Relatório de Sustentabilidade 2010

Transcrição

-#("$
#$"+ 1 ~.#./1$2(#$-3$
l3$57(Ř$573Ř$35(6(17$2
,(22~.# 13/5 +.1$2".-31 3.#$".-"$22~.
#.2$15(./!+(".$-.1, 2#$".-#43 /$1%(+#.2" - (2
"@M@HRCDSDKDUHRN
"@M@HRCDQCHN
'(231( # 13/1|#(.$3$+$5(2~.
l3$57(Ř6867(17$%,/,'$'(1$573
2423$-3 !(+(# #$$ &$23~.$,/1$2 1( +
&@Q@MSH@CDOQNLN¢NC@HFT@KC@CDCDNONQSTMHC@CDR
CDQDRODHSNODKNRCHQDHSNRGTL@MNRDCDMNCHRBQHLHM@¢N
&DRSN@CDPT@C@CNB@OHS@KGTL@MNC@$LOQDR@
CN¢NCDOQSHB@R@LAHDMS@KLDMSDBNQQDS@R
#DRDMUNKUHLDMSNRTRSDMSUDKŔUDQSDMSDDBNM®LHB@
,@QJDSHMFDBNLTMHB@¢N
#$23 04$2
#DRS@PTDRŔ13/$LOQDR@
3$+$5(2~.
TCH¥MBH@R
#DRS@PTDRC@SDKDUHRN
(MENQL@¢N
/QNFQ@L@RŔ13/
/QNFQ@L@RŔ13/
13/,DL®QH@
13/-
13/ ¢NQDR
13/,@CDHQ@
13/(MSDQM@BHNM@K
13/|EQHB@
1|#(.
(MENQL@¢NDOQNFQ@L@R
SHUHC@CDRŔ1#/ ¢NQDR1#/,@CDHQ@ MSDM@R(MSDQM@BHNM@HRD1#/|EQHB@
/1.&1 , 2(-%.1, ~.$" ,/ -' 2-.},!(3.
# 23$,|3(" 2# 2423$-3 !(+(# #$
2NBHDC@CD
LAHDMSD
2NKHC@QHDC@CD
"@LO@MG@RO@QBDQH@R@ONHNR
6. MULTIMÉDIA
6.1. Desenvolvimento de soluções para internet e plataformas digitais
6.2. Produção vídeo
6.3. Inovação e novos serviços
6.4. Acordo Ortográfico
6.5. Solidariedade
6.6. Interatividade
55
55
55
55
56
56
56
7. ACESSIBILIDADES
57
8. COMUNICAÇÃO E ENVOLVIMENTO COM OS STAKEHOLDERS
8.1. Estudos de mercado
8.2. Provedores
60
60
60
9. PRESTAÇÃO DE SERVIÇOS AOS STAKEHOLDERS
9.1. Gabinete Museológico e Documental
9.2. Direção de Emissão e Arquivo
9.3. Cooperação
64
64
66
66
10. RELAÇÕES INTERNACIONAIS E INSTITUCIONAIS
68
3.ª PARTE – OS COLABORADORES, AS PRÁTICAS
DE RECURSOS HUMANOS E OS SEUS REPRESENTANTES
71
1. O ENVOLVIMENTO E A COMUNICAÇÃO COM OS COLABORADORES
1.1. A gestão de Recursos Humanos
1.2. Formação aos colaboradores
1.3. Organizações de trabalhadores
72
72
75
77
4.ª PARTE – CONSUMOS ENERGÉTICOS
E SUSTENTABILIDADE AMBIENTAL 81
5.ª PARTE – PERFIL EMPRESARIAL DA RTP
85
6.ª PARTE – PRÉMIOS, DISTINÇÕES E LOUVORES
91
7.ª PARTE – ANEXOS 95
1. PROJETOS E OBJECTIVOS PARA 2011 NO ÂMBITO DA SUSTENTABILIDADE
1.1. Formação – Projeto “Academia”
1.2. Ambiente – Consumos de eletricidade
1.3. Separadores de informação RTP Memória
1.4. Virtualização dos servidores
96
96
96
96
97
2. MATRIZ GRI
98
3. INDICADORES DE SUSTENTABILIDADE AMBIENTAL – CONSUMOS DE 2009 E 2010
105
5
#$"+ 1 ~.#./1$2(#$-3$
$L@13/@OQDRDMSNTNRDTQDK@S®QHNCDRTRSDMS@AHKHC@CD@MNSDMCNRHCN@
OQHLDHQ@DLOQDR@CDBNLTMHB@¢N@E@Y¥KNDL/NQSTF@K"TLOQHMCNNBNLOQNLHRRN
C@RT@OTAKHB@¢N@MT@KDMSN@RRTLHCN@OQDRDMS@LNR@FNQ@N1DK@S®QHNCD
13/ŔBTI@L@QB@BNMSHMT@@RDQTL@QDEDQ¥MBH@CDSNONMNO@MNQ@L@@TCHNUHRT@K
M@BHNM@KŔOQDRS@@RRHLBNMS@RRNAQDNDWDQB¨BHNC@RT@QDRONMR@AHKHC@CDDLL@S¤QH@
CDRTRSDMS@AHKHC@CDMN@ODM@RSDMCNBNLNQDEDQ¥MBH@@RT@OQNFQ@L@¢NCDQCHN
DSDKDUHRNL@RS@LA¤L@RCHEDQDMSDR@¢°DRCDRNKHC@QHDC@CDRNBH@K#DE@BSN@13/
QDENQ¢NTMN@MNO@RR@CNNHLONQS@MSDO@ODKPTDSDLUHMCN@CDRDLODMG@QBNLN
PHGLDSDUWQHUCD@¢°DRDB@TR@RCDQDRONMR@AHKHC@CDRNBH@KDNR@ODKNRDBNK@ANQ@
¢°DRBNL@RNBHDC@CDBHUHKDLB@TR@R@PTDDMSDMCDTMNCDUDQEHB@Q@KGDH@BNL
CDRS@PTDO@Q@@@ITC@RU¨SHL@RCNSDLONQ@KM@,@CDHQ@@,@QBG@"NMSQ@@%NLDNT
@h"NQQHC@BNMSQ@N"@MBQN
.@MNSDUDDMNQLDRCDR@EHNRDENHL@QB@CNODK@OQNETMC@BQHRDEHM@MBDHQ@D
DBNM®LHB@@MÜDKM@BHNM@KDHMSDQM@BHNM@K ODR@QCDRSDBNMSDWSN@CUDQRNENHONR
RÜDKBNLO@SHAHKHY@QNQDENQ¢NC@R@¢°DRCDRNKHC@QHDC@CDRNBH@KBNL@LDKGNQH@CN
RDQUH¢NOµAKHBNOQDRS@CNBNLMÜDHRRTRSDMS@CNRCD@TCH¥MBH@DBNLQDRTKS@CNRON
RHSHUNRRHFMHEHB@SHUNRQDRTKS@CNNODQ@BHNM@KCDLHKG°DRCDDTQNRDKTBQNK¨PTHCN
CDLHKG°DRCDDTQNR%NHS@LA¤LONRRÜDKBNLO@SHAHKHY@Q@RLDCHC@RCDQDDR
SQTSTQ@¢NDLOQDR@QH@KBNLNDMUNKUHLDMSNCDSNC@R@RO@QSDRBNMRSHSTHMSDRC@$L
OQDR@MTLOQNIDSNCDRTRSDMS@AHKHC@CDDBNM®LHB@DDPTHKÄQHNRNBH@K@ODR@QC@BQHRD
.ROQ¤LHNRDMNLD@¢°DRPTDS@LA¤LCDRS@B@LNRMDRSD1DK@S®QHNRNRDLCµUHC@N
QDBNMGDBHLDMSNCNRDQUH¢[email protected]¤BNMSHMT@Q@BNMBQDSHY@Q
@RLDS@RDNRNAIDSHUNRCDEHMHCNRBNMSHMT@MCN@LDQDBDQ@BNMEH@M¢@CNRONQSTFTDRDR
&THKGDQLD"NRS@
/QDRHCDMSDCN"NMRDKGNCD CLHMHRSQ@¢N
((Ŕ/DQƥK"@M@HR
,(22~.# 13/5 +.1$2".-31 3.
#$".-"$22~.#.2$15(./!+(".
#$3$+$5(2~.$-.1, 2#$".-#43
0LVV¢RHREMHWLYRV
LHRRNDNRNAIDSHUNRRNEHW@CNRM@+DHDMN"NMSQ@SNCD"NMBDRRNCN
2DQUH¢N /µAKHBN CD 3DKDUHRN R ONK¨SHB@R C@ $LOQDR@ RN DRS@ADKDBHC@R
ODKN"NMRDKGNCD CLHMHRSQ@¢NDLKHMG@BNLNRNAIDSHUNREHW@CNRD@R
NQHDMS@¢°DRPTDU¥LRDMCNSQ@MRLHSHC@RODK@3TSDK@
9DORUHV
-NBTLOQHLDMSNC@RT@LHRRNCDRDQUH¢NOµAKHBN@13/O@TS@RDODKNR
RDFTHMSDRU@KNQDR
Ş(-#$/$-#-"( E@BD@NRONCDQDRDRS@ADKDBHCNR
Ş "$22(!(+(# #$TMHUDQR@KO@Q@@FDMDQ@KHC@CDC@ONOTK@¢N
Ş/+41 +(2,.M@OQNFQ@L@¢NODQLHSHMCN@DWOQDRRNDNBNMEQNMSNC@R
CHUDQR@RBNQQDMSDRCDNOHMHN
Ş5@KNQHY@MCN@"4+341 - "(.- +PTDCDUDQRDQOQDRDQU@C@DENQS@KDBHC@
Ş(-3$1$22$2# 2,(-.1( 2¤SMHB@RQDFHNM@HRQDKHFHNR@RNTCDNTSQ@M@
STQDY@PTDCDUDQNDMBNMSQ@QM@OQNFQ@L@¢NCNRDQUH¢NOµAKHBNCDQ
CHNDSDKDUHRN@R@SHRE@¢NCDRRDRHMSDQDRRDR
Ş5 1($# #$DCHUDQRHC@CDCDOQNFQ@L@¢NPTDQDRTKS@C@NAQHF@¢NCD
HMENQL@QCDTL@ENQL@OKTQ@KHRS@DQHFNQNR@
Ş(-.5 ~.D#$2$-5.+5(,$-3.C@CN@13/RDQTLNODQ@CNQSDBMNKNFH
B@LDMSD@U@M¢@CN
&RQWUDWRGH&RQFHVV¢RGR6HUYL¦R3¹EOLFRGH7HOHYLV¢R
Ş RRDFTQ@QTL@OQNFQ@L@¢NU@QH@C@BNMSQ@RS@C@D@AQ@MFDMSDPTDBNQ
QDRONMC@RMDBDRRHC@CDRDHMSDQDRRDRCNRCHEDQDMSDROµAKHBNR
Ş RRDFTQ@QTL@OQNFQ@L@¢NCDQDEDQ¥MBH@PT@KHS@SHU@LDMSDDWHFDMSDD
PTDOQNBTQD@U@KNQHY@¢NBTKSTQ@KDDCTB@BHNM@KCNRBHC@CNR
Ş/QNLNUDQBNL@RT@OQNFQ@L@¢NN@BDRRN@NBNMGDBHLDMSND@PTH
RH¢NCDR@ADQDR@RRHLBNLNNENQS@KDBHLDMSNCNRDMSHCNBQ¨SHBNCNOµ
AKHBN
Ş"NLA@SDQ@TMHENQLHY@¢NC@NEDQS@SDKDUHRHU@@SQ@U¤RCDOQNFQ@L@¢N
DEDSHU@LDMSD CHUDQRHEHB@C@ @KSDQM@SHU@ BQH@SHU@ D MN CDSDQLHM@C@ ONQ
NAIDSHUNRBNLDQBH@HR
Ş,@MSDQTL@OQNFQ@L@¢NDHMENQL@¢NCDQDEDQ¥MBH@BNMSQHATHMCNCDRRD
LNCNO@Q@QDFTK@QDPT@KHEHB@QNTMHUDQRNCN@TCHNUHRT@KM@BHNM@K
Ş/QNONQBHNM@QTL@HMENQL@¢NHRDMS@QHFNQNR@OKTQ@KDBNMSDWST@KHY@C@
PTDF@Q@MS@@BNADQSTQ@MNSHBHNR@CNROQHMBHO@HR@BNMSDBHLDMSNRM@BHN
M@HRDHMSDQM@BHNM@HR
3URJUDPD¦¢RYDULDGD
HDEUDQJHQWH
TXHFRUUHVSRQGD
DRVLQWHUHVVHV
GRVS¹EOLFRV
Ş RRDFTQ@Q@ONRRHAHKHC@CDCDDWOQDRRNDBNM
EQNMSNC@RCHUDQR@RBNQQDMSDRCDNOHMHNCD
RHFM@C@LDMSD CD M@STQDY@ ONK¨SHB@ QDKHFHNR@
DBTKSTQ@K
Ş RRDFTQ@Q @ OQNLN¢N C@ BTKSTQ@ ONQSTFTDR@
DCNRU@KNQDRPTDDWOQHLDL@HCDMSHC@CDM@
BHNM@KCD@BNQCNBNLTL@UHRNTMHUDQR@KHRS@
@ADQS@@NRCHEDQDMSDRBNMSDWSNRBHUHKHY@BHNM@HR
Ş RRDFTQ@QTL@HMENQL@¢NOQDBHR@BNLOKD
S@ D BNMSDWST@KHY@C@ HLO@QBH@K D HMCDODM
CDMSD ODQ@MSD ONCDQDR OµAKHBNR D HMSDQDR
RDROQHU@CNR
Ş RRDFTQ@Q @ U@KNQHY@¢N C@ BQH@SHUHC@CD D @
OQNLN¢NCNDWODQHLDMS@KHRLN@TCHNUHRT@K
Ş RRDFTQ@Q@@BDRRHAHKHC@CDCNRBHC@CNRQDRH
CDMSDRMNSDQQHS®QHNM@BHNM@K@NRRDQUH¢NRCD
OQNFQ@L@RONQRHCHETMCHCNR
Ş RRDFTQ@Q @ @CN¢N CD SDBMNKNFH@ S¤BMHB@R D
DPTHO@LDMSNR PTD OQNONQBHNMDL @ LDKGNQH@
C@ PT@KHC@CD NT DEHBH¥MBH@ CN RDQUH¢N OµAKHBN
CDSDKDUHRN
Ş/QNLNUDQ @ @RRHLHK@¢N CNR OQHMBÖHNR U@KN
QDR D CHQDHSNR ETMC@LDMS@HR UHFDMSDR M@ NQ
CDL BNLTMHSQH@ D M@BHNM@K QDENQ¢@MCN @R
BNMCH¢°DR O@Q@ N DWDQB¨BHN HMENQL@CN C@ BH
C@C@MH@ D O@Q@ N CDRDMUNKUHLDMSN CD K@¢NR
CDRNKHC@QHDC@CDRNBH@K
Ş&@Q@MSHQ@OQNCT¢NDSQ@MRLHRRNCDOQNFQ@
L@RDCTB@SHUNRDCDDMSQDSDMHLDMSNCDRSHM@
CNR@NOµAKHBNINUDLDHME@MSHKBNMSQHATHMCN
O@Q@@RT@ENQL@¢N
Ş&@Q@MSHQ @ SQ@MRLHRRN CD OQNFQ@L@R CD B@
QBSDQ BTKSTQ@K DCTB@SHUN D HMENQL@SHUN O@Q@
OµAKHBNRDRODBËHBNR
Ş&@Q@MSHQ@DLHRRNCDOQNFQ@L@RPTDU@KNQHYDL@DBNMNLH@D@RNBHDC@
CDONQSTFTDR@M@ODQRODSHU@CNRDTCDRDMUNKUHLDMSN
Ş/@QSHBHO@QDL@SHUHC@CDRCDDCTB@¢NO@Q@NRLDHNRCDBNLTMHB@¢NRN
BH@KF@Q@MSHMCNMNLD@C@LDMSD@SQ@MRLHRRNCDOQNFQ@L@RNQHDMS@CNR
O@Q@DRRDRNAIDSHUNR
Ş/QNLNUDQ@DLHRRNCDOQNFQ@L@RDLK¨MFT@ONQSTFTDR@DQDRDQU@QOQN
CT¢NDTQNODH@O@QSDBNMRHCDQUDKCNRDTSDLONCDDLHRRNCDUDMCNCD
CHB@QKGDRODQBDMS@FDMRRTODQHNQDRRDWHFHC@RM@+DH@SNCNRNRNODQ@CNQDR
CDSDKDUHRN@SDMS@@LHRRNCDB@C@TLCNRRDTRRDQUH¢NRCDOQNFQ@L@R
Ş ONH@Q @ OQNCT¢N M@BHNM@K CD NAQ@R BHMDL@SNFQEHB@R D @TCHNUHRT@HR
MN QDRODHSN ODKNR BNLOQNLHRRNR HMSDQM@BHNM@HR PTD UHMBTK@L N $RS@CN
ONQSTFT¥RD@BNOQNCT¢NBNLNTSQNRO@¨RDRDLDRODBH@KDTQNODTRDC@
BNLTMHC@CDCDK¨MFT@ONQSTFTDR@
Ş$LHSHQOQNFQ@L@RCDRSHM@CNRDRODBH@KLDMSD@NRONQSTFTDRDRQDRHCDMSDR
ENQ@CD/NQSTF@KD@NRM@BHNM@HRCDO@¨RDRCDK¨MFT@ONQSTFTDR@
Ş&@Q@MSHQ@ONRRHAHKHC@CDCD@BNLO@MG@LDMSNC@RDLHRR°DRONQODRRN@R
BNLMDBDRRHC@CDRDRODBH@HRMNLD@C@LDMSD@SQ@U¤RCNQDBTQRNKDFDM
C@FDLONQSDKDSDWSNHMSDQOQDS@¢NONQLDHNC@K¨MFT@FDRST@K@TCHN
CDRBQH¢NNT@NTSQ@RS¤BMHB@RPTDRDQDUDKDL@CDPT@C@R
Ş&@Q@MSHQ N DWDQB¨BHN CNR CHQDHSNR CD @MSDM@ CD QDRONRS@ D CD Q¤OKHB@
ONK¨SHB@MNRSDLNRBNMRSHSTBHNM@KDKDF@KLDMSDOQDUHRSNR
Ş$LHSHQ@RLDMR@FDMRBTI@CHETRNRDI@RNKHBHS@C@ODKN/QDRHCDMSDC@1DOµAKH
B@ODKN/QDRHCDMSDC@ RRDLAKDH@C@1DOµAKHB@NTODKN/QHLDHQNLHMHRSQN
Ş"DCDQSDLONCDDLHRRN CLHMHRSQ@¢N/µAKHB@BNLUHRS@CHUTKF@
¢NCDHMENQL@¢°DRCDHMSDQDRRDFDQ@KMNLD@C@LDMSDDLL@S¤QH@CD
R@µCDDRDFTQ@M¢@OµAKHB@R
1RUPDVGHFRQGXWD
0T@MSN R MNQL@R FDQ@HR CD BNMCTS@ N OQHMBÖHN C@ AN@ FNUDQM@¢N
CDRDMUNKUDRDSDMCNDLBNMS@
Ş9$+.
Ş#(+(&-"( Ş$%("(-"( Ş1$2/.-2 !(+(# #$
Ş+$ +# #$
Ş".,/1.,(22.2."( +
Ş".,/1.,(22. ,!($-3 +
Ş1$+ ~.".,"+($-3$2%.1-$"$#.1$2D.431 2$-3(# #$2
Ş2(&(+./1.%(22(.- +
Ş".-%+(3.2#$(-3$1$22$2
Ş 3(5(# #$2$73$1- 2
/$1%(+#.2" - (2
&DQDLVGHWHOHYLV¢R
&DQDOSULQFLSDOIXQGDGRDGHPDU¦RGH
13/¤TLB@M@KFDMDQ@KHRS@BNLBNLONMDMSDBNLDQBH@KDPTDOQHUHKDFH@
@EHB¢NM@BHNM@KHMENQL@¢NCDRONQSNDDMSQDSDMHLDMSNBNLNNAIDSHUN
CDOQNONQBHNM@QTL@DRBNKG@U@QH@C@@SDMCDMCN@RRHLRRNKHBHS@¢°DRCD
SNCNRNRDRSQ@SNRPTDBNLO°DLNTMHUDQRNCNRSDKDRODBS@CNQDR
4XHPY©TXHUYHU
13/ ENH BNMRSHST¨C@ BNLN TL RDQUH¢N @KSDQM@SHUN @ADQSN RNBHDC@CD
BHUHK PTD ONRR@ QDENQ¢@Q ODK@ CHEDQDM¢@ NR OQHMBÖHNR CD TMHUDQR@KHC@CD
BNDRNDOQNWHLHC@CDCNRDQUH¢NOµAKHBNCDSDKDUHRN
$RSDRDFTMCNB@M@KCDRDQUH¢NOµAKHBNCDRODBH@KDMENPTD@NRDRO@¢NR
CDCDA@SDCNBTLDMSQHNRDOQNFQ@L@¢NCDCHB@C@@TLOµAKHBNSDKDUHRH
UN@SDMSNBQ¨SHBNDDWHFDMSDONRRTHMCNTL@OQNFQ@L@¢NCHQDBHNM@C@DL
O@QSHBTK@QO@Q@NROµAKHBNRL@HRINUDMRO@Q@@RLHMNQH@RDO@Q@NRBHC@
CNRBNLCHEHBTKC@CDR@BQDRBHC@RCDBNLTMHB@¢NNTLNAHKHC@CD
2NNAIDSHUNRCDRSDB@M@K@CDEDR@C@K¨MFT@DC@BTKSTQ@ONQSTFTDR@RM@R
RT@R CHUDQR@R UDQSDMSDR Ŕ GTL@M@ RNBH@K @QS¨RSHB@ BTKSTQ@K HMSDKDBST@K
OQNEHRRHNM@K@B@C¤LHB@DBHDMSËHB@ŔL@MSDMCNTL@HCDMSHC@CDOQ®OQH@
BNLNLDHNCDBNLTMHB@¢NBNLOKDLDMS@Q13/
UNB@¢NCNB@M@KSQ@CTYRDMTL@OQNFQ@L@¢NBQH@SHU@DU@QH@C@CDCH
UTKF@¢NCDR@ADQCDHMENQL@¢NDC@R@QSDRDDRODSBTKNRCHQDBHNM@C@
@NCDRDMUNKUHLDMSNC@BNLOQDDMRNC@RNBHDC@CDDC@RHMRSHSTH¢°DRCN
LDKGNQBNMGDBHLDMSNCNOK@MDS@C@RBHUHKHY@¢°DRDC@RT@GHRS®QH@C@CD
EDR@CN@LAHDMSDDC@RLHMNQH@RDC@CHUTKF@¢NCNO@ODKC@RBNMEHRR°DR
QDKHFHNR@RM@RNBHDC@CD
4LB@M@KPTDBNMSQHATHBK@Q@LDMSDBNLHMENQL@¢NRDMRHAHKHY@¢NDDM
UNKUHLDMSNO@Q@@RTRSDMS@AHKHC@CDRNBH@KDBNM®LHB@D@LAHDMS@K
&DQDOJHQHUDOLVWDGRV$¦RUHV
HMENQL@¢NBNMRSHSTH@OQHMBHO@KBNLONMDMSDC@DLHRRNC@13/ ¢NQDR
.DMSQDSDMHLDMSNNROQNFQ@L@RCNBTLDMS@HRDNRBNMSDµCNRNQHDMS@CNR
O@Q@NOµAKHBNHME@MSHKITUDMHKS@LA¤LL@QB@LOQDRDM¢@RHFMHEHB@SHU@M@
@MSDM@QDFHNM@K 13/ ¢NQDRNQHDMS@@RT@OQNFQ@L@¢NBNLOQDNBTO@
¢°DRCDRDQUH¢NOµAKHBNDRS@MCN@SDMS@RLTHS@RL@MHEDRS@¢°DRBTKSTQ@HR
PTDRTBDCDLTLONTBNONQSNC@R@RHKG@RCN@QPTHO¤K@FN
&DQDOJHQHUDOLVWDGD0DGHLUD
13/ ,@CDHQ@ ¤ TL B@M@K CD B@Q@BSDQ¨RSHB@R QDFHNM@HR @KSDQM@SHUN @RRT
LHMCN@QDRONMR@AHKHC@CDD@LHRRNODK@OQDRS@¢NCNRDQUH¢NOµAKHBNC@
SDKDUHRNM@1DFHN TS®MNL@C@,@CDHQ@
3DLBNLNNAIDSHUNRBDMSQ@HRE@YDQBGDF@Q@SNCNN@QPTHO¤K@FN@HMENQL@
¢ND@QD@KHC@CDQDFHNM@KDLSNCNRNRCNL¨MHNR
&DQDOGHGLFDGRVFRPXQLGDGHVSRUWXJXHVDVIRUDGH3RUWXJDO
"QH@C@DL@13/(MSDQM@BHNM@KENHNOQHLDHQNB@M@KFKNA@KDLK¨MFT@
ONQSTFTDR@
HLONQSMBH@ C@ K¨MFT@ ONQSTFTDR@ MN LTMCN ENH CDSDQLHM@MSD O@Q@ N
K@M¢@LDMSNCDRSDOQNIDSN NFKNA@KHY@QRD@13/(MSDQM@BHNM@KCDOQDRR@
RDSNQMNTTLK@¢NCDTMHNDMSQDNRBDQB@CDLHKG°DRCDE@K@MSDRDL
K¨MFT@ONQSTFTDR@DRO@KG@CNRODKNRBHMBNBNMSHMDMSDR RRHLDMPT@MSN
OQNLNUD@K¨MFT@DNO@¨R@13/(MSDQM@BHNM@KOQDDMBGDGNQ@RCDDLHR
RNC@MCNOQHNQHC@CDRT@KHUQDQDBD¢NMTLTMHUDQRNCDODRRN@RPTDRD
OQDSDMCDNL@HR@K@QF@CNONRRÜDK
h/@QSDŔ 13/Ŕ@OQDRDMS@¢N
&DQDOGHGLFDGRVFRPXQLGDGHVDIULFDQDV
13/|EQHB@ODQLHSDGNQ@RONQCH@PTD@R@TCH¥MBH@RCNRO@¨RDR@EQH
B@MNRC@"/+/D/NQSTF@KSDMG@L@BDRRNDLRHLTKSMDNLDRL@OQNFQ@
L@¢NBNLDRODBH@KCDRS@PTDO@Q@@RMNS¨BH@RCNCH@DO@Q@NROQNFQ@L@R
OQNCTYHCNRDLDO@Q@|EQHB@ŔNPTDOQDRRTO°DS@LA¤L@BNK@ANQ@¢N@
UQHNRMÜDHRDMSQDNRRDQUH¢NROµAKHBNRCDSDKDUHRNCNRRDHRO@¨RDRDM
UNKUHCNRMDRSDOQNIDSN
&DQDOGHLQIRUPD¦¢RHGHPDJD]LQHV
"@M@KCDRDQUH¢NCDOQNFQ@L@RNQHDMS@CNO@Q@@OQDRS@¢NDRODBH@KHY@C@
CDHMENQL@¢NBNMBDCDMCNO@QSHBTK@Q@SDM¢N@SDL@RBNLHMSDQDRRDO@Q@
QDFH°DRDBNLTMHC@CDRDRODBËHB@RDL@QSHBTK@¢NNTMNBNLNRCDL@HR
RDQUH¢NRCDOQNFQ@L@RCDSDKDUHRNMNLD@C@LDMSDDLL@S¤QH@BNMITMS@
CDCHQDHSNR
&DQDOGHGLFDGRDSURJUDPDVDQWLJRV
4LDRO@¢NPTDMNRCDRODQS@TLNKG@QMNUNRNAQDNRLNLDMSNRCDDMSQDSDMH
LDMSND@OQDMCHY@FDLPTDLNKC@L@MNRR@LDMS@KHC@CDHMCHUHCT@KDBNKDSHU@
13/,DL®QH@¤TLB@M@KPTDOQDSDMCDDMQHPTDBDQ@UHC@C@RODRRN@R
BNLOQNFQ@L@RDRDQUH¢NRPTDDCTB@LDDMSQDS¥LE@YDMCNTLBNMUHSD
QDEKDWND@OQDBH@¢NCD@BNMSDBHLDMSNRDLNLDMSNRO@RR@CNRKTYCD
TL@LDL®QH@EQDRB@/@Q@S@KQDBNQQD@TL@QPTHUNCDBNMSDµCNRGHRS®QH
BNRDBNLDRSQDH@RPTDNQHDMS@CNRO@Q@@@ST@KHC@CDONQ@OQDRDMS@CNQDR
INQM@KHRS@RDDRODBH@KHRS@RDRSHLTK@L@LDL®QH@CNDRODBS@CNQ
&DQDOHVSHF¬ƩFRSDUDRVWHOHP²YHLV
13/,NAHKD¤TLB@M@KDRODBËHBNO@Q@OK@S@ENQL@RL®UDHRPTDDLHSDGNQ@R
DODQLHSDSDQ@13/RDLOQDM@O@KL@C@LNDDLPT@KPTDQO@QSD,NAHKD35
¤TL@ENQL@HMNU@CNQ@CD@BDCDQ@BNMSDµCNRU¨CDNDDLHRR°DRSDKDUHRHU@R
DLCHQDSN@O@QSHQCDSDQLHM@HRL®UDHRMNLD@C@LDMSDCDSDKDL®UDHRDPTH
O@CNRBNLSDBMNKNFH@&M@RQDCDRC@5NC@ENMD,DN,NAHKDD.OSHLTR
&DQDLVGHU GLR
$U GLRJHQHUDOLVWD
MSDM@ ¤ TL B@M@K CDRSHM@CN FDMDQ@KHC@CD CNR NTUHMSDR R RT@R
OQHMBHO@HRBNLONMDMSDRRN@HMENQL@¢NMNSHBHNR@C@@ST@KHC@CDM@BHN
M@KDHMSDQM@BHNM@KNDMSQDSDMHLDMSNBNLOQDCNLHMMBH@O@Q@@LµRHB@
ONQSTFTDR@@CHUTKF@¢NCDSDL@RCDQDKDUMBH@RNBHNBTKSTQ@KDC@@ST@KH
C@CDCDRONQSHU@BNLFQ@MCDCDRS@PTDO@Q@NETSDANKOQNEHRRHNM@K
&DQDOFXOWXUDO
DRS@¢N @RRTLD @ RT@ LHRRN BTKSTQ@K UHR@MCN TMHUDQRNR @ADQSNR D
@AQ@MFDMSDRCHM@LHY@MCNNROQNCTSNQDRCDBTKSTQ@@MÜDKM@BHNM@K
'HGLFDGDDRS¹EOLFRMRYHPHVQRYDVWHQG©QFLDVGDP¹VLFD
MSDM@¤@QCHNL@HRINUDLDHQQDUDQDMSDCN&QTON13/ MNU@LµRHB@
ONQSTFTDR@¤TL@C@ROQHMBHO@HRA@MCDHQ@RCDRS@DRS@¢NRDLOQD@SDMS@@N
PTD¤MNUNDHMNU@CNQř OQHLDHQ@UDY¤RDLOQDM@ʖŚ$¤LDRLN EQ@RD
QDENQ¢@TL@HCDMSHC@CDLTHSNENQSDDTL@ODQRNM@KHC@CDADLUHMB@C@
#@BNADQSTQ@CNREDRSHU@HRCDUDQNBNLSQ@MRLHRR°DR@SQRCDSQ@MRLHR
R°DRDLTHS@QDONQS@FDL@NROQNFQ@L@RCD@TSNQL@HRNTR@CNRCNGTLNQ
@NCDA@SDC@LµRHB@L@HROQNHAHC@D@ODSDBÜDK@NRLNLDMSNRL@HRQHS
L@CNRDCDRKHY@MSDRSTCNHRSN¤ MSDM@
LµRHB@ ¤ N CDMNLHM@CNQ BNLTL L@R RDQUD S@LA¤L CD SQ@LONKHL O@Q@
NTSQ@R CDRBNADQS@R MNU@R NONQSTMHC@CDR @LAHDMSD RDWN CDODMC¥MBH@R D
NTSQNR@RRTMSNRPTDSNB@LDRSD/NQSTF@K@BQDRBDQDRSNRDLOQDRHMSNMHY@CNR
$QWHQD0DGHLUD
MSDM@ ,@CDHQ@ DL .MC@ ,¤CH@ D %, @OQDRDMS@ TL@ OQNFQ@L@¢N
FDMDQ@KHRS@B@Q@BSDQHY@C@ODKNODQEHKCDRDQUH¢NOµAKHBN HMENQL@¢N@
BTKSTQ@@RPTDRS°DRRNBH@HR@LµRHB@ONQSTFTDR@DNCDRONQSNBNMRSHSTDL
@RRT@R@ONRS@RETMC@LDMS@HR
1.ª Parte – A RTP – apresentação
Antena 3 Madeira
A Antena 3 Madeira tem uma emissão musical vocacionada para a juventude,
com diversas temáticas no âmbito da música, cinema, internet, desporto e
tempos livres.
Destaque para os concursos “Antena 3 Dance” e “Antena 3 Rock”, que têm por objetivo o lançamento e promoção de novos músicos, da música pop/rock e da dança.
Além dos Açores
A missão da RDP Açores vai muito além das nove ilhas do Arquipélago dos
Açores, colaborando na programação e informação nacional com a RDP
Internacional e realizando e produzindo para as comunidades dos Estados
Unidos, Canadá e Brasil o programa “Rota das Ilhas”.
Músicas que ficaram na memória
A Rádio Lusitânia é um projeto web da rádio pública dedicado à divulgação da
memória das canções que marcaram a música nacional nos últimos 40 anos.
A exposição de um património de êxitos que ficaram na memória de Portugal.
Da vida às grandes sinfonias
No território das novas plataformas, particularmente no universo web, a
rádio pública tem vindo a desenvolver a sua oferta, com a criação de novas
web-rádios e ampliando o número de conteúdos disponíveis em podcast.
A Antena 1 Vida é sobre o amor, os sonhos, as causas públicas, o interesse
do consumidor. A Antena 1 Vida é sobre a consciência social, a afetividade.
São histórias de vida, são conversas guiadas onde o sexo não é tabu e
onde as dependências são debatidas. É falar e explicar e entender melhor
o português. É descobrir os livros e o prazer de ler. É encarar os prós e os
contras, é ouvir opiniões, escutar protagonistas. É encarar o desafio de ser
verde e saber de iniciativas, é estar envolvido com as coisas boas da sociedade civil. É ter o radar ligado sobre os negócios, a gestão do dinheiro, ou
provar gostos e sabores. É ter, 24 horas por dia, os sinais do tempo presente.
A Rádio Vivace alinha as principais obras de Schumann e Chopin. Os concertos, as peças para piano, as canções, a música de câmara e as sinfonias,
sempre pelos melhores intérpretes da discografia mundial. Rádio Vivace,
um canal online do serviço público criado para ressuscitar e celebrar toda
a energia e beleza dos maiores nomes da grande música.
16
5RFNHP¹VLFDHOHWU²QLFD
#T@RQCHNRNMKHMDPTDNBNQQDLDLRHLTKSMDN MSDM@PTDRDNTUD
M@%,DPTDRDNQHDMS@LQDRODSHU@LDMSDO@Q@NRTMHUDQRNRQNBJDC@
LµRHB@DKDSQ®MHB@
5 GLROXV²IRQD
$RS@¢N PTD @OQNWHL@ D OQNLNUD @ HMSDFQ@¢N CNR O@¨RDR @EQHB@MNR CD
K¨MFT@NEHBH@KONQSTFTDR@ 1#/|EQHB@ODQSDMBD@N&QTON1CHN#HETRN
/NQSTFTDR@DDLHSDDL%,O@Q@+HRAN@"NHLAQ@%@QNDPT@SQNCNRBHMBNR
O@¨RDR @EQHB@MNR CD K¨MFT@ ONQSTFTDR@ Ŕ "@AN 5DQCD &THM¤!HRR@T ,N
¢@LAHPTDD2N3NL¤D/Q¨MBHOD
. NAIDSHUN ETMC@LDMS@K C@ 1#/ |EQHB@ ¤ ETMBHNM@Q BNLN OK@B@ FHQ@S®QH@ CD
HMENQL@¢NKTR®ENM@D@RRT@RDLHRR°DRDMBDQQ@LENQSDRBNLONMDMSDRCDHM
ENQL@¢NDBTKSTQ@KTR®ENM@RO@QSHMCNC@@SDM¢NPTDRDBNKNB@M@NASDM¢N
CDDKDLDMSNRHMENQL@SHUNRDNTSQNRNQHTMCNRCD/NQSTF@K/ +./D!Q@RHK
(ORGHOLJD¦¢RGRVSRUWXJXHVHVHOXVRVIDODQWHVGHWRGRRPXQGR
1#/(MSDQM@BHNM@K¤NFQ@MCDDKNCDKHF@¢NCNRONQSTFTDRDRMNLTMCN SQ@U¤R
C@RRT@RDLHRR°DRSNCNRDLPT@KPTDQONMSNONCDL@BDCDQHMRS@MS@MD@LDMSD
@NBNMS@BSNBNL/NQSTF@KRDI@@SQ@U¤RCDNMC@BTQS@CDR@S¤KHSD%,NTHMSDQMDS
FQDKG@ CD OQNFQ@L@¢N C@ 1#/ (MSDQM@BHNM@K B@Q@BSDQHY@RD ODK@ CH
UDQRHC@CD CD BNMSDµCNR HMENQL@¢N HMENQL@¢N CD TSHKHC@CD OµAKHB@
DMSQDSDMHLDMSN CDRONQSN CHUTKF@¢N BTKSTQ@K D OQNLN¢N CD HMHBH@SHU@R
C@RBNLTMHC@CDRODKNDPTHKÄQHNDMSQDOQNFQ@L@RCD@TSNQCDSDLSHB@R
DRODBËHB@RDNROQNFQ@L@RFDM¤QHBNRLTRHB@HRDODK@OQNLN¢NC@HMSDQ@
SHUHC@CDBNLTMHB@[email protected]@@KB@M¢@Q
BNLTL@FQDKG@CDRS@M@STQDY@RNNQDENQ¢NC@HCDMSHC@CDCNRBHC@CNR
MNDRSQ@MFDHQNBNL@QD@KHC@CDM@BHNM@KNBNMGDBHLDMSNDNQDBNMGDBH
LDMSNC@RRT@RUHU¥MBH@ROQ®OQH@RDETMC@LDMS@KLDMSD@OQNLN¢NDN
QDENQ¢NC@K¨MFT@ONQSTFTDR@$RSDRNAIDSHUNRŔCDRDQUH¢NOµAKHBNŔRN
@KB@M¢UDHR@SQ@U¤RCD@KFTMRCNROQNFQ@L@RMBNQ@C@1#/(
'(231( # 13/1|#(.$3$+$5(2~.
)DFWRVGRSD¬VHGR
PXQGRSHUVRQDOLGDGHV
HWDQWDVKRUDVGH
HPLVV¢RDRORQJR
GHPXLWRVDQRV
GHU GLRHWHOHYLV¢R
13/SDKDUHRNBDKDAQNTDLBHMPTDMS@@MNRCDUHC@ NKNMFNCDRRD
SDLON/NQSTF@KDNLTMCNBNMGDBDQ@LFQ@MCDRCDRDMUNKUHLDMSNRQDSQ@S@
CNRODK@13/CH@@O®RCH@
SQ@U¤R CN VLWH GSSOVVQSOOS@MNR @ 13/ CHRONMHAHKHY@ @ KHF@¢N
PTDBNMUHC@@TL@UH@FDLODKNLTMCNC@13/C@MCNSDRSDLTMGNCDUHC@
C@RT@DWHRS¥MBH@D@RRTLHMCNRDBNLNTLQDONRHS®QHNCNRRTBDRRNRDHM
RTBDRRNRCDTL@$LOQDR@/µAKHB@SHSTK@QCDTL@C@RL@HRMNS®QH@RDDL
AKDLSHB@RL@QB@RONQSTFTDR@R
NRUHMCNTQNRB@ADGNMQ@MCNNO@RR@CN@PTHDRAN¢@CNBQH@QNETSTQNC@
13/BNMR@FQ@MCN@BNLN$LOQDR@/µAKHB@CDDWBDK¥MBH@@NRDQUH¢NC@SD
KDUHRNDCNRONQSTFTDRDR
$RS@¤ONQS@MSN@UDQRNHMSDFQ@KCNKHUQNPTDBNMS@SNC@@GHRS®QH@C@13/
SDKDUHRN2NGHRS®QH@RPTDE@YDLO@QSDC@'HRS®QH@C@SDKDUHRN%@BSNR
CNO@¨RDCNLTMCNODQRNM@KHC@CDREHFTQ@RDS@MS@RGNQ@RCDDLHRRN@N
KNMFNCD@MNRCDSDKDUHRNDL/NQSTF@K
0T@MSN QCHN DL MN CH@ CD @FNRSN ¤ HM@TFTQ@C@ @ $LHRRNQ@
-@BHNM@KCD1@CHNCHETRN$-L@QB@MCNNHM¨BHNC@OQNEHRRHNM@KHY@¢NC@
QCHNDL/NQSTF@KRDMCNPTD@CDRDSDLAQNCD@QCHNSQ@MRLHSD
DRB@K@LTMCH@K@MNS¨BH@C@HMU@RNC@/NK®MH@ODK@RSQNO@R@KDLRPTD
CDTHM¨BHNh&TDQQ@,TMCH@K QCHNSNQMNTRDTLLDHNCDBNLTMHB@¢N
CDL@RR@RRDLOQDBDCDMSDR$L¤OTAKHB@CNN#DBQDSNKDHMx
CDCDL@HNPTDHMRSHSTHNDRS@STSNCD1@CHNCHETRN/NQSTFTDR@$/$L
¤EDHS@@QDNQF@MHY@¢NCNRPHGLDDRS@S@HRBNL@BQH@¢NC@1CHND
3DKDUHRNCD/NQSTF@K2&/2PTDQDµMD@1#/D@13/$RS@QDNQF@MHY@¢N
BNMSDLOKNT S@LA¤L @ O@QSHKG@ C@R HMRS@K@¢°DR D RDQUH¢NR M@ MNU@ RDCD
BNMITMS@C@ UDMHC@,@QDBG@K&NLDRC@"NRS@DL+HRAN@DDL@KFTL@R
CDKDF@¢°DRQDFHNM@HR$L¤EDHS@@QDDRSQTSTQ@¢NC@1CHND3DKDUHRN
CD /NQSTF@K ODKN #DBQDSNKDH Mx CD CD EDUDQDHQN O@RR@MCN @
CDMNLHM@QRD1CHND3DKDUHRNCD/NQSTF@K2 $L@1CHN/µAKHB@
BNLDLNQNT@MNR
$CHE¨BHNRDCDC@1CHND3DKDUHRNCD/NQSTF@K2 DL+HRAN@
((Ŕ/DQƥK"@M@HR
2423$-3 !(+(# #$
$ &$23~.$,/1$2 1( +
$L @ 13/ @U@M¢NT O@Q@ @ DK@ANQ@¢N CN OQHLDHQN 1DK@S®QHN CD
2TRSDMS@AHKHC@CD MN TL CNBTLDMSN PTD QDRTLD @R NQHDMS@¢°DR CD
QDRONMR@AHKHC@CDRNBH@KDDEHBH¥MBH@DMDQF¤SHB@C@$LOQDR@CDRDQUH¢NOµ
AKHBNCDPHGLD#DR@KHDMS@QPTD@13/ENH@OQHLDHQ@$LOQDR@CDBNLTMH
B@¢N@E@Y¥KNDL/NQSTF@K
*DUDQWLDGHSURPR¦¢R
GDLJXDOGDGHGH
RSRUWXQLGDGHVGHUHVSHLWR
SHORVGLUHLWRVKXPDQRV
HGHQ¢RGLVFULPLQD¦¢R
*HVW¢RDGHTXDGD
GRFDSLWDOKXPDQR
GD(PSUHVD
-@UDQSDMSDHMSDQM@DMNRDFTHLDMSNC@R@SHUHC@CDRCNOQNIDSNř#HKNFN
2NBH@KD(FT@KC@CDM@R$LOQDR@RŚVVVBHSDFNUOSCH@KNFNRNBH@KOQNIDSN
GSLKDLPTD@13/O@QSHBHONTBNLNO@QBDHQ@OHNMDHQ@HMSDFQ@CNM@(MH
BH@SHU@"NLTMHSQH@$04 +CDBNQQDT@ ¢NDLPTDBNMRHRSHTM@
@OKHB@¢N13/CDTLCNROQNCTSNRCDRDMUNKUHCNRMNOQNIDSNř&TH@CD
TSN@U@KH@¢NC@(FT@KC@CDCD&¤MDQNM@$LOQDR@Ś#NRSQ@A@KGNRCDRDM
UNKUHCNRONQFQTONRCDSQ@A@KGN@RRNBH@CNR@NOQNIDSN$04 +BNMBKTHTRD
PTD@13/CDRDMUNKUDAN@ROQSHB@RMNLAHSNC@HFT@KC@CDCDF¤MDQNDL
OQNKCNADLDRS@QRNBH@KCNRSQ@A@KG@CNQDRCDMSQNC@$LOQDR@
"NLOQNLN¢NC@U@KNQHY@¢NHMCHUHCT@KCNRQDBTQRNRGTL@MNRHMRSHSTH
¢NCDRHRSDL@RPTDF@Q@MS@LNADLDRS@QDOQDLDHDLNL¤QHSNCNRBN
K@ANQ@CNQDR
$LSDQLNRC@FDRSNCDQDBTQRNRGTL@MNR@13/SDL
ŞOQSHB@RCDQDBQTS@LDMSN@L@CTQDBHC@RDDMPT@CQ@C@RM@KDFHRK@¢NK@ANQ@K
ŞBNLTMHB@¢NRHRSDLSHB@BNLQDOQDRDMS@MSDRCNRSQ@A@KG@CNQDRŔ"NLHRRN
CD3Q@A@KG@CNQDRD2HMCHB@SNR
Ş@ONHNRKNF¨RSHBNDEHM@MBDHQNOQNLNUDMCNNDPTHKÄQHNDMSQD@RUHC@RODR
RN@HRDOQNEHRRHNM@HRŔ@ONHN"@R@CN/DRRN@K"@R@CN QSHRS@DRCT@R
RRNBH@¢°DRCD1DENQL@CNR
$LENHC@C@BNMSHMTHC@CDDRSQ@S¤FH@CDBNKL@S@QMDBDRRHC@CDRHM
SDQM@RCDODRRN@R@SQ@U¤RCNQD@OQNUDHS@LDMSNC@RBNLODS¥MBH@RHMSDQM@R
DENLDMS@MCN@LNAHKHC@CDHMSDQM@ 13/L@MSDUDS@LA¤L@ONK¨SHB@CD
@SQHATH¢NCD/QNFQ@L@RCD$RSFHNS@MSNCDM@STQDY@BTQQHBTK@QBNLNOQN
EHRRHNM@KCDLNCNSQ@MRUDQR@KRQD@RNQF@MHY@BHNM@HR
$GR¦¢RGHSU WLFDV
DPELHQWDOPHQWHFRUUHWDV
$LSDQLNRCDONTO@M¢@CDDMDQFH@DK¤SQHB@@13/SDLUHMCN@OQNBDCDQ
@CHUDQR@RHMHBH@SHU@RMNRRHRSDL@RCNDCHE¨BHNC@RDCDBNLNRDI@L@QD
CT¢NCNRBHQBTHSNRCDHKTLHM@¢ND@HMSQNCT¢NCDOQNFQ@L@¢NGNQQH@
"NL@HMRS@K@¢NCDCDSDSNQDRCDOQDRDM¢@M@RB@R@RCDA@MGNDNTSQNR
DRO@¢NR OµAKHBNR NASDUD TL@ ONTO@M¢@ @MT@K CD J6G D
BNL@HMSQNCT¢NCDO@Q@FDLCTQ@MSDNRLDRDRCDUDQNCNRRHRSDL@R
CD ANLA@FDL BNMCTYHT @ TL@ QDCT¢N CD J6G MN LDRLN @MN
#DRS@PTD@HMC@O@Q@TLDRSTCNCDUH@AHKHC@CDO@Q@@RTARSHSTH¢NCDHKT
LHM@¢NM@RYNM@RCDDRS@BHNM@LDMSNCNDCHE¨BHNC@RDCDONQKDCRDI
DLE@RDCDOQNIDSN@HMRS@K@¢NCDTLRHRSDL@CDIUHHFRROLQJ 13/MN
TSHKHY@DMDQFH@RQDMNUUDHRBNLNO@HM¤HRENSNUNKS@HBNRNTRNK@QDR"NMST
CNMNLAHSNC@@TCHSNQH@DMDQF¤SHB@DPT@KHC@CDCN@QHMSDQHNQDWDBTS@C@
RDCDENHOQNONRS@@@OKHB@¢NCDO@HM¤HRRNK@QDRS¤QLHBNR
13/TSHKHY@FT@C@QDCDOµAKHB@O@Q@EHMRCDBNMRTLNGTL@MN-NDCH
E¨BHNC@RDCDC@13/ENQ@LHLOKDLDMS@C@RLDCHC@RCDONTO@M¢@CDFT@
ODK@HMSQNCT¢NCDANB@HRCDSNQMDHQ@CDQDCT¢NCDB@TC@KDODK@QD@KH
Y@¢NCDTLETQN@QSDRH@MNCDB@OS@¢NCDFT@O@Q@QDF@ FT@CNETQN
¤RTIDHS@@TLRHRSDL@CDSQ@S@LDMSNONQDWBDRRNCDR@KHMHY@¢N3NC@R@R
CDRB@QF@R CD DEKTDMSD CNL¤RSHBN OQNCTYHCN ODK@ 13/ RN DMUH@C@R O@Q@
[email protected]®QHNRDCD¤SQ@S@CN@SQ@U¤RCD
BL@Q@OQ®OQH@CD@BNQCNBNL@KDFHRK@¢NDLUHFNQ2NDEDST@C@RK@U@
FDMRC@RUH@STQ@RCDMSQNC@RHMRS@K@¢°DRC@RDCDC@13/DWHRSHMCNO@Q@N
DEDHSNTL@B@HW@CDRDO@Q@¢NCD®KDNRQDRTKS@MSDRC@K@U@FDLCNRUD¨
BTKNR
$573WHPYLQGR
DSURFHGHUUHGX¦¢R
GRVFLUFXLWRV
GHLOXPLQD¦¢R
HLQWURGX¦¢RGH
SURJUDPD¦¢RKRU ULD
-@13/RNFDQ@C@RDLHRR°DRCD".CHQDS@RM@PTDHL@CDBNLATRSÜDK
QDRTKS@MSDC@BHQBTK@¢NCNRUD¨BTKNRC@EQNS@CN&QTONDBNMRTLNCDFR
M@STQ@KDDLHRR°DRHMCHQDS@R@SQ@U¤RCNBNMRTLNCDDKDSQHBHC@CDENQMDBH
C@ODK@$#/"HDMSDC@OQNAKDLSHB@CN@TLDMSNC@SDLODQ@STQ@FKNA@K
ONCDMCNSQ@YDQFQ@UDRBNMRDPT¥MBH@RO@Q@@GTL@MHC@CD@13/SDLDL
DRSTCN@RRDFTHMSDRLDCHC@RQDCT¢NC@EQNS@DHLONRH¢NCDSODIRQGVCD
BNLATRSÜDHR
$LBNLD¢@Q@L@RDQHMSQNCTYHC@RBKTRTK@RCDB@QHY@LAHDMS@KMNRB@
CDQMNRCDDMB@QFNRPT@MCN@OKHBUDKD@RDQ@CPTHQHC@R@KFTL@RUH@STQ@R$".
