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

SUHVHQHWLOD XSRUDED VLSLQH NRVWL ]D L]GHODYR NDOXSD ]D
XOLYDQMHNRYLQ
0HG SUHGDYDWHOMLGHPRQVWUDWRUML MH L]VWRSDO $QGUHD
7HVWD,,&URJLROR$UWHRUDIDVWHPR=ODWDUVWYRYDQWLNL
JUDQXODFLMDORWDQMH]EDNURYLPLVROPLVHULMVNDSURL]YRG
QMDYRWLYQLKSUHGPHWRYVSRPRßMRNDOXSDVDMMHELOSUL
ND] JUDQXODFLMH NRW VR MR SR Y]KRGQLK UHFHSWLK XSR
UDEOMDOL(WUXÊáDQL LQSR]QHMHQDWDQáQRRSLVDO3OLQLM IDV
FLQDQWHQ6WDUHMÊLNROHJLVHPRUGDVSRPLQMDMRSUHGDYDQM
SURI GU = 9LQVNHJD  D QD]RUHQ YSRJOHG Y GUREQH
]ODWHNURJOLFHMHYVHNDMGUXJHJD
'DULR%DWWDJOLD,VWLWXWR$UV'LPLFDQGLL]%HUJDPDMH
SULND]DO Ÿ Y VOLNL LQ EHVHGL Ÿ QDáLQH ERMHYDQMD JODGLD
WRUMHY'RUH]XOWDWRYMHQMLKRYDVNXSLQDSULÊODSRPXNR
WUSQHP WXGL EROHáHP LQ NGDM SD NGDM NUYDYHP ERMH
YDQMX]RURÌMHPLQRSUHPRáHODGDÊáLWSUVQDSORÊáD
LQVSULPHUMDQMHPXSRGRELWHYLQRSLVRYJODGLDWRUMHY7R
UHM UHVHNVSHULPHQWDOQDDUKHRORJLMD$YWRU MH WXGLQDSR
YHGDOVNRUDMÊQMLL]LGNQMLJHRERMHYDQMXJODGLDWRUMHY
.DNRVHMHGHODOÈNUODW"MHUD]ORÌLODRENXSXQDEUDQLK
YROHNRYPXUH[RY &ULVWLQH 0DFKHERHXI L] %RUGHDX[D
VRGHODYND KUYDÊNRIUDQFRVNLK L]NRSDYDQM Y /RURQX SUL
3RUHáX7LVHYHUQRMDGUDQVNLSROÌLLPDMRL]UHGQRPDMKQR
NROLáLQRYSULPHUMDYL]OHYDQWLQVNLPLGUDJRFHQHVQRYLY
SRVHEQLÌOH]LLQYVDNHJDPRUDPRUD]ELWLLQSRYOHáLÌOH
]R Ÿ NDU MH SRND]DOD Y ÌLYR 3RWHP VOHGL SRVHEHQ SR
VWRSHNNXKDQMDNDUQDMELSRND]DODQHNDMGQLSR]QHMHY
3RUHáX
1HXWUXGQD1DUFLVD%ROÊHF)HUULVVRGHODYNDPLMHSR
ND]DOD.DNRVPRVHRGMHYDOLQDSULPHUXWRJH.DUVHGHP
PHWURY GROJ LQ GYD PHWUD ÊLURN NRV WNDQLQH MH UDYQR
SUDYÊQMLGDQDPMHSRVWDYQHJDPDQHNHQDRGHODYWRJR
=DWUMHYDOD MH GD GUXJDáH QH JUH LQ GD MH WHKQRORJLMR
XJRWRYLODSRQHÊWHWRSRVNXVLKNDUMLVHYHGDYHUMDPHPR
,]NXÈQMH X UHNRQVWUXNFLML DQWLßQLK REUHGRY VR QDP
SULND]DOLQDYGXÊHQFLL]9LOODGRVHSUL5RYLJX*$9VH]
$QWURSRORJLD 6RFLDOH GHOO
$QWLFKLWj 6NXSLQD OMXELWHOMHY
