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1DSRPHQH
)LOWHU]DPLULVHVHPRçHUHJHQHULVDWLLGRĂSXWDLSUL
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QDMNDVQLMHQDNRQ JRGLQD
8NROLNRILOWHU]DPLULVHSDGQHPRçHGDVHRåWHWL
2åWHþHQMDQLVXXYHNXRĀOMLYDVSROMD8NROLNRMHSDRXNORQLWHL
]DPHQLWHILOWHU]DPLULVHNRMLVHPRçHUHJHQHULVDWL
)LOWHU]DPLULVHQLNDGDQHPRMWHĀLVWLWLGHWHUGçHQWRPYRGRP
YODçQRPNUSRPLOLSUDWLXPDåLQL]DSUDQMHSRVXđD
.DNR QH ELVWH RJUHEDOL SOHK ]D SHĀHQMH ILOWHU ]D PLULVH SRVWDYLWH
QDUHåHWNX
)LOWHU]DPLULVHUHJHQHULåLWHQDPDNVLPDOQR &
YHQWLODWRU
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3ULOLNRPUHJHQHUDFLMHILOWHUD]DPLULVHPRçHGRþLGRVWYDUDQMD
PLULVD8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYD2WYRULWH
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 'DELVHRWYRULRSRNORSDFSULWLVQLWHRGR]GR
 )LOWHU]DPLULVHMHWHçDN]ERJWRJDJDMHGQRPUXNRPRGR]GR
REXKYDWLWHLL]YDGLWHJD
 5HUQXXQDSUHG]DJUHMWHQDPDNV &YHQWLODWRU :
 )LOWHU]DPLULVHUHJHQHULåLWH PLQXWDXUHUQLQDPDNV&
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 8YHULWHVHGDVHSURVWRULMDGREURSURYHWUDYD2WYRULWHSUR]RU
 6DĀHNDMWHGDVHILOWHU]DPLULVHRKODGL
 8PHWQLWH ILOWHU ]D PLULVH L RNUHQLWH PHWDOQL VWUHPHQ GR JUDQLĀQLND
GDELILOWHU]DPLULVHVLJXUQRQDOHJDRVOLND 
 =DYUQLWHQDUHFNDQHQDYUWNHQDPHWDOQRPVWUHPHQXVOLND 
 'DELVH]DWYRULRSRNORSDFSULWLVQLWHRGR]GRVOLND 
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8GKs]LPSsUPRQWLP
: 8GKs]LPHWsUsQGsVLVKPHVLJXULH
/H[RMHQLPHNXMGHVNsWsXGKs]LP9HWsPNsVKWXPXQGTsPH
DSDUDWLQWXDMWsVKsUEHKHQLQsPsQ\UsWsVLJXUWGKHWsGUHMW
8GKs]LPLQSsUSsUGRULPGKHPRQWLPHUXDQLSsUSsUGRULPWs
PsYRQVKsPRVHSsUSURQDULQHDUGKVKsP
3DVVKSDNHWLPLWDSDUDWLQHNRQWUROORQL1sUDVWVHNDQGRQMs
GsPWLPQJDWUDQVSRUWLPRVHOLGKQL
9HWsPSsUPHVQMsPRQWLPLWsVSHFLDOL]XDUGKHQsSsUSXWKMHPH
XGKs]XHVLQHPRQWLPLWPXQGWsVLJXURKHWQMsSsUGRULPLVLJXUW
,QVWDOXHVLPEDQSsUJMHJMsVLSsUIXQNVLRQLPLQHSDWsPHWsWs
SDMLVMHVQsYHQGLQHLQVWDOLPLW
5UH]LNDVILNVLPL
