PSYCHOLOGIA GESTALT A PSYCHOTERAPIA GESTALT

$Q9GPC5OQNGE#FCO-KPEGN*

PSYCHOLOGIA GESTALT A PSYCHOTERAPIA GESTALT 3V\FKRORJLD *HVWDOW ]ZDQD WDN*H ÄSV\FKRORJL SRVWDFL´ ÄNRQ¿JXUDFMRQL ]PHP´ OXE ÄIRUPL]PHP´ SRZVWDáD QD SRF]WNX ;; ZLHNX =DáR*\FLHOHP V]NRá\ E\á0D[:HUWKHLPHU]DZURNXSU]\áF]\OLVL GRQLHJR:ROIJDQJ.|KOHU ]QDQ\]EDGDPDáSDQWURSRORJ RUD].XUW.RIIND:UyGZVSyáF]HVQ\FKWHRUH W\NyZ*HVWDOWXLVWQLHMHGX*DUR]ELH*QRüZRGQLHVLHQLXGRU]HF]\ZLVWHMVSXFL]Q\ SR SV\FKRORJLL SRVWDFL +DQV-UJHQ 3 :DOWHU SLV]H Z VZRLP DUW\NXOH ]DW\WXáR ZDQ\PÄ&RZVSyOQHJRPDM]HVREWHRULDLWHUDSLD*HVWDOW"´L*ÄRGSRZLHG(QD SRVWDZLRQH>ZW\WXOH@S\WDQLHZDKDVL RGÄDEVROXWQLHQLF´D*GRÄVZ]DVDG]LH WDNLH VDPH´ 0R*QD MHGQDN SU]\SXV]F]Dü L* *DGQH ] SRZ\*V]\FK VNUDMQ\FK UR] ZL]DQLHMHVWGRNRFDSUDZG]LZH1DOH*\SDPL WDü*HSV\FKRORJLD*HVWDOWE\áD QDXNLWUDNWRZDáDWDN*HVZRMHSRVWXODW\ZVSRVyEQDXNRZ\LRGQRV]F\VL F] VWR ZVSRVyENU\W\F]Q\ GRQDXNL7HUDSLD]DPDV]HUV]\Z\PLDUSUDNW\F]Q\LPSODQ WRZDáDRQDNLOND]DVDGQLF]\FKWH]SV\FKRORJLLSRVWDFLF] VWRQLHSRWU]HEQLHL]E\W IU\ZROQLH MH XRJyOQLDMF F] VWR MHGQDN WH* NU\W\NXMF L ZHU\¿NXMF R GRZLDG F]HQLHSUDF\]NOLHQWHP3HUOVSLV]HL*QLHE\áF]\VW\P*HVWDOW\VWRUD]*HQLJG\ QLHE\áSU]H]DNDGHPLFNLFK*HVWDOW\VWyZDNFHSWRZDQ\)3HUOV 'ODSV\FKRWHUDSLL*HVWDOWQDMEDUG]LHM]QDF]F\PLSV\FKRORJDPL*HVWDOWE\OL SR]D:HUWKHLPHUHP .XUW/HZLQ]WHRULSRODRUD].XUW*ROGVWHLQL0DXULFH0HU OHDX3RQW\ WZyUF\ WHRULL XMPRZDQLD F]áRZLHND MDNR MHGQRFL SV\FKR¿]\F]QHM /DXUD 3HUOV ZVND]XMH UyZQLH* QD Z\PLHQLRQH QD]ZLVND MDNR QDMZD*QLHMV]H GOD Sy(QLHMV]HJRNV]WDáWXWHUDSLL*HVWDOW$Q\RQHZKRZDQWVIXOO\WRXQGHUVWDQG*HVWDOW WKHUDS\ZRXOGGRZHOOWRVWXG\:HUWKHLPHURQSURGXFWLYHWKLQNLQJ/HZLQRQWKH LQFRPSOHWHJHVWDOWDQGWKHFUXFLDOLPSRUWDQFHRILQWHUHVWIRUJHVWDOWIRUPDWLRQDQG .XUW*ROGVWHLQRQWKHRUJDQLVPDVDQLQGLYLVLEOHWRWDOLW\.D*G\NWRFKFHZSHáQL ]UR]XPLHüWHUDSL *HVWDOWSRZLQLHQSU]HVWXGLRZDüP\OHQLHSURGXNW\ZQH:HUKH LPHUDDWDN*H/HZLQDLMHJRQLHNRPSOHWQ\*HVWDOWMDNUyZQLH*LVWRW IRUPRZDQLD

$XWRU]\%R*HQD6PROHFGRNWRUSV\FKRORJLLWUHQHULSV\FKRWHUDSHXWD*HVWDOWDEVROZHQWND$NDGHPLL:\FKR ZDQLD )L]\F]QHJR NLHURZQLN =DNáDGX =DU]G]DQLD 3HUVRQHOHP Z 3ROLWHFKQLFH &] VWRFKRZVNLHM 2G ZLHOX ODW SURZDG]LWHUDSL LQG\ZLGXDOQ$GDP.LQFHODEVROZHQW¿OR]R¿LLVRFMRORJLLXNRF]\á,HWDS6]NRá\7UHQHUyZ L3V\FKRWHUDSHXWyZ*HVWDOW

%RoHQD6PROHF$GDP.LQFHO

VL *HVWDOWXX.XUWD*ROGVWHLQDSLV]FHJRRRUJDQL]PLHMDNRQLHSRG]LHOQHMFDáRFL / 3HUOV 9LFWRU &KX Z 3V\FKRWHUDSLL *HVWDOW 9 &KX RSLVXMF ZSá\Z\ SRV]F]HJyOQ\FK WHRULL QD ZVSyáF]HVQ\ *HVWDOW ] SV\FKRORJyZ SRVWDFL Z\Uy*QLDMHG\QLH:HUWKHLPHUDZVSRPLQDWDN*HR*ROGVWHLQLHNWyUHJRMHGQDNQLH NODV\¿NXMHZUyGSV\FKRORJyZSRVWDFL6\OYLH&URFNHUNWyUDSDWU]FQDSV\FKRWH UDSL ]¿OR]R¿F]QHJRSXQNWXZLG]HQLD]DXZD*D*HSV\FKRORJRZLHSRVWDFLZVSDUOL HPSLU\F]QLHWZLHUG]HQLD.DQWDPyZLFH*HGRZLDGF]HQLHMHVW]DZV]H]RUJDQL]R ZDQHZSRVWDFLRELHNWyZLUHODFMLSRPL G]\QLPLZ\PLHQLDQD]ZLVND:HUWKHLPHUD .|KOHUDL.RIINLMDNRWZyUFyZWHRULL6)OHPLQJ&RFNHU 6DP )UHGHULFN 3HUOV SU]\]QDMH VL MDN ]Z\NOH UDF]HM GR VZRMHM QLHZLHG]\ LZ:RNyáPLHWQLVNDSLV]HL*F]\WDáW\ONRNLONDSUDF.XUWD/HZLQD:HUWKHLPHUD L.|KOHUD]NWyU\FKQDMZL NV]HZUD*HQLH]URELá\QDQLPDUW\NXá\/HZLQD)3HUOV 3RQDGWRZH)UDQNIXUFLHZURNX3HUOVE\áDV\VWHQWHPX.XUWD*ROG VWHLQD JG]LH SUDZGRSRGREQLH XWZLHUG]Lá VL Z NRQFHSFMDFK GRW\F]F\FK QLH NDUWH]MDVNLFK LQWHUSUHWDFML F]áRZLHND MDNR MHGQRFL SV\FKR¿]\F]QHM :GRZD SR .|KOHU]H SLV]H L* VWRVXQHN MHM P *D GR SV\FKRWHUDSLL *HVWDOW E\á QHJDW\ZQ\ 5 6KHUULOO $UQKHLP ZVSRPLQD Ä3DPL WDP MDN 0D[ :HUWKHLPHU ZSDGá ZMHGQ]MHJRQLHE\ZDá\FKIXULLJG\]REDF]\á(JR+XQJHUDQG$JJUHVVLRQ3HUOVD GHG\NRZDQMHPXMDNE\E\áRMFHPWHJRZV]\VWNLHJR´,FDQVHH0D[:HUWKHLPHU À\LQWRRQHRIKLVPDJQL¿FHQWUDJHVKDGKHOLYHGWRVHH3HUOV¶Ä(JR+XQJHUDQG $JJUHVVLRQ´GHGLFDWHGWRKLPDVWKRXJKKHZHUHWKHIDWKHURILWDOO 5(6KHU ULOO 3V\FKRORJRZLHSRVWDFLRG*HJQXMVL RGMDNLHJRNROZLHNSRGRELHVWZD SRPL G]\WHUDSLLSV\FKRORJL*HVWDOWRGZURWQLH]DSV\FKRWHUDSHXFL±RQLXZD *DM*H]DFKRG]L]QDF]FHSRGRELHVWZR3HUOVRZL]DU]XFDVL SU]HGHZV]\VWNLP L*]E\WIU\ZROQLHSRWUDNWRZDáSV\FKRORJL SRVWDFLSU]HMPXMFQLHNWyUH]MHM]DáR*H L GRZROQLH MH SU]HNV]WDáFDMF QD VZyM X*\WHN V]F]HJyáRZR E G]LH WR RPyZLRQH SU]\ SRV]F]HJyOQ\FK NZHVWLDFK =DU]XFD PX VL UyZQLH* L* DNFHQWRZDá UHODW\ ZL]P PRUDOQ\ FR ]XSHáQLH QLH GD VL SRJRG]Lü ] ZL]M PRUDOQRFL ZJ .|KOHUD L:HUWKHLPHUD Ä*G\ Z\U]\QDM VL VLHNDF]H RUJDQL]P ELHU]H WQLH L UR]U\ZD WR F]HJR SRWU]HEXMH DOH SRWU]HEQH PX E G MHV]F]H ] E\ WU]RQRZH ± SU]H*XZDMFH GR DV\PLODFML 3HUOV JHQLDOQLH SRZ\FLQDá ] Uy*Q\FK (UyGHá SHZQH SRP\Vá\ L LGHH SU]HZRGQLH F] VWR XV\WXRZDQH SR]D JáyZQ\P QXUWHP P\OHQLD 8F]\QLá ] QLFK VORJDQ\NLONDRVWU\FKVáyZNOXF]\NWyUHQLHGRüSU]H*Xá]RVWDá\ZL FVáDERRSUD FRZDQHUDF]HMUR]VWU]\JDMFHQL*X]DVDGQLRQH´-05RELRQH 1LQLHMV]DSUDFD]ZUDFDXZDJ QDWU]\REV]DU\SV\FKRORJLLSRVWDFLLMHM]DVDG\ NWyUHZ\GDMVL ]QDF]FHGODWHUDSLL*HVWDOW3RSLHUZV]H]RVWDQRPyZLRQH]DáR *HQLD WHRUHW\F]QH SV\FKRORJLL *HVWDOW ]H ]ZUyFHQLHP V]F]HJyOQHM XZDJL QD ZáD FLZHGODQLHMSUREOHP\±QDMF] FLHMHSLVWHPRORJLF]QH:UR]G]LDOH]DMPLHP\ VL ¿OR]R¿F]Q\P UR]XPLHQLHP WHRULL SROD L MHM LPSOLNDFML Z WHUDSLL E\ ZUHV]FLH SU]HMüGRSUREOHPXLQWHJUDOQRFLUR]G]LDá

