6)#42)83UPERIORK70LUS
#ALDAIEPENSILIACONDENSAZIONEACAMERA
STAGNATIPO#ETIRAGGIOFORZATOCONUNITÌ
BOLLITORE
OPPURE
ACAMERAAPERTATIPO"ETIRAGGIOFORZATO
CONUNITÌBOLLITORE
)4
,IBRETTOISTRUZIONI
EDAVVERTENZE
)NSTALLATORE
5TENTE
4ECNICO
(FOUJMF$MJFOUF
$JDPNQMJNFOUJBNPDPO-FJQFSBWFSTDFMUPVOQSPEPUUP*NNFSHBTEJBMUBRVBMJUÆJOHSBEPEJBTTJDVSBS-FQFSMVOHPUFNQPCFOFTTFSFFTJDVSF[[B2VBMF$MJFOUF
*NNFSHBT-FJQPUSÆTFNQSFGBSFBēEBNFOUPTVVORVBMJêDBUP4FSWJ[JPEJ"TTJTUFO[B"VUPSJ[[BUPQSFQBSBUPFEBHHJPSOBUPQFSHBSBOUJSFDPTUBOUFFēDJFO[B
BMMB4VBDBMEBJB-FHHBDPOBUUFO[JPOFMFQBHJOFDIFTFHVPOPQPUSÆUSBSOFVUJMJTVHHFSJNFOUJTVMDPSSFUUPVUJMJ[[PEFMMBQQBSFDDIJPJMDVJSJTQFUUPDPOGFSNFSÆ
MB4VBTPEEJTGB[JPOFQFSJMQSPEPUUP*NNFSHBT
4JSJWPMHBUFNQFTUJWBNFOUFBMOPTUSP$FOUSP"TTJTUFO[B"VUPSJ[[BUPEJ[POBQFSSJDIJFEFSFMBWFSJêDBJOJ[JBMFEJGVO[JPOBNFOUPHSBUVJUBOFDFTTBSJBQFSMB
DPOWBMJEBEFMMBTQFDJBMFHBSBO[JB*NNFSHBT
*MOPTUSPUFDOJDPWFSJêDIFSÆMFCVPOFDPOEJ[JPOJEJGVO[JPOBNFOUPFTFHVJSÆMFOFDFTTBSJFSFHPMB[JPOJEJUBSBUVSB
F-FJMMVTUSFSÆJMDPSSFUUPVUJMJ[[PEFMHFOFSBUPSF
4JSJWPMHBQFSFWFOUVBMJOFDFTTJUÆEJJOUFSWFOUPFNBOVUFO[JPOFPSEJOBSJBBJ$FOUSJ"VUPSJ[[BUJ*NNFSHBTFTTJEJTQPOHPOPEJDPNQPOFOUJPSJHJOBMJFWBOUBOP
VOBTQFDJêDBQSFQBSB[JPOFDVSBUBEJSFUUBNFOUFEBMDPTUSVUUPSF
*NQPSUBOUF
(MJJNQJBOUJUFSNJDJEFWPOPFTTFSFTPUUPQPTUJBNBOVUFO[JPOFQFSJPEJDBFEBWFSJêDBTDBEFO[BUBEFMMFēDJFO[BFOFSHFUJDBJOPUUFNQFSBO[BBMMFEJTQPTJ[JPOJ
OB[JPOBMJSFHJPOBMJPMPDBMJWJHFOUJ
1FSBEFNQJFSFBHMJPCCMJHIJQSFWJTUJEBMMB-FHHF-BJOWJUJBNPBSJWPMHFSTJBJ$FOUSJ"TTJTUFO[B"VUPSJ[[BUJ*NNFSHBTDIF-FJMMVTUSFSBOOPJWBOUBHHJEFMMPQFSB[JPOF
$IFDL(BT
"WWFSUFO[FHFOFSBMJ
*MMJCSFUUPJTUSV[JPOJDPTUJUVJTDFQBSUFJOUFHSBOUFFEFTTFO[JBMFEFMQSPEPUUPFEPWSÆFTTFSFDPOTFHOBUPBMMVUJMJ[[BUPSFBODIFJODBTPEJQBTTBHHJPEJQSPQSJFUÆ
&TTPEPWSÆFTTFSFDPOTFSWBUPDPODVSBFDPOTVMUBUPBUUFOUBNFOUFJORVBOUPUVUUFMFBWWFSUFO[FGPSOJTDPOPJOEJDB[JPOJJNQPSUBOUJQFSMBTJDVSF[[BOFMMFGBTJEJ
JOTUBMMB[JPOFEVTPFNBOVUFO[JPOF
-JOTUBMMB[JPOFFMBNBOVUFO[JPOFEFWPOPFTTFSFFĒFUUVBUFJOPUUFNQFSBO[BBMMFOPSNFWJHFOUJTFDPOEPMFJTUSV[JPOJEFMDPTUSVUUPSFFEBQFSTPOBMFQSPGFTTJPOBMNFOUF
RVBMJêDBUPJOUFOEFOEPQFSUBMFRVFMMPBWFOUFTQFDJêDBDPNQFUFO[BUFDOJDBOFMTFUUPSFEFHMJJNQJBOUJDPNFQSFWJTUPEBMMB-FHHFOBSU
EBJ
SFMBUJWJSFHPMBNFOUJEJBUUVB[JPOF%13O%13O%13O%13O
FEBJEFDSFUJWJHFOUJ
6OFSSBUBJOTUBMMB[JPOFQVÖDBVTBSFEBOOJBQFSTPOFBOJNBMJPDPTFQFSJRVBMJJMDPTUSVUUPSFOPOÍSFTQPOTBCJMF-BNBOVUFO[JPOFEFWFFTTFSFFĒFUUVBUBEB
QFSTPOBMFUFDOJDPBCJMJUBUPJM4FSWJ[JP"TTJTUFO[B5FDOJDB"VUPSJ[[BUP*NNFSHBTSBQQSFTFOUBJOUBMTFOTPVOBHBSBO[JBEJRVBMJêDB[JPOFFEJQSPGFTTJPOBMJUÆ
-BQQBSFDDIJPEPWSÆFTTFSFEFTUJOBUPTPMPBMMVTPQFSJMRVBMFÍTUBUPFTQSFTTBNFOUFQSFWJTUP0HOJBMUSPVTPÍEBDPOTJEFSBSTJJNQSPQSJPFRVJOEJQFSJDPMPTP
*ODBTPEJFSSPSJOFMMJOTUBMMB[JPOFOFMMFTFSDJ[JPPOFMMBNBOVUFO[JPOFEPWVUJBMMJOPTTFSWBO[BEFMMBMFHJTMB[JPOFUFDOJDBWJHFOUFEFMMBOPSNBUJWBPEFMMFJTUSV[JPOJ
DPOUFOVUFOFMQSFTFOUFMJCSFUUPPDPNVORVFGPSOJUFEBMDPTUSVUUPSF
WJFOFFTDMVTBRVBMTJBTJSFTQPOTBCJMJUÆDPOUSBUUVBMFFEFYUSBDPOUSBUUVBMFEFMDPTUSVUUPSFQFS
FWFOUVBMJEBOOJFEFDBEFMBHBSBO[JBSFMBUJWBBMMBQQBSFDDIJP
1FSBWFSFVMUFSJPSJJOGPSNB[JPOJTVMMFEJTQPTJ[JPOJOPSNBUJWFSFMBUJWFBMMJOTUBMMB[JPOFEFJHFOFSBUPSJEJDBMPSFBHBTDPOTVMUJJMTJUP*NNFSHBTBMTFHVFOUF
JOEJSJ[[PXXXJNNFSHBTDPN
%*$)*"3";*0/&$&%*$0/'03.*5"
"JTFOTJEFMMB%JSFUUJWBHBT$&%JSFUUJWB&.$$&%JSFUUJWBSFOEJNFOUJ$&F%JSFUUJWB#BTTB5FOTJPOF$&
*MDPTUSVUUPSF*NNFSHBT4Q"W$JTB-JHVSFOž#SFTDFMMP3&
.BVSP(VBSFTDIJ
%*$)*"3"$)&MFDBMEBJF*NNFSHBTNPEFMMP
7JDUSJY4VQFSJPSL81MVT
TPOPDPOGPSNJBMMFNFEFTJNF%JSFUUJWF$PNVOJUBSJF
%JSFUUPSF3JDFSDB4WJMVQQP
'JSNB
*/%*$&
*/45"--"503&
QBH
*OTUBMMB[JPOFDBMEBJB "WWFSUFO[FEJJOTUBMMB[JPOF %JNFOTJPOJQSJODJQBMJ 1SPUF[JPOFBOUJHFMP (SVQQPEJBMMBDDJBNFOUPGPSOJUPEJTFSJF
DPOMBDBMEBJB
$PNBOEJSFNPUJFDSPOPUFSNPTUBUJ
BNCJFOUF0QUJPOBM
4POEBFTUFSOBEJUFNQFSBUVSB0QUJPOBM
4JTUFNJGVNBSJ*NNFSHBT *OTUBMMB[JPOFBMMFTUFSOPJOMVPHP
QBS[JBMNFOUFQSPUFUUP *OTUBMMB[JPOFBMMJOUFSOP *OUVCBNFOUPEJDBNJOJFTJTUFOUJ
4DBSJDPEFJGVNJJODBOOB
GVNBSJBDBNJOP
$BOOFGVNBSJFDBNJOJFDPNJHOPMJ
3JFNQJNFOUPEFMMJNQJBOUP
3JFNQJNFOUPEFMTJGPOFSBDDPHMJ
DPOEFOTB
.FTTBJOTFSWJ[JPEFMMJNQJBOUPHBT
.FTTBJOTFSWJ[JPEFMMBDBMEBJB
BDDFOTJPOF
1PNQBEJDJSDPMB[JPOF
1SFWBMFO[BEJTQPOJCJMFQFSJMDPMMFHBNFOUP
JESBVMJDPUSBDBMEBJBF6OJUÆ#PMMJUPSF
#PMMJUPSFBDRVBDBMEBTBOJUBSJB
,JUEJTQPOJCJMJBSJDIJFTUB
$PNQPOFOUJDBMEBJB
$PNQPOFOUJQSJODJQBMJ6OJUÆ#PMMJUPSF
65&/5& QBH
*TUSV[JPOJEJVTPFNBOVUFO[JPOF
7&3*'*$"*/*;*"-&(3"56*5"
1VMJ[JBFNBOVUFO[JPOF
"WWFSUFO[FHFOFSBMJ
1BOOFMMPDPNBOEJ
%FTDSJ[JPOFTUBUJEJGVO[JPOBNFOUP
6UJMJ[[PEFMMBDBMEBJB
4FHOBMB[JPOJHVBTUJFEBOPNBMJF
4QFHOJNFOUPEFMMBDBMEBJB
3JQSJTUJOPQSFTTJPOFJNQJBOUP
SJTDBMEBNFOUP
4WVPUBNFOUPEFMMJNQJBOUP
1SPUF[JPOFBOUJHFMP
1VMJ[JBEFMSJWFTUJNFOUP
%JTBUUJWB[JPOFEFêOJUJWB
.FOÜQBSBNFUSJFJOGPSNB[JPOJ
5&$/*$0
QBH
.FTTBJOTFSWJ[JPEFMMBDBMEBJBWFSJêDB
JOJ[JBMF
4DIFNBFMFUUSJDP
4DIFNB*ESBVMJDP
&WFOUVBMJJODPOWFOJFOUJFMPSPDBVTF
$POWFSTJPOFEFMMBDBMEBJBJODBTPEJ
DBNCJPEFMHBT
5BSBUVSBOVNFSPHJSJWFOUJMBUPSF
3FHPMB[JPOFEFMSBQQPSUPBSJBHBT
$POUSPMMJEBFĒFUUVBSFEPQPMFDPOWFSTJPOJ
EFMHBT
'VO[JPOFi4QB[[B$BNJOPu
'VO[JPOFBOUJCMPDDPQPNQB
GVO[JPOFBOUJCMPDDPUSFWJF
'VO[JPOFBOUJHFMPUFSNPTJGPOJ
"VUPWFSJêDBQFSJPEJDBTDIFEB
FMFUUSPOJDB
'VO[JPOFTêBUPBVUPNBUJDP
'VO[JPOFBCCJOBNFOUPQBOOFMMJTPMBSJ
$POUSPMMPFNBOVUFO[JPOFBOOVBMF
EFMMhBQQBSFDDIJP
1SPHSBNNB[JPOFTDIFEBFMFUUSPOJDB
4NPOUBHHJPEFMNBOUFMMP
1PUFO[BUFSNJDBWBSJBCJMF
1BSBNFUSJEFMMBDPNCVTUJPOF
%BUJUFDOJDJ
-B*NNFSHBT4Q"EFDMJOBPHOJSFTQPOTBCJMJUÆEPWVUBBEFSSPSJEJTUBNQBPEJUSBTDSJ[JPOFSJTFSWBOEPTJJMEJSJUUPEJBQQPSUBSFBJQSPQSJQSPTQFUUJUFDOJDJ
FDPNNFSDJBMJRVBMTJBTJNPEJêDBTFO[BQSFBWWJTP
$BMEBJB EJ UJQP # TF JOTUBMMBUB VUJMJ[[BOEP
MBQQPTJUPUFSNJOBMFQFSMBTQJSB[JPOFEFMMBSJB
EJSFUUBNFOUF EBM MVPHP JO DVJ Í JOTUBMMBUB MB
DBMEBJB
$BMEBJB EJ UJQP $ TF JOTUBMMBUB VUJMJ[[BOEP
UVCJDPODFOUSJDJPBMUSJUJQJEJDPOEPUUJQSFWJTUJ
QFSDBMEBJFBDBNFSBTUBHOBQFSMBTQJSB[JPOF
EFMMBSJBFMFTQVMTJPOFEFJGVNJ
/#MBDMBTTJêDB[JPOFEFMMBQQBSFDDIJPOFDFTTB
SJBQFSMBDPNQJMB[JPOFEFM-JCSFUUPEJ*NQJBOUP
EJDVJBM%.ÍJOEJDBUBOFMMFSBēHV
SB[JPOJEFMMFWBSJFTPMV[JPOJJOTUBMMBUJWFSJQPSUBUF
OFMMFQBHJOFTFHVFOUJ
4PMPVOUFSNPJESBVMJDPQSPGFTTJPOBMNFOUFRVB
MJêDBUPÍBVUPSJ[[BUPBEJOTUBMMBSFBQQBSFDDIJB
HBT*NNFSHBT
-JOTUBMMB[JPOFEFWFFTTFSFGBUUBTFDPOEPMFQSF
TDSJ[JPOJEFMMFOPSNF6/*F$&*EFMMBMFHJTMB
[JPOFWJHFOUFFOFMMPTTFSWBO[BEFMMBOPSNBUJWB
UFDOJDBMPDBMFTFDPOEPMFJOEJDB[JPOJEFMMBCVPOB
UFDOJDB
*OQBSUJDPMBSFEFWPOPFTTFSFSJTQFUUBUFMFOPSNF
6/*FFMFOPSNF$&*F
1SJNBEJJOTUBMMBSFMBQQBSFDDIJPÍPQQPSUVOPWF
SJêDBSFDIFMPTUFTTPTJBHJVOUPJOUFHSPTFDJÖOPO
GPTTFDFSUPPDDPSSFSJWPMHFSTJJNNFEJBUBNFOUF
BMGPSOJUPSF(MJFMFNFOUJEFMMJNCBMMBHHJPHSBĒF
DIJPEJTBDDIFUUJEJQMBTUJDBQPMJTUJSPMPFTQBOTP
FDD
OPOEFWPOPFTTFSFMBTDJBUJBMMBQPSUBUBEFJ
CBNCJOJ JO RVBOUP GPOUJ EJ QFSJDPMP /FM DBTP
JO DVJ MBQQBSFDDIJP WFOHB SBDDIJVTP EFOUSP P
GSBNPCJMJEFWFFTTFSDJMPTQB[JPTVēDJFOUFQFS
MF OPSNBMJ NBOVUFO[JPOJ TJ DPOTJHMJB RVJOEJ
EJ MBTDJBSF BMNFOP DN GSB JM NBOUFMMP EFMMB
DBMEBJBFMFQBSFUJWFSUJDBMJEFMNPCJMF4PQSBF
TPUUPMBDBMEBJBWBMBTDJBUPTQB[JPQFSDPOTFOUJSF
JOUFSWFOUJ TVHMJ BMMBDDJBNFOUJ JESBVMJDJ F TVMMB
GVNJTUFSJB /FTTVO PHHFUUP JOêBNNBCJMF EFWF
USPWBSTJOFMMFWJDJOBO[FEFMMBQQBSFDDIJPDBSUB
TUSBDDJQMBTUJDBQPMJTUJSPMPFDD
&DPOTJHMJBCJMFOPOQPTJ[JPOBSFFMFUUSPEPNFTUJDJ
TPUUPMBDBMEBJBQFSDIÊQPUSFCCFSPTVCJSFEBOOJ
JODBTPEJJOUFSWFOUPEFMMBWBMWPMBEJTJDVSF[[B
TFOPOEFCJUBNFOUFDPOWPHMJBUBBEVOJNCVUP
EJTDBSJDP
PQQVSFJODBTPEJQFSEJUFEBJSBDDPSEJ
JESBVMJDJJODBTPDPOUSBSJPJMDPTUSVUUPSFOPOQP
USÆFTTFSFSJUFOVUPSFTQPOTBCJMFQFSHMJFWFOUVBMJ
EBOOJDBVTBUJBHMJFMFUUSPEPNFTUJDJ
*ODBTPEJBOPNBMJBHVBTUPPEJNQFSGFUUPGVO[JP
OBNFOUPMBQQBSFDDIJPEFWFFTTFSFEJTBUUJWBUPFE
PDDPSSFDIJBNBSFVOUFDOJDPBCJMJUBUPBEFTFN
QJPJMDFOUSP"TTJTUFO[B5FDOJDB*NNFSHBTDIF
EJTQPOFEJQSFQBSB[JPOFUFDOJDBTQFDJêDBFEFJ
SJDBNCJPSJHJOBMJ
"TUFOFSTJRVJOEJEBRVBMTJBTJ
JOUFSWFOUPPUFOUBUJWPEJSJQBSB[JPOF
*MNBODBUPSJTQFUUPEJRVBOUPTPQSBEFUFSNJOB
SFTQPOTBCJMJUÆ QFSTPOBMJ F MJOFGGJDBDJB EFMMB
HBSBO[JB
"UUFO[JPOF MJOTUBMMB[JPOF EFMMB DBMEBJB TVMMB
QBSFUF EFWF HBSBOUJSF VO TPTUFHOP TUBCJMF FE
FēDBDFBMHFOFSBUPSFTUFTTP
*UBTTFMMJGPSOJUJEJTFSJF
OFMDBTPTJBQSFTFOUFVOB
TUBĒBEJTPTUFHOPPEJNBEJêTTBHHJPBDPSSFEPEFMMB
DBMEBJBWBOOPVUJMJ[[BUJFTDMVTJWBNFOUFQFSêTTBSF
MBNFEFTJNBBMMBQBSFUFQPTTPOPBTTJDVSBSFVO
BEFHVBUPTPTUFHOPTPMPTFJOTFSJUJDPSSFUUBNFOUF
TFDPOEPMFSFHPMFEFMMBCVPOBUFDOJDB
JOQBSFUJ
DPTUSVJUFDPONBUUPOJQJFOJPTFNJQJFOJ*ODBTP
EJQBSFUJSFBMJ[[BUFDPONBUUPOJPCMPDDIJGPSBUJ
USBNF[[J EJ MJNJUBUB TUBUJDJUÆ P DPNVORVF EJ
NVSBUVSFEJWFSTFEBRVFMMFJOEJDBUFÍOFDFTTBSJP
QSPDFEFSFBEVOBWFSJêDBTUBUJDBQSFMJNJOBSFEFM
TJTUFNBEJTVQQPSUP
/# MF WJUJ QFS UBTTFMMP DPO UFTUB FTBHPOBMF
QSFTFOUJ OFM CMJTUFS WBOOP VUJMJ[[BUF FTDMVTJ
WBNFOUFQFSJMêTTBHHJPEFMMBSFMBUJWBTUBĒBEJ
TPTUFHOPBNVSP
2VFTUFDBMEBJFTFSWPOPBSJTDBMEBSFBDRVBBEVOB
UFNQFSBUVSB JOGFSJPSF B RVFMMB EJ FCPMMJ[JPOF B
QSFTTJPOFBUNPTGFSJDB
%FWPOP FTTFSF BMMBDDJBUF BE VO JNQJBOUP EJ
SJTDBMEBNFOUPFBEVOBSFUFEJEJTUSJCV[JPOFEJ
BDRVBTBOJUBSJBBEFHVBUBBMMFMPSPQSFTUB[JPOJFE
BMMBMPSPQPUFO[B
"UUFO[JPOF-VOJUÆCPMMJUPSFEFWFFTTFSFJOTUBM
MBUBJOVOBNCJFOUFOFMRVBMFMBUFNQFSBUVSBOPO
EFWFTDFOEFSFBMEJTPUUPEJž$
*/45"--"503&
"77&35&/;&%**/45"--";*0/&
-BDBMEBJB7JDUSJY4VQFSJPSL81MVTÍTUBUB
QSPHFUUBUBVOJDBNFOUFQFSJOTUBMMB[JPOJBQBSFUF
QFS JM SJTDBMEBNFOUP BNCJFOUJ JO VTJ EPNFTUJDJ
FTJNJMBSJ
-BQBSFUFEFWFFTTFSFMJTDJBQSJWBDJPÍEJTQPS
HFO[FPEJSJFOUSBO[FUBMJEBDPOTFOUJSFMBDDFTTP
EBMMBQBSUFQPTUFSJPSF/POTPOPTUBUFBTTPMVUB
NFOUFQSPHFUUBUFQFSJOTUBMMB[JPOJTVCBTBNFOUJ
PQBWJNFOUJ'JH
7BSJBOEPJMUJQPEJJOTUBMMB[JPOFWBSJBBODIFMB
DMBTTJêDB[JPOFEFMMBDBMEBJBFQSFDJTBNFOUF
r/PSNF EJ JOTUBMMB[JPOF RVFTUB DBMEBJB QVÖ
FTTFSF JOTUBMMBUB BMMFTUFSOP JO MVPHP QBS[JBM
NFOUFQSPUFUUP1FSMVPHPQBS[JBMNFOUFQSPUFUUP
TJOUFOEFRVFMMPJODVJMBDBMEBJBOPOÍFTQPTUB
BMMB[JPOF EJSFUUB FE BMMB QFOFUSB[JPOF EFMMF
QSFDJQJUB[JPOJ BUNPTGFSJDIF QJPHHJB OFWF
HSBOEJOF FDD
-VOJUÆ CPMMJUPSF OPO EFWF
FTTFSFFTQPTUBBHMJBHFOUJBUNPTGFSJDJ
'JH
65&/5&
*/45"--";*0/&
$"-%"*"
5&$/*$0
*/45"--"503&
%*.&/4*0/*13*/$*1"-*
5&$/*$0
65&/5&
6OJUÆCPMMJUPSF-JUSJ
6OJUÆCPMMJUPSF-JUSJ
6OJUÆCPMMJUPSF-JUSJ
"55"$$)*
6OJUÆCPMMJUPSF-JUSJ
*.1*"/50
("4
"$26"4"/*5"3*"
.636
.3
.131
(
"'33
"$
3$
u
u
u
u
u
u
u
MBDBMEBJBÍEPUBUBEJVOSVCJOFUUPHBTBžDPOBUUBDDIJuF
SBDDPSEP‹NN
-FHFOEB
4$ 4DBSJDPDPOEFOTBEJBNFUSPJOUFSOPNJOJNP‹NN
7 "MMBDDJBNFOUPFMFUUSJDP
( "MJNFOUB[JPOFHBT
33 3JFNQJNFOUPJNQJBOUP
"$ 6TDJUBBDRVBDBMEBTBOJUBSJB
"' &OUSBUBBDRVBTBOJUBSJB
36 3JUPSOPVOJUÆCPMMJUPSF
.6 .BOEBUBVOJUÆCPMMJUPSF
3 3JUPSOPJNQJBOUP
. .BOEBUBJNQJBOUP
31 3JUPSOPQBOOFMMJTPMBSJ0QUJPOBM
.1 .BOEBUBQBOOFMMJTPMBSJ0QUJPOBM
3$ 3JDJSDPMPTBOJUBSJP0QUJPOBM
'JH
MBDBMEBJBOPOÍJOTUBOECZ
MBDBMEBJBOPOÍJOCMPDDPNBODBUBBDDFOTJPOF
QBSBH
JDPNQPOFOUJFTTFO[JBMJEJDBMEBJBOPOTPOPJO
BWBSJB
*ORVFTUFDPOEJ[JPOJMBDBMEBJBÍQSPUFUUBDPOUSPJM
HFMPêOPBMMBUFNQFSBUVSBBNCJFOUFEJž$
5FNQFSBUVSBNJOJNBž$/FMDBTPJODVJMB
DBMEBJBTJBJOTUBMMBUBJOVOMVPHPEPWFMBUFNQFSB
UVSBTDFOEBBMEJTPUUPEJž$FRVBMPSBWFOHBOP
BNBODBSFMBMJNFOUB[JPOFHBTPQQVSFMBDBMEBJB
WBEBJOCMPDDPNBODBUBBDDFOTJPOFÍQPTTJCJMF
BSSJWBSFBMDPOHFMBNFOUPEFMMBQQBSFDDIJP
1FSFWJUBSFJMSJTDIJPEJDPOHFMBNFOUPBUUFOFSTJBMMF
TFHVFOUJJTUSV[JPOJ
1SPUFHHFSF EBM HFMP JM DJSDVJUP EJ SJTDBMEB
NFOUP JOUSPEVDFOEP JO RVFTUP DJSDVJUP VO
MJRVJEPBOUJDPOHFMBOUFTQFDêDPQFSJNQJBOUJ
EJSJTDBMEBNFOUP
EJCVPOBNBSDBTFHVFOEP
TDSVQPMPTBNFOUFMFJTUSV[JPOJEFMGBCCSJDBOUF
EFMMPTUFTTPQFSRVBOUPSJHVBSEBMBQFSDFOUVBMF
OFDFTTBSJB SJTQFUUP BMMB UFNQFSBUVSB NJOJNB
BMMBRVBMFTJWVPMFQSFTFSWBSFMJNQJBOUP
* NBUFSJBMJ DPO DVJ TPOP SFBMJ[[BUF MF DBMEBJF
SFTJTUPOPBJMJRVJEJBOUJDPOHFMBOUJBCBTFEJHMJDPMJ
FUJMFOJDJFQSPQJMFOJDJ
1FSMBEVSBUBFMFWFOUVBMFTNBMUJNFOUPTFHVJSFMF
JOEJDB[JPOJEFMGPSOJUPSF
1SPUFHHFSFEBMHFMPJMDJSDVJUPTBOJUBSJPVUJMJ[
[BOEPVOBDDFTTPSJPGPSOJCJMFBSJDIJFTUBLJU
BOUJHFMP
DPNQPTUPEBVOBSFTJTUFO[BFMFUUSJDB
EBM SFMBUJWP DBCMBHHJP F EB VO UFSNPTUBUP EJ
DPNBOEP MFHHFSF BUUFOUBNFOUF MF JTUSV[JPOJ
QFS JM NPOUBHHJP DPOUFOVUF OFMMB DPOGF[JPOF
EFMLJUBDDFTTPSJP
*ORVFTUFDPOEJ[JPOJMBDBMEBJBÍQSPUFUUBDPOUSPJM
HFMPêOPBEVOBUFNQFSBUVSBEJž$
1FS MFēDBDJB EFMMB HBSBO[JB TPOP FTDMVTJ EBOOJ
EFSJWBOUJ EBMMJOUFSSV[JPOF OFMMB GPSOJUVSB EJ
FOFSHJBFMFUUSJDBFEBMNBODBUPSJTQFUUPEJRVBOUP
SJQPSUBUPOFMMBQBHJOBQSFDFEFOUF
" DBVTB EFMMB DPNQPTJ[JPOF EFMMB NJTDFMB EJ
(1- TJ QVÖ WFSJêDBSF EVSBOUF JM QFSJPEP EJ
TUPDDBHHJPOFJTFSCBUPJVOBTUSBUJêDB[JPOFEFJ
DPNQPOFOUJEFMMBNJTDFMB2VFTUPQVÖDBVTBSF
VOBWBSJB[JPOFEFMQPUFSFDBMPSJêDPEFMMBNJ
TDFMBFSPHBUBBMMBQQBSFDDIJPDPODPOTFHVFOUF
WBSJB[JPOFEFMMFQSFTUB[JPOJEFMMPTUFTTP
(SVQQP BMMBDDJBNFOUP PQUJPOBM
CPMMJUPSF
MJUSJFMJUSJ&QPTTJCJMFOFMDBTPJODVJ
TJVTVGSVJTDBEFMCPMMJUPSFEBPEBMJUSJ
SJDIJFEFSFJMLJUQFSJMNPOUBHHJPJOWFSUJDBMFUSB
DBMEBJBFVOJUÆCPMMJUPSFEBFĒFUUVBSFBMMJOUFSOP
EFMMBCJUB[JPOF
BTTFNCMBOEPMP DPNF EFTDSJUUP
JOêHVSB
(
36
.6
7
33
4$
"$
3
.
