pt uvzpt mpt n t mpt ovftuspt mbt ovfwbt gspoufsbt ef

5DPNQPSUBNJFOUP
-PTUVZPTMPTNÇPTMPT
OVFTUSPTMBTOVFWBT
GSPOUFSBTEFMBGBNJMJB
™2VÃQBTBDVBOEPMPTTFHVOEPTNBUSJNPOJPTTFTFQBSBO $VBOEPMBTSFMBDJPOFTEFBËPTEFQBESBTUSPTIJKBTUSPTZ
IFSNBOBTUSPTTFBDBCBOZOPIBZMB[PTCJPMÍHJDPTRVFMPT
NBOUFOHBOVOJEPT6OGFOÍNFOPRVFMMFHÍQBSBRVFEBSTF
ZRVFQPESÇBUFOFSJNQMJDBODJBTTPDJBMFTZMFHBMFT
5&950$BSMPT1ÃSF[*-6453"$*0/3BGBFM&EXBSET
-
"&4$&/"FTDBEBWF[N»TIB
CJUVBM$FSFNPOJBEFNBUSJNP
OJP7FTUJEPCMBODP5SBKFFMF
HBOUF3BNP%FVOMBEPVO
IPNCSFEJWPSDJBEPDPOMPTIJ
KPTEFTVQSJNFSBSFMBDJÍO%FM
PUSPVOBNVKFSFOMBNJTNBTJUVBDJÍO*OUF
SBDUÔBODPOWFSTBOTFDPOPDFO$POMPT
BËPTMBTEPTGBNJMJBTTFWVFMWFOVOB-PTIJ
KPTUFSNJOBOIBDJÃOEPTFBNJHPTEFTQVÃTEF
UBOUPTBMNVFS[PTEFEPNJOHPDVNQMFBËPTP
TJNQMFTUBSEFTEFPDJP4FGPSKBOSFMBDJPOFT
EFIJKPTEFIFSNBOPTEFGBNJMJB
:EFSFQFOUFMBQBSFKBTFTFQBSB
&OUPODFTUPEPTFTPTQBSJFOUFTQBTBOBTFS
FYQBSJFOUFT1FSPTJOMB[PTCJPMÍHJDPTPMFHB
MFTRVFMPTPCMJHVFOBNBOUFOFSFMDPOUBDUP
&TBIÇEPOEFTVSHFOQSFHVOUBT™%FCPTFHVJS
ZFOEPBMFTUBEJPDPONJFYQBESBTUSP ÃMNF
MMFWÍQPSQSJNFSBWF[QFSPZBOPFTU»DPONJ
NBN»™5JFOFTFOUJEPJOWJUBSBNJFYIFSNB
OBTUSBBMNBUSJNPOJP DPNQBSUJNPTDJODP
BËPTQJF[BQFSPZBOPOPTWFNPT™5FOHP
RVFTFHVJSMMBNBOEPQBSBTVDVNQMFBËPTBMB
NBN»EFNJFYQBESBTUSP 6OFTUVEJPEF1FX3FTFBSDINPTUSÍRVF
EFMPTBEVMUPTFO&TUBEPT6OJEPTSFDP
OPDFOMBGJHVSBEFBMNFOPTVOQBESBTUSPFO
TVWJEB4FTVNBRVFMPTTFHVOEPTNBUSJNP
OJPTUJFOFON»TQSPCBCJMJEBEFTEFUFSNJOBS
FOEJWPSDJPRVFMPTQSJNFSPTWFSTVT
™5FSDFSBTOVQDJBT EFGSBDBTPT:
FO$IJMFOPFTEJGFSFOUF%BUPTEFMB&ODVFTUB
EF1SPUFDDJÍO4PDJBMNVFTUSBORVFEF
MPTTFQBSBEPTWVFMWFBDBTBSTFPDPOWJWJS
BQSPYJNBEBNFOUFNJMQFSTPOBT
:EF
ÃTUPTTFWVFMWFBEJWPSDJBS
-BMFZEFNBUSJNPOJPDJWJMJNQVMTÍMBDJGSB
EFMPTRVFWBOQPSPUSBPQPSUVOJEBE4FHÔO
EBUPTEFM3FHJTUSP$JWJMFOFSBO
