMX MH WLMHOR
XNOMXþHQR

3ULMDYOMHQDWLMHODPRUDMXRVLJXUDWLGDQMLKRYHRVWDOHDNWLYQRVWLQHXWLþXQDSRYMHUOMLYRVWREMHNWLYQRVW
LQHSULVWUDVQRVWQMLKRYRJUDGD1DSULPMHURQDQHüHSRQXGLWLLOLREH]EMHGLWL

8YH]LVDNRRUGLQLUDQMHPSULMDYOMHQLKWLMHODYLGLSRJODYOMH


0HÿXWLP SULMDYOMHQD WLMHOD QLVX RGJRYRUQD ]D REH]EMHÿLYDQMH (& GHNODUDFLMH R XVNODÿHQRVWL LOL WHKQLþNH
 

GRNXPHQWDFLMH9LGLSRJODYOMHL


SURL]YRGHLOLXVOXJHGDLKFHUWLILFLUDMXNRQVXOWDQWVNHXVOXJHSRYH]DQHVD]DGDFLPDNRMHRQDSURYRGH
NDR SULMDYOMHQD WLMHOD LOL ELOR NRMH GUXJH SURL]YRGH LOL XVOXJH NRML EL PRJOL NRPSURPLWRYDWL LOL
XPDQMLWLSRYMHUHQMHXQMLKRYXNRPSHWHQWQRVWREMHNWLYQRVWQHSULVWUDVQRVWLOLSRãWHQMHXUDGX

3ULMDYOMHQD WLMHOD PRUDMX QDSUDYLWL MDVQX UD]OLNX L]PHÿX VYRMLK DNWLYQRVWL NRMH REDYOMDMX NDR
SULMDYOMHQD WLMHOD L ELOR NRMLK GUXJLK DNWLYQRVWL  NRMH RQD REDYOMDMX 3ULKYDWOMLYRVW DNWLYQRVWL
SULMDYOMHQRJWLMHODXSRGUXþMLPDL]YDQGLUHNWLYD1RYRJSULVWXSDPRUDELWLRFLMHQMHQDQDRVQRYXWRJD
GD WH DNWLYQRVWL QH GROD]H X NRQIOLNW VD SRYMHUOMLYRãüX REMHNWLYQRãüX L QHSULVWUDVQRãüX UDGD
SULMDYOMHQRJ WLMHOD .DR RSãWH SUDYLOR SULMDYOMHQD WLMHOD EL VH WUHEDOD X]GUåDWL RG QXÿHQMD
SURL]YRÿDþLPD VD NRMLPD RQD RGUåDYDMX YH]H NDR SULMDYOMHQD WLMHOD GRGDWQLK FHUWLILNDWD L R]QDND
DNRRERMHLRFMHQMLYDQMHXVNODÿHQRVWLXVNODGXVDGLUHNWLYDPDLGRGDWQRFHUWLILFLUDQMHLR]QDþDYDQMH
VXREH]EMHÿHQLQDRVQRYXLVWHDNWLYQRVWLRFMHQMLYDQMDLXYH]LVDLVWLPSURL]YRGLPD

'D EL ]DãWLWLR REMHNWLYQRVW L QHSULVWUDVQRVW PDUNHWLQãNL PDWHULMDO NRML MH SULSUHPLOR SULMDYOMHQR
WLMHOR QH EL WUHEDR RGDWL ELOR NDNDY XWLVDN GD VX NRQVXOWDQWVNH DNWLYQRVWL L DNWLYQRVWL RFMHQMLYDQMD
PHÿXVREQR SRYH]DQH 0HÿXWLP UD]PMHQD WHKQLþNLK LQIRUPDFLMD L XSXWVWDYD L]PHÿX SULMDYOMHQRJ
WLMHODLSURL]YRÿDþDPRåHELWLSULKYDWOMLYD

'LUHNWRUL UXNRYRGLRFL L RVREOMH ± ELOR GLUHNWQR ]DSRVOHQL LOL NDR SRGXJRYRUDþL ± RGJRYRUQL ]D
DNWLYQRVWL RFMHQH L YHULILFLUDQMH PRUDMX ELWL QHRYLVQL L RG SURL]YRÿDþD ]D NRMH SULMDYOMHQD WLMHOD
SURYRGH RFMHQMLYDQMH L RG QMLKRYLK RYODãWHQLK SUHGVWDYQLND L SRVORYQLK NRQNXUHQDWD WDNYLK
SURL]YRÿDþD ]D YULMHPH QMLKRYRJ XSRãOMDYQMD RG VWUDQH SULMDYOMHQRJ WLMHOD 2QL QH EL PRJOL ELWL
XNOMXþHQL X GL]DMQ NRQVWUXNFLMX PDUNHWLQJ LOL RGUåDYDQMH SURL]YRGD ]D NRMH MH SURL]YRÿDþ
DQJDåRYDRSULMDYOMHQRWLMHOR

3ULMDYOMHQDWLMHODPRUDMXLPDWLGRNXPHQWRYDQHSURFHGXUH]DLGHQWLILNDFLMXSUHJOHGLRGOXNHRVYLP
VOXþDMHYLPDJGMHVHVXPQMDQDVXNRELQWHUHVDLOLMHRQGRND]DQ3ULMDYOMHQRWLMHORELWUHEDORWDNRÿHU
]DKWLMHYDWLGDVH]DFMHORNXSQRRVREOMHNRMHUDGLXQMHJRYRLPHSULMDYLELORNDNDYPRJXüLNRQIOLNW
LQWHUHVD

3ULMDYOMHQDWLMHODPRUDMX]DSRVOLWLQHRSKRGQRRVREOMHNRMHLPDGRYROMQR]QDQMHLLVNXVWYRSRYH]DQR
VDSURL]YRGLPDLSUHGPHWQRPSURFHGXURPRFMHQMLYDQMDXVNODÿHQRVWLLNRMHMHSUHGPHWRGJRYDUDMXüH
REXNH3RVHEQR]QDQMHLLVNXVWYRELVHWUHEDORRGQRVLWLQDUHOHYDQWQH]DNRQVNH]DKWMHYHLSROLWLNH
SURYRÿHQMDHYURSVNHLPHÿXQDURGQHDNWLYQRVWLVWDQGDUGL]DFLMHUHOHYDQWQHWHKQRORJLMHSURL]YRGQH
PHWRGHLSURFHGXUHYHULILFLUDQMDLQRUPDOQHXVORYHNRULãWHQMDSUHGPHWQRJSURL]YRGD

3ULMDYOMHQD WLMHOD PRUDMX QDSUDYLWL DGHNYDWQH DUDQåPDQH NRML JDUDQWXMX SRYMHUOMLYRVW LQIRUPDFLMD
GRELMHQLKXSURFHVXRFMHQMLYDQMDXVNODÿHQRVWL2YLDUDQåPDQLPRUDMXRVLJXUDWLGDQLWLMHGDQUH]XOWDW
LOLGUXJDLQIRUPDFLMDQLMHRWNULYHQDELORNRMRMGUXJRMVWUDQLRVLPNRPSHWHQWQRPQDGOHåQRPWLMHOXL
SURL]YRÿDþXLOLQMHJRYRPRYODãWHQRPSUHGVWDYQLNX

3ULMDYOMHQDWLMHODPRUDMXQDDGHNYDWDQQDþLQRVLJXUDWLGDSRNULYDMXVYRMXSURIHVLRQDOQXDNWLYQRVWX
VNODGX VD GLUHNWLYDPD 1RYRJ SULVWXSD RVLP DNR MH RGJRYRUQRVW JDUDQWRYDQD QDFLRQDOQLP
]DNRQVNLP DNWLPD 'UåDYH þODQLFH NRMD YUãL SULMDYOMLYDQMH 3RGUXþMH SULPMHQH  L FMHORNXSQD
ILQDQVLMVNDYULMHGQRVWRVLJXUDQMDRGJRYRUQRVWLPRUDRGJRYDUDWLQLYRXDNWLYQRVWLSULMDYOMHQRJWLMHOD
3URL]YRÿDþSRVHEQR]DGUåDYD


XYLMHN FMHORNXSQX RGJRYRUQRVW ]D XVNODÿHQRVW SURL]YRGD VD VYLP ]DKWMHYLPD SULPMHQMLYHLK
GLUHNWLYHD þDN L DNR VX QHNH ID]H RFMHQMLYDQMD XVNODÿHQRVWL SURYHGHQH SRG RGJRYRUQRãüX
SULMDYOMHQRJWLMHOD

35,-$9/-(1$7,-(/$,2&-(1-,9$1-(86./$ (1267,

x 3ULPDUQL]DGDWDNSULMDYOMHQRJWLMHODMHGDREH]ELMHGLXVOXJHRFMHQMLYDQMDXVNODÿHQRVWL
QD RVQRYX XVORYD XVSRVWDYOMHQLK X GLUHNWLYDPD 2YR MH XVOXJD ]D SURL]YRÿDþH X
SRGUXþMXMDYQLKLQWHUHVD

x 3ULMDYOMHQLP WLMHOLPD MH RVWDYOMHQD VORERGD GD SRQXGH VYRMH XVOXJH RFMHQMLYDQMD
XVNODÿHQRVWLXRNYLUXSRGUXþMDSULPMHQH]DNRMHVXSULMDYOMHQDELORNRPHNRQRPVNRP
RSHUDWRUX VD VMHGLãWHP X LOL L]YDQ =DMHGQLFH 2QD PRJX SURYRGLWL VYRMH DNWLYQRVWL QD
WHULWRULMLGUXJLK'UåDYDþODQLFDLOLWUHüLK]HPDOMDLOLVDVYRMLPGRPDüLPRVREOMHPLOLVD
RVREOMHPVYRMLKLQRVWUDQLKXUHGD

x 3URL]YRÿDþLPD MH RVWDYOMHQD VORERGD GD L]DEHUX ELOR NRMH SULMDYOMHQR WLMHOR NRMH MH
LPHQRYDQR GD  SURYRGL SUHGPHWQX SURFHGXUX RFMHQMLYDQMD XVNODÿHQRVWL X VNODGX VD
SULPMHQMLYRPGLUHNWLYRP

3ULMDYOMHQDWLMHODVXLPHQRYDQDGDRFMHQMXMXXVNODÿHQRVWVDHVHQFLMDOQLP]DKWMHYLPDLGDRVLJXUDMX
GRVOMHGQX WHKQLþNX SULPMHQX RYLK ]DKWMHYD X VNODGX VD UHODYDQWQLP SURFHGXUDPD X SRVPDWUDQLP
GLUHNWLYDPD 3ULMDYOMHQD WLMHOD PRUDMX LPDWL RGJRYDUDMXüH NDSDFLWHWH NRML LP  RPRJXüDYDMX GD
SURYRGH WHKQLþNH  L DGPLQLVWUDWLYQH ]DGDWNH SRYH]DQH VD RFMHQMLYDQMHP XVNODÿHQRVWL 2QD PRUDMX
WDNRÿHUSULPLMHQLWLRGJRYDUDMXüHSURFHGXUHNRQWUROHNYDOLWHWDXYH]LVDXVOXJDPDNRMHSUXåDMX

3URFHGXUHRFMHQMLYDQMDXVNODÿHQRVWLVHGLMHOHXVHWSRVHEQLKPRGXOD NRMLVHQHPRJXGDOMHGLMHOLWL
EH] SRVWDYOMDQMD SLWDQMD R GRVOMHGQRVWL VLVWHPD L RGJRYRUQRVWL NRMH EL WUHEDOH SRVWRMDWL ]D
SURL]YRÿDþD L JGMH MH SULPMHQMLYR ]D SULMDYOMHQR WLMHOR 2YR ]QDþL GD SULMDYOMHQR WLMHOR PRUD ELWL
VSRVREQRGDSUHX]PHRGJRYRUQRVW]DNRPSOHWDQPRGXOLOL]DQHNROLNRNRPSOHWQLKPRGXODWMRQR
PRUD LPDWL NRPSHWHQWQRVW ± DOL QH REDYH]QR L VUHGVWYD ± GD SURYHGH RFMHQMLYDQMH XVNODÿHQRVWL X
VNODGX VD PRGXORP 3UHPD WRPH WLMHOR QH PRåH ELWL SULMDYOMHQR ]D GLR PRGXOD 0HÿXWLP SRãWR
SRGUXþMH SULPMHQH YHüLQH GLUHNWLYD 1RYRJ SULVWXSD PRåH ELWL UHODWLYQR ãLURNR L KHWHURJHQR
SULMDYOMHQRWLMHORQHVPLMHELWLNYDOLILNRYDQRGDSRNULMHVYHSURL]YRGHNRMLSDGDMXXRNYLUHQMHJRYRJ
SRGUXþMD SULPMHQH RVLP  X EDUHP GHILQLVDQRP RSVHJX SURL]YRGD  X RNYLUX  QMHJRYRJ SRGUXþMD
SULPMHQH

8YH]LVDRGJRYRUQRVWL]DSURL]YRGYLGLSRJODYOMH


8YH]LVDPRGXOLPDYLGLSRJODYOMH


6DJODVQRWRPHNDGDVXGLUHNWLYHREH]ELMHÿHQH]DPRGXO+ELVWLMHORQHELPRJORELWLSULMDYOMHQRGDWUHWLUD
VDPRID]XGL]DMQD7LMHORSULMDYOMHQRGDSURYRGLPRGXOH'(+ LOLQMLKRYHYDULMDQWHPRUDELWLVSRVREQRGD
SUHX]PHRGJRYRUQRVWQHVDPR]DREXKYDüHQHDVSHNWHVLVWHPDNYDOLWHWDQHJRWDNRÿHUL]D]DKWMHYHSRYH]DQH
VDSURL]YRGRP 8WRPVOXþDMXSULMDYOMHQRWLMHORELPRJORSRGXJRYRULWLQHNHRSHUDFLMH YLGLSRJODYOMH 
3ULMDYOMHQRWLMHORNRMHåHOLGDSRQXGLXVOXJHXVNODGXVDQHNROLNRPRGXODPRUDLVSXQLWLUHOHYDQWQH]DKWMHYH
]D RGJRYDUDMXüH ]DGDWNH L RYR PRUD ELWL RFLMHQMHQR  X VNODGX VD ]DKWMHYLPD ]D VYDNL SUHGPHWQL PRGXO
SRVHEQR YLGLSRJODYOMH 


7DEHOD=DGDFLSULMDYOMHQRJWLMHODSRVYDNRPPRGXOX

0RGXO 3ULMDYOMHQRWLMHOR
$& «««««««««««««««««««««««««««««««««««««««
$D x 1DGJOHGDLVSLWLYDQMDNRMDSURYRGLSURL]YRÿDþ
&ELV
x 1DGJOHGD SRVWDYOMDQMH VYRJ LQGHQWLILNDFLRQRJ EURMD WDPR JGMH MH WR ELOR XNOMXþHQR X
RFMHQMLYDQMHXVNODÿHQRVWL]DYULMHPHID]HSURL]YRGQMH
x ýXYD]DSLVHRUHOHYDQWQRMLQIRUPDFLML
x 8SXüXMHUHOHYDQWQHLQIRUPDFLMH QD]DKWMHY GUXJLPSULMDYOMHQLPWLMHOLPD
$D x 3URYRGL LOL MH SURYRGLOR SURYMHUX SURL]YRGD X VOXþDMQLP LQWHUYDOLPD L V WLP FLOMHP X]LPD
&ELV X]RUNHNRQDþQRJSURL]YRGD
x 1DGJOHGDSRVWDYOMDQMHVYRJLQGHQWLILNDFLRQRJEURMD
x ýXYD]DSLVHRUHOHYDQWQLPLQIRUPDFLMDPD
x 8SXüXMHUHOHYDQWQHLQIRUPDFLMH QD]DKWMHY GUXJLPSULMDYOMHQLPWLMHOLPD
% x 8WYUÿXMH SXWHP SURYRÿHQMD LOL QDNRQ SURYHGHQLK LVSLWLYDQMD L DQDOL]D GD X]RUDNFL
]DGRYROMDYDDMX SULPMHQMLYH RGUHGEH L GD MHVX SURL]YHGHQL X VNODGX  VD WHKQLþNRP
GRNXPHQWDFLMRP
x ,]GDMHFHUWLILNDWR(&LVSLWLYDQMXWLSD
x ýXYDNRSLMXFHUWLILNDWDL]DSLVDRRVWDOLPUHOHYDQWQLPWHKQLþNLPLQIRUPDFLMDPD
x 8SXüXMHGUXJLPSULMDYOMHQLPWLMHOLPD QD]DKWMHY UHOHYDQWQHLQIRUPDFLMHNRMHVHRGQRVHQD
FHUWLILNDWHR(&LVSLWLYDQMXWLSD
' x 2FMHQMXMH VLVWHP NYDOLWHWD GD XWYUGL GD OL  RQ ]DGRYROMDYD SULPMHQMLYH ]DKWMHYH L VDJODVQR
'ELV WRPHGRQRVLRGOXNX
((ELV
+ x 1DGJOHGDSRVWDYOMDQMHVYRJLQGHQWLILNDFLRQRJEURMD
x 3URYRGLQDG]RUQDGSURL]YRÿDþHPNRULãWHQMHPSHULRGLþQLKLQHRþHNLYDQLKSRVMHWD
x ýXYD]DSLVHRUHOHYDQWQLPWHKQLþNLPLQIRUPDFLMDPD
x 8SXüXMHUHOHYDQWQHLQIRUPDFLMH QD]DKWMHY GUXJLPSULMDYOMHQLPWLMHOLPDNRMHVHRGQRVHQD
L]GDWDLSRYXþHQDRGREUHQMDVLVWHPDNYDOLWHWD
))ELV x 3URYRGL RGJRYDUDMXüD LVSLWLYDQMD L DQDOL]H X QDPMHUL GD SURYMHUL XVNODÿHQRVW SURL]YRGD VD
SULPMHQMLYLP ]DKWMHYLPD LOL SXWHP LVSLWLYDQMD L  DQDOL]H VYDNRJ SURL]YRGD LOL SXWHP
LVSLWLYDQMDLDQDOL]HSURL]YRGDQDVWDVWLWLþNRMRVQRYL
x 1DGJOHGDSRVWDYOMDQMHVYRJLQGHQWLILNDFLRQRJEURMD
x ,]UDÿXMHFHUWLILNDWHRXVNODÿHQRVWLNRMLVHRGQRVHQDSURYHGHQDLVSLWLYDQMD
x $NRMHJUXSDSURL]YRGDRGELMHQDSUHGX]LPDRGJRYDUDMXüHPMHUHGDVHVSULMHþLSODVLUDQMHQD
WUåLãWHWHJUXSHSURL]YRGD
x ýXYD]DSLVHRUHOHYDQWQLPWHKQLþNLPLQIRUPDFLMDPD
x 8SXüXMHUHOHYDQWQHLQIRUPDFLMH QD]DKWMHY GUXJLPSULMDYOMHQLPWLMHOLPD
* x ,VSLWXMH]DVHEDQSURL]YRGLSURYRGLRGJRYDUDMXüDLVSLWLYDQMDGDRVLJXUDQMHJRYXXVNODÿHQRVW
VDUHOHYDQWQLP]DKWMHYLPD
x 1DGJOHGDSRVWDYOMDQMHVYRJLQGHQWLILNDFLRQRJEURMD
x ýXYD]DSLVHRUHOHYDQWQLPLQIRUPDFLMDPD
x ,]UDÿXMHFHUWLILNDWHRXVNODÿHQRVWLNRMLVHRGQRVHQDSURYHGHQDLVSLWLYDQMD
x 8SXüXMHUHOHYDQWQHLQIRUPDFLMH QD]DKWMHY GUXJLPSULMDYOMHQLPWLMHOLPD


0RGXO 3ULMDYOMHQRWLMHOR

+ELV 'RGDWQRQDRGJRYRUQRVWLNDRXPRGXOX'
x ,VSLWXMHSULPMHQX
x ,]GDMHFHUWLILNDWR(&LVSLWLYDQMXGL]DMQDDNRGL]DMQ]DGRYROMDYDSULPMHQMLYHRGUHGEH
x ýXYD]DSLVRFHUWLILNDWLPDR(&LVSLWLYDQMXGL]DMQDL(&RGREUHQMLPDGL]DMQD
x 8SXüXMHUHOHYDQWQHLQIRUPDFLMHNRMHVHRGQRVHQDFHUWLILNDWHR(&LVSLWLYDQMXGL]DMQDL(&
RGREUHQMLPDGL]DMQD QD]DKWMHY GUXJLPSULMDYOMHQLPWLMHOLPD

3ULMDYOMHQD WLMHOD PRUDMX LPDWL RGJRYDUDMXüH VWUXNWXUH L SURFHGXUH GD RVLJXUDMX GD VX SURYRÿHQMH
RFMHQMLYDQMD XVNODÿHQRVWL L L]GDYDQMH FHUWLILNDWD SUHGPHW SURFHVD SUHLVSLWLYDQMD 5HOHYDQWQH
SURFHGXUH PRUDMX SRVHEQR SRNULWL REDYH]H L RGJRYRUQRVWL X YH]LVD VXVSHQ]LMRP L SRYODþHQMHP
FHUWLILNDWD ]DKWMHYD XSXüHQLK SURL]YRÿDþX GD SUHGX]PH NRUHNWLYQH PMHUH L L]YMHãWDYDQMH
NRPSHWHQWQRPQDGOHåQRPWLMHOX

2VLPSURYRÿHQMDRGUHÿHQLKRGJRYRUQRVWLXSRGUXþMXMDYQRJLQWHUHVDSULMDYOMHQDWLMHODPRUDMXYRGLWL
UDþXQD R VHEL VDPLPD NDR RQLPD NRML SUXåDMX XVOXJH LQGXVWULML 3UHPD WRPH RQL EL WUHEDOL
REH]ELMHGLWL UHOHYDQWQH LQIRUPDFLMH SURL]YRÿDþX L QMHJRYRP RYODãWHQRP SUHGVWDYQLNX NRMH VH
RGQRVH QD SUHGPHWQX GLUHNWLYX SULPLMHQLWL SURFHGXUH RFMHQMLYDQMD XVNODÿHQRVWL EH] QHSRWUHEQRJ
RSWHUHüDYDQMD HNRQRPVNLK RSHUDWRUD L X]GUåDWL VH RG SUHGODJDQMD GRGDWQRJ FHUWLILFLUDQMD L
R]QDþDYDQMDNRMHQHPDQLNDNYXGRGDWQXYULMHGQRVWXYH]LVDHVHQFLMDOQLP]DKWMHYLPDGLUHNWLYH

'D EL VH L]EMHJOR QHSRWUHEQR RSWHUHüDYDQMH HNRQRPVNLK RSHUDWRUD WHKQLþND GRNXPHQWDFLMD
REH]ELMHÿHQD]DSULMDYOMHQDWLMHODPRUDELWLRJUDQLþHQDQDWDNDYQDþLQNRMLVHSRVHEQR]DKWMHYDUDGL
RFMHQMLYDQMD XVNODÿHQRVWL SUHPD GLUHNWLYDPD 1DGDOMH VLVWHP NYDOLWHWD RGREUHQ RG VWUDQH
SULMDYOMHQRJWLMHODLOLDNUHGLWLUDQRJFHUWLILNDFLRQRJWLMHODELWUHEDRELWLX]HWXRE]LUNDGDLVWRLOLQHNR
GUXJR SULMDYOMHQR WLMHOR SURYRGL RFMHQMLYDQMH XVNODÿHQRVWL X VNODGX VD PRGXOLPD ' ( + LOL
QMLKRYLP YDULMDQWDPD ]D LVWX LOL ]D GUXJX NDWHJRULMX SURL]YRGD 0HÿXWLP X WDNYLP VOXþDMHYLPD
SULMDYOMHQRWLMHORELWUHEDORSURYMHULWLGDOLFHUWLILNDWSRNULYDSULPMHQMLYHRGUHGEHGLUHNWLYH2QREL
WUHEDORWDNRÿHUUD]PRWULWLGDOLMHLOLQHQHRSKRGQR]DKWLMHYDWLRGJRYDUDMXüHGRGDWQHDXGLWHSRVHEQR
SRYH]DQHVD QRYRP NDWHJRULMRPSURL]YRGDPDGDRELþQRQHPDSRWUHEHGXSOLUDWLRGREUHQLVLVWHP
NYDOLWHWDNDRWDNDY

0DGDVHSULMDYOMHQRWLMHORPRUDXVSRVWDYLWLQDSRGUXþMX'UåDYHþODQLFHNRMDJDSULMDYOMXMHRQRPRåH
LPDWL DNWLYQRVWL LLOL RVREOMH YDQ 'UåDYH þODQLFH LOL þDN YDQ =DMHGQLFH 8 WDNYLP VOXþDMHYLPD
SULMDYOMHQR WLMHOR PRUD LQIRUPLUDWL QDGOHåQR WLMHOR ]D SULMDYOMLYDQMH NRMH PRUD ELWL VSRVREQR GD
RVLJXUDQDGJOHGDQMHFLMHORJWLMHODNDRLãWRRQRPRUDSUHX]HWLRGJRYRUQRVW]DVYRMHUDGQMH

-DVQDUD]OLNDVHWUHEDQDSUDYLWLQDQDFLRQDOQRPQLYRXL]PHÿXWLMHODNRMDLQWHUYHQLãXXSUHGWUåLãQLP
SURFHGXUDPD ]D RFMHQMLYDQMH XVNODÿHQRVWL SULMDYOMHQD WLMHOD  L X QDG]RUX QDG WUåLãWHP QDGOHåQD
WLMHOD]DQDG]RUQDGWUåLãWHP 1HSULVWUDVQRVWQDG]RUDQDGWUåLãWHPPRUDELWLJDUDQWRYDQDSRGVYLP
RNROQRVWLPD=ERJWRJDQDFLRQDOQDQDGOHåQDWLMHODPRUDMXRVWDWLRGJRYRUQD]DQDG]RUQDGWUåLãWHP
0HÿXWLP RQD EL PRJOD NRULVWLWL X GDWLP VOXþDMHYLPD NDSDFLWHWH SULMDYOMHQLKWLMHOD  ]D LVSLWLYDQMH L
LQVSHNFLMXDNRQHSULVWUDVQRVWDNFLMDQDG]RUDQDGWUåLãWHPPRåHELWL]DJDUDQWRYDQD

9LGLSRJODYOMH


$NRSULMDYOMHQRWLMHORLQDGOHåQRWLMHOR]DQDG]RUQDGWUåLãWHPVSDGDMXSRGLVWRQDGUHÿHQRQDGOHåQR
WLMHOR OLQLMH RGJRYRUQRVWL WUHEDMX ELWL RUJDQL]RYDQH QD WDNDY QDþLQ WDNR GD MDVQR RVLJXUDMX
QHRYLVQRVWL]PHÿXRYHGYLMHDNWLYQRVWL

35,-$9/-(1$7,-(/$,32'8*29$5$1-(

x 'LRSRVODSULMDYOMHQRJWLMHODVHPRåHSURYRGLWLNUR]DNWLYQRVWLGUXJRJWLMHODQDRVQRYX
XVWDQRYOMHQHLUHGRYQRQDGJOHGDQHNRPSHWHQWQRVWL

x 7LMHOR NRMH LPD SRGXJRYRUQL RGQRV  VD SULMDYOMHQLP WLMHORP PRUD ELWL WHKQLþNL
NRPSHWHQWQR L LVND]DWL QHRYLVQRVW L REMHNWLYQRVW X VNODGX VD LVWLP NULWHULMLPD L SRG
LVWLPXVORYLPDNDRLSULMDYOMHQRWLMHOR0HÿXWLPSULMDYOMLYDQMHQLMHQHRSKRGQR'UåDYD
þODQLFD NRMD SULMDYOMXMH WLMHOR NRMH SRGXJRYDUD GLR VYRMLK DNWLYQRVWL PRUD ELWL
VSRVREQD GD RVLJXUD HILNDVQR QDGJOHGDQMH NRPSHWHQWQRVWL WLMHOD NRMH LPD
SRGXJRYRUHQHSRVORYHVDSULMDYOMHQLPWLMHORP
x 6OLMHGHüL XVORY ]D SRGXJRYDUDQMH MH GD SURFHGXUH RFMHQLYDQMD XVNODÿHQRVWL PRJX ELWL
SRGLMHOMHQMHXWHKQLþNHRSHUDFLMHLRSHUDFLMHRFMHQLYDQMDLGDMHPHWRGRORJLMDNRULãWHQD
]DSURYRÿHQMHWHKQLþNLKRSHUDFLMDGRYROMQRSUHFL]QD7LMHORNRMHUDGLSRGXJRYRURPVD
SULMDYOMHQLP WLMHORP PRUD L SRUHG WRJD SURYHVWL ELWQH L GRVOMHGQH GLMHORYH RYLK
WHKQLþNLKRSHUDFLMD
x 3RGXJRYDUDQMHPRUDELWL]DVQRYDQRQDXJRYRUXQDRVQRYXNRMHJMHPRJXüHRVLJXUDWL
WUDQVSDUHWQRVWLSRYMHUHQMHXRSHUDFLMHSULMDYOMHQRJWLMHOD
x 3ULMDYOMHQRWLMHORNRMHYUãLSRGXJRYDUDQMHRVWDMHRGJRYRUQR]DVYHDNWLYQRVWLSRNULYHQH
SULMDYOMLYDQMHP 3RGXJRYDUDQMH QH ]DKWLMHYD GHOHJLUDQMH RYODãWHQMD LOL RGJRYRUQRVWL
&HUWLILNDWLVHXYLMHNL]GDMXXLPHLSRGRGJRYRUQRãüXSULMDYOMHQRJWLMHOD
x 8VORYL ]D SRGXJRYDUDQMH VH RGQRVH QD ELOR NRMHJ SRGXJRYDUDþD ELR RQ LOL QH VD
VMHGLãWHPXRNYLUX=DMHGQLFH

7LMHODNRMDUDGHNDRSRGXJRYDUDþL]DSULMDYOMHQDWLMHODQHPRUDMXELWLSULMDYOMHQDNDRWDNYD,SRUHG
WRJDSULMDYOMHQRWLMHORPRUDLQIRUPLUDWLSUHGPHWQX'UåDYXþODQLFXRVYRMRMQDPMHULGDSRGXJRYRUL
RGUHÿHQLSRVDR3UHPDWRPH'UåDYDþODQLFDELPRJODRGOXþLWLGDRQDQHPRåHSUHX]HWLFMHORNXSQX
RGJRYRUQRVW NDR QDGOHåQR WLMHOR ]D SULMDYOMLYDQMH ]D WDNDY XJRYRU L SRYXþLLOL RJUDQLþLWL SRGUXþMH
SULPMHQHSULMDYOMLYDQMD

3ULMDYOMHQRWLMHORPRUDRVLJXUDWLGDQMHJRYLSRGXJRYDUDþLSRVMHGXMXQHRSKRGQXNRPSHWHQWQRVWLGD
RQL RGUåDYDMX RYX NRPSHWHQWQRVW QSU SXWHP SURYRÿHQMH UHGRYQLK RFMHQMLYDQMD L UHGRYQLP
LQIRUPLUDQMHPRGHWDOMLPDNRMLVHRGQRVHQD SURYRÿHQMH QMLKRYLK ]DGDWDND 3ULMDYOMHQR WLMHOR PRUD
WDNRÿHU ELWL X PRJXüQRVWL GD REH]ELMHGL GRND] R XVNODÿHQRVWL VYRJ SRGXJRYDUDþD VD ]DKWMHYLPD
XVSRVWDYOMHQLP X UHOHYDQWQRM GLUHNWLYL 2YD LQIRUPDFLMD PRUD ELWL GRVWXSQD QDGOHåQRP WLMHOX ]D
SULMDYOMLYDQMH WDNR GD RQR PRåH SRGX]HWL QHRSKRGQX PMHUX L ]D REDYMHãWDYDQMH EH] NDãQMHQMD
.RPLVLMHLRVWDOLK'UåDYDþODQLFDQDQMLKRY]DKWMHY3RQDãDQMHXVNODGXVDUHODYDQWQLPGLMHORYLPD
(1VHULMHVWDQGDUGD]DKWLMHYDSUHWSRVWDYNXRXVNODÿHQRVWLVDYHüLQRP]DKWMHYDNDRãWRMHWR
VOXþDMLVDVDPLPSULMDYOMHQLPWLMHORP


8YH]LVDSULQFLSRPQDG]RUDQDGWUåLãWHPYLGLSRJODYOMH


3ULMDYOMHQR WLMHOR PRåH SRGXJRYRULWL VWURJR RJUDQLþHQH WHKQLþNH ]DGDWNH QSU LVSLWLYDQMD
LVWUDåLYDQMD SRUHÿHQMD L DXGLWH VLVWHPD NYDOLWHWD  GRNOH JRG RQL PRJX ELWL GHILQLUDQL NDR ELWQL L
GRVOMHGQL GLMHORYL WHKQLþNH RSHUDFLMH 3ULMDYOMHQR WLMHOR QH PRåH QL SRG NRMLP RNROQRVWLPD
SRGXJRYRULWLVYHVYRMHDNWLYQRVWLSRãWRELWRPRJORXþLQLWLSULMDYOMLYDQMH EHVPLVOHQLP 3ULMDYOMHQD
WLMHOD EL PRJOD QD SULPMHU SRGXJRYRULWL LVSLWLYDQMD GRN QDVWDYOMDMX GD RFMHQMXMX VYRMH UH]XOWDWH
LVSLWLYDQMDLSRVHEQRYUãHYDOLGLUDQMHL]YMHãWDMDRLVSLWLYDQMX6OLþQRWRPHSRGL]YRÿHQMHMHPRJXüHX
SRGUXþMX FHUWLILFLUDQMD VLVWHPD RVLJXUDQMD NYDOLWHWD QSU DXGLWLUDQMH  REH]ELMHÿHQLK GD SULMDYOMHQR
WLMHORSURYRGLRFMHQLYDQMHSXWHPDXGLWD

3RVDRNRMLMHGDWQDSRGXJRYDUDQMHPRUDELWLSURYHGHQXVNODGXVDSUHWKRGQRIRUPLUDQLPWHKQLþNLP
VSHFLILNDFLMDPD NRMH XVSRVWDYOMDMX GHWDOMQH SURFHGXUH ]DVQRYDQH QD REMHNWLYQLP NULWHULMLPD NRML
JDUDQWXMX SRWSXQX WUDQVSDUHQWQRVW 7DPR JGMH MH WLMHOR NRMH MH SRGXJRYRULOR GLR DNWLYQRVWL VD
SULMDYOMHQLPWLMHORPXNOMXþHQRXRFMHQMLYDQMHXVNODÿHQRVWLSUHPDVWDQGDUGLPDVWDQGDUGLVHPRUDMX
NRULVWLWL DNR RQL XVSRVWDYOMDMX SURFHGXUH $NR MH RYR WLMHOR XNOMXþHQR X RFMHQMLYDQMH XVNODÿHQRVWL
SUHPDHVHQFLMDOQLP]DKWMHYLPDSURFHGXUDNRMXVOLMHGLVDPRSULMDYOMHQRWLMHORLOLSURFHGXUD]DNRMX
SULMDYOMHQRWLMHORVPDWUDGDMHHNYLYDOHQWQDVDWRPPRUDVHNRULVWLWL

