$11$/(6©6HUKLVWVRFLRO©©©
3252à,/$5(/$=,21,5(32576Ÿ

=ULQND0LOHXVQLÜ
3URMHNW
'(',Éà,1$6(5(1,66,0(
%HQHÊND UHSXEOLND]QDQD WXGL NRW6HUHQLVVLPD MH Y
QHNDMVWROHWLKVYRMHGRPLQDQWQHSULVRWQRVWLY]JRGRYLQL
MDGUDQVNHJDSURVWRUDSXVWLODPRáDQSHáDWÊHGDQHVMDV
QRSUHSR]QDYHQY DUKLWHNWXUL XUEDQL]PX MH]LNX DUKH
RORJLML WHU ÊWHYLOQLK GUXJLK YLGLNLK NXOWXUQH GHGLÊáLQH
WHJDSURVWRUD
3RPHQDUKHRORÊNLKUD]LVNDYSULSURXáHYDQMXGHGLÊáL
QH6HUHQLVVLPHMHSURI0LWMD*XÊWLQSUHSR]QDOÌH]JRGDM
LQOHWDVSRVWDYLWYLMRUD]VWDYH.RSHUPHG5LPRPLQ
%HQHWNDPL SUYLá MDYQR RSR]RULO QD WRYUVWQR GHGLÊáLQR
1MHJRYD SUL]DGHYDQMD GD EL DUKHRORÊND VWURND VSUHMHOD
UD]LVNDYH GHGLÊáLQH 6HUHQLVVLPH VR VH QDGDOMHYDOD LQ
UHDOL]LUDODVNR]LÊWHYLOQHDNWLYQRVWLLQSXEOLNDFLMH
3UDYDSULORÌQRVWGDELVHÊWHYLOQHUD]LVNDYH]GUXÌLOH
LQ SULGRELOH SRPHQ ] YNOMXáHYDQMHP Y PHGQDURGQL
]QDQVWYHQL SURVWRU VH MH SRQXGLOD WDNRM SR XVWDQRYLWYL
,QÊWLWXWD]DGHGLÊáLQR6UHGR]HPOMDRENRQFX OHWD
7RMHELOáDVNRVRELOHSRVWDYOMHQHRVQRYQHVPHUQLFHLQ
REOLNRYDQDVWUDWHJLMDERGRáLKUD]LVNDY LQÊWLWXWD2EÊWH
YLOQLKGUXJLKWHPDKMHELODSR]RUQRVWUD]LVNDYXVPHUMHQD
WXGL QD UD]LVNDYH EHQHÊNH GHGLÊáLQH MDGUDQVNHJD SUR
VWRUDSUHGYVHPYDUKHRORÊNLKNRQWHNVWLK,VWRáDVQRVRVH
VORYHQVNLPUD]LVNRYDOQLPLQÊWLWXFLMDPSRQXGLOHPRÌQR
VWLáUSDQMD ILQDQáQLKYLURY(8NL VRYRNYLUXSURJUDPD
.XOWXUDSRGSLUDOHUD]LVNDYHLQSURPRFLMRNXOWXUQH
GHGLÊáLQH /HWD  MH ELO PHG L]EUDQLPL HQROHWQLPL
SURMHNWL WXGL SURMHNW 'HGLÈßLQD 6HUHQLVVLPH 3ULMDYLWHOM
SURMHNWDLQYRGLOQDRUJDQL]DFLMDMHELO,QÊWLWXW]DGHGLÊáL
QR 6UHGR]HPOMD 83 =56 SRG YRGVWYRP SURI 0LWMH
*XÊWLQD 3DUWQHUML LQ VRRUJDQL]DWRUML VR ELOL SURI 6DXUR
*HOLFKL ] 8QLYHU]H &D
)RVFDUL L] %HQHWN SURI *LDQ
3LHWUR %ULRJROR ] 8QLYHUVLWj GHJOL VWXGL L] 3DGRYH LQ
SURI.RQUDG6SLQGOHU]/HRSROG)UDQ]HQV8QLYHUVLWlW L]
,QQVEUXFND