MPTIPNCSFTDIJMFOPTRVFTFDBTBCBOQPSTF
HVOEBWF[QPSUFSDFSBVOPQPSDVBSUBZ
VOPQPSRVJOUBPN»T-BDPNQBSBDJÍODPO
FTJNQMBDBCMFIPNCSFTTFDBTB
SPOQPSTFHVOEBWF[QPSUFSDFSBQPS
DVBSUBZUSFTQPSRVJOUBPN»T
$MBVEJB$»DFSFTUFSBQFVUBGBNJMJBSEFM%F
QBSUBNFOUPEF%JWPSDJPZ'BNJMJBT&OTBN
CMBEBTEFM*OTUJUVUP$IJMFOPEF5FSBQJB'BNJ
MJBSDVFOUBRVFIBDFBËPTDVBOEPGVOEB
SPOFTBSFQBSUJDJÍOFTUBDPOTUJUVDJÍO
GBNJMJBSFSBVOUFNBFNFSHFOUFo)PZFO
DBNCJPFTDPNÔO&MBVNFOUPIBIFDIPRVF
FMDPODFQUPEFGBNJMJBTFWBZBBKVTUBOEPB
FTUBSFBMJEBE/PIBZFTUBEÇTUJDBTPGJDJBMFTEF
GBNJMJBTFOTBNCMBEBTBTÇRVFNFOPTWBOB
IBCFSEFDV»OUPTEFFMMPTTFTFQBSBOQFSPFT
DMBSPRVFFOVOUJFNQPN»TWBOBTFSMB
DPNQPTJDJÍOEPNJOBOUFQPSMFKPTpEJDF"TÇ
MPBTVNFUBNCJÃO"OESFX+$IFSMJOQSPGF
TPSEFTPDJPMPHÇBZQPMÇUJDBTQÔCMJDBTEFMB6
+PIOT)PQLJOTZBVUPSEF&MHJSPEFMNBUSJ
NPOJPFMFTUBEPEFMNBUSJNPOJPZMBGBNJMJB
IPZFO"NÃSJDBRVJFOEFGJOJÍFMGFOÍNFOP
FO/FX:PSL5JNFTDPNPoVO»SFBSFBMNFOUF
OVFWBFOMBGSPOUFSBEFMBWJEBGBNJMJBSZFM
QBSFOUFTDPp
'BNJMJBd™GBNJMJB 5PEPFTUPMMFWÍBMPTJOWFTUJHBEPSFT.BSJMZO
5&/%&/$*"4]@5H9F79F5]4»CBEPEFPDUVCSFEF
$PMFNBOZ-BXSFODF)(BOPOHEFM%FQBS
UBNFOUPEF%FTBSSPMMP)VNBOPZ&TUVEJPT
'BNJMJBSFTEFMB6EF.JTTPVSJBFOUSFWJTUBS
BQFSTPOBTFOUSFZBËPTDPOFYQB
ESBTUSPTo5FOÇBNPTDVSJPTJEBEQPSTBCFS
RVÃTVDFEFDVBOEPIBZTFQBSBDJPOFTFOUSF
QBESFTCJPMÍHJDPTZMPTQBESBTUSPTpEJDFB-B
5FSDFSB.BSJMZO$PMFNBO:MPRVFFODPOUSB
SPOGVFRVFMBNBZPSÇBEFMPTBEVMUPTRVFFO
GSFOUBOFTUBTJUVBDJÍOTFQVFEFODMBTJGJDBSFO
USFTDBUFHPSÇBTQPSMBGPSNBFORVFQFSDJCFO
MBSFMBDJÍODPOTVTFYQBESBTUSPT
-BQSJNFSBFTMBSFMBDJÍOo/PFYQSFTBEBp
RVJFOFTOVODBDPOTJEFSBSPOBMQBESBTUSP
DPNPVOGBNJMJBSHFOFSBMNFOUFQPSRVFÃTUF
QBSUJDJQÍEFTVWJEBQPDPUJFNQPPDVBOEP
FSBONVZDIJDPT-PTo3FDIB[BEPTpRVJFOFT
DPOTJEFSBCBOBMFYQBESBTUSPDPNPVOGBNJ
MJBSEVSBOUFFMNBUSJNPOJPQFSPEFTQVÃTEFM
