Author
cotidianul-zi-de-zi
View
229
Download
0
Embed Size (px)
DESCRIPTION
o parte din viata ta!
3DJ 3DJ 3DJ 3DJ 3DJVSRUW HYHQLPHQW FXOWXU vQYPkQW VQWDWH
&RPSXWHU7RPRJUDIOD6LJKLRDUD
&DPSLRQLLPRQGLDOLDXUHYHQLWDFDV
)RWRJUDLVFRLHQHOD0XUH0DOO
(OHYLLvPSRWULYDLQIUDFLXQLORU
'LUHFWRUQRXOD6SLWDOXOGLQ/XGX
GLUHFWRUIRQGDWRU$XUHOLDQ*5$0$
LQFXUVGHDXGLWDUH%5$7ZZZ]LGH]LUR
RSDUWHGLQYLDDWD7J0XUH5HJKLQ6LJKLRDUD
0HWHR &XUVYDOXWDU
7kUJX0XUH12$37($
&&&&&
5HJKLQ6LJKLRDUD/XGX7kUQYHQL
HXU URQXVG URQ
URQJUDXU=,8$&
0DULVHSWHPEULH$QXO9,,,QU
SDJLQL
$GUHVDUHGDFWLHL
$ERQDPHQWH
6WU3ULPULHLQU7kUJX0XUH7HOUHGDFWLD#]LGH]LURSXEOLFLWDWH#]LGH]LUR
3HQWUXDERQDPHQWHvLVWPODGLVSR]LLHODVHGLXOUHGDFLHLVDXODWHOHIRQ
:::=,'(=,52,QWUHEDUHD]LOHL /DLQWUHEDUHDGHLHUL
$LDSHODWYUHRGDWOD$YRFDWXO3RSRUXOXL"
5VSXQVXULOHYRDVWUHDXIRVW
'$ 18
6XQWHLGHDFRUGFD0GOLQ9RLFXVFDQGLGH]HSHQWUXXQFROHJLXGLQMXGHXO0XUH"
'HFODUDWLD]LOHL
)ORULQRPRGL
$YkQGRVWUDWHJLHSUDFWLFDYHPRKDUWGHSDUFXUVSHQWUXDQLLXUPWRULLQGLIHUHQWGHFHFRQGXFHUHYLQHvQIUXQWHDXUEHL
67,5,LQWHUHVDQWH
6HOHFLHODGDQV$VRFLDLD&OXEXO6SRUWLY'DQFH$UW 7kUJX0XUH RUJDQL]HD]vQFHSkQG FX GDWD GH RFWRPEULHFRDOGHGDQVSHQWUXFRSLLWLQHULLDGXOL3HULRDGDGHvQVFULHUH HVWH VHSWHPEULHRFWRPEULH OD VHGLXO FOXEXOXL GLQ VWUDGD/LYLX5HEUHDQXQU $ HWDMXO OkQJ1RYD9LWDODDGUHVDHPDLOFRQWDFW#GDQFHDUWURVDXODWHOHIRQ09
6HDUGHYHJKHvQPHPRULDP6HUJLX$UGHOHDQ9LQHULVHSWHPEULHRUD]LXDvQFDUH6HUJLX$UGHOHDQ&KLQH]XDUWUHEXLWVvPSOLQHDVFGHDQLVHYDRUJDQL]DR6HDUGH 9HJKH vQ FHQWUXO RUDXOXL5HJKLQ vQ ORFXO XQGH D DYXWORF WUDJLFD vQWkPSODUH FUHLDLD F]XW YLFWLP 6HUJLX &HLSUH]HQLYRUDSULQGHOXPkQULVLYRU URVWL FkWHYD FXYLQWH GHVSUH&KLQH]X 6SUH QDOXO VHULL RULFLQH GRUHWH SRDWH V DSULQG ROXPkQDUH ODPRUPkQWXO OXL6HUJLXGLQ&R]PD$=
$WHQLH6WXG&DUGDUHDOWVHGLXQFHSkQG FX DFHVW DQ XQLYHUVLWDU6WXG&DUG7kUJX0XUHDUHXQQRXVHGLX 'H OXQL VHSWHPEULH VHHOLEHUHD]D6WXG&DUGXULvPSUHXQFX QRXO SDFKHW GH UHGXFHUL GHSHVWUDGD/LYLX5HEUHDQXQU FRO FX VWUDGD &X]D 9RG6WXG&DUGXULOH VH SRW ULGLFD GHOXQLSkQDYLQHULvQWUHRUHOHGHODQRXOVHGLXGDULGHODVHGLLOH9RONVEDQNGLQ1RLHPEULHL 3DQGXULORU LQWUH RUHOH 3HQWUXPDLPXOWHGHWDOLL LSHQWUXFHUHUHDRQOLQHSXWHLDFFHVDZZZVWXGFDUGUR%5
DVHPHPEULDL5RWDU\&OXE7kUJX0XUHDXSULPLWGLVWLQFLD3DXO+DUULV)HOORZGLQSDUWHDJXYHUQDWRUXO'LVWULFWXOXL5RWDU\5RPkQLDL5HSXEOLFD0ROGRYD5RWDULHQLLGLQ0XUHDXIRDUWHPXOWHSURLHFWHLVHYHGHFVXQWRDPHQLGHYDORDUHLQWHUHVDLGHEXQXOPHUVDOFRPXQLWLLDVSXV5DGX3RSHVFX0EXFXUFPXQFDPHDDIRVWDSUHFLDWLDPSULPLWDFHDVWGLVWLQFLHSUHVWLJLRDVDDUPDW1LFXODH+DYULOH(RUHFXQRDWHUHvQSULPXOUkQGDIDSWXOXLFIDFSDUWHGLQDFHDVWIDPLOLHLFvQHOHJPHQLUHDDFHVWHLIDPLOLLURWDULHQHDSUHFL]DW$QGUHL0RVFYLFLRY
(GLWRULDO
6FKLPEDUHD5HJKLQXOXLLQHYRLDGHOLEHUWDWH2DQD05*,1($1
*D]GDXQXLHYHQLPHQWFXYDOHQHLQWHUQDLRQDOH 7(' 5HJKLQXOD IRVW FKLDU VXELHFWXO DFHVWHLD$PSXWHDVSXQHF2 LGHHSHQWUX D VFKLPED 5HJKLQXO HVWH RXQSDVVSUHOLEHUWDWH'LQFRORGHGH]YOXLUHD H[SHULHQHORU LQHGLWH PHQLWH V VFKLPEH YLHLFRQFHSLL L DERUGUL HYHQLPHQWXO 7(' GHVIXUDW OD 5HJKLQ ODVIkULWXO VSWPkQLL WUHFXWH DRIHULW R DOWHUQDWLY FRQWXUkQGLGHHD FQLPLFQX HVWH LPSRVLELOVDXSUHDJUHXQLFLvQ5HJKLQQLFLDOWXQGHYD8Q QRX VWDUW R QRXSHUVSHFWLYXQQRXvQFHSXW'HIRDUWHPXOWHRULvQGLVFXLLOHFXHOHYLLGLQ5HJKLQ DERUGDP LGHHDGH LPDJLQH D YLLWRUXOXL vQ YL]LXQHDORUSHVWH]HFHDQLLGHFHOHPDLPXOWHRULDFHDVWDQXLQFOXGHD5HJKLQXO 3RDWH F GLQFROR GHQHDMXQVXULOH PDWHULDOH H[LVWHQWH
SUHWXWLQGHQL GH SRVLELOLWLOHVRFLDOH PDL PXOW VDX PDL SXLQH[LVWHQWH FHO PDL WULVW DVSHFWHVWHvQVLRSLXQHDWLQHULORUGHDSUVLRUDXOQDWDOFHOFDUHRGDWvLIFHDPkQGULSHSULQLLORU&X WRDWH F 5HJKLQXO GLVSXQHGH UHVXUVH LPDJLQHD HOHYLORUL D WLQHULORU HVWH SRDWH SXLQLUHDO GDU WHQGLQD HVWH DFHHD GHHYDGDUH Q DFHVW FD] FRQFHSWXOSURPRYDWGH7('[5HJKLQSRDWHJHQHUD R DSOLFDELOLWDWH D LGHLORUR PRGLFDUH D FRQFHSLLORU 'HSLQGH GH HFDUH XQGH FRQVLGHUF VH VLWXHD] ([SHULHQHOH FHORUFLQFLVSHDNHULDXIRVWPRGHOHGH DD GD VDX VH SRDWH GHLXQHRUL FLUFXPVWDQHOH QX DUWDXDFHVWOXFUX5HYHQLQGODFRQFHSWXOGHOLEHUWDWHLGHHDGRPLQDQWHVWHF RULFH QHSXWLQ H SHULVDELO LRULFHYLVSUHYHVWHWHRFHUWLWXGLQH
3DXO+DUULV)HOORZSHQWUXURWDULHQLLPXUHHQL
3DJ
OHL
5HJDOGHGDQVVSRUWLYOD&XSD0LURQD&OXEXOGH'DQV6SRUWLY'DQVXO9LRULORU5HJKLQRUJDQL]HD]VkPEWVHSWHPEULH VXE HJLGD)HGHUDLHL GH'DQV6SRUWLYFHDGHDDSWHDHGLLHD &XSHL 0LURQD 6XQWHP FRQYLQLF L DFHDVW HGLLH D &XSHL0LURQD FRQFXUV GH UHIHULQ vQ GDQVXOVSRUWLY URPkQHVF VH YD UHPDUFDSULQSDUWLFLSDUHDPDVLYDSHVWHGHGDQVDWRULSHVWHGHDUELWULDQWUHQRUL L LQVWUXFWRUL GLQ HOLWD GDQVXOXL VSRUWLY URPkQHVF GDU L SULQFDOLWDWHD SUHVWDLHL DFHVWRUD vQ ULQJ7DOHQWXOLUH]XOWDWHOHGHRVHELWHDWkWODQLYHOQDLRQDOFkWLLQWHUQDLRQDODXIFXWFDGDQVXOVSRUWLYURPkQHVFVHYROXH]HVSHFWDFXORVvQXOWLPLLDQL5HQXPHOHFROLLGHGDQVUHJKLQHQHDGHSLW JUDQLHOH ULL SULQ FRQFXUVXULOHLVHPLQDULLOHLQWHUQDLRQDOHLQDLRQDOH RUJDQL]DWH GH FOXEXO QRVWUXGHFDUHDXEHQHFLDWFHLPDLEXQLGDQVDWRULLQFOXVLYORWXULOHQDLRQDOHvQXOWLPLL]HFHDQLDUELWULLDQWUHQRUL GLQ DU D SUHFL]DW 'XPLWULD
*OLJDRUJDQL]DWRU&RQFXUVXO VH YD GHVIXUD vQWURVLQJXUD]L vQGRXVOL vQSDUDOHOFXWUHLEULJ]LGHDUELWULURPkQL6HYRUGHVIXUDGHFRQFXUVXULSHGLIHULWH FDWHJRULL GH YkUVW L FODVH YDORULFHSHFHOHGRXDVHFLXQL6WDQGDUGYDOVOHQWWDQJRYDOVYLHQH]VORZIR[TXLFNVWHSL/DWLQRDPHULFDQHVDPEDFKDFKDFKDUXPEDSDVVRGREOHLMLYHDFRPSOHWDW'XPLWULD*OLJD&RPSHWLLD YD vQFHSH OD RUD OD VHGLXO FRPSOH[XOXL VSRUWLY GLQ5HJKLQVWUDGD3DQGXULORUQU
$OH[727+
63257VHSWHPEULH
IDFHERRNFRP]LGH]L
3HUHFKHDGHGDQVVSRUWLY3DXO0ROGRYDQ&ULVWLQD7WDUDRELQXWGXPLQLFPHGDOLDGHDXU OD&DPSLRQDWXO0RQGLDOGH'DQV6SRUWLYGLVSXWDWOD%HLMLQJ6SRUWLYLLGXEOX OHJLWLPDL 'DQFH $UW &OXEXO 6SRUWLYFRODU7kUJX0XUHDXvQYLQVODVHFLXQHD/DWLQR FDWHJRULD DQL 'DQVDWRULLGH DXU DL DQWUHQRULORU 6RPRGL 0DUWRQL .DWDOLQ LDX Y]XW DVWIHO vQFXQXQDLDQLLGHPXQF'XSQXPHURDVHOHWLWOXULQDLRQDOH L PHGDOLD GH EURQ] OD &DPSLRQDWXOXL (XURSHDQ 7LQHUHW /DWLQR GLQDFHVW DQ OD 6WXWWJDUW *HUPDQLD GLQ GH SHUHFKL SDUWLFLSDQWH XQGH DX RFXSDWORFXO VHFXQG OD *HUPDQ 2SHQ /DWLQRDFHWLDLDXFRPSOHWDWSDOPDUHVXOFXWLWOXOVXSUHP
WLDPFDXDQVH'XS HYROXLLOH GLQ XOWLPD SHULRDGWLDP F DX DQVH OD SRGLXP YLVDP FKLDUOD WLWOXO PRQGLDO $ IRVW GLFLO SHQWUXWRLGDUWRDWHHIRUWXULOHQXPDLFRQWHD]DWXQFLFkQGUH]XOWDWXOvLDGXFHVDWLVIDFLDVXSUHP$WUHEXLWVIDFHPDGDSWDUHDODIXVXORUDUGDU vQDFHDVWSULYLQQHDPSUHJWLW vQFGHDFDV0DLHUDGHSXV ODSXQFWSHOkQJRELQXLWDSUHJWLUH]LFLFHDPHQWDOLFUHGFDXIRVWSUHJWLLGLQ WRDWH SXQFWHOH GH YHGHUH $GHYUXOHVWHF3DXOL&ULVWLQDDXGDQVDWFHOPDLELQHvQYLDDORULUH]XOWDWXOVDY]XWDGHFODUDWDQWUHQRDUHD6RPRGL.DWDOLQ
0LKDL9(5(
&DPSLRQLLPRQGLDOLODGDQVVSRUWLYDXUHYHQLWDFDV
2H[SHULHQGHYLV&HLGRLWLQHULVSRUWLYLDXIRVWvQWUDGHYUSUHJWLLGLQWRDWHSXQFWHOH GH YHGHUH 2ELQXLL FX YkUIXO LHUDUKLHL 3DXO L&ULVWLQDDXUHXLWVLSVWUH]HFRQFHQWUDUHDSHvQWUHJSDUFXUVXOFRPSHWLLHLLFRQVLGHUDFHVWVXFFHVFDSHXQOXFUXUHVF6XQWFRQWLHQLWRWRGDWGHIDSWXOFPRGHVWLDHVWHXQIDFWRUFDUHWHDMXWVLSVWUH]LLOXFLGLWDWHD
5HSRUWHU&HWHDPDUFDWPDLPXOWGXSDFHVWVXFFHV"3DXO0ROGRYDQ(VWHJUHXGHGHVFULVDIRVWFHYDGHYLV/DDMXQJHUHD vQ &KLQD SHQWUX QRL WRWXO D IRVW RDUHFXP FLXGDW(GXFDLDORUHDSDUWHRDPHQLLVXQWGLIHULLFRPXQLFLGHVWXOGHJUHXQXSUHDFXQRVFOLPELVWULQH([FHOHD]vQVFKLPEODIHOXOvQFDUHWLXVRUJDQL]H]HPDULOHPDQLIHVWUL5HS7HDWHSWDLODDFHVWWLWOXPRQGLDO"30 6LQFHU VSHUDP1H DWHSWDP V P SULQWUH SULPLLGXSXOWLPHOHUH]XOWDWHGDUHUDPDLGHJUDEXQYLVODvQFHSHUHDFRQFXUVXOXL&kQGDPLQWUDWvQVDODPY]XWWDYDQXOvQ WULFRORUXO5RPkQLHL LPLDP ]LV F HVWH VHDUDQRDVWUQFHUFDP V X RELHFWLY LPLDPPDL ]LV F DQVHOH VXQWWRWXLPLFLFRQFXUHQDLQGPDUH&kQGDPLQWUDWvQQDOYLVXOvQFHSHDVSULQGFRQWXULDFHVWDDGHYHQLWUHDOLWDWH5HS&XPDLSULPLWYHVWHD"30/DvQFHSXWFkQGDPY]XWOLVWDFXUH]XOWDWHOHQXQHDYHQLWVFUHGHP1XHUDPFRQYLQLLDQWUHQRULLQHDXVSXVVQXQHEXFXUPSkQQXQHYHGHPSHSRGLXPDELDGXSDFHHDSXWHPVUEWRUL7RLURPkQLLSUH]HQLGDUQXQXPDLHLDXYHQLWLQHDXIHOLFLWDWSULPLPLDFXPFRQWLQXXPHVDMHGHIHOLFLWUL$IRVWR]LSHFDUHQRVRXLWQLFLRGDW
8QPRPHQWFDUHPLPDUFKHD]YLDD3DUWHQHUDOXL3DXO&ULVWLQDQXUHJUHWDQLLSHWUHFXLvQVDODGHDQWUHQDPHQWHvQFHDUFVVDYXUH]HPRPHQWXOGDUSULYHWHGHMDVSUHYLLWRU
