Sei sulla pagina 1di 32

!

" #$"%& '%()# '%*


;:<489:43482:1
!"#$!% &

'(()*++,-(./0+1234-56

'(()*++788.7/+9$(/5

*%+,+,- .//01 23441 $/5"*6% $%7&")1 489:4348281


#=>$"+&&)
?"7+%1
@,AB#1
2344

'(()*++:::.;,<,884=.>8?+=<6@/<(+2<;6>'9<=A/(=B=(=C(D(ECF'<GHII9<;/GJ;=0HIIGJ;6GF6;-E-E7GK884DLCM1D0C1N

%// 76<;( ?A=->-;E= ';@< 8E< ('-E7 -E >8??8EOOO(8 ; 76<;( <L(<E( ('<0 4E8: :';( ('< ';6?8E0 8P
; =8E7 -= ;= ('<0 '<;6 -(. 8 08AB QP E8(R '<6< -= ; )6;>(->;/ 7A-3< (8 7<( 08A A) (8 =)<<3. "6-((<E
,0 K<64/<< )68P<==86 98,<6(; 9;3/<0R -( A=<= >8E(<?)86;60 ?A=-> (8 '</) 08A =<< '8: <;6 (6;-E-E7
-=
-E@;/A;,/<
P86
08A6
8:E
?A=->;/
E<<3=.
!"#$!% &

'(()*++P,.?<+I:"'@QS7?

'(()*++:::.T=(86.867+=(;,/<+I11INUVI1MWXYI

'(()*++,-(./0+1) T@6Z
[86:;63 \8(-8E R ];/ ^;/)<6R _;E 1IR IY11R \A=->R . F'< =;?< E8(<= >;E =8AE3 =`A;6< 86 =:-E7-E7R
3<)<E3-E7 8E '8: ('< ?A=-> -= )'6;=<3. F'-= 6<@8/A(-8E;60 ,884 ='8:= '8: ?;E0 )<8)/<
?-=AE3<6=(;E3&T;SS&)'6;=-E7&;E3&='8:=&'8:&(8.
F'< K-7 K884 8P _;SS ^A-(;6 Q?)68@-=;(-8E R \;64 S-A,;R IYYVR \A=->R 1XX );7<=. $<;6E (8 >';EE</
-?)68@-=;(-8E;/ -?)A/=<= -E(8 76<;( =8/8= :-(' ('-= ;?;S-E7 ,884 D a ,0 8A(=(;E3-E7 T;SS
)<6P86?<6&;E3&<3A>;(86R&\;64& S-A,;.&F8)->=&;6<&('868A7'/0&<L)/;-E<3.
[6<(,8;63 \;=(<60 R F680 2(<(-E;R IYYbR \A=->R 1NM );7<=. c^A-(;6 J3A>;(-8E;/d. eE(;E7/< ('<
?0=(<6-8A= 6<7-8E= 8P ('< 7A-(;6 P6<(,8;63 ;E3 AE/8>4 08A6 )8(<E(-;/. [6<(,8;63 \;=(<60 P;?-/-;6-S<=
08A&:-('&;//&('<&=';)<=&08A&E<<3&(8&4E8:.
f-;E8 ;E3 g<0,8;63 %//O-EO!E< [86 A??-<= R a8E=A?<6 A??-<=R %)6 UR IY1XR \A=->R NXU );7<=.
F'< 78O(8 6<P<6<E>< P86 ;=)-6-E7 )-;E-=(= ;E3 4<0,8;63 )/;0<6= f-;E8 D g<0,8;63 %//O-EO!E< [86
A??-<=&?;4<=&-(&<;=-<6&;E3&?86<&PAE&(';E&<@<6&(8&?;4<&?A=->h&QP&08A&38Ei(&4E8:.
% f/;0<6i= ^A-3< (8 a'863= ;E3 ];6?8E0 \A=-> F'<860 P86 9<;/O"86/3 \A=->-;E=R _-? %-4-ER _AE 1R
IYYXR \A=->R 1WN );7<=. cK884d. QP 08Ai3 /-4< (8 4E8: ;,8A( ?A=-> ('<860 ,A( 38Ei( :;E( (8 7<(
,877<3 38:E -E ; =(APP0 >8//<7<O/<@</ (<L(,884R ('-= 7A-3< :;= :6-((<E TA=( P86 08Ah Q(i= ; )6;>(->;/R
E8.
J==<E(-;/ F<>'E-`A<= 8P _;SS ;E3 a8E(<?)86;60 f-;E8 R 2(<@< $8>4:883R IY11R J3A>;(-8ER 1XY
);7<=. $884-E7 P86 (';( 3<P-E-(-@< (<L( (';( >8@<6= -?)68@-=;(-8E -E ;// -(= 3-@<6=-(0 :-(' >/;6-(0 ;E3
<;=<B&%6<&08A&6<;30&(8&)A(&-E&('<&(-?<&;E3&<PP86(&6<`A-6<3&(8&,<&;&>8?)/<(<.
a8E(<?)86;60 >'86;/ ;66;E7-E7 R %6('A6 J. !=(6;E3<6R ;E; "-/=8ER %A7 1XR 1WUNR \A=->R VIY
);7<=. a8?)6<'<E=-@< (<L( ;,8A( a'86;/ %66;E7-E7 :'->' <E>8?);==<= @;6-8A= =(0/<= 8P ;66;E7-E7R
A=<=&>A66<E(&=8A6><&?;(<6-;/R&;E3&P8//8:=&;&/87->;/R&)<3;787->;/&863<6..
];6?8E-> F<>'E-`A< -E ('< 98>4 Q3-8? F'< F'<860 D f6;>(->< 8P 98>4 ];6?8E0R 9->';63 K8,,-((R
_;E&1R&1WbNR&];6?8E0R&IXN&);7<=.&.
\A=-> % a8?)6<'<E=-@< QE(683A>(-8E O \A=-> F'<860R 2(<@<E f86(<6R _;E 1R 1WUNR \A=->R XN );7<=.
.
F'< _;SS $;E7A;7< % F'<860 F<L( P86 _;SS a8?)8=-(-8E ;E3 Q?)68@-=;(-8ER
a8?)8=-(-8E&c\A=->dR&MU&);7<=.&.