EJWPSDJPZBOPNVDIBTWFDFTUFOJFOEPPQJ
OJPOFTOFHBUJWBTEFÃTUFQPSNBMBSFMBDJÍOP
JOGMVFODJBGBNJMJBS:GJOBMNFOUFFTU»OMBTSF
MBDJPOFTo&YQSFTBEBTpEFRVJFOFTSFDPOPDFO
BTVFYQBESBTUSPDPNPVOBGJHVSBSFMFWBOUF
DPNÔONFOUFEFCJEPBRVFÃTUPTGVFSPOMPT
ÔOJDPTQBESBTUSPTFOTVTWJEBTFTUVWJFSPO
QSFTFOUFTDVBOEPUSBOTJUBCBOMPTVBËPT
ZQPSCBTUBOUFUJFNQP&OFTUFDBTPFMFYQB
ESBTUSPTJHVFTJFOEPQBSUFEFTVTWJEBT
&TFMDBTPEF$BSNFOZ+BJNFRVJFOFTTF
DBTBSPOFO&MUFOÇBEPTIJKBT/BUBMJB
Z4VTBOB
&MMBB(MPSJB
&O
OBDJÍ+PTFGJOBMBIJKBEFBNCPT-BTEPTNF
OPSFTWJWÇBODPOFMMPTFOFMIPHBSGBNJMJBS
)BTUBRVFBMPTTJFUFBËPTEFNBUSJNPOJPTF
TFQBSBSPO"VORVFMBSFMBDJÍOEF+BJNFDPO
(MPSJBDPOUJOVÍ&MMFEJPNFTBEBEVSBOUFMB
BEPMFTDFODJBFYBNJOÍBTVQSJNFSQPMPMPMB
MMFWÍEFWBDBDJPOFTBTJTUJÍBTVTHSBEVBDJP
OFTEFMDPMFHJPZMBVOJWFSTJEBE)PZMBKPWFO
EFBËPTMFEJDFoQBQ»pZÃMMBDPOTJEFSB
VOBN»TEFTVTDVBUSPIJKBT-BTIFSNBOBT
USBTNBOUJFOFODPOUBDUPFTU»OQSFTFOUFTFO
MPTDVNQMFBËPTNBUSJNPOJPTZOBDJNJFOUPT
4JHVFOTJFOEPVOBGBNJMJBo1BSBFMEÇBEFM
QBESFMBTDVBUSPKVOUBOQMBUBQBSBVOSFHBMP
ÔOJDPpDVFOUB$BSNFO
/PFTSBSPRVFFTUBTSFMBDJPOFTQFSEVSFOFO
FMUJFNQP$PMFNBOFYQMJDBRVFDVBOEPMPT
EJWPSDJPTTFQSPEVDFODPOMPTIJKPTFOFEB
EFTDFSDBOBTBMPTBËPTMPTMB[PTOPTFWFO
EFCJMJUBEPTo%FIFDIPDVBOEPTFUJFOFVOB
SFMBDJÍONVZFTUSFDIBDPOFMFYQBESBTUSP
IBZWBSJPTDBTPTFORVFMPTKÍWFOFTQBTBO
N»TUJFNQPDPOFMMPTRVFDPOTVTGBNJMJBSFT
CJPMÍHJDPTpEJDFMBJOWFTUJHBEPSB"VORVF
QBSBMPTOJËPTFMEJTUBODJBNJFOUPUBNCJÃO
QVFEFTFSNVZUSBVN»UJDPo$VBOEPTPON»T
DIJDPTFOUSFVOPZTJFUFBËPTTFQSPEVDFVO
WÇODVMPZBQFHPNVZTJHOJGJDBUJWPZMBTFQB
SBDJÍOEFTQVÃTEFFTPTBËPTPQFSBDPNPVOB
QÃSEJEBFNPDJPOBMTJNJMBSBMBEFVOQBESF
CJPMÍHJDPpEJDF$»DFSFT
"MFKBNJFOUP
1FSPOPUPEBTTPOIJTUPSJBTGFMJDFT$PNPMB
EF'FSOBOEP
Z,BSMB
RVFGVFSPOGB
NJMJBQPSBËPTo4JFNQSFOPTMMFWBNPT
CJFOÃMGVFMBJNBHFOQBUFSOBDPOMBRVFDSF
