86I6AD<D<:C:G6A:
<:C:G6A86I6AD<J:
AÉ6O>:C96
7>A6C8>DHD8>6A:
I=:8DBE6CN
HD8>6A688DJCI>C<
B>HH>DC
>c 9ZaaV GdkZgZ XgZ^Vbd VbW^Zci^ Y^ aVkdgd eZchVi^ eZg aÉjdbd Z eZg
^a hjd WZcZhhZgZ! jcZcYd higjbZci^ fjVa^ g^XZgXV iZXcdad\^XV! YZh^\c
^iVa^VcdZeZg^o^VVgi^\^VcVaZXdcjcVXVeVX^i|egdYjii^kV^cYjhig^VaZV
WVhhd^beViidVbW^ZciVaZ#
H^VbdXdchVeZkda^Y^ZhhZgZ[Vjidg^Y^jcegdXZhhdZkdaji^kdX]ZXd^ckda"
\Zjdb^c^ZYdccZ!X]ZVXXgZhXdcdaVadgdXdbeZiZcoVcZaaVg^hdajo^dcZ
YZ^egdWaZb^hjaaVWVhZY^ZheZg^ZcoZgZVa^!k^kZcYdfjdi^Y^VcVbZciZ\a^
VbW^Zci^YVcd^egd\ZiiVi^ZgZVa^ooVi^#
>c9ZaaVGdkZgZlZXgZViZldg`Zck^gdcbZcihYZh^\cZY[dgbVcVcY
]^hlZaaWZ^c\!XdbW^c^c\^chigjbZcihhjX]VhiZX]cdad\^XVagZhZVgX]!
>iVa^VcYZh^\cVcYXgV[iZmeZgi^hZl^i]Vc^cYjhig^VaegdYjXi^kZXVeVX^in
d[adlZck^gdcbZciVa^beVXi#
LZVgZVlVgZd[WZ^c\egdbdiZghd[VcZkdaji^dcVgnegdXZhh^ckdak^c\
bZcVcYldbZc!^cXgZVh^c\i]Z^gXdbeZiZcXZ^ci]Zhdaji^dcd[egdWaZbh
dci]ZWVh^hd[gZVaZmeZg^ZcXZ!Wna^k^c\YV^anVbdc\i]ZZck^gdcbZcih
lZ]VkZYZh^\cZYVcYXgZViZY#
E=>ADHDE=N
H^VbdjcÉVo^ZcYV[ViiVY^eZghdcZZaVkdg^VbdXdcjciZVbY^eVgicZgh
hZaZo^dcVi^Ä[dgc^idg^!igVhedgiVidg^!g^kZcY^idg^ZYZVaZgh"cZag^heZiid
YZaaZXdbeZiZcoZ^cY^k^YjVa^#
>[dgi^gVeedgi^jbVc^iZc\dcdjc^iVaVgZiZ[dgbViVYVV\Zci^!Xa^Zci^!
VgX]^iZii^ZXdaaVWdgVidg^X]ZcZ\a^Vcc^h^ƒXdchda^YViVigVhbZiiZcYdX^
ZheZg^ZcoZZk^h^dc^X]ZhiVccdVaaVWVhZYZacdhigdhjXXZhhd#
AVcdhigVVii^k^i|ƒedgiVig^XZY^XVbW^VbZcidh^VcZaaVk^iVYZ^cdhig^
jiZci^ X]Z VaaÉ^ciZgcd YZa cdhigd iZVb0 h^XjgZooV! Zi^XV Z g^heZiid YZ^
kVadg^ jbVc^ hdcd eg^cX^e^ ZhhZco^Va^! h^V ^c j[ÒX^d X]Z ^c [VWWg^XV#
KVadg^oo^Vbd aZ g^hdghZ jbVcZ Ä ^ciZgcZ ZY ZhiZgcZ " ViigVkZghd aV
[dgbVo^dcZ! Va ÒcZ Y^ V[[ZgbVgZ hZbegZ e^‘ cZ\a^ Vcc^ aV cdhigV
edh^o^dcZcZabdcYdYZaYZh^\cZYZaaÉVggZYdeZgaÉj[ÒX^d#
LZVgZVXdbeVcnbVYZd[eZdeaZVcYlZldg`l^i]ViZVbd[hZaZXiZY
eVgicZghÄhjeea^Zgh!h]^eeZgh!gZiV^aZghVcYYZVaZghÄ^c[jaagZheZXid[
ZVX]^cY^k^YjVaÉhh`^aahVcYVji]dg^in#
I]Z higdc\ ^ciZgeZghdcVa gZaVi^dch]^eh `ZZe i]Z cZildg` d[ V\Zcih!
Xa^Zcih! VgX]^iZXih VcY XdaaVWdgVidgh jc^iZY VcY dkZg i]Z nZVgh i]^h
cZildg` ]Vh \gdlc higdc\! egdk^Y^c\ jh l^i] ZmeZg^ZcXZ VcY k^h^dc
l]^X]VgZVii]Z[djcYVi^dcd[djghjXXZhh#DjgWjh^cZhhWg^c\hX]Vc\Z
Wdi]idi]Za^kZhd[djgXa^ZcihVhlZaaVhiddjgiZVb0hV[Zin!Zi]^XhVcY
VgZheZXi[dg]jbVckVajZhVgZ^ihZhhZci^Vaeg^cX^eaZh#
LZjhZ]jbVcgZhdjgXZhÄ^ciZgcVaVcYZmiZgcVaÄiddjgWZhiVYkVciV\Z!
i]gdj\] igV^c^c\! id ^cXgZVhZ djg XVeVW^a^i^Zh VcY h`^aah VcY id bdgZ
higdc\anV[Ògbdjgedh^i^dc^ci]ZldgaYd[YZh^\cVcY[jgc^h]^c\h#
AÉ^begZhV d\\^ ]V Vhhjcid cjdkZ gZhedchVW^a^i|! ^c gV\^dcZ YZaaÉji^a^i|
hdX^VaZ YZaaV hjV Vii^k^i| ZXdcdb^XV Z YZa WZcZhhZgZ egdbdhhd YVaaZ
g^hdghZX]ZegdYjXZZY^hig^Wj^hXZZY^Xj^aÉ^ciZgVXdaaZii^k^i|WZcZÒX^V#
CjdkZ ÒcVa^i| hdX^Va^! YjcfjZ! cZaaV \Zhi^dcZ YZaaÉ^begZhV X]Z cdc
XdcigVhiVcd Xdc \a^ dW^Zii^k^ ZXdcdb^X^! bV cZ dg^ZciVcd aZ hXZaiZ
^c [jco^dcZ Y^ eg^cX^e^ Zi^X^! kZghd aZ Y^kZghZ XViZ\dg^Z hdX^Va^! kZghd
aÉVbW^ZciZZ!e^‘^c\ZcZgVaZ!kZghdaVfjVa^i|YZaaVk^iV#
9V fjZhiV Zh^\ZcoV Y^ ^ciZ\gVgZ cZaaV \Zhi^dcZ ^begZcY^idg^VaZ aV
Y^bZch^dcZYZaaVZXdcdb^X^i|XdcfjZaaVYZaaVhdX^Va^i|ƒcViVaÉjaiZg^dgZ
Zh^\ZcoV Y^ gZcYZgZ Zhea^X^id ^a gZcY^Xdcid YZaaZ Vo^dc^ ^cigVegZhZ!
bdhigVcYdXdbZZhhZh^VcdXdZgZci^Xdc^kVadg^YÉ^begZhVY^X]^VgVi^#
>a7^aVcX^dhdX^VaZ!^cfjZhidhZchd!]VgZhde^‘k^h^W^aZZegVi^XVW^aZaV
egVhh^YZaaVGZhedchVW^a^i|hdX^VaZY^^begZhV!Xdhi^ijZcYdjcegZo^dhd
higjbZcidY^Xdbjc^XVo^dcZ!Y^kZg^ÒXVZY^\Zhi^dcZ/ZhhdXdchZciZ!
^c[Vii^!Y^bdc^idgVgZZXdbjc^XVgZXdcigVheVgZcoVaZeda^i^X]ZgZVa^o"
oViZeZgXdhigj^gZjcY^Vad\dZ[ÒXVXZXdc\a^^ciZgadXjidg^Y^g^[Zg^bZcid
hiV`Z]daYZgZVaiZbedhiZhhdY^b^hjgVgZaVeZg[dgbVcXZZXdcdb^XV
ZhdX^VaZYZaaÉVo^ZcYV!egd\gVbbVcYdVaaÉdXXdggZcoV^ciZgkZci^Y^b^"
\a^dgVbZcid#
>a7^aVcX^dhdX^VaZ'%%,YZa<gjeed;7A"9ZaaVGdkZgZƒhiVidegZY^hed"
hid hZ\jZcYd ^a bdYZaad egdedhid YVa <gjeed Y^ hijY^d eZg ^a 7^aVcX^d
HdX^VaZ <7H/ iVaZ bdYZaad! X]Z ƒ fjZaad bV\\^dgbZciZ Veea^XVid ^c
>iVa^V!ƒhiVidZaVWdgVidYVjc\gjeed^ciZgY^hX^ea^cVgZXj^]VccdVYZ"
g^id YdXZci^ jc^kZgh^iVg^! egd[Zhh^dc^hi^! hdX^Zi| Y^ gZk^h^dcZ! hijY^dh^ Y^
Xdbjc^XVo^dcZZYZheZgi^Y^7^aVcX^dhdX^VaZ#
IdYVni]ZZciZgeg^hZ]VhiV`ZcdccZlgZhedch^W^a^i^Zh!^ca^\]id[i]ZhdX^Va
kVajZ d[ ^ih ZXdcdb^X Wjh^cZhh VcY d[ i]Z egdheZg^in egdbdiZY Wn i]Z
gZhdjgXZh^iegdYjXZhVcYY^hig^WjiZhVcYl]^X]i]Z\ZcZgVaejWa^XWZcZÒih
[gdb#CZlhdX^Va\dVah!i]ZgZ[dgZ!^ci]ZbVcV\ZbZcid[i]ZZciZgeg^hZ
l]^X]VgZcdi^cXdcigVhil^i]i]ZZXdcdb^XdW_ZXi^kZh!Wjil]^X]dg^Zci
X]d^XZh^c[jcXi^dcd[Zi]^XVaeg^cX^eaZhidlVgYhi]ZkVg^djhhdX^VaWgVX`Zih!
idlVgYhi]ZZck^gdcbZciVcY!bdgZ\ZcZgVaan!idlVgYhi]ZfjVa^ind[a^[Z#
I]^h cZZY id Wg^c\ id\Zi]Zg i]Z ZXdcdb^X VcY hdX^Va Y^bZch^dch ^c
ZcigZegZcZjg^VabVcV\ZbZci\VkZg^hZidi]Z[jgi]ZgcZZYid\^kZVXaZVg
VXXdjci^c\d[i]ZVXi^dchiV`Zc!h]dl^c\]dli]ZhZVXi^dchVgZXd]ZgZci
l^i]i]ZZciZgeg^hZÉhYZXaVgZYkVajZh#
I]ZHdX^Va7VaVcXZ!^ci]^hhZchZ!]VhbVYZi]ZegVm^hd[:cigZegZcZjg^Va
HdX^VaGZhedch^W^a^inbdgZk^h^WaZVcYVXXZhh^WaZ!Xdchi^iji^c\VegZX^djh
bZVchd[Xdbbjc^XVi^dc!kZg^ÒXVi^dcVcYbVcV\ZbZci/^c[VXi!^ibV`Zh
^iedhh^WaZidbdc^idgVcYegdbdiZ!l^i]igVcheVgZcXn!i]Zeda^X^ZhXgZViZY
id XdchigjXi Vc Z[[ZXi^kZ Y^Vad\jZ l^i] i]Z ^ciZgadXjidgh d[ gZ[ZgZcXZ
hiV`Z]daYZgh l]^aZ ^i bZVhjgZh i]Z ZXdcdb^X VcY hdX^Va eZg[dgbVcXZ
d[ i]Z ZciZgeg^hZ! egd\gVbb^c\! l]Zc cZXZhhVgn! bZVhjgZh V^bZY Vi
^begdkZbZci#
I]Z'%%,;7A"9ZaaVGdkZgZHdX^Va7VaVcXZ]VhWZZcVggVc\ZYWVhZYdc
i]ZbdYZaegdedhZYWni]ZHdX^Va7VaVcXZHijYn<gdjeH7H</i]^hbdYZa!
l]^X] ^h i]Z bdhi Xdbbdcan Veea^ZY ^c >iVan! ]Vh WZZc YZkZadeZY Wn Vc
^ciZgY^hX^ea^cVgn \gdje bVYZ je d[ Jc^kZgh^in Egd[Zhhdgh! Egd[Zhh^dcVah!
6jY^i^c\ 8dbeVc^Zh! 8dbbjc^XVi^dch HX]daVgh VcY HdX^Va 7VaVcXZ
ZmeZgih#
K>H>DC
8dc^j\VgZhXZaiZZg^hjaiVi^ZXdcdb^X^V\a^VheZii^Zi^X^YZaaVkdgd!kZYZgZ
^aXVe^iVa^hbd[Vb^a^VgZfjVaZejcidY^eVgiZcoVeZggV\\^jc\ZgZjcV
\Zhi^dcZbVcV\Zg^VaZdg^ZciViVVaaVXgZVo^dcZZYVag^heZiidYZ^kVadg^#
)
8dbW^c^c\ ZXdcdb^X X]d^XZh VcY gZhjaih l^i] i]Z Zi]^XVa VheZXih
d[ ldg` VcY hZZ^c\ [Vb^an XVe^iVa^hb Vh i]Z ed^ci d[ YZeVgijgZ [dg
VX]^Zk^c\ bVcV\Zg^Va VYb^c^higVi^dc Y^gZXiZY Vi i]Z XgZVi^dc VcY
gZheZXi[dgkVajZh#
*
>CDHIG>K6ADG>
>AE>6CDHIG6I:<>8D
I=:K6AJ:H
I=:HIG6I:<>8EA6C
9ZaaVGdkZgZ^cY^k^YjVegZX^h^kVadg^Y^g^[Zg^bZcidVaaVWVhZYZ^egdeg^
XdbedgiVbZci^ZYZaaZhXZaiZhigViZ\^X]ZViijViZ#
IVa^eg^cX^e^!X]ZXdhi^ij^hXdcdaZ[dcYVbZciVYZaadhk^ajeedYZaaZYjZ
Vo^ZcYZ!g^XdcdhXdcdcZaaÉZaZbZcidjbVcdaVeg^cX^eVaZXdbedcZciZ
Y^fjZaaVXjaijgVVo^ZcYVaZX]ZaÉ]VYVhZbegZXdcigVYY^hi^ciV#
9ZaaVGdkZgZ^YZci^ÒZhegZX^hZgZ[ZgZcXZkVajZhl]^X]VgZVii]Z[djcYVi^dc
d[i]Z\gdjeÉhWZ]Vk^djgVcYi]ZhigViZ\^XX]d^XZh^ibV`Zh#
I]ZhZeg^cX^eaZh!l]^X]Xdchi^ijiZi]ZWVh^h[dgi]ZYZkZadebZcid[i]Z
ildXdbeVc^Zh!hZZi]Z]jbVcZaZbZciVhi]ZbV^cXdbedcZci^ci]Z
ineZd[XdgedgViZXjaijgZl]^X]]VhValVnhY^hi^c\j^h]ZYi]Z<gdje#
>CCDK6O>DC:$>CCDK6I>DC
9ZaaVGdkZgZXdch^YZgVaVg^XZgXVZaVgZVa^ooVo^dcZY^cjdkZhdajo^dc^
iZXcdad\^X]ZjcVaZkV[dcYVbZciVaZeZgb^\a^dgVgZaVegdeg^VXdbeZi^"
i^k^i|#AÉ^ccdkVo^dcZY^egdXZhhdZY^egdYdiid]VaÉdW^Zii^kd[dcYVbZciVaZ
Y^b^\a^dgVgZaVfjVa^i|YZaaÉd[[ZgiV!XdbW^cVcYdhk^ajeediZXcdad\^XdZ
hdhiZc^W^a^i|#
9ZaaVGdkZgZXdch^YZghgZhZVgX]VcYi]ZgZVa^hVi^dcd[cZliZX]cdad\^XVa
hdaji^dch[jcYVbZciVa^c^begdk^c\^ihXdbeZi^i^kZcZhh#
I]Z ^ccdkVi^dc d[ egdYjXi VcY egdXZhh ]Vh i]Z [jcYVbZciVa \dVa d[
^begdk^c\i]ZfjVa^ind[i]Zd[[Zg^c\!XdbW^c^c\iZX]cdad\^XVaYZkZadebZci
VcYhjhiV^cVW^a^in#
:;;>868>6:9:;;>8>:CO6$:;;:8I>K:C:HH6C9:;;>8>:C8N
9ZaaVGdkZgZbdc^idgVXdhiVciZbZciZ^a^kZaa^Y^Z[ÒX^ZcoVZYZ[ÒXVX^V
YZ^egdeg^egdXZhh^!^cjcdii^XVY^b^\a^dgVbZcidXdci^cjdYZaaZeZg[dg"
bVcXZZYZaaVfjVa^i|YZ^egdYdii^d[[Zgi^#
9ZaaV GdkZgZ XdchiVcian bdc^idgh i]Z aZkZah d[ Z[[ZXi^kZcZhh VcY
Z[ÒX^ZcXn d[ ^ih egdXZhhZh l^i] i]Z ejgedhZ d[ Xdci^cjdjhan ^begdk^c\
i]ZeZg[dgbVcXZVcYfjVa^ind[i]ZegdYjXihd[[ZgZY#
8:CIG6A>I¿9:AA6E:GHDC6$I=:>BEDGI6C8:D;I=:>C9>K>9J6A
9ZaaV GdkZgZ h^ ^beZ\cV V g^heZiiVgZ aÉ^ciZ\g^i| Òh^XV! XjaijgVaZ Z
bdgVaZ Y^ ijiiZ aZ eZghdcZ Xdc Xj^ h^ gZaVo^dcV# AV XZcigVa^i| YZaaV
eZghdcVh^Zheg^bZ^ceVgi^XdaVgZViigVkZghdaVkVadg^ooVo^dcZYZ^egdeg^
XdaaVWdgVidg^! aÉVhXdaid YZaaZ VheZiiVi^kZ YZ^ Xa^Zci^ eZg hdYY^h[VgcZ
^ W^hd\c^! aV XdggZiiZooV cZ\do^VaZ cZ^ Xdc[gdci^ YZ^ [dgc^idg^ Z YZ\a^
V\Zci^#
9ZaaV GdkZgZ ^h Xdbb^iiZY id gZheZXi^c\ i]Z e]nh^XVa! XjaijgVa VcY
bdgVa^ciZ\g^ind[ZVX]eZghdc^i^ciZgVXihl^i]#I]Z^bedgiVcXZd[i]Z
^cY^k^YjVa ^h eVgi^XjaVgan ZmegZhhZY i]gdj\] i]Z YZkZadebZci d[ ^ih
XdaaVWdgVidgh!Wna^hiZc^c\idi]ZXa^ZcihÉZmeZXiVi^dchidWZiiZgbZZi
i]Z^gcZZYh!i]gdj\]Zi]^XVacZ\di^Vi^dchl^i]hjeea^ZghVcYV\Zcih#
6iigVkZghdaVg^XZgXVY^jcYZh^\c^c\gVYdY^Xdc^j\VgZZaZ\VcoVZ[jc"
o^dcVa^i|!aÉViiZco^dcZVaaVhZaZo^dcZYZ^bViZg^Va^ZaVkVadg^ooVo^dcZY^
ijiiZaZgZaVo^dc^X]Zh^hk^ajeeVcdajc\daVXViZcVYZaaVegdYjo^dcZ!
9ZaaVGdkZgZ\VgVci^hXZaVfjVa^i|YZ^egdYdii^gZVa^ooVi^ZaVhdYY^h[V"
o^dcZYZaaVegdeg^VXa^ZciZaV#
I]gdj\] i]Z hZVgX] [dg V YZh^\c XVeVWaZ d[ XdbW^c^c\ ZaZ\VcXZ
VcY [jcXi^dcVa^in! V XVgZ[ja hZaZXi^dc d[ i]Z bViZg^Vah jhZY VcY i]Z
^begdkZbZcid[Vaad[i]ZgZaVi^dch]^ehl]^X]YZkZadeVadc\i]Zhjeean
X]V^c!9ZaaVGdkZgZ\jVgVciZZi]ZfjVa^ind[i]ZegdYjXihXgZViZYVcY
i]ZhVi^h[VXi^dcd[i]Z^gXa^ZciZaZ#
6a ÒcZ Y^ VXXgZhXZgZ aV egdeg^V aZVYZgh]^e VaaÉ^ciZgcd YZa hZiidgZ YZa
bdW^aZ Z YZaaÉVggZYd! 9ZaaV GdkZgZ ]V ^cY^k^YjVid cZaad heZX^ÒXd aZ
hZ\jZci^a^cZZhigViZ\^X]Z/
>cdgYZgid^cXgZVhZi]Z^gaZVYZgh]^el^i]^ci]Z[jgc^ijgZVcYVXXZhhdg^Zh
hZXidg!9ZaaVGdkZgZ]VkZheZX^ÒXVaan^YZci^ÒZYi]Z[daadl^c\higViZ\^X
a^cZh/
"ViiZciVhZaZo^dcZYZ^XVcVa^ZYZaaZbdYVa^i|Y^Xdbjc^XVo^dcZeZgaV
Xdhigjo^dcZY^jcÉ^bbV\^cZg^XdcdhX^W^aZZ[dgiZbZciZaZ\ViVVaaÉZhiZi^XV
YZ^egdYdii^d[[Zgi^0
"XVgZ[jahZaZXi^dcd[Xdbbjc^XVi^dcX]VccZahVcYegdXZYjgZh[dgi]Z
XgZVi^dc d[ V gZXd\c^hVWaZ ^bV\Z higdc\an a^c`ZY id i]Z VZhi]Zi^Xh d[
i]ZegdYjXihd[[ZgZY0
"Xdhigjo^dcZY^eVgicZgh]^ehiVW^a^Xdcg^kZcY^idg^hZaZo^dcVi^0
"i]ZXdchigjXi^dcd[hiVWaZeVgicZgh]^ehl^i]hZaZXiZYgZiV^aZgh0
" Xdchda^YVbZcid YZaaV egdeg^V egZhZcoV hja bZgXVid cVo^dcVaZ Z
gV[[dgoVbZcidYZaaVegZhZcoVcZ^bZgXVi^YZ\a^Vaig^eVZh^YZaaÉJc^dcZ
:jgdeZV0
" Xdchda^YVi^dc d[ i]Z^g egZhZcXZ dc i]Z YdbZhi^X bVg`Zi VcY
higZc\i]Zc^c\d[i]Z^gegZhZcXZdci]ZbVg`Zihd[di]ZgXdjcig^Zh^ci]Z
:jgdeZVcJc^dc0
" g^ccdkVbZcid Y^ VaXjcZ a^cZZ Y^ egdYdiid eZg gZcYZgZ aÉVo^ZcYV e^‘
XdbeZi^i^kVcZaaV[VhX^VVaiVY^bZgXVid0
"i]ZgZcZlVad[hdbZXdaaZXi^dch^cdgYZgidbV`Zi]ZXdbeVcnbdgZ
XdbeZi^i^kZ^ci]Z]^\]ZcYd[i]ZbVg`Zi0
"Xdchda^YVbZcidYZaaZgZaVo^dc^Xdc^egdeg^Xa^Zci^ViigVkZghdZkZci^
^ccdkVi^k^ZXd^ckda\Zci^XdbZ\a^DeZc=djhZZaZegZhZciVo^dc^9ZaaV
GdkZgZ<VaV#
"8dchda^YVi^dcd[i]ZgZaVi^dch]^el^i]i]Z^gXa^Zcihi]gdj\]^ccdkVi^kZ
VcY^ckdak^c\ZkZciha^`ZDeZc=djhZhVcYÆ9ZaaVGdkZgZ<VaVÇ#
A6KDHIG6H8:AI6
NDJG8=D>8:
H>8JG:OO6$H6;:IN
AVijiZaVYZaaVh^XjgZooV!h^VcZ^Xdc[gdci^YZ^egdeg^XdaaVWdgVidg^X]Z
YZ\a^jiZci^ÒcVa^!ƒjcdYZ^eg^cX^e^[dcYVci^aÉVii^k^i|^begZcY^idg^VaZZ
k^ZcZ\VgVci^iVViigVkZghd^ab^\a^dgVbZcidXdci^cjdYZ^ajd\]^Y^aVkdgd!
^aXdcigdaadXdhiVciZYZ^egdYdii^d[[Zgi^ZaÉVYdo^dcZY^g^\dgdh^hiVcYVgY
fjVa^iVi^k^#
I]ZhV[Z\jVgY^c\d[^ihXdaaVWdgVidghVhlZaaVhi]ZÒcVajhZg^hdcZd[
i]Z[djcY^c\eg^cX^eaZhd[9ZaaVGdkZgZÉhZcigZegZcZjg^VaVXi^k^inVcY^h
\jVgVciZZYi]gdj\]i]ZXdci^cjZY^begdkZbZcid[i]Zldg`eaVXZ!i]Z
XdchiVciXdcigdad[i]ZegdYjXihd[[ZgZYVcYi]ZVYdei^dcd[g^\dgdjh
fjVa^inhiVcYVgYh#
8DGG:II:OO6:IG6HE6G:CO6$;6>GC:HH6C9IG6CHE6G:C8N
9ZaaVGdkZgZh^^beZ\cVV[dgc^gZjcVXdbjc^XVo^dcZX]^VgVZigVheV"
gZciZ YZaaZ higViZ\^Z! YZaaZ Vii^k^i|! Z YZ^ g^hjaiVi^ gV\\^jci^! Va ÒcZ Y^
eZgbZiiZgZVX^VhXjcdhiV`Z]daYZgY^kVajiVgZaÉdeZgVidVo^ZcYVaZ#
+
9ZaaVGdkZgZ^hXdbb^iiZYidXaZVgVcYigVcheVgZciXdbbjc^XVi^dch
d[i]ZhigViZ\^Zh!VXi^k^i^ZhVcYgZhjaihVX]^ZkZY!^cdgYZgidVaadlZVX]
hiV`Z]daYZgidVhhZhhi]ZXdbeVcnÉhldg`#
9ZaaVGdkZgZH#e#6#[VeVgiZYZaÆ<GJEED;7A!9:AA6GDK:G:ÇX]Z
YVdaigZ(%Vcc^h^Y^hi^c\jZcZabZgXVid^iVa^VcdZY^ciZgcVo^dcVaZXdc
jcVkVhiVegdYjo^dcZY^bdW^a^#>a\gjeedƒ[dgbVidYV&(%Y^eZcYZci^!
jcÉVgZVY^egdYjo^dcZY^)-#%%%b'!daigZ&%%eVZh^hZgk^i^cZabdcYd!
Zjc^cYdiidX]ZhjeZgVaZ(%%eZghdcZ#
9ZaaV GdkZgZ H#e#6#! ƒ d\\^ jcd YZ^ aZVYZg cZa eVcdgVbV ^iVa^Vcd ZY
^ciZgcVo^dcVaZ Y^ bdW^a^ eZg j[ÒX^d# AV fjVa^i|! ^a YZh^\c! ^ hZgk^o^ Z
aÉ^ccdkVo^dcZYZahjdegdYdiid!hdcdhZbegZ^c\gVYdY^hdYY^h[VgZaZ
cZXZhh^i|Y^d\c^VXfj^gZciZ#>ah^hiZbVegdYjii^kdZaV\Zhi^dcZXdb"
bZgX^VaZ![Vccdh^X]ZaÉVo^ZcYVh^V^c\gVYdY^Y^hi^c\jZgh^igVbdaiZ
VaigZX]ZdeZgVcdcZahZiidgZYZabdW^aZ#
> bdi^k^ Y^ jc h^b^aZ hjXXZhhd hdcd bdaiZea^X^! bV ^a eg^cX^eVaZ ƒ
hZcoÉVaigdX]Z9ZaaVGdkZgZYZY^XVhZbegZbdaiVXjgVVaaVfjVa^i|YZ^
gVeedgi^XdcaVegdeg^VgZiZY^kZcY^iV\VgVciZcYd^ceg^bdajd\djcV
idiVaZZigVheVgZciZXdaaVWdgVo^dcZXdc^egdeg^g^kZcY^idg^#Hdcdadgd
^c[Vii^!VXdhi^ij^gZjcVcZaad[dcYVbZciVaZYZaaVajc\VXViZcVX]ZejŒ
gZcYZgZjcÉVo^ZcYVYVkkZgdVjidgZkdaZcZahjdhZiidgZ#
9ZaaV GdkZgZ H#e#6# ^h eVgi d[ i]Z Æ<GJEED ;7A! 9:AA6 GDK:G:Ç
l]^X]]VhY^hi^c\j^h]ZY^ihZa[[dgdkZg(%nZVghdci]Z>iVa^VcbVg`Zi
VcYdci]Z>ciZgcVi^dcVabVg`Zil^i]^ihkVhi[jgc^ijgZegdYjXi^dc#
I]Z \gdje Zbeadnh &(% eZdeaZ VcY ]Vh V egdYjXi^dc VgZV d[ )-!%%%
hfjVgZbZiZgh0^ihZgkZhdkZg&%%Xdjcig^Zhi]ZldgaYdkZg!VcYa^c`ZY
VXi^k^i^Zhl]^X]ZbeadndkZg(%%eZdeaZ#
IdYVn! 9ZaaV GdkZgZ H#e#6#! ^h dcZ d[ i]Z aZVYZgh! ^c >iVan VcY ^c i]Z
ldgaY! [dg i]Z egdYjXi^dc d[ d[ÒXZ [jgc^ijgZ# EgdYjXi YZh^\c! fjVa^in
VcY^ccdkVi^dcVgZValVnhVWaZidbZZii]ZcZZYhd[ZkZgnXjhidbZg#
I]Z egdYjXi^dc hnhiZb VcY i]Z hVaZh bVcV\ZbZci Y^hi^c\j^h] i]Z
XdbeVcnVbdc\^ihbVcnXdbeZi^idgh^ci]Z[jgc^ijgZ^cYjhign#
I]ZgZVgZbVcn[VXidghWZ]^cYVhjXXZhhhjX]Vhi]^h!jcYdjWiZYan!i]Z
bV^cWZ^c\i]Vi9ZaaVGdkZgZHe6ValVnheaVXZY\gZViZbe]Vh^hdci]Z
fjVa^in d[ i]Z gZaVi^dch]^e l^i] ^ih hVaZh cZildg`! i]jh \jVgVciZZ^c\
eg^bVg^anidiVaVcYigVcheVgZciXdaaVWdgVi^dcl^i]^ihgZiV^aZgh#
>c [VXi! i]Zn VgZ i]Z [djcYVi^dc d[ i]Z cZildg` l]^X] YZiZgb^cZh V
XdbeVcnÉh^bedgiVcXZ^c^ih^cYjhign#
,
>A<GJEED
E6G:I>$E6GI>I>DCH6C9HIDG6<:E6GI>I>DCH
I=:<GDJE
FjVa^i|!h^XjgZooV!YZh^\c!ijiZaVYZaaÉVbW^ZciZ!gZhedchVW^a^i|hdX^VaZ!bV
hdegViijiid!hdYY^h[Vo^dcZYZaXa^ZciZ#9V(%Vcc^!eZg;7AZ9ZaaVGdkZgZ
fjZhi^dW^Zii^k^hdcdaÉ^beZ\cdY^d\c^\^dgcd#
AVhidg^VYZa<gjeed!^c^o^ViVVbZi|YZ\a^Vcc^HZiiVciVXdc6a[gZYd;dgc^
VafjVaZed^h^hdcdV[ÒVcXVi^^[Vb^a^Vg^!h^ƒhk^ajeeViVÒcdVY^kZciVgZjcV
gZVai|^cYjhig^VaZX]Z[ViijgVVccjVabZciZX^gXV('b^a^dc^Y^Zjgd#
AÉji^a^ood Y^ bViZg^Z eg^bZ hZaZo^dcViZ! aÉZhigZbV XjgV Vgi^\^VcVaZ X]Z
XdccdiV ^ egdYdii^! ^a egdXZhhd egdYjii^kd VaaÉVkVc\jVgY^V hdcd igV \a^
ZaZbZci^X]Z]VccdXdchZci^idV;7AZ9ZaaVGdkZgZY^V[[ZgbVgh^cZ^adgd
bZgXVi^ Y^ g^[Zg^bZcid! hZcoV Y^bZci^XVgZ aÉViiZco^dcZ eZg aÉjdbd Z eZg
aÉVbW^ZciZX]ZadX^gXdcYV#
>a <gjeed ƒ egZhZciZ hja bZgXVid cVo^dcVaZ Z ^ciZgcVo^dcVaZ Xdc YjZ
Y^k^h^dc^!VX^VhXjcVYZaaZfjVa^ƒV[ÒYViVjcVheZX^ÒXVb^hh^dcZ/;7Ah^
dXXjeVYZaaV9^k^h^dcZ8VhV!VgZV\^dgcdZVgZVcdiiZ!9ZaaVGdkZgZYZaaV
9^k^h^dcZJ[ÒX^d#8dc^j\VcYdaÉZ[ÒX^ZcoVY^jcbdYZaad^cYjhig^VaZVkVcoVid
Xdc aV XjaijgV Vgi^\^VcVaZ YZa bdW^aZ Y^ fjVa^i|! ^a \gjeed ;7A " 9ZaaV
GdkZgZƒd\\^jcVgZVai|[ViiVY^cjbZg^ZY^kVadg^!^cXj^aV[dgiZXgZhX^iV
Z aÉZheVch^dcZ ^ciZgcVo^dcVaZ ]Vccd VWWgVXX^Vid YV hZbegZ ad hk^ajeed
hdhiZc^W^aZZ^ag^heZiidYZaaÉjdbd#
AVXdhiVciZVeea^XVo^dcZZaÉ^beZ\cdcZaaVaVkdgVo^dcZYZ^bViZg^Va^]Vccd
XdcYdiid aZ YjZ Vo^ZcYZ V XgZVgZ jcV kVhiV \VbbV Y^ bdW^a^ YZhi^cVi^
VaaÉVggZYdYZaaVXVhVZYZaaÉj[ÒX^d!cZahZ\cdYZaaVg^XZgXV!YZaaÉ^ccdkVo^dcZZ
YZaaVXVeVX^i|Y^Vci^X^eVgZaZcjdkZiZcYZcoZ#
FjVa^in!hV[Zin!YZh^\c!egdiZXi^c\i]ZZck^gdcbZciVcYhdX^VagZhedch^W^a^in!
VcY!VWdkZVaa!Xa^ZcihVi^h[VXi^dc#H^cXZ&.,+i]ZhZdW_ZXi^kZh]VkZWZZci]Z
YV^anXdbb^ibZcid[;7AVcY9ZaaVGdkZgZ#
I]Z ]^hidgn d[ i]Z <gdje WZ\^ch ^c i]Z b^Y &.,%h l^i] 6a[gZYd ;dgc^ l]d
lVhi]Vc_d^cZYWn[Vb^anbZbWZgh#I]ZXdbeVcn\gZljci^a^iWZXVbZVc
^cYjhig^VagZVa^inl]^X]idYVn]VhVnZVganijgcdkZgd[VWdji('b^aa^dc:jgd#
I]Z jhZ d[ hZaZXi gVl bViZg^Vah! i]Z ZmigZbZ XgV[ihbVc XVgZ l]^X]
Y^hi^c\j^h]Zhi]ZegdYjXih!i]ZbdYZgcegdYjXi^dcegdXZhhVgZVbdc\i]Z
ZaZbZcihl]^X]]VkZVaadlZY;7AVcY9ZaaVGdkZgZidV[Ògbi]ZbhZakZh^c
i]Z^ggZ[ZgZcXZbVg`Zih!l^i]dji[dg\Zii^c\i]Z^bedgiVcXZd[bVcVcYi]Z
Zck^gdcbZcil]^X]hjggdjcYh]^b#
I]Z<gdje^hegZhZcidcYdbZhi^XVcY^ciZgcVi^dcVabVg`Zihl^i]ildY^k^h^dch!
ZVX]d[l]^X]]VhVheZX^ÒXb^hh^dc#;7A]VcYaZhi]Z=dbZ9^k^h^dc!c^\]i
VcYYVnVgZVh!l]^aZ9ZaaVGdkZgZ]VcYaZhi]ZD[ÒXZ9^k^h^dc#
I]ZXdchiVciXdbb^ibZciVcYXVgZ^cldg`^c\i]ZbViZg^Vah]VhaZVYi]Z
ildXdbeVc^ZhidXgZViZVl^YZhZid[[jgc^ijgZ[dgYZXdgVi^c\i]Z]dbZVcY
i]Zd[ÒXZ!\j^YZYWngZhZVgX]!^ccdkVi^dcVcYi]ZXVeVX^inidVci^X^eViZ
cZligZcYh#
A:A>C::
I=:EGD9J8IH
>a gZeVgid egdYjo^dcZ Y^ 9ZaaV GdkZgZ! egZkZYZ aÉji^a^ood Y^ bVXX]^cVg^
VaaÉVkVc\jVgY^VX]ZeZgbZiidcdY^aVkdgVgZ^bViZg^Va^g^XVkVcYdcZegdYdii^
Y^hjXXZhhdeZgYZh^\cZfjVa^i|#6aaÉ^ciZgcdYZaadhiVW^a^bZcidegdYjii^kd
hdcd egZhZci^ a^cZZ Y^ VhhZbWaV\\^d! XZcig^ Y^ aVkdgd eZg hV\dbVijgV Z
WdgYVijgV! jcV XVW^cV Y^ kZgc^X^VijgV ZY jcV odcV Y^ XVg^Xd ZaZiigdc^XV#
DaigZVaaZXdaaZo^dc^hiVcYVgYegdedhiZV\a^VXfj^gZci^!9ZaaVGdkZgZ\Zhi^hXZ
VcX]ZjcgZeVgideZgaVegdYjo^dcZY^Vgi^Xda^Æ[jdg^b^hjgVÇX]Z\VgVci^hXZ
aVhdYY^h[Vo^dcZY^cjbZgdhZg^X]^ZhiZY^ÆXjhidb^oZYegdYjXi^dcÇ#
9ZaaVGdkZgZ!egdYjXZfjViigdY^kZghZa^cZZY^bdW^a^eZgaÉVggZYVbZcidYZa"
aÉj[ÒX^d/
"BdW^a^eZgJ[ÒX^d
"EVgZi^
"HZYjiZ
">bWdii^i^
I]Z9ZaaVGdkZgZegdYjXi^dcYZeVgibZcijhZhhiViZ"d["i]Z"VgibVX]^cZgn!