-FHFOEB
7 "MMBDDJBNFOUPFMFUUSJDP7)[
( "MJNFOUB[JPOFHBTu
36 3JUPSOPVOJUÆCPMMJUPSFu
33 3JFNQJNFOUPJNQJBOUPu
.6 .BOEBUBVOJUÆCPMMJUPSFu
"$ 6TDJUBBDRVBDBMEBTBOJUBSJBu
"' &OUSBUBBDRVBTBOJUBSJBu
4$ 4DBSJDPDPOEFOTB
3 3JUPSOPJNQJBOUPu
. .BOEBUBJNQJBOUPu
3$ 3JDJSDPMPTBOJUBSJPu
36
.6
3$
"'
/# JO DBTP EJ JOTUBMMB[JPOF EFMMB DBMEBJB JO
MVPHIJEPWFMBUFNQFSBUVSBTDFOEFTPUUPJž$ÍSJ
DIJFTUBMBDPJCFOUB[JPOFEFJUVCJEJBMMBDDJBNFOUP
TJBTBOJUBSJPDIFSJTDBMEBNFOUP-BDRVBQSFTFOUF
BMMJOUFSOPEFMMVOJUÆCPMMJUPSFRVBOEPMBDBMEBJB
ÍTQFOUBOPOÍQSPUFUUBDPOUSPJMHFMP
/#NPOUBSFMBWBMWPMBVOJEJSF[JP
OBMF&VSPQB
TVMUVCPEJNBOEBUB
JNQJBOUPGPSOJUBVOJUBNFOUFBMMB
DBMEBJBDPNFSBQQSFTFOUBUPJOêHVSB
'JH
QFSMFJTUSV[JPOJEJNPO
UBHHJPEFUUBHMJBUFWFEFSF
JM GPHMJP JTUSV[JPOJ QSF
TFOUFBMMJOUFSOPEFMLJU
(36110%*"--"$$*".&/50
ю'03/*50%*4&3*&$0/-"
$"-%"*"я
"MMBDDJBNFOUP HBT "QQBSFDDIJP DBUFHPSJB
**)#1
-FOPTUSFDBMEBJFTPOPDPTUSVJUFQFSGVO[JPOBSF
DPOHBTNFUBOP(
F(1--BUVCB[JPOFEJ
'JH
*/45"--"503&
4FSCBUPJEJTUPDDBHHJPJODBTPEJBMJNFOUB[JP
OFEBEFQPTJUPEJ(1-
1VÖBDDBEFSFDIFJOVPWJTFSCBUPJEJTUPDDBHHJP
(1- QPTTBOP DPOUFOFSF SFTJEVJ EJ HBT JOFSUF
B[PUP
DIFJNQPWFSJTDPOPMBNJTDFMBFSPHBUB
BMMBQQBSFDDIJP DBVTBOEPOF GVO[JPOBNFOUJ
BOPNBMJ
*M,JUDPNQSFOEF
/ž SBDDPSEJUFMFTDPQJDJEB3.36.6
/ž SBDDPSEPUFMFTDPQJDPEB33
/ž SVCJOFUUPHBT(
/ž SVCJOFUUPBTGFSBEB33
/ž DVSWFJOSBNF‹
/ž DVSWFJOSBNF‹
/ž UVCP‹
/ž UBTTFMMJSFHPMBCJMJBFTQBOTJPOF
/ž HBODJEJTPTUFHOPDBMEBJB
(VBSOJ[JPOJF03JOHEJUFOVUB
-BQSPUF[JPOFDPOUSPJMDPOHFMBNFOUPEFMMBDBMEBJB
ÍJORVFTUPNPEPBTTJDVSBUBTPMUBOUPTF
MBDBMEBJBÍDPSSFUUBNFOUFBMMBDDJBUBBMDJSDVJUP
EJBMJNFOUB[JPOFFMFUUSJDBFBMJNFOUBUB
JDPNQPOFOUJEFMLJUBOUJHFMPOPOTPOPJOBWB
SJB
2VBMJUÆ EFM HBT DPNCVTUJCJMF -BQQBSFDDIJP Í
TUBUP QSPHFUUBUP QFS GVO[JPOBSF DPO HBT DPN
CVTUJCJMFQSJWPEJJNQVSJUÆJODBTPDPOUSBSJPÍ
PQQPSUVOPJOTFSJSFEFHMJPQQPSUVOJêMUSJBNPOUF
EFMMBQQBSFDDIJPBMêOFEJSJQSJTUJOBSFMBQVSF[[B
EFMDPNCVTUJCJMF
65&/5&
MBDBMEBJBÍDPTUBOUFNFOUFBMJNFOUBUB
BMJNFOUB[JPOFEFWFFTTFSFVHVBMFPTVQFSJPSFBM
SBDDPSEPEJDBMEBJBu(1SJNBEJFĒFUUVBSFMBM
MBDDJBNFOUPHBTPDDPSSFFĒFUUVBSFVOBBDDVSBUB
QVMJ[JBJOUFSOBEJUVUUFMFUVCB[JPOJEFMMJNQJBOUP
EJBEEV[JPOFEFMDPNCVTUJCJMFPOEFSJNVPWFSF
FWFOUVBMJSFTJEVJDIFQPUSFCCFSPDPNQSPNFUUFSF
JM CVPO GVO[JPOBNFOUP EFMMB DBMEBJB 0DDPSSF
JOPMUSF DPOUSPMMBSF DIF JM HBT EJTUSJCVJUP DPS
SJTQPOEB B RVFMMP QFS DVJ Í TUBUB QSFEJTQPTUB
MBDBMEBJBWFEJUBSHBEBUJQPTUBJODBMEBJB
4F
EJĒFSJTDPOPÍOFDFTTBSJPJOUFSWFOJSFTVMMBDBMEBJB
QFS VO BEBUUBNFOUP BE BMUSP UJQP EJ HBT WFEJ
DPOWFSTJPOFEFHMJBQQBSFDDIJJODBTPEJDBNCJP
HBT
&JNQPSUBOUFJOPMUSFWFSJêDBSFMBQSFTTJPOF
EJOBNJDBEJSFUFNFUBOPP(1-
DIFTJBOESÆ
BE VUJMJ[[BSF QFS MBMJNFOUB[JPOF EFMMB DBMEBJB
DIFEPWSÆFTTFSFDPOGPSNFBMMB6/*&/F
SFMBUJWJ BMMFHBUJ JO RVBOUP TF JOTVēDJFOUF QVÖ
JOëVJSFTVMMBQPUFO[BEFMHFOFSBUPSFQSPWPDBOEP
EJTBHJBMMVUFOUF
"TTJDVSBSTJDIFMBMMBDDJBNFOUPEFMSVCJOFUUPHBT
BWWFOHBDPSSFUUBNFOUF*MUVCPEJBEEV[JPOFEFM
HBT DPNCVTUJCJMF EFWF FTTFSF PQQPSUVOBNFOUF
EJNFOTJPOBUP JO CBTF BMMF OPSNBUJWF WJHFOUJ
6/*
BMêOFEJHBSBOUJSFMBDPSSFUUBQPSUBUB
EFM HBT BM CSVDJBUPSF BODIF OFMMF DPOEJ[JPOJ EJ
NBTTJNB QPUFO[B EFM HFOFSBUPSF F EJ HBSBOUJSF
MF QSFTUB[JPOJ EFMMBQQBSFDDIJP EBUJ UFDOJDJ
*M
TJTUFNBEJHJVO[JPOFEFWFFTTFSFDPOGPSNFBMMF
OPSNF6/*FE6/*&/
5&$/*$0
1305&;*0/&"/5*(&-0
5FNQFSBUVSBNJOJNBž$-BDBMEBJBÍEPUBUB
EJTFSJFEJVOBGVO[JPOFBOUJHFMPDIFQSPWWFEF
B NFUUFSF JO GVO[JPOF MB QPNQB F CSVDJBUPSF
RVBOEPMBUFNQFSBUVSBEFMMBDRVBBMMJOUFSOPEFMMB
DBMEBJBTDFOEFTPUUPJž$
-BGVO[JPOFBOUJHFMPÍQFSÖBTTJDVSBUBTPMUBOUP
TF
MBDBMEBJBÍDPSSFUUBNFOUFBMMBDDJBUBBJDJSDVJUJ
EJBMJNFOUB[JPOFHBTFEFMFUUSJDB
5&$/*$0
65&/5&
*/45"--"503&
"MMBDDJBNFOUPJESBVMJDP
"UUFO[JPOFQSJNBEJFĒFUUVBSFHMJBMMBDDJBNFOUJ
EJDBMEBJBQFSOPOGBSEFDBEFSFMBHBSBO[JBTVM
NPEVMPBDPOEFOTB[JPOFMBWBSFBDDVSBUBNFOUF
MJNQJBOUP UFSNJDP UVCB[JPOJ DPSQJ TDBMEBOUJ
FDD
DPOBQQPTJUJEFDBQBOUJPEJTJODSPTUBOUJJO
HSBEP EJ SJNVPWFSF FWFOUVBMJ SFTJEVJ DIF QP
USFCCFSPDPNQSPNFUUFSFJMCVPOGVO[JPOBNFOUP
EFMMBDBMEBJB
"M êOF EJ FWJUBSF EFQPTJUJ JODSPTUB[JPOJ F DPS
SPTJPOJOFMMJNQJBOUPEJSJTDBMEBNFOUPEFWPOP
FTTFSFSJTQFUUBUFMFQSFTDSJ[JPOJDPOUFOVUFOFMMB
OPSNB 6/* DPODFSOFOUF JM USBUUBNFOUP
EFMMBDRVBOFHMJJNQJBOUPUFSNJDJBEVTPDJWJMF
(MJBMMBDDJBNFOUJJESBVMJDJEFWPOPFTTFSFFTFHVJUJ
JONPEPSB[JPOBMFVUJMJ[[BOEPHMJBUUBDDIJTVMMB
EJNB EFMMB DBMEBJB -P TDBSJDP EFMMB WBMWPMB EJ
TJDVSF[[BEFMMBDBMEBJBEFWFFTTFSFDPMMFHBUPBE
VO JNCVUP EJ TDBSJDP *O DBTP DPOUSBSJP TF MB
WBMWPMBEJTDBSJDPEPWFTTFJOUFSWFOJSFBMMBHBOEP
JM MPDBMF JM DPTUSVUUPSF EFMMB DBMEBJB OPO TBSÆ
SFTQPOTBCJMF
"UUFO[JPOFQFSQSFTFSWBSFMBEVSBUBFMFDBSBUUF
SJTUJDIFEJFēDJFO[BEFMMPTDBNCJBUPSFTBOJUBSJP
Í DPOTJHMJBUB MJOTUBMMB[JPOF EJ VO iEPTBUPSF EJ
QPMJGPTGBUJu P BMUSP EJTQPTJUJWP JO PUUFNQFSBO[B
BMMBOPSNBUJWBWJHFOUFFBMMBSFHPMBEFMMBSUF
JO
QSFTFO[B EJ BDRVF MF DVJ DBSBUUFSJTUJDIF QPTTPOP
QSPWPDBSFMJOTPSHFO[BEJJODSPTUB[JPOJDBMDBSFFJO
QBSUJDPMBSFFEBUJUPMPEJFTFNQJPOPOFTBVTUJWP
JM LJU Í SBDDPNBOEBUP BMMPSRVBOEP MB EVSF[[B
EFMMBDRVBÍTVQFSJPSFBHSBEJGSBODFTJ
4DBSJDP DPOEFOTB 1FS MP TDBSJDP EFMMBDRVB EJ
DPOEFOTB[JPOF QSPEPUUB EBMMBQQBSFDDIJP PD
DPSSFDPMMFHBSTJBMMBSFUFGPHOBSJBNFEJBOUFUVCJ
JEPOFJBSFTJTUFSFBMMFDPOEFOTFBDJEFBWFOUJJM
‹JOUFSOPEJBMNFOPNN-JNQJBOUPEJDPM
MFHBNFOUPEFMMBQQBSFDDIJPDPOMBSFUFGPHOBSJB
EFWF FTTFSF FĒFUUVBUP JO NPEP UBMF EB FWJUBSF
JM DPOHFMBNFOUP EFM MJRVJEP JO FTTP DPOUFOVUP
1SJNBEFMMBNFTTBJOGVO[JPOFEFMMBQQBSFDDIJP
BDDFSUBSTJDIFMBDPOEFOTBQPTTBFTTFSFFWBDVBUB
JONPEPDPSSFUUP0DDPSSFJOPMUSFBUUFOFSTJBMMB
OPSNBUJWBWJHFOUF6/*
FEBMMFEJTQPTJ
[JPOJOB[JPOBMJFMPDBMJWJHFOUJQFSMPTDBSJDPEJ
BDRVFSFëVF
"MMBDDJBNFOUP FMFUUSJDP -B DBMEBJB i7JDUSJY
4VQFSJPSL81MVTuIBQFSUVUUPMBQQBSFDDIJP
VO HSBEP EJ QSPUF[JPOF *19% -B TJDVSF[[B
FMFUUSJDB EFMMBQQBSFDDIJP Í SBHHJVOUB TPMUBOUP
RVBOEPMPTUFTTPÍQFSGFUUBNFOUFDPMMFHBUPBVO
FēDBDFJNQJBOUPEJNFTTBBUFSSBFTFHVJUPDPNF
QSFWJTUPEBMMFWJHFOUJOPSNFEJTJDVSF[[B
"UUFO[JPOFMB*NNFSHBT4Q"EFDMJOBPHOJSF
TQPOTBCJMJUÆQFSEBOOJBQFSTPOFPDPTFEFSJWBOUJ
EBM NBODBUP DPMMFHBNFOUP EFMMB NFTTB B UFSSB
EFMMB DBMEBJB F EBMMF JOPTTFSWBO[F EFMMF OPSNF
$&*EJSJGFSJNFOUP
7FSJGJDBSF JOPMUSF DIF MJNQJBOUP FMFUUSJDP TJB
BEFHVBUP BMMB QPUFO[B NBTTJNB BTTPSCJUB EBM
$SPOPUFSNPTUBUPEJHJUBMF0O0Ē
MBQQBSFDDIJP JOEJDBUB OFMMB UBSHB EBUJ QPTUB JO
DBMEBJB -F DBMEBJF TPOP DPNQMFUF EFM DBWP EJ
BMJNFOUB[JPOF TQFDJBMF EJ UJQP i9u TQSPWWJTUP
EJ TQJOB *M DBWP EJ BMJNFOUB[JPOF EFWF FTTFSF
BMMBDDJBUP BE VOB SFUF EJ 7 ™ )[
SJTQFUUBOEP MB QPMBSJUÆ -/ FE JM DPMMFHBNFOUP
TV UBMF SFUF EFWF FTTFSF QSFWJTUB
EJ UFSSB
VOB EJTDPOOFTTJPOF POOJQPMBSF DPO DBUFHPSJB
EJ TPWSBUFOTJPOF EJ DMBTTF *** *O DBTP EJ TPTUJ
UV[JPOF EFM DBWP EJ BMJNFOUB[JPOF SJWPMHFSTJ
BE VO UFDOJDP BCJMJUBUP BE FTFNQJP JM 4FSWJ[JP
"TTJTUFO[B 5FDOJDB "VUPSJ[[BUP *NNFSHBT
*M
DBWPEJBMJNFOUB[JPOFEFWFSJTQFUUBSFJMQFSDPSTP
QSFTDSJUUP'JH
*ODBTPTJEFCCBTPTUJUVJSFJMGVTJCJMFEJSFUFTVMMB
TDIFEBEJSFHPMB[JPOFVTBSFVOGVTJCJMFEJ"
SBQJEP1FSMBMJNFOUB[JPOFHFOFSBMFEFMMBQQBSFD
DIJPEBMMBSFUFFMFUUSJDBOPOÍDPOTFOUJUPMVTPEJ
BEBUUBUPSJQSFTFNVMUJQMFFQSPMVOHIF
$0."/%*3&.05*&
$30/05&3.045"5*".#*&/5&
ю015*0/"-я
-B DBMEBJB Í QSFEJTQPTUB QFS MBQQMJDB[JPOF
EFJ DSPOPUFSNPTUBUJ BNCJFOUF P EFJ DPNBOEJ
SFNPUJ
2VFTUJ DPNQPOFOUJ *NNFSHBT TPOP EJTQPOJ
CJMJ DPNF LJU TFQBSBUJ EBMMB DBMEBJB F GPSOJCJMJ
BSJDIJFTUB
5VUUJ J DSPOPUFSNPTUBUJ *NNFSHBT TPOP DPMMF
HBCJMJ DPO TPMJ êMJ -FHHFSF BUUFOUBNFOUF MF
JTUSV[JPOJQFSJMNPOUBHHJPFMVTPDPOUFOVUFOFM
LJUBDDFTTPSJP
r$SPOPUFSNPTUBUPEJHJUBMF0O0Ē'JH
*M
DSPOPUFSNPTUBUPDPOTFOUFEJ
JNQPTUBSFEVFWBMPSJEJUFNQFSBUVSBBNCJFOUF
VOP QFS JM HJPSOP UFNQFSBUVSB DPNGPSU
F
VOBQFSMBOPUUFUFNQFSBUVSBSJEPUUB
JNQPTUBSF êOP B RVBUUSP QSPHSBNNJ TFUUJ
NBOBMJEJĒFSFO[JBMJEJBDDFOTJPOJFTQFHOJ
NFOUJ
TFMF[JPOBSFMPTUBUPEJGVO[JPOBNFOUPEFTJEF
SBUPGSBMFWBSJFQPTTJCJMJBMUFSOBUJWF
r GVO[JPOBNFOUP QFSNBOFOUF JO UFNQ
DPNGPSU
rGVO[JPOBNFOUPQFSNBOFOUFJOUFNQSJEPU
UB
rGVO[JPOBNFOUPQFSNBOFOUFJOUFNQBOUJHFMP
SFHPMBCJMF
*MDSPOPUFSNPTUBUPÍBMJNFOUBUPDPOQJMFEB
7UJQP-3BMDBMJOF
r4POPEJTQPOJCJMJUJQPMPHJFEJDPNBOEJSFNPUJ
$PNBOEP"NJDP3FNPUP$"3
'JH
F
4VQFS$PNBOEP"NJDP3FNPUP4VQFS$"3
'JH FOUSBNCJ DPO GVO[JPOBNFOUP EJ
DSPOPUFSNPTUBUJ DMJNBUJDJ * QBOOFMMJ EFJ DSP
OPUFSNPTUBUJ DPOTFOUPOP BMMVUFOUF PMUSF BMMF
GVO[JPOJJMMVTUSBUFBMQVOUPQSFDFEFOUFEJBWFSF
TPUUPDPOUSPMMPFTPQSBUUVUUPBQPSUBUBEJNBOP
UVUUF MF JOGPSNB[JPOJ JNQPSUBOUJ SFMBUJWF BM
GVO[JPOBNFOUPEFMMBQQBSFDDIJPFEFMMJNQJBOUP
UFSNJDPDPOMBPQQPSUVOJUÆEJJOUFSWFOJSFDP
NPEBNFOUF TVJ QBSBNFUSJ QSFDFEFOUFNFOUF
$PNBOEP"NJDP3FNPUP$"3
'JH
'JH
$"70"-*.&/5";*0/&
'JH
JNQPTUBUJTFO[BOFDFTTJUÆEJTQPTUBSTJTVMMVPHP
PWFÍJOTUBMMBUPMBQQBSFDDIJP*MQBOOFMMPÍEP
UBUPEJBVUPEJBHOPTJQFSWJTVBMJ[[BSFTVMEJTQMBZ
FWFOUVBMJBOPNBMJFEJGVO[JPOBNFOUPEFMMBDBM
EBJB*MDSPOPUFSNPTUBUPDMJNBUJDPJODPSQPSBUP
OFM QBOOFMMP SFNPUP DPOTFOUF EJ BEFHVBSF MB
UFNQFSBUVSBEJNBOEBUBJNQJBOUPBMMFFĒFUUJWF
OFDFTTJUÆEFMMBNCJFOUFEBSJTDBMEBSFJONPEP
EBPUUFOFSFJMWBMPSFEJUFNQFSBUVSBBNCJFOUF
EFTJEFSBUP DPO FTUSFNB QSFDJTJPOF F RVJOEJ
DPOFWJEFOUFSJTQBSNJPTVMDPTUPEJHFTUJPOF
*MDSPOPUFSNPTUBUPÍBMJNFOUBUPEJSFUUBNFOUF
EBMMBDBMEBJBUSBNJUFHMJTUFTTJêMJDIFTFSWPOP
QFSMBUSBTNJTTJPOFEBUJGSBDBMEBJBFDSPOPUFS
NPTUBUP
*NQPSUBOUF *O DBTP EJ JNQJBOUP TVEEJWJTP JO
[POF USBNJUF MBQQPTJUP LJU JM $"3 F JM 4VQFS
$"3EFWPOPFTTFSFVUJMJ[[BUJFTDMVEFOEPMBTVB
GVO[JPOFEJUFSNPSFHPMB[JPOFDMJNBUJDBPWWFSP
JNQPTUBOEPMPJONPEBMJUÆ0O0Ē
"MMBDDJBNFOUP FMFUUSJDP $"3 4VQFS $"3 P
DSPOPUFSNPTUBUP 0O0Ē 0QUJPOBM
-F PQF
SB[JPOJEJTFHVJUPEFTDSJUUFWBOOPFĒFUUVBUFEPQP
BWFS UPMUP UFOTJPOF BMMBQQBSFDDIJP -FWFOUVBMF
DSPOPUFSNPTUBUPBNCJFOUF0O0ĒWBDPMMFHBUP
BJNPSTFUUJFFMJNJOBOEPJMQPOUF9'JH
"TTJDVSBSTJDIFJMDPOUBUUPEFMUFSNPTUBUP
0O0Ē TJB EFM UJQP iQVMJUPu DJPÍ JOEJQFOEFOUF
EBMMBUFOTJPOFEJSFUFJODBTPDPOUSBSJPTJEBO
OFHHFSFCCFMBTDIFEBFMFUUSPOJDBEJSFHPMB[JPOF
-FWFOUVBMF$"3P4VQFS$"3EFWFFTTFSFBMMBD
DJBUPNFEJBOUFJNPSTFUUJ*/F*/BJNPSTFUUJ
F TVMMB TDIFEB FMFUUSPOJDB JO DBMEBJB
FMJNJOBOEPJMQPOUF9FSJTQFUUBOEPMBQPMBSJUÆ
'JH -BMMBDDJBNFOUP DPO QPMBSJUÆ FSSBUB
QVSOPOEBOOFHHJBOEPJM$"3OPOOFDPOTFOUF
JMTVPGVO[JPOBNFOUP&QPTTJCJMFDPMMFHBSFBMMB
DBMEBJBVOTPMPDPNBOEPSFNPUP
*NQPSUBOUF 4J SFOEF PCCMJHBUPSJP OFMMFWFO
UVBMJUÆEJVUJMJ[[PEFM$PNBOEP"NJDP3FNPUP
QSFEJTQPSSFEVFMJOFFTFQBSBUFTFDPOEPMFOPSNF
WJHFOUJSJHVBSEBOUJHMJJNQJBOUJFMFUUSJDJ5VUUFMF
UVCB[JPOJ EFMMB DBMEBJB OPO EFWPOP NBJ FTTFSF
VTBUFDPNFQSFTFEJUFSSBEFMMJNQJBOUPFMFUUSJDPP
UFMFGPOJDP"TTJDVSBSTJRVJOEJDIFDJÖOPOBWWFO
HBQSJNBEJDPMMFHBSFFMFUUSJDBNFOUFMBDBMEBJB
4VQFS$PNBOEP"NJDP3FNPUP4VQFS$"3
'JH
'JH
*OTUBMMB[JPOFDPOJNQJBOUPGVO[JPOBOUFBCBTTB
UFNQFSBUVSBEJSFUUB-BDBMEBJBQVÖBMJNFOUBSF
EJSFUUBNFOUFVOJNQJBOUPBCBTTBUFNQFSBUVSB
BHFOEPTVMQBSBNFUSPi5&3.03&(u1BSBH
FE JNQPTUBOEP JM SBOHF EJ SFHPMB[JPOF
UFNQFSBUVSBEJNBOEBUBi4&53.*/uFi4&53
."9u*OUBMFTJUVB[JPOFÍPQQPSUVOPJOTFSJSFJO
TFSJFBMMBMJNFOUB[JPOFFEJDBMEBJBVOBTJDVSF[[B
DPTUJUVJUBEBVOUFSNPTUBUPBWFOUFUFNQFSBUVSB
MJNJUF EJ ž$ *M UFSNPTUBUP EFWF FTTFSF QPTJ
[JPOBUP TVM UVCP EJ NBOEBUB JNQJBOUP BE VOB
EJTUBO[BEJBMNFOPNFUSJEBMMBDBMEBJB
40/%"&45&3/"%*
5&.1&3"563"ю015*0/"-я
2VFTUBTPOEB'JH
ÍDPMMFHBCJMFEJSFUUBNFOUF
BMMJNQJBOUP FMFUUSJDP EFMMB DBMEBJB F DPOTFOUF
EJ EJNJOVJSF BVUPNBUJDBNFOUF MB UFNQFSBUVSB
NBTTJNBEJNBOEBUBBMMJNQJBOUPBMMBVNFOUBSF
EFMMBUFNQFSBUVSBFTUFSOBJONPEPEBBEFHVB
SF JM DBMPSF GPSOJUP BMMJNQJBOUP JO GVO[JPOF
EFMMB WBSJB[JPOF EFMMB UFNQFSBUVSB FTUFSOB -B
TPOEB FTUFSOB BHJTDF TFNQSF RVBOEP DPOOFTTB
JOEJQFOEFOUFNFOUF EBMMB QSFTFO[B P EBM UJQP
EJ DSPOPUFSNPTUBUP BNCJFOUF VUJMJ[[BUP F QVÖ
MBWPSBSFJODPNCJOB[JPOFDPOJDSPOPUFSNPTUBUJ
*NNFSHBT -B DPSSFMB[JPOF GSB UFNQFSBUVSB EJ
NBOEBUB BMMJNQJBOUP F UFNQFSBUVSB FTUFSOB Í
EFUFSNJOBUBEBJQBSBNFUSJJNQPTUBUJOFMNFOV
i$0/'*(63uBMMBWPDFi5&3.03&(uTFDPOEP
MFDVSWFSBQQSFTFOUBUFOFMEJBHSBNNB'JH
*M DPMMFHBNFOUP FMFUUSJDP EFMMB TPOEB FTUFSOB
EFWF BWWFOJSF BJ NPSTFUUJ F TVMMB TDIFEB
FMFUUSPOJDBEFMMBDBMEBJB'JH
4*45&.*'6."3**..&3("4
-B *NNFSHBT GPSOJTDF TFQBSBUBNFOUF EBMMF
DBMEBJFEJWFSTFTPMV[JPOJQFSMJOTUBMMB[JPOFEFJ
UFSNJOBMJBTQJSB[JPOFBSJBFTDBSJDPGVNJTFO[B
MFRVBMJMBDBMEBJBOPOQVÖGVO[JPOBSF
"UUFO[JPOF MB DBMEBJB EFWF FTTFSF JOTUBMMBUB
TPMP VOJUBNFOUF BE VO EJTQPTJUJWP EJ BTQJ
SB[JPOF BSJB FE FWBDVB[JPOF GVNJ B WJTUB JO
NBUFSJBMFQMBTUJDPPSJHJOBMF*NNFSHBTi4FSJF
7FSEFuDPNFQSFWJTUPEBMMBOPSNB6/*
5BMFGVNJTUFSJBÍSJDPOPTDJCJMFEBVOBQQPTJUP
NBSDIJPJEFOUJêDBUJWPFEJTUJOUJWPSJQPSUBOUF
MBOPUBiTPMPQFSDBMEBJFBDPOEFOTB[JPOFu*
UJQJEJUFSNJOBMJNFTTJBEJTQPTJ[JPOFEBMM*N
NFSHBTTPOP
r'BUUPSJEJ3FTJTUFO[BFMVOHIF[[FFRVJWBMFOUJ
0HOJ DPNQPOFOUF EFMMB GVNJTUFSJB IB VO
'BUUPSFEJ3FTJTUFO[BSJDBWBUBEBQSPWFTQFSJ
NFOUBMJFSJQPSUBUPOFMMBUBCFMMBTVDDFTTJWB*M
'BUUPSFEJ3FTJTUFO[BEFMTJOHPMPDPNQPOFOUF
ÍJOEJQFOEFOUFEBMUJQPEJDBMEBJBTVDVJWJFOF
JOTUBMMBUPFEÍVOBHSBOEF[[BBEJNFOTJPOBMF
&TTPÍJOWFDFDPOEJ[JPOBUPEBMMBUFNQFSBUVSB
'JH
EFJëVJEJDIFQBTTBOPBMMJOUFSOPEFMDPOEPUUP
FQFSUBOUPWBSJBDPOMJNQJFHPJOBTQJSB[JPOF
BSJB P JO TDBSJDP GVNJ 0HOJ TJOHPMP DPNQP
OFOUFIBVOBSFTJTUFO[BDPSSJTQPOEFOUFBVOB
DFSUBMVOHIF[[BJONFUSJEJUVCPEFMMPTUFTTP
EJBNFUSPMBDPTJEEFUUBMVOHIF[[BFRVJWBMFOUF
SJDBWBCJMFEBMSBQQPSUPGSBJSFMBUJWJ'BUUPSJEJ
3FTJTUFO[BBEFTFNQJP$VSWBž‹'BUUPSF
EJ3FTJTUFO[BJOBTQJSB[JPOF5VCP‹N
'BUUPSF3FTJTUFO[BJOBTQJSB[JPOFMVOHIF[[B
FRVJWBMFOUF DVSWB ž ‹ N
EJ 5VCP ‹ JO BTQJSB[JPOF "OBMPHBNFOUF
PHOJ TJOHPMP DPNQPOFOUF IB VOB SFTJTUFO[B
DPSSJTQPOEFOUFBVOBDFSUBMVOHIF[[BJONEJ
UVCPEJVOBMUSPEJBNFUSPBEFTFNQJP$VSWB
DPODFOUSJDBž‹'BUUPSFEJ3FTJTUFO[B
5VCP‹NJOTDBSJDP'BUUPSFEJ3FTJ
TUFO[B-VOHIF[[BFRVJWBMFOUF$VSWBž
‹NEJ5VCP‹JOTDBSJDP
5VUUFMFDBMEBJFIBOOPVO'BUUPSFEJ3FTJTUFO[B
NBTTJNPSJDBWBCJMFTQFSJNFOUBMNFOUFVHVBMFB
*M'BUUPSFEJ3FTJTUFO[BNBTTJNPBNNJT
TJCJMF DPSSJTQPOEF BMMB SFTJTUFO[B SJTDPOUSBUB
DPOMBNBTTJNBMVOHIF[[BBNNJTTJCJMFEJUVCJ
DPOPHOJUJQPMPHJBEJ,JU5FSNJOBMF-JOTJFNF
EJRVFTUFJOGPSNB[JPOJDPOTFOUFEJFĒFUUVBSFJ
DBMDPMJQFSWFSJêDBSFMBQPTTJCJMJUÆEJSFBMJ[[BSF
MFQJÜTWBSJBUFDPOêHVSB[JPOJEJGVNJTUFSJB
*/45"--";*0/&"--&45&3/0
*/-60(01"3;*"-.&/5&
1305&550
/# QFS MVPHP QBS[JBMNFOUF QSPUFUUP TJOUFOEF
RVFMMPJODVJMBQQBSFDDIJPOPOÍFTQPTUPEJSFUUB
NFOUFBMMB[JPOFEFMMFJOUFNQFSJFQJPHHJBOFWF
HSBOEJOFFDD
1PTJ[JPOBNFOUP EFMMF HVBSOJ[JPOJ EJ DPMPSF
OFSP
QFS GVNJTUFSJB iTFSJF WFSEFu 1SFTUBSF
BUUFO[JPOFBEJOUFSQPSSFMBHVBSOJ[JPOFDPSSFUUB
QFSDVSWFPQSPMVOHIF
'JH
HVBSOJ[JPOF"
DPOUBDDIFEBVUJMJ[[BSFQFSMF
DVSWF
%FWPOPRVJOEJFTTFSFSJTQFUUBUFMFOPSNFUFDOJ
DIFWJHFOUJJOQBSUJDPMBSNPEPMFOPSNF6/*
6/*FMFOPSNF$&*F
HVBSOJ[JPOF#
TFO[BUBDDIFEBVUJMJ[[BSFQFS
MFQSPMVOHIF
/#OFMDBTPJODVJMBMVCSJêDB[JPOFEFJDPN
QPOFOUJ HJÆ FGGFUUVBUB EBM DPTUSVUUPSF
OPO
GPTTFTVēDJFOUFSJNVPWFSFNFEJBOUFVOQBOOP
