Zgodovina Psihologije Janek Musek PDF
Document Details
Uploaded by FabulousNovaculite8797
Filozofska fakulteta Univerze v Ljubljani
2003
Janek Musek
Tags
Summary
This PDF file is a history of psychology document written by Janek Musek in 2003. It was written at the University of Ljubljana, Slovenia. No questions are present.
Full Transcript
ZGODOVINA PSIHOLOGIJE Oddelek za psihologijo Filozofske fakultete Univerze v Ljubljani Janek MUSEK ZGODOVINA PSIHOLOGIJE Ljubljana, 2003 -DQHN0XVHN =JRGRYLQDSVLKRORJLMH /MXEOMDQD ,]GDOD)LOR]RIVNDIDNXOWHWD8QLYHU]HY/MXEOMDQL2GGHOHN]DSVLKRORJLMR 5HF...
ZGODOVINA PSIHOLOGIJE Oddelek za psihologijo Filozofske fakultete Univerze v Ljubljani Janek MUSEK ZGODOVINA PSIHOLOGIJE Ljubljana, 2003 -DQHN0XVHN =JRGRYLQDSVLKRORJLMH /MXEOMDQD ,]GDOD)LOR]RIVNDIDNXOWHWD8QLYHU]HY/MXEOMDQL2GGHOHN]DSVLKRORJLMR 5HFHQ]HQWD]DVOSURIGU9LG3HþMDNLQSURIGU0DUNR3ROLþ =DWLVNRYQRNRPLVLMR)LOR]RIVNHIDNXOWHWHGRFGU0DUNR0DULQþLþ 1DWLVQLODWLVNDUQD%RUL/MXEOMDQD 1DNODGDL]YRGRY &,3.DWDORåQL]DSLVRSXEOLNDFLML 1DURGQDLQXQLYHU]LWHWQDNQMLåQLFD/MXEOMDQD 086(.-DQHN =JRGRYLQDSVLKRORJLMH-DQHN0XVHN/MXEOMDQD)LOR]RIVND IDNXOWHWD2GGHOHN]DSVLKRORJLMR ,6%1 35(*/('96(%,1( =*2'29,16.,35,6723936,+2/2*,-, =*2'29,16.,32*/('1$=1$1267,136,+2/2*,-2 =$.$-=$1,0$1-(=$35(7(./26736,+2/2*,-(" =DNDMãWXGLUDWL]JRGRYLQRQHNH]QDQRVWL" 5D]ORJL]DQLPDQMD]D]JRGRYLQR 75$',&,21$/1,,1129(-â,35,67239=*2'29,1, 36,+2/2*,-$,11-(15$=92-9/8ý,02'(/295$=92-$=1$1267, 32*/(',1$=1$1267,11-(15$=92- 9]URNLLQVPRWULSRMDVQMHYDQMHLQUD]XPHYDQMH .ODVLþQHLQQRYHMãHWHRULMH]QDQRVWLLQ]QDQVWYHQHJDUD]YRMD 36,+2/2*,-$9/8ý,02'(/29=1$1267,,1=1$1679(1(*$5$=92-$ 32-029$1-$'8â(91267,,126(%1267,967$5,+,11((95236.,+.8/785$+ 359271,32*/(',1$'8â(91267 =*2'1-$32-029$1-$'8â(91267, $QLPLVWLþQHPLWVNHLQYHUVNHSUHGVWDYHRGXãHYQRVWL âDPDQL]HPWRWHPL]HPPDJLMDLQPDQWLNH 7HORGXãDLQSVLKRIL]LþQLGXDOL]HP 35('67$9(,132-029$1-$2'8â, 6XEVWDQFDGXãHL]þHVDMHGXãD" 6HGHåGXãH 35('67$9(2'8â(91267,,126(%1267,9,1',-6.,.8/785, 9('6.$36,+2/2*,-$,136,+2/2*,-$+,1'8,=0$ 9HGH9HGDQWD 8SDQLãDGH LQ]JRGQMLKLQGXL]HP 3DWDQGåDOLMHYPRGHORVHEQRVWL %8',=(0,1'ä$,1,=(0 %XGL]HP 'åDLQL]HP ./$6,.,+,1'8,=0$,11(2+,1'8,=(0 .ODVLþQLLQUHIRUPLUDQLKLQGXL]HP EUDKPDQL]HPYDLãQDYL]HP ,QGLMVNLILOR]RILQRYHGREH 35('67$9(2'8â(91267,,126(%1267,9.,7$-6.,.8/785, =1$ý,/1267,.,7$-6.(.8/785( ýORYHNNRWGHOQDUDYQHJDLQVRFLDOQHJDUHGD .ROHNWLYLVWLþQDNXOWXUDLQVRRGYLVQLMD] 1DXNRMLQXLQMDQJX */$91,72.29,.,7$-6.(),/2=2),-(,136,+2/2*,-( Y 'DRL]HP .RQIXFLRQL]HP NRQIXFLDQVWYR 0RKL]HP PRFL]HP /HJDOL]HP %XGL]HP þDQ]HQEXGL]HP 5D]OLNDYPHWRGL '58*(.8/785(,1&,9/,=$&,-( 36,+2/2â.$32-029$1-$9-8'296.(0,=52ý,/8 3RMPRYDQMDGXãHLQRVHEQRVWLYMXGRYVNLNXOWXUL -XGRYVNDILOR]RILMD 32-029$1-$'8â(,126(%1267,9,6/$08,1$5$%6.,),/2=2),-, 9ORJDDUDEVNHLQLVODPVNHILOR]RILMHLQ]QDQRVWLYVUHGQMHPYHNX 32-029$1-$'8â(91267,,126(%1267,9),/2=2)6.,75$',&,-, =$+2'$ $17,ý1$),/2=2)6.$36,+2/2*,-$ 320(1$17,ý1(*5â.(0,6/,=$36,+2/2*,-2 2%'2%-(35('62.5$720 -RQVNLILOR]RILSUDVQRYLQGXãD +HUDNOLWORJRVGLDOHNWLNDLQGXãD (OHMVNDãROD3DUPHQLG 3LWDJRUDLQ]DþHWHNLGHDOL]PD $WRPL]HP'HPRNULW (PSHGRNOHVNR]PLþQHSUYLQHODVWQRVWLLQVLOH 95+81&,*5â.(),/2=2),-(,136,+2/2*,-( +LSRNUDWQDXNRWHPSHUDPHQWLK $QDNVDJRUDVRILVWLLQ6RNUDW 3ODWRQRYRLQ$ULVWRWHORYRSRMPRYDQMHGXãHYQRVWL 7HRULMDGXãHYQLKVORMHY $ULVWRWHORYDWHRULMDGXãHYQHJDLQGXKRYQHJDGHORYDQMD 3ODWRQRYDLQ$ULVWRWHORYDWHRULMDYUOLQ NUHSRVWL 7HRIUDVWLQNDUDNWHURORJLMD ),/2=2),-$9'2%,+(/(1,=0$,195,06.(02%'2%-8 +(/(1,67,ý1(),/2=2)6.(â2/( (SLNXUHL]HPLQKHGRQL]HP 6WRLFL]HP ),/2=2),-$$17,ý1(*$=$721$ 1RYRSODWRQL]HP3ORWLQLQGUXJL *QRVWLFL]HP JQR]D 65('1-,9(..5âý$16.$),/2=2),-$ 26129(.5âý$16.(),/2=2)6.(36,+2/2*,-( 95+81&,65('1-(9(â.(),/2=2),-( 6KRODVWLNDWRPL]HPLQVNRWL]HP 1DSUDJXQRYHNDYHND ),/2=2)6.$36,+2/2*,-$9129(09(.8 87(0(/-,7(/-,12929(â.(0,6(/1267, 'HVFDUWHV6SLQR]D/HLEQL] YL -RKQ/RFNHLQILOR]RILMDHPSLUL]PD ),/2=2)6.$36,+2/2*,-$672/(7-$ 6XEMHNWLYQLLGHDOL]HPUDFLRQDOL]HPUD]VYHWOMHQVWYRLQYXOJDUQLPDWHULDOL]HP 1RYYUKXQHFILOR]RILMH,PPDQXHO.DQW 72.29,),/2=2)6.(36,+2/2*,-(,1672/(7-$ ),/2=2)6.$36,+2/2*,-$1$35(+2'8902'(512'2%2 9VWRSYVWROHWMH +HJORYVLVWHPREMHNWLYQLGLDOHNWLþQLLGHDOL]HP 3R]LWLYL]HP 'LDOHNWLþQLPDWHULDOL]HP.DUO0DU[ )LOR]RILMDURPDQWLNHYROMHLQWXLFLMHLQåLYOMHQMD 3UDJPDWL]HPLQIXQNFLRQDOL]HP ),/2=2)6.,72.29,672/(7-$ 1HRSR]LWLYL]HPORJLFL]HPLQDQDOLWLþQDILOR]RILMD )HQRPHQRORJLMD 3HUVRQDOL]HP (NVLVWHQFLDOL]HP 6WUXNWXUDOL]HP 3RVWPRGHUQL]HP =$ý(7(.=1$1679(1(36,+2/2*,-( 1$35(+2'8.=1$1679(1,36,+2/2*,-, =$ý(7.,=1$1679(1(*$3528ý(9$1-$'8â(91,+32-$929 2GIL]LRJQRPLNHLQIUHQRORJLMHNQHYURSVLKRORJLML 6HQ]RUQDSVLKRORJLMDLQSVLKRIL]LRORJLMD]D]QDYDQMD 3VLKRORJLMDL]UD]DLQJUDIRORJLMD 359,326.86,2%/,.29$1-$129(=1$1267, $VRFLDWLYL]HPLQSVLKRNHPLMD (NVSHULPHQWDOQDSVLKRORJLMDLQSVLKRIL]LND 36,+2/2*,-$±2752.9(ý2ý(729 :LOKHOP:XQGW :LOOLDP-DPHV ,YDQ33DYORY 6LJPXQG)UHXG 6758.785$/,=(0 7(0(/-1$,=+2',âý$ 92/,7,91,352&(6,92/817$5,=(0 2%ý87(1-(=$=1$9$1-(ý867929$1-(0,â/-(1-(92/-$ 2GHQRVWDYQHJDKNRPSOHNVQHPX $QDOL]D]D]QDYDQMDREþXWNLSR]RUQRVWDSHUFHSFLMD $QDOL]DþXVWHYLQWULGLPHQ]LRQDOQDWHRULMD 3UHGVWDYH $VRFLDFLMH 8679$5-$/1$6,17(=$,136,+2/2â.$9=52ý1267 0(72'2/2â.,.21&(37 .RQWUROLUDQDLQWURVSHNFLMD 3UREOHPLNRQWUROLUDQHLQWURVSHNFLMH '58*,320(0%1(-â,35,63(9., 3VLKRORJLMDQDURGRY 6NRNNRVHEQRVWLGLPHQ]LMHWHPSHUDPHQWD YLL 2%,11(3265('12326758.785$/,=08 7LWFKHQHULQDPHULãNLVWUXNWXUDOL]HP .ULWLNHLQWURVSHNFLRQL]PD :h5=%85â.$â2/$ 0LãOMHQMHNRWSUHGPHWHNVSHULPHQWDOQHSVLKRORJLMH 1HSUHGVWDYQR EUH]SUHGVWDYQR PLãOMHQMH 0LVHOQHXVPHULWYHLQQDUDYQDQRVWLGHWHUPLQDFLMVNHWHQGHQFH '58*$/(,3=,â.$â2/$&(/2671$36,+2/2*,-$ 3RMHPFHORVWQHVWUXNWXUH âLUMHQMHSVLKRORãNHJDUD]LVNRYDQMD '58*,&(175,(.63(5,0(17$/1(36,+2/2*,-( (EELQJKDXV±UD]LVNRYDOHFSVLKLþQLKNDSDFLWHW *(0OOHU 6WXPSI±SUHGKRGQLNJHVWDOWL]PD 1((.63(5,0(17$/12860(5-(1,36,+2/2â.,&(175, %UHQWDQRLQSVLKRORJLMDDNWD *UDãNDãRODSUHGPHWQDWHRULMDLQWHRULMDSURGXNFLMH )81.&,21$/,=(0 7(0(/-1$,=+2',âý$ 3ULPDWIXQNFLMHQDGVWUXNWXUR (YROXFLMDSULODJDMDQMHLQPHGRVHEQHUD]OLNH 3UDJPDWLVWLþQDRULHQWDFLMD 5DGLNDOQLHPSLUL]HP -$0(62936,+2/2â.,6,67(0 2NYLUSVLKRORJLMHQMHQSUHGPHWLQPHWRGLþQLSULVWRS 1DYDGD 7RN]DYHVWL ,QVWLQNWLHPRFLMHLQ-DPHV/DQJHMHYDWHRULMDþXVWHY 9ROMD -D] 3VLKRORJLMDUHOLJLMHLQGXKRYQHJDL]NXVWYD '58*,320(0%1,35('67$91,.,)81.&,21$/,=0$ ýLNDãNDãROD *+0HDGVLPEROQLLQWHUDNFLRQL]HP 63262%1267,26(%1267,10('26(%1(5$=/,.( 2&(1-(9$1-(0(5-(1-(,15$=,6.29$1-(26(%1267, 0HUMHQMHVSRVREQRVWLLQWHVWLUDQMH 0HUMHQMHRVHEQRVWQLKSRWH] 3URMHNFLMVNHWHKQLNH .RUHODFLMVNHLQPXOWLYDULDWQHPHWRGHUD]LVNRYDQMDRVHEQRVWL 36,+2$1$/,=$ )5(8'29$2572'2.61$36,+2$1$/,=$ =$ý(7.,)5(8'29(7(25,-( 0(7$7(25(76.,2.9,5-, (QHUJHWLNDLQGLQDPLNDRVHEQRVWL 7RSLND 6WUXNWXUD RVHEQRVWQHLQVWDQFH *HQHWLND 2EUDPEQLPHKDQL]PLQHYUR]HLQQHYURWVNL]QDþDM 6XEOLPDFLMDOLELGDFLYLOL]DFLMVNDQHYUR]DLQQDVWDQHNNXOWXUH YLLL .UDWHN]DNOMXþQLNRPHQWDUN)UHXGRYLWHRULML $'/(5-(9$,1',9,'8$/1$36,+2/2*,-$ 26129($'/(5-(9(7(25,-(26(%1267, 7HåQMDSRPRþLLQXYHOMDYOMDQMX äLYOMHQMVNDXVPHUMHQRVWILQDOQRVWQDPHVWRNDY]DOQRVWL 2EþXWMDPDQMYUHGQRVWLLQNRPSHQ]DFLMD 6RFLDOQLLQWHUHVþXW]DVNXSQRVW 26(%12671,5$=92- -81*29$$1$/,7,ý1$.203/(.61$ 36,+2/2*,-$ -81*29232-029$1-(6758.785(,1',1$0,.(26(%1267, .ROHNWLYQRQH]DYHGQRDUKHWLSLLQGLYLGXDFLMD 'LDOHNWLNDSVLKLþQDHQHUJLMDNRPSOHNVLLQSUHVHJDQMHQDVSURWLM -XQJRYDWLSRORJLMDRVHEQRVWL 26(%12671,5$=92-,1,1',9,'8$&,-$ 1(236,+2$1$/,76.(,13267$1$/,76.(860(5,79( 62&,2',1$06.(,1'58*(1(2$1$/,76.(7(25,-( +DUDOG6FKXOW]+HQFNH (ULFK)URPP 3267$1$/,76.