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4BO 'SBODJTDP EF "TÑT Z 4UB $MBSB Z 1FOJUFODJB EF /VFTUSP 1BESF +FTÜT $BVUJWP Z .BSÑB 4BOUÑTJNB EF MB &ODBSOBDJÖO 4"-*%"
&/53"%"
5FNQMP 4BO +FSÓOJNP (SBO 7ÎB EF $PMÓO ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
4"-*%"
)FSNBOEBE Z $PGSBEÑB EF /B[BSFOPT EF /VFTUSP 1BESF +FTÜT EF MB 4FOUFODJB Z .BSÑB 4BOUÑTJNB EF MBT .BSBWJMMBT
.VZ *MVTUSF Z 3FBM $PGSBEÑB EF /B[BSFOPT EF MB 4BOUB $FOB 4BDSBNFOUBM Z .BSÑB 4BOUÑTJNB EF MB 7JDUPSJB
&/53"%"
&/53"%"
5FNQMP 1MB[B EF 4BOUB "OB 1BWBOFSBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B /VFWB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
5FNQMP 1MB[B EF MPT (JSPOFT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B EF *TBCFM MB $BUÓMJDB +FTÙT Z .BSÎB $SV[ (VÎB FO FM 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
4"-*%"
4"-*%"
/VFTUSP 1BESF +FTÜT %FTQPKBEP EF TVT 7FTUJEVSBT .BSÑB 4BOUÑTJNB EFM %VMDF /PNCSF Z 4BO +VBO &WBOHFMJTUB &/53"%"
5FNQMP 4BO "OUÓO &NCPWFEBEP 1MB[B EF .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B 5SJOJEBE MBUFSBM EFSFDIP 4BO +PTÊ #BKB 3FHSFTP $SV[ EF (VÎB 1BTP EF $SJTUP
4"-*%"
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
BKD;I I7DJE '& Z[ WXh_b 4BOUÑTJNP $SJTUP EFM 5SBCBKP Z /VFTUSB 4FÕPSB EF MB -V[ 1BSSPRVJB EFM $PSQVT $ISJTUJ #BSSJP EFM ;BJEÑO
&M CBSSJP EFM ;BJEÑO TF WJTUF EF HBMB DBEB -VOFT 4BOUP QBSB EJTGSVUBS EFM 4BOUÑTJNP $SJTUP EFM 5SBCBKP Z /VFTUSB 4FÕPSB EF MB -V[ -B )FSNBOEBE OBDJÖ FO BCSJM EF QFSP OP SFBMJ[Ö TV QSJNFSB TBMJEB EF FTUBDJÖO EF QFOJUFODJB B MB $BUFESBM IBTUB FM BÕP -B TBMJEB EF TV QBSSPRVJB FM $PSQVT $ISJTUJ FT VOP EF MPT NPNFOUPT NÆT FTQFSBEPT -04 1"404 $SJTUP QPSUBOEP MB $SV[ DBNJOP EFM $BMWBSJP FT MB QSJNFSB JNBHFO EF FTUB $PGSBEÑB DVZP BVUPS FT &EVBSEP &TQJOPTB "MGBNCSB -B JNBHFO NVFTUSB VO EPMPS FYUSFNP NJFOUSBT TF BQPZB FO VO USPODP &M QBTP RVF DPNFO[Ö B MBCSBSTF FO FTUÆ BEPSOBEP SJDBNFOUF DPO NPUJWPT EF MB QBTJÖO Z DVFOUB DPO EPT QBSFT EF GBSPMFT QMBUFBEPT -P BDPNQBÕB MB 7JSHFO EFM $POTVFMP 4BO +VBO VO SPNBOP VO TBZÖO .BSÑB .BHEBMFOB Z 7FSÖOJDB /VFTUSB 4FÕPSB EF MB -V[ PCSB UBNCJÍO EF &EVBSEP &TQJOPTB TJHVF B TV IJKP JOUFOUBOEP DPOUFOFS FM MMBOUP 1SPDFTJPOB CBKP QBMJP EF UFDIP B[VM DPO NBMMBT EF PSP CPSEBEBT Z TPCSF VO QBTP DPO VOB QFBOB EF + "OUPOJP (BMEÖO DPO WBSBMFT Z SFTQJSBEFSPT EF 3BGBFM .PSFOP /07&%"%&4
&TUB )FSNBOEBE WPMDBEB EFTEF TV GVOEBDJÖO FO TV MBCPS TPDJBM FTUSFOBSÆ FTUF BÕP VO CBOEFSÑO OVFWP EPOBDJÖO EFM (SVQP +PWFO Z MPT MBUFSBMFT EFM QBTP EF .JTUFSJP FO DVZB SFTUBVSBDJÖO MPT )FSNBOPT FTUÆO JONFSTPT EFTEF IBDF WBSJPT BÕPT &M .JTUFSJP DPNP PUSPT BÕPT JSÆ BDPNQBÕBEP QPS MB CBOEB EF +FTÜT EF MBT 5SFT $BÑEBT Z MB CBOEB EF -B 7JDUPSJB EF 'VFOUF 7BRVFSPT (SBOBEB MP IBSÆ DPO /VFTUSB 4FÕPSB EF MB -V[ &TUF BÕP TF DVNQMF FM BOJWFSTBSJP EF MB CFOEJDJÖO EF /VFTUSB 4FÕPSB EF MB -V[ BTÑ RVF MB )FSNBOEBE SFBMJ[BSÆ VOB TBMJEB FYUSBPSEJOBSJB FM EF NBZP &TUÆ QSFWJTUP RVF TF BDFSRVFO IBTUB MB #BTÑMJDB EF /VFTUSB 4FÕPSB EF MBT "OHVT UJBT QBUSPOB EF MB DJVEBE 1"3" 7&3-" .&+03 $"33&3" %& -" 7*3(&/
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPS EF MBT JNÃHFOFT
&EVBSEP &TQJOPTB
-B JNBHFO EF $SJTUP QPSUBOEP MB $SV[ NJFOUSBT TF BQPZB FO VO USPODP FT VOB PCSB EF &EVBSEP EF &TQJOPTB
/VFTUSB 4FÕPSB EF MPT %PMPSFT
*HMFTJB 1BSSPRVJBM EF 4BO 1FESP Z 4BO 1BCMP "MCBJDÑO #BKP
-B TBMJEB EF FTUB )FSNBOEBE FT VOB EF MBT NÆT FTQFSBEBT EF MB DJVEBE BM FODPOUSBSTF FO VO MVHBS TJNCÖMJDP B MPT QJFT EF MB "MIBNCSB 4V IJTUPSJB OBDF FO DVBOEP FM 5FSDJP EF 3FRVFUÍT EF *TBCFM -B $BUÖMJDB GVF BMPKBEP FO FM 1BMBDJP EF MPT 5FMMPT KVOUP BM 7FOUPSSJMMP -PT QSPQJFUBSJPT UFOÑBO VOB JNBHFO EF MB %PMPSPTB Z FM SFTQPOTBCMF EF FTUF 5FSDJP 3VCJP .PTDPTP QSPNFUF B MB 7JSHFO RVF DSFBSÆ VOB $PGSBEÑB QBSB EBSMF DVMUP Z QSPDFTJPOBSMB VOB WF[ UFSNJOB EB MB (VFSSB $JWJM -B DPOTUJUVDJÖO EF MBT SFHMBT Z TV QSJNFSB FTUBDJÖO EF QFOJUFODJB TPO EF -B BOUJHVB JNBHFO TF FODVFOUSB FO MB BDUVBMJEBE FO VOB EF MBT NBOTJPOFT RVF QPTFF MB GBNJMJB DFSDB EF 3POEB -B %PMPSPTB RVF SFDPSSF MBT DBMMFT EF (SBOBEB FT PCSB EF "VSFMJP -ÖQF[ "[BVTUF DVZB JNBHFO GVF CFOEFDJEB FO &- 1"40 &M EPMPS EF VOB NBESF BOUF FM TVGSJNJFOUP EF TV IJKP FT MB JNBHFO EF /VFTUSB 4FÕPSB EF MPT %PMPSFT RVF QSPDFTJPOB CBKP QBMJP EF UFSDJPQFMP DPO CPSEBEPT FO PSP PCSB EF (BSDÑB 1PP -MFWB VO DPSB[ÖO EF QMBUB Z QFESFSÑB TJUVBEP FO FM DFOUSP DPO TJFUF QVÕBMFT DMBWBEPT RVF FT VOB EPOBDJÖO EF MB GBNJMJB $POUSFSBT Z 1ÍSF[ EF )FSSBTUJ B MB QBUSPOB EF "SKPOB Z RVF WBSJPT )FSNBOPT EF FTUB $PGSBEÑB USBKFSPO B MB DJVEBE -B JNBHFO WJTUF VO JNQSFTJPOBOUF NBOUP UBNCJÍO EF DPMPS TBMNÖO CPSEBEP FO PSP /07&%"%&4
&TUB )FSNBOEBE RVF FM BÕP QBTBEP DVNQMJÖ MPT BÕPT EF TV QSJNFSB TBMJEB EFTEF MB *HMFTJB 1BSSPRVJBM EF 4BO 1FESP Z 4BO 1BCMP FTUSFOBSÆ FTUF BÕP MB DBMEFSFSÑB OVFWB EFM QBTP EF /VFTUSB 4FÕPSB EF MPT %PMPSFT "EFNÆT TF MVDJSÆO OVFWBT DBSUFMBT RVF WFSTBO TPCSF MPT TJFUF EPMPSFT EF MB 7JSHFO 5BNCJÍO FT OVFWP FM MMBNBEPS QBSB FM DVFSQP EF DPTUBMFSBT -B CBOEB EF /VFTUSB 4FÕPSB EF MPT %PMPSFT TFSÆ DPNP TJFNQSF RVJFO BDPNQBÕF B MB JNBHFO EVSBOUF UPEP TV SFDPSSJEP
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPS EF MB JNBHFO
"VSFMJP -ÓQF[ "[BVTUSF
-B JNBHFO EF /VFT USB 4FÕPSB EF MPT %P MPSFT MMFWB VO DPSB [ÖO EF QMBUB Z QFESF SÑB TJUVBEP DPO TJFUF QVÕBMFT DMBWBEPT
1"3" 7&3-" .&+03 4"-*%" %&- 5&.1-0 : $"33&3" %&- %"330
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
BKD;I I7DJE /VFTUSP 1BESF +FTÜT EFM 3FTDBUF *HMFTJB 1BSSPRVJBM EF 4BOUB .BSÑB .BHEBMFOB $FOUSP
&TUB $PGSBEÑB DPNJFO[B B SFDPSSFS MBT DBMMFT EF MB DJVEBE FO USBT OBDFS EPT BÕPT BOUFT CBKP FM OPNCSF EF 1SFOEJ NJFOUP EF +FTÜT DPO 3BNÖO $POUSFSBT Z 1ÍSF[ EF )FSSBTUJ DPNP $PGSBEF .BZPS 4VT QSJNFSPT QBTPT TPO QPS MB [POB EF 5SJOJEBE Z .BHEBMFOB MMBNBEPT CBSSJPT EF MB %VRVFTB EF 4FTTB FTQPTB EFM (SBO $BQJUÆO %VSBOUF VO UJFNQP FTUB JNBHFO QSPDFTJPOÖ KVOUP B /VFTUSB 4FÕPSB EF MB "GMJDDJÖO 7JSHFO EF MPT $IPDPMBUFSPT Z NÆT UBSEF DPO /VFTUSB 4FÕPSB EF MPT %PMPSFT &O MB BDUVBMJEBE /VFTUSP 1BESF +FTÜT EFM 3FTDBUF FT TV ÜOJDB JNBHFO RVF FTUÆ ÑOUJNBNFOUF VOJEB B MB 0SEFO EF MB 4BOUÑTJNB 5SJOJEBE Z 3FEFODJÖO EF MPT $BVUJWPT &- 1"40 -B JNBHFO FTUÆ BUSJCVJEB B MB &TDVFMB EF +PTÍ EF .PSB Z FT EF NBEFSB EF QJOP QPMJDSPNBEB .VFTUSB B VO $SJTUP SFTJHOBEP B MB $SV[ USBT TFS UPSUVSBEP WFKBEP Z B[PUBEP -B GSBHJMJEBE EF MB GJHVSB FT TPCSFDPHFEPSB &M QBTP RVF QPSUB B +FTÜT FT EF FTUJMP OFPCBSSPDP EF NBEFSB EF DBPCB Z PSGFCSFSÑB EF .BOVFM EF 3ÑPT DPO MB SJRVF[B EF QMBUB 4V NBHOÑGJDP MMBNBEPS SFQSFTFOUB B VO ÆOHFM DPO MBT BMBT FYUFOEJEBT NJFOUSBT UPDB VOB USPNQFUB &M QBTP BEFNÆT QPSUB VO SFMJDBSJP EF 4BO +VBO EF %JPT /07&%"%&4
-BT OVFWBT DBQBT QBSB MPT DBSHPT FT MB OPWFEBE NÆT EFTUBDB EB QBSB FTUF BÕP FO MB )FSNBOEBE EF /VFTUSP 1BESF +FTÜT EFM 3FTDBUF -B $PGSBEÑB UBNCJÍO UJFOF QSFWJTUP TBDBS B MBT DBMMFT EF (SBOBEB VO OVFWP (VJÖO 5SJOJUBSJP Z BEFNÆT FTUÆ JONFSTB FO MB SFTUBVSBDJÖO EF MB 5ÜOJDB 1FSTB RVF TFHÜO MBT ÜMUJNBT JOWFTUJHBDJPOFT QPESÑB TFS PCSB EF +VBO .BOVFM 3PESÑHVF[ 0KFEB -B JOUFODJÖO EF MPT IFSNBOPT FT QPEFS FTUSFOBSMB FO $PNP FM BÕP BOUFSJPS MB CBOEB EF DBCFDFSB TFSÆ MB "HSVQBDJÖO .VTJDBM 7JSHFO EF MBT "OHVTUJBT EF (SBOBEB NJFOUSBT RVF /VFTUSP 1BESF +FTÜT EFM 3FTDBUF JSÆ BDPNQBÕBEP QPS MB #BOEB EF 4BOUB .BSÑB .BHEBMFOB EFM "SBIBM EF 4FWJMMB 1"3" 7&3-" .&+03 &/53"%" : 4"-*%" %& 46 5&.1-0
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
