Sei sulla pagina 1di 19

$"156-04&.*5*$":&1*45&.

0-0("




-BTQPTJCJMJEBEFTEFMQFOTBNJFOUPTFNJUJDP
EFMFTUVEJPEFMBDPNVOJDBDJO
$BSMPT&7JEBMFT(PO[MFT

3FTVNFO
&MQSFTFOUFUSBCBKPFTVOJOUFOUPQPSNPTUSBSBMBTFNJUJDBDPNPVOBGPSNBQPTJCMFEF
QFOTBSBMBDPNVOJDBDJO UPNBOEPDPNPCBTFMBQSPQVFTUBIFDIBQPS$41FJSDF1PSMP
BOUFSJPS MBQPOFODJBTFFODVFOUSBEJWJEJEBFOUSFTTFDDJPOFT&OMBQSJNFSBTFFOTBZBMB
QPTJCJMJEBEEFMBTFNJUJDBDPNPNBUSJ[FQJTUFNPMHJDB-BTFHVOEBTFDDJODFOUSBTV
BUFODJOFOMBGPSNBFORVFFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJOIBVUJMJ[BEPMBUFP
SBTFNJUJDBZ OBMNFOUF VOBUFSDFSBTFDDJOJOEBHBMBTQPTJCJMJEBEFTEFMQFOTBNJFOUP
TFNJUJDPFODPNVOJDBDJOBUSBWTEFDBTPTFKFNQMBSFTFORVFEFUFSNJOBEPTPCKFUPT
EFFTUVEJPEFMBDPNVOJDBDJOGVFSPOQFOTBEPTTFNJUJDBNFOUF

1BMBCSBTDMBWF4FNJUJDB UFPSBEFMBDPNVOJDBDJO FQJTUFNPMPHB

1
-JDFODJBUVSBFO$JFODJBTEFMB$PNVOJDBDJOQPSMB6OJWFSTJEBE-BUJOBEF"NSJDBFO.PSFMJB)BQVCMJDBEP
NTEFBSUDVMPTFOFMQFSJEJDP$BNCJPEF.JDIPBDO ZVOBTFSJFEFBSUDVMPTBDBENJDPTDPNPQBSUFEF
MBTNFNPSJBTEFFWFOUPTOBDJPOBMFTFJOUFSOBDJPOBMFT MBHSBONBZPSBEFFMMPTSFMBDJPOBEPTDPOMBTFNJUJDBZ
MBUFPSBEFMBDPNVOJDBDJO&TNJFNCSPEFMB3FEEF&TUVEJPTFO5FPSBTEFMB$PNVOJDBDJO
EFM
(SVQP)BDJBVOB$PNVOJDPMPHB1PTJCMF
ZEFMB"TPDJBDJO.FYJDBOBEF&TUVEJPEF4FNJUJDB7JTVBM
ZEFM&TQBDJP
"DUVBMNFOUFTFFODVFOUSBFTUVEJBOEPMB.BFTUSBFO$PNVOJDBDJOFOMB6OJWFSTJEBE
EF(VBEBMBKBSB BUSBWTEFMBCFDBPUPSHBEBQPSFM$POTFKP/BDJPOBMEF$JFODJBZ5FDOPMPHB $0/"$Z5