3ULMDYOMHQR WLMHOR PRUD X VYLP VOXþDMHYLPD LPDWL GLUHNWQX SULYDWQX ± ]DNRQVNX XJRYRUQX YH]XVD
VYRMLP SRGXJRYDUDþLPD GD EL RVLJXUDOR LVSXQMDYDQMH VYRMLK RSãWLK RGJRYRUQRVWL 6HULMVNR
SRGXJRYDUDQMH MH ]DEUDQMHQR X QDPMHUL GD VH L]EMHJQH SRWNRSDYDQMH QHGMHOMLYRVWL VLVWHPD L
SRYMHUHQMDXQMHJD

3ULMDYOMHQRWLMHORRVWDMHSRWSXQRRGJRYRUQR]DSRVDRNRMLMH]DQMHJDXUDGLRSRGXJRYDUDþ1MHJRYR
SULMDYOMLYDQMHPRåHELWLSRYXþHQRL]ELORNRMHJUD]ORJDSRYH]DQRJVDQMHJRYLPSRGXJRYDUDþHP

.225',1,5$1-(,6$5$'1-$

x 'RVOMHGQD SULPMHQD SURFHGXUD  RFMHQMLYDQMD XVNODÿHQRVWL ]DKWLMHYD WLMHVQX VDUDGQMX L]PHÿX


SULMDYOMHQLKWLMHOD'UåDYDþODQLFDL(YURSVNHNRPLVLMH
x .RPLVLMD SRGUåDYD 'UåDYH þODQLFH X QMLKRYLP QDSRULPD GD XVSRVWDYH GRVOMHGQRVW L]PHÿX
QDGOHåQLKWLMHOD]DSULMDYOMLYDQMHNRMDVHRGQRVLSRVHEQRQDRFMHQMLYDQMHNRPSHWHQWQRVWLWLMHOD
NRMDELWUHEDODELWLSULMDYOMHQDSULPMHQXSURFHGXUDSULMDYOMLYDQMDLQDG]RUDQDGSULMDYOMHQLP
WLMHOLPD
x .RPLVLMDXVDUDGQMLVD'UåDYDPDþODQLFDPDWDNRÿHRVLJXUDYDGDMHRUJDQL]RYDQDVDUDGQMD
L]PHÿXSULMDYOMHQLKWLMHOD

.RRUGLQLUDQMH'UåDYDþODQLFDVHSURYRGLNUR]VHNWRUVNHUDGQHJUXSHXVSRVWDYOMHQHSRGLUHNWLYDPD
6DUDGQMDSULMDYOMHQLKWLMHODVHGRJDÿDSRGDXWRULWHWRPUHOHYDQWQLKUDGQLKJUXSD
6DUDGQMD SULMDYOMHQLK WLMHOD MH XVSRVWDYOMHQD ]D VYDNX GLUHNWLYX 1RYRJ SULVWXSD RELþQR SXWHP
NRULãWHQMDSRVWRMHüLKVWUXNWXUD2YHJUXSHLPDMXWHKQLþNLVHNUHWDULMDWLSUHGVMHGQLNDLRQHGLVNXWXMX
R WHKQLþNLP SLWDQMLPD GD EL RVLJXUDOL  MHGLQVWYHQX SULPMHQX WHKQLþNLK RGUHGEL GLUHNWLYD 1RYRJ
3ULVWXSD

9LGLSRJODYOMH

8YH]LVDVHNWRUVNLPUDGQLPJUXSDPDYLGLSRJODYOMH


8 SRWYUÿLYDQMX þLQMHQLFH GD SULMDYOMHQD WLMHOD LVSXQMDYDMX ]DGDWNH NRMH VX GRELOLRG VWUDQH MDYQLK
QDGOHåQLKWLMHODRQDPRUDMXXþHVWYRYDWLXNRRUGLQLUDQMXDNWLYQRVWLRUJDQL]LUDQLKRGVWUDQH.RPLVLMH
$NRWLMHORRGELMDGDVDUDÿXMHSULMDYOMLYDQMHELPRJORELWLSRYXþHQR0HÿXWLPSULMDYOMHQDWLMHODQLVX
REDYH]QD GD XþHVWYXMX X VDVWDQFLPD QD HYURSVNRP QLYRX DNR VX RQL LQIRUPLUDQL L SULPMHQMXMX
DGPLQLVWUDWLYQH RGOXNH L GRNXPHQWDFLMX GRQHVHQX RG VWUDQH QMLKRYH JUXSH 5HODYDQWQL UDGQL
GRNXPHQWL L]YMHãWDML VD VDVWDQDND SUHSRUXNH L VPMHUQLFH HODERULUDQL RG VWUDQH VHNWRUVNLK L
PHÿXVHNWRUVNLKJUXSDSULMDYOMHQRJWLMHODLOLQMLKRYLKSRGJUXSDüHELWLSURVOMHÿHQLVYLPSULMDYOMHQLP
WLMHOLPDNRMDIRUPLUDMXGLMHORYHRYLKJUXSDELORGDRQLXþHVWYXMXXVDVWDQFLPDLOLQH

*UXSH SULMDYOMHQLK WLMHOD VX VDVWDYOMHQHRG SUHGVWDYQLND SULMDYOMHQLK WLMHOD 'D EL VH GRVWLJDR YLãL
QLYR HILNDVQRVWL QMLKRYRJ UDGD JUXSH PRJX XVSRVWDYLWL SRGJUXSH VD RJUDQLþHQLP EURMHP XþHVQLND
GD GLVNXWXMX R VSHFLILþQLP WHKQLþNLP SLWDQMLPD .RPLVLMD MH ]DVWXSOMHQD X JUXSDPD 9ODGLQL
VWXþQMDFL L SUHGVWDYQLFL QDGOHåQLK WLMHOD NRML VX GLUHNWQR RGJRYRUQL ]D HILNDVQX SULPMHQX GLUHNWLYD
PRJX XþHVWYRYDWL NDR SRVPDWUDþL X JUXSDPD (YURSVNH RUJDQL]DFLMH ]D VWDQGDUGH &(1
&(1(/(&(76, üHELWLSUHGVWDYOMHQHXJUXSDPDNDGDVHWDNYDVSRUQDSLWDQMDSRMDYH.DGDMHWR
QHRSKRGQR JUXSH üH WDNRÿHU SR]YDWL UHOHYDQWQD HYURSVNH XGUXåHQMD RUJDQL]DFLMD LOL SUHGVWDYQLNH
RVWDOLK ]DLQWHUHVLUDQLK VWUDQD 7DPR JGMH JUXSH SULMDYOMHQLK WLMHOD PRUDMX WUHWLUDWL SUHGPHWH
SRYMHUOMLYHSULURGHXþHVWYRYDQMHXVDVWDQFLPDüHELWLRJUDQLþHQRDNRVHSURFLMHQLGDMHQHRSKRGQR


$NR EL EURM SULMDYOMHQLK WLMHOD SR GLUHNWLYL SRVWDR SUHNRPMHUDQ .RPLVLMD PRåH ]DKWLMHYDWL RG 'UåDYD
þODQLFDGDSRVWDYHRGJRYDUDMXüLPHKDQL]DP]DQMLKRYRSUHGVWDYOMDQMH


 &(2=1$ý$9$1-(

 35,1&,3,&(2=1$ý$9$1-$

x &(R]QDþDYDQMHSRND]XMHGDMHSUHGPHWQLSURL]YRGGL]DMQLUDQLSURL]YHGHQXVNODGXVD
VYLP SULPMHQMLYLP RGUHGEDPD GLUHNWLYD =DMHGQLFH REH]EMHÿHQLK ]D QMHJRYR
SRVWDYOMDQMH

x &( R]QDþDYDQMH WDNRÿHU VLPEROL]LUD þLQMHQLFX GD MH SURL]YRG ELR SUHGPHW
RGJRYDUDMXüHLK SURFHGXUHD RFMHQMLYDQMD XVNODÿHQRVWL X VNODGX VD SULPMHQMLYRPLP
GLUHNWLYRPDPD

&( R]QDþDYDQMH MH GRND] GD MH SURL]YRÿDþ RGJRYRUDQ ]D XVNODÿHQRVW QMHJRYRJ SURL]YRGDVD VYLP
RGUHGEDPDSULPMHQMLYLKGLUHNWLYD=DMHGQLFH&( R]QDþDYDQMH SRND]XMH GD MH SURL]YRG XVNODÿHQVD
UHOHYDQWQLP HVHQFLMDOQLP ]DKWMHYLPD L GUXJLP SULPMHQMLYLP RGUHGEDPD L GD MH SURL]YRG ELR
SUHGPHWRGJRYDUDMXüHLKSURFHGXUHDRFMHQMLYDQMDXVNODÿHQRVWL=ERJWRJD'UåDYDPDþODQLFDPDVH
QH GR]YROMDYD GD RJUDQLþH SODVLUDQMH QD WUåLãWH L VWDYOMDQMH X XSRWUHEX SURL]YRGD R]QDþHQLK &(
R]QDNRP RVLP DNR WDNYH PMHUH PRJX ELWL RSUDYGDQH QD RVQRYX  GRND]D R QHXVNODÿHQRVWL
SURL]YRGD

'LUHNWLYH REH]EMHÿHQH ]D SRVWDYOMHQMH &( R]QDNH XJODYQRP VOLMHGHSULQFLSH  1RYRJ L *OREDOQRJ
SULVWXSDDOLMHWRVDPRSRVHELQHELWQR]DSULPMHQX&(R]QDþDYDQMD8VWYDUL&(R]QDþDYDQMHPRåH
ELWLXYHGHQRX]DNRQVNHDNWH=DMHGQLFHNDR]DNRQVNRR]QDþDYDQMHXVNODÿHQRVWLDNR

o VH NRULVWL PHWRG SRWSXQH KDUPRQL]DFLMH NRML ]QDþL GD VYL GLYHUJHQWQL QDFLRQDOQL SURSLVL  NRML
SRNULYDMXLVWHMDYQHLQWHUHVHNDRGLUHNWLYDVX]DEUDQMHQLL
o GLUHNWLYDVDGUåLSURFHGXUHRFMHQMLYDQMDXVNODÿHQRVWLXVNODGXVDRGOXNRP9LMHüD((&


8YH]LVDQDG]RURPQDGWUåLãWHPYLGLSRJODYOMH


.DR RSãWH SUDYLOR VYH GLUHNWLYH 1RYRJ SULVWXSD VX REH]ELMHÿHQH ]D SRVWDYOMDQMH &( R]QDNH 8
VOXþDMHYLPDNRMLVXYDOMDQRRSUDYGDQLGLUHNWLYDPRåHELWLREH]ELMHÿHQD]DGUXJXYUVWXR]QDþDYDQMD
XPMHVWR&(R]QDþDYDQMD

3RãWR VYL SURL]YRGL SRNULYHQL GLUHNWLYDPD 1RYRJ SULVWXSD QRVH &( R]QDNX RYR R]QDþDYDQMH QH
PRåH VOXåLWL ]D NRPHUFLMDOQH VYUKH &( R]QDND QLMH ]QDN SRULMHNOD SURL]YRGD NDR ãWR L QH PRåH
SRND]DWLGDMHSURL]YRGSURL]YHGHQX=DMHGQLFL

 352,=92',.2-,75(%$-8%,7,2=1$ý(1,&(2=1$.20

x &(R]QDþDYDQMHMHREDYH]QRL&(R]QDNDPRUDELWLSRVWDYOMHQDSULMHQHJRãWRVHELORNRML
SURL]YRGSRNULYHQGLUHNWLYDPD1RYRJSULVWXSDLOLGUXJLPGLUHNWLYDPDREH]ELMHÿHQLP]D
QMHJRYR SRVWDYOMHQMH SODVLUD QD WUåLãWH L VWDYOMD X XSRWUHEX L]X]HY JGMH VSHFLILþQH
GLUHNWLYH]DKWMHYDMXGUXJDþLMH

x 7DPRJGMHVXLQGXVWULMVNLSURL]YRGLSUHGPHWQHNROLNRGLUHNWLYDNRMHVXVYHREH]ELMHÿHQH
]DSRVWDYOMDQMH&(R]QDNH R]QDþDYDQMH PRUD SRND]DWL GD VH ]D SURL]YRGH SUHWSRVWDYOMD
GDVXXVNODGXVDRGUHGEDPDVYLKWLKGLUHNWLYD

x 3URL]YRGQHELPRJDRQRVLWL&(R]QDNXL]X]HY DNR WR QLMH SRNULYHQR GLUHNWLYRP NRMD MH


REH]ELMHÿHQD]DQMHJRYRSRVWDYOMHQMH

2EDYH]D GD VH SRVWDYL &( R]QDND VH SURãLUXMH QD VYH SURL]YRGH X RNYLUX SRGUXþMD SULPMHQH
GLUHNWLYDREH]ELMHÿHQLK]DQMHJRYRSRVWDYOMDQMHNRMLVHQDPMHUDYDMXSODVLUDWLLLOLVWDYLWLXXSRWUHEX
QDWUåLãWH=DMHGQLFHSUYLSXW 3UHPDWRPH&(R]QDNDPRUDELWLSRVWDYOMHQD

o QDVYHQRYHSURL]YRGHELORGDVXSURL]YHGHQLX'UåDYDPDþODQLFDPDLOLXWUHüLP]HPOMDPD
o QDNRULãWHQHLSURL]YRGHL]GUXJHUXNHXYH]HQHL]WUHüLK]HPDOMDL
o QDELWQRL]PLMHQMHQHSURL]YRGHNRMLVXSUHGPHWGLUHNWLYDNDRQRYLSURL]YRGL


'LUHNWLYH NRMH VH RGQRVH QD PRUQDULþNX RSUHPX L YLVRNREU]LQVNH åHOMH]QLþNH VLVWHPH VOLMHGH SULQFLSH
*OREDOQRJ SULVWXSD DOL QH ]DKWLMHYDMX &( R]QDþDYDQMH 8PMHVWR WRJD GLUHNWLYD R PRUQDULþNRM RSUHPL
]DKWLMHYDSRVHEDQ]QDNRXVNODÿHQRVWLQDNRMLVHVPMHUQLFHRYRJSRJODYOMDXRSãWHQRRGQRVH'LUHNWLYHNRMHVH
RGQRVHQDWRSORYRGQHNRWORYHLUDVKODGQHDSDUDWHVOLMHGHSULQFLSH*OREDOQRJSULVWXSDDOLQHSULQFLSH1RYRJ
SULVWXSDLREH]ELMHÿHQHVX]DSRVWDYOMDQMH&(R]QDNH'UXJDYUVWDR]QDþDYDQMDXPMHVWR&(R]QDþDYDQMDMH
SUHGYLÿHQDXQDFUWXGLUHNWLYHRSUHGPHWLPHRGGUDJRFMHQRJPHWDOD

8YH]LVDSURL]YRGLPDSRWþLQMHQLPGLUHNWLYDPDYLGLSRJODYOMH


'LUHNWLYH EL PRJOH LVNOMXþLWL SULPMHQX &( R]QDþDYDQMDQD RGUHÿHQH SURL]YRGH PDGD VH GLUHNWLYD
LQDþHRGQRVLQDSURL]YRG.DRRSãWHSUDYLORWDNYLSURL]YRGLVXSUHGPHWVORERGQRJSURWRNDDNR

x LPMHSULGUXåHQDGHNODUDFLMDR XVNODÿHQRVWL  WM VLJXUQRVQH NRPSRQHQWH QD NRMH VH XSXüXMH X


GLUHNWLYLRPDãLQDPD 
x DNR LP MH SULGUXåHQD L]MDYD WM QD FDULQL QDSUDYOMHQD ]D PHGLFLQVNH XUHÿDMH LOL XUHÿDMH
QDPLMHQMHQH]DNOLQLþNDLVWUDåLYDQMD 
x DNRLPMHSULGUXåHQFHUWLILNDWRXVNODÿHQRVWL WMNRPSRQHQWHQDNRMHVHXSXüXMHXGLUHNWLYLNRMD
VH RGQRVL QD SRWHQFLMDOQR HNVSOR]LYQH DWPRVIHUH NRMH VX QDPLMHQMHQH GD EXGX XJUDÿHQH X
RSUHPXLOLVLVWHPH]D]DãWLWXLSULNOMXþFLQDNRMHVHXSXüXMHXGLUHNWLYLNRMDVHRGQRVLQDJDVQH
DSDUDWH 
x SURL]YRG QRVL LPH SURL]YRÿDþD L SRND]DWHOM R PDNVLPDOQRP NDSDFLWHWX WM LQVWUXPHQWL QLVX
SUHGPHW RFMHQMLYDQMD XVNODÿHQRVWL X VNODGX VD GLUHNWLYRP  NRMD VH RGQRVL QD QHDXWRPDWVNH
YDJH LOL
x VHSURL]YRGSURL]YRGLXVNODGXVDSRX]GDQRP LQåHQMHUVNRP SUDNVRP WM RGUHÿHQH SRVXGH QD
NRMHVHXSXüXMHXGLUHNWLYLNRMDVHRGQRVLQDMHGQRVWDYQHSRVXGHSRGSULWLVNRP 

=D YULMHPH SUHOD]QRJ SHULRGD GLUHNWLYH SURL]YRÿDþ RELþQR LPD PRJXüQRVWL]ERUD  LOL GD ]DGRYROML
]DKWMHYH GLUHNWLYH LOL UHODYDQWQH QDFLRQDOQH SURSLVH 2GDEUDQD RSFLMD L NDR UH]XOWDW RSVHJD
XVNODÿHQRVWLX&(R]QDþDYDQMXPRUDELWLVWDYOMHQDGR]QDQMDRGVWUDQHSURL]YRÿDþDX(&GHNODUDFLML
R XVNODÿHQRVWL L X REDYMHãWHQMLPD LOL XSXWVWYLPD NRMD LGX ]DMHGQR VD SURL]YRGRP LOL JGMH MH WR
SULNODGQRQDQDWSLVQRMSORþLFL

 3267$9/-$1-(&(2=1$.(

x &(R]QDNXPRUDSRVWDYLWLSURL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLNVDVMHGLãWHPX
=DMHGQLFL

x &( R]QDþDYDQMH VH PRUD VDVWRMDWL RG LQFLMDOD ³&(´ þLML MH REOLN RSLVDQ X RGOXFL
9LMHüD ((& LOL UHVSHNWLYQR X SULPMHQMLYRM GLUHNWLYL $NR MH &( R]QDND
VPDQMHQDLOLXYHüDQDSURSRUFLMHVHPRUDMXSRãWLYDWL7DPRJGMHSULPMHQMLYDGLUHNWLYD
QHQDPHüHVSHFLILþQHGLPHQ]LMH&(R]QDNDPRUDLPDWLYLVLQXRGQDMPDQMHPP

x &( R]QDND  PRUD ELWL SRVWDYOMHQD QD SURL]YRG LOL QD QMHJRYX QDWSLVQX SORþLFX
0HÿXWLPJGMHWRQLMHPRJXüHLOLQLMHSRX]GDQRVRE]LURPQDSULURGXSURL]YRGD&(
R]QDNDPRUDELWLSRVWDYOMHQDQDSDNRYDQMHDNRSRVWRMLLQDSUDWHüHGRNXPHQWHWDPR
JGMHSRVPDWUDQDGLUHNWLYDREH]EMHÿXMH]DWRWDNYHGRNXPHQWH

x &(R]QDNDPRUDELWLSRVWDYOMHQDYLGOMLYRþLWNRLQHL]EULVLYR


x ,GHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD PRUD ELWL SRVWDYOMHQ QDNRQ &( R]QDþDYDQMD X
VOXþDMX JGMH MH SULMDYOMHQR WLMHOR XNOMXþHQR X ID]X NRQWUROH SURL]YRGQMH X VNODGX VD
SULPMHQMLYRPLP GLUHNWLYRPDPD ,GHQWLILNDFLRQL EURM SULMDYOMHQRJ WLMHOD  PRUD ELWL
SRVWDYOMHQXVNODGXVDRGJRYRUQRãüXSULMDYOMHQRJWLMHODLPRUDJDSRVWDYLWLSURL]YRÿDþ
LOLQMHJRYRYODãWHQLSUHGVWDYQLNVDVMHGLãWHPX=DMHGQLFL

x $NR MH QHRSKRGQR GD VH GRQHVX RGUHGEH NRMH VH RGQRVH QD NRULãWHQMH RGUHÿHQLK
SURL]YRGD QDNRQ &( R]QDþDYDQMD L LGHQWLILNDFLRQRJ EURMD SULMDYOMHQRJ WLMHOD PRåH
VOLMHGLWL LOXVWURYDQL GLMDJUDP LOL ELOR NRML GUXJL ]QDN NRML SRND]XMH QD SULPMHU
NDWHJRULMXXSRWUHEH

3URL]YRÿDþ ELOR GD LPD VMHGLãWH X LOL L]YDQ =DMHGQLFH MH RVRED NRMD LPD NUDMQMX RGJRYRUQRVW ]D
XVNODÿHQRVW SURL]YRGD VDRGUHGEDPD  GLUHNWLYH L ]D SRVWDYOMDQMH &( R]QDNH =D LVSXQMDYDQMH RYLK
RGJRYRUQRVWL SURL]YRÿDþ PRåH RGUHGLWL RYODãWHQRJ SUHGVWDYQLND VD VMHGLãWHP X =DMHGQLFL 8
YDQUHGQLPVOXþDMHYLPDRVREDRGJRYRUQD]DSODVLUDQMHSURL]YRGDQDWUåLãWHMHREDYH]QDGDSUHX]PH
RGJRYRUQRVWLSURL]YRÿDþD

8 SULQFLSX &( R]QDND QH PRåH ELWL SRVWDYOMHQD GRN VH QH ]DYUãL SURFHGXUD RFMHQMLYDQMD
XVNODÿHQRVWLLQHYHULILFLUDGDMHSURL]YRGXVNODGXVDVYLPRGUHGEDPDUHOHYDQWQLKGLUHNWLYD2YRVH
RELþQR SURYRGL QD NUDMX ID]H SURL]YRGQMH 2YR QH SUHGVWDYOMD SUREOHP DNR VH QD SULPMHU  &(
R]QDNDQDOD]LQDQDWSLVQRMSORþLFLNRMDQLMHSRVWDYOMHQDQDSURL]YRGGRRNRQþDQMDILQDOQHLQVSHNFLMH

0HÿXWLP DNR &( R]QDþDYDQMH SUHGVWDYOMD QHRGYRMLY GLR RG SURL]YRGD LOL QMHJRYH NRPSRQHQWH
QSU XWLVNLYDQMHP LOL OLYHQMHP  R]QDND PRåH ELWL SRVWDYOMHQD QD ELOR NRMHP GUXJRP QLYRX ID]H
SURL]YRGQMH8RYDNYLPVOXþDMHYLPDLWDNRÿHUDNRMHR]QDNDSRVWDYOMHQDQDSDNRYDQMHLOLQDSUDWHüH
GRNXPHQWHSURL]YRÿDþLOLSULMDYOMHQRWLMHORPRUDMXMHGQDNRYHULILFLUDWLXVNODÿHQRVWSURL]YRGDXID]L
NRQWUROHSURL]YRGQMH

3UDYLORMHGD&(R]QDNDPRUDELWLSRVWDYOMHQDQDSURL]YRGLOLQDQMHJRYXQDWSLVQXSORþLFX'RGDWQR
&(R]QDNDPRåHELWLSRVWDYOMHQDQDSULPMHUQDSDNRYDQMHLOLQDSUDWHüHGRNXPHQWH

1H PRåH VH SURSXVWLWL SRVWDYOMDQMH &( R]QDNH QD SURL]YRG QLWL VH &( R]QDND VPLMH SUHPMHVWLWL QD
SDNRYDQMHLOLSUDWHüHGRNXPHQWHL]þLVWRHVWHWVNLKUD]ORJD6DPRWDPRJGMHVH


8YH]LVDRGJRYRUQRVWLSURL]YRÿDþDLQMHJRYRJRYODãWHQRJSUHGVWDYQLNDYLGLSRJODYOMDL LWDEHOX
8YH]LVDRGJRYRUQRVWLXYR]QLNDLRVREHRGJRYRUQH]DSODVLUDQMHSURL]YRGDQDWUåLãWHYLGLSRJODYOMH


RSãWHSUDYLORNRMHVHRGQRVLQDSRVWDYOMDQMH&(R]QDNHQHPRåHVOLMHGLWL&(R]QDNDELPRJODELWL
NDRL]X]HWDNSUHPMHãWHQDVDSURL]YRGDLOLQMHJRYHQDWSLVQHSORþLFH2YRPRåHELWLRSUDYGDQRNDGD
MH SRVWDYOMDQMH &( R]QDNH QD SURL]YRG QHPRJXüH QSU QD RGUHÿHQH WLSRYH HNVSOR]LYD  LOL QLMH
PRJXüH ]ERJ UD]XPOMLYLK WHKQLþNLK XVORYD LOL ]ERJ QHPRJXüQRVWL GD VH LVSRãWXMH SUDYLOR R
PLQLPXPXGLPHQ]LMD&(R]QDNHLOLVHQHELPRJORRVLJXUDWLGDMH&(R]QDNDSRVWDYOMHQDYLGOMLYR
þLWNR L QHL]EULVLYR 8 WDNYLP VOXþDMHYLPD &( R]QDND PRUD ELWL SRVWDYOMHQD QD SDNRYDQMH DNR
SDNRYDQMH SRVWRML L QD SUDWHüL GRNXPHQW JGMH MH WR SUHGYLÿHQR X SUHGPHWQRM GLUHNWLYL ]D WDNYH
GRNXPHQWH

=DKWMHY]DYLGOMLYRãüX]QDþLGD&(R]QDNDPRUDELWLODKNRXRþOMLYD]DQDGOHåQDWLMHOD]DQDG]RUQDG
WUåLãWHP ,] LVWRJ UD]ORJD &( R]QDND PRUD ELWL YLGOMLYD ]D GLVWULEXWHUH NRULVQLNH L SRWURãDþH &(
R]QDND EL PRJOD ]ERJ WRJDQD SULPMHU ELWL SRVWDYOMHQD VD OHÿD QSU WHOHYL]RU  LOL VD GRQMH VWUDQH
SURL]YRGD QSU WHOHIRQVNL DSDUDW  ,] UD]ORJD þLWOMLYRVWL MH XYHGHQD PLQLPDOQD YLVLQD ]QDND NRMD
L]QRVL  PP =DKWMHY ]D QHL]EULVLYRãüX ]QDþL GD &( R]QDND QH VPLMH LãþH]QXWL VD SURL]YRGD EH]
RVWDYOMDQMD XRþOMLYLK WUDJRYD SRG QRUPDOQLP RNROQRVWLPD 0HÿXWLP RYR QH ]QDþL GD &( R]QDND
PRUDþLQLWLMHGLQVWYHQGLRSURL]YRGD

=DYLVQR RG SULPLMHQMHQLK SURFHGXUD ]D RFMHQMLYDQMH XVNODÿHQRVWL SULMDYOMHQR WLMHOR PRåH ELWL
XNOMXþHQRXID]XGL]DMQDID]XSURL]YRGQMHLOLXREMHID]H ,GHQWLILNDFLRQLEURMSULMDYOMHQRJWLMHODüH
VOLMHGLWL QDNRQ &( R]QDNH VDPR DNR MH SULMDYOMHQR WLMHOR XNOMXþHQR X ID]X SURL]YRGQMH QSU
LGHQWLILNDFLRQLEURMSULMDYOMHQRJWLMHODXNOMXþHQRJXRFMHQMLYDQMHXVNODÿHQRVWLXVNODGXVDPRGXORP
% QLNDGD QH VOLMHGL QDNRQ &( R]QDNH  3RQHNDG MH QHNROLNR SULMDYOMHQLK WLMHOD XNOMXþHQR X ID]X
SURL]YRGQMH WM WDPR JGMH MH SULPMHQMLYR YLãH RG MHGQH GLUHNWLYH 8 WDNYLP VLWXDFLMDPD QHNROLNR
LGHQWLILNDFLRQLKEURMHYDVOLMHGLQDNRQ&(R]QDNH6DJODVQRWRPH&(R]QDNDüHVHSRMDYLWLWDNRÿHU
QDSURL]YRGLPD

o EH] LGHQWLILNDFLRQRJ EURMD ãWR ]QDþL GD SULMDYOMHQR WLMHOR QLMH LPDOR XþHãüD X ID]L SURL]YRGQMH
PRGXO$PRGXOL$DL&ELVJGMHMHSULMDYOMHQRWLMHORLPDORXþHãüHVDPRXID]LSURL]YRGQMHL
NRPELQDFLMDPRGXOD%L& LOL


0HÿXWLP X VNODGX VD GLUHNWLYDPD NRMH VH RGQRVH QD MHGQRVWDYQH SRVXGH SRG SULWLVNRP PDãLQH
QHDXWRPDWVNH YDJH JDVQH DSDUDWH WHOHNRPXQLNDFLRQX WHUPLQDO RSUHPX WRSORYRGQH NRWORYH RSUHPX ]D
UHNUHDFLMXOLIWRYHUDVKODGQHDSDUDWHLRSUHPX]DUDGSRGSULWLVNRP&(R]QDNDPRUDXYLMHNELWLSRVWDYOMHQD
QDSURL]YRG
'LUHNWLYD NRMD VH RGQRVL QD SRWHQFLMDOQR HNVSOR]LYQH DWPRVIHUH ]DKWLMHYD GD &( R]QDND EXGH REDYH]QR
SRVWDYOMHQDQDSURL]YRG0HÿXWLPXVDJODãHQRMHGDRSãWLSULQFLS]DXNODQMDQMH&(R]QDNH VDSURL]YRGDLOL
QMHJRYHQDWSLVQHSORþLFHQDSULPMHUMHSULPMHQMLYLQDSDNRYDQMDWDNYLKSURL]YRGDSRGVOLþQLPRNROQRVWLPD
NDRãWRMHSUHGYLÿHQRXGLUHNWLYDPD1RYRJSULVWXSDNRMHREH]EMHÿXMXLRYDNYXRSFLMX

8VNODGXVDGLUHNWLYDPDNRMHVHRGQRVHQDDNWLYQDLPSODQWDFLRQDPHGLFLQVNDVUHGVWYDPHGLFLQVNDVUHGVWYD
L SRWHQFLMDOQR HNVSOR]LYQH DWPRVIHUH PLQLPDOQD GLPHQ]LMD &( R]QDNH PRåH ELWL XVNODÿHQD SUHPD PDOLP
XUHÿDMLPD

8YH]LVDSURFHGXUDPDRFMHQMLYDQMDXVNODÿHQRVWLYLGLSRJODYOMH8YH]L VD]DGDFLPDSULMDYOMHQLKWLMHODX
VNODGXVDSURFHGXURPRFMHQMLYDQMDXVNODÿHQRVWLYLGLSRJODYOMH


o VDLGHQWLILNDFLRQLPEURMHPãWR]QDþLGDSULMDYOMHQRWLMHORSUHX]LPDRGJRYRUQRVW
o ]D LVWUDåLYDQMD L LVSLWLYDQMD SURYHGHQD GD VH RFLMHQL XVNODÿHQRVW SURL]YRGD X ID]L
NRQWUROHSURL]YRGQMH PRGXOL))ELVL* 
o ]DLVSLWLYDQMDSRVHEQLKDVSHNDWDSURL]YRGD PRGXOL$DL&ELVWDPRJGMHVHSULMDYOMHQR
WLMHORXPLMHãDORXWRNXID]HSURL]YRGQMH 
o ]DSURYMHUHSURL]YRGD PRGXOL$DL&ELV LOL
o ]D RFMHQX SURL]YRGQMH RVLJXUDQMH NYDOLWHWD SURL]YRGD LOL SRWSXQR RVLJXUDQMH NYDOLWHWD
PRGXOL''ELV((ELV+L+ELV 

&(R]QDNDLLGHQWLILNDFLRQLEURMSULMDYOMHQRJWLMHODQHPRUDMXREDYH]QRELWLSRVWDYOMHQLQDWHULWRULML
=DMHGQLFH2QLPRJXELWLSRVWDYOMHQLXWUHüRM]HPOMLDNRMHSURL]YRGQDSULPMHUWDPRSURL]YHGHQL
SULMDYOMHQRWLMHORMHSURYHORRFMHQMLYDQMHXVNODÿHQRVWLXWRM]HPOMLXVNODGXVDGLUHNWLYRP&(R]QDND
L LGHQWLILNDFLRQL EURM PRJX WDNRÿHU ELWL SRVWDYOMHQL SRVHEQR GRNOH JRG R]QDND L EURM RVWDMX
NRPELQRYDQL

&( R]QDþDYDQMH VH VDVWRML LVNOMXþLYRRG VORYD ³&(´ L]D NRMLK VOLMHGLH LGHQWLILNDFLRQL EURMHYL ELOR
NRMHJSULMDYOMHQRJWLMHODXNOMXþHQRJXID]XSURL]YRGQMH,OXVWURYDQLGLMDJUDPLLOLGUXJHR]QDNHNRMH
XND]XMXQDXSRWUHEXSURL]YRGDVXXVNODGXVDQHNLPGLUHNWLYDPD 1RYRJSULVWXSDQDGRSXQMLYHVD
&(R]QDþDYDQMHPDOLQHSUHGVWDYOMDMXQMHJRYGLR


1D SULPMHU VLPERO NRML XND]XMH GD MH WHOHNRPXQLNDFLRQD WHUPLQDO RSUHPD RGJRYDUDMXüD ]D VSDMDQMH QD
MDYQXWHOHNRPXQLNDFLRQXPUHåXLOLGDMH]DKWLMHYDQDQDOMHSQLFDRHQHUJHWVNRPXþLQNX]DWRSORYRGQHNRWORYH
LOL GD MH ]DKWLMHYDQ VLPERO R ]DãWLWL RG HNVSOR]LMH ]D RSUHPX L ]DãWLWQH VLVWHPH QDPLMHQMHQH ]D XSRWUHEX X
SRWHQFLMDOQRHNVSOR]LYQLPDWPRVIHUDPD'LUHNWLYHNRMHVHRGQRVHQDJUDÿHYLQVNHSURL]YRGHPDãLQHJDVQH
DSDUDWH DNWLYQD LPSODQWDFLRQD PHGLFLQVND VUHGVWYD SRWHQFLMDOQR  HNVSOR]LYQH DWPRVIHUH PHGLFLQVND
VUHGVWYDLOLþQX]DãWLWQXRSUHPX]DKWLMHYDMXGRGDWQRR]QDþDYDQMHQDSULPMHUGDLGHQWLILFLUDMXSURL]YRÿDþDL
SURL]YRGLOLGDQDJODVHVLJXUQRVWSURL]YRGDXXSRWUHEL1HNROLNRGLUHNWLYDWDNRÿHU]DKWLMHYDGD]DGQMHFLIUH
JRGLQHXNRMRMMH&(R]QDNDELODSRVWDYOMHQDEXGXQD]QDþHQH


