.RPXQLNDFLMVNLVXVWDYLLPUHåH
.ODVLþQDLVXYUHPHQDNULSWRJUDILMD
.RPXQLNDFLMVNLVXVWDYLLPUHåH .ODVLþQDLVXYUHPHQDNULSWRJUDILMD =DãWLWDSULVWXSDLQIRUPDFLMDPD .ULSWRJUDILMDVWDMQLPNOMXþHP %ORNãLIUHLVOLMHGQHãLIUH .ULSWRDQDOL]D 6LJXUQRVWNULSWRJUDIVNRJVXVWDYD 3UDNWLþQLNULSWRJUDIVNLVXVWDYL 3ULPMHULNODVLþQLKNULSWRJUDIVNLKVXVWDYD &H]DURYDãLIUD 0RQRDOIDEHWVNDãLIUD 3ROLDOIDEHWVNHãLIUH âLIUHSUHPMHãWDQMDWUDQVSR]LFLMH =DãWLWDJRYRUQRJVLJQDOD )UHNYHQFLMVNRVNUHPEOLUDQMH 9UHPHQVNRVNUHPEOLUDQMH 6WDQGDUGQLNULSWRJUDIVNLDOJRULWPL'(6 6'(6 6XYUHPHQLNULSWRJUDIVNLVXVWDYLVMDYQLPNOMXþHP .RQDþQDSROMD>@ 56$DOJRULWDP $ULWPHWLþNLSUREOHPL 6QDJD56$ 3RWYUGDL]YRUQRVWLLFMHORYLWRVWLSRUXNH .ULSWRJUDILMDNDRSRWYUGDDXWHQWLþQRVWL .RGSRWYUGHDXWHQWLþQRVWL0$& +DVKIXQNFLMD /LWHUDWXUDX]SRJODYOMH 3ULORJ 'HNULSWLUDQMH&H]DURYHãLIUH 9LJHQHURYDWDEOLFD 7DEOLFD$6&,,NRGD %ORNVKHPDIUHNYHQFLMVNRJVNUHPEOHUD&0/);LOL); *) (NVSRQHQFLMDOQDIXQNFLMDXSROMXVPRGXORPQ 0QRåHQMHSRPRGXOX =DJODYOMH7&3,3EORND>@ 3ULPMHQDKDVKIXQNFLMH'UVF3UHGUDJ9DORåLüSURIYã
=DJUHEL2VLMHNUXMDQ
=DãWLWDSULVWXSDLQIRUPDFLMDPD
6KHPDVLPSOHNVQRJWHOHNRPXQLNDFLMVNRJVXVWDYDX]OHJDOQHVXEMHNWHL]YRULRGUHGLãWH LQIRUPDFLMD WH RNROQH XWMHFDMH UD]OLþLWH VPHWQMH VDGUåL L SRWHQFLMDOQR RSDVDQ L]OD] QHRYODãWHQSULVWXSNRPXQLNDFLMVNRPNDQDOXLLQIRUPDFLMDPDNRMHQMLPHNRODMX5D]OLþLWLVX PRWLYL]DWYDUDQMDWRJQHåHOMHQRJL]OD]DRGEH]D]OHQLKWLSDVUDPHåOMLYRVWLGR]QDþDMQLKNDR X VOXþDMXGUåDYQLKSRVORYQLKLOLYRMQLKWDMQLRNRMLPDRYLVLVLJXUQRVWYHOLNLKHNRQRPVNLKLOL GUXãWYHQLKVXVWDYD 6OLND -HGQRVPMHUQRVLPSOHNVNRPXQLFLUDQMHLVWUXNWXUD WHOHNRPXQLNDFLMVNRJVXVWDYD
7DMQRYLWRVW MH YDåQD ]D LQWHJULWHW 3RWUHED ]D VLJXUQLP NRPXQLFLUDQMHP YDåQLMD MH QHJRLNDGDNRVHLPDQDXPXGDVXWRNRYLYHOLNRJGLMHODWUJRYDþNLKSRVORYQLKLRVREQLK LQIRUPDFLMD VYH YLãH HOHNWURQLþNL SRVUHGVWYRP UDþXQDOD ãWR ]DPMHQMXMX NODVLþQH SDSLUQDWH PHGLMHLOLL]UDYQHRVREQHNRQWDNWH3UREOHP]DãWLWHLQIRUPDFLMVNRJVDGUåDMDVWDUMHNROLNRL NRPXQLFLUDQMHQDGDOMLQXQHVDPRWHOHNRPXQLFLUDQMHWHVX]QDQRVWLWHKQRORJLMDNRMHVHWLPH EDYHSRGMHGQDNRVWDUH6DGDLKPRåHPRSRGLMHOLWLQDNODVLþQHVWDUHYLãHVWROMHüDLVXYUHPHQH NRMDVHMDYOMDMXSDUDOHOQRV,QWHUQHWRP
.ULSWRORJLMD MH QD]LY ]D ]QDQRVW WDMQRYLWRJ NRPXQLFLUDQMD 3UHGPHW NULSWRORJLMH PRåHVHSRGLMHOLWLQDNULSWRJUDILMXL NULSWRDQDOL]X.ULSWRJUDILMDVHEDYLNRGLUDQMHPL]YRUQH RWYRUHQHSRUXNHX]DãWLüHQLWDMQRYLWLãLIULUDQLNULSWLUDQLREOLNNULSWRJUDP ãWRQD]LYDPR ãLIULUDQMH LOL NULSWLUDQMHP WH LQYHU]QRP SUHWYRUERP ãLIULUDQH SRUXNH X RWYRUHQL REOLN GHãLIULUDQMHLOLGHNULSWLUDQMH6NXSLQDSUHWYRUEDDOJRULWDPDLSRGDWDND]DNULSWLUDQMHQD]LYDVH
ODW LQWHJULWDV FMHORNXSQRVW FMHORYLWRVW þLWDYRVW SRWSXQRVW QHGMHOMLYRVW QHSRYUHGLYRVW
QHR]OLMH HQRVWEHVSULMHNRUQRVW>@
ãLIUD]DSRUND$OJRULWPLVHUD]PDWUDMXQDWHRULMVNRMPDWHPDWLþNRMUD]LQLLUHDOL]LUDMXVHX IRUPLL]YHGEHQLKXSXWDLOLUDþXQDOQLKSURJUDPD'LRSRGDWDND]DNULSWLUDQMHLGHNULSWLUDQMH SDUDPHWUL]LUDVHXREOLNXMHGQRJLOLYLãHNOMXþHYD .ULSWRDQDOL]DVHEDYLUD]ELMDQMHP]DãWLüHQLKNRPXQLNDFLMDLãLIDUDLOLSRGPHWDQMHP NRGLUDQLKSRUXNDVFLOMHPGDLKVHSULKYDWLNDRSUDYH .ULSWRJUDIVNLVXVWDYLQXGHWULRVQRYQHVNXSLQHXVOXJD 7DMQRYLWRVW1HRYODãWHQLNRULVQLFLQHPRJXSULVWXSLWLLQIRUPDFLMVNRPVDGUåDMXSRUXND $XWHQWLþQRVW3RWYUGXLGHQWLWHWDL]YRUDSRUXNH
,QWHJULWHW 2VLJXUDYD GD SRUXND QLMH QHKRWLþQR LOL FLOMDQR PRGLILFLUDQD WLMHNRP SULMHQRVD
.RQYHQFLRQDOQDMHNULSWRJUDILMD]DVQRYDQDQDSULPMHQLVNXSLQHWDMQLKSRGDWDND ,VWL SRGDFLVOXåH]DNULSWLUDQMHLGHNULSWLUDQMHDQD]LYDMXVHNOMXþ .ODVLþQLVHNULSWRJUDIVNLVXVWDYL QD]LYDMX NULSWRJUDILMD V WDMQLP NOMXþHP LOL V MHGQLP NOMXþHP WH VLPHWULþQD NULSWRJUDILMD 7HPHOMH VH QD SUHWSRVWDYFL GD MH NOMXþ SR]QDW SRãLOMDWHOMX L SULPDWHOMX LOL SULPDWHOMLPD SRUXNHDOLQHLQHRYODãWHQLPRVREDPD3UHWSRVWDYNDMHGDVHNULSWRJUDPEH]NOMXþDQHPRåH GHNULSWLUDWLXQDWRþSR]QDYDQMXDOJRULWPDNULSWLUDQMDLGHNULSWLUDQMD
8QDWUDJGHVHWDNJRGLQDUD]YLMDVHNULSWRJUDILMDVMDYQLPNOMXþHPLOLNULSWRJUDILMDVGYD NOMXþDLOLW]YDVLPHWULþQDNULSWRJUDILMD.OMXþLPDGYDGLMHODMDYQLLWDMQL-DYQLNOMXþVOXåL]D SUHWYRUEX SRUXNH RWYRUHQRJ WHNVWD X NULSWRJUDP 7DMQL GLR NOMXþD VOXåL ]D LQYHU]QX SUHWYRUEXGHNULSWLUDQMHWHVHWDMGLRNOMXþDPRUDVDþXYDWLRGMDYQRVWL
.ULSWRJUDILMDVWDMQLPNOMXþHP
.ULSWRJUDIVNL VXVWDY 6OLND VDVWRML VH L] VNXSLQH XSXWD RGUH HQRJ KDUGYHUD LOL UDþXQDOD V SURJUDPRP 6XVWDY MH NRQFLSLUDQ WDNR GD PRåH NULSWLUDWL L GHNULSWLUDWL WHNVW QD EH]EURMQDþLQDDMHGLQVWYHQRVWSRVWXSNDRGUH HQDMHNOMXþHP= 6LJXUQRVWMHWHPHOMHQDQD WDMQRYLWRVWLNOMXþDWHVHNOMXþHYLGRVWDYOMDMXSULPDWHOMXVLJXUQLPNRPXQLNDFLMVNLPNDQDORP
; RWYRUHQDSRUXND;,L]YRUQDL;2LVSRUXþHQDRGUHGLãWXSRUXNH
< NULSWRJUDP < );,= )=;,
= NOMXþ )<= )=< )=
>
)=;,@
;2 ;,JUþSDUDNRGX]L]SUHGSURWLYSUHPD PHWURQ PMHUDYHOLþLQDRNRMRMRYLVLIXQNFLMDLOL
6OLND .ULSWRJUDIVNLVXVWDYVWDMQLPNOMXþHP
.RGLUDQMHP ) L]YRUQH SRUXNH ; X] SULPMHQX NOMXþD = QDVWDMH NULSWRJUDP < .ULSWRJUDP ]DãWLüHQD SRUXND RGDãLOMH VH WHOHNRPXQLNDFLMVNLP NDQDORP QD NRMHP SRVWRML YMHURMDWQRVW SULVOXãNLYDQMD =D QHRYODãWHQX RVREX NULSWRDQDOLWLþDUD NULSWRJUDP MH QHUD]XPOMLYDSRUXNDMHUSRVWXSDNNRGLUDQMDãLIULUDQMDQLMHXFLMHORVWLSR]QDW
1D VWUDQL SULMDPQLND SRUXNH SULPMHQRP LVWRJ NOMXþD = DOL LQYHU]QRJ SRVWXSND ) NULSWRJUDP VH GHNRGLUD X SRUXNX UD]XPOMLYX RYODãWHQRP SULPDWHOMX WH PX MH GRVWXSDQ L LQIRUPDFLMVNLVDGUåDMSRUXNH
8] WDMQRYLWRVW NYDOLWHWQL NULSWRJUDIVNL VXVWDY RVLJXUDYD L LQWHJULWHW SRUXNH WH DXWHQWLþQRVW L]YRUD 8NROLNR NULSWRDQDOLWLþDU ]DPLMHQL SUDYL NULSWRJUDP ODåQLP < WDGD WUDQVIRUPDFLMD)PRUDRGEDFLWLODåQLNULSWRJUDPLQHGHNULSWLUDWLJDXVXYLVOXSRUXNX;
)XQNFLMHNULSWLUDQMDLGHNULSWLUDQMDPRJXGMHORYDWLQDFLMHOXSRUXNXLOLQDGLRSRGLR SRUXNH .DNR VX L]YRUQH SRUXNH UD]OLþLWLK GXOMLQD WR MH SRJRGQR SRGLMHOLWL MH X VWDQGDUGQH FMHOLQH SDNHWH X NRPXQLNDFLMDPD EORNRYH $OJRULWPL L] VNXSLQH EORNãLIDUD REUD XMX L]YRUQXSRUXNXEORNSREORNãWRXQRVLRGUH HQRNDãQMHQMHXNRPXQLNDFLMX
1DMNUDüL PRJXüL EORN MH MHGDQ VLPERO SRUXNH VORYR ]QDPHQNX LOL ELW LOL MHGDQ HOHPHQWDUQLVLJQDOWDGDMHNDãQMHQMH]ERJNULSWLUDQMDLGHNULSWLUDQMDQDMPDQMHWHVHVNXSLQD SRVWXSDNDQD]LYDVOLMHGQHãLIUH %ORNãLIUHLVOLMHGQHãLIUH %ORNSREORN6OLNDRWYRUHQRJWHNVWDãLIULUDVHQHRYLVQRMHGDQRGUXJRPVYHV LVWLPNOMXþHP%ORNRWYRUHQRJWHNVWDRGUH HQHYHOLþLQHGDWLüHEORNNULSWRJUDPDSRGMHGQDNH YHOLþLQH&LOMMHGDVYDNLELWEORNDNULSWRJUDPDEXGHUH]XOWDWSUHWYRUEHãWRYLãHLGHDOQRMH
