CAPÍTULO 2. SEMIÓTICA CINEMATOGRÁFICA

Anuncio
$"1±56-04&.*¶5*$"$*/&."50(3¦'*$"
y2VÊOPFYQMJDBEFMDJOFMBTFNJÓUJDB
DJOFNBUPHSÃêDB
7JDFOUF$BTUFMMBOPT$FSEB
3FTVNFO
&MQSFTFOUFUSBCBKPSFDVQFSBVOEFCBUFQPDPTJTUFNBUJ[BEPIBTUBOVFTUSPTEÎBTSFTQFDUP
B MPT MÎNJUFT Z QPS MP UBOUP BMDBODFT EF MB TFNJÓUJDB DJOFNBUPHSÃêDB QBSB FYQMJDBS Z
DPNQSFOEFS VO PCKFUP EF FTUVEJP FO UFOTJÓO FOUSF BSUF MFOHVBKF SFQSFTFOUBDJÓO F JO
EVTUSJBDVMUVSBM
-PTQSJNFSPTDVFTUJPOBNJFOUPTBMBêMNPMJOHÛÎTUJDBNFU[JBOBQSPWJFOFOEF+FBO.JUSZ
Z(JMMFT%FMFV[FZFOMPTÙMUJNPTBÒPTFYJTUFVOSJDPEFCBUFFOUSFMPTDPHOJUJWJTUBTFTUB
EPVOJEFOTFTZMPTRVFTFFYQMJDBOFMUJQPEFQFOTBNJFOUPFJOUFSBDDJPOFTDPHOJUJWBTQSP
QJDJBEBTQPSFMDJOFBQBSUJSEFVOBTFNJÓUJDBQPTNFU[JBOB
&OFTUFQSJNFSBSUÎDVMPTPCSFFMUFNBTFFYQPOESÃOBSHVNFOUBDJPOFTEFBVUPSFTZ
DPSSJFOUFTBDFSDBEFMPTMÎNJUFTEFMBTFNJÓUJDBFODVBOUPBMBTUSFTNBUFSJBTTJHOJêDBOUFT
EFMDJOFMBJNBHFOFMTPOJEPZMBTVDFTJÓO
&M JOJDJP EF VO USBCBKP EF UBMFT DBSBDUFSÎTUJDBT QFSNJUJSÃ FO FM DPSUP QMB[P UFOFS VO
FTUBEPEFMBSUFEFMBTFNJÓUJDBEFMDJOFRVFOPSFQJUBMBBQMJDBDJÓOBDSÎUJDBEFNPEFMPT
WJTVBMFTPOBSSBUJWPTFOFMBOÃMJTJTZMBDPNQSFOTJÓOEFQFMÎDVMBT%FNPEPQBSBMFMPTF
GPSUBMFDFSÃMBFTUSVDUVSBEFOPDJPOFTZSFMBDJPOFTDPODFQUVBMFTEFVOBEFMBTTFNJÓUJDBT
BQMJDBEBTNÃTJNQPSUBOUFTFOOVFTUSPTEÎBT
4ÎPOPBMBTFNJÓUJDBEFMDJOF
1SPQPOFSVOEFCBUFBDFSDBEFMBTFNJÓUJDBEFMDJOFDPOCBTFFOTVTMÎNJUFTZOPFO
TVTUJOPTQVFEFQBSFDFSFOVOQSJNFSNPNFOUPVOBDPOUSBEJDDJÓODPODFQUVBM1FSP
NVDIPTPCKFUPTEFFTUVEJPTFFYQMJDBONFKPSDVBOEPOPTSFGFSJNPTQPSMPRVFOPTPO
-B TFNJÓUJDB EFM DJOF IB UFOJEP BQPSUFT JOOFHBCMFT EFOUSP EF MBT TFNJÓUJDBT
BQMJDBEBT Z IB MPHSBEP EFTDFOUSBS BMHVOBT EF MBT OPDJPOFT EVSBT EF DJFSUB USBEJDJÓO
USBOTMJOHÛÎTUJDB#BTUBSFDPSEBSMBQSPQVFTUBEF$ISJTUJBO.FU[EFFOUFOEFSBMDJOFDP
NPVOMFOHVBKFTJOMFOHVBRVFUSBEVDJEPFOUÊSNJOPTEFMBDPNVOJDBDJÓOFTBMHPBTÎ
DPNPQFOTBSVONFOTBKFTJODÓEJHP
-BêMNPMJOHÛÎTUJDBEF.FU[IBUFOJEPEPTDPOTFDVFODJBTEFOUSPEFMPTFTUVEJPT
EFMDJOF6OBRVFFTUÃWJODVMBEBDPOFMBQPSUFEFMBMJOHÛÎTUJDBFOFMDPOPDJNJFOUPEF
MBT FTUSVDUVSBT EF TJHOJêDBDJÓO EFM DJOF Z MB PUSB EJSFDUBNFOUF SFMBDJPOBEB DPO TVT
EFUSBDUPSFT QVFT MFKPT EF DPODFCJS BM DJOF FO TV EJNFOTJÓO EF MFOHVBKF QSFêFSFO
QBSUJSEFVOBDPODFQDJÓOZBTFBBSUÎTUJDBZBTFBEFSFQSFTFOUBDJÓORVFEÊDVFOUBEF
VO TJTUFNB EF FYQSFTJÓO NVZ EJGFSFOUF BM EFSJWBEP EF FODBEFOBNJFOUPT EF WFSCPT
TVTUBOUJWPTZQSFEJDBEPT
&MQSPQJP.FU[FTUVWPDPOTDJFOUFEFMPTMÎNJUFTEFTVFYQMJDBDJÓOFTEFDJSFMBOBMJ[BS
TÓMPVODÓEJHPEFMPTNVDIPTRVFUJFOFFMDJOFFMEFMBCBOEBEFMBTJNÃHFOFT
/P EFCFNPT PMWJEBS MPT USFT HSBOEFT BQPSUFT EF FTUF MJOHÛJTUB BM FTUVEJP EF MB
TFNJÓUJDBEFMDJOFMBJODPSQPSBDJÓOEFDBUFHPSÎBTUSBOTMJOHÛÎTUJDBTFOMBDPNQSFOTJÓO
EFM GFOÓNFOP EFM DJOF DPNP MB EPCMF BSUJDVMBDJÓO MBT SFMBDJPOFT QBSBEJHNÃUJDBT
Z TJOUBHNÃUJDBT FO TVNB MB EVEB RVF BÙO DPOUJOÙB EF RVF TJ MP WJTVBM QVFEF TFS
BTJNJMBEPQPSMPWFSCBMMBSFTQVFTUBEFMQSPQJP.FU[FTOPOPQVFEFZQPSFTPFMBCPSÓ
TVQSPQVFTUBUBYPOÓNJDBEFMPTPDIPUJQPTTJOUBHNÃUJDPTEFMBCBOEBEFMBTJNÃHFOFT
4JOFNCBSHPBMNPNFOUPEFTVBQMJDBDJÓOFODJOFNBUPHSBGÎBTEJTUJOUBTBMBDMÃTJDBTFM
NPEFMPNPTUSÓJONFEJBUBNFOUFTVTDBSFODJBTTJUVBDJÓOSFDPOPDJEBQPSFTUFUFÓSJDP
DVBOEP BOBMJ[B "EJÓT 'JMJQJOBT VOB QFMÎDVMB NPEFSOB SPEBEB FO FM DPOUFYUP EF MB
/VFWB0MB'SBODFTB"EFNÃTEFMEFCBUFUSBOTMJOHÛÎTUJDPZEFMBQSPQVFTUBEFMBHSBO
TJOUBHNÃUJDB.FU[SFMBDJPOBFOVOTFHVOEPNPNFOUPEFTVUSBCBKPMBTFNJÓUJDBDPO
FMQTJDPBOÃMJTJTZMBO[BBNBOFSBEFUÎUVMPEFMJCSPPUSBQSPWPDBDJÓOFMTJHOJêDBOUF
JNBHJOBSJP0USBWF[FMEFTDFOUSBNJFOUPEFOPDJPOFTEVSBTEFMBMJOHÛÎTUJDBPCMJHBB
MPTFTUVEJPTPTEFMDJOFBDPNQSFOEFSDÓNPFMFMFNFOUPNÃTUBOHJCMFEFMTJHOPMBQBSUF
NBUFSJBMTFOPTNVFTUSBFOVOBQFMÎDVMBTJOQPTJCJMJEBEEFBTJSTF
&OUSFFTUBTDPOUSBEJDDJPOFTMBTFNJÓUJDBNVFTUSBTVTBMDBODFTQFSPUBNCJÊOMPT
QPTJCMFTSFDPSSJEPTUFÓSJDPTRVFMBGPSUBMF[DBODPODFQUVBMNFOUFZMFQFSNJUBODPOUJOVBS
FOSJRVFDJFOEP MPT FTUVEJPT EFM DJOF *ODMVTP FO OP QPDBT IJTUPSJPHSBGÎBT EF UFPSÎB
DJOFNBUPHSÃêDB TF SFDPOPDF MB PCSB EF .FU[ DPNP FM QVOUP EF SVQUVSB FOUSF BDFS
DBNJFOUPTQSFEJTDJQMJOBSJPTZMPTQSPQJBNFOUFEFSJWBEPTEFBMHVOBEFMBTEJTDJQMJOBT
BDBEÊNJDBTFOOVFTUSPDBTPMBQSPWFOJFOUFEFMBMJOHÛÎTUJDB
-PRVFOPFYQMJDBMBTFNJÓUJDBEFMDJOFFTFMUFNBRVFOPTPDVQBDPOMBêOBMJEBE
EFSFDVSSJSBMDVFTUJPOBNJFOUPEFDJFSUPTQSJODJQJPTEFDPNQSFOTJÓOZBOÃMJTJTBIPSB
FOCPHBRVFIBOQBTBEPBDPOTUJUVJSTFFOOPDJPOFTPNPEFMPTPQFSBUJWPTNÃTRVFFO
IJQÓUFTJTEFUSBCBKPRVFQPSTVDFTJÓOZBHMPNFSBDJÓOIBOEBEPDVFOUBEFVOPEFMPT
GFOÓNFOPTDVMUVSBMFTNÃTJNQPSUBOUFTEFMBTTPDJFEBEFTDPOUFNQPSÃOFBT
1PSBIPSBTÓMPFYQPOHPVOBTFSJFEFBSHVNFOUBDJPOFTBDFSDBEFMPTMÎNJUFTEF
MBTFNJÓUJDBDPOMBJEFBEFHFOFSBSVOEFCBUFRVFDVFTUJPOFOVFTUSPNPEPEFNJSBSMB
TFNJÓUJDBEFMDJOFZUBMWF[QSPQPOFSTBMJEBTUFÓSJDBTFOMBDPOTUSVDDJÓOEFVOBFTQFDJF
EFQPTUTFNJÓUJDBDJOFNBUPHSÃêDB
&MDJOFSFQSPEVDFMPSFBMDPODSFUP
&MTJHOPMJOHÛÎTUJDPFTVOBSFQSFTFOUBDJÓOTPOPSBPHSÃêDBEFVOBMHPRVFHVBSEBVOB
SFMBDJÓOTJNCÓMJDBZBSCJUSBSJBDPOTVSFGFSFOUF4FUSBUBEFVOTÎNCPMPHFOÊSJDPRVF
OPEJTUJOHVFMBTJOEJWJEVBMJEBEFTEFMPTPCKFUPTQPSFMDPOUSBSJPMBTJNÃHFOFTZMPT
TPOJEPTEFMDJOFTPOEBEBTFYDMVTJWBNFOUFFOTVJOEJWJEVBMJEBEMBJNBHFOEFVOSPTUSP
OFDFTJUÓEFFTFSPTUSPFOQBSUJDVMBSQBSBHFOFSBSTFZOPEFVOBDPOWFODJÓOBCTUSBDUB
TJNCÓMJDBEFDVBMRVJFSSPTUSP
-B JNBHFO OP TÓMP FT VO TJHOJêDBOUF DPNQMFKP TJOP RVF TJFNQSF FT JOEJ
WJEVBMJ[BEBQFSTPOBMJ[BEBEJTUJOUB/VODBTFSÃMBEFVOQFSSPTJOPMBEFFTUF
QFSSPWJTUPFOFTUFMVHBSEFTEFFTUFÃOHVMP.JUSZ
4FQPESÎBEFDJSRVFTJCJFOFTUBDPOEJDJÓOQSJNJHFOJBEFMDJOFFODVBOUPSFHJTUSPEFMV[
MPEFêOFDPNPVONFEJPJOEJDJBMMPDJFSUPFTRVFFTPTPCKFUPTTFDPOWJFSUFOFOTJHOPT
BIPSBTÎJDÓOJDPTZQPSUBOUPTJNCÓMJDPTBMFOUSBSFOSFMBDJÓODPOMBDVMUVSBRVFMPT
HFOFSBFJOUFSQSFUBTFHÙODJFSUPTDPOWFODJPOBMJTNPT-PTSPTUSPTJOEJWJEVBMFTQVFEFO
FYQSFTBSUFNBTJODMVTPNÃTBMMÃEFMPTMÎNJUFTEFMBEJÊHFTJT1PSFKFNQMPFO-B(VFSSB
EF"SHFMFMQSJNFSQMBOPEFVOQSJTJPOFSPEFHVFSSBRVFEFMBUBBTVTDPNQBÒFSPTOPT
NVFTUSBOPTÓMPFTBJNBHFOJOEJWJEVBMJ[BEBTJOPFMSPTUSPEFVOIPNCSFRVFTFTBCF
USBJEPSy$ÓNPVOBJNBHFOEFUSFTPDVBUSPTFHVOEPTQVFEFTFSDBQB[EFTJNCPMJ[BSFM
TVGSJNJFOUPEFMUSBJEPS QPSTVGVODJÓOTJNCÓMJDBRVFWBNÃTBMMÃEFMBIVFMMBMVNJOPTB
RVFMBHFOFSÓ4JOFNCBSHPFTFVOJWFSTPRVFDBQUBMBJNBHFODBSHBEBEFTFOUJEPFO
MBQVFTUBFOFTDFOBFTVOTFOUJEPFYUSBDJOFNBUPHSÃêDPVCJDBEPFOFMSFMBUPPFOMPT
UFNBTZOPFOMBTVTUBODJBEFMDJOF
-BEFVEBEFMBMJOHÛÎTUJDBDPOMBTFNJÓUJDBEFMDJOF
&TUF QPTUVMBEP JNQMJDB CVTDBS FO VO TJTUFNB EF TJHOJêDBDJÓO EJGFSFOUF BM MFOHVBKF
OBUVSBM MBT DBSBDUFSÎTUJDBT Z FTUSVDUVSBT EF MB MFOHVB $FOUSBSTF FO FM TJTUFNB EF MB
MFOHVB Z OP FO MBT QBSUJDVMBSJEBEFT EFM TJTUFNB EF TJHOJêDBDJÓO DJOFNBUPHSÃêDP
QSPEVKPMBTFSJFEFBSHVNFOUBDJPOFTDPOUSBEJDUPSJBTZBNFODJPOBEBTFMDJOFMFOHVBKF
TJO MFOHVB FM DJOF MFOHVB TJO EPCMF BSUJDVMBDJÓO &TUF EFCBUF NVFTUSB MBT DBSFODJBT
EFMPTQPTUVMBEPTUSBOTMJOHÛÎTUJDPTEFUJQPTBVTTVSJBOPBMNPNFOUPEFFYQMJDBSPUSPT
MFOHVBKFT-BEVEBDPOUJOÙByDÓNPUFPSÎBTEFMMFOHVBKFQSJNBSJPTPTFDVOEBSJPTBMB
-PUNBOQVFEFOTFSNPEFMPTEFDPNQBSBDJÓOTJOSFEVDJSFMTJTUFNBEFTJHOJêDBDJÓO
EFMDJOFBDPOTJEFSBDJPOFTMJOHÛÎTUJDBT 1SJNFSPEFCFNPTSFDPOPDFSRVFFMDJOFFTVO
MFOHVBKFTVTDFQUJCMFEFFYQSFTBSJEFBTZTFOUJNJFOUPTQFSPDVZPTFOUJEPOPEFQFOEF
EFVOBFTQFDJFEFQBMBCSBTPSBDJPOFTPUFYUPTMJOHÛÎTUJDPTUSBOTGPSNBEPTFOJNÃHFOFT
TJOPRVFFTVOMFOHVBKFDPOVOBNBUFSJBEFFYQSFTJÓOIFUFSPHÊOFBRVFTFDPOTUJUVZFFO
DPPSEFOBEBTFTQBDJPUFNQPSBMFTZOPBQBSUJSEFDPOWFODJPOBMJTNPTBCTUSBDUPTDPNP
MPTTJHOPTMJOHÛÎTUJDPT
-BTDPPSEFOBEBTFTQBDJPUFNQPSBMFTEFMDJOFTFDPODSFUJ[BOFOEJWFSTBTTVTUBODJBT
TJHOJêDBOUFTFTEFDJSFOWBSJBTNBUFSJBTEFJNBHFOTPOJEPZTVDFTJÓO.JUSZTFSFêSJÓ
BÊTUBTBVOEFGPSNBMJNJUBEBDPNPMBSFMBDJÓOFOUSFNPOUBKFZQMBOPT-BTVDFTJÓO
FOOVFTUSPTEÎBTZBQBSUJSEFMVTPHFOFSBMJ[BEPEFMQMBOPTFDVFODJBZBOPTFMJNJUB
TÓMPBMBTSFMBDJPOFTUFNQPSBMFTEFUJQPNFUPOÎNJDPQSPEVDJEBTQPSMBZVYUBQPTJDJÓO
EFQMBOPTFOMBRVFMBTÎOUFTJTEFBNCBTEBODPNPSFTVMUBEPVOOVFWPTFOUJEPEFMRVF
QPTFFOBJTMBEBNFOUF$POMBJODPSQPSBDJÓOEFMBTOVFWBTUFDOPMPHÎBTFOMBHFOFSBDJÓO
EF JNÃHFOFT DJOFNBUPHSÃêDBT MB OPDJÓO EF NPOUBKF TF SFDVQFSB FO TV BDFQDJÓO EFM
TJHMP ıĢı DPNP VOB PQFSBDJÓO UFNQPSBM Z FTQBDJBM B MB WF[ /VFWPT OPNCSFT B MPT
NPWJNJFOUPTEFDÃNBSBBQBSFDFOEFTEFDPOQFMÎDVMBTDPNPѮF.BUSJYNPWJ
NJFOUPT DPOHFMBEPT JOJDJPT FTUÃUJDPT TFHVJEPT EF SFDPSSJEPT USJEJNFOTJPOBMFT EF MB
DÃNBSBNVMUJFYQPTJDJPOFTRVFHFOFSBOCBSSJEPTZDPOFMMPMBTFOTBDJÓOEFUSBTMBEP
-B NF[DMB EF GPUPHSBGÎB êKB DPO NPWJNJFOUPT FO MB QPTQSPEVDDJÓO Z FM NPOUBKF EF
JNÃHFOFTDBQUBEBTEFTEFEJWFSTPTÃOHVMPTBMNJTNPUJFNQPIBOJOJDJBEPVOOVFWP
FTUJMP WJTVBM FO FM DJOF TPCSF MB CBTF EFM SPNQJNJFOUP EFM FTQBDJP USJEJNFOTJPOBM Z
EFM UJFNQP MJOFBM &O MB QFMÎDVMB ;BDL 4OZEFS &TUBEPT 6OJEPT BMHVOBT
TFDVFODJBT EF MVDIB DVFSQP B DVFSQP TPO NPTUSBEBT FO VOB SFBMJEBE OFUBNFOUF
DJOFNBUPHSÃêDBBQBSUJSEFMDVFTUJPOBNJFOUPEFMBTMFZFTEFMBOBUVSBMF[BQBSBSFTBMUBS
FTBTVTUBODJBTJHOJêDBOUFEFMDJOFRVFSFDMBNBVOBDFSDBNJFOUPTFNJÓUJDPGVOEBEPFO
TVQSPQJBGPSNBZOPFOMBUSBOTQPTJDJÓOEFOPDJPOFTMJOHÛÎTUJDBT
6OJEBEFTNÎOJNBTEFTJHOJêDBDJÓOEFMTJHOPBMBMFYJB
-BT VOJEBEFT NÎOJNBT EF TJHOJêDBDJÓO TJFNQSF IBO SFQSFTFOUBEP VO QSPCMFNB
EFJEFOUJêDBDJÓOZEFêOJDJÓOFOMFOHVBKFTEJGFSFOUFTBMOBUVSBM:BTFBFMTJHOPPFM
NPSGFNBMBVOJEBENÎOJNBEFTJHOJêDBDJÓOMJOHÛÎTUJDBIBQFSNJUJEPDPNQSFOEFSMBT
BSUJDVMBDJPOFTQBSBEJHNÃUJDBTZTJOUBHNÃUJDBTRVFQFSNJUFOMBFYQSFTJÓOZDPNQSFOTJÓO
EFM FOUPSOP DVMUVSBM Z OBUVSBM EF MPT IBCMBOUFT *ODMVTP TF SFDPOPDF TV VUJMJEBE BM
QPUFODJBSFMMFOHVBKFOBUVSBMDPNPFMJOTUSVNFOUPQSJNBSJPEFDPNVOJDBDJÓOEFMPT
TFSFTIVNBOPTQPSTVHSBODBQBDJEBEEFIBCMBSEFUPEPZTPCSFUPEPDPOUBOTÓMPMB
BSUJDVMBDJÓOEFQPDPTGPOFNBTRVFQSPEVDFOTJHOPTEJWFSTPT
4JOFNCBSHPMBTVOJEBEFTNÎOJNBTEFTJHOJêDBDJÓOFONVDIPTPUSPTMFOHVBKFT
NPEFMJ[BOUFTTFDVOEBSJPTDPNPMPTEFMBSUFPEFMPTNFEJPTOPUJFOFOFTUBFDPOPNÎBZ
UBMWF[OJFTBQPTJCJMJEBEEFFYQSFTJÓOHFOFSBMJ[BEBEFQPEFSSFGFSJSTFBUPEP-BEPCMF
BSUJDVMBDJÓOEFMDJOFOPTFIBMMBFOFMQVOUPMBMÎOFBPMBDVSWBOJFOFMDPOUSBTUFPMB
êHVSBDPNPDJFSUBTUFPSÎBTJOHFOVBTEFMEJTFÒPWJTVBMIBORVFSJEPFYQMJDBSUBNQPDP
OPTQPEFNPTSFGFSJSBMBQSJNFSBBSUJDVMBDJÓOBJTMBOEPFMFNFOUPTEFMBJNBHFODPNP
QVFEFOTFSMPTPKPTEFVOSPTUSP&MGPUPHSBNBBMOFHBSMBFYJTUFODJBEFMNPWJNJFO
UPZQPSMPUBOUPEFVOBTVTUBODJBEFMDJOFUBNQPDPQVFEFTFSDPOTJEFSBEPMBVOJEBE
NÎOJNBEFTJHOJêDBDJÓOBMBQBSTFHVJSMBTSFHMBTEFMBHSBOTJOUBHNÃUJDBNFU[JBOBRVF
WFFOVOBFTUSVDUVSBPSBDJPOBMFMGVOEBNFOUPEFMBJNBHFOTFDBFFOFMFSSPSEFRVFSFS
IBMMBSBQSJPSJMBFTFODJBMJOHÛÎTUJDBEFMDJOF
"RVÎ QSPQPOFNPT VO BDFSDBNJFOUP NÃT CBSUIFTJBOP BM QSPCMFNB &O 4;
FTUFQFOTBEPSGSBODÊTQSPQVTPRVFVOBMFYJBFTVOBVOJEBEEFTFOUJEPJEFOUJêDBCMF
Z BJTMBCMF QFSP EFêOJEB TFHÙO MBT DPPSEFOBEBT FTQBDJPUFNQPSBMFT EFM UFYUP RVF MB
TPQPSUB4FUSBUBEFVOBDBUFHPSÎBBODMBEBFOVOQSPEVDUPDPODSFUPFOOVFTUSPDBTP
MBQFMÎDVMB*EFOUJêDBSVOBMFYJBOPUJFOFRVFWFSDPOVOBEFDMBSBDJÓOEFQSJODJQJPT
TJOP DPO MB BDUJWJEBE BOBMÎUJDB EF BJTMBNJFOUP EF MBT FTUSVDUVSBT EF TFOUJEP EFM DJOF
ZDPNPIFNPTWJTUPBMTFSJOEJWJEVBMFTTÓMPTPOWÃMJEBTQBSBFMêMNFFODVFTUJÓOZ
OPTJSWFOQBSBNPEFMJ[BSVOHÊOFSPVOBÊQPDBVOFTUJMPOJUPEPFMDJOF&OTVNB
DPO MB OPDJÓO EF MFYJB DPNP VOJEBE NÎOJNB EF TJHOJêDBDJÓO RVFSFNPT SFTDBUBS MB
MFHÎUJNBJOUFODJÓOTFNJÓUJDBEFEBSDVFOUBEFMBTBSUJDVMBDJPOFTEFTFOUJEPEFMDJOF
DPOCBTFFOVOBTVTUBODJBTJHOJêDBOUFIFUFSPHÊOFBQFSPBMBWF[DVFTUJPOBNPTRVFMB
OPDJÓOEFTJHOPMJOHÛÎTUJDPQFSNJUBFYQMJDBSFTBTNJTNBTBSUJDVMBDJPOFTUPEBWF[RVF
QSFUFOEFQSPEVDJSOPDJPOFTHFOÊSJDBTBQMJDBCMFTBDVBMRVJFSTJUVBDJÓOTJODPOTJEFSBS
MBTFTQFDJêDJEBEFTEFMTJTUFNBEFTJHOJêDBDJÓOEFMDJOF
&MDJOFDÓEJHPPFMDJOFNBUFSJBTJHOBMÊDUJDB
.FU[FOUFOEÎBBMPTDÓEJHPTDJOFNBUPHSÃêDPTDPNPDBNQPTBTPDJBUJWPTRVFSFWFMBOVOB