BTDJVUUPJMMVCSJêDBOUFSFTJEVPRVJOEJQFSBHF
WPMBSFMJOOFTUPDPTQBSHFSFJQBSUJDPMBSJDPOUBMDP
GPSOJUPOFMLJU
r$POGJHVSB[JPOF UJQP # B DBNFSB BQFSUB F
UJSBHHJPGPS[BUP
6UJMJ[[BOEPMBQQPTJUPLJUDPQFSUVSBÍQPTTJCJMF
FGGFUUVBSF MBTQJSB[JPOF EFMMBSJB EJSFUUB 'JH
FMPTDBSJDPEFJGVNJJODBNJOPTJOHPMPP
EJSFUUBNFOUFBMMFTUFSOP
*O RVFTUB DPOêHVSB[JPOF Í QPTTJCJMF JOTUBMMBSF
MBDBMEBJBJOVOMVPHPQBS[JBMNFOUFQSPUFUUP-B
DBMEBJB JO RVFTUB DPOêHVSB[JPOF Í DMBTTJêDBUB
DPNFUJQP#TFDPOEPMFOPSNF6/*F
6/*&/
$PORVFTUBDPOêHVSB[JPOF
MBTQJSB[JPOF EFMMBSJB BWWJFOF EJSFUUBNFOUF
EBMMBNCJFOUFJODVJÍJOTUBMMBUPMBQQBSFDDIJP
DIFEFWFFTTFSFJOTUBMMBUPFGVO[JPOBSFTPMPJO
MPDBMJ QFSNBOFOUFNFOUF WFOUJMBUJ TFDPOEP MB
6/*
MPTDBSJDPEFJGVNJEFWFFTTFSFDPMMFHBUPBEVO
QSPQSJPDBNJOPTJOHPMPPDBOBMJ[[BUPEJSFUUB
NFOUFJOBUNPTGFSBFTUFSOB
r.POUBHHJPLJUDPQFSUVSB'JH
4NPO
UBSFEBJGPSJMBUFSBMJSJTQFUUPBRVFMMPDFOUSBMFJ
EVFUBQQJFMFHVBSOJ[JPOJQSFTFOUJ*OTUBMMBSF
MBëBOHJB‹EJTDBSJDPTVMGPSPQJÜJOUFSOP
EFMMBDBMEBJBJOUFSQPOFOEPMBHVBSOJ[JPOFQSF
TFOUFOFMLJUFTFSSBSFDPOMFWJUJJOEPUB[JPOF
*OTUBMMBSFMBDPQFSUVSBTVQFSJPSFêTTBOEPMBDPO
MFWJUJQSFTFOUJOFMLJUJOUFSQPOFOEPMFSFMBUJWF
HVBSOJ[JPOJ*OOFTUBSFMBDVSWBž‹DPO
MBUP NBTDIJP MJTDJP
OFM MBUP GFNNJOB DPO
HVBSOJ[JPOJBMBCCSP
EFMMBëBOHJB‹TJOP
"
#
'JH
'JH
*/45"--"503&
65&/5&
5.."9.*/3BOHFUFNQ
NBOEBUBTFMF[JPOBUP
5&5FNQFSBUVSBFTUFSOB
5&$/*$0
40/%"&45&3/"
-FHHFEJDPSSF[JPOFEFMMBUFNQFSBUVSBEJNBOEBUBJOGVO[JPOFEFMMB
UFNQFSBUVSBFTUFSOBFEFMMBSFHPMB[JPOFVUFOUFEFMMBUFNQFSBUVSBEJ
SJTDBMEBNFOUP
*/45"--"503&
65&/5&
5&$/*$0
'JH
'JH
*MLJUDPQFSDIJPDPNQSFOEF
/ž $PQFSDIJPUFSNPGPSNBUP
/ž 1MBDDBCMPDDBHHJPHVBSOJ[JPOF
/ž (VBSOJ[JPOF
/ž 'BTDFUUBTUSJOHJHVBSOJ[JPOF
/ž 1JBTUSBDPQFSUVSBGPSPBTQJSB[JPOF
*MLJUUFSNJOBMFDPNQSFOEF
/ž (VBSOJ[JPOF
/ž 'MBOHJB‹EJTDBSJDP
/ž $VSWBž‹
/ž 5VCPTDBSJDP‹
/ž 3PTPOF
'JH
r(JVO[JPOF BE JOOFTUP EJ UVCJ QSPMVOHIF 1FS
JOTUBMMBSFFWFOUVBMJQSPMVOHIFBEJOOFTUPDPO
HMJBMUSJFMFNFOUJEFMMBGVNJTUFSJBPDDPSSFPQF
SBSFDPNFTFHVF*OOFTUBSFJMUVCPPJMHPNJUP
DPOMBUPNBTDIJPMJTDJP
OFMMBUPGFNNJOBDPO
HVBSOJ[JPOJBMBCCSP
EFMMFMFNFOUPQSFDFEFO
UFNFOUFJOTUBMMBUPTJOPBQPSUBSMPJOCBUUVUBJO
RVFTUPNPEPTJPUUFSSÆMBUFOVUBFMBHJVO[JPOF
EFHMJFMFNFOUJDPSSFUUBNFOUF
iNFSB TPTUJUV[JPOF EJ HFOFSBUPSJ EJ DBMPSF
JOEJWJEVBMJu
&TFNQJP EJ JOTUBMMB[JPOF DPO UFSNJOBMF WFS
UJDBMFEJSFUUPJOMVPHPQBS[JBMNFOUFQSPUFUUP
6UJMJ[[BOEPJMUFSNJOBMFWFSUJDBMFQFSMPTDBSJDP
EJSFUUPEFJQSPEPUUJEFMMBDPNCVTUJPOFÍOFDFTTB
SJPSJTQFUUBSFMBEJTUBO[BNJOJNBEJNNEBM
CBMDPOFTPWSBTUBOUF'JH
-BRVPUB"#
TFNQSFSJTQFUUPBEVOCBMDPOFTPWSBTUBOUF
EFWF
FTTFSFVHVBMFPNBHHJPSFBNN
iTJOHPMFSJTUSVUUVSB[JPOJEJJNQJBOUJBVUPOPNJ
JOFEJêDJDPTUJUVJUJEBQJÜVOJUÆJNNPCJMJB
SJu
r$POêHVSB[JPOFTFO[BLJUDPQFSUVSBJOMVPHP
QBS[JBMNFOUFQSPUFUUPDBMEBJBUJQP$
-BTDJBOEP J UBQQJ MBUFSBMJ NPOUBUJ Í QPTTJCJMF
JOTUBMMBSF MBQQBSFDDIJP BMMFTUFSOP TFO[B JM LJU
DPQFSUVSB -JOTUBMMB[JPOF BWWJFOF VUJMJ[[BOEP J
LJUBTQJSB[JPOFTDBSJDPDPODFOUSJDJ‹QFS
JRVBMJTJSJNBOEBBMQBSBHSBGPSFMBUJWPBMMJOTUBM
MB[JPOFQFSJOUFSOP*ORVFTUBDPOêHVSB[JPOFJM
,JU EJ DPQFSUVSB TVQFSJPSF DIF HBSBOUJTDF VOB
QSPUF[JPOFBHHJVOUJWBBMMBDBMEBJBÍSBDDPNBO
EBCJMFNBOPOPCCMJHBUPSJP
B QPSUBSMB JO CBUUVUB JOêMBSF MB HVBSOJ[JPOF
GBDFOEPMBTDPSSFSFMVOHPMBDVSWBêTTBSMBUSB
NJUFMBQJBTUSBJOMBNJFSBFTUSJOHFSFNFEJBOUF
MBGBTDFUUBQSFTFOUFOFMLJUGBDFOEPBUUFO[JPOF
EJ GFSNBSF MF MJOHVFUUF EFMMB HVBSOJ[JPOF
*OOFTUBSFJMUVCPEJTDBSJDPDPOMBUPNBTDIJP
MJTDJP
OFM MBUP GFNNJOB EFMMB DVSWB ž ‹
BDDFSUBOEPTJEJBWFSFHJÆJOTFSJUPJMSFMBUJWP
SPTPOFJORVFTUPNPEPTJPUUFSSÆMBUFOVUBFMB
HJVO[JPOF EFHMJ FMFNFOUJ DIF DPNQPOHPOP JM
LJU
&TUFOTJPOF NBTTJNB EFM DPOEPUUP EJ TDBSJDP
*M DPOEPUUP EJ TDBSJDP TJB JO WFSUJDBMF DIF JO
PSJ[[POUBMF
QFSFWJUBSFQSPCMFNJEJDPOEFOTBEFJ
GVNJEPWVUJBMMPSPSBĒSFEEBNFOUPBUUSBWFSTPMB
QBSFUFQVÖFTTFSFQSPMVOHBUPêOPBVOBNJTVSB
NBYEJNSFUUJMJOFJ
*/45"--";*0/&"--*/5&3/0
r$POêHVSB[JPOF UJQP $ B DBNFSB TUBHOB F
UJSBHHJPGPS[BUP
*UJQJEJUFSNJOBMJNFTTJBEJTQPTJ[JPOFEBMM*N
NFSHBTTPOP
r,JU PSJ[[POUBMF DPODFOUSJDP EJ BTQJSB[JPOF F
TDBSJDP -JOTUBMMB[JPOF EJ RVFTUP UFSNJOBMF Í
SFHPMBNFOUBUBEBMMBOPSNBUFDOJDB6/*
EBM %13 O DPNF NPEJGJDBUP EBM
%13 O F EB OPSNBUJWF DPOUFOVUF
OFJSFHPMBNFOUJFEJMJ[JMPDBMJFMPSPTVDDFTTJWF
NPEJêDB[JPOJ*M%13DPNFNPEJêDBUP
EBM %13 DPOTFOUF MJNQJFHP EJ RVFTUP
UJQPEJUFSNJOBMFOFJDBTJEJ
iJOTUBMMB[JPOFEJHFOFSBUPSJEJDBMPSFJOFEJêDJ
DPTUJUVJUJ EB VOB TJOHPMB VOJUÆ JNNPCJMJB
SFu
2VFTUP UFSNJOBMF Í JNQJFHBCJMF JOPMUSF JO
BTTFO[B EJ DBNJOJ DBOOF GVNBSJF TJTUFNJ
EFWBDVB[JPOF EFJ QSPEPUUJ EJ DPNCVTUJPOF
GVO[JPOBMJFEJEPOFJPEBEFHVBCJMJFEVUJMJ[
[BOEP HFOFSBUPSJ EJ DBMPSF B CBTTF FNJTTJPOJ
JORVJOBOUJDMBTTFBTFDPOEPMBOPSNB6/*
&/
OFJTFHVFOUJDBTJ
iOVPWF JOTUBMMB[JPOJ EJ JNQJBOUJ UFSNJDJ
JOEJWJEVBMJJOFEJêDJTPUUPQPTUJBEJOUFSWFOUJ
EJUJQPDPOTFSWBUJWPu
2VFTUP UFSNJOBMF QFSNFUUF MBTQJSB[JPOF EFM
MBSJBFMPTDBSJDPEFJGVNJEJSFUUBNFOUFBMMFTUFS
OPEFMMBCJUB[JPOF*MLJUPSJ[[POUBMFQVÖFTTFSF
JOTUBMMBUPDPOMVTDJUBQPTUFSJPSFMBUFSBMFEFTUSB
FMBUFSBMFTJOJTUSB1FSMJOTUBMMB[JPOFDPOVTDJUB
BOUFSJPSFÍOFDFTTBSJPVUJMJ[[BSFJMUSPODIFUUPFE
VOBDVSWBDPODFOUSJDBBEJOOFTUPJONPEPEB
HBSBOUJSFMPTQB[JPVUJMFQFSFĒFUUVBSFMFQSPWF
SJDIJFTUFEBMMBMFHHFBMMBUUPEFMMBQSJNBNFTTB
JOTFSWJ[JP'JHœ
r,JUWFSUJDBMFDPODFOUSJDPEJBTQJSB[JPOFFTDB
SJDP2VFTUPUFSNJOBMFQFSNFUUFMBTQJSB[JPOF
EFMMBSJB F MP TDBSJDP EFJ GVNJ EJSFUUBNFOUF
BMMFTUFSOPEFMMBCJUB[JPOFJOTFOTPWFSUJDBMF'JH
œ
r,JU TFQBSBUPSF ‹ 2VFTUP LJU DPOTFOUF
MBTQJSB[JPOFEFMMBSJBBMMFTUFSOPEFMMBCJUB[JPOF
FMPTDBSJDPEFJGVNJJODBOOBGVNBSJB*MDPO
EPUUPDFOUSBMFTFSWFQFSMPTDBSJDPEFJQSPEPUUJ
EFMMBDPNCVTUJPOFJODBOOBGVNBSJBNFOUSFJM
DPOEPUUPBêBODPEJRVFMMPDFOUSBMFTFSWFQFS
MBTQJSB[JPOFEFMMBSJBBMMFTUFSOPEFMMBCJUB[JPOF
FTTPQVÖFTTFSFJOTUBMMBUPJOEJĒFSFOUFNFOUFB
EFTUSBPBTJOJTUSBSJTQFUUPBMDPOEPUUPDFOUSBMF
EJTDBSJDP&OUSBNCJJDPOEPUUJQPTTPOPFTTFSF
PSJFOUBUJ JO RVBMTJBTJ EJSF[JPOF 'JH œ
$VSWBžDPODFOUSJDB‹
$VSWBžDPODFOUSJDB‹
5FSNJOBMFDPNQMFUPEJBTQJSB[JPOFTDBSJDP
DPODFOUSJDPPSJ[[POUBMF‹
5FSNJOBMFEJBTQJSB[JPOFTDBSJDP
DPODFOUSJDPPSJ[[POUBMF‹
5FSNJOBMFDPNQMFUPEJBTQJSB[JPOFTDBSJDP
DPODFOUSJDPWFSUJDBMF‹
5FSNJOBMFEJBTQJSB[JPOFTDBSJDP
DPODFOUSJDPWFSUJDBMF‹
5VCP‹N
-VOHIF[[B
FRVJWBMFOUFJON
EJUVCP‹
-VOHIF[[B
FRVJWBMFOUFJON
EJUVCP‹
"TQJSB[JPOFN
"TQJSB[JPOFF
4DBSJDP
N
"TQJSB[JPOFF
4DBSJDP
N
"TQJSB[JPOFF
4DBSJDP
N
"TQJSB[JPOFF
4DBSJDP
N
"TQJSB[JPOFF
4DBSJDP
N
"TQJSB[JPOFF
4DBSJDP
N
"TQJSB[JPOFF
4DBSJDP
N
"TQJSB[JPOF
N
"TQJSB[JPOFN
4DBSJDP
N
4DBSJDPN
"TQJSB[JPOF
N
"TQJSB[JPOFN
"TQJSB[JPOF
N
"TQJSB[JPOFN
4DBSJDP
N
4DBSJDPN
"TQJSB[JPOF
N
"TQJSB[JPOFN
4DBSJDP
N
4DBSJDPN
"TQJSB[JPOF
N
"TQJSB[JPOFN
4DBSJDP
N
4DBSJDPN
4DBSJDP
N
4DBSJDPN
4DBSJDPN
"TQJSB[JPOFN
4DBSJDPN
4DBSJDPN
"TQJSB[JPOFN
4DBSJDPN
4DBSJDPN
"TQJSB[JPOFN
4DBSJDPN
4DBSJDPN
"TQJSB[JPOFN
4DBSJDPN
4DBSJDPN
"TQJSB[JPOFN
4DBSJDPN
4DBSJDPN
"TQJSB[JPOFN
4DBSJDPN
4DBSJDPN
4DBSJDPN
5FSNJOBMFDPNQMFUPBTQJSB[JPOF‹N
5FSNJOBMFEJBTQJSB[JPOF‹
5FSNJOBMFEJTDBSJDP‹
$VSWBž‹
4DBSJDPN
4DBSJDPN
4DBSJDPN
$VSWBž‹
4DBSJDPN
5VCP‹NQFSJOUVCBNFOUP
"TQJSB[JPOF
4DBSJDPN
4DBSJDP
$VSWBž‹QFSJOUVCBNFOUP
"TQJSB[JPOF
4DBSJDP
N
4DBSJDPN
4DBSJDP
3JEV[JPOF‹
65&/5&
5VCPDPODFOUSJDP‹N
-VOHIF[[B
FRVJWBMFOUFJONEJUVCP
DPODFOUSJDP‹
"TQJSB[JPOFN
"TQJSB[JPOFF
4DBSJDP
N
4DBSJDPN
4DBSJDPN
5FSNJOBMFDPNQMFUPEJTDBSJDP
WFSUJDBMF‹QFSJOUVCBNFOUP
"TQJSB[JPOFN
4DBSJDP
N
4DBSJDPN
4DBSJDPN
5&$/*$0
5*10%*$0/%0550
'BUUPSFEJ
3FTJTUFO[B
3
*/45"--"503&
5BCFMMFEFJGBUUPSJEJSFTJTUFO[BFMVOHIF[[FFRVJWBMFOUJ
*/45"--"503&
65&/5&
5&$/*$0
QVÖFTTFSFQSPMVOHBUPêOPBVOBNJTVSBNBY
EJNPSJ[[POUBMJDPNQSFTPJMUFSNJOBMFHSJ
HMJBUPFEFTDMVTBMBDVSWBDPODFOUSJDBJOVTDJUB
EBMMBDBMEBJB5BMFDPOêHVSB[JPOFDPSSJTQPOEF
BE VO GBUUPSF EJ SFTJTUFO[B VHVBMF B *O
RVFTUJDBTJÍOFDFTTBSJPSJDIJFEFSFMFBQQPTJUF
QSPMVOHIF
,JU PSJ[[POUBMJ EJ BTQJSB[JPOF TDBSJDP ‹
.POUBHHJP LJU 'JH JOTUBMMBSF
MB DVSWB DPO ëBOHJB TVM GPSP DFOUSBMF EFMMB
DBMEBJBJOUFSQPOFOEPMBHVBSOJ[JPOF
DIFOPO
OFDFTTJUBEJMVCSJêDB[JPOF
QPTJ[JPOBOEPMBDPOMF
TQPSHFO[FDJSDPMBSJWFSTPJMCBTTPBDPOUBUUPDPO
MBëBOHJBEJDBMEBJBFTFSSBSFDPOMFWJUJQSFTFOUJ
OFMLJU*OOFTUBSFJMUVCPUFSNJOBMFDPODFOUSJDP
‹
DPOMBUPNBTDIJPMJTDJP
OFMMBUP
GFNNJOBEFMMBDVSWB
TJOPBQPSUBSMPJOCBU
UVUBBDDFSUBOEPTJEJBWFSFHJÆJOTFSJUPJMSFMBUJWP
SPTPOF JOUFSOP FE FTUFSOP JO RVFTUP NPEP TJ
PUUFSSÆ MB UFOVUB F MB HJVO[JPOF EFHMJ FMFNFOUJ
DIFDPNQPOHPOPJMLJU
/# EVSBOUF MJOTUBMMB[JPOF EFJ DPOEPUUJ Í
OFDFTTBSJP JOTUBMMBSF PHOJ NFUSJ VOB GBTDFUUB
SPNQJUSBUUBDPOUBTTFMMP
r(SJHMJBFTUFSOB
*MUFSNJOBMFEJBTQJSB[JP
OFTDBSJDP‹TFDPSSFUUBNFOUFJOTUBMMB
UPTJQSFTFOUBBMMFTUFSOPEFMMFEJêDJPJONPEP
HSBEFWPMF"TTJDVSBSTJDIFJMSPTPOFJOTJMJDPOF
EJUBNQPOBNFOUPFTUFSOPTJBDPSSFUUBNFOUFB
CBUUVUBBMNVSPFTUFSOP
/#QFSVODPSSFUUPGVO[JPOBNFOUPEFMTJTUFNB
PDDPSSF DIF JM UFSNJOBMF HSJHMJBUP TJB JOTUBMMBUP
DPSSFUUBNFOUF BTTJDVSBOEPTJ DIF MJOEJDB[JPOF
iBMUPu QSFTFOUF TVM UFSNJOBMF WFOHB SJTQFUUBUB
OFMMJOTUBMMB[JPOF
/#BJêOJEFMMBTJDVSF[[BTJSBDDPNBOEBEJOPO
PTUSVJSFOFQQVSFQSPWWJTPSJBNFOUFJMUFSNJOBMF
EJBTQJSB[JPOFTDBSJDPEFMMBDBMEBJB
r(JVO[JPOF BE JOOFTUP EJ UVCJ QSPMVOHIF F
HPNJUJ DPODFOUSJDJ ‹ 1FS JOTUBMMBSF
FWFOUVBMJ QSPMVOHIF BE JOOFTUP DPO HMJ BMUSJ
FMFNFOUJ EFMMB GVNJTUFSJB PDDPSSF PQFSBSF
DPNFTFHVFJOOFTUBSFJMUVCPDPODFOUSJDPPJM
HPNJUPDPODFOUSJDPDPOMBUPNBTDIJPMJTDJP
OFM MBUP GFNNJOB DPO HVBSOJ[JPOJ B MBCCSP
EFMMFMFNFOUPQSFDFEFOUFNFOUFJOTUBMMBUPTJOP
BQPSUBSMPJOCBUUVUBJORVFTUPNPEPTJPUUFSSÆ
MBUFOVUBFMBHJVO[JPOFEFHMJFMFNFOUJDPSSFU
UBNFOUF
,JUWFSUJDBMFDPOUFHPMBJOBMMVNJOJP‹
.POUBHHJP LJU 'JH JOTUBMMBSF MB ëBOHJB
DPODFOUSJDB TVM GPSP DFOUSBMF EFMMB DBMEBJB
JOUFSQPOFOEP MB HVBSOJ[JPOF DIF OPO OF
DFTTJUB EJ MVCSJêDB[JPOF
QPTJ[JPOBOEPMB DPO MF
TQPSHFO[FDJSDPMBSJWFSTPJMCBTTPBDPOUBUUPDPO
MBëBOHJBEJDBMEBJBFTFSSBSFDPOMFWJUJQSFTFOUJ
OFMLJU
*OTUBMMB[JPOF EFMMB GJOUB UFHPMB JO BMMVNJOJP
TPTUJUVJSF BMMF UFHPMF MB MBTUSB JO BMMVNJOJP TBHPNBOEPMB JO NPEP EB GBSF EFëVJSF MBDRVB
QJPWBOB1PTJ[JPOBSFTVMMBUFHPMBJOBMMVNJOJPJM
TFNJHVTDJPêTTP
FJOTFSJSFJMUVCPEJBTQJSB[JP
OFTDBSJDP
*OOFTUBSFJMUFSNJOBMFDPODFOUSJDP
‹ DPO MBUP NBTDIJP MJTDJP
OFMMB
ëBOHJB
TJOPBQPSUBSMPJOCBUUVUBBDDFSUBOEPTJ
*MLJU‹QVÖFTTFSFJOTUBMMBUPDPOMVTDJUB
QPTUFSJPSF MBUFSBMF EFTUSB MBUFSBMF TJOJTUSB F
BOUFSJPSF
r1SPMVOHIFQFSLJUPSJ[[POUBMF'JH
*MLJU
PSJ[[POUBMF EJ BTQJSB[JPOFTDBSJDP ‹ $
EJBWFSFHJÆJOTFSJUPJMSPTPOF
JORVFTUPNPEP
TJPUUFSSÆMBUFOVUBFMBHJVO[JPOFEFHMJFMFNFOUJ
DIFDPNQPOHPOPJMLJU
r(JVO[JPOF BE JOOFTUP EJ UVCJ QSPMVOHIF F
HPNJUJ DPODFOUSJDJ 1FS JOTUBMMBSF FWFOUVBMJ
QSPMVOHIF BE JOOFTUP DPO HMJ BMUSJ FMFNFOUJ
EFMMBGVNJTUFSJBPDDPSSFPQFSBSFDPNFTFHVF
*OOFTUBSFJMUVCPDPODFOUSJDPPJMHPNJUPDPO
DFOUSJDPDPOMBUPNBTDIJPMJTDJP
OFMMBUPGFN
NJOBDPOHVBSOJ[JPOJBMBCCSP
EFMMFMFNFOUP
QSFDFEFOUFNFOUFJOTUBMMBUPTJOPBQPSUBSMPJO
CBUUVUBJORVFTUPNPEPTJPUUFSSÆMBUFOVUBF
MBHJVO[JPOFEFHMJFMFNFOUJDPSSFUUBNFOUF
"UUFO[JPOFRVBOEPTJSFOEFOFDFTTBSJPBDDPS
DJBSFJMUFSNJOBMFEJTDBSJDPFPJMUVCPQSPMVOHB
DPODFOUSJDPDPOTJEFSBSFDIFJMDPOEPUUPJOUFSOP
EFWFTFNQSFTQPSHFSFEJNNSJTQFUUPBMDPO
EPUUPFTUFSOP
2VFTUPQBSUJDPMBSFUFSNJOBMFDPOTFOUFMPTDBSJDP
GVNJFMBTQJSB[JPOFEFMMBSJBOFDFTTBSJBBMMBDPN
CVTUJPOFJOTFOTPWFSUJDBMF
/#JMLJUWFSUJDBMF‹DPOUFHPMBJOBM
MVNJOJPDPOTFOUFMJOTUBMMB[JPOFTVMMFUFSSB[[FF
TVJUFUUJDPOQFOEFO[BNBTTJNBEFMž
F
MBMUF[[BUSBJMDBQQFMMPUFSNJOBMFFJMTFNJHVTDJP
NN
WBTFNQSFSJTQFUUBUB'JH
'JH
$
*M,JUDPNQSFOEF
/ž (VBSOJ[JPOF
/ž $VSWBDPODFOUSJDB‹
/ž 5FSNJOBMFDPODFOUSJDPBTQTDBSJDP
‹
/ž 3PTPOFJOUFSOPCJBODP
/ž 3PTPOFFTUFSOPHSJHJP
'JH
$
'JH
$
*M,JUDPNQSFOEF
/ž (VBSOJ[JPOF
/ž 'MBOHJBGFNNJOBDPODFO
USJDB
/ž 3PTPOF
/ž 5FHPMBJOBMMVNJOJP
/ž 5VCPDPODFOUSJDPBTQTDBSJ
DP‹
/ž 4FNJHVTDJPêTTP
/ž 4FNJHVTDJPNPCJMF
'JH
'JH
r(JVO[JPOF BE JOOFTUP EJ UVCJ QSPMVOHIF F
HPNJUJ 1FS JOTUBMMBSF FWFOUVBMJ QSPMVOHIF BE
JOOFTUPDPOHMJBMUSJFMFNFOUJEFMMBGVNJTUFSJB
PDDPSSFPQFSBSFDPNFTFHVFJOOFTUBSFJMUVCPP
JMHPNJUPDPOMBUPNBTDIJPMJTDJP
OFMMBUPGFN
NJOBDPOHVBSOJ[JPOJBMBCCSP
EFMMFMFNFOUP
QSFDFEFOUFNFOUFJOTUBMMBUPTJOPBQPSUBSMPJO
CBUUVUBJORVFTUPNPEPTJPUUFSSÆMBUFOVUBF
MBHJVO[JPOFEFHMJFMFNFOUJDPSSFUUBNFOUF
r.POUBHHJPLJU'JH
JOTUBMMBSFMBëBOHJB
TVMGPSPDFOUSBMFEFMMBDBMEBJBJOUFSQPOFOEP
MBHVBSOJ[JPOF
DIFOPOOFDFTTJUBEJMVCSJ
GJDB[JPOF
QPTJ[JPOBOEPMB DPO MF TQPSHFO[F
DJSDPMBSJWFSTPJMCBTTPBDPOUBUUPDPOMBëBOHJB
EJDBMEBJBFTFSSBSFDPOMFWJUJBUFTUBFTBHPOBMF
FQVOUBQJBUUBQSFTFOUJOFMLJ5PHMJFSFMBëBOHJB
QJBUUBQSFTFOUFOFMGPSPMBUFSBMFSJTQFUUPBRVFMMP
DFOUSBMFBTFDPOEBEFMMFFTJHFO[F
FTPTUJUVJSMB
DPOMBëBOHJB
JOUFSQPOFOEPMBHVBSOJ[JPOF
r*OHPNCSJ EJ JOTUBMMB[JPOF 'JH 4POP
SJQPSUBUF MF NJTVSF EJ JOHPNCSP NJOJNF EJ
JOTUBMMB[JPOF EFM LJU UFSNJOBMF TFQBSBUPSF ‹
JOBMDVOFDPOEJ[JPOJMJNJUF
r1SPMVOHIF QFS LJU TFQBSBUPSF ‹ -B
NBTTJNBMVOHIF[[BSFUUJMJOFBTFO[BDVSWF
JO
'JH
$
'JH
r$POêHVSB[JPOF UJQP # B DBNFSB BQFSUB F
UJSBHHJPGPS[BUP
-BQQBSFDDIJP QVÖ FTTFSF JOTUBMMBUP BMMJOUFSOP
EFHMJFEJêDJJONPEBMJUÆ#JOUBMFFWFOUVBMJUÆ
TJSBDDPNBOEBEJPUUFNQFSBSFBUVUUFMFOPSNF
UFDOJDIFMFSFHPMFUFDOJDIFFMFSFHPMBNFOUB[JPOJ
WJHFOUJOB[JPOBMJFMPDBMJ
MFDBMEBJFBDBNFSBBQFSUBUJQP#OPOEFWPOPFT
TFSFJOTUBMMBUFJOMPDBMJEPWFTJTWPMHPOPBUUJWJUÆ
DPNNFSDJBMJBSUJHJBOBMJPJOEVTUSJBMJJODVJTJ
VUJMJ[[JOPQSPEPUUJJOHSBEPEJTWJMVQQBSFWBQPSJ
PTPTUBO[FWPMBUJMJQFWBQPSJEJBDJEJDPMMF
WFSOJDJ TPMWFOUJ DPNCVTUJCJMJ FDD
OPODIÊ
$
"
#
*M,JUDPNQSFOEF
/ž (VBSOJ[JPOFTDBSJDP
/ž (VBSOJ[JPOFUFOVUBëBOHJB
/ž 'MBOHJBGFNNJOBBTQJSB[JPOF
/ž 'MBOHJBGFNNJOBTDBSJDP
/ž $VSWBž‹
/ž 5FSNJOBMFBTQJSB[JPOF‹
/ž 3PTPOJJOUFSOJCJBODIJ
/ž 3PTPOFFTUFSOPHSJHJP
/ž 5VCPTDBSJDP‹
$
'JH
*/45"--"503&
/#QFSGBWPSJSFMPTNBMUJNFOUPEFMMFWFOUVBMF
DPOEFOTBDIFTJGPSNBOFMDPOEPUUPEJ TDBSJDP
PDDPSSF JODMJOBSF J UVCJ JO EJSF[JPOF EFMMB DBM
EBJB DPO VOB QFOEFO[B NJOJNB EJ 'JH
%VSBOUFMJOTUBMMB[JPOFEFJDPOEPUUJ‹
ÍOFDFTTBSJPJOTUBMMBSFPHOJNFUSJVOBGBTDFUUB
SPNQJUSBUUBDPOUBTTFMMP
65&/5&
,JUTFQBSBUPSF‹*MLJUTFQBSBUPSF‹
DPOTFOUFEJTFQBSBSFJDPOEPUUJEJTDBSJDPGVNJ
FBTQJSB[JPOFBSJBTFDPOEPMPTDIFNBSJQPSUBUP
JO êHVSB %BM DPOEPUUP "
SJHPSPTBNFOUF JO
NBUFSJBMF QMBTUJDP QFS SFTJTUFSF BMMF DPOEFOTF
BDJEF
WFOHPOPFTQVMTJJQSPEPUUJEFMMBDPNCV
TUJPOF%BMDPOEPUUP#
BODIFTTPJONBUFSJBMF
QMBTUJDP
WJFOF BTQJSBUB MBSJB OFDFTTBSJB QFS MB
DPNCVTUJPOF*MDPOEPUUPEJBTQJSB[JPOF#
QVÖ
FTTFSFJOTUBMMBUPJOEJĒFSFOUFNFOUFBEFTUSBPB
TJOJTUSBSJTQFUUPBMDPOEPUUPDFOUSBMFEJTDBSJDP
"
&OUSBNCJJDPOEPUUJQPTTPOPFTTFSFPSJFOUBUJ
JORVBMTJBTJEJSF[JPOF
WFSUJDBMFVUJMJ[[BCJMFQFSJUVCJEJBTQJSB[JPOFF
TDBSJDP‹ÊEJNFUSJJOEJQFOEFOUFNFOUF
TJBOPFTTJVUJMJ[[BUJJOBTQJSB[JPOFPJOTDBSJDP
-BNBTTJNBMVOHIF[[BSFUUJMJOFBDPODVSWBJO
BTQJSB[JPOFFJOTDBSJDP
JOPSJ[[POUBMFVUJMJ[
[BCJMFQFSJUVCJEJBTQJSB[JPOFFTDBSJDP‹
Ê EJ NFUSJ JOEJQFOEFOUFNFOUF TJBOP FTTJ
VUJMJ[[BUJJOBTQJSB[JPOFPJOTDBSJDP
5&$/*$0
HJÆQSFTFOUFJODBMEBJBFTFSSBSFDPOMFWJUJ
