$11$/(6©6HUKLVWVRFLRO©©©
2&(1(5(&(16,21,5(9,(:6Ÿ

&RSHUWLQD /XELDQD JLXJQR  WUHQWDFLQTXHPLOD
SHUVRQH SURWHVWDQR FRQWUR LO SURFHVVR PDU]LDOH GL WUH
JLRUQDOLVWL -DQH]-DQÉD'DYLG7DVLÞ)UDQFL=DYUOHGL
XQXIILFLDOHPLOLWDUHVORYHQR,YDQ%RUÉWQHU
1HO WHU]R FDSLWROR ,QWHOOHWWXDOL H SROLWLFD O¤DXWRUH
DQDOL]]D LO UXROR VYROWR GDJOL LQWHOOHWWXDOL GXUDQWH LO
UHJLPHSROLWLFRDXWRULWDULRDOOD OXFHGHO FDUDWWHUHSUR
IRQGDPHQWHLQWHOOHWWXDOHGHOFRPXQLVPRPROWLLQWHOOHW
WXDOL DOO¤LQL]LR OHJLWWLPDURQR LO UHJLPHPD IXURQR WUD L
SULPLD ULEHOODUVLFRQWUR LO GLVSRWLVPRSROLWLFRHGRSR
ODFDGXWDGHOUHJLPHGLYHQWDURQRHVVLVWHVVLSROLWLFLGL
FDUULHUD$WWXDOPHQWHLOORURUXRORqGLYHQWDWRQRWHYRO
PHQWHPDUJLQDOHRDPELYDOHQWHSRLFKpPHQWUHDOFXQL
GLIHQGRQR L YDORUL SROLWLFL OLEHUDOL XQD SDUWH LQIOXHQWH
GHOO¤nOLWH LQWHOOHWWXDOH VRVWLHQH XQD YLVLRQH SRSXOLVWD
GHOODUHDOWjSROLWLFDJLXVWDPHQWHDFFHUWDSURI5L]PDQ
,O TXDUWR FDSLWROR /D FKLHVD H OD UHOLJLRQH VRWWR LO
SRVWFRPXQLVPR VL RFFXSD GHL GLIILFLOL UDSSRUWL WUD
&KLHVD H 6WDWR WUD &KLHVD H VRFLHWj H WUD &KLHVD H
GHPRFUD]LD,QIDWWLVHEEHQHLOFDWWROLFHVLPRDEELDFRQ
WULEXLWR LQ PDQLHUD VLJQLILFDWLYD DOOD WHU]D RQGDWD GL
GHPRFUDWL]]D]LRQHQHOPRQGRGXUDQWHJOLDQQL6HWWDQWD
H2WWDQWD TXHVWR QRQ IX LO FDVR GHOOD 6ORYHQLD GRYH
&KLHVD &DWWROLFD q WHQWDWD GL YHGHUH QHOOD FDGXWD GHO
FRPXQLVPR O¤RSSRUWXQLWj GL DEROLUH OD FRPSLXWD VH
FRODUL]]D]LRQH GHOOD VRFLHWj VORYHQD H OD VHSDUD]LRQH
FRVWLWX]LRQDOPHQWHJDUDQWLWDWUD&KLHVDH6WDWR
,O TXLQWR FDSLWROR /D VILGD GHOOD GHVWUD UDGLFDOH
FRQFHQWUD O¤DWWHQ]LRQH VXL SHULFROL SL~ LPPHGLDWL FKH
PLQDFFLDQRLOUHJLPHGHPRFUDWLFRDSSHQDLQVWDXUDWRH
FKH SURYHQJRQR GD ID]LRQL GLYHUVH GHOOD SROLWLFD
HVWUHPLVWD VSHFLDOPHQWH GHOOD GHVWUD UDGLFDOH DOOR