h/@QSDŔ2TRSDMS@AHKHC@CDM@13/
'HVHQYROYLPHQWR
VXVWHQW YHOŘYHUWHQWH
HFRQ²PLFD
0DUNHWLQJ
HFRPXQLFD¦¢R
.RCHUDQRNRHMCHB@CNQDRDWOQDRRNRMNR1DK@S®QHNRD"NMS@RDMNR1DK@S®QHNR
CD"[email protected]@¢°DRCD2DQUH¢N/µAKHBNDUHCDMBH@LPTD@13/
SDLLDKGNQ@CN@RT@OQNCTSHUHC@CDL@MSDMCNTLMÜDKCDRDQUH¢NDR@SHR
E@¢NCNRRDTRBNMRTLHCNQDRDRODBS@CNQDRDNTUHMSDR@BHL@CNCDEHMHCN
ODK@RHMRSMBH@ROµAKHB@RBNLNO@CQNL¨MHLNCDDWHF¥MBH@DITRSHEHB@¢N
CNRDQUH¢NOµAKHBN BQDRBD@DRRDBTLOQHLDMSNQHFNQNRN@EDQHCNODK@$MSH
C@CDCD1DFTK@¢NHMCDODMCDMSDPTD@13/BTLOQHTDTKSQ@O@RRNTMDRSDR
µKSHLNRRDSD@MNRNRNAIDSHUNRBNMSQ@ST@KHY@CNRBNLN$RS@CNMN BNQCNCD
1DDRSQTSTQ@¢N@RRHM@CNDL3@KBTLOQHLDMSNCDUDRDQCDUHC@LDMSD
DUHCDMBH@CNS@MSNL@HRPTDMNRNBNMGDBHC@RRHST@¢°DR@MKNF@RPTDQ
CDDLOQDR@RCDB@OHS@HROµAKHBNRPTDQCDNODQ@CNQDRCDRDQUH¢NOµAKHBN
DTQNODT PTD SDMG@L MNR µKSHLNR @MNR DEDST@CN TL SQ@IDSN DBNM®LHBN
RDLDKG@MSD$RSONHRCDLNMRSQ@C@@RTRSDMS@AHKHC@CDDBNM®LHB@C@13/
#DQDEDQHQ@HMC@PTDMNENRRD@RHST@¢NCDB@OHS@HROQ®OQHNRMDF@SHUNR@
$LOQDR@ ONCDQH@ QDLTMDQ@Q N @BHNMHRS@ D @RRHL DUHS@Q PTD N RDT O@RRHUN
NMDQ@RRDTL@UHRN@K@QF@C@CNDMCHUHC@LDMSNOµAKHBN
. DUDMSN HMRSHSTBHNM@K L@HR RHLA®KHBN CD ENH @ BNLDLNQ@¢N CNR
@MNRC@1CHN/µ[email protected]@MNRCDDWHRS¥MBH@DGHRS®QH@CNRDQUH¢N
OµAKHBN CD QCHN L@QB@Q@L CTQ@MSD UQHNR LDRDR N RDQUH¢N OµAKHBN C@
1CHND3DKDUHRNCD/NQSTF@KM@RRT@RUQH@ROK@S@ENQL@RCDCHRSQHATH¢N
CDBNMSDµCNR@TCHNUHRT@HR
.@MNENHHFT@KLDMSDL@QB@CNONQTLBNMITMSNCDHMHBH@SHU@RCDL@QJD
SHMFPTDUHR@Q@LQDENQ¢@QNONRHBHNM@LDMSNC@13/@NMÜDKC@CHUDQRH
C@CD C@ RT@ NEDQS@ O@Q@ SNCNR NR OµAKHBNR @SQ@U¤R CD TL RDQUH¢N ODQ
L@MDMSDLDMSD ENB@KHY@CN M@ PT@KHC@CD $L QD@KHY@Q@LRD @HMC@
@¢°DRCDRNKHC@QHDC@CDDRODBH@HRBNLCDRS@PTDO@Q@N@ONHNRU¨SHL@R
C@SQ@F¤CH@C@HKG@C@,@CDHQ@BTI@LNAHKHY@¢N@AQ@MFDTSNC@R@RL@Q
B@RDOK@S@ENQL@RC@13/
NMÜDKC@RL@QB@RCDSDKDUHRN@R@SHUHC@CDRCDL@QJDSHMFOQDSDMCDQ@L
DRRDMBH@KLDMSDBNLTMHB@Q@NEDQS@CDBNMSDµCNRCHEDQDMBH@CNQDR@SQ@U¤R
CDB@LO@MG@RCDBNLTMHB@¢NDOTAKHBHC@CDUHR@MCN@B@OS@¢NQDSDM
¢NDEHCDKHY@¢NC@@TCH¥MBH@DLSNQMNCNRRDTRB@M@HRIUHHWRDLU
#DRDMUNKUDQ@LRD@HMC@CHEDQDMSDR@¢°DRCDL@QJDSHMFHMSDQMNSDMCNDL
UHRS@NAIDSHUNRLNSHU@BHNM@HRHLONQS@MSDRO@Q@NQDENQ¢NC@BTKSTQ@C@$L
OQDR@ BNL CDRS@PTD O@Q@ CT@R @¢°DR PTD @RRHM@K@Q@L N @MHUDQRQHN C@
$LOQDR@DBNLDLNQ@Q@L@PT@CQ@M@S@K¨BH@DNEHM@KCD@MN
%HM@KLDMSDENHC@C@BNMSHMTHC@CDFDRSNC@+HMG@CD ONHN@N$RODB
[email protected]¢NCD@ONHNDRTONQSDPTDOQNBTQ@C@QQDRONRS@@NR
LHKG@QDRCDBNMS@BSNRDRONMSMDNRPTD@13/QDBDADCDENQL@@QDENQ¢@Q
@ PT@KHC@CD MN QDK@BHNM@LDMSN HMRSHSTBHNM@K DMSQD @ $LOQDR@ D NR RDTR
BNMRTLHCNQDR
#$23 04$2
'HVWDTXHV
Ř573(PSUHVD
/XFURV
13/@SHMFHTLHKG°DRCDDTQNRCDQDRTKS@CNRK¨PTHCNRDL
.RQDRTKS@CNRNODQ@BHNM@HRENQ@LCDLHKG°DRCDDTQNR
RQDBDHS@RU@KNQHY@Q@L
/LGHUDQ¦DŘ4XRWDGHPHUFDGR573
13/13/
13/
13/|EQHB@
13/-
13/,DL®QH@R@KC@N@MNBNL
TL@PTNS@CDLDQB@CNCDCDVKDUHNPTDRHFMHEHB@KHCDQ@M¢@ODKNPTHM
SN@MNBNMRDBTSHUN#DRS@PTDO@Q@NQDRTKS@CNC@13/PTDEDBGNTBNL
TL@PTNS@CDLDQB@CNCDNTRDI@BQDRBDTOOE@BD@NQDRTKS@CN
CN@MN@MSDQHNQDBNMPTHRSNT@UHBDKHCDQ@M¢@ODKNRDFTMCN@MNBNMRDBTSHUN
1RYDVO=:U GLRV
)RUDPODQ¦DGDVTXDWURQRYDVO=:U GLRV@ MSDM@1NBJ MSDM@#@M
BD MSDM@5HC@D1CHN5HU@BD
1R¡PELWRGR$QR(XURSHXGR&RPEDWH3REUH]D
H([FOXV¢R6RFLDO
13/OQNCTYHTNU¨CDNř/DQCHC@LDMSDŚBNLNNAIDSHUNCDRDMRHAHKHY@QN
OµAKHBNO@Q@@PTDRSNC@ONAQDY@DC@DWBKTRNRNBH@K
3Q@S@RDCDTLUHCDNBKHONQHFHM@KCNSDL@ř/DQCHC@LDMSDŚONDL@CD%KNQADK@
$RO@MB@DLBNK@ANQ@¢NBNLN KSN"NLHRR@QH@CNO@Q@@(LHFQ@¢ND#HKNFN
(MSDQBTKSTQ@KBNL@"$1"(.DHQ@R!@MBNCD(MENQL@¢NCD/@HRO@Q@/@HR!(//
BNLN3D@SQN-@BHNM@KCD2N"@QKNRDNLµRHBN)NN&HKBNLONRHSNQC@LµRHB@
3XEOLF%URDGFDVWHUV,QWHUQDWLRQDO
$573DWLQJLX
PLOK´HVGH
HXURVGHUHVXOWDGRV
O¬TXLGRVHP
13/ENHDRBNKGHC@ODK@/TAKHB!QN@CB@RSDQR(MSDQM@SHNM@K/!(BNLNDRS@
¢N@MEHSQHC@RT@"NMEDQ¥MBH@ MT@KPTDCDBNQQDTDL2HMSQ@MNRCH@R
DCDNTSTAQN
3URWRFRORGHFRRSHUD¦¢R
"@M@KCD3DKDUHRN+TR®ENMNENH@RRHM@CNTLOQNSNBNKNCDBNNODQ@¢NDM
SQDNR*RYHUQRVSRUWXJX©VHEUDVLOHLURBNLUHRS@CHETRNHMSDQM@BHNM@K
CDOQNCTSNR@TCHNUHRT@HRDLK¨MFT@ONQSTFTDR@$RSDB@M@KRDQ@ADQSNR
DLOQDR@RCDBNLTMHB@¢NOµAKHB@RCNRO@¨RDRCDK¨MFT@ONQSTFTDR@
ř$0HX9HUŚDř&RQWRVGH1DWDOŚRNCT@RMNU@R
@ONRS@RQDRTKS@MSDRCDOQNSNBNKNRDMSQD@13/D
@ 4MHUDQRHC@CD +TR®ENM@ 4MHUDQRHC@CD "@S®KHB@
CN /NQSN 4MHUDQRHC@CD C@ !DHQ@ (MSDQHNQ $RBNK@
2TODQHNQ QS¨RSHB@CN/NQSND(MRSHSTSN/NKHS¤BMHBN
CN/NQSN.OQHLDHQNCDRSHM@RD@SNCNRNRDOXQRV
EHM@KHRS@RCNO@¨RM@QD@C@"NLTMHB@¢N2NBH@K
.RDFTMCNCDRSHM@RD@ODM@RRBHMBNTMHUDQRH
C@CDROQ¤RDKDBHNM@C@RDBNMRHRSDM@OQNCT¢ND
M@QD@KHY@¢NCDUQH@RBTQS@RLDSQ@FDMR@O@QSHQ
CDBNMSNRCDCHUDQRNRHVFULWRUHVONQSTFTDRDR
OQNIDSNCDRDMUNKUHCNBNLNNAIDSHUNCDQDMS@AHKHY@QNB@OHS@KGTL@MND
SDBMNK®FHBNC@13/MNRDMSHCNCDSNQM@Q@RNODQ@¢°DRCDOQNCT¢NDFDR
SNCDPHGLDL@HRDEHBHDMSDRDBNMSQNKUDHR
6$3
"QH@CNDLN/),SDLCDRCDDMSNTLDMNQLDHLO@BSNMNLTMCN
LTRHB@KONQSTFT¥RDSDLRHCNCDBHRHUNO@Q@LTHSNRCNRK@TQD@CNRRDK@M
¢@QDLM@QHA@KS@CNLTMCNLTRHB@K
13/ENHGLVWLQJXLGDODK@6$3,EÜLDBNL@LD
C@KG@ CD AQNMYD MNR /Q¤LHNR CD 0T@KHC@CD MN
PTDRDQDEDQDHLOKDLDMS@¢NCNRHRSDL@2 /
$RS@CHRSHM¢NOQDLHNTNRTBDRRNC@HLOKDLDM
S@¢NCNRHRSDL@CDFDRSN2 /$1/M@13/
0RGHOR2SHUDWLYR'LJLWDO02'
%NHHMHBH@C@@CDRDSDLAQN@E@RDCDHLOKD
LDMS@¢N CN MNUN ,NCDKN .ODQ@SHUN #HFHS@K
1RYR$FRUGR2UWRJU ƩFR
"NLUHRS@@OKHB@¢NCN BNQCN.QSNFQEHBNDLSNCNN&QTON13/@O@QSHQ
CDI@MDHQNCDCDBNQQDQ@L@¢°DRCDENQL@¢NO@Q@SNCNRNRETMBHN
MQHNRCTQ@MSDNL¥RCDNTSTAQN
3U¨PLR-RYHQV0¹VLFRV3-0ŘlHGL¦¢R
&DPSDQKDGHDSRLR$VVRFLD¦¢R6DOYDGRU
13/@ONHNT@B@LO@MG@CD@ONHN RRNBH@¢N2@KU@CNQPTDCDBNQQDT
@NKNMFNC@DLHRRNC@RDFTMC@R¤QHDCNOQNFQ@L@2@KU@CNQBNLDLHRRN
M@13/@O@QSHQCDCDCDYDLAQN B@LO@MG@CD@MF@QH@¢NCDBNQQDT
@NKNMFNCNRDOHR®CHNRDS@LA¤LMNTSQNROQNFQ@L@RC@13/S@HRBNLN
@/Q@¢@C@ KDFQH@DNTSQNRRDLDKG@MSDRADLBNLNMNRB@M@HRCDBNLTMH
B@¢NHMRSHSTBHNM@HRC@ RRNBH@¢N2@KU@CNQ
3$+$5(2~.
$XGL©QFLDV
(YROX¦¢RPHQVDOHP
.FQEHBN@OQDRDMS@CNHKTRSQ@@OQDRS@¢NCNRB@M@HR@NKNMFNCN@MN
Share (shr %) do total dia – Evolução mensal em 2010
17,1
17,6
19,3
20,3
20,8
20,6
20,9
19,8
20,3
19,8
19,4
20,1
28,5
27,5
28,7
27,3
26,9
27
26,5
25,5
27,8
28,2
27,3
28,7
25,2
25,3
23,8
23,8
23,5
22,3
22,4
23,1
22,7
23,1
23,1
22,1
4,7
4,9
4,7
4,8
5,1
5,5
6,6
7,2
6,2
4,6
4,8
4,8
24,5
24,7
23,5
23,8
23,7
24,6
23,6
24,3
23
24,3
25,4
24,3
Jan.
2010
Fev.
2010
Mar.
2010
Abr.
2010
Mai.
2010
Jun.
2010
Jul.
2010
Ago.
2010
Set.
2010
Out.
2010
Nov.
2010
Dez.
2010
RTP1
RTP2
SIC
TVI
Cabo/outros
2GQ6KDUHŔS@LA¤LCDRHFM@CNONQPTNS@CDLDQB@CNNTPTNS@CD@TCH¥MBH@
'HVWDTXHVGDWHOHYLV¢R
-DQHLUR
+DLWL
-NCH@GHMDQHLURTLRHRLNCDRDSDFQ@TRM@DRB@K@CD1HBGSDQ@SHMFHT
N'@HSHCDU@RS@MCNPT@RDONQBNLOKDSN@B@OHS@KCNO@¨R/NQS@T/QHMBD
"NMS@AHKHY@CNRNRDRSQ@FNRCNSDQQ@LNSNN&NUDQMNG@HSH@MN@U@M¢@BNL
LHKODRRN@RLNQS@RD@"QTY5DQLDKG@(MSDQM@BHNM@K@ONMS@O@Q@L@HR
CDLHKG°DRCDG@HSH@MNR@EDS@CNRODK@B@SRSQNED
-@13/)NR¤"@QKNR,@K@SNř@QQDF@¢NT@RL@MF@RŚO@Q@@BNMCT¢NCDTL
)NFN#TOKNDRODBH@KMNCH@CDI@MDHQNCDVKDUHDCDUDWLQJ
DLPTD@SNS@KHC@CDCNOQ¤LHNQDUDQSH@@E@UNQC@RU¨SHL@RCNRHRLN
(PLVV´HVHVSHFLDLVGHGLFDGDVDR+DLWL
&DQDO
'DWD
+RUD
'XUD¦¢R
5DW
5DW
6KU
'NODENQ'@HSH-NV
2DWI@M
573
-RJR'XSORŘ(VSHFLDO+DLWL
6 EMDQ
2("
5HC@-NU@Ŕ'@HSH
2DFI@M
2("
2GQ6KDUHŔS@LA¤LCDRHFM@CNONQPTNS@CDLDQB@CNNTPTNS@CD@TCH¥MBH@1@S5DWLQJŔS@W@L¤CH@CD@TCH¥MBH@DLODQBDMS@FDL
1@Sʘ5DWLQJŔS@W@L¤CH@CD@TCH¥MBH@DLLHKG@QDR
)HYHUHLUR
0DGHLUD
GHIHYHUHLURTLENQSDSDLONQ@K@SHMFHT@HKG@B@TR@MCNL@HRCD
LNQSNRBDMSDM@RCDEDQHCNRDL@HRCDCDR@KNI@CNR
$573IH]D
FREHUWXUDGRIRUWH
WHPSRUDOTXHDWLQJXLXD
0DGHLUDDWUDY¨VGHXPD
VÜLHGHUHSRUWDJHQV
.FDQDOS¹EOLFR@CH@MS@RDM@BNADQSTQ@C@B@SRSQNEDKNFNM@S@QCDCNCH@
CDEDUDQDHQNDLHSHMCNODK@RCDRRDCH@TL(VSHFLDO,QIRUPD¦¢R
GHK@9J=HGHJ9LAF?PTDC@U@BNMS@CNROQHLDHQNRDRSQ@FNRCNSDL
ONQ@KM@,@CDHQ@{R@573UNKS@@HMSDQQNLODQ@RT@DLHRRNO@Q@@
@ST@KHY@¢NC@HMENQL@¢NDLL@HRTL$RODBH@KCDVKDUHDCD
UDWLQJRDMCNPTDODK@R@BNMSDBDNL@HNQA@K@M¢NC@&DODPLGDGHQD
0DGHLUDGHK@9J=HGHJ9LAF?BNLTL@CTQ@¢NCDLHMTSNR
@NPT@K@RRHRSDLL@HRCDPLOK¢RHPLOSRUWXJXHVHV
O@QSHQCDRSDCH@NDRENQ¢NCDLNMRSQ@CNODK@13/M@BNADQSTQ@CNSDQQ¨
UDK@BNMSDBHLDMSNKDUNT)TCHSDCD2NTR@@NKNB@KO@Q@TL@R¤QHDCDQDONQ
S@FDMRPTDLNRSQ@LTL@,@CDHQ@CDU@RS@C@ODKNL@TSDLON RDQHDC@CD
D@TQF¥MBH@CNR@BNMSDBHLDMSNRHLOTMG@LTL@HMDUHSUDKDMSQDUHRS@@N
K¨CDQCN&NUDQMN1DFHNM@KC@HKG@NPTD@BNMSDBDM@DLHRRNC@*UDQGH
(QWUHYLVWD CD CH@ CD EDUDQDHQN BNL $OEHUWR -R¢R -DUGLP GH
K@9J=HGHJ9LAF?ODQ@MSDTL@OK@SDH@CDLHKDRODBS@CNQDR
5HVXOWDGRVGDVHPLVV´HVHVSHFLDLVGHGLFDGDVDRWHPSRUDOQD0DGHLUD
&DQDO
'DWD
+RUD
'XUD¦¢R
5DW
5DW
6KU
13/
2AEDU
$RODBH@K(MENQL@¢N
3DLODRS@CD,NQS@KM@,@CDHQ@
13/
2AEDU
13/
2AEDU
$RODBH@K(MENQL@¢N
3DLODRS@CD,NQS@KM@,@CDHQ@
$RODBH@K(MENQL@¢N
"@K@LHC@CDM@,@CDHQ@
13/
0THEDU
&Q@MCD$MSQDUHRS@
6,&
'RPIHY
13/
13/
13/
8PD)ORUSDUDD0DGHLUD
KADQSN)NN)@QCHL
3DQL@Q
)TMSNRODK@,@CDHQ@
3DQL@Q
)TMSNRODK@,@CDHQ@
2DW@AQ
)TMSNRODK@,@CDHQ@
1@Sʘ5DWLQJŔS@W@L¤CH@CD@TCH¥MBH@DLLHKG@QDR
6DOYDGRU
.B@M@KOµAKHBNOQNO°D@NRDRODBS@CNQDRTL@UH@FDLODKNRCDR@EHNRC@
LNAHKHC@CD GTL@M@ BNL 6DOYDGRU OQHLDHQ@ SDLONQ@C@ CN OQNFQ@L@
@OQDRDMS@CNONQ2@KU@CNQ,DMCDRCD KLDHC@SDUDHM¨BHN@CDNTSTAQN
CDDSDQLHMNT@CDEDUDQDHQNCDřRDMRHAHKHY@MCNŚ@NKNMFN
C@RDLHRR°DRPDLVGHPLOHVSHFWDGRUHVGHK@9J=HGH
J9LAF?.BNMSDµCNPTDřR®ŚSDQH@KTF@QMNB@M@KOµAKHBN@ODK@@NRDMSH
LDMSNCDHMSDFQ@¢NDRDMRHAHKHY@¢NCNRONQSTFTDRDRO@Q@@CHEDQDM¢@@
CHEHBTKC@CDDBNLOKDWHC@CDCDTLLTMCNONTBNOQDO@Q@CNO@Q@ODRRN@R
BNLMDBDRRHC@CDRDRODBH@HR
.RQDRTKS@CNRONQWDUJHWVC@OQHLDHQ@SDLONQ@C@QDUDK@LPTNS@RCDLDQ
B@CNDWOQDRRHU@RITMSNCDRDFLDMSNRBNLNNR@MNRCDVKDUH
NRL@HNQDRCD@MNRCDVKDUH@BK@RRD#CDVKDUHNTN
&Q@MCD/NQSNCDVKDUH
Evolução (shr % e rat %) de Salvador
20,8
17,7
17
19,8
7,2
Seg.
out.
12,
2009
Seg.
out.
19,
2009
Shr %
Seg.
out.
26,
2009
15,8
8,1
Seg.
nov.
2,
2009
Seg.
nov.
9,
2009
8
8,1
Seg.
nov.
16,
2009
Seg.
nov.
23,
2009
Seg.
nov.
30,
2009
Seg.
dez.
14,
2009
Seg.
jan.
11,
2010
18,1
16,4
8,4
7,2
6,9
6,8
20
17,3
8,6
8,3
7,2
20,2
18,7
17,6
17,1
16,9
21
20
Seg.
jan.
18,
2010
8,1
6,9
7
6,8
Seg.
jan.
25,
2010
Seg.
fev.
1,
2010
Seg.
dez.
6,
2010
7,2
Seg.
dez.
13,
2010
Seg.
dez.
20,
2010
Rat %
0DU¦R
-XQWRVSHOD0DGHLUD
-NFDQDOS¹EOLFR@FDPSDQKDGHDQJDULD¦¢RGHIXQGRVO@Q@@ITC@Q@R
U¨SHL@RCNSDLONQ@KF@MG@DWOQDRRNBNL@DLHRRNCD-XQWRVSHOD0D
GHLUD-NCH@CDL@Q¢N)NQFD&@AQHDKD/@SQ¨BH@+DMB@RSQDBNMCTYHQ@L
NDRODBH@KPTDOQDDMBGDT@FQDKG@C@573M@PDQK¢GHK@9J=
DM@WDUGHGHK@9J=RDMCNPTDMNCH@CD@AQHKRDQD@KHYNT
@FQ@MCDF@K@NMCDENQ@LDMSQDFTDRL@HRCDLHKGNDLHKDTQNR
CNR ETMCNR QDBNKGHCNR O@Q@ @ONH@Q @ B@TR@ 2®MH@ Q@µIN D )NR¤ "@QKNR
,@K@SNENQ@LNR@MEHSQH°DRC@F@K@GHK@9J=HGHJ9LAF?
DLCHQDSNPTDQDBDADTUQHNRLNLDMSNRLTRHB@HRMNO@KBNCN"DMSQNCD
"NMFQDRRNRCN%TMBG@K
9LGDV&RQWDGDV
{RDFTMC@EDHQ@)TCHSDCD2NTR@INQM@KHRS@C@13/KDUNT@NRDBQRCNB@
M@KOµAKHBNřB@RNRC@RNBHDC@CDA@RD@CNRDLSDRSDLTMGNRQD@HRŚ.RTAR
SHSTSN CD -NS@R 2NKS@R CD MS®MHN 5HSNQHMN BNMS@AHKHYNT DLHRR°DR DL
@A@QB@MCN@BNMFQTDMSDL¤CH@CDGHK@9J=DTL@OK@SDH@
PTDRTODQNT@E@RPTH@CDTLLHKGNCDDRBODS@CNQDRGHJ9LAF?
$LPDU¦R@DRS@¢NOµAKHB@CDVKDUHDRSQDNTNOQNFQ@L@9LGDV
&RQWDGDVCDVKDUHDCDUDWLQJ
Evolução (shr % e rat %) de Vidas Contadas
34
30,9
25,9
31,8
31,6
30,6
30
27,5
26,7
26,2
26,1
25,4
24,9
31,4
21,7
21,7
20
19,6
17,4
10,7
9,8
11,2
12,4
12,8
14,8
12,3
12
8,6
9,2
6,7
Seg.
mar.
8
Seg.
mar.
15
Shr %
Seg.
mar.
29
Seg.
abr.
12
Seg.
abr.
19
Seg.
abr.
26
Seg.
mai.
3
Seg.
mai.
17
Seg.
mai.
24
12,6
8,2
8,3
Seg.
mai.
31
12,6
10,9
Seg.
set.
6
Seg.
set.
20
Seg.
set.
27
Seg.
out.
18
Seg.
out.
25
Seg.
nov.
1
10,7
8,9
8,8
Seg.
nov.
8
Seg.
nov.
29
Média
Rat %
6HWHPEUR
0DUDYLOKDV1DWXUDLVGH3RUWXJDO
RL@Q@UHKG@RM@STQ@HRCNMNRRNO@¨RENQ@L@UNS@¢NDCDDMSQD@REHM@
KHRS@RENQ@LDKDHS@R@R,@Q@UHKG@R-@STQ@HRCD/[email protected]@M@KOµAKHBN
ENHNO@KBNNEHBH@KC@řCDBK@Q@¢NCD@LNQCNGNLDLM@STQDY@Ś#TQ@MSD
NRLDRDRCDITKGND@FNRSN@13/ODQBNQQDT@RYNM@RB@MCHC@S@R@N
S¨STKNCD,@Q@UHKG@-@STQ@KBNL@RDLHRR°DRDRODBH@HRCN9HU¢R7RWDOCD
CHB@C@RHMHBH@SHU@NMCD)NN!@HND3MH@[email protected]@LNRSQ@Q@L
@RYNM@R@BNMBTQRN,@HRCDGNQ@RCDDLHRRNLNRSQ@Q@L@NRONQST
FTDRDR@RL@Q@UHKG@RCD/NQSTF@KD@QQDB@C@Q@LDLL¤CH@@@SDM¢N
CDL@HRCDLHKDRODBS@CNQDRGHK@9J=HGHJ9LAF?
-NCH@CDRDSDLAQN@R/NQS@RCN,@QMNR ¢NQDRENQ@LO@KBNC@'HFOD
UD¦¢R2ILFLDO0DUDYLOKDV1DWXUDLVGH3RUWXJDOEDHS@ONQ"@S@QHM@%TQS@CN
D)NR¤"@QKNR,@K@SN,@HRCDLDHNLHKGNCDDRODBS@CNQDRGHK@9J=H
GHJ9LAF?@RRHRSDLDLHRRNDRODBH@KC@13/PTDDWLQJHDOLGHUDQ¦D
GRPHUFDGRM@RDFTMC@O@QSDC@DLHRRNBNLO@QBDK@RRTODQHNQDR@
CDVKDUH
Curva de share da Declaração Oficial: 7 Maravilhas Naturais de Portugal
Share %
52,0
48,0
44,0
40,0
36,0
32,0
28,0
24,0
20,0
16,0
12,0
8,0
4,0
0,0
Hora
21:55:00
RTP1
RTP2
22:10:57
SIC
22:26:53
22:42:49
22:58:46
23:14:42
TVI
2FDQDOS¹EOLFRIRL
RSDOFRRƩFLDOGD
ŝGHFODUD¦¢RGHDPRU
GRKRPHPQDWXUH]DŞ
23:30:39
23:46:35
0:02:32
0:18:28
0:34:25
$RORQJRGRDQR
3U¬QFLSHVGR1DGDGHVGH
$L QDFQDRR@ @MSDM@ C@ 13/ ODK@ LN CD "@S@QHM@ %TQS@CN
RDLDKG@M¢@C@RDCH¢°DR@MSDQHNQDRNOQNFQ@L@3U¬QFLSHVGR1DGD OQH
LDHQ@DLHRRNSDUDKTF@Q@CDCDYDLAQNCDGHK@9J=H
GHJ9LAF?UDQHEHB@MCNRD@O@QSHQCN@MNRDFTHMSD@DLHRRNQDFTK@Q
CNBNMSDµCN$MSQDCD@AQHKDCDITMGNCDNOQNFQ@L@BNMS@
AHKHY@TL@L¤CH@CDGHK@9JHHGHJ9LAF?QDRTKS@CNRPTDRD
O@TS@LODK@E@RPTH@L@HRDWTADQ@MSDDL$MSQDCDI@MDHQNCD
DCDL@Q¢NCNLDRLN@MNNL@F@YHMD@OQDRDMS@CNONQ"@S@QHM@%TQS@CN
QDFHRS@ TL@ L¤CH@ CD GHK@9J=HGHJ9LAF? BNMPTHRS@MCN
L@HRCDLHKDRODBS@CNQDR-NLDMNRDWOQDRRHUNRRNNRQDRTKS@CNRCN
QDFQDRRNCD3U¬QFLSHVGR1DGDDLBNMSDµCNPTDDMSQDCDMNUDL
AQN D CD CDYDLAQN @A@QB@ BDQB@ CD LHK DRODBS@CNQDR GH
K@9J=HGHJ9LAF?CDRS@B@MCNRDNDOHR®CHNCDDRSQDH@CDRS@SDLON
Q@C@NMCD@RE@RPTH@RRDDKDU@Q@L@NRGHK@9J=HGHJ9LAF?D
NMCD@OK@SDH@BNMS@AHKHYNTLHKDRODBS@CNQDR
1DBNQCDRDPTD"@S@QHM@%TQS@CNODQBNQQDTO@¨RDRCDDWOQDRRNONQSTFTDR@
BNLN,N¢@LAHPTD"@AN5DQCDNT&THM¤!HRR@TC@MCNUHRHAHKHC@CD@NSQ@
A@KGNCDRDMUNKUHCNONQUNKTMSQHNRNQF@MHY@¢°DRMNFNUDQM@LDMS@HRNT
NTSQNRNQF@MHRLNRITMSNC@RONOTK@¢°DRBNLB@Q¥MBH@RC@RL@HRCHUDQR@R
NQHFDMR(LONQS@QD@K¢@QPTDNOQNFQ@L@C@13/ENHBNMRHCDQ@CNODK@ RRN
BH@¢NCD3DKDRODBS@CNQDRFRPRRPHOKRUSURJUDPDGHWHOHYLV¢RGH
Evolução (shr % e rat %) de Príncipes do Nada
26,4
26
24
25,2
23,5
21,9
21,5
21,2
20,2
17,9
17
16,1
14,8
11,6
7
6,8
5,7
11,3
10,3
9,7
7,9
7,2
5,2
18,3
15,8
9,4
7,1
19,4
19
5,6
9,5
8,7
7,4
6,7
7,2
2,2
Dom. Dom. Dom. Dom. Dom. Dom. Dom.
abr. mai. mai. mai. jun. jun. jun.
30,
7,
14,
28,
4,
11,
18,
2006 2006 2006 2006 2006 2006 2006
Seg.
dez.
26,
2005
Shr %
Ter. Ter. Ter.
Ter. Ter.
jan. fev. fev. mar. mar.
30,
13,
20,
13,
20,
2007 2007 2007 2007 2007
Ter. Ter. Ter.
Ter. Ter.
nov. nov. nov. dez. dez.
