$11$/(6©6HUKLVWQDW©©©
'(/21$É,+=$92'29,1'58É7(9$77,9,7š'(,12675,,67,787,('(//(12675(62&,(7š$&7,9,7,(6%<285,167,787,216$1'$662&,$7,216Ÿ

WKH LPSOHPHQWHG SURIHVVLRQDO DQG RUJDQLVDWLRQDOZRUN
DQGWKHILUVWUHVSRQVHVRIWKHSDUWLFLSDQWVLWLVSRVVLEOHWR
FRQFOXGHWKDWWKHVFLHQWLILFPHHWLQJVXFFHHGHGDVDSUR
IHVVLRQDOHYHQW
'XÇDQ'HYHWDN
,6.$1-(252',-=$75$-126712835$9/-$1-(
6(9(51(*$-$'5$1$
=DYRG56]DYDUVWYRQDUDYHMHLQRNWREUD
YSURVWRULK0RUVNHELRORÊNHSRVWDMH1DFLRQDOQHJDLQÊWL
WXWD ]D ELRORJLMR SULSUDYLO PHGQDURGQR VWURNRYQR VUH
áDQMH]QDVORYRP9SOLYßORYHNRYLKGHMDYQRVWLQDPRUMX
PRUVNHP REUHÊMX LQ ]DOHGMX QD ELRWVNR UD]QRYUVWQRVW
6HYHUQHJD-DGUDQD
&LOM SRVYHWD MH ELO SULVSHYDWL N FHORVWQL REUDYQDYL
6HYHUQHJD -DGUDQD WDNR ] YLGLND VWDQMDPRUVNLK LQ RE
UHÌQLK KDELWDWQLK WLSRY NRW ] YLGLND QDERUD áORYHNRYLK
GHMDYQRVWL LQ YSOLYRY QMLKRYHJD SRVDPLáQHJD LQ SUHG
YVHPNXPXODWLYQHJDXáLQNDQDPRUVNH LQREUHÌQHHNR
VLVWHPH6OHGQMH MHRE WDNÊQLK LQGUXJDáQLKSULWLVNLKXU
EDQL]DFLMH NPHWLMVWYD LQ LQGXVWULMH NRW VR QSU SOLQVNL
WHUPLQDOLSRYHáDQMHSRPRUVNHJDSURPHWDLSGÊHSRVH
EHMSRPHPEQR
1DÊH UDYQDQMH ] PRUMHP LQ PRUVNLP REUHÌMHP Y
YHOLNL PHUL RGORáD NDNR LQ NROLNR ERGR PRUMH LQ QMH
JRYHQDUDYQHYLUH ODKNR NRULVWLOL QDÊL ]DQDPFL2GORáD
WXGLRWHPDOLERGRYWHPVNUDMQHPGHOX6UHGR]HPOMDÊH
REáXGRYDOL PRUVNH ÌHOYH GHOILQH SRGYRGQH WUDYQLNH
OHÊáXUMHPRUVNHGDWOMH1HNRáVPRVH]DQHXVWUH]QRSR
VHJDQMHYPRUMHLQPRUVNRREUHÌMH L]JRYDUMDOLQDQHSR
]QDYDQMHSRPDQMNDQMHSRGDWNRYLQSRGREQR'DQHVWR
QHPRUHLQQHVPHELWLYHáL]JRYRU
2VUHGQMDWHPDVWURNRYQHJDVUHáDQMDMHELOYSOLYáOR
YHNRYLK GHMDYQRVWL QD ELRWVNR UD]QRYUVWQRVW 6HYHUQHJD
-DGUDQD3UHGDYDQMDR]SUHGVWDYLWYH LQ UD]SUDYH VRSR
WHNDOHYWUHKVNORSLKPRUVNL LQREUHÊQLKDELWDWQL WLSL LQ
YUVWHSRPRUVNLSURPHWLQGUXJHGHMDYQRVWLQDPRUMX LQ
QDNRSQHPWHU]DYDURYDQDREPRßMD
3RVYHWDVRVHXGHOHÌLOL ÊWHYLOQL]QDQVWYHQLNL LQQDUD
YRYDUVWYHQLNL L] 6ORYHQLMH +UYDÊNH LQ ,WDOLMH V VYRMLPL
SUHGDYDQMLSDJRVWRYDOL ÊWLUMH WXMLSURIHVRUML)HUGLQDQGR
%RHUR 8QLYHU]D6DOHQWR*HUDUG 3HUJHQW 8QLYHU]D QD
.RU]LNL $OEHUWR %DVVHW 8QLYHU]D 6DOHQWR WHU 1HQDG
6PRGODND,QÊWLWXW5XâHU%RÊNRYLß
6HYHUQL -DGUDQMHUD]PHURPDSOLWHYHNRVLVWHPVDM MH
QMHJRYD JORELQD PDQMÊD RG  P 2SUHGHOMXMHMR JD
VWUDWLILNDFLMDYRGQHJDVWROSFDYHOLNLUHáQLYQRVLLQYLVRND
SURGXNWLYQRVW SUHGYVHPSD MH WR ]HOR REáXWOMLY HNRVLV
WHP NDMWL QDYHGHQLP ]QDáLOQRVWLP MH WUHED GRGDWL ÊH
