• Rezultati Niso Bili Najdeni

(YURSVNLGUÌDYOMDQLLQGUÌDYOMDQNHRSULSDGQRVWLQDFLRQDOQL LQHYURSVNLNXOWXUQLLGHQWLWHWL

N/A
N/A
Protected

Academic year: 2022

Share "(YURSVNLGUÌDYOMDQLLQGUÌDYOMDQNHRSULSDGQRVWLQDFLRQDOQL LQHYURSVNLNXOWXUQLLGHQWLWHWL"

Copied!
14
0
0

Celotno besedilo

(1)

L]YLUQL]QDQVWYHQLáODQHN 8'.

SUHMHWR

1$&,21$/1('5Ë$9(35(',==,9,(95236.(.8/7851(,'(17,7(7(

(YURSVNLGUÌDYOMDQLLQGUÌDYOMDQNHRSULSDGQRVWLQDFLRQDOQL LQHYURSVNLNXOWXUQLLGHQWLWHWL

.VHQLMDÇ$%(&

8QLYHU]DY/MXEOMDQL)DNXOWHWD]DGUXÌEHQHYHGH&HQWHU]DSUHXáHYDQMHNXOWXUHLQUHOLJLMH 6,/MXEOMDQD.DUGHOMHYDSORÊáDG

HPDLONVHQLMDVDEHF#JXHVWDUQHVVL

,=9/(Þ(.

ÞODQHN SRGSLUD WH]R GD VR PXOWLSOHLGHQWLWHWH PHGVHERM ODKNR NRPSDWLELOQH LQ VRELYDQMVNH 7R YHOMD WXGL ]D QDFLRQDOQH LGHQWLWHWH LQ QDVWDMDMRßR HYURSVNR NXOWXUQR LGHQWLWHWR NL MR ÈH SRVHEHM RG RVHPGHVHWLK OHW SUHMÈQMHJD VWROHWMD QDSUHM SRVNXÈD Y]SRVWDYLWL LQ NUHSLWL (YURSVND XQLMD $YWRULFD V SRPRßMR VHNXQGDUQH DQDOL]H UH]XOWDWRY MDYQHJDPQHQMD(YUREDURPHWHUXJRWDYOMDGDLGHQWLILNDFLMD]QDFLRQDOQRSULSDGQRVWMRRKUDQMDSUHGQRVWSUHGRVWDOLPL NROHNWLYQLPL LGHQWLWHWDPL LQ GD VR GUÊDYOMDQL LQ GUÊDYOMDQNH (YURSVNH XQLMH NOMXE UD]OLNDP PHG SRVDPH]QLPL GUÊDYDPLJOHGHREVWRMDHYURSVNHNXOWXUQHLGHQWLWHWHYYHßLQLSUHFHMVNHSWLßQLNDUSULSLVXMHßXVWYHQLLQGLIHUHQWQRVWLY RGQRVXPHGSRVDPH]QLNRPLQ8QLMR

.OMXÞQHEHVHGHNXOWXUQDLGHQWLWHWDQDFLRQDOQDLGHQWLWHWDHYURSVNDNXOWXUQDLGHQWLWHWDPHGNXOWXUQDNRPXQLNDFLMD (YURSVNDXQLMD(YURSD(YUREDURPHWHU

*/,67$7,1$=,21$/,',1$1=,$//(6),'('(//¤,'(17,7š&8/785$/((8523($

,FLWWDGLQLHXURSHLVXOO¤DSSDUWHQHQ]DDOO¤LGHQWLWjFXOWXUDOHQD]LRQDOHHGHXURSHD

6,17(6,

/DUWLFRORVRVWLHQHODWHVLVHFRQGRODTXDOHOHLGHQWLWiPXOWLSOHSRVVRQRHVVHUHWUDORURFRPSDWLELOLHFRQYLYHQWL

&LwYDOHSXUHSHUOHLGHQWLWiQD]LRQDOLHODQDVFHQWHLGHQWLWiFXOWXUDOHHXURSHDFKHO8QLRQH(XURSHDVWDFHUFDQGRGL DIIHUPDUHHFRQVROLGDUHDSDUWLUHLQSDUWLFRODUHGDJOLDQQLGHOVHFRORVFRUVR

&RQ ODXVLOLR GL DQDOLVL VHFRQGDULH GHL VRQGDJJL HIIHWWXDWL GD (XUREDURPHWUR ODXWULFH FRQVWDWD FKH OLGHQWL ILFD]LRQH FRQ ODSSDUWHQHQ]D QD]LRQDOH UHVWD SUHGRPLQDQWH ULVSHWWR DOOH DOWUH IRUPH GLGHQWLWi FROOHWWLYD H FKH OD PDJJLRUDQ]DGHLFLWWDGLQLGHOO8QLRQH(XURSHDQRQRVWDQWHOHGLIIHUHQ]HWUDLYDULVWDWLFLUFDOHVLVWHQ]DGLXQLGHQWLWi FXOWXUDOHHXURSHDoSLXWWRVWRVFHWWLFDVHQWLPHQWRDWWULEXLWRDOOLQGLIIHUHQ]DFKHUHJQDWUDOLQGLYLGXRHO8QLRQH

3DUROHFKLDYHLGHQWLWjFXOWXUDOHLGHQWLWjQD]LRQDOHLGHQWLWjFXOWXUDOHHXURSHDFRPXQLFD]LRQHLQWHUFXOWXUDOH 8QLRQH(XURSHD(XURSD(XUREDURPHWUR

(2)

892'

6ORYHQLMD VH MH V VYRMR NUDWNR QDFLRQDOQR WR MH Y ODVWQLLQVXYHUHQLGUÌDYLXWHPHOMHQR]JRGRYLQRGR PR GHUQHQDFLRQDOQHGUÌDYHWHJDUD]VYHWOMHQVNHJDL]XPDLQ QRYRGREQHJDPDOLNDKNUDWLGRNRSDODÊHOHSUHGGREULP GHVHWOHWMHP RNOHSDMRá VH GR WHGDM ]ODVWL QDURGQHJD NXOWXUQHJDL]URáLODNROHNWLYQHJDVSRPLQDSROLWLáQH]D YHVWLR]HPOMDLQMH]LNDRERJDWHQHJDVSHáDWRPVOHKHUQH ]JRGRYLQVNH HSRKH Y NDWHUL VH MH WR L]URáLOR RKUDQLOR PRGLILFLUDOR LQ SRVOHGLáQR ERJDWLOR /DVWQD GUÌDYD LQ SUHGQRVWLNLMLKSULQDÊDVVDERSDVHYHGDQLVR]DGRVWHQ UD]ORJLQ]DJRWRYLORRKUDQLWYHNXOWXUQHLGHQWLWHWHQDURGD WXGL Y SULKRGQMH 6ORYHQLMD VH MH VNXSDM V SUHRVWDOLPL GUÌDYDPLNLVRSUHGSULEOLÌQRÊHVWGHVHWLPLOHWLSUHY]HOH NRPXQLVWLáQRR]LURPDVRFLDOLVWLáQRLGHRORJLMRQDSUDJX GHYHWGHVHWLKOHW]QDÊODYQHNDNÊQHPSUD]QHPSURVWRUX NLMHVOHGLOWUHQXWNRPHYIRULáQHJDUD]SRORÌHQMD RE UD]

JODVLWYL QHRGYLVQRVWL àHSUDY MHWDNR NRW YHáLQD Y]KRG QRHYURSVNLKGUÌDYWDSUD]HQSURVWRU]DSROQLODSUHGYVHP ] PLWRORÊNR ÌHOMR SRVWDWL GHO (YURSVNH XQLMH NDU VH MH PDMDOHWDWXGLXUHVQLáLORVH]GLGDÊHGDQHVRVWDMD XMHWD PHG 6FLOR SUHWLUDQHJD NRQVHUYDWLYQHJD QDFLRQDOL VWLáQHJD]DYUDáDQMDYVHJDWXMHJDLQ.DULEGRQDPLÊOMHQR OLEHUDOQHJD LQWHUQDFLRQDOLVWLáQHJD VWDOLÊáD R EUH]NRP SURPLVQLVXSHULRUQRVWL=DKRGD

9 SULáXMRáHPáODQNXY NDWHUHP ER QDMSUHM QDWDQá QHMHRSUHGHOMHQDGHILQLFLMDNXOWXUQHLGHQWLWHWHLQERQD YH]DQDQDSRMHPQDFLRQDOQHLGHQWLWHWHMHÌHOMD]DYUQLWL WDNR SUYR HNVNOX]LYQR QDFLRQDOLVWLáQR NRW GUXJR HNV NOX]LYQRLQWHUQDFLRQDOLVWLáQRVWDOLÊáHLQVLFHUQDRVQRYL SUHGSRVWDYNH GD VR UD]OLáQH LGHQWLWHWH ODKNR QL SD WR QXMQR PHG VHERM PXOWLSOH NRPSOHPHQWDUQH LQ WRUHM VRELYDMRGUXJDSROHJGUXJHNDUGRND]XMHÌHVHOHNWLYHQ KLVWRULáQLSUHJOHGLGHQWLWHWQLKIRUPDFLMYHYURSVNHPSUR VWRUX7H]DRPXOWLSOLKLGHQWLWHWDKMHWHVQRSRYH]DQD]

LGHMRRNRQFHQWULáQLKNURJLKLGHQWLWHWQDNDWHURVHER QDYH]RYDOáODQHN

9QDGDOMHYDQMXERSRXGDUHNQDYSUDÊDQMXRREVWRMX WDNRLPHQRYDQHHYURSVNHNXOWXUQHLGHQWLWHWHSULáHPHU ERQDRVQRYLVHNXQGDUQHDQDOL]HHPSLULáQLK SRGDWNRY

SULGREOMHQLK L] SRVDPH]QLK UD]LVNDY MDYQHJD PQHQMD Y GUÌDYDKáODQLFDK(YURSVNHXQLMH(YUREDURPHWHU]DJR YDUMDQD WH]D GD VR NXOWXUQH LGHQWLWHWH SRVDPH]QLK QD FLRQDOQLK GUÌDY ÊH YHGQR SUHYODGXMRá LGHQWLILNDFLMVNL VLPEROVNDWHULPVHOMXGMHSULPDUQRLVWRYHWLMRPHGWHP NRMHHYURSVNDLGHQWLWHWDVLFHUSULVRWQDYHQGDU]DYHVWR QMHM RVWDMD áDVRYQR UHODWLYQR VWDWLáQD LQ QH QDUDÊáD V SUL]DGHYDQML LQVWLWXFLM (YURSVNH XQLMH SR YHáML LGHQWL ILNDFLML]8QLMRáHSUDYPHGSRVDPH]QLPLGUÌDYDPLRE VWDMDMR RáLWQH UD]OLNH NDU ER Y áODQNX SRVHEHM L]SR VWDYOMHQR5D]ORJSULPDUQRVWLQDFLRQDOQHSUHGHYURSVNR NXOWXUQR LGHQWLWHWR ER QDMWL Y GHMDYQLNX NL JD DYWRULFD SRLPHQXMHáXVWYHQDLQGLIHUHQWQRVW7DVHQDQDÊDQDUH ODWLYQREUH]EULÌQRVWUDYQRGXÊQRVW LQHPRWLYQR QHYSOH WHQRVWOMXGLJOHGH(YURSVNHXQLMHEUÌNRQH]DUDGLQMHQH JDVNRUDM]DQHPDUOMLYHJDQHSRVUHGQHJD YSOLYD QDYVDN GDQML QDáLQ ÌLYOMHQMD GUÌDYOMDQRY LQ GUÌDYOMDQN GUÌDY áODQLFSULáHPHUVHERRSRURSRQRYQRLVNDORQDHPSL ULáQLK UD]LVNDYDK (YUREDURPHWUD 7H NDÌHMR GD LPDMR L]YLUQLY]URNL]DUDGLNDWHULKVRVHSRVDPH]QHHYURSVNH GUÌDYH]DáHOH]GUXÌHYDWLSRGUXJLVYHWRYQLYRMQLNDVQH MHSDVHMLPMHSULGUXÌLODYHáLQDGUÌDYYHYURSVNHPSUR VWRUX QDPUHá HNRQRPVNL LQ ÊHOH SR]QHMH WXGL SROLWLáQL LQWHUHVL QHPDUD YHáMH SRVOHGLFH NRW VR VL XWHPHOMLWHOML HYURSVNLKLQWHJUDFLMSUHGSULEOLÌQRSROVWROHWMDPRUHELWL ]DPLVOLOL'RJDMDQMDQD]DáHWNXWUHWMHJDWLVRáOHWMDSULáD MRGDMH(YURSVNDXQLMDGHMDQVNRSRVWDODHNRQRPVNRLQ SROLWLáQRPRáQDWHUÊWHYLOáQDLQVWLWXFLRQDOL]LUDQDRUJDQL ]DFLMDQHSDWXGLNXOWXUQDVNXSQRVWNROHNWLYQLGXKRYQL SURVWRU PHWDIL]LáQL LPDJLQDULM PLWRORÊNLK LQ LGHRORÊNLK L]URáLO V NDWHULPL EL VH SRVDPH]QLN SUYHQVWYHQR LGHQ WLILFLUDO WHU QDQMH áXVWYHQR ERGLVL DILUPDWLYQR DOL QHJD WLYQR QDYH]DO WDNR NRW VH MH WR ]JRGLOR Y SULPHUX QD FLRQDOQHGUÌDYH=GLVHGDSRVNXÊDMRVRGREQLDUKLWHNWL (YURSVNHXQLMHWD]DSR]QHOLDQHPDUDQDMSRPHPEQHMÊL NRQVWLWXWLYQL HOHPHQW VNXSQRVWL QDGRNQDGLWL ÊHOH Y ]DGQMHPREGREMXQDNDUNDÌHMRÊWHYLOQLSURMHNWL8QLMH NL ERGR Y áODQNX RPHQMHQL PHG GUXJLP WXGL HYURSVNL SURJUDP]DVRILQDQFLUDQMHNXOWXUQLKSURMHNWRYYGUÌDYDK áODQLFDK

3RMPDHYURSVNL=DKRGLQ9]KRGVWDXSRUDEOMHQDNRWLGHDOQRWLSVNLR]QDNL]DYHGDMRáVHSULWHPHNVNOX]LYQRVWLLQRPHMLWHYNLMLKWDND VLVWHPDWL]DFLMDLGHDOQLKWLSRYGRORáHQHJDSRMDYDWHUMDSRGUXJLVWUDQLSDWXGLSUHGQRVWLWDNR]DVQRYDQHVRFLRORÊNHDQDOL]H

,]UD]PXOWLSOHLGHQWLW\MHXSRUDELO$QWKRQ\'6PLWKYVYRMHPGHOX1DWLRQDO,GHQWLW\=QMLPL]SRVWDYOMDELVWYRVRGREQLKLGHQWLWHWNLMH YWHPGDVRUD]OLáQHLGHQWLWHWHSRGYUÌHQHVWDOQHPXSULODJDMDQMXWUDQVIRUPLUDQMXYVDNRGQHYQHPXSOHELVFLWXXVWYDUMDQMXVSRUD]XPRY LQ V WHP ODVWQHPX UHODWLYL]LUDQMX LQ RGSLUDQMX VLPEROQLK PHMD ] GUXJLPL SUDY WDNR NRQVWUXLUDQLPL LGHQWLWHWDPL .HU VR WRUHM SRVDPH]QLNRYH LGHQWLWHWH PXOWLSOH LQ SRJRVWR VLWXDFLMVNH VH QXMQR QH L]NOMXáXMHMR SDá SD SRJRVWR QDGJUDMXMHMR LQ NRQWHNVWXDOQR SUHKDMDMR 6PLWK ]DWR QDVSURWXMH NDNUÊQL NROL HUR]LML QDFLRQDOQH LGHQWLWHWH LQ WXGL QDFLRQDOL]PD VDM GRNOHU ER REVWDMDOD Y]DMHPQD SRGSRUDPHGQDFLRQDOQRGUÌDYRLQQDFLRQDOQRLGHQWLWHWRWROLNRáDVDERGRQDFLRQDOQHGUÌDYHSULPDUQLSROLWLáQLDNWHUMLLQPHVWRNMHU ERGROMXGMHL]UDÌDOLVYRMRORMDOQRVWLQOHJLWLPQRVW6PLWK

7H]DRNRQFHQWULáQLKNURJLKLGHQWLWHWERSRGUREQHMHUD]GHODQDYQDVOHGQMHPSRJODYMXSRY]HWDMHS R$OHÊX'HEHOMDNX 3URJUDP NL MH SUDNWLáQR HGLQL NURYQL SURJUDP (YURSVNH XQLMH ]D VLFHU ÊWHYLOQH NXOWXUQH SURMHNWH VH LPHQXMH .XOWXUD LQ MH

QDPHQMHQ SRYH]RYDQMX LQ ILQDQFLUDQMX UD]OLáQLK NXOWXUQLK SURMHNWRY SR (YURSL 'HOXMH Y WULGHVHWLK HYURSVNLK GUÌDYDK QMHJRY OHWQL SURUDáXQMHPLOLMRQRYHYURYRGMDQXDUMDSDMHQMHJRYDSROQRSUDYQDáODQLFDWXGL6ORYHQLMD

(3)