(60(5, (JRSVLKRORJLMDLQWHRULMDREMHNWQLKRGQRVRY 6WUXNWXUDOQDSVLKRDQDOL]D 'UXJHVPHULWUDQVDNFLMVNDDQDOL]DLQJHVWDOWWHUDSLMD *(67$/736,+2/2*,-$ =$ý(7.,*(67$/7,=0$ 1$6723*(67$/736,+2/2*,-( 7HPHOMQDL]KRGLãþD 0D[:HUWKHLPHULQSKLIHQRPHQ 3ROMHGLQDPLþQDLQFHORVWQDLQWHUDNFLMDRUJDQL]PD]RNROMHP 2'.5,7-$,1'26(ä.,*(67$/736,+2/2*,-( 1DþHOD SULQFLSL ]D]QDYQHRUJDQL]DFLMH 8þHQMHLQYSRJOHG 0LãOMHQMHLQUHãHYDQMHSUREOHPRYSURGXNWLYQRPLãOMHQMH ,]RPRUIL]HP *HVWDOWLVWLþQHQHYURSVLKRORãNHWHRULMH 2UJDQL]PLþQDWHRULMDLQVDPRDNWXDOL]DFLMD *HVWDOWL]HPYVRFLDOQLLQNOLQLþQLSVLKRORJLML 7(25,-$32/-$ 3ROMHLQåLYOMHQMVNLSURVWRU )HQRPHQRORãNLSRJOHGSVLKRORãNDVWYDUQRVWYHNWRUMLLQYDOHQFH 6WUXNWXUDåLYOMHQMVNHJDSURVWRUD RVHEHLQRNROMD 'LQDPLNDåLYOMHQMVNHJDSURVWRUD 5D]YRMRVHEQRVWL 'RPHWLQYSOLYWHRULMHSROMD L[ %(+$9,25,=(0 ,=925,,132-$9%(+$9,25,=0$ 32'/$*(,1$63(.7,%(+$9,25,=0$ 5HIOHNVRORJLMDLQSDYORYL]HP 1DVWRS-RKQD%:DWVRQDLQ]DþHWHNEHKDYLRUL]PD $VSHNWL]JRGQMHJDEHKDYLRUL]PD ./$6,ý1,%(+$9,25,=(0 6±5%(+$9,25,=(0 7(25(76.,352'25 (.63(5,0(17$/1(5$=,6.$9(32*2-(9$1-$ .ODVLþQRSRJRMHYDQMH±SUYDHNVSHULPHQWDOQDSDUDGLJPDEHKDYLRUL]PD 8JDãDQMHGLVNULPLQDFLMDJHQHUDOL]DFLMD :DWVRQRYDWHRULMDHPRFLMHPRFLRQDOQRXþHQMHLQQHJDRWURN :DWVRQRYDWHRULMDPLãOMHQMDLPSOLFLWQL VXEYRNDOQLVXEOLQJYLQDOQL JRYRU 6NUDMQLHQYLURQPHQWDOL]HP 1(2%(+$9,25,=(0 625%(+$9,25,=(0 0(',$&,-6.,%(+$9,25,=(0 9PHVQHVSUHPHQOMLYNHLQKLSRWHWLþQLNRQVWUXNWL +XOORYKLSRWHWLþQRGHGXNWLYQLVLVWHP 3ULPDUQLLQVHNXQGDUQLJRQL &LOMQLEHKDYLRUL]HP SXUSR]LYL]HP '58*,320(0%1,35,63(9.,.7(25,-,2%1$â$1-$,18ý(1-$ 7KRUQGLNHNRQHNFLRQL]HP *XWKULHWHRULMDVWLþQRVWL DVRFLDFLRQL]HP 'ROODUGLQ0LOOHU 6.,11(5-(95$',.$/1,%(+$9,25,=(0 9('(1-6.$$1$/,=$ )UDQN%6NLQQHU 2SHUDQWQRREQDãDQMH 2MDþHYDQMHLQRMDþHYDOFL 2MDþHYDOQDNRQWLQJHQFD 6WUDWHJLMHRMDþHYDQMD 2EOLNRYDQMHLQSRVWRSQRSULEOLåHYDQMH %HVHGQRREQDãDQMH 2'9('(1-6.(36,+27(5$3,-('2'58ä%(1(*$ 6$02 1$'=25$ 6DPRQDG]RUVDPRRMDþHYDQMHLQPRGLILNDFLMDREQDãDQMD 9]JRMDGUXåEDLQY]DMHPQLQDG]RU 9('(1-6.262&,$/12.2*1,7,91$3$5$',*0$ 62&,$/1,,1.2*1,7,91,%(+$9,25,=(0 5RWWHUMHYDWHRULMDVRFLDOQHJDXþHQMDHNVSHNWDQFDYDOHQFDLQPHVWRQDG]RUDQDGRMDþHYDQMHP %DQGXURYDVRFLDOQRNRJQLWLYQDWHRULMD 26(%$6,78$&,-$,1,17(5$.&,-$ +80$1,67,ý1$36,+2/2*,-$ )(120(12/2â.$,1(.6,67(1&,$/1$860(5,7(9 32'2.5,/-(0³75(7-(6,/(´ +XPDQLVWLþQHNRQFHSFLMHRVHEQRVWQDUDVWLQVDPRDNWXDOL]DFLMD [ )HQRPHQRORãNRHNVLVWHQFLDOQLSULVWRS +80$1,67,ý1,.21&(37,26(%1267, 52*(56)(120(12/2â.$7(25,-$26(%1267, )HQRPHQRORãNRL]KRGLãþH 7HåQMDNRVHEQRVWQLUDVWL ,GHDOQLLQUHDOQLMD] =GUDYDDOLSROQRIXQNFLRQLUDMRþDRVHEQRVW 1HGLUHNWLYQD KNOLHQWXXVPHUMHQD SVLKRWHUDSLMD 6SUHMHPLQNULWLND5RJHUVRYHWHRULMH 0$6/2:+80$1,67,ý1$7(25,-$26(%1267, 3UREOHPLLQUD]LVNRYDQMDY]YH]LVKLHUDUKLMRSRWUHE 6DPRDNWXDOL]LUDQDRVHEQRVW 9,.725)5$1.//2*27(5$3,-$7(25,-$ä,9/-(1-6.(*$60,6/$ 7UHWMDGXQDMVNDãROD /RJRWHUDSLMDNRWWHRULMD /RJRWHUDSLMDNRWSVLKRWHUDSLMD 75$163(5621$/1$36,+2/2*,-$ .2*1,7,91$36,+2/2*,-$ .2*1,7,9,=$&,-$36,+2/2*,-( 9/2*$.2*1,&,-(91$â(0ä,9/-(1-8 =DYHVWQLLQQH]DYHGQLXP ,PSOLFLWQDNRJQLFLMD 7(0(/-,.2*1,7,91(*$'(/29$1-$ 0RGHOLNRJQLFLMHLQVSRPLQD 1HYURQVNHPUHåHNRQHNFLRQL]HPLQSDUDOHOQRSURFHVLUDQMH .RJQLWLYQHUHSUH]HQWDFLMHVKHPHVFHQDULML VNULSWL LQRNYLUML .2*1,7,912860(5-$1-(2%1$â$1-$ 3ULSLVRYDQMH DWULEXFLMD .RJQLWLYQRXMHPDQMHLQXVNODMDQMH .RJQLFLMDLQMH]LN 26(%12671,9,',.,.2*1,&,-( .2*1,7,91,6/2*,,1',0(1=,-( .RJQLWLYQLVORJL 8VPHUMDQMHSR]RUQRVWLLQVDPR]DYHGDQMH .RJQLWLYQDUD]ODJDSVLKLþQLKPRWHQMLQNRJQLWLYQDSVLKRWHUDSLMD .2*1,7,91$7(25,-$26(%1267,7(25,-$26(%1,+.216758.729 2VHEQLNRQVWUXNWL 3RVWXODWLLQNRURODULML.HOO\MHYHWHRULMH 2FHQMHYDQMHLQPHUMHQMHRVHEQLKNRQVWUXNWRY5(3WHVW 2VHEQRVWQDGLQDPLNDRVHEQRVWQLUD]YRMLQPRWQMHRVHEQRVWL 5D]LVNDYHLQRFHQH.HOO\MHYHWHRULMH %,2(92/8&,-6.$36,+2/2*,-$ %,2/2â.,32*/(',1$'8â(91267,126(%1267 ,167,1.7,9,67,ý1$32-029$1-$ .2167,78&,-6.$36,+2/2*,-$ [L .UHWVFKPHUMHYDNRQVWLWXFLMVNDWLSRORJLMD 5D]LVNRYDOQLUH]XOWDWLLQRFHQH.UHWVFKPHUMHYHWLSRORJLMH 6KHOGRQRYDNRQVWLWXFLRQDOQDGLPHQ]LRORJLMD 5D]LVNRYDOQLSRGDWNLLQRFHQH6KHOGRQRYHWHRULMH (72/2*,-$,1(72/2â.$7(25,-$2%1$â$1-$ 7HPHOMLHWRORãNHWHRULMHLQHWRORãNLSRMHPLQVWLQNWD .OMXþQLGUDåOMDMLLQYURMHQLVSURåLOQLPHKDQL]HP (WRORãNHKLSRWH]HLQHPSLULþQHUD]LVNDYH 36,+2/2*,-$9/8ý,(92/8&,-6.(7(25,-(9('(1-6.(*(1(7,.(,11(952=1$1267, %,262&,2/2â.$,1(92/8&,-6.$36,+2/2*,-$ %LRVRFLRORJLMD (YROXFLMVNHLQJHQVNHVWUDWHJLMHREQDãDQMD (YROXFLMDRVHEQRVWL 0HPLLQPHPHWLND 3UREOHPLLQNULWLNHHYROXFLMVNLKUD]ODJ 9('(1-6.$*(1(7,.$,1*(120,.$ *HQRWLSLQJHQRPYRGQRVXGRPHGRVHEQLKUD]OLN 0HWRGHUD]LVNRYDQMDYYHGHQMVNLJHQHWLNL 9SOLYGHGQRVWLQDGXãHYQHLQRVHEQRVWQHODVWQRVWL 1(952=1$1679(1,9,',.,36,+2/2*,-( 1HYURORãNLVXEVWUDWLSVLKLþQLKIXQNFLM +HPLVIHUQRVW +RUPRQVNLLQQHYURNHPLþQLYLGLNGXãHYQHJDGHORYDQMD 6/29(16.$36,+2/2*,-$ 359$'(/$6/29(16.,+$9725-(9 3VLKRORãNDGHODURMDNRYYUHQHVDQVL 6/29(16.$),/2=2)6.$,17(25(7,ý1$ 1((.63(5,0(17$/1$ 36,+2/2*,-$ VWROHWMHLQSUHKRGYVWROHWMH 0('3592,1'58*269(7291292-12 89(/-$9/-$1-(=1$1679(1(36,+2/2*,-( 8YHOMDYLWHYSVLKRORJLMHNRWVDPRVWRMQH]QDQRVWLLQVWURNH 5RVWRKDULQ7UVWHQMDN '$1$â1-(67$1-(,13(563(.7,9( 5D]YRMWHRUHWLþQLKLQXSRUDEQLKGLVFLSOLQ *ODYQDSRGURþMDSVLKRORãNHJDUD]LVNRYDQMDLQSXEOLFLUDQMD /,7(5$785$ [LL 3UHGJRYRU 0DORNDWHUD ]QDQRVW LPD WDNR GROJR WUDGLFLMR WDNR SHVWUR UD]YHMDQR LQ WXGL NRQWURYHU]QR SUHG]JRGRYLQR NRW SVLKRORJLMD 9 VYRMHP UHODWLYQR NUDWNHP VWURJR ]QDQVWYHQHPREGREMXMHSVLKRORJLMDREGUçDODYHOLNRWHUD]QROLNRVWLGRGDODYHOLNRQRYHJDLQ UHYROXFLRQDUQHJDLQUD]YLODQHQDYDGQRREHWDMRĀDSOLNDWLYQLSULVWRS1HGYRPQRMHSVLKRORJLMDV VYRMLPYSOLYRPYVWROHWMX]DVHQĀLODPQRJHGUXJH]QDQRVWLVHWUGQRYWLVQLODYPLVHOQRVW VRGREQHJDĀORYHNDLQPQRJLMLSUHURNXMHMRGDERYQDVOHGQMLKVWROHWMLKYSRYH]DYL]ELRORJLMR JHQHWLNRLQQHYUR]QDQRVWMRQDHQLLQVRFLRORJLMRQDGUXJLVWUDQLREYODGRYDODUD]YRM]QDQRVWL SRGREQRNRWVRJDYVWROHWMLKSUHGWHPREYODGRYDOHQDUDYRVORYQH]QDQRVWL 3LVDQMH ]JRGRYLQH WDNåQH ]QDQRVWL MH ]DWR ]DKWHYHQ LQ RGJRYRUHQ SRVHO 3D WXGL SRWUHEHQVDMMHPLQLORçHYHĀOHWRGRGOLĀQHJD3HĀMDNRYHJD1DVWDMDQMDSVLKRORJLMH8VPHULWYH LQ WUHQGL VRGREQH SVLKRORJLMH SD QDUHNXMHMR QHNDM SRPHPEQLK GRSROQLWHY 3VLKRORJLMD MH Y ]DGQMLK GHVHWOHWMLK QD QHNDWHULK SRGURĀMLK QDSUHGRYDOD EROM NRW SUHM Y FHORWQHP VYRMHP REGREMX 0RĀQR VR VH XYHOMDYLOL WUHQGL ªNRJQLWLYL]DFLMH© SVLKRORJLMH SD WXGL ELR]QDQRVW LQ QHYUR]QDQRVW VWD PRĀQR ]D]QDPRYDOL GDQDåQMR SVLKRORJLMR LQ MR ERVWD Y SULKRGQMH åH EROM.RJQLWLYQRLQVRFLDOQRNRJQLWLYQRSVLKRORJLMRMHWDNRSRWUHEQR]DMHWLY]JRGRYLQVNLSUHJOHG SVLKRORJLMH ĀH QDM ER NROLNRU WROLNR SRSROQ SRGREQR SD YHOMD WXGL ]D ELRHYROXFLMVNR SVLKRORJLMR YHGHQMVNR JHQHWLNR LQ YHGHQMVNR QHYUR]QDQRVW 'UXJD GRSROQLWHY L]KDMD L] GHMVWYDGDVHREUD]YRMQLKSUHPLNLKSRNDçHMRQXMQRWXGLGUXJDĀQLSRJOHGLQDSUHWHNORVW1H QD]DGQMHMHGDQHVçHVDPDUHIOHNVLMDRSRWUHEQRVWL]JRGRYLQVNHJDSULVWRSDGUXJDĀQDNRWMHELOD åHQHGDYQR'DQHVVHWXGLçLYDKQRUD]SUDYOMDRUD]OLĀQLKPRGHOLK]QDQRVWLWRSDVHVHYHGD SUHQDåD WXGL QD ]JRGRYLQR ]QDQRVWL =DWR MH SRWUHEQR VSUHJRYRULWL R PHVWX SVLKRORJLMH LQ QMHQHJD UD]YRMD Y OXĀL WHK PRGHORY 9 NQMLJL VHP SRVYHWLO WXGL YHĀ SR]RUQRVWL UD]YRMX SVLKRORåNLK LGHM Y GUXJLK NXOWXUDK WDNR Y HOHPHQWDUQLK NXOWXUDK NMHU VH SRMDYOMDMR SUYRWQL SRJOHGLQDGXåHYQRVWLQRVHEQRVW]ODVWLSDYWLVWLKUD]YLWLKNXOWXUDKLQFLYLOL]DFLMDKNLLPDMR QDMEROMERJDWRSVLKRORåNRWUDGLFLMRQSUYLQGLMVNLLQNLWDMVNL 6LFHU SD VH XĀEHQLN VHYHGD QH PRUH LQ QH VPH L]RJQLWL JODYQHPX WRNX UD]YRMD SVLKRORåNLK LGHM Y QDåHP ]DKRGQHP NXOWXUQHP NURJX NMHU VH MH QDMEROM UD]YLOD QDMSUHM ILOR]RIVNDUHIOHNVLMDGXåHYQHJDGHORYDQMDLQĀORYHNRYHJDREQDåDQMDQDWRSDVHMHL]REOLNRYDOD WXGLVDPD]QDQVWYHQDSVLKRORJLMD7HPX]JRGRYLQVNHPXYLGLNXMHSRVYHĀHQDYHĀLQDSRJODYLM [LLL (QD]DMHPDMRSUHG]QDQVWYHQLSUHGYVHPILOR]RIVNLUD]YRMSVLKRORJLMHRGDQWLNHSUHNVUHGQMHJD