;E ];<6/<R 1WUYR

%))/-<3&F'<860&P86&\A=->-;E&;E3&$;0?;ER&j8/A?<&1&R&9A('&K;?)(8ER&1WVbR&\A=->&('<860R&.&.

%6(= 8P ('< Q=/;?-> ,884 ('< >8//<>(-8E 8P f6-E>< 2;36A33-E %7; g';ER %E('8E0 "</>'R 2(A;6( a;60
"</>'R %=-; 28>-<(0R "-//-;? 98>4'-// #</=8E ^;//<60 8P %6( ;E3 \;60 %(4-E= \A=<A? 8P [-E< %6(=R
1WUIR %6(R IXY );7<=[6<E>' f;=(60 \A63<6 R $<=/-< \<-<6R 2<) VYR IY1XR [->(-8ER VYX );7<=.
k9<;3-E7 ; E<: $<=/-< \<-<6 ?0=(<60 -= /-4< >;(>'-E7 A) :-(' ; 3<;6 8/3 P6-<E3.k OOg;(< a;6/-=/<R
#<: 5864 F-?<= ,<=(=<//-E7 ;A('86 $A>0 2(8E< -= =;0-E7 k%A 6<@8-6hk (8 F-E4<6

F'< >8?)/<(< :864= 8P j8/(;-6<R j8/A?< 1X R j8/(;-6<R j8/(;-6< [8AE3;(-8ER 1WUWR $-(<6;60
a6-(->-=?e6,;E (6;PP-> E8-=< =(6;(<70 P86 ;E -?)68@<3 <E@-68E?<E(R !67;E-=;(-8E P86 J>8E8?-> a8O
8)<6;(-8E ;E3 <@</8)?<E(. a8E=A/(;(-@< ^68A) 8E F6;E=)86(;(-8E 9<=<;6>'R 1Wb1R F<>'E8/870 D
JE7-E<<6-E7R
1NN
);7<=
'(()*++(-E0.>>+L9jK3#

aA66<E( [-E;E>-;/ a8E3-(-8E 8P ('< [;6? a6<3-( 20=(<? ]<;6-E7 K<P86< ('< a8??-((<< 8E
%76->A/(A6<R #A(6-(-8ER ;E3 [86<=(60R eE-(<3 2(;(<= 2<E;(<R #-E<(0OE-E(' a8E76<==R 2<>8E3 2<==-8ER
2<)(<?,<6 1bR 1WUNR eE-(<3 2(;(<=. a8E76<==. 2<E;(<. a8??-((<< 8E %76->A/(A6<R #A(6-(-8ER ;E3
[86<=(60R 1WUNR %76->A/(A6;/ >6<3-(R 11X );7<=#<A68?A=>A/;6 3-=<;=<= ; )6;>(->;/ ;))68;>' (8
3-;7E8=-= ;E3 ?;E;7<?<E(R \->';</ 2:;='R \;6(-E 2;?A</ 2>':;6(SR 2<) 1IR 1WWbR \<3->;/R MX1
);7<=. F'-= -= ('< ('-63 <3-(-8E 8P #<A68?A=>A/;6 -=<;=<=R >8E(;-E-E7 <L(<E=-@< 6<@-=-8E ;E3
6<:6-(-E7 (8 (;4< ;>>8AE( 8P ('< ?;T86 ;3@;E><= (';( ';@< 8>>A66<3 -E ('< P-</3 8P
'(()=*++-(AE<=.;))/<.>8?+A=+,884+F'<O9<;/OJ;=0OJ;6OF6;-E-E7OK884+-3XNXINXUXX

'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+('<O/<7;/O<E@-68E?<E(O8PO,A=-E<==O;O>6-(->;/O('-E4-E7O;))6

a/;0?86< R #86-'-68 5;7-R _8E;(';E F;6,8LR %)6 XR IYYNR a8?->= D ^6;)'-> #8@</=R IYU );7<=. QE ;
:86/3 :'<6< ?8E=(<6= >;//<3 58?; )6<0 8E 'A?;E= ;E3 /-@< ;?8E7 ('<? -E 3-=7A-=<R ('<
a/;0?86<=R ';/P 'A?;E ;E3 ';/P ?8E=(<6 :;66-86=R ?A=( P-7'( ('< 58?; ;E3 ('<-6 8:E^<6?;E
a-E<?; 2-E>< eE-P->;(-8ER ;@-3 a/;64<R _AE bR IYYNR f<6P86?-E7 %6(=R IVW );7<=. J3-(<3 ,884
8PP<6-E7
;
=A6@<0
8P
6<><E(
^<6?;E
>-E<?;
l

F'< ]-=(860 8P F86(A6< F'68A7'8A( ('< %7<= R ^<867< 90/<0 2>8((R #8@ 1R IYYMR F86(A6<R VIU
);7<=. 9<P* a8=?8F'-= -= ;E <L(6;863-E;6-/0 3<(;-/<3 ;E3 -E(6-7A-E7 (6<;(-=< 8E ('< '-=(860 ;E3
@;/-3-(0 8P (86(A6<R ('68A7' <@<60 >A/(A6<R <6; ;E3 >8E(-E<E( -E ('< :86/3. [68? ('<F'< >8?-E7 8P
('< 76<<E R $<8E;63 "-,,<6/<0R 1WMUR Q??-76;E(=R 1UX );7<=. F'< Q6-=' ,A-/( %?<6->;i= 68;3= ;E3
>;E;/=R P8A7'( -(= :;6=R ;E3 (6-A?)'<3 8@<6 )8@<6(0 ;E3 3-=>6-?-E;(-8E* -( :;= ; 76;E3 ,;((/<
-E3<<3 QE 3883=7<@;;6 3-< <6@;6-E7= @;E 4;)(. _._. #;A3mnR (03<E= 3-< F:<<3< j60'<-3=886/87
1UWWO1WYIR ^<6( ;E-</ 2>'8/(SR IYY1R 28A(' %P6->;E ";6R 1UWWO1WYIR 1WI );7<= F'< k9<;/ J;=0k
J;6
F6;-E-E7
K884

