!    "         
 
 
     
#        $   
     
   
  %
    !      #
    
 &'(           "

   
 
                
     
   
    "    
 
        
  #        
 
       "        
     
            
  "  
     
 
  
   
 #             

   " )     
        
 
     " *    
        
  
       
         
 
  
 
    
"

   +     "
,-
.
    ! /    !  
   !       0  
 
     !   
    
    
!  
0    
  !   
     1

     ! !       

 1  
         0 !
     ! 

   ! 
   !  

   !    ! 

   

    /  

  
    !

1   !    

  !     
     

       ! 
   0 &'(        
 ! 
  "
1
 
            1

   !
 !    
           
 
     2   " 3 
 /           

  1  
 
       2
0  0    "     1  
   !  
  0      
      1  0
0 

   "   

     0  !  
   

   
     1  1
 /  

     

    
   " 3    !        /    1

       
0  " 3 
         
   
    
   

          

0  0 

0        10            2   "


 +     
    "
 &'  
  
    

  
    
 


  


  
   

      



 
          
 
 ! 
 

                

      
        



 
  
      
       
     
  
          
 
  " 
"  



 
  
  
        

    

 
    

  
  
   
  34-   
    

 


         
  
     


  
   


     
     
 
      *    
     
   
           
    
  
 
     
      


 
 

        

,
      

 *(1(=$ ,'(-( 2 1$'*5$'1-,  

   
 

 
#
  

  

           

 
  
    


     
 
 


   
  5         

   
       
       
  
   



   
  
     
 
    
 
             


      
       


  
         $    
 
  
     

  

      
 
    
 
   
          6      

   %&'(%)*% +$ ,
  
 "
"    


        
       

   
  
     
      
 

    
   
           
            
  
  
  


   
      

 
  
 
$ 
  
     
   
    

 
 

   
   ,
 7
     
 

   
                
  
  +  
   
     


  

  -         
-  

  
.
    
  
 , ,   / / 
   
  
  

 0 12 
   
          
 

         
   
  
      
 
   
 
           8 
 
    

  
   

       
    
   
       
  
      #  
 
   


   
   
            
 

  
   
   
  
   
 

  

 9$):
 
   0
2
    
    
 
    
 7 
 
   
 
 

    
   
 
 8
2    

  
 
 
2     

   
 
2    
  
 
  

     

     
 
   

     
   
   
 
 
     

   
 
     
     
   
  

     


  

          
   
   
     ! !   " 

        


 
   
 7    

     
    
   
  



      

 9567( 1$'*5$'1-,
$ 

  

 


   
 
     
8

  

-    
-   

 # $  % $ 
&     ' - 
    
  
 ( $
)    *  +   
)    
 
,  $
 , -

    
   
   - - 
   
-    
   
 
-   

-   
 


-   
 

 0 <2
-   
 

 
  0 =2
-      
-  

 
   
-   
 
 


   
 0
 2

 . /$ 

 $ *    -    
   
 0 >2
,

  0 
 
  

     

  
  
   
 7  
  
      
     
    


      -
         
   
 &   
    
      

  
 
     
   
  


   
   
  
  
    
        
  
 5

   
 1 

     / + ( 

    
 
 &    2  
 3    
  

 
  9
  
 , ;  ,

     

   .




 # 
    

  -
 
  
  
$     
     

 

  
   
  


         
   
 

  
    
      
,
  
    
    
 #        
    ""
 
 
 
      

 4 &     

 

 
    

  
     
 
 
 ) *"     +
    
  

 ,- *"  !    +%

  
  !! "     . + +     /%

  #  " ! !"  $%   
  "
  

 ,, *" !

   0 1"
  # + /
!

 & '  ((        NH LQWHUYHQFLMH

² QDGJUDGQMD EH] LNDNYLK GUXJLK GRGDWQLK LQWHU

-       0

  2 YHQFLMD

-
      ² QDGJUDGQMD X] SRSUDYNX IDVDGH

     

  ² QDGJUDGQMD X] XQXWUDåQMH LQWHUYHQFLMH OLIWRYL

-   
   
 
  
 0 32 LQVWDODFLMH SRSUDYNH LWG

-      

  
 0 142 ² QDGJUDGQMD QRVHþH NRQVWUXNFLMH VD SRMD DQMHP

- 
  "" 
 VWDULK QRVHþLK NRQVWUXNFLMD

- 
 
 0 112 ² GRGDWDN QRYLK QRVHþLK NRQVWUXNFLMD LWG

 
   


 .RPELQRYDQMHP RYLK NDWHJRULMD GRELMD VH L]X]H

WQR YHOLNL EURM SRWHQFLMDOQLK YDULMHWHWD RG NRMLK VX QH

NL HåþH D QHNL UH
H ]DVWXSOMHQL 2YH NRPELQDFLMH VX

UH]XOWDW VWLFDMD UD]QLK RNROQRVWL NDR L LQWHUHVD X HVQL

ND X SURFHVLPD QDGJUD
LYDQMD

 5(*8/$7,9$
3R HWDN ORYQH VH]RQH QD SRWNURYOMD RJODåHQ MH

2GOXNRP R L]PHQDPD L WHKQL NLP QRUPDWLYLPD ]D

SURMHNWRYDQMH VWDPEHQLK ]JUDGD L VWDQRYD 6O OLVW JUD

GD %HRJUDGD EU  JGH VH X ÿO  RGUHGEH QDYHGH

QLK QRUPDWLYD NRMH VH RGQRVH QD SURåLUHQMD

GRJUDGQMH LOL UHNRQVWUXNFLMH ]DMHGQL NLK SURVWRULMD X

 ,2 *" +    +  VWDPEHQRM ]JUDGL SHULRQLFH VXåLRQLFH L VO ]DPHQMXMX
     !
 ! +  % UH LPD 1$'=,é,9$1-$ VWDPEHQLK ]JUDGD L SUH
  3 
 WYDUDQMD ]DMHGQL NLK SURVWRULMD X VWDQRYH NDR L NRG