 &(2=1$ý$9$1-(,'58*(2=1$.(

x &( R]QDþDYDQMH MH MHGLQR R]QDþDYDQMH NRMH PDWHULMDOL]XMH XVNODÿHQRVW SURL]YRGD VD


SULPMHQMLYLP GLUHNWLYDPD REH]ELMHÿHQLP ]D QMHJRYR SRVWDYOMDQMH 'UåDYH þODQLFH VH
PRUDMX X]GUåDWL RG XYRÿHQMD X VYRMH QDFLRQDOQH SURSLVH ELOR NDNYRJ XSXüLYDQMD QD
R]QDþDYDQMH XVNODÿHQRVWL GUXJDþLMHJ RG &( R]QDþDYDQMD X YH]L VD XVNODÿHQRãüX VD
VYLP RGUHGEDPD VDGUåDQLP X GLUHNWLYDPD 1RYRJ SULVWXSD L GUXJLP GLUHNWLYDPD
REH]ELMHÿHQLP]DSRVWDYOMDQMH&(R]QDNH

x 3URL]YRGPRåHQRVLWLGUXJHR]QDNHQDSULPMHUR]QDNHNRMHXND]XMXQDXVNODÿHQRVWVD
QDFLRQDOQLPLOL(YURSVNLPVWDQGDUGLPDNRMLVXREH]ELMHÿHQLGDRYHR]QDNHQHEXGX
RGJRYRUQH ]D X]URNRYDQMH ]DEXQH X YH]L VD &( R]QDþDYDQMHP 1DGDOMH RYDNYH
R]QDNH PRJX ELWL SRVWDYOMHQH VDPR QD SURL]YRG QMHJRYR SDNRYDQMH LOL SUDWHüX
GRNXPHQWDFLMXSRGXVORYRPGDþLWOMLYRVWLYLGOMLYRVW&(R]QDNHQLVXVPDQMHQH

&(R]QDþDYDQMH]DPMHQMXMHVYDREDYH]QHR]QDþDYDQMDXVNODÿHQRVWLNRMHLPDMXLVWR]QDþHQMHNDRL
&(R]QDþDYDQMHLNRMHVXSRVWRMDOHXQDFLRQDOQLP]DNRQVNLPDNWLPD'UåDYDþODQLFDSULMHQHJRãWR
VH SURYHOD KDUPRQL]DFLMD 2YH QDFLRQDOQH R]QDNH ]D XVNODÿHQRVW VX XYLMHN QHNRPSDWLELOQHVD &(
R]QDþDYDQMHP L GRYRGH GR NUãHQMD SULPMHQMLYLK GLUHNWLYD 1RYRJ SULVWXSD .DGD SUHX]LPDMX
GLUHNWLYH 'UåDYH þODQLFH PRUDMX XNOMXþLWL &( R]QDþDYDQMH X VYRMH QDFLRQDOQH SURSLVH L
DGPLQLVWUDWLYQH SURFHGXUH ,VWRYUHPHQR 'UåDYH þODQLFH VH PRUDMX X]GUåDWL RG XYRÿHQMD X VYRMH
QDFLRQDOQH]DNRQVNHDNWHELORNRMHJGUXJRJR]QDþDYDQMDXVNODÿHQRVWLNRMHLPDLVWR]QDþHQMHNDRL
&(R]QDþDYDQMH

9ODVQLFL åLJRYD VOLþQLK &( R]QDFL þLMH SUDYR NRULãWHQMD VX VWHNOL SULMH XYRÿHQMD UHåLPD &(
R]QDþDYDQMD üH ELWL ]DãWLüHQL RG RGX]LPDQMD MHU WDNYL åLJRYL SR SUDYLOX QHüH ELWL RGJRYRUQL ]D
REPDQMLYDQMH QDGOHåQLK WLMHOD ]D QDG]RU QDG WUåLãWHP GLVWULEXWHUD NRULVQLND SRWURãDþD LOL QHNH
VOLþQHWUHüHVWUDQH

3RVWDYOMDQMH ]DNRQVNH R]QDNH QSU ]DãWLüHQL åLJ SURL]YRÿDþD LOL SULMDYOMHQRJ WLMHOD  LOL SULYDWQLK
]QDNRYD]DFHUWLILFLUDQMHNRMLVHGRGDMXX]&(R]QDþDYDQMHMHGR]YROMHQRGRJUDQLFDGRNRMLKWDNYL
]QDNRYLLOLR]QDNHQHVWYDUDMX]DEXQXXYH]LVD&(R]QDþDYDQMHPLQHVPDQMXMXþLWNRVWLYLGOMLYRVW
&( R]QDNH 'RYROMDQ UD]ORJ GD VH RYDNYL ]QDNRYL ]DEUDQH MHNDGD  EL ]QDN LOL R]QDND PRJOL ELWL
]EXQMXMXüL X VPLVOX ]QDþHQMD L IRUPH &( R]QDþDYDQMD L NDGD EL RQL PRJOL ELWL SRPMHãDQL VD &(
R]QDþDYDQMHP2GOXNDGDOLQHNLGUXJL]QDN]EXQMXMHLSUHPDWRPHREPDQMXMHPRUDELWLGRQHVHQD
VD WDþNH JOHGLãWD SRWURãDþD NRULVQLND QDGOHåQLK WLMHOD ]D QDG]RU QDG WUåLãWHP L UHOHYDQWQLK WUHüLK
VWUDQDNRMHYMHURYDWQRGROD]HXNRQWDNWVDWDNYLP]QDNRP


'DELVHL]EMHJOD]DEXQDXYH]LVD&(R]QDþDYDQMHPRVWDOL]QDNRYLNRMLVXXVNODGXVD]DNRQRPLOL
SULYDWQL]QDNRYL]DFHUWLILFLUDQMHPRUDMXLVSXQLWLUD]OLþLWHIXQNFLMHXRGQRVXQD&(R]QDþDYDQMHWM
RQLPRUDMXQD]QDþLWLXVNODÿHQRVWVDJUXSRPSURSLVDLOLVWDQGDUGDNRMLVHUD]OLNXMXRGRQLKVDNRMLPD
&(]QDNL]UDåDYDXVNODÿHQRVW1DGDOMHRYHR]QDNHL]QDNRYLPRUDMXLPDWLGRGDWQXYULMHGQRVWNRMD
VHRGQRVLQD]DKWMHYHGLUHNWLYDXRSãWHPVPLVOXRVQRYD]DLVSRUXNXRYLK]QDNRYDLR]QDNDPRUD
ELWL SRWSXQR X VNODGX VD HVHQFLMDOQLP ]DKWMHYLPD KDUPRQL]LUDQLP VWDQGDUGLPD SURFHGXUDPD
RFMHQMLYDQMD XVNODÿHQRVWL L SUDWHüLP GRNXPHQWLPD SURL]YRGD NDR ãWR VH ]DKWLMHYD X SULPMHQMLYLP
GLUHNWLYDPD


1$'=251$'75ä,â7(0

35,1&,3,1$'=25$1$'75ä,â7(0

x 1DG]RUQDGWUåLãWHPMHYDåDQLQVWUXPHQW]DSURYRÿHQMHGLUHNWLYD1RYRJSULVWXSD

x 6YUKD QDG]RUD QDG WUåLãWHP MH GD RVLJXUD GD VX RGUHGEH SULPMHQOMLYLK GLUHNWLYD XVNODÿHQH
ãLURP =DMHGQLFH *UDÿDQL LPDMX SUDYR QD MHGQDN QLYR ]DãWLWH XQXWDU MHGLQVWYHQRJ WUåLãWD
EH]RE]LUDQDSRULMHNORSURL]YRGD

x 'UåDYH þODQLFH PRUDMX LPHQRYDWL LOL XVSRVWDYLWL QDGOHåQD WLMHOD NRMD üH ELWL RGJRYRUQD ]D
QDG]RUQDGWUåLãWHP2YDQDGOHåQDWLMHODWUHEDGDLPDMXQHRSKRGQHUHVXUVHLRYODãWHQMD]D
VYRMH DNWLYQRVWL QDG]RUD GD RVLJXUDYDMX WHKQLþNX NRPSHWHQWQRVW L SURIHVLRQDOQR SRãWHQMH
VYRJD RVREOMD L SRQDãDMX VH QD QHRYLVDQ L QHGLVNULPLQDWRUDQ QDþLQ XYDåDYDMXüL SULQFLS
SURSRUFLRQDOQRVWL

x 3ULMDYOMHQDWLMHODELPRUDODXRVQRYLELWLLVNOMXþHQDL]RGJRYRUQRVWL]DDNWLYQRVWLQDG]RUD
QDGWUåLãWHP]DWRGDELVHL]EMHJDRVXNRELQWHUHVD

3URYRÿHQMH ]DNRQVNLK DNDWD =DMHGQLFH MH REDYH]D 'UåDYD þODQLFD þODQ  6SRUD]XPD ]DKWLMHYD RG
'UåDYDþODQLFDGDSRGX]PXVYHRGJRYDUDMXüHPMHUHGDRVLJXUDMXLVSXQMDYDQMHVYRMLKREDYH]DNRMH
SURL]LOD]HL]6SRUD]XPD1DG]RUQDGWUåLãWHPMHWHPHOMQLLQVWUXPHQW]DSURYRÿHQMHGLUHNWLYD1RYRJ
3ULVWXSDLVYLKRVWDOLKGLUHNWLYDMHGLQVWYHQRJWUåLãWD

9LVRNQLYR]DãWLWHMHSUHGYLÿHQXGLUHNWLYDPD1RYRJSULVWXSD2YR]DKWLMHYDRG'UåDYDþODQLFDGD
SRGX]PX VYH QHRSKRGQH PMHUH GD RVLJXUDMX GD VH SURL]YRGL PRJX SODVLUDWL QD WUåLãWH L VWDYLWL X
XSRWUHEX VDPR DNR RQL QH XJURåDYDMX VLJXUQRVW L ]GUDYOMH OMXGL LOL GUXJH LQWHUHVH SRNULYHQH
SULPMHQMLYRPLP GLUHNWLYRPDPD 1RYRJ SULVWXSD NDGD VX SURL]YRGL SUDYLOQR NRQVWUXLVDQL
PRQWLUDQLLRGUåDYDQLLNRULãWHQLXVNODGXVDVYRMRPQDPMHQRP

BBBBBBBBBBBBBBBBBBBBBBBBBBBB

3URYRÿHQMH WDNRÿHU SRNULYD SRVHEQR REDYH]X XNODQMDQMD VYLK SUHSUHND VORERGQRP SURWRNX SURL]YRGD
R]QDþHQLK &( R]QDNRP XVSRVWDYOMD VWUXNWXUH ]D SUHX]LPDQMH KDUPRQL]LUDQLK VWDQGDUGD L ]D SULMDYOMLYDQMH
WLMHOD]DRFMHQMLYDQMHXVNODÿHQRVWLLNDåQMDYDNUãHQMHGLUHNWLYD1RYRJSULVWXSD


2YRSRGUD]XPLMHYDREDYH]X'UåDYDþODQLFDGDRUJDQL]XMXLSURYRGHQDG]RUQDGWUåLãWHPQDQDþLQ
NRMLMHHILNDVDQLGRYROMQRRSVHåDQGDRWNULMHQHXVNODÿHQHSURL]YRGH2YRMH]DWRGDVH]DãWLWHRG
QHORMDOQHNRQNXUHQFLMHQHVDPRLQWHUHVLSRWURãDþDUDGQLNDLGUXJLKNRULVQLNDQHJRWDNRÿHULLQWHUHVL
HNRQRPVNLKRSHUDWRUD
2EDYH]DQDG]RUDQDGWUåLãWHPVHQDGRSXQMXMHVDRGUHGERPGLUHNWLYD1RYRJSULVWXSDNRMD]DKWLMHYD
GD'UåDYHþODQLFHGR]YROHVORERGDQSURWRNSURL]YRGDNRMLVXXVNODÿHQLVD]DKWMHYLPD2YDREDYH]D
WDNRÿHU RGJRYDUD SUDYX 'UåDYD þODQLFD GD SURYMHUH SR ]DãWLWQRM NODX]XOL VORERGDQ SURWRN ELWQR
QHXVNODÿHQLKSURL]YRGD

'LUHNWLYDNRMDVHRGQRVLQDVLJXUQRVWLJUDþDNDXVSRVWDYOMDRGUHGEH]DQDGOHåQDWLMHOD]DQDG]RUQDG
WUåLãWHP L REDYH]XMH 'UåDYH þODQLFH GD ãDOMX .RPLVLML L]YMHãWDM VYDNH WUL JRGLQH 2VWDOH GLUHNWLYH
1RYRJ SULVWXSD QH VDGUåH SRVHEQH RGUHGEH R WRPH NDNR EL QDG]RU QDG WUåLãWHP WUHEDR ELWL
RUJDQL]RYDQ L SURYHGHQ X 'UåDYDPD þODQLFDPD 'LUHNWLYD R RSãWRM VLJXUQRVWL SURL]YRGD VDGUåL
GHWDOMQLML RSLV REDYH]H 'UåDYD þODQLFD GD RUJDQL]LUDMX QDG]RU QDG WUåLãWHP L XVYRMH RGJRYDUDMXüH
LQVWUXPHQWH ]D QDG]RU 2YD GLUHNWLYD QLMH SULPMHQOMLYD QD SURL]YRGH NRML VX SRNULYHQL VSHFLILþQLP
SUDYLOLPD ]DNRQD =DMHGQLFH ]DVQRYDQRJ QD WRWDOQRM KDUPRQL]DFLML NRMD VDGUåH RGUHGEH R VYLP
VLJXUQRVQLP DVSHNWLPD QSU GLUHNWLYDPD 1RYRJ SULVWXSD 0HÿXWLP WR VH PRåH NRULVWLWL NDR
XSXüLYDQMHQDQDG]RUQDGWUåLãWHPNRMLMHSURYHGHQXSRGUXþMXGLUHNWLYD1RYRJSULVWXSDSRVHEQRX
RGQRVXQDSRWURãDþNHSURL]YRGH

1DG]RU QDG WUåLãWHP MH RGJRYRUQRVW MDYQLK QDGOHåQLK WLMHOD 2YR MH ]DWR SRVHEQR GD EL VH
JDUDQWRYDOD QHSULVWUDVQRVW DNFLMD QDG]RUD QDG WUåLãWHP 6YDND 'UåDYD þODQLFD PRåH SRGLMHOLWL
LQIUDVWUXNWXUXQDG]RUDQDGWUåLãWHPQSUQHSRVWRMHRJUDQLþHQMDGDVHGRGLMHOHRGJRYRUQRVWLL]PHÿX
QDGOHåQLKWLMHODQDIXQNFLRQDOQRMLOLJHRJUDIVNRMRVQRYLGRNOHJRGMHQDG]RUHILNDVDQLSRNULYDFLMHOX
WHULWRULMX .DR UH]XOWDW WRJD ]DNRQVNH L DGPLQLVWUDWLYQH LQIUDVWXNWXUH QDG]RUD QDG WUåLãWHP VH
UD]OLNXMXRG'UåDYHþODQLFHGR'UåDYHþODQLFH2YR]DKWLMHYDSRVHEQHQDSRUHWDNRGDELMHGQDNQLYR
]DãWLWH PRJDR ELWL RVLJXUDQ X FLMHORM =DMHGQLFL XSUNRV NRPSHWHQWQRVWL GD VH QDG]RU QDG WUåLãWHP
RJUDQLþLQDWHULWRULMXVYDNH'UåDYHþODQLFH

1DGOHåQD WLMHOD ]D QDG]RU QDG WUåLãWHP EL PRUDOD LPDWL QHRSKRGQH UHVXUVH L RYODãWHQMD ]D VYRMH
DNWLYQRVWL QDG]RUD WM GD QDGJOHGDMX SURL]YRGH SODVLUDQH QD WUåLãWH L X VOXþDMX QHXVNODÿHQRVWL
SRGX]PXRGJRYDUDMXüXDNFLMXGDSURYHGXXVNODÿHQRVW6RE]LURPQDVSRVREQRVWLRVREOMDQDGOHåQR
WLMHORWUHEDGDLPDLOLLPDSULVWXSSUHPDGRYROMQRPEURMXRGJRYDUDMXüHNYDOLILNRYDQRJLLVNXVQRJ
RVREOMDNRMHSRVMHGXMHQHRSKRGQRSURIHVLRQDOQRSRãWHQMH


8YH]LVDSULPMHQRP]DãWLWQHNODX]XOHYLGLSRJODYOMH

9LGL þODQ  GLUHNWLYH NRMD VH RGQRVL QD LJUDþNH X VNODGX VD NRMRP VH RG 'UåDYD þODQLFD ]DKWMHYD GD
REH]ELMHGHGDVHSURYRGHSURYMHUHX]RUDNDLJUDþDNDGDELVHYHULILFLUDODQMLKRYDXVNODÿHQRVWVDGLUHNWLYRP
1DGOHåQR WLMHOR ]D QDG]RU PRUD ELWL RYODãWHQR GD LPD SULVWXS QD PMHVWD SURL]YRGQMH L VNODGLãWHQMD L
LQIRUPDFLMD WM GHNODUDFLMD R XVNODÿHQRVWL L WHKQLþND GRNXPHQWDFLMD  L GD L]DEHUH X]RUDN L L]X]PH JD ]D
LVWUDåLYDQMHLLVSLWLYDQMH

'LUHNWLYDRRSüRMVLJXUQRVWLSURL]YRGD]DKWLMHYDGD'UåDYHþODQLFHXVSRVWDYHLOLLPHQXMXQDGOHåQDWLMHOD]D
QDG]RUQDGWUåLãWHP


'DELVHJDUDQWRYDRNYDOLWHWLVSLWQLKSRGDWDNDLVSLWQLNDSDFLWHWNRMLNRULVWLQDGOHåQRWLMHORWUHEDELWL
X VNODGX VD UHOHYDQWQLP NULWHULMHP VWDQGDUGD (1  1DGOHåQR WLMHOR EL PRUDOR WDNRÿHU ELWL
QH]DYLVQRLSURYRGLWLVYRMHRSHUDFLMHQDQHSULVWUDVDQLQHGLVNULPLQDWRUDQQDþLQ 1DGDOMHQDGOHåQR
WLMHORELPRUDORSURYRGLWLQDG]RUQDGWUåLãWHPXYDåDYDMXüLSULQFLSSURSRUFLRQDOQRVWLWMDNFLMDPRUD
ELWLXVNODGXVDVWHSHQRPUL]LNDLOLQHXVNODÿHQRVWLLXWLFDMQDVORERGDQSURWRNSURL]YRGDQHELPRJDR
ELWLYHüLãWRMHQHRSKRGQR]DSRVWL]DQMHFLOMHYDQDG]RUDQDGWUåLãWHP

1DGOHåQRWLMHOR]DQDG]RUPRåHSRGXJRYRULWLVDGUXJLPQHSULVWUDVQLPWLMHORPDNWLYQRVWQDGJOHGDQMD
SURL]YRGDSODVLUDQLKQDWUåLãWHDNRQDGOHåQRWLMHORRVWDMHXSRWSXQRVWLRGJRYRUQR]DVDPXDNWLYQRVW
SRVHEQR]D]DNRQVNHDNFLMHLSUHX]LPDVYHRGOXNHRWRPHNDNRJGMHLNDGDüHVHRSHUDFLMHSURYHVWL
8RVQRYLSULMDYOMHQDWLMHODELPRUDODELWLLVNOMXþHQDL]VYLKDNWLYQRVWLQDG]RUDQDGWUåLãWHPGDELVH
QDSUDYLOD MDVQD UD]OLND L]PHÿX RFMHQMLYDQMD XVNODÿHQRVWL WM RSHUDFLMD VH GRJDÿD SULMH QHJR ãWR MH
SURL]YRGSODVLUDQQDWUåLãWH LQDG]RUDQDGWUåLãWHP WMRSHUDFLMHVHGRJDÿDMXQDNRQãWRMHSURL]YRG
SODVLUDQQDWUåLãWH LGDELVHL]EMHJDRVXNRELQWHUHVD$NRVXSULMDYOMHQRWLMHORLQDGOHåQRWLMHOR]D
QDG]RU QDG WUåLãWHP SRG LVWLP QDGUHÿHQLP QDGOHåQLP WLMHORP X 'UåDYL þODQLFL OLQLMH RGJRYRUQRVWL
PRUDMX ELWL RUJDQL]RYDQH QD WDNDY QDþLQ GD RVLJXUDMX QHRYLVQRVW QDG]RUD QDG WUåLãWHP RG
RFMHQMLYDQMDXVNODÿHQRVWL

8 QDPMHUL GD YHULILFLUD GD OL MH LOL QH SURL]YRG XVNODÿHQ QDGOHåQR WLMHOR ]D QDG]RU PRåH NRULVWLWL
SRPRüLVSLWQLKLLQVSHNFLMVNLKNDSDFLWHWDSULMDYOMHQRJWLMHOD8VYLPVOXþDMHYLPDSURFMHQDL]YMHãWDMD
R LVSLWLYDQMX LOL LQVSHNFLML SULSDGD QDGOHåQRP WLMHOX ]D QDG]RU 'D EL VH RVLJXUDOD QHSULVWUDVQRVW
QDGOHåQRWLMHOR]DQDG]RUQHPRåHNRULVWLWLLVSLWQHLLQVSHNFLMVNHNDSDFLWHWHSULMDYOMHQRJWLMHODNRMHMH
ELORL]YRUQRXNOMXþHQRXRFMHQMLYDQMHXVNODÿHQRVWLSUHGPHWQRJSURL]YRGDXVNODGXVDSULPMHQMLYRP
GLUHNWLYRP

'LUHNWLYH 1RYRJ SULVWXSD XNOMXþXMX RGUHÿHQH RGUHGEH NRMH ]DKWLMHYDMX GD 'UåDYH þODQLFH
LQIRUPLUDMX .RPLVLMX LOL GUXJH 'UåDYH þODQLFH DOL RELþQR QH ]DKWLMHYDMX QLãWD  X YH]L VD
SRYMHUOMLYRVWL LOL WUDQVSDUHQWQRVWL LQIRUPDFLMD GRELMHQLK X WRNX RSHUDFLMD QDG]RUD QDG WUåLãWHP
3UHPDWRPHSUDYLODRSRYMHUOMLYRVWLVX]DVQRYDQDQDQDFLRQDOQLPSUDYQLPVLVWHPLPDL ]ERJ WRJD
YDULUDMXPHÿX'UåDYDPDþODQLFDPD0HÿXWLPLQIRUPDFLMHRDNWLYQRVWLPDNRMHVXXWRNXDNRMHVH
RGQRVHQDSRMHGLQDþQHHNRQRPVNHRSHUDWRUHELPRUDOHELWLXRSãWHVPDWUDQHNDRSRYMHUOMLYH

 $.7,91267,1$'=25$1$'75ä,â7(0

x 1DG]RU QDG WUåLãWHP XNOMXþXMH GYLMH RVQRYQH ID]H  QDFLRQDOQD QDGOHåQD WLMHOD ]D
QDG]RU  PRUDMX QDGJOHGDWL GD OL VX SURL]YRGL SODVLUDQL QD WUåLãWH X VNODGX VD
RGUHGEDPDSULPMHQMLYLKQDFLRQDOQLK]DNRQVNLKDNDWDNRMLSUHX]LPDMXGLUHNWLYH1RYRJ
SULVWXSDLQDNRQWRJDNDGDMHQHRSKRGQRSRGX]HWLDNFLMXGDXVSRVWDYHXVNODÿHQRVW


'LUHNWLYH NRMH VH RGQRVH QD DNWLYQD LPSODWDQFLRQD PHGLFLQVND VUHGVWYD SRWHQFLMDOQR HNVSROR]LYQH
DWPRVIHUH PHGLFLQVND VUHGVWYD L PHGLFLQVND VUHGVWYD ]D ³LQ YLWUR´ GLMDJQRVWLFLUDQMH VDGUåH RGUHGEH R
SRYMHUOMLYRVWL


x &LOM QDGJOHGDQMD SURL]YRGD SODVLUDQLK QD WUåLãWH MH GD VH YHULILFLUD GD VX SURL]YRGL X
VNODGXVDSULPMHQMLYLPGLUHNWLYDPDXWUHQXWNXNDGDVXRQLSODVLUDQLQDWUåLãWHLDNRMH
UHOHYDQWQRNDGDVXVWDYOMHQLXXSRWUHEX

x 'HNODUDFLMD R XVNODÿHQRVWL L WHKQLþND GRNXPHQWDFLMD  REH]EMHÿXMX QHRSKRGQH


LQIRUPDFLMHRSURL]YRGXQDGOHåQRPWLMHOX]DQDG]RU

x .RUHNWLYQD PMHUD ]DYLVL RG VWHSHQD QHXVNODÿHQRVWL L PRUD VH RGUHGLWL RG VOXþDMD GR
VOXþDMD 3RGX]HWD DNFLMD PRUD ELWL X VNODGX VD SULQFLSRP SURSRUFLRQDOQRVWL .RQDþQR
WDPR JGMH VX GUXJH PMHUH SURSDOH LOL VH PMHUH QLVX SRND]DOH GRYROMQLP NRPSHWHQWQR
QDGOHåQRWLMHORPRUDSRGX]HWLVYHRGJRYDUDMXüHPMHUHGDRJUDQLþLLOL]DEUDQLSODVLUDQMH
QDWUåLãWHSUHGPHWQRJSURL]YRGDLGDRVLJXUDGDVHSURL]YRGSRYXþHVDWUåLãWD

x 8GRGDWNXQDSRGX]HWXDNFLMXNRMDVHRGQRVLQDSURL]YRGQDGOHåQDWLMHOD]DQDG]RUQDG
WUåLãWHPPRUDMXSUHGX]HWLRGJRYDUDMXüXDNFLMXSURWLYRVREHNRMDMHSRVWDYLOD&(R]QDNX
QD QHXVNODÿHQ SURL]YRG L SURWLY RQLK NRML VX RGJRYRUQL ]D QHXVNODÿHQRVW SURL]YRGD
3RGX]HWHND]QHQHPMHUHPRUDMXELWLHILNDVQHVUD]PMHUQHLPRUDMXRGYUDüDWLRGþLQMHQMD
RYDNYLKVWYDUL

x 1DGOHåQR WLMHOR ]D QDG]RU EL PRUDOR WDNRÿHU UD]PRWULWL  GD OL MH QHRSKRGQR XSR]RULWL
RVREH GD MH WR UL]LþQR XQLãWLWL RSDVQH SURL]YRGH L VOXåEHQR ]DEUDQLWL QMLKRY L]YR]
]DEUDQLWLNRULãWHQMHRYDNYLKSURL]YRGDL]DKWLMHYDWLSRYODþHQMHFHUWLILNDWD

 1DGJOHGDQMHSURL]YRGDSODVLUDQLKQDWUåLãWH

1DGOHåQDWLMHOD]DQDG]RUQDGWUåLãWHPPRUDMXQDGJOHGDWLSURL]YRGHSODVLUDQHQDWUåLãWH&LOMMHGDVH
RWNULMHGDOLMHSURL]YRGXVNODGXVDSULPMHQMLYLPRGUHGEDPDXWUHQXWNXNDGDVHSODVLUDQDWUåLãWHL
DNRMHUHOHYDQWQRNDGDMHVWDYOMHQXXSRWUHEX8RVQRYLQDG]RUQDGWUåLãWHPVHQHPRåHSURYRGLWLX
WRNX ID]D GL]DMQD L SURL]YRGQMH WM SULMH QHJR ãWR SURL]YRÿDþ SUHX]PH ]YDQLþQX RGJRYRUQRVW ]D
XVNODÿHQRVWVYRMLKSURL]YRGDRELþQRSRVWDYOMDQMHP&(R]QDNH

'D EL ELOD X PRJXüQRVWL GD QDGJOHGDMX SURL]YRGH SODVLUDQH QD WUåLãWH QDGOHåQD WLMHOD ]D QDG]RU
PRUDMXLPDWLRYODãWHQMHNRPSHWHQWQRVWLUHVXUVH

o GDUHGRYQRSRVMHüXMXNRPHUFLMDOQHLQGXVWULMVNHLVNODGLãWQHSURVWRULMH
o GD UHGRYQR SRVMHüXMH DNR MH WR SULNODGQR UDGQD PMHVWD L GUXJH NDSDFLWHWH JGMH VH
SURL]YRGLVWDYOMDMXXXSRWUHEXLNRULVWH
o GDRUJDQL]XMXVOXþDMQHLPMHVWLPLþQHSURYMHUH

8YH]LVDSODVLUDQMHPQDWUåLãWHLVWDYOMDQMHPXXSRWUHEXYLGLSRJODYOMH


2YR RELþQR QLMH QHRSKRGQR ]D SRWURãDþNH SURL]YRGH NRML VX VWDYOMHQL QD UDVSRODJDQMH QD WUåLãWH QSU X
SURGDYQLFDPD  =D SURL]YRGH MH PQRJR YDåQLMH GD VX RQL GLUHNWQR QDNRQ ãWR VX SURL]YHGHQL PRQWLUDQL L
VWDYOMHQLXXSRWUHEXXSURVWRULMDPDNOLMHQWD QSUPDãLQHLRSUHPD]DUDGSRGSULWLVNRP 


o GDX]LPDX]RUNHSURL]YRGDLSRGYUJQHLKLVWUDåLYDQMXLLVSLWLYDQMXL
o GD]DKWLMHYDVYHQHRSKRGQHLQIRUPDFLMH

0DGD VH X RVQRYL QDG]RU QDG WUåLãWHP QH PRåH  SURYRGLWL X WRNX ID]D GL]DMQD L SURL]YRGQMH
QDGOHåQR WLMHOR ]D QDG]RU PRåH YUãLWL SURYMHUX SURL]YRGQLK SURVWRULMD QDNRQ ãWR MH QHXVNODÿHQRVW
RWNULYHQD GD EL YHULILFLUDOR WUDMQX JUHãNX 'UXJL L]X]HWDN L] SULQFLSD GD VH QDG]RU  QDG WUåLãWHP
PRåH YUãLWL VDPR QDNRQ ãWR MH SURL]YRÿDþ  SUHX]HR ]YDQLþQX RGJRYRUQRVW ]D VYRMH SURL]YRGH VX
WUJRYDþNLVDMPRYLL]ORåEHLGHPRQVWUDFLMH9HüLQDGLUHNWLYD1RYRJSULVWXSDGR]YROMDYDSRND]LYDQMH
QHXVNODÿHQLKSURL]YRGDSRGWDNYLPRNROQRVWLPDREH]EMHÿXMXüL]DWRYLGOMLY]QDNNRMLMDVQRXND]XMH
GDSURL]YRGLQHPRJXELWLSODVLUDQLQDWUåLãWHLOLVWDYOMHQL X XSRWUHEX GRNOH JRG VH RQL QH XVNODGH
1DGOHåQDWLMHOD]DQDG]RUQDGWUåLãWHPPRUDMXQDGJOHGDWLGDVHRYDREDYH]DLVSRãWXMH

1DG]RU QDG WUåLãWHP EL PRUDR SRNULWL VYH SULPMHQMLYH RGUHGEH SUHGPHWQLK GLUHNWLYD =YDQLþQH
SURYMHUH VX GRYROMQH GR RGUHÿHQLK JUDQLFD QSU SURYMHUH NRMH VH RGQRVH QD &( R]QDþDYDQMH L
SRVWDYOMDQMH &( R]QDNH GRVWXSQRVW GHNODUDFLMH R XVNODÿHQRVWL LQIRUPDFLMH NRMH LGX ]DMHGQR VD
SURL]YRGRP L SUDYLODQ L]ERU SURFHGXUD ]D RFMHQMLYDQMH XVNODÿHQRVWL 'HWDOMQLMH SURYMHUH VX
QHRSKRGQH GD EL VH YHULILFLUDOL PDWHULMDOL YH]DQL ]D XVNODÿHQRVW SURL]YRGD QSU NRML VH RGQRVH QD
SUDYLOQX SULPMHQX SURFHGXUH RFMHQMLYDQMD XVNODÿHQRVWL XVNODÿHQRVW VD HVHQFLMDOQLP ]DKWMHYLPD L
VDGUåDM GHNODUDFLMH R XVNODÿHQRVWL 8 SUDNVL ]DVHEQH RSHUDFLMH QDG]RUD QDG WUåLãWHP VH PRJX
XVPMHULWLQDRGUHÿHQHDVSHNWH]DKWMHYD

'D EL QDG]RU QDG WUåLãWHP ELR HILNDVDQ UHVXUVL EL PRUDOL ELWL NRQFHQWULVDQL WDPR JGMH VX UL]LFL
YMHURYDWQR YHüL L QHXVNODÿHQRVW PQRJR þHãüD LOL WDPR JGMH VH PRåH LGHQWLILFLUDWL SRVHEDQ LQWHUHV
6WDWLVWLND L SURFHGXUH ]D RFMHQMLYDQMH UL]LND VH PRJX NRULVWLWL X RYX VYUKX =D SURL]YRGH NRML VX
SUHGPHW SURFHGXUH RFMHQMLYDQMD XVNODÿHQRVWL WDPR JGMH VH QLMHGQR SULMDYOMHQR WLMHOR QLMH XNOMXþLOR
PRGXO $  RGJRYRUQRVW QDGOHåQLK WLMHOD ]D QDG]RU GD QDGJOHGDMX GD VX RYL SURL]YRGL X VNODGX VD
]DKWMHYLPD MH þHVWR L]X]HWQR YDåQD 2YR MH VOXþDM QD SULPMHU  VD LJUDþNDPD L QLVNRQDSRQVNRP
HOHNWULþQRP RSUHPRP 8 VNODGX VD WLP QDG]RU QDG WUåLãWHP QH PRUD QHRSKRGQR ELWL RELPDQ ]D
SURL]YRGHNRMLVXSRNULYHQLVOXåEHQLPSUHGWUåLãQLPLOLGUXJLPVOLþQLPNRQWURODPD

3RUHGWRJDRSHUDFLMHQDG]RUDQDGWUåLãWHPNRMHLPDMXL]ULþLWFLOMGDYHULILFLUDMXSURL]YRGHSODVLUDQH
QDWUåLãWHLGUXJHMDYQHPHKDQL]PHNRMLSRVWRMH PDGDQLVXGLUHNWQRQDPLMHQMHQL]DWDMFLOM PRJXL
SRUHG WRJD LPDWL NDR SRVOMHGLFX QHSRNULYDQMH QHXVNODÿHQRVWL ,QVSHNWRUDWL UDGD NRML SURYMHUDYDMX
VLJXUQRVW QD UDGQRP PMHVWX QD SULPMHU PRJX RWNULWL GD GL]DMQ LOL NRQVWUXNFLMD PDãLQD LOL OLþQH
]DãWLWQHRSUHPH


