BWi ]k Wi Z[
BWi ]k Wi Z[
H;9ED9?B?7H; B7I ;:7:;I :;B >EC8H;" ;D 9KxBB7H
$0/ &- 1"530$*/*0 %&
B7I ;:7:;I :;B >EC8H; (&'- BWi ]k Wi Z[
6O BÕP NÆT MB QSJODJQBM NVFTUSB EF BSUF TBDSP EF OVFTUSP QBÑT MMFHB B TV 99** FEJDJÖO FTUB WF[ FO MB IJTUÖSJDB WJMMB EF $VÍ MMBS 4FHPWJB -B FYQPTJDJÖO -BT &EBEFT EFM )PNCSF QBUSP DJOBEB QPS #BOLJB DVZB JOBVHVSBDJÖO FT FM EF BCSJM TF DPO WJFSUF FO MB FYDVTB QFSGFDUB QBSB DPOPDFS MB SJRVF[B DVMUVSBM Z QBUSJNPOJBM EF MB SFHJÖO BEFOUSBSTF FO MB BSRVJUFDUVSB NVEÍKBS Z HP[BS EF MBT PCSBT EF BSUJTUBT VOJWFSTBMFT DPNP &M (SFDP P 1FESP #FSSVHVFUF FOUSF NVDIPT PUSPT 5SBT FM ÍYJUP EF MBT QBTBEBT FEJDJPOFT BUFTUJHVBEP QPS MB BGMVFODJB EF NJMMPOFT EF WJTJUBOUFT EFTEF RVF FNQF[BSB TV BOEB EVSB FO MMFHB B $VÍMMBS VOB DJUB NVZ FTQFDJBM CBKP FM UÑ UVMP EF 3FDPODJMJBSF &M FTQÑSJUV EF -BT &EBEFT EFM )PNCSF FT MB SFDPODJMJBDJÖO VO NFOTBKF DJFSUBNFOUF OFDFTBSJP FO FT UPT EÑBT DPODFCJEP DPNP DJFSSF BM BÕP KVCJMBS EF MB .JTFSJDPS EJB RVF JOJDJÖ FM 1BQB 'SBODJTDP 6OB PQPSUVOJEBE QBSB SFGMF YJPOBS Z EJTGSVUBS EF $VÍMMBS Z TV NBSBWJMMPTB DPNBSDB
%JSFDUPS "STFOJP &TDPMBS -BT HVÎBT TPO QVCMJDBDJPOFT FMBCPSBEBT QPS FM EFQBSUBNFOUP EF 1VCMJDBDJPOFT OP %JBSJBT EF NJOVUPT %JSFDDJÓO 1BCMP 4FHBSSB %JTFÒP %BWJE 7FMBTDP $PPSEJOBDJÓO "OB . "HVJMBS $PMBCPSBEPS +BWJFS 3BEB .BRVFUBDJÓO )FOBS EF 1FESP .BSUB EF MPT %PMPSFT .BOVFM 7JMMB Z (PO[BMP $IBDÓO 'PUP EF QPSUBEB -BT &EBEFT EFM )PNCSF
&%*5" .*/6504 &%*503" 4 - 1VCMJDJEBE )PSUFOTJB 'VFOUFT EJSFDUPSB HFOFSBM (BCSJFM (PO[ÃMF[ EJSFDUPS DPNFSDJBM .FSDÍ #PSBTUFSP EJSFDUPSB #BSDFMPOB Z 3PDÎP 0SUJ[ EJSFDUPSB "OEBMVDÎB $PPSEJOBDJÓO Z 5SÃGJDP 3BGBFM .BSUÎO .BSLFUJOH ¦MWBSP 'FSOÃOEF[ 7JMMB 0QFSBDJPOFT )ÊDUPS .BSÎB #FOJUP 5 * +VBOKP "MPOTP "ENJOJTUSBDJÓO -VJT 0ÒBUF .BESJE $POEFTB EF 7FOBEJUP .BESJE #BSDFMPOB 1MB[B 6OJWFSTJUBU #BSDFMPOB 7BMFODJB 9ÃUJWB 7BMFODJB "OEBMVDÎB 1MB[B EFM %VRVF 4FWJMMB 5FM 'BY NJOVUPTFEJUPSB! NJOVUPT FT *NQSJNF 3PUPDPCSIJ %FQÓTJUP -FHBM .
&/53&7*45" Z -PMB 1FÒBT EJSFDUPSB UFSSJUPSJBM EF #BOLJB FO $BTUJMMB Z -FÓO
$6--"3 B 3&$0/$*-*"3& B 4V IJTUPSJB NPOVNFOUPT SVUBT 3FQBTP B DBEB VOP EF MPT DBQÎUVMPT Z GJFTUBT Z HBTUSPOPNÎB PCSBT EF MB NVFTUSB "#3*- %&
$0/ &- 1"530$*/*0 %&
;DJH;L?IJ7 j#BOLJB RVJFSF TFHVJS BQPZBOEP BDDJPOFT DPNP -BT &EBEFT EFM )PNCSFx -PMB 1FÕBT &T MB EJSFDUPSB UF SSJUPSJBM EF #BOLJB FO $BTUJMMB Z -FÖO "QVFTUB QPS RVF MB FOUJEBE GJOBODJF SB DPOUSJCVZB BM EFTBSSPMMP FDPOÖ NJDP EF MB SFHJÖO SFTQBMEBOEP JOJ DJBUJWBT DVMUVSBMFT Z UVSÑTUJDBT
-PMB 1FÕBT FT MB NÆYJNB SFTQPOTB CMF EF #BOLJB FO $BTUJMMB Z -FÖO FOUJEBE RVF WVFMWF B BQPTUBS QPS QSPNPDJPOBS MB NVFTUSB EF -BT &EBEFT EFM )PNCSF DJUB JNQSFT DJOEJCMF DPO FM BSUF TBDSP #BOLJB MMFWB EFTEF BQPZBOEP FTUF DFS UBNFO QPS TFS VOP EF MPT QSJODJQB MFT FWFOUPT DVMUVSBMFT Z BSUÑTUJDPT EF OVFTUSP QBÑT RVF DPOUSJCVZF BM EFTBSSPMMP FDPOÖNJDP EF $BTUJ MMB Z -FÖO DPO VO GVFSUF JNQBDUP UVSÑTUJDP Z SFDPOPDJNJFOUP JOUFS OBDJPOBM &TUF BÕP TF IBO WPMDBEP DPO FM QBUSPDJOJP EF 3FDPODJMJBSF FO $VÍ MMBS -B 3FJOB %PÕB 4PGÑB JOBVHVSB FM EF BCSJM FTUB FYQPTJDJÖO RVF QBSUF EF MB SFDPODJMJBDJÖO Z FM QFS EÖO DPNP UFNÆUJDBT -B JOUFODJÖO EF #BOLJB FT TFHVJS SFTQBMEBOEP QSÖYJNBT FEJDJPOFT EF MB NVFTUSB
%FWPDJÓO BSUF Z FM DBSÃDUFS EF MB UJFSSB VOJEPT zFTUBT TPO MBT TFÒBT RVF EFGJOFO FM QSPZFDUP 4PO USFT EF MBT QSJODJQBMFT TFÕBT EF JEFO UJEBE RVF DBSBDUFSJ[BO VO QSPZFD UP RVF TF IB DPOWFSUJEP FO SFGFSFO UF EFM QBUSJNPOJP IJTUÖSJDP BSUÑT UJDP B OJWFM OBDJPOBM Z UBNCJÍO JOUFSOBDJPOBM BTÑ DPNP FO MB FY DVTB UVSÑTUJDB EF NVDIPT QBSB SF DPSSFS VOB DPNVOJEBE BVUÖOPNB
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
DPO UBOUB IJTUPSJB DPNP BSUF FO UP EPT TVT SJODPOFT Z RVF IB HFOFSB EP A.BSDB $BTUJMMB Z -FÖO DPO FT UBT 99** FEJDJPOFT
z1PS RVÊ IB EFDJEJEP MB FOUJEBE BQPZBS VO BÒP NÃT FTUB FYQPTJ DJÓO #BOLJB BQPZB MBT &EBEFT EFM )PNCSFT EFTEF QPSRVF OVFT USB FOUJEBE FTUÆ BM MBEP EFM EFTBSSP MMP TPDJBM Z DVMUVSBM EF QSPWJODJBT RVF QBSB OPTPUSPT TPO QSJPSJUBSJBT DPNP FT FM DBTP EF 4FHPWJB -BT &EBEFT EFM )PNCSF QFSNJUFO B MPT DJVEBEBOPT DPOPDFS FM QBTBEP EF MB SFHJÖO BDFSDBSTF Z EFTDVCSJS FM QSFTFOUF EF MPDBMJEBEFT FNCMF NÆUJDBT EF $BTUJMMB Z -FÖO B MB WF[ RVF BZVEBS B SFIBCJMJUBS VO QB USJNPOJP FYDFQDJPOBM RVF DPOKV HB SFMJHJÖO IJTUPSJB Z BSUF #BO LJB RVJFSF FTUBS BIÑ Z BZVEBS B JN QVMTBS BDDJPOFT UBO JNQPSUBOUFT QBSB MB DPNVOJEBE BVUÖOPNB DP NP FT FTUB FYQPTJDJÖO
z2VÊ QBQFM KVFHB #BOLJB FO MB QSP NPDJÓO EF MB DVMUVSB Z FO MB QSFTFS WBDJÓO EFM BSUF FTQBÒPM #BOLJB UJFOF DPNP VOB EF TVT MÑOFBT EF BD UVBDJÖO FM BQPZP B MB DVMUVSB OP TP MP DPO FM SFTQBMEP EFM RVF FT VOP EF MPT QSJODJQBMFT IJUPT BOVBMFT FO MB SFHJÖO DPNP TPO MBT &EBEFT EFM )PNCSF TJOP UBNCJÍO DPO FM BQP ZP B PUSBT FYQPTJDJPOFT P QSPZFD UPT DPNP FM EF MB 0SRVFTUB 4JOGÖ OJDB #BOLJB RVF UJFOF QPS PCKFUJ WP BDFSDBS MB NÜTJDB B MB TPDJFEBE NJFOUSBT GPNFOUB FM UBMFOUP NVTJ DBM MB GPSNBDJÖO DPOUJOVB Z MB JO TFSDJÖO MBCPSBM EF KÖWFOFT JOTUSV NFOUBMJTUBT EF ÍMJUF RVF IBZBO GJ OBMJ[BEP TV QFSJPEP EF GPSNBDJÖO SFHMBEB -B 04# ZB IB PGSFDJEP DPODJFSUPT FO 7BMMBEPMJE 4BMB NBODB Z ©WJMB
z4F IB DPOWFSUJEP FO VO FTDBQB SBUF UVSÎTUJDP Z FO VO SFWVMTJWP FDP OÓNJDP -BT 99* FEJDJPOFT DFMFCSB
j-BT &EBEFT TF IBO DPOWFSUJEP FO VO SFGFSFOUF EFM QBUSJNPOJP IJTUÖSJDP BSUÑTUJDPx
j4F HFOFSB BDUJWJEBE FDPOÖNJDB FNQMFP Z TF BZVEB FO MB SFIBCJMJUBDJÖO Z NFKPSB EFM QBUSJNPOJPx
&/3*26& ."%30µ0
j.ÆT EF NJMMPOFT EF QFSTPOBT IBO WJTJUBEP FTUBT FYQPTJDJPOFT IBTUB BIPSBx
EBT EFKBO QBUFOUF FO DBEB VOB EF MBT MPDBMJEBEFT RVF IBO BDPHJEP -BT &EBEFT EFM )PNCSF RVF TJFNQSF TVQPOFO VO JNQVMTP QBSB FTPT NV OJDJQJPT .ÆT EF NJMMPOFT EF QFS TPOBT IBO WJTJUBEP FTUBT FYQPTJDJP OFT IBTUB BIPSB Z FTP HFOFSB BD UJWJEBE FDPOÖNJDB Z FNQMFP EB WJTJCJMJEBE B GVUVSP B FTBT DJVEBEFT Z BEFNÆT BZVEB FO MB SFIBCJMJUB DJÖO Z NFKPSB EF TV QBUSJNPOJP
CSF Z FTUF BÕP MB FYQPTJDJÖO A3FDPO DJMJBSF QFSNJUF EFTDVCSJS EF MB NF KPS NBOFSB USFT EF MBT JHMFTJBT NÆT FNCMFNÆUJDBT EF $VÍMMBS MB EF 4BO "OESÍT MB EF 4BO .BSUÑO Z MB EF 4BO &TUFCBO NJFOUSBT TF QBTFB QPS MB MPDBMJEBE Z TF QVFEFO EFTDVCSJS PUSPT EF MPT TFDSFUPT RVF FTDPOEF
7JTUP FM ÊYJUP EFM OÙNFSP EF FEJDJP OFT zTFHVJSÃO QBUSPDJOÃOEPMB FO FM GVUVSP /VFTUSB JOUFODJÖO FT TFHVJS
z4FSÎB VO QFDBEP JNQFSEPOBCMF OP BQPZBOEP FM RVF FT TJO EVEB VOP JS B WJTJUBSMB 4JFNQSF FT SFDPNFO EF MPT QSJODJQBMFT FTDBQBSBUFT Z EJT EBCMF WJTJUBS MBT &EBEFT EFM )PN
UJOUJWPT EF $BTUJMMB Z -FÖO ●
7DJ;9;:;DJ;I0 '/..#(&',
C H;9ED9?B?7D:E B7 <; 9ED ;B 7HJ; O BEI FK;8BEI
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
ÆT EF PCSBT FYQVFT UBT Z FEJDJPOFT FO BÕPT BDSFEJUBO MB JONFOTB MBCPS EF -BT &EBEFT EFM )PNCSF )BO DSFBEP VOB NBSDB EF QSFTUJ HJP DPO VO FTGVFS[P ÜOJDP QPS TP DJBMJ[BS FM QBUSJNPOJP BDFSDBO EP FM BSUF SFMJHJPTP B MB HFOUF VOJFOEP UFSSJUPSJP Z DVMUVSB DPO WFSWÆOEPMP EJWVMHÆOEPMP DVJ EÆOEPMP SFTUBVSÆOEPMP FTUBCMF DJFOEP QVFOUFT FOUSF FM QBTBEP QSFTFOUF Z GVUVSP EF $BTUJMMB Z -F ÖO Z FM SFTUP EFM QBÑT 5PEP VO IJUP JOUFSOBDJPOBM QBSB VO JEFB SPNQFEPSB RVF UVWP FM TB DFSEPUF WBMMJTPMFUBOP +PTÍ 7FMJDJB
IBDF NÆT EF VO DVBSUP EF TJHMP DSFBS VOB EF MBT QSJODJQBMFT NVFT USBT EF BSUF TBDSP EFM NVOEP 4PO DBTJ BÕPT EF VO USBCBKP JOJOUFSSVNQJEP Z DPNQMFKP B DBS HP EF MB 'VOEBDJÖO EF -BT &EB EFT EFM )PNCSF EFTEF RVF TF FN QF[BSB FOUSF Z DPO MB QSJ NFSB FEJDJÖO EF MB NVFTUSB FO MB DBUFESBM EF -B "TVODJÖO EF 7B MMBEPMJE CBKP FM UÑUVMP EF &M "SUF FO MB *HMFTJB EF $BTUJMMB Z -FÖO 6O ÍYJ UP SPUVOEP Z DPOUJOVBEP FO FM UJFNQP DPNP DPOGJSNB FM IFDIP EF RVF NÆT EF QFSTPOBT WJTJUBSBO MB FEJDJÖO 99* FM BÕP QB TBEP FO 5PSP CBKP FM OPNCSF EF
E 1305&$$*¶/ %&- 1"53*.0/*0 -PT USBCBKPT EF SFT UBVSBDJÓO RVF SFBMJ[B MB 'VOEBDJÓO EF MBT &EBEFT EFM )PNCSF FO TV TFEF EFM NP OBTUFSJP EF 7BMCVFOB TPO VOB SFGFSFODJB QBSB MB SFDVQFSBDJÓO EFM BSUF EFM QBÎT -"4 &%"%&4 %&- )0.#3&
