SUHJOHGQL]QDQVWYHQLáODQHN 8'.
SUHMHWR
5$=,6.$9(&(/2671(*$5$=92-$2752.$.2726129$','$.7,.(
*,%$/1(É32571(9=*2-(
5DGR3,Ç27
8QLYHU]DQD3ULPRUVNHP3HGDJRÊNDIDNXOWHWD.RSHU6,.RSHU&DQNDUMHYDXOLFD 8QLYHU]DQD3ULPRUVNHP=QDQVWYHQRUD]LVNRYDOQRVUHGLÊáH.RSHU6,.RSHU*DULEDOGLMHYD
HPDLOUDGRSLVRW#SHIXSUVL -RFD=85&
8QLYHU]DQD3ULPRUVNHP=QDQVWYHQRUD]LVNRYDOQRVUHGLÊáH.RSHU6,.RSHU*DULEDOGLMHYD HPDLOMRFD]XUF#]UVNSVL
,=9/(Þ(.
(QR L]PHG RVUHGQMLK WHP NLQH]LRORÈNHJD SURXßHYDQMD SUHGVWDYOMDWD SRWHN LQ GLQDPLND RWURNRYHJD JLEDOQHJD UD]YRMDWHUQMHQYSOLYQDUD]YRMRVWDOLKSRGURßLMSVLKRVRPDWVNHJDVWDWXVD'RVHGDQMDWHRUHWLßQDVSR]QDQMDNDÊHMRGD LPD RPHMHYDQMH JLEDQMD Y ]JRGQMHP ÊLYOMHQMVNHP REGREMX QH]DÊHOHQ XßLQHN QD NDVQHMÈL UD]YRM 1DVSURWQR SD UD]OLßQRVW JLEDOQLK L]NXÈHQM YRGL Y SRYHßHYDQMH JLEDOQH NDSDFLWHWH LQ KNUDWL V WHP Y RWURNRYR QDSUHGRYDQMH QD NRJQLWLYQHPVRFLDOQHPLQßXVWYHQHPSRGURßMXRVHEQRVWL3R]QDYDQMHGHMDYQLNRYUD]YRMDWHUUD]YRMQLK]QDßLOQRVWL RWURN MH SUHGSRJRM ]D QDßUWRYDQMH XVWUH]QLK FLOMHY SULSUDYR NYDOLWHWQLK SURJUDPRY JLEDOQLKÈSRUWQLK DNWLYQRVWL LQ L]ERUSULVWRSDWHUQDßLQDGHOD]RWURNRP=DWRMHQXMQRGDVHSUHYHUMHQHUD]LVNRYDOQHGRVHÊNHVSURWLLPSOHPHQWLUDY VWURNRYQRGHORLQQDßUWRYDQMHWHUGDVH]QMLPLVH]QDQLYVHNLVRYWRYUVWQHPVWLNX]RWURNRP
.OMXÞQHEHVHGHNLQH]LRORÊNHUD]LVNDYHRWURNJLEDOQLUD]YRMVWUXNWXUDPRWRULáQHJDSURVWRUDJLEDOQDÊSRUWQD DNWLYQRVWÊROVNDÊSRUWQDY]JRMD
5,&(5&+(5(/$7,9($//269,/8332&203/(66,92'(/%$0%,1248$/(%$6(3(5 /$','$77,&$'(//('8&$=,21(02725,263257,9$
6,17(6,
8QRGHLWHPLFHQWUDOLGHOORVWXGLRFLQHVLRORJLFRoUDSSUHVHQWDWRGDOO¢HYROX]LRQHHGDOODGLQDPLFDGHOORVYLOXSSR PRWRULRGHOEDPELQRHGDOODORURLQIOXHQ]DVXOORVYLOXSSRSVLFRVRPDWLFRFRPSOHVVLYR/HFRQRVFHQ]HWHRULFKHVLQ TXLDFTXLVLWHLQGLFDQRFKHODOLPLWD]LRQHGHOPRWRQHOOHSULPHIDVLGLYLWDKDXQHIIHWWRLQGHVLGHUDWRVXOORVYLOXSSR VXFFHVVLYR $O FRQWUDULR XQD YDULHWi GL HVSHULHQ]H PRWRULH SRUWD DG XQ LQFUHPHQWR GHOOD FDSDFLWi PRWRULD H FRQWHPSRUDQHDPHQWH DG XQ PLJOLRUDPHQWR QHL VHWWRUL FRJQLWLYR VRFLDOH HG HPRWLYR GHOOD SHUVRQDOLWi /D FRQRVFHQ]D GHL IDWWRUL H GHOOH FDUDWWHULVWLFKH GHOOR VYLOXSSR GHO EDPELQR o FRQGL]LRQH SHU OD SLDQLILFD]LRQH GL WUDJXDUGL DGHJXDWL SHU OD SUHSDUD]LRQH GL SURJUDPPL TXDOLWDWLYL GL DWWLYLWi PRWRULRVSRUWLYD H SHU OD VFHOWD GHOO¢DSSURFFLRHGHOPRGRGLODYRURFRQLOEDPELQR(¢SHUFLwLPSRUWDQWHLPSOHPHQWDUHODYHULILFDGHLULVXOWDWLGL ULFHUFD LQ XQ ODYRUR VFLHQWLILFR H GL SLDQLILFD]LRQH H UHQGHUQH SDUWHFLSL WXWWL FRORUR FKH VRQR LQ FRQWDWWR FRQ LO EDPELQR
3DUROHFKLDYHULFHUFKHFLQHVLRORJLFKHEDPELQRVYLOXSSRPRWRULRVWUXWWXUDGHOORVSD]LRPRWRULRDWWLYLWj PRWRULRVSRUWLYDHGXFD]LRQHVSRUWLYDVFRODVWLFD
892'
'RVHGDQMD WHRUHWLáQD VSR]QDQMD NDÌHMR GD REVWDMD GHOSRGREH]UHOHRVHEQRVWLNLJDMHPRJRáHREOLNRYDWL VDPR V VUHGVWYL JLEDOQHÊSRUWQH Y]JRMH WR MH V VSHFL ILáQLPL JLEDOQLPL DNWLYQRVWPL 3UHPDMKQR SULVRWQRVW DOL SRSROQR RGVRWQRVW JLEDOQHÊSRUWQH DNWLYQRVWL Y RWURNR YHPLQPODGRVWQLNRYHPUD]YRMXYNDVQHMÊHPREGREMXQL PRJRáHYFHORWLQDGRPHVWLWLVDMMHYSOLYJLEDOQLKÊSRUW QLKVWLPXOXVRYQDSVLKRVRPDWVNLVWDWXV]QDSUHGRYDQMHP RWURNRYHUDVWLLQ]UHORVWLYVHPDQMÊL+XPSKUH\
2EGREMHPHGLQOHWRPVWDURVWLR]LURPD]JRGQMH ÊROVNRREGREMHMHQDMXVSHÊQHMÊH]DUD]YRMRWURNRYLKPR WRULáQLK SRWHQFLDORY LQ XáHQMH JLEDOQLK Y]RUFHY 2WURN VHXáLQRYLKJLEDOQLKWHKQLNL]UHGQRKLWURLQEUH]YHáMLK QDSRURY 6WUHO +RUYDW 2PHMHYDQMH LQ ]RÌHYDQMH RWURNRYHJD JLEDQMD QD WHM VWRSQML LPD QH ]DÌHOHQ XáLQHN QD NDVQHMÊL JLEDOQL UD]YRM 5D]OLáQRVW JLEDOQLK L]NXÊHQM SD YRGL Y SRYHáHYDQMH JLEDOQH ND SDFLWHWH 7DQFLJ $OL SRYHGDQR GUXJDáH NDU ]D PXGLRVHPOHWQLRWURNWHJDRVHPQDMVWOHWQLNQHERPRJHO QLNROLYHáQDGRPHVWLWL6OXJD
3R]QDYDQMHRVQRYQLK]DNRQLWRVWLUDVWLLQUD]YRMDWHU UD]YRMQLK]QDáLOQRVWLRWURNMHSUHGSRJRM]DQDáUWRYDQMH XVWUH]QLKFLOMHYWHUSULSUDYRNYDOLWHWQLKSURJUDPRYLQYVH ELQJLEDOQLKÊSRUWQLKDNWLYQRVWL2VQRYDYVDNHJDGREUHJD L]REUDÌHYDOQHJDSURJUDPDMHYUD]XPHYDQMX]QDáLOQLK RWURNRYLKSRWUHE3LÊRWE3LÊRWD8VSHÊHQ XáLWHOMPRUDSR]QDWLELRORÊNHWHPHOMHUD]YRMDXáHQFD WHRULMRÊSRUWQHY]JRMHLQ ]DNRQLWRVWL VSHFLDOQRGLGDN WLáQHJDGHOD3R]QDWLSDPRUDWXGLQDMUD]OLáQHMÊHODVWQRVWL LQVSRVREQRVWLYKRGQHGDQRVWLGDXáQLSURFHVSULPHU QR]DVWDYLLQL]KRGQDYHGHQMDSULODJRGLLQGLYLGXDOQLP ]PRÌQRVWLP XáHQFD 3HUDW 3LÊRW ÉWHPEHUJHU 1LPRJRáHQDPUHáVXYHUHQRJRYRULWLRQDSUHGNX áHGHOR]XáHQFHPQLQDáUWRYDQRYRNYLUXYKRGQLKLQ ÌHOHQLKL]KRGQLKVWDQM3ULWHPSDSUHGVWDYOMDQDMYHáML SUREOHPSRPDQMNDQMHNRQNUHWQLKSRGDWNRYQDSRGODJL NDWHULKELODKNRLGHQWLILFLUDOLYKRGQDVWDQMD
'D EL VH EROMH UD]XPHOR IHQRPHQ SVLKRPRWRULáQLK UHDNFLM RWURND LQ ]DNRQLWRVWL QMHJRYHJD JLEDOQHJD UD]
YRMDVRELOHYVORYHQVNHPSURVWRUXLQYVYHWXL]YHGHQH UD]OLáQH UD]LVNDYH NDWHULK FLOM MH ELO SULGRELWL LQ DQDOL]LUDWLWHPHOMQHLQIRUPDFLMHRUD]YRMQLK]QDáLOQRVWLK RWURN 6 SRPRáMR GREOMHQLK UH]XOWDWRY LQ ]QDQVWYHQLK VSR]QDQM R REVWRMX LQ VWUXNWXUL UD]OLáQLK GLPHQ]LM PR WRULNH R QMLKRYLK PHGVHERMQLK UHODFLMDK LQ UHODFLMDK ] GUXJLPL SRGVLVWHPL SVLKRVRPDWVNHJD VWDWXVD VH MH ]DG QMD OHWD LQWHQ]LYQR ERJDWLOR WHRUHWLáQR VSR]QDYQR UD]
LVNRYDOQR SRGURáMH PRUGD SD MH ELOD QHNROLNR ]DQH PDUMHQD SRPHPEQD DSOLNDWLYQD SODW UD]LVNRYDQMD 0Rá DUJXPHQWRY NLQH]LRORJLMH MH QDPUHá NRW PHQLWD 5DGR 3LÊRWLQ9HVQDÉWHPEHUJHUSUHGYVHPYXVWUH]QL REMHNWLYQL LQ]DQHVOMLYL LQIRUPDFLML VDM VH ODKNR OH SUH YHUMHQHSRGDWNHDSOLFLUDYSUDNVR WHU QD QMLKRYL RVQRYL UD]YLMDRWURNXXVWUH]QHYDGEHQHSURJUDPH
7(0(/-1(5$=,6.$9(2752.29(*$
02725,Ý1(*$3526725$
1DRVQRYLL]VOHGNRYQHNDWHULKUD]LVNDYPRWRULáQHJD SURVWRUDRGUDVOLK0F&OR\/DUVRQ3KLOOLSV *XLOOIRUG )OHLVKPDQ .XUHOLß HW DO *UHGHOM HW DO LQ GUXJLK VH MH SRVWRSRPD ]DáHOR SUHXáHYDQMH SUREOHPDWLNH PRWRULáQHJD SURVWRUD WXGLSULRWURFLKLQPODGRVWQLNLK+XPSKUH\.HOO\
