$11$/(6©6HUKLVWVRFLRO©©©
3252à,/$,12&(1(5(/$=,21,(5(&(16,21,5(32576$1'5(9,(:6

3252Ý,/$,12&(1(
5(/$=,21,(5(&(1621,
5(32576$1'5(9,(:6
.DUPHQ0HGLFD
6/29(16.2.8/78512'58É792,675$938/-8
6ORYHQFL VR Y KUYDÊNL ,VWUL RG QHNGDM ]HOR SULVRWQL
SUDY]DSUDYSRSRGDWNLK]DGQMHJDSRSLVDSUHELYDOVWYDMLK
MHRNURJDOLFHORWQHSRSXODFLMHáHSULÊWHMHPR
ÊHWLVWHL]ÊWHYLOQLKPHÊDQLK]DNRQRYODKNRUHáHPRGD
MLK MHELVWYHQRYHá3UYRRUJDQL]LUDQMHSD VPR]DVOHGLOL
ÊHOHY]DGQMLK OHWLK6ORYHQVNR.XOWXUQR'UXÊWYR ,VWUD Y
3XOMX QDVWDOR O  MH SUYR RUJDQL]LUDQR LQ UHJLVWUL
UDQRGUXÊWYR6ORYHQFHYYKUYDÊNL,VWUL
6ORYHQFLQD+UYDÊNHPVHÌH WUDGLFLRQDOQRRUJDQL]D
FLMVNRSRYH]XMHMRLQGHOXMHMRQDUDYQLSRVDPH]QLKPHVW
Y VORYHQVNLK GUXÊWYLK NOXELK NL VR YNOMXáHQD Y =YH]R
6ORYHQFHYQD+UYDÊNHPVVHGHÌHPQD5HNL7RYUVWQHJD
]GUXÌHYDQMD6ORYHQFHYNDNUÊQRSR]QDPRQD5HNLDOLY
=DJUHEXQDREPRáMXKUYDÊNH,VWUHGRQHGDYQHJDÊHQL
ELOR
2UJDQL]LUDQMH LQ IRUPDOQR]GUXÌHYDQMH VORYHQVNHJD
HWQRVDYKUYDÊNL,VWULVHMH]DáHORYGHYHGHVHWLKOHWLKSR
RVDPRVYRMLWYL6ORYHQLMHLQ+UYDÊNH.RMHELODSULáXMRáD
WHPDSUYLáSUHGVWDYOMHQDQDPHGQDURGQHP]QDQVWYHQHP
VUHáDQMX 6ORYHQFL QD +UYDÊNHP Y /MXEOMDQL 
GHFHPEUDY ,VWUL ÊHQLELORQH IRUPDOQHJDQHQH
IRUPDOQHJD RUJDQL]LUDQMD 6ORYHQFHY 2VWDOR MH SRSRO
QRPDRGSUWRYSUDÊDQMHDOLERPRUGDUDYQRQDSULPHUX
,VWUH PRÌQR VSUHPOMDWL GRORáHQR JUDGDFLMR SRVWRSQRVW
RUJDQL]DFLMVNHJD SRYH]RYDQMD 6ORYHQFHY NRW VH MH WR
GRJDMDORR]LURPDVHGRJDMDGUXJRGQD+UYDÊNHP6SOLW
2VLMHN'XEURYQLN
9 ]DáHWNX OHWD  MH WXGL QD REPRáMX ,VWUH SR
GREQR NRW Y =DJUHEX QD 5HNL LQ Y 6SOLWX ÌH ]DáHOR
SULKDMDWL GR ]GUXÌHYDQMD LQ RUJDQL]LUDQMD 6ORYHQFHY Y
3XOMXLQVLFHUYNXOWXUQRSURVYHWQRGUXÊWYRR]LURPD8QL
MR6ORYHQFHY]DLVWUVNRÌXSDQLMR,QLFLDWLYQLRGERUSUHG
KRGQR REOLNRYDQ Y 3XOMX VH MH VHVWDO LQ   
VNOLFDO SRVYHWRYDQMH YVHK ]DLQWHUHVLUDQLK 6ORYHQFHY