&LOM SURMHNWD MH ELOR UD]ÊLUMDQMH ]QDQMD R UD]OLáQLK
NXOWXUQLKLQWHUDNFLMDKLQL]UD]LKREMDGUDQVNLREDOL3UR
MHNWQH DNWLYQRVWL VR ELOH XVPHUMHQH Y REGREMH GRPLQD
FLMH 6HUHQLVVLPH WHU Y SURPRFLMR ]QDQMD R GUXÌEHQR
HNRQRPVNLK LQWHJUDFLMVNLK SURFHVLK SRG PRáQLP YSOL
YRPQMHQHFHQWUDOL]LUDQHHNRQRPLMH
3UHXáHYDQMHÊWHYLOQLKRGORPNRYNHUDPLáQHJDSRVRG
MD]QRWUDMDUKHRORÊNLKNRQWHNVWRYSRQXMDRGOLáQRRURGMH
]D GDWLUDQMH WHU MH WXGL GREHU SULSRPRáHN ]D UHNRQ
VWUXNFLMR WUJRYLQH Y áDVX 6HUHQLVVLPH LQ SRVDPH]QLK
YLGLNRY YVDNGDQMHJD ÌLYOMHQMD 7R MH ELO UD]ORJ GD MH
PHWRGRORÊNR SURMHNW WHPHOMLO QD UD]LVNDYDK LQ SUH]HQ
WDFLML NHUDPLáQHJD JUDGLYD 'RGDWQR VR ELOH L]YHGHQH
WXGLPDQMÊHUD]LVNDYHQHNDWHULKNOMXáQLKQDMGLÊáNRWQD
SULPHU 6WDUL %DU Y àUQL JRUL $UKHRORÊNH UD]LVNDYH Y
6WDUHP%DUX VRELOHRVUHGRWRáHQHQD UD]LVNDYH ORÊáHQH
NHUDPLNH LWDOLMDQVNHJD Y YHáML PHUL EHQHÊNHJD L]YRUD
1DWDQDáLQMHELORRPRJRáHQRUD]XPHYDQMHWUJRYLQHWHU
PHGVHERMQLK RGQRVRY %HQHWN LQ SRVDPH]QLK PHVW RE
-DGUDQX
3URMHNWQH DNWLYQRVWL VR REVHJDOH SURVWRU FHORWQH
Y]KRGQH MDGUDQVNH REDOH 3UL QMLKRYHP REOLNRYDQMX LQ
L]YDMDQMX VR VRGHORYDOL VRGHODYFL L] YVHK SDUWQHUVNLK
LQÊWLWXFLM WHU QHNDWHULK ORNDOQLK LQÊWLWXFLM NL VR ELOH GR
GDWQR YNOMXáHQH Y SURMHNW $UKHRORÊNL PX]HM L] =DGUD
3RNUDMLQVNL PX]HM L] %DUD WHU 0HVWQL PX]HM L] 6SOLWD
6RGHORYDQMHLQLQWHUDNFLMDLQÊWLWXFLMVWDRPRJRáLODL]PH
QMDYRLQQDGJUDGQMRREVWRMHáHJD]QDQMDUD]OLáQLK]QDQ
VWYHQLKSULVWRSRYLQPHWRGRORJLMHWHUUD]OLáQLKSULVWRSRY
QDWHPRRKUDQMDQMDLQSUH]HQWDFLMHRVWDQNRYPDWHULDOQH
NXOWXUH
5H]XOWDWL UD]LVNDY VR ELOL SUHGVWDYOMHQL QD UD]OLáQLK
UDYQHK=QDQVWYHQLPNURJRPVRELOHQDPHQMHQHPRQR
JUDILMH6WDUL%DUNHUDPLNDYHQHFLMDQVNRJGRED0ODGHQD
=DJDUáDQLQD  8RPDN GR XORPND+HOJH =JODY
0DUWLQDFLQ6UHGQMHYHÈNDLQQRYRYHÈNDNHUDPLND
L] 3LUDQD LQ 6YHWHJD ,YDQD NL MR MH XUHGLO0LWMD*XÊWLQ
