$11$/(6©6HUKLVWVRFLRO©©© 3252à,/$5(/$=,21,5(32576Ÿ  FRPSHWL]LRQH LPSHULDOLVWLFD HXURSHD FKH DOOD YLJLOLD GHOOD *UDQGH JXHUUD WURYy QHL %DOFDQL LO SULQFLSDOH WHUUHQRGL FROWXUD 6XOOH VSRJOLH GHOO¤RUPDL DJRQL]]DQWH ,PSHURRWWRPDQRYHQLYDQRDGLQFURFLDUVLJOLLQWHUHVVLGL WXWWH OH 3RWHQ]H HXURSHH LQ SDUWLFRODUH TXHOOL HFRQR PLFL 1HOO¤XOWLPR FRQWULEXWR 6ODWDSHU  O¤,WDOLD O¤$XVWULD L %DOFDQL O¤,PSHUR RWWRPDQR  )XOYLR 6HQDUGL $VVRFLD]LRQH 3LHU 3DROR 9HUJHULR  VL q VRIIHUPDWR VXOO¤LPSHJQRGHOO¤LQWHOOHWWXDOHWULHVWLQRVXOIURQWHSXEEOL FLVWLFRWUDFFLDQGRODJHQHVLFKHORSRUWyGDLUUHGHQWLVWD PRGHUDWR D SRVL]LRQL ILORLPSHULDOLVWH ,O UHODWRUH KD DQDOL]]DWRJOLDUWLFROLSXEEOLFDWLVX,OUHVWRGHO&DUOLQR LQFXLHPHUJHLOGLVHJQRSROLWLFRPLOLWDUHGL6ODWDSHUFKH VRJQD SHU O¤,WDOLD XQ UXROR GL IXWXUD SRWHQ]D HJHPRQH GHOO¤$GULDWLFRHGHO0HGLWHUUDQHRRULHQWDOH /H FRQFOXVLRQL GHO &RQYHJQR VRQR VWDWH DIILGDWH D *LXVHSSH 7UHEEL 8QLYHUVLWj GHJOL 6WXGL GL 7ULHVWH  LO TXDOH KD JLXGLFDWR SRVLWLYDPHQWH LO FRQYHJQR FKH KD FRQWULEXLWR D UDSSUHVHQWDUH LQ PDQLHUD HVDXULHQWH OD QDWXUDGHLUDSSRUWLWUDOD&ULVWLDQLWjHO¤,VODPHGLQSDU WLFRODUPRGRWUDOHWHUUHGHOO¤(XURSDRULHQWDOHO¤$GULDWLFR H O¤,PSHUR RWWRPDQR /R VSD]LR WHPSRUDOH KD DEEUDF FLDWR LO SHULRGR FRPSUHVR WUD LO ;9 H JOL DOERUL GHO ;; VHFROR +D ULVFRQWUDWR FRQ SLDFHUH FKH WXWWL L UHODWRUL KDQQRIDWWR ULIHULPHQWRDOOH IRQWLDLGRFXPHQWLFKHDW WHVWD ODVHULHWjH O¤LPSHJQRQHOOD ULFHUFD/¤XQLFRSXQWR FKH QRQ q VWDWR WRFFDWR R PHJOLR FKH QRQ q VWDWR DQDOL]]DWR LQDOFXQD UHOD]LRQH VSHFLILFD q ODSRVL]LRQH HG LO UXROR GHOOD &KLHVD QHOO¤DUHD JHRJUDILFD RJJHWWR GHOOH GXHJLRUQDWH GL VWXGLR 7UHEEL KD DJJLXQWR DOWUHVu FKH LOFRQYHJQRqVWDWR ILQ WURSSR ULFFRGLDUJRPHQWLH FKH WXWWR QRQ VL SRWHYD LQVHULUH QHO SURJUDPPD +D DXVSLFDWR SHUy FKH VLIIDWWR DVSHWWR YHQJD DIIURQWDWR PDJDULQHOO¤DPELWRGLXQDOWURLQFRQWURVFLHQWLILFR 9HVQD.DPLQ 5$=67$9$$%,7$5(,/6(77(&(172 Ë,9(7,926(01$-67(0672/(7-8 *RULFD ,7 3DODáD$WWHPV3HW]HQVWHLQ Ÿ 5D]VWDYR]QDVORYRP$ELWDUHLO6HWWHFHQWRVRRUJDQL ]LUDOL *RULÊNL SRNUDMLQVNL PX]HML 0XVHL 3URYLQFLDOL GL *RUL]LD