ÌLYHáLKQDWHPREPRáMXGDVHYNOMXáLMRYGHORERGRáH
8QLMH6ORYHQFHY]DLVWUVNRÌXSDQLMR,QLFLDWLYQLRGERUMH
SULSUDYLO XVWDQRYQR VNXSÊáLQR QD NDWHUR VR ELOL PHG
GUXJLPLSRYDEOMHQLWXGLVORYHQVNLYHOHSRVODQLNQD+UYDÊ
NHP LQ SUHGVWDYQLNL NXOWXUQLK LQ ]QDQVWYHQLK NURJRY
6ORYHQLMH 8QLMD VL MH ]DVWDYLOD QDORJR QHJRYDQMD NXO
WXUQHGHGLÊáLQHVORYHQVNHJDQDURGDSRYH]RYDQMDV6OR
YHQLMR RUJDQL]LUDQMD JRVWRYDQM VORYHQVNLK JOHGDOLÊá LQ
GUXJLKNXOWXUQLKSULUHGLWHYY ,VWUL WHUQDVWRSRYNXOWXUQLK
LQMDYQLKGHODYFHYNDUQDMELELOWXGLVNXSHQSULVSHYHNN
ERJDWHQMX NXOWXUQH GHMDYQRVWL Y ,VWUL =DNDM 8QLMD 6OR
YHQFHY ÌXSDQLMH LVWUVNH LQ QH GUXÊWYR QD UDYQL SRVD
PH]QLKPHVWNRW MH WRQDSULPHU Y=DJUHEX6SOLWXQD
5HNL"*ODYQLXVWDQRYLWHOML VRSRMDVQMHYDOLGDVHGUXÊWYD
YJODYQHPRUJDQL]LUDMRQDUDYQLPHVW8QLMDSDQDYLÊML
UDYQL ÌXSDQLMVNL VH SUDYL GD ER ODKNR8QLMD Y RNYLUX
VYRMHJD GHORYDQMD YNOMXáHYDOD YVD LVWUVND PHVWD Y
NDWHULKERLPHODVYRMHáODQH7RQDMELRPRJRáLORODÌMH
SRYH]RYDQMHNRPXQLFLUDQMH LQGHORYDQMH6ORYHQFHYQD
REPRáMXFHORWQHLVWUVNHÌXSDQLMHNMHUMHQMLKRYDSULVRW
QRVWSUHFHMUD]SUÊHQD3UYRWQHPXHQWX]LMD]PXQDYNOMXE
8QLMD QL QLNROL GHMDQVNR ]DÌLYHOD áHSUDY MH ELOD Y
GRORáHQHPREGREMXUD]XPOMLYDWRYUVWQDÌHOMDDOLSRWUHED
]DSRYH]RYDQMHPQDUDYQLFHORWQHLVWUVNHÌXSDQLMHLQQH
OHSRVDPH]QLKPHVW
5H]XOWDWL]DGQMHJDSRSLVDSUHELYDOVWYDQD+UYDÊNHP
L]OQLVRELOLUDYQRVWLPXODWLYQL]DVORYHQVNLHWQRV
3RND]DOLVRGRNDM]UHGXFLUDQRÊWHYLORVORYHQVNHJDSUHEL
YDOVWYD DOL  3RSRSLVX L] O  MH QD
+UYDÊNHPÌLYHOR 6ORYHQFHYRG WHJD Y
3XOMXYKUYDÊNL,VWULSDEUH]2SDWLMH
]2SDWLMR
9 WDNÊQL VLWXDFLML MH WROLNR YHáMH SUHVHQHáDQMH Y]EX
GLOR QDMPODMÊH VORYHQVNR GUXÊWYR  6ORYHQVNR .XOWXUQR
'UXÊWYR ,VWUD L] 3XOMD VSORK SD V VYRMR YLWDOQRVWMR LQ
DQJDÌLUDQRVWMRYÊLUÊLMDYQRVWL
6ORYHQVNR .XOWXUQR'UXÊWYR ,VWUD Y 3XOMX QDVWDOR O