SRVNXÊD QD RVQRYL DUKHRORÊNLK QDMGE LQ EUDQMD EHVHGLO
RÌLYLWLSRVDPH]QHVFHQHL]SDOHRYHQHWVNHJDLQULPVNHJD
REGREMD RE REUHGLK SRURND GRGHOLWHY ]HPOMLÊá OHJLR
QDUMHP SULÌLJDQMH RJQMD WHU SULUHGLWHY VRMHQMH SULSR
YHG R =HQRELML  9RGLOQL PRWLY VRGHODYFHP MH VSR
]QDYDQMHLQUD]ELUDQMHGRJRGNDSDWXGLGUXÌHQMH
0DMD &UQLá =QDQVWYHQR HGXNDFLMVNL FHQWDU L] 9LÊ
QMDQDSRVNXÊDVNR]L ,]YDQQDVWDYQXDNWLYQRVW L]HNVSHUL
PHQWDOQH DUKHRORJLMH X RVQRYQRM ÈNROL RÌLYHWL ] RWURNL
YVDNRGQHYQRGRJDMDQMHYNRYLQVNLKREGREMLK7RYNOMX
áXMHSRSLVDUKHRORÊNLKQDMGLÊáRSLVSUHGPHWRYREGHOR
YDQMHQMLYHLQSULGHORYDQMHKUDQHQDVWDULQVNLQDáLQ
7HD.DWXQDULßL]6SOLWD8PMHWQLáNDDNDGHPLMDVHMH
VVNXSLQRVRGHODYFHYYNORWLODSLVDQMDDOWHUQDWLYQHJDSOD
QLQVNHJD9RGLáDSR0RVRUXLQ3ROMLFL9RGLORMHELORGD
VR QDÊWHWH UD]QRYUVWQH ]DQLPLYRVWL RG DUKHRORJLMH GR
DUKLWHNWXULQUDVWOLQVWYDSDWXGLOHJHQGHNLVRYH]DQHQD
SRVDPH]QHNUDMHÉHOHNR MHYRGLá L]ÊHO VRGRELOLSRG
SRURRGORNDOQLKREODVWL
9RNYLUXVWURNRYQHJDVUHáDQMDMHELOSUHGVWDYOMHQWXGL
=ERUQLNODQVNHJDSUYHJDVUHáDQMDY8PDJX,QREOHWX
ERL]ÊHOWXGL=ERUQLN$WWLWRNUDWQHJD
2ESLVDQMXWHJDSULND]DVPRÌHOHOLSRND]DWLGDHNV
SHULPHQWDOQD DUKHRORJLMD QL L]NOMXáQR SULYLOHJLM GREUR
RSUHPOMHQLK]QDQVWYHQLKODERUDWRULMHYSDáSDWXGLSRVD
PH]QLNRY LQVNXSLQNLSRVNXÊDMRREQRYLWLR]LURPDSR
QRYQRREXGLWLGRORáHQD]QDQMDLQYHGQRVWLNLYVDNGDQ
L]JLQMDMRDOL SD MLK NUDWNRPDORXQLáXMHPR]PQRÌLáQR
SURL]YRGQMR =D WR PRUDPR ELWL KYDOHÌQL VNXSLQL L]
8PDJDNL MH WDGDQR]LURPDYVH WULGQLÌLYH6HSRPDMH
RPRJRáLODSUHWRN]QDQMDLQYHGHQMD=GLVHGDMHGREUR
Y]GXÊMHNLVRJDJRVWLWHOMLXVWYDULOLELVWYHQRSULSRPRJOR
NWHML]PHQMDYL
0DWHMÈXSDQÞLÞ
*,251$7$,17(51$=,21$/(',678',
0('1$52'1,É78',-6.,'$1/8':,*.$5/
026(5Ÿ75$9,(11$(75,(67(0('
'81$-(0,1756720=:,6&+(1:,(181'
75,(677UVWQRYHPEUD
1DURGQD LQ ÊWXGLMVNDNQMLÌQLFD WHU0HVWQLPX]HML]D
]JRGRYLQRLQXPHWQRVW&LYLFL0XVHLGL6WRULDHG$UWHL]
7UVWDVRRUJDQL]LUDOLHQRGQHYQRSRVYHWRYDQMHRGU/.