5HSRUWHU &H SRL V QH VSXL GHVSUH DFHVWPDUHVXFFHV"&ULVWLQD 7WDU (VWH FHYD H[WUDRUGLQDU XQ PRPHQWFDUHQHDVFKLPEDWYLDD(VWHJUHXGHGHVFULVvQFXYLQWHFHDPVLPLW$IRVWvQFXQXQDUHDDQLORUGHPXQF$PSHWUHFXW IRDUWHPXOW WLPS vQDFHWL DQLvQVDODGHDQWUHQDPHQWGDUXQDVHPHQHDVXFFHVPIDFHVVSXQFDPHULWDWHIRUWXO5HS3HUVRQDOODFHVSHUDL"
&7 WLDP F SXWHP DVSLUD FKLDU OD SRGLXPPDLPXOW QX vQGU]QHVF V VSXQ GHVSUH YLVH VDXVSHUDQHQQDOODLHLUHDGHSHSRGLXPWLDPFVXQWHPvQSULPHOHWUHLSHUHFKLGDULFGHSLQGHPGHGHFL]LDDUELWULORU/DGRXPLQXWHDPY]XWGHMDODFLQHYDR OLVWSHFDUHHUDPSULPLLGDUQXHUDPFRQYLQLFVXQWUH]XOWDWHOHQDOH&kQGDFHVWHDDXIRVWFRQUPDWHDIRVWFHYDGHQHGHVFULV5HS&HXUPHD]SHQWUXYRL"&7 Q SULPXO UkQG SXLQ RGLKQ 9D XUPDvQVRSHULRDGJUHDGHRDUHFHWUHFHPODFDWHJRULDVXSHULRDUGHYkUVWODDGXOLLPXOWHVHVFKLPE9RPvQFHUFDVQHDGDSWPLYRPPXQFL vQFRQWLQXDUHSHQWUXDQHPHQLQHXQGHDPDMXQV
(9(1,0(17
3RVWXULGLGDFWLFHYHULFDWHQMXGHXO0XUHH[LVWSRVWXULGLGDFWLFHSHQXPUXOGHHOHYLQSUH]HQWVXQWHP vQ ID]D vQ FDUH LGHQWLFPGHSLULOHGHSRVWXULFDUHDXUH]XOWDWvQMXGH GLQ FDX]D FODVHL SUHJWLWRDUH QWHPDWLFDGHFRQWURODPGLVSXVVVHYHULFHvQHFDUHXQLWDWHGHvQYPkQWFDUHHVWHPLFDUHDGHODJUGLQLVSUHFODVDSUHJWLWRDUHFkLIRWLFRSLLGHODJUGLQLDXDMXQVvQFODVDSUHJWLWRDUHLVYHGHPGHFHQXVDUHGXVQXPUXOGHSRVWXULGLGDFWLFHvQJUGLQLHDSUHFL]DW SURI WHIDQ 6RPHDQ LQVSHFWRUFRODUJHQHUDO20
'UXPUHDELOLWDWOD'HOHQL&RQVLOLHULLMXGHHQLYRUDQDOL]DMRLVHSWHPEULH vQWUR HGLQ RUGLQDUGH OXFUX RSRUWXQLWDWHD DSUREULLGRFXPHQWDLHL WHKQLFRHFRQRPLFL LQGLFDWRULL WHKQLFRHFRQRPLFL DLLQYHVWLLHL 5HDELOLWDUH VLVWHP UXWLHU SH'- '%RWRUFD 'HOHQL %JDFLXNPYDORDUHDWRWDOD LQYHVWLLHLFX79$LQFOXVLQG GH GH OHL &RQIRUPWHPHLGHSURLHFWDUHVHFWRUXOGHGUXPFH XUPHD] D UHDELOLWDW HVWH FXSULQVvQWUHNLORPHWUXODUH R OXQJLPH GH NLORPHWUL LWUDYHUVHD] ORFDOLWDWHD 'HOHQL 'LQSXQFW GH YHGHUH IXQFLRQDO L DGPLQLVWUDWLYWHULWRULDO IDFH SDUWH GLQFDWHJRULD GUXPXULORU MXGHHQH L DUHFODVDWHKQLFSDWUXDSUHFL]DW2YLGLX'DQFX YLFHSUHHGLQWH DO &RQVLOLXOXL-XGHHDQ0XUH67
7UDQVLOYDQLDQ%UXQFKOD$SROG8OWLPXO 7UDQVLOYDQLDQ %UXQFK GLQFDUHvQOXQDVHSWHPEULHDUHORFvQ ORFDOLWDWHD $SROG YD RUJDQL]DWVkPEW VHSWHPEULH vQ FXUWHDELVHULFLL IRUWLFDWH vQFHSkQG FX RUD (YHQLPHQWXO HVWH SUHJWLW GHDVRFLDLLOHFDVDSROGL&RURQD%HUOLQH9GLQ*HUPDQLDLDUSHSDUFXUVXOSURJUDPXOXLYL]LWDWRULLYRUSDUWLFLSDL ODXQWXUJKLGDWSULQFHWDWH ODXQFRQFHUWGHRUJDLODRYL]LWDWXUQXOXL3DUWLFLSDUHDVHIDFHSHED]GHUH]HUYDUHvQOLPLWDDGHSHUVRDQH7UDQVLOYDQLDQ%UXQFKDDSUXWODvQFHSXWXODQXOXLFDRLQLLDWLYDDVRFLDLHL*$/0LFURUHJLXQHD+kUWLEDFLXGHFXQRDWHUHUHFLSURFLFRODERUDUHvQ9DOHD+kUWLEDFLXOXLGDULFDXQH[HUFLLXGHSURPRYDUHDSURGXVHORUORFDOHvQVSHFLDOSURGXFWRULDL%LR&RRS6LELX6$
/RFXOGHHXULORUQXHVWHvQFDV$VRFLDLD 5RPkQ SHQWUX 5HFLFODUH5R5HF vQ SDUWHQHULDW FX0XQLFLSLXO6LJKLRDUDYDRUJDQL]DVkPEWRFWRPEULHvQWUHRUHOHFDPSDQLD GH PHGLX PLQLFROHFWDUHGHHXUL GH HFKLSDPHQWH HOHFWULFH LHOHFWURQLFH'(((/RFXOGHHXULORUQX HVWH vQ FDV0XQLFLSDOLWDWHDVLJKLRUHDQSULQSULPDUXO,RDQ'RULQ'QHDQ D DJUHDW DFHVWSDUWHQHULDWGDWLQGSUHRFXSDUHDFRQVWDQWIDGHSUREOHPDWLFDUHFLFOULL'(((FRQFUHWL]DW GH DFLXQLOH OXQDUH GHFROHFWDUH'(((GHVIXUDWHLQLLDOFXIUHFYHQOXQDUXOWHULRUWULPHVWULDO$FHDVW FDPSDQLH GH FROHFWDUH YLQHvQ VSULMLQXO VLJKLRUHQLORU SULQ DPSODVDUHDDSDWUXSXQFWHSURYL]RULLGHFROHFWDUHDGHHXULORUGHHFKLSDPHQWHHOHFWULFH L HOHFWURQLFH OD *LPQD]LXOGH 6WDW =DKDULD %RLX SHQWUX ]RQD0LKDL9LWHD]XOLFDUWLHUXO7kUQDYD%UJDQ*LPQD]LXO GH 6WDW $XUHO0RVRUD SHQWUX ]RQD FHQWUDO*LPQD]LXO GH 6WDW 9LFWRU -LQJD SHQWUXFDUWLHUXO&RUQHWLL*LPQD]LXOGH6WDW2FWDYLDQ*RJDSHQWUXFDUWLHUXO$QD,SWHVFX6$
WLULLQWHUHVDQWH
6LJKLRUHQLL L SRSXODLD FDUH ORFXLHWHvQ FRPXQHOH GLQ YHFLQWDWHD PXQLFLSLXOXL 6LJKLRDUD YRU EHQHFLD vQVFXUW WLPS GH LQYHVWLJDLL GHLPDJLVWLF PHGLFDO FX XQDSDUDW &RPSXWHU 7RPRJUDIODHLDFDV6SLWDOXO0XQLFLSDO6LJKLRDUD YD GRWDW FX XQ&7GHVOLFHDFKL]LLRQDWFXIRQGXULDORFDWHGH0LQLVWHUXO6QWLL L FRQDQDUH GLQSDUWHDDXWRULWLORUORFDOH8QLWDWHD PHGLFDO D SRVWDWGHMDSHVLWHXOGHOLFLWDLHSXEOLFZZZOLFLWDWLHSXEOLFDUR XQ DQXQSULYLQGDFKL]LLDXQXL&RPSXWHU WRPRJUDIPXOWLVOLFH FXP L Q L P X P VHFLXQL
DFKL]LLRQDWH VLPXOWDQ (VWHXQ OXFUXGHRVHELWLSHQWUXVSLWDOGDULSHQWUXRDPH
QLL FDUH VXQW DURQGDL DFHVWXL VSLWDO1XPDLPHUJOD0XUHQU7kUJX0XUHLGRFWRULLGHDLFLVHSRWIRORVL GH WUHDED DVWD (VWH XQSXQFWvQSOXVSHQWUXDFUHGLWDUHD VSLWDOXOXL'DF DL WRPRJUDI L VSHFLDOLWL FDUH V OXFUH]HSHHOHWLPDLDSURDSHGHDFUHGLWDUHSHQWUXFDDFXP ]LFH &21$6XO QU&RQVLOLXO1DLRQDOGH$FUHGLWDUHD6SLWDOHORUGDFQXHWLDFUHGLWDW QX H[LWL QX PDL
SRL V vQFKHL FRQWUDFW QX PDL
IXUQL]H]L
VHUYLFLL QX PDL SULPHWL EDQL &HOH FDUHSULPHVF DYL] GH IXQFLRQDUH FD L VSLWDO RVPHDUJPDLGHSDUWHFHOHFDUHQXSLHUG1RL VXQWHPSURJUDPDL SHQWUX DFUHGLWDUHvQ D GHFODUDW GU $OH[DQGUX 6WUDWPDQDJHUXO6SLWDOXOXL0XQLFLSDO6LJKLRDUD&RPSXWHUXO 7RPRJUDI YD XWLOL]DW GH GRLPHGLFLUDGLRORJLFXFRPSHWHQvQLPDJLVWLFPHGLFDOSHQWUXGLDJQRVWLFDUHDDIHFLXQLORUWRUDFLFHDEGRPLQDOHJLQHFRORJLFHHWF&X DMXWRUXO DFHVWXL &7 VSLWDOXO GLQ6LJKLRDUD YD GHJUHYDW GH WUDQVSRUWXOEROQDYLORU LQWHUQDL OD 7kUJX0XUH SHQWUXR LQYHVWLJDLHGH LPDJLVWLFPHGLFDOFRVWXO SHQWUX WUDQVSRUWXO FX DPEXODQDLQGGHFRQWDWGHFWUHXQLWDWHDPHGLFDO,DUOXQDUvQPHGLHVXQWWUDQVSRUWDLFLUFDGHSDFLHQL9DORDUHD LQYHVWLLHL VH ULGLF OD SHVWH PLOLRDQH OHL IU 79$ GLQ FDUH HVWHFRQDQDUH GLQ SDUWHD DXWRULWLL ORFDOH7RW DXWRULWDWHD ORFDO YD WUHEXL V DORFHIRQGXULSHQWUXDPHQDMDUHDODVWDQGDUGHOHFHUXWHGH&1&$1QU&RPLVLD1DLRQDOSHQWUX&RQWUROXO$FWLYLWLORU1XFOHDUHDFOGLULLXQGHYDGHSR]LWDW&7XO2IHUWHOHSHQWUXOLFLWDLHSRWGHSXVHSkQODGDWDGHQRLHPEULH'XSQDOL]DUHDDFKL]LLHL L RELQHUHD DXWRUL]DLLORU QHFHVDUH PDQDJHUXO 6SLWDOXOXL 0XQLFLSDO6LJKLRDUD VSHU FD GDF QX YD UHXL ODVIkULWXO DFHVWXL DQ PFDU OD vQFHSXWXODQXOXLYLLWRUVSXQvQIXQFLXQHDSDUDWXO
$ULQD02/'29$1
&RPSXWHU7RPRJUDILODVSLWDOXOGLQ6LJKLRDUD
7kUJXPXUHHQLL GLQ FDUWLHUXO 'kPEX 3LHWURV UDFRUGDL OD VLVWHPXO FHQWUDOL]DW GHIXUQL]DUH D DJHQWXOXL WHUPLF DX UPDV vQFXUVXO]LOHLGHLHULIUDSFDOGSHQWUXFkWHYDRUHGHLLQLLDOVDGHFLVVLVWDUHDGHQLWLYDJD]XOXLODXOWLPDFHQWUDOGHFDUWLHUFDUHDUPDVIXQFLRQDOvQ7kUJX0XUH
3ULPULDQRWLFDWGH(2Q(2Q *D] D VLVWDW IXUQL]DUHD JD]XOXL SHPRWLY FQXPDL H[LVWD XQ FRQWUDFW vQWUHFRPSDQLHL(6WDU0XUH(QHUJ\DFHVWDLQG UH]LOLDW vQFHSkQG FX GDWD GH VHSWHPEULH*D]XOYD IXUQL]DW vQFRQWLQXDUH SkQ FH 6& /RFDWLY YD RELQH OLFHQDGHRSHUDUHGLQSDUWHD$156&&HLGH OD(2Q*D]QHDXQRWLFDWFDVW]LYRUvQWUHUXSHIXUQL]DUHDJD]XOXLDYkQGvQYHGHUHUHVWDQHOHDFXPXODWHGHDOXQJXOWLPSXOXLLIDSWXOFvQFHSkQGFXGDWDGHVHSWHPEULHVDUH]LOLDWFX(6WDU'XSGLVFXLLOHWHOHIRQLFHSXUWDWH FX FHLGH OD(2Q*D]FRPSDQLDDOXDWGHFL]LDVUHLDIXUQL]DUHDJD]XOXLSHQWUX(6WDUSHQWUXRSHULRDGGHWLPSSkQFH/RFDWLYXOVHYDDXWRUL]DD GHFODUDW ,RQHOD &LRWOX YLFHSULPDUXOPXQLFLSLXOXL7kUJX0XUH
/LFHQDGHRSHUDUHVRVHWHvQDFHVWH]LOH'LQ WRWDOXO GH FHQWUDOH GH FDUWLHU SkQDFXPGRDUDSWHDXIRVWSUHOXDWHvQJHVWLXQHGHFWUH6&/RFDWLY6$GHOD(6WDULDULHULDUWUHEXLWVHSUHOXDWL&7/LFHQDGHRSHUDUHGLQSDUWHD$156&DUXUPDVHRELQXWvQ DFHVWH ]LOH 'LQ SFDWH GH OD $156& QXDYHP vQF DXWRUL]DLD 0kLQH QUDVW]L RYRPSULPL 6LJXUDQ H[LVW vQ SURSRULH GH$PYRUELWFXFHLGHOD(2QIDFFRQWUDFWGDUFDVSRLIXUQL]DWUHEXLHVDLDXWRUL]DLH DGHFODUDW&ODXGLX0DLRUFRQVLOLHUXOSULPDUXOXLPXQLFLSLXOXL7kUJX0XUH'XS RELQHUHD OLFHQHL H QHYRLH GH YRWXO
FRQVLOLHULORUORFDOL3UREDELOvQFXUVXO]LOHLGH MRL YRPGHSXQHXQSURLHFW GHKRWUkUHSULQFDUHYRPDSUREDLQYRFDUHDXQHLVLWXDLLGH XUJHQ L GHURJDUHD GH OD SUHYHGHULOH2UGRQDQHL YRP LQYRFD DUWLFROXO FDUHQHSHUPLWHVDWULEXLPGLUHFWDFHVWVHUYLFLX/RFDWLYXOXLIURSURFHGXUSUHDODELOGH OLFLWDLH SH R SHULRDG GHWHUPLQDW GHWLPSDSUHFL]DW&LRWOX
1XWRDWHFHQWUDOHOHYRUUHSRUQL
6HYDSXQH vQGLVFXLH WRW vQHGLQDGHMRLLUHQWDELOLWDWHDDFHVWRUFHQWUDOH3HQWUX F XUPDUH D VLVWULL DSHL FDOGH SH RSHULRDGDDOXQJIRDUWHPXOLFRQVXPDWRUL FDVQLFL VDX GHEUDQDW GLQ VLVWHP3ULQ XUPDUH VLVWHPXO HVWH QHUHQWDELO vQDFHVW PRPHQW ,DU FRVWXULOH GH RSHUDUHDOHVLVWHPXOXLYRUIRDUWHULGLFDWHSUHXOULGLFDWDOJLJDFDORULHLQXYDPDLVXSRUWDW QLFL GH SRSXODLH QLFL GH DXWRULWDWHDSXEOLFORFDOLDWXQFLVHYDOXDRGHFL]LHGHvQFKLGHUHDFHQWUDOHORUFDUHYRUFXXQFRVWIRDUWHULGLFDWDPDLVSXV&LRWOX
$ULQD02/'29$1
8OWLPDFHQWUDOGHFDUWLHUSHSXQFWXOGHDvQFKLV