VYLKELWRYDEORNDRWYRUHQHSRUXNHWHGDVHQLWLMHGDQELWL]YRUQRJEORNDQHSRMDYLXEORNX NULSWRJUDPD
6OLND .ULSWLUDQMHXEORNãLIDUVNRPVXVWDYX
6OLND %LQDUQDDGLWLYQDVOLMHGQDãLIUD
6OLMHGQH ãLIUH 6OLND WHPHOMH VH QD YUHPHQVNL SURPMHQOMLYLP SUHWYRUEDPD SULPLMHQMHQLP QD SRMHGLQDþQH ELWH LOL ]QDNRYH RWYRUHQRJ WHNVWD 1DMSR]QDWLMD VOLMHGQD ãLIUD MHVWELQDUQDDGLWLYQDVOLMHGQDãLIUD7DMQLNOMXþNRULVWLVH]DXSUDYOMDQMHJHQHUDWRURPVHNYHQFH NOMXþD'XOMLQDVHNYHQFHNOMXþD1]QDWQRMHYHüDRGGXOMLQHVDPRJDNOMXþD$NRVX[Q \Q L ]Q SRMHGLQDþQLELWRYLRWYRUHQRJWHNVWDNULSWRJUDPDLNOMXþDWDGDMH \Q [Q
]Q Q 1 =EUDMDQMHLRGX]LPDQMHSRPRGXOXGYD GDMHMHGQDNUH]XOWDWWHYULMHGL [Q \Q ]Q Q 1 ,]UD]SULPMHQMXMHVHXGHNULSWLUDQMX 9LGLPRGDLVWLVWURMREDYOMDNULSWLUDQMHLGHNULSWLUDQMH=DVLJXUQRVWVXVWDYDYDåQR MHGDMHVHNYHQFDNOMXþDãWRVOLþQLMDVOXþDMQRMVHNYHQFL %ORNãLIDUVNLVXVWDYLUDGHVHRELþQRWDNRGDPDODSURPMHQDXGLMHOXRWYRUHQRJWHNVWD GDMHYHOLNXSURPMHQXX L]OD]QRPEORNXNULSWRJUDPD7RVYRMVWYRUDVSURVWLUDQMDSRJUHãNH YDåQRMH]DDXWHQWLþQRVWSRUXNHWHVXXWRPVPLVOXEORNãLIUHSRYROMQH6OLMHGQH ãLIUH WR VYRMVWYR QHPDMX SURPMHQD X MHGQRP ELWX NULSWRJUDPD GDWL üH SURPMHQX VDPR X MHGQRP ELWX GHNULSWLUDQRJ RWYRUHQRJ WHNVWD 3ULPMHQMXMX VH X VXVWDYLPD
SULMHQRVDYHOLNHNROLþLQHSRGDWDNDYHOLNLPEU]LQDPDNDQDOLPDXNRMLPDVXPRJXüHSRJUHãNH X SULMHQRVXDWUDåLVHPLQLPDOQRNDãQMHQMHSRUXNH
.ULSWRDQDOL]D
8 NULSWRJUDILML WHPHOMQD MH SUHWSRVWDYND GD NULSWRDQDOLWLþDU X SRWSXQRVWL SR]QDMH DOJRULWDP NULSWR]DãWLWH L]X]HY NOMXþD 1HNROLNR MH PRJXüLK NULSWRDQDOLWLþDUVNLK SULVWXSD UD]ELMDQMXãLIUH 1D UDVSRODJDQMXMHVDPRNULSWRJUDP 3R]QDWMHRWYRUHQLWHNVWLSULSDGQLNULSWRJUDPQDVWDRSULPMHQRPYDåHüHJNOMXþD 3RGPHWQXWLRWYRUHQLWHNVW.ULSWRDQDOLWLþDUMHXPRJXüQRVWLGDRGDEUDQLRWYRUHQL WHNVWXEDFLXQDSDGQXWLNULSWRJUDIVNLVXVWDYWHGDGRELMHNULSWRJUDPQDVWDRRGWRJ RWYRUHQRJWHNVWD 2GDEUDQLNULSWRJUDP.ULSWRDQDOLWLþDUMHXPRJXüQRVWLGD]DRGDEUDQLNULSWRJUDP GRELMHLGHNULSWLUDQLWHNVW 1DMþHãüLMHXSUDNVLSUYLSULVWXS7RMHXMHGQRLQDMPDQMDRSDVQRVW]DNULSWRJUDIVNL VXVWDYWHRQDMVXVWDYNRMLSRGOHJQHWDNYRPQDSDGXSRWSXQRMHQHVLJXUDQ'DNOHPLQLPDOQD UD]LQD]DãWLWHMHRGQDSDGDVDPRSUHNRNULSWRJUDPD3RåHOMQRMHGDMHVXVWDYRWSRUDQLQD QDSDGSUHNRSR]QDWRJRWYRUHQRJWHNVWD
6LJXUQRVWNULSWRJUDIVNRJVXVWDYD
8 6KDQQRQRYXPRGHOXNULSWRJUDIVNRJVXVWDYDSUHWSRVWDYNDMHGDNULSWRDQDOLWLþDULPD QDUDVSRODJDQMXQHRJUDQLþHQRYULMHPHLUDþXQDOQHUHVXUVHDOLMHXMHGQRRJUDQLþHQVDPRQD QDSDG SUHNR NULSWRJUDPD .ULSWRDQDOL]D SR 6KDQQRQX GHILQLUDQD MH NDR SURFHV QDODåHQMD WDMQRJNOMXþDWHPHOMHPUDVSRORåLYRJNULSWRJUDPDLDSULRUQLKYMHURMDWQRVWLUD]OLþLWLKRWYRUHQLK WHNVWRYD L NOMXþHYD 7DMQRYLWRVW VXVWDYD MH UD]ELMHQD DNR NULSWRDQDOLWLþDU XVSMHãQR REDYL GHNULSWLUDQMHWHGRELMHMHGQRQHGYRVPLVOHQRUMHãHQMHNULSWRJUDPD1HNDMH; [ [ [ [1 1ELWQDRWYRUHQDSRUXNDD< \ \ \ \1 R]QDþDYD SULSDGDMXüL 1ELWRYQL NULSWRJUDP 7DMQL NOMXþ = RGDEUDQ MH VXNODGQR SR]QDWLP YMHURMDWQRVWLPD 1HRGUH HQRVW ;D L]UDåHQD MH HQWURSLMRP +; D QHRGUH HQRVW ;D ]D SR]QDWL < RGUH HQD MH XYMHWQRP HQWURSLMRP +;_< ,QIRUPDFLMD NRMX < GDMH R ;X GHILQLUDQDMHL]UD]RP
8]DMDPQDLQIRUPDFLMD,;< WHPHOMQDMHPMHUDVLJXUQRVWLWDMQRYLWRVWLX6KDQQRQRYX PRGHOXNULSWRJUDIVNRJVXVWDYD
3RGSUHWSRVWDYNRPGDMHNULSWRDQDOLWLþDUXQDUDVSRODJDQMXVDPRNULSWRJUDPSRWSXQD VLJXUQRVW NULSWRJUDIVNRJ VXVWDYD PRåH VH XYMHWRYDWL VWDWLVWLþNRP QH]DYLVQRãüX RWYRUHQRJ WHNVWD; L NULSWRJUDPD< 'UXJLPULMHþLPDWR]QDþLGDMH
,;< ]DVYDNL1
,]L]UD]DGRELYDPRVOLMHGHüH
+;< +;
,]UD] SRND]XMH NDNR MH QDMYLãH ãWR NULSWRDQDOLWLþDU PRåH XþLQLWL WHPHOMHP UDVSRORåLYRJ NULSWRJUDPD < WR MH ELUDWL RWYRUHQL WHNVW ; VDPR SUHPD DSULRUQLP YMHURMDWQRVWLPDSRMHGLQLKSRUXNDãWRPXMHSR]QDWRLEH]NULWSRJUDPD=QDþLLPDRLOLQHPDR NULSWRJUDPVD]QDQMHRRGDVODQRMSRUXFLMHSRGMHGQDNR
=DRGUH HQLWDMQLNOMXþ= YGLMHGLQHMHGQDNRVW1HL]YMHVQRVWRGDVODQHSRUXNH; NDGDMHSR]QDWKLVWRJUDP<PDQMDMHLOLMHGQDNDQHL]YMHVQRVWLSRUXNH;LNOMXþD=X]SR]QDWL NULSWRJUDP +;=< .DNR VX NOMXþ = L SRUXND ; VWDWLVWLþNL QH]DYLVQL WR MH QHL]YMHVQRVW SRUXNH;LNOMXþD=NDGDMHSR]QDWNULSWRJUDP+;=<MHGQDND]EURMXQHL]YMHVQRVWLNOMXþD X] SR]QDWL KLVWRJUDP +=< L QHL]YMHVQRVWL SRUXNH ; DNR VX SR]QDWL NULSWRJUDP L NOMXþ +;<=
+;< d +;=< +=< +;<= 8YMHWQDHQWURSLMD+;<= MHGQDNDMHQXOLDNR< L = ]DMHGQRRGUH XMX; ãWRMHELW GHNULSWLUDQMDXGHNRGHUXRYODãWHQRJSULPDWHOMDSRUXNH.DNRMHQHL]YMHVQRVWNOMXþD=NDGDMH SR]QDW NULSWRJUDP +=< MHGQDND LOL PDQMD RG QHL]YMHVQRVWL NOMXþD += PRåHPR SRMHGQRVWDYLWL
+;< d +=< d +=
8YUãWDYDQMHP L]UD]D X L]UD] GRELYDPR XYMHW DSVROXWQH VLJXUQRVWL NULSWRJUDIVNRJVXVWDYD
+= t +;
1HMHGQDGåED QD]LYD VH 6KDQQRQRYD WHPHOMQD JUDQLFD DSVROXWQH VLJXUQRVWL NULSWRJUDIVNRJVXVWDYD0RåHPRMHSURWXPDþLWLWDNRGDHQWURSLMDWDMQRJNOMXþD= PRUDELWL QDMPDQMH MHGQDND HQWURSLML RWYRUHQRJ WHNVWD ; $NR VX DOIDEHWL RWYRUHQRJ WHNVWD L NOMXþD
SRGMHGQDNHYHOLþLQHQSU$6&,,SUHWKRGQDWYUGQMD]QDþLGDNOMXþ LRWYRUHQLWHNVWPRUDMX ELWL SRGMHGQDNHGXOMLQH .ULSWRJUDIVNL VXVWDYSRWSXQRMHVLJXUDQDNRMHHQWURSLMD NOMXþDYHüDLOLEDUHPMHGQDNDHQWURSLMLRWYRUHQRJWHNVWD .OMXþMHMHGQDNHGXOMLQHNDRLWHNVWWHNVWLNOMXþLPDMXLVWLLOL MHGQDNR GXJLDOIDEHWVLPEROLNOMXþDVXUDYQRPMHUQHUD]GLREH L PH XVREQRVXVWDWLVWLþNLQH]DYLVQL 8 SULPMHQLXYMHWSRWSXQHVLJXUQRVWLQLMHSUDNWLþDQ DOLXNRPXQLNDFLMDPDJGMHVHWUDåL SRWSXQDVLJXUQRVWWDNR VHSRVWXSD7DNDYVHãLIDUVNLVXVWDYQD]LYD VXVWDYVMHGQRNUDWQLP NOMXþHPLOL9HUQDPRYDãLIUD
3UDNWLþQLNULSWRJUDIVNLVXVWDYL
8 6KDQQRQRYXPRGHOXNULSWRJUDIVNRJVXVWDYD SUHGORåHQDVXGYDRSüDSULQFLSD]D NRQFLSLUDQMHSUDNWLþQLKNULSWRJUDIVNLKVXVWDYDGLIX]LMDL NRQIX]LMD REDVFLOMHPGDRWHåDMX VWDWLVWLþNXDQDOL]XNULSWRJUDPDWHWDNRLRQHPRJXüHUD]ELMDQMHãLIUH
0HWRGDGLIX]LMHRGQRVLVHQDSRVWXSNHNRMLPDVHVWDWLVWLþNDVWUXNWXUDWHNVWDPRGLILFLUD WDNRãWRMHGDQELWRWYRUHQRJWHNVWDVXGMHOXMHXL]UDþXQXYLãHELWRYDNULSWRJUDPD5DVSUãHQMH QDPHüH NULSWRDQDOLWLþDUX VDNXSOMDQMH L DQDOL]X GXJRJ WHNVWD NULSWRJUDPD NDNR EL GRãDR GR QMHJRYHVWDWLVWLþNHVWUXNWXUH
0HWRGDNRQIX]LMHWHPHOMLVHQDYLãHNUDWQLPSUHWYRUEDPDRWYRUHQRJWHNVWDãWRRWHåDYD RGUH LYDQMH QDþLQD QD NRML VWDWLVWLND NULSWRJUDPD RYLVL R VWDWLVWLFL RWYRUHQRJ WHNVWD 'REDU NULSWRJUDIVNLVXVWDYNRPELQDFLMDMHPHWRGDGLIX]LMHLNRQIX]LMH
3UDNWLþQR SULPLMHQOMLY NULSWRJUDIVNL VXVWDY PRUD ELWL RWSRUDQ QD NULSWRDQDOLWLþDUVNH SRNXãDMH UD]ELMDQMD ãLIUH V MHGQH VWUDQH D LVWRYUHPHQR MHGQRVWDYDQ ]D NULSWLUDQMH L GHNULSWLUDQMHSULPMHQRPWDMQRJNOMXþD2ELþQRVHGRWDNYRJFLOMDGROD]LNRPELQLUDQMHPYLãH MHGQRVWDYQLK SRGVXVWDYD RG NRMLK VYDNL SR PDOR GRSULQRVL XNXSQRM GLIX]LML L NRQIX]LML 6ORåHQL NULSWRJUDIVNL VXVWDYL RELþQR VX VDVWDYOMHQL NRPELQLUDQMHP SRVWXSDND ]DPMHQH L SUHPMHãWDQMD