0RVHUMXREOHWQLFLQMHJRYHVPUWL,QLFLDWLYDMHL]ÊODL]
.RPLVLMH ]D WRSRJUDILMR SUL 1É. WUÌDÊNL PX]HML SD VR
LGHMR VSUHMHOL.OMXE WHPX MHYHáML GHOSULSUDY VORQHOQD
GHOXLQWUXGXVORYHQVNHXVWDQRYH1DPHQVUHáDQMDMHELO
RVYHWOLWL SRPHQ WHJD VLFHU QHXWUXGQHJD D ]DUDGL SROL
WLáQLK LQ QDURGQRVWQLK UD]ORJRY SUH]UWHJD ÊOH]LMVNHJD
1HPFD*LPQD]LMVNL SURIHVRU QDUDYRVORYMD VH MH Y SUR
VWHPáDVXSRVYHáDOVSHOHRORJLMLDUKHRORJLMLIDYQLLQIORUL
WHU L]OHWQLÊWYX 7H GHMDYQRVWL MH VSUHWQR NRPELQLUDO LQ V
WHPÊLULO]DQLPDQMH]DQMHPHGPODGLQRLQRGUDVOLPL3R
OHJ WHJD MH KLWUR LQ VWDOQR SRURáDO R VYRMLK L]VOHGNLK LQ
RSDÌDQMLKGRPDLQQDWXMHPVNRUDML]NOMXáQRYQHPÊNR
SLÊRáH]QDQVWYHQH VWURNRYQH LQ SROMXGQH UHYLMH WHU áD
VRSLVH,]REMDYMHELORUD]YLGQRGDMHVYRMRŸSUHGYVHP
DUKHRORÊNRŸGHMDYQRVWYRNROLFL7UVWDQDVORQLOQDPUHÌR
GRPDáLKLQIRUPDWRUMHYáHVDURENRQFXLQY]DáHWNX
 VWROHWMD QMHJRYL LWDOLMDQVNL NROHJL QLVR SRáHQMDOL 7R
PX MHRODMÊDOR WXGL ]QDQMH SROMVNHJD LQ áHÊNHJD MH]LND
2E WHP VH MH QDVORQLO QD SRPRá 3UD]JRGRYLQVNH NR
PLVLMHLQWXGL2VUHGQMHVSRPHQLÊNHNRPLVLMHQD'XQDMX
NDU MH WXGL SRY]URáLOR Y GRORáHQLK WUÌDÊNLK NURJLK
QHJRGRYDQMH 1H OH WR RáLWDQR PX MH ELOR WXGL GD MH
PHG QDMGHQLPL SUHGPHWL QHNDM SRQDUHGNRY D NDNRU MH
UHNHO / + %DUILHOG MH ELO 0RVHU EROM ÌUWHY NRW DNWHU
SUHYDUH1D'XQDMXMHRVWDORÊHQHSRYVHPL]NRULÊáHQR
URNRSLVQRJUDGLYRVSRURáLOLREHPDNRPLVLMDPDY7UVWX
SD MH SUDY WDNR ÊH SUHWHÌQR QHL]NRULÊáHQR URNRSLVQR
JUDGLYRNLJDKUDQL0HVWQLQDUDYRVORYQLPX]HM
$11$/(6©6HUKLVWVRFLRO©©©
3252à,/$5(/$=,21,5(32576

2UJDQL]DWRUML VR SULGRELOL NDU  SUHGDYDWHOMHY L]
7UVWD.RSUD'XQDMD3XOMD3D]LQD LQ/MXEOMDQH LQ WXGL
SRVNUEHOL ]DSUHYDMDQMH1D UD]SRODJR VRELOL WXGLSRY