1SFTFOUBDJO
-P RVF UFOFNPT IPZ FT VO DBNQP TFNJUJDP FYUFOEJEP FO NMUJQMFT EJSFDDJPOFT Z
EFOUSPEFNMUJQMFTEJTDJQMJOBTDJFOUDBT ZVOPEFFTPTDBNQPTEJTDJQMJOBSFTDPOMPT
RVFMBTFNJUJDBTFIBSFMBDJPOBEPFTFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJOQFSP
FTUBSFMBDJOIBTJEPNVZQBSUJDVMBS IBHFOFSBEPTFSJBTDPOGVTJPOFT MBTDVBMFTOBDFO
EFOUSPEFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJOZOPEFOUSPEFMDBNQPTFNJUJDP 
QPSMPRVFMBTDPOTFDVFODJBTEFEJDIBTSFMBDJPOFTTFEFTBSSPMMBOJHVBMNFOUFEFOUSPEFM
QSJNFSPNTRVFEFMTFHVOEP&OFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJOTFIBMMFHBEP
BBSNBSRVFTFNJUJDBZDPNVOJDBDJOTPOEPTOPNCSFTEJGFSFOUFTQBSBVONJTNP
QSPHSBNB /VFTUSP QVOUP EF QBSUJEB FT RVF IBZ VOB HSBO EJGFSFODJB FOUSF FTUVEJBS
TFNJUJDBNFOUFVOEFUFSNJOBEPjPCKFUPvZQFOTBSTFNJUJDBNFOUFVOEFUFSNJOBEP
jPCKFUPv
1BSUJNPTEFMTVQVFTUPEFRVFMBTFNJUJDBRVFQMBOUF1FJSDFOPFTTMPVONUPEP
EFFTUVEJPEFMPTTJTUFNBTEFTJHOPTFOHFOFSBM TJOPRVFFTVOBGPSNBFTQFDDBEF
QFOTBS FM NVOEP  FT EFDJS  VO QFOTBNJFOUP B USBWT EF MPT TJHOPT %F FTUF QSJNFS
TVQVFTUP TF DPOHVSB FM PCKFUJWP QSJODJQBM EFM QSFTFOUF USBCBKP  FT EFDJS  NPTUSBS
RVF MB DPNVOJDBDJO  NT RVF TFS FTUVEJBEB TFNJUJDBNFOUF  QVFEF TFS QFOTBEB
TFNJUJDBNFOUF MPRVFMBDPOEVDFBVOBSFDPOTUSVDDJOFQJTUFNPMHJDBZPOUPMHJDB
EFMFTUVEJPEFMBDPNVOJDBDJO

1BSUJDVMBSJEBEFTFOMBSFMBDJOFOUSFTFNJUJDBZ
DPNVOJDBDJO
-BT QSJNFSBT SFFYJPOFT FTUVWJFSPO DFOUSBEBT FO EPT FKFT GVOEBNFOUBMNFOUF FO MB
GPSNB FO RVF MB TFNJUJDB FOUJFOEF Z iVTBu B MB DPNVOJDBDJO  Z FO MB GPSNB FO
RVF MB DPNVOJDBDJO FOUJFOEF  Z iVTBu B MB TFNJUJDB $PO CBTF FO MP BOUFSJPS  VOB
QSJNFSB BQSPYJNBDJO BM FMFNFOUP DPNVOJDBDJPOBM EFOUSP EFM DBNQP TFNJUJDP
QFSNJUJ FTUBCMFDFS USFT DBSBDUFSTUJDBT FTQFDDBT B
 MB TFNJUJDB TVQPOF USBCBKBS
DPO NBUFSJBMJEBEFT DFOUSBMFT QBSB FM DBNQP EF MB DPNVOJDBDJO MPT TJHOPT Z MPT
QSPDFTPTEFTJHOJDBDJOC
MBTFNJUJDB FOBMHVOPTDBTPT IBFTUVEJBEPMPTQSPDFTP
TFNJUJDPTDPNPQSPDFTPTDPNVOJDBUJWPTFJODMVTJWFBQSPQVFTUPTVTQSPQJPTNPEFMPT
EFDPNVOJDBDJO ZD
MBDPNVOJDBDJOFOFMDBNQPEFMBTFNJUJDBFTVOFMFNFOUPEF
FTUSVDUVSBDJO EFPSHBOJ[BDJO FTVODPODFQUPDPOTUSVDUPS