.HOO\.LSKDUG6FKPLGW/HH9VOR YHQVNHPSURVWRUXVRELOLRWURFLSUHXáHYDQLYUD]LVNDYDK NL VR REUDYQDYDOH UD]YRMQH ]QDáLOQRVWL LQ ]QRWUDM QMLK ODWHQWQRVWUXNWXURPRWRULáQLKVSRVREQRVWL(QDWHPHOMQLK MH ELOD SUDY JRWRYR UD]LVNDYD NL VWD MR RSUDYLOD -DQNR 6WUHO LQ -RÌH ÉWXUP 1D Y]RUFX RWURN VWD XJRWDYOMDODODWHQWQRVWUXNWXURPRWRULáQLKVSRVREQRVWLLQ ]DQHVOMLYRVWPRWRULáQLKWHVWRY1DSRGODJLUH]XOWDWRYVWD XJRWRYLODGDMHSULWHMVWDURVWLÌHSULVRWQDYHáNRWRáLWQD GLIHUHQFLDFLMD PRWRULáQLK VSRVREQRVWL 5H]XOWDWL VR QDGDOMHSRND]DOLGDMHPRWRULáQDXáLQNRYLWRVWRWURNRG YLVQD]ODVWLRGGHORYDQMDPRWRULáQLKFHQWURYQD VHNXQ GDUQLLQWHUFLDUQLUDYQLFHQWUDOQHJDÌLYáQHJDVLVWHPD
$GROI 5DMWPDMHU D E MH QD UHSUH ]HQWDWLYQHP Y]RUFX SHWOHWQLK RWURN SUHXáHYDO ODWHQWQR VWUXNWXUR PRWRULáQHJD SURVWRUD 1D RVQRYL SRGDWNRY GREOMHQLKYUD]LVNDYLODWHQWQHJDSURVWRUDSHWOHWQLKRWURN MHELODRSUDYOMHQDSULPHUMDYDODWHQWQHVWUXNWXUHPRWRULá QHJDSURVWRUDRGUDVOLKRVHELQSUHGÊROVNLKRWURN$YWRUML VRSULÊOLGRXJRWRYLWYHGDMHVWUXNWXUDODWHQWQLKGLPHQ]LM PRWRULáQHJDSURVWRUDRWURNUHODWLYQRHQRVWDYQDYHQGDU SD SUL LQWHUSUHWDFLML QL ELOR PRJRáH XSRUDELWL HQDNHJD PRGHOD NRW SUL RGUDVOLK 6LFHU SD VH ODWHQWQD SURVWRUD PHG VHERM QLVWD ELVWYHQR UD]OLNRYDOD 1DGDOMH VR XJR WRYLOL GD REVWDMDMR UD]OLNH SUL UHÊHYDQMX NRRUGLQDFLMVNR PDQM ]DKWHYQLK PRWRULáQLK QDORJ 7DNH QDORJH SUHG ÊROVNLRWURFLUHÊXMHMRQDPLVHOQHPNRUWLNDOQHPQLYRMX NHU]DUDGLSRPDQMNDQMDL]NXÊHQMÊHQLPDMRUD]YLWLKVXE NRUWLNDOQLK PHKDQL]PRY NL VR VLFHU RGJRYRUQL ]D QML KRYR UHÊHYDQMH 1D RVQRYL SRYH]DQRVWL GLPHQ]LM Y NR UHODFLMVNL PDWULNL IDNWRUMHY VR SRWUGLOL SRVWDYOMHQR KLSR WH]R GD SUL WHM VWDURVWL ÊH QLVR UD]YLWL PHKDQL]PL YLÊMH UDYQL UHJXODFLMH JLEDQMD NL EL GHORYDOL NRW VNXSQL UHJXODWRUML 'R SRGREQLK ]DNOMXáNRYVWD SULÊOL WXGL 0D WHMD9LGHPÊHNLQ$OHQND&HPLáNLVWDXJRWDYOMDOL VWUXNWXURPRWRULáQHJDSURVWRUDSHWLQSROOHWQLKRWURN
5DGR3LÊRWMHQDY]RUFXÊHVWLQSROOHWQLK RWURN REHK VSRORY SUHXáHYDO VWUXNWXUR PRWRULáQHJD SURVWRUD SUHG LQ SR SDUFLDOL]DFLML PRUIRORJLMH 8JRWRYLO MHGDMHGLIHUHQFLDFLMDPRWRULáQLKVSRVREQRVWLSULÊHVWLQ SROOHWQLKRWURFLKÌHSULVRWQDLQVLFHUMHEROML]UDÌHQDSUL GHNOLFDK $QDOL]D LQ SULPHUMDYD VWUXNWXUH PRWRULáQHJD SURVWRUD WHK RWURN SUHG SDUFLDOL]DFLMR PRUIRORÊNLK ]QD áLOQRVWL LQ SR QMHM QL ND]DOD ELVWYHQLK UD]OLN Y ODWHQWQL VWUXNWXUL PRWRULáQLK GLPHQ]LM $YWRU SD MH XJRWRYLO ]QDWHQYSOLYPRUIRORÊNLK]QDáLOQRVWLSULGRORáDQMXVNXS QHJD UH]XOWDWD Y SRVDPH]QLK JLEDOQLK QDORJDK NL MLK
RSUHGHOMXMHMRVSUHPHQOMLYNHYL]ROLUDQLKGLPHQ]LMDK3R QDWDQáQLSUHXáLWYLVWUXNWXUHPRWRULáQHJDSURVWRUDÊHVWLQ SROOHWQHJD RWURND DYWRU ]DNOMXáXMH GD SULKDMD Y UHJX ODFLMLPRWRULNHGRQHNDWHULKSRVHEQRVWLNLVRVSHFLILáQH ]D RWURND WH VWDURVWL LQ WDNR QMHJRY PRWRULáQL SURVWRU UD]OLNXMHMRRGPRWRULáQHJDSURVWRUDRGUDVOHJD'REOMHQL UH]XOWDWLVRSRGREQLUH]XOWDWRPVRURGQLKUD]LVNDYDKNL NDÌHMR GD MH FHORWQD PRWRULáQD XáLQNRYLWRVW RWURN Y VWDURVWLÊHVWOHWLQSROQDMEROMRGYLVQDUDYQRRGNDNRYRVWL GHORYDQMD VHNXQGDUQLK LQ WHUFLDUQLK FRQ PRWRULáQLK FHQWURYYFHQWUDOQHPÌLYáQHPVLVWHPX
5=LPPHULQ09RONDPHUVWDQDVNXSLQL RWURNVWDULKRGGR OHW Y 1HPáLML L]YHGOD WL WHVWQL SRVWRSHN 027 6WUXNWXUD PRWRULáQHJD SURVWRUD QLELODSUHYHUMHQD7HVWVRYQDGDOMHYDQMXQRUPLUDOLLQJD XSRUDEOMDMR ]D SUHJOHG PRWRULáQHJD UD]YRMD RWURN QHPÊNHSRSXODFLMH3ULXJRWDYOMDQMXUD]OLNPHGVSRORPD V WWHVWRP VH MH L]ND]DOR GD Y VNXSQHP GRVHÌNX QL VWDWLVWLáQR]QDáLOQLKUD]OLN
1DMREVHÌQHMÊDVORYHQVNDUD]LVNDYDRWURNRYHJDPRWR ULáQHJD SURVWRUD NL ÊH YHGQR SRWHND SD MH QHGYRPQR VSUHPOMDQMH RWURNVNR]L FHORWQR RVQRYQRÊROVNR LQ VUHG QMHÊROVNR REGREMH V ÊSRUWQRY]JRMQLP NDUWRQRP $QD OL]D VSUHPHPE WHOHVQHJD LQ JLEDOQHJD UD]YRMD RWURN LQ PODGLQH PHG OHWRPD LQ WHU SULPHUMDYD SR GDWNRY]REGREMHPPHGOHWRPDLQNDÌHGD VR QDMYHáMH SR]LWLYQH VSUHPHPEH Y JLEDOQHP UD]YRMX SULVRWQH SUL GLMDNLK LQ GLMDNLQMDK PHG LQ OHWRP VWDURVWLQDMPDQMÊHSDSULXáHQFLKLQXáHQNDKPHGLQ OHWRPVWDURVWL5D]OLNPHGSR]LWLYQLPLLQQHJDWLYQLPL VSUHPHPEDPLPHGVSRORPDQLELORXJRWRYOMHQLKY]DG QMHP GHVHWOHWMX 6R SD LPHOH VSUHPHPEH Y JLEDOQHP UD]YRMXYREGREMXPHGOHWRPDLQSUDYLORPD YHáMLQHJDWLYQLLQPDQMÊLSR]LWLYQLWUHQGNRWVRMLKLPHOH VSUHPHPEH PHG OHWRPD LQ 6WUHO .RYDá 'REOMHQL UH]XOWDWL ORQJLWXGLQDOQH ÊWXGLMH NDÌHMR ÊH RSD]QR L]EROMÊDQMH UH]XOWDWRY Y VSUHPHQOMLYNDK NL PHULMRLQIRUPDFLMVNRNRPSRQHQWRJLEDQMDWHUVWDJQDFLMR UH]XOWDWRYYVSUHPHQOMLYNDKNLSUHGVWDYOMDMRHQHUJHWVNR NRPSRQHQWR JLEDQMD 3UL WHP VR UD]YRMQL WUHQGL GHNOHW GUXJDáQLRGGHáNRYSUDYWDNRMHGUXJDáQDWXGLQMLKRYD PRWRULáQDXáLQNRYLWRVW6WUHO.RYDáÉWXUP6WUHO
&DQNDUHWDO3LÊRW.RQGULáÉDMEHU 3LQFROLá)LOL0DXULá
,]KDMDMRá L] QDYHGHQHJD ER Y QDGDOMHYDQMX YHáML SRXGDUHN QD ]QDQVWYHQLK L]VOHGNLK QD SRGURáMX PRWR ULáQHJD SURVWRUD NRRUGLQDFLMH NL MH ]D SUHXáHYDQMH L]
UHGQR ]DKWHYQR 5D]OLáQL DYWRUML ÉWXUP 6WUHO ÉWXUP6WUHO5DMWPDMHUDE3ODQLQÊHF 3LÊRW E F D 6WUHO .RYDá9HKRYDU3ODQLQÊHF'ROHQHF 3LVWRWQLN.DWLßHWDOVRXSRUDEOMDOLYVYRMLK UD]LVNDYDKUD]OLáQHPRWRULáQHWHVWH]DSUHXáHYDQMHSUR VWRUDNRRUGLQDFLMH,]SRVWDYOMHQHERGRQHNDWHUHQMLKRYH WHPHOMQHXJRWRYLWYH
-RÌHÉWXUPLQ-DQNR6WUHOXJRWDYOMDWDGDMHL]
GRVOHMSUHGORÌHQHEDWHULMHWHVWRYNRRUGLQDFLMHSUHGYVHP SDL]FHORWQLKUH]XOWDWRYDQDOL]HPHUMHQMDNRRUGLQDFLMHV WHVWL PRJRáH XJRWRYLWL GD QHNDWHUL PHULOQL SRVWRSNL QLPDMR SUL REHK VSROLK LVWHJD SUHGPHWD PHUMHQMD 5D]
OLNHQDVWDMDMRSULPDQMVWDELOQLKLQ]DQHVOMLYLKVWUXNWXUDK NRRUGLQDFLMH