[dgegdYjX^c\Vgi^XaZhl^i]\ddYgZhjaih^ciZgbhd[YZh^\cVcYfjVa^in#
>ch^YZi]ZegdYjXi^dc[VX^a^ini]ZgZVgZVhhZbWana^cZh!ldg`XZcigZh[dg
h]Ve^c\VcYZY\^c\!VeV^ci^c\Wddi]VcYVcZaZXigdc^XadVY^c\odcZ#
>cVYY^i^dcidi]ZhiVcYVgYXdaaZXi^dchegdedhZYidejgX]VhZgh!9ZaaV
GdkZgZVahd]VhVYZeVgibZci[dgÆcdc"hiVcYVgYh^oZÇVgi^XaZhidbZZi
i]ZcjbZgdjhgZfjZhih[dgÆXjhidb^oZYegdYjXi^dcÇ#
9ZaaVGdkZgZ!^chiZVYegdYjXZh[djgY^[[ZgZcia^cZh[dg[jgc^h]^c\d[ÒXZh/
"D[ÒXZ[jgc^ijgZ
"EVgi^i^dch
"8]V^gh
"Hd[Vh
8DAA:O>DC>E:GAÉJ;;>8>D$D;;>8:8DAA:8I>DCH
>bdW^a^eZgj[ÒX^dh^XVgViiZg^ooVcdeZgaÉVaiVfjVa^i|YZ^bViZg^Va^ji^a^ooVi^!
eZgaVeZg^o^VVgi^\^VcVaZXdcXj^h^XjgVcd^eVgi^XdaVg^YZaaZaVkdgVo^dc^Z
eZgjcYZh^\cXVaYdZYVgbdc^dhdX]Z[dcYZaÉVbW^ZciZXVhVXdcfjZaad
YZaaÉj[ÒX^d#6iijVabZciZ9ZaaVGdkZgZegZhZciVaZhjZXdaaZo^dc^^cigZ
Y^[[ZgZci^XViVad\]^/^egZh^YZco^Va^A^[Z!AZmjh!:Y^hdc!BVmZHZ\cd!
^h^hiZb^7Z!:\d!@dbeVh!EgVi^`dZEgVi^`dA^\]iZ^XaVhh^X^9jXVZ
8dciZ#6eVgi^gZYVa'%%-!\gVo^ZVaaVk^cXZciZXdaaVWdgVo^dcZXdc@V"
g^bGVh]^Y!9ZaaVGdkZgZ]VgZVa^ooVidaVcjdkVXdaaZo^dcZOZgdZJcd!
hXg^kVc^ZY^YZh^\cgZVa^ooViZXdcbViZg^Va^eVahi^X^ZkZigdgZh^cV#
-
:aZbZcidZhhZco^VaZYZaaÉVggZYdj[ÒX^d!aVeVgZiZY^k^hdg^VZYViigZooViV
ƒhiViVegd\ZiiViVcZa'%%*ZYƒZcigZiVcZaaVegdYjo^dcZY^9ZaaVGdkZgZ
V eVgi^gZ YVa '%%,! fjVaZ eVhhV\\^d [dcYVbZciVaZ eZg XdbeaZiVgZ
aÉd[[ZgiVVo^ZcYVaZ#
JcegdYdiidhZbea^XZ!a^cZVgZbVY^\gVcYZZ[[Ziid!YVaaZ^cÒc^iZhdajo^dc^
X]ZgVeegZhZciVjcVcdk^i|cZaaVegdYjo^dcZY^9ZaaVGdkZgZ#
>abZidYdji^a^ooVideZgaVgZVa^ooVo^dcZcVhXZYVjcegd\ZiidhZbea^XZ
ZY^ccdkVi^kd^cXj^^XdbedcZci^hdcdg^Ydii^VaadhigZiid^cY^heZchVW^aZ
ZaZaVkdgVo^dc^hjeVccZaa^ZegdÒa^bZiVaa^X^hZbea^ÒXViZ#:hiZgcVbZciZ
ƒjcVeVgZiZZaZ\VciZZeja^iV!egdeg^dXdbZaVg^X]^ZYZ^abZgXVid#
:ÉjcVjiZci^Xdh^hiZbVX]ZXdbegZcYZdaigZVaaVkZgh^dcZY^k^hdg^VZY
VXdciZc^idgZ!^ag^kZhi^bZcidVeVgZiZ!aÉdeZcheVXZZaZedgiZXddgY^cViZ
eZgeVgZi^^cbjgVijgV#AÉ^bbV\^cZXdbeaZhh^kV!hdWg^VZYZaZ\VciZ!ƒ
gV[[dgoViVYVjcVbdYjaVg^i|X]ZeZgbZiiZY^diiZcZgZiZhh^ijgZcjdkZ
ZXdcÒ\jgVW^a^^cWVhZVa\jhidYZaXa^ZciZ#>ciZgcVbZciZƒjcVeVgZiZ
jc^XV XdbZ edX]Z# Ijii^ ^ XdbedcZci^ Z fj^cY^ ^ Xg^iZg^ Y^ bdciV\\^d
hdcdhiVi^egd\ZiiVi^eZgXdchZci^gZjcÉ^chiVaaVo^dcZhZbea^XZZkZadXZ!
hZcoV YdkZg g^XdggZgZ V a^kZaa^ aVhZg d V egd[Zhh^dcVa^i| heZX^Va^ooViZ
ji^a^ooVcYdaVhiZhhVad\^XVYZ^bdciVidg^Y^XjX^cZ#
IZbedcdcƒjcegd\Ziid!bVjcaVWdgVidg^d^cXdci^cjVZkdajo^dcZ!V
Xj^aVkdgZgZbdXdhiVciZbZciZcZ^egdhh^b^Vcc^!VcYVcYdVY^cX^YZgZ
cdc hdad hja egdYdiid bV VcX]Z hja gVeedgid Y^ 9ZaaV GdkZgZ Xdc aV
egdeg^VXa^ZciZaV#
:hhZci^Va ZaZbZci ^c d[ÒXZ [jgc^h]^c\! i]Z Zfj^eeZY eVgi^i^dc
YZh^\cZY ^c '%%* VcY ZciZgZY ^cid 9ZaaV GdkZgZ egdYjXi^dc hiVgi^c\
^c '%%,! V [jcYVbZciVa hiZe ^c XdbeaZi^c\ i]Z XdbeVcnÉh \VbbV d[
egdYjXih#
6egdYjXil]^X]^hh^beaZVcYa^cZVg!Wjil^i]\gZVik^hjVa^beVXi#
>id[[Zgh^cÒc^iZhdaji^dchVcYgZegZhZcihVcdkZain^ci]Z9ZaaVGdkZgZ
egdYjXi^dc#I]ZbZi]dYjhZY[dg^ihgZVa^hVi^dc^hi]ZgZhjaid[Vh^beaZ!
^ccdkVi^kZegd_ZXi^cl]^X]Vaad[i]ZXdbedcZcihVgZgZYjXZYidi]Z
b^c^bjbVcYi]ZbVX]^c^c\dceVcZahVcYbZiVaegdÒaZh^hh^bea^ÒZY#
6cZaZ\VcieVgi^i^dcl^i]XaZVca^cZh!ZmVXianl]Vii]ZbVg`Zi^hadd`^c\
[dg# >i ^h Vc Vji]Zci^X hnhiZb l]^X]! ^c VYY^i^dc id i]Z Y^k^Y^c\ VcY
hidgV\ZkZgh^dc!^cXajYZhlVaaXdkZg^c\h!deZcheVXZVcYXd"dgY^cViZY
Yddgh[dgbVhdcgnlVaah#
I]Z\adWVa^bV\ZdcZd[h^beaZZaZ\VcXZVcY^hgZ^c[dgXZYWnVbdYjaVg^in
l]^X]bV`ZhcZlhigjXijgZhedhh^WaZl]^X]XVcWZXdcÒ\jgZYWVhZYdc
i]ZXa^ZciÉhiVhiZ#>ciZgcVaan!^i^hjca^`ZVcndi]ZgeVgi^i^dc#
6aa d[ i]Z XdbedcZcih! VcY i]ZgZ[dgZ i]Z VhhZbWan Xg^iZg^V ]VkZ
WZZc YZh^\cZY id Vaadl h^beaZ! [Vhi ^chiVaaVi^dc WVhZY dc i]Z hVbZ
ad\^XVh[dg^chiVaa^c\`^iX]Zch!l^i]djii]ZcZZY[dgaVhZgaZkZaaZghdg
heZX^Va^hZYegd[Zhh^dcVah#
IZbed^hcdiVegd_ZXi!WjiVaVWdgVidgn^cXdci^cjdjhZkdaji^dcl]ZgZ
lZl^aaWZXdchiVcianldg`^c\^ci]ZjeXdb^c\nZVgh!]de^c\idbV`Z
egd\gZhhcdidcan^ciZgbhd[i]ZegdYjXiWjiVahd^ciZgbhd[i]Zhjeedgi
9ZaaVGdkZgZegdk^YZh[dg^ihXa^ZciZaZ#
H:9JI:$8=6>GH
9ZaaVGdkZgZƒZcigViVcZacdkZgdYZ^egdYjiidg^Y^hZYjiZVe^Zcdi^idad!
XdcjcVXdaaZo^dcZdg^\^cVaZZhdÒhi^XViVX]Zg^hedcYZVaaVeda^i^XVYZa"
aÉVo^ZcYVY^d[[g^gZjcV\VbbVXdbeaZiVZ^c\gVYdY^hdYY^h[VgZijiiZ
aZZh^\ZcoZ#
6cX]Z eZg fjZhiV a^cZV Y^ egdYdii^ 9ZaaV GdkZgZ ejciV VaaV fjVa^i| ZY
^ciZgcVo^dcVa^i|!heVo^VcYdYVaXaVhh^XdVabdYZgcd!YVbViZg^Va^hZb"
ea^X^VbViZg^Va^Y^ajhhdfjVa^^aXVkVaa^cd#
D\c^hZYjiV!YVaaVe^‘ZXdcdb^XVVfjZaaVY^bV\\^dgkVadgZ!ƒYdiViV
Y^Y^kZgh^bZXXVc^hb^Zhdajo^dc^iZXc^X]ZX]ZaVgZcYdcdjc^XVXdcaV
edhh^W^a^i| Y^ eZghdcVa^ooVgZ ^ bdYZaa^ \gVo^Z V Y^[[ZgZci^ i^edad\^Z Y^
gjdiZ!WgVXX^da^!gVooZZbZXXVc^hb^#
9ZaaV GdkZgZ ]Vh g^\]i[jaan ZciZgZY i]Z ldgaY d[ X]V^g bVcj[VXijgZgh
l^i]Vcdg^\^cVa!hde]^hi^XViZYXdaaZXi^dcl]^X]gZhedcYhidi]ZXdbeVcn
eda^Xnd[d[[Zg^c\VXdbeaZiZ\VbbVd[egdYjXihidbZZiVaad[i]ZcZZYh
i]ZbVg`ZiegZhZcih#
I]^h^hnZiVcdi]ZggZVhdcl]ni]Z9ZaaVGdkZgZegdYjXia^cZV^bh[dg
fjVa^inVcYVc^ciZgcVi^dcVaX]VgVXiZg!gVc\^c\[gdbXaVhh^XidbdYZgc!
[gdbh^beaZbViZg^Vahidajmjg^djhbViZg^Vaha^`Zedcnh`^c#
:kZgnX]V^g![gdbi]ZbdhiZXdcdb^Xidi]ZbdhiZmeZch^kZ!XdbZl^i]
kVg^djhbZX]Vc^hbhVcYiZX]c^XVahdaji^dchl]^X]bV`Z^ijc^fjZ#
>c[VXi!i]ZbdYZahXVcWZeZghdcVa^hZYl^i]Y^[[ZgZciineZhd[l]ZZah!
VgbgZhih!hed`ZhVcYbZX]Vc^hbh#
>B7DII>I>$HD;6H
Jc XVe^idad ^bedgiVciZ cZaaV hidg^V Y^ 9ZaaV GdkZgZ ƒ aV XgZVo^dcZ
YZaaVXdaaZo^dcZ>bWdii^i^ZHd[|!X]ZcVhXZYVaaVkdadci|Y^egZhZciVgZ
Va egdeg^d YZVaZg$g^kZcY^idgZ! Z ViigVkZghd Y^ Zhhd Va Xa^ZciZ ÒcVaZ!
jcÉd[[ZgiVXdbeaZiV^cijii^^hjd^VheZii^#
>ceVgi^XdaVgZ!cZaaVodcVgZXZei^dc$ViiZhV!9ZaaVGdkZgZkVVXdchda^YVgZ
^ahjdeg^bVid!VXXdhiVcYdVYjcVkVhiV\VbbVY^gZXZei^dcjcVhZg^Z
Y^ egdYdii^ Y^kVc^! edj[! X]V^hZ adc\jZh! ZXX# X]Z YVccd VaaÉVbW^ZciZ
k^iVegdeg^V!VjidcdbVYVaaÉj[ÒX^d#AVhXZaiVYZ^g^kZhi^bZci^ƒbdaid
Vbe^V!heZX^VabZciZcZaaV\VbbVVaiV!YdkZXdcY^kZgh^Xdadg^Y^eZaaZ
Y^eg^bVhXZaiVZaÉ^chZg^bZcidY^)Òc^ijgZ^cXVkVaa^cd#9ZaaVGdkZgZ
egZhZciVjcÉd[[ZgiVegZhhdX]‚jc^XV#
6c ^bedgiVci X]VeiZg ^c i]Z 9ZaaV GdkZgZ hidgn ^h i]Z XgZVi^dc d[ i]Z
Je]dahiZgZYX]V^ghVcYhd[VhXdaaZXi^dcWdgcd[i]ZYZh^gZidegZhZcidjg
YZVaZgh$gZiV^aZgh!VcYi]jhidi]ZÒcVaXa^Zci!Vcd[[Zg^cVaad[^ihVheZXih#
>ceVgi^XjaVg!^ci]ZgZXZei^dc$lV^i^c\VgZV!9ZaaVGdkZgZXdchda^YViZh^ih
aZVYZgh]^e Wn VYY^c\ V hZg^Zh d[ egdYjXih hd[Vh! edj[! X]V^hZ adjc\Zh!
ZiX#l]^X]VYYa^[Zidi]ZVgZV!hZii^c\^iVeVgi[gdbi]Zd[ÒXZ#
I]ZgZ^hVl^YZX]d^XZd[XdkZg^c\hVkV^aVWaZ!ZheZX^Vaan^ci]Z]^\]ZcY
hZil]ZgZ9ZaaVGdkZgZegZhZcihVbdgZdgaZhhjc^fjZd[[Zgl^i]kVg^djh
Xdadjghd[idefjVa^inaZVi]ZgVcYi]ZVYY^i^dcd[[djgXVkVaa^cdÒc^h]Zh#
I]Zd[ÒXZ[jgc^ijgZ^hX]VgVXiZg^hZYWni]Z]^\]fjVa^ind[i]ZbViZg^Vah
jhZY![dgi]ZXgV[ihbVch`^aajhZY^ci]ZYZiV^aZYldg`VcY[dgVlVgb!
]Vgbdc^djhYZh^\cl]^X]Wg^c\hV]dbZVbW^ZcXZidi]Zd[ÒXZ#8jggZcian!
9ZaaV GdkZgZ egZhZcih ^ih XdaaZXi^dch ^c i]gZZ Y^[[ZgZci XViVad\jZh/ i]Z
egZh^YZci^Va a^cZh A^[Z! AZmjh! :Y^hdc! BVm VcY HZ\cd! i]Z hnhiZbh
7Z!:\d!@dbeVh!EgVi^`dVcYEgVi^`dA^\]iVcYi]ZXaVhh^Xh9jXVVcY
8dciZ#>c'%%-!i]Vc`hidi]Zl^cc^c\Xd"deZgVi^dcl^i]@Vg^bGVh]^Y!
9ZaaV GdkZgZ ]Vh gZVa^hZY i]Z cZl XdaaZXi^dch Jcd VcY OZgd! YZh^\cZg
YZh`hgZVa^hZY^ceaVhi^XbViZg^VahVcYÒWgZ\aVhh#
.
A:G:;:G:CO:
>CDHIG>EJCI>9>;DGO6
G:;:G:C8:H
DJGHIGDC<ED>CIH
CZaXdghdYZ\a^jai^b^Vcc^9ZaaVGdkZgZ"^cXdaaVWdgVo^dcZXdc^hjd^
g^kZcY^idg^ZYViigVkZghdjcj[ÒX^dheZX^Va^ooVidcZaaV\Zhi^dcZY^<VgZZ
<gVcY^AVkdg^"]VVggZYVid^c>iVa^VZcZabdcYdaZhZ\jZci^higjiijgZ/
DkZgi]ZaVhi[ZlnZVgh!9ZaaVGdkZgZÄ^cXdaaVWdgVi^dcl^i]^ihgZiV^aZgh
VcYi]gdj\]^ihIZcYZghVcYAVg\ZHXVaZEgd_ZXihD[ÒXZÄ]Vh[jgc^h]ZY
i]Z[daadl^c\higjXijgZh^c>iVanVcY^ci]ZldgaY/
CKBJ?D7P?ED7B?
677!6:<!6^g:jgdeZ!6jY^!778!7gjmZaaZh6^gedgi!8dXV8daV!8dbYViV!
9ZaiVIZaZXdb!9jgZm!;>;6!;aZb^c\GZhZVgX]!<aVmdLZaaXdbZ!<j^c"
cZhh!=Zc`Za>ccdk^h!>ciZa!?V\jVg!@VaVh]c^`dk!@Zaad\\Éh!@cVj[!AVj"
YV6^g!A^cYZ!BH8!BIK!CVcdk^h^dc!CZhiaƒ!C^ciZcYd!CdkVgi^h!CjdkV
I8B!EgdaVcY!GZcVjai!HVbhjc\!HZgdcd!H^ZbZch!H]Zaa!Hdji]6[g^"
XVc6^ga^cZh!HIB^XgdZaZXigdc^Xh!IdbIV^adg!Kdakd!K^Zi#
CKBJ?D7J?ED7B9ECF7D?;I
677!6:<!6^g:jgdeZ!6jY^!778!7gjmZaaZh6^gedgi!8dXV8daV!8dbYViV!
9ZaiV IZaZXdb! 9jgZm! :X]d >ckZhibZci! ;^VbbV '%%%! ;>;6! ;aZb^c\
GZhZVgX]! <Voegdb! <aVmd LZaaXdbZ! <j^ccZhh! =Zc`Za >ccdk^h! >ciZa!
?V\jVg! @VaVh]c^`dk! @Zaad\\Éh! @cVj[! AVjYV 6^g! A^cYZ! BH8! BIK!
B^X]Za^c Z 6XZadg YZa \gjeed B^iiVa! CVcdk^h^dc! CZhiaƒ! C^ciZcYd!
CdkVgi^h! CjdkV I8B! EgdaVcY! GZcVjai! HVbhjc\! HZgdcd! H^ZbZch!
H]Zaa!Hdji]6[g^XVc6^ga^cZh!HIB^XgdZaZXigdc^Xh!IdbIV^adg!Kdakd!K^Zi#
=HKFF??J7B?7D?
6jidhigVYZ!7Z\]Zaa^!7^ZhhZ!7dgb^da^!8VgidgVbV!8dhiV8gdX^ZgZ!;Va`!
:ahV\!;VhX^cV!;ZggVg^!;^Vi!>;>!B796! BZigdcVeda^! Da^kZii^! EZgj\^cV!
EdhiZ >iVa^VcZ! G^kd^gV! HYV! HZV! HZaZm! HZkZc! IZXcVb! IgZc^iVa^V!
KZhiZWZcZ#
7P?;D:;I7D?J7H?;
DheZYVaZH#8VgadÄEdiZcoV!6H;Ä;^gZcoZ!6HA&ÄEZhVgd!
6HA'ÄAZXXZ!6HA(Ä8ViVc^V!6HA*ÄBZhh^cV#
87D9>;;:7II?9KH7P?ED?
6Zb^aWVcXV! 6gZV 7VcXV! 7VcXV ;^YZjgVb! 7VcXV GZVaZ! 788! 7VcXV
EdedaVgZ>iVa^VcV!8VhhVGjgVaZ!8gZYZb!8gZY^Wd!>cV!>iVh!CjdkV7Vc"
XVBZY^iZggVcZV!GV^[[Z^hZc7Vc`!GZVaZBjijV!Jc^XgZY^i7VcXV#
H;=?ED?"FHEL?D9;"9ECKD?
7Vh^a^XViV!8VbeVc^V!AVo^d!AdbWVgY^V!BVgX]Z!Bda^hZ!H^X^a^V!IdhXVcV!
KVaaZ YÉ6dhiV! 6\g^\Zcid! 8V\a^Vg^! :ccV! ;^gZcoZ! Dg^hiVcd! EVaZgbd!
IgZk^hd! KVgZhZ! 7Vhi^V ;! 8ViVc^V! :beda^! ;^gZcoZ! AdhVccV 8=!
BVXZgViV!BdciZXVi^c^IZgbZ!DaW^V!EZhVgd!EdgidIdggZh!EdiZcoV#
C?D?IJ;H?"7C87I9?7J;";DJ?"?IJ?JKP?ED?C?B?J7H?
B^c^hiZgd YZaaV <^jhi^o^V! B^c^hiZgd YZ\a^ 6[[Vg^ :hiZg^! B^c^hiZgd YZaaV
9^[ZhV!B^c^hiZgdYZaaÉ:Xdcdb^VZYZaaZ;^cVcoZ!B^c^hiZgdYZaIZhdgd!
9^eVgi^bZcid Y^ HiVid JH6! 6\Zco^V YZaaZ :cigViZ! 6bWVhX^ViV
JH6 GdbV! 6C6H! 6bWVhX^ViV YÉ >iVa^V Ijc^h^! 8Ve^iVcZg^V Y^ Edgid!
8VgVW^c^Zg^! 8VgXZgZ Y^ BdcoV! 8VgXZgZ Y^ B^aVcd! 8VhZgbV B^a^iVgZ
B^aVcd! 8C6! 8CG! 8dc[Vgi^\^VcVid! 8dc[ZhZgXZci^! 8dgiZ YZ^ 8dci^!
8gdXZ GdhhV! :hZgX^id! >cV^a! >CEH! C6ID! Eda^o^V! EgdiZo^dcZ X^k^aZ!
EgdkkZY^idgVidY^B^aVcd!HXjdaVY^<jZggVJH6gbn!LL;!6XfjZYdiid
AjXVcd#
KD?L;HI?JÀ
6cXdcV! 7Vg^! 7Vh^a^XViV! 7dad\cV! 8ViVc^V! ;^gZcoZ! BZhh^cV! B^aVcd
7^XdXXV!E^hV!H^ZcV!EdiZcoV#
&%
?J7B?7D=HEKFI
6jidhigVYZ!7Z\]Zaa^!7^ZhhZ!7dgb^da^!8VgidgVbV!8dhiV8gdX^ZgZ!;Va`!
:ahV\!;VhX^cV!;ZggVg^!;^Vi!>;>!B796!BZigdcVeda^!Da^kZii^!EZgj\^cV!
EdhiZ >iVa^VcZ! G^kd^gV! HYV! HZV! HZaZm! HZkZc! IZXcVb! IgZc^iVa^V!
KZhiZWZcZ#
>;7BJ>7KJ>EH?J?;I
H#8Vgad=dhe^iVaÄEdiZcoV!6H;Ä;adgZcXZ!6HA&ÄEZhVgd!6HA'Ä
AZXXZ!6HA(Ä8ViVc^V!6HA*ÄBZhh^cV
87DAI7D:?DIKH7D9;9ECF7D?;I
6Zb^aWVcXV! 6gZV 7VcXV! 7VcXV ;^YZjgVb! 7VcXV GZVaZ! 788! 7VcXV
EdedaVgZ >iVa^VcV! 8VhhV GjgVaZ! 8gZYZb! 8gZY^Wd! >cV! >iVh! CjdkV
7VcXVBZY^iZggVcZV!GV^[[Z^hZc7Vc`!GZVaZBjijV!Jc^XgZY^i7VcXV
H;=?EDI"FHEL?D9;I"CKD?9?F7B?J?;I
7Vh^a^XViV!8VbeVc^V!AVo^d!AdbWVgYn!BVgX]Zh!Bda^hZ!H^X^an!IjhXVcn!
KVaaZ YÉ6dhiV! 6\g^\Zcid! 8V\a^Vg^! :ccV! ;adgZcXZ! Dg^hiVcd! EVaZgbd!
IgZk^hd!KVgZhZ!7Vhi^V;!8ViVc^V!:beda^!AVjhVccZ8=!BVXZgViV!
BdciZXVi^c^IZgbZ!DaW^V!EZhVgd!EdgidIdggZh!EdiZcoV!C^XZ!EVg^h#
C?D?IJH?;I";C87II?;I"8E:?;I"C?B?J7HO?DIJ?JKJ?EDI
B^c^hignd[?jhi^XZ!B^c^hignd[;dgZ^\c6[[V^gh!B^c^hignd[9Z[ZcXZ!B^c^hign
d[;^cVcXZ!B^c^hignd[i]ZIgZVhjgn!JH6HiViZ9ZeVgibZci!IVm6ji]dg^in!
JH6:bWVhhn^cGdbZ!6C6H!>iVa^Vc:bWVhhn^cIjc^h^!=VgWdjg"D[ÒXZ!
8VgVW^c^Zg^! BdcoV ?V^a! B^aVc ?V^a! B^aVc B^a^iVgn 7VggVX`h! 8C6! 8CG!
8dc[Vgi^\^VcVid!8dc[ZhZgXZci^!HiViZ6jY^i8djgi!GZY8gdhh!6gbn!>cV^a!
>CEH! C6ID! Eda^XZ! 8^k^a 9Z[ZcXZ! B^aVc HjeZg^ciZcYZcXn! LVg 8daaZ\Z
JH6gbn!LL;!AjXVcd6fjZYjXi#
KD?L;HI?J?;I
6cXdcV! 7Vg^! 7Vh^a^XViV! 7dad\cV! 8ViVc^V! ;adgZcXZ! BZhh^cV! B^aVc
7^XdXXV!E^hV!H^ZcV!EdiZcoV#
JCD7>:II>KD8DHI6CI:/<6G6CI>G:H:BEG:FJ6A>I¿:H:GK>O>D
68DCHI6CII6G<:I/<J6G6CI::8DCI>CJDJHFJ6A>IN6C9H:GK>8:
8gZVgZjcdhe^g^idY^XdaaVWdgVo^dcZigVijii^XdadgdX]ZaVkdgVcdVaaÉ^c"
iZgcdYZaaÉVo^ZcYV!ÒcVa^ooVidVaaVhdYY^h[Vo^dcZYZaXa^ZciZ#
Cdcg^iZcZgZbV^VXfj^h^idjcdhiVcYVgYegdYjii^kdbVdeZgVgZhZbegZ
XdcadhXdedY^b^\a^dgVgh^Zb^\a^dgVgZaZegdXZYjgZYVg^heZiiVgZ#
FjZhiVƒaZÒadhdÒVX]ZVXXdbjcVijii^^bZbWg^YZaadHiV[[9ZaaVGdkZgZ#
>aaVkdgdY^hfjVYgVgV\\^jc\Z^ahjddW^Zii^kdÒcVaZXdcaVhdYY^h[Vo^dcZ
YZa8a^ZciZ#
DjgXdgedgViZe]^adhde]negdedhZhVhe^g^id[XdaaVWdgVi^dcVbdc\Vaa
XdbeVcnZbeadnZZhl^i]i]ZejgedhZd[hVi^h[n^c\i]ZXa^Zci#
CZkZg XdcXajYZ i]Vi V egdYjXi^dc hiVcYVgY ]Vh WZZc gZVX]ZY! Wji
gVi]Zg Xdci^cjdjhan ldg` id ^begdkZ i]Z XdbeVcn VcY i]Z XdbeVcn
egdXZYjgZh#I]^h^hi]Ze]^adhde]nl]^X]jc^iZhVaad[i]ZbZbWZghd[
i]Z9ZaaVGdkZgZHiV[[#Ldg`^c\id\Zi]ZgVhViZVbidbZZii]ZÒcVa
dW_ZXi^kZd[8jhidbZgHVi^h[VXi^dc#
>AH:GK>O>D$H:GK>8:
Eg^bV VcXdgV Y^ ZhhZgZ jcÉVo^ZcYV X]Z kZcYZ egdYdii^ eZg j[ÒX^d
hZbegZ^ccdkVi^k^ZY^VaiVfjVa^i|!ƒWZcZhdiida^cZVgZZiZcZgZhZbegZ
WZc egZhZciZ X^Œ X]Z 9ZaaV GdkZgZ H#e#6 ^ciZcYZ ZhhZgZ/ jcÉVo^ZcYV "
ÆXdbjc^XVo^dcZigVheVgZcoVÇ#
AV Xdbjc^XVo^dcZ! ƒ ^c[Vii^ ^a ejcid XVgY^cZ Y^ ijiiV aV hjV eda^i^XV
Vo^ZcYVaZ# >a cdhigd hiVcYVgY ƒ \^| egdciZooV cZaaZ g^hedhiZ! cjbZg^
Y^ XdciViid ZY Z"bV^a Y^gZiiZ! ^higjo^dc^ Y^ bdciV\\^d bjai^a^c\jZ!
\Zhi^dcZ\gVcY^Xa^Zci^!j[ÒX^degd\Zii^VahZgk^o^dYZaXa^ZciZZj[ÒX^d
Xdbjc^XVo^dcZVhjeedgidYZaaZKhcZXZhh^i|#
9ZaaVGdkZgZH#e#6#]VhVeg^dg^in"ÒghiVcY[dgZbdhiidWZVXdbeVcn
WVhZYdcXdbbjc^XVi^dchVcYigVcheVgZcXn!VcYi]ZcVXdbeVcnl]^X]
hZaah^ccdkVi^kZ!]^\]fjVa^ind[ÒXZegdYjXih#
>c[VXi!Xdbbjc^XVi^dch^hi]Z[djcYVi^dcd[i]Z9ZaaVGdkZgZXdgedgViZ
e]^adhde]n#DjghiVcYVgYVXijVaanZm^hih^c/fj^X`XdbZWVX`!Y^gZXiY^Va^c\
VcY Z"bV^a! bdjci^c\ ^chigjXi^dch ^c Y^[[ZgZci aVc\jV\Zh! egd_ZXi
YZeVgibZci VkV^aVWaZ! VYkZgi^h^c\ YZeVgibZci VkV^aVWaZ VcY `Zn
VXXdjcibVcV\ZbZci#
&&
A68DBJC>86O>DC:
aVXdbjc^XVo^dcZ
I=:8DBBJC>86I>DC
i]ZXdbbjc^XVi^dc
>c9ZaaVGdkZgZaVXdbjc^XVo^dcZg^kZhiZjcÉ^bedgiVcoV[dcYVbZciVaZ#
:YƒeZgfjZhidX]ZÄcdcdhiVciZjcZ[ÒX^ZciZZkVa^YdhZgk^o^d^ciZgcdÄ
aÉVo^ZcYV]VhXZaidY^VkkVaZgh^Y^HijY^d((Bjai^bZY^VeZg\Zhi^gZaVhjV
^bbV\^cZV(+%•#FjVah^Vh^^c^o^Vi^kVejWWa^X^iVg^V!h^VZhhVjcVÒZgV!jc
XViVad\d!dfjVah^Vh^VaigdZkZcidYZWWVZhhZgZgZVa^ooVidYVaaÉVo^ZcYVd
YV^hjd^gVeegZhZciVci^!k^ZcZ\Zhi^idViigVkZghdiVaZV\Zco^V#
>c9ZaaVGdkZgZ!Xdbbjc^XVi^dceaVnV[jcYVbZciVagdaZ#9Zhe^iZZ[ÒX^Zci
VcYkVa^Y^ciZgcVahZgk^XZh!i]^h^hl]ni]ZXdbeVcn]VhX]dhZcidjhZ
HijY^d (( Bjai^bZY^V id bVcV\Z ^ih XdgedgViZ ^bV\Z ^c ZkZgn VheZXi#
6cn egdbdi^dcVa ^c^i^Vi^kZ! l]Zi]Zg V igVYZh]dl! V XViVad\jZ dg Vcn
di]ZgZkZcii]VibjhiWZXgZViZYWni]ZXdbeVcndg^ihgZegZhZciVi^kZh
^hbVcV\ZYi]gdj\]i]^hV\ZcXn#
B6I:G>6A:EJ77A>8>I6G>D$69K:GI>H>C<B6I:G>6AH
9ZaaV GdkZgZ ƒ XdchVeZkdaZ YZa [Viid X]Z jc bVgX]^d ]V kVadgZ hZ
VXXdbeV\cVidYVjcVhda^YV^bbV\^cZX]Z^abZgXVidejŒ[VX^abZciZ
eZgXZe^gZ#AVkVhiV\VbbVY^bViZg^VaZji^a^ooVideZg^abVg`Zi^c\ZaV
Xdbjc^XVo^dcZh^Vbea^VXdci^cjVbZciZ/^cXajYZ^aXViVad\d\ZcZgVaZ!aV
g^k^hiV!XVbe^dcVg^Xdadg^ZbViZg^Va^!^aa^hi^cdXdbeViid!aZb^c^g^k^hiZ!
aZkZigd[Vc^Z!XY"gdbgZaVi^k^VegdYdii^!a^hi^c^!ÒabVi^!egZhZciVo^dc^ZY
^bbV\^c^#
9ZaaVGdkZgZ^hVlVgZd[i]Z[VXii]ViVWgVcY]VhkVajZ^[VXXdbeVc^ZY
WnVhda^Y^bV\Zl]^X]i]ZbVg`ZiXVcZVh^anjcYZghiVcY#
I]ZkVhigVc\Zd[bViZg^VahjhZY[dgbVg`Zi^c\VcYXdbbjc^XVi^dc^h
Xdci^cjdjhanje\gVYZYVcYZcaVg\ZY/^i^cXajYZhi]Z\ZcZgVaXViVad\jZ!
i]Z bV\Vo^cZ! Xdadjg VcY bViZg^Va hVbeaZh! i]Z XdbeVXi eg^XZ a^hi!
i]Zb^c^"bV\Vo^cZh!i]ZigVcheVgZcil^cYdlVY]Zh^kZh!89"GDBhdc
egdYjXih!eg^XZa^hih!Òabh!YZbdchigVi^dchVcY^bV\Zh#
AZg^k^hiZeZg^abZgXVid>ciZgcVo^dcVaZhdcd/
J@/>Xdc!;M!;BM!7ajZeg^ci
HeV\cV/9^hZ\cd>ciZg^dg
;gVcX^V/6B8!YÉ6gX]^iZXijgZ
Gjhh^V/&%%D[ÒXZ
EVZh^YZa<da[dEZgh^Xd/<ja[>ciZg^dgh
<ZgbVc^V/6>I!B9
I]ZbV\Vo^cZhdci]Z>ciZgcVi^dcVabVg`ZiVgZ/
J@/>Xdc!;M!;BM!7ajZeg^ci
HeV^c/9^hZ\cd>ciZg^dg
;gVcXZ/6B8!YÉ6gX]^iZXijgZ
Gjhh^V/&%%D[ÒXZ
EZgh^Vc<ja[Xdjcig^Zh/<ja[>ciZg^dgh
<ZgbVcn/6>I!B9
B;<?;H;
9ZaaVGdkZgZ\Zhi^hXZ^cbZY^VdiidÒZgZVccjVa^!\VgVciZcYdaVXdeZg"
ijgVY^jcVkVhiVeVgiZYZaiZgg^idg^dbdcY^VaZ#
<a^VeejciVbZci^hdcd/
8dciZmiZ9Zh^\cEg^bVY^AdcYgV!EgdhZ\Y^EVg^\^!BZWZaY^BdhXV!
DÒiZXY^BVYg^Y!HV^Z9jZY^7dad\cV!:^bjY^B^aVcd!D[ÒXZ:m]^W^i^dc
Y^9jWV^!Dg\ViZXY^8dadc^V#
<7?HI
9ZaaVGdkZgZ\dZhidVWdjiZ^\]i[V^ghnZVgan!XdkZg^c\VaVg\ZeVgid[
i]Z\adWVaiZgg^idgn#
I]ZVeed^cibZcihVgZ/
8dciZm Z 9Zh^\c Eg^bV ^c AdcYdc! EgdhZ\ ^c EVg^h! BZWZa ^c BdhXV!
DÒiZX^cBVYg^Y!HV^Z9jZ^c7dad\cV!:^bj^cB^aVc!D[ÒXZ:m]^W^i^dc
^c9jWV^!Dg\ViZX^c8dad\cZ#
^\a^
VW^d<
c;
h^\
9Z
8DA>C>
CC>768
d<>DK6
6gX]^iZii
EJ77A>8>I¿$69K:GI>H>C<
9ZaaVGdkZgZ^ckZhiZ^cejWWa^X^i|eZggV[[dgoVgZ^abVgX]^dhjaaZeg^cX^eVa^
iZhiViZ^iVa^VcZZhigVc^ZgZY^hZiidgZ!daigZX]Z^c^c^o^Vi^kZadXVa^aZ\ViZ
VaaZhXZaiZYZ^YZVaZghZYZ^g^kZcY^idg^hjaegdeg^diZgg^idg^d#
AÉj[ÒX^dXdbjc^XVo^dcZƒ^cdaigZXdhiVciZbZciZVY^hedh^o^dcZYZaXa^ZciZ!
eZggZcYZgZedhh^W^aZegd\Zii^eZghdcVa^ooVi^#
9ZaaV GdkZgZ ^ckZhih ^c VYkZgi^h^c\ id gZ^c[dgXZ i]Z WgVcY dc i]Z
eg^cX^eVa>iVa^VcVcY[dgZ^\cigVYZejWa^XVi^dch!VhlZaaVh^cadXVaZkZcih
a^c`ZYidi]ZX]d^XZd[YZVaZghVcYgZiV^aZghdc^ihiZgg^idgn#BdgZdkZg!
i]ZXdbbjc^XVi^dchd[ÒXZ^hValVnhdeZcidi]ZXjhidbZg!id]ZaebV`Z
VcneZghdcVa^oZYegd_ZXigZfjZhiZYWZXdbZVgZVa^in#
AZ H?L?IJ; ^cfjZhi^dcZeZg^abZgXVid>iVa^Vcdhdcd/
9dbjh!DiiV\dcd!>ciZgc^!D[6gX]\^|D;M!D[ÒXZAVndji!GVhhZ\cV0
I]ZC7=7P?D;IgZaVi^kZidi]Z>iVa^VcbVg`ZiVgZ/
9dbjh!DiiV\dcd!>ciZgc^!D[6gX][dgbZganD;M!D[ÒXZAVndji!GVhhZ\cV0
&'
&(
aVXdbjc^XVo^dcZ
aVXdbjc^XVo^dcZ
i]ZXdbbjc^XVi^dc
i]ZXdbbjc^XVi^dc
>CI:GC:I
>ah^idƒhiVidgZXZciZbZciZg^ccdkVidZgZhde^‘kZadXZZYV\^aZ0[gj^W^aZ
^c+a^c\jZ^iVa^Vcd!^c\aZhZ![gVcXZhZ!iZYZhXd!heV\cdadZedgid\]ZhZ!