 -BTFHVOEBQPTJDJO MBJOEBHBDJOTPCSFMBOBUVSBMF[BEFMBTFNJUJDBFOFMDBNQP
EFFTUVEJPEFMBDPNVOJDBDJO FTNVDIPNTQSFDJTBZMJNJUBEB-BDPNVOJDBDJOIB
VTBEPBMBTFNJUJDBOJDBNFOUFDPNPNUPEPEFBOMJTJTBUSBWTEFMBJNQPSUBDJOEF
BMHVOPTDPODFQUPTZFMFNFOUPTNFUPEPMHJDPTQPSNFEJPEFMPTDVBMFTFMBCPSBBMHVOPT
EFTVTBOMJTJT&OFTUFTFOUJEP OPQPEFNPTIBCMBSEFVOQFOTBNJFOUPTFNJUJDPEF
MBDPNVOJDBDJO TJOPOJDBNFOUFEFMBVUJMJ[BDJOEFBMHVOPTDPODFQUPTEFWFOJEPT
EFM DBNQP TFNJUJDP -B DPNVOJDBDJO  QPS UBOUP  OP TF QJFOTB TFNJUJDBNFOUF
1PEFNPTQMBOUFBSWBSJBTDVFTUJPOFTFOUPSOPBMBDPOHVSBDJOEFMBDPNVOJDBDJO 
TJO FNCBSHP  MP NT JNQPSUBOUF QBSFDF TFS TV DPOHVSBDJO QPTUFSJPS B VO QSJNFS
SFDPSSJEPIJTUSJDPEFTVTGVFOUFTDJFOUDBT&MQSJNFSFTDFOBSJPFTFMRVFUJFOFRVF
WFSDPOMPRVFEJDFMBDPNVOJDBDJORVFFTMBTFNJUJDB BMTFSFMMBNJTNBMBRVFQMBOUFB
BTUBDPNPNBUSJ[DJFOUDBQPTJCMF&TUFQSJNFSFTDFOBSJPTFNVFWFFOUPODFTEFTEFFM
DBNQPEFMBDPNVOJDBDJOIBDJBBMDBNQPTFNJUJDP MPRVFJNQMJDBMBSFWJTJOEFMPT
DPODFQUPTRVFFMNJTNPDBNQPTVHJFSFDPNPDFOUSBMFTEFMBUFPSBEFMBDPNVOJDBDJO
&MTFHVOEPFTDFOBSJPFTMPRVFEJDFMBTFNJUJDBTPCSFMBDPNVOJDBDJO
 $POCBTFFOMPBOUFSJPS QMBOUFBNPTVOBQSJNFSBIJQUFTJT QVFTDPOTJEFSBNPT
RVFIBZVOBDPNVOJDBDJOFOFMDBNQPTFNJUJDPZVOBDPNVOJDBDJOPFMFNFOUP
iDPNVOJDBDJPOBMuFOFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJORVFOPTFSFMBDJPOBO Z
RVFQBSUFOZPQFSBOEFNBUSJDFTDPODFQUVBMFTEJGFSFOUFT&TUFQSJNFSNBSDPNPEJ
DBBMHVOPTEFMPTTVQVFTUPTJOJDJBMFTTPCSFMBDPNVOJDBDJOZMBTFNJUJDB ZOPTMMFWB
BQSFHVOUBSOPTyRVTFNJUJDBFTMBRVFFTUFOFMDBNQPEFMBDPNVOJDBDJO : yQBSB
RVPDPORVOFT &TUFTFHVOEPQSPHSBNBEFJOWFTUJHBDJOJNQMJDBEPTBCTUSBDDJPOFT
BRVFMMBRVFWJFOFEFTEFMPTDPODFQUPTRVFMBDPNVOJDBDJOEJDFRVFTPOTFNJUJDPTZ
EFMPTRVFMBTFNJUJDBEJDFRVFTPODPNVOJDBUJWPT1FSP DPOFTUFQSJNFSNBSDPMPRVF
OPTJOUFSFTBEFKBSFODMBSPFTRVF IBTUBBIPSB MPRVFIBQSFWBMFDJEPFOFMDBNQPEF
MBDPNVOJDBDJOFTMBVUJMJ[BDJOEFEFUFSNJOBEPTBVUPSFTZDPODFQUPTEFWFOJEPTEFM
DBNQPTFNJUJDPDPOOBMJEBEFTBOBMUJDBT MPRVFDPNQMJDBIBCMBS DPNPZBIFNPT
DPNFOUBEP EFVOQFOTBNJFOUPTFNJUJDPFODPNVOJDBDJO
 $POTJEFSBNPT RVF MBT QPUFODJBMJEBEFT EF MB TFNJUJDB TPO QSFDJTBNFOUF TVT
QSPQJFEBEFTFQJTUFNPMHJDBTZOPUBOUPTVTGPSNVMBDJPOFTNFUPEPMHJDBT1FOTBSMB
DPNVOJDBDJOTFNJUJDBNFOUFJNQMJDBOPTMPFMVTPEFBMHVOPTDPODFQUPTEFWFOJEPT
EFMBUFPSBTFNJUJDB TJOPFMVTPEFNBSDPTNVDIPNTHFOFSBMFT1FOTBNPT BMJHVBM
RVF .BSJP #VOHF 
 RVF iUPEB DJFODJB VUJMJ[B  BEFNT EFM MFOHVBKF PSEJOBSJP 