PSHBOJ[BDJÓOMÓHJDBZTJNCÓMJDBRVFTVCZBDFFOVOUFYUP-PTDÓEJHPTDJOFNBUPHSÃêDPT
OPTFTVTUFOUBOFODPNCJOBUPSJBTPBTPDJBDJPOFTSÎHJEBTQPSFMDPOUSBSJPMPTFMFNFOUPT
RVFMPDPOGPSNBOIBOFYQFSJNFOUBEPEFGPSNBDJPOFTZBMUFSBDJPOFTDPOFMVTP4JFM
DJOFTFDPOTUJUVZFSBTPCSFDÓEJHPTJOBMUFSBCMFTMPTTJHOPTZMBTDPNCJOBUPSJBTTFBTF
NFKBSÎBOBMPTMFOHVBKFTDPNQVUBDJPOBMFTEPOEFVOFSSPSEFTJOUBYJTPVOBPNJTJÓOEF
VOGPOFNBPMFUSBDPOEVDJSÎBOBMGSBDBTPEFMBTJHOJêDBDJÓO
.FU[ QMBOUFB VOB IJQÓUFTJT BDFSDB EF MB DPNQSFOTJÓO DPEJêDBEB EFM DJOF BM
BêSNBSRVFFTVOMFOHVBKFIFUFSPHÊOFPRVFSFMBDJPOBFOTVNBUFSJBTJHOJêDBOUFMPT
TJHVJFOUFT DÓEJHPT MB QFSDFQDJÓO FM SFDPOPDJNJFOUP F JEFOUJêDBDJÓO DVMUVSBM
MPT TJNCPMJTNPT Z DPOOPUBDJPOFT MBT FTUSVDUVSBT OBSSBUJWBT FM TPOJEP Z MPTDÓEJHPTQSPQJBNFOUFDJOFNBUPHSÃêDPT-PTDJODPQSJNFSPTSFQSFTFOUBOMPGÎMNJDP
UPEBWF[RVFTPODPNQBSUJEPTDPOPUSPTMFOHVBKFTMBMJUFSBUVSBMBQJOUVSBMBGPUPHSBGÎB
MBNÙTJDB
&MÙMUJNPDPOTUJUVZFMPDJOFNBUPHSÃêDPQVFTFTJOIFSFOUFBMDJOF
$POFTUBJEFBEFDÓEJHPOPDPNPMFOHVBTJOPDPNPVODBNQPEFBTPDJBDJPOFT
EFFMFNFOUPTTJHOJêDBOUFTTJOMBTSFHMBTFTUSVDUVSBOUFTEFMBMJOHÛÎTUJDB.FU[QSFUFOEF
EBSVOBFYQMJDBDJÓOQMBVTJCMFBVOQSPCMFNBDBVTBEPQPSMBQSPQJBOPDJÓOEFDÓEJHP
:FTRVFFMDÓEJHPMJNJUBMPTQSPDFTPTEFUSBOTNJTJÓOZDPNVOJDBDJÓOBPQFSBDJPOFT
NÃTPNFOPTBVUPNBUJ[BEBTEFQSPEVDDJÓOZDPOTVNPEFMTFOUJEP&MDÓEJHPQFSNJUF
FMJOUFSDBNCJPEFTJHOPTDPNQSFOTJCMFTFOVOBDVMUVSBQFSPFTVOBOPDJÓORVFFOUSB
FODPOëJDUPDPOBRVFMMPTTJTUFNBTEFTJHOJêDBDJÓOPUSBWF[DPNPMPTEFMBSUFRVFQBSB
FYJTUJSSFRVJFSFOEFMBJOFYJTUFODJBPFMDVFTUJPOBNJFOUPEFMPTDÓEJHPT&MDÓEJHPMF
WJFOFCJFOBMPTTJTUFNBTGVOEBEPTFOFMDBOPOFOMBJOTUJUVDJPOBMJ[BDJÓOEFFTUSVDUVSBT
EFTFOUJEPGÃDJMNFOUFSFDPOPDJCMFTQPSMPTVTVBSJPT
"IPSBCJFOTJQBSUJNPTEFVOBBDUJUVEGFOPNFOPMÓHJDBFTUPFTEFVOBSFëFYJÓO
BDFSDBEFMGFOÓNFOPQFSDJCJEPFOFMNJTNPNPNFOUPEFTVNBOJGFTUBDJÓOVOFODVFOUSP
FOUSF MB QFSDFQDJÓO EFM FTQFDUBEPS Z MB NBUFSJB EFOPNJOBEB QPS %FMFV[F DPNP
NPWJNJFOUPMBQFSTQFDUJWBTFNJÓUJDBEFDÓEJHPTFNPEJêDB&TUBOVFWBBDUJUVETFIBMMB
NÃTDFSDBOBBMBFOVODJBDJÓORVFBMFOVODJBEPBMBFOVODJBDJÓOQVFTBMBNBOFSBEF
MPTEFÎDUJDPTZPUÙBMMÃIPZ
FMNPWJNJFOUPFYQSFTBEPFOFMDJOFTÓMPTFQVFEFEFêOJS
EFOUSPEFMBTDPPSEFOBEBTFTQBDJPUFNQPSBMFTEFMêMNFFOTVDFTJÓOQPSFMDPOUSBSJPFM
FOVODJBEPFTFMSFTVMUBEPEFDPOEJDJPOFTQSFEBEBTEFMBBQMJDBDJÓOEFMDÓEJHP
-B JEFB TBVTTVSJBOB EF RVF FM IBCMB QBSPMF
FT MB SFBMJ[BDJÓO DPODSFUB EF MB
MFOHVBMBOHVF
IBTJEPJOUFSQSFUBEBFOUÊSNJOPTNFDÃOJDPTBQBSUJSEFMBUFPSÎBEF
MBJOGPSNBDJÓO4JBMHPVOFMFNFOUPPVOBSFHMBOPFTUÃDPOUFNQMBEPFOMBMFOHVB
TV FYJTUFODJB NBUFSJBM FT JNQPTJCMF 4JO FNCBSHP UBOUP FM VTP MJOHÛÎTUJDP EFM IBCMB
DPNPPUSPTTJTUFNBTEFTJHOJêDBDJÓOEFTCPSEBODPOTUBOUFNFOUFFMDÓEJHP"IÎFTUÃO
MPTNÙMUJQMFTFKFNQMPTEFMPTJNQMÎDJUPTPMPTTPCSFFOUFOEJEPTEPOEFTFEJDF9QFSPTF
RVJFSFEFDJS:&MTJHOJêDBEPSFBMOPFTOVODBMJUFSBMQVFTEFQFOEFEFMBTDPOEJDJPOFT
EFFOVODJBDJÓO&MQSPCMFNBTFBHVEJ[BFOFMBSUFJODMVJEPFMDJOFyTFQVFEFDPOTJEFSBS
BMBSUFVOMFOHVBKF PyTFUSBUBEFVOBOPNVZGFMJ[NFUÃGPSBRVFQSFUFOEFSFEVDJSBMB
GVODJÓODPNVOJDBUJWBUPEBPCSBBSUÎTUJDB QVFTTBCFNPTFYJTUFBSUFEFMJCFSBEBNFOUF
BNCJHVPBMFKBEPEFUPEBJOUFODJÓOTVQFSêDJBMEFDPNVOJDBSPSFQSFTFOUBSFTEFDJS
IBZVOBSUFBOUJDÓEJHPQSFDJTBNFOUFFOHMPCBEPFOFMMMBNBEPBSUFNPEFSOPBSUFEFMB
OFHBDJÓOEFMDBOPODMÃTJDP
-BNFUÃGPSBUBNCJÊOIBTJEPÙUJMQBSBMPTQFEBHPHPTOPUBOUPQBSBMPTDSFBEPSFT
QVFTFTUPTÙMUJNPTTJFNQSFIBOSFTQFUBEPQPSDPOWFOJFODJBQFSTPOBMPEFNFSDBEP
MB JEFB EFM ÃVSFB EF PSJHJOBMJEBE Z BVUFOUJDJEBE EF TVT PCSBT BTÎ DPNP FM NJUP EFM
HFOJPDSFBEPSFOMBTGSPOUFSBTEFMBMPDVSB-PTQFEBHPHPTQPSFMDPOUSBSJPQBSUFO
EFMBQSFNJTBEFRVFTJUPEPMFOHVBKFBSUÎTUJDPFTUÃDPOTUJUVJEPQPSTJHOPTZÊTUPTTF
PSHBOJ[BO FO TJTUFNBT FOUPODFT TF QVFEFO DPOTUSVJS DBUFHPSÎBT SJHVSPTBT DPO êOFT
EFFOTFÒBO[BVOMFOHVBKFSFEVDJEPBMBTQSÃDUJDBTNÃTDPNVOFTZBDFQUBEBTQPSMB
JOEVTUSJB EFM DJOF DMÃTJDP FTUBEPVOJEFOTFZUSBTMBEBEPBPUSPTNFEJPTBVEJPWJTVBMFT
MBUFMFWJTJÓOZFMNVMUJNFEJB
-PTFTUVEJBOUFTEFDJOFTFJOTUSVZFOFOVOBTVQVFTUB
HSBNÃUJDBEFMBDPNQPTJDJÓOEFMBJNBHFOEFMPTQMBOPTTPOPSPTZEFMBTSFHMBTEFM
SBDDPSEDPOMBêOBMJEBEEFEJTJNVMBSFMBQBSBUPEFMBFOVODJBDJÓODJOFNBUPHSÃêDB
0USBDSÎUJDBJNQPSUBOUFBMBTFNJÓUJDBUSBOTMJOHÛÎTUJDBEF.FU[QFSPBGBWPSEFVOB
TFNJÓUJDBEFDPSUFQFJSDFBOPUJFOFTVPSJHFOFOPUSBJEFBEF(JMMFT%FMFV[FBDFSDBEFMB
NBUFSJBEFMDJOF-BQSFHVOUBEFDÓNPFOGSFOUBSMBTSFMBDJPOFTDJOFMFOHVBKFOPEFCF
CVTDBSSFTQVFTUBFOVOIFDIPIJTUÓSJDPFMDJOFTFIJ[POBSSBUJWP
OJFOMBTEFUFSNJOBDJPOFT
MJOHÛÎTUJDBTRVFOPMPDPOGPSNBODPNPMFOHVB4FQSPQPOFVOHJSPQVFT%FMFV[FQJFOTB
RVFMBOBSSBDJÓOFOFMDJOFFTVOBDPOTFDVFODJBEFMBTQSPQJBTJNÃHFOFTFONPWJNJFO
UPOVODBMBDPOTFDVFODJBEFVOEBUPIJTUÓSJDP"MDPNQBSBSMBJNBHFODPOFMFOVODJBEP
.FU[BMFKÓBMDJOFEFTVDBSBDUFSÎTUJDBNÃTBVUÊOUJDBFMNPWJNJFOUP
-BBOBMPHÎBOPFTOJDPOFMPCKFUPSFQSFTFOUBEPOJDPOFMMFOHVBKFOBUVSBMTJOPDPOMB
JNBHFONPWJNJFOUPZDPOMBJNBHFOUJFNQPFTFODJBNJTNBEFMDJOF"NCBTJNÃHFOFT
NPMEFBOFMPCKFUPFMUJFNQPOPQPSRVFSFTQPOEBOBVONPMEFBMDÓEJHPNÃTCJFO
<w> MB NPEFMBDJÓO FT PUSB DPTB FT VOB QVFTUB FO NPMEF FO WBSJBDJÓO VOB
USBOTGPSNBDJÓOEFMNPMEFFODBEBJOTUBOUFEFMBPQFSBDJÓO%FMFV[F
&TUFUJFNQPNPEFMBEPUJFOFEPTFKFTVOPWFSUJDBMZPUSPIPSJ[POUBMRVFOPTFDPO
GVOEFODPOMBTOPDJPOFTEFQBSBEJHNBZTJOUBHNB-BJNBHFOTFDPOGPSNBFOQMBOPT
P FODVBESFT FO TÎ NJTNPT NÓWJMFT Z FO DPOTUBOUF USBOTGPSNBDJÓO UBNCJÊO GPSKB
JOUFSWBMPT EPOEF BQBSFDFO DMBTFT EJTUJOUBT EF JNÃHFOFT NPOUBKF
-B FTFODJB EF MB
JNBHFOFOFMDJOFOPTFFODVFOUSBFOVOBDPEJêDBDJÓOEFFTUPTFODVBESFTPNPOUBKFT
TJOPFOFMNPMEFNJTNPEFMBEVSBDJÓOEFMUJFNQPRVFTFSFQSFTFOUBFOTJHOPTBMP
1FJSDFFTEFDJSFOTJHOPTRVFSFNJUFOBPUSPTTJHOPTBTÎBDBEBJNBHFOMFDPSSFTQPOEF
BMHÙOUJQPEFTJHOP
/P FTUÃ EF NÃT BDMBSBS RVF MB MFDUVSB EFMFV[JBOB EF 1FJSDF OP FT UFYUVBM 1PS
FKFNQMPFMêMÓTPGPGSBODÊTBHSFHBMBOPDJÓOEFDFSPJEBEVOBJNBHFOQFSDFQDJÓORVF
FTQFSDFQDJÓOEFMBQFSDFQDJÓO"EFNÃTMBUBYPOPNÎBEF1FJSDFUJFOFNVZQPDPRVFWFS
FO OPNFODMBUVSB Z TJHOJêDBDJÓO DPO MB EF %FMFV[F TJO FNCBSHP FTUF BDFSDBNJFOUP
TFNJÓUJDPMFQFSNJUFEFêOJSBMDJOFDPNP
<w>VOBNBUFSJBTJHOBMÊDUJDBRVFJNQMJDBSBTHPTEFNPEVMBDJÓOEFUPEBDMBTF
TFOTPSJBMFT WJTVBMFT Z TPOPSPT
LJOÊTJDPT JOUFOTJWPT BGFDUJWPT SÎUNJDPT
UPOBMFTFJODMVTPWFSCBMFTFTDSJUPTZPSBMFT
%FMFV[F
6OBNBUFSJBRVFNPMEFBFMUJFNQPDVBMNBTBQMÃTUJDBTJODPEJêDBDJPOFTTJOUBHNÃUJDBT
QFSPRVFTÎDPOTFSWBMBGVODJÓODPHOJUJWBEFMTJHOPMBRVFQSFTVQPOFFMDPOPDJNJFOUP
EFMPCKFUPFOPUSPTJHOP
:TJOFNCBSHPMBTFNJÓUJDBFYQMJDBMBSFTQVFTUBDPHOJUJWB
6OB QSFHVOUB RVF EFTDFOUSB FM EFCBUF IB TJEP MB TJHVJFOUF yDÓNP IBCMBS EF VOB
TFNJÓUJDBDJOFNBUPHSÃêDBTJOMBNFEJBDJÓOEFTJHOPT /POPTSFGFSJNPTBMPTTVQVFTUPT
TJHOPTWJTVBMFTPBVEJUJWPTEFMDJOFTJOPBMQBQFMEFMMFOHVBKFOBUVSBMFOFMQSPDFTPEF
NFEJBDJÓORVFQFSNJUFBMPTJOEJWJEVPTDPOUSPMBSZDPNQSFOEFSTVBNCJFOUF"IPSB
CJFORVFFMDBNQPEFNBOJPCSBEFMBTFNJÓUJDBDPJODJEBDPOFMEFMMFOHVBKFOPTJHOJêDB
MBTVCPSEJOBDJÓOBMBêMNPMJOHÛÎTUJDBNFU[JBOB
1BSB MB TFNJÓUJDB DPHOJUJWB FM DJOF TF EFêOF QPS MBT JOWBSJBOUFT Z MPT SBTHPT
RVF QPTFFO UPEBT MBT QFMÎDVMBT RVF EFUFSNJOBO TVT NFEJPT EF BSUJDVMBS Z NFEJBS MB
TJHOJêDBDJÓO-PJOWBSJBOUFOPTFNBOJêFTUBTVQFSêDJBMNFOUFMBTFNJÓUJDBQSFTVQPOF
RVFUPEPTMPTGFOÓNFOPTUJFOFOVOTJTUFNBTVCZBDFOUFRVFDPOTUJUVZFMBFTQFDJêDJEBE
FJOUFMJHJCJMJEBEEFFTPTGFOÓNFOPT&MQBQFMEFMBTFNJÓUJDBFTIBDFSWJTJCMFFTFTJTUFNB
DPOTUSVZFOEPVONPEFMP
<w> VO PCKFUP JOEFQFOEJFOUF RVF UJFOF VOB DJFSUB DPSSFTQPOEFODJB OP
JEÊOUJDB
DPOFMPCKFUPEFDPHOJDJÓOZRVFHSBDJBTBDJFSUBTSFMBDJPOFTUBNCJÊO
DPHOJUJWBT
QVFEFSFFNQMB[BSBMPCKFUPEFDPHOJDJÓO#VDLMBOE
&MQSJNFSQBTPDPOTJTUFFODPOTUSVJSVONPEFMPEFMTJTUFNBTVCZBDFOUFRVFJOWPMVDSF
QSPQJFEBEFTZQBSUFTBTÎDPNPMBNBOFSBFORVFTFJOUFSSFMBDJPOBOZGVODJPOBO&M
NPEFMPTFFYQSFTBFOVOBTFSJFEFIJQÓUFTJTPQSPQPTJDJPOFTOPEFHSBOEFTBYJPNBT
TFHÙODSJUFSJPTJOUFSOPTDPOTJTUFODJBMÓHJDB
ZFYUFSOPTEFCFTFSDBQB[EFBOBMJ[BS
GFOÓNFOPT FYJTUFOUFT Z QSFEFDJS MB FTUSVDUVSB EF MPT OVFWPT
$PNP TF QVFEF
PCTFSWBSOPTFUSBUBEFVOBTFNJÓUJDBSÎHJEBPFTUSVDUVSBMQFSPTÎDPOQSFUFOTJPOFTEF
HFOFSBMJ[BDJÓOFTEFDJSEFIBDFSUFPSÎB
8BSSFO#VDLMBOEBêSNBRVFFMSFDIB[PBMPTBDFSDBNJFOUPTTFNJÓUJDPTFTUBNCJÊO
VOSFDIB[PBMBFTQFDJêDJEBEEFMBNFOUFZMBDVMUVSBIVNBOBTFTUPFTBMMFOHVBKFDPNP
DBSBDUFSÎTUJDBEFêOJUPSJBEFMIPNCSF1PSFMMPMPTTFNJÓMPHPTDPHOJUJWPTOPFTQFDVMBO
PFWBMÙBOTJOPRVFBQVOUBOBNPEFMBSMBTBDUJWJEBEFTNFOUBMFTSFBMFTFOFMNBSDPEFM
FTUVEJPEFMBTQFMÎDVMBT
1BSBMBTFNJÓUJDBDPHOJUJWBDJOFNBUPHSÃêDBFMDJOFOPTFFYQMJDBNFEJBOUFVOB
BOBMPHÎBDPOFMGVODJPOBNJFOUPEFMMFOHVBKFOBUVSBM&MDJOFFTVONFEJPRVFQPTFFTV
QSPQJPEJTUJOUJWPVOTJTUFNBTVCZBDFOUFRVFDPOêFSFJOUFMJHJCJMJEBEZFTUSVDUVSBBUPEBT
MBTQFMÎDVMBTMJNJUÃOEPTFBMPTSBTHPTJOWBSJBOUFTRVFEFêOFOMBFTQFDJêDJEBEEFMDJOF
-BTFNJÓUJDBFOFMFTUVEJPEFMBTVTUBODJBEFMDJOFMPTSBTHPT
JOWBSJBOUFT
-B GPSNB EFM DJOF FT EFDJS UPEP BRVFMMP RVF TF BQSFDJB EF VOB QFMÎDVMB DPO MPT
TFOUJEPTTFIBEJMVDJEBEPNFEJBOUFMPTQSPCMFNBTDFOUSBMFTEFMSFMBUPDJOFNBUPHSÃêDP
QPS PQPTJDJÓO P TFNFKBO[B BM MJUFSBSJP 4JO FNCBSHP VOB QFMÎDVMB OP FT TÓMP VO UJQP
FTQFDÎêDPEFOBSSBUJWBBVEJPWJTVBMQPSFMDPOUSBSJPMBGPSNBQFSNJUFMFFSVOBQFMÎDVMB
NÃTBMMÃEFMBTVQFSêDJFEFMBTBDDJPOFTEFMPTQFSTPOBKFT&TJNQPSUBOUFJEFOUJêDBSRVÊ
IBDFMBDÃNBSBDÓNPTFNPOUÓMBFTDFOBDVÃMFTTPOMBTPQDJPOFTEFMBFEJDJÓOy$ÓNP
EBSPSEFOZDJFSUPOJWFMEFDPIFSFODJBBMFTUVEJPEFMBGPSNBEFMDJOF 1SJNFSPTFEFCF
SFDPOPDFSRVFBMPMBSHPEFMBIJTUPSJBEFFTUFNFEJPMBTQFMÎDVMBTNÃTBOBMJ[BEBTIBO
NPTUSBEP VO OJWFM EF DPNQMFKJEBE GPSNBM QPS FODJNB EF MB NFEJB -BT JOOPWBDJPOFT
UFDOPMÓHJDBTZDSFBUJWBTTJFNQSFTFIBODPOTJEFSBEPMBFTFODJBPDBQBDJEBEJOIFSFOUFBM
BSUFDJOFNBUPHSÃêDPFTUFIFDIPOPTPCMJHBBEJTUJOHVJSMPTêMNFTZMPTEJSFDUPSFTRVF
IBOFOUFOEJEPFMQPUFODJBMEFMBUFDOPMPHÎBDJOFNBUPHSÃêDBFOMBDSFBDJÓOEFOVFWBT
SFBMJEBEFT 6OB QFMÎDVMB GPSNBMNFOUF DPNQMFKB EFNBOEB DJFSUB BDUJUVE QPS QBSUF EFM
FTUVEJPTPMBDVBMEFCFBQVOUBSNÃTBMMÃEFMSFMBUPZEFMBTVQFSêDJFTJNCÓMJDBRVFZBEF
QPSTÎUSBFODPOTJHPMPTPCKFUPTMBTQFSTPOBTZMPTTPOJEPTRVFDJSDVOEBOMBTBMBEFDJOF
1BSBFTUVEJBSMBGPSNBDJOFNBUPHSÃêDBIFNPTFMFHJEPCBTBSOPTFOMBQSPQVFTUB
CBSUIFTJBOBEFMBHFOFSBDJÓOZMFDUVSBEFTFOUJEP1BSBFMTFNJÓMPHPGSBODÊTFYJTUFO
USFT OJWFMFT EF TFOUJEP FO VO êMNF FM EF MB DPNVOJDBCJMJEBE MB TJHOJêDBDJÓO Z MB
TJHOJêDBODJBVPCUVTP&OFMOJWFMEFMBDPNVOJDBCJMJEBEMBGPSNBFTUÃTVCPSEJOBEBBM
SFMBUPZTFDPOPDFFOUÊSNJOPTHFOFSBMFTDPNPFMFTUJMPEFMDJOFDMÃTJDPIPMMZXPPEFOTF
&TUFUJQPEFêMNFTTJFNQSFEPNJOBMBDBSUFMFSBTJOJNQPSUBSFMQBÎTEFPSJHFOEFMB
QFMÎDVMBZTFDSFBOBQBSUJSEFVOBGPSNBUSBOTQBSFOUFRVFGBWPSF[DBMBDPNQSFOTJÓO
BVUPNÃUJDBEFMBTBDDJPOFTZNPUJWBDJPOFTEFMPTQFSTPOBKFTQFSPTÓMPOPTJOUFSFTBOFO
BRVFMMBTQBSUFTEPOEFMBGPSNBFNFSHFJOUFNQFTUJWBNFOUFQBSBBMUFSBSBMFTQFDUBEPS
&MOJWFMEFMBTJHOJêDBDJÓOFTFMEFMBTQFMÎDVMBTOPUPSJBNFOUFTJNCÓMJDBTQPSFKFNQMP
BRVFMMBTDJOFNBUPHSBGÎBTOBDJPOBMFTMBKBQPOFTB
EPOEFMBCÙTRVFEBEFMBTSBÎDFTZEF
MBTFTFODJBTQSÃDUJDBNFOUFIBDFOJMFHJCMFFMêMNFQBSBPUSBTDVMUVSBTBQFTBSEFVTBSVOB
GPSNBDMÃTJDB&MUFSDFSOJWFMFTFMEFMBTJHOJêDBODJBFMPCUVTPQPSSFTCBMBEJ[PZQPS
TFSFMQSJNFSPFODPONPWFSOPTQFSPFMÙMUJNPFODPNQSFOEFS1SÃDUJDBNFOUFBQBSFDF
FODVBMRVJFSUJQPEFêMNFTKVTUPDVBOEPMBGPSNBTFUPSOBBNBOFSBEBBMHVOBTWFDFT
FYBHFSBEBNFOUFCBSSPDB&MBNBOFSBNJFOUPEFMBGPSNBSFWJOEJDBBMDJOFMPQVSJêDBZ
MPIBDFNÃTDJOFNBUPHSÃêDPOPFYJTUFFMWJSUVPTJTNPTJOMBGPSNBNBOJFSJTUB
"VORVFFOMPTUSFTOJWFMFTQVFEFBQBSFDFSVOBGPSNBQVSBFTUPFTTJOWÎODVMPP
KVTUJêDBDJÓOBMHVOBDPOFMSFMBUPPDPOMBJEFPMPHÎBEFMEJSFDUPSFTDPNQSFOTJCMFRVF
FO FM OJWFM PCUVTP FM FTQFDUBEPS CVTRVF EFTFTQFSBEBNFOUF VO TFOUJEP Z DPNP FTUÃ
NÃTBMMÃEFMBDVMUVSBFOUÊSNJOPTEFMQSPQJP#BSUIFTTÓMPMPQPEFNPTFODPOUSBSFO
OVFTUSBTFNPDJPOFTZQFOTBNJFOUPT&OTVNBQBSBFTUVEJBSMBGPSNBDJOFNBUPHSÃêDB