3V\FKRORJLD*HVWDOWDSV\FKRWHUDSLD*HVWDOW

=DäRHQLDWHRUHW\F]QHSV\FKRORJLLSRVWDFL 0D[:HUWKHLPHU:ROIJDQJ.ÔKOHU.XUW.RIIND 3RF]WNRZR SV\FKRORJRZLH SRVWDFL ]DMPRZDOL VL NU\W\N yZF]HVQHM PHWR GRORJLLQDXN:]DVDG]LHE\áDWRNU\W\NDHXIRU\F]QHJRSRGHMFLDSR]\W\ZLVW\F] QHJRZNWyU\PZV]\VWNRGDVL SR]QDüDMHG\QNXWHPXPHWRGMHVWUR]ELHUDQLH ZV]\VWNLHJR QD F] FL 1LH *GDOL MHGQDN RQL REDOHQLD QDXNRZRFL DOH W\ONR MHM UHIRUP =QDOH]LHQLH RGSRZLHGQLHM UROL GOD QDXNRZRFL MDNR VSRVREX SR]QDQLD LUR]XPLHQLDZLDWDVWDáRVL FHOHPSLHUZV]\FK*HVWDOW\VWyZ3U]\VWXGLRZDQLXSV\ FKRORJLLSRVWDFL]DOHFDQRQDSRF]WNX]DZLHVLüUR]XPLHQLHVHQVXVáRZDÄQDXND´ JG\*LPSOLNRZDáRRQRZLHOHF] VWRQLHEH]SLHF]Q\FKGODUR]XPLHQLD*HVWDOWX]QD F]H=DZV]HMHGQDNÄQDXND´LÄQDXNRZRü´VSRW\NDá\VL ]VLOQUHKDELOLWDFMQD NWyUQDSHZQRQLH]JRG]LáE\VL 3HUOV.XUW.RIINDSRSU]HSURZDG]HQLXNU\W\NL ED]XMFHMQDUHODW\ZL]PLHRUD]F] FLRZ\PXMPRZDQLXZLDWDSU]H]QDXN SLV]H MHGQDN%XWIRUDOO,GRQRWEHOLHYHWKDWVFLHQFHFDQEHOHJLWLPDWHO\UHJDUGHGDVWKH JDPHRIDUHODWLYHO\VPDOOQXPEHURISHRSOHZKRHQMR\LWDQGJHWWKHLUOLYHOLKRRG IURP LW 0LPR ZV]\VWNR QLH PRJ ]JRG]Lü VL L* QDXND PR*H E\ü SRZV]HFKQLH X]QDQD]DJU GODPDáHMJUXS\OXG]LNWyU]\SRWUD¿ZQLJUDüLVL ZQLHMVSHá QLDM . .RIIND 3U]HGVWDZLD WXWDM WH] NWyUHM EURQL Z FDá\P DUW\NXOH L*QDXNDPDGX*ZDUWRüGODUR]XPLHQLDZLDWDPXVLW\ONRVL GRQLHJR]EOL*Dü DQLHRGGDODü3RGREQLHSLV]H:HUWKHLPHU*HVWDOWWKHRU\ZLOOQRWEHVDWLV¿HGZLWK VKDPVROXWLRQVVXJJHVWHGE\DVLPSOHGLFKRWRP\RIVFLHQFHDQGOLIH,QVWHDG*HVWDOW WKHRU\ LV UHVROYHG WR SHQHWUDWH WKH SUREOHP LWVHOI E\ H[DPLQLQJ WKH IXQGDPHQWDO DVVXPSWLRQVRIVFLHQFH7HRULD*HVWDOWQLHPR*HSRSU]HVWDüQDWDQLFKUR]ZL]DQLDFK RGG]LHODMF\FK QDXN RG *\FLD 3U]HFLZQLH FHOHP WHRULL *HVWDOW MHVW ]Já ELHQLH SUREOHPX VDPHJR Z VRELH SRSU]H] UR]ZD*HQLH SRGVWDZRZ\FK ]DáR*H QDXNL 0:HUWKHLPHU 3RGVWDZRZ QLHSUDZLGáRZRFL MDN RGQDOH(OL SV\FKRORJRZLH SRVWDFL Z QDXFH E\áD MHM WHQGHQFMD GR NDWHJRU\]RZDQLD ZV]\VWNLHJR ÏZF]HVQD QDXND ED]RZDáDQDSRM FLXL*DE\]UR]XPLHüGDQH]MDZLVNRQDOH*\SRG]LHOLüMHQDF] FL LND*GF] üRSLVDü'RNáDGQLHQDOH*DáRUR]HEUDüNRPSOHNVRZH]MDZLVNRQDQDM PQLHMV]HPR*OLZHHOHPHQW\RGL]RORZDüMHRGVLHELHRGNU\üU]G]FHQLPLSUDZD E\ ZUHV]FLH ]áR*\ü MH QD QRZR L« SUREOHP UR]ZL]DQ\ 1LHVWHW\ QLF QDP MDNR OXG]LRPSRV]XNXMF\PQLHSRZLHR]QDF]HQLXVáRZDÄNZLDW´GH¿QLFMDRSLVXMFD JR MDNR ÄNRU]H áRG\JD L NZLDW ]DZLHUDMF\ VáXSNL SU FLNL S\áHN RZRFROLVWNL HWF ´.ZLDWPDERZLHPGODQDV]XSHáQLHLQQH]QDF]HQLHDQDXNDX]QDMHMHG\QLH Z\EUDQ SáDV]F]\]Q UR]XPLHQLD GDQHJR SRM FLD : SV\FKRORJLL ]GDQLHP :HU WKHLPHUD SRZLQQR E\ü SRGREQLH MDN Z PDWHPDW\FH JG]LH SRV]F]HJyOQH MDNRFL QLH PDM ZL NV]HJR ]QDF]HQLD MDNR VXPD MDNLFK F] FL DQL MDNR F] ü MDNLHM VXP\ LVWQLHM MDNR RGU EQH WZRU\ SRPL G]\ NWyU\PL QDMZD*QLHMV]H V UHODFMH


0DWHPDW\NRZL ERZLHP PDáR PyZL IDNW L* NZDGUDW WR VXPD F]WHUHFK UyZQ\FK ERNyZ áF]F\FK VL SRG NWHP G]LHZL üG]LHVL FLX VWRSQL MDN UyZQLH* PDáR PX PyZLGH¿QLFMDXMPXMFDJRMDNRVSHF\¿F]Q\URG]DMSURVWRNWD1DWRPLDVWZD*QH VGODQLHJRUHODFMHQDSU]\NáDGGRW\F]FHSRODNZDGUDWXOXEZ\OLF]HQLDSU]HNWQHM QDSRGVWDZLHWZLHUG]HQLD3LWDJRUDVD]6DPRV : yZF]HVQHM SV\FKRORJLL SRMDZLá\ VL GZD VSRVRE\ RGNU\ZDQLD SUDZG\ R F]áRZLHNX 3LHUZV]\ ] QLFK RGZRá\ZDá VL GR PHWRGRORJLL QDXNRZHM L HNVSH U\PHQWDOQHM QLH GDZDá VRELH MHGQDN UDG\ ] UR]ZL]\ZDQLHP QDMZD*QLHMV]\FK SUREOHPyZ SV\FKRORJLL 'UXJL QDVWDZLRQ\ E\á QD Z\MDQLDQLH SRV]F]HJyOQ\FK SUREOHPyZ EH] RGQRV]HQLD VL GR QDXNL .RIIND SRVWXOXMH MHGQDN L* QLH PR*QD RGU]XFDüSV\FKRORJLLHNVSHU\PHQWDOQHMPXVLRQDMHGQDNRGQRVLüVL GRSRM ü]QD F]HQLDLZDUWRFLNWyUHZF]HQLHMQLHE\á\Z SV\FKRORJLLXMPRZDQH. .RIIND %á GHPSV\FKRORJLLHNVSHU\PHQWDOQHME\áRUR]ELFLHSRPL G]\UR]XPLHQLHP D Z\MDQLHQLHP 7\PF]DVHP ]GDQLHP SV\FKRORJyZ SRVWDFL PLPR Uy*Q\FK IRUP SRGHMFLD GR ZLHG]\ E\á\ RQH QLHPDO LGHQW\F]QH 8GRZDGQLDQLH WHJR QLH PRJáR QDVWSLüSRSU]H]W\SRZHZ\MDQLDQLDQDXNRZH±SRGDQLHOLVW\PR*OLZRFLMHMXV\V WHPDW\]RZDQLHNODV\¿NDFM LZUHV]FLH±RGSRZLHGQLHXáR*HQLHQRZDPHWRGDRSLH UDáDVL QDXGRZDGQLDQLXMX*ZVSRVyEIHQRPHQRORJLF]Q\ 3U]\NáDG]QLHELDVNPX]\NGREU]HLOXVWUXMHQLHW\ONRPHWRG MDNXGRZDG QLDMVZRMHSRVWXODW\SV\FKRORJRZLHSRVWDFLDOHUyZQLH*VSHF\¿F]QHXMPRZDQLH ÄUR]XPLHQLD´LÄZ\MDQLDQLD´±MHJRDOWHUHJR3U]\SXüP\*HSHáQLQDXNRZHMFLH NDZRFL ZHV]OLP\GRQLHEDJG]LHVSRW\NDP\JUXS DQLRáyZWZRU]F\FKPX]\N QLHELRV1DV]HQDXNRZHGRZLDGF]HQLHSRGSRZLDGDQDPDE\V]\ENRRGNU\üSUDZD U]G]FHWDNSL NQPX]\N7UDNWXMHP\ZWHG\ND*GHJRDQLRáD]RVREQDXZD*QLH VáXFKDMF MDN WZRU]\ RQ PX]\N L Z MDNLFK UHODFMDFK SR]RVWDMH RQD GR PX]\NL JUDQHMQDSR]RVWDá\FKLQVWUXPHQWDFK-HOL]DWHPZ\VWDUF]\QDPF]DVXE\üPR*H RGNU\MHP\ IRUPXá Z NWyUHM E G]LH PR*OLZH ]DSLVDQLH ZV]\VWNLFK G(ZL NyZ ZWHG\ZLHOXQDXNRZFyZX]QD*HZ\MDQLOLP\WR]MDZLVNRSRQLHZD*RGNU\OLP\ U]G]FHQLPSUDZD=GUXJLHMVWURQ\PR*HP\GDüVL SRQLHüPX]\FH]REDF]\üFR G]LHMHVL SR]DW\PGRF]HJRWRSURZDG]LXVá\V]HüSL NQV\PIRQL :WHG\LW\ONR ZWHG\ LVWQLHMH PR*OLZRü SUDZG]LZHJR ]UR]XPLHQLH QLH W\ONR WHJR ÄFR´ ]DV]áR DOH ÄGODF]HJR´ 3RQLHZD* SUDZG]LZ\P S\WDQLHP QDXNL PD E\ü ZáDQLH S\WDQLH RZDUWRüL]QDF]HQLHNWyUHLPSOLNXMUR]XPLHQLHQLH]DRUR]XPLHQLH]XSHáQLH QLHXMPXMFHZDUWRFL3V\FKRORJLD]GDQLHP.RIINLPD]D]DGDQLH]QDOH(üZVSyOQ SáDV]F]\]Q SRUR]XPLHQLDSRPL G]\QDXND*\FLHP1DOH*\]QDOH(üWDNQDXN NWyUDE G]LHZVRELH]DZLHUDáD]DFKRZDQLDSRV]F]HJyOQHJRDWRPXDPHE\ELDáHJR V]F]XUD V]\PSDQVD L F]áRZLHND Z RGQLHVLHQLX GR ZV]\VWNLFK SU]HMDZyZ *\FLD UyZQLH*VSRáHF]QHJRPX]\NLV]WXNLLWHDWUX..RIIND ,U]HF]\ZLFLHSV\ FKRORJLDEH]RGQLHVLHQLDGRNXOWXUDOQHJRUR]ZRMXF]áRZLHNDZ\GDMHVL MDáRZD7DN WH*IXQNFMRQRZDáDSV\FKRORJLDSRVWDFL±XMPXMFQLHW\ONR]MDZLVNRDOHUyZQLH* V]HURNLHMHJRUR]XPLHQLHMDNRRGU EQHMFDáRFLMDNRSRV]F]HJyOQHMMDNRFL