&7UPkQHIXQFLRQDOSkQODRELQHUHDOLFHQHLGHRSHUDUHD VLVWHPXOXLGH WHUPLHGHFWUH/RFDWLY
2 LGHH SHQWUX D VFKLPED 5HJKLQXO DUHSUH]HQWDW WHPD FRQIHULQHL 7('[ 5HJKLQJ]GXLW GXPLQLF VHSWHPEULH GH %XVLQHVV&DIpGLQ5HJKLQ(YHQLPHQWXODIRVWVSULMLQLWGH3ULPULD5HJKLQ,5806$L+RUD6$(FKLSDGHRUJDQL]DUH7('[5HJKLQDIFXWWRWSRVLELOXOSHQWUXDSUH]HQWDvQIDDSXEOLFXOXLRVHULHGHSHUVRQDOLWLSXWHUQLFHGLQGLIHULWHGRPHQLLEDQFDUVSRUWLYVDXOREE\SULQWUHFDUH6WDQLVODY*HRUJLHYYLFHSUHHGLQWHOH8QLFUHGLW5RPkQLD L$QGUHL5RVX IRVW FRPSRQHQWDOWUXSHL*D]SH)RF
2DPHQLYDORURLvQRUD7HPD HGLLHL 2 LGpH SHQWUX D VFKLPED 5HJKLQXO VD QVFXW vQ SDUDOHO FXVFKLPEULOHSROLWLFHFDUHDXDYXWORFODQLYHOXO 5HJKLQXOXL 1RL QHLQG R RUJDQL]DLHDOLDW SROLWLF QHDP JkQGLW V YHQLP FXXQ VSULMLQ FRODWHUDO IDFWRUXOXL GHFLGHQWDGPLQLVWUDWLYvQDvQFHUFDVDGXFHPRDPHQLYDORURLvQRUDFDUHVYRUEHVFGHVSUH5HJKLQGHVSUHFHVDUSXWHD IDFH vQ
SOXVGLQH[SHULHQDORUSHQWUXRDPHQLLGLQRUD$YHPXQVWLOVSHFLDOGHDDOHJHDFHWLLQYLWDL FXWP RDPHQL H[FHSLRQDOL GLQGLIHULWH GRPHQLL vQFHUFP VL vPELQPvQWUXQ HYHQLPHQWW V XLGL]P HFDUH
VSHHFK FDUH SkQ OD XUP V IRUPH]H RLGHHFRPXQDGHFODUDW6RULQ6XFLXFXUDWRUXO7('[5HJKLQ
$OLQ=$+$5,(
7('[5HJKLQVFKLPEULFXDMXWRUXOLGHLORU
3URWDJRQLVWLLHYHQLPHQWXOXL7('[5HJKLQGHOD%XVLQHVV&DIH
'U$OH[DQGUX6WUDWPDQDJHUXO6SLWDOXOXL0XQLFLSDO6LJKLRDUD
&8/785VHSWHPEULH
0LKDL(PLQHVFX7UXVWODFHDVDQLYHUVDU/XQD YLLWRDUH )XQGDLD 0LKDL (PLQHVFX 7UXVW 0(7GLQ 6LJKLRDUD FHOHEUHD]vPSOLQLUHDDDQLGHDFWLYLWDWH vQ GRPHQLXO FRQVHUYULLL YDORULFULL SDWULPRQLXOXLFXOWXUDO&XDFHVWSULOHM YDRUJDQL]DW vQ GDWD GH RFWRPEULH XQ VHPLQDUGH GH]YROWDUH FRPXQLWDUDGUHVDW DXWRULWLORU ORFDOHLQVWLWXLLORU GH vQYPDQW21*XULORU L DVRFLDLLORUVLJKLRUHQH (YHQLPHQWXO YDFXSULQGHSUH]HQWULDOHSULQFLSDOHORU SURLHFWH GHUXODWHGH)XQGDLD0(7XUPDWHGHGLVFXLL PRGHUDWH vQ FDGUXOFURUDVHYD vQFHUFD LGHQWLFDUHDQHYRLORUSULRULWDUHLDD[HORUGHDFLXQHSHQWUXGH]YROWDUHD VRFLDO L FXOWXUDOD 6LJKLRDUHL 9RU VXVLQHSUH]HQWUL &DUROLQH )HUQROHQG GLUHFWRU 0(7 $OLQD6FKROWHV L 2OLYLX 0DULDQFRRUGRQDWRUL GH SURLHFWHvQ FDGUXO 0(7 'DQD &LXFDQ SURIHVRU OD *LPQD]LXOGH 6WDW $XUHO 0RVRUD GLQ6LJKLRDUD L &ROLQ 5LFKDUGVGLQ SDUWHD &RQVLOLXOXL /RFDO6KURSVKLUHGLQ0DUHD%ULWDQLH)XQGDLD0LKDL(PLQHVFX 7UXVW D IRVW vQLQDW FX
VFRSXOGHDVSULMLQLFRQVHUYDUHDSDWULPRQLXOXL FXOWXUDO LQDWXUDO L UHYLWDOL]DUHD VDWHORULRUDHORUGLQ7UDQVLOYDQLD6$
QVFULHULOD&OXEXO&RSLLORU5HJKLQ&OXEXO &RSLLORU GLQ 5HJKLQDQXQ WRL HOHYLL LQWHUHVDLGH DFWLYLWL GH GH]YROWDUH DDSWLWXGLQLLORUFvLGHVFKLGHODUJSRULOHSHQWUXQRXODQGHvQYPkQWvQFHSkQGFX]LXDGH RFWRPEULH ODRUD /D DFHDVW GHVFKLGHUHD VXQWLQYLWDLVSDUWLFLSHWRLHOHYLLSUHFXP L WRDWH SHUVRDQHOHLQWHUHVDWH GH DFWLYLWLOHHGXFDWLYH GH WLPS OLEHU GLQFDGUXO FHUFXULORU vQFHSkQGGH OD PDWHPDWLFD DSOLFDW vQWHKQLF GH FDOFXO LQIRUPDWLFD PHWDORSODVWLH L MRFXULORJLFHSkQODQDYRPRGHOHWHDWUX LPX]LF SRSXODU LvQFKHLQGFXSURWHFLDPHGLXOXL DWHOLHUXO IDQWH]LHL DUWHSODVWLFH L FDUWXUL3DUWLFLSDUHD HOHYLORU OD RULFDUH GLQWUHFHOH QRX SUROXUL GH FHUFHVWH JUDWXLW vQVFULHULOH VHSRWIDFHLGXSGDWDGHRFWRPEULHODVHGLXOGHSHVWUDGD0LKDL (PLQHVFX QU VDXWHOHIRQLF ODQXPUXOGHFRQWDFW50
WLULLQWHUHVDQWH
IDFHERRNFRP]LGH]L
*DOHULD 0XUH 0DOO J]GXLHHvQ SHULRDGD VHSWHPEULH RFWRPEULH R LQHGLW H[SR]LLHIRWRJUDF FDUH UHXQHWH OXFUULUHDOL]DWH GH DUWLWL IRWRJUD GLQ6FRLDHYHQLPHQWXOLQGRUJDQL]DWGHFWUH)RWRFOXEXOGLQ7kUJX0XUH([SR]LLDFXSULQGHGHOXFUUL UHDOL]DWH GH IRWRJUDVFRLHQL PHPEUL DL (GLQEXUJK3KRWRJUDSKLF6RFLHWHGLQ6FRLD
,YDQ6]DERSULQWHOHIRWRJUDHL3UH]HQD OXFUULORU UHDOL]DWH GHIRWRJUDLVFRLHQLOD7kUJX0XUHHVWH OHJDW GH SHUVRQDOLWDWHD FHOXL FDUH D IRVW ,YDQ 6]DER XQXOGLQSLRQHULLIRWRJUDHLPRQGLDOHRULJLQDU GLQ 7kUJX0XUH vQPRUPkQWDW vQ &LPLWLUXO *UDQJH(GLQEXUJK Q (GLQEXUJK vQFLPLWLUXOSULQFLSDO OD ORFGH FLQVWHVHDXQREHOLVFvQDOWGHSHVWHPHWULSHFDUHVFULHVDQVFXWvQOD7kUJX0XUH,YDQ6]DER REHOLVF ULGLFDW GH FHWHQLLRUDXOXL (GLQEXUJK vQ VHPQ GHUHFXQRWLQSHQWUXWRWFHDIFXW,YDQ 6]DER SHQWUX IRWRJUDH vQ6FRLD(ODPXULWGHVWXOGHWkQULDUDQXODFHVWDDQLYHUVPGHDQLGHODQDWHUHDDFHVWXLRPFDUHHVWHGHIDSWSULPXOIRWRJUDIUHFXQRVFXW LQWHUQDLRQDO GLQ 7kUJX0XUH GLQ$UGHDO GLQ5RPkQLDLGLQ8QJDULD(ODIRVWvQDUPDWDUHYROXLRQDU GLQ L GXSvQEXLUHD UHYROXLHL D WUHEXLW VIXJ 3H SLDWUD OXL GH PRUPkQWHVWH VSHFLIFDW vQ OLPED ODWLQF HO HVWH FHO FDUH D VFKLPEDWVSDGD FX FDPHUD REVFXU 'DF
GXS PRDUWHD OXL GLQ EDQL SXEOLFLVDIFXWXQDVWIHOGHREHOLVFvQVHDPQ F D IFXW FHYD SHQWUXWLLQ HO LQG XQ SLRQLHU vQ FHSULYHWH IRWRJUDD D GHFODUDW7|U|N *iVSiU YLFHSUHHGLQWHOH)RWRFOXE7kUJX0XUH
+RLQULPGHRDUHFHQXDYHPXQVHGLX'DF FHL GLQ 6FRLD DX FX FH VHOXGD vQ FHHD FH SULYHWH LVWRULDL ED]D PDWHULDO FROHJLL ORU GHOD 7kUJX0XUH VXIHU OD FDSLWROXO VSDLX VHGLXO FOXEXOXLLQGVLWXDWvQ&HWDWHHVWHVXSXVDFXPOXFUULORU GH UHQRYDUH 6RFLHWDWHD )RWRJUDF GLQ (GLQEXUJKvPSOLQHWHvQDFHVWDQGHDQL
$X vQ6FRLDRFOGLUHSURSULHGHSDWUX HWDMH FX VOL GH H[SR]LLLFX ELEOLRWHF ODERUDWRDUH FX WRWFH WUHEXLH 'DF QH JkQGLP F)RWRFOXEXO 7kUJX0XUH OD DQXYDvPSOLQLGHDQLGHH[LVWHQLQG FHO PDL EWUkQ GLQ 5RPkQLDQRLKRLQULPDVW]LGHRDUHFHDFXPQXDYHPXQVHGLX$PDYXWvQ&HWDWHGDUDFXPHD VHD vQUHQRYDUHLGHGRLDQLGH]LOHPHUJHPGLQORFvQORFVSXWHPJ]GXLXQ HYHQLPHQW 9 GDL VHDPD FHGLIHUHQvQWUHQRLLFHLGLQ6FRLDFDUHDXRFOGLUHFXSDWUXHWDMHDSUHFL]DW7|U|N*iVSiU
$OLQ=$+$5,(
QWkOQLULOH LQWHUQDLRQDOH FXOWXUDOH $UV 0DULV 5HJKLQSRSRVHVF vQ RUDXO YLRULORU vQSHULRDGD RFWRPEULH IHVWLYDOXO SVWRULW GH VFULLWRUXO5DGX XFXOHVFX DMXQJkQG ODHGLLDD9,D
3LFWXU JUDF L OPLJQHVF'HVFKLGHUHD RFLDO D )HVWLYDOXOXL$UV0DULVYDDYHDORFMRLRFWRPEULHRUDOD &DVD GH &XOWXU (XJHQ1LFRDU HD LQG XUPDW GHH[SR]LLDGHJUDF0HPRULLDIHFWLYH VHPQDWGH&ULVWLQD&WOLQD &KHX L H[SR]LLHGHSLFWXUVHPQDWGH(GXDUG&VXSDQ3URJUDPXO SULPHL ]LOH GH OD RUD OD &DVD 7LQHUHWXOXL*HRUJH(QHVFXFXSUH]HQWDUHDOPXOXLDUWLVWLF%DKWDORR FRPHGLH WU]QLW VHPQDW GH 5REHUW /DNDWRV 3UH]LQWFULWLFXO,RDQ3DYHO$]DS
3RH]LHSHDFRUGXULMD]]3URJUDPXOGHYLQHULRFWRPEULHGLQFDGUXO$UV0DULVYDJ]GXLWGH%XVLQHVV&DIpvQFHSkQGFXRUD7LEHULX+HUGOLFVND)ULHQVVYRUVXVLQHXQFRQFHUWH[WUDRUGLQDUGHODWDQJROD MD]] XUPDWGHXQ UHFLWDO SRHWLFPXOWLOLQJY FX0DULO\/H1LU )UDQD'DQLOR GH 6DOD]DU ,WDOLD /DGLVODY&HWNRYVN\&HKLDLDOLSRHLGLQ5RPkQLD0RPHQWXOPXOWDWHSWDWDOVHULLYDGHFHUQDUHDWURIHXOXL$UV0DULVXUPDWGHSUH]HQWDUHDYROXPHORUFkWLJWRDUHODFRQFXUVXOGHFUHDLHOLWHUDU6PEWRFWRPEULH$UV0DULV YD VWD VXE DXVSLFLLOH WHDWUXOXL FX RFD]LD VSHFWDFROXOXL6UXWPGH9ODG=RJUDIUHJL]DWGH9LFWRU2OKXFXDFWRUXO(PDQXHO3HWUDQ
7UDGXFWRULGLQ)UDQD,WDOLDL&HKLD(GLLDGLQDFHVWDQD$UV0DULVUHXQHWHRDPHQLGHFXOWXUGLQVSDLLJHRJUDFHGLYHUVHGHODFOXMHQLUHJKLQHQLODLQYLWDLGLQ)UDQD,WDOLD&HKLDFDUHYRUDGXFHHFDUHIDUPHFXODUWHLSHFDUHRUHSUH]LQWGH ODSLFWXUSRH]LHOPWHDWUXLPX]LF'HDVHPHQHDDPUHXLWVDGXFHPWUHLWUDGXFWRULGHOLPEDURPkQGLQ)UDQD,WDOLDL&HKLD0DULO\/H1LU'DQLORGH6DOD]DUL/DGLVODY&HWNRYVN\SURWDJRQLWLL UHFLWDOXOXLGHSRH]LHPXOWLOLQJY DGHFODUDW VFULLWRUXO5DGXXFXOHVFXSUHHGLQWHOH$VRFLDLHL$560DULV
$OLQ=$+$5,(
$UWD IRWRJUDF VFRLDQOD*DOHULD0XUH0DOO
7RURN,VWYDQYLFHSUHHGLQWHOH)RWRFOXE7kUJX0XUH
$UWHOHSULQGYLDOD$UV0DULV
6FULLWRUXO5DGXXFXOHVFXDPWULRQXOQWkOQLULORUFXOWXUDOHLQWHUQDLRQDOH$560$5,6GHOD5HJKLQ
63257
,VLO PXOXPLW GHRFDPGDWGHSXQFWH/DQDOXOSDUWLGHLGLQ/LJD,,GHIRWEDOGLQWUH)&0XQLFLSDO7kUJX0XUHL)&$UJHvQFKHLDWFXVFRUXOGHvQIDYRDUHDPXUHHQLORU DQWUHQRUXO'DQLHO,VLO QX VD DUWDW vQFkQWDW GH MRFXOHFKLSHLVDOHGDUVSHUFSDX]DSkQODXUPWRDUHDHWDSVPDLSXQODSXQFWXQHOH DVSHFWH WDFWLFH WLDP F QHDWHDSWXQMRFGLFLOFXRHFKLSELQHDH]DW vQ WHUHQ DJUHVLY SUHRFXSDWGH MRF $P LQWUDW ELQH vQPHFL QHDPFUHDWFkWHYDRFD]LLGXSFDUHDPDYXWRFGHUHLQH[SOLFDELOLDPIRVWGRPLQDLvQ SDUWHD D GRXD D SULPHL UHSUL]H QSDUWHDDGRXDDPMXFDWDOWFHYDDPSXVPLQJHD MRV L DP SVWUDW SRVHVLD $PDYXW L DQV OD QDO OD PDUHD RFD]LHD $UJHXOXL GDU LPSRUWDQWH VXQW FHOHWUHLSXQFWH8UPHD]WUHLVSWPkQLGHSDX]vQFDUHDYHPWLPSVQHUHJOPDQJUHQDMXODFRORXQGHDYHPSUREOHPH
7UHEXLHVLQHPPDLPXOWPLQJHDQXVR DUXQFP OD EWDLH MXFWRULL QRWULQXVXQWSHQWUXXQDVHPHQDVWLOQXQHFDUDFWHUL]HD]GDUHVWHJUHXVVFKLPEL PHQWDOLWDWHD vQWUXQ WLPS DWkW GHVFXUWDVSXV,VLO09