8YH]LVDRGJRYRUQRVWLUD]OLþLWLKHNRQRPVNLKRSHUDWRUDGDREH]ELMHGHLQIRUPDFLMHYLGLSRJODYOMHL


,]ULþLWDRGUHGEDMHXNOMXþHQDXGLUHNWLYXNRMDVHRGQRVLQDLJUDþNH þODQ 

1DSULPMHUPHGLFLQVNLXUHÿDMLVXSUHGPHWRGREUDYDQMDSULMHQHJRãWRVHSODVLUDMXQDWUåLãWH XVNODGX VD
þODQRP  GLUHNWLYH R PHGLFLQVNLP VUHGVWYLPD L JUDÿHYLQVNL SURL]YRGL PRJX ELWL SURYMHUDYDQL NDR GLR
SRVWXSNDRGREUDYDQMDJUDGQMH


NRMDQRVL&(R]QDNXQLMHXVNODÿHQDVDSULPMHQMLYLP]DKWMHYRP 3UHPDWRPH RQL PRJX SRGX]HWL
PMHUH NRMH XWLþX QD SODVLUDQMH QD WUåLãWH SURL]YRGD L SURYHVWL QDG]RU QDG WUåLãWHP LOL RQL PRJX
NRQWDNWLUDWL QDGOHåQR WLMHOR ]D QDG]RU QDG WUåLãWHP NRMH PRåH SUHGX]HWL QHRSKRGQH PMHUH
,QIRUPDFLMH R XVNODÿHQRVWL SURL]YRGD X WUHQXWNX NDGD MH ELR SODVLUDQ QD WUåLãWH PRJX VH WDNRÿHU
GRELWL YUãHQMHP LQVSHNFLMD X WRNX XSRWUHEH SURL]YRGD QSU NRMH VH RGQRVH QD RSUHPX ]D UDG SRG
SULWLVNRP  LOL SXWHP DQDOL]LUDQMD IDNWRUD NRML VX X]URNRYDOL QHVUHüX äDOEH SRWURãDþD LOL GUXJLK
NRULVQLNDXYH]LVDSURL]YRGRPLOLåDOEHSURL]YRÿDþDLOLGLVWULEXWHUDRQHORMDOQRMNRQNXUHQFLMLPRJX
WDNRÿHUREH]ELMHGLWLLQIRUPDFLMHVFLOMHPQDG]RUDQDGWUåLãWHP

1DGJOHGDQMHSURL]YRGDSODVLUDQLKQDWUåLãWHPRåHELWLSRGLMHOMHQRL]PHÿXQHNROLNRQDGOHåQLKWLMHOD
QD QDFLRQDOQRP QLYRX QSU IXQNFLRQDOQR LOL JHRJUDIVNL 7DPR JGMH VX LVWL SURL]YRGL SUHGPHW
NRQWUROH YLãH RG MHGQRJ QDGOHåQRJ WLMHOD QSU FDULQVNR L VHNWRUVNR QDGOHåQR WLMHOR LOL ORNDOQD
QDGOHåQDWLMHOD QHRSKRGQRMHNRRUGLQLUDQMHL]PHÿXVOXåELXRNYLUX'UåDYHþODQLFH

'REURYROMQH LQLFLMDWLYH NDR ãWR MH FHUWLILFLUDQMH SURL]YRGD LOL SULPMHQD VLVWHPD NYDOLWHWD QH PRJX
ELWLVWDYOMHQHQDLVWXRVQRYXNDRDNWLYQRVWLQDG]RUDQDGWUåLãWHPNRMHSURYRGLQDGOHåQRWLMHOR2QH
PRJX MRã XYLMHN GRSULQLMHWL HOLPLQDFLML UL]LND 0HÿXWLP QDGOHåQD WLMHOD ]D QDG]RU QDG WUåLãWHP
PRUDMX ELWL QHSULVWUDVQD X VYMHWOX þODQD  6SRUD]XPD NRML VH RGQRVL QD GREURYROMQH R]QDNH
QDOMHSQLFH L DUDQåPDQH L RQH PRJX ELWL X]HWH X UD]PDWUDQMH VDPR QD WUDQVSDUHQWDQ L QH
GLVNULPLQDWRUDQQDþLQGDELVHRFLMHQLRUL]LN8VNODGXVRYLPSURL]YRGLQHPRJXELWLLVNOMXþHQLL]
RSHUDFLMDQDG]RUDQDGWUåLãWHPþDNLDNRVXRQLELOLSUHGPHWGREURYROMQRJFHUWLILFLUDQMDLOLGUXJLK
GREURYROMQLKLQLFLMDWLYD

'LUHNWLYH 1RYRJ SULVWXSD REH]EMHÿXMX GYD UD]OLþLWD LQVWUXPHQWD NRMD RPRJXüDYDMX QDGOHåQLP
WLMHOLPD ]D QDG]RU GD GRELMX LQIRUPDFLMH R SURL]YRGX (& GHNODUDFLMD R XVNODÿHQRVWL L WHKQLþND
GRNXPHQWDFLMD 3URL]YRÿDþ LOL QMHJRY RYODãWHQL SUHGVWDYQLN VD VMHGLãWHP X =DMHGQLFL LK PRUDMX
VWDYLWLQDUDVSRODJDQMHLOLSRGRGUHÿHQLPRNROQRVWLPDXYR]QLNLOLRVREDRGJRYRUQD]DSODVLUDQMHQD
WUåLãWH'UXJDIL]LþNDLOLSUDYQDOLFDQSUSULMDYOMHQDWLMHODGLVWULEXWHULWUJRYFLQDPDORGREDYOMDþL
LOL SRGXJRYDUDþL QH PRJX ELWL REDYH]QL GD VWDYH RYH GRNXPHQWH QD UDVSRODJDQMH 0HÿXWLP RQL
PRJX SRPRüL QDGOHåQRP WLMHOX ]D QDG]RU GD LK GRELMH 1DGDOMH QDGOHåQR WLMHOR ]D QDG]RU PRåH
]DKWLMHYDWL L GD SULMDYOMHQR WLMHOR REH]ELMHGL LQIRUPDFLMH R SURYRÿHQMX RFMHQMLYDQMD XVNODÿHQRVWL ]D
SUHGPHWQLSURL]YRG

(& GHNODUDFLMD R XVNODÿHQRVWL EL WUHEDOD ELWL VWDYOMHQD QD UDVSRODJDQMH QDGOHåQRP WLMHOX ]D QDG]RU
QDGWUåLãWHPRGPDKQDNRQQMHJRYRJ]DKWMHYD=ERJWRJDRQDVHPRUDþXYDWLXQXWDU=DMHGQLFH2QD
PRåH ELWL VWDYOMHQD QD UDVSRODJDQMH ]D VYUKH  QDG]RUD X VYDNRM RG 'UåDYD þODQLFD QD SULPMHU
NRULãWHQMHPDGPLQLVWUDWLYQHVDUDGQMH


'UåDYHþODQLFHVXREDYH]QHXVNODGXVDGLUHNWLYRPRXYRÿHQMXPMHUD]DSRGVWLFDQMHSREROMãDQMDVLJXUQRVWL
L]GUDYOMDUDGQLNDQDSRVOX ((& GDRVLJXUDMXRGJRYDUDMXüHNRQWUROHLQDGJOHGDQMH

8YH]LVDRGJRYRUQRVWLYLGLSRJODYOMHXYH]LVD(&GHNODUDFLMRPRXVNODÿHQRVWLYLGLSRJODYOMHX
YH]L VD WHKQLþNRP GRNXPHQWDFLMRP YLGL SRJODYOMH  X YH]L RSüLK RGJRYRUQRVWL SULMDYOMHQLK WLMHOD YLGL
SRJODYOMH

8YH]LVDDGPLQLVWUDWLYQRPVDUDGQMRPYLGLSRJODYOMH


7HKQLþND GRNXPHQWDFLMD VH PRUD VWDYLWL QD UDVSRODJDQMH QDGOHåQRP WLMHOX ]D QDG]RU X RNYLUX
YUHPHQVNRJ SHULRGD NRML MH SURSRUFLRQDODQ VD QMHQRP YDåQRãüX DOL QDGOHåQR WLMHOR WR QH PRåH
]DKWMHYDWLVLVWHPDWLþQR8RSüHRQDVHPRåH]DKWLMHYDWLVDPRXWRNXVOXþDMQLKSURYMHUDSURYHGHQLKV
FLOMHPQDG]RUDQDGWUåLãWHPLOLWDPRJGMHSRVWRMHRVQRYHGDVHVPDWUDGDSURL]YRGQHQXGLVWHSHQ
VLJXUQRVWL]DKWLMHYDQXVYLPSRJOHGLPD1DGOHåQRPWLMHOX]DQDG]RUXSRþHWNXPRåHELWLGDWVDPR
NUDWDN SUHJOHG WHKQLþNH GRNXPHQWDFLMH WM VDPR RVQRYQL WHKQLþNL SRGDFL  DNR MH RQD L]UDÿHQD X
UD]XPQRP YUHPHQX RGREUHQRP ]D SUHQRV 'HWDOMQLMH LQIRUPDFLMH QSU FHUWLILNDWL L RGOXNH
SULMDYOMHQRJWLMHOD VHPRJXLSRUHGWRJD]DKWLMHYDWLXVOXþDMHYLPDR]ELOMQHVXPQMHRXVNODÿHQRVWL
SURL]YRGDVDSURSLVLPD=DMHGQLFH .RPSOHWQDWHKQLþNDGRNXPHQWDFLMDELVHPRUDOD]DKWLMHYDWL±X
VNODGX VD SULQFLSRP SURSRUFLRQDOQRVWL ± VDPR WDPR JGMH MH WR DSVROXWQR QHRSKRGQR D QH QD
SULPMHU WDPR JGMH VDPR GHWDOM PRUD ELWL SURYMHUHQ 1HPRJXüQRVW SUH]HQWLUDQMD GRNXPHQWDFLMH QD
RVQRYXQDRGJRYDUDMXüLQDþLQGRNXPHQWRYDQRJ]DKWMHYDQDFLRQDOQRJQDGOHåQRJWLMHOD]DQDG]RUX
RNYLUXSULKYDWOMLYRJNDãQMHQMDPRåHGDWLGRYROMQRRVQRYH]DVXPQMXXSUHWSRVWDYNXRXVNODÿHQRVWL
VD]DKWMHYLPDGLUHNWLYH

1DFLRQDOQR QDGOHåQR WLMHOR PRåH ]DKWLMHYDWL SULMHYRG WHKQLþNH GRNXPHQWDFLMH L (& GHNODUDFLMH R
XVNODÿHQRVWLQDVYRMVOXåEHQLMH]LN0HÿXWLPQDFLRQDOQRQDGOHåQRWLMHOR]DQDG]RUELPRUDORL]EMHüL
GD WR XþLQL DNR VX WHKQLþND GRNXPHQWDFLMD L (& GHNODUDFLMD R XVNODÿHQRVWL SRVHEQR GHWDOMQH
WHKQLþNH LQIRUPDFLMH R GRNXPHQWDFLML QD UDVSRODJDQMX QD GUXJRP MH]LNXFLPD L PRJX ELWL
UD]XPOMLYH ]D SUHGPHWQR QDFLRQDOQR QDGOHåQR WLMHOR $NR QDGOHåQR WLMHOR VPDWUD SULMHYRG
QHRSKRGQLPRQRPRUDMDVQRGHILQLVDWLGLRGRNXPHQWDFLMHNRMLWUHEDELWLSUHYHGHQLGR]YROLWLGDVH
WRLXUDGLXUD]XPQRPYUHPHQX1LNDNYLGDOMQLXVORYLVHQHPRJXQDPHWQXWLXYH]LVDSUHYRÿHQMHP
NDR ãWR MH ]DKWMHY SUHYRGLRFD NRMHJ VX DNUHGLWLUDOD LOL SUL]QDOD MDYQD QDGOHåQD WLMHOD =DKWMHY ]D
SUHYRÿHQMHPPRUDELWLRFLMHQMHQQDRVQRYXþODQD6SRUD]XPDRGVOXþDMDGRVOXþDMDX]LPDMXüLX
UD]PDWUDQMHSURSRUFLRQDOQRVW]DKWMHYD

7HKQLþNDGRNXPHQWDFLMDVHQHPRUDþXYDWLXRNYLUX=DMHGQLFHRVLPDNRGUXJDþLMHQLMHUHJXOLVDQRX
SULPMHQMLYLP GLUHNWLYDPD =DKWMHY GD VH RQD VWDYL QD UDVSRODJDQMH QH ]QDþL GD RVRED NRMD QRVL
RGJRYRUQRVW PRUD ELWL X SRVMHGX GRNXPHQWDFLMH GRNOH JRG MH WD RVRED VSRVREQD GD L]MDYL JGMH VH
PRåHQDüLWHKQLþNDGRNXPHQWDFLMDLGDMHSUH]HQWLUDQD]DKWMHYQDFLRQDOQRJQDGOHåQRJWLMHOD,PHL
DGUHVD RVREH NRMD MH X SRVMHGX GRNXPHQWDFLMH QH PRUD ELWL MDVQR VSRPHQXWD QD SURL]YRGX LOL
QMHJRYRPSDNRYDQMXL]X]HYDNRQLMHGUXJDþLMHRGUHÿHQR1DGDOMHWHKQLþNDGRNXPHQWDFLMDVHPRåH
þXYDWL X ELOR NRMHP IRUPDWX QSU SDSLUQD NRSLMD &'520  NRML RPRJXüDYD GD VH RQD VWDYL QD
UDVSRODJDQMHXRNYLUXYUHPHQVNRJSHULRGDNRMLMHSURSRUFLRQDODQVDQMHQRPYDåQRãüX


7HPHOMQLP WHKQLþNLP SRGDFLPD VH VPDWUDMX SRVHEQR LPH L DGUHVD SURL]YRÿDþD OLVWD SULPLMHQMHQLK
KDUPRQL]LUDQLKVWDQGDUGDLLOLUMHãHQMDXVYRMHQDGD]DGRYROMHHVHQFLMDOQH]DKWMHYHRSLVSURL]YRGDXSXWVWYD
]DUXNRYDQMHDNRSRVWRMHLFMHORNXSQLSODQSURL]YRGDDNRSRVWRML3ULPMHULGHWDOMQLKWHKQLþNLKSRGDWDNDVX
L]YMHãWDML R LVSLWLYDQMX LQIRUPDFLMH R SULUXþQLNX NYDOLWHWD SODQRYL NRQWUROH NYDOLWHWD L GUXJL SODQRYL RSLVL
SURL]YRGDLSULPLMHQMHQLKSURFHVDLVWDQGDUGD

8 VNODGX VD SULORJRP ,9 PRGXO $  GLUHNWLYH NRMD VH RGQRVL QD QLVNR QDSRQVNX RSUHPX WHKQLþND
GRNXPHQWDFLMDVHPRUDþXYDWLQDWHULWRULML=DMHGQLFH


'UåDYHþODQLFHPRUDMXRVLJXUDWLGDVYDNRGRELMDLQIRUPDFLMHRVDGUåDMXWHKQLþNHGRNXPHQWDFLMH]D
YULMHPH QDG]RUD QDG WUåLãWHP REDYH]QR MH þXYDQMH SRYMHUOMLYRVWL X VNODGX VD SULQFLSLPD
XVSRVWDYOMHQLPXQDFLRQDOQLP]DNRQVNLPDNWLPD

 .RUHNWLYQHPMHUH

.RPSHWHQWQDQDFLRQDOQDQDGOHåQDWLMHODPRUDMXSRGX]HWLDNFLMXGDSURYHGXXVNODÿHQRVWWDPRJGMH
RQDRWNULMXGDSURL]YRGQLMHXVNODGXVDRGUHGEDPDSULPMHQMLYLKGLUHNWLYD

.RUHNWLYQDPMHUD]DYLVLRGVWHSHQDQHXVNODÿHQRVWLLSUHPDWRPHPRUDELWLXVNODGXVDSULQFLSRP
SURSRUFLRQDOQRVWL 0HÿXWLP UD]OLND L]PHÿX QHELWQH L ELWQH QHXVNODÿHQRVWL QLMH XYLMHN MDVQD L R
WRPHVHPRUDGRQLMHWLRGOXNDRGVOXþDMDGRVOXþDMD

1HSUDYLOQR SRVWDYOMDQMH &( R]QDNH NRMH VH RGQRVL QD SULPMHU QD GL]DMQ YHOLþLQX YLGOMLYRVW
QHL]EULVLYRVWLþLWNRVWRELþQRVHPRåHVPDWUDWLNDRQHELWQDQHXVNODÿHQRVW3ULPMHULWLSLþQHQHELWQH
QHXVNODÿHQRVWLPRJXWDNRÿHUELWLVLWXDFLMHJGMHVXGUXJHR]QDNHXVNODÿHQRVWLNRMHVXREH]ELMHÿHQH
SR GLUHNWLYL QHSUDYLOQR SRVWDYOMHQH LOL WDPR JGMH GHNODUDFLMD R XVNODÿHQRVWL QH PRåH ELWL
REH]ELMHÿHQD RGPDK LOL RQD QLMH SULGUXåHQD SURL]YRGX WDPR JGMH MH WR REDYH]QR LOL ]DKWMHY ]D
SULGUXåLYDQMHP RVWDOLK LQIRUPDFLMD NRMH VX REH]ELMHÿHQH SR GLUHNWLYLDPD MH QHGRYROMQR XVNODÿHQ
LOLJGMHMHSULPMHQMLYRLGHQWLILNDFLRQLEURMSULMDYOMHQRJWLMHODQLMHSRVWDYOMHQVD&(R]QDNRP

1HXVNODÿHQRVWVDHVHQFLMDOQLP]DKWMHYLPDRELþQRVHPRUDVPDWUDWLNDRELWQDQHXVNODÿHQRVWMHURYR
PRåH  QD SULPMHU SUHGVWDYOMDWL SRWHQFLMDOQL LOL SRVWRMHüL UL]LN SR ]GUDYOMH L VLJXUQRVW JUDÿDQD
0HÿXWLP QHXVNODÿHQRVW VD KDUPRQL]LUDQLP VWDQGDUGRP QLMH NDR WDNYD GRYROMDQ GRND] R
QHXVNODÿHQRVWLVDHVHQFLMDOQLP]DKWMHYLPDDOLXND]XMHGDVXGDOMQHLVWUDJHQHRSKRGQH

8 ]DYLVQRVWL RG RNROQRVWLPRåH VH VPDWUDWL QHELWQRP LOL ELWQRP QHXVNODÿHQRVWL DNR SURL]YRG QLMH
&(R]QDþHQPDGDELPRUDRELWLLOLMHSURL]YRG&(R]QDþHQPDGDQLMHWUHEDRELWL3RWUHEQRMHX]HWL
XRE]LUGDVHSULPMHQDGLUHNWLYHLXVNODGXVD]DKWMHYRP]DSRVWDYOMDQMH&(R]QDNHPRåHSRQHNDG
SRND]DWLWHãNRP6GUXJHVWUDQHDNRSURL]YRGNRMLMHSRNULYHQGLUHNWLYRP1RYRJ3ULVWXSDQLMH&(
R]QDþHQ WR MH SRND]DWHOM GD SURL]YRG QLMH X VNODGX VD HVHQFLMDOQLP ]DKWMHYLPD LOL SURFHGXUD
RFMHQMLYDQMD XVNODÿHQRVWL QLMH ELOD SURYHGHQD L SUHPD WRPH SURL]YRG PRåH QD SULPMHU  XJUR]LWL
]GUDYOMHLVLJXUQRVWOMXGL2YDNYDQHXVNODÿHQRVWVHPRUDVPDWUDWLELWQRP

3URYRÿHQMH XVNODÿHQRVWL VH PRåH SRVWLüL REDYH]LYDQMHP SURL]YRÿDþD LOL QMHJRYRJ RYODãWHQRJ
SUHGVWDYQLNDLOLGUXJLKRVREDþLMDMHSRPRüQHRSKRGQDGDSUHGX]PX]DKWMHYDQHPMHUH.RUHNWLYQD
PMHUDVHPRåHWDNRÿHUSURYHVWLDNRSURL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLNLOL


DNRRQLQLVXXVSRVWDYOMHQLX=DMHGQLFLELORNRMDGUXJDRVREDRGJRYRUQD]DSODVLUDQMHSURL]YRGDQD
WUåLãWH SRGX]PX QHRSKRGQH PMHUH QSU PRGLILFLUDMX SURL]YRG LOL JD SRYXNX VD WUåLãWD  ELOR NDR
UH]XOWDW NRQVXOWDFLMD NRMH MH SURYHOR QDGOHåQR WLMHOR ]D QDG]RU ELOR NDR UH]XOWDW ]YDQLþQLK LOL
QH]YDQLþQLK XSR]RUHQMD 8 VYLP VOXþDMHYLPD QDGOHåQR WLMHOR ]D QDG]RU PRUD XVSRVWDYLWL
RGJRYDUDMXüHPMHUHGDRVLJXUDGDVHXVNODÿHQRVWSURYHGH

$NFLMDSRGX]HWDQDRVQRYXXVWDQRYOMHQHQHELWQHQHXVNODÿHQRVWLPRåHVHSURYHVWLQDGYDQLYRD

o 3UYLQDGOHåQRWLMHOR]DQDG]RUELPRUDORREDYH]DWLSURL]YRÿDþDLOLGUXJXRVREXRGJRYRUQX]D
SODVLUDQMH SURL]YRGD QD WUåLãWH =DMHGQLFH GD XþLQL GD MH SURL]YRG NRML MH QDPLMHQMHQ GD EXGH
SODVLUDQ QD WUåLãWH =DMHGQLFH L DNR MH QHRSKRGQR SURL]YRG NRML MH YHü QD WUåLãWX X VNODGX VD
RGUHGEDPDLGDVSULMHþDYDNUãHQMD]DNRQD
o 'UXJL DNR VH QH SRVWLJQH QLNDNDY UH]XOWDW NRPSHWHQWQR QDGOHåQR WLMHOR PRUD X NUDMQMHP
VOXþDMXSUHGX]HWLQDUHGQLNRUDNGDRJUDQLþLLOL]DEUDQL SODVLUDQMH QD WUåLãWH SURL]YRGD L DNR MH
QHRSKRGQRGDRVLJXUDGDMHSURL]YRGWDNRÿHUSRYXþHQVDWUåLãWD

8 VOXþDMX ELWQH QHXVNODÿHQRVWL NRPSHWHQWQR QDGOHåQR WLMHOR PRUD SUHGX]HWL RGJRYDUDMXüH PMHUH
VOLMHGHüLSULQFLSSURSRUFLRQDOQRVWLGDSURYHGHXVNODÿHQRVW

o 1DGOHåQRWLMHORPRUDXNUDMQMHPVOXþDMXRJUDQLþLWLLOL]DEUDQLWLSODVLUDQMHQDWUåLãWHSURL]YRGDL
RVLJXUDWLGDVHSURL]YRGSRYXþHVDWUåLãWDDNRQLNDNYHGUXJHPMHUHQLVXGRYROMQHGDRGUåHYLVRN
QLYR]DãWLWHNRMLMHSUHGYLÿHQXGLUHNWLYDPD2QRVHRELþQRSR]LYDQD]DãWLWQXNODX]XOX

$NFLMD GD VH ]DEUDQL LOL RJUDQLþL SODVLUDQMH QD WUåLãWH PRåH ELWL SUYR SULYUHPHQD GD EL RPRJXüLOD
QDGOHåQRP WLMHOX ]D QDG]RU GD GRELMH GRYROMDQ GRND] R RSDVQRVWL LOL GUXJRM ELWQRM QHXVNODÿHQRVWL
SURL]YRGD

%LORNRMDRGOXNDNRMXGRQHVXQDFLRQDOQDQDGOHåQDWLMHODGDRJUDQLþHLOL]DEUDQHSODVLUDQMHQDWUåLãWH
LOLVWDYOMDQMHXXSRWUHEXLOLGDSRYXNXSURL]YRGHVDWUåLãWDPRUDLPDWLSUDWHüHGRNXPHQWHXNRMLPD
VX L]ORåHQL  WDþQL UD]OR]L QD NRMLPD VH RQD L ]DVQLYD 6WUDQD QD NRMX VH WR RGQRVL ± SRVHEQR
SURL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLNVDVMHGLãWHPX=DMHGQLFL±PRUDELWLREDYLMHãWHQD2QL
WDNRÿHUPRUDMXELWLLQIRUPLUDQLRUMHãHQMLPDNRMDLPVWRMHQDUDVSRODJDQMXXVNODGXVDQDFLRQDOQLP
]DNRQRPNRMLMHQDVQD]LXSUHGPHWQRM'UåDYLþODQLFLLRYUHPHQVNLPRJUDQLþHQMLPDXRNYLUXNRMLK
VXLPRYDNYDUMHãHQMDQDUDVSRODJDQMX

,]X]HY DNR MH  VWYDU KLWQD QSU SURL]YRG SUHGVWDYOMD R]ELOMQX L WUHQXWQX RSDVQRVW SR ]GUDYOMH L
VLJXUQRVWOMXGL SURL]YRÿDþLOLQMHJRYRYODãWHQLSUHGVWDYQLN

9LGL GLUHNWLYH NRMH VH RGQRVH QD MHGQRVWDYQH SRVXGH SRG SULWLVNRP LJUDþNH PDãLQH OLþQX ]DãWLWQX
 

RSUHPX QHDXWRPDWVNH YDJH DNWLYQD LPSODQWDFLRQD PHGLFLQVND VUHGVWYD JDVQH DSDUDWH SRWHQFLMDOQR
HNVSOR]LYQH DWPRVIHUH PHGLFLQVND VUHGVWYD RSUHPX ]D UHNUHDFLMX OLIWRYH RSUHPX ]D UDG SRG SULWLVNRP L
PHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMH


VD VMHGLãWHP X =DMHGQLFL PRUD LPDWL PRJXüQRVW GD EXGH XQDSULMHG NRQVXOWRYDQ SULMH QHJR ãWR
NRPSHWHQWQRQDGOHåQRWLMHORSRGX]PHDNFLMXGDRJUDQLþLVORERGDQSURWRNSURL]YRGD

2GOXND GD VH RJUDQLþL VORERGDQ SURWRN &( R]QDþHQRJ SURL]YRGD X VOXþDMX ELWQH QHXVNODÿHQRVWL
RELþQR VH SR]LYD QD ]DãWLWQX NODX]XOX &LOM RYH SURFHGXUH MH GD RPRJXüL .RPLVLML GD LPD SUHJOHG
WDNYLK PMHUD L GD UD]PRWUL GD OL VX RQH RSUDYGDQH 0HÿXWLP RJUDQLþHQMD VORERGQRJ SURWRND NDR
UH]XOWDWQHELWQHQHXVNODÿHQRVWLQHELVHPRUDODSR]LYDWLQD]DãWLWQXNODX]XOX

3URL]YRÿDþ QMHJRY RYODãWHQL SUHGVWDYQLN LOL GUXJD RVRED PRJX VPDWUDWL GD WUSH ãWHWX NDR UH]XOWDW
QHRGJRYDUDMXüHQDFLRQDOQHPMHUHNRMDRJUDQLþDYDVORERGDQSURWRNSURL]YRGD8WRPVOXþDMXRQLPD
SUDYR GD VH åDOL QD XþLQMHQH ãWHWH NRMH VX SRG ]DNRQVNRP RGJRYRUQRãüX GUåDYH NRMD MH SRNUHQXOD
SURFHGXUX X VNODGX VD ]DNRQLPD WH GUåDYH 1D SULPMHU PLãOMHQMH GRELMHQR RG .RPLVLMH QD NUDMX
SURFHGXUH SURSLVDQH  ]DãWLWQRP NODX]XORP WDPR JGMH VH QDFLRQDOQD PMHUD VPDWUD QHRSUDYGDQRP
PRåH SRGVWDüL SLWDQMH GD OL VH PRJDR GHVLWL VOXþDM RGJRYRUQRVWL ]D QHSUDYLOQX LPSOHPHQWDFLMX
]DNRQD=DMHGQLFH

 2VWDOHDNWLYQRVWL

'LUHNWLYH1RYRJSULVWXSD]DKWLMHYDMXGDVHDNFLMD PRUD SRGX]HWL SURWLY RVRED NRMH SRVWDYOMDMX &(


R]QDNXQDQHXVNODÿHQHSURL]YRGH $NFLMDVHPRUDWDNRÿHUSRGX]HWLSURWLYSURL]YRÿDþDLOLGUXJH
RVREHRGJRYRUQH]DSODVLUDQMHQHXVNODÿHQRJSURL]YRGDQDWUåLãWH2YHVHDNFLMHPRJXQDSULPMHU
VDVWRMDWL RG XSR]RUHQMD LOL ]DNRQVNLK SRVWXSDND 0RUDMX VH WDNRÿHU UD]PRWULWL DNFLMH L SURWLY
SULMDYOMHQRJWLMHODDNRMHRQRELORXNOMXþHQRXSURFHGXUXRFMHQMLYDQMDXVNODÿHQRVWLNRMDMHLPDOD]D
UH]XOWDW QHXVNODÿHQH SURL]YRGH 8 RYDNYLP VOXþDMHYLPD NRPSHWHQWQRVW SULMDYOMHQRJ WLMHOD WUHED GD
EXGHWDNRÿHURFLMHQMHQD

3RãWRGLUHNWLYH1RYRJSULVWXSDQHVSHFLILFLUDMXELORNDNYHND]QH'UåDYHþODQLFHRVWDMXVORERGQHGD
L]DEHUXVDQNFLMHNRMHüHVHSULPLMHQLWLNDGDVHGRJRGHSUHNUãDML2YHND]QHPRUDMXRGJRYDUDWLRQLP
NRMH VX SULPMHQMLYH QD NUãHQMD QDFLRQDOQRJ ]DNRQD VOLþQH SULURGH L YDåQRVWL 'RGDWQR RYH ND]QH
PRUDMXELWLHILNDVQHRGJRYDUDMXüHLRGYUDüDWLRGNDåQMLYLKUDGQML

2ELþQRVXQHNLSURL]YRGLL]LVWHVHULMHSURL]YRGDYHüELOLSURGDQLLþDNVWDYOMHQLXXSRWUHEXQDNRQ
ãWRMHQHXVNODÿHQRVWRWNULYHQD8RYDNYLPVOXþDMHYLPDYDåQRMHRVLJXUDWL


(NVSOLFLWQDRGUHGEDMHXNOMXþHQDXGLUHNWLYHNRMHVHRGQRVHQDPHGLFLQVNDVUHGVWYDLPHGLFLQVNDVUHGVWYD
]D³LQYLWUR´GLMDJQRVWLFLUDQMH

8YH]LVDSULPMHQRP]DãWLWQHNODX]XOHYLGLSRJODYOMH

'LUHNWLYHNRMHVHRGQRVHQDQLVNRQDSRQVNXRSUHPXWRSORYRGQHNRWORYHLUDVKODGQHDSDUDWHQH]DKWLMHYDMX
RYRHNVSOLFLWQR0HÿXWLPPRUDORELVHVPDWUDWLGDVHRYDREDYH]DRGQRVLQDVYHGLUHNWLYH1RYRJSULVWXSD

2YDREDYH]DVH]DVQLYDQDþODQX6SRUD]XPDYLGLVOXþDM6XGDSUDYGH'LUHNWLYDRHNVSOR]LYLPD]D
FLYLOQHQDPMHQHWDNRÿHU]DKWLMHYDGD'UåDYHþODQLFHRGUHGHND]QHNRMHüHVHSULPLMHQLWL]DNUãHQMDRGUHGEL
XVYRMHQLKXWRNXLPSOHPHQWDFLMHGLUHNWLYHLNRMHPRUDMXELWLGRYROMQHGDSURPRYLUDMXXVNODÿHQRVWVDRYLP
RGUHGEDPD


GD VH LQIRUPLUDMX RVREH NRMH PRJX ELWL L]ORåHQH UL]LNX RG SURL]YRGD  2YR EL VH X RVQRYL PRUDOR
VPDWUDWL NDR RGJRYRUQRVW SURL]YRÿDþD LOL GLVWULEXWHUD NRMD VH SRVHEQR RGQRVL QD SRWURãDþNH
SURL]YRGH 8SR]RUHQMH PRåH ELWL X IRUPL RSãWH SXEOLNDFLMH LOL DNR MH EURM RVRED NRMH VX SRG
UL]LNRPRJUDQLþHQVYDNDRGQMLKPRåHELWL]DVHEQRLQIRUPLUDQD1DGOHåQRWLMHORELWDNRÿHUPRUDOR
UD]PRWULWLGDOLELELORQHRSKRGQRRJUDQLþLWLNRULãWHQMHSURL]YRGD]DNRMHVHSRND]DORGDVXRSDVQL
DOLRYRSUHOD]LJUDQLFHSULPMHQHGLUHNWLYD1RYRJSULVWXSD

.DGDNRPSHWHQWQRQDGOHåQRWLMHORRGOXþLGDRJUDQLþLLOL]DEUDQLSODVLUDQMHQDWUåLãWHSURL]YRGDLOLGD
SRYXþH SURL]YRG VD WUåLãWD  WDNRÿHU EL VH PRUDOR UD]PRWULWL ± X VNODGX VD SULQFLSRP
SURSRUFLRQDOQRVWL ± GD OL EL ELOR QHRSKRGQR XQLãWLWL SURL]YRG LOL ]DEUDQLWL QMHJRY L]YR] X RVWDOH
'UåDYHþODQLFHL]DKWLMHYDWLSRYODþHQMHFHUWLILNDWD3RQHNDGMHWDNRÿHUYDåQRYHULILFLUDWLGDOLRGOXNH
WUHEDGDEXGXGRQHVHQH]DRVWDOHSURL]YRGHNRMLLPDMXLVWHWHKQLþNHNDUDNWHULVWLNHNDRRQLNRMLVX
SUHGPHWDNFLMDQDG]RUDQDGWUåLãWHPXQDPMHULGDVHRVLJXUDFMHORNXSDQQLYR]DãWLWH

'LUHNWLYH 1RYRJ SULVWXSD PRJX ]DKWLMHYDWL GD NRPSHWHQWQR QDGOHåQR WLMHOR SRGX]PH VSHFLMDOQX
DNFLMX X RGQRVX QD QHXVNODÿHQH SURL]YRGH 1D SULPMHU GLUHNWLYD NRMD VH RGQRVL QD
WHOHNRPXQLNDFLRQX WHUPLQDO RSUHPX ]DKWMHYD RG 'UåDYD þODQLFD GD LVNOMXþH RSUHPX VD MDYQH
WHOHNRPXQLNDFLRQHPUHåHDNRVHRQDQHNRULVWL]DQDPLMHQMHQXVYUKX