BVUPêMFUUBOUJ DPO QVOUB JO EPUB[JPOF *OOF
TUBSFMFDVSWF
DPOMBUPNBTDIJPMJTDJP
OFM
MBUPGFNNJOBEFMMFëBOHFF
*OOFTUBSFJM
UFSNJOBMFEJBTQJSB[JPOF
DPOMBUPNBTDIJP
MJTDJP
OFMMBUPGFNNJOBEFMMBDVSWB
TJOP
B QPSUBSMP JO CBUUVUB BDDFSUBOEPTJ EJ BWFSF
HJÆJOTFSJUPJSFMBUJWJSPTPOJJOUFSOJFEFTUFSOJ
*OOFTUBSFJMUVCPEJTDBSJDP
DPOMBUPNBTDIJP
MJTDJP
OFMMBUPGFNNJOBEFMMBDVSWB
TJOP
BQPSUBSMPJOCBUUVUBBDDFSUBOEPTJEJBWFSFHJÆ
JOTFSJUP JM SFMBUJWP SPTPOF JOUFSOP JO RVFTUP
NPEPTJPUUFSSÆMBUFOVUBFMBHJVO[JPOFEFHMJ
FMFNFOUJDIFDPNQPOHPOPJMLJU
*M LJU WFSUJDBMF DPO RVFTUB DPOêHVSB[JPOF QVÖ
FTTFSFQSPMVOHBUPêOPBVONBTTJNPEJN
SFUUJMJOFJWFSUJDBMJDPNQSFTPJMUFSNJOBMF2VFTUB
DPOêHVSB[JPOFDPSSJTQPOEFBEVOGBUUPSFEJSFTJ
TUFO[BVHVBMFB*ORVFTUPDBTPÍOFDFTTBSJP
SJDIJFEFSFMFBQQPTJUFQSPMVOHIFBEJOOFTUP
*/45"--"503&
65&/5&
5&$/*$0
QPMWFSJQFQPMWFSFEFSJWBUBEBMMBMBWPSB[JPOF
EFMMFHOBNFQPMWFSJOPEJDBSCPOFEJDFNFOUP
FDD
DIFQPTTBOPSJTVMUBSFEBOOPTFQFSJDPN
QPOFOUJEFMMBQQBSFDDIJPFDPNQSPNFUUFSOFJM
GVO[JPOBNFOUP
*/56#".&/50%*$".*/*
&4*45&/5*
-JOUVCBNFOUP Í VOPQFSB[JPOF BUUSBWFSTP MB
RVBMF OFMMBNCJUP EFMMB SJTUSVUUVSB[JPOF EJ VO
TJTUFNBFNFEJBOUFMJOUSPEV[JPOFEJVOPPQJÜ
BQQPTJUJDPOEPUUJTJSFBMJ[[BVOTJTUFNBOVPWP
QFSMFWBDVB[JPOFEFJQSPEPUUJEFMMBDPNCVTUJPOF
EJVOBQQBSFDDIJPBHBTBQBSUJSFEBVODBNJOP
FTJTUFOUFPEBVOBDBOOBGVNBSJB
PEBVOBTPMB
UFDOJDB 'JH 1FS MJOUVCBNFOUP EFWPOP
FTTFSFJNQJFHBUJDPOEPUUJEJDIJBSBUJJEPOFJBMMP
TDPQP EBM DPTUSVUUPSF TFHVFOEP MF NPEBMJUÆ
EJOTUBMMB[JPOFFEVUJMJ[[PJOEJDBUFEBMDPTUSVUUPSF
TUFTTPFMFQSFTDSJ[JPOJEFMMFOPSNF6/*
FE6/*
4JTUFNBQFSJOUVCBNFOUP*NNFSHBT*TJTUFNJEJ
JOUVCBNFOUP‹SJHJEPF‹ëFTTJCJMFi4FSJF7FS
EFuEFWPOPFTTFSFVUJMJ[[BUJTPMPQFSVTPEPNFTUJDP
FDPODBMEBJFBDPOEFOTB[JPOF*NNFSHBT
*OPHOJDBTPMFPQFSB[JPOJEJJOUVCBNFOUPEF
WPOP SJTQFUUBSF MF QSFTDSJ[JPOJ DPOUFOVUF OFMMB
OPSNBUJWB F OFMMB MFHJTMB[JPOF UFDOJDB WJHFOUF
6/*
JOQBSUJDPMBSFBMUFSNJOFEFJMBWPSJ
FE JO DPSSJTQPOEFO[B EFMMB NFTTB JO TFSWJ[JP
EFMTJTUFNBJOUVCBUPEPWSÆFTTFSFDPNQJMBUBMB
EJDIJBSB[JPOF EJ DPOGPSNJUÆ %PWSBOOP BMUSFTÑ
FTTFSFTFHVJUFMFJOEJDB[JPOJEFMQSPHFUUPPEFMMB
SFMB[JPOFUFDOJDBOFJDBTJQSFWJTUJEBMMBOPSNBUJWB
FEBMMBMFHJTMB[JPOFUFDOJDBWJHFOUF*MTJTUFNBPJ
DPNQPOFOUJEFMTJTUFNBIBOOPVOBWJUBUFDOJDB
DPOGPSNFBMMFOPSNBUJWFWJHFOUJTFNQSFDIF
TJBVUJMJ[[BUPJODPOEJ[JPOJBUNPTGFSJDIFFEBN
CJFOUBMJNFEJFDPNFEFêOJUFEBMMBOPSNBUJWB
WJHFOUF FE JO QBSUJDPMBSF EBMMB OPSNB 6/*
BTTFO[B EJ GVNJ QPMWFSJ P HBT BUUJ BE
BMUFSBSFMFOPSNBMJDPOEJ[JPOJUFSNPêTJDIFP
DIJNJDIFTVTTJTUFO[BEJUFNQFSBUVSFDPNQSFTF
OFMMJOUFSWBMMPTUBOEBSEEJWBSJB[JPOFHJPSOBMJF
SBFDD
-JOTUBMMB[JPOFFMBNBOVUFO[JPOFTJBOPFĒFUUVB
UFTFDPOEPMFJOEJDB[JPOJGPSOJUFEBMDPTUSVUUPSF
F TFDPOEP MF QSFTDSJ[JPOJ EFMMB OPSNBUJWB
WJHFOUF
-BNBTTJNBMVOHIF[[BQFSDPSSJCJMFEFMUSBUUP
WFSUJDBMFJOUVCBUP‹SJHJEPÍQBSJBN5BMF
MVOHIF[[BÍPUUFOVUBDPOTJEFSBOEPJMUFSNJOBMF
DPNQMFUPEJBTQJSB[JPOF‹NEJUVCP‹
JOTDBSJDPFMFEVFDVSWFBž‹JOVTDJUB
EBMMBDBMEBJB
-BNBTTJNBMVOHIF[[BQFSDPSSJCJMFEFMUSBUUP
WFSUJDBMF JOUVCBUP ‹ ëFTTJCJMF Í QBSJ B N5BMFMVOHIF[[BÍPUUFOVUBDPOTJEFSBOEPJM
UFSNJOBMFDPNQMFUPEJBTQJSB[JPOF‹NEJ
UVCP ‹ JO TDBSJDP MF EVF DVSWF B ž ‹
JO VTDJUB EBMMB DBMEBJB F EVF DBNCJBNFOUJ EJ
EJSF[JPOF EFM UVCP GMFTTJCJMF BMMJOUFSOP EFM
DBNJOPBTPMBUFDOJDB
4$"3*$0%&*'6.**/$"//"
'6."3*"$".*/0
-PTDBSJDPEFJGVNJOPOEFWFFTTFSFDPMMFHBUPBE
VOB DBOOB GVNBSJB DPMMFUUJWB SBNJêDBUB EJ UJQP
USBEJ[JPOBMF -P TDBSJDP EFJ GVNJ QVÖ FTTFSF
DPMMFHBUPBEVOBDBOOBGVNBSJBDPMMFUUJWBQBSUJ
DPMBSFUJQP-"4-FDBOOFGVNBSJFDPMMFUUJWFFMF
DBOOFGVNBSJFDPNCJOBUFEFWPOPJOPMUSFFTTFSF
$
DPMMFHBUFTPMPDPOBQQBSFDDIJEFMUJQP$FEFMMP
TUFTTP HFOFSF DPOEFOTB[JPOF
BWFOUJ QPSUBUF
UFSNJDIFOPNJOBMJDIFOPOEJĒFSJTDBOPEJPMUSF
JMJONFOPSJTQFUUPBMMBNBTTJNBBMMBDDJB
CJMFFBMJNFOUBUJEBVOPTUFTTPDPNCVTUJCJMF-F
DBSBUUFSJTUJDIF UFSNPëVJEPEJOBNJDIF QPSUBUB
JONBTTBEFJGVNJEJBOJESJEFDBSCPOJDB
EJVNJEJUÆFDD
EFHMJBQQBSFDDIJBMMBDDJBUJBMMF
TUFTTFDBOOFGVNBSJFDPMMFUUJWFPDBOOFGVNBSJF
DPNCJOBUFOPOEFWPOPEJĒFSJSFEJPMUSFJM
SJTQFUUPBMMBDBMEBJBNFEJBBMMBDDJBUB-FDBOOF
GVNBSJF DPMMFUUJWF F MF DBOOF GVNBSJF DPNCJ
OBUF EFWPOP FTTFSF FTQSFTTBNFOUF QSPHFUUBUF
TFHVFOEPMBNFUPEPMPHJBEJDBMDPMPFJEFUUBNJ
EFMMFOPSNFUFDOJDIFWJHFOUJBEFTFNQJP6/*
F6/*&/
EBQFSTPOBMFUFDOJDP
QSPGFTTJPOBMNFOUF RVBMJGJDBUP -F TF[JPOJ EFJ
DBNJOJPDBOOFGVNBSJFBDVJDPMMFHBSFJMUVCP
EJTDBSJDPGVNJEFCCPOPSJTQPOEFSFBJSFRVJTJUJ
EFMMFOPSNBUJWFUFDOJDIFWJHFOUJ
$"//&'6."3*&$".*/*&
$0.*(/0-*
-F DBOOF GVNBSJF J DBNJOJ F J DPNJHOPMJ QFS
MFWBDVB[JPOF EFJ QSPEPUUJ EFMMB DPNCVTUJPOF
EFWPOPSJTQPOEFSFBJSFRVJTJUJEFMMBOPSNB6/*
FUVUUFMFOPSNFBQQMJDBCJMJ
1PTJ[JPOBNFOUP EFJ UFSNJOBMJ EJ UJSBHHJP *
UFSNJOBMJEJUJSBHHJPEFWPOP
FTTFSF TJUVBUJ TVMMF QBSFUJ QFSJNFUSBMJ FTUFSOF
EFMMFEJêDJP
FTTFSF QPTJ[JPOBUJ JO NPEP DIF MF EJTUBO[F
SJTQFUUJOP J WBMPSJ NJOJNJ SJQPSUBUJ OFMMB
OPSNBUJWBUFDOJDBWJHFOUFJOQBSUJDPMBSFEFWF
FTTFSFSJTQFUUBUPJMQBSBHSBGPEFMMBOPSNB
6/*FTVDDFTTJWFNPEJêDB[JPOJFE
JOUFHSB[JPOJ
4DBSJDPEFJQSPEPUUJEFMMBDPNCVTUJPOFEJBQ
QBSFDDIJBUJSBHHJPGPS[BUPFOUSPTQB[JDIJVTJ
BDJFMPMJCFSP /FHMJ TQB[J DIJVTJ B DJFMP MJCFSP
QP[[J EJ WFOUJMB[JPOF DBWFEJ DPSUJMJ F TJNJMJ
DIJVTJTVUVUUJJMBUJÍDPOTFOUJUPMPTDBSJDPEJSFUUP
EFJQSPEPUUJEFMMBDPNCVTUJPOFEJBQQBSFDDIJB
HBTBUJSBHHJPOBUVSBMFPGPS[BUPFQPSUBUBUFSNJDB
PMUSFFêOPBL8QVSDIÊWFOHBOPSJTQFUUBUF
MFDPOEJ[JPOJEJDVJBMMBOPSNBUJWBUFDOJDBWJHFOUF
6/*QBS
3*&.1*.&/50%&--*.1*"/50
$PMMFHBUBMBDBMEBJBQSPDFEFSFBMSJFNQJNFOUP
EFMMJNQJBOUP BUUSBWFSTP JM SVCJOFUUP EJ SJFN
QJNFOUP 'JH F *M SJFNQJNFOUP WB
FTFHVJUP MFOUBNFOUF QFS EBSF NPEP BMMF CPMMF
EBSJBDPOUFOVUFOFMMBDRVBEJMJCFSBSTJFEVTDJSF
BUUSBWFSTPHMJTêBUJEFMMBDBMEBJBFEFMMJNQJBOUP
EJSJTDBMEBNFOUP
-BDBMEBJBIBJODPSQPSBUPVOBWBMWPMBEJTêBUP
BVUPNBUJDB QPTUB TVM DJSDPMBUPSF $POUSPMMBSF
DIFJMDBQQVDDJPTJBBMMFOUBUP"QSJSFMFWBMWPMFEJ
TêBUPEFJSBEJBUPSJ
-F WBMWPMF EJ TêBUP EFJ SBEJBUPSJ WBOOP DIJVTF
RVBOEPEBFTTFFTDFTPMPBDRVB
*MSVCJOFUUPEJSJFNQJNFOUPWBDIJVTPRVBOEPJM
NBOPNFUSPEJDBMEBJBJOEJDBDJSDBCBS
/# EVSBOUF RVFTUF PQFSB[JPOJ NFUUFSF JO
GVO[JPOFMBQPNQBEJDJSDPMB[JPOFBEJOUFSWBMMJ
BHFOEPTVMTFMFUUPSFHFOFSBMFQPTUPTVMDSVTDPUUP
4êBUBSFMBQPNQBEJDJSDPMB[JPOFTWJUBOEPJMUBQQP
BOUFSJPSF NBOUFOFOEP JM NPUPSF JO GVO[JPOF
3JBWWJUBSFJMUBQQPEPQPMPQFSB[JPOF
'JH
FWJUBSFMBQSFTFO[BEJTDJOUJMMFFêBNNFMJCF
SF
QSPDFEFSFBMMPTQVSHPEFMMBSJBDPOUFOVUBOFMMF
UVCB[JPOJ
DPOUSPMMBSFMBUFOVUBEFMMJNQJBOUPJOUFSOPTF
DPOEPMFJOEJDB[JPOJGPSOJUFEBMMBOPSNB6/*
.&44"*/4&37*;*0%&--"
$"-%"*"ю"$$&/4*0/&я
"JêOJEFMSJMBTDJPEFMMB%JDIJBSB[JPOFEJ$PO
GPSNJUÆ QSFWJTUP EBMMB -FHHF O PDDPSSPOPJTFHVFOUJBEFNQJNFOUJQFSMBNFTTB
JOTFSWJ[JPEFMMBDBMEBJB
WFSJêDBSF MB UFOVUB EFMMhJNQJBOUP JOUFSOP TF
DPOEPMFJOEJDB[JPOJGPSOJUFEBMMBOPSNB6/*
*/45"--"503&
WFSJêDBSFDIFJMUFSNJOBMFDPODFOUSJDPEJBTQJSB
[JPOFTDBSJDPTFQSFTFOUF
OPOTJBPTUSVJUP
4FBODIFTPMUBOUPVOPEJRVFTUJDPOUSPMMJEPWFTTF
SJTVMUBSF OFHBUJWP MB DBMEBJB OPO EFWF FTTFSF
NFTTBJOTFSWJ[JP
/#MBWFSJêDBJOJ[JBMFEFMMBDBMEBJBEJDVJBM
QVOUPEFMMJCSFUUPEFWFFTTFSFFĒFUUVBUBEB
VOUFDOJDPBCJMJUBUPJMTFSWJ[JP"TTJTUFO[B5FDOJDB
"VUPSJ[[BUP*NNFSHBTÍRVBMJêDBUPQFSFĒFUUVBSMB
HSBUVJUBNFOUF
-BHBSBO[JBEFMMBDBMEBJBEFDPSSF
EBMMBEBUBEFMMBWFSJêDBTUFTTB
*MDFSUJêDBUPEJWFSJêDBFHBSBO[JBWJFOFSJMBTDJBUP
BMMVUFOUF
65&/5&
.&44"*/4&37*;*0
%&--*.1*"/50("4
1FSMBNFTTBJOTFSWJ[JPEFMMJNQJBOUPPDDPSSF
BQSJSFêOFTUSFFQPSUF
WFSJêDBSF MJOUFSWFOUP EFM TFMFUUPSF HFOFSBMF
QPTUPBNPOUFEFMMBDBMEBJBFJODBMEBJB
10.1"%*$*3$0-";*0/&
-FDBMEBJFTFSJFi7JDUSJY4VQFSJPSL81MVTu
WFOHPOP GPSOJUF DPO DJSDPMBUPSF JODPSQPSBUP
DPO SFHPMBUPSF FMFUUSJDP EJ WFMPDJUÆ B USF QP
TJ[JPOJ QJÜ MB WFMPDJUÆ BVUPNBUJDB -B WFMPDJUÆ
BVUPNBUJDBEFDJEFMJNQPTUB[JPOFQJÜBEBUUBEFM
DJSDPMBUPSFJOCBTFBMȄ5NJTVSBUPUSBNBOEBUB
F SJUPSOP JNQJBOUP 1BSBH BM QBSBNFUSP
i7&-10.1"u
*MDJSDPMBUPSFÍHJÆNVOJUPEJ
DPOEFOTBUPSF
5&$/*$0
3*&.1*.&/50%&-4*'0/&
3"$$0(-*$0/%&/4"
"MMB QSJNB BDDFOTJPOF EFMMB DBMEBJB QVÖ TVD
DFEFSF DIF EBMMP TDBSJDP DPOEFOTB FTDBOP EFJ
QSPEPUUJEFMMBDPNCVTUJPOFWFSJêDBSFDIFEPQP
VO GVO[JPOBNFOUP EJ RVBMDIF NJOVUP EBMMP
TDBSJDP DPOEFOTB OPO FTDBOP QJÜ J GVNJ EFMMB
DPNCVTUJPOF2VFTUPTJHOJêDBDIFJMTJGPOFTJTBSÆ
SJFNQJUPEJVOBBMUF[[BEJDPOEFOTBDPSSFUUBUBMF
EBOPOQFSNFUUFSFJMQBTTBHHJPEFJGVNJ
&WFOUVBMF TCMPDDP EFMMB QPNQB 4F EPQP VO
MVOHP QFSJPEP EJ JOBUUJWJUÆ JM DJSDPMBUPSF GPTTF
CMPDDBUPÍOFDFTTBSJPTWJUBSFJMUBQQPBOUFSJPSF
F GBS HJSBSF DPO VO DBDDJBWJUF MBMCFSP NPUPSF
&ĒFUUVBSFMPQFSB[JPOFDPOFTUSFNBDBVUFMBQFS
OPOEBOOFHHJBSFMPTUFTTP
WFSJêDBSFMBDPSSJTQPOEFO[BEFMHBTVUJMJ[[BUPDPO
RVFMMPQFSJMRVBMFMBDBMEBJBÍQSFEJTQPTUB
BDDFOEFSF MB DBMEBJB F WFSJêDBSF MB DPSSFUUB
BDDFOTJPOF
WFSJêDBSF DIF MB QPSUBUB EFM HBT F MF SFMBUJWF
QSFTTJPOJTJBOPDPOGPSNJBRVFMMFJOEJDBUFTVM
MJCSFUUP1BSBH
WFSJêDBSFMJOUFSWFOUPEFMEJTQPTJUJWPEJTJDV
SF[[BJODBTPEJNBODBO[BEJHBTFEJMSFMBUJWP
UFNQPEJJOUFSWFOUP
1SFWBMFO[BEJTQPOJCJMFBMMJNQJBOUP
%
1SFWBMFO[BNDB
1SFWBMFO[BL1B
"
#
$
'
&
1PSUBUBMI
'JH
" 1SFWBMFO[BEJTQPOJCJMFBMMJNQJBOUP
TVMMBUFS[BWFMPDJUÆDPOCZQBTT
FTDMVTPWJUFEJSFHPMB[JPOFUVUUB
BWWJUBUB
# 1SFWBMFO[BEJTQPOJCJMFBMMJNQJBOUP
TVMMBTFDPOEBWFMPDJUÆDPOCZQBTT
FTDMVTPWJUFEJSFHPMB[JPOFUVUUB
BWWJUBUB
$ 1SFWBMFO[BEJTQPOJCJMFBMMJNQJBOUP
TVMMBQSJNBWFMPDJUÆDPOCZQBTT
FTDMVTPWJUFEJSFHPMB[JPOFUVUUB
BWWJUBUB
% 1SFWBMFO[BEJTQPOJCJMFBMMJNQJBOUP
TVMMBUFS[BWFMPDJUÆWJUFBWWJUBUBEJ
HJSJSJTQFUUPBMMBWJUFEJSFHPMB
[JPOFUVUUBTWJUBUB
& 1SFWBMFO[BEJTQPOJCJMFBMMJNQJBOUP
TVMMBTFDPOEBWFMPDJUÆWJUFBWWJUBUB
EJHJSJSJTQFUUPBMMBWJUFEJSFHPMB
[JPOFUVUUBTWJUBUB
' 1SFWBMFO[BEJTQPOJCJMFBMMJNQJBOUP
TVMMBQSJNBWFMPDJUÆWJUFBWWJUBUBEJ
HJSJSJTQFUUPBMMBWJUFEJSFHPMB
[JPOFUVUUBTWJUBUB
#0--*503&"$26"$"-%"
4"/*5"3*"
-B DBMEBJB 7JDUSJY 4VQFSJPS L8 1MVT QVÖ
FTTFSF BCCJOBUB BMMhVOJUÆ CPMMJUPSF EB MJUSJ
MJUSJ MJUSJ P BMMhVOJUÆ CPMMJUPSF MJUSJ
"MMJOUFSOP TPOP JOTFSJUJ UVCJ EJ TDBNCJP UFS
NJDPJOBDDJBJPJOPYBNQJBNFOUFEJNFOTJPOBUJ
BWWPMUJBTFSQFOUJOPDIFQFSNFUUPOPEJSJEVSSF
OPUFWPMNFOUFJUFNQJEJQSPEV[JPOFEFMMBDRVB
DBMEB 2VFTUJ CPMMJUPSJ DPTUSVJUJ DPO DBNJDJB
GPOEJJOBDDJBJP*/09HBSBOUJTDPOPVOBMVOHB
EVSBUBOFMUFNQP
*DPODFUUJDPTUSVUUJWJEJBTTFNCMBHHJPFTBMEBUVSB
5*(
TPOP DVSBUJ OFJ NJOJNJ QBSUJDPMBSJ QFS
BTTJDVSBSFMBNBTTJNBBēEBCJMJUÆ
-BëBOHJBEhJTQF[JPOFTVQFSJPSFBTTJDVSBVOQSB
UJDPDPOUSPMMPEFMCPMMJUPSFFEFMUVCPEJTDBNCJP
EFMTFSQFOUJOPFVOBHFWPMFQVMJ[JBJOUFSOB
4VMDPQFSDIJPEFMMBëBOHJBTPOPQPTUJHMJBUUBDDIJ
EJBMMBDDJBNFOUPBDRVBTBOJUBSJBFOUSBUBGSFEEBF
VTDJUBDBMEB
FJMUBQQPQPSUB"OPEPEJ.BHOFTJP
DPNQSFOTJWPEFMNFEFTJNPGPSOJUPEJTFSJFQFS
MB QSPUF[JPOF JOUFSOB EFM CPMMJUPSF EB QPTTJCJMJ
GFOPNFOJEJDPSSPTJPOF
/#GBSFWFSJêDBSFBOOVBMNFOUFEBVOUFDOJDP
BCJMJUBUP BE FTFNQJP JM 4FSWJ[JP "TTJTUFO[B
5FDOJDB "VUPSJ[[BUP *NNFSHBT
MFGGJDJFO[B
EFMM"OPEPEJ.BHOFTJPEFMCPMMJUPSF*MCPMMJUPSF
ÍQSFEJTQPTUPQFSMJOTFSJNFOUPEFMSBDDPSEPEJ
SJDJSDPMPBDRVBTBOJUBSJB
,*5%*410/*#*-*"3*$)*&45"
r,JU SVCJOFUUJ JOUFSDFUUB[JPOF JNQJBOUP DPO
P TFO[B êMUSP JTQF[JPOBCJMF B SJDIJFTUB
-B
DBMEBJB Í QSFEJTQPTUB QFS MJOTUBMMB[JPOF EFJ
SVCJOFUUJEJJOUFSDFUUB[JPOFJNQJBOUPEBJOTFSJSF
TVJ UVCJ EJ NBOEBUB F SJUPSOP EFM HSVQQP EJ
BMMBDDJBNFOUP5BMFLJUSJTVMUBNPMUPVUJMFBMMBUUP
EFMMBNBOVUFO[JPOFQFSDIÊQFSNFUUFEJTWVP
UBSFTPMPMBDBMEBJBTFO[BEPWFSTWVPUBSFBODIF
MJOUFSPJNQJBOUPJOPMUSFOFMMBWFSTJPOFDPOêM
USPQSFTFSWBMFDBSBUUFSJTUJDIFEJGVO[JPOBNFOUP
EFMMBDBMEBJBHSB[JFBMêMUSPJTQF[JPOBCJMF
r,JU DFOUSBMJOB JNQJBOUJ B [POB B SJDIJFTUB
/FM DBTP JO DVJ TJ WPHMJB EJWJEFSF MJNQJBOUP
EJ SJTDBMEBNFOUP JO QJÜ [POF NBTTJNP USF
QFS BTTFSWJSMF TFQBSBUBNFOUF DPO SFHPMB[JPOJ
JOEJQFOEFOUJFQFSNBOUFOFSFFMFWBUBMBQPSUBUB
EBDRVB QFS PHOJ [POB *NNFSHBT GPSOJTDF B
SJDIJFTUBJMLJUJNQJBOUJB[POB
r,JUDPQFSUVSBBSJDIJFTUB
*ODBTPEJJOTUBMMB
[JPOFBMMFTUFSOPJOMVPHPQBS[JBMNFOUFQSPUFUUP
DPOBTQJSB[JPOFEJSFUUBEFMMBSJBÍPCCMJHBUPSJP
NPOUBSF MBQQPTJUP DPQFSDIJP EJ QSPUF[JPOF
TVQFSJPSFQFSJMDPSSFUUPGVO[JPOBNFOUPEFMMB
DBMEBJBFQFSQSPUFHHFSMBEBMMFJOUFNQFSJF
r,JU SJDJSDPMP B SJDIJFTUB
-VOJUÆ CPMMJUPSF
EFMMB DBMEBJB Í QSFEJTQPTUB QFS MBQQMJDB[JPOF
EFM LJU SJDJSDPMP -B *NNFSHBT GPSOJTDF VOB
TFSJFEJSBDDPSEJFBUUBDDIJDIFQFSNFUUPOPJM
DPMMFHBNFOUPGSBMVOJUÆCPMMJUPSFFEJNQJBOUP
TBOJUBSJP"ODIFTVMMBEJNBEJJOTUBMMB[JPOFÍ
QSFWJTUBMJOEJDB[JPOFEFMMBUUBDDPEFMLJUSJDJS
DPMP
r,JUBMMBDDJBNFOUPBDPMPOOB6#F6#
B SJDIJFTUB
1FS MBMMBDDJBNFOUP EFMMVOJUÆ
CPMMJUPSFEBMJUSJPEBMJUSJÍQSFWJTUP
VO LJU BMMBDDJBNFOUP WFSUJDBMF DIF QFSNFUUF
EJDPMMFHBSFEJSFUUBNFOUFMVOJUÆCPMMJUPSFBMMB
DBMEBJBTFO[BEPWFSJOTFSJSFOFMNVSPJUVCJEJ
DPMMFHBNFOUP
* ,JU EJ DVJ TPQSB WFOHPOP GPSOJUJ DPNQMFUJ F
DPSSFEBUJEJGPHMJPJTUSV[JPOJQFSJMMPSPNPOUBH
HJPFVUJMJ[[P
r4DIFEB SFMÍ B SJDIJFTUB
-B DBMEBJB Í QSFEJ
TQPTUB QFS MJOTUBMMB[JPOF EJ VOB TDIFEB SFMÍ
DIF QFSNFUUF EJ BNQMJBSF MF DBSBUUFSJTUJDIF
EFMMBQQBSFDDIJPFRVJOEJMFQPTTJCJMJUÆEJGVO
[JPOBNFOUP
1SFWBMFO[BNDB
1SFWBMFO[BL1B
1PSUBUBMI
1PSUBUBMI
1SFWBMFO[BL1B
1SFWBMFO[BNDB
1PSUBUBMI
1SFWBMFO[BNDB
1SFWBMFO[BL1B
1SFWBMFO[BNDB
1SFWBMFO[BEJTQPOJCJMFBMM6OJUÆ#PMMJUPSF
1SFWBMFO[BL1B
*/45"--"503&
65&/5&
5&$/*$0
13&7"-&/;"%*410/*#*-&1&3*-
$0--&(".&/50*%3"6-*$053"
$"-%"*"&6/*5©#0--*503&
*M DPMMFHBNFOUP JESBVMJDP GSB MB DBMEBJB 7JDUSJY
4VQFSJPSL81MVTFM6OJUÆ#PMMJUPSFEFWFBWFSF
VOBQFSEJUBEJDBSJDPJOGFSJPSFBRVFMMBJOEJDBUB
OFJEJBHSBNNJTPUUPSJQPSUBUJBTFDPOEPEFMMVOJ
UÆCPMMJUPSFJOTUBMMBUB
JORVFTUFDPOEJ[JPOJWJFOF
HBSBOUJUBMBQPSUBUBTVēDJFOUFBUSBTGFSJSFBMMBD
RVBTBOJUBSJBUVUUBMBQPUFO[BUFSNJDBOPNJOBMF
EFMMBDBMEBJBWFEJEJBHSBNNJêH
1PSUBUBMI
'JH
5&$/*$0
65&/5&
*/45"--"503&
$0.10/&/5*$"-%"*"
-FHFOEB
4JGPOFTDBSJDPDPOEFOTB
7FOUJMBUPSF
6HFMMPHBT
7BMWPMBHBT
7FOUVSJ
$BOEFMFUUBEJSJMFWB[JPOF
5FSNPTUBUPGVNJ
5VCPBTQJSB[JPOFBSJB
.PEVMPBDPOEFOTB[JPOF
1SFTBQSFTTJPOFTFHOBMFOFHBUJWP
1SFTBQSFTTJPOFTFHOBMFQPTJUJWP
1P[[FUUJEJQSFMJFWPBSJB"
GVNJ'
7BMWPMBTGPHPBSJBNBOVBMF
#SVDJBUPSF
$BOEFMFUUFBDDFOTJPOF
4POEBNBOEBUB
5FSNPTUBUPTJDVSF[[B
7BMWPMBTGPHPBSJB
7BTPFTQBOTJPOFJNQJBOUP
4POEBSJUPSOP
$JSDPMBUPSFDBMEBJB
1SFTTPTUBUPJNQJBOUP
7BMWPMBEJTJDVSF[[BCBS
7BMWPMBWJFNPUPSJ[[BUB
3VCJOFUUPEJTWVPUBNFOUPJNQJBOUP
7BMWPMBVOJEJSF[JPOBMF&VSPQB
3VCJOFUUPEJSJFNQJNFOUPJNQJBOUP
'JH
6OJUÆCPMMJUPSFMJUSJ
6OJUÆCPMMJUPSFMJUSJ
5&$/*$0
65&/5&
*/45"--"503&
$0.10/&/5*13*/$*1"-*6/*5©
#0--*503&
6OJUÆCPMMJUPSFMJUSJ
6OJUÆCPMMJUPSFMJUSJ
-FHFOEB
5FSNPNFUSP
4POEBTBOJUBSJP
3VCJOFUUPTWVPUBNFOUPCPJMFS
7BTPEhFTQBOTJPOFTBOJUBSJP
4FSQFOUJOP
"OPEPEJNBHOFTJP
%PQQJPTFSQFOUJOP
4FSQFOUJOPBCCJOBCJMFBQBOOFMMJTPMBSJ
4POEBQBOOFMMJTPMBSJ0QUJPOBM
'JH
/#*BWFSJêDBJOJ[JBMFEBQBSUFEJVOUFDOJDP
BCJMJUBUP Í JOEJTQFOTBCJMF QFS MFGGJDBDJB EFMMB
HBSBO[JBUBMFWFSJêDBBTTJDVSBJMNBOUFOJNFOUP
EFJ WBOUBHHJ QSPQSJ EFMMF DBMEBJF *NNFSHBT
BēEBCJMJUÆFēDJFO[BFSJTQBSNJP
16-*;*"&."/65&/;*0/&
"UUFO[JPOFHMJJNQJBOUJUFSNJDJEFWPOPFTTFSF
TPUUPQPTUJBNBOVUFO[JPOFQFSJPEJDBBUBMQSP