SUHSUDYNL SRVWRMHþLK VWDQRYD UDGL L]GYDMDQMD VXVWDQDU

VNLK GHORYD VWDQD =DQLPOMLYD MH RGUHGED L] ÿO  LVWH

2GOXNH SR NRMRM 8 VOX DMX QDG]L
LYDQMD ]JUDGH LOL

SUHWYDUDQMD SRWNURYOMD X VWDPEHQL RGQRVQR UDGQL

SURVWRU QH SUHGYL
D VH REDYH]D QDNQDGQH XJUDGQMH OL

IWD 2YD RGUHGED MH GLUHNWQR RWYRULOD SXW QDMVWUDYL QL

MLP LQWHUYHQFLMDPD VD QDG]L
LYDQMHP SR QHNROLNR

QRYLK HWDçD EH] REDYH]H GD VH QRYLP VWDQDULPD REH

]EHGL SURSLVLPD JDUDQWRYDQD YHUWLNDOQD NRPXQLNDFL

MD RGQRVQR OHJDOL]RYDQR MH GLYOMDQMH LQYHVWLWRUD

$NR WDNYRP LQYHVWLWRUX GDWH SUVW RQ þH ]JUDELWL

FHOX åDNX SD VX GLYOMH QDGJUDGQMH SUDþHQH QHRSKR

GQLP NRUXPSLUDQMHP QDGOHçQLK RUJDQD SRVWDMDOH VYH

HåþH L WRNRP YUHPHQD SRVWDOH åLURNR UDVSURVWUDQMHQD

SRMDYD 1HVSRVREQH ]D VSURYR
HQMH UDGLNDOQLK VDQNFL

 ,4 *"   MD D X] XNOMX LYDQMH X LJUX L XUEDQLVWL NRJUD
HYLQVNH
PDILMH NRMD MH EU]R QDPLULVDOD PRJXþQRVW ]QD DMQRJ

J .YDOLWHW UDGRYD SULKRGRYDQMD YODVWL VYRMRP 2GOXNRP R L]PHQDPD L

GRSXQDPD RGOXNH R L]JUDGQML REMHNDWD JUD
DQD 6O

² VXEVWDQGDUGQL NYDOLWHW VOLNH  L 
OLVW JUDGD %HRJUDGD  SUDNWL QR RPRJXþXMX OHJD
² PLQLPDOQL SULKYDWOMLYL NYDOLWHW
OL]DFLMX EHVSUDYQLK QDGJUDGQML %OLçL XVORYL OHJDOL]DFLMH

² NYDOLWHW QDGJUDGQMH X VNODGX VD NYDOLWHWRP VWD GDWL VX L X 2GOXFL R GRSXQL RGOXNH R L]JUDGQML REMHNDWD

URJ REMHNWD VOLND  JUD
DQD 6O OLVW JUDGD %HRJUDGD  .RQD QR

² VXSHULRUDQ NYDOLWHW X RGQRVX QD VWDUL REMHNDW  GRQRVH VH L QHNH VDQNFLRQH RGUHGEH ]D GLYOMX

VOLND  JUDGQMX L]UDçHQH X ]DEUDQL SULNOMX LYDQMD QD LQVWDODFL

RQH PUHçH L RGUH
LYDQMHP QRY DQLK ND]QL 6O JODVQLN

56 

%OLçL XVORYL QDGJUDGQMH VX UHJXOLVDQL SUHNR =DNR

QD R L]JUDGQML REMHNDWD 6OXçEHQL JODVQLN 56  L

SRVUHGQR SUHNR =DNRQD R SRVHEQLP XVORYLPD ]D L]GD

YDQMH JUD
HYLQVNH RGQRVQR XSRWUHEQH GR]YROH ]D

RGUH
HQH REMHNWH 6OXçEHQL JODVQLN 56 

3R ÿODQX  VWDY  =DNRQD R L]JUDGQML REMHNDWD

UHNRQVWUXNFLMD MH L]YR
HQMH JUD
HYLQVNLK L GUXJLK UDGR
YD QD SRVWRMHþHP REMHNWX NRMLPD VH YUåL 1$'=,é,9$
1-( VDQDFLMD DGDSWDFLMD ]DPHQD LQVWDODFLMD XUH
DMD
SRVWURMHQMD L RSUHPH XWL H QD VWDELOQRVW L VLJXUQRVW
REMHNWD PHQMDMX ELWQL NRQVWUXNWLYQL HOHPHQWL PHQMD WH
KQRORåNL SURFHV PHQMD VSROMQL L]JOHG NRML MH RGUH
HQ

 ,5 '      6* (7 XVORYLPD ]D XUH
HQMH SURVWRUD XWL H QD EH]EHGQRVW VXVH
$(   ' 6   8 % GQLK REMHNDWD VDREUDþDMD L çLYRWQH VUHGLQH PHQMD UHçLP
   YRGD PHQMDMX XVORYL ]DåWLWH SULURGQRJ L QHSRNUHWQRJ NXO


   



WXUQRJ GREUD GREUD NRMH XçLYD SUHWKRGQX ]DåWLWX L QMHJR "               
YH ]DåWLþHQH RNROLQH RVLP NRQ]HUYDWRUVNR²UHVWDXUDWRU  "   
VNLK UDGRYD $       
=DNRQ R RGUçDYDQMX VWDPEHQLK ]JUDGD 6OXçEHQL             
JODVQLN 56  SRG RGUçDYDQMHP VWDPEHQH ]JUDGH    %           
SRGUD]XPHYD L SRSUDYNX LOL ]DPHQX NURYQH NRQVWUXN 
           
FLMH NURYQRJ SRNULYD D L GUXJLK HOHPHQDWD NURYD SUL   
        
HPX VH HNVSOLFLWQR QH SRPLQMH SURMHNWRYDQMH QRYLK      &    
VWDQRYD X SRWNURYQRP SURVWRUX 0H
XWLP ÿODQ  LV               
WRJ ]DNRQD GR]YROMDYD UDGLNDOQH LQWHUYHQFLMH DNR VH    #          
VD WLPH VORçH VWDQDUL NRML ]DMHGQR SRVHGXMX YLåH RG SR        '
     