'RGDWQR QDGOHåQD WLMHOD ]D QDG]RU QDG WUåLãWHP PRJX SUHX]HWL DNWLYQRVWL GD VH L]EMHJQH GD VH
QHXVNODÿHQL SURL]YRGL SODVLUDMX QD WUåLãWH LOL GD VSULMHþH QHVUHüH ]ERJ WDNYH QHXVNODÿHQRVWL 1D
SULPMHU QDGOHåQR WLMHOR ]D QDG]RU PRåH RUJDQL]LUDWL NDPSDQMX LQIRUPLUDQMD VD FLOMHP SRGL]DQMD
VYLMHVWL SRWURãDþD 9RGLþ L VPMHUQLFH NRMH VX GDWH SURL]YRÿDþLPD XYR]QLFLPD GLVWULEXWHULPD L
GUXJLPUHOHYDQWQLPRVREDPDPRJXVSULMHþLWLSRMDYXQHXVNODÿHQRVWLNRMDMHED]LUDQDQDJUHãNDPDLOL
QHVSRUD]XPX

 3URFHGXUDSURSLVDQD]DãWLWQRPNODX]XORP

x 'LUHNWLYH 1RYRJ SULVWXSD XNOMXþXMX IRUPX ]DãWLWQH NODX]XOH NRMD REDYH]XMH 'UåDYH
þODQLFH GD RJUDQLþH LOL ]DEUDQH SODVLUDQMH QD WUåLãWH RSDVQLK ± LOL X VNODGX VD QHNLP
GLUHNWLYDPDQDGUXJLQDþLQQHXVNODÿHQLK±SURL]YRGDLOLGDLKSRYXNXVDWUåLãWD


9LGLþODQGLUHNWLYHRRSüRMVLJXUQRVWLSURL]YRGD

ýODQ  GLUHNWLYH R RSüRM VLJXUQRVWL SURL]YRGD VDGUåL ]DãWLWQX NODX]XOX VOLþQX RQRM NRMD MH XNOMXþHQD X
GLUHNWLYH1RYRJSULVWXSD2SüLSULQFLSLNRMLVHRGQRVHQD]DãWLWQXNODX]XOXSRGLUHNWLYDPD1RYRJSULVWXSD
VX]ERJWRJDWDNRÿHUSULPMHQMLYLQD]DãWLWQXNODX]XOXSRGLUHNWLYLRRSüRMVLJXUQRVWLSURL]YRGD'LUHNWLYH
NRMHVHRGQRVHQDWRSORYRGQHNRWORYHLUDVKODGQHDSDUDWHQLVXREH]ELMHÿHQH]D]DãWLWQXNODX]XOXMHUMHFLOM
RYLKGLUHNWLYDHQHUJHWVNDHILNDVQRVW0HÿXWLPGLUHNWLYDNRMDVHRGQRVLQDUDVKODGQHDSDUDWHVDGUåLRGUHGEH
]DUD]PMHQXLQIRUPDFLMD


x 2YDSURFHGXUDSURSLVDQD]DãWLWQRPNODX]XORPMHRJUDQLþHQDQDSURL]YRGH
Ÿ NRMLVXSRNULYHQLGLUHNWLYDPD1RYRJSULVWXSD
Ÿ NRMLVX&(R]QDþHQLL
Ÿ ]D NRMH 'UåDYH þODQLFH VPDWUDMX GD SUHGVWDYOMDMX ELWDQ UL]LN þDN L DNR VX
SURL]YRGL SUDYLOQR NRQVWUXLVDQL PRQWLUDQL L RGUåDYDQL L NRULãWHQL X VNODGX  VD
VYRMRPQDPMHQRP

x 2YD SURFHGXUD SURSLVDQD ]DãWLWQRP NODX]XORP üH ELWL SULPLMHQMHQD QD QDFLRQDOQH
PMHUHNRMH
Ÿ RJUDQLþDYDMXLOL]DEUDQMXMXSODVLUDQMHQDWUåLãWHSURL]YRGDLOLSRYODþHSURL]YRG
VDWUåLãWD
Ÿ VXRSüHSULURGHL
Ÿ LPDMXREDYH]XMXüH]DNRQVNHHIHNWH

x 'UåDYDþODQLFDPRUDREDYLMHVWLWL.RPLVLMXRGPDKQDNRQSRGX]LPDQMDDNFLMHNRMDVH
SR]LYDQD]DãWLWQXNODX]XOX1HRSKRGQHLQIRUPDFLMHLGRND]GDVHRSUDYGDDNFLMDVH
PRUDMXSULORåLWLX]REDYMHãWHQMH

x $NR .RPLVLMD VPDWUD QDFLRQDOQX DNFLMX RSUDYGDQRP RQD LQIRUPLUD RVWDOH 'UåDYH
þODQLFH2GQMLKVH]DKWLMHYDGDSRGX]PXQHRSKRGQHPMHUHQDVYRMRMWHULWRULML

 8VORYL]DSR]LYDQMHQD]DãWLWQXNODX]XOX
1DPMHQD]DãWLWQHNODX]XOHMHGDRPRJXüL.RPLVLMLGDDQDOL]LUDRSUDYGDQRVWQDFLRQDOQLKPMHUDNRMH
RJUDQLþDYDMX VORERGDQ SURWRN SURL]YRGD R]QDþHQLK &( R]QDNRP WM SURL]YRGD ]D NRMH VH
SUHWSRVWDYOMD GD VX X VNODGX VD ]DKWMHYLPD .DR GUXJR RQD REH]EMHÿXMH VUHGVWYR ]D LQIRUPLUDQMH
VYLK QDFLRQDOQLK QDGOHåQLK WLMHOD ]D QDG]RU R RSDVQLP SURL]YRGLPD L X VNODGX VD WLP SRVMHGXMH
QHRSKRGQDRJUDQLþHQMDQDSURVWRUXVYLK'UåDYDþODQLFDWDNRGDRVLJXUDMXMHGQDNQLYR]DãWLWHNUR]
=DMHGQLFX
=DãWLWQDNODX]XODüHELWLSULPLMHQMHQDQDSURL]YRGHNRMLSDGDMXXSRGUXþMHSULPMHQHGLUHNWLYH1RYRJ
SULVWXSDLQRVH&(R]QDNXNRMDMHREH]ELMHÿHQDSRWRMGLUHNWLYL3UHPDWRPH]DãWLWQDNODX]XODQH
PRåH ELWL SULPLMHQMHQD QD SURL]YRGH NRML QLVX R]QDþHQL &( R]QDNRP X VNODGX VD GLUHNWLYRP NRMD
REH]EMHÿXMHSUHGPHWQXSURFHGXUXR]DãWLWL

'D EL ]DãWLWQD NODX]XOD ELOD SULPMHQMLYD  QHXVNODÿHQRVW PRUD ELWL XVSRVWDYOMHQD NDR VLVWHPDWVND
JUHãND X GL]DMQX LOL FLMHORM VHULML SURL]YHGHQLK SURL]YRGD 8 YH]L VD L]RORYDQRP JUHãNRP
RJUDQLþHQRPQDWHULWRULML'UåDYHþODQLFH

'LUHNWLYH NRMH VH RGQRVH QD QLVNRQDSRQVNX RSUHPX DNWLYQD LPSODQWDFLRQD PHGLFLQVND VUHGVWYD L
PHGLFLQVND VUHGVWYD QH XVSRVWDYOMDMX NDR SUHGXVORY ]D SR]LYDQMH QD ]DãWLWQX NODX]XOX GD MH &( R]QDND
SRVWDYOMHQDQDSURL]YRG0HÿXWLPPRUDORELVHVPDWUDWLWDNRÿHUGDVHSRRYLPGLUHNWLYDPD]DãWLWQDNODX]XOD
SULPMHQMXMH VDPR QD SURL]YRGH NRML VH VPDWUDMX XVNODÿHQLP VD RGUHGEDPD  SUHGPHWQHLK GLUHNWLYHD
XNOMXþXMXüLRGUHGEHNRMHVHRGQRVHQD&(R]QDþDYDQMH 5D]ORJ]DRYRMHGD]DãWLWQDNODX]XODGR]YROMDYD
'UåDYL þODQLFL GD LVSLWD SURL]YRG NRML MHX RVQRYL  SUHGPHW VORERGQRJ SURWRND 8 YH]L VD NRUHNWLYQRP
PMHURP X VOXþDMHYLPD JGMH VH XVSRVWDYOMHQD QHXVNODÿHQRVW RGQRVL QD SURL]YRGH NRML VX R]QDþHQL &(
R]QDNRPLOLQHYLGLSRJODYOMH


NRMDMHRWNULODQHXVNODÿHQRVWQHPDSRWUHEHGDVHSR]LYDQD]DãWLWQXNODX]XOXSRãWRQHPDSRWUHEHGD
VHSRGX]PHDNFLMDQDQLYRX=DMHGQLFH

3ULPMHQD ]DãWLWQH NODX]XOH ]DKWLMHYD GD NRPSHWHQWQR QDGOHåQR WLMHOR RJUDQLþL LOL ]DEUDQL SODVLUDQMH
QDWUåLãWHSURL]YRGDLOLJDSRYXþHVDWUåLãWD6DGUåDMRGOXNHELVHPRUDRRGQRVLWLQDVYHSURL]YRGH
NRMLSULSDGDMXLVWRMJUXSLLOLVHULML6DGUåDMRGOXNHPRUDWDNRÿHULPDWLREDYH]XMXüL]DNRQVNLHIHNDW
WMDNRVHWRQHLVSRãWXMHVOLMHGHVDQNFLMHLRQPRåHELWLSUHGPHWåDOEHQHSURFHGXUH0HÿXWLPRGOXNH
VXGDNRMHRJUDQLþDYDMXVORERGDQSURWRNSURL]YRGDNRMLVXR]QDþHQL&(R]QDNRPXRNYLUXSRGUXþMD
SULPMHQHUHOHYDQWQHLKGLUHNWLYHDVHQHSR]LYDMXQD]DãWLWQXNODX]XOX

8VNODÿHQRVWPRåHELWLSURYHGHQDDNRQDFLRQDOQRQDGOHåQRWLMHOR]DKWMHYDGDSURL]YRÿDþLOLQMHJRY
RYODãWHQL SUHGVWDYQLN SRGX]PX QHRSKRGQH PMHUH LOL DNR MH SURL]YRG PRGLILFLUDQ LOL GREURYROMQR
SRYXþHQVDWUåLãWD,]X]HYDNRMHRSüHSULPMHQMLYDRGOXNDGRQHVHQDXVOXþDMHYLPDGDVH]DEUDQLLOL
RJUDQLþL SODVLUDQMH QD WUåLãWH SURL]YRGD LOL GD VH SRYXþH SURL]YRG VD WUåLãWD SURFHGXUD SURSLVDQD
]DãWLWQRPNODX]XORPVHQHSR]LYD8RYDNYLPVLWXDFLMDPDUD]PMHQDLQIRUPDFLMDL]PHÿXQDGOHåQLK
WLMHOD]DQDG]RUQDGWUåLãWHPMHQHRSKRGQD

1DGDOMH QDFLRQDOQD PMHUD PRUD ELWL ]DVQRYDQD QD GRND]X GD SURL]YRGL þDN L NDGD VX SUDYLOQR
NRQVWUXLVDQLPRQWLUDQLRGUåDYDQLLNRULãWHQLXVNODGXVDVYRMRPQDPMHQRPQDUD]XPDQSUHGYLGOMLY
QDþLQ YMHURYDWQR XJURåDYDMX ]GUDYOMH LLOL VLJXUQRVW OMXGL LOL X]URNXMX GUXJH UL]LNH SRNULYHQH
SULPMHQMLYRPLP GLUHNWLYRPDPD 3RVWRML VLYD ]RQD L]PHÿX SUDYLOQRJ L QHSUDYLOQRJ RGUåDYDQMD L
XSRWUHEHLPRåHVHVPDWUDWLGDELGRRGUHÿHQLKJUDQLFDSURL]YRGLWUHEDOLELWLVLJXUQLþDNLDNRVX
RGUåDYDQL L NRULãWHQL ]D VYRMX QDPMHQX QD QHSUDYLODQ QDþLQ NRML MH PRJXüH SUHGYLGMHWL 8
RFMHQMLYDQMXRYRJDXSXWVWYDSURL]YRÿDþDVHX]LPDMXXUD]PDWUDQMH

6D]QDQMD GD VX RSUDYGDQH QDFLRQDOQH PMHUH XVSRVWDYOMHQH LOL RG VWUDQH QDGOHåQRJ WLMHOD ]D QDG]RU
QDGWUåLãWHPQDQMHJRYXYODVWLWXLQLFLMDWLYXLOLED]LUDQHQDLQIRUPDFLMDPDSULPOMHQLPRGWUHüHVWUDQH
QSU SRWURãDþ NRQNXUHQW RUJDQL]DFLMD SRWURãDþD LQVSHNWRUDW ]D UDGQX VQDJX  2QH PRUDMX ELWL
YHULILFLUDQH GD REH]ELMHGH GRND] QSU LVSLWLYDQMD LVWUDåLYDQMD  NRML SUHGVWDYOMD GRYROMQR GRND]QR
VUHGVWYR R JUHãNDPD X GL]DMQX SURL]YRGD LOL  SURL]YRGQMH GD EL VH XND]DOR QD SUHGYLGOMLYX
SRWHQFLMDOQX LOL VWYDUQX RSDVQRVW LOL QD GUXJH JODYQH QHXVNODÿHQRVWL VD HVHQFLMDOQLP ]DKWMHYLPD
SULPMHQMLYHLK GLUHNWLYHD $NR MH QHXVNODÿHQRVW VD KDUPRQL]LUDQLP VWDQGDUGLPD NRML GDMX
SUHWSRVWDYNX XVNODÿHQRVWL  XVSRVWDYOMHQD RG SURL]YRÿDþD LOL QMHJRYRJ RYODãWHQRJ SUHGVWDYQLND X
=DMHGQLFL VH PRUD ]DKWLMHYDWL GD REH]ELMHGL GRND] R XVNODÿHQRVWL VD HVHQFLMDOQLP ]DKWMHYLPD
2GOXNDNRPSHWHQWQRJQDGOHåQRJWLMHODGDSRGX]PHNRUHNWLYQXPMHUX


8 YH]L VD DGPLQLVWUDWLYQRP VDUDGQMRP YLGL SRJODYOMH  $GPLQLVWUDWLYQD VDUDGQMD MH WDNRÿHU
QHRSKRGQD WDPR JGMH GUXJL XVORYL ]D SR]LYDQMH QD ]DãWLWQX NODX]XOX QLVX LVSXQMHQL  QSU SURL]YRG QLMH
R]QDþHQ&(R]QDNRP DOLQDFLRQDOQDQDGOHåQDWLMHODWUHEDMXELWLLQIRUPLUDQDRQHXVNODÿHQRPSURL]YRGX

'LUHNWLYDRLJUDþNDPD]DKWLMHYDGDLJUDþNHPRUDMXELWLVLJXUQHNDGDVHNRULVWHQDSUHGYLÿHQLOLSUHGYLGOMLY
QDþLQLPDMXüLQDXPXQRUPDOQRSRQDãDQMHGMHFH


PRUDXYLMHNELWL]DVQRYDQDQDXVSRVWDYOMHQRMQHXVNODÿHQRVWLVDHVHQFLMDOQLP]DKWMHYLPDSR]LYDMXüL
VHQDSULPMHQX]DãWLWQHNODX]XOH

2SDVQRVW NRMX MH X]URNRYDR SURL]YRG PRåH SURL]DüL QD SULPMHU L] UD]OLND LOL JUHãDND X SULPMHQL
HVHQFLMDOQLK ]DKWMHYD QHSUDYLOQH SULPMHQH KDUPRQL]LUDQLK VWDQGDUGD LOL QHGRVWDWDND X QMLPD
1DGOHåQRWLMHOR]DQDG]RUPRåHGRGDWLLOLVSHFLILUDWLGUXJHPRWLYH QSUQHPRJXüQRVWXVNODÿLYDQMD
VD GREURP LQåHQMHUVNRP SUDNVRP  NDGD VH SR]LYD QD ]DãWLWQX NODX]XOX REH]ELMHÿHQX  GD VX RQL
GLUHNWQRSRYH]DQLVDRYDWULUD]ORJD

 2EDYMHãWDYDQMH.RPLVLMH

âWRSULMHNRPSHWHQWQRQDGOHåQRWLMHORRJUDQLþLLOL]DEUDQLSURGDMXSURL]YRGDLOLJDSRYXþHVDWUåLãWD
QDWDNDYQDþLQGDVHSR]YDORQD]DãWLWQXNODX]XOX'UåDYDþODQLFDPRUDRGPDKREDYLMHVWLWL.RPLVLMX
QD]QDþDYDMXüL UD]ORJH L RSUDYGDQRVW ]D WDNYX RGOXNX 1D RYRP QLYRX .RPLVLMD QH GLVWULEXLUD
LQIRUPDFLMHNRMHMHSULPLOD

=DãWLWQD NODX]XOD QH XNOMXþXMH REDYH]X LQIRUPLUDQMD RVWDOLK 'UåDYD þODQLFD 8 SUDNVL 'UåDYH
þODQLFH WHåH GD SRãDOMX NRSLMX VYRMLK REDYMHãWHQMD RVWDOLP 'UåDYDPD þODQLFDPD 'UåDYH þODQLFH
NRMH VX SULPLOH WDNYR REDYMHãWHQMH RG GUXJH 'UåDYH þODQLFH EL PRUDOH RGOXþLWL GD OL MH DNFLMD
QHRSKRGQDLX]HWLXRE]LUGDWDNYDDNFLMDPRUDELWLRSUDYGDQD

'DELVHVNUDWLORYULMHPHSRWUHEQRGD.RPLVLMDREUDGLVOXþDMREDYMHãWHQMHELPRUDORXNOMXþLWL

o XSXüLYDQMH QD GLUHNWLYXH SRVHEQR QD HVHQFLMDOQH ]DKWMHYH SUHPD NRMLP VH


QHXVNODÿHQRVWXVSRVWDYLOD
o LPH L DGUHVX SURL]YRÿDþD QMHJRYRJ RYODãWHQRJ SUHGVWDYQLND L X GRGDWNX ± DNR MH
QHRSKRGQR±LPHLDGUHVXXYR]QLNDLOLGUXJHRVREHRGJRYRUQH]DSODVLUDQMHSURL]YRGDQD
WUåLãWH=DMHGQLFH
o NRSLMXGHNODUDFLMHRXVNODÿHQRVWL
o LPH L EURM SULMDYOMHQRJ WLMHOD NRMH MH LQWHUYHQLUDOR X WRNX SURFHGXUH RFMHQMLYDQMD
XVNODÿHQRVWLDNRMHWRSULPMHQMLYR
o LQIRUPDFLMH R SURFHGXUL NRMX MH NRULVWLOR QDGOHåQR WLMHOR GD YHULILFLUD XVNODÿHQRVW
SURL]YRGDL
o UD]XPOMLYX RFMHQX L GRND] GD RSUDYGD PMHUX QSU KDUPRQL]LUDQH VWDQGDUGH LOL GUXJH
WHKQLþNH VSHFLILNDFLMH NRMH MH NRULVWLOR QDGOHåQR WLMHOR L]YMHãWDMH R LVSLWLYDQMX L
LGHQWLILNDFLMXLVSLWQHODERUDWRULMH 


6OXåEHQR REDYMHãWHQMH VH RELþQR XSXüXMH SXWHP VWDOQRJ ]DVWXSQLãWYD VD NRSLMRP SRVODQRP RGMHOX
.RPLVLMHNRMHMHRGJRYRUQR]DXSUDYOMDQMHSUHGPHWQRPGLUHNWLYRP
 
.DRL]X]HWDN'UåDYH þODQLFH PRUDMXLQIRUPLUDWL RVWDOH 'UåDYH þODQLFHLVWR WDNR NDR L .RPLVLMX NDGDVH
SR]LYDMXQD]DãWLWQXNODX]XOXXVNODGXVDGLUHNWLYRPNRMDVHRGQRVLQDQLVNRQDSRQVNXRSUHPX

.RSLMDVHRELþQRãDOMHSUHNRVWDOQRJ]DVWXSQLãWYD


7DPRJGMH'UåDYHþODQLFHVNODSDMXVSRUD]XPVDSURL]YRÿDþHPLOLGUXJRPRVRERPRGJRYRUQRP]D
SODVLUDQMH SURL]YRGD QD WUåLãWH QD WDNDY QDþLQ GD PRGLILFLUD SURL]YRG WDNR GD MH RQ X VNODGX VD
GLUHNWLYRP'UåDYDþODQLFDELPRUDODSRYXüLREDYMHãWHQMHR]DãWLWQRMNODX]XOL

 8SUDYOMDQMH]DãWLWQRPNODX]XORP

.RPLVLMDMHRGJRYRUQD]DXSUDYOMDQMH]DãWLWQRPNODX]XORPQDQLYRX=DMHGQLFHL]DRVLJXUDYDQMHGD
VH ]DãWLWQD NODX]XOD SULPMHQMXMH QD FLMHOX =DMHGQLFX .RPLVLMD NRQVXOWXMH GR VDPRJ NUDMD
]DLQWHUHVRYDQH VWUDQH GD YHULILFLUD GD OL DNFLMD NRMD VH SR]LYD QD ]DãWLWQX NODX]XOX PRåH ELWL
RSUDYGDQD 0MHUH RSUH]D VX QHRSKRGQH ]D YULMHPH NRQVXOWDFLMD GD EL VH ]DãWLWLOD SRYMHUOMLYRVW
LQIRUPDFLMD

2 DNFLML NRMD VH SRGX]LPD RGOXþXMH VH RG VOXþDMD GR VOXþDMD 1DNRQ ãWR VX LQIRUPLUDQL RGMHOL
.RPLVLMHNRMLVXRGJRYRUQL]DXSUDYOMDQMHGLUHNWLYRPRQLüHDWRMHRSãWHSUDYLORSUYRNRQWDNWLUDWL
'UåDYX þODQLFX L QDFLRQDOQR QDGOHåQR WLMHOR ]D QDG]RU NRMH VH SR]YDOR QD SURFHGXUX L SUHGPHWQH
SURL]YRÿDþH LOL QMLKRYH RYODãWHQH SUHGVWDYQLNH .RPLVLMD PRåH WDNRÿHU NRQWDNWLUDWL RVWDOH 'UåDYH
þODQLFHNRMLKVHGLUHNWQRWLþHSUHGPHWQLVOXþDM WM'UåDYHþODQLFHJGMHMHSURL]YRÿDþLOLSULMDYOMHQR
WLMHOR RVQRYDQR  L SULMDYOMHQD WLMHOD LOL GUXJH WUHüH VWUDQH  XNOMXþHQD X SURFHGXUX RFMHQMLYDQMD
XVNODÿHQRVWL

$NR.RPLVLMDVPDWUDGDMHQHRSKRGQRRQDPRåHWUDåLWLPLãOMHQMHGUXJLKDGHNYDWQRNYDOLILFLUDQLK
QHSULVWUDVQLKWLMHODLOLHNVSHUDWDVSRVREQLKGDREH]ELMHGHGDOMQMHLQIRUPDFLMHGLUHNWQRUHOHYDQWQH]D
SUHGPHW QSU GUXJD QDGOHåQD WLMHOD ]D QDG]RU GUXJD SULMDYOMHQD WLMHOD RUJDQL]DFLMH ]D VWDQGDUGH
WLMHOD ]D RFMHQMLYDQMH XVNODÿHQRVWL RUJDQL]DFLMH NRMH SUHGVWDYOMDMX LQGXVWULMX GLVWULEXWHUL LOL
SRWURãDþL WUJRYDþNH XQLMH LQVWLWXWL ]D LVWUDåLYDQMD LOL VWUXþQMDFL L] REODVWL QDXNH  0DGD RYH
NRQVXOWDFLMHPRJXELWLUHODWLYQRRSãLUQHKLWQRVWSUREOHPDVHX]LPDXRE]LULQDVWRMLVHGDSURFHGXUD
EXGHãWRMHPRJXüHNUDüD

1DNUDMXSURFHGXUHNRQVXOWRYDQMD.RPLVLMDL]QRVLPLãOMHQMHRRSUDYGDQRVWLQDFLRQDOQHPMHUHNRMD
MHRJUDQLþLODVORERGDQSURWRNSURL]YRGD

$NRMHSRPLãOMHQMX.RPLVLMHDNFLMDRSUDYGDQDRQDRGPDKLQIRUPLUDSUHGPHWQX'UåDYXþODQLFXL
RVWDOH 'UåDYH þODQLFH .RPLVLMD PRåH WDNRÿHU RGOXþLWL GD REMDYL VYRMH PLãOMHQMH 8 VNODGX VD
PLãOMHQMHP.RPLVLMHVYH'UåDYHþODQLFH PRUDMX SRGX]HWL RGJRYDUDMXüX DNFLMX GD RVLJXUDMX VOLþDQ
QLYR]DãWLWHX=DMHGQLFL2YDM]DKWMHYVH]DVQLYDQDRSãWRMREDYH]L'UåDYDþODQLFD]DQDG]RURPQDG
WUåLãWHPL]DSURYRÿHQMHP]DNRQVNLKDNDWD=DMHGQLFH

=DãWLWQD NODX]XOD QD NRMX VH SR]YDOR X VNODGX VD GLUHNWLYRP NRMD VH RGQRVL QD QLVNRQDSRQVNX RSUHPX
 

LVSLWXMHVHVDPRDNRRVWDOH'UåDYHþODQLFHVWDYHSULPMHGEXNRMDVHRGQRVLQDSRGX]HWXPMHUX


$NR 'UåDYD þODQLFD RGELMD GD VOLMHGL VWDY NRML MH GRQLMHOD .RPLVLMD .RPLVLMD üH UD]PRWULWL
SRNUHWDQMHSURFHGXUHNRMDMHREH]ELMHÿHQD]DRYXVYUKXSRþODQX6SRUD]XPD

6XSURWQRRYRPHXNROLNR.RPLVLMDXYLGLGDQHPDRSUDYGDQMD]DQDFLRQDOQXDNFLMXNRMDVHSR]LYDQD
]DãWLWQX NODX]XOX RQD üH WUDåLWL GD 'UåDYD þODQLFD SRYXþH VYRMX DNFLMX L SRGX]PH WUHQXWQH
RGJRYDUDMXüHNRUDNHGDSRQRYRXVSRVWDYLVORERGDQSURWRNSUHGPHWQLKSURL]YRGDQDVYRMRMWHULWRULML
2YRPLãOMHQMHVHXSXüXMH'UåDYLþODQLFLNRMDVHSR]YDODQD]DãWLWQXNODX]XOXSURL]YRÿDþXLDNRMH
WRSULNODGQRRYODãWHQRPSUHGVWDYQLNXLOLGUXJRMRVRELNRMDMHRGJRYRUQD]DSODVLUDQMHSURL]YRGDQD
WUåLãWH=DMHGQLFH8RYRPVOXþDMXüH.RPLVLMDWDNRÿHUUD]PRWULWLSRNUHWDQMHSUHNUãDMQHSURFHGXUH
NRMDMHREH]ELMHÿHQD]DWRSRþODQX6SRUD]XPDQDRVQRYXWRJDãWRVH'UåDYDþODQLFDQHSRQDãD
XVNODGXVDSULQFLSRPVORERGQRJSURWRNDURED2YDSURFHGXUDPRåHX]URNRYDWLGD.RPLVLMDSUHGD
SUHGPHW6XGX3UDYGH8RYDNYLPVOXþDMHYLPDSURL]YRÿDþLOLGUXJDRVREDNRMDVPDWUDGDWUSLãWHWX
PRåH SRGX]HWL]DNRQVNH SRVWXSNH QD QDFLRQDOQRP QLYRX X QDPMHUL GD GRELMH QDGRNQDGX ]D ãWHWX
NRMDMHUH]XOWLUDODL]QDFLRQDOQHPMHUHNRMDQLMHXVNODGXVD]DNRQRP=DMHGQLFH

$NR VH QD ]DãWLWQX NODX]XOX SR]LYD ]ERJ QHGRVWDWND X KDUPRQL]LUDQRP VWDQGDUGX NRML GDMH
SUHWSRVWDYNXXVNODÿHQRVWL.RPLVLMDüHQDNRQNRQVXOWRYDQMD]DLQWHUHVLUDQLKVWUDQDSRGQLMHWLVOXþDM
.RPLWHWXRVQRYDQRPSRGLUHNWLYL(&

%LOR GD VH DNFLMD NRMX MH SRGX]HOD 'UåDYD þODQLFD VPDWUD RSUDYGDQRP LOL QH X VYDNRP VOXþDMX
.RPLVLMDLQIRUPLUD'UåDYHþODQLFHRSURJUHVXLUH]XOWDWLPDSURFHGXUH

 =$â7,7$&(2=1$ý$9$1-$

x 1DGOHåQDWLMHOD]DQDG]RUQDGWUåLãWHPPRUDMXSURYMHULWLGDMHSRVWDYOMDQMHLNRULãWHQMH&(
R]QDNH LVSUDYQR L GD QLMHGQD GUXJD R]QDND LOL QDOMHSQLFD QH LVNULYOMXMH ]QDþHQMH &(
R]QDNH

x 7DPRJGMHQDGOHåQRWLMHOR]DQDG]RUQDGWUåLãWHPXVWDQRYLGDMH&(R]QDNDNRULãWHQDLOL
SRVWDYOMHQD  QHSUDYLOQR QDGOHåQR WLMHOR PRUD SRGX]HWL RGJRYDUDMXüX NRUHNWLYQX PMHUX
1DGOHåQDWLMHOD]DQDG]RUPRUDMXWDNRÿHUSRGX]HWLDNFLMXGD]DEUDQHR]QDNHLQDOMHSQLFH
NRMHPRJXGRYHVWLGR]DEXQHXYH]LVD&(]QDþDYDQMHP

x 'UåDYD þODQLFD PRUD REDYLMHVWLWL .RPLVLMX L RVWDOH 'UåDYH þODQLFH NDGD RQD RGOXþL GD
RJUDQLþL VORERGDQ SURWRN ]ERJ QHSUDYLOQRJ SRVWDYOMDQMD &( R]QDNH LOL NDGD RQD
SRGX]LPD DNFLMX SURWLY RQLK NRML VX RGJRYRUQL ]D QHXVNODÿHQ SURL]YRG NRML QRVL &(
R]QDNX

8YH]LVDSRYODþHQMHPSUHWSRVWDYNHRXVNODÿHQRVWLYLGLSRJODYOMH



'UåDYHþODQLFHPRUDMXREH]ELMHGLWLXVYRMLPQDFLRQDOQLP]DNRQVNLPDNWLPDRGJRYDUDMXüHPMHUH]D
VSULMHþDYDQMH]ORXSRWUHEHLSRJUHãQHXSRWUHEH&(R]QDþDYDQMDLGDSRSUDYHVLWXDFLMXDNRVHWDNYD
]ORXSRWUHEDLOLSRJUHãQDXSRWUHEDGHVLOD

3RVWDYOMDQMH&(R]QDNHQDSURL]YRGNRMLQLMHSRNULYHQELORNRMRPRGGLUHNWLYDNRMHVXREH]EMHÿHQH
]D QMHJRYR SRVWDYOMDQMH VPDWUD VH SUHYDURP MHU VX SRWURãDþL LOL NRULVQLFL QD SULPMHU YMHURYDWQR
GRELOL XWLVDN GD SUHGPHWQL SURL]YRG ]DGRYROMDYD RGUHÿHQH VLJXUQRVQH RGUHGEH =DMHGQLFH
.RPSHWHQWQDQDGOHåQDWLMHODPRUDMX]ERJWRJDLPDWLQDUDVSRODJDQMX]DNRQVNHLQVWUXPHQWHNRMLLP
RPRJXüDYDMX GD GMHOXMX WDPR JGMH MH HYLGHQWQD SUHYDUD X NRULãWHQMX &( R]QDþDYDQMD 0RUD VH
SRGX]HWL DNFLMD GD VH SURYHGH  XVNODÿHQRVW NDR L SURWLY RQLK NRML VX RGJRYRUQL ]D QHXVNODÿHQ
SURL]YRGNRMLQRVL&(R]QDNX

1DFLRQDOQL]DNRQVNLDNWLPRUDMXXNOMXþLWLRGUHGEH]DVLWXDFLMHXNRMLPDVHPRåHGHVLWL]DEXQDVD
&(R]QDþDYDQMHP3RVWDYOMDQMH]QDNRYDLQDOMHSQLFDQDSURL]YRGHR]QDþHQHVD&(R]QDNRPNRMHVX
YMHURYDWQRSRVWDYOMHQHGDSUHYDUHWUHüHVWUDQHNDNRX]QDþHQMXWDNRLXIRUPL&(R]QDþDYDQMDPRUD
VH ]DEUDQLWL 'REURYROMQL ]QDNRYL L QDOMHSQLFH PRJX VH VPDWUDWL SUHYDURP DNR RQL WHåH GD VWYRUH
XWLVDN GD WUHüD VWUDQD SUHX]LPD RGJRYRUQRVW RG SURL]YRÿDþD LOL QMHJRYRJ RYODãWHQRJ SUHGVWDYQLND
ãWR MH X VXSURWQRVWL VD NRQFHSWRP GLUHNWLYD 1RYRJ SULVWXSD 3RVWDYOMDQMH GUXJLK R]QDND NRMH
VPDQMXMXYLGOMLYRVWLLOLþLWNRVW&(R]QDNHPRUDELWLWDNRÿHU]DEUDQMHQR

$NFLMDNRMXWUHEDGDSRGX]PXQDGOHåQDWLMHOD]DQDG]RUQDGWUåLãWHPRYLVLRUD]PMHUL]ORXSRWUHEHLOL
SRJUHãQH XSRWUHEH &( R]QDþDYDQMD L R QMRM VH PRUD RGOXþLWL RG VOXþDMD GR VOXþDMD X VNODGX VD
SULQFLSRPSURSRUFLRQDOQRVWL

'UåDYD þODQLFD PRUD LQIRUPLUDWL .RPLVLMX L RVWDOH 'UåDYH þODQLFH R VYRMRM RGOXFL GD RJUDQLþL
VORERGDQ SURWRN ]ERJ QHSUDYLOQRJ SRVWDYOMDQMD &( R]QDNH L R VYRMRM DNFLML SURWLY RVREH NRMD MH
SRVWDYLOD&(R]QDNXQDQHXVNODÿHQSURL]YRG7DGDMHQDRVWDOLP'UåDYDPDþODQLFDPDGDRGOXþHGD
OL MH VOLþQD DNFLMD QHRSKRGQD 1LNDNDY GHWDOMDQ GRND] GD RSUDYGD DNFLMX QLMH QHRSKRGDQ NDR L
QLNDNYHNRQVXOWDFLMHNRMHVHRGQRVHQDQDFLRQDOQHPMHUHNRMHVX]DPLãOMHQHGDVHSURYHGH]DãWLWQD
NODX]XOD 0HÿXWLP .RPLVLMD PRåH SRGX]HWL DNFLMX SR þODQX  6SRUD]XPD DNR VH WR VPDWUD
QHRSKRGQLP