 MH SUYR RUJDQL]LUDQR LQ UHJLVWULUDQR GUXÊWYR 6OR
YHQFHY Y KUYDÊNL ,VWUL 2EVWDMD ÌH áHWUWR OHWR RG SUYLK
NRUDNRYQDVWDMDQMD]ELUDQMDáODQRYSULGRELWYHSURVWRUD
YFHQWUXPHVWDYXOLFL+HUPDQD'DOPDWLQDNDUVHODKNR
VOLÊLWXGLVLPEROLáQRVRMXQLMDO]DáHOLWXGL]ODVW
QLPNXOWXUQLPSURJUDPRP
6DPRLPHJRYRULGDVPRVORYHQVNRGUXÊWYRGDVPR
NXOWXUQRGUXÊWYRLQGDVPRL],VWUH.DNRUVPRYLGHOLSUL
VRVHGLK L] 5HNH VH QMLKRYR GUXÊWYR LPHQXMH %D]RYLFD
YHOLNRVH MLK LPHQXMHGU )UDQFH3UHÊHUHQ ,YDQ&DQNDU
/LSD LQ SRGREQR9VDN VL MH GDO LPH NDWHURPX MH QDM
EOLÌMH1DÊLáODQLVRL]EUDOLLPH,VWUDNDUMHELORYQDÊHP
RNROMXOHSRVSUHMHWR]DWRVHQLNROLQHSRáXWLPRNRWGD
VPRYWXMLQL3R]LWLYQHYLEUDFLMHVRÌLWMDNLQDVREGDMDMR
QLVROHNXUWRD]QDDPSDNNRQVWDWDFLMDUHVQLáQHJDVWDQMD
MH R QDVWDQNX 6ORYHQVNHJD .XOWXUQHJD 'UXÊWYD ,VWUD
SRYHGDODSUHGVHGQLFD$ORM]LMD6OLYDU
6SORK SD MH ELOD SUHVHQHWOMLYD QMLKRYDPHGLMVND SUL
VRWQRVW LQ DNWLYQRXNOMXáHYDQMH YHáLQVNHJD SUHELYDOVWYD
YDNWLYQRVWLÊWHYLOáQRPDMKQHVNXSQRVWL
0HGLML VR YHOLNR QDUHGLOL ]D QDÊR UD]SR]QDYQRVW Y
ÊLUÊHP SURVWRUX QDP MH SRYHGDOD $ORM]LMD 6OLYDU 1L
VPRELOL QDYDMHQLQDPHGLMH LQPRUDPSUL]QDW GD VPR
ELOL]HORVNHSWLáQLGRQMLK9HQGDUOHEUH]PHGLMHYGDQHV
QHJUHLQ]DWRVPRMLKSRYDELOLNVRGHORYDQMX'HMDQVNR
VR YHOLNR SULVSHYDOL 79 1RYD +57 *ODV ,VWUH 5DGLR
3XOD5DGLR0DHVWUDO$UHQD5DGLR9*ODVX,VWUHMHYVDN
GDQ REMDYOMHQ XUQLN ]D RJOHG UD]VWDY Y QDÊL JDOHULML
5DYQRWDNRQDV5DGLR0DHVWUDOGQHYQRRPHQMDYVYRMLK
                                                          
 = JD $ORM]LMR 6OLYDU VHP VH SRJRYDUMDOD  RNWREUD  Y
6.',VWUDY3XOMX
$11$/(6©6HUKLVWVRFLRO©©©
3252à,/$,12&(1(5(/$=,21,(5(&(16,21,5(32576$1'5(9,(:6

QDMDYDK NXOWXUQLK GRJRGNRY 3UYD SULUHGLWHY Y QRYLK
SURVWRULK'UXÊWYDMXQLMDMHELODUD]VWDYDDNDGHP