.8/7851($/,1$&,21$/1(,'(17,7(7(

9QDSODYLQLUD]OLáQLKLGHQWLWHWNLMLKYLVRNDPRGHU QDSR]QRNDSLWDOLVWLáQDSRVWLQGXVWULMVNDDOLSRVWPRGHUQD GREDSRQXMDNRWPRÌQD]DWRáLÊáDYVHÊWHYLOQHMÊLPLVNDO FHPYVDMPLQLPDOQHYSHWRVWLYQHNRÊLUÊRVNXSQRVWNHU MLPXÌLYDQMHYDEVROXWQLLQGLYLGXDOQLVYRERGLQHQXGL QREHQHXWHKHYHá]DVHGDWDNXOWXUQDLQQDURGQDR]LUR PDQDFLRQDOQDŸWRMHQDODVWQRVXYHUHQRQDFLRQDOQR GUÌDYRYH]DQDŸLGHQWLWHWDÊHYHGQR NOMXE SRJRVWLP WUGLWYDPRNRQFXQDFLRQDOQHGUÌDYHNRWHYURSVNHJDL]

XPDPRGHUQHJDáDVDSULPDUQRPHVWRSUHSR]QDYDQMD VNXSQLK LQ ORáHYDQMD RG GUXJDáQLK ODVWQRVWL GUXJLK GUXÌE

9WHPSRJODYMXER]DWRQDMSUHMSRVNXVLGHDOQRWLSVNR ORáHQR GHILQLUDWL NXOWXUQR LQ QDFLRQDOQR LGHQWLWHWR Y QMHJRYHPQDGDOMHYDQMXSDERQDND]DQRGDVHWRYUVWQR UD]OLNRYDQMHŸYVDMYHYURSVNHPSURVWRUXŸYHGQR]QRYD L]PLNDVYRMHPXFLOMX3UHSOHWHQRVWNXOWXUQHJDQDURGQH JDLQQDFLRQDOQHJDÊHEROMSDQDFLRQDOQHJDLQHWQLáQH JD MH WROLNÊQD GD QH R SUYL QH R GUXJL QH PRUHPR JRYRULWLEUH]LVWRáDVQHY]YUDWQHQDYH]DQRVWL7DNRNRWVH L]NXOWXUQHLGHQWLWHWHQDSDMDMRYVHGUXJHRGQDFLRQDOQH UHOLJLR]QHSRNOLFQHGRVSROQHLQRVHEQRVWQHWDNRWXGL NXOWXUQD REVWDMD VDPR LQ ]JROM WDNUDW NR LPD PRÌQRVW VYRMR YLWDOQRVW REQDYOMDWL L] YLUD RPHQMHQLK SRJRMQR UHáHQRSDUWLNXODUQHMÊLKLGHQWLILNDFLM2EHQHPSDMHVHYH GDREVWRMWRYUVWQLKLGHQWLWHWYHGQRSRJRMHQ]HNVLVWHQFR WLVWLKSRPHPEQLKGUXJLKNLSUDY]DSUDYODVWQLPQDÈLP GDMHMRVPLVHOQRVWLQSRPHPEQRVWY]WUDMDQMDSULGUXJDá QHP7DNR NXOWXUQD NRW QDFLRQDOQD LGHQWLWHWD VWD OH GYH L]PHG ÊWHYLOQLK VNXSQRVWQLK R]LURPD NROHNWLYQLK REOLN LGHQWLILNDFLM NL SD VR YVH UHODFLMVNH QMLKRY VPLVHO LQ

REVWRM VWD RGYLVQD RG GUXJLK LGHQWLWHW 3RVDPH]QLN MH YHGQR áODQ YHá VNXSQRVWL LQ QH VDPR HQH LQ V WHP QRVLOHFYHáLGHQWLWHWLQQHOHHQHNLVHQDODJDMRGUXJDQD GUXJRVHPHGVHERMLJQRULUDMRVLQDVSURWXMHMRVH]GUX ÌXMHMR DOL UD]GUXÌXMHMR -RÌH 9RJULQF SUDYL GD QDFLR QDOQD LGHQWLWHWD QD SULPHU QL ]DPHQMDOD UHOLJLR]QH DPSDNVHMHYáDVLKDUWLNXOLUDODPLPRQMHYáDVLKQDVSURWL QMHM DOL VH YDQMR FHOR PDVNLUDOD NDU YHOMD WXGL ]D YVH RVWDOHLGHQWLWHWH=DYHGHQ6ORYHQHFGDQHVPRUGDYHU MDPHGDMHWLVRáOHWVDQMDORQHRGYLVQL6ORYHQLMLSUHGVWR OHWLSDMHELOPLUQHGXÊHSROHJ]DYHGQHJD6ORYHQFDRE HQHPSRÊWHQ.X.URGROMXESUHGSHWGHVHWLPLSD-X JRVORYDQ DOL $UJHQWLQHF" 2GUHÊLPR JD RáLWNRY YHVWL QREHQD L]MHPD QL 9DOLÌDQ MH %ULWDQHF %DVN ÉSDQHF 6DUGLQHF,WDOLMDQ(ULWUHMHFSDQDMEUÌYHUMDPHYVYRMWLVRá OHWQLVHQRGNDUQLYHá(WLRSLMHF9RJULQF

3RWHPWDNHPVH]GLWH]DRNRQFHQWULáQLKNURJLKLGHQ WLWHWNLSRPQHQMX$OHÊD'HEHOMDNDL]YLUDMRYSRGREDK MD]DYVDMHQHJDYL]NXÊQMHVNXSQRVWLUD]ÊLUMDMRáVHVNR]L WRNRYH ORNDOQLK QDFLRQDOQLK LQ UHJLRQDOQLK NXOWXU QHPDUDSDWXGLÊLUÊHXWHPHOMHQD'HEHOMDN 1DFLRQDOQD NXOWXUQD LGHQWLILNDFLMD WDNR SRVWDQH OH HQD RGPQRJLKSODVWLSRVDPH]QLNRYHJDMD]DWXGLáHMHYR GLOQDNLMRRPHMXMHMRGUXJHLGHQWLWHWHQHQD]DGQMHNR]

PRSROLWVNDNLSRVDPH]QLNXRPRJRáDÊHNDNRSRWUHEQR GLVWDQFR]ODVWLGRNXOWXUHLQQDFLMHNLMLPDSULSDGD

.OMXE QMHQL NRPSOHNVQRVWL LQ ]DKWHYQRVWL DYWRULFD RSLUD GHILQLFLMR QDFLRQDOQH LGHQWLWHWH QD DQDOLWLáQR UD]áOHQLWHYWHJDNRQFHSWDNDNRUMRMHL]SHOMDOVORYHQVNL VRFLRORJ5XGL5L]PDQ1DFLRQDOQDLGHQWLWHWDMHWDNR]ELU YVDMWUHKSRPHPEQLKVHVWDYLQXVWDYHR]LURPDXVWDYQLK QDáHO NROHNWLYQH SUHGVWDYH SROLWLáQH VNXSQRVWL R VDPL VHEL LQ SRVDPH]QLNRYHJD RGQRVD GR VYRMH VNXSQRVWL

5L]PDQŸ

,GHQWLWHWR EL ODKNR GHILQLUDOL NRW SUDNVR LQ REHQHP SURFHV UD]OLNRYDQMD SRVDPH]QLNRY DOL NROHNWLYLWHW Y SULPHUMDYL ] GUXJLPL SRVDPH]QLNLDOLNROHNWLYLWHWDPLWHUMHVHVWDYOMHQDL]SRGREQRVWLLQUD]OLN-HYHGQRDNWLYQDLQQLNROLNRQáDQDWHUGRNRQáQD VRFLDOQD LQVWLWXFLMD WHU UHIOHNVLYQD WRUHM VRFLDOQR NRQVWUXLUDQD VNR]L LQWHUDNFLMH LQ LQVWLWXFLMH 8OH 2EHQHP MH SRWUHEQR LGHQWLWHWR REUDYQDYDWLNRWKHWHURJHQYHáGLPHQ]LRQDOHQLQNRPSOHNVHQ SRMDYNL ]DKWHYD LQWHUGLVFLSOLQDUHQ SULVWRS 9Há R GHILQLFLML LGHQWLWHWH -XULß3DKRUŸ

.ROHNWLYQD LGHQWLWHWD MH REáXWHN SULSDGQRVWL GRORáHQL VNXSQRVWL R]LURPD NROHNWLYQL HQWLWHWL NL MH SRJRMHQD ] REMHNWLYQLPL LQ VXEMHNWLYQLPLNULWHULML9SULPHUXNROHNWLYQHLGHQWLWHWHVHQDPUHáPRUDMRRNULWHULMLKLQRREáXWNXSULSDGQRVWLVWULQMDWL]ODVWLSULSDGQLNL WDNÊQH HQWLWHWH YHQGDU SD PRUDMR WH NULWHULMH SUL]QDYDWL WXGL GUXJL WRUHM WLVWL NL ML QH SULSDGDMR .ROHNWLYQD LGHQWLWHWD MH WDNR GLQDPLáHQSURFHVLQQHVWDQMHNLMHWXGLQRWUDQMHUD]QROLNDLQSOXUDOQDWHUYQHQHKQHPVSUHPLQMDQMX0LWMDËDJDUORáLRÌMHSUHWHÌQR WHULWRULDOQR RSUHGHOMHQH LQ ÊLUÊH WUDGLFLRQDOQH NROHNWLYQH LGHQWLWHWH 0HG SUYH ÊWHMH ORNDOQH LQ UHJLRQDOQH LGHQWLWHWH PHG GUXJH SD UD]OLáQHHWQLáQHY(YURSLVR]ODVWLSRPHPEQHQDURGQHQDFLRQDOQHR]LURPDGUÌDYQHLQVNXSQHHYURSVNHLGHQWLWHWH3RHQRVWDYOMHQR UHáHQR HWQLáQH QDURGQH LGHQWLWHWH Y YHáML PHUL WHPHOMLMR QD NXOWXUQLK LQ GUXJLK HWQLáQLK RSUHGHOLWYDK QDFLRQDOQH SD VR SR VYRML QDUDYLSUHGYVHPSROLWLáQH]DWRMLKMHPRÌQRVNRUDMHQDáLWL]GUÌDYQLPLLGHQWLWHWDPLáHSUDYVRREHQHPWXGLHWQLáQRRSUHGHOMHQH=D YVHWUDGLFLRQDOQHQDURGQHLQQDFLRQDOQHLGHQWLWHWHY(YURSLSDMH]QDáLOQDQMLKRYDSUHWHÌQDL]NOMXáXMRáQRVWHNVNOX]LYQRVWLQSRJRVWD DJUHVLYQRVWËDJDU

8VWDYQD QDáHOD RSUHGHOMXMHMR SRVDPH]QR SROLWLáQR VNXSQRVW V WHP NR L]UDÌDMR VNXSQR SROLWLáQR YROMR LQ NROHNWLYQR VDPRUD ]XPHYDQMH R NDWHULK VR VH Y GRORáHQHP ]JRGRYLQVNHP REGREMX VSRUD]XPHOL áODQL WH VNXSQRVWL VR SD NOMXE WHPX WD QDáHOD L]SRVWDYOMHQDPRÌQLPVSUHPHPEDP8VWDYDMHWDNRPLQLPDOQLVNXSQLIRUPDOQLRNYLUVSRPRáMRNDWHUHJDVHUHÊXMHMRQHQHKQRSULVRWQD QDVSURWMD.ROHNWLYQRSUHGVWDYRSROLWLáQHVNXSQRVWLRVHELVHODKNRLPHQXMHQDPLÊOMHQDVNXSQRVW LPDJLQHGFRPPXQLW\$QGHUVRQ 7DSRYH]XMHOMXGLNLVHVLFHUPHGVDERQHSR]QDMRLQQLVRYQHSRVUHGQHPVWLNXGHOLMRSDVLVNXSHQMH]LNNROHNWLYQLVSRPLQ PLWHLPDJLQDULMNRWREOLNHGUXÌEHQLKVDPRSURMHNFLM3RVDPH]QLNRYRGQRVGRVNXSQRVWLSDMHUD]PHUMHPHGRVHEQRLGHQWLILNDFLMRLQ VLPEROLNROHNWLYQHLGHQWLWHWHKLPQD]DVWDYDSUD]QLNLULWXDOLVSRPHQLNLNLGDMHMRSROLWLáQLVNXSQRVWLJOREOMRNXOWXUQRLQáXVWYHQR RSRURQMHQRNRKH]LMRLQVWDELOQRVWSRVDPH]QLNRPSDRPRJRáDMRáLPYHáMRLQNOX]LYQRVWLQLGHQWLILNDFLMRVVNXSQRVWMR

(4)

.XOWXUQR LGHQWLWHWR SD DYWRULFD RSUHGHOMXMH NRW WLVWR VNXSLQVNR LGHQWLWHWR NL Y VHEL ]GUXÌXMH WDNR REMHN WLYQHNROHNWLYQHGUXÌEHQHLQ]JRGRYLQVNHVWUXNWXUHNRW WXGL VXEMHNWLYQH L]NXVWYHQH ]DYHVWQH LQ QH]DYHGQH LQGLYLGXDOQHSURFHVHNLVHQDQDÊDMRQDSRVDPH]QR HW QLáQR DOL QDURGQR VNXSQRVW 0HG WHPD GYHPD NDWHJR ULMDPD REVWDMDMR RGQRVL VNODGQRVWL DOL UHFLSURáQRVWL SD WXGL NRQIOLNWQRVWL NR JUH ]D QMXQR L]JUDMHYDQMH Y NXOWXUQR LGHQWLWHWR YVDNHJD SRVDPH]QLND LQ GUXÌEH NRW FHORWH SUHNR SRQRWUDQMHQMD LQ SRYQDQMHQMD GRORáHQLK QDYDG RELáDMHY YUHGQRW .XOWXUQR LGHQWLWHWR SD MH PRJRáH GHILQLUDWL QH OH Y RSR]LFLML REMHNWLYQHJD LQ VXEMHNWLYQHJD DPSDN WXGL XQLYHU]DOQHJD LQ SRVDPH]

QHJD 9 WHP VPLVOX MH NXOWXUQD LGHQWLWHWD L]MHPQRVW R]LURPD SRVHEQRVW VNXSLQ OMXGVWHY DOL GUXÌE NL SUH SUHáXMHQMLKRYR]OLWMHYXQLIRUPQRVWPLVOLLQL]NXVWHYQD WDN QDáLQ GD Y]WUDMD SUL RKUDQMDQMX ]YH]H PHG MH]L NRYQLPL YHUVNLPL URGRYQLPL HVWHWVNLPL LQ SROLWLáQLPL GHMVWYL WHU XSRÊWHYD QRWUDQMR GLIHUHQFLUDQRVW NROHNWLYQH LGHQWLWHWHJOHGHQDVSROQRUD]UHGQRVRFLDOQRLQ GUXJR SULSDGQRVW2EHQHPSDVHNXOWXUQDLGHQWLWHWDGRWLNDWXGL XQLYHU]DOQRVWLYVPLVOXPHGNXOWXUQHNRPXQLNDFLMHNLMR DYWRULFDUD]XPHY:HOVFKHYLWHUPLQRORJLMLWUDQV NXOWXUDFLMH 3RMHP SUHVHJD WUDGLFLRQDOQR KHUGHUMDQVNR KRPRJHQL]LUDMRáR LQ VHSDUDWLVWLáQR LGHMR NXOWXU NRW L]ROLUDQLK HQWLWHW WHU SRXGDUMD QMLKRYR PHGVHERMQR SRYH]DQRVW NRHNVLVWHQFR NRRSHUDWLYQRVW PLJUDFLMVNRVW LQ KLEULGL]LUDQRVW 9 WHM GYRMQL QDSHWRVWL SUHGVWDYOMD VSUHMHPDQMH SRVDPH]QRVWL SUHNR XQLYHU]DOQHJD LQ UHFLSURáQR XSRÊWHYDQMH UHDOQRVWL XQLYHU]DOQHJD SUHNR SRVDPH]QHJD QDMEROM LQNOX]LYHQ RGSUW LQ QHVDPR]D GRVWHQ QDáLQ REOLNRYDQMD PXOWLSOLK LGHQWLWHW 3RVNXVL YVDM]DGQMLKGYHVWROHWVRÊOLYVPHULERGLVLLQGLYLGXDOQR SVLKRORÊNHJD DQWURSRORÊNHJD ORJLVWLáQHJD SROLWLáQHJD DOL ]JRGRYLQVNHJD GHILQLUDQMD LGHQWLWHWH WHU SUL WHP ÌUWYRYDOL YVH GUXJH RSUHGHOLWYH 'D EL VH VOHGQMHPX L]RJQLOL PHQL eWLHQQH %DOLEDU MH SRWUHEQR LQ HGLQR QDWDQáQR LGHQWLWHWR R]QDáLWL VDPR NRWNXOWXUQR 9 WHP VPLVOX MH NXOWXUQD LGHQWLWHWD SUDY]DSUDY VLQWH]D YVHK GUXJLK LGHQWLWHW 7LVWR SD NDU SRVDPH]QLND LGHQWLILFLUD NRWSULSDGQLNDQHNHNXOWXUHMHLQVWLWXFLMDLQVWLWXFLMWR MHMH]LN%DOLEDUŸ

5L]PDQPHQLGDSUHGVWDYOMDWDMH]LNLQNXOWXUDPRá QHMÊR GUXÌEHQR YH]LYR NRW WR GRND]XMHMR RELáDMQH VRFLRORÊNHDQDOL]H7RYUVWQDLGHQWLWHWDNLVHY]SRVWDYOMD ]ODVWL SUHNR MH]LND LQ NXOWXUH MH SULPDUQL IRNXV LGHQWL ILNDFLMH LQ REáXWND YDUQRVWL QH GD EL ]DWR PRUDOL WDNR NRW QD PQRJLK GUXJLK SRGURáMLK ]DGRYROMLWL ÊWHYLOQH NULWHULMHLQL]ND]DQHGRVHÌNHVDMVWDQDPMH]LNLQNXOWXUD SRORÌHQDÌHY]LEHONR3ROHJWHJDMHVUHGVWYRWUDQVFHQ GHQFH áORYHNRYH IL]LáQH NRQáQRVWL NHU NUHSL REáXWHN