"RWB j-B 'VOEBDJÖO UJFOF VOB NBSDB QSFTUJHJPTB QPS TV IBDFS Z TPCSF UPEP QPS FTF FTGVFS[P EF TP DJBMJ[BDJÖO EFM QBUSJNPOJP UBOUP B OJWFM OBDJPOBM DPNP JOUFSOB DJPOBM QVFT TJFNQSF UFOFNPT QF UJDJPOFT QBSB QPEFS MMFWBS B PUSPT MVHBSFT BRVFMMP RVF IFNPT IFDIP DPO IVNJMEBE FO $BTUJMMB Z -FÖOx FYQMJDB (PO[BMP +JNÍOF[ TFDSFUB SJP HFOFSBM EF MB 'VOEBDJÖO -BT &EBEFT EFM )PNCSF %FTEF MB QSJ NFSB NVFTUSB IBTUB MB QFOÜMUJ NB ZB IBO QBTBEP NJMMPOFT EF WJTJUBOUFT DPO VOB NFEJB EF QFSTPOBT BM EÑB 4JO EVEB FM DPSB[ÖO EF MB 'VOEB DJÖO TF FODVFOUSB FO FM NPOBT UFSJP EF 4BOUB .BSÑB EF 7BMCVFOB FO MB MPDBMJEBE WBMMJTPMFUBOB EF 4BO #FSOBSEP "MMÑ TF FSJHF TV TFEF EFT EF FM BÕP Z FT FM DFOUSP EF PQF SBDJPOFT QBSB MPT UBMMFSFT EF SFTUBV SBDJÖO VOB EF TVT HSBOEFT TFÕBT EF JEFOUJEBE KVOUP B MBT FYQPTJ DJPOFT SFGFSFODJB FO UPEP FM QBÑT &M NPOBTUFSJP GVF GVOEBEP FO QPS EPÕB &TUFGBOÑB EF "S NFOHPM IJKB EFM 7 $POEF EF 6SHFM Z OJFUB EFM $POEF 1FESP "OTÜ SF[ 4F USBUB B KVJDJP EF MPT IJTUP SJBEPSFT EF VOP EF MPT DPOKVO UPT DJTUFSDJFOTFT EF ÍQPDB NFEJF WBM NFKPS DPOTFSWBEPT EF &VSPQB FO QMFOB 3JCFSB EFM %VFSP 6O DFOUSP EFEJDBEP B MB DPOTFSWBDJÖO Z FYQBOTJÖO EF MB DVMUVSB DPNP FO UJFNQPT BOUJHVPT
B7 CK;IJH7
&/ &- $03";¶/ %& -" '6/%"$*¶/ &M PCKFUJWP QSJPSJUBSJP FT EBS B DP OPDFS Z QSPUFHFS FM MFHBEP BSUÑTUJ DP SFMJHJPTP *OWFTUJHBS QVCMJDBS DBUÆMPHPT FTUVEJBS &O MB BDUVBMJ EBE FM NPOBTUFSJP DVFOUB DPO 1"4" " 1¦(*/"
E
7*&/& %& 1¦(*/"
6/" 4&%& $0/ '& "35±45*$" &M NPOBTUFSJP EF 7BM CVFOB TFEF EF -BT &EBEFT EFM )PNCSF DPOUJFOF IFSNPTBT QJOUVSBT Z TBMBT NF EJFWBMFT DPNP FTUB DBQJMMB GVOFSBSJB DPO SFTUPT QJDUÓSJDPT -"4
N QBSB MPT UBMMFSFT EF SFTUBVSBDJÖO Z DPOTFSWBDJÖO Z DPO MPT NFKP SFT FRVJQBNJFOUPT UÍDOJDPT FO MB SFDVQFSBDJÖO EF QJOUVSB NBEFSB QJFESB PSGFCSFSÑB P QBQFM &M SFTVMUBEP FT MB JOUFSWFODJÖO EF NÆT EF QJF[BT BQSPYJNBEB NFOUF FM EF MBT PCSBT FYQVFT UBT FO FTUPT BÕPT DPO GJSNBT UBO QSFTUJHJPTBT DPNP .VSJMMP (SFHP SJP 'FSOÆOEF[ "MPOTP $BOP P +VBO EF +VOJ KVOUP B VOB WFJOUF OB EF JONVFCMFT &T VOB JNQPS UBOUF MBCPS UFOJFOEP FO DVFOUB RVF
&%"%&4 %&- )0.#3&
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
MBT EJÖDFTJT DBUÖMJDBT FO $BTUJ MMB Z -FÖO QPTFFO QSBDUJDBNFOUF MB NJUBE EFM QBUSJNPOJP SFMJHJPTP OBDJPOBM 0USBT PCSBT IBO TJEP SFT UBVSBEBT NÆT RVF QPS TV WBMPS FTUÍUJDP QPS TV DBSÆDUFS EFWPDJP OBM EF MPT QVFCMPT Z DJVEBEFT j)FNPT TJEP DBQBDFT EF BDFS DBS FTF QBUSJNPOJP B MB HFOUF Z FT UF IFDIP IB HFOFSBEP TFOUJNJFO UPT EF QFSUFOFODJB B VOB UJFSSB B VOB IJTUPSJB VOBT SBÑDFT QPS UBO UP EF JEFOUJEBE DPNP QVFCMP Z DP NP JHMFTJBx JOEJDB (PO[BMP +J NÍOF[ 6O QBUSJNPOJP RVF IB MMF HBEP B DJVEBEFT FNCMFNÆUJDBT QBSB FM BSUF DPNP /VFWB :PSL P "NCFSFT TBMJFOEP EF MPT UFNQMPT FTQBÕPMFT DPOWJSUJÍOEPTF FO VOB NVFTUSB EF BSUF TBDSP SFMFWBOUF &- "53"$5*70 %& 6/ 3&-"50 6OP EF MPT TFDSFUPT EF -BT &EBEFT EFM )PNCSF IB TJEP TJO EVEB FM BDJFS UP EF NF[DMBS MBT PCSBT DPO VO SF MBUP OP VOJSMBT QPS ÖSEFOFT DSPOP MÖHJDPT TJOP QPS VO NFOTBKF VO DPODFQUP UFNÆUJDP FO DBEB FEJDJÖO RVF IBCMBSB EF MB SFMBDJÖO EFM TFS IVNBOP DPO %JPT 1BSB FMMP OP IB CÑB NFKPS FTDFOBSJP RVF MBT DBUF ESBMFT F JHMFTJBT EF $BTUJMMB Z -FÖO RVF BDBCBSÑBO DPOWFSUJEBT FO JN QSFTJPOBOUFT NVTFPT RVF VOJSÑBO FO CFMMF[B Z EFWPDJÖO FM DPOUF OJEP Z DPOUJOFOUF Z KVOUBSÑBO BS UF BOUJHVP Z DPOUFNQPSÆOFP -B QSJNFSB NVFTUSB EF -BT &EB EFT EFM )PNCSF FO 7BMMBEPMJE ZB DPOTJHVJÖ BUSBFS B NÆT EF VO NJ MMÖO EF WJTJUBOUFT -F TVDFEJÖ #VS HPT FO DPO -JCSPT Z EPDVNFO UPT FO MB *HMFTJB EF $BTUJMMB Z -FÖO RVF BUSBKP MB BUFODJÖO EF NFEJP NJ MMÖO EF QFSTPOBT B QFTBS EF MP FTQF DJBMJ[BEP EF MB UFNÆUJDB -B TJHVJFOUF NVFTUSB FO -FÖO DVZP NPUJWP FSB -B NÜTJDB FO MB 1"4" " 1¦(*/"
50%"4 -"4 &%*$*0/&4
%F J[RVJFSEB B EFSFDIB Z EF BSSJCB B BCBKP DBSUFMFT EF MBT FEJ DJPOFT EF 7BMMBEPMJE #VSHPT -FÃ&#x201C;O 4BMBNBODB "NCFSFT 4PSJB 0TNB 1BMFODJB "TUPSHB ;BNPSB /VFWB :PSL 4FHPWJB ¦WJMB $JVEBE 3PESJHP 1POGFSSBEB 4PSJB .FEJOB EFM $BNQP Z .FEJOB EF 3JPTFDP 0Ã&#x2019;B "SÃ&#x160;WBMP "SBOEB EF %VF SP 5FSFTB EF +FTÃ&#x2122;T NBFTUSB EF PSBDJÃ&#x201C;O "27" Z $VÃ&#x160;MMBS
QSFTUJHJPTPT UFÖMPHPT Z QFSTPOBMJ EBEFT -B SFTQVFTUB GVF FTQFDUB DVMBS DPO MBSHBT DPMBT EF QBSUJDJ QBOUFT JODMVJEB MB WJTJUB EF MPT FNQFSBEPSFT EF +BQÖO 4BMBNBODB EJP FM JNQVMTP Z FO TF DSFB MB 'VOEBDJÖO DPO TF EF FO 7BMCVFOB %PT BS[PCJTQPT Z OVFWF PCJTQPT EF MBT EJÖDFTJT EF MB SFHJÖO DPNQPOFO FM QBUSPOBUP EF MB 'VOEBDJÖO RVF DVFOUB DPO FM BQPZP EF $BTUJMMB Z -FÖO /6&704 )*504 5SBT 4BMBNBODB MB $BUFESBM EF /VFTUSB 4FÕPSB EF "NCFSFT #ÍMHJDB BDPHJÖ 'MBOEFT Z $BTUJMMB Z -FÖO JOUFSOBDJPOBMJ [BOEP FM QSPZFDUP -F TJHVJFSPO -B DJVEBE EF TFJT QJTPT &M #VSHP EF 0TNB .FNPSJBT Z FTQMFO EPSFT 1BMFODJB &ODSVDJ KBEBT "TUPSHB Z 3FNFN CSBO[B ;BNPSB &O -BT &EBEFT MMFHB B /VF WB :PSL FO MB $BUFESBM EF 4BO +VBO FM %JWJOP DPO 5JNF UP IPQF UJFN QP QBSB MB FTQFSBO[B $POUJOVB SPO MBT FYQPTJDJPOFT QPS MBT EJÖ DFTJT DBTUFMMBOPMFPOFTBT QBTBOEP QPS 4FHPWJB ©WJMB $JVEBE 3PESJHP 1POGFSSB EB Z 4PSJB MMF HBOEP B MB $BUFESBM EF -B "MNVEF OB FO .BESJE " QFTBS EF RVF TF EJP QPS DFSSBEP FM DJDMP FM ÍYJUP WPMWJÖ B FNQVKBS FM QSPZFDUP Z OBDJÖ PUSP JUJOFSBSJP EF MB NVFTUSB DPO 1BTTJP DFMF 7*&/& %& 1¦(*/" "/5&3*03 CSBEB FO MBT JHMFTJBT EF .FEJOB EFM *HMFTJB EF $BTUJMMB Z -FÖO MPHSÖ DB $BNQP Z .FEJOB EF 3JPTFDP $PJO TJ VO NJMMÖO EF WJTJUBT FOUSF PD DJEJFOEP DPO MB DPONFNPSBDJÖO EFM NJMFOJP EF MB GVOEBDJÖO EFM NP UVCSF EF Z KVMJP EF " QBSUJS EF MB FYQPTJDJÖO FO 4B OBTUFSJP EF 4BO 4BMWBEPS EF 0ÕB MBNBODB TF FNQJF[B B FO #VSHPT TF SFBMJ[Ö .POBDBUVT VOJS FM BSUF BOUJHVP Z NPEFSOP FO -F TFHVJSÑBO $SFEP "SÍWB DPO FM UÑUVMP &M DPOUSBQVOUP Z TV MP &VDIBSJTUJB "SBOEB EF NPSBEB PDVQÖ MPT EPT FEJGJDJPT %VFSP 5FSFTB EF +FTÜT ©WJ DBUFESBMJDJPT EF MB DJVEBE Z PSHB MB Z "RWB 5PSP "IP OJ[Ö DPNP DPNQMFNFOUP FM * $PO SB VOB OVFWB TFSJF TF BCSF DPO 3F HSFTP *OUFSOBDJPOBM "SUF Z 'F DPO DPODJMJBSF FO $VÍMMBS ●
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
E 6/ $-"64530 .0/6.&/5"- -B TFEF EF MB 'VOEB DJÓO BDPHF VO JNQP OFOUF DMBVTUSP EF FT UJMP DJTUFSDJFOTF BSUJ DVMBEP FO EPT BMUV SBT EF ÊQPDBT EJGF SFOUFT Z MB DBQJMMB EF 4BO 1FESP RVF TF FODVFOUSB FO TV NP OVNFOUBM JHMFTJB Z TF DBSBDUFSJ[B QPS VOB BSRVJUFDUVSB EF HSBO TPCSJFEBE -"4 &%"%&4 %&- )0.#3&
H;9ED9?B?7H;
&M SFFODVFOUSP EFM IPNCSF DPO TVT TFNFKBOUFT Z %JPT
6O QSFÆNCVMP Z DVBUSP DBQÑUVMPT MMFOPT EF TJNCPMJTNP DPOGJHVSBO MB FTQJOB EPSTBM EF -BT &EBEFT EFM )PNCSF FO $VÍMMBS 5SFT JHMFTJBT BMCFSHBSÆO FTUF FTQFDUÆDVMP RVF JO WJUB B MPT QBSUJDJQBOUFT B QFOTBS FO FM QBTBEP Z QSFTFOUF UFOJFOEP FO DVFOUB MB QSPQVFTUB EF TV UÑUVMP 3FDPODJMJBSF SFDPODJMJBSTF SFFODPOUSBSTF DPO MPT PUSPT Z DPO %JPT
H;9ED9?B?7H;
KD7 ;NFEI?9?ÏD 97F7P :; H;>79;H DK;IJHEI B7PEI -B IJTUPSJB EF %JPT Z TV QVFCMP MB IJT UPSJB EFM IPNCSF Z TV QFDBEP FO FM DPO GMJDUP MB IJTUPSJB EFM BSUF DPNP DVSB Z FODVFOUSP $VÍ MMBS WPMWFSÆ B VOJS OPT DPO MB FYQPTJ DJÖO 3FDPODJMJBSF
3FDPODJMJBS QFSEPOBS WPMWFS B VOJS $VÍMMBS BDPHF VO OVFWP DJDMP FYQPTJUJWP EF -BT &EBEFT EFM )PNCSF FO TV FEJDJÖO 99** DPO FM QFSEÖO DPNP TÑNCPMP &M UÑUVMP NFOTBKF Z VOJÖO UFNÆUJDB QBSUFO EF VOB OFDFTJEBE EF VO FTQÑSJUV RVF EFCF JOTVGMBS OVFTUSP UJFNQP 3FDPODJMJBSF WJFOF EFM MBUÑO oSF DPODJMJBS FO DBTUFMMBOPo Z TFHÜO MB 3FBM "DBEFNJB EF MB -FOHVB TJHOJGJDB jWPMWFS B MBT BNJTUBEFT P BUSBFS Z BDPSEBS MPT ÆOJNPT EF TVOJEPTx &M UFNB EF MB BDUVBM FY QPTJDJÖO QBSUF QPS UBOUP EF VOB EPCMF NJSBEB VOB QPTJUJWB DFO USBEB FO MB NJTFSJDPSEJB EF %JPT Z PUSB SFBMJTUB DPO MB EJWJTJÖO Z MPT PEJPT FYJTUFOUFT 6OB NJSBEB BM QB TBEP B USBWÍT EF TV BSUF Z FKFSDJDJP EFM QFSEÖO Z PUSB BM QSFTFOUF PC TFSWBOEP MB TPDJFEBE BDUVBM Z FM TFS IVNBOP FO QBSBMFMP B MBT PCSBT EF BSUF TBDSP RVF TF FYQPOFO -BT USFT GBCVMPTBT Z FNCMFNÆ UJDBT JHMFTJBT EF $VÍMMBS o4BO "O ESÍT 4BO .BSUÑO Z &TUFCBOo BDP HFSÆO EFM EF BCSJM BM EF OP WJFNCSF FTUF FTQÑSJUV BSUÑTUJDP OFDFTBSJP QBSB VO NVOEP EJWJ EJEP $PO PCSBT DVJEBEPTBNFO UF TFMFDDJPOBEBT QFSUFOFDJFOUFT BM QBUSJNPOJP BSUÑTUJDP FTQBÕPM Z BVUPSFT UBO SFMFWBOUFT DPNP -VJT 4BMWBEPS $BSNPOB 'FSOBO EP (BMMFHP 'FMJQF 7JHBSOZ "MFKP