-DQNR 6WUHO LQ 0DUMHWD .RYDá XJRWDYOMDWD GD VH MH NRRUGLQDFLMD PHG OHWRPD LQ QD SUHG PHWQL VWRSQML L]EROMÊHYDOD LQ VH QDWR Y QDVOHGQMHP GHVHWOHWMX QHNROLNR SRVODEÊDOD 0HG GHáNL LQ GHNOLFDPL MHUD]YRMWHVSRVREQRVWLGRNDMLQWHQ]LYHQPHGLQ OHWRPQDWRVHVWDELOL]LUD=DREGREMHPHGOHWRPD LQDYWRUMDXJRWDYOMDWDGDVHNRRUGLQDFLMDJLEDQMDY YVHKVWDURVWQLKVNXSLQDKL]EROMÊXMH1DMPDQMÊLQDSUHGNL VRYLGQLPHGLQOHWRPWHUPHGLQOHWRP ]HORL]UD]LWHVSUHPHPEHSDVRRSD]QHY LQ OHWX5D]LVNDYD0DWMDÌD9HKRYDUMDNDÌHGDVHSUL SUHXáHYDQMXYSOLYDLQIRUPDFLMVNHNRPSRQHQWHSULPODM ÊLK RWURFLK L]SRVWDYOMD PHG WHVWLUDQMHP PHKDQL]HP PRWRULáQHJDNRUWLNDOQHJDXáHQMDSULQDMVWDUHMÊLÊHVWLQ SROOHWQL RWURFL RG WUHK SUHXáHYDQLK SRSXODFLM SHW LQ SRO ÊHVW LQ ÊHVW LQ SROOHWQL RWURFL SD MH YHUMHWQR SRXGDUMHQDYORJDL]NXÊHQMLQGHORYDQMHVXENRUWLNDOQHJD VLVWHPD.RWSULPHUQDYDMDQDORJRXGDUMDQMDÌRJHREWOD NMHUSULSHWLQSROOHWQLKRWURFLKSDGHSURMHNFLMDWHQDORJH QD IDNWRU VSRVREQRVWL PRWRULáQH LQWHOLJHQFH VDM VH JL EDQMH RSUDYL SUHN SRVNXVRY LQ ]PRW 3UL ÊHVWOHWQLK GHáNLKGRORáDIDNWRUVSRGREQRVWUXNWXURPDQLSXODWLYQR VSRVREQRVWURN5DMWPDMHU3R5DGX3LÊRWX SD WD IDNWRU SUL ÊHVW LQ SROOHWQLK RWURFLK GHILQLUD KLWURVW DOWHUQDWLYQLK JLERY NL MH RGYLVQD RG SUHGKRGQLK L]
NXÊHQMLQSUHWRNDÌLYáQLKLPSXO]RYWHURGUHJXODFLMHGH ODDJRQLVWRYLQDQWDJRQLVWRY
-XULM 3ODQLQÊHF MH ÌHOHO XJRWRYLWL NDNÊQH VR NYDQWLWDWLYQH UD]YRMQH VSUHPHPEH UD]OLáQLK VHJPHQWRY NRRUGLQDFLMH JLEDQMD Y REGREMX PHG LQ OHWRP 8SRUDELO MH WHVWRY NL VH MLK XYUÊáD Y UD]OLáQH GL PHQ]LMH NRRUGLQDFLMH JLEDQMD 8JRWRYLWYH NDÌHMR GD XáHQFL]QDUDÊáDQMHPVWDURVWLGRVHJDMRYSRYSUHáMXYVH EROMÊHUH]XOWDWH5D]OLáQLVHJPHQWLNRRUGLQDFLMHJLEDQMD VH RG GR OHWD YHáLQRPD HQDNRPHUQR L]EROM ÊXMHMR QHNROLNR L]UD]LWHMH VH L]EROMÊD OH NRRUGLQDFLMD JLEDQMD Y ULWPX 'R SRGREQLK XJRWRYLWHY VR SULÊOL ÊH GUXJLUD]LVNRYDOFLQSU0RULVVHWDO0UDNRYLßHW DO.RQWLQXLUDQUD]YRMMHRSD]HQSULYVHKREUDY QDYDQLKVSRVREQRVWLKWRUHMSULNRRUGLQDFLMLURNNRRUGL QDFLML JLEDQMD YVHJD WHOHVD DJLOQRVWL LQ NRRUGLQDFLML JLEDQMD Y ULWPX 5D]YRM RPHQMHQLK VSRVREQRVWL VOHGL ]DNRQLWRVWLPQRUPDOQHJDUD]YRMD
0DMD 'ROHQHF LQ %RUXW 3LVWRWQLN XJRWDYOMDWD GD Y YHáLQL WHVWRY NRRUGLQDFLMH GHáNL GRVHJDMR EROMÊH UH]XOWDWHNRWGHNOLFH9LQ OHWX VWDURVWLVHY NRULVW GHNOLF SRMDYLMR OH VWDWLVWLáQR ]QDáLOQH UD]OLNH Y VSR VREQRVWL L]YDMDQMD ULWPLáQLK VWUXNWXU 1DMYHáMH UD]OLNH PHG VSRORPD Y PRWRULáQLK VSRVREQRVWLK VR ELOH XJR
WRYOMHQH Y LQ UD]UHGX NR VR ELOL GHáNL ]QDáLOQR EROMÊLYQHNDWHULKWHVWLKPRáLLQNRRUGLQDFLMH
5DWNR .DWLß V VRGHODYFL XJRWDYOMD GD MH Y REGREMX RG GR OHWD SRVHEQR LQWHQ]LYHQ UD]YRM NRRUGLQDFLMH 1MHQ UD]YRM MH YHáML Y RVPHP NRW Y GH YHWHP OHWX VWDURVWL SRPHPEQR SD MH NRRUGLQDFLMD SR YH]DQD V NRJQLWLYQLPL VSRVREQRVWPL .RRUGLQDFLMD MH WRUHMWHPHOM]DPDQLIHVWDFLMRRVWDOLKPRWRULáQLKVSRVRE QRVWL ÊH SRVHEHM UDYQRWHÌMD IOHNVLELOQRVWL LQ KLWURVWL IUHNYHQFHJLED
5DGR 3LÊRW D MH QD RVQRYL DQDOL]H FHORWQHJD PRWRULáQHJD SURVWRUD ÊHVW LQ SROOHWQLK GHáNRY UD]EUDO GD YHáML GHOHÌ PHG L]ROLUDQLPL VSRVREQRVWPL SULSDGD NRRUGLQDFLMLJLEDQMD]UD]OLáQLPLSRMDYQLPLREOLNDPL7R ODKNR SRPHQL GD VR LPHOH L]EUDQH VSUHPHQOMLYNH Y JODYQHP HQRWHQ SUHGPHW PHUMHQMD R]LURPD GD VH SR MDYOMDSRGREQDPRWRULáQDVSRVREQRVWSULUHDOL]DFLMLYH áLQH JLEDOQLK QDORJ $YWRU XJRWDYOMD GD MH SUL L]YHGEL YVHK PRWRULáQLK QDORJ SRPHPEQD SULVRWQRVW LQIRUPD FLMVNH NRPSRQHQWH JLEDQMD 1D WHM RVQRYL VYRMH GHOR ]DNOMXáXMH ] PQHQMHP GD MH HQD RG SRVHEQRVWL UHJX ODFLMH PRWRULNH RWURND UDYQR YNOMXáHYDQMH NRJQLWLYQH DNWLYQRVWL NL LPD YLGHQ SRPHQ ]D RSWLPDOQR L]YHGER YHáLQH JLEDOQLK QDORJ 7D VH YNOMXáXMH WXGL SUL V WHJD YLGLND QDYLGH]QR QH]DKWHYQLK QDORJDK .RW GUXJR SR VHEQRVWNLMHVVYRMRSULVRWQRVWMRRSR]DUMDODQDVHVNR]L FHORWQRLQWHUSUHWDFLMRVWUXNWXUHPRWRULNHÊHVWLQSROOHWQLK RWURNSD5DGR3LÊRWL]SRVWDYOMDGLPHQ]LMRRSUHGHOMHQR NRW VSRVREQRVW RKUDQMDQMD UDYQRWHÌQHJD SRORÌDMD = ]HOR MDVQR VWUXNWXUR LQ VODER SRYH]DQRVWMR Y PDWULNL NRUHODFLMH IDNWRUMHY VH NDÌH SUL REHK VNXSLQDK PHUMHQ FHY 7DNR áLVWD VWUXNWXUD Y YVHK SRGY]RUFLK SUHG SDU FLDOL]DFLMR LQ SR QMHM ] YLVRNLPL YUHGQRVWPL SURMHNFLM VSUHPHQOMLYNXVPHUMDYUD]PLÊOMDQMHGDMHWRVSHFLILáQD VSRVREQRVWNLLPDSULUHDOL]DFLMLRWURNRYHPRWRULNHSR PHPEQR YORJR 6SUHPHQOMLYNH NL RSUHGHOMXMHMR WR GLPHQ]LMR YPDQLIHVWQHP SURVWRUX NDÌHMRVLFHU QL]NR SRYH]DQRVW V SULEOLÌQR SRORYLFR RVWDOLK VSUHPHQOMLYN NDU QDND]XMH QD GRORáHQR SULVRWQRVW RKUDQMDQMD UDYQR WHÌQHJDSRORÌDMDSULUHDOL]DFLMLQHNDWHULKJLEDOQLKQDORJ 9ODWHQWQHPSURVWRUXPRWRULNHÊHVWLQSROOHWQLKRWURNSD WD GLPHQ]LMD Y QREHQHP SULPHUX QH NDÌH SRPHPEQH SRYH]DQRVWL ] RVWDOLPL L]ROLUDQLPL GLPHQ]LMDPL 1MHQ REVWRM MH SRWUMHQ Y YVHK SR UD]OLáQLK NULWHULMLK HNVWUDN FLMHGREOMHQLKVWUXNWXUDK
2E DQDOL]LUDQMX SUHGVWDYOMHQLK UD]LVNDY LQ ÊWXGLM VWUXNWXUHPRWRULáQHJDSURVWRUDWHUSRVDPH]QLKL]ROLUDQLK GLPHQ]LMVHSULGHGRSRGREQLK]DNOMXáNRY
9HáLQD L]ROLUDQLK IDNWRUMHY LPD QD QDMYLÊML UDYQL GHORYDQMDHQDNRDOL]HORSRGREQRIXQNFLRQDOQRRVQRYR 5HDOL]DFLMDPQRJLK GLPHQ]LM MHÌH QD VHNXQGDUQL UDYQL UHJXOLUDQD ] PHKDQL]PL ]D VWUXNWXULUDQMH JLEDQMD DOL V VRURGQLP PHKDQL]PRP ]D VLQHUJLMVNR UHJXODFLMR LQ UH JXODFLMRWRQXVD7DNR]DSUYHNRWGUXJHSDYHOMDGDMH UHDOL]DFLMD JLEDOQLK QDORJ NL RSUHGHOMXMHMR RPHQMHQH GLPHQ]LMH QD WHUFLDUQL UDYQL UHJXOLUDQD ] HQDNLP PH
KDQL]PRP LQ VLFHU ] PHKDQL]PRP ]D UHJXODFLMR JL EDQMD 8SUDYOMDQMH HQDNHJD PHKDQL]PD SRPHQL YNOMX áHYDQMH HQDNLK DOL SRGREQLK IXQNFLRQDOQLK VLVWHPRY WDNRYFHQWUDOQHPÌLYáQHPVLVWHPXNRWQDSHULIHULML.HU SUHGVWDYOMD ]D RWURND YHáLQD QD YLGH] HQRVWDYQLK PR WRULáQLK QDORJ NRPSOHNVHQ PRWRULáQL SUREOHP VH Y QMLKRYRL]YHGERQDMYHáNUDWYNOMXáXMHUDYQRPHKDQL]HP ]D UHJXODFLMR JLEDQMD 7D SD MH QD QDMQLÌML UDYQL VHVWDYOMHQ L] VSRVREQRVWL JLEDOQH NRRUGLQDFLMH ] YVHPL SRMDYQLPLREOLNDPL