VRGHORYDQMD Y PHGJHQHUDFLMVNHP SURMHNWX NL SRYH]XMH SUHWHNORVWVVHGDQMRVWMRLQSULKRGQRVWMR 5L]PDQ 7XGL<DHO7DPLUDYWRULFD]QDQHNQMLJH/LEHUDO1DWLR QDOLVP QDPHQMD SUDY NXOWXUL NRW XWHOHÊHQLP Y]RUFHP YHGHQMD MH]LND QRUP PLWRY LQ VLPERORY V SRPRáMR NDWHULK VH Y]SRVWDYOMD PHGVHERMQR LGHQWLILFLUDQMH WLVWR YORJRSRNDWHULVHSULSDGQLNLQHNHQDFLMHUD]OLNXMHMRRG YVHKRVWDOLK 'YD áORYHND SULSDGDWD LVWHPX QDURGX WH GDM LQ VDPR WHGDM NR VL GHOLWD VNXSQR NXOWXUR 7DPLU /DKNRVHWRUHM]DNOMXáLGDMHNXOWXUQDLGHQWLWHWDY VWDOQLSULPHUMDYLLQGRQHNHPHUHFHORY]OLWMX]QD FLRQDOQRLGHQWLWHWRWHUGDGRPXMHYRNYLUXSRVDPH]

QHJDQDURGDR]LURPDQDFLMHQMHQLKPHMDLQQMHQHSR OLWLáQRYRMDÊNH ]JRGRYLQH RG WX JRYRU R IUDQFRVNL QHPÊNLNXOWXUL%DOLEDUVHFHORQDJLEDNWH]LGDMH NXOWXUQDLGHQWLWHWDGDQHVSUDY]DSUDY]JROMPHWDIRUD]D QDFLRQDOQRLGHQWLWHWR6OHGQMDQDMELELODSROHJUHOLJLR]QH HGLQD WRWDOQD DOL KHJHPRQLVWLáQD LQVWLWXFLMD PRGHUQH ]JRGRYLQHSULáHPHUMHQMXQDDYWHQWLáQDKHJHPRQLMDY WHPGDQHXNLQMDWDPQRÊWYDSULSDGQRVWL]DUD]OLNRRG WRWDOLWDUQLK UHÌLPRY WHPYHá VNXÊDWD WR PQRÊWYR KLHUDUKL]LUDWL LQ XVNODGLWL 1MXQD WRWDOQRVW VH RGNULYD SUHGYVHPYWHPGDSUDNWLáQRQHGRSXÊáDWDPRÌQRVWL REVWRMDLQSRWHPWDNHPUD]ORJD]DÌLYOMHQMHL]YHQODVWQH GRPHQHVáLPHUSULSLVXMHWDVPUWLÊHSRVHEQRVLPEROQR SRPHPEQRVW WDNRUHOLJLMHNRWQDFLMH ODKNR RGSRVD PH]QLND]DKWHYDMRÌUWYRYDQMH]DRGUHÊLWHYYVDNHJDLQ YVHK%DOLEDUŸ1REHQHYRMQHQLPR JRáH ]DáHWL EUH] IRUVLUDQMD NROHNWLYQH LOX]LMH WRUHM LGHQWLWHWHàHKRáHWHYHGHWLNRJDMHWUHEDXELMDWLPRUDWH YHGHWLNRPXSULSDGDWH2VPDQáHYLß

9VDNR Y]WUDMDQMH QD HNVNOX]LYQRVWL GRORáHQH NROHN WLYQH LGHQWLWHWH WXGL QDFLRQDOQH DOL NXOWXUQH ODKNR YRGL Y L]RODFLMR LQ QHVSRÊWRYDQMH GUXJHJD NL SRVWDQH SULURáHQ JUHÊQL NR]HO ]D REVWRMHáH SUREOHPH 3UL WHP QRáHP]DSDVWLYHYROXFLRQLVWLáQRSDVWLQWUGLWLGDMHQH ND NROHNWLYQD Y WHP SULPHUX QDFLRQDOQD LGHQWLWHWD GR GRORáHQH UD]YRMQHVWRSQMH SR]LWLYQD GREURGRÊOD RVUH áXMRáD RG WX QDSUHM SD QHJDWLYQD XQLáHYDOQD QH VSUHMHPOMLYD 1DVSURWQR Y YVDNL RG QMLK MH ÌH SULVRWQR WLVWRVHPHQLáHYRVWLNLVHJDMHSRWUHEQR]DYHGDWLRE YVDNHP GYLJX ]DVWDYH RE YVDNL L]UHáHQL PROLWYL LQ RE YVDNL ]DSHWL KLPQL 7R MH UD]ORJ ]DNDM SR HQL VWUDQL SULVHJDQMHQD]DSUWRVWYDVHQDVDPR]DGRVWQRVWQDGR MHPDQMHQDFLMHLQQMHQHNXOWXUHNRWVYHWHLQQHGRWDNOMLYH QDWLGRPDáLMVNRIRONORUQHPSULQFLSXQHY]GUÌL.HUMH L]UD]QDURGRYHJDLQSUHGYVHPáORYHNRYHJDVWUDKXSUHG L]]LYL GUXJDáQHJD LQ YRGL Y NVHQRIRELáQR UD]PHUMH GR GUXJLK 2G WHJD GR DJUHVLMH LQ HWQLáQHJD áLÊáHQMD

81(6&2 MH QD ]DKWHYR NDQDGVNH NRPLVLMH ]D VRGHORYDQMH V WR VSHFLDOL]LUDQR DJHQFLMR =GUXÌHQLK QDURGRY NXOWXUR GHILQLUDO NRW GLQDPLáHQYUHGQRVWQLVLVWHPQDXáHQLKHOHPHQWRYSULáDNRYDQMNRQYHQFLMYHURYDQMLQSUDYLONLRPRJRáDMRáODQRPGRORáHQHVNXSLQH GDXUHVQLáLMRNRQWDNWHPHGVHERMLQVYHWRPGDWRUHMPHGVHERMNRPXQLFLUDMRLQUD]YLMDMRVYRMHXVWYDUMDOQHSRWHQFLDOH-XÌQLá

(5)

QDFLRQDOQLKYRMQLQJHQRFLGDSDMHNRWXJRWDYOMD3HWHU .RYDáLá3HUÊLQOHNRUDN.RYDáLá3HUÊLQŸ

9 LVWHP KLSX SD MH SRWUHEQR SUL]QDWL GD MH QDVSURWQR YHQGDU ]DWR QLá PDQM QDSDáQR WXGL WDNR LPHQRYDQR OLEHUDOQRLQWHUQDFLRQDOLVWLáQRUD]PLÊOMDQMHRQDFLMLNRW RGYHáQL NDWHJRULML ERGLVL ]DUDGL QMHQH PDMKQRVWL QH YSOLYQRVWLLWG3UDYL]WRYUVWQHJDNRPSOHNVDPDMKQRVWLŸ

YSULPHUX6ORYHQLMHSUHGYVHPÊWHYLOáQHYSULPHUXGUX JLK Y]KRGQRHYURSVNLK QDFLM SD WROLNR EROM YUHGQRWQH Ÿ VH SRUDMD SRJRVWR ]JROM QDYLGH]QR SUHFHQMHYDQMH ÊWH YLOáQR YHáMLK JOREDOL]LUDMRáLK WUDQVQDFLRQDOQLK SURFH VRY LQ SUHWLUDQR ]DYUDáDQMH QDFLRQDOQH LGHQWLWHWH NRW DUKDLáQHSUHÌLYHWHLQREVNXUQH

.XOWXUQDR]LURPDQDFLRQDOQDLGHQWLWHWDVWDSRWHPWD NHP DPELYDOHQWQD SR]LWLYQD LQ QHJDWLYQD GUXÌEHQD SRMDYDNLODKNRSRJRVWRVOXÌLWDL]NOMXáHYDQMXGRORáHQLK NDWHJRULMOMXGLL]ÊLUÊHJDREáHVWYDLQQMLKRYLGHJUDGDFLML QD UDYHQ GUXJRUD]UHGQLK GUÌDYOMDQRY 9HQGDU SD QD SRGODJL JOREOMH DOL SOLWYHMÊH áXVWYHQH LQ NXOWXUQH RSRUH SUDY RQL GUÌLWD QHNR GUXÌER VNXSDM Y VPLVOX YVDM PLQLPDOQHDQXMQHVWRSQMHGUXÌEHQHHQRWQRVWL5L]PDQ

Ÿ=D QDFLRQDOQRLGHQWLWHWRMH SRWHPWDNHP SRWUHEQR WXGLUHáLGDRELáDMQRQLHWQLáQRQHYWUDOQDNHUNOMXE HWQLáQLKHWHURJHQRVWLGUÌDYHSUHIHULUDNXOWXURLQMH]LN YHáLQVNHJDQDURGDR]LURPDHWQLMHLQGDMHNRWNRP SOHNVQDREOLNDNROHNWLYQHLGHQWLWHWHSUHGYVHPYH]DQDQD WHULWRULDOQRVWLQVNOLFHYDQMHQDSUHWHNORVWERGLVLREMHN WLYQR DOLLPDJLQDUQRWRUHMPLWRORÊNR LQLGHRORÊNR Y NROLNRUQLÌHYVDND]JRGRYLQVNDRFHQDNLMHQXMQRRFHQD ]DQD]DMYVDM GRGRORáHQH PHUHPLWRORÊNDR]LURPD LGHRORÊNDVDPDSRVHEL9WHPVPLVOXMHQDFLRQDOQD SRQRYQRSUHFHMEOL]XNXOWXUQLLGHQWLWHWL%LVWYHQDUD]OLND NLMRJOHGHQDXJRWRYOMHQRYSULáXMRáHPSRJODYMXYLGL DYWRULFDMHYWHPGDMHVOHGQMDODKNRQHSDQXMQR SUHGYVHPVWDQMHGXKDLQQHWROLNRNRQNUHWQHR]LURPD QHSRVUHGQHYH]DQRVWLQDGRORáHQRR]HPOMHLQ]JRGR YLQVNRREGREMH7RMHQXMHQQHSDWXGLÌH]DGRVWHQ UD]ORJREVWRMDNXOWXUQHLGHQWLWHWHQHNHJDQDURGD2KUD QMDQMHVORYHQVNHNXOWXUQHLQQDFLRQDOQHLGHQWLWHWHVLFHU SRPHQLRKUDQLWHYMH]LNDNXOWXUHXVWYDUMDOQLKSRWHQFLD ORYQDFLMHLQODVWQHJDHWQLáQHJDSURVWRUDYHQGDUSDWHJD SURVWRUD]DUDGLYVHYHáMLKPLJUDFLMQHERYHáPRJRáH UD]XPHWLNRWL]NOMXáQRLQVDPRJHRJUDIVNLSURVWRUDPSDN SUHGYVHPNRWGXKRYQLSURVWRUQDFLRQDOQHNXOWXUH

9VWRS6ORYHQLMHY(YURSVNRXQLMRMHVSURÌLOSROHPLNH RWHPDOLMHREVWRMVORYHQVNHNXOWXUQHLGHQWLWHWH]DUDGL HYURSVNLKLQWHJUDFLMVNLKSURFHVRYEROMRJURÌHQLQDOLEL ELOR Y REOLNRYDQMX HYURSVNH LGHQWLWHWH SRWUHEQR YLGHWL QMHQRNRQNXUHQWNR2GJRYRUáLJDUSRVNXVXWHPHOMLWYH ERYQDVOHGQMHPSRJODYMXMHYREHKSULPHULKQHJDWLYHQ

1DGQDFLRQDOQHLGHQWLWHWHQLVR]JRGRYLQVNRJOHGDQRQLá QRYHJDLQELPRUDOHSUHGVWDYOMDWLSUHGYVHPL]]LYQDFLR QDOQLP UHJLRQDOQLP LGHQWLWHWDP YSRJOHG Y VWDOLÊáD OMXGL NL VR GHO (YURSVNH XQLMH ÌH GHVHW OHW LQ YHá SD QDND]XMHMRGDMHWH]DRNRPSDWLELOQRVWLUD]OLáQLKLGHQ WLWHWVSUHMHPOMLYDáHSUDYQDFLRQDOQHLGHQWLWHWHYHáLQRPD RKUDQMDMR SULPDW QDG SRUDMDMRáR VH WDNR LPHQRYDQR HYURSVNRNXOWXUQRLGHQWLWHWR

87(0(/-(1267',6.85=$2(95236.,.8/7851, ,'(17,7(7,

,]YRUQL QDPHQ SRYH]RYDQMD HYURSVNLK GUÌDY SUHG GREULPL SHWLPL GHVHWOHWML NR MH OHWD ÊHVWHULFD GUÌDYVSRGSLVRPSDULÊNH SRJRGEH XVWDQRYLOD (YURS VNRVNXSQRVW]DSUHPRJLQMHNOROHWDSDMHVOHGLO ÊH SRGSLV LVWLK áODQLF ULPVNH SRJRGEH R (YURSVNL JRV SRGDUVNLVNXSQRVWLMHELOSUHWHÌQRJRVSRGDUVNL2PH QMHQH GUÌDYH VR YVWRSLOH Y LQWHJUDFLMVNH SURFHVH ] QD PHQRPGDELVHL]EROMÊDOLLQQDSUHGRYDOLODVWQLGRPDáL WRUHMQDFLRQDOQLLQWHUHVLNL]XQDMRNYLURYWHGDQMH(YURS VNH VNXSQRVWL ]D SUHPRJ LQ MHNOR QH EL PRJOL ELWL UH DOL]LUDQL 6áDVRPD SD MH QMHQ UD]YRM ]DáHO GRVHJDWL WDNÊQH UD]VHÌQRVWL GD VWD SRVWDOL SRWUHEQL WXGL DQJD ÌLUDQRVWLQXVNODMHQRVWQDSROLWLáQHPSRGURáMX3ULEOLÌQR RGVUHGLQHRVHPGHVHWLKOHWSUHMÊQMHJDVWROHWMD GDOMH LQ WHQ]LYQRSDY]DGQMHPGHVHWOHWMXMHHYURSVNDNRQVWUXN FLMD ]DáHOD SULGRELYDWL WXGL LGHRORÊNH LQ VLPEROQH GL PHQ]LMHNLVRVHQDSUDNWLáQLUDYQLL]ND]RYDOHQDMSUHMY REOLNRYDQMX LGHQWLILNDFLMVNLK ]QDNRY GDQDÊQMH (YURSVNH XQLMH KLPQD ]DVWDYD SRWQL OLVW GHQDUQD YDOXWD LQ SURFHVRY L]REUDÌHYDOQLK VWURNRYQLK NL QDM EL SR VSHÊLOL SRVNXV REOLNRYDQMD QDGGUÌDYQH DOL PHGGUÌDYQH VNXSQRVWL V NDWHUR EL VH GUÌDYOMDQL LQ GUÌDYOMDQNH HYURSVNLK GUÌDY LGHQWLILFLUDOL QD SRGREHQ QDáLQ NRW GR VHGDM]QDFLRQDOQRGUÌDYR

*ODYQL DNWHUML R]LURPD SUHGVWDYQLNL QDMYHáMLK LQ QDMPRáQHMÊLKHYURSVNLKGUÌDY)UDQFLMH9HOLNH%ULWDQLMH LQ1HPáLMHVLRREOLNLHYURSVNHSRYH]DQRVWLVLFHUQLVR HQRWQLWDNRNRWVLQLVRHQRWQHQLWLSUHGVWDYHGUÌDYOMDQRY SRVDPH]QLKHYURSVNLKGUÌDYRWHPNDMQDMELHYURSVND NXOWXUQDLGHQWLWHWD áH WDVSORK REVWDMD LQ R NDWHUL ERP UD]PLÊOMDODYWHPSRJODYMXSUHGVWDYOMDOD=DUD]OLNRRG 9]KRGQRHYURSHMFHYNLMLPMHYVWRSY(YURSVNRXQLMRSR UD]SDGX VRFLDOLVWLáQLK UHÌLPRY SRVWDOJODYQL LQ EUH]SR JRMQLFLOM]DYHáMLGHOGRVHÌHQPDMDMHQDPUHá GHMDQVNR ]DQLPDQMH GUÌDYOMDQRY ]DKRGQRHYURSVNLK GU ÌDY R]LURPD VWDULK áODQLF ]D GRJDMDQMD Y ]YH]L ] (Y URSVNR XQLMR ]HOR YSUDÊOMLYR 3RGDWNL QDPUHá GRND]X MHMR GD QD HYURSVNLK YROLWYDK YROL PDQM OMXGL NRW Y WHOHYL]LMVNLKNYL]LKUD]LVNDYHMDYQHJDPQHQMDYGUÌDYDK

/HWDMHELORY(YUREDURPHWUXSUYLá]DVWDYOMHQRYSUDÊDQMHRHYURSVNLLGHQWLWHWL 9UD]PHUMXSULEOLÌQRVRGUÌDYOMDQL WHGDMÊH(YURSVNHVNXSQRVWLPHQLOLGDVWDQDFLRQDOQDLQHYURSVNDLGHQWLWHWDNRPSDWLELOQL