EF 7BIÑB 1FESP Z "MPOTP #FSSV HVFUF +VBO EF +VOJ .BOVFM 1F SFJSB (JM EF 4JMPÍ "NCSPTJVT #FO TPO P &M (SFDP KVOUP B BVUPSFT DPOUFNQPSÆOFPT DPNP +VMJP -Ö QF[ P 7FOBODJP #MBODP -B JNBHFO EFM DBSUFM QFSUFOFDF B &EVBSEP 1B MBDJPT Z NVFTUSB B VO IPNCSF UFOEJFOEP MB NBOP B VO JNBHJOB SJP JOUFSMPDVUPS -B NVFTUSB TF EJWJEF FO VO QSÖ MPHP Z DVBUSP DBQÑUVMPT )FSJ "O UBÕP *O GJHVSB 1PS FKFNQMP )P EJF )PZ Z 4FNQFS 4JFNQSF : BDPNQBÕBSÆ BM BÕP KVCJMBS EF MB .JTFSJDPSEJB JNQVMTBEP QPS FM 1B QB 'SBODJTDP DPNP DJFSSF Z SFQSF TFOUBDJÖO QMÆTUJDB EF MB OFDFTJEBE EF SFDPODJMJBDJÖO HMPCBM %VSBOUF FTUPT NFTFT $VÍMMBS BDPHFSÆ UPEP UJQP EF BDUJWJEBEFT Z FTDFOBSJPT NPTUSBOEP TV SJRVF [B QBUSJNPOJBM IJTUÖSJDB Z DVMUV SBM QVFT MB JEFB EF MB SFDPODJMJBDJÖO UJFOF VO QSPGVOEP WÑODVMP DPO FM QBTBEP EF MB WJMMB &M NPUJWP EFM SF MBUP TVSHJÖ QPSRVF EVSBOUF MB SFT UBVSBDJÖO EF MBT ZFTFSÑBT NVEÍKB SFT RVF BEPSOBO MPT FOUFSSBNJFO UPT EF MB JHMFTJB EF 4BO &TUFCBO TF EFTDVCSJFSPO VOBT CVMBT oEPDV NFOUPTo FO MB UVNCB EF VOB NV KFS QJBEPTB *TBCFM EF ;VB[P &TUF IBMMB[HP MMFWÖ UBOUP B MPT QÆ SSPDPT DPNP B MBT BVUPSJEBEFT DJ WJMFT EF $VÍMMBS B QSPQPOFS FM NFO
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
TBKF MB NVKFS HVBSEBCB FTUBT CVMBT QBSB EFTQVÍT EF TV NVFSUF DFSDB EFM DPSB[ÖO DPNP VO TJHOP EF QP OFS UPEB TV WJEB FUFSOB BOUF %JPT CVTDBOEP EF °M TV SFDPODJMJBDJÖO .FEJBOUF FM DFOUFOBS EF PCSBT FOHMPCBEBT FO TVT DBQÑUVMPT MPT WJ TJUBOUFT QPESÆO EFTMJ[BSTF QPS MB IJTUPSJB CÑCMJDB EFTEF FM QSJNJHF OJP DBPT RVF DMBNBCB MB VOJÖO BM &EÍO Z FM "QPDBMJQTJT Z SFGMFYJPOBS TPCSF MB SFDPODJMJBDJÖO EF %JPT DPO TV QVFCMP FYQMPSBS MB DPOEJDJÖO IVNBOB DBQB[ EF EJWJEJS QFSP UBNCJÍO EF VOJS B USBWÍT EF MB NB SBWJMMB BSUÑTUJDB &T VO CÆMTBNP DPO
MP NFKPS RVF QVFEF BQPSUBS FM TFS IVNBOP j7JWJNPT FO VO NVOEP DSJTQBEP -B WJPMFODJB MB BHSFTJWJ EBE QBSFDF RVF GPSNB QBSUF EF OVFTUSP FOUPSOP &M WJTJUBOUF QPESÆ FODPOUSBS VO SFDPSSJEP NVZ CP OJUP Z VOB MMBNBEB EF MB OFDFTJEBE EF SFDPODJMJBDJÖO DPO FM PUSP DPO %JPT Z DPO MB OBUVSBMF[Bx FYQMJDB (PO[BMP +JNÍOF[ TFDSFUBSJP HFOF SBM EF MB 'VOEBDJÖO : UPEP DPO $VÍMMBS DPNP HSBO FTDFOBSJP VOB WJMMB NPOVNFOUBM RVF SFDPODJMJB SÆ B MPT FTQÑSJUVT NÆT BHSFTUFT BDP HJFOEP B MPT BSUJTUBT EF MPT TJHMPT 97* 97** Z 97*** EF TV DPNVOJEBE ●
E &- 13*.&3 (3"/ %&4&/$6&/530 &YQVMTJÓO EFM &EÊO PCSB EFM 5BMMFS EF +VBO EF #SVTFMBT Z QFSUFOFDJFOUF B MB $B UFESBM EF ;BNPSB TF SÃ VOP EF MPT FKFNQMPT EF MB OFDFTJEBE EF SF DPODJMJBDJÓO DPO %JPT FO MB NVFTUSB EF $VÊ MMBS -"4 &%"%&4 %&- )0.#3&
H;9ED9?B?7H;
' >;H?#7DJ7yE *(-&4*" %& 4"/ "/%34
&NQF[BS DPO FM DBPT QBSB QFOTBS FO FM PS EFO FO MB FYQVMTJÖO EFM 1BSBÑTP QBSB SFEJ NJSOPT FO MB SFDPODJMJBDJÖO &M QSJNFS DB QÑUVMP FT VOB EFDMBSBDJÖO EF JOUFODJPOFT &M QSJNFSP EF MPT DBQÑUVMPT EF 3FDPODJMJBSF OPT SFNPOUB B UJFNQPT SFNPUPT %FTEF FM DPNJFO [P VO NVOEP EJWJEJEP FO QFEB[PT RVF DMBNB MB SFDPODJMJBDJÖO FO TV QSFÆNCVMP 5JFSSB EFM DBPT NPNFOUPT BOUFT EF MB PSEFOBDJÖO EFM NVOEP %FTQVÍT WJFOF )JFSJ "OUBÕP -B JHMFTJB EF 4BO "OESÍT BOUJHVP UFNQMP TJ UVBEP B FYUSBNVSPT EF MB WJMMB EFDPSBEB DPO MB ESJMMP FKFNQMP EFM NVEÍKBS DVFMMBSBOP BDPHF SÆ FTUB TFDDJÖO RVF QBSUF EF MBT QSJNFSBT QÆHJ OBT EF MB #JCMJB MPT JOJDJBMFT QBTPT EFM (ÍOFTJT &M BNPS Z MB HSBDJB EF %JPT B MPT IPNCSFT Z MB UFOEFODJB EFM TFS IVNBOP B EJWJEJS DSFBOEP IF SJEBT Z BMFKÆOEPTF EF TV $SFBEPS " USBWÍT EF MBT PCSBT TFMFDDJPOBEBT TF PCTFSWB VO SFMBUP EF MB DBÑEB EF MB HSBDJB VO QSJTNB EFM DPOGMJDUP FO MPT UJFNQPT GVOEBDJPOBMFT Z VOB TFÕBM VOB MMBNB EB RVF OPT JOWJUB B TFNCSBS EF FTQFSBO[B FM GVUVSP QPOFS FO SFMJFWF MB VOJÖO GSFOUF BM PEJP &O MB JHMFTJB FM WJTJUBOUF QPESÆ QFSDJCJS FTUF NFOTBKF B USBWÍT EF PCSBT DPNP 1BESF &UFSOP EF /BSDJTP 5PNÍ P &M $SJTUP EFM 1FSEÖO FT DVMUVSB EFM TJHMP 97*** EF -VJT 4BMWBEPS $BSNP OB P MBT FTUBNQBT EFM EFTUJFSSP EFM 1BSBÑTP TÑN CPMP EF MB TFQBSBDJÖO EFM IPNCSF EF TV JOPDFO DJB PSJHJOBM MB QJOUVSB 4BO .JHVFM FYQVMTB EFM 1BSBÑTP B "EÆO Z &WB EFM .BFTUSP EF #FDFSSJM P &YQVMTJÖO EFM &EÍO EFM 5BMMFS EF +VBO EF #SV TFMBT " FTUBT PCSBT TF VOJSÆO PUSBT TJNCÖMJDBT DPNP $BÑO Z "CFM -B .VFSUF EF "CFM FTDVM UVSB FO QJFESB EF BOÖOJNB P "CSBIBN EPSNJEP EF +VBO 1JDBSEP G
A1BESF &UFSOP &TDVMUVSB FO NBEFSB UBMMBEB QPS /BSDJTP 5PNÊ FTDVMUPS Z BS RVJUFDUP FTQBÒPM OB DJEP FO 5PSP B GJOBMFT EFM TJHMP 97** &TUÃ DPOTFSWBEB FO MB JHMFTJB QBSSPRVJBM EF 4BO +VMJÃO EF MPT $B CBMMFSPT FO TV MPDBMJ EBE OBUBM EF5PSP ;BNPSB
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
'$ >[h_#7djWÂ&#x2039;e
A$SJTUP EFM 1FSEÃ&#x201C;O &TDVMUVSB SFBMJ[BEB QPS -VJT 4BMWBEPS $BSNPOB FO FM TJHMP 97*** 4F DPOTFSWB BD UVBMNFOUF FO "UJFO [B FO MB QSPWJODJB EF (VBEBMBKBSB A4BO .JHVFM FYQVMTB EFM 1BSBÃ&#x17D;TP B "EÃ&#x192;O Z &WB 1JOUVSB BM Ã&#x201C;MFP TPCSF UBCMB QJOUBEB QPS FM .BFTUSP EF #FDFSSJM IBDJB 4F DPO TFSWB FO FM 3FUBCMP
EF 4BO .JHVFM FO MB JHMFTJB QBSSPRVJBM EF 4BOUB .BSÃ&#x17D;B EF MB "TVODJÃ&#x201C;O FO 7FOUP TB EF MB $VFTUB 7B MMBEPMJE A"CSBIBN EPSNJEP &TDVMUVSB EF UBMMB QP MJDSPNBEB EPSBEB Z FTUPGBEB EFM NBFT USP +VBO 1JDBSEP SFBMJ[BEB FOUSF MPT BÃ&#x2019;PT Z .J EF Y Y DFO UÃ&#x17D;NFUSPT )B TJEP DVTUPEJBEB FO MB 4BOUB *HMFTJB $BUF ESBM EFM NVOJDJQJP EF &M #VSHP EF 0TNB FO MB DJVEBE EF 4PSJB
Z -"4 &%"%&4 %&- )0.#3& &/ $6Â--"3 -BT HVÃ&#x17D;BT EF NJOVUPT
( ?D <?=KH7#FEH ;@;CFBE *(-&4*" %& 4"/ ."35±/
-B OBSSBDJÖO EFM QVFCMP EF *TSBFM FT MB FQPQFZB EF MB CÜTRVFEB EF %JPT SFQSF TFOUBEB FO FTUF DBQÑUVMP OP EF VO NPEP USJVOGBM TJOP EFTEF MB DPOEJDJÖO IVNBOB
-MFHBNPT BM TFHVOEP DBQÑUVMP *O GJHVSB 1PS FKFNQMP Z OPT USBTMBEBNPT B MB JHMFTJB EF 4BO .BSUÑO &M UFNQMP TF FODVFOUSB KVOUP BM DBTUJ MMP Z GVF EFDMBSBEP .POVNFOUP "SUÑTUJDP /B DJPOBM FO 6O MVHBS FTQFDJBM VOB EF MBT NF KPSFT NVFTUSBT BSRVJUFDUÖOJDBT EF MB WJMMB QB SB FTUF DBQÑUVMP EF HSBO ESBNBUJTNP *O GJHVSB FT VO WJBKF QPS MB IJTUPSJB EF *TSBFM TV FQPQFZB DPNP QVFCMP QFSP UBNCJÍO FM ESB NB EF MB EFCJMJEBE IVNBOB Z MB CÜTRVFEB DPOT UBOUF EF SFDPODJMJBDJÖO DPO %JPT &T VOB OBSSB DJÖO DPOUBEB TJO SBTHPT USJVOGBMFT FT UBNCJÍO MB FQJGBOÑB EF .PJTÍT FM 3FZ %BWJE Z MB "OVO DJBDJÖO EF MB 7JSHFO )B QBTBEP FM %JMVWJP Z FM QVFCMP EF %JPT IB TJEP MJCFSBEP EF MB PQSF TJÖO HVJBEP QPS TV NJTFSJDPSEJB Z BNPS 1FSP OBEB TFSÆ TFODJMMP 6O QVFCMP RVF TF RVFKBSÆ DPOTUBOUFNFOUF EF MBT EJGJDVMUBEFT EFM DB NJOP Z RVF EFTDPOGJBSÆ EF MB PQPSUVOJEBE 6O ÍYPEP FO FM RVF FM "MUÑTJNP OP OPT BCBO EPOBSÆ B QFTBS EF UPEP DPNP FYQPOFO MBT PCSBT EF FTUF DBQÑUVMP RVF IBCMBO EF MB WJEB QSPGBOB EFM IPNCSF GSFOUF B MB MMBNBEB EJWJ OB /PT MP SFDPSEBSÆO FTDVMUVSBT BOUJHVBT DP NP .PJTÍT EF 'FMJQF 7JHBSOZ QFSUFOFDJFOUF BM SFUBCMP NBZPS EF MB DBUFESBM EF 1BMFODJB P .PJTÍT Z MB TFSQJFOUF EF CSPODF EF 'SBOT 'SBODLFO ** FTDFOB RVF QMBTNB FO FTUB QJO UVSB MB EVEB EF VOPT JTSBFMJUBT ÆWJEPT EF MB 5JFSSB 1SPNFUJEB 5BNCJÍO QJF[BT DPNP MB IFSNPTB "OVODJBDJÖO FO BMBCBTUSP P MB NP EFSOB IPNÖOJNB EF 7FOBODJP #MBODP DP NP TFÕBMFT EF VOB OVFWB PQPSUVOJEBE EF FO DVFOUSP FOUSF PUSBT PCSBT ●
A"OVODJBDJÓO &TUB CFMMB QJF[B UB MMBEB FO BMBCBTUSP FT EF BVUPS BOÓOJNP QSPCBCMFNFOUF PSJVOEB EF VO UBMMFS UPTDBOP "DUVBMNFO UF TF FODVFOUSB FY QVFTUB FO MB JHMFTJB EF 4BO +VBO FO MB MP DBMJEBE CVSHBMFTB EF $BTUSPKFSJ[
($ ?d \_]khW # Feh [`[cfbe
A.PJTÃ&#x160;T Z MB TFSQJFOUF EF CSPODF 1JOUVSB BM Ã&#x201C;MFP EFM UB MMFS EF 'SBOT 'SBODLFO ** QJOUPS CBSSPDP GMBNFODP SFBMJ[BEB EVSBOUF FM TFHVOEP DVBSUP EFM TJHMP 97** 4F DPOTFS
WB FO MB 4BOUB *HMFTJB $BUFESBM EF 4FHPWJB
DFOUÃ&#x17D;NFUSPT Z RVF QSPWJFOF EFM SFUBCMP NBZPS EF MB 4BOUB *HMFTJB $BUFESBM EF 1BMFODJB
A.PJTÃ&#x160;T 3FBMJ[BEB QPS FM UB MMFS EF 'FMJQF 7JHBSOZ FT VOB UBMMB EF A"OVODJBDJÃ&#x201C;O NBEFSB QPMJDSPNBEB &T VOB FTDVMUVSB RVF NJEF Y DPOUFNQPSÃ&#x192;OFB FO
Z -"4 &%"%&4 %&- )0.#3& &/ $6Â--"3 -BT HVÃ&#x17D;BT EF NJOVUPT
CSPODF PCSB EF 7FOBODJP #MBODP FTDVMUPS TBMNBOUJOP EF SFOPNCSF DPO QJF[BT FYQVFTUBT FO FM .VTFP 7BUJDBOP P FM 3FJOB 4PGÃ&#x17D;B -B PCSB QFSUFOFDF B MB $PMFDDJÃ&#x201C;O .BQGSF
H;9ED9?B?7H;
) >E:?;#>EO *(-&4*" %& 4"/ ."35±/