]HWNLLQSUHYRGLSUHGDYDQM
9 XYRGQL EHVHGL MH *LQR %DQGHOOL 'LSDUWLPHQWR GL
6FLHQ]H GHOO
$QWLFKLWj 8QLYHUVLWj GL 7ULHVWH RVYHWOLO
QDUDYRVORYQH LQ SUD]JRGRYLQVNH UD]LVNDYH Y REGREMX
SR]LWLYL]PD LQ WXGL PXOWLNXOWXUQRVWL 7UVWD  VWROHWMD
5HV MH GD MH SRVWDMDOR PHVWR ]QDQRVWL ]DWHPQMHQR RG
SDSLUQDWHJDPHVWDDXVSHOMHSRND]DWLGDVRSUHÌLYHOH
LQREVWDOHJORERNHNRUHQLQHPHVWD]QDQRVWL
ËLYOMHQMVNRSRW/.0RVHUMDMHRVYHWOLOD/LGLMD5XSHO
L]7UVWDËHOMHSRYSLVXQDVOLNDUVNRDNDGHPLMRRáH/XG
ZLJX.DUOXQLPRJHOLQQLWLQLKRWHOXUHVQLáLWLD]DPUOD
QL QLNROL 6DP MH Y URNRSLVQHP RVQXWNX ÌLYOMHQMHSLVD
SRND]DOQDOMXEH]HQGRÌLYOMHQMDYQDUDYLLQQD]DQLPD
QMH]DÌLYDOVWYRYPODGLKOHWLKWDNRÊWXGLMQDUDYRVORYQLK
]QDQRVWLQDWHGDQMLGXQDMVNLILOR]RIVNLIDNXOWHWLQHSUHVH
QHáD9VDWD]QDQMDMHXSRUDEOMDORGOHWDQDQHP
ÊNLGUÌDYQLJLPQD]LMLY7UVWX3RVHEHMMHSRXGDULODYHOLN
GHOHÌVORYHQVNLKGLMDNRYQDWHMÊROL
*HRORJ.DUO0DLV 1DWXUKLVWRULVFKHV0XVHXP:LHQ
VH MHQHKRWHQDYH]DOQDSUHGKRGQRSUHGDYDWHOMLFRD MH
SRND]DO WXGLQDQDáLQY]JRMHVUHGQMHÊROVNLKSURIHVRUMHY
Y PRQDUKLML LQ WXGL QD QMLKRY GHOHÌ SUL ÊLUMHQMX ]DQL
PDQMD]DQDUDYRVORYMHYPHVWLKNMHUVRGHORYDOL
*HRORJLQMD'HERUDK$UEXOOD0XVHR&LYLFRGL6WRULD
1DWXUDOH 7ULHVWH VH MH SRVYHWLOD SUHGPHWRP SUHGYVHP
NRÊáHQHPX PDWHULDOX NL VR SULVSHOL Y 0HVWQL QDUDYR
VORYQLPX]HMNRWUH]XOWDW0RVHUMHYHGHMDYQRVWLYMDPDK
'HO DUKHRORÊNHJDJUDGLYD MHELOÌH L]ORáHQ LQ JD MH WD
PX]HMSUHGDO0HVWQHPXPX]HMX]D]JRGRYLQRLQXPHW
QRVW
2UQLWRORJ7RPDÌ0LKHOLá L]/MXEOMDQH LQ0ËXSDQ
áLá L].RSUDVWDREMDYLOD0RVHUMHYRSLVPRGLUHNWRUMX WU
ÌDÊNHJD 1DUDYRVORYQHJD PX]HMD GU &DUOX GH 0DUFKH
VHWWLMXNMHU0RVHUVSUDÊXMHáHVRPRUGDQDVORYQLNX]QD
QLNRVWQLRVWDQNLVQHÌQHVRYH L]GHSR]LWRYNUDÊNLK MDP