3URPRYDWHOHvQIUXQWH1RLOHSURPRYDWHvQOLJDVHFXQGGHIRWEDOD6HULHL%&RURQD%UDRYL'DPLOD0FLXFDVHDvQIUXQWHDFODVDPHQWXOXL FX UHVSHFWLY SXQFWH $PEHOHDXUHXLWYLFWRULLvQGHSODVULOHGLQHWDSDD,9DODDFHODLVFRU%UDRYHQLLDXvQYLQVOD$UDGSH87$LDUYkOFHQLLOD%LVWULD SH)&0DUDPXUH%DLD0DUH(OH VXQWXUPDWH vQ FODVDPHQWGH)&07kUJX0XUH WRW FX SXQFWH L GH8QLUHD$OED,XOLDFXSXQFWH'DPLOD0FLXFD HVWH VLQJXUD IRUPDLH FDUH DRELQXW PD[LPXP GH SXQFWH DYkQGGRDU WUHL SDUWLGH GLVSXWDWH L VLQJXUDFDUHQXDSULPLWvQFJRO09
WLULLQWHUHVDQWH
61*1520*$=6$6XFXUVDOD7J0XUH
6WU6DOFkPLORU7HO)D[
61*1520*$=6$6XFXUVDOD7J0XUH
6WU6DOFkPLORU7HO)D[
61*1520*$=6$6XFXUVDOD7J0XUH
6WU6DOFkPLORU7HO)D[
61*1 520*$= 6$ WLWXODU DO SURLHFWXOXL ,QVWDODLHWHKQRORJLF GH VXSUDID VRQGD (UHPLHQL DQXQSXEOLFXO LQWHUHVDW DVXSUD OXULL GHFL]LHL HWDSHL GH vQFDGUDUHIUVWXGLXGHHYDOXDUHD LPSDFWXOXLL IUVWXGLXGHHYDOXDUHDGHFYDW GH FWUH $30 0XUH SHQWUX SURLHFWXO ,QVWDODLHWHKQRORJLFGHVXSUDIDVRQGD(UHPLHQLSURSXVDDPSODVDWvQORFDOLWDWHD0LHUFXUHD1LUDMXOXLMXG0XUH3URLHFWXOGHFL]LHLGHvQFDGUDUHLPRWLYHOHFDUHRIXQGDPHQWHD]SRWFRQVXOWDWH OD VHGLXO$300XUH7J0XUH VWU3RGHQLQU vQ]LOHOHGHOXQLMRLvQWUHRUHOHLYLQHULvQWUHRUHOHSUHFXPLODXUPWRDUHDDGUHVGHLQWHUQHWKWWSDSPPVDQSPUR3XEOLFXOLQWHUHVDWSRDWHvQDLQWDFRPHQWDULLREVHUYDLLODSURLHFWXOGHFL]LHLGHvQFDGUDUHvQWHUPHQGH]LOHGHODGDWDSXEOLFULLSUH]HQWXOXLDQXQ
61*1 520*$= 6$ 6XFXUVDOD 7J0XUH WLWXODU DOSURLHFWXOXL,QVWDODLHWHKQRORJLFGHVXSUDIDVRQGD*KLQGDULSURSXVDDPSODVDWvQFRP*KLQGDULVDW&HLDIQMXG0XUHDQXQSXEOLFXOLQWHUHVDWDVXSUDOXULLGHFL]LHLHWDSHLGHvQFDGUDUHIUVWXGLXGHHYDOXDUHDLPSDFWXOXLLIUVWXGLXGH HYDOXDUH DGHFYDW GH FWUH $30 0XUH SHQWUX SURLHFWXO,QVWDODLH WHKQRORJLFGHVXSUDIDVRQGD*KLQGDULSURSXVDDPSODVDWvQFRP*KLQGDULVDW&HLDIQMXG0XUH3URLHFWXOGHFL]LHLGHvQFDGUDUHLPRWLYHOHFDUHRIXQGDPHQWHD]SRWFRQVXOWDWHODVHGLXO$300XUHGLQ7J0XUHVWU3RGHQLQU vQ]LOHOHGHOXQLMRL vQWUHRUHOHSUHFXPL ODXUPWRDUHDDGUHVGHLQWHUQHWZZZDSPPVDQSPUR3XEOLFXOLQWHUHVDWSRDWHvQDLQWDFRPHQWDULLREVHUYDLLODSURLHFWXOGHFL]LHLGHvQFDGUDUHvQWHUPHQGH]LOHGHODGDWDSXEOLFULLSUH]HQWXOXLDQXQ
61*1520*$=6$6XFXUVDOD7J0XUHWLWXODUDOSURLHFWXOXL,QVWDODLHWHKQRORJLFGHVXSUDIDVRQGD6EHG DQXQSXEOLFXO LQWHUHVDWDVXSUD OXULLGHFL]LHLHWDSHL GH vQFDGUDUH GH FWUH$300XUH SHQWUX SURLHFWXO,QVWDODLH WHKQRORJLFGHVXSUDIDVRQGD6EHGSURSXVDILDPSODVDWvQH[WUDYLODQXOORFDOLWLL/HFKLQFLRDUDFRPXQDLQFDL MXG0XUH3URLHFWXOGHFL]LHLGH vQFDGUDUHLPRWLYHOHFDUHRIXQGDPHQWHD]SRWILFRQVXOWDWHODVHGLXO$300XUHGLQ7J0XUHVWU3RGHQLQU vQ]LOHOHGHOXQLMRL vQWUH RUHOH L YLQHUL vQWUH RUHOH SUHFXP L OD XUPWRDUHD DGUHV GH LQWHUQHW KWWSDSPPVDQSPUR3XEOLFXOLQWHUHVDWSRDWHvQDLQWDFRPHQWDULLREVHUYDLLODSURLHFWXOGHFL]LHLGHvQFDGUDUHvQWHUPHQGH]LOHGHODGDWDSXEOLFULLSUH]HQWXOXLDQXQ
)RUPDLD IHPLQLQGHKDQGEDO6&0XUHXO7kUJX0XUHDvQYLQVGXPLQLFGXSPDVSHWHUHQSURSULXFXVFRUXOGHSH&60%LVWULD vQFDGUXOHWDSHLD,,DD6HULHL%D'LYL]LHL$'HLUH]XOWDWXOQDOGLPSUHVLDXQXLMRFFkWLJDWDSURDSHODOLPLWSDUWLGDDIRVWODGLVFUHLDPXUHHQFHORUFDUHDXFRQGXVvQSHUPDQHQ
QFHSXWQHUHXLWGHUHSUL]VHFXQG'XS SULPHOH PLQXWH HFKLOLEUDWH GH OD6&0XUHXOVDGHVSULQVODDSRLVDGLVWDQDW OD L D vQFKHLDW UHSUL]D FX XQDYDQWDM FRQVLVWHQW 'HEXWXO UHSUL]HLVHFXQGH D IRVW XQXO UDWDW FX WUHL JROXUL SULPLWH XQ PHWUL LURVLW L GRX HOLPLQUL vQSULPHOHWUHLPLQXWH6FRUXODDMXQVODLVHvQWUH]UHDXQQDOJUHX$XXUPDWvQVPLQXWHEXQHDOHPXUHHQFHORULGLIHUHQDGHRSWJROXULDIRVWUHIFXW/DMXPWDWHDUHSUL]HLDGRXD WDEHOD LQGLFD)LQDOXO D IRVW vQVGLQQRXXQXOQHUHXLWvQFDUH0XUHXODUHXLWVvQVFULHSULPXOLVLQJXUXOJROSkQODQDODELDODLQWUDUHDvQXOWLPHOHFLQFLPLQXWHODGXSFHDXMXFDWLvQSDWUXMXFWRDUHQDFHDVWSHULRDGDXSLHUGXWDWDFXULSHJUHHOL
WHKQLFHLQGLYLGXDOHLDXSULPLWDVHJROXULIUVUHXHDVFYUHXQXO(PRLLOHQDXDMXQVvQVODOLPLWODLQWUDUHDvQXOWLPXOPLQXWDYDQWDMXOLQGGHWUHLJROXUL3HQWUX6&0XUHXODXvQVFULV$OLQD0RORFLJROXUL*HRUJHWD&LREDQ'LDQDDQGUX/RUHGDQD7DPD%DE7LPHD$QGUHHD'UDJRW L 1DJ\ %HDWD FkWH JRO $XPDLHYROXDW%LDQFD3HWHU5DOXFD8QJXUHDQXL'LDQD'LDFRQXSRUWDUL)D]DNDV.LQJD3HQWUXPXUHHQFHXUPHD]GRXGHSODVULGLFLOHOD+&$OED6HEHMRLVHSWHPEULHLOD&606ODWLQDGXPLQLFRFWRPEULH
0LKDL9(5(
(FKLSDIHPLQLQGHEDVFKHW%&1RYD9LWD7kUJX0XUH D SLHUGXW SULPXO MRF GLQHWDSDLQDXJXUDOD/LJL1DLRQDOHGHEDVFKHWOD%XFXUHWLvQIDDIRUPDLHL6SRUWXO6WXGHQHVF VFRU
/LSVGHRPRJHQLWDWH0XUHHQFHOH DELD UHXQLWH vQ XUP FXPDL SXLQ GH R VSWPkQ vQDLQWHD VWDUWXOXL vQ QRXO VH]RQ DX SOWLW WULEXW OLSVHLRPRJHQLWLL 0DL PXOW HFKLSD D IRVWFRPSOHWDW FX DOWH GRX QRL MXFWRDUHVRVLWH DELD vQDLQWHD SDUWLGHL GLQ &XSD5RPkQLHLFX&606DWX0DUHDPHULFDQFDD DVHD 'DQLHOOH :DONHU L 0LKDHOD 0LKDLDPEHOHWUDQVIHUDWHLQLLDOvQDLQWHDVH]RQXOXLOD7kUJX6HFXLHVFXQGHHFKLSDVDGHVLQDW &X WRDWH DFHVWHD PXUHHQFHOHDX IRVW DSURDSH GH XQ GHEXW FX GUHSWXOGXS R SDUWLG H[WUHP GH HFKLOLEUDW&HOH GRX IRUPDLL VDX DDW SH UkQG ODFRQGXFHUHSHSDUFXUVXO MRFXOXLGLIHUHQDPD[LP LQG GH FLQFL SXQFWH SkQ vQ QDOXO XOWLPXOXL VIHUW &X DYDQWDM PLQLPvQDLQWHD vQFHSHULL DFHVWXLD%&1RYD9LWDD vQFHSXW ELQH FX XQ FR GH WUHL D $OH[LHL$GDPV$ IRVW vQVXOWLPDGDW FkQGPXUHHQFHOHVDXDDWvQDYDQWDM*D]GHOHDX UHYHQLW L DX GHSLW JUDQLD FHORU SXQFWH OD MXPWDWHD VIHUWXOXL (FKLSD OXL'DQ0DWLF VDPDL DSURSLDW OD XQ FR GH
DGYHUVDUHSULQUHXLWHOHOXL5LJJVL0LKDLGDUDXLQWUDWvQXOWLPXOPLQXWFXXQKDQGLFDSGHSXQFWHLQDXPDLUHXLWUHYHQLUHD 8QXO GLQ FDSLWROHOH OD FDUH DXVXIHULWDIRVWFHODOUHFXSHUULORU
8UPHD]RVHULHGHIRF3HQWUXPXUHHQFHXUPHD]R VHULHGH IRFvQFDPSLRQDWQXUPWRDUHOHWUHLHWDSHvQWkOQHVFSULPHOH WUHL FODVDWH DOHXOWLPHL HGLLL DFDPSLRQDWXOXL &60 7kUJRYLWH FDPSLRDQDSH WHUHQSURSULX&606DWX0DUHYLFHFDPSLRDQDvQGHSODVDUHL,&,0$UDGQSDUWLGDGHOD%XFXUHWLSHQWUX%&1RYD9LWD DX HYROXDW5LJJV SXQFWH:DONHU0LKDL$ODLED-RKQVRQ$GDPV+LOOLDUG0DFNH\*DO'H OD6SRUWXO6WXGHQHVFFHOHPDLHFLHQWHMXFWRDUHDXIRVW(UDN FX SXQFWH'HPLWURYLF%HOMDQVNLFkWH/XQJXL5LVWLFFkWH
0LKDL9(5(
0XUHHQFHOHLDXFUHDWVLQJXUHHPRLL
6&0XUHXO&60%LVWULD
6WDUWFXVWkQJXOSHQWUX%&1RYD9LWD
62&,$/VHSWHPEULH
:::=,'(=,52
(FDWHULQD$QGURQHVFXIDQ=LGH=L
3UH]HQW OD GLVFXLLOH SH FDUH SURIHVRULLURPkQL L PDJKLDUL OHDX DYXW MRL VHDUDODVHGLXO3UHIHFWXULL0XUHFXSUHPLHUXO9LFWRU 3RQWD PLQLVWUXO (GXFDLHL (FDWHULQD $QGURQHVFX D IRVW VXUSULQV OHFWXUkQGFRWLGLDQXO=LGH=LIRDUWHERJDWvQ ]LXD UHVSHFWLY vQ DUWLFROH L WLUL GLQGRPHQLXO vQYPkQWXOXL L PXOXPLPGRDPQHLPLQLVWUXLRDVLJXUPFSURLHFWXO QYPkQW =L GH =L SULQ LQWHUPHGLXO FUXLD YRP SUH]HQWD DFWLYLWLOHGLQXQLWLOHGH vQYPkQWDOH MXGHXOXL0XUHYDFRQWLQXD67
&/6LJKLRDUDGLQQRXvQHGLQ&RQVLOLXO/RFDODO0XQLFLSLXOXL6LJKLRDUDVH YD vQWUXQL vQ HGLQ RUGLQDU vQ GDWDGHVHSWHPEULHGHODRUDODVHGLXO 3ULPULHL0XQLFLSLXOXL 6LJKLRDUDDYkQG SH RUGLQHD GH ]L SURLHFWH GHKRWUkUH3ULQWUHDFHVWHDVHQXPULFHOSULYLQG RUJDQLJUDPD L VWDWXO GH IXQFLLFXSULQ]kQGIXQFLLOHGHGHPQLWDWHSXEOLFVHFUHWDUXO XQLWLL DGPLQLVWUDWLY WHULWRULDOHL DOH DSDUDWXOXL GH VSHFLDOLWDWH DO 3ULPDUXOXL PXQLFLSLXOXL 6LJKLRDUD SURLHFWGH KRWUkUH FDUH D IRVW UHVSLQV vQ HGLQDH[WUDRUGLQDUGHVSWPkQDWUHFXW6$
WLULLQWHUHVDQWH
DVH PHPEUL DL 5RWDU\ &OXE7kUJX0XUH DX SULPLW MRL VHSWHPEULH GLVWLQFLD3DXO +DUULV )HOORZ GLQSDUWHD JXYHUQDWRUXO 'LVWULFWXOXL 5RWDU\ 5RPkQLD L5HSXEOLFD 0ROGRYD 5DGX3RSHVFX vQ FDGUXO XQHL FHUHPRQLL J]GXLW GH UHVWDXUDQWXO (XURSD OD FDUH DX IRVWLQYLWDL UHSUH]HQWDQLL WXWXURUFOXEXULORU 5RWDU\ GLQ RUDXOWUDQGDULORU $VWIHO DFWLYLWDWHDGHSXVvQVSLULWXOLGHLORUURWDULHQH vQ IRORVXO FRPXQLWLLD FLQFL IRWL SUHHGLQL DL5RWDU\ &OXE 7kUJX0XUH$QGUHL 0RVFYLFLRY ,RDQ1LFROHVFX 1LFXODH +DYULOH5DGX 'UHGHLDQX L 7LEHULX&ULVWLDQSUHFXPLDXQXL IRVWDVLVWHQW JXYHUQDWRU (PDQXHO9LFLX D SULPLW FHD PDL vQDOWUHFXQRDWHUH SRVLELO SHQWUXXQPHPEUXDOPDULLIDPLOLL5RWDU\,QWHUQDWLRQDO
$FWLYLWDWHvQVOXMEDFRPXQLWLL3UHHGLQWHOH 5RWDU\ &OXE
7kUJX0XUH SHQWUX DQXO URWDULDQ5DGX&ULDQVD DUWDW RQRUDW GH RUJDQL]DUHD XQXL DVHPHQHD HYHQLPHQWL WRWRGDW PkQGUX GH IDSWXOFDVHPXUHHQLDXSULPLWFHDPDL vQDOWGLVWLQFLH URWDULDQ$FWLYLWDWHD QRDVWU D URWDULHQLORU VH GHVIRDU vQ VOXMEDFRPXQLWLLGLQFDUHIDFHPSDUWHGDUQXQXPDLFLLvQVOXMEDFRPXQLWLL LQWHUQDLRQDOH QDIDU GH UHFXQRDWHUHD VHPHQLORUQRWULGHOkQJQRLH[LVW