&O FTUF DBQÑUVMP %JPT BQBSFDF DPNP FM CVFO QBTUPS RVF MPHSB B USBWÍT EF +FTV DSJTUP VOB SFDPODJMJBDJÖO DPO MPT IPN CSFT RVF BÜO FTUÆ WJHFOUF IPZ FO EÑB 4FHVJNPT FO MB JHMFTJB EF 4BO .BSUÑO RVF UBN CJÍO FT FM NBSDP EFM DBQÑUVMP *** )PEJF )PZ &O FTUB QBSUF BQBSFDF MB GJHVSB EFM CVFO QBTUPS FM EJPT EFM "OUJHVP 5FTUBNFOUP EB QBTP BM EFM /VFWP Z WVFMWF B PGSFDFS B MPT IPNCSFT TV SFDPODJMJBDJÖO FTUB WF[ QPS NFEJP EF TV IJKP +FTVDSJTUP &T FM QVOUP TVQSFNP EFM BNPS EF %JPT RVF MJNQJB FM QFDBEP EFM NVOEP &TUB FT MB FTFODJB EFM WFSEBEFSP QFSEÖO FM $SJTUP RVF FT DSVDJGJDBEP QBSB TBMWBS B MB IVNB OJEBE P MB QBSÆCPMB EFM IJKP QSÖEJHP DPNP JNB HFO EFM BCSB[P EF VO QBESF TJO NÆT SFQSPDIFT VO SFUPSOP TJFNQSF RVFSJEP $PNP SFGFSFODJBT UFOESFNPT MB DPOWFSTJÖO EF 4BO 1BCMP MB GF Z QFSEÖO EF .BSÑB .BHEBMFOB MB QBTJÖO EF +F TÜT Z FM EPMPS EF VOB NBESF BOUF FTUF TBDSJ GJDJP VOJWFSTBM &M DBQÑUVMP USBOTNJUF FM NFOTB KF EF RVF %JPT MPHSB FTUB SFDPODJMJBDJÖO DPO MPT IPNCSFT Z RVF BÜO TJHVF WJHFOUF &O )PEJF )PZ EFTUBDBO QPS UBOUP MPT JDP OPT EF $SJTUP DPNP FM )PNP QJFUBUJT NBEFSB UBMMBEB QPS (JM EF 4JMPÍ P QJOUVSBT DPNP MB TP CSFDPHFEPSB +FTÜT Z TV NBESF DBNJOP EFM $BM WBSJP EF MB &TDVFMB EF 4FCBTUJBOP EFM 1JPNCP -B NVFSUF EF +FTÜT FT FM OVFWP BCSB[P Z FO FM $BMWBSJP BQBSFDF VO FTQBDJP EF SFDPHJNJFO UP DPNP FO MB QJOUVSB EF 1FESP #FSSVHVFUF 5PEBT MBT JNÆHFOFT EF FTUF TBDSJGJDJP TF TV DFEFO FO FM SFMBUP DPNP FO FM 5SÑQUJDP EFM %FT DFOEJNJFOUP EF "NCSPTJVT #FOTPO QBSB FNFSHFS BTÑ MB GJHVSB FUFSOB EF &M #VFO 1BTUPS FTDVMQJEB QPS -VDBT (VUJÍSSF[ FO G
A&M IJKP QSÓEJHP FO $VÊMMBS &T PUSB EF MBT PCSBT EF BSUJTUBT DPOUFN QPSÃOFPT RVF TF FYIJCFO FO MB NVFT USB EF $VÊMMBS 1FSUF OFDF B -VJT .BZP Z GVF SFBMJ[BEB FO &T VO UFNQMF TPCSF MJFO[P PSJVOEP EF VOB DPMFDDJÓO QBSUJDVMBS
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
)$ >eZ_[#>eo
A5SÃ&#x17D;QUJDP EFM %FTDFOEJNJFOUP &TUF Ã&#x201C;MFP TPCSF UBCMB FTUÃ&#x192; GJSNBEP QPS "N CSPTJVT #FOTPO FOUSF MPT BÃ&#x2019;PT QJOUPS GMBNFODP DP OPDJEP DPNP FM .BFTUSP EF 4FHPWJB 1SFDJTBNFOUF FM USÃ&#x17D;Q UJDP TF DPOTFSWB FO MB 4BOUB *HMFTJB $BUF ESBM EF FTUB DJVEBE A$SJTUP IPNP QJFUBUJT 5BMMB FO NBEFSB QPMJ DSPNBEB EFM BSUJTUB (JM EF 4JMPÃ&#x160; FTDVMUPS DBTUFMMBOP EF FTUJMP HÃ&#x201C;UJDP BDUJWP EVSBO UF MPT Ã&#x2122;MUJNPT BÃ&#x2019;PT EFM TJHMP 97 -B QJF[B QSPWJFOF EF MB DBUF ESBM EF #VSHPT DPO TFSWBEB FO MB $BQJMMB EF MB $PODFQDJÃ&#x201C;O KVOUP B PUSBT PCSBT
Z -"4 &%"%&4 %&- )0.#3& &/ $6Â--"3 -BT HVÃ&#x17D;BT EF NJOVUPT
)$ >eZ_[#>eo A+FTÃ&#x2122;T Z TV NBESF DBNJOP EFM $BMWBSJP &NPUJWB QJOUVSB EF MB &TDVFMB EF 4FCBTUJB OP EFM 1JPNCP SFBMJ [BEB EVSBOUF FM USBOTDVSTP EFM TJHMP 97* &O MB BDUVBMJEBE TF DPOTFSWB FO MB CF MMB DBUFESBM EF $JV EBE 3PESJHP
A&M #VFO 1BTUPS &TDVMUVSB EFM BSUJTUB DBTUFMMBOP -VDBT (V UJÃ&#x160;SSF[ OBDJEP FO MB MPDBMJEBE EF "TUPS HB &TUÃ&#x192; IFDIB FO NBEFSB QPMJDSPNBEB FO FM BÃ&#x2019;P 1SP WJFOF EF MB JHMFTJB EF &M 4BMWBEPS FO FM NVOJDJQJP EF -B #B Ã&#x2019;F[B -Ã&#x160;PO Z QFSUF OFDF B MB %JÃ&#x201C;DFTJT EF "TUPSHB
Z -"4 &%"%&4 %&- )0.#3& &/ $6Â--"3 -BT HVÃ&#x17D;BT EF NJOVUPT
)$ >eZ_[#>eo
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
A$SJTUP DSVDJGJDBEP 0USB EF MBT QJF[BT NPEFSOBT RVF TF FY QPOFO FO MB NVFTUSB SFBMJ[BEB FO FM BÃ&#x2019;P 4F USBUB EFM $SJTUP $SVDJGJDBEP VOB FTDVMUVSB FO CSPODF EF +VMJP -Ã&#x201C; QF[ BSUJTUB DVZBT PCSBT TF FODVFOUSBO FO NVTFPT OBDJPOB MFT F JOUFSOBDJPOBMFT DPNP FM #SJUJTI .V TFVN P FM .VTFP EF "SUF $POUFNQPSÃ&#x192; OFP EF 4FWJMMB -B QJF[B QFSUFOFDF B MB $PMFDDJÃ&#x201C;O EF BVUPSFT DPOUFNQPSÃ&#x192;OFPT EF MB 'VOEBDJÃ&#x201C;O -BT &EBEFT EFM )PNCSF A$BMWBSJP ¶MFP EF SFBMJ[B EP QPS 1FESP #FSSV HVFUF QJOUPS FTQB Ã&#x2019;PM OBDJEP FO 1BSF EFT EF /BWB 1BMFO DJB Z DPOTJEFSBEP FOUSF HÃ&#x201C;UJDP Z SFOB DFOUJTUB -B QJOUVSB FTUÃ&#x192; DVTUPEJBEB FO FM .VTFP %JPDFTBOP EF 1BMFODJB KVOUP B PUSBT PCSBT EFM BVUPS DPNP FM $SJTUP USJVO GBOUF P FM 3FZ &TESBT TJFOEP Ã&#x160;TUF VO MVHBS EF FYIJCJDJÃ&#x201C;O JNQPS UBOUF EF TVT USBCBKPT
H;9ED9?B?7H;
* I;CF;H#I?;CFH; *(-&4*" %& 4"/ &45&#"/
4F DJFSSB MB NVFTUSB DPO FM ÜMUJNP DBQÑUV MP RVF OPT IBCMB EFM NJOJTUFSJP EF MB SF DPODJMJBDJÖO B USBWÍT EF MB *HMFTJB Z MB QFOJ UFODJB 'JOBMNFOUF TF DPOTJHVF MB VOJÖO 1BSB DFSSBS FTUF SFMBUP OPT EJSJHJNPT B MB JHMF TJB EF 4BO &TUFCBO EFTDFOEJFOEP EFTEF 4BO .BSUÑO IBDJB FM DFOUSP EF MB WJMMB FO FM GJOBM EFM SFDPSSJEP "MMÑ TF FODVFOUSB MB ZFTFSÑB NV EÍKBS Z MBT UVNCBT FO RVF BQBSFDJFSPO MBT CVMBT RVF EJFSPO MVHBS B FTUB SFGMFYJÖO TPCSF MB SFDPO DJMJBDJÖO RVF OPT IB HVJBEP QPS MB NVFTUSB 4FNQFS 4JFNQSF FT FM UÑUVMP EFM DVBSUP DBQÑUV MP 4JFNQSF QPSRVF %JPT OPT JOWJUB B MB SFDPO DJMJBDJÖO B USBWÍT EF TV NJOJTUFSJP FO MB *HMF TJB FM TBDSBNFOUP EFM QFSEÖO Z MB QFOJUFODJB &O FTUB ÜMUJNB FUBQB %JPT ZB IB EJTQVFTUP VOB WÑB EF TBMWBDJÖO QPSRVF +FTÜT WJOP QBSB TBMWBS B MPT QFDBEPSFT Z FT B USBWÍT EFM FODVFOUSP EFM QFOJUFOUF DPO FM TBDFSEPUF DPNP PCUJFOFO TV DVSB 3PEFBEP EF NBHOÑGJDPT TFQÜMDSPT HÖ UJDPT NVEÍKBSFT FM WJTJUBOUF QPESÆ JOUFSQSF UBS MBT WJEBT EF HSBOEFT QFOJUFOUFT IPNCSFT Z NVKFSFT TBOUPT DPNP 4BO "HVTUÑO P .BSÑB EF &HJQUP SFDPODJMJBSTF B USBWÍT EF MB SFTVSSFDDJÖO EF $SJTUP Z TV NBOEBUP B 1FESP Z MB *HMFTJB &O FTUF DBQÑUVMP EFTUBDBO MB 0SBDJÖO EFM )VFS UP QJOUVSB FO ÖMFP EF &M (SFDP 4BO +FSÖOJNP 1FOJUFOUF FTDVMUVSB EF "MPOTP #FSSVHVFUF P FM CFMMP TFQVMDSP EF .BSUÑO -ÖQF[ EF $ÖSEPCB )J OFTUSPTB F *TBCFM EF ;VB[P 4F GJOBMJ[B QPS UBOUP DPO MB VOJÖO QPTJCMF USBT UJFNQPT EF EFTFODVFOUSP VO BCSB[P DPNP FM EF 4BO 'SBO DJTDP EF "TÑT Z 4BOUP %PNJOHP FO MB FTUBUVB EF -VJT 4BMWBEPS $BSNPOB TJNCÖMJDB VOJÖO RVF OPT IBCMB EF MB *HMFTJB Z MB TPDJFEBE Z EF MB QP TJCJMJEBE EF IBMMBS QB[ FO OVFTUSPT DPSB[POFT G
A4FQVMDSP EF VO DBCBMMFSP EFM MJOBKF EF 3PKBT %FTDPOPDFNPT RVJÊO FTDVMQJÓ FTUF TFQVMDSP IBDJB FM 4F USBUB EF VOB PCSB EF NB EFSB QPMJDSPNBEB EF SPCMF FO FM BSDB Z FM ZBDFOUF Z EF QJOP FO MPT SFMJFWFT EF MB DBKB 1SPDFEF EF MB JHMFTJB BCBDJBM EF 4BOUB .B SÎB MB 3FBM EF 7JMFÒB #VSHPT Z TF DPO TFSWB FO FM .VTFP EFM .POBTUFSJP EF .B ESFT $JTUFSDJFOTFT EF 7JMMBSDBZP UBN CJÊO FO MB QSPWJODJB EF #VSHPT
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
*$ I[cf[h#I_[cfh[
A0SBDJÃ&#x201C;O FO FM )VFSUP ¶MFP TPCSF MJFO[P EFM DÃ&#x160;MFCSF &M (SFDP QSPDFEFOUF EFM .V TFP $BUFESBMJDJP EF $VFODB 'VF SFBMJ[B EB FOUSF Z EVSBOUF TV Ã&#x2122;MUJNP QFSÃ&#x17D;PEP UPMFEBOP EF FTUJMP DFSDBOP BM NB OJFSJTNP Z DPO TV DB SBDUFSÃ&#x17D;TUJDP EPNJOJP EF MB MV[ A4FQVMDSP .BSUÃ&#x17D;O -Ã&#x201C;QF[ EF $Ã&#x201C;SEPCB )JOFTUSPTB F *TBCFM EF ;VB[P 4FQVMDSP EF DPNJFO [PT EFM TJHMP 97* TJ UVBEP FO MB JHMFTJB EF &TUFCBO FO MB WJMMB EF $VÃ&#x160;MMBS EF EFDPSB DJÃ&#x201C;O NVEÃ&#x160;KBS A4BO +FSÃ&#x201C;OJNP QF OJUFOUF &TDVMUVSB FO NBEFSB QPMJDSPNBEB EF "MPOTP #FSSVHVFUF IJKP EFM QJOUPS 1FESP #FSSVHVFUF 1FSUF OFDF BM TJHMP 97* Z FTUÃ&#x192; DPOTFSWBEB FO MB JHMFTJB EF /VFTUSB 4FÃ&#x2019;PSB EF MB 4PUF SSBÃ&#x2019;B FO 4BOUB .B SÃ&#x17D;B MB 3FBM EF /JFWB 4FHPWJB
Z -"4 &%"%&4 %&- )0.#3& &/ $6Â--"3 -BT HVÃ&#x17D;BT EF NJOVUPT
*$ I[cf[h#I_[cfh[ A"CSB[P EF 4BO 'SBODJTDP EF "TÃ&#x17D;T Z 4BOUP %PNJOHP &TDVMUVSB EF NBEFSB QPMJDSPNBEB EF -VJT 4BMWBEPS $BSNPOB NBFTUSP EF MB JNBHJOFSÃ&#x17D;B DBTUFMMBOB EF JOGMVFODJB
CBSSPDB &T EFM TJHMP 97*** Z QSPWJFOF EFM
.POBTUFSJP EF 4BOUP 5PNÃ&#x192;T FO MB DJVEBE EF ¦WJMB
A4BOUB .BSÃ&#x17D;B &HJQDJBDB 1JF[B FTDVMQJEB QPS 5PNÃ&#x192;T EF 4JFSSB Z DPO QPMJDSPNÃ&#x17D;B EF +FSÃ&#x201C;OJNP EF $PCPT 'VF SFBMJ[BEB FO -B JNBHFO EF
Z -"4 &%"%&4 %&- )0.#3& &/ $6Â--"3 -BT HVÃ&#x17D;BT EF NJOVUPT
FTUB TBOUB BTDFUB RVF TF SFUJSÃ&#x201C; FO FM EFTJFSUP FTUÃ&#x192; DPO TFSWBEB FO MB $PMF HJBUB EF 4BO -VJT FO FM NVOJDJQJP EF 7JMMB HBSDÃ&#x17D;B EF $BNQPT 7BMMBEPMJE
9KxBB7H
6O WJBKF BQBTJPOBOUF QPS MB QVFSUB EF MB )JTUPSJB
$JVEBE NPOVNFOUBM 1BUSJB EF MB BSRVJUFDUVSB NVEÍKBS 3FJOP EF DBTUJMMPT Z KVEFSÑBT )ÆCJUBU EF SFZFT FYUJOUPT : UPEP FO VO NBSBWJMMPTP FTUBEP EF DPOTFSWBDJÖO -B IJTUÖ SJDB $VÍMMBS PGSFDF VO FTDFOBSJP ÜOJDP QBSB TVNFSHJSTF FO MB ÍQPDB NFEJFWBM EJTGSVUBS EF MBT DPTUVNCSFT DBTUFMMB OBT Z EFHVTUBS TVT WJBOEBT DPNP VO BOUJHVP NPOBSDB
KD F7I;E FEH B7 >?IJEH?7
J?;HH7 :; 9EB?D7I BB;D7I :; 7HJ; O F7JH?CED?E 4JUVBEP FO VO DPMMBEP $VÍ MMBS FT VO MVHBS QFSGFDUP QB SB SFWJWJS MBT DPTUVNCSFT Z FM BSUF EF OVFTUSP QBTBEP UJFSSB EF FEJGJDJPT NVEÍKB SFT UFOFSÑBT Z DBTUJMMPT
4V OPNCSF EF PSJHFO SPNÆOJDP FWPDB BCVOEBODJB EF DPMJOBT Z DP MMBEPT MVHBSFT IBCJUBEPT FO UJFN QPT BOUJHVPT $VÍMMBS MPDBMJEBE TJ UVBEB FO MB QSPWJODJB EF 4FHPWJB DSVDF EF DBNJOPT EFTEF 7BMMBEPMJE Z .BESJE FT QBUSJNPOJP NVEÍKBS DVOB EF DBTUJMMPT EF UFOFSÑBT FO MBT RVF DVSUJS FM DVFSP BSUFSJB EF OVFT USP MFHBEP DVMUVSBM Z HBTUSPOÖNJDP 7JMMB NFEJFWBM RVF MMFHÖ B UFOFS VO DFOUFOBS EF QPCMBDJPOFT PSCJ UBOEP B TV DFOUSP FDPOÖNJDP FT UÆ BÜO IPZ DBSHBEB EF DPTUVNCSFT DBTUFMMBOBT BSSBJHP EF UPSPT oDPO MPT FODJFSSPT NÆT BOUJHVPT EF &T QBÕBo QJOBSFT SFTJOFSPT IVFSUPT Z SFHBEÑPT &O MB &EBE EF )JFSSP EFTEF FM TJHMP 7*** B $ ZB FSB VO MV HBS UPUBMNFOUF IBCJUBEP DPNP EF NVFTUSB MB OFDSÖQPMJT TJUVBEB FO MB [POB EF MBT &SJKVFMBT EF 4BO "O ESÍT 6SOBT DJOFSBSJBT SFTUPT DFSÆ NJDPT VUFOTJMJPT EF IJFSSP -PT QSJ