6WRVXQHN3HUOVDGRQDXNLE\áSRZV]HFKQLH]QDQ\LGRG]LVWDQRZLSU]HGPLRW ZLHOXNRQWURZHUVML-HGQLWZLHUG]*H3HUOVNU\W\NRZDáQDXN LXZD*DáMQLHW\ONR ]D QLHSRWU]HEQ DOH WDN*H SU]HV]NDG]DMF Z UR]ZRMX L SRV]XNLZDQLDFK OXG]L LQQL *H NU\W\NRZDá QDXN WDN MDND E\áD ]DNáDGDMF PR*OLZRü LVWQLHQLD QDXNL SR]\W\ZQHMNWyUHMQLJG\QLHSRVWXORZDá2QDXFHÄ]QDOD]FD´*HVWDOWXZ\UD*DVL MDVQRÄ:Z\MDQLHQLXQDXNRZ\P]Z\NOHNU FLV]VL ZNyáNRLQLJG\QLHGRW\NDV] VHGQDVSUDZ\´,QVFLHQWL¿FH[SODQDWLRQ\RXXVXDOO\JRDURXQGDQGDURXQGQHYHU WRXFKWKHKHDUWRIWKHPDVWHU )3HUOV SRF]\PGRGDMHÄ-HOLZ\MDQLDP\ LQWHUSUHWXMHP\WRPR*HWRE\üEDUG]RLQWHUHVXMFDJUDDOHMHVWWR]DM FLH¿NF\MQH D¿NF\MQH]DM FLDVJRUV]HRGQLHURELHQLDQLF]HJR-HOLZLHV]*HQLFQLHURELV] WR SU]\QDMPQLHM ZLHV] *H QLF QLH URELV]´ ,I ZH H[SODLQ LQWHUSUHW WKLV PLJKW EH DYHU\LQWHUHVWLQJLQWHOOHFWXDOJDPHEXWLW¶VDGXPP\DFWLYLW\DQGDGXPP\DFWLYLW\ LVZRUVHWKDQGRLQJQRWKLQJ,I\RXGRQRWKLQJDWOHDVW\RXNQRZ\RXGRQRWKLQJ )3HUOV )\FLD]GDQLHP3HUOVDQLHGDVL RJDUQüQDXNRZRJG\*RGQRVL VL RQRGRZLDU\OXENDUP\±PDZ\PLDUGXFKRZ\QLHQDXNRZ\-DNZLGDüUy* QLFHZREX*HVWDOWDFKVIXQGDPHQWDOQHFKRüMDN]DUD]VSUyEXMHP\XGRZRGQLü SRGRELHVWZDWDN*H 3RGVWDZRZFHFKSV\FKRORJLLSRVWDFLMHVWXMPRZDQLH]MDZLVNDMDNRRGU EQHM ÄSRVWDFL´±Ä*HVWDOWX´1RZáDQLHWRFRáF]\REDVWDQRZLVNDWRSRM FLHÄ*HVWDOWX´ *HVWDOWMHVWRGU EQMDNRFLMHVWFDáRFL6á\QQDPDNV\PDSV\FKRORJyZLSV\FKR WHUDSHXWyZ*HVWDOWEU]PL&DáRüWRZL FHMQL*VXPDF] FL7X]QRZX:HUWKHLPHU RGZRáXMHVL GRPHORGLLW\PUD]HPSU]\WDF]DMFGRZyGYRQ(KUHQIHOVD0:HUWKH LPHU &RVSUDZLDL*UR]SR]QDMHP\]QDQQDPPHORGL PLPR*HJUDQDMHVW ZLQQHMWRQDFMLOXESU]\SRPRF\]XSHáQLHLQQ\FKDNRUGyZ"6XPDHOHPHQWyZMHVWLQQD PHORGLDMHGQDNWDVDPD:]DVDG]LHF] VWRQDZHWQLHRULHQWXMHP\VL *HZRJyOHQDVW SLáDMDND]PLDQD0XVL]DWHPLVWQLHüFRSR]DG(ZL NDPLMDNDMDNRüNWyUDNRQVW\ WXXMHFDáRüMDNLRGU EQ\*HVWDOW7RQLHVXPDHOHPHQWyZWZRU]\FDáRüSU]HFLZQLH ±FDáRüWZRU]\LGHWHUPLQXMHSRV]F]HJyOQHHOHPHQW\0X]\NRZLQDMSLHUZMDZLVL PHORGLDSy(QLHMGRSLHUR]QDMGXMHSRV]F]HJyOQHG(ZL NL2GFDáRFLZáDQLH]DOH*\ ZMDNLHMNRQ¿JXUDFMLZ\VW SRZDüE GHOHPHQW\RUD]MDNLHE G]DFKRG]Lá\SRPL G]\ QLPLUHODFMH3RGREQLHZSU]\SDGNXUR]XPLHQLDSURFHVXERG]LHF±UHDNFMDQDOH*\EUDü SRGXZDJ FDáRüZV]\VWNLFKZDUXQNyZ1LHLVWQLHMHEH]SRUHGQLD]DZV]HWDNDVDPD UHDNFMD SURZDG]FD RG ERG(FD GR UHDNFML (NVSHU\PHQWDOQH GRZRG\ SV\FKRORJyZ SRVWDFLSRND]XMMDVQRL*JG\ZüZLF]HQLXZ\VW SXMGZDNRORU\EDGDQ\UHDJXMH QD WR MDNR QD RVREQ MDNRü L QLH PD GZyFK SRMHG\QF]\FK UHDNFML QD ND*G\ NRORU ]RVREQD%DGDQLD:HUWKHLPHUDSRWZLHUG]DML*GDQH]P\VáRZHQLHVSU]\MPRZDQH SU]H]RUJDQL]PMDNRVWDá\SURJUHV\ZQ\Z]URVWDOHVX]DOH*QLRQHRGZLHOXLQQ\FK F]\QQLNyZ34XDWWULQL 2F]\ZLVW\P]DWHP]DGDQLHPSV\FKRORJLLSRVWDFLMHVW Z\V]XNDQLHFDáRFLRZ\FKZDUXQNyZGRZLDGF]HQLDLRGNU\FLHLFKZSá\ZX3RGVWD ZRZH]DWHPUR]Uy*QLHQLHERG]LHF±UHDNFMDPXVL]RVWDüX]XSHáQLRQHRWHRUL SROD V\WXDFM *\FLRZFDáRFLRZUHDNFM RUJDQL]PXLMHJRVDPRSRF]XFLH


'RFKRG]LP\ WXWDM GR NOXF]RZHJR SRM FLD GOD WHUDSLL *HVWDOW W]Z HIHNWX %:=LHJDUQLFNNWyUDMDNRSLHUZV]D]ZUyFLáDXZDJ QD]MDZLVNRÄQLHGRNRF]RQHM VSUDZ\´ F]\ WH* QLHGRNRF]RQHJR QLHGRPNQL WHJR *HVWDOWX WHRULD WD ]RVWDáD Sy(QLHMUR]ZLQL WDSU]H]/HZLQDNWyU\SU]H]ZLHOXX]QDZDQ\MHVW]DMHMWZyUF /3HUOV :HGáXJ*HVWDOW\VWyZPDP\QDWXUDOQHG*HQLHGR SRV]XNLZDQLD EUDNXMF\FKHOHPHQWyZNWyUHZHIHNFLHVWZRU]ZVSyOQLHFDáRü7DNWH*XU]G]RQH MHVWQDV]H*\FLH±QLHGRNRF]RQHVSUDZ\FL*QDPWDNGáXJRD*MHGRPNQLHP\1LH GRNRF]RQHUR]PRZ\QLHZ\MDQLRQHZ\GDU]HQLDQLHZ\UD*RQHXF]XFLDRGFLJDM QDVRGWHJRFRG]LHMHVL REHFQLHVWGQDWXUDOQDVNáRQQRüF]áRZLHNDGRGRP\NDQLD FDáRFL,VWQLHMHWXWDMSHZQHU\]\NR*HQLH]DXZD*\P\EUDNXMF\FKOXEZ\VW SXM F\FKZQDGPLDU]HV]F]HJyáyZW\ONRGODWHJRDE\PLHüGRPNQL WV\WXDFM QSJG\ ZLG]LP\Z\UD]Ä¿OR]¿D´QDSHZQRSRF]WNRZRSU]HF]\WDP\JRMDNRÄ¿OR]R¿D´ MHGQDN*HSREOL*V]\PSU]\MU]HQLXVL ]DXZD*DP\EUDNOLWHU\ÄR´3RGREQLHU]HF]PD VL JG\ZH(PLHP\SRXZDJ FLJOLWHUÄ0$6à2´]NWyUHJRUyZQLHGREU]H PR*QD XWZRU]\ü VáRZR ÄVáRPD´ MDN L QD U]XFDMFH VL ÄPDVáR´ 1D W\P HWDSLH ]DGDQLHPWHUDSHXW\MHVWGRVWU]H*HQLHU]HNRPRGRPNQL WHJR*HVWDOWXLSRPRFNOLHQ WRZLZU]HF]\ZLVW\PMHJRGRPNQL FLX(IHNW=LHJDUQLFNVWDQRZLIXQGDPHQWSV\ FKRWHUDSLL*HVWDOWJG\*REUD]XMHU]HF]\ZLVW\FHOWHUDSLL±GRPNQL FLHZV]\VWNLFK *HVWDOWyZNWyUHSRMDZLDMVL ZUHODFMLÄWXLWHUD]´±ZUHODFMLGRVLHELHWHUDSHXW\ F]\JUXS\.D*G\SUREOHPSV\FKLF]Q\WRQDMF] FLHMSRSURVWXQLHGRPNQL WDSRVWDü -DNSLV]HRMFLHFJHVWDOWRZVNLHMWHUDSLL2XUOLIHLVEDVLFDOO\SUDFWLFDOO\QRWKLQJEXW DQGLQ¿QLWHQXPEHURIXQ¿QLVKHGVLWXDWLRQVLQFRPSOHWHJHVWDOWV1RVRRQHUKDYHZH ¿QLVKHGRQHVLWXDWLRQWKDQDQRWKHUFRPHVXS1DV]H*\FLHWRQDMSURFLHMXMPXMF QLHVNRF]RQ\FLJQLH]DNRF]RQ\FKQLHGRPNQL W\FK*HVWDOWyZ,PSU G]HM]DNR F]\P\GDQV\WXDFM W\PV]\EFLHMSRMDZLVL QDVW SQD )3HUOV 6XNFHVHP WDNLHMWHUDSLLMHVWZHGáXJ:HUWKHLPHUDZROQRüDOERLQDF]HMNUHDW\ZQDZROQRü 3HUOVQD]\ZDáWRVDPRDNWXDOL]DFMVSHáQLHQLHP+-3:DOWHU -DNZLG]LP\3HUOV XZD*DáWRSRM FLH]DQLH]Z\NOHZD*QHVNRURERZLHPGRPNQL FLHMHGQHJR*HVWDOWX SR]ZDODQDUR]SRF] FLHQRZHJRZ\VWDUF]\áRE\WXRNUHOHQLHNUHDW\ZQHMZROQRFL =DXZD*P\*HZNXOWXUDFKZVFKRGQLFKVDPRUHDOL]DFMQLHPR*HE\üJRWRZRüGR SRGM FLDQRZ\FKG]LDáDDW\ONRQLHJRWRZRü6WRMX*VXELHNW\ZQHRFHQ\SV\ FKRWHUDSHXWyZFRGRUROLZDJLLUDQJLXVáXJNWyUHZLDGF]1DS\WDQLHFRMHVW QDV]\PU]HF]\ZLVW\PVSHáQLHQLHPRGSRZLHG]LHüPXVLP\VRELHMHGQDNVDPL -HGQ]QDMZD*QLHMV]\FKP\OLNWyUSRSV\FKRORJLL*HVWDOWSU]HM áDSV\FKR WHUDSLD *HVWDOW E\áD NRQFHSFMD ¿JXUDWáR Ä.|KOHU .RIIND L :HUWKHLPHU RGNU\OL *H JG\ GRZLDGF]DP\ RWRF]HQLD Z]URNRZR ZV]\VF\ Z\ELHUDP\ NRQNUHWQH FHQ WUXP]DLQWHUHVRZDQLDNWyUHMHVWGODQDVZD*QLHMV]HRG]DPD]DQHJRWáD´-/LQNHU 2GNU\ZFNRQFHSFML¿JXU\LWáDE\á(GJDU5XELQQDWRPLDVWZVSyáF]HQLH MHVW RQD XWR*VDPLDQD JáyZQLH ]:HUWKHLPHUHP L .RIIN Z\PLHQLDMF W\ONR SV\ FKRORJyZ SRVWDFL 1LH E G]LHP\ WXWDM RPDZLDOL V]F]HJyáRZR WHJR ]DJDGQLHQLD DW\ONRZ\áR*\P\RGPLHQQHVSRVRE\UR]XPLHQLDWHJRSUREOHPXSU]H]GZLHUy*QH