VWHVR WHPSR LGHQWLILFD LO ORUR SURILOR VRFLDOH H LO FRQ
WHVWRLQWHUQD]LRQDOH
,QILQHQHO VHVWRFDSLWROR ,OFRQVROLGDPHQWRGHPR
FUDWLFR HVSRUUH OH SULQFLSDOL FRQFOXVLRQL GL TXHVWD
ULFHUFD ORFDOL]]D LO PRGHOOR GL GHPRFUDWL]]D]LRQH
VORYHQDDOO¤LQWHUQRGHLFRQWHVWLHXURSHLFHQWURRULHQWDOL
HFKHULJXDUGDQRODWHU]DRQGDWDGLGHPRFUDWL]]D]LRQH
H VYHOD OH SRVVLELOLWj GL XQ¤DQDOLVL GHOOH ]RQH GL FHU
WH]]DHGL LQFHUWH]]DFKHSRVVDQRSHUPHWWHUHDOOD6OR
YHQLD GL UDJJLXQJHUH SUHVWR OR VWDGLR GHO FRQVROLGD
PHQWRGHPRFUDWLFR
3HUFRQFOXGHUHSRVVLDPRGLUHFKHSUHVHQWHYROXPH
GHOOR VWLPDWR DXWRUH SURI 5 5L]PDQ KD VYROWR H
FRQFOXVR LO GRWWRUDWR LQ VRFLRORJLD DOOH XQLYHUVLWj GL
/XELDQD H GL +DUYDUG UDSSUHVHQWD XQ PRGHOOR IRQGD
PHQWDOH SHU OD ULFHUFD GL WUDQVL]LRQL GHPRFUDWLFKH VLD
LQ (XURSD &HQWUDOH H 2ULHQWDOH PD VSHFLDOPHQWH LQ
6ORYHQLD
$YJXVW/HÉQLN
,UYLQ/XNHÊLÝ)/80,1(16,$6/29(1,&$
5HND,]GDYDáNLFHQWDU5LMHND.XOWXUQRSURVYHWQR
GUXÊWYR%D]RYLFD%LEOLRWHND)OXPLQHQVLD
NQMVWU
,]UHGQLSURIHVRU]DKUYDÊNRNQMLÌHYQRVWQD2GGHONX
]D NURDWLVWLNR UHÊNH ILOR]RIVNH IDNXOWHWH ,UYLQ /XNHÌLß
URM  QD 5HNL MH VYRMHPX REVHÌQHPX QL]X SUH
WHÌQR OLWHUDUQR LQ NXOWXUQR]JRGRYLQVNLK REMDY LQ NQMLJ
GRGDOÊHHQRŸPRQRJUDILMRR6ORYHQFLKQD5HNL.QMLJD
MHVILQDQáQRSRPRáMR8UDGD9ODGH5HSXEOLNH6ORYHQLMH
]D6ORYHQFHY]DPHMVWYXLQSRVYHWXWHU2GVHNDPHVWQH
XSUDYH]DNXOWXURPHVWQHREáLQH5HNDL]ÊODYKUYDÊNHP
MH]LNX V SRY]HWNRPD Y LWDOLMDQÊáLQL LQ VORYHQÊáLQL SUL
,]GDYDáNHP FHQWUX 5LMHND ,&5 ]DORÌQLÊNL KLÊL ] GRO
JROHWQR LQ NDNRYRVWQR WUDGLFLMR L]GDMDQMD VWURNRYQLK LQ
]QDQVWYHQLK NQMLJ 3UDY Y QMHQHP RNULOMX MH SUHG GH
VHWOHWML L]ÊOR WXGL QHNDM L]YLUQLK GHO LQ SUHYRGRY VOR
YHQVNLKDYWRUMHYQDSULPHU OLWHUDUQLK]JRGRYLQDUMHY -R
ÌHWD3RJDáQLNDLQ'HQLVD3RQLÌD6RL]GDMDWHOMSULáXMRáH