DÇZBVORVFTBCÇBRVFOPFSBNJQBQ»MPDPO
TJEFSBCBQBSUFEFNJGBNJMJB1FSPEFTEFRVF
TFTFQBSÍEFNJNBN»MBSFMBDJÍODBNCJÍ
NFEJDVFOUBEFRVFIBCÇBDPTBTEFÃMRVFOP
NFHVTUBCBO"EFN»TTFQPSUÍNBMDPONJ
NBN»)PZTPMPIBCMBNPTDVBOEPWJFOFB
CVTDBSBNJIFSNBOPpDVFOUB,BSMB
"OUPOJB3BJFTUBNCJÃOEFM*OTUJUVUP$IJMF
OPEF5FSBQJB'BNJMJBSDVFOUBRVFFMBMFKB
NJFOUPFTMPRVFN»TTFWFFOMBTDPOTVMUBT
DPOQBESBTUSPTRVFBMQSJODJQJPNVFTUSBO
CVFOBTJOUFODJPOFTQBSBOPSPNQFSFMMB[P
QFSPRVFDPOFMUJFNQPTFEBODVFOUBEFMP
EJGÇDJMRVFFTNBOUFOFSDPOUBDUPBMOPIBCFS
WÇODVMPCJPMÍHJDPOJMFHBM
0USBTWFDFTMBTSFMBDJPOFTTFWVFMWFON»T
DPNQMFKBT"TÇMFQBTÍB$BSMPT
RVJFOWJ
WJÍDPO*HOBDJP
DVBOEPFTUFFTUVEJBOUF
EFEFSFDIPUFOÇBFOUSFDJODPZBËPT:B
QFTBSEFRVFIBTUBIPZTFSFÔOFOEPTWFDFTBM
NFTIVCPVOIJUPRVFNBSDÍTVSFMBDJÍO
QPTTFQBSBDJÍOo.FFOPKÃNVDIPDVBOEPOP
NFJOWJUÍBMBGJFTUBEFTVOVFWPNBUSJNPOJP
1FSPEFTQVÃTFOUFOEÇRVFN»TBMM»EFMDBSJ
ËPRVFOPTUFOFNPTOPTPNPTQBSUFEFVOB
GBNJMJBEJSFDUBpSFGMFYJPOB*HOBDJP
&TBD»EPOEFMBTJUVBDJÍOTFUPSOBDPNQMFKB
QPOJFOEPBQSVFCBRVÃUBOGVFSUFTFSBOMPT
MB[PTGPSKBEPTQPSBËPTo-BTSFBDDJPOFTTPO
NVZWBSJBCMFT1BSBNBOUFOFSMBSFMBDJÍOBO
UJHVBMPTNJFNCSPTEFMBGBNJMJBUJFOFORVF
USBCBKBSEVSP7JÃOEPTFDPOSFHVMBSJEBEZ
BZVE»OEPTFNVUVBNFOUFpEJDFB-B5FSDFSB
"OESFX+$IFSMJO
-PTFTQFDJBMJTUBTDPODVFSEBOFORVFFTUF
DBNCJPTPDJBMMMFHÍQBSBRVFEBSTFIBDJFOEP
RVFBMBUSBEJDJPOBMGPUPHSBGÇBEFMBNBN»
FMQBQ»MPTIJKPTZFMQFSSPTFTVNFOOVF
WPTBDUPSFTDPNPMBNBESBTUSBZTVTIJKPT
"MHPRVFBGVUVSPQPESÇBUFOFSUBNCJÃOJN
QMJDBODJBTMFHBMFT
o-PTOJËPTUJFOFON»TEFEPTGJHVSBTQB
SFOUBMFTFOTVWJEB4JOFNCBSHPFMTJTUFNB
MFHBMBÔOOPSFDPOPDFFTUFDBNCJPFOMBTFT
USVDUVSBTGBNJMJBSFTpEJDF$PMFNBO:FT
QPTJCMFRVFQSPOUPMMFHVFFMEÇBFORVFFM
TJTUFNBMFHBMUFOHBRVFIBDFSTFDBSHPEF
FTUBSFBMJEBEFOUSFHBOEPQPSFKFNQMPFM
EFSFDIPEFWJTJUBBVOFYIJKBTUSP