6/
20(-(1$*$5$1&,-$
77, MDPþL ]D VYRMH L]GHONH ]D ]XQDQMR XSRUDER VNODGQR V VSRGQMLPL
RPHMLWYDPLMDPþLGDERGR PHVHFHY RGSUYHJDQDNXSDEUH]QDSDNY
PDWHULDOXDOLL]GHODYL3URVLPRGDVKUDQLWHVYRMUDþXQNRWGRND]LORRQDNXSX
7DJDUDQFLMDVHQDQDãDQDRVHEQRLQQHNRPHUFLDOQRXSRUDERL]GHOND
*DUDQFLMDQHNULMHãNRGHDOLRGJRYRUQRVWL]DUDGLQDSDþQHXSRUDEH]ORUDEH
QHVUHþQLKDOLQHKRWHQLKGHMDQMXSRUDEQLNDQHSUDYLOQHJDURNRYDQMDXSRUDEH
EUH]UD]ORJDPDORPDUQRVWLWHURNYDUQDVWDOLK]DUDGLQHVOHGHQMDSRVWRSNRP
QDYHGHQLKYWHPSULURþQLNXSRVNXVRPSRSUDYLOVVWUDQLQHXVSRVREOMHQLK
RVHEQHSRREODãþHQHJDSRSUDYLODSUHGHODYHWHUXSRUDEHSULSRPRþNRYLQDOL
GRGDWNRYNLQLVRSRVHEHMSULSRURþHQLVVWUDQLSRREODãþHQHVWUDQNH
7DJDUDQFLMDQH]DMHPDMHUPHQRYãþHWNYUHþNåDUQLFDOLNDWHUHJDNROLGHODNL
MHSUHGPHWREUDEHLQMHYJDUDQFLMVNHPREGREMX]DQMSUHGSLVDQD]DPHQMDYD
5D]HQþHQLSRVHEHM]DJRWRYOMHQRVSULVWRMQR]DNRQRGDMRWDJDUDQFLMDQHNULMH
VWURãNRYSUHYR]DDOLSRWURãQLKHOHPHQWRYNRWVRYDURYDONH
7D RPHMHQD JDUDQFLMD SRVWDQH QHYHOMDYQD þH VR RULJLQDOQH R]QDNH
EODJRYQD]QDPNDVHULMVNDãWHYLONDLWGQDL]GHONXL]EULVDQHSRSUDYOMHQHDOL
RGVWUDQMHQHR]LURPDþHL]GHOHNQLELONXSOMHQSULSRREODãþHQHPWUJRYFXDOL
ELOSURGDQ.$.5â(1-(LQDOL=96(0,1$3$.$0,
*OHGHQDSULVWRMQRORNDOQR]DNRQRGDMRVRGRORþEHWHRPHMHQHJDUDQFLMH
QDGRPHVWLORRVWDOLP SLVQLPJDUDQFLMDP QDYHGHQLPDOL WLKLPSLVQLP DOL
XVWQRL]UDåHQLPYNOMXþXMRþWXGLYVDNUãQRJDUDQFLMRY]YH]LV352'$-2,1
67$1-(0%/$*$=$326$0(=1,1$0(1912%(1(035,0(581,602
2'*29251,=$326(%1(1(65(ý1(326/(',ý1($/,1(+27(1(
32â.2'%(1$â$1$-9,â-$2'*292512671(60( 35(6(*$7,
'(-$16.(95('1267,1$.83$,='(/.$
7DJDUDQFLMDMHYHOMDYQDOH]QRWUDM(YURSVNHXQLMHY$YVWUDOLMLLQ1RYL
=HODQGLML=XQDMWHKREPRþLMVH]DSRGUREQRVWLRJDUDQFLMLSURVLPR
REUQLWHQDSRREODãþHQHJD5\RELMHYHJDWUJRYFD
(7
3,,5$78'*$5$17,,
77, JDUDQWHHULE HW VHOOHO WRRWHO HL LOPQH NXX MRRNVXO DODWHV DOJVHOH
RVWMDOH PPLVHVW PDWHUMDOL Y}L W||WOHPLVGHIHNWH DUYHVWDGHV
MlUJPLVL SLLUDQJXLG 3DOXQ KRLGNH DOOHV WRRWH RVWXDUYHHW W}HQGDGD
RVWXNXXSlHYD