TFEFCFSFDPOPDFSMBJNQPSUBODJBEFMPTNÙMUJQMFTSPTUSPTEFMQPUFODJBMUFDOPMÓHJDPEFM
DJOFRVFBRVÎQSPQPOFNPTVCJDBSMPFOUSFTNBDSPTVTUBODJBTTJHOJêDBOUFTMBQVFTUBFO
FTDFOBFODVBESPZFOTFSJF
&M FTUVEJP EF FTUBT USFT QVFTUBT OPT DPOEVDF B FOUFOEFS VOB FNPDJÓO P VO
QFOTBNJFOUPFOFMDJOFNÃTBMMÃEFMBTDPOKFUVSBTEFSJWBEBTEFMSFMBUPUBNCJÊOFWJUB
RVFBMFHPSJDFNPTMPTUFNBTEFMBQFMÎDVMBZQFSNJUFTFQBSBSOPTEFDVBMRVJFSJOUFOUP
EF SFEVDJS FM TFOUJEP B FYQMJDBDJPOFT Z DSJUFSJPT QMBVTJCMFT &O TVNB OPT QFSNJUF
JNQMJDBSOPT DPO OPTPUSPT NJTNPT NFEJBOUF MB GPSNB DJOFNBUPHSÃêDB HSBDJBT B MB
DPNQSFOTJÓOQSPGVOEBEFMBTBSUJDVMBDJPOFTTVCZBDFOUFTEFMDJOFDPOMBêOBMJEBEEF
FYQMJDBSEFBRVFMMPRVFMBQFMÎDVMBTJHOJêDÓFOOPTPUSPT
#JCMJPHSBGÎB
#BSUIFT 3PMBOE -P PCWJP Z MP PCUVTP JNÃHFOFT HFTUPT WPDFT #BSDFMPOB
1BJEÓT
4;4JHMPııĢ.ÊYJDP
#PSEXFMM%BWJE
-BOBSSBDJÓOFOFMDJOFEFêDDJÓO#BSDFMPOB1BJEÓT
#VDLMBOE8BSSFO
ѮFDPHOJUJWFTFNJPUJDTPGêMN$BNCSJEHF6OJWFSTJUZ/FX
:PSL
%FMFV[F (JMMFT -B JNBHFONPWJNJFOUP &TUVEJPT TPCSF FM DJOF 1BJEÓT
#BSDFMPOB
-B JNBHFOUJFNQP &TUVEJPT TPCSF FM DJOF 1BJEÓT QSJNFSB SFJNQSFTJÓO
#BSDFMPOB
%FMBEBMMF(ÊSBSE
-FFSB1FJSDFIPZ(FEJTB&TQBÒB
.FU[$ISJTUJBOB
&OTBZPTTPCSFMBTJHOJêDBDJÓOFOFMDJOF7PMVNFOVOP1BJEÓT
#BSDFMPOB
C
&OTBZPTTPCSFMBTJHOJêDBDJÓOFOFMDJOF7PMVNFOEPT1BJEÓT#BSDFMPOB
D
&MTJHOJêDBOUFJNBHJOBSJPQTJDPBOÃMJTJTZDJOF1BJEÓT#BSDFMPOB
.JUSZ+FBO
4FNJPUJDTBOEUIF"OBMZTJTPG'JMN*OEJBOB6OJWFSTJUZ1SFTT64"
)BDJBVOBTFNJÓUJDBEFMUSBJMFS
-BVSP;BWBMB
3FTVNFO
&M PCKFUJWP EF FTUF USBCBKP FT QSFTFOUBS BMHVOPT FMFNFOUPT QBSB DPOUSJCVJS B MB FMB
CPSBDJÓOEFVOBTFNJÓUJDBEFMUSBJMFSDPNPVOHÊOFSPEFMBNJOJêDDJÓOBVEJPWJTVBM
1BSBFMMPFTOFDFTBSJPQBSUJSEFMSFDPOPDJNJFOUPEFMBTDBSBDUFSÎTUJDBTEFMBTGPSNBTEF
MBNJOJêDDJÓOFTUVEJBEBTIBTUBBIPSBFTEFDJSMBNJOJêDDJÓOMJUFSBSJB
%FMBNJOJêDDJÓOMJUFSBSJBBMBFYUSBMJUFSBSJB
-B NJOJêDDJÓO FT FM HÊOFSP NÃT SFDJFOUF EF MB FTDSJUVSB MJUFSBSJB Z UJFOF FOUSF TVT
DBSBDUFSÎTUJDBT VOB OBUVSBMF[B IÎCSJEB VOB FYUFOTJÓO RVF OP SFCBTB MBT P QBMBCSBTFTEFDJSFMFTQBDJPSFHVMBSEFVOBQÃHJOBJNQSFTB
ZVOBUFOEFODJBBMFNQMFP
EFMIVNPSZMBJSPOÎBDPNPFTUSBUFHJBTEFOBUVSBMF[BMÙEJDBZFYQFSJNFOUBM
(FOFSBMNFOUFTFIBDPOTJEFSBEPMBQVCMJDBDJÓOEFMWPMVNFO&OTBZPTZQPFNBT
EF+VMJP5PSSJFO.ÊYJDPFODPNPFMQSJNFSWPMVNFOEFNJOJêDDJPOFT&TUPT
NBUFSJBMFTMJUFSBSJPTTFEJTUJOHVFOEFMBOBSSBUJWBUSBEJDJPOBMOPTÓMPQPSTVFYUFOTJÓO
TJOP TPCSF UPEP QPS TV OBUVSBMF[B BMUBNFOUF FMÎQUJDB Z QPS FM FNQMFP EF SFDVSTPT
JOUFSUFYUVBMFT
&O VO MBQTP EF BÒPT FTUF HÊOFSP IB TJEP PCKFUP EF VO QSPDFTP HSBEVBM EF
DBOPOJ[BDJÓOMJUFSBSJBZBDBEÊNJDBDPNPPCKFUPEFFTUVEJPMPDVBMTFQVFEFQSFDJTBS
BM FTUVEJBS MB FYJTUFODJB EF MPT TJHVJFOUFT JOEJDBEPSFT MB QVCMJDBDJÓO EF NÃT EF BSUÎDVMPTFTQFDJBMJ[BEPTTPCSFFMHÊOFSPFMQSJNFSPEFMPTDVBMFTBQBSFDJÓFOFMBÒP
MBFMBCPSBDJÓOEFNÃTEFUFTJTEPDUPSBMFTMBQSJNFSBFO
MBQVCMJDBDJÓO
EFNÃTEFBOUPMPHÎBTBMHVOBTEFFMMBTDPOUJSBKFTTVQFSJPSFTBMPTNJMFKFNQMB
SFTMBQSJNFSBFO
MBSFBMJ[BDJÓOEFDVBUSPDPOHSFTPTBDBEÊNJDPTJOUFSOBDJPOBMFT
FM QSJNFSP FO .ÊYJDP FO MB FYJTUFODJB EF VOB SFWJTUB FTQFDJBMJ[BEB FO FM
HÊOFSPDSFBEBFOMBĮĚĦ9PDIJNJMDPFOFMBÒP
MBFYJTUFODJBEFVOBFEJUPSJBM
FTQFDJBMJ[BEBFOFMHÊOFSPѮVMFFO#BSDFMPOBDSFBEBFO
ZMBQVCMJDBDJÓOEF
BMNFOPTEPTUSBUBEPTDBOÓOJDPTTPCSFFMHÊOFSPBNCPTQVCMJDBEPTFOFMBÒPFO
MBTDJVEBEFTEF.ÊYJDPZ1BMFODJB
-PT FTUVEJPT TPCSF MB NJOJêDDJÓO MJUFSBSJB IBO TJEP SFTVMUBEP EF MB BEBQUBDJÓO
EFMBTDBUFHPSÎBTDBOÓOJDBTEFMBOBSSBUPMPHÎBMBSFUÓSJDBZMBTFNJÓUJDBMJUFSBSJBBMBT
DBSBDUFSÎTUJDBTEFMOVFWPHÊOFSPMJUFSBSJP
&MSFDPOPDJNJFOUPEFFTUFOVFWPHÊOFSPMJUFSBSJPQFSNJUFFYUSBQPMBSFMUÊSNJOP
ZSFDPOPDFSMBFYJTUFODJBEFPUSBTGPSNBTEFNJOJêDDJÓOFOUFSSFOPTRVFSFCBTBOFM
ÃNCJUPMJUFSBSJP"TÎFTQPTJCMFDPOTJEFSBSMBDPOWFOJFODJBEFFYUSBQPMBSFTUSBUFHJBTZ
DBUFHPSÎBTEFBOÃMJTJTEFMBNJOJêDDJÓOMJUFSBSJBQBSBFMFTUVEJPEFEJWFSTBTGPSNBTEFMB
NJOJêDDJÓOFYUSBMJUFSBSJB
&OBNCPTDBTPTNJOJêDDJÓOMJUFSBSJBZFYUSBMJUFSBSJB
FOMPRVFTJHVFTFGPSNVMB
VOBQSFHVOUBTPCSFMBFYQFSJFODJBEFSFDFQDJÓOFTEFDJSTPCSFMBFYQFSJFODJBFTUÊUJDBEFM
MFDUPSPFTQFDUBEPSZTFSFTQPOEFBFMMBVUJMJ[BOEPFMFNFOUPTEFSFUÓSJDBOBSSBUPMPHÎB
ZTFNJÓUJDBGPSNBMJTUBTFNJÓUJDBEFMFOVODJBEP
&OUSFMBTDBSBDUFSÎTUJDBTEFFTUBTGPSNBTEFNJOJêDDJÓOTFQVFEFONFODJPOBSMBT
TJHVJFOUFT JOJDJP BOBGÓSJDP UFNQPSBMJEBE FMÎQUJDB FTQBDJP NFUPOÎNJDP QFSTQFDUJWB
JSÓOJDBQFSTPOBKFTBMVTJWPTIJCSJEBDJÓOHFOÊSJDBJOUFSUFYUVBMJEBEFYQMÎDJUBJEFPMPHÎB
MÙEJDBêOBMDBUBGÓSJDPZTFSJBMJEBEGSBDUBM
&MUSBJMFSDPNPNJOJêDDJÓOBVEJPWJTVBM
&MFTUVEJPEFMBTEJWFSTBTGPSNBTEFNJOJêDDJÓOFYUSBMJUFSBSJBMMFWBBBHSVQBSMBTFOEPT
HSBOEFTDBUFHPSÎBTBRVFMMBTDBSBDUFSJ[BEBTQPSMBTFSJBMJEBEZBRVFMMBTDBSBDUFSJ[BEBT
QPSVOBPDVSSFODJBÙOJDBFOMBRVFTFUJFOEFBVOBQPMBSJ[BDJÓOZBTFBIBDJBFMGPDP
NFUBGÓSJDPPBMGPDPNFUPOÎNJDP
&M QSJNFS BSUÎDVMP GVF EF %PMPSFT . ,PDI i&M NJDSPSFMBUP FO .ÊYJDP .POUFSSPTP "SSFPMB Z 5PSSJu -B
QSJNFSBUFTJTEPDUPSBMGVFEFMBNJTNBBVUPSBQSFTFOUBEBFO$JUZ6OJWFSTJUZPG/FX:PSL-BQSJNFSBBOUPMPHÎB
VOJWFSTJUBSJB GVF FMBCPSBEB QPS +VBO "SNBOEP &QQMF QVCMJDBEB FO $IJMF FO &EJDJPOFT .PTRVJUP -B SFWJTUB
FT&MDVFOUPFOSFE5FPSÎBZBOÃMJTJTEFMBêDDJÓOCSFWFIUUQDVFOUPFOSFEYPDVBNNY
-PTUSBUBEPTTPOEF
%BWJE-BHNBOPWJDI&MNJDSPSSFMBUP5FPSÎBFIJTUPSJB1BMFODJB.FOPTDVBSUPQ
Z-BVSP;BWBMB-B
NJOJêDDJÓOCBKPFMNJDSPTDPQJP.ÊYJDPĮħĚĦQ
&TUPTDPNQPOFOUFTTFEFTBSSPMMBOFONJMJCSP$ÓNPFTUVEJBSFMDVFOUP5FPSÎBIJTUPSJBBOÃMJTJT
.ÊYJDP5SJMMBT
-BT GPSNBT EF NJOJêDDJÓO EF OBUVSBMF[B TFSJBM TPO MBT TJHVJFOUFT NJOJêDDJÓO
HSÃêDBUJSBTDÓNJDBTEFBWJÒFUBTDBEBVOB
NJOJêDDJÓONVTJDBMFOMBMÎSJDBQPQVMBS
TFSJFTUFNÃUJDBTPHFOÊSJDBTPSHBOJ[BEBTQPSJOUÊSQSFUFPDPNQPTJUPS
NJOJêDDJÓO
BVEJPWJTVBMDBNQBÒBTEFTQPUTQVCMJDJUBSJPTZTQPUTQPMÎUJDPT
1PS PUSB QBSUF MBT GPSNBT EF NJOJêDDJÓO QPMBSJ[BEB JODMVZFO MPT USBJMFST MPT
WJEFPDMJQTZMBTGPSNBTEFBOJNBDJÓOOBSSBUJWBPFYQFSJNFOUBM
-B QPMBSJ[BDJÓO EF UPEBT MBT GPSNBT EF MB NJOJêDDJÓO BVEJPWJTVBM TJHOJêDB
RVF DBEB DBTP QBSUJDVMBS UJFOEF IBDJB BMHVOP EF MPT QPMPT SFUÓSJDPT ZB TFB FM EF MB
NFUPOJNJ[BDJÓOEFMSFMBUPBUSBWÊTEFNFDBOJTNPTDPNPMBBMVTJÓOMPTJNQMÎDJUPTZ
MBTFMJQTJT
PIBDJBFMEFMBNFUBGPSJ[BDJÓOBUSBWÊTEFNFDBOJTNPTDPNPMBTBMFHPSÎBT
MPTQBSBMFMJTNPTZMBTTVTUJUVDJPOFT
&M FTUVEJP EFM USBJMFS EFCF DPOTJEFSBS FMFNFOUPT DPNP FM HSBEJFOUF OBSSBUJWP
EPOEFFTFWJEFOUFRVFBNBZPSHSBEJFOUFEFNFUPOJNJBNBZPSSJFTHPEFEFDFQDJÓOBM
WFSMBQFMÎDVMB
MBDPOEFOTBDJÓOJEFPMÓHJDBZMBTÎOUFTJTEFMBQSPNFTBHFOFSBMNFOUF
FYQSFTBEB FO GPSNB EF VO FTMPHBO QVCMJDJUBSJP
BTÎ DPNP MB QSFTFODJB P BVTFODJB
EFMBFQJGBOÎBEFMMBSHPNFUSBKFMBQPTJCMFSFTPMVDJÓOEFMPTFOJHNBTOBSSBUJWPTZMB
JNQPSUBODJBFTUSBUÊHJDBEFMBDPODMVTJÓOGPSNBMFTQFDJBMNFOUFTPOPSB
" QBSUJS EF FTUPT DPNQPOFOUFT FT QPTJCMF DPOTJEFSBS EPT UJQPT EF BOÃMJTJT EFM
USBJMFSVOPGPSNBMZPUSPUFYUVBM
&MBOÃMJTJTGPSNBMEFCFJODMVJSFMFTUVEJPEFMBJOUSJHBEFQSFEFTUJOBDJÓOMPTOVEPT
ESBNÃUJDPTMBJDPOJ[BDJÓOEFMBTFTUSFMMBTMBFQJGBOÎBOBSSBUJWBMBFQJGBOÎBFTUÊUJDBZMB
DPOEFOTBDJÓOJEFPMÓHJDB
1PS PUSB QBSUF FM BOÃMJTJT UFYUVBM EFCF JODMVJS FM FTUVEJP EFM HSBEJFOUF EF
OBSSBUJWJEBE MBT BVTFODJBT BMVTJWBT DPNP QBSUF EF MB UFOEFODJB NFUBGÓSJDB
MBT
QSFTFODJBTGSBHNFOUBSJBTDPNPQBSUFEFMBUFOEFODJBNFUPOÎNJDB
MBTFTUSBUFHJBTEF
NFUBGPSJ[BDJÓOFQJGÓSJDBTEJBGÓSJDBTTJOFDEÓRVJDBTFUD
MPTDSJUFSJPTEFNFUPOJNJ
[BDJÓOFYDMVTJÓOPQSFTFODJBEFJOUSJHBEFQSFEFTUJOBDJÓOOVEPTOBSSBUJWPTPêOBM
Z MB DPOEFOTBDJÓO JEFPMÓHJDB TVCUFYUP JEFPMÓHJDP Z HFOÊSJDP DPNP TÎOUFTJT EF MB
QSPNFTB
" QBSUJS EF FTUBT DBSBDUFSÎTUJDBT FT QPTJCMF QSFDJTBS MB EPCMF GVODJÓO TFNJÓUJDB
EFMUSBJMFSVOBGVODJÓOFTUÊUJDBBVUÓOPNBFOSFMBDJÓODPOMBQFMÎDVMB
ZVOBGVODJÓO
USBOTJUJWB EF DBSÃDUFS QSPNPDJPOBM
"M SFDPOPDFS FTUB EPCMF GVODJÓO QPEFNPT
GPSNVMBSVOQSJNFSQSJODJQJPÙUJMQBSBQSFDJTBSFMQFSêMTFNJÓUJDPEFMHÊOFSPFOMPT
TJHVJFOUFT UÊSNJOPT -B GVODJÓO USBOTJUJWB EFM USBJMFS EFQFOEF EFM FGFDUP FTUÊUJDP RVF
QSPEV[DBFOFMFTQFDUBEPS
1PSPUSBQBSUFMBOBUVSBMF[BUSBOTJUJWBEFMUSBJMFSEFUFSNJOBTVOBUVSBMF[BDPNP
HÊOFSPEFÎDUJDPEFUBMNBOFSBRVFDVNQMFVOEPCMFBODMBKFBOUFTEFMBFYQFSJFODJBEF
WFSMBQFMÎDVMBFMUSBJMFSGVODJPOBDPNPBODMBKFFYUFSOPQBSBFMFTQFDUBEPSZEFTQVÊT
EFMBFYQFSJFODJBEFWFSMBQFMÎDVMBFMUSBJMFSGVODJPOBDPNPBODMBKFJOUFSOPEFNBOFSB
TJNJMBSBMPRVFPDVSSFDPOFMUÎUVMPFOSFMBDJÓODPOFMNJTNPFTQFDUBEPS
$BSUPHSBGÎBQBSBVOBTFNJÓUJDBEFMUSBJMFS
-B QPMBSJ[BDJÓO EFM USBJMFS IBDJB FM QPMP NFUBGÓSJDP P NFUPOÎNJDP DPJODJEF HSPTTP
NPEPBEPTUFOEFODJBTFOMBQSPNPDJÓOEFMPTMBSHPNFUSBKFT
-B UFOEFODJB NFUBGÓSJDB TVFMF TFS NÃT GSFDVFOUF FO MPT QBÎTFT EF &VSPQB Z FM
0SJFOUFZDPJODJEFDPOMBDPODFQDJÓOEFMDJOFDPNPVOBGPSNBEFBSUFEFUBMNBOFSB
RVFFOFTUPTUSBJMFSTQFTBNÃTMBGVODJÓOFTUÊUJDBZFMFNQMFPEFMBTJNÃHFOFT­TUFFT
FMDBTPEFMPTUSBJMFSTQPSFKFNQMPEF0DIPZNFEJP'FEFSJDP'FMMJOJ*UBMJB
ZEF
%PHWJMMF-BSTWPO5SJFS%JOBNBSDB
-BUFOEFODJBNFUPOÎNJDBTVFMFTFSNÃTGSFDVFOUFFOFMDPOUJOFOUFBNFSJDBOPZ
DPJODJEFDPOMBDPODFQDJÓOEFMDJOFDPNPJOEVTUSJBEFUBMNBOFSBRVFFOFTUPTUSBJMFST
QFTBNÃTMBGVODJÓOUSBOTJUJWBZFMFNQMFPEFMBOBSSBDJÓO­TUFFTFMDBTPEFMPTUSBJ
MFST EF MBT QFMÎDVMBT QFSUFOFDJFOUFT B MPT HÊOFSPT Z DPOUFOJEPT DBOÓOJDPT SPNBODF
DPNFEJBWJPMFODJBFUDÊUFSB
6OBDBSUPHSBGÎBTFNJÓUJDBEFMUSBJMFSSFRVJFSFFMEJTFÒPEFEPTFKFTRVFTFJOUFSTFDUBO
VO FKF EFÎDUJDP Y
Z VO FKF QBSBUÃDUJDP Z
&M QSJNFSP TF EFêOF QPS FM HSBEJFOUF EF
USBOTJUJWJEBEZFODBEBDBTPTFEFTMJ[BFOUSFFMQPMPNFUBGÓSJDPRVFDPSSFTQPOEFBMB
BVUPOPNÎBEFÎDUJDB
ZFMQPMPNFUPOÎNJDPRVFDPSSFTQPOEFBMBTBUVSBDJÓOEFÎDUJDB
1PSTVQBSUFFMFKFQBSBUÃDUJDPTFEFêOFQPSFMHSBEJFOUFEFOBSSBUJWJEBEZFODBEBDBTPTF
EFTMJ[BFOUSFMBQBSBUBYJTRVFDPSSFTQPOEFBMBBVUPOPNÎBEFMGSBHNFOUP
ZMBIJQPUBYJT
RVFDPSSFTQPOEFBVOBTFDVFODJBMJEBEDBVTBM
&TUPTFKFTGBDJMJUBOFMSFDPOPDJNJFOUPEFUSFTHSBOEFTSFHÎNFOFTEFWFSPTJNJMJUVE
FOFMUSBJMFSVOSÊHJNFOEFMBUPUBMJEBEDBSBDUFSÎTUJDPEFMDJOFDMÃTJDPDPNPFTFMDBTP
EFMUSBJMFSEF"NÊMJF
VOSÊHJNFOEFMGSBHNFOUPDBSBDUFSÎTUJDPEFMDJOFNPEFSOPPEF
BSUFDPNPFTFMDBTPEFUSBJMFSEF#BSBLB
ZVOSÊHJNFOGSBDUBMDBSBDUFSÎTUJDPEFMDJOF
QPTNPEFSOPEPOEFIBZTJNVMBDSPTEFGSBHNFOUBDJÓOZUPUBMJEBEDPNPFTFMDBTPEFM
FYDFQDJPOBMUSBJMFSEF1TZDIP
1PSÙMUJNPVOBFTUSBUFHJBQBSBQSFDJTBSMBOBUVSBMF[BFTUÊUJDBEFMBFYQFSJFODJBEF
WFSMBQFMÎDVMBEFTQVÊTEFIBCFSWJTUPFMUSBJMFSDPOTJTUFFODPNQBSBSFMMVHBSRVFPDVQB
DBEBUSBJMFSZFMMVHBSRVFPDVQBFMMBSHPNFUSBKFDPSSFTQPOEJFOUF
FOFMFOUSFDSVDFEF
MPTFKFTTFÒBMBEPT
7FBNPTMBDPSSFMBDJÓOEFHSBEJFOUFTFOWBSJPTDBTPTQBSUJDVMBSFT0DIPZNFEJP
#BSBLB%PHWJMMF5FNQPSBEBEFQBUPTZ-BDBTBEFMPTDVDIJMMPT;IBOH:JNPV
$PSSFMBDJÓOEFHSBEJFOUFTUSBJMFS
1BSBUBYJT
`
0UUPF.F[[P`
#BSBLB`
%PHWJMMF`
`
.FUÃGPSB.FUPOJNJB
`
;IBOH:JNPV`5FNQPSBEBEF1BUPT
$VDIJMMPT
`
`
`
)JQPUBYJT
$PSSFMBDJÓOEFHSBEJFOUFTQFMÎDVMB
1BSBUBYJT
`
;IBOH:JNPV
`
$VDIJMMPT
`
`
`
.FUÃGPSB.FUPOJNJB
`
`0DIPZNFEJP
`%PHWJMMF
`
`
)JQPUBYJT
9&KF%FÎDUJDP:&KF1BSBUÃDUJDP
"M FTUVEJBS FM EJTUJOUP MVHBS RVF PDVQBO MPT MBSHPNFUSBKFT FO SFMBDJÓO DPO FM MVHBS
RVFPDVQBOMPTUSBJMFSTDPSSFTQPOEJFOUFTFOMBDPSSFMBDJÓOEFHSBEJFOUFTQSPQPOHPMB
GPSNVMBDJÓOEFVOBIJQÓUFTJTBMBRVFMMBNPIJQÓUFTJTEFMBSFEEFQSPUFDDJÓO&TUBSFE
FTOFDFTBSJBQBSBQSPUFHFSBMFTQFDUBEPSEFDJOFDPOFMêOEFRVFOPTFEFDFQDJPOFBM
WFSMBQFMÎDVMB
-BIJQÓUFTJTQPESÎBGPSNVMBSTFDPNPTJHVF4JMBGVODJÓOUSBOTJUJWBFOFMUSBJMFS
FT
NVZBMUBFOUPODFTMBGVODJÓOFTUÊUJDBFOMBQFMÎDVMB
EFCFTFSBÙONÃTBMUB%FFTBGPSNB
TFQVFEFHBSBOUJ[BSRVFFMFTQFDUBEPSOPTVGSBVOBEFDFQDJÓOEVSBOUFMBFYQFSJFODJB
EFWFSFMMBSHPNFUSBKFEFTQVÊTEFIBCFSWJTUPVOUSBJMFSNVZQSPNFUFEPS
$PODMVTJÓO
2VFEBQPSFYQMPSBSVOUFSSFOPNVZBNQMJPFOFMDBNQPEFMBFTUÊUJDBZMBTFNJÓUJDB
EF MB NJOJêDDJÓO FYUSBMJUFSBSJB 1FSP BRVÎ TF QPESÎB QSPQPOFS RVF FTUB FYQMPSBDJÓO
TFBQPZFFOMPTSFTVMUBEPTEFMPTNPEFMPTQSPQVFTUPTFOFTUFUSBCBKPQBSBFMDBTPEFM
USBJMFS