3UREOHPRUJDQL]DFLMHVXVWDYDJHQHULUDQMDLGRVWDYHGXJLKNOMXþHYDVLJXUQLPNDQDORP
=DPMHQDR]QDþDYDSRVWXSDNXNRMHPXVHVLPERORWYRUHQRJWHNVWD]DPMHQMXMHRGUH HQLP
]DPMHQVNLP VLPERORP QDMþHãüH MH GUXJLP VLPERORP LVWRJ DOIDEHWD NRML YULMHGL L ]D RWYRUHQLWHNVW3UDYLOR]DPMHQHRGUH XMHWDMQLNOMXþ.DGDVX]QDNRYLVORYDDOIDEHWDNOMXþ PRåHELWLSHUPXWDFLMDDOIDEHWD3ULPMHQD]DPMHQHGRSULQRVLNRQIX]LML
3UHPMHãWDQMHVHRVWYDUXMHSRGMHORPWHNVWDXEORNRYHSRGMHGQDNHGXOMLQHG L XVYDNRPVH EORNX SULPMHQMXMH MHGQDN QDþLQ SHUPXWDFLMH ]QDNRYD 3HUPXWDFLMX RGUH XMH WDMQL NOMXþ ,DNRMHVWDWLVWLNDSRMHGLQDþQLK]QDNRYDSRGMHGQDND]DRWYRUHQLWHNVWNDRL]DNULSWRJUDP VWDWLVWLNDYLãHJUHGDMHL]PLMHQMHQDWHSUHPMHãWDQMHGRSULQRVLGLIX]LML 0LMHãDQMHPMHGQRVWDYQH]DPMHQHLSUHPMHãWDQMDWHSRQDYOMDQMHPPLMHãDQMDYLãHSXWD PRJXüHMHIRUPLUDWLVQDåQLNULSWRJUDIVNLVXVWDYYLVRNRJVWXSQMDGLIX]LMHLNRQIX]LMH
3ULPMHULNODVLþQLKNULSWRJUDIVNLKVXVWDYD
&H]DURYDãLIUD .DRSUYLSULPMHUNULSWRJUDIVNLKVXVWDYDRELþQRVHQDYRGL&H]DURYDãLIUD$OJRULWDPMH PRJXüHRSLVDWLNDR]DPMHQXVORYDRWYRUHQRJWHNVWDVORYLPDDEHFHGHSRPDNQXWH]DWULPMHVWD $ '% (& )$OJHEDUVNLDOJRULWDPãLIULUDQMDSULNDåHVHMHGQDGåERP N\ N[ SPRG/$ N\L N[ VXEURMþDQLHNYLYDOHQWLVORYDNULSWRJUDPDWMRWYRUHQRJWHNVWD S MHNOMXþ SRPDNDEHFHGHNRGL]YRUQH&H]DURYHãLIUHELRMH /$ MHGXOMLQDDOIDEHWD]DHQJOHVNXDEHFHGX/$ 'HNULSWLUDQMHMHLQYHU]QDRSHUDFLMHWHMHRGJRYDUDMXüDMHGQDGåED N[ N\± SPRG/$ 3ULPMHU &H]DURYRPãLIURPãLIULUDWLWHNVW 20(7$1-(B,B=$67,7$B5$',2.2081,.$&,-$ 2WYRUHQLWHNVWLQXPHULþNLHNYLYDOHQWLVORYDSRUXNHSULND]DQLVXWDEOLFRP 2 0 ( 7 $ 1 - ( , = $ 6 7 , 7 $ 5 $ ' , 2 . 2 0 8 1 , . $ & , - $ 7DEOLFD 2WYRUHQLWHNVWLEURMþDQLHNYLYDOHQWLSUHPD$6&,,NRGX.DNR VH Gk ]DSD]LWL L] WHNVWD VX L]RVWDYOMHQL UD]PDFL D VORYD KUYDWVNH DEHFHGH ]DPLMHQMHQDVXQDMVOLþQLMLPVORYLPDHQJOHVNHDEHFHGH5D]ORJMHXNRGQRMWDEOLFL$6&,,NRGD NRMDMHVDVWDYOMHQDSUHPDHQJOHVNRMDEHFHGL $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = 7DEOLFD 9HOLNDVORYDDEHFHGH$6&,,NRGDEURMþDQLHNYLYDOHQWLLXPDQMHQL]D .DNRELSULPLMHQLOLMHGQDGåEX]DãLIULUDQMHPRUDPRRGEURMþDQLKHNYLYDOHQDWD VORYD$6&,,NRGDRGX]HWLQDMPDQMXYULMHGQRVW$ WHGRELMHPRWUHüLUHGDN7DEOLFD 6DGDPRåHPRRWYRUHQLWHNVWSULND]DWLGUXJRPWDEOLFRP 2 0 ( 7 $ 1 - ( , = $ 6 7 , 7 $ 5 $ ' , 2 . 2 0 8 1 , . $ & , - $ 5 3 + : ' 4 0 + / & ' 9 : / : ' 8 ' * / 5 1 5 3 ; 4 / 1 ' ) / 0 ' 7DEOLFD âLIULUDQMH&H]DURYRPãLIURP2WYRUHQLWHNVWEURMþDQLHNYLYDOHQWL$6&,,NRGD XPDQMHQL]DNRGLUDQL&H]DURYRPãLIURPL]UD]S SRYHüDQL]DNDNRELVH GRELOLEURMHYL$6&,,WDEOLFHWHGRELYHQLNULSWRJUDP 5H]XOWDWãLIULUDQMDMHNULSWRJUDP 5 3+:'40+/&'9:/:'8'*/5153;4/1')/0' ,QYHU]QLSRVWXSDNGHãLIULUDQMHSUHPDMHGQDGåELRGYLMDRELVHWDNR HUSUHPD 7DEOLFDDOLRGR]GRQDYLãH
&H]DURYD ãLIUD GDMH QHUD]XPOMLY WHNVW DOL MH ]DãWLWQD PRü L]X]HWQR PDOD 3RPDN S PRåH LPDWL PRJXüLK YULMHGQRVWL WH SUDYX RG QMLK QLMH WHãNR RWNULWL LVFUSOMLYDQMHP VYLK PRJXüQRVWL
6DPRþHWYUWLUHGDNS GDMHVPLVOHQLWHNVWãWR]QDþL.OMXþãLIUHMHS
=DNOMXþDNMHNDNRNOMXþPDOHSURPMHQOMLYRVWLUD]OLþLWLKYULMHGQRVWLELQDUQHGXåLQH ELWDSRJRGXMHSULPLWLYQRPNULSWRDQDOLWLþNRPQDSDGXQDVLOX'UXJDRODNRWQDRNROQRVW ]D SULPMHQX WRJ SRVWXSND MHVW UD]XPOMLYRVW RWYRUHQRJ WHNVWD ãWR MH LQGLNDWRU XVSMHãQR RWNULYHQRJ NOMXþD 5D]XPOMLYRVW MH PRJXüH HOLPLQLUDWL SULPMHQRP QHUDYQRPMHUQLK NRGRYD QSU6KDQRQ)DQRWH=,3LOL$5-SURJUDPDNRGYHüLKWHNVWRYDLGDWRWHND
0RQRDOIDEHWVNDãLIUD 1HãWRVORåHQLMDDOLLVQDåQLMDMHW]YPRQRDOIDEHWVNDãLIUDLOLMHGQRDEHFHGQD]DPMHQD NRGNRMHMH]DPMHQDVORYDRWYRUHQRJWHNVWDVORYLPDSHUPXWLUDQHDEHFHGH.OMXþMHXSUDYRWD SHUPXWLUDQDDEHFHGD%URMSHUPXWDFLMDMHYHOLNWHMHGHNULSWLUDQMHLVFUSOMLYDQMHPVYLK PRJXüQRVWL]DKWMHYQLMHQHJROLXVOXþDMX&H]DURYHãLIUH 3ULPMHU ,VWLWHNVWNDRX3ULPMHUãLIULUDWLPRQRDOIDEHWVNRPãLIURP7DEOLFD ]DPMHQDMH $EHFHGDRWYRUHQRJWHNVWD $%&'( ) *+ , - ./0123456789:;<= $EHFHGDNULSWRJUDPD 1 , 82-:&$+4;( 3 =.*'965) 70%</ 7DEOLFD .OMXþPRQRDOIDEHWVNHãLIUHVORYDDEHFHGHRWYRUHQRJWHNVWDLNRGQH]DPMHQH]D NULSWRJUDP 1DNRQãLIULUDQMDRWYRUHQRJWHNVWD 2 0(7$1-(,=$67,7$5$',2.2081,.$&,-$ GRELMHVHNULSWRJUDP . 3-51=4-+/165+51912+.;.3)=+;18+41
8 UD]ELMDQMX ãLIUH NULSWRDQDOLWLþDUX SRPDåX DSULRUQH YMHURMDWQRVWL VORYD DEHFHGH RWYRUHQRJWHNVWD1DSUDYLPROLKLVWRJUDPH]DRWYRUHQLWHNVWLNULSWRJUDPPRJXüHMH]DSD]LWL RGUH HQHVOLþQRVWL 6OLND +LVWRJUDPRWYRUHQRJWHNVWD .ULSWRJUDP $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = 6OLND +LVWRJUDPNULSWRJUDPD 2WYRUHQLWHNVW $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < =
8 RWYRUHQRPWHNVWX$VHMDYOMDSXWDDXNULSWRJUDPXWRSRQDYOMDQMHMH]DVORYR 1 6OLþQR YULMHGL ]D , L + WH MH PRJXüH ]DSRþHWL V UHNRQVWUXNFLMRP WDEOLFH NOMXþD XVSRUHGERPVWDWLVWLþNLKVYRMVWDYDNULSWRJUDPDLSR]QDWHVWDWLVWLNHSLVDQRJWHNVWDRGUH HQRJ MH]LND 1 + $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = 7DEOLFD 5HNRQVWUXNFLMDNOMXþDPRQRDOIDEHWVNHãLIUH 6DGDPRåHPRGMHORPLþQRGHNULSWLUDWLNULSWRJUDP . 3 - 5 1 = 4 - + / 1 6 5 + 5 1 9 1 2 + . ; . 3 ) = + ; 1 8 + 4 1 $ , $ , $ $ , , $ , $ 7DEOLFD 3UYDGYDNRUDNDNULSWRDQDOL]HNULSWRJUDPD .RGVORYDNRMDVOLMHGHSRXþHVWDORVWLXNULSWRJUDPX.L5VDSRSRMDYOMLYDQMD QLVPRXSRWSXQRVWLVLJXUQLRþHPXVHUDGLMHUXRWYRUHQRPWHNVWXSRWULSXWDVHSRMDYOMXMX 2 L 7 'DNOH PRUDPR SURYMHULWL GYLMH PRJXüQRVWL 6 IUHNYHQFLMRP MH SHW VORYD V IUHNYHQFLMRPMHãHVWVORYDWHLPDPRXNXSQRÂÂ DOWHUQDWLYD0RJXüQRVWLMHYLãHQHJR OLXVOXþDMX&H]DURYHãLIUHDOLLSDN]QDWQRPDQMHQHJROLSURYMHUDVYLKSHUPXWDFLMDDEHFHGH 'DNOHQLWLPRQRDOIDEHWVNDãLIUDQLMHXVNXSLQLNYDOLWHWQLKDOJRULWDPD
3ROLDOIDEHWVNHãLIUH
3ROLDOIDEHWVND ãLIUD WDNR HU MH ãLIUD ]DPMHQH DOL VH NRULVWL YLãH ]DPMHQVNLK WDEOLFD 1DMSR]QDWLMD MH W]Y 9LJHQHURYD WDEOLFD 5LMHþ MH R WDEOLFL 7DEOLFD X SULORJX VD DEHFHGDPH XVREQRSRPDNQXWLK]DSRMHGQRPMHVWR8]RWYRUHQLWHNVW]DãLIULUDQMH]DGDDQMHL NOMXþXRYRPVOXþDMXWRMHNUDüLWHNVWQSUMHGQDULMHþ8YMHWMHGDVHXULMHþLNOMXþXVYDNR VORYRSRMDYOMXMHVDPRMHGQRP $OJHEDUVNLDOJRULWDP9LJHQHURYHãLIUHPRåHPRL]UD]LWLMHGQDGåERP N\ N[ N] PRG/$ N\ MHNRULJLUDQLEURMþDQLHNYLYDOHQWVORYDNULSWRJUDPD N[ MHNRULJLUDQLEURMþDQLHNYLYDOHQWVORYDRWYRUHQRJWHNVWD N] MHNRULJLUDQLEURMþDQLHNYLYDOHQWVORYDNOMXþDD /$ MHGXåLQDDEHFHGH 3ULPMHU âLIULUDWLWHNVW20(7$1-(,=$67,7$5$',2.2081,.$&,-$ 9LJHQHURYRPWDEOLFRP.OMXþMHULMHþ8725$.