ORYLQH XNXSQH SRYUåLQH VWDQRYD X ]JUDGL 2YR PRçH      
GD SURL]YHGH QHJDWLYQH SRVOHGLFH MHU DNR VH QDGJUD
(
         "  
GQMD SURJODVL QHRSKRGQRP VDQDFLMRP QDSU ]ERJ SUR
 )          '
NLåQMDYDQMD UDYQLK NURYRYD YHOLNL EURM VWDQDUD PRçH
             
GD VH QD
H SUHG VYUåHQLP LQRP WRWDOQH WUDQVIRUPDFL
       
     
MH REMHNWD LML VX L RQL GHORP YODVQLFL L WR SURWLY VYRMH

 *+,   
 - # '  
YROMH
             
,VWLQD MH GD ÿODQ  LVWRJ =DNRQD åWLWL VWDQDUH           
 
REDYH]XMXþL L]YR
D D GD R VYRP WURåNX VDQLUD VYH GH         &   
IHNWH NRMH MH L]JUDGQMRP SURX]URNRYDR REH]EHGL SULY               
UHPHQR SUHVHOMHQMH VWDQDUD WRNRP UDGRYD L UHGRYQR   
         "
LQIRUPLåH VWDQDUH R SR HWNX UDGRYD DOL X SUDNVL WR VH      &     
HVWR LOL QH SRåWXMH LOL SRåWXMH X PLQLPDOQRM PHUL           
         .+,
 .216758.7,91, 352%/(0,      
      

  
               /  /  
                     "   

             
      0    
    
              
              '     
 
                    '          
                
    1 

                '           
               
                %          

            
             
  
8 ODQX  =DNRQD R L]JUDGQML REMHNDWD ]DKWHYD VH          
GD SRUHG VWDQGDUGQH WHKQL NH GRNXPHQWDFLMH L] ÿO  LV  %  "         
WRJD =DNRQD SURMHNWL QDGJUDGQMH PRUDMX GD VDGUçH L    2      
 
DQDOL]X XVORYD QDG]L
LYDQMD NRMLP VH SRWYU
XMH GD             
 QDG]L
LYDQMH GR SUHGYL
HQH YLVLQH QHþH XJURçD    
        
YDWL VWDELOQRVW ]JUDGH NDR L VXVHGQH REMHNWH        
 QDG]L
LYDQMH QHþH SRJRUåDWL XSRWUHEOMLYRVW SRMH
 & 
          
GLQLK GHORYD ]JUDGH ]D VYUKH NRMLPD VOXçH L GUXJH XVORYH          
     
NRULåþHQMD ]JUDGH        
  "    
 ]JUDGD SR GRYUåHQRP QDG]L
LYDQMX NDR FHOLQD   '      
]DGRYROMDYD ]DKWHYH VWDELOQRVWL VLJXUQRVWL L VDYUHPHQH %  
      "  
XVORYH VWDQRYDQMD RGQRVQR NRULåþHQMD    
        
   
       %         
             "     
                 
        
             !  
         
     
    
             #    
  "              &
 3  
     4.  5
       #                 
     
             
   
           *.

 
   



 
  
     
         

#           

             
            
            
        
  
     "      
 
           
       / 
  '/ 6  
/   
/         
'

    !    
 " 
 85%$1,67,ÿ., 352%/(0,  # $% 
    &   
7
        
              
 '  ()      
        '        # *+,-./.
,/*+
) 0    
          #     
           
'  3               25*$1,=$&,21, 352%/(0,
            
      "   "  #           
       %      "       :   //    
                     
     "               "   
                           9
          !  "          "   
                        
    '     "          
   
                            
            %             

&          
         &  
  '               "           
                    "    
                          
 '              '          
   8                      ;
                 
          
     '   %       
        
       / /
 9                
               '
          
       "    '    '       
          '   
  
       
          
      
       "  
"     
    *4     "      


   




             2 8 JUD
HYLQVNRM GR]YROL ]D QDG]L
LYDQMH VWDPEHQH
          ' RGQRVQR VWDPEHQR²SRVORYQH ]JUDGH XWYU
XMH VH URN X
       9    '     NRPH VH UDGRYL PRUDMX ]DYUåLWL D NRML QH PRçH ELWL GXçL
 
     : "     RG MHGQH JRGLQH RG GDQD SUDYRVQDçQRVWL UHåHQMD NRMLP MH
      <      RGREUHQR QDG]L
LYDQMH $NR VH QDG]L
LYDQMH QH ]DYUåL X
        SURSLVDQRP URNX UHåHQMH NRMLP MH RGREUHQR QDG]L
LYD
               QMH SUHVWDMH GD YDçL
             &   
      
         &             
                        
            
            
     =      
          
'           
 "      -
!     '  
 
 *>>4     
      
               
    '          
         
            
 

            
          
         
    
      
 " #  $%&  ' #! 
     (  )       !
6         
               $         
 
  '     
    "     
  
'                 
   '     
    
                
  
              
          
         "    
$                      
      
         *@
' 
 =         
                352-(.7$176., 352%/(0,
         *? &  
     
'D EL VH RYDM IHQRPHQ UHJXOLVDR =DNRQ R L]JUDGQML             
REMHNDWD X ÿO  RGUH
XMH VOHGHþH            

    
             
    "        

         "
             
             
        
  
 
 

    
 (WL NL SUREOHPL
6D çDOMHQMHP NRQVWDWXMHPR GD MH YHOLNL EURM DUKL
WHNDWD VSUHPDQ GD VH EH] UD]PLåOMDQMD SULKYDWL QDGJUD

 
       GQMH 78é,+ SURMHNDWD EH] RE]LUD GD OL VH UDGL R çLYLP
     ! LOL PUWYLP DXWRULPD =DQLPOMLYR MH GD MH WR SUYHQVWYH

 
 
 