7RYSUDÊDQMHPXMHQDPUHá]DVWDYLOXJOHGHQSDOHWQRORJ
(5HJjOLDL])LUHQF2EWHP0RVHUÊHSULSLÊHGDMHVDP
YLGHOYQHNLMDPLÌLYRVQHÌQRVRYR$YWRUMDSRNDÌHWDGD
0RVHUÌLYHVRYHSRYVHMYHUMHWQRVWLQLYLGHOGDSDVRGD
QHV]QDQLNRVWQLRVWDQNLWHVRYHL]Z€UPVNHSROHGHQLWYH
YEOLÌQML,VWUL
%ULJLWWD0DGHU .. .€VWHQODQGIRUVFKXQJ:LHQ7UL
HVW MHJRYRULODRRGQRVLK.0RVHUMD V3UD]JRGRYLQVNR
NRPLVLMRFHVDUVNHDNDGHPLMH]QDQRVWLLQ]2VUHGQMRNR
PLVLMR]DNXOWXUQHGREULQHQD'XQDMX7DNRVHMHVRGH
ORYDQMHVWHPDLQÊWLWXFLMDPDRNYLUQR]HORXVSHÊQR]DáH
OR ÌH ] L]NRSDYDQML JURELÊáD Y %HUDPX OHWD  LQ
QHNDNR]DNOMXáLOR]L]NRSRPLQVHYHGDWDNRMÊQMRREMDYR
6RFHUEDŸ2VYHWOLODMHWXGLYORJRSRVDPH]QLK
RVHEQRVWLNLVRNRQWDNWLUDOH]0RVHUMHP
/LGLMD1LNRáHYLß(WQRJUDIVNLPX]HM,VWUHL]3D]LQDMH
SULSUDYLOD ]D YHáLQR SRVOXÊDOFHYPDMKQR SUHVHQHáHQMH
VDM MH RVYHWOLOD 0RVHUMHYR HWQRJUDIVNR GHOR 2E YHOLNL
SDUDGLQD'XQDMXYáDVWREOHWQLFHYODGDQMDFHVDUMD)UDQ
FD-RÌHIDMHQDPUHáRUJDQL]LUDOYHáHWQRJUDIVNLKVNXSLQV
3ULPRUVNH NL VR QDVWRSLOH Y SDUDGL 7DNRM SR WHP MH
REMDYLO REVHÌHQ SULVSHYHN Y GXQDMVNL =HLWVFKULIW I~U
yVWHUUHLFKLVFKH9RONVNXQGH=DUDGL]DGUÌDQRVWL
UHIHUHQWNHMHSULVSHYHNSUHEUDOD71LNROLß
6WDQNR )OHJR L] 7UVWD MH RVYHWOLO QHNDWHUH QHMDVQRVWL
DUKHRORÊNH GHMDYQRVWL / .0RVHUMD Y MDPDK QD .UDVX
1D L]EUDQLK SULPHULK MH SRND]DO QHSUDYLOQR ORFLUDQMH
QHNDWHULK MDP GR NDWHUHJD MH SULÊOR ]DUDGL SRYUÊQHJD
EUDQMDREMDYDOLQHSR]QDYDQMDGQHYQLNRYDOLSD]DUDGL
SRLPHQRYDQMD MDP 2VYHWOLO MH WXGL HWLPRORJLMH SRVD
PH]QLKLPHQMDPSDWXGLFHORQDSDáQRHWLPRORÊNRUD]
ODJR 0RVHUMD JOHGH QDVWDQND LPHQD 3HMFD Y /DÈFL LQ
]PHGHNLMHSRWHPQDVWDOD2SR]RULOMHQDVHNYHQFRGD
WXPRYLQSULVRWQRVWSRVDPH]QLKRVHENLVRELOHQDY]RáH
RE RGNULWMLK VSRUQLK Ÿ GRPQHYQR SRQDUHMHQLK Ÿ DUWH