: FO UÊSNJOPT NÃT HFOFSBMFT DPOWJFOF TFÒBMBS RVF FM FTUVEJP EF MBT EJWFSTBT
GPSNBTEFMBNJOJêDDJÓOFYUSBMJUFSBSJBTFQVFEFBQPZBSFOMBSJRVF[BEFMPTNPEFMPT
QSPQVFTUPT QBSB FM FTUVEJP TFNJÓUJDP EF MB NJOJêDDJÓO MJUFSBSJB VO HÊOFSP MJUFSBSJP
TVSHJEPFO)JTQBOPBNÊSJDBQFSPDVZBTDPOTFDVFODJBTQBSBMBTFNJÓUJDBEFMBDVMUVSB
DPOUFNQPSÃOFBBQFOBTFNQJF[BOBTFSFYQMPSBEBT
&MUSBJMFSDJOFNBUPHSÃêDP6OBUSBEJDJÓO
BVUÓOPNBEFOUSPEFMDJOF
"BSÓO/ÙÒF[
&MUSBJMFSDJOFNBUPHSÃêDPIBSFDPSSJEPVOMBSHPDBNJOPBMBQBSEFMEFTBSSPMMPEFMDJOF
)B DPOUSJCVJEP FO FM QSPHSFTP EF MB JOEVTUSJB DJOFNBUPHSÃêDB Z TF IB DPOTPMJEBEP
DPNPVOHÊOFSPBVUÓOPNPBMDVBMTFMFQVFEFEBSVOBMFDUVSBJOEFQFOEJFOUFBVORVF
ÊTUFTFFODVFOUSFÎOUJNBNFOUFSFMBDJPOBEPDPOFMêMNF
-B FTDBTF[ EF UFPSÎB TPCSF FM USBJMFS DJOFNBUPHSÃêDP Z VOB EFêOJDJÓO NÃT
EFTDSJQUJWBQFSNJUJFOEPBTÎDPOPDFSBGPOEPTVTFMFNFOUPTIBTJEPFMEFUPOBOUFQBSB
RVFTFSFBMJDFFTUFUSBCBKPZDPOUSJCVZBBMBBNQMJBDJÓOEFTVFTUVEJP
-PTUSBJMFSTDJOFNBUPHSÃêDPTUBNCJÊOMMBNBEPTBWBODFTEFDJOFPDPSUPTEFDJOF
TPOQSFTFOUBEPTUSBEJDJPOBMNFOUFFOMBTTBMBTEPOEFTFQSPZFDUBVOBQFMÎDVMBBOUFTEFM
JOJDJPEFMBNJTNBQFSPBDUVBMNFOUFIBZGPSNBTNÃTBDDFTJCMFTEFFODPOUSBSMPTUBMFT
FMDBTPEFMBFNJTJÓOFMFDUSÓOJDBWÎB*OUFSOFUPMBQSFTFOUBDJÓOJODMVJEBFOFMĝįĝEFMB
QFMÎDVMB
&MBWBODFEFDJOFFTVOUFYUPRVFDVNQMFDPOMBTDBSBDUFSÎTUJDBTQBSBDPOTJEFSBSTF
DPNP VO HÊOFSP EJTDVSTJWP BM UFOFS FMFNFOUPT DPNQPTJDJPOBMFT UFNÃUJDPT Z
FTUJMÎTUJDPT4JOFNCBSHPTFDPOPDFQPDPTPCSFÊM4FTBCFHFOFSBMNFOUFRVFVOUSBJMFS
DJOFNBUPHSÃêDP FT MB QSFTFOUBDJÓO QSFWJB EF JNÃHFOFT IJTUPSJB Z TPOJEP EPOEF TF
NVFTUSBOFMFNFOUPTEFMBQFMÎDVMB
/PPCTUBOUFFYJTUFOEJWFSTPTFTUJMPTEFQSFTFOUBSVOUSBJMFSQPSMPRVFOPTJFNQSF
TFNVFTUSBOJNÃHFOFTêFMFTBMBQFMÎDVMBZEFOUSPEFFTUBWBSJBDJÓOTFMFQVFEFJODMVJS
POPVOOBSSBEPSFYUFSOPTVCUÎUVMPTEJÃMPHPTDMBWFEFMBQFMÎDVMBNÙTJDBEJTUJOUBBMB
RVFNPTUSBEBFMêMNFZFTUSBUFHJBTOBSSBUJWBTUBOEJWFSTBTRVFWBOEFTEFMBFYQPTJDJÓO
BQFHBEBBMBUSBNBDPNPVOBNVZWBSJBEBBMBNJTNB&TUBTGPSNBTEFQSFTFOUBSVOUSBJ
MFSTFDBUFHPSJ[BODPNPNBOFSBTQBSBUÃDUJDBTPIJQPUÃDUJDBTEPOEFTFFTUBCMFDFOMPT
FMFNFOUPTEFMUSBJMFSNFEJBOUFFTUSBUFHJBTNFUBGÓSJDBTPNFUPOÎNJDBT
-BQSPNPDJÓOEFQFMÎDVMBT
&O MB BDUVBMJEBE MBT GPSNBT RVF VUJMJ[BO MBT EJTUSJCVJEPSBT DJOFNBUPHSÃêDBT QBSB
QSPNPDJPOBSVOBQFMÎDVMBTPOUBOWBSJBEBTRVFWBOEFTEFFMNFEJPJNQSFTPFMEJHJUBM
FMTPOPSPQFSPHJSBOFOUPSOPEFMBVEJPWJTVBMQSJODJQBMNFOUFPBMNFOPTFTFMNFEJP
RVFNBZPSBMDBODFZFêDBDJBUJFOFIBDJBMPTFTQFDUBEPSFT
1BSBQSPNPDJPOBSFMFTUSFOPQSÓYJNPEFVOêMNFTFVUJMJ[BFMTQPUFOUFMFWJTJÓOZ
FOSBEJPEPOEFBQBSFDFVOBFEJDJÓOFTQFDJBMDPOJNÃHFOFTPTPOJEPTTFHÙOTFBFMDBTP
BEFNÃTTFJODMVZFOMBTWPDFTEFMPTQFSTPOBKFTPEFBMHÙOOBSSBEPSFYUFSOPBMBQFMÎDVMB
FMDVBMQSFTFOUBBMPTBDUPSFTPEJSFDUPSZQSPQPSDJPOBVOBQSFNJTBEFNBOFSBSÃQJEB
%FOUSPEFMNFEJPBVEJPWJTVBMUBNCJÊOTFQSPNPDJPOBOMBTQFMÎDVMBTBUSBWÊTEF
MPTWJEFPTNVTJDBMFTRVFTFCBTBOFOFMUFNBPSJHJOBMEFMêMNFZEPOEFMPTDBOUBOUFT
PHSVQPNVTJDBMVUJMJ[BOBMHVOPTGSBHNFOUPTEFMBQFMÎDVMBFJOUFSDBMBOJNÃHFOFTEFM
HSVQPNJTNPNJFOUSBTMBNFMPEÎBTFFTDVDIB
&YJTUF UBNCJÊO VO NPEP EF EJGVTJÓO NÃT NPEFSOP QBSB VOB QFMÎDVMB EPOEF
FMFTQFDUBEPSUJFOFMBGBDVMUBEEFJOUFSBDUVBSVOQPDPNÃTDPO MBQSPEVDDJÓOPWFS
DBSBDUFSÎTUJDBTFTQFDJBMFTFJOGPSNBDJÓOEFMêMNF&TUPNFEJBOUFMBTQÃHJOBTPêDJBMFTEF
*OUFSOFURVFHFOFSBDBEBQSPEVDUPSBPEJTUSJCVJEPSBQSFDJTBNFOUFQBSBTVQSPQBHBDJÓO
6ONPEPEJTUJOUPEFQSPNPDJÓOFTFMNFEJPJNQSFTP6OPEFMPTQSJODJQBMFTFT
NFEJBOUFMPTDBSUFMFTEFFTUSFOPTQSÓYJNPTRVFTFDPMPDBOFOMPTQBTJMMPTEFMBTTBMBTEF
DJOF0USPTBUSBWÊTDBSUFMFTFOMBTHSBOEFTBWFOJEBTQPSNFEJPEFBOVODJPTFTQFDUBDVMB
SFT "EFNÃT FO MPT EJWFSTPT QFSJÓEJDPT Z SFWJTUBT FTQFDJBMJ[BEBT TPO NPTUSBEBT MBT
QPSUBEBTEFMBTQFMÎDVMBTZMBTGFDIBTEFMPTQSÓYJNPTFTUSFOPT&OQPTUBMFTQBSBCVTFT
BVUPCVTFT MMBWFSPT BSUÎDVMPT QSPNPDJPOBMFT EF SFTUBVSBOUFT P CFCJEBT GBNPTBT TPO
PUSBTNBOFSBTEFEJGVTJÓOUÎQJDBTEFMBBDUVBMJEBE
1FSP MB GPSNB NÃT EJSFDUB Z DPOêBCMF QBSB HFOFSBS FO FM FTQFDUBEPS FM JOUFSÊT
QPSWFSVOBDJOUBFTDVBOEPTFMFEBODJFSUPTFMFNFOUPTDPODSFUPTQPSNBZPSUJFNQP
ZNFEJBOUFFMNFEJPBVEJPWJTVBMBMRVFQFSUFOFDFFMêMNFNJTNP&TUPFTNFEJBOUFFM
USBJMFS DJOFNBUPHSÃêDP RVF FT QSPZFDUBEP FO MB TBMB EF DJOF P NÃT SFDJFOUFNFOUF
JODMVJEPFOVOBWFSTJÓOFOĝįĝ
$MBTJêDBDJÓOEFMUSBJMFSZDBSBDUFSÎTUJDBTHFOFSBMFT
&YJTUFO MVHBSFT FO EJWFSTBT QBSUFT EFM NVOEP EPOEF TF TBCF EFM FTUSFOP EF VOB
QFMÎDVMBQFSPFTUBOVODBMMFHBBFTPTTJUJPTZVOBEFMBTQPDBTGPSNBTQPSMBTDVBMFT
MPTFTQFDUBEPSFTQVFEFOTBCFSEFMBFYJTUFODJBEFMBQFMÎDVMBFTNFEJBOUFMPTUSBJMFS
DJOFNBUPHSÃêDPT RVF TPO EJGVOEJEPT QPS MB *OUFSOFU &TUP HSBDJBT B TV DPOTJTUFODJB
QSPQJBZBRVFDVFOUBDPOFMFNFOUPTFTQFDÎêDPTRVFQFSNJUFOBMFTQFDUBEPSTBCFSEF
MBUSBNBZMBTJNÃHFOFTPFGFDUPTRVFMBQFMÎDVMBUFOESÃ
1VFTUPRVFFMQSPQÓTJUPEFMUSBJMFSFTBUSBFSBVEJFODJBBMBQFMÎDVMBÊTUPTSFWFMBO
HFOFSBMNFOUFMBTQBSUFTNÃTFNPDJPOBOUFTEJWFSUJEBTPTJHOJêDBUJWBTEFMBQFMÎDVMB
QFSP EF GPSNB CSFWF 4JO FNCBSHP IBZ NVDIPT USBJMFS RVF OP DVNQMFO DPO FTUPT
SFRVJTJUPT Z TPO NÃT FYQFSJNFOUBMFT BM SFBMJ[BS VOB QSFTFOUBDJÓO EFM USBJMFS DPO FMF
NFOUPTGVFSBEFUPEPDPOUFYUPTPCSFMBQFMÎDVMBPRVFQPSMPNFOPTOPTFMFTFODVFOUSF
VOBSFMBDJÓOFYQMÎDJUBIBTUBOPWFSMBQFMÎDVMB
)BZEJWFSTPTUJQPTEFUSBJMFSZTPOVUJMJ[BEPTFOEJGFSFOUFTPDBTJPOFTTFHÙOFMêO
EFMBNJTNBDMBTJêDBDJÓO­TUPTTPOFMUFBTFSUSBJMFSFMUIFBUSJDBMUSBJMFSZFMJOUFSOBUJPOBM
USBJMFS$BEBVOPEFFMMPTDVNQMFDJFSUBTGVODJPOFTZUJFOFDBSBDUFSÎTUJDBTEJGFSFOUFT
FOUSFTÎDPNPEVSBDJÓOJNBHFOTPOJEPPQPSMPNFOPTDBNCJBOFMPSEFOEFMPRVF
DVFOUBOFTEFDJSTFEJDFMPNJTNPQFSPEFVOBGPSNBEJTUJOUB
&MUFBTFSUSBJMFSFTVOBWFSTJÓODPSUBEFMPTUSBJMFSDJOFNBUPHSÃêDPT4VêOBMJEBE
DPOTJTUFFOIBDFSRVFFMFTQFDUBEPSTFFOUFSFEFMBFYJTUFODJBEFVOBQFMÎDVMBSFHVMBS
NFOUFDPOBQSPYJNBEBNFOUFVOBÒPEFBOUJDJQBDJÓO&TUFQSPZFDUBFMUÎUVMPFMOPNCSF
EFMPTBDUPSFTRVFQBSUJDJQBOBTÎDPNPFMEFMBQSPEVDUPSBPBMHVOBFTDFOBFTQFDUBDV
MBS RVF MF QFSNJUB BM FTQFDUBEPS SFDPSEBS FM UJUVMP EF MB QSÓYJNB DJOUB Z BTÎ QVFEB
DPNFO[BSBEJWVMHBSTVFYJTUFODJB
-BEVSBDJÓOEFMUFBTFSUSBJMFSWBSÎBTFHÙOTFBFMDBTPQFSPPTDJMBFOUSFVONJOVUP
ZEPTNJOVUPTBVORVFQPSMPHFOFSBMTFMJNJUBBSFWFMBSMPNFOPTQPTJCMFBDFSDBEFM
BSHVNFOUP
&TUFUJQPEFUSBJMFSTFVUJMJ[BHFOFSBMNFOUFQBSBUÎUVMPTRVFTFFTQFSBUFOHBOVO
HSBOQPUFODJBMEFSFDBVEBDJÓOFOUBRVJMMBDPNPFTFMDBTPEF&MDÓEJHP%B7JODJEPOEF
FOFMUFBTFSUSBJMFSRVFTFQVCMJDÓPDIPNFTFTBOUFTEFRVFTFQSFTFOUBSBMBQFMÎDVMB
TFNVFTUSBJOJDJBMNFOUFFMOPNCSFEFMBQSPEVDUPSBEFMBQFMÎDVMBZQPTUFSJPSNFOUF
DPNJFO[B B SFDPSSFS VOB JNBHFO EF MBT HSJFUBT EF VOB [POB ÃSJEB Z FOUSF FMMBT TF
IUUQOFPDJOFCMPHDJOEBSJPDPN
NVFTUSBOEJWFSTPTDÓEJHPTRVFCSJMMBOBDPOUJOVBDJÓOMBJNBHFOTFWBBMFKBOEPIBTUB
RVFEFTDVCSJNPTRVFMBTHSJFUBTTPOMBTRVFTFIBDFOFOFMMJFO[PEFMBQJOUVSBSFBMJ[BEB
QPS%B7JODJ-B.POB-JTB"QBSFDFOQPSÙMUJNPFMUÎUVMPEFMBQFMÎDVMBZMPTOPNCSFT
EFMPTBDUPSFTRVFQBSUJDJQBSÃOFOFMMB
&MTFHVOEPUJQPEFUSBJMFSFTFMUIFBUSJDBMUSBJMFSZFTFMNÃTDPNÙOEFMPTBWBO
DFTEFDJOFZBEJGFSFODJBEFMUFBTFSUSBJMFSUJFOFDPNPQSPNFEJPEFEPTBUSFTNJOVUPT
EF EVSBDJÓO BQSPYJNBEBNFOUF &TUF UJQP EF BWBODF FT QSFTFOUBEPVOP P EPT NFTFT
BOUFTEFRVFMBQFMÎDVMBTFFTUSFOF
"EFNÃT EF MB EJGFSFODJB FO MB EVSBDJÓO FTUPT BWBODFT TPO NÃT FTUSVDUVSBEPT
ZBRVFMBNBZPSÎBSFWFMBOFMBSHVNFOUPBVORVFFYJTUFOBMHVOPTUIFBUSJDBMUSBJMFSRVF
DPNPFYDFQDJÓOTPONÃTFYQFSJNFOUBMFTFOUJFNQPMPRVFDVFOUBOZMBGPSNBFORVFMP
IBDFO
&TUFUJQPEFUSBJMFSQSFUFOEFEFKBSDMBSPFMIJMPOBSSBUJWPCÃTJDPEFMBUSBNBDPO
QSFTFOUBDJÓO EF QFSTPOBKFT Z FTDFOBT DMBWF $PO TV BZVEB FM FTQFDUBEPS ZB EFCFSÎB
UFOFSMBTVêDJFOUFJOGPSNBDJÓOQBSBQPEFSDPOUBSMFTBPUSPTFMBSHVNFOUPEFMêMNFP
QPSMPNFOPTTVFTUSVDUVSBCÃTJDB
&M UFSDFS UJQP EF USBJMFS DJOFNBUPHSÃêDP FT FM JOUFSOBDJPOBM USBJMFS FM DVBM FTUÃ
EJTFÒBEPQBSBBEFDVBSTFBVOQÙCMJDPGVFSBEFMQBÎTEFPSJHFOEFMBQFMÎDVMBUBMDPNP
MPEJDFTVOPNCSF5JFOFMBNJTNBFTUSVDUVSBRVFVOUIFBUSJDBMUSBJMFSFODVBOUPB
OBSSBDJÓOJNÃHFOFTZTPOJEPTQFSPQVFEFDBNCJBSFMPSEFOZMBGPSNBEFOBSSBS
TVFMF DFOUSBSTF FO BTQFDUPT EFM êMNF RVF TFSÃO NÃT BUSBDUJWPT QBSB VOB SFHJÓO FO
QBSUJDVMBS
)BZêMNFTRVFDVFOUBODPOVOTPMPUJQPEFUSBJMFSQFSPFYJTUFOUBNCJÊOQSP
EVDDJPOFTRVFDVFOUBODPOMPTUSFTZBEFNÃTEFQSPZFDUBSMPFOMBTTBMBTEFDJOFMPT
JODMVZFOFOMBTWFSTJPOFTFOĝįĝ
$PODMVTJÓO
4F QVFEFO DMBTJêDBS MPT USBJMFS DJOFNBUPHSÃêDPT BM JS GSBHNFOUBOEP TVT FMFNFOUPT
FTUPQBSBEFTDVCSJSMBQSPNFTBFTUÊUJDBRVFMBO[BBMFTQFDUBEPSJNQMÎDJUPQFSPTPCSF
UPEP QBSB WFS MBT FTUSBUFHJBT RVF VUJMJ[B QBSB MBO[BS FTB QSPNFTB %JDIPT FMFNFOUPT
*CJEFN
TPO EF OBSSBDJÓO FEJDJÓO TPOJEP êOBM QFSP TPCSF UPEP TF CBTB FO FTUSBUFHJBT EF
TVCPSEJOBDJÓOPDPPSEJOBDJÓOTFHÙOTFBFMDBTPFTEFDJSEFIJQPUBYJTZQBSBUBYJT
1PSNFEJPEFMFTUVEJPEFFTUPTFMFNFOUPTFTDPNPTVSHJÓFMFTUBCMFDJNJFOUPEFMB
TJHVJFOUFEFêOJDJÓO
&MUSBJMFSDJOFNBUPHSÃêDPFTFMCSFWFVNCSBMEFVOBFYQFSJFODJBDJOFNBUPHSÃêDB
DPODBSBDUFSÎTUJDBTQSPQJBTRVFMFQFSNJUFOBVUPOPNÎBZBODMBBVOFTQFDUBEPSJNQMÎDJUP
QBSBVOQPTUFSJPSBDFSDBNJFOUPBVOBDJOUB&TFMVTPEFFMFNFOUPTEFVOUFYUPQBSB
HFOFSBSPUSPUFYUPDPOVOBFTUSVDUVSBJOEJWJEVBMZDBSBDUFSÎTUJDBTOBSSBUJWBTQFDVMJBSFT
RVFMFQFSNJUFOJOUFSQSFUBSMBQSPNFTBFTUÊUJDBMBO[BEBBMQÙCMJDP
&MUSBJMFSSFNPMDBBMFTQFDUBEPSJNQMÎDJUPQBSBRVFÊTUFWFBMBQFMÎDVMBQSPNP
DJPOBEBTJOFNCBSHPFMBWBODFEFDJOFQVFEFNPTUSBSFMFNFOUPTOVFWPTOPNPTUSBEPT
FO MB QFMÎDVMB Z TPO HFOFSBEPT FYDMVTJWBNFOUF QBSB FM VTP EFM USBJMFS DBUBMPHBEP EF
DBSÃDUFSQBSBUÃDUJDPQPSTVJOEFQFOEFODJBQFSPQVFEFUFOFSUBNCJÊODBSBDUFSÎTUJDBT
IJQPUÃDUJDBTDPNPFMFNFOUPTVCPSEJOBEPEFVOêMNFQPSFMMPFTVOHÊOFSPEJTDVSTJWP
UBOJNQPSUBOUFQBSBMBJOEVTUSJBDJOFNBUPHSÃêDB
&OTVNBFMUSBJMFSDJOFNBUPHSÃêDPVUJMJ[BFMFNFOUPTEFTFMFDDJÓOZTVTUJUVDJÓOEF
VOBQFMÎDVMBZTFDPOTPMJEBDPNPVOBGPSNBEFQSPNPDJPOBSVOBDJOUBDPOFMFNFOUPT
DPNQPTJDJPOBMFT UFNÃUJDPT Z FTUJMÎTUJDPT JOEFQFOEJFOUFT B MB QFMÎDVMB NJTNB Z RVF
QSPNFUFZTFEVDFNFEJBOUFMBFTUÊUJDBZFTQFDUBDVMBSJEBEEFTVTJNÃHFOFTTPOJEPTZ
OBSSBDJÓO&TUBQSPNFTBTFCBTBFOFTUSBUFHJBTNFUPOÎNJDBTZNFUBGÓSJDBTMBPNJTJÓO
ZMBGSBDUBMJEBEEPOEFTFQSPQPSDJPOBOTÓMPFMFNFOUPTTVêDJFOUFTBMFTQFDUBEPS
1SVFCBEFMBDPOTPMJEBDJÓOEFFTUFHÊOFSPEJTDVSTJWPFTMBNBEVSF[DPOMBRVF
FM USBJMFS DVFOUB QPS NFEJP EF MB DPOWFODJÓO UFNQPSBM RVF MMFWB BDUVBOEP IBTUB MB
QSPEVDDJÓOEFQBSPEJBTDPOFMFNFOUPTDBSBDUFSÎTUJDPTEFMUSBJMFS:DPOTJEFSPOFDFTBSJP
FTUVEJBSFTUFUJQPEFUFYUPEFQBSUJDVMBSJNQPSUBODJBQBSBMBJOEVTUSJBDJOFNBUPHSÃêDB
#JCMJPHSBGÎB
#BKUÎO.JLIBJMi&MQSPCMFNBEFMPTHÊOFSPTEJTDVSTJWPTuFO&TUÊUJDBEFMBDSFBDJÓO
WFSCBM4JHMPııĢ&EJUPSFT.ÊYJDP
(BSSJEP"OUPOJP&MUFYUPOBSSBUJWP&E4ÎOUFTJT.BESJEQ
)FSSFSB *CÃÒF[ "MFKBOESP i.FUÃGPSB Z BOBMPHÎBu FO 1PFNB BOBMPHÎB F JDPOJDJEBE
3BÙM(PO[ÃMF[DPNQJMBEPS
5PSSFÓO6OJWFSTJEBE*CFSPBNFSJDBOB
#FSJTUÃJO)FMFOB%JDDJPOBSJPEFSFUÓSJDBZQPÊUJDB.ÊYJDP&E1PSSÙB
-F(VFSO.JDIFMi.FUPOJNJBZSFGFSFODJBuFO-BNFUÃGPSBZMBNFUPOJNJB&E$ÃUFESB
1F[[JOJ*TBCFMMB5SBJMFSTQPUWJEFPDMJQTJUJCBOOFS-FGPSNFCSFWJEFMMBDPNVOJDB[JPOF
BVEJPWJTJWB&E.FMUFNJ*UBMJB
3FZFT$BTUSP7JSHJOJB-BGVODJÓOEFMOBSSBEPSFOMPTEJCVKPTBOJNBEPT5FTJTUFSNJOBM
EFMBĮħĚĦ.ÊYJDP
4DIBFĒFS +FBO.BSJF i5JFNQP NPEP Z WP[ FO FM SFMBUPu FO /VFWP EJDDJPOBSJP
FODJDMPQÊEJDPEFMBTDJFODJBTEFMMFOHVBKF.BESJE"SSFDJGF
5BQJB"MFKBOESP%FMBSFUÓSJDBBMBJNBHFOĮĚĦ9PDIJNJMDP‰FEJDJÓO.ÊYJDP
Q
$POTVMUBTFOSFE
IUUQOFPDJOFCMPHDJOEBSJPDPN
IUUQXXXCSBJOZFODZDMPQFEJBDPNFODZDMPQFEJBêMNUSBJMFS
XXXRVFEFUSBJMFSTDPN
IUUQXJLJQFEJBPSHXJLJUSBJMFS
XXXNPWJFMJTUDPN
)FNFSPHSBGÎB
#BSSFSB -JOBSFT -VÎT i-B OBSSBDJÓO .ÎOJNB DPNP FTUSBUFHJB QFEBHÓHJDB NÃYJNBu
1FSêMFT&EVDBUJWPTOÙNĮħĚĦ
%PNÎOHVF[&EHBSEPi'JMNUSBJMFSTuÕOEFSêMNKVOJPKVMJP/P
-PTQSPDFEJNJFOUPTEFFOVODJBDJÓOFOFMDJOF
EF8POH,BJS8BJ
/PÊ4BOUPT+JNÊOF[
"DFSDBEFMFTUJMPEFMEJSFDUPS
8POH,BS8BJFTJOOFHBCMFNFOUFVOBVUPSEFDJOFMMBNBUJWPZTPCSFTBMJFOUFFMDVBM