NQMLJH MH RVUHGQMH ]GUXÌHQMH 6ORYHQFHY QD 5HNL .XO
WXUQRSURVYHWQR GUXÊWYR %D]RYLFD NDWHUHJD OHWQLFR
GHORYDQMDVRSUD]QRYDOLSUDYYOHWX
'HOR NL WHPHOML QD SRGUREQHP SUHJOHGX ÊH QHSUH
GHODQLK YLURY SUHGYVHP 'UÌDYQHJD DUKLYD QD 5HNL LQ
REVWRMHáH KUYDÊNH LQ VORYHQVNH ]JRGRYLQRSLVQH LQ OLWH
$11$/(6©6HUKLVWVRFLRO©©©
2&(1(5(&(16,21,5(9,(:6Ÿ

UDUQR]JRGRYLQVNHOLWHUDWXUHMH]YHáNRWHQRWDPLVOL
NRYQHJDJUDGLYDUHSURGXNFLMIRWRJUDILMVOLN]HPOMHYLGRY
LQ SRGREQR L] UD]OLáQLK SXEOLNDFLM LQ SULYDWQLK ]ELUN
UD]GHOMHQR QD GYD RVUHGQMD GHOD 3UYL GHO ] QDVORYRP
'UXÊWYHQH RELWHOMVNH L SRVORYQH ULMHáNRVORYHQVNH YH]H
REVHJDGHYHWSRJODYLMYNDWHULK VH MH DYWRUSRVYHWLOQH
NDWHULPUHÊNLPGUXÌLQDPVORYHQVNHJDSRUHNODQDSULPHU
GUXÌLQL &HOOLJRL L]  VWROHWMD DOL GUXÌLQL ]QDPHQLWHJD
UHÊNHJD 6ORYHQFD -RVLSD*RUXSDSO 6ODYLQVNHJD V SUH
ORPD  LQ  VWROHWMD 'UXJL GHO NQMLJH SUHGVWDYOMD
REVHÌQR SRJODYMH 2 NQMLÌHYQLP L NXOWXUQLP YH]DPD
5LMHNH L 6ORYHQLMH UD]GHOMHQR QD SRGSRJODYMD 6WDULMH
GRED'HYHWQDHVWRVWROMHßHLQ'YDGHVHWRVWROMHßHSULGUX
ÌHQ SD PX MH ÊH UD]GHOHN =DERUDYOMHQR VYMHGRáDQVWYR
-DQH]D7UGLQHRRWRNX.UNX L]=DNOMXáQLGHOSROHJ
REHK SRY]HWNRY YVHEXMH ÊH SRSLV YLURY LQ OLWHUDWXUH
DYWRUMHYHELRLQELEOLRJUDIVNHSRGDWNHVH]QDPHRVHEQLK
LPHQNUDMHYLQVOLNRYQLKSULORJWHUSRSLVNUDWLF1HNDWHUL
GHOL NQMLJH VR ELOL SUHM REMDYOMHQL ÌH UHYLDOQR ]DWR MH
VH]QDPX OLWHUDWXUH GRGDQD ÊH ELEOLRJUDILMD SUHGKRGQR
QDWLVQMHQLKáODQNRYYGQHYQHP LQVWURNRYQHPáDVRSLVMX
6XÈDßND UHYLMD .QMLÊHYQD 5LMHND 0HGLWHUDQ  WMHGQL
NXOWXUQLSULORJ1RYRJ OLVWD.UßNLNDOHQGDU$YWRUVNHPX
EHVHGLOX MHSRSRJODYMLKGRGDQLK ÊHRVHPSULORJ SUHSL
VRY LQ UHSURGXNFLM DUKLYVNLK GRNXPHQWRY RSRURND
WUJRYFD/RYUD/RNDQFLFKD L] OHW LQRSRURND
GXKRYQLND $QGULMH &HOLJRMD ÌXSQLND Y +UXÊLFL L] OHWD