WHNVW 2 0 ( 7 $ 1 - ( , = $ 6 7 , 7 $ 5 $ ' , 2 . 2 08 1 , . $ & , - $ NOMXþ 8 7 2 5 $ . 8 7 2 5 $ . 8 7 2 5 $ . 8 7 2 5 $ . 8 7 2 5 $ . 8 7 2 NULSWRJUDP , ) 6 . $ ; ' ;:4 $ & 1 % + 5 5 . ; % & % 2:2 *:% $0 & & 2
7DEOLFD âLIULUDQMH9LJHQHURYRPãLIURP
3UYRVORYRRWYRUHQRJWHNVWD2 ãLIULUDPRWDNRãWRJDPLMHQMDPRVORYRP, NRMHVHQDOD]L X 2WRPVWXSFXL8WRPUHWNX7DEOLFD8MHSUYRVORYRNOMXþD'UXJRVORYRRWYRUHQRJ WHNVWD0 PLMHQMDPRVORYRP) NRMHMHXüHOLML0WRJVWXSFDL7WRJUHWND.OMXþLPDãHVW VORYD ãWR ]QDþL GD üH VH ]DPMHQVNL DOIDEHW SRQDYOMDWL FLNOLþNL V SHULRGRP 'XOML NOMXþ SRYHüDR EL SHULRGX SRQDYOMDQMD ]DPMHQVNRJ DOIDEHWD VXVWDY XþLQLR RWSRUQLMLP DOL L QHVSUHWQLMLP MHU MH GXåL NOMXþ WHåH XSDPWLWL LOL GRVWDYLWL .UDMQML MH VOXþDM GD VH ]DPMHQVNL DOIDEHWQHSRQDYOMDSHULRGLþQRãWREL]QDþLORGDMHNOMXþVOXþDMQLQL]VORYDEHVNRQDþQHGXOMLQH 7DGDEL]DGRYROMLOL6KDQQRQRYXYMHWSRWSXQHVLJXUQRVWLVXVWDYDDOLELLPDOLLSRVOMHGLFHNRMH WDMVXVWDYQRVL±NOMXþMHGXJNDRLSRUXND âLIUHSUHPMHãWDQMDWUDQVSR]LFLMH âLIUHSUHPMHãWDQMDWHPHOMHVHQDXSLVLYDQMXWHNVWDXWDEOLFXSRMHGQRPUHGRVOLMHGXD þLWDQMHSRGUXJRPUHGRVOLMHGXþLPHVHQDVWRMLUD]RULWLW]YVLQWDNWLþNDLQIRUPDFLMDâLIULUDQMHL GHãLIULUDQMH MH SR EORNRYLPD YHOLþLQH RYLVQH R EURMX VORERGQLK PMHVWD X WDEOLFL .OMXþ MH WDEOLFDQMHQDYHOLþLQDWHHYHQWXDOQD]DEUDQMHQDSROMDSRSXW]DWDPQMHQLKSROMDXNULåDOMNDPD NRMLPDVHRWHåDNULSWRDQDOL]DLVFUSOMLYDQMHPYDULMDQWLWDEOLFD[[[[ 3ULPMHU 3UHPMHãWDQMHPXWDEOLFL[ãLIULUDWL]DGDQLWHNVW 2WYRUHQLWHNVWXSLVXMHPRXWDEOLFXSRUHGFLPD D LVSLVXMHPR SR VWXSFLPD WH GRELMHPR NULSWRJUDP 2-$B..0(652$(B7$0&7,,'8,$B7,1-1=$ 2,$ 7DEOLFD âLIULUDQMHSUHPLMHãWDQMHP 3ULPMHU 3OD\IDLUãLIUDELODMHXãLURNRMSULPMHQLWLMHNRP,6YMHWVNRJUDWD6SDGDX VNXSLQXãLIDUD]DPMHQHDOLQHSRMHGLQDþQLK]QDNRYDQHJRSDURYDW]YELJUDPD 3ULODJR HQDMHHQJOHVNRMDEHFHGLVD]QDNRYD,L-VHWUHWLUDMXNDRLVWL]QDN 2 0 ( 7 $ 1 - ( , = $ 6 7 , 7 $ 5 $ ' , 2 . 2 0 8 1 , . $ & , - $
=DNRGLUDQMHVHNRULVWLWDEOLFD[SROMD JGMH VH QD SRþHWNX XSLãH NOMXþ RGDEUDQD ULMHþ EH]SRQRYOMHQLKVORYDQSU=$*5(%DRVWDWDN WDEOLFHLVSXQLVHSUHRVWDOLPVORYLPDDEHFHGH 7DEOLFD 3OD\IDLUãLIUD 3RUXNDRWYRUHQLWHNVW 20(7$1-(,=$67,7$LVSLãHVHWHNRGLUDXSDURYLPDVORYD RWYRUHQLWHNVW 20 (7 $1 -( ,= $6 7, 7$ NULSWRJUDP 6, +< (. 1= 2% 53 21 3( 7DEOLFD 3OD\IDLUNULSWRJUDP 3UDYLODNRGLUDQMDVXVOLMHGHüD $NRXSDUXLPDPRGYDLVWDVORYDPDODYMHURMDWQRVW]DKUYDWVNLMH]LNL]PH X WD GYDLVWDVORYDXPHWQXOLELVORYRNRMHVHULMHWNRSRMDYOMXMHQSU; 3UYRVORYRSDUD]DPMHQMXMHVHVORYRPNRMHVHQDOD]LXLVWRPUHWNXWDEOLFHJGMHMHL SUYRVORYDSDUDDOLXVWXSFXJGMHMHGUXJRVORYR1SU2MH]DPLMHQMHQRVD6 6OLþQRMHLVDGUXJLPVORYRPSDUD $NRVXREDVORYDSDUDXLVWRPUHWNX]DPMHQMXMXVHVDVXVMHGQLPVORYLPDXWDEOLFLL WRVDGHVQHVWUDQH$NRMHVORYRNUDMQMHGHVQRXUHWNX]DPMHQMXMHVDSUYLPVORYRP X UHWNX1SU&+EL]DPLMHQLOLVD'% $NRVXREDVORYDSDUDXLVWRPVWXSFX]DPMHQMXMXVHVDVXVMHGQLPVORYLPDXLVWRP VWXSFXWDEOLFHLWRRQLPDLVSRG$NRMHVORYRQDGQXVWXSFD]DPMHQMXMHVDSUYLP JRUQMLP VORYRP X VWXSFX 1SU (7 MH ]DPLMHQMHQR VD +< D &9 ELOR EL ]DPLMHQMHQRVD.$ 3RJRGQRVWRYRJSRVWXSNDMHãWRVHUD]ELMHVWDWLVWLNDSRMHGLQDþQLKVORYDNDUDNWHULVWLþQD ]D RGUH HQLMH]LN.ULSWRDQDOLWLþDUVHPRUDRVORQLWLQDVWDWLVWLNXSDURYDNRMLKMH[ UD]OLþLWLKWHMHGXåLQHWHNVWDQHRSKRGQD]DVWDWLVWLþNXREUDGX]QDWQRYHüD = $ * 5 ( % & ' ) + ,- . / 0 1 2 3 4 6 7 8 9 : ; <
3ULPMHU +LOORYDãLIUDMHGQDMHRGãLIDUD]DPMHQHWUR]QDNDWULJUDPDWHPHOMHQDQD
DOJHEDUVNRPSRVWXSNXSRJRGQRP]DUDþXQDOD1XPHULþNDNRGQD]DPMHQDNULSWRJUDPD UDþXQDVHL]QXPHULþNLKNRGRYDRWYRUHQRJWHNVWDVOLMHGHüLPMHGQDGåEDPD & NS N S N S PRG & NS N S N S PRG & NS N S N S PRG ,VWLSURFHVPRåHVHSULND]DWLLPDWULþQR & & & N N N N N N N N N S S S § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸
& . 3
.OMXþ ãLIUH MH PDWULFD . 'HãLIULUDQMH MH SR LQYHU]QRP DOJHEDUVNRP SRVWXSNX UMHãDYDQMDWULMHGQDGåEHVWULQHSR]QDQLFHãWRPRåHPRQDSLVDWLXPDWULþQRPREOLNX
3 .
&
.MHLQYHU]QDPDWULFDRG. WHMHMHGDQRGXYMHWDRGDELUDNOMXþDGDPDWULFD. QLMH VLQJXODUQDWMGDLPDLQYHU]QXPDWULFX
.RGLUDMPRSUYLWULJUDPSRUXNH20(7$1-( ,=$67,7$.RGQH]DPMHQH]DVORYDL] $6&,,WDEOLFHL XPDQMLPR]DWHGRELMHPRL8] GHILQLUDQXPDWULFX NOMXþD. GRELMHVH & & & § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ PRG 'DNOHãLIULUDQMHP20(GRELOLVPR8:( ,QYHU]QDPDWULFD.NRULVWLPR]DGHNULSWLUDQMHWHGRELMHPR 3 3 3 § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ § © ¨ ¨¨ · ¹ ¸ ¸¸ PRG 'HNULSWLUDQMHPELGRELOLSROD]QLWULJUDP20( /HVWHU+LOOJ
2VRELWRVW+LOORYRJSRVWXSNDãLIULUDQMDMHGDMHVYDNL&LRYLVDQRVYDSUL3M L LQYHU]QR SULGHãLIULUDQMXãWR]QDþLGDSRJUHãNDLOLSURPMHQDXELORNRMHJELWDWULJUDPDNULSWRJUDPD GDMHSURPMHQHXVYDWUL]QDNDGHãLIULUDQRJWHNVWDSULQFLSGLIX]LMH3URãLUHQMHLGHMH+LOORYRJ DOJRULWPPDMHQDYHüHVNXSLQHRGWUR]QDNDQDP]QDNRYD7DGDMHPDWULFDNOMXþD. GLPHQ]LMD P [PSRVWXSDNMHUDþXQVNL]DKWMHYQLMLDOLVXGLIX]LMDL]DãWLWQDPRüYHüH
=DãWLWDJRYRUQRJVLJQDOD
'RYUHPHQDãLUHSULPMHQHGLJLWDOQLKNRPXQLNDFLMVNLKVXVWDYDDQDORJQHWHOHIRQVNHL UDGLRIRQVNH NRPXQLNDFLMVNH NDQDOH ãWLWLOR VH RG SULVOXãNLYDQMD UD]OLþLWLP SRVWXSFLPD VNUHPEOLUDQMD JRYRUQRJ VLJQDOD 9UHPHQVNL RGVMHþFL LOL GLMHORYL IUHNYHQFLMVNRJ SRMDVD PH XVREQR VH SHUPXWLUDMX WH MH WDNR QDVWDOL VLJQDO SULVOXãNLYDþX QHUD]XPOMLY 3UYX VX VNXSLQX þLQLOL W]Y YUHPHQVNL VNUHPEOHUL D GUXJX IUHNYHQFLMVNL VNUHPEOHUL 0RJXüH VX L NRPELQDFLMHYUHPHQVNLKLIUHNYHQFLMVNLKVNUHPEOHUD3RJRGQRVWLMHGQLKLGUXJLKMHXþXYDQMX XNXSQHãLULQHIUHNYHQFLMVNRJSRMDVDVLJQDOD6NUHPEOHULGRGDWQLXUH DMLNRMHMHPRJXüHSR åHOMLLSRWUHELSULNOMXþLWLQDSRVWRMHüHNODVLþQHWHOHIRQVNHLOLUDGLRXUH DMHþDNLNDRYDQMVNH KDUGYHUVNHGRGDWNH)UHNYHQFLMVNRVNUHPEOLUDQMH
1DMMHGQRVWDYQLML SULPMHU IUHNYHQFLMVNRJ VNUHPEOLUDQMD MH IUHNYHQFLMVND LQYHU]LMD 3ULPMHQRP66%PRGXODFLMVNRJSRVWXSND6OLNDQDNRQSURGXNWQRJPLMHãDQMDWHOHIRQVNRJ VLJQDOD L QRVHüH IUHNYHQFLMH L]GYDMD VH GRQML ERþQL SRMDV '6% NRML MH LQYHUWLUDQ X IUHNYHQFLMVNRMGRPHQL
6OLND )UHNYHQFLMVNDLQYHU]LMDDQDORJQRJVLJQDOD
,QYHUWLUDQL VLJQDO X LVWRP MH IUHNYHQFLMVNRP SRMDVX NDR L L]YRUQL WH MH MHGQRVWDYQR RGUHGLWLL]UD]]DIUHNYHQFLMXIORNDOQRJRVFLODWRUDPMHãDþD
I± IJ IG
I IG IJ