YdkZhdcdk^h^W^a^ijiiZaZjai^bZcZlh#Hjah^idigdkVcdheVo^dVcX]ZVaig^
XVe^ida^fjVa^\a^ZkZci^ÒZgZ!deZc]djhZZYdci]ZgdVYZY^hZgk^o^X]Z
g^VhhjbdcdaZeda^i^X]ZhjaaVfjVa^i|ZhjaaVXZgi^ÒXVo^dcZYZaaÉVo^ZcYV#
:;BB7HEL;H;EDB?D;
9VaaV ]dbZ eV\Z Y^ 9ZaaV GdkZgZ ƒ edhh^W^aZ VXXZYZgZ Y^gZiiVbZciZ
VaaÉVgZVg^hZgkViV\gVo^ZVYjcVeVhhldgYZgZaVi^kdjhZgcVbZ#
>ahZgk^o^d9Gdca^cZƒY^[dcYVbZciVaZ^bedgiVcoVh^VeZgaÉ^chZg^bZcid!
aV \Zhi^dcZ ZY ^a Xdcigdaad Y^ dgY^c^ ZY d[[ZgiZ Z YZ^ gZaVi^k^ iZbe^ Y^
XdchZ\cV# >c[Vii^! Xdc fjZhid h^hiZbV ^a Xa^ZciZ ejΠ^chZg^gZ ^ egdeg^
dgY^c^XdcZhigZbV[VX^a^i|!g^heVgb^VcYdÒcdVigZ\^dgc^hj^iZbe^Y^
XdchZ\cVhiVcYVgYeZgdgY^c^^ck^Vi^k^V[VmdZ"bV^a#
AÉdW^Zii^kdX]Z9ZaaVGdkZgZh^edcZƒY^[VgY^kZc^gZÆ9:AA6GDK:G:
DC A>C:Ç ^a eg^cX^eVaZ higjbZcid Y^ gVXXdaiV dgY^c^ eZg aÉ>iVa^V Z eZg
aÉZhiZgd0\^|dgV^a)%YZ\a^dgY^c^eZgk^ZcZVaaVY^iiVigVb^iZaÉ^ccdkVi^kd
hZgk^o^d#HZbegZhj9ZaaVGdkZgZdca^cZh^edhhdcdigdkVgZ/egdYdii^
XdcZmigVhXdcideZgÒcZegdYjo^dcZ!a^hi^c^!XZgi^ÒXVi^Y^egdkV!hX]Zb^
Y^bdciV\\^d!bdYjaddgY^cZbViZg^VaZejWWa^X^iVg^d!hX]ZYZiZXc^X]Z!
Y^egdYdiid!ZiVci^hh^bZVaigZ^c[dgbVo^dc^#
&)
Djgh^iZ]VhWZZcgZXZciangZcZlZYVcY^hcdl[VhiZgVcYbdgZZVh^an
XdchjaiZY#>i^hVkV^aVWaZ^c+aVc\jV\Zh>iVa^Vc!:c\a^h]!;gZcX]!<ZgbVc!
HeVc^h]VcYEdgij\jZhZ!VcYVaad[i]ZaViZhicZlh^hk^h^WaZ^ci]ZaZ[i
h^YZWVg#I]Zh^iZVahd^cXajYZhdi]ZghZXi^dch!cVbZanZkZcihÄYZY^XViZY
idh]dlh!deZc"]djhZhVcYÆ9ZaaVGdkZgZ<VaVÇÄVcYhZgk^XZh!l]^X]
hjbbVg^oZXdbeVcneda^XndcfjVa^inVcYXZgi^ÒXVi^dc#HddclZl^aaWZ
VYY^c\kZgh^dch^cEdgij\jZhZVcYGjhh^Vc#
:;BB7HEL;H;EDB?D;
;gdb i]Z 9ZaaV GdkZgZ ]dbZ eV\Z! i]Z jhZg XVc Y^gZXian VXXZhh V
gZhZgkZYVgZVjh^c\VjhZgcVbZVcYeVhhldgY#I]Z9Gdca^cZhZgk^XZ^h
ZhhZci^Va[dgZciZg^c\!bVcV\^c\VcYXdcigdaa^c\d[[ZghVcYdgYZgh!cdi
idbZci^dcgZaVi^kZYZa^kZgni^bZh#
>c [VXi! i]gdj\] i]^h hnhiZb i]Z Xa^Zci XVc ZciZg ]^h$]Zg dlc dgYZgh
ZVh^anVcYl^i]VhVk^c\h^ci^bZd['id(YVnhdkZghiVcYVgYYZa^kZgn
i^bZh[dgdgYZghhZciWn[VmdgZbV^a#9ZaaVGdkZgZV^bhid]VkZÆ9:AA6
GDK:G:DCA>C:ÇWZXdbZi]ZbV^cbZVchd[XdaaZXi^c\dgYZgh[gdb
>iVanVcYVWgdVY0VagZVYn)%d[djgdgYZghgZVX]i]ZXdbeVcni]gdj\]
i]^h^ccdkVi^kZhZgk^XZ#6ahd!l^i]9ZaaVGdkZgZdca^cZ!i]ZXa^ZciÒcYh/
VYY^i^dcVaan Y^hXdjciZY ZcY"d["egdYjXi^dc Vgi^XaZh! eg^XZ a^hih! iZhi
XZgi^ÒXViZh!VhhZbWanY^V\gVbh![dgbh[dgdgYZg^c\VYkZgi^h^c\bViZg^Va!
iZX]c^XVaYViVh]ZZih!egdYjXiYViVh]ZZihVcYbjX]bdgZ^c[dgbVi^dc#
I?IJ;C7+
H^hiZbV*ƒjcegd\gVbbVX]ZcVhXZeZghdYY^h[VgZaZZh^\ZcoZY^egd"
\ZiiVo^dcZY^VbW^Zci^X]ZegZkZYdcdaÉ^chZg^bZcidY^bdW^a^Xdbedc^W^a^#
HZbea^XZZY^cij^i^kd!XdchZciZY^Z[[ZiijVgZ^ciZbedgZVaZ^aegZkZci^kd
YZaaZXdbedh^o^dc^^chZg^iZ!Y^\Zhi^gZ\a^dgY^c^cZaaVadgdXdbeaZiZooVZ
XgZVgZ^cedXdiZbedVbW^Zci^Y^aVkdgdXdbeaZhh^#
9jgVciZ\a^DeZc=djhZ!aÉVo^ZcYVdg\Vc^ooVYZ^Xdgh^Y^ji^a^oodY^H^hiZ"
bV*eZg[VgXdcdhXZgZVabZ\a^daZediZco^Va^i|YZaegd\gVbbV#
:ÉY^hedc^W^aZ^c)a^c\jZZaZa^WgZg^ZkZc\dcdV\\^dgcViZXdhiVciZbZciZ
ZbZhhZVY^hedh^o^dcZYZ^Xa^Zci^\gVij^iVbZciZViigVkZghd89dYdlcadVY
YV9ZaaVGdkZgZdcA^cZ#
6eVgi^gZYVa'%%,hVg|^ciZ\gVidXdcaZa^WgZg^ZYZaaVEVgZiZIZbed#
IOIJ;C+
HnhiZb*^hVhd[ilVgZXgZViZYidhVi^h[ni]ZcZZYd[eaVcc^c\Zck^gdgbZcih
l]^X]gZfj^gZi]Z^cigdYjXi^dcd[bdYjaVg[jgc^ijgZ#H^beaZVcY^cij^i^kZ!
^i Vaadlh id bV`Z i]Z d[[Zg d[ i]Z Xdbedh^i^dc ZciZgZY ^c gZVa i^bZ!
id bVcV\Z i]Z dgYZgh ^c i]Z^g Zci^gZin VcY id XgZViZ XdbeaZm ldg`"
Zck^gdcbZcih^cVh]dgii^bZ#
9jg^c\ i]Z DeZc =djhZh! 9ZaaV GdkZgZ dg\Vc^oZh igV^c^c\ [dg i]Z jhZ
d[HnhiZb*#
>i^hVkV^aVWaZ^c[djgaVc\jV\ZhVcYi]Za^WgVg^ZhVgZXdchiVcianjeYViZY
VcYVgZd[[ZgZYidi]ZXa^Zcih[gZZanXdhiigdj\]89VcY9dlcadVY[gdb
9ZaaVGdkZgZdcA^cZ#H^cXZ'%%,^il^aaWZ^ciZ\gViZYl^i]i]Za^WgVg^Zh
d[IZbedEVgi^i^dclVaah#
<B7I>97:
;aVh]869ƒhiVideZchVideZgXdbjc^XVgZZ^ciZgV\^gZY^gZiiVbZciZXdc
aÉdeZgVidgZ#AdXVgViiZg^ooVaV[VX^a^i|Y^XdbegZch^dcZZji^a^ood#:Éjc
egd\gVbbV\gVÒXdX]ZgZcYZhZbea^X^aZVii^k^i|Y^egd\ZiiVo^dcZZk^"
hjVa^ooVo^dcZgZcYZg^ooViVYZ\a^VbW^Zci^#
<B7I>97:
;aVh]8VY ^h XdcXZ^kZY id Xdbbjc^XViZ VcY id ^ciZgVXi Y^gZXian l^i] i]Z
jhZg!^i^hgZVaanZVhnidjcYZghiVcYVcYidjhZ^i#>i^hV\gVe]^Xegd\gVb
i]VibV`Zh^beaZWdi]idegd_ZXiVcYidk^hjVa^chiVcigZcYZg^c\d[heVXZh
XgZViZY
&*
A6FJ6A>I¿
aVfjVa^i|
I=:FJ6A>IN
i]ZfjVa^in
™aÉZ[ÒX^ZcoVYZaaZaVkdgVo^dc^0
™^aa^kZaadYZahZgk^o^dY^kZcY^iV0
™aVXdc[dgb^i|YZ^egdYdii^kZcYji^#
™bVX]^c^c\Z[ÒX^ZcXn0
™i]ZaZkZad[hVaZhhZgk^XZ0
™i]ZXdc[dgb^ind[i]ZegdYjXihhdaY#
EZgVYViiVgZ^ah^hiZbVVaaZXg^i^X^i|ZbZghZZVaaZcjdkZcZXZhh^i|!^ahZi
Y^^cY^XVidg^k^ZcZXdhiVciZbZciZgV[ÒcVidZVhhdX^Vidd\c^VccdVegZX^h^
dW^Zii^k^ Y^ \Zhi^dcZ X]Z eZgbZiidcd V ÒcZ Vccd Y^ kVajiVgZ ^a aVkdgd
hkdaidYVaaZYjZVo^ZcYZZY^egd\gVbbVgZ^e^Vc^deZgVi^k^eZgaÉZhZgX^o^d
hjXXZhh^kd#
IdÒii]ZhnhiZbidi]ZXg^i^XVa^i^Zhl]^X]XdbZida^\]iVcYidcZlcZZYh!
i]ZhZid[^cY^XVidgh^hXdchiVciangZÒcZY0ZVX]nZVg^i^hVhhdX^ViZYid
egZX^hZbVcV\ZbZciiVg\ZihideZgb^inZVgZcYVhhZhhbZcid[i]Zldg`
XVgg^ZYdjiWni]ZildXdbeVc^ZhVcYidegd\gVbi]ZdeZgVi^dcVaeaVch
[dgi]ZjeXdb^c\nZVg#
6B7>:CI::8DAA:II>K>I¿
EZggV[[dgoVgZaÉ^bbV\^cZYZaaÉVo^ZcYVZeZgViijVgZjcegd\gZhh^kdg^"
edh^o^dcVbZcidYZaaZhiZhhZkZghd[VhXZY^bZgXVidbZY^d"VaiZ!9ZaaV
GdkZgZ]Vhk^ajeeVidjcH^hiZbVY^\Zhi^dcZeZgaVFjVa^i|!Xdc[dgbZ
VaaVcdgbV>HD.%%&/'%%%K^h^dc'%%%!X]Z]VadhXdedY^XdchZci^gZ^a
gV\\^jc\^bZcidYZ^hZ\jZci^dW^Zii^k^/
IdgZ^c[dgXZi]Z^bV\Zd[i]ZildXdbeVc^ZhVcYid^beaZbZcii]Z^g
egd\gZhh^kZgZedh^i^dc^c\idlVgYhV]^\]"bZY^jbZcYd[i]ZbVg`Zi!
9ZaaV GdkZgZ ]Vh YZkZadeZY V FjVa^in BVcV\ZbZci HnhiZb! ^c
Xdbea^VcXZl^i]i]Z>HD.%%&/'%%%K^h^dc'%%%hiVcYVgY!l]^X]]Vh
i]ZejgedhZd[bZZi^c\i]Z[daadl^c\\dVah/
™VXXgZhXZgZaVhdYY^h[Vo^dcZYZ^Xa^Zci^!ViigVkZghdaVXdbegZch^dcZZ
^ahdYY^h[VX^bZcidYZaaZadgdZh^\ZcoZegZhZci^Z[jijgZ0
™b^\a^dgVgZXdci^cjVbZciZ^egdXZhh^Z^egdYdii^!XdceVgi^XdaVgZVi"
iZco^dcZ VaaV hVakV\jVgY^V YZaaÉVbW^ZciZ Z YZaaV h^XjgZooV YZ^ Y^eZc"
YZci^0
™Xd^ckda\ZgZ^eVgicZgZY^[dgc^idg^cZaegdXZhhdY^b^\a^dgVbZcid
Xdci^cjd![VkdgZcYdjcVad\^XVXdaaVWdgVi^kV0
™kVadg^ooVgZaZg^hdghZjbVcZ0
™^cXgZVhZXjhidbZghVi^h[VXi^dci]gdj\]jcYZghiVcY^c\VcYbZZi^c\
i]Z^gegZhZciVcY[jijgZcZZYh0
™Xdci^cjdjhan^begdkZegdXZhhZhVcYegdYjXih!l^i]eVgi^XjaVg
ViiZci^dcidegdiZXi^c\i]ZZck^gdcbZciVcYldg`ZghV[Zin0
™^ckdakZeVgicZghVcYhjeea^Zgh^ci]ZXdci^cjdjh^begdkZbZci
egdXZhh![Vkdjg^c\VXdaaVWdgVi^kZad\^X0
™^begdkZ]jbVcgZhdjgXZh0
9ZaaV GdkZgZ ƒ hiViV jcV YZaaZ eg^bZ gZVai| ^iVa^VcZ YZa hZiidgZ VY
VYdiiVgZ aV 8Zgi^ÒXVo^dcZ >HD .%%&! V \VgVco^V YZaaÉVXXjgViZooV YZaaV
egd\ZiiVo^dcZ!YZaaVg^XZgXV!YZaaVegdYjo^dcZZYZaaÉVhhZbWaV\\^dY^d\c^
h^c\dadegdYdiidbZhhd^cXdbbZgX^d#6XXVcidVfjZhiVXZgi^ÒXVo^dcZ!
aZ Vo^ZcYZ YZa <gjeed ]Vccd jaiZg^dgbZciZ eZg[Zo^dcVid aV egdeg^V
higjiijgV dg\Vc^ooVi^kV ^c Xdc[dgb^i| Xdc \a^ hiVcYVgY Y^ fjVa^i|
g^X]^Zhi^YVVaXjc^EVZh^ZhiZg^!XdbZadhiVcYVgY<DHI6GeZgaVGjhh^V
ZadhiVcYVgY6CH>"7>;B6eZg\a^HiVi^Jc^i^YÉ6bZg^XV#9VX^iVgZed^^a
igV\jVgYd gV\\^jcid YV 9ZaaV GdkZgZ! eg^bV Vo^ZcYV cZa hZiidgZ YZa
bdW^aZVYVkZgdiiZcjid^abVgX]^dÆ8>&%%BVYZ^c>iVanÇ!jchZ\cdY^
Y^hi^co^dcZX]ZVhh^XjgVjcVkdaiVY^e^‘^akVadgZYZ^hjd^egdYdii^#
6 eVgi^gZ YVa '%%, ƒ hiViV ^ciZ\gViV aV XZgi^ÒXVo^dcZ 6bW^ZciVaZ >HD
&)%%&ZaVXZgi^ÒXVo^dcZ8:YZaaVEVgZiZIZbedkVa^YV^c:jgdeV#
>cjcÉdii^XVY^Xdci^cjdb^\a^dgVbZcid!9ZaaVGdkZgZegZhiVhZbegZbdaiV
ViiZco^dcZVcX]ZVaediZco^VbZcidYZaaVegdeg^VhigjiijgVegdYjii^kV!
^c bdYd YV Y^hedggZ Y^ bVXX]^cVg^ hZbegZ e^‘ VaaÉVkVc\jVgY^V X]Z
eZgbZiidcdY^gZVa^ooVgZegdYdii^Y^Vaida^kZaadh^VeZgYZh^\cX]ZeZg
fjVa^i|Z!^cVaXjc^XVh^!Y^\Zhi^gZ!daigZVaaZXdaaZo^dc^hiVcYVgY!VcX]Z
aV egdYjo^dcZ Y^ Vgi^Xda^ Æ[jdg^ b^hjgVÇ eZg aZ g^X]^ZhiZ Xjhidb^oZY
egdYjXi^dc#
>cÒcZ! eZg \VgVci^gZ jcV e^ZcV hdYY^h[Vo^dcZ YZaaV Xa^ZciZaV! 9ZaaV
GdkZgZVYdiiVjch^hiZbVY^bdc^idgV\\^dYZaaÉd[[ZgiVYZ^egdYdii^X]Z
egZcYZ^cZhVbZ!ViigVkZghdjchZiY^^cY^XVidg^!^hZ\jZci^VheZii^/
&+
9ZaaV GdkZgZ ]Vh WZZc dcZ d[ i]Z Òghi >iVa^Vc \gdjeh ^c i]Z hZXidg id
VYdei>HD.%%&8Zgi^ÒXVi^dc!idZchjgZi]ZVXXjgVXnd[YZh^\c!gZhZVgX]!
egdYjXi^dcVcYVhhZbWand[ZkZgnh^c\aZegdYjXieaVXZYdci]ZbVg`Zi#
6adc\ l^i] i]^h XZgi^ÒXVi^dc! i]Z XdbeVc^Zh ^c i]Z <gdje ]VkZ [jgi]Zg
^begdkZYi]Z^gdg\Vc^oVi^dcVahigjXijgZh^cXdbea^VcXZl^i]i]ZfjVa^in
hiVcYVgYh gZfj^gZY Wn hZkZgVa [dgZ^\c Xdjcig^Zh! a^`Z i]Z <DHI6G
hiVcYVgY[dgGjhh^VVcYi]Z6CH>"7>;B6hiVcYVgY[dgi]ZJc^iZYHiViZh
d[6bZg^XV#6ahdidWZbZci^dcZY^hi]Z\dVagZVX]ZYWn9ZaaVGdkZgZ!
i]ZÒghiXdbeVcn^ci]Z[jgc^ijgZ^cYjhignid]VkZdWiV^cZYi]ZÆ8>&%%
BVYZ^c>iVanÇbVg`!Vh^\cd[Y^hi^cXi^dcl]^X]^hVcVYYZYVhhjgVcXZd[
i]ZkVajZd[^ihegdYjXih#
H^cXZ '%%, 9ZaaV GdkZgZ ]Vh dWiV^cZY i]Z :ck^gdcbZciVa 8Zgi^ÒXVi^dc
>HD&)%%&VcYi]Z:8XZgi^ÒXVi^dc8:[dgi]ZIZbedEVgi^i^dc!kVa^Y^c
:jgdeZ#
>c a^cZ l^i] ^ih eda^Xn d[ Xdci^cjdjh ^begdkZbZci! 9ZaaV GdkZgZ Vahd
ValVnheV^Y\gZViViiZci^dcidhigZc\i]Zc^c\^ihegdYjXi^dchigjXijgZ!hd
i]Vi^iValVnh]Vhi]ZbdhibdYZgcbVX]^cZgn[dgi]ZbVcj[VXijg^c\d[
]^\]aZkZaegdYjXih^ciZgbhd[YZh^\cVcYfjVa^inVcY!^chdbZXVhZh!^c
VYY^i^dcidi]ZhiVcYVgYXdaaZXi^dc!i]ZegdYjXi^dcd[cdchiVcYVgYh^oZ
Vgi^XaZh[dgXjhidb^oZYegdYjXi^dcgZfjZhih#
;^cVaan! id \jVgVciZZ [jaa XjhidbZg hVi^h[VXi^dc! 9ZaaV GdkZgZ VYdeih
V hnhiZb [dg bdc^idg^c\ i]Z \VbbV d[ egdYjXih l]^X] jhZh V hZi d[
^cY^XVidghidZmVb^cZi]Z[daadl^c\VheZXih/
:CK>GDCB:CI6C98DBBJC>IN
EZg9ZaaVGdkZgZZhhZgZhdX^VabZciZgZhedchVW^aZh^\c^ÒXVXdc^j\VgZ
aZ ÒcVa^i| Y^ XgZhX^iV ^begZcY^idg^VaZ Xdc aZ Zh^\ZcoZ Y^ jcV \Zhi^dcZ
hdhiZc^W^aZ#>cXdZgZcoVXdc^kVadg^^cXj^h^g^XdcdhXZZXdc^eg^cX^e^
ZhegZhh^cZaaVB^hh^dcZ!^a<gjeed;7AÄ9ZaaVGdkZgZ]VhdhiZcjidcZ\a^
jai^b^Vcc^Y^kZghZ^c^o^Vi^kZkdaiZVgV[[dgoVgZ^aaZ\VbZXdc^aiZgg^idg^d
Z Xdc aV Xdbjc^i| ^c Xj^ deZgV! cZaaV Xdck^co^dcZ X]Z ^a hjXXZhhd
ZXdcdb^XdY^jcÉ^begZhVcdcedhhVegZhX^cYZgZYVjcgjdadVii^kdcZa
XdciZhidhdX^VaZY^g^[Zg^bZcid#
CZa'%%,^a<gjeed]VYZhi^cVidX^gXV'%#%%%Zjgd!eVg^Vaad%!)YZaKVadgZ
6\\^jcidegdYdiid!VahdhiZ\cdY^^c^o^Vi^kZY^XVgViiZgZhdX^VaZZXjaijgVaZ/
^c eVgi^XdaVgZ! aZ Vo^ZcYZ ]Vccd d[[Zgid Xdcig^Wji^ VaaV ;dcYVo^dcZ
IZaZi]dc! ^beZ\cViV YV Vcc^ cZaaV adiiV VaaV Y^higdÒV bjhXdaVgZ Z VaaZ
bVaVii^Z\ZcZi^X]Z!VaaÉ>hi^ijidDcXdad\^XdBVgX]^\^VcdZVaaV;dcYVo^dcZ
6CI>iVa^V6hhdX^Vo^dcZCVo^dcVaZIjbdg^Dcajh#
EZgfjVcidg^\jVgYVaZ^c^o^Vi^kZY^XVgViiZgZXjaijgVaZ!cZa'%%,^a<gjeed
9ZaaV GdkZgZ Ä ;7A ]V g^ccdkVid ZY Vbea^Vid aV XdaaVWdgVo^dcZ Xdc aV
;dcYVo^dcZEZhVgdCjdkd8^cZbVDcajheZgaVgZVa^ooVo^dcZYZaaVBdhigV
>ciZgcVo^dcVaZYZaCjdkd8^cZbV!hkdaiVh^VEZhVgdigV\^j\cdZaj\a^d#
EZg[Vkdg^gZ^aXdaaZ\VbZcidigVh^hiZbV[dgbVi^kdZbdcYdYZaaVkdgd!
^a <gjeed ]V hi^ejaVid cZa '%%( jcV XdckZco^dcZ Xdc aÉ6hhdX^Vo^dcZ
EZhVgdHijY^!kdaiVVgZVa^ooVgZhiV\ZVo^ZcYVa^^cXdaaVWdgVo^dcZXdc
aÉJc^kZgh^i| Eda^iZXc^XV YZaaZ BVgX]Z# > [gjii^ Y^ fjZhiV eVgicZgh]^e
hdcd Xdci^cjVi^ VcX]Z cZa Xdghd YZa '%%-/ aZ Vo^ZcYZ ]Vccd ^c[Vii^
dhe^iVidi^gdX^cVci^X]Z!^chZg^i^cZagZeVgidad\^hi^Xd!h^hdcddXXjeVi^^c
eVgi^XdaVgZY^VcVa^h^!bdc^idgV\\^dZg^dg\Vc^ooVo^dcZYZ^Ójhh^ad\^hi^X^
ZegdYjii^k^#
;dg9ZaaVGdkZgZWZ^c\hdX^VaangZhedch^WaZbZVchXdbW^c^c\i]ZV^bh
d[ZcigZegZcZjg^Va\gdli]l^i]i]ZcZZYhd[VhjhiV^cVWaZbVcV\ZbZci#
>cgZXZcinZVgh!^ca^cZl^i]^ihkVajZhVcYl^i]i]Zeg^cX^eaZhZmegZhhZY
^c ^ih B^hh^dc! i]Z ;7A Ä 9ZaaV GdkZgZ <gdje ]Vh hjhiV^cZY hZkZgVa
^c^i^Vi^kZh V^bZY Vi higZc\i]Zc^c\ ^ih i^Zh l^i] i]Z iZgg^idgn VcY l^i]
i]ZXdbbjc^in^ildg`h^c!^ci]ZXdck^Xi^dci]Vii]ZZXdcdb^XhjXXZhh
d[VXdbeVcnXVccdiY^hgZ\VgYVcVXi^kZgdaZ^ci]ZhdX^VaXdciZmid[
gZ[ZgZcXZ#
>c '%%, i]Z <gdje YZhi^cZY Veegdm^bViZan :jgd '%!%%%! ZfjVa id %!)
d[i]Z6YYZYKVajZegdYjXZY!idhjeedgihdX^VaVcYXjaijgVa^c^i^Vi^kZh/
^c eVgi^XjaVg! i]Z XdbeVc^Zh bVYZ Xdcig^Wji^dch id i]Z IZaZi]dc
;djcYVi^dc!Zc\V\ZY[dgnZVgh^ci]ZÒ\]iV\V^chibjhXjaVgYnhigde]n
VcY\ZcZi^XY^hZVhZh!idi]ZBVgX]^\^VcdDcXdad\n>chi^ijiZVcYidi]Z
6CI>iVan;djcYVi^dcCVi^dcVaIjbdjg6hhdX^Vi^dcDcajh#
>c '%%, i]Z <gdje gZcZlZY VcY Vbea^ÒZY ^ih XdaaVWdgVi^dc l^i] i]Z
EZhVgd Cjdkd 8^cZbV Dcajh ;djcYVi^dc [dg i]Z gZVa^hVi^dc d[ i]Z
>ciZgcVi^dcVaCZl8^cZbVGZk^Zl]ZaY^cEZhVgd[gdb?jcZid?jan#
IdZcXdjgV\Zi]Za^c`WZilZZci]ZigV^c^c\hnhiZbVcYi]Z_dWbVg`Zi!
^c'%%(i]Z<gdjeXdcigVXiVcV\gZZbZcil^i]i]Z6hhdX^Vo^dcZEZhVgd
HijY^!V^bZYViXgZVi^c\^c"XdbeVcnigV^c^c\eZg^dYh^cXdaaVWdgVi^dc
l^i]i]ZEdaniZX]c^XJc^kZgh^ind[i]ZBVgX]Z#
I]Z[gj^ihd[i]^heVgicZgh]^eVahdXdci^cjZY^ci]ZXdjghZd['%%-/i]Z
XdbeVc^Zh]dhiZYi]gZZigV^cZZh^ci]Zad\^hi^XhhZXidgl]dheZX^ÒXVaan
ldg`ZY dc VcVanh^c\! bdc^idg^c\ VcY gZdg\Vc^h^c\ i]Z ad\^hi^X VcY
egdYjXi^dcÓdlh#
&,
FJ6A>I¿:9DG><>C6A>I¿/>CDHIG>6G8=>I:II>A6KDG6CDE:GKD>
>aYZh^\cZg/@Vg^bGVh]^Y
FJ6A>IN6C9DG><>C6A>IN/DJG9:H><C:GHLDG@;DGNDJ
I]ZYZh^\cZg/@Vg^bGVh]^Y
JCD7>:II>KD8DHI6CI:/<6G6CI>G:H:BEG:FJ6A>I¿:H:GK>O>D
68DCHI6CII6G<:I/ID6HHJG:FJ6A>IN6C9H:GK>8:6I6AAI>B:H
9Zh^\cZgh 8gZVo^dc^/ XgZVi^k^i| XdbZ XVeVX^i| Y^ gZ^ckZciVgh^ 9ZaaV
GdkZgZ H#e#6# ƒ d\\^ aZVYZg cZa hZiidgZ YZa bdW^aZ eZg j[ÒX^d \gVo^Z
VcX]Z Z hdegViijiid Va aVkdgd Y^ VgX]^iZii^ heZX^Va^ooVi^ Z Y^ \gVcYZ
XdbeZiZcoV iZXc^XV! hZbegZ ^c \gVYd Y^ [dgc^gZ g^hedhiZ ^ciZaa^\Zci^ Z
^ccdkVi^kZeZgjcejWWa^Xde^‘Zh^\ZciZ#
H^c YVa hjd ZhdgY^d! 9ZaaV GdkZgZ ]V ^c[Vii^ [dgiZbZciZ XgZYjid X]Z
^a ejcid XVgY^cZ Y^ jcÉ^begZhV egdYjiig^XZ hiV cdc hdad cZaaV fjVa^i|
YZaaVegdeg^Vd[[ZgiV!bVVcX]ZcZaaVkdadci|Y^kdaZgXgZVgZegdYdii^
dg^\^cVa^X]ZedhhVcd[Vg[gdciZV^Xdci^cj^bjiVbZci^YZaaZbdYZZYZ^
\jhi^YZaejWWa^Xd#:Éegdeg^d\gVo^ZVfjZhiV[ZgbVkdadci|X]Z9ZaaV
GdkZgZ]VVahjdhZ\j^idVgX]^iZii^ZheZgi^ZXgZVi^k^!X]Zd\c^\^dgcd
aVkdgVcd Va ÒcZ Y^ hk^ajeeVgZ ^YZZ cjdkZ ZY ^ciZaa^\Zci^0 ^c fjZhid
bdYd aÉVo^ZcYV \VgVci^hXZ jcV kVhiV \VbbV Y^ bdYZaa^ Y^ Vaid a^kZaad
Z VhhdajiVbZciZ ^ccdkVi^k^! b^gVi^ V gZcYZgZ d\c^ VbW^ZciZ Y^ aVkdgd
egVi^XdZXdc[dgiZkdaZ#
&-
9ZaaVGdkZgZH#e#6#^hidYVnVaZVYZgd[i]Zd[ÒXZ[jgc^ijgZÒZaYi]Vc`h
id! bdgZ i]Vc Vcni]^c\ ZahZ! i]Z ldg` d[ heZX^Va^oZY VgX]^iZXih d[
\gZVi iZX]c^XVa XdbeZiZcXZ! l]d VgZ ValVnh VWaZ id egdk^YZ hbVgi
VcY ^ccdkVi^kZ hdaji^dch ZkZc [dg i]Z bdhi YZbVcY^c\ ejWa^X# H^cXZ
i]Z^gÒghiVeeZVgVcXZ^ci]ZbVg`Zi!9ZaaVGdkZgZ]Vh^cYZZYhigdc\an
WZa^ZkZY i]Vi i]Z XdgcZghidcZ d[ V egdYjX^c\ ZciZgeg^hZ ^h cdi dcan
^ci]ZfjVa^ind[^ihd[[Zg!WjiVahd^ci]ZÒgbYZiZgb^cVi^dcidXgZViZ
dg^\^cVaegdYjXihl]^X]VgZVWaZid[VXZjei]ZZkZgX]Vc\^c\[Vh]^dch
d[i]ZldgaYVcYi]ZiVhiZhd[i]ZejWa^X#I]ZgZ[dgZ!l^i]i]^hgZhdajiZ
l^aa!9ZaaVGdkZgZ]VhVi^ihY^hedhVaZmeZgiVcYXgZVi^kZVgX]^iZXih!l]d
YVnWnYVnldg`^cdgYZgidYZkZadecZlVcYhbVgi^YZVh#>ci]^hlVn
i]ZXdbeVcnWg^c\hidi]ZejWa^XVl^YZgVc\Zd[bdYZahd[]^\]fjVa^in
VcY^ccdkVi^kZhdaji^dch!XgZViZYidbV`ZVcnldg`eaVXZegVXi^XVaVcY
Xdb[dgiVWaZVhlZaaVhVZhi]Zi^XVaaneaZVh^c\#
KD9KHH?9KBKCFH;IJ?=?EIE$
@Vg^bGVh]^YcVhXZVa8V^gdcZa&.+%#9^dg^\^cZbZi|Z\^o^VcVZbZi|
^c\aZhZ]Vk^hhjidegZkVaZciZbZciZ^c8VcVYV#CZa&.-'XdchZ\jZaV
aVjgZV ^c >cYjhig^Va 9Zh^\c egZhhd aV 8VgaZidc Jc^kZgh^in Y^ DiiVlV!
8VcVYV! eZg egdhZ\j^gZ ed^ aV hjV heZX^Va^ooVo^dcZ ^c YZh^\c ^c
>iVa^V!VCVeda^!egZhhdkVg^hijY^igV^fjVa^fjZaadY^:iidgZHdiihVhh#
IgVhXdggZg|ed^jcVccdVB^aVcdegZhhdadhijY^dGdYda[d9)'7dcZiid#
G^idgcVid^c8VcVYV!aVkdgVeZghZiiZVcc^Xdc@6C>cYjhig^Va9Zh^\cZgh
Z YjgVciZ fjZhid eZg^dYd Z Xd"[dcYVidgZ Z XgZVidgZ YZaaV 7VWZa
;Vh]^dc8daaZXi^dcVcYCdgi]cZ\a^Vcc^&.-*"&..&#CZa&..(VegZ^a
egdeg^dhijY^dVCZlNdg`ZYVVaadgV]VaVkdgVideZgcjbZgdh^Xa^Zci^
higVc^Zg^ [gV Xj^ EgVYV! <^dg\^d 6gbVc^! ;dhXVg^c^! <joo^c^! OVcdiiV!
:hiZZAVjYZg!>hhZnB^nV`Z!ZcZaXdghdYZ\a^Vcc^]Vk^cidcjbZgdh^
egZb^! XdbZ I]Z <ddY 9Zh^\c 6lVgY '%%( eZg aV hZY^V @jgkZ eZg
CZ^c`VbeZgZaÉ>#9#BV\Vo^cZÉh6ccjVa9Zh^\cGZk^Zl6lVgYh'%%'#
E^‘Y^,%YZ^hjd^d\\Zii^[VccdeVgiZY^XdaaZo^dc^eZgbVcZci^Z^hjd^
egdYdii^ Y^ YZh^\c hdcd hiVi^ Zh^W^i^ egZhhd cjbZgdh^ bjhZ^ YÉVgiZ
cZ\a^HiVi^Jc^i^BdBVY^CZlNdg`!8]^XV\d6i]ZcVZjbY^8]^XV\d!
BjhZjb d[ 8dciZbedgVgn 6gi Y^ B^Vb^! ^c :jgdeV 7g^i^h] 9Zh^\c
BjhZjb Y^ AdcYgV! <gdc^c\Zc BjhZjb Y^ <gdc^c\Zc ^c DaVcYV
Z cZa gZhid YZa bdcYd Id`nd <Vh Y^ Id`nd# @Vg^b GVh]^Y ]V egZhd
eVgiZ^cfjVa^i|Y^\^jgVidVY^kZgh^XdcXdgh^^ciZgcVo^dcVa^ZYƒhiVid
XdaaVWdgVidgZY^g^k^hiZY^YZh^\c#:ÉhiVideZgY^ZX^Vcc^egd[ZhhdgZY^
YZh^\c ^cYjhig^VaZ egZhhd aV Jc^kZgh^in d[ i]Z 6gih Y^ E]^aVYZae]^V! ^a
EgVii>chi^ijiZ!aVG]dYZ>haVcYHX]ddad[9Zh^\c!aÉDciVg^d8daaZ\Zd[
6giZi^ZcZViijVabZciZXdc[ZgZcoZ^cijiid^abdcYd#@Vg^bGVh]^Y]V
ejWWa^XVidYjZa^Wg^/Æ>lVciidX]Vc\Zi]ZldgaYÇ!ZY^idG^ooda^cZaaV
XdaaZo^dcZJc^kZghVaZ!'%%&ZaÉ>ciZgcVi^dcVa9Zh^\cNZVgWdd`&-!ZY^id
YVaaVAVjgZcXZ@^c\EjWa^h]^c\#>cXdcXdb^iVcoVYZaHVadcZYZaBdW^aZ
'%%*@Vg^bGVh]^YegZhZciZg|^ahjdjai^bda^Wgd^ci^idaVidÆ:kdaji^dcÇ!
VcX]ÉZhhdejWWa^XVidYVG^ooda^!cZaaVXdaaVcVJc^kZghVaZ#
EZg9ZaaVGdkZgZ]VY^hZ\cVidaZXdaaZo^dc^JcdZOZgd#
7FH;IJ?=?EKI9KHH?9KBKC
@Vg^bGVh]^YlVhWdgc^c8V^gd^c&.+%#=Va[:c\a^h]VcY]Va[:\nei^Vc!
]Z heZci bdhi d[ ]^h a^[Z ^c 8VcVYV# >c &.-' ]Z gZXZ^kZY ]^h YZ\gZZ
^c >cYjhig^Va 9Zh^\c [gdb i]Z 8VgaZidc Jc^kZgh^in d[ DiiVlV! 8VcVYV!
id i]Zc Xdci^cjZ heZX^Va^h^c\ ^c YZh^\c ^c CVeaZh! >iVan Vi V cjbWZg
d[hijY^dh!^cXajY^c\i]Vid[:iidgZHdiihVhh#=Zi]ZcheZciVnZVg^c
B^aVc Vi i]Z GdYda[d 9)'7dcZiid hijY^d# Jedc ]^h gZijgc id 8VcVYV!
]Z ldg`ZY l^i] @6C >cYjhig^Va 9Zh^\cZgh [dg hZkZc nZVgh0 ^i lVh
Yjg^c\i]^heZg^dYi]Vi]ZXd"[djcYZYVcYXgZViZYi]Z7VWZa;Vh]^dc
8daaZXi^dcVcYCdgi]^ci]ZnZVghWZilZZc&.-*VcY&..&#>c&..(]Z
deZcZY]^hdlchijY^d^cCZlNdg`VcYh^cXZi]Zc]Z]Vhldg`ZY[dgV
cjbWZgd[[dgZ^\cXa^Zcih^cXajY^c\EgVYV!<^dg\^d6gbVc^!;dhXVg^c^!
<joo^c^!OVcdiiV!:hiZZAVjYZgVcY>hhZnB^nV`Z#DkZgi]ZnZVgh]Z]Vh
ldc cjbZgdjh eg^oZh/ I]Z <ddY 9Zh^\c 6lVgY '%%( [dg i]Z @jgkZ
X]V^gYZh^\cZY[dgCZ^c`VbeZgVcYi]Z>#9#BV\Vo^cZÉh6ccjVa9Zh^\c
GZk^Zl6lVgYh'%%'!_jhiidcVbZild#BdgZi]Vc,%d[]^hXgZVi^dch
VgZ eVgi d[ eZgbVcZci XdaaZXi^dc VcY ]^h YZh^\c egdYjXih ]VkZ WZZc
Y^heaVnZY ^c cjbZgdjh Vgi bjhZjbh ^c i]Z Jc^iZY HiViZh BdBV "
CZlNdg`!8]^XV\d6i]ZcVZjb"8]^XV\d!BjhZjbd[8dciZbedgVgn
6gi"B^Vb^!^c:jgdeZ7g^i^h]9Zh^\cBjhZjb"AdcYdc!<gdc^c\Zc
BjhZjb Ä <gdc^c\Zc! =daaVcY VcY ^c i]Z gZhi d[ i]Z ldgaY Id`nd
<Vh " Id`nd# @Vg^b GVh]^Y ]Vh hZgkZY dc i]Z _jg^Zh [dg cjbZgdjh
^ciZgcVi^dcVaXdciZhihVcY]Z]VhXdaaVWdgViZYl^i]YZh^\cbV\Vo^cZh#
;dg&%nZVgh]ZiVj\]i>cYjhig^Va9Zh^\cVii]ZE]^aVYZae]^VJc^kZgh^in
d[ i]Z 6gih! EgVii >chi^ijiZ! i]Z G]dYZ >haVcY HX]dda d[ 9Zh^\c! i]Z
DciVg^d 8daaZ\Z d[ 6gi# 8jggZcian VcY ]Z ]daYh Xdc[ZgZcXZh Vaa dkZg
i]ZldgaY#@Vg^bGVh]^Y]VhejWa^h]ZYildWdd`h/Æ>lVciidX]Vc\Z
i]Z ldgaYÇ! ZY# G^ooda^! Jc^kZghVa XdaaZXi^dc VcY i]Z >ciZgcVi^dcVa
9Zh^\c NZVgWdd` &-! ZY# AVjgZcXZ @^c\ EjWa^h]^c\# 9jg^c\ i]Z '%%*
;jgc^ijgZ:m]^W^i^dc!@Vg^bGVh]^Yl^aaegZhZci]^haViZhiWdd`!Zci^iaZY
Æ:kdaji^dcÇ!VahdejWa^h]ZYWnG^ooda^^ci]ZJc^kZghVa8daaZXi^dc#
=Z]VhYZh^\cZYi]ZXdaaZXi^dchÆJcdZOZgdÇ[dg9ZaaVGdkZgZ#
&.