9 UD]ODJL JLEDOQHJD UD]YRMD YHOMD L]SRVWDYLWL WXGL ]DNRQLWRVWLLQGHMDYQLNHRWURNRYHJDFHORVWQHJDUD]YRMD 7XVHQDPSRQXMDMRQHNDWHUDUD]PLÊOMDQMD3RPHQDGDS WDFLMH Y RWURNRYHP UD]YRMX QD YSOLYH RNROMD MH JRWRYR PRJRáH ]D]QDWL Y YVHK SRGVLVWHPLK FHORWQHJD SVLKR VRPDWVNHJDVWDWXVD7XGLUD]YRMPRWRULáQLKVSRVREQRVWL LQRVYDMDQMHJLEDOQLK]QDQMSRWHNDPHGVWDOQR SULVRWQR WHÌQMR SR UD]YRMX LQ ÌHOMR SR RKUDQMDQMX REVWRMHáHJD VWDQMDÉHSUHGHQRWURNGREURXVYRMLILORJHQHWVNRSRJR MHQHJLEDOQHY]RUFHVHÌHSRMDYOMDWHÌQMDSRREYODGDQMX UD]OLáQLK JLEDOQLK VWHUHRWLSRY 6NR]L UD]OLáQH UDYQL RG VWDELOQRVWQH SUHNR ORNRPRWRUQH SD GR PDQLSXODWLYQH VWRSQMH REYODGDQMD GRORáHQH PRWRULáQH VSRVREQRVWL LPDMR SURFHVL QHQHKQHJD UXÊHQMD LQ SRQRYQHJD Y]SR VWDYOMDQMD UDYQRWHÌQHJD SRORÌDMD L]UHGHQ SRPHQ àH SULGHQDNDWHULNROLVWRSQMLUD]YRMDGRORáHQHVSRVREQRVWL SUL L]YHGEL JLEDOQH QDORJH NL VSRVREQRVW GRORáD GR UXÊHQMD UDYQRWHÌQHJD SRORÌDMD MH L]YHGED JLEDOQH QD ORJHPRWHQD DOLFHOR RQHPRJRáHQD 9 QDVSURWQHP SUL PHUX SD VR SRJRML ]D QDWDQáQR L]YHGER QDORJH ]DJR WRYOMHQL 2 WHP VH MH PRÌQR SUHSULáDWL áH VH RSD]XMH RWURNDSULL]YDMDQMXUD]OLáQLKJLEDOQLKQDORJ
5D]OLáQL UD]LVNRYDOFL RWURNRYHJD PRWRULáQHJD SUR VWRUD VR YHáNUDWL]SRVWDYLOL WXGL SRYH]DQRVW PHG PRWR ULáQLPLLQNRJQLWLYQLPLVSRVREQRVWPL1MHQSRPHQVHY UHJXODFLML PRWRULNH UD]ODJD VNR]L IHQRPHQ RWURNRYHJD FHORVWQHJD UD]YRMD +RZDUG *DUGQHU Y VYRML 7HRULML R YHá LQWHOLJHQFDK Y NDWHUL UD]JODEOMD R UD]
VHÌQRVWLK áORYHNRYHJD XPD PHG GUXJLPL RSUHGHOMXMH WXGLWHOHVQRJLEDOQRLQWHOLJHQFR3UHGVWDYOMDMRNRW]PRÌ QRVWXSRUDEHODVWQHJDWHOHVDQDUD]OLáQHVSUHWQHQDáLQH LQ]PRÌQRVWVSUHWQHJDUDYQDQMDVSUHGPHWL7XGL%DUWOHW SRY]HWRSR*DUGQHUSRXGDUMDSRPHQRPHQMHQLK SRYH]DY SUL JLEDOQL DNWLYQRVWL 7UGL GD ]D YHOLN GHO WLVWHJD áHPXU VH RELáDMQR UHáH PLÊOMHQMH YHOMD LVWR QDáHORNRWVRJDVWURNRYQMDNLUD]NULOLSULRáLWQRIL]LáQLK GRND]RYDQMLKJLEDOQLKVSUHWQRVWL7XGLXJRWRYLWYHQHYUR SVLKRORJRY ODKNR SRGNUHSLMR WR SRYH]DQRVW NL MH SUL RWURNXÊHWROLNREROMSULVRWQD5RJHU6SHUU\SRY]HWRSR
*DUGQHU MH Y VYRMLK UD]LVNRYDQMLK YNOMXáHYDQMD PRÌJDQVNLK KHPLVIHU SUL PRWRULáQL DNWLYQRVWL RSR]RULO GDMHWUHEDXPVNHGHMDYQRVWLREUDYQDYDWLNRWVUHGVWYR]D L]YUÊHYDQMH GHMDQM 0RÌJDQVNH SURFHVH VH WRUHM MHPOMH NRWVUHGVWYRVSRPRáMRNDWHUHJDVHYPRWRULáQRYHGHQMH YQHVH GRGDWQR VWRSQMR SRGUREQRVWL SRYHáDQR XVPHU MHQRVWSURWLFLOMHPLQYHáMRVSORÊQRSULODJRGOMLYRVW=DWR
MHWUHEDSULRWURNXUD]YRMPRWRULáQLKVSRVREQRVWLMHPDWL EROMVSORÊQRLQQHOHYSRYH]DYLVWHOHVQLPLGHMDYQRVWPL WHPYHá RE XSRÊWHYDQMX YVHK YUVW VSR]QDYQLK RSHUDFLM
*DUGQHU
$3/,.$7,91(5$=,6.$9(2752.29(
352672Ý$61(*,%$/1(Æ32571($.7,91267, 2E SUHXáHYDQMX WHPHOMQLK UD]LVNDY RWURNRYHJD PR WRULáQHJD SURVWRUD LQ QMHJRYL SRYH]DQRVWL ] RVWDOLPL SRGVLVWHPL SVLKRVRPDWVNHJD VWDWXVD SD MH SRPHPEQR SR]RUQRVW XVPHULWL WXGL QD GHMDYQLNH NL XVPHUMDMR RWURNRYUD]YRM1DUD]YRMJLEDOQLKVSRVREQRVWLLQ]QDQM YSOLYD YHá IDNWRUMHY LQ VLFHU SULURMHQL GHMDYQLN LPH QRYDQGLVSR]LFLMHDOLGHGQRVWRNROMHLQVDPRGHMDYQRVW 1DYHGHQL GHMDYQLNL VR Y WHVQL LQWHUDNFLML YVL WULMH VR SRPHPEQL GD áORYHNRY UD]YRM QDSUHGXMH Y YLÊMH UD]
YRMQH ID]H .HU VR PRWRULáQL SRWHQFLDOL Y YHOLNL PHUL GHGQLREVWDMDSRJODYLWQLLQWHUHV UD]LVNRYDOFHY ]ODVWL QD SRGURáMX SUHXáHYDQMD YSOLYD VRFLDOQHJD RNROMD 'RVOHM VR QD SULPHU XJRWRYLOL GD VR ]ODVWL REáXWOMLYHMÊH PRWR ULáQH VSRVREQRVWL NL VR ]HOR RGYLVQH RG UHJXODWLYQLK PHKDQL]PRYFHQWUDOQHJDÌLYáQHJDVLVWHPDYSRPHPEQL VRRGYLVQRVWLVVRFLDOQLPVWDWXVRPNLJDMHRWURNGHOHÌHQ 3HWURYLß6WUHO$PEURÌLá6RFLDOQLVWDWXVVWDUÊHY YSOLYDQDRWURNRYRJLEDOQRÊSRUWQRDNWLYQRVWLQVWHPQD UD]YRM PRWRULáQLK VSRVREQRVWL 7DNR RWURFL NL ÌLYLMR Y PDQMÊLKNUDMLKDOLREREUREMXYHOLNLKDJORPHUDFLMNDWH ULK SRORÌDM VWDUÊHY QD L]REUD]EHQL OHVWYLFL MH QLÌML LQ ] QLÌMLP SURIHVLRQDOQLP VWDWXVRP QLPDMR WLVWLK PRÌQRVWL ]DXNYDUMDQMH]JLEDOQLPLÊSRUWQLPLDNWLYQRVWPLNRWQML KRYLVWDWXVQREROMÊLYUVWQLNL'HMVWYRMHGDWXGLRWURN]
RGOLáQLPL GHGQRVWQLPL ]DVQRYDPL OHWHK QH ER PRJHO UD]YLWL áH QH ER LPHO SULORÌQRVWL ]D WR 3UYL SRJRM ]D UD]YRM JLEDOQLK VSRVREQRVWL MH WDNR ]DGRVWQD NROLáLQD JLEDOQHÊSRUWQHDNWLYQRVWL
=DWR QH SUHVHQHáD NDU SUHFHMÊQMH ÊWHYLOR UD]LVNDY Y VYHWX LQ Y VORYHQVNHP SURVWRUX NL VH SRVYHáDMR DQDOL ]LUDQMX RWURNRYH SURVWRáDVQH JLEDOQHÊSRUWQH DNWLYQRVWL ] YLGLND SRJRVWQRVWL YVHELQH LQ REOLNH XGHMVWYRYDQMD 6HYHGDSDVRWHUD]LVNDYHQRYHMÊHLQÊH]GDOHáQHWDNR ÊWHYLOáQHNRWUD]LVNDYHRWURNRYHJDPRWRULáQHJDSURVWRUD DOL SD NRW UD]LVNDYH SURVWRáDVQH JLEDOQHÊSRUWQH DNWLY QRVWL RGUDVOLK 3HWURYLß HW DO 'RVHGDQMH XJRWRYLWYH UD]LVNRYDOFHY NL VR SUHXáHYDOL RWURNRYR JL EDOQRÊSRUWQR DNWLYQRVW NDÌHMR GD REVWDMDMR UD]OLNH PHG RWURNL YJLEDOQLÊSRUWQL DNWLYQRVWL QDMYHáNUDW JOHGH QD VSRO VWDURVW NUDMHYQR SRGURáMH ELYDQMD VRFLDOQR HNRQRPVNL VWDWXV GUXÌLQH LQ ÊLUÊH GUXÌEHQR RNROMH 3HWURYLß6WUHO$PEURÌLá3HWNRYÊHN 7RÊNDQ 0DNXF =XUF -H ORYáDQ 3LÊRW ËHUMDO -XUDN HW DO 3LÊRW
=XUF 3LÊRW HW DO *UH ]D YSOLY VRFLDOQRGHPRJUDIVNLK NDUDNWHULVWLN R]LURPD RNROMD QD ]QDáLOQRVWLRWURNRYHJLEDOQHÊSRUWQHDNWLYQRVWL9QDGD OMHYDQMX VH YVHELQD áODQND RSLUD QD L]VOHGNH RVUHGQMLK
ÊWXGLM JLEDOQHÊSRUWQH DNWLYQRVWL RWURN NL VR ELOH QD UHMHQHYVORYHQVNHPSURVWRUX
/HWDMH.UHÊLPLU3HWURYLßVVRGHODYFLYUD]LVNDYL 0RWRULßQR QDMXVSHÈQHMÈL LQ PRWRULßQR RJURÊHQL XßHQFL LQ XßHQNH RVQRYQLK ÈRO 65 6ORYHQLMH ] YLGLND VWUDWL ILNDFLMVNLKLQVRFLDOL]DFLMVNLKGHMDYQLNRYWHUSRJRMHYÈR ODQMDLQÈROVNHJDRNROMDUD]LVNDOWXGL L]YHQÊROVNR JLEDO QRÊSRUWQRDNWLYQRVWXáHQFHYLQXáHQN]DGQMHJDUD]UHGD RVQRYQH ÊROH 5D]LVNDYRVR RSUDYLOL QD PHUMHQFLK NL VR MLK QD RVQRYL XJRWRYLWHY R GRVHÌHQLK PRWRULáQLK VSRVREQRVWLKUD]GHOLOLYÊWLULVNXSLQHLQVLFHUQDPRWR ULáQRQDMEROMVSRVREQHXáHQNHPRWRULáQRQDMEROM VSRVREQH XáHQFH PRWRULáQR QDMPDQM VSRVREQH XáHQNH LQ PRWRULáQR QDMPDQM VSRVREQH XáHQFH