 ÉLUÊL MDYQRVWL MH ELO QDPHQMHQ NDWDORJ QDMGE L]
SRWRSOMHQH ODGMH SUL *QDOLßX  9VH SXEOLNDFLMH
SUHGVWDYOMDMR NHUDPLáQRJUDGLYR L] áDVD EHQHÊNH GRPL
QDFLMH]UD]OLáQLKORNDFLMREY]KRGQLMDGUDQVNLREDOL WHU
RPRJRáDMRSUHSR]QDYDQMHVSHFLILNPDWHULDOQHNXOWXUHL]
LVWHJDáDVQDUD]OLáQLKJHRJUDIVNLKREPRáMLK
9 SURMHNWX MH ELOR SUHGYLGHQLK WULQDMVW DNWLYQRVWL
YHQGDUMH(YURSVNDNRPLVLMDRGREULODOHILQDQFLUDQMHGH
YHWLK.OMXEWHPXVRVRGHODYFLSURMHNWDSULGRELOLILQDQFH
]DL]YDMDQMHYVHKSUHGYLGHQLKDNWLYQRVWL L]GUXJLKYLURY
LQWDNRYFHORWLL]SHOMDOLYVHQDáUWRYDQHGHMDYQRVWL
=HOR GREUR VRGHORYDQMH PHG SDUWQHUML MH LPHOR ]D
SRVOHGLFRWXGLSR]LWLYHQRGPHYPHGUD]OLáQLPLVWURNRY
QMDNL LQ LQÊWLWXFLMDPL NL VR VH ÌHOHOH DNWLYQRYNOMXáLWL Y
SURMHNW =DWR VR ELOH L]YHGHQH WXGL QHNDWHUH GRGDWQH
GHMDYQRVWL9VRGHORYDQMX]0HVWQLPPX]HMHPL]6SOLWD
MHELODRUJDQL]LUDQDPHGQDURGQDGHODYQLFDQDWHPREH
QHÊNHNHUDPLNHRE-DGUDQXLQÊLUÊHQDREPRáMX%DONDQD
9 6SOLWX MH JRVWRYDOD UD]VWDYD .RSHU PHG 5LPRP LQ
%HQHWNDPLDYWRUMHY0LWMH*XÊWLQDLQ5DGRYDQMD&XQMHL]
3RNUDMLQVNHJD PX]HMD Y .RSUX 'RGDWQH DNWLYQRVWL VR
YNOMXáHYDOHWXGLYUVWRSUHGDYDQM LQSUHGVWDYLWHYSURMHNW
QLKUH]XOWDWRYPHGGUXJLPWXGLáODQRP6ORYHQVNHJDLQ
àUQRJRUVNHJDDUKHRORÊNHJDGUXÊWYD
6NXSQL UH]XOWDWSURMHNWD MHELORY]SRVWDYOMDQMH VRGH
ORYDQMDPHGUD]LVNRYDOFLL]ÊWHYLOQLKVUHGR]HPVNLKLQÊWL
WXFLM3RVHEHQXVSHKSUHGVWDYOMD VRGHORYDQMH] UD]LVNR
YDOFLL]EDONDQVNLK LQÊWLWXFLM3RND]DOR MHSRWUHERSRÊH
EROMLQWHQ]LYQHPVRGHORYDQMXYSULKRGQRVWLVSRVHEQLP
SRXGDUNRPSRUD]LVNDYDKGUXÌEHQLKNXOWXUQLKLQWUJRY
VNLK RGQRVRYPHG%HQHWNDPL LQ %HQHÊNR UHSXEOLNR WHU
LQWHUDNFLMR ] HOHPHQWL SUHGKRGQH EL]DQWLQVNH WHU NDV
QHMÊHRVPDQVNHGRPLQDFLMH
8VSHÊQR VRGHORYDQMH LQ UH]XOWDWL NL VR ELOL YHOLNR
EROMREVHÌQLNRW MHELORSUHGYLGHQRY VDPHPSURMHNWX
VR SRND]DOL SRWUHER SR QDGDOMHYDQMX =DUDGL WHJD MH