%HOJLMD,WDOLMD1L]R]HPVND/X[HPEXUJ1HPáLMDLQ)UDQFLMD

/HWDVHMLPSULGUXÌLMR'DQVND,UVNDLQ9HOLN D%ULWDQLMDWHUNDVQHMHÊHGUXJH

(6)

áODQLFDK SD NDÌHMR SUHFHMÊQMR DSDWLMR DOL FHOR RGNULWR QDVSURWRYDQMH GHOX SRVDPH]QLK LQVWLWXFLM 8QLMH ]DUDGL REáXWND RGWXMHQRVWL L]NOMXáHQRVWL LQ QHPRáL Y ]YH]L ] RGORáLWYDPL LQ VSUHPHPEDPL QD UDYQL (YURSVNH XQLMH 7R MH RáLWQR WXGL Y YROLOQL XGHOHÌEL NL QDM EL ELOD QDM SRPHPEQHMÊH GHPRNUDWLáQR VUHGVWYR L]ND]RYDQMD YROMH OMXGVWYD,]UD]GHPRNUDWLáQLSULPDQMNOMDMNLMHSULÊHO YUDERLQR]QDáXMHSUDYRPHQMHQHSRPDQMNOMLYRVWL8QLMH WHU SUHFHMÊQMH QH]DGRYROMVWYR GUÌDYOMDQRY ] QMHQLP GH PRNUDWLáQLPGHORYDQMHPMHELOWXGLJODYQLSRYRGL]GDMH

%HOHNQMLJHOHWDVNDWHURQDMEL(YURSVNDNRPLVLMD SRVNXÊDOD ]PDQMÊDWL UD]OLNH PHG HYURSVNLPL LQVWLWX FLMDPLLQGUÌDYOMDQL1MHQXVSHKMHYSUDÊOMLYVDM%HOD NQMLJD QL SUYL WRYUVWQL GRNXPHQW ËH 0DDVWULFKWVND SR JRGED L] OHWD LQ $PVWHUGDPVND SRJRGED L] OHWD WDY]HORRPHMHQHPREVHJXVDMMHGRMHWDNRWQH ]HORXVSHÊHQVSRUD]XPVWD]ODVWL]LGHMRRHYURSVNHP GUÌDYOMDQVWYX]DVOHGRYDOLSRGREQHQDáUWHYHQGDUSDSR PQHQMX ÊWHYLOQLK DYWRUMHY WHK FLOMHY QLVWD XVSHOL UHDOL]LUDWL'XQNHUOH\HWDO3RJRGELGHMDQVNR QLVWD Y]SRVWDYLOL QLNDNUÊQLK QHSRVUHGQLK UD]PHULM PHG WDNRLPHQRYDQLPHYURSVNLPGUÌDYOMDQRPLQ(YURSVNR XQLMR NDU MH SUDY]DSUDY SUHGVWDYOMDOR JODYQL QDPHQ LGHMHRHYURSVNHPGUÌDYOMDQVWYX3RQHNDWHULKSRGDWNLK WDNR GUÌDYOMDQRY (YURSVNH XQLMH QLPD QLNDNUÊQLK VWLNRY ] (YURSVNR XQLMR /HRQDUG Y 'XQNHUOH\ HW DO 3UDYLFLELYDQMDLQSURVWHJDJLEDQMDYRVWDOLK GUÌDYDKáODQLFDKNLVWDSRPQHQMXYHáLQH GUÌDYOMDQRY 8QLMHQDMSRPHPEQHMÊLGRVHÌHNLQJODYQRSUHSR]QDYQR QDáHOR8QLMHQDY]YHQVWDQHQD]DGQMHSRVWDOLRPHMHQLV SRVHGRYDQMHP]DGRVWQLKILQDQáQLKVUHGVWHYLQXUHMHQHJD ]GUDYVWYHQHJD ]DYDURYDQMD NL QDM EL ]DJRWDYOMDOD GD GUÌDYOMDQL SRVDPH]QLK GUÌDY áODQLF LQ QMLKRYH GUXÌLQH QHELSRVWDOLGRGDWQREUHPH]DVRFLDOQRSROLWLNRGUÌDYH JRVWLWHOMLFH 7DNR MH SUDYQD GRORáLWHY NGR MH (YUR SHMHFSROHJQDFLRQDOQHJDGUÌDYOMDQVWYDSRYH]DQD]ODVWL ] JODYQLP HYURSVNLP PRWRP Ÿ VYRERGQLP JLEDQMHP RVHENLSDGHMDQVNRRVWDMD]JROMGHNODUDWLYHQ3RJRGED

R (YURSVNL VNXSQRVWL ]DJRWDYOMD VYRERGQR JLEDQMH GH ODYFHY VDPR]DSRVOHQLK RVHE LQ WLVWLK NL RSUDYOMDMR UD]OLáQHVWRULWYHQHGHMDYQRVWLLQQLNRJDUGUXJHJD

=JRUDM VWUQMHQR RSLVDQD GHMVWYD NL NDÌHMR QD SUL]D GHYDQMD LQ LQVWLWXFLRQDOQR YVDM GHNODUDWLYQR ÌH VSUHMHWH RGORáLWYH (YURSVNH XQLMH R WHP GD EL WD SRVWDOD ]D HYURSVNHJDGUÌDYOMDQDWDNRHNRQRPVNRSROLWLáHQNRWWX GLVLPEROQLLQNXOWXUQLSURVWRULGHQWLILNDFLMHERGRYQD GDOMHYDQMX SUHGVWDYOMDOD L]KRGLÊáH SRGUREQHMÊH DQDOL]L UDQH WH]H GD VR WRYUVWQL SRVNXVL PHG GUÌDYOMDQL LQ GU ÌDYOMDQNDPL 8QLMH YVDM WUHQXWQR UD]PHURPD QHSUH SR]QDQL2EOLNRYDQMHHYURSVNHNXOWXUQHLGHQWLWHWHQDP UHá QHVSRUQR L]KDMD L] SUYHQVWYHQH LGHQWLILNDFLMH ] QD FLRQDOQR LGHQWLWHWR NL MH SRJRM SULGRELWYH QDMEROM IRU PDOQHJD L]ND]D YNOMXáHQRVWL Y (YURSVNR XQLMR WR MH HYURSVNHJDGUÌDYOMDQVWYDàHUDYQRELWYHJDOLPRUHELWQR VWDOQR SULRULWHWR QDFLRQDOQH SUHG HYURSVNR NXOWXUQR LGHQWLWHWR EL SRVHGRYDQMH GUÌDYOMDQVNLK SUDYLF HQH L]

PHG QDFLRQDOQLK GUÌDY áODQLF PRUDOR WHPHOMLWL QD ÌH RPHQMHQLWHRULMLNRQFHQWULáQLKNURJRYLGHQWLWHWNL MR MH PRJRáHSULPHUMDWLWXGLVNRQFHSWRPYUDÊáHQLKLGHQWLWHW QHVWHGLGHQWLWLHV1LNDNRUSDQHJUHY]WUDMDWLSULSR VNXVX QDGRPHVWLWYH SUYH ] GUXJR 5D]LVNDYD L] NRQFD GHYHWGHVHWLK OHW MH QD SULPHU SRND]DOD GD QLWL Y QHNDWHULKQRYLKGUÌDYDKáODQLFDKL]VUHGQMHLQY]KRGQH (YURSHLGHQWLILNDFLMD](YURSVNRXQLMRQH]DY]HPDWDNR YLVRNHJD PHVWD NRW QDFLRQDOQD LGHQWLWHWD 3ROHJ WHJD UH]XOWDWL NDÌHMR GD VH OMXGMH ODKNR LGHQWLILFLUDMR ] (YURSRYHQGDUSDYYHáLQLSULPHURYWRQHSRPHQLWXGL QHSRVUHGQHLGHQWLILNDFLMH](YURSVNRXQLMR'XQNHUOH\HW DO 3RGDWNL SUDY]DSUDY QLVR WDNR SUHVH QHWOMLYLáHXSRÊWHYDPRGDVHYVHYODGHáODQLFÊHYHGQR ]HOR RSLUDMR QD QDFLRQDOQR UHWRULNR QH JOHGH QD WR NDNRRáLWQRVRSURLQWHJUDFLMVNH3ROHJWHJDSDREVWDMDMR WXGL GUXJL UD]RJL ]DUDGL NDWHULK ERGR QDFLRQDOQH NXOWXUQHLGHQWLWHWHYNOMXáQR]LGHRORJLMRQDFLRQDOL]PRY PRUHELWLREGUÌDOHSULPDWSUHGWDNRLPHQRYDQRHYURSVNR LGHQWLWHWR

2GSUYLKYROLWHYY(YURSVNLSDUODPHQWOHWDMHÊWHYLORYROLYFHYLQYROLYNYLQVWLWXFLMH(YURSVNHXQLMHYVWDOQHPXSDGDQMX]DGQMH HYURSVNHYROLWYHMXQLMDSDFHORNDÌHMRGDMHELODYROLOQDXGHOHÌED]ODVWLYQRYLKáODQLFDKL]UD]LWRQL]ND

1DPHQ%HOHNQMLJH MHWDNR PHG GUXJLP WXGL UD]ORÌLWL YL]LMR UD]YRMD GHPRNUDFLMH Y (YURSVNL XQLML YHQGDU SD MH GR GRORáHQH PHUH SUREOHPDWLáQDÌHXSRUDEDL]UD]RY(YURSDLQ(YURSHMHFNDWHULKSRPHQYGRNXPHQWXQLUD]ORÌHQ'XQNHUOH\HWDO 2EDSRJRMDVLFHUQLVWDHNVSOLFLWQR]DSLVDQDYVDPLSRJRGELDPSDNYVHNXQGDUQL]DNRQRGDMLNLL]KDMDL] REGREMD SUHG VSUHMHWMHP

0DDVWULFKWVNHSRJRGEHLQVLFHUOHWRSUHM

.RQFHSWWDNRLPHQRYDQLKYUDÊáHQLKLGHQWLWHWSUHGSRVWDYO MDGDVRYÊLUÊHLQYLÊMHLGHQWLWHWHYNOMXáHQHYUDÊáHQHRÌMHLQQLÌMHLGHQWLWHWH ËDJDU

3ROMDNRYLQVDPRàHKRYMHPHQLORGDERHYURSVNDLGHQWLWHWDYSULKRGQRVWLODKNRWDNRPRáQDNRWLGHQWLILNDFLMD]QMLKRYR QDFLRQDOQRVWMR'XQNHUOH\HWDO

ËLYOMHQMHY(YURSLRVWDMDRUJDQL]LUDQRRNURJQDFLRQDOQLKGUÌDYLQVLFHUNOMXEGRWRNRPOMXGLLGHMLQEODJDL]SUHRVWDOLKGHORYVYHWD ,]REUDÌHYDQMHPHGLMLLQYODGQH VOXÌEH VR NOMXE LQWHJUDFLMVNLP SURFHVRP Y HYURSVNLK GUÌDYDK ÊH YHGQR RUJDQL]LUDQL QD QDFLRQDOQL RVQRYL3UDYWDNRREVWDMDPRáDQGYRPGDEL(YURSHMFLRSXVWLOLQDFLRQDOQHGUÌDYHLQVHRUJDQL]LUDOLQDGUXJDáQLKWUDQVQDFLRQDOQLK UDYQHKVDMELWRSUHGVWDYOMDOROHPDMKHQLQWHUHV]DSUHELYDOFHHYURSVNLKGUÌDYàHSUDYVHYHGDYHOMD GDPQRJR GUÌDYOMDQRY REáXWL GHPRNUDWLáQLGHILFLWÌHQDQDFLRQDOQLUDYQLMHWDQDUDYQL(YURSVNHXQLMHÊHWROLNRL]UD]LWHMÊLLQEROMRSD]HQ6OHKHUQRREGREMHÌHVDPR Y]DGQMLKGHVHWOHWMLKSULQHVHGRORáHQHREOLNHREXGLWHYQDFLRQDOQLKLQWHUHVRYNLVH]GLMRÊHYHGQRSULYODáQL3ROHJWHJDMHUD]PLÊOMDQMH R SULSDGQRVWL QDURGX R]LURPD QDFLML LQ R ODVWQL QDFLRQDOQL NXOWXUQL LGHQWLWHWL HGHQ RG QDMSRJRVWHMÊLK QDáLQRY SR]LFLRQLUDQMD SRVDPH]QLND JOHGH QD RNROMHLQOMXGL RNROL QMHJD1DFLRQDOL]HP QDFLMHLQ QDFLRQDOQH LGHQWLWHWH VR SRVWDOL GHO VWUXNWXU PRGHUQHJD HYURSVNHJDQDáLQDÌLYOMHQMD'XQNHUOH\HWDO

(7)

,QVWLWXFLMH(YURSVNHXQLMHSUHGYVHP(YURSVNDNRPL VLMD VL NOMXE WHPX SUL]DGHYDMR SRVWRSQR SULY]JDMDWL REáXWHNHYURSVNHSULSDGQRVWLLQLGHQWLWHWH3ULEOLÌQRRG VUHGLQHRVHPGHVHWLKOHWSUHMÊQMHJDVWROHWMDVRWLQDSRULÊH SRVHEHM SULVRWQL UHDOL]LUDQL SD Y REOLNL UD]OLáQLK DNFLM NDPSDQLMLQSURMHNWRY1DMEROMSUHSR]QDYQDVRQHPDUD WDNRLPHQRYDQDSRURáLOD$GRQQLQRNLVRNRWGHO NDPSDQMH3HRSOHV(XURSH]D]DáHWHNUD]ÊLUMDQMDVSORÊ QHJD REáXWND ELWL (YURSHMHF VSRGEXMDOD REOLNRYDQMH VLPERORYVNXSQRVWL(YURSVNDFHQWUDOQDEDQNDLQVWLWX FLMDNLMHRGJRYRUQD]DXSUDYOMDQMH]HYURSVNRYDOXWRMH GR NRQFD OHWD SRUDELOD SULEOLÌQR PLOLMRQRY HYURY VDPR ]D RJODÊHYDOVNH NDPSDQMH V NDWHULPL MH ÌHOHODSRYHáDWLRVYHÊáHQRVWMDYQRVWLRQRYHPSODáLOQHP VUHGVWYXLQVLFHUSRGVORJDQRP7KH(XUR2XU0RQH\

2PHQMHQH NDPSDQMH VR SRGSUWH WXGL ] GUXJLPL SROLWL NDPL SRHYURSHMáHYDQMD ËH RPHQMHQD 0DDVWULFKWVND SRJRGEDMHL]SRVWDYLODSRPHQUD]YLMDQMDHYURSVNHLGHMH Y Y]JRML LQ L]REUDÌHYDQMX LQ L]SRVWDYOMDQMD NXOWXUQH GHGLÊáLQH(YURSHáHSUDYMHÊORY]DGQMHPSULPHUXEROM ]D QMHQR XVWYDUMDQMH 6 WHP QDPHQRP VR ELOL XVWDQRY OMHQL SURMHNWL(UDVPXV/HRQDUGR6RFUDWHV7HPSXVLQ GUXJL

=DVWDYD (YURSVNH XQLMH KLPQD SRWQL OLVW SODáLOQR VUHGVWYR VORJDQL WL SR]DEOMHQL QDPLJL QD (YURSVNR XQLMR NRW SUDYL 0LFKDHO %LOOLJ Y VYRML UD]SUDYL R YVDNGDQMHP QDFLRQDOL]PX%DQDO 1DWLRQDOLVP VR NOMXE WHPX GD VH MLK GUÌDYOMDQL áODQLF 8QLMH ]DUDGL QMLKRYHSRJRVWHSULVRWQRVWLYYVDNGDQMHPÌLYOMHQMXPR UHELWL VSORK QH ]DYHGDMR YHá VLFHU SRPHPEHQ GRND]

NDNR MH (YURSVND XQLMD SRVWDOD GHO QMLKRYHJD ÌLYOMHQMD ]QRWUDM QDFLRQDOQLK GUÌDY 3UREOHP DOL YVDM L]]LY ]D

8QLMR SD MH GD WD YVDNGDQML HYURSHL]HP ]D YHáLQR QMHQLK GUÌDYOMDQRY QH SRPHQL WXGL LVWRáDVQH ]DYHVWL R HYURSVNL LGHQWLWHWL 1DáLQ QD NDWHUHP QDM EL ELOD HYURSVNDNXOWXUQDLGHQWLWHWDNRQVWUXLUDQDQDPUHáL]KDMD L]NRQWLQXLWHWHQDFLRQDOQLKWUDGLFLMWRMH WUDGLFLM QDFLR QDOQLK GUÌDY ,Q HYURSVNL VLPEROL Ÿ QH JOHGH QD REOL NRYDOáHYRHOLPLQDFLMRQDFLRQDOQLKSRVHEQRVWLŸVDPLSR VHEL ÊH YHGQR L]KDMDMR L] GRORáHQHJD QDFLRQDOQHJD DOL FHOR UHJLRQDOQHJD RNROMD PRVWRYL QD HYURSVNLK EDQ NRYFLKSRUHNORLQURMVWQLNUDMDYWRUMDHYURSVNHKLPQHDOL GYDQDMVW]ODWLK]YH]GLFHYURSVNH]DVWDYH1HQD]DGQMH HYURSVNL LGHQWLWHWL PDQMND PRUGD QDMSRPHPEQHMÊL LGHQWLILNDFLMVNLVLPEROLQVWLWXFLMDLQVWLWXFLMáHVHXSR UDEL ÌH FLWLUDQL %DOLEDURY L]UD] WR MH MH]LN NL WXGL Y (YURSVNLXQLMLÊHYHGQRRVWDMDGHOQDURGQHR]LURPDQD FLRQDOQHLGHQWLWHWHYVDNHJDSRVDPH]QLND