$YWRUMLVRXJRWRYLOLGD]DYHáNRWPRWRULáQR QDMVSRVREQHMÊLK XáHQFHY LQ XáHQN SURJUDP ÊSRUWQH Y]JRMHYÊROLQHSUHGVWDYOMDHGLQHJLEDOQHÊSRUWQHDNWLY QRVWL PHGWHP NR MH SUL PRWRULáQR QDMPDQM VSRVREQLK SUDYLORPD HGLQD REOLND JLEDOQHÊSRUWQH DNWLYQRVWL 9 RUJDQL]LUDQHREOLNHYDGEHYÊROVNLKÊSRUWQLKGUXÊWYLKVH MHYNOMXáHYDORWDNRPRWRULáQRQDMXVSHÊQHMÊLKXáHQ FHY LQ PRWRULáQR QDMXVSHÊQHMÊLK XáHQN WHU VDPR PRWRULáQRQDMPDQMVSRVREQLK9ÊSRUWQHNOXEHLQ ÊSRUWQD GUXÊWYD L]YHQ ÊROH MH ELORYNOMXáHQLK QHNDM YHá NRW PRWRULáQR QDMVSRVREQHMÊLK LQ VDPR PR WRULáQR QDMPDQM VSRVREQLK PRWRULáQR QDMVSRVRE QHMÊLKXáHQFHYLQQDMVSRVREQHMÊLKXáHQNVHMHWDNR JLEDOQRÊSRUWQR XGHMVWYRYDOR QD WHGHQ ÊHVW DOL YHá XU YNOMXáQR ] XUDPL ÊROVNH ÊSRUWQH Y]JRMH 0RWRULáQR RJURÌHQL XáHQFL LQ XáHQNH SD VR VH Y SRYSUHáMX XNYDUMDOL V ÊSRUWRP SR GYH XUL QD WHGHQ .DU ]DGHYD XNYDUMDQMH V ÊSRUWQLPL]YUVWPL VR UH]XOWDWL SRND]DOL GD SULXáHQFLKJOHGHQDUD]YLWRVWPRWRULáQHVSRVREQRVWLQL ELVWYHQLKUD]OLN9VLVRVHQDMYHáXNYDUMDOL]QRJRPHWRP DOSVNLP VPXáDQMHP LQ NRÊDUNR 'UXJDáH SD MH ELOR SUL XáHQNDK 0RWRULáQR QDMXVSHÊQHMÊH VR VH XNYDUMDOH QDMYHá ] DWOHWLNR NRÊDUNR DOSVNLP VPXáDQMHP LQ RG ERMNR 0RWRULáQR RJURÌHQH SD QDMYHá ] URNRPHWRP NRÊDUNRRGERMNRLQSODYDQMHP 3HWURYLß 6WUHO $PEUR ÌLá6OHGQMHVRQDMYHUMHWQHMHÊSRUWQH]YUVWLNLVR MLKELOHYQDMYHáMLPHULGHOHÌQHSULSRXNXÊSRUWQHY]JRMH YÊROL
3RJRVWQRVWLQRUJDQL]LUDQRVWJLEDOQHÊSRUWQHDNWLYQR VWL RWURN Y RVQRYQL ÊROL MH XJRWDYOMDOD WXGL 0HWD 3HW NRYÊHNOHWD5D]LVNDYRMHL]YHGODQDRWURFLKÊWLULK FHORGQHYQLKRVQRYQLKÊROQDRÌMHPREPRáMX/MXEOMDQH LQÊWLULKVÊLUÊHJDSRGURáMD/MXEOMDQH8JRWRYLODMHGDVH WUL áHWUWLQH XáHQFHY LQ XáHQN áHWUWHJD UD]UHGD SRJRVWR XNYDUMDVÊSRUWRPL]YHQSRXNDHQDáHWUWLQDSDNDUYVDN GDQRWURNNLVRELOLL]NOMXáQRL]ÊRO]XQDM/MXEOMDQH VHMHRSUHGHOLOR]DJLEDOQRÊSRUWQRQHDNWLYQH1DGDOMHMH DYWRULFD XJRWRYLOD GD VH GHáNL XNYDUMDMR V ÊSRUWRP SRJRVWHMH LQ Y EROM RUJDQL]LUDQL REOLNL NRW GHNOLFH LQ PHVWQLRWURFLSRJRVWHMHWHUYEROMRUJDQL]LUDQLREOLNLNRW QMLKRYL YUVWQLNL QD SRGHÌHOMX 3HWNRYÊHN 'RE OMHQL UH]XOWDWL VR ]HOR SRGREQL UH]XOWDWRP NL MLK MH
DYWRULFD GRELOD SUL SUHXáHYDQMX JLEDOQHÊSRUWQH DNWLY QRVWL VUHGQMHÊROVNH LQ YLVRNRÊROVNH PODGLQH 3HWNRYÊHN =DWR 0HWD 3HWNRYÊHN PHQL GD WL UH]XOWDWLNDÌHMR GDVH PRGHO REQDÊDQMD NLVH REOLNXMH SULRWURFLKYLVWLVPHULUD]YLMDGRáORYHNRYH]UHORVWLLQ VHQDGDOMXMHWXGLYRGUDVORVWL
1DY]RUFXáHWUWRÊROFHYLQáHWUWRÊRONREáLQH.RSHUMH
%DUEDUD0DNXFOHWDSULÊODGRSRGREQLKXJRWRYLWHY 5H]XOWDWL VR SRND]DOL GD VH YHáLQD RWURN Y SUR VWHP áDVX YVDN GDQ XNYDUMD V ÊSRUWRP 5D]OLNH PHG GHNOLFDPL LQ GHáNL VR ELOH RSD]QH SUL YáODQMHQRVWL Y RUJDQL]LUDQH REOLNH JLEDOQLKÊSRUWQLK GHMDYQRVWL LQ Y L]ELULÊSRUWQH]YUVWL'HáNLVRVHEROMRUJDQL]LUDQRJLEDO QRÊSRUWQRXGHMVWYRYDOLLQVLFHUQDMYHá]QRJRPHWRPLQ NRÊDUNR ÉSRUWQH ]YUVWL GHNOLF SD VR ELOH SODYDQMH RGERMNDLQNROHVDUVWYR0DNXF
1DSRGURáMXJRUHQMVNHUHJLMHMH-RFD=XUFQD Y]RUFXáHWUWRÊROFHYLQáHWUWRÊRON]DQNHWQLPYSUD ÊDOQLNRPNLMHELOVHVWDYOMHQQDRVQRYLUH]XOWDWRYÊWXGLM ÉSRUWQRUHNUHDWLYQDGHMDYQRVWY6ORYHQLML3HWURYLß HWDOLQÉSRUWQRUHNUHDWLYQDGHMDYQRVWY6ORYHQLML 3HWURYLßHWDOXJRWRYLODGDVHGREULGYH WUHWMLQL DOL JRUHQMVNLK áHWUWRÊROFHY LQ áHWUWRÊRON L]YHQ SRXND XNYDUMD V ÊSRUWRP YVDM GYDNUDW QD WHGHQ 6ODEH WUL áHWUWLQH DOL MH ELOR YNOMXáHQLK Y RUJD QL]LUDQHREOLNHÊSRUWQLKGHMDYQRVWL3RYVHPÊSRUWQRQH DNWLYQLKMHELORGHáNRYLQGHNOLFDOLVNXSDM YVHKPHUMHQFHY1DGDOMHVRUH]XOWDWLSRND]DOLGD ]QDUDÊáDQMHPUHGQRVWLLQRUJDQL]LUDQRVWLJLEDOQHÊSRUW QHDNWLYQRVWLNRQWLQXLUDQRQDUDÊáDRGVWRWHNGHáNRYLQVH ]QLÌXMH RGVWRWHN GHNOLF 2WURFL Y JRUHQMVNL UHJLML VR VH QDMYHá XNYDUMDOL V KRMR SODQLQDUMHQMHP EDGPLQWRQRP SODYDQMHP LQ WHNRP %LVWYHQLK UD]OLN PHG VSRORPD QL ELOR 'HNOLFH VR SRND]DOH QHNROLNR YHáML LQWHUHV ]D GUVDQMH LQ SOHV GHáNL SD ]D URODQMH LQ ERULOQH ÊSRUWH 'REOMHQL UH]XOWDWL VR ]HOR ]DQLPLYL WXGL ] YLGLND PRÌ QRVWL ]D RUJDQL]LUDQR JLEDOQRÊSRUWQR XGHMVWYRYDQMH QD RVQRYQLK ÊRODK 9 UD]LVNDYL QDUHMHQL QD LVWLK RVQRYQLK ÊRODK JRUHQMVNH UHJLMH MH ELOR XJRWRYOMHQR GD MH QD REUDYQDYDQLKRVQRYQLKÊRODKQDMYHáPRÌQRVWL]DXNYDU MDQMH]HNLSQLPLÊSRUWLNRÊDUNDRGERMNDURNRPHWQR JRPHWQDWRVVSORÊQRYDGERSOHVRPLQSODQLQDUMHQMHP
$WOHWLND LQ EDGPLQWRQ NRW GYH L]PHG QDMEROM SULOMXEOMHQLK JLEDOQLKÊSRUWQLK DNWLYQRVWL VWD VH XYUVWLOD ÊHOH QD GHVHWR R]LURPD HQDMVWR PHVWR SR SRJRVWQRVWL SRQXGEH3LÊRW=XUF
*LXOLDQD-HORYáDQ5DGR3LÊRWLQ,JRUËHUMDOVR QD Y]RUFX PHUMHQFHY RVQRYQRÊROVNLK RWURN VWDULK RGGROHW]REDOQHJDOMXEOMDQVNHJDLQPDULERUVNHJD REPRáMD XJRWRYLOL GD REVWDMDMR UD]OLNH Y ]QDáLOQRVWLK JLEDOQHÊSRUWQHDNWLYQRVWLPHGUD]OLáQRVWDULPLPHUMHQFL 7DNR MH ELOR OHWQLNRY OHWQLNRY LQ OHWQLNRY YáODQMHQLK Y RUJDQL]LUDQH REOLNH JLEDOQLKÊSRUWQLK DNWLYQRVWL 'HáNL VR ELOL SUHGYVHP DNWLYQLYNROHNWLYQLKÊSRUWLK1DSUYRPHVWRVRSRVWDYLOL QRJRPHW LQ QD GUXJR PHVWR NRÊDUNR 'HNOLFH SD VR VH
RGORáDOHSUHGYVHP]DÊSRUWQHSDQRJHNMHUMHYVHSRG UHMHQRSRMPXOHSRWHORJLEDQMHJODVEDREODáHQMH9 YUKX VWD ELOL WDNR ÊSRUWQL ]YUVWL SOHV LQ ÊSRUWQD JLPQD VWLND2WURFLVRL]EUDOLUD]OLáQLKÊSRUWQLKSDQRJNOMXE WHPX SD QH PRUHPR PLPR GHMVWYD GD RWURN QL ELOR YNOMXáHQLK Y QREHQR REOLNR RUJDQL]LUDQH SURVWR áDVQH JLEDOQHÊSRUWQH GHMDYQRVWL $YWRUML VR QDGDOMH XJRWRYLOLGDREVWDMDMRUD]OLNHYJLEDOQLÊSRUWQLDNWLYQRVWL PHG UD]OLáQR VWDULPL RWURNL LQ VLFHU OHWQL RWURFL Y SURVWHPáDVXPDQMKRGLMRLQNROHVDULMRNRWLQOHWQL DQNHWLUDQFL .DU OHWQLNRY QLNROL QH NROHVDUL
=DQLPLYRSDOHWQLRWURFLQDMPDQMáDVDSUHVHGLMRSUHG WHOHYL]LMR Y SULPHUMDYL ] RVHPOHWQLPL LQ GHYHWOHWQLPL 0DQMÊR JLEDOQRÊSRUWQR DNWLYQRVW OHWQLK RWURN VR DYWRUMLWDNRSULSLVDOLVHGHQMX]DÊROVNLPLNQMLJDPL
*OHGHXJRWDYOMDQMDUD]OLNYSURVWRáDVQLJLEDOQLÊSRUW QL DNWLYQRVWL SR VSROX VWD QD Y]RUFX OHWQLK RWURN 5HSXEOLNH 6ORYHQLMH 5DGR 3LÊRW LQ -RFD =XUF XJRWRYLOD GD REVWDMDMR VWDWLVWLáQR]QDáLOQH UD]OLNH PHG GHNOLFDPLLQGHáNLYSRJRVWQRVWLNROHVDUMHQMDLQVLFHUVR PHUMHQFL EROM SRJRVWR NROHVDULOL Y SULPHUMDYL ] PHUMHQ NDPL WHU Y L]ELULYUVWH RUJDQL]LUDQHÊSRUWQH SDQRJH 3UL GHáNLKVWDELODQDSUYLKPHVWLKQRJRPHWLQNRÊDUNDSUL GHNOLFDKSDSOHVLQJLPQDVWLND(NLSQDÊSRUWQD]YUVWNL VH MH SUL GHNOLFDK HGLQD XYUÊáDOD PHG QDMSRSXODUQHMÊR GHVHWHULFRMHELODRGERMND