V]NRá\*HVWDOW-DNZLHP\GRUREHNLQWHOHNWXDOQ\SV\FKRORJyZSRVWDFL3HUOVSRWUDN WRZDáW\ONRSRZLHU]FKRZQLHWZRU]FVZRMHLQG\ZLGXDOQHUR]XPLHQLHW\FKSRM ü 3RGREQLHSRVWSLá]¿JXULWáHP 3HUOVE\áLQWXLFMRQLVWLSU]HGVWDZLDMFWHUD]WRSRUyZQDQLHRGQRVLP\FRUD] ZL NV]HZUD*HQLHL*QLHZJá ELDáVL ]E\WQLRZUR]XPLHQLHÄSRVWDFLRZFyZ´W\ONR WUDNWRZDá LFK Z\ELyUF]R L QLHNRQVHNZHQWQLH 3RGVWDZRZH Uy*QLFH E\á\ GZLH 3R SLHUZV]H 3HUOV RGQRVLá VZRM WHRUL EDUG]LHM GR XF]Xü L SRWU]HE DQL*HOL SRVWU]H JDQLDWDNZL FLZQLRVNLE\á\Uy*QH:HUWKHLPHU]DMPRZDáVL NRQFHSFM¿JXUD WáRMHG\QLHZRGQLHVLHQLXGRZUD*HZ]URNRZ\FKLSRVWU]HJDQLD.RIINDSRVXQá VL GDOHMLRGQLyVáZZNRQFHSFM WDN*HGRDQDOL]\XP\VáXE\ZNRFX*ROGVWHLQ SR]D VSRVREDPL SRVWU]HJDQLD L ]DSDPL W\ZDQLD LQIRUPDFML ]DF]á DQDOL]RZDü WDN*HXF]XFLD5(6KHUULOO =DMPXMFVL JáyZQLHSHUFHSFM]DXZD*\OLL* Z\PLHQQRü¿JXU\LWáDMDND]DFKRG]LZVá\QQ\PJHVWDOWRZVNLPREUD]LHSU]HGVWD ZLDMF\PNLHOLFKOXEGZLH]ZUyFRQHGRVLHELHWZDU]HMHVWVSRUDG\F]QDL]GDU]DVL W\ONRZ\MWNRZR0yZLFGRNáDGQLHM¿JXUDPR*HVWDüVL WáHPDWáR¿JXUW\ONR Z Z\MWNRZ\FK RNROLF]QRFLDFK7\PF]DVHP 3HUOV ] ]DVDG\ Z\PLHQQRFL ¿JXU\ LWáDXF]\QLáVHGQRVZRMHMSUDF\WHUDSHXW\F]QHM:H(P\QDSU]\NáDG]áRüGODNWyUHM WáHP ZHGáXJ SV\FKRORJyZ SRVWDFL E\áDE\ SUDZGRSRGREQLH ND*GD LQQD HPRFMD ]GDU]HQLH F]\ SRVWU]H*HQLH MDNLHJR RVRED EDGDQD E\ QLH ]DXZD*DáD 'OD 3HUOVD ]DWáHPPRJáRE\E\üW\ONRLQQHXF]XFLHOXESRWU]HEDZW\PSU]\SDGNXE\áE\WR SUDZGRSRGREQLHO NSUDFD]DWHPSROHJDáDE\QDRGZUDFDQLX¿JXU\LWáDFRZSV\ FKRORJLL*HVWDOWMHVW]DZ *DQLHPPR*OLZRFLWDNLHJRGRZLDGF]HQLDSRQLHZD*LFK HNVSHU\PHQW\XGRZDGQLDMVSRUDG\F]QRüWDNLHJR]MDZLVND3RQDGWRX3HUOVDSU]\ WZRU]HQLX IRUPDFML ¿JXUDWáR JáyZQLH EUDá\ XG]LDá SRWU]HE\ NWyUH ± MDN Z SU]\ SDGNXVá\QQHJRSU]\NáDGX3HUOVD]RVREVSUDJQLRQQDSXVW\QLNWyUD]DQLPVL QLH QDSLMHQLHÄZLG]LZLDWD´SR]DVZRLPSUDJQLHQLHP)3HUOV ±E\á\PRWRUHPQDS GRZ\PFDáHJR]MDZLVND:VZRLFKSRJOGDFKMHVWEOLVNLMHG\QLH*ROVWHLQRZLJG\* WZyUF\ SV\FKRORJLL *HVWDOW Z RJyOH W\P SUREOHPHP VL QLH ]DMPRZDOL 8 ZF]H VQ\FKSV\FKRORJyZSRVWDFLSRWU]HE\LHPRFMHVMX*MDN¿JXUDQLHWZyUFIRU PDFML¿JXUDWáRLFKWáHPRF]\ZLFLHQLHPXVLE\üDQLHPRFMDDQLSRWU]HED3RQDGWR WDNLHSRGHMFLH]DFK FDGRZáDFLZHJRGODWHUDSLL*HVWDOWUHODW\ZL]PXPRUDOQHJR NWyU\]GDQLHPSV\FKRORJyZE\áQLHGRSU]\M FLD3HUOVQLHE\áZL FRVRENWyUD SRGM áDQDXNRZSROHPLN ]SV\FKRORJDPLSRVWDFLZDVSHNFLHNRQFHSFML¿JXUDWáR RQW\ONRGRNRQDáMHMWUDQVIRUPDFMLQDM ]\NSRWU]HESUDJQLHLHPRFML]PLHQLDMF W\ONRWHU]HF]\NWyUHVSUDZG]Dá\VL ZSU]\SDGNXGRZLDGF]HHPRFMRQDOQ\FK1LH PyJáZL FE\üX]QDQ\]DMHGQHJR]QLFKQLHSRVáXJLZDáVL ERZLHPLFKPHWRG'R SRGVWDZRZ\FKUy*QLFQDOH*WH]ZL]DQH]SU]HGPLRWHPEDGDRUD]PHWRGRORJL 3U]HGPLRWHP EDGD FKRü EDUG]LHM SDVXMH WX VáRZR Ä]DLQWHUHVRZD´ GOD 3HUOVD NWyU\ZQLHVSUDZG]RQ\VSRVyESU]HMPRZDáLXRJyOQLDáUy*QH]DVDG\*HVWDOWE\á\ HPRFMHLSRWU]HE\GODSV\FKRORJyZSRVWDFLNWyU]\SRVW SRZDOLZGRNáDGQ\HNVSH U\PHQWDOQ\VSRVyE±ZLDGRPRüLSR]QDQLH9&KX


3V\FKRORJLD *HVWDOW ]DMPRZDáD VL SU]HGH ZV]\VWNLP EDGDQLHP SHUFHSFML 1DMZD*QLHMV]\LFKZSá\ZQDWHUDSL *HVWDOW]DU\VRZXMH1DQF\$PHQGWZVZRLP DUW\NXOH$UWDQGFUHDWLYLW\LQ*HVWDOW7KHUDS\3RGDMHWDPSUDZDSHUFHSFMLZNRQ WHNFLHSV\FKRORJLL*HVWDOW 3HUFHSFMDMHVWSURFHVHPDNW\ZQ\P 7ZRU]\P\¿JXU\LWáRZVSRVyEQDWXUDOQ\LVSRQWDQLF]Q\ ,VWQLHMHWHQGHQFMDGRJHQHUDOL]RZDQLDQDSRGVWDZLHSUDZ]JRGQRFL LSRGRELHVWZD 1LHNWyUHU]HF]\XSUDV]F]DP\WDNE\áDWZLHME\áRMHNODV\¿NRZDü 1DV]DSHUFHSFMDMHVWSRGZSá\ZHPDNWXDOQ\FKSRWU]HEGRZLDGF]HLFKD UDNWHUyZ1$PHQGW/\RQ :L NV]Rü ] W\FK SUDZ Z\ZDUáD UyZQLH* ZSá\Z QD LQQ WHRUL SV\FKRORJLL *HVWDOW±WHRUL SROD

=QDF]HQLHWHRULLSROD.XUWD/HZLQD ZSV\FKRWHUDSLL*HVWDOW 7HRULDSRODMHVWZUyG*HVWDOW\VWyZF] VWRVWRVRZDQD]DPLHQQLH]NRQFHSFM ¿JXU\ L WáD 5]HF]\ZLFLH RGQRVL VL RQD GR XMPRZDQLD F]áRZLHND MDNR F] FL MDNLHMFDáRFLDZL FGRSRV]XNLZDQLDWáDWUDNWXMFMHZWDNLPVHQVLHZMDNLP LQWHUSUHWRZDQHE\áRSU]H]SV\FKRORJyZSRVWDFL 7HRULDSRODE\ZD]ZDQDWDN*H WHRUL SRZL]D &K 6LOOV 6 )LVK 3K /DSZRUWK 1LH LVWQLHMH ERZLHP QLF FR E\ QLH E\áR SRZL]DQH ] MDNLP NRQWHNVWHP %U]PL WR EDUG]R HNROR JLF]QLHJG\*HNRORJL]PZ\UyVáZáDQLHQDJUXQFLHWHMWHRULLSRGREQLH]UHV]W MDNWHUDSLDV\VWHPRZDNWyUDVZyMV]NLHOHWRSLHUDZáDQLHQDWHRULLSROD,VWQLHMH ZLHOHSU]\NáDGyZLGRZRGyZWZRU]HQLDWDNLFKSRZL]D0R*HP\MHáDWZRRGQD OH(üUyZQLH*ZVZRLP*\FLXELRUF]DSU]\NáDGND*GV\WXDFM ZNWyUHME\á\ PR*OLZHUy*QHLQWHUSUHWDFMH]MDZLVND]HZ]JO GXQDNRQWHNVWZNWyU\PZ\VW SXM3RGVWDZRZ]DVDG WHRULLSRODXMáMHGHQ]RGNU\ZFyZWHUDSLL*HVWDOW3DXO *RRGPDQ NWyU\ SLV]H Ä1LH LVWQLHMH *DGQD IXQNFMD MDNLHJRNROZLHN RUJDQL]PX NWyUDQLHZSá\ZDáDE\ZVSRVyELVWRWQ\QDMHJRRWRF]HQLH,RGZURWQLHU]HF]\ ZLVWH RWRF]HQLH RZR ZáDQLH PLHMVFH MHVW W\P FR ]RVWDáR Z\EUDQH XVWUXNWX URZDQHLSU]\VWRVRZDQHGRMHJRSRWU]HESU]H]RUJDQL]P´3*RRGPDQ :\QLNDMDVQR]WHM]DVDG\L*WRQLHW\ONRRELHNWPDZSá\ZQDSROHDOHUyZQLH* SROHQDRELHNW:V]HONLHG]LDáDQLHMHVWLQWHUDNFM 3RPLPR WHJR *H /HZLQ QLH E\á RGNU\ZF VDPHJR SROD ZF]HQLHM ]DMPR ZDOLVL W\P:HUWKHLPHU.|KOHU.RIINDDQDZHW0HUOHDX3RQW\ X]QDMHVL JR ]D SLHUZV]HJR WHRUHW\ND SROD NWyU\ XV\VWHPDW\]RZDá GRZLDGF]HQLD SRSU]HG QLNyZZSURZDG]LáQRZHVSRVRE\WáXPDF]HQLD]MDZLVNDWDN*HUR]FLJQá]QD F]HQLHSRODWDN*HQDSURFHV\SV\FKLF]QH]ZL]DQH]HPRFMDPLZF]HQLHMGRPL