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
NFSPT QJMBSFT EF VOB IJTUPSJB BÜO FO TV JOGBODJB BMHVOPT IJTUPSJBEP SFT EFGJFOEFO RVF TV PSJHFO FT QSF SSPNBOP Z RVF QVEP IBCFS TJEP MB MPDBMJEBE DFMUÑCFSB EF $PMFOEB %FTJFSUB USBT MB JOWBTJÖO ÆSBCF FT FO MB &EBE .FEJB DVBOEP $VÍMMBS FNQJF[B TV BDUVBM MJOBKF DPO SFQP CMBDJPOFT Z IVJEBT FOUSF SB[JBT EF DSJTUJBOPT Z ÆSBCFT 'VF GVOEBEB QPS DPOEFT BSBHPOFTFT EFTUSVJEB QPS FM DBVEJMMP "MNBO[PS Z QPTUF SJPSNFOUF SFQPCMBEB QPS "MGPOTP 7* EF $BTUJMMB B GJOBMFT EFM TJHMP 9* TJFOEP FODBSHBEP EF FMMB FM QPEF SPTP DPOEF 1FESP "OTÜSF[ &T FO UPODFT DVBOEP FNQJF[B B HPCFS OBSTF QPS JOTUJUVDJPOFT DPNP MBT DPNVOJEBEFT EF WJMMB Z UJFSSB EJSJ HJEBT QPS TV $PODFKP RVF IBO MMF HBEP IBTUB OVFTUSPT EÑBT -B WJMMB DPOTJHVJÖ DPCSBS TV JN QPSUBODJBoTF DFMFCSBSPO MBT $PSUFT EF $BTUJMMB FO o TJFOEP "MGPO
E &45".1"4 %& 6/ 3&'6(*0 %& 3&:&4 5SBT MB EFDBEFODJB FO FM TJHMP 97** $VÊMMBS IB TBCJEP NBOUFOFS TV BSPNB EF UJFNQPT SFBMFT TVT SJODPOFT RVF SFGVHJBSPO B SF ZFT IVFMMBT EF VO QB TBEP DVMUVSBM RVF IPZ BUSBF B MPT OVFWPT WJ TJUBOUFT "3$)*70 ":6/5" .*&/50 %& $6--"3
TP FM 4BCJP RVJFO FO MF PUPS HÖ FM 'VFSP 3FBM IBDJFOEP EFM MV HBS VOB EF MBT QPCMBDJPOFT NÆT JN QPSUBOUFT EF MB NFTFUB EFM CBKP %VFSP Z SFMFWBOUF FNQPSJP HBOB EFSP 'VFSPO UJFNQPT EF QSPTQFSJ EBE RVF EFKBSPO TV JNQSPOUB MB HSBO DBOUJEBE EF FEJGJDBDJPOFT NVEÍKBSFT MB IBO DPOWFSUJEP FO FM NBZPS OÜDMFP EF FTUF FTUJMP BSUÑT UJDP FO $BTUJMMB Z -FÖO %FTEF FOUPODFT GVF UJFSSB EF SF ZFT o%PÕB .BSÑB EF .PMJOB DPOWP DÖ MBT $PSUFT FO FM DBTUJMMP FO Z MB JHMFTJB NVEÍKBS EF TBO .BSUÑO BDPHJÖ MB CPEB EF 1FESP *o Z FODMB WF BNVSBMMBEP RVF MPT QSPUFHJÖ EF TVT EJTQVUBT DFOUSP EF TVT QPMÑUJ DBT TJFOEP DVOB EF IPNCSFT RVF DPORVJTUBSPO "NÍSJDB DPNP %JF HP 7FMÆ[RVF[ EF $VÍMMBS QSJNFS HP CFSOBEPS EF $VCB &O FM TJHMP 97** FNQF[BSÑB MB EF DBEFODJB MB DBÑEB BDPNQBTBEB EF UPEB $BTUJMMB QFSÑPEPT EF HVFSSBT Z EFTQPCMBDJÖO EF JNQVFTUPT Z FQJEFNJBT -B $PSUF TF JOTUBMÖ FO .BESJE Z FM MFHBEP SFBM EF $VÍMMBS GVF IJTUPSJB -B DJVEBE QBTBSÑB EF ÍQPDBT EF SFGMPSFDJNJFOUP B PUSBT EF SFDFTJÖO DPO TBRVFPT OB QPMFÖOJDPT FO MB HVFSSB EF MB *OEF QFOEFODJB &O +PTÍ EF &T QSPODFEB NBFTUSP EFM SPNBOUJ DJTNP TFSÑB EFTUFSSBEP FOUSF TVT NVSPT QPS MFFS WFSTPT TVCWFSTJ WPT Z BMMÑ FTDSJCJSÑB 4BODIP 4BMEB ÕB P FM DBTUFMMBOP EF $VÍMMBS &O FM DBTUJMMP RVF FSB FM FTDF OBSJP EF MB PCSB EF &TQSPODFEB BDBCBSÑB DPOWFSUJEP FO DVBSUFM EF TPMEBEPT JUBMJBOPT Z DÆSDFM EF QSF TPT %VSBOUF MB QPTHVFSSB TF TP CSFWJWJSÑB EFM DBNQP )PZ $VÍMMBS DPO DBTJ IBCJUBOUFT FT VOP EF MPT DFOUSPT UVSÑTUJDPT EF FTB &T QBÕB EF SJDP QBUSJNPOJP BSUF Z DPTUVNCSFT 6O FYQPOFOUF EFM UV SJTNP DVMUVSBM P EF JOUFSJPS G
CEDKC;DJEI O CKI;EI
KD7 L?BB7 H;FB;J7 :; H;9B7CEI >?IJÏH?9EI -B IJTUPSJB MBUF FO $VÍMMBS %F MBT NVSBMMBT BM DBTUJMMP QBTBOEP QPS MBT JHMFTJBT NVEÍKBSFT Z MBT DBTBT TPMB SJFHBT RVF QVFCMBO TVT DB MMFT SFDPMFUBT Z GBTDJOBOUFT
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
E &%*'*$*04 &.#-&.¦5*$04 &O MB JNBHFO EF BSSJCB QPEFNPT WFS FM DPO TJTUPSJP EF $VÊMMBS VO FEJGJDJP MFWBOUBEP FO FM TJHMP 97* "CBKP MB *HMFTJB EF 4BO 1FESP Z MB EF 4BO .JHVFM &O MB GPUPHSBGÎB HSBOEF FM $BTUJMMP EF MPT EVRVFT EF "MCVSRVFSRVF "3$)* 70 ":6/5".*&/50 %& $6--"3
&M JNQPOFOUF QBTBEP EF $VÍMMBS MFHBEP QBUSJNPOJBM ÜOJDP FO $BTUJ MMB Z -FÖO DPOWJFSUF B TVT DBMMFT Z FEJGJDJPT FO VOB JONFSTJÖO DVMUV SBM QPS MPT QBTBKFT IJTUÖSJDPT RVF QSFTJEF EFTEF MP BMUP TV TJOHVMBS DBTUJMMP -B CFMMF[B EF $VÍMMBS QBS UF EF VO FOUPSOP OBUVSBM TPSQSFO EFOUF oNBSFT EF QJOPTo EF BSUF NPOVNFOUPT Z NVTFPT EF JOUF SÍT OBDJPOBM DPO VO EFTBSSPMMP UVSÑTUJDP EJOÆNJDP F JOOPWBEPS
Z DPOTFSWBO EFDPSBDJÖO NVEÍKBS FO MPT UPSSFPOFT Z BSDPT 4F EJWJEFO FO EPT SFDJOUPT MB NVSBMMB EF MB DJVEBEFMB Z EF MB DJVEBE BNCPT DPO DPOUSBNVSBMMB RVF BÜO NBO UJFOFO USFT DVBSUBT QBSUFT EF TV SFDPSSJEP PSJHJOBM 'VFSPO EFDMBSB EBT .POVNFOUP /BDJPOBM
$0/+6/50 %& "326*5&$563" .6%+"3 6OP EF MPT HSBOEFT SF
DMBNPT BSUÑTUJDPT EF MB MPDBMJEBE %JTQPOF EF NÆT EF VOB EPDFOB EF FEJGJDJPT IBDJFOEP EF $VÍMMBS FM NBZPS OÜDMFP EF $BTUJMMB Z -FÖO FO FTUF FTUJMP %FTUBDBO MBT JHMFTJBT $"45*--0 %& $6--"3 'VF EFDMB EF 4BO .BSUÑO 4BO "OESÍT 4BO SBEP .POVNFOUP /BDJPOBM FO &TUFCBO Z FM 4BMWBEPS 4F DPOTFS Z TF USBUB EFM FEJGJDJP FNCMF WBO JNQPSUBOUFT SFTUPT FO JHMFTJBT NÆUJDP EF MB WJMMB 0CSB FO TV BD DPNP MB EF 4BO .JHVFM 4BOUP 5P UVBM BTQFDUP EF MPT EVRVFT EF "M NÍ P MB 5PSSF EF 4BOUB .BSJOB FO CVSRVFSRVF 4F BM[B TPCSF VO ÆOHV USF PUSBT &O FM QBUSJNPOJP DJWJM MP EF MB NVSBMMB NFEJFWBM .F[DMB MPT IBMMBNPT FO MPT BSDPT Z UPSSFP EF FTUJMPT BSRVJUFDUÖOJDPT NVEÍKBS OFT EF 4BO #BTJMJP Z 4BO "OESÍT Z FO FM QBMBDJP EF 4BOUB $SV[ HÖUJDP Z SFOBDFOUJTUB .63"--"4 %& $6--"3 %F PSJHFO $0/7&/504 : .0/"45&3*04 %FT SPNÆOJDP GVFSPO MFWBOUBEBT USBT UBDB FM NPOBTUFSJP EF 4BOUB $MB MB SFQPCMBDJÖO EFGJOJUJWB EF MB WJMMB SB EFM TJHMP 9*** GVOEBEP QPS VOB QBSB EFGFOEFSMB EF TVT FOFNJHPT &TUÆO SFBMJ[BEBT QPS NBNQPTUFSÑB 1"4" " 1¦(*/" 4*(6*&/5&
CEDKC;DJEI
7*&/& %& 1¦(*/" "/5&3*03
EJTDÑQVMB EF MB TBOUB B JOTUBODJBT EF 'FSOBOEP *** FM 4BOUP 5BNCJÍO FM $POWFOUP EF MB $PODFQDJÖO MF WBOUBEP FO FM TJHMP 97* QPS VO NB USJNPOJP EF MB OPCMF[B P FM DPO WFOUP EF 4BOUB "OB EFM TJHMP 97* 4F MFT VOFO FM NPOBTUFSJP EF 4BO 'SBODJTDP oEFTBNPSUJ[BEP FO FM TJ HMP 9*9 QFSP RVF BÜO DPOTFSWB MB GB DIBEB MBT DBQJMMBT MBUFSBMFT Z MB TB DSJTUÑBo FM NPOBTUFSJP EF 4BO #B TJMJP DFSDBOP BM DBTUJMMP KVOUP B MPT SFTUPT EFM DPOWFOUP EF MB 5SJOJ EBE Z FM 4BOUVBSJP EFM )FOBS RVF BMCFSHB MB JNBHFO NBSJBOB RVF FT QBUSPOB EF MPT SFTJOFSPT 1"-"$*0 %& 1&%30 * 4F USBUB EF VO FEJGJDJP RVF GVF EFDMBSBEP .POV NFOUP "SUÑTUJDP /BDJPOBM FO 'VF MFWBOUBEP FO FM TJHMP 9*** DP NP DBTB TPMBS EFM MJOBKF EF MPT 7F MÆ[RVF[ &T DPOPDJEP QPS TV BNQMJB GBDIBEB DPO QPSUBEB SPNÆOJDB DP SPOBEB DPO VOB UPSSF GVFSUF FO FM MBUFSBM &O TV JOUFSJPS TF DPOTFSWBO BSUFTPOBEPT QPMJDSPNBEPT DPO NPUJWPT WFHFUBMFT Z HFPNÍUSJDPT &TUÆ DPOTJEFSBEP DPNP jMPT SFTUPT EFM NFKPS QBMBDJP DJWJM RVF TF DPO TFSWB FO &TQBÕBx
E .6%+"3&4 : 1"-"$*04 " MB J[RVJFSEB EF BSSJCB B BCBKP WFNPT FM QBUJP EFM "ZVOUB NJFOUP MB JHMFTJB EF 4BO 1FESP Z FM 1BMB DJP EF 1FESP * " MB EFSFDIB FM $FOUSP EF *OUFSQSFUBDJÓO EF "S UF .VEÊKBS TJUVBEP FO MB JHMFTJB EF 4BO .BSUÎO "3$)*70 ":6/5"
)041*5"- %& -" ."(%"-&/" : &4 56%*04 %& (3".¦5*$" 'VFSPO JOTUJUVDJPOFT GVOEBEBT FO QPS FM BSDFEJBOP (ÖNF[ (PO[ÆMF[ TF DSFUBSJP EFM 1BQB .BSUÑO 7 &M IPT QJUBM BÜO DPOTFSWB HSBO QBSUF EFM FEJGJDJP Z EFTUBDB VOB SFDPMFUB DB QJMMB QSFTJEJEB QPS 4BOUB .BHEBMF OB &M &TUVEJP EF (SBNÆUJDB TF FO DVFOUSB KVOUP B MB QVFSUB EF 4BO .BSUÑO Z FO ÍM DVSTÖ TVT QSJNF SPT FTUVEJPT FM DBSEFOBM $JTOFSPT 1"-"$&5&4 : $"4"4 40-"3*&("4 &M QBMBDJP EF 4BOUB $SV[ FT EF FT UJMP NVEÍKBS Z GVF GVOEBEP FO FM TJ HMP 97** QPS VO NBSRVÍT RVF QPS UBCB TV OPNCSF Z VOB IJKB EFM EV
.*&/50 %& $6--"3
RVF EF "MCVSRVFSRVF +VOUP B FTUF FEJGJDJP $VÍMMBS BMCFSHB PUSBT DBTBT TFÕPSJBMFT DPNP MB $BTB EF MBT #P MBT oBDUVBM KV[HBEP NVOJDJQBMo P MB $BTB EFM BENJOJTUSBEPS Z QBOFSBT EFM EVRVF EF "MCVSRVFSRVF HSBO
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
DPNQMFKP EFEJDBEP BM TFSWJDJP EFM EVDBEP EFM TJHMP 97*** -BT DBMMFT EFM DBTDP VSCBOP FTUÆO SFQMFUBT EF DB TBT TPMBSJFHBT DPO GBDIBEBT EF DBO UFSÑB BSDPT Z TVT FTDVEPT OPCJMJB SJPT DPNP MBT EF MPT %B[B )FSSF SB P )JOFTUSPTB FOUSF PUSBT 05304 .0/6.&/504 %& */5&34 .FSFDFO VOB WJTJUB MB QMB[B .B ZPS EF FTUJMP DBTUFMMBOP DPO TPQPS UBMFT DPMVNOBEPT Z RVF QSFTJEF MB DBTB DPOTJTUPSJBM VOB BOUJHVB DÆS DFM EFM TJHMP 97* 5BNCJÍO FM HSBOF SP EF "HVTUÑO %B[B RVF BMCFSHÖ VOB GVOEBDJÖO QJBEPTB FO FM TJHMP 97** P &M $VCP OPNCSF DPO FM RVF TF DPOPDF FM NPMJOP EF WJFOUP NÆT BOUJHVP EF $BTUJMMB Z -FÖO
CKI;EI
$&/530 %& */5&313&5"$*¶/ %& "35& .6%+"3 6CJDBEP FO MB