IDNWRY 3RPXGLO VH MH WXGL SUL LQWHUSUHWDFLML QHNDWHULK
áODQNRYJOHGHVNHOHWRYY-DPLQD'ROHK
,]RVWDOR MHSUHGDYDQMH$9HOXÊáND ,QÊWLWXW ]D DUKH
RORJLMR /MXEOMDQD R QHROLWVNL ID]L LPSUHVVR NXOWXUH QD
.UDVXNL MHYGHOX OLWHUDWXUHRSUHGHOMHQDQDRVQRYLQH
JRWRYLKQDMGE
.ULVWLQD0LKRYLOLß$UKHRORÊNLPX]HM,VWUH3XOMMHJR
YRULOD R UH]XOWDWLK0RVHUMHYLK L]NRSDYDQM SUD]JRGRYLQ
VNHJD JURELÊáD Y %HUDPX 1H OH GD MH 0RVHU WR SUYR
SUD]JRGRYLQVNRL]NRSDYDQMHY,VWULQHPXGRPDREMDYLOŸ
SUHGPHWLVRQD'XQDMXŸSDáSD MH VVYRMRGHMDYQRVWMR
WXGL VSRGEXGLO XVWDQRYLWHY ULYDOVNHJD 3URYLQFLMVNHJD
PX]HMDY3RUHáXGDELWDNRSUHSUHáLOLRGKDMDQMHJUDGLY
QD'XQDM
0DU]LD9LGXOOL7RUOR3DROR&DVDULLQ$QQD&ULVPDQL
YVL VRGHODYFL WUÌDÊNHJDPHVWQHJD0X]HMD]D]JRGRYLQR
LQ XPHWQRVW D WXGL DYWRUML UD]VWDYH R*URELÈßX QD 6R
FHUEXVRVSUHJRYRULOLRWHMGYRMQLQHNURSROL/HWD
MLMHELODSRVYHáHQDPRQRJUDILMDGHOJUDGLYDELELORPRá
VSRPRáMRWHUHQVNLK]DSLVQLNRYL]NRSDYDOFDWXGLXUHGLWL
SRJUREQLKFHORWDK WDNR]DSUD]JRGRYLQVNLNRW]D ULP
VNRGREQLGHO
1DVOHGQML GDQ VR VH QHNDWHUL XGHOHÌHQFL VUHáDQMD
]EUDOL Y .RSUX NMHU MH DYWRULFD 0DU]LD 9LGXOOL 7RUOR V
VRGHODYNRSUHGVWDYLOD UD]VWDYR*URELÈßHQD6RFHUEX NL
MRMHSUDYWHGDMJRVWLO3RNUDMLQVNLPX]HM.RSHU6OHGLOMH
ÊH RJOHG 6RFHUED LQ ÊH SRVHEHM RJOHG 6YHWH MDPH SRG
YRGVWYRP)0DOHáNDUMD
2ENRQFXPLMHSUDYSULMHWQR]DSLVDWLGDMHYFHORWL
SRWHN HQHJD GQH SRND]DO GD NOMXE YáDVLK PRUHáHPX
Y]GXÊMXYHQGDUOH ODKNRSUHYODGDY7UVWX PHVWR]QDQR
VWL NRW MH Y XYRGX GHMDO * %DQGHOOL 2UJDQL]DWRUML
REOMXEOMDMRL]LG$NWRYWHJDVUHáDQMD0RUGDELELORSUDY
NR EL SULGRELOL WXGL ÊH SULVSHYNH DYWRUMHY NL VR VH ]
0RVHUMHYR GHMDYQRVWMR XNYDUMDOL SD VH L] UD]QLK UD]OR
JRYQLVRPRJOLXGHOHÌLWLVUHáDQMD