LQ QRYHJD YHND GR VRGREQLK ILOR]RIVNLK XVPHULWHY 'UXJD SD VHYHGD ]DMHPDMR UD]YRM ]QDQVWYHQHSVLKRORJLMHQMHQHL]YRUHQMHQH]DĀHWNHLQSUYHXVPHULWYHWHUåROH VWUXNWXUDOL]HP LQ IXQNFLRQDOL]HP QDWR XVPHULWYH SUYH SRZXQGWRYVNH LQ SRMDPHVRYVNH JHQHUDFLMH SVLKRDQDOL]RJHVWDOWL]HPLQEHKDYLRUL]HP XVPHULWYHQDVOHGQMHJHQHUDFLMH IHQRPHQRORåNR HNVLVWHQFLDOQRKXPDQLVWLĀQR SVLKRORJLMR LQ XVPHULWYH NL REYODGXMHMR VRGREQR SVLKRORJLMR NRJQLWLYQD SVLKRORJLMD YNOMXĀXMRĀ VRFLDOQR NRJQLWLYQH ªSDUDGLJPH© LQ ELRHYROXFLMVND SVLKRORJLMD =DGQMH SRJODYMH MH SRVYHĀHQR SVLKRORJLML QDåHJD VORYHQVNHJD SURVWRUD LQ ]DMHPD ]JRGQMHSVLKRORåNHSULVSHYNHDYWRUMHYVORYHQVNHJDURGXSUYDSVLKRORåNDGHODYVORYHQVNHP MH]LNXYQDMYHĀMLPHULSDUD]YRMSVLKRORåNH]QDQRVWLYVWROHWMXLQåH]ODVWLSRVYHWRYQL YRMQL LQ Y QDMQRYHMåHP ĀDVX 9 WHP SRJODYMX VHP VNXåDO NUDWNR D SRGSUWR ] REMHNWLYQLPL ND]DOFLSULND]DWLWXGLVWDQMHLQSULVSHYNH]QDQVWYHQHSVLKRORJLMHQD6ORYHQVNHPYQDMQRYHMåHP ĀDVX QHNDNRGRVUHGLQHOHWD =DYHGDP VH GD MH SVLKRORåND ]QDQRVW PRĀQR SRVHJOD Y çLYOMHQMH QH VDPR Y VWURNRYQR SUDNVR WHPYHĀ WXGL Y VDPR SVLKRORåNR ªIRONORUR© 7R VHP VNXåDO SULND]DWL Y QDĀHOQLK SRWH]DK çH Y WHP ]JRGRYLQVNHP SUHJOHGX 7RGD DSOLNDWLYQD SVLKRORJLMD LQ QMHQH åWHYLOQH SDQRJH LPDMR ]DQLPLYH UD]YRMQH ]QDĀLOQRVWL NL ]DVOXçLMR SRVHEQR ]JRGRYLQVNR DQDOL]R 7DNåQD DQDOL]D WHUMD VDPRVWRMQR PRQRJUDIVNR REUDYQDYR NL MR LPDP Y QDĀUWX Y SULKRGQMH ÿHSUDYMHNQMLJDSUHGYVHPXĀEHQLNSDMHNRW]JRGRYLQVNLRULVSVLKRORJLMHXSRUDEQD WXGL NRW SUHJOHG SVLKRORåNH ]QDQRVWL LQ NRW XYRGQD LQ SUHJOHGQD LQIRUPDFLMD R SVLKRORJLML QDVSORK6NXåDOVHPQDSLVDWLGHORNLQDYDMD]JRGRYLQVNDGHMVWYD]DWRGDSRVWDYOMDYSUDåDQMDLQ VSRGEXMDUD]PLåOMDQMD²QHWROLNRRSUHWHNORVWLNROLNRU]DVHGDQMRVWLQSULKRGQRVW8ĀEHQLNMH åH]ODVWLQDPHQMHQåWXGHQWRPSVLKRORJLMHLQSHGDJRJLNHDJDERGRODKNRNRULVWQRXSRUDELOL WXGL GUXJL åWXGHQWL NL PRUDMR Y WHNX åWXGLMD DEVROYLUDWL WHPHOMQH SVLKRORåNH SUHGPHWH -H WHPHOMQLXQLYHU]LWHWQLXĀEHQLN]DSUHGPHW=JRGRYLQDLQVPHULSVLKRORJLMHNLJDYSLVXMHMRYVL åWXGHQWLSVLKRORJLMH'HORMHQDSLVDQRWDNRGDELODKNRSRVHJOLSRQMHPWXGLYVLNLĀXWLMRGD SRVWDMD SR]QDYDQMH SVLKRORJLMH çH QXMQD VHVWDYLQD VSORåQH L]REUDçHQRVWL VRGREQHJD LQWHOHNWXDOFD9VHNDNRUERSULåHOSUDYYVHPNLMLK]DQLPDMRSVLKRORåNLSRJOHGLQDGXåHYQRVWLQ RVHEQRVW RG ]JRGRYLQVNLK XWHPHOMLWHOMHY Y DQWLĀQLK REGREMLK ]DKRGQH LQ GUXJLK NXOWXU GR ]DĀHWNRY ]QDQVWYHQHJD SURXĀHYDQMD GXåHYQLK SRMDYRY SLRQLUVNLK SULVSHYNRY RĀHWRY SVLKRORJLMH :XQGWD -DPHVD )UHXGD 3DYORYD :DWVRQD LQ QD]DGQMH GR VPHUL LQ åRO NL VR ]D]QDPRYDOH QDGDOMQML UD]YRM SVLKRORJLMH GR GDQHV VWUXNWXUDOL]PD IXQNFLRQDOL]PD SVLKRDQDOL]H EHKDYLRUL]PD JHVWDOWL]PD KXPDQLVWLĀQH SVLKRORJLMH NRJQLWLYQH SVLKRORJLMH LQ ELRORåNHWHUHYROXFLMVNHSVLKRORJLMH -DQHN0XVHN [LY =DKYDOD 3LVDQMHçHSRVHELGRYROM]DKWHYQHJDXQLYHU]LWHWQHJDXĀEHQLNDMHGHORNLQHWHUMDVDPR ]QDQMDĀDVDLQHQHUJLMHDPSDNWXGLXVWUH]QHGHORYQHSRJRMHWDNRYIL]LĀQHPNRWYSVLKLĀQHP SRJOHGX 1RYL XĀEHQLN QH EL QLWL SULEOLçQR WDNR KLWUR QDVWDO ĀH JD QH EL SLVDO Y ]HOR VSRGEXGQHPY]GXåMX=DWRVHPYVHPNLVRPLJDXVWYDUMDOLåHWROLNREROMKYDOHçHQ9SUYL YUVWL VH ]DKYDOMXMHP GUXçLQL çHQL $OHQNL LQ VLQRYRPD.ULVWLMDQX LQ 0DULMDQX ]D YVHVWUDQVNR SRGSRURLQVSRGEXGHNLMLKQLPDQMNDOR%OLçQMLPXQLYHU]LWHWQLPVRGHODYFHPLQNROHJRPVH ]DKYDOMXMHP ]D XWHPHOMHQH LQ NRQVWUXNWLYQH RFHQH LQ SULSRPEH 3RVHEHM EL VH UDG ]DKYDOLO IDNXOWHWQLNRPLVLMLNLMHSRVNUEHOD]DQDWLVXĀEHQLNDLQQMHQHPXSUHGVHGQLNXGRFGU0DUNX 0DULQĀLĀX ,Q QLNDNRU QH SR]DEOMDP QD JHQHUDFLMH åWXGHQWRY NL VHP MLP SUHGDYDO LQ VR V VYRMLPLYSUDåDQMLNRPHQWDUMLLQSREXGDPLSULVSHYDOLNQDVWDMDQMXXĀEHQLNDNDNUåHQMH [Y 3 3R RJOODYYMMH JD H JRGRYLQVNLSULVWRSY SVLKRORJLML =JRGRYLQVNLSRJOHGQD]QDQRVWLQSVLKRORJLMR $ULVWRWHO MH Y XYRGQHP RGVWDYNX NQMLJH ´2 GXåLµ V SRXGDUNRP ]DSLVDO GD MH SURXĀHYDQMHGXåHYQRVWLQDMSRPHPEQHMåLSUHGPHWILOR]RILMHLQ]QDQRVWLVDMSRPHQL NOMXĀ GR VSR]QDYDQMD YVHK GUXJLK SUHGPHWRY æDO MH WR WXGL HGHQ RG QDMEROM ]DKWHYQLKLQNRPSOHNVQLKSUHGPHWRYSURXĀHYDQMD7DNRVHMHVNRUDMQXMQRPRUDOR ]JRGLWLGDVHMHYUD]YRMXQDUDYRVORYQHJDUD]LVNRYDQMDREOLNRYDO]QDQVWYHQLSULVWRS SUHMSUHGHQMHGRWHJDSULåORQDSRGURĀMXSVLKRORJLMHLQGUXçEHQLK]QDQRVWL 'ROJD SUHWHNORVW NUDWND ]JRGRYLQD ² WH EHVHGH +HUPDQQD (EELQJKDXVD ]DSLVDQH QD ]DĀHWNX VWROHWMD UHV GREUR R]QDĀXMHMR UD]YRM SVLKRORJLMH 3UHG]JRGRYLQD SVLKRORJLMH MH VWDUD NRW VR VWDUD VSORK ĀORYHNRYD UD]PLåOMDQMD 1L OMXGVWYD NL QH EL SR]QDOR SRMPD GXåH 9VDM RG DQWLĀQLK ĀDVRY REVWDMDMR WXGL çH VLVWHPDWLĀQD LQ NULWLĀQD ILOR]RIVND UD]PLåOMDQMD R GXåHYQRVWL ,Q WMD GR GUXJH SRORYLFHVWROHWMDMHSVLKRORJLMDSUHGYVHPILOR]RIVNDGLVFLSOLQD9WHPĀDVXSULGH GR SUHORPD LQ SVLKRORJLMD SRVWDQH SUHGYVHP ]QDQRVW 7DNUDW VH ]DĀQH QMHQD ]JRGRYLQDYSRPHQXNLJDMHLPHOYPLVOLK(EELQJKDXV ,]]JRGRYLQVNHSHUVSHNWLYHODçHGRMDPHPRSRPHQLQYHOLĀLQRL]]LYRYSUHG NDWHULPLVHQDKDMDVRGREQDSVLKRORJLMD7LL]]LYLLPDMRWDNRVSR]QDYQRWHRUHWVNR NRWWXGLSUDNWLĀQRUD]VHçQRVW1RYDRE]RUMDNRJQLWLYQH]QDQRVWLQHYUR]QDQRVWLLQ JHQHWLNH RGSLUDMR QHVOXWHQH PRçQRVWL RE NDWHULK ERGR PRUGD åWHYLOQH YHOLNH UHYROXFLMHYGRVHGDQMHPUD]YRMXSVLKRORJLMH]EOHGHOH3UDYODKNRVH]JRGLGDVHER 3 2 * / $ 9 - ( VDPSRMDYGXåHYQRVWLWDNR]DYHVWQHNRWQH]DYHGQHSRND]DOYĀLVWRQRYLOXĀL7D RE]RUMD ]DĀHQMDMR RVYHWOMHYDWL WHUHQ NL MH ELO GRVOHM HQD VDPD YHOLND QH]QDQND =DQHVOMLYRYHPROHGDSRVYRMLNRPSOHNVQRVWLLQUD]LVNRYDOQL]DKWHYQRVWLSUHVHJD YVHVĀLPHUVPRVHYSVLKRORJLMLVUHĀHYDOLGRVOHM XSRUDEQRVW (QD RG QDMEROM UD]SR]QDYQLK ]QDĀLOQRVWL ]QDQVWYHQH SVLKRORJLMH MH QMHQD SVLKRORåNLKVSR]QDQM XSRUDEQRVW8SRUDEDSVLKRORåNLKVSR]QDQMMHSRVWDODQDMYHĀMD´UH]HUYDµPRUGDSD WXGL QDMYHĀMH XSDQMH ]D QDGDOMQML QDSUHGHN 7RGD WR XSDQMH ER L]SROQMHQR OH Y SULPHUXĀHERĀORYHåWYR]QDORVOHGLWLVYRMLPYUHGQRWDPLQVHERULWLSURWL]ORUDEDP VYRMLKVSR]QDQM.ROLNRUMHODKNR]ORUDEDĀORYHNRYHJDWHKQLĀQHJD]QDQMDKXGDLQ XVRGQDVWYDUMHåHYHOLNRKXMåDLQXVRGQHMåD]ORUDEDSVLKRORåNHJD]QDQMD7HçNRMH QDPUHĀ ]ORUDELWL WHKQLĀQR ]QDQMH ĀH QLVR SUL WHP ]ORUDEOMHQD WXGL SVLKRORåND VSR]QDQMD3VLKRORJLMDODKNR SRPHPEQRSULVSHYDNXWHPHOMHYDQMX SRPHQDNLJD LPD]DĀORYHåWYRPRUDOQLLQHWLĀQLQDSUHGHN,]NRULåĀDQMHSVLKRORåNLKSRWHQFLDORYMH SRVWDO HGHQ QDMSRPHPEQHMåLK ĀH QH NDU QDMSRPHPEQHMåL YLU ĀORYHNRYHJD GUXçEHQHJDLQHNRQRPVNHJDQDSUHGND 3VLKRORåND VSR]QDQMD QDM EL WDNR SUHPRVWLOD SUHSDG Y GYHK UD]OLĀQLK 9 / 2 * $ SRJOHGLK QD ĀORYHND =QDQRVW QDP VNXåD SRVUHGRYDWL REMHNWLYQR SRGRER 3 6 , + 2 / 2 * , - ( VWYDUQRVWL SUL WHP SD QHRJLEQR ]DGHQH QD SVLKRORåND YSUDåDQMD 1H PRUHPR SURXĀHYDQMHVXEMHNWLYQHJD QDPUHĀNDUVNRĀLWLL]VYRMH´VXEMHNWLYQHµNRçHLQYLGHWLVWYDULNDNUåQHVRSRVHEL GRçLYOMDQMD 'R REMHNWLYQH SRGREH VWYDUQRVWL VH ODKNR SUHELMHPR VDPR SUHNR SULPHUMDY SURXĀHYDQMHREMHNWLYQHJD UD]OLĀQLK VXEMHNWLYQLK SRGRE 1DåD REMHNWLYQRVW WDNR WHPHOML QD XMHPDQMX REQDåDQMD VXEMHNWLYQHJD$WRNDNRVXEMHNWLYQR]D]QDYDPRLQGRçLYOMDPRPRUDPRYSUDåDWL SVLKRORJLMR3VLKRORJLMDMHHGLQDWHPHOMQD]QDQRVWNLSURXĀXMHVXEMHNWLYQRGXåHYQR GRJDMDQMHQHJOHGHQDWRGDVHMHSRPHPEHQGHOSVLKRORJLMHVNXåDOWHML]EUDQLYORJL FHORRGSRYHGDWL5HVMHGDVHODKNRGXåHYQHPXGHORYDQMXSULEOLçDPRSRRYLQNXV SURXĀHYDQMHPREQDåDQMDNLJDODKNRUD]LVNXMHPRREMHNWLYQRNROLNRUMHSDĀVSORK PRJRĀH7RGDQDWDQDĀLQVHODKNRSUHELMHPRNYHĀMHPXGRSRGREHĀORYHNDWRUHM QDV VDPLK Y WUHWML RVHEL 6PLVHO SVLKRORJLMH SD MH GD QDP RPRJRĀL ]QDQVWYHQR UD]LVNRYDQMHQRWUDQMLKGRçLYOMDMVNLK IHQRPHQDOQLK LQVXEMHNWLYQLKUD]VHçQRVWLGD QDP SRVUHGXMH WXGL SRGRER ĀORYHND Y SUYL RVHEL 3VLKRORJLMD ĀHGDOMH MDVQHMH VSR]QDYDGDRSLVRYDQMDYSUYLRVHELQLPRĀUHGXFLUDWLQDREMHNWLYQLRSLVYWUHWML RVHELSDWXGLQHREUDWQR3DĀSDVH]GLGDERWDNRHQRNRWGUXJRRVWDOROHJLWLPHQ LQSRPHPEHQFLOMSVLKRORJLMH7XGLYSULKRGQRVWL =DNDM]DQLPDQMH]DSUHWHNORVWSVLKRORJLMH" =DNDMñWXGLUDWL]JRGRYLQRQHNH]QDQRVWL" æHL]JRUQMLKXYRGQLKEHVHGVHGDUD]EUDWLGDSUHWHNORVWLQUD]YRMQHNH]QDQRVWL QLVWD OH ]JRGRYLQVNR ]DQLPLYD =D SVLKRORJLMR LQ WXGL ]D GUXJH ]QDQRVWL YHOMD SUHSURVWDHQDĀEDSR]QDYDQMH]QDQRVWLMHSR]QDYDQMHQMHQH]JRGRYLQH3R]QDYDQMH ]JRGRYLQH SVLKRORJLMH RPRJRĀD EROMåL YSRJOHG Y SVLKRORJLMR NRW ]QDQRVW LQ NRW VWURNR1MHQD]JRGRYLQDMH]JRGRYLQDSRVWDYOMDQMDLQUHåHYDQMDSUREOHPRYNLVRVH SRMDYOMDOL Y SVLKRORJLML RG ]DĀHWNRY GR GDQHV 7XGL QDMVRGREQHMåHJD GRJDMDQMD Y SVLKRORJLMLQHPRUHPRUD]XPHWLĀHQHSR]QDPRQMHJRYHJD]JRGRYLQVNHJDR]DGMD äWXGLM]JRGRYLQHSVLKRORJLMHMHRUJDQVNLGHOåWXGLMDSVLKRORJLMH.GRUKRĀH ELWLSVLKRORJVHPRUDRULHQWLUDWLYUD]YRMXLQUD]XPHYDQMXVYRMHVWURNHWXGLĀHVH QH ER SRVYHWLO ]QDQVWYHQHPX GHOX 9 ]JRGRYLQVNL SHUVSHNWLYL ER ODçH LQ EROMH = * 2 ' 2 9 , 1 6. , 3 5 , 6 7 2 3 9 3 6 , + 2 / 2 * , - , UD]XPHO WXGL VYRMH SUDNWLĀQH PHWRGH LQ QDORJH 7XGL Y ]QDQRVWL QDP WRUHM ]JRGRYLQVNLVSRPLQQHNDMSRPHQL 5D]ORJL]DQLPDQMD]D]JRGRYLQR 9ĀHPVHNRQNUHWQRNDçHVPLVHO]JRGRYLQVNHJDSULVWRSYSVLKRORJLML LQSRGREQRY = $. $ - GUXJLK ]QDQRVWLK " 6DM MH YHUMHWQR UHV GD MH ]JRGRYLQVNL LQWHUHV VHVWDYQL GHO ð 7 8 ' , - ĀORYHNRYHJD QDUDYQHJD ]DQLPDQMD ]D VWYDUL NL MLK SURXĀXMH.RQĀQR EL ODKNR Y LPHQX WHJD LQWHUHVD RGJRYRULOL QD YSUDåDQMH ]DNDM åWXGLUDWL ]JRGRYLQR QHNH = * 2 ' 2 9 , 1 ( ]QDQRVWLVSURWLYSUDåDQMHP]DNDMMHQHåWXGLUDWL 3 6 , + 2 / 2 * , - ( " $ WR åH ]GDOHĀ QL YVH =DQLPDQMH ]D ]JRGRYLQR LQ SUHWHNORVW MH GHO ĀORYHNRYLK VSR]QDYQLK SUL]DGHYDQM ]DQM ]DGRåĀD çH GHMVWYR GD MH ĀORYHN ]DQLPDQMH UDGRYHGQR VSR]QDYDMRĀH ELWMH 6SR]QDYQD SRWUHED MH HGHQ QMHJRYLK VSR]QDYQDWHçQMD QDMSRPHPEQHMåLK PRWLYRY.RQĀQR VH ODKNR ]JRGL GD ERPR SUL EUVNDQMX SR RGNULYDQMHSR]DEOMHQLK SUHWHNORVWLQDOHWHOLWXGLQDçHSR]DEOMHQD]QDQMDMLKQDQRYRRGNULOLLQMLKSRYUQLOLY VSR]QDQM ]DNODGQLFRSVLKRORåNLKVSR]QDQM RPRJRĀDJOREOMH *OREOMHUD]XPHYDQMHVRGREQHSVLKRORJLMHLQQMHQLKSHUVSHNWLYQLPRJRĀH UD]XPHYDQMH EUH] SR]QDYDQMD ]JRGRYLQH LQ UD]YRMD SVLKRORåNLK LGHM =ODVWL YVHELQVNL LQ UD]OLNRYDQMHELVWYHQHJD SUREOHPVNLUD]YRMSVLKRORJLMHQDPRPRJRĀDGDREYODGDPRLQIRUPDFLMHRVRGREQL RGQHELVWYHQHJD SVLKRORJLML NL EL ELOH VLFHU NDRWLĀQH LQ IUDJPHQWDUQH GD MLK XUHGLPR SRYHçHPR VNUDWND RVPLVOLPR /H WDNR ODKNR L] WHK LQIRUPDFLM L]OXåĀLPR WR NDU MH UHVQLĀQR XJRWDYOMDQMHUD]YRMQLK SRPHPEQRODKNRUD]OLNXMHPRELVWYHQRRGQHELVWYHQHJDRGNULYDPRVSUHPHPEH WUHQGRY NL VR VPLVHOQH LQ SRPHPEQH 6 SRPRĀMR ]JRGRYLQVNHJD ]QDQMD ODçH UD]EHUHPR SULGRELYDQMHQRYLKLGHM UD]YRMQHWUHQGHYVRGREQLSVLKRORJLMLODçHQDSRYHGXMHPRQMHQQDGDOMQMLUD]YRM HNVSOLNDFLMDLPSOLFLWQLK KLSRWH] 3R]QDYDQMH ]JRGRYLQH ODKNR VSRGEXGL QDåD UD]PLåOMDQMD R SVLKRORåNLK SUREOHPLKLQQMLKRYLKUHåLWYDK1DWHMSRGODJLVHGRNRSOMHPRGRQRYLKLGHMMLKWXGL XJRWDYOMDQMHQDSDN MDVQHMH LQ GRORĀQHMH SURILOLUDPR ,PSOLFLWQH GRPQHYH ODKNR QD SRGODJL YHĀMDNULWLĀQRVW ]JRGRYLQVNHJD]QDQMDSRVWDQHMRHNVSOLFLWQHLQMDVQH DQHNGRWVNH]DQLPLYRVWL =DUDGL ]JRGRYLQVNHJD SR]QDYDQMD ODçH SUHSR]QDYDPR QDSDNH LQ VH MLP NRULVWQHL]NXåQMHLQ L]RJLEDPR.RWODKNRQDSRGODJLQRYLKVSR]QDQMXJRWDYOMDPRQDSDNHSUHWHNORVWLLQ QDSRWNL NULWLĀQR SUHVRMDPR SUHWHNOR ]QDQMH ODKNR YĀDVLK Y SUHWHNORVWL L]UHĀHQL DUJXPHQWL SRVWDYLMRSRGYSUDåDMWXGLQRYDGRJQDQMDLQLQWHUSUHWDFLMH9ĀDVLKODKNRQDSRGODJL WHK DUJXPHQWRY SRVWDQHPR XSUDYLĀHQR NULWLĀQL DOL FHOR VNHSWLĀQL Y RGQRVX GR REVWRMHĀHJDVWDQMDSVLKRORåNH]QDQRVWLWHUSUDNVHLQMXVNXåDPRXVWUH]QRL]EROMåDWL 1H QD]DGQMH QDP XNYDUMDQMH ] ]JRGRYLQR SVLKRORJLMH SRVWUHçH ] YUVWR ]DQLPLYRVWL 1HNDWHUH VR PRUGD SUHGYVHP ]DEDYQH QSU UD]QH ]JRGRYLQVNH DQHNGRWH GUXJH XWHJQHMR ELWL WXGL NRULVWQH =JRGRYLQVNH L]NXåQMH ODKNR SULPHUMDPR]ODVWQLPLL]NXåQMDPLLQPRWLYL/DKNRSULGRELPRLQIRUPDFLMHNLQLVR NRULVWQH OH ]D QDåH SR]QDYDQMH VHGDQMH SVLKRORJLMH DPSDN QDP ERGR SULåOH SUDY WXGLVLFHUYçLYOMHQMX 7UDGLFLRQDOQLLQQRYHMâLSULVWRSY]JRGRYLQL =JRGRYLQVNL SULVWRS LPD WXGL VDP VYRMR ]JRGRYLQR æH DQWLĀQL ]JRGRYLQDUML VH UD]OLNXMHMR SR VYRMHP SULVWRSX R WHP VH ODKNR KLWUR SUHSULĀDPR ĀH QSU SULPHUMDPR +HURGRWD LQ 7XNLGLGD /LYLMD LQ 3ROLELMD 1HNDWHUL QDV SUHVHQHĀDMR V VYRMRWDNRUHNRĀSR]LWLYLVWLĀQRREMHNWLYQRVWMRGUXJLYLGLMR]JRGRYLQVNHGRJRGNH] 3 2 * / $ 9 - ( L]UD]LWRVXEMHNWLYQHJDSRJRVWRVYRMLPSROLWLĀQLPSUHSULĀDQMHPLQVYRMLPYODGDUMHP SRGUHMHQHJDVWDOLåĀD3RGREQHUD]OLNHELQDåOLWXGLPHGSR]QHMåLPL]JRGRYLQRSLVFL 9 WUDGLFLRQDOQHP ]JRGRYLQRSLVMX QDMGHPR SRJRVWR VWURJR VHOHNWLYQL LQ FHUHPRQLDOQLSULVWRSNMHUVHEHOHçLMRGRJRGNLSURGRPRVXDYKYDORLQVODYRWHJD DOLRQHJDYODGDUMDGLQDVWLMHYHUHLQYHUVNLKXVWDQRYLSG7RVHSRJRVWRSRYH]XMHV SUHWLUDYDQMHP ] QHNULWLĀQLP ĀUQR EHOLP RSLVRYDQMHP YĀDVLK NDU EUH] YVDNHJD NDQĀND UD]XPQRVWL LQ REMHNWLYQRVWL 9 WUDGLFLRQDOQHP ]JRGRYLQRSLVMX MH YHOLNR VNOLFHYDQMD QD VHNXQGDUQH YLUH PHGWHP NR MH ]D QRYHMåL ]JRGRYLQVNL SULVWRS YVHNDNRU RGORĀLOQD XVPHULWHY N L]YLUQHPX JUDGLYX DUKLYL GUXJL GRNXPHQWL« 7UDGLFLRQDOQL]JRGRYLQRSLVFLVRSRJRVWRXMHWLYR]HNQRWUDQMLNRQWHNVWRSLVRYDQMD QDGDELVNXåDOLVSULPHUMDYDPLLQLVNDQMHPGUXJLKDVSHNWRYSRJORELWLVYRMSULVWRS 9]JRGRYLQVNHPSURFHVXYLGLMRYĀDVLK]JROMSRQDYOMDQMHGRJRGNRYLQQLVRSR]RUQL QD ELVWYHQR VSUHPHQMHQH RNROLåĀLQH NL NDçHMR QD QDSUHGHN LQ åLUMHQMH 3R GUXJL VWUDQL KRĀHMR YĀDVLK Y YVDNL VSUHPHPEL çH YLGHWL QDSUHGRYDQMH LQ SURJUHV ,Q VHYHGDGRGDQDåQMLKGQLQHNDNRYHOMDWUGLWHYGD]JRGRYLQRSLåHMR]PDJRYDOFL9 XVWUH]QRSULODJRMHQHPVPLVOXYHOMDWR]D]JRGRYLQR]QDQRVWLåHEROMNRW]DRELĀDMQR ]JRGRYLQR 3UL WHM VH ODKNR XSUDYLĀHQR YSUDåDPR DOL LPDMR ]PDJRYDOFL UHV YVHOHM SUDYPHGWHPNRYUD]YRMX]QDQRVWLçHSRGHILQLFLMLYLGLPRERMLQ]PDJRYDQMHHQLK LGHMKLSRWH]LQWHRULMQDGGUXJLPL 3UHJOHGQLFD 1HNDMUD]OLNPHGWUDGLFLRQDOQLPLLQQRYLPL]JRGRYLQVNLPLSULMHPL 75$',&,21$/1,35,6723 129(-â,35,6723 VXEMHNWLYHQEUH]GLVWDQFH WHåQMDNREMHNWLYQRVWLGLVWDQFD VHOHNFLMDGRJRGNRYKYDOQLFHSULVWUDQRSLVY QHSULVWUDQRSLVGRJDMDQM NRULVWODVWQHGUåDYHGLQDVWLMH VHNXQGDUQLYLUL L]YLUQLYLUL HQRVWUDQRVWL]DSUWRVWYQRWUDQMLNRQWHNVW SRJOREOMHQDLQãLURNDSHUVSHNWLYD QL]DQMHGRJRGNRY WUHQGLNRQWHNVWL QHNULWLþQRYLGHQMHSURJUHVD NULWLþQDSUHVRMDWUHQGRY YLGLN]PDJRYLWHVWUDQL YLGLN]PDJRYDOFDLQSUHPDJDQHJD =DQRYHMåH]JRGRYLQVNHSULMHPHMHYVHNDNRU]QDĀLOQRGDçHOLMRELWLQDHQL VWUDQL NULWLĀQL LQ REMHNWLYQL QD GUXJL VWUDQL SRJOREOMHQL WRUHM XVPHUMHQL N SRXGDUMDQMX GHMDYQLNRY NL ELVWYHQR YSOLYDMR QD UD]YRM LGHM ,Q NDNR EL ELO YLGHWL VRGREQRSRMPRYDQ]JRGRYLQVNLSULVWRSYSVLKRORJLML" +HOPXW ( /FN Y VYRMHP SURMHNWX ]JRGRYLQH SVLKRORJLMH QDYDMDåWLULQDMSRJRVWHMåHPRGHOHPHWRGLĀQHJDSULVWRSD RVHEQRVWQR]JRGRYLQVNLPRGHOYNDWHUHPVHSRMDYOMD]JRGRYLQD SVLKRORJLMHNRW]JRGRYLQDNOMXþQLKRVHE LGHMQR]JRGRYLQVNLPRGHONLSRPHQLSUHGYVHPDQDOL]RLGHMQHJDLQ GXKRYQHJDNRQWHNVWDYUD]YRMXSVLKRORJLMHQMHQLKHSRKQLK³=HLWJHLVWRY´ = * 2 ' 2 9 , 1 6. , 3 5 , 6 7 2 3 9 3 6 , + 2 / 2 * , - , SUREOHPVNR]JRGRYLQVNLPRGHONLREUDYQDYDUD]YRMSVLKRORJLMHVNR]L SUL]PRUHãHYDQMDSUREOHPRYNLVRMLKSRVWDYOMDOLUD]LVNRYDOFL SRXGDUMD EROMSUREOHPVNLUD]YRMNRWNURQRORãNRQL]DQMHGRJDMDQM LQ VRFLDOQR]JRGRYLQVNLPRGHONLSRXGDUMDYORJRVRFLDOQLKHNRQRPVNLK SROLWLþQLKLQLQVWLWXFLRQDOQLKGHMDYQLNRY 0HQLPGDELELOD]JRGRYLQVNDDQDOL]DUD]YRMDSVLKRORJLMHSRPDQMNOMLYDĀH LQWHJUDFLMD]JRGRYLQVNLK PRGHORY ELVHRPHMLOLQDVDPRHQHJDRGRPHQMHQLKSULVWRSRYR]LURPDPRGHORYLQWXGLĀHEL NDWHULNROL SRYVHP PDQMNDO 'REHU SULND] ]JRGRYLQH SVLKRORJLMH PRUD ]DMHWL YVH RPHQMHQH SULVWRSH SUHGYVHP SD PRUD MDVQR UD]NULYDWL SRWD SUREOHPVNHJD UD]LVNRYDQMD 1D SRGODJL WHJD VWDOLåĀD MH WXGL QDVWDOD SULĀXMRĀD ]JRGRYLQD =JRGRYLQR XVWYDUMDMR RVHEH YHQGDU RVHEH NL Y ]JRGRYLQVNHP LQ VRFLDOQHP NRQWHNVWXUHåXMHMRSUREOHPHNLMLKYLGLMRWDNRNRWMHYWHPNRQWHNVWXPRçQR9 SVLKRORJLMLVRLGHMHLQWHRULMHSRJRVWR]HORRVHEQRREDUYDQH%ROMNRWMHWRQDYDGDY GUXJLK ]QDQRVWLK