ZZZSURYLQFLDJRUL]LDLW  Y SDODáL $WWHPV3HW ]HQVWHLQY*RULFL1D UD]VWDYL VR ÌHOHOL SULND]DWL DPEL HQWH L]  VWROHWMD NDNUÊQL VR ELOL Y JRULÊNLK SDODáDK WLVWHJD áDVD *RULFD MH Y  VWROHWMX SRVWDOD VUHGLÊáH ]GUXÌHQH *RULÊNH LQ *UDGLÊáDQVNH GHÌHOH WHU VHGHÌ QRYRXVWDQRYOMHQHJRULÊNHQDGÊNRILMH=QDQLEHQHÊNLNR PHGLRJUDI&DUOR*ROGRQLNLMHYPODGRVWLRELVNDOPHVWR MHYVYRMLKVSRPLQLK]DSLVDOGDMH*RULFDUD]SHWDPHG %HQHÊNR UHSXEOLNR LQ DYVWULMVNLPL GHÌHODPL SUHVWROQLFD VOHGQMLK 1DPHQ DYWRUMHY UD]VWDYH MH ELO SULND]DWL YVDNGDQMH ÌLYOMHQMHYVWROHWMXYHQLRGJRULÊNLKPHVWQLKSDODá 'DQDÊQMD SRGREDSDODáH$WWHPV3HW]HQVWHLQ MH UH]XOWDW ]DKWHYQH REQRYH NL MR MH ]D ÌH REVWRMHáR VWDYER OHWD ]DVQRYDODYVWULMVNLGYRUQL DUKLWHNW1LFROy3DFDVVL 5D]VWDYD QDP GDMH YSRJOHG Y SOHPLÊNR ÌLYOMHQMH NL MH ELOR UD]SHWR PHG 'XQDMHP LQ %HQHWNDPL VUHGLÊáHPD RGNRGHU VRXPHWQLNLNL VRGHODOL]DJRULÊNRSOHPVWYR áUSDOL LGHMH 3RVWDYLWHY QDP SULNDÌH WDNR DPELHQWH LQWHULHUMHYLQWHUMHUMHY NRW WXGL QMLKRYH ODVWQLNH JURIH $WWHPV5D]VWDYRVR*RULÊNLSRNUDMLQVNLPX]HMLSRVWDYLOL Y VRGHORYDQMX ]PX]HML LQ NXOWXUQR]JRGRYLQVNLPL XVWD QRYDPL L] 'XQDMD /LHFKWHQVWHLQ 0XVHXP 0DN LQ +RIPRELOLHQGHSRW  *UDGFD -RKDQQHXP  /MXEOMDQH 1DURGQDJDOHULMDLQ1DURGQLPX]HM6ORYHQLMH =DJUHED 0X]HM]DXPMHWQRVWLREUW ]YUVWRLWDOLMDQVNLKPX]HMHY LQXVWDQRYDPL &LYLFL0XVHL L]%HQHWN3RORPXVHDOH L] )LUHQF0XVHL &DSLWROLQL LQ0XVHR GHOOD &LWWj L] 5LPD WHUVÊWHYLOQLPL]DVHEQLPL]ELUDWHOML =DáHWHN UD]VWDYH MH Y SULWOLáMX NMHU VR Y SUYL VREL SRUWUHWL áODQRY GUXÌLQH $WWHPV3HW]HQVWHLQ 2VUHGQMD RVHEQRVW MH JURI 6LJLVPRQGR $WWHPV Ÿ  ] ÌHQR*LRVHIIR URMHQR /DQWLHUL EUDWRPPEUDWRP&DUORP 0LFKHOHMHP SUYLP JRULÊNLP QDGÊNRIRP LQ EUDWRP /XGRYLFRP3RPHPEHQMHELOQMLKRYYSOLYQDGUXÌEHQD GRJDMDQMD Y JRVSRGDUVWYX NXOWXUL XPHWQRVWL LQ FHUN YHQHPÌLYOMHQMXY*RULFL'UXJDVREDSULND]XMHSRUWUHWH ÌHQVNPHG OHWRPD  LQ  NL V VYRMLPL REODáLOL SRQD]DUMDMRUD]OLáQHOHWQHáDVH5D]VWDYDVHQDGDOMXMHY QDVOHGQMLVRELNMHUMHSRVWDYOMHQDUHNRQVWUXNFLMDWDNUDWQH NXKLQMH V SRVRGMHP ]D NXKR LQ VWUHÌER 9 SULWOLáMX VH SRVWDYLWHY]DNOMXáL ]]ELUNRJUDILNSUHSR]QDYQLKHYURS