QRZDá\RGQLHVLHQLDMHG\QLHGRSHUFHSFML 7HRULDSRODRGQRVLVL GRGRZLDGF]H QDSROX¿]\NLNWyUH/HZLQSU]HQLyVáQDáRQRQDXNVSRáHF]Q\FKZW\PWDN*HSV\ FKRORJLL&KRG]LSRSURVWXRGRZLDGF]HQLD]ZL]DQH]SROHPPDJQHW\F]Q\P 8PLHV]F]HQLH RSLáNyZ PHWDOX SRPL G]\ PDJQHVDPL SR]ZDOD QDP áDWZR ]LOX VWURZDü VLá\ G]LDáDMFH ZHZQWU] WDNLHJR SROD 'RGDWNRZR Z]DMHPQH RGG]LD á\ZDQLHSRPL G]\NDZDáNLHPPHWDOXDPDJQHVDPLQDPDJQHVRZ\ZDQLHSLHUZ V]HJRLUR]PDJQHVRZ\ZDQLHGUXJLHJR SU]\QRVLGRGDWNRZHLQIRUPDFMHGRW\F]FH G]LDáDQLD SROD /HZLQ XZD*Dá VLHELH ]D RGNU\ZF QRZHM MDNRFL SROD 7DN MDN LVWQLDáRSROHQDNWyU\PG]LDáDMIDOHUDGLRZH]DQLPSRZVWDá\UDGLRVWDFMHLUDGLR RGELRUQLNLWDNLSROHRGG]LDá\ZDSV\FKLF]Q\FKMHVW]DZV]HZV] G]LHLE\áRRG F]DVXJG\SRMDZLáDVL SV\FKLND7HRULDSRODSRPDJDXVWDOLüSRGVWDZRZH]DVDG\ Z]DMHPQRFLLVSRVREXLVWQLHQLDSRPL G]\FDáRFLDPLDF] FLDPLGRNáDGQLHQD WDNLHMVDPHM]DVDG]LHMDNURELVL WRZSU]\SDGNXSRODPDJQHW\F]QHJRÄ*áyZQH ]DáR*HQLHSV\FKRORJLLSRVWDFLPyZL*H]DFKRZDQLHF]áRZLHNDMHVW]GHWHUPLQR ZDQHSU]H]SROHSV\FKR¿]\F]QH3ROHWRMHVWHIHNWHPV\VWHPXQDSL üLVLá]RU JDQL]RZDQ\FKSRGREQLHMDNSROHHOHNWURPDJQHW\F]QHF]\JUDZLWDF\MQH,QDF]HM PyZLFVSRVWU]HJDQ\SU]H]QDVSU]HGPLRWQLHLVWQLHMHVDPRG]LHOQLHOHF]ZFL Vá\P]ZL]NX]RWDF]DMF\PSROHP´(0DWáRV] 'RGDMP\WXMHV]F]HUD] *HWRQLHW\ONRSU]HGPLRWQLHLVWQLHMHVDPRG]LHOQLHDOHUyZQLH*SROHQLHLVWQLHMH VDPRG]LHOQLHEH]FLVáHJR]ZL]NX]DZLHUDQ\P]SU]HGPLRWHP &HFK\FKDUDNWHU\VW\F]QHWHRULLSRODSU]HGVWDZLDNRQW\QXDWRUSUDF\/HZLQD ± 0DOFROP 3DUOHWW IRUPXáXMF MH Z SL FLX SRGVWDZRZ\FK L SU]HMU]\VW\FK ]DVDGDFK =DVDGDRUJDQL]DFML-05RELRQH :L*HVL ]HVSRVWU]HJDQLHPFDáRFLV\WXDFML=DGDQLHPEDGDF]DOXEWHUDSHXW\ Z\NRU]\VWXMFHJRZVZRMHMSUDF\WHRUL SRODMHVWMDNQDMSHáQLHMV]HSR]QDQLHSROD NOLHQWD EDGDQHJR 7R VDPR ]MDZLVNR PR*H PLHü ]XSHáQLH Uy*QH NRQRWDFMH GOD NOLHQWDLWHUDSHXW\Z\FKRG]HQLHRGVZRMHJRUR]XPLHQLDSRODNOLHQWDJUR]LXWUDFH QLHPNRQWDNWXÄ*G\'HUHNUR]SRF]\QDVHVM RGLQIRUPDFMLRPLHUFLRMFDWHUDSHXWD QLH VSLHV]\ ] NRQGROHQFMDPL DOH SRZL FD F]DV QD ]EDGDQLH SROD WHJR GRZLDG F]HQLD L VWDUD VL RGNU\ü MHJR ]QDF]HQLH GOD 'HUHND 5R]OX(QLRQD SRVWDZD FLDáD EUDN QDSL FLD PL QL WZDU]\ VSRNRMQ\ JáRV GREU\ NRQWDNW Z]URNRZ\ X*\ZDQLH VáRZDLWUHüZ\SRZLHG]LXM WHUD]HPZMHGQFDáRüZVND]XM*HZW\PPRPHQFLH 'HUHNRGF]XZDXOJ ´&K6LOOV6)LVK3K/DSZRUWK =DVDGDWDMHVWSUR SR]\FMGODWHUDSHXW\DE\QLHRSLHUDáVL QDXWDUW\FKZUD*HQLDFKQD*DGHQWHPDW 3URSR]\FMDE\Z\Mü]HVWDU\FKXNáDGyZRGQLHVLHLRGNU\ZDüZV]\VWNRQDQRZR QLHGRP\NDMFQDVLá *DGQHJR*HVWDOWX -DNSLV]HVDPWZyUFDWHRULLÄ=QDF]HQLH SURVWHJRIDNWX]DOH*\RG]DMPRZDQHMSU]H]HSR]\FMLZSROX« UR]PDLWHF] FL SROD]QDMGXMVL ZHZ]DMHPQHM]DOH*QRFL´./HZLQ


=DVDGDZVSyáF]HVQRFL 1DV]HDNWXDOQHGRZLDGF]HQLH]DOH*\W\ONRLZ\áF]QLHRGZSá\ZXSRODNWyUH MHVW WHUD] :LGDü WX VSU]HF]QRü ] P\OHQLHP SV\FKRDQDOLW\F]Q\P -HOL MDNLH XF]XFLHSRMDZLDVL WHUD]WR]QDF]\*H]QDMGXMHVL WHUD]ZSROXQLH]DOH*QLHRG WHJRNLHG\FRLNWRE\áRSU]\F]\QWHJRGRZLDGF]HQLD3RGREQLHMHOLQSRGZR áXMHP\ VL GR SU]\V]áRFL SU]H*\ZDMF VPXWHN ] SRZRGX SU]\V]áHJR F]\MHJR Z\MD]GX FLJOH SR]RVWDMHP\ Z SROX RGG]LDá\ZD WHUD(QLHMV]\FK WDN MDN L WHUD( QLHMV]D MHVW P\O SRZRGXMFD WHQ VPXWHN Ä7HUDSHXFL *HVWDOW QLH SRPLMDM SU]H V]áRFL L SU]\V]áRFL VZ\FK NOLHQWyZ .RQFHQWUXM XZDJ QD W\P MDN SU]HV]áRü LSU]\V]áRüVGRZLDGF]DQHWHUD]ZDNWXDOQ\PSROXNWyUH]DZLHUDZVRELHND*G P\O XF]XFLH OXE G]LDáDQLH D WDN*H Z\GDU]HQLD GR MDNLFK GRFKRG]L Z UHODFML PL G]\ WHUDSHXW L NOLHQWHP´ &K 6LOOV 6 )LVK 3K /DSZRUWK 7HUDSHXWD ]ZUDFDXZDJ MHG\QLHQDHPRFMHNWyUHVRGF]XZDQHZGDQHMFKZLOL*G\QDSU]\ NáDGNOLHQWPyZLRVZRLPO NXSU]HGMDNLPVLOQ\PXF]XFLHPWHUDSHXWDSRZLQLHQ QDMSLHUZ]ZUyFLüXZDJ QDO N =DVDGD SRMHG\QF]RFL WáXPDF]RQD UyZQLH* MDNR ]DVDGD QLHSRZWDU]DOQRFL &K6LOOV6)LVK3K/DSZRUWK 3ROH ND*GHM RVRE\ MHM V\WXDFMD V QLHSRZWDU]DOQH 0DSD SR]QDQLD ND*GHJR ]QDVUy*QLVL RGPDS\ND*GHMLQQHMRVRE\.D*GHQRZHGRZLDGF]HQLHMHVWLQWHU SUHWRZDQH SU]H] V]HUHJ Uy*Q\FK ¿OWUyZ NWyUH V ZáDFLZH W\ONR GOD SRMHG\QF]HM MHGQRVWNL.D*GD]DWHPJHQHUDOL]DFMDMHVWRGHMFLHPRGDNWXDOQHJRGRZLDGF]HQLD L ]áDPDQLHP ]DVDG\ SRMHG\QF]RFL 1LH LPSOLNXMH WR FDáNRZLWHJR Z\NOXF]HQLD ZV]HONLFK Z]RUFyZ NWyUH GRW\F] VFKHPDWyZ SRVW SRZDQLD MHGQRVWNL OXE WZR U]HQLDWHRULL7HRULHWHQDOH*\MHGQDNRGáR*\üQDGDOV]\SODQWDNDE\QDSLHUZV]\P PLHMVFXVSRW\NDüVL ]HVSHF\¿NV\WXDFMLNRQNUHWQHMMHGQRVWNL =DVDGD]PLHQQRFLSURFHVX]DVDGD]PLHQLDMFHJRVL SURFHVX : GRZLDGF]HQLX QLF QLH MHVW VWDáH DQL VWDW\F]QH 3U]\SRPLQD WR ¿OR]R¿ ]PLHQQRFL +HUDNOLWD ] (IH]X 1LF ERZLHP QLH MHVW VWDáH SRQRZQH ZVSRPQLHQLH RW\PVDP\PZ\GDU]HQLXMHVWMX*LQQ\PZVSRPQLHQLHPSRGREQLHMDN+HUDNOLWRZD U]HND ]D FKZLO MHVW MX* ]XSHáQLH LQQ U]HN =MDZLVNR WR SRVLDGD V]HUV]H NRQR WDFMHSV\FKRORJLF]QH±MHVWQDSU]\NáDG]DVDGVWUXPLHQLDZLDGRPRFL:LOOLDPD -DPHVD3V\FKRWHUDSLD*HVWDOWWUDNWXMHGRZLDGF]HQLDMDNRSURFHVX*\ZDMFUyZ QLH*M ]\NDNWyU\Z\NOXF]DVWDáRüLV]W\ZQRü=DVDGDWDQLHZWSOLZLHRGQRVLVL GRSR]RVWDá\FK]DVDGLMHVWQLHMDNRSU]H]QLHZ\]QDF]DQD'\QDPLNDMHVWERZLHP SRGVWDZRZ]DVDGWHRULLSROD*G\]DSU]\NáDGZH(PLHP\F]\MQLHPLDáRü±QLH QDOH*\JHQHURZDüSRFKRSQ\FKZQLRVNyZPR*HSU]HFLH*VL RND]DüL*RVREDNWyU