QR RGOLND POD
LK DUKLWHNDWD NRML WRNRP VWXGLMD QLVX
SRGX DYDQL HWL NLP SUDYLOLPD X DUKLWHNWRQVNRM SURIH
VLML 7R MH X PQRJRPH UH]XOWDW WRWDOQH QHVWDåLFH SRVOR
YD L EXNYDOQH çLYRWQH XJURçHQRVWL PQRJLK QDåLK
NROHJD DOL L MHGQH VLPSWRPDWL QH DPRUDOQRVWL NDUDN
WHULVWL QH ]D GDQDåQMH GRED
$XWRUVND SUDYD DUKLWHNDWD VX GHOLPL QR ]DåWLþHQD
]DKWHYLPD SRMHGLQLK LQVWLWXFLMD GD SURMHNDW QDGJUD
GQMH PRUD ELWL 29(5(1 RG VWUDQH SURMHNWDQWD UD]X
6D WDNYLP VOX DMHP VDP VH VXR LR SULOLNRP QDGJUD
GQMH MHGQRJ PRJ REMHNWD 3 X 1RYRP 6DGX ,QYHVWLWRU
MH WUDçLR åWR YHþL EURM PDOLK JDUVRQMHULFD QDPHQMHQLK VWX
GHQWLPD VD VHOD LMLP VH URGLWHOMLPD YLåH LVSODWL GD NXSH
PDQMX VWDPEHQX MHGLQLFX QHJR GD JRGLQDPD SR VNXSH
SDUH L]QDMPOMXMX VREX 1DNRQ ]DYUåHWND VWXGLMD GHFL L
SRURGLFL L GDOMH RVWDMH VWDQ NDR LVWL NDSLWDO D PRçGD L
NDR L]YRU SULKRGD
PH VH XNROLNR MH çLY LDNR LQYHVWLWRU REL QR LQL VYH
åWR PRçH GD SUHNR VYRMLK SURMHNWDQDWD SRVOXåQLND UHåL
VYD NRQFHSWXDOQD SLWDQMD SR VYRMRM çHOML L UD XQLFL
8 YH]L VD RYLP ]DKWHYLPD NDR SULPHU QDYRGLP
QDVHOMH .LMHYR².QHçHYDF LML VPR DXWRUL SRN DUK $FD
éRNLþ L MD -DYOMDOR QDP VH YLåH NROHJD NRML VX SRWSXQR
VDPRYODVQR SURMHNWRYDOL QDGJUDGQMH QDG QDåLP REMHN
WLPD ]DKWHYDMXþL EH]REUD]QR GD LP PL WH SURMHNWH
 .YDOLWDWLYQL SUREOHPL
.YDOLWDWLYQL SUREOHPL VX SUYHQVWYHQR YH]DQL QD
VXEVWDQGDUGQL NYDOLWHW SULPHQMHQLK IDVDGQLK L GUXJLK
PDWHULMDOD ,QYHVWLWRU QHSRJUHåLYR ELUD QDMMHIWLQLMH PD
WHULMDOH NRML VX QD VDPRM GRQMRM JUDQLFL SULKYDWOMLYRVWL
QH ]QDP VDPR ]DåWR L SR NRP RVQRYX RYHULPR 1D
NRQ QDåHJ RGELMDQMD 21, VX VH RVHþDOL 895(é(
1,0 L L]MDYOMLYDOL GD WDNR QHNROHJLMDOQR SRQDåDQMH QLVX
RG QDV R HNLYDOL
ÿLQMHQLFD MH GD VH YHOLNL EURM DXWRUD SUYRELWQLK
SURMHNDWD EH] UD]PLåOMDQMD RGD]LYD QD HYHQWXDOQL SR
]LY GD VH XNOMX L X SURMHNWRYDQMH NDVQLMH QDGJUDGQMH
5D]OR]L ]D WR PRJX ELWL
D L]YHVQRVW GD þH VH QDGJUDGQMD UHDOL]RYDWL KWHR
RQ WR LOL QH SD NDG MH WDNR RQGD EROMH GD VSDVH åWR VH
VSDVWL PRçH D L GD QH GHOL DXWRUVWYR VD QHNLP GUXJLP
XOMH]RP
E çHOMD GD VDP VHEL GRNDçH GD MH SRVOH GXçHJ YUH
 * + 
 