SRURáQDSRJRGEDSRGMHWQLND0LFKLHOHMD:RKLQ]D
L] OHWD  RSRURND SURNXUDWRUMD WUJRYVNHJD SRGMHWMD
,YDQD3RJODMQD L] OHWD YVHY LWDOLMDQÊáLQL WUJRYVND
NRUHVSRQGHQFD0DUND.REOHUMD LQ3HWUD 7ULILßD Y KUYDÊ
NHP MH]LNX L] OHW Ÿ VOHGQMD MH ÊH SRVHEHM ]D
QLPLYD NHU SULáD R YLVRNL UDYQL SR]QDYDQMD áDNDYVNH
KUYDÊáLQH 6ORYHQFD L] ËHOH]QLNRY SRJRGED WUJRYFD
-RVLSD9DOXÊQLND]5HNHVSUHYR]QLNL L]*UREQLND L] OHWD
 WHUSRQDWLV L]VSRPLQRY ,YDQD+ULEDUMD UD]GHOHNR
+ULEDUMHYLKVWLNLK]-RVLSRP*RUXSRP
0RQRJUDILMD R UHÊNLK 6ORYHQFLK MH VSULáR /XNHÌL
ßHYHJDÊLURNHJD]DQLPDQMD]DUD]JLEDQRYHáNXOWXUQRLQ
YHáQDFLRQDOQRSUHWHNORVW5HNHLQQMHQHRNROLFHORJLáQR
QDGDOMHYDQMHQMHJRYLKGRVHGDQMLKUD]LVNRYDOQLKXVSHKRY
V SRGURáMD GRPR]QDQVWYD .RW MH R DYWRUMX ]DSLVDQR Y
QDMQRYHMÊL NQMLJL VH XNYDUMD V SXEOLFLVWLáQLP NULWLÊNLP
LQHVHMLVWLáQLPGHORP]OLWHUDUQHJD]JRGRYLQVNHJDNXO
WXUQR]JRGRYLQVNHJD LQ HWQRORÊNHJD SRGURáMD UH]XOWDW
áHVDU VR PHG GUXJLP ÊWHYLOQH UHYLDOQH REMDYH LQ VD
PRVWRMQH SXEOLNDFLMH   RG WHJD QD SULPHU HVHML
)LMXPDQVNHSULßH]JRGRYLQRSLVQHÊWXGLMH5LMHßNH
JORVH  LQSUHJOHGGLSORPDWVNH]JRGRYLQH3RYLMHVW
ULMHßNLKNRQ]XODWD/HWDPXMHSUL,&5L]ÊOD
NQMLJD2JOHGDOREDÈÝLQVNRRVWDULPNQMLJDPD]DERUDY
OMHQLP SLVFLPD ULMHWNLP QRYLQDPD L QHRVWYDUHQLP
ßDVRSLVLPD SUL LVWL ]DORÌEL SD NRW HQDMVWD NQMLJD Y
HPLQHQWQL]ELUNL%LEOLRWHND)OXPLQHQVLD]ELU]JRGRYLQR
SLVQLKÊWXGLM1HERQDG.YDUQHURP /HWD MH
SUHMHOQDJUDGR*UDGD5LMHNH
/XNHÌLßHYR ]DQLPDQMH ]D UHÊNRVORYHQVNH RGQRVH
L]YLUDL]VOXáDMQHJDUD]LVNRYDQMDGHMDYQRVWLVORYHQVNHJD
SLVDWHOMD -DQH]D 7UGLQH NL MH QD 5HNL ÊH SUHM SD Y
9DUDÌGLQX GHODO NRW JLPQD]LMVNL SURIHVRU >6@DPR SR
VHEL VH PL MH WDNUDW SRQXGLOR YSUDÊDQMH R YHáVWROHWQLK
KUYDÊNRVORYHQVNLK NXOWXUQLK VWLNLK QD 5HNL 7DNUDW NRW