FYQSFTJPOFT Z USBOTGPSNBDJPOFT EF MBT NJTNBT RVF OP UJFOFO TFOUJEP TJOP FO FM
DPOUFYUPEFBMHVOBUFPSBu 
"T QFOTBSMBDPNVOJDBDJOTFNJUJDBNFOUFJNQMJDB
QBSUJSEFTVTNBSDPTFQJTUFNPMHJDPTZOPTMPEFMBGPSNVMBDJOEFBMHVOPTEFTVT
DPODFQUPT&TDPOCBTFFOFTUBTSFFYJPOFTRVFDPOTJEFSBNPTRVFOJOHODPODFQUP
GVODJPOBGVFSBEFVONBSDPUFSJDPFTQFDDPZ QPSUBOUP MBDPSSFDUBVUJMJ[BDJOEFMPT
DPODFQUPTFODPNVOJDBDJOEFWFOJEPTEFMDBNQPTFNJUJDPQBSUFOFDFTBSJBNFOUFEFM
SFDPOPDJNJFOUPEFTVTDPOUFYUPTUFSJDPT"RVFMFMFNFOUPDMBWF BVORVFSFDPOPDFNPT
RVFOPFTFMOJDP TPOMPTDPODFQUPT BMPRVFIFNPTEFOJEPTDPNPTJHOPT&MQSPDF
TPRVFQMBOUFBNPTFOUPODFTFTEPCMF1MBOUFBNPTRVFFTOFDFTBSJPSFDPCSBSMBOBUVSBMF[B
FQJTUFNPMHJDBEFMPTDPODFQUPTEFMBTFNJUJDBQBSBFMDBNQPEFMBDPNVOJDBDJO Z
FTUPMPQMBOUFBNPTBUSBWT QSFDJTBNFOUF EFMBTFNJUJDB
 -BJEFBEFVOBSVUBDPODFQUVBMJNQMJDBVOBGPSNBEFBQSPYJNBDJORVFQBSUFEFM
BDVFSEPFOTVDPOTUJUVDJO6OBQSJNFSBUFTJTTVHJFSFRVFMPTPCKFUPTDPODFQUVBMFTOP
TPONBUFSJBMFTOJNFOUBMFT OJQSPDFTPTDFSFCSBMFTPTVDFTPTRVFPDVSSFOFOVOBNFOUF
JONBUFSJBM  TJOP RVF TPO PCKFUPT RVF QPTFFO VOB OBUVSBMF[B QFDVMJBS F JSSFEVDUJCMF
Z RVF FYJTUFO FO MB NFEJEB FO RVF QFSUFOFDFO B DJFSUPT DPOUFYUPT  DPNP TPO  QPS
FKFNQMP MBTUFPSBT1PSPUSBQBSUF FTUBTVFSUFEFFYJTUFODJBFTjDPOWFODJPOBMv FTEFDJS 
RVFIBDFNPTEFDVFOUBRVFFYJTUFOFOUBOUPSFMBDJPOFT GVODJPOFT UFPSBT ONFSPT 
FTUSVDUVSBT TVFPT FUDUFSBQPSMPUBOUP OPTMPJOWFOUBNPTMPTPCKFUPTDPOUFYUVBMFT
TJOPUBNCJOTVNPEPEFFYJTUFODJB'JOBMNFOUF FMiDPODFCJSVOPCKFUPDPODFQUVBMZ
BTJHOBSMFFYJTUFODJBDPODFQUVBMTPOEPTBTQFDUPTEFVONJTNPQSPDFTPRVFTFEBFO
FMDFSFCSPEFBMHOTFSSBDJPOBM-PTPCKFUPTDPODFQUVBMFTOPFYJTUFOEFQPSTOJTPO
JEOUJDPTBMPTTJHOPTRVFMPTEFTJHOBO OJTFDPOGVOEFODPOMPTQFOTBNJFOUPTRVFMPT
QJFOTBO<w>1BSBFYJTUJSDPODFQUVBMNFOUFFTOFDFTBSJPZTVDJFOUFRVFVOPCKFUPTFB
QFOTBCMFQPSBMHOTFSSBDJPOBMEFDBSOFZIVFTPu #VOHF 