#
PHQD MRå XYHN VSRVREDQ GD RGUçL SD L QDGJUDGL SUYREL
      
WQL NYDOLWHW
F PDWHULMDOQL PRPHQW NRML X GDQDåQMLP YUHPHQD NYDOLWHWD L NRML HVWR QLVX NRPSDWLELOQL VD SUYRELWQLP
PRçH ]D RVLURPDåHQRJ DUKLWHNWX ELWL YHRPD ]QD DMDQ PDWHULMDOLPD SULPHQMHQLP QD GRQMLP HWDçDPD 1D
2YL IDNWRUL NDGD VH XGUXçH QH VDPR åWR YHRPD VSRMHYLPD RYLK PDWHULMDOD PRçH GRþL GR GHIHNDWD NRML
VQDçQR VWLPXOLåX DUKLWHNWX GD VH XNOMX L X RSHUDFLMX
QDGJUDGQMH YHþ L GD VYHVQR SUHOD]L SUHNR QDYHGHQLK
UL]LND SUHEDFXMXþL RGJRYRUQRVW QD LQYHVWLWRUD QD SU
XJRYRUQRP RGUHGERP GD SUH L]UDGH JODYQRJ SURMHNWD
PHULWRUQD RVRED LOL LQVWLWXFLMD PRUD SRWYUGLWL SRGR
EQRVW NRQVWUXNFLMH L WHUHQD D GLVNXWDELOQL QD LQ QD NR
VH GDOMH ODNR åLUH L XJURçDYDMX ]JUDGX X FHOLQL VOLND 
 2EOLNRYQL SUREOHPL
2EOLNRYQL SUREOHPL VH QDM HåþH XR DYDMX WRNRP
QDWLFDQMD QDGJUDGQMH QD SUYRELWQX PDVX REMHNWD L ]D
PHQH UDYQRJ NURYD NURYRP X SDGX 7R X SULQFLSX GDMH
ML LQYHVWLWRU WR RVWYDUXMH JD XRSåWH QH ]DQLPD 7DNR
REH]EHGLYåL VH RG ]DNRQVNH RGJRYRUQRVWL DUKLWHNWD VH
L VDP LPSOLFLWQR XNOMX XMH X GHODWQRVWL JUD
HYLQVNH
PDILMH L VROLGDULåH VD QMHQLP UDGRP
 3URVWRUQL DVSHNWL
3URVWRUQL SUREOHPL VH REL QR MDYOMDMX SULOLNRP
XNODSDQMD SURJUDPD SRWNURYQLK VWDPEHQLK VWUXNWXUD
L]QDG SUHGKRGQR L]YHGHQLK VWDQRYD VD ILNVQLP YHUWLND
QHVNODGDQ VSRM SUYRELWQH LQGXVWULMVNH 0RGHUQH L
SVHXGR²YHUQDNXODUQH DUKLWHNWXUH NRML MH PRJXþH X L
QLWL SULKYDWOMLYLP VDPR PLQXFLR]QLP VWXGLMDPD SUYR
NODVQLP PDWHULMDOLPD L GREUR NDOLEULUDQLP SURMHNWQLP
SURJUDPLPD D QLNDNR QH LVKLWUHQLP L SDXSHULVWL NLP
NUSHçRP 9HRPD MH VLPSWRPDWL QD SROXUXUDOQD SVLKR
ORJLMD SRMHGLQLK EXGXþLK NRULVQLND NRML VYRMH URGQH
DPELMHQWH çHOH GD UHSOLFLUDMX QD NURYRYLPD 2YDNYL
SRNXåDML YDULUDMX RG SLWRUHVNQLK SD DN L ]DQLPOMLYLK
ODPD L XQXWUDåQMLP UDVSRUHGRP ,QYHVWLWRUL VYRMH ]D UHåHQMD VOLND  GR QDNDUDGQLK SULJUDGVNLK LQGLYLGX
KWHYH XVNOD
XMX VD NRQNUHWQLP PRJXþQRVWLPD DOQLK NXþD JUXER QDWDNQXWLK QD SRVWRMHþX YLåHVSUDWQL
SODVPDQD VWDQRYD SUL HPX VH WUHQXWQR WUDçL åWR YHþL
EURM PDQMLK VWUXNWXUD 2EL QR VH GROD]L GR NRPSURPL
VQLK UHåHQMD DOL QLVX UHWNL QL VOX DMHYL VD NUDMQMH QHNR
UHNWQLP L QHIXQNFLRQDOQLP SUDNWL QR QHXSRWUHEOMLYLP
VWDQ LþLPD

 
 


FX L WR X QDMXçHP FHQWUX JUDGD VOLND 
5L]LFL QDGJUDGQMH VH SRYHþDYDMX QH]DMDçOMLYRåþX
LQYHVWLWRUD NRML VH X çHOML GD GR
X GR åWR YHþHJ EURMD
VWDQRYD WUXGH GD QDYXNX åWR YHþL EURM HWDçD L WLPH SR
UHG VYLK RVWDOLK UL]LND MRå YLåH QDJODåDYDMX QHVNODG VWD



 ,- +   . 
/ 

 ) .  )  

'

 ,, 2  !  +3
   

4 )   
      ')  
 '    
 
  ! 

 , 0     . 

 ! + 0   '  
      
 !  
   )  .   )
! ) )    ! 1  

URJ L QRYRJ =DQLPOMLY MH VOX DM QDGJUDGQMH YHRPD GH

YDVWLUDQLK VWDPEHQLK REMHNDWD 3 X 8OLFL 6UQHWL NRM
QD .DUDEXUPL NRMD MH X HWYRURVWUX LOD QDVHOMHQRVW
RYRJ SRGUX MD 6 MHGQH VWUDQH SRVWRMHþL REMHNWL VX X
WROLNR ORåHP VWDQMX GD VH QMLKRYD UHNRQVWUXNFLMD QDPH
WDOD NDR QHåWR QHL]EHçQR GRN MH V GUXJH VWUDQH QH]D
MDçOMLYRVW LQYHVWLWRUD XPHVWR SURVWRUQRJ XQDSUH
HQMD
GRYHOD GR SRJRUåDQMD XUEDQLVWL NLK SDUDPHWDUD L MH
 ,$ +  
)   '

GQRJ GLMDPHWUDOQR UD]OL LWRJ YLGD GHJUDGDFLMH DPEL    !
LMHQWD 5DGL VH R YHRPD RELPQRM L ULVNDQWQRM RSHUDFLML
NRMD VH SRUHG 6UQHWL NH XOLFH SUHQHOD L QD XOLFH 3 éX .DR DXWRUL REMHNDWD X QDVHOMX .LMHYR².QHçHYDF
NLþD L -XKRUVNX DOL QDP QLMH SR]QDWR NDNR MH L GD OL MH SRN DUK $OHNVDQGDU éRNLþ L MD ELOL VPR EXNYDOQR L]OR
OHJDOL]RYDQD VOLND 
3RVHEDQ SUREOHP SUHGVWDYOMD WROHULVDQMH SDUFLMDO
QLK LQWHUYHQFLMD RG VWUDQH YODVWL L VWUX QLK JUDGVNLK VOX
çEL 8NROLNR QD QDGJUDGQML NROHNWLYQLK ]JUDGD LQVLVWL
UDMX VDPR SRMHGLQL SRWNURYQL VWDQDUL X FLOMX SURåLUHQMD
VYRJ VWDPEHQRJ SURVWRUD RQGD GROD]L GR QHVKYDWOMLYLK
NUSHçD NRML SRQHNDGD SRSULPDMX NDULNDWXUDOQL YLG VOL
çHQL VYDNRGQHYQRP SULWLVNX SRMHGLQDFD NRML VX çHOHOL
GD QDGJUDGH SURVWRU QDG VYRMLP VWDQRP EH] YR
HQMD
UD XQD R FHOLQL REMHNWD 8 SR HWNX VX VH WL OMXGL RVHþDOL
REDYH]QLP GD NDNR WDNR NRRUGLQLUDMX LQWHUHVH VYLK
VWDQDUD X VYRMRM ODPHOL GD EL VH NDVQLMH RKUDEUHQL WR
OHUDQFLMRP RSåWLQVNLK YODVWL NRQFHQWULVDOL VDPR QD
VYRMH SUREOHPH SD ]DWLP ORJL QR XVPHULOL L QD SRWSX
ND  QR GLYOMH QDGJUD
LYDQMH