eE3<6=(;E3-E7 ]-=(860 9<><E( 9<=<;6>' -E ]-=(860 J3A>;(-8ER 98=;/0E %=',0R f<(<6 ^8638ER f<(<6
$<<R IYYMR J3A>;(-8ER 1WV );7<=. "';( =<E=< 38 >'-/36<E ;E3 08AE7 )<8)/< ?;4< 8P '-=(860B ]8:
38 ('<0 >8)< :-(' >8?)<(-E7 '-=(86->;/ ;>>8AE(= -E (<L(,884=B ]8: 38 ('<0 ('-E4 '-=(86->;/ 86
;6>';<8/87->;/ >/;-?=#<A68/87-> a8?)/->;(-8E= 8P a6-(->;/ Q//E<== R J</>8 [. \. "-T3->4=R IYYIR
\<3->;/R X1M );7<=. F'-= =<>8E3 <3-(-8E 8P ('< 3<P-E-(-@< @8/A?< 8E ('< 3-;7E8=-= ;E3 ?;E;7<?<E(
8P E<A68/87-> >8?)/->;(-8E= 3A6-E7 >6-(->;/ -//E<== ';= ,<<E ('868A7'/0 6<@-=<3 ;E3 <L);E3<3 (8
'(()*++:::.P-/<=(A,<.(8+=I+F'<O9<;/OJ;=0OJ;6OF6;-E-E7OK884

!E< f'8E< a;// %:;0 2<>6<(= 8P ; \;=(<6 #<(:864<6R _<PP \<='</R 8A7 ^;66R #8@ 1bR IYYMR
KA=-E<== D J>8E8?->=R IYX );7<=. % >';-6?;E 8P ('< E<(:864-E7 768A) 2(6;(<7-> [86A? <L)/;-E=
'8: -E3-@-3A;/= >;E ;>'-<@< '-7'<6 /<@</= 8P )68P<==-8E;/ =A>><== ,0 ?;=(<6-E7 =)<>-P-> E<(:864-E7
(<>'E-`A<=R P68?];6A4- \A6;4;?-i= F'< "-E3OA) K-63 a'68E->/< % 9<;3<6i= ^A-3<R \;(('<:
2(6<>'<6R _;E 11R IYYIR $-(<6;60 a6-(->-=?R WN );7<=. F'-= -= ;E <L><//<E( 7A-3< (8 ];6A4\A6;4;?-i= <L(6;863-E;60 E8@</. Q( P<;(A6<= ; ,-876;)'0 8P ('< ;A('86 c-E>/A3-E7 ;E -E(<6@-<:dR ;
PA//O/<E7('
;E;/0=-=
8P
('<
E8@</R
;E3
;
'(()*++('<)-6;(<,;0.=L+(866<E(+bVN1UI1bNXYVUM
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+;O>'-/3=O=(860O8PO;?<6->;.)3P

J>8/87-> K;=</-E< 2(A30 8P ('< [;//= 9-37< f6<=<6@< R g<EE<(' $. ->4=8ER AE>;E \. f86(<6R 8E;/3
". $-ES<0R 1WbUR J>8/870R 1UV );7<=9-@<6 a;P< Q(;/-;E g-(>'<ER 98=< ^6;0R 9A(' 987<6=R 1WWUR
a884<60R Q(;/-;ER 1W1 );7<=. F'< 9QjJ9 a%[J a!!gK!!g2 ;6< ; )A,/-='-E7 )'<E8?<E8ER :-('
8@<6 ; `A;6(<6 8P ; ?-//-8E =8/3. [8//8:-E7 ; =A>><==PA/ )-/8( 8E KKaR 98=< ^6;0 ;E3 9A(' 987<6=
:<6< ;=4<3 ,0 2;P<(0 <E7-E<<6-E7 R _;?<= a8j;ER \;6 IYR 1WWMR F<>'E8/870 D JE7-E<<6-E7R IVV
);7<=. K0 A=-E7 ('< )6-E>-)/<= 3<=>6-,<3 -E ('-= ,884R 6<;3<6= >;E )6<@<E( ('< 3<@;=(;(-E7 <PP<>(=
8P -?)68)<6 86 AE=;P< )6;>(-><= -E ('< >6<;(-8E ;E3 3</-@<60 8P :864 8A()A(= 86 F'< k9<;/ J;=0k J;6
F6;-E-E7 K884 1XMb1Y1XIXR WbU1XMb1Y1XIb a8E=A?<6 ;3@8>;(< a/;64 ]8:;63 -= ,;>4 :-(' ('-=
('868A7'/0 6<@-=<3 ;E3 A)3;(<3 <3-(-8E 8P '-= :-/3/0 )8)A/;6 a/;64 ]8:;63i= a8E=A?<6 2A6@-@;/ g-(.
e=-E7
A)O(8O3;(<
>;=<=.