$11$/(6©6HUKLVWVRFLRO©©©
3252à,/$5(/$=,21,5(32576Ÿ

,QÊWLWXW]DGHGLÊáLQR6UHGR]HPOMDOHWDQDQRYUD]
SLV.XOWXUDSULMDYLOQDGDOMHYDQMHSURMHNWDSRGLPH
QRP 'HGLÈßLQD 6HUHQLVVLPH SUHGVWDYLWHY DUKLWHNWXUQLK
LQ DUKHRORÈNLK RVWDQNRY%HQHÈNH UHSXEOLNH 7XGL WRNUDW
VRELOLSDUWQHUML LQ VRRUJDQL]DWRUML SURI 6DXUR*HOLFKL ]
8QLYHU]H&D
)RVFDULL]%HQHWNWHUSURI.RQUDG6SLQGOHU
LQSURI+DUDOG6WDGOHU]/HRSROG)UDQ]HQV8QLYHUVLWlWL]
,QQVEUXFND
1DPHQSURMHNWD MHELOD UD]ÊLULWHY UD]LVNDYGHGLÊáLQH
%HQHÊNHUHSXEOLNHQDREPRáMHVHYHUQHJD -DGUDQDNL MH
NOMXáQHJD SRPHQD ]D UD]XPHYDQMH GUXÌEHQRHNRQRP
VNLK RGQRVRY GLVWULEXFLMH SRVDPH]QLK SUHGPHWRY LQ
PHGNXOWXUQLKYSOLYRYYáDVXSUHYODGH%HQHÊNHUHSXEOLNH
QD SRGODJL DQDOL] JUDGLYD L] DUKHRORÊNLK NRQWHNVWRY
3ROHJSURXáHYDQMDNHUDPLNHVRELOHSURMHNWQHDNWLYQRVWL
XVPHUMHQH WXGL QD DQDOL]H LQ SUHGVWDYLWHY DUKLWHNWXUQH
GHGLÊáLQH
3RVHEQRVW QDGDOMHYDQMD SURMHNWD MH WXGL Y UD]ÊLUMHQL
WHPDWLNL UD]LVNDY NL VR VH SROHJ DQDOL] EHQHÊNH NHUD
PLNH RVUHGRWRáLOH WXGL QD UD]LVNDYH EHQHÊNH DUKLWHN
WXUQH GHGLÊáLQH LQ WDNR XVWYDUMDMR SRSROQHMÊR VOLNR EH
QHÊNLK YSOLYRY SUHGYVHP QD REPRáMX Y]KRGQH MDGUDQ
VNH REDOH GRGDWQR SD ÊH QD %DONDQX LQ GHOQR WXGL QD
SURVWRUXFHQWUDOQH(YURSH
1DPHQSURáHYDQMDLQ UD]LVNDY MHELOD UHNRQVWUXNFLMD
SURFHVRY HNRQRPVNH LQWHJUDFLMH WHU SUHQRVD HVWHWVNLK
NULWHULMHY Y REOLNRYDQMX XSRUDEQLK L]GHONRY LQ DUKLWHN
WXUH L] %HQHWN QD REPRáMH &DSXW $GULDH LQ ]DOHGMD
Y]KRGQH -DGUDQVNH REDOH LQ %DONDQD =D LOXVWUDFLMR
SURFHVRYVRELOLL]EUDQLWUJRYVNLSURL]YRGLNRWVRVWHNOR
LQRNUDÊHQDJOD]LUDQDNHUDPLNDNLMLKMH%HQHÊNDUHSXE
OLNDL]YDÌDODLQVRELOL]DUDGLPQRÌLáQHSURL]YRGQMHQD
WUJX ODKNR GRVWRSQL YHQGDU ]DUDGL VYRMHJD L]YRUD WXGL
VNUEQRKUDQMHQL1DGUXJL VWUDQL SD VR ELOH XSRÊWHYDQH
DUKLWHNWXUQH UHÊLWYH NL VR L]YLUDOH L] REOLNRYQHJD VYHWD
EHQHÊNHVUHGQMHYHÊNHLQQRYRYHÊNHDUKLWHNWXUH