.RQFHSW QDURGD VHYHGD QL QLá EROM QDUDYHQ RG NRQFHSWD(YURSHQHGYRPQRSDMHQDFLRQDOQDLGHQWLWHWD YHOLNR EROM ]DNRUHQLQMHQD Y ]DYHVWL SUHELYDOFHY HYURS VNLKGUÌDYNRWHYURSVND1HWROLNRL]UD]ORJDNHUELELOD SUYDKLVWRULáQRYSUHGQRVWLSUHGGUXJRVDMODKNRRLGHML R(YURSLJRYRULPRRGVWROHWMDQDSUHMPHGWHPNRVR VHQDFLRQDOQHGUÌDYH]DáHOHLQWHQ]LYQRREOLNRYDWLY VWROHWMX SDá SD ]DWR NHU MH QDFLRQDOQD GUÌDYD V VYRMR IL]LáQR SUHGYVHP SD VLPEROQR JHRJUDILMR EOLÌH SRVD PH]QLNX NRW (YURSD DOL FHOR (YURSVND XQLMD LQ NHU MH REOLNRYDQMH QDFLRQDOQH ]DYHVWL LPHOD ]D SRPHPEHQ NRQVWLWXWLYQL HOHPHQW XWHPHOMLWYH QDFLRQDOQH GUÌDYH ÌH RGVDPHJD]DáHWND

3RJODYMHRXWHPHOMHQRVWLGLVNXU]DRHYURSVNLNXOWXUQL LGHQWLWHWLVHQDGDOMXMHYGYHKSRGSRJODYMLKYNDWHULKVR SUHWHÌQRREUDYQDYDQLHPSLULáQLSRGDWNLUD]LVNDYMDYQH

7DNRMHÌHOHWD(YURSVNDNRPLVLMDVSUHMHODVWDQGDUGL]LUDQHYURSVNL SRWQLOLVW 9LVWHP REGREMXMH 2GD UDGRVWLL] %HHWKRYQRYH 'HYHWHVLPIRQLMHSRVWDODQHXUDGQDKLPQDVNXSQRVWL/HWDMHELODXYHGHQDWXGLXUDGQD]DVWDYD(YURSVNHVNXSQRVWL9]DGQMHP áDVXMHáHRGPLVOLPR]DHQNUDWÊHQHGRUHáHQDSRJDMDQMDRHYURSVNLXVWDYLQDMEROMSUHSR]QDYHQVLPERO8QLMHSRVWDODVNXSQDGHQDUQD YDOXWD XYHGHQD DYJXVWD OHWD LQ VSUHMHWD NRW XUDGQR SODáLOQR VUHGVWYR MDQXDUMD 1D YVHK VHGPLK EDQNRYFLK HYUD VR XSRGREOMHQLPRVWRYLNLQDMELSUHGVWDYOMDOLUD]OLáQHHYURSVNHDUKLWHNWXUQHVORJH3ULWHPMHELODSRVHEQDSR]RUQRVWQDPHQMHQDQDáLQX QDNDWHUHJDXSRGREOMHQLPRVWRYLQHELELOLJHRJUDIVNRSUHSR]QDYQLWRUHMNMHVHGHMDQVNRQDKDMDMRáHSUDYMHREOLNRYDOHFIRWRJUDILUDO REVWRMHáHPRVWRYHQDSULPHUPRVW5LDOWRY%HQHWNDKPRVW1HXLOO\YRNROLFL3DUL]DLWGSRWHPSDRGVWUDQLOSRGUREQRVWLNLELODKNR L]GDMDOHL]YLUQRORNDFLMR

6SRPODGDQVNR SRURáLOR (YUREDURPHWUD L] OHWD QDND]XMH GD MH ELOD WDNUDW QDMEROM L]UD]LWD PDQLIHVWDFLMD OMXGVNH (YURSH ]D SRORYLFRYSUDÊDQLKPRÌQRVWSUHKDMDQMDPHMD]QRWUDMVNXSQRVWLEUH]WHÌDYPHGWHPNRVRVHYSUDÊDQLQDMPDQMLGHQWLILFLUDOL](YURSVNR XQLMR SUDY SUHNR QMHQLK ]QDNRY LQ VLPERORY VDPR YSUDÊDQLK MH PHQLOR GD VR ]QDNL WHGDQMH (YURSVNH VNXSQRVWL L]UD]

PDQLIHVWDFLMHEOLÌLQHVNXSQRVWLQMHQLPGUÌDYOMDQRPMLKMHELORPQHQMDGDMHWRVSUHPOMDQMHLVWLKWHOHYL]LMVNLKSURJUDPRYLQVDPR YSUDÊDQLK MH YLGHOR GRND] REVWRMD OMXGVNH (YURSH Y XSRUDEL VNXSQH HYURSVNH KLPQH LQ ]DVWDYH -HVHQL OHWD NR MH (YUREDURPHWHU SUYLá SRVWDYLO QHSRVUHGQR YSUDÊDQMH R HYURSVNL ]DVWDYL VH MH ] QMR LGHQWLILFLUDOR VDPR YSUDÊDQLK SD QH àHSUDY MR MH YSUDÊDQLKÌH YLGHOR VR ELOH QMLKRYH SRMDVQLWYH RWHPNDM QDM EL]DVWDYD SUHGVWDYOMDOD SUHFHMPHGOHLQ QHMDVQH ]DVWDYD QDM EL SR QMLKRYHP SUHGVWDYOMDOD (YURSVNR XQLMR VNXSQRVW VNXSQR WUÌLÊáH 6YHW (YURSH LWG MLK MH PHQLOR GD ]DVWDYD ]DJRYDUMDQHNDMGREUHJD=DQLPLYMHSRGDWHNGDMHVDPRYSUDÊDQLKPHQLORGDELPRUDODHYURSVND]DVWDYDYLVHWLQDYVHKMDYQLK ]JUDGEDKYGUÌDYLSROHJQDFLRQDOQH]DVWDYH

6YHW (YURSH MH PRWLY ]DVWDYH (YURSVNH XQLMH Ÿ GYDQDMVW ]ODWLK ]YH]GLF QD PRGUL SRGODJL Ÿ SRMDVQLO QD QDVOHGQML QDáLQ GYDQDMVW MH VLPEROSRSROQRVWLLQSROQRVWLLQMHDVRFLDFLMDWDNRGYDQDMVWLKDSRVWRORYVLQRY-DNRED]DNRQRYGYDQDMVWLKSORÊáULPVNHJDOHJLVODWRUMD QDSRUQHJD GHOD XU GQHYD PHVHFHY OHWD NRW ]RGLDNRYLK ]QDPHQM PHGWHP NR NURJ SRQD]DUMD SRYH]DQRVW .URJ GYDQDMVWLK ]ODWLK ]YH]GLFSDMHWXGLNUÊáDQVNLVLPEROGHYLFH0DULMH6KRUHY*XHUULQD

2SRPHPEQRVWLUD]OLNRYDQMDPHG(YURSRLQ(YURSVNRXQLMRERJRYRUYSRGSRJODYMX

(8)

JD PQHQMD Y HYURSVNLK GUÌDYDK áODQLFDK (YUREDUR PHWUD 9 SUYHP SRGSRJODYMX ERGR QD RVQRYL L]

UDÌHQLKPQHQMGUÌDYOMDQRYLQGUÌDYOMDQN(YURSVNHXQLMH SRMDVQMHQLJODYQLY]URNLUHODWLYQHQHUD]ÊLUMHQRVWLLGHMHR VNXSQL HYURSVNL NXOWXUQL LGHQWLWHWL PHG OMXGPL .RW MH ELOR ÌH RPHQMHQR Y XYRGX ERGR WL Y]URNL VWUQMHQL Y VNXSQL SRMHP áXVWYHQH LQGLIHUHQWQRVWL GR (YURSVNH XQLMH 9 GUXJHP SRGSRJODYMX SD ERGR SUDY WDNR QD RVQRYLVHNXQGDUQHDQDOL]HSRGDWNRYLQL]EUDQHOLWHUDWXUH SULND]DQH SRVOHGLFH WH LQGLIHUHQWQRVWL NL VH NDÌH Y áDVRYQRUHODWLYQRVWDWLáQHPRGQRVXGRNRQFHSWDHYURS VNH NXOWXUQH LGHQWLWHWH LQ Y SUHYODGXMRáL LGHQWLILNDFLML GUÌDYOMDQRYLQGUÌDYOMDQN8QLMH]QDFLRQDOQRLGHQWLWHWR

Ý8679(1$,1',)(5(171267,1(95236.$

.8/7851$,'(17,7(7$

3RMHP áXVWYHQH LQGLIHUHQWQRVWL NL MH ELO Y XYRGX GHILQLUDQ NRW EUH]EULÌQRVW UDYQRGXÊQRVW LQ HPRWLYQD QHYSOHWHQRVW WHU QH]DY]HWRVW OMXGL VH Y SULPHUX RG QRVD GR QDFLRQDOQH NXOWXUQH LGHQWLWHWH QD HQL LQ HYURSVNHQDGUXJLVWUDQL]HORSULEOLÌDUD]ODJLNLMR$OHÊ 'HEHOMDN SRQXMD JOHGH WDNR LPHQRYDQHJD VSRUD PHG QDFLRQDOL]PRP LQ NR]PRSROLWL]PRP 0HGWHP NR VOHGQMHPX SULPDQMNXMH áXVWYHQH SULYODáQRVWL NDNUÊQR YVHEXMH QDFLRQDOL]HP VDM MH SR DYWRUMHYHP PQHQMX Y YHOLNL PHUL VWYDU LQGLYLGXDOQH HWLáQH RGORáLWYH PRá QDFLRQDOL]PD OHÌL Y SUHSURVWRVWL QMHJRYHJD SULVWRSD LQ VSRURáLOD NL MH Y ELVWYX áXVWYHQR 9VDN áORYHN QDPUHá áXWL VSRQWDQR SUHGDQRVW SRNUDMLQDP LQ OMXGHP V NDWHULPLMHSRYH]DQRG RWURÊWYD ,] WHJD UD]ORJD QDFLR QDOL]HP YHGQR JOHGD QD]DM LQ VH NUHSL V VSRPLQL QD SUHWHNORVW PHGWHP NR NR]PRSROLWL]HP áUSD VYRMR PR UDOQR HQHUJLMR L] XVPHUMHQRVWL QDSUHM 'HEHOMDN

Ÿ

3R SRGREQHP Y]RUFX EL ODKNR SULPHUMDOL WXGL QD FLRQDOQRLQHYURSVNRNXOWXUQRLGHQWLWHWR6LPEROQDJHR JUDILMD NROHNWLYQL VSRPLQ PLWRORJLMH LQ YVDNGDQML QD FLRQDOL]HP QHQHKQR NUHSLMR SRVDPH]QLNRYR YSHWRVW Y QDFLRQDOQR VNXSQRVW LQ LGHQWLILNDFLMR ] QMR Y SULPHUX (YURSVNHXQLMHSDVRQDÊWHWLGHMDYQLNLUHODWLYQRÊLENLDOL SDVSORKQHREVWDMDMR

$QDOL]D UH]XOWDWRY UD]LVNDY MDYQHJD PQHQMD PHG GUÌDYOMDQLLQGUÌDYOMDQNDPLáODQLF(YURSVNHXQLMH(YUR EDURPHWHU QDNDWHUH VH MH Y WHP SRGSRJODYMX YVHELQD VHOHNWLYQRRSLUDODJOHGHQDUHOHYDQWQRVWWHPHNLMHVLFHU REUDYQDYDQD LQ VH QDQDÊDMR SUHGYVHP QD REGREMH ]DGQMLKWUHKGRÊWLULKOHWNDÌH

'DVRGUÌDYOMDQLLQGUÌDYOMDQNH(YURSVNHXQLMHÊH YHGQR QDMEROM QDYH]DQL QD VYRMR GUÌDYR RNURJ QDWRQDVYRMNUDMLQUHJLMRLQQDMPDQMQD(YURSRQHNDM YHáNRWSRORYLFDYSUDÊDQLKWRGDNDURNURJL]UDÌD WXGLQHQDYH]DQRVWQDQMR

'DVRHYURSVNLVLPEROLPHGOMXGPLSUHFHMQHSUH SR]QDYQLLQQHSRPHQOMLYLVDMVDPRYSUDÊDQLKPHQL GDMLPHYURSVND]DVWDYDLQHYURSVNDKLPQDQXGLWDLGHQ WLILFLUDQMH](YURSVNRXQLMRVáLPHUELVHSRáXWLOLEOLÌMH 8QLML = HYURSVNR ]DVWDYR VH VLFHU LGHQWLILFLUD YSUDÊDQLKYHQGDUNDUWHPXQDVSURWXMHSRORYLFDMLK PHQLGDELPRUDODHYURSVND]DVWDYDYLVHWLREQDFLRQDOQL ]DVWDYL Y SRVDPH]QLK GUÌDYDKYHOLND YHáLQD YSUDÊDQLK SD QLWL QH YH NDM QDM EL SUHGVWDYOMDO VLPERO GYDQDMVWLK ]YH]GLFQDHYURSVNL]DVWDYL6DPRYSUDÊDQLKYHGD LPD(YURSVNDXQLMDVYRMRKLPQR

'D (YURSVND XQLMD ]D UD]OLNR RG (YURSH OMXGHP SUHGVWDYOMD SUHFHM NRPSOHNVHQ LQVWLWXFLRQDOQL LQ ELUR NUDWVNL VLVWHP NRW SURMHNW GUXÌEHQH HOLWH NDWHUHJD GH ORYDQMHMH]DRNROLYSUDÊDQLKSUHYHá]DSOHWHQRLQ QHWUDQVSDUHQWQRSUDYWROLNÊHQGHOHÌMLKPHQLGD(YURS VND XQLMD QH XSRÊWHYD PQHQM RELáDMQLK GUÌDYOMDQRY LQ

ËH SULEOLÌQR WULGHVHW OHW (YURSVND NRPLVLMD UD]LVNXMH MDYQR PQHQMH Y GUÌDYDK áODQLFDK (YURSVNH XQLMH V WDNR LPHQRYDQLP (YUREDURPHWURPQDWHPRRGQRVDGRRVWDOLKáODQLFLQGRGUÌDYNDQGLGDWNGRHYURSVNLKLQVWLWXFLMÊLULWYH(YURSVNHXQLMHLQY]DGQMHP áDVXWXGLGRHYURSVNHXVWDYH 7DNRLPHQRYDQHVWDQGDUGQHUD]LVNDYH(YUREDURPHWUDDOLNUDMÊH(YUREDURPHWHUVRVH]DáHOHOHWD ] QDPHQRP XJRWDYOMDQMD REQDÊDQM LQ UD]SRORÌHQM GUÌDYOMDQRY VWDULK OHW LQ YHá Y WHGDQMLK GUÌDYDK áODQLFDK (YURSVNH XQLMH 5D]LVNDYHSRWHNDMRYREOLNLQHSRVUHGQLKLQWHUYMXMHYRGGYDNUDWGRSHWNUDWOHWQRSRURáLODVRL]GDQDGYDNUDWQDOHWRQDY]RUFXWLVRá OMXGLL]YHáLQHGUÌDY(YURSVNHXQLMH9REGREMXŸMHSROHJVWDQGDUGQHUD]LVNDYHSRWHNDOWXGLWDNRLPHQRYDQL(YUREDURPHWHU ]DVUHGQMRLQY]KRGQR(YURSRNLVHMHOHWDSUHREOLNRYDOY(YUREDURPHWHUGUÌDYNDQGLGDWN$SSOLFDQW&RXQWULHV(XUREDURPHWHU 5H]XOWDWL (YUREDURPHWUD VR QHGYRPQR SRPHPEHQ YLU LQIRUPDFLM YHQGDU SD MH SUL WHP SRWUHEQR XSRÊWHYDWL WXGL QDáLQ LQWHUSUHWDFLM GREOMHQLKUH]XOWDWRYYSRURáLOLK

5L]PDQJRYRULRVSRVREQRVWLPRELOL]LUDQMDáORY HÊNLKVWUDVWL5L]PDQ

6SRPODGL OHWD MH (YUREDURPHWHU L]YHGHO UD]LVNDYR R QDYH]DQRVWL OMXGL QD QMLKRY NUDM DOL YDV QD UHJLMR GUÌDYR LQ (YURSR 2GJRYRUL VR SRND]DOL GD MH QDMYHá OMXGL QDYH]DQLK QD QDFLRQDOQR GUÌDYR QHNROLNR PDQM QD NUDM R]LURPD YDV LQ ÊH RGVWRWHNPDQMQDUHJLMR'HOHÌPDORDOLQHQDYH]DQLKOMXGLMHUHODWLYQRQL]HNYYVHKWUHKSULPHULKLQ9SULPHUX(YURSHMH YSUDÊDQLKRGJRYRULORGDVRQDYH]DQLQDQMRYHQGDUMHELOWXGLRGVWRWHNQHQDYH]DQLKUHODWLYQRYLVRN/HWRLQSRONDVQHMHMH ELORYSUDÊDQMHSRQRYOMHQRLQUH]XOWDWLVRELOLSRGREQL9SUDÊDQMHRQDYH]DQRVWLQD(YURSRYVHELVNULYDSUHGSRVWDYNR QDNDWHURMH SRPHPEQR RSR]RULWL 3R WHM SUHGSRVWDYNL QDM EL QDPUHá REVWDMDOD DVRFLDFLMD DOL FHOR VLQRQLPQRVW PHG (YURSR LQ (YURSVNR XQLMR