VNHJDVOLNDUMD0DUWLQD%L]MDND0HVWHFDQDKULEáNLK2G
WDNUDWVHYUVWLMRUD]VWDYHNRQFHUWLVUHáDQMD
)LQDQFLUD MLK*UDG 3XOD ËXSDQLMD ,VWDUVND 8UDG ]D
PDQMÊLQH5+UYDÊNH LQ8UDG56ORYHQLMH]D]DPHMFH LQ
6ORYHQFHSRVYHWX1HNDM MHWXGLVSRQ]RUVNLKVUHGVWHY
/HN 0HUNDWRU +HOLRV 0HUNXU 3ROHJ RUJDQL]LUDQMD
NXOWXUQLK SULUHGLWHY SHYVNHJD ]ERUD 6'. ,VWUD REVWDMD
YHOLNR]DQLPDQMD]DRUJDQL]LUDQMHWHáDMDVORYHQÊáLQHQH
OH SUL RWURFLK VORYHQVNLK VWDUÊHY DPSDN WXGL SUL VUHG
QMHÊROFLK NL ÌHOLMR ÊWXGLUDWL Y 6ORYHQLML SUL JRVSRGDU
VWYHQLNLKLQWXULVWLáQLKGHODYFLK3RVWDYOMDMRWXGL LQWHUQR
NQMLÌQLFRNQMLJH VRGRQDFLMHSRVDPH]QLNRY QDMYHá MLK
SD GRELYDMR SR XVWDOMHQL SRWL L] NQMLÌQLFH Y .DUORYFX
VOHGQMD SD MLK GRELYD RG NQMLÌQLFH Y 1RYHPPHVWX LQ
SRWHPSRVUHGXMHRVWDOLPVORYHQVNLPGUXÊWYRPQD+UYDÊ
NHP6WLPXODWLYQR MH WXGL WRGDYJODYQLSXOMVNLPHVWQL
NQMLÌQLFLRGSLUDMRVORYHQVNLRGGHOHN1DMYHáJUDGLMRQD
NXOWXUQLKDNWLYQRVWLK8PHWQRVWQL]JRGRYLQDU2WRÉLUHF
MH ÌH GYDMVHW OHW ]DSRVOHQ YPHVWQHP RGERUX LQ MH ]D
GROÌHQ]DNXOWXUQHGHMDYQRVWL.RWSURIHVLRQDOHFVNUEL
]D L]ERU JRVWXMRáLK SULUHGLWHY LQ XPHWQLNRY =QDQL VOR
YHQVNLXPHWQLNLY,VWULQDSULPHUVOLNDUMD0DUWLQ%L]MDN
Y3XOMX5RN=HOHQNRY*URÌQMDQXVH]DY]HPDWD]DWR
GD EL VH Y SULKRGQMH áLPEROM SHVWUR SUHGVWDYOMDOD VOR
YHQVND NXOWXUD LQ XPHWQRVW Y ,VWUL0DUWLQ %L]MDN UDYQR
SULSUDYOMD NQMLJR R ]QDQLK 6ORYHQFLK Y NXOWXUQHP ÌLY
OMHQMX 3XOMD ,PHQD NRW VR $ORM]2UHO Ÿ ]QDQL IRWRJUDI
LVWUVNLKLQSULPRUVNLKSRNUDMLQÉWHIDQ0ODNDUŸDUKHRORJ
LQ UD]LVNRYDOHF Y $UKHRORÊNHP PX]HMX ,VWUH Y 3XOMX
0DULR 5RWDU Ÿ XWHPHOMLWHOM ILOPVNHJD IHVWLYDOD LQ GUXJLK
NXOWXUQLKDNWLYQRVWLY3XOMX VR OHQHNDWHUD LPHQDNL MLK
ER NQMLJD 0DUWLQD %L]MDND UHÊLOD RG SR]DEH WDNR QD
KUYDÊNLNRWWXGLQDVORYHQVNLVWUDQL1HNDÌHVSUHJOHGDWL
QRYRQDJUDGR0DULR5RWDUQDSXOMVNHPILOPVNHPIHVWL