 1BSB.BSJP#VOHF 
MPTPCKFUPTDPODFQUVBMFTPDPOTUSVDUPTTPOVOBDSFBDJO
NFOUBM BVORVFOPVOPCKFUPNFOUBMQTRVJDPUBMDPNPVOBQFSDFQDJO VOSFDVFSEPP
VOBJOWFODJO EFMPTRVFTFEJTUJOHVFODVBUSPUJQPTDPODFQUPT QSPQPTJDJPOFT DPOUFYUPT
ZUFPSBT&OFTUFTFOUJEP MPTDPODFQUPTTPOMPTUPNPTDPODFQUVBMFT MBTVOJEBEFTDPO
MBTRVFTFDPOTUSVZFOMBTQSPQPTJDJPOFT MBTDVBMFTTBUJTGBDFOBMHODMDVMPQSPQPTJDJPOBM
ZRVF QPSBBEJEVSB QVFEFOTFSFWBMVBEPTFOMPRVFSFTQFDUBBTVHSBEPEFWFSEBE 
BVO DVBOEP OP TF EJTQPOHB UPEBWB EF QSPDFEJNJFOUPT QBSB FGFDUVBS UBM FWBMVBDJO


FOBMHVOPTDBTPT1PSTVQBSUF FMDPOUFYUPFTVODPOKVOUPEFQSPQPTJDJPOFTGPSNBEBT
QPSDPODFQUPTDPOSFGFSFOUFTDPNVOFTZ QPSMPUBOUP VOBUFPSBFTVODPOKVOUPEF
QSPQPTJDJPOFTFOMB[BEBTMHJDBNFOUFFOUSFTZRVFQPTFFOSFGFSFOUFTFODPNO