R GLVWLQFLH FDUH VH QXPHWH3DXO+DUULV)HOORZFDUHHVWHDFRUGDW GH 5RWDU\ ,QWHUQDWLRQDOvQVHPQGHUHFXQRDWHUHLQGLYLGXDO DPHULWHORU LQGLYLGXDOHDPHPEULORU5RWDU\6XQWGHRVHELWGHPkQGUXFvQDFHVWDQvQFDUHVXQWSUHHGLQWHOH5RWDU\&OXE7kUJX0XUHDFHDVWUHFXQRDWHUH D IRVW IFXW ODPDLPXOL FROHJL GHDLPHL DGHFODUDW5DGX&ULDQ
3ULQFLSLLOHOXL3DXO+DUULVUHVSHFWDWH8QDSRUWGHRVHELWvQRUJDQL]DUHD HYHQLPHQWXOXL OD DYXW L0LUFHD6RORYVWUXDVLVWHQWJXYHUQDWRU'LVWULFWXO5RWDU\5RPkQLD L 5HSXEOLFD 0ROGRYD $FWLYLWDWHD PHPEULORU5RWDU\&OXE7kUJX0XUHJUDYLWHD]vQMXUXOFHORUGRXSULQFLSLL IXQGDPHQWDOH ODQVDWH GH3DXO+DUULV $ VHUYLPDL SUHVXV GH WLQH vQVXL L 3URWPDLPXOWDFHODFDUHVHUYHWHFHOPDLPXOW0LDGRUFDSHYLLWRU 5RWDU\ &OXE 7kUJX0XUH
VHvQWRWDOLWDWH3DXO+DUULV)HOORZ DGLF WRL PHPEULLV GHLQ DFHDVW LPSRUWDQWGLVWLQFLH URWDULDQ D DUPDW0LUFHD6RORYVWUX
$SUHFLDLGH5DGX3RSHVFX5H]XOWDWHOH GHRVHELWH DOH URWDULHQLORUPXUHHQLDXIRVWDSUHFLDWHvQWHUPHQLSR]LWLYLGHJXYHUQDWRUXO 'LVWULFWXOXL 5RWDU\ 5RPkQLD L 5HSXEOLFD0ROGRYD QWUDGHYU WRDWHFOXEXULOH 5RWDU\ GLQ MXGHXO0XUH VXQW LPSOLFDWH DFWLY vQYLDD FRPXQLWLL 5RWDULHQLLGLQ0XUHDXIRDUWHPXOWHSURLHFWHLVHYHGHFVXQWRDPHQLGHYDORDUH LQWHUHVDLGHEXQXOPHUVDOFRPXQLWLLDDUPDW5DGX3RSHVFX
$MXWRUSHQWUXFHL FDUHDXQHYRLH&HL DVH URWDULHQL FDUH DX SULPLW GLVWLQFLD 3DXO +DUULV)HOORZ DX GHFODUDW F VH VLPWRQRUDLGHUHFXQRDWHUHDPXQ
3DXO+DUULV)HOORZSHQWUX
3RSHVFXvQPLMORFXO5RWDU\&OXE7kUJX0XUH
/DHYHQLPHQWDXSDUWLFLSDWLUHSUH]HQWDQWHOH5RWDU\&OXE0DULV
62&,$/
)LXOOXL'RULQ)ORUHDDFFLGHQWOD3OWLQL'DQ )ORUHD XOSULPDUXOXL PXQLFLSLXOXL 7kUJX0XUH'RULQ)ORUHDLD DYDUDW VHULRVPDLQDXQ5HQDXOWGHFXORDUHURLHFXRFD]LD XQHL HWDSHD &DPSLRQDWXOXL1DLRQDO GH 9LWH]vQ &RDVW GHVIXUDW GXPLQLF VHSWHPEULHOD3OWLQLvQMXGHXO6LELX3RWULYLWSUHVHLFHQWUDOHSLORWXOvQYkUVWGHGHDQLD LQWUDW YLROHQW FX EROLGXO vQWUXQ SDUDSHWVFSkQGQHYWPDWGLQDFFLGHQW67
&DPSDQLHGHSXEOLFLWDWHOD6LJKLRDUDQ YHGHUHD LQIRUPULL SXEOLFXOXL ODUJ L DFHWHQLORUGLQ6LJKLRDUDvQOHJWXUFXGHUXODUHDSURLHFWXOXL&UHDUHDLGRWDUHDXQXL&HQWUX1DLRQDOGH,QIRUPDUHL3URPRYDUH7XULVWLFvQ0XQLFLSLXO6LJKLRDUDVHYDGHUXODRFDPSDQLHGHSXEOLFLWDWH6HUYLFLLOHGHSXEOLFLWDWHPHGLDFHVHYRUUHDOL]DvQFDGUXOFRQWUDFWXOXL VXQW XQ SDQRX WHPSRUDU GHLQIRUPDUH DPSODVDW OD ORFXO GH LPSOHPHQWDUHDOSURLHFWXOXLXQSDQRXSHUPDQHQWGHLQIRUPDUH DPSODVDW OD QDO OD VHGLXO &HQWUXOXL 1DLRQDO GH ,QIRUPDUH L 3URPRYDUH7XULVWLF vQ 0XQLFLSLXO 6LJKLRDUD 'HDVHPHQHDPDLVXQWSUHY]XWHXUPWRDUHOHXQSOLDQWLQIRUPDWLYXQXWXUDSHQWUXSURPRYDUHDSURLHFWXOXLXQVSRWGHSUH]HQWDUHDXGLYLGHRGLIX]DW ODXQSRVWGH WHOHYL]LXQHFXDFRSHULUHORFDOXQYLGHRWH[WXQVSRWDXGLRGLIX]DWODSRVWXULOHGHUDGLRFXDFRSHULUHORFDOVDXMXGHHDQRvQWkOQLUHFXDFWRULLORFDOLLQWHUHVDLvQWXULVPRUJDQL]DWODVHGLXO0XQLFLSLXOXL 6LJKLRDUD L R FRQIHULQ GHSUHVRUJDQL]DWODVHGLXOFHQWUXOXL20
WLULLQWHUHVDQWH
FLL GHSXV EHQHYRO GH 5RWDU\&OXE 7kUJX0XUH vQ IRORVXOFRPXQLWLL 3HQWUX PLQHIDSWXO F DPSULPLW GLVWLQFLD3DXO+DUULV)HOORZvQVHDPQRUHFXQRDWHUHDDFWLYLWLLLDUHDOL]ULORU FOXEXOXL QRVWUXD H[SOLFDW 5DGX 'UHGHLDQX(VWH VLQJXUD GLVWLQFLH SHFDUH R RIHU RUJDQL]DLD 5RWDU\ ,QWHUQDWLRQDO (VWH RGLVWLQFLHFDUHVHDFRUGODQLYHOLQWHUQDLRQDOLHDDSDUHvQWRDWHGRFXPHQWHOHL vQ&9XOGHURWDULDQFHHDFHvQVHDPQF WH EXFXUL GH UHVSHFWXO WXWXURU FHORUODOL URWDULHQL GLQvQWUHDJD OXPH (VWH XQ VHPQF LDL IFXW WUHDEDGHVWXOGHELQH vQ FROHFWLYLWDWHD vQ FDUHDL DFWLYDW PRWLY SHQWUX FDUHVXQW PkQGUX L P EXFXU F5RWDU\ 7kUJX0XUH D UHXLWVRELQPDLPXOWHDVHPHQHDGLVWLQFLL D VXEOLQLDW 7LEHULX&ULVWLDQ 3HQWUXPLQH HVWH RRQRDUHGHRVHELW'HDOWIHOHX
P QXPU SULQWUH IRQGDWRULLDFHVWXLFOXEOD7kUJX0XUHLGH OD vQFHSXWDP IRVW FRQYLQVF DFHDVW RUJDQL]DLH QRQSURW YD DFRUGD DMXWRU FHORUFDUHDXQHYRLH(VWHQHPDLSRPHQLW V IDFL SDUWH GLQWUXQFOXE 5RWDU\ D SUHFL]DW ,RDQ1LFROHVFX
/REE\SHQWUXPRUDOLWDWH'HDVHPHQHDURWDULHQLLPXUHHQLFDUHDXvQ&9LPSRUWDQWDGLVWLQFLH3DXO+DUULV)HOORZDXPUWXULVLWFGRUHVFVFRQWLQXH DFWLYLWLOH vQFHSXWH vQVOXMED FRPXQLWLL &RQVLGHU5RWDU\ XQ ORF XQGH vQFHUFPV P SULHWHQL vQWUH QRL LPDL DOHV V DMXWP FRPXQLWDWHD 3UHPLXO SULPLW HVWHR vQFXQXQDUH D DFWLYLWLORUGH DMXWRUDUH D FRPXQLWLL ODFDUH DP SDUWLFLSDW GH FkQGVXQW PHPEUX 5RWDU\ 6XEOLQLH] IDSWXO F QRL URWDULHQLLvQFHUFPVHOLPLQPIDFWRUXOORFDODODFLXQLORUQRDVWUHQRLSDUWLFLSP ODSURLHFWHFDUH VHUHIHU ODFRPXQLWDWHDJOREDOQFHUFP V DGXFHP FHYDvQ FRPXQLWDWH FHYD SR]LWLYL FUHG F WUHEXLH V IDFHPHIRUWXUL IRDUWH PDUL SHQWUX DvPEXQWL VWDUHD PRUDO DFRPXQLWLL7UHEXLHVIDFHP
HIRUWXULSHQWUXDULGLFDJUDGXOGH PRUDOLWDWH DO VRFLHWLL DVXEOLQLDW(PDQXHO9LFLX(VWHXQVHPQFDFWLYLWDWHDPHDvQFDGUXODFHVWHLRUJDQL]DLLDIRVWDSUHFLDW 6XQW GH PDL PXOLDQLPHPEUXDO&OXEXOXL5RWDU\DPSDUWLFLSDWODPDLPXOWHDFLXQLLFKLDUDPIRVWvQWUXQDQ SUHHGLQWHOH RUJDQL]DLHL5RWDU\ GLQ 7kUJX0XUH 0EXFXU F PXQFD PHD D IRVWDSUHFLDW L DPSULPLWDFHDVWGLVWLQFLH SUHVWLJLRDV D DUPDW 1LFXODH +DYULOH ( XQDGLQFHOHPDLSRSXODUHGLVWLQFLLGLQ PLFDUHD URWDULDQ 6XQWRQRUDWFDPIRVWGLVWLQVLHXvPSUHXQ FXDOWHSHUVRQDOLWLDOH &OXEXOXL 5RWDU\ ( RUHFXQRDWHUH vQSULPXO UkQGDIDSWXOXLFIDFSDUWHGLQDFHDVWIDPLOLH L F vQHOHJ PHQLUHDDFHVWHL IDPLOLL URWDULHQH DFRQFKLV$QGUHL0RVFYLFLRY
7H[W$OH[727+)RWR$GL&2&2
URWDULHQLLPXUHHQL
$ULSDWkQUDURWDULHQLORU
$QGUHL0RVFYLFLRYSULPLQGFHDPDLLPSRUWDQWGLVWLQFLHURWDULDQ
0LUFHD6RORYVWUXvQFDGUDWGH5DGX3RSHVFXL(XJHQ&ULDQ
19017VHSWHPEULH
IDFHERRNFRP]LGH]L
(/(&213/86
DQJDMHD]SHQWUXDFWLYLWDWHGHDQWLHU
LQVWDODLL
LQJLQHUHOHFWULFLQJLQHULQVWDODLLHOFWULFLHQLLQVWDODWRULWHKQLFLDQLQVWDODLLVHFUHWDUFXQRVFWRDUHGHOLPEDHQJOH]
7HOHPDLORIFH#HOHFRQUR
'H YkQ]DUH DSDUWDPHQW FX FDPHUHEXFWULHEDLH PSFX WHUDV vQ]RQFHQWUDO,QIRUPDLLODWHO
6XEVFULVD 5RP,162/ ,385/ FX VHGLXO DOHVvQ PXQ 7XOFHD VWU %DEDGDJ QU EO &RUDO0DOO HW DS MXG 7XOFHD FRG SRWDO vQUHJLVWUDW vQ 5HJLVWUXO )RUPHORU GH 2UJDQL]DUHVXE QU DYkQG &,) 52 UHSUH]HQWDW OHJDO SULQ DVRFLDW FRRUGRQDWRU LQJ3DXO $SRVWRO vQ FDOLWDWH GH OLFKLGDWRU MXGLFLDUDO GHELWRUXOXL 6& 'LVWLOHULLOH 5HJXQ 65/vQ IDOLPHQW LQ EDQNUXSWF\ HQ IDLOOLWHFX VHGLXO 5HJKLQ VWU 6DOFkPLORU QU $ MXG0XUH &,) 52 vQUHJLVWUDW OD 25&VXE QU - GHVHPQDW SULQ VHQWLQDFLYLO QU SURQXQDW vQ 'RV QU DO 7ULEXQDOXOXL &RPHUFLDO 0XUHDQXQ YkQ]DUHDSULQ OLFLWDLHSXEOLF FX VWULJDUH vQFRQIRUPLWDWH FX /HJHD QU L UHJXODPHQWXO GH YkQ]DUH QU vQ HFDUH ]L GHPLHUFXUL D VSWPkQLL RUD vQFHSkQG FX GDWDGHODVHGLXODOHVDOOLFKLGDWRUXOXLMXGLFLDUVLWXDWvQPXQ7XOFHDVWU%DEDGDJQUEO&RUDO0DOOHWDS MXG7XOFHD9kQ]DUHDVHYD IDFH vQEORFSHJUXSXULGHDFWLYHGXSFXPXUPHD] LPRELOVLWXDWvQ5HJKLQVWU6DOFkPLORUQU$MXG0XUHFRPSXVGLQWHUHQLQWUDYLODQLVSDLLLQGXVWULDOHLDGPLQLVWUDWLYHEXQXULPRELOHGHQDWXUDPLMORDFHORU[HVWRFXULLPDWHULLSULPHFXSUHXOGHSRUQLUHODOLFLWDLHGHOHLIU79$OHLIU79$ LPRELO VLWXDW vQ5HJKLQ VWU ,HUQXHQL QU MXG0XUH FRPSXVGLQ WHUHQ LQWUDYLODQ L FOGLULKDOvPEXWHOLHUHFDVGHFDUDPLGGHSR]LWFXSUHXOGHSRUQLUHODOLFLWDLHGHOHLIU79$ PRELO VLWXDW vQ 5HJKLQ VWU $SDOLQHL QU& MXG 0XUH FRPSXV GLQ WHUHQ LQWUDYLODQ LFRQVWUXFLH FXGHVWLQDLH VSDLXGHGHSR]LWDUHKDO FXSUHXOGHSRUQLUHODOLFLWDLHGHOHLIU79$ LPRELO VLWXDW vQ 5HJKLQ VWU 5HSXEOLFLLQUSDUWHUDSMXG0XUHFRPSXVGLQDSDUWDPHQWFXFDPHUHFXSUHXOGHSRUQLUHODOLFLWDLHGHOHLIU79$ 3HQWUXSDUWLFLSDUHDODOLFLWDLHRIHUWDQLLYRUGHSXQHODVHGLXOOLFKLGDWRUXOXLMXGLFLDUGRFXPHQWHOHSUHFL]DWHvQFDLHWXOGHVDUFLQLSkQvQSUH]LXDOLFLWDLHLRUD &DLHWXOGHVDUFLQLSHQWUXHFDUHJUXSGHDFWLYH YD SXWHD FXPSUDW FRQWUD VXPHL GH OHLH[FOXVLY79$GH OD VHGLXO OLFKLGDWRUXOXL MXGLFLDU*DUDQLD GH SDUWLFLSDUH OD OLFLWDLH HVWH GH GLQSUHXO GH SRUQLUH OD OLFLWDLH L VH GHSXQH SULQ YLUDPHQWEDQFDUvQFRQWXOXQLFGHVFKLVSHQXPHOHDYHULLGHELWRUXO6&'LVWLOHULLOH5HJXQ65/ FRQW FHYDPHQLRQDWvQFDLHWXOGHVDUFLQL,QIRUPDLL VXSOLPHQWDUH VH SRW RELQH OD WHOHIRQ VDX OD DGUHVD GH PDLO RIFHWXOFHD#URPLQVROUR
9kQGFHGH]FDXWDVRFLDWSHSURLHFW)($'5PVXUD
DWHOLHUUHSDUDLLVHUYLFHVWDLH,73FXKDOLGRWULDWHOLHUWLQLFKLJHULHYRSVLWRULHKDOVLGRWUL
QHUDPEXUVDELOvQORFDOLWDWHD3HWHOHD
,QIRUPDLLODWHOHIRQ
&ROHJLXO6LOYLF*XUJKLXYLQGHSODQWHRUQDPHQWDOHGLQSHSLQLHUDGLGDFWLFODSUHXULIRDUWHFRQYHQDELOH
2IHUWDVHSRDWHYHGHDSHZZZFROHJLXOVLOYLFJXUJKLXUR
7HOHIRQ