"ÒP EF GVOEBDJÓO IFSNBOPT DPSUFKP /ÙNFSP EF QBTPT "VUPS EF MB JNBHFO
&TDVFMB +PTÊ EF .PSB
&M QBTP RVF QPSUB B /VFTUSP 1BESF +FTÜT EFM 3FTDBUF FT EF FTUJMP OFPCBSSPDP EF DBPCB Z PSGFCSFSÑB EF .BOVFM EF 3ÑPT
0SBDJÖO EF /VFTUSP 4FÕPS FO FM )VFSUP EF MPT 0MJWPT Z .BSÑB 4BOUÑTJNB EF -B "NBSHVSB *HMFTJB EF MBT $PNFOEBEPSBT EF 4BOUJBHP 3FBMFKP
-B PSBDJÖO EF MPT MBCSJFHPT BOUF FM 4FÕPS 0SBOUF EFM )VFSUP FT FM PSJHFO EF FTUB )FSNBOEBE DVZPT SFNPUPT JOJDJPT QPESÑBO TJUVBSTF FO FM TJHMP 97* FO FM NPSBCJUP VCJDBEP FO MP RVF FO MB [POB EF MB SJCFSB EFM SÑP (FOJM &M MVHBS GVF MVFHP DSJTUJBOJ[BEP DPNP *HMFTJB EF 4BO "OUÖO %FTEF FOUPODFT IBTUB TV IJTUPSJB QBTB QPS JOGJOJEBE EF TJUVBDJPOFT IBTUB RVF VO HSVQP EF DPGSBEFT EF MB QBSSPRVJB EF 4BOUB &TDPMÆTUJDB SFDVQFSBO MB BEWPDBDJÖO -04 1"404 &M QSJNFS QBTP FT FM EF +FTÜT PSBOEP FO FM )VFSUP EF MPT 0MJWPT Z B TV FTQBMEB VO ÆOHFM BEFNÆT EF MPT EPSNJEPT BQÖTUPMFT 4BOUJBHP +VBO Z 1FESP -B PCSB FT EF %PNJOHP 4ÆODIF[ .FTB Z FM DPOKVOUP QSPDFTJPOB TPCSF QBTP EJTFÕBEP QPS "OUPOJP .BSUÑO 'FSOÆOEF[ Z UBMMB EF 'SBODJTDP #BJMBD DPO MB QPMJDSPNÑB EF +VTUJOJBOP 4ÆODIF[ -F TJHVF .BSÑB 4BOUÑTJNB EF MB "NBSHVSB EF MB &TDVFMB EF .PSB -B 7JSHFO WB CBKP QBMJP EF UFDIP DPMPS B[VM DPO PSGFCSFSÑB EF .PSFOP Z .BOVFM EF MPT 3ÑPT FO FM RVF BQBSFDFO ÆOHFMFT QMBUFBEPT /07&%"%&4
-B )FSNBOEBE FTUÆ DPNQMFUBNFOUF WPMDBEB DPO MBT PCSBT EF DBSJEBE Z FTUF BÕP OP SFBMJ[BO OJOHÜO FTUSFOP TJHOJGJDBUJWP &M BÕP QBTBEP TBDBSPO B MB DBMMF QPS QSJNFSB WF[ TV FTUBOEBS UF CPSEBEP QPS MBT NBESFT $PNFOEBEPSBT EF 4BOUJBHP 5BNCJÍO FT SFMBUJWBNFOUF OVFWP TV UFDIP EF QBMJP EF MB 7JSHFO EF MB "NBSHVSB DPO EJTFÕP EF +VBO %ÑB[ -PTBEB -P RVF TÑ DBNCJB FTUF BÕP TPO MBT CBOEBT 4BO *TJESP EF "SNJMMB (SBOBEB BDPNQBÕBSÆ B MB 7JSHFO Z MB #BOEB EFM %FTQPKBEP JSÆ DPO FM QBTP EF .JTUFSJP &T NVZ SFDPNFOEBCMF BENJSBS FTUBT JNÆHFOFT FO MBT FTUSFDIBT DBMMFT EF TV CBSSJP EFM 3FBMFKP FO FTQFDJBM QPS MB DBMMF 4BOUJBHP
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT %
4ÃODIF[ .FTB Z & +PTÊ EF .PSB
.BSÑB 4BOUÑTJNB EF MB "NBSHVSB CBKP QBMJP B[VM DPO PSGF CSFSÑB EF .PSFOP Z .BOVFM EF 3ÑPT FT EF MB &TDVFMB EF .PSB
1"3" 7&3-" .&+03 $"--& 4"/5*"(0
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
BKD;I I7DJE 4 $SJTUP EF 4BO "HVTUÑO +FTÜT /B[BSFOP EF MBT 1FOBT /USB .BESF Z 4SB EF MB $POTPMBDJÖO Z 4BOUP ©OHFM $VTUPEJP *HMFTJB EFM .POBTUFSJP 4BOUP ©OHFM $VTUPEJP $FOUSP
&M 4BOUÑTJNP $SJTUP EF 4BO "HVTUÑO TBMF DBEB -VOFT 4BOUP B MBT DBMMFT EF (SBOBEB BSSPQBEP QPS TVT OVNFSPTPT GJFMFT -PT JOJDJPT EF MB )FSNBOEBE TF SFNPOUBO B MB EFM 4BOUP $SVDJGJKP EF RVF TPMP QPEÑB FTUBS GPSNBEB QPS IPNCSFT FO NFNPSJB EF MPT BQÖTUPMFT Z EJTDÑQVMPT EF +FTÜT )BTUB OP TF VOF B FMMB MB "TPDJBDJÖO EF 4FÕPSBT EFM 4BOUP $SVDJGJKP &M 4BOUÑTJNP $SJTUP EF 4BO "HVTUÑO QSPUFDUPS EF MB DJVEBE GPSNB QBSUF EF MB FTUBDJÖO EF QFOJUFODJB EFTEF Z /VFTUSB .BESF Z 4FÕPSB EF MB $POTPMBDJÖO EFTEF -BT SFHMBT EF MB $PGSBEÑB GVFSPO SFOPWBEBT FO Z -B TFEF EF FTUB )FSNBOEBE FT MB NJTNB EFTEF -04 1"404 -B FTQFDUBDVMBS PCSB EFM JUBMJBOP +BDPCP 'MPSFOUJOP EFM $SJTUP EF 4BO "HVTUÑO FT FM QSJNFS QBTP DPO VOB NFEJEBT EF DFOUÑNFUSPT RVF NVFTUSBO TV HSBOEF[B &M DVFSQP TPMP DVCJFSUP QPS VO TVEBSJP NVFTUSB MB NVFSUF EF $SJTUP RVF TPMP FTUÆ TVKFUP QPS USFT DMBWPT Z MVDF NFMFOB OBUVSBM -B JNBHFO QSPDFTJPOB FO QBTP DPO FCBOJTUFSÑB EF .BOVFM $BCBMMFSP F JNÆHFOFT EF MB QBTJÖO FO TVT DBSUFMBT SFBMJ[BEBT QPS 3BNPT &TQJOPTB -P TJHVF MB 4BDSB $POWFSTBDJÖO GPSNBEB QPS /VFTUSB .BESF Z 4FÕPSB EF MB $POTPMBDJÖO BDPNQBÕBEB QPS .BSÑB .BHEBMFOB Z 4BO +VBO &WBOHFMJTUB -B 7JSHFO FO JONFOTP EPMPS FT UBNCJÍO PCSB EFM BSUJTUB %VCÍ EF -VRVF /07&%"%&4
-BT MBCPSFT EF DBSJEBE Z PCSB TPDJBM TPO FM QSJODJQBM PCKFUJWP EF FTUB )FSNBOEBE QPS MP RVF FO FTUB 4FNBOB 4BOUB OP IBCSÆ FTUSFOPT -B DFMFCSBDJÖO EFM BÕP QBTBEP EFM BOJWFSTBSJP EF /VFTUSB .BESF Z 4FÕPSB EF MB $POTPMB DJÖO UBNCJÍO TVQVTJFSPO VO EFTFNCPMTP JNQPSUBOUF EF UJFNQP Z SFDVSTPT 1"3" 7&3-" .&+03 3&(3&40 " 46 5&.1-0 : $"--& 4"/ "/5¶/
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT /ÙNFSP EF QBTPT "VUPSFT EF MBT JNÃHFOFT
+ 'MPSFOUJOP Z %VCÊ EF -VRVF
-B JNBHFO EFM $SJTUP EF 4BO "HVTUÑO FT PCSB EFM JUBMJBOP +BDPCP 'MPSFOUJOP Z UJFOF VOBT NFEJEBT JNQSFTJPOBOUFT
BKD;I I7DJE H[Yehh_Zei 7FOFSBCMF )FSNBOEBE EF $BSJEBE EFM 4BOUÑTJNP $SJTUP EFM 5SBCBKP Z /VFTUSB 4FÕPSB EF MB -V[ &/53"%"
5FNQMP $BSSFSB EF MB 7JSHFO QBTFP DFOUSBM ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B *TBCFM -B $BUÓMJDB $BSSFSB EF MB 7JSHFO "WFOJEB %JMBS 'VFOUFT $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
3FBM $PGSBEÑB EF /VFTUSB 4FÕPSB EF MPT %PMPSFT 4"-*%"
&/53"%"
5FNQMP 1MB[B /VFWB 1BWBOFSBT 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM $ÃSDFM #BKB 1MB[B /VFWB $BSSFSB EFM %BSSP $SV[ (VÎB FO 5FNQMP 1BTP 7JSHFO
$PGSBEÑB EF /VFTUSP 1BESF +FTÜT EFM 3FTDBUF &/53"%"
5FNQMP 0CJTQP )VSUBEP 1VFOUF[VFMBT $BSSFSB EF MB 7JSHFO ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM .ÃMBHB 1VFOUF[VFMBT $SV[ EF (VÎB FO 5FNQMP 1BTP $SJTUP
5FNQMP 1VFOUF EF $BTUBÒFEB $BSSFSB EF MB 7JSHFO 1MB[B .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B EF MB 5SJOJEBE .FTPOFT 3FDPHJEBT $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
$PGSBEÑB EF MB 0SBDJÖO EF /VFTUSP 4FÕPS FO FM )VFSUP EF MPT 0MJWPT Z .BSÑB 4BOUÑTJNB EF MB "NBSHVSB 4"-*%"
&/53"%"
5FNQMP ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1BTBKF %JFHP EF 4JMPÊ 1BWBOFSBT 1MB[B EF 'PSUVOZ 4BOUJBHP $SV[ (VÎB FO FM 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
4UNP $SJTUP EF 4BO "HVTUÑO +FTÜT /B[BSFOP EF MBT 1FOBT /USB .BESF Z 4SB EF MB $POTPMBDJÖO Z 4UP ©OHFM $VTUPEJP &/53"%"
4"-*%"
4"-*%"
4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT
4"-*%"
C7HJ;I I7DJE '' Z[ WXh_b 4BOUÑTJNP $SJTUP EF MB -BO[BEB Z .BSÑB 4BOUÑTJNB EF MB $BSJEBE *HMFTJB 1BSSPRVJBM EF /USB 4FÕPSB EF MPT %PMPSFT ;BJEÑO
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■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT
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1"3" 7&3-" .&+03 16&/5& 30."/0 %&- (&/*-
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
C7HJ;I I7DJE 4BOUP 7ÑB $SVDJT 1BESF +FTÜT EF MB "NBSHVSB .BSÑB 4 EF -BT -ÆHSJNBT Z /USB 4FÕPSB EF MPT 3FZFT *HMFTJB EF 4BO +VBO EF MPT 3FZFT "MCBJDÑO
-B QSJNFSB TBMJEB EF FTUB )FSNBOEBE GVF IBTUB 4BO .JHVFM "MUP EFTEF MB JHMFTJB EFM 4BMWBEPS "MCBJDÑO FO -PT )FSNBOPT QPSUBCBO VO /B[BSFOP EFM BSUJTUB +PTÍ EF .PSB %FTEF UJFOF TV TFEF FO MB JHMFTJB EF 4BO +VBO EF MPT 3FZFT RVF FT MB QSJNFSB JHMFTJB DPOTBHSBEB USBT MB FOUSBEB FO (SBOBEB EF MPT 3FZFT $BUÖMJDPT &SB VOB BOUJHVB NF[RVJ UB Z TV DPOWFSTJÖO TF SFBMJ[Ö UBO TPMP USFT EÑBT EFTQVÍT -B $PGSBEÑB UJFOF DPNP )FSNBOPT .BZPSFT )POPSBSJPT B MB 'ÆCSJDB EF 4BOUB #ÆSCBSB Z FM $PMFHJP EF 'BSNBDÍVUJDPT -04 1"404 /VFTUSP 1BESF +FTÜT EF MB "NBSHVSB EF +PTÍ EF .PSB T 97** FO DSV[ EF UBSBDFB FT FM QSJNFS QBTP -B JNBHFO MMFOB EF EPMPS QSPDFTJPOB TPCSF VO QBTP CBSSPDP EF NBEFSB EPSBEB DPO SFTQJSBEFSPT PCSB EF 4FCBTUJÆO .BSDIBOUF Z SFMJFWFT EF ©OHFM "TFOKP -P TJHVF VOB %PMPSPTB EF "OUPOJP "TFOTJP EFM TJHMP 97*** SFTUBVSBEB FO FM BÕP -B 7JSHFO WB CBKP QBMJP EF CBNCBMJOBT RVF FO FM UFDIP MVDF QJOUVSBT EF ÆOHFMFT DPO DPSPOBT EF GMPSFT PCSB EF 'FSOBOEP (PO[ÆMF[ &M NBOUP FT EF 4FCBTUJÆO .BSDIBOUF /07&%"%&4
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4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