 6,67(0,5$=0-(1(,1)250$&,-$

x 6LVWHP ]D EU]X UD]PMHQX LQIRUPDFLMD MH XVSRVWDYOMHQ SR GLUHNWLYL R RSüRM VLJXUQRVWL
SURL]YRGD NRMD XSUDYOMD  KLWQLP VLWXDFLMDPD NDGD SRWURãDþNL SURL]YRGL SUHGVWDYOMDMX
R]ELOMQXLWUHQXWQXRSDVQRVW

8YH]LVD&(R]QDþDYDQMHPLGUXJLPR]QDNDPDYLGLSRJODYOMH


8YH]LVDDNFLMDPDNRMHVHWUHEDMXSRGX]HWLYLGLSRJODYOMH



x 6LVWHP XSR]RUDYDQMD VH SULPMHQMXMH QD PHGLFLQVND VUHGVWYD 2YDM VLVWHP
]DKWLMHYD GD QDFLRQDOQR QDGOHåQR WLMHOR REDYMHãWDYD .RPLVLMX L RVWDOH 'UåDYH
þODQLFH R R]ELOMQLP PDQDPD X WRNX UDGD QHDGHNYDWQRP R]QDþDYDQMX LOL
XSXWVWYLPDNRMDPRJXUH]XOWLUDWLLOLVXUH]XOWLUDOLVPUüXSDFLMHQDWDLOLNRULVQLND
LOLR]ELOMQLPSRJRUãDQMHPQMLKRYRJ]GUDYOMD

x (+/$66 MH LQIRUPDFLRQL VLVWHP R QHVUHüDPD X NXüL L QHVUHüDPD X VORERGQR


YULMHPH NRML REH]EMHÿXMH VUHGVWYD ]D SULNXSOMDQMH LQIRUPDFLMD L] VLVWHPD ]D
MDYQX]GUDYVWYHQX]DãWLWXLSRVHEQRRSRYUHGDPDNRMHVXX]URNRYDOLSURL]YRGL

 3RWURãDþNLSURL]YRGL%U]DUD]PMHQDLQIRUPDFLMD

'LUHNWLYD R RSüRM VLJXUQRVWL SURL]YRGD REH]EMHÿXMH ]DNRQVNX RVQRYX ]D VLVWHP ]D UD]PMHQX
LQIRUPDFLMDXKLWQLPVLWXDFLMDPD2YDMVLVWHP]DEU]XUD]PMHQXLQIRUPDFLMDRRSDVQRVWLPDQDVWDOLP
XVOLMHG NRULãWHQMD SRWURãDþNLK SURL]YRGD 5$3(;  MH RSüH L UDQR XSR]RUDYDQMH L VLVWHP ]D
QDGJOHGDQMH 1MHJRYD QDPMHQD  MH UXNRYDQMH KLWQLP VLWXDFLMDPD X]URNRYDQLP QRYLP NRULãWHQLP L
SRSUDYOMHQLP SURL]YRGLPD NRML SUHGVWDYOMDMX R]ELOMDQ L QHSRVUHGDQ UL]LN ]D ]GUDYOMH L VLJXUQRVW
SRWURãDþD1MHJRYWHPHOMQLFLOMMHGDREH]ELMHGLLQIRUPDFLMHXQDPMHULGDGR]YROLQDGOHåQLPWLMHOLPD
VYLK'UåDYDþODQLFDGDSRGX]PXWUHQXWQXLRGJRYDUDMXüXDNFLMXNDGDVHRWNULMHR]ELOMDQUL]LNQDVWDR
]ERJSURL]YRGD

5$3(; VH RGQRVL QD VYH SURL]YRGH QDPLMHQMHQH SRWURãDþLPD LOL NRMH üH YMHURYDWQR NRULVWLWL
SRWURãDþLNRMLNRULãWHQLSRGQRUPDOQLPLOLUD]XPQRSUHGYLGOMLYLPXVORYLPDSUHGVWDYOMDMX]ERJELOR
NRMHJ UD]ORJD QHSRVUHGDQ L R]ELOMDQ UL]LN SR ]GUDYOMH L VLJXUQRVW SRWURãDþD 5$3(; SRNULYD L
QDPLUQLFH L LQGXVWULMVNH QHSUHKUDPEHQH  SURL]YRGH 2Q MH WDNRÿHU SULPMHQMLY QD SRWURãDþNH
SURL]YRGHSRNULYHQHGLUHNWLYDPD1RYRJSULVWXSDLRQMHSRVHEQRYDåDQ]DLJUDþNHLQLVNRQDSRQVNH
SURL]YRGH2YRMH]DWRãWRGLUHNWLYH1RYRJSULVWXSDQHREH]EMHÿXMXWDNYXSURFHGXUX

5$3(; IXQNFLRQLãH X VNODGX VD GHWDOMQLP SURFHGXUDPD QDYHGHQLP X SULORJX GLUHNWLYH R RSüRM
VLJXUQRVWL SURL]YRGD âWR MH  SULMH R]ELOMDQ L QHSRVUHGDQ UL]LN RWNULYHQ QDFLRQDOQR QDGOHåQR WLMHOR
PRUDNRQVXOWLUDWLãWRMHEUåHPRJXüHLDNRMHWRSULNODGQRSURL]YRÿDþDLOLGLVWULEXWHUDSRVPDWUDQRJ
SURL]YRGD 1DGOHåQR WLMHOR EL PRUDOR GRELWL PDNVLPXP LQIRUPDFLMD R SURL]YRGLPD L R SULURGL
RSDVQRVWLEH]NRPSURPLVDVDSRWUHERP]DEU]LQRP

'UåDYD þODQLFD PRUD LQIRUPLUDWL .RPLVLMX  NDGD  XVYRML LOL RGOXþL GD XVYRML KLWQH PMHUH ]D
VSULMHþDYDQMHRJUDQLþDYDQMH LOL QDPHWDQMH VSHFLILþQLK XVORYD PRJXüRM WUJRYLQL LOL NRULãWHQMX
SRWURãDþNLK SURL]YRGD NRML SUHGVWDYOMDMX R]ELOMDQ L QHSRVUHGDQ UL]LN 'DOMQL XVORY ]D SR]LYDQMH QD
5$3(;VHVWLþHNDGDSRVOMHGLFHUL]LNDPRJXSUHüLYDQRNYLUDWHULWRULMHSRVPDWUDQH'UåDYHþODQLFH
2G'UåDYDþODQLFDVHQH]DKWLMHYDNDRãWRMHVOXþDMSRSURFHGXULSURSLVDQRM]DãWLWQRPNODX]XORPX
VNODGXVDGLUHNWLYDPD1RYRJSULVWXSDGDREH]ELMHGHGRND]GDELRSUDYGDOHQDFLRQDOQXPMHUX

6LVWHPMHWDNRÿHUSR]QDWSRGLPHQLPD5(,6L6(5,


.DRL]X]HWDNVLVWHPXSR]RUDYDQMDVHXVSRVWDYOMD]DPHGLFLQVNDVUHGVWYDYLGLSRJODYOMH



.RPLVLMDYHULILFLUDXVNODÿHQRVWLQIRUPDFLMDLSURVOLMHÿXMHLKGRRVWDOLK'UåDYDþODQLFD

8 VOXþDMX NDGD MH SULPLMHQMHQ 5$3(; .RPLVLMD QDNRQ NRQVXOWDFLMD VD 'UåDYDPD þODQLFDPD L QD
]DKWMHY EDUHP MHGQH RG QMLK PRåH XVYRMLWL RGOXNX NRMRP VH ]DKWLMHYD RG 'UåDYD þODQLFD GD
SRGX]PX SULYUHPHQH PMHUH 2YR VH PRåH ]DWUDåLWL ]DWR GD VH RVLJXUD ]DãWLWD ]GUDYOMD L VLJXUQRVWL
SRWURãDþDLSUDYLOQRIXQNFLRQLVDQMHMHGLQVWYHQRJWUåLãWD

3URFHGXUHSURSLVDQH]DãWLWQRPNODX]XORPSRGLUHNWLYDPD1RYRJSULVWXSDVHSULPMHQMXMXQH]DYLVQR
RG 5$3(;D 8 VNODGX VD WLP 5$3(; VH QH PRUD REDYH]QR SRNUHQXWL SULMH QHJR ãWR MH
SULPLMHQMHQD SURFHGXUD SURSLVDQD ]DãWLWQRP NODX]XORP 0HÿXWLP SURFHGXUD SURSLVDQD ]DãWLWQRP
NODX]XORPVHPRUDSULPLMHQLWLGRGDWQRQD5$3(;XVOXþDMXNDGD'UåDYDþODQLFDGRQRVLRGOXNXGD
WUDMQR]DEUDQLLOLRJUDQLþLVORERGDQSURWRNSURL]YRGDR]QDþHQLK&(R]QDNRPQDRVQRYXRSDVQRVWLLOL
GUXJRJR]ELOMQRJUL]LNDQDVWDORJ]ERJSURL]YRGD

 0HGLFLQVNDVUHGVWYD6LVWHPXSR]RUDYDQMDX]EXQMLYDQMD

5L]LFL QDVWDOL RG PHGLFLQVNLK VUHGVWDYD L]LVNXMX RELPDQ VLVWHP QDGJOHGDQMD SXWHP NRMHJ üH VH
L]YLMHVWLWL R VYLP R]ELOMQLP LQFLGHQWLPD RG SURL]YRGD 6LVWHP XSR]RUDYDQMDX]EXQMLYDQMD
PHGLFLQVNLKVUHGVWDYDVHRGQRVLQDVYHLQFLGHQWHNRMLPRJXYRGLWLLOLVXGRYHOLGRVPUWLSDFLMHQWDLOL
NRULVQLNDLOLNDR]ELOMQRPSRJRUãDQMXQMLKRYRJ]GUDYVWYHQRJVWDQMDLNRMLVXUH]XOWDW

o ELORNDNYRJQHSUDYLOQRJUDGDLOLSRJRUãDQMDNDUDNWHULVWLNDLLOLUDGDXUHÿDMD
o ELORNDNYHQHDGHNYDWQRVWLXR]QDþDYDQMXLOLXSXWVWYLPD]DXSRWUHEXLOL
o ELOR NDNYRJ WHKQLþNRJ LOL PHGLFLQVNRJ UD]ORJD NRML VH RGQRVL QD NDUDNWHULVWLNH LOL UDG
XUHÿDMDLNRMLYRGLSURL]YRÿDþDNDVLVWHPDWVNRPSRYODþHQMXVYLKXUHÿDMDLVWRJWLSD

3URL]YRÿDþMHRGJRYRUDQ]DDNWLYLUDQMHVLVWHPDXSR]RUDYDQMDX]EXQMLYDQMDLPRUDXVNODGXVDWLP
LQIRUPLUDWL QDGOHåQR WLMHOR ]D QDG]RU R LQFLGHQWLPD NRML SR]LYDMX VLVWHP 1DNRQ REDYMHãWDYDQMD
SURL]YRÿDþMHREDYH]DQGDSURYHGHLVWUDJHSRãDOMHL]YMHãWDMQDGOHåQRPWLMHOX]DQDG]RULUD]PRWULX
VDUDGQMLVDQDGOHåQLPWLMHORPNRMDDNFLMDELVHPRUDODSRGX]HWL

1DNRQ REDYMHãWHQMD NRMH GDMH SURL]YRÿDþ VOLMHGL RFMHQMLYDQMH NRMH SURYRGL QDGOHåQR WLMHOR ]D
QDG]RUDNRMHPRJXüH]DMHGQRVDSURL]YRÿDþHP1DNRQRFMHQMLYDQMDQDGOHåQRWLMHORPRUDRGPDK
LQIRUPLUDWL.RPLVLMXLRVWDOH'UåDYHþODQLFHRLQFLGHQWLPD]DNRMHVHUHOHYDQWQHPMHUHSRGX]LPDMX
LOLVHQDPMHUDYDMXSRGX]HWL7DGD.RPLVLMDPRåHSRGX]HWLELORNRMHNRUDNHGDNRRUGLQLUDRODNãDL
SRGUåLPMHUHNRMHVXSRGX]HODQDFLRQDOQDQDGOHåQDWLMHOD]DQDG]RUNDGDWUHWLUDMXLVWLWLSLQFLGHQDWD
LOLDNRMHQHRSKRGQR

9LGL GLUHNWLYH NRMH VH RGQRVH QD DNWLYQD LPSODQWDFLRQD PHGLFLQVND VUHGVWYD PHGLFLQVND VUHGVWYD L


PHGLFLQVNDVUHGVWYD]D³LQYLWUR´GLMDJQRVWLFLUDQMH


SRGX]LPDMXPMHUHQDQLYRX=DMHGQLFH QSUUD]PDWUDUHNODVLILNDFLMXXUHÿDMD 

6LVWHPXSR]RUDYDQMDX]EXQMLYDQMDMHGUXJDþLML RG SURFHGXUH SURSLVDQH ]DãWLWQRP NODX]XORP SRãWR


RQ]DKWLMHYDREDYMHãWDYDQMHþDNLDNRMHSURL]YRÿDþSRGX]HRQHRSKRGQHPMHUHLSUHPDWRPHQHPD
REDYH]XMXüH ]DNRQVNH HIHNWH , SRUHG WRJD WDPR JGMH VH SULPMHQMXMH VLVWHP
XSR]RUDYDQMDX]EXQMLYDQMDQDGOHåQRWLMHOR]DQDG]RUMHWDNRÿHUREDYH]QRGDXVYRMLRJUDQLþDYDMXüX
PMHUXSUHPDQHXVNODÿHQRPSURL]YRGXNRMLMHR]QDþHQ&(R]QDNRPDNRVHXVORYL]DSR]LYDQMHQD
]DãWLWQX NODX]XOX RGQRVH L X VNODGX VD WLP REDYMHãWDYDMX R RYRM PMHUL X VNODGX VD SURFHGXURP
SURSLVDQRP]DãWLWQRPNODX]XORP0HÿXWLPVLVWHPXSR]RUDYDQMDX]EXQMLYDQMDVHQHPRUDREDYH]QR
SRNUHQXWLSULMHQHJRãWRVHSULPLMHQLSURFHGXUDSURSLVDQD]DãWLWQRPNODX]XORP

 ,QIRUPDFLRQLVLVWHPRQHVUHüDPDXNXüLLQHVUHüDPDXVORERGQRYULMHPH

6LVWHP=DMHGQLFH (+/$66 MHXVSRVWDYOMHQGDVDNXSOMDSRGDWNHRQHVUHüDPDXNXüLLQHVUHüDPDX


VORERGQR YULMHPH &LOMHYL (+/$66D VX SURPRYLUDQMH ]DãWLWH RG QHVUHüD SREROMãDQMH VLJXUQRVWL
SRWURãDþNLKSURL]YRGDLLQIRUPLUDQMHLREUD]RYDQMHSRWURãDþD

'UåDYHþODQLFHVXREDYH]QHGDLPHQXMXQDGOHåQRWLMHORVDFLOMHPSULNXSOMDQMDSRGDWDNDRQHVUHüDPD
X NXüL L QHVUHüDPD X VORERGQR YULMHPH 2YR QDGOHåQR WLMHOR PRUD SRGQLMHWL .RPLVLML JRGLãQMH
L]YMHãWDMH NRML VDGUåH SUHJOHGH L RFMHQH SRVWLJQXWLK UH]XOWHWD QD QDFLRQDOQRP QLYRX L ]DNOMXþNH
GRQHVHQH QD RVQRYX RYLK UH]XOWDWD 2G RYRJ QDGOHåQRJ WLMHOD VH WDNRÿHU ]DKWLMHYD GD REH]ELMHGL
.RPLVLML QD QMHQ ]DKWMHY GRVWXSQH SRGDWNH R VLJXUQRVWL RGUHÿHQLK SURL]YRGD LOL NDWHJRULMD
SURL]YRGD]DVWXSOMHQLKXQHVUHüDPDXNXüLLQHVUHüDPDXVORERGQRYULMHPH

.RPLVLMD REUDÿXMH VXPLUD L REMDYOMXMH VYDNH JRGLQH SRGDWNH NRMH MH SULPLOD RG QDFLRQDOQLK
QDGOHåQLK WLMHOD L SURVOMHÿXMH UHOHYDQWQH LQIRUPDFLMH QD QLYR =DMHGQLFH 8 LPSOHPHQWDFLML
(+/$66D  .RPLVLML SRPDåH NRPLWHW  NRML MH XVSRVWDYOMHQ SR GLUHNWLYL R RSüRM VLJXUQRVWL
SURL]YRGD

.RPLVLMDLQIRUPLUDVYH'UåDYHþODQLFHRQDGOHåQLPWLMHOLPDLPHQRYDQLP]D(+/$662YRVHUDGL
GDELVHRODNãDODGLUHNWQDUD]PMHQDLQIRUPDFLMDL]PHÿXQDFLRQDOQLKQDGOHåQLKWLMHOD

 2VWDOLVLVWHPL]DUD]PMHQXLQIRUPDFLMDQDQLYRX=DMHGQLFH

3URFHGXUD SURSLVDQD ]DãWLWQRP NODX]XORP X VNODGX VD GLUHNWLYDPD 1RYRJ SULVWXSD REH]EMHÿXMH
VUHGVWYD ]D UD]PMHQX LQIRUPDFLMD PDGD MH QMHQ SULPDUQL FLOM GD YHULILFLUD GD OL QDFLRQDOQD PMHUD
PRåH ELWL RSUDYGDQD L DNR MH WR VOXþDM GD ULMHãL SUREOHP QD QLYRX =DMHGQLFH 'RGDWQR GLUHNWLYH
1RYRJSULVWXSDREDYH]XMX'UåDYHþODQLFHGDLQIRUPLUDMX.RPLVLMXLRVWDOH'UåDYHþODQLFH

2GOXNDEURM(&(YURSVNRJSDUODPHQWDL9LMHüDXYRGLLQIRUPDFLRQLVLVWHP=DMHGQLFHRQHVUHüDPD


XNXüLLQHVUHüDPDXVORERGQRYULMHPHDGRSXQMHQDMHRGOXNRP9LMHüD(&


NDGDMHVORERGDQSURWRNRJUDQLþHQ]ERJQHSUDYLOQRJSRVWDYOMDQMD&(R]QDNHLOLMHSRGX]HWDDNFLMD
SURWLYRQLKNRMLVXRGJRYRUQL]DQHXVNODÿHQSURL]RGNRMLQRVL&(R]QDNX

 $'0,1,675$7,91$6$5$'1-$

x $GPLQLVWUDWLYQD VDUDGQMD MH REDYH]D 'UåDYD þODQLFD 1DFLRQDOQD QDGOHåQD WLMHOD ]D


QDG]RU L .RPLVLMD PRUDMX REH]ELMHGLWL X]DMDPQX SRPRü GD EL VH RVLJXUDOD SUDYLOQD L
MHGQRREUD]QD SULPMHQD GLUHNWLYD 1RYRJ SULVWXSD L VYLK RVWDOLK GLUHNWLYD MHGLQVWYHQRJ
WUåLãWD

x 'UåDYHþODQLFHWUHEDGDREDYMHãWDYDMX.RPLVLMXLRVWDOH'UåDYHþODQLFHROLVWLQDGOHåQLK
WLMHOD]DQDG]RUNRMDVXRQHRGUHGLOHNDRPMHVWDQDNRMLPDVHPRåHRVWYDULWLNRQWDNW]D
NRRUGLQLUDQMHDGPLQLVWUDWLYQHVDUDGQMH

x 1DFLRQDOQD QDGOHåQD WLMHOD ]D QDG]RU  EL PRUDOD SUXåLWL LQIRUPDFLMH LOL QD ]DKWMHY X
VSHFLILþQRP VOXþDMX LOL EH] SUHWKRGQRJ ]DKWMHYD  X VNODGX VD X]DMDPQR XVDJODãHQLP
SULQFLSLPDLPHKDQL]PLPD

x 1DFLRQDOQD QDGOHåQD WLMHOD ]D QDG]RU EL WUHEDOD UD]PRWULWL GD OL NRRUGLQDFLMD
QDFLRQDOQLK RSHUDFLMD REH]EMHÿXMH VUHGVWYD ]D SRYHüDQMH HILNDVQRVWL QDG]RUD QDG
WUåLãWHPQDQLYRX=DMHGQLFH

x 5D]PLMHQMHQH LQIRUPDFLMH X RNYLUX DGPLQLVWUDWLYQH VDUDGQMH PRUDMX ELWL SRNULYHQH


]DKWMHYLPDRþXYDQMXSURIHVLRQDOQHWDMQH

x $GPLQLVWULWDWLYQD VDUDGQMD NRMD VH RGQRVL QD SURYRÿHQMH GLUHNWLYD 1RYRJ SULVWXSD
RUJDQL]XMH VH SXWHP VWDOQLK NRPLWHWD NRML VX XVSRVWDYOMHQL SR GLUHNWLYDPD L X
KRUL]RQWDOQRMJUXSLYLãLKVOXåEHQLND]DVWDQGDUGL]DFLMXLFHUWLILFLUDQMH

x $GPLQLVWULWDWLYQD VDUDGQMD L]PHÿX QDFLRQDOQLK QDGOHåQLK WLMHOD ]D QDG]RU MH


XVSRVWDYOMHQD X VOLMHGHüLP VHNWRULPD QLVNRQDSRQVND RSUHPD HOHNWURPDJQHWQD
NRPSDWLELOQRVWPDãLQHPHGLFLQVNDVUHGVWYDRSUHPD]DUHNUHDFLMXLHNVSOR]LYL]DFLYLOQH
QDPMHQH

 .5$7$.35(*/('$'0,1,675$7,91(6$5$'1-(

3UDYLOQD SULPMHQD ]DNRQD =DMHGQLFH RYLVL RG ODKNRüH DGPLQLVWUDWLYQH VDUDGQMH GD EL VH RVLJXUDOR
MHGLQVWYHQRLHILNDVQRSURYRÿHQMH]DNRQVNLKDNDWD=DMHGQLFHXVYLP'UåDYDPDþODQLFDPD2EDYH]D
VDUDGQMHMHXVWDQRYOMHQDþODQRP6SRUD]XPDNRMLXWYUÿXMHGD'UåDYHþODQLFHPRUDMXSRGX]HWLVYH
RGJRYDUDMXüHPMHUHGDLVSXQHVYRMHREDYH]H

-DVQDREDYH]D]DDGPLQLVWUDWLYQXVDUDGQMXMHWDNRÿHUXVWDQRYOMHQDXGLUHNWLYLNRMDVHRGQRVLQDRSUHPX]D
UDG SRG SULWLVNRP 2G 'UåDYD þODQLFD VH ]DKWLMHYD GD SRGX]PX QHRSKRGQH PMHUH X QDPMHUL GD SRGVWDNQX
QDGOHåQDWLMHODRGJRYRUQD]DLPSOHPHQWDFLMXGLUHNWLYHGDPHÿXVREQRVDUDÿXMXLGDPHÿXVREQRREH]EMHÿXMX
LQIRUPDFLMHWHGDLKSURVOLMHÿXMXL.RPLVLMLXQDPMHULGDSRPRJQXXSURYRÿHQMXGLUHNWLYH


0DGD WHKQLþND KDUPRQL]DFLMD NUHLUD MHGLQVWYHQR WUåLãWH X VOXþDMHYLPD NDGD SURL]YRGL SUHOD]H
QDFLRQDOQH JUDQLFH QDG]RU QDG WUåLãWHP VH SURYRGL QD QDFLRQDOQRM RVQRYL =ERJ WRJD PHKDQL]PL
DGPLQLVWUDWLYQHVDUDGQMHL]PHÿXQDFLRQDOQLKQDGOHåQLKWLMHOD]DQDG]RUWUHEDGDEXGXUD]YLMHQLGDEL
SRYHüDOLHILNDVQRVWQDG]RUDGDPLQLPL]LUDMXHIHNDWNRMLMHSRVOMHGLFDUD]OLþLWLKSUDNVLQDG]RUDLGD
VPDQMH GXSOLUDQMH QDFLRQDOQLK RSHUDFLMD QDG]RUD 6DUDGQMD L]PHÿX QDGOHåQLK WLMHOD ]D QDG]RU QDG
WUåLãWHP PRåH WDNRÿHU UDãLULWL GREUX SUDNVX QDG]RUD L WHKQLNH ãLURP =DMHGQLFH NDR ãWR QDFLRQDOQD
QDGOHåQD WLMHOD PRJX XSRUHGLWL VYRMH PHWRGH VD PHWRGDPD GUXJLK QDGOHåQLK WLMHOD QSU X RNYLUX
SRUHÿHQMDL]DMHGQLþNLPSUHJOHGLPDLOLVWXGLMVNLPSRVMHWDPD'RGDWQRVDUDGQMDPRåHELWLNRULVQD]D
UD]PMHQXPLãOMHQMDLUMHãDYDQMHSUDNWLþQLKSUREOHPD

$GPLQLVWUDWLYQD VDUDGQMD SR]LYD QD PHÿXVREQR SRYMHUHQMH L WUDQVSDUHQWQRVW L]PHÿX QDFLRQDOQLK


QDGOHåQLKWLMHOD]DQDG]RU'UåDYHþODQLFHL.RPLVLMDWUHEDGDEXGXLQIRUPLUDQHRQDþLQXSURYRÿHQMD
GLUHNWLYD1RYRJSULVWXSDSRVHEQRRQDG]RUXQDGWUåLãWHPSURL]YRGDSRNULYHQLK1RYLPSULVWXSRP
NRML MH RUJDQL]RYDQ NUR] MHGLQVWYHQR WUåLãWH 2YR XNOMXþXMH LQIRUPDFLMH R QDFLRQDOQLP QDGOHåQLP
WLMHOLPD NRMD VX RYODãWHQD ]D QDG]RU QDG WUåLãWHP ]D UD]OLþLWH VHNWRUH SURL]YRGD L R QDFLRQDOQLP
PHKDQL]PLPD]DQDG]RUQDGWUåLãWHPWMNDNRVHRGYLMDQDGJOHGDQMHSURL]YRGDSODVLUDQLKQDWUåLãWHL
NRMH NRUHNWLYQH PMHUH L GUXJH DNWLYQRVWL MH QDGOHåQR WLMHOR ]D QDG]RU RYODãWHQR GD NRULVWL
7UDQVSDUHQWQRVWMHWDNRÿHUQHRSKRGQDXRGQRVXSUHPDQDFLRQDOQLPSUDYLOLPDRSRYMHUOMLYRVWL

'DELVHSRVWLJDRHILNDVDQQDG]RUQDGWUåLãWHPX=DMHGQLFLYHRPDMHYDåQRGDQDFLRQDOQDQDGOHåQD
WLMHOD ]D QDG]RU SRPDåX MHGQD GUXJLP 1D ]DKWMHY QDFLRQDOQR QDGOHåQR WLMHOR WUHED SUXåLWL
LQIRUPDFLMHLREH]ELMHGLWLGUXJXSRPRü %H]SUHWKRGQRJ]DKWMHYDQDFLRQDOQRQDGOHåQRWLMHORWUHED
SRVODWL RVWDOLP  QDFLRQDOQLP QDGOHåQLP WLMHOLPD VYH UHOHYDQWQH LQIRUPDFLMH NRMH VH RGQRVH QD
RSHUDFLMHNRMHXVSRVWDYOMDMXLOLELYMHURYDWQRXVSRVWDYLOHSUHNUãDMHGLUHNWLYD1RYRJSULVWXSDNRMLEL
PRJOLLPDWLXWLFDMLQDWHULWRULMLRVWDOLK'UåDYDþODQLFD'RGDWQRQDFLRQDOQDQDGOHåQDWLMHODELWUHEDOD
XSXWLWL .RPLVLML ELOR NRMX LQIRUPDFLMX NRMX RQL VPDWUDMX ELWQRP DOL WDNRÿHU L NDR RGJRYRU QD
UD]XPDQ ]DKWMHY .RPLVLMH 7DGD .RPLVLMD PRåH XSXWLWL RYX LQIRUPDFLMX RVWDOLP QDFLRQDOQLP
QDGOHåQLPWLMHOLPDNDGDVHWRVPDWUDQHRSKRGQLP

5D]PMHQD LQIRUPDFLMD VH XVSRVWDYOMD QD QLYRX =DMHGQLFH VDPR X RJUDQLþHQRP EURMX VOXþDMHYD
XJODYQRP WDPR JGMH MH SULVXWDQ UL]LN RG R]ELOMQH RSDVQRVWL 1D SULPMHU ]DãWLWQD NODX]XOD QLMH
SULPMHQMLYD QD GUXJH SURL]YRGH RVLP SURL]YRGD NRML VX R]QDþHQL &( R]QDNRP PDGD EL ELWQD
QHXVNODÿHQRVW PRJOD ELWL XVSRVWDYOMHQD ,] SULPMHQH VLVWHPD ]D EU]X UD]PMHQX LQIRUPDFLMD SR
GLUHNWLYL R RSüRM VLJXUQRVWL SURL]YRGD LVNOMXþHQL VX VYL QHSRWURãDþNL SURL]YRGL QSU PDãLQH L OLþQD
]DãWLWQDRSUHPDNRMHVHNRULVWHQDUDGQRPPMHVWXLPDQMDQHXVNODÿHQRVWSRWURãDþNLKSURL]YRGD3RG
RGUHÿHQLP RNROQRVWLPD SRVWRMHüL VLVWHPL ]D UD]PMHQX LQIRUPDFLMD QLVX GRYROMQR EU]L NDGD MH X
SLWDQMX SRWHQFLMDOQL LOL DNWXHOQL UL]LN QSU ]DãWLWQD NODX]XOD ]DKWLMHYD NRQVXOWDFLMX L PLãOMHQMH
.RPLVLMH NRMH RSUDYGDYD QDFLRQDOQX PMHUX SULMH QHJR ãWR VH LQIRUPDFLMD SURVOLMHGL RVWDOLP
'UåDYDPDþODQLFDPD8VOXþDMHYLPDJGMHVXGUXJLPHKDQL]PLQHGRYROMQLLOLQLVXGRVWXSQL

9LGLSRJODYOMHL



LQIRUPDFLMHRSURL]YRGLPDNRMLSUHGVWDYOMDMX SRWHQFLMDOQL UL]LNWUHEDGLUHNWQRSURVOLMHGLWLRVWDOLP
QDFLRQDOQLPQDGOHåQLPWLMHOLPD]D QDG]RU DNR MH WR PRJXüH X VNODGX VD SUHGPHWQLP QDFLRQDOQLP
]DNRQVNLP VLVWHPRP 'D EL VH ELOR X VWDQMX XSUDYOMDWL UD]PMHQRP LQIRUPDFLMD RQD EL PRUDOD ELWL
RJUDQLþHQD QD ]DSDåDQMD X VOXþDMHYLPD NDGD VH QHXVNODÿHQRVW VPDWUD ELWQRP LOL WDPR JGMH VH
QHXVNODÿHQRVW LQDþH VPDWUD WHPHOMHP GD EL QDGOHåQD WLMHOD ]D QDG]RU X UD]OLþLWLP 'UåDYDPD
þODQLFDPDELODLQIRUPLUDQD

6DUDGQMDLX]DMDPQDSRPRüVXSRVHEQRQHRSKRGQLGDRVLJXUDMXGDDNFLMDPRåHELWLSRGX]HWDSURWLY
VYLKRQLKNRMLVXRGJRYRUQL]DQHXVNODÿHQSURL]YRGNRMLMHSODVLUDQQDWUãLãWH8WDNYLPVOXþDMHYLPD
WUHEDNRQWDNWLUDWLQDGOHåQRWLMHOR'UåDYHþODQLFHWDPRJGMHLPDVMHGLãWHSURL]YRÿDþQMHJRYRYODãWHQL
SUHGVWDYQLNLOL±DNRMHSULPMHQMLYR ±XYR]QLNLOLGUXJDRVREDRGJRYRUQD]DSODVLUDQMHSURL]YRGD
QDWUåLãWH2YRMH]DWRGDELVHGRELOHLQIRUPDFLMHRGRYLKHNRQRPVNLKRSHUDWRUDQSUGDVH]DKWMHYD
GHNODUDFLMDRXVNODÿHQRVWLLOLQHNLVSHFLILFLUDQLGHWDOMLL]WHKQLþNHGRNXPHQWDFLMHLOLGDVH]DKWMHYDMX
LQIRUPDFLMH NRMH VH RGQRVH QD ODQDF GLVWULEXFLMH 7DNRÿHU WUHED NRQWDNWLUDWL 'UåDYX þODQLFX SRG
þLMRP ]DNRQVNRP RGJRYRUQRãüX GMHOXMH SULMDYOMHQR WLMHOR .DGD QDFLRQDOQR QDGOHåQR WLMHOR GMHOXMH
]ERJ LQIRUPDFLMD NRMH MH RQR SULPLOR RG GUXJRJ QDFLRQDOQRJ WLMHOD RQR EL WUHEDOR GDWL SRYUDWQL
L]YMHãWDMRYRPQDGOHåQRPWLMHOXRLVKRGXDNFLMH

2VLP WRJD QDG]RU QDG WUåLãWHP EL WUHEDR ELWL HILNDVQLML QD QLYRX =DMHGQLFH DNR EL VH QDFLRQDOQD
QDGOHåQDWLMHOD]DQDG]RUPRJODXVDJODVLWLRWRPHNDNRUDVSRUHGLWLVYRMHUHVXUVHQDWDNDYQDþLQGDMH
PDNVLPDODQ EURM UD]OLþLWLK WLSRYD SURL]YRGD SRNULYHQ X VYDNRP VHNWRUX 'D EL VH L]EMHJOR
SRQDYOMDQMH LVSLWLYDQMD SURL]YRGD LOL GUXJLK SUHWUDJD ]D VYUKH QDG]RUD QDG WUåLãWHP QDFLRQDOQD
QDGOHåQD WLMHOD EL WUHEDOD L]JUDGLWL PHKDQL]DP UD]PMHQH ]ELUQRJ L]YMHãWDMD RYLK LVSLWLYDQMD
1DFLRQDOQDQDGOHåQDWLMHOD]DQDG]RUELWUHEDODWDNRÿHUUD]PRWULWLGDOLSRVWRMLSRVHEQDSRWUHED]D
SURYRÿHQMH WHKQLþNLK DQDOL]D LOL ODERUDWRULMVNLK LVSLWLYDQMD NDGD MH GUXJR QDGOHåQR WLMHOR ]D QDG]RU
YHü WDNR SRVWXSLOR L UH]XOWDWL VX GRVWXSQL WLP QDGOHåQLP WLMHOLPD LOL LP PRJX ELWL VWDYOMHQL QD
UDVSRODJDQMHQDQMLKRY]DKWMHY 7DNRÿHUELPRJORELWLNRULVQRUD]PMHQMLYDWLUH]XOWDWHSHULRGLþQLK
LQVSHNFLMDRSUHPHNRMDMHXXSRWUHELGRRELPDGRNRMHJRQLREH]EMHÿXMXLQIRUPDFLMHRXVNODÿHQRVWL
SURL]YRGDNDGDVXRQLELOLSODVLUDQLQDWUåLãWH