$QXQ$JHQLD 5HJLRQDO SHQWUX 3URWHFLD 0HGLXOXL 6LELXDQXQ SXEOLFXO LQWHUHVDW DVXSUD OXULL GHFL]LHL GHHPLWHUH D $XWRUL]DLHL LQWHJUDWH GHPHGLX QU 6% GLQ UHYL]XLW vQ SHQWUX )HUPD GHFUHWHUHSVULQU-DEHQLDSHDPSODVDPHQWXOGLQORFDOLWDWHD -DEHQLD QU $ FRPXQD 6RORYVWUXMXG0XUHLD$XWRUL]DLHLLQWHJUDWHGHPHGLXQU6%GLQUHYL]XLWvQSHQWUX)HUPDGHFUHWHUHSVULQU*XUJKLXSHDPSODVDPHQWXOGLQFRPXQD*XUJKLXH[WUDYLODQMXGHXO0XUHWLWXODU6&)UDPR5RPkQLD65/'HFL]LLOHDXIRVW OXDWHvQXUPDFRQVXOWULL &ROHFWLYXOXL GH $QDOL] 7HKQLF vQWUXQLWOD $300XUH vQ GDWD GH 'HFL]LLOH GHHPLWHUHDDXWRUL]DLLORU LQWHJUDWHGHPHGLXUHYL]XLWHVHSRWFRQVXOWDSHSDJLQDGHLQWHUQHWD$5306LELX KWWSDUSPVEDQSPUR OD VHGLXO $530 6LELXVWU+LSRGURPXOXLQU$6LELXODVHGLXO$300XUHVWU3RGHQLQU7kUJX0XUHVDXODVHGLXOWLWXODUXOXLGHDFWLYLWDWH6&)UDPR5RPkQLD65/ORF-DEHQLDQU$FRPXQD6RORYVWUX MXG0XUH3URLHFWXO$XWRUL]DLHLLQWHJUDWHGHPHGLXQU6%GLQUHYL]XLWvQL3URLHFWXO$XWRUL]DLHLLQWHJUDWHGHPHGLXQU6%GLQUHYL]XLWvQ SRW FRQVXOWDWH SH SDJLQD GH LQWHUQHW D$530 6LELX KWWSDUSPVEDQSPUR 2EVHUYDLLOHSXEOLFXOXLVHSRWvQDLQWDvQWHUPHQGHGH]LOHGHODGDWDSULPXOXLDQXQSXEOLFODVHGLXO$5306LELXVWU+LSRGURPXOXLQU$ 6LELX VDXSULQHPDLO ODDGUHVDRIFH#DUSPVEDQSPUR
6&6,/(7,1$,03(;65/6&75$163257/2&$/6$$62&,(5($3(175875$16325785%$17*085(7*085(6WU%(*$7HOHIRQ)D[
&2081,&$7'(35(6
$GXFHP OD FXQRWLQD VWXGHQLORU FD QRLOH DERQDPHQWH JUDWXLWH YDODELOH SH XUPWRDUHOH OXQL VHHOLEHUHD]vQFHSkQGGLQGDWDGHVHSWHPEULHSHED]DXUPWRDUHORUGDWH/HJLWLPDLD678'&$5'RULJLQDOLFRSLH&DUQHWXOGHLGHQWLWDWHRULJLQDOLFRSLH&DUQHWXOGHVWXGHQWYL]DWSHDQXORULJLQDOLFRSLH2SR]SHQWUXFHLFDUHVROLFLWDERQDPHQWSHQWUXSULPDGDW$ERQDPHQWHOH GH FOWRULH SHQWUX VWXGHQL VHHOLEHUHD] OD FKLRFXULOHGHELOHWH L DERQDPHQWHDOH$VRFLHULL6&7UDQVSRUW/RFDO6$6&6LOHWLQD,PSH[65/ GLQ &HQWUX 'kPEX 3LHWURV 7XGRU )DYRULW L&RPSOH[XO$XFKDQ
6SWPkQD SUHYHQLULL FULPLQDOLWLL PDQLIHVWDUH DMXQVOD FHD GHD9,,D HGLLH XUPUHWH WUDQVPLWHUHD vQ UkQGXOFHWHQLORU D PHVDMHORU DQWLYLFWLPDOH L DQWLLQIUDFLRQDOH6FRSXO DFHVWRU DFLXQL VH UHIHU OD UVSkQGLUHD PHVDMXOXL UHIHULWRU OD LPSRUWDQD SDUWHQHULDWXOXL FX DXWRULWLLQVWLWXLL21*XUL DGRSWDUHD XQRU FRQGXLWH DQWLYLFWLPDOHLDQWLLQIUDFLRQDOHGDULVHQVLELOL]DUHDSRSXODLHLFXSULYLUHOD LPSRUWDQD SUHYHQLULL FULPLQDOLWLL0DQLIHVWDUHD VH YDGHVIXUDvQSHULRDGDVHSWHPEULHLHVWHLQLLDWGH,QVSHFWRUDWXOGH3ROLLH-XGHHDQ0XUH&RPSDUWLPHQWXOGH$QDOL]L3UHYHQLUHD&ULPLQDOLWLL
3UHYHQLUHLLPSOLFDUH/DQLYHOXOMXGHXOXLHGLLDGLQDQXODDFHVWHLPDQLIHVWULVW6XEVHPQXO LPSOLFULLFXGHYL]D6RFLHWDWHDSHFDUHLRGRUHWL GHSLQGHGH WLQH $WkWD WLPS FkW LQVLVWPSHIDSWXOFRPDUHSDUWHGLQWUHLQIUDFLXQLVDUSXWHDHYLWDLFLQWHUHVXOFHOGLQWkLQXHVWHDFHODGHDVDQFLRQDFLSULPRUGLDOHVWHVHYLWPFDOXPHDVWUHDFSULQVLWXDLLQHSOFXWH&HOPDL VLPSOX OXFUX SH FDUH HFDUH vO SRDWH IDFH HVWH vQ
SULPXOUkQGVVHS]HDVFSHVLQHEXQXULOHVDOHLPHPEULIDPLOLHLDGLFVvLLDPLQLPXOGHPVXULGHSURWHFLHDGHFODUDW FRPLVDU*DEULHOD6WRLFD FRRUGRQDWRU FRPSDUWLPHQW$QDOL]L3UHYHQLUHD&ULPLQDOLWLL'H DVHPHQHD HVWH LPSRUWDQW FRPXQLFDUHD FX FHL GLQ MXUGHVSUH PRGDOLWLOH GH SUHYHQLUH D LQIUDFLXQLORU HGXFDUHDFRSLLORUvQDFHVWVHQVLVSULMLQXORIHULWSROLLHL&HLFDUHGRUHVFVVHLPSOLFHSRWVRIDFVFULLQGXQPHVDMODDGUHVDVDSDWDPDQDSUHYHQLULLPXUHV#\DKRRFRP
$FLXQLGLVWLQFWH$FWLYLWLOH FDUH VH YRU GHVIXUD vQ MXGHXO 0XUH VXQWVWUXFWXUDWHSHGRPHQLLGHSUHYHQLUHHFDUH]LDYkQGRDOWWHP/XQLVHSWHPEULH VHYDDFFHQWXD LGHHDGHSUHYHQLUH D GHOLFYHQHL MXYHQLOH PDUL WHPD DOHDV HVWH SUHYHQLUHDYLFWLPL]ULL IXUWXULORU Q FHHD FHSULYHWHSUHYHQLUHDIXUWXULORU]LOHOHGHLVHSWHPEULHYRUGHGLFDWHDFHVWXLFRQFHSWFXDFLXQLFDUHYL]HD]SUHYHQLUHDIXUWXULORUGLQDXWRWXULVPHGLQEX]XQDUH GHSH FkPS VDXGH DOWH WLSXULUHVSHFWLYIXUWXULOHGLQORFXLQH9LQHULVHSWHPEULHYRUDYHDORFDFLXQLGHLQIRUPDUHLHGXFDLHUXWLHU
3URLHFWHOHvLLPSOLFSHHOHYL8QXOGLQWUHSURLHFWHOHFDUHYRUODQVDWHvQGHFXUVXODFHVWHLVSWPkQLVHQXPU6XQWPLQRUGDUSRWGHPDUHDMXWRU1HDPJkQGLW ODXQSURLHFWPDLGHRVHELW YRPDOHJHSDWUXHOHYLGHFODVDD9,,DGLQHFDUHFRDOFDUHVGHYLQYROXQWDULLQRWULLVSDUWLFLSHHIHFWLY ODDFLXQLDOHSROLLHLQXGRDUSUHYHQWLYHDH[SOLFDW*DEULHOD6WRLFD$OWHDFLXQLLQFOXVH vQ6SWPkQDSUHYHQLULLFULPLQDOLWLLVXQWSURLHFWXO'HVFKLGHLPLQWHD1XvQFKLVZRUNVKRSXULvQWUHFODVHGHOLFHXLXQSVLKRORJFRODUvQYHGHUHDLQIRUPULLHOHYLORUDVXSUDFRQVHFLQHORUYLFWLPL]ULL3HQWUXSUHYHQLUHDIXUWXULORU vQGDWDGHVHSWHPEULH OD3URPHQDGD0DOOLOD%DX0D[YRUH[LVWDGRXH[SR]LLLFXIRWRJUDLFXDXWRWXULVPHVSDUWHDOWXULGHEDQQHUHLPHVDMHFRPSDUDWLYH
2DQD05*,1($1
6SWPkQDSUHYHQLULLFULPLQDOLWLLHGLLHPDUFD,3-0XUH
6XEVHPQXOLPSOLFULLSUHYHGHSDUWLFLSDUHDHOHYLORU
0DQLIHVWDUHDVHEXFXUGHFRODERUDUHDGLQWUHVWUXFWXULOHGHDQDOL]LSUHYHQLUHDFULPLQDOLWLLRUGLQHSXEOLFLSROLLHUXWLHU
&8/785
:::=,'(=,52
&DPSLRQXO SDUDOLPSLF OD FLFOLVP (GXDUG 1RYDN D IRVW RDVSHWHOH3ULPULHL7vUJX0XUH VkPEW VHSWHPEULH 6SRUWLYXO GH GH DQLGHFRUDWGHSUHHGLQWHOH5RPkQLHL7UDLDQ%VHVFXFX0HULWXO6SRUWLYFODVD,D UPDV SOFXW VXSULQV GH VXVLQHUHD L HQWX]LDVPXO IDQLORU VL ELFLFOLWL DWkWSURIHVLRQLWLFkWLDPDWRUL
6XQWvQFkQWDWFPDXDLFLOD7vUJX0XUHXQRUDVXSHUEvQWUR]LPLQXQDW OD6SWPkQD0RELOLWLL0XOXPHVF WXWXURUSHQWUX IHOLFLWULOHDGUHVDWHLYUHDXVPXOXPHVFODUkQGXOPHXSHQWUXFOGXUDLRVSLWDOLWDWHDFXFDUHDPIRVWvQFRQMXUDWGHFHLSUH]HQLLGHRFLDOLWLOHORFDOHDGHFODUDWFDPSLRQXOSDUDOLPSLF(GXDUG1RYDN 6XFFHVDFHVWXLVSRUWLYPLQXQDW0EXFXUFHVWHDLFLOD7vUJX0XUHLPXOXPHVFFXDFHDVWRFD]LHLRQJXULORUFDUHQHDXVXVLQXWSHvQWUHDJDGXUDWDGHVIXUULL6SWPkQLL0RELOLWLLLYUHDXVYDVLJXUFDVWIHOGHHYHQLPHQWHYRUPDLDYHDORF OD7vUJX0XUHDPHQLRQDWFRQVLOLHUXO&ODXGLX0DLRU
%LURXOGHSUHVDOSULPULHL
6& 5$'(( &216758&7 65/ FX VHGLXO vQ 6kQWDQD GH0XUH VWU 9RLQLFHQLORU QU % vQ FDOLWDWH GH FUHGLWRUDQXQ YkQ]DUHD SULQ OLFLWDLH SXEOLF LQXW OD VHGLXOH[HFXWRUXOXLMXGHFWRUHVF3XLD5RPXOXVGLQ7J0XUHVWU%XVXLRFXOXLQUVF&DSMXG0XUHSHGDWDGHVHSWHPEULH RUHOH D XUPWRUXOXL LPRELO SURSULHWDWHDGHELWRUXOXL6&/2*,67,&6$7/$6(3/86$65/WHUHQ LQWUDYLODQ vQVXSUDIDGHPSFXHGLFDWHVSDWLX FRPHUFLDO FX UHJLP GH vQDOWLPH 3( L KDOD GHSURGXFLHVLWXDWvQ3HWHOHDQU-MXG0XUHvQVFULVvQ &) QU 3HWHOHD QU&) YHFKL 1 SR] $$QU&DGFDG&
6HLQYLWRULFHSHUVRDQFDUHSUHWLQGHYUHXQGUHSWDVXSUDLPRELOXOXLFDvQDLQWHDOLFLWDLHLVLOIDFFXQRVFXW([HFXWRUXOXL-XGHFWRUHVF
&RQGLLLOHGHSDUWLFLSDUHODOLFLWDLHVHSRWRELQHGHODH[HFXWRUXOMXGHFWRUHVF3XLD5RPXOXVWHO
3ULPULD0XQLFLSLXOXL7kUJX0XUH
(GXDUG1RYDNFDPSLRQSDUDOLPSLFODFLFOLVPOD7vUJX0XUH
3UH]HQWDUHD3URLHFWXOXL([WLQGHUHDLUHDELOLWDUHDLQIUDVWUXFWXULLGHDSLDSX]DWvQMXGHXO0XUHGHUXODWvQFDGUXO3260HGLX$[DSULRULWDU 3URLHFW GHKRWUkUH SULYLQG OLQLLOH GH VXEYHQLRQDUH SULRULWDUH vQ GRPHQLXODVLVWHQHLVRFLDOHSHQWUXDQXO3URLHFWGHKRWUkUH SHQWUX DSUREDUHDPHWRGRORJLHL SULYLQG DFRUGDUHD XQRUVXEYHQLLGHODEXJHWXOORFDODO0XQLFLSLXOXL7kUJX0XUHvQED]D/HJLLQULD+*QUFXPRGLFULOHLFRPSOHWULOHXOWHULRDUH3URLHFWGHKRWUkUHSULYLQGDSUREDUHDLQGLFDWRULORUWHKQRHFRQRPLFLSHQWUXUHDELOLWDUHDWHUPLFDEORFXULGHORFXLQHGLQ0XQLFLSLXO7kUJX0XUH3URLHFWGHKRWUkUHSULYLQGFRQFHVLRQDUHDGLUHFWFWUH6&'LQDPLF7UDQV65/DXQXLWHUHQDSDULQkQG0XQLFLSLXOXL7kUJX0XUH3URLHFWGHKRWUkUHSULYLQGWUHFHUHDXQXLWHUHQGLQ7kUJX0XUHVWU3RVDGDQUvQSURSULHWDWHDSXEOLFD0XQLFLSLXOXL7kUJX0XUHGHOD&RWRL7XGRU1LFRODHL&RWRL0LKDL&WOLQ3URLHFWGHKRWUkUHSULYLQGPRGLFDUHD+&/QUGLQDXJXVWUHIHULWRDUHODWUHFHUHDXQXLWHUHQGLQ7kUJX0XUHVWU3UHRWWHIDQ5XVXQUvQSURSULHWDWHD0XQLFLSLXOXL7kUJX0XUHGHOD6RPRGL,VWYDQL%HUHF]N]/XM]D.DWDOLQ3URLHFWGHKRWUkUHSULYLQGVFRDWHUHDGLQIXQFLXQHDXQRUPLMORDFH[HGLVSRQLELOHGLQGRPHQLXOSXEOLFDO0XQLFLSLXOXL7kUJX0XUHFRQFHVLRQDWHFWUH6&&RPSDQLD$TXDVHUY6$LWUHFHUHDDFHVWRUDGLQGRPHQLXOSXEOLFvQFHOSULYDWDO0XQLFLSLXOXL7kUJX0XUHvQYHGHUHDYDORULFULLORUFRQIRUPOHJLVODLHLvQYLJRDUH3URLHFWGHKRWUkUHSULYLQGPDQGDWDUHDUHSUH]HQWDQWXOXL$*$VDSUREHGRFXPHQWHOHUHIHULWRDUHODVXELHFWHOHGHSHRUGLQHDGH]LDHGLQHL$GXQULL*HQHUDOHD$FLRQDULORURUGLQDUHLH[WUDRUGLQDUHD6&&RPSDQLD$TXDVHUY6$7kUJX0XUH
GLQGDWDGH3URLHFWGHKRWUkUHSULYLQGDSUREDUHDDFWXDOL]ULLFRPSRQHQHLFRPLVLHLGHSUHOXDUHDEXQXULORUGHUHWXULDEXQXULORUGHSUHOXDUHGLQSDUWHD0XQLFLSLXOXL7kUJX0XUHLDSUREDUHDFRPSRQHQHLFRPLVLHLGHSUHGDUHDEXQXULORUGHUHWXUSUHOXDWHLDEXQXULORUGHSUHOXDUHSULPLWHGLQSDUWHD0XQLFLSLXOXL7kUJX0XUHSUHFXPLDSUREDUHDUH]XOWDWHORULQYHQWDULHULLSDULDOHDEXQXULORUGHUHWXULDEXQXULORUGHSUHOXDUH3URLHFWGHKRWUkUHSULYLQGVSULMLQLUHDQDQFLDUvQSULQFLSLXD3DURKLHL5RPDQR&DWROLFH9, 5(0(7(6