'(()*++:::.;,<,884=.>8?+=<6@/<(+2<;6>'9<=A/(=B=(=C(D(ECF'<GHII9<;/GJ;=0HIIGJ;6GF6;-E-E7GK884

QE3-; %P(<6 ^;E3'- F'< ]-=(860 8P ('< "86/3i= $;67<=( <?8>6;>0R 9;?;>';E36; ^A';R IYYUR
QE3-;R VYY );7<=. F8/3 -E /A>-3 ;E3 ,<;A(-PA/ )68=<R ('< =(860 8P QE3-;= :-/3 6-3< =-E>< -E3<)<E3<E><
-= ; 6-@<(-E7 8E<. ^A'; <L)/86<= ('< 36;?;(-> )68(<=(= ;E3 >8EP/->(= (';( ';@< =';)<3
?83<6E]8/8>;A=( <E-;/ ;E3 ('< $;: % a8?);6;(-@< 2(A30R 98,<6( g;'ER _AE 1WR IYYXR ]-=(860R
IIX );7<=. [68? 1WbUO1WWN ]8/8>;A=( 3<E-;/ <?<67<3 ;= ; ?;T86 >8E><6E P86 ('< /-,<6;/
3<?8>6;>-<= 8P JA68)< ;E3 #86(' %?<6->;. F'-= )<6-83 ;/=8 =;: ('< P-6=( )68=<>A(-8E= 8P ]8/8>;A=(
F6A(' %,8A( _;E< 8< R $-E3; ";66<ER !>( 1UR IY1YR [->(-8ER VYX );7<=. a'6-=(?;= _;E< 8<R
4E8:E ;= a._.R ';= 768:E A) :-(' 8E< 8,=<==-8E* P-E3-E7 '<6 );6<E(=. eEP86(AE;(</0R -( =<<?= ('<0
38Ei( :;E( (8 ,< P8AE3. #8:R ;P(<6 0<;6= 8P P6A-(/<== #<@<6 ,<P86< ';@< =8 ?;E0 >6-(->;/ -==A<=
<?<67<3 -E ('< ,8;63688?. #<@<6 ,<P86< ';@< (8) ?;E;7<?<E( ';3 (8 3<=-7E ;E3 -?)/<?<E( =8
?;E0
>8?)/<L
)68T<>(=
O
=A>'
;=
('<.

F'< F6;@</= 8P ; ];))0 ]88/-7;E F'< "86/3 ";6 QQ \<?86-<= 8P [6;E4 %. 2?-('R _6.R [6;E4 %.
2?-('R \;6 IYR IY1VR K-876;)'0 D %A(8,-876;)'0R V1N );7<=. 2-L(<<EO0<;6O8/3 (:-E=R [6;E4R _6.
;E3 ^<660 :;E(<3 (8 '</) ('<-6 ?8('<6 ?;4< <E3= ?<<( ;P(<6 ('<-6 P;('<6 ,<>;?< <=(6;E7<3 P68?
('<-6 K8=(8E P;?-/0. F'< 0<;6 :;= 1WXIo %?<6->;% "6-(<6i= -;60 R j-67-E-; "88/PR \;6 V1R IYYVR
K-876;)'0 D %A(8,-876;)'0R VbI );7<=. %E -E@;/A;,/< 7A-3< (8 ('< ;6( ;E3 ?-E3 8P j-67-E-; "88/PR
36;:E ,0 '<6 'A=,;E3 P68? ('< )<6=8E;/ 6<>863 ='< 4<)( 8@<6 ; )<6-83 8P (:<E(0O=<@<E 0<;6=.
QE>/A3<3
;6<
<E(6-<=
(';(
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+'-=(860O?83<6EO:86/3O'-=(860.)3P

e'/<?;EEi= a'<Pi= a8?);E-8Ea6-?< ;E3 fAE-='?<E( R [08386 8=(8<@=40R _AE 1IR IY1YR R VbN
);7<= ;0= 8P 6<?<?,6;E><R %)6-/ INO\;0 VR 1WWI P-P(0 0<;6= ;78 * -E ('< 3<)('= 8P 3;64E<== *
>8??<?86;(-8E )/;EE-E7 7A-3<R eE-(<3 2(;(<= ]8/8>;A=( \<?86-;/ a8AE>-/R 1WWIR ]-=(860R IUY
);7<= F'< k9<;/ J;=0k J;6 F6;-E-E7 K884 kF'< ]-=(860 8P %A=(6;/-;E "-E< -= ; AE-`A< -E=-3<
;>>8AE( 8P ('< %A=(6;/-;E :-E< -E3A=(60i= 3<@</8)?<E( ('68A7'8A( ('< IY(' ><E(A60.kOOQE=-3< P/;).
F'<&k9<;/&J;=0k&J;6&F6;-E-E7&K884&98,<6(;&9;3/<0&
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+A))<6O);64=(8E<O-EO('<O=<>8E3O:86/3O:;6.)3P

F'< )6-E><== 8P \;E8; ;E3 8('<6 P;-60 (;/<= 8P 8/3 ];:;-- R \6=. [6;E4 9. ;0R 1WbIR $<7<E3=R WV
);7<=2(;?) a8//<>(-E7 ]8: (8 2(;6(R _;?<= ";(=8ER _8'E ]8/?;ER 1WWMR 2(;?) >8//<>(-E7R V1
);7<=
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+('<O=-?)/<O(6A('O;,8A(O=>-<E(-=(=.)3P

F<;>'-E7 $;E7A;7<= (8 58AE7 $<;6E<6= R $0EE< a;?<68ER IYY1R $;E7;7< <( /;E7A<= O mp(A3< <(
<E=<-7E<?<E( cf6-?;-6<dR IMU );7<=. F'-= ,884 3<@</8)= 6<;3<6=i AE3<6=(;E3-E7 8P :';( ';))<E=
-E >/;==688?= :'<6< >'-/36<E ;6< ,<-E7 (;A7'( ; P86<-7E /;E7A;7<. Q( :-// 8PP<6 6<;3<6= ; P6;?<:864
(8 =(6A>(A6<2(860(<//<6 F'< \;E0 $-@<= 8P $;A6<E= j;E <6 f8=(R _. . [. _8E<=R IYYIR %A('86=R
JE7/-='R MYW );7<=. "'<E '< 3-<3 -E 1WWNR $;A6<E= @;E 3<6 f8=( :;= ; ></<,6;(<3 )8/0?;('* :;6O
'<68R :6-(<6R <L)/86<6R ?0=(->R _AE7-;ER ,<'-E3O('<O=><E<= 3-)/8?;(R ;E3 =;7< (8 \6= F';(>'<6 ;E3
38:E/8;3 F'< k9<;/ J;=0k J;6 F6;-E-E7 K884 k!i9<-//0 \<3-;R QE>.kR IY11
'(()*++4->4;==.(8+F'<O9<;/OJ;=0OJ;6OF6;-E-E7OK884O(VNYIWXY.'(?/