WXGLÊHGDQHVVHPLMHSRPDOHP]GHORáXGQRGDVHMHR
WHM WHPLSUDY]DSUDYGR VHGDMSLVDOR]HORPDOR LQ GD VH
VSORK QL SRVHEHM UD]LVNRYDOD áHSUDY EL SR QDÊHP
PQHQMX]DVOXÌLOD WHPHOMLWR UD]LVNRYDQMH >WX LQYQDGD
OMHYDQMX SUHYHGOD 9 7@ MH DYWRU ]DSLVDO Y XYRGX LQ
GRGDO ÊHGD MH NOMXEGHOHÌXQMHJRYHJDGHODSUHGQDPL
ÊH]PHUDMWHUUDLQFRJQLWD5HNDMH]PHUDMELODPHVWRY
NDWHUHP VR VNXSDM ÌLYHOL OMXGMH UD]OLáQLK HWQLáQLK LQ
MH]LNRYQLK WUDGLFLM L] áHVDU VOHGL GD VR NXOWXUR WHJD
PHVWDGRORáDOLLQWHUQDFLRQDOL]HPOLEHUDOL]HPLQNR]PR
SROLWL]HP9SUDÊDQMHHWQLáQHSULSDGQRVWL MHELORGUXJRW
QHJDSRPHQDJOHGHQDSRVDPH]QLNRYPDWHULDOQL VWDWXV
QMHJRY VWDQ LQ VSRVREQRVWL WHU YORJR NL MR LPD Y YVH
VSORÊQHP QDSUHGNX VNXSQRVWL 1DPHVWR QDFLRQDOQHJD
NROHNWLYL]PDVH MHSUHGQRVWGDMDOR VDPR]DYHVWQHPX LQ
GLYLGXDOL]PX/XNHÌLßQH]DQHPDUMDYSOLYDLWDOLMDQÊáLQH
LQ ÊH SRVHEHM PDGÌDUÊáLQH Y  LQ SUYL SRORYLFL 
VWROHWMD VDM MH VSUHMHWMH YHáLQVNHJD MH]LND WUJRYLQH LQ
$11$/(6©6HUKLVWVRFLRO©©©
2&(1(5(&(16,21,5(9,(:6Ÿ

GUXJHJD SRVORYDQMD SRPHQLOR SRSROQR GUXÌEHQR LQWH
JUDFLMR LQ SULGRELYDQMH QRYH XUEDQH ILXPDQVNH LGHQ
WLWHWHàHSUDYVR5HáDQLDOL)LXPDQLXSRUDEOMDOL LWDOLMDQ
ÊáLQRVRELOLQHRELáDMQDHWQLáQDPHÊDQLFD5D]HQ+UYD
WRYVRELOLPHGQMLPLÊH,WDOLMDQL1HPFL$YVWULMFL0DG
ÌDUL àHKL $QJOHÌL 1L]R]HPFL ÉSDQFL *UNL ÉYLFDUML
%HOJLMFL)UDQFR]L6UEL6ORYHQFL5RPXQL3ROMDNL5XVL
-XGMH %RVDQFL0DNHGRQFL %ROJDUL 8NUDMLQFL 6ORYDNL
,UFL ÉNRWL 'DQFL LQ GUXJL ]DWR MH ELWL 
SUDYL 5HáDQ

SRPHQLOR SUDY]DSUDY QH SULSDGDWL QLWL HQHPX GRORáH
QHPXQDURGX'RND]WHJDMHL]UHNNLMHQD]DáHWNX
VWROHWMDNURÌLOSR5HNLRDYWRQRPDÊNHPSROLWLNXVORYHQ
VNHJD LQ IXUODQVNHJD SRUHNOD 5LFFDUGX =DQHOOL 0DGUH
&UDJQL]D3DGUH)ULXODQ9LYD=DQHOOD9HUR)LXPDQ
1L GYRPD GD VR YHáNXOWXUQR SRGRER 5HNH VHVWDYOMDOL