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EF .PSB Z "OUPOJP "TFOTJP
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-B )FSNBOEBE OBDJÖ HSBDJBT B VO HSVQP EF FNQMFBEPT EF CBODB Z SFQSFTFOUBOUFT EF MB TPDJFEBE HSBOBEJOB DPNP +VMJP .BSUÑOF[ .BSUÑOF[ QSFTJEFOUF EFM $PMFHJP EF $PSSFEPSFT 'VF FM EF BCSJM EF FO MB DBMMF %VRVFTB FO MB RVF FSB MB 4PDJFEBE &DPOÖNJDB EF "NJHPT EFM 1BÑT &M DBSEFOBM BS[P CJTQP +PTÍ $BTBOPWB Z .BS[PM BQSPCÖ MPT FTUBUVUPT FO PDUVCSF -B $PGSBEÑB FT DPOPDJEB DPNP MB EF MPT CBORVFSPT -04 1"404 +FTÜT DBNJOP EFM $BMWBSJP FT MB QSJNFSB JNBHFO &M /B[BSF OP .BOVFM 3BNPT $PSPOB DPO TV DSV[ FT VOB UBMMB DPNQMFUB EF NBEFSB EF DFESP SFBM RVF GVF CFOEFDJEB FO -P QPSUB VO QBTP EF FTUJMP CBSSPDP EF MPT UBMMFSFT EF 7JVEB EF 7JMMBSSFBM EF DPO DVBUSP QSFDJPTPT GBSPMFT QMBUFBEPT /VFTUSB 4FÕPSB EF MB &TQFSBO[B PCSB EF +PTÍ 3JTVFÕP WB EFUSÆT EF TV IJKP CBKP QBMJP DPO UFDIP EF UFSDJPQFMP WFSEF EF EFMJDBEPT CPSEBEPT SFBMJ[BEPT QPS 5SJOJEBE .PSDJMMP /07&%"%&4
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"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF JNÃHFOFT .BOVFM
3BNPT $PSPOB Z +PTÊ 3JTVFÒP
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1"3" 7&3-" .&+03 $"--& &-7*3" : 4"-*%" %& 4"/5" "/"
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
C7HJ;I I7DJE 4FÕPS EF MB )VNJMEBE 4PMFEBE EF /USB 4FÕPSB Z %VMDF /PNCSF EF +FTÜT *HMFTJB EF 4BOUP %PNJOHP 3FBMFKP
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4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
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C7HJ;I I7DJE H[Yehh_Zei 7FOFSBCMF )FSNBOEBE EF 1FOJUFODJB EFM 4BOUÑTJNP $SJTUP EF MB -BO[BEB Z .BSÑB 4BOUÑTJNB EF MB $BSJEBE
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&/53"%"
4"-*%"
&/53"%"
5FNQMP "WFOJEB EF $ÃEJ[ 1PFUB .BOVFM EF (ÓOHPSB $BSSFSB EF MB 7JSHFO QBTFP DFOUSBM ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB 4BOUB *HMFTJB $BUFESBM 1MB[B *TBCFM -B $BUÓMJDB 1SPGFTPS 5JFSOP (BMWÃO &TDVMUPS -ÓQF[ "[BVTUSF $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
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&/53"%"
4"-*%"
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4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT
4"-*%"
4"-*%"
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1"3" 7&3-" .&+03 4"-*%" %& 46 5&.1-0 : 1"4&0 1"%3& ."/+¶/
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4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT
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-B JNBHFO EF /VFT USP 4FÕPS EF MB .FEJ UBDJÖO NVFTUSB FM NPNFOUP BOUFT EF MB DSVDJGJYJÖO FO FM .POUF (ÖMHPUB
"QÖTUPM 4BO .BUÑBT Z /VFTUSP 1BESF +FTÜT EF MB 1BDJFODJB Z .BSÑB 4BOUÑTJNB EF MBT 1FOBT *HMFTJB EF 4BO .BUÑBT 3FBMFKP
&TUB )FSNBOEBE UJFOF DPNP )FSNBOPT .BZPSFT )POPSB SJPT BM "ZVOUBNJFOUP EF MB DJVEBE Z MB %JQVUBDJÖO EF (SBOBEB 4V OBDJNJFOUP QSPWJFOF EF MB GVTJÖO EF MBT DPGSBEÑBT EF 1BDJFODJB Z 1FOBT Z MB EFM "QÖTUPM 4BO .BUÑBT FO NBS[P EF -B IJTUPSJB EF MB QSJNFSB EBUB EF KVOUP BM QÆSSPDP +VMJP "OFBT .BESF Z MB TFHVOEB $PGSBEÑB GVTJPOB EB FT EFM TJHMP 97* DVBOEP TF NBOEÖ DPOTUSVJS MB JHMFTJB EF 4BO .BUÑBT 4F USBUB EF VOB )FSNBOEBE NVZ RVFSJEB Z BENJSBEB FO FM CBSSJP EFM 3FBMFKP -04 1"404 1BCMP EF 3PKBT TJHMP 97* FT FM BVUPS EF /VFTUSP 1BESF +FTÜT EF MB 1BDJFODJB RVF QSPWJFOF EFM )PTQJUBM EF 4BO -Æ[BSP 3FQSFTFOUB B $SJTUP BUBEP B VOB DPMVNOB FO FM NPNFOUP EF MB GMBHFMBDJÖO 1SPDFTJPOB TPCSF QBTP OFPCBSSPDP FO DVZP GSPOUBM MVDFO MPT FTDVEPT EF MB )FSNBOEBE Z EFM "ZVOUB NJFOUP EF (SBOBEB .BSÑB 4BOUÑTJNB EF MBT 1FOBT EFM BSUJTUB +PTÍ +JNÍOF[ .FTB MP TJHVF CBKP QBMJP SFBMJ[BEP QPS 'FSOÆOEF[ Z &OSÑRVF[ EF #SFOFT EF 4FWJMMB -B %PMPSPTB MMFWB DJODP MÆHSJNBT EF DSJTUBM Z QFMVDB EF QFMP OBUVSBM /07&%"%&4
.BSÑB 4BOUÑTJNB EF MBT 1FOBT FTUSFOBSÆ FTUB 4FNBOB 4BOUB VO KVFHP CPSEBEP EF SPTUSJMMP QBÕVFMP Z NBOHB RVF IB TJEP EPOBEP QPS VOB EF MBT DBNBSFSBT RVF IBCJUVBMNFOUF MB BDPNQBÕBO -B )FSNBOEBE BEFNÆT DPOUJOÜB DPO FM FTUSFOP EF IÆCJUPT ZB RVF FM DBNCJP EF SBTP B UFSDJPQFMP Z TBSHB ZB TF DPNQMFUÖ BÕPT QBTBEPT -B CBOEB EF MB 7JSHFO EF MB &TUSFMMB BDPNQBÕBSÆ BM 1BTP EF .JOJTUFSJP Z MB "HSVQBDJÖO EF 4BO *TJESP EF "SNJMMB MP IBSÆ DPO MB 7JSHFO &TUF BÕP TF QPESÆ FTDVDIBS MB NBSDIB 4FÕPS EF MB 1BDJFODJB PCSB EF *HOBDJP (BSDÑB
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT 1BCMP
EF 3PKBT Z +PTÊ +JNÊOF[ .FTB
/VFTUSP 1BESF +FTÜT EF MB 1BDJFODJB QSP DFTJPOB TPCSF QBTP OFPCBSSPDP FO DVZP GSPOUBM MVDF FM FTDV EP EFM "ZVOUBNJFOUP
1"3" 7&3-" .&+03 4"-*%" %& 46 5&.1-0 : 1-"$&5" (*30/&4
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
C?xH9EB;I I7DJE 1BESF +FTÜT EF MBT 5SFT $BÑEBT Z /VFTUSB 4FÕPSB EFM 3PTBSJP *HMFTJB EF 4BOUP %PNJOHP 3FBMFKP
-B JNBHFO EF +FTÜT EF MBT 5SFT $BÑEBT MMFHÖ B FTUB )FSNBOEBE FO USBT QBTBS QPS MB EFOPNJOBEB )FSNBOEBE EF MPT $PDIFSPT -B BDUVBM $PGSBEÑB TF GPSNÖ FO BVORVF OP FT IBTUB FM EF KVMJP EF DVBOEP FM "S[PCJTQP "HVTUÑO 1BSSBEP BQSVFCB TVT QSJNFSBT SFHMBT -04 1"404 -B JNBHFO EF /VFTUSP 1BESF +FTÜT EF MBT 5SFT $BÑEBT EF BVUPS BOÖOJNP SFQSFTFOUB FM NPNFOUP FO FM RVF $SJTUP TF DBF NJFOUSBT MMFWB MB $SV[ DBNJOP EFM $BMWBSJP &M DPOKVOUP MP DPNQMFUBO 4JNÖO EF $JSFOF Z VO SPNBOP MBT EPT PCSBT EF "OUPOJP #FSOBM &M DPOKVOUP FT QPSUBEP QPS VO QBTP EF NBEFSB EF .BOVFM (V[NÆO #FKBSBOP /VFTUSB 4FÕPSB EFM 3PTBSJP MP TJHVF CBKP VO QBMJP EF UFSDJPQFMP SPKP CPSEBEP -B PCSB FT EF .JHVFM ;ÜÕJHB Z SFTUBVSBEB QPTUFSJPSNFOUF QPS 5BMMFS EF )FSOÆOEF[ -FÖO EF 7JMMBSFBM -B JNBHFO GVF NÆT UBSEF SFNPEFMBEB QPS FM UBMMFS EF "OUPOJP #FSOBM QBSB SFBMJ[BS MBT NBOPT FO MBT RVF QPSUB EPT SPTBSJPT /07&%"%&4
-B HSBO OPWFEBE EF FTUF BÕP FT MB UÜOJDB EF /VFTUSP 1BESF +FTÜT EF MBT 5SFT $BÑEBT RVF IB TJEP CPSEBEB TFHÜO VO EJTFÕP EF &MPZ 5FMMF[ Z SFBMJ[BEB QPS MBT $PNFOEBEPSBT EF 4BOUJBHP -PT NPUJWPT EFDPSBUJWPT TF FODVFOUSBO TFHÜO BVUPS EFOUSP EF VO FDMFDUJDJTNP DPNCJOBOEP FMFNFOUPT CBSSPDPT DPO PUSPT JOTQJSBEPT FO FM HÖUJDP 4F USBUB EF VO EJCVKP GPSNBEP QPS QFRVFÕBT QJF[BT FTUSVDUVSBEBT TPCSF FMFNFOUPT DPNQBD UPT RVF FTUÆO QSFTFOUFT FO DBTJ MB UPUBMJEBE EF MB UÜOJDB EFKBOEP FTQBDJPT MJCSFT FO MB QBSUF TVQFSJPS EF MB NBOHB Z MB GBMEB "EFNÆT FM QBTP FTUSFOBSÆ MBT EPT CPDJOBT RVF MF GBMUBCBO PCSBT EFM PSGFCSF "MCFSUP 2VJSÖT DPO EJTFÕP EF ©MWBSP "CSJM *SÆ BDPNQBÕBEP QPS MB CBOEB EF MB QSPQJB )FSNBOEBE NJFOUSBT RVF /VFTUSB 4FÕPSB EFM 3PTBSJP MP IBSÆ DPO MB #BOEB .VOJDJQBM EF .PSÖO EF MB 'SPOUFSB 4FWJMMB 1"3" 7&3-" .&+03 &/53"%" : 4"-*%" %& 46 5&.1-0
4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT
"OÓOJNP Z .JHVFM ;ÙÒJHB
/VFTUSP 1BESF +FTÜT EF MBT 5SFT DBÑEBT FTUSFOBSÆ FTUF BÕP VOB OVFWB UÜOJDB DPO VO CPSEBEP EJTF ÕP EF &MPZ 5FMMF[
/VFTUSP 1BESF +FTÜT /B[BSFOP Z .BSÑB 4BOUÑTJNB EF MB .FSDFE .POBTUFSJP EF MBT .BESFT $BSNFMJUBT %FTDBM[BT 3FBMFKP