QPTJUP TJ WFEB JO RVFTUP MJCSFUUP OFMMB TF[JPOF
EFEJDBUBBMUFDOJDPJMQVOUPSFMBUJWPBMiDPOUSPMMP
FNBOVUFO[JPOFBOOVBMFEFMMBQQBSFDDIJPu
FEB
WFSJêDB TDBEFO[BUB EFMMFēDJFO[B FOFSHFUJDB JO
PUUFNQFSBO[BBMMFEJTQPTJ[JPOJOB[JPOBMJSFHJP
OBMJPMPDBMJWJHFOUJ
"77&35&/;&(&/&3"-*
/PO FTQPSSF MB DBMEBJB QFOTJMF B WBQPSJ EJSFUUJ
EBJQJBOJEJDPUUVSB
7JFUBSF MVTP EFMMB DBMEBJB BJ CBNCJOJ FE BHMJ
JOFTQFSUJ
"JêOJEFMMBTJDVSF[[BWFSJêDBSFDIFJMUFSNJOBMF
DPODFOUSJDP EJ BTQJSB[JPOFBSJBTDBSJDPGVNJ
TFQSFTFOUF
OPOTJBPTUSVJUPOFQQVSFQSPWWJ
TPSJBNFOUF
"MMPSDIÍTJEFDJEBMBEJTBUUJWB[JPOFUFNQPSBOFB
EFMMBDBMEBJBTJEPWSÆ
B
QSPDFEFSF BMMP TWVPUBNFOUP EFMMJNQJBOUP
JESJDPPWFOPOÍQSFWJTUPMJNQJFHPEJBOUJ
HFMP
C
QSPDFEFSFBMMJOUFSDFUUB[JPOFEFMMFBMJNFOUB
[JPOJFMFUUSJDBJESJDBFEFMHBT
/FM DBTP EJ MBWPSJ P NBOVUFO[JPOJ EJ TUSVUUVSF
QPTUFOFMMFWJDJOBO[FEFJDPOEPUUJPOFJEJTQPTJUJWJ
EJ TDBSJDP EFJ GVNJ F MPSP BDDFTTPSJ TQFHOFSF
MBQQBSFDDIJPFBMBWPSJVMUJNBUJGBSOFWFSJêDBSF
MFēDJFO[BEFJDPOEPUUJPEFJEJTQPTJUJWJEBQFS
TPOBMFQSPGFTTJPOBMNFOUFRVBMJêDBUP
/POFĒFUUVBSFQVMJ[JFEFMMBQQBSFDDIJPPEFMMFTVF
QBSUJDPOTPTUBO[FGBDJMNFOUFJOêBNNBCJMJ
/POMBTDJBSFDPOUFOJUPSJFTPTUBO[FJOêBNNBCJMJ
OFMMPDBMFEPWFÍJOTUBMMBUPMBQQBSFDDIJP
r"UUFO[JPOFMVTPEJVORVBMTJBTJDPNQPOFOUF
DIFVUJMJ[[BFOFSHJBFMFUUSJDBDPNQPSUBMPTTFS
WBO[BEJBMDVOFSFHPMFGPOEBNFOUBMJRVBMJ
OPOUPDDBSFMBQQBSFDDIJPDPOQBSUJEFMDPSQP
CBHOBUFPVNJEFOPOUPDDBSFOFQQVSFBQJFEJ
OVEJ
OPOUJSBSFJDBWJFMFUUSJDJOPOMBTDJBSFFTQPTUP
MBQQBSFDDIJPBEBHFOUJBUNPTGFSJDJQJPHHJB
TPMFFDD
JMDBWPEJBMJNFOUB[JPOFEFMMBQQBSFDDIJPOPO
EFWFFTTFSFTPTUJUVJUPEBMMVUFOUF
JODBTPEJEBOOFHHJBNFOUPEFMDBWPTQFHOFSF
MBQQBSFDDIJP F SJWPMHFSTJ FTDMVTJWBNFOUF B
QFSTPOBMFQSPGFTTJPOBMNFOUFRVBMJêDBUPQFS
MBTPTUJUV[JPOFEFMMPTUFTTP
BMMPSDIÍ TJ EFDJEB EJ OPO VUJMJ[[BSF MBQQB
SFDDIJP QFS VO DFSUP QFSJPEP Í PQQPSUVOP
EJTJOTFSJSFMJOUFSSVUUPSFFMFUUSJDPEJBMJNFO
UB[JPOF
/#MFUFNQFSBUVSFJOEJDBUFEBMEJTQMBZIBOOP
VOB UPMMFSO[B EJ ž$ EPWVUB B DPOEJ[JPOJ
BNCJOUBMJOPOBUUSJCVJCJMJBMMBDBMEBJB
1"//&--0$0."/%*
-FHFOEB
1VMTBOUF4UBOECZ0O
" 1VMTBOUFTFMF[JPOFNPEPEJGVO[JPOBNFOUPFTUBUF FJOWFSOP # 1VMTBOUFQSFDFEFO[BTBOJUBSJP $ 1VMTBOUF3FTFU3&4&5
VTDJUBNFOÜ&4$
% 1VMTBOUFJOHSFTTPNFOÜ.&/6
DPOGFSNBEBUJ0,
4FMFUUPSFUFNQFSBUVSBBDRVBDBMEBTBOJUBSJB
5FNQFSBUVSBBDRVBDBMEBTBOJUBSJBJNQPTUBUB
4FMFUUPSFUFNQFSBUVSBSJTDBMEBNFOUP
F
F
5FNQFSBUVSBSJTDBMEBNFOUPJNQPTUBUB
1SFTFO[BBOPNBMJB
7JTVBMJ[[B[JPOFTUBUPEJGVO[JPOBNFOUPDBMEBJB
4JNCPMPQSFTFO[BêBNNBFSFMBUJWBTDBMBEJQPUFO[B
5FNQFSBUVSBBDRVBVTDJUBTDBNCJBUPSFQSJNBSJP
$BMEBJBJOTUBOECZ
$BMEBJBDPOOFTTBBDPNBOEPSFNPUP0QUJPOBM
'VO[JPOBNFOUPJONPEBMJUÆFTUBUF
'VO[JPOFBOUJHFMPJODPSTP
'VO[JPOBNFOUPJONPEBMJUÆJOWFSOP
'VO[JPOBNFOUPQSFDFEFO[BTBOJUBSJPBUUJWB
$PMMFHBNFOUPBUPPMFTUFSOJQFSUFDOJDP
7JTVBMJ[[B[JPOFWPDJNFOÜ
'VO[JPOBNFOUPDPOTPOEBUFNQFSBUVSBFTUFSOBBUUJWB
7JTVBMJ[[B[JPOFDPOGFSNBEBUPPBDDFTTPBMNFOÜ
7JTVBMJ[[B[JPOFUFNQFSBUVSBFTUFSOB
DPOTPOEBFTUFSOBDPMMFHBUBPQUJPOBM
7JTVBMJ[[B[JPOFSJDIJFTUBSFTFUPVTDJUBNFOÜ
'VO[JPOFTQB[[BDBNJOPJODPSTP
.BOPNFUSPDBMEBJB
%JTQMBZNVMUJGVO[JPOF
'JH
*/45"--"503&
7&3*'*$"*/*;*"-&(3"56*5"
"MUFSNJOFEJUVUUFMFPQFSB[JPOJEJJOTUBMMB[JPOF
DPNQSFTP JM SJFNQJNFOUP EFMMJNQJBOUP
Í
OFDFTTBSJPFOUSPFOPOPMUSFHJPSOJDIJBNBSF
VOUFDOJDPBCJMJUBUPBEFTFNQJPJM4FSWJ[JP"T
TJTUFO[B*NNFSHBT
*M4FSWJ[JP"TTJTUFO[B*NNFSHBTFĒFUUVBMFPQF
SB[JPOJEJWFSJêDBJOJ[JBMFEFMMBDBMEBJBHSBUVJUB
NFOUFFWJEFO[JBOEPOFMDPOUFNQPBHMJVUFOUJMF
JTUSV[JPOJQFSMVTPEFMMBDBMEBJB
2VFTUP QFSNFUUF EJ NBOUFOFSF JOBMUFSBUF OFM
UFNQPMFDBSBUUFSJTUJDIFEJTJDVSF[[BSFOEJNFOUP
F GVO[JPOBNFOUP DIF DPOUSBEEJTUJOHVPOP MB
DBMEBJB
4VHHFSJBNP EJ TUJQVMBSF DPOUSBUUJ BOOVBMJ EJ
QVMJ[JB F NBOVUFO[JPOF DPO JM 7PTUSP 5FDOJDP
EJ;POB
65&/5&
*4536;*0/*%*640&
."/65&/;*0/&
5&$/*$0
*/45"--"503&
%&4$3*;*0/&45"5*%*
'6/;*0/".&/50
%JTFHVJUPTPOPFMFODBUJJWBSJTUBUJEJGVO[JPOB
NFOUPEFMMBDBMEBJBDIFDPNQBJPOPTVMEJTQMBZ
NVMUJGVO[JPOF
NFEJBOUFMJOEJDBUPSF
DPO
%JTQMBZ
&45"5&
*/7&3/0
65&/5&
4"/*5"3
3*4$"-%
"/5*(&-0
5&$/*$0
$"30''
4"/0''
VOBCSFWFEFTDSJ[JPOFQFSMBRVBMFTJSJNBOEBBM
TFHVJUPEFMMJCSFUUPJTUSV[JPOJQFSVOBTQJFHB[JPOF
DPNQMFUB
3FHPMB[JPOFBDRVBDBMEBTBOJUBSJB
%FTDSJ[JPOFTUBUPEJGVO[JPOBNFOUP
.PEPEJGVO[JPOBNFOUPFTUBUFTFO[BSJDIJFTUFJODPSTP
$BMEBJBJOBUUFTBEJSJDIJFTUBBDRVBDBMEBTBOJUBSJB
.PEPEJGVO[JPOBNFOUPJOWFSOPTFO[BSJDIJFTUFJODPSTP
$BMEBJBJOBUUFTBEJSJDIJFTUBBDRVBDBMEBTBOJUBSJBPSJTDBMEBNFOUPBNCJFOUF
.PEBMJUÆTBOJUBSJPJODPSTP
$BMEBJBJOGVO[JPOFÍJODPSTPJMSJTDBMEBNFOUPEFMMBDRVBTBOJUBSJB
.PEBMJUÆSJTDBMEBNFOUPJODPSTP
$BMEBJBJOGVO[JPOFÍJODPSTPJMSJTDBMEBNFOUPBNCJFOUF
.PEBMJUÆBOUJHFMPJODPSTP
$BMEBJBJOGVO[JPOFQFSSJQSJTUJOBSFMBUFNQFSBUVSBNJOJNBEJTJDVSF[[BDPOUSPJM
DPOHFMBNFOUPEFMMBDBMEBJB
'JH
%VSBOUF JM SJTDBMEBNFOUP EFMMBDRVB DBMEB
TBOJUBSJB DPNQBSF TVM EJTQMBZ MB TDSJUUB
i4"/*5"3uTVMMJOEJDBUPSFEJTUBUP
FDPO
UFNQPSBOFBNFOUFBMMBDDFOTJPOFEFMCSVDJBUPSF
TJBDDFOEFMJOEJDBUPSF
EJQSFTFO[BêBNNB
DPOSFMBUJWBTDBMBEJQPUFO[BFMJOEJDBUPSFF
DPOMBUFNQFSBUVSBJTUBOUBOFBJOVTDJUBEBMMP
TDBNCJBUPSFQSJNBSJP
'VO[JPOBNFOUPNPEBMJUÆ&TUBUFDPOSJTDBMEB
NFUOPBDRVBDBMEBTBOJUBSJB
$PNBOEP3FNPUP0QUJPOBM
TQFOUP
$POQSFDFEFO[BTBOJUBSJPEJTBCJMJUBUPJOEJDBUPSFTQFOUP
MBDBMEBJBGVO[JP
OBTPMPJONPEBMJUÆSJTDBMEBNFOUPBNCJFOUFQFSMBEVSBUBEJPSBNBOUFOFOEP
DPNVORVFMBDRVBTBOJUBSJBBMMBUFNQFSBUVSBNJOJNBEJž$EPQPEJDIÊMB
DBMEBJBUPSOBBMOPSNBMFGVO[JPOBNFOUPJNQPTUBUPQSFDFEFOUFNFOUF
*ODBTPEJVUJMJ[[PDPO4VQFS$"3JODPODPNJUBO[BEFMQFSJPEPEJGVO[JPOB
NFOUPJONPEBMJUÆ5JNFSTBOJUBSJPSJEPUUPTVMEJTQMBZDPNQBSFMBTDSJUUB4"/
0''FHMJJOEJDBUPSJFTJTQFOHPOPWFEJMJCSFUUPJTUSV[JPOJ4VQFS$"3
1PTUWFOUJMB[JPOFJODPSTP
10457&/5 7FOUJMBUPSFJOGVO[JPOFEPQPVOBSJDIJFTUBEJBDRVBDBMEBTBOJUBSJBPSJTDBMEB
NFOUPBNCJFOUFQFSFWBDVBSFJGVNJSFTJEVJ
1PTUDJSDPMB[JPOFJODPSTP
1045$*3$ $JSDPMBUPSFJOGVO[JPOFEPQPVOBSJDIJFTUBEJBDRVBDBMEBTBOJUBSJBPSJTDBMEB
NFOUPBNCJFOUFQFSSBĒSFEEBSFJMDJSDVJUPQSJNBSJP
$PO$PNBOEP3FNPUP0QUJPOBM
PUFSNPTUBUPBNCJFOUF5"
0QUJPOBM
JO
CMPDDPMBDBMEBJBGVO[JPOBVHVBMNFOUFJOSJTDBMEBNFOUP"UUJWBCJMFUSBNJUF
&.&3(&/;
JMNFOÜi1FSTPOBMJ[[B[JPOJuQFSNFUUFEJBUUJWBSFJMSJTDBMEBNFOUPBODIFTFJM
$PNBOEP3FNPUPP5"TPOPGVPSJTFSWJ[JP
5FOUBUJWJEJ3FTFUUFSNJOBUJ
/."93&4 0DDPSSFBTQFUUBSFPSBQFSSJBDRVJTUBSFUFOUBUJWP
7FEJCMPDDPNBODBUBBDDFOTJPOF
"OPNBMJBQSFTFOUFDPOSFMBUJWPDPEJDFFSSPSF
&33YY
-BDBMEBJBOPOGVO[JPOBWFEJQBSBHSBGPTFHOBMB[JPOFHVBTUJFBOPNBMJF
%VSBOUFMBSPUB[JPOFEFMTFMFUUPSFUFNQFSBUVSBBDRVBDBMEBTBOJUBSJB'JH
4&54"/
WJTVBMJ[[BMPTUBUPEJSFHPMB[JPOFEFMMBUFNQFSBUVSBTBOJUBSJBJODPSTP
%VSBOUFMBSPUB[JPOFEFMTFMFUUPSFUFNQFSBUVSBSJTDBMEBNFOUP'JH
WJ
4&53*4$ TVBMJ[[BMPTUBUPEJSFHPMB[JPOFEFMMBUFNQFSBUVSBEJNBOEBUBEFMMBDBMEBJBQFSJM
SJTDBMEBNFOUPBNCJFOUF
*OQSFTFO[BEFMMBTPOEBFTUFSOBPQUJPOBM
TPTUJUVJTDFMBWPDFi4&53*4$u
*MWBMPSFDIFDPNQBSFÍMBDPSSF[JPOFEFMMBUFNQFSBUVSBEJNBOEBUBSJTQFUUPBMMB
$03305$
DVSWBEJGVO[JPOBNFOUPJNQPTUBUBEBMMBTPOEBFTUFSOB7FEJ0''4&5TVHSBêDP
EFMMBTPOEBFTUFSOB'JH
%JTBSFB[JPOFJNQJBOUPJODPSTP
%VSBOUFRVFTUBGBTFDIFEVSBPSFWJFOFNFTTPJOGVO[JPOFJMDJSDPMBUPSFEJ
%*4"3&";
DBMEBJBBEJOUFSWBMMJQSFTUBCJMJUJQFSNFUUFOEPDPTÑMBEJTBSFB[JPOFEFMMJNQJBOUPEJ
SJTDBMEBNFOUP
65*-*;;0%&--"$"-%"*"
1SJNB EFMMBDDFOTJPOF WFSJêDBSF DIF MJNQJBOUP
TJB QJFOP EBDRVB DPOUSPMMBOEP DIF MB MBODFUUB
EFMNBOPNFUSP
JOEJDIJVOWBMPSFDPNQSFTP
GSBœCBS
"QSJSF JM SVCJOFUUP EFM HBT B NPOUF EFMMB DBM
EBJB
$PODBMEBJBTQFOUBTVMEJTQMBZDPNQBSFTPMPJM
TJNCPMP 4UBOECZ QSFNFOEP JM QVMTBOUF
TJBDDFOEFMBDBMEBJB
6OBWPMUBBDDFTBMBDBMEBJBQSFNFOEPSJQFUVUB
NFOUF JM QVMTBOUF i"u TJ DBNCJB MB NPEBMJUÆ EJ
GVO[JPOBNFOUP F BMUFSOBUJWBNFOUF TJ QBTTB EBM
GVO[JPOBNFOUPJOFTUBUF FJMGVO[JPOBNFOUP
JOJOWFSOP r&TUBUF JO RVFTUB NPEBMJUÆ MB DBMEBJB
GVO[JPOBTPMPQFSJMSJTDBMEBNFOUPEFMMBDRVB
DBMEBTBOJUBSJBMBUFNQFSBUVSBWJFOFJNQPTUBUB
USBNJUFJMTFMFUUPSF
FMBSFMBUJWBUFNQFSBUVSB
WJFOF WJTVBMJ[[BUB TVM EJTQMBZ NFEJBOUF
MJOEJDBUPSF
FDPNQBSFMJOEJDB[JPOFi4&5
4"/uWFEJêHVSB
3VPUBOEPJMTFMFUUPSF
JO TFOTP PSBSJP MB UFNQFSBUVSB BVNFOUB F
BOUJPSBSJPEJNJOVJTDF
'JH
r*OWFSOP JO RVFTUB NPEBMJUÆ MB DBMEBJB
GVO[JPOB TJB JO SJTDBMEBNFOUP BDRVB DBMEB
TBOJUBSJB DIF SJTDBMEBNFOUP BNCJFOUF -B
UFNQFSBUVSBEFMMBDRVBDBMEBTBOJUBSJBTJSFHPMB
TFNQSFUSBNJUFJMTFMFUUPSF
MBUFNQFSBUVSB
EFMSJTDBMEBNFOUPTJSFHPMBUSBNJUFJMTFMFUUPSF
FMBSFMBUJWBUFNQFSBUVSBWJFOFWJTVBMJ[[BUB
TVMEJTQMBZ
NFEJBOUFMJOEJDBUPSF
FDPN
QBSF MJOEJDB[JPOF i4&5 3*4$u WFEJ êHVSB
3VPUBOEPJMTFMFUUPSF
JOTFOTPPSBSJPMBUFN
QFSBUVSBBVNFOUBFBOUJPSBSJPEJNJOVJTDF
3FHPMB[JPOFUFNQFSBUVSBEJNBOEBUBJNQJBOUP
'JH
%VSBOUFMBSJDIJFTUBEJSJTDBMEBNFOUPBNCJFOUF
DPNQBSFTVMEJTQMBZ
MBTDSJUUBi3*4$"-%u
TVMMJOEJDBUPSF EJ TUBUP F DPOUFNQPSBOFB
NFOUFBMMBDDFOTJPOFEFMCSVDJBUPSFTJBDDFOEF
MJOEJDBUPSF
EJQSFTFO[BêBNNBDPOSFMBUJWB
TDBMB EJ QPUFO[B F MJOEJDBUPSF F DPO MB
UFNQFSBUVSBJTUBOUBOFBJOVTDJUBEBMMPTDBNCJB
UPSFQSJNBSJP*OGBTFSJTDBMEBNFOUPMBDBMEBJB
OFM DBTP MB UFNQFSBUVSB EFMMBDRVB DPOUFOVUB
OFMMJNQJBOUPTJBTVēDJFOUFBTDBMEBSFJUFSNP
TJGPOJQVÖGVO[JPOBSFDPOTPMPMBUUJWB[JPOFEFM
DJSDPMBUPSFEJDBMEBJB
'VO[JPOBNFOUPNPEBMJUÆ*OWFSOPDPOSJTDBMEB
NFUOPBNCJFOUF
'JH
"UUFO[JPOF4FTJNFUUFMBDBMEBJBJOTUBOECZ
TVM $"3 DPNQBSJSÆ JM TJNCPMP EJ FSSPSF
DPOOFTTJPOFi$0/uJM$"3WJFOFDPNVORVF
NBOUFOVUP BMJNFOUBUP TFO[B QFSEFSF DPTÑ J
QSPHSBNNJNFNPSJ[[BUJ
'VO[JPOBNFOUPNPEBMJUÆJOWFSOPDPOTPOEB
FTUFSOBPQUJPOBM
r'VO[JPOBNFOUPDPO4VQFS$PNBOEP"NJDP
3FNPUP4VQFS$"3
0QUJPOBM
*ODBTPEJ
DPMMFHBNFOUP BM 4VQFS $"3 MB DBMEBJB SJMFWB
BVUPNBUJDBNFOUF JM EJTQPTJUJWP F TVM EJTQMBZ
DPNQBSFJMTJNCPMP
%BRVFTUPNP
NFOUP Í QPTTJCJMF PQFSBSF SFHPMB[JPOJ JOEJG
GFSFOUFNFOUF EBM 4VQFS $"3 P EBMMB DBMEBJB
5SBOOFDIFQFSMBUFNQFSBUVSBSJTDBMEBNFUOP
BNCJFOUFDIFWJFOFWJTVBMJ[[BUBTVMEJTQMBZNB
HFTUJUBEBM4VQFS$"3
"UUFO[JPOF4FTJQPTJ[JPOBMBDBMEBJBJOTUBOE
CZ
TVM4VQFS$"3DPNQBSJSÆJMTJNCPMPEJ
FSSPSFDPOOFTTJPOFi&33$.uJM4VQFS$"3
WJFOFDPNVORVFNBOUFOVUPBMJNFOUBUPTFO[B
QFSEFSFDPTÑJQSPHSBNNJNFNPSJ[[BUJ
r'VO[JPOFQSFDFEFO[BTBOJUBSJP.FEJBOUFMB
QSFTTJPOFEFMQVMTBOUFi#uTJEJTBUUJWBMBGVO[JP
OFQSFDFEFO[BTBOJUBSJPDIFÍDPOUSBTTFHOBUB
EBMMPTQFHOJNFOUPTVMEJTQMBZ
EFMTJNCPMP
-BGVO[JPOFEJTBCJMJUBUBNBOUJFOFMBDRVB
DPOUFOVUBOFMCPMMJUPSFBMMBUFNQFSBUVSBEJž$
QFSPSBEBOEPMBQSFDFEFO[BEJGVO[JPOBNFU
OPBMSJTDBMEBNFOUPBNCJFOUF
r'VO[JPOBNFOUPDPOTPOEBFTUFSOBQBSU
PQUJPOBM *O DBTP EJ JNQJBOUP DPO MB TPOEB
FTUFSOB PQUJPOBM MB UFNQFSBUVSB EJ NBOEBUB
EFMMBDBMEBJBQFSJMSJTDBMEBNFOUPBNCJFOUFÍ
HFTUJUB EBMMB TPOEB FTUFSOB JO GVO[JPOF EFMMB
UFNQFSBUVSB FTUFSOB NJTVSBUB 1BSBH F
QBSBHBMMBWPDFi5&3.03&(u
&QPT
TJCJMFNPEJêDBSFMBUFNQFSBUVSBEJNBOEBUBEB
ž$Bž$SJTQFUUPMBDVSWBEJSFHPMB[JPOF
WFEJ HSBêDP êH WBMPSF 0ĒTFU
2VFTUB
DPSSF[JPOF BUUVBCJMF DPO JM TFMFUUPSF TJ
NBOUJFOF BUUJWB QFS RVBMTJBTJ UFNQFSBUVSB
FTUFSOBNJTVSBUBMBNPEJêDBEFMMBUFNQFSBUVSB
PĒTFU WJFOF WJTVBMJ[[BUB USBNJUF MJOEJDBUPSF
TVMMJOEJDBUPSF WJFOF WJTVBMJ[[BUB MB
UFNQFSBUVSBEJNBOEBUBBUUVBMFFEPQPQPDIJ
TFDPOEJEBMMBNPEJêDBWJFOFBHHJPSOBUBDPOMB
OVPWBDPSSF[JPOFTVMEJTQMBZDPNQBSFMJOEJ
DB[JPOFi$03305$uWFEJêHVSB
3VPUBOEP
JMTFMFUUPSF
JOTFOTPPSBSJPMBUFNQFSBUVSB
BVNFOUBFBOUJPSBSJPEJNJOVJTDF
3FHPMB[JPOFUFNQFSBUVSBEJNBOEBUBJNQJBOUP
DPOTPOEBFTUFSOBPQUJPOBM
'JH
'JH
%BRVFTUPNPNFOUPMBDBMEBJBGVO[JPOBBVUPNB
UJDBNFOUF*OBTTFO[BEJSJDIJFTUFEJDBMPSFSJTDBM
EBNFOUPPQSPEV[JPOFBDRVBDBMEBTBOJUBSJB
MB
DBMEBJBTJQPSUBJOGVO[JPOFiBUUFTBuFRVJWBMFOUFB
DBMEBJBBMJNFOUBUBTFO[BQSFTFO[BEJêBNNB
/# & QPTTJCJMF DIF MB DBMEBJB TJ NFUUB JO
GVO[JPOF BVUPNBUJDBNFOUF OFM DBTP JO DVJ TJ
BUUJWJMBGVO[JPOFBOUJHFMP
*OPMUSFMBDBMEBJB
QVÖSJNBOFSFJOGVO[JPOFQFSVOCSFWFQFSJPEP
EJ UFNQP EPQP VO QSFMJFWP EJ BDRVB DBMEB TB
OJUBSJB QFS SJQPSUBSF JO UFNQFSBUVSB JM DJSDVJUP
TBOJUBSJP
"UUFO[JPOFDPOMBDBMEBJBJONPEBMJUÆTUBOECZ
OPOÍQPTTJCJMFQSPEVSSFBDRVBDBMEBFOPO
WFOHPOPHBSBOUJUFMFGVO[JPOJEJTJDVSF[[BRVBMJ
BOUJCMPDDPQPNQBBOUJHFMPFBOUJCMPDDPUSFWJF
4&(/"-";*0/*(6"45*&%
"/0."-*&
-BDBMEBJB7JDUSJY4VQFSJPSL81MVTTFHOBMB
VO FWFOUVBMF BOPNBMJB NFEJBOUF JM MBNQFHHJP
EFM TJNCPMP BCCJOBUP BMMJOEJDB[JPOF i&3
3YYu TVMMJOEJDBUPSF EPWF iYYu DPSSJTQPOEF
BMDPEJDFFSSPSFEFTDSJUUPOFMMBTFHVFOUFUBCFMMB
4VMMFWFOUVBMFDPNBOEPSFNPUPJMDPEJDFFSSPSF
TBSÆWJTVBMJ[[BUPNFEJBOUFMPTUFTTPDPEJDFOVNF
SJDPSBQQSFTFOUBUPTFDPOEPJMTFHVFOUFFTFNQJP
FT$"3&YY4VQFS$"3&33YY
$PEJDF
FSSPSF
"OPNBMJBTFHOBMBUB
#MPDDPNBODBUBBDDFOTJPOF
#MPDDPUFSNPTUBUPTJDVSF[[BTPWSB
UFNQFSBUVSB
BOPNBMJBDPOUSPMMP
êBNNB
#MPDDPUFSNPTUBUPGVNJ
#MPDDPSFTJTUFO[BDPOUBUUJ
"OPNBMJBTPOEBNBOEBUB
1SFTTJPOFJNQJBOUPJOTVēDJFOUF
"OPNBMJBTPOEBCPJMFS
&SSPSFDPOêHVSB[JPOF
"OPNBMJBWFOUJMBUPSF
"OPNBMJBTPOEBSJUPSOP
"OPNBMJBQVMTBOUJFSB
$JSDPMB[JPOFJOTVēDJFOUF
1FSEJUBDPNVOJDB[JPOF$PNBOEP
3FNPUP
#BTTBUFOTJPOFEJBMJNFOUB[JPOF
1FSEJUBTFHOBMFEJêBNNB
#MPDDPNBODBUBBDDFOTJPOF"EPHOJSJDIJFTUB
EJSJTDBMEBNFOUPBNCJFOUFPQSPEV[JPOFBDRVB
DBMEB TBOJUBSJB MB DBMEBJB TJ BDDFOEF BVUPNBUJ
DBNFOUF4FOPOTJWFSJêDBFOUSPJMUFNQPEJ
TFDPOEJ MBDDFOTJPOF EFM CSVDJBUPSF MB DBMEBJB
SJNBOFJOBUUFTBQFSTFDSJQSPWBFTFGBMMJTDF
BODIFJMTFDPOEPUFOUBUJWPWBJOiCMPDDPNBODBUB
BDDFOTJPOFu &33
1FS FMJNJOBSF JM iCMPDDP
NBODBUBBDDFOTJPOFuÍOFDFTTBSJPQSFNFSFJMQVM
TBOUF3FTFUi$u&QPTTJCJMFSFTFUUBSFMBOPNBMJB
êOPBWPMUFDPOTFDVUJWFEPQPEJDIÊMBGVO[JPOF
Í JOJCJUB QFS BMNFOP VOPSB F TJ HVBEBHOB VO
UFOUBUJWPPHOJPSBQFSVONBTTJNPEJUFOUBUJ
WJ 4QFHOFOEP F SJBDDFOEFOEP MBQQBSFDDIJP TJ
SJBDRVJTUBOPJUFOUBUJWJ"MMBQSJNBBDDFOTJPOF
PEPQPQSPMVOHBUBJOBUUJWJUÆEFMMBQQBSFDDIJPQVÖ
FTTFSFOFDFTTBSJPJOUFSWFOJSFQFSMFMJNJOB[JPOF
EFMiCMPDDPNBODBUBBDDFOTJPOFu4FJMGFOPNFOP
TJWFSJêDBGSFRVFOUFNFOUFDIJBNBSFVOUFDOJDP
BCJMJUBUPBEFTFNQJPJM4FSWJ[JP"TTJTUFO[B5FD
OJDB*NNFSHBT
#MPDDP UFSNPTUBUP EJ TJDVSF[[B TPWSBUFN
QFSBUVSB
%VSBOUF JM OPSNBMF SFHJNF EJ GVO
[JPOBNFOUP TF QFS VOBOPNBMJB TJ WFSJêDB VO
FDDFTTJWPTVSSJTDBMEBNFOUPJOUFSOPPQQVSFQFS
VO BOPNBMJB BMMB TF[JPOF DPOUSPMMP êBNNB MB
DBMEBJBWBJOCMPDDPTPWSBUFNQFSBUVSB&33
1FS FMJNJOBSF JM iCMPDDP TPWSBUFNQFSBUVSBu Í
OFDFTTBSJP QSFNFSF JM QVMTBOUF 3FTFU i$u 4F JM
GFOPNFOP TJ WFSJêDB GSFRVFOUFNFOUF DIJBNBSF
VOUFDOJDPBCJMJUBUPBEFTFNQJPJM4FSWJ[JP"T
TJTUFO[B5FDOJDB*NNFSHBT
#MPDDPUFSNPTUBUPGVNJ4JWFSJêDBJODBTPEJ
PTUSV[JPOF QBS[JBMF JOUFSOB EPWVUB B QSFTFO
[B EJ DBMDBSF P GBOHIJ
P FTUFSOB SFTJEVJ EB
DPNCVTUJPOF
BM NPEVMP B DPOEFOTB[JPOF 1FS
FMJNJOBSF JM iCMPDDP UFSNPTUBUP GVNJu Í OFDFT
TBSJPQSFNFSFJMQVMTBOUF3FTFUi$uÍOFDFTTBSJP
DIJBNBSFVOUFDOJDPBCJMJUBUPQFSSJNVPWFSFMF
PTUSV[JPOJ BE FTFNQJP JM 4FSWJ[JP "TTJTUFO[B
5FDOJDB*NNFSHBT
#MPDDP SFTJTUFO[B DPOUBUUJ 4J WFSJêDB JO DBTP
EJHVBTUPBMUFSNPTUBUPEJTJDVSF[[BTPWSBUFN
QFSBUVSB
PBOPNBMJBOFMDPOUSPMMPêBNNB-B
DBMEBJBOPOQBSUFÍOFDFTTBSJPDIJBNBSFVOUFD
OJDPBCJMJUBUPBEFTFNQJPJM4FSWJ[JP"TTJTUFO[B
5FDOJDB*NNFSHBT
(VBTUP TPOEB NBOEBUB 4F MB TDIFEB SJMFWB
VOBOPNBMJBTVMMBTPOEB/5$NBOEBUBJNQJBOUP