WXGL6ORYHQFL GUXJRYSUDÊDQMHSD MH]DNDM MHQLVR WXGL
VRREOLNRYDOL 3DUDGRNVDOQR SUL WHP MH GD VWROHWQD SUL
VRWQRVW 6ORYHQFHY QD 5HNL QL YSOLYDOD QD REOLNRYDQMH
QHáHVD NDU EL ODKNR SRLPHQRYDOL QDFLRQDOQD DOL MH]L
NRYQD LGHQWLWHWD ORNDOQHVORYHQVNHVNXSQRVWL WHPYHá MH
QDPHVWR WHJD GHORYDO QHL]SURVQL ]DNRQ DVLPLODFLMH ÉH
YHá UHÊNL 6ORYHQFL VR VORYHQVNR SRUHNOR Y SUHWHNORVWL
SRYHáLQL]HORKLWUR]DEULVDOLLQVHLQWHJULUDOLYNXOWXURLQ
WXGL SROLWLNR PHVWD 7XGL ]DWR MH WRYUVWQR UD]LVNRYDQMH
UD]PHURPDRWHÌHQRLQRPHMHQRQDVWDUHPDWLáQHNQMLJH
NRWVWDNQMLJLXPUOLKLQSRURáHQLK LQQDGUXJHDUKLYVNH
YLUH 6ORYHQFHSD MHPRJRáH L]VOHGLWL WXGL SR]QDáLOQLK
SULLPNLK NDNUÊQL VR QD SULPHU:DOOXVFKQLJJ LQ -HOORX
VFKHJJWHU:RKLQ]3RJOD\HQDOL&RURVVDF]
8JRGQD NRSHQVND SRW /MXEOMDQDŸ+UXÊLFDŸ5XSD MH
SUHELYDOFHREQMHM VSRGEXMDODN WUJRYDQMX LQYR]DUVWYX
=DWRVHWXGLQHJUHáXGLWLGDMHELORQDMYHáSULVHOMHQFHY
NL VR VHPHG OHWRPD LQSRURáLOL QD5HNL L]
/MXEOMDQH VOHGLMR SD MLP 7UQRYR SUL ,OLUVNL %LVWULFL
ÉNRIMD /RND /RÌ LQ 5LEQLFD 'UXJL VR SULKDMDOL L]
PDQMÊLK SULPRUVNLK NUDMHY ELOL SD VR FHOR L] 7ROPLQD
%RKLQMDLQ&HOMD0HG OHWRPD LQQDMELELOR
QD 5HNL QDMPDQM ÊHVWGHVHW WUJRYFHY L] /MXEOMDQH LQ
ÊHVWLQÊWLULGHVHWL]ÉNRIMH/RNH3ROHJWUJRYFHYLQYR]DUMHY
VR6ORYHQFLQD5HNLRGGRVWROHWMDELOLÊHUD]OLáQL
REUWQLNL LQ WRYDUQDUMLGXKRYQLNLSD WXGL ODVWQLNLDOL VR
ODVWQLNL ODGLM ODGLMVNL LQÌHQLUML XáLWHOML UDYQDWHOML JUDG
EHQLNL LQDUKLWHNWL VOLNDUML LQGUXJR=D]GL VHNRWGDQL
ELORSURMHNWDSULNDWHUHP6ORYHQFLQHELELOLVRGHORYDOL
XUEDQLVW )LOLEHUWR %DVDULJ L] *RULFH MH QD SULPHU SUR
MHNWLUDOMDYQLPHVWQLSDUNQD0ODNLNLMHYUDELÊHGDQHV
9HQFHVODR&HOLJRM MH ELO VRODVWQLN JUDGEHQHJD SRGMHWMD
NL MH ]JUDGLOR UHÊNR ÌHOH]QLÊNR SRVWDMR Y KLÊL VORYHQ
VNHJD YHOHWUJRYFD )UDQFD -HORYÊND MH áLVWR QD ]DáHWNX