-B $PGSBEÑB EF /VFTUSP 1BESF +FTÜT /B[BSFOP Z .BSÑB EF MB .FSDFE RVF FO MB BDUVBMJEBE UJFOF TV TFEF DBOÖOJDB FO MBT $BSNFMJUBT %FTDBM[BT OBDJÖ FO -B JNBHFO GVF CFOEFDJ EB VO BÕP EFTQVÍT QPS FM 3FWFSFOEP 1BESF "HBQJUP %PNÑO HVF[ 4VQFSJPS EFM $BSNFMP 5FSFTJBOP EF (SBOBEB -04 1"404 -B JNBHFO EFM /B[BSFOP FTUÆ UBMMBEB FO DFESP EFM #SBTJM Z FT PCSB EFM BSUJTUB "OUPOJP #BSCFSP (PS 3FGMFKB B +FTÜT QPSUBOEP MB $SV[ DPO VO SPTUSP DPOUFOJEP EF EPMPS Z TVGSJNJFOUP 7FTUJEP DPO VOB UÜOJDB MVDF QPUFODJBT EPSBEBT NJFOUSBT QSPDFTJPOB TPCSF VO QBTP SFBMJ[BEP FO MPT UBMMFSFT EF +VMJÆO 4ÆODIF[ 4PCSFTBMFO TVT BOHFMJUPT KVOUP DPO MPT GBSPMFT Z DBSUFMBT EF QMBUB EF .BOVFM EF MPT 3ÑPT 4JHVF B TV IJKP VO JONFOTP QFOBS Z EPMPS FO PSBDJÖO QPS TV IJKP CBKP QBMJP EF UFSDJPQFMP HSBOBUF DPO EFMJDBEPT CPSEBEPT Z VO UFDIP RVF SFQSFTFOUB FM NJTUFSJP EF MB &ODBSOBDJÖO JHVBM BM EF "MPOTP $BOP EF MB $BUFESBM %FTUBDBO TVT SFTQJSBEFSPT QMBUFBEPT PCSB EF .BOVFM EF MPT 3ÑPT BTÑ DPNP TV DPSPOB EF QMBUB UBNCJÍO EFM NJTNP BVUPS )BZ RVF EFTUBDBS TV SFMJDBSJP FO FM RVF TF HVBSEBO MPT SFTUPT EF MPT GVOEBEPSFT EF MB 0SEFO $BSNFMJUB /07&%"%&4
&TUB )FSNBOEBE DPOUJOÜB JONFSTB FO MB SFBMJ[BDJÖO EFM OVFWP QBMJP QBSB .BSÑB 4BOUÑTJNB EF MB .FSDFE -BT QSFWJTJPOFT FT RVF QVFEB TFS FTUSFOBEP QBSB FM BÕP RVF WJFOF &TUF FT FM NPUJWP QPS FM RVF OP IBZ HSBOEFT OPWFEBEFT QBSB FTUB 4FNBOB 4BOUB &M .JÍSDPMFT 4BOUP QBTBEP FM USBKF EFM NVÕJEPS FSB OVFWP VOB GJHVSB RVF TF JOUSPEVKP IBDF VO QBS EF BÕPT Z RVF TF FTQFSB FTUÍ QSFTFOUF EF GPSNB QFSNB OFOUF &M $SJTUP JSÆ FO TJMFODJP NJFOUSBT RVF MB 7JSHFO SFDPSSFSÆ MBT DBMMFT EF MB DJVEBE BDPNQBÕBEB QPS MB #BOEB 4JOGÖOJDB EF 0HÑKBSFT
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT JNÃHFOFT &TDVFMB HSBOBEJOB 97** Z #BSCFSP (PS
/VFTUSP 1BESF +FTÜT /B[BSFOP FTUÆ UBMMB EP FO DFESP EF #SBTJM Z QSPDFTJPOB FO VO QBTP EF MPT UBMMFSFT EF +VMJÆO 4ÆODIF[
1"3" 7&3-" .&+03 $"--& 1"7"/&3"4 : 3&(3&40 " 46 5&.1-0
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
C?xH9EB;I I7DJE H[Yehh_Zei $PGSBEÑB EFM 4BOUÑTJNP $SJTUP EF M $POTVFMP Z .BSÑB 4BOUÑTJNB EFM 4BDSPNPOUF A-PT (JUBOPT
&/53"%"
5FNQMP (SBO 7ÎB 1MB[B *TBCFM MB $BUÓMJDB 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 3FZFT $BUÓMJDPT 1FTP EF MB )BSJOB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
&TDMBWJUVE EFM 4BOUÑTJNP 4BDSBNFOUP Z /VFTUSP 1BESF 4FÕPS EF MB .FEJUBDJÖO Z .BSÑB 4BOUÑTJNB EF MPT 3FNFEJPT 4"-*%"
&/53"%"
5FNQMP (SBO 7ÎB $BQJUBOÎB 1MB[B EF .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 4BO +FSÓOJNP 1MB[B EF MB 6OJWFSTJEBE $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP EF 1BMJP
4"-*%"
"QÖTUPM 4BO .BUÑBT Z 1FOJUFODJB EF /VFTUSP 1BESF +FTÜT EF MB 1BDJFODJB Z .BSÑB 4BOUÑTJNB EF MBT 1FOBT
/VFTUSP 1BESF +FTÜT EF MBT 5SFT $BÑEBT Z /VFTUSB 4FÕPSB EFM 3PTBSJP FO TVT .JTUFSJPT %PMPSPTPT
&/53"%"
4"-*%"
&/53"%"
5FNQMP 4BO .BUÎBT 1MB[B .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM $ÃSDFM #BKB (SBO 7ÎB 1BWBOFSBT 7BSFMB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
5FNQMP 4BOUB &TDPMÃTUJDB 7BSFMB $VFTUB EFM 1SPHSFTP ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B /VFWB 1BWBOFSBT $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
)FSNBOEBE EF /VFTUSP 1BESF +FTÜT /B[BSFOP Z .BSÑB 4BOUÑTJNB EF MB .FSDFE &/53"%"
5FNQMP 1BWBOFSBT 1MB[B EF MPT (JSPOFT 1MB[B EF MPT $BNQPT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM &MWJSB FTRVJOB "MNJSFDFSPT 3FZFT $BUÓMJDPT 1MB[B 1PFUB -VJT 3PTBMFT $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
4"-*%"
4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT
4"-*%"
@K;L;I I7DJE ') Z[ WXh_b /VFTUSP 1BESF +FTÜT EFM "NPS Z MB &OUSFHB Z .BSÑB 4UNB EF MB $PODFQDJÖO $POWFOUP EF MB $PODFQDJÖO "MCBJDÑO
6O HSVQP EF GJFMFT EFDJEJÖ USBT FM FODJFSSP EF MB 7JSHFO EF MB 7JDUPSJB DSFBS TV QSPQJB IFSNBOEBE 7BSJBT QFSTPOBT BDVEJFSPO B MB MMBNBEB Z BTÑ FM OBDJNJFOUP EF FTUB $PGSBEÑB FTUÆ GFDIBEB FM &M %PNJOHP EF 3BNPT EF &O TF BVUPSJ[BSPO TVT SFHMBT Z UVWP MVHBS MB QSJNFSB FTUBDJÖO EF QFOJUFODJB QBSB MP RVF GVF NBESJOB MB 7JSHFO EF MB "VSPSB 6O JODFOEJP FO QSPWPDÖ RVF MB )FSNBOEBE QFSEJFSB QBSUF EF TVT FOTFSFT -04 1"404 -B QSJNFSB JNBHFO +FTÜT /B[BSFOP FT PCSB EF .JHVFM ;ÜÕJHB /BWBSSP 1SPDFTJPOB BSSPQBEP QPS DVBUSP FTQMÍOEJEPT GBSPMFT Z DJSJPT QSPDFEFOUFT EF MB 0SGFCSFSÑB 4FWJMMBOB "DPNQBÕB B TV IJKP FO TV HSBO QFOBS Z EPMPS JONFOTP .BSÑB 4BOUÑTJNB EF MB $PODFQDJÖO EF "VSFMJP -ÖQF[ "[BVTUSF CBKP QBMJP B[VM QSFDJPTBNFOUF CPSEBEP QPS MBT IFSNBOBT EF MB $PGSBEÑB DPO VO EJTFÕP EF -ÖQF[ &TDSJCBOP &M SFMJDBSJP Z MPT SFTQJSBEFSPT QMBUFBEPT TPO PCSB EF .BOVFM EF MPT 3ÑPT /07&%"%&4
-B )FSNBOEBE FTUSFOBSÆ FTUF BÕP MB TBZB EF .BSÑB 4BOUÑTJ NB EF MB $PODFQDJÖO PCSB EF +PTÍ .BOVFM .BSUÑOF[ JOTQJSBEP FO VO USBKF EF UPSFBS EF $IJDPUF "EFNÆT TFSÆO OVFWBT MB #BOEFSB 1BTJPOBM BTÑ DPNP DVBUSP EF MBT HVJSOBM EBT EF QMBUB EF MBT NÍOTVMBT 5BNCJÍO TFSÆO EF FTUSFOP MB WBSB EFM -JCSP EF 3FHMBT Z FM FOUSFDBMMF EFM QBTP EF /VFTUSP 1BESF +FTÜT EFM "NPS Z MB &OUSFHB RVF TF IB SFBMJ[BEP DPO NBEFSBT Z B NBOP PCSB EFM BSUJTUB +VBO +PTÍ $SV[ *HVBM NFOUF TF TBDBSÆO QPS QSJNFSB WF[ B MB DBMMF TFJT WBSBT EF BDPNQBNJFOUP TFJT QBMFSNPT Z EPT JODFOTBSJPT EF MB 7JSHFO BM JHVBM RVF VOB WFJOUFOB EF USBKFT EF NPOBHVJMMP Z QFOJUFO UFT &M BSUJTUB +PTÍ .BOVFM .BSUÑOF[ )VSUBEP WPMWFSÆ B FTUBS QSFTFOUF FO FTUB $PGSBEÑB DPO TVT CPSEBEPT Z EJTFÕPT
■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT JNÃHFOFT . ;ÙÒJHB /BWBSSP Z " -ÓQF[ "[BVTUSF
.BSÑB 4BOUÑTNB EF MB $PODFQDJÖO FTUSFOB SÆ FTUF +VFWFT 4BOUP VOB TBZB OVFWB PCSB EFM BSUJTUB +PTÍ .B OVFM .BSUÑOF[
1"3" 7&3-" .&+03 $"33&3" %&- %"330 : 1-"$&5" %& -" $0/$&1$*¶/
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
@K;L;I I7DJE 4BOUÑTJNP $SJTUP EF MB 3FEFODJÖO Z /VFTUSB 4FÕPSB EF MB 4BMVE *HMFTJB .BSÑB "VYJMJBEPSB $PMFHJP 4BMFTJBOP ;BJEÑO
-PT FTUBUVUPT EF FTUB )FSNBOEBE GVFSPO BQSPCBEPT FO BCSJM EF QPS FM BS[PCJTQP +PTÍ .ÍOEF[ "TFOTJP BÕP FO FM RVF UBNCJÍO SFBMJ[Ö TV QSJNFS QBTP EF QFOJUFODJB 4JO FNCBSHP TVT JOJDJPT TF SFNPOUBO B VO HSVQP EF KÖWFOFT "OUJHVPT "MVNOPT EF MPT 4BMFTJBOPT RVF MMBNBEPT $VFSQP EF $PTUBMFSPT EF .BSÑB "VYJMJBEPSB BZVEBCBO B TBDBS B PUSPT QBTPT DPNP FM EF -PT (JUBOPT P -PT 'FSSPWJBSJPT -B 7JSHFO TBMJÖ QPS QSJNFSB WF[ B MB DBMMF FM EF NBS[P EF -04 1"404 &M $SJTUP EF MB 3FEFODJÖO PCSB EF "OUPOJP %ÑB[ 'FSOÆOEF[ WJTUF VO QBÕP EF QVSF[B RVF DVFMHB IBTUB MPT DMBWPT EF MPT QJFT Z VOB DPSPOB EF FTQJOBT TVQFSQVFTUB 1SPDFTJPOB TPCSF VO QBTP EF NBEFSB CBSOJ[BEP FO DPMPS DBPCB UBMMBEP FO MPT UBMMFSFT EF .BOVFM (V[NÆO #FKBSBOP EF 4FWJMMB /VFTUSB 4FÕPSB EF MB 4BMVE TJHVF B TV IJKP FO JONFOTP EPMPS CBKP QBMJP B[VM Z SFTQJSBEFSPT EF BMQBDB -B JNBHFO PCSB EF "OUPOJP %ÑB[ 'FSOÆOEF[ GVF SFUBMMBEB QPS *TSBFM $PSOFKP BÕPT EFTQVÍT /07&%"%&4
/VFTUSB 4FÕPSB EF MB 4BMVE FTUSFOBSÆ FTUB 4FNBOB 4BOUB DPNP TVFMF TFS IBCJUVBM UPEPT MPT BÕPT VO SPTUSJMMP Z VO QBÕVFMP EF FODBKF &T VOB USBEJDJÖO RVF MPT )FSNBOPT BERVJFSBO FTUF UJQP EF NBUFSJBM FO BOUJDVBSJPT QBSB JS BNQMJBOEP TV QBUSJNPOJP &TUBCB QSFWJTUP RVF MB 7JSHFO UBNCJÍO FTUSFOBSB VOB TBZB OVFWB TJO FNCBSHP OP IB TJEP UFSNJOBEB QPS MP RVF OP QPESÆ MVDJSMB IBTUB FM NFT EF NBZP &M BÕP QBTBEP GVFSPO FTUSFOPT MB $SV[ QFDUPSBM Z VOB EBHB PCSBT EFM NBFTUSP "MCFSUP 2VJSÖT -B #BOEB EF MPT ©OHFMFT BDPNQBÕBSÆ QPS MBT DBMMFT EF (SBOBEB B /VFTUSB 4FÕPSB EF MB 4BMVE NJFOUSBT RVF MB #BOEB EFM $SJTUP EF MB &MFWBDJÖO EFM $BNQP EF $SJQUBOB EF $JVEBE 3FBM JSÆ DPO FM 4BOUÑTJNP $SJTUP EF MB 3FEFODJÖO 1"3" 7&3-" .&+03 16&/5& 30."/0 : 3&(3&40 " 46 5&.1-0
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT
"OUPOJP %ÎB[ 'FSOÃOEF[
&M $SJTUP EF MB 3FEFO DJÖO FT PCSB EF "OUP OJP %ÑB[ 'FSOÆOEF[ Z WJTUF QBÕP EF QVSF[B RVF DVFMHB IBTUB MPT QJFT
/VFTUSP 1BESF +FTÜT EFM 1FSEÖO Z .BSÑB 4BOUÑTJNB EF MB "VSPSB $PSPOBEB *HMFTJB EF 4BO .JHVFM #BKP "MCBJDÑO