5D]OLNHPHG VSRORPD YJLEDOQLÊSRUWQL DNWLYQRVWL VR ELOH SUHXáHYDQH WXGL Y áDVX SROHWQLK SRáLWQLF 1D Y]RUFX RVQRYQRÊROVNLK RWURN VUHGQMHÊROFHY LQ XQLYHU]LWHWQLK ÊWXGHQWRY 5HSXEOLNH 6ORYHQLMH MH ELORXJRWRYOMHQRGDVHGHáNLYáDVXSROHWQLKSRáLWQLFY YHáMLPHULRGORáDMR]DXGHMVWYRYDQMHYHNLSQLKÊSRUWLK PHGWHP VR GHNOLFH UDMH L]ELUDMR LQGLYLGXDOQH ÊSRUWQH SDQRJHNLYNOMXáXMHMRPDQMWHOHVQHJDNRQWDNWDLQPDQM PLÊLáQH VLOH 8JRWRYOMHQR MH ELOR WXGL GD VH GHáNL VWD WLVWLáQR ]QDáLOQR EROM SRJRVWR XNYDUMDMR V ÊSRUWRP Y SULPHUMDYL V VYRMLPL VRYUVWQLFDP Y YVHK SUHXáHYDQLK VNXSLQDK 7HPX QDVSURWQR SD MH ELOR GRND]DQR GD RVQRYQRÊRONH LQ GLMDNLQMH YHá áDVD SUHVHGLMR RE WHOH YL]LMVNHPHNUDQX-XUDNHWDO
*LEDOQDÊSRUWQD DNWLYQRVW MH ELOD GRVOHM SUHXáHYDQD WXGLQDY]RUFXSUHGÊROVNLKRWURN1DREPRáMXNRSUVNHJD 3ULPRUMDMHELORQDY]RUFXÊHVWLQVHGHPOHWQLKRWURN XJRWRYOMHQRGDRWURFLVLFHUNDÌHMRYHOLNR]DQLPDQMD]D ÊSRUWQD GRJDMDQMD YHQGDU MLK YHá NRW SRORYLFD QH RE LVNXMHRUJDQL]LUDQLKREOLNÊSRUWQRUHNUHDWLYQLK GHMDYQR VWL 5H]XOWDWL VR SRND]DOL WXGL SRPHPEQH UD]OLNH Y SRQXGELRUJDQL]LUDQLKÊSRUWQRUHNUHDWLYQLKGHMDYQRVWLLQ GHMDQVNLP XNYDUMDQMHP RWURN ] RUJDQL]LUDQLPL ÊSRUWQR UHNUHDWLYQLPLGHMDYQRVWPLPHGRWURNLL]PHVWD.RSHULQ RWURNLL]SUHGPHVWMD$QNDUDQ9PHVWQLÊROLLQYUWFXVH MHYHáRWURNXNYDUMDOR]RUJDQL]LUDQLPLJLEDOQLPLÊSRUW QLPL DNWLYQRVWPL NRW Y SUHGPHVWMX 'HNOLFH NL VR ELOH YNOMXáHQHYRUJDQL]LUDQHREOLNHGHMDYQRVWLVRYHáLQRPD RELVNRYDOH SOHVQR ÊROR QDMYHá GHáNRY SD MH ELOR YNOMXáHQLKYVPXáDUVNRÊROR0HGGHáNLLQGHNOLFDPLVR
REVWDMDOH WXGL UD]OLNH Y NROLáLQL RUJDQL]LUDQHJD JLEDO QHJDÊSRUWQHJD XGHMVWYRYDQMD 'HNOLFH SRYSUHáQR HQ NUDW QD WHGHQ VR VH XNYDUMDOH V ÊSRUWRP RSD]QR PDQM NRWGHáNLVNRUDMYVDNGDQ1DMPDQMVRVHJLEDOQRÊSRUW QR XGHMVWYRYDOH Y RUJDQL]LUDQL REOLNL GHNOLFH L] SUHG PHVWMD7RÊNDQ
1RYHMÊD ÊWXGLMD QDUHMHQD QD SUHGÊROVNLK RWURFLK QDREPRáMX.RSUD3LÊRWHWDONLMHXJRWDYOMDOD JLEDOQRÊSRUWQR DNWLYQRVW ÊWLUL GR SHWOHWQLK WHU SHW GR VHGHPOHWQLKRWURNVNR]LÊWLULPHVHFHLQVLFHUIHEUXDUMD PDUFDDSULODLQPDMDMHSRND]DODGDSUHGÊROVNLRWURFL QH JOHGH QD VWDURVW UDGL L]YDMDMR JLEDOQHÊSRUWQH DNWLY QRVWL Y YUWFX GRPD LQ QD SURVWHP ,]YHGED JLEDOQLK ÊSRUWQLKDNWLYQRVWLYYUWFXMHSRRFHQLVWDUÊHYSULSHWGR VHGHPOHWQLK RWURFLK ÊH QHNROLNR YLÊMD NRW SUL ÊWLUL GR SHWOHWQLK SUL REHK VWDURVWQLK VNXSLQDK SD RGVWRWHN SRJRVWQRVWL XSDGD RG IHEUXDUMD GDOMH LQ MH QDMQLÌML Y PHVHFX PDMX 3RGREQL UH]XOWDWL VR VH SRND]DOL SUL L]
YHGELJLEDOQHÊSRUWQHDNWLYQRVWLQDSURVWHP6OHGQMRREH VWDURVWQLNDWHJRULMLRWURNÊHUDMHL]YDMDMRLQVLFHUQDMUDMH IHEUXDUMD QDWR SD RGVWRWHN SDGD GR PHVHFD PDMD
$YWRUMLVRGREOMHQHUH]XOWDWHSULSLVDOLYHOLNLRVYHÊáHQRVWL VWDUÊHY ]DJLEDOQRÊSRUWQR DNWLYQRVW QMLKRYLK RWURN .DU VH MH RGUDÌDOR WXGL Y SR]LWLYQHP PQHQMX VWDUÊHY R L]
YHGELWRYUVWQLKUD]LVNRYDOQLKSURMHNWRYYYUWFLK
1DRVQRYLQDYHGHQHJDVHODKNRVNOHSDGDREVWDMDMR UD]OLNHPHGRWURFLY ]QDáLOQRVWLKJLEDOQHÊSRUWQH DNWLY QRVWL WDNR JOHGH QD VSRO VWDURVW LQ NUDMHYQR REPRáMH 9VHP SD MH VNXSQD UGHáD QLW GD VH RWURFL Y YHáLQL XNYDUMDMR ] JLEDOQLPLÊSRUWQLPL DNWLYQRVWPL GRYROM UHG QRGDLPDOHWDODKNRSR]LWLYHQYSOLYQDQMLKRYUD]YRM
=DQHPDULWLSDQHYHOMDWXGLWLVWLKRGVWRWNRYRWURNNLVH]
JLEDOQLPLÊSRUWQLPL DNWLYQRVWPL VSORK QH XNYDUMDMR DOL SDQLVRYNOMXáHQLYRUJDQL]LUDQHREOLNHSURVWRáDVQLKJL EDOQLKÊSRUWQLK GHMDYQRVWL NL VR SR L]YHGEL QDMNYDOL WHWQHMÊH 9 ERGRáH MH SRWUHEQR ] DQDOL]R VWDQMD LVNDWL Y]URNH ]DNDM MH WHPX WDNR 2SR]RULWL SD YHOMD WXGL QD UD]QROLNRVWUH]XOWDWRYUD]OLáQLKÊWXGLMNDUYHOMDSULSLVDWL NUDMHYQRVSHFLILáQLPY]RUFHPPHUMHQFHYQSUOMXEOMDQ VNR REPRáMH NRSUVNR 3ULPRUMH JRUHQMVND UHJLMD 3HW NRYÊHN7RÊNDQ0DNXF=XUF VSHFLILáQL VWDURVWL PHUMHQFHY -HORYáDQ 3LÊRW ËHUMDO VSROXPHUMHQFHY3LÊRW=XUFDOLSDVDPR GRORáHQHPXáDVRYQHPXREGREMXPHUMHQMDQSUYáDVX SROHWQLKSRáLWQLF-XUDNHWDO1DYHGHQRSRWUMXMH YSOLYLQSRPHQVRFLDOQLKNDUDNWHULVWLNRNROMDYNDWHUHP RWURNÌLYLQMHJRYHJDVSRODLQVWDURVWLQDNROLáLQRREOLNR LQYVHELQRSURVWRáDVQHJLEDOQHÊSRUWQHDNWLYQRVWL
=$./-8Ý(.
1DYHGHQD UD]PLÊOMDQMD LQ UD]LVNRYDOQH XJRWRYLWYH VDPRSRWUMXMHMRGHMVWYRGDMHSULREUDYQDYLRWURNRYHJD JLEDOQHJDUD]YRMDYSOLYRNROMDL]UHGQRPRáDQ2E WHP SDVH]DUDGLÊHWUDMDMRáHJDSURFHVDPLHOLQL]DFLMHÌLYáQLK SRWL LQ FHQWURY WHU SRVOHGLáQR ÊH QH QDWDQáQR RSUH GHOMHQLKRGJRYRUQLKPHKDQL]PRYUHJXODFLMHJLEDQMDQH PRUH]JRWRYRVWMRRSUHGHOLWLNDWHUDRGPRWRULáQLKVSR VREQRVWL SUHY]HPD RGJRYRUQRVW SUL PHQLIHVWDFLML GROR áHQLKJLEDOQLKQDORJ
=QDQMDLQVSRVREQRVWLVHYUHDOL]DFLMLNDWHUHJDNROLÊH ]ODVWL ]DKWHYQHMÊHJD JLEDOQHJD SURJUDPD ÊH L]UHGQR GRSROQMXMHMR 3UL áHPHU MH SULVRWHQ WXGL YSOLY GUXJLK ODWHQWQLK GLPHQ]LM SVLKRVRPDWVNHJD VWDWXVD DQWURSR PHWULMVNLK NDUDNWHULVWLN áXVWHY VRFLDOQHJD LQ NRJQLWLY QHJD SURVWRUD NL UDYQR WDNR SRPHPEQR YSOLYDMR QD UH]XOWDW R]LURPD UHÊLWHY JLEDOQH QDORJH 7D GHMVWYD ]D KWHYDMR RG QDV L]UHGQR RGJRYRUQRVW GR LQWHUSUHWDFLMH SRGDWNRY LQ GRYROMÊQR PHUR ]DGUÌDQRVWL SUL XSRUDEL GREOMHQLK UH]XOWDWRY Y VPLVOX SUHGLNFLMH 5D]LVNRYDQMD WHJD SRGURáMD VR NRW ÌH QDYHGHQR QXMQR SRWUHEQD LQ ]DÌHOHQD SRPHPEQR SD MH GHMVWYR NDNR VH GREOMHQH UH]XOWDWHLQWHUSUHWLUDLQYNDNÊQHQDPHQHVHMLKXSRUDEL 3UDYJRWRYRSD SRPHQL YHOLN GRSULQRV K NLQH]LRORÊNLP ]QDQRVWLPNLREUDYQDYDMRRWURNDLQPODGRVWQLNDYVDND QDGDOMQMD UD]LVNDYD NL VNXÊD SRLVNDWL QRYH ]DNRQLWRVWL RWURNRYHJD UD]YRMD LQ UD]YLWL QRYH PHULOQH PHWRGH LQ SRVWRSNH]YHáMRREMHNWLYQRVWMRLQ]DQHVOMLYRVWMR
9SULVSHYNXMHELODÌHOMDRSR]RULWLQDRGJRYRUQRVWNL MR LPDMR UD]LVNRYDOFL LQ XSRUDEQLNL UD]LVNRYDOQLK XJR WRYLWHYSULREUDYQDYLRWURNDLQVSRGEXGLWLYVHNLRWURND WDNR DOL GUXJDáH REUDYQDYDMR DOL ] QMLP GHODMR GD VH SRJORELMRYSRVHEQRVWLNLRWURNDORáLMRRGRGUDVOHJD7H SRVHEQRVWLGDMHMRYVDNHPXRWURNXSRVHEHQVWDWXV]DUDGL NDWHUHJDVRJDRGUDVOLGROÌQLMHPDWLNRWVSUHPHQOMLYHJD LQ JD QLPDMR SUDYLFH VRGLWL R]LURPD RSUHGHOMHYDWL QD RVQRYLWUHQXWQLKGHMDQM