=D VWDQGDUGQL WHOHIRQVNL NDQDO IG N+] L IJ N+] GRELMHPR I N+] ,QYHUWLUDQLVLJQDOMHQHUD]XPOMLYVDPR]DSULVOXãNLYDþDEH]LNDNYHHOHNWURQLþNHRSUHPHWHMH UD]LQD]DãWLWHPLQLPDOQD=DGRYROMDYDWHN]DMHGQRVWDYQLMHVOXåEHQHWDNVLKLWQDSRPRüLOL NXüQHSULPMHQHEHåLþQLWHOHIRQVNLDSDUDW
7YUWND &0/ &RQVXPHU 0LFURFLUFXLWV /LPLWHG SURL]YHOD MH QDPMHQVNH LQWHJULUDQH NUXJRYH]DRYHSULPMHQH6NORSVR]QDNRP);%RONVKHPDXSULORJXMHSRWSXQL GXSOHNVQL VNUHPEOHU V IUHNYHQFLMVNRP LQYHU]LMRP QDPLMHQMHQ SUYHQVWYHQR MHIWLQLMLP DQDORJQLPEHåLþQLPWHOHIRQLPDNRMLUDGHXIUHNYHQFLMVNRPSRMDVXGR0+]6OLND 'YDNDQDODSUHGDMQLLSULMHPQLþLQHVNORSRYL %DODQVQLPRGXODWRU6&HQJVZLWFKHGFDSDFLWRU *HQHUDWRUSRPRüQRJVLJQDODQRVLRFDIUHNYHQFLMHN+] )LOWDUQLVNLSURSXVWJUDQLþQHIUHNYHQFLMHN+]XåHRGVWDQGDUGDN+] 2SHUDFLMVNDSRMDþDODVSURPMHQOMLYLPSRMDþDQMHP 1DSDMDQMHMH]DMHGQLþNRL]L]YRUD9GR9)LOWULLJHQHUDWRUQRVHüHJVLJQDOD NRULVWHYDQMVNLWDNWVLJQDOIUHNYHQFLMH0+]0)SULMHPQLND0+]LOL0+] VLJQDOLOLNYDUFQLNULVWDO3DNLUDQMHMHSLQVNR62,&LOLSODVWLþQR',/ 6OLND %ORNVKHPDGXSOHNVQRJIUHNYHQFLMVNRJLQYHUWHUD&0/); %ROMX ]DãWLWX DOL L VORåHQLMX DUKLWHNWXUX LPDMX NUXJRYL ); WM ); RG LVWRJ SURL]YR DþD 7R VX IUHNYHQFLMVNL VNUHPEOHUL V SURPMHQOMLYLP IUHNYHQFLMVNLP SRGSRMDVHYLPD HQJ 9DULDEOH 6SOLW%DQG 96% 9RLFH 6FUDPEOHUV 'YD NDQDOD SUHGDMQL L
SULMHPQL SUHNODSDMX VH X SROXGXSOHNVQRP UHåLPX 'RGDWQL ILOWDU HQJ &RQWLQXRXV 7RQH &RQWUROOHG6TXHOFK6\VWHP&7766 VPDQMXMHLQWHUIHUHQFLMHXSRMDVXMDNRQLVNLKIUHNYHQFLMD
*RYRUQL VH VLJQDO SRGMHOL X GYD GLMHOD YLãL + L QLåL / V PRJXüLP RGDELURP JUDQLþQHIUHNYHQFLMHIVSOLW L]VNXSLQHRGUD]OLþLWLK7DEOLFD6LJQDOL+L/PRGXOLUDMX VHXSURGXNWQLPPMHãDþLPDVSRJRGQRRGDEUDQRPIUHNYHQFLMDPDSRPRüQLKVLJQDODI&/L I&+ NDNRELVHSRGSRMDVHYLLQYHUWLUDOLXLVWRPIUHNYHQFLMVNRPSRMDVXWHVHWDNRGRELYHQLVLJQDOL ]EURMH
2GDELU JUDQLþQH IUHNYHQFLMH MH SURJUDPLELODQ VHULMVNRP LOL SDUDOHOQRP NRPXQLNDFLMRP[[ LPRåHVHþHVWRPLMHQMDWLXUDGXWDNLYLãHSXWDXVHNXQGLãWR RWHåDYDSULVOXãNLYDQMH,]YHGEH,.VX',/LOL60'DX]QDSDMDQMHSRWUHEDQMHWDNWVLJQDOLOL NULVWDOIUHNYHQFLMH0+] 7DEOLFD 1HNL RGPRJXüDQDþLQD SRGMHOHIUHNYHQFLMVNRJSRMDVDX,. ); 9UHPHQVNRVNUHPEOLUDQMH
3ULQFLS YUHPHQVNRJ VNUHPEOLUDQMD MH GD VH VLJQDO SRKUDQMXMH X QHNROLNR P PHPRULMVNLKEORNRYDMHGQLPUHGRVOLMHGRP6OLNDDNDGDVHVYLEORNRYLSRSXQHEORNRYL VHþLWDMXL]PHPRULMHSRQHNRPGUXJRPSHUPXWLUDQRPUHGRVOLMHGX
.YDOLWHWD VNUHPEOLUDQMD L VWXSDQM ]DãWLWH RJUDQLþHQL VX YUHPHQVNLP NDãQMHQMHP NRML XQRVLSURFHVVNUHPEOLUDQMDGHVNUHPEOLUDQMD,]DMHGDQL]DGUXJLSURFHVSRWUHEQRMHQDSXQLWL VYLKP PHPRULMVNLKEORNRYDVLJQDORPXNXSQRJWUDMDQMD7X P7 1DMSRYROMQLMHMHWUDMDQMH VLJQDODXMHGQRPPHPRULMVNRPEORNX7L]PH X PVLPVWHMHEURMEORNRYDP RJUDQLþHQ GR 8NXSQRNDãQMHQMH7N 7X P7]DXJRGQRNRPXQLFLUDQMHPRUDELWLPDQMHRGV
6OLND9UHPHQVNLVNUHPEOHU
6 GUXJHVWUDQHYLãHEORNRYDP GDMHLYHüLEURMSHUPXWDFLMDPWHMHLVWXSDQM]DãWLWH YHüL
IVSOLW>+]@ I/>+]@ I+>+]@
6WDQGDUGQLNULSWRJUDIVNLDOJRULWPL'(6
5D]YRM UDþXQDOQLK PUHåD L NRPXQLNDFLMVNLK SRGVXVWDYD WH EU]R SRYHüDQMH EURMD VXGLRQLNDXNRPXQLNDFLMDPDSRWDNQXRMHUD]YRMNULSWRJUDIVNLKVXVWDYDNRMLELELOLVWDQGDUGQL X ãLURNRMSULPMHQL$PHULþNDRUJDQL]DFLMD1%61DWLRQDO %XUHDXRI6WDQGDUGV VDGD1,67 VUHGLQRP WLK JRGLQD RWYRULOD MH QDWMHþDM VD VOLMHGHüLP ]DKWMHYLPD >@ QD NYDOLWHWX VWDQGDUGQRJNULSWRJUDIVNRJVXVWDYD 9LVRNDUD]LQD]DãWLWH 8 SRWSXQRVWLGRNXPHQWLUDQRSLVDQLUD]XPOMLY =DãWLWDVHQHVPLMHWHPHOMLWLQDWDMQRVWLDOJRULWPD 'D MHSULVWXSDþDQVYLPNRULVQLFLPDLSURL]YR DþLPD 3ULPMHQOMLYRVWXUD]QLPVYUKDPD (NRQRPLþQDHOHNWURQLþNDRVWYDULYRVWLSULPMHQOMLYRVW 3ULVWXSDþQRVW]DR]DNRQMHQMH 0RJXüQRVWL]YR]DL]YDQ6$'
-HGLQD SULKYDWOMLYD SRQXGD NRPSDQLMH ,%0 WHPHOMHQD QD DOJRULWPX /XFLIHU SULMDYOMHQDMHXRåXMNX1%6MHWDMSRVWXSDNSULKYDWLRLVWDQGDUGL]LUDRSRGQD]LYRP'(6 HQJ'DWD (QFU\SWLRQ6WDQGDUG JRGLQH
2G SULPMHGELQD'(6>@MHGQDRGQDMMDþLKMHGDMHDOJRULWDPXRVQRYLGREDUDOLGDMH NOMXþELWDNUDWDNWHGDJDMHPRJXüHEU]RUD]ELWLLVSUREDYDQMHPVYLKPRJXüLKNOMXþHYD MHVW SXQR DOL XGUXåHQLP VQDJDPD YHOLNRJ EURMD UDþXQDOD =DPMHUNDMHXSXüHQDDJHQFLML16$1DWLRQDO6HFXULW\$JHQF\ ]DNRMXVHSUHWSRVWDYOMDNDNR MHSRVWDYLODXYMHWHXSRJOHGXVQDJHDOJRULWPDNDNREL]DVHEH]DGUåDODPRJXüQRVWRWYDUDQMD SRUXNDLXYMHWQDWMHþDMD
$OJRULWDP '(6 WHPHOML VH QD IXQNFLMDPD W]Y NXWLMDPD HQJ ER[ L WR 3NXWLMH ]D SUHPMHãWDQMD ELQDUQLK VLPEROD EORND SRUXNH 3HUPXWDFLMH L 6NXWLMH X NRMLPD VH REDYOMDMX ]DPMHQH 6XSVWLWXFLMH 6ORåHQRVW DOJRULWPD MH X YLãHVWUXNRP SRQDYOMDQMX L NRPELQLUDQMX HOHPHQWDUQLKIXQNFLMDSDMHXãNROVNLPXYMHWLPDSRJRGQLMH]DSRþHWLVSRMHGQRVWDYOMHQLP'(6 DOJRULWPRPHQJ6LPSOLILHG 6'(6
6'(6
$OJRULWDP6'(66OLNDEORNRWYRUHQRJWHNVWDGXåLQHELWDXVWYDUQL'(6X EORNMHGXOMLQHELWDWUDQVIRUPLUDXEORNNULSWRJUDPDSRGMHGQDNHGXOMLQHELWD
.OMXþ MH GXOMLQH ELWD X '(6X MH ELWD 2G SRþHWQRJ ELWRYQRJ NOMXþD . WYRUHVHGYDSRGNOMXþD.L .SULPMHQRPVOLMHGHüLKSRVWXSDND
3HUPXWDFLMD 3 VYLK ELWRYD SRþHWQRJNOMXþD. 3RPLFDQMH SRVPDN 6 ]D MHGQRPMHVWRXOLMHYR 3HUPXWDFLMD L L]GYDMDQMH 3 SUYRJSRGNOMXþD. 3RPLFDQMH6 ]DGYDPMHVWDX OLMHYR 3HUPXWDFLMD L L]GYDMDQMH 3 GUXJRJSRGNOMXþD. 6OLND 3RMHGQRVWDYOMHQL 6'(6DOJRULWDP 7YRUEXSRGNOMXþHYD. L .RSLVXMXIXQNFLMH
. 3 6 3 .
. 3 6 6 3 . $OJRULWDPãLIULUDQMD6'(6VDGUåLSHWWHPHOMQLKIXQNFLMD 3RþHWQDSHUPXWDFLMD,3 3UHPMHãWDQMHL]DPMHQDI.RYLVQDRNOMXþX. -HGQRVWDYQDSHUPXWDFLMDGYDMXSRORYLFDEORND6: 3RQRYOMHQRSUHPMHãWDQMHL]DPMHQDI.SUHPDNOMXþX. =DYUãQDSHUPXWDFLMD,3LQYHU]QDSRþHWQRM,3
3URFHVãLIULUDQMDPRåHPRSULND]DWLIRUPXORP ,3 I. 6: I. ,3 .ULSWRJUDP& MH
& ,3 I. 6: I. ,3 EORNRWYRUHQRJWHNVWD 'HãLIULUDQMHREDYOMDLVWLDOJRULWDPNDR]DãLIULUDQMHWHYULMHGL2WYRUHQLWHNVW ,3 I. 6: I. ,3 & 2G SRþHWQRJELWRYQRJNOMXþD. MHGQDNRJ]DãLIULUDQMHLGHãLIULUDQMHQDVWDMXGYD ELWRYQD SRGNOMXþD . L . 6OLND 3ULPMHQMXMX VH IXQNFLMH SHUPXWLUDQMD SRGMHOH VHNYHQFH L FLUNXODUQRJ SRPLFDQMD 3RþHWQX SHUPXWDFLMX 3 VHNYHQFH NOMXþD . PRåHPR SULND]DWLWDEOLFRP 8OD] 3 ,]OD] 7DEOLFD )XQNFLMD3 7R ]QDþLGDELWXOD]QHVHNYHQFHNOMXþD.GROD]LQDPMHVWRXL]OD]QRMVHNYHQFL ELWQDPMHVWRELWQDSUYRLWGLOLGDQDPMHVWRL]OD]QHVHNYHQFHGROD]LELWXOD]QH QDGUXJLELWLWG 6OLMHGL6 SRGMHODSHUPXWLUDQRJNOMXþDQDGYDGLMHODSRELWDLFLUNXODUQLSRPDNVYDNH SRORYLFH]DMHGQRPMHVWRXOLMHYR 8OD] 6 ,]OD] 7DEOLFD )XQNFLMD6 )XQNFLMRP3L]GYDMDVHSUYLSRGNOMXþ. 8OD] 3 ,]OD] 7DEOLFD )XQNFLMD3LQDVWDQDNSUYRJSRGNOMXþD.