-BT HBOBT EF BZVEBS B MPT NÆT OFDFTJUBEPT GVF FM PSJHFO EF FTUB )FSNBOEBE FO 6O HSVQP EF BMCBJDJOFSPT EFWPUPT EF MB 7JSHFO .BSÑB GPSNBO VOB TFDDJÖO JOEFQFOEJFOUF EFM 7ÑB $SVDJT Z SFBMJ[BO TV QSJNFSB TBMJEB FO EFTEF 4BO /JDPMÆT &M .BSUFT 4BOUP EF MP IBDF EFTEF TV BDUVBM TFEF $BOÖOJDB Z B QBSUJS EF FO +VFWFT 4BOUP %JF[ BÕPT NÆT UBSEF MPT )FSNBOPT EF FTUB $PGSBEÑB TF DPOWJFSUFO FO MPT DVTUPEJPT EF MB JHMFTJB EF 4BO .JHVFM #BKP -04 1"404 &M QSJNFS QBTP SFQSFTFOUB B +FTÜT FO FM NPNFOUP EF MB GMBHFMBDJÖO 4F USBUB EF VOB DPQJB FYBDUB EF MB EF %JFHP EF 4JMPÍ PCSB EF "OUPOJP #BSCFSP (PS FO $PNQMFUBO MB FTDFOB DVBUSP JNÆHFOFT USFT TBZPOFT Z VO DFOUVSJÖO SPNBOP EFM BSUJTUB 4FWJMMBOP &NJMJP -ÖQF[ 0MNFEP 1SPDFTJPOB FO QBTP SFBMJ[BEP FO MPT UBMMFSFT EF "OUPOJP *CÆÕF[ CBKP VO EJTFÕP EF "MCFSUP 'FSOÆOEF[ #BSSJMBP "DPNQBÕB B TV IJKP FO HSBO EPMPS .BSÑB 4BOUÑTJNB EF MB "VSPSB $PSPOBEB EF BVUPS EFTDPOPDJEP EF GJOBMFT EFM 97** &M JNQSFTJPOBOUF QBMJP FT CMBODP Z FTUÆ MBCSBEP DPO CPSEB EPT FO PSP -B TBMJEB EF FTUB JNBHFO EF MB *HMFTJB EF 4BO .JHVFM #BKP FT VOB EF MBT NÆT NVMUJUVEJOBSJBT DPO VOB CPOJUB MMVWJB EF QÍUBMPT JODMVJEB /07&%"%&4
&TUB )FSNBOEBE FTUÆ QSPGVOEBNFOUF EFEJDBEB B MBT PCSBT EF DBSJEBE Z MBCPS TPDJBM EFCJEP B MB EFMJDBEB TJUVBDJÖO RVF BMHVOBT GBNJMJBT EF MB [POB FTUÆO TVGSJFOEP 1PS FTUF NPUJWP MB NBZPSÑB EF TVT SFDVSTPT FTUÆO EFTUJOBEPT B MB BZVEB Z FTUF +VFWFT 4BOUP TPMP FTUSFOBSÆO FM (VJPO EF +VWFOUVE RVF IB TJEP EPOBEP QPS FM (SVQP +PWFO DPO VO CPSEBEP EF .BSUÑO )VSUBEP -B #BOEB EFM %FTQPKBEP BDPNQBÕBSÆ B /VFTUSP 1BESF +FTÜT EFM 1FSEÖO Z 4BO *TJESP EF "SNJMMB MP IBSÆ DPO .BSÑB 4BOUÑTJNB EF MB "VSPSB $PSPOBEB
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT *NBHFO EFM $SJTUP 3ÊQMJDB EF
" #BSCFSP EF PSJHJOBM EF % 4JMPÊ
&M QSJNFS QBTP SFQSFTFOUB B +FTÜT FO FM NPNFOUP EF MB GMBHFMBDJÖO KVOUP B USFT TBZPOFT Z VO DFOUVSJÖO SPNBOP
1"3" 7&3-" .&+03 1-";" %& 4"/ (3&(03*0 : 1-";" %& 4"/ +04
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
@K;L;I I7DJE /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z .BSÑB 4BOUÑTJNB EF MB &TUSFMMB *HMFTJB EF 4BO $SJTUÖCBM "MCBJDÑO
7FS QSPDFTJPOBS MBT JNÆHFOFT EF /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z .BSÑB 4BOUÑTJNB EF MB &TUSFMMB QPS MBT DBMMFT EFM "MCBJDÑO FT VOP EF MPT NPNFOUPT NÆT FNPUJWPT EF MB 4FNBOB 4BOUB FTQFDJBMNFOUF DVBOEP SFDPSSFO 1MB[B -BSHB -B )FSNBOEBE OBDJÖ FO GFCSFSP EF Z FO TV QSJNFSB TBMJEB QSPDFTJPOÖ FM /B[BSFOP EF MBT 1FOBT Z MB 7JSHFO EFM $BSNFO QFSUFOFDJFOUF B MBT NPOKBT EFM 4BOUP ©OHFM RVF BM TFS JNBHFO EF (MPSJB Z OP UFOFS MÆHSJNBT MPT )FSNBOPT MF DPMPDBSPO VOBT EF DSJTUBM %FTEF FTUB )FSNBOEBE UJFOF DPNP TFEF $BOÖOJDB MB JHMFTJB EF 4BO $SJTUÖCBM -04 1"404 +FTÜT EBOEP VO QBTP BM GSFOUF NJFOUSBT MMFWB VOB DSV[ DPO EPSBEPT Z QMBUFBEPT PCSB EFM UBMMFS HSBOBEJOP .BOVFM .BSUÑO ©MWBSF[ FT FM QSJNFSP EF MPT QBTPT EF FTUB $PGSBEÑB -B JNBHFO FT VO /B[BSFOP EF "OUPOJP %VCÍ EF -VRVF 1SPDFTJPOB FO QBTP SFBMJ[BEP QPS MPT UBMMFSFT EF MPT )FSNB OPT $BCBMMFSP -P TJHVF DPO HSBO QFOBS .BSÑB 4BOUÑTJNB EF MB &TUSFMMB DPO VO QVÕBM FO FM QFDIP Z DJODP MÆHSJNBT FO TV SPTUSP -B JNBHFO PCSB UBNCJÍO EF "OUPOJP %VCÍ -VRVF MVDF CBKP QBMJP B[VM DPO PSP DPO DBÑEBT CPSEBEBT QPS MBT IFSNBOBT EF MB $PGSBEÑB /07&%"%&4
&TUF BÕP MB )FSNBOEBE EF /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z .BSÑB 4BOUÑTJNB EF MB &TUSFMMB TJHVF JONFSTB FO MBT NFKPSBT EFM QBTP EF $SJTUP %F FTUF NPEP FTUSFOB FM EPSBEP Z DPNQMFUP NÆT EPT MBUFSBMFT -B 7JSHFO QPS TV QBSUF FTUSFOBSÆ SPTUSJMMP OVFWP EF FODBKF EF #SVTFMBT 3FTQFDUP B MB NÜTJDB DPNP FT IBCJUVBM MB QSPQJB CBOEB EF .BSÑB 4BOUÑTJNB EF MB &TUSFMMB BDPNQBÕBSÆ B /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z MB "HSVQBDJÖO NVTJDBM EF -B $BOEFMBSJB 1VMJBOBT JSÆ DPO FM QBTP EF 1BMJP &M BÕP QBTBEP MB 7JSHFO FTUSFOP TBZB Z QVÕBM Z FM $SJTUP QPUFODJBT 1"3" 7&3-" .&+03 1-";" -"3(" : 1-";" %&- 4"-7"%03
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPS EF MBT JNÃHFOFT
"OUPOJP + %VCÊ EF -VRVF
/VFTUSP 1BESF +FTÜT EF MB 1BTJÖO PCSB EF "OUPOJP %VCÍ EF -VRVF QPSUB VOB $SV[ DPO EPSBEPT Z QMBUFBEPT
4BO +PTÍ EF ©OJNBT Z 4BOUÑTJNP $SJTUP EF MB .JTFSJDPSEJB EFM 4JMFODJP *HMFTJB 4 +PTÍ 4BMJEB Z SFHSFTP 4 1FESP Z 4 1BCMP "MCBJDÑO #BKP
$POUFNQMBS FTUB )FSNBOEBE FO MB TBMJEB EF TV UFNQMP Z FO MB $BSSFSB EFM %BSSP FT VOP EF MPT NPNFOUPT EF NBZPS SFDPHJ NJFOUP EF MB 4FNBOB 4BOUB -PT JOJDJPT EF FTUB $PGSBEÑB TF SFNPOUBO B QPS VO HSVQP EF FNQMFBEPT EF )BDJFOEB &O FTUF BÕP FM QÆSSPDP ©OHFM (VFWBSB )PSDBT USBCBKÖ QBSB TV OBDJNJFOUP Z TVT SFHMBT GVFSPO SFGSFOEBEBT QPS FM 1BQB 1ÑP 9* RVF MF PUPSHÖ FM UÑUVMP EF 1POUJGJDJB &M $SJTUP EF MB .JTFSJDPSEJB TBMJÖ QPS QSJNFSB WF[ DPO FTUB $PGSBEÑB FO QFSP FO VOB DSV[ EF UBSBDFB &- 1"40 -B UBMMB FTUÆ EBUBEB BQSPYJNBEBNFOUF FO Z FT PCSB EF +PTÍ EF .PSB SFBMJ[BEB FO MB IPZ DPOPDJEB DPNP $BSNFO EF MPT .BTDBSPOFT FO FM "MCBJDÑO %FCJEP B TV EFMJDBEP FTUBEP MB GJHVSB FTUÆ EF GPSNB QFSNBOFOUF FO MB JHMFTJB EF 4BO +PTÍ Z EFTEF TF QSPDFTJPOB VOB SÍQMJDB FYBDUB EF "OUPOJP #BSCFSP (PS 1SPDFTJPOB TPCSF VO QBTP EF FTUJMP SFOBDFOUJTUB SFBMJ[BEP QPS MPT IFSNBOPT 3PNFSP FO USFT NBEFSBT -PT ÆOHFMFT EF QMBUB RVF MVDF TPO PCSB EF .BOVFM EF MPT 3ÑPT /07&%"%&4
&TUB )FSNBOEBE IB FTUBEP WPMDBEB UPEP FM BÕP FO MBT MBCPSFT EF DBSJEBE Z PCSB TPDJBM QPS MP RVF OP UJFOF HSBOEFT FTUSFOPT QBSB FTUF +VFWFT 4BOUP TBMWP MB QBSJIVFMB EF FOTBZP *HVBM NFOUF TF IBO DPNQMFUBEP MB SFOPWBDJÖO EF MPT IÆCJUPT EF IFSNBOPT Z EF MPT NPOBHVJMMPT -B QSPDFTJÖO DPOPDJEB QPQVMBSNFOUF DPNP EFM 4JMFODJP SFGMFKB MB NVFSUF EF $SJTUP DPO HSBO SFDPHJNJFOUP -VDFT BQBHBEBT Z VO TJMFODJP BCTPMVUP EVSBOUF UPEP TV SFDPSSJEP DPO FM ÜOJDP TPOJEP EF VO UBNCPS RVF BOVODJB MB NVFSUF &O MB )FSNBOEBE GVF SFDPOPDJEB DPNP TPDJP EF IPOPS EF MB "SDIJDPGSBEÑB 6OJWFSTBM EFM "QÖTUPM 4BOUJBHP QPS TV VOJÖO IJTUÖSJDB DPO MB $SV[ Z MB 0SEFO EF 4BOUJBHP QPS FMMP MPT NBZPSEPNPT MVDFO FO TVT DBQBT VOB $SV[ EF 4BOUJBHP DPSPOBEB EF FTQJOBT
"ÒP EF GVOEBDJÓO IFSNBOPT DPSUFKP /ÙNFSP EF QBTPT "VUPS JNBHFO +PTÊ EF .PSB SÊQMJDB EF "OUPOJP #BSCFSP
&M $SJTUP EF MB .JTFSJ DPSEJB TBMJÖ QPS QSJ NFSB WF[ B MB DBMMF DPO FTUB $PGSBEÑB FO QFSP TV DSV[ FSB FOUPODFT EF UBSBDFB
1"3" 7&3-" .&+03 $"33&3" %&- %"330 : 5&.1-0
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
@K;L;I I7DJE H[Yehh_Zei )FSNBOEBE EF 1FOJUFODJB EF /VFTUSP 1BESF +FTÜT EFM "NPS Z MB &OUSFHB Z .BSÑB 4BOUÑTJNB EF MB $PODFQDJÖO
3FBM $PGSBEÑB EF 1FOJUFODJB Z )FSNBOEBE 4BMFTJBOB EFM 4BOUÑTJNP $SJTUP EF MB 3FEFODJÖO Z /VFTUSB 4FÕPSB EF MB 4BMVE
&/53"%"
4"-*%"
&/53"%"
5FNQMP $BSSFSB EFM %BSSP 1MB[B /VFWB 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM &MWJSB 1MB[B EF 4BOUB "OB $BSSFSB EFM %BSSP $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
5FNQMP 4PT EFM 3FZ $BUÓMJDP 1VFOUF 3PNBOP 1MB[B EFM $BNQJMMP ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM (SBO 7ÎB 4BO .BUÎBT 1VFOUF 3PNBOP $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
3FBM 7FOFSBCMF F *MVTUSF $PGSBEÑB EF /VFTUSP 1BESF +FTÜT EFM 1FSEÖO Z .BSÑB 4BOUÑTJNB EF MB "VSPSB $PSPOBEB
$PGSBEÑB EF /B[BSFOPT EF /VFTUSP 1BESF +FTÜT EF MB 1BTJÖO Z .BSÑB 4BOUÑTJNB EF MB &TUSFMMB
&/53"%"
4"-*%"
&/53"%"
5FNQMP (SJGPT EF 4BO +PTÊ 1MB[B EF 4BO (SFHPSJP 1MB[B /VFWB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B /VFWB $VFTUB EF 4BO (SFHPSJP $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
5FNQMP 1MB[B EFM 4BMWBEPS $BSSFSB EFM %BSSP *HMFTJB EF 4BO 1FESP 1MB[B /VFWB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM (SBO 7ÎB 1MB[B -BSHB MBUFSBM J[RVJFSEP $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