9,
16,
30,
14, 21,
2010 2010 2010 2010 2010
Rat %
,QIDQWLV573
.OµAKHBNHME@MSHKDMBNMSQ@@RT@R@K@CDDRS@QMNRDBQRC@13/.B@
M@KOQDRS@RDQUH¢N@NOµAKHBNBNLTL@NEDQS@HME@MSNITUDMHKřRDQUHC@Ś
DL UQHNR LNLDMSNR CN CH@ MN řBG@O¤TŚ CN =LJ =DJ PTD -NCCX D
BNLO@MGH@ DMBNMSQ@L N RDT řO@QPTD CD CHUDQR°DRŚ CDRCD MTL
OQNO®RHSNADLřCDRDMG@CNŚCDRDQUHQNRFNRSNRD@RMDBDRRHC@CDRCN
RDT OµAKHBN DRODBËHBN "NL N BQDRBHLDMSN C@ NEDQS@ OQNONQBHNM@C@
ODKNB@QCOHNCNRB@M@HRCN"@AN@BNMBNQQ¥MBH@C@13/SNQM@RDHMD
UHS@UDKLDMSDL@HR@K@QF@C@DBNMGDBDQMNROQ®WHLNR@MNRTL@ETMH
K@LDMSNB@C@UDYL@HROQNMTMBH@CN
1DO@QDRDPTD@13/@OQDRDMS@TLDXPHQWRGRFRQVXPRITMSNCNWDUJHW
@MNRMTL@DUNKT¢NPTDSDLRHCNBNMRS@MSD@S¤
Médias anuais de consumo (000)
junto do target 4/14 anos
Total dia – Audipanel
35,2
32,8
28,6
24,3
25,1
24,5
21
16,8
12,1
13,1
17,6
15,7
12,6
9,3
2004 2005 2006 2007 2008 2009 2010
RTP2
Cabo/Outros
-@ BNLO@Q@¢N DMSQD NR QDRTKS@CNR CD E@BD @N @MN @MSDQHNQ
QDEHQ@RDPTD@13/@OQDRDMS@TLCDBQ¤RBHLNCDHVSHFWDGR
UHVVHQGRTXHDSODWHLDMXYHQLOGRVHJXQGRFDQDOS¹EOLFRDSUHVHQWD
HPXPDP¨GLDGHTXDVHPLOHVSHFWDGRUHV-NPTDRDQDEDQD
@N"@ANNRDFLDMSNCDB@M@HRDWHADTL@BQ¤RBHLNCDLHKDRODB
S@CNQDRDLBNLO@Q@¢NBNLDNRDT@TCHS®QHNBNMSDLOK@L@HR
CDLHKDRODBS@CNQDR(LONQS@QDRR@KU@QPTD@NEDQS@C@13/MN
RDCHQHFDDWBKTRHU@LDMSD@NOµAKHBNHME@MSHKL@RBNMRHCDQ@MCNTL@
@MKHRDDMPT@CQ@C@MNTMHUDQRN TCHO@MDKNBNMITMSNCDB@M@HRONQ
RTARBQH¢N QDUDK@RD N BNMBNQQDMSD L@HR BNMRHRSDMSD M@ CHROTS@ ONQ
DRSDOµAKHBN
,QIRUPD¦¢R
.@MNENHL@QB@CNODKNCDRDMUNKUHLDMSNCDMNUNROQNFQ@L@RDQD
ENQL@S@¢NCD@KFTMROQDDWHRSDMSDR+RMHM@13/ONQDWDLOKNDODKN
DMUNKUHLDMSNM@BNADQSTQ@CDFQ@MCDRDUDMSNRHMSDQM@BHNM@HRSDMCN@K
FTMRCDBNQQHCNDLSDQQHS®QHNONQSTFT¥RDNAQHF@CN@NCDRDMUNKUHLDMSNCD
NODQ@¢°DRCDKRVWEURDGFDVWHUDLO@Q@KDKNBNLNODQ@¢°DRCDBNADQSTQ@
DCHSNQH@KHMCHUHCT@KHY@C@
N KNMFN CD @ 13/ DLHSHT GNQ@R CD HMENQL@¢N SDMCN
NASHCNTLK@9J=TXRWDGHPHUFDGRGHŔRTODQHNQ@@LANRNR
B@M@HROQHU@CNR2("D35(ŔDKHCDQ@CNM@RE@HW@RDS
QH@R@BHL@CNR@MNRDM@RBK@RRDRRNBHNDBNM®LHB@R !D"
1R ¡PELWR GD WHP WLFD GD VXVWHQWDELOLGDGH VRFLDO DPELHQWDO H HFRQ²
PLFDD573HPLWLXHPXPWRWDOGHSH¦DVFRPDGXUD¦¢RGH
PPśVV
1|GH
SH¦DV
'XUD¦¢R
PPśVV
3DKDINQM@K
)NQM@K
-NS¨BH@RR
1|GH
SH¦DV
'XUD¦¢R
PPśVV
3DKDINQM@K
)NQM@K
)NQM@KC@3@QCD
)NQM@KC@3@QCD
-NS@DRSDRC@CNRMNHMBKTDLN,HMTSN5DQCD
2DQR
IRLPDUFDGRSHOR
GHVHQYROYLPHQWRGH
QRYRVSURJUDPDVH
UHIRUPDWD¦¢RGHDOJXQV
SUHH[LVWHQWHV
#DRCDPTDN!NL#H@/NQSTF@KHMBKTHTL@QTAQHB@CHQH@QD@KHY@C@DL
O@QBDQH@ BNL @ RRNBH@¢N 0TDQBTR HMSHSTK@C@ 0LQXWR9HUGH N DRO@¢N
QDFTK@QCDL@HNQKNMFDUHC@CDC@SDKDUHRNONQSTFTDR@CDCHB@CNRSDL
SHB@RCN@LAHDMSDRTRSDMS@AHKHC@CDDQDBHBK@FDL"NLCTQ@¢NCDTLLH
MTSNNNAIDBSHUNC@QTAQHB@¤HMBDMSHU@QNBHC@CN@LDKGNQ@QN@LAHDMSD
MNRDTCH@@CH@@SQ@U¤RCDBNMRDKGNROQSHBNRDRHLOKDR
1RYRVSURJUDPDVHIRUPDWRV
$L @ #( #HQD¢N CD (MENQL@¢N LQDXJXURX Y ULRV SURJUDPDV GH
LQIRUPD¦¢RMNRCHUDQRNRB@M@HRCN&QTON13/
Ş573 Ř 9LGDV &RQWDGDV QDONQS@FDL RDL@M@K ODQRNM@KHY@C@ CD L¤CH@
CHLDMRNCDINQM@KHRLNGTL@MN
Ş573 Ř &DSLWDO L@F@YHMD CD HMENQL@¢N D @MKHRD DBNM®LHB@ D &RP
&L©QFLD L@F@YHMD RDL@M@K CD HMENQL@¢N RNAQD @SHUHC@CD BHDMSËHB@ D
CDRDMUNKUHLDMSNRSDBMNK®FHBNR
%NQ@L@HMC@REMHWRGHUHIRUPDWD¦¢RRXDWXDOL]D¦¢RNRRDFTHMSDROQNFQ@
L@RM@13/
Ş+RMHINQM@KCHQHNCD@ST@KHC@CDFDMDQ@KHRS@BNLCT@RDCH¢°DRR
DRDRSDDLRTARSHSTH¢NCN)NQM@K
Ş2OKDUR0XQGRL@F@YHMDCDHMENQL@¢ND@MKHRDCDONK¨SHB@HMSDQM@BHNM@K
KFTMRCDRSDROQNFQ@L@RBNLAHM@CNRBNLNTSQNROQDUH@LDMSDDWHRSDMSDR
(XURGHSXWDGRVODQLHSHQ@LCDRDMG@QTL@MNU@KHMG@CDNEDQS@HMENQL@
SHU@M@13/@RRDMSDDLCT@RDCH¢°DRCNMNSHBHQHNCHQHNCD@ST@KHC@CD
'NIDRDR DCH¢NC@R¤RDFTHC@CDTLL@F@YH
MDCDSDLSHB@CHEDQDMSDCDRDFTMC@@RDWS@EDHQ@ODQLHSHMCN@OQDRDMS@Q
TL@NEDQS@@HMC@L@HRCHUDQRHEHB@C@CNPTD@S¤DMSN
3URJUDPDVŘ573
$L@13/@BDMSTNT@RT@B@O@BHC@CDDRSQ@S¤FHB@DMPT@MSNOQHLDH
QN B@M@K FDMDQ@KHRS@ CD RDQUH¢N OµAKHBN CD CHUDQRHEHB@¢N CNR RDTR BNMSDµ
CNRHVFDSDQGRDXPDO²JLFDGHSURJUDPD¦¢RPRQRWHP WLFDŔPTDL@QB@
@SDKDUHRNBNLDQBH@KONQSTFTDR@ŔDCHEDQDMBH@MCNRDBK@Q@LDMSDDLQD@R
CDBHRHU@RBNLN@EHB¢NONQSTFTDR@CDPT@KHC@CDNDMSQDSDMHLDMSNE@LHKH@Q
@ONH@CNMNS@KDMSNDMNBNMGDBHLDMSN@OQNFQ@L@¢NCDOQNWHLHC@CDBNL
BDMSDM@RCDGNQ@RCDDLHRRNOQNCTYHC@RDLCHQDSNONQSNCNRNO@¨RKDU@MCN
@SDKDUHRN@NUHUN@BDMSDM@RCDKNB@KHC@CDRCNBNMSHMDMSDDC@RHKG@RNR
CNBTLDMSQHNR PTDQ CD OQNCT¢N HMSDQM@ Ŕ QD@ DL PTD @ 13/ ¤ @ µMHB@
SDKDUHRNFDMDQ@KHRS@@OQNCTYHQŔPTDQDL@LAHDMSDCDBNOQNCT¢NNTCD
@PTHRH¢N @ OQNCTSNQDR DWSDQMNR NR L@F@YHMDR TL ENQL@SN PTD ODQLHSD
13/DWHAHQDLUQHNRGNQQHNRL@RRNAQDSTCNDLSULPHWLPHOQNFQ@L@RCD
DKDU@C@ PT@KHC@CD DRS¤SHB@ D CD BNMSDµCN D @ OQNFQ@L@¢N HMSDQM@BHNM@K
BNL@DWHAH¢NQDFTK@QCDBHMDL@DCDR¤QHDRCDPT@KHC@CDDB@O@YDRCDRDQ
UHQNRUQHNROµAKHBNR
$MPT@MSNOQHLDHQNOQNCTSNQCDBNMSDµCNR@TCHNUHRT@HRCHEDQDMBH@CNRDL
K¨MFT@ONQSTFTDR@@13/QDENQ¢NTS@LA¤L@RT@ONRH¢NBNLNO@QBDHQN
QDKDU@MSDCNROQNCTSNQDRONQSTFTDRDRCDBHMDL@DLSDQLNRCDBNOQNCT
¢NDCDOQNLN¢NCDEHKLDRM@BHNM@HRDL@QBNTOQDRDM¢@MTLBNMITMSN
HFT@KLDMSDQDKDU@MSDCDBNOQNCT¢°DRONQTLK@CNBNLO@¨RDRCNDRO@¢N
KTR®ENMNDONQNTSQNBNLO@¨RDRC@4MHN$TQNODH@
3URJUDPDVŘ573
BQH@¢NCN'L ULR&¡PDUD&ODUDKNFNMNHM¨BHNCN@MNRHM@KHYNTTL@C@ROQHMBH
O@HRDRSQ@S¤FH@RBNMBQDSHY@C@RODK@13/DLUHIRU¦DUHUHQRYDUDRIHUWDGH
FREHUWXUDHVSHFLDOL]DGDGDVGLYHUVDV UHDVGDFXOWXUDHGRFRQKHFLPHQWR K¤L
C@QDENQLTK@¢NCNDRO@¢NHMENQL@SHUNC@RDC@BQH@¢NCDTLMNUNINQM@K
R@N'L ULR&¡PDUD&ODUDUHDQ@LITMS@QRDM@RDFTMC@LDS@CDCN@MN
NTSQNROQNFQ@L@RBNLN$(QWUHYLVWDGH0DULD)ORU3HGURVRN&RP&L©QFLD
CHUTKF@¢NC@@ST@KHC@CDBHDMSËHB@DSDBMNK®FHB@N&DSLWDODRO@¢NCDCDA@SD
M@QD@C@DBNMNLH@DN1DWLYRV'LJLWDLVRNAQDNRMNUNRBNLONQS@LDMSNRRN
BH@HRD@HMNU@¢NCDBNQQDMSDRC@BNMUDQF¥MBH@DMSQDPHGLDDHMSDQMDS
-NSDQLNCD@FQDKG@C@13/@OQDRDMS@U@TLKDPTDCDBNMSDµCNR
DRODBH@KHY@CNRBNAQHMCN@QHSLNCHQHNNTRDL@M@KSNC@R@RQD@RQDKDU@M
SDRC@@ST@KHC@CD#DRCD@BTKSTQ@D@@FDMC@BTKSTQ@KQD@KHC@CDHMSDQM@BHN
M@K2OKDUR0XQGR@N@LAHDMSD%LRVIHUD@SHUHC@CDO@QK@LDMS@QONQ
STFTDR@DC@4MHN$TQNODH@O@RR@MCNODK@BH¥MBH@DODK@DBNMNLH@2DL
DRPTDBDQNROQNFQ@L@RCDCHB@CNR@PTDRS°DRBNLNNDLOQDFND@HMNU@¢N
DLOQDR@QH@K@ENQL@¢NOQNEHRRHNM@KDNDMRHMNCHRSMBH@NTNRPTDCN
UNY@NRHLHFQ@MSDRRLHMNQH@R¤SMHB@RNTRODRRN@RBNLCDEHBH¥MBH@
$RS@GLYHUVLGDGHGHSURJUDPDVŔODMR@CNRDLETM¢NCDOµAKHBNR@KUNDRODB¨
EHBNRD@ANQC@MCNSDLSHB@RLTHSNCHEDQDMSDRŔ¤TL@L@QB@CHRSHMSHU@C@13/
MDMGTLNTSQNB@M@KCHRONMÜDKDLSDQQHS®QHNM@BHNM@KBNAQDCDENQL@QDFTK@Q
TLKDPTDSNU@QH@CNCD@RRTMSNRDSDL@R,THSNRCNROQNFQ@L@RQDEDQHCNRRN
MN RDT CDRDMGN DCHSNQH@K D HMSDMBHNM@KHC@CD µMHBNR MN O@MNQ@L@ SDKDUHRHUN
ONQSTFT¥RQDENQ¢@MCN@RRHLNB@QSDQ@KSDQM@SHUNC@OQNFQ@L@¢NC@13/
3DUFHLURV
$LNMµLDQNCDSDUFHLURVC@13/ŔNQF@MHY@¢°DRMNKTBQ@SHU@RPTD
SQ@A@KG@LO@Q@NADLBNLTLM@RL@HRCHUDQR@RQD@RŔ@RBDMCDT@NQF@
MHY@¢°DRBNLLHRR°DRRNKHCQH@RBHDMSËHB@RDNTDCTB@SHU@R$RSDRO@QBDHQNR
S¥LHMSDQKNBT¢NCHQDS@BNL@CHQD¢NC@13/D@RRDMSNMNOQNFQ@L@6RFLH
GDGH&LYLOPTD@SHMFHT@RDCH¢°DRDLCDYDLAQNCD#HQHNBNL
TL@GNQ@DLDH@CDCTQ@¢NN6RFLHGDGH&LYLOCUHRHAHKHC@CDRB@TR@RD@N
SQ@A@KGNCDRSDTMHUDQRNCDNQF@MHY@¢°DRDRBK@QDBDMCNNROµAKHBNRBNLA@RD
DLBQHS¤QHNRCDBNMSDµCNBHDMSHEHB@LDMSDQHFNQNRN ITMS@Q@N6RFLHGDGH&LYLO
O@KBNCHQHNPTDF@Q@MSDUHRHAHKHC@CDLDCHSHB@@NSQ@A@KGNCDNQF@MHY@¢°DR
OQDBHNR@RO@Q@NCDRDMUNKUHLDMSNC@RNBHDC@CDONQSTFTDR@@13/L@MSDUD
DL@MSDM@OQNFQ@L@RDRODBH@KHY@CNRBDMSQ@CNRM@HLHFQ@¢NDM@RLHMNQH@R
¤SMHB@RM@RODRRN@RBNLCDEHBH¥MBH@M@HMNU@¢NDLOQDR@QH@KM@ENQL@¢ND
QDBNMUDQRNOQNEHRRHNM@KDMNDMRHMNCHRSMBH@$RSDROQNFQ@L@R1²V&RQ
VLJR,QLFLDWLYDD8QLYHUVLGDGH$EHUWDRNBNOQNCTYHCNRODK@13/BNLNR
O@QBDHQNRL@HRBNLODSDMSDRM@RQDRODSHU@RQD@R
2XWUDVSODWDIRUPDV
-@ RDPT¥MBH@ CN ¥WHSN @KB@M¢@CN M@R QDCDR RNBH@HR ODKN OQNFQ@L@ 3DUD
D 0HLD1RLWH PTD DL MµLDQN CD RDFTHCNQDR CHROTS@ NR SQ¥R OQHLDHQNR
KTF@QDRCDSNCNNO@MNQ@L@SDKDUHRHUNDL/NQSTF@KUQHNRNTSQNROQNFQ@
L@RC@13/@TLDMS@Q@LCDBHRHU@LDMSD@RT@OQDRDM¢@PTDQM@RQDCDR
RNBH@HRPTDQMNUHRHNM@LDMSNCHEDQHCN
/@Q@ E@BHKHS@Q DRR@ QDK@¢N D HLOTKRHNM@Q N UHRHNM@LDMSN O@Q@ @K¤L C@ GNQ@
C@RT@DWHAH¢NSDKDUHRHU@@µKSHL@SDLONQ@C@CN'HVDILR9HUGHSQ@CTYHTRD
MTL@ DLHRRN CHQH@ QD@KHY@C@ @ O@QSHQ CNR BNMSDµCNR RTFDQHCNR ODKNR
RDTRERM@RQDCDRRNBH@HR/NQNTSQNK@CNDL@HRFDMDQHB@LDMSDFUHVFHX
H[SRQHQFLDOPHQWHRQ¹PHURGHFRQWH¹GRVOQNFQ@L@RCNBTLDMSQHNRD
R¤QHDRCNBTLDMS@HRPTD@13/CHRONMHAHKHY@@SQ@U¤RCD@BDRRNRZHEO@Q@
TSHKHY@¢NDLBNMSDWSNRDCTB@SHUNRBHDMSËHBNRNTO@Q@LDQ@EQTH¢N
5730HP²ULD
N KNMFN CD @ 13/ ,DL®QH@ @OQDRDMSNT TL@ OQNFQ@L@¢N RQGH
R O¹GLFR H R FRQKHFLPHQWR HVWLYHUDP SUHVHQWHV #D ENQL@ DPTHKHAQ@C@
OQNCTYHTRDTL@DLHRRNCDPT@KHC@CD#DRSDLNCNCDRS@B@LNR@RNOD
Q@¢°DRDRODBH@HRNBHMDL@@RR¤QHDRDNRCNBTLDMSQHNRCDBTKSNPTDRD
SNQM@Q@LQDEDQ¥MBH@RCNHL@FHMQHNBNKDSHUN
13/ ,DL®QH@ @ONRSNT M@ CHUTKF@¢N C@ FXOWXUD H GD +LVW²ULD GH 3RU
WXJDO@RRHM@K@MCNBNLDLHRR°DRDRODBH@HRDEDL¤QHCDRD@BNMSDBHLDMSNR
PTDL@QB@Q@L/NQSTF@KDNRONQSTFTDRDR
O@QSHQCNUDQNCD@13/,DL®QH@E@QTLDRENQ¢NM@RT@@EHQL@¢N
DMPT@MSNL@QB@TSHKHY@MCNUQHNRDRO@¢NRCDDLHRRNO@Q@HLOKDLDMS@Q
TL@MNU@DRSQ@S¤FH@CDBNLTMHB@¢NPTDBNMRHRSDM@CHUTKF@¢NCDHMENQ
L@¢°DRµSDHRDCDL@S¤QH@RCDFLGDGDQLD$RS@HMHBH@SHU@SDQUHRHAHKHC@CD
@NKNMFNC@DLHRRNMNRRDTRUQHNRHMSDQU@KNRNMCDRDQNHMBKT¨CNRVH
SDUDGRUHVFRPLQIRUPD¦¢RGHFDU FWHUSHGDJ²JLFRQDK@SHUN@L@S¤QH@RQD
K@BHNM@C@RBNL@VXVWHQWDELOLGDGHS@HRBNLN@OQDRDQU@¢NCN@LAHDMSD
GAHSNRCDBNMRTLNNTLNCNRCDUHC@
OQNFQ@L@¢NM@BHNM@KQDOQDRDMSNT@K@QF@L@HNQH@CNSDLONCDDLHRRN
CNB@M@K,DL®QH@
5731
.@MNEHBNTL@QB@CNODK@PDLRUUHQRYD¦¢RGHLPDJHPC@13/-MNR
RDTRRDHR@MNRCDDWHRS¥MBH@"NHMBHCHMCNBNL@HM@TFTQ@¢NCDTLDRSµ
CHNUHQST@KMN/NQSNNMCDO@RRNT@E@YDQRD@L@HNQH@CNRMNSHBHQHNRCN
B@M@KOQNLNUDTRDMNHM¨BHNCNL¥RCDITMGNTL@RHFMHEHB@SHU@DOWHUD¦¢R
JU ILFDHFHQRJU ILFDPTDUDHNDRS@ADKDBDQTLO@CQNDRS¤SHBNCDFQ@MCD
DWHF¥MBH@ O@QBNLDRR@@KSDQ@¢NDBNL@NSHLHY@¢NCNDRSµCHNUHQST@K
BTI@R ONSDMBH@KHC@CDR BNKNB@Q@L @ HMENQL@¢N C@ 13/- @N MÜDK CN PTD
CDLDKGNQRDE@YM@RFQ@MCDRB@CDH@RHMSDQM@BHNM@HRENHBQH@C@TL@MNU@
CHMLHB@CD@[email protected]@¢NRHMENQL@SHUNRO@RR@Q@L@RDQHMSDQQNLOH
CNRBNLL@HREQDPT¥MBH@O@Q@HMSQNCTYHQHMENQL@¢NµSHKBNLNLDSDNQNKN
FH@SQMRHSNSDLONDLCHEDQDMSDRETRNRGNQQHNRNTDUNB@¢NCDFQ@MCDR
@BNMSDBHLDMSNRGHRS®QHBNR
$RS@R MNU@R BNMCH¢°DR S¤BMHB@R LNSHU@Q@L @ BQH@¢N C@PTDK@ PTD ENH
@ FQ@MCD MNUHC@CD CN @MN DL SDQLNR CD HMENQL@¢N CHQH@ D FULD¦¢R
GHXPHVSD¦RQRWLFLRVRLQWHJUDGRQRFKDPDGRKRU ULRGHDFHVVR N
EHLC@S@QCDDMSQD@RD@RM@RBDTTLDRO@¢NHMENQL@SHUN
ODQRNM@KHY@CN
3URJUDPDVHUXEULFDV
(P V¢R GH DVVLQDODU Y ULRV DVSHWRV UHOHYDQWHV QHVWH GRP¬QLR GD
VXVWHQWDELOLGDGH
/QNRRDFTDTL@OQSHB@I@MSHF@CD@KFTMROQNFQ@L@RBNMSQHAT¨QDLEHM@M
BDHQ@LDMSDO@Q@BNLODMR@QN".PTDDLHSDLO@Q@@@[email protected]
FQ@L@R5DGDUGH1HJ²FLRV/LJDGRVOWLPRVD1REUH3RYRSNCNROQNCTYH
CNRODK@LDRL@DLOQDR@@%@QNKCD(CDH@R@U@KH@L@B@C@DCH¢NPT@MSNR
PTHK®LDSQNRCD@TSNL®UDKEHYDQ@LDBNLODMR@L@RQDRODSHU@RDLHRR°DR
CD".BNLTL@BNMSQHATH¢NEHM@MBDHQ@O@Q@TL@NQF@MHY@¢NHMSDQM@BHN
M@KCDMNLHM@C@"@QANMEQDD$RS@DMSHC@CD@OKHB@NCHMGDHQNQDBDAHCNCD
HMµLDQ@ROQNUDMH¥MBH@RHMSDQM@BHNM@HRDL@¢°DRPTDBNMSQHATDLO@Q@LD
KGNQ@Q@RTRSDMS@AHKHC@CDCDTL@CDSDQLHM@C@QDFHN B@A@QBNLKHWDHQ@R
OK@MS@QQUNQDRNMCDDK@RE@YDLL@HRE@KS@CDRONKTHQYNM@RHMEDS@C@RONQ
LHM¤QHNRRN@KFTMRDWDLOKNRCD@¢°DRKDU@C@R@B@ANODK@"@QANMEQDD
%NHDLHSHCNTLOQNFQ@L@CDMNLHM@CN9LGD$QLPDOPTDBNMRHRSDDLQD
ONQS@FDMRRNAQDUHC@RDKU@FDLDDRO¤BHDRDLUH@RCDDWSHM¢NHMBHCHMCN
RNAQDSTCNDLYNM@RDDRO¤BHDRONQSTFTDR@R
%NHDLHSHCNTLOQNFQ@L@CDMNLHM@CN&DORULDVPTD@ANQCNT@SDLSHB@
CDTL@UHC@R@TCUDKMNBNMSDWSNCDTL@RNBHDC@CDCDBNMRTLNC@MCN
BNMRDKGNR@SQ@U¤RCDDRODBH@KHRS@RDLMTSQHBHNMHRLNNTDMCNBQHMNKNFH@
ONQDWDLOKNRNAQD@RENQL@RL@HRR@TCUDHRCD@KHLDMS@¢NPTDQO@Q@
@CTKSNRPTDQO@Q@BQH@M¢@R
/QNRRDFTD @ RT@ DLHRRN QDFTK@Q RDL@M@K TL OQNFQ@L@ CDMNLHM@CN
;&L©QFLDPTDCDA@SDPTDRS°DRCDCDRDMUNKUHLDMSNDCDHMUDRSHF@¢NBHDM
SËHB@NTSDBMNK®FHB@MTL@ODQRODSHU@BNMRS@MSDCDRTRSDMS@AHKHC@CDRNBH@K
3DUDBNMSHMTHC@CD@DLHRRNQDFTK@QRDL@M@KCDTLOQNFQ@L@CDMNLH
M@CN(VSHFLDO6D¹GHPTDCDA@SDSNC@R@RPTDRS°DRQDK@BHNM@C@RBNLN
SDL@ HMBHCHMCN RNAQDSTCN M@R ENQL@R L@HR RTRSDMSUDHR CD KHC@Q BNL @
CNDM¢@%NHDLHSHC@TL@R¤QHDCDPT@SQNCNBTLDMSQHNRRNAQDN'NROHS@K
CD2N)NNMN/NQSNM@QQ@MCN@RQ@Y°DRC@ETMC@¢NC@HMRSHSTH¢N@RT@
QD@KHC@CD@ST@KDNROQNIDSNRETSTQNRDUHCDMBH@MCN@HLONQSMBH@C@PTDKD
DRS@ADKDBHLDMSNCDR@µCDM@LDKGNQH@CNR¨MCHBDRCDPT@KHC@CDCDUHC@
C@ONOTK@¢NCN-NQSDCNO@¨R
3DUD BNMSHMTHC@CD @ DLHRRN QDFTK@Q RDL@M@K CD TL OQNFQ@L@ CDMN
LHM@CN 5DGDU GH 1HJ²FLRV PTD SDL LTHSN EQDPTDMSDLDMSD BNLN SDL@
BDMSQ@KPTDRS°DRKHF@C@RRDMDQFH@RQDMNUUDHR@RRHLBNLNTLOQNFQ@L@
CDMNLHM@CNL*RYBTINNAIDSHUN¤OQNLNUDQ@TSHKHY@¢NCDMNU@RSDBMNKN
FH@RO@Q@KHC@QBNLNRUQHNRNQF@MHRLNRC@@CLHMHRSQ@¢NOµAKHB@-DKDRD
HMBDMSHU@NTRNCDLDHNRDKDSQ®MHBNRO@Q@HMSDQ@FHQBNLPT@KPTDQNQF@MHR
LNOµAKHBNCHRODMR@MCN@RRHLNO@ODKD@RCDRKNB@¢°DR
.MNUNDRSµCHNMN/NQSNSNCNDLSDBMNKNFH@UHQST@KO@RRNT@CHRODMR@Q@
BNMRSQT¢NCDBDMQHNRONTO@MCNRD@RRHLDLL@SDQH@HRB@QNRONKTDMSDR
DCHEHBHKLDMSDQDBHBKUDHRRDLOQDPTDRDHMHBH@TLMNUNOQNFQ@L@
573$¦RUHV
"NL BL@Q@R LNCDQM@R D RNA N KDL@ ř @MNR CD 3DKDUHRN 1DFHNM@KŚ
@(MENQL@¢N ¢NQDRQDUDQSDTNO@Q@CHFL@řMNS¨BH@HLO@BSNŚO@Q@QRW¬FLD
GHSUR[LPLGDGH$RBNKGHC@R@RL@HRODPTDM@RDL@HRQDLNS@RBNLT
MHC@CDRCNR ¢NQDRTL@DPTHO@CDFQ@MCDLNAHKHC@CDCDTUNYLNRSQNT
UHU¥MBH@RDEDYHMENQL@¢N@O@QSHQC@RHKG@RL@HRHRNK@[email protected] ¢NQDROQN
ETMCNR@EKNQ@Q@LD@R@TCH¥MBH@RQDFHNM@HRQDRONMCDQ@LDL@KS@C@MCN
OQHL@YH@řRT@SDKDUHRNŚ NLDRLNSDLON@@ONRS@BNMSHMT@C@MNQD
ENQ¢NC@PT@KHC@CDC@OQNCT¢NQDFHNM@KBQHNTTL@U@F@CDETMCN RNM
C@FDL"NMRTKL@QJQDUDK@U@PTDCDPTHMSNB@M@KDL@13/ ¢NQDR
RTAH@DLO@Q@SDQBDHQNB@M@KL@HRUHRSNMNR ¢NQDR EHQLNTRDM@
SUR[LPLGDGHMNRBNMSDµCNRDRODBËHBNRM@HMBKTRHUHC@CDCDTL@QDFHN
HMRTK@QCDFQ@MCDCHRODQRND@RRHLDSQH@RM@HMSDQ@SHUHC@CDC@RBNADQSTQ@R
DL CHQDSN M@ BNLTMHB@¢N PTD RD PTDQ CD OQDRDM¢@ M@R MNUD HKG@R
HMENQL@¢NC@13/ ¢NQDRQDF@MGNTDRO@¢NBNLNENQ¢@LNSQHYCNOQNBDR
RNRNBH@KDCDCHUTKF@¢NC@QHB@UHU¥MBH@BTKSTQ@K@¢NQH@M@$RS@@EHQL@¢N
QDRTKS@@HMC@C@@ONRS@BNMSHMT@C@MNLNCDKNCDBNLTMHB@¢NCDPHGLD
LTKSHOK@S@ENQL@
DLHRRNCDBNMSDµCNRCDOQNCT¢NOQ®OQH@MNR ¢NQDRSDVVRXDIDVTXLD
GDVVHLVKRUDVGL ULDV-TLLNCDKNCDQ@LO@BNLN(VWD¦¢RGH6HUYL¦R@
@K@U@MB@Q@TCH¥MBH@RN7HOHMRUQDOL@MSDUDRDBNLNONMSN@KSN@FKTSHM@
CNQC@R@SDM¢°DRQDFHNM@HR
. OQNFQ@L@ CHQHN (VWD¦¢RGH6HUYL¦RSQ@MRENQLNTRD MTL B@RN R¤QHN
CD@CDRNCNOµAKHBNRTAHMCN@NRDFTMCNKTF@QCNROQNFQ@L@RL@HR
UHRSNRM@13/ ¢NQDR.HMSDQDRRDCNřFQ@MCDSDL@CNCH@Ś@CHUDQRHC@
CDCD@RRTMSNR@QNS@SHUHC@CDCDRBDMSQ@KHY@CNQ@ODKNRSQ¥RBDMSQNRCD
OQNCT¢N@¢NQH@M@D@HMSDQKHF@¢NQCHNDSDKDUHRNDLHRRNRHLTKS
MD@B@OHS@KHY@MCNMNOHBNCD@TCH¥MBH@Q@CHNE®MHB@C@GNQ@CDONMS@
BNMEHQL@Q@LN(VWD¦¢RGH6HUYL¦RBNLNOQNFQ@L@CDSNONM@OQDEDQ¥M
BH@CNR@¢NQH@MNR
5730DGHLUD
-NOK@MNCNRBNMSDµCNRDL@13/,@CDHQ@PDQWHYHDDSRVWDVR
EUHWXGR QD LQIRUPD¦¢R .R OQNFQ@L@R SDLSHBNR D CDA@SDR L@QB@Q@L @
OQNFQ@L@¢ND@HMENQL@¢NCDOQNWHLHC@CD@O@QCDTL@BNADQSTQ@MNSH
BHNR@BNLOQNCT¢NQDFHNM@KDMSQD@RD@R
$LL@MSDUDRDNDRO@¢N(P(QWUHYLVWD$RO@¢NCDDMSQDUHRS@@K@Q
F@C@ONQNMCDO@RR@Q@LEHFTQ@RCDRS@B@C@RCDUQHNRPT@CQ@MSDRC@UHC@
ONK¨SHB@DRNBH@KC@QDFHN
$L@HMENQL@¢NEHBNTL@QB@C@ODKN7HPSRUDOGHGHIHYHUHLUR
-@RDPT¥MBH@C@SQ@F¤CH@@13/,@CDHQ@BNMSNTBNLUQH@RGNQ@RCDDLHR
RN DL CHQDSN CTQ@MSD UQHNR CH@R D DRSDUD RDLOQD M@ OQHLDHQ@ KHMG@ C@
HMENQL@¢NBNLCHQDSNRCNRUQHNRONMSNR@EDS@CNRM@QDFHN
573,QWHUQDFLRQDO
$MSQD NTSQNR @RODSNR R GHVHQYROYLPHQWR GD UHGH GH GLVWULEXL¦¢R @RRN
BH@C@ 13/ (MSDQM@BHNM@K ODQLHSHT @CDPT@Q N RDQUH¢N CD OQNFQ@L@R DL
ETM¢N C@ FDNFQ@EH@ C@ CHRONQ@ @SDMS@ R CHEDQDM¢@R CD ETRNR GNQQHNR
M@RCHEDQDMSDRQDFH°DRNTO@¨RDRBNLOQDRDM¢@LTHSNRHFMHEHB@SHU@C@DLH
FQ@¢NONQSTFTDR@SDMCNONQDWDLOKNOQNLNUHCNN@TLDMSNDLBDQB@
CDC@OQNFQ@L@¢NDRODBH@KLDMSDCDCHB@C@R L¤QHB@R
.LDB@MHRLNCDCDRCNAQ@LDMSNC@RDLHRR°DRHMSDQM@BHNM@HRODQLHSHT@HM
C@DFHQWXDUDGLIHUHQFLD¦¢RGDHVWUXWXUDGHSURJUDPDVWHQGRHPFRQVL
GHUD¦¢RRSHUILORXDRULJHPSUHGRPLQDQWHGDHPLJUD¦¢R0TDQHRSNCHYDQ
PTDMNCDBNQQDQCDNRRDQUH¢NRCDOQNFQ@L@RDRODBH@KLDMSDCHQHFH
CNRO@Q@@R L¤QHB@R|[email protected]MH@O@RR@Q@L@HMSDFQ@QBNMSDµCNRBNL
NQHFDLMNR ¢NQDRD,@CDHQ@DLGNQQHNRL@HRBNMUDMHDMSDRSDMCNONQNT
SQNK@CN@OQNFQ@L@¢NO@Q@@$TQNO@@BDRRÜDKM@|EQHB@CN2TKDLGNQQHN
@OQNWHL@CNOQHUHKDFH@CN@UHRHAHKHC@CDCDBNMSDµCNRCDCHB@CNR,@CDHQ@
-TL@O@K@UQ@DRDLOQDITŸNCNQDBNMGDBHLDMSNPTD@RµKSHL@RC¤B@C@ROQNCT
YHQ@LTL@Q@YNUDK@KSDQ@¢NCNODQEHKC@DLHFQ@¢NONQSTFTDR@NQD@ITRS@LDMSN
C@DRSQTSTQ@C@RFQDKG@RCDOQNFQ@L@¢NM@13/(MSDQM@BHNM@KQDEKDSHTBNLL@HNQ
QHFNQ@CHRSQHATH¢ND@CHLDMRNC@RBNLTMHC@CDRONQSTFTDR@RMNLTMCN
OQDRDM¢@D@O@QSHBHO@¢NC@RBNLTMHC@CDRONQSTFTDR@RMNRDQUH¢NDM@
OQNFQ@L@¢NC@@MSDM@HMSDQM@BHNM@KIRUDPUHIRU¦DGDV@SQ@U¤RC@OQNCT
¢NCDMNUNRBNMSDµCNR#DE@BSNDO@Q@@K¤LC@DLHRRNQDFTK@QCD
OQNFQ@L@R&RQWDFWRQD@KHY@CNRDLCHEDQDMSDRBNLTMHC@CDRONQSTFTD
R@RMNLTMCNDPTDQDOQDRDMS@Q@LBDQB@CDGNQ@RCDOQNCT¢NNQHFHM@K
MNCDBNQQDQCDDPTHU@KDMSD@GNQ@RCDDLHRRNRDBNMRHCDQ@QLNR
@QDODSH¢NCNROQNFQ@L@RDLCHEDQDMSDRGNQQHNRNTRDQUH¢NRCDOQNFQ@L@
DC@CHETRNCNOQNIDSN3RUWXJXHVHVSHOR0XQGRENQL@SNCDCHB@CNRMN
U@RFDQ@¢°DRCDDLHFQ@MSDRONQSTFTDRDRMNLTMCNENH@HMC@F@Q@MSHC@@
OQNCT¢NCDMNUNROQNFQ@L@RO@Q@DLHRRNDL
573IULFD
SURPR¦¢R GD O¬QJXD Ŕ DMPT@MSN O@SQHL®MHN D HMRSQTLDMSN O@Q@ N CD
RDMUNKUHLDMSN Ŕ QDOQDRDMSNT @ OQHLDHQ@ OQDQQNF@SHU@ M@ NQF@MHY@¢N C@
OQNFQ@L@¢NC@13/|EQHB@@NKNMFNCD
/NQ NTSQN K@CN BNMRNKHC@CN N MNUN LNCDKN CD DLHRRN @SQ@U¤R CD TL@
OK@S@ENQL@ @TS®MNL@ HMSDFQ@KLDMSD CHQHFHC@ O@Q@ NR /@¨RDR CD +¨MFT@
.EHBH@K/NQSTFTDR@/ +./DPTDQDOQDRDMSNTNDODUJDPHQWRGRVHUYL¦R
GHSURJUDPDVSDUDKRUDVSRUGLD@13/|EQHB@O@RRNT@BNQQDRONMCDQ
CDENQL@L@HRBNMRHRSDMSD@TLDRO@¢NCD@EHQL@¢NC@KTRNENMH@$RS@
DUNKT¢NHLOKHBNTNDSURIXQGDPHQWRGDUHOD¦¢RBNLNRNODQ@CNQDRCD
SDKDUHRNCNR/ +./@SDMS@@MDBDRRHC@CDCNQDENQ¢NCNHMUDRSHLDMSNDL
MNUNR BNMSDµCNR D @ BNMUDMH¥MBH@ DL OQNLNUDQ N CDRDMUNKUHLDMSN CD
BNOQNCT¢°DRO@Q@LDKGNQQDEKDSHQ@RQD@RCNBNMGDBHLDMSND@BTKSTQ@C@
BNLTMHC@CDCDO@¨RDRCDK¨MFT@ONQSTFTDR@
-NDMSQDS@MSNDDLE@RDCDOQNCT¢N@CDKDF@¢NC@13/DL,N¢@LAH
PTDBNL@BNK@ANQ@¢NCD,H@"NTSNCDRDMUNKUDTTL@VÜLHGRFXPHQ
WDOVREUHRV3DUTXHVH5HVHUYDV1DWXUDLVGH0R¦DPELTXHDTLRDFTMCN
ENQL@SNM@QD@C@F@RSQNMNLH@PTDONCDQNUHQ@RDQDLHSHCNRDL
DRSQ@S¤FH@CDOQNWHLHC@CDD@BNMUDMH¥MBH@DLQDEKDSHQ@OQDRDM¢@CD
O@¨RDR @EQHB@MNR CD K¨MFT@ NEHBH@K ONQSTFTDR@ BNL LDMNQ DWOQDRRN M@
@MSDM@ CDSDQLHMNT @ OQDO@Q@¢N CD MNUNR OQNIDSNR -DRSD RDMSHCN @N
KNMFNCDENQ@LOQDO@Q@CNROQNFQ@L@RBNLNQHFDLM@&THM¤!HRR@T
&R]LQKDGH7HUUDD1HJ²FLRVQD*XLQ¨%LVVDXDDL23NL¤D/Q¨MBHOD
3ODQWDVFRP+LVW²ULD
QDKDUMBH@CDBNMSDµCNRDB@LO@MG@RCDTSHKHC@CDOµAKHB@MTL@K®FH
B@CDOQNLN¢NC@BHC@C@MH@DCDRDMUNKUHLDMSNBNLTMHSQHNRTRBHS@Q@L
@ NONQSTMHC@CD CD BNNODQ@¢N BNL @ "/+/ M@ OQDO@Q@¢N CD TL@ R¤
QHDCDPLFURSURJUDPDVRNAQDNRNAIDSHUNRCNLHK¤MHN6RX&DSD]O@Q@
DLHRRNDL
1|#(.
,QIRUPD¦¢RHSURJUDPDV
,QIRUPD¦¢RU GLR',5 GLR
$LENQ@LDK@ANQ@C@RCHUDQR@RQDONQS@FDMRCDODPTDM@NTL¤CH@CH
LDMRNQDK@BHNM@CNRBNL@RTRSDMS@AHKHC@CDCDRCDKNFNBNLDLNQ@MCNN
$QR,QWHUQDFLRQDOGD%LRGLYHUVLGDGHENQ@LOQNCTYHC@RDCHETMCHC@RLDM
R@KLDMSDQDONQS@FDMRRNAQD@RRTMSNRBNLN@R@KSDQ@¢°DRBKHLSHB@RNDRS@
CNC@RK@FN@RCNR ¢NQDRN/@QPTD-@STQ@KCN KUNNT@RHST@¢N@LAHDMS@K
C@R!DQKDMF@R/@Q@@K¤LCHRRNENQ@L@OQDRDMS@CNRSQ@A@KGNRMNOQNFQ@L@
(VWH6 EDGRRA@CNRRNAQD@RRTMSNRPTDCD@KFTL@ENQL@RDQD
K@BHNM@LS@LA¤LBNLDRS@SDLSHB@$MSQDNTSQ@RENQ@LSQ@S@C@RL@S¤QH@R
PTDRHST@LNRM@DREDQ@C@DCTB@¢NBTKSTQ@SQ@MRONQSDRDBNMRTLNDLSQ@
A@KGNRPTDEQDPTDMSDLDMSDENQ@LQDODSHCNRCTQ@MSD@RDL@M@
,@MSDMCN@RRT@RB@Q@BSDQ¨RSHB@ROQHMBHO@HRDNROQNFQ@L@RBNLL@HNQMN
SNQHDC@CDMNOK@MNHMENQL@SHUNN6HUYL¦R3¹EOLFRGH5 GLRENQMDBDT@NR
RDTRNTUHMSDRCTQ@MSDN@BNLO@MG@LDMSNCNROQHMBHO@HR@BNMSDBH
LDMSNRM@BHNM@HRDHMSDQM@BHNM@HR
%NHTL@MNLTHSNL@QB@CNODK@FULVHHFRQ²PLFDPTD@EDSNTFQ@MCDO@QSDCNR
O@¨RDRDTQNODTRDONQDRR@Q@YNENHC@CNCDRS@PTDHMENQL@SHUNQDK@SHUN&Q¤
BH@D(QK@MC@MNRRNRO@QBDHQNRBNLTMHSQHNRPTDDMEQDMS@LNUDMC@U@KOQNUN
B@CNODKNRHRSDL@EHM@MBDHQNHMSDQM@BHNM@KDNRRDTRCDRDPTHKÄQHNRDRSQTSTQ@HR
-NTSQNOK@MN@QCHNOµAKHB@@BNLO@MGNTM@RRT@RDLHRR°DRNVRIULPHQ
WRGRSRYRKDLWLDQR@SHMFHCNONQTLSDQQÜDKRHRLNDNCQ@L@OQNUNB@CN
ODK@RFKHLDVQR%UDVLO
#DRS@PTD @HMC@ O@Q@ RVVLQDLVTXHRV¨FXOR;;, MNR SQ@Y N DMBNMSQN C@
KH@M¢@C@R"HUHKHY@¢°DRNROQHLDHQNRB@R@LDMSNRGNLNRRDWT@HRDL$RO@
MG@@DWOTKRNCDO@QSDC@BNLTMHC@CDBHF@M@CD%Q@M¢@/DK@@LOKHSTCD
DOQNETMCHC@CDCDSQ@S@LDMSNCDRSDRSDL@RDODK@OQDRDM¢@CDQDO®QSD
QDRMNRKNB@HRONCDBNMRS@S@QRDPTDNRB@M@HRCDQCHNC@13/L@QB@Q@L
@CHEDQDM¢@DLQDK@¢NQDRS@MSDNEDQS@DWHRSDMSDDL/NQSTF@K
%NHN@MNC@LNQSDCD6DUDPDJRLNLDMSNPTD@$QWHQD@BNLO@MGNT
BNL O@QSHBTK@Q QDKDUMBH@ @AQHMCN @ @MSDM@ O@Q@ SQ@MRLHSHQ DL CHQDSN @R
OQHMBHO@HRBDQHL®MH@RCDGNLDM@FDLDCDRKNB@MCNTL@QDO®QSDQ,@QH@%KNQ
/DCQNRNO@Q@+@MY@QNSDRT@SDQQ@CD@BNKGHLDMSN-@,@CDHQ@QDONQSLNR
@CDRSQTH¢NOQNUNB@C@ODK@RDMWTQQ@C@RDLEDUDQDHQNBNLOKDS@MCNNSQ@
A@KGNCDRDMUNKUHCNODK@5'30DGHLUDBNL@DWDBT¢NCDUQHNRDRODBH@HR
D@DLHRRNCDTLOQNFQ@L@C@L@MGDRODBH@KDLHSHCN@O@QSHQCN%TMBG@K
-NOK@MNCDRONQSHUNCDUDCDRS@B@QRD@BNADQSTQ@CN,TMCH@KCD%TSDANK
BNL@BQH@¢NC@5 GLR0XQGLDOŘHPLWLQGRHP2QGD0¨GLDHDWUDY¨VGD
LQWHUQHWŔPTDODQLHSHT@CHETRNCNRQDK@SNRCDSNC@R@RO@QSHC@RE@YDM
CNOKDMNTRNCNRCHQDHSNRCDSQ@MRLHRRN@CPTHQHCNRODK@$LOQDR@,@M
26HUYL¦R3¹EOLFR
GH5 GLRIRUQHFHX
DRVVHXVRXYLQWHVGXUDQWH
RDFRPSDQKDPHQWR
GRVSULQFLSDLVDFRQWHFLPHQWRV
QDFLRQDLVHLQWHUQDFLRQDLV
SDUDRD@DRSQ@S¤FH@CDHMUDRSHQDLPRGDOLGDGHV
DPDGRUDVOQNBTQ@MCNCHLHMTHQNENQSDHLO@BSN
PTDNETSDANKSDLMNOµAKHBNDM@R@MSDM@R$L
SDQLNRBNMBQDSNRENQ@LOQNCTYHC@RQDONQS@FDMR
DDMSQDUHRS@RO@Q@OTAKHB@¢NMNROQHMBHO@HRDR
O@¢NRHMENQL@SHUNRC@$QWHQDMNLD@C@LDMSD
@RWDUGHVGHVSRUWLYDVPTDHMBKT¨Q@LS@LA¤LNR
QDK@SNRCNPTDCDL@HRQDKDU@MSDE@YDLNRMNR
RNRCDRONQSHRS@RMNDRSQ@MFDHQNMNLD@C@LDMSD
NRMNETSDANKHRS@R
/QNRRDFTHQ@L NR DRENQ¢NR CD SQ@A@KGN DL BNM
ITMSN BNL @ QDC@¢N C@ 13/ HMHBH@MCNRD TL
CHKNFNPTDSDQEQTSNRDLDPTDBNMRHRSD
M@@OQNWHL@¢NCDRDQUH¢NRCDSHONRDLDKG@MSD
BNLNNCDRONQSN@@FDMC@D@LTKSHL¤CH@-N
LDRLN RDMSHCN ENH OQNRRDFTHCN N SQ@A@KGN CD
CDRDMUNKUHLDMSNCDTL/LYURGH(VWLORBNLTL
RRHM@KDRDEHM@KLDMSDPTDENHENQMDBHC@IRU
PD¦¢RDSURS²VLWRGR$FRUGR2UWRJU ILFRDL
@¢°DRPTDBNMS@Q@LBNLTL@O@QSHBHO@¢N@R
RHM@KUDKONQO@QSDCNRINQM@KHRS@R
3URJUDPDVGHU GLR$QWHQD
$QWHQD$QWHQD
-@R OQNFQ@L@¢°DR C@R SQ¥R $QWHQDV QDFLRQDLV
GHU GLR MSDM@ MSDM@D MSDM@ONCD
LNRHCDMSHEHB@QNRRDFTHMSDRFQTONRCDBNMSDµ
CNR H D P¹VLFD D @ OQNLN¢N CN O@SQHL®MHN
LTRHB@KONQSTFT¥RDCNRLµRHBNRONQSTFTDRDR@SQ@U¤RCDOQNFQ@L@RQDFT
K@QDRCD@¢°DROQ®OQH@RDCN@ONHN@HMHBH@SHU@RCDSDQBDHQNR@ONHNDCHUTKF@
¢NCNFLQHPDQDFLRQDORVOLYURVHDOLWHUDWXUDDFL©QFLDHDLQRYD¦¢RBNL
HLO@BSNMNOK@MNDBNM®LHBNHHE®QTMRCDCDA@SDOµAKHBNDO¬QJXDFDXVDV
S¹EOLFDVBNLN@UHNK¥MBH@CNL¤RSHB@@HLHFQ@¢ND@RCDODMC¥MBH@RNRCH
QDHSNRCNRBNMRTLHCNQDRDC@RBQH@M¢@R@QDK@¢NDMSQDO@HRDEHKGNRDNR
FQ@MCDRCDR@EHNRPTDRDBNKNB@LDCTB@¢NMNMNRRNSDLOND@RQDKHFH°DR
$RSD@MNENH@HMC@O@QSHBTK@QLDMSDHLONQS@MSDMNPTDSNB@@NR@RODSNR
BTKSTQ@HRONQSTFTDRDRNMCD@RBNLDLNQ@¢°DRCN&HQWHQ ULRGD5HS¹
EOLFDRDQDEKDSHQ@LDLUQHNROQNFQ@L@R MSDM@BDKDAQNTS@LA¤LN
|$QLYHUV ULRGD5 GLR3¹EOLFDBNLTLOQNFQ@L@CHQHNDTLOQNFQ@
L@RDL@M@KHMSDQUDM¢°DRBK@Q@LDMSDC@ UHDVRFLDOHHHMNCNL¨MHNCN
DPELHQWH Ŕ B@TR@ OµAKHB@ OQHMBHO@K DL CDEDR@ C@ 3DQQ@ Ŕ S@LA¤L @ @R
SQNMNLH@NMCDENHN MN(MSDQM@BHNM@KC@ RSQNMNLH@D@AHNKNFH@
/@Q@KCNRBNMSDµCNRLTRHB@HRQDFTK@QDR@RRTLDO@QSHBTK@QHLONQSMBH@@
OQNCT¢NOQ®OQH@CDBNMBDQSNRCDRHFM@C@LDMSDM@OQNLN¢NCDMRYHQV
P¹VLFRVBNLN¤NB@RNC@ MSDM@MNSDQQHS®QHNC@LµRHB@DQTCHS@M@
CHUTKF@¢NC@RMNU@RFDQ@¢°DRCD@TSNQDRDBNLONRHSNQDRC@LµRHB@ON
OTK@Q@ MSDM@SDLCDRDMUNKUHCNMDRS@QD@TLSQ@A@KGNBNMRHRSDMSD
CDFQ@MCD@KB@MBDRNBH@KDDBNM®LHBNDMNQDFHRSNRHRSDLSHBNC@R@OQD
RDMS@¢°DR CNR FQ@MCDR MNLDR C@ B@M¢N ONQSTFTDR@ BNLN SDL EDHSN @
MSDM@CDENQL@NQF@MHY@C@O@Q@ONRSDQHNQSQ@MRLHRRN
$RSDSQ@A@KGN@KH@CN@N@ONHNDOQNLN¢NQDFTK@QCDBNMBDQSNROQNCT
YHCNRONQDMSHC@CDRDWSDQM@R@ITCNT@DRSHLTK@Q@OQNBTQ@D@DRS@AHKHY@Q
CD ENQL@ B@C@ UDY L@HR M¨SHC@ N BHQBTHSN CD LµRHB@ @N UHUN QDENQ¢@M
CNNO@ODKC@QCHNOµAKHB@M@RSDUFHULDVPTDL@MS¤LBNL@%TMC@¢N
"@KNTRSD&TKADMJH@MD@[email protected]@N"DMSQN"TKSTQ@KCD!DK¤LD@
.QPTDRSQ@CD"L@Q@/NQSTFTDR@N3D@SQNCD2"@[email protected]@2HM
E®MHB@/NQSTFTDR@N(MRSHSTSN%Q@MBN/NQSTFT¥[email protected]@,DSQNON
KHS@M@CD+HRAN@,@MSDUDRDS@LA¤LRDSRLRHDSURPR¦¢R@CHRBNRCD
OQNCT¢NM@BHNM@KD@BNMBDQSNRCDLµRHBNRONQSTFTDRDRPTDBNMBNQQDL
O@Q@DRSHLTK@QNBNMRTLNBTKSTQ@KDO@Q@@L@MTSDM¢NCDBHQBTHSNRCD
OQNCT¢NCDDRODSBTKNR
-N SDQQHS®QHN C@R MNU@R OK@S@ENQL@R O@QSHBTK@QLDMSDQRXQLYHUVRZHE @
QCHNOµAKHB@SDLUHMCN@CDRDMUNKUDQ@RT@NEDQS@BNL@BQH@¢NCDMNU@R
O=:U GLRVD@LOKH@MCNNMµLDQNCDBNMSDµCNRCHRONMÜDHRDLSRGFDVW
-NCNL¨MHNC@RQCHNRDRSQ@S¤FHB@RDLHRRNODQL@MDMSDSDLNR@5 GLR
/XVLW¡QLD@$QWHQD9LGDDS@LA¤L@$QWHQD5RFND@$QWHQD'DQFH
-NPTDCHYQDRODHSNRQCHNRCDNONQSTMHC@CDQCHNRPTDETMBHNM@LCT
Q@MSDTLCDSDQLHM@CNODQ¨NCNCDSDLON@5 GLR9LYDFHDLHSHTCTQ@MSD
SNCN N @MN BDKDAQ@MCN NR @MNR CN M@RBHLDMSN CD "GNOHM D
2BGTL@MM3@LA¤LRNQCHNRCDNONQSTMHC@CDBQH@C@RDLD5 GLR
5DOLGH3RUWXJDOCDBHRHU@O@Q@@DMSQ@C@CN KF@QUDO@Q@NL@O@CN,TM
CH@KCD1@KHRD@5 GLR0XQGLDOBNLBNADQSTQ@SNS@KCN"@LODNM@SNCN
,TMCNCD%TSDANKCHROTS@CNM@|EQHB@CN2TK 5 GLR5HS¹EOLFD@FQDFNT
SNCNRNRBNMSDµCNROQNCTYHCNRDLSNQMNC@BDKDAQ@¢NCN"DMSDMQHNC@
(LOK@MS@¢NC@1DOµAKHB@
$P¹VLFDIDOD
SRUVLHHVVHSULQF¬SLR
¨HVSHFLDOPHQWHY OLGR
TXDQGRVHWUDWDGHGLIXQGLU
ROHJDGRGHFULDGRUHV
W¢RLPSRUWDQWHV
$QWHQD9LGD
"@M@KTCHNM@OK@S@ENQL@ZHENQHDMS@CNO@Q@TL@KUN@CTKSN RT@OQN
FQ@L@¢N@FQDF@BNMSDµCNRNQHFHM@KLDMSDOQNCTYHCNRMNRLµKSHOKNRB@
M@HRC@1CHND3DKDUHRNCD/NQSTF@K
$QWHQD9LGD¤RNAQDN@LNQNRRNMGNR@RB@TR@ROµAKHB@RNHMSDQDRRD
CNBNMRTLHCNQ BNMRBH¥MBH@RNBH@K@@EDSHUHC@CD2NGHRS®QH@RCDUHC@
RNBNMUDQR@RFTH@C@RNMCDNRDWNMN¤S@ATDNMCD@RCDODMC¥MBH@RRN
CDA@SHC@RE@K@QDDWOKHB@QDDMSDMCDQLDKGNQNONQSTFT¥RCDRBNAQHQ
NRKHUQNRDNOQ@YDQCDKDQDMB@Q@QNROQ®RDNRBNMSQ@R¤NTUHQNOHMH°DR
DRBTS@QOQNS@FNMHRS@RDMB@Q@QNCDR@EHNCDRDQUDQCDDR@ADQCDHMHBH@SH
U@R¤DRS@QDMUNKUHCNBNL@RBNHR@RAN@RC@RNBHDC@CDBHUHKSDQNQ@C@Q
KHF@CNRNAQDNRMDF®BHNR@FDRSNCNCHMGDHQNNTOQNU@QFNRSNRDR@ANQDR
SDQGNQ@RONQCH@NRRHM@HRCNSDLONOQDRDMSD
5 GLR9LYDFH
5 GLR9LYDFH@KHMG@@ROQHMBHO@HRNAQ@RCD2BGTL@MMD"GNOHM.RBNM
BDQSNR@ROD¢@RO@Q@OH@MN@RB@M¢°DR@LµRHB@CDBL@Q@D@RRHMEN
MH@R RDLOQD ODKNR LDKGNQDR HMS¤QOQDSDR C@ CHRBNFQ@EH@ LTMCH@K BNLN
'NQNVHSY 1NRSQNONUHBG )NGM $KHNS &@QCHMDQ ,@QH@ )NN /HQDR QSTQN
!DMDCDSSH,HBGDK@MFDKH,@QSG@ QFDQHBG,@TQHYHN/NKKHMH"K@TCHN QQ@T
%HRBGDQ#HDRJ@TNT-@S@KH@&TSL@M
LµRHB@ E@K@ ONQ RH D DRRD OQHMBÖHN ¤ DRODBH@KLDMSD UKHCN PT@MCN RD
SQ@S@CDCHETMCHQNKDF@CNCDBQH@CNQDRSNHLONQS@MSDRBNLN"GNOHMNT
2BGTL@MMCNHRCNRL@HNQDRDWONDMSDRCDSNCNN1NL@MSHRLNCDSNC@@
GHRS®QH@C@LµRHB@%Q¤C¤QHB"GNOHMM@RBDTDLM@/NK®MH@L@RL@QBNT
SNC@@$TQNO@DDLDRODBH@K@%Q@M¢@NMCDUHUDTLDS@CDC@UHC@"GNOHM
ENHNOQHLDHQNFQ@MCDBNLONRHSNQDRSQHS@LDMSD@RRNBH@CN@NOH@MNLµRHB@
SNB@MSD@QQDA@S@CNQ@FDMH@KDLNCDQM@M@RT@E@BDS@DWODQHLDMS@K1NADQS
2BGTL@MMM@RBDTS@LA¤LG@MNRM@ KDL@MG@RDMCNTL@ODQRNM@
KHC@CDAHONK@QSNDETRHUNBNLNMNRSKFHBNDRDLOQD¨MSHLN@BNMCHYDQBNL
@HMSDMR@O@HWNPTDNKHFNTRT@@L@C@"K@Q@@S¤@NEHL NR@MNRNR
RDMSHCNRD@RDLN¢°DRRNAQDOTRDQ@LRDQ@YN2BGTL@MMLNQQDTKNTBN
HMSDQM@CNMTL@RHKN#T@REHFTQ@RDL@KSNQDKDUNGNLDM@FD@C@RDLM@
5 GLR9LYDFHNMNUNB@M@KNMKHMDCNRDQUH¢NOµAKHBNBQH@CNO@Q@QDRRTRBHS@Q
DBDKDAQ@QSNC@@DMDQFH@DADKDY@CNRL@HNQDRMNLDRC@FQ@MCDLµRHB@
$QWHQD5RFN
$RS@ZHEQCHNENHK@M¢@C@@CDNTSTAQNBNLHMµLDQNRBKRRHBNRDDRO@
¢NRDWBKTRHUNR"KRRHBNRDMNUHC@CDRK@CN@K@CNGNQ@RONQCH@
$QWHQD'DQFH
OQDRDMS@ TL@ OQNFQ@L@¢N CHUDQRHEHB@C@ @ONRS@C@ DL LNRSQ@Q NR LD
KGNQDR#)CNLTMCND@RL@HRQDBDMSDRMNUHC@CDR
$WLYLGDGHVŘ5'3$¦RUHV
5'30DGHLUD$QWHQDV
,QWHUQDFLRQDLVH5'3IULFD
5'3$¦RUHV
.@QQ@MPTDC@$QWHQD¤NL@QBNC@QCHNDLMNR ¢NQDR HMSDQKHF@¢N
CDOQNWHLHC@CDD@HMSDQ@SHUHC@CDDMSQDNTUHMSDDDLHRRNQF@MGNTSDQQDMNM@
QCHNQDFHNM@K BDKDAQ@QNR@MNRC@QCHNDL/NQSTF@KD@DQWHFLSDURV
DQRVC@QCHNOµAKHB@MNR ¢NQDRNDRENQ¢NCDHMSDQKHF@QO@RR@CNDETSTQNOD
Q@MSDNCDR@EHNC@RMNU@RSDBMNKNFH@RUHR@F@MG@QOQNWHLHC@CD@NR@¢NQH@MNR
NMCDPTDQPTDDRSDI@LRDI@M@L@HRQDLNS@HKG@NTM@FQ@MCDLDSQ®ONKDMNQSD
@LDQHB@M@ BNL BNMSDµCNR LNCDQMNR CHUDQRHEH
B@CNRDHMSDQKHF@CNRONQHMENQL@¢NQHFNQNR@CD
QCHNBNLB@KHAQDCDRDQUH¢NOµAKHBN
$QWHQD$¦RUHVR@HTQT@D@U@M¢NTDLCHQD
SNRM@BNADQSTQ@CNRFQ@MCDRDUDMSNRQDFHNM@HR
SDMCNDLDRODBH@K@SDM¢NDYLGDGDVSHTXHQDV
FRPXQLGDGHVMTL@QD@KHC@CDHMRTK@QCDFQ@MCD
@RRHLDSQH@DCHRODQRN$L@ MSDM@BNM
EHQLNT RDQ TL RDQUH¢N OµAKHBN DRRDMBH@K HMSDQ
KHF@MCN @R MNUD HKG@R D E@YDMCN ONMSD DMSQD NR
@¢NQH@MNRDRO@KG@CNRODKNLTMCN
5'30DGHLUD
$QWHQD DL CDRS@BNTRD BNL @ BN
ADQSTQ@C@B@SRSQNEDCNCDEDUDQDHQNSDMCN
DRS@CN@NKNMFNC@RDL@M@DLCHQDSNCTQ@MSD
UQH@RGNQ@RMTL@DLHRRNCDUDQC@CDHQNRDQ
UH¢NOµAKHBN
%DYS@LA¤L@CHUTKF@¢NCDDUDMSNRBTKSTQ@HR
QDBQD@SHUNR D @EHMR @SQ@U¤R C@ DLHRRN CHQH@
CD SQ¥R AKNBNR HMENQL@SHUNR DNT DCH¢N CD
VSRWVPT@MCN@RT@QDKDUMBH@NITRSHEHBNT
#DA@SDT @HMC@ NR SDL@R C@ @ST@KHC@CD SNC@R @R
L@MGRCDRDFTMC@@RDWS@EDHQ@BNLBNMUHC@CNR
DLDRSµCHND@ADQSNRO@QSHBHO@¢NCNRNTUHMSDR
.B@M@K$QWHQD0DGHLUDBNMSHMTNT@SDQTLODQEHK
CHQDBHNM@CNO@Q@TL@E@HW@DSQH@L@HRINUDLL@R
RDLDRPTDBDQNB@QSDQFDMDQ@KHRS@PTDNQDFD
5HS¹EOLFD@BNADQSTQ@DSQ@MRLHRRNCN)HVWLYDOGDV7XQDV8QLYHUVLW ULDV
QD$XOD0DJQDTL@RDL@M@CDDLHRR°DRCHQDS@RC@%DHQ@(MSDQM@BHNM@KCD
QSDR@M@SN M@ %(+ D @ DUNB@¢N CN CD ITMGN BNL RDRRN CD E@CNR MN
,TRDTCN%@CN
ŞBNMBQDSHY@QNRDQUH¢NOµAKHBNBNLN@ONHNDBNADQSTQ@CNR3U¨PLRV&RWHF
RNAQD N $LOQDDMCDCNQHRLN (MNU@CNQ M@ #HRONQ@ /NQSTFTDR@ @ SQ@MR
LHRRNC@*DODGRV3U¨PLRV7DOHQWRC@RBNLTMHC@CDRONQSTFTDR@RMN
DRSQ@MFDHQNDN@ONHNDSQ@MRLHRRNC@*DOD$1%3Ř$VVRFLD¦¢R1DFLRQDO
GRV%RPEHLURV3RUWXJXHVHV
5'3IULFD
1#/|EQHB@CDRDMUNKUDTDLTL@DRSQ@S¤FH@CDOQNFQ@L@¢NPTDOQD
SDMCDTU@KNQHY@Q@RCHLDMR°DRBTKSTQ@HRDRNBH@HRDTL@ENQSDQDK@¢NBNLNR
NTUHMSDRQDENQ¢@MCN@HCDMSHEHB@¢NC@DRS@¢NITMSNCNROµAKHBNR@KUN
Ş OQNWHL@QNRNTUHMSDRQDENQ¢@MCN@HCDMSHEHB@¢NBNLHPLVV´HVDRYLYRCT
Q@MSDN MNC@1CHNMN TCHS®QHN13/CNOQNFQ@L@*UDQGH0DQK¢FQ@U@
¢°DR@NUHUNCNOQNFQ@L@'HEDWH$IULFDQRMNRDRO@¢NROµAKHBNRC@%- "
OQNLN¢NDSQ@MRLHRRNCDFQ@MCDR@¢°DRCDL@RR@DW-RJRGH)XWHERO
*XLQ¨&DER9HUGHMN$RSCHNCN1DRSDKN'LDGD&XOWXUD$IULFDQDMN2DHW@K
DLHRR°DRDRODBH@HRDL!HRR@TONQNB@RHNCNx@MHUDQRQHNC@1#/|EQHB@
DBNADQSTQ@CN|1DWDOGRV+RVSLWDLVHP67RP¨H3U¬QFLSH
Ş BNLO@MG@Q@ONK¨SHB@@RNBHDC@CDDNCDRONQSNBNLN6HPLQ ULR,QWHUQDFLR
QDOGD5'3IULFDVREUHR7U ILFRGH'URJDMNDRO@¢NC@KTRNENMH@DLO@QBDQH@
BNLN(2"3$@BNADQSTQ@CN&$1DL MFNK@NR-RJRVGD/XVRIRQLDDL,N¢@L
AHPTDN0XQGLDOGH)XWHEROM@|EQHB@CN2TK@OQNLN¢NCNRMNUNROQNIDSNR
LTRHB@HRRDLDCH¢NM@4XLQWDGRV1RYRV@BQH@¢NCDMNUNDRO@¢NBTKSTQ@K
RNAQDBHMDL@KTR®ENMN*UDQGH3ODQRM@RDPT¥MBH@CNRL@F@YHMDRCD@QSDR
OKRSHB@RDSD@SQNNQDENQ¢NC@OQNFQ@L@¢NMNSTQM@BNLMNUNROQNFQ@L@RŔ
=RXND(VWD¦¢RIULFD@ONRS@MCNM@LµRHB@BQHNTK@CNR@MNR
-@ QD@ RNBH@K ENQ@L @ONH@C@R B@LO@MG@R CD
OQDUDM¢NMNBNLA@SDSNWHBNCDODMC¥MBH@
5'3,QWHUQDFLRQDO
-N MN C@ 1CHN @MNR C@ 1CHN /µAKHB@
GNTUD O@QSHBHO@¢N @SHU@ M@ OQNFQ@L@¢N C@R
UQH@R HMHBH@SHU@R D TL OQNFQ@L@ DRODBH@K CT
Q@MSDN@MNŔ$V*HQWHVGD5 GLRŔDOQNBDCDTRD
@N @K@QF@LDMSN C@R DLHRR°DR @TS®MNL@R C@
1#/(DLL@HRCT@RGNQ@RCH[email protected]@R@SHUH
C@CDRBNMBQDSHY@Q@L@DRSQ@S¤FH@C@DRS@¢N
ŞU@KNQHY@Q @ K¨MFT@ D @ BTKSTQ@ ONQSTFTDR@R
BNL NR OQNFQ@L@R 'L]HU 3RHVLD D $V 7HUUDV
HDV*HQWHVPTD@O@QSHQC@RUQH@RSDQQ@RCN
O@¨RQDSQ@S@@MNU@QD@KHC@CDM@BHNM@K
ŞQDENQ¢@Q@HCDMSHC@CDD@BTKSTQ@M@BHNM@HRDL
@MN CD BNLDLNQ@¢N CN BDMSDMQHN C@ 1DOµ
AKHB@BNLTLOQNFQ@L@RDL@M@K+LVW²ULDVGD
/1.&1 , 2(-%.1, ~.$" ,/ -' 2
-.},!(3.# 23$,|3(" 2
# 2423$-3 !(+(# #$
6RFLHGDGH
3URJUDPDVHLQIRUPD¦¢R
8QLYHUVR
5DW
5DW
6KU
573
5HC@R"NMS@C@R
$RS@¤@-NRR@1T@
!@QQHF@RCD LNQ
5NYCN"HC@CN
2@KU@CNQ
)2DH"NYHMG@Q
-®R
2DQUH¢NCD2@µCD
$RS@¤@-NRR@1T@
5HC@R"NMS@C@R
573
2NBHDC@CD"HUHK
5731
1@S 5DWLQJ Ŕ S@W@ L¤CH@ CD @TCH¥MBH@ DL ODQBDMS@FDL 1@S ʘ 5DWLQJ Ŕ S@W@
L¤CH@CD@TCH¥MBH@DLLHKG@QDR
9LGDV&RQWDGDVŘ573H5731,QIRUPD¦¢R
1DONQS@FDMRRDL@M@HRCDřINQM@KHRLNGTL@MNŚODQRNM@KHY@C@R
(VWD¨D1RVVD5XDŘ573H57313URJUDPD
4L@ UH@FDL ODKNR LTHSNR LTMCNR PTD RD BQTY@L DL CNHR PTHK®LDSQNR
D LDHN CD +HRAN@ @ UDMHC@ KLHQ@MSD 1DHR $RSD CNBTLDMSQHN F@MGNT
UQHNROQ¤LHNRDMSQDNRPT@HRN/Q¤LHNCNR#HQDHSNR'TL@MNRC@2DB¢N
/NQSTFTDR@C@4-$2".