3RVHEHQ SRPHQ SD LPDMR WH LQIRUPDFLMH SUL REOL NRYDQMXSURJUDPRYLQYVHELQNLMLKMH RWURN GHOHÌHQ Y ]JRGQMHPÊROVNHPREGREMXWHUSULL]ELULQDáLQDGHODNL JD MH GHOHÌHQ =DWR MH QXMQR GD VR ] RPHQMHQLPL SR VHEQRVWPL RWURNRYHJD UD]YRMD GR NDWHUHJD VR SULÊOH LQ SULKDMDMR WHPHOMQH LQ DSOLNDWLYQH ]QDQVWYHQH UD]LVNDYH VH]QDQMHQLYVLNLVRYVDNRGQHYQRYVWLNX]RWURNRPLQ QDQMYSOLYDMR*UH]DVSUHMHPDQMHXSRÊWHYDQMH LQ XYD MDQMH WHRUHWVNLK VSR]QDQM SUL GHOX Y SUDNVL VDM MH WR SRPHPEQR L]KRGLÊáH ]D ]DJRWDYOMDQMH NDNRYRVWQHJD SURFHVD GHOD ] RWURNRP QD YVHK SUHGPHWQLK SRGURáMLK Y]JRMQRL]REUDÌHYDOQHJDGHOD
&+,/'5(16+2/,67,&'(9(/230(175(6($5&+(6$67+(02725632576 ','$&7,&6)281'$7,21
5DGR3,Ç27
8QLYHUVLW\RI3ULPRUVND)DFXOW\RI(GXFDWLRQ6,.RSHU&DQNDUMHYDXOLFD 8QLYHUVLW\RI3ULPRUVND6FLHQFHDQG5HVHDUFK&HQWUH.RSHU6,.RSHU*DULEDOGLMHYD
HPDLOUDGRSLVRW#SHIXSUVL -RFD=85&
8QLYHUVLW\RI3ULPRUVND6FLHQFHDQG5HVHDUFK&HQWUH.RSHU6,.RSHU*DULEDOGLMHYD HPDLOMRFD]XUF#]UVNSVL
6800$5<
7KH VWXGLHV RQ WKH FRXUVH DQG WKH G\QDPLFV RI WKH FKLOGV PRWRU GHYHORSPHQW DQG LWV LQIOXHQFH RQ WKH GHYHORSPHQWRIRWKHUDUHDVRIWKHSV\FKRVRPDWLFVWDWXVDUHDPRQJWKHFHQWUDOWKHPHVRIWKHNLQHVLRORJLFDOUHVHDUFK 7KH UHVHDUFK ILQGLQJV VR IDU VXJJHVW WKDW UHVWULFWLQJ DQG QDUURZLQJ RI WKH PRWRU DFWLYLW\ DW WKH HDUO\ VWDJHV RI WKH FKLOGVGHYHORSPHQWKDVQHJDWLYHFRQVHTXHQFHVRQKLVGHYHORSPHQWRQWKHVXEVHTXHQWVWDJHV2QFRQWUDU\YDULHW\
RIPRWRUH[SHULHQFHVUHVXOWVLQDLQFUHDVHGPRWRUFDSDFLW\DQGDWWKHVDPHWLPHLWUHVXOWVLQDFKLOGVSURJUHVVLQJRQ WKHFRJQLWLYHVRFLDODQGHPRWLRQDODUHDRIKLVSHUVRQDOLW\7KHIDFWLVWKDWWRROLWWOHPRWRUVSRUWVDFWLYLW\RUDWRWDO ODFNRIWKHPRWRUVSRUWVDFWLYLW\LQWKHFKLOGVDQGDGROHVFHQWVGHYHORSPHQWFDQQRWEHFRPSOHWHO\FRPSHQVDWHGIRU ODWHU LQ OLIH VLQFH WKH LPSDFW RI WKH PRWRUVSRUWV DFWLYLW\ VWLPXOL RQ WKH SV\FKRVRPDWLF VWDWXV GHFUHDVHV ZLWK WKH FKLOGVJURZWKDQGPDWXULW\
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
([SHUWLVHRQWKHGHYHORSPHQWIDFWRUVDQGWKHGHYHORSPHQWDOSURSHUWLHVRIFKLOGUHQLVDSUHOLPLQDU\FRQGLWLRQWR REMHFWLYHVSODQQLQJTXDOLW\PRWRUVSRUWVDFWLYLW\SURJUDPVGHVLJQDQGWRWKHWHDFKLQJDSSURDFKVHOHFWLRQ7KHUHIRUH LWLVFUXFLDOWRLPSOHPHQWYHULILHGUHVHDUFKILQGLQJVGLUHFWO\LQWRRXUZRUNDQG SODQQLQJDQG WR LQIRUP HYHU\ERG\
FRQFHUQHG7KHRUHWLFDOILQGLQJVDFFHSWDQFHFRQVLGHUDWLRQDQGLPSOHPHQWDWLRQLQWRSUDFWLFHDUHSUHUHTXLVLWHVWRD PRUHTXDOLW\SURFHVVLQLQGLYLGXDODUHDVRILQVWUXFWLRQDQGHGXFDWLRQ
.H\ZRUGVNLQHVLRORJLFDOUHVHDUFKFKLOGPRWRUGHYHORSPHQWPRWRUVSDFHVWUXFWXUHPRWRUVSRUWVDFWLYLW\VFKRRO VSRUWVHGXFDWLRQ
/,7(5$785$
&DQNDU ) HW DO &LOML ÊROVNH ÊSRUWQH Y]JRMH 8YRGQD L]KRGLÊáD /MXEOMDQD =DYRG 5HSXEOLNH 6ORYH QLMH]DÊROVWYRLQÊSRUW
'ROHQHF03LVWRWQLN%3ULPHUMDYDQHNDWHULK PRWRULáQLK UD]VHÌQRVWL RWURN VWDULK GR OHW 9 .RYDá0ÉNRI%HGV=ERUQLNVWURNRYQHJDSR VYHWDÊSRUWQLKSHGDJRJRY.UDQMVNDJRUD=YH]DGUXÊWHY ÊSRUWQLKSHGDJRJRY
)LOL0DXULÞ03ULPHUMDYDQHNDWHULKPRWRULáQLK VSRVREQRVWL RWURN Y RVQRYQLK ÊRODK 6ORYHQLMH Y SUL PHUMDYL]2VQRYQRÊROR7ROPLQYREGREMX
'LSORPVNRGHOR/MXEOMDQD8QLYHU]DY/MXEOMDQL )DNXOWHWD]DÊSRUW
)OHLVKPDQ($7KHVWUXFWXUHDQGPHDVXUPHQW RI3K\VLFDO)LWQHVV1HZ<RUN3UHQWLFH+DOO
*DUGQHU + 5D]VHÌQRVWL XPD WHRULMD R YHá LQWHOLJHQFDK/MXEOMDQD7DQJUDP
*UHGHOM 0 HW DO 0RGHO KLHUDUKLVNH VWUXNWXUH PRWRULáNLK VSRVREQRVWL 5H]XOWDWL GRELMHQL SULPMHQRP MHGQRJ QHRNODVLáQRJ SRVWXSND ]D SURFMHQX ODWHQWQLK GLPHQ]LMD.LQH]LRORJLMD=DJUHE
*XLOOIRUG-3*HQHUDOSV\FKRORJ\1HZ<RUN 0F&UDZ+LOO
+RUYDW/5D]YRMQDSVLKRORJLMD/MXEOMDQD'=6 +XPSKUH\ - + $Q 2YHUYLHZ RI &KLGKRRG )LWQHVV 6SULQJILHOG ,OLQRLV &KDUOHV & 7KRPDV 3XE OLVKHU
-HORYÞDQ * 3LÇRW 5 ÈHUMDO , 8NYDUMDQMH V SURVWRáDVQR JLEDOQRÊSRUWQR DNWLYQRVWMR RWURN Y ]JRG QMHPÊROVNHPREGREMX93LÊRW5HWDOHGV2WURNY JLEDQMX >$ FKLOG LQ PRWLRQ@ ]ERUQLN SULVSHYNRY PHGQDURGQHJD ]QDQVWYHQHJD SRVYHWD /MXEOMDQD 8QL YHU]DY/MXEOMDQL3HGDJRÊNDIDNXOWHWD
-XUDN*HWDO*HQGHUGLIIHUHQFHVRI6ORYHQLDQ FKLOGUHQ DQG \RXWK LQ VSHQGLQJ VXPPHU KROLGD\V 9 6XRPHQ OLLNXQWDOllNHWLHGH >)LQQLVK VSRUWV DQG H[HUFLVH PHGLFLQH@ 7KH ,QWHUQDWLRQDO ;9,, 3XLMR 6\PSRVLXP VSHFLDO LVVXH 3K\VLFDO $FWLYLW\ DQG +HDOWK *HQGHU 'LIIHUHQFHV $FURVV WKH /LIHVSDQ +WWSIISXNXILVOO LQGH[KWPO
.DWLÜ5HWDO/RQJLWXGLQDOQDVWXGLMDUDVWDL UD]YRMDGMHáDNDRGGRJRGLQH9=ERUQLNUDGRYD .LQH]LRORJLMD=DJUHE)DNXOWHW]DIL]LáNXNXOWXUX .HOO\ 1 7 .HOO\ % - 3K\VLFDO(GXFDWLRQ IRU 3UH6FKRRO DQG 3ULPDU\ *UDGHV 6SULQJILHOG ,OLQRLV
&KDUOHV&7KRPDV3XEOLVKHU
.LSKDUG(-3V\FKRPRWRULVFKH3DGDJRJLNXQG 7KHUDSLH=ERUQLNSULVSHYNRYSRVYHWDRSVLKRPRWRULNL LQJLEDOQLY]JRML/MXEOMDQD3HGDJRÊNDIDNXOWHWD
.RQGULÞ0ÆDMEHU3LQFROLÞ'$QDOL]DUD]YRMD QHNDWHULK WHOHVQLK ]QDáLOQRVWL LQ JLEDOQLK VSRVREQRVWL XáHQFHYLQXáHQNY5HSXEOLNL6ORYHQLMLRGOHWDGR OHWD 0DJLVWUVND QDORJD /MXEOMDQD 8QLYHU]D Y /MXEOMDQL)DNXOWHWD]DÊSRUW
.XUHOLÜ1HWDO6WUXNWXUDLUD]YRMPRUIRORÊNLKL PRWRULáNLK GLPHQ]LD RPODGLQH %HRJUDG )DNXOWHW ]D IL]LáNRYDVSLWDQMH,QÊWLWXW]DQDXáQDLVWUDÌLYDQMD /DUVRQ/$$IDFWRUDQDO\VLVRIPRWRUDELOLW\RI YDULDEOHVDQGWHVWVZLWKWHVWVIRUFROOHJHPHQ5HVHDUFK 4XDUWHUO\:DVKLQJWRQ
0DNXF % ÉSRUWQRUHNUHDWLYQD GHMDYQRVW XáHQN LQ XáHQFHY áHWUWLK UD]UHGRY NRSUVNLK RVQRYQLK ÊRO 'LSORPVNRGHOR/MXEOMDQD8QLYHU]DY/MXEOMDQL3HGD JRÊNDIDNXOWHWD
0F&OR\ & + 7KH PHDVXUHPHQW RI JHQHUDO PRWRU FDSDFLW\ DQG JHQHUDO PRWRU DELOLW\ 5HVHDUFK 4XDUWHUO\6XSOHPHQW:DVKLQJWRQ
3HUDW0+ÉSRUWQDY]JRMDY]DáHWQLKUD]UHGLK RVQRYQHÊROH3HGDJRÊNDRE]RUMD1RYRPHVWR
3HWNRYÇHN 0 0RWLYLUDQRVW VORYHQVNLK YLVRNR ÊROFHY]DÊSRUWQRGHMDYQRVW/MXEOMDQD,QÊWLWXW]DNLQH ]LRORJLMR
3HWNRYÇHN 0 'LQDPLND LQWHUHVRY VORYHQVNLK YLVRNRÊROFHY]DÊSRUWQRGHMDYQRVW/MXEOMDQD,QÊWLWXW]D NLQH]LRORJLMR
3HWNRYÇHN 0 2GQRV XáHQFHY áHWUWLK UD]UHGRY GRWHOHVQRY]JRMQLKGHMDYQRVWLYFHORGQHYQLRVQRYQLÊROL LQ QMLKRYD PRWLYLUDQRVW ]D XNYDUMDQMH V ÊSRUWRP /MXE OMDQD,QÊWLWXW]DNLQH]LRORJLMR