'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+/;E3O>A/(A6<O;E3O('<OPA(A6<O8PO6A6;/O>8??AE-(-<=O('<O6A6;

^<8=(;(-=(->= P86 JE@-68E?<E(;/ 2>-<E(-=(= R 9->';63 "<,=(<6R \;67;6<( %. !/-@<6R !>( IIR IYYbR
\;('<?;(->=R VVY );7<=. ^<8=(;(-=(->= -= <==<E(-;/ P86 <E@-68E?<E(;/ =>-<E(-=(=. "<;('<6 ;E3
>/-?;(< @;60 P68? )/;>< (8 )/;><R =8-/ @;6-<= ;( <@<60 =>;/< ;( :'->' -( -= <L;?-E<3R ;E3 <@<E ?;EO
?;3<F'< g-E7 8P 4-E7= ;E3 $863 8P /863= R 98,<6( #</=8ER 1UbWR R XbM );7<=

a'-/3 <@</8)?<E( R ^6<(; ^. [<-ER _;E 1R 1WbUR a'-/3 3<@</8)?<E(R MUX );7<=JE7/-=' JL)/86<6=i
<,( (8 ('< Q,<6-;E= R $8A-= K884<6 "6-7'(R 1WUYR JL)/86<6=R f86(A7A<=<R U );7<=

F8 ('< ]-7'<=( K-33<6 R $-E3; K<660F'< ]A?;E 9<@8/A(-8E K<';@-8A6;/ ;E3 K-8/87->;/ f<6=)<>(-@<=
8E ('< !6-7-E 8P \83<6E ]A?;E=R f;A/ %. \<//;6=R a'6-= 2(6-E7<6R 1WUWR 2>-<E><R UYY );7<=
38:E/8;3 F'< k9<;/ J;=0k J;6 F6;-E-E7 K884 k!i9<-//0 \<3-;R QE>.kR IY11
F'<&k9<;/&J;=0k&J;6&F6;-E-E7&K884&98,<6(;&9;3/<0

'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+('<O,8?,O@<==</O='86<O,8?,;63?<E(O='-)=O8PO('<O;7<O8P

2<<-E7 f;=( q #A6(A6-E7 ('< Q?;7-E;(-8E -E ; [;=(OP86:;63 "86/3R K<(' g<)';6(R IYYXR [;?-/0 D
9</;(-8E='-)=R IXY );7<=. % >8//<>(-8E 8P )<6=8E;/ 8,=<6@;(-8E= ;E3 =(86-<= 6<@<;/= ('< -?)86(;E><
8P EA6(A6-E7 ; >'-/3i= -?;7-E;(-8E -E (83;0i= >8?)<(-(-@< :86/3R =';6-E7 ('< <L)<6-<E><= 8P ('<
;A('86F'6<;(= ;E3 f68?-=<= R K;6,;6; </-E=40R %?;E3; 2(<@<E=R %A7 1R 1WWWR [->(-8ER MYN );7<=.
F'-= (:8O-EO8E< >8//<>(-8E -E>/A3<= ;E 86-7-E;/ E8@</ ,0 2(<@<E= >;//<3 k]<6 2<>6<( f;=(.k %?,<6
3-=;))<;6= ;E3 '<6 ,80P6-<E3 -= ;>>A=<3 8P ?A63<6. J/<@<E 0<;6= /;(<6R -( =<<?=

%7;-E=( ;// 833= (6A< =(86-<= 8P )<8)/< :'8 E<@<6 7;@< A)R %E36<; \-37<((R 1WWYR K-876;)'0 D
%A(8,-876;)'0R 1VW );7<=F'< a8: F';( ^8( ]<6 "-=' R \;67;6<( ]-//<6(R _A/ 1R IYYUR _A@<E-/<
[->(-8ER VI );7<=. K68:E-< ('< >8: (6-<= @<60 ';63 (8 TA?) 8@<6 ('< ?88E 1XMb1Y1XIXR
WbU1XMb1Y1XIb !)<6;(-8E= \;E;7<?<E( R R 1WWWR KA=-E<== D J>8E8?->=R XUM );7<=. kF'< E<:R
<;=0 :;0 (8 ?;=(<6 ('< (8)->= -E ; >8//<7< ,A=-E<== >8A6=<* <;=0O(8OP8//8: P86?;(o 6<;/O/-P<
<L;?)/<= ;E3 <L)/;E;(-8E=o 6<@-<: `A<=(-8E= ;E3 )68,/<?= :-(' ;E=:<6= QE(683A><= ('< '-=(860R
=(0/<=R ;E3 (<>'E-`A<= 8P 4;6;(< ;E3 -E>/A3<= ; 76;3-E7 =0//;,A= /-=(-E7 ('< 6<`A-6<?<E(= P86 <;>'
>8/86 ,</( ;E3 =(<)O,0O=(<) )'8(876;)'= -//A=(6;(-E7. K-8(<>'E8/870 -= 3<P-E<3 ;= ('< <@;/A;(-8E ;E3
A=< 8P ,-8/87->;/ ;7<E(= ;E3 ?;(<6-;/= -E ('< )683A>(-8E 8P 7883= ;E3 =<6@-><= P86 -E3A=(60R (6;3<
;E3
>8??<6><.
QE
('-=
P8A6.
'(()*++P,.?<+I9X6_S:9?