,]KRGLÊáH]DSUHGVWDYLWHYWHPDWLNHEHQHÊNHGHGLÊáLQH
MH ELOD VORYHQVND REDOD V VYRMLPL PHVWL Y QHSRVUHGQL
EOLÌLQL %HQHWN 5D]LVNDYH VR ELOH GRSROQMHQH V SURXáH
YDQMHP WH GHGLÊáLQH QD REPRáMX ÊLUÊHJD MDGUDQVNHJD
REPRáMD Y OXáL DUKHRORÊNLK QDMGE1D SRGODJL VOHGQMLK
LQ SRVDPH]QLK QDMGLÊá VR DUKHRORJL SRVNXÊDOL VOHGLWL
EHQHÊNLPYSOLYRPQDPDWHULDOQRNXOWXUR&DSXW$GULDH
,VWUH )XUODQLMH LQ 7LUROVNH WUJRYLQL VRFLDOQRHNRQRP
VNHPX UD]YRMX NRW WXGL ORNDOQLP HOHPHQWRP NL VR MLK
%HQHáDQLSUHY]HOLVWHKREPRáLM
'UXJLGHOGHMDYQRVWLMHREUDYQDYDOQDMGEHL]EHQHÊNH
WUJRYVNH ODGMHSRWRSOMHQHSUL*QDOLßXQD+UYDÊNHPRE
Y]KRGQL REDOL -DGUDQD 6 SRPRáMR DQDOL] JUDGLYD MH
DUKHRORJRPXVSHORUHNRQVWUXLUDWLQHNDWHUH WUJRYVNHSRWL
LQEODJRNLVRJD%HQHáDQLGLVWULEXLUDOLSDWXGLEODJRNL
VR JD YPHVWR XYDÌDOL 1D SRGODJL DQDOL] VR GHOQR UH
NRQVWUXLUDOL WXGL YVDNGDQMH ÌLYOMHQMH QD ODGML 5H]XOWDW
UD]LVNDYMHREMDYDDQJOHÊNHJDNDWDORJDJUDGLYDNLJD MH
XUHGLOD=ULQND0LOHXVQLß,]YDMDQMHUD]LVNDYMHSULSHOMDOR
WXGL GR XVSHÊQHJD VRGHORYDQMD ] DQJOHÊNLPL VWURNRY
QMDNL5H]XOWDWVRGHORYDQMDSDSUHGVWDYOMDPRQRJUDILMDR
VWHNOHQHP WRYRUX SRWRSOMHQH ODGMH 7KH*ODVV IURP WKH
*QDOLÝ:UHFN DYWRUMHY ,UHQH/D]DU] ,QÊWLWXWD]D
GHGLÊáLQR6UHGR]HPOMDLQ+XJKD:LOOPRWWD]8QLYHU]HY
6KHIILHOGX WHUVSULVSHYNRP&DUROLQH -DFNVRQ] LVWHXQL
YHU]HNLMHRSUDYLODREVHÌQHDQDOL]HVWHNOD
$NWLYQRVWL SRVYHáHQHDUKHRORÊNLP L]NRSDYDQMHP LQ
UD]LVNDYDPVUHGQMHYHÊNHJDPHVWD6WDUL%DUYàUQL*RUL
NL VR UD]NULOL RVWDQNH EHQHÊNH GHGLÊáLQH Y PHVWLK RE
Y]KRGQLREDOL-DGUDQDWHUQDREPRáMX%DONDQDVRRPR
JRáLOHODÌMRUHNRQVWUXNFLMRWUJRYLQHLQVRFLRHNRQRPVNLK
RGQRVRYPHGPHVWLQDREDOL LQYQRWUDQMRVWL]%HQHÊNR
UHSXEOLNR ,VWHJD OHWD MH ELOD L]YHGHQD WXGL UHYL]LMD DU
KHRORÊNLKQDMGEL]RVPDQVNHJDáDVD5H]XOWDW WHJDGHOD
MH PRQRJUDILMD 2WWRPDQ WLPHV 7KH VWRU\ RI 6WDUL %DU