%DUULJDVGH$PRUŘ5733URJUDPD
/QNFQ@L@CDOQNLN¢NC@M@S@KHC@CDCDCHB@CN@LTKGDQDRDLHC@CDE¤Q
SHKRFQUHC@R@NRADA¤RRLDR@NRO@HRD@NR@U®R
$9R]GR&LGDG¢RŘ5733URJUDPD
/QNFQ@L@ BNL N /QNUDCNQ CN $RODBS@CNQ DWHAHCN QDFTK@QLDMSD @SQ@U¤R
CDSNC@R@RDRS@¢°DRCDRDQUH¢NOµAKHBN1DEKDSDNSQ@S@LDMSNCNRB@RNR
L@HR RHFMHEHB@SHUNR DL B@C@ RDL@M@ SQ@YHCNR @OQDBH@¢N CN /QNUDCNQ
ODKNRSDKDRODBS@CNQDR
6DOYDGRUŘ5733URJUDPD
4LOQNFQ@L@HM¤CHSNPTDCDR@EH@TLBNMUHC@CNBNLCDEHBH¥MBH@@RTODQ@Q
NRRDTRKHLHSDR@SQ@U¤RCDTL@@UDMSTQ@Q@CHB@K
- 6HL&R]LQKDUŘ5733URJUDPD
)TMSNR@@OQDRDMS@CNQ@DNFQTONCDBQH@M¢@RDMSQDNRPT@SQNDNRNHSN
@MNRBNMGDBDLNRHMFQDCHDMSDR@OQDMCDL@BNMEDBHNM@QNR@KHLDMSNRD@
CDRBNAQHQNRSQTPTDRRHLOKDRCDBNYHMG@
1²VŘ5733URJUDPD
,@F@YHMDCDCHUTKF@¢NCNSDL@C@HLHFQ@¢NM@®SHB@CD@BNKGHLDMSND
HMSDFQ@¢NC@RBNLTMHC@CDRPTDDRBNKGDQ@L/NQSTF@KBNLNO@¨RCD@BN
KGHLDMSN . OQNFQ@L@ -®R SDL UHMCN @ CDRDMUNKUDQ TL SQ@A@KGN CD HM
ENQL@¢NDCHUTKF@¢NITMSNC@RNBHDC@CDBHUHKCNHMDRSHLUDKBNMSQHATSN
CNRHLHFQ@MSDR'HRS®QH@RCDUHC@RBNMRSQT¨C@RDL/NQSTF@KL@MHEDRS@¢°DR
BTKSTQ@HRDRNBH@HRCNRHLHFQ@MSDR@BNLOKDW@RHST@¢NDLPTDUHUDLDR
R@RODRRN@ROQNUDMHDMSDRC@RL@HRCHUDQR@RO@QSDRCNFKNAN
6HUYL¦RGH6D¹GHŘ5733URJUDPD
2¤QHDCDOQNFQ@L@RCDCHB@CNR@NRSDL@RC@2@µCD
6RFLHGDGH&LYLOŘ5733URJUDPD
/QNFQ@L@ PTD C UHRHAHKHC@CD R B@TR@R D @N SQ@A@KGN CD NQF@MHY@¢°DR
BNLLHRR°DRRNKHCQH@RBHDMSËHB@RDNTDCTB@SHU@R
)DOD(VFUHYH$FHUWD*DQKDŘ573&RQFXUVR
"NMBTQRNHME@MSHKRNAQD@K¨MFT@ONQSTFTDR@PTDOQDLDH@@KTMNRCDUQH@R
DRBNK@RBNMBNQQDMSDR
5HS¹EOLFDGDV3HUJXQWDVŘ5736ÜLH
2¤QHDHME@MSHKDCTB@SHU@HL@FHM@C@O@Q@BDKDAQ@QNBDMSDMQHNC@1DOµAKHB@
ITMSNCNOµAKHBNHME@MSHK
&RQWRVGH1DWDOŘ5736ÜLH
4L@ R¤QHD CD PT@SQN BTQS@RLDSQ@FDMR BNL @ CTQ@¢N CD LHMTSNR
13/@BNQCNTBNLPT@SQNHMRSHSTH¢°DRTMHUDQRHSQH@R@OQNCT¢NCDRS@R
NAQ@R BNL A@RD DL PT@SQN BNMSNR HM¤CHSNR /@QSHBHO@Q@L NR DRBQHSNQDR
%Q@MBHRBN)NR¤5HDF@R)NQFD,@QLDKND,QHN TFTRSN
&RQWDFWRŘ573,QWHUQDFLRQDO
3URJUDPD
,@F@YHMD CD @ST@KHC@CD OQNCTYHCN DL O@¨RDR
BNLENQSDOQDRDM¢@CDBNLTMHC@CDRDLHFQ@M
[email protected]@F@YHMDR"NM
S@BSN RN OQNCTYHCNR ONQ DLHFQ@MSDR ONQST
FTDRDR INQM@KHRS@R D OQNCTSNQDR QDRHCDMSDR D
BNMGDBDCNQDRCDB@C@BNLTMHC@CD1DSQ@SNCN
RDTRTBDRRNC@UHC@DLOQDR@QH@KD@RRNBH@SHU@
C@RBNLTMHC@CDRDLHFQ@MSDRONQSTFTDR@R
2(VSOHQGRUGH3RUWXJDOŘ$QWHQD3URJUDPD
MNRR@ UHC@ DL RNBHDC@CD UHRS@ ONQ PTDL UDHN CD ENQ@ D CDBHCHT EHB@Q
.OHMHNKHUQDRDLDWBKTHQ
'LDVGR$YHVVRŘ$QWHQD3URJUDPD
#HRBTRRN D QDEKDWN RNAQD @R QDK@¢°DR DMSQD O@HR D EHKGNR D @R QDK@¢°DR
CDRSDRBNLNLTMCNDWSDQHNQCDRHFM@C@LDMSDBNL@DRBNK@
3RUWXJDOGRV3HTXHQLQRVŘ$QWHQD3URJUDPD
.LTMCNCNR@CTKSNRUHRSNODKNRNKGNRC@RBQH@M¢@R RřBNLOKHB@¢°DRCNR
BQDRBHCNRŚQDCTYHC@R@BHMY@RODKNRQ@BHNB¨MHNRRHLOKDRCNRL@HRODPTDMNR
5XPRVŘ573IULFD3URJUDPD
.PTNSHCH@MNC@RCHUDQR@RBNLTMHC@CDRCDK¨M
FT@ONQSTFTDR@@QDRHCHQDL/NQSTF@KBNLO@Q
SHBTK@Q CDRS@PTD O@Q@ @R @EQHB@M@R DL L@HNQ
MµLDQNL@RENB@MCNS@LA¤L@UHC@C@RBN
LTMHC@CDRAQ@RHKDHQ@DSHLNQDMRD
3D¬WRHRV'LUHLWRVGD&ULDQ¦DŘ573IULFD
3URJUDPD
$)¨GRV+RPHQVŘ573H$QWHQD3URJUDPD
$LHRRNC@RCHUDQR@RBNMEHRR°DRQDKHFHNR@RQDBNMGDBHC@RODK@+DHC@+HADQ
C@CD1DKHFHNR@
&RQYHUVDVGH5DSDULJDV3HGURH,Q©VŘ$QWHQD3URJUDPD
#HRBTRRNDQDEKDWNRNAQDNRFQ@MCDRSDL@RCNMNRRNSDLONMNCNL¨MHN
CNRBNRSTLDRDC@RQDK@¢°DRHMSDQFDQ@BHNM@HR
,HBQNOQNFQ@L@HME@MSNITUDMHKBNLBDQB@CDBHM
BNLHMTSNRCDCTQ@¢NCDCHB@CNROQNLN¢N
CNCHQDHSNDCTB@¢NDR@µCD
9LGDVŘ573$¦RUHV3URJUDPD
2V'LDVGR)XWXURŘ$QWHQD
3URJUDPD
(P5HSRUWDJHPŘ5730DGHLUD,QIRUPD¦¢R
/QNFQ@L@CDCHUTKF@¢NCDBH¥MBH@DHMNU@¢N
'LUHWRDR&RQVXPLGRUŘ$QWHQD
3URJUDPD
$RO@¢NCDHMSDQ@SHUHC@CDRNAQDCHQDHSNRCNBNM
RTLHCNQ
+HU²LVFRPR1²VŘ$QWHQD
3URJUDPD
'HRS®QH@RONRHSHU@RGDQ®HB@RCDFDMSDPTDLT
CNT@UHC@PT@MCNCDBHCHTLTC@Q@UHC@
&DXVDV3¹EOLFDVŘ$QWHQD
3URJUDPD
#HRBTRRNDQDEKDWNRNAQDUHNK¥MBH@CNL¤RSH
B@HLHFQ@¢NDCDODMC¥MBH@R
/QNFQ@L@RDL@M@KCDLHMTSNRPTDSQ@SNTPTDRS°DRQDK@BHNM@C@RBNL
NRCHQDHSNRC@RLHMNQH@RCNRHCNRNRDC@RBQH@M¢@R
/QNFQ@L@ PTHMYDM@K BNL QDONQS@FDMR BNLN ř5HNK¥MBH@ CNL¤RSHB@Ś
ř.LTMCNC@RODRRN@RBNLCDEHBH¥MBH@ŚDř5H@FDL@NLTMCNC@CQNF@Ś
0DGHLUD9LYDŘ5730DGHLUD3URJUDPD
7DONVKRZŔ@RTRSDMS@AHKHC@CD@NRDQUH¢NCNOµAKHBN
*HQWHFRPR1²VŘ5730DGHLUD3URJUDPD
'HRS®QH@RCDUHC@CDFDMSDBNLGHRS®QH@RTL@ENQL@CDRTRSDMS@AHKHC@CD
RNBHNBTKSTQ@K
3 WLRGRV(VWXGDQWHVŘ5730DGHLUD3URJUDPD
#DA@SD D OQNIDSNR CD HCDH@R RNAQD NONQSTMHC@CDR O@Q@ NR INUDMR BNLN
ENQL@CDFDQ@QRTRSDMS@AHKHC@CDM@QD@RNBH@KDDBNM®LHB@
'H9LYD9R]Ř$QWHQD0DGHLUD
/QNFQ@L@CHQHNPTDE@YBNADQSTQ@CDSDL@RM@QD@C@R@µCDHMSDQUDM¢N
RNBH@KQD@KHY@MCNO@QBDQH@RBNLDMSHC@CDRNEHBH@HRDMNFNUDQM@LDMS@HR
CDRHFM@C@LDMSDM@QD@CNSQ@A@KGNCDUNKTMS@QH@CN
$PELHQWH
3URJUDPDVHLQIRUPD¦¢R
8QLYHUVR
5DW
5DW
6KU
$RODBH@K KPTDU@
,@Q@UHKG@R-@STQ@HRCD/NQSTF@K
#DR@EHN5DQCD
!HNREDQ@
573
573
(VSHFLDO$OTXHYDŘ5733URJUDPD
$LHRRNDRODBH@KL@MGDS@QCD@O@QSHQC@!@QQ@FDLCN KPTDU@O@Q@
OQNLNUDQDRS@QDFHNCN KDMSDINC@QUHRHAHKHC@CD@NL@HNQK@FN@QSHEHBH@K
C@ $TQNO@ D CHUTKF@Q NR ADMDE¨BHNR PTD DRS@ HMEQ@DRSQTSTQ@ RTRBHS@ O@Q@
SNC@DRS@QDFHN
0DUDYLOKDV1DWXUDLVGH3RUWXJDOŘ5733URJUDPD
/DKNRDFTMCN@MNBNMRDBTSHUN@1CHND3DKDUHRNCD/NQSTF@KD@-DV
2DUDM6NMCDQROQNLNUDL@HL@FDLCD/NQSTF@K HMHBH@SHU@,@Q@UHKG@R
-@STQ@HRCD/NQSTF@KCDT@BNMGDBDQNU@RSNO@SQHL®MHNM@STQ@KPTDNO@¨R
NEDQDBD
'HVDƩR9HUGHŘ5733URJUDPD
. #DR@EHN 5DQCD TL OQNFQ@L@ HMNU@CNQ D DCTB@SHUN PTD CDLNMRSQ@
BNLN¤ONRRÜDKRDQ@LHFNCN@LAHDMSDRDLRDQDWSQDLHRS@#DRCD@R
LHMGNB@RC@PTHMS@RB@KDHQ@RO@Q@@OQNUDHS@LDMSNC@FT@C@BGTU@
CDRCD @ DMDQFH@ RNK@Q @S¤ R řANLA@R CD B@KNQŚ @ DPTHO@ CN #DR@EHN
5DQCDDMSQ@M@B@R@CNRBNMRTLHCNQDROQNBTQ@CDř@SDMS@CNRŚDBNK®
FHBNRDSQ@MRENQL@@RMTLO@Q@¨RNKHLONDřUDQCDI@MSDŚ#TQ@MSDSNCN
DRSDOQNBDRRNNL@HNQCDSNCNRNRCDR@EHNR¤KNFHB@LDMSDDCTB@Q@R
E@L¨KH@RDNRDRODBS@CNQDR
%LRVIHUDŘ5733URJUDPD
2DL@M@KLDMSDMN!HNREDQ@LNRSQ@LNRKGDNRO@RRNR@C@QO@Q@L@M
SDQ @ AHNCHUDQRHC@CD BNLN SDQ @SHSTCDR L@HR DBNK®FHB@R BNLN FDQHQ
LDKGNQ N BNMRTLN DMDQF¤SHBN NT PT@HR @R SDMC¥MBH@R ETSTQ@R O@Q@ N
@LAHDMSD
0LQXWR9HUGHŘ573,QIRUPD¦¢R
$LO@QBDQH@BNL@0TDQBTRN,HMTSN5DQCD¤TL@QTAQHB@CN!NL#H@/NQ
STF@KBNLCTQ@¢NCDTLLHMTSNDBTINNAIDSHUN¤@BNMRDKG@QNBHC@CN
@LDKGNQ@QN@LAHDMSD
3ODQHWD$GRUPHFLGRŘ5733URJUDPD
/QNCT¢NCDTLEHKLDKNMF@LDSQ@FDL@C@OS@CNCDTLKHUQNHME@MSHK
CD M@9@M@SSHLHRSTQ@MCN@HL@FDLQD@KBNL@@MHL@¢NDBDMQHNR
UHQST@HR
$PLJRVGR$PELHQWHŘ573+HGLKDQLPD¦¢R
TL@ R¤QHD CD CDRDMGNR @MHL@CNR PTD OQDSDMCD SQ@MRLHSHQ @N OµAKHBN
HME@MSHKBNMRDKGNR@LAHDMS@HRCD@OKHB@¢NOQSHB@MNCH@@CH@DLBDQB@
CDTLLHMTSN1DRTKS@CNC@O@QBDQH@DMSQD@0TDQBTR@13/D@"@HW@&DQ@K
CD#DO®RHSNR
9HU¢R7RWDOŘ5733URJUDPD
7DON VKRZ CHQHN CDCHB@CN B@C@ CH@ @ TL@ C@R EHM@KHRS@R CN BNMBTQ
RNř,@Q@UHKG@R-@STQ@HRCD/NQSTF@K-N MN(MSDQM@BHNM@KC@!HNCH
UDQRHC@CD@ITC@LNR@FQ@U@QM@LDL®QH@CDSNCNRNU@RSNO@SQHL®MHN
M@STQ@K PTD N O@¨R NEDQDBD CHUTKF@MCN D OQDRDQU@MCN DRS@ CCHU@ ŕ
OQNLNUDMCNNDPTHKÄQHNDMSQDNCDRDMUNKUHLDMSNGTL@MND@RTRSDM
S@AHKHC@CD@LAHDMS@K
5HSRUWDJHQVPHQVDLVFRPHPRUDQGRR$QRGD%LRGLYHUVLGDGH
Ř5 GLR,QIRUPD¦¢R
%NQ@LOQNCTYHC@RDCHETMCHC@RLDMR@KLDMSDQDONQS@FDMRRNAQD@RRTMSNR
BNLN@R@KSDQ@¢°DRBKHLSHB@RNDRS@CNC@RK@FN@RCNR ¢NQDRN/@QPTD
-@BHNM@KCN KUNNT@RHST@¢N@LAHDMS@KC@R!DQKDMF@R
0LQXWRSHOD7HUUDŘ$QWHQD3URJUDPD
#HUTKF@¢N CD ENQL@R RHLOKDR O@Q@ OQNSDFDQLNR N OK@MDS@ MN CH@@CH@
DLO@QBDQH@BNL@0TDQBTR
&DXVDV3¹EOLFDVŘ$QWHQD3URJUDPD
4L@UDYONQRDL@M@@řB@TR@OµAKHB@Ś¤N@LAHDMSD
$&L©QFLDŘ$QWHQD3URJUDPD
/QNFQ@L@RNAQDAHNKNFH@D@RSQNMNLH@BNMGDBHLDMSNPTDMNRODQLHSDDM
SDMCDQ@řCDKHB@CDY@ŚCNRDPTHKÄQHNRC@M@STQDY@
7HUUD9LVWDŘ$QWHQD3URJUDPD
#HUTKF@¢NCDENQL@RRHLOKDRCDOQNSDFDQLNRNOK@MDS@M@MNRR@UHC@CN
CH@@CH@
3ODQHWDŘ$QWHQD3URJUDPD
#HUTKF@¢NCDZRUOGPXVLFDWOQDRRNLTRHB@KHMSHL@LDMSDKHF@C@RPTDR
S°DR@LAHDMS@HR
%RP'LDŘ573$¦RUHV,QIRUPD¦¢R
3Q@S@QDFTK@QLDMSDDUDMSNRCD@FDMC@QDK@BHNM@CNRBNLN@LAHDMSD
0DUWLP5DWRODŘ573
2¤QHDC@-@SHNM@K&DNFQ@OGHBO@Q@NOµAKHBNHME@MSNITUDMHK
0¢H0LUDEHOOHŘ573
2¤QHDC@!!"RNAQDUHC@RDKU@FDLO@Q@NOµAKHBNHME@MSNITUDMHK
6ROLGDULHGDGH
3URJUDPDV
8QLYHUVR
5DW
5DW
6KU
"@TR@,@HNQ
/Q¨MBHODRCN-@C@
573
5731
/Q¨MBHODRCN-@C@
&DXVD0DLRUŘ5733URJUDPD
(MHBH@SHU@CD@ONHN"QTY5DQLDKG@O@Q@OQNIDSNRQDK@BHNM@CNRBNL@RON
OTK@¢°DRRDMHNQDRRDLQDBTQRNR
3U¬QFLSHVGR1DGDŘ5733URJUDPD
/Q¨MBHODR CN -@C@ CHUTKF@ N SQ@A@KGN CDRDMUNKUHCN ONQ BHC@CNR ONQST
FTDRDRDLODMG@CNRDL@ITC@QNOQ®WHLNMTL@RDFTMC@R¤QHDCDOQN
FQ@L@R "@C@ OQNFQ@L@ HMBKTH CT@R @ SQ¥R GHRS®QH@R CD UHC@ O@RR@C@R DL
CHEDQDMSDRO@¨RDRCDDWOQDRRNONQSTFTDR@
2SHUD¦¢R-XQWRVSHOD0DGHLUDŘ5733URJUDPD
/QNIDSN O@Q@ @ BNMRSQT¢N CD B@R@R MNU@R O@Q@ E@L¨KH@R L@CDHQDMRDR
RDLQDBTQRNRPTDODQCDQ@L@RRT@RG@AHS@¢°DRM@RBGDH@R
,QLFLDWLYD$IULFDQDŘ573IULFD3URJUDPD
,@F@YHMDPTHMYDM@KCDCHB@CNRNKHC@QHDC@CDD@NCDRDMUNKUHLDMSN
BNLTMHSQHN 1DSQ@SN D QDBNKG@ CD CHUDQR@R HMHBH@SHU@R CD CHEDQDMSDR
RDSNQDRC@RNBHDC@CDDL|EQHB@5@KNQHY@¢NC@RHMHBH@SHU@RHMCHUHCT@HR
[email protected]&@F¥MBH@RFNUDQM@LDMS@HRDLOQDR@RFQTONRHMENQ
L@HR PTD BNMSQHATDL O@Q@ N CDRDMUNKUHLDMSN CNR O@¨RDR @EQHB@MNR
MNRCNL¨MHNRC@DCTB@¢NC@R@µCDCN@LAHDMSDDC@BTKSTQ@
3LULODPSR0 JLFRŘ$QWHQD3URJUDPD
$RSD OQNIDSN CD RNKHC@QHDC@CD D RDMRHAHKHY@¢N O@Q@ @ OQNAKDLSHB@ CNR
BHC@CNRBNLCDEHBH¥MBH@HMSDKDBST@KM@RBDTC@BNMITF@¢NCDUNMS@CDR
C@%$- "$1"(DC@ MSDM@DCDRCDNOQHLDHQN@MN@S¤GNIDLHKG°DRCD
/HQHK@LONRLTKSHBNKNQDRS¥LL@MSHCNUHU@@KTYC@DRODQ@M¢@DCNCDRDIN
CDTL@SNS@KHMSDFQ@¢NRNBH@K
&DPSDQKDV
SDUFHULDVDSRLRV
0DGHLUDŘ$¦¢RGHVROLGDULHGDGHŘ'HVWDTXH
$L@13/ITMSNTSNC@R@RRT@RL@QB@RMTL@FQ@MCD@¢NCDRNKHC@
QHDC@CD RNBH@K CD @ITC@ R U¨SHL@R CN SDLONQ@K C@ ,@CDHQ@ #TQ@MSD TL
L¥RDLSNCNRNRMNRRNRB@M@HRD@MSDM@REHYDLNR@ODKNAN@UNMS@CD
CNRONQSTFTDRDR@SQ@U¤RCDOQNFQ@L@RM@SDKDUHRNDM@QCHNDCDVSRWV
CDOTAKHBHC@CDO@Q@@@SQHATH¢NCDCNM@SHUNRBNLNNAIDSHUNCDNEDQD
BDQB@R@RMTL@C@REQDFTDRH@RL@HR@EDS@C@RODK@RBGDH@RMN@QPTHO¤K@FN
MTL@O@QBDQH@BNL@"5/BNLN(MRSHSTSN-@BHNM@KCD'@AHS@¢NC@,@
CDHQ@DBNL@2NM@D
'LYXOJD¦¢RLQVWLWXFLRQDO
13/ENHS@LA¤LPHGLDSDUWQHUC@"NLHRRNCN"DMSDMQHNC@1DOµAKHB@
SDMCNRD@RRNBH@CN@SNCNRNRDUDMSNRKDU@CNR@B@ANODK@"NLHRRN@R
RHLBNLNBNLOQNCT¢NOQ®OQH@CDOQNFQ@L@¢NDRODBËHB@CNR@MNR
C@1DOµAKHB@MNRMNRRNRB@M@HRD@MSDM@R
N MÜDK C@ GLYXOJD¦¢R LQVWLWXFLRQDO @ QD@ CD L@QJDSHMF BNMRDFTHT
DL QDENQ¢@Q N HLONQS@MSD O@ODK PTD SDL UHMCN @ CDRDLODMG@Q
DMPT@MSN PHGLD SDUWQHU CD @¢°DR D B@TR@R CD QDRONMR@AHKHC@CD RNBH@K
-DRSDLAHSNENQ@LNEDQDBHC@RB@LO@MG@RCDOTAKHBHC@CD@CHEDQDMSDR
NQF@MHY@¢°DRDHMRSHSTH¢°DRPTDBNLTMHB@Q@LFQ@STHS@LDMSD@RRT@RHMH
BH@SHU@RM@13/13/13/-D13/,DL®QH@DM@R@MSDM@RCDQCHNCN
RDQUH¢NOµAKHBN
-DRRD B@O¨STKN CDRS@B@LRD UQH@R LQLFLDWLYDV PTD UN CDRCD @ OQNLN
¢NCN+HUQNDC@KDHSTQ@%DHQ@RCN+HUQNCD+HRAN@/NQSND,@SNRHMGNR
OQNLN¢NDCHUTKF@¢NC@RHMCµRSQH@RBQH@SHU@RDCN@TCHNUHRT@K%DRSHU@K
%K@LDMBN%DRS@CN"HMDL@%Q@MB¥RDSBO@RR@MCNODKN@ODKNQDRONM
R@AHKHC@CDRNBH@KM@OQDUDM¢NQNCNUHQH@M@OQNLN¢NCDTL@LAHDMSD
L@HRKHLONDL@HRRTRSDMSUDK"NNK"NMEDQ¥MBH@&(1 %®QTLC@
2TRSDMS@AHKHC@CD DSB RDL DRPTDBHLDMSN CN HLONQS@MSD O@ODK DL OQN
LNUDQ@HMNU@¢N/QNFQ@L@(MNUŔ"NMS@BSNDN@ODKNRNBHDC@CDBHUHK
DLB@TR@RDLPTD@13/MNO¯CDEHB@Q@KGDH@,@QBG@"NMSQ@@%NLD
h"NQQHC@"NMSQ@N"@MBQN"@LODNM@SNCD!NBBH@DMSQDNTSQNR
$ UHDGHPDUNHWLQJ
FRQVHJXLXUHIRU¦DU
RSDSHOTXHWHPYLQGR
DGHVHPSHQKDUHQTXDQWR
E=<A9H9JLF=JGH
UHVSRQVDELOLGDGHVRFLDO
13/O@QSHBHONTS@LA¤LM@&DPSDQKDGH$SRLR$VVRFLD¦¢R6DOYDGRU
PTDCDBNQQDT@NKNMFNC@DLHRRNC@RDFTMC@R¤QHDCNOQNFQ@L@2@KU@CNQ
BNLDLHRRNM@13/@O@QSHQCDCDCDYDLAQN B@LO@MG@CD@MF@
QH@¢NCDETMCNRCDBNQQDT@NKNMFNCNRDOHR®CHNRDS@LA¤LMNTSQNR
OQNFQ@L@RC@13/S@HRBNLN/Q@¢@C@ KDFQH@DNTSQNRRDLDKG@MSDRADL
BNLNMNRB@M@HRCDBNLTMHB@¢NHMRSHSTBHNM@HRC@ RRNBH@¢N2@KU@CNQ
.TSQNRDWDLOKNRCDSDUFHULDVPTD@13/@ONHNT@SQ@U¤RC@CHUTKF@¢NCD
ENQL@FQ@STHS@MNRMNRRNRB@M@HRD@MSDM@R
Ş"NQQHC@2DLOQD,TKGDQ
Ş ,("@LO@MG@$LDQF¥MBH@'@HSH
Ş2D$T%NRRD2DQNONRHSHUN
Ş"@LO@MG@'DKOŔ#H@,TMCH@K2DL3@A@BN
Ş#H@!Ŕ#H@,TMCH@KC@!HNCHUDQRHC@CD
Ş/DC@K@Q"NMSQ@N+HMENL@
Ş"@LO@MG@CD2DMRHAHKHY@¢NBNMSQ@NR"@RSH
FNR"NQONQ@HRM@R"QH@M¢@R
Ş"@LO@MG@CD ONHN@/DRRN@R(CNR@R
Ş#H@,TMCH@KCN"NQ@¢N
Ş"@LO@MG@CD1DBHBK@FDLCD1@CHNFQ@EH@R
Ş$&%1DBTQRNRO@Q@N%TSTQN
Ş#H@-@BHNM@KC@2DFTQ@M¢@MN3Q@A@KGN
Ş7RXU F@QQ@@5HC@
Ş/QDUDM¢N1NCNUHQH@
Ş [email protected]"QH@M¢@R
3DUFHULDVŘ,QVWLWXFLRQDLV&XOWXUDLV
(GXFD¦¢R
Ş"@MMDR+HNMR
Ş$WONRH¢N5HU@@1DOµAKHB@
Ş2DQQ@KUDRDL%DRS@
Ş/NQSTF@K3DBMNK®FHBN
Ş3$#W.ŗ/NQSN"NMEDQ¥MBH@R
Ş(MNU"NMS@BSN
Ş //"Ŕ#HUTKF@¢NCD SHUHC@CDRO@Q@@/QN
LN¢NC@"QH@M¢@
Ş$WONRH¢N,@QHMG@M@1DOµAKHB@
Ş$WONRH¢°DR UQH@R RNAQD CHUDQR@R UDQSDMSDR
BTKSTQ@HR
Ş$WONK¨MFT@/NQSTF@K
Ş/NO4O+HRAN@
Ş/DMR@Q%NQ@C@"@HW@
-NLAHSNC@QCHN@13/OQNLNUDTL@HRTL@DCH¢NCN3U¨PLR-RYHQV
0¹VLFRV TL@ HMHBH@SHU@ CDRSHM@C@ @ HMBTSHQ MNR INUDMR N FNRSN ONQ TL@
B@QQDHQ@M@QD@C@LµRHB@
%=J;@9F<AKAF?