TF FODVFOUSB FTUSFDIBNFOUF MJHBEP DPO MB OVFWB PMB EF EJSFDUPSFT RVF JOJDJBSPO VO
NPWJNJFOUPEFSFOPWBDJÓOFTUÊUJDBZUÊDOJDBFOFMDJOFEF)POL,POHBêOBMFTEFMB
EÊDBEBEFMPTPDIFOUB
-B JOOPWBDJÓO EF FTUF HSVQP EF SFBMJ[BEPSFT FTUÃ ÎOUJNBNFOUF MJHBEB DPO
BDPOUFDJNJFOUPTEFUJQPTPDJBMZQPMÎUJDPRVFIBOTVSHJEPBQBSUJSEFFO)POL
,POHEPOEFMPTSFTJEFOUFTZEJSFDUPSFTDJOFNBUPHSÃêDPTIBOUFOJEPRVFFYBNJOBSTV
SFMBDJÓODVMUVSBMDPO$IJOBMPRVFIBMMFWBEPBMDJOFIPOHLPOÊTBVOOVFWPOJWFMEF
NBEVSF[ZEFSFGMFYJÓOBDFSDBEFTVQSPQJBJEFOUJEBE
4VTQFMÎDVMBTOPTQSFTFOUBOVOBJEFOUJEBEFODPOTUBOUFGVTJÓOFOUSFFM0SJFOUFZ
0DDJEFOUFBEFNÃTEFRVFBDUVBMJ[BOZNPEFSOJ[BOMBSFMBDJÓOFOUSFMPUSBEJDJPOBMZMP
NPEFSOPMPWJFKPZMPOVFWP&TUPTFQVFEFOPUBSFOMBNF[DMBEFTVCHÊOFSPTDJOFNB
UPHSBêDPT RVF NBOFKB DPNP FM LBSBUF DPO FM SPNÃOUJDP FM UISJMMFS Z MP SPNÃOUJDP
MB BDDJÓO Z MB DPNFEJB P FM NFMPESBNB SFBMJTUB DPNP FO )BQQZ 5PHFUIFS &TUFIÃCJMNBOFKPEFHÊOFSPTZUFNBTFTVOBEFMBTSB[POFTQPSMBTDVBMFTIBQPEJEP
JOHSFTBSBMNFSDBEPNVOEJBM5BMFTFMDBTPEFTVQFMÎDVMB$IVOHLJOH&YQSFTT
VOUISJMMFSSPNÃOUJDPRVFTJHOJêDBVOHSBOBWBODFFOTVDBSSFSBQPSIBCFSTJEPFMFHJEP
QPS2VFOUJO5BSBOUJOPDPNPFMQSJNFSêMNFQBSBTFSEJTUSJCVJEPQPSTVQSPEVDUPSB
3PMMJOHѮVOEFS%JTUSJCVUJPO$PNQBOZFOEPOEFBEFNÃTFMEJSFDUPSOPSUFBNFSJDBOP
SFBMJ[BMBQSFTFOUBDJÓOEFMBQFMÎDVMBFOTVWFSTJÓOQBSBĝįĝ
&OMBTQFMÎDVMBTEF8BJTJFNQSFTFFODVFOUSBQSFTFOUFVOBUFOTJÓOFOUSFMPBOUJHVP
ZMPSFDJFOUFFOUSFFMQSFTFOUFZMBNFNPSJBRVFQPSPUSPMBEPTFMJHBOBMEFTFPZBM
UJFNQP5BNCJÊOUJFOFOHSBOJNQPSUBODJBMPTFTQBDJPTZMPTBNCJFOUFT
-BTQFMÎDVMBTEF8POH,BS8BJOPTPOEJSFDUBNFOUFQPMÎUJDBTQFSPOPPCTUBOUF
FYJTUF VOB SFMBDJÓO JOEJSFDUB FOUSF FM BDPOUFDJNJFOUP QPMÎUJDP Z MB USBOTQPTJDJÓO EF
VOBFYQFSJFODJBQBSUJDVMBSNFOUFJOUFOTBZEPMPSPTBEFMPTQFSTPOBKFTFOFMQFSJPEP
USBUBEP6OBTJUVBDJÓORVFOPTJOEJDBVOFTQBDJPDVMUVSBMFWBTJWPZBNCJWBMFOUFFOUSF
MBTTJUVBDJPOFTMPTQFSTPOBKFTZBNCJFOUFT/PFTDBTVBMJEBERVFIBDJBFMêOBMEFTVT
QFMÎDVMBTDPNPFO%FTFBOEPBNBS*OUIF.PPEGPS-PWF
PFO)BQQZ5PHFUIFS
TFQSFTFOUFVOOPUJDJBSJPUFMFWJTJWPRVFOPTJOGPSNBEFTVDFTPTEFBDUVBMJEBE
DPNPFTMBMMFHBEBEFMHFOFSBM%F(BVMMFB"TJBUSBTMBNVFSUFEFMQSFTJEFOUFDIJOP
8POH,BS8BJFTUBNCJÊOVODSPOJTUBEFMEFTBNPSZMBTPMFEBEEFMBCÙTRVFEB
EFTVTQFSTPOBKFTQPSBEBQUBSTFBMBDJVEBEDPOUFNQPSÃOFBEFMJOUFOUPEFSFHSFTBSB
MBNFNPSJBZBMSFDVFSEPDPNPVOBGPSNBDPOUJOVBEFFTUBSWJWPT
4VTQFSTPOBKFTCVTDBOPFTQFSBOFMBNPSGSFOUFBFMMPTEFCJEPBRVFWJWFOFOFM
BJTMBNJFOUPMBJODPNVOJDBDJÓOPMBTPMFEBE-BDJVEBETFQSFTFOUBDPOVOBFTUÊUJDB
FMBCPSBEBFOTVTJNÃHFOFTQBSBDPNCBUJSMBDBSFODJBMBQÊSEJEBZFMEPMPSEFMPCKFUP
QFSEJEPDBTJTJFNQSFEFVOBQBSFKB
&MNBOFKPBEFDVBEPEFMBUÊDOJDBFTPUSPEFMPTFMFNFOUPTGVOEBNFOUBMFTEFO
USPEFMFTUJMPEF8POH,BS8BJDÃNBSBBMIPNCSPRVFTJHVFBTVTQFSTPOBKFTFOUPEP
NPNFOUPVUJMJ[BDJÓOEFêMUSPTQBSBDPOTFHVJSFTQBDJPTZBNCJFOUFTJSSFBMFTFMNBOFKP
EFMDPMPSZMBJMVNJOBDJÓODPNPBTQFDUPTESBNÃUJDPTBTÎDPNPVODJFSUPCBSSPRVJTNPFO
MBQVFTUBFOFTDFOBZVOBNBOJQVMBDJÓOEFMUJFNQPBTVNBOFSBQFSTPOBM5PEPTFTUPT
FMFNFOUPTNBSDBOMBTDPOTUBOUFTEFTVêMNPHSBGÎBRVFMFIBODPOGFSJEPVOFTUJMPQSPQJP
BMPMBSHPEFUPEBTTVTQFMÎDVMBTNVZMJHBEPBMDJOFQPTNPEFSOPEFCJEPBMBNF[DMBEF
HÊOFSPTMBQSFTFOUBDJÓOEFDPTUVNCSFTUSBEJDJPOBMFTZDPOUFNQPSÃOFBTBTÎDPNPQPS
VOSFMBUPRVFëVDUÙBFOUSFFMUJQPDMÃTJDPZFMNPEFSOP
&MNBOFKPEFMBUÊDOJDBDJOFNBUPHSÃêDB
&MDVJEBEPQMÃTUJDPEFMBJNBHFOZEFMPTFMFNFOUPTTPOPSPTIBDPMPDBEPBFTUFEJSFD
UPSDPNPVOPEFMPTSFBMJ[BEPSFTNÃTJNQPSUBOUFTBOJWFMNVOEJBMEFTQVÊTEFIBCFS
HBOBEPMB1BMNBEF0SPBMNFKPSSFBMJ[BEPSFO$BOOFTQPSMBQFMÎDVMB)BQQZ5PHFUIFS"M
NJTNPUJFNQPIBDPOTPMJEBEPVOFTUJMPQFSTPOBMFOMPTFMFNFOUPTFYQSFTJWPTZUÊDOJDPT
RVFNBOFKBBMHSBEPEFRVFBMHVOPTUSBUBNJFOUPTSFTVMUBOGSBODBNFOUFOPWFEPTPTF
JOOPWBEPSFTDPNPFTFMVTPEFMDPMPSFMNBOFKPEFMUJFNQPDJOFNBUPHSÃêDPZEFMPT
FGFDUPTDJOFNBUPHSÃêDPT
&TUBTJOOPWBDJPOFTFOFMNBOFKPUÊDOJDPMPBMFKBEFMPRVFQPESÎBNPTDPOTJEFSBS
VO DJOF DMÃTJDP FOUFOEJFOEP B MP iDMÃTJDPu FO TV TFOUJEP NÃT DPMPRVJBM DPNP VO
UÊSNJOP RVF QPTFF MBT DPOOPUBDJPOFT EF VOB FYDFMFOUF GBDUVSB QFSP UBNCJÊO FO FM
TFOUJEPEFRVFTFBQFHBBMPUSBEJDJPOBMMPDPOWFODJPOBMZRVFQPSPUSPMBEPSFTQFUB
MBNBOFSBiDPOTBHSBEBuZiTBODJPOBEBuEFSFBMJ[BSVOBQFMÎDVMBBMBNBOFSBEFMDJOF
OPSUFBNFSJDBOP5BMTFSÎBFMDBTPEFQFMÎDVMBTDPNP5JUBOJD
EFMOPSUFBNFSJDBOP
+BNFT$BNFSPOP&MMBCFSJOUPEFMGBVOP
EFMNFYJDBOP(VJMMFSNPEFM5PSP
-BQBMBCSBiDMÃTJDPuFOFTUFDBTPOPTSFNJUFBVOiMVHBSDPNÙOuFOFMSFGFSFOUFEF
MBTQFMÎDVMBTRVFDPNQBSUJNPTZQPTFFQPSPUSPMBEPVODBSÃDUFSNFUBIJTUÓSJDPRVFOP
TFDJSDVOTDSJCFBVOQFSJPEPDPODSFUPTJOPRVFTFSFêFSFBVOBNBOFSBEFIBDFSDJOFB
MBNBOFSBEFDPOUBSVOBIJTUPSJBDPSSFDUBNFOUFTJOOJOHÙOUJQPEFFYQFSJNFOUBDJÓO
OJUSBOTHSFTJÓOBMPTDÓEJHPTUSBEJDJPOBMFT.BS[BM
&TPCWJPRVF)BQQZ5PHFUIFSOPFTVOBQFMÎDVMBiDMÃTJDBuFOFTUFTFOUJEPQVFTQSFTFO
UBVOBQSPQVFTUBGPSNBMRVFUSBUBEFSPNQFSDPOMBTDPOWFODJPOFTUÊDOJDBTUSBEJDJPOBMFT
ZFODBNCJPNBOFKBMPTSFDVSTPTFYQSFTJWPTFOVOBGSBODBFYQFSJNFOUBDJÓOBMHSBEP
EFRVFQVFEFTPSQSFOEFSFJODMVTPNPMFTUBSBMFTQFDUBEPS&OFTUFDBTPMBQFMÎDVMBFTUB
NÃTDFSDBOBBMBDSFBDJÓOEFVODJOFiNPEFSOPuiFYQFSJNFOUBMuPEFDJOFEFBVUPS
"OÃMJTJTTFNJÓUJDPEFVOBTFDVFODJB
"DPOUJOVBDJÓOBOBMJ[BSFNPTMBQFOÙMUJNBTFDVFODJBEFMBQFMÎDVMB-BTFDVFODJBFT
JNQPSUBOUF EFCJEP B RVF -BJ :JV 'BJ IB UFSNJOBEP EFêOJUJWBNFOUF TV SFMBDJÓO DPO
)P1P8JOHSFHSFTBEFTQVÊTEFNÃTEFVOBÒPB5BJQÊJZWBBVONFSDBEPEFDPNJEB
USBEJDJPOBMBCVTDBSBMÙOJDPBNJHPRVFIBUFOJEPFO"SHFOUJOB
&OFMêOBMEFFTUBTFDVFODJBTFNBOFKBMBNJSBEBPCKFUJWBJSSFBMMBDVBMMBEFêOF
FM UFÓSJDP EF DJOF JUBMJBOP 'SBODFTDP $BTFUUJ DPNP BRVFMMBT UPNBT RVF TF NVFTUSBO
EF VO NPEP BOÓNBMP P BQBSFOUFNFOUF JOKVTUJêDBEP QFSP RVF UJFOFO VOB êOBMJEBE
DPNVOJDBUJWB-BTUPNBTTPOWJTUBTEFTEFMVHBSFTiJNQPTJCMFTuPDPOFMNBOFKPEFVOB
iDÃNBSBWFSUJHJOPTBuDÃNBSBSÃQJEB
RVFUJFOFODPNPêOBMJEBEUSBOTGPSNBSFMNPEP
IBCJUVBMEFQSFTFOUBSMPTPCKFUPTFOMBIJTUPSJBGÎMNJDB$BTFUUJ
&TUBT UPNBT PCKFUJWBT JSSFBMFT PQFSBO EFTEF FM QVOUP EF WJTUB EFM FNJTPS QFSP
TPO SFDPOPDJEBT JONFEJBUBNFOUF QPS FM SFDFQUPS 4F QPESÎB DPOTJEFSBS RVF FT VOB
FTQFDJFEFTVCSBZBEPFYUSFNP4FPGSFDFEJSFDUBNFOUFFOMBNBOFSBFORVFTFFYIJCF
MB DPOTUSVDDJÓO EF MB JNBHFO EF VOB GPSNB EFTDBSBEB DPO RVF TF NVFTUSB QBSB TV
EFTDJGSBNJFOUP $BTFUUJ "QBSUF EF RVF OP PQFSBO EVSBOUF UPEP FM êMNF TJOP
TÓMPFOBMHVOPTNPNFOUPTQPSRVFTPOVOBGPSNBEFDSFBSVOÊOGBTJTVOTVCSBZBEP
:QPEFNPTSFDPOPDFSMBNJSBEBPCKFUJWBJSSFBMQPSFMQBTPEFMBNJSBEBPCKFUJWBBFTUB
ÙMUJNB
&MêOBMEFMBTFDVFODJBFTUÃSFBMJ[BEBDPOCBTFFOUPNBTZUJFOFVOBEVSBDJÓO
EFTFHVOEPTEFTEFRVF-BJ:JV'BJFTUÃTFOUBEPDPNJFOEPIBTUBFMNPNFOUPFORVF
TFMFWBOUBZDBNJOBQPSFMNFSDBEP4JOFNCBSHPMBDÃNBSBQFSNBOFDFêKBFOFMFTQFKP
FOFMDVBMTFFODVFOUSBOQFHBEBTWBSJBTGPUPHSBGÎBTEFTVBNJHP&TUPFTVOÊOGBTJTRVF
QPOFFMTVKFUPFOVODJBEPSFMRVFWBDPOTUSVZFOEPFMSFMBUPQBSBEFDJSMFBMFTQFDUBEPS
JNQMÎDJUPRVFFTFQMBOPFTJNQPSUBOUF
&MNBOFKPNÃTJOUFSFTBOUFBOJWFMEFMBSFBMJ[BDJÓOZEFMBOBSSBUJWJEBEGÎMNJDBFT
FMQBTPEFMBNJSBEBPCKFUJWBBMBNJSBEBPCKFUJWBJSSFBMMBDVBMTFDPNCJOBDPOFMVTP
EFMBWP[FOPĒ
%FMBUPNBBMBTUPNBTTVCTFDVFOUFTTFQBTBEFVOBUPNBPCKFUJWBBVOÊOGBTJT
DFOUSBEPFOMBNJSBEBPCKFUJWBJSSFBM­TUBFTVOBNBSDBFWJEFOUFZBRVFFOMBUPNB
TFQSFTFOUBB'BJDPNJFOEPQFSPBUSBWÊTEFMBWFOUBOBEFVOJOUFSJPSEFVOBVUPNÓWJM
MPDVBMSFTVMUBCBTUBOUFFYUSBÒPQVFTOPIBZKVTUJêDBDJÓOEFQPSRVÊMBDÃNBSBUFOHB
RVFFODPOUSBSTFFOFTFMVHBS
%FTQVÊTDPSUBBPUSBUPNB
EFNJSBEBPCKFUJWBJSSFBMMBDVBMFTUPNBEBBUSBWÊT
EFVOFTQFKPFOEPOEFUBNCJÊOSFQSFTFOUBVOQVOUPEFWJTUBDPNQMFUBNFOUFFYUSBÒPZ
BOÓNBMPEFCJEPBRVFOPFTVOBUPNBPCKFUJWBOJUBNQPDPTVCKFUJWB&T'BJDPNJFOEP
QFSPWJTUPFOFMJOUFSJPSEFVOFTQFKP4JOKVTUJêDBDJÓOEFRVJÊOFTFMPCTFSWBEPSEFM
QFSTPOBKF
-BUPNBWJTUBEFTEFFMFTQFKPJOUFHSBB'BJDPNJFOEPZUSFTGPUPHSBGÎBTFOMBT
DVBMFTTFEFTUBDBMBGPUPEFMGBSPZTVBNJHP$IBOHRVFMMFWBQVFTUBVOBHPSSBSPKB
-BUPNBOVFWBNFOUFEFTEFFMFTQFKPJOUFHSBB'BJDPNJFOEPZMBGPUPHSBGÎB
TVQFSJPSDPOMBJNBHFOEFMGBSP-BUPNBFTMBQBSUFJOGFSJPSEFMFTQFKPZTPOEPT
GPUPHSBGÎBTEFVOQBJTBKFZ$IBOHFOFMGBSP&MDPOKVOUPEFFTUBTUPNBTPCKFUJWBTJSSFBMFT
BQFOBTEVSBTFJTTFHVOEPT
&O MB UPNB TF SFHSFTB B VOB UPNB PCKFUJWB FO MB DVBM 'BJ QSFHVOUB TJ UJFOFO
UFMÊGPOP-BUPNBEFMBTNÃTMBSHBTEVSBTFHVOEPTFOFMMBTFFTDVDIBMBWP[FOPĒ
NJFOUSBT'BJBCSFVOSFGSJHFSBEPSMBUPNBTFMMFOBEFIVNPCMBODPEFMBDPNJEBRVF
TFDPDJOB-BUPNBFTUÃMJHBEBNFEJBOUFMBWP[FOPĒDPOMBBOUFSJPSFOMBDVBMJOEJDB
RVFSPCÓVOBEFMBTGPUPT4JOFNCBSHPMPTFTQFDUBEPSFTOPIFNPTQSFTFODJBEPFTUF
BDPOUFDJNJFOUP
"OJWFMOBSSBUJWPFMUJFNQPTFSPNQFQPSRVFMBWP[FOPĒDPOUJOÙBEJDJFOEPRVF
OPTBCFTJWPMWFSÃBWFSMPQFSPMBJNBHFOFTBOUFSJPSFOFMUJFNQPBMEFMBWP[FOPĒ
&TUPDPSSFTQPOEFBMPRVFUBNCJÊO$BTFUUUJEFOPNJOBVOBGSFDVFODJBSFQFUJUJWBMPDVBM
DPOTJTUFFOSFQFUJSWBSJBTWFDFTZEFTEFEJTUJOUPTQVOUPTEFWJTUBVONJTNPTVDFTP
&OMBUPNBEFBQFOBTEPTTFHVOEPTWFNPTMBNBOPEF'BJRVFUPNBMBGPUPEF
TVBNJHP$IBOH"DPOUFDJNJFOUPRVFVOPTTFHVOEPTBOUFTOPTMPIBCÎBNFODJPOBEP
MBNJTNBWP[FOPĒEF'BJ&TEFDJSTFQSPEVKPVOBBMUFSBDJÓOEFMUJFNQPZBRVFMBWP[
FOPĒDVFOUBMPRVFWBBPDVSSJSBOUFTEFRVFMPWFBNPTQBSBJONFEJBUBNFOUFPCTFSWBS
MPRVFOPTIBCÎBBEWFSUJEPMBWP[FOPĒ&TUPFTTFQSPEVDFVOBGSFDVFODJBSFQFUJUJWB
QSJNFSPNFEJBOUFFMTPOJEPZMVFHPNFEJBOUFMBJNBHFODVZBGVODJÓOEFOUSPEFMSFMBUP
FTMBEFFOGBUJ[BSEPTWFDFTZBUSBWÊTEFEPTNFEJPTFYQSFTJWPTEJGFSFOUFTMBJNBHFOZ
FMTPOJEP
MBJNQPSUBODJBRVFUJFOFMBGPUPHSBGÎB
-BUPNBMJHBEBDPOMBWP[FOPĒNFODJPOBRVFTJÊMRVJFSFTBCSÃEÓOEFQPESÃ
FODPOUSBSMPOVFWBNFOUF.JFOUSBTUBOUPTBMFEFMQVFTUPEFDPNJEB
-BUPNBTFRVFEBêKBFOFMFTQFKPFOFMDVBMZBTÓMPRVFEBOEPTEFMBTUSFT
GPUPHSBGÎBT
&M QVOUP EF WJTUB RVF TF NBOFKB EVSBOUF FTUB TFDVFODJB FT RVF FM FOVODJBEPS
JNQMÎDJUPFMDPOTUSVDUPSEFMBOBSSBDJÓOTBCFNÃTRVFMPTQFSTPOBKFT5BMFTFMDBTPEFUP
EBTMBTUPNBTEFEFUBMMFEFMBTGPUPHSBGÎBTFOEPOEFFMFOVODJBEPSJOUFHSBBMQFSTPOBKF
EF'BJDPOFMFTQFKPZMBTGPUPHSBGÎBTNPTUSBEBT%FIFDIPMBDÃNBSBQFSNBOFDFEFTEF
VOBNJSBEBPCKFUJWBJSSFBMFOFMFTQFKPEFTQVÊTEFRVFIBTBMJEP'BJ&TUPDPOTUJUVZFVOB
WFSEBEFSBBDFOUVBDJÓOPTVCSBZBEPZBRVFMBGPUPHSBGÎBSPCBEBSFQSFTFOUBFMSFDVFSEP
EFMPTNPNFOUPTGFMJDFTOPDPOTVQBSFKB)P1P8JOHTJOPDPOTVBNJHP$IBOH&O
MBTFDVFODJBQPTUFSJPSFMêOBMEFMBQFMÎDVMBWFNPTB'BJTPOSJFOUFDPNPTJIVCJFSB
TVQFSBEPDPNQMFUBNFOUFTVEJGÎDJMFTUBODJBFO"SHFOUJOB
-BNJSBEBPCKFUJWBJSSFBMNBSDBVOFTUJMPNVZFTQFDJBMFODVBOUPBMBGPSNBDPNP
TFDVFOUBFMSFMBUPZDPOTUJUVZFVOBNBOFSBOPWFEPTBEFBQSPYJNBSTFBMBOBSSBDJÓO
DJOFNBUPHSÃêDB&TEFDJSOPTFDVFOUBEFTEFVOBNJSBEBPCKFUJWBMPDVBMJNQMJDBSÎBFM
UFOFSVOBDJFSUBEJTUBODJBVOBMFKBNJFOUPDPOMPRVFTFFTUÃDPOUBOEP1FSPUBNQPDP
TFOBSSBEFTEFVOBNJSBEBTVCKFUJWBFOMBDVBMFMQVOUPEFWJTUBNÃTJNQPSUBOUFTFSÎB
FMEF-BJ:JV'BJFMQSPUBHPOJTUBEFMSFMBUP
"MTFSQSFTFOUBEPEFTEFVOBNJSBEBPCKFUJWBJSSFBMFMÊOGBTJTOBSSBUJWPTFQPOF
FOFMDPOTUSVDUPSEFMBOBSSBDJÓOFOFMRVFIBDFZNVFTUSBFMSFMBUPFTEFDJSFMTVKFUP
FOVODJBEPSRVFTBCFNÃTRVFFMOBSSBEPS'BJWP[FOPĒ
ZRVFFMQFSTPOBKF'BJ"EF
NÃTFMTVKFUPFOVODJBEPSQSFTFOUBTVQBSUJDVMBSZFYUSBÒPQVOUPEFWJTUBEFTEFFMJOUF
SJPSEFVODPDIFPNFEJBOUFVOFTQFKPMPDVBMBQBSUFEFJOVTJUBEPSFTVMUBNFUBêDDJPOBM
EFCJEPBRVFMBSFBMJEBEEFMBQFMÎDVMBOPFTWJTUBEJSFDUBNFOUFTJOPQPSJOUFSNFEJPEF
VOBTVQFSêDJFSFëFKBOUF
&M FTQFKP DPOTUJUVZF VOB êHVSB EFM OBSSBEPS BTÎ DPNP UPEPT MPT JOTUSVNFOUPT
RVF UJFOFO RVF WFS DPO MB NJSBEB CJOPDVMBSFT UFMFTDPQJPT WFOUBOBT NJDSPTDPQJPT
TVQFSêDJFT SFëFKBOUFT FUDÊUFSB RVF FO FTUF DBTP DSFBO VOB NJSBEB FYUSBÒB RVF
SFëFYJPOBTPCSFMBQSPQJBJNBHFOFOFMFTQFKPMBGPUPHSBGÎBRVFNVFTUSBBTVBNJHPZ
TPCSFFMQSPQJPDJOFVOBNJSBEBRVFFMEJSFDUPSSFMBDJPOBDPOFMQBTBEPFMSFDVFSEPMB
GFMJDJEBEZPUSPTUFNBTPCTFTJWPTQBSBFMSFBMJ[BEPSEFMêMNF
"DPOUJOVBDJÓOQSFTFOUBNPTMBEFTDSJQDJÓOEFFTUBTEPDFUPNBTFOMBTDVBMFT
TFJOEJDBFMQBTPEFVOBNJSBEBPCKFUJWBBVOBNJSBEBPCKFUJWBJSSFBMZMBJNQPSUBODJB
RVFUJFOFTVVUJMJ[BDJÓOFOFTUBTFDVFODJBDPNPVOBNBOFSBEFFOGBUJ[BSBMHVOBTEFMBT