DYWRUMHY0LWMH*XÊWLQD9HVQH%LNLßLQ=ULQNH0LOHXVQLß
 .OMXE WHPX GD VH MH SURMHNW NRQáDO OHWD 
UD]LVNDYH Y 6WDUHP %DUX ÊH YHGQR SRWHNDMR SRG YRG
VWYRPSURI6DXUD*HOLFKLMD
5H]XOWDWL SURMHNWQLK DNWLYQRVWL VR ELOL SUHGVWDYOMHQL
WXGLQDVSOHWXQDPHGQDURGQLKNRQIHUHQFDK WHUY]QDQ
VWYHQLK LQ SROMXGQLK SXEOLNDFLMDK (QD L]PHG SRPHPE
QHMÊLKGRJRGNRYGUXJHJDGHODSURMHNWD MHELOD WXGLRUJD
QL]DFLMDPHGQDURGQHNRQIHUHQFH'HGLÈßLQD6HUHQLVVLPH
Y,]ROLLQ%HQHWNDKOHWD1DQMHMVRELOLSUHGVWDYOMHQL
QDMSRPHPEQHMÊL L]VOHGNL UD]LVNDY LQ SURMHNWQLK GHMDY
QRVWL9NOMXáHQLVRELOL WXGLÊWHYLOQLSULVSHYNL UD]LVNRYDO
FHYVFHORWQHJDREPRáMD6UHGR]HPOMDLQL](YURSH
7HPH SUHGVWDYOMHQH QD NRQIHUHQFL VR ELOH REMDY
OMHQHYREVHÌQHP]ERUQLNX'HGLÈßLQD6HUHQLVVLPHNLVR
JDXUHGLOL0LWMD*XÊWLQ6DXUR*HOLFKLLQ.RQUDG6SLQGOHU
=ERUQLNSUHGVWDYOMDQDMQRYHMÊHUH]XOWDWHUD]LVNDY
RSRPHQX LQYSOLYX WUJRYLQHY VUHGQMHPYHNX LQ ]JRG
QMHPQRYHPYHNXQDREPRáMXY]KRGQHJDLQVHYHUQHJD
-DGUDQD 9HáLQD SULVSHYNRY SULND]XMH UH]XOWDWH DUKHR
ORÊNLK ]JRGRYLQVNLK LQ XPHWQRVWQR]JRGRYLQVNLK UD]LV
NDYYSOLYDWUJRYVNHSROLWLNH%HQHÊNHUHSXEOLNH
2E YHáNUDW SRXGDUMHQHP GHMVWYX GD MH ELO SURMHNW
'HGLÊáLQD6HUHQLVVLPHXVSHÊQRREOLNRYDQ LQ L]SHOMDQ MH
SRPHPEQRWXGLGDVHMHXVSHÊQR]GUXÌHYDOVSRGREQLPL
SURMHNWL LQ XVWYDULO FHOR YUVWR GRGDWQLK DNWLYQRVWL WHU
SULYDELO UD]LVNRYDOFH V SRGREQLPL UD]LVNRYDOQLPL LQWH
UHVL'YDNUDWSULMDYOMHQLQL]EUDQSURMHNWMH,QÊWLWXW]DGH
GLÊáLQR 6UHGR]HPOMD LQ8QLYHU]R QD 3ULPRUVNHP XYUVWLO
PHGQDMEROMXSHÊQH LQÊWLWXFLMHPHG VORYHQVNLPL SULMDYL
WHOMLYSURJUDPX.XOWXUD3URMHNW MHSR]LWLYQRYSOL
YDOWXGLQDERGRáHPHGQDURGQHSURMHNWH83=56VDMVR
SULREOLNRYDQMXQHNDWHULKYHáMLKLQ]HORXVSHÊQLKSURMHN
WRY NRW MH QD SULPHU SURMHNW 6UFH ,VWUH VRGHORYDOL UD]
LVNRYDOFLNL VRSUYH L]NXÊQMHSLVDQMDPHGQDURGQLKSUR
MHNWRYSULGRELOLSUDYQDSURMHNWX'HGLÊáLQD6HUHQLVVLPH