&TRVFNB-PTDPOTUSVDUPT
$PODFQUPT

$POTUSVDUPT 1SPQPTJDJPOFT
"CJFSUPT
$POUFYUPT
$FSSBEPT
'VFOUF#VOHF 

-PTDPODFQUPTFTUO QPSUBOUP FOMVHBSEFBMHPNT OPTPONFSBTHVSBTSFUSJDBTTJOP


FMFNFOUPTRVFTVTUJUVZFOBJEFBT TFOTBDJPOFT OPDJPOFT DPMPSFT GPSNBT FUDUFSBFO
TOUFTJT MPTDPODFQUPTTPOTJHOPTZ BOBMEFDVFOUBT TVQPEFSFTUSJCBFOTVDBQBDJEBE
EFSFQSFTFOUBSMBTJEFBTQPSMBTDVBMFTMPTVTBNPT&OFTUFTFOUJEP TJFMDPODFQUPFTMB
VOJEBEEFQFOTBNJFOUP ZFTBMBWF[VOTJHOP QPSMPUBOUP VOTJHOPFTVOBVOJEBEEF
QFOTBNJFOUP1FOTBNPTFOTJHOPT&MNJTNP1FJSDFZBIBCBDPOUFNQMBEPFTUFIFDIP
-PRVFJOUFOUBNPTNPTUSBSFTRVFMBTFNJUJDB BUSBWTEFMBGPSNBMJ[BDJOEFMTJHOP MP
RVFFTUQMBOUFBOEPFTVOBMHJDBZFQJTUFNPMPHBEFMTJHOP VOBMHJDBZFQJTUFNPMPHB
EFMPTDPODFQUPT&TUPMBDPOWJFSUFFOVOBUFPSBDBQB[EFFYUFOEFSTFDPNPSFFYJOEFT
NJTNBZEFPUSBTDJFODJBT MPRVFMFMMFWBBBSNBSB+PIO%FFMZRVFi<w>QPSQSJNFSB
WF[ FORVJ[USFTDJFOUPTBPT MBTFNJUJDBIBDFQPTJCMFFMFTUBCMFDJNJFOUPEFOVFWPT
GVOEBNFOUPT QBSB MBT DJFODJB IVNBOBT  GVOEBNFOUPT RVF B TV WF[ QPTJCJMJUBO VOB
OVFWBTVQFSFTUSVDUVSBQBSBMBTIVNBOJEBEFTZQBSBMBTBTMMBNBEBTDJFODJBTEVSBTP
OBUVSBMFTBMBQBS5BMNBSDPUFSJDPIBTJEPNVDIBTWFDFTTPBEP QFSPMBTFNJUJDB
MPDPMPDBQPSQSJNFSBWF[BOVFTUSPBMDBODF DPOMBOJDBDPOEJDJOEFRVFQPTFBNPT
VOFOUFOEJNJFOUPEFMTJHOPZEFTVTGVODJPOFTFTFODJBMFTMPTVDJFOUFNFOUFSJDPDPNP
QBSBQSFWFOJSFMFODJFSSPEFMBJOWFTUJHBDJOTFNJUJDBEFOUSPEFMBFTGFSBEFMPTTJHOPT
DPOTUSVJEPTu %FFMZ 



 &TDJFSUP MPTTJHOPTDPODFOUSBMFTBQBSUJSEFTVTNMUJQMFTSFMBDJPOFT QFSPMBQSP
QVFTUB EF 1FJSDF OP TMP DPOUFNQMB TV MHJDB EF PSHBOJ[BDJO  TJOP MB OFDFTJEBE EF
TV JODMVTJO FO DPOUFYUPT NT HFOFSBMFT FO MPT RVF JOUFSWJFOFO VOB HSBO DBOUJEBE
EFFMFNFOUPT DPNPZBIFNPTNPTUSBEP&MQVOUPFTRVFMBTFNJUJDBFTUBCMFDFTVT
QSPQJPTDPODFQUPTZPGSFDFVOBQPTJCMFHVBQBSBTFSVTBEPT ZBISBEJDBTVQPUFODJBM
FQJTUFNPMHJDP FT JNQMDJUBNFOUF VOB QSPQVFTUB FQJTUFNPMHJDB RVF QBSUF EFTEF MB
DPOTUSVDDJOZFMSFDPOPDJNJFOUPEFMPTFMFNFOUPTTHOJDPTQBSUJDVMBSFT