AÉVgX]^iZiid/HijY^d@V^gdh Y^6WgVbdB^dc<^jhZeeZBVcZciZ
AÉVgX]^iZiid/EVdadEVbeVcdc^
I]ZVgX]^iZXi/HijY^d@V^gdh6WgVbdB^dc<^jhZeeZBVcZciZ
I]ZVgX]^iZXi/EVdadEVbeVcdc^
?B8;BBE:;BBÊ7H9>?J;JJKH7IJ7D;BDED;II;H;;J?9>;JJ78?B;
Æ:hhZgZ YZh^\cZgh! gZcYZ a^WZg^½Ç / ZXXd ^a h^\c^ÒXVid Viig^Wj^id YV
<^jhZeeZBVcZciZVaaVegdeg^Vegd[Zhh^dcZ#
8gZVgZXdaegdeg^d^c\Z\cdfjVaXdhVX]Zeg^bVcdcZh^hiZkVXdchZciZ
heZhhdY^k^kZgZ^cYZhXg^k^W^a^hZchVo^dc^#
:ÉjcVegd[Zhh^dcZ[dgiZbZciZaZ\ViVVaaZe^‘cdgbVa^ZheZg^ZcoZY^k^iV
Y^jc^cY^k^Yjd#FjVah^Vh^bdbZcidYZaaV\^dgcViVejŒY^kZciVgZ[dciZ
YÉ^he^gVo^dcZ#9Zh^\ch^\c^ÒXVZhegZhh^dcZVgi^hi^XVZhiZhVdaigZ^a^b^i^
YVi^YVXdchjZijY^c^!dgVg^ZhXVYZcoZZcdcVXVhd<^jhZeeZBVcZciZ
VbV YV hZbegZ ^a bVgZ! aV WVgXV V kZaV Z aZ ajc\]Z eVhhZ\\^ViZ cZa
bZgVk^\a^dhd7dhXdYZa8Vch^\a^d#9^[ÒX^abZciZjcjdbdXdh‡ediZkV
hXZ\a^ZgZjcVegd[Zhh^dcZX]ZcdcVkZhhZVX]Z[VgZXdcaVa^WZgi|Y^
^bbV\^cVgZ#
6WgVbd B^dc ]V hXZaid Y^ [VgZ aÉVgX]^iZiid hdegViijiid eZg Xjg^dh^i|#
AV Xjg^dh^i| ƒ aV bdaaV X]Z eZgbZiiZ Y^ cdc X]^jYZgh^ bZciVabZciZ#
8jg^dh^i| ƒ Zcijh^Vhbd! fjZaaÉZcijh^Vhbd X]Z d\c^ eZghdcV cdc Yd"
kgZWWZVWWVcYdcVgZbV^eZgegdkVgZ!kZg^ÒXVgZ!^edi^ooVgZ!ZheadgVgZ
Zhd\cVgZ#Æ>hd\c^hdcdaV[dciZY^d\c^egd\ZiidÇ#
FjZhidƒadhe^g^idX]Z]Vhe^cidB^dcVY^cigVegZcYZgZaVegd[Zhh^dcZY^
YZh^\cZg#8dbZeZgBVcZciZ!aÉZcijh^VhbdYZg^kVidYVaXgZVgZfjVaXdhV
YVacjaaV!jhVcYdaVegdeg^V^bbV\^cVo^dcZ!ƒfjVaXdhVY^^beV\VW^aZ
Z hdgegZcYZciZ Va XdciZbed# 9Zh^\c ejΠkdaZg YjcfjZ Y^gZ hXdeg^gZ
d\c^\^dgcdfjVaXdhVY^cjdkd0ejŒkdaZgY^gZVXXd\a^ZgZjcV[dgbVY^
Zkdajo^dcZX]ZƒXdci^cjV#
:hVg|[dghZjcVXd^cX^YZcoV!bVVcX]Z6WgVbdB^dc]Vjcdhi^aZY^
k^iVX]ZZheg^bZfjZhidXdcXZiidY^a^WZgi|#:ÉjcVbVciZYZ^k^V\\^Z
hdegViijiidYZaaVbdid#
<gVo^Z V fjZhi^ \gVcY^ Zhig^ XgZVi^k^! cZa &.-% ƒ hiVid [dcYVid ad HijY^d
@V^gdh!X]ZdeZgVegZkVaZciZbZciZcZaXVbedYZaaÉ^cYjhig^VZYZaYZh^\c#
>aiZgb^cZ\gZXdÆ@V^gdhÇh^\c^ÒXVÆejcid\^jhid!ajd\d\^jhid!\^jhiV
b^hjgVÇ ^c fjVcid cZaaÉVci^XV <gZX^V! ZgV aV eVgdaV X]Z h^ jhVkV eZg
Zheg^bZgZ^abdYdY^deZgVgZZY^egd\ZiiVgZjcaVkdgd!XdbZVYZhZbe^d
^a ejcid \^jhid YdkZ XgZVgZ aV XVhV Z! ^ch^ZbZ! aÉViiZhV YZa bdbZcid
e^‘deedgijcdeZg^c^o^VgcZaVXdhigjo^dcZ#D\\^!adHijY^d@V^gdhkjdaZ
ZhhZgZ g^[Zg^bZcid Y^ fjZhiV Zfj^a^WgViV Z ^bedgiVciZ XdbW^cVo^dcZ
Y^ajd\dZY^iZbedeZgYVgk^iVVYjcaVkdgdY^hfjVYgV^cZXXZe^W^aZ
cZaaÉ^YZVo^dcZYZ^egdeg^bdYZaa^#CdcVXVhd!daigZV^cjdk^!Zh^hidcd
cjbZgdh^ Vgi^Xda^ YVa YZh^\c ^cigVbdciVW^aZ! egd\ZiiVi^ YV e^‘ YV &*
Vcc^ZYVcXdgVejcidY^[dgoVeZgaVegZhZciVo^dcZYZaadHijY^d#
AdHijY^d@V^gdh\^dXVYVVcc^jcgjdad[dcYVbZciVaZeZg^egd\gVbb^
Y^ VggZYd Y^ ;7A ZY d\\^! ]V XgZVid eZg 9ZaaV GdkZgZ ^a egZhi^\^dhd
bdYZaadA>;:J;;>8>D#
'%
J>;8;7KJOE<7H9>?J;9JKH;B?;I?DJ>;<79JJ>7J?J97DDEJ
8;B78;BB;:
Æ7Z^c\VYZh^\cZg^ha^WZgVi^c\½Ç/i]^h^h]dl<^jhZeeZBVcZciZYZÒcZh
]^hegd[Zhh^dc#Jh^c\ndjgiVaZciidXgZViZhdbZi]^c\i]ViY^YcÉiZm^hi
WZ[dgZd[iZc\^kZhndji]Zedhh^W^a^ind[a^k^c\^cYZhXg^WVWaZZbdi^dch#
6hVegd[Zhh^dc!^i^hhigdc\ana^c`ZYidi]ZbdhiXdbbdcZmeZg^ZcXZh
^ci]Za^[Zd[Vc^cY^k^YjVa#6cnbdbZcid[i]ZYVnbVnd[[Zg^che^gVi^dc#
9Zh^\c bZVch Vgi^hi^X ZmegZhh^dc l]^X] ZmiZcYh WZndcY i]Z a^b^ih
hZi Wn ]VW^i! hX]ZYjaZh VcY YZVYa^cZh# Cdi Wn X]VcXZ ]Vh <^jhZeeZ
BVcZci^ValVnhadkZYi]ZhZV!hV^a^c\VcYadc\lVa`h^ci]Z7dhXdYZa
8Vch^\a^d#6bVca^`Zi]^hldjaY]VgYanX]ddhZVegd[Zhh^dci]ViYdZh
cdiXdjcii]Z[gZZYdbid^bV\^cZVbdc\^ihgZfj^h^iZh#
6WgVbd B^dc X]dhZ id WZXdbZ Vc VgX]^iZXi bdhian dji d[ Xjg^dh^in#
8jg^dh^in^hl]Vi`ZZehdjgb^cYhdeZc#8jg^dh^in^hZci]jh^Vhb!i]Vi
Zci]jh^Vhbi]ViZVX]eZghdcbjhicZkZgVWVcYdc"VYZh^gZ[dgign^c\!
egdk^c\!]nedi]Zh^h^c\!Zmeadg^c\VcYYgZVb^c\#
Æ9gZVbhVgZi]ZhdjgXZd[ZkZgnegd_ZXiÇ#
I]^h^hi]Zhe^g^ii]ViaZYB^dcidWZXdbZVYZh^\cZg#6h[dgBVcZciZ!
i]ZZci]jh^Vhbl]^X]XdbZh[gdbXgZVi^c\hdbZi]^c\[gdbcdi]^c\!
jh^c\i]Z^bV\^cVi^dc!^hWdi]eg^XZaZhhVcYhjgeg^h^c\#
9Zh^\cbVni]ZgZ[dgZbZVcY^hXdkZg^c\hdbZi]^c\cZlZkZgnYVn0^i
bVnbZVcVXXZei^c\V[dgbd[Xdci^cjdjhZkdaji^dc#6cYeZg]Veh^i^h
VXd^cX^YZcXZ!Wji6WgVbdB^dcVahd]VhVa^[ZhinaZi]ViZmegZhhZhi]^h
XdcXZeid[[gZZYdb#=ZadkZhigVkZa^c\!VcYZheZX^VaanWnbdidgXnXaZ#
I]Vc`h id i]ZhZ \gZVi XgZVi^kZ ^bejahZh! HijY^d @V^gdh lVh [djcYZY
^c &.-%! VcY ]Vh h^cXZ i]Zc ldg`ZY bV^can ^c i]Z ÒZaY d[ ^cYjhig^Va
YZh^\c#I]Z<gZZ`ldgYÆ@V^gdhÇbZVchÆg^\]ii^bZ!g^\]ieaVXZ!g^\]i
h^oZÇh^cXZ^cVcX^Zci<gZZXZ^ilVhi]ZldgYjhZYidZmegZhhi]ZlVn
d[XVggn^c\djiVcYeaVcc^c\V_dW0[dg^chiVcXZ!i]Zg^\]ied^ci[dgXgZV"
i^c\i]Z]dbZVhlZaaVhlV^i^c\[dgi]ZWZhii^bZidhiVgiXdchigjXi^dc#
IdYVn! HijY^d @V^gdh egdedhZh ^ihZa[ Vh V ed^ci d[ gZ[ZgZcXZ [dg i]^h
^bedgiVciVcYWVaVcXZYXdbW^cVi^dcd[i^bZVcYeaVXZl]^X]gZhjaih^c
^beZXXVWaZiZVbldg`^ci]ZXgZVi^dcd[^ihbdYZah#>i^hcdiWnX]VcXZ
i]Vi!id\Zi]Zgl^i]i]ZcZlbdYZah!i]ZgZVgZcjbZgdjhVgi^XaZhl^i]V
aVhi^c\hinaZ!YZh^\cZYbdgZi]Vc&*nZVghV\dl]^X]VgZhi^aaVhigdc\
ed^ci^ci]ZHijY^dÉhedgi[da^d#
;dgnZVgh!HijY^d@V^gdh]VheaVnZYV[jcYVbZciVagdaZ[dgi]Z;7A[jg"
c^ijgZXdaaZXi^dchVcYidYVn^i]VhXgZViZYi]ZegZhi^\^djhA>;:D;;>8:
bdYZa[dg9ZaaVGdkZgZ#
F7EBEF7CF7DED?Þ7H9>?J;JJE"L?L;;B7LEH7?DKC8H?7:EL;
D;B(&&&>7<ED:7JEKDEIJK:?EIF;9?7B?PP7JE?D7H9>?J;J#
JKH7:;BB7LEHE;:;I?=D$
>ahjdÆbdYjhdeZgVcY^ǃWVhVidhjeg^cX^e^ÆegZhiVo^dc^hi^Ç!hZXdcYd
Xj^d\c^VheZiidYZaaVegd\ZiiVo^dcZ!Y^heVo^degdYdii^!YZkZdiiZcZgZ
jcVegZhiVo^dcZ[dgbVaZ![jco^dcVaZ!iZXc^XVdZXdcdb^XV#
F7EBE F7CF7DED? ?I 7D 7H9>?J;9J M>E B?L;I 7D: MEHAI ?D
KC8H?7 M>;H;" ?D (&&&" >; <EKD:;: 7 IJK:?E IF;9?7B?I;: ?D
7H9>?J;9JKH;<EHMEHA7D::;I?=D$
=^hÆbdYjhdeZgVcY^Ç^hWVhZYdcVÆeZg[dgbVcXZeg^cX^eVaÇVXXdgY^c\
idl]^X]ZkZgnVheZXid[i]ZYZh^\cd[heVXZdgegdYjXihbjhiaZVYidV
[dgbVa![jcXi^dcVa!iZX]c^XVadgZXdcdb^XeZg[dgbVcXZ#
AV WgZkZ bV ^ciZchV ZheZg^ZcoV XdbZ XdchjaZciZ Y^ egdYjo^dcZ! \a^
]VeZgbZhhdY^ZaVWdgVgZjcdg^\^cVaZbZidYdegd\ZiijVaZVeea^XVid
^c j[ÒX^ Z heVo^ deZgVi^k^ X]Z! eVgiZcYd YVaaÉVcVa^h^ YZa aVkdgd! YVaaV
kVajiVo^dcZ YZaaZ higViZ\^Z! YVaaV g^aZkVo^dcZ YZaaZ ViigZooVijgZ!
YVaaÉVcVa^h^Y^iZbe^ZbZidY^!XdchZciZY^ZaVWdgVgZegd\Zii^gZVabZciZ
g^heZiidh^YZaaZZh^\ZcoZYZaXa^ZciZ#
CZa'%%(!^cXdaaVWdgVo^dcZXdc8VgadHXdeZii^!]V^c^o^VidVYdXXjeVgh^
Y^^cYjhig^VaYZh^\c!egd\ZiiVcYdeVgZi^ViigZooViZeZgj[ÒX^Zh^hiZb^Y^
VggZYdXdbeaZhh^!Y^Xj^hZ\jZVcX]Zadhk^ajeedZaVegdidi^eVo^dcZ#
D\\^adHijY^dEVbeVcdc^h^dXXjeVY^egd\ZiiVo^dcZY^egdYdii^^cYjhig^Va^
ZY^gZo^dcZVgi^hi^XVeZgbdaiZVo^ZcYZ^iVa^VcZY^egd\ZiiVo^dcZY^hZY^
Vo^ZcYVa^j[ÒX^ZcZ\do^#
EZg9ZaaVGdkZgZ]VY^hZ\cVidaV8daaZo^dcZ7ZZaVEVgZiZIZbed#
=^hh]dgi!Wji^ciZchZ!ZmeZg^ZcXZVhVegdYjXi^dcXdchjaiVci]VhV^YZY
]^b ^c YZkZade^c\ Vc dg^\^cVa YZh^\c bZi]dY Veea^ZY id d[ÒXZh VcY
ldg`heVXZhl]^X]!hiVgi^c\[gdbVcVcVanh^hd[i]Z_dW!VhigViZ\^Zh
VhhZhhbZci! Vc Zfj^ebZci hjgkZn! V i^bZ VcY bZi]dYh VcVanh^h!
bV`Zh^iedhh^WaZidYZkZadeegd_ZXihl]^X]igjangZheZXii]ZXa^ZciÉh
cZZYh#
>c '%%(! ^c XdaaVWdgVi^dc l^i] 8Vgad HXdeZii^! ]Z WZ\Vc ldg`^c\ ^c
^cYjhig^VaYZh^\c!eaVcc^c\Zfj^eeZYeVgi^i^dch[dgd[ÒXZhVcYXdbeaZm
[jgc^h]^c\ hnhiZbh [dg l]^X] ]Z Vahd [daadlh i]Z YZkZadebZci VcY
egdidine^c\#
IdYVni]ZHijY^dEVbeVcdc^YZVah^cYZh^\c^c\^cYjhig^VaegdYjXihVcY
i]ZVgi^hi^XY^gZXi^dc[dgbVcn>iVa^VcXdbeVc^Zh!VhlZaaVhi]ZYZh^\c
d[i]Zd[ÒXZh[dgXdgedgViZXZcigZh!d[ÒXZhVcYhidgZh#
=Z]VhYZh^\cZYi]Z7Z8daaZXi^dcVcYi]ZIZbedeVgi^i^dc[dg9ZaaV
GdkZgZ#
'&
AÉVgX]^iZiid/BVgXd6bZYZdDabZYV
AÉVgX]^iZiid/<^dkVcc^7VXXda^c^
I]ZVgX]^iZXi/BVgXd6bZYZdDabZYV
I]ZVgX]^iZXi/<^dkVcc^7VXXda^c^
:;JJ7=B?E;H?9;H97:?7HCED?7
EZgBVgXd6bZYZdDabZYV!^aYZh^\cƒaZ\VidVYjZ[Viidg^[dcYVbZciVa^
fjVa^a^WZgi|ZXdcXZcigVo^dcZhjaYZiiV\a^d#
A^WZgi| ^ciZhV XdbZ XgZVi^k^i| V (+%• YdkZ aÉVheZiid YZaaZ XgZVo^dc^
edhhVYVgheVo^dVcX]ZVaaV[jco^dcVa^i|YZaaZhiZhhZ#IjiiVk^VfjZhid
hZbWgVVcXdgVcdcWVhiVgZeZghdYY^h[VgZaZkVg^ZZh^\ZcoZY^bZgXVid!
eZgX]‚aÉ^YZVo^dcZY^bdYZaa^YdkgZWWZZhhZgZ^c\gVYdY^Xdbjc^XVgZ
VcX]ZZbdo^dc^#
8^Œh^\c^ÒXVX]ZeZgfjVcidjcbdYZaadedhhVe^VXZgZVaegdeg^dVjidgZ
ZeZgfjVcid[jco^dcVaZZhhdh^V!YdkgZWWZXdbjcfjZkZc^gZgZVa^ooVid
^cbdYdX]ZX]^adVYdeZg^h^hZciVVegdeg^dV\^d0fj^cY^jcÉVgbdc^V
X]Zh^Xdc^j\VXdc^h^hiZb^Y^k^iVYZaaVeZghdcV#
AVjgZVidh^ cZa &.-* egZhhd aÉJc^kZgh^i| Y^ KZcZo^V Z ^hXg^iid VaaÉDgY^cZ
YZ\a^ 6gX]^iZii^ cZaaV egdk^cX^V Y^ EZhVgd Z JgW^cd! BVgXd 6bZYZd
DabZYV ZhZgX^iV aV egd[Zhh^dcZ Xdc jc egdeg^d hijY^d h^c YVa &.-+ Z
cZaadhkda\^bZcidYZaaVegdeg^VVii^k^i|!]Vk^hhjidZeZgXdggZijiidgV
Y^kZghZZheZX^ÒX]ZZheZg^ZcoZegd\ZiijVa^VkVhiVhXVaV#>hjd^^beZ\c^
VYd\\^h^hdcdeg^cX^eVabZciZXdcXgZi^ooVi^cZaaVgZVa^ooVo^dcZY^h]dl
gddbZ8Zcig^hZgk^o^eZg8VhZ6jidbdW^a^hi^X]ZfjVa^6jY^!EdghX]Z!
Kda`hlV\Zc!Kdakd!BVhZgVi^!=dcYVZcZaaVgZVa^ooVo^dcZY^[VWWg^XVi^
VY^W^i^VhZgk^o^ZYj[ÒX^eg^kVi^!VhZY^ejWWa^X]ZZeg^kViZY^^hi^ijo^dcZ
Z Y^iiZ X]Z deZgVcd ^c cjbZgdh^ XVbe^ igV aZ fjVa^/ 8dc[XdbbZgX^d!
8ZY^h"B^\a^Vg^c^!B^ggZg^V=de["B^ZhWVX]9#!>iVa^Vc;Vh]^dc!GVY^Vci!
Da^kZii^ Hnci]Zh^h! >iZgWn! =Zgdc EVg^\^# >cdaigZ VaigZ heZX^ÒX^i| hdcd
aZ\ViZ Va bdYd Æajd\]^Ç Y^ aVkdgd! XdbZ aV gZVa^ooVo^dcZ Y^ Xa^c^X]Z
dYdcid^Vig^X]ZY^kVg^ZY^bZch^dc^#
EZg BVgXd 6bZYZd DabZYV aV heZX^Va^ooVo^dcZ cZaaÉVgi YZh^\c eZg
j[ÒX^d ƒ Y^kZcjiV jcV cVijgVaZ XdchZ\jZcoV Y^ fjZhiZ egd\ZiiVo^dc^
iVcid YV gZVa^ooVgZ VcX]Z bdYZaa^ WZc b^gVi^! Xdc jcV eVgi^XdaVgZ
ViiZco^dcZV^XVgViiZg^YZaaVZg\dcdb^X^i|#
6fjZhidegdedh^idBVgXd6bZYZdDabZYVVYdiiVaVbVhh^bVXjgVcZa
YZiiV\a^d!eZgX]ƒ^abdYZaadXgZVidedhhVcdchdadd[[g^gZ\gVYZkdaZooV
Z [jco^dcVa^i| VaaÉjiZciZ ÒcVaZ! bV YdkgZWWZ VcX]Z ZhhZgZ jcV hdgiV
Y^ XVhV! ^ciZhd XdbZ VbW^ZciZ YdkZ aÉVii^k^i| Y^kZci^ fjVaXdhV X]Z
g^heZXX]^jcVfjVa^i|YZaaVk^iVYZaeZghdcVaZYVkkZgdb^\a^dgZ#
BVgXd 6bZYZd DabZYV ]V eVgiZX^eVid Va hjXXZhhd Y^ 9ZaaV GdkZgZ
\gVo^ZVabdYZaadJE!<D!?JBEZY:<D##
''
:;J7?B7D:H;I;7H9>E<>7HCEDO
BVgXd6bZYZdDabZYVXdch^YZghd[ÒXZ"YZh^\cVhhdbZi]^c\i]Vi^h
hig^XianXdccZXiZYl^i]ild^bedgiVciZaZbZcih/[gZZYdbVcYXVgZ[dg
YZiV^ah#;gZZYdbbZVchXgZVi^k^in!l]ZgZi]ZVheZXid[i]ZXgZVi^dch
\^kZhVahdheVXZidi]Z^g[jcXi^dcVajhZ#
=dlZkZg! ^c dgYZg id hVi^h[n XdbeaZiZan i]Z kVg^djh gZfj^gZbZcih
Vh`ZY Wn i]Z bVg`Zi! i]Z eaVcc^c\ d[ Vcn bdYZa h]djaY WZ VWaZ id
Xdbbjc^XViZl]ViBVgXd6bZYZdDabZYVXVaahÆZbdi^dchÇ#
I]^hbZVchi]Vi^[^i^higjZi]ViVbdYZaXVceaZVhZ^ihVji]dgVcY^ci]Z
bZVcl]^aZWZ[jcXi^dcVa!^ih]djaYVahd\^kZ]Vgbdcni]ViXdbW^cZh
l^i]i]Za^[ZhnhiZbhd[i]ZjhZg#
<gVYjViZY^c&.-*Vii]ZJc^kZgh^ind[KZc^XZVcYZcgdaaZY^ci]ZDgYZg
d[ 6gX]^iZXih d[ EZhVgd"JgW^cd! BVgXd 6bZYZd DabZYV h^cXZ &.-+
ea^Zh]^higVYZidlVgYh]^hdlcegVXi^XZ!VcYheZX^ÒXYZh^\cegd_ZXih
dcVl^YZhXVaZ#CdlVYVnh]^hZc\V\ZbZcihVgZbV^canX]VgVXiZg^oZY
Wni]ZgZVa^oVi^dcd[h]dl"gddbhVcYhZgk^XZed^cih[dgXVgegdYjXZgh
hjX]Vh6jY^!EdghX]Z!Kda`hlV\Zc!Kdakd!BVhZgVi^!=dcYV#
6h [dg i]Z eg^kViZ VcY ejWa^X he]ZgZ ^c \ZcZgVa! ]Z YZVah l^i] i]Z
gZVa^oVi^dc d[ Wj^aY^c\h VcY hZVih jhZY [dg d[ÒXZh VcY hZgk^XZh! VcY
ldg`h [dg XdbeVc^Zh hjX] Vh 8dc[XdbbZgX^d! 8ZY^h"B^\a^Vg^c^!
B^ggZg^V=de["B^ZhWVX]9#!>iVa^Vc;Vh]^dc!GVY^Vci!Da^kZii^Hnci]Zh^h!
>iZgWn!=ZgdcEVg^h#BdgZdkZg!BVgXd6bZYZdDabZYVeaVch[dgi]Zhd
XVaaZYÆeaVXZhÇd[ldg`!Vh[dgZmVbeaZYZciVaXa^c^Xh#
I]ZheZX^Va^oVi^dc^cd[ÒXZVgi"YZh^\c]VhWZXdbZVcVijgVaXdchZfjZcXZ
d[ i]dhZ XdaaVWdgVi^dch! hd i]Vi BVgXd 6bZYZd DabZYV Vahd gZVa^oZh
lZaa iVg\ZiZY bdYZah! l^i] V eVgi^XjaVg ViiZci^dc id i]Z^g Zg\dcdb^X
higjXijgZ#
;dgi]^hejgedhZ!]ZiV`Zh\gZViXVgZ^ci]ZYZiV^a!WZXVjhZi]ZXgZViZY
bdYZaXdjaYd[[ZgcdidcaneaZVhjgZVcY[jcXi^dcVa^in!Wji^ih]djaYWZ
Vhdgid[]dbZ!l]^X]bZVchVcVijgVaZck^gdcbZcil]ZgZi]ZVXi^k^in
d[i]ZhiV[[WZXdbZhhdbZi]^c\i]Vib^ggdghVWZiiZga^[ZhinaZ#
BVgXd6bZYZdDabZYV]VhXdcig^WjiZYid9ZaaVGdkZgZhjXXZhhi]Vc`h
idi]Zegd_ZXibdYZahJE!<D!?JBEVcY:<D#
KD7F7II?ED;:7L?L;H;
CVidV7dad\cVcZa&.*+!<^dkVcc^7VXXda^c^ƒY^kZciVidjcV[[ZgbVid
YZh^\cZg\gVo^ZVYjcVhÒYVaVcX^ViVkZghdhƒhiZhhd#
9^eadbVidh^ Xdc bVijg^i| iZXc^XV ^cYjhig^VaZ! <^dkVcc^ 7VXXda^c^ ]V
^c^o^VidaVhjVVii^k^i|Y^egd\Zii^hiVcZahZiidgZYZa8^XadZYZaBdidX^Xad
eZg ed^ XdaaVWdgVgZ XdbZ [dgc^idgZ iZXc^Xd Y^ bVcj[Vii^ eda^jgZiVc^X^
cZaXVbedYZaaÉVggZYd8VhV!J[ÒX^dZ8dcigVXiXdccjbZgdhZVo^ZcYZ
fjVa^BdaiZc^!Gda[7Zco!8VhiZaa^!EdaigdcV;gVj!@cdaa>ciZgcVi^dcVa!
Da^kZii^HnciZh^h#<gVo^ZVfjZhiVhjVXVeVX^i|Y^aVkdgVgZXdcVo^ZcYZ
Y^\gVcYZg^a^ZkdkdaiZVabZgXVidcVo^dcVaZZY^ciZgcVo^dcVaZ!<^dkVcc^
7VXXda^c^]VVkjidbdYdY^idXXVgZ^bedgiVci^gZVai|VcX]ZVXVgViiZgZ
egd\Zii^hi^Xd Z VXfj^h^gZ! ^c kZciÉVcc^ Y^ XVgg^ZgV! jc kVhid WV\V\a^d
Y^ XdcdhXZcoZ ^c bViZg^V Y^ Vgi"YZh^\c# 9V fj^ aÉ^YZV Y^ bZiiZgh^ ^c
Y^hXjhh^dcZ! VhhZXdcYVcYd jcV kZcV Vgi^hi^XV bV^ Y^bZci^XViV Z eZg
VWWVcYdcVgZ Xdh‡ jc gjdad X]Z YV hZbegZ! eZg aV hjV XdbeZiZcoV
iZXc^XV!adVkZkVcdV[[ZgbVidZ[ViidXdcdhXZgZcZabdcYd^cYjhig^VaZ0
aÉ^YZVX^dƒY^g^hX]^VgZXdbZa^WZgdegd[Zhh^dc^hiV^cfjVa^i|Y^YZh^\cZg
VegZcYdcZa&..'!adÆHijY^dDbZ\VÇ!YVaj^ijiiÉdgV\Zhi^id#
9jcfjZ<^dkVcc^7VXXda^c^]VYdkjidV[[gdciVgZ^aegdWaZbVY^g^egdedgh^
V\a^Vaig^!Y^hjeZgVgZfjZaaÉdhiVXdadegVi^XdZbZciVaZVXVjhVYZafjVaZ
X]^adXdcdhXZkVXdbZV[[ZgbVidiZXc^XdXdbbZgX^VaZ!VkgZWWZYdkjid
VeegZooVgadXdbZjcVeZghdcVX]ZhV[VgZfjVaXdhVY^cjdkdZY^kZghd#
8dbZaj^hiZhhdi^ZcZVhdiida^cZVgZ!ƒhiVidjc\gdhhdg^hX]^dZ[dghZ
VcX]Z jc eZXXVid Y^ egZhjco^dcZ! bV Y^ [Viid! fjZaaV Y^ dXXjeVgh^ Y^
Æ^cYjhig^VaYZh^\cǃjcVeVgi^iVX]Zƒg^jhX^idV\^dXVgZZk^cXZgZ#D\\^
ViigVkZghdaVegd\ZiiVo^dcZZaÉ^c\Z\cZg^ooVo^dcZY^egdYdii^!XdaaVWdgV
XdccjbZgdhZ\gVcY^Vo^ZcYZigVaZfjVa^he^XXVcdDa^kZii^Hnci]Zh^h!
Gda[7Zco!8db!HZYd[[!9^lVg!BVaZii^!8^g6ci]dh!8^Xada^cZV!HZhiV!
@d]a!AVbb!8dbe^g!6gZhA^cZ!6geZg!E^ZigVcZgV!9dcVi^ZY^gZXZciZ
VcX]ZadÆHijY^dE^c^c[Vg^cVÇ#>abdi^kdYZahjdhjXXZhhdƒXZgiVbZciZ
YdkjidVaYZh^YZg^dY^hZ\j^gZaZVhe^gVo^dc^Y^hZbegZ!bVVcX]ZcZaaV
YZiZgb^cVo^dcZ Y^ kdaZg! eg^bV Y^ d\c^ XdhV! VXfj^h^gZ ZheZg^ZcoV Z
XVeVX^i|Y^XVe^gZ^bdk^bZci^YZabZgXVid#<^dkVcc^7VXXda^c^ƒ^c[Vii^
jc YZh^\cZg YVkkZgd V[ÒYVW^aZ eZgX]ƒ g^ZhXZ V XgZVgZ! eg^bV VcXdgV
X]ZjcegdYdiidY^fjVa^i|!jchZgk^o^dYVaaV6VaaVO^cXj^XdcÓj^hXdcd
aZ \^jhiZ g^hedhiZ VaaZ Zh^\ZcoZ YZaaÉjiZciZ ÒcVaZ! YZaaZ Vo^ZcYZ! YZ^
\jhi^ZYZaaZiZcYZcoZYZabdcYdYÉd\\^#
<^dkVcc^ 7VXXda^c^ ]V Xdcig^Wj^id Va hjXXZhhd Y^ 9ZaaV GdkZgZ Xdc aZ
XdaaZo^dc^A:MJH!6B>@D!EG6I>@DZEG6I>@DA><=I#
7F7II?ED<EHB?L?D=
7dgc^c7dad\cV^c&.*+!<^dkVcc^7VXXda^c^^hVlZaa"`cdlcYZh^\cZg
i]Vc`hidVX]VaaZc\Zi]Vi]Zidd`je[dg]^bhZa[#
=Vk^c\VX]^ZkZYi]ZhX]dda"aZVk^c\XZgi^ÒXViZVh^cYjhig^VaiZX]c^X^Vc!
<^dkVcc^7VXXda^c^WZ\Vc]^hVXi^k^inVhVYZh^\cZg^ci]ZhZXidgd[8nXaZ
VcYBdidgXnXaZ#6[iZglVgYh]ZhiVgiZYldg`^c\VhiZX]c^XVahjeea^Zg
d[edanjgZi]VcZbVcj[VXijgZYVgi^XaZhl^i]hZkZgVaXdbeVc^Zhd[i]Z
]dbZ!d[ÒXZVcYXdcigVXi[jgc^ijgZÒZaY/BdaiZc^!Gda[7Zco!8VhiZaa^!
EdaigdcV ;gVj! @cdaa >ciZgcVi^dcVa! Da^kZii^ Hnci]Zh^h# I]jh <^dkVcc^
7VXXda^c^ idjX]ZY hZkZgVa gZVa^i^Zh Vahd gZ\VgY^c\ egd_ZXi VXi^k^i^Zh
VcY ]VY i]Z lVn! V[iZg V ldg`^c\"ZmeZg^ZcXZ d[ '% nZVgh! id \Zi V
WgdVYhidgZd[`cdlaZY\ZdcVgi"YZh^\c#H^cXZi]Zc]Z[Zaii]Zl^aaid
gZdeZc i]Z l]daZ fjZhi^dc VWdji ]^h _dW ^c dgYZg id Xdbean l^i] ]^h
jc[dg\diiZcVgi^hi^XkZ^cVcYi]ZgZ[dgZ]ZYZX^YZYidfj^iVc^bedgiVci
gdaZi]VibVYZ]^blZaa"`cdlc^ci]Z^cYjhig^ValdgaY0i]Z^YZVlVh
^cYZZY id gjc i]Z g^h` d[ deZc^c\! ^c &..'! ]^h dlc egVXi^XZ XVaaZY
ÆHijY^dDbZ\VÇ!VhVYZh^\cZg#
I]ZgZ[dgZ <^dkVcc^ 7VXXda^c^ ]VY id [VXZ je i]Z egdWaZb id egdedhZ
]^bhZa[V\V^cVcYiddkZgXdbZi]VibZciVaVcYegVXi^XVadWhiVXaZWn
l]^X]eZdeaZXdjaYi]^c`]ZlVhcÉiVWaZidbVcV\ZVcdi]Zg_dWY^[[Z"
gZci [gdb ^cYjhig^Va iZX]c^X^Vc# 6h ]^bhZa[ a^`Zh id jcYZga^cZ! ^i ]Vh
WZZcV\gZVig^h`!eZg]VehVh^cd[hZa["^bedgiVcXZ!Wjii]Z[VXi^hi]Vi
]Z ]Vh eaVnZY i]Z \VbZ id WZXdbZ V YZh^\cZg VcY ]Z ]Vh VX]^ZkZY
]^b#
I]gdj\]i]ZVXi^k^ind[heZX^Vaegd_ZXihVcYi]Vid[egdYjXiZc\^cZZg^c\!
<^dkVcc^ 7VXXda^c^ idYVn XddeZgViZh l^i] cjbZgdjh ^bedgiVci
XdbeVc^ZhVbdc\l]^X]i]ZgZVgZDa^kZii^Hnci]Zh^h!Gda[7Zco!8db!
HZYd[[! 9^lVg! BVaZii^! 8^g 6ci]dh! 8^Xada^cZV! HZhiV! @d]a! AVbb!
8dbe^g! 6gZh A^cZ! 6geZg! E^ZigVcZgV! 9dcVi^ VcY gZXZcian ]Z ^h Vahd
YZVa^c\l^i]ÆE^c^c[Vg^cVHijY^dÇ#I]ZgZVhdcd[i]ZhjXXZhhd[<^dkVcc^
7VXXda^c^^hYjZ!l^i]djiYdjWi!idi]Zl^aad[[daadl^c\]^hVbW^i^dch!
VcYidi]ZXdcY^i^dci]Vi]ZXdjaYYZkZadeZcdj\]ZmeZg^ZcXZdci]Z
bViiZgd[YZh^\c#<^dkVcc^7VXXda^c^^h^cYZZYVigjhildgi]nYZh^\cZg
WZXVjhZ]Z^hVWaZidXgZViZcdidcanVegdYjXid[]^\]fjVa^in!WjiVahd
VhZgk^XZ[gdb6idOi]Vid[[ZghVaai]Zg^\]iVchlZghidi]ZcZZYhWdi]
d[ i]Z ÒcVa jhZg VcY d[ i]Z XdbeVc^Zh! VcY i]Vi hVi^hÒZh iVhiZh VcY
igZcYhd[i]ZbdYZgcldgaY#
<^dkVcc^7VXXda^c^]VhXdcig^WjiZYid9ZaaVGdkZgZhjXXZhhi]Vc`hid
i]Zegd_ZXihd[bdYZahA:MJH!6B>@D!EG6I>@DVcYEG6I>@DA><=I#
'(
AÉVgX]^iZiid/;VW^d<^\a^
GH
I]ZVgX]^iZXi/;VW^d<^\a^
GH
¾C7 D;B :;I?=D 9ÊÞ KD7 H;=EB7 ?D F?Kʾ DED 9ÊÞ IF7P?E F;H
BÊ?D9ECFH;IE
;VW^d<^\a^]VXZgiVbZciZaÉVgiZYZaYZh^\cXdbZeVgiZ\ZcZi^XVYZaaV
hjVeZghdcV!^cfjVcidaVhjVƒjcV[Vb^\a^VX]ZXdcaj^]VgV\\^jcidaV
fjVgiV\ZcZgVo^dcZXdchZXji^kVY^VgX]^iZii^#Hjdcdccd^ceVgi^XdaVgZ!