 
 
 


 62&,-$/1, 352%/(0,
8 SURFHVX QDGJUDGQMH VXGHOXMX PQRJL VXEMHNWL
RG NRMLK VX QDMYDçQLML QMD NXþQRJ UHGD RG VWUDQH QRYLK VWDQDUD
² VWDQDUL NRML QLVX VDJODVQL VD QDGJUDGQMRP
² VWDQDUL NRML VX VDJODVQL VD QDGJUDGQMRP QH WUD
çHþL SURåLUHQMH VYRJ VWDPEHQRJ SURVWRUD
² VWDQDUL NRML çHOH GD SURåLUH VYRM VWDPEHQL SURV
WRU LOL GD GR
X GR QRYLK VWDQRYD X QDGJUD
HQRM
]JUDGL
² LQYHVWLWRUL NRML DQJDçXMX SRVHEQH L]YR
D H
² LQYHVWLWRUL NRML VX LVWRYUHPHQR L L]YR
D L
² L]YR
D L NRML UDGH SR XJRYRUX VD LQYHVWLWRURP LOL
VD VDPLP NRULVQLFLPD
² SRGL]YR
D L NRML UDGH SR XJRYRUX VD JHQHUDOQLP
L]YR
D HP
² SUHGVWDYQLFL YODVWL L JUDGVNLK VWUX QLK VOXçEL LQ
VSHNFLMH DGPLQLVWUDFLMD NRPXQDOQH RUJDQL]DFLMH XU
PDOR IDOLOR GD GR
H GR IL]L NRJ REUD XQD L]PH
X MH
GQLK L GUXJLK 7DNR
H HVWL VX VXNREL XVOHG QHSRåWRYD
.RQIOLNWL PRJX GD QDVWDQX L XVOHG SRYHþDQMD EUR
MD VWDQRYD SRåWR VH QRYL L VWDUL VWDQDUL X ]JUDGL DOL L X
QDVHOMX VXNREOMDYDMX RNR SDUNLQJD JDUDçQLK PHVWD
SRGUXPVNLK RVWDYD L GUXJLK ]DMHGQL NLK VDGUçDMD
6D VYLP RYLP IHQRPHQLPD DXWRU RYRJ WHNVWD VH OL
QR VXR DYDR WRNRP QDGJUDGQMH VYRMLK REMHNDWD DOL
RQL MRå XYHN QLVX VLVWHPDWVNL NDWDORJL]LUDQL L VWDWLVWL NL
REUD
HQL 2 LJOHGQR MH GD MHGQD RYDNR UDVSURVWUDQMH
QD SRMDYD NDR åWR MH QDGJUDGQMD NRG QDV ]DKWHYD GH
WDOMQD L NRQWLQXDOQD PXOWLGLVFLSOLQDUQD LVWUDçLYDQMD
NDNR EL VH YHULILNRYDOL L QDGDPR VH NRULJRYDOL GDQD
åQML ]YDQL QL VWDYRYL R QMRM 8UD
HQH VX PQRJREURMQH
DQDOL]H R SRWHQFLMDOQLP PRJXþQRVWLPD QDGJUDGQMH
VWDPEHQRJ IRQGD QD SRMHGLQLP JUDGVNLP SRGUX MLPD
DOL QHPD DQDOL]D GRVDGDåQMLK LVNXVWDYD
EDQLVWL LWG
8 GHIHNWQRP RGYLMDQMX SURFHVD SULSUHPH SODQL
UDQMD SURMHNWRYDQMD L UHDOL]DFLMH QDGJUDGQMH GROD]L GR
YHRPD UD]QROLNLK NRQIOLNWQLK VLWXDFLMD L]PH
X QDYHGH
QLK NDWHJRULMD VXEMHNDWD DOL L XQXWDU SRMHGLQD QLK ND
WHJRULMD
3ULOLNRP SULSUHPH QDGJUDGQMH QDG MHGQRP NR
OHNWLYQRP VWDPEHQRP ]JUDGRP HVWL VX VXNREL L]PH
 =$./-8ÿ$.
-HU QLNR QH PHþH QRYH ]DNUSH QD VWDUX KDOMLQX MHU
þH ]DNUSD RGDGULMHWL RG KDOMLQH L JRUD þH UXSD ELWL 1LWL VH
VLSD YLQR QRYR X PMHKRYH VWDUH LQD H VH SURGUX PMHKRYL
D YLQR VH SUROLMH L PMHKRYL SURSDGQX 1HJR VH VLSD YLQR
QRYR X PMHKRYH QRYH L RERMH VH VD XYD