JHMFTJB EF 4BO .BSUÑO RVF FT VOP EF MPT FNCMFNBT EFM BSUF NVEÍKBS DVFMMBSBOP NFEJBOUF VO FTQFDUÆ DVMP BVEJPWJTVBM TVNFSHF BM WJTJ UBOUF FO VO WJBKF FO FM UJFNQP QPS MPT TJHMPT 9** Z 9*** VOB WJTJÖO DPO KVOUB EF MB IJTUPSJB Z DPOWJWFO DJB EF MBT USFT DVMUVSBT DSJTUJBOB KVEÑB Z NVTVMNBOB .64&0 %& -"4 5&/&3±"4 &O TV QMBOUB CBKB TF FODVFOUSB VO UBMMFS FO FM RVF TF QVFEF DPOPDFS FM QSP DFTP EF MB USBOTGPSNBDJÖO EF MBT QJFMFT FO DVFSP DPO VOB NVFT USB JOUFSBDUJWB EF MB RVF FM FTQFD UBEPS GPSNB QBSUF
1"326& "326&0-¶(*$0 %& 4"/ &45&#"/ 4F USBUB EF VOB OFDSÖQP MJT QBSSPRVJBM KVOUP B MB JHMFTJB RVF MF EB OPNCSF EF MPT TJHMPT 9 9*** &O MB JHMFTJB EF 4BO .BSUÑO UBNCJÍO TF IBMMB PUSB OFDSÖQPMJT DPO UVNCBT EFM TJHMP 9**
%F MB MJUFSBUVSB B MBT GPSUJGJDB DJPOFT EFM NFEJFWP EF MBT SVUBT QJBEPTBT B MB NBHOJGJDFODJB EF MPT QBMBDJPT $VÍMMBS EJTQPOF EF SFDPSSJEPT EF DVFOUP VOJEPT QPS JOUFSFTBOUFT UFNÆUJDBT
HKJ7I J;CÈJ?97I
H;9EHH?:E 7 F?; :; 97:7 H?D9ÏD :;B F7I7:E 9KBJKH7B
"EFOUSBSTF FO MB &EBE .FEJB FO VO QBTFP QPS DBMMFT FNQFESBEBT Z BSSBCBMFT IJTUÖSJDPT 5SBOTQPS UBSTF B VOB WJMMB FO MB RVF DPOWJWJF SPO USFT DVMUVSBT FOUSF QBMBDJPT Z NVSPT SPNÆOJDPT Z NVEÍKBSFT DB TBT EF IFSNPTPT Z FWPDBEPSFT FO USBNBEPT EF NBEFSB 3FWJWJS MBT ÍQPDBT EF DPNFSDJBOUFT KVEÑPT EFTMJ[BSTF CBKP MPT OVNFSPTPT FT DVEPT OPCJMJBSJPT DSJTUJBOPT RVF SFDVFSEBO FM QPEFS EF BOUBÕP $VÍMMBS FT VOB MPDBMJEBE QFSGFD UB QBSB TBCPSFBSMB B QJF EJTGSVUBS EF MB IJTUPSJB FO DBEB SJODÖO BQVOUBSTF B BMHVOBT SVUBT UFNÆ UJDBT Z EFKBS MJCSF MB JNBHJOBDJÖO 365" %& -" $*6%"% .&%*&7"- &T UF SFDPSSJEP QBSUF EFM QSJNFS SFDJO UP BNVSBMMBEP KVOUP B MB QVFSUB EF 4BO .BSUÑO EPOEF TF FODVFOUSB -B 1BOFSB Z MB $BTB EFM EVRVF EF "M CVSRVFSRVF DPOTUSVJEB B GJOBMFT EFM TJHMP 97*** 4F BEFOUSB QPS FM DBT DP VSCBOP BDFSDÆOEPTF BM )PTQJUBM EF MB .BHEBMFOB GVOEBEP QPS FM BS DFEJBOP (ÖNF[ (PO[ÆMF[ QBSB SF HSFTBS B MB QMB[B EFM .FSDBEP EFM 1BO FO EJSFDDJÖO B MB QMB[B .BZPS EPOEF TF FODVFOUSB FM 1BMBDJP EF 1FESP * -B SVUB DPOUJOÜB FO MB QMB [B .BZPS Z FM "ZVOUBNJFOUP RVF TF MFWBOUBO KVOUP B MB JHMFTJB BSDJ QSFTUBM EF 4BO .JHVFM VO FEJGJDJP HÖUJDP DPO FMFNFOUPT SPNÆOJDPT NVEÍKBSFT Z SFOBDFOUJTUBT $FSDB EF MB JHMFTJB FTUÆ FM 1BMBDJP EF 4BOUB $SV[ TJUVBEP FO MB DBMMF EFM NJTNP OPNCSF 1PS MB DBMMF EF MBT 1BSSBT TF MMFHB B MB JHMFTJB EF 4BO 1FESP RVF DJFSSB FM TFHVOEP SFDJO UP EF MBT NVSBMMBT FO MB QBSUF TVS
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
E
-B SVUB QSPTJHVF IBDJB $BTB EF MPT 3PKBT FKFNQMP EF MB BSRVJUFDUVSB TP MBSJFHB EF MB OPCMF[B DVFMMBSBOB QB SB QBTBS QPS MBT DBTBT EF MPT 7FMÆ RVF[ EFM 1VFSDP Z EF MPT %B[B $PO DMVZF FO MB 5PSSF EF 4BOUB .BSJOB Z FO FM $POWFOUP EF MB 5SJOJEBE 365" -*5&3"3*" 0DIP FTDSJUPSFT IBO TJEP TFMFDDJPOBEPT QBSB VOJS MB MJUFSBUVSB Z FTUB MPDBMJEBE UPEPT WBMJPTPT QPS TV BQPSUBDJÖO BM BSUF Z DPOPDJNJFOUP EF $VÍMMBS 4F QVF EF WJTJUBS FM DBTUJMMP CBKP FM QSJTNB EF .JHVFM %FMJCFT FO TV PCSB -BT HVFSSBT EF OVFTUSPT BOUFQBTBEPT P MBT UFOFSÑBT FO -BT 3BUBT MBT NV SBMMBT TJHVJFOEP MB QSPTB EF 4P CSF FM NBS B[VM EF .BZSB &TUÍWF[ (BSDÑB MB KVEFSÑB KVOUP B MBT MF USBT EF (PO[BMP (JOFS Z &M TBOBEPS EF DBCBMMPT MB 1MB[B 4BOUP 5PNÍ DPO +PTÍ EF &TQSPODFEB Z TV 4BO DIP 4BMEBÕB P &M $BTUFMMBOP EF $VÍ MMBS FOUSF PUSPT FODMBWFT Z PCSBT
-" -6; %& 6/ "35& 6/*7&34"- &O MB GPUPHSBGÎB HSBO EF EF MB QÃHJOB J[ RVJFSEB MB 1VFSUB EF 4BO "OESÊT QBTP PCMJHBEP EF NVDIBT EF MBT SVUBT +VOUP B FTUBT MÎOFBT EF BSSJ CB B BCBKP FM JOUFSJPS EF MB JHMFTJB EF MB 5SJ OJEBE Z EPT EFUBMMFT EF MB BSRVJUFDUVSB NVEÊKBS EF MB JHMFTJB EF 4BO &TUFCBO "3$)* 70 ":6/5".*&/50 %& $6--"3
365" %& -" $*6%"%&-" : 4"/ "/ %34 &TUF SFDPSSJEP TF JOJDJB FO MB PGJDJOB EF UVSJTNP RVF TF FO DVFOUSB FO FM DBTUJMMP FEJGJDJP ZB EPDVNFOUBEP FO Z RVF DVFO UB DPO VOB FTUSVDUVSB SFDUBOHVMBS DPO DVBUSP UPSSFPOFT -B TJHVJFO UF QBSBEB FTUÆ FO MB JHMFTJB EF 4BO .BSUÑO RVF FT FM $FOUSP EF *OUFS QSFUBDJÖO EF "SUF .VEÍKBS %FTEF FTUF MVHBS FO EJSFDDJÖO OPSUF TF FODVFOUSB MB QVFSUB EF 4BO #BTJMJP DPOPDJEB DPNP "SDP EFM 3PCMFEP FO GSFOUF EFM BOUJHVP DPOWFOUP 1PS MB DBSSFUFSB EF #BIBCÖO TF MMF HB B MB JHMFTJB EF 4BO "OESÍT EFTEF MB RVF TF PCUJFOF VOB FYDFMFOUF WJT UB QBOPSÆNJDB -B SVUB DPOUJOÜB QPS MB QVFSUB EFM NJTNP OPNCSF Z MB KVEFSÑB IBTUB MB JHMFTJB EF 4BO &TUFCBO 1SPTJHVF QPS FM &TUVEJP EF (SBNÆUJDB FM HSBOFSP EF "HVTUÑO %B[B MB JHMFTJB NVEÍKBS EF 4BOUJB HP UFSNJOBOEP TV SFDPSSJEP FO MB QVFSUB EF 4BO .BSUÑO
365" %&- .6%+"3 $6&--"3"/0 &NQJF[B FO FM DBTUJMMP FO MB QVFS UB TVSFTUF P 5PSSFÖO EF -B .FNP SJB 4F EJSJHF EFTQVÍT B MB JHMFTJB EF 4BO .BSUÑO MB 1VFSUB EF 4BO #B TJMJP JHMFTJBT EF 4BO "OESÍT 4BO &TUFCBO FM ÆCTJEF EF 4BOUJBHP 4BO .JHVFM MB 5PSSF EF 4BOUB .BSJOB Z MBT JHMFTJBT EF MB 5SJOJEBE 4BOUB .BSÑB EF MB $VFTUB Z EF &M 4BMWBEPS 365" %& -04 "33"#"-&4 &TUB TFOEB QBSUF EFTEF MB DBMMF 4FHPWJB BM $POWFOUP EF 4BO 'SBODJTDP QB TBOEP QPS DBTBT CMBTPOBEBT DPNP MB EF MPT 3VJ[ EF )FSSFSB Z QPS MBT JHMFTJBT EF 4BOUB .BSÑB EF MB $VFT UB Z EF &M 4BMWBEPS FM CBSSJP EF 4BOUP 5PNÍ Z MBT 5FOFSÑBT Z MPT DPOWFOUPT EF MB $PODFQDJÖO Z EF 4BOUB "OB P 4BOUB *TBCFM G
<?;IJ7I
H?97I O 7KJxDJ?97I JH7:?9?ED;I 97IJ;BB7D7I 'FSJBT NFEJFWBMFT QSPDFTJP OFT B SJUNP EF EVM[BJOB $VÍ MMBS BMCFSHB B VOB SJDB WJEB DVM UVSBM RVF DPNCJOB MP NFKPS EF TV QBTBEP IJTUÖSJDP DPO VOB CVFOB PGFSUB EF BDUJWJEBEFT 6OB PGFSUB GFTUJWBM Z DVMUVSBM BN QMJB Z USBEJDJPOBM TPO MBT CBOEF SBT EF MB MPDBMJEBE TFHPWJBOB &M UV SJTNP EF JOUFSJPS FODPOUSBSÆ FO FMMB UPEP UJQP EF SFDMBNPT B MP MBS HP EFM BÕP FTQFDJBMNFOUF FO BHPTUP Z TFQUJFNCSF RVF BCBSDBO
EFTEF FWFOUPT SFMBDJPOBEPT DPO FM GPMDMPSF IJTUPSJB Z SFMJHJÖO B FY QPTJDJPOFT DPOGFSFODJBT Z DPO DVSTPT HBTUSPOÖNJDPT EF MPT RVF EJTGSVUBO MPDBMFT Z WJTJUBOUFT %F MBT EFTUBDBEBT GJFTUBT EF 4FNB OB 4BOUB B MPT FODJFSSPT EF UPSPT NÆT BOUJHVPT EF &TQBÕB QBTBO EP QPS FM EÑB EFM BSDÆOHFM 4BO .J HVFM QBUSÖO EF $VÍMMBS &M WBMPS EF FTUB PGFSUB DVMUVSBM IBDF EF MB MP DBMJEBE VO MVHBS QFSGFDUP QBSB EJT GSVUBS EFM QBUSJNPOJP JONBUFSJBM EF $BTUJMMB Z -FÖO
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
E %&70$*¶/ : $6-563" -B 3PNFSÎB EFM )F OBS Z TV USBEJDJPOBM QSPDFTJÓO IBTUB FM TBOUVBSJP IPNÓOJNP BCBKP B MB EFSFDIB Z MB 4FNBOB 4BOUB TPO EPT GFTUJWJEBEFT RVF BUSBFO B NJMFT EF WJ TJUBOUFT B $VÊMMBS "3 $)*70 ":6/5".*&/50 %& $6--"3
'*&45"4 %& -04 &/$*&3304 4F UJFOF OPUJDJBT EF FMMPT EFTEF FM BÕP QPS EPDVNFOUPT IJTUÖSJ DPT Z TF DFMFCSBO FO IPOPS EF MB JNBHFO EF /VFTUSB 4FÕPSB EFM 3PTBSJP FM ÜMUJNP GJO EF TFNBOB EF BHPTUP 1SFTVNFO QPS UBOUP EF TFS MPT NÆT BOUJHVPT EF &TQBÕB Z VOPT EF MPT NÆT GBNPTPT 4PO TFJT EÑBT RVF BUSBFO B OVNFSPTPT WJTJUBOUFT FO FTUB GJFTUB EFDMBSB EB EF *OUFSÍT /BDJPOBM RVF BEF NÆT EF FODJFSSPT DPO SFDPSSJEPT DBNQFTUSFT Z VSCBOPT DVFOUB DPO VOB HSBO WBSJFEBE EF BDUJWJ EBEFT QBTBDBMMFT CBJMF EF SVFEB HJHBOUFT Z DBCF[VEPT Z VOB GFSJB UBVSJOB DPO VO QSPHSBNB SFQMF UP EF BDUPT 30.&3±" %&- )&/"3 $FMFCSBEB FO FM EÑB EF /VFTUSB 4FÕPSB EFM )FOBS FT VOB GFTUJWJEBE RVF UJF OF MVHBS FM EPNJOHP BOUFSJPS B 4BO .BUFP FOUSF FM Z FM EF TFQUJFNCSF FO MBT DFSDBOÑBT EFM TBOUVBSJP Z FO MB RVF EFTUBDBO DJ UBT DPNP FM OPWFOBSJP Z MB QSP DFTJÖO OPDUVSOB EFM 3PTBSJP EF MBT "OUPSDIBT %VSBOUF FM EÑB FM DBNJOP RVF MMFWB IBTUB FM TBOUVB SJP EFM )FOBS FT BDPNQBÕBEP QPS FM GSBHPS EF MBT EVM[BJOBT Z FM UBN CPSJM Z DPOHSFHB BOVBMNFOUF B NÆT EF QFSTPOBT "EFNÆT MB [POB DPOPDJEB DPNP MB $IPQFSB DPOHSFHB VOB GFSJB QB SBMFMB DPO BUSBDDJPOFT Z DFOUFOB SFT EF QVFTUPT BNCVMBOUFT Z CB SFT FO MPT RVF EFHVTUBS MBT UÑQJDBT TBSEJOBT BTBEBT &- /*µ0 %& -" #0-" &TUB GJFTUB DPONFNPSB MB DJSDVODJTJÖO EF +FTÜT Z UJFOF SBÑDFT DSJTUJBOBT Z KVEÑBT 4F DFMFCSB FO FM EÑB EF "ÕP /VFWP Z FM EÑB EF 3FZFT EFTEF BM NFOPT FM TJHMP 97** Z MPT BTJTUFO UFT EBO[BO BM TPO EF MB EVM[BOJB FO VOB NVMUJUVEJOBSJB QSPDFTJÖO RVF QPS TVT DBSBDUFSÑTUJDBT FT ÜOJ