.lHVROHY JDUDQWLL NHKWLE DLQXOW VLLV NXL WRRGHW NDVXWDWDNVH
LVLNOLNXNVRWVWDUEHNV PLWWH NDXEDQGXVOLNHO HHVPlUNLGHO .lHVROHY
JDUDQWLLHLK}OPDYLJDVWXVLY}LYDVWXWXVWMXKWXGHONXLVHDGHWRQNDVXWDMD
SRROW PLWWHVLKLSlUDVHOW Y}L YllUDOW NDVXWDWXG Y}L RQ WRRGHNDVXWDMD
WHJHYXVH WXOHPXVHQD VDWWXQXG }QQHWXVVH Y}L DYDULLVVH Y}L RQVHDGHW
YDOHVWL HEDP}LVWOLNXOW Y}L KRROLPDWXOW NlVLWOHWXG 6DPXWL HL NHKWL JDUDQWLL
VLLVNXL VHDGPHNDVXWXVMXKHQGLV HWWHQlKWXG W||SURWVHGXXUHRQ HLUDWXG
VHDGHW RQ SWXG YlOMD}SSHWD W||WDMDWH SRROW UHPRQWLGD WHKWXG RQ
OXEDPDWXLG UHPRQWW|LG PXXGDWXVL Y}L RQ NDVXWDWXG WDUYLNXLG MDY}L
OLVDVHDGPHLGPLVHLROHYROLWDWXGLVLNXSRROWVSHWVLDDOVHOWVRRYLWDWXG
.lHVROHY JDUDQWLL HL NHKWL ULKPDGHOH KDUMDGHOH NRWWLGHOHSLUQLGHOH Y}L
PXXGHOHORRPXOLNXOWNXOXYDWHOHRVDGHOHPLGDRQYDMDJDUDQWLLDMDMRRNVXO
YDKHWDGD 9lOMD DUYDWXG DVMDNRKDVWH VHDGXVWHJD PllUDWXG MXKWXGHO
HL NDWD NlHVROHY JDUDQWLL WUDQVSRUWNXOXVLG Y}L NXOXWDUYLNXLG QlLWHNV
VXODYNDLWVPHLG
.lHVROHYSLLUDWXGJDUDQWLLHLNHKWLNXLWRRWHRULJLQDDOWlKLVHGNDXEDPlUN
VHHULDQXPEHUMQHRQNDKMXVWDWXGPXXGHWXGY}LHHPDOGDWXGY}LWRRGHHL
ROHRVWHWXGYROLWDWXGHGDVLPMDNlHVWY}LNXLWRRGHRQPGXG267-$
5,6.,/MDY}L267-$7215,.(7(677($9,7$78'
6}OWXYDOWN}LNLGHVWNHKWLYDWHVWVHDGXVWHVWNHKWLYDGVHOOHSLLUDWXGJDUDQWLL
VlWWHGPXXGHNLUMDOLNHJDUDQWLLGHDVHPHOKRROLPDWDVHOOHVWNDVQHHGRQ
VHOJHV}QDOLVHOWYlOMHQGDWXGY}LHHOGDWDYDGNLUMDOLNXGY}LVXXOLVHGNDDVD
DUYDWXGLJDVXJXQH.$8%$1'86/,.9®,(5,2767$5%(/(62%,986(
JDUDQWLL 0,77( 0,1*,7(/ -8+78'(/ (, 9$6787$7$ 7227-$
(5,-8+780,/9®, -8+86/,.8/7.$$61(9$7(672/8'(67 9®,
$9$5,,677,1*,78' .$+-8'( ((677227-$0$.6,0$$/1(
9$678786(, h/(7$6(//(7227( ((677$6878'7(*(/,..8
+,1'$
.lHVROHYJDUDQWLL NHKWLE DLQXOW (XURRSD /LLGX ULLNLGHV$XVWUDDOLDV
MD8XV0HUHPDDO9lOMDVSRROQHLGULLNHY}WNHSDOXQKHQGXVW5\REL
YROLWDWXGHGDVLPMDJDHWPllUDWDWHLVWHJDUDQWLLGHNHKWLYXV
+5
2*5$1,ý(12-$06792
77, MDPþL GD RYDM SURL]YRG ]D XSRWUHEX QD RWYRUHQRP QHPD JUHãDND X