\a^]VigVhbZhhdaVeVhh^dcZeZg^aaZ\cdZ\^|YVaeZg^dYdYZ^hjd^Xdgh^
Y^aVjgZV!]VhjW‡id^a[VhX^cdY^ijiidX^ŒX]Zg^\jVgYV\a^VbW^Zci^Y^
aVkdgdZaZhjZegdWaZbVi^X]Z!aÉVggZYVbZcidYZ\a^heVo^egZedhi^VaaV
kZcY^iVZfjZaa^X]Zg^\jVgYVcd^ahZiidgZejWWa^Xd^c\ZcZgVaZ#
AVjgZVidh^^cVgX]^iZiijgVVGdbVcZa&.,(h^ƒYVhjW^idY^hi^cidiVcid
YV\jVYV\cVgZaÉVeeaVjhdZaVXg^i^XVedh^i^kVY^egZhi^\^dhZVjidg^i|\^|
YVa&.,,XdcaVk^cX^iVYZaegZb^d6WZiEg^cieZg^aegd\ZiidgZVa^ooV"
id^caVb^cVidY^ÆJch^hiZbVXddgY^cVidY^VggZY^ZeVgi^o^dc^^ciZgcZ
eZgjccjdkdbdYdY^k^kZgZaÉj[ÒX^dÇ#9Va&.,.]Vegd\ZiiVid^c>iVa^V
eZg:hiZaXdcXdghd8dbeVhhdYÉDgd&.-)!;VgVbZBZXd@VhiZa!cZ\a^
JH6 eZg HiZaa 8VhZ"HigV[dg YjZ h^hiZb^ Y^gZo^dcVa^ Z ^c <gZX^V eZg
HVideg^bVVo^ZcYV\gZXVY^bdW^a^eZgj[ÒX^d#
8daeVhhVgZYZ\a^Vcc^;VW^d<^\a^]VVXfj^h^idhZbegZe^‘ZheZg^ZcoVZ
XdbeZiZcoVXdh‡X]Z^ahjdZhigdXgZVi^kdcZaaÉVbW^idYZaaÉ^ciZg^dgYZh^\c
h^ƒhk^ajeeVidVcX]ZcZaegd\ZiidY^h]dlgddb!]diZa!heVo^Zhedh^i^k^
cZaiZgg^idg^d^iVa^VcdZY^ciZgcVo^dcVaZYZ\a^HiVi^Jc^i^YÉ6bZg^XV!<gVc
7gZiV\cV!;gVcX^V!<ZgbVc^V!<gZX^VZGjhh^V#D\\^YZi^ZcZVcX]ZaV
XViiZYgV Y^ BVg`Zi^c\ YZaaV 8dbjc^XVo^dcZ egZhhd aÉJc^kZgh^i| YZ\a^
HijY^Y^JgW^cdZXdaaVWdgVXdcaZeg^cX^eVa^g^k^hiZ^iVa^VcZYZahZiidgZ
fjVa^>ciZgc^!=VW^iViJ[ÒX^d!J[ÒX^dHi^aZZD[ÒXZAVndji#
FjVcYdh^X]^ZYZV;VW^d<^\a^X]ZXdhVh^\c^ÒX]^eZgaj^ÆYZh^\cÇ!VbV
g^hedcYZgZX]ZZhhdh^VjcVkZgVZegdeg^VÆbVc^[ZhiVo^dcZVgi^hi^XVÇ!
XdbZadhdcdVYZhZbe^daVe^iijgV!aVhXjaijgVZaVbjh^XV#
IjiiVk^V^aYZh^\cYZkZhdiidhiVgZVYjcVgZ\daV^ce^‘eZgaVfjVaZcdch^
igdkVcZhhjcdheVo^deZgÆaÉ^cXdbegZhdÇ0aÉVgX]^iZiidYZkZ^c[Vii^edhhZ"
YZgZVW^a^i|iZXc^XVZXgZVi^k^i|!VYZ\jVbZcidVaaZbdaiZea^X^Zh^\ZcoZZ
\jhi^YZaaÉjiZciZZcZaXdciZbedhVeZg^ciZgegZiVgZ^iZbe^VXXZaZgVi^Z
^cXdci^cjdbjiVbZcidYZabdcYdYÉd\\^#>cVaigZeVgdaZ!bZcigZVaigZ
[dgbZYÉVgiZedhhdcdVXXZiiVgZaVedhh^W^a^i|X]ZjcVjidgZedhhVkZc^gZ
VeegZooVid^cjchZXdcYdbdbZcideZgaZegdeg^ZdeZgZ!^aYZh^\cZg
YZkZ^ckZXZ[VgZ^Xdci^cZXZhhVg^VbZciZXdcaVgZVai|YZabdbZcid#
:Vegdedh^idY^iZcYZcoZ!;VW^d<^\a^i^ZcZhZbegZVegZX^hVgZX]ZcZ\a^
jai^b^ Vcc^ ^a bdcYd YZaaÉj[ÒX^d hiV ÒcVabZciZ hjWZcYd jc XVbW^V"
bZcid/bZcigZ^ceVhhVidZgVhiVidhZbegZXdch^YZgVidhdegViijiidjc
ajd\dX]Z[dhhZÆWVcXdY^aVkdgdÇ!d\\^h^ƒVgg^kVi^VaaVXdchVeZkdaZooV
X]Zh^VVcX]ZjcedhidYdkZ^aaVkdgVidgZigVhXdggZaVbV\\^dgeVgiZ
YZaaVhjV\^dgcViVZfj^cY^YZaaVhjVk^iV#9Vfj^^aYZh^YZg^dY^gZcYZgZ
^ egdYdii^ YV j[ÒX^d fjVcid e^‘ [jco^dcVa^ Z Xdc[dgiZkda^ eZg gZcYZgZ
e^VXZkda^ aZ iVciZ dgZ YZY^XViZ VaaZ e^‘ hkVg^ViZ Vii^k^i| egd[Zhh^dcVa^#
H^cYV^hjd^ZhdgY^XdbZVgX]^iZiid!;VW^d<^\a^ƒjc[dgiZhdhiZc^idgZY^
fjZhiV^YZVY^Xdc[dgiegdYjXi^dcZeZgX^ŒaZhjZXgZVo^dc^g^hXjdidcd
\gVcYZXdchZchdh^VYVaejWWa^XdX]ZegZhhdaZVo^ZcYZ#
;VW^d<^\a^]VXdcig^Wj^idVahjXXZhhdY^9ZaaVGdkZgZ\gVo^ZVaaVegd"
\ZiiVo^dcZYZabdYZaad:9>HDC#
')
$$$8KJ <EH :;I?=D;HI J>;H;ÊI ED; CEH; HKB;$$$ J>;H;ÊI DE
IF79;<EHJ>;C?IKD:;HIJEE:
;VW^d<^\a^]Vhi]ZVgi"YZh^\c\ZcZi^XVheVgid[]^bhZa[!WZXVjhZ]Z
^h[djgi]\ZcZgVi^dcd[[Vb^anVgX]^iZXih#>ceVgi^XjaVg!]^h\gVcY[Vi]Zg
igVchb^iiZY i]Z eVhh^dc [dg lddY id ]^b! hd i]Vi VagZVYn Yjg^c\ ]^h
XdjghZhViJc^kZgh^in!;VW^d<^\a^hZiYdlc]^hYZZe^ciZgZhi^cZkZgni]^c\
l^i]gZ\VgYidldg`Zck^gdcbZciVcY^ihegdWaZbh#
<gVYjViZY ^c GdbZ ^c &.,(! ;VW^d <^\a^ ^bbZY^ViZan Y^hi^c\j^h]ZY
]^bhZa[ VcY \V^cZY i]Z VeeaVjhZ VcY edh^i^kZ Xg^i^X d[ egZhi^\^djh
Vji]dg^i^Zh/ hddc ^c &.,, ]Z ldc i]Z 6WZi Eg^ci eg^oZ [dg i]Z egd_ZXi
gZVa^hZY^caVb^cViZXVaaZYÆ6XddgY^cViZ[jgc^ijgZhnhiZbVcY^ciZgcVa
eVgi^i^dch [dg V cZl lVn id a^kZ i]Z d[ÒXZÇ# H^cXZ &.,.! Vh [dg >iVan
VcYdi]ZgXdjcig^ZhhjX]VhJH6VcY<gZZXZ!]Z]VhYZh^\cZYd[ÒXZ
[jgc^ijgZ [dg :hiZa <daY 8dbeVhh 8dbeZi^i^dc! &.-)! ;VgVb! BZXd
@VhiZa!HiZZaXVhZ"HigV[dgildZmZXji^kZhnhiZbhVcYHVidÒghi<gZZ`
d[ÒXZ[jgc^ijgZXdbeVcn#
6h nZVgh lZci Wn! ;VW^d <^\a^ ]Vh \V^cZY bdgZ VcY bdgZ ZmeZg^ZcXZ
VcYXdbeZiZcXZVcY]^hXgZVi^kZ^bejahZidlVgYh^ciZg^dg"YZh^\c]Vh
YZkZadeZYVahd^ci]ZXgZVi^dcd[h]dl"gddbh!]diZahVcYZmedh^i^dch
VgZVh^c>iVan!JH6!<gZVi7g^iV^c!;gVcXZ!<ZgbVcn!<gZZXZVcYGjhh^V#
IdYVn]Z]daYhi]ZX]V^gd[8dbbjc^XVi^dcBVg`Zi^c\Vii]ZJc^kZgh^in
d[JgW^cdVcY]ZXdaaVWdgViZhl^i]i]Zbdhi^bedgiVci>iVa^VcheZX^V"
a^oZY bV\Vo^cZh! hjX] Vh >ciZgc^! =VW^iVi J[ÒX^d! J[ÒX^d Hi^aZ! D[ÒXZ
AVndji#
CZaaVegd\ZiiVo^dcZYdkgZWWZeVhhVgZaVXdchVeZkdaZooVX]Z!hZbegZ
Y^e^‘!aViZXcdad\^VƒVhZgk^o^dYZaÆbdcYdÇaVkdgdXdccVijgVa^g^ÓZhh^
cZaaV XdchZ\jZciZ fjVa^i| YZaaV k^iV# AV hXZaiV a^c\j^hi^XV Y^ gZcYZgZ
eVaZhZbZciZk^h^W^aZaVhigjiijgVedgiVciZYZah^hiZbV!eVgiZYZaaVXdc"
k^co^dcZX]ZZhhVYZWWVXdbjc^XVgZXdcXgZiZooV"hiVW^a^i|"iZXcdad\^V
Xdhigjii^kVXdcXZiijVaZhZcoVcZ\VgZaZkVaZcoZZhiZi^X]ZZc[Vi^ooVc"
YdaZcZaaVg^XZgXVY^a^c\jV\\^dZhhZco^VaZdkZaZÒc^ijgZhdcd^egdeg^
XVgViiZg^Y^hi^ci^k^Y^XdaadXVo^dcZ!aZ[dgbZYZ^e^Vc^h^VYZ\jVcdVaaZ
cZXZhh^i|Z!cZaXdciZbedYVccddeedgijc^i|Y^ji^a^ood"V\\gZ\Vo^dcZ
XgZVcYdh^hiZbV"\gjeeddeejgZk^kZcYdh^c\daVgbZciZ#
D\c^ Òc^ijgV ƒ Y^ eZg h‚ jc XVgViiZgZ X]Z k^gV ^c bVc^ZgV aZ\\ZgV aV
X^[gVhi^a^hi^XVXdbeaZhh^kV[ViiVY^eZghdcVa^i|ZiZXcdad\^V#
>ceaVcc^c\!lZbjhiValVnhWZVlVgZi]ViiZX]cdad\n^hVii]ZhZgk^XZ
d[ i]Z Ældg` ldgaYÇ l^i] V cVijgVa gZÓZXi^dc ^c i]Z XdchZfjZci ^b"
egdkZbZci^ci]ZfjVa^ind[a^[Z#I]Za^c\j^hi^XX]d^XZeaVXZhi]Z[gVbZ
d[i]ZhnhiZb^ci]Za^bZa^\]i0djgXdck^Xi^dc^hi]Vii]Z[gVbZbjhi
Xdbbjc^XViZYjgVW^a^in"hiVW^a^in"XdcXZeijVaXdchigjXi^kZiZX]cdad\n
l^i]djicZ\aZXi^c\i]ZVZhi]Zi^XkVajZh0^chiZVYi]ZhZkVajZhh]djaY
WZZbe]Vh^hZY^ci]ZhZVgX][dgVcZhhZci^VaaVc\jV\Zl]ZgZi]ZÒ"
c^h]ZhVgZi]ZbVg`d[Y^hi^cXi^dc!i]Zh]VeZhd[i]ZidehXdc[dgbl^i]
i]ZcZZYhd[i]Zldg`eaVXZVcY!Vii]ZhVbZi^bZ!VgZZVhnidji^a^hZ
VcY eji id\Zi]Zg id XgZViZ \gdje hnhiZbh dg ^cY^k^YjVa ldg` VgZVh#
:kZgnÒc^h]^h^c^ihZa[VX]VgVXiZg^hi^Xl]^X]YZa^XVianidcZhi]Z\adWVa
hina^hi^Xh^\cVijgZbVYZjed[eZghdcVa^inVcYiZX]cdad\n#
L]ZchdbZdcZVh`h;VW^d<^\a^VWdjii]ZbZVc^c\d[ÆYZh^\cÇ!]ZgZ"
ea^Zhi]Vi^i^hegdeZganVcÆVgi^hi^XbVc^[ZhiVi^dcÇVhlZaaVh![dgZmVbeaZ!
i]ZVgid[eV^ci^c\!d[hXjaeijgZVcYd[bjh^X#
=dlZkZg! YZh^\c ]Vh id YZVa l^i] dcZ bdgZ gjaZ l]^X] hiViZh i]Vi
i]ZgZÉhcdheVXZ[dgi]ZÆb^hjcYZghiddYÇ#
I]^hbZVchi]Vii]ZVgX]^iZXibjhi]VkZiZX]c^XVaVW^a^in!XgZVi^k^inVcY
VYVeiVi^dcidi]ZhZkZgVacZZYhVcYiVhiZhd[i]ZXa^Zcih0Wji]Z]Vh
Vahdid^ciZgegZii]ZgVe^Yi^bZhd[i]^hZkZgX]Vc\^c\bdYZgcldgaY#
I]jh!l]^aZdi]Zg[dgbhd[VgiXVcVXXZeii]Zedhh^W^a^ind[VeegZX^Vi^c\
VcVji]dgViVaViZgYViZ!i]ZYZh^\cZgbjhicZXZhhVg^anXdch^YZgi]Z
gZVa^ind[i]VieVgi^XjaVg]^hidg^XVaeZg^dY#6cYVhV\ZcZgVaigZcY!;VW^d
<^\a^ValVnhlVcihidjcYZga^cZi]Z[VXii]Vii]ZldgaYd[i]Zd[ÒXZ^h
X]Vc\^c\#L]^aZ^ci]ZeVhi^ilVhbV^canXdch^YZgZYVhVÆldg`iVWaZÇ!
idYVn^hlZaajcYZghiddYi]Vi^i^hVahdVeaVXZl]ZgZi]Zldg`ZgheZcYh
i]ZbdhieVgid[]^hYVnVcYi]ZgZ[dgZd[]^ha^[Z#
I]^h^hl]n^ci]ZaViZhinZVgh!^i^hcZXZhhVgnidbV`ZbdgZeaZVhVci
i]dhZ]djghYZkdiZYidi]ZbdhiY^kZgh^ÒZYegd[Zhh^dcVaVXi^k^i^Zh#
;VW^d <^\a^ ]Vh Xdcig^WjiZY id 9ZaaV GdkZgZ hjXXZhh i]Vc`h id i]Z
egd_ZXid[bdYZa:9>HDC#
'*
F7H;J;J;CFE
:;I?=D
FH;I?:;DP?7B?
I?IJ;C?
H;9;FJ?ED
C;;J?D=
'-
9:H><C
)%
O:GDJCD
EG:H>9:CO>6A>
)'
++
A>;:
A:MJH
H:<CDEG:K>:L
B6M
+.&')
&('
H>HI:B>
&)+
7:
:<D
@DBE6H
EG6I>@D
&)&-'
'%+
'('
G:8:EI>DCH
'*%
B::I>C<
'+)
H:9JI:
'-'
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
'-)
'.%
'.(%+
(%-
>B7DII>I>
(&+
'+
?C8EJJ?J?
I;:KJ;
E6G:I:I:BED
',
E6G:I:J;CFE
J;CFE
:[i_]d0FWebeFWcfWded_
IZbedƒjcVeVgZiZ^ciZgcVbdW^aZViigZooViVegdedhiV^cYjZi^edad\^Z/Y^k^hdg^VX^ZXV!V
eVccZaa^cdW^a^iVi^^chZ^Òc^ijgZ!dkZigViV!XdcYdee^dkZigddkZigdXZcigVaZ0VXdciZc^idgZ!
XdcVciZX^ZX]Zd^ciZaV^ViZ^ckZigd#6iVa^i^edad\^Zh^V\\^jc\dcd^ag^kZhi^bZcidVeVgZiZ!
aÉdeZcheVXZ!aZedgiZXddgY^cViZeZgeVgZi^^cbjgVijgV#
AZ hjZ XVgViiZg^hi^X]Z eg^cX^eVa^ hdcd/ ^a YZh^\c! hdWg^d ZY ZaZ\VciZ! aV hZbea^X^i|
Xdhigjii^kV!^ag^YdiidcjbZgdY^XdbedcZci^!aÉVhhZcoVY^e^ZY^c^a^kZaaVidg^Zhe^cidg^!aV
g^\^YZooVYZaaZXdccZhh^dc^igVbdciVci^ZigVkZgh^!aÉVhhZcoVY^bdYjaVg^i|hZXdcYd^a
ÆeVhhd('Ç!aVgVe^Y^i|Y^bdciV\\^d#:ÉjcVjiZci^Xdh^hiZbV!hijY^VideZghdYY^h[VgZ
aZe^‘Y^kZghZZh^\ZcoZ[jco^dcVa^ZYZhiZi^X]ZaZ\ViZVaaVbdYZgcVegd\ZiiVo^dcZYZ\a^
VbW^Zci^Y^aVkdgd#
eVcZahXdkZgZY^ch^m[^c^h]Zhdg\aVoZYl^i]YdjWaZ\aVhhdgXZcigVa\aVhh0dgXdciV^cZg
ineZ! l^i] eaV^c Yddgh dg [gVbZY ^c \aVhh# LVaa XdkZg^c\! deZc heVXZ! VcY XddgY^cViZY
Yddgh[dgbVhdcgnlVaahVgZVYYZYidi]ZhZineZh#I]Z^gbV^cX]VgVXiZg^hi^XhVgZ/hdWZg
VcYZaZ\VciYZh^\c!h^bea^X^ind[XdchigjXi^dc!gZYjXZYcjbWZgd[XdbedcZcih!VWhZcXZ
d[aZkZaa^c\[ZZiVcYVY_jhiVWaZ[ZZi!g^\^Y^ind[i]ZXdccZXi^dchWZilZZcjeg^\]ihVcYXgdhh
WZVbh!VWhZcXZd[bdYjaVg^inVXXdgY^c\idÆe^iX]('Ç!VcYheZZYd[VhhZbWa^c\#>i^hVc
Vji]Zci^XhnhiZb!hijY^ZYidhVi^h[ni]ZbdhiY^kZghZ[jcXi^dcVaVcYVZh"i]Zi^XYZbVcYh
a^c`ZYidbdYZgcYZh^\c[dgldg`Zck^gdcbZcih#
J;CFE
E6G:I:
'.
E6G:I:J;CFE
I:BED
I:BED!C:AA6K:GH>DC:9>K>HDG>6!Ý8DBEDHI696JC6HIGJIIJG6>CI:GC6>C688>6>D
:6AAJB>C>D!6K:CI:;JCO>DC:EDGI6CI:D9>8DCI6IID8DCHDA6>:BJG6IJG:!:
96BD9JA>:HI:GC>9>I6BEDC6B:CID!8>:8=>DK:IG6I>!8=:C:9:I:GB>C6CDA:
86G6II:G>HI>8=:;DGB6A>:;JCO>DC6A>#
I:BED!>CI=:E6GI>I>DCK:GH>DC!8DCH>HIHD;6C>CI:GC6AHIGJ8IJG:>CHI::A6C96AJB>C>JBL>I=AD69
7:6G>C<;JC8I>DCDG>C8DCI68IL>I=I=:;ADDG6C9B6HDCGN!6C9D;EA6>CDG<A6O:9:MI:GC6ABD9JA:H
I=6I9:I:GB>C:I=:;DGB6A6C9;JC8I>DC6A8=6G68I:G>HI>8H#
J;CFE
E6G:I:J;CFE
>AG>K:HI>B:CID6E6G:I:<6G6CI>H8:<A>HI:HH>G:FJ>H>I>9>
6IIG:OO67>A>I¿9:AA6K:GH>DC:9>K>HDG>6!:K>I6C9D>CI:GK:CI>
HJAA:BJG6IJG:#
I=:L6AA8DK:G>C<<J6G6CI::HI=:H6B:G:FJ>H>I:HD;:FJ>EE>C<6HI=:E6GI>I>DCK:GH>DC!
6KD>9>C<8=6C<:HDCI=:B6HDCGN#
I:BED
J;CFE
E6G:I:
((
E6G:I:J;CFE
>B6I:G>6A>>BE>:<6I
I>!A:;>C>IJG::<A>688:HHDG>
EG:H:CI6CDA:HI:H
HH:86G6II:G>HI>8=:I:8C>8=::
;DGB6A>9>FJ:AA>EG:K>HI:C:AA:EDGI:
9:AA6 E6G:I: 6IIG:
:OO6I6#
I=:B6I:G>6AHJH:9!I=:;>C>H=:H6C9I=:688:HHDG>:H=6K:I=:H6B:
I:8=C>86A6C9;DGB6A8=6
6G68I:G>HI>8HD;I=DH::CK>H6<:9;DGI=:9DDGH
D;I=::FJ>EE:9E6GI>I>DC#
I:BED
J;CFE
E6G:I:
(*
I:BED
(+
J;CFE
E6G:I:J;CFE
E6G:I:J;CFE
I:BED
<A>:A:B:CI>8DHI>IJI>K>9:AH>HI:B6I:BEDEDHHDCD
:HH:G:>BE>:<6I>6C8=:8DB:G>K:HI>B:CIDBJG6A:!
8DCH:CI:C9D>AG6<<>JC<>B:CID9>JC6E:G;:II6
8DCI>CJ>I¿I>EDAD<>86:9>;>C>IJG6IG6E6G:I>6IIG:OO6I:
:E6G:I>>CBJG6IJG6#
I=::A:B:CIH8DCHI>IJI>C<I=:I:BEDHNHI:B86C6AHD7:JH:96H
L6AA8DK:G>C<!6AADL>C<I=:68=>:K:B:CID;E:G;:8IINE:6C9;>C>H=
8DCI>CJ>IN7:IL::C:FJ>EE:9L6AAH6C9B6HDCGNL6AAH#
(-
J;CFE
9:H><C
9:H><C
9Zh^\c
JcdhijY^dhVe^ZciZ!^cXj^XdckZg\dcdh^VVheZii^iZXc^X^Z[jco^dcVa^!X]ZZbdo^dc^Z
eZch^Zg^#
FjVcYd^aYZh^\cY^kZciVegd\ZiidZh^bViZg^Va^ooVXgZVi^kVbZciZcZaegdYdiid#
6c Zm]Vjhi^kZ hijYn! l]ZgZ^c XdciZbeaViZ Wdi] iZX]c^XVa VcY [jcXi^dcVa VheZXih i]Vc
Zbdi^dchVcYi]dj\]ih#L]ZcYZh^\cWZXdbZhZ[[ZXi^kZVcYÒcVaani]ZXgZVi^k^inXdbZ
igjZl^i]i]ZegdYjXi#
O:GD
JCD
9:H><C
)&
9:H><CP;HEKDE
9EBB;P?ED;P;HEKDE
:[i_]d0AWh_cHWi^_Z
Jcd\\ZiidX]Z^he^gV!VjbZciVaVegdYjii^k^i|!bdhigVX]Z^abdcYdƒhZcoVa^b^i^Z
d\c^XdhVejŒZhhZgZgZVa^ooViV#
OZgdJcd^he^gVaZeZghdcZX]ZaZh^ZYdcdY^ZigdVeZchVgZVijiiZedhh^W^a^i|!e^jiidhid
X]ZVa^b^iVo^dc^#FjZhidbdgW^Yd!Vb^X]ZkdaZ!jbVcdZY^hedc^W^aZd\\ZiidXdchZciZ
V\a^jiZci^Y^hZYZgZ^cd\c^aVidYZaaVhXg^kVc^V#:ÈVXXd\a^ZciZeZgijii^#Cdck^ƒVaXjc
igVY^o^dcVaZÆb^daViddijdaVidÆYZaaVhXg^kVc^V#
JcVeZghdcVji^a^ooVcYdaVhXg^kVc^VXdbjc^XVaVkdadci|Y^ZkdXVgZ^aXVbW^VbZcid!
eZchVgZVaY^[jdg^YZaaZcdgbZ#H^igViiVY^eVgi^gZYVaaZXdbjc^a^cZZZhedhiVgZaÉVi"
iZco^dcZYVaaVXgjYV^cYjhig^Va^ooVo^dcZVaaVbdgW^YZooVZjbVc^i|YZaaZ[dgbZ#
:É^aeZg[ZiidjdbdXdciZbedgVcZd!Vkk^X^cVW^aZZhZbegZY^hedc^W^aZVaXdc[gdcid!Xdc
[dgiZhe^g^idhdX^VaZ!\gdhhZYdi^dg\Vc^ooVi^kZZXdcjcdXX]^dhZbegZg^kdaidVaaÉVheZi"
idegVi^XdYZaaVkdgd#
6c ^che^g^c\ dW_ZXi l^aa ValVnh ^cXgZVhZ egdYjXi^k^in WZXVjhZ ^i h]dlh i]Z ldgaY ^h
l^i]dji a^b^ih VcY Vcni]^c\ XVc WZ VX]^ZkZY# OZgdJcd ^che^gZh ^cY^k^YjVah l]d h^i
WZ]^cY^iidi]^c`^cedhh^W^a^i^ZhgVi]Zgi]Vca^b^iVi^dch
I]^hhd[i![g^ZcYan!]jbVcVcYVeegdVX]VWaZdW_ZXiVaadlheZdeaZidejaajeVhZVidc
Vcnh^YZd[i]ZYZh`#>i^hlZaXdb^c\idVaa#I]ZgZ^hcdigVY^i^dcVaÈbnh^YZ"ndjgh^YZÉ
idi]ZYZh`#6eZghdcjh^c\i]ZYZh`Xdbbjc^XViZhVl^aa^c\cZhhidZkd`ZX]Vc\Z!
i]^c`djih^YZd[i]Zcdgbh#>i^hVYZeVgijgZ[gdbi]ZXdbbdcVgX]^iZXijgVaYZh`VkV^"
aVWaZcdl!h]^[i^c\i]Z[dXjh[gdb]Vgh]^cYjhignidhd[icZhhVcY]jbVc[dgbh#
I]Zn ldjaY YZÒc^iZan WZ VeegdVX]VWaZ! XdciZbedgVgn! ]jbVc dg^ZciZY VcY ]VkZ Vc
dg\Vc^oZYb^cYVhlZaaVhYZh`#
)'
P;HEKDE
C7N
9:H><C
)(
P;HEKDE
9:H><C
)*
9:H><CP;HEKDE
9:H><CP;HEKDE
ÆD9>HH:6C:AIJDHE6O>DÇ
D9>HH:6C:AIJDHE6O>D
9>G:II6B:CI:96A;JIJGD!>A9:H><C6KK:C>G>HI>8DÝ;6IIDE:GHIJE>G:
:CDCHDAD#:G<DCDB>6:;DGB:BDG7>9:HDCDHIJ9>6I:E:G9DC6G:
JCCJDKD8DB;DGI#
ÆNDJGHE68:D9NHH:NÇ#
9>G:8IAN;GDBI=:;JIJG:!I=>H;JIJG>HI>89:H><C>HB69:IDHJGEG>H:NDJ6C9BDG:#
:G<DCDB>8H6C9HD;I;DGBH!9:H><C:9ID7G>C<NDJ6C:L8DB;DGI#
P;HEKDE
9:H><C
),
)P;HEKDE
9:H><C
).
9:H><CP;HEKDE
9:H><CP;HEKDE
A6EJG:OO69>8DADG>CDC8DADG>#>C7>6C8DD>CC:GD!E:G<JHI>
6HHDAJI>!86IIJG6A6AJ8::86B7>6KDAID6H:8DC969:AA:6C<DA6O>DC>!
9>K:CI6C9DD<C>KDAI6FJ6A8DH69>CJDKD:K>I6A:#
I=:EJG>IND;8DADJGA:HH8DADJGH#>CL=>I:DG>C7A68@!;DG67HDAJI:I6HI:H!
>I86EIJG:HA><=I6C98=6C<:H>IHADD@9:E:C9>C<DCI=:E:GHE:8I>K:!
7:8DB>C<HDB:I=>C<C:L6C9K>I6AL>I=:68=8=6C<:#
P;HEKDE
9:H><C
*&
9:H><CP;HEKDE
C:AH:<CD9>@6G>B#
>BB:9>6I6B:CI:G>8DCDH8>7>A:!AÉ>BEGDCI69>JCD9:>9:H><C:G
>BB:9>6I6B:CI:G>8DCDH8>7>A:!A
B
>BEGDCI69>JCD9:>9:H><C:G
E>ç<:C>6A>:9>I:C9:CO69:ABDB:CID!H;>96A6;DGO69><G6K>I¿
:>AA>B>I:9:AA6B6I:G>6#A:EGDEDGO>DC>EA6HB6CD
>B6I:G>6A>A>7:G6C9DA>C:AADHE6O>D#
DCI6G<:IL>I=@6G>B#
>BB:9>6I:ANG:8D<C>H67A:!I=:B6G@D;DC:D;I=:BDHI8G:6I>K:!IG:C9"H:II>C<
9:H><C:GHID96N!=:8=6AA:C<:HI=:;DG8:D;<G6K>IN6C9I=:A>B>IHD;I=:B6I:G>6A#
I=:86A8JA6I:9EGDEDGI>DCHH=6E:I=:B6I:G>6AH!;G::>C<I=:B>CHE68:#
P;HEKDE
9:H><C
*(
P;HEKDE
9:H><C
**
9:H><CP;HEKDE
9:H><CP;HEKDE
8JGK::E:H>7:C:FJ>A>7G6I>/ADHIJ9>DI:8C>8D!
A6EGD;:HH>DC6A>I¿:A68DBE:I:CO69>9:AA6GDK:G:
6HJEEDGID9:AA68G:6I>K>I¿#
L:AA"76A6C8:98JGK:H6C9L:><=IH/9:AA6GDK:G:ÉHI:8=C>86AHIJ9N!
EGD;:HH>DC6A>HB6C9H@>AA6II=:H:GK>8:D;8G:6I>K>IN#
P;HEKDE
9:H><C
*,
P;HEKDE
9:H><C
*.
9:H><CP;HEKDE
9:H><CP;HEKDE
ÆFJ6A8DH69>B6>K>HIDÇ
HDKK:GI:AÉ>BB6<>C6G>D8DAA:II>KD
8=:KJDA:AÉJ;;>8>D8DB:JC6B7>:CI:
;G:99D!>BE:GHDC6A::>C8DCI6B>C6ID#
EJG8DCH:GK6C9DEJG:OO69>;DGB::
<JHIDB>C>B6A:!9DC68DCA:HJ:8JGK:
BDG7>9:OO6:688D<A>:CO6#
E:GJCCJDKDJ;;>8>D9DK:K>C8:
E:GJCCJDKDJ
J
A6E:GHDC6A>I¿#
ÆHDB:I=>C<C:K:G7:;DG:H::CÇ
>IJC9:GB>C:HI=:8DAA:8I>K:>B6<>C6I>DCL=>8=
H::HI=:D;;>8:6H68DA9!>BE:GHDC6A
6C9JC8DCI6B>C6I:9:CK>GDCB:CI#
L=>A:B6>CI6>C>C<I=:EJG>IND;I=:;DGBH
6C96I6HI:;DGB>C>B6A>HB!>IH8JGK:H699
HD;IC:HH6C9L6GBI=#
;DG6C:LD;;>8:!L=:G:E:GHDC6A>INI6@:H6AA#
P;HEKDE
9:H><C
+&
P;HEKDE
9:H><C
+(
9:H><CP;HEKDE
90
cm
9:H><CP;HEKDE
220 cm
210 cm
100 cm
75 cm
76,5
cm
69 cm
75
cm
E:GHDC6A>OO67>A:
7^VcXd$L]^iZ
CZgd$7aVX`
ECI-&-'bZiVaa^X
ECI-%%(bZiVaa^X
ECI-'%&bZiVaa^X
ECI &(
&(+*
+*
ECI*'**
ECI &
&-'
+)
ECI (
(+*
P;HEKDE
9:H><C
+*
EG:H>9:CO>6A>
EG:H>9:CO>6A>
EgZh^YZci^VaA^cZ
9VhZbegZ9ZaaVGdkZgZegd\ZiiVVggZYVbZci^XdcXZcigVcYdh^hjaaVXjgVY^fjZ^e^XXda^
YZiiV\a^^cY^heZchVW^a^eZgXgZVgZVbW^Zci^egVi^X^ZXdc[dgiZkda^#
9ZaaVGdkZgZ]VhValVnhYZh^\cZY[dgc^ijgZl^i]VcZnZ[dgi]dhZhbVaa!^cY^heZchVWaZ
YZiV^ahl]^X]]ZaeidXgZViZegVi^XVa!Xdb[dgiVWaZhZii^c\h#
A>;:
A:MJH
H:<CD
B6M
EG:H>9:CO>6A>
+,
EG:H>9:CO>6A>B?<;
9EBB;P?ED;B?<;
:[i_]d0AW_heiIjkZ_e
cigV^c
ooVid#
^h]^c\
]^\]an
+-
B?<;
9:CO>6A>
+.
EG:H>9:CO>6A>B?<;
;B;=7DP77IIEBKJ7:?C7J;H?7B?FH;P?EI?
I=:67HDAJI::A:<6C8:D;K6AJ67A:B6I:G>6AH
A>;:
,%
A6B6I:G>6>C8DCIG6AÉ:HH:CO>6A>I¿9>A>C::>BEDGI6CI>!8G:6C9DKDAJB>
:EGDEDGO>DC>8=:6GG:96CDC:AH:<CD9>G6;;>C6I6HD7G>:I¿#
B6I:G>6AB::IHI=::HH:CI>6AC:HHD;>BEDGI6CIA>C:H!8G:6I>C<KDAJB:H6C9EGDEDGI>DCH
I=6I;JGC>H=L>I=G:;>C:9H>BEA>8>IN#
9&*,%%&
B?<;
EG:H>9:CO>6A>
,&
EG:H>9:CO>6A>B?<;
GK7D:E7HH;
;:7H;:?L;DJ7KDÊ7HJ;
L=:C>CI:G>D
DG9:8DG6I>C<7:8DB:H6C6GI
A6G>8:G869:A
AA6B><A>DG:;JCO>DC6A>I¿:AÉ688JG6I:OO69>JC9>H:<CD
EGD<:IIJ6A:9
9É6K6C<J6G9>6G:C9DCDD<C>J;;>8>DJCE>88DAD86EDA6KDGD#
I=:H:6G8=;DGI=
=:7:HI;JC8I>DC6A>IN6C9I=:EG:8>H>DCD;6HI6I:D;I=:6GIEGD?:8I
9:H><CB6@::K:G
GND;;>8:6HB6AAB6HI:GE>:8:#
A>;:
B?<;
EG:H>9:CO>6A>
,(
A>;:
,)
B?<;
EG:H>9:CO>6A>B?<;
EG:H>9:CO>6A>B?<;
96I
ID886G:8DCB6CD/A67:AA:OO69>HJE:G;>8>A:K><6I:
:
:AÉ6;;>967>A>I¿9>EGD<:II>>CI:AA><:CI>E:G6B7>:CI>
9>A6KDGD9>C6B>8>:6IIJ6A>#
;::A>II
ID7:A>:K:>I/I=:7:6JIND;HBDDI=HJG;68:H6C9I=:G:A>67>A>IN
D;>CI:AA>><:CIEGD?:8IH;DG9NC6B>86C9JE"ID"96I:LDG@:CK>GDCB:CIH#
9&*-%%'
A>;:
,+
B?<;
EG:H>9:CO>6A>
,,
A>;:
,9&*.%%.
B?<;
EG:H>9:CO>6A>B?<;
EG:H>9:CO>6A>B?<;
9&*.%&%
A>;:
-%
A6E:G;:II6DG<6C>OO6O>DC:9:AADHE6O>DE:G:H><:CO:8DCI:BEDG6C::#
FJ6C9D>A9:H><C>C8DCIG6A6;JCO>DC6A>I¿#
HE68:HE:G;:8IANDG<6C>H:9;DG8DCI:BEDG6GNC::9H#L=:C9:H><CB::IH;JC8I>DC6A>IN#
B?<;
EG:H>9:CO>6A>
-&
EG:H>9:CO>6A>B?<;
B7FHEFEHP?ED;:;BB;9EI;
I=:EGDEDGI>DCD;I=>C<H
A>;:
96G:>A7:CK:CJID8DCHI>A:/>AAJD<D9>A6KDGD:HEG>B:8A6HH:
:7JDC<JHID!688D<A>:H:CO6:HH:G:>CK69:CI:#
L:A8DB:L>I=HINA:/I=:LDG@EA68::MEG:HH:H8A6HH6C9<DD9I6HI:!
L:A8DB:HL>I=DJIDK:GEDL:G>C<#
9&*.%%,
B?<;
EG:H>9:CO>6A>B?<;
A>;:
-)
9&*.%%-
B?<;
EG:H>9:CO>6A>
-*
EG:H>9:CO>6A>B?<;
IEBKP?ED?L;HI7J?B?0;BÊK<<?9?E:?L;DJ7B?L?D=
K:GH6I>A:HDAJI>DCH/6C9I=:D;;>8:7:8DB:H6A>K>C<GDDB
H:BEG:E>çH>B>A:6AAÉ6B7>:CI:9DB:HI>8D!<A>6GG:9>E:GAÉJ;;>8>D
EG:H>9:CO>6A:H>>HE>G6CD6AA:C:8:HH>I¿9>K>I68DCI:BEDG6C::!
E:G<6G6CI>G:8DB;DGI:B6HH>B6K>K>7>A>I¿#
>C8G:6H>C<ANH>B>A6GIDI=:=DB:6B7>:C8:!EG:H>9:CI>6AD;;>8:;JGC>H=>C<>CHE>G:9
7NI=:C::9HD;8DCI:BEDG6GNA>K>C<!ID<J6G6CI::8DB;DGI6C9B6M>BJBA>K:67>A>IN#
A>;:
9&*-%&&
-+
B?<;
EG:H>9:CO>6A>
-,
EG:H>9:CO>6A>B?<;
9&*,%&*
9&*,%%+
A>;:
--
H8DEG>G:CJDK>:FJ>A>7G>;6II>9>E>:C>:KJDI>/
E:GDG<6C>OO6G:!:HEDGG:!G>8:K:G::8DC8:CIG6GH>#
9>H8DK:GC:L:FJ>A>7G>JBB69:D;HDA>9H6C9=DAADLH/IDDG<6C>H:!9>HEA6N!G:8:>K:6C98DC8:CIG6I:#
B?<;
EG:H>9:CO>6A>
-.
EG:H>9:CO>6A>B?<;
B6I:G>6A>9>K:GH>H>B>M6CDE:GHIJE>G:!E:GG>CCDK6G:AÉ6B7>:CI:9>A6KDGD8DC677>C6B:CI>
6AA6BD96!:A:<6CI>:B6>76C6A>#
9>;;:G:CIB6I:G>6AH6G:B>M:9ID6HIDC>H=!IDG:C:LI=:LDG@EA68:L>I=;6H=>DC67A:!:A:<6CI8DB7>C6I>DCHL=>8=
6G: C:K:G 76C6A#
9&*.%&,
A>;:
.%
B?<;
EG:H>9:CO>6A>
.&
EG:H>9:CO>6A>B?<;
9&*.%%(
9&*.%%)
A>;:
.'
B?<;
EG:H>9:CO>6A>
.(
EG:H>9:CO>6A>B?<;
A>;:
.)