[/0-E7 28/8 ]8: (8 ^8 Q( %/8E< -E KA=-E<==R 98,<6( ^<66-='R 2;? $<;3<6R IYYMR KA=-E<== D
J>8E8?->=R 1NN );7<=. F'-= >8?)/<(< ';E3,884 (8 (;4-E7 ('< )/AE7< -E(8 =</PO<?)/80?<E(
)6<=<E(= ('< E<><==;60 (88/= E<<3<3 (8 )/;E ;E3 ,<7-E ; =8/8 @<E(A6<. a8?,-E-E7 -E=)-6;(-8E;/
;3@->< ;E3f6<E(->< ];// f6<O%/7<,6; QE(<6;>(-@< F<L(R f6<E(->< ];// c2>'88/ -@-=-8EdR 9;E3;// Q.
a';6/<=R f6<E(-><O];//R QE>R [<, 1WR IYYXR _A@<E-/< #8EP->(-8ER . %))68)6-;(< P86 ; :-3< 6;E7< 8P
=(A3<E( ;,-/-(-<=. "864= P86 ,8(' ('< ?-33/< =>'88/ ;E3 '-7' =>'88/ =(A3<E(= )6<);6-E7 P86 =A>><==
-E
;/7<,6;

\-==-==-))-;E 7<83<= 8P ('< g<84A4R Q8:;R 6<7-8E R _8'E K<6E;63 ];0<=R 1WN1R ^<83<=R MNU
);7<=QEE8@;(-8E -E ('< #]2 $8>;/ Q?)68@<?<E( [-E;E>< F6A=(=o <);6(?<E( 8P ]<;/('R ^6<;(
K6-(;-E* #;(-8E;/ %A3-( !PP-><R \;0 1WR IYYMR \<3->;/R XY );7<=. QE IYYY ('< <);6(?<E( 8P ]<;/('
c ]d ;EE8AE><3 ('< <=(;,/-='?<E( 8P #]2 $8>;/ Q?)68@<?<E( [-E;E>< F6A=(= c$Q[Fd (8 3<@</8)
)6-?;60 ;E3 =8>-;/ >;6< =<6@-><= ,A-/3-E7= ;E3 [;(-?; F'< 2(860 K<'-E3 ('< \-6;>/<=R 9<ES8 %//<76-R
98,<6(8 %//<76-R _;E 1R IYYIR 9</-7-8ER IW1 );7<=. F'-= ,884 )68@-3<= ; AE-`A</0 E<: ;E3 <PP<>(-@<
6<(<//-E7 8P ('< =(860 8P [;(-?;. Q( E;66;(<= ('< ;));6-(-8E= ;E3 ('< ?<==;7<= 8P ('< j-67-E ('68A7'
('<
:863=
8P
[;('<6
_8=<

^83=R ^833<==<=R ;E3 \0('8/870R j8/A?< I R a. 2>8(( $-((/<(8ER _;E 1R IYYMR _A@<E-/< #8EP->(-8ER .
\86< (';E ('6<< 'AE36<3 ;/)';,<(->;//0 ;66;E7<3 <E(6-<= >8@<6 ?0('8/87->;/ ,<-E7=R ('<?<=R ;E3
3<-(-<= P68? ;68AE3 ('< :86/39A-?/;E3 R _;E J=(<6'A0=<R _;)-< f-<E;;6R 98Emn/ ^8A:=R 1WWIR
%P6-4;;E=
/;E7A;7<R
bM
);7<=
'(()*++('<)-6;(<,;0.=L+(866<E(+bVN1UI1bNUXMUY
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+('<O=;E>(A;60O(6<<.)3P

#8('-E7 KA6E= -E ]<// R f'-/-) _8=< [;6?<6R #8@ 1MR 1WWWR [->(-8ER IUU );7<=. % E8(<3 =>-OP- :6-(<6
(A6E= (8 ('< )A/) P->(-8E 3<(<>(-@< E8@</ :-(' ('-= (;/< 8P ; )6-@;(< <0< :'8 :-(E<==<= ;E -//<7;/
(6;E=P<6 8P ?8E<0 -E ; ><?<(<60 (';( 78<= ,/883-/0%/786-('?-> f6-E>-)/<= 8P \;('<?;(->;/
f6876;??-E7 R e/6->' [;-7/<R ". g<6ER ^. 2(-//R %A7 V1R IYYIR a8?)A(<6=R VMI );7<=. %/786-('?->
f6-E>-)/<= 8P \;('<?;(->;/ f6876;??-E7 -E@<=(-7;(<= ('< ?;('<?;(->;/ =(6A>(A6<= ;E3 )6-E>-)/<=
AE3<6/0-E7 ('< 3<=-7E 8P <PP->-<E( ;/786-('?= P86 8)(-?-S;(-8E 38:E/8;3 F'< k9<;/ J;=0k J;6
F6;-E-E7
K884
'(()*++P,.?<+I$M:8r@\a

[AE3;?<E(;/= 8P 2(6A>(A6;/ 0E;?->= R 980 9. a6;-7R %E36<: _. gA63-/;R %A7 IXR IY11R F<>'E8/870
D JE7-E<<6-E7R bXX );7<=. [68? ('<860 ;E3 PAE3;?<E(;/= (8 ('< /;(<=( ;3@;E><= -E >8?)A(;(-8E;/
;E3 <L)<6-?<E(;/ ?83;/ ;E;/0=-=R ('-= -= ('< 3<P-E-(-@<R A)3;(<3 6<P<6<E>< 8E =(6A>(A6;/ 30E;?->=.
F'-=F'< K<=( %?<6->;E a6-?< "6-(-E7 IYYM R _;?<= J//680R !((8 f<ES/<6R F'8?;= ]. a884R \;6 1bR
IYYWR F6A< a6-?<R VUX );7<=. F'< IYYM <3-(-8E 8P F'< K<=( %?<6->;E a6-?< "6-(-E7 8PP<6= ('<
0<;6i= ?8=( ='8>4-E7R >8?)<//-E7R ;E3 76-))-E7 :6-(-E7 ;,8A( 6<;/O/-P< >6-?<R -E>/A3-E7 f<(<6
$;E3<=?;Ei= ;6(->/< !LP863 9<;3-E7 F6<<* 2(;7< W* 2(860,884= 2A6@-@;/ %3@<E(A6< R 983<6->4 ]AE(R
IYYUR 9<;3<6= cf6-?;60dR VI );7<=. F'< (<;>'-E7 E8(<= P86 ('< !LP863 9<;3-E7 F6<< K-PPR a'-) ;E3
g-))<6 ,884= ;6< PA// 8P )6;>(->;/ =A77<=(-8E= P86 A=-E7 ('< =(860,884=R =;@-E7 08A '8A6= 8P
)6<);6;(-8E (-?< [<-=(0R =8A/O=(<;/-E7 0,,A4 g848= ';= ,<<E P6<<3 P68? ; IYYO0<;6 >A6=< -E(8 ('<
:86/3 8P ('< (:<E(-<(' ><E(A60o '8:<@<6R (8 4<<) '<6 T8, :-(' ('< ?A/(-E;(-8E;/ >86)86;(-8E. F'<
,884 -= ;E -E(683A>(-8E (8 =(8>';=(-> )68><==<= :-(' ;))/->;(-8E= P68? )'0=->= ;E3 P-E;E><. Q(
-E(683A><= ('< ,;=-> E8(-8E= 8P )68,;,-/-(0 ('<860 ;E3 ('< ?;('<?;(->= 8P. ^68:-E7 A) -E ; >/8=<O
4E-( %?-=' P;?-/0R 9<A,<E =(6A77/<= :-(' )<<6 )6<==A6< ;E3 '-= 3<=-6< (8 8:E ; '86=<.