PDWHULMDOXLOLL]UDGL]DUD]GREOMHRGPMHVHFDRGGDQDNXSQMHRGL]YRUQRJ
GREDYOMDþDX]QLåHQDYHGHQDRJUDQLþHQMD
2YRMDPVWYR SULPMHQMLYR MH VDPR NDGD VH SURL]YRGNRULVWL ]D RVREQH
LQHNRPHUFLMDOQH QDPMHQH 2YR MDPVWYR QH SRNULYD ãWHWX LOL RGJRYRUQRVW
SURL]DãOH L] ]ERJ NULYH XSRWUHEH QDVLOQH SULPMHQH VOXþDMQLK LOL QDPMHUQLK
GMHORYDQMD NRULVQLND QHSUDYLOQRJ UXNRYDQMD QHUD]XPQH XSRUDEH QHPDUD
SURSXVWD NRULVQLND GD VH SULGUåDYD SRVWXSDND ]D UXNRYDQMHQDYHGHQLK
X NRULVQLþNRP SULUXþQLNX SRNXãDMD SRSUDYDND RG VWUDQH QHNYDOLILFLUDQH
RVREH QHRYODãWHQR SRSUDYOMDQMH L]PMHQH LOL XSRWUHED GRGDWQH RSUHPH LLOL
SULNOMXþDNDNRMLQLVXL]ULþLWRSUHSRUXþHQLRGRYODãWHQHVWUDQH
2YRMDPVWYRQHSRNULYDUHPHQMHþHWNHYUHüHVLMDOLFHLOLQHNLGUXJLGLRNRML
]ERJ XRELþDMHQRJ WURãHQMD L KDEDQMD ]DKWLMHYD ]DPMHQX ]D YULMHPH WUDMDQMD
MDPVWYD8NROLNRQLMHSRVHEQRSUHGYLÿHQRYDåHüLP]DNRQRPRYRMDPVWYRQH
SRNULYDWURãNRYHSULMHYR]DLOLSRWURãQHGLMHORYHNDRãWRVXRVLJXUDþL
2YRMHMDPVWYRQHYDåHüHDNRMHRULJLQDOQDLGHQWLILNDFLMVNDR]QDNDSURL]YRGD
]DãWLWQL]QDNVHULMVNLEURMLWGSRVWDODQHþLWOMLYDSURPLMHQMHQDLOLXNORQMHQDLOL
DNRSURL]YRGQLMHQDEDYOMHQRGRYODãWHQRJSUHSURGDYDþDLOLDNRMHSURL]YRG
SURGDQ.$.$9-(67LLOL6$69,0*5(â.$0$
3RGORåQR VYLP SULPMHQMLYLP ORNDOQLP RGUHGEDPD SURSLVL RYRJ RJUDQLþHQRJ
MDPVWYD VOXåH XPMHVWR ELOR NDNYRJ GUXJRJ SLVDQRJ MDPVWYD L]ULþLWR
QDYHGHQRJ LOL SRGUD]XPLMHYDQRJ SLVDQRJ LOL L]UHþHQRJ XNOMXþXMXüL MDPVWYR
1$ 875ä,9267,/, 35,./$'1267=$1(.8 326(%18 1$0-(18
1, 8 .2-(0 6/8ý$-8 1(û(02 %,7, 2'*29251, =$ 63(&,-$/1$
6/8ý$-1$ 326/-(',ý1$ ,/, 6325('1$ 2â7(û(1-$ 1$â$
0$.6,0$/1$ 2'*292512671( 35(/$=, 679$518 &,-(18.2-8
67(3/$7,/,=$29$-352,=92'
2YRMDPVWYR YDåL VDPR ]D (XURSVNX XQLMX$XVWUDOLMX L 1RYX=HODQG
,]YDQWLKSRGUXþMDPROLPRNRQWDNWLUDMWHVYRJ]DVWXSQLND]D5\RELNDNR
ELVWHXVWDQRYLOLYULMHGLOLQHNRGUXJRMDPVWYR
/7
5,%27$*$5$17,-$
77, JDUDQWXRMD NDG ãLV ODXNH VNLUWDV QDXGRWL SURGXNWDVQHWXUơV PHGåLDJRV
LU JDP\ERV GHIHNWǐ PơQHVLXV SR SLUPRMR SLUNơMR SLUNLPR GLHQRV WDLNDQW