9&*-%&)
B?<;
EG:H>9:CO>6A>
.*
H = 73 / 28,74”
L = 181 / 71,25”
P = 100 / 39,37”
H = 73 / 28,74”
L = 215 / 84,64”
P = 200 / 78,74”
Reversibile
Reversible
H = 73 / 28,74”
L = 206 / 81,10”
P = 100 / 39,37”
DX - SX
RH - LH
H = 73 / 28,74”
L = 244 / 96,06”
P = 200 / 78,74”
Reversibile
Reversible
H = 73 / 28,74”
L = 235 / 92,51”
P = 100 / 39,37”
DX - SX
RH - LH
Reversibile
H = 73 / 28,74”
L = 200 / 78,74” Reversible
P = 282 / 111,02”
H = 73 / 28,74”
L = 264 / 103,93“
P = 200 / 78,74”
Reversibile
Reversible
H = 73 / 28,74”
L = 255 / 100,39“
P = 100 / 39,37”
DX - SX
RH - LH
Reversibile
H = 73 / 28,74”
L = 220 / 86,61” Reversible
P = 282 / 111,02”
SCRIVANIE L 210
DESKS 82,67”
H = 73 / 28,74”
L = 210 / 82,67”
P = 100 / 39,37”
SCRIVANIE L 230
DESKS 82,67”
H = 73 / 28,74”
L = 230 / 90,55“
P = 100 / 39,37”
PIANI SCRIVANIE
DESK TOPS
H = 6 / 2,36”
L = 194 / 76,37“
P = 100 / 39,37”
GAMBA SINGOLA
SINGLE LEG
PONTE LATERALE
CARRYING SIDE EXTENSION
H = 73 / 28,74”
L = 18 / 7,08“
P = 100 / 39,37”
H = 73 / 28,74”
L = 52 / 20,47”
P = 200 / 78,74”
MURETTO PORTANTE SX/DX
RH/LH SCREEN FOR ACCESSORIES
MODESTY PANEL
MODESTY PANEL
CASSETTIERA
PEDESTAL
H = 73 / 28,74”
L = 63,8 / 25,11”
P = 282 / 111,02”
H = 38 / 14,96“
L = 144 - 170 / 56,69”- 66,92”
P = 15 / 5,90”
H = 57,5 / 22,63”
L = 42,5 / 16,73”
P = 60,5 / 23,81”
H = 6 / 2,36”
L = 174 / 68,50“
P = 100 / 39,37”
H = 6 / 2,36”
L = 145 / 57,08“
P = 100 / 39,37”
MODULO LIBRERIE A GIORNO H198,5 cm
OPEN CABINET MODULE H78,14”
MODULI LIBRERIE SENZA RIPIANI H.198,5 cm
CABINET MODULE WITHOUT SHELVES H. 78,14”
FIANCHI TERMINALI H.198,5 cm
FINISHING SIDE H. 78,14”
H = 198,5 / 78,14”
L = 64 / 25,19“
P = 42 / 16,53”
H = 198,5 / 78,14”
L = 64 / 25,19“
P = 42 / 16,53”
H = 198,5 / 78,14”
L = 3 / 1,18“
P = 42 / 16,53”
MODULO LIBRERIE A GIORNO H230,5 cm
OPEN CABINET MODULE H90,74”
MODULI LIBRERIE SENZA RIPIANI H.230,5 cm
CABINET MODULE WITHOUT SHELVES H90,74”
FIANCHI TERMINALI H.198,5 cm
FINISHING SIDE H. 78,14”
H = 230,5 / 90,74”
L = 64 / 25,19“
P = 42 / 16,53”
H = 230,5 / 90,74”
L = 64 / 25,19“
P = 42 / 16,53”
H = 230,5 / 90,74”
L = 3 / 1,18“
P = 42 / 16,53”
H = 198,5 / 78,14”
L = 7,5 / 2,95”
P = 43,8 / 17,24”
H = 230,5 / 90,74”
L = 7,5 / 2,95”
P = 43,8 / 17,24”
EG:H>9:CO>6A>B?<;
SCRIVANIE L 181
DESKS 71,25”
DX - SX
RH - LH
DX - SX
RH - LH
RIPIANI LIBRERIA
SHELVES FOR CABINETS
PIANETTO LEGNO
WOODEN SHELF
PIANETTI VETRO
GLASS SHELVES
ANTE LEGNO
WOODEN DOORS
ANTE VETRO
GLASS DOORS
COPPIA CASSETTI
PAIR OF DRAWERS
H = 3 / 1,18“
L = 61 / 24,01”
P = 40 / 15,94”
H = 1,8 / 0,70”
L = 61 / 24,01”
P = 37 / 14,56”
H = 0,8 / 0,31”
L = 61 / 24,01”
P = 37 / 14,56”
H = 63,6 / 25,03”
L = 63,6 / 25,03”
H = 63,6 / 25,03”
L = 63,6 / 25,03”
H = 31,6 / 12,44”
L = 63,6 / 25,03”
BASI P48 cm
BASES D18,89”
BASI P60 cm
BASES D23,62”
Ante legno/ante vetro
Wooden doors/glass doors
H = 128 / 50,39”
L = 128 / 50,39”
P = 48 / 18,89”
Ante legno/ante vetro
Wooden doors/glass doors
Ante legno/ante vetro
Wooden doors/glass doors
H = 64 / 25,19”
L = 128 / 50,39”
P = 48 / 18,89”
H = 64 / 25,19”
L = 192 / 75,59“
P = 48 / 18,89”
PANCA P58 cm
LOW UNITS D22,83”
H = 16-32 / 6,29”-12,59“
L = 128 / 50,39”
P = 60 / 23,62”
H = 10 / 3,94”
L = 93 - 128 - 192 / 36,61”- 50,39”- 75,59”
P = 58 / 22,83”
H = 8 / 3,15”
MOBILE PORTANTE SX/DX
RH/LH CARRYING CABINET
H = 73 / 28,74”
L = 43 / 16,92“
P = 100 / 39,37”
TOP, ZOCCOLO E PIEDI ALLUMINIO PER BASI
TOP, PLINTH AND ALUMINIUM FEET FOR BASES
PENSILI P30 cm
HANGING UNITS D11,81”
H = 1,4 / 0,55”
H = 2 / 0,78”
TAVOLI RIUNIONE
MEETING TABLES
PIANI PER TAVOLI RIUNIONE
TOP FOR MEETING TABLE
H = 6 / 2,36”
L = 194 / 76,37“
P = 100 / 39,37”
H = 73 / 28,74”
L = 334 - 424 / 131,49“- 166,92”
P = 100 / 39,37”
TAVOLI RIUNIONE
MEETING TABLES
MOBILI DI SERVIZIO
SERVICE UNITS
H = 70,6 / 27,79”
L = 128 / 50,39”
P = 60 /23,62”
PIANO RACCORDO 90°
90° TOP FOR MEETING TABLE
H = 6 / 2,36”
L = 174 / 68,50“
P = 100 / 39,37”
H = 6 / 2,36”
L = 145 / 57,08“
P = 100 / 39,37”
H = 6 / 2,36”
L = 109 / 42,91”
P = 109 / 42,91”
GAMBA SINGOLA
SINGLE LEG
GAMBA INTERMEDIA
INTERMEDIATE LEG
PONTE LATERALE
CARRYING SIDE EXTENSION
H = 73 / 28,74”
L = 18 / 7,08“
P = 100 / 39,37”
H = 73 / 28,74”
L = 18 / 7,08“
P = 100 / 39,37”
H = 73 / 28,74”
L = 52 / 20,47”
P = 200 / 78,74”
PA NCA P58 cm
LO W UNITS D22,83”
Ante legno/ante vetro
Wooden doors/glass doors
Ante legno/ante vetro
Wooden doors/glass doors
Ante legno/ante vetro
Wooden doors/glass doors
H = 128 / 50,39”
L = 128 / 50,39”
P = 32 / 12,59”
H = 64 / 25,19”
L = 128 / 50,39”
P = 32 / 12,59”
H = 64 / 25,19”
L = 192 / 75,59“
P = 32 / 12,59”
H = 8 / 3,15”
MENSOLE MURO
SHELVES
Con o senza impianto luce
With or without lighting
system
Con o senza impianto luce
With or without lighting
system
Con o senza impianto luce
With or without lighting
system
L = 120 / 47,24”
P = 25 / 9,84”
H = 64 / 25,19”
L = 120 / 47,24”
H = 120 / 47,24”
L = 120 / 47,24”
8^a^Z\^d$8]Zggn
GdkZgZ$DV`
GdkZgZhXjgd$9Vg`dV`
KZigdHVi^cVidbd`V$Bd`V\aVhh
KZigdHVi^cVidIdgidgV$
9dkZ\gZn\aVhh
KZigdHVi^cVidKZgYZDa^kV$
Da^kZ"\gZZc\aVhh
KZigdHVi^cVidGdhhdGjW^cd$
GjWngZY\aVhh
8jd^d7Z^\Z$AZVi]ZgWZ^\Z
8jd^d8d\cVX$AZVi]ZgXd\cVX
8jd^diZhiVY^bdgd$9Vg`WgdlcaZVi]Zg
TOP, ZOCCOLI E PIEDI ALLUMINIO PER MOBILE DI SERVIZIO
TOP, PLINTH AND ALUMINIUM FEET FOR SERVICE UNIT
H = 70,6 / 27,79”
L = 192 / 75,59“
P = 60 /23,62”
H = 1,4 / 0,55”
L = 128 - 192 / 50,39“- 75,59”
P = 60 /23,62”
H = 2 / 0,78”
L = 128 - 192 / 50,39“- 75,59”
P = 60 /23,62”
Set ruote per zoccolo
Set of wheels for plinth
H = 8 / 3,15”
P = 45,5 / 17,91”
8jd^dCZgd$7aVX`aZVi]Zg
8jd^dGdhhdGjW^cd$gjWngZYaZVi]Zg
.+
B?<;
EG:H>9:CO>6A>
.,
EG:H>9:CO>6A>B;NKI
9EBB;P?ED;B;NKI
:[i_]d0=_elWdd_8WYYeb_d_
[dXVa^ooV
giZbZciZ
^ fjVa^ ƒ
hXdggZgZ
ajb^c^d Z
YZco^Va^Z
e]^hi^XViZY
d[ V [gZh]!
VcihidhZZ
ZaZhhhinaZ
VcY \aVhh
YZci^Va VcY
gVc\ZYVcY
.-
B;NKI
G:H>9:CO>6A>
..
EG:H>9:CO>6A>B;NKI
A:MJH
B;=DE;:;H=EDEC?7I?<ED:EDE?DKDC?N:?;B;=7DP7$
LDD96C9:G<DCDB>87A:C9>C6B>MD;:A:<6C8:#
;DGB:H:BEA>8>6AH:GK>O>D9>B6C6<:G96AA6HE>886I6E:GHDC6A>I¿!
86G6II:G>OO6CDA:A>C::9:AA:MJH9>G:O>DC6A:#
H>BEA:H=6E:HH:GK:I=:B6C6<:GL>I=HIGDC<E:GHDC6A>IN!8=6G68I:G>O:I=:A>C:
D;A:MJH9>G:8I>DC6A#
9A%%&
B;NKI
EG:H>9:CO>6A>B;NKI
ÝA68JG69:>9:II6<A>8=::H6AI6>86EDA6KDG>
>A86G6II:G:;DGI::9DG><>C6A:H>G:6A>OO6C:AA6EJG:OO69:AA:A>C::#
>I>HI=:86G:E6>9ID9:I6>AHL=>8=:M6AIH6B6HI:GE>:8:I=:HIGDC<6C9DG><>C6A
8=6G68I:G>HG:6A>O:9>CEJG:8JIA>C:H#
A:MJH
B;NKI
EG:H>9:CO>6A>
&%(
EG:H>9:CO>6A>B;NKI
9A%%(
A:MJH
JCÉ6II:CO>DC:B6<<>DG:6ABDC9D9:A9:H><C!G>8=>6B>8=>6G>:9:K>9:CI>6AÆB>C>B6AÇ
:6<A>:A:B:CI>9>6GG:9D9>JC6B7>:CI:8=::HEG>B:>A86G6II:G::A6E:GHDC6A>I¿
9>JCEGD;:HH>DC>HI6#
6<G:6I:G6II:CI>DCIDI=:LDGA9D;9:H><C!8A:6G6C9:K>9:CIG:86AAHIDI=:B>C>B6A6C9ID:68=:A:B:CI
D;I=:;>II>C<HD;6C6B7>:CIL=>8=:MEG:HH:HI=:8=6G68I:G6C9E:GHDC6A>IND;6EGD;:HH>DC6AE:GHDC#
B;NKI
EG:H>9:CO>6A>
&%*
EG:H>9:CO>6A>B;NKI
A:MJH
799E=B?;H;D;BFHEFH?EK<<?9?E"?DKD9EDJ;IJE7HCED?9E"
7CFB?<?97?B<7I9?DE:?L?L;H;?DKD7C8?;DJ;KD?9E$
L:A8DB>C<>CDC:ÉHD;;>8:!7DI=:A:<6CI6C9=6GBDC>86BEA>;>:H
I=:;6H8>C6I>DCD;A>K>C<>C6JC>FJ:6B7>:CI#
9A%%*
B;NKI
EG:H>9:CO>6A>B;NKI
A:MJH
&%-
9:;>C>G:<A>HE6O>!G:6A>OO6G:8DB7>C6O>DC>6GBDC>DH:
IG6BD7>A::6B7>:CI:!:HEG>B:G:HÝHI:HHD6IIG6K:GHDA6G:6AI¿
9>JCJ;;>8>D9>EG:HI><>D#
ID9:;>C>I:HE68:H6C9G:6A>O:=6GBDC>88DB7>C6I>DCH7:IL::CI=:;JGC>IJG:
6C9I=:6B7>:CI!:MEG:HH>C<>IH:A;I=GDJ<=I=:G:6A>IND;6EG:HI><>DJHD;;>8:#
B;NKI
EG:H>9:CO>6A>
&%.
EG:H>9:CO>6A>B;NKI
A6A>BE>9:OO69:
:A8G>HI6AAD:>AE>6CDHDII>A:HDGEG:C9DCD
E:G:A:<6CO
O6:G6;;>C6I:OO6/AÉJ;;>8>DH>G>:BE>:9>AJ8:
:9>CJDK:H:CH6O>DC>#
I=:A>BE>9>IND;I=:8GNHI6A6C9I=:;>C:HJG;68:H6G:HJGEG>H>C<;DG
:A:<6
6C8:6C9G:;>C:B:CI/I=:D;;>8:;>AAH>IH:A;L>I=A><=I
6C9C:LH:CH6I>DC#
9A%%)
A:MJH
B;NKI
EG:H>9:CO>6A>
&&&
A:MJH
9A%%'
B;NKI
EG:H>9:CO>6A>B;NKI
EG:H>9:CO>6A>B;NKI
A:MJH
9A%%,
&&)
8JD>D!6AAJB>C>D:A:<CD!8DB7>C6O>DC>;DGI>!688DHI6I:>CJC6B7>:CI:B6C6<:G>6A:
8=::H6AI6A6E:GHDC6A>I¿9>8=>ADK>K:#
A:6I=:G!6AJB>C>JB6C9LDD9!HIGDC<8DB7>C6I>DCHID<:I=:G!>C6B6C6<:G>6A6B7>:CIL=>8=:M6AIH
I=:EGD;:HH>DC6A>HBD;L=DLDG@HI=:G:#
B;NKI
A:MJH
9A%%'
B;NKI
EG:H>9:CO>6A>B;NKI
EG:H>9:CO>6A>B;NKI
9A%%+
A6EGDHE:II>K69:AI:BEDK>HHJID>CJC6B7>:CI:
8DC;DGI:KDA::9:HH:CO>6A:!HDIIDA>C:6
A6E:GHDC6A>I¿9>8=>H8:<A>:A:MJH#
I=:EGDHE:8ID;I=:I>B:E6HH:9>C68DB;DGI67A:!:HH:CI>6A
6B7>:CI!JC9:GA>C:HI=:E:GHDC6A>IND;L=D8=DDH:HA:MJH#
A:MJH
B;NKI
EG:H>9:CO>6A>
&&.
EG:H>9:CO>6A>B;NKI
9ECFB;J;PP7;EH=
=7D?PP7P?ED;$7D?C7:?9B7II;$
8DBE:I:C8:6C9D
DG<6C>O6I>DC#I=:HDJAD;8A6HH#
HI>A:!DG9>C::G6O
O>DC6A>I¿#8DB7>C6O>DC>6AH:GK>O>D9>8=>K>K:
>AA6KDGD>C8D:G:CO6#
HINA:!DG9:G6C9G6I>DC
C6A>IN#8DB7>C6I>DCH6II=:H:GK>8:D;L=DA>K:H=>HLDG@
>C8D=:G:C8:#
9A%%-
9A%%.
A:MJH
B;NKI
EG:H>9:CO>6A>
&'&
L = 200 / 78,74”
P = 105 / 41,33”
H = 73,5 / 28,93”
L = 200 / 78,74”
P = 105 / 41,33”
H = 73,5 / 28,93”
L = 200 / 78,74”
P = 105 / 41,33”
H = 73,5 / 28,93”
L = 200 / 78,74”
P = 105 / 41,33”
H = 73,5 / 28,93”
L = 210 / 82,67”
P = 105 / 41,33”
H = 71 / 27,95”
L = 105 / 41,33”
P = 105 / 41,33”
H = 71 / 27,95”
L = 138 / 54,33”
P = 90 / 35,43”
H = 73,5 / 28,93”
L = 182 / 71,65”
P = 62 / 24,40”
H = 73,5 / 28,93”
L = 105 / 41,33”
P = 105 / 41,33”
H = 73,5 / 28,93”
PIANI CONSOLE
CONSOLE
RECEPTION - PIANI LAVORO sp. 40 mm
RECEPTION - THICKNESS DESK TOP 51 MM
L = 143 / 56,29” P = 45 / 17,71”
L = 188 / 74,01” H = 72 / 28,34”
L = 233 / 91,73”
L = 278 / 109,44”
L = 120 / 47,24”
P = 101 / 39,76”
H = 110 / 43,30”
L = 165 / 64,96”
P = 101 / 39,76”
H = 110 / 43,30”
L = 165 / 64,96”
P = 118 / 46,45”
H = 72,5 / 28,54”
L = 228 / 89,76”
P = 125 / 49,21”
H = 72,5 / 28,54”
ELEMENTI FINALI
FINISHING SIDES
L = 228 / 89,76”
P = 118 / 46,45“
H = 110 / 43,30”
L = 101 / 39,76”
P = 101 / 39,76”
H = 110 / 43,30”
ELEMENTI OSPITALITY
HOSPITALITY UNITS
CASSETTIERE E MOBILI DI SERVIZIO
PEDESTALS AND SERVICE UNITS
L = 40 / 15,74”
P = 58 / 22,83”
H = 56 / 22,04”
Reversibile
Reversible
L = 100 / 39,37”
P = 60 / 23,62”
H = 73,5 / 28,93”
DX - SX
RH - LH
SCRIVANIE DIREZIONALI E ALLUNGHI sp. 40 mm
EXECUTIVE DESK THICKNESS DESK TOP 40 MM
L = 138 / 54,33”
P = 60 / 23,62”
H = 61,5 + 6,5 / 24,21” + 2,55”
L = 160 / 62,99”
P = 80 / 31,49”
H = 72,5 / 28,54”
L = 180 - 200 / 70,86”-78,74”
P = 90 / 35,43”
H = 72,5 / 28,54”
L = 120 / 47,24”
P = 110 / 43,30”
H = 72,5 / 28,54”
EG:H>9:CO>6A>B;NKI
SCRIVANIE PRESIDENZIALI E ALLUNGHI sp. 51 mm
CHAIRMAN DESKS THICKNESS DESK TOP 51 MM
L = 88 / 34,64”
P = 1,9 / 0,74”
H = 99 / 38,97”
L = 172 / 67,71”
P = 172 / 67,71”
H = 110 / 43,30”
L = 8 / 3,14”
P = 1,5 / 0,59”
H = 95 / 37,40”
LIBRERIE A GIORNO AUTONOME
OPEN CABINET UNITS
L = 90 / 35,43”
P = 30 / 11,81”
H = 90 / 35,43”
L = 90 / 35,43”
P = 30 / 11,81”
H = 188 / 74,01”
L = 177 / 69,68”
P = 30 / 11,81”
H = 102 / 40,15”
ELEMENTI LIBRERIE
CABINET UNITS
L = 200 / 78,74”
P = 94 / 37,00”
H = 72,5 / 28,54”
L = 160 / 62,99”
P = 80 / 31,49”
H = 72,5 / 28,54”
Fianchi esterni
External side
L = 3,6 / 1,41”
P = 44,6 / 17,55”
H = 69-137-206 / 27,16”-53,93”-81,10”
Top P = 45 / 17,71” H = 3,6 / 1,41“
L = 53 / 20,86”
L = 98 / 38,58”
L = 143 / 56,29”
L = 188 / 74,01”
L = 233 / 91,73”
L = 278 / 109,44”
Basi P = 43 /16,92” H = 11 / 4,33”
Bases
L = 45 / 17,71” DX - SX
P = 45 / 17,71” RH - LH
H = 73 / 28,74”
L = 45 / 17,71” DX - SX
P = 45 / 17,71” RH - LH
H = 73 / 28,74”
L = 45 / 17,71”
P = 45 / 17,71”
H = 73 / 28,74”
L = 53 / 20,86”
L = 98 / 38,58”
L = 143 / 56,29”
L = 188 / 74,01”
L = 233 / 91,73”
L = 278 / 109,44”
TAVOLI RIUNIONI PRESIDENZIALI sp. 51 mm
CHAIRMAN MEETING DESK THICKNESS DESK 51 MM
L = 200 / 78,74”
P = 94 / 37,00”
H = 72,5 / 28,54”
L = 160 / 62,99”
P = 80 / 31,49”
H = 72,5 / 28,54”
L = 100 / 39,37”
P = 60 / 23,62”
H = 72,5 / 28,54”
L = 210 / 82,67”
P = 105 / 41,33”
H = 73,5 / 28,93”
L = 220 / 86,61”
P = 120 / 47,24”
H = 73,5 / 28,93”
L = 220 / 86,61”
P = 120 / 47,24”
H = 73,5 / 28,93”
L = 400 / 157,48”
P = 120 / 47,24”
H = 73,5 / 28,93”
L = 90 / 35,43”
P = 45 / 17,71”
H = 73 / 28,74”
L = 90 / 35,43”
P = 45 / 17,71”
H = 73 / 28,74”
L = 90 / 35,43”
P = 45 / 17,71”
H = 73 / 28,74”
L = 90 / 35,43”
P = 45 / 17,71”
H = 141 / 55,51”
L = 90 / 35,43”
P = 45 / 17,71”
H = 141 / 55,51”
L = 45 / 17,71”
P = 45 / 17,71”
H = 210 / 82,67”
L = 45 / 17,71”
P = 45 / 17,71”
H = 210 / 82,67”
Reversibile
Reversible
Reversibile
Reversible
L = 180 / 70,86”
P = 42 / 16,53”
H = 140 / 55,11”
L = 180 / 70,86”
P = 42 / 16,53”
H = 140 / 55,11”
L = 45 / 17,71” DX - SX
P = 45 / 17,71” RH - LH
H = 141 / 55,51”
L = 45 / 17,71” DX - SX
P = 45 / 17,71” RH - LH
H = 141 / 55,51”
TAVOLI RIUNIONI DIREZIONALI sp. 40 mm
EXECUTIVE MEETING DESK THICKNESS DESK 40 MM
L = 360 / 141,73”
P = 110 / 43,30”
H = 72,5 / 28,54”
TAVOLI RIUNIONE
MEETING TABLES
L = 360 / 141,73”
P = 110 / 43,30”
H = 72,5 / 28,54”
L = 320 / 125,98”
P = 210 / 82,67”
H = 73,5 / 28,93”
L = 250 / 98,42”
P = 110 / 43,30”
H = 72,5 / 28,54”
L = 250 / 98,42”
P = 110 / 43,30”
H = 72,5 / 28,54”
Ø = 112 / 44,09”
H = 72,5 / 28,54”
Ø = 112 / 44,09”
H = 72,5 / 28,54”
L = 90 / 35,43”
P = 45 / 17,71”
H = 210 / 82,67”
L = 90 / 35,43”
P = 45 / 17,71”
H = 210 / 82,67”
ELEMENTI CENTRALI
CENTRAL UNITS
L = 90 / 35,43”
P = 42 / 16,53”
H = 140 / 55,11”
L = 90 / 35,43”
P = 42 / 16,53”
H = 140 / 55,11”
MOBILI DI SERVIZIO
SERVICE UNITS
L = 200 / 78,74”
P = 105 / 41,33”
H = 73,5 / 28,93”
6aajb^c^d$H^akZg
CdXZ$LVacji
&''
GdkZgZ$DV`
LZc\‚
B;NKI
EG:H>9:CO>6A>
&'(
EG:H>9:CO>6A>I;=DE
9EBB;P?ED;I;=DEEG:K>:L
:[i_]d0:[bbWHel[h[HI
AÉ^ccdkVo^dcZ!aÉdg^\^cVa^i|ZaVkd\a^VY^ZhhZgZjc^X^ZY^gg^eZi^W^a^!YVhZbegZXdcigVY"
Y^hi^c\jdcd9ZaaVGdkZgZH#e#6#
D\c^ cdhigV XdaaZo^dcZ! h^V ZhhV jcV hXg^kVc^V! jcV hZYjiV YV j[ÒX^d d jcV eVgZiZ
ViigZooViV ]V VaaV hjV WVhZ jcV ^YZV! jc XdcXZei# > egd\Zii^ hk^ajeeVi^ YVa cdhigd iZVb
GHZaZ^aajb^cVo^dc^XgZVi^kZYZ^cdhig^egdYdii^!egZcYdcdhejcidYVe^‘eVgi^/^agZeVgid
XdbbZgX^VaZ!^abVg`Zi^c\!jcVgX]^iZiid!bVheZhhdcVhXdcdYVaaÉ^cij^o^dcZY^jcVh^c\daV
eZghdcV# FjZhiÉVgZV cZa iZbed ƒ XgZhX^jiV! h^ ƒ bdY^ÒXViV ZY ]V hZbegZ e^‘ egZhd
XdhX^ZcoVYZ^egdeg^bZoo^ZYZaaZegdeg^ZXdcdhXZcoZZVW^a^i|#9dedVcc^Y^XdaaVWdgVo^dcZ
XdcVgX]^iZii^Y^d\c^cVo^dcVa^i|Z[VbV!d\\^h^hZciZ^c\gVYdY^hk^ajeeVgZZÆXgZVgZÇ\^|
YVahjd^ciZgcdXdcXZii^eZg9ZaaVGdkZgZ#
Ýegdeg^dYVfjZhiVXdhX^ZciZZXdchVeZkdaZkdadci|X]ZjciZVbY^&&eZghdcZhk^ajeeV
ÆHZ\cdÇjcegZh^YZco^VaZYVaadhi^aZY^cVb^XdZaZ\\Zgd!X]ZXdc^j\VZaZ\VcoVZegVi^X^i|#
>bViZg^Va^!aZÒc^ijgZZaZXdbW^cVo^dc^gZVa^ooVW^a^!adgZcYdcdVaaÉ^ciZgcdYZaeVcdgVbV
bVcV\Zg^VaZYZ\a^VggZY^!jcHZ\cdY^^cY^hXjhhVZYZaZ\VciZdg^\^cVa^i|#
8dbeaZid Z kZghVi^aZ ^cXajYZ bdaiZea^X^ bViZg^Va^/ aZ\cd! VXX^V^d! kZigd Z eZaaZ h^
Xdc^j\VcdVhh^ZbZ^cVgbdc^VZegVi^X^i|!VaÒcZY^diiZcZgZVbW^Zci^Y^aVkdgdeZgaÉjdbd
XdciZbedgVcZd#
>ccdkVi^dc! dg^\^cVa^in VcY i]Z YZh^gZ id WZ jc^fjZ VcY jcgZeZViVWaZ ]VkZ ValVnh
Y^hi^c\j^h]ZY9ZaaVGdkZgZH#e#6#
:VX]^iZb^cdjgXdaaZXi^dch!l]Zi]Zg^iWZVYZh`!Vcd[ÒXZX]V^gdgVcZfj^eeZYeVgi^i^dc!
]Vh^ihdg^\^c^cVc^YZV!VXdcXZei#I]Z^YZVh[dgi]Zegd_ZXihYZkZadeZYWndjgG9iZVb
VcYi]ZXgZVi^kZa^\]i^c\d[djgegdYjXih!XdbZ[gdbY^[[ZgZcihdjgXZh/i]ZhVaZhY^k^h^dc!
bVg`Zi^c\!VcVgX]^iZXi#7ji[gZfjZciani]ZnVgZWdgcd[i]Z^cij^i^dcd[Vh^c\aZeZghdc#
DkZgi^bZ!i]^hVgZV]Vh\gdlcVcYX]Vc\ZY!WZXdb^c\^cXgZVh^c\anXdchX^djhd[^ihdlch
bZVch!^ihdlc`cdlaZY\ZVcYh`^aah#6[iZgnZVghd[XdaaVWdgVi^dcl^i][VbdjhVgX]^iZXih
d[ZkZgncVi^dcVa^in!idYVni]^hVgZV[ZZahgZVYnidYZkZadeVcYÆXgZViZÇXdcXZeih[dg9ZaaV
GdkZgZ!dc^ihldc#
6cY^i^hi]^hXdchX^djhVcYXd\c^oVcil^aai]ViaZYViZVbd[&&eZdeaZidYZkZadeÆHZ\cdÇ!
VegZh^YZci^VaXdaaZXi^dcl^i]Va^\]iVcYYncVb^XhinaZl]^X]Wg^c\hid\Zi]ZgZaZ\VcXZVcY
egVXi^XVa^in#
I]ZbViZg^Vah!i]ZÒc^h]ZhVcYi]Zedhh^WaZXdbW^cVi^dchbV`ZHZ\cdVH^\cd[jcYdjWiZY
VcYZaZ\Vcidg^\^cVa^in^ci]ZeVcdgVbVd[bVcV\Zg^Va[jgc^ijgZ#
8dbeaZiZVcYkZghVi^aZ!^i^cXajYZhVkVg^Zind[bViZg^Vah/lddY!hiZZa!\aVhhVcYaZVi]Zg
XdbZid\Zi]Zg^c]VgbdcnVcY[jcXi^dcVa^in!idXgZViZldg`VgZVh[dgidYVnÉhbVc#
I;=DE
EG:H>9:CO>6A>
&'*
H:<CD
I;=DE
EG:H>9:CO>6A>I;=DE
EG:H>9:CO>6A>I;=DE
<A>HE:HHDG>>H>6AA:<<:G>H8DCD!>B6I:G>6A>9>K:CI6CDI:8C>8>
:G>8:G86I>##A6A>C:69:AA6CJDK6<6B76>CI:GEG:I6>A<JHID
E:GA6EJG:OO69:AA6;DGB6#
EG:O>DH6C:AA6H8:AI69:AA6;>C>IJG68GDB6I6!
:A:<6CI:C:AA6EGDEDHI6H6I>C6I6
A:HHI=>8@!HDE=>HI>86
6I:9I:8=C>86AB6I:G>6AH#I=:A>C:HD;I=:C:LA:<G:;A:8IH
I=:I6HI:;DGEJG>IND;H=6E:H#EG:HI><>JDHL>I=I=:8=GDB:EA6I:;>C>H=!:A:<6CI
>CI=:H6I>C;>C>H=:9K:GH>DC#
H:<CD
&'-
I;=DE
EG:H>9:CO>6A>
&'.
EG:H>9:CO>6A>I;=DE
H:<CD
GK7I?I?B;DP?EF;HKDH?IKBJ7JE7IIEBKJE$
FJ6H>H>A:C8:;DG6B>C>B6A>HIG:HJAI#
AÉ688DHI6B:CID9:A86G6II:G:;G:99D9:AB:I6AAD6>E>6C>9:AI6KDAD
>CK:IGDG:<6A6A6E:G8:O>DC:9>JCEJG>HH>BD:FJ>A>7G>D#
I=:8DB7>C6I>DCD;I=:8DA9B:I6AL>I=I=:<A6HHI67A:IDEHD;;:GHI=:E:G8:EI>DC
D;EJG:HI:FJ>A>7G>JB#
I;=DE
EG:H>9:CO>6A>
&(&
EG:H>9:CO>6A>C7N
9EBB;P?ED;C7N
c XVgiZ
Z^ci]Z
&('
C7N
H>9:CO>6A>
&((
EG:H>9:CO>6A>C7N
JED?97B:?D;BI;=DE:;BBÊ799E=B?;DP7
L6GBIDC:H;DG6L:A8DB>C<6IBDHE=:G:#
B6M
ADHE6O>DA6KDGDG>H8DEG:AÉ>BEDGI6CO69>86A9::HH:CO::E:AA6B>
EG:O>DH>!E:G8=>9:H>9:G66B7>:CI>G>88=>9>6IBDH;:G6#
I=:>BEDGI6C8:D;L6GBLDD9H6C9K6AJ67A:A:6I=:GH6G:G:9>H8DK:G:9
;DGI=:LDG@HE68:;DGI=DH:L=DL6CIGDDBHG>8=>C6IBDHE=:G:#
*'%
C7N
EG:H>9:CO>6A>C7N
*''
B6M
B;NKI
C7N
EG:H>9:CO>6A>
&(,
EG:H>9:CO>6A>C7N
GK;IJ?ED;:?FH;=?E
6FJ:HI>DCD;K6AJ:
B6M
A6FJ6A>I¿9>B6I:G>6A>EG:<>6I>>BEG:O>DH>H8:>A9:H><CBDG7>9D!
E:GJC6H8:AI696A<JHID>CIG6BDCI67>A:#
I=:FJ6A>IND;K6AJ67A:B6I:G>6AH:B7:AA>H=:HI=:HD;I9:H><C!;DG68=D>8:
L>I=I>B:A:HHI6HI:#
*'&
C7N
EG:H>9:CO>6A>
&(.
EG:H>9:CO>6A>C7N
A6K:GH6I>A>I¿9
9>HIGJIIJG::G<DCDB>8=:!E>6C>HE6O>DH>:6GB69>6IJG:
86E>:CI>6I
IIJ6A>OO6ADHI>A:8A6HH>8D!E:G;6G;GDCI:69:H><:CO:
A6KDG6I>K:IJII:8DCI:BEDG6C::#
I=:K:GH6I>A>I
IND;:G<DCDB>8HIGJ8IJG:H!HE68>DJHIDEH6C986E68>DJHL6AAJC>IH
E:GHDC>;N8A6
6HH>8HINA:IDB::II=:G:FJ>G:B:CIHD;8DCI:BEDG6GNLDG@HE68:H#
B6M
C7N
EG:H>9:CO>6A>
&)&
EG:H>9:CO>6A>C7N
I9;BJ7:?97H7JJ;H;"F7II?ED;F;HBEIJ?B;$
68=D>8:L>I=8=6G68I:G!6E6HH>DC;DGHINA:#
B6M
JCEGD<:IIDHIJ9>6IDC:>B>C>B>9:II6<A>!:A:<6CI::8DC;DGI:KDA:!
E:G96G:IDCD:;6H8>CD6AAÉJ;;>8>DEG:H>9:CO>6A:#
6EGD?:8I9:H><C:99DLCIDI=:HB6AA:HI9:I6>A!:A:<6CI6C98DB;DGI67A:!
ID699HINA:6C98=6GBIDI=:EG:H>9:CI>6AD;;>8:#
*'+
C7N
SCRIVANIE CON FIANCO SAGOMATO
DESKS WITH SHAPED SIDES
L = 160 / 62,99”
P = 80 / 31,49”
H = 75 / 29,52”
L = 190 / 74,80”
P = 95 / 37,40“
H = 75 / 29,52”
DATTILO LATERALE
TYPING RETURN
L = 125 / 49,21”
P = 77 / 30,31“
H = 75 / 29,52”
PENISOLA IN CRISTALLO
CRYSTAL END TABLE
L = 98 / 38,58”
P = 114 / 44,88“
H = 75 / 29,52”
L = 210 / 82,67”
P = 95 / 37,40“
H = 75 / 29,52”
L = 160 / 62,99”
P = 80 / 31,49”
H = 75 / 29,52”
Reversibile
Reversible
TAVOLO DI SERVIZIO
SERVICE DESK
L = 190 / 74,80”
P = 95 / 37,40“
H = 75 / 29,52”
L = 210 / 82,67”
P = 95 / 37,40“
H = 75 / 29,52”
PENISOLA IN CRISTALLO Ø 120
TYPING RETURN Ø 47,24”
SCRIVANIA CURVA
CURVED DESK
PENISOLA ALLUNGO
SIDE RETURN
Ø = 120 / 47,24”
L = 220 / 86,61”
P = 106 / 41,73“
H = 75 / 29,52”
L = 210 / 82,67”
P = 62 / 24,40“
H = 75 / 29,52”
CASSETTIERE PER SCRIVANIE
DESK PEDESTALS
L = 42 / 16,53”
P = 52 / 20,47”
H = 60 / 23,62”
TAVOLI RIUNIONE
MEETING TABLES
EG:H>9:CO>6A>C7N
SCRIVANIE
DESKS
MOBILE DI SERVIZIO
SERVICE UNIT
TAVOLI DA CAFFE’
COFFEE TABLE
L = 126 / 49,60”
P = 52 / 20,47”
H = 67 / 26,37”
L = 62 / 24,40“
P = 62 / 24,40“
H = 37 / 14,56”
L = 130 / 51,18”
P = 80 / 31,49”
H = 75 / 29,52”
ALLUNGO FRONTALE
FRONT RETURN
Reversibile
Reversible
L = 92 / 36,22”
P = 54 / 21,25“
H = 37 / 14,56”
L = 140 / 55,11”
P = 90 / 35,43“
H = 75 / 29,52”
TAVOLO DATTILO
TYPING DESK
CASSETTIERA DATTILO
TYPING PEDESTAL
L = 117 / 46,06”
P = 58 / 22,83”
H = 65 / 25,59”
L = 25 / 9,84”
P = 40 / 15,74”
H = 22 / 8,66”
ELEMENTI LIBRERIA
CABINETS
L = 250 / 98,42”
P = 124 / 48,81“
H = 75 / 29,52”
L = 300 / 118,11”
P = 124 / 48,81“
H = 75 / 29,52”
L = 45 / 17,71”
P = 44 / 17,32”
H = 73 / 28,74”
L = 45 / 17,71”
P = 46 / 18,11“
H = 73 / 28,74”
L = 45 / 17,71”
P = 46 / 18,11“
H = 73 / 28,74”
SX
LH
DX
RH
SX
LH
L = 45 / 17,71”
P = 46 / 18,11“
H = 73 / 28,74”
L = 90 / 35,43“
P = 44 / 17,32”
H = 73 / 28,74”
L = 90 / 35,43“
P = 46 / 18,11“
H = 73 / 28,74”
L = 90 / 35,43“
P = 46 / 18,11“
H = 73 / 28,74”
DX
RH
ELEMENTI LIBRERIA
CABINETS
L = 45 / 17,71”
P = 46 / 18,11“
H = 141 / 55,51”
L = 45 / 17,71”
P = 44 / 17,32”
H = 141 / 55,51”
SX
LH
DX
RH
L = 45 / 17,71”
P = 46 / 18,11“
H = 141 / 55,51”
SX
LH
FIANCHI ESTERNI PER LIBRERIE
EXTERNAL SIDES FOR CABINETS
L = 2,5 / 0,98”
P = 45 / 17,71”
H = 71 / 27,95”
L = 2,5 / 0,98”
P = 45 / 17,71”
H = 140 / 55,11”
L = 90 / 35,43“ L = 90 / 35,43“
L = 90 / 35,43“
P = 44 / 17,32” P = 46 / 18,11“ P = 46 / 18,11“
H = 141 / 55,51” H = 141 / 55,51” H = 141 / 55,51”
L = 45 / 17,71”
P = 44 / 17,32”
H = 210 / 82,67”
TOP LIBRERIE
TOP FOR CABINET
L = 2,5 / 0,98”
P = 45 / 17,71”
H = 208 / 81,88”
L = 45 / 17,71”
P = 46 / 18,11“
H = 210 / 82,67”
L = 90 / 35,43“
P = 44 / 17,32”
H = 210 / 82,67”
L = 90 / 35,43“
P = 46 / 18,11“
H = 210 / 82,67”
L = 90 / 35,43“
P = 46 / 18,11“
H = 210 / 82,67”
DX
RH
L = 97 / 38,18”
P = 48 / 18,89”
H = 2,5 / 0,98”
L = 142 / 55,90”
P = 48 / 18,89”
H = 2,5 / 0,98”
L = 187 / 73,62”
P = 48 / 18,89”
H = 2,5 / 0,98”
L = 232 / 91,33”
P = 48 / 18,89”
H = 2,5 / 0,98”
L = 277 / 109,05”
P = 48 / 18,89”
H = 2,5 / 0,98”
MENSOLE CON SUPPORTI
WALL-SHELVES WITH SUPPORTS
TOP PER ELEMENTI CENTRALI
TOPS FOR CENTRAL UNITS
L = 90 / 35,43“ L = 180 / 70,86”
P = 30 / 11,81” P = 30 / 11,81”
H = 2,5 / 0,98” H = 2,5 / 0,98”
L = 90 / 35,43“ L = 180 / 70,86”
P = 48 / 18,89” P = 48 / 18,89”
H = 2,5 / 0,98” H = 2,5 / 0,98”
6cigVX^iZ$6ci]gVX^iZ
&))
8^a^Z\^d$8]Zggn
CdXZ$LVacji
EVa^hhVcYgd$GdhZlddY
C7N
EG:H>9:CO>6A>
&)*
H>HI:B>
Dg\Vc^ooVgZadheVo^d!XgZVgZVbW^Zci^ZhXajh^k^Z[jco^dcVa^!gZcYZgZaÉj[ÒX^dÓZhh^W^aZ
VaaZY^kZghZZh^\ZcoZaVkdgVi^kZ#
Egdedc^Vbdh^hiZb^deZgVi^k^X]Zg^hedcYdcdVaaZcZXZhh^i|Y^WZcZhhZgZY^X]^aVkdgV!
hZ\jZcYd aV ÒadhdÒV \j^YV Y^ XgZVgZ hZbegZ ajd\]^ V b^hjgV YÉjdbd! Xdc[dgiZkda^!