UPNBTEFJNQPSUBODJBQBSBFMFOVODJBEPSGÎMNJDP
4&$6&/$*"426&4&3¦/"/"-*;"%"4
'BJFOFMNFSDBEPEF5BJQÊJNJOTTFHT
1BSUFêOBMEFMBTFDVFODJBTFHTZQMBOPT
.$6 'BJ DPNF TPQB TFHT 0#+&5*70
.4 'BJ EFTEF FM WJESJP EF VO DPDIF TFHT0#+&5*70*33&"-
%&5"--&EFFTQFKP'BJDPNFTFHT0*
%&5"--&EF
FTQFKPZQBSFETFHT0*
%&5"--&NÃTDFSSBEPTVQFSJPSTFHT0*
%&5"--&
NÃTDFSSBEPJOGFSJPSTFHT0*
.4'BJDPNFWP[PĒTFHT0#+&5*70
.4'BJ
BCSFVOSFGSJHFSBEPSWP[FOPĒTFHT0#+
.4'BJDBNJOBQPSMBDBMMFWP[FO PĒ
0#+&5*70
%&5"--&NBOPSPCBGPUPHSBGÎBTFHT0*
.4IPNCSFEFB[VM
TFHT0#+&5*70
%&5"--&EFFTQFKPGBMUBVOBGPUPTFHT0*
-PTSFDVSTPTFYQSFTJWPTZOBSSBUJWPTFOFMêMNF
-BEJSFDDJÓOEFGPUPHSBGÎB
1SPCBCMFNFOUF VOP EF MPT BTQFDUPT NÃT MMBNBUJWPT EF MB QFMÎDVMB )BQQZ 5PHFUIFS
TFB MB EJSFDDJÓO EF GPUPHSBGÎB SFBMJ[BEB QPS $ISJTUPQIFS %PZMF QFSP FTUSFDIBNFOUF
TVQFSWJTBEBQPS8POH,BS8BJ-BGPUPHSBGÎBTFNVFTUSBCBTUBOUFJOOPWBEPSBEFCJEPBTV
DPODFQDJÓOHMPCBMFOMBDVBMFYQFSJNFOUBDPOEJWFSTPTBTQFDUPTRVFFTUÃOFTUSFDIBNFOUF
MJHBEPT DPO FTUB ÃSFB DPNP TPO FM DPMPS MB VUJMJ[BDJÓO EF MFOUFT MB QSPGVOEJEBE EF
DBNQPMPTNPWJNJFOUPTEFDÃNBSBZMBJMVNJOBDJÓOFOUSFPUSPTNVDIPTBTQFDUPT
-BQSPGVOEJEBEEFDBNQPFTNVZJNQPSUBOUFEFOUSPEFMBQFMÎDVMBZBRVFBQBSUF
EFFDPOPNJ[BSQMBOPTDPOTUJUVZFOUPEPVOFTUJMPQPSMBNBOFSBEFêMNBSEFMEJSFDUPS
RVFQPSPUSPMBEPTFBEBQUBCBTUBOUFCJFOBMBIJTUPSJBZBMPTMJNJUBEPTSFDVSTPTEF
QSPEVDDJÓODPORVFDPOUÓEVSBOUFMBêMNBDJÓO
0USPNPNFOUPFOFMRVFDPNCJOBMBQSPGVOEJEBEEFDBNQPDPOTFHVJNJFOUPTEF
DÃNBSBFONPWJNJFOUPFTBRVÊMFORVFMPTQFSTPOBKFTDBNJOBOQPSMBTDBMMFT5BMFTFM
DBTPEFDVBOEPÊTUFMMFHBBMNFSDBEPEF5BJQÊJFOFMDVBMBQBSUFEFRVFTFHVJNPT
QFSGFDUBNFOUFMBTBDDJPOFTEF-BJ:JV'BJQPEFNPTOPUBSFMBNCJFOUFZMPTEJGFSFOUFT
QVFTUPTEFMNFSDBEPRVFTFEFEJDBOBMBWFOUBEFDPNJEBUSBEJDJPOBM
&MDPMPSUBNCJÊOFTNVZJNQPSUBOUFEFOUSPEFMBQFMÎDVMBEFCJEPBRVFDBEBTJUJP
FTUÃSFMBDJPOBEPDPODPMPSFTNVZQBSUJDVMBSFTZRVFQPSPUSPMBEPQVFEFOTFSWJSQBSB
BQPSUBSVOBNBZPSTJHOJêDBDJÓOEFOUSPEFMBQFMÎDVMB%FIFDIPFMêMNFFTUÃFTUSVDUVSBEP
DPOMPTKVFHPTDPOTUBOUFTEFDPMPSZCMBODPZOFHSPRVFFONVDIPTNPNFOUPTQSFTFOUBO
VOBFTUSFDIBSFMBDJÓODPOMPTFTUBEPTEFÃOJNPEFMPTQFSTPOBKFT
&OMBTFDVFODJBFORVF'BJUSBCBKBDPNPQPSUFSPZEFEJDBHSBOQBSUFEFTVUJFNQP
BMBCFCJEBZBEFNÃTTFMFNVFTUSBTPMPZEFQSJNJEPMBJNBHFOTFQSFTFOUBFOVO
CMBODPZOFHSPNVZDPOUSBTUBEPRVFQPSPUSPMBEPEFTUBDBMBNJTFSJBEFMBDJVEBE
BVORVFEFNBOFSBFTUÊUJDB:OPFTIBTUBEFTQVÊTEFMNPNFOUPFORVF)P1P8JOHMF
IBQFEJEPRVFWVFMWBOBFNQF[BSRVFMBJNBHFOSFUPSOBOVFWBNFOUFBMDPMPS
%FOJOHVOBNBOFSBFTDBTVBMJEBERVFFMSFUPSOPBMDPMPSTFQSPEV[DBFOFMUBYJ
EFSFHSFTPBDBTBZFOFMDVBM)P1PCVTDBMBQSPUFDDJÓOEF'BJEFCJEPBRVFUJFOFMBT
NBOPTFOZFTBEBTZQPSVODJFSUPUJFNQPOPQVFEFSFBMJ[BSNPWJNJFOUPTCSVTDPT
&ODVBOUPBMNBSDBEPNBOFKPEFMDPMPSZMBTBUVSBDJÓOFYDFTJWBEFÊTUFTJSWFOQBSB
JEFOUJêDBSZSFDPSEBSMPTTJUJPTQPSMPTRVFUSBTDVSSFOMPTQFSTPOBKFTDPNPFMNFUSP
EF)POL,POHEFMBTFDVFODJBêOBMRVFUJFOFVOTBUVSBEPDPMPSBNBSJMMPDPONVDIBT
MVDFTCSJMMBOUFTRVFDPOUSBTUBOEFTPCSFNBOFSBDPOMBPTDVSJEBEZMBGBMUBEFDPMPSRVF
IBCÎBNPTQSFTFODJBEPFOMBQSJNFSBQBSUFEFMBQFMÎDVMBFOMBDJVEBEEF#VFOPT"JSFT
-BWP[FOPĒ
-BQFMÎDVMBEFTEFTVJOJDJPTFDVFOUBNFEJBOUFMBWP[FOPĒEFMQFSTPOBKFEF-BJ:JV
'BJFMDVBMOPTJOGPSNBEFDVÃMFTFMNPUJWPEFTVMMFHBEBB"SHFOUJOBBTÎDPNPDVÃM
IBTJEPTVSFMBDJÓODPO)P1P8JOH5BNCJÊOOPT SFMBUBDÓNPTFQFSEJFSPOFOMB
DBSSFUFSBRVFMPTMMFWBSÎBB*HVB[ÙZDÓNP)P1PEFDJEFUFSNJOBSTVSFMBDJÓOFOFTF
QSFDJTPNPNFOUP
.ÃTBEFMBOUFMBWP[FOPĒOPTJOGPSNBQPSRVÊUVWPRVFMMFHBSBUSBCBKBSFOVO
CBSEFQPSUFSPPMPRVFTJFOUF'BJDVBOEPFODVFOUSBB8JOHDPOVOPEFTVTBNJHPT
BSHFOUJOPT
&OFMNPNFOUPFORVFMMFHBB5BJQÊJMBWP[FOPĒOPTDVFOUBRVFBMWJTJUBSFM
NFSDBEP QBSB DPOPDFS B MPT QBESFT EF $IBOH BIPSB MP FOUJFOEF NFKPS Z DÓNP TF
TJFOUFBHVTUPEFCJEPBRVFTBCFRVFDVBOEPRVJFSBMPDBMJ[BSBTVBNJHPTBCSÃEÓOEF
FODPOUSBSMP
-BWP[FOPĒQBSFDFEJMVJSTFPTFSNFOPTGSFDVFOUFQPSNPNFOUPTQFSPTJFNQSF
TFFODVFOUSBQSFTFOUFBMPMBSHPEFMBQFMÎDVMB"EFNÃTEFRVFFMMBFTUÃQFSGFDUBNFOUF
EPTJêDBEBEFCJEPBRVFOPTFQSFTFOUBEVSBOUFUPEPMBQFMÎDVMBTJOPÙOJDBNFOUFFO
BRVFMMPTNPNFOUPTFOMPTRVFFTOFDFTBSJPBÒBEJSJOGPSNBDJÓOBEJDJPOBM
&MFODVBESFPCKFUJWPJSSFBM
-B DPNQPTJDJÓO EF MPT QMBOPT FO MBT QFMÎDVMBT EF 8POH ,BS 8BJ TF EFCF B RVF FM
EJSFDUPSFODVBESBEFTEFFMQVOUPRVFNÃTDPOWJFOFBMBNBOFSBRVFTFRVJFSFONPTUSBS
MBTTJUVBDJPOFTZMPTQFSTPOBKFT&OMBDBTBEF-BJ:JV'BJTFFODVBESBEFUBMNBOFSBRVF
NVFTUSBMPFTUSFDIPEFMBIBCJUBDJÓOEFVOMBEPVOTPGÃZEFMPUSPVOBQFRVFÒBDBNB
BMGPOEPVOQFRVFÒPDPNFEPSZVOEJNJOVUPCBÒP
&MFODVBESFMFTJSWFBMEJSFDUPS8POH,BS8BJQBSBFYQSFTBSFOBMHVOPTNPNFOUPTVO
QVOUPEFWJTUBFYUSBÒPEFOUSPEFMBIJTUPSJBEFCJEPBRVFÊTUFOPDPSSFTQPOEFDPOOJOHVOP
EFTVTQFSTPOBKFT&TUPTFODVBESFTOPTPONVZVUJMJ[BEPTFOMBNBZPSÎBEFMBTQFMÎDVMBT
iDMÃTJDBTuOJTVFNQMFPFTUBOGSFDVFOUFQPSPUSPTEJSFDUPSFT.BS[BM
0USPFODVBESFRVFSFTVMUBCBTUBOUFFYUSBÒPFTDVBOEP)P1PSFDVFSEBRVFFTUÃ
GFMJ[KVOUPB-BJ:JV'BJZTFFODVFOUSBCBJMBOEPDPOÊTUF-BTUSFTUPNBTRVFTFOPT
NVFTUSBOTPOWJTUBTBUSBWÊTEFVOFTQFKPMPDVBMMPFTCBTUBOUFJOVTJUBEPEFCJEPBRVF
yEFRVJÊOFTFMQVOUPEFWJTUBRVFNJSBFOFMFTQFKP :MBSFTQVFTUBNÃTQSPCBCMFFT
RVFTÓMPQVFEFDPJODJEJSFMQVOUPEFWJTUBDPOFMEJSFDUPSEFMBQFMÎDVMBMPRVFMFIBSÎB
QBSUJDJQBSEFMBNJSBEBPCKFUJWBJSSFBM
&OFTBNJTNBTFDVFODJBFORVF)P1P8JOHCBJMBDPOVOEFTDPOPDJEPZFNQJF[B
BSFDPSEBSB-BJ:JV'BJTFDPNJFO[BUPNBOEPBMHVOBTMFUSBTEFMCBSEFTEFGVFSBEF
ÊTUFZDVBOEPFMEFTDPOPDJEPDPNJFO[BBDBNJOBSIBDJB)P1P8JOHFTDVBOEPQPS
êOMBDÃNBSBTFJOUSPEVDFBMJOUFSJPSEFMCBS
"QBSUFEFMPTFTQFKPTPUSPTEFMPTFODVBESFTFYUSBÒPTVUJMJ[BEPTQPSFMEJSFDUPS
TPOBRVFMMPTRVFUJFOFORVFWFSDPOMBTWFOUBOBT$PNPFTFMDBTPDVBOEP'BJFTDSJCF
MBDBSUBBTVQBESFRVFBQBSFDFVOFODVBESFEFTEFGVFSBEFMBWFOUBOBDPNPTJBMHVJFO
NJSBSBB-BJ:JV'BJNJFOUSBTFTDSJCF
-PNJTNPPDVSSFDVBOEP)P1P8JOHTFFODVFOUSBFOTVDBTBMMPSBOEPZBCSB
[BOEPMBDPCJKBEF'BJ1SJNFSPTFFODVBESBEFTEFGVFSBEFMBWFOUBOBDPNPTJBMHÙO
UFTUJHP TJMFODJPTP MP FTUVWJFSB PCTFSWBOEP Z QPTUFSJPSNFOUF OPT JOUSPEVDJNPT BM
JOUFSJPSEFMBDBTBQBSBTFSUFTUJHPTEFRVFFMQFSTPOBKFTFFODVFOUSBTFOUBEPFOVO
TJMMÓOZRVFDBTJTFBDVFTUBFOÊTUFQBSBDPOUJOVBSMMPSBOEP
-BQFMÎDVMBQPSPUSPMBEPQSFTFOUBNVDIPTEFFTUPTFODVBESFTPCKFUJWPTJSSFBMFT
CBTUBOUFFYUSBÒPTFOMPTRVFFMEJSFDUPSNBSDBTVQVOUPEFWJTUBBMHSBEPRVFMMFHBB
DPOWFSUJSTFFOQBSUFEFTVFTUJMPEFêMNBSQFMÎDVMBT&T*OUFSFTBOUFNFODJPOBSQPSPUSP
MBEPRVFFTUFUJQPEFFODVFOUSFTMPTTFHVJSÃVUJMJ[BOEPZFNQMFBEPEFTPCSFNBOFSB
FO TV QPTUFSJPS QFMÎDVMB UJUVMBEB %FTFBOEP BNBS : BVO EFTEF TVT QSJNFSBT
QFMÎDVMBTZBFYJTUÎBFTUBPCTFTJÓOQPSMPTFODVBESFTBOPSNBMFTFYUSBÒPTEFMPTDVBMFT
OPTDVFTUBUSBCBKPJEFOUJêDBSEFRVJÊOFTFMQVOUPEFWJTUB
-PTUFNBTEFMêMNF
&O WBSJBT FOUSFWJTUBT RVF 8POH ,BS 8BJ DPODFEJÓ B MB QSFOTB EFDMBSÓ RVF MB
JEFB EF MB QFMÎDVMB )BQQZ 5PHFUIFS TVSHJÓ EFTQVÊT EF IBCFS MFÎEP VOB OPWFMB EF
.BOVFM 1VJH UJUVMBEB "ĒBJSF FO #VFOPT "JSFT QPS MP RVF FO VO QSJNFS NPNFOUP
ÊTUF TFSÎB TV UÎUVMP UFOUBUJWP 1FSP FM BCPHBEP EFM FTDSJUPS MF JOEJDÓ BM FRVJQP EF
QSPEVDDJÓO RVF EFCJEP B EFSFDIPT EF BVUPS OP QPESÎBO VUJMJ[BS FTUF OPNCSF
ZB RVF MB DJVEBE JOEVEBCMFNFOUF TF DPOWJFSUF FO VOP EF MPT QFSTPOBKFT EF
MBQFMÎDVMB
0USPEFMPTUFNBTFTMBJODPNVOJDBDJÓOFOMBQBSFKBZBRVFTJCJFOTFFODVFOUSBO
KVOUPTZIBTUBGFMJDFTFOPDBTJPOFTQPDBTWFDFTFOUBCMBOVOBDPOWFSTBDJÓOPUJFOFO
QMBOFTZQSPZFDUPTFODPNÙO1BSUFEFMBTEJêDVMUBEFTTFEFCFOBRVF)P1P8JOH
MFSFDMBNBB'BJRVFOVODBMPTBDBBQBTFBSPQPSMPNFOPTMPMMFWFBMDJOFSB[ÓOQPS
MBDVBMÊMTFKVTUJêDBEFTVTDPOTUBOUFTTBMJEBTOPDUVSOBT&TUPUBNCJÊOMFTJSWFQBSB
FYDVTBSTFEFMFYBHFSBEPDVJEBEPEFTVBQBSJFODJBGÎTJDBFOMPTNPNFOUPTFOMPTDVBMFT
TFEJTQPOFBTBMJS
-BJODPNVOJDBDJÓOUBNCJÊOTFQSPEVDFQPSRVFFYJTUFVOBEFTDPOêBO[BEFMVOP
IBDJBFMPUSPZBRVFFOTVTBOUFSJPSFTSVQUVSBTOPIBOTJEPOBEBGÃDJMFTEFIFDIPMPT
QSJNFSPTFODVFOUSPTFOUSFFMMPTTPONVZWJPMFOUPT&OÊTUPT-BJ:JV'BJMFSFDMBNBQPSRVÊ
TBCFTVOÙNFSPUFMFGÓOJDPPJODMVTPTFOJFHBBMMFWBSMPBDPOPDFSFMEFQBSUBNFOUPFO
RVFIBCJUB
&TUB JODPNVOJDBDJÓO FO MBT QBSFKBT EF 8POH ,BS 8BJ DPOUSBTUB OPUPSJBNFOUF
DPOMBTQBSFKBTEFMDJOFOPSUFBNFSJDBOPNÃTDPOWFODJPOBMFOMBTDVBMFTBQBSFOUFNFO
UFFYJTUFVOBCVFOBDPNVOJDBDJÓOZUPEPTTPOGFMJDFT"RVÎMPTQFRVFÒPTNPNFOUPT
GFMJDFTTFJOJDJBOEFTQVÊTEFTJUVBDJPOFTEJGÎDJMFTZEFDPOTUBOUFTTFQBSBDJPOFTQFMFBT
ZEJTDVTJPOFT"EFNÃTOVODBFTVOBGFMJDJEBEHBSBOUJ[BEBTJOPUPEPMPDPOUSBSJPTF
FODVFOUSBTPCSFVOFRVJMJCSJPNVZGÃDJMEFSPNQFS
"NPEPEFDPODMVTJÓO
-BQBSFKBFTVOPEFMPTUFNBTNÃTJNQPSUBOUFTEFMBPCSBEF8POH,BS8BJFODBTJ
UPEBTTVTQFMÎDVMBTMPTQFSTPOBKFTMMFHBOBFOBNPSBSTFQFSPFYJTUFOGBDUPSFTFYUFSOPT
RVF MFT JNQJEFO EFTBSSPMMBSTF QMFOBNFOUF &T DVSJPTP RVF MB QSJNFSB TFDVFODJB EF
MB QFMÎDVMB OPT DVFOUF VOB SFDPODJMJBDJÓO BQBSFOUFNFOUF GFMJ[ QBSB QPTUFSJPSNFOUF
TPCSFWFOJSVOBWJPMFOUBSVQUVSB
-B WJPMFODJB FT VOB EF MBT DBSBDUFSÎTUJDBT QBSUJDVMBSFT FO FTUB QFMÎDVMB ZB RVF
MPTQFSTPOBKFTEF-BJ:JV'BJZ)P1P8JOHFOGSFOUBODPOTUBOUFTQFMFBTEJTDVTJPOFT
Z BSSFCBUPT EF DFMPT RVF MPT IBDFO WJWJS FO VOB SFMBDJÓO CBTUBOUF QBSBOPJDB Z
BVUPEFTUSVDUJWB
1PSPUSBQBSUFMBTPMFEBEFJODPNVOJDBDJÓOTFWBBQSPEVDJSBMOPQPEFSTFSFBMJ[BS
EFGPSNBNÃTQPTJUJWBFTUBTSFMBDJPOFT"MQFSTPOBKFEF-BJ:JV'BJTFMFQSFTFOUBHSBO
QBSUFEFMUJFNQPEFQSJNJEPFOFMDVBSUPEPOEFIBCJUBPQFPSBÙOFOMVHBSFTQÙCMJDPT
DPNPCBSFTDBMMFTZQBSUJEPTEFGÙUCPM
1FSP BMHP RVF UBNCJÊO DBSBDUFSJ[BSÎB B MPT QFSTPOBKFT EF FTUF EJSFDUPS FT RVF
FNQSFOEFOVOBCÙTRVFEBQFSTPOBMNÃTBMMÃEFMBSFMBDJÓOEFQBSFKBRVFUJFOFRVFWFS
DPOMB[PTDVMUVSBMFTHFPHSÃêDPTGBNJMJBSFTPEFBNJTUBEZRVFFOFMDBTPEFMBQFMÎDVMB
RVFOPTPDVQBBZVEBBTBMJSBEFMBOUFBMQFSTPOBKFQSJODJQBMEF-BJ:JV'BJ
1PS ÙMUJNP TF BOBMJ[BSPO BMHVOBT EF MBT TFDVFODJBT RVF UJFOFO RVF WFS DPO FM
SFDVFSEPFMDVBMQPSPUSPMBEPSFTVMUBTFSMBDMBWFQBSBFOUFOEFSMBQFMÎDVMBZQBSUFEFMB
PCSBEF8POH,BJS8BJZBRVFBNCPTQFSTPOBKFTUBOUP-BJ:JV'BJDPNP)P1P8JOH
TPOSFBMNFOUFGFMJDFTDVBOEPSFDVFSEBOVOBSFMBDJÓORVFZBIBDPODMVJEP:FTDPNP
TJMBGFMJDJEBENÃTiQVSBuTFEJFSBFOFMBDPOUFDJNJFOUPQBTBEPFOBRVFMMPRVFTFWJWJÓ
ZRVFTFIBJEPJSSFNFEJBCMFNFOUFQBSBTJFNQSF
"VORVF FTUPT SFDVFSEPT OP UFOHBO RVF WFS DPO BDPOUFDJNJFOUPT HSBOEJPTPT
DPNPFOVODJOFNÃTiDPNFSDJBMuTJOPNÃTCJFODPODVFTUJPOFTÎOUJNBTRVFTFSFêFSFO
B DVJEBS B MB QFSTPOB BNBEB EVSBOUF VOB FOGFSNFEBE FM OP UFOFS OBEB RVF IBDFS
BOUFTEFJSTFBEPSNJSPBMCBJMBSUBOHPFOMBSFDÃNBSBRVFOPTJOEJDBOMBGFMJDJEBERVF
TFOUJNPTEFFTUBSKVOUPTDPOMBQFSTPOBBNBEBDPNPFMNJTNPUÎUVMPEFMBQFMÎDVMB
#JCMJPHSBGÎB
"VNPU+BRVFT
"OÃMJTJTEFMêMN1BJEÓT#BSDFMPOB
#PSEXFMM%BWJE
&MTJHOJêDBEPEFMêMN*OGFSFODJBZSFUÓSJDBFOMBJOUFSQSFUBDJÓO
DJOFNBUPHSÃêDB1BJEÓT#BSDFMPOB
$BSNPOB3BNÓO
$ÓNPTFDPNFOUBVOUFYUPGÎMNJDP$ÃUFESB.BESJE
$BTFUUJ'SBODFTDP
$ÓNPBOBMJ[BSVOêMN1BJEÓT#BSDFMPOB
$IJPO.JDIFM
$ÓNPTFFTDSJCFVOHVJÓO$ÃUFESB.BESJE
&DP 6NCFSUP *OUFSQSFUBDJÓO Z TPCSFJOUFSQSFUBDJÓO $BNCSJEHF 6OJWFSTJUZ
1SFTT(SBO#SFUBÒB
'JKP"MCFSUP
#SFWFFODVFOUSP&TUVEJPTPCSFEJSFDUPSFTEFMDJOFDPOUFNQPSÃOFP
%PTTBU.BESJE
(BSDÎB+JNÊOF[+FTÙT
/BSSBUJWBBVEJPWJTVBM$ÃUFESB.BESJE
.BS[BM 'FMJDJ +PTÊ (VÎB QBSB WFS Z BOBMJ[BS FM $JVEBEBOP ,BOF 0DUBFESP
.BESJE
/FMNFT)JMM
"OJOUSPEVDUJPOUPêMNTUVEJFT3PVUMFEHF-POESFT
4UBN 3PCFSU FU BM /VFWPT DPODFQUPT EFM DJOF &TUSVDUVSBMJTNP TFNJÓUJDB
OBSSBUPMPHÎB1TJDPBOÃMJTJTJOUFSUFYUVBMJEBE1BJEÓT#BSDFMPOB
4BOUPT /PÊ i&M QMBDFS EF MPT DJOFBTUBTu 3FWJTUB 5JFSSB "EFOUSP /P $POBDVMUB.ÊYJDP
4UFQIFO5FP
8POH,BS8BJ#SJUJTI*OTUJUVF3FJOP6OJEP
5JSBE -BVSFOU -FDDJPOFT EF DJOF $MBTFT NBHJTUSBMFT EF HSBOEFT EJSFDUPSFT
FYQMJDBEBTQPSFMMPTNJTNPT1BJEÓT#BSDFMPOB
;BWBMB -BVSP 1FSNBOFODJB WPMVOUBSJB &M DJOF Z TV FTQFDUBEPS 6OJWFSTJEBE
7FSBDSV[BOB9BMBQB
&MBDUPDSFBUJWPEFMBUSBEVDDJÓO
JOUFSTFNJÓUJDB"EBQUBDJÓODJOFNBUPHSÃêDB
FO.PVMJO3PVHFEF#B[-VISNBOO
$JOUIZB$IÃWF[
%FMBMJUFSBUVSBBMDJOF
-B USBEVDDJÓO JOUFSTFNJÓUJDB FTQFDÎêDBNFOUF EF VO UFYUP MJUFSBSJP B VO UFYUP