WDNFKFHP\]DNZDOL¿NRZDüMHVWQLHPLDáDW\ONRZRNUHORQHMV\WXDFML3HUOVLLQQL X]QDOLÄMD´]DVWUXNWXU NWyUDQLHXVWDQQLHWZRU]\VL QDJUDQLF\NRQWDNWX±JUDQLF\ SRPL G]\MD´DURGRZLVNLHP)3HUOV5+HIIHUOLQH3*RRGPDQ =DVDGDPR*OLZRFLZáDFLZHJRRGQLHVLHQLD]DVDGDPR*OLZHJR]QDF]HQLD .D*GDF] üSRODPDVZRMH]QDF]HQLHZMHJRRUJDQL]DFMLQLHPR*HZL FE\ü LJQRURZDQD3DUOHWWSRVáXJXMHVL DQDORJLGRREUD]XLSLV]H*HWHUDSHXWD*HVWDOW SRZLQLHQE\üZLDGRP\QLHW\ONRREUD]XDOHWDN*HMHJRUDP\Z\VWDZ\LNRQWHNVWX Z\VWDZ\DE\PyFZSHáQL]REDF]\üG]LHáR&K6LOOV6)LVK3K/DSZRUWK 0yZLFSURFLHM±ZWHUDSLL*HVWDOWOLF]VL WDN*HIDNW\NWyUH]DQLHLVWRWQHX]QDMH WHUDSHXWD=UR]XPLHüNOLHQWDPR*QDMHG\QLHQLHSU]\SLVXMFRVRELVWHJR]QDF]HQLD GRNZHVWLLSU]H]QLHJRSRUXV]DQ\FK3RQRZQLHMHVWWR]DVDGDNWyUPR*QDZ\SUR ZDG]Lü ] SR]RVWDá\FK Ä$XWRPDW\]P\ NWyUH VWDá\ VL QLHGRVWU]HJDOQH SRZLQQ\ E\ü Z UyZQ\P VWRSQLX EUDQH SRG XZDJ FR ¿JXU\ QDU]XFDMFH VL MDNR EU]H PLHQQHZVNXWNL´-05RELQH 7HRULD SROD NRUHVSRQGXMH WDN*H ] LGH VDPRUHJXDOW\ZQRFL F]áRZLHND KRPHRVWD]\ +- 3 :DOWHU :QLNOLZH EDGDQLH SROD L RGNU\ZDQLH Z\SDUW\FK IUDJPHQWyZ SR]ZDOD NOLHQWRZL QD SRQRZQH SU]HZDUWRFLRZDQLH VZRMHJR V\V WHPXL]QDOH]LHQLHQRZHJRUR]ZL]DQLD,QWHUZHQFMDWHUDSHXW\NRF]\VL W\ONR QD SRPRF\ Z GRWDUFLX GR SROD SV\FKRORJLF]QHJR NOLHQWD SU]\ ]DVWRVRZDQLX LQDXF]HQLXJRZ\PLHQLRQ\FKZ\*HM]DVDG :V]\VWNLH WH ]DVDG\ V Z FDáRFL DNWXDOQLH QLH W\ONR GOD SV\FKRORJyZ *HVWDOW DOH WDN*H GOD SV\FKRWHUDSHXWyZ -DN áDWZR ]DXZD*\ü SR]RVWDáH ]DVDG\ PR*QDSUDNW\F]QLHZ\SURZDG]LüZGZyFKSLHUZV]\FKDF]NROZLHNND*GD]QLFK PDVZRMHRVREOLZH]QDF]HQLHLSRND]XMH]DJDGQLHQLHZWURFK LQQ\PZLHWOH .ROHMQ\PNOXF]RZ\PSRM FLHPWHUDSLL*HVWDOWMHVWNRQWDNWJUDQLF]Q\:\VW SXMHRQZWHRULLSRODQDVW\NXSyORUJDQL]PXLRWRF]HQLD.RQWDNWMHVW]DUD]HP IXQGDPHQWDOQ\P IHQRPHQHP SRQLHZD* Z\]QDF]D RQ ]DFKRG]HQLH IHQRPHQyZ .RQWDNWJUDQLF]Q\ÄQLHRGG]LHODRUJDQL]PXRGMHJRRWRF]HQLDRQUDF]HMRFKUDQLD RUJDQL]PLMHJR]DZDUWRü]DUD]HP]DGRW\NDRWRF]HQLD´)3HUOV5+HIIHUOLQH 3 *RRGPDQ &]\WHOQLND ]DLQWHUHVRZDQHJR ZVSyáF]HVQ\P UR]XPLHQLHP LZ\NRU]\VWDQLHPWHRULLSRODZWHUDSLL*HVWDOW]DFK FDPGROHNWXU\,,F] FLDUW\ NXáX-HDQ0DULH5RELRQH¶DV]HID,QVW\WXWX7HUDSLL*HVWDOWZ%RUGHDX[ ]DW\WXáR ZDQHJRÄ1LV]DHNRORJLF]QD´-05RELQH 2F]\ZLFLHWHRULDSROD.XUWD/HZLQDPDMHGQDNNLONDQLHFLVáRFL.U\W\ND WHRULLRSLHUDVL QDF]WHUHFK]DU]XWDFK 7RSRORJLF]QH L ZHNWRURZH RGZ]RURZDQLD QLH PyZL QLF]HJR R ]DFKR ZDQLX&6+DOO*/LQG]H\ ,QWHUSUHWDFMH/HZLQDZ\MDQLDMW\ONRIDNW\MX*]DLVWQLDáHQLHRGQRV]VL GR


SU]HZLG\ZDQLD]MDZLVN5]HF]\ZLFLHWHRULDSRODGDMHZJOGMHG\QLHZLVW QLHMFV\WXDFM QLHGDMF*DGQ\FKPR*OLZRFLSU]HZLG\ZDQLD]DFKRZD 3V\FKRORJLDQLHPR*HLJQRURZDüURGRZLVNDRELHNW\ZQHJR&6+DOO* /LQG]H\ 1LHXZ]JO GQLDQLH RGG]LDá\ZDQLD RELHNW\ZQHJR URGRZLVND SV\FKRORJLF] QHJRQDMHGQRVWN JUR]LVXELHNW\ZL]PHP7X/HZLQEURQLáVL X]QDMF*H URGRZLVNRSV\FKRORJLF]QHRGG]LDáXMHQDRVRE DOHMHG\QLHZNRQNUHWQ\P RGFLQNXF]DVX /HZLQ QLH ELHU]H SRG XZDJ KLVWRULL MHGQRVWNL &6 +DOO * /LQG]H\ =DVDGD ZVSyáF]HVQRFL SROD ZFDOH QLH Z\NOXF]D EUDQLD SRG XZDJ SU]H V]áRFLDQLSU]\V]áRFL MHGQRVWNL&]áRZLHNZVZRLPÄWHUD]´PR*HSU]HFLH* SU]\ZRá\ZDüSU]HV]áHGRZLDGF]HQLHZD*QHMHVWMHGQDNL*Z\VW SXMRQH ZÄWHUD]´LMDNRWHUD(QLHMV]HQDOH*\MHWUDNWRZDü /HZLQQDGX*\ZDSRM ü¿]\F]Q\FKLPDWHPDW\F]Q\FK &6+DOO*/LQG]H\ 7RSUDZGD/HZLQSU]HQRV]FF] üSRM ü]HZLDWDQDXNSU]\URGQLF]\FKLLFK PHWRGRORJLL QLH ]DZV]H SRWUD¿á XWU]\PDü LFK ZF]HQLHMV]H ]QDF]HQLH 7H VDPH SRM FLD ]DF]\QDM ZWHG\ ]QDF]\ü FR F]DVHP QDZHW ]XSHáQLH FR LQQHJR 3U]\ NáDGHPPR*HWXE\üSRM FLHZDUWRFLNWyUHSRWUDQVIRUPDFMLQDM ]\NSV\FKRORJLL QLH]QDF]\MX*QDSHZQRWHJRVDPHJRFR]QDF]\áRQDSU]\NáDGZFKHPLL/HZLQ EURQLá VL L* SU]HMá MHG\QLH WHRUL SROD QLH SU]HMPXMF MHGQDN MHM WUHFL WD OXND PXVLDáDMDNR]RVWDüZ\SHáQLRQD 7HRULDSROD]RVWDáDSUDZLHEH]NU\W\F]QLHSU]HM WDSU]H]SV\FKRWHUDSL *HVWDOW 0LPR*HRGF]DVyZ/HZLQDQLHZLHOXWHRUHW\NyZ*HVWDOWF]\WRSRVWURQLHSV\FKR ORJLL F]\ SV\FKRWHUDSLL SRGHMPRZDáR ZQLNOLZLH WR ]DJDGQLHQLH PR*HP\ VWZLHU G]Lü*HE\áRLMHVWZLHOXMHMNRQW\QXDWRUyZ8MPRZDQLHZLDWDZSRVWDFLUHODFML-D ±7\]ELRUXUHODFMLF]\ZUHV]FLHV\VWHPXWRJáyZQHZVSyáF]HVQHLPSOLNDFMHWHRULL SRODNWyUHSRG]LG]LHVWDQRZLSU]HGPLRWZLHOXEDGDLGRZLDGF]HDWDN*H V]DVDGQLH]Z\NáHMOLF]E\QRZ\FKWUHQGyZZSV\FKRWHUDSLLQSDNWXDOQLHQDMSR SXODUQLHMV]HJR]MDZLVNDZSV\FKRWHUDSLL±XNáDGDQLDNRQVWHODFMLURG]LQQ\FK%HUWD +HOOLQJHUD

=MDZLVNRKROL]PXZSV\FKRWHUDSLL RG.XUWD*ROGVWHLQDL0DXULFH 0HUOHDX3RQW\qHJRGR.HQD:LOEHUD :W\WXOHWHJRUR]G]LDáXZVSRPLQDPR.HQLH:LOEHU]H%\QDMPQLHMQLHXZD*DP JR]D*HVWDOW\VW -HJRWHRULHSRVáX*PLW\ONRGR]DU\VRZDQLDVSHF\¿F]QHJRXM FLD KROL]PXZSV\FKRWHUDSLL*HVWDOWDZ]DVDG]LHUR]ZRMXWHJRSRM FLDRGMHJRFDá


NRZLWHJR]DSU]HF]HQLDZ¿OR]R¿L.DUWH]MXV]DLMHJRNRQW\QXDWRUyZSU]H]KROL]P *ROGVWHLQDD*SRÄQLHSRG]LHOQH´.HQD:LOEHUD ,QLFMDWRUHPLQWHUSUHWDFMLF]áRZLHNDMDNRMHGQRFLSV\FKR¿]\F]QHME\áQDSROX SV\FKRORJLL .XUW *ROGVWHLQ 1LH XZD*Dá RQ VLHELH MHGQDN ]D SV\FKRORJD SRVWDFL ZRODáE\üNODV\¿NRZDQ\MDNRSV\FKRORJKROLVW\F]Q\0+HQOH 3LV] RQLP MHGQDN Z W\P DUW\NXOH ] GZyFK SRZRGyZ 3R SLHUZV]H QXUW KROLVW\F]Q\ ]RVWDá QLHPDO EH]NU\W\F]QLH SU]\M W\ SU]H] SV\FKRORJL SRVWDFL L MHVW MHM DNWXDOQLH QLH RGáF]QFHFK3RGUXJLHSV\FKRORJLDKROLVW\F]QDQLJG\QLHGRURELáDVL VZRMHM FDáNRZLWHMRGU EQRFLZUyGLQQ\FKSV\FKRORJLLKROLVW\F]QD´SRMDZLDVL WXEDU G]LHMMDNRSU]\PLRWQLNRNUHODMF\MDNFHFK GRNWU\Q\QL*MDNRRGU EQ\QXUW1DM EOL*V]\KROL]PRZLQXUWZSV\FKRORJLLSRZVWDáGRSLHURZODWDFKZUD]]SRZVWD QLHP SV\FKRORJLL LQWHJUDOQHM .HQD :LOEHUD DOH ]DZLHUD RQ SRGVWDZRZH Uy*QLFH ZUR]XPLHQLXKROL]PXSU]H]*ROGVWHLQDL0HUOHDX3RQW\¶HJR :LOEHUSUyEXMH]QDOH(üRGSRZLHG(QDS\WDQLHJG]LHNRF]\VL ÄMD´LJG]LH ]DF]\QDVL ÄQLHMD´.:LOEHU :EUHZSR]RURPQLHMHVWWRZFDOHáDWZH]DGDQLH 2F]\ZLFLHRGUD]XQDU]XFDVL SURVWDRGSRZLHG(L*ÄQLHMD´MHVWSRSURVWXWDP JG]LH NRF]\ VL F]áRZLHN L ]DF]\QD FR LQQHJR QS MDNL SU]HGPLRW -HGQDN*H ZU]HF]\ZLVWRFLF] VWRVSRW\NDP\VL ]LQQ\PSURFHVHPXWR*VDPLDQLDQDV]HJR FLDáD]SU]HGPLRWHP]HURGNLHPGRFHOX]QDU] G]LHP7UDNWRZDQLHFLDáDZWHQ VSRVyEVXJHUXMHSU]HVXQL FLHJUDQLF\QDV]HJRÄMD´GRJUDQLF\Z\]QDF]RQHMSU]H] .DUWH]MXV]DSRPL G]\UHVFRJLWDQVLUHVH[WHQVD&LDáRUHGXNRZDQHMHVWWXW\ONRGR QDU] G]LD GR RVLJDQLD NRQNUHWQ\FK ]\VNyZ NWyUH QD GRGDWHN QLH ]DZV]H VáXFKD W\FKUR]ND]yZÄ:WHMIUDJPHQWDFMLVLHELHÄ-D´MHVW]Z\NOHXWR*VDPLDQLH]IXQN FMRQRZDQLHPXP\VáXSURGXNXMFHJRP\OLZ\REUD*HQLDVáRZDLWG DWHDVSHNW\ GR]QD FLHOHVQ\FK NWyUH V SUREOHPDW\F]QH OXE QLHEH]SLHF]QH RGELHUDQH V WDN MDNE\]QDMGRZDá\VL ÄQD]HZQWU]´F]áRZLHND´-,.HSQHU 3U]HFLZNR WDNLHPX XMPRZDQLX FLDáD EDUG]R RVWUR Z\VWSLá ]QDQ\ IUDQFXVNL ¿OR]RIHJ]\VWHQFMDOLVWD0DXULFH0HUOHDX3RQW\:VZRLFKSUDFDFK0HUOHDX3RQW\ F] VWRSU]\]QDMHVL GRWHJRL*MHJRSRJOG\RSLHUDMVL QDSV\FKRORJLLSRVWDFL F]DVDPLQDZHWSLV]HRVRELHMDNRR*HVWDOW\FLHF] VWRWH*RGZRáXMHVL GRZF]H QLHMV]\FKLFKEDGD00DFLHMF]DN -HJRVWDQRZLVNRZWHMVSUDZLHXMPXMHSRQL*V]\F\WDWÄ1LHSRVLDGDP\FLDáD WDN MDN SRVLDGDP\ NVL*N XEUDQLH LWG &LDáR ZáDVQH QLH MHVW QD ]HZQWU] QDV 0R*HP\ UR]XPLHü MHJR EXGRZ DQDWRPLF]Q QD]ZDü L ZVND]Dü SRV]F]HJyOQH F]áRQ\REVHUZRZDüLEDGDüNRUHODFMHZ]URNXLGRW\NX-HGQRF]HQLHMHVWHP\WH* W\PL NWyU]\ MH ZLG] GRW\NDM L SRUXV]DM QLPL -HOL PR*QD E\ MHV]F]H PyZLü RSHZQHMLQWHUSUHWDFMLZVSRVWU]HJDQLXFLDáDZáDVQHJRQDOH*DáRE\SRZLHG]LHü*H RQRVDPRLQWHUSUHWXMHVLHELH´00DFLHMF]DN 1LHGDVL SU]HFLH*Z\DOLH QRZDüRGVLHELHWDNDE\GRZLDGF]\üRGU EQRFLQDV]HJRFLDáD3U]HGPLRWLQDU] G]LHEDGDQLDQLHPR*HE\üMHGQ\PLW\PVDP\P:LGDüWXZ\UD(Q\]ZURWZVWURQ HJ]\VWHQFMDOL]PX7\PF]DVHP]Z\NOLP\WUDNWRZDüQDV]HFLDáRSRGREQLHMDNZ