VXXd\a^Zci^Zhi^bdaVci^#
CVhXZXdh‡aÉj[ÒX^d"XVhV!YdkZY^kZciVcVijgVaZbjdkZgh^a^WZgVbZciZ!igdkVgZaV\^jhiV
XdcXZcigVo^dcZZg^XZkZgZXdchi^aZ#
Dg\Vc^h^c\ heVXZ! XgZVi^c\ ZmXajh^kZ! [jcXi^dcVa VgZVh! bV`^c\ i]Z d[ÒXZ ÓZm^WaZ [dg
kVg^djhldg`cZZYh#
LZegdedhZdeZgVi^kZhnhiZbhl]^X]bZZii]ZcZZYhd[i]Zd[ÒXZeZghdccZaÉhlZaa"WZ^c\!
\j^YZY Wn i]Z e]^adhde]n d[ XgZVi^c\ eZdeaZ XZcigZY VgZVh! Xdb[dgiVWaZ! lZaXdb^c\
VcYhi^bjaVi^c\#
I]^h^hi]Z^che^gVi^dc[dgi]Zd[ÒXZ"]dbZ!l]ZgZ^i^hcVijgVaidbdkZ[gZZan!idÒcYi]Z
g^\]iXdcY^i^dch[dgXdcXZcigVi^dcVcYidgZXZ^kZ\jZhihl^i]hinaZ#
7:
:<D
@DBE6H
EG6I>@D
H>HI:B>
&),
H>HI:B>
HnhiZbh
9EBB;P?ED;8;
6iijVa^ooV^akZigd!gZXjeZgVaVhda^Y^i|ajb^cdhVYZaW^VcXd#EZgXgZVgZigVXXZk^h^kZ
cZiiZ!YZa^cZViZ!YdkZadheZhhdgZY^kZciViV\a^d!\ZdbZig^V!^cXVhigd#
6XijVa^h^c\\aVhh!gZXdkZg^c\i]Zajb^cdjhhda^Y^ind[l]^iZ#IdXgZViZk^hjVaigVXZh!
cZi!YZa^cZViZY!l]ZgZi]^X`cZhhWZXdbZhVXjiV\ZdbZign!VÒii^c\#
&)-
8;
H>HI:B>
&).
H>HI:B>8;
:[i_]d0FWebeFWcfWded_
H>HI:B>8;
BÊ7HCED?7:;BBÊ;II;DP?7B?JÀ$
I=:=6GBDCND;:HH:CI>6A>IN#
7:
&*%
JH6G:A>C::A:<<:G:E:G9>H:<C6G:ADHE6O>D!;6GC6H8:G:D<<:II>86E68>
9>86G6II:G>OO6G:JCAJD<DH:CO6>CK69:GAD!G>HE:II6C9D>AA6KDGD
9:AAÉJDBD#
JH>C<A><=IA>C:HID9:H><CHE68:<>K:HG>H:IDD7?:8IHL=>8=8=6G68I:G>H:6EA68:L>I=DJI
DK:GEDL:G>C<!>CG:HE:8ID;B6CÉHLDG@#
8;
H>HI:B>
&*&
7:
&*'
8;
H>HI:B>8;
7:
8;
H>HI:B>
&**
H>HI:B>8;
7:
&*+
8;
H>HI:B>
&*,
H>HI:B>8;
7:
&*8;
H>HI:B>
&*.
H>HI:B>8;
7:
&+%
8;
H>HI:B>
&+&
H>HI:B>8;
7:
8;
H>HI:B>8;
H>HI:B>8;
E:GG>H8DEG>G:A6EJG:OO69:AA6B6I:G>6!E:GEDH6G:AÉ688:CIDHJAA67:AA:OO6
9:AA:HJE:G;>8>!E:G688DG<:GH>8=:CDC8ÉÝ7>HD<CD9:AHJE:G;AJD#
IDG:9>H8DK:GI=:EJG>IND;B6II:G!IDEA68:I=:688:CIDCI=:7:6JIND;I=:HJG;68:H!IDJC9:GHI6C9
I=6II=:G:>HCDC::9;DGI=:HJE:G;AJDJH#
7:
8;
H>HI:B>
&+*
7:
8;
H>HI:B>
&+,
H>HI:B>8;
7:
8;
H>HI:B>8;
7:
8;
H>HI:B>8;
H>HI:B>8;
9>K:GH>677>C6B:CI>9>B6I:G>6A>E:G8G:6G:
H>IJ6O>DC>>C:9>I:!E:G:HEG>B:G:HD7G>6:A:<6CO6
:JC>G:76<A>DG>=>"I:8=6AA6ED:H>69:AA:<CD#
9>;;:G:CI8DB7>C6I>DCHD;B6I:G>6AHID8G:6I:C:LH>IJ6I>DCH!
ID:MEG:HHH>BEA::A:<6C8:6C97:7G>C<ID<:I=:G;A6H=:H
D;=><="I:8=6C9I=:GDB6C8:D;LDD9#
7:
&,'
8;
H>HI:B>
&,(
H>HI:B>8;
E:GG>H8DEG>G:A6EJG:OO69:AA6B6I:G>6!E:GEDH6G:AÉ688:CIDHJAA67:AA:OO6
9:AA:HJE:G;>8>!E:G688DG<:GH>8=:CDC8ÉÝ7>HD<CD9:AHJE:G;AJD#
IDG:9>H8DK:GI=:EJG>IND;B6II:G!IDEA68:I=:688:CIDCI=:7:6JIND;I=:HJG;68:H!IDJC9:GHI6C9
I=6II=:G:>HCDC::9;DGI=:HJE:G;AJDJH#
7:
&,)
8;
H>HI:B>
&,*
H>HI:B>8;
7:
HIJ9>6BDA::H><:CO:9>D<CJCDE:G8G:6G:6GG:9>HD99>H;68:CI>H>696AEJCID
9>K>HI6:HI:I>8D8=:;JCO>DC6A:!E:GHE6O>DII>B>OO6I>:H:BEG:7:CDG<6C>OO6I>#
L:HIJ9N:68=E:GHDCÉHC::9HID8G:6I:;JGC>H=>C<HL=>8=6G:H6I>H;68IDGN7DI=>CI:GBH
D;6:HI=:I>8H6C9;JC8I>DC!;DGDEI>B>H:9HE68:HI=6I6G:6AL6NHL:AA"DG<6C>H:9#
&,+
8;
H>HI:B>
&,,
H>HI:B>8;
7:
9:H><C696AI6I:8CDAD<>6!B:886C>HB>>C<:<CDH>:>C86HIG>K:GH6I>A>/
AÉ>CI:AA><:CO69:AAÉJDBD6AH:GK>O>D9:AAÉJDBD#
9:H><C6C9=><=I:8=CDAD<N!>C<:C>DJHB:8=6C>HBH6C9K:GH6I>A:8DJEA>C<HNHI:BH/
B6CÉH>CI:AA><:C8:6II=:H:GK>8:D;B6C#
&,-
8;
H>HI:B>
&,.
DESK W 39,37”/H 28,54”
EXTENTION W 23,62”/H28,54”
CORNER DESK W31,49”/39,37”-23,62”/31,49” H28,54”
MODESTY PANEL
DESK WITH FRONT EXTENTION
GLASS DESK W=39,37” H=28,03”
GLASS DESK W=39,37” - 23,62”/39,37” H=28,03”
MODULAR CABLING SYSTEM
MODULAR MEETING TABLE
2-PERSON SHARED WORKSTATION
WOODEN DESK TOPS
MODULAR MEETING TABLE
WOODEN DESK TOPS
80-100-160-180
31,49”-39,37”-62,99”-70,86”
CORNER DESK W31,49”/39,37”-23,62”/31,49” H28,54”
LOW OCASIONAL TABLE H = 12,99” W=23,62”/31,49”/39,37”
H>HI:B>8;
DESK W 31,49”/H 28,54”
LOW GLASS OCASIONAL TABLE H=12,48” W=23,62”/39,37”
GLASS DESK TOPS
60-100 / 23,62”-39,37”
100-200 / 39,37” - 78,74”
60 / 23,62”
60 / 23,62”
100 / 39,37”
200 / 78,74”
80-120-160-180
31,49”-47,24”-62,99”-70,86”
100 / 39,37”
80 / 31,49”
CABINETS
LIBRERIA ANTE LEGNO
CABINET WITH WOODEN DOORS
LIBRERIA ANTE VETRO
CABINET WITH GLASS DOORS
L90 H208 / L35,43” H81,88“
L90 H165 / L35,43” H64,96“
L90 H125 / L35,43” H49,21”“
L90 H85 / L35,43” H33,46“
L90 H208 / L35,43” H81,88“
L90 H168 / L35,43” H66,14“
L90 H125 / L35,43” H49,21”“
L90 H85 / L35,43” H33,46“
LIBRERIA MET. ANTE
METAL CABINET
L100 H101 / L39,37” H39,76“
CABINETS
LIBRERIA GIORNO
OPEN CABINET
L90 H208 / L35,43” H81,88“
L90 H168 / L35,43” H66,14“
L90 H125 / L35,43” H49,21”“
L90 H85 / L35,43” H33,46“
LIBRERIA TELAIO ALLUMINIO
BOOKSHELF WITH ALUMINIUM FRAME
L40 MOD H90-130-170 / L15,74” H35,43“-51,18”-66,92“
L80 MOD H90-130-170 / L31,49” H35,43“-51,18”-66,92“
FULL METAL PEDESTAL
CASSETTIERA METALLO
METAL PEDESTAL
L100 H32 / L39,37” H12,59“
CASSETTIERA CLASS. 2 CASSETTI
METAL PEDESTAL WITH 2 FILING DRAWERS
CASSETTIERA 3 CASSETTI
METAL PEDESTAL WITH 3 FILING DRAWERS
CASSETTIERA IN LEGNO CON CASSETTO
METALLICO E SISTEMA ANTIRIBALTAMENTO
WOODEN PEDESTAL WITH METAL INTERIOR,
W/SHOCK SAF. MECHANISM
L42 P56 H60 / L16,53” W22,04“ H23,62”
L42 P56 H60 / L16,53” W22,04“ H23,62”
L42 P53 H60 / L16,53” W20,86“ H23,62”
LOW CABINET
-%
CLASSIFICATORE MET. 3 CASSETTI
METAL LOW CABINET
WITH 3 FILING DRAWERS
CLASSIFICATORE LEGNO 2 CASSETTI
LOW CABINET WITH 2 FILING DRAWERS
L100 H101 / L39,37” H39,76“
L90 H85 / L35,43” H33,46“
KZigdcZgd$WaVX`XdadjgZY\aVhhK%&
KZigdWaj$WajZXdadjgZY\aVhhK%'
KZigdgdhhd$gZYXdadjgZY\aVhhK%(
CdXZ$LVacji
GdkZgZ$DV`
GdkZgZhXjgd$9Vg`dV`
8^a^Z\^d$8]Zggn
8;
H>HI:B>
&-&
>ceaVcc^c\!lZbjhiValVnhWZVlVgZi]ViiZX]cdad\n^hVii]ZhZgk^XZd[i]ZÆldg`
ldgaYÇl^i]VcVijgVagZÓZXi^dc^ci]ZXdchZfjZci^begdkZbZci^ci]ZfjVa^ind[a^[Z#
I]Za^c\j^hi^XX]d^XZeaVXZhi]Z[gVbZd[i]ZhnhiZb^ci]Za^bZa^\]i0djgXdck^Xi^dc^h
i]Vii]Z[gVbZbjhiXdbbjc^XViZYjgVW^a^in"hiVW^a^in"XdcXZeijVaXdchigjXi^kZiZX]"
cdad\n l^i]dji cZ\aZXi^c\ i]Z VZhi]Zi^X kVajZh0 ^chiZVY i]ZhZ kVajZh h]djaY WZ Zb"
e]Vh^hZY^ci]ZhZVgX][dgVcZhhZci^VaaVc\jV\Zl]ZgZi]ZÒc^h]ZhVgZi]ZbVg`d[
Y^hi^cXi^dc!i]Zh]VeZhd[i]ZidehXdc[dgbl^i]i]ZcZZYhd[i]Zldg`eaVXZVcY!Vii]Z
hVbZi^bZ!VgZZVhnidji^a^hZVcYejiid\Zi]ZgidXgZViZ\gdjehnhiZbhdg^cY^k^YjVa
ldg` VgZVh# :kZgn Òc^h] ^h ^c ^ihZa[ V X]VgVXiZg^hi^X l]^X] YZa^XVian idcZh i]Z \adWVa
hina^hi^Xh^\cVijgZbVYZjed[eZghdcVa^inVcYiZX]cdad\n#
;=E
I:B>
&-(
H>HI:B>;=E
CZaaVegd\ZiiVo^dcZYdkgZWWZeVhhVgZaVXdchVeZkdaZooVX]Z!hZbegZY^e^‘!aViZXcdad\^V
ƒVhZgk^o^dYZaÆbdcYdÇaVkdgdXdccVijgVa^g^ÓZhh^cZaaVXdchZ\jZciZfjVa^i|YZaaVk^iV#
AVhXZaiVa^c\j^hi^XVY^gZcYZgZeVaZhZbZciZk^h^W^aZaVhigjiijgVedgiVciZYZah^hiZbV!
eVgiZYZaaVXdck^co^dcZX]ZZhhVYZWWVXdbjc^XVgZXdcXgZiZooV"hiVW^a^i|"iZXcdad\^V
Xdhigjii^kVXdcXZiijVaZhZcoVcZ\VgZaZkVaZcoZZhiZi^X]ZZc[Vi^ooVcYdaZcZaaVg^XZgXV
Y^a^c\jV\\^dZhhZco^VaZdkZaZÒc^ijgZhdcd^egdeg^XVgViiZg^Y^hi^ci^k^Y^XdaadXVo^dcZ!
aZ [dgbZ YZ^ e^Vc^ h^ VYZ\jVcd VaaZ cZXZhh^i| Z! cZa XdciZbed YVccd deedgijc^i| Y^
ji^a^ood"V\\gZ\Vo^dcZXgZVcYdh^hiZbV"\gjeeddeejgZk^kZcYdh^c\daVgbZciZ#
D\c^ Òc^ijgV ƒ Y^ eZg h‚ jc XVgViiZgZ X]Z k^gV ^c bVc^ZgV aZ\\ZgV aV X^[gV hi^a^hi^XV
XdbeaZhh^kV[ViiVY^eZghdcVa^i|ZiZXcdad\^V#
:<D
;=E
H>HI:B>;=E
H>HI:B>;=E
:<D
&-+
6G8=>K>6G::6GG:96G:/9J:8DC8:II>8DCI:CJI>>CJCHDAD:A:B:CID#HE6O>6<>DGCD
E:G8DCI:C:G:D<<:II>9É6GG:9D!6CI:E:G8DBEA:I6G:A>7G:G>:C:8:HH6G>:
6AADHKDA<>B:CID9:AA:;JCO>DC>A6KDG6I>K:#
;>A:6C99:8DG6I:/ILD8DC8:EIH>C6H>C<A::A:B:CI#DE:C6G:6H;DG9:8DG6I>C<>I:BH!9DDGH
ID8DBEA:I:I=:7DD@86H:HC:8:HH6GN;DG86GGN>C<DJILDG@I6H@H#
;=E
H>HI:B>
&-,
H>HI:B>;=E
A6E6GI>8DA6G>I
I¿9:AA6H6<DB6IJG6!DAIG:68DC;:G>G:
JC:88:AA:CI:
:6HE:IID:HI:I>8D!D;;G:6AAÉDE:G6IDG:JC6
EDHI6O>DC:9>A
A6KDGD8DC;DGI:KDA::9DI6I69:AADHE6O>D
C:8:HH6G>DE:G
G>AEDH>O>DC6B:CID9:AE8#
I=:E6GI>8JA6G>IN
ND;I=:BD9:AA>C<699H6C:M8:AA:CI6:HI=:I>86HE:8I
L=>A:>ID;;:GHI=
=:DE:G6IDG68DB;DGI67A:LDG@HI6I>DCL>I=I=:HE68:
C:8:HH6GN;DGEDH>I>DC>C<6E8#
:<D
;=E
H>HI:B>
&-.
:<D
;=E
H>HI:B>;=E
I=:B6>C8=6G68I:G>HI>8D;:<D>HI=:JC>K:GH6AFJ6A>IND;>IH:A:B:CIH!
I=:C:LH=6E:H6C98DADJGH8G:6I:6L>CC>C<HDAJI>DC;DGI=:C:LEGD?:8I#
Top Access, vano di elettrificazione realizzato in pressofusione e profilo estruso di alluminio dove è possibile
inserire una multipresa elettrica. Il vano è dotato di un
coperchio in alluminio facilmente smontabile con aperture
laterali per il passaggio cavi.
:<D
Access Top, electrical wiring compartment realised through
pressure die-casting and an extruded aluminium profile that
create a pocket where you can insert a multiple electrical
outlet. This compartment is equipped with an aluminium
cover that can be easily removed with side openings for
cable passage.
;=E
H>HI:B>
&.(
H>HI:B>;=E
A686G6II:G>HI>86EG>C8>E6A:9>:<DÝAÉJC>K:GH6A>I¿IG6<A>:A:B:CI>!
A:CJDK:;DGB::9>8DADG>G:C9DCDK>C8:CI:>AG>HJAI6ID9:ACJDKDEGD<:IID#
H>HI:B>;=E
H>HI:B>KF
8G:6G:DG9>C::IG6HB:II:G:>CCDK6O>DC:/Ý>AG>HJAI6ID9:AA6E:G;:II66GBDC>69:>
CJDK>E>6C>9>A6KDGD677>C6I>6AA:E6G:I>C:#
DG9:G8G:6I>DC6C9>CCDK6I>DC/>I>HI=:G:HJAID;I=:E:G;:8I=6GBDCND;I=:C:LLDG@IDEH8DB7>C:9
L>I=E6GI>I>DCH#
&.)
;=E
KF
H>HI:B>
&.*
H>HI:B>;=E
FJ6C9D>8DC8:II>EG>C8>E6A>9:AK>K:G:AÉJ;;>8>D
K:C<DCDK>HI>966AIG:EGDHE:II>K:!:H>KJDA:JH8>G:96<A>H8=:B>
H:CO6E:G9:G:9>K>HI6AÉ>CH>:B:#
L=:CI=:B6>C8DC8:EIHD;D;;>8:A>K>C<6G:H::C;GDBDI=:GE:GHE:8I>K:H6C9NDJ
L6CIHDB:I=>C<C:L6C99>;;:G:CIL>I=DJIADH>C<H><=ID;6=6GBDC>DJHH:II>C<#
:<D
;=E
H>HI:B>
&.,
H>HI:B>;=E
E>6CD<>G:KDA:EDGI6BDC>IDG
8DCE>6C:IID6AAJC<67>A:
BDK>C<IDE;DGBDC>IDG=DA9:G
L>I=EJAA"DJIIDE
:<D
8DBEDGG:A6EDHI6O>DC:9>A6KDGD9>K:CI6JC<>D8D9>>C86HIG>/
6AAJC<=>:E>6C>86E68>9>6<<G:<6GH>=6CCDA6;JCO>DC:
9>6BEA>6G::96AAJC<6G:<A>HE6O>9>A6KDGD9:AEGD<:IID:<D#
8G:6I>C<6LDG@HI6I>DC7:8DB:H6EJOOA:/:MI:CIH6C9:C9I67A:H
LDG@ID<:I=:GID:CA6G<:6C9A:C<I=:CI=::<DHNHI:BLDG@HE68:H#
&.-
;=E
H>HI:B>
&..
H>HI:B>;=E
E>:9>C>;::I
Piedino in alluminio anodizzato da 25x25 h.110 mm.
montati su piastra in acciaio terminale o intermedio.
Anodised aluminium feet, 25x25 h.110 mm,
installed on an end or intermediate steel plate
:<D
;=E KF
H>HI:B>
'%&
H>HI:B>;=E
HIGJIIJG6
8DC;>6C8=>9G>II>
HIG:><=IH>9:HHIGJ8IJG:
'%'
;=E
H>HI:B>
'%(
H>HI:B>;=E
CdXZ8VcVaZiid$8VcVaZiidLVacji
'%)
GdkZgZ$DV`
GdkZgZhXjgd$9Vg`dV`
;=E
H>HI:B>
'%*
9ZX^hd Z Y^cVb^Xd! YVa YZh^\c a^cZVgZ! egd\ZiiVid eZg [Vg [gdciZ VaaZ e^‘ Y^heVgViZ
hdajo^dc^YÉVggZYdYZh^YZgViZ#<gVo^ZVahjdXVgViiZgZkZghVi^aZ!\ZcZgdhdcZaaÉd[[ZgiVY^
Xdbedh^o^dc^[VX^abZciZg^XdcÒ\jgVW^a^!@dbeVhh^egdedcZXdbZegVi^XVg^hedhiVVaaZ
Zh^\ZcoZaZ\ViZVaaÉdg\Vc^ooVo^dcZh^VY^jcXaVhh^Xdj[ÒX^ddeZgVi^kdh^VY^jcbdYZgcd
deZc"heVXZbZiiZcYdVY^hedh^o^dcZaVegdeg^VVW^a^i|cZaXgZVgZVbW^Zci^Xdc[dgiZkda^
ZYZhigZbZbZciZ[jco^dcVa^#E^Vc^Zg\dcdb^X^!Vaajc\]^ZXdbeaZbZci^YÉVggZYdX]Z
[VccdYZaaÉZhhZco^Va^i|ZYZaaV[jco^dcVa^i|aVegdeg^VWVcY^ZgV
9ncVb^XXdaaZXi^dcl^i]Va^cZVgadd`!YZh^\cZYidÒi^cl^i]i]ZbdhiY^kZghZineZhd[
[jgc^h]^c\#I]Vc`hid^ihkZghVi^aZhinaZVcY\ZcZgdjhd[[Zg^c\d[ZVh^an^ciZgX]Vc\ZVWaZ
Xdbedh^i^dch!@dbeVh^hVegVXi^XVaVchlZgidi]ZegdWaZbd[dg\Vc^h^c\Wdi]XaVhh^X
VcYbdYZgcdeZcheVXZd[ÒXZh#@dbeVh^heZg[ZXi[dgXgZVi^c\Xdb[dgiVWaZ[jgc^h]^c\
hZii^c\h^cl]^X]aZhh^hbdgZVcY[jcXi^dcVaan^hVaa
AECF7I
H>HI:B>AECF7I
:[i_]d0HI:[bbWHel[h[
H>HI:B>AECF7I
@DBE6H
A6A>C:6@DBE6HÝHI6I6G:6A>OO6I6E:GD;;G>G:6IJII>JC6HDA>968DBD9>I¿#
DII>B>B6I:G>6A>JC>I>6>9::H:BEA>8>B68=:EJCI6CD8DC;DGO66EGDEDGK>
BD7>A>9>>C9>H8JHH6FJ6A>I¿#
I=:@DBE6HA>C:=6H7::C8G:6I:9IDD;;:G:K:GNDC:HDA>98DCK:C>:C8:#:M8:AA:CI
B6I:G>6AH8DB7>C:9L>I=H>BEA:>9:6HL=>8=!ID<:I=:G!D;;:GNDJ;JGC>IJG:D;>C9>HEJI67A:
FJ6A>IN#
9@%%&
AECF7I
@KCF
H>HI:B>AECF7I
H>HI:B>@KCF
JC:H:BE>D9:AA:EDI:CO>6A>I¿6EEA>86I>K:9:>CDHIG>BD9:AA>
8=:EDHHD
DCD:HH:G:;68>AB:CI:G>8DC;><JG6I>6H:8DC96
9:AI>ED9><:HI>D
DC:DE:G6I>K69:H>9:G6I6#696IID68G:6G:EJCI>
9>688D<A>:
:CO6:8DBJC>86O>DC:DEEJG:H:BEA>8>EDHI6O>DC>
8DBB:G8>6A>!E:G;6G;GDCI:6AAÉDG<6C>OO6O>DC:
9>FJ6AH>6H>DE:C"HE68:
6C:M6BEA:D;I=
=:6EEA>86I>DCEDI:CI>6AD;DJGBD9:AL=>8=86C7::6H>AN
G:6GG6C<:99:E:C9>C<DCI=:INE:D;DE:G6I>DCHB6C6<:B:CI>CJH:#E:G;:8I
;DG8G:6I>C<G:8:EI
I>DC6C98DBBJC>86I>DCH6G:6HDG?JHIH>BEA:8DBB:G8>6A
LDG@HI6I
I>DCHIDB::II=:DG<6C>H6I>DC6AC::9HD;6CNDE:CHE68:
9@%%&
9@%%+
@DBE6H
AECF7I
@KCF
H>HI:B>
'&&
H>HI:B>AECF7I
A:C
CDHIG:EGDEDHI:9É6GG:9DH>EG:HI6CD69>C;>C>I:8DAAD86O>DC>
8DCAD H8D
DED9>B:II:G:6EGDEG>D6<>DFJ6AH>6H>JI>A>OO6IDG:8DCHDA>9:
G>;>C>IJG::<G69:KDA>IDC6A>I¿8GDB6I>8=:#
DJG;JGC>H=>C<EGDEDH6AH86C7:>CH:GI:9>CID6C>C;>C>I:CJB7:GD;H:II>C<HL>I=I=:<D6A
D;EA68>C<6CNJH:
:G6I:6H:I=GDJ<=HDA>9;>C>H=>C<IDJ8=:H6C96IIG68I>K:H=69:HD;8DADJG#
9@%%*
9@%%+
@DBE6H
AECF7I
H>HI:B>
'&(
@DBE6H
9@%%-
AECF7I
H>HI:B>AECF7I
H>HI:B>AECF7I
H>HI:B>@KCF
@DBE6H
76IEJä:HH:G:8DCH>9:G6ID8DB:>AH>B7DAD9:AA68DCI>CJ6G>8:G86
9>9:AA6GDK:G:E:GEGD9JGG:6GI>8DA>DG><>C6A>:9:HIG:B6B:CI:K:GH6I>A>#
FJ:HIDBD7>A:=6JCK6ADG:JC>8DC:AA6HJ6:HH:CO>6A>I¿#Ý86E68:
9>69:<J6GH>68DCI>CJ:E:GHDC6A>OO6O>DC>8DC>9J::A:B:CI>8DBEDC>7>A>
9>;68>A:BDK>B:CID#76IIGDK6>CCJB:G:KDA>EDHH>7>A>I¿9>JI>A>OOD#
A:8JGK:9:>E>6C>H>688DHI6CD:H>9>K>9DCD!H8>KDA6CDIG6ADGD!E:G8G:6G:
BDAI:EA>8>;DGB:#
9@%%(
76I86C7:8DCH>9:G:9I=:HNB7DAD;9:AA6GDK:G:ÉH8DCI>CJ:9?DJGC:N>CEGD9J8>C<DG><>C6A
6C9:MIG:B:ANK:G6HI>A::A:B:CIH#
I=>HE>:8:ÉHK6AJ:>C>IH:HH:CI>6A>IN#>I696EIHID8DCI>CJDJHE:GHDC6A>H6I>DCJH>C<ILD:6H>AN
BDK:9BD9JA6G:A:B:CIH#76I86C7:JH:9>CCJB:GDJHL6NH#I=:8JGK:HIDEHL=>8=HA>9:
ID<:I=:G!DCANIDH:E6G6I:6<6>C86C7:JH:9ID8G:6I:CJB:GDJHH=6E:H#
9@%%'
'&+
AECF7I
@KCF
@DBE6H
9@%%,
AECF7I
H>HI:B>AECF7I
H>HI:B>AECF7I
FJ:HI69DEE>6H8G>K6C>6D;;G:6>9J:DE:G6IDG>A6EDHH>7>A>I¿H>69>
>CI:G;688>6GH>IG6ADGD!H>69>688D<A>:G:8DAA:<=>:K>H>I6IDG>#
I=:9DJ7A:9:H@D;;:GHILDE:DEA:I=:EDHH>7>A>IND;LDG@>C<ID<:I=:G
6HL:AA6HIDG:8:>K:8DAA:6<J:H6C9K>H>IDGH#
9@%&,
9@%&+
@DBE6H
AECF7I
H>HI:B>
''&
H>HI:B>AECF7I
9@%''
@DBE6H
9@%&%
BDAI>EA>86G:A:EDI:CO>6A>I¿9:>KDHIG>6B7>:CI>E:G6GG>88=>GA>8DCH6E>:CI:
:A:<6CO6:K>I6A::C:G<>696I6HDAD96JC6EGD<:II6O>DC:688JG6I6!9:9>I6
6AC6IJG6A:7:C:HH:G:G>8:G86ID96D<C>JI>A>OO6IDG:#
BJAI>EANI=:EDI:CI>6AD;NDJGH:II>C<HL>I=I=::A:<6C8:6C9:C:G<ND;6H>C<A:!86G:;JAAN
9:H><C:9EGD?:8I 76H:9DCI=:C6IJG6AL:AA"7:>C<I=6I:K:GNJH:G>HADD@>C<;DG#
9@%%.
'''
AECF7I
H>HI:B>AECF7I
>AG><DG:8DBEDH>I>KD9:AA:<:DB:IG>:!JI>A>OO6B6I:G>6A>6AAÉ6K6C<J6G9>6#
>A8DADG:<>D86JCGJDAD>BEDGI6CI:C:A9:I:GB>C6G:>A86G6II:G:9:AA68DBEDH>O>DC:#
;DGB68DB;DGI:9:A:<6CO68DB:;GJIID9:AAÉ6II:CO>DC:EDHI6C:AA:H8:AI:#
I=:8DBEDH>I>DC6AH>BEA>8>IND;I=:<:DB:IGN#I=:JH:D;6K6CI"<6G9:B6I:G>6AH!I=:JH:D;8DADJG>C
9:I:GB>C>C<I=:8=6G68I:GD;I=:8DBEDH>I>DCH#;DGB!8DB;DGI6C9:A:<6C8:/
I=:G:HJAID;86G:;JAANB69:8=D>8:H#
9@%&.
9@%&)
@DBE6H
AECF7I
H>HI:B>
''*
@DBE6H
9@%&'
AECF7I
H>HI:B>AECF7I
9@%&-
AECF7I
H>HI:B>AECF7I
ALLUMINIO
SILVER
H = 72 / 28,34”
H = 72 / 28,34”
H = 72 / 28,34”
ALLUMINIO
SILVER
ALLUMINIO
SILVER
ALLUMINIO
SILVER
H = 70-80 / 27,55”-31,49”
H = 72 / 28,34”
H = 70-80 / 27,55”-31,49”
LeTs metal
LeTs metal
LeTs metal
CASSETTIERE E PORTACOPY
PEDESTALS AND PORTACOPY
L = 160 / 62,99”
L = 180 / 70,86”
H = 60 / 23,62”
ALLUMINIO
SILVER
ALLUMINIO
SILVER
ALLUMINIO
SILVER
ALLUMINIO - TITANIO
SILVER - TITANIUM
ALLUMINIO - ANTRACITE
SILVER - ANTHRACITE
ALLUMINIO - ANTRACITE
SILVER - ANTHRACITE
H = 68-76 / 26,77”-29,92”
H = 72 / 28,34”
H = 72 / 28,34”
H = 72 / 28,34”
H = 62-82 / 24,40”-32,28”
Amiko
Amiko
Amiko
Jack
Metal Sistem
SCRIVANIE ERGONOMICHE
ERGONOMIC DESK
SCRIVANIE WAVE
WAVE DESK
SCRIVANIE 120°
120° DESK
SCRIVANIE CORNER
CORNER DESK
P = 80 / 31,49”
P = 60 / 23,62”
P = 90 / 35,43”
P = 80-100 / 31,49”-39,37”
P = 80 / 31,49”
P = 60-80 / 23,62”-31,49”
DX - SX
DX - SX
ALLUNGHI BASIC
BASIC RETURNS
P = 60 / 23,62”
DX - SX
REVERSIBILE
REVERSIBLE
L = 160 x 160-180 /62,99”x 62,99”-70,86”
L = 180 x 180-160 / 70,86”x 70,86”-62,99”
solo struttura Amiko
Amiko structure only
60 / 23,62”
L = 80 / 31,49”
L = 100 / 39,37”
L = 120 / 47,24”
solo struttura Amiko
Amiko structure only
60 / 23,62”
ALLUNGHI ERGONOMICI
ERGONOMIC RETURNS
90°
160-180 / 62,99”-70,86”
55 / 21,65”
80 / 31,49”
90°
H = 72 / 28,34”
Ø = 100 / 39,37”
L = 80 / 31,49” L = 140 / 55,11”
L = 90 / 35,43” L = 160 / 62,99”
L = 100 / 39,37” L = 180 / 70,86”
L = 120 / 47,24”
con sistema anti ribaltamento
with schock safety mechanism
H = 72+38 / 28,34”+14,96”
H = 38 / 14,96”
L = 45 / 17,71”
L = 45 / 17,71”
L = 90 / 35,43”
LIBRERIE ANTE VETRO
CABINET WITH GLASS DOORS
LIBRERIE ANTE LEGNO
CABINET WITH WOODEN DOORS
L = 90 / 35,43”
L = 45 / 17,71”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
H = 210,5 / 82,87”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
H = 210,5 / 82,87”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
H = 210,5 / 82,87”
L = 45 / 17,71”
L = 90 / 35,43”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
H = 210,5 / 82,87”
L = 90 / 35,43”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
H = 210,5 / 82,87”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
H = 210,5 / 82,87”
L = 45 / 17,71”
LIBRERIE CON SERRANDINE
SHUTTER CABINET
LIBRERIE SCORREVOLI
SLIDING-DOOR CABINET
L = 90 / 35,43”
L = 120 / 47,24”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
L = 123 / 48,42”
L = 183 / 72,04”
L = 123 / 48,42”
L = 183 / 72,04”
L = 120 / 47,24”
H = 72 / 28,34”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
H = 86,5 / 34,05”
H = 127 / 50”
H = 170 / 66,92”
H = 210,5 / 82,87”
H = 86,5 / 34,05”
H = 127 / 50”
90 / 35,43”
CASSETTIERA ALLUNGO LEGNO
HIGH DESK WOODEN PEDESTAL
H = 72 / 28,34”
Ø = 110-123-163-183 / / 43,30”-48,42”-64,17”-72,04”
CLASSIFICATORE
LOW CABINET
L = 80 / 31,49” L = 140 / 55,11”
L = 90 / 35,43” L = 160 / 62,99”
L = 100 / 39,37” L = 180 / 70,86”
L = 120 / 47,24”
LIBRERIE ANTE FUME’
CABINET WITH GLASS DOORS
per scrivanie basic, ergonomiche e corner
for basic, ergonomic and corner desk
P = 60 / 23,62”
90 / 35,43”
90 / 35,43”
120 / 47,24”
90 / 35,43” 90 / 35,43”
H = 72 / 28,34”
L = 310-360
P = 110 / 43,30”
80 / 31,49”
ALLUNGHI TERMINALI D-END
RETURNS D-END
120 / 47,24”
H = 72 / 28,34”
L = 200-250 / 78,74”-98,42”
P = 110 / 43,30”
LIBRERIE GIORNO
OPEN CABINET
P = 40 / 15,74”
L = 80 / 31,49”
80 / 31,49” 80 / 31,49”
DX - SX
ALLUNGO BAT
BAT RETURN TOP
L = 143 / 56,29” ALLUMINIO
P = 98 / 38,58”
SILVER
TAVOLI RIUNIONE
MEETING TABLE
H = 61 / 24,01”
L = 160 x 120 / 62,99”x 47,24”
L = 180 x 120 / 70,86”x 47,24”
55 / 21,65”
ALLUMINIO
SILVER
L = 120 x 120 / 47,24”x 47,24”
120 / 47,24”
SCRIVANIE BAT
BAT DESK
L = 189 / 74,40”
P = 102 / 40,15”
L = 160 / 62,99”
80 / 31,49”
SCRIVANIE CORNER
CORNER DESK
P = 60-80 / 23,62”-31,49”
H = 31 / 12,20”
DX - SX
80 / 31,49”
L = 90 / 35,43” L = 160 / 62,99”
L = 120 / 47,24” L = 180 / 70,86”
L = 140 / 55,11”
H = 58 / 22,83”
RECEPTION
RECEPTION
DATTILO
TYPING DESK
L = 80 / 31,49”
L = 100 / 39,37”
L = 120 / 47,24”
H = 43 / 16,92”
Metal Sistem
SCRIVANIE BASIC
BASIC DESK
L = 140 / 55,11”
L = 160 / 62,99”
L = 180 / 70,86”
CASSETTIERA METALLO
METAL PEDESTALS
H = 60 / 23,62”
LeTs, Amiko,
Jack, Metal Sistem
PORTA COPY
PORTACOPY
H = 68-76 / 26,77”-29,92”
ELEMENTO LIBRERIA HUTCH
HUTH CABINET
MODESTY PANEL
MODESTY PANEL
L = 80 / 31,49” L = 140 / 55,11”
L = 90 / 35,43” L = 160 / 62,99”
L = 100 / 39,37” L = 180 / 70,86”
L = 120 / 47,24”
LeTs metal
STRUTTURE KOMPAS
KOMPAS STRUCTURES
L = 80 / 31,49”
L = 100 / 39,37”
L = 120 / 47,24”
DIVISORI
PARTITION
H = 86,5 / 34,05”
H = 127 / 50”
P = 61,5 / 24,21”
P = 91,5 / 36,02”
CASSETTIERA ALLUNGO METALLO
HIGH DESK METAL PEDESTAL
L = 120 x 120 / 47,24”x 47,24”
L = 120 x 160 / 47,24”x 62,99”
L = 120 x 180 / 47,24”x 70,86”
L = 160 x 160 / 62,99”x 62,99”
L = 160 x 180 / 62,99”x 70,86”
L = 180 x 160 / 70,86”x 62,99”
L = 180 x 180 / 70,86”x 70,86”
L = 160 /62,99”
L = 180 / 70,86”
,5 /
”
,73
16
42
,5 /
”
,73
16
42
42,5
/ 16
,73
'(%
”
CdXZ$LVacji
;V\\^d$7ZZX]"lddY
B^aaZg^\]Z$H^akZg
<g^\^d$<gZn
7aj$7aZj
<>6AAD$N:AADL
<^Vaad$NZaadl
AECF7I
H>HI:B>
'(&
H>HI:B>AECF7I
STRUTTURE KOMPAS
KOMPAS STRUCTURES
Egdedc^VbdhdadVaXjcZYZaaZbdaiZea^X^Xdbedh^o^dc^X]ZedigZiZ^ckZciVgZji^a^ooVcYd
aZeVgZi^cZY^k^hdg^Z9ZaaVGdkZgZY^hedc^W^a^^cY^X^diidXdadgVo^dc^VWW^cVW^a^#
AVhZbea^X^i|YZabdciV\\^dX]Z^YZci^ÒXV^acdbZYZaaÉ^ciZgVa^cZV!XdchZciZYVkkZgd
Y^YZX^YZgZXdcZhigZbVeZghdcVa^i|aZb^\a^dg^hdajo^dc^eZgXgZVgZedhiVo^dc^Y^aVkdgd
bjai^eaZ!eZgVbW^ZciVgZgZXZei^dcdhZbea^XZbZciZgVkk^kVgZZgZcYZgZe^‘[jco^dcVaZ
^aijdedhidY^aVkdgd#IjiidegZcYZ[dgbVV\\VcX^VcYdh^VaaZeVgZi^cZdg^oodciVabZciZZ
kZgi^XVabZciZ!hZcoVedggZa^b^i^VaaVegdeg^V^bbV\^cVo^dcZZbVciZcZcYdaÉ^cXdc[dcY^W^aZ
ZaZ\VcoVY^jcbVgX]^de^‘EG6I>@DX]ZbV^
FH7J?AE
H>HI:B>FH7J?AE
:[i_]d0=_elWdd_8WYYeb_d_
H>HI:B>FH7J?AE
EG6I>@D
JKJJE?BCED:E7JJEHDE$
6AAI=:LDGA96GDJC9#
JC:H:BE>D9:AA:EDI:CO>6A>I¿6EEA>86I>K:9:>CDHIG>BD9:AA>8=:EDHHDCD:HH:G:
;68>AB:CI:G>8DC;><JG6I>6H:8DC969:AI>ED9><:HI>DC:DE:G6I>K69:H>9:G6I6#
696IID68G:6G:EJCI>9>688D<A>:CO6:8DBJC>86O>DC:DEEJG:H:BEA>8>EDHI6O>DC>
8DBB:G8>6A>!E:G;6G;GDCI:6AAÉDG<6C>OO6O>DC:9>FJ6AH>6H>DE:C"HE68:#
6C:M6BEA:D;I=:6EEA>86I>DCEDI:CI>6AD;DJGBD9:AL=>8=86C7::6H>ANG:6GG6C<:9
9:E:C9>C<DCI=:INE:D;DE:G6I>DCHB6C6<:B:CI>CJH:#E:G;:8I;DG8G:6I>C<G:8:EI>DC6C9
8DBBJC>86I>DCH6G:6HDG?JHIH>BEA:8DBB:G8>6ALDG@HI6I>DCHIDB::II=:DG<6C>H6I>DC6A
C::9HD;6CNDE:CHE68:#
FH7J?AE
H>HI:B>FH7J?AE
FJ:HIDI>ED9>HDAJO>DC:<6G6CI>H8:!