617$7(VHSWHPEULH
IDFHERRNFRP]LGH]L
3HQWD[LPDMXQJHvQGRXVSWPkQL"3HVWH GRX VSWPkQL YDFFLQXO 3HQWD[LP DUSXWHDDMXQJHODPHGLFLLGHIDPLOLHDGHFODUDWYLQHUL 9DVLOH &HSRL PLQLVWUXO 6QWLLSUH]HQW OD 7kUJX0XUH (VWH R OLFLWDLHEORFDWGHFRQWHVWDLL$PDYXWQRURFFXQXOGLQWUHFRQWHVWDWDULQHDGDWvQLQVWDQLSULQXUPDUHSXWHPIDFHQHJRFLHUHIUSXEOLFDUHLVUH]ROYPPDLUHSHGHDFHDVWSUREOHPDPRWLYDWPLQLVWUXO9DFFLQXOYDDMXQJHFkWVHSRDWHGHUHSHGHFDPGRXVSWPkQLDUPDLGXUDDPDLVSXV&HSRL$0
$SDUDWXUSHUIRUPDQWSHQWUXVSLWDOH0LQLVWHUXO 6QWLL LQWHQLRQHD] DFKL]LLRQDUHD GH DSDUDWXU PHGLFDO SHUIRUPDQWSULQWUROLFLWDLHGHDFRUGFDGUXQPRPHQWXOGHIDVHIDFHDFHDVWHYDOXDUHDPFROHFWDWLQIRUPDLLOH SULPLWH L VH SUHOXFUHD] GDWHOHDWkW SHQWUX &7 501 L DSDUDWH 5RHQWJHQFkW L DSDUDWH GH DQHVWH]LH WHUDSLH LQWHQVLY,QWHQLRQPVIDFHPRHYDOXDUHLVHWDSL]PvQYHGHUHDXQHLOLFLWDLLSHXQDFRUGFDGUXSHRSHULRDGGHGRLWUHLDQLGHDDPDQLHUvQFkWVDFRSHULPQHYRLDGHDSDUDWXUvQGRPHQLLOHSHFDUH OHDPSRPHQLWDGHFODUDWGU9DVLOH&HSRLPLQLVWUXO 6QWLL SUH]HQW OD 7kUJX0XUHODVIkULWXOVSWPkQLLWUHFXWH$0
GHFXSOXULGHDXUOD6LJKLRDUD&D vQ HFDUH DQ SULPDUXO 0XQLFLSLXOXL6LJKLRDUD ,RDQ 'RULQ 'QHDQ D LQYLWDW VLJKLRUHQLL FDUH DX vPSOLQLW VDX FDUHYRU vPSOLQL vQ FXUVXO DFHVWXL DQ GH DQLGH FVWRULH V SDUWLFLSH OD WUDGLLRQDODVUEWRDUH1XQWDGHDXUDVLJKLRUHQLORU8QQXPUGHGHFXSOXULDXUVSXQVLQYLWDLHLLYRUSDUWLFLSDFXRFD]LD=LOHLGHRFWRPEULH=LXD,QWHUQDLRQDOD3HUVRDQHORU9kUVWQLFHODRvQWUXQLUHIHVWLYvQ6DOD0DUHD3ULPULHLXQGH YRU IHOLFLWDWH GH SULPDU L YRU SULPLFDGRXUL 'XS IHVWLYLWDWH FXSOXULOH YkUVWQLFHYRUSDUWLFLSDODRSHWUHFHUHFHYDRUJDQL]DWvQFLQVWHDORUODXQORFDOGLQSHULPHWUXO&HWLL0HGLHYDOH6$
3XO]XVOD0XVHXP&DIp0XVHXP&DIpGLQ LQFLQWD&HWLL0HGLHYDOHGLQ 7kUJX0XUH YD J]GXL MRL VHSWHPEULH GH OD RUD YHUQLVDMXO H[SR]LLHLFX OXFUULOH WDEHUHL GH FUHDLH 3XO]XV GLQ2GRUKHLX 6HFXLHVF 9RU WLQH DORFXLXQL LVWRULFLL GH DUW 9pFVL1DJ\ =ROWiQ L .RYiFVUSiG LDU DUWLWLL SODVWLFL SUH]HQL vQH[SR]LLHVXQWXUPWRULLhW*XV]WiY6iQWD&VDED3UHEHQ&KDEHUW0DMRU%DUQD/DNDWRV/iV]Oy.XWL%RWRQGeOWHV%DUQD&EX]$QQDPiULD &EX] $QGUHD L %HU]H ,PUH3RWULYLW XQXL FRPXQLFDW GH SUHVD UHPLVGH FRQGXFHUHD 0X]HXOXL -XGHHDQ 0XUHH[SR]LLD YD IL GHVFKLV SkQ vQ GDWD GH RFWRPEULHLYDSXWHDILYL]LWDW]LOQLFvQWUHRUHOH67
WLULLQWHUHVDQWH
:::=,'(=,52
&2081,&$7'(35(6$VRFLDLD6QWDWHL6SHUDQvQSDUWHQHULDWFX3ULPULD0XQLFLSLXOXL7J0XUHDUHSOFHUHDVLQYLWHWvUJXPXUHVHQLLVSDUWLFLSHOD=LOHOH0LFULL7vUJXPXUHHQHHYHQLPHQWFHYDDYHDORFOD3ODWRXO&RUQHWLvQ]LOHOHGHVHSWHPEULH$FWLYLWLOHLQFOXGREVWDFROHODvQOLPHWLUFXDUFXOWXUFXELFLFOHWHOHSULQSGXUHFRQFXUVGHUROHLWULFLFOHWHSHQWUXFRSLLWDIHWRULHQWDUHWXULVWLFGUXPHLH3DUWLFLSDQLLYRUSXWHDVHUYLFR]RQDFVWUXJXULPHUHLDSPLQHUDO$FWLYLWLOHVHGHUXOHD]DvQLQWHUYDOXORUDU'HWDOLLLvQVFULHULSHVLWHXOZZZPXUHVVDQDWRVUR
9DWHSWPFXGUDJ
6LPRQD&LII3UHHGLQWH$VRFLDLD6QWDWHL6SHUDQ
6SLWDOXOXL2UHQHVF'U9DOHU5XVVXGLQ /XGX DUH vQFHSkQG FX OXQD VHSWHPEULH XQ QRX PDQDJHU LQWHULPDUQORFXOGRFWRUXOXL,RDQ0DLRUGHWDDWOD 6HFWLD GH &KLUXUJLH D VSLWDOXOXLOXGXHDQ FD PHGLF HI VHFLH FKLUXUJLH JHQHUDO vQ GDWD GH VHSWHPEULHD IRVW vPSXWHUQLFLW vQ IXQFLD GH PDQDJHU JHQHUDO LQWHULPDU DO VSLWDOXOXL GLQ /XGX GRFWRUXO 2OWHDQ 3HWULD,RDQ +DGULDQ 'RPQXO GRFWRU 2OWHDQDSUHOXDW IXQFLDGHPDQDJHU LQWHULPDU DO 6SLWDOXOXL 2UHQHVF 'U9DOHU5XVVX/XGX vQFHSDQG FXGDWDGH VHSWHPEULHSULQQXPLUHFX2UGLQGHSULPDULRYDRFXSDSkQODRUJDQL]DUHDXQXLQRXFRQFXUVSHSRVWSHED]DSURLHFWXOXLPDQDJHULDOSUH]HQWDWDXWRULWLORUFRPSHWHQWHLFRPLVLHLGHFRQFXUV1RLvLGRULPPXOWVXFFHVvQDFWLYLWDWHDGHFODUDWHIXOFDELQHWXOXLSULPDUXOXL/XGX/LYLX%RWH]DQ2OWHDQ3HWULD,RDQ+DGULDQHVWHPHGLFVSHFLDOLVWFKLUXUJLHJHQHUDODLOXFUHD]OD VSLWDOXO GLQ/XGXGH ]HFH DQL$UHGHDQLHVWHFVWRULWLDUHRIHWL$PDL IRVW GLUHFWRUPHGLFDO vQWUH DQLLLOD6SLWDOXO2UHQHVF'U9DOHU5XVVXGLQ/XGX
5HSRUWHU&DUHHVLWXDLDQDQFLDUDVSLWDOXOXLGLQ/XGX"+DGULDQ 2OWHDQ $YHP FRQWUDFW FX&DVDGH$VLJXUULGH6QWDWHXQGHOXFUXULOH XFWXHD] GHVWXO GHPXOW 'LQIHULFLUHDYHPDVLJXUDWQDQDUHDSHQWUXDQXODFHVWDvQFHHDFHSULYHWHVDODULLOH DSURYL]LRQDUHD FXPHGLFDPHQWHFXDSDUDWXUPHGLFDO HWF QDLQWH VYLQHX VDX IFXW FHYD LQYHVWLLL vQYDORDUHGHSHVWHPLOLDUGHGH OHL YHFKL)OX[XULOH GH PDWHULDOH VDQLWDUH PHGLFDPHQWH DOLPHQWH WRW FHHD FH SUHVXSXQH EXQD IXQFLRQDUH D VSLWDOXOXLVXQWDVLJXUDWHGHFLSULQQDQDUH'HDVHPHQHD 3ULPULD /XGX YD QDQDUHQRYDUHD H[WHULRUXOXL FOGLULL VHFLHLGH LQWHUQH L FRQWUDFWDUHD XQHL UPHGH FRQVXOWDQ SHQWUX UHDFUHGLWDUHD
VSLWDOXOXLFDUHYDDYHDORFvQSULPYDUDOXL7UHEXLH V IXQFLRQPGXSDQXPLWH UHJXOL L SURWRFRDOH SH FDUHWUHEXLHVOHLPSOHPHQWPODvQFHSXWXOOXL8QDQDUWUHEXLVIXQFLRQPGXS DFHVWH UHJXOL $P IFXW GHMD RYL]LWFXUHSUH]HQWDQLLSULPULHLvQORFXULOHPDLVHQVLELOH
5HS &DUH DU SUREOHPHOH FHOHPDLPDULDOHVSLWDOXOXL"+2 3UREOHPH VXQW PXOWH $P vQFHSXWUHSDUDLLOHvQVDORDQH(RPXQFIRDUWH JUHD SRGHOHOH VXQW VWULFDWHWHQFXLDODHF]XWLVHYGSXULVLPSOX FUPL]LOH 3URFHVXO WHKQRORJLFGH UHSDUDLL YD GXUD IRDUWH PXOW 2DOW SUREOHP JUDY HVWH vQFO]LUHD ODSROLFOLQLF&HQWUDOHOH WHUPLFHGDWHD]GLQDQLLLDUUDQGDPHQWXOWLQGHVSUH]HUR QWUR OXQ GH LDUQ vQFO]LUHDSROLFOLQLFLL QH FRVW PLOLRDQH GHOHL YHFKL 6SLWDOXO DMXQJH V SOWHDVFSHQWUXXWLOLWLJD]FXUHQWDSFDQDOL]DUHSHVWHXQPLOLDUGGHOHLYHFKLSHOXQ 'H DVHPHQHD WUHEXLH ]XJUYLWH
DSURDSHWRDWHVHFLLOHLDUIUPLOLRDQHGH OHLYHFKLSHVHFLHQXSXWHPVQHDSXFPGHOXFUX1XH[LVWDFHWLEDQL3ULQFLSDODSUREOHP vQ FHHD FHSULYHWHFKHOWXLUHDEDQLORURUHSUH]LQWORFDLLOH PXOWLSOH DOH VSLWDOXOXL FDUH HvPSULWSHVHFLL vQWRWRUDXO7UDQVSRUWXOvQWUHVHFLLPHGLFDPHQWHPkQFDUH SDFLHQL QH FRVW PLOLRDQHGH OHL YHFKLSHDQ$YHPQLWH FRVWXULLQIHUQDOHGLQFDX]DVLWXDLHL ORFDWLYHDVSLWDOXOXL( IRDUWH JUHX V YRUELPGHPDQDJHPHQW
5HS'DUFXSHUVRQDOXOPHGLFDOFXPVWDL"2+ QWUDGHYU R DOW SUREOHPIRDUWHJUDYGLQFDX]DEORFULLSRVWXULORU R UHSUH]LQW SHUVRQDOXO )XQFLRQP FX IRDUWH SXLQH FDGUHPHGLFDOH'LQ FDX]D DVWD PDMRULWDWHD WUHEXLHV IDF L PXQFD DOWRUD FDUH DU WUHEXLVHDQJDMDLvQPRGQRUPDO'LQEXJHWXO DFHVWD PLF FDUH H[LVW SODWDVDODULLORU QX GHSHWH L FD VYHGHL GLIHUHQD vQ SHULRDGD vQ FDUHH[LVWD R QDQDUH IRDUWH EXQ vQ DQLL SODWD VDODULLORU UHSUH]HQWD GLQ EXJHW 6XQWHP H[WUHP GHSXLQL DFXP ,PDJLQDLY F 6SLWDOXO2UHQHVF'U9DOHU5XVVXGLQ/XGXDUH GH PHGLFL FDUH WUHEXLH VVXVLQ GH LQWHUQUL L GH FRQVXOWDLL vQSROLFOLQLFSHDQ1XPDL GLVFXWP DLFL GH FRQVXOWDLLOH GHODFDPHUDGHJDUGFRQVXOWDLLOHGHOD&38HWF
5HS$L OXFUDWXQDQ vQDIDUDULL(VWHORFGHFRPSDUDLH"2+ 1X QX VH SRDWH IDFH R FRPSDUDLHvQWUHVSLWDOXOQRVWUXLXQVSLWDOGLQ DIDU *kQGLLY GH H[HPSOX FVSLWDOXOGLQ/XGXDUHDFXPSDWXUL&kQGDYHDSDWXULHUDXvQMXUGHDQJDMDL /D DFHODL QXPU GH SDWXULXQVSLWDOJHQHUDO vQDIDUVXEGHDQJDMDLQXIXQFLRQHD]
$FRQVHPQDW&ULVWLQD*1-
GHPHGLFLODGHFRQVXOWDLLSHDQ
2OWHDQ3HWULD,RDQ+DGULDQQRXOPDQDJHUDOVSLWDOXOXLGLQ/XGX
&XRFD]LD=LOHL3RULORU'HVFKLVH OD2UWR3UROWkUJXPXUHHQLLYRUEHQHFLDGHFRQVXOWDLLLFRQVLOLHUHJUDWXLW$VWIHO FRSLLL L WLQHULL SkQ vQ DQLYRU SXWHD FRQVXOWDL JUDWXLW SULYLQGGHIRUPULOH FRORDQHL YHUWHEUDOH VH YDIDFH XQ VFUHHQLQJ JUDWXLW L SUH]HQWULDOH WXOEXUULORU UHVSLUDWRULL GLQ WLPSXOVRPQXOXLSHUVRDQHORUDGXOWH$SQHHDGHVRPQRWXOEXUDUHUHVSLUDWRULHvQWLPSXOVRPQXOXLHVWHRDIHFLXQHGHVWXOGHGHVvQWkOQLWvQUkQGXOSRSXODLHLDGXOWHPRWLYSHQWUXFDUHDFHWLDYRUWHVWDLJUDWX
LW'HDVHPHQHDVHYDSUH]HQWDWUDWDPHQWXOXLDIHFLXQLORUPXVFXORDUWLFXODUHSULQPHWRGH LQRYDWRDUH.LQHVLRWDSLQJ&kWSULYHWHSURJUDPXOLQWHUDFWLYH2UWR3URODSUHJWYL]LWDWRULORUVLXQWkUJ21*FX SDUWLFLSDUHD DVRFLDLLORU SHQWUX SHUVRDQHFXGL]DELOLWLMRFXULFRPSHWLLLvQDHUOLEHULEDORQFXDHUFDOGSHQWUXFRSLL]XPEDSHQWUXWRDWHYkUVWHOHLRWRPEROD SDUWLFLSDQLORU FDUH SRW FkWLJD ]HFHFRQVXOWDLL PHGLFDOH JUDWXLWH L FDGRXULVXUSUL]9 LQYLWP V SHWUHFHL R ]L SOFXW
GDUWRWRGDWXWLOvQDHUOLEHUvPSUHXQFX IDPLOLD 2UWR3URO &X DFHVW SULOHMSDUWLFLSDQLL SRW YL]LWD DWHOLHUHOH GHSURGXFLH H[SR]LLD 2UWR3URO L &HQWUXO 1DLRQDO GH 5HDELOLWDUH SHQWUX DvQHOHJHPDLELQHDFWLYLWLOHGHVIXUDWHGHQRLDGHFODUDWGU%RJD)HUHQFGLUHFWRUJHQHUDO2UWR3URO &HD GH D GRXD HGLLH D HYHQLPHQWXOXLYD DYHD ORF VkPEW VHSWHPEULHOD VHGLXO FHQWUDO DO UPHL VWU 3RGHQLQU$ vQWUH RUHOH 0DLPXOWH LQIRUPDLL SH ZZZRUWRSUROURVDX WHOHIRQ OXQLYLQHULvQWUHRUHOH