MBDBMEBJBOPOQBSUFÍOFDFTTBSJPDIJBNBSFVO
UFDOJDP BCJMJUBUP BE FTFNQJP JM 4FSWJ[JP "TTJ
TUFO[B5FDOJDB*NNFSHBT
1SFTTJPOF JNQJBOUP JOTVēDJFOUF /PO WJFOF
SJMFWBUBVOBQSFTTJPOFEFMMBDRVBBMMJOUFSOPEFM
DJSDVJUPEJSJTDBMEBNFOUPTVēDJFOUFQFSHBSBOUJSF
JMDPSSFUUPGVO[JPOBNFOUPEFMMBDBMEBJB7FSJêDBSF
TVM NBOPNFUSP EJ DBMEBJB DIF MB QSFTTJPOF
EFMMJNQJBOUPTJBDPNQSFTBUSBœCBSFEFWFO
*/45"--"503&
#MPDDPêBNNBQBSBTTJUB
65&/5&
%BRVFTUPNPNFOUPUVUUJJDPNBOEJ
FMFSFHPMB[JPOJTPOPEFNBOEBUFBM$"3TVMMB
DBMEBJB SJNBOHPOP DPNVORVF JO GVO[JPOF JM
QVMTBOUF4UBOECZi uJMQVMTBOUF3FTFUi$u
JM QVMTBOUF JOHSFTTP NFOÜ i%u F JM QVMTBOUF
TFMF[JPOF"RVB$FMFSJTi#u
%VSBOUFMBSJDIJFTUBEJSJTDBMEBNFOUPBNCJFOUF
DPNQBSFTVMEJTQMBZ
MBTDSJUUBi3*4$"-%u
TVMMJOEJDBUPSF EJ TUBUP F DPOUFNQPSBOFB
NFOUFBMMBDDFOTJPOFEFMCSVDJBUPSFTJBDDFOEF
MJOEJDBUPSF
EJQSFTFO[BêBNNBDPOSFMBUJWB
TDBMB EJ QPUFO[B F MJOEJDBUPSF F DPO MB
UFNQFSBUVSBJTUBOUBOFBJOVTDJUBEBMMPTDBNCJB
UPSFQSJNBSJP*OGBTFSJTDBMEBNFOUPMBDBMEBJB
OFM DBTP MB UFNQFSBUVSB EFMMBDRVB DPOUFOVUB
OFMMJNQJBOUPTJBTVēDJFOUFBTDBMEBSFJUFSNP
TJGPOJQVÖGVO[JPOBSFDPOTPMPMBUUJWB[JPOFEFM
DJSDPMBUPSFEJDBMEBJB
5&$/*$0
r'VO[JPOBNFOUPDPO$PNBOEP"NJDP3FNP
UP$"3
0QUJPOBM
*ODBTPEJDPMMFHBNFOUP
BM $"3 MB DBMEBJB SJMFWB BVUPNBUJDBNFOUF JM
EJTQPTJUJWP F TVM EJTQMBZ DPNQBSF JM TJNCPMP
5&$/*$0
65&/5&
*/45"--"503&
UVBMNFOUFSJQSJTUJOBSFMBDPSSFUUBQSFTTJPOF
"OPNBMJB TPOEB CPJMFS 4F MB TDIFEB SJMFWB
VOBOPNBMJB TVMMB TPOEB CPJMFS MB DBMEBJB OPO
QVÖQSPEVSSFBDRVBDBMEBTBOJUBSJB&OFDFTTB
SJPDIJBNBSFVOUFDOJDPBCJMJUBUPBEFTFNQJPJM
4FSWJ[JP"TTJTUFO[B5FDOJDB*NNFSHBT
&SSPSF DPOGJHVSB[JPOF 4F MB TDIFEB SJMFWB
VOBOPNBMJB P VO JODPOHSVFO[B TVM DBCMBHHJP
FMFUUSJDPEJDBMEBJBOPOQBSUF*ODBTPEJSJQSJTUJOP
EFMMFDPOEJ[JPOJOPSNBMJMBDBMEBJBSJQBSUFTFO[B
JMCJTPHOPEJEPWFSFTTFSFSFTFUUBUB4FMBOPNBMJB
QFSTJTUFÍOFDFTTBSJPDIJBNBSFVOUFDOJDPBCJMJ
UBUPBEFTFNQJPJM4FSWJ[JP"TTJTUFO[B5FDOJDB
*NNFSHBT
"OPNBMJB WFOUJMBUPSF 4J WFSJGJDB OFM DBTP JM
WFOUJMBUPSF BCCJB VO HVBTUP NFDDBOJDP P FMFU
USPOJDP 1FS FMJNJOBSF iMBOPNBMJB WFOUJMBUPSFu
Í OFDFTTBSJP QSFNFSF JM QVMTBOUF 3FTFU i$u 4F
MBOPNBMJBQFSTJTUFÍOFDFTTBSJPDIJBNBSFVOUFD
OJDPBCJMJUBUPBEFTFNQJPJM4FSWJ[JP"TTJTUFO[B
5FDOJDB*NNFSHBT
#MPDDPêBNNBQBSBTTJUB4JWFSJêDBOFMDBTPEJ
EJTQFSTJPOFEFMDJSDVJUPEJSJMFWB[JPOFPBOPNBMJB
OFM DPOUSPMMP êBNNB & QPTTJCJMF SFTFUUBSF MB
DBMEBJB QFS DPOTFOUJSF VO OVPWP UFOUBUJWP EJ
BDDFOTJPOFTFMBDBMEBJBOPOQBSUFÍOFDFTTBSJP
DIJBNBSF VO UFDOJDP BCJMJUBUP BE FTFNQJP JM
4FSWJ[JP"TTJTUFO[B5FDOJDB*NNFSHBT
"OPNBMJBTPOEBSJUPSOP*ORVFTUBDPOEJ[JPOFMB
DBMEBJBOPODPOUSPMMBDPSSFUUBNFOUFJMDJSDPMBUPSF
TFJNQPTUBUPDPNFi"VUPu-BDBMEBJBDPOUJOVBB
GVO[JPOBSFNBQFSFMJNJOBSFMBOPNBMJBÍOFDFT
TBSJPDIJBNBSFVOUFDOJDPBCJMJUBUPBEFTFNQJP
JM4FSWJ[JP"TTJTUFO[B5FDOJDB*NNFSHBT
"OPNBMJB QVMTBOUJFSB 4J WFSJêDB OFM DBTP JO
DVJMBTDIFEBFMFUUSPOJDBSJMFWBVOBOPNBMJBTVMMB
QVMTBOUJFSB*ODBTPEJSJQSJTUJOPEFMMFDPOEJ[JPOJ
OPSNBMJMBDBMEBJBSJQBSUFTFO[BJMCJTPHOPEJEP
WFSFTTFSFSFTFUUBUB4FMBOPNBMJBQFSTJTUFÍOFDFT
TBSJPDIJBNBSFVOUFDOJDPBCJMJUBUPBEFTFNQJPJM
4FSWJ[JP"TTJTUFO[B5FDOJDB*NNFSHBT
$JSDPMB[JPOFJOTVēDJFOUF4JWFSJêDBOFMDBTP
JO DVJ WJ Í VO TVSSJTDBMEBNFOUP EFMMB DBMEBJB
EPWVUPBTDBSTBDJSDPMB[JPOFEJBDRVBOFMDJSDVJUP
QSJNBSJPMFDBVTFQPTTPOPFTTFSF
TDBSTB DJSDPMB[JPOF JNQJBOUP WFSJêDBSF DIF
OPO WJ TJB VOB JOUFSDFUUB[JPOF TVM DJSDVJUP
EJ SJTDBMEBNFOUP DIJVTB F DIF MJNQJBOUP TJB
QFSGFUUBNFOUFMJCFSPEBMMBSJBEJTBFSBUP
DJSDPMBUPSFCMPDDBUPPDDPSSFGBSQSPWWFEFSFBMMP
TCMPDDPEFMDJSDPMBUPSF
4FJMGFOPNFOPTJWFSJêDBGSFRVFOUFNFOUFDIJB
NBSFVOUFDOJDPBCJMJUBUPBEFTFNQJPJM4FSWJ[JP
"TTJTUFO[B5FDOJDB*NNFSHBT
BCJMJUBUP BE FTFNQJP JM 4FSWJ[JP "TTJTUFO[B
5FDOJDB*NNFSHBT
#BTTBUFOTJPOFEJBMJNFOUB[JPOF4JWFSJGJDB
OFM DBTP JO DVJ MB UFOTJPOF EJ BMJNFOUB[JPOF
Í JOGFSJPSF BJ MJNJUJ DPOTFOUJUJ QFS JM DPSSFUUP
GVO[JPOBNFOUP EFMMB DBMEBJB *O DBTP EJ SJ
QSJTUJOP EFMMF DPOEJ[JPOJ OPSNBMJ MB DBMEBJB
SJQBSUFTFO[BJMCJTPHOPEJFTTFSFSFTFUUBUB4FJM
GFOPNFOPTJWFSJGJDBGSFRVFOUFNFOUFDIJBNBSF
VO UFDOJDP BCJMJUBUP BE FTFNQJP JM 4FSWJ[JP
"TTJTUFO[B5FDOJDB*NNFSHBT
1FSEJUB TFHOBMF EJ GJBNNB 4J WFSJGJDB OFM
DBTP JO DVJ MB DBMEBJB Í BDDFTB DPSSFUUBNFOUF
F BWWJFOF VOP TQFHOJNFOUP JOBTQFUUBUP EFMMB
GJBNNB EFM CSVDJBUPSF WJFOF FTFHVJUP VO
OVPWP UFOUBUJWP EJ SJBDDFOTJPOF F JO DBTP EJ
SJQSJTUJOPEFMMFOPSNBMJDPOEJ[JPOJMBDBMEBJB
OPO OFDFTTJUB EJ FTTFSF SFTFUUBUB Í QPTTJCJMF
WFSJGJDBSF RVFTUBOPNBMJB OFMMB MJTUB EFHMJ FS
SPSJQSFTFOUFOFMNFOÜi*OGPSNB[JPOJu
4FJM
GFOPNFOPTJWFSJGJDBGSFRVFOUFNFOUFDIJBNBSF
VO UFDOJDP BCJMJUBUP BE FTFNQJP JM 4FSWJ[JP
"TTJTUFO[B5FDOJDB*NNFSHBT
4FHOBMB[JPOJ F EJBHOPTUJDB 7JTVBMJ[[B[JPOF
TVM%JTQMBZEFJ$PNBOEJ3FNPUJ0QUJPOBM
%VSBOUFJMOPSNBMFGVO[JPOBNFOUPEFMMBDBMEBJB
TVMEJTQMBZEFMDPNBOEPSFNPUP$"3P4VQFS
$"3
WJFOF WJTVBMJ[[BUP JM WBMPSF EJ UFNQFSB
UVSBBNCJFOUFJODBTPEJNBMGVO[JPOBNFOUPP
BOPNBMJBMBWJTVBMJ[[B[JPOFEFMMBUFNQFSBUVSBÍ
TPTUJUVJUBEBMSFMBUJWPDPEJDFFSSPSFQSFTFOUFOFMMB
UBCFMMBQBSBH
41&(/*.&/50%&--"$"-%"*"
4QFHOFSF MB DBMEBJB NFEJBOUF MB QSFTTJPOF EFM
QVMTBOUF i
u EJTJOTFSJSF MJOUFSSVUUPSF POOJ
QPMBSFFTUFSOPBMMBDBMEBJBFDIJVEFSFJMSVCJOFUUP
EFMHBTBNPOUFEFMMBQQBSFDDIJP/POMBTDJBSFMB
DBMEBJBJOVUJMNFOUFJOTFSJUBRVBOEPMBTUFTTBOPO
ÍVUJMJ[[BUBQFSMVOHIJQFSJPEJ
3*13*45*/013&44*0/&*.1*"/50
3*4$"-%".&/50
$POUSPMMBSFQFSJPEJDBNFOUFMBQSFTTJPOFEFMMBD
RVB EFMMJNQJBOUP -B MBODFUUB EFM NBOPNFUSP
EJDBMEBJBEFWFJOEJDBSFVOWBMPSFDPNQSFTPGSB
FCBS
4FMBQSFTTJPOFÍJOGFSJPSFBECBSBEJNQJBOUP
GSFEEP
ÍOFDFTTBSJPQSPWWFEFSFBMSJQSJTUJOPBUUSB
WFSTPJMSVCJOFUUPQPTUPOFMMBQBSUFJOGFSJPSFEFMMB
DBMEBJB'JH
4F TJ EPWFTTFSP WFSJêDBSF DBMJ EJ QSFTTJPOF GSF
RVFOUJDIJFEFSFMJOUFSWFOUPEJQFSTPOBMFQSPGFT
TJPOBMNFOUFRVBMJêDBUPJORVBOUPWBFMJNJOBUB
MFWFOUVBMFQFSEJUBEFMMJNQJBOUP
47605".&/50%&--*.1*"/50
1FSQPUFSDPNQJFSFMPQFSB[JPOFEJTWVPUBNFOUP
EFMMB DBMEBJB BHJSF TVMMBQQPTJUP SVCJOFUUP EJ
TWVPUBNFOUP'JH
1SJNBEJFĒFUUVBSFRVFTUBPQFSB[JPOFBDDFSUBSTJ
DIFJMSVCJOFUUPEJSJFNQJNFOUPTJBDIJVTP
1305&;*0/&"/5*(&-0
-BDBMEBJBTFSJFi7JDUSJY4VQFSJPSL81MVTuÍ
EPUBUBEJVOBGVO[JPOFBOUJHFMPDIFBDDFOEFBVUP
NBUJDBNFOUFJMCSVDJBUPSFRVBOEPMBUFNQFSBUVSB
TDFOEFTPUUPJž$QSPUF[JPOFEJTFSJFêOPBMMB
UFNQFSBUVSBNJOEJž$
5VUUFMFJOGPSNB[JPOJ
SFMBUJWF BMMB QSPUF[JPOF BOUJHFMP TPOP SJQPSUBUF
OFM QBSBH "M êOF EJ HBSBOUJSF MJOUFHSJUÆ
EFMMBQQBSFDDIJPFEFMMJNQJBOUPUFSNPTBOJUBSJP
JO[POFEPWFMBUFNQFSBUVSBTDFOEFTPUUPMP[FSP
DPOTJHMJBNP EJ QSPUFHHFSF MJNQJBOUP EJ SJTDBM
EBNFOUP DPO MJRVJEP BOUJHFMP F MJOTUBMMB[JPOF
JODBMEBJBEFM,JU"OUJHFMP*NNFSHBT/FMDBTP
QFSÖ EJ QSPMVOHBUB JOBUUJWJUÆ TFDPOEB DBTB
DPOTJHMJBNPJOPMUSFEJ
EJTJOTFSJSFMBMJNFOUB[JPOFFMFUUSJDB
TWVPUBSFDPNQMFUBNFOUFJMDJSDVJUPEJSJTDBMEB
NFOUPFJMDJSDVJUPTBOJUBSJPEJDBMEBJB*OVO
JNQJBOUPTPHHFUUPBEFTTFSFTWVPUBUPGSFRVFO
UFNFOUFÍJOEJTQFOTBCJMFDIFJMSJFNQJNFOUPTJB
FĒFUUVBUPDPOBDRVBPQQPSUVOBNFOUFUSBUUBUB
QFSFMJNJOBSFMBEVSF[[BDIFQVÖEBSFMVPHPB
JODSPTUB[JPOJDBMDBSFF
16-*;*"%&-3*7&45*.&/50
1FSQVMJSFJMNBOUFMMPEFMMBDBMEBJBVTBSFQBOOJ
VNJEJ F TBQPOF OFVUSP /PO VTBSF EFUFSTJWJ
BCSBTJWJPJOQPMWFSF
%*4"55*7";*0/&%&'*/*5*7"
"MMPSDIÍ TJ EFDJEB MB EJTBUUJWB[JPOF EFêOJUJWB
EFMMBDBMEBJBGBSFĒFUUVBSFEBQFSTPOBMFQSPGFT
TJPOBMNFOUF RVBMJêDBUP MF PQFSB[JPOJ SFMBUJWF
BDDFSUBOEPTJ GSB MBMUSP DIF WFOHBOP QSFDFEFO
UFNFOUF EJTJOTFSJUF MF BMJNFOUB[JPOJ FMFUUSJDIF
JESJDBFEFMDPNCVTUJCJMF
/#DIJVEFSFJMSVCJOFUUPEPQPMPQFSB[JPOF
4FMBQSFTTJPOFBSSJWBBWBMPSJQSPTTJNJBJCBSWJÍ
SJTDIJPEJJOUFSWFOUPEFMMBWBMWPMBEJTJDVSF[[B
*O UBM DBTP DIJFEFSF MJOUFSWFOUP EFM QFSTPOBMF
QSPGFTTJPOBMNFOUFRVBMJêDBUP
1FSEJUBDPNVOJDB[JPOFDPNBOEPSFNPUP4J
WFSJGJDBOFMDBTPEJDPMMFHBNFOUPBVODPOUSPMMP
SFNPUP OPO DPNQBUJCJMF PQQVSF JO DBTP EJ
DBEVUBEJDPNVOJDB[JPOFGSBDBMEBJBF$"3P
4VQFS$"33JQSPWBSFMBQSPDFEVSBEJDPOOFT
TJPOFTQFHOFOEPMBDBMEBJBFSJBDDFOEFOEPMB
4FBODIFBMMBSJBDDFOTJPOFOPOWJFOFSJMFWBUPJM
$PNBOEP3FNPUPMBDBMEBJBQBTTBJONPEBMJUÆ
EJGVO[JPOBNFOUPMPDBMFRVJOEJVUJMJ[[BOEPJ
DPNBOEJQSFTFOUJJODBMEBJB*ORVFTUPDBTPMB
DBMEBJBOPOQVÖBUUJWBSFMBGVO[JPOFi3JTDBM
EBNFOUPu 1FS GBS GVO[JPOBSF DPNVORVF MB
DBMEBJB JO NPEBMJUÆ i3JTDBMEBNFOUPu BUUJWBSF
MBGVO[JPOFi&NFSHFO[BuQSFTFOUFBMMJOUFSOP
EFMNFOÜi1FSTPOBMJ[[B[JPOJu4FJMGFOPNFOP
TJWFSJGJDBGSFRVFOUFNFOUFDIJBNBSFVOUFDOJDP
'JH
DPOêHVSB[JPOJ i$0/'*(63u NFOÜ SJTFWBUP
BMUFDOJDPQFSJMRVBMFTJOFDFTTJUBEJVODPEJDF
EBDDFTTP7FEJDBQJUPMPi5FDOJDPu
.FOÜ*OGPSNB[JPOJ"MMJOUFSOPEJRVFTUPNFOÜTPOPDPOUFOVUFMFWBSJFJOGPSNB[JPOJSFMBUJWFBMGVO[JPOBNFOUPEFMMBDBMEBJB
ž
-JWFMMP
1VMTBOUF
ž-JWFMMP
1VMTBOUF
740'58
%Ö
)'6/;
/6."$$
Õ$
žMJWFMMP
1VMTBOUF
7JTVBMJ[[BMBWFSTJPOFEFMTPѫXBSFEJHFTUJPOFEFMMBTDIFEBFMFUUSPOJDB
JOTUBMMBUPJODBMEBJB
7JTVBMJ[[BMFPSFUPUBMJEJGVO[JPOBNFOUPEFMMBDBMEBJB
7JTVBMJ[[BJMOVNFSPEJBDDFOTJPOJEFMCSVDJBUPSF
7JTVBMJ[[BMBUFNQFSBUVSBFTUFSOBBUUVBMFTFQSFTFOUFMBTPOEBFTUFSOB
0QUJPOBM
7JTVBMJ[[BMBUFNQFSBUVSBFTUFSOBNJOJNBSFHJTUSBUBTFQSFTFOUFMB
TPOEBFTUFSOB0QUJPOBM
7JTVBMJ[[BMBUFNQFSBUVSBFTUFSOBNBTTJNBSFHJTUSBUBTFQSFTFOUFMB
TPOEBFTUFSOB0QUJPOBM
*/'03.";*0/*
"556"-&
5&45&3/
DPOTPOEB
FTUFSOBPQUJPOBM
QSFTFOUF
%Ö
Õ$
/04&45
TFO[BTPOEB
FTUFSOBPQUJPOBM
5&.*/
%Ö
5&."9
Õ$
";;&3"
%FTDSJ[JPOF
%
Y
TFMF[JP
OBSF
.FEJBOUFMBQSFTTJPOFEFMQVMTBOUFi%uTJB[[FSBOPMFUFNQFSBUVSF.*/
F."9NJTVSBUF
Õ$
10354"/
7&-7&/5
710.1
/FTTVOBWJTVBMJ[[B[JPOFTVRVFTUPNPEFMMP
7JTVBMJ[[BMBWFMPDJUÆJOHJSJEJSPUB[JPOFJTUBOUBOFBEFMWFOUJMBUPSF
7JTVBMJ[[BMBWFMPDJUÆJTUBOUBOFBEFMDJSDPMBUPSFEBB
7JTVBMJ[[BHMJVMUJNJFWFOUJDIFIBOOPDBVTBUPVOBSSFTUPEFMMB
DBMEBJB4VMMJOEJDBUPSF
ÍJOEJDBUPJMOVNFSPTFRVFO[JBMFEBBF
TVMMJOEJDBUPSF
JMSFMBUJWPDPEJDFFSSPSF
1SFNFOEPSJQFUVUBNFOUFJMQVMTBOUFi%uÍQPTTJCJMFWJTVBMJ[[BSFMPSB
EJGVO[JPOBNFUOPFJMOVNFSPEJBDDFOTJPOJBMMFRVBMJÍBWWFOVUB
MBOPNBMJB
%Ö
Õ$
&3303*
.FOÜQFSTPOBMJ[[B[JPOJ"MMJOUFSOPEJRVFTUPNFOÜTPOPDPOUFOVUFUVUUFMFPQ[JPOJEJGVO[JPOBNFOUPQFSTPOBMJ[[BCJMJ-BQSJNBWPDFEFMMFWBSJFPQ[JPOJ
DIFDPNQBSFBMMJOUFSOPEFMQBSBNFUSPÍRVFMMBTFMF[JPOBUBEJEFGBVMU
ž
-JWFMMP
1VMTBOUF
ž-JWFMMP
1VMTBOUF
%Ö
%*41-":
Õ$
žMJWFMMP
1VMTBOUF
*--"650
%FGBVMU
%
Y
TFMF[JPOBSF
*--0/
1&340/"-*;;";*0/*
*--0''
žMJWFMMP
Õ$
5&.1$"-%
%Ö
%&4$3*;
%Ö
%Ö
Õ$
5&.1&45
%Ö
*5"-*"/0
%FGBVMU
Õ$
&/(-*4)
%"5*
Õ$
Õ$
-*/(6"
&.&3
(&/;
%Ö
&.&30''
%FGBVMU
Õ$
&.&30/
%
Y
TFMF[JPOBSF
Õ$
3*13*45
%
Y
TFMF[JPOBSF
1VMTBOUF
%FTDSJ[JPOF
*MEJTQMBZTJJMMVNJOBRVBOEPJMCSVDJBUPSF
ÍBDDFTPFRVBOEPTJBDDFEFBJDPNBOEJ
SJNBOFBDDFTPQFSTFDPOEJEPQPMVMUJNB
PQFSB[JPOFFĒFUUVBUB
*MEJTQMBZÍTFNQSFJMMVNJOBUP
*MEJTQMBZTJBDDFOEFTPMPRVBOEPTJBDDFEF
BJDPNBOEJFSJNBOFBDDFTPQFSTFDPOEJ
EPQPMVMUJNBPQFSB[JPOFFĒFUUVBUB
-JOEJDBUPSF
WJTVBMJ[[BMBUFNQFSBUVSB
JOVTDJUBEBMMPTDBNCJBUPSFQSJNBSJP
%
-JOEJDBUPSF
WJTVBMJ[[BMBUFNQFSB
Y
UVSBFTUFSOBBUUVBMFDPOTPOEBFTUFSOB
TFMF[JPOBSF 0QUJPOBM
5VUUFMFEFTDSJ[JPOJWFOHPOPSJQPSUBUFJO
MJOHVBJUBMJBOB
Õ$
5VUUFMFEFTDSJ[JPOJWFOHPOPSJQPSUBUFJO
MJOHVBJOHMFTF
*ONPEBMJUÆJOWFSOPUUUJWBOEPRVFTUB
GVO[JPOFÍQPTTJCJMFBUUJWBSFMBGVO[JPOF
SJTDBMEBNFOUPBNCJFOUFBODIFTFMFWFO
UVBMF$PNBOEP3FNPUPP5"TPOPGVPSJ
TFSWJ[JP
.FEJBOUFMBQSFTTJPOFEFMQVMTBOUFi%uTJ
B[[FSBOPMFQFSTPOBMJ[[B[JPOJGBUUFSJQSJTUJ
OBOEPJWBMPSJJNQPTUBUJEJGBCCSJDB
Õ$
5&$/*$0
QFSTPOBMJ[[B[JPOJi1&340/"-u
65&/5&
*/45"--"503&
.FEJBOUFMBSPUB[JPOFEFMTFMFUUPSFUFNQFSBUVSB
SJTDBMEBNFOUP
TJTDPSSPOPMFWPDJEFJNFOÜ
DPO MB QSFTTJPOF EFM QVMTBOUF i%u TJ BDDFEF BJ
WBSJMJWFMMJEFJNFOÜFTJDPOGFSNBOPMBTDFMUFEFJ
QBSBNFUSJ.FEJBOUFMBQSFTTJPOFEFMQVMTBOUFi$u
TJUPSOBJOEJFUSPEJVOMJWFMMP
.&/¿1"3".&53*&
*/'03.";*0/*
.FEJBOUFMBQSFTTJPOFEFMQVMTBOUFi%uÍQPTTJ
CJMFBDDFEFSFBEVONFOÜTVEEJWJTPJOUSFQBSUJ
QSJODJQBMJ
*OGPSNB[JPOJi*/'03.";u
*/45"--"503&
.&44"*/4&37*;*0%&--"
$"-%"*"ю7&3*'*$"*/*њ
;*"-&я
WFSJêDBSFJWBMPSJEJȄQHBTJOTBOJUBSJPFJO
SJTDBMEBNFOUP
WFSJêDBSFMBQSPEV[JPOFEFMMBDRVBDBMEBTBOJ
UBSJB
WFSJêDBSFMB$0OFJGVNJBQPSUBUBNBTTJNBF
NJOJNB
WFSJêDBSFMBUFOVUBEFJDJSDVJUJJESBVMJDJ
1FSMBNFTTBJOTFSWJ[JPEFMMBDBMEBJBPDDPSSF
WFSJGJDBSF MFTJTUFO[B EFMMB EJDIJBSB[JPOF EJ
DPOGPSNJUÆEFMMJOTUBMMB[JPOF
WFSJêDBSFMJOUFSWFOUPEFMEJTQPTJUJWPEJTJDVSF[
[BJODBTPEJNBODBO[BHBTFEJMSFMBUJWPUFNQP
EJJOUFSWFOUP
WFSJêDBSFMBDPSSJTQPOEFO[BEFMHBTVUJMJ[[BUP
DPORVFMMPQFSJMRVBMFMBDBMEBJBÍQSFEJTQP
TUB
WFSJêDBSFMJOUFSWFOUPEFMMJOUFSSVUUPSFHFOFSBMF
QPTUPBNPOUFEFMMBDBMEBJBFJODBMEBJB
5&$/*$0
65&/5&
WFSJêDBSFMBMMBDDJBNFOUPBEVOBSFUFB7
)[JMSJTQFUUPEFMMBQPMBSJUÆ-/FEJMDPMMF
HBNFOUPEJUFSSB
BDDFOEFSF MB DBMEBJB F WFSJêDBSF MB DPSSFUUB
BDDFOTJPOF
WFSJêDBSF MB WFOUJMB[JPOF FP MBSFB[JPOF EFM
MPDBMFEJJOTUBMMB[JPOFPWFQSFWJTUP
4F BODIF TPMUBOUP VOP EFJ DPOUSPMMJ JOFSFOUJ MB
TJDVSF[[BEPWFTTFSJTVMUBSFOFHBUJWPMJNQJBOUP
OPOEFWFFTTFSFNFTTPJOGVO[JPOF
WFSJêDBSF DIF J UFSNJOBMJ EJ BTQJSB[JPOF FP
TDBSJDPOPOTJBOPPTUSVJUJ
WFSJêDBSF MJOUFSWFOUP EFHMJ PSHBOJ EJ SFHPMB
[JPOF
TJHJMMBSFJEJTQPTJUJWJEJSFHPMB[JPOFEFMMBQPSUBUB
HBTRVBMPSBMFSFHPMB[JPOJWFOHBOPWBSJBUF
4$)&."&-&553*$0
-FHFOEB
" 4DIFEBEJWJTVBMJ[[B[JPOF
# 4POEBNBOEBUB
# 4POEBTBOJUBSJP
# 4POEBFTUFSOBPQUJPOBM
# 4POEBSJUPSOP
& $BOEFMFUUFBDDFOTJPOF
& $BOEFMFUUBSJMFWB[JPOF
& 5FSNPTUBUPTJDVSF[[B
& 5FSNPTUBUPGVNJ
' 'VTJCJMFMJOFB
( "DDFOEJUPSF
. $JSDPMBUPSFDBMEBJB
. 7FOUJMBUPSF
. 7BMWPMBUSFWJF
4 1SFTTPTUBUPJNQJBOUP
4 5FSNPTUBUPBNCJFOUFPQUJPOBM
4VQFS$"3 461&3$PNBOEP"NJDP3FNP
UPPQUJPOBM
5 5SBTGPSNBUPSFTDIFEBDBMEBJB
9 1POUFUFSNPTUBUPBNCJFOUF
: 7BMWPMBHBT
'JH
$PNBOEJSFNPUJMBDBMEBJBÍQSFEJTQPTUBQFSMBQ
QMJDB[JPOFEFM$PNBOEP"NJDP3FNPUP$"3
P
JOBMUFSOBUJWBEFM4VQFS$PNBOEP"NJDP3FNPUP
4VQFS $"3
J RVBMJ EFWPOP FTTFSF DPMMFHBUJ BJ
NPSTFUUJFEFMDPOOFUUPSF9TVMMBTDIFEB
FMFUUSPOJDBSJTQFUUBOEPMBQPMBSJUÆFEFMJNJOBOEP
JMQPOUF9
*MDPOOFUUPSF9ÍVUJMJ[[BUPQFSJMDPMMFHBNFOUP
BMMBTDIFEBSFMÍ
5FSNPTUBUPBNCJFOUFMBDBMEBJBÍQSFEJTQPTUBQFS
MBQQMJDB[JPOF EFM 5FSNPTUBUP "NCJFOUF 4
$PMMFHBSMP TVJ NPSTFUUJ F FMJNJOBOEP JM
QPOUF9
6OJUÆ CPMMJUPSF MB DBMEBJB Í QSFEJTQPTUB QFS JM
DPMMFHBNFOUP BE VOVOJUÆ CPMMJUPSF MB RVBMF
EFWF FTTFSF DPMMFHBUB BJ NPSTFUUJ EFMMB
NPSTFUUJFSBQPTUBOFMDSVTDPUUP
FMJNJOBOEPMB
SFTJTUFO[B3
*MDPOOFUUPSF9ÍQFSJMDPMMFHBNFOUPBMQFSTPOBM
DPNQVUFS
*MDPOOFUUPSF9ÍVUJMJ[[BUPQFSMFPQFSB[JPOJEJ
BHHJPSOBNFOUPTPѫXBSF
5&$/*$0
65&/5&
*/45"--"503&
4$)&."*%3"6-*$0
-FHFOEB
4JGPOFTDBSJDPDPOEFOTB
3VCJOFUUPEJSJFNQJNFOUPJNQJBOUP
7BMWPMBEJTJDVSF[[BCBS
7BMWPMBHBT
1SFTBQSFTTJPOFVTDJUBWBMWPMBHBT
1
$PMMFUUPSFWFOUVSJBSJBHBT
7FOUJMBUPSF
6HFMMPHBT
$BOEFMFUUBEJSJMFWB[JPOF
5FSNPTUBUPGVNJ
5VCPBTQJSB[JPOFBSJB
.PEVMPBDPOEFOTB[JPOF
7BMWPMBTGPHPBSJBNBOVBMF
$BQQBGVNJ
1P[[FUUPBOBMJ[[BUPSFBSJB
1SFTBQSFTTJPOFȄQHBT
1P[[FUUPBOBMJ[[BUPSFGVNJ
4POEBNBOEBUB
5FSNPTUBUPTJDVSF[[B
#SVDJBUPSF
$BOEFMFUUFEJBDDFOTJPOF
$PQFSDIJPNPEVMPBDPOEFOTB[JPOF
4FHOBMFOFHBUJWPWFOUVSJ1
4FHOBMFQPTJUJWPWFOUVSJ1
4POEBSJUPSOP
7BTPFTQBOTJPOFJNQJBOUP
7BMWPMBTGPHPBSJB
$JSDPMBUPSFDBMEBJB