-BTFNJUJDBFOFMDBNQPEFFTUVEJPEFMBDPNVOJDBDJO
)FNPT EJDIP DPO BOUFSJPSJEBE RVF MPT DPODFQUPT JNQPSUBEPT EFM DBNQP TFNJUJDP
IBDJBFMDBNQPEFMBDPNVOJDBDJOTVGSFOVOBNPEJDBDJO-PRVFBIPSBJOUFOUBNPT
NPTUSBS FT FM QPS RV EF FTB NPEJDBDJO B QBSUJS EF MB UFPSB EFM TJHOP FO 1FJSDF 
QBSUJFOEPEFMBJEFBEFRVFMPTDPODFQUPTQVFEFOTFSDPOTJEFSBEPTDPNPTJHOPT&OMB
QSPQVFTUBEF1FJSDF MPTTJHOPTUJFOFOVOBDPOHVSBDJOUSJQMF ZIBDFOSFGFSFODJBBUSFT
FTUBEPT DPODSFUPT SFQSFTFOUBNFO  PCKFUP F JOUFSQSFUBOUF
 -B DPOGVTJO SBEJDB  QPS
UBOUP OPTMPFOMBFMJNJOBDJOEFMDPOUFYUPUFSJDPEFMRVFQSPWJFOFOMPTDPODFQUPT 
TJOPEFMBFMJNJOBDJOEFBMHVOPEFTVTDPNQPOFOUFT7FBNPTFTUPDPOVOFKFNQMPB
USBWTEFMPTVDFEJEPDPOFMDPODFQUPEFDPOOPUBDJO-BDPOOPUBDJOEFVONFOTBKF
IB TJEP FOUFOEJEB DPNP UPEP BRVFMMP RVF OP TF EJDF FYQMDJUBNFOUF DPO QBMBCSBT 
GPSNBT DPMPSFT PMPSFT TFOTBDJPOFT UBNBPT FUDUFSB TJOPDPNPUPEPBRVFMMPRVFFM
NFOTBKFQVFEFMMFHBSBTJHOJDBS&TUBTVQPTJDJOIJ[PQPTJCMF FOBMHVOPTDBTPT RVF
DJFSUPTNFOTBKFTEFMPTNFEJPTGVFSBOJOUFSQSFUBEPTDPNPQFSUFOFDJFOUFTBMBJEFPMPHB
EPNJOBOUF ZRVFDVBMRVJFSDPTBRVFTFQVEJFSBEFDJSEFTVQPTJCMFTJHOJDBEPBQBSFDJFSB
DPNPWMJEBPMFHUJNB1FSPFMFTDFOBSJPTFNPEJDBDVBOEPMPTDPODFQUPTTPOQVFTUPT
FOVONBSDPTFNJUJDP1PSFKFNQMP 6NCFSUP&DPBSHVNFOURVFMPRVFDPOTUJUVZF
VOBDPOOPUBDJOFODVBOUPUBMFTFMIFDIPEFRVFiTUBTFFTUBCMFDFQBSBTJUBSJBNFOUF
BQBSUJSEFVODEJHPQSFDFEFOUFZEFRVFOPQVFEFUSBOTNJUJSTFBOUFTEFRVFTFIBZB
EFOPUBEPFMDPOUFOJEPQSJNBSJP<w>1PSMPUBOUP IBEFRVFEBSDMBSPRVFMBEJGFSFODJB
FOUSFEFOPUBDJOZDPOOPUBDJOTFEFCFBMNFDBOJTNPDPOWFODJPOBMJ[BEPSEFMDEJHP 
JOEFQFOEJFOUFNFOUFEFRVFMBTDPOOPUBDJPOFTQVFEBOQBSFDFSIBCJUVBMNFOUFNFOPT
FTUBCMFTRVFMBTEFOPUBDJPOFTu &DP 