-@R@¢°DRMNSDQQDMN@CHQD¢NCD,@QJDSHMFD"NLTMHB@¢NNOSNTONQDR
BNKGDQ@KFTLPHUFKDQGLVLQJřDBNK®FHBNŚBNLCHUTKF@¢NCDAN@ROQSHB@R
@LAHDMS@HRO@Q@@OQNLN¢NC@RL@QB@R13/2NDWDLOKNRCDRS@NO¢NNR
R@BNR MSDM@CHRSQHAT¨CNRMN,DF@/HB-HB,NCDKNNTNRR@BNRAHNCDFQ@
CUDHR MSDM@OQNCTYHCNRO@Q@N5NC@ENMD1@KKXCD/NQSTF@K/QN
CT¢NS@LA¤LCDHSDLBNLHMSDM¢NCDQDRONMR@AHKHY@¢NRNBH@KMNLAHSN
C@DCTB@¢NOQDUDM¢NRDWT@KBNLNNJHSIOLUW MSDM@ŔONQS@BG@UDRBNL
OQDRDQU@SHUNŔCHRSQHAT¨CNMN%DRSHU@K/@QDCDRCD"NTQ@
3URGXWRV573
NMÜDKCNROQNCTSNRC@RDCH¢°DR13/CDRS@B@RDN@ONHNOQNCT¢NCN
#5# 5NYPTDQDTMHTL@HRCDLHMTSNRCDONDRH@CDBK@L@C@ONQBN
MGDBHC@RODQRNM@KHC@CDRMTLOQNCTSNPTDO@Q@@K¤LCDRDQCHRONMHAH
KHY@CN @N FQ@MCD OµAKHBN ENH FQ@STHS@LDMSD CHRSQHAT¨CN ODK@R DRBNK@R CD
SNCNNO@¨R
,4+3(,#( .VLWHVVVQSOOSQDBDADT@NKNMFNCDBDQB@CDLHKG°DRCDUHRH
S@RµMHB@RPTDBNQQDRONMCDL@L@HRCDLHKG°DRCDSDJHYLHZV QD@
MNS¨BH@RENH@L@HRUHRHS@C@RDFTHC@ODK@CNRBNMSDµCNRLTKSHL¤CH@TCHN
DU¨CDNDCNRCDCDRONQSN OQNFQ@L@¢NCDSDKDUHRN&TH@35DNVLWH
C@ MSDM@RNS@LA¤LLTHSNOQNBTQ@CNR
'HVHQYROYLPHQWRGH
VROX¦´HVSDUDLQWHUQHW
HSODWDIRUPDVGLJLWDLV
,QWHUQHW
$LENQ@LCDRDMUNKUHCNRCHUDQRNRVLWHVDRNKT¢°DRZHEQDRONMCDMCN
@RNKHBHS@¢°DRC@RCHUDQR@RQD@RCDOQNCT¢NCDBNMSDµCNRC@$LOQDR@
VLWHVHMRSHSTBHNM@HRDLO@QBDQH@BNLDMSHC@CDRDWSDQM@RDVLWHVCDOQNLN¢ND
CHUTKF@¢NCDOQNFQ@L@RCDSDKDUHRNDQCHNŔONQDWDLOKNQDLNCDK@¢NC@
KRPHSDJHCNVLWH13/CDRDMUNKUHLDMSNCNVLWHC@13/,DL®QH@QDLNCDK@¢N
CNVLWHC@ MSDM@VLWHCD"NLDLNQ@¢NCNR MNRC@1CHN"NMEDQ¥MBH@
/!( DL 2HMSQ@ DWONRH¢N LKH@ "NQ@¢N (MCDODMCDMSD "NLDLNQ@¢°DR CN
"DMSDMQHNC@1DOµAKHB@,TMCH@K%DRSHU@KC@"@M¢ND.ODQ@¢N3QHTM
EN/NQSTF@K@MNRCD(MSDFQ@¢N$TQNODH@DMSQDLTHSNRNTSQNR
$SOLFD¦´HVP²YHLV
/QNCT¢NCNVLWHLQSOOSO@Q@@MCQNHCSDMCNRHCNCDRDMUNKUHC@HMSDQM@
LDMSDTL@@OKHB@¢NDRODBËHB@O@Q@NDEDHSN"NMBD¢NDCDRDMUNKUHLDM
SNCNVLWHHQSOOSO@Q@H/GNMD
,QWHUQHW79
#DRDMUNKUHLDMSNCDTLZLGJHW@OKHB@¢NCD-NS¨BH@R13/DCDTLZLGJHW
CD1CHNR.MKHMDO@Q@@2@LRTMF
3URGX¦¢RY¬GHR
,QRYD¦¢RHQRYRVVHUYL¦RV
/QNCT¢NCDBNMSDµCNRCDU¨CDNORZFRVWO@Q@DLHRRNSDKDUHRHU@13/D
O@Q@OTAKHB@¢NMNVLWHŔFQ@U@¢NDLU¨CDNCDOQNFQ@L@RCDQCHNONQ
DWDLOKN$MSQDUHRS@R,@QH@%KNQ/DCQNRND/NQSTF@KDWFQ@U@¢NCDBNMSDµ
CNRDWBKTRHUNRCDBNMSHMTHC@CD@OQNFQ@L@RCDQCHN$ROKDMCNQCD/NQSTF@K
Ŕ D CHRONMHAHKHY@¢N CD BNMSDµCNR CD U¨CDN #HQD¢N CD (MENQL@¢N D @
NTSQNRPHGLD
#DRDMUNKUHLDMSN D HLOKDLDMS@¢N CD TL@ OK@S@ENQL@ SDBMNK®FHB@ PTD
ODQLHSD@BQH@¢NCDQCHNRZHESDLSHB@R
"NMBD¢N D CDRDMUNKUHLDMSN CN 13/ /K@X TL HMSDQE@BD ZHE @C@OSUDK @
UQHNRDBQRDUNB@BHNM@CNO@Q@QDRONMCDQ@NRMNUNRGAHSNRCDBNMRTLN
CDPHGLD.CDRDMUNKUHLDMSND@HLOKDLDMS@¢NDLO@QBDQH@BNLDMSHC@
CDRDWSDQM@RCDRS@MNU@QD@CDBNMSDµCNRLTKSHL¤CH@C@13/BNMSDLTL
BNMITMSNCDETMBHNM@KHC@CDRHMNU@CNQ@R@NMÜDKC@TR@AHKHC@CDDODQRNM@
KHY@¢NBNL@BDRRNCHMLHBN@L@HRCDLHKBNMSDµCNRTCHNDU¨CDN
13//K@XBTINBNMBDHSNFQEHBNENHBNNQCDM@CNODK@#HQD¢NCD,@QJDSHMF
D"NLTMHB@¢NODQLHSDMN@ODM@RN@BDRRN@TLU@RSNB@SKNFNCDBNMSDµ
CNRRQGHPDQGBNLN@DLHRR°DRCDQCHNDSDKDUHRNDLCHQDSN
$FRUGR2UWRJU ƩFR
#DRDMUNKUHLDMSNDHLOKDLDMS@¢NCNVLWHCDCHUTKF@¢NCNMNUN BNQCN.QSN
FQEHBNO@Q@@HMSQ@MDSDOQNCT¢NCDTL#5#OQNCT¢NCDEHKLDD#5#O@Q@@R
CDKDF@¢°DRBNL@RRDRR°DRCDENQL@¢NOQNLNUHC@RODKN"DMSQNCD%NQL@¢N
(LOKDLDMS@¢NCN BNQCN.QSNFQEHBNM@RQD@RDRSSHB@RCNVLWHM@HMSQ@MDS
DMNSDKDSDWSN
6ROLGDULHGDGH
%NHF@Q@MSHC@@HMSDQ@SHUHC@CDCDRTONQSDR@¢°DRCDRNKHC@QHDC@CDCDRDM
UNKUHC@RODK@RCHEDQDMSDRQD@RC@$LOQDR@@RRDFTQ@MCN@HLOKDLDMS@¢N
CNRRDQUH¢NRCD(51DC@BNLTMHB@¢NMNVLWHDW"@LO@MG@"@TR@,@HNQ
D"@LO@MG@ RRNBH@¢N2@KU@CNQ
#DRS@B@RD@D¦¢RGHVHQVLELOL]D¦¢RQR¡PELWRGR$QR(XURSHXGR&RPEDWH
3REUH]DH([FOXV¢R6RFLDO
/QNCT¢N CD TL UHCDNBKHO NQHFHM@K CN SDL@ ř/DQCHC@LDMSDŚ ONDL@ CD
%KNQADK@$RO@MB@BNLNNAIDSHUNCDRDMRHAHKHY@QNOµAKHBNO@Q@@PTDRSN
C@ONAQDY@DC@DWBKTRNRNBH@KDLCDRS@PTDDLDLBNK@ANQ@¢N
BNLN KSN"NLHRR@QH@CNO@Q@@(LHFQ@¢ND#HKNFN(MSDQBTKSTQ@K@"$1"(
.DHQ@RN!@MBNCD(MENQL@¢NCD/@HRO@Q@/@HR!(//N3D@SQN-@BHNM@K
CD2N"@QKNRDNLµRHBN)NN&HKBNLONRHSNQC@LµRHB@
ONHNCHUTKF@¢NCD@¢°DRCDRNKHC@QHDC@CDDOQNLN¢NCDDUDMSNRCD
(MRSHSTH¢°DRCDRNKHC@QHDC@CDDHMSDQDRRDOµAKHBNS@HRBNLNN!@MBN KHLDM
S@Q@%TMC@¢N/NQSTFTDR@CD"@QCHNKNFH@@ RRNBH@¢NCD2DFTQ@M¢@(ME@M
SHKDMSQDNTSQNR
,QWHUDWLYLGDGH
(LOKDLDMS@¢ND@BNLO@MG@LDMSNC@R@¢°DRCDHMSDQ@SHUHC@CDCDRTONQ
SD@OQNFQ@L@RCDSDKDUHRNŔUNS@¢°DRDO@RR@SDLONRONQ(51DBNQQDHN
DKDSQ®MHBNŔ[email protected]@¢N3QHTMENO@RR@SDLONRMNOQNFQ@L@
2®5HRSN/Q@¢@C@ KDFQH@D/NQSTF@KMN"NQ@¢N
$573DSRLRX
D¦´HVGHVROLGDULHGDGH
HSURPR¦¢RGHHYHQWRV
GHLQVWLWXL¦´HV
GHVROLGDULHGDGH
HLQWHUHVVHS¹EOLFR
"$22(!(+(# #$2
8PD5 GLRH7HOHYLV¢RSDUDWRGRV
$FHVVLELOLGDGHVOQNLNUDQ@HMSDFQ@¢NRNBH@KC@RODRRN@RBNLCDEHBH¥M
BH@CDRDMUNKUDMCNTL@DRSQ@S¤FH@CDDWHAH¢ND@C@OS@¢NCDBNMSDµCNR
M@ROK@S@ENQL@RCNNODQ@CNQCDRDQUH¢NOµAKHBNCHQHFHCNR@OµAKHBNRBNL
MDBDRRHC@CDRDRODBH@HRM@SDKDUHRNDM@QCHN
13/CDS¤LTL@ONRH¢NCDKHCDQ@M¢@C@NEDQS@CDRDQUH¢NRM@QD@C@R
@BDRRHAHKHC@CDR
&RQWH¹GRVSDUD
FLGDG¢RVVXUGRVRXFRP
GHƩFL©QFLDVDXGLWLYDV
&RQWH¹GRV
SDUDFLGDG¢RVFHJRV
RXDPEO¬RSHV
&RQWH¹GRVSDUD
FLGDG¢RVFRP
QHFHVVLGDGHVHVSHFLDLV
/HJHQGDJHPHPSRUWXJX©V
$XGLRGHVFUL¦¢R
$LHRR°DRDWODQHLDMS@HR
3URJUDPDVGHWHOHYLV¢R
/¬QJXDJHVWXDO
7HOHWH[WR573
3URJUDPDVGHU GLR
/HJHQGDJHPHPGLUHWR
ZZZUWSSW
$RSDRRDQUH¢NRUHR@LNEDQDBDQTLBNMITMSNCDBNMSDµCNR@C@OS@CNROQN
BTQ@MCN@RRDFTQ@QSDMCDMBH@KLDMSDRODRRN@RBNLCDEHBH¥MBH@NRLDR
LNRCHQDHSNRCNRCDL@HR
Ş@BDRRNTMHUDQR@KRDLMDBDRRHC@CDCDQDBNQQDQ@DPTHO@LDMSNDRODBËHBN
ŞRDLBTRSNR@CHBHNM@HR
ŞRHRSDL@RMNHLONRHSHUNRODQLHSHMCNN@BDRRNRETMBHNM@KHC@CDRCHRON
MÜDHRDLETM¢NC@RQDRODSHU@RMDBDRRHC@CDR
ST@KLDMSD@13/@RRDFTQ@NRRDFTHMSDRSHONRCDRDQUH¢NRCHQHFHCNR@Oµ
AKHBNRBNLMDBDRRHC@CDRDRODBH@HR
/HJHQGDJHPHPSRUWXJX©V
/¬QJXDJHVWXDO
3URJUDPDVGHWHOHYLV¢R
ZZZUWSSW
7HOHWH[WR573
$XGLRGHVFUL¦¢R
$LHRR°DRDWODQHLDMS@HR
+DFDMC@FDLCDOQNFQ@L@RDLONQSTFT¥RMNLAHSNC@#DKHADQ@¢N
C@$1"ITKL@HRCDGNQ@RRDL@M@HR 13/SDLUHMCN@
HMBQDLDMS@QNMµLDQNCDOQNFQ@L@RKDFDMC@CNR@RRHLBNLN@QDR
ODSHU@ SDLSHB@ HMENQL@¢N CNBTLDMSQHN HME@MSHK DMSQDSDMHLDM
SNCHUTKF@¢NDSBCHQHFHCNR@BHC@CNRRTQCNRNTBNLCDEHBH¥MBH@
@TCHSHU@
KRUDV
KRUDV
+DFDMC@FDMROQDO@Q@C@R
+DFDMC@FDL@TSNLSHB@
/HJHQGDJHPGHSURJUDPDVHPSRUWXJX©V
5@KNQ@OQNWHL@CN
&RQVWDWDVHXPDXPHQWRGHUHODWLYDPHQWHDRDQR
)RUDP
SURGX]LGDV
KRUDVGHOHJHQGDJHP
GHSURJUDPDV
HPSRUWXJX©V
/QNFQ@L@R DL K¨MFT@ FDRST@K MN LAHSN C@ #DKHADQ@¢N C@ $1" ITK
CHQHFHCNR@BHC@CNRRTQCNRNTBNLCDEHBH¥MBH@@TCHSHU@
$WHAH¢NCNOQNFQ@L@CDSDKDUHRN"NMRHFNSNCNRNRCNLHMFNRR
M@13/CHQHFHCNDRODBH@KLDMSD@BHC@CNRBNLMDBDRRHC@CDRDRODBH@HR
6LWH13/BNMBDAHCNCD@BNQCNBNL@RMNQL@RCD@BDRRHAHKHC@CD1DRN
KT¢NCN"NMRDKGNCD,HMHRSQNRMxCDCD@FNRSNPTDUHR@L
@RRDFTQ@Q@HMENQL@¢NCHRONMÜDKM@HMSDQMDS@BHC@CNRBNLMDBDRRH
C@CDRDRODBH@HRMNLD@C@LDMSDBDFNRD@LAK¨NODR
5DQRN@C@OS@C@CNSDKDSDWSN13/MNVLWHODQ
LHSHMCN@NRBHC@CNRBDFNRNT@LAK¨NODRN
@BDRRN@SNCNRNRBNMSDµCNRCNSDKDSDWSN
2HRSDL@CDUNB@KHY@¢NCHMLHBNCDBNMSDµ
CNRZHEODQLHSHMCNřNTUHQŚ@RMNS¨BH@RCHR
ONMHAHKHY@C@RMNVLWH13/
TCHNCDRBQH¢NRHRSDL@CDRDMUNKUHCNODK@
13/ BNL @ BNK@ANQ@¢N C@ " /. DLHRRN
RHLTKSMD@M@SDKDUHRNDM@QCHN., C@O
S@¢NCDR¤QHDRSDKDUHRHU@RBNLNN"NMS@LD
"NLN%NHNTN/@H%NQ¢@ONQDWDLOKN
"NL @ HLOKDLDMS@¢N CD MNUNR RDQUH¢NR @
1CHND3DKDUHRNCD/NQSTF@KBNMRNKHC@@RT@
UNB@¢NCDRDQUH¢NOµAKHBN
Ş@TLDMS@ @ NEDQS@ CD BNMSDµCNR @C@OS@CNR
O@Q@ODRRN@RBNLMDBDRRHC@CDRDRODBH@HR
ŞHMSQNCTY MNUNR RDQUH¢NR @KFTMR CD B@QBSDQ
HMNU@CNQ CD ENQL@ FQ@STHS@ D RDL MDBDRRH
C@CDCDPT@HRPTDQDPTHO@LDMSNRNTHMUDRSH
LDMSNRONQO@QSDCNOµAKHBN
ŞBNMSQHATHO@Q@TL@UDQC@CDHQ@HMSDFQ@¢NRN
BH@KODQLHSHMCNPTDMNRDHNC@E@L¨KH@SNCNR
O@QSHKGDL C@R LDRL@R DWODQH¥MBH@R DL RH
LTKSMDNDMNLDRLNDRO@¢NE¨RHBN
-NCNL¨MHNC@OQNCT¢NCDBNMSDµCNR@C@OS@
CNRO@Q@BHC@CNRBNLMDBDRRHC@CDRDRODBH@HR
CDEHBHDMSDR @TCHSHUNR D UHRT@HR C@ QDRONMR@
AHKHC@CD CN &@AHMDSD CD ,TKSHL¤CH@ ENQ@L
OQNCTYHC@R GNQ@R CD KDFDMC@FDL CD
OQNFQ@L@RDLONQSTFT¥RRDMCNGNQ@RCD
KDFDMC@FDLOQDO@Q@C@DGNQ@RCDKDFDM
C@FDL@TSNLSHB@QDFHRS@MCNRDTL@TLDMSN
M@NQCDLCNRDLQDK@¢N@N@MN@MSDQHNQ
KDFDMC@FDL @TSNLSHB@ O@RRNT @ RDQ QD@
KHY@C@ DL SNCNR NR OQNFQ@L@R CD HMENQL@¢N
DLCHQDSNC@13/DC@13/ODQLHSHMCNON
OTK@¢N RTQC@ NT BNL MDBDRRHC@CDR @TCHSHU@R
DRODBH@HR TL L@HNQ @BDRRN @NR BNMSDµCNR CD
HMENQL@¢NC@13/
-@ QD@ C@ @TCHNCDRBQH¢N ENQ@L @C@OS@C@R
BDQB@ CD GNQ@R CD BNMSDµCNR CD SDKDUHRN
O@Q@BHC@CNRBDFNRNTBNLCDEHBH¥MBH@UHRT@K
L@MSDMCNNVWDQGDUGCDOQNCT¢NCN@MN@M
SDQHNQRDMCN@RRDFTQ@C@@@TCHNCDRBQH¢NC@DLHRRNCDCT@RR¤QHDRCD
EHB¢NRDL@M@KOQNCTYHC@RODK@13/
#N PTD @SQR ENH CDRBQHSN QDK@SHU@LDMSD KDFDMC@FDL ONCDLNR @FNQ@
CHRBQHLHM@Q DRRDR LDRLNR U@KNQDR DL SDQLNR CD L¤CH@ ADL BNLN NR
QDEDQDMSDR@TCHNCDRBQH¢NPTDQDLPTDQNRC@CNRBNLO@Q@SHUNR
DL RRHL
Ş$L ENQ@L OQNCTYHC@R GLR CD KDFDMC@FDL CD OQNFQ@
L@RDLONQSTFT¥RRDMCNGLRCDKDFDMC@FDLOQDO@Q@C@
CN SNS@K D GLR CD KDFDMC@FDL @TSNLSHB@ CN SNS@K
%NQ@L OQNCTYHC@R GLR CD BNMSDµCNR CD SDKDUHRN BNL @TCHN
CDRBQH¢NO@Q@BHC@CNRBDFNRNTBNLCDEHBH¥MBH@UHRT@KRDMCNS@LA¤L
@RRDFTQ@C@@@TCHNCDRBQH¢NC@DLHRRNCDCT@RR¤QHDRCDEHB¢N
3URGX¦¢R573
&DQDLV
0¨GLDVHPDQDO
0¨GLDPHQVDO
+DFDMC@FDLRIIOLQH
13/
13/
GL
GL
GL
GL
+DFDMC@FDL@TSNLSHB@
13/
13/
GL
GL
GL
GL
+DFDMC@FDLSNS@K
13/
13/
GL
GL
GL
GL
TCHNCDRBQH¢N
13/
GL
GL
Ş1DK@SHU@LDMSD@DMNPTDBNMBDQMDOQNCT¢NCDBNMSDµCNR@C@O
S@CNRO@Q@BHC@CNRBNLMDBDRRHC@CDRDRODBH@HRCDEHBHDMSDR@TCHSHUNRD
UHRT@HRENQ@LOQNCTYHC@RGNQ@RCDKDFDMC@FDLCDOQNFQ@L@RDL
ONQSTFT¥RRDMCNGNQ@RCDKDFDMC@FDLOQDO@Q@C@CNSNS@K
DGNQ@RCDKDFDMC@FDL@TSNLSHB@CNSNS@K%NQ@LOQN
CTYHC@R GNQ@R CD BNMSDµCNR CD SDKDUHRN BNL @TCHNCDRBQH¢N O@Q@
BHC@CNRBDFNRNTBNLCDEHBH¥MBH@UHRT@KRDMCN@RRDFTQ@C@S@LA¤L@
@TCHNCDRBQH¢NC@DLHRRNCDCT@RR¤QHDRCDEHB¢N
3URGX¦¢R573
&DQDLV
0¨GLDVHPDQDO
0¨GLDPHQVDO
+DFDMC@FDLRIIOLQH
13/
13/
GL
GL
GL
GL
+DFDMC@FDL@TSNLSHB@
13/
13/
GL
GL
GL
GL
+DFDMC@FDLSNS@K
13/
13/
GL
GL
GL
GL
TCHNCDRBQH¢N
13/
GL
GL
".,4-(" ~.$$-5.+5(,$-3.
".,.267$.(+2/'(56
(P
R*DELQHWHGR3URYHGRU
GR7HOHVSHFWDGRU
UHFHEHXFHUFD
GHPHQVDJHQV
BNLTMHB@¢NDNDMUNKUHLDMSNBNLNRVWDNHKROGHUVDRODBHEHB@LDMSD
BNMRTLHCNQDR D TSHKHY@CNQDR @ PTDL @ $LOQDR@ OQDRS@ RDQUH¢NR PTDQ M@
RT@@SHUHC@CDBNLDQBH@KPTDQM@PT@KHC@CDCDRDQUH¢NOµAKHBN¤TLCNR
OHK@QDRC@RNQHDMS@¢°DRCDFDRSNO@Q@@RDLOQDR@RPTDRDPTDQDLDRD
BNMRHCDQ@LRNBH@KLDMSDQDRONMRUDHR
-@RT@@SHUHC@CDCD&DRSND,@QJDSHMF@13/DK@ANQ@HVWXGRVGHPHU
FDGR@TRBTKS@MCNNRMÜDHRCDR@SHRE@¢NC@RDWODBS@SHU@RCNRRDTRBNM
RTLHCNQDR@SQ@U¤RCNROQNCTSNR3DKDUHRND1CHNPTDBNLTMHB@CHQD
S@LDMSDBNLDRSDRVWDNHKROGHUV /LQKDGH$WHQGLPHQWRDNVLWHC@13/
RNLDHNRDLCDRS@PTDO@Q@TL@BNLTMHB@¢NCHQDS@BNLNBNMRTLHCNQ
.R 3URYHGRUHV GR 2XYLQWH H GR 7HOHVSHFWDGRU ODKNR RDTR DRS@STSNR D
BNLODS¥MBH@RNBTO@LTLKTF@QOQHUHKDFH@CNONQRDQDLONSDMBH@KLDMSD
NRHMSDQKNBTSNQDRCHQDSNRCDSNCNR@PTDKDRPTDPTDQDLL@MHEDRS@Q@RT@
NOHMHNDMPT@CQ@MCNNRBNMSDµCNRD@RT@@MKHRDMNROQNFQ@L@RDROD
BËHBNRBQH@CNRO@Q@NDEDHSND@SQ@U¤RC@HMSDQBNLTMHB@¢NHMSDQM@BNL@
#HQD¢NCD/QNFQ@L@RDCD(MENQL@¢N
(VWXGRVGHPHUFDGR
-@QD@CDDRSTCNRCDLDQB@CNNENBNBDMSQNTRDM@@U@KH@¢NCNLDQB@CN
DCNRB@M@HRCDSDKDUHRNCNONQSDE®KHN13/%NH@RRHLDRSTC@CNNQDK@BHNM@
LDMSNCNRBNMRTLHCNQDRBNL@SDKDUHRNDLSDQLNRCD@SHSTCDDBNLONQ
S@LDMSNRDS@LA¤L@RHL@FDMRCNRUQHNRB@M@HR-@ODQRODSHU@CNOQNCTSN
ŞB@Q@BSDQHY@¢NCNRBNMRTLHCNQDRC@RL@QB@RFDMDQ@KHRS@RDC@RL@QB@R
ONQRTARBQH¢N
ŞQ@Y°DRCDR@SHRE@¢NOQDEDQ¥MBH@ONQB@M@HRFDMDQ@KHRS@RONQRTARBQH¢N
SQHATSNRL@HRDLDMNRU@KNQHY@CNR
ŞB@Q@BSDQHY@¢NCNRBNMRTLHCNQDRCDOQNFQ@L@RCDHMENQL@¢NDCDOQN
FQ@L@RCDDMSQDSDMHLDMSN
ŞQ@Y°DRCDR@SHRE@¢NOQDEDQ¥MBH@ONQOQNFQ@L@RCDHMENQL@¢NOQNFQ@L@R
CDDMSQDSDMHLDMSN SQHATSNRL@HRDLDMNRU@KNQHY@CNR
/NQEHLENQ@LCDRDMUNKUHCNRNROQHLDHQNRDRSTCNRBNLB@QBSDQQDFTK@Q
RNAQD@OQDRDM¢@C@13/M@HMSDQMDSBNMSQHATHMCNL@HRTL@UDYO@Q@@CD
PT@Q@NEDQS@@NBNMRTLHCNQBHC@CN
3URYHGRUHV
. /QNUDCNQ CN .TUHMSD D N /QNUDCNQ CN 3DKDRODBS@CNQ RN CDRHFM@CNR
DMSQD ODRRN@R CD QDBNMGDBHCNR L¤QHSN OQNEHRRHNM@K BQDCHAHKHC@CD D HMSD
FQHC@CDODRRN@KBTI@@SHUHC@CDMNRµKSHLNRBHMBN@MNRSDMG@RHCNDWDQBH
C@M@QD@C@BNLTMHB@¢N&NY@LCDHMCDODMC¥MBH@E@BD@NR®QFNRD
DRSQTSTQ@RC@BNMBDRRHNMQH@CNRDQUH¢NOµAKHBNCDQCHNDCDSDKDUHRND
QDRODSHUNRNODQ@CNQDRRDLOQDITŸNC@QDLTMDQ@¢NPTDKGDR¤CDUHC@
&RPSHWHDR3URYHGRUGR2XYLQWHHDR3URYH
GRUGR7HOHVSHFWDGRU
ŞQDBDADQ D @U@KH@Q @ ODQSHM¥MBH@ CD PTDHW@R D
RTFDRS°DR CNR NTUHMSDR D SDKDRODBS@CNQDR
RNAQDNRBNMSDµCNRCHETMCHCNRD@QDRODSHU@
ENQL@CD@OQDRDMS@¢NODKNRRDQUH¢NROµAKH
BNRCDQCHNDCDSDKDUHRN
ŞOQNCTYHQO@QDBDQDRRNAQD@RPTDHW@RDRTFDR
S°DRQDBDAHC@RCHQHFHMCNNR@NR®QFNRCD@C
LHMHRSQ@¢N D @NR CDL@HR QDRONMRUDHR UHR@
CNR HMC@F@Q D ENQLTK@Q BNMBKTR°DR RNAQD NR
BQHS¤QHNR@CNS@CNRDNRL¤SNCNRTSHKHY@CNRM@
DK@ANQ@¢ND@OQDRDMS@¢NC@OQNFQ@L@¢ND
C@HMENQL@¢NCHETMCHC@RODKNRRDQUH¢NROµ
AKHBNRCDQCHNDCDSDKDUHRN
ŞSQ@MRLHSHQ @NR NTUHMSDR D SDKDRODBS@CNQDR NR
RDTR O@QDBDQDR RNAQD NR BNMSDµCNR CHETMCH
CNRODKNRRDQUH¢NROµAKHBNRCDQCHNDCDSD
KDUHRN
Ş@RRDFTQ@Q@DCH¢NMNROQHMBHO@HRRDQUH¢NRCD
OQNFQ@L@R CD TL OQNFQ@L@ RDL@M@K RNAQD
L@S¤QH@R C@ RT@ BNLODS¥MBH@ BNL TL@ CT
Q@¢NL¨MHL@CDLHMTSNR@SQ@MRLHSHQDL
GNQQHN@CDPT@CN
"@C@/QNUDCNQCHRO°DCNRDTOQNFQ@L@RDL@M@K(P1RPHGR2XYLQWH
MNB@RNC@QCHND@$9R]GR&LGDG¢RMNC@SDKDUHRN2N@LANRDLH
SHCNRMNRCHUDQRNRB@M@HRCDQCHNDSDKDUHRNC@13/1DK@SHU@LDMSD@N
OQNFQ@L@$9R]GR&LGDG¢RPTDSDUDTLODQ¨NCNCDHMSDQQTO¢NC@CN
NOQNBDRRNDLBTQRNCDMNLD@¢NCDMNUN/QNUDCNQENQ@L@RRDFTQ@
C@RL@HRCDGNQ@RCDSDKDUHRNRNAQDNRNHSNB@M@HRC@13/%NQ@L
S@LA¤L@RRDFTQ@C@RL@HRCDGNQ@RCDDLHRRNCDQCHN
.RQDK@S®QHNR@MT@HRC@RT@@SHUHC@CDRN@OQDRDMS@CNR$MSHC@CD1D
FTK@CNQ@O@Q@@"NLTMHB@¢N2NBH@KADLBNLN@N"NMRDKGNCD CLH
MHRSQ@¢NC@13/DDRSNCHRONMÜDHRM@OFHM@CN/QNUDCNQCN.TUHMSD
DM@OFHM@CN/QNUDCNQCN3DKDRODBS@CNQ@KNI@C@RDLZZZUWSSW
'XUDQWHIRUDPUHFHELGDVFHUFDGHPHQVDJHQVGHWHOHVSHFWD
GRUHVHPHQVDJHQVGHRXYLQWHV
7HOHVSHFWDGRUHV
D5HJLVWRGHPHQVDJHQVUHFHELGDVQR*DELQHWHGH$SRLRDR3UR
YHGRU*$3
#TQ@MSD N @MN ENQ@L HQYLDGDV O@Q@ N /QNUDCNQ CN 3DKDRODBS@
CNQC@13/DO@Q@N& /BNMENQLDNQDFHRSN@OTQ@CNMN&#NB
LDMR@FDMR QDRODSHU@LDMSD SRU FRUUHLR HOHWU²QLFR H SRU
FRUUHLRHSLVWRODU
E3HUƩOVRFLRJU ƩFRGRVWHOHVSHFWDGRUHV
./QNUDCNQCN.TUHMSDDN/QNUDCNQCN3DKDRODB
S@CNQCDUDLNTUHQN#HQDSNQCD(MENQL@¢NNTN
#HQDSNQCD/QNFQ@L@¢NBNMRN@MSD@L@S¤QH@DL
@OQD¢ND@RODRRN@R@KUNCDPTDHW@RNTRTFDR
S°DROQDUH@LDMSD@CN¢NCDO@QDBDQDROQNBD
CDMCNCHUTKF@¢NC@RQDRODSHU@RNOHMH°DR
.R O@QDBDQDR D @R BNMBKTR°DR QDEDQHCNR RN
RDLOQD BNLTMHB@CNR @NR QDRONMRUDHR ODKNR
RDQUH¢NRDODRRN@RUHR@CNR
.RQDK@S®QHNR@MT@HRCN/QNUDCNQCN.TUHMSDDCN
/QNUDCNQCN3DKDRODBS@CNQCDUDLRDQDMUH@CNR
$MSHC@CD1DFTK@CNQ@O@Q@@"NLTMHB@¢N2NBH@K
/QNUDCNQH@C@1CHNDC@3DKDUHRNCD/NQST
F@KENHBQH@C@MNHM¨BHNCDMNRSDQLNRCN
CHRONRSNMN@QSxC@+DHMx
*¨QHUR
$MUH@Q@L LDMR@FDMR O@Q@ N /QNUDCNQ L@HR SDKDRODBS@CNQDR CN F¤MDQN
RDWNL@RBTKHMNCNPTDCNF¤MDQNEDLHMHMN
)DL[DHW ULD
1DK@SHU@LDMSD CHRSQHATH¢N ONQ E@HW@ DSQH@ BNMSHMT@ @ QDFHRS@QRD PTD
DLQDFQ@NRSDKDRODBS@CNQDRPTDSNL@Q@L@HMHBH@SHU@CDL@HRRDCHQHFHQDL
@N/QNUDCNQRNNRL@HNQDRCD@MNR
$RR@ ODQBDMS@FDL @BDMST@RD MN BNMITMSN C@PTDKDR SDKDRODBS@CNQDR HM
BNQONQ@CNRMNFQTONCNR@NRDL@HR@MNR KHRDRSDRC@CNRBNM
EDQDLBNL@PTDKDRPTDNRDRSTCNRCD@TCH¥MBH@QDUDK@LMNPTDQDRODHS@
13/
(FT@KLDMSDDLQDEDQ¥MBH@@NRMÜDHRCDDRBNK@QHC@CDBNMENQLDIDQ@MN
S®QHNMNR@MNR@MSDQHNQDR@FQ@MCDL@HNQH@CNRSDKDRODBS@CNQDRHMCHB@L
MNENQLTKQHNONRRT¨QDLNTRDQDLEQDPTDMS@CNQDRCNDMRHMNRDBTMCQHN
NTRTODQHNQ
G'LVWULEXL¦¢RSRU UHDVHUYL¦R
1¬YHLVGHHVFRODULGDGH
$MRHMNARHBN
#HQD¢NCD(MENQL@¢N
$MRHMNRDBTMCQHN
#HQD¢NCD/QNFQ@L@R
$MRHMNRTODQHNQ
#HQD¢NCD"@M@K
-NR@ADKDQDRBQDUDQ
-NDRODBHEHB@CN
7RWDO
=RQDJHRJU ILFD
RQDFH°DRCD+HRAN@D/NQSNBNMSHMT@LEQDM
SDNPTD¤M@STQ@KC@C@@ODQBDMS@FDLONOT
K@BHNM@KCDRR@RFQ@MCDRYNM@RRNAQDNQDRS@MSD
SDQQHS®QHNM@BHNM@K
&T@QC@D!Q@F@RNS@LA¤LBHC@CDRBNLFQ@M
CDOQDRDM¢@#@R1DFH°DR TS®MNL@RC@,@CDH
Q@DCNR ¢NQDRBNLNUDL@BDMST@CNMNR@MNR
@MSDQHNQDR¤DRB@RRNNMµLDQNCDLDMR@FDMR
#DRS@PTDRD BNMSTCN PTD DRS@R QDFH°DR S¥L
ODQ¨NCNRCDDLHRRNOQ®OQH@DRNONQUDMSTQ@
NRřBNMSDµCNRŚCDRSDODQ¨NCNPTDL@HRHMSDQDR
R@L@NRQDRHCDMSDRM@PTDKDRDRO@¢NRQDFHNM@HR
F'LVWULEXL¦¢RSRUFDQDO
TSNQDRBNK@ANQ@CNQDR
)NQM@KHRS@R
|QD@S¤BMHB@
,TKSHL¤CH@
QPTHUN
/QNUDCNQ
-NDRODBHEHB@CN
7RWDO
13/ ¢NQDR
13/,@CDHQ@
13/|EQHB@
13/(MSDQM@BHNM@K
13/,DL®QH@
13/13/,NAHKD
,@HRCNPTDTLB@M@K
-NDRODBHEHB@CN
7RWDO
H7LSRGHPHQVDJHP
"Q¨SHB@
#µUHC@
0TDHW@
2@SHRE@¢N
2TFDRSN
7RWDO
13/
+NBTSNQDR@OQDRDMS@CNQDR
-NDRODBHEHB@CN
13/
$LQWHUFRPXQLFD¦¢RLQWHUQD
4L@C@R@¢°DRONQUDMSTQ@CDL@HNQOQNUDHSNO@Q@@DEHBH¥MBH@CNO@ODK
CDTL/QNUDCNQITMSNCNRCHQDSNQDRDQDRONMRUDHRC@HMENQL@¢NDOQN
FQ@L@¢NC@13/¤@BNLTMHB@¢NCNBNMSDµCNC@RLDMR@FDMRL@HRODQ
SHMDMSDRQDBDAHC@RMN& /BNL@RBQ¨SHB@RBNLDMSQHNRRTFDRS°DRDKNFHNR
D PTDHW@R @OQDRDMS@CNR ODKNR SDKDRODBS@CNQDR #DRSD LNCN O@Q@ @K¤L
C@PTDK@RřPTDHW@RŚBK@RRHEHB@C@RODKN/QNUDCNQBNLNřPTDHW@RENQL@HRŚD
PTDCN@YN@HMC@F@¢°DRNTHMSDQODK@¢°DRS@LA¤LENQL@HR¤G@AHST@K
LDMSDDMUH@CNO@Q@NR#HQDSNQDRCD(MENQL@¢ND/QNFQ@L@¢NTLDWSQ@SN
NTONQUDYDR@OQ®OQH@B®OH@MNHCDMSHEHB@C@@ODCHCNCNRSDKDRODBS@
CNQDRCNRDL@HKRNTB@QS@RQDBDAHCNR-@KFTMRB@RNRDWBDBHNM@HRDRR@R
LDMR@FDMRONCDLLDRLNRDQDMUH@C@RCHQDS@LDMSD@NROQNEHRRHNM@HRUH
R@CNR,@RQDFQ@FDQ@KN/QNUDCNQ@ODM@RCBNMS@@NR#HQDSNQDRB@ADMCN
@DRSDR@RDPT¥MBH@PTDDMSDMCDQDLC@Q@DRR@RBQ¨SHB@RBNLDMSQHNRCNR
SDKDRODBS@CNQDR
2XYLQWHV
D'LVWULEXL¦¢RSRUDQWHQDV
#TQ@MSD N @MN N &@AHMDSD CN /QNUDCNQ
CN .TUHMSD QDBDADT TL WRWDO GH PHQVD
JHQV IRUPDLV GH RXYLQWHV FRP TXHVW´HV GL
YHUVDVRNAQD@RDLHRR°DRC@RRDSDDRS@¢°DRCD
RDQUH¢NOµAKHBNCDQ@CHNCHETRN
$RSD MµLDQN QDOQDRDMS@ TL@ BNMRHCDQUDK CH
LHMTH¢N QDK@SHU@LDMSD @NR @MNR @MSDQHNQDR
EHB@MCN LDRLN @A@HWN CN MµLDQN CD
LDMR@FDMRTL@SDMC¥MBH@PTDON
CDQ ODQBDADQRD ODKN QDBTQRN B@C@ UDY L@HNQ
C@RDRS@¢°DRDCNROQNEHRRHNM@HRC@1#/RQD
CDRRNBH@HRBNLNRD@M@KHR@MNTSQNKNB@K
N KNMFN CD N UNKTLD C@ BNQQDRONM
C¥MBH@ QDBDAHC@ QDOQDRDMS@ TL@ CHLHMTH¢N
CDQDK@SHU@LDMSD@#DUDONQ¤L
QDFHRS@QRDPTDDRRD@MNSHMG@QDFHRS@CNTL@T
LDMSN BNMRHCDQUDK CNR BNMS@BSNR CNR NTUHM
SDRE@BD@@MNDLPTDNSNS@KCD
LDMR@FDMRMNTKSQ@O@RRNT@R
$L SDQLNR ODQBDMST@HR DL N &@AHMDSD
CN /QNUDCNQ QDFHRSNT DL P¨GLD GL ULD PHQVDJHQV HVFULWDV HQYLDGDV SRU RXYLQWHV
NPTDQDOQDRDMS@TL@PTDAQ@CDQDK@SHU@
LDMSD@
$QWHQD
E3HUƩOVRFLRJU ƩFRGRVRXYLQWHV
L@HNQH@CNRNTUHMSDRPTDRDCHQHFDL@N/QNUDCNQRNCNVH[RPDVFXOLQR
S¥LPDLVGHDQRVDUHUDLL@HNQHS@QH@LDMSDMNRCHRSQHSNR
CNKHSNQ@KDMNRFQ@MCDRBDMSQNRTQA@MNRŔTL@UDYL@HRS@LA¤L@PTHRD
L@MS¤LHM@KSDQUDK@SDMC¥MBH@UDQHEHB@C@@NKNMFNCNR@MNR
$LQDK@¢N@N@MN@MSDQHNQUDQHEHB@RDTL@TLDMSNRTARS@MBH@KCNRBNQQDRONM
CDMSDRBNL@MNRNTLDMNRO@RRNTCDO@Q@DCNRPTDS¥L
@MNRNTL@HRO@Q@@NO@RRNPTDMNRQDRS@MSDRDRB@K°DRMNRDUDQH
EHB@Q@LNRBHK@¢°DRLTHSNRHFMHEHB@SHU@RQDK@SHU@LDMSD@NTSQNRODQ¨NCNR
.R MÜDHR CD DRBNK@QHC@CD CDBK@Q@CNR RN MN L¨MHLN RTQOQDDMCDMSDR
,THSN DLANQ@ @ODM@R CNR NTUHMSDR PTD DRBQDUDQ@L @N /QNUDCNQ
SDMG@L@RRHM@K@CN@DRBNK@QHC@CDCDRSDR@FQ@MCDL@HNQH@@EHQL@
ONRRTHQDCTB@¢NCDQ¬YHOXQLYHUVLW ULR#NRQDRS@MSDRCDBK@Q@Q@L
ONRRTHQDRSTCNRRDBTMCQHNRDNDMRHMNARHBN
0T@MSN CHRSQHATH¢N C@R LDMR@FDMR CD @BNQCN BNL @ NQHFDL FDNFQEHB@
UDQHEHB@RDTL@LDKGNQCHRSQHATH¢NODKNSDQQHS®QHNM@BHNM@KBNLO@Q@SHU@LDMSD
BNL@MNR@MSDQHNQDR RQDFH°DRCD/LVERDH3RUWRITMS@REHB@L@A@HWNCNR
GRWRWDOBNMSQ@L@HRCDDLRDFTHMCNRD2DSµA@KBNLD
!Q@F@%@QN UDHQND"NHLAQ@H[§TXRBNLRNNRCHR
SQHSNRPTDRDRDFTDL3NCNRNRNTSQNREHB@L@A@HWNCNRONMSNRODQBDMST@HR
MSDM@
MSDM@
MSDM@
5HMB@C@LDMSDBQ¨SHB@RM@FDMDQ@KHC@CD@RLDMR@FDMRQDBDAHC@RD@M@KH
R@C@RODKN/QNUDCNQCHRSQHAT¨Q@LRDODK@RCHUDQR@RQD@RCDLNCNRDLD
KG@MSD@NPTDSDLRTBDCHCNMNRBHMBN@MNRCDDWHRS¥MBH@CNR/QNUDCNQDR
CNRDQUH¢NOµAKHBNCDQCHNDSDKDUHRN
1#/(MSDQM@BHNM@K
1#/|EQHB@
1#/,@CDHQ@
1#/ ¢NQDR
2*DELQHWHGR
3URYHGRUGR2XYLQWH
UHFHEHXXPWRWDOGH
PHQVDJHQVIRUPDLV
GHRXYLQWHVFRP
TXHVW´HVGLYHUVDV
9. PRESTAÇÃO DE SERVIÇOS AOS STAKEHOLDERS
Os arquivos da RTP que disponibilizam conteúdos audiovisuais a entidades externas e a indivíduos, através da comercialização dos mesmos ou
de acordos com base em parcerias/protocolos, contribuem diretamente
para a sustentabilidade social, fomentando a preservação, divulgação e
acessibilidade à informação e à cultura. Com a mesma ética empresarial,
encontram-se as atividades da área de documentação e museologia, ao
serviço de um vasto leque de utilizadores internos e externos – estudantes, investigadores, comunidade científica e cultural em geral.
Através da legendagem de programas, dinamização de ações de formação,
coprodução de programas e eventos, entre outras colaborações, a RTP estabelece atividades de cooperação, realizando protocolos com as televisões e rádios de Angola, Moçambique, Cabo Verde, São Tomé e Príncipe e
Timor-Leste.
9.1. Gabinete Museológico e
Documental
O Gabinete Museológico e Documental (GMD) foi criado em junho de 2009,
integrando o Serviço Museológico e Documental (SMD). A atividade do GMD/
SMD centra-se em duas áreas distintas e complementares – museológica e documental: área museológica e área da documentação e arquivo histórico.
9.1.1. Museológico e documental
No decurso de 2010, a RTP deu continuidade ao desenvolvimento da área
de documentação e museologia com vista à sua consolidação e afirmação,
constituindo um importante contributo para a concretização da missão de
serviço público da Rádio e Televisão de Portugal.
A área de documentação (Biblioteca, Centro de Informação e Documentação, Arquivo Histórico, Arquivo de Música Escrita) manteve um leque
de atividades que permitiram avaliar, selecionar e incorporar novos conjuntos documentais, manter e melhorar os serviços prestados, e aumentar e diversificar o leque de utilizadores internos e externos (orquestras,
investigadores, estudantes do ensino superior, e comunidade científica
e cultural em geral).
Merecem particular destaque, na área documental, a conclusão da organização do Fundo RDP e a constituição e disponibilização da respetiva base de dados na internet; o apoio à investigação, no âmbito
de teses de doutoramento e de mestrado e também a digitalização da
totalidade das partituras autógrafas de música portuguesa do Arquivo
de Música Escrita.
Na área de museologia foi dada continuidade a um conjunto de ações com
a finalidade de proteger, preservar e divulgar os aparelhos de realização,
difusão e receção da história da rádio e da televisão, sem esquecer
64
A RTP continuou
a desenvolver a área
de documentação
e museologia com vista
à sua consolidação
e afirmação.
alguns dos momentos mais marcantes da produção de conteúdos radiofónicos e televisivos, possibilitando aos diversos públicos a oportunidade de contactar com algumas das mais emblemáticas peças e
conteúdos que constituem um testemunho da história da rádio e da
televisão em Portugal.
Regista-se de seguida o número de visitantes aos vários módulos que integram a área de museologia:
• a nova Coleção Visitável Museológica de Rádio e de Televisão recebeu
6.964 visitantes, com predominância para o público escolar;
• o Museu Virtual registou 169.269 visitas, provenientes de 128 países (88% de Portugal), que conduziram à visualização de um total de
1.221.286 páginas, com uma média de 7,22 páginas por visitante. No
mesmo período registou-se um tempo médio de permanência no site de
2 minutos e 44 segundos, uma percentagem de novas visitas de 79,39%
e uma taxa de abandono de somente 0,51%;
• o Núcleo Museológico da Madeira, encerrado temporariamente desde o
final de maio devido à execução da empreitada de remodelação parcial
do Centro Regional da Madeira, registou 237 visitas, com predominância
para o público escolar;
• a Reserva Visitável recebeu 67 especialistas e investigadores.
Finalmente, salienta-se, no domínio da museologia:
• a conclusão da organização da Reserva Técnica, constituída por cerca de
2.500 peças de rádio e de televisão;
• a atualização de conteúdos do Museu Virtual;
• a elaboração de textos e a seleção de fotografias para o guião de acompanhamento de visitas à Coleção Museológica;
• a continuidade em novas incorporações, muitas delas fruto de doações
de particulares, que respondem de forma especialmente positiva à relevância social de todo o projeto museológico;
• a prossecução de ações de conservação e restauro de peças museológicas;
• a abertura da loja RTP no espaço da Coleção Museológica;
• o aprofundamento de parcerias externas com instituições congéneres,
merecendo particular destaque a disponibilização de informação sobre a
organização da Reserva Visitável e da Reserva Técnica, ilustrativa de boas
práticas na organização de reservas, conforme solicitação do Museu de
Etnologia e da Fundação das Comunicações;
• a colaboração e participação nas seguintes iniciativas comemorativas
do centenário da República Portuguesa: exposição “100 Anos de Património” (IGESPAR), publicação “Comunicar na República” (Museu das Comunicações) e exposição “O Tempo da República” (Museu da Presidência
da República).
65
2.ª Parte – Sustentabilidade na RTP
9.2. Direção de Emissão
e Arquivo
O ano 2010 teve avanços importantes na implementação do novo modelo
operativo digital. Nos arquivos de rádio e televisão, a par com a adoção
progressiva de novos processos de trabalho associados ao arquivo digital
dos conteúdos, foi criada uma nova organização interna que permitirá potenciar os fortes investimentos realizados em novas tecnologias digitais.
O tratamento documental, atividade fundamental para assegurar acesso
eficiente aos conteúdos audiovisuais arquivados, teve um desenvolvimento significativo. Em paralelo com a melhoria contínua dos procedimentos
de catalogação e indexação, foram alvo de tratamento documental aprofundado 3.490 horas de conteúdos televisivos e 1.708 horas de conteúdos da rádio, produzidos ou adquiridos em 2010.
A RTP enviou
para os seus parceiros
de cooperação mais de
730 horas de programas
em português.
A recuperação dos arquivos históricos de rádio e televisão continuou a
ser uma das prioridades, tendo sido desenvolvidas algumas iniciativas
relevantes nos domínios da inventariação, migração e descrição de conteúdos em formatos obsoletos. Dos resultados obtidos destacam-se a
inventariação de 4.339 discos de 78 RPM da coleção Rádio e de 5.751
suportes em Betacam Analógico da coleção TV, a cópia para formato digital de 1.132 cassetes de vídeo obsoleto e a descrição de 656 horas de
conteúdos do arquivo histórico da rádio. Ainda no domínio da recuperação do arquivo histórico, procedeu-se ao restauro digital de cerca de
673 horas de conteúdos, na sua grande maioria destinados a exibição no
canal Memória.
A utilização de imagens de arquivo na produção de conteúdos, novos programas ou informação, cresceu mais de 10% em relação ao ano anterior,
demonstrando a crescente importância, potencial e capacidade de rentabilização interna do arquivo. Apesar da conjuntura fortemente recessiva,
também a comercialização de imagens de arquivo para entidades externas
registou um crescimento de 31,8% face ao ano anterior.
No âmbito das atividades externas, o Arquivo da RTP participou em dois
eventos técnicos internacionais importantes, o Seminário FRAME – Future
for Restoration of Audiovisual Memory in Europe, no INA, patrocinado pela
Comissão Europeia, UER e FIAT, e a Conferência Mundial de Arquivos de
Televisão, organizada pela FIAT.
9.3. Cooperação
Em 2010, a RTP enviou para os seus seis parceiros de cooperação mais
de 730 horas de programas em português e prosseguiu a sua política de
integração de ações de formação com o apoio à produção, junto dos parceiros africanos.
Nesse âmbito, 17 profissionais da RTP – realizadores, repórteres de imagem, produtores, operadores de DSNG, de áudio, de central e de controlo – estiveram durante um mês em Angola, participando na produção e realização do CAN 2010 (Campeonato Africano das Nações, em
futebol). Desta forma, foi possível apoiar a Televisão Pública de Angola
(TPA) na personalização das transmissões diretas dos jogos de futebol,
contribuindo para a “festa nacional angolana” gerada em torno do CAN.
Em simultâneo, foi possível dar formação a produtores, repórteres e
66
operadores da TPA numa ação que mereceu o
destaque e apreço públicos por parte das autoridades angolanas.
Ainda neste domínio, e com objetivos semelhantes, uma equipa de cinco profissionais da RTP
produziu e realizou em Maputo, em parceria
com a Televisão de Moçambique (TVM), um programa comemorativo do 53.º aniversário da RTP.
Para além da produção deste conteúdo, foi
dada formação a profissionais moçambicanos
nas áreas da produção, realização, operação de
câmara e apresentação.
Também nesta área, sete profissionais da RTP
montaram e planificaram um espetáculo
musical, em cooperação com a Televisão da
Guiné-Bissau (TGB), numa coprodução com a
RDP África. A transmissão desse programa a
partir de Bissau ficou prejudicada pela instabilidade político-militar verificada na ocasião.
Organizou-se uma missão técnica à Rádio Televisão da Guiné-Bissau (RTGB) com o objetivo
de avaliar as necessidades da estação pública guineense e proceder a
algumas correções e reparações de equipamento.
Em São Tomé e Príncipe foi organizada uma missão de cooperação, tendo
em vista apoiar tecnicamente a Rádio Nacional. Durante uma semana
dois técnicos da RTP procederam à montagem de equipamento, o que
permitiu a entrada em funcionamento da Rádio do Príncipe, uma antiga
aspiração do Governo Regional.
Em Cabo Verde foram organizados quatro cursos de formação intensivos. Durante uma semana, na Cidade da Praia, 51 profissionais da Rádio
e Televisão Cabo-Verdianas receberam formação avançada nas áreas de
jornalismo, reportagem, realização e voz.
Em Timor-Leste, com o apoio do IPAD, teve lugar um curso de formação
básico em jornalismo de rádio e televisão. O objetivo foi preparar jovens
do ensino superior para, pela primeira vez, produzirem, realizarem e emitirem um noticiário diário em português, na rádio e na televisão timorenses.
Durante um mês, 12 jovens timorenses trabalharam intensivamente com
seis formadores da RTP, tendo o objetivo proposto sido totalmente conseguido.
Esses noticiários de rádio e televisão estão, desde então, diariamente no ar.
Na mesma ocasião três profissionais da RTP organizaram três cursos de
formação destinados a trabalhadores da Rádio e Televisão Timor Leste
(RTTL) nas áreas da gestão financeira, multimédia e grafismo.
A RTP organizou um curso de formação em Timor Leste, destinado a jovens do ensino superior.
67
1$+ $2(-3$1- "(.- (2$(-23(34"(.- (2
$RORQJRGRDQRIRUDPUHDOL]DGDVHRUJDQL]DGDVSHOD573HP3RUWXJDO
DVVHJXLQWHVUHXQL´HVLQWHUQDFLRQDLV
Ş1DTMHNCN&QTON "$ RRDLAKX"NMS@BS$MFHMDDQRC@4$1Ŕ2HMSQ@
Ş"NMEDQ¥MBH@ MT@K C@ /!( /TAKHB !QN@CB@RSDQR (MSDQM@SHNM@K NQF@MHY@¢N
LTMCH@KPTDQDTMHTDL2HMSQ@BDQB@CDO@QSHBHO@MSDRCDO@¨RDR
Ş1DTMHN C@ "NLHRRN 35 C@ 413( 4MHUDQRHC@CD CD 1CHN D 3DKDUHRN
(MSDQM@BHNM@KMN%TMBG@K,@CDHQ@
Ş1DTMHNCN"NLHS¤$WDBTSHUNC@"(1".,"NMEDQ¥MBH@(MSDQM@BHNM@KCD
(MUDRSHF@¢ND"NLTMHB@¢NŔ3DKDUHR°DR1DFHNM@HR$TQNODH@RDL/NMS@
#DKF@C@ ¢NQDR
-NQDK@BHNM@LDMSNHMRSHSTBHNM@KDWSDQMNENQ@LMDFNBH@CNRDBNMBQDSH
Y@CNRSURWRFRORVMNLD@C@LDMSDNRBDKDAQ@CNRBNL@3DKDUHRNCD
,N¢@LAHPTD1CHN,N¢@LAHPTD3DKDUHRNCD MFNK@"@M@K$WSQDL@CTQ@
3DKDUHRNC@&@KHY@1CHN QFDKHM@2DBQDS@QH@CD"NLTMHB@¢N2NBH@KC@
/QDRHC¥MBH@C@1DOµAKHB@%DCDQ@SHU@CN!Q@RHK% .4MHUDQRHC@CD"@S®KHB@
+TR®ENM@$2! +DNTSQ@RHMRSHSTH¢°DRCDDMRHMNRTODQHNQ
%NQ@L@BNKGHC@RM@13/DLYLVLWDVGHWUDEDOKRBDQB@CDCDKDF@¢°DR
CDSDKDUHR°DRBNMF¤MDQDRCN!Q@RHK KDL@MG@ QF¤KH@,@QQNBNR23NL¤
"@AN5DQCD$RO@MG@$WSQDL@CTQ@D&@KHY@D1DOµAKHB@/NOTK@QC@"GHM@
13/ DRSDUD QDOQDRDMS@C@ MNR SULQFLSDLVI²UXQV C@ RT@ @SHUHC@CD D DL
SURMHWRVLQWHUQDFLRQDLVCDPTDE@YO@QSDMNLD@C@LDMSD4$14MHN$T
QNODH@CD1@CHNCHETRN$TQNMDVR.3(.QF@MHY@¢NCD3DKDUHRN(ADQN
LDQHB@M@"(1".,413("./$ ,"NMEDQ¥MBH@/[email protected]@
CNQDR TCHNUHRT@HRCN,DCHSDQQMDND/!(
13/DRSDUDHFT@KLDMSDQDOQDRDMS@C@DLL@HRCDTL@CDYDM@CD@RRNBH@
¢°DRDHMRSHSTH¢°DRM@BHNM@HRCDPTDE@YO@QSDNT¤@RRNBH@C@
%NQ@LNQF@MHY@C@RD@BNLO@MG@C@RYLVLWDVGHHVWXGR13/CD@KTMNR
CDDRBNK@RCDSNCNNO@¨RTLBQDRBHLDMSNCDE@BD@N@MN@MSDQHNQ
%NQ@L@HMC@QD@KHY@C@RCHUDQR@RUHRHS@RCDDRSTCN13/BNLDMSHC@CDRHMR
SHSTBHNM@HR M@BHNM@HR PTD ODK@ RT@ M@STQDY@ QDPTDQDL TL SQ@S@LDMSN CH
EDQDMBH@CNBNLCDRS@PTDO@Q@N(MRSHSTSNCD$RSTCNR2TODQHNQDR,HKHS@QDR
Ŕ"TQRNCD$RS@CN,@HNQ"NMITMSND RRNBH@¢NCD TCHSNQDRCN"TQRNCD
#DEDR@-@BHNM@K(MRSHSTSN-@BHNM@KCD CLHMHRSQ@¢NDMSQDNTSQ@R
$573HVWHYH
UHSUHVHQWDGD
QRVSULQFLSDLVI²UXQV
GDVXDDWLYLGDGHHHP
SURMHWRVLQWHUQDFLRQDLV
GHTXHID]SDUWH
((Ŕ/DQƥK"@M@HR
.$-5.+5(,$-3.$ ".,4-(" ~.