åHPLDX SDWHLNLDPXV JDUDQWLMRV DSULERMLPXV 3UDãRPH NDLS SLUNLPR GDWRV
ƳURG\PąLãVDXJRWLSLUNLPRNYLWą
âLJDUDQWLMD JDOLRMD WLN WDGD NDL SURGXNWDV\UD QDXGRMDPDV DVPHQLQLDLV
LUQHNRPHUFLQLDLV WLNVODLV âL JDUDQWLMD QHDSLPD åDORV DUDWVDNRP\EơV GơO
YDUWRWRMR SURGXNWR QHSULHåLnjURV QHWLQNDPR QDXGRMLPR W\þLQLR DU QHW\þLQLR
QDXGRMLPR QH SDJDO SDVNLUWƳ QHWLQNDPDL DWOLHNDPǐ GDUEǐ VX SURGXNWX
DSODLGXPR QHVLODLN\PR GDUER VX SURGXNWX SURFHGnjUǐ SDWHLNLDPǐ YDUWRWRMR
YDGRYH QHNYDOLILNXRWǐ DVPHQǐ DWOLNWǐ UHPRQWR GDUEǐ QHQXPDW\Wǐ ãLDP
SURGXNWXL UHPRQWR GDUEǐ QHOHLVWLQǐ PRGLILNDFLMǐ SULHGǐ QDXGRMLPR LU DUED
DWVNLUDLƳJDOLRWRVLRVãDOLHVQHOHLVWǐQDXGRWLSULHGǐQDXGRMLPRVXSURGXNWX
âL JDUDQWLMD QHJDOLRMD GLUåDPV ãHSHþLDPV PDLãDPV OHPSXWơPV LUNLWRPV
GDOLPV NXULRV GDUER PHWX QDWnjUDOLDL QXVLGơYL LU SO\ãWD LU NXULRPV JDUDQWLQLX
ODLNRWDUSLXUHLNDOLQJDVSDNHLWLPDV-HLJXWDLQơUDDWVNLUDLQXURG\WDJDOLRMDQþLXRVH
ƳVWDW\PXRVH ãL JDUDQWLMD QHDSLPD WUDQVSRUWDYLPR LãODLGǐ EHL WRNLǐNHLþLDPǐ
HOHPHQWǐNDLSVDXJLNOLDL
âL ULERWD JDUDQWLMD QHJDOLRMD MHL EXYR SDQDLNLQWL SDNHLVWL DUED QXWULQWL SURGXNWR
RULJLQDOnjV LGHQWLILNDFLMRV åHQNODL SUHNơV åHQNODV VHULMRV QXPHULV LU SDQ
DUED MHLJX SURGXNWDV QHEXYR ƳVLJ\WDV Lã ƳJDOLRWRMR SDUGDYơMR DUED MHLJX
SURGXNWDVEXYRSDUGXRWDV72.6.2.6<5$LU DUED689,6$,6*$/,0$,6
75Nj.80$,6
3ULNODXVRPDL QXR ELVǐ JDOLRMDQþLǐ YLHWRV ƳVWDW\Pǐ ãLRV ULERWRV JDUDQWLMRV
QXRVWDWRV SDNHLþLD YLVDV NLWDV UDã\WLQHV JDUDQWLMDV WLHN LãUHLNãWDV WLHN
QXPDQRPDV WLHN UDã\WLQHV WLHN åRGLQHV ƳVNDLWDQW 3$5'82'$080Ą$5%$
7,.,0Ą .21.5(ý,$0 7,.6/8, 0(6 -2.,8$79(-81($76$.20( 8ä
63(&,$/,Ą$76,7,.7,1ĉ7<ý,1ĉ$5 3$6(.0,1ĉ ä$/Ą0$.6,0$/,
0Nj6Ǐ$76$.20<%Ơ3$*$/7(,.,$0Ą*$5$17,-Ą 1(9,5â<6.$,126
.85,Ą-Nj66802.Ơ-27(8ä352'8.7Ą
âLJDUDQWLMD JDOLRMD WLNWDL (XURSRV 6ąMXQJRMH$XVWUDOLMRMH LU 1DXMRMRMH
=HODQGLMRMH.LWRVH ãDO\VH NUHLSNLWơVƳ VDYR ƳJDOLRWąMƳ Ä5\REL³ DWVWRYąLU
LãVLDLãNLQNLWHDUSURGXNWXLJDOLRMDNRNLRVQRUVNLWRVJDUDQWLMRV