DJOFNBUPHSÃêDPTVQPOFMBIBCJMJEBEDPOUJOUFTBSUÎTUJDPTEFVOUSBEVDUPSmZBTFBVO
EJSFDUPSPHVJPOJTUBPBNCPTFODJFSUPTDBTPTmQPSRVFÊTUFUSBCBKBDPOEPTTJTUFNBT
TÎHOJDPTEJGFSFOUFTRVFOPDPNQBSUFOMBTNJTNBTGPSNBTEFSFQSFTFOUBDJÓO4JCJFOFOMB
USBEVDDJÓOJOUFSMJOHÛJTUJDBFYJTUFMBGBMUBEFFRVJWBMFODJBFOUSFDBUFHPSÎBTHSBNBUJDBMFT
EFVOBMFOHVBZPUSBFOMBUSBEVDDJÓOJOUFSTFNJÓUJDBTFDBSFDFDPNPMMFHBBQMBOUFBSTF
3PNÃO (VCFSO EF VO iWPDBCVMBSJP JDÓOJDP TJTUFNÃUJDP Z GPSNBMJ[BEP DPNP FM EF
OVFTUSPTEJDDJPOBSJPTMJOHÛÎTUJDPTu
-PEJDIPTVQPOFMBJNQPTJCJMJEBEEFMBBEBQUBDJÓOQBMBCSBQPS QBMBCSBEFVOB
OPWFMBBVOBQFMÎDVMB-BBEBQUBDJÓODJOFNBUPHSÃêDBQPSUBOUPTFSFBMJ[BBQBSUJSEF
MBUSBEVDDJÓOEFNFOTBKFTDPNQMFUPTQSJNFSPBQBSUJSEFMBDPOGSPOUBDJÓOEFMPTEPT
TJTUFNBTNFEJBOUFQBSÃNFUSPTDPNVOFTBBNCPTZQPTUFSJPSNFOUFBQBSUJSEFMBBQMJ
DBDJÓO EF FTUSBUFHJBT EFM MFOHVBKF DJOFNBUPHSÃêDP QBSB SFDSFBS FM TFOUJEP EFM UFYUP
GVFOUF
4PCSFMBDPOGSPOUBDJÓOEFMPTEPTMFOHVBKFTVOQSJNFSFMFNFOUPBGÎOFTRVFMPT
EPTTPOTJTUFNBTOBSSBUJWPTDPOVOBFTUSVDUVSBTFDVFODJBMFOMBRVFTFQVFEFJEFOUJêDBS
VOB USBNB Z VO BSHVNFOUP Z EF MPT DVBMFT TF QVFEF BCTUSBFS VO JOJDJP Z VO êOBM
BTÎDPNPVOHSVQPEFQFSTPOBKFTDVZPTSPMFTQMBOUFBOVOBTFSJFEFDPOëJDUPTRVFTF
EFTBSSPMMBOZEFTFOMB[BOBMPMBSHPEFMBIJTUPSJB
1FFUFS 5PSPQ DPOEFOTB MPT FMFNFOUPT TFÒBMBEPT FO USFT DSPOPUPQPT OFDFTBSJPT
QBSBFMBOÃMJTJTEFVOBUSBEVDDJÓOEFFTUFUJQP
3PNÃO(VCFSODJUBEPFO1FÒB"SEJE$BSNFO-JUFSBUVSBZDJOF
B
DSPOPUPQPUPQPHSÃêDPTVDFTJÓOEFBDPOUFDJNJFOUPTFOVONVOEPSFDPOPDJCMF
QBSBFMFTQFDUBEPSBUSBWÊTEFMDVBMFMMFDUPSFOUSBFODPOUBDUPDPOVOUJFNQPZ
VOFTQBDJP
C
DSPOPUPQPQTJDPMÓHJDPBDUPSFTRVFUSBOTNJUFOMPTBTQFDUPTEFMDPNQPSUBNJFOUP
ZDPOëJDUPTEFMPTQFSTPOBKFTZ
D
DSPOPUPQPNFUBGÎTJDPDPODFQDJÓOPJOUFSQSFUBDJÓORVFFMBVUPSUJFOFEFMSFMBUP
&O FTUB ÙMUJNB DBUFHPSÎB TF GVOEBNFOUB MB BVUPSÎB V PSJHJOBMJEBE FO MB BEBQUBDJÓO
ZBRVFTFSFêFSFBMFTUJMPDPOFMRVFFMUSBEVDUPSUSBOTQPOFMPTTJHOPTÊTUFQBSUFEFMB
TVCKFUJWJEBEZEFUFSNJOBMBTNPEJêDBDJPOFTFOUSFFMUFYUPGVFOUFZFMUFYUPNFUB&TUBT
NPEJêDBDJPOFTQMBOUFBEBTQPS5PSPQDPNPTVTUJUVDJÓOBEJDJÓOQÊSEJEBZDPOWFSTJÓO
EFFMFNFOUPTBGFDUBOBMPTDSPOPUPQPTPSJHJOBMFTZQFSNJUFOVOBUSBOTGPSNBDJÓOFTUJ
MÎTUJDBFJEFPMÓHJDBEFMUFYUPGVFOUF
-BBEBQUBDJÓOEFOUSPEFMBQSPEVDDJÓODJOFNBUPHSÃêDB
De acuerdo a la operatividad de la producción cinematográfica, se puede observar
que la adaptación se produce sucesivamente de la siguiente manera:
MFDUVSB EFM UFYUP GVFOUF QPS QBSUF EFM TVKFUP USBEVDUPS EJSFDUPS HVJPOJTUB F
JODMVTP QSPEVDUPS
EFêOJDJÓO EFM BSHVNFOUP Z USBNB EF MB BEBQUBDJÓO DPO CBTF
FOFMFTUJMPEFMEJSFDUPSFOFMDBTPEFMEFOPNJOBEPDJOFEFBVUPSZPUSPTFMFNFOUPT
DPNP QSFTVQVFTUP FYQFDUBUJWBT EF EJTUSJCVDJÓO Z QÙCMJDP BM RVF WB EJSJHJEP FO FM
DBTPEFMEFOPNJOBEPDJOFDPNFSDJBM
EFTBSSPMMPEFVOHVJÓOMJUFSBSJPNJTNPRVF
JNQMJDBZBVOBUSBEVDDJÓOEFUJQPJOUSBMJOHÛÎTUJDBZFOFMRVFTFPCTFSWBOMBTQSJNFSBT
NPEJêDBDJPOFTQMBOUFBEBTQPS5PSPQ
EFTBSSPMMPEFVOHVJÓOUÊDOJDPRVFEJTQPOF
MBTUPNBTZMPTFODVBESFTDPOMPTRVFTFSFQSFTFOUBSÃOMBTTJUVBDJPOFTZRVFGVODJPOB
DPNP VO JOTUSVDUJWP QBSB MB DPOTUSVDDJÓO EF MB JNÃHFOFT Z EFTBSSPMMP EFM 4UPSZ
CPBSERVFDPOTUJUVZFVOBQSJNFSBGPSNBEFUSBEVDDJÓOJOUFSTFNJÓUJDBRVFDPOCBTF
FOFMHVJÓOUÊDOJDPFTCP[BMBTUPNBTEFMBQFMÎDVMBBQBSUJSEFVOVOBTFSJFEFDVBESPT
TFDVFODJBMFTSFQSFTFOUBEPTFOEJCVKPTZFOMPTDVBMFTDBEBEFQBSUBNFOUPTFCBTBQBSB
EFTBSSPMMBSWFTUVBSJPFTDFOPHSBGÎBJMVNJOBDJÓOFUDÊUFSB
&OUÊSNJOPTHFOFSBMFTEFMDJOFDPNFSDJBMFOQSPEVDDJPOFTEFBMUPQSFTVQVFTUPZDJOFOPFYQFSJNFOUBM
'JOBMNFOUFTPOêMNBEBTMBTUPNBTZEFFOUSFFMNBUFSJBMDPOTFHVJEPFOJNBHFOTF
NPOUBMBUSBNBNFEJBOUFFMQSPDFTPEFFEJDJÓOÊTUFFTFMÙMUJNPQBTPEFMBDPOTUSVDDJÓO
EFMTFOUJEPEFMBIJTUPSJBZBRVFFTUFQSPDFTPEFêOFMBTVDFTJÓOEFBDDJPOFTFOMBQFMÎDVMB
BQBSUJSEFVOSJUNPQBSUJDVMBS
"OÃMJTJTEFVODBTPQBSUJDVMBS
.PVMJO3PVHFQFMÎDVMBEFMEJSFDUPS#B[-VISNBOOBQBSFDFNÃTEFDJFOBÒPTEFTQVÊT
EF MB PCSB EF %VNBT -B EBNB EF MBT DBNFMJBT "VORVF FM EJSFDUPS RVJFO UBNCJÊO
QBSUJDJQÓFOMBSFBMJ[BDJÓOEFMHVJÓOOPBOVODJBRVFTVPCSBTFBVOBBEBQUBDJÓOTF
QVFEFOJEFOUJêDBSMPTFMFNFOUPTGVOEBNFOUBMFTEFVOBPCSBFOMBPUSB
-BTFDVFODJBJOJDJBMEFMBQFMÎDVMBDVZBEVSBDJÓOFTEFDVBUSPNJOVUPTBQSPYJ
NBEBNFOUFFYQPOFMBTQSJODJQBMFTDBSBDUFSÎTUJDBTEFMPTUSFTDSPOPUPQPTZBQMBOUFBEPT
1PS VO MBEP MB VCJDBDJÓO FTQBDJP UFNQPSBM TF NVFTUSB QSJNFSP DPO MB DPSUJOJMMB EF
1BSÎT Z QPTUFSJPSNFOUF DPO MB JNBHFO EFM .PVMJO 3PVHF MB UPSSF &JĒFM Z VO
SÃQJEP SFDPSSJEP BOJNBEP RVF TF IBDF EFTEF MB QVOUB EF MB UPSSF IBTUB FM CBSSJP EF
.POUNBSUSFQBTBOEPÃHJMNFOUFQPSMBTDBMMFTEF1BSÎT
-B QSFTFOUBDJÓO EF QFSTPOBKFT FT EFDJS FM DSPOPUPQP QTJDPMÓHJDP JOJDJB DPO VO
QSJNFSOBSSBEPSTFUSBUBEFMBSFQSFTFOUBDJÓOEFMQJOUPSEFMBÊQPDB5PVMPVTF-BVUSFD
RVJFOBTVWF[SFQSFTFOUBBVOBiDÎUBSBJOTUSVNFOUPNVTJDBM
RVFTÓMPEJDFMBWFSEBEu
mMPDVBMTFDPNQSFOEFSÃDPOGPSNFBWBODFMBOBSSBDJÓOmZRVFJOUSPEVDFBMQSPUBHPOJTUB
BUSBWÊTEFMBVUJMJ[BDJÓOEFMDPWFSEFVOBDBODJÓOEFNFEJBEPTEFMTJHMPQBTBEPUJUVMBEB
/BUVSF#PZ%FTQVÊTMBWP[OBSSBEPSBQBTBBMQSPUBHPOJTUBEFMBIJTUPSJB$ISJTUJBOVO
KPWFO FTDSJUPS RVF JOUSPEVDF B MPT EFNÃT QFSTPOBKFT BTÎ DPNP FM SPM RVF KVFHBO FO MB
IJTUPSJBBEFNÃTEFEFTDSJCJSFM.PVMJO3PVHFFOEPOEFTFMMFWBSÃOBDBCPMBTBDDJPOFT
GVOEBNFOUBMFTEFÊTUB5PEPFTUPTFDVFOUBDPOWP[FOPĒZBUSBWÊTEFVOBFEJDJÓORVFWB
EFMPRVFSFMBUBFOTVNÃRVJOBEFFTDSJCJSBMBTJNÃHFOFTEFDBEBVOPEFMPTQFSTPOBKFT
&MDSPOPUPQPNFUBGÎTJDPFTUÃJNQMÎDJUPUBOUPFOMPTFMFNFOUPTDJOFNBUPHSÃêDPT
VUJMJ[BEPTDPNPMBJMVNJOBDJÓOMBNÙTJDBZMBFEJDJÓODVZBGVODJÓOFTSFDSFBSFTUBEPTEF
4FSHJP8PMGEJTUJOHVFEJGFSFOUFTUJQPTEFBEBQUBDJÓOEFBDVFSEPBMBMFDUVSBZQSPZFDDJÓOQPSQBSUFEFMUSBEVDUPS
MBUSBOTQPTJDJÓOFODVCJFSUBSFTVMUBVOBWFSTJÓOOPEFDMBSBEBEFVOUFYUPBOUFSJPSZEFMBDVBMTFQVFEFOJEFOUJêDBS
FMFNFOUPTPOJWFMFTEPNJOBOUFTRVFEFUFSNJOBOMBVOJEBEUFYUVBM
ÃOJNPBTÎDPNPFOMPTEJÃMPHPTZMBQVFTUBFOFTDFOBFOHFOFSBMTFCVTDBSFQSFTFOUBSMB
JOUFODJÓOJEFPMÓHJDBEFMEJSFDUPSFOFTUFDBTPMBGSBTFSFJUFSBEBEFi-PNÃTJNQPSUBOUF
FOMBWJEBFTBNBSZTFSBNBEPBDBNCJPu
$PODMVTJPOFT
3FTVMUBJOUFSFTBOUFPCTFSWBSRVFFOMBTVDFTJÓOEFQBTPTQBSBMBBEBQUBDJÓOTFJOWP
MVDSBO EJGFSFOUFT GPSNBT EF USBEVDDJÓO DPNP FM DBTP EF MB JOUSBMJOHÛÎTUJDB FO MB
DPOTUSVDDJÓOEFMHVJÓOMJUFSBSJPRVFTVQPOFVOBZMBTFSJFEFQSPDFTPTJOUFSTFNJÓUJDPT
EFMHVJÓOUÊDOJDPBMTUPSZCPBSEZEFMPTEJCVKPTEFÊTUFBMBTFTDFOBTêMNBEBTBTÎDPNP
MBJOUSBTFNJÓUJDBFOUSFMPTUSBUBNJFOUPTEFMNPOUBKFQBSBPCUFOFSMBWFSTJÓOêOBM
&O FTUF DBTP QBSUJDVMBS FM UFYUP NFUB TF DPOTUSVZF NFEJBOUF MB USBOTQPTJDJÓO
EFMMFHVBKFMJUFSBSJPBMMFOHVBKFDJOFNBUPHSÃêDPEPNJOBOEPFMHÊOFSPNVTJDBMDPOMB
VUJMJ[BDJÓO EF DPWFST SFQSFTFOUBUJWPT EF MB EÊDBEB EF QBSB MB QSFTFOUBDJÓO EF
QFSTPOBKFTZDPOTUSVDDJÓOEFTVTEJÃMPHPT.PVMJO3PVHFSFDVQFSBFMBSHVNFOUPFJODMVTP
MBUSBNBEFMBPCSBPSJHJOBMEF%VNBTNPEJêDBOEPMPTDSPOPUPQPTHFOFSBMNFOUFBUSBWÊT
EFFTUSBUFHJBTJOUFSUFYUVBMFTDPNPMBDJUBMBBMVTJÓOMBQBSPEJBZMBDBSOBWBMJ[BDJÓO
&MUFYUPNFUBSFDVQFSBFMSPNBODFJSSFBMJ[BCMFMBFOGFSNFEBEEFMBQSPUBHPOJTUBMBT
QPTJDJPOFT TPDJBMFTJEFPMÓHJDBT EF MPT QFSTPOBKFT BTÎ DPNP MB JOUSJHB FM QFSEÓO Z
êOBMNFOUFMBNVFSUFEFMBQSPUBHPOJTUBEFMUFYUPGVFOUF
$PNPSFTVMUBEPMBBEBQUBDJÓODJOFNBUPHSÃêDBBEFNÃTEFDSFBSVOBWFSTJÓOEFM
UFYUPGVFOUFSFQSFTFOUBMBDSFBDJÓOEFVOOVFWPUFYUPRVFTFQVFEFMFFSZEJTGSVUBS
DPNP BVUÓOPNP Z PSJHJOBM DVZP WBMPS FTUÊUJDP QVFEF TFS EPCMF DPNP VOB PCSB
DJOFNBUPHSÃêDBZDPNPVOBBEBQUBDJÓO
#JCMJPHSBGÎB
+BLPCTPO3PNBO
i4PCSFMPTBTQFDUPTMJOHÛÎTUJDPTEFMBUSBEVDDJÓOuFO5FPSÎBT
EFMBUSBEVDDJÓO&EJDJÓOEF%ÃNBTP-ÓQF[(BSDÎB&TDVFMBEFUSBEVDUPSFTEF5PMFEP
6OJWFSTJEBEEF$BTUJMMB-B.BODIB
1FÒB"SEJE$BSNFO
-JUFSBUVSBZDJOFVOBBQSPYJNBDJÓODPNQBSBUJWB&EJUPSJBM
$ÃUFESB.BESJE
5PSPQ1FFUFS
*OUFSTFNJPTJTZUSBEVDDJÓOJOUFSTFNJÓUJDBFO$VJDVJMDP3FWJTUBEF
MB&TDVFMB/BDJPOBMEF"OUSPQPMPHÎBF)JTUPSJBĞħĚġ
/P.ÊYJDPNBZPBHPTUP
Wolf, Sergio (2001), Cine/Literatura. Ritos de pasaje, Paidós (Estudios de comunicación), Argentina.
-BDPOTUSVDDJÓOEFMUJFNQPFOFMDJOF
JOEFQFOEJFOUFEFTBMUPTUFNQPSBMFT
OPSUFBNFSJDBOP
'FMJQF4JMWB3PVTTF
&MUJFNQPFOFMDJOFFTMBDPOTUSVDDJÓOMÓHJDBEFTFDVFODJBTRVFEBDPNPSFTVMUBEPVOB
OBSSBDJÓOWFSPTÎNJM&TUBJOWFTUJHBDJÓOQSFUFOEFNPTUSBSMBGPSNBFORVFFMUJFNQPTF
DPOTUSVZFFOFMDJOFJOEFQFOEJFOUFOPSUFBNFSJDBOPEFQFMÎDVMBTDPOTBMUPTUFNQPSB
MFTZDÓNPFTUBUFNQPSBMJEBEEFTBMUPTQVFEFMMFHBSBBGFDUBSMBFTUSVDUVSBOBSSBUJWBFO
FMêMNFZMBQFSDFQDJÓORVFFMMFDUPSMMFHBBUFOFSEFMBOBSSBDJÓO
1BSBMPHSBSFMPCKFUJWPTFBOBMJ[BSPOMBTTJHVJFOUFTQFMÎDVMBT3FHSFTJPOFTEJSJHJEB
QPS +PIO .BZCVSZ %POOJF %BSLP EJSJHJEB QPS 3JDIBSE ,FMMZ Z &GFDUP NBSJQPTB
EJSJHJEBQPS&SJD#SFTT%JDIBTQFMÎDVMBTNVFTUSBOVOBFTUSVDUVSBOBSSBUJWBEFTBMUPT
UFNQPSBMFTQPSFMMPTVPSEFOBDJÓOGBWPSFDFBVOBOÃMJTJTFTUSVDUVSBMZUFNQPSBM
1BSBMBJOWFTUJHBDJÓOTFFMJHJFSPOTFDVFODJBTSFQSFTFOUBUJWBTRVFGVFSPOBOBMJ[BEBT
QPSNFEJPEFEJTUJOUBTUFPSÎBTTFNJÓUJDBTSFGFSFOUFTBMUJFNQPZOBSSBDJÓO-BêOBMJEBE
EFMBOÃMJTJTEFMBTTFDVFODJBTFTIBDFSFWJEFOUFMBEJêDVMUBEOBSSBUJWBRVFBMHVOPTêMNFT
QSPZFDUBOBMNPNFOUPEFEFTEPCMBSTVOBSSBDJÓOBVOBEJGFSFOUFUFNQPSBMJEBE
-BT UFPSÎBT ZP BQPZPT UFÓSJDPT QBSB FM BOÃMJTJT DPSSFTQPOEFO B MPT TJHVJFOUFT
BVUPSFT6NCFSUP&DP'SBODPJT+PTU'SBODP#FUUFUJOJ1BVM3JD’VS4FSHFJ&JTFOTUFJO
1JFS1BPMP1BTPMJOJ4JMWFTUSB.BSJOJFMMPZ$ISJTUJBO.FU[
1BSBDPNFO[BSFTOFDFTBSJPFOUFOEFSQSJNFSPRVFFMDJOFFTêDDJÓOZBCJFOMP
TFÒBMB"OUPOJP$PTUBi&MDJOFFTVOMFOHVBKFDPOTVTSFHMBTZDPOWFODJPOFTu$PTUB
"EFNÃT DPNP FM NJTNP $BTFUUJ BêSNB FT OFDFTBSJP QBSUJS EF MB BDFQUBDJÓO
EFM DJOF DPNP VO GFOÓNFOP DVMUVSBM QFSP BEFNÃT JODMVJS MB FTQFDJBMJ[BDJÓO EF MBT
JOUFSWFODJPOFTZMBJOUFSOBDJPOBMJ[BDJÓOEFMEFCBUFMMFWBOEPBMBQSFPDVQBDJÓOQPSFM
FTUVEJPEFMDJOFBVOUFSSFOPNVMUJEJTDJQMJOBSJP
1BSB EFKBS NÃT DMBSP MP BOUFSJPS FT JOEJTQFOTBCMF FOUFOEFS RVF FM DJOF OP FT
VOBSFQSFTFOUBDJÓOEFMBSFBMJEBEOJOHÙOTVKFUPQVFEFQSFTFOUBSVONVOEPFYUFSOP
QSFFYJTUFOUFZDPOUFOJEPEFOUSPEFMFODVBESFZFMUJFNQPEFMBIJTUPSJBJOUSÎOTFDBEFM
êMNF.BSJOJFMMPIBDFIJODBQJÊFOFMIFDIPEFRVFFMDJOFQSPEVDFEFOVFWPMBSFBMJEBE
FMFTQBDJPMBTSFMBDJPOFTFMUJFNQPEFOUSPEFTÎNJTNPFMDJOFBOVMBMBSFBMJEBEQBSB
HFOFSBSMBQSPQJB.BSJOJFMMP
%FKBOEPDMBSBTMBTQSFNJTBTEF.BSJOJFMMPZ1BTPMJOJFMEFNPTUSBSMBGPSNBFO
MBRVFFMUJFNQPTFDPOTUSVZFEFOUSPEFMDJOFFTVOQVOUPJNQPSUBOUFEFQBSUJEBZB
RVFEFTEFFTUBQFSTQFDUJWBMBêDDJÓOQVFEFNBOJQVMBSFMUJFNQPFOTVCFOFêDJP1BSB
FMMP#FUUFUJOJEFêOFBMUJFNQPGÎMNJDPDPNPVOPEFMPTGVOEBNFOUPTEFMBFYQSFTJÓO
DJOFNBUPHSÃêDB RVF FTUÃ SFMFHBEP B VOB DPOTJEFSBDJÓO QSFGFSFOUFNFOUF SFGFSFODJBM
SFQSFTFOUBUJWBPTFHÙOMPTFOGPRVFTêMNPMÓHJDPTBOBMJ[BOEPTVWBSJBOUFQTJDPMÓHJDB
FO TV EJNFOTJÓO JOUFSJPS B MB BDUJWJEBE SFDFQUJWB F JOUFHSBUJWB EFM FTQFDUBEPS 1PS
PUSPMBEP#FUUFUJOJQSPQPOFFMPCKFUPUJFNQPEFMEJTDVSTPGÎMNJDPRVFiIBJOEBHBEP
DPNPVOJWFSTPêDUJDJPRVFTJNCPMJ[BFMVOJWFSTPUFNQPSBMEFMBSFBMJEBEUSBUBOEPEF
EFUFSNJOBSFOMBQSÃDUJDBDJOFNBUPHSÃêDBMPTDÓEJHPTZSFHMBTDBQBDFTEFHBSBOUJ[BSVOB
SFMBDJÓOEFTJHOJêDBDJÓOZSFQSFTFOUBDJÓOEFMPTEJTUJOUPTTVDFTPTEFMQSJNFSPSFTQFDUP
B MPT EFM TFHVOEPu #FUUFUJOJ %F GPSNB NÃT TFODJMMB FT FM UJFNQP EF #FUUFUJOJ
VOiPSEFOEFTVDFTJÓOJSSFWFSTJCMFDPNPVOFMFNFOUPCÃTJDPEJTDSJNJOBOUFFOUSFMPT
EJGFSFOUFT NPEPT EF DPOFYJÓO EF MPT TVDFTPTu #FUUFUJOJ %JDIB UFNQPSBMJEBE
DPOTUJUVZF MB PSEFOBDJÓO MÓHJDB EF VO UPEP B USBWÊT EF DPOFYJPOFT EJFHÊUJDBT RVF
HFOFSBMPRVF(JMMFT%FMFV[FEFOPNJOBVOBJNBHFOEFUJFNQP
%FOUSPEFMBUFNQPSBMJEBEDJOFNBUPHSÃêDBDPNPZBGVFNFODJPOBEPTFBOVMB
MB SFBMJEBE QBSB HFOFSBS VOB SFBMJEBE GÎMNJDB DPNP %FMFV[F BêSNB EFOUSP EF ÊTUB
TF SFTVFMWFO DPOëJDUPT Z TJUVBDJPOFT B USBWÊT EF MB WFSPTJNJMJUVE EF MB JNBHFO FO
NPWJNJFOUPQPSFTUBSB[ÓOFMDJOFOPQVFEFTFSFOUFOEJEPFOVOJEBEFTNÎOJNBTEF
TJHOJêDBEPDPNPMPTPOMPTGPUPHSBNBT
