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

3252Ý,/$
5(/$=,21,
5(32576
0DWHMÈXSDQÞLÞ
Ë,9,08=(-(.63(5,0(17$/1$$5+(2/2*,-$
PHâXQDURGQLVWUXáQLVNXS8PDJDYJXVWD
9 8PDJX MH Y ]DáHWNX DYJXVWD  SRWHNDOR Y
RUJDQL]DFLML 0X]HMD VWURNRYQR VUHáDQMH ÌH GUXJR SR
YUVWL 2E WHP PRUDPR SRYHGDWL GD MH VUHáDQMH OH GHO
SULUHGLWHY RE  PHGQDURGQHP IHVWLYDOX DQWLNH 6(32
0$,$9,9$NLMHWRNUDWWUDMDORGGRDYJXVWD7DP
NDMÊQMLPX]HMVNL GHODYFLNH VR VL ]DPLVOLOL LQ L]SHOMDOL Y
WHKGQHKÌLYDKQRGRJDMDQMHNLMHSUHSODYLORXOLFHLQWUJH
RVUHGQMHJDGHOD8PDJDVWURNRYQRVUHáDQMHSDMHELOROH
GHO WHJD ÌLYHJD PX]HMD 3RGSRUD RNROMD LQ ORNDOQLK
REODVWL MH ELOD YLGQD QD YVDNHP NRUDNX WXGL Y SRGÌX
SDQRYHPQDJRYRUXXGHOHÌHQFHP VWURNRYQHJD VUHáDQMD
2EáLQVWYR MH ELOR Y JODYQHP GYRMH]LáQR D RUJDQL]DWRU
MH NOMXE WHPX SRVNUEHO ]D GREUR VLPXOWDQR SUHYDMDQMH
NDUNDÌHSRVOXKWXGLGRJRVWRYSUHGDYDWHOMHY
3RMHPHNVSHULPHQWDOQHDUKHRORJLMHMHELOQDVUHáDQMX
Y]HW]HOR ÊLURNRELVWYHQD VWDELODQD]RUHQSULND] VWDULK
WHKQRORJLM LQ SD SHGDJRÊND SUREOHPDWLND RE SUHGVWDY
OMDQMX]JRGRYLQHLQDUKHRORJLMHÊROVNLPRWURNRP
.RWSUYDVWDQDVWRSLOD'DUNR.RPÊR$0, LQ5REHUW
%LOLß 9UDQD .RQ]HUYDWRUVNL RGMHO L] 3XOMD V SULND]RP
/RYDßNRRUXÊMHXSUDSRYLMHVWLNMHUVWDSRVHEHMRSR]RULOD
QD UD]YRM RGNRSMD LQPHWDOQHJD NRSMD GR ORND NDU MH
SUD]JRGRYLQVNHPX ORYFX RPRJRáDOR SUHGYVHP YHáMR
YDUQRVW SD VHYHGDXáLQNRYLWRVW 3UHG RáPL SRVOXÊDOFHY
VWD L]GHORYDOD SXÊáLFH WDNR NRQLFH NRW WXGL RSHUMHQH
]DNOMXáNH RGSRYHGDWL SD VWD VH PRUDOD QD]RUQHPX
SULND]X VDMRUJDQL]DWRUY VUHGLÊáX8PDJDQLPRJHO UH
]HUYLUDWL YDUQHJD SROLJRQD 3ULND] VWD QDGRPHVWLOD V
SURMHNFLMR ID] L]PHWDYDQMD VXOLFH LQ VWUHOMDQMD SD WXGL V
SULND]RP QDMVWDUHMÊLK QDMGE VXOLF LQ ORNRY 2SR]RULOL
VPRMXQDORNL]/MXEOMDQVNHJDEDUMD
'HOQRVWDVHQD ORYVNR WHPRQDYH]DOD9ODVWD.UNOHF
LQ 6LQLÊD /DJLQMD 0X]HML +UYDWVNRJ ]DJRUMD Ÿ 0X]HM
HYROXFLMH L QDOD]LÊWH SUDáRYMHND +XÊQMDNRYR L] .UD
SLQHVSULND]RP2ÊLYOMHQDSUDSRYLMHVWNUDSLQVNRJ1HDQ
GHUWDOFD3ULND]DQDMHELOD]DQLPLYDDUKLWHNWXUDDUKLWHNW
ËHOMNR.RYDáLßQRYHJDPX]HMDHYROXFLMHNL MHNRQáQR
SUHG RWYRULWYLMR 9 RNYLUX QMLKRYHJDPX]HMD ÌH YHá OHW
SRWHNDMR ]DQLPLYH GHODYQLFH ]D RWURNH V SRXGDUMHQLPL
JHRORÊNRSDOHRQWRORÊNLPLYVHELQDPLNLQDMGHMRRVUHGQML
VPLVHOYSUHGVWDYLWYLNUDSLQVNHJD SUDáORYHND .RW SRVH
EHQGHOFHORWHMHVHYHGDRWURNRPLQRGUDVOLPYÊHáSUL
ND]ORYDLQREODáLO
=DQLPLYRWHPDWVNRQDYLGH]RGGDOMHQRWHPR$UKHR
DVWURQRPLMD MH SULND]DO .RUDGR .RUOHYLß =QDQVWYHQR
HGXNDFLMVNLFHQWDU L]9LÊQMDQD3UHSULáOMLYR MHJRYRULOR
PQRJLK RNURJOLK ]LGDQLK SUD]JRGRYLQVNLK VWUXNWXUDK Y
,VWULNLGDVRDVWURQRPVNRXVPHUMHQHLQGRND]XMHMRSR
YH]DQRVWSUHELYDOVWYD]QHEHVQLPLSRMDYL
)UDQFHVFR3DYDQWHU*LDQSDROR6WHOOD$UFKHR)DEHU
WHU &HVDUHWWR 0DXUR 0X]HM YHOLNLK ULMHND VR SRND]DOL
WHKQRORJLMRXOLYDQMD3HßDWRY]EDNWULMVNLPLPLWRORÈNLOLNL
WHU3URL]YRGQMRLQXSRUDERULPVNLKROMHQN9VHPMHELOD
VNXSQDYHOLNDQD]RUQRVWLQPRMVWUVNRREYODGRYDQMHYVHK
ID] SRVWRSNRY ÉH SRVHEHM MH QDY]RáH Ÿ0HGLWHUDQFH Ÿ
$11$/(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