DB FO FM UFSSJUPSJP Z RVF TJHVF MB FT UFMB EF GFTUJWJEBEFT DPNP FM /JÕP EF 1SBHB &TUÆ PSHBOJ[BEB QPS MB )FSNBOEBE EFM /JÕP EF MB #PMB Z MPT EBO[BOUFT WBO BUBWJBEPT DPO USBKFT NVZ DPMPSJTUBT EF DBTBDB BNQMJB Z DBM[ÖO DPSUP DPO NFEJBT EF MBOB SPTB BEPSOBEBT DPO MB[PT '&45*7*%"% %& 4"/ .*(6&- &M EÑB EFM QBUSÖO EF $VÍMMBS UJFOF MVHBS FM EF TFQUJFNCSF Z DVFOUB DPO VO DPODVSTP EF UBQBT DPO FEJ DJPOFT B TVT FTQBMEBT BDUJWJEBEFT JOGBOUJMFT QBTBDBMMFT MB 'FSJB *O UFSDVMUVSBM Z VO FODJFSSP 4&."/" 4"/5" $BEB BÕP NÆT SF DPOPDJEB QBSUJDJQBO FO FMMB DP GSBEÑBT Z BMSFEFEPS EF DPGSB EFT FOUSF MBT RVF EFTUBDB MB JNB HFO EF /VFTUSB 4FÕPSB EF MB 4PMFEBE RVF FT MB ÜOJDB QPSUBEB CBKP QBMJP FO MB QSPWJODJB &M 4Æ CBEP 4BOUP TF DFMFCSB FO MB QMB [B .BZPS VOB USPOBEFSB EF UBN CPSFT DBSSBDBT Z NBUSBDBT -" '*&45" %& -"4 $"/%&-"4 4F USBUB EF VOB GFTUJWJEBE NVZ QPMV MBS FO $BTUJMMB RVF TF SFBMJ[B FO $VÍMMBS FO UPSOP B MB JHMFTJB EF 4BO "OESÍT FO GFCSFSP '&3*"4 : .&3$"%04 -B WJMMB FT DPOPDJEB EFTEF UJFNQPT BOUJ HVPT QPS TVT GFSJBT QSJWJMFHJP RVF MF DPODFEJFSPO MPT SFZFT DBTUFMMB OPT Z EF GVFSUF DBSÆDUFS HBOBEF SP &O MB BDUVBMJEBE EFTUBDB MB 'F SJB EF "SUFTBOÑB RVF UJFOF MVHBS FO FM QBUJP EF BSNBT EFM DBTUJMMP Z RVF FT MB NÆT BOUJHVB EF MB QSP WJODJB DFMFCSBEB EFTEF 4PO SFDPNFOEBCMFT UBNCJÍO MB 'FSJB .FEJFWBM .VEÍKBS RVF BUSBF B NJ MFT EF WJTJUBOUFT FO VOB WFOUBOB BM QBTBEP FO MB RVF TF EBO DJUB DPNCBUFT Z GFTUFKPT EFM NFEJFWP FM .FSDBEP EF 1SPEVDUPT &DPMÖ HJDPT MB 'FSJB EFM 7JOP Z EFM -JCSP P FM .FSDBEP EF $PMFDDJPOJTNP Z "OUJHÞFEBEFT G
=7IJHEDECË7
I78EH 7 J?;HH7 O L?y;:E ;DJH; C7H;I :; F?DEI -B DPNJEB DBTUFMMBOB FT VO NBOKBS TBCSPTP RVF TF OVUSF EF MPT FYDFMFOUFT QSPEVDUPT EF MB UJFSSB VO WFSHFM HBTUSÖOPNJDP QBSB TBCPSFBS MFDIPOFT FOEJ CJBT CVFOPT WJOPT Z OÑTDBMPT
6OP EF MPT HSBOEFT BMJDJFOUFT EF $BTUJMMB Z -FÖO FT TV HBTUSPOPNÑB BSUF EF QBMBEBS USBEJDJPOBM RVF BÜ OB DBSOFT Z IPSUBMJ[BT Z RVF TF VOF B TV FOPSNF SJRVF[B QBUSJNPOJBM Z QBJTBKÑTUJDB $VÍMMBS EFTUBDB QPS TVT WJOPT DPDJEPT Z UBQBT RVF PGSFDFO FO OVNFSPTPT SFTUBVSBOUFT %F MB DPDJOB UÑQJDB DBTUFMMBOB oDPO DPS EFSPT MFDIBMFT Z DPDIJOJMMPT BTB EPTo B MPT DPODVSTPT EF UBQBT FTQF DJBMJ[BEPT EVSBOUFT MPT EÑBT GFTUJ WPT -PT NJÍSDPMFT Z KVFWFT BEFNÆT WBSJPT SFTUBVSBOUFT DVNQMFO DPO MB USBEJDJÖO EFM %ÑB EFM $PDJEP TFSWJ EP DPNP BMNVFS[P DBMJFOUF FTQF DJBMNFOUF FO JOWJFSOP 5PEPT MPT IPTUFMFSPT UJFOFO TVT FTQFDJBMJEBEFT NVZ FODBSBEBT B MB DPDJOB USBEJDJPOBM &M QMBUP FTUSFMMB FT FM DPSEFSP MFDIBM BTBEP BM IPS OP EF MFÕB BM FTUJMP DBTUFMMBOP &O UFNQPSBEB TPO NVZ BQSFDJBEPT UBNCJÍO MPT OÑTDBMPT Z MBT FOEJCJBT BMJÕBEBT FO EJWFSTBT GPSNBT
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
DSFBEBT FO DVFOUBO DPO MB QBSUJDJQBDJÖO EF VOB EFDFOB EF SFTUBVSBOUFT EF MB [POB Z TF DFMF CSBO EVSBOUF FM NFT EF BCSJM 5BN CJÍO IBZ PUSPT GFTUJWBMFT HBTUSP OÖNJDPT DPNP FM A%FM DFSEP IBTUB MPT BOEBSFT &O DVBOUP B UBQBT FM DPODVSTP EF 4BO .JHVFM FT VO DFSUBNFO NVM UJUVEJOBSJP RVF VOF B MB NBZPS QBS UF EF MPT CBSFT EF MB WJMMB Z RVF ZB MMFWB EJFDJTJFUF FEJDJPOFT DPNP VOB NVFTUSB EF MB HSBO DSFBUJWJEBE DV MJOBSJB EFM MVHBS 4PO DVBUSP EÑBT EF MB AQFRVFÕB HBTUSPOPNÑB FO MPT RVF DBEB BÕP TF PGSFDFO OVFWBT QSPQVFTUBT EF MPT IPTUFMFSPT DPO JOHSFEJFOUFT DPNP MBT FOEJCJBT UPTUBT JCÍSJDBT BSSPDFT DPO QJNFO UÖO Z WJOP CMBODP DSVKJFOUFT EF QP MMP Z HSBO WBSJFEBE EF RVFTPT %VSBOUF MBT GJFTUBT EF 4BO "OESÍT TF DFMFCSB UBNCJÍO PUSP DPODVSTP EF UBQBT FO FM RVF QBSUJDJQBO PUSPT 0USBT EF TVT EFMJDJBT HBTUSPOÖNJ FTUBCMFDJNJFOUPT EFM CBSSJP Z RVF DBT FT FM RVFTP UBOUP FM EF MB WJMMB TF VOF B MB 'FSJB EF MB 5BQB RVF DPNP EF MB DPNBSDB EF DVJEBEB USBOTDVSSF QBSBMFMB B MB 'FSJB EF FMBCPSBDJÖO Z DVSBDJÖO JEFBM QB $VÍMMBS EVSBOUF FM GJO EF TFNBOB &M WJOP FT PUSP EF MPT WBMVBSUFT EF SB DPNQBHJOBS DPO MPT FYRVJTJUPT KBNPOFT Z FNCVUJEPT DBTFSPT &O $BTUJMMB Z -FÖO 1BSB FTUB FEJDJÖO USF MPT QPTUSFT EFTUBDB FM EVMDF UÑQJ EF MBT &EBEFT EFM )PNCSF MB EF DP %FMJDJBT EF $VÍMMBS SFBMJ[BEP OPNJOBDJÖO EF 0SJHFO 3JCFSB EFM DPO MPT QSPEVDUPT EF MB UJFSSB FM QJ %VFSP FMBCPSBSÆ VO WJOP PGJDJBM EF ÕÖO Z MB BDIJDPSJB Z RVF JNJUB MPT MB NVFTUSB NFEJBOUF VOB FEJDJÖO MBESJMMPT NVEÍKBSFT P TVT DVBKBEBT MJNJUBEB FO GPSNBUP NÆHOVN EF -PT WJOPT RVF QSFEPNJOBO FO MB UJOUP SFTFSWB DPO FTUVDIF EF [POB TPO GVOEBNFOUBMNFOUF 3J DPMFDDJPOJTUB ZB RVF EVSBOUF MBT CFSB EFM %VFSP oEFOPNJOBDJÖO EF EÑBT EF MB FYQPTJDJÖO NVDIPT EF PSJHFO RVF TF FYUJFOEF QPS 4PSJB MPT WJTJUBOUFT HVTUBO FO TBCPSFBS #VSHPT 4FHPWJB Z 7BMMBEPMJEo Z MPT FYRVJTJUPT DBMEPT DBTUFMMBOPT -B WJMMB DVFOUB BEFNÆT DPO DB 3VFEB DPO TVT WJOPT SPTBEPT Z UJO UPT RVF BDPNQBÕBO CJFO MB GVFSUF UBT FO MBT NVSBMMBT DPNP MBT RVF PGSFDFO MBT CPEFHBT EF MPT WJOPT DPNJEB DBTUFMMBOB .BMBQBSUF RVF EVSBOUF MPT EÑBT EF MB NVFTUSB QSPQPOESÆO EFHVTUB DJPOFT DPO WJTUBT BM NBS EF QJOB $0/$63404 : $"5"4 &/ -"4 .6 SFT EFTEF FM UPSSFÖO EF 4BOUJBHP Z 3"--"4 -BT +PSOBEBT (BTUSPOÖ BMNVFS[PT Z DFOBT FO FM SFTUBV NJDBT EF 7JMMB Z 5JFSSB EF $VÍMMBS SBOUF 4BO 'SBODJTDP G
L?DEI O J7F7I
E %04 &453&--"4 -&$)";0 : 7*/0 %F J[RVJFSEB B EFSF DIB QPEFNPT WFS VO BTBEPS UÎQJDP DBTUF MMBOP FO FM RVF TF SFB MJ[BO TVT QMBUPT FT USFMMB FM MFDIÓO Z FM DPSEFSP Z MPT WJÒF EPT EF MB [POB DPNP FM EF MPT 7JOPT .BMB QBSUF RVF DVFOUBO DPO WJTJUBT Z DBUBT B TVT CPEFHBT DFSDB OBT B MB WJMMB "3$)*70 7*/04 ."-"1"35&
HKJ7I ;D 8?9?9B;J7
;N9KHI?ED;I FEH KDEI F7H7@;I CÈ=?9EI -PT BNBOUFT EF MB CJDJDMFUB QVFEFO EJT GSVUBS EF TV WJTJUB B $VÍMMBS QFEBMFBOEP QPS SVUBT QBSB UPEPT MPT HVTUPT 6OB NB OFSB EF OP QFSEFSTF MB DPNBSDB
$VÍMMBS Z TVT BMSFEFEPSFT TPO QFS GFDUPT QBSB WJTJUBSMPT FO CJDJ DPO SVUBT EF EJTUJOUPT OJWFMFT QFOTBEBT UBOUP QBSB QSJODJQJBOUFT DPNP WF UFSBOPT 4F USBUB EF VOB FTUVQFO EB PQPSUVOJEBE QBSB EJTGSVUBS EFM BSUF Z MB OBUVSBMF[B QFEBMFBOEP DPO SFDPSSJEPT QVCMJDBEPT FO QMB UBGPSNBT DPNP 8JLJMPD QPS DMVCFT EF SFGFSFODJB DPNP FM .5# $P SSFDBNJOPT EF $VÍMMBS &TUB BTP DJBDJÖO MMFWB NÆT EF BÕPT USB [BOEP SVUBT SVSBMFT Z EF NPOUB ÕB Z PSHBOJ[BOEP FWFOUPT DPNP FM QSÖYJNP ** %FTBGÑP EF MBT 7JMMBT RVF TF DFMFCSBSÆ FM EF NBZP &M PCKFUJWP EF FTUPT SFDPSSJEPT FT EBS B DPOPDFS MPT QVFCMPT Z FM QB USJNPOJP EF MB [POB CBKP VO FT QÑSJUV EFQPSUJWP -B NBZPSÑB EF FTUBT SVUBT TF EFTBSSPMMBO QPS MB $PNVOJEBE EF 7JMMB Z 5JFSSB "O UJHVB EF $VÍMMBS
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
E %&45*/0 "- %*4'365& &YJTUFO SVUBT RVF EJTDVSSFO QPS MPT BM SFEFEPSFT EF $VÊMMBS QPS UFSSFOPT UPUBM NFOUF QMBOPT P QPS NPOUBÒB -B BTPDJB DJÓO .5# $PSSFDB NJOPT EF $VÊMMBS IB QVCMJDBEP WBSJBT EF FMMBT RVF MMFHBO B MV HBSFT UBO JNQPOFO UFT DPNP FM IVNFEBM EFM &TQBEBÒBM .5# $0 33&$".*/04 : ":50 $6--"3
;IF79?EI D7JKH7B;I
-BT SVUBT TF EJGFSFODJBO FO TV EJGJ DVMUBE QPS FM EFTOJWFM Z MB OFDFTJ EBE EF VO QSFQBSBDJÖO GÑTJDB FO FM DBTP EF MBT NÆT EJGÑDJMFT 5PEBT QBSUFO EFM DBTUJMMP Z TF BEFOUSBO FO MPT OÜDMFPT SVSBMFT WFDJOPT 1"3" 50%04 -04 1¼#-*$04 &O FT UBT TFOEBT OP TF OFDFTJUB QSFQBSB DJÖO GÑTJDB Z QVFEFO BDPNFUFSMBT OJÕPT EF B QBSUJS EF BÕPT ZB RVF EJTDVSSFO QPS UFSSFOP QMBOP Z QPS DBNJOPT FO CVFO FTUBEP -B A3VUB 'ÆDJM TBMF EFM DBTUJMMP FO EJSFDDJÖO 5PSSFHVUJÍSSF[ QPS VO DBNJOP FO FM RVF TF QVFEF EJT GSVUBS EFM ANBS EF QJOBSFT 6OB WF[ FO 5PSSFHVUJÍSSF[ TF DPHF FM DBNJOP B MB 1JÕPOBEB QBTBOEP MB BVUPWÑB QPS VO QVFOUF FMFWBEP
FO EJSFDDJÖO B MB QSBEFSB EF &M )F OBS 5SBT SFDPCSBS GVFS[BT FO FM TBOUVBSJP DPOUJOÜB QPS FM DBNJOP EF MBT $BOUFSBT IBTUB $VÍMMBS -B A3VUB 'ÆDJM UJFOF TV TBMJEB Z MMFHBEB FO FM DBTUJMMP &TUÆ DPO TJEFSBEB GÆDJM QPS TV EJTUBODJB QF SP BM GJOBM EFCF CBKBSTF QPS &M &N CVEP QVOUP EF FOUSBEB EFM FODJF SSP FO $VÍMMBS Z FT BMHP FNQJOBEP
4F USBUB EF VO QBTFP QPS MPT BM SFEFEPSFT EF MB WJMMB DPO WJTUBT EFT EF &TDBSBCBKPTB 4F JOJDJB QPS FM DB NJOP QPS EPOEF FOUSB FM FODJFSSP BM QFSÑNFUSP VSCBOP QBSB BDBCBS TVCJFOEP EF WVFMUB BM DBTUJMMP QPS FM DBTDP BOUJHVP &TUÆ SFDPNFOEB EB QBSB OJÕPT EF NÆT EF BÕPT 4&/%"4 .0%&3"%"4 &TUÆO QFO TBEBT QBSB UPEPT MPT QÜCMJDPT OJ ÕPT EF NÆT EF BÕPT EF FEBE QFSP DPO DJFSUB QSFQBSBDJÖO GÑ TJDB DPNP IBCFS QSBDUJDBEP BM NFOPT VO QPDP EF EFQPSUF A-B 3VUB .PEFSBEB TBMF EF $BT UJMMP FO EJSFDDJÖO 5PSSFHVUJÍSSF[ TJHVJFOEP IBTUB 4BO $SJTUÖCBM EF $VÍMMBS 4F CBKB IBTUB FM QVFCMP QPS VO DBNJOP FO EFTOJWFM RVF TF MMBNB MB (JMPUB 4F DSV[B MB $- Z USBT VOB TVCJEB TF MMFHB BM QJ OBS EF 4BO $SJTUÖCBM 4F EFCF TVQF SBS MB BVUPWÑB QPS FM UVOFM EF -B (B MMFUFSB Z USBT VOPT NFUSPT QPS MB BOUJHVB $- TF TJHVF QPS FM BSSP ZP EFM WBMMF EF &M )FOBS IBTUB FM TBOUVBSJP 6OB WF[ BMMÑ TF SFHSFTB VTBOEP MB A3VUB 'ÆDJM -B A3VUB .PEFSBEB TBMF EFM DBT UJMMP IBTUB MB 4FOEB EF MPT 1FTDBEP SFT Z SFDPSSF VO USBNP EFM FODJFSSP QPS MB [POB EFM QJOBS IBTUB MMFHBS BM IVNFEBM EFM &TQBEBÕBM %FTEF BMMÑ TF TVCF B &TDBSBCBKPTB QBSB EFT DFOEFS MVFHP QPS &M &NCVEP Z MMF HBS EF FTUF NPEP BM $BTUJMMP 365" %*'±$*- 4BMF EFM $BTUJMMP IB DJB FM )FOBS QPS FM DBNJOP EF MBT DBOUFSBT Z EF BIÑ DPOUJOÜB IBDJB FM WBMMF EFM 7BMDPSCB 4F QBTB FM QVF CMP EF "MEFBMCBS Z TF TJHVF IBTUB MB TVCJEB EF MB GVFOUF #BJUBSEF SPT %FTQVÍT USBOTDVSSF QPS FM WB MMF EF MB 4PMBOB IBTUB TVCJS FM QJDP EF MB .FTJMMB %FTEF BMMÑ TF MMFHB BM DPOWFOUP EF MB "SNFEJMMB %FTQVÍT QBTB QPS $PHFDFT EFM .POUF Z TF SF HSFTB FO EJSFDDJÖO B #BIBCÖO IBT UB MMFHBS GJOBMNFOUF B $VÍMMBS G