MLK LGHQWLILFLUDPR ] QMLKRYLPL DYWRUML ² JRYRULPR R )UHXGRYL -XQJRYL 6NLQQHUMHYLWHRULMLLWG0RUGDVPRFHORSUHYHĀ´DYWRUVNRµXVPHUMHQL=D WHRULMRNRWWHRULMR WRUHMVLVWHPVSR]QDQM QLSRPHPEQRNGRMHQMHQDYWRU9HGQR SRPHQL UHåLWHY VNORSD SRVWDYOMHQLK SUREOHPRY $ SRPHPEQR MH GD WL SUREOHPL QLVRQHSRYH]DQLåHEROMSDVRSRYH]DQHQMLKRYHUHåLWYH1HYHUMDPHPYHOLNRY² EROM PRGQH NRW ]DUHVQH ² WHRULMH R GLVNRQWLQXLUDQRVWL ]JRGRYLQH 9 ĀORYHåNHP UD]YRMX VR SUHORPL SUHVNRNL LQ QD]DGRYDQMD D R QMLK ODKNR JRYRULPR OH ĀH SUHGSRVWDYLPRWXGLNRQWLQXLWHWH1RYHJHQHUDFLMHXVWYDUMDMRQD GHGLåĀLQLVWDULKNL MLK UHV UD]XPHMR YHGQR SR VYRMH D SUDY Y WHP Y UD]XPHYDQMX WHJD NDU VR SULVSHYDOHSUHMåQMHJHQHUDFLMHLQYLVNDQMXQRYLKSRWLNLMLKERGRSUHY]HOHQRYHMH ELVWYR ]JRGRYLQVNH NRQWLQXLWHWH 5HVQLFD MH GD VL QRYH JHQHUDFLMH QLVR L]PLåOMDOH YHGQRQRYLKQDĀLQRYNDNRQSUXSRUDELWLORSDWRLQVHNLUR,QSRGREQRMHWXGL] LGHMDPL ÿH MLK RĀHWMHQLVR]PRçQLSRVUHGRYDWL VLQRYRPQDQDĀLQNRWVRMLKWXGL VDPL UD]XPHOL SRWHP MH VHYHGD RGYHĀ YVDNR ]JRGRYLQVNR SUL]DGHYDQMH LQ UD]XPHYDQMH7RELSRPHQLORGDVHQHPRUHPRVSRUD]XPHYDWLPHGVHERMNDMåHOH PHGJHQHUDFLMDPL$WRMHVHYHGDGDOHĀRGUHVQLFH 3VLKRORJLMDLQQMHQUD]YRMYOXġLPRGHORYUD]YRMD ]QDQRVWL 3RJOHGLQD]QDQRVWLQQMHQUD]YRM HSLVWHPRORJLMDLQWHRULMD (GHQL]PHGQDMYHĀMLKSUREOHPRYHSLVWHPRORJLMHLQWHRULMH]QDQRVWLL]YLUDL]GHMVWYD ]QDQRVWL GD ]QDQRVW QL HQRWQD 9 UD]YRMX LQ ]JRGRYLQL UD]OLĀQLK ]QDQRVWL QDMGHPR SRPHPEQH UD]OLNH 2EVWDMDMR UD]OLNH PHG ]QDQVWYHQLPL LGHDOL NL VR VH UD]YLMDOL Y QDUDYRVORYMXLQ]QDQRVWMRNLVHXNYDUMD]GUXçEHQLPLSVLKRORåNLPLNXOWXUQLPLLQ GXKRYQLPL SRMDYL 1DUDYQD GHMVWYD ODKNR QSU WUHWLUDPR VWURJR REMHNWLYQR YUHGQRVWQR QHYWUDOQR YSUDåDQMH SD MH NDNR QDM REUDYQDYDPR SRMDYH ĀH QDV ]DQLPDMR QMLKRYL SRPHQVNL VPLVHOQRVWQL YLGLNL QSU Y RNYLUX KHUPHQHYWLĀQHJD SULVWRSD 2EVWDMDMR SRPHPEQH UD]OLNH PHG ]JRGRYLQVNLPL LQ QH]JRGRYLQVNLPL ]QDQRVWPLLWG=JRGRYLQVNLKGHMVWHYQSUQHPRUHPRHNVSHULPHQWDOQRRSD]RYDWLLQ UD]LVNRYDWL 3 2 * / $ 9 - ( 2EVWDMDYHĀSRMPRYDQMLQWHRULM]QDQRVWLLQ]QDQVWYHQHJDUD]YRMD1HNDWHUL UD]LVNRYDOFL]QDQRVWLVRVNXåDOLGRORĀLWLSUHGYVHPWRNDMQDMELELORQRWUDQMHELVWYR ]QDQRVWL'UXJLPRGHOLLQWHRULMH]QDQRVWLSDPRUGDEROMSRMDVQMXMHMR]QDQRVWNRW VRFLRORåNRGUXçEHQRGRJDMDQMHLQVNXåDMRGRJQDWL]DNRQLWRVWLQMHQHJDUD]YRMD NODVLĀQLLQGXNWLYQL 7HRULMD ]QDQRVWL LQ HSLVWHPRORJLMD VWD VH UD]YLMDOL LQ VSUHPLQMDOL /DKNR EL NDY]DOQRDQDOLWLĀQL JRYRULOL NDU R SUDYL HYROXFLML PRGHORY ]QDQRVWL =DĀQHPR ODKNR SUL NODVLĀQHP SR]LWLYLVWLĀQL NDY]DOQR DQDOLWLĀQHP PRGHOX NL JD MH Y ]DĀHWNX VWROHWMD REOLNRYDO DQJOHåNL ILOR]RI -RKQ 6WXDUW 0LOO 7R MH PRGHO NL JD MH Y PQRJRĀHP VSUHMHOD PRGHO]QDQRVWL SR]LWLYLVWLĀQDILOR]RILMDL]KRGLåĀH]QDQRVWLVRRSDçHQDGHMVWYDL]NDWHULKLQGXFLUDPR -RKQ6WXDUW0LOO VSORåQHY]URĀQH]DNRQLWRVWL SRSUDYLOLKY]URĀQHJDVNOHSDQMDWLY]URĀQLKNDQRQLK = :LOKHOP:XQGW QMLPLODKNRSRMDVQMXMHPRVWYDUQRVWNLQDV]DQLPD2ĀLWQRMHWDPRGHOXWHPHOMHQQD SUHYODGXMRĀLSUDNVLQDUDYRVORYMDXYHOMDYLWLSDVRJDVNXåDOLWXGLGUXJMH9SVLKRORJLML VH MH ] XYHOMDYOMDQMHP WHJD PRGHOD SUDY]DSUDY REOLNRYDOD PRGHUQD HPSLULĀQD HNVSHULPHQWDOQD SVLKRORJLMD :XQGW =DWHP VR VH WHJD PRGHOD RSULMHOL ]ODVWL EHKDYLRULVWL3R]QHMHVRVHUD]YLOLåHGUXJLPRGHOL 9]URNLLQVPRWULSRMDVQMHYDQMHLQUD]XPHYDQMH =QDQVWYHQLPRGHOLVRPRUGDUHVåHYHGQREROMMDVQLLQQH]DSOHWHQLYQDUDYRVORYQLK ]QDQRVWLK9WRNXVWROHWLMLQ]JRGRYLQHVHMHĀORYHåWYRSRVWRSQRSUHSULĀDORGDVR QHNDWHUH UD]ODJH QDUDYQLK SRMDYRY EROM XVWUH]QH LQ XĀLQNRYLWH RG GUXJLK 3R]QDYDQMH Y]URĀQLK ]DNRQLWRVWL VH MH QSU L]ND]DOR ]D EROM XĀLQNRYLWR NRW SR]QDYDQMHPDJLĀQLKIRUPXOLQREUHGMD8SRUDEDSUDYLKY]URĀQLKPHKDQL]PRYMH QSU QDUHGLOD RURGMH LQ RURçMH EROM XĀLQNRYLWR NRW XSRUDED XURNRY LQ ]DNOLQMDQM 3R]QDYDQMH Y]URĀQLK ]DNRQLWRVWL MH RPRJRĀLOR EROM ]DQHVOMLYH QDSRYHGL NRW SUHURNRYDQMH L] PDQWLĀQLK ]QDNRY 7DNR MH ]QDQVWYHQD UD]ODJD QDUDYQLK SRMDYRY SRVWRSQR L]ULQMDOD PDJLĀQR LQ PDQWLĀQR UD]ODJDQMH 3RGREQR MH ELOR WXGL V ILQD OLVWLĀQLPLWHOHRORåNLPLUD]ODJDPLSRNDWHULKVRVWYDULWDNåQHNDNUåQHVR]DWRNHU MH SDĀ WDN FLOM UD]YRMDQDUDYHXVRGHERçMHYROMHLWG1DPHVWRWHJDVHMH]QDQRVW XVPHUMDODYVSR]QDYDQMHQDUDYQLKY]URNRY7RMLMHRPRJRĀLOREROMåHQDSRYHGL PRWLYDFLMVNHUD]ODJH.DMSDUD]ODJDQMHĀORYHNRYHJDYHGHQMDJRYRULFHGXåHYQRVWLLQRVHEQRVWL" 5D]ODJDQMH GUXçEHQLK LQ ]JRGRYLQVNLK SRMDYRY LQ SURFHVRY" 9]HPLPR QDMSUHM SUHSURVWSULPHU'DQHV]MXWUDMVHPVHRGSHOMDOYEDQNRLQGYLJQLOQHNDMJRWRYLQH =DNDM".DNRUD]ORçLWLWRGHMDQMHDOLEROMHQL]GHMDQM"ÿHELPHNGRYSUDåDO]DNDMVHP WR VWRULO EL PX UD]ORçLO GD ]DWR NHU VHP QDPHUDYDO RGSRWRYDWL ]D QHNDM GQL QD SRĀLWQLFH LQ VHP çHOHO LPHWL QHNDM GHQDUMD SUL VHEL ]D SRW LQ ]D GUXJH VWURåNH 3UHSULĀDQ VHP GD EL VH RJURPQD YHĀLQD VSUDåHYDOFHY SRYVHP ]DGRYROMLOD V WHP RGJRYRURP0RMQDPHQPRMDQDPHUDELVHMLP]GHODGRFHOD]DGRVWQDNRWUD]ODJD ]D VWRUMHQR GHMDQMH HQDNR NRW VH MH ]GHOD WXGL PHQL 0QRJD GHMDQMD VL SRYVHP RELĀDMQRLQQDUDYQRUD]ODJDPRNRWSRVOHGLFRQDPHQRYQDPHUFLOMHYLQPRWLYRY 7DNåQH UD]ODJH JRWRYR EROM VSRPLQMDMR QD ILQDOLVWLĀQR LQ WHOHRORåNR SRMDVQMHYDQMHNRWQDY]URĀQRDQDOL]RNLMH]QDĀLOQD]DQDUDYRVORYMH3DYHQGDUPL NRPDMSULGHQDPLVHOGDELGYLJGHQDUMDYEDQNLUD]ODJDO]HILFLHQWQLPLIL]LRORåNLPL Y]URNLQSUVWHPGDELVHVNOLFHYDOQDPRçJDQVNHSURFHVHQDHOHNWULĀQHLPSXO]H NL VR VSURçLOL PRMH JLEH JRYRU LQ YVH GUXJR NDU VH MH GRJDMDORSULWHPRSUDYLOX 6HYHGDELODKNRNGRUHNHOGDVRWXGLSVLKRORåNLPRWLYLFLOML LQQDPHUHODKNRGHO GRJDMDQMD NL GHMDQVNR Y]URĀQR YSOLYD QD PRMH REQDåDQMH 6NUDWND GD Y VIHUL ĀORYHNRYHJD REQDåDQMD PRWLYL FLOML LQ QDPHQL GHOXMHMR NRW QHNH YUVWH DYWHQWLĀQL Y]URĀQLGHMDYQLNL = * 2 ' 2 9 , 1 6. , 3 5 , 6 7 2 3 9 3 6 , + 2 / 2 * , - , 3RJOHMPRåHQHNROLNRGDOMH=DNDMVHQDP]GLQDYDMDQMHFLOMHYPRWLYRYLQ QDPHQRY SUL UD]ODJDQMX QDåHJD REQDåDQMD SRVHEQR XVWUH]QR" 0RUGD SUHGYVHP ]DWRNHUQDPSUDYYSRYH]DYL]QMLPLSRVWDQHQHNRGHMDQMHåHOH]DUHVUD]XPOMLYR GRELSRPHQLQVPLVHOæHUHVGDQDPWXGLDQDOL]DIL]LRORåNLKY]URNRYSRMDVQLQHNR GRJDMDQMH YHQGDU ĀXWLPR GD JUH SUL WHP SRMDVQMHYDQMX ]D QHNR GUXJDĀQR YUVWR UD]ODJH 3RPHQVNHJD VPLVHOQRVWQHJD UD]XPHYDQMD QH PRUHPR QDGRPHVWLWL V IL]LRORåNLPSRMDVQMHYDQMHPLQVHYHGDWXGLREUDWQRQHJUHÿXWLPRGDJUH]DGYH UD]OLĀQLQHRGYLVQLVWYDULDKNUDWLĀXWLPRGDVWDREHQHNDNRSRPHPEQLLQOHJLWLPQL äH SRPHPEQHMåD MH XJRWRYLWHY GD ODKNR ] PRWLYL LQ FLOML SRJRVWR EROM QDSRYHPRQDåHREQDåDQMHNRW]HILFLHQWQLPLY]URNL/DçHERPRXJRWRYLOLNDMER QHNGR GHODO MXWUL ĀH JD YSUDåDPR SR QMHJRYLK QDPHQLK NRW SD ĀH VNXåDPR QDSRYHGRYDWLQDSRGODJLPHKDQVNLKY]URNRY.DNR MH WRUHM ] ]QDQVWYHQLP UD]ODJDQMHP ĀORYHåNLK GXåHYQLK GXKRYQLK GUXçEHQLK]JRGRYLQVNLKSRMDYRY"3ULQMLKVHUHVQLĀQRODKNRYSUDåDPRDOLMLKODKNR SRMDVQMXMHPR OH ] HQDNLPL SULVWRSL PHWRGDPL LQ UD]ODJDOQLPL PRGHOL NRW MLK XSRUDEOMDPRSULSRMDVQMHYDQMXQDUDYQHJDGRJDMDQMD=DWRMHçHYSUHMåQMHPVWROHWMX QHPåNL ILOR]RI LQ ]JRGRYLQDU :LOKHOP 'LOWKH\ L]UD]LO SUHSULĀDQMH GD REVWDMDSROHJQDUDYRVORYQHJDPRGHOD]QDQRVWLHQDNRSRPHPEHQYHQGDUGUXJDĀHQ PRGHOGXKRVORYQLK GUXçEHQLK ]QDQRVWL 'LOWKH\ 3UHJOHGQLFD =QDþLOQRVWLQDUDYRVORYQHJDLQGXKRVORYQHJDPRGHODUD]ODJH 1$5$926/291,02'(/ '8+26/291,02'(/ SRMDVQMXMHVSRPRþMRREMHNWLYQLK UD]XPHYD]YåLYOMDQMHPYVPLVHOQRVWQR Y]URþQLK]DNRQLWRVWL REMHNWLYQD SRPHQVNRSHUVSHNWLYRGRJDMDQMD SHUVSHNWLYD IHQRPHQRORãNDSHUVSHNWLYD XSRUDEOMDHNVSHULPHQW XSRUDEOMDKHUPHQHYWLþQLSULVWRSWROPDþL ]DGHYDQDUDYQHSRMDYH YNOMXþXMRþWXGL ]DGHYDGXKRYQHGUXåEHQH GXãHYQRVWNRWQDUDYQLSRMDY ]JRGRYLQVNHSRMDYH SRVSORãXMH ³QRPRWHWLþQR XVPHUMHQRQDSRVDPH]QLNDDOLSRVD SRMDVQMHYDQMH´ PLþHQSRMDY ³LGLRJUDIVNR SRMDVQMHYDQMH´ 'LOWKH\PHQLGDVWDY]QDQRVWLSRWUHEQDLQXSUDYLĀHQDGYDPRGHODPRGHO QDUDYRVORYMDNLWHPHOMLQDY]URĀQLDQDOL]LLVNDQMXVSORåQLK Y]URĀQLK ]DNRQLWRVWLLQ Y]URĀQHPX SRMDVQMHYDQMX LQ PRGHO GXKRVORYMD NL WHPHOML QD UD]XPHYDQMX