".,.2".+ !.1 #.1$2
.DMUNKUHLDMSND@BNLTMHB@¢NBNLNRBNK@ANQ@CNQDRC@13/SDKDUHRN
DQCHNQD@KHY@LRD@SQ@U¤RCDLDHNRCDBNLTMHB@¢NDRODBËHBNRBNLN@
HMSQ@MDSD@QHZVOHWWHU
HMSQ@MDS¤TLLDHNOQHUHKDFH@CNC@FDRSNO@Q@BNLTMHB@QBNLNRSQ@
A@KG@CNQDR C@ DLOQDR@ D CD DRSDR @BDCDQDL HMENQL@¢N QDKDU@MSD CN
TMHUDQRNDLOQDR@QH@K
QHZVOHWWHU ENH K@M¢@C@ DL BNL N NAIDSHUN CD CHUTKF@Q HMSDQM@
LDMSDSTCNNPTDENQBNMRHCDQ@CNQDKDU@MSDO@Q@@.QF@MHY@¢NŔSNCNR
NR SDL@R PTD SDMG@L @ UDQ BNL @ UHC@ C@ 13/ CDRCD @ QDDRSQTSTQ@¢N
HMSDQM@BNLN@@OKHB@¢NCN,.#,NCDKN.ODQ@SHUN#HFHS@K@NRQDRTK
S@CNRC@$LOQDR@D@HMHBH@SHU@RL@HRKHF@C@R@BNMSDµCNRDSBONCDL
RDQ@ANQC@CNR
$JHVW¢RGH5HFXUVRV
+XPDQRV
$LCDYDLAQNCD@13/SHMG@WUDEDOKDGRUHVRDMCNDL
BTI@CHRSQHATH¢NONQF¤MDQNDQ@@RDFTHMSD
7UDEDOKDGRUHVŘGLVWULEXL¦¢RSRUJ¨QHUR
%DLHMHMN
,@RBTKHMN
13/SDLTLBDMSQNQDFHNM@KDLB@C@QDFHN@TS®MNL@BNL@B@O@BHC@CD
MDBDRRQH@O@Q@@OQNCT¢NCDOQNFQ@L@ROQ®OQHNRCDMSQNCNRKHLHSDRNQ
¢@LDMS@HRQDRODSHUNRDBNLBNLODS¥MBH@RO@Q@@OQSHB@CD@SNRCDFDRSN
BNQQDMSDCD@BNQCNBNL@RQDFQ@RCDEHMHC@RO@Q@NBNMITMSNC@$LOQDR@ 13/CHRO°D@HMC@CDBDMSQNRQDFHNM@HRDCDKDF@¢°DR
$L CD CDYDLAQN CD @ CHRSQHATH¢N DQ@ @ RDFTHMSD DL
+HRAN@ MN ,NMSD C@ 5HQFDL M@ ,@CDHQ@ MNR ¢NQDR D NR
QDRS@MSDRM@RUQH@RCDKDF@¢°DRCN"NMSHMDMSD
Trabalhadores – distribuição geográfica
1% 6%
2%
2%
3%
5%
65%
16%
Sede
Monte da Virgem
Funchal TV
Ponta Delgada TV
Ponta Delgada RD
Funchal RD
Coimbra
Outros
.@MNENHDRRDMBH@KLDMSDL@QB@CNODKNHLO@BSN@MÜDKC@RONK¨SHB@R
CDFDRSNCDQDBTQRNRGTL@MNRC@RNQHDMS@¢°DRDL@M@C@RODKN,HMHRS¤QHN
C@R%HM@M¢@RD CLHMHRSQ@¢N/µAKHB@QDK@SHU@RONK¨SHB@R@K@QH@KO@Q@NRDB
SNQDLOQDR@QH@KCN$RS@CNHLODCHMCN@MDFNBH@¢NDPT@KPTDQRNKT¢NPTD
HLOKHB@RRDN@TLDMSNCHQDSNNTHMCHQDSNCNRBTRSNRBNLNODRRN@K
-NL¥RCD@AQHKHMHBHNTRD@MDFNBH@¢NBNL@R2UJDQL]D¦´HV6LQGLFDLV
O@Q@@QDUHRNCN BNQCNCD$LOQDR@BNL@OQDRDMS@¢NCDTL@OQNONRS@
BNMSDLOK@MCN TL MNUN LNCDKN CD B@QQDHQ@R D BNMRDPTDMSDLDMSD TL@
MNU@S@ADK@R@K@QH@KD@@KSDQ@¢NCD@KFTL@RBKTRTK@RHLONQS@MSDR
$RSDOQNBDRRNENHBNMBKT¨CNRDLPT@KPTDQSHONCD@BNQCN@SDMCDMCN@NR
BNMRSQ@MFHLDMSNR NQ¢@LDMS@HR DWHRSDMSDR ADL BNLN CDUHCN R NQHDMS@
¢°DRDL@M@C@RODKN&NUDQMNMNLD@C@LDMSD@R@BHL@DMTMBH@C@RPTD
HLODCH@L @ MDFNBH@¢N CD PT@KPTDQ RNKT¢N PTD HLOKHB@RRD N @TLDMSN
CNRBTRSNRBNLNODRRN@K
3@KBNLNDL@MNR@MSDQHNQDRCDBNQQDQ@LQDTMH°DRMNLAHSNC@R&RPLVV´HV
3DULW ULDVO@Q@@MKHRDCD@[email protected]@MHY@¢°DR2HMCHB@HR
$RSµCHNCDQCHN
h/@QSDŔ.RBNK@ANQ@CNQDR@ROQSHB@RCD1DBTQRNR'TL@MNRDNRRDTRQDOQDRDMS@MSDR
$(PSUHVDPDQWHYHD
SRO¬WLFDGHSURJUDPDV
GHHVW JLRVWDQWRGH
QDWXUH]DFXUULFXODU
FRPRSURƩVVLRQDO
. OQNBDRRN CD $YDOLD¦¢R GH 'HVHPSHQKR CD
ENH QD@KHY@CN SDMCN RHCN CDBHCHCN @OKH
B@Q@QDCT¢NDLCNU@KNQCN/Q¤LHNCD
#DRDLODMGNBNMENQLD@ONK¨SHB@DLUHFNQ
BNMSQHATHMCN@RRHLO@Q@NBTLOQHLDMSNC@MD
BDRRQH@QDCT¢NCDBTRSNROQDUHRS@%NHHFT@K
LDMSD CDBHCHC@ @ RTRODMRN C@ @SQHATH¢N CD
/Q¤LHN CD #DRDLODMGN QDK@SHU@LDMSD U@
KH@¢N MT@KCD#DRDLODMGNCD
-NEHLCN@MNENHC@C@BNMSHMT@¢N@N3URJUDPD
GH$SRLRD6D¬GDV9ROXQW ULDVHMHBH@CNDL
SDMCNRDBNMBQDSHY@CN@R@¨C@CDSQ@A@KG@CNQDR
ONQBDRR@¢NCDBNMSQ@SNONQLµSTN@BNQCN
ONQODCHCNRCD@ONRDMS@¢NDONQOQ¤QDENQL@
$RSDOQNFQ@L@CDTRDFTHLDMSN@UQHNRCNRODCH
CNRPTDSHMG@LRHCN@OQDRDMS@CNRDLRDL
ONRRHAHKHC@CDCDBNMBQDSHY@¢NM@PTDKD@MN
$LOQDR@ L@MSDUD @ ONK¨SHB@ CD OQNFQ@L@R
CDHVW JLRVS@MSNCDM@STQDY@BTQQHBTK@QBNLN
OQNEHRRHNM@K SDMCNRD QD@KHY@CN DRSFHNR
BNLTL@CHRSQHATH¢NSQ@MRUDQR@KRCHEDQDMSDR
QD@RC@$LOQDR@
-N PTD CHY QDRODHSN @N 3ODQR GH $VVLVW©QFLD
0¨GLFDDRODBËHBNC@13/ENHHLOKDLDMS@CNTL
BNMITMSN CD MNUNR OQNBDCHLDMSNR @CLHMHRSQ@
SHUNRUHR@MCNTLL@HNQQHFNQM@QDFTK@¢NCNR
BTHC@CNRCDR@µCDOQDRS@CNRODK@$LOQDR@
HMC@ M@ QD@ C@ 6D¹GH ENQ@L QDMDFNBH@CNR NR
@BNQCNRBNLCHUDQR@RDMSHC@CDRC@QDCDBNMUDM
BHNM@C@ SDMCNRD NASHCN TL@ QDCT¢N MN U@KNQ
CNR OQD¢NR O@Q@ BNMRTKS@R CD DRODBH@KHC@CD D
O@Q@ HMSDQUDM¢°DR BHQµQFHB@R BNL DUHCDMSD AD
MDE¨BHN O@Q@ NR SQ@A@KG@CNQDR D O@Q@ @ $LOQDR@
%NH @HMC@ HLOKDLDMS@CN TL BNMITMSN CD MNUNR
OQNBDCHLDMSNRM@QD@C@,DCHBHM@CN3Q@A@KGN
-NLAHSNC@+LJLHQH6HJXUDQ¦DH6D¹GHQR7UDEDOKRENHBQH@CNTLBNLHS¤
DRODBËHBNŔ"NLHS¤CD'HFHDMD2DFTQ@M¢@D2@µCDMN3Q@A@KGNŔBNMRSHST¨CN
ODK@RCHUDQR@RDRSQTSTQ@RQDRONMRUDHRC@13/$RSD"NLHS¤SDLONQNAIDSHUN
@M@KHR@Q@RQDBNLDMC@¢°DRDOQNONRS@ROQNUDMHDMSDRC@/3 "2OQDRS@CNQ@CD
RDQUH¢NRMDRSDCNL¨MHNDCDEHMHQ@ROQHNQHC@CDRD@R@¢°DRCDENQL@¢N@HL
OKDLDMS@Q@MT@KLDMSD$LENQ@LQD@KHY@C@RBHMBNQDTMH°DRSDMCNRHCN
CDEHMHCNTLOK@MNCD@¢°DR/@Q@@K¤LC@BNQQD¢NCDTL@R¤QHDCDRHST@¢°DR
ENQ@LLHMHRSQ@C@R@¢°DRCDENQL@¢NC@RPT@HRRDHRDL1HRBNR/RHBNRRN
BH@HRBNLTLSNS@KCDO@QSHBHO@MSDRDBHMBNDL/QHLDHQNR2NBNQQNRBNLTL
SNS@KCDO@QSHBHO@MSDR%NH@HMC@HMHBH@C@@DK@ANQ@¢NCDTLL@MT@KCD
OQNBDCHLDMSNRQDK@SHUN@LDCHC@ROQDUDMSHU@RM@QD@C@OQNLN¢NOQDUDM¢N
C@2DFTQ@M¢@'HFHDMDD2@µCDMN3Q@A@KGNCDRSHM@CN@SNCNRNRSQ@A@KG@CNQDR
$573LQWHJUDGDQXP¡PELWRGHSRO¬WLFDGHJHVW¢RGH5HFXUVRV+XPD
QRV JDUDQWH D VXD UHVSRQVDELOLGDGH VRFLDO DWUDY¨V GD DWXD¦¢R GH WU©V
UHDVHVSHF¬ILFDVGD'LUH¦¢RGH5HFXUVRV+XPDQRV$SRLR6RFLDO*HVW¢R
GH5HIHLW²ULRVH6D¹GH
.$SRLR6RFLDOSDLONQLHRRNO@QSHBHO@QM@CDEHMH¢NC@ONK¨SHB@RNBH@KC@
$LOQDR@OQNONQDCDRDMUNKUDQHMHBH@SHU@RQDK@BHNM@C@RBNLNADLDRS@Q
CNRSQ@A@KG@CNQDROQNONQRNKT¢°DRDLB@RNCDMDBDRRHC@CDCNRSQ@A@KG@
CNQDRNQF@MHY@QEDRSHUHC@CDRD@RRDFTQ@Q@QDK@¢NBNL@R RRNBH@¢°DRCD
1DENQL@CNRC@$LOQDR@
RRHLS¥LRHCNF@Q@MSHCNRNRRDFTHMSDR@ONHNR@SQ@A@KG@CNQDRDNTQDENQL@CNR
Ş6XEV¬GLR GH $ERQR GH )DP¬OLD @NR EHKGNR CNR SQ@A@KG@CNQDR CN RDBSNQ
OµAKHBN#DBNQQDMSDCD@KSDQ@¢°DRQDBDMSDRC@KDFHRK@¢NDRS@@SQHATH¢N
BDRRNTDLCDMNUDLAQNCD
Ş6XEV¬GLRGH$SRLRD)LOKRV'HƩFLHQWHV@SQ@U¤RCDOQNONRS@@MT@KODQ
RNM@KHY@C@CDRHST@¢°DRCDBQH@M¢@RDINUDMRMNRSDQLNRCDQDFTK@LDMSN
OQ®OQHNHMSDQMN
Ş6XEV¬GLRPHQVDO$SRLDUWHSDMCNONQA@RDCDRO@BGNCN"NMRDKGNCD
CLHMHRSQ@¢NDMµLDQNCDQDRHCDMSDRM@"@R@CN QSHRS@DWSQ@A@KG@CNQDR
C@13/NTC@1#/
Ş&RPSOHPHQWRGH$SRLRD$SRVHQWDGRVGR6HFWRU3¹EOLFRSQ@MREDQHCNR
O@Q@@ #2$LDCH@MSDQDDLANKRN@MT@KC@S@W@ #2$O@Q@NR@ONRDMS@
CNRMNHRDMSNRDBNLQDMCHLDMSNHMEDQHNQNTHFT@K@ŵDL
DPTDRDHMRBQDUDQ@LMN/K@MNCD ONHNBNMRS@MSDMN#DRO@BGNMx
Ş6XEV¬GLR6RFLDO$QXDO@SQHAT¨CN@QDENQL@CNRC@1#/BNLNNAIDSHUNCD
BNKL@S@QRHST@¢NCDOQDB@QHDC@CDE@LHKH@QDONQCDRO@BGNRRTBDRRHUNR
CDQDMNU@¢N@TSNQHY@CNRODKN"NMRDKGNCD CLHMHRSQ@¢N
2$SRLR6RFLDOÜHVSRQV YHOSHODUHDOL]D¦¢RGDVVHJXLQWHV
IHVWLYLGDGHV
Ş)HVWDGH1DWDOCDRSHM@C@@SNC@R@RBQH@M¢@R@S¤@NR@MNRBNLOKD
S@CNR@S¤CDCDYDLAQNCDB@C@@MN2NQD@KHY@C@REDRS@RKNB@HRM@R
CHEDQDMSDRQD@RFDNFQEHB@R+HRAN@/NQSN ¢NQDRD,@CDHQ@
Ş&RQY¬YLR$QXDOGH5HIRUPDGRVO@Q@NRQDENQL@CNRD@ONRDMS@CNRDLC@S@
L®UDKBNLNNAIDSHUNCDOQNONQBHNM@QTLDRO@¢NCDDMBNMSQND@OQNWHL@
¢NDMSQDNRDWSQ@A@KG@CNQDRC@$LOQDR@PTDRDQDENQL@Q@L@S¤CDCD
YDLAQNCDDNTO@RR@Q@L@ONRDMS@¢N@S¤CDCDYDLAQNCD
Ş)HVWDGH+RPHQDJHP$QWLJXLGDGHHDQRVDRO@¢NOQHUHKD
FH@CNM@BTKSTQ@NQF@MHY@BHNM@KPTDGNLDM@FDH@NRSQ@A@KG@CNQDRPTD
BNLOKDS@LD@MNRCD@MSHFTHC@CD@NRDQUH¢NC@13/@CD
CDYDLAQNCDB@C@@MN
)RUPD¦¢RDRV
FRODERUDGRUHV
$LN"DMSQNCD%NQL@¢NCD1CHND3DKDUHRN"%13CDRDMUNKUDT
TL@HMSDMR@@SHUHC@CDENQL@SHU@CHQHFHC@RQD@RCDFRUHEXVLQHVVO@Q@@R
PT@HRDRSUNB@BHNM@CNSQ@CTYHC@DLD¦´HVPTD@AQ@MFDQ@L
SDUWLFLSDQWHVMTLUNKTLDCDENQL@¢NCDKRUDV
3DMCN@CDCDYDLAQNTLPT@CQNCDODRRN@KCDIXQFLRQ ULRV
DRSDMµLDQNCDO@QSHBHO@MSDRDWOQDRR@ADL@CHLDMRNPTD@ENQL@¢N
@SHMFHT MDRSD ODQ¨NCN RDMCN PTD @ L¤CH@ ONMCDQ@C@ CD SQ@A@KG@CNQDR
DLENHCDDR®O@QSDCNRPT@HRRN@AQ@MFHCNRODK@ENQL@¢N
NQHTMC@CN"%13
/@Q@DRSDUNKTLDBNMBNQQDTCDENQL@DRODBH@KNOK@MNCDENQL@¢NCHQHFHCN
@OQDDMRNC@K®FHB@DC@RTARSMBH@CN$FRUGR2UWRJU ILFRPTDN&QTON
13/@CNSNT@O@QSHQCDI@MDHQNCD2®MDRR@ENQL@¢NQD@KHY@C@MTL
L¥RMNBNMSHMDMSDDHKG@RENQ@[email protected]@QBDHQNC@
13/MDRS@NODQ@¢NENHN(+3$"OQDBHR@LDMSD@HMRSHSTH¢NPTDN$RS@CNUDHN
@DRBNKGDQO@Q@@C@OS@QNRCHUDQRNROQNFQ@L@RMNU@NQSNFQ@EH@
.TSQ@ENQL@¢NSQ@MRUDQR@K@N&QTON13/ENHCDRDMUNKUHC@BNL@%TMC@
¢N %Q@MBHRBN ,@MTDK CNR 2@MSNR E@BTKS@MCN @ CDYDM@R CD INQM@KHRS@R D
OQNEHRRHNM@HR@NSNCNNFRQKHFLPHQWRGDVIHUUDPHQWDVGHFRQVXOWD
GR325'$7$NL@HNQA@MBNCDC@CNRRNAQD/NQSTF@KD@$TQNO@DBNLN
S@KTLU@KHNRNHMRSQTLDMSNCDBNMRTKS@O@Q@@BNLTMHB@¢NDNDRSTCN
-@ QD@ DRODBËHB@ CD SDKDUHRN OQNRRDFTHTRD N DRENQ¢N CD ENQL@¢N D
E@LHKH@QHY@¢NBNLN+'79#DTRDENQL@¢NOQSHB@RE@L¨KH@RNODQ@BHN
M@HR BNL QDBTQRN @ DRODBH@KHRS@R BNMBDHST@CNR M@R QD@R C@ (KTLHM@¢N
"NMSQNKNCD(L@FDL"DMNFQ@EH@"@Q@BSDQHY@¢N&Q@EHRLND|TCHNMTL@
NODQ@¢NPTD@AQ@MFDTDKDLDMSNRC@#HQD¢NCD,DHNRCD/QNCT¢N
DC@CD/QNCT¢NCD(MENQL@¢N
2HLTKS@MD@LDMSDL@MSDUDRDTLBNMS¨MTNDRENQ¢NCDENQL@¢NHMHBH@KD
CDQDBHBK@FDLO@Q@@DWOKHB@¢NC@RB@Q@BSDQ¨RSHB@RCNRHM@KCD$OWD'HILQL
¦¢REDHS@DLR@K@BNLDPTHO@LDMSNRDRODBH@KHY@CNRO@Q@@RUQH@RQD@R
OQNEHRRHNM@HRDMUNKUDMCNTLSNS@KCDO@QSHBHO@MSDR
HMC@M@QD@CDSDKDUHRNENHQDKDU@MSD@ENQL@¢NC@C@@NFQTONC@R
DXWRSURPR¦´HVMNRB@LONRC@QD@KHY@¢NDCH¢NDSDBMNKNFH@RLDKGN
Q@MCN@RRT@RB@O@BHC@CDRCDOQNCT¢NMTL@QD@@ARNKTS@LDMSDBQTBH@K
BNLNHMRSQTLDMSNCDRTRSDMS@¢NC@R@TCH¥MBH@R
-N CNL¨MHN C@ @OQDRDMS@¢N D QDK@¢N BNL @ F¡PDUD ENH C@C@ QDFT
K@QLDMSD ENQL@¢N @ @OQDRDMS@CNQDRBNLTMHB@CNQDR D INQM@KHRS@R @R
RTLHMCN @PTH O@QSHBTK@Q BTHC@CN @ ENQL@¢N C@C@ DPTHO@ CN ř'NIDŚ
NMNUNMNSHBHQHNC@RGNQ@RC@13/NQDEQDRB@LDMSNLHMHRSQ@CN@
OQNEHRRHNM@HRCN/NQSND@OQDO@Q@¢NCD@OQDRDMS@CNQDRO@Q@OQNFQ@L@R
CNRB@M@HRHMSDQM@BHNM@HR
$L QD@R CD QDWXUH]D PDLV W¨FQLFD CD SDKD
UHRN CDTRD ENQL@¢N DL CNL¨MHNR BNLN @
DCH¢N@DCH¢NDLRHRSDL@RCDDMUHNDLNM
S@FDLCHRSMBH@DLRHRSDL@RCDSQ@MRLHRRN
M@BNMEHFTQ@¢NCDRHRSDL@RDLHMENFQ@EHRLN
DLQDCDRCDSQ@MRLHRRNCDC@CNRDLSQ@A@
KGNRDL@KSTQ@DDLBNMCT¢NDLSDQQDMNRCHE¨
BDHRO@Q@BHS@Q@ODM@R@KFTMRDWDLOKNR
-@DWLYLGDGHUDGLRI²QLFD@ENQL@¢NS@LA¤L
BNAQHT UQH@R QD@R -N INQM@KHRLN OQNRRDFTHT
TLBHBKNCDFRDFKLQJITMSNCNRDCHSNQDROQHMBH
O@HRDS@LA¤L@ENQL@¢NMNMNUNRHRSDL@CD
DCH¢N #@KDSD QDEQDRB@MCNRD BNMGDBHLDMSNR
CNRTSHKHY@CNQDR D MTL@ MNU@ E@RD CDRDMUNK
UDMCNRD@¢°DRO@Q@@ST@KHY@¢NCNR@CLHMHR
SQ@CNQDRCNRHRSDL@
#DRDMUNKUDTRD@HMC@TLOQNFQ@L@SQ@MRUDQR@K
CDENQL@¢NDLW¨FQLFDVYRFDLVO@Q@@QD@CD
/QNFQ@L@RCD1CHNO@Q@@R MSDM@R(MSDQM@BHN
M@HR D O@Q@ @ (MENQL@¢N BNL SQ@A@KGN HMCHUH
CT@KHY@CNITMSNCDINQM@KHRS@RDBNLTMHB@CNQDR
-TLB@LONHVWULWDPHQWHW¨FQLFRCDTRDENQ
L@¢N @NR OQNEHRRHNM@HR C@ QD@ M@ FDRSN CN
¢NCDENQL@¢NMNR ¢NQDR
RHM@KCDQCHNDM@FDRSNCNRHM@KCD1#2PTDODQLHSDUHRT@KHY@QDFDQHQ
MNLD@C@LDMSD@HMENQL@¢NHMRBQHS@MNR@TSNQQCHNR
-NINQM@KHRLNNMCDB@C@UDYL@HRRDUDQHEHB@TL@BNMUDQF¥MBH@C@@SHUH
C@CDQCHNSDKDUHRNDLTKSHL¤CH@CDRDMUNKUDQ@LRDENQL@¢°DRBNMITM
S@RCDRHFM@C@LDMSDO@Q@@OQDO@Q@¢NC@DPTHO@PTDEDY@FREHUWXUDGR
PXQGLDODLSDQLNRCDRDFTQ@M¢@DBNMGDBHLDMSNCNRU@KNQDRC@BTKSTQ@
RTK@EQHB@M@-NTSQNLAHSNL@HRDRODBËHBNCDTRDENQL@¢N@NRINQM@KHR
S@RO@Q@NRDRSHLTK@Q@L@MSDQ@SHUNRNRRDTRQDEKDWNROQNEHRRHNM@HRMTL
BNMITMSNCD@¢°DRFDMDQHB@LDMSDCDRHFM@C@RONQřB@¢@MNS¨BH@Ś
"NLN G@AHST@KLDMSD @R QDFH°DR @TS®MNL@R C@ 0DGHLUD D CNR $¦RUHV
ENQ@L NAIDSN CD DRODBH@K @SDM¢N MNR UQHNR CNL¨MHNR CD @SHUHC@CD
SNB@CNRODKN"%13
.R RDTR SQ@A@KG@CNQDR ENQ@L BG@L@CNR @ ENQL@¢N DL CHUDQR@R NB@RH
°DRNPTDRDUDQHEHB@BNLOQDRDM¢@RM@,@CDHQ@O@Q@TLDEDSHUNCD
DKDLDMSNRDCDOQDRDM¢@RMNR ¢NQDRO@Q@TLDEDSHUNCD
SQ@A@KG@CNQDR
-@RCT@RQDFH°DRDEDSTNTRD@ENQL@¢NFDQ@KCNROQNEHRRHNM@HRCDQCHN
MNMNUNRHRSDL@CDDLHRRN#@KDSD
$RODBHEHB@LDMSDMNR ¢NQDRENQ@LEDHS@R@¢°DRCDRSHM@C@R@QD@KHY@CN
QDRCDQCHNC@RDLHRR°DRQDFHNM@HRD@NR@MHL@CNQDRC@ MSDM@ ¢N
QDRPTDDMSQNTDLETMBHNM@LDMSNDL HMC@MDRS@QDFHNDO@Q@
2&HQWURGH)RUPD¦¢R
GH5 GLRH7HOHYLV¢R
GHVHQYROYHXXPD
LQWHQVDDWLYLGDGHIRUPDWLYD
GLULJLGDV UHDV
GH;GJ=:MKAF=KK
@ SDKDUHRN NQF@MHY@Q@LRD @¢°DR CD DRBQHS@ SDKDUHRHU@ @OQDRDMS@¢N
QD@KHY@¢N U¨CDN INQM@KHRLN HMENFQ@EHRLN @MKHRD CD RHM@HR CD QCHN D
SQ@MRLHRRNONQEDHWD
-@,@CDHQ@NQF@MHY@Q@LRD@¢°DRCDQD@KHY@¢NCDQCHNOK@MD@LDMSNCD
DLHRR°DRQNSHM@RINQM@K¨RSHB@RODRRN@HRřB@¢@MNS¨BH@ŚDCH¢NDDMUHN
CDHL@FDMRCDSDKDUHRN@OQDRDMS@¢NCDSDKDUHRNU¨CDNINQM@KHRLNDR
BQHS@SDKDUHRHU@DTLZRUNVKRSRNAQDQD@KHY@¢N
$MSQDTLBNMITMSNCDO@QSHBHO@¢°DRDLRDLHMQHNRM@BHNM@HRDHMSDQ
M@BHNM@HR ZRUNVKRSV RNAQD ITRSH¢@ BQH@SHUHC@CD M@QQ@SHU@R CHFHS@HR
QDCDRRNBH@HRŔ%@BDANNJŔETRNCDQDC@¢°DRINQM@KHRLNLTKSHL¤CH@
MNUNRPHGLDENQL@¢NCDENQL@CNQDRM@!!"O®RFQ@CT@¢°DRDL#H
QDHSN C@ "NLTMHB@¢N ANKR@ CD INQM@KHRLN C@ %+ # RDFTQ@M¢@ O@Q@
INQM@KHRS@R DL @LAHDMSD GNRSHK RNAQDRR@H DMSQDS@MSN TL@ HMHBH@SHU@
HM¤CHS@ 7UDWDVHGDRUJDQL]D¦¢RGHXPDUHSUHVHQWD¦¢RWHDWUDOYROWD
GHXPDSH¦DTXHŝGHVPRQWRXŞDFRQVWUX¦¢RGHXPWHOHMRUQDOSHUPLWLQ
GRDRVSURILVVLRQDLVSDUWLFLSDQWHVXPDUHIOH[¢RHXPGHEDWHVREUHDVXD
DWLYLGDGHHUHVSRQVDELOLGDGHVRFLDO
-NCNL¨MHNCNHCHNL@O@Q@@K¤LCNILDMBHNM@CNPT@MSN@N$FRUGR
2UWRJU ILFR @ KHMFT¨RSHB@ ENH S@LA¤L OQDNBTO@¢N ODQL@MDMSD DRBK@
QDBDMCN CµUHC@R D QDRONMCDMCN @ ODQFTMS@R CNR OQNEHRRHNM@HR @K¤L CD
BNMSHMT@Q@@ST@KHY@QRDN/QNMSTQHN2NMNQNCHRONMÜDKHMSDQM@DDWSDQM@
LDMSD@SQ@U¤RC@HMSQ@MDSDCNR¨SHN
3ODQRGH)RUPD¦¢RQR¡PELWRGDVXVWHQWDELOLGDGH
/@Q@NRDFTMCNRDLDRSQDCD@13/OQDU¥@HLOKDLDMS@¢NCDTL
3ODQRGH)RUPD¦¢RQR¡PELWRGD(VWUDW¨JLDGH6XVWHQWDELOLGDGHDMPT@
CQ@CNODK@CHMLHB@C@QDRONMR@AHKHC@CDRNBH@[email protected]@MHY@¢NPTDSDL
BNLNNAIDSHUNRFDQ@HR
ŞCDRDMUNKUDQBNLODS¥MBH@RS¤BMHB@RITMSNCNROQNEHRRHNM@HRCDSDKDUHRN
DQCHNPT@MSNHCDMSHEHB@¢NCDOQSHB@RDCDOQNBDRRNRRNBH@HRDDBN
M®LHBNRCDOQDUDM¢NDQHRBNO@Q@@RTRSDMS@AHKHC@CDCNOK@MDS@
ŞC@Q@BNMGDBDQRHRSDL@RCDFDRSN@LAHDMS@KITMSNCNRDKDLDMSNRCDFDRSN
C@13/BNLUHRS@NSHLHY@¢NDLNMHSNQHY@¢NCDBNMRTLNRRTRSDMSUDHR
ŞDMUNKUDQ@FDRSNCDSNONDOQNLNUDQOQSHB@RCDFDRSNDRSQ@S¤FHB@D
NODQ@BHNM@KA@RD@C@RMTLRHRSDL@CDQDRONMR@AHKHC@CDRNBH@KDHCDMSH
EHB@¢NC@RRT@RE@RDRCDHLOKDLDMS@¢[email protected]@MHY@¢N
ŞRDMRHAHKHY@QNRBNK@ANQ@CNQDRO@Q@BNLONQS@LDMSNRř@LHFUDHRŚMNL
AHSNC@RTRSDMS@AHKHC@CD@LAHDMS@KDRNBH@K
2UJDQL]D¦´HVGH
WUDEDOKDGRUHV
-NTMHUDQRN13/DMPT@MSN$LOQDR@NRQDOQDRDMS@MSDRCNRSQ@A@KG@CNQDR
@SQ@U¤RCDCDYDM@RCDRHMCHB@SNRCNRCHUDQRNRFQTONRRNBHNOQNEHRRHNM@HR
DRS@ADKDBDLQDK@¢°DROQHUHKDFH@C@RMNCNL¨MHNC@QDRONMR@AHKHC@CDRNBH@K
DRTRSDMS@AHKHC@CDM@LDCHC@DLPTDQDOQDRDMS@LNRSQ@A@KG@CNQDRITMSN
CNR®QFNRC@FDRSNCDSNONŔ" D#1' 13/SDLS@LA¤L@RT@"NLHR
RNCD3Q@A@KG@CNQDR
-@ LDKGNQH@ C@ PT@KHC@CD CD UHC@ CNR OQNEHRRHNM@HR LDQDBDL CDRS@PTD
@KFTL@RNQF@MHY@¢°DR@ONH@C@RM@KNF¨RSHB@DEHM@MBDHQ@LDMSDODK@13/@
"@R@CN/DRRN@KD@RCT@R RRNBH@¢°DRCD1DENQL@CNR1CHND3DKDUHRN
$L@13/L@MSDUDNRRTAR¨CHNRCD
PTDQO@Q@@"@R@CD/DRRN@KPTDQO@Q@@R RRN
BH@¢°DRCD1DENQL@CNRQDRODSHU@LDMSDŵ
Dŵ
$VDWLYLGDGHVGD&DVDGR3HVVRDO
GD573
NKNMFNCN@MN@"@R@CN/DRRN@KOQNBTQ@CD
RDMUNKUDQ @R RT@R @SHUHC@CDR BNL N HMSTHSN CD
BTLOQHQCDTL@ENQL@DPTHKHAQ@C@NDRSHOTK@
CNMNR$RS@STSNR@OQNLN¢NBTKSTQ@KCDRONQ
SHU@QDBQD@SHU@DRNBH@KCNRRDTR@RRNBH@CNR
1D UHDFXOWXUDOMNCHRONMCNCDTLDRO@¢NE¨
RHBNO@Q@DWDBTS@QTLOQNFQ@L@L@HR@LAHBHNRN
@"@R@CN/DRRN@KSDL@ONRS@CNRNAQDSTCNDL
DRS@ADKDBDQ SURWRFRORV BNL @FDMSDR BTKSTQ@HR
CD CHEDQDMSDR QD@R 2TARHCH@ CDRCD G UQHNR
@MNR@RLDMR@KHC@CDRM@$RBNK@CD,µRHB@"K@
UD2NL@NRRDTR@RRNBH@CNRDQDRODSHUN@FQD
F@CNE@LHKH@Q-@2DBQDS@QH@L@MS¤L@UDMC@CD
KHUQNRBNLCDRBNMSNRRHFMHEHB@SHUNR-DRS@@SHUH
C@CD¤CDCDRS@B@Q@NQF@MHY@¢NC@%DHQHMG@CN
+HUQN(ME@MSHKBNL@PT@KRDOQNBTQ@BDKDAQ@QN
#H@,TMCH@KC@"QH@M¢@
1D UHDGHVSRUWLYDHMRBQHS@MN(M@SDKDDLCH
UDQR@R EDCDQ@¢°DR @ "@R@ CN /DRRN@K C@ 13/
O@QSHBHO@DLHMµLDQNRWRUQHLRVGHVSRUWLYRV@
MÜDK CHRSQHS@K D M@BHNM@K . CDRS@PTD U@H RDL
CµUHC@O@Q@@O@QSHBHO@¢NCNRMNRRNR@SKDS@R
MNR)NFNR$TQNUHRHNMRONQSRDMBNMSQN@MT@KDM
SQD$LOQDR@R/µAKHB@RCD3DKDUHRND1CHNEH
KH@C@RM@4MHN$TQNODH@CD1@CHNCHETRN4$1
D S@LA¤L MNR )NFNR (ADQNRONQS BNL @ MNRR@
BNMF¤MDQDC@135$
1D UHDUHFUHDWLYDOQNBTQ@MCNHQ@NDMBNM
SQN C@R OQDEDQ¥MBH@R CNR RDTR @RRNBH@CNR @
"@R@ CN /DRRN@K NQF@MHY@ @N KNMFN CN @MN
CHUDQR@R YLDJHQV @KFTL@R C@R PT@HR DL
C@S@R DRODBËHB@R BNLN "@QM@U@K /R
BN@ D 2 ,@QSHMGN (LONQS@MSDR MN R® ODKN
RDT @RODSN KµCHBN DRS@R UH@FDMR OQNONQBHN
M@LTL@@OQNWHL@¢NDMSQDBNKDF@RMN@SHUN
D OQNBTQ@L L@MSDQ NR K@¢NR PTD MNR KHF@L
@NRPTDRDDMBNMSQ@LDLRHST@¢NCDQDENQ
L@-@LDRL@EHKNRNEH@RDHMRDQD@NQF@MHY@
¢N CN -DQWDU GH 1DWDO N PT@K ITMS@ SNCNR
NR @MNR L@HR CD CT@R BDMSDM@R CD BNKDF@R
"NK®MH@CD%¤QH@RC@"@R@CN/DRRN@KC@13/
HMC@ M@ QD@ QDBQD@SHU@ @ NQF@MHY@¢N CN "NMBTQRN CD /DRB@ (MSDQ
M@BHNM@KCD KSN,@Q@,NMS@QH@D@"NQQHC@"NQC@RN@KFTL@RC@R
@SHUHC@CDRNQF@MHY@C@RODK@RCDKDF@¢°DRC@"@R@CN/DRRN@K
-@R LQLFLDWLYDV GD 'LUH¦¢R QDµMDLRD @R OQHMBHO@HR DWLYLGDGHV VRFLR
HFRQ²PLFDV MNLD@C@LDMSD NR SURWRFRORV BNL CHUDQR@R DLOQDR@R
BNLCDRS@PTDODK@RE@BHKHC@CDRCDO@F@LDMSNBNMBDCHC@R@NR@RRNBH@
CNRNRPT@HRENQ@LDRS@ADKDBHCNRBNL@&@KODCHUDQR@RRDFTQ@CNQ@R
R&RUULGDVGH7RLURVRNTL@RC@RENMSDRCDQDBDHS@RDMCN@ř"NQQHC@
35ŚOHNMDHQ@BNL@MNRCDDWHRS¥MBH@PT@KRDUDHNITMS@QMNRµKSH
LNR@MNR@ř"NQQHC@35-NQSDŚD@ř"NQQHC@1#/Ś NQF@MHY@¢NC@R&R
O²QLDVGH)ÜLDV¤S@KUDYC@RL@HRDWHFDMSDRDFQ@SHEHB@MSDR@SHUHC@CDR
C@"@R@CN/DRRN@KOQNONQBHNM@MCN@NREHKGNRCNR@RRNBH@CNRTLU@RSN
KDPTDCDNEDQS@RM@¤ONB@C@/RBN@DCDUDQN3@LA¤LO@Q@NRINUDMR
¤QD@KHY@CNTL"TQRNCD(MFK¥RDL(MFK@SDQQ@D"TQRNRCD,NMHSNQDR
CDITKGNBDKDAQ@RDN$QLYHUV ULRGD&DVDGR
3HVVRDOETMC@C@DLBNLTLFQ@MCDI@M
S@QNPT@KOQNBTQ@QDTMHQSNCNRNR@MNRNL@HNQ
MµLDQNONRRÜDKCD@RRNBH@CNRDE@LHKH@QDR
$$VVRFLD¦¢RGH5HIRUPDGRV
H3HQVLRQLVWDVGD573
RRNBH@¢N CD 1DENQL@CNR D /DMRHNMHRS@R
1/ C@ 13/ ETMC@C@ @ CD NTSTAQN CD
SDL BNLN OQHMBHO@HR KHMG@R CD NQHDM
S@¢N N ENQS@KDBHLDMSN CD K@¢NR CD VROLGD
ULHGDGH DMSQD NR RDTR @RRNBH@CNR DEDSHUNR
QDENQL@CNRDODMRHNMHRS@RD@TWHKH@QDRETM
BHNMQHNR MN @SHUN D DWETMBHNMQHNR PTD QDR
BHMCHQ@LBNMSQ@SNRCDSQ@A@KGN
3DLRHCNOQDNBTO@¢NC@ 1/13/C@Q@LD
KGNQ DWOQDRRN RNKHC@QHDC@CD DMSQD R®BHNR
@SQ@U¤R CD D¦´HV GH FDU FWHU VRFLDO BNLN
RDI@@RRHRS¥MBH@M@CNDM¢@NTHMU@KHCDYDOQN
LNUDMCNINQM@C@RCDFRQIUDWHUQL]D¦¢RDMSQD
R®BHNR PTD S¥L RHCN SQ@CTYHC@R MTL FQ@MCD
DMBNMSQN@MT@KDDLUHRHS@R@CHUDQRNRKNB@HR
CNO@¨RŔB@RNRDLPTD 1/13/RTONQS@O@QSD
RTARS@MBH@KCNRBTRSNRDMUNKUHCNR
$L CD CDYDLAQN CD @ 1/13/
SHMG@ MN SNS@K DVVRFLDGRV RDMCN DEDSHUNR D @TWHKH@QDR #DRSDR DM
BNMSQ@LRDM@E@HW@DSQH@DTLSDL
@MNR
$WLYLGDGHV
Ş KLN¢N MT@KŔINQM@C@CDBNMEQ@SDQMHY@¢N
Ş$WBTQR°DRŔOQNFQ@L@RSQHLDRSQ@HROQNLNUHCNRODK@#HQD¢NRDMCNTL
LDHNCDBNMUÜHNDCD@MHL@¢NBTKSTQ@K
Ş/K@MNCD ¢N2NBH@KŔ@¢°DRCDRNKHC@QHDC@CDRNBH@KMNLD@C@LDMSD@SQ@
U¤RCDRTAR¨CHNRO@Q@LDCHB@LDMSNRD@QSHFNRCDGHFHDMDLDCHB@LDMSNR@
Ş2DQUH¢NCD2DBQDS@QH@C@ 1/13/ŔL@MS¤L@RRHRS¥MBH@D@ONHNQDFTK@Q
@NR@RRNBH@CNR
Şř. /HNMDHQNŚ Ŕ DCH¢N SQHLDRSQ@K MNSHBH@MCN D CHUTKF@MCN SDLSHB@R CD
HMSDQDRRDBNLTL@NR@RRNBH@CNR
Ş'NLDM@FDMRř(C@CD,@HNQŚŔINQM@C@RCDBNMEQ@SDQMHY@¢NGNLDM@FD
@MCNSNCNRNR@RRNBH@CNRBNLL@HRCD@MNR
$VVRFLD¦¢RGH$SRVHQWDGRVH5HIRUPDGRVGD5'3
$RS@ RRNBH@¢NBNMSHMTNTDL@CDRDMUNKUDQPTDQM@RHMRS@K@¢°DR
PTDQ M@ CHM@LHY@¢N CD OQNFQ@L@R @R RT@R @SHUHC@CDR CD @SDMCHLDMSN
BNMUÜHN@ONHNRNBH@KDCHM@LHY@¢NCN-µBKDNCD5NKTMS@QH@CN
$WLYLGDGHV
Ş-µBKDNCD5NKTMS@QH@CNŔENQL@CNDLBNLUNKTMSQHNR@ONH@M
CNBDQB@CDTSDMSDR@ONHNCDřBNKDF@R@BNKDF@RŚL@HRB@QDMBH@CNR
DBNM®LHB@DRNBH@KLDMSD
Ş SDMCHLDMSN CD @RRNBH@CNR Ŕ @SDMCHLDMSN CHQHN @NR @RRNBH@CNR O@Q@
HMENQL@¢°DRDDRBK@QDBHLDMSNRM@RQD@RCD@ONHNRL¤CHBNRBNMUÜHNR
DUDMSNRD@¢°DRCHUDQR@R
Ş2HRSDL@CD2@µCDŔ@ 11CHNOQNLNUDTDLDBNLRDFTHLDMSN
DL@LTC@M¢@CNRHRSDL@CDR@µCDO@Q@@ #2$
Ş!NKDSHL Ŕ DCH¢N SQHLDRSQ@K CD ANKDSHL HMENQL@SHUN BNL SDLSHB@R CN
HMSDQDRRDCNR@RRNBH@CNR
Ş"NMUÜHNRD@SHUHC@CDRKµCHB@RŔCHM@LHY@¢NCD@KLN¢NRBNMUÜHNUH@
FDMRBTKSTQ@HRDDMBNMSQNRM@BHNM@HRDMSQDBNKDF@R
h/@QSDŔ"NMRTLNRDMDQF¤SHBNRDRTRSDMS@AHKHC@CD@LAHDMS@K
0HGLGDVDSOLFDGDVSHOD'67HP
HSURMHWRVSDUD
-NEHM@KCD@#23#HQD¢NCD2HRSDL@RD
3DBMNKNFH@CDTHM¨BHN@NOQNIDSNCDBNMRNKHC@
¢NC@RT@HMEQ@DRSQTSTQ@CDVLVWHPDVGHLQIRU
PD¦¢R BNL N NAIDSHUN CD QDCT¢N CD BTRSNR
CDNODQ@¢NLDKGNQH@C@PT@KHC@CDCDRDQUH¢N
DBDMSQ@KHY@¢NC@NODQ@¢NDRTONQSDCDSNCNR
NRRHRSDL@R
. HM¨BHN CDRSD OQNIDSN BNHMBHCH@ BNL N EHL CD
UHC@CDO@QSDCNRDPTHO@LDMSNRD@MDBDRRHC@
CDCDHMUDRSHLDMSNDLMNUNRRDQUHCNQDRO@Q@
OQNIDSNROQNFQ@L@CNRO@Q@
DWODQH¥MBH@C@#23M@NODQ@¢NCDRHRSDL@R
DRS@U@ DL KHMG@ BNL @ QD@KHC@CD LTMCH@K DL
PTD RD NARDQU@U@ TL RTA@OQNUDHS@LDMSN C@
B@O@BHC@CDCDOQNBDRR@LDMSNBNLOHBNRONM
ST@HRCDTSHKHY@¢N MDBDRRHC@CDCDQDMS@AHKH
Y@QNHMUDRSHLDMSNDCDA@HW@QNBTRSNCDOQNOQHDC@CDCDRDQUHCNQDRKDUNT
@PTDNLDQB@CNDWOKNQ@RRDDCDRDMUNKUDRRD@SDBMNKNFH@CDUHQST@KHY@¢N
PTD@(!,SHMG@@OQDRDMS@CN@MNR@MSDR
#DTL@ENQL@QDRTLHC@@UHQST@KHY@¢NODQLHSD@BNMBDMSQ@¢NCDUQHNR
RDQUHCNQDRMTLµMHBNRDQUHCNQE¨RHBNDLPTDRN@OQNUDHS@CNRNRQDBTQRNR
CD OQNBDRR@LDMSN M@ RT@ SNS@KHC@CD MN G@UDMCN RTA@OQNUDHS@LDMSN
"NLNMNQL@KLDMSD@UHQST@KHY@¢NQDBNQQD@TLBNMITMSNCDRDQUHCNQDR
E¨RHBNR¤ONRRÜDKHRNK@QMTL@QDK@¢NCDO@Q@TLRDQUHCNQUHQST@KMTL
E¨RHBNO@Q@E@YDQE@BD@NROHBNRCDOQNBDRR@LDMSNONMST@HR1DRNKUDLRD
@RRHLNRCNHROQNAKDL@RCDRBQHSNR@MSDQHNQLDMSD
$RSD OQNIDSN CD BNMRNKHC@¢N QDBNQQDMCN UHQST@KHY@¢N ENH CHUHCHCN DL
CT@RE@RDRRDMCNPTD@OQHLDHQ@DQ@QDEDQDMSD@"NLD¢NTRDONQ
HCDMSHEHB@QTLBNMITMSNCDRDQUHCNQDRPTDMDBDRRHS@U@LCDRDQSQNB@CNR
HLDCH@S@LDMSD NT PTD SHMG@L MDBDRRHC@CDR CD XSJUDGH D BQHNTRD BNL
DKDRTL@KHRS@CDB@MCHC@SNRUHQST@KHY@¢N
%NQ@L HCDMSHEHB@CNR B@MCHC@SNR UHQST@KHY@¢N O@Q@ @ OQHLDHQ@ E@RD
PTDMNRDTBNMITMSNSHMG@LTLBNMRTLN@MT@KCDJ6/@Q@DRSD
BNMITMSNCDB@MCHC@SNRDQDBNQQDMCNUHQST@KHY@¢NGNTUD@MDBDRRHC@CD
CD@CPTHQHQ@ODM@RBHMBNMNUNRRDQUHCNQDRPTDMNRDTBNMITMSNS¥LTL
BNMRTLNCDDMDQFH@@MT@KCDJ6
3NS@KCDBNMRTLN6D!34G
"NMRTLNDL@LODQDR
"NMRTLN@MT@KJ6
6HUYLGRUHV
I¬VLFRVXVDGRV
QRSURMHWR
ŵ
ŵ
"TRSN@MT@KCD@QQDEDBHLDMSNC@HMEQ@DRSQTSTQ@
ŵ
ŵ
"TRSNSNS@K
ŵ
ŵ
"TRSN@MT@KCDDMDQFH@CDRTONQSDHMEQ@DRSQTSTQ@
)RUDPLGHQWLƩFDGRV
FDQGLGDWRVYLUWXDOL]D¦¢R
SDUDDSULPHLUDIDVHTXH
QRVHXFRQMXQWRWLQKDP
XPFRQVXPRDQXDO
GHN:
&DQGLGDWRV
YLUWXDOL]D¦¢R
%HFŔ3@ADK@BNLO@Q@SHU@
MSDM@RC@1CHND3DKDUHRNCD/NQSTF@K2 /@Q@DRODQ@LNR@BNMBKTRNCNOQNIDSNCD
UHQST@KHY@¢N SDMCN I RHCN HMHBH@C@ @ RDFTMC@
E@RDBNL@HCDMSHEHB@¢NCDTLMNUNBNMITMSN
CDB@MCHC@SNRUHQST@KHY@¢N0T@MCNDRSDOQN
IDSNDRSHUDQEHM@KHY@CNDRODQ@LNRSDQCHLHMT¨CN
NMµLDQNCDRDQUHCNQDRE¨RHBNRCDBDQB@CD
O@Q@@ODM@RL@MSDMCNSNCNRNRRDQUH¢NRD
@OKHB@¢°DRIDWHRSDMSDR$RS@BNMRNKHC@¢NODQ
LHSDTL@QDCT¢NCNBNMRTLNDMDQF¤SHBNCNR