0DWHULDOLDPEDOD]KXHVsVKWsLUUH]LNVKsPSsUIsPLMsW0RVLOLQL
DVQMsKHUsIsPLMsWWsOXDMQsPHPDWHULDOHWDPEDOD]KXHV
5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD
0EDQLGRUDVKNDPEURMWsVH
5UH]LNSODJRVMHMH
1sVHSDMLVMDQXNsVKWsVKWUsQJXDUVLoGXKHWPXQGWsEMHUs
*MLWKsHOHPHQWHWHVKWUsQJLPLWGXKHWWsPRQWRKHQIRUWGKHQs
PsQ\UsWsVLJXUW
8GKs]LP .XUQMsILOWsULULJMHQHUXHVKsPLDURPDYHSsUSODVHWQs
WRNsDLPXQGWsGsPWRKHW
'sPWLPHWQXNMDQsJMLWKPRQsWsGXNVKPHQJDMDVKWs+LGKQLGKH
]sYHQGsVRQLILOWULQHULJMHQHUXHVKsPWsDURPDYHTssVKWs
SsUSODVXUQsWRNs
,QVWDOLPL
3sUJDWLWMDHLQVWDOLPLW
9HQGLLPRQWLPLWGXKHWWsMHWsOHKWsVLVKWLDUULWVKsPQsPsQ\Us
TsSDMLVMDWsDUULKHWSDSHQJHVDQsUDVWVKsUELPL
0LGLVSDMLVMHVGKHSODQLWWsJDWLPLWNsVKLOORKHWWsUXKHWQMs
GLVWDQFsPLQLPDOHSUHM PPGKHPDNVLPXPL PP0H
UULWMHQ H GLVWDQFsV QJD YDWUD H JDWLPLW DYXMW H JDWLPLW GR Ws WKLWKHQ
PsPHYsVKWLUsVL
'LVWDQFDPLGLVSDMLVMHVGKHPRGXOLWPHTDUNXOOLPDMULPXQGWs
]YRJsORKHW GHUL Qs  PP NXU ODUWsVLD H WDYDQHYH Ws YDUXU sVKWs
PLQLPXPL PP
.RQWUROORQLVLSsUIDTHQHPRQWLPLW
6LSsUIDTMDHPRQWLPLWGXKHWWsMHWsLUUDIVKsWYHUWLNDOGKH
PMDIWXHVKsPLTsQGUXHVKsP
3HVKDPDNVLPDOHHSDMLVMHVsVKWsUUHWK NJ
8GKs]LPH
6LSsUIDTHWHSDMLVMHVMDQsGHOLNDWH*MDWsLQVWDOLPLWVKPDQJQL
GsPWLPHWHPXQGVKPH
9HULILNRQLSDUDSUDNLVKWQsVHNDLQVWDOLPHNDEOORUHHN]LVWXHVHWs
SDMLVMHYHWsWMHUD
3sUPEsUWKLPLQQHYRMLWHWQMsVNHOHWLSRVKWsPLSsUVKWDWVKsPL
FLOLsVKWsLILNVXDUPLUsQsWDYDQLQSUHMEHWRQL
0RVHPRQWRQLSDMLVMHQGLUHNWQsSOODNDWHJLSVLWWsWDYDQLWWs
YDUXURVHPDWHULDOHWHOHKWDWsQJMDVKPHWsQGsUWLPLW
4sPRQWLPLWsEsKHWVLGXKHWSsUGRUQLQMsPDWHULDOPHVWDELOLWHW
WsPMDIWXHVKsPLSsUVKWDWXUPHNXVKWHWVWUXNWXURUHGKHPH
SHVKsQHSDMLVMHV
3sUJDWLVQLVLSsUIDTHQHPRQWLPLW
6WDELOLWHWLLVLSsUIDTHVVsPRQWLPLWGXKHWWsMHWsLJDUDQWXDUHGKH
SDVSXQLPHYHWsSUHUMHV
 0EXORQLSODQLQHJDWLPLWSsUWsHYLWXDUGsPWLPHW
 5HDOL]RQLSUHUMHQQsWDYDQLQRVHPXULQDQsVRU)LJXUD
 3DVSXQLPHYHWsSUHUMHYHODUJRQLDVKNODW
0RQWLPLLSDMLVMHV
: 5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
 +LTQLNDSDNXQ
8GKs]LP +XQGs]D PXQG Ws ]KYHQGRVHW Qs YDUsVL Ws UUHWKDQDYH