)FSNBOEBE 4BDSBNFOUBM EFM 4FÕPS 4BO +PTÍ Z ©OJNBT Z $PGSBEÑB EFM 4UNP $SJTUP EF MB .JTFSJDPSEJB EF &M 4JMFODJP
&/53"%"
5FNQMP 1MB[B /VFWB 4BO .BUÎBT 1MB[B EF .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM $BMMF &MWJSB 1MB[B /VFWB $SV[ EF (VÎB FO 5FNQMP 1BTP $SJTUP
4"-*%"
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
4"-*%"
4"-*%"
L?;HD;I I7DJE '* Z[ WXh_b 4FÕPS EF MB )VNJMEBE 4PMFEBE EF /USB 4FÕPSB Z %VMDF /PNCSF EF +FTÜT *HMFTJB EF 4BOUP %PNJOHP 3FBMFKP
&TUB )FSNBOEBE TBMF B MB DBMMF QPS TFHVOEB WF[ FO 4FNBOB 4BOUB FM 7JFSOFT 4BOUP &O FTUB PDBTJÖO UBO TPMP MP IBDF DPO MB 4PMFEBE EF /VFTUSB 4FÕPSB QBSB BDPNQBÕBSMB FO FM JONFOTP EPMPS QPS MB NVFSUF EF TV IJKP -B IPSB OPOB TF SFQSFTFOUB FO VOB QSPDFTJÖO IBTUB FM $BNQP EFM 1SÑODJQF FO FM CBSSJP EFM 3FBMFKP EPOEF MB JNBHFO FT TJUVBEB B MPT QJFT EF $SJTUP NJFOUSBT TF WJWF VO BNCJFOUF EF BCTPMVUP SFDPHJNJFOUP -B QMB[B TF MMFOB EF GJFMFT RVF SF[BO KVOUPT FO VOPT NPNFOUPT EF HSBO VOJÖO Z GF -PT JOJDJPT EF MB $PGSBEÑB TF SFNPOUBO B FO MB QBSSPRVJB EF 4BOUB &TDPMÆTUJDB *HMFTJB EF 4BOUP %PNJOHP -B TBMJEB EF FTUB JNBHFO TF WJWF DPO HSBO GFSWPS &- 1"40 -B 4PMFEBE EF /VFTUSB 4FÕPSB FT VOB JNBHFO EFM TJHMP 9*9 EF .BOVFM (PO[ÆMF[ -B 7JSHFO %PMPSPTB SFQSFTFOUB FM EPMPS FO FM SPTUSP QPS MB NVFSUF EF VO IJKP DPO VOB HSBO TFSFOJEBE Z NBKFTUVPTJEBE %FTUBDB FM DPMPS EF MB UÜOJDB SPKB DPO FM B[VM EFM NBOUP -B NBOP EFSFDIB EF /VFTUSB 4FÕPSB BDPHF VO TVEBSJP FO FM RVF TF FODVFOUSBO MPT DMBWPT Z MB DPSPOB EF FTQJOBT EF $SJTUP &M QBTP EF MB JNBHFO FT EF DBPCB Z QMBUB EF "OUPOJP .PSFOP $BSSBTDP /07&%"%&4
&TUB )FSNBOEBE MMFWB UPEP FM BÕP EFEJDBEB B MBT MBCPSFT TPDJBMFT EFCJEP B MB EFMJDBEB TJUVBDJÖO RVF BMHVOBT GBNJMJBT EF MB [POB FTUÆO WJWJFOEP "M JHVBM RVF FO TV TBMJEB EFM .BSUFT 4BOUP FM QBTP EF 1BMJP QPSUBSÆ EPT DSFTQPOFT OFHSPT FO TFÕBM EF EVFMP QPS FM GBMMFDJNJFOUP EF EPT )FSNBOPT EF MB $PGSBEÑB &T OFDFTBSJP SFTBMUBS RVF FTUB )FSNBOEBE UJFOF QSFTFODJB FO MBT DBMMFT EF (SBOBEB EVSBOUF USFT EÑBT QPS MP RVF SFBMJ[BO VO HSBO FTGVFS[P "TÑ TF QVFEF BENJSBS TV MBCPS FM .BSUFT 4BOUP 4FÕPS EF MB )VNJMEBE Z 4PMFEBE EF /VFTUSB 4FÕPSB FM 7JFSOFT 4BOUP 4PMFEBE EF /VFTUSB 4FÕPSB Z FM %PNJOHP EF 3FTVSSFDDJÖO %VMDF /PNCSF EF +FTÜT
■"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPS EF MB JNBHFO
.BOVFM (PO[ÃMF[ 97*** 9*9
-B JNBHFO EF MB 7JSHFO SFQSFTFOUB FM EPMPS FO FM SPTUSP QPS MB NVFSUF EF TV IJKP DPO HSBO TFSFOJEBE Z NBKFTUVPTJEBE
1"3" 7&3-" .&+03 $".10 %&- 13±/$*1&
-BT HVÃŽBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
L?;HD;I I7DJE 4BOUÑTJNP $SJTUP EF MB #VFOB .VFSUF Z /VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP -PT 'FSSPWJBSJPT *HMFTJB 1BSSPRVJBM EF 4BO +VBO EF -FUSÆO %PDUPSFT
-B DPOPDJEB DPNP MB )FSNBOEBE EF MPT 'FSSPWJBSJPT OBDJÖ FO QPS USBCBKBEPSFT EF 3FOGF Z 'FWF BOUJHVB DPODFTJPOBSJB EFM USBOWÑB HSBOBEJOP RVF MMFHBCB IBTUB 4JFSSB /FWBEB -PT GBSPMJMMPT RVF MMFWBO TVT OB[BSFOPT TPO VOB DPQJB FYBDUB EF MPT RVF BOUJHVBNFOUF MMFWBCBO MPT GFSSPWJBSJPT Z TVT )FSNBOPT WJTUFO DBQJMMPT WFSEFT Z SPKPT RVF DPOUSBTUBO DPO FM OFHSP EF MPT IÆCJUPT &TUB $PGSBEÑB RVF IB QBTBEP QPS JOGJOJEBE EF WJDJTJUVEFT UVWP RVF TVQSJNJS MB FTUBDJÖO EF QFOJUFODJB FOUSF Z -04 1"404 &M $SJTUP EF MB #VFOB .VFSUF FT PCSB EFM BSUJTUB "OUPOJP %ÑB[ 'FSOÆOEF[ Z TV DSV[ BSCÖSFB EFM UBMMFS EFM BSUJTUB &EVBSEP &TQJOPTB 1SPDFTJPOB TPCSF VO QBTP EFM NJTNP BVUPS DPO SFMJFWFT RVF SFQSFTFOUBO WBSJPT FMFNFOUPT EF MB QBTJÖO Z MPT BQÖTUPMFT -P TJHVF /VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP EF MPT UBMMFSFT EF .PSB 97*** CBKP VO QBMJP OFHSP CPSEBEP QPS MBT .BESFT 5SJOJUBSJBT EF (SBOBEB 4F SFQSFTFOUB DPO QVÕBM FO FM QFDIP QBÕVFMP Z SPTBSJP FO MBT NBOPT /07&%"%&4
&TUF 7JFSOFT 4BOUP QPS GJO TBMF B MB DBMMF QPS QSJNFSB WF[ FM QBTP EFM 4BOUÑTJNP $SJTUP EF MB #VFOB .VFSUF DPNQMFUBNFOUF SFTUBVSBEP )BO TJEP DVBUSP BÕPT EF USBCBKP Z EFEJDBDJÖO QBSB RVF MV[DB DPO UPEPT MPT DBMBEPT UFSNJOBEPT MB NBEFSB EF DBPCB FO QFSGFDUP FTUBEP Z MB QPMJDSPNÑB DPO BEPSOPT GMPSBMFT GJOBMJ[BEPT -PT BQÖTUPMFT IBO WVFMUP B TV DPMPS OBUVSBM EF BMBCBTUSP -B )FSNBOEBE BEFNÆT IB BQSPCBEP VO OVFWP QSPZFDUP QBSB MPT BÕPT WFOJEFSPT -B SFTUBVSBDJÖO DPNQMFUB EFM QBTP EF 1BMJP &TUF BÕP MB #BOEB EF 3JCFSB EFM (FOJM BDPNQBÕBSÆ B /VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP NJFOUSBT RVF FM $SJTUP JSÆ DPO MB #BOEB EFM %FTQPKBEP 1"3" 7&3-" .&+03 4"-*%" : "/5& -" #"4±-*$" %& 4"/ +6"/ %& %*04
4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT
■"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT JNÃHFOFT " %ÎB[
'FSOÃOEF[ Z &TDVFMB EF .PSB
/VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP QSPDFTJPOB CBKP VO QBMJP OFHSP CPSEBEP QPS MBT NBESFT 5SJOJ UBSJBT EF (SBOBEB
/USB 4SB EF MB 1B[ Z 4UNP $SJTUP EF MPT 'BWPSFT Z .BSÑB 4BOUÑTJNB EF MB .JTFSJDPSEJB $PSPOBEB *HMFTJB 1BSSPRVJBM EF 4BO $FDJMJP 3FBMFKP
-B GFDIB PGJDJBM EFM OBDJNJFOUP EF FTUB )FSNBOEBE FT Z VO BÕP EFTQVÍT TF BQSPCBSPO TVT QSJNFSBT SFHMBT 4JO FNCBSHP TVT PSÑHFOFT QVFEFO FTUBS FOUSF FO MB FYJTUFODJB EF VOB BTPDJBDJÖO RVF GVF MB FODBSHBEB EF FSHVJS FM NPOVNFOUP EFM $SJTUP EF MPT 'BWPSFT RVF IPZ FTUÆ TJUVBEP FO FM $BNQP EFM 1SÑODJQF "M QSJODJQJP MB $PGSBEÑB TPMP DPOUBCB DPO VOB JNBHFO MB EFM $SJTUP EF (BCSJFM .PSDJMMP -04 1"404 &M QSJNFS QBTP FT EFM $SJTUP EF MPT 'BWPSFT DVZB JNBHFO FTUÆ BUSJCVJEP B MB &TDVFMB EF 1BCMP EF 3PKBT EFM TJHMP 97* 3FQSFTFO UB VO $SJTUP B QVOUP EF MB NVFSUF DPO MB DBCF[B MBEFBEB 1SPDFTJPOB TPCSF VO QBTP OFPCBSSPDP UBMMBEP FO NBEFSB Z EPSBEP PCSB EF +VMJÆO 4ÆODIF[ -P TJHVF .BSÑB 4BOUÑTJNB EF MB .JTFSJDPSEJB BERVJSJEB FO FM DPOWFOUP EF MPT ©OHFMFT Z PCSB EF 'SBODJTDP .PSBMFT &T DPOPDJEB DBSJÕPTBNFOUF DPNP -B (SFÕÜB 1SPDFTJPOB CBKP QBMJP CPSEBEP FO PSP DPO SFTQJSBEFSPT QMBUFBEPT EF "OUPOJP 4BMB[BS /07&%"%&4
.BSÑB 4BOUÑTJNB EF MB .JTFSJDPSEJB $PSPOBEB FTUSFOBSÆ FTUF 7JFSOFT 4BOUP MB QJOUVSB EFM 4JNQFDBEP PCSB EF .BOVFM 1SBEPT -B JNBHFO SFQSFTFOUB B MB 7JSHFO DPO MB DBSB EF MB .JTFSJDPSEJB FO *ONBDVMBEB KVOUP DPO MB 1BSSPRVJB EF 4BO $FDJMJP Z MB $VFTUB EFM 3FBMFKP -B )FSNBOEBE UBNCJÍO FTUÆ JONFSTB FO MB SFTUBVSBDJÖO EFM 4BOUÑTJNP $SJTUP EF MPT 'BWPSFT FO MPT UBMMFSFT EF $FDJMJP 3FZFT &TUF BÕP BEFNÆT MB $PGSBEÑB DBNCJB TV SFDPSSJEP Z WVFMWF BM RVF UFOÑB FO MPT BÕPT "TÑ QBSB SFHSFTBS B TV UFNQMP MP IBSÆ QPS 4BOUP %PNJOHP +FTÜT Z .BSÑB Z 7BSFMB -B #BOEB EF .ÜTJDB #JFONFOTVFOB EF &M 4BVDFKP 4FWJMMB BDPNQBÕBSÆ MB QBTP EF 1BMJP Z MB #BOEB MB 1BTJÖO EF -JOBSFT JSÆ DPO FM QBTP EF .JTUFSJP
■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT 1BCMP
EF 3PKBT Z 'SBODJTDP .PSBMFT
-B 7JSHFO QSPDFTJP OB CBKP QBMJP CPSEB EP FO PSP DPO SFTQJ SBEFSPT QMBUFBEPT PCSB EF "OUPOJP 4BMB[BS
1"3" 7&3-" .&+03 $".10 %&- 13±/$*1& : $6&45" 4"/ $&$*-*0
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
L?;HD;I I7DJE /USB 4SB EF MB 4PMFEBE Z %FTDFOEJNJFOUP EFM 4FÕPS .POBTUFSJP EF 4BO +FSÖOJNP $FOUSP