RDQUHCNQDRDCNRDPTHO@LDMSNRCDQDEQHFDQ@¢N
ADLBNLN@NSHLHY@¢NCNDRO@¢NE¨RHBN
"NLN DEDHSN RDBTMCQHN ONRHSHUN @ UHQST@KHY@
¢NODQLHSDPTDRDCHRONMHAHKHYDLMNUNRRDQUH
CNQDRO@Q@NTSQNROQNIDSNRRDLG@UDQMDBDRRHC@CDCDMNUNHMUDRSHLDMSN
NT@TLDMSNCDBNMRTLNCDDMDQFH@
$RSDE@BSNU@HODQLHSHQ#23ONQDWDLOKNHMHBH@QTLOQNIDSNCDHLOKDLDM
S@¢NCDTL@HMEQ@DRSQTSTQ@CDBNK@ANQ@¢NPTDCHRONMHAHKHY@EDQQ@LDMS@R
CDUHCDNBNMEDQ¥MBH@DUNYRNAQD(/@SNCNRNRBNK@ANQ@CNQDRBNL@BDRRN
HMSDQMDSPTDRDDMBNMSQDLDLPT@KPTDQO@QSDCNLTMCNBNLTLDKDU@CN
ONSDMBH@KCDONTO@M¢@DLBNLTMHB@¢°DR
3DUDDO¨PGRGHVWDTXHDTXLGDGRDHVWDLQLFLDWLYDD573WHQGRVHPSUH
SUHVHQWH DV ERDV SU WLFDV GH VXVWHQWDELOLGDGH DPELHQWDO WHP YLQGR
QRV¹OWLPRVDQRVDLPSOHPHQWDUXPDVÜLHGHRXWUDVPHGLGDVHVSHF¬
ILFDVGHVFULWDVDRORQJRGHVWH5HODW²ULRHDLQGDDVFRQVWDQWHVQR$QH[R
S JŘ,QGLFDGRUHVGH6XVWHQWDELOLGDGH$PELHQWDO
h/@QSDŔ/DQƥKDLOQDR@QH@KC@13/
1DWXUH]DMXU¬GLFD
"NMRSHSTH¢NC@1DOµAKHB@/NQSTFTDR@"1/
MNMxCN@QSxxQDEDQDPTDN$RS@CN@R
RDFTQ@@DWHRS¥MBH@DNETMBHNM@LDMSNCDTL
RDQUH¢N CD QCHN D CD SDKDUHRN R QDEDQHC@R
KDHR QDLDSDL NR SDQLNR D BNMCH¢°DR CN ETM
BHNM@LDMSNCNRRDQUH¢NROµAKHBNRO@Q@NRQDR
ODSHUNRBNMSQ@SNRCDBNMBDRRNPTDQDFTK@L@
OQDRS@¢NCDRRDRDQUH¢N.RDRS@STSNRC@1CHN
D 3DKDUHRN CD /NQSTF@K 2 13/ BNMBDRRHN
MQH@CNRRDQUH¢NROµAKHBNRCDQCHNDSDKDUH
RNENQ@L@OQNU@CNRODK@+DHMxCD
CDEDUDQDHQN
RRHLPT@MSNRT@M@STQDY@ITQ¨CHB@DNAIDSN
@ 13/ ¤ TL@ RNBHDC@CD @M®MHL@ CD B@OHS@HR
DWBKTRHU@LDMSDOµAKHBNRDPTDSDLONQNAID
SNOQHMBHO@K@OQDRS@¢NCNRRDQUH¢NROµAKHBNR
CDQCHNDCDSDKDUHRNONCDMCN@HMC@OQNR
RDFTHQPT@HRPTDQ@SHUHC@CDRHMCTRSQH@HRNTBN
LDQBH@HRQDK@BHNM@C@RBNL@@SHUHC@CDCDQCHN
DSDKDUHRN
/@Q@ N BTLOQHLDMSN CDRS@R NAQHF@¢°DR N $R
S@CN F@Q@MSD N EHM@MBH@LDMSN CN RDQUH¢N CD
QCHNDSDKDUHRN +DHMxCDCD
@FNRSN BNL @R @KSDQ@¢°DR HMSQNCTYHC@R ODKNR
#DBQDSNRKDHMx DDR
S@ADKDBDTNQDRODSHUNLNCDKNCDEHM@MBH@LDM
SNRDMCNNRDQUH¢NOµAKHBNCDQ@CHNCHETRN@R
RDFTQ@CNONQLDHNC@BNAQ@M¢@C@BNMSQHATH¢N
O@Q@N@TCHNUHRT@K" 5DNEHM@MBH@LDMSNCNRDQUH¢NOµAKHBNCDSDKDUHRN
@RRDFTQ@CN ONQ HMCDLMHY@¢°DR BNLODMR@S®QH@R D ODK@ QDBDHS@ C@ BNMSQH
ATH¢NO@Q@N@TCHNUHRT@KPTDMNRDI@TSHKHY@C@MNEHM@MBH@LDMSNC@Q@
CHNCHETRNRNMNQ@
/@Q@@K¤LCDRSDPT@CQNKDF@KDRODBËHBN13/DMPT@MSNDLOQDR@OµAKHB@
@OKHB@RDN#DBQDSN+DHMxCDCDCDYDLAQN@KSDQ@CNODKN
#DBQDSN+DHMxCDCD@FNRSNPTDDRS@ADKDBDNQDFHLDITQ¨
CHBNCNRDBSNQDLOQDR@QH@KCN$RS@CNADLBNLN@1DRNKT¢NCN"NMRDKGN
CD,HMHRSQNRMxCDCDL@Q¢NQDK@SHU@@NROQHMBÖHNRCDANL
FNUDQMNC@RDLOQDR@RCNRDBSNQDLOQDR@QH@KCN$RS@CND@HMC@@1DRN
KT¢NCN"NMRDKGNCD,HMHRSQNRMxCDCD@AQHKQDEDQDMSDR
NQHDMS@¢°DRDRSQ@S¤FHB@RCNRDBSNQ
3ULQF¬SLRVGHERPJRYHUQR
$RS@QDRNKT¢NNAQHF@@13/DMSQDNTSQNR@
ŞBTLOQHQ@LHRRNDNRNAIDSHUNRPTDKGDSDMG@LRHCNCDSDQLHM@CNR
CD ENQL@ DBNM®LHB@ EHM@MBDHQ@ RNBH@K D @LAHDMS@KLDMSD DEHBHDMSD
@SDMCDMCN@O@QLDSQNRDWHFDMSDRCDPT@KHC@CDOQNBTQ@MCNR@KU@
FT@QC@Q D DWO@MCHQ @ RT@ BNLODSHSHUHC@CD BNL QDRODHSN ODKNR OQHM
BÖHNR CD QDRONMR@AHKHC@CD RNBH@K CDRDMUNKUHLDMSN RTRSDMSUDK CD
RDQUH¢NOµAKHBNDCDR@SHRE@¢NC@RMDBDRRHC@CDRC@BNKDSHUHC@CDPTD
KGDG@I@LRHCNEHW@CNR
ŞCDEHMHQDRSQ@S¤FH@RCDRTRSDMS@AHKHC@CDMNRCNL¨MHNRDBNM®LHBNRRNBH@K
D@LAHDMS@KHCDMSHEHB@MCNO@Q@NDEDHSNNRNAIDSHUNR@@SHMFHQDDWOKHBH
S@MCNNRQDRODSHUNRHMRSQTLDMSNRCDOK@MD@LDMSNDWDBT¢NDBNMSQNKN
ŞDEDST@QTL@@MKHRDC@RTRSDMS@AHKHC@CD
(VWUXWXUDRUJDQL]DFLRQDO
-NVLWHC@13/DMBNMSQ@RDCHRONMÜDKO@Q@BNMRTKS@NNQF@MNFQ@L@PTD
QDOQDRDMS@ @ DRSQTSTQ@ ENQL@K C@ $LOQDR@ ř,@BQNDRSQTSTQ@Ś CDS@KG@CN
GHDQ@QPTHB@LDMSD@NMÜDKCDRTACHQD¢NNTDPTHO@Q@CNDRTODQHNQ
UJ¢RVVRFLDLVHHVWDWXW ULRV
-NRSDQLNRCNRDRS@STSNRC@13/RN®QFNRRNBH@HR@ RRDLAKDH@FDQ@KN
"NMRDKGNCD CLHMHRSQ@¢NDN"NMRDKGN%HRB@K
$573¨XPDVRFLHGDGH
DQ²QLPDGHFDSLWDLV
H[FOXVLYDPHQWHS¹EOLFRV
HTXHWHPSRUREMHWR
SULQFLSDODSUHVWD¦¢R
GRVVHUYL¦RVS¹EOLFRV
GHU GLRHGHWHOHYLV¢R
/@Q@@K¤LCDRSDRNRDRS@STSNRBNMR@FQ@L@HMC@N"NMRDKGNCD.OHMHND
NR/QNUDCNQDRCN.TUHMSDDCN3DKDRODBS@CNQ
."NMRDKGNCD CLHMHRSQ@¢N¤BNLONRSNONQBHMBNDKDLDMSNRDKDHSNRDL
RRDLAKDH@FDQ@KRDMCNTLOQDRHCDMSDDTLUHBDOQDRHCDMSDBNLOQDDM
CDMCN@ODM@R@CLHMHRSQ@CNQDRDWDBTSHUNR
&RQVHOKRGH2SLQL¢R
."NMRDKGNCD.OHMHN¤BNLONRSNL@HNQHS@QH@LDMSDONQLDLAQNRHM
CHB@CNRONQ@RRNBH@¢°DRDNTSQ@RDMSHC@CDRQDOQDRDMS@SHU@RCNRCHED
QDMSDRRDBSNQDROµAKHBNRMNRSDQLNRDBNL@RBNLODS¥MBH@ROQDUHRSNR
MNRDRS@STSNR
$RSµCHNCDSDKDUHRN
3URYHGRUGR2XYLQWHHGR7HOHVSHFWDGRU
."NMRDKGNCD CLHMHRSQ@¢NHMCHFHS@N/QNUD
CNQCN.TUHMSDDCN3DKDRODBS@CNQDBNLTMHB@
@QDEDQHC@HMCHFHS@¢N@N"NMRDKGNCD.OHMHN
.O@QDBDQCDRSD®QFN¤UHMBTK@SHUN
)XQ¦´HVGRVPHPEURV
GRV²UJ¢RVVRFLDLV
&RQVHOKRGH$GPLQLVWUD¦¢R
-NR SDQLNR CN @QSx x CNR DRS@STSNR @OQN
U@CNRODK@+DHMxCDCDEDUDQDHQN
BNLODSD@N"NMRDKGNCD CLHMHRSQ@¢N
ŞFDQHQBNLNRL@HR@LOKNRONCDQDRSNCNRNR
MDF®BHNRRNBH@HRDDEDST@QSNC@R@RNODQ@¢°DR
QDK@SHU@R@NNAIDSNRNBH@K
ŞQDOQDRDMS@Q @ RNBHDC@CD DL ITŸN D ENQ@
CDKD@SHU@DO@RRHU@LDMSDONCDMCNCDRHR
SHQSQ@MRHFHQDBNMEDRR@QDLPT@HRPTDQOKDH
SNR D ADL @RRHL BDKDAQ@Q BNMUDM¢°DR CD
@QAHSQ@FDL
ŞOQNONQ RRDLAKDH@FDQ@KPTD@RNBHDC@CDCHQD
S@NTHMCHQDS@LDMSDRD@RRNBHDBNLNTSQ@RODR
RN@R NT @CPTHQ@ @KHDMD NT NMDQD O@QSHBHO@¢°DR
RNBH@HRCDU@KNQRTODQHNQ@CNB@OHS@KRNBH@K
Ş@RRNBH@QRD BNL NTSQ@R ODRRN@R NT @CPTHQHQ
NMDQ@QNT@KHDM@QO@QSHBHO@¢°DRRNBH@HRCDU@
KNQHFT@KNTHMEDQHNQ@CNB@OHS@KRNBH@K
ŞOQNONQ RRDLAKDH@FDQ@K@BNMSQ@¢NCDDLOQ¤RSHLNRPTDCDU@LONQ
DK@RDQ@TSNQHY@CNR
ŞMNLD@QQDOQDRDMS@MSDRSDLONQQHNRNTODQL@MDMSDRDLRNBHDC@CDRNT
NTSQ@RHMRSHSTH¢°DRNTNQF@MHRLNROµAKHBNRNTOQHU@CNR
Ş@RRDFTQ@Q@BNLO@SHAHKHC@CDD@QSHBTK@¢NCNROK@MNRCDHMUDRSHLDMSN
RETM¢°DRC@$VVHPEOHLDJHUDORNDWDQBHC@RONQLDHNCDCDKHADQ@¢°DR
TMMHLDR RETM¢°DRCDILVFDOL]D¦¢RRN@RRDFTQ@C@RODKN"NMRDKGN%HR
B@KCNPT@KE@YDLO@QSDTL/QDRHCDMSD#Q.KÜHN TFTRSN,NS@ L@CNQ
CNHRUNF@HR#Q,QHN KADQSN!@SHRS@ KUDR KDW@MCQDD#Q1TH%HKHODCD
,NTQ@&NLDRDTL1DUHRNQ.EHBH@KCD"NMS@R#Q"@QKNR%DQM@MCN"@KG@T
3QHF@BGDHQN$LN"NMRDKGN%HRB@KRNEQDTTL@@KSDQ@¢NSDMCNRHCN
N/QDRHCDMSD#Q)NN)NR¤ L@Q@K3NLYDNUNF@K#Q+T¨R%DQM@MCNCD
"@QU@KGN5HS®QHN
R ETM¢°DR C@ CLHMHRSQ@¢N RN DWDQBHC@R ONQ TL "NMRDKGN ENQL@
CNONQBHMBNDKDLDMSNRDWDBTSHUNRRDMCNTL/QDRHCDMSD#Q,@MTDK
&THKGDQLDCD.KHUDHQ@C@"NRS@TL5HBDOQDRHCDMSD$MF)NR¤,@MTDK
,@QPTHSNR CD AQDT %DQQDHQ@ D SQ¥R UNF@HR #Q MS®MHN +T¨R ,@QHMGN
CNR2@MSNR#Qh"@QK@,@QH@CD"@RSQN"GNTR@KD#Qh,@QH@3DQDR@/Q@S@
,@BH@R ,@QPTDR /HFM@SDKKH @ PTDL RD DMBNMSQ@L @SQHAT¨C@R BNLOD
S¥MBH@RONQQD@C@$LOQDR@ŔODKNTQNRŔCDUHC@LDMSDCHUTKF@C@RDL
MNQL@RHMSDQM@R
."NMRDKGNQDµMDRDRDL@M@KLDMSDD@CHRSQHATH¢NCDODKNTQNR¤@RD
FTHMSD
3UHVLGHQWHŘ0DQXHO*XLOKHUPHGH2OLYHLUDGD&RVWD
%TM¢°DRFDQ@HR
Ş1DOQDRDMS@¢N(MRSHSTBHNM@K
Ş"NNQCDM@¢N$RSQ@S¤[email protected]@MHY@SHU@
Ş"DMSQNCD$RSTCNRCD2DQUH¢N/µAKHBN
h/@QSDŔ/DQƥKDLOQDR@QH@KC@13/
9LFHSUHVLGHQWH Ř -RV¨ 0DQXHO 0DUTXLWRV GH
$EUHX)HUUHLUD
%TM¢°DRFDQ@HR
Ş#HQD¢N"NLDQBH@K
Ş#HQD¢NCD$MFDMG@QH@D3DBMNKNFH@R
Ş#HQD¢NCD$LHRRND QPTHUN
Ş#HQD¢NCD/QNFQ@L@R13/D13/(MSDQM@BHNM@K
Ş&@AHMDSDCD"NLTMHB@¢ND,@QJDSHMF
Ş&@AHMDSDCD TCH¥MBH@RD$RSTCNRCN,DQB@CN
Ş&@AHMDSDCD-NUNR-DF®BHNRD/QNIDSNR
Ş&@AHMDSDCD,TKSHL¤CH@
Ş13/,DL®QH@
Ş13/,NAHKD
9RJDOŘ$QW²QLR/X¬V0DULQKRGRV6DQWRV
%TM¢°DRFDQ@HR
Ş"DMSQNR1DFHNM@HR,@CDHQ@D ¢NQDR
Ş"DMSQNR1DFHNM@HR"NLTMR
Ş"DMSQNCD%NQL@¢N
Ş#HQD¢NCD(MENQL@¢NCD1CHND3DKDUHRN
Ş#HQD¢NCD,DHNRCD/QNCT¢N
Ş#HQD¢NCD MSDM@R(MSDQM@BHNM@HR
Ş&@AHMDSDCD"NNODQ@¢N
Ş&@AHMDSDCD ONHNR.ODQ@¢°DR1DFHNM@HR
Ş& @AHMDSD CD "NNQCDM@¢N C@R .ODQ@¢°DR
(MSDQM@BHNM@HR
Ş#HQD¢NCD/QNFQ@L@R13/|EQHB@
Ş/QNFQ@L@R1CHN
Ş13/
9RJDOŘ&DUOD0DULDGH&DVWUR&KRXVDO
%TM¢°DRFDQ@HR
Ş#HQD¢NCD/@SQHL®MHN"NMS@AHKHC@CDD%HM@M¢@R
Ş#HQD¢NCD"NLOQ@RD+NF¨RSHB@
Ş#HQD¢NCD2HRSDL@RCD(MENQL@¢N
Ş&@AHMDSDCD/K@MD@LDMSND"NMSQNKNCD MSDM@R
Ş&@AHMDSDCD TCHSNQH@D/QNBDCHLDMSNR CLH
MHRSQ@SHUNR
Ş2DQUH¢NR"NLTMRCN"DMSQNCD/QNCT¢N-NQSD
9RJDO Ř 0DULD 7HUHVD 3UDWD 0DFLDV 0DUTXHV
3LJQDWHOOL
%TM¢°DRFDQ@HR
Ş#HQD¢NCD1DBTQRNR'TL@MNR
Ş#HQD¢NCD RRTMSNR)TQ¨CHBNRD(MRSHSTBHNM@HR
Ş&@AHMDSD,TRDNK®FHBND#NBTLDMS@K
Ş&@AHMDSDCD ONHN@NR/QNUDCNQDR
&RQVHOKR)LVFDO
EHRB@KHY@¢NC@RNBHDC@CD¤DWDQBHC@ONQTL
"NMRDKGN %HRB@K D TL 1DUHRNQ .EHBH@K CD "NM
S@RNTTL@[email protected]@HRCD
"NMS@R PTD MN RDI@ LDLAQN C@PTDKD ®QFN
$RSµCHNCDSDKDUHRN
SNCNR DKDHSNR DL @RRDLAKDH@FDQ@K DRSD µKSHLN LDCH@MSD OQNONRS@ CN
"NMRDKGN%HRB@K
."NMRDKGN%HRB@KCDUDNAQHF@S®QH@D@MT@KLDMSDRNKHBHS@QTL@@TCHSNQH@
RNAQD@@OKHB@¢NCNRDLOQ¤RSHLNRBNMBDCHCNRODKN$RS@CN
K¤LC@RBNLODS¥MBH@RBNMRS@MSDRC@KDHFDQ@KB@ADDLDRODBH@K@N"NM
RDKGN%HRB@K
ŞDW@LHM@Q RDLOQD PTD ITKFTD BNMUDMHDMSD D ODKN LDMNR TL@ UDY ONQ
L¥R@DRBQHSTQ@¢NC@RNBHDC@CD
ŞDLHSHQO@QDBDQRNAQDNNQ¢@LDMSNNA@K@M¢NNHMUDMSQHND@RBNMS@R@MT@HR
ŞODCHQ@BNMUNB@¢NDWSQ@NQCHMQH@C@@RRDLAKDH@FDQ@KRDLOQDPTDDM
SDMC@BNMUDMHDMSD
ŞRNKHBHS@Q@N"NMRDKGNCD CLHMHRSQ@¢N@@OQDBH@¢NCDPT@KPTDQ@RRTMSN
PTDDMSDMC@CDUDQRDQONMCDQ@CN
ŞOQNMTMBH@QRDRNAQDPT@KPTDQL@S¤QH@PTDKGDRDI@RTALDSHC@ODKN"NM
RDKGNCD CLHMHRSQ@¢N
&RQVHOKRGH2SLQL¢R
3URYHGRUGR2XYLQWHHGR7HOHVSHFWDGRU
"NLODSD@N"NMRDKGNCD.OHMHN
"@AD@N/QNUDCNQCN.TUHMSDD@N/QNUDCNQCN3DKDRODBS@CNQ
ŞC@QO@QDBDQRNAQDNRBNMSQ@SNRCDBNMBDRRN
CDRDQUH¢NOµAKHBNCDSDKDUHRNDCDQ@CHNCH
ETRNDNROK@MNRDA@RDRFDQ@HRC@@SHUHC@CD
C@RRNBHDC@CDRO@QSHBHO@C@RPTDDWOKNQDLNR
RDQUH¢NR CD OQNFQ@L@R HMSDFQ@CNR MNR LDM
BHNM@CNRRDQUH¢NROµAKHBNR
ŞOQNMTMBH@QRD RNAQD PT@HRPTDQ NTSQ@R PTDR
S°DRPTDKGDCDU@LRDQRTALDSHC@RMNRSDQ
LNRCNRDRS@STSNR
Ş@OQDBH@QNROK@MNRCD@SHUHC@CDDNQ¢@LDMSN
QDK@SHUNR@N@MNRDFTHMSDADLBNLNNROK@
MNROKTQH@MT@HRC@RNBHDC@CDDC@RRNBHDC@
CDRO@QSHBHO@C@RPTDDWOKNQDLNRRDQUH¢NRCD
OQNFQ@L@R HMSDFQ@CNR MNR RDQUH¢NR OµAKHBNR
CDSDKDUHRNDCDQ@CHNCHETRN@OQDBH@QN1D
K@S®QHND"NMS@R
ŞOQNMTMBH@QRDRNAQD@@SHUHC@CDC@RRNBHDC@
CDRO@QSHBHO@C@RPTDDWOKNQDLNRRDQUH¢NRCD
OQNFQ@L@R HMSDFQ@CNR MNR RDQUH¢NR OµAKHBNR
CDSDKDUHRNDCDQ@CHNCHETRNQDK@SHU@LDMSD
RA@RDRFDQ@HRC@OQNFQ@L@¢ND@NROK@MNR
CDHMUDRSHLDMSN
Ş@OQDBH@Q @ @SHUHC@CD C@ $LOQDR@ MN LAHSN
C@ BNNODQ@¢N BNL NR O@¨RDR CD DWOQDRRN
ONQSTFTDR@DCN@ONHNRBNLTMHC@CDRONQ
STFTDR@RMNDRSQ@MFDHQN
ŞDLHSHQO@QDBDQRNAQDNRBNMSQ@SNRCDBNMBDRRN@
BDKDAQ@QBNLN$RS@CNCDRHFM@C@LDMSDPT@MSN
PT@KHEHB@¢NC@RLHRR°DRCDRDQUH¢NOµAKHBN
ŞDKDFDQCDDMSQDNRRDTRLDLAQNRN/QDRHCDMSD
ŞOQNMTMBH@QRDRNAQDPT@HRPTDQ@RRTMSNRPTDNR
®QFNRRNBH@HRDMSDMC@LRTALDSDQKGD@O@QDBDQ
ŞQDBDADQ D @U@KH@Q PTDHW@R D RTFDRS°DR CNR NTUHMSDR D SDKDRODBS@CNQDR
RNAQDNRBNMSDµCNRCHETMCHCNRD@RT@ENQL@CD@OQDRDMS@¢NODKNRRDQ
UH¢NROµAKHBNCDQCHNDCDSDKDUHRN
ŞOQNCTYHQO@QDBDQDRRNAQD@RPTDHW@RDRTFDRS°DRQDBDAHC@RHMC@F@QDENQ
LTK@QBNMBKTR°DRRNAQDNRBQHS¤QHNR@CNS@CNRDNRL¤SNCNRTSHKHY@CNRM@
DK@ANQ@¢ND@OQDRDMS@¢NC@OQNFQ@L@¢NDC@HMENQL@¢NCHETMCHC@R
ŞSQ@MRLHSHQ@NRNTUHMSDRDSDKDRODBS@CNQDRNRRDTRO@QDBDQDRRNAQDNRBNMSD
µCNRCHETMCHCNR
Ş@RRDFTQ@Q@DCH¢NDSQ@MRLHRRNCDTLOQNFQ@L@RDL@M@KRNAQDL@S¤
QH@RC@RT@BNLODS¥MBH@DDK@ANQ@QTLQDK@S®QHN@MT@KRNAQD@RT@@SHUH
C@CD
5HPXQHUD¦¢RGRVPHPEURVGRV²UJ¢RVVRFLDLV
RQDLTMDQ@¢°DRCNRLDLAQNRCNR®QFNRRNBH@HRMNLD@C@LDMSDN"NM
RDKGN CD CLHMHRSQ@¢N N "NMRDKGN EHRB@K D N 1DUHRNQ .EHBH@K CD "NMS@R
DMBNMSQ@LRD CHRONMÜDHR O@Q@ BNMRTKS@ MN 1DK@S®QHN D "NMS@R QDEDQDMSD
@N@MNOTAKHB@CNMNVLWHC@13/GSSOVVQSOOSVONQS@KFQTON
HMENQL@B@N>EHM@MBDHQ@QB>@MT@KOGO
&²GLJRGHWLFD
$LBTLOQHLDMSNC@1DRNKT¢NCN"NMRDKGNCD,HMHRSQNRMxCD
CDL@Q¢NQDK@SHU@@NROQHMBÖHNRCDANLFNUDQMNC@RDLOQDR@RCNRD
SNQDLOQDR@QH@KCN$RS@CN@13/@OQNUNTDL@MS¤LDLUHFNQTL"®CHFN
CDSHB@PTDSDLDLUHRS@DMTMBH@QDCHUTKF@QNROQHMBÖHNRDU@KNQDRPTD
DMPT@CQ@L@RT@@SHUHC@CD@RRHLBNLN@RMNQL@RCDBNMCTS@@NARDQU@Q
S@MSNODKN"NMRDKGNCD CLHMHRSQ@¢NBNLNODKNRPT@CQNRCHQHFDMSDRD
SQ@A@KG@CNQDRMNDWDQB¨BHNC@RRT@RETM¢°DRDLSNC@R@R@SHUHC@CDRC@
$LOQDR@DM@RQDK@¢°[email protected]@MHY@¢NRNDRS@ADKDBHC@R
BNLDMSHC@CDRSDQBDHQ@RCDENQL@CTQ@CNTQ@NTNB@RHNM@K
/RFDOL]D¦¢R
13/ SDL @ RT@ RDCD RNBH@K DL +HRAN@ M@ UDMHC@ ,@QDBG@K &NLDR C@
"NRS@
$573DSURYRXHPDQW¨P
HPYLJRUXP&²GLJR
GHWLFDTXHWHPHPYLVWD
HQXQFLDUHGLYXOJDU
RVSULQF¬SLRVHYDORUHV
TXHHQTXDGUDPDVXD
DWLYLGDGH
13/SDLTLBDMSQNQDFHNM@KDLB@C@1DFHN TS®MNL@BNL@B@O@BHC@CD
MDBDRRQH@O@Q@@OQNCT¢NCDOQNFQ@L@ROQ®OQHNRCDMSQNCNRKHLHSDRNQ¢@
LDMS@HRQDRODSHUNRDBNLBNLODS¥MBH@RO@Q@@OQSHB@CD@SNRCDFDRSNBNQ
QDMSDCD@BNQCNBNL@RQDFQ@RCDEHMHC@RO@Q@NBNMITMSNC@$LOQDR@ 13/
CHRO°D@HMC@CDBDMSQNRQDFHNM@HRDCDKDF@¢°DR
/@Q@L@HRHMENQL@¢°DRBNMRTKS@QNVLWHVVVQSOOSVONQS@KFQTONCDKDF@BNDROGO
h/@QSDŔ/Q¤LHNRCHRSHM¢°DRDKNTUNQDR
(PIRUDPY ULRVRVSU¨PLRVDWULEX¬GRVDSURILVVLRQDLVGD573SH
ORVWUDEDOKRVGHVHQYROYLGRVEHPFRPRDSURJUDPDVHPLWLGRVTXHUQD
U GLRTXHUQDWHOHYLV¢R
6DOYDGRU
%TMC@¢N+TRN!Q@RHKDHQ@CDBHCHTCHRSHMFTHQ6DOYDGRUBNLN/Q¤LHN5@KNQ
2NBH@KBNLNQDBNMGDBHLDMSNCNSQ@A@KGNPTDSDLCDRDMUNKUHCNDLCDED
R@C@RODRRN@RBNLLNAHKHC@CDQDCTYHC@S@MSNMNOQNFQ@L@CDSDKDUHRN
PTD@OQDRDMS@M@13/BNLNM@@RRNBH@¢NPTDETMCNT
3U¬QFLSHVGR1DGD
OQDRDMS@CNONQ"@S@QHM@%TQS@CNDSQ@MRLHSHCNODK@13/ENHDKDHSN
NLDKGNQOQNFQ@L@CDSDKDUHRNCDODK@ RRNBH@¢NCD3DKDR
ODBS@CNQDR
%LRVIHUD
2DKDBHNM@CN BNL N /Q¤LHN -@BHNM@K CD LAHDMSD @SQHAT¨CN ODK@
"NMEDCDQ@¢N /NQSTFTDR@ C@R RRNBH@¢°DR CD #DEDR@ CN LAHDMSD ODK@
CHUTKF@¢NC@M@STQDY@
&DUORV'DQLHO
"@QKNR#@MHDK
%NHDKDHSNODKN1NS@QX"KTACD/@QDCDRBNLNN/QNEHRRHNM@KCN MN
&RQH[¢R
,HMHRR¤QHDQD@KHY@C@ONQ+DNMDK5HDHQ@BNOQNCT
YHC@ODK@13/ENHRDKDBHNM@C@O@Q@N%(/ %DRSHU@K (MSDQM@SHNM@K CD /QNFQ@LLDR TCHNUH
RTDKRDL!H@QQHSY3Q@S@RDCDTL@UH@FDLODKN
LTMCNC@QHPTDY@@RRNBH@C@BNQQTO¢NUHNK¥M
BH@LHR¤QH@DUDQSHFDLCNCDRDRODQNGTL@MN
3DUDD0HLD1RLWH
%NHMNLD@CNM@B@SDFNQH@CDLDKGNQENQL@SNMN
$!43524,,(3MNR%®QTMRŚ35"QNRR
,DCH@,NAHKD"NMSDMSŚDř"QD@SHUD%NQTLŚ
&LGDGH'HVSLGD
2¤QHD OQNS@FNMHY@C@ ONQ "@S@QHM@ %TQS@CN QD
BDADT PT@SQN MNLD@¢°DR M@ h DCH¢N CN
%DRSHU@KCD,NMSD"@QKNMNFQTONCD2¤QHDCD
3DKDUHRN#Q@L@
'DQLHOD6DQWLDJR
&@MGNTN/Q¤LHNCD)NQM@KHRLN#HQDHSNR'TL@MNR
D (MSDFQ@¢N @SQHAT¨CN ODK@ 4-$2". D ODKN KSN
"NLHRR@QH@CNO@Q@@(LHFQ@¢ND#HKNFN(MSDQBTK
STQ@K "(#(ODK@QDONQS@FDLř,HRRN1DNL@TŚ
/@Q@@,DH@-NHSD
0DUJDULGD0HWHOOR
%NHCHRSHMFTHC@ODKN "(#(BNLN/Q¤LHN#HKNFN
"TKSTQ@KODK@QDONQS@FDLř$RS@¤@MNRR@QT@Ś
6RFLHGDGH&LYLO
%NH CHRSHMFTHC@ DL BNL UQHNR OQ¤LHNR
/Q¤LHN-@BHNM@KCD)NQM@KHRLNM@QD@C@2@µ
CD ,DMS@K ,DM¢N 'NMQNR@ ODKN OQNFQ@L@
ř TSHRLN CNDM¢@ C@ HMEMBH@Ś /Q¤LHN 0HGLD
OQNFQ@L@ ř"@R@LDMSNR CN LDRLN RDWNŚ
,DM¢NCD'NMQ@C@ RRNBH@¢N/NQSTFTDR@CD
3DKDRODBS@CNQDR/Q¤LHNCD,¤QHSNC@2NBHDC@
CD/NQSTFTDR@CD TSNQDRD/Q¤LHNCD)NQM@KHR
LNCN)NQM@K5DQHS@R
*DOD63$573
/QDLHNTDMSQDNTSQNRCNHROQNFQ@L@RC@13/$QRLWHVDQJUHQWDCD3H@FN
&TDCDRD%QDCDQHBN2DQQ@BNLNN,DKGNQ/QNFQ@L@CD%HB¢NCD3DKDUHRND$V
+RUDVGR'RXURCD MS®MHN!@QQDSND)N@M@/NMSDRBNLNN,DKGNQ/QNFQ@L@CD
$MSQDSDMHLDMSN
-RDTXLP)XUWDGR
1DBDADT N /Q¤LHN CD ,DKGNQ /QNFQ@L@ CD (MENQL@¢N M@ h $CH¢N CN
/Q¤LHN TSNQDRODKNCNBTLDMSQHNŝ$*XHUUDŞ@SQHAT¨CNODK@2NBHD
C@CD/NQSTFTDR@CD TSNQDR
)RQWHV1DK@S®QHND"NMS@R1DK@S®QHNRCD SHUHC@CDR1DK@S®QHNRCNR/QNUDCNQDR1DK@S®QHNR
D"NMS@RC@R RRNBH@¢°DRCD1DENQL@CNRDC@"@R@CN/DRRN@KC@13/ MTQHN
/1.)$3.2$.!)$3(5.2/ 1 -.},!(3.# 2423$-3 !(+(# #$
)RUPD¦¢RŘ3URMHWR
ŝ$FDGHPLDŞ
$PELHQWHŘ&RQVXPRV
GHHOHWULFLGDGH
6HSDUDGRUHVGH
LQIRUPD¦¢R5730HP²ULD
.OQNIDSNř B@CDLH@Ś¤TLK@ANQ@S®QHNCDENQL@¢NO@Q@MNUNROQNEHRRHN
M@HR D BNMSDµCNR C@ 13/ CDRSHM@CN @ INUDMR DMSQD NR D NR @MNR
BNLNx@MNBNMBKT¨CND@LAH¢°DRCDTL@B@QQDHQ@KHF@C@OQNCT¢N
LTKSHL¤CH@$RSDOQNIDSNCDENQL@¢N¤CDRDMUNKUHCNDLO@QBDQH@BNLN
(MRSHSTSNCD$LOQDFND%NQL@¢N/QNEHRRHNM@K($%/.NAIDSHUNCDRSDOQN
IDSN¤ENQL@QOQNEHRRHNM@HRCDPHGLDM@RUDQSDMSDRCDOQNCT¢NZHESDKD
UHRNNTQCHNDLQD@RCHUDQR@RDSQ@MRUDQR@HR@NRPHGLDBNLNRDI@L@
EHB¢NDMSQDSDMHLDMSNHMENQL@¢NBNMGDBHLDMSNBH¥MBH@DBTKSTQ@ 13/
DMPT@MSNDRS@¢NCDRDQUH¢NOµAKHBNRDLOQDENH@FQ@MCDDRBNK@CDBNLT
MHB@¢NDPHGLDD@FNQ@BNL@ř B@CDLH@Ś@$LOQDR@OQDSDMCDHMUDRSHQM@
ONRRHAHKHC@CDCDO@QSHKG@QR@ADQDRDHCDH@R
Ş1DCTYHQNBNMRTLN@MT@KDLODKNLDMNR
Ş$EDST@QODQHNCHB@LDMSDRDMRHAHKHY@¢N@NRBNK@ANQ@CNQDRO@Q@TL@BNQ
QDS@ TSHKHY@¢N CNR CHRONRHSHUNR CD HKTLHM@¢N D O@Q@ QDFQ@R FDQ@HR CD
ONTO@M¢@
Ş2TARSHSTH¢NCDKLO@C@RONQNTSQ@RCDA@HWNBNMRTLNQDBNQQDMCNI@
HKTLHM@¢N+$#
Ş(MRS@K@¢NCDSQ@MRENQL@CNQDRO@Q@QDCT¢NCNE@SNQCDONS¥MBH@
Ş(MRS@K@¢NCDRHRSDL@RCDQDCT¢NCDBNMRTLNMNLD@C@LDMSDRDMRN
QDRCDLNUHLDMSNCDKTY
O@QSHQCNUDQNCD@13/,DL®QH@E@QTLDRENQ¢NM@RT@@EHQL@¢N
DMPT@MSNL@QB@TSHKHY@MCNUQHNRDRO@¢NRCDDLHRRNO@Q@HLOKDLDMS@Q
TL@ MNU@ DRSQ@S¤FH@ CD BNLTMHB@¢N PTD BNMRHRSD M@ CHUTKF@¢N CD HM
ENQL@¢°DRµSDHRDCDL@S¤QH@RCDBHC@C@MH@$RS@HMHBH@SHU@SDQUHRHAHKHC@
CD@NKNMFNC@DLHRRNMNRRDTRUQHNRHMSDQU@KNRNMCDRDQNHMBKT¨CNR
RDO@Q@CNQDR BNL HMENQL@¢N CD B@QBSDQ ODC@F®FHBN QDK@SHUN @ L@S¤QH@R
QDK@BHNM@C@RBNL@RTRSDMS@AHKHC@CDS@HRBNLNOQDRDQU@¢NCN@LAHDMSD
GAHSNRCDBNMRTLNNTLNCNRCDUHC@
9LUWXDOL]D¦¢R
GRVVHUYLGRUHV
/@Q@DRODQ@LNR@BNMBKTRNCNOQNIDSNCDUHQST@KHY@¢NHMHBH@CNDL
BNL@HCDMSHEHB@¢NCDTLMNUNBNMITMSNCDB@MCHC@SNRUHQST@KH
Y@¢N0T@MCNDRSDOQNIDSNDRSHUDQEHM@KHY@CNDRODQ@LNRSDQCHLHMT¨CNN
MµLDQNCDRDQUHCNQDRE¨RHBNRCDBDQB@CDO@Q@@ODM@RL@MSDMCN
SNCNR NR RDQUH¢NR D @OKHB@¢°DR I DWHRSDMSDR $RS@ BNMRNKHC@¢N ODQLHSD
TL@QDCT¢NCNBNMRTLNDMDQF¤SHBNCNRRDQUHCNQDRDCNRDPTHO@LDMSNR
CDQDEQHFDQ@¢NADLBNLN@NSHLHY@¢NCNDRO@¢NE¨RHBN
"NLNDEDHSNRDBTMCQHNONRHSHUN@UHQST@KHY@¢NODQLHSDPTDRDCHRONMH
AHKHYDLMNUNRRDQUHCNQDRO@Q@NTSQNROQNIDSNRRDLG@UDQMDBDRRHC@CDCD
MNUNHMUDRSHLDMSNNT@TLDMSNCNBNMRTLNCDDMDQFH@
$RSDE@BSNU@HODQLHSHQ#23ONQDWDLOKNHMHBH@QTLOQNIDSNCDHLOKDLDM
S@¢NCDTL@HMEQ@DRSQTSTQ@CDBNK@ANQ@¢NPTDCHRONMHAHKHY@EDQQ@LDMS@R
CDUHCDNBNMEDQ¥MBH@DUNYRNAQD(/@SNCNRNRBNK@ANQ@CNQDRBNL@BDRRN
HMSDQMDSPTDRDDMBNMSQDLDLPT@KPTDQO@QSDCNLTMCNBNLTLDKDU@CN
ONSDMBH@KCDONTO@M¢@DLBNLTMHB@¢°DR
$573HQTXDQWR
HVWD¦¢RGHVHUYL¦R
S¹EOLFRVHPSUHIRL
DJUDQGHHVFROD
GHFRPXQLFD¦¢R
HE=<A9
, 31(9&1(
(VWUDW¨JLDH$Q OLVH
$YDOLD¦¢R
#DBK@Q@¢NCN/QDRHCDMSDNT#HQDSNQ&DQ@KC@NQF@MHY@¢NRNAQD
@QDKDUMBH@C@RTRSDMS@AHKHC@CDO@Q@@NQF@MHY@¢NDRT@DRSQ@S¤FH@
/F
#DRBQH¢NCNROQHMBHO@HRHLO@BSNRQHRBNRDNONQSTMHC@CDR
/K@MNCD/QDUDM¢NCD1HRBNRCD"NQQTO¢NDCD(MEQ@¢°DR"NMDW@R
-NLAHSNCNBTLOQHLDMSNC@+DHMxCDCDRDSDLAQN
FDRSNCNQHRBNBNMRHRSHTM@HCDMSHEHB@¢NC@RQD@RL@HRRTRBD
SÜDHRCDBNLONQS@QQHRBNRCDBNQQTO¢NNTHMEQ@¢°DRBNMDW@RADL
BNLNNRONSDMBH@HRQHRBNRDLDCHC@ROQDUDMSHU@R
$RSDCNBTLDMSNMNHCDMSHEHB@NRQHRBNRDNONQSTMHC@CDRMNRCN
L¨MHNR@LAHDMS@KDRNBH@K6LWHVVVQSOOS
3HUILO2UJDQL]DFLRQDO
$YDOLD¦¢R
-NLDC@NQF@MHY@¢N
1CHND3DKDUHRNCD/NQSTF@K2 @QSxx+DHMxCD
CDEDUDQDHQN
/QHMBHO@HRL@QB@ROQNCTSNRDNTRDQUH¢NR
$RS@STSNR+DHMxCDCDEDUDQDHQN
$RSQTSTQ@NODQ@BHNM@KC@NQF@MHY@¢NHMBKTHMCNOQHMBHO@HR
CHUHR°DRO@¨RDRNMCDNODQ@RTARHCHQH@RNTMRLQWYHQWXUHV
.QF@MNFQ@L@13/DHCDMSHEHB@¢NCNR®QFNRRNBH@HRDDRS@STSQHNR
B@O¨STKN(((+DHMxCDCDEDUDQDHQN6LWHVVVQSOOS
+NB@KHY@¢NC@RDCDC@NQF@MHY@¢N
13/SDL@RT@RDCDRNBH@KDL+HRAN@M@ UDMHC@CN,@QDBG@K
&NLDRC@"NRS@
-µLDQNCDO@¨RDRNMCD@NQF@MHY@¢NNODQ@DMNLDCNRO@¨RDR
NMCDRDCDRDMUNKUDL@ROQHMBHO@HRNODQ@¢°DRNTPTDRNDRODBH
EHB@LDMSDQDKDU@MSDRO@Q@@RPTDRS°DRCDRTRSDMS@AHKHC@CD@ANQ
C@C@RMNQDK@S®QHN
5DQVLWHVVVQSOOSCHRODQRNFDNFQEHB@
-@STQDY@CDOQNOQHDC@CDDENQL@ITQ¨CHB@
$RS@ADKDBHCNM@+DHMxCDCDEDUDQDHQN
,DQB@CNR@AQ@MFHCNRHMBKTHMCN@CHRBQHLHM@¢NFDNFQEHB@
NRRDBSNQDRBNMRHCDQ@CNRDNRSHONRCDBKHDMSDRADMDEHBHQHNR
TCH¥MBH@R1DK@S®QHNCD"[email protected]@¢°DRCD2DQUH¢N/µ
AKHBNDCHRBQHLHM@¢NFDNFQEHB@CHRONMÜDKMNVLWHVVVQSOOS
#HLDMRNC@NQF@MHY@¢NHMBKTHMCNMµLDQNCDSQ@A@KG@CN
QDRUDMC@RK¨PTHC@RO@Q@NQF@MHY@¢°DRCNRDBSNQOQHU@CNNTQD
BDHS@K¨PTHC@O@Q@NQF@MHY@¢°DRCNRDBSNQOµAKHBNB@OHS@KHY@¢N
SNS@KCHRBQHLHM@C@DLSDQLNRCDCÜHC@DB@OHS@KOQ®OQHNPT@MSH
C@CDCDOQNCTSNRENQMDBHCNRNTRDQUH¢NROQDRS@CNR
1DK@S®QHN D "NMS@R 1" CHRONMÜDK MN VLWH VVVQSOOS D
MµLDQN CD SQ@A@KG@CNQDR MN 1DK@S®QHN CD 2TRSDMS@AHKHC@CD 12
hO@QSD
KSDQ@¢°DRRHFMHEHB@SHU@RCTQ@MSDNODQ¨NCN@AQ@MFHCNODKNQD
K@S®QHNDLL@S¤QH@CDCHLDMRNDRSQTSTQ@NTOQNOQHDC@CDHMBKTHM
CN@KNB@KHY@¢NNTLTC@M¢@M@RNODQ@¢°DRHMBKTHMCN@@ADQSTQ@
DMBDQQ@LDMSNDDWO@MRNCDTMHC@CDRNODQ@BHNM@HRD@KSDQ@¢°DR
M@DRSQTSTQ@CNB@OHS@KRNBH@KDNTSQ@RNODQ@¢°DRCDENQL@¢NBNM
RDQU@¢ND@KSDQ@¢NCDB@OHS@K
-NRDUDQHEHB@Q@L@KSDQ@¢°DRRHFMHEHB@SHU@RCHFM@RCDQDFHRSN
/Q¤LHNRQDBDAHCNRMNODQ¨NCN@AQ@MFHCNODKNQDK@S®QHN
/Q¤LHNR CHRSHM¢°DR D KNTUNQDR h O@QSD CN 1DK@S®QHN CD 2TR
SDMS@AHKHC@CD
"NMSHMT@
"NMSHMT@¢N
3DU¡PHWURVGR5HODW²ULR
/DQ¨NCN@AQ@MFHCNODKNQDK@S®QHNO@Q@@RHMENQL@¢°DR@OQDRDMS@C@R
#@S@CNQDK@S®QHN@MSDQHNQL@HRQDBDMSD
$YDOLD¦¢R
MN
#DY
"HBKNCDOTAKHB@¢NCNQDK@S®QHN
MT@K
"NMS@BSNO@Q@@RPTDRS°DRQDK@SHU@R@NQDK@S®QHNNT@NRDTBNMSDµCN
M@%HRBGDQ
/QNBDRRNO@Q@@CDEHMH¢NCNBNMSDµCNCNQDK@S®QHNHMBKTHMCN
OQNBDRRN O@Q@ CDSDQLHM@Q @ QDKDUMBH@ CDEHMH¢N CD OQHNQHC@CDR
QDK@SHU@RRPTDRS°DRCNQDK@S®QHNHCDMSHEHB@¢NCNR VWDNHKROGHUV
ONSDMBH@HRTSHKHY@CNQDRCNQDK@S®QHN
¢N@OQDRDMS@C@MN/K@MNCD ¢°DR
+HLHSDCNQDK@S®QHNONQDWO@¨RDRCHUHR°DRRTARHCHQH@RHMR
S@K@¢°DR@QQDMC@C@RMRLQWYHQWXUHVENQMDBDCNQDR
&QTON13/
+HLHS@¢°DRDRODBËHB@RQDK@SHU@R@NLAHSNNTKHLHSDCNQDK@S®QHN
-@C@@BNMRHCDQ@Q
!@RDO@Q@@DK@ANQ@¢NCNQDK@S®QHNMNPTDRDQDEDQD@MRLQW
YHQWXUHVRTARHCHQH@RHMRS@K@¢°DR@QQDMC@C@RNODQ@¢°DRRTABNM
SQ@S@C@RDNTSQ@RRHST@¢°DRO@RRÜDHRCD@EDS@QRHFMHEHB@SHU@LDMSD@
BNLO@Q@AHKHC@CDDMSQDODQ¨NCNRDNTNQF@MHY@¢°DRQDK@SNQ@R
-N@OKHBUDK
3¤BMHB@RCDLDCH¢NCDC@CNRDA@RDRCDBKBTKNHMBKTHMCN
@R OQDLHRR@R D S¤BMHB@R RTAI@BDMSDR R DRSHL@SHU@R @OKHB@C@R
BNLOHK@¢NCNRHMCHB@CNQDRDCDNTSQ@RHMENQL@¢°DRCNQDK@S®QHN
1DK@S®QHND"NMS@R
1DK@S®QHN/K@MNCD/QDUDM¢NCD1HRBNRCD"NQQTO¢NDCD(MEQ@¢°DR
"NMDW@R
1DK@S®QHNCD"[email protected]@¢°DRCD2DQUH¢N/µAKHBN MTQHN
1DENQLTK@¢°DRETR°DR@PTHRH¢°DRM@STQDY@CNMDF®BHNL¤
SNCNRCDLDCH¢N
-@C@CDQDKDU@MSD@BNMRHCDQ@Q
KSDQ@¢°DRRHFMHEHB@SHU@RDLQDK@¢N@QDK@S®QHNR@MSDQHNQDR
2DL@KSDQ@¢°DRQDKDU@MSDR
2TLQHNCNBNMSDµCNC@&1(
/QDRDMSDS@ADK@
/NK¨SHB@D@ST@KOQSHB@QDK@SHU@OQNBTQ@CDUDQHEHB@¢NHMCD
ODMCDMSDO@Q@NQDK@S®QHN
-NENHRNKHBHS@C@@UDQHEHB@¢NDWSDQM@CDRSDQDK@S®QHN
*RYHUQ¡QFLD&RPSURPLVVRVH(QYROYLPHQWR
$YDOLD¦¢R
$RSQTSTQ@CDFNUDQM@¢NC@NQF@MHY@¢NHMBKTHMCNBNLHS¤R@N
L@HR@KSNMÜDKCDFNUDQMMBH@QDRONMRUDHRONQS@QDE@RDRODBËH
B@RS@HRBNLN@CDEHMH¢NC@DRSQ@S¤FH@NT@RTODQUHRNC@NQF@
MHY@¢N
1DK@S®QHND"NMS@R
+DHMxCDCDEDUDQDHQN
13/MNSDLHCDMSHEHB@CNTLQDRONMRUDKODK@FDRSNCNRHRSD
L@CD12.