$ULQD02/'29$1
&RQVXOWDLLJUDWXLWHOD2UWR3URO
63257
0XUHXO/XGXVHSRDWHGHVSULQGHQ HWDSD D 9D D /LJLL D ,9D0XUH OD IRWEDO OLGHUXO 0XUHXO/XGX VD LPSXV vQ GHUE\XO GHOD 5XLL0XQL vQYLQJkQG FX /XGXHQLL UPkQ vQ IUXQWHD FODVDPHQWXOXL FX SXQFWH XUPDLGH/DFXO8UVX0RELOD6RYDWDFDUHDUHXLW WRWFLQFLYLFWRULL QHWDSDWUHFXW HFKLSD GLQ 6RYDWD D vQYLQV FX &6 ,HUQXW*D]0HWDQ7kUJX0XUHVDLPSXVOD5HJKLQFX*OLJD&RPSDQLHV L VHDSH ORFXO ,9 FXSXQFWH LXQ MRFPDL SXLQ GLVSXWDW 7RW SXQFWHDUH L $&6 0LHUFXUHD 1LUDMXOXLFDUHDFHGDWVXUSULQ]WRUFXOD$YkQWXO0LKHXGH&kPSLH(WDSDYLLWRDUHYDSURJUDPDGRXPHFLXULDWUDFWLYH 3ULPHOH GRX FODVDWHVH vQWkOQHVF OD /XGX vQ WLPS FHOD 0LHUFXUHD 1LUDMXOXL JD]GHOHSULPHVF YL]LWD RFXSDQWHL ORFXOXL 0XUHXO 5XLL 0XQL 2 PLVLXQHPDLXRDURDUH*D]0HWDQ7kUJX0XUHFDUHSULPHWHYL]LWDHFKLSHL$&66UPDX09
&XUVXULOD'DQVXO9LRULORU5HJKLQ&OXEXO VSRUWLY 'DQVXO 9LRULORUGLQ5HJKLQRUJDQL]HD]FXUVXULGHEDOHW WDQJR YDOV OHQW YDOV YLHQH]VORZIR[ TXLFNVWHS VWDQGDUGVDOVD PHUHQJXH VDPED FKDFKDUXPEDSDVRGREOHMLYHODWLQRSUHFXPLOHFLLGHDFWRULHLPRGHOLQJ&XUVXULOH VH vPSDUW SH FDWHJRULLGH YkUVW vQFHSWRUL DQL DQL vQFHSWRUL DQL DGXOL LVHQLRUL SHVWH DQL QVFULHULOH VHIDF]LOQLFGHOXQLSkQYLQHULvQWUHRUHOHRUHOHLODVHGLXOFOXEXOXLGHSHVWUDGD3DQGXULORUQUVDXWHOHIRQLFODQXPUXO50
WLULLQWHUHVDQWH
6kPEW OD &DVD GH &XOWXU 3RPSHLX+UWHDQXGLQ/XGXDDYXWORFFHDGHDSDWUDHGLLHD&RQFXUVXOXL%UDHORUGH)LHUFRQFXUV GH VNDQGHQEHUJ SULPD HGLLH FXSDUWLFLSDUHQDLRQDO&RQFXUVXO D IRVW RUJDQL]DW GH &OXEXO 6SRUWLY (GL*\P GLQ/XGX vQFRODERUDUHFX$VRFLDLD5RPkQGH 6NDQGHQEHUJ FX VSULMLQXO 3ULPULHL L&RQVLOLXOXLORFDO/XGX9HGHWHDOHVNDQGHQEHUJXOXLURPkQHVFSUHFXP5DGX*HRUJHVFX9DODKX)W2OLPSLX3DFR6WHIDQ7DPDV3LWEXO9DVLOH0DQROH&KLQH]XL'DQLHO&KLYX3URIHVRUXODXIRVWSUH]HQLVkPEWOD/XGXSHQWUXDFRQFXUD
GHFRQFXUHQL&RQFXUVXO D vQFHSXW OD RUD L VDvQFKHLDW vQ MXUXO RUHL ,VWYDQ 'REUDL+HUHJ/RUDQG3XLDF'DULXV6]HNHO\(UYLQ 6DEX 0GOLQ *DEULHO 1LFRDU'RULQ 0ROGRYDQ 3DXO %RORJD 7RSDV]WR&LSULDQ )DQH7kUX L'QX%RUELO VXQWGRDURSDUWHGLQVSRUWLYLLPXUHHQLFHVDXvQWUHFXW vQ IRU VkPEW OD HL DFDV $IRVW XQ FRQFXUV UHXLW FX SDUWLFLSDUHDQXPHURDVDGHFRQFXUHQLIRDUWHELQHSUHJWLL FX SDOPDUHV OD QLYHO QDLRQDO LLQWHUQDLRQDO1XPHFXQRVFXWHGLQ OXPHDVNDQGHQEHUJXOXL URPkQHVFDX IDFXW VSHFWDFROFDPSLRQLLQDLRQDOLVDXOXSWDWSHQWUXPHGDOLDGHDXU(FKLSD (GL*\P GLQ /XGX D UHXLW VFXFHUHDVFPHGDOLDGHDUJLQWODWRDWHFDWHJRULLOH
ODFDUHDSDUWLFLSDWUHVSHFWLYMXQLRUL'REUD\,VWYDQNJ6DEX0GOLQNJ6]HNHO\ (UZLQ L NJ 7RSDV]WR &LSULDQ2SHQXO OD EUDXO VWkQJ D IRVW FkWLJDWGH 'QX %RUELO GLQ /XGX D GHFODUDW.ROR]VYDUL .RYDFV (GZDUG RUJDQL]DWRUXOFRQFXUVXOXL L SUHHGLQWHOH FOXEXOXL GHVNDQGHQEHUJ(GL*\PGLQ/XGX6KRZPHQXOLSUH]HQWDWRUXOFRQFXUVXOXLDIRVW5DGX*HRUJHVFX9DODKX3UHPLLOHDXIRVWvQPkQDWHGHSULPDUXORUDXOXL/XGX&ULVWLDQ0ROGRYDQ FDUH D IRVW SUH]HQW ODFRQFXUVSkQODQDO
)RWRLWH[W%ULVWHQD
&ODVDPHQWXOQDO
&DWHJRULD MXQLRUL 23(1 ORFXO , $OLQ6DQGXUHFHQWvQWRUVGHODPRQGLDOHOHGLQ %UD]LOLD ORFXO ,, 'REUD\ ,VWYDQ/XGX ORFX ,,, 0XUHDQ $GULDQ6LVHWL0DUDPXUH&DWHJRULD NJ ORFXO , +DQ 6LOYLX $UDG ORFXO ,, 6DEX 0GOLQ/XGX ORFXO ,,, ,RQXD 5]YDQ6LVHWL0DUDPXUH&DWHJRULD NJ ORFXO ,'REULQ9LRUHO 3RLDQD /DFXOXL $UJH FDPSLRQQDLRQDODEVROXW ORFXO,,$YUDP3DXO/LSRYD ORFXO ,,, 6WRLFD %RJGDQ&kPSLQD 3UDKRYD ,VWYDQ 'REUD\GLQ/XGXDSDUWLFLSDWLODVHQLRULLDRELQXWORFXO9,LDU0DULXV7ULIORFXO9DPELLGHOD(GL*\P/XGX&DWHJRULDNJORFXO,7DPDVWHIDQ3LWEXO6LVHWL0DUDPXUHGHDSWHDQL QHvQYLQV OD FDWHJRULD VD ORFXO ,,6]HNHO\(UZLQ/XGXORFXO,,,5RED0LKDL $UDGPHGDOLDW OD QDLRQDOHOHGHDQXODFHVWD&DWHJRULDNJORFXO,2OLPSLX)W6LVHWL 0DUDPXUH IU DGYHUVDU ODFDWHJRULD VD GH DQL vQFRDFH ORFXO,,7DSRV]WR&LSULDQ/XGXORFXO,,,%RUELO'QX/XGX23(1VWkQJDORFXO,%RUELO'QXORFXO,,)W2OLPSLXORFXO,,,7DPDVWHIDQ
ELFHSLvQFRUGDLVkPEWOD/XGX
6KRZPHQXOLSUH]HQWDWRUXOFRQFXUVXOXLDIRVW5DGX*HRUJHVFX9DODKX
%DVFKHWXOPDVFXOLQJDWDGHVWDUW'XS GLVSXWDUHD XOWLPXOXL MRF DPLFDO SLHGXW GH PXUHHQL OD 0LHUFXUHD &LXF FX 3HUOD +DUJKLWHLIRUPDLD PDVFXOLQ GH EDVFKHW %&0XUH 7kUJX0XUH VH SUHJWHWHSHQWUX VWDUWXO RFLDO DO QRXOXL VH]RQ $FHVWD YD DYHD ORF GH YLQHULSkQ GXPLQLF vQ VDOD 7UDQVLOYDQLD GLQ 6LELX vQ SULPD ID] D &XSHL5RPkQLHL Q VHULD ,,PXUHHQLLYRU vQWkOQL vQRUGLQHIRUPDLLOH&602UDGHD (QHUJLD 5RYLQDUL L %&3HUOD +DUJKLWHL 3DUWLGHOH HFKLSHL%&0XUH VXQW SULPHOH SURJUDPDWHvQ HFDUH GLQ FHOH WUHL HWDSH 3ULPDFODVDW GLQ FHOH WUHL VHULL L FHO PDLEXQ ORF GRL GLQ WRDWH VHULLOH VH YRUFDOLFDvQWXUXODOGRLOHDXQGHYRULQWUDLIRUPDLLOH%&083LWHWL&683ORLHWL %&7LPLRDUD80RELWHOFR&OXML*D]0HWDQ0HGLD09JUXSHGHMXQLRULOD)&06H]RQXO vQ FDGUXO &HQWUXOXLGH&RSLLL-XQLRULLDOFOXEXOXLGHIRWEDO)&0XQLFLSDO7kUJX0XUHYRUDFWLYD IRUPDLLGH OD MXFWRULQVFXL vQ SkQ OD FHL QVFXLvQDQXO)RUPDLLOHLDQWUHQRULL HFUHL JUXSH VXQW -XQLRUL $&ODXGLXRPIOHDQ-XQLRUL%&RQVWDQWLQ /XQJX -XQLRUL$/36)&0&VLNL=VROW-XQLRUL%/36)&0 1LFRODH *KLUD-XQLRUL & &WOLQ .DOOR -XQLRUL & $GULDQ 3RS -XQLRUL''RULQWLDQ-XQLRUL&XSD*K+DJL,XOLX%HOHQL-XQLRUL( &RUQHO HUEDQ -XQLRUL7URIHXO *K 2OD &RUQHOHUEDQ -XQLRUL 7URIHXO *K (HQH6]ROORVL/DGLVODXL/XFLDQ0ROGRYDQ&RSLL0DULXV2ODUXHIXO&HQWUXOXLGH&RSLLL-XQLRULHVWH$OH[DQGUX$QGUDL09
WLULLQWHUHVDQWH
63257VHSWHPEULH
&DPSLRQDWXO1DLRQDOGH&XOWXULVPL)LWQHVVRUJDQL]DWOD5HJKLQGHVSRUWLYXO*DEULHO 7RQFHDQ LD GHVHPQDW FkWLJWRULLVkPEW VHSWHPEULH VXE SULYLULOHXQXLDGLQWUHFHLPDLELQHFRWDLFXOWXULWLGLQOXPH0LFKDHO.HIDOLDQRV6XQWSOFXWVXUSULQVGHSRSXODULWDWHDSHFDUHDDMXQVV R FkWLJH DFHVW VSRUW vQ 5RPkQLD LQVO IHOLFLWSH6HEDVWLDQ*DEULHO7RQFHDQRUJDQL]DWRUXO&DPSLRQDWXOXL1DLRQDOGH&XOWXULVP L )LWQHVV SHQWUX RUJDQL]DUHDHYHQLPHQWXOXL$P UPDV H[WUHPGH LPSUHVLRQDW GH SDVLXQHD L GUXLUHD FHORUGH DLFL D GHFODUDW 0LFKDHO .HIDOLDQRVFkWLJWRUDO,)%%0U(XURSH3UR
%DLD0DUHUHJLQDFXOWXULVPXOXLURPkQHVF&HDPDLPDUHVXUSUL]DXUHDOL]DWRVSRUWLYLLGLQ%DLD0DUHFDUHDXUHXLWVRELQWUHLPHGDOLLGHDXU$OPDV9ODG*ROG6WDU%DLD0DUH FDWHJRULD NJ *UDG 1LFRODH &60%DLD0DUH FDWHJRULD NJ L)DUFD %RJGDQ ,RDQ *\P 2YLGLX %DLD0DUH GH NLORJUDPH DX DGXV IDLPD0DUDPXUHXOXL vQWLPSGH%ODM2FWDYLDQ'DQ 5DSLG 2UDGHD VD vQWRUV FX GRX
WURIHHH[WUHPGHSUHLRDVHODFDWHJRULDGHNLORJUDPHL2SHQPDVFXOLQ/D VHQLRDUH PHGDOLLOH GH DXU DX IRVWvPSULWH vQWUH 0LF %LDQFD &68 &OXM1DSRFD FkWLJDWRDUH OD FDWHJRULD NLORJUDPH UHVSHFWLY 2SHQ L HUEDQ 0LKDHOD%HDWULFH&67HOHRUPDQ$OH[DQGULDFkWLJWRDUH OD FDWHJRULD NLORJUDPH/LVWD VSRUWLYLORU FDUH DX XUFDW SH FHDPDL vQDOW WUHDSW D SRGLXPXOXL D IRVWFRPSOHWDW GH %RWHVFX 2YLGLX &6 ,1*&LPSXOXQJ 0ROGRYHQHVF FDWHJRULD NLORJUDPH 0DQHD 0DUFHO 3RZHU *\P0HGLDFDWHJRULDNLORJUDPH5DFRYHDQX 'DQLHO &KDPSLRQV *\P %XFXUHWLFDWHJRULD NLORJUDPH L &LXU $QGUHL&66%XFXUHWLFDWHJRULDSOXVNJ
6XVLQXLGH9DVLOH*OLJD&HDPDLPDUHVXUSUL]DOXL*DEL7RQFHDQD IRVW SUH]HQD OD 5HJKLQ D FXOWXULVWXOXLLQWHUQDLRQDO GH RUJLQH JUHDF 0LFKDHO.HIDOLDQRV FDUH D IFXW R GHPRQVWUDLHGH ]LOHPDUL $SRL D XUPDW GHPRQVWUDLDFDPSLRDQHL HXURSHQH OD WQHVV /DXUD&XSD FDUH D VXUSULQV DUELWULL SULQ VLJXUDQWD L vQFUHGHUHD VD GHYHQLQG R FHUWL
WXGLQH SHQWUX ERG\EXLOGLQJXO GLQ DUDQRDVWU 'DFPDL GHPXOW 5HJKLQXO HUDFHOHEUX SULQ GDQV VSRUWLY GH FkLYD DQLVHRUJDQL]HD]WRWOD5HJKLQLFRPSHWLLLQDLRQDOH GH FXOWXULVP 'LQFROR GHIXQFLD GH SUHHGLQWH DO )HGHUDLHL GH'DQV6SRUWLYSRW VY VSXQFSRDWH vQIDPLOLDQRDVWUVDVXGDWFHDPDLVWUkQVOHJWXU vQWUH FXOWXULVP L GDQV VSRUWLYGXSFHLFDQRDVWU0LURQDL*DEL7RQFHDQLDXXQLWGHVWLQHOHDXULGLFDWSUHVWLJLXOLIDLPD5HJKLQXOXLHFDUHvQSDUWHSULQ FRQWULEXLD DGXV VSRUWXOXL URPkQHVFDGHFODUDW9DVLOH*OLJDSUHHGLQWHOH)HGHUDLHLGH'DQV6SRUWLYGLQ5RPkQLD2UJDQL]DUHD DFHVWHL FRPSHWLLL QX DU IRVW SRVLELO IU LPSOLFDUHD )HGHUDLHL5RPkQHGH&XOWXULVPDVRFLHWLLGHSD]/H[ *XDUG 6HFXULW\ D 3ULPULHL0XQLFLSLXOXL5HJKLQLDVSRQVRULORU0DPOXSWDWPXOWSHQWUXRUJDQL]DUHDDFHVWXLFDPSLRQDW$GXFHUHDOD5HJKLQDXQRUVSRUWLYLGH WDOLH LQWHUQDLRQDO H IHOXO PHX GH DPXOXPL VSRUWLYLORU SDUWLFLSDQL VSRQVRULORULQLPRLLSXEOLFXOXLDSUHFL]DW*DEULHO7RQFHDQ
5REHUW0$7(,
/HJHQGD0LFKDHO.HIDOLDQRVOD5HJKLQ
$QXODFHVWDRUJDQL]DWRULLDXRIHULWFHOHPDLPDULSUHPLLGLQLVWURULD&RQFXUVXULORU1DLRQDOHGLQ5RPkQLDGH&XOWXULVP