6DGDQDL]OD]QXVHNYHQFX6GMHOXMH6WDNRãWRVYDNXSRORYLFXFLUNXODUQRSRPLþH]D MRãSRGYDPMHVWDXOLMHYRWHGRELMHPR 8OD] 6 ,]OD] 7DEOLFD )XQNFLMD6 3QRYOMHQRIXQNFLMRP3L]GYDMDVHGUXJLSRGNOMXþ. 7YRUEXNOMXþHYD.L.PRåHPRSULND]DWLXFMHORVWLWDEOLFRP .OMXþ 3 6 3 . 6 3 . 7DEOLFD 7UDQVIRUPDFLMDNOMXþD.XSRGNOMXþHYH.L. 'DNOH.WYRUHLELWSRþHWQRJNOMXþD.DNOMXþ .WYRUHLELWSRþHWQRJNOMXþD.
0RåH VH ]DSD]LWL GD EL DOJRULWDP ELR MHGQRVWDYQLML DNR EL RGPDK GHILQLUDOL GYD ELWRYQD SRGNOMXþD . L . EH] SHUPXWDFLMD SRPLFDQMD L VOLþQLK ]DSHWOMDQLK IXQNFLMD 0H XWLP]DNRULVQLNDMHMHGQRVWDYQLMHGDRGDEHUHSRJRGQLODNRSDPWOMLYLNOMXþ.RGUH HQH GXåLQDDGDDOJRULWDPRGWRJNOMXþDVDþLQLSRYROMQLMHQDL]JOHGVOXþDMQHNRPELQDFLMHELWRYD
1DNRQ L]UDGH SRGNOMXþHYD . L . QDVWXSD DOJRULWDP ãLIULUDQMD ELWRYQRJ EORND RWYRUHQRJWHNVWD3UYDMHSRþHWQDSHUPXWDFLMD,3
8OD]
,3
,]OD] 7DEOLFD 3RþHWQD SHUPXWDFLMD,3
6OLMHGL IXQNFLMD I. NRMD MH RYLVQD R NOMXþX D VDVWDYOMHQD MH RG SHUPXWDFLMD L VXSVWLWXFLMD.DRSUYRELWRYQLEORNSRGLMHOLVHXGYLMHELWRYQHVHNYHQFH/ OLMHYDHQJ /HIW L5 GHVQD HQJ5LJKW 6DPDIXQNFLMDI. MHWUDQVIRUPDFLMDNRMXMHPRJXüHSULND]DWL IXQNFLMRP
I. / 5 / ) 5 . 5
6D R]QDþHQR MH ELW SR ELW ;25 GYDMX VHNYHQFL
.DNR YLGLPR I. REUD XMH OLMHYX / SRORYLFX EORND RWYRUHQRJ WHNVWD D GHVQX 5 NRULVWL NDR YDULMDEOX IXQNFLMH ) L SUHSLVXMH X UH]XOWDWXWHMHI. SRWUHEQRSRQRYLWLMRãMHGQRPQD GHVQRMSRORYLFLEORND 6OLND6OLND6'(6 WUDQVIRUPDFLMDEORNDRWYRUHQRJWHNVWD )XQNFLMD ) QDMWYU L MH GLR DOJRULWPD 6 '(6DOLLSUDYRJ'(6D8OD]MHELWRYQDGHVQD 5 SRORYLFDSHUPXWLUDQRJEORNDRWYRUHQRJWHNVWD .DRSUYRVHNYHQFDVHSURãLULQDELWDLSHUPXWLUD IXQNFLMD(36OLND 7DEOLFD 3URãLUHQMHHNVSDQ]LMDLSHUPXWDFLMD(3 GHVQH 5VHNYHQFH =DWLPUH]XOWDWVHELWSRELW;25DVNOMXþHP. 7DEOLFD =EUDMDQMHNOMXþD.L L]OD]D(3
6DGD VH L] WDEOLFD PDWULFD 6 L 6 YHOLþLQD [ RGDELUHMHGQDRGXSLVDQLKYULMHGQRVWLWDNRãWR]D WDEOLFX 6 SDU ELQDUQLK ]QDPHQNL SS RGUH XMH UHGDNWDEOLFHDSDUSSVWXSDFLVWHWDEOLFH 6L 6GDMXGYDGHNDGVNDEURMDELQDUQR [ELWDãWRGDMHELQDUQXVHNYHQFXRGELWDNRMD VHMRãMHGQRPSHUPXWLUD3LGRELMHVHL]OD]) IXQNFLMH 8OD] (3 ,]OD] 8OD] ;25 . ,]OD] S SS SS S SS » » » » ¼ º « « « « ¬ ª 6 » » » » ¼ º « « « « ¬ ª 6
7DEOLFD 3HUPXWDFLMD3 /LMHYDLGHVQDSRORYLFDELWRYQHVHNYHQFH]DPMHQH PMHVWD6:LSRQRYLVHIXQNFLMDI.SULPMHQRPSRGNOMXþD . 1DNRQWRJDLPDPR]DYUãQXSHUPXWDFLMX,3NRMDMHLQYHU]QDSRþHWQRMSHUPXWDFLML,3 ,3
,3; ; 8OD] ,3 ,]OD] 7DEOLFD ,]OD]QD SHUPXWDFLMD,31DNRQSHUPXWDFLMH,3GRELMHVHUH]XOWDW6'(6DELWRYQLNULSWRJUDP
6WYDUQL'(6DOJRULWDPREUD XMHEORNRYHGXOMLQHELWDVDELWRYQLPNOMXþHP.L] NRMHJD VH NRQVWUXLUD SRGNOMXþHYD . GR . GXOMLQH SR ELWD )IXQNFLMD UDGL VD ELWRYQLPVHNYHQFDPDDRVDP6NXWLMDLPDSRUHWNDLVWXSDFD
3ULPMHU 6'(6DOJRULWPRPãLIULUDWLSUYDWULVORYDULMHþL20(7$1-( $6&,, LNOMXþ.MH 'HILQLUDQHVXL6NXWLMH 7DEOLFD '(6NXWLMH6L63ULPMHU ELW [[[[ .OMXþ 3 6KLIWBO 3. 6KLIWBO 3.
7DEOLFD *HQHULUDQMH SRGNOMXþHYD3ULPMHU
8OD]
3
5H]XOWDWãLIULUDQMDVORYD2MHVHNYHQFDãWRRGJRYDUD$6&,,NRGX WMVORYXN
6OLþQR ]D VORYR 0 LPDPR $6&,, NRG LOL ELQDUQR 1DNRQ ãLIULUDQMD GRELMH VH VHNYHQFD =D ( $6&,, UH]XOWDW MH VHNYHQFD 2 ,3 / 5 (35 . (35. UHGDNB6 VWXEDFB6 L]OD]B6 UHGDNB6 VWXEDFB6 L]OD]B6 6L6 3 / /)56N 5 IN/5 6: / 5 (35 (35. UHDGDNB6 VWXEDFB6 L]OD]B6 UHGDNB6 VWXEDFB6 L]OD]B6 6L6 3 / /)56N 5 IN/5 ,3 N 7DEOLFD âLIULUDQMHSUYRJELWRYQRJEORNDVORYD2
6XYUHPHQLNULSWRJUDIVNLVXVWDYLVMDYQLPNOMXþHP
7HPHOMQLSULQFLSNULSWRJUDIVNLKVXVWDYDVMDYQLPNOMXþHPDVLPWHULþQLVXVWDYLMHVWGD X VWYDULSRVWRMHGYDNOMXþDMDYQL.-L WDMQL.7 -DYQLNOMXþVHREMDYLLVOXåL]QDQLPLQH]QDQLP SRãLOMDWHOMLPD ]D ãLIULUDQMH RWYRUHQRJ WHNVWD D WDMQL NOMXþ SULPDWHOM SRUXND ]DGUåL VD VHEH NRULVWL JD ]D GHãLIULUDQMH NULSWRJUDPD WH VDPR SRVMHGQLN WDMQRJ NOMXþD PRåH GHãLIULUDWL SRUXNX
.ULSWRJUDIVNLDOJRULWPLWHPHOMHVHQDDULWPHWLþNLPIXQNFLMDPDWHVHEORNRWYRUHQRJ WHNVWDSULãLIULUDQMXWUHWLUDNDREURM;QDGNRMLPVHL]UDþXQDYDDULWPHWLþNDIXQNFLMDI.-;X] SULPMHQX MDYQRJ NOMXþD .- WH VH WUDQVIRUPLUD X EURM NULSWRJUDP < 3UL GHNULSWLUDQMX LQYHU]QDIXQNFLMDI.-< SULPMHQRPWDMQRJNOMXþD.7 RGEURMDNULSWRJUDPD<L]UDþXQDYD EURM;NRMLVHPRåHSURWXPDþLWLNDREORNWHNVWD 3ULPMHU %ORNRWYRUHQRJWHNVWDNRPHRGJRYDUDEURM;SULPMHQRPNOMXþD. ãLIULUDPRXEURM<SUHPDIRUPXOL < ;. 'HNULSWLUDQMHMHSUHPDIRUPXOL < ;. < ;. $NR]DGUXJLNOMXþX]PHPRGDMH. . WDGDMH ; <.
.DNR EL RG NULSWRJUDPD GRELOL L]YRUQL RWYRUHQL WHNVW < GHNULSWLUDQR VOLMHGHüLP SRVWXSNRP
< . ;. . ;. . ;
8 SRVWXSNX VXGMHOXMX GYD NOMXþD RG NRMLK MH MHGDQ ]D ãLIULUDQMH . D GUXJL ]D GHãLIULUDQMH . 7DNR HU ]DSDåDPR GD VX NOMXþHYL UD]OLþLWL WH GD MH GUXJL NOMXþ VXSURWQL HOHPHQW]DRSHUDFLMXãLIULUDQMD±]EUDMDQMH. ELRELMDYQLNOMXþD. WDMQLNOMXþ'UXJRMH SDNSLWDQMHWDMQRYLWRVWLVXVWDYDVWDNRGHILQLUDQLPDOJRULWPRPãLIULUDQMD]EUDMDQMHNRMLPRUD ELWLREMDYOMHQWHVNOMXþHYLPDNRMLVHUD]OLNXMXVDPRXSUHG]QDNX 3ULPMHU 1HNDMHDOJRULWDPãLIULUDQMDWHPHOMHQQDGUXJRMDULWPHWLþNRMIXQNFLML PQRåHQMX7DGDMHãLIULUDQMHSUHPDIRUPXOL < ; . 'HNULSWLUDQMHMHSUHPDIRUPXOL
< ;. LOL < ; . $NR]DGUXJLNOMXþX]PHPRGDMH. . WDGDMH ; < . 'DQDNRQGHNULSWLUDQMDGRELMHPRL]YRUQLRWYRUHQLWHNVWSRND]XMHQDPL]UD] < . ; . . ; . . ; , XRYRPSULPMHUXLPDPRGYDUD]OLþLWDNOMXþD. L . 'UXJLNOMXþMHRSHWVXSURWQL HOHPHQWDOL]DRSHUDFLMXPQRåHQMD=DãWLWQDPRüVXVWDYDVDãLIULUDQMHPPQRåHQMHPMHLX RYRPSULPMHUXNUDMQMHXSLWQD 8] SUDNWLþQRQLNDNYX]DãWLWQXPRüVXVWDYDL]SULPMHUDLPRJXüHMH]DSD]LWLMRã MHGQXþLQMHQLFX9ULMHGQRVWLNULSWRJUDPD<PRJXLVSDVWLL]VNXSDYULMHGQRVWLRWYRUHQRJWHNVWD 3ULPMHU 1HNDVXRWYRUHQLWHNVWYHOLNDVORYD$6&,,DEHFHGHSULORJNRMLPD RGJRYDUDMXEURMþDQHYULMHGQRVWLRG$GR==DVORYR2QXPHULþNLHNYLYDOHQWMH ; WHX]. GRELOLEL< þHPXQHRGJRYDUDQLWLMHGQRVORYRL]WDEOLFH $6&,,NRGD.ULSWRJUDPQHELPRJOLRGDVODWLXREOLNX$6&,,WHNVWD
=D ãLIULUDQMH UDþXQDQMHP QLMH SRJRGQR SULPLMHQLWL RELþQR ]EUDMDQMH LOL GUXJH DOJHEDUVNHRSHUDFLMHNRMHLPDMXQHRJUDQLþHQVNXSYULMHGQRVWL $NRSRSXWUDþXQDQMDXVOXþDMX &H]DURYH ãLIUH ]EUDMDPR SR PRGXOX YULMHGQRVWL SULMH L QDNRQ ãLIULUDQMD ELWL üH L] LVWRJ VNXSDRGGR
3ULPMHU 1HNDMHVYHNDRXSUHWKRGQRPSULPMHUXDOL]EUDMDPRSRPRGXOX=D VORYR2LPDPR; WHX]NOMXþ. GRELMHPR
< PRG
%URMX RGJRYDUD VORYR ) WH NULSWRJUDP PRåHPR RGDVODWL X REOLNX $6&,, WHNVWD6DGDPRUDPRSURQDüLSRJRGQXYULMHGQRVW]DNOMXþ.NRMHJDELUDELOLSULGHNULSWLUDQMX =DNOMXþLOL VPR X SUYRP SULPMHUX GD . PRUD ELWL VXSURWQD YULMHGQRVW RG . X RGQRVX QD DULWPHWLþNXRSHUDFLMXNULSWLUDQMD6DGDMHWR]EUDMDQMHSRPRGXOX WHUDþXQDPR
..