X VWDQDUD NRML VX ]DLQWHUHVRYDQL ]D QDGJUDGQMX L
VWDQDUD NRML VX SURWLY QMH 1DGJODVDYDQMHP VH GROD]L
GR RGOXNH DOL GREURVXVHGVNL RGQRVL RVWDMX WUDMQR SRUH
PHþHQL 3R]QDWL VX QDP L NRQIOLNWL L]PH
X VWDULK VWD
QDUD L SULGRåOLFD NRML SRWL X L] UD]QLK UD]ORJD L NRML VH
QDM HåþH YUHPHQRP EDU GRQHNOH VPLUXMX
.RQIOLNWL L]PH
X VWDQDUD L LQYHVWLWRUD QDVWDMX
XVOHG QHSRåWRYDQMD XJRYRUQLK REDYH]D RG VWUDQH LQ
YHVWLWRUD 5RNRYL VH QH SRåWXMX NYDOLWHW UDGRYD MH LV
SRG GRJRYRUHQRJ D åWHWH QD REMHNWX YHRPD HVWH
1DNQDGQR GROD]L GR L]PHQH SURMHNWQH GRNXPHQWDFLMH
X VPLVOX SRYHþDQMD VSUDWQRVWL L XNXSQRJ EURMD QRYLK
VWDQRYD ,QYHVWLWRU VH WRNRP YUHPHQD YHRPD YHåWR
L]PL H WDNR GD VH VWDUL VWDQDUL WHN QDNRQ XVHOMHQMD QR
YLK VXR DYDMX VD QHNLP VLWXDFLMDPD NRMH QLVX R HNLYDOL
3ULOLNRP XJRYDUDQMD LQYHVWLWRU SUHX]LPD REDYH
]X GD UDGRYL QHþH RPHWDWL QRUPDODQ çLYRW VWDQDUD X
]JUDGL GRN R QHNRP QMLKRYRP SULYUHPHQRP SUHVHOMH
QMX SUDNWL QR QHPD QL JRYRUD 7RNRP L]YR
HQMD UDGR
YD PH
XWLP VWDQMH MH VDVYLP GUXJD LMH %XND
]DJD
HQMH RåWHþHQMD ]DMHGQL NLK NRPXQLNDFLMD UH
GRYQD VX SRMDYD D VWDQDUL RVLP EHVSRPRþQLK SULMDYD
LQVSHNFLML QHPDMX QD LQD GD WR VSUH H 5D]XPH VH GD
WR GRYRGL GR QDSHWLK VLWXDFLMD NDNR L]PH
X L]YR
D D L
VWDQDUD WDNR L L]PH
X VWDQDUD PH
XVREQR
1DNRQ ]DYUåHWND UDGRYD QHNL GHIHNWL RVWDMX D QH
NL VH QDNQDGQR MDYOMDMX VOHJDQMH SXNRWLQH SXFDQMH
0DWHM 
8 WUHQXWNX SLVDQMD RYRJ PDWHULMDOD NULPLQDO X
RYRM ]HPOML MH QDNRQ GHVHWRJRGLåQMH X]OD]QH SXWDQMH
GRVHJDR VYRM YUKXQDF DWHQWDWRP QD DNWXHOQRJ VUSVNRJ
SUHPLMHUD SRND]DYåL GD MH ]DKYDWLR VYH VHJPHQWH SROL
WL NRJ HNRQRPVNRJ L SUDYQRJ VLVWHPD D QH ]DRELåDYåL
QL JUD
HYLQDUVWYR L XUEDQL]DP %LOR MH ORJL QR R HNLYD
WL GD VH X WDNYRP RNUXçMX MHGQD SUDJPDWL QD LGHMD NDR
åWR MH LGHMD R PDVRYQRM QDGJUDGQML WUDQVIRUPLåH X VYR
MX VXSURWQRVW ² ULVNDQWQX QHNRQWUROLVDQX D VYH HåþH
L QHOHJDOQX DNWLYQRVW X] GHIRUPLVDQMH L XQDNDçDYDQMH
QH VDPR L]JUDGQMH YHþ L SVLKRORJLMH VDPLK DNWHUD æD
ORVQD LQMHQLFD GD QHNH RG QDPD SULMDWHOMVNLK ]HPDOMD
X WUDQ]LFLML R]ELOMQR UD]PLåOMDMX R WUDQVSODWDFLML 1$
ä,+ LVNXVWDYD X QMLKRYH XVORYH REDYH]XMH QDV GD RYDM
VHJPHQW L]JUDGQMH R]ELOMQR SUHLVSLWDPR L SRVWDYLPR
X UHDOQH RNYLUH 6WDPEHQD L]JUDGQMD MHGQH ]HPOMH PR
çH VH ED]LUDWL QD LPSURYL]DFLMDPD VDPR X YHRPD NUDW
NRP NUL]QRP SHULRGX DOL DNR VH WDM SHULRG SURWHJQH
QD JRGLQH SD L GHFHQLMH NDR åWR MH VOX DM NRG QDV RQGD
MH ORJL QR GD VH NUSHç PDUJLQDOL]XMH L SRWUDçH GUXJD
HILNDVQLMD L NRUHNWQLMD UHåHQMD ÿDN QL SORPELUDQMD
NRMD VX GDOHNR NRUHNWQLMD L EH]RSDVQLMD RG QDGJUD
L
YDQMD QH PRJX ELWL VPDWUDQD VLVWHPVNLP UHåHQMHP
YHþ VDPR SULYUHPHQRP DNFLMRP NRMD VH WRNRP YUHPH
QD LVFUSOMXMH LOL SUHWYDUD X QHNX QRYX GHIRUPDFLMX 0H

XWLP WR þH VYH ]DYLVLWL RG åLUHJ GUXåWYHQRJ NRQWHNVWD
LQVWDODFLMD L VO 2QL PRJX GD SURX]URNXMX NRQWLQXDOQL
DQLPR]LWHW L]PH
X VWDQDUD SD DN L RWYRUHQH VXNREH
=DEHOHçLOL VPR L VOX DM NDGD MH QRYL NRVL NURY L]QDG
QDGJUD
HQLK VWDQRYD SRSXVWLR SD VX QRYL VWDQDUL WUD
çLOL GD LP VWDUL SRVOH VYLK QHGDþD NRMH VX WRNRP JUD
GQMH SUHWUSHOL SDUWLFLSLUDMX X SRSUDYFL QDNRQ HJD MH

 
 


.ROLNR JRG ELOL VLURPDåQL PL QH EL VPHOL GD ]DSRVWDYL
PR L PLQLPL]LUDPR PDVRYQX VRFLMDOQX L]JUDGQMX MHU MH
RQD RYRP GUXåWYX QHRSKRGQD NDR QDURGQH NXKLQMH
QDMVLURPDåQLMLP VORMHYLPD JUD
DQD 7R EL QDV YHURYD
WQR YUDWLOR QD YHOLNH SUHIDEULNRYDQH RSHUDFLMH X] L]YH
VQH PRGLILNDFLMH YODVQL NLK RGQRVD 8RVWDORP PR