&MDJOFDPOTBMUPTUFNQPSBMFTQSFTFOUBEJTUJOUBTUFNQPSBMJEBEFTFTUBJOWFTUJHBDJÓO
IBDFVOBEJWJTJÓOEFMUJFNQPDPOMBêOBMJEBEEFFOUFOEFSFMEFTEPCMBNJFOUPOBSSBUJWP
QSFTFOUFFOMPTZBNFODJPOBEPTêMNFT
&TJNQPSUBOUFBDMBSBSRVFEFOUSPEFMBTFTUSVDUVSBTOBSSBUJWBTEFNPWJNJFOUPT
UFNQPSBMFT TF FODVFOUSB VOB OVFWB GPSNB EF OBSSBDJÓO B MB RVF UBNCJÊO %FMFV[F
IBDFSFGFSFODJBMPJOUFSFTBOUFEFOUSPEFFTUBTOVFWBTFTUSVDUVSBTOBSSBUJWBTTFDFOUSB
FO MP RVF FM BVUPS BSHVNFOUB iMBT GPSNBT NPEFSOBT EF OBSSBDJÓO FNBOBO EF MBT
DPNQPTJDJPOFTZUJQPTEFJNBHFOUJFNQPu%FMFV[F
&TUBTFTUSVDUVSBTEFOBSSBDJÓOUFNQPSBMTFGVTJPOBOFOPUSPTDPNQPOFOUFTUFNQPSBMFT
RVFQBSBêOFTEFFTUBJOWFTUJHBDJÓOTFBQMJDBOEFMBTJHVJFOUFGPSNB
-BQSJNFSBDPOTUSVDDJÓOUFNQPSBMRVFTFQSPQPOFFTMBEFMUJFNQPPCKFUJWBPUBNCJÊO
DPOPDJEBDPNPUJFNQPEFMBFOVODJBDJÓO"QPZÃOEPTFFO#FUUFUJOJFTUBUFNQPSBMJEBE
DSFBVOUJFNQPRVFFMFTQFDUBEPSGPS[PTBNFOUFUJFOFRVFWJWJSFMFTQFDUBEPSSFDPSSF
FM VOJWFSTP UFNQPSBM QSFDPOTUSVJEP Z IFUFSPEJSJHJEP QPS FM UJFNQP PCKFUJWP FTUB
JOTFSDJÓOEFBDVFSEPDPO#FUUFUJOJFTUÃDBSBDUFSJ[BEBQPSTVEJGFSFODJBFOSFGFSFODJB
BMVOJWFSTPSFGFSJEPPSFQSFTFOUBEPZTPCSFUPEPQPSTVOFDFTJEBEZOPBMUFSBCJMJEBE
SFTQFDUP BM QSPDFTP EF MFDUVSB 0USB GPSNB EF DPODFQDJÓO EF UJFNQP PCKFUJWP FT MB
DPOUJOVJEBEEFTVDFTPTRVFêOBMNFOUFGPSNBSÃOVOBVOJEBEJOEJWJTJCMFDPNP)VTTFSM
EFOPUBZBVORVFMBQPTJCJMJEBEEFRVFEJDIBTEJWJTJPOFTTFBOQPTJCMFTFTUÃFMQSPEVDUP
êOBMGÎMNJDPQPSFODJNBEFMBTQBSUFTRVFMPDPNQPOFO
&M UJFNQP GÎMNJDP EF TBMUPT UFNQPSBMFT EF BDVFSEP B MBT QFMÎDVMBT WJTUBT QBSB
FTUF BOÃMJTJT DPOUJFOF TJFNQSF BM NFOPT EPT UFNQPSBMJEBEFT -B QSJNFSB QBSB FTUB
JOWFTUJHBDJÓO TFSÃ MMBNBEB UJFNQP IJTUÓSJDP EPOEF TF DFOUSBSÃ FM IJMP DPOEVDUPS EF
MBOBSSBDJÓO1BSBMFMPBÊTUFTJFOEPEFDPOTUSVDDJÓOOBSSBUJWBZEFFWFOUPTFONJTNB
GPSNBFOMBRVFTFDPOTUSVZFFMUJFNQPIJTUÓSJDPFTUÃFMUJFNQPIJTUÓSJDPBMUFSOP"IPSB
MB DPOTUSVDDJÓO EF UJFNQP PCKFUJWP EF MBT QFMÎDVMBT BOBMJ[BEBT DPOUFOESÃ FOUPODFT
EPTUJFNQPTRVFJOUFSBDUVBSÃOEVSBOUFUPEPFMUJFNQPGÎMNJDPFMUJFNQPIJTUÓSJDPZFM
UJFNQPIJTUÓSJDPBMUFSOP
-BTFHVOEBUFNQPSBMJEBERVFMBJOWFTUJHBDJÓONBOFKBFTFMUJFNQPEFMBMFDUVSBP
UBNCJÊODPOPDJEPDPNPUJFNQPEFMBWJTJÓOEF#FUUFUJOJ1BSB3JD’VSMBMFDUVSBNFEJB
FOUSFFMNVOEPEFêDDJÓOEFMUFYUPZFMNVOEPFGFDUJWPEFMMFDUPSFTBRVÎEPOEFSBEJDBMB
JNQPSUBODJBEFMUJFNQPIVNBOPRVFTFBGFDUBMPTFGFDUPTEFêDDJÓOFGFDUPTEFSFWF
MBDJÓOZEFUSBOTGPSNBDJÓOTPOUPEPTGVOEBNFOUBMNFOUFFGFDUPTEFMFDUVSB3JD’VSBêS
NBDÓNPFTRVFQPSNFEJPEFMBMFDUVSBFTEFUFSNJOBEBMBSFMBDJÓOEFBQMJDBDJÓORVF
DPOTUJUVZFFMFRVJWBMFOUFEFMBSFMBDJÓOEFSFQSFTFOUBDJÓOFOFMUFSSFOPEFMBêDDJÓO
$PO CBTF FO MP BOUFSJPS Z QBSB GVOEBS FM SFMBUP +PTU TFÒBMB MB OFDFTJEBE EFM
TFNJÓMPHPEFQBSUJSEFMPRVFTFMFBQBSFDFBMFTQFDUBEPSFOFTUFTFOUJEPiDPNQSFOEFS
DPNPTFDPNQSFOEFuFTEFTDSJCJSMBGFOPNFOPMPHÎBEFMPOBSSBUJWP%FIFDIPFT+PTUFM
RVFTFÒBMBEPTTJUVBDJPOFTFWJEFOUFT
&M SFMBUP FYJTUF FO MB NFEJEB FO RVF FT SFDPOPDJEP QPS DVBMRVJFS iVTVBSJP
JOHFOVPuFTEFDJSIBZVOBJNQSFTJÓOEFOBSSBUJWJEBE
&MSFMBUPFTVOPCKFUPSFBMGVFSBEFOPTPUSPT
4FSÃêOBMNFOUFFMUJFNQPEFMBMFDUVSBVOBDPOTUSVDDJÓOEFMBIJTUPSJBTVDPSSFMBUPMB
SFMBDJÓOFOUSFÊTUBTZMBGPSNBFOMBRVFFMFTQFDUBEPSMBTQFSDJCF-BMFDUVSBEFMêMNF
DPNP3JD’VSNFODJPOBTFMMFWBSÃBDBCPTPMBNFOUFEFOUSPEFTVNJTNBUFNQPSBMJEBE
QPSFMMPMBJNQPSUBODJBEFMBDPOTUSVDDJÓODPSSFDUBEFVOUJFNQPPCKFUJWPQBSBSFëFKBS
VOBOBSSBDJÓOEJFHÊUJDBFOFMMFDUPS
"DPOUJOVBDJÓOTFNVFTUSBFMNPEFMPQSPQVFTUPQPSMBJOWFTUJHBDJÓOQBSBFTUSVD
UVSBSFMUJFNQPFOFMDJOFDPOTBMUPTUFNQPSBMFT&MFTRVFNBNVFTUSBEFGPSNBHSÃêDB
MBTJUVBDJÓOEFMBTEJGFSFOUFTUFNQPSBMJEBEFTFOMPTêMNFT
Tiempo de lectura
Tiempo Histórico Alterno
&GFDUPNBSJQPTB3FHSFTJPOFTZ%POOJF%BSLPDPOTUSVZFOVOBUFNQPSBMJEBEEJTUJOUBB
MBEFPUSPTêMNFTQPSFMMPTFBQMJDÓMBUFPSÎBSJD’VSJBOBEPOEFFTQPTJCMFBQPZÃOEPTF
FO #FUUFUJOJ BDPQMBS VOB FTUSVDUVSB RVF FYQMJDB MB GPSNB FO MB RVF TF HFOFSB VOB
FTUSVDUVSBUFNQPSBMBMUFSOB
i-BMÓHJDBEFMSFMBUPPEFMBTVDFTJÓOFOMBDVFMBTFBSUJDVMBMBQSFTFOUBDJÓOEF
MBTDPTBTu#FUUFUJOJ
&TUPFTCÃTJDBNFOUFMBGPSNBFOMBRVFTFFTUSVDUVSBVO
PSEFOUFNQPSBM
i-BMÓHJDBEFMBTDPTBTPMBMÓHJDBEFMNVOEPSFQSFTFOUBEPu#FUUFUJOJ
"
MPRVF#FUUFUJOJTFSFêFSFFOFTUFUJQPEFMÓHJDBTFSÃQSJODJQBMNFOUFBMQSJODJQJP
EFWFSPTJNJMJUVEEFMêMNF-BEJFHÊTJTQSPQVFTUBQPS#FUUFUJOJOPTÓMPTFSFêFSF
BMPTPCKFUPTTJOPBMBTUFNQPSBMJEBEFTRVFÊTUPTSFQSFTFOUBOZBMEJTDVSTPRVF
FTUÃJONFSTPFOFMMPTQBSBMBêOBMJEBEEFMêMNF1PSFKFNQMPi6OPCKFUPZVOB
EJNFOTJÓOUFNQPSBMQVFEFOTFSWFSPTÎNJMFTFOVOêMNFQPMJDJBMZOPTFSMPEFM
NJTNPNPEPFOVOBADPNFEJBu#FUUFUJOJ
-B QSPCMFNÃUJDB TF DFOUSBSÃ FO MB GPSNB FO MB RVF FM UJFNQP IJTUÓSJDP Z FM UJFNQP
IJTUÓSJDP BMUFSOP TF DPODSFUJ[BO QBSB HFOFSBS VO UJFNQP PCKFUJWP êSNF %JDIB
DPODSFUJ[BDJÓOTFEBSÃHSBDJBTBMPTQSÊTUBNPTRVFDBEBVOPEFMPTNPEPTOBSSBUJWPTTF
IBSÃOSFDÎQSPDBNFOUFNJTNPTRVFFTUÃOSFQSFTFOUBEPTQPSMPTEFTDFOTPTZBTDFOTPT
FOMBTMÎOFBTOBSSBUJWPUFNQPSBMFT0&Z0&-BÙOJDBNBOFSBFOMBRVFMBIJTUPSJB
SFTQPOEFBMPTQSPCMFNBTRVFTFHFOFSBOBMUSBUBSEFFTUVEJBSMBGFOPNFOPMPHÎBEFM
UJFNQP FO MB OBSSBDJÓO DPOTJTUF FO MB FMBCPSBDJÓO EF VO UFSDFS UJFNQP ÊTUF TFSÃ FM
NFEJBEPSFOUSFFMUJFNQPIJTUÓSJDPZFMUJFNQPIJTUÓSJDPBMUFSOPRVF3JD’VSZ%FMFV[F
&OFMDPODFQUPJNBHFOUJFNQP
&T JOEJTQFOTBCMF TFS DPOTDJFOUFT EF MB JNQPSUBODJB RVF UJFOF MB NFNPSJB EFM
MFDUPSZBRVFQBSBÊMMBNFNPSJBEFCFNBOUFOFSTFFOFMUJFNQPZQSPDVSBSOPRVFEBS
WPMÃUJM EFOUSP EF VO TJOGÎO EF JNÃHFOFT DPOTUSVJEBT -B NFNPSJB DPNP NFODJPOB
#FUUFUJOJEFCFJOUFHSBSTFBMBIJTUPSJBFOGPSNBEFDSPOPMPHÎBPTVDFTJÓOMBêOBMJEBE
FTRVFTFBDPPQFSBUJWBFOMBDPOTUSVDDJÓOEFVOBEJFHÊTJTUFNQPSBMEFMQBTBEPIBDJB
VOGVUVSP
-BDPODFQDJÓOEFMBNFNPSJBTFSÃFKFDFOUSBMQBSBFOUFOEFSMBDPOTUSVDDJÓO
EFUJFNQPTDPOTBMUPTUFNQPSBMFTFOTVOBSSBDJÓO
%FKBOEPDMBSBTMBTBQPSÎBTRVFTFHFOFSBOFOFMUJQPEFDPOTUSVDDJÓOGÎMNJDBDPO
TBMUPTUFNQPSBMFTMBJOWFTUJHBDJÓOBQMJDÓDBEBVOPEFMBTUFNQPSBMJEBEFTQSPQVFTUBT
BMNBDSPSSFMBUPEFMBTUSFTQFMÎDVMBTBOBMJ[BEBT1PSFMNPNFOUPTÓMPTFNPTUSBSÃMB
DPOTUSVDDJÓOUFNQPSBMEFVOBTFDVFODJBBTÎDPNPMBFTRVFNBUJ[BDJÓOEFMBFTUSVDUVSB
UFNQPSBMZOBSSBUJWBEFMBQFMÎDVMB&GFDUPNBSJQPTBEJSJHJEBQPS&SJD#SFTT
$POTUSVDDJÓOEFMUJFNQPEFMBMFDUVSBMBTFDVFODJBDPNJFO[BFOFMNPNFOUPFORVF
&WBOFOFMQBUJPEFMBDÃSDFMFORVFFTUÃSFDMVJEPJOUFOUBQFSTVBEJSBVOGBOÃUJDPDBUÓMJDP
EFTVDBQBDJEBEEFIBCMBSDPO%JPTBTÎFMQSPUBHPOJTUBMPHSBSÎBSFDVQFSBSMPTEJBSJPT
RVFMFEBOMBDBQBDJEBEEFUSBOTQPSUBSTFFOFMUJFNQP&MGBOÃUJDPMPHSBTFSDPOWFODJEP
EFBDFQUBSMBQSVFCBEF%POOJFZTFEJSJHFOBMBDFMEBEPOEFUJFOFOTFDVFTUSBEPTTVTEJB
SJPT&WBOUPNBVOPEFMPTEJBSJPTZMFFVOUFYUPRVFIBDFSFGFSFODJBBVONPNFOUPEF
TVOJÒF[FOFMLJOEFSFMQSPUBHPOJTUBMPHSBUSBTQPSUBSTFFOFMUJFNQPBFTFNPNFOUPZB
FOFMLJOEFSDMBWBTVTNBOPTFOVOBTFTUBDBTZFOFTFJOTUBOUFSFHSFTBBMBDFMEBEPOEF
MPHSBDPOWFODFSBMSFPDBUÓMJDPEFRVFMBTDJDBUSJDFTFOTVTNBOPTTPOFTUJHNBTEFFTUB
NBOFSBFMSFPBZVEBB&WBOBSFUFOFSBMPTQSFTPTFOGVSFDJEPTRVFUSBUBOEFFOUSBSBMB
DFMEB QBSB JNQFEJS RVF &WBO SFDVQFSF TVT EJBSJPT &WBO SFDVQFSB VO EJBSJP RVF MP
HSBIBDFSRVFTFUSBTQPSUFEFOVFWPFOFMUJFNQPêOBMJ[BMBTFDVFODJB
$POTUSVDDJÓOEFMUJFNQPPCKFUJWPDPNJFO[BTVDPOTUSVDDJÓOEFOUSPEFMUJFNQP
IJTUÓSJDPFOMBTFDVFODJBFORVF&WBOUSBUBEFDPOWFODFSBMDBUÓMJDPEFTVQPEFSQBSB
IBCMBS DPO %JPT MB TFDVFODJB DPOUJOÙB EFTEF FM QBUJP EFM MB DÃSDFM IBDJB VOB EF MBT
DFMEBTEPOEFTFFODPOUSBCBTFDVFTUSBEPVOPEFTVTEJBSJPT"MNPNFOUPFORVF&WBO
MFFTVEJBSJPTFDSFBVOEFTEPCMBNJFOUPEFMBIJTUPSJBBMUJFNQPIJTUÓSJDPBMUFSOPEF
SFHSFTPBMEÎBFORVFSFBMJ[ÓFMEJCVKPZBFTQFDJêDBEPBOUFSJPSNFOUF
&WBODMBWBTVT
NBOPT FO EPT FTUBDBT Z EJSFDUBNFOUF SFHSFTB BM UJFNQP IJTUÓSJDP B MB DFMEB EPOEF
BIPSB FM DBUÓMJDP FOUJFOEF FTBT DJDBUSJDFT DPNP FTUJHNBT Z MP BZVEB B EFUFOFS B MPT
SFPTRVFJOUFOUBCBOFOUSBSBMBDFMEBFOMBRVFTFFODPOUSBCBO-BTFDVFODJBêOBMJ[B
DVBOEP&WBOMFFTVEJBSJPRVFMPUSBTQPSUBTFEBVOOVFWPEFTEPCMBNJFOUPEFUJFNQP
IJTUÓSJDP
BMEÎBFORVF5PNNZNBUBBTVQFSSP
$POTUSVDDJÓOEFMUJFNQPIJTUÓSJDPTFEBBMNPNFOUPFORVFFOFMQBUJPEFMB
DÃSDFM&WBOJOUFOUBQFSTVBEJSBVODBUÓMJDPEFTVQPEFSEFIBCMBSDPO%JPTFTUPMPT
MMFWBBMBDFMEBEPOEFTFFODVFOUSBOMPTEJBSJPTEF&WBOZFMUJFNQPIJTUÓSJDPUJFOFVO
EFTEPCMBNJFOUPBTVOJÒF[&OSFHSFTPBMUJFNQPIJTUÓSJDP&WBOUJFOFEPTDJDBUSJDFT
FO TVT NBOPT IFDIBT QPS ÊM NJTNP FO FM UJFNQP IJTUÓSJDP BMUFSOP
RVF FM DBUÓMJDP
JOUFSQSFUBDPNPFTUJHNBT&WBOMFFTVEJBSJPOVFWBNFOUFZTFEBMBSVQUVSBEFMUJFNQP
IJTUÓSJDPEFMBTFDVFODJB
5JFNQPIJTUÓSJDPBMUFSOP­TUBTFDPOTUSVZFBQBSUJSEFMQSJNFSEFTEPCMBNJFOUP
EFMUJFNQPIJTUÓSJDPFOMBTFDVFODJBEJDIPEFTEPCMBNJFOUPMMFWBB&WBOBTVOJÒF[
EPOEFDMBWBVOBTFTUBDBTFOTVTNBOPTFOFTFJOTUBOUFSFHSFTBBMUJFNQPIJTUÓSJDP
&GFDUPNBSJQPTB
#VUUFSëZ&ĒFDU
1BSB UPEPT BRVFMMPT MFDUPSFT RVF BQSFDJBSPO FTUB TFDVFODJB FYJTUF VOB EJêDVMUBE EF
MFDUVSB DPO SFMBDJÓO B MBT EPT UFNQPSBMJEBEFT DPOUFOJEBT FO FM UJFNQP PCKFUJWP ZB
RVFMPTPCKFUPTRVFMPHSBOIBDFSRVF&WBOTFUSBOTQPSUFFOFMUJFNQPTPOTVTEJBSJPT
.JFOUSBTÊMIBDFMPQPTJCMFQPSDPOWFODFSBMDBUÓMJDPEFTVQPEFSEFIBCMBSDPO%JPT
UPNB TV EJBSJP Z MFF VOB NFNPSJB EF TV OJÒF[ EPOEF FM EJCVKBCB FO FM LJOEFS BTÎ
RVFMPHSBUSBOTQPSUBSTFBFTFNPNFOUP-BFTUSVDUVSBEFQSÊTUBNPEPOEFMBNFNPSJB
EFMMFDUPSFTJOEJTQFOTBCMFFOUSFMBFTUSVDUVSBEFMUJFNQPIJTUÓSJDPZUJFNQPIJTUÓSJDP
BMUFSOPTFSPNQFZBRVF&WBODPNFO[ÓBFTDSJCJSTVEJBSJPQPTUFSJPSNFOUFBMEÎBFO
RVFSFBMJ[ÓFMEJCVKP"TÎRVFMBEJêDVMUBEBMMFFSMBIJTUPSJBFTNÃTHSBOEFQPSRVFFOFM
QMBOPEFMUJFNQPPCKFUJWPFTUFCMBDLPVUUSBUBEFTFSDVCJFSUPDPOVOQMBOPFORVF&WBO
ZBIBCÎBFTDSJUPFTFTVDFTPSPNQJFOEPDPOFMPSEFOMÓHJDPEFMPTFWFOUPT
&TUF UJQP EF CMBDLPVUT TPO DPOTUBOUFT FO EJTUJOUPT NPNFOUPT OBSSBUJWPT HFOF
SBEPTQPSFMUJFNQPIJTUÓSJDPZFMUJFNQPIJTUÓSJDPBMUFSOPFOMBTTFDVFODJBTEFMBTUSFT
QFMÎDVMBTBOBMJ[BEBT-PRVFMMFWBBMBTTJHVJFOUFTDPODMVTJPOFTBDFSDBEFMBDPOTUSVDDJÓO
UFNQPSBM
#BTÃOEPTFFOMBTUFPSÎBTRVFTFNBOFKBSPOBMPMBSHPEFMBJOWFTUJHBDJÓOFTQPTJ
CMF PCTFSWBS RVF FGFDUJWBNFOUF FYJTUFO DVBUSP UFNQPSBMJEBEFT EFOUSP EF MPT êMNFT
JOEFQFOEJFOUFT OPSUFBNFSJDBOPT DPO TBMUPT UFNQPSBMFT FTUVEJBEPT %JDIBT UFNQP
SBMJEBEFT DPSSFTQPOEFOBM UJFNQP EF MB MFDUVSB UJFNQP PCKFUJWP UJFNQP IJTUÓSJDPZ
UJFNQPIJTUÓSJDPBMUFSOPFOVOBNBDSPFTUSVDUVSBZBEFNÃTFOFTUSVDUVSBTEFOUSPEF
MBTTFDVFODJBTPNJDSPFTUSVDUVSBT
&M BQMJDBS MPT DVBUSP NPEFMPT FTUSVDUVSBMFT EFM UJFNQP QFSNJUJÓ PCTFSWBS MB
NBOFSBFOMBRVFVOêMNFDPOTBMUPTUFNQPSBMFTTFDPOTUSVZFMPRVFMMFWÓB
0CTFSWBSRVFMBDPOTUSVDDJÓOEFMUJFNQPIJTUÓSJDPZFMUJFNQPIJTUÓSJDPBM
UFSOPEFOUSPEFMPTêMNFTTFJOUFHSBOBMBIJTUPSJBDPNPVOBGPSNBDSPOPMÓHJDBRVF
DPPQFSBFOVOBTVDFTJÓOEFFWFOUPTEFQBTBEPQSFTFOUFZGVUVSPQFSPRVFUBNCJÊOTF
DPOTUSVZFOMBTEPTUFNQPSBMJEBEFTEFGPSNBJOEFQFOEJFOUF
0CTFSWBSMPTQPTJCMFTFSSPSFTFOMBDPOTUSVDDJÓOEFMUJFNQPPCKFUJWPRVFQVFEF
SFëFKBSTFFOFMUJFNQPEFMBMFDUVSB
0CTFSWBSRVFMBQPTJCJMJEBEEFFSSPSFTNÃTBNQMJBTJOPDPOUFNQMBBTQFDUPT
UBMFTDPNPMBNFNPSJBEFMMFDUPSFOMPTEFTEPCMBNJFOUPTFOUSFFMUJFNQPIJTUÓSJDPZ
UJFNQPIJTUÓSJDPBMUFSOP
1PSMPUBOUPMBTBDUVBMFTGPSNBTEFOBSSBDJÓOTFFOGSFOUBOBVOBOVFWBGPSNB
EF FTUSVDUVSBDJÓO RVF SFRVJFSFO BUFODJÓO FO MB GPSNB FO RVF TF DPOTUJUVZFO FO VO
QMBOPEFMDPOUFOJEPQBSBOPBGFDUBSMPRVFFMMFDUPSMMFHVFBQFSDJCJSFOFMQMBOPEFMB
FYQSFTJÓOPEFMBWJTJÓO
#JCMJPHSBGÎB
#FUUFUJOJ(JBOGSBODP
5JFNQPEFMBFYQSFTJÓODJOFNBUPHSÃêDBMBMÓHJDBUFNQPSBM
EFMPTUFTUBVEJPWJTVBMFT.ÊYJDP'POEPEF$VMUVSB&DPOÓNJDB
$PTUB"OUPOJP
4BCFSWFSFMDJOF#BSDFMPOB1BJEÓT
%FMFV[F(JMMFT
-BJNBHFOUJFNQP#BSDFMPOB1BJEPT
&DP6NCFSUP
-FDUPS*O'BCVMB#BSDFMPOB-VNFO
&JTFOTJUFJO4FSHFJ
&M4FOUJEPEFMDJOF.ÊYJDP4JHMPııĢ
(BVESFBVMU"OESÊ-BTBWFOUVSBTEFVODPODFQUPMBOBSSBUJWJEBE&O$ISJTUJBO.FU[Z
MBUFPSÎBEFMDJOF$PMPRVJPEF$FSJTZ
.BSJOJFMMP4JMWFTUSB1JFS1BPMP1BTPMJOJ$ÃUFESB4JHOPFJNBHFO
3JD’VS1BVM
5JFNQPZOBSSBDJÓO***.ÊYJDP%'4JHMPııĢ
5JFNQPZOBSSBDJÓO.ÊYJDP4JHMPııĢ
Descargar