'(()*++:::.,;6E<=;E3E8,/<.>8?+=+B=(86<C,884D4<0:863CF'<GHII9<;/GJ;=0HIIGJ;6GF6;-E-E7GK884
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+8)<6;(-8E=O?;E;7<?<E(O)68><==<=O;E3O@;/A<O>';-E=.)3P

"-(>' "883 R _8'E KA>';ER 1WUUR [->(-8ER IWI );7<=. 2<( ;7;-E=( ('< 6</-7-8A= =(6A77/<= 8P 1b('O
><E(A60 2>8(/;E3R :-(' \8E(68=< P86 ('< 4-E7 ;7;-E=( ; >8E@<E;E(<3 4-64R "-(>' "883 -= ; 76-))-E7
;(?8=)'<6-> (;/< -E ('< =)-6-( 8P%6(-P->-;/ >;63-;> );>-E7 )6;>(->;/ ;))68;>'R J3:;63 g. a'AE7R 1WbUR
\<3->;/R
VW1
);7<=
38:E/8;3&F'<&k9<;/&J;=0k&J;6&F6;-E-E7&K884&IY11&k!i9<-//0&\<3-;R&QE>.kR&IY11
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+-EO('<OP88(=(<)=O8PO?;6>8O)8/8.)3P

% 2/->< !P ]<;@<E R 2'<660/ "883=R \;6 1R IYYbR [->(-8ER XYY );7<=. ;E; 2A< ?-7'( 6AE ('< ,<=(
/-((/< 6<=(;A6;E( -E 2<6<E-(0R ,A( :'<E 08Ai6< P<<3-E7 ; =?;// (8:E 8P E<-7',86=R ,A=0,83-<= ;E3
,<=( P6-<E3=R ('-E7= >;E 7<( ; ,-( '8( -E ('<24-//= <@</8)?<E( -E j<60 2?;// ;E3 \->68 JE(<6)6-=<= R
2-?8E %. \>^6;('R _;E 1R IYYMR 2?;// ,A=-E<==R UV );7<=. JE(<6)6-=<= <?)/80-E7 (<E 86 /<==
:864<6= O @<60 =?;// ;E3 ?->68 <E(<6)6-=<= cj2\J=d O >;E )8(<E(-;//0 ?;4< -?)86(;E( >8E(6-,A(-8E=
(8 ?<<(-E7 28A(' %P6->;i= (;67<(= P86 % "'-=)<6 ;E3 ; "-=' R 98,-E _8E<= ^AEER 1WUWR _A@<E-/<
[->(-8ER 1MI );7<=. "'<E '<6 P;?-/0 6</8>;(<= (8 a;/-P86E-;R P-P(<<EO0<;6O8/3 a'6-=(0 \-//<6 P;><= E<:
36<;?= ;E3 3-=;))8-E(?<E(= ;= ='< 3<>-3<= :';( )6->< ='<i= :-//-E7 (8 );0 P86 ?;4-E7 E<: P6-<E3=
F'68A7'8A( '-= <L(6;863-E;60 >;6<<6R \;64 \<==-<6 ';= =<( ; E<: =(;E3;63 8P '8>4<0 <L><//<E><. %
)-//;6 8P ('< -E>6<3-,/< J3?8E(8E !-/<6= 30E;=(0 (';( :8E P-@< 2(;E/<0 aA)= ;E3.

'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+-=O('-=O6<;//0O7883O86O;?O-OTA=(O=(;6@<3O6'8E3;O7'<E(=O>;

a6;@-E7 ";(<6 f8<?= 8P !63-E;60 $-P< -E ; #86(':<=( j-//;7<R \;60 $8A 2;E<//-R _;E 1R IYYXR
f8<(60R 1IY );7<=. f8<(60. QE ('-= =-L(' >8//<>(-8ER ('< )8<( ='8:= TA=( :';( )/;>< ?<;E= (8 '<6*
('< )<8)/<R ('< /;E3=>;)<R ('< 7;63<E=R ('< >;P<=R ;E3 ('< :;(<6. ]<6 T8A6E<0= </=<:'<6<
8E/0\;>68<>8E8?->= ?8E<0R )6-><=R ;E3 -E>8?<R A3/<0 ". _8'E=8ER 1WbNR KA=-E<== D J>8E8?->=R
XWY
);7<=
'(()*++4->4;==.(8+F'<O9<;/OJ;=0OJ;6OF6;-E-E7OK884O(MUVWbIX.'(?/
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+(:8O@-//;7<=O3<E;,0O;E3O>8E-=,68A7'.)3P