GHORYDODUHÊNDáLWDOQLFDY*RUXSRYHPHPLQHQWQHPKR
WHOX(XURSDMHGDQHVVHGHÌ3ULPRUVNRJRUDQVNHÌXSDQLMH
LQWDNRGDOMH
ÉH SRVHEHM ]DQLPLY MH GUXJL GHO NQMLJH Y NDWHUHP
QLVRRPHQMHQLVDPR6ORYHQFLNLVRÌLYHOLLQGHORYDOLQD
5HNL DOL R QMHM SLVDOL RG 7UXEDUMD 6YHWRNULÊNHJD
9DOYDVRUMDGR0DWLMHàRSDLQ-DQH]D7UGLQHSDáSDWXGL
VORYHQVNL MDYQRVWLPDQM]QDQL5HáDQLNL VRGHORYDOL QD
6ORYHQVNHP DOL +UYDWL ] 5HNH NL VR ELOL YQHWL ]DJR
YRUQLNL KUYDÊNRVORYHQVNLK NXOWXUQLK YH]L QD SULPHU
)UDQ .XUHODF LQ 9 $ )UDQXO SO:HLVVHQWKXUQ 3R]RU
QRVWLYUHGQRMHWXGL]DQLPLYRL]PHQMDOQRQDNOMXáMHGD
QDM EL ELO SUYL OMXEOMDQVNL WLVNDU -DQÌ 0DQGHOF L] ,VWUH
R]LURPD]5HNHSUYLUHÊNLNQMLJDUQDUSD$QGUHM.DPOHQF
L]1RYHJDPHVWD
0RQRJUDILMD ,UYLQD /XNHÌLßD )OXPLQHQVLD 6ORYHQLFD
VRGL RE ERN GYHPD SUDY WDNR QRYLPD NQMLJDPD R VOR
YHQVNRKUYDÊNLK NXOWXUQLK VWLNLK /HWD  VWD QDPUHá
L]ÊOD]ERUQLN UHIHUDWRY VSRVYHWD(WQRORÊNDGHGLÊáLQD LQ
NXOWXUQD SRGRED 6ORYHQFHY QD +UYDÊNHP ] QDVORYRP
6ORYHQFL QD+UYDÈNHP GHGLÈßLQD LQ VHGDQMRVW LQ UD]
VWDYQL NDWDORJ 8VWYDUMDOFL GYHK NXOWXU6WYDUDWHOML GYLMX
NXOWXUD .DWDORJ MH L]ÊHO RE UD]VWDYL Y ]DJUHEÊNL1DFLR
QDOQL L VYHXáLOLÊQL NQMLÌQLFL LQ OMXEOMDQVNL 1DURGQL LQ
XQLYHU]LWHWQL NQMLÌQLFL NL MH ELOD GHO 6ORYHQVNHJD VODYL
VWLáQHJDNRQJUHVDY=DJUHEX9QMHJRYHPRNYLUXMHL]ÊHO
]ERUQLN6ODYLVWLáQHJDGUXÊWYD6ORYHQLMH3UHVHJDQMHPHMH
9VH ÊWLUL NQMLJH SRWUMXMHMR SUDYLOQRVW /XNHÌLßHYH L]MDYH
RE]DNOMXáNXGUXJHJDGHODPRQRJUDILMH LQ MR ÊLULMR 1D
RVQRYLWHJDNDUMHSUHGVWDYOMHQRQDSUHGKRGQLKVWUDQHK
ODKNR VNOHQHPR GD VR PHG 5HNR LQ 6ORYHQLMR ]PHUDM
REVWDMDOH]QDWQHOLWHUDUQHLQNXOWXUQHYH]L2GáDVRY3UL
PRÌD7UXEDUMDSDYVHGRQDÊLKGQLVRELOLVWLNLKUYDÊNHLQ
VORYHQVNH NXOWXUH Y WHP PHVWX SORGRYLWL LQ ]HOR UD]
QROLNL
9ODGND7XFRYLà