YDOX 1DJUDGR GRGHOMXMH PHVWR 3XOM ]D SULVSHYHN N
UD]YRMXILOPVNHJDIHVWLYDODLQILOPVNHXPHWQRVWLY3XOMX
/HWDMHSUYLáSRGHOMHQDLQMRMHGRELO)DGLO+DGÌLß
$NWLYQRVWL 6ORYHQVNHJD .XOWXUQHJD 'UXÊWYD ,VWUD VR
YVHEROMXVPHUMHQHWXGLYSRYH]RYDQMH]GUXJLPLVORYHQ
VNLPLGUXÊWYLQD+UYDÊNHPRPHQMDMR WXGL VSRGEXGH LQ
SRQXGEH ]D VRGHORYDQMH ] ]DPHMFL Y ,WDOLML LQ $YVWULML
3ULRULWHWD MH SD YVHNDNRU VRGHORYDQMH V 6ORYHQLMR 3UL
PRUVND8QLYHU]D VH WXGL YNOMXáXMH Y QMLKRYR ÌLYOMQHQMH
LQ GHOR SUHGYVHP ] SRÊLOMDQMHP EURÊXU SURJUDPRY LQ
SUHGVWDYLWYLMR SURJUDPD 3ULPRUVNH XQLYHU]H ]D YVH ]D
LQWHUHVLUDQHLQSRWHQFLDOQHÊWXGHQWHL],VWUH
6ORYHQVNR.XOWXUQR'UXÊWYR,VWUDWUHQXWQRÊWHMHRNURJ
 áODQRY9SLVXMH VH YVH YHáPODGLK NDU MH VWLPXOD
WLYQR9áDVLKVHYSLÊHMRFHOHGUXÌLQH=DQLPLYMHSULPHU
NRVHMHYSLVDODEDELFDLQMHYáODQLODYVHGUXÌLQVNHáOD
QH WXGLYQXNH 0HG6ORYHQLMR LQ ,VWUR MHYHOLNR VWLNRY
QD NXOWXUQHP ÊSRUWQHP LQ JRVSRGDUVNHP SRGURáMX
=DWR MH SRWUHEQR VSRGEXMDWL SUHGYVHP XáHQMH MH]LND Y
WHP YLGLPR JODYQR WHÌLÊáH 6WDUHMÊL OMXGMH SULKDMDMR Y
'UXÊWYRQDNDNÊQRSULUHGLWHYDOLGUXÌHQMHPODGLSD VR
WLVWLNLERGRSUHY]HOLYRGHQMHRKUDQMHYDQMHMH]LNDNXO
WXUH VWLNRY V 6ORYHQLMR LQ YVH WR ÊH QDGJUDMHYDOL SRX
GDUMD$ORM]LMD6OLYDU
6ORYHQFL Y KUYDÊNL ,VWUL VHVWDYOMDMR VRFLDOQR LQ HNR
QRPVNRSRSROQRPDLQWHJULUDQRSUHWHÌQRPHVWQRSRSX
ODFLMR =DLQWHUHVLUDQL VR ]D RKUDQMDQMH LQ QHJRYDQMH
NXOWXUQLKVWLNRYV6ORYHQLMRQDUDÊáDWXGL]DLQWHUHVLUDQRVW
]DPHGVHERMQR NXOWXUQR SRYH]RYDQMH LQ GHORYDQMH SR
NDNÊQHPSROLWLáQHPRUJDQL]LUDQMXSDQHáXWLMRSRWUHEH
3RXGDUMDMR SRPHEQRVW PHGLMVNH LGHQWLILNDFLMH LQ
XNOMXáHYDQMD YHáLQVNHJD SUHELYDOVWYD Y PDQMÊLQVNH
GHMDYQRVWL
1DM EL VSUHWQRVW XVWYDUMDQMD LQ NRPXQLFLUDQMD Y
UD]OLáQRVWLSRVWDODYSULKRGQMHSUYRYUVWHQYLUPRáL6OR
YHQVNR.XOWXUQR'UXÊWYR,VWUDQDPREHWDSUDYWR