7BMWPMBUSFWJFNPUPSJ[[BUB
3VCJOFUUPEJTWVPUBNFOUP
JNQJBOUP
1SFTTPTUBUPJNQJBOUP
#ZQBTTBVUPNBUJDP
7BMWPMBEJTJDVSF[[BCBS
7BMWPMBVOJEJSF[JPOBMF&VSPQB
3VCJOFUUPFOUSBUBBDRVBTBOJUB
SJB
7BTPEhFTQBOTJPOFTBOJUBSJP
7BMWPMBEJTJDVSF[[BCBS
#PJMFS
"OPEPEJNBHOFTJP
4POEBTBOJUBSJP
( "MJNFOUB[JPOFHBT
4$ 4DBSJDPDPOEFOTBEJBNFUSP
JOUFSOPNJOJNP‹NN
33 3JFNQJNFOUPJNQJBOUP
"$ 6TDJUBBDRVBDBMEBTBOJUBSJB
"' &OUSBUBBDRVBTBOJUBSJB
36 3JUPSOPVOJUÆCPMMJUPSF
.6 .BOEBUBVOJUÆCPMMJUPSF
3 3JUPSOPJNQJBOUP
. .BOEBUBJNQJBOUP
31 3JUPSOPQBOOFMMJTPMBSJ0QUJP
OBM
.1 .BOEBUBQBOOFMMJTPMBSJ0QUJP
OBM
3$ 3JDJSDPMPTBOJUBSJP0QUJPOBM
'JH
*/45"--"503&
65&/5&
5&$/*$0
&7&/56"-**/$0/7&/*&/5*&
-030$"64&
/#HMJJOUFSWFOUJEJNBOVUFO[JPOFEFWPOPFTTF
SFFĒFUUVBUJEBVOUFDOJDPBCJMJUBUPBEFTFNQJPJM
4FSWJ[JP"TTJTUFO[B5FDOJDB*NNFSHBT
0EPSFEJHBT&EPWVUPBQFSEJUFEFMMFUVCB[JPOJ
OFMDJSDVJUPHBT0DDPSSFWFSJêDBSFMBUFOVUBEFM
DJSDVJUPEJBEEV[JPOFEFMHBT
3JQFUVUJ CMPDDIJ BDDFOTJPOF "TTFO[B EJ HBT
WFSJêDBSFMBQSFTFO[BEJQSFTTJPOFOFMMBSFUFF
DIFJMSVCJOFUUPEJBEEV[JPOFEFMHBTTJBBQFSUP
3FHPMB[JPOFEFMMBWBMWPMBHBTOPODPSSFUUBWF
SJêDBSFMBDPSSFUUBUBSBUVSBEFMMBWBMWPMBHBT
$PNCVTUJPOF OPO SFHPMBSF P GFOPNFOJ EJ
SVNPSPTJUÆ1VÖFTTFSFDBVTBUPEBCSVDJBUPSF
TQPSDPQBSBNFUSJEJDPNCVTUJPOFOPODPSSFUUJ
UFSNJOBMFEJBTQJSB[JPOFTDBSJDPOPOJOTUBMMBUP
DPSSFUUBNFOUF &ĒFUUVBSF MF QVMJ[JF EFJ DPN
QPOFOUJ TPQSBJOEJDBUJ WFSJêDBSF MB DPSSFUUB
JOTUBMMB[JPOFEFMUFSNJOBMFWFSJêDBSFMBDPSSFUUB
UBSBUVSBEFMMBWBMWPMBHBTUBSBUVSB0Ē4FU
FMB
DPSSFUUBQFSDFOUVBMFEJ$0OFJGVNJ
'SFRVFOUJJOUFSWFOUJEFMUFSNPTUBUPEJTJDVSF[[B
TPWSBUFNQFSBUVSB1VÖEJQFOEFSFEBMMBNBO
DBO[BEJBDRVBJODBMEBJBEBTDBSTBDJSDPMB[JPOF
EBDRVBOFMMJNQJBOUPPEBMDJSDPMBUPSFCMPDDBUP
7FSJêDBSFTVMNBOPNFUSPDIFMBQSFTTJPOFJN
QJBOUPTJBFOUSPJMJNJUJTUBCJMJUJ7FSJêDBSFDIF
MFWBMWPMFEFJSBEJBUPSJOPOTJBOPUVUUFDIJVTF
FMBGVO[JPOBMJUÆEFMDJSDPMBUPSF
4JGPOFPTUSVJUP1VÖFTTFSFDBVTBUPEBEFQPTJUJ
EJ TQPSDJ[JB P QSPEPUUJ EFMMB DPNCVTUJPOF BM
TVPJOUFSOP7FSJêDBSFNFEJBOUFJMUBQQPEFMMP
TDBSJDPDPOEFOTBDIFOPOWJTJBOPSFTJEVJEJ
NBUFSJBMF DIF PTUSVJTDPOP JM QBTTBHHJP EFMMB
DPOEFOTB
SJEBSFUFOTJPOFBMMBQQBSFDDIJP
TJHJMMBSFJEJTQPTJUJWJEJSFHPMB[JPOFEFMMBQPSUBUB
HBTRVBMPSBMFSFHPMB[JPOJWFOHPOPWBSJBUF
HBT EPQP BMNFOP NJOVUJ EJ GVO[JPOBNFOUP
EFM CSVDJBUPSF B QPUFO[B OPNJOBMF RVBOEP MF
UFNQFSBUVSFBSJBJOBTQJSB[JPOFFHBTEJTDBSJDPTJ
TPOPTUBCJMJ[[BUF3FHPMBSFMBQPUFO[BOPNJOBMFF
NJOJNBJOGBTFTBOJUBSJPFSJTDBMEBNFOUPTFDPOEP
J WBMPSJ EJ UBCFMMB 1BSBH VUJMJ[[BOEP EFJ
NBOPNFUSJ EJĒFSFO[JBMJ DPMMFHBUJ BMMB QSFTF EJ
QSFTTJPOFȄQHBTF'JH
VOBWPMUBFĒFUUVBUBMBUSBTGPSNB[JPOFBQQPSSF
MBEFTJWP QSFTFOUF OFM LJU DPOWFSTJPOF OFMMF
WJDJOBO[F EFMMB UBSHB EBUJ 4V RVFTUVMUJNB Í
OFDFTTBSJPDBODFMMBSFDPOVOQFOOBSFMMPJOEF
MFCJMFJEBUJSFMBUJWJBMWFDDIJPUJQPEJHBT
&OUSBSF OFM NFOÜ DPOêHVSB[JPOJ F BMMJOUFSOP
EFMMB WPDF i1"3 $"-%u F SFHPMBSF J TFHVFOUJ
QBSBNFUSJ1BSBH
QPUFO[B UFSNJDB NBTTJNB EFMMB DBMEBJB
i7&-."9u
2VFTUFSFHPMB[JPOJEFWPOPFTTFSFSJGFSJUFBMUJQP
EJHBTJOVTPTFHVFOEPMFJOEJDB[JPOJEFMMBUBCFMMB
1BSBH
QPUFO[B UFSNJDB NJOJNB EFMMB DBMEBJB
i7&-.*/u
FĒFUUVBSF MB UBSBVSB EFM OVNFSP EJ HJSJ EFM
WFOUJMBUPSFQBSBH
SFHPMBSF JM DPSSFUUP SBQQPSUP BSJB HBT QBSBH
5"3"563"/6.&30(*3*
7&/5*-"503&
"UUFO[JPOF-BWFSJêDBFUBSBUVSBÍOFDFTTBSJBJO
DBTPEJBEBUUBNFOUPBEBMUSPUJQPEJHBTJOGBTF
EJNBOVUFO[JPOFTUSBPSEJOBSJBDPOTPTUJUV[JPOF
EFMMB TDIFEB FMFUUSPOJDB EJ DPNQPOFOUJ EFJ
DJSDVJUJBSJBHBTPJODBTPEJJOTUBMMB[JPOJDPO
GVNJTUFSJBBWFOUFMVOHIF[[BNBHHJPSFEJNEJ
UVCPDPODFOUSJDPPSJ[[POUBMF
-BQPUFO[BUFSNJDBEFMMBDBMEBJBÍDPSSFMBUBBMMB
MVOHIF[[BEFJUVCJEJBTQJSB[JPOFBSJBFTDBSJDP
GVNJ &TTB EJNJOVJTDF BMMBVNFOUBSF EFMMB MVO
HIF[[B EFJ UVCJ -B DBMEBJB FTDF EBMMB GBCCSJDB
SFHPMBUBQFSMBNJOJNBMVOHIF[[BEFJUVCJN
ÍOFDFTTBSJPQFSDJÖTPQSBUUVUUPOFMDBTPEJNBT
TJNBFTUFOTJPOFEFJUVCJWFSJêDBSFJWBMPSJEJȄQ
Q P U F O [ B N B T J N B E J S J T D B M E B N F O U P
i."93*4$u
Q P U F O [ B N J O J N B E J S J T D B M E B N F O U P
i.*/3*4$u
%JTFHVJUPWFOHPOPSJQPSUBUFMFJNQPTUB[JPOJEJ
EFGBVMUQSFTFOUJTVMMBDBMEBJB
7&-."9
7&-.*/
."93*4$
.*/3*4$
7BMWPMB(BT
(1-
SQN
(1-
SQN
(1-
SQN
(1-
SQN
-FHFOEB
1SFTBQSFTTJPOFJOHSFTTP
WBMWPMBHBT
1SFTBQSFTTJPOFVTDJUB
WBMWPMBHBT
7JUFEJSFHPMB[JPOF0Ē4FU
3FHPMBUPSFEJQPSUBUBHBT
JOVTDJUB
4DBNCJBUPSF PTUSVJUP 1VÖ FTTFSF VOB DPOTF
HVFO[B EFMMPTUSV[JPOF EFM TJGPOF 7FSJêDBSF
NFEJBOUFJMUBQQPEFMMPTDBSJDPDPOEFOTBDIF
OPOWJTJBOPSFTJEVJEJNBUFSJBMFDIFPTUSVJTDP
OPJMQBTTBHHJPEFMMBDPOEFOTB
3VNPSJEPWVUJBQSFTFO[BEJBSJBBMMJOUFSOPEFM
MJNQJBOUP7FSJêDBSFMBQFSUVSBEFMDBQQVDDJP
EFMMBQQPTJUBWBMWPMBEJTGPHPBSJB1BSU'JH
7FSJêDBSFDIFMBQSFTTJPOFEFMMJNQJBOUP
FEFMMBQSFDBSJDBEFMWBTPEFTQBOTJPOFTJBFOUSP
J MJNJUJ QSFTUBCJMJUJ *M WBMPSF EFMMB QSFDBSJDB
EFMWBTPEFTQBOTJPOFEFWFFTTFSFEJCBSJM
WBMPSFEFMMBQSFTTJPOFEFMMJNQJBOUPEFWFFTTFSF
DPNQSFTPUSBFCBS
3VNPSJEPWVUJBQSFTFO[BEJBSJBBMMJOUFSOPEFM
NPEVMPBDPOEFOTB[JPOF6UJMJ[[BSFMBWBMWPMB
TGPHPBSJBNBOVBMF1BSU'JH
QFSFMJ
NJOBSFMFWFOUVBMFBSJBQSFTFOUFBMMJOUFSOPEFM
NPEVMPBDPOEFOTB[JPOF&ĒFUUVBUBMPQFSB[JP
OFSJDIJVEFSFMBWBMWPMBTGPHPBSJBNBOVBMF
(
SQN
(
SQN
(
SQN
(
SQN
'JH
4DIFEBFMFUUSPOJDB
$0/7&34*0/&%&--"$"-%"*"*/
$"40%*$".#*0%&-("4
2VBMPSBTJEFCCBBEBUUBSFMBQQBSFDDIJPBEVOHBT
EJWFSTPEBRVFMMPEJUBSHBÍOFDFTTBSJPSJDIJFEFSF
JMLJUDPOMPDDPSSFOUFQFSMBUSBTGPSNB[JPOFDIF
QPUSÆFTTFSFFĒFUUVBUBSBQJEBNFOUF
-PQFSB[JPOFEJBEBUUBNFOUPBMUJQPEJHBTEFWF
FTTFSFBēEBUBBVOUFDOJDPBCJMJUBUPBEFTFNQJP
JM4FSWJ[JP"TTJTUFO[B5FDOJDB*NNFSHBT
1FSQBTTBSFEBVOHBTBMMBMUSPÍOFDFTTBSJP
UPHMJFSFUFOTJPOFBMMBQQBSFDDIJP
TPTUJUVJSFMVHFMMPQPTJ[JPOBUPUSBJMUVCPEFMHBT
FJMNBOJDPUUPEJNJTDFMB[JPOFBSJBHBT1BSU
'JH
BWFOEPDVSBEJUPHMJFSFUFOTJPOF
BMMBQQBSFDDIJPEVSBOUFRVFTUBPQFSB[JPOF
-FHFOEB
'VTJCJMF"'
$POOFUUPSFWFSJêDBWFMPDJUÆWFOUJMBUPSF
'JH
5BSBUVSB EFM $0 NBTTJNB QPUFO[B OPNJOBMF
SJTDBMEBNFOUP
"MUFSNJOFEFMMBSFHPMB[JPOFEFMMB$0NJOJNB
NBOUFOFOEP MB GVO[JPOF TQB[[BDBNJOP BUUJWB
QPSUBSF JM TFMFUUPSF SJTDBMEBNFOUP BM NBTTJNP
SVPUBSMPJOTFOTPPSBSJPêOPBWJTVBMJ[[BSFiu
TVMEJTQMBZ
1FSBWFSFVOWBMPSFFTBUUPEFMMB$0
OFJGVNJÍOFDFTTBSJPDIFJMUFDOJDPJOTFSJTDBêOP
JOGPOEPMBTPOEBEJQSFMJFWPOFMQP[[FUUPRVJOEJ
WFSJêDBSFDIFJMWBMPSFEJ$0TJBRVFMMPJOEJDBUP
OFMMBUBCFMMBTFHVFOUFJODBTPDPOUSBSJPSFHPMBSF
TVMMBWJUF'JH
SFHPMBUPSFQPSUBUBHBT
1FSBVNFOUBSFJMWBMPSFEJ$0ÍOFDFTTBSJPSVP
UBSFMBWJUFEJSFHPMB[JPOF
JOTFOTPBOUJPSBSJP
FWJDFWFSTBTFTJWVPMFEJNJOVJSF
"EPHOJWBSJB[JPOFEJSFHPMB[JPOFTVMMBWJUFÍ
OFDFTTBSJPBTQFUUBSFDIFMBDBMEBJBTJTUBCJMJ[[JBM
WBMPSFJNQPTUBUPDJSDBTFD
$0BQPUFO[B
OPNJOBMF
SJTDBMEBNFOUP
$0BQPUFO[B
NJOJNB
SJTDBMEBNFOUP
(
™
™
(
™
™
(
™
™
$0/530--*%"&''&556"3&
%010-&$0/7&34*0/*%&-("4
%PQPFTTFSTJBTTJDVSBUJDIFMBUSBTGPSNB[JPOFTJB
TUBUBGBUUBDPOMVHFMMPEFMEJBNFUSPQSFTDSJUUPQFS
JMUJQPEJHBTJOVTPFMBUBSBUVSBTJBTUBUBGBUUBBMMB
QSFTTJPOFTUBCJMJUBPDDPSSFBDDFSUBSTJDIFMBêBN
NBEFMCSVDJBUPSFOPOTJBFDDFTTJWBNFOUFBMUBF
DIFTJBTUBCJMFOPOTJTUBDDIJEBMCSVDJBUPSF
/#UVUUFMFPQFSB[JPOJSFMBUJWFBMMFSFHPMB[JPOJ
EFMMFDBMEBJFEFWPOPFTTFSFFĒFUUVBUFEBVOUFD
OJDPBCJMJUBUPBEFTFNQJPJM4FSWJ[JP"TTJTUFO[B
*NNFSHBT
'6/;*0/&"/5*#-0$$010.1"
-BDBMEBJBÍEPUBUBEJVOBGVO[JPOFDIFGBQBSUJSF
MBQPNQBBMNFOPWPMUBPHOJPSFQFSMBEVSBUB
EJTFDPOEJBMêOFEJSJEVSSFJMSJTDIJPEJCMPDDP
QPNQBQFSQSPMVOHBUBJOBUUJWJUÆ
'6/;*0/&"/5*#-0$$053&7*&
4JB JO GBTF iTBOJUBSJPu DIF iTBOJUBSJPSJTDBMEB
NFOUPuMBDBMEBJBÍEPUBUBEJVOBGVO[JPOFDIF
EPQP PSF EBMMVMUJNP GVO[JPOBNFOUP EFM
HSVQQP USF WJF NPUPSJ[[BUP MP BUUJWB GBDFOEP
VODJDMPDPNQMFUPBMêOFEJSJEVSSFJMSJTDIJPEJ
CMPDDPUSFWJFQFSQSPMVOHBUBJOBUUJWJUÆ
'6/;*0/&"/5*(&-0
5&3.04*'0/*
4FMBDRVBEJSJUPSOPJNQJBOUPÍBUFNQFSBUVSB
JOGFSJPSFBž$MBDBMEBJBTJNFUUFJOGVO[JPOF
êOPBSBHHJVOHFSFJž$
"6507&3*'*$"1&3*0%*$"
4$)&%"&-&5530/*$"
%VSBOUFJMGVO[JPOBNFOUPJONPEBMJUÆSJTDBMEB
NFOUPPDPODBMEBJBJOTUBOECZMBGVO[JPOFTJ
BUUJWBPHOJPSFEBMMVMUJNBWFSJêDBBMJNFO
UB[JPOF DBMEBJB *O DBTP EJ GVO[JPOBNFOUP JO
NPEBMJUÆTBOJUBSJPMBVUPWFSJêDBQBSUFFOUSP
NJOVUJEPQPMBêOFEFMQSFMJFWPJODPSTPQFSMB
EVSBUBEJDJSDBTFDPOEJ
/# EVSBOUF MBVUPWFSJêDB MB DBMEBJB SJNBOF
JOBUUJWB
'6/;*0/&4'*"50"650."5*$0
*O DBTP EJ JNQJBOUJ EJ SJTDBMEBNFOUP OVPWJ F
JONPEPQBSUJDPMBSFQFSJNQJBOUJBQBWJNFOUP
Í NPMUP JNQPSUBOUF DIF MB EJTBSFB[JPOF WFOHB
FĒFUUVBUBDPSSFUUBNFOUF1FSBUUJWBSFMBGVO[JPOF
i%*4"3&";u QSFNFSF DPOUFNQPSBOFBNFOUF
JQVMTBOUJi#F$u'JH
QFSTFDPOEJDPO
DBMEBJBJOTUBOECZ-BGVO[JPOFDPOTJTUFOFMMBU
UJWB[JPOFDJDMJDBEFMDJSDPMBUPSFT0/T
0''
FEFMMBWBMWPMBWJFTTBOJUBSJPT
SJTDBMEBNFOUP
-B GVO[JPOF UFSNJOB EPQP PSF PQQVSF BDDFOEFOEP MB DBMEBJB NFEJBOUF JM
QVMTBOUFEJBDDFOTJPOFi u
'6/;*0/&"##*/".&/50
1"//&--*40-"3*
*ODBTPEJJOUFHSB[JPOFEFMSJTDBMEBNFOUPEFMMBD
RVBDBMEBTBOJUBSJBDPOTJTUFNJBQBOOFMMJTPMBSJMB
DBMEBJBÍJNQPTUBUBEJEFGBVMUQFSMBHFTUJPOFEFM
MVOJUÆCPMMJUPSFUSBNJUFJMQBSBNFUSPi0''4"/u
JNQPTUBUPTVi0''u1BSBH
1VMJSFJMCSVDJBUPSFQSJODJQBMF
$POUSPMMBSFMBSFHPMBSJUÆEFMMhBDDFOTJPOFFEFM
GVO[JPOBNFOUP
7FSJêDBSFMBDPSSFUUBUBSBUVSBEFMCSVDJBUPSFJO
GBTFTBOJUBSJBFSJTDBMEBNFOUP
7FSJGJDBSF JM SFHPMBSF GVO[JPOBNFOUP EFJ
EJTQPTJUJWJEJDPNBOEPFSFHPMB[JPOFEFMMhBQ
QBSFDDIJPFEJOQBSUJDPMBSF
MhJOUFSWFOUPEFMMhJOUFSSVUUPSFHFOFSBMFFMFUUSJDP
QPTUPJODBMEBJB
MhJOUFSWFOUP EFM UFSNPTUBUP SFHPMB[JPOF JN
QJBOUP
MhJOUFSWFOUP EFM UFSNPTUBUP EJ SFHPMB[JPOF
TBOJUBSJP
7FSJêDBSF MB UFOVUB EFMMhJNQJBOUP JOUFSOP TF
DPOEPMFJOEJDB[JPOJGPSOJUFEBMMBOPSNB6/*
7FSJêDBSFMhJOUFSWFOUPEFMEJTQPTJUJWPDPOUSPMB
NBODBO[BEJHBTDPOUSPMMPêBNNBBJPOJ[[B
[JPOF
DPOUSPMMBSFDIFJMSFMBUJWPUFNQPEJJOUFSWFOUP
TJBNJOPSFEJTFDPOEJ
7FSJêDBSF WJTJWBNFOUF MhBTTFO[B EJ QFSEJUF EJ
BDRVB F PTTJEB[JPOJ EBJTVJ SBDDPSEJ F USBDDF
EJSFTJEVJEJDPOEFOTBBMMJOUFSOPEFMMBDBNFSB
TUBHOB
7FSJêDBSFNFEJBOUFJMUBQQPEFMMPTDBSJDPDPO
EFOTBDIFOPOWJTJBOPSFTJEVJEJNBUFSJBMFDIF
PTUSVJTDPOPJMQBTTBHHJPEFMMBDPOEFOTB
7FSJêDBSF JM DPOUFOVUP EFM TJGPOF EJ TDBSJDP
DPOEFOTB
$POUSPMMBSFWJTJWBNFOUFDIFMPTDBSJDPEFMMBWBM
WPMBEJTJDVSF[[BEFMMhBDRVBOPOTJBPTUSVJUP
7FSJêDBSFDIFMBDBSJDBEFMWBTPEhFTQBOTJPOF
EPQPBWFSTDBSJDBUPMBQSFTTJPOFEFMMhJNQJBOUP
QPSUBOEPMPB[FSPMFHHJCJMFTVMNBOPNFUSPEJ
DBMEBJB
TJBCBS
7FSJêDBSFDIFMBQSFTTJPOFTUBUJDBEFMMhJNQJBOUP
BEJNQJBOUPGSFEEPFEPQPBWFSSJDBSJDBUPMhJN
QJBOUPNFEJBOUFJMSVCJOFUUPEJSJFNQJNFOUP
TJBDPNQSFTBGSBFCBS
7FSJêDBSFWJTJWBNFOUFDIFJEJTQPTJUJWJEJTJDV
SF[[BFEJDPOUSPMMPOPOTJBOPNBOPNFTTJFP
DPSUPDJSDVJUBUJFEJOQBSUJDPMBSF
UFSNPTUBUPEJTJDVSF[[BTVMMBUFNQFSBUVSB
7FSJêDBSFMJOUFHSJUÆEFMMBOPEPEJ.BHOFTJPEFM
CPMMJUPSF
7FSJêDBSFMBDPOTFSWB[JPOFFEJOUFHSJUÆEFMMhJN
QJBOUPFMFUUSJDPFEJOQBSUJDPMBSF
JêMJEJBMJNFOUB[JPOFFMFUUSJDBEFWPOPFTTFSF
BMMPHHJBUJOFJQBTTBDBWJ
OPOEFWPOPFTTFSFQSFTFOUJUSBDDFEJBOOFSJ
NFOUPPCSVDJBUVSF
/#JOPDDBTJPOFEFMMBNBOVUFO[JPOFQFSJPEJDB
EFMMBQQBSFDDIJP Í PQQPSUVOP FĒFUUVBSF BODIF
JM DPOUSPMMP F MB NBOVUFO[JPOF EFMMJNQJBOUP
UFSNJDPDPOGPSNFNFOUFBRVBOUPJOEJDBUPEBMMB
OPSNBUJWBWJHFOUF
*/45"--"503&
$0/530--0&."/65&/;*0/&
"//6"-&%&--h"11"3&$$)*0
$POQFSJPEJDJUÆBMNFOPBOOVBMFEFWPOPFTTFSF
FTFHVJUF MF TFHVFOUJ PQFSB[JPOJ EJ DPOUSPMMP F
NBOVUFO[JPOF
1VMJSFMPTDBNCJBUPSFMBUPGVNJ
65&/5&
5BSBUVSB EFM $0 NJOJNB QPUFO[B NJOJNP
SJTDBMEBNFOUP
&OUSBSF JO GBTF TQB[[BDBNJOP TFO[B FĒFUUVBSF
QSFMJFWJ EJ BDRVB TBOJUBSJB F QPSUBSF J TFMFUUPSF
SJTDBMEBNFOUPBMNJOJNPSVPUBSMPTFOTPBOUJP
SBSJPêOPBWJTVBMJ[[BSFiuTVMEJTQMBZ
1FSBWFSF
VOWBMPSFFTBUUPEFMMB$0OFJGVNJÍOFDFTTBSJP
DIF JM UFDOJDP JOTFSJTDB êOP JO GPOEP MB TPOEB
EJ QSFMJFWP OFM QP[[FUUP RVJOEJ WFSJêDBSF DIF
JMWBMPSFEJ$0TJBRVFMMPJOEJDBUPOFMMBUBCFMMB
TFHVFOUFJODBTPDPOUSBSJPSFHPMBSFTVMMBWJUF
'JH
SFHPMBUPSFEJ0Ē4FU
1FSBVNFOUBSF
JM WBMPSF EJ $0 Í OFDFTTBSJP SVPUBSF MB WJUF EJ
SFHPMB[JPOF
JOTFOTPPSBSJPFWJDFWFSTBTFTJ
WVPMFEJNJOVJSF
'6/;*0/&i41";;"$".*/0u
2VFTUB GVO[JPOF TF BUUJWBUB QPSUB JM GVO[JPOB
NFOUPEFMMBDBMEBJBBMMBQPUFO[BSFHPMBCJMFEFM
TFMFUUPSFSJTDBMEBNFOUP
*O UBMF TUBUP TPOP FTDMVTF UVUUF MF SFHPMB[JPOJ
F SFTUB BUUJWP JM TPMP UFSNPTUBUP EJ TJDVSF[[B F
JM UFSNPTUBUP MJNJUF 1FS B[JPOBSF MB GVO[JPOF
TQB[[BDBNJOPPDDPSSFQSFNFSFJMQVMTBOUF3FTFU
i$uQFSVOUFNQPDPNQSFTPUSBFTFDPOEJJO
BTTFO[BEJSJDIJFTUFTBOJUBSJFFSJTDBMEBNFOUPMB
TVBBUUJWB[JPOFÍTFHOBMBUBEBMSFMBUJWPTJNCPMP
'JH
2VFTUBGVO[JPOFQFSNFUUFBMUFD
OJDP EJ WFSJêDBSF J QBSBNFUSJ EJ DPNCVTUJPOF
6MUJNBUF MF WFSJGJDIF EJTBUUJWBSF MB GVO[JPOF
TQFHOFOEPFSJBDDFOEFOEPMBDBMEBJBUSBNJUFJM
QVMTBOUF4UBOECZ
5&$/*$0
3&(0-";*0/&%&-3"110350
"3*"њ("4
"UUFO[JPOFMFPQFSB[JPOJEJWFSJêDBEFMMB$0
WBOOP GBUUF DPO NBOUFMMBUVSB NPOUBUB NFOUSF
MFPQFSB[JPOJEJUBSBUVSBEFMMBWBMWPMBHBTWBOOP
GBUUFDPONBOUFMMBUVSBBQFSUBFUPHMJFOEPUFOTJPOF
BMMBDBMEBJB
*/45"--"503&
65&/5&
130(3"..";*0/&4$)&%"
&-&5530/*$"
-BDBMEBJB7JDUSJY4VQFSJPSL81MVTÍQSFEJTQP
TUB QFS VO FWFOUVBMF QSPHSBNNB[JPOF EJ BMDVOJ
QBSBNFUSJEJGVO[JPOBNFOUP.PEJêDBOEPRVFTUJ
QBSBNFUSJDPNFEFTDSJUUPEJTFHVJUPTBSÆQPTTJCJMF
BEBUUBSFMBDBMEBJBTFDPOEPMFQSPQSJFTQFDJêDIF
FTJHFO[F
.FEJBOUFMBQSFTTJPOFEFMQVMTBOUFi%uÍQPTTJCJMF
BDDFEFSF BM NFOÜ QSJODJQBMF TVEEJWJTP JO USF
QBSUJQSJODJQBMJ
*OGPSNB[JPOJ i*/'03.";u 7FEJ DBQJUPMP
i6UFOUFu
QFSTPOBMJ[[B[JPOJi1&340/"-u7FEJDBQJUPMP
i6UFOUFu
DPOêHVSB[JPOJi$0/'*(63uNFOÜSJTFSWBUP
BMUFDOJDPQFSJMRVBMFTJOFDFTTJUBEJVODPEJDF
EBDDFTTP
1FS BDDFEFSF BMMB QSPHSBNNB[JPOF QSFNFSF JM
QVMTBOUF i%u SVPUBSF JM TFMFUUPSF UFNQFSBUVSB
SJTDBMEBNFOUP
FTDPSSFSFMFWPDJEFMNFOÜêOP
BEBSSJWBSFBMMBWPDFi$0/'*(63uQSFNFSFJM
QVMTBOUFi%uJOTFSJSFJMDPEJDFEJBDDFTTPFJNQP
TUBSFJQBSBNFUSJTFDPOEPMFQSPQSJFFTJHFO[F
%JTFHVJUPTPOPSJQPSUBUFMFWPDJEFMNFOÜi$0/
'*(63uDPOJOEJDBUJJQBSBNFUSJEJEFGBVMUFMF
QPTTJCJMJPQ[JPOJ
.FEJBOUFMBSPUB[JPOFEFMTFMFUUPSFUFNQFSBUVSB
SJTDBMEBNFOUP
TJTDPSSPOPMFWPDJEFJNFOÜ
DPO MB QSFTTJPOF EFM QVMTBOUF i%u TJ BDDFEF BJ
WBSJMJWFMMJEFJNFOÜFTJDPOGFSNBOPMBTDFMUFEFJ
QBSBNFUSJ.FEJBOUFMBQSFTTJPOFEFMQVMTBOUFi$u
TJUPSOBJOEJFUSPEJVOMJWFMMP
-BQSJNBWPDFEFMMFWBSJFPQ[JPOJDIFDPNQBSF
BMMJOUFSOP EFM QBSBNFUSP Í RVFMMB TFMF[JPOBUB
EJEFGBVMU
.FOÜ$0/'*(63";*0/*
ÍOFDFTTBSJPJOTFSJSFJMDPEJDFEJBDDFTTP
ž-JWFMMP
ž-JWFMMP
7BMPSFEJEFGBVMU
7BMPSF
JNQPTUBUP
EBMUFDOJDP
6HVBMFBMMB
QPUFO[BEFMMB
DBMEBJB
6HVBMFBMMB
QPUFO[B
EFMMB
DBMEBJB
4"//5$ 7JTVBMJ[[BMBUFNQFSBUVSBNJTVSBUBEBMMBTPOEBQPTUBTVMCPMMJUPSF
4"//5$ /POVUJMJ[[BUP
7JTVBMJ[[BMBUFNQFSBUVSBMFUUBTVMMBTPOEBSJUPSOP
7JTVBMJ[[BMBUFNQFSBUVSBEJNBOEBUBSJTDBMEBNFOUPBMMBRVBMFMB
DBMEBJBGVO[JPOBDBMDPMBUBEBJDPOUSPMMJBUUJWJTVMMBUFSNPSFHPMB[JPOF
JNQJBOUP
0Q[JPOJ
%FTDSJ[JPOF
5&$/*$0
105,8
*EFOUJêDBMBQPUFO[BEFMMBDBMEBJBBTVDVJÍJOTUBMMBUBMBTDIFEB
105,8
FMFUUSPOJDB
105&/;"
105,8
5&.1/5$
/5$
53*4$"-
1SJNBWFMPDJUÆSJTDBMEBNFOUP
4FDPOEBWFMPDJUÆSJTDBMEBNFOUP
5FS[BWFMPDJUÆSJTDBMEBNFOUP
7&-10.1"
7FMPDJUÆDJSDPMBUPSFBVUPNBUJDB0DDPSSFJNQPTUBSFJMWBMPSFEJȄ5USB
NBOEBUBFSJUPSOPJNQJBOUPJNQPTUBCJMFEBB,
*NQPTUBMBQPUFO[BNBTTJNBJOGVO[JPOBNFOUPTBOJUBSJPJNQPTUBOEP
œ
MBWFMPDJUÆEFMWFOUJMBUPSFJOHJSJBMNJOVUP31.