,QIRUPDFLMDNRMDMHUD]PLMHQMHQDL]PHÿXQDFLRQDOQLKQDGOHåQLKWLMHOD]DQDG]RUPRUDELWLSRNULYHQD
þXYDQMHPSURIHVLRQDOQHWDMQHXVNODGXVDSULQFLSLPDSUHGPHWQRJQDFLRQDOQRJ]DNRQVNRJVLVWHPDL
RQD PRUD XåLYDWL ]DãWLWX SURãLUHQX QD VOLþQH LQIRUPDFLMH SUHPD QDFLRQDOQRP ]DNRQX 7DPR JGMH
'UåDYH þODQLFH LPDMX SUDYLOD NRMD GR]YROMDYDMX RVREDPD VORERGDQ SULVWXS LQIRUPDFLMDPD NRMH
þXYDMX QDGOHåQD WLMHOD ]D QDG]RU RYD þLQMHQLFD PRUD ELWL REMHORGDQMHQD X YULMHPH SRGQRãHQMD
]DKWMHYD GUXJRP QDGOHåQRP WLMHOX ]D QDG]RU LOL ]D YULMHPH UD]PMHQH LQIRUPDFLMD XNROLNR VH QH
SRMDYL RYDNDY ]DKWMHY $NR QDGOHåQR WLMHOR NRMH ãDOMH LQIRUPDFLMX VWDYL GR ]QDQMD GD LQIRUPDFLMD
XNOMXþXMH SLWDQMD NRMD VH WLþX SURIHVLRQDOQH LOL WUJRYDþNH WDMQRVWL QDGOHåQR WLMHOR NRMH SULPD
LQIRUPDFLMX EL PRUDOR RVLJXUDWL GD MH VSUHPQR ]D WR 8 SURWLYQRP QDGOHåQR WLMHOR NRMH ãDOMH
LQIRUPDFLMXMHRYODãWHQRGDXVNUDWLWXLQIRUPDFLMX

 
2GJRYRUQRVW XYR]QLND LOL RVREH RGJRYRUQH ]D SODVLUDQMH QD WUåLãWH MH RJUDQLþHQD X RYRP SRJOHGX YLGL
SRJODYOMH

3UHVXGDVXGDVOXþDMHYLL" 


.RRUGLQDFLMD L UD]PMHQD LQIRUPDFLMD L]PHÿX QDFLRQDOQLK QDGOHåQLK WLMHOD ]D QDG]RU EL PRJOD ELWL
ED]LUDQDQDVOLMHGHüLPSULQFLSLPD

o 8VSRVWDYOMDQMH NRPXQLNDFLRQH LOL GRSLVQH WDþNH QD QDFLRQDOQRP QLYRX ]D VYDNL VHNWRU
NRMDELYUãLODNRRUGLQDFLMXLQWHUQRDNRMHWRSULNODGQR
o 'RJRYRULWL WLSRYH VOXþDMHYD ]D NRMH XSXüLYDQMH LQIRUPDFLMD YH]DQLK ]D QDG]RU VOXåL
NRULVQRMVYUVL
o 5D]YLWL]DMHGQLþNLSULVWXSVSRUQLPSLWDQMLPDNDRãWRVXNODVLILNDFLMDUL]LNDLRSDVQRVWLL
QMLKRYRNRGLUDQMH
o ,GHQWLILFLUDWLGHWDOMHNRMLELWUHEDOLELWLXSXüHQLXVYDNRPVOXþDMXXNOMXþXMXüL]DKWMHY]D
QDUHGQLPLQIRUPDFLMDPD
o 3ULKYDWLWLREDYH]XRGJRYDUDQMDQDXSLWHXRNYLUXGDWRJURND
o 3UHQRVLWLLQIRUPDFLMH ]DKWMHYHLRGJRYRUH ãWRMHMHGQRVWDYQLMHPRJXüHSXWHPHPDLO
LOLSXWHPWHOHNRPXQLNDFLRQRJVLVWHPDNRMLPXSUDYOMD.RPLVLMDLOLQHNRVSROMQMHWLMHORL
NRULãWHQMHPVWDQGDUGQLKYLãHMH]LþQLKIRUPL
o .RULVWLWL SUHGQRVW WHKQLND ]D ]DSLVLYDQMH DåXULUDQLK SRGDWDND WDNR GD XSLWL PRJX ELWL
ODKNRSUHX]HWL
o 3RVWXSDWLVDSULPOMHQLPLQIRUPDFLMDPDSRWSXQRSRYMHUOMLYR

 ,QIUDVWUXNWXUH]DDGPLQLVWUDWLYQXVDUDGQMX

.RPLWHWLLUDGQHJUXSH

6DUDGQMD VH SURYRGL X UDGQLP JUXSDPD XVSRVWDYOMHQLP SR GLUHNWLYDPD 1RYRJ SULVWXSD 'LVNXVLMH
XJODYQRPIRNXVLUDMXVSRUQDSLWDQMDYH]DQD]DWXPDþHQMHLDNRVHWUHWLUDMXSLWDQMDNRMDVHRGQRVHQD
QDG]RUQDGWUåLãWHPLDGPLQLVWUDWLYQXVDUDGQMX

$GPLQLVWUDWLYQDVDUDGQMDL]PHÿX QDFLRQDOQLK QDGOHåQLK WLMHOD NRMD SURYRGH QDG]RU QDG WUåLãWHP VH


RGYLMDXVOLMHGHüLPVHNWRULPD

x QLVNRQDSRQVNDRSUHPD
x HOHNWURPDJQHWQDNRPSDWLELOQRVW (0&DGPLQLVWUDWLYQDVDUDGQMD 
x PDãLQHLOLþQD]DãWLWQDRSUHPD 0DFKH[ 
x PHGLFLQVND VUHGVWYD ± VLVWHP XSR]RUDYDQMDX]EXQMLYDQMD SRVHEQR VH RGQRVL QD VLVWHP
XSR]RUDYDQMDX]EXQMLYDQMD 
x RSUHPD]DUHNUHDFLMX
x SRWURãDþNLSURL]YRGL 3526$)(WM(YURSVNLIRUXP]DVLJXUQRVWSURL]YRGD 
x HNVSOR]LYL]DFLYLOQHQDPMHQH

*UXSDYLãLKVOXåEHQLND]DVWDQGDUGL]DFLMXLFHUWLILFLUDQMHþLQHKRUL]RQWDOQL.RPLWHWJGMHVHGLVNXWXMH
QD SULPMHU R RSüLP SLWDQMLPD NRMD VH RGQRVH QD LPSOHPHQWDFLMX L SURYRÿHQMH GLUHNWLYD 1RYRJ
SULVWXSDLOLREDYH]QRLGREURYROMQRRFMHQMLYDQMHXVNODÿHQRVWL

=DKWMHY]DLQIRUPDFLMDPDQHNUãLSUDYRQDFLRQDOQRJQDGOHåQRJWLMHODGDSRGX]PHELORNRMHPMHUHNRMHVX
SRWUHEQHGDVHRVLJXUDXVNODÿHQRVWVDGLUHNWLYDPD1RYRJSULVWXSDXRNYLUXQMHJRYLK]DNRQVNLKQDGOHåQRVWL

9LGLRGOXNX.RPLVLMH(&RXVSRVWDYOMDQMXNRPLWHWDYLãLKLQVSHNWRUDUDGD


2YDJUXSDWDNRÿHUGLVNXWXMHRKRUL]RQWDOQLPDVSHNWLPDQDG]RUDQDGWUåLãWHP

.RPLWHWL ]D KLWQH VOXþDMHYH XVSRVWDYOMHQL SR GLUHNWLYL R RSüRM VLJXUQRVWL SURL]YRGD UHGRYQR
GLVNXWXMXRVSRUQLPSLWDQMLPDYH]DQR]DDGPLQLVWUDWLYQXVDUDGQMXNRMDVXRGRSãWHJLQWHUHVD

6DYMHWRGDYQL NRPLWHW R XQXWUDãQMHP WUåLãWX ,0$&  XVSRVWDYOMHQ X VNODGX VD RGOXNRP .RPLVLMH
((& VDYMHWXMH .RPLVLMX X VYLP DVSHNWLPD NRML VH WLþX IXQNFLRQLVDQMD MHGLQVWYHQRJ WUåLãWD
.RPLWHWRODNãDYDUD]PMHQXLQIRUPDFLMDL]PHÿX.RPLVLMHL'UåDYDþODQLFD.RPLWHWQHLQWHUYHQLãH
DNRVXGUXJLRGJRYDUDMXüLPHKDQL]PLSULPLMHQMHQLDOLRQPRåHUD]PDWUDWLVLWXDFLMHNRMHQHVSDGDMX
XSRGUXþMHSULPMHQHSRVWRMHüLKPHKDQL]DPD

3RGDFLRQDFLRQDOQLPVWUXNWXUDPD]DSURYRÿHQMH

8 VNODGX VD RGOXNRP 9LMHüD &  RG 'UåDYD þODQLFD VH ]DKWLMHYD GD REDYMHVWH .RPLVLMX R
VYRMLPRGJRYDUDMXüLPPLQLVWDUVWYLPD]DRGUHÿHQDSULMRULWHWQDSRGUXþMD]DNRQRGDYVWYDMHGLQVWYHQRJ
WUåLãWD *ODYQL FLOM NRML VH NULMH L]D RYH RGOXNH MH GD RPRJXüL YODGDPD GD VDUDÿXMX X SURYRÿHQMX
]DNRQVNLK DNDWD XJODYQRP NUR] UD]PMHQX LQIRUPDFLMD NDR ãWR VX SRGDFL R RSDVQLP SURL]YRGLPD
SURYHGHQLPLQVSHNFLMDPDLLVSLWLYDQMLPDXGUXJRM'UåDYLþODQLFLRGREUHQMDGRYROHLDXGLWL
2YD RGOXND WDNRÿHU ]DKWLMHYD GD 'UåDYH þODQLFH REDYLMHVWH R WDþNDPD ]D NRQWDNW ]D SUHGX]HüD L
JUDÿDQH NRMH üH ELWL QD UDVSRODJDQMX GD SRPRJQX X UMHãDYDQMX SUREOHPD NRML VH RGQRVH QD
SURYRÿHQMHSUDYDNRMDVXLPGDWDSRSUDYLOLPDMHGLQVWYHQRJWUåLãWD

.RPLVLMDWDNRÿHURGUåDYDLED]XSRGDWDNDRNRQWDNWWDþNDPDXRNYLUXDGPLQLVWUDFLMD'UåDYDþODQLFD
UDGL RODNãDYDQMD NRQWDNWD VD DGPLQLVWUDFLMDP GUXJLK 'UåDYD þODQLFD 2YD ED]D SRGDWDND R
DGPLQLVWUDWLYQRM VDUDGQML MH LPHQLN VYLK VOXåEHQLND X 'UåDYDPD þODQLFDPD L .RPLVLML NRML VX
RGJRYRUQL]DUD]OLþLWH ]DNRQRGDYQH PMHUH MHGLQVWYHQRJ WUåLãWD %D]D SRGDWDND MH X SRVWXSNX GD VH
VWDYLQDUDVSRODJDQMHSR³RQOLQH´VLVWHPXQD³(XURSDZHEVLWH´LXVNRURüHELWLGLUHNWQRGRVWXSQD
VOXåEHQLFLPD NRMLPD MH L QDPLMHQMHQD 0HÿXWLP RQD QH GDMH GLUHNWQH LQIRUPDFLMH R QDFLRQDOQLP
QDGOHåQLP WLMHOLPD RGJRYRUQLP ]D SURYRÿHQMH QDG]RUD QDG WUåLãWHP X REODVWL GLUHNWLYD 1RYRJ
SULVWXSD

1DSUDYOMHQ MH GRSXQVNL RNYLUQL GRNXPHQW NRML RSLVXMH VWUXNWXUH L SURFHGXUH ]D QDFLRQDOQR
SURYRÿHQMH *ODYQD VYUKD RYRJ GRNXPHQWD MH GD SRPRJQH 'UåDYDPD þODQLFDPD L .RPLVLML X
UD]XPLMHYDQMXQDFLRQDOQLKVUHGVWDYD]DSURYRÿHQMH


³.DUROXV´SURJUDP]DUD]PMHQX

.DUROXV SURJUDP WUHWLUD UD]PMHQX L]PHÿX VOXåEHQLND 'UåDYD þODQLFD NRML VX DQJDåRYDQL QD
SURYRÿHQMX]DNRQVNLKDNDWD =DMHGQLFHQDFMHORNXSQRPXQXWUDãQMHPWUåLãWX3URJUDPMHRWYRUHQ ]D
XþHãüH]HPDOMDFHQWUDOQHLLVWRþQH(YURSH(($L()7$]HPDOMDL.LSUD

&LOMHYLSURJUDPDVXUD]YLWLEOL]DNSULVWXSSURYRÿHQMX]DNRQVNLKDNDWD=DMHGQLFHNRMLVHRGQRVHQD
MHGLQVWYHQR WUåLãWH SRGLüL VYLMHVW R HYURSVNRM GLPHQ]LML L L]JUDGLWL X]DMDPQR SRYMHUHQMH L]PHÿX
DGPLQLVWUDFLMD'UåDYDþODQLFDLGR]YROLWLXNUãWDQMHLGHMD

.RPLVLMD RGOXþXMH R SULRULWHWQLP SRGUXþMLPD .DUROXV SURJUDPD MHGQRP JRGLãQMH 2QD XNOMXþXMX
LVSLWLYDQMD XVNODÿHQRVWL L QDGJOHGDQMH WUåLãWD L SRVHEQR VOLMHGHüH VHNWRUH LJUDþNH OLþQX ]DãWLWQX
RSUHPX QLVNRQDSRQVNX HOHNWULþQX RSUHPX HOHNWURPDJQHWQX NRPSDWLELOQRVW RSUHPX L ]DãWLWQH
VLVWHPH QDPLMHQMHQH ]D NRULãWHQMH X SRWHQFLMDOQR HNVSOR]LYQLP DWPRVIHUDPD PHGLFLQVND VUHGVWYD
JDVQH DSDUDWH SRVXGH SRG SULWLVNRP NHPLNDOLMH FLYLOQH HNVSOR]LYH PDãLQH PRWRUQD YR]LOD
RSUHPX]DUHNUHDFLMXLUD]OLþLWHLQVWUXPHQWH]DNRQWUROXNYDOLWHWD

 352,=92',89(=(1,,=75(û,+=(0$/-$

x 3URL]YRÿDþVDVMHGLãWHPXWUHüRM]HPOMLMHRGJRYRUDQQDLVWLQDþLQNDRLSURL]YRÿDþVD
VMHGLãWHP X 'UåDYL þODQLFL ]D GL]DMQ L SURL]YRGQMX SURL]YRGD X VNODGX VD VYLP
SULPMHQMLYLP GLUHNWLYDPD 1RYRJ SULVWXSD L ]D SURYRÿHQMH ]DKWLMHYDQH SURFHGXUH
RFMHQMLYDQMD XVNODÿHQRVWL X VOXþDMHYLPD NDGD MH SURL]YRG QDPLMHQMHQ GD EXGH SODVLUDQ
LLOLVWDYOMHQXXSRWUHEXQDWUåLãWH=DMHGQLFH

x 3URL]YRÿDþPRåHSRVWDYLWLRYODãWHQRJSUHGVWDYQLNDVDVMHGLãWHPX=DMHGQLFLGDGMHOXMHX
QMHJRYRLPH

x 7DPR JGMH SURL]YRÿDþ QHPD VMHGLãWH X =DMHGQLFL L QHPD RYODãWHQRJ SUHGVWDYQLND X


=DMHGQLFL XYR]QLN LOL RVRED RGJRYRUQD ]D SODVLUDQMH SURL]YRGD MH RGJRYRUQD ]D
REH]EMHÿLYDQMH  (& GHNODUDFLMH  R XVNODÿHQRVWL L WHKQLþNH GRNXPHQWDFLMH QDGOHåQRP
WLMHOX]DQDG]RUQDGWUåLãWHP


9LGLRGOXNX9LMHüD((&]DSHULRGRG±NRMDMHGRSXQMHQDSRRGOXFL9LMHüD(&
GRNUDMD

8YH]LVDRGJRYRUQRVWLSURL]YRÿDþDYLGLSRJODYOMDL

8YH]LVDRGJRYRUQRVWLRYODãWHQRJSUHGVWDYQLNDYLGLSRJODYOMDL

8YH]LVDRGJRYRUQRVWLXYR]QLNDLOLRVREHRGJRYRUQH]DSODVLUDQMHQDWUåLãWHYLGLSRJODYOMH


x 1DGOHåQD FDULQVND WLMHOD PRUDMX X VOXþDMX SURL]YRGD XYH]HQLK L] WUHüLK ]HPDOMD
SULYUHPHQRREXVWDYLWLSXãWDQMHXSURPHWURED
Ÿ DNR RQD SURQDÿX SURL]YRGH NRML SRND]XMX RGUHÿHQH NDUDNWHULVWLNH NRMH EL PRJOH
GRYHVWLGRR]ELOMQHVXPQMHRSRVWRMDQMXR]ELOMQRJLQHSRVUHGQRJUL]LNDSR]GUDYOMHL
VLJXUQRVW
Ÿ DNR RQD SURQDÿX GD VX SURL]YRGL EH] SUDWHüLK GRNXPHQDWD LOL GD QLVX R]QDþHQL X
VNODGXVDSULPMHQMLYLPSUDYLOLPDRVLJXUQRVWLSURL]YRGD

x $NR JRYRULPR R SURL]YRGLPD NRML VX SRNULYHQL GLUHNWLYDPD 1RYRJ SULVWXSD SDåQMD
QDGOHåQLKFDULQVNLKWLMHODPRUDELWLSRVHEQRVNRQFHQWULVDQDQD&(R]QDþDYDQMHLJUDþDND

x 1DGOHåQD FDULQVND WLMHOD L QDGOHåQD WLMHOD ]D QDG]RU QDG WUåLãWHP VH PRUDMX X]DMDPQR
LQIRUPLUDWLLSRGX]HWLRGJRYDUDMXüHDNFLMHQDRVQRYXSULPOMHQLKLQIRUPDFLMD

3URSLV ((& EURSURYMHUDPD]DXVNODÿHQRVWVDSUDYLOLPDRVLJXUQRVWLSURL]YRGDXVOXþDMX


SURL]YRGDXYH]HQLKL]WUHüLK]HPDOMD]DKWLMHYDGDQDGOHåQDFDULQVNDWLMHODEXGXVQDåQRXNOMXþHQDX
RSHUDFLMH QDG]RUD QDG WUåLãWHP L LQIRUPDFLRQH VLVWHPH NRML VX SUHGYLÿHQL X SUDYLOLPD =DMHGQLFH L
QDFLRQDOQLPSUDYLOLPDXVOXþDMHYLPDNRMLVHRGQRVHQDSURL]YRGHXYH]HQHL]WUHüLK]HPDOMD

2GQDGOHåQLKFDULQVNLKWLMHODVHSRVHEQR]DKWLMHYDGDSULYUHPHQRREXVWDYHSXãWDQMHXSURPHWURED
NRMH SRND]XMX RGUHÿHQH NDUDNWHULVWLNH NRMH EL PRJOH GRYHVWL GR R]ELOMQH VXPQMH R SRVWRMDQMX
R]ELOMQRJ L QHSRVUHGQRJ UL]LND SR ]GUDYOMH L VLJXUQRVW SRG QRUPDOQLP L SUHGYLGOMLYLP XVORYLPD
XSRWUHEH ,VWR VH RGQRVL X VOXþDMHYLPD NDGD QDGOHåQD FDULQVND WLMHOD SURQDÿX GD QHGRVWDMX
]DKWMHYDQL GRNXPHQWL LLOL GD SURL]YRGL QH QRVH ]DKWLMHYDQX R]QDNX XVNODÿHQRVWL LOL ]DKWMHYDQX
QDOMHSQLFXSRSUDYLOLPD=DMHGQLFHLOLQDFLRQDOQLPSUDYLOLPDRVLJXUQRVWLSURL]YRGD

3URSLV ((& EUVHSULPMHQMXMHQDSURL]YRGHXYH]HQHL]WUHüLK]HPDOMD ELOR GD VX LOL QLVX


SRNULYHQL GLUHNWLYDPD 1RYRJ SULVWXSD 8 SRJOHGX SURL]YRGD SRNULYHQLK GLUHNWLYDPD 1RYRJ
SULVWXSD QDGOHåQD FDULQVND WLMHOD PRUDMX ELWL SRVHEQR RSUH]QD X SURYMHUDYDQMX GD OL VX LJUDþNH
R]QDþHQH &( R]QDNRP X VOXþDMHYLPD JGMH VH RQH PRJX VPDWUDWL JRWRYLP SURL]YRGLPD NRML VX
SUHGVWDYOMHQLQDWDNDYQDþLQ SDNRYDQMHR]QDþDYDQMHSRVWDYOMDQMHQDOMHSQLFD NRMLXND]XMHGDRQH
WUHEDMXELWLSODVLUDQHQDWUåLãWHEH]GDOMQHREUDGH

1DGOHåQD FDULQVND WLMHOD PRUDMX REDYLMHVWLWL QDGOHåQD WLMHOD ]D QDG]RU QDG WUåLãWHP R VYRMLP
RGOXNDPD R SULYUHPHQRP REXVWDYOMDQMX SXãWDQMD SURL]YRGD X SURPHW NRMD ]DX]YUDW PRUDMX ELWL X
SR]LFLMLGDSRGX]PXRGJRYDUDMXüXDNFLMXýHWLULSRVWDYNHPRUDMXELWLMDVQRUD]JUDQLþHQHRGWUHQXWND
GDYDQMDREDYMHãWHQMD


9LGLRGOXNX((&NRMDXVSRVWDYOMDOLVWXSURL]YRGDREH]ELMHÿHQXXþODQXSURSLVD9LMHüD ((& EU
8YH]LVDSODVLUDQMHPQDWUåLãWHLVWDYOMDQMDXXSRWUHEXYLGLSRJODYOMHXYH]LVDSURL]YRGLPDNRML
WUHEDMXELWLR]QDþHQL&(R]QDNRPYLGLSRJODYOMH


x 3UHGPHWQLSURL]YRGLSUHGVWDYOMDMXR]ELOMDQLQHSRVUHGDQUL]LNSR]GUDYOMHLVLJXUQRVW
o 8 RYRP VOXþDMX QDGOHåQD WLMHOD ]D QDG]RU QDG WUåLãWHP PRUDMX SRGX]HWL PMHUH GD ]DEUDQH
SODVLUDQMHQDWUåLãWHXVNODGXVDSULPMHQMLYLPSUDYLOLPD=DMHGQLFHLOLQDFLRQDOQLPSUDYLOLPDLGD
]DKWLMHYDMXRGQDGOHåQLKFDULQVNLKWLMHODGDR]QDþHWUJRYDþNHIDNWXUHSULGUXåHQHSURL]YRGXLELOR
NRML GUXJL SUDWHüL GRNXPHQW VD ULMHþLPD ³2SDVDQ SURL]YRG ± SXãWDQMH X VORERGDQ SURPHW QLMH
GRSXãWHQR±SURSLV ((& EU´QDMHGQRPRGMHGDQDHVWVOXåEHQLKMH]LND8QLMH
x 3UHGPHWQLSRL]YRGLQLVXXVNODGXVDSUDYLOLPD=DMHGQLFHLOLQDFLRQDOQLPSUDYLOLPDRVLJXUQRVWL
SURL]YRGD
o 8RYRPVOXþDMXQDGOHåQDWLMHOD]DQDG]RUQDGWUåLãWHPPRUDMXSRGX]HWLRGJRYDUDMXüHPMHUHDNR
MH QHRSKRGQR ]DEUDQLWL SODVLUDQMH QD WUåLãWH X VNODGX VD SUHGPHWQLP SUDYLOLPD 8 VOXþDMHYLPD
JGMH MH SODVLUDQMH QD WUåLãWH ]DEUDQMHQR RQD PRUDMX ]DWUDåLWL RG QDGOHåQLK FDULQVNLK WLMHOD GD
R]QDþH WUJRYDþNH IDNWXUH SULGUXåHQH SURL]YRGLPD LOL ELOR NRML GUXJL UHOHYDQWQL SUDWHüL
GRNXPHQW VD ³1HXVNODÿHQ SURL]YRG ± SXãWDQMH X VORERGDQ SURPHW QLMH GRSXãWHQR ± SURSLV
((& EU´QDMHGQRPRGMHGDQDHVWVOXåEHQLKMH]LND8QLMH
x 3UHGPHWQL SURL]YRGL QH SUHGVWDYOMDMX R]ELOMDQ L QHSRVUHGDQ UL]LN L QH PRJX VH VPDWUDWL NDR
QHXVNODÿHQLSUHPDSUDYLOLPDSULPMHQMLYLPQDVLJXUQRVWSURL]YRGD
o 8 RYRP VOXþDMX SUHGPHWQL SURL]YRGL  PRUDMX ELWL SXãWHQL X VORERGDQ SURPHW DNR MH
REH]ELMHÿHQRGDVXVYLGUXJLXVORYLLIRUPDOQRVWLNRMHVHRGQRVHQDSXãWDQMHXVORERGDQSURPHW
LVSXQMHQL
x 1DGOHåQDFDULQVNDWLMHODQLVXREDYMHãWHQDRELORNRMRMDNFLMLNRMXVXSRGX]HODQDGOHåQDWLMHOD]D
QDG]RUQDGWUåLãWHP
o 8RYRPVOXþDMXSUHGPHWQLSURL]YRGLPRUDMXELWLSXãWHQLXVORERGDQSURPHWQDMNDVQLMHXRNYLUX
WUL UDGQDGDQD RG SULYUHPHQRJ REXVWDYOMDQMD SXãWDQMD X SURPHW DNR MH REH]ELMHÿHQR GD VX VYL
GUXJLXVORYLLIRUPDOQRVWLNRMLVHRGQRVHQDSXãWDQMHXVORERGDQSURPHW]DGRYROMHQL

1D RVQRYX QHNROLNR  DNDWD =DMHGQLFH ± XNOMXþXMXüL 3URSLV  L GLUHNWLYX R RSüRM VLJXUQRVWL
SURL]YRGDQDGOHåQDWLMHOD]DQDG]RULPDMXREDYH]XGDREDYLMHVWHQDGOHåQDFDULQVNDWLMHODRVYRMLP
VD]QDQMLPDNRMDVHRGQRVHQDSURL]YRGHXYH]HQHL]WUHüLK]HPDOMD1DGOHåQRWLMHOR]DQDG]RUQDG
WUåLãWHPPRåHXVSRVWDYLWLGD
x SURL]YRGL XYH]HQL L] WUHüLK ]HPDOMD QDPLMHQMHQL SRWURãDþLPD LOL üH LK SRWURãDþL YMHURYDWQR
NRULVWLWLSUHGVWDYOMDR]ELOMDQLQHSRVUHGDQUL]LNSR]GUDYOMHLVLJXUQRVWXVNODGXVDGLUHNWLYRPR
RSüRMVLJXUQRVWLSURL]YRGD
o 8 RYRP VOXþDMX VLVWHP ]D EU]X UD]PMHQX LQIRUPDFLMD R RSDVQRVWLPD SURL]DãOLP L] NRULãüHQMD
SRWURãDþNLKSURL]YRGDXVNODGXVDGLUHNWLYRPRRSüRMVLJXUQRVWLSURL]YRGDSULPMHQMXMHVHDNR
VH SRND]DOR GD VYL DVSHNWL VLJXUQRVWL LOL NDWHJRULMH UL]LND QLVX SRNULYHQH GLUHNWLYDPD 1RYRJ
SULVWXSDLLOLGUXJLP]DNRQVNLPDNWLPD=DMHGQLFH

$NRVXSURL]YRGLSULMDYOMHQL]DRGREUHQLFDULQVNLWUHWPDQLOLGUXJRNRULãWHQMHNRMHQHSUHGVWDYOMDVWDYOMDQMH


X VORERGDQ SURPHW L DNR MH REH]ELMHÿHQD SRWYUGD RG QDGOHåQLK  WLMHOD ]D QDG]RU QDG WUåLãWHP GD QHPDMX
SULJRYRU LVWDIRUPXODFLMD PRUD ELWLGRGDWD SRG LVWLP XVORYLPD SUHPD GRNXPHQWLPD NRML VH RGQRVH QD WDM
WUHWPDQLOLNRULãüHQMH


8WRPVPLVOXQDGOHåQDWLMHOD]DQDG]RUQDGWUåLãWHPXVYLP'UåDYDPDþODQLFDPDVHLQIRUPLUDMXL
RQD PRJX ± ]DX]YUDW ± LQIRUPLUDWL FDULQVND QDGOHåQD WLMHOD R SURL]YRGLPD XYH]HQLP L] WUHüLK
]HPDOMDNRMLSRND]XMXNDUDNWHULVWLNHNRMHGDMXUD]ORJ]DR]ELOMQXVXPQMXRSRVWRMDQMXR]ELOMQRJL
QHSRVUHGQRJUL]LNDSR]GUDYOMHLVLJXUQRVW2YDLQIRUPDFLMDMHSRVHEQRYDåQD]DQDGOHåQDFDULQVND
WLMHOD WDPR JGMH RQD XNOMXþXMX PMHUH NRMH ]DEUDQMXMX LOL SRYODþH VD WUåLãWD SURL]YRGH XYH]HQH L]
WUHüLK ]HPDOMD ]DVQRYDQR QD GRQHVHQRM RGOXFL .RPLVLMH X VNODGX VD þODQRP  GLUHNWLYH R RSüRM
VLJXUQRVWLSURL]YRGD
x 3URL]YRGL XYH]HQL L] WUHüLK ]HPDOMD QLVX SUDüHQL GRNXPHQWLPD LOL QH QRVH R]QDNH R
XVNODÿHQRVWL LOL QDOMHSQLFH NDR ãWR MH SUHGYLÿHQR X SUDYLOLPD =DMHGQLFH LOL QDFLRQDOQLP
SUDYLOLPDRVLJXUQRVWLSURL]YRGD
o 8 RYRP VOXþDMX QDGOHåQD WLMHOD ]D QDG]RU QDG WUåLãWHP PRUDMX LQIRUPLUDWL QDGOHåQD FDULQVND
WLMHOD X QDPMHUL GD VNUHQX QMLKRYX SDåQMX QD SRVWRMDQMH WDNYLK SURL]YRGD NRML SDGDMX SRG
SRGUXþMHSULPMHQHSURSLVD
x 3URL]YRGL XYH]HQL L] WUHüLK ]HPDOMD NRML SUHGVWDYOMDMX UL]LN SR ]GUDYOMH L VLJXUQRVW NRML QLMH
R]ELOMDQ L QHSRVUHGDQ L SUHGPHW VX PMHUD ]DEUDQH LOL RJUDQLþDYDQMD QMLKRYRJ SODVLUDQMD QD
WUåLãWHLOLQDPHWDQMDQMLKRYRJSRYODþHQMDVDWUåLãWD
o 8RYRPVOXþDMX'UåDYDþODQLFDNRMDSRGX]LPDRYHPMHUHPRUDREDYLMHVWLWLRQMLPD.RPLVLMXX
VNODGX VD SURFHGXURP SURSLVDQRP ]DãWLWQRP NODX]XORP SR GLUHNWLYDPD 1RYRJ SULVWXSD
REH]EMHÿXMXüL GD VX XVORYL ]D LQLFLUDQMH WDNYH NODX]XOH ]DGRYROMHQL 8 VOXþDMHYLPD NDGD MH
SURL]YRGQDPLMHQMHQSURL]YRÿDþLPDLOLüHJDSRWURãDþLYMHURYDWQRNRULVWLWL]DãWLWQDNODX]XODSR
GLUHNWLYL R RSüRM VLJXUQRVWL SURL]YRGD VH SULPMHQMXMH RVLP DNR SURL]YRG QLMH SRNULYHQ
]DNRQVNLPDNWLPD=DMHGQLFHNRMLSUHGYLÿDMX]DãWLWQXNODX]XOX QSUGLUHNWLYH1RYRJSULVWXSD 8
WDNYLPVOXþDMHYLPDQHRSKRGQRMHLQIRUPLUDWLQDGOHåQDFDULQVNDWLMHOD

=DVYUKHSULPMHQHSURSLVD ((& EURGUHGEHSURSLVD9LMHüD (& EURX]DMDPQRM


SRPRüLL]PHÿXDGPLQLVWUDWLYQLKQDGOHåQLKWLMHOD'UåDYDþODQLFDLVDUDGQMLL]PHÿXQMLKL.RPLVLMHGD
VHRVLJXUDNRUHNWQDSULPMHQD]DNRQDRFDULQDPDLSLWDQMLPDYH]DQLP]DSROMRSULYUHGXVHSULPMHQMXMH
NDNR MH SRJRGQR 2YR MH SRVHEQR VOXþDM WDPR JGMH VX L]MDYH ³2SDVDQ SURL]YRG ± SXãWDQMH X
VORERGDQSURPHWQLMHGRSXãWHQR±SURSLV ((& EU´LOL³1HXVNODÿHQSURL]YRG±SXãWDQMHX
VORERGDQSURPHWQLMHGRSXãWHQR±SURSLV ((& EU´GRGDWHQDWUJRYDþNXIDNWXUXLOLQDELOR
NRMLGUXJLUHOHYDQWQLGRNXPHQWNRMLMHSULGUXåHQSURL]YRGLPDXYH]HQLPL]WUHüLK]HPDOMD

8 YH]L VD SULPMHQRP GLUHNWLYH R RSüRM VLJXUQRVWL SURL]YRGD QD SURL]YRGH SRNULYHQH GLUHNWLYDPD 1RYRJ


SULVWXSDYLGLSRJODYOMHXYH]LVDEU]RPUD]PMHQRPLQIRUPDFLMDRRSDVQRVWLPDSURL]DãOLPL]NRULãWHQMD
SRWURãDþNLKSURL]YRGDYLGLSRJODYOMH


 632/-1,$63(.7,

 6325$=808(95236.2-(.21206.2-=21,

x 6SRUD]XP X HYURSVNRM HNRQRPVNRM ]RQL MH SRVWLJQXW L]PHÿX (YURSVNH ]DMHGQLFH L


,VODQGD/LKWHQãWDMQDL1RUYHãNH6SRUD]XPSURãLUXMHMHGLQVWYHQR WUåLãWH QD RYH WUL
()7$GUåDYH

x 2YDMYRGLþVHRGQRVLQDHYURSVNXHNRQRPVNX]RQXWMQD'UåDYHþODQLFHLQD,VODQG
/LKWHQãWDMQL1RUYHãNX

 2VQRYQLHOHPHQWLVSRUD]XPD

6SRUD]XPRHYURSVNRMHNRQRPVNRM]RQLNRMLMHQDVQD]LRGMDQXDUDSRNULYDVYHGLUHNWLYH
1RYRJ SULVWXSD L RVWDOR ]DNRQRGDYVWYR =DMHGQLFH L GRVWLJQXüD NRMD VX ELWQD ]D VORERGDQ SURWRN
SURL]YRGD 'DNOH RQ SURãLUXMH MHGLQVWYHQR WUåLãWH QD WDNR]YDQH (($ ()7$ GUåDYH ,VODQG
/LKWHQãWDMQL1RUYHãNX