L]GDWHQULERORY WXUL]HPLQGXVWULMRLQSRPRUVNLSURPHW
/HWD NR MH ORUG %\URQ ]DSLVDO GD VH áORYHNRY YSOLY
NRQáD QDPRUVNHP REUHÌMX VR GDYQRPLPR LQ VNUDMQL
áDVMHGDSRJOHGDPRSRGPRUVNRJODGLQRLQVHQDODVWQH
RáL SUHSULáDPR R UD]GHMDQMX NL JD SRY]URáDPR 6SR
]QDQMH R QXMQRVWL RKUDQMDQMD FHORYLWRVWLPRUVNHJD HNR
VLVWHPD QMHJRYH UD]QROLNRVWL LQ HNRORÊNLK SURFHVRY MH
SRPHPEQD RVQRYD GHORYDQMD YHáLQH PHGQDURGQLK
YODGQLKLQQHYODGQLKRUJDQL]DFLMWXGLWLVWLKNLVHXNYDU
MDMR] L]NRULÊáDQMHPQDUDYQLKYLURYRG ULERORYDGR L]
NRULÊáDQMD UXGQLQ QDPRUVNHP GQX LQ SRG QMLP0HG
QDURGQD VNXSQRVW SD VL MH ]DGDOD WXGL GYD SRPHPEQD
FLOMD GD ER GR OHWD  XVWDYLOD XSDGDQMH ELRWVNH
UD]QRYUVWQRVWLLQGDERGROHWDQDUHJLRQDOQHPLQ
JOREDOQHP QLYRMX Y]SRVWDYOMHQD UHSUH]HQWDWLYQD PUHÌD
PRUVNLK]DYDURYDQLKREPRáLM
6WDOLÊáD NL VPR MLK XGHOHÌHQFL SRVYHWD ]GUXÌLOL SR
ERJDWLGLVNXVLMLVPRVWUQLOLYQHNDM]DNOMXáNLK
àHÌHOLPRYHGHWLNDMPRUDPR]DÊáLWLWLLQRKUDQLWLNRW
HQNUDWQR QDUDYQR GHGLÊáLQR WHJD QDMKODGQHMÊHJD GHOD
6UHGR]HPOMDSRWUHEXMHPRSRSLV LQRFHQR VWDQMD ELRGL
YHU]LWHWH6HYHUQHJD-DGUDQD
'D EL ODKNR UD]YLOL XVWUH]QH VWUDWHJLMH ]D EODÌLWHY
áORYHNRYLKYSOLYRYSRWUHEXMHPRPHGGUÌDYQHSURJUDPH
VSUHPOMDQMDHNRORÊNHJDVWDQMDPRUMDNLMHQHNDNÊHQELR
ORÊNLILOWHU]DEODÌHQMHSULWLVNRYNLSULKDMDMRL]XUEDQLK
NPHWLMVNLKLQLQGXVWULMVNLKVUHGLÊá
1XMQRPRUDPR SRYHáDWL SUL]DGHYDQMD ]D YDURYDQMH
WHJD GHOD WDNR ] Y]SRVWDYLWYLMR PRUVNLK ]DYDURYDQLK
REPRáLMNRW]EROMÊLPQDG]RURP]XQDMWHKREPRáLM
'DELRSUREOHPLK6HYHUQHJD-DGUDQDODKNREROMHSR
URáDOLRGJRYRUQLPRUJDQRPYMDGUDQVNLHNRUHJLMLPRUD
PR ]PDQMÊDWL IUDJPHQWDFLMR Y MDGUDQVNL ]QDQVWYHQL LQ
DNDGHPVNLVNXSQRVWL
=QDQVWYHQLNL LQQDUDYRYDUVWYHQLNLÌHOLPRSUHGQRVWQR
SRXGDULWLUD]YRMáH]PHMQHPHGQDURGQHUD]LVNRYDOQHLQ
]QDQVWYHQH LQÊWLWXFLMH ]DPRUVNR LQREDOQRELRORJLMR LQ
HNRORJLMRNLELGHORYDODNRWYLUWXDOQRVUHGLÊáH LQ LQVWLWX
FLRQDOQL RNYLU ]D PHGQDURGQR LQ PHGUHJLMVNR VNXSLQR
UD]LVNRYDOFHYSURIHVRUMHY LQÊWXGHQWRY]DÊWXGLMH LQUD]
LVNDYH V SRGURáMD ELRORJLMH LQ HNRORJLMH -DGUDQVNHJD
PRUMD
=EUDQH ]DNOMXáNH R] VWDOLÊáD ERPR NRW SULSRURáLOD
SUL RGORáLWYDK Y SULKRGQRVWL SRVUHGRYDOL (YURSVNL XQLML
WHU PHGGUÌDYQLP LQ QDFLRQDOQLP RUJDQRP V SRGURáMD
YDURYDQMDRNROMDUD]LVNDYLQULELÊWYD
9VL SULVSHYNL V SRVYHWD VNXSDM ] ]DNOMXáNL ERGR
]EUDQLYWHPDWVNLÊWHYLONLUHYLMH9DUVWYRQDUDYHNLER
L]ÊODY]DáHWNXOHWD
0DWHMD1RVH0DUROWLQ5REHUW7XUN