V SRPRĀMR XJRWDYOMDQMD VPLVOD SRPHQD NL JD LPD QHNR GRJDMDQMH ]D QMHJRYH VXEMHNWH )L]LRORåND UD]ODJD PRMHJD SRĀHWMD Y EDQNL EL XVWUH]DOD QDUDYRVORYQHPX PRGHOX PRMD UD]ODJD ] QDYDMDQMHP QDPHU LQ PRWLYRY SD EL XVWUH]DOD GXKRVORYQHPXPRGHOX1HNRGRJDMDQMHODKNRUD]ORçLPRWRUHMSRHQLVWUDQL]YLGLND QMHJRYLKGHMQLK HILFLHQWQLK GHMDYQLNRYSRGUXJLVWUDQLSD]YLGLNDSHUVSHNWLYHY NDWHULYLGLMRWRGRJDMDQMHQMHJRYLDNWHUMLLQVXEMHNWL 3 2 * / $ 9 - ( .ODVLġQHLQQRYHMñHWHRULMH]QDQRVWLLQ]QDQVWYHQHJDUD]YRMD NODVLġQLLQ æH RPHQMHQL NODVLĀQL PRGHO ]QDQRVWL NL VH MH ]ODVWL XYHOMDYLO QD SRGODJL UD]YRMD SR]LWLYLVWLġQLPRGHO QDUDYRVORYMD Y SUHMåQMHP VWROHWMX JOHGD QD ]QDQRVW SUHGYVHP NRW QD LQGXNWLYQR ]QDQRVWL SRVSORåHYDQMHVSR]QDQM=L]NXVWYRPLQRSD]RYDQMHPSULKDMDPRGRGHMVWHYNLVL LQGXNWLYQR MLKçHOLPRUD]ORçLWL SUHGYVHP]Y]URĀQLPLUD]ODJDPL =DWRIRUPXOLUDPRY]URĀQH KLSRWH]HNLMLKQDWR]QDGDOMQMLPRSD]RYDQMHPLQHNVSHULPHQWLUDQMHPSUHYHUMDPR UD]LVNRYDQMH ,] SUHYHUMHQLK SRVDPLĀQLK GHMVWHY QDWR SRVSORåXMHPR LQ IRUPXOLUDPR VSORåQR Y]URĀQL]DNOMXĀNL YHOMDYQH ]QDQVWYHQH ]DNRQLWRVWL NL MLK SRYH]XMHPR Y VLVWHP VSR]QDQM Y FHORYLWH DWRPDUQLRGQRVL WHRULMH 3R NODVLĀQHP Y]URĀQR DQDOLWLĀQHP PRGHOX ]QDQRVWL WRUHM OHWD L]KDMD L] WHRULMD GHMVWHY LQ YRGL SUHNR LQGXNFLMH GR JHQHUDOL]LUDQLK VSR]QDQM 7D PRGHO SULSLVXMH LQGXNWLYQHPX VSR]QDYDQMX ELVWYHQR YORJR Y ]QDQRVWL 3R]LWLYL]HP MH åH XWUGLO NODVLĀQRSRMPRYDQMH]QDQRVWL=QDQRVWVHUD]YLMDYSURFHVXNMHULPDPRQD]DĀHWNX DWRPDUQH RGQRVH PHG SRMDYL GHMVWYD Y]URĀQL RGQRVL QD NRQFX SD SULGHPR SUHNR SUHYHUMDQMHWRĀQRIRUPXOLUDQLKKLSRWH] SURWRNRODUQLVWDYNL GRVSORåQHWHRULMH.XKQRYPRGHO 7XGLQHNDWHUHSR]QHMåHWHRULMH]QDQRVWLVRVNXåDOHUD]YLWLNULWLĀHQRGQRVGR ]QDQRVWL NODVLĀQHJD PRGHOD ]QDQRVWL 0HG SRPHPEQHMåH QRYH UD]ODJH ]QDQRVWL VRGL ]QDQL.XKQRY PRGHO ]QDQRVWL JOHM VOLNR 3R PQHQMX DPHULåNHJD ELRORJD SDUDGLJPD ]JRGRYLQDUMDLQSVLKRORJD7KRPDVD.XKQD VHURGL]QDQRVWWDNUDWNDGDUVH L]PQRçLFHQHSRYH]DQLKVSR]QDQM SUHGSDUDGLJPDWVNRVWDQMH]QDQRVWL L]NULVWDOL]LUD QRUPDOQD]QDQRVW ]QDQVWYHQD SDUDGLJPD ]DNOMXĀHQ VLVWHP NL SRYH]XMH VSR]QDQMD QD GRORĀHQHP ]QDQVWYHQD SRGURĀMX 1D SRGODJL SUHYODGXMRĀH SDUDGLJPH SULPHUD WDNåQLK SDUDGLJHP QDM EL UHYROXFLMD ELODQSU1HZWRQRYVLVWHPYIL]LNLLQ'DUZLQRYVLVWHPYELRORJLML VHREOLNXMHQDWR QRUPDOQD ]QDQRVW NR VH Y RNYLUX SDUDGLJPH YRGLMR QRYD UD]LVNRYDQMD åLULMR VSR]QDQMD LQ REOLNXMHMR UD]QH WHRULMH 3RVWRSQR SD VH NRSLĀLMR WXGL GHMVWYD NL MLK REVWRMHĀD SDUDGLJPD LQ QMHQH WHRULMH QH PRUHMR UD]ORçLWL ,Q WR QHUDYQRYHVMH VH SRYHĀXMHGRNOHUVHQHSRMDYL]QDQVWYHQDUHYROXFLMDYNDWHULVHEROMDOLPDQMQHQDGQR SRMDYLQRYVLVWHPQRYDSDUDGLJPDNLQDGRPHVWLVWDURNHU]QDSROHJSRMDYRYNLMLK MH UD]ODJDOD VWDUD SDUDGLJPD SRMDVQLWL WXGL QHUD]ORçHQH SRMDYH 7DNR EL ODKNR SR.XKQX Y ]QDQRVWL UD]OLNRYDOL GYH OLQLML QDSUHGND HQR MH QDSUHGRYDQMH Y RNYLUX QRUPDOQH]QDQRVWLGUXJRSDMHSUHVHJDQMHHQHSDUDGLJPH]GUXJRSDUDGLJPR WDNR MHQSU(LQVWHLQRYVNDSDUDGLJPDYIL]LNLL]SRGULQLOD1HZWRQRYR 6/,.$02'(/5$=92-$=1$1267,327+20$68.8+18 = * 2 ' 2 9 , 1 6. , 3 5 , 6 7 2 3 9 3 6 , + 2 / 2 * , - , =GL VH GD VH.XKQRY PRGHO RGGDOMXMH RG RVQRYQHJD YSUDåDQMD NDM MH NULWLġQLUDFLRQDOL]HP QRWUDQMHELVWYR]QDQRVWLLQVHEROM]DQLPD]DVRFLRORåNHUD]VHçQRVWL]QDQRVWL'UXJL QRYHMåL PRGHOL ]QDQRVWL VH VSHW EROM RVUHGLQMDMR QD QRWUDQMR VWUXNWXUR ]QDQRVWL ]QDQRVWNRW ÿHSUDYVRWLPRGHOLGHGLĀLNODVLĀQHJDPRGHODSDRSRUHNDMRSUHGYVHPQMHJRYHPX KLSRWHWLĀQR LQGXNWLYL]PX 7DNR RSR]DUMDMR GD Y ]QDQRVWL QH RSD]XMHPR GHMVWHY SRYVHP GHGXNWLYQLVLVWHP QHYWUDOQREUH]YVDNUåQLKKLSRWH].RVHVUHĀXMHPR]GHMVWYLLPDPRçHKLSRWH]HNL VRODKNREROMDOLPDQMMDVQHLQREOLNRYDQHÿHQHELLPHOLQHNLKGRPQHYRVWYDUHK SRWHP Y QMLK QH EL PRJOL YLGHWL SUREOHPD ÿH QH EL LPHOL çH QHNLK GRPQHY R REQDåDQMXOMXGLSRWHPVHQHELPRJOLRGORĀLWLNDWHUDGHMVWYDY]YH]L]REQDåDQMHP QDV QDM ]DQLPDMR LQ MLK QDM UD]LVNXMHPR =DJRYRUQLNL VRGREQHJD NULWLĀQHJD UDFLRQDOL]PD 3RSSHU/DNDWRV)H\HUDEHQG WDNRYQDVSURWMXVNODVLĀQLPPRGHORP ]QDQRVWLPHQLMRGD]QDQRVWQLWROLNRLQGXNWLYQLNROLNRUKLSRWHWLĀQRGHGXNWLYQLVLVWHP 1D RVQRYL KLSRWH] GHGXFLUDPR L]YHGHPR ORJLĀQH SRVOHGLFH NL MLK ODKNR SUHYHUMDPR LQ V WHP SRWUMXMHPR DOL ]DYUDĀDPR KLSRWH]H 1D ]DĀHWNX LPDPR Y ]QDQRVWLçHVSORåQHKLSRWH]HNLMLKQDWRSUHYHUMDPRNRWHVWLUDPRQMLKRYHORJLĀQH SRVOHGLFH LQ V WHP KLSRWH]H ]DYUDĀDPR DOL SD QH ĀH QDWDQĀQR UD]PLVOLPR ODKNR KLSRWH]RYSUDYHPVPLVOXEHVHGH]DYUQHPRSRWUGLWLSDMHNRQNUHWQRQDHQDNQDĀLQ QH PRUHPR ]D SRWUMHQR MR VPDWUDPR YVH GRNOHU QL ]DYUQMHQD .OMXĀQR PHULOR VLU.DUO3RSSHU ]QDQVWYHQRVWL MH SR.DUOX 3RSSUX WRUHM ]DYUQOMLYRVW DOL IDOVLILNDELOQRVW KLSRWH]H PRUDMR ELWL Y QDĀHOX WDNåQH GD MH PRçQR SUHGYLGHWL IDOVLILNDELOQRVW RNROLåĀLQH Y NDWHULK VH ERGR ODKNR L]ND]DOH ]D QDSDĀQH 3RSSHU MH QHXPRUQR SVHYGR]QDQRVW ]DYUDĀDOYVHWHRULMHLQUD]ODJHNLXSRUDEOMDMRRKODSQHLQQHSUHYHUOMLYHNRQVWUXNFLMHLQ SRMPHNRWQH]QDQVWYHQHR]LURPDSVHYGR]QDQVWYHQH7DNRMHQDSUHGHN]QDQRVWLYLGHWL ]YLGLNDNULWLĀQHJDUDFLRQDOLO]PDSUHGYVHPNRWERMPHGULYDOQLPLKLSRWH]DPLPHG NDWHULPLL]ELUDPRNRWXVWUH]QHMåHWLVWHNLEROMHSRMDVQMXMHMRRSDçHQDGHMVWYDNLVR EROM ERJDWH LQ SRJOREOMHQH 7DNåQR SRMPRYDQMH ]QDQRVWL VH UD]OLNXMH QSU RG.XKQRYHJDSRQMHP]DUD]YRM]QDQRVWLQLWROLNR]QDĀLOQR´VNDNDQMHµRGHQHYHOLNH LQYVHREVHçQHSDUDGLJPHGRGUXJHNDNRUQHQHKQRWHNPRYDQMHKLSRWH]LQWHRULM 1HNDWHUL GUXJL WHRUHWLNL ]QDQRVWL PHQLMR GD MH ELVWYR ]QDQRVWL Y SURFHVX UHåHYDQMDSUREOHPRY WDNRQSU/DXGDQ 9/DXGDQRYLKRĀHKMHFLOM]QDQRVWL ´GD ]DJRWRYL WHRULMH NL VR ]HOR XĀLQNRYLWH SUL UHåHYDQMX SUREOHPRY ,] WH SHUVSHNWLYH QDSUHGXMH ]QDQRVW VDPR Y SULPHUX NDGDU QDGDOMQMH WHRULMH UHåLMR YHĀ SUREOHPRYNRWQMLKRYHSUHGKRGQLFHµ 3VLKRORJLMDYOXýLPRGHORY]QDQRVWLLQ]QDQVWYHQHJD UD]YRMD.XKQRYSRJOHGQDUD]YRMLQ]JRGRYLQR]QDQRVWLMH]DQLPLYLQSURYRNDWLYHQDSUDY MHSVLKRORJLMDY QD SRGURĀMX SVLKRORJLMH VH ]GL GD JD ODKNR SRVWDYLPR SRG YHOLN YSUDåDM -H SUHGSDUDGLJPDWVNHP SVLKRORJLMDUHVQLĀQRåHYHGQR]QDQRVWYSUHGSDUDGLJPDWVNHPVWDQMXNRWMHQHNRĀ VWDQMX" PHQLO WXGL.XKQ VDP" 9 SVLKRORJLML JRWRYRQLNROLQLELORHQHVDPHSUHYODGXMRĀH VRYSVLKRORJLMLPRçQH SDUDGLJPHYHOLNRYSUDåDQMHSDMHDOLERWRVSORKNGDMPRJRĀH3RGUXJLVWUDQLQDP WUDGLFLMD LQ ]JRGRYLQD SVLKRORJLMH L]SULĀXMHWD YHĀ åLUåLK WHRUHWVNLK RNYLUMHY LQ SDUDGLJPH" XVPHULWHY NL VR Y YVHK YVHELQVNLK SRJOHGLK EOL]X ]QDĀLOQRVWLP NXKQRYVNLK ´PXOWLSDUDGLJPDWVNRµ SDUDGLJHPQSUVWUXNWXUDOL]HPLQIXQNFLRQDOL]HPEHKDYLRUL]HPLQIHQRPHQRORåNR VWDQMHSVLKRORJLMH NRJQLWLYQL SULVWRS $OL QL PRJRĀH ]D SVLKRORJLMR SUHSURVWR UHĀL GD VH L]PLND NXKQRYVNLRSUHGHOLWYLNHUMH]DUDGLVYRMHNRPSOHNVQRVWLQHNDNR]DSLVDQDYHĀQHPX PXOWLSDUDGLJPDWVNHPXVWDQMX",QYSUDåDQMHMHĀHQHNDMSRGREQHJDQHYHOMDWXGL]D QHNDWHUHGUXJH]QDQRVWL3VLKRORJLMDMHLPHODLPDLQERYHUMHWQRREGUçDODYHĀVORMQR 3 2 * / $ 9 - ( QDUDYRQDHQLVWUDQL]QDĀLOQRVWL´SRMDVQMXMRĀHµREMHNWLYQHQDUDYRVORYQH]QDQRVWL QD GUXJL VWUDQL ]QDĀLOQRVWL ´UD]XPHYDMRĀHµ IHQRPHQRORåNR KHUPHQHYWLĀQH GXKRYQH DOL GUXçEHQH ]QDQRVWL 3UYR ODKNR SRYHçHPR ] HPSLULĀQR ORFNRYVNR WUDGLFLMRGUXJR]UDFLRQDOQRLQIHQRPHQRORåNRNDQWRYVNRWUDGLFLMR3UYDXVPHUMD SVLKRORJH N UD]LVNRYDQMX REQDåDQMD LQ N NDY]DOQLP HNRORåNLP IL]RORåNLP ELRORåNLP UD]ODJDP GUXJD N UD]LVNRYDQMX GRçLYOMDQMD SRPHQVNLK SHUVSHNWLY ]DYHVWLNRJQLFLMHLQNIHQRPHQRORåNLPLQPRWLYDFLMVNLPUD]ODJDP7DNRVHYELVWYX UD]FHSNLJDMH'LOWKH\SUHGSRVWDYOMDOPHG]QDQRVWPLYSVLKRORJLMLSRMDYL]QRWUDMQMH VDPH GYDSDUDGLJPDWVND -H WRUHM SVLKRORJLMD ]QDQRVW NL GDMH EROM NRW.XKQRYHPX SUDY GUXJLP RNYLUMD PRGHORP ]QDQRVWL".DNR EL ODKNR RFHQMHYDOL SVLKRORJLMR LQ QMHQR VHGDQMH ]JRGRYLQVNRVWDQMHVVWDOLåĀNULWLĀQHJDUDFLRQDOL]PD"5D]YRMSVLKRORJLMHQDHQLVWUDQL SVLKRORJLMDYWUHWMLLQSUYL UHVQLĀQRNDçHSRGRERERMDPHGULYDOQLPLKLSRWH]DPLLQWHRULMDPL7DSRGREDSD RVHEL