'DNOH.
'HNULSWLUDQMHMHSUHPDIRUPXOL ; <.
;
.DNR VPR SULPLMHQLOL PRGXODUQR ]EUDMDQMH ; L < PRJX ELWL VDPR L] VNXSLQH YULMHGQRVWL^`GDNOHUD]OLþLWLK$NRMHEORNRWYRUHQRJWHNVWDYHüLRGMHGQRJ$6&,, ]QDNDWDGDMHLEURM;YHüLWHPRGXOSRNRMHPXUDþXQDPRNULSWRJUDPPRUDELWLYHüL
0RGXODUQD DULWPHWLND UD]OLNXMH VH GRQHNOH RG RELþQH DULWPHWLNH .DR SUYR YULMHGQRVWLVXL]NRQDþQRJVNXSDDQHEHVNRQDþQRJNDRãWRVXUHDOQLUDFLRQDOQLLOLNRPSOHNVQL EURMHYL'UXJRULMHþMHRW]YNRQDþQLPSROMLPDNRGNRMLKYULMHGHGHYHWSR]QDWLKXYMHWD]D SROMD .RQDþQDSROMD>@ 3ROMH)VDVWRMLVHRG VNXSDHOHPHQDWD
DULWPHWLþNLK RSHUDFLMD R]QDþHQLK VD L NRMH SULPLMHQMHQH QD GYD LOL YLãH HOHPHQDWDSROMDNDRUH]XOWDWGDMXHOHPHQWWRJSROMD
=DVYHHOHPHQWHSROMD)YULMHGHUHODFLMH
DEF DEF DVRFLMDFLMD]EUDMDQMD
DE ED NRPXWDFLMD]EUDMDQMD
) D D QHXWUDOQLHOHPHQW]D]EUDMDQMH D ) DD VXSURWQLHOHPHQW]D]EUDMDQMH D E F D E F DVRFLMDFLMD]DPQRåHQMH D E E D NRPXWDFLMD]DPQRåHQMH ) D D QHXWUDOQLHOHPHQW]DPQRåHQMH D z D ) D D VXSURWQL]DPQRåHQMH D EF D E D F GLVWULEXFLMD .DRL]DVYDSROMDXPDWHPDWLFL
$NRSROMH)VDGUåLNRQDþDQEURMHOHPHQDWDWDGDMHWRNRQDþQRSROMH.RQDþQDSROMDQH PRJXELWLELORNRMHYHOLþLQH$NRMHNRQDþQRSROMHVDQ HOHPHQDWDDQ MHW]YSULPLOLSURVW EURMWDGDVHNRQDþQRSROMHQD]LYD*DORLV*DORDSROMH*)Q 3ULPMHU 3ULPMHUSROMDVHOHPHQDWD PRG PRG 7DEOLFD =EUDMDQMHLPQRåHQMHVPRGXORP =DSDåDPRSHULRGLþQRVWEURMHYDXUHFLPDLVWXSFLPDREDMXWDEOLFD3HULRGDMH =EUDMDQMHLPDQHXWUDOQLHOHPHQWELORNRMLEURM]EURMHQVMHWDMLVWLEURMQXOWLUHGDN LOLQXOWLVWXSDFVLYRJNYDGUDWDWDEOLFH]EUDMDQMD =EUDMDQMHLPDVXSURWQLHOHPHQWELORNRMLEURM]EURMHQVDVXSURWQLPGDMHXVYDNRP UHWNXLOLVWXSFXVLYRJNYDGUDWDWDEOLFH]EUDMDQMDLPDPRVDPRMHGQXQXOX 0QRåHQMHLPDQHXWUDOQLHOHPHQWELORNRMLEURMSRPQRåHQVMHWDMLVWLEURMSUYL UHGDNLOLSUYLVWXSDFVLYRJNYDGUDWDWDEOLFHPQRåHQMD
0QRåHQMH LPD VXSURWQL HOHPHQW ELOR NRML EURM SRPQRåHQ VD VXSURWQLP GDMH X VYDNRPUHWNXLOLVWXSFXVLYRJNYDGUDWDWDEOLFHPQRåHQMDLPDPRVDPRMHGQXMHGLQLFX 3ULPMHU 3ULPMHUSROMDVDHOHPHQDWD PRG PRG 7DEOLFD =EUDMDQMHLPQRåHQMHVPRGXORP (YDULVWH*DORLV UR HQ%RXUJ/D5HLQHXEOL]LQL3DUL]DSRJLQXRXGYRERMX
=DSDåDPR SHULRGLþQRVW EURMHYD X UHFLPD L VWXSFLPD REDMX WDEOLFD 3HULRGD MH 8 WDEOLFLPQRåHQMDSRVWRMHLPDQMHSHULRGH'UXJLUHGDNLPDSHULRGX WUHüLUHGDNLPD SHULRGX DþHWYUWLUHGDNLPDSHULRGX 3HULRGHVX1=']DLQGHNV UHWNDLYHOLþLQXSROMDWMPRGXOSRNRMHP]EUDMDPRLPQRåLPR $NRMH L SLWDQMHMHNROLNRMH"-HOLWRLOLLOLVXVYDWUL RGJRYRUDGREUD" =EUDMDQMHLPDQHXWUDOQLHOHPHQWELORNRMLEURM]EURMHQVMHWDMLVWLEURMQXOWLUHGDN LOLQXOWLVWXSDFVLYRJNYDGUDWDWDEOLFH]EUDMDQMD =EUDMDQMHLPDVXSURWQLHOHPHQWELORNRMLEURM]EURMHQVDVXSURWQLPGDMHXVYDNRP UHWNXLOLVWXSFXVLYRJNYDGUDWDWDEOLFH]EUDMDQMDLPDPRVDPRMHGQXQXOX 0QRåHQMHLPDQHXWUDOQLHOHPHQWELORNRMLEURMSRPQRåHQVMHWDMLVWLEURMSUYL UHGDNLOLSUYLVWXSDFVLYRJNYDGUDWDWDEOLFHPQRåHQMD
0QRåHQMH QHPD VXSURWQL HOHPHQW ELOR NRML EURM SRPQRåHQ VD VXSURWQLP GDMH X VYDNRPUHWNXLOLVWXSFXVLYRJNYDGUDWDWDEOLFHPQRåHQMDQHPDPRMHGLQLFX 3ROMHVDHOHPHQDWDQLMHSRJRGQR]DUDþXQDQMH 3ULPMHU 3ULPMHU*) 7DEOLFD =EUDMDQMHPRG 0QRåHQMHPRG [A\PRG 7DEOLFD (NVSRQHQFLMDOQDIXQNFLMDPRG
=D*)UH]XOWDWL]EUDMDQMDLPQRåHQMDSHULRGLþQLVXVSHULRGRPPRGXODQSU MHGQDNRNDRL PRG GRNMHSRWHQFLUDQMHSHULRGLþQRVPRGXORPMQ Q QSU PRG PRG 1DGDOMH ]DSDåDPR GD SRWHQFLUDQMHP QHNLP SRWHQFLMDPD GRELMHPR VYH YULMHGQRVWL L] *) L]X]HY L WR VDPR MHGQRP 8 WDEOLFL HNVSRQHQFLMDOQH IXQNFLMH V PRGXORP 7DEOLFD WR MH HNVSRQHQW $NR MH YULMHGQRVW HNVSRQHQFLMDOQH IXQNFLMHMHGLQVWYHQDWR]QDþLGDPRåHPRRGUHGLWLVXSURWQXYULMHGQRVWHNVSRQHQWD
3RNXãDMPR SURQDüL VXSURWQH HOHPHQWH ]D ]EUDMDQMH PQRåHQMH L SRWHQFLUDQMH =D ]EUDMDQMHYULMHGLGD]EURMVXSURWQLKHOHPHQDWDGDMHYULMHGQRVWWHLKPRåHPRSURQDüLSUHNR GLMDJRQDOH7DEOLFDD6XSURWQLHOHPHQWRGMHRGMHLWG=DPQRåHQMHXPQRåDN VXSURWQLK HOHPHQDWD MH WH L] 7DEOLFD E YLGLPR GD MH VXSURWQL HOHPHQW RG MH PRG PRG ]DMHLWG=DHNVSRQHQFLMDOQXIXQNFLMXVXSURWQLHNVSRQHQWMHRQDM NRMLGDMHSRþHWQXYULMHGQRVW
[ H G [ 1SU WHMH LOL WHMH =DNOMXþXMHPRGDPRUDELWLHGPRGMQ .DNR]DHNVSRQHQWHYULMHGLPRGXOM WRYLGLPR7DEOLFDGDVDPR]D LPDPRYULMHGQRVW PRG 'DNOHHNVSRQHQFLMDOQDIXQNFLMDQHPDVXSURWQX YULMHGQRVW]DVYHHNVSRQHQWH2SüHQLWRWRVXRQLHNVSRQHQWLNRMLVXX]DMDPQRUHODWLYQR SURVWLX RGQRVXQDPRGXOMQ=D*)WRMHVDPREURM 7DEOLFD 0QRåHQMHPRG 3ULPMHU=D*)HNVSRQHQFLMDOQDIXQNFLMDRGUH HQDMHWDEOLFRP7DEOLFDX SULORJX =D Q MHMQ HNVSRQHQWLUHODWLYQRSURVWLXRGQRVXQDVXL (XOHURYDIXQNFLMDMQSRND]XMHNROLNRXQL]XQLPDEURMHYDUHODWLYQRSURVWLKXRGQRVXQD Q $NRMHQ STDSLTVXSULPSURVWLEURMHYLWDGDMHMQ MST ST
,]WDEOLFHYLGLPRGDMH L WM 7R]QDþLGDPRUDELWLPRG 6OLþQRPRG LPRG 6OLþQRMHL]DVYDNLGUXJLHNVSRQHQWNRMHPXMHUD]XOWDWQHNLRGSULPLWLYQLKHOHPHQDWD 1SU 7LHNVSRQHQWLXMHGQRVXLMHGLQLEURMHYLPDQMLRGDSURVWL VXXRGQRVXQD $NRQ QLMHSURVWEURMSROMHYLãHQLMH*)HOLVHHNVSRQHQFLMDOQDIXQNFLMDVOLþQRSRQDãD .DGDMHQ STJGMHVXS L T SURVWLEURMHYLWDGDMHMQ STWHVHHNVSRQHQFLMDOQLP IXQNFLMDPDUDþXQDSRWDNRRGUH HQRPPRGXOX
,QYHU]QX HNVSRQHQFLMDOQX IXQNFLMX PRåHPR L]UDþXQDWL ]D RQH HNVSRQHQWH NRML VX SURVWLXRGQRVXQDM 3RJRGQLVXHNVSRQHQWLUHODWLYQRSURVWLXRGQRVX QD
L
1MLPDVXSURWQHYULMHGQRVWLRGUH XMHPRL]WDEOLFHPQRåHQMDSRPRGXOX PRG PRG WHMHPRG
6XSURWQH YULMHGQRVWL HNVSRQHQDWD MHGQDNH VX SRþHWQLP ãWR QLNDNR QH EL VPMHOL SRRSüLWLQDVYHPRGXOH
56$DOJRULWDP
1DMSR]QDWLML DOJRULWDP V MDYQLP NOMXþHP L]UDGLOL VX 5RQ 5LYHVW $GL 6KDPLU L /H $GOHPDQ L] 0,7D JRGLQH 56$ MH EORNãLIDUVNL VXVWDY X NRMHPX EORN RWYRUHQRJ WHNVWD ; X EORN NULSWRJUDPD < SUHUDþXQD HNVSRQHQFLMDOQRP IXQNFLMRP SR PRGXOL Q WH MH YHOLþLQDEORNDRGUH HQDVORJQ>ELW@8SUDNVLEORNRYLVXYHOLþLQHN>ELW@WDNRGDMHN Q N )XQNFLMDMHHNVSRQHQFLMDOQDWHMHãLIULUDQMHSUHPDMHGQDGåEL
< ;HPRGQ D GHNULSWLUDQMH ; <GPRGQ
'DNOH; <GPRGQ ;HGPRGQWHMHHG PRGMQ
.RGHULGHNRGHUPRUDMXSR]QDYDWLPRGXOQ NRGHUPRUD]QDWLH GHNRGHUG WHMDYQL NOMXþWYRULSDU.- ^HQ`DWDMQL.7 ^GQ`'DELDOJRULWDP]DGRYROMLRNULWHULMVLJXUQRVWL PRUDELWL
0RJXüHMHVUDþXQDWLHGLQWDNRGDMH;HGPRGQ ; ;Q
5HODWLYQRMHMHGQRVWDYQRVUDþXQDWL;HL <G]DVYHYULMHGQRVWL;Q -DNRMHWHãNRSUDNWLþQRQHPRJXüH VUDþXQDWLG NDGDVXSR]QDWLH L Q