$YWRUML UD]LVNDY MDYQHJD PQHQMD (YUREDURPHWHU VR QDQMR RSR]RULOL ÊHOH Y MHVHQVNHP SRURáLOX OHWD PHGWHP NR RGJRYRUL GUÌDYOMDQRYLQGUÌDYOMDQNáODQLF8QLMHQDND]XMHMRGDVHOMXGMHWHUD]OLNH]DYHGDMRLQGDMHQMLKRYRGQRVGR(YURSHEROMSR]LWLYHQNRW GR(YURSVNHXQLMH-HVHQLOHWDLQMHVHQLVHMHYSUDÊDQMHQDPUHáQDQDÊDORQD(YURSVNRXQLMRLQQHQD(YURSRMHVHQLNR MHELODQDYH]DQRVWQDGUÌDYRÊHEROML]UD]LWDNRWWULOHWDSUHMVDMVHMH]DQMRRSUHGHOLORYSUDÊDQLKQDVYRMNUDMDOLYDVQD UHJLMRLQSUDYWROLNRNRWMHVHQLOHWDQD(YURSRSDVHMHYSUDÊDQMHSRQRYQRQDQDÊDORQD(YURSR3RGDWNLVRWDNRHPSLULáQR SRND]DOLREáXWOMLYRVWOMXGL]DUD]OLNRPHG(YURSRLQ(YURSVNRXQLMRVDMMHQDYH]DQRVWQDVOHGQMRSRYVHMYHUMHWQRVWL]DUDGLQMHQHJD LQVWLWXFLRQDOQHJDSUL]YRNDELVWYHQRPDQMÊDNRWQD(YURSR

(9)

SUDY WROLNR GD EL PRUDOD ELWL SUHGQRVWQD QDORJD 8QLMH SUHGYVHPQMHQRSULEOLÌDQMHOMXGHPNLYQMHMÌLYLMR

'DMHQDMSRJRVWHMÊLREáXWHNNLJDOMXGMHÌLYHáLY (YURSVNLXQLMLDVRFLLUDMR] 8QLMR XSDQMH WDNRM]D WHP SD LQGLIHUHQWQRVW 7D VH NDÌH WXGL Y DSDWLáQRVWL LQ QH ]DQLPDQMX OMXGL ]D GLVNXWLUDQMH R GRJDMDQMLK Y ]YH]L ] (YURSVNR XQLMR VDM EL ELOR VDPR YSUDÊDQLK SUL SUDYOMHQLKVRGHORYDWLYMDYQLGHEDWLQDWRWHPR*ODYQL UD]ORJQH]DQLPDQMDMHSROHJSRPDQMNOMLYHLQIRUPLUDQRVWL R 8QLML ]ODVWL QHSURGXNWLYQRVW WRYUVWQH GLVNXVLMH NL SR PQHQMX YSUDÊDQLK QH EL LPHOD QREHQLK NRQNUHWQLK SR VOHGLF Y UHDOQHP GHORYDQMX 8QLMH 1D SRPDQMNOMLYR ]QDQMH Ÿ ERGLVL ]DUDGL QH]DQLPDQMD DOL QHGRVWRSQRVWL YLURYŸNDÌHMRWXGLYLVRNLGHOHÌLQHSUDYLOQLKRGJRYRURY YSUDÊDQLKRGHORYDQMX8QLMH0DQMNRWSRORYLFDOMXGLYH GD HYURSVNH SRVODQFH L]YROLMR GUÌDYOMDQL VDPL VDPR MLK YH GD GUÌDYH áODQLFH SUD]QXMHMR GDQ (YURSH WHU VDPR YSUDÊDQLK MH OHWD YHGHOR GD (YURSVNHXQLMHQHVHVWDYOMDGYDQDMVWáODQLF

.OMXENULWLáQLGLVWDQFLNLMRMHGRHPSLULáQLKUD]LVNDY MDYQHJD PQHQMD QHGYRPQR SRWUHEQR RKUDQMHYDWL VR GREOMHQL SRGDWNL ]JRYRUHQ DUJXPHQW Y SULG WH]L GD MH áXVWYHQD LQGLIHUHQWQRVW OMXGL NL ÌLYLMR Y (YURSVNL XQLML GRWHSULVRWQDDOLFHOR]HORL]UD]LWD3ULWHPELELODSR GUREQHMÊD DQDOL]D UD]OLN PHG SRVDPH]QLPL HYURSVNLPL GUÌDYDPL SUDY JRWRYR QXMQR SRWUHEQD VDM ÌH KLWHU SUHJOHG QDND]XMH QD YVDM GYH VNXSLQL áODQLF EROM SUR HYURSVNLKQDSULPHU/XNVHPEXUJ,WDOLMDÉSDQLMDLWGLQ EROMHYURVNHSWLáQLKQDSULPHUÉYHGVND9HOLND%ULWDQLMD )LQVND'DQVNDLWG1DSRGODJLÊWLULKGREOMHQLKVNXSLQ SUHGSRVWDYNNLELVHMLKODKNRSRLPHQRYDORQDYH]DQRVW QD QDFLRQDOQR GUÌDYR QHSRPHQOMLYRVW HYURSVNLK VLPERORY LQVWLWXFLRQDOQD RGWXMHQRVW (YURSVNH XQLMH RG VYRMLK GUÌDYOMDQRY WHU QH]DQLPDQMH LQ QHSR]QDYDQMH OMXGL R GHORYDQMX 8QLMH ER Y QDVOHGQMHP SRGSRJODYMX SUHGVWDYOMHQLK ÊH QHNDM XJRWRYLWHY NL VR SR PQHQMX DYWRULFHSRVOHGLFDSUHMQDÊWHWLKVWDOLÊáOMXGLYSRYH]DYL]

(YURSVNR XQLMR LQ NDÌHMR QD UHODWLYQR ÊLENR SULVRWQRVW LGHMH R HYURSVNL NXOWXUQL LGHQWLWHWL 7H XJRWRYLWYH ERGR XPHÊáHQHYÊLUÊLWHRUHWVNLRNYLU

.21(&1$&,21$/1($/,=$Ý(7(.(95236.(

.8/7851(,'(17,7(7(

6RELYDQMH QDFLRQDOQLK LQ GUXJLK SDUWLNXODUQHMÊLK LGHQWLWHWWHUWDNRLPHQRYDQHHYURSVNHNXOWXUQHLGHQWLWHWH QDSRGODJLQDSLVDQHJDQHPRUHELWLYSUDÊOMLYR%LVWYHQD NULWLáQD SUHGSRVWDYND WDNHJD VRELYDQMD QD NDWHUR MH RSR]RULORSUYRSRJODYMHSDPRUDELWLQHKHUGHUMDQVND KHWHURJHQL]LUDMRáD LQ QHVHSDUDWLVWLáQD LGHMD R NXOWXUDK R]LURPD LGHQWLWHWDK NRW QHL]ROLUDQLK HQWLWHWDK NL VH PHGVHERMQRSRYH]XMHMRVRGHOXMHMRWHUVRL]SRVWDYOMHQH ]XQDQMLP YSOLYRP PLJUDFLMDP LQ KLEULGL]DFLMDP ÉH SRVHEHMWRYHOMD]DQDFLRQDOQRLGHQWLWHWRNLMHQHORáOMLYR SRYH]DQD]LGHRORJLMRQDFLRQDOL]PD7RSDQHSRPHQL GD EL ELOD WD LGHQWLWHWD ]DUDGL RPHQMHQH SRYH]DQRVWL QHNDMSUHWHNOHJDLQSUHVHÌHQHJDVDMMHYREGREMXL]JXE WUDGLFLRQDOQLK ÌLYOMHQMVNLK JRWRYRVWL VPLVORY LQ YHUMHWLM NL MLK VSRGEXMDMR JOREDOL]DFLMVNL SURFHVL SRWUHED SR QDFLRQDOQL LGHQWLWHWL ÊH WROLNR EROM L]UD]LWD LQ DNWXDOQD NDUQDYVH]DGQMHGRND]XMHMRÊWHYLOQDQDFLRQDOLVWLáQDVH SDUDWLVWLáQD LQ LUHGHQWLVWLáQD JLEDQMD 3ROHJ WHJD MH QD FLRQDOQD LGHQWLWHWD NRW SUDYL 0DULMD -XULß3DKRU ]HOR SULODJRGOMLYD NRQVWUXNFLMD NL MH XVWYDULOD RGSRUHQ SROL WLáQRPLWRORÊNLLQNXOWXUQLLPDJLQDULMNL]PRUHEROMNRW GUXJHNROHNWLYQHLGHQWLWHWHYSOLYDWLQDáORYHNRYR]DYHVW WHU QD QMHJRYD áXVWYD QH GD EL VH VOHGQML WHJD QXMQR ]DYHGDO]DUDGLáHVDUVHQMHQYSOLYÊLUL]QDFLRQDOQHQD QDGQDFLRQDOQR UDYHQ 5HV SD MH GD VL QDFLRQDOQH LGHQWLWHWHQLPRJRáHYHá]DPLÊOMDWLVNXSDM]]DVWDUHOLPL Y]RUFL NL MR SULND]XMHMR NRW KRPRJHQR LQ WUGQR ]DNR UHQLQMHQR SDá SD NRW KLEULGQR LQ UD]SUÊHQR ]DUDGL áHVDU MH SRWUHEQD QMHQD UHGHILQLFLMD -XULß3DKRU

Ÿ *OREDOL]DFLMVNL SURFHVL QDPUHá ]DKWHYDMR RG

6SRPODGLOHWDMHELORYSUDÊDQLKSUHSULáDQLKGDMHGHORYDQMH(YURSVNHXQLMHSUHYHáNRPSOHNVQRYSUDÊDQLKQHUD]XPH QDáLQDGHORYDQMD8QLMHLQNDUYSUDÊDQLKPHQLGD(YURSVNDXQLMDQHSRVOXÊDR]LURPDQHXSRÊWHYDPQHQMOMXGLNRWVRRQLVDPL .DUYSUDÊDQLKMHPQHQMDGDELGHMDQVNRPRUDOLLPHWLQDMYHáMLYSOLYQDGHORYDQMH8QLMHQMHQLGUÌDYOMDQL6SRPODGLOHWDMH ELORYSUDÊDQMHRWHPDOLELPRUDODSRVWDWL(YURSVNDXQLMDEOLÌHOMXGHPNLYQMHMÌLYLMRSRVHEHML]SRVWDYOMHQRNRWVDPRVWRMQRYSUDÊDQMH 9SRYSUHáMXVHMHVWHPVWULQMDORYSUDÊDQLK-HVHQLOHWDMHYSUDÊDQLKÊHYHGQRSUHSULáDQLKGDELVHPRUDOD8QLMDEROM SULEOLÌDWLVYRMLPGUÌDYOMDQRP

2GJRYRULQDYSUDÊDQMHNROLNRELDQNHWLUDQH]DQLPDORVRGHORYDQMHYGLDORJXR]LURPDMDYQLGHEDWLQDWHPR(YURSDL]VSRPODGDQVNH UD]LVNDYH(YUREDURPHWHUOHWDNDÌHMRGDMHWR]DQLPDQMHSUHFHMQL]NRVDMMHNRPDMYSUDÊDQLKRGJRYRULORSULWUGLOQRNDU OMXGLSDWRQH]DQLPD

-HVHQLOHWDMHELOL]YHGHQNYL]R]QDQMXOMXGLR(YURSVNLXQLML9SUDÊDQLVRPRUDOLXJRWRYLWLSUDYLOQRVWDOLQHSUDYLOQRVWQDVOHGQMLK SHWLK WUGLWHY (YURSVNR XQLMR VHVWDYOMD GYDQDMVW áODQLF àODQH (YURSVNHJD SDUODPHQWD L]YROLMR GUÌDYOMDQL NRW VYD WL LQ MD]

9VDNR OHWR VNXSQR SUD]QXMHMR GDQ (YURSH YVH GUÌDYH áODQLFH (YURSVNH XQLMH (YURSVND XQLMD LPD VYRMR KLPQR (YURSVND VNXSQRVWMHELODXVWDQRYOMHQDWDNRMSRSUYLVYHWRYQLYRMQL1DMYHáSUDYLOQLKRGJRYRURYMHELORJOHGH]DGQMHWUGLWYHNLMHVLFHUQDSDáQD LQ VLFHU áHSUDY SULEOLÌQR NDU áHWUWLQD YSUDÊDQLK QD YSUDÊDQMH QL RGJRYRULOD PHGWHP NR MH SUL YVHK RVWDOLK WUGLWYDK PDQM NRW SRORYLFDYSUDÊDQLKRGJRYRULODSUDYLOQRMLKMHSUDYLOQRXJRWRYLORSUDYLOQRWUGLWHYRQDáLQXL]YROLWYHHYURSVNLKSRVODQFHYREHQHP MLKMHQDSDáQRRGJRYRULORNDUSDMLKVSORK QL RGJRYRULOR MLK MH SUDYLOQR XJRWRYLOR GD SUD]QXMHMR GDQ(YURSHYVH GUÌDYHáODQLFHNDUYSUDÊDQLKSDMHRGJRYRULORQDSDáQRLQMLKVSORKQLRGJRYRULORVDPRMLKMHSUDYLOQRXJRWRYLORGD (YURSVNHXQLMHQHVHVWDYOMDGYDQDMVWGUÌDYPHGWHPNRMLKMHELORNDUWDNHJDPQHQMDSDQLRGJRYRULORQDYSUDÊDQMHVDPR YSUDÊDQLKMHSUDYLOQRXJRWRYLORGDLPD8QLMDVYRMRKLPQRMLKMHPHQLORGDMH8QLMDEUH]VYRMHKLPQHSDVHMLKQL PRJORRGORáLWL

(10)

GUXÌEYVHYHáMLSOXUDOL]HPLGHQWLWHWQDNDUNDÌHÌHGLV NXU]LYQD UDYHQ V SRMPL NRW VR NRQWHNVWXDOQD KLE ULGQD UD]VUHGLÊáHQD PXOWLSOD SUHNODSOMDMRáD IOXNWXLUD MRáD LGHQWLWHWD NL VSRGNRSDYDMR NRQFHSW SRHQRWHQH NRKHUHQWQHVWDELOQHKRPRJHQHLQLQWHJULUDQHLGHQWLWHWH ]QDáLOQH ]ODVWL ]D PRGHUQH QDFLRQDOL]PH LQ PRGHUQH QDFLRQDOQH GUÌDYH NRW VSHFLILáQH ]JRGRYLQVNH REOLNH SROLWLáQH RUJDQL]LUDQRVWL 6 WHJD VWDOLÊáD MH JRYRU R XVWDYQHP SDWULRWL]PX9HUIDVVXQJVSDWULRWLVPXV SRM PX V NDWHULP MH -€UJHQ +DEHUPDV SRVNXÊDO UHÊLWL QD SHWRVW PHG QDURGQR L]NOMXáXMRáLP LQ SROLWLáQR YNOMX áXMRáLP SRORP LQ JD MH GHILQLUDO NRW SRVDPH]QLNRYR ]YHVWRERGRGUÌDYQHXVWDYHRQVWUDQHWQLáQLKMH]LNRYQLK LQYHUVNLKVNXSLQVNLKLGHQWLWHWSUREOHPDWLáHQ=YHVWRED GUÌDYLQDPUHáÊHYHGQRSRPHQLSULYUÌHQRVWQDFLRQDOQL GUÌDYLSULáHPHUMHSULGHYQLNQDFLRQDOQRL]SXÊáHQDOL YVDMSRVWDYOMHQYRNOHSDMNDUSDQLQLáGUXJHJDNRW]QDN ]DVWLUDQMDQDFLRQDOQRVWLR]LURPDQDFLRQDOQHLGHQWLWHWH PHGWHP NR QDFLRQDOQR GHOXMH QDSUHM YVDM QD ODWHQWQL UDYQL-XULß3DKRU

3RPHPEQR GHMVWYR NL JD L]SRVWDYOMDMR VRGREQH UD]PHUHYNDWHULKVWDVH]QDÊOLQDFLRQDOQDLGHQWLWHWDLQ QDFLRQDOQDGUÌDYDMHGDWDQLPDYHáSDWURQDWDQDG QDFLRQDOQRLGHQWLWHWRNLMHYáDVXJOREDOL]DFLMHNRWáD VRYQHLQSURVWRUVNHNRPSUHVLMHL]SRVWDYOMHQDÊWHYLOQLP L]]LYRPLQL]ELUDPQLNDNRUSDQHL]JLQMDQMX=DYROMRWHK L]]LYRY]DUDGLNDWHULKMHQDFLRQDOQDGUÌDYDSULYROLODQD WDNRLPHQRYDQRGHOMHQRVXYHUHQRVWYPHGQDURGQHP SURVWRUXLQVáLPHUVLMHGHMDQVNRSRYHáDODVYRMSURVWRU GHORYDQMDLQYSOLYDQMDSRVWDMDMRQDFLRQDOQDLQYVHRVWDOH NROHNWLYQHLGHQWLWHWHGLVORFLUDQHLQGHFHQWULUDQHVNUDWND LGHQWLWHWHYQDVWDMDQMX5L]PDQ