3HWURYLÜ . 6WUHO - $PEURÉLÞ ) 0RWRULáQR QDMXVSHÊQHMÊL LQ PRWRULáQR RJURÌHQL XáHQFL LQ XáHQNH RVQRYQLK ÊRO 65 6ORYHQLMH ] YLGLND VWUDWLILNDFLMVNLK LQ VRFLDOL]DFLMVNLK GHMDYQLNRY WHU SRJRMHY ÊRODQMD LQ ÊRO VNHJDRNROMD/MXEOMDQD,QÊWLWXW]DNLQH]LRORJLMR 3HWURYLÜ.HWDOÉSRUWQRUHNUHDWLYQDGHMDYQRVW Y 6ORYHQLML /MXEOMDQD ,QÊWLWXW ]D NLQH]LRORJLMR )DNXOWHWH]DÊSRUW
3HWURYLÜ.HWDOÉSRUWQRUHNUHDWLYQDGHMDYQRVW Y6ORYHQLML/MXEOMDQD,QÊWLWXW]DNLQH]LRORJLMR)D NXOWHWH]DÊSRUW
3KLOOLSV 0 6WXG\ RI D VHULHV RI 3K\VLFDO (GXFDWLRQ7HVWVE\)DFWRU$QDO\VLV5HVHDUFK4XDUWHUO\
:DVKLQJWRQ
3LÇRW50RGHOPRWRULáQHJDSURVWRUDÊHVWLQSRO OHWQLK RWURN SUHG SDUFLDOL]DFLMR PRUIRORÊNLK ]QDáLOQRVWL LQSRQMHM'RNWRUVNDGLVHUWDFLMD/MXEOMDQD 8QLYHU]DY /MXEOMDQL)DNXOWHWD]DÊSRUW
3LÇRW5/DWHQWVWUXFWXUHRIWKH PRWRU VSDFH RI WKHVL[DQGDKDOI\HDUROGER\V$QQDOHVVHULHVKLVWRULD QDWXUDOLV.RSHU
3LÇRW 5 D 3ULQFLSL PRWRULáQHJD XáHQMD NRW RVQRYD ]D L]ELUR SULPHUQH VWUDWHJLMH SRXáHYDQMD RWURN 9ÉNRI%5RW$.RYDá0HGVÉSRUWQLSHGDJRJLQ NYDOLWHWQDÊSRUWQDY]JRMD]ERUQLNUHIHUDWRYVWURNRY QHJD SRVYHWD =YH]H GUXÊWHY ÊSRUWQLK SHGDJRJRY6ORYH QLMH 5RJDÊND 6ODWLQD GR PDM /MXEOMDQD
=YH]DGUXÊWHYÊSRUWQLKSHGDJRJRY6ORYHQLMH
3LÇRW5E/DWHQWVWUXFWXUHRIVL[DQGDKDOI\HDUV ROG ER\V PRWRU VSDFH DIWHU SDUWLDOL]DWLRQ RI PRUSKR ORJLFDO FKDUDFWHULVWLFV 9 WK $QXDO &RQJUHVV RI WKH (XURSHDQ &ROOHJH RI 6SRUW 6FLHQFH 3URFHHGLQJV ERRN 5RPH8QLYHUVLW\,QVWLWXWHRI0RWRU6FLHQFH
3LÇRW5F/DWHQWVWUXFWXUHRIVL[DQGDKDOI\HDUV ROG JLUOV PRWRU VSDFH DIWHU SDUWLDOLVDWLRQ RI PRUSKR ORJLFDO FKDUDFWHULVWLFV 9 6WURMQLN 9 8ÊDM $ HGV 7KHRULHV RI KXPDQ PRWRU SHUIRUPDQFH DQG WKHLU UHIOHFWLRQV LQ SUDFWLFH 6SRUW NLQHWLFV SURFHHGLQJV , /MXEOMDQD)DFXOW\RIVSRUW
3LÇRW 5 D 7KH DQDO\VLV RI WKH VWUXFWXUH RI VL[
DQGDKDOI\HDUVROGFKLOGUHQVPRWRUVSDFHLQWKHOLJKW RILWVGHYHORSPHQWDVDZKROH$FWD8QLYHUVLWDWLV&DUR OLQDH.LQDQWKURSRORJLFD3UDJD
3LÇRW 5 E 'HMDYQLNL FHORVWQHJD UD]YRMD RWURND NRW L]KRGLÊáH VSHFLDOQLK GLGDNWLN QD UD]UHGQL VWRSQML RVQRYQHÊROH9.UDPDU0'XK0HGV'LGDNWLáQL LQ PHWRGLáQL YLGLNL QDGDOMQMHJD UD]YRMD L]REUDÌHYDQMD
=ERUQLNSULVSHYNRY0DULERU8QLYHU]DY0DULERUX3H GDJRÊND IDNXOWHWD 2GGHOHN ]D SHGDJRJLNR SVLKRORJLMR LQGLGDNWLNR
3LÇRW 5 HW DO 3UHGVWDYLWHY UD]LVNRYDOQHJD SURMHNWD .UHSLPR ]GUDYMH ] JLEDQMHP QD SURVWHP 9]JRMLWHOMLFD&HOMH
3LÇRW 5 ÆWHPEHUJHU 9 9ORJD LQ SRPHQ WHPHOMQLKLQDSOLNDWLYQLKUD]LVNDYSULVSUHPOMDQMXJLEDO QHJD UD]YRMD RWURND 9 3LÊRW 5 HW DO HGV 2WURN Y JLEDQMX ]ERUQLN SULVSHYNRY PHGQDURGQHJD ]QDQVW YHQHJD LQ VWURNRYQHJD VLPSR]LMD >$ FKLOG LQ PRWLRQ 3URFHHGLQJV@/MXEOMDQD3HGDJRÊNDIDNXOWHWD
3LÇRW 5 =XUF - 3RQXGED LQWHUHVQLK JLEDO QLKÊSRUWQLK DNWLYQRVWL QD RVQRYQLK ÊRODK Y JRUHQMVNL UHJLML9.RYDá0ÉNRI%HGV=ERUQLNSULVSHYNRY SRVYHW ÊSRUWQLK SHGDJRJRY /MXEOMDQD =YH]D GUXÊWHY ÊSRUWQLKSHGDJRJRY6ORYHQLMH
3LÇRW 5 =XUF - ,QIOXHQFH RI RXWRIVFKRRO VSRUWVPRWRU DFWLYLW\ RQ VFKRRO VXFFHVV >9SOLY L]YHQ ÊROVNH JLEDOQHÊSRUWQH DNWLYQRVWL RWURN QD XáQL XVSHK@
.LQHVLRORJLD6ORYHQLFD/MXEOMDQD
3LÇRW5 =XUF - *LEDOQDÊSRUWQD DNWLYQRVW SUL XáHQFLK LQ XáHQNDK GUXJHJD Y]JRMQRL]REUDÌHYDOQHJD REGREMDRVQRYQHÊROH3HGDJRÊNDRE]RUMD1RYR PHVWR
3ODQLQÇHF - 5D]PHUMD PHG QHNDWHULPL PR WRULáQLPL LQ NRJQLWLYQLPL VSRVREQRVWPL SHWOHWQLK RWURN ÉSRUW/MXEOMDQD
3ODQLQÇHF - 1HNDWHUH ]QDáLOQRVWL UD]YRMD NR RUGLQDFLMH JLEDQMD XáHQFHY 9 3LÊRW 5 HW DO HGV 2WURNYJLEDQMX>$FKLOGLQPRWLRQ@]ERUQLNSULVSHYNRY PHGQDURGQHJD]QDQVWYHQHJDSRVYHWD/MXEOMDQD8QL YHU]DY/MXEOMDQL3HGDJRÊNDIDNXOWHWD
5DMWPDMHU ' 0HWRGLND WHOHVQH Y]JRMH 0D ULERU8QLYHU]DY0DULERUX3HGDJRÊNDIDNXOWHWD 5DMWPDMHU'D)DFWRU6WUXFWXUHRI3V\FKRPRWRU
$ELOLWLHV RI <HDU 2OG %R\V >)DNWRUVND VWUXNWXUD SVLKRPRWRULáQLK VSRVREQRVWL GHáNRY VWDULK OHW@
9 3DYORYLá 0 HG 3URFHHGLQJV RI ,, ,QWHUQDWLRQDO 6\PSRVLXP6SRUWRIWKH<RXQJ/MXEOMDQD)DNXOWHWD]D ÊSRUW
5DMWPDMHU'E.RPSDUDWLYQDDQDOL]DSVLKRPR WRULáQHVWUXNWXUHGHáNRYLQGHNOLFVWDULKOHWÉSRUW /MXEOMDQD
5DMWPDMHU ' 3V\FKRPRWRU DELOLWLHV RI WKH
\RXQJHVWWKHRU\UHVHDUFKLQIRUPDWLRQVLVWHP0DULERU )DFXOW\RI(GXFDWLRQ
6FKPLGW $ 5 /HH 7 ' 0RWRU FRQWURO DQG PRWRU OHDUQLQJ D %HKDYLRUDO (PSKDVLV &KDPSDLJQ +XPDQ.LQHWLFV
6OXJD 6 7HOHVQD Y]JRMD ]D QLÌMH UD]UHGH RV QRYQHÊROH/MXEOMDQD0ODGLQVNDNQMLJD
6WUHO - ÉSRUWQRY]JRMQL NDUWRQ /MXEOMDQD 0L QLVWUVWYR]DÊROVWYRLQÊSRUW
6WUHO - .RYDÞ 0 *LEDOQL UD]YRM RWURN LQ PODGLQH 9 3LÊRW 5 HW DO HGV 2WURN Y JLEDQMX >$
FKLOG LQ PRWLRQ@ ]ERUQLN SULVSHYNRY PHGQDURGQHJD ]QDQVWYHQHJD SRVYHWD /MXEOMDQD 8QLYHU]D Y /MXEOMDQL 3HGDJRÊNDIDNXOWHWD
ÆWXUP - 6WUHO - =DQHVOMLYRVW LQ VWUXNWXUD QHNDWHULK PRWRULáQLK VSRVREQRVWL LQ PRUIRORÊNLK ]QD áLOQRVWL ÊHVWLQSOROOHWQLK XáHQFHY LQ XáHQN /MXEOMDQD ,QÊWLWXW]DNLQH]LRORJLMR
ÆWXUP - 6WUHO - 3ULPHUMDYD QHNDWHULK PR WRULáQLKLQPRUIRORÊNLKSDUDPHWURYYRVQRYQLKÊRODK65 6ORYHQLMHYREGREMX=DNOMXáQRSRURáLOR /MXEOMDQD )DNXOWHWD ]D WHOHVQR NXOWXUR ,QÊWLWXW ]D NL QH]LRORJLMR
7DQFLJ6,]EUDQDSRJODYMDL]SVLKRORJLMHWHOHVQH Y]JRMHLQÊSRUWD/MXEOMDQD)DNXOWHWD]DWHOHVQRNXOWXUR 7RÇNDQ.ÉSRUWQRUHNUHDWLYQDGHMDYQRVWÊHVWLQ VHGHPOHWQLK RWURN GYHK REDOQLK RVQRYQLK ÊRO LQ GYHK YUWFHY'LSORPVNRGHOR/MXEOMDQD8QLYHU]DY/MXEOMDQL 3HGDJRÊNDIDNXOWHWD
9HKRYDU 0 3ULPHUMDOQD DQDOL]D VWUXNWXUH PR WRULáQHJD SURVWRUD SHWLQSRO ÊHVW LQ ÊHVWLQSROOHWQLK GHNOLF93LÊRW5HWDOHGV2WURNYJLEDQMX>$FKLOG LQPRWLRQ@]ERUQLNSULVSHYNRYPHGQDURGQHJD]QDQ VWYHQHJD SRVYHWD /MXEOMDQD 8QLYHU]D Y /MXEOMDQL 3H GDJRÊNDIDNXOWHWD
9LGHPÇHN0&HPLÞ$$QDOL]DLQSULPHUMDYD GYHK UD]OLáQLK PRGHORY REUDYQDYDQMD PRWRULáQLK VSR VREQRVWL SHW LQ SRO OHWQLK RWURN 0DJLVWUVNR GHOR /MXE OMDQD8QLYHU]DY/MXEOMDQL)DNXOWHWD]DÊSRUW
=LPPHU 5 9RONDPHU 0 0RWRULNWHVW IU YLHU ELVVHFKVMlULJH.LQGHU:HLQKHLP0DQXHO%HOW]WHVW
=XUF-5HODFLMHPHGL]YHQÊROVNLPXNYDUMDQMHP V ÊSRUWRP LQ XáQLP XVSHKRP XáHQFHY LQ XáHQN RV QRYQLK ÊRO Y JRUHQMVNL UHJLML >3UHÊHUQRYD QDJUDGD ÊWX GHQWRP@ 'LSORPVNR GHOR /MXEOMDQD 8QLYHU]D Y /MXE OMDQL3HGDJRÊNDIDNXOWHWD2GGHOHN]DUD]UHGQLSRXN