VNLKPHVWLQIDQWD]LMVNLKYHGXW 2JOHGVHQDGDOMXMHYSUYHPQDGVWURSMXY WDNR LPH QRYDQHP SLDQR QRELOH 9 VDORQH GCRQRUH VWD SRVWDYOMHQDYODGDUVNDSRUWUHWDDYVWULMVNHJDFHVDUMD.DUOD 9, LQ QMHJRYH QDVOHGQLFH 0DULMH 7HUH]LMH 9 LVWHP VD ORQX MH SUHGVWDYOMHQD WDNUDWQD SOHPLÊND PRGD ÌHQVND GRPDáDKDOMD]QDáLOQD]DVUHGLQRVWROHWMDWHUPRÊNL IUDN V KODáDPL RNUDÊHQLPL ] YH]HQLQDPL 9 VRVHGQMLK VREDK VR SRVWDYOMHQL LQWHULHUMLLQWHUMHUML L] SUYH SRORYLFH VWROHWMDVDORQLMHGLOQLFHVSDOQLFHLQVWXGLROH3RVWD YLWYH SUHGVWDYOMDMR SRKLÊWYR LQ RSUHPR NL VR MR L]GH ORYDOL QD *RULÊNHP GRSROQMHQR V NRVL ] 'XQDMD LQ %HQHWN 7DNR RELVNRYDOHF YLGL VSDOQLFR (YJHQD 6DYRM VNHJD]PDMKQLPNDELQHWRPLQRPDULFR]DGUDJRFHQRVWL 1D VWHQDK YLVLMR VOLNH 6HEDVWLDQD LQ 0DUFD 5LFFLMD -DFRED $PLJRQLMD LQ -RKDQQD 0LFKDHOD /LFKWHQUHLWHUMD 1DMYHáMLGUDJRFHQRVWLQDUD]VWDYLVWDVHUYLVD]DNDYR LQ áDM L] 0HLVVQD RED RNUDÊHQD V IDQWD]LMVNLPL ÌLYDOPL 6HUYLVL MHGLOQH SRVRGH VR VH QDPUHá SRMDYLOL ÊHOH RE NRQFXLQY]DáHWNXVWROHWMDNRVHMHYNXOLQDULNL XYHOMDYLO IUDQFRVNL QDáLQ VWUHÌEH WDNR GD VWD SUHG VWDYOMHQD GYD RG ]JRGQHMÊLK VHUYLVRY (QD RG VRE MH QDPHQMHQDURNRNRMVNHPXLQWHULHUMXLQWHUMHUMX7XYLGLPR GXQDMVNL SRUFHODQ LQ VOLNR %DQNHW Y SDODßL 1DQL GHOR $11$/(6©6HUKLVWVRFLRO©©© 3252à,/$5(/$=,21,5(32576Ÿ  3DODàD$WWHPV3HW]HQVWHLQY*RULFL IRWR9.DPLQ  7KH$WWHPV3HW]HQVWHLQ3DODFHLQ*RUL]LD SKRWR9.DPLQ  3LHWUD /RQJKLMD1DNRQFXVWDSUHGVWDYOMHQD ÊH ]QDáLOQL VWXGLRORŸ VRED ]D GHOR LQ VRED ]D LJUR Y NDWHUL ODKNR REáXGXMHPR]LQWDU]LMDPLRNUDÊHQHPL]H]DLJUDQMHNDUW 5D]VWDYDQD]RUQRLQXáLQNRYLWRSULNDÌHÌLYOMHQMHJR ULÊNLK SOHPLáHY Y  VWROHWMX 6QRYDOFL OHWH VR SRVUH áHQR ]GUXÌLOL REVWRMHáH LQWHUMHUMH EDURáQH SDODáH $W WHPV3HW]HQVWHLQ LQ MLK GRSROQLOL ] L]EUDQLPL NRVL SR KLÊWYD NL VR MLK QDGJUDGLOL ] UD]NRÊQLPL NRPSOHWL SR VRGMD FHORWR SD GRSROQLOL V VOLNDUVNLPL GHOL LQ NRVL REODáLO ËDO SD LPD UD]VWDYD WXGL SRPDQMNOMLYRVW RE SUHGPHWLK QDPUHá PDQMNDMR UD]ODJDOQL QDSLVL 9 YVDNL VREL MH OH JODYQRSRMDVQMHYDOQR EHVHGLOR Y LWDOLMDQVNHP MH]LNX 3UDY WDNR MH WXGL DOEXP NL QDGRPHÊáD NDWDORJ UD]VWDYHOHYLWDOLMDQVNHPMH]LNX