02/(%1,.$12135(69(72-%2*252',&,


3HVPD

3UH^DY^L YRGX NDR VXYR L HJLSDWVNR L]EHJDY^L ]OR ,]UDLTDF NOLFD^H
3HYDMPR,]EDYLWHTXL%RJXQD^HPX

3UHVYHWD%RJRURGLFHVSDVLQDV

2EX]HWPQRJLPQDSDVWLPD7HELSULEHJDYDPWUDCH`LVSDVHZDR0DWL5HaL
L'HYRVSDVLPXNDLXCDVD

3UHVYHWD%RJRURGLFHVSDVLQDV

8]QHPLUXMX PH QDSDVWL VWUDVWL SXQH`L PQRJLP VWUDKRP GX^X PRMX QR
XPLULMX3UHQHSRURaQD'MHYRWL^LQRP6LQDWYRJDL%RJD

6ODYD2FXL6LQXL6YHWRPH'XKX

0ROLP7HEH'MHYRNRMDURGL6SDVDL%RJDGDPHL]EDYLRGPXNDMHUWHEL
VDGDSULEHJDYDPLXSUDYTDPGX^XLXP

,VDGDLXYHNLXYHNRYHYHNRYD$PLQ

%ROHVQRJ WHORP L GX^RP XGRVWRM PH VYRMH ERCDQVNH SRVHWH L VWDUDZD
MHGLQD%RJRPDWLMHUVLGREUDLURGLODGREURJ

3HVPD

6WYRULWHTXVYRGDQHEHVNRJDLVD]GDWHTXFUNYH*RVSRGH7LPHQHXWYUGLX
TXEDYL7YRMRMNUDMXCHTDSRWSRURYHUQLKMHGLQLaRYHNRTXSaH

2GEUDQXL]D^WLWXCLYRWDVYRJDSRODCHPQD7HEH'MHYR%RJRURGLFH7LPH
XSXWLWYRPHSULVWDQL^WXX]URaHGREUDVQDJRYHUQLKMHGLQDQDMVODYTHQLMD

0ROLP WH 'MHYR GD VH UDVSH GX^HYQL QHPLU EXUD WXJH PRMH MHU VL 7L
%RJRQHYHVWRURGLOD+ULVWDJRVSRGDUDPLUDMHGLQD3UHaLVWD

5RGLY^LGREURWYRUDX]URaQLNDGREUDL]OLMVYLPDERJDWVWYRGREURaLQVWYD
MHUVYHPRCH^%RJREODCHQDURGLY^LPR`QRJVQDJRP+ULVWD

1DPXaHQRP WH^NRPSDWZDPDLEROQLPVWUDGDZHP7LPL'MHYRSRPR]LMHU
]QDPGDVLQHLVFUSQDERJDWDUL]QLFDLVFHOHZDR3UHQHSRURaQD

3HVPD

AXRVDP*RVSRGH]DWDMQX7YRJDVWUDGDZDUD]XPHKGHOD7YRMDLSURVODYLK
7YRMHERCDQVWYR

1HPLUPRMLKVWUDVWLLEXUXPRMLKSUHVWXSDXWL^DM%RJRQHYHVWRURGLWHTNR
SXWRYR_H*RVSRGD

8NDCLEH]GDQVYRMHPLORVWLPHQLNRMLWHSUL]LYDPURGLWHTNR0LORVWLYRJ
L6SDVDVYLMXNRML7HEHVODYH

1DVOD_XMX`LVH7YRMLPGDURYLPD3UHaLVWDSHYDPR7LSHVPXEODJRGDUQRVWL
PLNRML7H]QDPRNDR%RJRPDWHU

,PDMX`L 7HEH QDMVODYQLMD QDGX L SRWSRUX L VLJXUDQ EHGHP VSDVHZD
L]EDYTDPRVHRGVYDNHQHYRTH

3HVPD

3URVYHWLQDV]DSRYHVWLPD7YRMLP*RVSRGHLVLOQRPUXNRP7YRMRPGDMQDP
7YRMPLUARYHNRTXSaH

,VSXQL YHVHTHP VUFH PRMH 3UHaLVWD GDMX`L PL 7YRMX aLVWX UDGRVW MHU VL
URGLODX]URaQLNDUDGRVWL

,]EDYLQDVRGRSDVQRVWLaLVWD%RJRURGLFHMHUVLURGLODYHaQRL]EDYTHZH
LPLUNRMLSUHYD]LOD]LVYDNLUD]XP

6YHWOR^`X VMDMD VYRJD UD]DJQDM WDPX PRMLK SUHVWXSD %RJRQHYHVWR -HU VL
URGLODVYHWORVWERCDQVNXLSUHYHaQX

,VFHOL ALVWD VODERVW GX^H PRMH XGRVWRMLY^L PH 7YRMH SRVHWH L 7YRMLP
PROLWYDPD]GUDYTHPLGDUXM

3HVPD

,]OL`XPROLWYX*RVSRGXLND]D`XZHPXMDGHVYRMHMHUVHGX^DPRMDLVSXQL
PXNHLCLYRWPLVHSDNOXSULEOLCLSDVHPROLPNDR-RQD%RCHL]YHGL
PHL]SURSDVWL

.DR^WRMHVSDVDRRGSURSDVWLLVPUWLSULURGXPRMX]DURETHQXSURSD^`XL
VPU`X VDP VH VPUWL SUHGDY^L 'MHYR PROL *RVSRGD L 6LQD 7YRJD GD PH
L]EDYLRG]ORETHZDQHSULMDWHTD