*NQPTUBMBQPUFO[BNJOJNBJOGVO[JPOBNFOUPTBOJUBSJPJNQPTUBOEP
œ
MBWFMPDJUÆEFMWFOUJMBUPSFJOHJSJBMNJOVUP31.
*NQPTUBMBQPUFO[BNBTTJNBJOGVO[JPOBNFOUPSJTDBMEBNFOUPBN
έ7&-."9
CJFOUF*MWBMPSFEFWFFTTFSFNJOPSFPVHVBMFB7&-."9
*NQPTUBMBQPUFO[BNJOJNBJOGVO[JPOBNFOUPSJTDBMEBNFOUPBNCJFO
ή7&-.*/
UF*MWBMPSFEFWFFTTFSFNBHHJPSFPVHVBMFB7&-.*/
4FO[BMBTPOEBFTUFSOBPQUJPOBM
EFêOJTDFMBUFNQFSBUVSBEJNBOEBUB
NJOJNB$POMBTPOEBFTUFSOBQSFTFOUFEFêOJTDFMBUFNQFSBUVSBNJ
OJNBEJNBOEBUBDPSSJTQPOEFOUFBMGVO[JPOBNFOUPDPOUFNQFSBUVSB
4&53.*/
FTUFSOBNBTTJNBWFEJHSBêDP'JH
JNQPTUBCJMFEBž$Bž$
/#QFSQSPTFHVJSFÍOFDFTTBSJPDPOGFSNBSFJMQBSBNFUSPQSFNFSF
i%uPVTDJSFEBMMBSFHPMB[JPOFi5&3.03&(uQSFNFOEPi$u
4FO[BMBTPOEBFTUFSOBPQUJPOBM
EFêOJTDFMBUFNQFSBUVSBEJNBOEBUB
NBTTJNB$POMBTPOEBFTUFSOBQSFTFOUFEFêOJTDFMBUFNQFSBUVSB
NBTTJNBEJNBOEBUBDPSSJTQPOEFOUFBMGVO[JPOBNFOUPDPOUFNQFSB
4&53."9 UVSBFTUFSOBNJOJNBWFEJHSBêDP'JH
JNQPTUBCJMFEBž$B
ž$
/#QFSQSPTFHVJSFÍOFDFTTBSJPDPOGFSNBSFJMQBSBNFUSPQSFNFSF
i%uPVTDJSFEBMMBSFHPMB[JPOFi5&3.03&(uQSFNFOEPi$u
$POTPOEBFTUFSOBQSFTFOUFEFêOJTDFBDIFUFNQFSBUVSBFTUFSOBNJOJ
NBEFWFGVO[JPOBSFMBDBMEBJBBMMBNBTTJNBUFNQFSBUVSBEJNBOEBUB
5&45.*/ WFEJHSBêDP'JH
SFHPMBCJMFEBž$Bž$
/#QFSQSPTFHVJSFÍOFDFTTBSJPDPOGFSNBSFJMQBSBNFUSPQSFNFSF
i%uPVTDJSFEBMMBSFHPMB[JPOFi5&3.03&(uQSFNFOEPi$u
$POTPOEBFTUFSOBQSFTFOUFEFêOJTDFBDIFUFNQFSBUVSBFTUFSOBNBT
TJNBEFWFGVO[JPOBSFMBDBMEBJBBMMBNJOJNBUFNQFSBUVSBEJNBOEBUB
5&45."9 WFEJHSBêDP'JH
SFHPMBCJMFEBž$Bž$
/#QFSQSPTFHVJSFÍOFDFTTBSJPDPOGFSNBSFJMQBSBNFUSPQSFNFSF
i%uPVTDJSFEBMMBSFHPMB[JPOFi5&3.03&(uQSFNFOEPi$u
"650
,
"650
7&-."9
7&-.*/
."93*4$
.*/3*4$
1"3$"-%
5&3.03&(
7FEJQBSBH
7FEJQBSBH
7FEJQBSBH
7FEJQBSBH
ž$
ž$
ž$
ž$
0Q[JPOJ
$0/5*/60
.0%0
10.
*/5&3.*5
&$0/0.:
5*.&335
TœT
5*.3*4$
TœT
3".1"3*
TœT
0''
ž$
0''4"/
0''
ž$
3&(1035
"650
"1&350
MI
MI
MI
0''
13*/$
1"3$"-%
3&-&
PQUJPOBM
"--"3.
0/3*4
7(&45
0''
3*&.1
3&-&
PQUJPOBM
"--"3.
0/3*4
7(&45
4&$0/%
0''
3*$*3$
3&-&
PQUJPOBM
"--"3.
0/3*4
7(&45
"((4&45
ž$œ
ž$
%FTDSJ[JPOF
*ONPEBMJUÆJOWFSOPJMDJSDPMBUPSFÍTFNQSFBMJNFOUBUPFRVJOEJTFNQSFJO
GVO[JPOF
*ONPEBMJUÆJOWFSOPJMDJSDPMBUPSFÍHFTUJUPEBMUFSNPTUBUPBNCJFOUFPEBM
DPNBOEPSFNPUP
*ONPEBMJUÆJOWFSOPJMDJSDPMBUPSFÍHFTUJUPEBMUFSNPTUBUPBNCJFOUFPEBM
DPNBOEPSFNPUPFEBMMBTPOEBEJNBOEBUBEFMMBDBMEBJB
-BDBMEBJBÍJNQPTUBUBQFSBDDFOEFSFJMCSVDJBUPSFTVCJUPEPQPVOB
SJDIJFTUBEJSJTDBMEBNFOUPBNCJFOUF/FMDBTPEJJNQJBOUJQBSUJDPMBSJFT
JNQJBOUJB[POFDPOWBMWPMFNPUPSJ[[BUFFDD
QPUSFCCFFTTFSFOFDFTTBSJP
SJUBSEBSFMBDDFOTJPOF
-BDBMEBJBÍEPUBUBEJVOUFNQPSJ[[BUPSFFMFUUSPOJDPDIFJNQFEJTDFMF
BDDFOTJPOJGSFRVFOUJEFMCSVDJBUPSFJOGBTFSJTDBMEBNFOUP
-BDBMEBJBFĒFUUVBVOBSBNQBEJBDDFOTJPOFQFSBSSJWBSFEBMMBQPUFO[B
NJOJNBBMMBQPUFO[BOPNJOBMFEJSJTDBMEBNFOUP
-BDDFOTJPOFEFMMBDBMEBJBQFSJMSJTDBMEBNFOUPEFMMBDRVBTBOJUBSJBTJ
WFSJêDBRVBOEPMBDRVBDPOUFOVUBOFMCPMMJUPSFTDFOEFEJž$SJTQFUUPBMMB
UFNQFSBUVSBJNQPTUBUB
-BDDFOTJPOFEFMMBDBMEBJBQFSJMSJTDBMEBNFOUPEFMMBDRVBTBOJUBSJBTJ
WFSJêDBRVBOEPMBDRVBDPOUFOVUBOFMCPMMJUPSFTDFOEFEJž$SJTQFUUP
BMMBUFNQFSBUVSBJNQPTUBUB
-BDBMEBJBQFSNFUUFEJJNQPTUBSFJMSFHPMBUPSFEJQPSUBUBTVWBSJMJWFMMJ
"VUPGVO[JPOBNFOUPBVUPNBUJDPRVJOEJDPOQPSUBUBWBSJBCJMF
"QFSUPSFHPMBUPSFUVUUPBQFSUPRVJOEJNBTTJNBQPSUBUBEJTQPOJCJMF
MIMIFMIGVO[JPOBNFOUPDPOQPSUBUBEFêOJUB
7BMPSFEJ
EFGBVMU
*/5&3.*5
TFDPOEJ
TFDPOEJ
TFDPOEJ
NJOVUJ
0''
"650
3FMÍOPOVUJMJ[[BUP
*OVOJNQJBOUPEJWJTPJO[POFJMSFMÍDPNBOEBMB[POBQSJODJQBMF
*MSFMÍTFHOBMBMJOUFSWFOUPEJVOCMPDDPJODBMEBJB"CCJOBCJMFBEVO
TFHOBMBUPSFFTUFSOPOPOGPSOJUP
*MSFMÍTFHOBMBDIFMBDBMEBJBÍBDDFTB
"CCJOBCJMFBEVOTFHOBMBUPSFFTUFSOPOPOGPSOJUP
$PNBOEBMBQFSUVSBEJVOBWBMWPMBEFMHBTFTUFSOBJODPODPNJUBO[BEJVOB
SJDIJFTUBEJBDDFOTJPOFEFMCSVDJBUPSFJODBMEBJB
13*/$
3FMÍOPOVUJMJ[[BUP
*MSFMÍBUUJWBMFMFUUSPWBMWPMBEFMSJFNQJNFOUPSFNPUP0QUJPOBM
*M
DPNBOEPBWWJFOFEBDPNBOEPSFNPUP
*MSFMÍTFHOBMBMJOUFSWFOUPEJVOCMPDDPJODBMEBJB"CCJOBCJMFBEVO
TFHOBMBUPSFFTUFSOPOPOGPSOJUP
*MSFMÍTFHOBMBDIFMBDBMEBJBÍBDDFTB
"CCJOBCJMFBEVOTFHOBMBUPSFFTUFSOPOPOGPSOJUP
$PNBOEBMBQFSUVSBEJVOBWBMWPMBEFMHBTFTUFSOBJODPODPNJUBO[BEJVOB
SJDIJFTUBEJBDDFOTJPOFEFMCSVDJBUPSFJODBMEBJB
0''
*OVOJNQJBOUPEJWJTPJO[POFJMSFMÍDPNBOEBMB[POBTFDPOEBSJB
3FMÍOPOVUJMJ[[BUP
$POUSPMMBMBQPNQBEJSJDJSDPMPCPJMFS
OPOVUJMJ[[BCJMFTVRVFTUPNPEFMMP
*MSFMÍTFHOBMBMJOUFSWFOUPEJVOCMPDDPJODBMEBJB"CCJOBCJMFBEVO
TFHOBMBUPSFFTUFSOPOPOGPSOJUP
*MSFMÍTFHOBMBDIFMBDBMEBJBÍBDDFTB
"CCJOBCJMFBEVOTFHOBMBUPSFFTUFSOPOPOGPSOJUP
$PNBOEBMBQFSUVSBEJVOBWBMWPMBEFMHBTFTUFSOBJODPODPNJUBO[BEJVOB
SJDIJFTUBEJBDDFOTJPOFEFMCSVDJBUPSFJODBMEBJB
/FMDBTPJODVJMBMFUUVSBEFMMBTPOEBFTUFSOBOPOTJBDPSSFUUBÍQPTTJCJMF
DPSSFHHFSMBQFSDPNQFOTBSFFWFOUVBMJGBUUPSJBNCJFOUBMJ
0''
ž$
7BMPSF
JNQPTUBUP
EBMUFDOJDP
*/45"--"503&
ž-JWFMMP
65&/5&
ž-JWFMMP
5&$/*$0
.FOÜ$0/'*(63";*0/*
ÍOFDFTTBSJPJOTFSJSFJMDPEJDFEJBDDFTTP
*/45"--"503&
4.0/5"((*0%&-."/5&--0
1FS VOB GBDJMF NBOVUFO[JPOF EFMMB DBMEBJB Í
QPTTJCJMF TNPOUBSF DPNQMFUBNFOUF JM NBOUFMMP
TFHVFOEPRVFTUFTFNQMJDJJTUSV[JPOJ
TNPOUBSFMBGBDDJBUB
EFMMBDBMEBJBTWJUBOEP
MB WJUF EJ EJ HJSP TQJOHFSF MB GBDDJBUB
WFSTPMBMUPFDPOUFNQPSBOFBNFOUFUJSBSFWFSTP
TFTUFTTJQFSTHBODJBSMBEBJHBODJMBUFSBMJ
F
TVQFSJPSJ
TNPOUBSFMFêBODBUFMBUFSBMJ
TWJUBOEPMFWJUJ
TQJOHFSFMFHHFSNFOUFWFSTPMBMUPJONPEP
EB MJCFSBSF MB êBODBUB EBMMB TFEF F UJSBSF
WFSTPTFTUFTTJWFEJêHVSB
TNPOUBSFMBHSJHMJBJOGFSJPSF
THBODJBOEPMB
EBMMF EVF TFEJ JOTFSFOEP VO DBDDJBWJUF
OFMMBQQPTJUBTFEFTFHOBUBTVMMBHSJHMJBFGBDFOEP
MFWBDPNFSBQQSFTFOUBUPJOêHVSB
TWJUBSFMFWJUJEJCMPDDBHHJP
EFMQBOOFMMP
DPNBOEJ
65&/5&
GBSCBTDVMBSFJMQBOOFMMPDPNBOEJ
UJSBOEP
WFSTPTFTUFTTJWFEJêHVSB
1BSU#
5&$/*$0
#
#
"
"
"
"
1BSU"
'JH
105&/;"
5&3.*$"
105&/;" 1035"5"("4
5&3.*$" #36$*"503&
#65"/0(
13&446(&--*
#36$*"503&
1035"5"("4
#36$*"503&
1301"/0(
13&446(&--*
#36$*"503&
1035"5"("4
#36$*"503&
13&446(&--*
#36$*"503&
L8
LDBMI
NI
NCBS
NNDB
LHI
NCBS
NNDB
LHI
NCBS
NNDB
*/45"--"503&
.&5"/0(
MVOHIF[[BN-FQPSUBUFHBTTPOPSJGFSJUFBM
QPUFSF DBMPSJêDP JOGFSJPSF BMMB UFNQFSBUVSB EJ
ž$FEBMMBQSFTTJPOFEJNCBS-FQSFTTJPOJ
BMCSVDJBUPSFTPOPSJGFSJUFBMMhVUJMJ[[PEJHBTBMMB
UFNQFSBUVSBEJž$
65&/5&
TUBHOBWFEJQSPWBQSFTTJPOFF'JH
-FSFHPMB[JPOJWBOOPFĒFUUVBUFDPONBOPNFUSP
EJĒFSFO[JBMFEJHJUBMFBWFOUFTDBMBJOEFDJNPEJ
NNP1BTDBM*EBUJEJQPUFO[BJOUBCFMMBTPOP
TUBUJ SJDBWBUJ DPO UVCP BTQJSB[JPOFTDBSJDP EJ
5&$/*$0
105&/;"5&3.*$"7"3*"#*-&
/#MFQSFTTJPOJJOEJDBUFJOUBCFMMBSBQQSFTFO
UBOPMFEJĒFSFO[FEJQSFTTJPOJBJDBQJEFMWFOUVSJ
NJTDFMBUPSFFNJTVSBCJMFEBMMBQSFTFEJQSFTTJPOF
QSFTFOUJ OFMMB QBSUF TVQFSJPSF EFMMB DBNFSB
5&$/*$0
65&/5&
*/45"--"503&
1"3".&53*%&--"$0.#645*0/&
1SFTTJPOFEJBMJNFOUB[JPOF
%JBNFUSPVHFMMPHBT
1PSUBUBJONBTTBEFJGVNJBQPUFO[BOPNJOBMF
1PSUBUBJONBTTBEFJGVNJBQPUFO[BNJOJNB
$0B2/PN.JO
$0BEJ0B2/PN.JO
/09BEJ0B2/PN.JO
5FNQFSBUVSBGVNJBQPUFO[BOPNJOBMF
5FNQFSBUVSBGVNJBQPUFO[BNJOJNB
NCBSNN)0
NN
LHI
LHI
QQN
QQN
ž$
ž$
(
(
(
%"5*5&$/*$*
1PSUBUBUFSNJDBOPNJOBMF
1PSUBUBUFSNJDBNJOJNB
1PUFO[BUFSNJDBOPNJOBMFVUJMF
1PUFO[BUFSNJDBNJOJNBVUJMF
3FOEJNFOUPUFSNJDPVUJMF/PN.JO
3FOEJNFOUPUFSNJDPVUJMF/PN.JO
3FOEJNFOUPUFSNJDPVUJMF/PN.JO
1FSEJUBEJDBMPSFBMNBOUFMMPDPOCSVDJBUPSF0Ē0Ož$
1FSEJUBEJDBMPSFBMDBNJOPDPOCSVDJBUPSF0Ē0Ož$
1SFTTJPOFNBYEFTFSDJ[JPDJSDVJUPSJTDBMEBNFOUP
5FNQFSBUVSBNBYEFTFSDJ[JPDJSDVJUPSJTDBMEBNFOUP
5FNQFSBUVSBSFHPMBCJMFSJTDBMEBNFOUP1PT
5FNQFSBUVSBSFHPMBCJMFSJTDBMEBNFOUP1PT
7BTPEFTQBOTJPOFJNQJBOUPWPMVNFUPUBMF
1SFDBSJDBWBTPEFTQBOTJPOF
$POUFOVUPEBDRVBEFMHFOFSBUPSF
1SFWBMFO[BEJTQPOJCJMFDPOQPSUBUBI
1PUFO[BUFSNJDBVUJMFQSPEV[JPOFBDRVBDBMEB
5FNQFSBUVSBSFHPMBCJMFBDRVBDBMEBTBOJUBSJB
-JNJUBUPSFEJëVTTPTBOJUBSJP
1SFTTJPOFNJOEJOBNJDB
DJSDVJUPTBOJUBSJP
1SFTTJPOFNBYEFTFSDJ[JPDJSDVJUPTBOJUBSJP
L8LDBMI
L8LDBMI
L8LDBMI
L8LDBMI
CBS
ž$
ž$
ž$
M
CBS
M
L1BN)0
L8LDBMI
ž$
MNJO
"VUPNBUJDP
CBS
CBS
MNJO
MNJO
MNJO
MNJO
MNJO
LH
LH
7)[
"
8
8
8
*19%
ž$
NHL8I
NHL8I
$$$$$$#Q#Q
**)#1
1PSUBUBTQFDJêDBi%u6#MJUSJȄ5ž$
TFDPOEP&/
1PSUBUBTQFDJêDBi%u6#MJUSJȄ5ž$
TFDPOEP&/
1PSUBUBTQFDJêDBi%u6#MJUSJȄ5ž$
TFDPOEP&/
1PSUBUBTQFDJêDBi%u6#MJUSJȄ5ž$
TFDPOEP&/
$BQBDJUÆEJQSFMJFWPJOTFSWJ[JPDPOUJOVPȄ5ž$
1FTPDBMEBJBQJFOB
1FTPDBMEBJBWVPUB
"MMBDDJBNFOUPFMFUUSJDP
"TTPSCJNFOUPOPNJOBMF
1PUFO[BFMFUUSJDBJOTUBMMBUB
1PUFO[BBTTPSCJUBEBMDJSDPMBUPSF
1PUFO[BBTTPSCJUBEBMWFOUJMBUPSF
1SPUF[JPOFJNQJBOUPFMFUUSJDPBQQBSFDDIJP
5FNQFSBUVSBNBYHBTEJTDBSJDP
$MBTTFEJ/09
/09QPOEFSBUP
$0QPOEFSBUP
5JQPBQQBSFDDIJP
$BUFHPSJB
*WBMPSJEJUFNQFSBUVSBGVNJTPOPSJGFSJUJBMMB
UFNQFSBUVSBBSJBJOFOUSBUBEJž$FUFNQF
SBUVSBNBOEBUBEJž$
EJBUBNFOUFBMMVTDJUBEFMMBDBMEBJBDPOTJEFSBOEP
DIFQFSPUUFOFSFJEBUJEJDIJBSBUJÍOFDFTTBSJBMB
NJTDFMB[JPOFDPOBDRVBGSFEEB
*EBUJSFMBUJWJBMMBQSFTUB[JPOFBDRVBDBMEBTBOJ
UBSJBTJSJGFSJTDPOPBEVOBQSFTTJPOFEJJOHSFTTP
EJOBNJDB EJ CBS F BE VOB UFNQFSBUVSB EJ
JOHSFTTPEJž$JWBMPSJTPOPSJMFWBUJJNNF
-B NBTTJNB QPUFO[B TPOPSB FNFTTB EVSBOUF
JMGVO[JPOBNFOUPEFMMBDBMEBJBÍE#"-B
NJTVSBEJQPUFO[BTPOPSBÍSJGFSJUBBQSPWFJO
DBNFSBTFNJBOFDPJDBDPODBMEBJBGVO[JPOBOUF
BQPSUBUBUFSNJDBNBTTJNBDPOFTUFOTJPOFEFMMB
GVNJTUFSJBTFDPOEPMFOPSNFEJQSPEPUUP
1PSUBUBTQFDJêDBi%uQPSUBUBEFMMBDRVBDBMEB
TBOJUBSJBDPSSJTQPOEFOUFBEVOBVNFOUPNFEJP
EJ UFNQFSBUVSB EJ , DIF MB DBMEBJB QVÖ
GPSOJSFJOEVFQSFMJFWJTVDDFTTJWJ
3%26):)/#,)%.4)
)L,IBRETTO)STRUZIONI
ÒREALIZZATOINCARTAECOLOGICA
&ORNISCEIRECAPITIDEI#ENTRI!SSISTENZA!UTORIZZATI
EDINFORMAZIONISUL3ERVIZIO4ECNICOPOSTVENDITA
)L3ERVIZIOÒADISPOSIZIONEANCHEPERRACCOGLIEREI
VOSTRI SUGGERIMENTI E LE VOSTRE OSSERVAZIONI
.UMERO6ERDE
0RESSOILNUMEROVERDEÒSEMPREATTIVOORESU
ILSERVIZIODIRISPOSTAAUTOMATICA0ERAVEREIL
RECAPITO DEL #ENTRO !SSISTENZA PIá VICINO BASTA
DIGITAREILCODICEDIAVVIAMENTOPOSTALEDELCOMUNE
DIVOSTROINTERESSE
0ER RISPOSTE DIRETTE GLI OPERATORI SONO A VOSTRA
DISPOSIZIONEDALLUNEDÖALVENERDÖDALLEOREALLE
OREEDALLEALLE
&AX6ERDE
)NTERNET
ZZZ
LPPHUJDVFRP
.ELCORSODELLAVITAUTILEDEIPRODOTTILEPRESTAZIONI
SONOINFLUENZATEDAFATTORIESTERNICOMEADESLA
DUREZZADELLACQUASANITARIAGLIAGENTIATMOSFERICI
LEINCROSTAZIONINELLIMPIANTOETCETERA)DATIDICHIARATI
SIRIFERISCONOAIPRODOTTINUOVIECORRETTAMENTEINSTALLATI
ED UTILIZZATI NEL RISPETTO DELLE NORME VIGENTI
."SIRACCOMANDADIFAREESEGUIREUNACORRETTA
MANUTENZIONEPERIODICA
!ZIENDACERTIFICATA)3/
$PE3FW
Scarica

,IBRETTO ED