6DPR ]JRGRYLQVNR UD]XPHYDQMH SRMPD QDFLRQDOQH LGHQWLWHWH LQ REHQHP QMHJRYR NULWLáQR UHGHILQLUDQMH Y VPLVOXGDVRNXOWXUQHQDFLRQDOQHUHJLRQDOQHORNDOQH MH]LNRYQHHWQLáQHYHUVNHVSROQHLQGUXJHLGHQWLWHWHY VWDOQHPVWLNXPHGVHERMQRSRJRMHYDQHGLQDPLáQHIOX LGQH SUHSOHWHQH VSUHPLQMDMRáH LQ KHWHURJHQH ODKNR RPRJRáL VRÌLWMH NRQFHQWULáQRVW LQ NRPSOHPHQWDUQRVW UD]OLáQLKLGHQWLWHWYSURFHVLKHYURSVNHJD]GUXÌHYDQMDLQ VYHWRYQLKSURFHVRYJOREDOL]DFLMHÉHOHRGSUWRVWQDFLR

QDOQLK GUÌDY NL EL SUHVHJOD QMLKRYR XYHOMDYOMHQR ORáH YDQMH PHG YHáLQVNR LQ PDQMÊLQVNRLPL VNXSQRVWMRPL ODKNRWRUHMSRPHQL]DáHWHNXVWYDUMDQMDNRQWHNVWXDOQLKLQ VLQNUHWLVWLáQLK LGHQWLWHW SUL áHPHU EL SRWHQFLDOQR XVSHÊQD NRQVWUXNFLMD HYURSVNH LGHQWLWHWH Y SULKRGQRVWL SRPHQLODVDPRÊHHQRL]PHGÊWHYLOQLKREOLNSULSDGQRVWL SRVDPH]QLNDLQSRVDPH]QLFH

=DNDM SRWHQFLDOQR XVSHÊQD NRQVWUXNFLMD HYURSVNH LGHQWLWHWHYSULKRGQRVWL"

6RFLRORJ5XGL5L]PDQSUL]QDYDGDHYURSVNHLGHQWL WHWHQLPRJRáHQDWDQáQRRSLVDWLNHUMHÊHYQDVWDMDQMXLQ NHUQL]JROMDULWPHWLáQDYVRWDYVHKQDFLRQDOQLKLGHQWLWHW NLREVWDMDMRY(YURSLMLSDSRGHOMXMHYPHVQRPHVWRPHG QDFLRQDOQLPLLGHQWLWHWDPLLQJOREDOL]DFLMVNLPLNXOWXUQLPL YSOLYL NL SUHVHJDMR (YURSR *ODYQL L]KRGLÊáL NRQVWUXN FLMHHYURSVNHLGHQWLWHWHELSRQMHJRYHPPQHQMXPRUDOD ELWLSOXUDOQRVWLQVWDOQLGLDORJ3UDYGLDORÊNRVWLQQDáHOQD SUREOHPDWL]DFLMDYVHJDR]LURPDVHNXODUQRVWYSRPHQX GD MH YVDND LGHMD L]SRVWDYOMHQD NULWLáQLP UHIOHNVLMDP GYRPRPQDVSURWRYDQMHP GD WRUHM QH REYHOMD]D VYH WR SRYH]XMHMR HYURSVNR LGHQWLWHWR V VRGREQLPL QDFLR QDOQLPL LGHQWLWHWDPL SUL áHPHU SOXUDOQRVW UD]OLáQLK SULSDGQRVWL SUHSUHáXMH KLHUDUKLáQH RGQRVH SRGUHMHQRVWL LQ QDGUHMHQRVWL HQH LGHQWLWHWH QDG GUXJLPL 1DFLRQDOQH LQ GUXJH LGHQWLWHWH WRUHM QH ERGR SUHSXVWLOH PHVWD HYURSVNL VDM LPD ]ODVWL QDFLRQDOQD LGHQWLWHWD NRW SUDYL 5L]PDQ ÊH YHGQR YHOLNDQVNR SUHGQRVW SUHG LGHMR VNXSQHHYURSVNHLGHQWLWHWH3RPDQMNOMLYRVWOHWHMH]ODVWL SRVOHGLFD GHMVWYD GD XáLQNL JOREDOL]DFLMVNLK SURFHVRY NUHSLMRQDFLRQDOQHLQGUXJHNROHNWLYQHLGHQWLWHWHQHSD WROLNRSRUDMDMRJOREDOQH7DNRLGHRORJLMDOLEHUDOL]PDNRW SURFHVL PRGHUQL]DFLMH ]D NDWHUH VR REVWDMDOH WHRULMH R QDáHQMDQMX DOL FHOR RGSUDYOMDQMX LGHQWLILNDFLM OMXGL ] QMLKRYR QDFLRQDOQRVWMR VR Y ELVWYX VRREVWDMDOL V SRYH áHYDQMHP SULYUÌHQRVWL SRVDPH]QLNRY VYRMLP QDFLRQDO QLP LGHQWLWHWDP 7H VR ÊH YHGQR SULPDUQL IRNXV LGHQ WLILNDFLMH LQ REáXWND YDUQRVWL NL MX SROHJ WHJD SRVD PH]QLN SULGREL SR UHODWLYQR QHQDSRUQL SRWL 2EHQHP SD QDFLRQDOQD LGHQWLWHWD WXGL WUDQVFHQGLUD áORYHNRYR IL]LáQR GRNRQáQRVW V WHP NR NUHSL REáXWHN QDÊH VR XGHOHÌEH Y PHGJHQHUDFLMVNHP SURMHNWX NL SRYH]XMH

.RQWHNVWXDOQRNRQVWUXLUDQDLGHQWLWHWDSRPQHQMXVRFLDOQLKNRQVWUXNWLYLVWRYSRPHQLGDVRSULL]JUDGQMLLGHQWLWHWHELVWYHQLVRFLDOQLVYHW VRFLDOQD ]JRGRYLQD VRFLDOQH SUDNVH LQ VWUXNWXUH VRFLDOQH GHOLWYH LQ Y]RUFL VRFLDOQLK LQWHUDNFLM ,GHQWLWHWD MH WRUHM Y NRQWLQXLUDQHP VSUHPLQMDQMXLQMHPQRJRREUD]QD8OH

=D SR]QR PRGHUQR MH QDPUHá ]QDáLOQD SOXUDOQRVW LGHQWLWHWQLK SRQXGE Y NDWHUL SRVDPH]QD LGHQWLWHWD QL NRKHUHQWHQ VSRM LQ GLYLGXDOQHJD LQ GUXÌEHQHJD QLWL QL WD RGQRV PHG LQGLYLGXDOQLP LQ GUXÌEHQLP MDVQR UD]PHMHQ /DKNR VH JRYRUL R WDNR LPHQRYDQL PUHÌLGHOQLKLGHQWLWHWNLVRRGYLVQHRGJOREDOQLKVRFLDOQLKSRYH]DYPHGSRVDPH]QLNLLQVNXSLQDPL]DUDGLWHJDVLFHUUDQOMLYHWRGD WXGLEROMRGSUWH]DVSUHPHPEHLQQRYHL]NXÊQMH1DÊWHWH]QDáLOQRVWLWDNRUHODWLYL]LUDMRUD]OLNHPHGLGHQWLWHWDPLWDNRGDQREHQDQLYHá RGORáLOQDLQYVHSRVWDMDMREROMIOHNVLELOQH8OH

0DULMD-XULß3DKRUJRYRULRWUDQVIRUPLUDQLDNWXDOQRVWLQDFLRQDOQLKGUÌDY-XULß3DKRU

7DNRLPHQRYDQDWHRULMDFRQYLYLDOLW\DQJGUXÌDEQRVW/HRSROGD.RKUDL]SUHGVNRUDMSROVWROHWMDSUHGVWDYOMDÌHXYHOMDYOMHQGRSULQRVN UHGHILQLUDQMXQDFLRQDOQHLGHQWLWHWHLQQDFLRQDOQHGUÌDYHVDMVH]DY]HPD]DWDNRGUÌDYRNLELXSRÊWHYDODHWQLáQRQDURGQRYHUVNR PQRJRYUVWQRVWVNXSQRVWLNLYQMHMELYDMRRGNODQMDODMH]LNRYQLQDFLRQDOL]HPLQXYHOMDYOMDODHQDNRYUHGQRVWYVHKMH]LNRYNLY QMHMREVWDMDMR ELODYHáNXOWXUQD WDNR GDMH UD]OLáQLP VNXSQRVWLP RPRJRáHQHQDN GRVWRS GRNXOWXUQLKHNRQRPVNLKLQ SROLWLáQLK GREULQQHELGLVNULPLQLUDODY]SRVWDYOMDODY]DMHPQRNRPXQLNDFLMRVVYRMLPLVRVHGLLQGUXJLPLQDURGLLQQDFLMDPL-XULß3DKRU

(11)

SUHWHNORVW VHGDQMRVW LQ SULKRGQRVW 1DFLRQDOQD LGHQ WLWHWD SUDYL 5L]PDQ MH WRUHM JORERNR LQ PRáQR ]D VLGUDQD NXOWXUQD YH] NL VH ML áORYHN OH WHÌNR RGUHáH 3UDY WDNR QH JUH SRGFHQMHYDWL UHJHQHUDFLMVNHJD SRWHQ FLDODQDFLRQDOQLKLGHQWLWHWLQQMLKRYHNXOWXUQHYLWDOQRVWL 1MLKRYD QDáHOQD RGSUWRVW GR JOREDOL]DFLMVNLK WRNRY QL ]QDNQMLKRYH ÊLENRVWL WHPYHá ]PRÌQRVWL GD ODKNRDVL PLOLUDMR QH GD EL ELOH SUL WHP VDPH EUH] RVWDQND DVL PLOLUDQH 5L]PDQ (YURSVNL LGHQWLWHWL QD GUXJLVWUDQLGDELVHWD]DUHVSULMHODPDQMNDWDYVDMGYD NOMXáQDSRJRMDLQVLFHUUHODWLYQRGROJRáDVRYQRWUDMDQMH NROHNWLYQL VSRPLQ LQ QD QMHJRYL SRGODJL VSRVREQRVW SURL]YDMDQMDREáXWNDVROLGDUQRVWLLQQMHQRUD]ORáHYDQMH RG GUXJLK LGHQWLWHW QD SULPHU VNXSQL MH]LN 5L]PDQ 1HNDWHULDYWRUMLSULSLVXMHMRHYURSVNLLGHQWLWHWL WROLNÊ QR VWRSQMR PQRJRYUVWQRVWL LQ UD]QROLNRVWL GD SUREOH PDWL]LUDMR VDP SRMHP VNXSQD HYURSVND LGHQWLWHWD Y HGQLQL0HQLMRQDPUHáGDQHREVWDMDHQDVDPDPRáQD LQVSORÊQRVSUHMHWDVNXSQDHYURSVNDLGHQWLWHWDNLELVLMR GHOLOL YVL SUHELYDOFL LQ SUHELYDONH HYURSVNH SRGFHOLQH DPSDNGDREVWDMDYHáWRUHMPQRÌLQDHYURSVNLKLGHQWLWHW ] GRORáHQLPL VNXSQLPL ]QDáLOQRVWPL YHQGDU WXGL UD]

OLNDPL ÉHOH ] GRORáLWYLMR YVHK REVWRMHáLK SDUWLNXODUQLK HYURSVNLKLGHQWLWHWLQ]GHILQLUDQMHPQMLKRYHJDQDMPDQM ÊHJDVNXSQHJDLPHQRYDOFDELSRWHPWDNHPODKNRJRYRULOL R UHVQLáQL YVHELQL VNXSQH HYURSVNH LGHQWLWHWH =DWR VH PL ]GL NR JRYRULPR R VNXSQL HYURSVNL LGHQWLWHWL EROM SULPHUQR JRYRULWL R SOXUDOL]PX UD]OLáQLK HYURSVNLK LGHQWLWHWŸRPQRJLKUD]OLáQLKHYURSVNLKLGHQWLWHWDKND WHULK REVWRM MH SRJRMHQ ] YUVWR GHMDYQLNRY SUDYL 0LWMD ËDJDUËDJDU

7L GHMDYQLNL VR ERGLVL JHRJUDIVNL ]JRGRYLQVNL SROL WLáQLNXOWXUQLVRFLRORÊNLHNRQRPVNLLWG]DUDGLNDWHULK VLFHUREVWDMDREáXWHNHYURSVNRVWLNLVHL]UDÌDYWHPGD VH OMXGMH LGHQWLILFLUDMR NRW (YURSHMFL(YURSHMNH ]ODVWL Y RGQRVX GR QHHYURSVNLK QDURGRY LQ QDFLM 3UREOHP SD QDVWDQH V SRVNXVRP GRORáLWYH NGDM VH WD REáXWHN LQ LGHQWLILNDFLMD SRMDYLWD WHU NDNR PRáQD VWD Y UD]OLáQLK áDVRYQLKREGREMLK1DSRGODJLWHJDMHPRÌQRWUGLWLGD VR VNXSQH HYURSVNH LGHQWLWHWH Ÿ WDNR NRW QDURGQH LQ QDFLRQDOQHŸSUHWHÌQRNXOWXUQRRSUHGHOMHQHYHQGDUSD ÊLENHRKODSQHLQQHNRKHUHQWQHWHÌNRDOLQHPRJRáHSD MH WXGL GRORáLWL QMLKRYH L]YRUH = QDURGQLPL LQ QDFLR QDOQLPLLGHQWLWHWDPLSDMLKSRËDJDUMHYHPPQHQMXGUXÌL WXGL QMLKRYD SUHWHÌQD HNVNOX]LYQRVW Y QHNDWHULK SUL PHULKFHORNVHQRIRELáQRVWËDJDU

1DÊWHWH UD]OLNH PHG QDFLRQDOQR LQ WDNR LPHQRYDQR HYURSVNR LGHQLWHWR WRUHM QDND]XMHMR QMXQ DVLPHWULáHQ RGQRV NL MH ÊH WROLNR EROM L]UD]LW áHVH YHQGDUOH SUHG SRVWDYOMDGDMHSUYDEROMXWHPHOMHQDQDNXOWXULGUXJDSD QDSROLWLáQLSULSDGQRVWL3RVNXVL]PDQMÊDQMDWHQHVRUD]

PHUQRVWLVRELOLGR]GDMSUHWHÌQRQHXVSHÊQL0HGQMLPL MH PRUGD QDM]JRYRUQHMÊL SRVNXV SRVWDYLWYH 0X]HMD (YURSH NL QDM EL SUHGVWDYOMDO XWHPHOMHYDO LQ NUHSLO ]DYHVWR]DáHWNLK]GUXÌHQH(YURSH 7H ]DáHWNH VRVQR YDOFL PX]HMD QDPHUDYDOL SRVWDYLWL Y VUHGQML YHN Y REGREMH .DUOD 9HOLNHJD LQ 6YHWHJD ULPVNHJD FHVDUVWYD YHQGDU SD MH WHPX QDVSURWRYDOD JUÊND YODGD VDM QDM EL ELOL SR QMHQHP PQHQMX ]DáHWNL HYURSVNH GHPRNUDFLMH SUDYY*UáLMLWDNRGDMHELOSURMHNW]DXVWDYOMHQ

1DVOHGQML QHPDUD QDMSRPHPEQHMÊL YLU GYRPRY R REVWRMX VNXSQH HYURSVNH LGHQWLWHWH VR PQHQMD ÊLURNLK VORMHY OMXGL GUÌDYOMDQRY LQ GUÌDYOMDQN áODQLF (YURSVNH XQLMH R áHPHU MH ÌH ELO JRYRU Y HQHP RG SUHMÊQMLK SRJODYLM$YWRUMLUD]LVNDYMDYQHJDPQHQMD(YUREDURPHWHU VR QDPUHá VDPL SUL]QDOL GD MH QD RVQRYL SRGDWNRY ÊH YHGQR QHPRJRáH JRYRULWL R REVWRMX SRYVHP VNXSQH HYURSVNHLGHQWLWHWHàHSUDYVHYSRYSUHáMXYHáLQDGUÌDY OMDQRY LQ GUÌDYOMDQN (YURSVNH XQLMH YVDM GR QHNH PHUH SRáXWL (YURSHMFH LQ(YURSHMNH VH PQHQMD JOHGH HYURS VNHNXOWXUQHLGHQWLWHWHPHGSRVDPH]QLPLGUÌDYDPL]HOR UD]OLNXMHMRLQELELOHSRVSORÊLWYHODKNR]DYDMDMRáH3ROHJ WHJDMHLGHQWLILNDFLMDOMXGL]QDFLRQDOQRSULSDGQRVWMRÊH YHGQR SUHYODGXMRáD 1D RVQRYL GRVHGDQMLK YHáOHWQLK SULPHUMDY PHG QDFLRQDOQR LQ HYURSVNR LGHQWLWHWR MH ÌH PRJRáH WUGLWL GD MH RPHQMHQR VWDQMH áDVRYQR SUHFHM VWDWLáQR LQ L]SRVWDYOMHQR PDMKQLP VSUHPHPEDP WHU GD VHMDYQRVWYGREUHPGHVHWOHWMXQHLGHQWLILFLUDQLáEROM]