!
69D<C>DE:G6I
IDG:!A6EG>K68NC:8:HH6G>6E:GG:6A>OO6G:>CIG6CFJ>AA>I¿
!
>AEGDEG>D
DA6KDGDH:CO6E:Gä8DBEGDB:II:G:ADH86B7>D9>H>C:G<>:
;DC96B:CI6A:E:GA6EGD9JII>K>I¿9>JCÉ>BEG:H6#
I=>HINE:D;HDAJI
I>DC6HHJG:H:68=LDG@:GI=:EG>K68NC::9:9L>I=DJI8DBEGDB>H>C<I=:
:M8=6C<:D;>C;DGB6I>DC;JC96B:CI6A;DG68DBE6CNÉHEGD9J8I>K>IN#
9@%&'
EG6I>@D
FH7J?AE
H>HI:B>
'(,
EG6I>@D
FH7J?AE
H>HI:B>
'(.
H>HI:B>FH7J?AE
H>HI:B>FH7J?AE
H>HI:B>AECF7I
HIGJIIJG:BD7>A>8=:DG<6C>OO6CDADHE6O>D#EDHI6O>DC>9>A6KDGDH>C<DA:8=:IGDK6CDJC
E>68:KDA:EJCID9É>C8DCIGDC:AA6ODC6B::I>C<#
BDK67A:HIGJ8IJG:HIDDG<6C>H:HE68:#>C9>K>9J6ALDG@HI6I>DCHL=>8=6G:6EA:6H6CIB::I>C<EA68:>C6
8DC;:G:C8:6G:6#
EG6I>@D
FH7J?AE
H>HI:B>
')&
H>HI:B>FH7J?AE
EG6I>@D
IG:9>K:GH:C:8:HH>I¿G>HDAI:96AAÉ6>JID9>JC6HDAJO>DC:8=:G:C9:
EDHH>7>A:696II6G:>AAJD<D9>A6KDGD6>;677>HD<C>DE:G6I>K>9:<A>
JI:CI>:9:>K>H>I6IDG>#IJIIDFJ:HIDH:CO6IG6H8JG6G:AÉ:A:B:CID
8G:6I>KD9>BDK>B:CI6O>DC:9:<A>6B7>:CI>#AÉ>CHI6AA6O>DC:9:AH>HI:B6
ÝH:BEA>8::K:AD8:!:A:BD9>;>8=::<A>HEDHI6B:CI>HJ88:HH>K>HDCD
6<>A>#A68DBEDH>O>DC:;DID<G6;6I6C:AA6;>C>IJG668:GDEJä:HH:G:
EGDEDHI6>CBDAI:EA>8>K6G>6CI>9>8DADG::9677>C6I66AEDA>86G7DC6ID
8JGK6ID8=:C::H6AI6>AG>HJAI6ID;>C6A:#
I=G::9>;;:G:CIC::9H6G:B:IL>I=I=:=:AED;6HDAJI>DCL=>8=B6@:H>IEDHH>7A:ID
696EII=:LDG@EA68:IDI=:DE:G6I>DC6AC::9HD;I=:LDG@:GH6C9I=:K>H>IDGH#6AAD;I=>H
L>I=DJIC:<A:8I>C<I=:8G:6I>K::A:B:CII=6I699HBDK:B:CIIDI=:H:II>C<H#
I=:HNHI:B>H:6H>AN6C9FJ>8@AN>CHI6AA:9!6C9HJ7H:FJ:CIBD9>;>86I>DCH6C98=6C<:H>C
EDH>I>DC6G:H>BEA:#I=:8DBEDH>I>DCHE=DID<G6E=:9>CB6EA:;>C>H=6G:6K6>A67A:>CB6CN
8DADJGK6G>6I>DCH6C986C7:8DB7>C:9L>I=8JGK:9EDAN86G7DC6I:L=>8=:C=6C8:HI=:
;>C6AG:HJAI#
9E%*.
FH7J?AE
H>HI:B>FH7J?AE
>AG><DG:8DBE
GJDAD>BEDGI6CI:C:A9:I:GB>C6G:>A86G6II:G:9:AA:8DBEDH>O>DC>!;DGB6!8DB;DGI:9
:A:<6CO68DB:;GJIID9:AAÉ6II:CO>DC:EDHI6C:AA:H8:AI:#
I=:8DBEDH>I>DC6AH
H>BEA>8>IND;I=:<:DB:IGN!I=:JH:D;6K6CI"<6G9:B6I:G>6AH!I=:JH:D;8DADJG>C9:I:GB>C>C<
I=:8=6G6
68I:GD;I=:8DBEDH>I>DCH#;DGB!8DB;DGI6C9:A:<6C8:/I=:G:HJAID;86G:;JAANB69:8=D>8:H#
EG6I>@D
'))
9<%%-
FH7J?AE
H>HI:B>
')*
H>HI:B>FH7J?AE
EG6I>@D
9E%*,
')+
A:A>C::8JGK:9:<A>:A:B:CI>9>K>HDG>>CEDA>86G7DC6ID!G:C9DCDA6HIGJIIJG69>
FJ:HI6EDHI6O>DC:A:<<:G6:96AI:BEDHI:HHDBDAID:A:<6CI:#
I=:8JGK:9A>C:HD;I=:9>K>9>C<:A:B:CIH>CEDAN86G7DC6I:B6@:I=:HIGJ8IJG:D;I=>HLDG@HI6I>DC
A><=I!N:I:MIG:B:AN:A:<6CI#
FH7J?AE
ACCESSORI
ACCESSORIES
PRATIKO PARETI DIVISORIE
PARTITIONS PRATIKO
='&-$-*!-'Ç
E6CC:AADE:G
6<<6C8>DK6H8=:II:
E6C:A;DGD7?:8I
=DA9:G=DD@>C<
=&,*$+-!-.Ç
768=:86
CDI>8:7D6G9
A6K6<C6
7A68@7D6G9
=2+%$'(!+'Ç
A2*%$&.!+-Ç
=2)'$&+!*(Ç
A2*)$'&!'*Ç
6AO6I>C6>CB:I68G>A6ID
B:I=NA"68GNA>8<J6G9;DGE6GI>I>DC
A2+%$'(!+'Ç
A2-%$(&!).Ç
A2&%%$(.!(,Ç
A2&'%$),!')Ç
A2&)%$**!&&Ç
A2&+%$+'!..Ç
A2&-%$,%!-+Ç
=&%.$)'!.&Ç
MENSOLA TOP 90°
90° TOP SHELF
L = 60 / 23,62”
L = 80 / 31,49”
L = 100 / 39,37”
L = 120 / 47,24”
L = 140 / 55,11”
L = 160 / 62,99”
L = 180 / 70,86”
EGD;>ADDG>OODCI6A:
>CI:GB:9>D
B>99A:=DG>ODCI6A
EGD;>A:
PORTA NOME
NAME HOLDER
PIEDINO STABILIZZATORE SU RUOTA
STABILIZER FOOT ON WHEEL
PIEDINO STABILIZZATORE
STABILIZER FOOT
PIEDE BOOMERANG PER SUPPOSTO SCRIVANIA
BOOMERANG LEG SUPPORT FOR DESK TOP
E.....
NAM
H>HI:B>FH7J?AE
MENSOLA TOP
TOP SHELF
A2+%$'(!+'Ç
A2-%$(&!).Ç
A2&%%$(.!(,Ç
A2&'%$),!')Ç
EGD;>ADDG>OODCI6A:
HJE:G>DG:
JEE:G=DG>ODCI6A
EGD;>A:
B:CHDA66E6G:I:
L6AAH=:A;
=2'%"(%$,!-,Ç"&&!-&Æ
A2+%$'(!+'Ç
A2-%$(&!).Ç
A2&%%$(.!(,Ç
A2&'%$),!')Ç
=2)'$&+!*(Ç
A2*)$'&!'*Ç
=&)'$**!.%Ç
BDCI6CI:K:GI>86A:
K:GI>86AEGD;>A:
HI6;;:9>HJEEDGID
E6>GD;HJEEDGIHI>GGJEH
PRATIKO LIGHT PARETI DIVISORIE DIRITTE E CURVE
LINEAR AND CURVED PARTITIONS PRATIKO LIGHT
CANALIZZAZIONE
CABLE MANAGEMENT SYSTEM
.(m.($(+!+&Çm(+!+&Ç
='%.$-'!'-Ç
ACCESSORI DI SERIE
ACCESSORIES
.%•
=&,($+-!&&Ç
=&)%$**!&&Ç
PART. A
PART. C
H 300 / 118,11”
PART. B
PART. C
H 218 / 85,82”
H 209 / 82,28”
BDCI6CI:K:GI>86A:
K:GI>86AEGD;>A:
=&%,$)'!&'Ç
H 173 / 68,11”
A>C:6G>
A2+%$'(!+'Ç
A2-%$(&!).Ç
A2&%%$(.!(,Ç
A2&'%$),!')Ç
H 140 / 55,11”
PART. B
8JGK:
.%•
TAPPO SUPERIORE
UPPER CAP
PIEDINO INFERIORE
LOWER FOOT
EGD;>ADDG>OODCI6A:
=DG>ODCI6AEGD;>A:
H 107 / 42,12”
COPERCHIO PASSACAVI
CABLE-WAY COVER
PART. A
PARETI GOAL
GOAL PARTITIONS
SNODI
JUNCTIONS
PROFILO DI AGGANCIO IN CONTINUO
(2, 3, E 4 VIE A 90°)
CONNECTION PROFILE
(90° - 2/3/4 WAYS)
=&)%$**!&&Ç
EGD;>AD9>6<<6C8>D>C8DCI>CJD
8DCC:8I>DCEGD;>A:
PROFILO DI AGGIUSTAGGIO:
ADEGUA LA DIMENSIONE
DELLE PARETI A QUELLA
DEI PIANI LAVORO
FITTING PROFILE: TO ADAPT
THE DIMENSIONS BETWEEN
THE DESK TOPS AND PARTITIONS
COLLEGAMENTO SEMPLICE
SIMPLE CONNECTION
COLLEGAMENTO 120° CON
PROFILI DI AGGIUSTAGGIO
120° CONNECTION WITH
FITTING PROFILES
COLLEGAMENTO CON PROFILI
DI AGGIUSTAGGIO
CONNECTION WITH
FITTING PROFILES
=&%,$)'!&'Ç
A2&'%$),!')Ç
A2&+%$+'!..Ç
A2&-%$,%!-+Ç
EGD;>AD9>6<<>JHI6<<>D
;>II>C<EGD;>A:
COLLEGAMENTO 90° CON
COLONNA PER ELETTRIFICAZIONE
90° connection with
cabling column
COLONNA PER ELETTRIFICAZIONE
CONNECTION COLUMN WITH CABLE MANAGEMENT
COLLEGAMENTO 120° CON
COLONNA PER ELETTRIFICAZIONE
120° connection with
cabling column
PRATIKO PARETI
PARTITIONS PRATIKO
E6G:I:8DC:A:B:CIDHJE:G>DG:>CK:IGD
E6GI>I>DCL>I=<A6HH:A:B:CI
E6G:I:8DC:A:B:CIDE6HH68DGG>HEDC9:CO6
E6HH6<:L6N;DG8DGG:HEDC96C8:
E6G:I:8DCK:IGDH:G><G6;6ID
H>A@"H8G::C:9I:BE:G:9<A6HHE6GI>I>DC
=2&)'$**!.%Ç
=2&,*$+-!-.Ç
=2'&-$-*!-'Ç
=2&,*$+-!-.Ç
=2'&-$-*!-'Ç
=2&)'$**!.%Ç
=2&,*$+-!-.Ç
=2'&-$-*!-'Ç
A2+%$'(!+'Ç
A2-%$(&!).Ç
A2&%%$(.!(,Ç
A2&'%$),!')Ç
A2-%$(&!).Ç
A2&%%$(.!(,Ç
A2-%$(&!).Ç
A2&%%$(.!(,Ç
CdXZ$LVacji
8^a^Z\^d$8]Zggn
<g^\^d$<gZn
')-
7aj$7aZj
FH7J?AE
H>HI:B>
').
G:8:EI>DCH
LZaXdb^c\ l^i] hinaZ/ V heVXZ l]^X] ZmegZhhZh XaVhh VcY \ddY iVhiZ0 ^i lZaXdbZh
l^i]dji ^ckVY^c\# I]Z 9ZaaV GdkZgZ gZXZei^dch \^kZ V lVgb lZaXdbZ VcY [Vkdjg i]Z
ZcXdjciZg#9^[[ZgZciXdbW^cVi^dchidXgZViZcZlh^ijVi^dchl]^X]`cdl]dlidZmegZhh
ZaZ\VcXZ!XdbW^cZiZX]cdad\^XVabViZg^Vahl^i]i]ZgdbVcXZd[lddY#
6hde]^hi^XViZYYZh^\cl]^X]jckZ^ah^ihegVXi^XVah^YZ^ci]ZXaZkZgbZX]Vc^hbhVcY
kZghVi^aZ_d^cihl]^X]bV`Z^iZVhnid[jgc^h]VcnineZd[VgX]^iZXijgVaheVXZ#
8DC;:G:C8:
A:MJH
:9>HDC
@DBE6H
G:8:EI>DCH
'*&
G:8:EI>DCH
9VgZ^aWZckZcjidXdchi^aZ/^aajd\dY^kZciVZhegZhh^dcZY^XaVhhZ!Wjdc\jhidZVXXd\a^ZcoV
hZcoVbV^ZhhZgZ^ckVYZciZ#8VeVX^Y^ÆVWWgVXX^VgZÇ!aZgZXZei^dc9ZaaVGdkZgZ!hi^bdaVcd
aÉ^cXdcigd# 6WW^cVbZci^ Y^kZgh^ eZg XgZVgZ h^ijVo^dc^ ^cZY^iZ X]Z hVee^Vcd Zheg^bZgZ
ZaZ\VcoVZjc^gZbViZg^Va^iZXcdad\^X^VaaVedZh^VYZaaZ\cd#
9Zh^\chdÒhi^XVidX]ZhXdegZaVhjVkZcVegVi^XVcZ^bZXXVc^hb^^c\Z\cdh^Z^cXVhig^
kZghVi^a^X]ZgZcYdcd[VX^aZaÉVggZYd^cfjVajcfjZheVo^d#
G:8:EI>DCH
9ED<;H;D9;
9:%'%
'*'
G:8:EI>DCH
'*(
B;NKIG:8:EI>DC
G:8:EI>DCH
9A%&%
9A%&&
3
9A%&'
'*)
G:8:EI>DCH
'**
3
C:L
;:?IED G:8:EI>DC
G:8:EI>DCH
9A%&)
3
9:%')
'*+
G:8:EI>DCH
'*,
3
*G:8:EI>DCH
'*.
G:8:EI>DCH
G:8:EI>DCH
3
9:%'*
9:%'&
'+%
9:%'(
G:8:EI>DCH
'+&
AECF7IG:8:EI>DC
'+'
G:8:EI>DCH
;:?IED
9:%'&
9@%'(
B::I>C<
AdheVo^dY^aVkdgdg^hXdegZaÉ^bedgiVcoVY^gZcYZgh^\gVYZkdaZZY^gZcYZgZ\gVYZkdaZ
^cXdcigVgh^#AVfjVa^i|Y^bViZg^Va^egZ\^Vi^^begZo^dh^hXZ^aYZh^\c!aVkZghVi^a^i|Y^e^Vc^
heVo^dh^gZcYZXdbdYdadhiVgZVhh^ZbZ#
BZZi^c\hijY^Vi^cZ^b^c^b^YZiiV\a^!ZaZ\Vci^ZXdc[dgiZkda^XVeVX^Y^hj\\Zg^gZ^aY^Vad\d!
\a^^cXdcig^Z^cjdk^egd\Zii^#
A>;:
A:MJH
:9>HDC
7:
:<D
@DBE6H
B::I>C<
'+*
B::I>C<
I]Z heVXZ YZY^XViZY id ldg` gZY^hXdkZgh i]Z ^bedgiVcXZ d[ WZ^c\ eaZVhVci VcY d[
bV`^c\ bZZi^c\h V eaZVhjgZ# I]Z fjVa^in d[ kVajVWaZ bViZg^Vah Zcg^X]Zh i]Z YZh^\c!
i]ZkZghVi^a^ind[i]ZheVX^djhidehbV`ZhWZ^c\id\Zi]ZgXdb[dgiVWaZ#
BZZi^c\! YZh^\cZY Ydlc id i]Z hbVaaZhi YZiV^a/ ZaZ\Vci! Xdb[dgiVWaZ VcY XVeVWaZ d[
[Vkdjg^c\Y^Vad\jZ!bZZi^c\VcYcZlegd_ZXih#
B::I>C<
B?<;B::I>C<
9&*.%'(
9&*.%')
'++
B::I>C<
'+,
B?<;B::I>C<
B::I>C<
9&*,%'*
9&*-%''
9&*-%'%
'+-
B::I>C<
'+.
B;NKIB::I>C<
B::I>C<
G:8:EI>DC
9A%&*
3
9A%&-
',%
B::I>C<
',&
B::I>C<
B;NKIB::I>C<
',(
B::I>C<
','
9:%&-
9:%&,
9:%&+
9:%%*
9:%%)
B::I>C<
;:?IEDB::I>C<
',)
9:%&.
B::I>C<
',*
B::I>C<
8;B::I>C<
',+
B::I>C<
',,
B::I>C<
;=EB::I>C<
',-
B::I>C<
',.
9@%'+
9@%',
9@%'-
B::I>C<
AECF7IB::I>C<
'-%
9@%'*
B::I>C<
'-&
H:9JI:
8]V^gh
HXdeg^Vbd^ahZchdYZaXdadgZX]ZegZcYZ[dgbVcZaaVhjVZaZiig^ooVciZeda^ZYg^X^i|Zh^[V
edgiVkdXZY^jcVXdbjc^XVo^dcZ[VX^aZZ^bbZY^ViV!X]ZZbdo^dcVXVbW^VcYdaVegdheZii^kV
YZaaZXdhZZ^acdhigdbdYdY^hiVgZhZYji^VaaVkdgd#
:Xdh‡adheVo^dj[ÒX^dh^Y^e^c\ZY^hZchVo^dc^edh^i^kZ!e^VXZkdabZciZhi^bdaVci^!h^g^ccdkV
cZahZ\cdYZaaVXgdbdiZgVe^V!ZkdXVcYd^g^XdgY^Zh^igVh[dgbV^cajd\dXdc[dgiZkdaZZ
VXXVii^kVciZ0^aajd\dYdkZcVhXdcdaZ^YZZe^‘Wg^aaVci^ZaV\^dgcViVVaaVkdgdY^kZciVXgZVi^k^i|!
edh^i^k^i|ZajXZ#
H:9JI:
AZiÉhY^hXdkZgi]ZhZchZd[XdadjgVh^iiV`Zhh]VeZ l^i] ^ih ZaZXig^[n^c\ kZghVi^a^in VcY
WZXdbZhi]ZbZVch[dgZVhn!^bbZY^ViZXdbbjc^XVi^dc!X]Vgb^c\jhWnX]Vc\^c\i]Z
add`d[i]^c\hVcYi]ZlVnlZÆh^iÇVildg`#
8dadjgideV^cii]Zd[[^XZl^i]i]ZeaZVhVcianhi^bjaVi^c\edh^i^k^ind[X]gdbdi]ZgVen!
hi^gg^c\ bZbdg^Zh VcY bV`^c\i]Zd[ÒXZVX]Vgb^c\!Xdb[dgiVWaZhZii^c\0VeaVXZl]ZgZ
Wg^aa^Vci^YZVXdbZida^[ZVcYndjgldg`YVn^hÒaaZYl^i]XgZVi^k^in!edh^i^k^inVcYa^\]i#
H:9JI:
'-(
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
H:6IIA:
'-)
9>C6B>86!8DC;DGI:KDA:!:G<DCDB>86/
>AB6HH>BDHDIIDD<C>EJCID9>K>HI6#
9NC6B>8!8DB;DGI67A:!:G<DCDB>8/I=:B6M>BJB;GDB:K:GNHI6C9ED>CI#
I;7JJB;
H:9JI:
'-*
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
8D=>76
'-+
HD;;>8>9D<=:E:GADH8=>:C6A:
:EDH>O>DC>G:<DA67>A>C:AAÉ:A:<6CI:H>8JG:OO69:AC:GD#
HD;IHA6IH;DGI=:768@G:HI!69?JHI67A:EDH>I>DCH!H:8JG:7A68@:A:<6C8:#
9E>?87
H:9JI:
'-,
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
86GAIDC
'--
E:AA:EG:<>6I6:;DGB:H>CJDH:
G>CCDK6CDD<C><>DGCD>A<JHID9>HI6G:8DBD9>#
G>8=A:6I=:G6C9H>CJDJH;DGBHG:C:LI=:EA:6HJG:D;;::A>C<8DB;DGI67A::K:GN96N#
97HBJED
H:9JI:
'-.
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
DG:<DC
I:8CDAD<>6:G:A6M/96H8:<A>:G:
E:AA:EG:<>6I6:;DGB:H>CJDH:G>CCDK6CDD<C><>DGCD>A<JHID9>HI6G:8DBD9>#
>C8DADG>H=D8@DI>CI:HD;I#
I:8=CDAD<N6C9G:A6M6I>DC/8=DDH:I=:B>CH=D8@>C<=J:HDGHD;IIDC:H#
EH;=ED
H:9JI:
'.&
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
H8DII
'.'
I:MIJG:JC>86!9:H><C6886II>K6CI:/
E:AA:EG:<>6I6:;DGB:H>CJDH:G>CCDK6CDD<C><>DGCD>A<JHID9>HI6G:8DBD9>#
AÉ6GG:9DJ;;>8>D68FJ>HI6>AHJDK6ADG:6<<>JCID#
JC>FJ:I:MIJG:!8=6GB>C<9:H><C/D;;>8:;JGC>IJG:I6@:HDC6C699:9K6AJ:#
I9EJJ
H:9JI:
'.(
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
9:G7N
'.)
A6B6I:G>6H:CH>7>A:
E:AA:EG:<>6I6:;DGB:H>CJDH:G>CCDK6CDD<C><>DGCD>A<JHID9>HI6G:8DBD9>#
LDG@67A:B6I:G>6A
:;H8O
H:9JI:
'.*
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
6HIDC
'.+
86A9D:BDG7>9D#6KKDA<:CI:
8DB:>A86;;Ý9:A7JDC<>DGCD#
L6GB6C9HD;I#8DB;DGI67A:A>@:68JED;BDGC>C<8D;;::#
7IJED
H:9JI:
'.,
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
96@DI6
'.-
EJCI>9>K>HI6
:EJCI>9>6EED<<>D#
ED>CIHD;K>:L6C9ED>CIHD;G:;:G:C8:#
:7AEJ7
H:9JI:
'..
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
B>A:H
(%%
8DADG::9:H><CH>CJDHD/
E:AA:EG:<>6I6:;DGB:H>CJDH:G>CCDK6CDD<C><>DGCD>A<JHID9>HI6G:8DBD9>#
AÉ:KDAJO>DC:9:AA:;DGB:H:<J:E:G8DGH>C6IJG6A>#
8DADJG:96C98JGK:99:H><CH/I=::KDAJI>DCD;H=6E:H;DAADLI=:E6I=D;C6IJG:#
C?B;I
H:9JI:
(%&
EG:H>9:CI>6A
:M:8JI>K:
I6H@
8A6HH>8
L6>I>C<
BDG:
(%'
;>HH:DBD7>A>/
K:9JI69É>CH>:B:9>JC>CI:AA><:CI:
BD9D9>H:9:GH>#
E:AA:EG:<>6I6:;DGB:H>CJDH:G>CCDK6CDD<C><>DGCD>A<JHID9>HI6G:8DBD9>#
HI6I>DC6GNDGBD7>A:/IDI6AK>:L
D;>CI:AA><:CIH:6I>C<#
CEH;
H:9JI:
(%(
8A6HH>8
9:CK:G
(%)
6886II>K6CI:
BDG7>9:OO6
86EIJG>C<7:6JIN
:;DL;H
H:9JI:
(%*
L6>I>C<
I6H@
:M:8JI>K:
EG:H>9:CI>6A
NDG@
(%+
H8:<A>JC8DADG:
8=DDH:68DADJG
OEHA
H:9JI:
(%,
8A6HH>8
L6>I>C<
I6H@
:M:8JI>K:
EG:H>9:CI>6A
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
B6GI>C
(%-
A:<CD:E:AA:/
JC8A6HH>8DG>:9>I6IDC:AA:G:<DA:9:A8DB;DGI#
LDD96C9A:6I=:G/68A6HH>8!G:9:H><C:9;DAADL>C<I=:GJA:HD;8DB;DGI#
C7HJ?D
H:9JI:
(%.
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
A:CCDC
(&%
>AEG:HI><>D9>;DGB:
G6HH>8JG6CI>#
I=:G>8=C:HHD;G:6HHJG>C<H=6E:H#
B;DDED
H:9JI:
(&&
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
L>AA>6BH
(&'
H>8JG6:HDA>96
E:AA:EG:<>6I6:;DGB:H>CJDH:G>CCDK6CDD<C><>DGCD>A<JHID9>HI6G:8DBD9>#
C:AA67:AA:OO66KKDA<:CI:9>E:AA6B>:H8AJH>K>#
H:8JG:6C9HDA>9>CI=:L6GB7:6JIND;:M8AJH>K:A:6I=:GH#
M?BB?7CI
H:9JI:
(&(
EG:H>9:CI>6A
:M:8JI>K:
I6H@
L6>I>C<
8A6HH>8
B:G8JGN
(&)
8DC7G688>DA>:G<DCDB>8>
E:AA:EG:<>6I6:;DGB:H>CJDH:G>CCDK6CDD<C><>DGCD>A<JHID9>HI6G:8DBD9>#
:H:9JI6G>C;DGO6I6#
L>I=:G<DCDB>86GBH6C9G:>C;DG8:9H:6I#
C;H9KHO
H:9JI:
(&*
>B7DII>I>
Hd[Vh
>aajd\dYZaaÉVXXd\a^ZcoVZYZaaÉ^cXdcigd!^aW^\a^ZiidYVk^h^iVX]ZY^XZ/Æ7ZckZcjidÇ#
9V\jVgYVgZZcdchdad#EZgX]ƒbViZg^Va^!eZaaVb^Zhid[[ZZkdXVcdeZgXZo^dc^eda^hZchd"
g^Va^X]Zhi^bdaVcd^hZch^Z[VccdWZcZVaadhe^g^id#
Jc^ck^idVaWZcZhhZgZ!jcVXZgiZooVeZg^agZaVm#EZgZheg^bZgZjccjdkdXdcXZiidY^
j[ÒX^d"XVhVXdc[dgiZkdaZ!XjgVidZe^VXZkdaZ#>cjcVk^h^dcZYÉ^ciZgc^YVidXXVgZ!hZci^gZ
ZbVc\^VgZXdc\a^dXX]^#
I]ZeaVXZ[dggZXZ^k^c\VcYbZZi^c\!i]Zk^h^i^c\XVgYi]VihVnh!ÆlZaXdbZÇ[dgadd`^c\
Vi!Wjicdidcan#7ZXVjhZbViZg^Vah!aZVi]ZgVcY[VWg^XhVgdjhZedan"hZchdg^VaeZgXZe"
i^dchi]Vihi^bjaViZi]ZhZchZhVcYYdi]Zhe^g^i\ddY#
6c ^ck^iVi^dc id lZaaWZ^c\! V XZgiV^cin [dg gZaVmVi^dc# :megZhh^c\ V cZl XdcXZei d[ V
Xdb[dgiVWaZ!XVgZY"[dgVcYeaZVh^c\d[ÒXZ"]dbZ#I]Zk^h^dcd[Vc^ciZg^dgididjX]![ZZa
VcYYZkdjgl^i]ndjgZnZh#
>B7DII>I>
(&,
>B7DII>I>
9Zh^\cI_ced[C_Y^[b_
ADJC<:
ADJC<:
67DKD/
>CDG><>C:
A6;DGB6
>9:6A:#
=:AB:I
(&-
>;BC;J
>B7DII>I>
(&.
69G:C6A>C6
67DKD/>CDG><>CI=:>9:6A;DGB#
ADJC<:
9Zh^\cI_ced[C_Y^[b_
HDAJO>DC>9>C6B>8=:
9NC6B>8HDAJI>DCH;DG>CI:GEG:I>C<
6CNC::9;DGHE68:#
=E
>B7DII>I>
('&
69G:C6A>C6
<D
('%
E:G>CI:GEG:I6G:FJ6AH>6H>
:H><:CO69>HE6O>D#
ADJC<:
IJIID>A;6H8>CD
9:AA:E>88DA:
EGDEDGO>DC>#
HB6AA6C9:A:<6CI/6AAI=:8=6GB
D;HB6AAEGDEDGI>DCH#
M;B9EC;
>B7DII>I>
('(
69G:C6A>C6
L:A8DB:
A>H8>6:9:A:<6CI:/
ADJC<:
:HH:G:>A8:CIGD
9:AAÉ6II:CO>DC:#
>A>@:7:>C<I=:8:CIG:D;6II:CI>DC#
IM;;J
>B7DII>I>
('*
69G:C6A>C6
HL::I
B>E>68:
ADJC<:
ADJC<:
C:A86G6II:G:<G>CIDHD9:AC:GD#
8A6HH>86A86E>IDCCÝ>CI=:9:8>H>K:8=6G68I:GD;7A68@#
9>;IJ;H
>B7DII>I>
(',
69G:C6A>C6
8=:HI:G
8A6HH>8D86E>IDCCÝ
ADJC<:
ADJC<:
8DCG>;>C>IJG:8JG6I:6G:<DA69É6GI:#
;6H8>C6I>C<G:;>C:9I6HI:L>I=6GI>HI>86AANIG:6I:9;>C>H=#
IB?C
>B7DII>I>
('.
69G:C6A>C6
HA>B
6KKDA<:CI::9><JHIDG6;;>C6ID
ADJC<:
ADJC<:
A6H:BEA>8>I¿=6;DGB:EJG:CDCAJ88>86!
CDCJGA6!B6HK:A6D<C><>DGCDJC6E>88DA6B:G6K><A>6#
=J<D
>K=E
>B7DII>I>
((&
69G:C6A>C6
H>BEA>8>IN=6HEJG:;DGBL>I=DJI<A6G:!L>I=DJICD>H:!7JI8G:6I>C<6HB6AAB>G68A::K:GN96N#
ADJC<:
>BEDGI6CI:HH:CI>6A>IN!HD;IB6I:G>6AH!I>B:A:HH8=D>8:D;8DADGH#
JM?IJ;H
>B7DII>I>
(((
69G:C6A>C6
IL>HI:G
>BEDGI6CI:C:AA6HJ6:HH:CO>6A>I¿!
HD;;>8:C:>B6I:G>6A>!>CIG6BDCI67>A:C:AA6H8:AI69:A8DADG:#
ADJC<:
:96AA:<>JHI:EGDEDGO>DC>/>9:6A:C:AA:ODC:9>E6HH6<<>D#
<G::C76B7DD>C8A:6CA>C:H6C98DGG:8IEGDEDGI>DCH/>9:6A;DGI=:E6HH6<:L6NH#
F?DA
>B7DII>I>
((*
69G:C6A>C6
E>C@
K:G9:76B7ç96AA:A>C::EJA>I:
ADJC<:
ADJC<:
EG:HI><:7:8DB:H:CI:GI6>C>C<#
87HEAAE
>B7DII>I>
((,
69G:C6A>C6
76GD@@D
>AEG:HI><>D
8=:9>K:CI69>K:GI:CI:#
6BE>6H:9JI6!8DC;DGI:KDA:H8=>:C6A:
6K:CI6<A>D/K:OODH6Há!B66HHDAJI6B:CI:8DBD96#
:AA6
;BB7
>B7DII>I>
((.
69G:C6A>C6
9Zh^\cI_ced[C_Y^[b_
ADJC<:
6BEA:H:6IL>I=8DB;DGI67A:;6C"H=6E:9768@G:HIH/<G68:;JA8:GI6>CAN!
7JI67HDAJI:ANG:HI;JA#
ADJC<:
9Zh^\cI_ced[C_Y^[b_
E:GG>HJAI6I>>BE:8867>A>!8DADG>9>8A6HH:B6>76C6A>#
FJ6A>INB6I:G>6AH;DGE:G;:8IG:HJAIH=><=8A6HH8DADJGH!C:K:G76C6A#
I9?ED?
>B7DII>I>
()&
69G:C6A>C6
H8>DC>
B6I:G>6A>9>FJ6A>I¿
DAD
EBE
>B7DII>I>
()(
69G:C6A>C6
9Zh^\cI_ced[C_Y^[b_
ADJC<:
LA:8JGK:
ADC<"A>K:8JGK:H
ADJC<:
9Zh^\cI_ced[C_Y^[b_
A6BDG7>9:OO69>K:CI6K:GH6I>A:#
BJAI>;DGB6C9EDA>8N";JC8I>DC6A0HD;IC:HH7:8DB:HK:GH6I>A:#
DK:7
>B7DII>I>
()*
69G:C6A>C6
CJ96
())
BJAI>;DGB::EDA>;JCO>DC6A:0
ADJC<:
9Zh^\cI_ced[C_Y^[b_
8DC>AA6BED8G:6I>KD9>HDII>A>E>:9>C>8GDB6I>#
:HH:CI>6A6C9G><DGDJHL>I=8G:6I>K:HE6G@A:D;8=GDB:9;::I#
K8E
>B7DII>I>
(),
69G:C6A>C6
J7D
:HH:CO>6A::G><DGDH6/
9Zh^\cI_ced[C_Y^[b_
ADJC<:
9>9>K:GH:9>B:CH>DC>!
9>I6CI>8DADG>/
9>;;:G:CI9>B:CH>DCH!B6CN8DADJGH/>C;>C>I:AN
8DB;DGI67A:;JGC>H=>C<:A:B:CIH#
F7D
>B7DII>I>
().
69G:C6A>C6
E6C
()-
:A:B:CI>6GG:96I>K>>C;>C>I6B:CI:
8DC;DGI:KDA>#
ADJC<:
8=:H:<C6CDJCE:G8DGHD!E:G9:A>C:6G:><JHI>:A:H8:AI:#
A>@:I=:;DGBHD;C6IJG:!A>@:I=:IG68:HI=6IED>CIID6E6I=!=><=A><=I>C<I6HI:H6C98=D>8:H#
:KD;
>B7DII>I>
(*&
69G:C6A>C6
9JC:
8DB:A:;DGB:9:AA6C6IJG6!8DB:IG688:
ADJC<:
9Zh^\cI_ced[C_Y^[b_
DKK:GDFJ6C9DH:MNKJDA9>G:H:CH:D;=JBDG#
H:CHJ6AL>I=7G>D/DGG6I=:GL=:CH:MNB:6CH6H:CH:D;=JBDG
I;NO
>B7DII>I>
(*(
69G:C6A>C6
H:MN
(*'
H:CHJ6A:8DC7G>D/
Scarica

CATALOGO GENERALE - Fram