YHOMDSUHGYVHP]QRWUDMSRGURĀLMNLMLKRPHMXMHMRSDUDGLJPDWVNLRNYLUMLLQXVPHULWYH REMHNWLYQDLQ Y VPLVOX NL MH VLFHU RçML RG.XKQRYHJD SRMPRYDQMD SDUDGLJPH 7DNR ODKNR IHQRPHQRORåNDXVPHULWHY ]DVOHGXMHPR ULYDOLWHWQL ERM WHRULM ]QRWUDM VWUXNWXUDOL]PD IXQNFLRQDOL]PD EHKDYLR UL]PDSVLKRDQDOL]HNRJQLWLYQHSVLKRORJLMHLWG9VDMQDSUYLSRJOHGWRYHOMDWXGL]D YSVLKRORJLML ULYDOVWYRPHGVPHUPLQSUPHGVWUXNWXUDOL]PRPLQIXQNFLRQDOL]PRPVWUXNWXUD ´ORFNRYVNDµLQ OL]PRP LQ JHVWDOWL]PRP JHVWDOWL]PRP LQ EHKDYLRUL]PRP EHKDYLRUL]PRP LQ ´NDQWRYVNDµSVLKRORJLMD KXPDQLVWLĀQRSVLKRORJLMR«$ĀHSRJOHGDPREROMQDWDQĀQRERPRXJRWRYLOLGDVR SRJOHGL UD]OLĀQLK VPHUL WDNR GUXJDĀQL LQ QHSULPHUOMLYL GD QH PRUHPR JRYRULWL R QHSRVUHGQHP VRRĀDQMX WHNPRYDQMX LQ NRQNXUHQFL +XPDQLVWLĀQD LQ NRJQLWLYQD SVLKRORJLMD çH D SULRUL YLGLWD VYRM SUHGPHW UD]LVNRYDQMD SRYVHP GUXJDĀH NRW QSU EHKDYLRUL]HP.DNRQDMWHNPXMHMRWHRULMHNLL]KDMDMRL]SRYVHPUD]OLĀQHJDYLGHQMD SUREOHPRYNL]DVWDYOMDMRSRYVHPUD]OLĀQDYSUDåDQMDLQXSRUDEOMDMRSRYVHPUD]OLĀQH PHWRGH" 9 WHP SRJOHGX GDMH FHOR VRGREQD SVLKRORJLMD åH YHGQR ]HOR KHWHURJHQ YLGH] $QDOL]D SVLKRORJLMH LQ QMHQHJD UD]YRMD QDP YVHVNR]L NDçH GYRMQRVW LQ NRPSOHNVQRVW NL MR GRORĀDWD GYD SDUDGLJPDWVND RNYLUMD SUL HQHP VH NDçH SVLKRORJLMD NRW ]QDQRVW R GRçLYOMDQMX NL LPD IHQRPHQRORåNH UD]VHçQRVWL SUL GUXJHP NRW ]QDQRVW R REQDåDQMX NL LPD REMHNWLYQH UD]VHçQRVWL 8SUDYLĀHQR JRYRULPRRSVLKRORJLMLYSUYLLQWUHWMLRVHELRNDQWRYVNLLQORFNRYVNLSVLKRORJLML$ QHVPLVHOQR MH UD]PLåOMDWL R WHP NDWHUD MH EROMåD LQ EROM ]QDQVWYHQD 9VDND LPD QDPUHĀ VYRM SUHGPHW LQ VYRMH PHWRGH ] PHWRGDPL HQH QL PRJRĀH UD]LVNRYDWL SUHGPHWD GUXJH LQ REUDWQR 9HQGDU VWD RED SDUDGLJPDWVND RNYLUMD SUHWHNOH LQ VRGREQHSVLKRORJLMHXWHPHOMHQDLQXSUDYLĀHQDOHJLWLPQDLQERVWDWDNåQDWXGLRVWDOD 0DORMHYHUMHWQRGDMLKERPRODKNRNGDM]GUXçLOLYHQDVDPSDUDGLJPDWVNLSRJOHG åHPDQMGDERPRçQRHQHJDL]PHGREHK]UHGXFLUDWLQDGUXJHJD SVLKRORJLMDLQ.ROLNR SD MH SVLKRORJLMD Y QHYDUQRVWL GD ]DEUHGH Y PRĀYLUMH SVHYGR SVHYGR]QDQRVW ]QDQRVWL".DUO 3RSSHU MH ]D SVHYGR]QDQRVWL UD]JODVLO QSU PDUNVL]HP SD WXGL SVLKRDQDOL]R9QMXQHPSRMPRYQHPDSDUDWXQDPUHĀPUJROLSRMPRYDQMLQKLSRWH] NLMLKSUHSURVWRQLPRJRĀHSUHYHUMDWLWRUHM]DYUHĀL9VDNL]LGSUHYHUMDQMDMHPRJRĀH UD]ODJDWLNRWSRWUGLWHY3R0DU[RYLGRPQHYLELQSUPRUDOLSUROHWDUVNHUHYROXFLMH QDMSUHMSULĀDNRYDWLYUD]YLWHPNDSLWDOL]PXWRGDGHMVWYRGDVRVHSRMDYLOHYFDUVNL 5XVLML PDUNVLVWL VSHW WROPDĀLMR NRW QHNDM ]DNRQLWHJD LQ NDU QDM EL ELOR Y VNODGX ] PDUNVLVWLĀQRWHRULMR3RGREQRMHVSVLKRDQDOL]R1LPRJRĀHUHĀLNDMELVHPRUDOR ]JRGLWL GD EL ODKNR UD]YHOMDYLOL WHRULMR R (URVX LQ 7KDQDWRVX.DUNROL VH QDPUHĀ ]JRGLODKNRUD]ODJDPRNRWSRVOHGLFRGHORYDQMDHQHDOLSDGUXJHVLOH3VLKRDQDOL]D WXGL SUHWLUDYD ] DG KRF UD]ODJDPL 3R SVLKRDQDOLWLĀQL WHRULML EL PRUDOL QSU SULĀDNRYDWL GD VH ERPR GR RVHE NL VR QDV XçDOLOH YHGOL PDQM SULMD]QR LQ ĀH VH ERPRREQDåDOLQDVSURWQRSUHWLUDQRYOMXGQRLQVHUYLOQRELWRUHMPRUDOLVNOHSDWLGD = * 2 ' 2 9 , 1 6. , 3 5 , 6 7 2 3 9 3 6 , + 2 / 2 * , - , UD]ODJD QH YHOMD 7RGD QH SVLKRDQDOLWLNL EL SUHSURVWR XJRWRYLOL GD MH Y RSLVDQHP SULPHUXSULåORGRREUDPEQHUHDNFLMH UHDNFLMVNHIRUPDFLMH LQWDNRQDåOLQHNRGUXJR UD]ODJR,VNDQMHYHGQRQRYLK´DGKRFµUD]ODJ UD]ODJNLSRMDVQMXMHMRVDPRSULPHUH NL MLK V SUHMåQMRUD]ODJRQHPRUHPRSRMDVQLWL MHSR3RSSUX]QDN VODEH ]QDQRVWL.RW RVQRYQL NULWHULM ]QDQVWYHQRVWL PRUD WRUHM REYHOMDWL QDĀHOR UD]YHOMDYOMLYRVWL IDOVLILNDELOQRVWL KLSRWH] SUL YVDNL KLSRWH]L PRUDPR ]QDWL çH YQDSUHM GRORĀLWL Y NDNåQHPSULPHUXMRERWUHED]DYUQLWLLQYNDNåQHPSULPHUXQH.OMXEWHPXGDMH 3RSSURYR RSR]DUMDQMH QD IDOVLILNDELOQRVW LQ SVHYGR]QDQRVW Y ]QDWQL PHUL XSUDYLĀHQR SD ODKNR HQDNR XSUDYLĀHQR VNOHSDPR GD VH ERGR YHGQR ]QRYD SRMDYOMDOH LGHMH LQ KLSRWH]H NL ERGR ]DUDGL VYRMH åLULQH JORELQH LQ YVHREVHçQRVWL YHGQRYQHYDUQRVWLGDMLPODKNRRĀLWDPRSVHYGR]QDQVWYHQRVW2ESVLKRDQDOL]LLQ PDUNVL]PX ODKNR RSR]RULPR WXGL QD 'DUZLQRYR WHRULMR HYROXFLMH 6L ODKNR ]DPLVOLPRNDWHURNROLQDUDYQRGRJDMDQMHNLJDQHELPRJOLUD]ODJDWLVWRWHRULMR"6L ODKNR]DPLVOLPRQDUDYQHRNROLåĀLQHRENDWHULKELODKNR]DYUJOLHYROXFLMVNHUD]ODJH" 9HQGDUVH]GLDEVXUGQRGDEL]DYUJOLHYROXFLMVNRSDUDGLJPRNHUåHSDRENULWHULMX IDOVLILNDELOQRVWL=DSVLKRORåNHWHRULMHNRWMHQSUSVLKRDQDOL]DSDSROHJWHJDPRUGD YHQGDUOHYHOMDGDYRGLMRGRKLSRWH]NLVRSUHYHUOMLYHLQYVDM]DQHNDWHUHVHMHGRVOHM L]ND]DORGDQLVRYHOMDYQHNRWVHMH]DQHNDWHUHL]ND]DORGDVHXMHPDMR]GHMVWYL 3 3R RJOODYYMMH JD H RMPRYDQMDGXñHYQRVWLLQ RVHEQRVWLYVWDULKLQ QHHYURSVNLKNXOWXUDK 3UYRWQLSRJOHGLQDGXñHYQRVW ÿORYHN ² KRPR VDSLHQV VDSLHQV ² MH RG QHNGDM PLVOHĀH JRYRUHĀH ]DYHVWQR LQ VDPR]DYHGDMRĀHVHELWMH9HUMHWQRVLMH]DWRçHRG]DĀHWNRYSRVWDYOMDOYSUDåDQMDR GXåHYQLKSRMDYLKLQLVNDORGJRYRUHQDWDYSUDåDQMD=DQLPDOLVRJDPQRJLSRMDYLNL QDV ]DQLPDMR WXGL åH GDQHV ]DNDM OMXGMH GRçLYOMDMR çLYLMR LQ XPUHMR ]DNDM VH UD]OLNXMHMRPHGVHERMNDMVHGRJDMDYVSDQMXYVDQMDKYRPDPLWUDQVXLQHNVWD]L RG NRG SRVDPH]QLNRP UD]OLĀQH ODVWQRVWL VSRVREQRVWL UD]OLĀQL WHPSHUDPHQWL UD]OLĀQL]QDĀDMLNDMSRY]URĀDPRWQMHEROH]QL9VHWHLQåHPQRJHGUXJHSRMDYHY ]YH]L]GXåHYQRVWMRVRVLOMXGMHVNXåDOLUD]ODJDWLçHGDYQRSUHGHQVRVHSRMDYLOHSUYH ]QDQVWYHQHUD]ODJHLQSRMDVQLOD =JRGQMDSRMPRYDQMDGXâHYQRVWL 3UHGHQVRVHSRMDYLOL]QDQVWYHQLQDĀLQLUD]ODJDQMDGXåHYQRVWLVRREVWDMDOHåWHYLOQH GUXJHSUHG]QDQVWYHQHLQQH]QDQVWYHQHUD]ODJH9WHKUD]ODJDKVRRGVHYDOLSRJOHGL LQ QD]RUL ]QDĀLOQL ]D SUHWHNOD REGREMD LQ NXOWXUH ĀHSUDY WXGL GDQHV QDMGHPR QMLKRYHRVWDQNH 7HUD]ODJHVRSRVWDOHVHVWDYQLGHOSUYRWQLKQD]RUVNLKYHUVNLKLQ PLWVNLKSUHGVWDY $QLPLVWLġQHPLWVNHLQYHUVNHSUHGVWDYHRGXñHYQRVWL 7DNRVRVLGXåRçH]HOR]JRGDMSUHGVWDYOMDOLNRWSRVHEQRGXKRYQRVLORNLSUHELYDY ĀORYHNX SD WXGL Y GUXJLK ELWMLK LQ SRMDYLK LQ MLK RçLYOMD =QDN WH VLOH VR ]ODVWL 3 2 * / $ 9 - ( SRJRVWR YLGHOL Y GLKX NDU GRND]XMHMR åWHYLOQL L]UD]L NL Y UD]QLK MH]LNLK SRPHQLMR GXåR LQ VR SUYRWQR SRPHQLOL GLK QSU GXK GXåD Y VORYHQVNHP LQ VORYDQVNLK MH]LNLKJUåNLL]UD]SV\FKHODWLQVNLDQLPXVDQLPDVSLULWXVLQGLMVNLDWPDQLGU /MXGMH VR VHYHGD RG QHNGDM ]QDOL RSD]RYDWL LQ VNOHSDWL = RSDçDQML LQ L]NXåQMDPL VR VL XVWYDUMDOL UDFLRQDOQR ]QDQMH NL VH MH SR]QHMH REOLNRYDOR Y ]QDQVWYHQDVSR]QDQMD9HGQRSDVRQDOHWHOLWXGLQDVWYDULNLMLKQLVRPRJOLSRMDVQLWL =GHOH VR VH QHUD]XPOMLYH VNULYQRVWQH LQ QHREYODGOMLYH 3RYVHP UD]XPOMLYR LQ ORJLĀQR VR VNXåDOL WDNåQH SRMDYH UD]ODJDWL ] GUXJLPL SRVHEQLPL PHKDQL]PL LQ SULQFLSL=PHKDQL]PLLQSULQFLSLNLVRGUXJDĀQLSRVHEQL´QDGQDUDYQLµ SRVHEQD]DYHVWQDVWDQMD 3D WXGL SUL LVNDQMX WDNåQLK GUXJDĀQLK UD]ODJ OMXGMH QLVR WLSDOL Y SRSROQR WHPR 9HOLNR UD]ORJRY VR LPHOL ]D WR GD VR VH MLP ]GHOH WH UD]ODJH SRVHEQR SRPHPEQH6DMVR]DGHYDOHQDMEROMXVRGQHGRJRGNHçLYOMHQMHLQVPUW]GUDYMHLQ EROH]HQ VYHWORER LQ WHPR GDQ LQ QRĀ YUHPH URGQRVW GREHU XORY OHWLQR =DGHYDOHVRVDQMHLQGUXJDSRVHEQD]DYHVWQDVWDQMDYNDWHULKMHELORPRJRĀHVUHĀDWL YLåMDELWMDGXKRYHXPUOH]QDQFHSUHGQLNHVNUDWNDQHNSRVHEQLGUXJDĀQLVYHW .DNRSURGUHWLYELVWYRWHKXVRGQLKVWYDULLQMLKUD]XPHWL"5HGYVWYDUQRVWL 5 ( ' 9 MH OMXGL SUHSULĀHYDO GD VH SRPHPEQH VWYDUL GRJDMDMR ]DNRQLWR VPLVHOQR GD QLVR 6 7 9 $ 5 1 2 6 7 , NDRWLĀQH7RGDNMHLQNDNRUD]EUDWLQMLKRYVPLVHO"/RJLĀQRVH]GLGDVRVHOMXGMHSUL VPLVHOQRVW UD]ODJLQH]QDQHJDRSUOLQDSRGDWNHNLMLKQH]DYHGQRYQDåDPRYQDåDRSDçDQMD0HG SRYH]DQRVW UD]OLĀQLPL SRMDYL LQ REMHNWL YLGLPR VWLĀQRVWL LQ SUHNLQLWYH YLGLPR SRGREQRVWL LQ UD]OLNH,QWRYVHVNXSDMWYRULFHORWR6YHWYLGLPRVNR]LRSWLNRNLQDPNDçHVWYDUL ]DNRQLWRVW SRYH]DQHLQSRGREQH-HWRNOMXĀNLRGSLUDYUDWDJOREOMHPXUD]XPHYDQMXVYHWD" PDJLĀQRPLåOMHQMH 0LåOMHQMH NL PX SUDYLPR PDJLĀQR YHUMHWQR UHV L]YLUD L] SUHSULĀDQMD GD VR VWLNLQSRGREQRVW VWYDUL SRYH]DQH ] QHYLGQLPL QLWPL NL QDP MLK QDND]XMHWD VWLN LQ SRGREQRVW PHG SRMDYL7RNDUMHYVWLNXLQWRNDUMHSRGREQRVSDGDVNXSDM7XGLPHGVWYDUPLNL VRQDYLGH]ORĀHQHLQUD]OLĀQHPRUGDREVWDMDMRSRYH]DYHNLVRMLKGRJRGNLSUHNULOL