)UDQFLV]HNMDNRÄELHGQHJREUDFLV]NDRVLRáND´ÄERU]HF]\ZLFLHZL NV]Rü]QDV F]XMH*HZMDNLPVHQVLHQDV]HFLDáDVáX*QDPMDNRURGHNWUDQVSRUWXWDNVDPRMDN NRF]\RVLRáHN´.:LOEHU 0HUOHDX3RQW\ VWRL QD WDN ]ZDQ\P VWDQRZLVNX KROLVW\F]Q\P 1LH W\ONR QLH WZLHUG]L*HFLDáRQLHMHVWQDU] G]LHPDOHWDN*H*HZLDGRPRüQLHMHVWMHJRPLHV] NDFHPDOHQLPVDP\P3LV]HERZLHPÄ&LDáRPRMHQLHMHVWZL FWH*QRQLNLHPZLD GRPRFLWRZQLPLG]L NLQLHPXGRSLHURVL RQDURG]LLOHSLHMZREHFWHJRPyZLü RLQWHQFMRQDOQRFLFLDáDQL*RLQWHQFMRQDOQRFLZLDGRPRFLDÄE\FLHZZLHFLH´ RNUHODü UDF]HM MDNR ÄHJ]\VWHQFM ´ QL* ZLDGRPRü´ - 0LJDVLVNL 1LH PR*HP\ ]DWHP WUDNWRZDü RGG]LHOQLH ZLDGRPRFL L FLDáD ZLDGRPRü SU]HVWDMH E\üXWR*VDPLDQD]ÄMD´FLDáR]ÄQLHMD´RELHWHU]HF]\áF]VL WZRU]FMHGQRü -HVWWXWDMMHGQDNMHV]F]HFRZL FHM±SU]HNURF]HQLHGXDOL]PXSRGPLRWSU]HGPLRW :\FKRG]F]GXDOLVW\F]QHJRVFKHPDWXP\OHQLD]DFKRGQLHJRRGNU\ZDP\L*U]H NRPHLVWQLHMFHZM ]\NXLWHRULDFKSV\FKRORJLF]Q\FKQDXNRZ\FKL¿OR]R¿F]Q\FK GXDOL]P\ QLH V MX* WDN RF]\ZLVWH MDN E\á\ ZF]HQLHM 3HUOV SLV]H Ä-DNR GXDOL VW\F]QDRVRERZRüZVSyáF]HVQ\F]áRZLHNPXVLWDN*HSRVLDGDüGXDOLVW\F]QPHQ WDOQRüLM ]\N0\OLRQZWHUPLQDFKFLDáDLGXV]\GREUDL]áD6XSHUHJRL,GNXO WXU\LQDWXU\(URVDL7KDQDWRVDMHGQRVWNLLVSRáHF]HVWZD´%HLQJVXFKDGXDOLVWLF SHUVRQDOLW\7KHPRGHUQLQGLYLGXDOKDVQHFHVVDULO\DOVRDGXDOLVWLFPHQWDOLW\DQG ODQJXDJH+HWKLQNVLQWHUPVRIVRPDDQGSV\FKHRIJRRGDQGEDGRI6XSHUHJRDQG ,GRIPLQGDQGQDWXUHRI(URVDQG7KDQDWRVRILQGLYLGXDODQGVRFLHW\ )3HUOV 1LHE\ZDáDVNáRQQRüF]áRZLHNDGRWZRU]HQLDGXDOL]PyZMHVWU]HF]\ZLFLH FKDUDNWHU\VW\F]QDGODQDV]\FKF]DVyZ%\üPR*HLQLFMDWRUHPWHJRE\á.DUWH]MXV] E\üPR*HWHQGHQFMDWDMHVWWDNGáXJR]QDQDMDNLVDPDGLDOHNW\ND0HUOHDX3RQW\ XMPXMHF]áRZLHNDQLH]DWHPMDNRMHGQRüSV\FKR¿]\F]QDOHMDNRMHGQRüZV]HONLH UR]Uy*QLHQLDOLQJZLVW\F]QHWDNLHMDNQSMHGQRüSV\FKR¿]\F]QDQLHPRJE\üMX* XMPRZDQHQDJUXQFLHWHM¿OR]R¿L6ERZLHPV]WXF]Q\PWZRUHPPHWRGRORJLF]QHM JU\VáRZQHMNWyUDSURSRQXMHQDPGXDOLVW\F]QHUR]ZL]DQLD .RQFHSFMDWDVL JDNRU]HQLDPLEXGG\]PX]HQJG]LHSRGVWDZRZ]DVDGMHVW E\FLHVZRLPL]P\VáDPLQLH]DSRVLDGDQLHLFK3RGREQLHSLV]H3HUOVÄ0DP\FLDáR DOHQLPQLHMHVWHP\PDP\XP\VáLP\OL]DPLDVWE\üXP\VáHPOXEP\OF\P´ (:HKDYHDERG\LQVWHDGEHLQJRQHZHKDYHDPLQGRUWKRXJKWVLQVWHDGEHLQJVWKLV PLQGRUWKHWKLQNHU )3HUOV $XWRU(JR+XQJHUDQG$JJUHVVLRQSRVWXOXMH WXWDM]DPLDQ VSRVREXP\OHQLDRVRELHMDNRRGZRLVWRFLLZSHáQLNRQVHNZHQWQH SU]\M FLHL*MHVWHP\QDV]\PFLDáHPRUD]W\PZMDNLVSRVyELFRP\OLP\]DUD]HP 1LHE\ZDáWUXGQRüVSUDZLDPX]DU\VRZDQLHWHJRIHQRPHQXSRQLHZD*SU]\ND*GHM SUyELHPXVLRGZRá\ZDüVL GRGXDOLVW\F]QLHVNRPSRQRZDQHJRM ]\ND .RQFHSFMDKROLVW\F]QDZ\ZDUáDVLOQ\ZSá\ZQDWHUDSL *HVWDOW=VDPNZHVWL MHGQRFLVSRW\NDP\VL ERZLHPQDWU]\Uy*QHVSRVRE\3RSLHUZV]HJG\ELHU]HP\ SRGXZDJ V\QGURP\LFDáRFLRZRGSRZLHG(QDQLHRUJDQL]PX*ROGVWHLQ]DXZD*\á FRG]L PR*HZ\GDZDüVL RF]\ZLVWHL* SRV]F]HJyOQHSUREOHP\V RGSRZLHG]L


RUJDQL]PXQDQDWXUDOQSRWU]HE ,WDNQDSU]\NáDGGHSUHVMDPR*HE\üRGSRZLHG]L QDXWUDW PLáRFL$9RWVPHLHU 5yZQLH*SRV]F]HJyOQHIHQRPHQ\OXG]NLHJR ]DFKRZDQLDQSRSyUPR*HE\üUHDNFMREURQQSU]HGVNU]\ZG]HQLHPOXEDJUHVM 7DNLSXQNWZ\MFLDSR]ZDODJá ELHM]UR]XPLHüSUREOHPLQLHRGZRáXMHVL GRF] FLRZHJR XMPRZDQLD F]áRZLHND RUD] OHF]HQLD VDPHJR REMDZX 'UXJLP DVSHNWHP KROL]PX MHVW PR*OLZRü SUDF\ SRSU]H] L]RODFM ,P EDUG]LHM ERZLHP VSUyEXMHP\ RGG]LHODüMDNF] üRGRUJDQL]PXW\PVLOQLHMV]DE G]LHMHJRRGSRZLHG(L]DUD]HP Z\UD(QLHMV]\V\QGURP0HWRGDWDRF]\ZLFLH]GDQLHPKROLVWyZQLHG]LDáDZGUXJ VWURQ ± RGG]LHOHQLH MDNLHM F] FL RG RUJDQL]PX QLH GD QDP *DGQHM RGSRZLHG]L QDS\WDQLHGRW\F]FHIXQNFMRQRZDQLDWHMF] FLDOHPR*HGDüQDPRGSRZLHG(QD S\WDQLHGRW\F]FHIXQNFMRQRZDQLDFDáRFL:WHUDSLL*HVWDOW]DRZRFRZDáRWRSUDF ] SU]HFLZLHVWZDPL ]MDZLVNLHP DPSOL¿NDFML RUD] PHWRGDPL SRQRZQHM LQWHJUDFML FDáRFL 7U]HFLP EH]SRUHGQLP VSRVREHP Z\NRU]\VWDQLD JROGVWHLQRZVNLHM NRQ FHSFMLQDJUXQFLHWHUDSLL*HVWDOWMHVWXM FLHGH]LQWHJUDFMLLNRQNUHWQHJRSUREOHPX MDNR¿JXU\QDWOHFDáRFLRZHJRLFLHOHVQHJRXM FLDF]áRZLHND$9RWVPHLHU Ä=DGDQLDMDNLPPXVLVSURVWDüWHUDSHXWDWR]UR]XPLHQLHFRR]QDF]DSRGHMFLHGR GDQHJRF]áRZLHNDMDNRGRFDáRFLRNUHOHQLHFRQDOH*\]URELüDE\]QDOH(üWRFR FR ]RVWDáR UR]ELWH QD F] FL L Z\SDUWH RUD] XG]LHOHQLH SRPRF\ Z SRQRZQHM LQWH JUDFMLW\FKF] FLZMHGQSUDZLGáRZRIXQNFMRQXMFFDáRü´-,.HSQHU 3RM FLH KROL]PX SU]HV]áR MHGQDN GR QDV]\FK F]DVyZ Z WURFK LQQ\P UR]X PLHQLX : SV\FKRORJLL LQWHJUDOQHM SUDZG]LZD LQWHJUDFMD NRF]\ VL QD SR]LRPLH QLHGXDOLVW\F]QHJRGXFKDWRMHVW]DWUDFHQLXUy*QLF\SRPL G]\ÄMD´LÄQLHMD´2VRE NWyUDPLDáDQDMZL NV]\ZSá\ZQDWHUDSL LQWHJUDOQE\á.HQ:LOEHUMHGHQ]QDM Z\ELWQLHMV]\FKP\OLFLHOLQDV]\FKF]DVyZEXGG\VWDSV\FKRWHUDSHXWD]Z\NV]WDá FHQLDELRORJ :LOEHUDQDOL]XMFUy*QHNXOWXU\UHOLJLHL¿OR]R¿H]QDOD]áLFKZVSyOQ\PLD QRZQLN1LHMHVWWRMHGQDNU]HF]NWyUSRMüPR*QDLQWHOHNWXDOQLHLVWQLHMHRQD W\ONR L Z\áF]QLH QD SRGVWDZLH GRZLDGF]HQLD IHQRPHQRORJLF]QHJR 6DP RSLV QLHZ\VWDUF]DFRMHVWUDF]HM]QDPLHQQHGODIHQRPHQRORJLL GODWHJR*HGRZLDG F]HQLH WR PD FKDUDNWHU GXFKRZ\ 2PyZLP\ WHUD] SRNUyWFH MHJR ]DáR*HQLD 3R SLHUZV]H GXFK LVWQLHMH MHVW WR QD VZyM VSRVyE SRGREQH GR IHQRPHQRORJLF] QHJR]DZLHV]HQLHLVWQLHQLD SRGUXJLHGXFKLVWQLHMHZHZQWU]LQWURMHNFMD SR WU]HFLH ZL NV]Rü ] QDV QLH ZLH R GXFKX ZHZQWU] SR F]ZDUWH ] WHJR ZLDWD LOX]ML LVWQLHMH Z\MFLH SR SLWH MH*HOL SyMG]LHP\ W GURJ UH]XOWDWHP E G]LH RGURG]HQLHNWyUH±SRV]yVWH±R]QDF]DNRQLHFFLHUSLHQLDLJU]HFKXLSRVLyGPH NRF]\ VL VSRáHF]Q\P DNWHP PLáRVLHUG]LD L ZVSyáF]XFLD ZREHF ZV]\VWNLFK F]XMF\FKLVWRW´.:LOEHU 7ZRU]\:LHONL*QLD]GRZ\8NáDG,VWQLHQLD± KLHUDUFKLF]QVWUXNWXU SURZDG]FGRGXFKDQLHGXDOQHJR JG]LHND*G\NROHMQ\ SR]LRP ]DZLHUD ZV]\VWNLH SRSU]HGQLH 3LHUZV]\ SR]LRP WR PDWHULD ]DMPXMH VL QLP¿]\ND GUXJL±*\FLHELRORJLD WU]HFL±XP\VáSV\FKRORJLD F]ZDUW\ ± GXV]D ± VXEWHOQD UHOLJLD SLW\ ± GXFK ± SU]\F]\QRZ\ PLVW\F\]P V]yVW\