=QDP 7HEH 'MHYR ]D^WLWQLFX CLYRWD L QDMVLJXUQLMX RGEUDQX L
RVORERGLWHTNXQHPLUDLVNX^HZDLJRQLWHTNX_DYROVNLKQDSDGDWHVHXYHN
PROLP,]EDYLPHSRJLELMHRGPRMLKVWUDVWL

.DR EHGHP VSDVHZD L SRWSXQR L]EDYTHZH GX^D L RODN^DZH X QHYRTDPD
LPDPR WHEH 'MHYR L XYHN VH UDGXMHPR WYRMRM VYHWORVWL 2 9ODGDUNR L VDGD
QDVVSDVLRGVWUDGDZDLRSDVQRVWL

%RODQOHCLPVDGDQDSRVWHTLLQHPDOHNDWHOXPRMHPXQRURGLWHTNR%RJDL
6SDVLWHTDVYHWDLRGEROHVWL,]EDYLWHTD7HEHPROLPGREUX,]EDYLPHL]
SURSDVWLRGEROHVWL


3HVPD

'R^DY^L QHJGD L] -XGHMH X 9DYLORQ PODGL`L YHURP X 7URMLFX SRJDVL^H
SODPHQSH`LSRMX`L%ODJRVORYHQMHVL%RCHRWDFDQD^LK

+RWH`L6SDVLWHTXL]YU^LWLQD^HVSDVHZHXVHOLRVLVHXXWUREX'MHYHWH
MXSRND]D]DVWXSQLFRPVYHWD%ODJRVORYHQMHVL%RCHRWDFDQD^LK

4XELWHTD PLORVWL NRJD VL aLVWD 0DWL URGLOD XPROL GD VH VSDVX RG
SUHVWXSDLGX^HYQLKQHaLVWRWDVYLYHURPYDSLMX`L%ODJRVORYHQMHVL%RCH
RWDFDQD^LK

3RND]DR VL GD MH PDWL 7YRMD UL]QLFD VSDVHZD L L]YRU aLVWRWH L NXOD
VLJXUQRVWL L YUDWD SRNDMDZD RQLPD NRML SHYDMX %ODJRVORYHQ MHVL %RCH
RWDFDQD^LK

8GRVWRML LVFHOHZD RG WHOHVQH VODERVWL L GX^HYQH EROHVWL RQH
%RJRURGLWHTNR NRML VD TXEDYTX SULVWXSDMX ERCDQVNRM ]D^WLWL WYRMRM 7L
NRMDQDPURGL6SDVD+ULVWD

3HVPD

1HEHVNRJD &DUD NRJD SURVODYTDMX YRMVNH DQ_HOD KYDOLWH L YHOLaDMWH X VYH
YHNRYH

1H SUH]UL 'MHYR RQH NRML RG 7HEH PROH SRPR` SHYDMX L YHOLaDMX 7HEH X
YHNRYH
%ROHVWLPRMHGX^HYQHLPXNHWHOHVQHLVFHTXMH^'MHYRGDWHVODYLPaLVWD
XYHNRYH

2ELTH ]GUDYTD L]OLYD^ 'MHYR RQLPD NRML WL YHUQR SHYDMX L YHOLaDMX
QHLVND]DQRWYRMHUR_HZH

1DVUWDMHLVNX^HZDLQDSDGHEROHVWLWLRGJRQL^'MHYRVWRJDWHVODYLPRX
VYHYHNRYH

3HVPD

6D SUDYRP WH SUL]QDMHPR ]D %RJRURGLFX VSDVHQL 7RERP aLVWD 'MHYR
YHOLaDMX`L7HVDEHVWHOHVQLPKRURYLPD

1HRNUHQLVHRGVX]DPRMLK'MHYRURGLWHTNR+ULVWDNRMLXEULVDVYDNXVX]X
VDVYDNRJDOLFD

,VSXQL VUFH PRMH UDGR^`X 'MHYR 7L NRMD VL SULPLOD SXQR`X UDGRVWL L
JUHKRYQXUDGRVWXQL^WLOD

3ULEHJDYDMX`L 7HEL 'MHYR EXGL SULVWDQL^WH L ]DVWXSQLFD L EHGHP
QHRERULYLXWRaL^WHL]D^WLWDLUDGRVW

2GJRQH`L PUDN QH]QDZD 'MHYR SURVYHWL ]UDNDPD VYRMH VYHWORVWL VYH NRML
7HEH%RJRURGLFHSRERCQRVODYH

1D PHVWX PXNH EROH^`X NORQXORJ LVFHOL 'MHYR SURPHQLY^L EROHVW X
]GUDYTH

0ROLWYD

3UHVYHWD 9ODGDUNR PRMD %RJRURGLFH VYRMLP VYHWLP L VYHPR`QLP PROEDPD
RGDJQDM RG PHQH VPHUQRJ L EHGQRJ VOXJH WYRJD PU]RYRTX ]DERUDYQRVW
QHUD]XPQRVWQHUDGLVYHQHaLVWHU_DYHLKXOQHSRPLVOLL]MDGQRJVUFDPRJ
L L] SRPUDaHQRJ XPD PRJ L XJDVL SODPHQ VWUDVWL PRMLK MHU VDP XERJ L
MDGDQ L]EDYL PH RG PQRJLK L JRUNLK XVSRPHQD L SRGXKYDWD L RVORERGL PH
RG VYLK ]OLK GHODZD MHU VL EODJRVLTDQD RG VYLK QDUD^WDMD L VODYL VH
SUHaDVQRLPH7YRMHNUR]DVYHYHNRYH$PLQ