 ² DQNHWLUDQMD VWDYRYD VWDQDUD LWG
² QD RVQRYX UH]XOWDWD RYLK LVWUDçLYDQMD SRWUHEQR
MH QD UHSXEOL NRP L JUDGVNRP QLYRX GRQHWL SUHSRUXNH
]D UHJXODWLYX SODQLUDQMH SURMHNWRYDQMH L]YR
HQMH
NRULVQLNH L RSåWH VWUDWHJLMH X RYRM REODVWL
² QD RVQRYX RYLK SUHSRUXND QHRSKRGQR MH RIRU
PLWL GHWDOMQX L SUHFL]QX UHJXODWLYX NRMD þH LVNOMX LWL
PRJXþQRVWL QHSURIHVLRQDOQRJ SRQDåDQMD L ]ORXSR
WUHED
² VD UH]XOWDWLPD LVWUDçLYDQMD SRWUHEQR MH SUHNR
PHGLMD LQIRUPLVDWL QDMåLUX MDYQRVW NDNR EL VYL ]DLQWH

 ,& #  

0 
UHVRYDQL ELOL REMHNWLYQR XSR]QDWL VD VYLP QH VDPR SUH

 

 
 
GQRVWLPD YHþ L UL]LFLPD QDGJUD
LYDQMD
² VYL VXEMHNWL X SURFHVX QDGJUD
LYDQMD VWDQDUL
QRYL NRULVQLFL LQYHVWLWRUL L]YR
D L GUçDYQL RUJDQL L RV
WDOL PRUDMX XVYRMHQX UHJXODWLYX QDMVWULNWQLMH SR
åWRYDWL
² SDOLMDWLYQLP PHUDPD SRWUHEQR MH ]DåWLWLWL DXWRU
VND SUDYD DXWRUD DUKLWHNWRQVNLK REMHNDWD
² SRWUHEQR MH NDWDORJL]LUDWL YUHGQD DUKLWHNWRQVND
RVWYDUHQMD L VYLP VUHGVWYLPD VSUH LWL QMLKRYX GHYDVWD
FLMX SXWHP QDGJUD
LYDQMD SUHJUD
LYDQMD L GR]L
LYDQMD
² SRWUHEQR MH RWYRULWL QRYH SXWHYH ]D PDVRYQR UH
åDYDQMH VWDPEHQH NUL]H NRML þH ELWL SRYROMQLML L PDQMH
UL]L QL RG QDGJUDGQMH
1LVPR GDOHNR RG LVWLQH DNR NRQVWDWXMHPR GD EL
 


    
MHGQD VWURJD GUXåWYHQD NRQWUROD L GHWDOMQLMD UHJXODWLYD
 
 

 
 
QD SROMX QDGJUDGQMH SRPRJOH DUKLWHNWLPD GD VH ]DåWL
WH QH VDPR RG GUXJLK YHþ L RG VDPLK VHEH $XWRU RYRJ
JXþQRVWL QDGJUDGQMH VX NDR QDIWQL L]YRUL WRNRP YUH WHNVWD MH åWLWHþL VH RG OHåLQDUD L] VYRMH SURIHVLMH X YL
PHQD VH LVFUSOMXMX 3RVWDþH RSHW VSRUDGL QH L NRQD QR åH QDYUDWD ELR SULQX
HQ GD VH SULKYDWL SURMHNWRYDQMD
þH VH VDPH VYHVWL QD QHNL SULKYDWOMLYL PLQLPXP 0H
X QDGJUDGQML VYRMLK REMHNDWD LDNR MH XQDSUHG ELR VYHVWDQ
WLP PD NROLNL SURFHQDW VWDPEHQRJ IRQGD GD MH YHþ GH QHXVSHåQRVWL NRQD QRJ UH]XOWDWD
YDVWLUDQ RVWDOR MH MRå GRVWD ]D X]XUSLUDQMH L QDPD VH
LQL GD MRå XYHN QLMH NDVQR GD VH PQRJR åWR åWD ]DåWLWL 'RPDþD UHJXODWLYD YH]DQD ]D QDGJUDGQMX L QMHQX
L VSDVH 8 WRP VPLVOX YHUXMHPR GD EL ELOR NRULVQR OHJDOL]DFLMX
² REXVWDYLWL GRVDGDåQMX EH]UH]HUYQX SRGUåNX PD  2GOXND R L]PHQDPD L GRSXQDPD RGOXNH R
VRYQRM QDGJUDGQML L VYHVWL MH QD UHDOQH L RSUDYGDQH XVORYLPD L WHKQL NLP QRUPDWLYLPD ]D SURMHNWRYDQMH
RNYLUH VWDPEHQLK ]JUDGD L VWDQRYD 6OXçEHQL OLVW JUDGD %HR
² VSURYHVWL GHWDOMQD LVWUDçLYDQMD R UHDOQLP PRJX JUDGD 
þQRVWLPD L UL]LFLPD QDGJUD
LYDQMD YRGHþL UD XQD R  2GOXND R L]PHQDPD L GRSXQDPD 2GOXNH R
VYLP UHOHYDQWQLP IDNWRULPD L NRQNUHWQLP PRJXþQRVWL L]JUDGQML REMHNDWD JUD
DQD 6OXçEHQL OLVW JUDGD %HR
PD L WR SUHNR
JUDGD 
² VQLPDQMD GRVDGDåQMLK XWLFDMD QDGJUDGQMH QD
NRQVWUXNFLMX IXQNFLMX REOLNRYDQMH XUEDQH SRND]DWH  2GOXND R GRSXQL 2GOXNH R L]JUDGQML REMHNDWD
OMH VRFLMDOQH RGQRVH L XNXSQR UHåDYDQMH VWDPEHQH JUD
DQD 6O OLVW JUDGD %HRJUDGD 
NUL]H  =DNRQ R RGUçDYDQMX VWDPEHQLK ]JUDGD 6OX
² FRVWEHQHILW DQDOL]H çEHQL JODVQLN 56 
² DQDOL]H GRVDGDåQMLK VWUDQLK LVNXVWDYD X RYRM  =DNRQ R L]PHQDPD L GRSXQDPD =DNRQD R
REODVWL L]JUDGQML REMHNDWD 6OXçEHQL JODVQLN 56