WDNRGDMLKYHĀQHYLGLPR7RGDWXWLĀLVNULYQRVWÿHERPR]QDOLRGNULWLWHSRYH]DYH ERPRODKNRYSOLYDOLQDVWYDULMLKVSHW´GDOLVNXSDMµ9VDPDJLMDYVLPDJLMVNLREUHGL WHPHOMLMRQDGHORYDQMXVSRPRĀMRVWLĀQRVWLLQSRGREQRVWL,QYVHWRVSHWWHPHOMLQD SRGPHQLGDVRVWYDULSRYH]DQHPHGVHERM9QMLKPRUDPRUD]EUDWLSUDYLVPLVHO RGNULWLVĀLPVRSRYH]DQH7DNRERPR]QDOLĀDUDWLEUDWL]QDPHQMDWROPDĀLWLVLP EROH LQ QDSRYHGRYDWL L] QMLK 0DJLMD VLPEROLND LQ PDQWLNH VR VNXSQR SURL]YRG PLåOMHQMD NL UD]ODJD VYHW SUHN VWLNRY LQ DQDORJLM ,Q WR MH QHGYRPQR HGHQ RG WHPHOMHY]QDQMDNLJDGDQHVR]QDĀXMHPR]DRNXOWQRLQH]RWHULĀQRYGRORĀHQLPHUL SD MH WXGL WHPHOM ]QDQVWYHQLK VSR]QDQM WXGL WD VR RVQRYDQD QD SRYH]RYDQMX QDPUHĀQDY]URĀQLKRGQRVLK ,]WHJDDQLPLVWLĀQHJD L]ODWDQLPD GXåD LQPDJLĀQHJD L]VWDURJUL]SRVRMHQNH PDJLD ĀDUĀDUQDVLODĀDUDQMH SRMPRYDQMDGXåHYQRVWLVRVHUD]YLODSRMPRYDQMDNL VRGXåHYQRGHORYDQMHSRYH]RYDOD]PLWVNLPLQYHUVNLPL]URĀLORP5D]åLULODVHMHQSU SUHGVWDYDGDMHGXåDERçMLGDUNLQDUHGLĀORYHNDSRGREQHJDERJRYRPLQGUXJLP GXKRYQLPELWMHP+NUDWLVHMHXYHOMDYLODSUHGVWDYDGDMHGXåD GXKRYQLQHVQRYQL QHPDWHULDOQL GHORVHEQRVWLNLVHRKUDQLSRVPUWLLQRPRJRĀDVWLN]GXKRYQLPLQ RQVWUDQVNLP VYHWRP 3RQHNRG VH MH XYHOMDYOMDOR WXGL SUHSULĀDQMH GD VH GXåD SR VPUWL SRVDPH]QLND SRQRYQR XWHOHVL Y RVHEL GUXJHJD SRVDPH]QLND QDXN R UHLQNDUQDFLML LQSUHSULĀDQMHGDVHGXåHODKNRVHOLMRLQSUHREUD]LMR PHWHPSVLKR]D $QLPLVWLĀQD PLWLĀQD LQ UHOLJLR]QD SRMPRYDQMD R GXåHYQRVWL QLVRWHPHOMLOD QDQDUDYQLKLQY]URĀQLKUD]ODJDKWHPYHĀQDL]URĀLOLKLQUD]RGHWMLKÿHVWRVRVORQHOD 6 7 $ 5 ( , 1 1 ( ( 9 5 2 3 6. ( . 8 / 7 8 5 ( QDDYWRULWHWLYNDWHURVHQLVPHORGYRPLWL WUDGLFLMDL]URĀLORSUHGQLNRYYHUVNLQDXN VYHWL VSLVL UD]RGHWMD SUL]QDQLK SUHURNRY 'R QMLK RELĀDMQR QLVR JRMLOL NULWLĀQHJD RGQRVDVSUHMHPDOLVRMLKNRWQHGYRPQHUHVQLFHGRJPHäHOHDQWLĀQLJUåNLILOR]RILVR ]DĀHOL NULWLĀQR UD]SUDYOMDWL R UD]QLK SRMDYLK WXGL GXåHYQLK 9HQGDU VH MH NULWLĀQR UD]PLåOMDQMH R GXåHYQRVWL GROJD VWROHWMD RPHMHYDOR QD ILOR]RIVNR UD]JODEOMDQMH ,Q åHOH Y QRYHMåHP ĀDVX NR VR ]DĀHOL L]NXVWYHQR SUHYHUMDWL GXåHYQH SRMDYH ODKNR JRYRULPRR]QDQVWYHQLSVLKRORJLML ðDPDQL]HPWRWHPL]HPPDJLMDLQPDQWLNH =HOR]JRGDMVRVHSRMDYLOHSUHGVWDYHRGXKRYQLKVLODKNLRçLYOMDMRUD]QDELWMDSD WXGLQDUDYQHSRMDYHLQREMHNWH QSUYRGRYHWHUJURPEOLVN 3UHSULĀDQMHYREVWRM SRVHEQLK GXKRYQLK VLO NL SUHELYDMR Y ĀORYHNX LQ GUXJRG Y QDUDYL MH DQJOHåNL ]QDQVWYHQLN7\ORUYSUHMåQMHPVWROHWMXR]QDĀLO]L]UD]RPDQLPL]HP0QRJLPHQLMR GDMHDQLPL]HPSUDY]DSUDYQDMEROMHOHPHQWDUQDREOLNDĀORYHNRYH]DYHVWLRVYHWXLQ R VHEL =DQM MH ]QDĀLOQR YHURYDQMH GD SUHGPHWH SRMDYH LQ ELWMD RçLYOMDMR åWHYLOQH GXKRYQH VLOH %OL]X PX MH åDPDQL]HP L] åDPDQ HGHQ RG L]UD]RY NL R]QDĀXMHMR URWLOFDGXKRY NLVHNDçHYYHURYDQMXYGXKRYHLQSRVHEHQGXKRYQLVYHWVNDWHULP MH PRJRĀH Y]SRVWDYLWLVWLN0HQMDYDQMHEXGQH]DYHVWLVVSDQMHPVDQMHHNVWDWLĀQD L]NXVWYDRPDPDLQWUDQVYVHWRMHQXGLORRELOLFRJUDGLYD]DUD]PLåOMDQMHRQDUDYLLQ (GZDUG%7\ORU UD]VHçMLK GXåHYQRVWL 9 GXåHYQHP çLYOMHQMX QH YHOMDMR RELĀDMQH IL]LNDOQH RPHMLWYH VDQMHLQWUDQVQDVSRQHVHMRYVYHWNMHUVHVUHĀDPR]QHPRJRĀLPLQQH]QDQLPSD WXGL QSU ] çH SRNRMQLPL ]QDQFL LQ SUHGQLNL 9VH WR MH XWUMHYDOR YHUR Y SRVHEQR QDUDYRGXåHYQHJDLQYHUMHWQRVHMHçH]GDYQDMSRMDYLORWXGLYHURYDQMHYSRVPUWQR çLYOMHQMH LQ Y QHXQLĀOMLYRVW GXKRYQH V WHP SD WXGL RVHEQRVWQH HNVLVWHQFH =QDNH YHUHYSRVPUWQRçLYOMHQMHODKNR]DVOHGLPRPRUGDFHORSULQHDQGHUWDOFLKWDNRYVDM ODKNR VNOHSDPR SR QMLKRYHP QDĀLQX SRNRSDYDQMD LQ VNUEL ]D XPUOH 1HNDWHUD SRURĀLODNDçHMRGDMHWD]JRGQMDYHUDYGXKRYQHVLOHSUDY]DSUDYçHVWRSQMDQHNH YUVWH SVLKRIL]LĀQHJD GXDOL]PD NL MH WXGL Y VYRML QDMEROM HOHPHQWDUQL REOLNL SUHVHQHWOMLYR VXEWLOHQ 9 DQLPL]PX LQ åDPDQL]PX çH ODKNR YLGLPR ]DPHWNH SR]QHMåLK SRMPRYDQM GXåHYQRVWL LQ SUHGYVHP SRPHPEQR SUHGVWRSQMR Y SRMPRYDQMLKGXåH $QLPL]HPVHSRYH]XMH]PDJLMRYHURYPRĀĀDUDQMDLQXURĀDQMDWDSD]RSHW ] YHURYDQMHP GD ODKNR V SRVHEQLPL SRVWRSNL L]YHPR ]D ERGRĀQRVW LQ XVRGR PDQWLND 0DJLMD LQ PDQWLNH VH SRYH]XMHMR ] REUHGMHP ]DNOLQMDQMH ]DJRYDUMDQMH XURNLPROLWYH NLQDYDGQRWHPHOMLQDORJLNLVWLNDLQDQDORJLMH/MXGMHVRVNXåDOL QDMWL SUDYLOD SR NDWHULK MH PRJRĀH YSOLYDWL QD GRJRGNH 6NOHSDQMH SR VWLNX LQ SR DQDORJLMLVHMLPMHSULWHPNDUYVLOMHYDORÿDUMHXĀLQNRYLWĀHWHPHOMLQDQHĀHPNDUMH ELORYVWLNXUHFLPR]RVHERQDNDWHURçHOLPRYSOLYDWL QMHQLODVMHNRVQMHQHREOHNH DOL SD QD QHĀHP NDU MR SRQD]DUMD SR SRGREQRVWL QMHQD SRGRED VOLND OXWND 3UHVRMDQMH SR DQDORJLML MH WXGL RVQRYD ]D VLPEROLNR LQ VLPEROQR UD]XPHYDQMH VWYDUQRVWLNLSUHGKRGL]QDQVWYHQHPXUD]XPHYDQMXVYHWD]QDĀLOQHPX]DVRGREQR FLYLOL]DFLMR 6NRUDMYVDOMXGVWYDVRYORYVNRQDELUDOQHPREGREMXUD]YLODWXGLWRWHPLVWLĀQH SUHGVWDYHYçLYDOVNHPVYHWXNLMLPMHELOWDNREOL]XVRQH]DYHGQRQDåOLY]RUFH]D URGRYQRLQSOHPHQVNRLGHQWLILNDFLMRVSUHSULĀDQMHPGDVRYVLSULSDGQLNLURGXDOL SOHPHQDSRWRPFLVNXSQHJDWRWHPVNHJDSUHGQLNDNLVRJDRELĀDMQRSUHGVWDYOMDOLNRW çLYDOVNRELWMH$QLPL]HPPDJLMDPDQWLNHLQWRWHPL]HPVRRGUD]SUYRELWQLKSUHG VWDY R VYHWX D NRW VNXSQL LPHQRYDOHF MLK SUHYHYD ]DYHVW R GXKRYQHP SULQFLSX SUD]JRGRYLQVNDSRGRED åDPDQDSUHREOHĀHQHJDY QDUDYHLQĀORYHND9QMLKODKNRSUHSR]QDPRWHPHOMQHY]RUFHSUHGVWDYRGXåHYQRVWL WRWHPVNRçLYDO LQVWHPWXGLWHPHOMQHRGJRYRUHQDYSUDåDQMHNDMMHRVHEQRVW 3 2 * / $ 9 - ( 7HORGXñDLQSVLKRIL]LġQLGXDOL]HP 7HçNRMHUHĀLNDNRGDOHĀQD]DMVHJDMRSUHGVWDYHRGXåLLQWHOHVXWHURUD]OLNLPHG QMLPD2VHEQRPHQLPGDVRPRUGDVWDUHNRWQDåURG=DNDM"3UHSURVWR]DWRNHU QDVNWHPXVLOLQDUDYDQDåHJDL]NXVWYD,]NXVWYRQDPGDMHGYHYUVWLLQIRUPDFLM3UYR YUVWRWYRULMRĀXWQR]D]QDYQHLQIRUPDFLMHL]QMLKSDQDVWDMDSRGRED]XQDQMHJD PDWHULDOQHJD VYHWD VYHWD NL JD YLGLPR VOLåLPR RWLSDPR 7R MH VYHW ]UQDWH LQ UD]WH]QHPDWHULMHVYHWRWLSOMLYHJDVYHWSURVWRUVNLKUD]VHçLM'UXJDYUVWDLQIRUPDFLM SDQDPSULSRYHGXMHRĀLVWRGUXJHPVYHWXRĀXVWYLKY]JLELKUD]SRORçHQMLKPLVOLK LGHMDK 7X QL QLĀ RWLSOMLYHJD SURVWRUVNHJD YVH MH HWHULĀQR QHPDWHULDOQR ]JROM GXåHYQR ,Q WD UD]OLND PHG GYHPD YUVWDPD L]NXVWYD PHG ]XQDQMLP LQ SURVWRUVNLP WHU QRWUDQMLP LQ QHSURVWRUVNLP MH SUL OMXGHK SULVRWQD RG QHNGDM 0RMD SVLKRKLVWRULĀQD WHRULMD MH GD MH SUDY WD L]NXVWYHQD UD]OLND SRGODJD ]D YVDNRYUVWQHSUHGVWDYHRPDWHULMLLQGXKXRWHOHVXLQGXåL 0XVHN 'HMVWYRMHGDQDMGHPR]DPHWNHSVLKRIL]LĀQHJDGXDOL]PDSUL]HORHOHPHQWDUQLK OMXGVWYLK,QWHSUHGVWDYHVRSUHVHQHWOMLYRVXEWLOQH.UDWND]JRGEDNLMRMHGRçLYHOD GYRMQLVYHWQDåHJD QHPåNDDQWURSRORJLQMD(YD/LSSV PHGVHYHUQRDPHULåNLPL,QGLMDQFLQDVR L]NXVWYD WHPSRYVHPSUHSULĀD ]D]QDYQDPDWHULMD QH]D]QDYQLGXK 7HOHVQDOXSLQDLQGXKRYQDYVHELQD 1HNLVWDUHFMHåWLULGQLSRVLQRYLVPUWLKRGLOQDJURENMHUMHJRUHORJHQM GDEL GXåD QDåOD SRW Y GHçHOR PUWYLK VPHOD VHP JD VSUHPOMDWL QD WR SRĀLYDOLåĀH LQ RSD]RYDWL NDNR MH SRWLVNDO VNR]L SUDYRNRWQR NRW GODQ YHOLNR OLQLFR OHVHQH JUREQLFHGDURYH]DPUWYHFDGDSRSRWLQHELELOODĀHQ'DMDOMHYJUREQHNDM NXKDQHJDULçDPDOLQLQUDĀMHJDPHVD.HUVYDWXGL]MXWUDMKRGLODWDPPLPRVHP WUHWMHJDGQHREVWDODLQUHNOD/HMVLQQLSULåHOSRGDU9VHMHåHWXWDNRNRWMH ELOR VLQRĀL 2EVWDO MH NR GD EL ELO SULUDVHO RE WOD NDU VNUHSHQHO MH VSULĀR WHK EHVHGNLVRELOH]DQMQH]DVOLåDQH3RWHPMHSRYHVLOURNHQMHJRYHGODQLWDNRVHPL MH]GHORVRL]SRYHGRYDOHSRMHPSUD]QR0ROĀDOMH=PDMHYDO]JODYR1D]DGQMH MH OH L]JRYRULO EHVHGH .DM WDNHJD ODKNR UHĀH VDPR EHOHF 1L SULåHO SR GDU =DSRPQLVLWLNLVLNRQHFNRQFHYOHGRND]DODGDVSRåWXMHåQDåULç]DSRPQLVL QMHJRY GXK MH SULåHO SR GXKRYQR YVHELQR MHGL.DU YLGLå GD WX åH OHçL MH VDPR OXSLQD.DU YLGLå GD WX OHçL MH VDPR REOLND 1HYHGQD VL NDNR QDM EL OH YHGHOD7RGD]DSRPQLVL 3UHGVWDYHLQSRMPRYDQMDRGXâL 6XEVWDQFDGXñHL]ġHVDMHGXñD" /MXEMHVRVHWRUHMYHUMHWQR]JRGDM]DYHGDOLUD]OLNPHGGXåHYQLPLQWHOHVQLP$SUL WHPMHELORWUHEDUHåLWLNDUQHNDMXJDQN9ĀORYHNXVWDWHORLQGXåDYHQGDU]GUXçHQD.MHWRUHMLVNDWLPHVWR ´VHGHçµHQHJD LQ GUXJHJD"6 ĀLPYĀORYHNRYLRVHEQRVWLMH PRJRĀH LGHQWLILFLUDWL GXåHYQR GHORYDQMH".DNR SRMDVQLWL QDUDYR