.DRSUYRQ QLMHSURVWEURMYHüMHXPQRåDNGYDYHOLNDSURVWDEURMDS L T 6YDNLRGQMLK UHGDMHGRLOLYLãHWHMHQ UHGD 7LEURMHYLXELQDUQRMIRUPLLPDMXYLãHVWRWLQD ELWDGXJH]DSLVH,]WDNRGHILQLUDQRJPRGXODHNVSRQHQFLMDOQHIXQNFLMH]DVDPHHNVSRQHQWHMH PRGXO MQ ST WH MH ]D RGUH LYDQMH HNVSRQHQWD ]D GHãLIULUDQMH G L] SR]QDWRJ MDYQRJHNVSRQHQWD]DãLIULUDQMHH SRWUHEQR]QDWLS L T 3R]QDYDQMHQ GLRMDYQRJNOMXþDQH RPRJXüDYDL]UDþXQDYDQMHG 'DELRGUHGLRSLTNULSWRDQDOLWLþDUPRUDIDNWRUL]LUDWLUDVWDYLWL QDIDNWRUHMDNRYHOLNLEURMQ ãWRMHL]DVXYUHPHQHDOJRULWPHLUDþXQDODSUHWHãND]DGDüDNRMX QH PRJX VYODGDWL X GRJOHGQR YULMHPH 5D]YRMHP PDWHPDWLNH L UDþXQDOQLK VXVWDYD IDNWRUL]LUDQMH SRVWDMH VYH EUåH WH VH XYRGH YHüH YULMHGQRVWL S L T 7DNR LPDPR QDVWDYDN NODVLþQRJQDGPHWDQMDåDQGDUDLORSRYD7NRMHWNRSURVXGLWHVDPL $OJRULWDP56$VDGUåLVOLMHGHüHID]H 2GDEUDWLSURVWHSULPEURMHYHS L T NRMLRVWDMXWDMQL 6UDþXQDWLPRGXODQ ST NRMLSRVWDMHGLRLMDYQRJLWDMQRJNOMXþD 6UDþXQDWLMQ STãWRPRUDRVWDWLWDMQD 2GDEUDWLEURMH HNVSRQHQW]DãLIULUDQMHSURVWXRGQRVXQDMQNRMLXSDUXVQ WYRULMDYQLNOMXþ
6UDþXQDWLEURMG HNVSRQHQW]DGHãLIULUDQMHNRMLXSDUXVQ WYRULMDYQLNOMXþ
.RQDþQRREMDYLVHMDYQLNOMXþ.- ^HQ`DWDMQL.7 ^GQ`VDþXYDYODVQLN]DVHEH 3ULPMHU S T Q M 2GDELUHPRH SURVWXRGQRVXQDQSUH 5DþXQDPRG WDNRGDMHHG ,]WDEOLFHYLGLPRGDMHG
3RUXND PRåH ELWL ELOR NRML EURM PDQML RG QHND MH ; âLIULUDQMH MH < ; L] 7DEOLFDYLGLPRGDMH 'DNOHNULSWRJUDPMH<
1DRGUHGLãWXYODVQLNWDMQRJNOMXþDPRåHGHNULSWLUDWLSRUXNXUDþXQDMXüL<G ãWRSUHPD LVWRMWDEOLFLYLGLPRGDMH 3RUXNDMHXVSMHãQRGHNULSWLUDQD
$ULWPHWLþNLSUREOHPL
=DUD]OLNXRGãNROVNLKSULPMHUDXVWYDUQLPDSOLNDFLMDPDEURMHYLVNRMLPDVHUDþXQD ]QDWQRVXYHüL3ULPEURMHYLS L T YHOLþLQHVXGRLYLãHEORNRYLRWYRUHQRJWHNVWD GXJLVXYLãHVWRWLQDELWDWHXRELþDMHQHUDþXQVNHWHKQLNHQLVXSULPMHQOMLYH
9HOLNHSULPEURMHYHQSUS RGDELUHVHL]VNXSLQHQHSDUQLKEURMHYDWDNRãWRVHSURYHGH QHNROLNRWHVWRYDGMHOMLYRVWLUDþXQDVH1='QDMYHüL]DMHGQLþNLGMHOLWHOMVOXþDMQRRGDEUDQLP EURMHYLPD D S $NR MH X VYDNRP RG WLK SRNXVD 1=' ELR WDGD VH ]DNOMXþXMH NDNR MH RGDEUDQL EURM V GRYROMQRP VLJXUQRãüX SULP EURM 9MHURMDWQRVW GD MH X LQWHUYDOX 1 VOXþDMQR RGDEUDQL EURM S SULP EURM MHGQDND MH OQ 1 WH MH ]D EURMHYH YHOLþLQH ELWD SURVMHþQRSRWUHEQRWHVWLUDWLWDNEURMHYDGRNVHQHSURQD H SUDYL2GDELUS L T UDGLVHVDPR SULRGUH LYDQMXMDYQRJLWDMQRJNOMXþDWHVORåHQRVWSURFHGXUHELWQRQHXWMHþHQDSUDNWLþQRVW VXVWDYDXFLMHORVWL
6OLMHGHüL NRUDN RGUH LYDQMH SRJRGQH YULMHGQRVWL HNVSRQHQWD H ]D ãLIULUDQMH X] XYMHW 1='>MQH@ SURYRGLVHSULPMHQRP(XNOLGRYDDOJRULWPD
3ULPMHU 3URYMHULWLMHVXOLEURMHYLI LH X]DMDPQRSURVWL 4L ILGLY HLL GLYMHR]QDND]DFMHOREURMQRGLMHOMHQMH IL HL HL IL4L IL L 4 I 4LIL H GLY GLY GLY GLY GLY GLY GLY GLY GLY GLY GLY 7DEOLFD 3URYMHUDMHVXOLEURMHYLLUHODWLYQRSURVWL
.DNR MH H ]DNOMXþXMHPR GD MH 1=' WH WD GYD EURMD QLVX X]DMDPQRSURVWDâWRMHLELOR]DSUHWSRVWDYLWLMHUVXSDUQLEURMHYL 3ULPMHU 3URYMHULWLMHVXOLX]DMDPQRSURVWLEURMHYLI LH 4 I H 7DEOLFD 3URYMHUDMHVXOLEURMHYLLUHODWLYQRSURVWL
$OJRULWPRP MH LVSUDYQR LGHQWLILFLUDQ EURM NDR 1=' WH L QLVXX]DMDPQRSURVWLEURMHYL
3ULPMHU 3URYMHULWLMHVXOLX]DMDPQRSURVWLEURMHYLI LH 3ULPMHU
4 I H 1=' WHMHH LVSUDYQRRGDEUDQNDRHNVSRQHQW]DãLIULUDQMH 1DNRQRGDELUDEURMD H ]DWYRUEXWDMQRJNOMXþDLGHãLIULUDQMHSRWUHEQRMHL]UDþXQDWL G HSRPRGXOXQ =DWRMHSRJRGDQSURãLUHQL(XNORGRYDOJRULWDP
3ULPMHU 2GUHGLWLPRGQ H SULPMHQRPSURãLUHQD(XNOLGRYDDOJRULWPD ; ; ; Q < < < H ;L <L ;L <L ;L <L 4L ;LGLY<L <L ;L4L;L <L ;L4L;L <L ;L4L;L $OJRULWDPWHþHVYHGR<N 7DGDMH<N H D<N 1='IHPRUDELWL L 4 ; ; ; < < < 8 SUHG]DGQMHPL UHWNXWDEOLFHYLGLPRGDMH1=' LPRG
3ULPMHU 2GUHGLWLPRG SULPMHQRPSURãLUHQD(XNOLGRYDDOJRULWPD
L 4 ; ; ; < < < 'DNOHPRG 3ULPMHU 2GUHGLWLPRG L 4 ; ; ; < < < .DRUH]XOWDWGRELOLVPRGDMH PRG WRVWYDUQXYULMHGQRVWUDþXQDPR NDR WH MH PRG .DR SURYMHUX UDþXQDPR PRG PRG PRG 8 L]UDþXQDYDQMXNULSWRJUDPDWHXGHNULSWLUDQMXUDþXQDMXVHSRWHQFLMHYHOLNLKEURMHYD V YHOLNLPHNVSRQHQWLPD< ;H ; <GVYHSRYHOLNRPPRGXOXQ ST.UDMQMLUH]XOWDWMHVW YHOLNL EURM DOL VX PH XUH]XOWDWL SUHYHOLNL .DNR EL L]EMHJOL ]D UDþXQDOR SUHYHOLNH FLMHOH EURMHYHSULPMHQMXMXVHWULNRYL1SUXPMHVWR
< ;;;;PRGQUDþXQDVH
< ^>;;PRGQ@ ;@PRGQ` ; PRGQ
6YDNL RG UH]XOWDWD MH UHGD ; ãWR MH VDPR GYRVWUXNR GXOML EURM 8EU]DQMH UDþXQDQMD SRVWLåXVHYLãHNUDWQLPNYDGULUDQMHPSRPRGXOXQ
6QDJD56$
=D NULSWRDQDOLWLþDUD WHPHOMQL MH SUREOHP IDNWRUL]LUDQMH EURMD Q 5MHãDYDQMH WRJ SUREOHPD RYLVL R QDSUHGQLP PDWHPDWLþNLP DOJRULWPLPD EU]LQL L EURMX UDþXQDOD 5D]YLWDN DOJRULWDPDXEU]DRMHSRVWXSDNSXWDãWRXND]XMHQDVOLþQHPRJXüHVNRNRYHXEXGXüQRVWL NRMLELNRPSURPLWLUDOLVLJXUQRVW56$VXVWDYD,]OD]MHXGDOMHPSRYHüDQMXEURMHYDQD LYLãHGHFLPDOQLK]QDPHQNL
1DMYHüLSULPEURMWUHQXWDþQRSR]QDWMHVWãWRXGHNDGVNRMIRUPLRGJRYDUD EURMX VD ]QDPHQDND =D LVSLV WRJ EURMD QHRSKRGQD MH NQMLJD RG RNR VWUDQLFD 'DNOHXWUNDPDWHPDWLþDUDNULSWRJUDIDLPDWHPDWLþDUDNULSWRDQDOLWLþDUDQDVWDYOMDVH 'HFLPDOQLK ]QDPHQDND %LQDUQLK]QDPHQDND 'DWXP 0,36JRGLQD $OJRULWDP .YDGUDWLþQRSURVLMDYDQMH 3RRSüHQRSURVLMDYDQMH
7DEOLFD 1DSUHGDN XIDNWRUL]DFLML
3RWYUGDL]YRUQRVWLLFMHORYLWRVWLSRUXNH
1D SRþHWNX SRJODYOMD R NULSWRJUDILML QDYHGHQR MH GD NULSWRJUDIVNL VXVWDYL X] WDMQRYLWRVWQXGHMRãGYLMH]DãWLWQHIXQNFLMH
$XWHQWLþQRVWR]QDþDYDSRWYUGXL]YRUDSRUXNH
,QWHJULWHW RVLJXUDYD GD SRUXND QLMH VOXþDMQR LOL QDPMHUQR PRGLILFLUDQD WLMHNRP SULMHQRVD
.DGDMHXSLWDQMXL]YRUSRUXNHPRJXüLVXODåQLVXGLRQLFLNRPXQLNDFLMVNRJVXVWDYD HQJPDVTXHUDGH NRMLQDVWRMHVYRMHSRUXNHSRGYDOLWLVXVWDYXL]UD]OLþLWLKUD]ORJD1DMþHãüH VH JRYRUL R SURPMHQL X VDGUåDMX SRUXNH XEDFLYDQMHP RGORPDND QHSRVWRMHüLK X RULJLQDOX EULVDQMHP GLMHORYD SRUXNH SUHPMHãWDQMHP RGORPDND LOL UD]OLþLWLP L]PMHQDPD $NR MH NRPXQLNDFLMDXREOLNXGLMDORJDGYDMXVXGLRQLNDPRJXüHMHXEDFLYDQMH EULVDQMHLOLSURPMHQD UHGRVOLMHGDSRMHGLQDþQLKSRUXND6QLPDQMHPGLMDORJDPRJXüHMHNDVQLMHODåQRSRQDYOMDQMH LPLWLUDQMHFLMHORJNRPXQLNDFLMVNRJSURFHVD6GUXJHVWUDQHSRãLOMDWHOMSRUXNHPRUDVHPRüL RVLJXUDWL RG SRULFDQMD SULPDWHOMD GD MH QHNX SRUXNX XRSüH SULPLR LOL GD MX MH SULPLR X