WsPRQWLPLW )LJXUD 
 =EsUWKHQLKXQGs]DWGKHSOODNsQPHWDOLNHGKHQGU\VKRQL
SR]LFLRQHW )LJXUD 
 0EsUWKHQLKXQGs]DWGKHSOODNsQPHWDOLNHQsSR]LFLRQLQHUL
)LJXUD 
 )XWHQLSDMLVMHQSORWsVLVKWQsYHQGLQHSUHUsGHULVDNDSsVHWWs
PEsUWKHKHQQsYHQGPHNsUFLWMH)LJXUD
 6KWUsQJRQLPHNXMGHVYLGDWQMsUDSDVWMHWUsVGHULVDSDMLVMDWs
IOHMsUUDIVKQsVLSsUIDTHQHPRQWLPLW)LJXUD 
8GKs]LP 0RVLVKWUsQJRQLYLGDWPsVKXPsVHVDGXKHWSsUWs
PRVGsPWXDUSDMLVMHQ
 6KSDNHWRQLILOWULQHHUsUDYH)LJXUD 
8GKs]LP )LOWULLHUsUDYHsVKWsLUsQGs1JULMHQLPHNXMGHVGKH
PEDMHQLIRUW
 9HQGRVQLILOWULQHDURPDYHGKHUURWXOORQLNOODSsQPHWDOLNHGHULVD
WsPEsUWKHKHWQsPsQ\UsTsILOWULLDURPDYHWsTsQGURMsQs
PsQ\UsWsVLJXUW)LJXUD 
 5URWXOORQLGDGRWPEsUWK\HVHWHNOODSDPHWDOLNH)LJXUD 
 )XWHQLNDSDNXQWHNYULPDWTsQGRGKHQQsSMHVsQHSRVKWPHWs
SDMLVMHV)LJXUD 
3sUWDPE\OOXUNDSDNXQVKW\MHQLDWsQJDSRVKWs)LJXUD 
dPRQWRQLSDMLVMHQ
: 5UH]LNSODJRVMHMH
3MHVsWEUHQGDSDMLVMHVPXQGWsMHQsPHTRVKHWsPSUHKWD0EDQL
GRUDVKNDPEURMWsVH
 6KW\SHQLNDSDNXQQJDSRVKWsSsUWDKDSXUDWs
 =EsUWKHQL NDSsVHW H NDSDNXW QJD IROHWs Ts QGRGKHQ Qs SMHVsQ H
SRVKWPHWsSDMLVMHV
 )LOWUL L DURPDYH sVKWs L UsQGs SUDQGDM NDSHQL ILOWULQ H DURPDYH QJD
SRVKWsPHQMsUsQGRUsGKHoPRQWRMHQLDWs
 5URWXOORQLGDGRWPEsUWK\HVHGKHKDSQLNOODSsQPHWDOLNHSsUWs
Q[MHUUsILOWULQHHUsUDYH)LJXUD 
 /LURMLQL YLGDW PH NXMGHV QMsUD SDV WMHWUsV GKH UURWXOORMLQL GHULVD Ws
]EsUWKHKHW
 9HQGRVLQLJLVKWDWHPsGKHQMWHNIROHWsGKHVKW\SHQLVXVWsQQJD
ODUW)LJXUD 
 1[LUUHQLSDMLVMHQQJDYHQGL
5LJMHQHURQLILOWULQHHUsUDYH
3sU Ws JDUDQWXDU SHUIRUPDQFsQ H ILOWULW Ws DURPDYH ULJMHQHURMHQL DWs
oGRĂPXDMNXUSDMLVMDSsUGRUHWQRUPDOLVKWUUHWKĂRUsoGRGLWs
-X PXQG WD ULJMHQHURQL ILOWULQ H DURPDYH Qs QMs IXUUs Ws ]DNRQVKPH
: 5UH]LNGMHJLHMH
)LOWULLHUsUDYHPEHWHWLQ[HKWsSsUQMsNRKsWsJMDWs0RVHSUHNQL
ILOWULQHHUsUDYHGLUHNWSDVULJMHQHULPLWSRUOsUHQLTsWsIWRKHW
9HQGRVHQL ILOWULQ H Q[HKWs Ws HUsUDYH Ts Ws IWRKHW PEL QMs VLSsUIDTH
UH]LVWXHVHQGDMQ[HKWsVLVs
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