-B QSJNFSB TFEF EF FTUB )FSNBOEBE GVF FM $POWFOUP EF MBT $BSNFMJUBT %FTDBM[BT EF /VFTUSB 4FÕPSB EF MB $BCF[B RVF IPZ BMCFSHB FM FEJGJDJP QSJODJQBM EFM "ZVOUBNJFOUP &T FM ÜOJDP QBTP WJWJFOUF EF MB 4FNBOB 4BOUB EF (SBOBEB Z FO ÍM TF SFQSFTFOUB FM USBTMBEP EFM DVFSQP EF +FTÜT BM TFQVMDSP 4VT PSÑHFOFT TF SFNPOUBO B DPO FM OBDJNJFOUP EF /VFTUSB 4FÕPSB EF MB 4PMFEBE Z &OUJFSSP EF $SJTUP BVORVF VOP EF MPT NPNFOUPT NÆT JNQPSUBOUFT GVF TV SFPSHBOJ[BDJÖO FO Z FM DBNCJP EF TVT IÆCJUPT QPS VOB UÜOJDB OFHSB DBQJMMP BNBSJMMP Z DÑOHVMP BNBSJMMP Z OFHSP -04 1"404 &M DPSUFKP EFM 7JFSOFT 4BOUP EF FTUB $PGSBEÑB EFM DFOUSP EF MB DJVEBE MP BCSFO MBT GJHVSBT EF -BT $IÑBT &M QSJNFS QBTP FT FM $SJTUP EFM %FTDFOEJNJFOUP PCSB BOÖOJNB EF FOUSF MPT TJHMPT 97* Z 97** BVORVF BUSJCVJEB QPS BMHVOPT B %JFHP EF "SBOEB -B JNBHFO FT QPSUBEB FO BOHBSJMMBT DVCJFSUBT QPS VOB TÆCBOB -P TJHVF /VFTUSB 4FÕPSB EF MB 4PMFEBE EF 1FESP EF .FOB TJHMP 97** DPO NBOUP OFHSP Z SJDPT CPSEBEPT FO PSP SFBMJ[BEP FO QPS MBT .BESFT +FSÖOJNBT EF 4BOUB 1BVMB &M QBTP OP UJFOF QBMJP Z FTUÆ JMVNJOBEP QPS DBOEFMBCSPT QMBUFBEPT /07&%"%&4
-B )FSNBOEBE EF /VFTUSB 4FÕPSB EF MB 4PMFEBE Z %FTDFOEJ NJFOUP EFM 4FÕPS FTUSFOBSÆ FTUB 4FNBOB 4BOUB MPT WBSBMFT FYUFSJPSFT EFM 1BTP EF .JTUFSJP BTÑ DPNP FM KVFHP EF BMCBT EF MPT DJSJBMFT "EFNÆT MB 7JSHFO MVDJSÆ VOB OVFWB EBHB PCSB EF "MCFSUP 2VJSÖT &TUF 7JFSOFT 4BOUP BEFNÆT MPT DPTUBMFSPT MMFWBSÆO QPS QSJNFSB WF[ B MB 7JSHFO B DPTUBM -B )FSNBOEBE TJHVF JONFSTB FO MB SFTUBVSBDJÖO EFM QBTP EF 1BMJP DVZP QSPZFDUP TF BQSPCÖ FM BÕP QBTBEP -PT GBSPMJMMPT EF GJMB EF UPEPT MPT QFOJUFOUFT TPO EF MB 4FNBOB 4BOUB QBTBEB -B #BOEB EF MPT ©OHFMFT TFSÆ MB FODBSHBEB EF BDPNQBÕBS B FTUB )FSNBOEBE QPS MBT DBMMFT EF (SBOBEB 6O NPNFOUP B EFTUBDBS EFM SFDPSSJEP FT MB FOUSBEB BM UFNQMP EF NBESVHBEB 1"3" 7&3-" .&+03 &/53"%" " 46 5&.1-0
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT JNÃHFOFT "OÓOJNP Z
&TDVFMB 1FESP EF .FOB
&M DPSUFKP EF MB )FS NBOEBE EF /VFTUSB 4FÕPSB EF MB 4PMFEBE Z %FTDFOEJNJFOUP EFM 4FÕPS MP BCSFO MBT GJHVSBT EF A-BT $IÑBT
4BOUÑTJNP $SJTUP EF MB &YQJSBDJÖO .BSÑB 4UNB EFM .BZPS %PMPS Z 4BO +PTÍ EF $BMBTBO[ *HMFTJB 1BSSPRVJBM EF 4BO +PTÍ EF $BMBTBO[ ;BJEÑO
&T JNQSFTDJOEJCMF OP QFSEFSTF FM QBTP EF MBT JNÆHFOFT EF FTUB )FSNBOEBE QPS FM 1VFOUF 3PNBOP EFM (FOJM $POPDJEB QPQVMBSNFOUF DPNP -PT &TDPMBQJPT BMHVOPT FTUVEJPTPT IBCMBO EF TVT QSJNFSPT PSÑHFOFT FO FM TJHMP 97** DPNP MB $PGSBEÑB EF MB 4BOHSF EF $SJTUP BVORVF MP DJFSUP FT RVF IBTUB OP IBZ VOB DPOTUBODJB GPSNBM EF TV BDUB EF DPOTUJUVDJÖO FO MB RVF QBSUJDJQBSPO WBSJPT BOUJHVPT BMVNOPT EFM $PMFHJP 1BESFT &TDPMBQJPT -04 1"404 6OP EF MPT DSVDJGJDBEPT EF NÆT UBNBÕP EF MB 4FNBOB 4BOUB EF (SBOBEB FT FM $SJTUP EF FTUB )FSNBOEBE 5JFOF VOB BOBUPNÑB QFSGFDUB Z VO SFGMFKP EF MB NVFSUF ÜOJDP MB JNBHFO QSPDFTJPOB TPCSF VO QBTP EF (V[NÆO #FKBSBOP DPO DBQJMMBT MBUFSBMFT FO MBT RVF TF QVFEFO BENJSBS MB QSFTFODJB EF 4BO +PTÍ EF $BMBTBO[ GVOEBEPS EF MBT &TDVFMBT 1ÑBT -B BDPNQBÕB FO JONFOTP QFOBS .BSÑB 4BOUÑTJNB EFM .BZPS %PMPS PCSB EF -VJT ©MWBSF[ %VBSUF &M NBOUP NPSBEP EF UFSDJPQFMP Z CPSEBEP FO IJMP EF PSP QPS MBT "EPSBUSJDFT EF (SBOBEB FO /07&%"%&4
.BSÑB 4BOUÑTJNB EFM .BZPS %PMPS FTUSFOBSÆ FTUF 7JFSOFT 4BOUP VOB OVFWB TBZB EPOBDJÖO EF EPT )FSNBOPT RVF TF DPOPDJFSPO FO MB )FSNBOEBE FO Z RVF UJFOFO QSFWJTUP DBTBSTF EFOUSP EF QPDP "EFNÆT TF QPESÆ FTDVDIBS MB NBSDIB &M NBZPS EPMPS DPNQVFTUB QPS FM NBFTUSP $SJTUÖCBM -ÖQF[ (BOEBSB FO IPOPS B MB 7JSHFO -B #BOEB EF 4BO *TJESP EF "SNJMMB TFSÆ MB FODBSHBEB EF BDPNQBÕBS BM QBTP EF 1BMJP Z MB #BOEB EF MBT 5SFT $BÑEBT MP IBSÆ DPO FM 4BOUÑTJNP $SJTUP EF MB &YQJSBDJÖO -B $PGSBEÑB FTUÆ FTQFDJBMNFOUF WPMDBEB DPO MBT PCSBT EF DBSJEBE Z TJHVF JONFSTB FO FM BQPZP BM OVFWP DPMFHJP RVF MPT 1BESFT &TDPMBQJPT IBO BCJFSUP FO MB ;POB /PSUF EF MB DJVEBE
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT JNÃHFOFT % 4ÃODIF[
.FTB Z -VJT ¦MWBSF[ %VBSUF
.BSÑB 4BOUÑTJNB EFM .BZPS %PMPS FTUSFOB VOB TBZB EPOBDJÖO EF VOB QBSFKB RVF TF DPOPDJÖ FO MB $PGSB EÑB Z WB B DBTBSTF
1"3" 7&3-" .&+03 16&/5& 30."/0 %&- (&/*-
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
L?;HD;I I7DJE )FSNBOEBE EFM 4BOUP 4FQVMDSP Z /VFTUSB 4FÕPSB EF MB 4PMFEBE EFM $BMWBSJP *HMFTJB 1BSSPRVJBM EF 4BO (JM Z 4BOUB "OB "MCBJDÑO #BKP $FOUSP
-B GFDIB PGJDJBM EF MB GVOEBDJÖO EF FTUB )FSNBOEBE FT FO MP RVF MB DPOWJFSUF FO VOB EF MB NÆT WFUFSBOBT EF MB DJVEBE 4VT JOJDJPT TF SFNPOUBO B MB NVZ BOUJHVB Z DPOPDJEB DPNP EFM 4BOUP &OUJFSSP EF $SJTUP Z /VFTUSB 4FÕPSB EF MBT 5SFT /FDFTJEBEFT -PT DPTUBMFSPT TPO SFMBUJWBNFOUF OVFWPT Z OP BQBSFDJFSPO IBTUB )BTUB FOUPODFT FM $SJTUP ZBDFOUF QSPDFTJPOBCB TPCSF SVFEBT -04 1"404 "MHVOPT GJFMFT TF SFGJFSFO BM QSJNFS QBTP DPNP -B 6SOB ZB RVF TF USBUB EF VO $SJTUP UVNCBEP FO VO VSOB DPO SFNBUFT EF QMBUB "MHVOPT FTUVEJPTPT BUSJCVZFO MB GJHVSB BM TJHMP 97** QFSP OP UJFOF BVUPS DPOPDJEP &M QBTP FT PCSB EF /BWBT 1BSFKP FO FO FM RVF EFTUBDBO TVT FTRVJOBT BDIBGMBOBEBT RVF MVDFO ÆOHFMFT QPMJDSPNBEPT -P TJHVF MB 4PMFEBE EFM $BMWBSJP FO VO JONFOTP EPMPS PCSB EF .PSB Z SFTUBVSBEB FO FM BÕP QPS #ÆSCBSB )BTCBDI -B JNBHFO QSPDFTJPOB DPO DVBUSP GBSPMFT QMBUFBEPT EF 3BGBFM .PSFOP DPO DBOBTUJMMB EF DBPCB UBMMBEB /07&%"%&4
/VFTUSB 4FÕPSB EF MB 4PMFEBE EFM $BMWBSJP MVDJSÆ FTUF 7JFSOFT 4BOUP VOB OVFWB DSV[ RVF FTUÆ SFBMJ[BEB FO GJCSB EF WJESJP 5BNCJÍO TPO OVFWBT MB QBSJIVFMB FM TVEBSJP Z MPT QFCFUFSPT EF QMBUB EFM 1BTP EF .JTUFSJP &M DPSUFKP EF FTUB QSPDFTJÖO FTUÆ GPSNBEP QPS EJWFSTBT BVUPSJEBEFT EFM "ZVOUBNJFOUP FM &KÍSDJUP SFMJHJPTBT Z EF PUSBT )FSNBOEBEFT %F FTUF NPEP FTUÆ DPOTJEFSBEB MB PGJDJBM EF MB 4FNBOB 4BOUB Z TF IB DPOWFSUJEP FO VO SFGFSFOUF 4V TBMJEB EFM UFNQMP FT VOP EF MPT NPNFOUPT NÆT FNPUJWPT EF FTUPT EÑBT $BCF EFTUBDBS RVF EFTEF IBDF EPT BÕPT MPT DPTUBMFSPT EF FTUB $PGSBEÑB QPSUBO B DPTUBM B MB JNBHFO EF /VFTUSB 4PMFEBE EFM $BMWBSJP $PNP UPEPT MPT BÕPT MB #BOEB .VOJDJQBM EF (SBOBEB TFSÆ MB RVF BDPNQBÕF BM DPSUFKP 1"3" 7&3-" .&+03 4"-*%" %&- 5&.1-0 : 1-";" %& -"4 1"4*&("4
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MBT JNÃHFOFT
"OÓOJNP Z +PTÊ EF .PSB
-B 7JSHFO QSPDFTJP OB DPO DVBUSP GBSPMFT QMBUFBEPT PCSB EFM BSUJTUB 3BGBFM .PSF OP DPO DBOBTUJMMB EF DBPCB UBMMBEB
H[Yehh_Zei $PGSBEÑB EFM 4FÕPS EF MB )VNJMEBE 4PMFEBE EF /VFTUSB 4FÕPSB Z %VMDF /PNCSF EF +FTÜT &/53"%"
5FNQMP 1MB[B EF 4BOUP %PNJOHP 4BOUJBHP $BNQP EFM 1SÎODJQF .PMJOPT $SV[ (VÎB FO 5FNQMP
1FOJUFODJB EFM 4BOUÑTJNP $SJTUP EF MB #VFOB .VFSUF Z /VFTUSB 4FÕPSB EFM "NPS Z EFM 5SBCBKP -PT 'FSSPWJBSJPT
4"-*%"
&/53"%"
5FNQMP (SBO 7ÎB 1MB[B *TBCFM MB $BUÓMJDB 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 4BO +VBO EF %JPT #BTÎMJDB "WFOJEB EF MB $POTUJUVDJÓO $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
4"-*%"
/VFTUSB 4FÕPSB EF MB 1B[ Z 4BOUÑTJNP $SJTUP EF MPT 'BWPSFT Z .BSÑB 4BOUÑTJNB EF MB .JTFSJDPSEJB $PSPOBEB
1POUJGJDJB Z 3FBM $PGSBEÑB Z )FSNBOEBE EF /VFTUSB 4FÕPSB EF MB 4PMFEBEZ %FTDFOEJNJFOUP EFM 4FÕPS
&/53"%"
4"-*%"
&/53"%"
5FNQMP 1MB[B EF 4BOUP %PNJOHP 7BSFMB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1BWBOFSBT 4BOUB &TDPMÃTUJDB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
5FNQMP 4BOUB 1BVMB 1BTBKF %JFHP EF 4JMPÊ 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 4BO +FSÓOJNP 3FDUPS -ÓQF[ "SHÛFUB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
5FNQMP 1VFOUF 3PNBOP EFM (FOJM $BSSFSB EF MB 7JSHFO 1MB[B .BSJBOB 1JOFEB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM (SBO 7ÎB EF $PMÓO $BSSFSB EF MB 7JSHFO $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
1POUJGJDJB 3FBM F *MVTUSF )FSNBOEBE EFM 4BOUP 4FQVMDSP Z /VFTUSB 4FÕPSB EF MB 4PMFEBE EFM $BMWBSJP
4BOUÑTJNP $SJTUP EF MB &YQJSBDJÖO .BSÑB 4BOUÑTJNB EFM .BZPS %PMPS Z 4BO +PTÍ EF $BMBTBO[ &/53"%"
4"-*%"
4"-*%"
&/53"%"
5FNQMP 1MB[B /VFWB 4BO .BUÎBT ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM $ÃSDFM #BKB $SV[ (VÎB FO 5FNQMP 1BTP $SJTUP 1BTP 7JSHFO