± GXFK ± QLHGXDOQ\ &]áRZLHN Z UDPDFK VZRMHJR *\FLD L UR]ZRMX SU]HFKRG]L NROHMQHID]\G*FMHGQRF]HQLHGRSHáQHMLQWHJUDFML :LGDüWXZ\UD(Q\ZSá\ZP\OHQLDZVFKRGQLHJR]DF]HUSQL WHJR]EXGG\]PX ]HQ QD SRM FLH LQWHJUDFML L KROL]PX %XGG\]P ]DNáDGD XQLZHUVDOL]P 0LVWU] ]HQ '7 6X]XNL JáRVL Ä-D MHVWHP MD D W\ MHVWH W\ D MHGQDN MD MHVWHP W\ D W\ MHVWH MD´'76X]XNL *G\W\PF]DVHPVá\QQDJHVWDOWRZVNDPRGOLWZDJáRVLÄ-D MHVWHP-DD7\MHVWH7\´)3HUOV*HVWDOW3UD\HU 3UDZGRSRGREQLHXM FLHEXGG\M VNLH]RVWDáRE\SRWUDNWRZDQHSU]H]3HUOVDMDNRREMDZNRQÀXHQFML±MHGQHJR]]DEX U]H NRQWDNWX Z NWyU\P QDVW SXMH ]DWDUFLH JUDQLF SRPL G]\ PQ L MDN GUXJD RVREOXEJUXS:LOEHUMDNLLQQLEXGG\FLLGMHV]F]HGDOHM±JUDQLFHKROL]PXQLH VJUDQLFDPLOXG]LDOHWDN*H]ZLHU]WUROLQRUD]QLHR*\ZLRQ\FKF] FLZLDWDQD W\PERZLHPSROHJDLFKXQLZHUVDOL]P 8M FLHEXGG\MVNLHE\áR]DZV]HEOLVNLHWHUDSLL*HVWDOWE\üPR*HQDMZD*QLHM V]\P RJQLZHP áF]F\P ]HQ L *HVWDOW E\á SRVWXODW GRZLDGF]DQLD ZV]\VWNLHJR SU]HGHZV]\VWNLPZÄWX´LÄWHUD]´NWyUHMHVWQLHPR*OLZHEH]SRáF]HQLDUR]XPX ]FLDáHPÄ*G\XP\VáMHGQRF]\VL ]FLDáHPGRZLDGF]DP\SUDZG\*\FLDERFLDáR MHVW]DZV]HWXLWHUD]8P\VáZ\ELHJDZSU]\V]áRüDOER]DMPXMHVL SU]HV]áRFL EáG]L Z PDU]HQLDFK Z\REUD*HQLDFK L P\ODFK ´ ± SLV]H :RMFLHFK (LFKHOEHUJHU SV\FKRORJSV\FKRWHUDSHXWD*HVWDOWEXGG\VWD :(LFKHOEHUJHU00RQHWD0D OHZVND : UR]G]LDOH W\P FKFLDáHP SRND]Dü VSHF\¿F]QH XM FLH KROL]PX Z WHUDSLL *HVWDOW:LGDüWXWDN*HSHZQQLHNRQVHNZHQFM ±JG\QDSRF]WNX3HUOVSRVWXOXMH DE\]UyZQDüSU]\QDMPQLHMQDJUXQFLHM ]\ND SU]HFLZLHVWZRSRGPLRWSU]HGPLRW WRSUDNW\F]QLHQLHZ\GDMHVL WRE\üPR*OLZHQDJUXQFLHWHMWHRULL&KRüWHRUHW\F]QLH JHVWDOWRZVNL KROL]P REHMPXMH ZV]\VWNLH D SU]\QDMPQLHM ZL NV]Rü REV]DUyZ R NWyU\FK SLV]H :LOEHU WR ]D EDUG]R QLH ZLDGRPR MDN UR]XPLHü WX GXFKRZRü NWyUD±MHOLSRMDZLDVL ZWHUDSLL*HVWDOW±WREDUG]LHMMDNRVáRZROXEPR*OLZRü QL*IDNW\F]QLHLVWQLHMF\IHQRPHQ7\PEDUG]LHMJG\ELHU]HP\SRGXZDJ QLHGX DOLVW\F]QH XM FLH GXFKRZRFL QLH ]D EDUG]R ZLHP\ MDN PR*H RQR IXQNFMRQRZDü Z SRáF]HQLX ] WHUDSL *HVWDOW %\ü PR*H WDN WR ZáDQLH MHVW L* ZV]HONLH WHRULH SU]HGVWDZLDMFH UR]ZyM MHGQRVWNL OXG]NLHM Z XM FLX SV\FKRORJLF]Q\P SRVáXJXM VL LQQ\PLPHWRGDPLLVZVZRLPXM FLXQLHSRUyZQ\ZDOQHGRLQQ\FK=GUXJLHM VWURQ\PR*HE\üUyZQLH*WDNMDNSLV]H:LOEHUL*GURJDMHVWMHGQDDND*GDWHRULDWR W\ONRSHZLHQMHMHWDS 3V\FKRWHUDSLD*HVWDOW]DZG]L F]D]DWHPSV\FKRORJLLSRVWDFLQLHW\ONRQD]Z DOHUyZQLH*SHZLHQVSHF\¿F]Q\VSRVyEXM FLDF]áRZLHNDLEDGDQDGQLP&HOHP WHJRDUW\NXáXE\áRZ\UD(QHSRND]DQLHSRGRELHVWZMDNLUy*QLFSRPL G]\RELHPD PHWRGDPLUy*QLFNWyUHF] VWRVSU]H]WHUDSHXWyZSRPLMDQH&] VWRWH*GRFKRG]L GRDEVXUGDOQHJRSRP\OHQLDREXVWDQRZLVNF]HPX]UHV]WWUXGQRVL G]LZLü]ZD *\ZV]\ QD WR L* GR G]L QLH PR*QD ]QDOH(ü Z 3ROVFH HQF\NORSHGLL OXE VáRZQLND Z\UD]yZREF\FKNWyU\ZVSRPLQDáE\RWHUDSLL*HVWDOWVHSDUXMFMRGSV\FKRORJLL


SRVWDFL ,QDF]HM MHVW ] SV\FKRORJDPL *HVWDOW NWyU]\ ]H Z]JO GX QD VZyM SHZLHQ QDXNRZ\ VSRVyE EDGDQLD OXG]L Z\UD(QLH RELH GRNWU\Q\ Uy*QLFXM $QDOL]XMF ZSá\ZSV\FKRORJLLSRVWDFLQDSV\FKRWHUDSL QDOH*\RGUy*QLDüGRGDWNRZRZSá\Z\ REFHNWyUHVREHFQHZREXVWDQRZLVNDFKWDNLHMDNQSPHWRGDIHQRPHQRORJLF]QD F]\HJ]\VWHQFMDOQHXM FLHF]áRZLHNDVWRMHGQDNVWDQRZLVNDWDNV]HURNLHL*Z\PD JDMRVREQHJRZ\MDQLHQLD

6800$5< )GUVCNV2U[EJQNQI[XU)GUVCNV2U[EJQVJGTCR[ *HVWDOW3V\FKRWKHUDS\LVLQGHEWHGWRWKH¿JXUHV¶SV\FKRORJ\IRUQRWRQO\WKH QDPHEXWIRUDVSHFL¿FPHWKRGRIFRPSUHKHQVLRQRIWKHKXPDQEHLQJDQGWKHUH VHDUFK LQWR LW DV ZHOO 7KH DLP RI WKLV DUWLFOH LV WR YLVLEO\ VKRZ VLPLODULWLHV DQG GLIIHUHQFHVEHWZHHQWKLVWZRPHWKRGVGLIIHUHQFHVEHLQJRIWHQRPLWWHGE\WKHUDSLVWV +DYLQJDQDO\]HGWKHLQÀXHQFHRIWKH¿JXUHV¶SV\FKRORJ\RQWKHSV\FKRWKHUDS\DX WKRUVLQGLFDWHVRPHH[WUDQHRXVLPSDFWVLQERWKDWWLWXGHVVXFKDVIRUH[DPSOHWKH SKHQRPHQRORJLFDOPHWKRGRUH[LVWHQWLDOFRPSUHKHQVLRQRIWKHKXPDQEHLQJ

%LEOLRJUDÀD $PHQGW/\RQ1$UWDQGFUHDWLYLW\LQ*HVWDOW7KHUDS\±(UyGáDLQWHUQHWRZH *HVWDOW7KHRU\$VVRVLDWLRQ WáXP$. $UQKHLP5Ä*HVWDOW´PLVDSSOLHG>/LVWGRZ\GDZF\@&RQWHPSRUDU\ 3V\FKRORJ\F\W]D5REHUW(6KHUULOO*HVWDOW7KHUDS\DQG *HVWDOWSV\FKRORJ\7KH*HVWDOW-RXUQDO´-HVLH &KX93V\FKRWHUDSLD*HVWDOWWáXP6áDZD/LVLHFND$OLFMD:LONRáDND2¿ F\QD:\GDZQLF]D.DQRQ (LFKHOEHUJHU:0RQHWD0DOHZVND0%\üWXWDM:\GDZQLFWZR'R:DU V]DZDV )OHPLQJ&URFNHU6$ZHOOOLYHGOLIH(VVD\VLQ*HVWDOW7KHUDS\*HVWDOW ,QVWLWXWHRI&OHYHODQG3UHVVV *RRGPDQ3/LWWOH3UD\HUVDQG)LQWLH([SHULHQFH+DUSHU 5RZ1RZ\ -RUNVVF\W]D-HDQ0DULH5RELQH1LV]DHNRORJLF]QDF], (VHMRWHRULLSRODZNRQFHSFML*HVWDOWWáXP1DWDOLD6]F]HSDVND*HVWDOW´ QUV +DOO&6/LQG]H\*7HRULHRVRERZRFL3:1:DUV]DZDF\W ]D(ZD0DWáRV]:UyüP\GRNRU]HQLF]\OLNLONDVáyZRWHRULLSROD.XUWD /HZLQDF],, *HVWDOW³QUV +HQOH0*HVWDOW3V\FKRORJ\DQG*HVWDOW7KHUDS\-RXUQDORIWKH+LVWRU\ RI3V\FKRORJ\´&ROXPELD8QLYHUVLW\3UHVV1HZ