(MCHPTDRDN/QDRHCDMSDCN"NMRDKGNC@ CLHMHRSQ@¢N¤RHLTKS@
MD@LDMSDTLCHQDSNQDWDBTSHUNDMDRRDB@RNPT@K@RT@ETM¢N@NM¨
UDKC@@CLHMHRSQ@¢NC@NQF@MHY@¢ND@RQ@Y°DRO@Q@DRS@BNLONRH¢N
1DK@S®QHND"NMS@R
QSxD+DHMxCDCDEDUDQDHQN12hO@QSD
/@Q@NQF@MHY@¢°DRBNLTL@DRSQTSTQ@CD@CLHMHRSQ@¢NTMHS
QH@HMCHPTDNMµLDQNCDLDLAQNRCN"NMRDKGNCD CLHMHRSQ@¢N
HMCDODMCDMSDRDNTLDLAQNRMNDWDBTSHUNR
QSx+DHMxCDCDEDUDQDHQN
."NMRDKGNCD CLHMHRSQ@¢N¤BNLONRSNONQBHMBNDKDLDMSNRDKDH
SNRDL@RRDLAKDH@FDQ@KRDMCNTL/QDRHCDMSDDTL5HBDOQDRHCDMSD
."NMRDKGNCD CLHMHRSQ@¢NBNLOQDDMCD@ODM@R@CLHMHRSQ@CNQDR
DWDBTSHUNR
"NMSHMT@
h/@QSDŔ MDWNR
"NMSHMT@¢N
*RYHUQ¡QFLD&RPSURPLVVRVH(QYROYLPHQWR
$YDOLD¦¢R
,DB@MHRLNPTDODQLHSDL@NR@BHNMHRS@RDBNK@ANQ@CNQDRRT
FDQHQDLQDBNLDMC@¢°DRNTHMCHB@QDLNQHDMS@¢°DR@N"NMRDKGNCD
CLHMHRSQ@¢N
"NMRDKGNCD.OHMHN
/QNUDCNQDRCN.TUHMSDDCN3DKDRODBS@CNQ
$MSHC@CD1DFTK@CNQ@O@Q@@"NLTMHB@¢N2NBH@K
1DK@S®QHNCD"[email protected]@¢°DRCD2DQUH¢N/µAKHBN
+HF@¢NDMSQD@QDLTMDQ@¢NCNRLDLAQNRC@@CLHMHRSQ@¢N
PT@CQNRCHQHFDMSDRDRTODQHNQDRD@ODQENQL@MBDC@NQF@MHY@¢N
1DK@S®QHND"NMS@R6LWHVVVQSOOS
,DB@MHRLNRDWHRSDMSDRPTDODQLHS@L@NRLDLAQNRC@@CLH
MHRSQ@¢N @RRDFTQ@Q PTD MN RD BQH@L BNMEKHSNR CD HMSDQDRRD DW
B®CHFNRCD¤SHB@
1DK@S®QHND"NMS@R
"®CHFNCD¤SHB@CHRONMÜDKMNVLWHVVVQSOOS
0T@KHEHB@¢°DRDBNLODS¥MBH@RCNRLDLAQNRCN"NMRDKGNCD
CLHMHRSQ@¢N
QSxD+DHMxCDCDEDUDQDHQN
#DBK@Q@¢°DR CD LHRRN NT CD U@KNQDR B®CHFNR CD BNMCTS@ D
OQHMBÖHNR CDRDMUNKUHCNR HMSDQM@LDMSD BNMRHCDQ@CNR QDKDU@MSDR
O@Q@NCDRDLODMGNDBNM®LHBN@LAHDMS@KDRNBH@K@RRHLBNLNN
DRSCHNC@RT@HLOKDLDMS@¢N
1DK@S®QHND"NMS@R
"®CHFNCD¤SHB@CHRONMÜDKMNVLWHVVVQSOOS
/K@MNCD ¢°DR
/QNBDCHLDMSNR C@ @CLHMHRSQ@¢N O@Q@ @BNLO@MG@LDMSN D
FDRSN C@ ODQENQL@MBD @LAHDMS@K RNBH@K D DBNM®LHB@ HMBKTHMCN
NRQHRBNRDNONQSTMHC@CDRL@HRQDKDU@MSDR@RRHLBNLN@@CDRN
DNBTLOQHLDMSNCDMNQL@RB®CHFNRDOQHMBÖHNRHMSDQM@BHNM@HR
"®CHFNCD¤SHB@CHRONMÜDKDLVVVQSOOS
QSx+DHMxCDCDEDUDQDHQNFDRSNDBNM®LHB@D
EHM@MBDHQ@
/K@MNCD ¢°DR
/QNBDRRNR O@Q@ @U@KH@¢N CN CDRDLODMGN CN "NMRDKGN CD
CLHMHRSQ@¢N
QSx+DHMxCDCDEDUDQDHQNFDRSNDBNM®LHB@D
EHM@MBDHQ@
/QHMBÖHNCDOQDB@T¢NFDRSNCDQHRBNRDNONQSTMHC@CDR
"@QS@ROQHMBÖHNRNTNTSQ@RHMHBH@SHU@RCDRDMUNKUHC@RDWSDQ
M@LDMSDCDB@QBSDQDBNM®LHBN@LAHDMS@KDRNBH@KPTD@NQF@MH
Y@¢NRTARBQDUDNTCDEDMCD
"®CHFNCD¤SHB@
/K@MNCD ¢°DR
/QHMBHO@HR@CDR°DR@NQF@MHY@¢°DRRDBSNQH@HR
/QHMBHO@HRO@QBDQH@RDOQNSNBNKNRŔ5DQ1DK@S®QHNCD2TRSDMS@AHKH
C@CDhO@QSDOSNRD
+HRS@CDFQTONRCDVWDNHKROGHUVDMUNKUHCNRODK@NQF@MHY@¢N
/@QSDRHMSDQDRR@C@R13/
,DQB@CN Ŕ /µAKHBN"KHDMSDR TCH¥MBH@R %NQMDBDCNQDR /@QBDHQNR
BNLDQBH@HROQNSNBNKNRHMRSHSTH¢°DR$RS@CN&NUDQMN/QNUDCNQDR
+NB@K CD 3Q@A@KGN Ŕ 3Q@A@KG@CNQDR 2HMCHB@SNR "NLHRRN CD 3Q@
A@KG@CNQDR"@R@CN/DRRN@K RRNBH@¢°DRCD1DENQL@CNR1CHND
3DKDUHRN TSNQHC@CDR/µAKHB@R
"NLTMHC@CDŔ TSNQHC@CDR/µ[email protected]&
LAHDMSD Ŕ .-& "NLTMHC@CD +NB@K "HC@CNR 3Q@A@KG@CNQDR
D TSNQHC@CDROµAKHB@R
!@RDO@Q@@HCDMSHEHB@¢NDRDKD¢NCNRVWDNHKROGHUV@RDQDL
DMUNKUHCNR
/K@MNCD ¢°DR
3HONCD@ANQC@FDLO@Q@DMUNKUDQNRVWDNHKROGHUVHMBKTHMCN
EQDPT¥MBH@CNDMUNKUHLDMSNONQSHONDFQTONCDVWDNHKROGHUV
/K@MNCD ¢°DR
3DL@R BG@UD HCDMSHEHB@CNR M@ BNMRTKS@ @NR VWDNHKROGHUV D
QDRONRS@RC@NQF@MHY@¢NHMBKTHMCN@MÜDKCNUHSRUWLQJ
/K@MNCD ¢°DR
,QGLFDGRUHV*5,
,QGLFDGRUHVGH'HVHPSHQKR(FRQ²PLFR
$YDOLD¦¢R
$VSHWRŘ'HVHPSHQKR(FRQ²PLFR
(& 5@KNQ DBNM®LHBN CHQDBSN FDQ@CN D CHRSQHAT¨CN 1DBDHS@R
"TRSNR NODQ@BHNM@HR /@F@LDMSN @ HMUDRSHCNQDR /@F@LDMSN @N
$RS@CN(MUDRSHLDMSNR+TBQNRMNCHRSQHAT¨CNR
(&(LOKHB@¢°DREHM@MBDHQ@RDNTSQNRQHRBNRDNONQSTMHC@CDRQDK@
BHNM@CNRBNL@R@KSDQ@¢°DRBKHLSHB@R
(MENQL@¢NHMDWHRSDMSD
(&"NADQSTQ@C@RNAQHF@¢°DRQDEDQDMSDR@NOK@MNCDADMDE¨BHNR
CDEHMHCNRODK@NQF@MHY@¢N
(& ONHNEHM@MBDHQNRHFMHEHB@SHUNQDBDAHCNODKNFNUDQMN
%TMCNROµAKHBNR1DK@S®QHND"NMS@R
1DK@S®QHN"NMSQ@SNCD"NMBDRRNCN2DQUH¢N/µAKHBN
$VSHWRŘ3UHVHQ¦DQR0HUFDGR
(& 1BHNDMSQDNR@KQHNL@HRA@HWNDNR@KQHNL¨MHLNKNB@K
(MENQL@¢N@MNQDK@S@QMDRS@S@ADK@
(&/NK¨SHB@OQSHB@RDOQNONQ¢NC@RCDRODR@RDLENQMDBDCNQDR
KNB@HRNMCDDWHRS@NODQ@¢NQDKDU@MSD
(& /QNBDCHLDMSNR O@Q@ @ BNMSQ@S@¢N KNB@K D OQNONQ¢N CD B@Q
FNRCDFDRSNCDSNONBNMSQ@S@CNRM@BNLTMHC@CDKNB@KDLKNB@HR
NMCDDWHRSDNODQ@¢NQDKDU@MSD
$VSHWRŘ,PSDFWRV(FRQ²PLFRV,QGLUHFWRV
(&#DRDMUNKUHLDMSNDHLO@BSNCNRHMUDRSHLDMSNRDLHMEQ@DRSQT
STQ@RDRDQUH¢NRENQMDBHCNRDRRDMBH@KLDMSDO@Q@ADMDE¨BHNOµAKHBN
(& #DRBQH¢N D @MKHRD CNR HLO@BSNR DBNM®LHBNR HMCHQDSNR
RHFMHEHB@SHUNRHMBKTHMCN@RT@DWSDMRN
,QGLFDGRUHVGH'HVHPSHQKR$PELHQWDO
3@ADK@BNLO@Q@SHU@OF
,QGLFDGRUHVGH'HVHPSHQKR6RFLDO
3U WLFDV/DERUDLVH7UDEDOKR&RQGLJQR
$VSHWRŘ(PSUHJR
/$3NS@KCDLNCDNAQ@ONQSHONCDDLOQDFNSHONCDBNMSQ@SN
DQDFHN
1DK@S®QHNCD2TRSDMS@AHKHC@CDhO@QSD
/$-µLDQNSNS@KCDSQ@A@KG@CNQDRDS@W@CDQNS@SHUHC@CDONQE@HW@
DSQH@F¤MDQNDQDFHN
1DK@S®QHNCD2TRSDMS@AHKHC@CDhO@QSD
/$!DMDE¨BHNR@RRDFTQ@CNR@NRETMBHNMQHNR@SDLONHMSDHQNPTD
MNRNBNMBDCHCNR@ETMBHNMQHNRSDLONQQHNRNT@SDLONO@QBH@K
$VSHWRŘ5HOD¦´HVHQWUH)XQFLRQ ULRVH$GPLQLVWUD¦¢R
/$/DQBDMS@FDLCDSQ@A@KG@CNQDR@AQ@MFHCNRODKN BNQCN"NKDB
SHUNCD3Q@A@KGN
$KDLDMSNRBNMRS@MSDRMN1DK@S®QHNMHBN
/$/Q@YNRL¨MHLNRCDMNSHEHB@¢NOQ¤UH@DLQDK@¢N@LTC@M¢@R
NODQ@BHNM@HRHMBKTHMCNRDDRRDOQNBDCHLDMSN¤LDMBHNM@CNMNR
@BNQCNRCDBNMSQ@S@¢NBNKDBSHU@
-NBNMRS@S@CN
"NMSHMT@
h/@QSDŔ MDWNR
"NMSHMT@¢N
$YDOLD¦¢R
3U WLFDV/DERUDLVH7UDEDOKR&RQGLJQR
$VSHWRŘ6HJXUDQ¦DH6D¹GHQR7UDEDOKR
/$/DQBDMS@FDLC@LNCDNAQ@SNS@KQDOQDRDMS@C@DLBNLHS¤R
ENQL@HRRNAQDR@µCDDRDFTQ@M¢@
"NLHS¤CD'HFHDMD2DFTQ@M¢@D2@µCDMN3Q@A@KGN1DK@S®QHNCD
2TRSDMS@AHKHC@CDhO@QSD
/$1BHNRCD@BHCDMSDRCNDM¢@ROQNEHRRHNM@HRCH@RODQCHCNR@ARDM
SHRLNDMµLDQNCD®AHSNRQDK@BHNM@CNRBNLNSQ@A@KGNONQQDFHN
$KDLDMSNRBNMRS@MSDRMN1DK@S®QHNMHBN
/$ /QNFQ@L@R O@Q@ @ DCTB@¢N ENQL@¢N @BNMRDKG@LDMSN OQD
UDM¢NDBNMSQNKNCDQHRBNCDCNDM¢@RFQ@UDRO@Q@NRSQ@A@KG@CNQDR
E@L¨KH@DLDLAQNRC@BNLTMHC@CD
$WHRSDLDCDRCDRNQD@KHY@C@R@¢°DRCDENQL@¢NCDRDFT
Q@M¢@O@Q@INQM@KHRS@RDLBDMQHNRGNRSHRNQF@MHY@C@RODKN&@AH
MDSDCD%NQL@¢N3¤BMHB@$RS@R@¢°DR@AQ@MFDQ@L@SNS@KHC@CD
CNRSQ@A@KG@CNQDRRTRBDOSÜDHRCDRDQDLDMUH@CNRO@Q@DRSDR
BDMQHNR.RC@CNRDRSNCHRONMÜDHRMN"DMSQNCD%NQL@¢N
$LENHQD@KHY@C@@ENQL@¢NO@Q@@BNMCT¢NRDFTQ@DL
DRSQ@C@DQDK@SHU@CDSQ@A@KGNRDL@KSTQ@RTAHC@CD@MSDM@R
.TSQ@R@¢°DR1DK@S®QHNCD2TRSDMS@AHKHC@CDhO@QSDONMSN
/$3®OHBNRCDGHFHDMDDRDFTQ@M¢@BNADQSNRONQ@BNQCNRENQL@HR
BNLRHMCHB@SNR
$VSHWRŘ)RUPD¦¢RH(GXFD¦¢R
/$,¤CH@CDGNQ@RCDENQL@¢NONQ@MNONQDLOQDF@CNDONQ
B@SDFNQH@
$RS@HMENQL@¢NENHCHRONMHAHKHY@C@ODK@13/DRS@MCNQDEDQDMBH@
C@DL1DK@S®QHN
/$/QNFQ@L@RO@Q@@FDRSNCDBNLODS¥MBH@RD@OQDMCHY@FDL
BNMS¨MT@PTD@ONH@L@BNMSHMTHC@CDC@DLOQDF@AHKHC@CDCNRETM
BHNMQHNRDO@Q@@FDRSNCDB@QQDHQ@
/$ /DQBDMS@FDLCDETMBHNMQHNRPTDQDBDADLQDFTK@QLDMSD
@MKHRDRCDCDRDLODMGNDCDCDRDMUNKUHLDMSNC@B@QQDHQ@
$VSHWRŘ'LYHUVLGDGHH,JXDOGDGHGH2SRUWXQLGDGHV
/$"NLONRH¢NCNRFQTONRQDRONMRUDHRODK@FNUDQMMBH@BNQ
ONQ@SHU@DCHRBQHLHM@¢NCNRBNK@ANQ@CNQDRONQB@SDFNQH@CD@BNQ
CNBNLNF¤MDQN@E@HW@DSQH@LHMNQH@RDNTSQNRHMCHB@CNQDRCD
CHUDQRHC@CD
-NDWHRSDLOQSHB@RL¤SNCNRNTHMCHB@CNQDRNARDQUUDHRD
LDMRTQUDHR
/$1BHNCNR@KQHNA@RDCNRGNLDMRBNLO@Q@SHU@LDMSD@NC@R
LTKGDQDRONQB@SDFNQH@CDETM¢°DR
2DLHMENQL@¢N
'LUHLWRV+XPDQRV
$VSHWRŘ3U WLFDVGH,QYHVWLPHQWRH$TXLVL¦´HV
+5 /DQBDMS@FDL D MµLDQN SNS@K CD BNMSQ@SNR CD HMUDRSHLDMSNR
RHFMHEHB@SHUNRPTDHMBKTDLBKTRTK@RRNAQDNRCHQDHSNRGTL@MNRNT
PTDENQ@LRTALDSHCNR@TL@@MKHRDRNAQDCHQDHSNRGTL@MNR
2DLHMENQL@¢N
+5/DQBDMS@FDLCDENQMDBDCNQDRDDLOQDR@RBNMSQ@S@CNRRTIDH
SNR@@¢°DRCDUDQHEHB@¢NCNRCHQDHSNRGTL@MNR
2DLHMENQL@¢N
+5-µLDQNSNS@KCDGNQ@RCDENQL@¢NDLONK¨SHB@RDOQNBDCH
LDMSNRQDK@SHUNR@@RODBSNRCDCHQDHSNRGTL@MNRHMBKTHMCN@ODQ
BDMS@FDLCDETMBHNMQHNRPTDADMDEHBH@LCDENQL@¢N
$VSHWRŘ1¢R'LVFULPLQD¦¢R
+5-µLDQNSNS@KCDB@RNRCDCHRBQHLHM@¢ND@¢°DRSNL@C@R
-NBNMRS@S@CN
"NMSHMT@
"NMSHMT@¢N
$YDOLD¦¢R
'LUHLWRV+XPDQRV
$VSHWRŘ/LEHUGDGHGH$VVRFLD¦¢RH$FRUGRGH1HJRFLD¦¢R&ROHWLYD
+5.ODQ@¢°DRPTDBNKNPTDLDLQHRBN@KHADQC@CDCD@RRNBH@¢ND
@MDFNBH@¢NBNKDSHU@DLDCHC@RSNL@C@RO@Q@RTONQS@QDRRDQHRBN
&@Q@MSHCNODK@DWHRS¥MBH@D@BNLTMHB@¢NDMSQD@NQF@MHY@¢ND
"NLHRRNCD3Q@A@KG@CNQDRD2HMCHB@SNR
$VSHWRŘ7UDEDOKR,QIDQWLO
+5 .ODQ@¢°DR HCDMSHEHB@C@R BNLN SDMCN QHRBN RHFMHEHB@SHUN CD
NBNQQ¥MBH@CDSQ@A@KGNHME@MSHKDLDCHC@RSNL@C@RO@Q@BNMSQHATHQ
O@Q@@RT@DKHLHM@¢N
-NBNMRS@S@CN
$VSHWRŘ7UDEDOKR)RU¦DGRH(VFUDYR
+5 .ODQ@¢°DR HCDMSHEHB@C@R BNLN SDMCN QHRBN RHFMHEHB@SHUN CD
NBNQQ¥MBH@CDSQ@A@KGNENQ¢@CNDBNLOTKR®QHNDLDCHC@RSNL@C@R
O@Q@BNMSQHATHQO@Q@@RT@DKHLHM@¢N
-NBNMRS@S@CN
$VSHWRŘ3U WLFDVGH6HJXUDQ¦D
+5 /DQBDMS@FDLCNODRRN@KCDRDFTQ@M¢@RTALDSHCN@ENQL@
¢NM@RONK¨SHB@RNTOQNBDCHLDMSNRQDK@SHUNR@NRCHQDHSNRGTL@MNR
$VSHWRŘ'LUHLWRVGRV3RYRV,QG¬JHQDV
+5 -µLDQNSNS@KCDHMBHCDMSDRPTDDMUNKU@L@UHNK@¢NCNR
ONUNRHMC¨FDM@RD@¢°DRSNL@C@R
6RFLHGDGH
$VSHWRŘ&RPXQLGDGH
62-@STQDY@LAHSNDDEHBBH@CNROQNFQ@L@RDOQSHB@RPTD@U@
KH@LDFDQDLNRHLO@BSNRC@RNODQ@¢°DRM@RBNLTMHC@CDRHMBKTHM
CNHM¨BHNNODQ@¢NDEHLCD@SHUHC@CD
(MENQL@¢N RNAQD /QNFQ@L@R D (MENQL@¢N BNL SDLSHB@R 12.
CHRBQHLHM@CNR@NKNMFNCN1DK@S®QHNCD2TRSDMS@AHKHC@CD
$VSHWRŘ&RUUXS¦¢R
62-µLDQNSNS@KDODQBDMS@FDLCDQD@RC@DLOQDR@@M@KHR@C@R
RNAQDNQHRBNCDBNQQTO¢N
%NQ@L@M@KHR@C@RSNC@R@RQD@RC@DLOQDR@DCDEHMHC@RNMYD
QD@RL@HRRTRBDOSÜDHRCDBNLONQS@QQHRBNRCDBNQQTO¢NNTHM
EQ@¢°DRBNMDW@RSDMCNRHCNBNMRSQT¨C@TL@L@SQHYCDQHRBN1DK@
S®QHNDLE@RDCDDK@ANQ@¢N
62/DQBDMS@FDLCDBNK@ANQ@CNQDR@AQ@MFHCNRONQENQL@¢NDL
ONK¨SHB@RDOQNBDCHLDMSNRCD@MSHBNQQTO¢N
.#HQDSNQCN&@AHMDSDCD TCHSNQH@SDUDENQL@¢NCDMSQNCDRSDLAHSN
62 ¢°DRCDRDMUNKUHC@RBNLNQDRONRS@NBNQQ¥MBH@CDRHST@¢°DR
CDBNQQTO¢N
$VSHWRŘ3RO¬WLFDV3¹EOLFDV
62/NRH¢°DRDO@QSHBHO@¢NMNCDRDMUNKUHLDMSNCDONK¨SHB@ROµAKHB@R
62 5@KNQSNS@KC@RBNMSQHATH¢°DREHM@MBDHQ@RNTDLDRO¤BHD@
O@QSHCNRONK¨SHBNRONK¨SHBNRNT@HMRSHSTH¢°DRQDK@BHNM@C@RCHRBQH
LHM@C@RONQO@¨R
$VSHWRŘ&RQFRUU©QFLD'HVOHDO
62 -µLDQNSNS@KCD@¢°DRITCHBH@HRONQBNMBNQQ¥MBH@CDRKD@K
DQWLWUXVWDOQSHB@RCDLNMNO®KHNADLBNLNNRDTQDRTKS@CN
"NMSHMT@
h/@QSDŔ MDWNR
"NMSHMT@¢N
$YDOLD¦¢R
6RFLHGDGH
$VSHWRŘ&RQIRUPLGDGH
625@KNQLNMDSQHNCDBNHL@RRHFMHEHB@SHU@RNTBNHL@RMNLNMD
SQH@RONQMNBNMENQLHC@CDBNLKDHRDQDFTK@LDMSNR@LAHDMS@HR
-NGQDFHRSNCDPT@KPTDQLTKS@
5HVSRQVDELOLGDGHGR3URGXWR
$VSHWRŘ6D¹GHH6HJXUDQ¦DGR&OLHQWH
35%@RDRCNBHBKNCDUHC@M@RPT@HRRNLDCHCNRNRHLO@BSNRRN
AQD@R@µCDDRDFTQ@M¢@
-N@OKHBUDK
35 -µLDQNSNS@KCDHMBHCDMSDRQDRTKS@MSDRCDMNBNMENQLHC@CD
BNLNRQDFTK@LDMSNRDB®CHFNRUNKTMSQHNRMNLAHSNC@R@µCDDRD
FTQ@M¢@CTQ@MSDNBHBKNCDUHC@CHRBQHLHM@CNONQSHONCDQDRTKS@CN
$VSHWRŘ5RWXODJHPGH3URGXWRVH6HUYL¦RV
353HONCDHMENQL@¢NRNAQDOQNCTSNRDRDQUH¢NRDWHFHC@ONQOQN
BDCHLDMSNR CD QNSTK@FDL D N ODQBDMST@K CD OQNCTSNR D RDQUH¢NR
RTIDHSNR@S@HRDWHF¥MBH@R
$KDLDMSNRMNRNKHBHS@CNR13/
35-µLDQNSNS@KCDHMBHCDMSDRQDRTKS@MSDRCDMNBNMENQLHC@
CDBNLNRQDFTK@LDMSNRDB®CHFNRUNKTMSQHNRRNAQDQNSTK@FDLCD
OQNCTSNRDRDQUH¢NRCHRBQHLHM@CNONQSHONCDQDRTKS@CN
35/QSHB@RQDK@BHNM@C@RBNL@R@SHRE@¢NCNBKHDMSDHMBKTHMCN
QDRTKS@CNRCDRNMC@FDMR
$VSHWRŘ&RPXQLFD¦´HVGH0DUNHWLQJ
35 /QNFQ@L@R CD @CDRN R KDHR MNQL@R D B®CHFNR UNKTMSQHNR
QDK@BHNM@CNR@BNLTMHB@¢°DRCDL@QJDSHMFHMBKTHMCNOTAKHBHC@CD
OQNLN¢NDO@SQNB¨MHN
R@¢°DRCDL@QJDSHMFC@13/HMBKTHMCNOTAKHBHC@CDOQNLN¢ND
O@SQNB¨MHNDRSNRTIDHS@R@N"®CHFNCDSHB@
35 -µLDQNSNS@KCDHMBHCDMSDRQDRTKS@MSDRCDMNBNMENQLHC@CDR
BNLQDFTK@LDMSNRDB®CHFNRUNKTMSQHNRRNAQDBNLTMHB@¢NDL@QJD
SHMFHMBKTHMCNOTAKHBHC@CDOQNLN¢NDO@SQNB¨MHNCHRBQHLHM@CNR
ONQSHONCDQDRTKS@CNR
35-µLDQNSNS@KCDQDBK@L@¢°DRQDFHRS@C@RQDK@SHU@RUHNK@¢N
C@OQHU@BHC@CDCDBKHDMSDR
$VSHWRŘ&RQIRUPLGDGH
35 5@KNQ LNMDSQHN CD LTKS@R RHFMHEHB@SHU@R ONQ MN BNMENQLHC@CD
BNLKDHRDQDFTK@¢°DRQDK@SHU@R@NENQMDBHLDMSNCDOQNCTSNRDRDQUH¢NR
(MCHB@CNQDRBNLOKDLDMS@QDRMNNAQHF@S®QHNR
-NGQDFHRSNCDPT@KPTDQLTKS@
(-#(" #.1$2#$2423$-3 !(+(# #$
,!($-3 +Ŕ".-24,.2#$$
5HI
'HVFUL¦¢R
*5,
,QGLFDGRUHV
2EVHUYD¦´HV
2EVHUYD¦´HV
ƚ
,@SDQH@HR
TSHKHY@CNR
ONQODRN
NTONQUNKTLD
"NMRTLNCDO@ODK
AQ@MBN
JF
*F
JF
$RSDHMCHB@CNQ
QDEKDSD@TSHKHY@¢N
CDO@ODKŔ@MN
}LAHSN
+HRAN@D/NQSN
"NMRTLNCDO@ODK
QDBHBK@CN
$RSDHMCHB@CNQQDEKDSD
@TSHKHY@¢NCDO@ODK
Ŕ@MN}LAHSN
+HRAN@D/NQSN
$-
/DQBDMS@FDL
CDL@SDQH@HR
TSHKHY@CNRPTD
RNQDBHBK@CNR
3@W@CDTSHKHY@¢N
CDL@SDQH@HR
QDBHBK@CNR
@TSHKHY@¢NCDO@ODK
QDBHBK@CNŔ@MN
13/BNMRTLHTJF
CDO@ODKCNRPT@HR
ENHO@ODKQDBHBK@CN
}LAHSN+HRAN@D/NQSN
$RSDHMCHB@CNQ
QDEKDSD@TSHKHY@¢N
CDO@ODKQDBHBK@CN
Ŕ@MN 13/
BNMRTLHTJF
CDO@ODKCNRPT@HR
ENHO@ODK
QDBHBK@CN}LAHSN
+HRAN@D/NQSN
$-
"NMRTLNCHQDSN
CDDMDQFH@ONQ
ENMSDOQHLQH@
"NMRTLNCDF@R®KDN
+
NRBNMRTLNRCDF@R®KDN
F@RNKHM@DFRM@STQ@K
Ŕ@MN.RBNMRTLNR
CDF@R®KDNDF@RNKHM@
DMFKNA@L@RCDKDF@¢°DR
HMSDQM@BHNM@HR
+
%QNS@
&DQ@CNQDR
%QNS@
@TSHKHY@¢NCDDKDSQHBHC@CD
M@RRDFTHMSDRCDKDF@¢°DR
1µRRH@!Q@RHK3HLNQ
$RO@MG@2T¨¢@
,N¢@LAHPTD"@AN5DQCD
23NL¤D/Q¨MBHOD&THM¤
!HRR@T MFNK@,@CDHQ@
+HRAN@
/NQSN"NHLAQ@
%@QND ¢NQDR
RDQUHCNQDRE¨RHBNR
$-
@MN
"NMRTLNCDF@RNKHM@
+
@MN
"NMRTLNCDFR
M@STQ@K
Ŕ+HRAN@
/NQSN
$-
$-
L
JF
"NMRTLN
HMCHQDSNCD
DMDQFH@ONQ
ENMSDOQHLQH@
"NMRTLN
CDDKDSQHBHC@CD
$MDQFH@
ONTO@C@CDUHCN
@LDKGNQH@R
CDDEHBH¥MBH@
DBNMRDQU@¢N
"NMRTLNDMDQF¤SHBN
CNRRDQUHCNQDR
DDPTHO@LDMSNR
CDQDEQHFDQ@¢N
J6'@MN
J6@MN
*F
@MN
+
@MN
L
JF
#$(JF
+HRAN@/NQSN
D,@CDHQ@
J6'@MN
+HRAN@/NQSN
DCDKDF@¢°DR
ONQSTFTDR@R
DDRSQ@MFDHQ@R
J6@MN
"NMRTLNL¤CHN
C@EQNS@KJL
"NMSHMT@
h/@QSDŔ MDWNR
"NMSHMT@¢N
5HI
'HVFUL¦¢R
*5,
,QGLFDGRUHV
(MHBH@SHU@R
O@Q@
@OQNLN¢N
CDOQNCTSNR
DRDQUH¢NR
DMDQFDSHB@LDMSD
DEHBHDMSDR
DA@RD@CNR
DLDMDQFH@R
QDMNUUDHR
@RRHLBNLN
@RQDCT¢°DR
QDFHRS@C@R
-xSNS@KCDUD¨BTKNR
C@EQNS@OQ®OQH@
$-
$-
$-
$-
2EVHUYD¦´HV
ƚ
(MBKTHUH@STQ@R$".
-xCDUD¨BTKNR
C@EQNS@OQ®OQH@
BNMRHCDQ@CNR
LDMNRONKTDMSDR
$".
(MHBH@SHU@R
O@Q@QDCTYHQ
NBNMRTLN
HMCHQDSNCD
DMDQFH@
DQDCT¢°DR
QDFHRS@C@R
3NS@K
CDBNMRTLN
CDFT@
ONQENMSD
"NMRTLNCDFT@
CDQDCD
"NMRTLNCDFT@
CDETQN2DCD
1DBTQRNR
G¨CQHBNR
RHFMHEHB@SHU@LDMSD
@EDBS@CNRODKN
BNMRTLN
CDFT@
L@MN
2EVHUYD¦´HV
@TSHKHY@¢NCDFT@CD
QDCDOµAKHB@DL+HRAN@
D/NQSNDM@RRDFTHMSDR
CDKDF@¢°DR,N¢@LAHPTD
"@AN5DQCD23NL¤
D/Q¨MBHOD&THM¤!HRR@T
MFNK@,@CDHQ@"NHLAQ@
%@QND ¢NQDR-NDWHRSDL
C@CNRO@Q@@RCDKDF@¢°DR
C@13/MNRRDFTHMSDRO@¨RDR
!¤KFHB@%Q@M¢@1µRRH@
!Q@RHK3HLNQ$4 $RO@MG@
D2T¨¢@TL@UDYPTDDRSD
U@KNQDRSHMBKT¨CNMN
BNMSQ@SNCD@KTFTDQFKNA@K
-@RDCDC@13/ENQ@L
HLOKDLDMS@C@RLDCHC@R
CDONTO@M¢@CDFT@ODK@
HMSQNCT¢NCDANB@HRCD
SNQMDHQ@CDQDCT¢NCDB@TC@K
DODK@QD@KHY@¢NCDTLETQN
@QSDRH@MNCDB@OS@¢NCDFT@
O@Q@QDF@FT@PTD¤SQ@S@C@
ONQDWBDRRNCDR@KHMHY@¢N
L@MN
+HRAN@D/NQSN
DCDKDF@¢°DR
ONQSTFTDR@R
DDRSQ@MFDHQ@R
"NMSHMT@
"NMSHMT@¢N
5HI
'HVFUL¦¢R
*5,
,QGLFDGRUHV
$-
/DQBDMS@FDL
DUNKTLDSNS@K
CDFT@
QDBHBK@C@
DQDTSHKHY@C@
$-
|QD@R
CDSDQQDMNR
DLQD@R
OQNSDFHC@R
|QD@CDSDQQDMNR
DLQD@ROQNSDFHC@R
NBTO@C@R
ONQHMEQ@DRSQTSTQ@R
[email protected]@MHY@¢NL
$-
$LHRR°DR
CDF@RDRBNL
DEDHSNCDDRSTE@
$LHRR°DRCHQDBS@R
CD".
.TSQ@R
DLHRR°DR
HMCHQDS@R
QDKDU@MSDR
CD&$$
$LHRR°DRHMCHQDS@R
CD".
$-
$-
(MHBH@SHU@RO@Q@ (C@CDL¤CH@FKNA@K
@QDCT¢NC@R
C@EQNS@
DLHRR°DRCD
&$$DQDCT¢°DR
QDFHRS@C@R
2EVHUYD¦´HV
JF@MN
ƚ
-NRDDEDST@
-N@OKHBUDK
JF@MN
2EVHUYD¦´HV
-N@OKHBUDK
$RSDHMCHB@CNQSDLONQA@RD
NRBNMRTLNRCDF@R®KDN
F@RNKHM@DFRM@STQ@K-@13/
RNFDQ@C@RDLHRR°DRCHQDS@R
M@PTDHL@CDBNLATRSÜDK
QDRTKS@MSDC@BHQBTK@¢NCNR
UD¨BTKNRC@EQNS@CNFQTOND
ADLBNLNBNMRTLNCDFR
M@STQ@K RDLHRR°DRFDQ@C@R
ODKNBNMRTLNCDBNLATRSÜDHR
RNB@KBTK@C@RSDMCNDL
BNMS@NRE@SNQDRCDDLHRRN
$RSDHMCHB@CNQSDLONQ
A@RDNBNMRTLNCD
DKDSQHBHC@CD-@13/
RNFDQ@C@RDLHRR°DR
HMCHQDBS@R@SQ@U¤RCN
BNMRTLNCDDKDSQHBHC@CD
ENQMDBHC@ODK@$#/%@SNQ
CDDLHRRN".
FJ6GŔ
{RDLHRR°DRHMCHQDS@R
FDQ@C@RONQUH@CNBNMRTLN
CDDKDSQHBHC@CD¤@OKHB@CN
NE@BSNQL¤CHNCDDLHRRN
CD&$$O@Q@NBNMRTLNEHM@K
CDDKDSQHBHC@CDCNRHRSDL@
DKDSQNOQNCTSNQM@BHNM@K
MN@MNCD@BNQCN
BNL@ENMSDGSSOVVV
DCOOSOSDLOQDR@ROQDBNKHUQD
DMDQFH@BNQONQ@SD/@FDR
$MDQFH@M@$#/"NQONQ@SD@ROW
JF@MN
@MNR
"NMSHMT@
h/@QSDŔ MDWNR
"NMSHMT@¢N
5HI
'HVFUL¦¢R
*5,
,QGLFDGRUHV
2EVHUYD¦´HV
$-
$LHRR°DR
CDRTARSMBH@R
CDRSQTHCNQ@R
C@B@L@C@CN
NYNMN
$LHRRNCD"%"SNM
1DK@SHU@LDMSDRDCD
@13/HMENQLNTPTD
Ş$WHRSDTLHMUDMSQHNCD
SNCNNDPTHO@LDMSNCDEQHN
DHCDMSHEHB@¢NCNEKTHCN
CDQDEQHFDQ@¢NQDFHRSNMN
CHUTKF@CNO@Q@UDQHEHB@¢N
CDDUDMST@KDWHRS¥MBH@
CDEKTHCNBNLRTARSMBH@R
DLONAQDBDCNQ@RC@B@L@C@
CNNYNMN
Ş$MBNMSQ@LRD@@U@KH@QNR
BTRSNRCDRTARSHSTH¢NCN
FR1ONQNTSQNEKTHCN
QDEQHFDQ@MSD
Ş LTC@M¢@CDEKTHCN
L@MTSDM¢NCNDPTHO@LDMSN
¤QD@KHY@C@ONQS¤BMHBN
@BQDCHS@CNODK@ F¥MBH@
/NQSTFTDR@CN LAHDMSD
-NDWHRSDHMENQL@¢N
@BDQB@CDRS@L@S¤QH@RNAQD
NQDRS@MSDTMHUDQRNC@13/
RDLHRR°DROQNUDMHDMSDR
CDETF@RCDDPTHO@LDMSNR
PTDBNMSDMG@LF@RDRCD
QDEQHFDQ@¢NMNRN
BNMRHCDQ@C@RRHFMHEHB@SHU@R
@SDMCDMCN@PTD@RETF@R
CD'%"@NBNQQDQDLRDQN
CDROQDYUDHR
O®RNODQ¨NCN
CDSQ@MRH¢N
@RLPTHM@RDRSN
SNC@RBNLF@RDR
PTDMNRN
MNBHUNRO@Q@
NNYNMN
$-
-.W2.W
DNTSQ@R
DLHRR°DR
RHFMHEHB@SHU@R
ONQSHONDODRN
$LHRRNCD-.WSNM
13/HMENQLNTPTDDWHRSD
TL@B@KCDHQ@M@RHMRS@K@¢°DR
C@RDCDDPTDONMST@KLDMSD
MNCDBNQQDQC@R
L@MTSDM¢°DROQDUDMSHU@R
RNDEDBST@C@RLNMHSNQHY@¢N
C@RDLHRR°DRF@RNR@R
HMENQL@¢NCHRODMR@C@
ODK@13/MNODQLHSHT
@U@KH@QRD@RDLHRR°DRC@
B@KCDHQ@BTLOQDLNRU@KNQDR
KHLHSDCDDLHRRNADL
BNLNTL@@U@KH@¢NC@
BNMENQLHC@CDDLSDQLNRCN
#+Mx+DHCN Q
13/SDLTL
BNMSQ@SNCD
L@MTSDM¢NO@Q@
DRS@RB@KCDHQ@R
2DLOQDPTD¤
QD@KHY@C@TL@
HMSDQUDM¢N
¤@U@[email protected]
RDMCNCHSN13/
PTDDRSNCDMSQN
CNQDFTK@LDMS@Q
2EVHUYD¦´HV
ƚ
"NMSHMT@
"NMSHMT@¢N
5HI
'HVFUL¦¢R
*5,
,QGLFDGRUHV
2EVHUYD¦´HV
$-
#DRB@QF@R
CDFT@ONQ
PT@KHC@CD
DCDRSHMN
.µMHBNDEKTDMSDDWHRSDMSDM@
13/¤C@RFT@RQDRHCT@HR
CNL¤RSHB@ROQNUDMHDMSDR
CN6"DCNQDEDHS®QHNC@
RDCD RFT@RQDRHCT@HR
CNL¤RSHB@RC@13/RN
CQDM@C@RO@Q@BNKDSNQ
LTMHBHO@K 13/MNRSQN¢NR
DLPTDDRSDR@HMC@MN
DWHRSH@LDWDBTSNTNRONQ
RT@BNMS@ 13/MNDEDST@
MDLOQDSDMCDDEDST@Q
@QDTSHKHY@¢NC@FT@
QDRHCT@KCNL¤RSHB@TL@
UDYPTDNUNKTLDCD
BNMRTLNCDFT@MN
¤RTEHBHDMSDO@Q@HMUDRSHQ
MDRRDRRHRSDL@R @SHUHC@CD
OQHMBHO@KC@13/MNSDL
HLOKHB@¢°DRRHFMHEHB@SHU@RM@R
CDRB@QF@RCDFT@ODKNPTD
DRSDHMCHB@CNQENHBNMRHCDQ@CN
BNLNMNQDKDU@MSD
$-
3NS@KCD
QDR¨CTNR
ONQSHON
DCDRSHMN
3NS@KCDKLO@C@R
U@KNQHY@C@R
/KRSHBN
,@SDQH@KHMENQLSBN
KDNRTR@CNR
/@ODK
"@QSN
/HKG@RDA@SDQH@HR
$LA@K@FDMR
7RQHUVDSHMSDHQNR
0T@MSHC@CDCD
QDR¨CTNR
MNODQHFNRNR
OQNCTYHCNR
0T@MSHC@CDCD
QDR¨CTNRODQHFNRNR
OQNCTYHCNR
3@W@CDQDR¨CTNR
U@KNQHY@CNR
3@W@CDQDR¨CTNR
DKHLHM@CNR
-NDWHRSDTLHMUDMSQHN
BNL@RHRSDL@SHY@¢N
CDSNCNRNRQDR¨CTNR
OQNCTYHCNRDPT@MSHC@CDR
@RRNBH@C@R-NDWHRSDL
DUHC¥MBH@RCNDMUHN@
CDRSHMNEHM@K@CDPT@CN
D@TSNQHY@CNCDSNCNRNR
QDR¨CTNROQNCTYHCNRM@13/
DLO@QSHBTK@QNRQDR¨CTNR
OQNCTYHCNRODKNR
RTABNMSQ@S@CNR
DWL@MTSDM¢N
CNDCHE¨BHNC@RDCD
13/MNDEDBSTNTN
QDFHRSNMN2(1 / 2HRSDL@
(MSDFQ@CNCD1DFHRSNC@
F¥MBH@/NQSTFTDR@CN
LAHDMSDADLBNLNN
QDRODBSHUNOQDDMBGHLDMSN
@MT@KCN,@O@(MSDFQ@CN
CD1DR¨CTNR@S¤CD
L@Q¢N
2EVHUYD¦´HV
ƚ
(MCHB@CNQDR
HMDWHRSDMSDR
"NMSHMT@
h/@QSDŔ MDWNR
"NMSHMT@¢N
5HI
'HVFUL¦¢R
*5,
,QGLFDGRUHV
2EVHUYD¦´HV
2EVHUYD¦´HV
ƚ
2DFTMCNHMENQL@¢NC@
13/
Ş.@A@SDCDDPTHO@LDMSN
¤ONQMNQL@EDHSNONQ
UDMC@BNLBNMRTKS@NMCD
¤ODCHCNNOQDDMBGHLDMSN
,NC NTONQCN@¢N
BNLCDBK@Q@¢NCD
QDBDAHLDMSNCN
DPTHO@LDMSN RKLO@C@R
TR@C@RRNRTARSHST¨C@R
DFT@QC@C@RM@DPTHO@
CDL@MTSDM¢N0T@MCN
DWHRSDř@KFTL@ŚPT@MSHC@CD
DRS@RRNQDBNKGHC@RD
DMSQDFTDRMNř5@Y@CNTQNŚ
C@",+
Ş$RSNCHRSQHAT¨CNRODKN
DCHE¨BHNř/HKGNLDSQNRŚITMSN
C@RQD@RS¤BMHB@RPTD
PT@MCNBGDHNR¤ODCHCN
DLOQDR@$BNOHKG@RO@Q@
E@YDQSQNB@BNLQDBHOHDMSDR
U@YHNR
Ş$WHRSDLMNDCHE¨BHNC@
RDCDřQDBHOHDMSDRŚO@Q@
@QDBNKG@RDKDSHU@CD
UQHNRSHONRCDQDR¨CTNR
DWUHCQNO@ODKPTDRN
ONRSDQHNQLDMSDQDBNKGHCNR
ODK@",+
$-
5@KNQ
LNMDSQHN
CDLTKS@R
@LAHDMS@HR
RHFMHEHB@SHU@R
5@KNQSNS@KCDBNHL@R ONQHMBTLOQHLDMSN
KDF@KDLL@S¤QH@R
@LAHDMS@HRŵ
#TQ@MSDDRSD@MN@13/MN
ENH@KUNCDOQNBDRRNRONQ
HMBTLOQHLDMSNCDKDHRNT
QDFTK@LDMSNRDMPT@CQUDHR
MDRSDHMCHB@CNQ
#TQ@MSDDRSD@MN
@13/MNENH@KUN
CDOQNBDRRNRONQ
HMBTLOQHLDMSNCD
KDHRNTQDFTK@LDMSNR
DMPT@CQUDHRMDRSD
HMCHB@CNQ
"NMSHMT@
"NMSHMT@¢N
5HI
'HVFUL¦¢R
*5,
,QGLFDGRUHV
$-
(LO@BSDR
@LAHDMS@HR
RHFMHEHB@SHUNR
QDRTKS@MSDR
CNSQ@MRONQSD
CDOQNCTSNR
DNTSQNRADMRNT
L@S¤QH@ROQHL@R
ADLBNLNN
SQ@MRONQSDCD
ETMBHNMQHNR
$-
3NS@KCDBTRSNR "TRSNRBNLENQL@¢N DHMUDRSHLDMSNR M@QD@@LAHDMS@K
@LAHDMS@HR
ONQSHON
"TRSNRBNLL@SDQH@HR "TRSNRBNL
SDBMNKNFH@R@LAHDMS@HR
"TRSNRBNL
RDFQDF@¢NCD
QDR¨CTNRRDO@Q@¢N
U@KNQHY@¢N
DKHLHM@¢N
"TRSNRBNL
LNMHSNQHY@¢°DR
@LAHDMS@HR
2EVHUYD¦´HV
2EVHUYD¦´HV
ƚ
-NENHDPT@BHNM@CN
MN/(
-NBNMS@AHKHY@CN
DRSDRBTRSNRE@YDL
O@QSDCNOQNBDRRND
FDRSNCNDCHE¨BHN
5HODW²ULRGH6XVWHQWDELOLGDGH
MN
ZZZUWSSW
1CHND3DKDUHRNCD/NQSTF@K2 6HGH
UDMHC@,@QDBG@K&NLDRC@"NRS@Mx
+HRAN@
'HVLJQHFRQFH¦¢RJU ILFD
"GNHBDŔ"NLTMHB@¢N&KNA@K+C@
FNRSNCD

Relatório de Sustentabilidade 2010

Transcrição

Documentos relacionados

Hydronews No 26 / 12-2014 • PORTUGUÊS REVISTA DA ANDRITZ