HYURSVNR LGHQWLWHWR LQ QLá PDQM ] QDFLRQDOQR 3UDY WDNR SRGDWNL NDÌHMR QD SUHYODGXMRáH VWDOLÊáH HYURSVNLK GUÌDYOMDQRY LQ GUÌDYOMDQN GD HYURSVND NXOWXUQD LGHQWL WHWD]DQMHQHREVWDMDLQGDOMXGMH]HORMDVQRUD]OLNXMHMR PHG áXWLWL VH (YURSHMHF(YURSHMND LQ REVWRMHP HYURS VNHNXOWXUQHLGHQWLWHWH2EáXWHNELWL(YURSHMHF(YURSHMND R]LURPD ELWL QDYH]DQ QD (YURSR QDPUHá QH VRYSDGD V SUHSULáDQMHPRREVWRMXVNXSQHHYURSVNHNXOWXUQHLGHQ WLWHWH NDU QHGYRPQR QDMEROM GRND]XMHMR GUÌDYOMDQL LQ GUÌDYOMDQNHWDNRLPHQRYDQLKHYURVNHSWLáQLKGUÌDYNLVH VLFHU áXWLMR ]HOR QDYH]DQH QD (YURSR YHQGDU SD QH YHUMDPHMRYHYURSVNRLGHQWLWHWR

3UHGVWDYOMHQHXJRWRYLWYHVRXWHPHOMHQLYLUWH]HGDMH ]GUXÌHQD (YURSD SUHGYVHP SURMHNW GUXÌEHQH HOLWH 7R SRWUMXMHMR WXGL GUXJL UH]XOWDWL RPHQMHQLK UD]LVNDY MDY

3ULWHPODKNR]JROMSRVDPH]QLGRJRGNLYSOLYDMRQDVWDOLÊáDOMXGLYHQGDUVHREáXWMDSRGRORáHQHPáDVXYUQHMRYRELáDMQHGHOHÌH7DN SULPHUMHELODQDSULPHU*UáLMDNMHUVRVHOHWDOMXGMHYHOLNREROMLGHQWLILFLUDOLVDPR]QDFLRQDOQRSULSDGQRVWMRNRWOHWRSUHM EUÌNRQH]DUDGLYRMQHQD.RVRYXNLMHPHGJUÊNRSRSXODFLMRSRY]URáLODSURWLHYURSVNDáXVWYD3RGREHQYSOLYYVLFHUÊLUÊLKUD]VHÌQRVWLK MHLPHOVHSWHPEHUNRVWDVHSRPHQLQQDYH]DQRVWQDODVWQRQDFLRQDOQRLGHQWLWHWRY(YURSLSUDYWDNRSRYHáDOD

-HVHQLOHWDMHELORY(YUREDURPHWUXSUYLá]DVWDYOMHQRYSUDÊDQMHDOLVHOMXGMHVWULQMDMRGDREVWDMDHYURSVNDNXOWXUQDLGHQWLWHWDNLEL ELODGHOYVHK(YURSHMFHY0HGYSUDÊDQLPLMHELORYHáWLVWLKNLVHQHVWULQMDMR]REVWRMHPHYURSVNHNXOWXUQHLGHQWLWHWHNRWWLVWLK NLVHVWHPVWULQMDMR/HWRSR]QHMHVRELOLUH]XOWDWLY]YH]L]REVWRMHPHYURSVNHNXOWXUQHLGHQWLWHWHNLELELODGHOYVHK(YURSHMFHY SRSROQRPDHQDNLNRWOHWD

9HOLND%ULWDQLMDELELODNOMXEQDYHGHQHPXWXL]MHPD

(12)

QHJD PQHQMD Y (YURSVNL XQLML OMXGMH ] YLÊMLPL GRKRGNL áXWLMRYHáMRSULYUÌHQRVWHYURSVNLLGHQWLWHWLPRÊNLVHSR JRVWHMHRSUHGHOMXMHMR]D(YURSHMFHNRWÌHQVNHSUDYWDNR SDWXGLSUHELYDOFLXUEDQLKRNROLMYSULPHUMDYLVWLVWLPLL]

UXUDOQLKSRGURáLM5L]PDQVLFHUSUDYLOQRXJRWDYOMDGDWL SRGDWNL QH NDÌHMR QXMQR QD NRQIOLNWQR UD]PHUMH PHG QDFLRQDOQR LQ HYURSVNR LGHQWLWHWR YHQGDU SD VH WR XWHJQH]JRGLWLáHVHQHERXYHOMDYOMDONRQFHSWRGSUWHLQ SOXUDOQH HYURSVNH LGHQWLWHWH NL EL RPRJRáDO VRELYDQMH REHK R]LURPD YVHK SULSDGQRVWL 7R VRELYDQMH ]DKWHYD WXGL RG SRVDPH]QH QDFLRQDOQH LGHQWLWHWH VWDOHQ RGSRU SURWL HWQLáQHPX SXUL]PX LQ QDFLRQDOQHPX ÊRYLQL]PX REH WDNR HYURSVND NRW QDFLRQDOQD SD VH ERVWD PRUDOL XSLUDWL WXGL HYURQDFLRQDOL]PX DOL HYURFHQWUL]PX NL MH SRVDPH]QLP HYURSVNLP GUÌDYDP ]ODVWL Y REGREMX NR ORQLDOL]PDQHSUREOHPDWLáQRSUHGVWDYOMDORVUHGQMHLGHR ORÊNRVUHGVWYRLQSUDNVRYRGQRVXGRGUXJLK]ODVWLQH HYURSVNLK HWQLáQLK LQ QDURGQLK VNXSLQ 5L]PDQ

*RYRURHYURSVNLLGHQWLWHWLQDPUHáSRY]URáDPHG QDFLRQDOQLPLUHJLRQDOQLPLLQORNDOQLPLLGHQWLWHWDPL]D UDGLÊHYHGQRÌLYHJDNROHNWLYQHJDVSRPLQDLQL]NXÊHQMR ]PDJRYDOFLKLQSRUDÌHQFLKY(YURSLŸWDNRYRMDÊNLKNRW JRVSRGDUVNLK SUHGYVHP SD NXOWXUQLK Ÿ ERMD]HQ GD VR DOL GD ERGR VSHW RJURÌHQH áHVDU QLNDNRU QH NDÌH SRGFHQMHYDWL5L]PDQ

3RPDQMNDQMHSROLWLáQHYROMHLQVWLWXFLM(YURSVNHXQLMH LQ QMHQLK áODQLF GHPRNUDWLáQL SULPDQMNOMDM QHVSRVRE QRVWHYURSVNLKLQVWLWXFLM]DPRELOL]DFLMRÊLURNHNRDOLFLMH SUHGYVHP SD QHL]GHODQD VWUDWHJLMD LQ SROLWLND REOLNR YDQMD LQ UD]YRMD VNXSQH HYURSVNH LGHQWLWHWH NOMXE RE VWRMHáLPSRJRGEDPRVQXWNRPGRORáELWGNLVWD VLFHU SRPQHQMX8QLMHELVWYHQLSRJRMXVSHÊQHHYURSVNHLQWH JUDFLMH ÊH YHGQR SUHGVWDYOMDMR JODYQH RYLUH GD EL VH OMXGMH EROM LGHQWLILFLUDOL ] 8QLMR 1HGYRPQR MH QDFLR QDOQDLGHQWLWHWD PRáQD NRQNXUHQWND HYURSVNL VDM VWDVL REH Y GRORáHQLK HOHPHQWLK SUHFHM SRGREQL WR SD SR PHQLGDVHERPRUDODHYURSVNDLGHQWLWHWDRGQDFLRQDOQH WXGLSRPHPEQRUD]OLNRYDWLWHUELWLRGSUWDLQLQNOX]LYQD ]DYVHWUDGLFLRQDOQHLQWXGLQRYHLGHQWLWHWHNLVHERGR ÊHOHREOLNRYDOHáHERKRWHODSULGRELWLQDVYRMLLQWHQ]LY QRVWL

2GSUWRVW LQNOX]LYQRVW HQDNRVW HQDNRSUDYQR VRGH ORYDQMHGHPRNUDWLáQRVWSUL]QDYDQMHLQVSRÊWRYDQMHUD]

OLN LQ DYWRQRPQRVWL VXEMHNWRY SR]LWLYQD RSUHGHOMHQRVW NRPSOHNVQRVW PQRJRWHURVW LQ QRWUDQMD SOXUDOQRVW WHU YHáSODVWQRVW LQ LQWHJUDWLYQRVW HYURSVNLKH LGHQWLWHWH ERGR PRUDOL SUHGVWDYOMDWL NOMXáQH HOHPHQWH VNXSQH HYURSVNH LGHRORJLMH VRGHORYDQMD ËDJDU 2EOLNRYDQMHLQGHMDQVNDXWHPHOMLWHYWHKYVHELQSDERVWD ]DKWHYDOD YLVRNR VWRSQMR NXOWXUH NRQVHQ]D LQ SUHFHM NRQIOLNWQLKVLWXDFLM]DQMHQHNUHDWRUMH

3UHYODGXMRáHVWDOLÊáHOMXGLNLQHYHUMDPHMRYREVWRM HYURSVNH NXOWXUQH LGHQWLWHWH MH WUHQXWQR QDPUHá SR PHPEHQLQGLNDWRUWDNRLPHQRYDQHJDNRPXQLNDFLMVNHJD ÊXPDPHGLQVWLWXFLMDPL(YURSVNHXQLMH]DNDWHUHVH]GL GDXWHPHOMXMHMRVYRMHGHORYDQMHSUDYQDSUHGSRVWDYNLR

REVWRMXVNXSQHHYURSVNHLGHQWLWHWHLQQMHQLPLGUÌDYOMDQL LQ GUÌDYOMDQNDPL NL PHQLMR GUXJDáH .RUDN NL EL JD 8QLMDSRWHPWDNHPPRUDODVWRULWLGDQHELELOHUD]OLNHY VWDOLÊáLK OMXGL LQ HYURSVNLK DUKLWHNWRY Y SULKRGQRVWL ÊH YHáMH MH GHMDQVNR SULEOLÌDQMH GHORYDQMD LQ SUHGYVHP QMHJRYLKXáLQNRYHYURSVNHPXGUÌDYOMDQXLQGUÌDYOMDQNL WHUYHáMDRGSUWRVWWUDQVSDUHQWQRVWLQYNOMXáHQRVWOMXGLY SURFHVH RGORáDQMD LQ YSOLYDQMD ,GHQWLILFLUDQMH ] HQRW QLPL HYURSVNLPL ]QDNL NL EL Y SRVDPH]QLNX Y]EXGLOL YHáMR QDNORQMHQRVW LQ QDYH]DQRVW QD ÊLUÊR HYURSVNR VNXSQRVW VR Y GREL LQIODFLMH VLPERORY SUL WHP QHPDUD SRPHPEQR QLNDNRU SD QH HGLQR DOL ]DGRVWQR VUHGVWYR NUHSLWYHHYURSVNHNXOWXUQHLGHQWLWHWH

=$./-8Ý(.

.XOWXUQD LGHQWLWHWD NL MH NRW NROHNWLYQD LGHQWLWHWD YHGQRUHODFLMVNDMHYáODQNXREUDYQDYDQDYQDYH]DYL]

QDFLRQDOQRLGHQWLWHWRLQVLFHURESUHGSRVWDYNLGD NXO WXUD GRPXMH Y RNYLUX SRVDPH]QHJD QDURGD R]LURPD QDFLMH 3UL WHP MH ]DYUQMHQR WDNR HNVNOX]LYQR QDFLR QDOLVWLáQRVWDOLÊáHNLY]WUDMDSULNRQVHUYDWLYQHPQDVSUR WRYDQMX YVHPX WXMHPX NRW HNVNOX]LYQR LQWHUQDFLRQD OLVWLáQRVWDOLÊáHNLEUH]NRPSURPLVQRQHJLUDQDYH]DQRVW QDQDFLRQDOQRLGHQWLWHWR7D]DYUQLWHYMHXWHPHOMHQDQD RVQRYL WHRULMH RNRQFHQWULáQLKNURJLK LGHQLWHW NL SUDYL GD VR UD]OLáQH LGHQWLWHWH ODKNR QL SD WR QXMQR PHG VHERMPXOWLSOHLQNRPSOHPHQWDUQH6RELYDQMHVORYHQVNH QHPÊNH DOL NDWHUH NROL GUXJH QDFLRQDOQH LGHQWLWHWH LQ WDNRLPHQRYDQHHYURSVNH]DWRQHELVPHORELWLVSRUQR áH VR WH LGHQWLWHWH ]DUHV LQNOX]LYQH RGSUWH LQ QHVDPR ]DGRVWQH

9QDGDOMHYDQMXVHáODQHNSRGUREQHMHSRVYHáDYSUD ÊDQMX R GHMDQVNHP REVWRMX WDNR LPHQRYDQH HYURSVNH NXOWXUQH LGHQWLWHWH SUL áHPHU MH QD RVQRYL VHNXQGDUQH DQDOL]H HPSLULáQLK SRGDWNRY SULGREOMHQLK L] SRVDPH]

QLKUD]LVNDYMDYQHJDPQHQMDYGUÌDYDKáODQLFDK(YURS VNH XQLMH (YUREDURPHWHU XJRWRYOMHQR GD VR NXOWXUQH LGHQWLWHWH QDFLRQDOQLK GUÌDY ÊH YHGQR SUHYODGXMRá LGHQWLILNDFLMVNLVLPEROVNDWHULPVHOMXGMHSULPDUQRHQD áLMRPHGWHPNRMHQDYH]DQRVWQD(YURSRVLFHUSULVRWQD YHQGDUáDVRYQRRVWDMDUHODWLYQRVWDWLáQDLQ]DYHVWRQMHM QH QDUDÊáD V SUL]DGHYDQML LQVWLWXFLM (YURSVNH XQLMH SR YHáML LGHQWLILNDFLML ] 8QLMR 3UL WHP VR L]SRVWDYOMHQH SUHGYVHP UD]OLNH NL REVWDMDMR PHG SRVDPH]QLPL GUÌD YDPLRSR]RUMHQRSDMHWXGLQDQHGRVOHGQRVWLNLVHSR MDYOMDMRY]YH]LVSRJRVWLPL]DPHQMDYDPLSRMPRY(YURS VND XQLMD LQ (YURSD 5D]OLNR PHG QMLPD QDPUHá GU ÌDYOMDQL LQ GUÌDYOMDQNH(YURSVNH XQLMH SUHSR]QDYDMR LQ MRXSRÊWHYDMRSUDYWDNRSDWXGLUD]OLNRPHGREáXWNRP ELWL (YURSHMHF(YURSHMND LQ REVWRMHP HYURSVNH NXOWXUQH LGHQWLWHWH

8JRWRYLWHY R SULPDUQRVWL QDFLRQDOQH SUHG HYURSVNR NXOWXUQR LGHQWLWHWR MH DUJXPHQWLUDQD QD RVQRYL WDNR LPHQRYDQH áXVWYHQH LQGLIHUHQWQRVWL NL VH QDQDÊD QD UHODWLYQR EUH]EULÌQRVW UDYQRGXÊQRVW LQ HPRWLYQR QH

Reference

POVEZANI DOKUMENTI

(NRQRPVND UDYHQ ]DKWHYD GD WXGL DYWRKWRQR SUHEL YDOVWYR SUHY]DPH SULQFLSH LQ ]DNRQLWRVWL REQDÊDQMD QD VYRERGQHP WUÌLÊáX NRQNXUHQáQRVW GRELáNRQRVQRVW LQ ]DVHEQR ODVWQLQR 2G

ÛH=JAGFAR?AHKPELNARA@AJROHKRAJÜEJKRLQ&gt;HEG=?EFE$KNEÜ=N.. ÉWHYLOQLáHÊNLLQVORYDÊNLOLVWLVRUDGLNDOQRREVRGLOL UDYQDQMH VRGLÊáD LQ LWDOLMDQVNH GUÌDYH àDVRSLV /LGRYn 1RYLQ\

 %DUOHWWL MH OHWD Y ËHQHYL ]DJRYDUMDO %HF FDULMHYR HQRIOXLGQR WHRULMR LQ UD]PLÊOMDO R SUHQRVX HOHN WULáQH HQHUJLMH QD YHOLNH UD]GDOMH NDU MH SRVWDOR

-DYQD VIHUD NL RSLVXMH SURVWRU GUXÊEHQH VDPRUHIOHNVLMH MH SRPHPEQR RURGMH ]D SRMDVQMHYDQMH GUXÊEHQHJD UD]YRMD LQ VSUHPHPE 7D ]RUQL NRW MH ODKNR WXGL SULPHUQR L]KRGLÈßH ]D

5DGR 3LÊRW D MH QD RVQRYL DQDOL]H FHORWQHJD PRWRULáQHJD SURVWRUD ÊHVW LQ SROOHWQLK GHáNRY UD]EUDO GD YHáML GHOHÌ PHG L]ROLUDQLPL VSRVREQRVWPL

=DJUHEX L]MDYLO GD VR VORYHQVNH GHÌHOH VDPR NRV ]HPOMHKUYDWVNH*URVVÉHVWOHWNDVQHMHMHY 'MDNRYX QD VORYHVQRVWL RE SHWGHVHWOHWQLFL 6WURVVPD\HU MHYHJD PDÊQLÊWYD SRXGDULO GD MH

1MLKRYD YORJD Y SRWRYDOQL GHMDYQRVWL MH WRUHM ELVW YHQD 6RGREQL WHRUHWLNL SRXGDUMDMR GD MH WD UDYHQ RV QRYQL JHQHUDWRU UD]YRMD WXUL]PD QD GHVWLQDFLML 9LVRNR UD]YLWH

1HRELþDMHQ þDV SRMDYD EROH]QL MH ODKNR ND]DOQLN SULVRWQRVWL UD]OLþQLK SULGUXåHQLK EROH]QL NRW VR imunska pomanjkljivost, podhranjenost ali