7BH;:;:EH;I :; 9KxBB7H
KD KD?L;HIE HKH7B 9EBC7:E :; I;9H;JEI CK:x@7H;I $VÍMMBS DVFOUB FO TVT BMSFEFEP SFT DPO TBOUVBSJPT Z QFRVFÕPT OÜ DMFPT SVSBMFT DPO NVDIP FODBO UP ;POBT EF QJOBSFT QÆSBNPT Z FY UFOTJPOFT EF BHVB DPNP &M &TQBEBÕBM EF BNCJFOUFT DBNQFT USFT Z FEJGJDBDJPOFT SPNÆOJDBT %FTEF MB WJMMB TF QVFEFO SFDPSSFS EJGFSFOUFT SVUBT QPS FTUB [POB BHSÑ DPMB Z HBOBEFSB EFTDVCSJS QFRVF
&O MPT BMSFEFEPSFT EF $VÍMMBS QVFEFO FODPOUSBSTF UFTUJ NPOJPT BSRVJUÍDUP OJDPT RVF OP TPCSF WJWJFSPO FO MB WJMMB Z EJTGSVUBS B MB WF[ EFM BNCJFOUF SVSBM
ÕPT UFTPSPT NVEÍKBSFT P BDFSDBS TF IBTUB TVT QVFCMPT QBSB TBCPSFBS FM DPSEFSP BTBEP 4"/56"3*0 %&- )&/"3 &T DFOUSP EF SPNFSÑBT Z VO MVHBS EF HSBO USB EJDJÖO IJTUÖSJDB &M 4BOUVBSJP EF /VFTUSB 4FÕPSB EFM )FOBS FTUÆ TJ UVBEP B VOPT DJODP LJMÖNFUSPT EF $VÍMMBS FO EJSFDDJÖO OPSPFTUF DPOTUJUVZFOEP FM MVHBS EF NBZPS
Z -"4 &%"%&4 %&- )0.#3& &/ $6--"3 -BT HVÎBT EF NJOVUPT
EFWPDJÖO EF UPEB MB DPNBSDB 4F FODVFOUSB TJUVBEP FO VOB QSBEF SB BSCPMBEB DJSDVOEBEB QPS QJOB SFT &T VO DBNJOP EF QFSFHSJOBDJÖO RVF SFDJCF NVDIPT WJTJUBOUFT B MP MBSHP EFM BÕP Z FTUÆ EPUBEP EF VOB [POB SFDSFBUJWB QBSB IBDFS NÆT BHSBEBCMF FM QBTFP &O ÍM TF DFMFCSB MB GBNPTB 3PNFSÑB EFM )FOBS VOB EF MBT NÆT DPODVSSJEBT EF $BTUJMMB Z -FÖO FOUSF FM Z FM EF TFQ UJFNCSF DVZP NPNFOUP NÆT FNP UJWP FT MB TBMJEB EF MB 7JSHFO EFM 4BOUVBSJP B USBWÍT EF MB QSBEFSB -B JNBHFO EF /VFTUSB 4FÕPSB EF &M )FOBS FT VOB UBMMB EFM TJHMP 9** RVF TF WFOFSB EFTEF RVF TF MF BQBSFDJF SB MB 7JSHFO B VO QBTUPS FO &M QÖSUJDP EFM TBOUVBSJP FT EF QJF ESB DPO FTDBMJOBUB Z USJQMF BSDP Z DVFOUB FO TV JOUFSJPS DPO QJOUV SBT EF +PTÍ .JDPU Z DPCSFT QJOUBEPT EF MB FTDVFMB GMBNFODB "EFNÆT TF BDVEF BM NJTNP MVHBS FO PUSBT GJFT UBT DPNP MB EF MPT SFTJOFSPT &M )F OBSJMMP &M $BSNFO 'JFTUB EF MB +V WFOUVE P MBT EF $VÍMMBS 5BNCJÍO FT QPQVMBS MPT GJOFT EF TFNBOB 365" %&- 1¦3".0 -PT QVFCMPT EF MB [POB EFM 1ÆSBNP TPO MBT EPT EFIFTBT -PWJOHPT 'VFOUFT &TDB SBCBKPTB Z 5PSSFHVUJÍSSF[ 'PSNBO MB DFSDBOÑB SVSBM BMSFEFEPS EF $VÍ MMBS Z FM MVHBS JEÖOFP QBSB QSPCBS MPT MFDIB[PT EF FTUB UJFSSB -B SVUB TF JOJDJB UPNBOEP MB DBSSFUFSB $ FO EJSFDDJÖO B 3JB[B DPO MB QSJNF SB QBSBEB FO FM CBSSJP %FIFTB .B ZPS RVF QPTFF VOB JHMFTJB EF PSJ HJOBM DPSOJTB DPOTUSVJEB FO QJFESB NBDJ[B &O EJSFDDJÖO OPSUF IBDJB 'VFOUFT EF $VÍMMBS TF QBTB QPS FM CBSSJP EF %FIFTB EF $VÍMMBS Z TF QVFEF WJTJUBS BMMÑ TV JHMFTJB DPO BS DBEBT HÖUJDBT Z FM DPSP NVEÍKBS SFB MJ[BEP FO UBSBDFB FO TV JOUFSJPS &O EJSFDDJÖO OPSEFTUF FTUÆ MB MPDBMJEBE EF -PWJOHPT RVF QPTFF
VOB JHMFTJB DPO VOB UPSSF EF HSBO BM UVSB EF FTUJMP SPNÆOJDP Z FO TV JOUFSJPS FM WJTJUBOUF FODPOUSBSÆ BS DBEBT Z [ÖDBMPT NVEÍKBSFT -B SVUB GJOBMJ[B FO 'VFOUFT EF $VÍMMBS MP DBMJEBE TJUVBEB B VOPT LJMÖNFUSPT EF MB WJMMB FO MB RVF TF MFWBOUB MB JHMFTJB EF 4BO +VBO #BVUJTUB RVF QPTFF FO TV JOUFSJPS VO NBHOÑGJDP SFUBCMP CBSSPDP B QFTBS EFM NBM FT UBEP EF DPOTFSWBDJÖO EFM FEJGJDJP 4F QVFEF DPNQMFUBS FM QBTFP WJTJ UBOEP &TDBSBCBKPTB Z 5PSSFHVUJÍ SSF[ QFRVFÕPT OÜDMFPT EFEJDB EPT B MB DSÑB EF PWFKBT 365" %&- $"33"$*--0 &TUB SVUB SFDPSSF MPT OÜDMFPT EF MB QBSUF TVS EFTEF $VÍMMBS FO MB [POB DPOP DJEB DPNP &M $BSSBDJMMP MVHBS SFDP OPDJEP QPS TVT DVMUJWPT IPSUÑDP MBT EFEJDBEPT IPZ FO EÑB B MB BHSJ DVMUVSB JOUFHSBM %JTGSVUBO EF TVFMPT CMBOEPT JEFBMFT QBSB MBT [B OBIPSJBT FOEJCJBT QVFSSPT DPMFT Z MFDIVHBT &M QVFCMP NÆT EFTUBDBEP FT "SSPZP EF $VÍMMBS DPO IB CJUBOUFT Z QPTFF VOB JHMFTJB DPO CF MMB EFDPSBDJÖO CBSSPDB FO TV JOUF SJPS &O $BNQP EF $VÍMMBS EFTUB DB FM BSUFTPOBEP NVEÍKBS EF MB JHMFTJB QBSSPRVJBM B MBT BGVFSBT TF FODVFOUSB FM ÆCTJEF NVEÍKBS EF 4BO .BNÍT DPNP ÜOJDP SFTUP RVF TF DPOTFSWB EFM UFNQMP NFEJFWBM &O $IBUÜO FO MB JHMFTJB EF 4BO "OESÍT TF FODVFOUSB PUSP FKFNQMBS EF BSUFTPOBEPT NVEÍKBSFT EFM TJHMP 97 KVOUP B MPT EFM DFSDBOP NVOJ DJQJP EF (PNF[TFSSBDÑO &- &41"%"µ"- 4F IBMMB FO 1SBEP 7FHB B VOPT TFJT LJMÖNFUSPT EF $VÍMMBS UPNBOEP MB DBSSFUFSB $- FO EJSFDDJÖO B $BOUBMFKP &T VO IVNFEBM BM OPSUF EF MB 5JFSSB EF 1JOBSFT EF WBSJBEB GBVOB FO MB RVF QVFEFO WFSTF OVNFSPTBT FT QFDJFT EF BWFT NJHSBUPSJBT Z IFS NPTBT SBQBDFT Z DPSNPSBOFT G
E &/$"/50 $".1&453& %F J[RVJFSEB B EFSF DIB FO FM TFOUJEP EF MBT BHVKBT EFM SFMPK FM JOUFSJPS EFM 4BOUVBSJP EFM )FOBS MB JHMFTJB QBSSPRVJBM RVF QVFEF WJTJUBSTF FO MB SVUB EFM $BSSBDJMMP VOB EF MBT JHMFTJBT EF MB %FIFTB RVF TF QVFEF EJTGSV UBS FO MB 3VUB EFM 1B SÃNP Z FM FYUFSJPS EFM )FOBS "3$)*70 ":6/5" .*&/50 %& $6--"3
7=;D:7 YkbjkhWb ;D9K;DJHEI
&9104*$*0/&4
'FSJB EF $VÃ&#x160;MMBS &TUB GFSJB TF SFNPOUB BM TJHMP 97 QVFT GVF DSFBEB QPS FM SFZ +VBO ** Z FO MB BDUVBMJEBE TF IB DPOWFSUJEP FO VO HSBO FODVFOUSP NVMUJTFDUP SJBM WJTJUBEP QPS NJMFT EF QFS TPOBT FO CVTDB EF OVFWPT QSP EVDUPT Z UFDOPMPHÃ&#x17D;B &M PCKF UJWP FT QPUFODJBS FM EFTBSSPMMP FDPOÃ&#x201C;NJDP EF MB DPNBSDB
-B +VEFSÃ&#x17D;B 4F USBUB EF VOB FY QPTJDJÃ&#x201C;O QFSNBOFOUF USBT MB SFDVQFSBDJÃ&#x201C;O EF MB KVEFSÃ&#x17D;B EF $VÃ&#x160;MMBS Z MB JODPSQPSBDJÃ&#x201C;O EF MB WJMMB FO MB 3FE EF +VEFSÃ&#x17D;BT EF &TQBÃ&#x2019;B &O FMMB TF FYQPOFO SÃ&#x160;QMJDBT EF EPDVNFOUPT IJTUÃ&#x201C; SJDPT EF MPT BSDIJWPT SFGFSFO UFT B MPT KVEÃ&#x17D;PT DVFMMBSBOPT BTÃ&#x17D; DPNP QBOFMFT FO MPT RVF TF OBSSB MB IJTUPSJB Z DVMUVSB EF MB BMKBNB Z MPT IFCSFPT
%FM EF BCSJM BM EF NBZP .Ã&#x192;T JOGPSNB DJÃ&#x201C;O FO XXX DVFMMBS FT
$BQJMMB EF MB .BHEBMFOB &YQPTJDJÃ&#x201C;O QFSNB OFOUF
'&3*"4
'FSJB EF MB +VWFOUVE 4PO VOPT EÃ&#x17D;BT SFQMFUPT EF BDUJWJEB EFT FO MPT 1BTFPT EF 4BO 'SBODJTDP DPO MB KVWFOUVE Z FM EFQPSUF DPNP FKFT UFNÃ&#x192;UJDPT &O FTUBT KPSOBEBT MPT OJÃ&#x2019;PT QVFEFO EJTGSVUBS HSBUVJUBNFO UF EF HJODBOBT DJSDVJUPT EF LBSUT NÃ&#x2122;TJDB Z KVFHPT 'JOBMFT EF NBZP 1BTFPT EF 4BO 'SBODJTDP
'*&45"4
%F GJFTUBT FO MPT FODJF SSPT NÃ&#x192;T BOUJHVPT -BT GJFTUBT EF $Ã&#x2122;FMMBS TF DFMF CSBO FO IPOPS B /VFTUSB 4FÃ&#x2019;PSB EFM 3PTBSJP DPO VO TJOGÃ&#x17D;O EF BDUJWJEBEFT Z BD UPT GFTUJWPT RVF JODMVZFO MPT GBNPTPT FODJFSSPT %Ã&#x17D; BT EF DIBSBOHBT DPODJFS UPT Z CBJMFT %FM BM EF BHPTUP "DUJWJEBEFT QPS
%Ã&#x17D;B .VOEJBM EFM 5VSJTNP 1B UPEP FM NVOJDJQJP SB DFMFCSBS FTF EÃ&#x17D;B $VÃ&#x160;MMBS FT UÃ&#x192; QSFQBSBOEP VO QSPHSBNB EF BDUJWJEBEFT Z BDUVBDJPOFT EF VOB DIPDPMBUBEB QPQVMBS DPONFNPSBDJÃ&#x201C;O EF KVOJP IPSBT "VMB $VMUVSBM EF MB EF TFQUJFNCSF .Ã&#x192;T JOGPSNBDJÃ&#x201C;O FO MB QÃ&#x192; HJOB XFC XXX DVFMMBS FT
'*&45"4
/PDIF EF 4BO +VBO FO MB )VFSUB EFM %VRVF 4F SFBMJ[B VOB BVEJDJÃ&#x201C;O EF MPT BMVNOPT EF %VM[BJOB Z 5BNCPSJM EF MB &TDVFMB .VOJDJQBM EF .Ã&#x2122;TJDB EF $VÃ&#x160;MMBS Z VO QBTBDBMMFT IBT UB MB )VFSUB EFM %VRVF DPO
.BHEBMFOB
;IF;9JÃ&#x2C6;9KBEI $*$-04 7PDFT EFM .VEÃ&#x160;KBS &T VO DJ DMP EF DPODJFSUPT FO FM RVF TF SFNFNPSB FM QBTBEP NFEJFWBM EF MB WJMMB DPO NÃ&#x2122;TJDBT EFM NVO EP RVF FKFNQMJGJRVFO MB DPOWJ WFODJB EF KVEÃ&#x17D;PT DSJTUJBOPT Z Ã&#x192;SBCFT -BT BDUVBDJPOFT UJFOFO DJUB FO BMHVOBT EF TVT JHMFTJBT NÃ&#x192;T FNCMFNÃ&#x192;UJDBT DPNP FM DPODJFSUP RVF FM HSVQP $BCF[B EP 7FOUP EBSÃ&#x192; FO FM Ã&#x192;CTJEF EF 4BOUJBHP &TUF BÃ&#x2019;P TV Ã&#x2122;MUJNB KPSOBEB DPJODJEJSÃ&#x192; DPO MB GFSJB $VÃ&#x160;MMBS .VEÃ&#x160;KBS
/BWJEBEFT -B $PODFKBMÃ&#x17D;B EF $VMUVSB PSHBOJ[B VOB HSBO WB SJFEBE EF QSPQVFTUBT DVMUVSB MFT RVF JODMVZFO NÃ&#x2122;TJDB DJSDP DJOF UFBUSP CBJMFT UBMMFSFT Z DPODVSTPT Z RVF DVMNJOB DPO MB QSPDFTJÃ&#x201C;O EFM /JÃ&#x2019;P EF MB #P MB FM EF FOFSP Z FM EÃ&#x17D;B EF 3FZFT
%VSBOUF FM NFT EF BHPTUP
%FM EF EJDJFNCSF BM EF FOFSP .Ã&#x192;T JOGPS NBDJÃ&#x201C;O FO XXX DVFMMBS FT
EF TFQUJFNCSF $BTUJMMP EF MPT EVRVFT EF "MCVSRVFSRVF Z TV FOUPSOP
-"4 &%"%&4 %&- )0.#3& &/ $6Â--"3 -BT HVÃ&#x17D;BT EF NJOVUPT
** .FEJFWBM ;PNCJ $FOUFOBSFT EF QFSTPOBT QBSUJDJQBO FO FT UF QPQVMBS KVFHP EF SPM EF UF NÃ&#x192;UJDB [PNCJ RVF UJFOF DP NP FTDFOBSJP FM DBTUJMMP EF MB WJMMB QPS MB OPDIF