F'< a';E7-E7 [;>< 8P ]<;/('>;6< -E ('< J/<>(68E-> %7<* ]<;6-E7.R j8/A?< X ]<;6-E7 K<P86< ('<
2A,>8??-((<< 8E F<>'E8/870 8P ('< a8??-((<< 8E 2>-<E><R ]8A=< 8P 9<)6<=<E(;(-@<=R !E<
]AE36<3 2-L(' a8E76<==R 2<>8E3 2<==-8ER \;6>' VYR IYYYR eE-(<3 2(;(<=. a8E76<==. ]8A=<.
a8??-((<< 8E 2>-<E><. 2A,>8??-((<< 8E F<>'E8/870R IYYYR \<3->;/ >;6<R WN );7<=a8EP<==-8E= 8P
; a6;S0 a;( $;30 %E3 !('<6 f8==-,/0 <?<E(<3 \<;E3<6-E7=R 2;E36; ^A6@-=R IY1VR ]A?86R bX
);7<=. [68? ];-6,;//= (8 ];-6 2(6;-7'(<E-E7 . . . "8?<E P;>< ><6(;-E >';//<E7<= :'<E ('<0 6<;>'R
A?R ; ><6(;-E ;7< ;E3 :'8 38<=Estu( <ET80 ; PAEE0 >;( =(860B "-(' <==;0=R 6<;//0 ,;3
'(()*++8:A3<7A></.P-/<=.:863)6<==.>8?+IY1X+Yb+('<O4-E7='-)O8PO>'6-=(O;E3O867;E-S<3OE;(A6;/-=?.)3P

28A(' #86P8/4R j-67-E-;R 1NN1OIYYM* % <P-E-(-@< ]-=(860R j8/A?< V % <P-E-(-@< ]-=(860R 9;0?8E3 $.
];6)<6R !>( 1R IYYNR ]-=(860R 1I1 );7<=. 28A(' #86P8/4 -= E8( );6( 8P ('< a-(0 8P #86P8/4R 86 ('<
B>-(0 ;>68== ('< 6-@<6R B ;A('86 9;0?8E3 $. ];6)<6 )68(<=(<3 3A6-E7 '-= (8A6 8P 3A(0 -E ('< eE-(<3
2(;(<= #;@0. [862)8840 9-33/<= R \;6> F8/8E K68:ER 1WUVR _A@<E-/< [->(-8ER X1 );7<=. Q//A=. -E PA//
>8/86 F'< /-?-(= 8P /-,<6(0 %?<6->;E '-=(860R 1NYbO1WUYR \;/3:0E %//<E _8E<=R 1WUVR ]-=(860R NUY
);7<=

F;67<( IY1I J>8E8?->= 11R f;6( I R F?'[;?-/0 [<A3= "8//=(8E<>6;P(R KA64<R ;E3 98A==<;A 8E ('<
F6;E=P86?;(-8E 8P ('< [;?-/0R J-/<<E ]AE( K8((-E7R _AE 1R IYYbR f'-/8=8)'0R IMb );7<=. a8?);6<=
('< 68/< 8P ('< P;?-/0 -E ('< )8/-(->;/ ('8A7'( 8P 98A==<;AR KA64<R ;E3 "8//=(8E<>6;P( 9<><E(
3<@</8)?<E(= -E <E@-68E?<E(;/ <>8E8?->=R j8/A?< 1 R \->';</ ]8</R IYYXR KA=-E<== D J>8E8?->=R
1YNN );7<=. F'-= (:8O@8/A?< >8//<>(-8E -E>/A3<= ('< ?8=( -?)86(;E( ;E3 -EP/A<E(-;/ >8E(6-,A(-8E= (8
<E@-68E?<E(;/ <>8E8?->= 3A6-E7 ('< /;=( (<E 0<;6=. F'< ;6(->/<= >8@<6 ; ,68;3 6;E7< 8P
<><E(6;/-=;(-8E -= E8: (;4-E7 )/;>< -E ('< )A,/-> ;3?-E-=(6;(-8E= 8P ?8=( >8AE(6-<= 8P ('< :86/3. %
>6-(->;/ 3<(<6?-E;E( 8P ('< <PP<>(-@< )<6P86?;E>< 8P /8>;/ 78@<6E?<E(= -=. F'< #8E>8EP86?-=(= 8P
JE7/;E3 ;E3 ";/<=R ('< f68(<=(;E(= 8A(=-3< ('< a'A6>' 8P JE7/;E3R :<6< );6(->A/;6/0 EA?<68A= -E
('< j->(86-;E 0<;6=. [68? ,<-E7 ; =?;// ?-E86-(0 -E ('<. kF'-= >;(;/87A< )6<=<E(= ; >8//<>(-8E 8P
=8?< <-7'(0 !><;E-> ;6( 8,T<>(=R <;>' 8E< -//A=(6;(<3 ;E3 -(= P86? ;E3 PAE>(-8E 3<=>6-,<3.
F'68A7'8A(
('<
,884R
>8E(<L(A;/
)'8(876;)'=.
'(()*++P,.?<+I4:74I#`X

]8: (8 (;4< D 3<@</8) ,/;>4 D :'-(< )'8(876;)'= R \->';</ [6<<?;ER 1WUUR f'8(876;)'0R 1IU
);7<=\;('= -E %>(-8E R J3:;63 a. g. \A//;ER IYYXR \;('<?;(->=R IXY );7<=. F'< fA)-/ K884 8PP<6=
=(6A>(A6<3 ;E3 >8?)6<'<E=-@< <L;?)/<= (8 6<-EP86>< ('< (<;>'-E7 -E ('< (<;>'<6i= AE-(= ;E3
)68@-3<= >8E=8/-3;(-8E ;E3 )6;>(->< 8P 4<0 >8E><)(=. % i$884-E7 F'< k9<;/ J;=0k J;6 F6;-E-E7 K884
98,<6(;
9;3/<0

'(()*++:::.78836<;3=.>8?+=<;6>'BA(PUCHJIHWaHWVD`A<60CF'<GHII9<;/GJ;=0HIIGJ;6GF6;-E-E7G
38:E/8;3&F'<&k9<;/&J;=0k&J;6&F6;-E-E7&K884
>6<;(<3*&W('&[<,6A;60&IY11

Potrebbero piacerti anche