&LOM(($ (YURSVNDHNRQRPVND]RQD VSRUD]XPDMHGDXVSRVWDYLGLQDPLþQXLKRPRJHQX(YURSVNX


HNRQRPVNX ]RQX NRMD MH ]DVQRYDQD QD ]DMHGQLþNLP SUDYLOLPD L MHGQDNLP XVORYLPD NRQNXUHQFLMH
6SRUD]XP VH GRSXQMDYD QD NRQWLQXLUDQRM RVQRYL NUR] RGOXNH ]DMHGQLþNRJ NRPLWHWD (($ VOLMHGHüL
SURPMHQH X UHOHYDQWQRP ]DNRQRGDYVWYX =DMHGQLFH 'D EL VH GRãOR GR MHGLQVWYHQH LQWHUSUHWDFLMH
VSRUD]XPDLGDELVHPRJDRRGUåDYDWLXVWDQRYOMHQLVX()7$VXGL()7$QDGOHåQRWLMHOR]DQDG]RU

3UDYDNRMDVXGDWDLREDYH]HNRMHVXQDPHWQXWH'UåDYDPDþODQLFDPDLOLQMLKRYLPMDYQLPHQWLWHWLPD
SUHGX]HüLPD LOL SRMHGLQFLPD X RGQRVX MHGQLK SUHPD GUXJLP VX X VNODGX VD (($ VSRUD]XPRP
VKYDüHQDHQDWDNDYQDþLQGDWUHEDMXELWLGDWHLOLQDPHWQXWHWDNRÿHUQDLVWLQDþLQSUHPD(($()7$
GUåDYDPD 2YR RVLJXUDYD GD VX (($ ()7$ GUåDYH L QMLKRYL HNRQRPVNL RSHUDWRUL SUHGPHW LVWLK
SUDYDLREDYH]DNDRLQMLKRYHSUHVOLNDQHVWUXNWXUHX=DMHGQLFL1DSULPMHUGLUHNWLYH1RYRJSULVWXSD
VXSULPLMHQMHQHQDSRWSXQRLVWLQDþLQX(($()7$GUåDYDPDNDRLX'UåDYDPDþODQLFDPD±PDGD
VXDGPLQLVWUDWLYQHSURFHGXUHNRMHVHRGQRVHQDSULMDYOMHQDWLMHODL]DãWLWQXNODX]XOXPRGLILNRYDQH
=ERJ WRJD VYH VPMHUQLFH SULPMHQMLYH QD 'UåDYH þODQLFH X VNODGX VD RYLP YRGLþHP VH RGQRVH
WDNRÿHUQD(($()7$GUåDYH


=D VYUKX YH]H  (($ VSRUD]XPD VD  =DMHGQLFRP LOL ]DMHGQLþNLP WUåLãWHP X RNYLUX =DMHGQLFH (8
(YURSVND XQLMD   (($ DNWL VX VKYDüHQL X VPLVOX SUHSRUXND QD WHULWRULMDPD XJRYRUQLK VWUDQD 8
VNODGXVDWLPSURL]YRGQLMHVDPRSODVLUDQQDWUåLãWH=DMHGQLFHQHJRLQD(($WUåLãWH

(($ VSRUD]XP  RVLJXUDYD EOLVNX VDUDGQMX L]PHÿX .RPLVLMH L DGPLQLVWUDFLMH (($ ()7$ GUåDYD
.RPLVLMD WUDåL QH]YDQLþQR VDYMHW RG HNVSHUDWD RYLK GUåDYD QD LVWL QDþLQ NDR ãWR WUDåL VDYMHW RG
HNVSHUDWDL]GUåDYDþODQLFD8SRJOHGXQDNRPLWHWNRMLSRPDåH.RPLVLMLXQMHQRPUDGXRVWYDUHQDMH
WLMHVQD VDUDGQMD (($ 9LMHüH VH VDVWDMH MHGQRP X SROD JRGLQH L (($ ]DMHGQLþNL SDUODPHQWDUQL
NRPLWHWL(($NRQVXOWDWLYQLNRPLWHWVHVDVWDMXUHGRYQR

 3ULMDYOMLYDQMHWLMHOD

3URFHGXUH ]D SULMDYOMLYDQMH WLMHOD ]D RFMHQMLYDQMH XVNODÿHQRVWL L]  (($ ()7$ GUåDYD VX
XVSRVWDYOMHQHQDRVQRYXRGUHGEL(($VSRUD]XPD=DKWMHY]DGRGMHOMLYDQMHPLGHQWLILNDFLRQRJEURMD
VH SUYR SRGQRVL  ()7$ VHNUHWDULMDWX SULPMHQMXMXüL LVWX IRUPX SULMDYOMLYDQMD NDR X =DMHGQLFL
6HNUHWDULMDWYHULILFLUD]YDQLþQXWDþQRVWLSURVOMHÿXMHSULMDYX.RPLVLMLVD]DKWMHYRP]DGRGMHOMLYDQMH
LGHQWLILNDFLRQRJEURMD LOL]DSURãLUHQMHNRULãWHQMDLGHQWLILNDFLRQRJEURMDQDQRYHGLUHNWLYH]DGDWNH 
.RPLVLMD GRGMHOMXMH EURM L SURVOMHÿXMH JD SXWHP VHNUHWDULMDWD ]HPOML NRMD YUãL SULMDYX 1DNRQ WRJD
(($()7$GUåDYDYUãL]YDQLþQRREDYMHãWDYDQMHRVWDOLK(($()7$GUåDYD()7$QDGOHåQRJWLMHOD
]DQDG]RULVHNUHWDULMDWD1DGOHåQRWLMHOR]DQDG]RULVSLWXMHSULMDYOMLYDQMHLLQIRUPLUD.RPLVLMXNRMD
þXYD DåXULUDQX OLVWX SULMDYOMHQLK WLMHOD 'UåDYD þODQLFD L (($ ()7$ GUåDYD L REMDYOMXMH OLVWX X
6OXåEHQRPOLVWX

.DGD SULMDYOMHQR WLMHOR SUHVWDMH GD LVSXQMDYD ]DKWMHYH LOL VYRMH REDYH]H (($ ()7$ GUåDYD MH
RGJRYRUQD GD SRYXþH SULMDYOMLYDQMH 'UåDYD þODQLFD PRUD WDNRÿHU REMDYLWL RYX LQIRUPDFLMX L
LQIRUPLUDWLRVWDOH(($()7$GUåDYH()7$QDGOHåQRWLMHOR]DQDG]RULVHNUHWDULMDW1DGOHåQRWLMHOR
]DQDG]RULQIRUPLUD.RPLVLMXRSRYODþHQMXNRMDüHRQGDDåXULUDWLOLVWXSULMDYOMHQLKWLMHOD

 3URFHGXUDSURSLVDQD]DãWLWQRPNODX]XORP

()7$QDGOHåQRWLMHOR]DQDG]RUMHRGJRYRUQR]DLVSLWLYDQMHREDYMHãWHQMDSR]DãWLWQRMNODX]XOLNRMD
VX GDOD (($ ()7$ GUåDYH 1DGOHåQR WLMHOR NRQVXOWXMH VYH XNOMXþHQH VWUDQH L UD]PMHQMXMH
LQIRUPDFLMHVD.RPLVLMRPRSRVWXSFLPDXRYRPVOXþDMX1DGOHåQRWLMHORSURVOLMHÿXMHVYRMHRGOXNH
(($ ()7$ GUåDYDPD L .RPLVLML GD EL VH SRGX]HOH QDUHGQH DNFLMH $NR (($ ()7$ GUåDYD QH
SRãWXMHRGOXNXQDGOHåQRWLMHOR]DQDG]RUPRåHSRNUHQXWLSUHNUãDMQXSURFHGXUX


8VOXþDMX JGMH 'UåDYD þODQLFD LQLFLUD ]DãWLWQX NODX]XOX NRQVXOWDFLMH L]PHÿX .RPLVLMH L QDGOHåQRJ
WLMHOD]DQDG]RUVXSUHGYLÿHQH.RPLVLMDVDRSãWDYDVYRMXRGOXNX()7$QDGOHåQRPWLMHOX]DQDG]RU
NRMHãDOMHRGOXNX(($()7$GUåDYDPD]DSRGX]LPDQMHQDUHGQLKDNFLMD$NR(($()7$GUåDYDQH
SRãWXMHRGOXNXQDGOHåQRWLMHOR]DQDG]RUSRNUHüHSUHNUãDMQXSURFHGXUX

 6SRUD]XPLRX]DMDPQRPSUL]QDYDQMXHYURSVNLSURWRNROLRRFMHQMLYDQMXXVNODÿHQRVWL

.RPLVLMD GRJRYDUD VSRUD]XPH R X]DMDPQRP SUL]QDYDQMX L HYURSVNH SURWRNROH R RFMHQMLYDQMX


XVNODÿHQRVWL QD RVQRYL GD üH XNOMXþHQH WUHüH ]HPOMH ]DNOMXþLWL VD (($ ()7$ GUåDYDPD SDUDOHOQH
VSRUD]XPHSURWRNROHMHGQDNHVDRQLPNRMLVX]DNOMXþHQLVD=DMHGQLFRPLNRMLüHLPDWLLVWLGDWXP
VWXSDQMDQDVQDJX

6LVWHP SDUDOHOQLK VSRUD]XPDSURWRNROD ]YDQLþQR GDMH XNOMXþHQLP WUHüLP ]HPOMDPD LVWL SULVWXS
WUåLãWX NUR] HYURSVNX HNRQRPVNX ]RQX ]D SURL]YRGH SRNULYHQH VSRUD]XPLPD R X]DMDPQRP
SUL]QDYDQMX LOL HYURSVNLP SURWRNROLPD R RFMHQMLYDQMX XVNODÿHQRVWL .DR SUDNWLþQD LPSOHPHQWDFLMD
RYLK VSRUD]XPDSURWRNROD ]DMHGQLþND ]DVMHGDQMD ]DMHGQLþNRJ NRPLWHWD VD XNOMXþHQLP WUHüLP
]HPOMDPDüHELWLGRJRYRUHQD

 6325$=80,28=$-$012035,=1$9$1-8

x 6SRUD]XPLRX]DMDPQRPSUL]QDYDQMXVHXVSRVWDYOMDMXL]PHÿX=DMHGQLFHLYODGDWUHüLK
]HPDOMD NRMH VX QD ]DYLGQRP XSRUHGLYRP  QLYRX WHKQLþNRJ UD]YRMD L LPDMX
NRPSDWLELODQSULVWXSNRMLVHRGQRVLQDRFMHQMLYDQMHXVNODÿHQRVWL

x 2YL VSRUD]XPL VH ]DVQLYDMX QD X]DMDPQRP SULKYDWDQMX FHUWLILNDWD R]QDND


XVNODÿHQRVWL L L]YMHãWDMD R LVSLWLYDQMX NRMH L]GDMX WLMHOD ]D RFMHQMLYDQMH XVNODÿHQRVWL
MHGQHVWUDQHNRMDMHXVNODGXVD]DNRQVNLPDNWLPDGUXJHVWUDQH

=DMHGQLFD X VYRMLP RGQRVLPD VD WUHüLP ]HPOMDPD QDVWRML GD SURPRYLUD PHÿXQDURGQX WUJRYLQX VD
UHJXOLVDQLP SURL]YRGLPD SRVHEQR SXWHP ]DNOMXþLYDQMD VSRUD]XPD R X]DMDPQRP SUL]QDYDQMX
05$ QDRVQRYXþODQD6SRUD]XPD

05$VXGL]DMQLUDQHQDWDNDYQDþLQGDüHVYDNDVWUDQDSULKYDWLWLL]YMHãWDMHFHUWLILNDWHLR]QDNHNRMLH
VX X VNODGX VD QMLKRYLP VRSVWYHQLP ]DNRQVNLP DNWLPD 2YL L]YMHãWDML FHUWLILNDWL L R]QDNH VX
QDSUDYOMHQLLL]GDQLRGVWUDQHWLMHODNRMHMHGUXJDVWUDQDLPHQRYDODSR05$]DVYUKXRFMHQMLYDQMD
XVNODÿHQRVWL X SRGUXþMXLPD  SRNULYHQLP VD 05$ 2YR VH PRåH SRVWLüL MHU 05$ XNOMXþXMX VYH
]DKWMHYH]DRFMHQMLYDQMHXVNODÿHQRVWLVWUDQD


9LGL SRJODYOMH  X YH]L VD VSRUD]XPRP R X]DMDPQRP SUL]QDYDQMX L SRJODYOMH  X YH]L VD HYURSVNLP
SURWRNROLPDRRFMHQMLYDQMXXVNODÿHQRVWL


NRMLVXQHRSKRGQLGDELVHSRVWLJDRSXQLSULVWXSWUåLãWX LSURL]YRGLVHRFMHQMXMXX]HPOMLNRMDMH
SURL]YHODSURL]YRGHSUHPDUHJXOLVDQLP]DKWMHYLPDGUXJHVWUDQH

05$SRNULYDMXFLMHOXWHULWRULMX VWUDQD X QDPMHUL GD JDUDQWXMX SRVHEQR X GUåDYDPD VD IHGHUDOQRP


VWUXNWXURPSRWSXQVORERGDQSURWRNSURL]YRGDNRMLVXFHUWLILFLUDQLNDRXVNODÿHQL.DRRSüHSUDYLOR
05$VXRJUDQLþHQLQDSURL]YRGHNRMLVXSRULMHNORPVDWHULWRULMHELORNRMHVWUDQH

05$VHRGQRVHQDMHGQXLOLYLãHNDWHJRULMDSURL]YRGDLOLVHNWRUDNRMLSDGDMXXUHJXOLVDQRSRGUXþMHL
SRNULYHQLVX1RYLPSULVWXSRPLOLGUXJLPWHKQLþNLKDUPRQL]LUDQLPGLUHNWLYDPD=DMHGQLFHNRMHVXQD
VQD]LLXRGUHÿHQLPVOXþDMHYLPDQH±KDUPRQL]LUDQLPQDFLRQDOQLP]DNRQRP8SULQFLSX05$EL
PRUDOL SRNULWL VYH LQGXVWULMVNH SURL]YRGH ]D NRMH SURSLVL EDUHP MHGQH RG VWUDQD ]DKWLMHYDMX RFMHQX
XVNODÿHQRVWLWUHüHVWUDQH

05$ REXKYDWDMX RNYLUQL VSRUD]XP L VHNWRUVNH SULORJH 2NYLUQL VSRUD]XP SRVWDYOMD WHPHOMQH
SULQFLSH WUDGLFLRQDOQRJ VSRUD]XPD 6HNWRUVNL SULOR]L VSHFLILFLUDMX SRVHEQR SRGUXþMH SULPMHQH L
GMHORYDQMD UHJXOLVDQH ]DKWMHYH OLVWX LPHQRYDQLK WLMHOD ]D RFMHQMLYDQMH XVNODÿHQRVWL SURFHGXUD L
QDGOHåQLKWLMHODRGJRYRUQLK]DLPHQRYDQMHWLMHOD]DRFMHQMLYDQMHXVNODÿHQRVWLLYMHURYDWQRSUHOD]QL
SHULRG9LãHVHNWRUVNLKSULORJDVHPRåHGRGDWLQDNQDGQR

05$VHQH]DVQLYDMXQDQHRSKRGQRVWLX]DMDPQRJSULKYDWDQMDVWDQGDUGDLOLWHKQLþNLKSURSLVDGUXJH
VWUDQH LOL QD UD]PDWUDQMX ]DNRQVNLK DNDWD GYLMH VWUDQH NDR HNYLYDOHQWQLK 0HÿXWLP 05$ PRUD
SRSORþDWLSXWSUHPDKDUPRQL]LUDQRPVLVWHPXVWDQGDUGL]DFLMHLFHUWLILFLUDQMXVWUDQD,SRUHGWRJDGYD
]DNRQRGDYVWYDVXSRSUDYLOXGRYROMQDGDRVLJXUDMX]DYLGDQQLYRNRMLVHRGQRVLQD]DãWLWX]GUDYOMD
VLJXUQRVW RNROLQX LOL GUXJH MDYQH LQWHUHVH 6 GUXJH VWUDQH 05$ SRYHüDYDMX WUDQVSDUHQWQRVW
]DNRQVNLK VLVWHPD UH]XOWDWL UD]OLþLWLK VLVWHPD VH SUH]HQWLUDMX RVWDOLP ]HPOMDPD L RQH PRUDMX GD
GHPRQVWULUDMXNRQ]LVWHQWQRVW

.DR UH]XOWDW XVSRVWDYOMHQLK UD]OLþLWLK XVORYD L LQWHUHVD WUHüLK ]HPDOMD L =DMHGQLFH PDQGDW 9LMHüD
RYODãüXMH .RPLVLMX GD SUHJRYDUD VD VOLMHGHüLP ]HPOMDPD 6MHGLQMHQH $PHULþNH 'UåDYH -DSDQ
.DQDGD $XVWUDOLMD 1RYL =HODQG +RQJ .RQJ ,]UDHO 6LQJDSXU )LOLSLQL 5HSXEOLND .RUHMD L
âYDMFDUVND

8WUHQXWNX WMDYJXVW .RPLVLMDMHRNRQþDODSUHJRYRUHVD $XVWUDOLMRP1RYLP=HODQGRP


6MHGLQMHQLP $PHULþNLP 'UåDYDPD  .DQDGRP L âYDMFDUVNRP L MRã XYLMHN SUHJRYDUD VD -DSDQRP
6YL]DNOMXþHQL05$VDGUåHRYODãWHQMD]DQDUHGQHSUHJRYRUH


2YRMHSULQFLSUD]OLNHVDSRGXJRYDUDQMHPNRMHMHREH]ELMHÿHQRVDPR]DQHNHRGSURFHGXUDNDRãWR
VXLVSLWLYDQMD

8VNODGXVDQHNLP05$SUDYLORRSRULMHNOXQHELPRJORELWLSULPMHQMLYR QSU05$VD86$L
.DQDGRP 


 (95236.,35272.2/,22&-(1-,9$1-886./$ (1267,

x (YURSVNL SURWRNROL R RFMHQMLYDQMX XVNODÿHQRVWL VX QDPLMHQMHQL GD EXGX


SRVWDYOMHQL L]PHÿX (YURSVNH ]DMHGQLFH L ]HPDOMD L] FHQWUDOQH L LVWRþQH (YURSH
NRMHVXVHSULMDYLOH]DSULNOMXþHQMH(YURSVNRMXQLML (8 WM0DÿDUVND3ROMVND
ýHãND 5HSXEOLND 6ORYHQLMD (VWRQLMD .LSDU 5XPXQLMD %XJDUVND 6ORYDþND
/DWYLMDL/LWYDQLMD

x &LOM HYURSVNLK SURWRNROD R RFMHQMLYDQMX XVNODÿHQRVWL MH GD SRGUåH SURJUHVLYQR


XVNODÿLYDQMH ]HPDOMD NRMH VX VH SULMDYLOH ]D SULNOMXþHQMH (8  VD GRVWLJQXüLPD
=DMHGQLFHLGDRODNãDMXWUJRYLQXLSULVWXSWUåLãWX

=HPOMHFHQWUDOQHLLVWRþQH(YURSHNRMHLPDMXSRWSLVDQVSRUD]XPRSULGUXåLYDQMXVD=DMHGQLFRPNRML
LKREDYH]XMHGDXVNODGHVYRMH]DNRQRGDYVWYRVDGRVWLJQXüLPD=DMHGQLFH³DFTXLVFRPPXQDXWDLUH´L
NRMH VX X LVWR YULMHPH DSOLFLUDOH ]D þODQVWYR X (8 LPDMX SRVHEDQ VWDWXV 2YR GDMH PRJXüQRVW ]D
GL]DMQLUDQMHVSHFLILþQRJPRGHODVSRUD]XPDRX]DMDPQRPSUL]QDYDQMX]DWH]HPOMH2QLVHQD]LYDMX
(YURSVNLSURWRNROLRRFMHQMLYDQMXXVNODÿHQRVWL (&$3 

(&$3 SRNULYDMX SURL]YRGH NRML VH SRWþLQMDYDMX FHUWLILFLUDQMX RG WUHüH VWUDQH LOL GHNODUDFLML
SURL]YRÿDþD L NRML üH XNOMXþLWL PMHUH ]D SURL]YRGH NRML SULSDGDMX RGUHÿHQLP VHNWRULPD WDPR JGMH
WUHQXWQR ]DNRQRGDYVWYR 'UåDYD NRMH VH SULMDYOMXMX ]DKWLMHYD FHUWLILFLUDQMH RG WUHüH VWUDQH LOL
XVNODÿLYDQMH VD REDYH]QLP ]DKWMHYLPD ]D SURL]YRGH NRML QLVX SUHGPHW WDNYRJ FHUWLILFLUDQMD LOL
]DKWMHYD X WRNX XVNODÿLYDQMD VD GRVWLJQXüLPD =DMHGQLFH 7DNYL VOXþDMHYL PRJX ELWL SRNULYHQL
VSRUD]XPRP]DSURL]YRGHNRMLLPDMXSRULMHNORL](8LLVSXQMDYDMXQHRSKRGQH]DKWMHYH=DMHGQLFHX
QDPMHULGDEXGXSULKYDüHQL]DSURGDMXXSRVPDWUDQRM]HPOMLNRMDVHSULMDYOMXMH

(&$3 üH REXKYDWLWL RNYLUQL VSRUD]XP L SULORJH VHNWRULPD 2NYLUQL VSRUD]XP XVYDMD WHPHOMQH
SULQFLSH WUDGLFLRQDOQRJ VSRUD]XPD R X]DMDPQRP SUL]QDYDQMX PDGD MH SRMHGQRVWDYOMHQ QD RVQRYX
SULQFLSDRXVYDMDQMXGRVWLJQXüD3ULOR]LVHNWRULPDVHGRGDMXQDNQDGQR

(&$3 EL WUHEDOL ELWL YLÿHQL NDR SRGUãND SURFHVX XVNODÿLYDQMD 8 LVWR YULMHPH RQL VX VUHGVWYD ]D
RODNãDYDQMHWUJRYLQHL]PHÿX(8L]HPDOMDNRMHVHSULMDYOMXMXWHVUHGVWYD]DSRGUãNXSURJUHVLYQRP
SURãLUHQMX MHGLQVWYHQRJ WUåLãWD VD RYLP ]HPOMDPD L VUHGVWYD ]D SURPRYLUDQMH ]GUDYOMD L VLJXUQRVWL
3UHVXGQL IDNWRU ]D (&$3 MH VSRVREQRVW ]HPDOMD NRMH VH SULMDYOMXMX GD QD VSHFLILþDQ QDþLQ
LPSOHPHQWLUDMXEH]RGODJDQMDGLMHORYHGRVWLJQXüD=DMHGQLFHNRMDVXXVYRMHQDXVSRUD]XPX3RãWR
VH (&$3 ]DVQLYD QD XVNODÿLYDQMX VD SUDYLOLPD =DMHGQLFH SURL]YRGL RFLMHQMHQL SUHPD GLUHNWLYDPD
1RYRJSULVWXSDLOLSUHPDGUXJLP]DKWMHYLPD=DMHGQLFHX'UåDYLþODQLFLLOL]HPOMLNRMDVHSULMDYOMXMH
PRJXELWLSODVLUDQLQDWUåLãWH=DMHGQLFHLQDWUåLãWH]HPOMHNRMDVHSULMDYOMXMH

8QDPMHULGDRVLJXUDUD]YRMXSRYUDWQLPXVORYLPDRWYRUHQRVWLWUåLãWDGRSULVWXSDQMD]HPDOMDNRMHVX
VHSULMDYLOH(&$3VH]DVQLYDMXQDXVORYLPD


QHRSKRGQLP]DXVYDMDQMHLLPSOHPHQWDFLMXGRVWLJQXüD=DMHGQLFHNDRãWRVOLMHGL

x SURJUHVLYQRXVNODÿLYDQMHRNYLUQLK]DNRQDVDSRVWRMHüLPSODQRPDNFLMH=DMHGQLFH
x SURJUHVLYQR XVNODÿLYDQMH VHNWRUVNLK ]DNRQD VD GLUHNWLYDPD  1RYRJ SULVWXSD L GUXJLP
GLUHNWLYDPD
x UD]YRM WHKQLþNH LQIUDVWUXNWXUH X QDPMHUL GD VH RVLJXUD GD MH WHKQLþND NRPSHWHQWQRVW WLMHOD
XNOMXþHQLKXSURFHGXUHRFMHQMLYDQMDXVNODÿHQRVWLQDQLYRXNRML]DKWMHYDHYURSVNDXQLMD
x X]LPDQMHXRE]LUSRWUHEHGUåDYDNRMHVHSULMDYOMXMXGDGHILQLãXSURFHGXUHLVUHGVWYD]DSUDYLOQR
SURYRÿHQMHQDG]RUDQDGWUåLãWHP

.DR GLR VWUDWHJLMH SUHGSULVWXSDQMD .RPLVLMD SRGUåDYD ]HPOMH NRMH VH SULMDYOMXMX NUR] SURJUDPH
WHKQLþNHSRPRüL]DXVNODÿLYDQMHQMLKRYRJ]DNRQRGDYVWYDVD]DNRQRGDYVWYRP=DMHGQLFHQDSULPMHU
XVYDMDQMHGLUHNWLYD1RYRJSULVWXSDLGUXJLKKDUPRQL]LUDQLKWHKQLþNLK]DNRQVNLKDNDWDNDRLUD]YRM
QDMEROMLK SUDNVL NRULãWHQLK X 'UåDYDPD þODQLFDPD 2YD SRPRü VH þHVWR NRPSOHWLUD SXWHP
ELODWHUDOQHSRPRüL'UåDYDþODQLFD

 7(+1,ý.$3202û

x 7HKQLþND SRPRü MH RVQRYD ]D NUHLUDQMH KRPRJHQRJ  WUDQVSDUHQWQRJ L SRX]GDQRJ


WHKQLþNRJRNUXåHQMDXNRMHMDYQDQDGOHåQDWLMHODHNRQRPVNLRSHUDWRULLNRULVQLFLPRJX
LPDWLSRYMHUHQMH

x &LOMHYL WHKQLþNH SRPRüL VX GD VH GRVWLJQH GRVWXSQRVW YLVRNR NYDOLWHWQLK SURL]YRGD QD
WUåLãWX

7HKQLþNDSRPRüMHWUDQVIHU]QDQMDL]DNRQRGDYQLKSROLWLNDWDNYLKNDRãWRVX1RYLSULVWXSL*OREDOQL
SULVWXSDOLWDNRÿHULWUDQVIHUHYURSVNH³QDMEROMHSUDNVH´7HKQLþNDSRPRüRPRJXüDYDGDVHSRGLMHOL
HYURSVNR LVNXVWYR VD SDUWQHULPD L] ]HPDOMD NRMH QLVX þODQLFH X VYLP SRGUXþMLPD VD FLOMHP
XNOMDQMDQMD EDULMHUD SUHPD WUJRYLQL NDR UH]XOWDW SRYHüDQH NRPSDWLELOQRVWL LOL KDUPRQL]DFLMH QD
PHÿXQDURGQRP QLYRX  L SRYHüDQMD LQYHVWLFLMD L] (8 SUHPD ]HPOMDPD NRMH SULPDMX WH LQYHVWLFLMH L
REUQXWR8VSMHãQDLPSOHPHQWDFLMDELPRUDODNRULVWLWLREMHPDVWUDQDPDDNRVHSURYRGLQDRYDMQDþLQ
*ODYQL FLOMHYL WHKQLþNH SRPRüL VX ]ERJ WRJD  SURãLUHQMH WUJRYDþNLK RGQRVD L LQYHVWLFLRQLK
PRJXüQRVWL SREROMãDQMH NYDOLWHWD UREH QD GRPDüHP WUåLãWX SRPRü ]HPOMDPD NRMH SULPDMX SRPRü
GDUD]YLMXVYRMHYODVWLWHLQIUDVWUXNWXUHLGDSRMDþDMXVSRVREQRVWUDGQHVQDJHXWHKQLþNLPSRGUXþMLPD

3URJUDPL WHKQLþNH SRPRüL VH RVWYDUXMX X SROMLPD LQVWLWXFLRQDOQH VDUDGQMH VWDQGDUGL]DFLMH


PMHULWHOMVWYDFHUWLILFLUDQMDDNUHGLWLUDQMDXSUDYOMDQMDNYDOLWHWRPLRVLJXUDQMDNYDOLWHWD2YLSURJUDPL
VX QDPLMHQMHQL ]D ]HPOMH NRMH QLVX QD XSRUHGLYRP QLYRX VD 'UåDYDPD þODQLFDPD WM QMLKRYLP
LQVWLWXFLRQDOQLP LQIUDVWUXNWXUDPD SURSLVLPD VWDQGDUGL]DFLMRP PMHULWHOMVWYRP FHUWLILFLUDQMHP
DNUHGLWLUDQMHPXSUDYOMDQMHPNYDOLWHWRPLRVLJXUDQMHPNYDOLWHWD


8YH]LVDWHKQLþNRPSRPRüLYLGLSRJODYOMH


3RãWRVXQHNHSDUWQHUVNH]HPOMHGRVWLJOHQLYRHNRQRPVNRJLLQGXVWULMVNRJUD]YRMDJGMHVXRVQRYQH
LQIUDVWUXNWXUHXVSRVWDYOMHQMHSRPRüPRåHELWLXVPMHUHQDSUHPDSRGUXþMLPDNDRãWRVXSREROMãDQMH
]DNRQVNRJ UHåLPD  ]D VSHFLILþQH VHNWRUH LOL XVDYUãDYDQMHP LQIUDVWUXNWXUD QHRSKRGQLK ]D
]DNOMXþLYDQMH(&$3LOL05$

3URJUDPLWHKQLþNHSRPRüLPRJXELWLRULMHQWLVDQLUHJLRQDOQRLOLQDFLRQDOQR3RVWRMHEURMQLQDFLRQDOQL
SURJUDPLNRMLVXRELþQRYUORãLURNLXSRGUXþMXSULPMHQHSRNULYDMXüLVYHDVSHNWHWHKQLþNHSRPRüL,
SRUHG WRJD  QH SRVWRML MHGLQVWYHQ PRGHO ]D WHKQLþNX SRPRü SRãWR MH VYDND ]HPOMD QD UD]OLþLWRP
QLYRX UD]YRMD L WUDåL LVSXQMDYDQMH UD]OLþLWLK FLOMHYD .RPLVLMD WDNRÿHU LPD UD]OLþLWH SULRULWHWH X
VYDNRP]DVHEQRPVOXþDMXQSUWDPRJGMHVHWHKQLþNDSRPRüNRULVWLNDRGLRVWUDWHJLMH]DSULVWXSDQMH
(YURSVNRM XQLML 35$4 SURJUDPL  WM UHJLRQDOQL SURJUDPL ]D RVLJXUDQMH NYDOLWHWD L RVWDOH VURGQH
REODVWL  VX SULPMHU UHJLRQDOQH SRPRüL 1D SRþHWNX RQL VX REH]ELMHGLOL (YURSVNX XQLMX VD
LQIRUPDFLMDPD R ]HPOMDPD FHQWUDOQH L LVWRþQH (YURSH DOL VX VH RQL SRVWHSHQR NRULVWLOL NDR
SUHOLPLQDUQLNRUDNSUHPDPRJXüHPXNOMXþHQMXRYLK]HPDOMDX(YURSVNXXQLMX

 6325$=8027(+1,ý.,0%$5,-(5$0$35(0$75*29,1,

x 6SRUD]XPRWHKQLþNLPEDULMHUDPDSUHPDWUJRYLQLMHLQVWUXPHQWSULVWXSDWUåLãWXNRMLMH
QDPLMHQMHQGDVSULMHþDYDQDVWDMDQMHLHOLPLQLãHWHKQLþNHEDULMHUHSUHPDWUJRYLQL]ERJ
UD]OLþLWLKVSHFLILNDFLMDSURL]YRGD

6SRUD]XP R WHKQLþNLP EDULMHUDPD SUHPD WUJRYLQL  7%7   MH GLR :72 VSRUD]XPD 6YH 'UåDYH
þODQLFHL(YURSVND]DMHGQLFDVXSRWSLVQLFL7%7VSRUD]XPD

&LOM7%7VSRUD]XPDMHVSULMHþDYDQMHQDVWDMDQMDLHOLPLQLVDQMHWHKQLþNLKEDULMHUDSUHPDWUJRYLQL]ERJ
UD]OLþLWLK VSHFLILNDFLMD SURL]YRGD WM WHKQLþNLK SURSLVD VWDQGDUGD LOL SRFHGXUD RFMHQMLYDQMD
XVNODÿHQRVWL 6SRUD]XP XVSRVWDYOMD REDYH]H NRMH VH RGQRVH QD WHKQLþNH SURSLVH L SURFHGXUH
RFMHQMLYDQMDXVNODÿHQRVWLNRMLVXL]GDQLHLOLQDQDFLRQDOQRMLOLQDUHJLRQDOQRMRVQRYL

3UDYLOR GREUH SUDNVH ]D SULSUHPX XVYDMDQMH L SULPMHQX VWDQGDUGD VH SULODåH X] 7%7 VSRUD]XP
ýODQLFH:72DVHSR]LYDMXGDRVLJXUDMXGDWLMHOD]DVWDQGDUGHWRSULKYDWHLSRQDãDMXVHXVNODGXVD
WLP ýODQLFH :72D VH WDNRÿHU RKUDEUXMX GD GRJRYRUH VSRUD]XPH R X]DMDPQRP SUL]QDYDQMX R
RFMHQMLYDQMXXVNODÿHQRVWL

1DFUW  WHKQLþNLK ]DNRQVNLK DNDWD RGVWXSD RG PHÿXQDURGQLK VWDQGDUGD L LPD ]QDþDMDQ HIHNDW QD
WUJRYLQXLPRUDELWLREMDYOMHQLSULMDYOMHQSXWHP:72VHNUHWDULMDWDRVWDOLPþODQRYLPDNRMLPRJX
GDWLNRPHQWDUHLDNRMHQHRSKRGQR]DKWLMHYDWLGLVNXVLMH3UDWHüLRYHGLVNXVLMHDNRVSRUQRSLWDQMH
YH]DQR ]D WHKQLþNX EDULMHUX SUHPD WUJRYLQL LVWUDMDYD RYDM VXNRE EL PRJDR YRGLWL ND SURFHGXUL
NRQVXOWDFLMDLHYHQWXDOQRNDXVSRVWDYOMDQMXUDVSUDYH



You might also like