4"-*%"
-BT HVÎBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
IÈ87:E I7DJE '+ Z[ WXh_b /USB 4SB EF MBT "OHVTUJBT $PSPOBEB EF 4BOUB .BSÑB EF MB "MIBNCSB *HMFTJB EF 4BOUB .BSÑB EF MB "MIBNCSB 3FDJOUP .POVNFOUBM EF MB "MIBNCSB
-B BDUVBM $PGSBEÑB OBDJÖ GPSNBMNFOUF FO 4JO FNCBSHP TVT PSÑHFOFT TF SFNPOUBO B VO HSVQP EF GJFMFT Z WFDJOPT EF MB "MIBNCSB BOUFT FTUBCB IBCJUBEB RVF UFOÑBO FTQFDJBM EFWPDJÖO B FTUB JNBHFO -B 7JSHFO FSB QSPQJFEBE EFM BOUJHVP $POWFOUP EF 4BO 'SBODJTDP EF MB "MIBNCSB IPZ 1BSBEPS /BDJPOBM Z EFDJEJFSPO TBDBSMB FO QSPDFTJÖO FO %FTEF FOUPODFT TF IB DPOWFSUJEP FO VO TÑNCPMP FO MB DJVEBE Z MB ÜOJDB JNBHFO FO SFDPSSFS MBT DBMMFT FM 4ÆCBEP 4BOUP &- 1"40 -B JNBHFO FT PCSB EF 5PSDVBUP 3VJ[ EFM 1FSBM TJHMP 97*** Z NVFTUSB B MB 7JSHFO NJFOUSBT TPTUJFOF FM DVFSQP EF TV IJKP NVFSUP KVOUP B MB $SV[ 5JFOF USFT MÆHSJNBT EF DSJTUBM BTÑ DPNP DPSPOB EF PSP Z QMBUB DPO QFESFSÑB DPOGPSNBEB FOUSF PUSBT QJFESBT QSFDJPTBT QPS FTNFSBMEBT Z EJBNBOUFT -BT GJHVSBT QSPDFTJPOBO TPCSF VOB EF MBT KPZBT EF MB 4FNBOB 4BOUB &M QBTP SFBMJ[BEP FO QMBUB F JOTQJSBEP FO FM 1BUJP EF MPT -FPOFT QSPEVDUP EF VO DPODVSTP SFBMJ[BEP FO QPS MB )FSNBOEBE &TUB PCSB DVFOUB DPO QJF[BT JOEFQFOEJFOUFT /07&%"%&4
/VFTUSB 4FÕPSB EF MBT "OHVTUJBT $PSPOBEB EF 4BOUB .BSÑB EF MB "MIBNCSB FT MB ÜOJDB JNBHFO RVF SFDPSSF MBT DBMMFT EF MB DJVEBE EF (SBOBEB FM 4ÆCBEP 4BOUP -B QSPDFTJÖO QBSUF EF TV UFNQMP FO QMFOP DPSB[ÖO EFM SFDJOUP NPOVNFOUBM EF MB "MIBNCSB QPS MP RVF EJTGSVUBSMB FO DVBMRVJFSB EF FTUPT SJODPOFT FT NÆT RVF SFDPNFOEBCMF 1BSB TV TBMJEB Z TV SFHSFTP FT IBCJUVBM RVF EFDFOBT EF GJFMFT TF BHPMQFO FO MBT QVFSUBT EF TV *HMFTJB BM JHVBM RVF FO TV QBTP QPS MB 1VFSUB EF MB +VTUJDJB FTQBDJP RVF NBSDB FM QBTP B MPT CPTRVFT EF MB "MIBNCSB Z MB CBKBEB B MB DJVEBE Z MB DBSSFSB PGJDJBM -B JNBHFO JSÆ BDPNQB ÕBEB QPS MB #BOEB 7JSHFO EFM $BTUJMMP EF -FCSJKB FO MB [POB EF BUSÆT Z MB #BOEB EF -B &TUSFMMB FO MB EFMBOUFSB )BZ RVF EFTUBDBS RVF FM QBTP IB TJEP SFDJFOUFNFOUF SFNPEFMBEP 1"3" 7&3-" .&+03 16&35" %& -" +645*$*" : 3&(3&40 " 46 5&.1-0
4&."/" 4"/5" (3"/"%" -BT HVÃŽBT EF NJOVUPT
■"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT "VUPSFT EF MB JNBHFO
5PSDVBUP 3VJ[ EFM 1FSBM
-B JNBHFO DVFOUB DPO DPSPOB EF PSP Z QMBUB DPO QFESFSÑB DPOGPSNBEB FOUSF PUSBT QPS FTNFSBM EBT Z EJBNBOUFT
H[Yehh_Zei 4BOUÑTJNB 5SJOJEBE Z /PNCSF EF +FTÜT Z 1FOJUFODJB EF /VFTUSB 4FÕPSB EF MBT "OHVTUJBT $PSPOBEB EF 4BOUB .BSÑB EF MB "MIBNCSB &/53"%"
5FNQMP 1VFSUB EF MB +VTUJDJB 1MB[B /VFWB ¦OHFM (BOJWFU $SV[ FO DBODFMB EF MB 1VFSUB $BUFESBM 4BMJEB EF MB 4BOUB *HMFTJB $BUFESBM 1MB[B *TBCFM MB $BUÓMJDB 1VFSUB EF MB +VTUJDJB $SV[ EF (VÎB FO 5FNQMP 1BTP EF 7JSHFO
4"-*%"
E 3&$033*%0 %&4%& -" "-)".#3" /VFTUSB 4FÒPSB EF MBT "OHVTUJBT $PSP OBEB EF 4BOUB .BSÎB EF MB "MIBNCSB FT MB ÙOJDB JNBHFO RVF QSPDFTJPOB FM 4ÃCB EP 4BOUP 4V QBTP QPS MBT DBMMFT EF MB DJVEBE FT FTQFDUB DVMBS %JTGSVUBS EF FTUF QBTP FO DVBM RVJFS SJODÓO EFM SF DJOUP NPOVNFOUBM FT NÃT RVF SFDPNFO EBCMF -B TBMJEB Z FO USBEB B TV UFNQMP TPO NPNFOUPT DBS HBEPT EF FNPDJÓO +04 7&-"4$0
-BT HVÃŽBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
:EC?D=E :; H;IKHH;99?ÏD ', Z[ WXh_b 4FÕPS EF MB 3FTVSSFDDJÖO Z 4BOUB .BSÑB EFM 5SJVOGP *HMFTJB 1BSSPRVJBM EF 4BO .JHVFM "SDÆOHFM ;BJEÑO 7FSHFMFT
-B )FSNBOEBE EFM 4FÕPS EF MB 3FTVSSFDDJÖO Z 4BOUB .BSÑB EFM 5SJVOGP FT MB ÜMUJNB EFM CBSSJP EFM ;BJEÑO FO BUSBWFTBS FM 1VFOUF 3PNBOP EFM (FOJM QBSB BEFOUSBSTF FO MB $BSSFSB 0GJDJBM %F FTUF NPEP WFSMB QBTBS QPS MBT DBMMFT EF TV CBSSJP FT VOP EF MPT NPNFOUPT EFM %PNJOHP EF 3FTVSSFDDJÖO -B )FSNBOEBE OBDJÖ FO MPT BÕPT PDIFOUB EF MB NBOP EF 'FSOBOEP 0MNPT Z "OUPOJP $BQQB RVF USBT CVTDBS VOB QBSSPRVJB RVF BDPHJFSB MB JEFB EF VOB $PGSBEÑB FODPOUSBSPO FO FM QÆSSPDP +PTÍ "OUPOJP 0SUFHB Z FO FM DPBEKVUPS +PTÍ -ÖQF[ -ÖQF[ EF MB JHMFTJB EF 4BO .JHVFM "SDÆOHFM HSBOEFT BQPZPT -B QSJNFSB FTUBDJÖO EF QFOJUFODJB FO %PNJOHP EF 3FTVSSFDDJÖO FT FO -04 1"404 -B JNBHFO EF +FTÜT SFBMJ[BEB QPS .JHVFM ;ÜÕJHB /BWBSSP FT MB QSJNFSB FO QSPDFTJPOBS TPCSF VO QBTP PCSB EF 'SBODJTDP "MDBMÆ 3PNFSP BDPNQBÕBEP EF VO ÆOHFM Z EPT SPNBOPT PCSBT EFM NJTNP BVUPS -P TJHVF 4BOUB .BSÑB EFM 5SJVOGP UBNCJÍO EFM BSUJTUB .JHVFM ;ÜÕJHB DPO VO JNQSFTJPOBOUF Z QSFDJPTP NBOUP EF UFSDJPQFMP CMBODP -B 7JSHFO MMFWB FO TV NBOP VO SPTBSJP Z VOB B[VDFOB EF PSP RVF SFQSFTFOUB TV QVSF[B /07&%"%&4
-B )FSNBOEBE MMFWB WBSJPT BÕPT JONFSTB FO MB SFTUBVSBDJÖO EFM QBTP EF 1BMJP RVF FTUF BÕP MVDJSÆ VOB NFEJB MVOB EF PSGFCSFSÑB EF QMBUB FO MB QFBOB &M DVFSQP EF BDÖMJUPT EFM 4FÕPS EF MB 3FTVSSFDDJÖO UBNCJÍO MMFWBSÆO OVFWPT SPRVFUFT FO B[VM Z FO SPKP -B $PGSBEÑB BEFNÆT FTUÆ SFTUBVSBOEP MPT FOTFSFT FOUSF MPT RVF TF FODVFOUSBO MPT CÆDVMPT BTÑ RVF FTUF BÕP WFJOUF EF FMMPT MVDJSÆO FO UPEP TV FTQMFOEPS -B #BOEB EF MB &TUSFMMB BDPNQBÕBSÆ BM 4FÕPS QPS MB DBMMFT EF MB DJVEBE Z MB #BOEB EF MPT ©OHFMFT MP IBSÆ DPO FM QBTP EF 1BMJP %FTUBDBS RVF MB QVFSUB RVF VUJMJ[B MB )FSNBOEBE QBSB MB TBMJEB GVF BNQMJBEB QPS MP RVF ZB OP FT OFDFTBSJP RVF MPT QBTPT UFOHBO VOBT EJNFOTJPOFT EFUFSNJOBEBT 1"3" 7&3-" .&+03 16&/5& 30."/0
4&."/" 4"/5" (3"/"%" -BT HVÎBT EF NJOVUPT
■ "ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT DBNBSFSBT NPOBHVJMMPT "VUPSFT EF MBT JNÃHFOFT
.JHVFM ;ÙÒJHB /BWBSSP
4BOUB .BSÑB EFM 5SJVOGP FTUSFOB FTUF %PNJOHP EF 3FTV SSFDDJÖO VOB NFEJB MVOB EF PSGFCSFSÑB EF QMBUB FO MB QFBOB
4FÕPS EF MB )VNJMEBE 4PMFEBE EF /USB 4FÕPSB Z %VMDF /PNCSF EF +FTÜT -PT 'BDVOEJMMPT *HMFTJB EF 4BOUP %PNJOHP 3FBMFKP
&TUB )FSNBOEBE FT VOB EF MBT NÆT BDUJWBT EF MB DJVEBE DPO USFT FTUBDJPOFT EF QFOJUFODJB FM .BSUFT 4BOUP 4FÕPS EF MB )VNJMEBE Z 4PMFEBE EF /VFTUSB 4FÕPSB FM 7JFSOFT 4BOUP 4PMFEBE EF /VFTUSB 4FÕPSB Z FM %PNJOHP EF 3FTVSSFDDJÖO %VMDF /PNCSF EF +FTÜT -B QSPDFTJÖO EF IPZ FT QBSB FM EJTGSVUF EF MPT NÆT QFRVFÕPT $POPDJEB DPNP MB EF -PT 'BDVOEJMMPT DVFOUB FO FM DPSUFKP DPO OJÕPT RVF TPO RVJFOFT QPSUBO B MB JNBHFO Z MB BDPNQBÕBO DPO DBNQBOBT EF CBSSP RVF IBDFO TPOBS B TV QBTP &M PSJHFO EFM OPNCSF UJFOF EPT UFPSÑBT -B QSJNFSB QPSRVF BOUJHVBNFOUF FSB BTÑ DPNP TF MMBNBCBO B MPT NFOPSFT RVF BDPNQBÕBCBO BM QBTP DPO VOPT GBSPMJMMPT Z MB TFHVOEB EFCJEP B MB GJHVSB EF VO NFOPS MMBNBEP 'BDVOEP RVF TJFNQSF MMFWBCB VO GBSPM FO TV NBOP &- 1"40 +FTÜT EFM %VMDF /PNCSF PCSB EF 5PSDVBUP 3VJ[ EFM 1FSBM TJHMP 97*** FT MB ÜOJDB JNBHFO EF FTUF DPSUFKP DVZB BVUPSÑB IB TJEP QVFTUB FO EVEB FO MPT ÜMUJNPT BÕPT Z EF MB RVF FYJTUFO WBSJBT UFPSÑBT 6O OJÕP +FTÜT DPO MB NJSBEB QVFTUB FO FM DJFMP Z DPO VOB $SV[ EF DBSFZ DPO QMBUB FO MB NBOP J[RVJFSEB TF NVFTUSB USJVOGBOUF NJFOUSBT CFOEJDF DPO TV PUSB NBOP /07&%"%&4
-B )FSNBOEBE UJFOF VOB USBZFDUPSJB EF BÕPT EF FYQFSJFO DJB Z FTUÆ WPMDBEB FO PCSBT EF DBSJEBE Z MBCPS TPDJBM QBSB BZVEBS B BMHVOBT GBNJMJBT RVF FTUÆO QBTBOEP QPS NPNFOUPT EJGÑDJMFT QPS MP RVF FTUF %PNJOHP EF 3FTVSSFDDJÖO OP IBZ HSBOEFT OPWFEBEFT %FTUBDBS RVF FM QBTP EF FTUB JNBHFO QPS TV CBSSJP EFM 3FBMFKP FTUÆ DBSHBEB EF TFOUJNJFOUP QBSB MPT GJFMFT Z WFDJOPT RVF EJTGSVUBO EF FTUF EÑB EF DFMFCSBDJÖO KVOUP B MPT NÆT QFRVFÕPT
"ÒP EF GVOEBDJÓO IFSNBOPT OB[BSFOPT 1SPDFTJPOBO MPT OJÒPT "VUPS EF MB JNBHFO
5PSDVBUP 3VJ[ EFM 1FSBM
-PT OJÕPT TPO RVJF OFT QPSUBO MB JNBHFO Z MB BDPNQBÕBO QPS UBOEP DBNQBOBT EF CBSSP RVF IBDFO TPOBS B TV QBTP
1"3" 7&3-" .&+03 4"-*%" %& 46 5&.1-0
-BT HVÃŽBT EF NJOVUPT 4&."/" 4"/5" (3"/"%"
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