 -PRVFIBZRVFSFTBMUBS QPSMPUBOUP FTRVFIBZVOBEJGFSFODJBFOUSFMBDPOOPUBDJO
DPNPQBMBCSB MBiDPOOPUBDJOuDPNPQSPDFTPVPCKFUPEFEFTJHOBDJOZMBjDPOOPUB
DJOvDPNPDPOTUSVDDJOUFSJDBTUFFTVOFMFNFOUPTFNJUJDPDMBWF1BSB1FJSDF VO
TJHOP P SFQSFTFOUBNFO FT BRVFMMP RVF FTUB 1SJNFSP FO SFMBDJO DPO VO 4FHVOEP  TV
PCKFUP FMDVBMUJFOFMBDBQBDJEBEEFEFUFSNJOBSVO5FSDFSP FMJOUFSQSFUBOUF RVFEFIF
DIP BTVNF MB NJTNB SFMBDJO USJEJDB DPO FM PCKFUP %F FTUB NJTNB GPSNB  DPNP ZB
IFNPTEJDIP BMQMBOUFBSMBSFMBDJOEFVOTJHOPFOQSJNFSBJOTUBODJB DPOVOPCKFUP FO
TFHVOEBJOTUBODJB QBSBVOUFSDFSP TVJOUFSQSFUBOUF 1FJSDFEFSJWBTVTUSFTDBUFHPSBTEF
PSHBOJ[BDJOMB1SJNFSJEBE MB4FHVOEJEBEZMB5FSDFSJEBE&TUPTUSFTOJWFMFTEFPSHB
OJ[BDJO OP TMP EFOFO MB EJSFDDJO EF VO QSPDFTP  TJOP RVF EFOFO VO PSEFO EF
BDDJO1PSMPUBOUP VODPODFQUPOPQVFEFGVODJPOBSOJDBNFOUFDPNPQSJNFSJEBE
PTFHVOEJEBE TJOPOJDBNFOUFDPNPUFSDFSJEBE QVFTUPRVFFTUBMUJNBJNQMJDBBMBT
PUSBTEPT
-BUFSDFSJEBEFTMBDMBWFEFMBDPOTUSVDDJODPODFQUVBM FTMBJODPSQPSBDJO
EFMFTQBDJPUFSJDPTVCZBDFOUFBVODPODFQUP FTMBQPTJCJMJEBEEFMBBUSJCVDJOEFVOEF
UFSNJOBEPTJHOJDBEP-PRVFOPTPUSPTWFNPTFOFMDBTPEFMBDPNVOJDBDJOFTRVF
MPT DPODFQUPT EFWFOJEPT EFM DBNQP TFNJUJDP QFSNBOFDFO FO NVDIPT DBTPT DPNP
TFHVOEJEBE DPNPSFGFSFODJBBNFSBTQBMBCSBT1FSPFMGFONFOPOPFTFYDMVTJWPEFMP
RVFTVDFEFDPOMPTDPODFQUPTEFWFOJEPTEFMDBNQPTFNJUJDP EFIFDIPTFQVFEFIB
DFSFMNJTNPFKFSDJDJPDPODVBMRVJFSBEFFMMPTTJOJNQPSUBSMBNBUSJ[UFSJDBEFMBRVF
QSPWFOHBO
 -P RVF BRV IFNPT QSFTFOUBEP FT BQFOBT VO FTCP[P EF BMHVOBT DVBMJEBEFT EF
OBUVSBMF[B FQJTUFNPMHJDB EF MB TFNJUJDB Z TVT QPTJCJMJEBEFT QBSB FM FTUVEJP EF MB
DPNVOJDBDJO QSPHSBNBRVFBOFTUQPSEFTBSSPMMBSTF-PRVFSFTUBBIPSBFTNPTUSBS 
BNBOFSBEFFKFNQMP BMHVOPTDBTPTFOMPTRVFMBRVFMBDPNVOJDBDJOGVFQFOTBEB
Z FTUSVDUVSBEB TFNJUJDBNFOUF  DPO MB OBMJEBE EF JOEJDBS RVF UBM QFOTBNJFOUP FT
QPTJCMF6OPEFMPTDBTPFKFNQMBSFTFOFMDBNQPEFMBDPNVOJDBDJOEPOEFMBTFNJUJDB
GVODJPOBDPNPQSJODJQJPEFPSHBOJ[BDJOFTFMEFMEBOT,MBVT#SVIO+FOTFO FOTVPCSB
-BTFNJUJDBTPDJBMEFMBDPNVOJDBDJOEFNBTBT&MDBTPEF+FOTFOFTFKFNQMBSFOEPT
TFOUJEPT1SJNFSPQPSRVFTJHVFMBMOFBTFNJUJDBEF1FJSDF MBDVBMFTDBTJJOFYJTUFOUF
FODPNVOJDBDJOZ TFHVOEP QPSRVFTVQSFUFOTJOFTFOFMGPOEPMBEFSFDVQFSBSFM
QSJODJQJPEFMQSBHNBUJTNPDPNPUFSDFSBMUFSOBUJWBFOMBUFPSBEFMBDPNVOJDBDJO
+FOTFO FYQPOF MPT SFUPT RVF QMBOUFB VOB TFNJUJDB TPDJBM Z EF MB DPNVOJDBDJO EF


NBTBT  BT DPNP MBT MJNJUBDJPOFT EFM FTUSVDUVSBMJTNP Z FM QPTFTUSVDUVSBMJTNP QBSB
QMBOUFBS EFTEFFTUFNBSDP VOBDSUJDBBMQSBHNBUJTNPQFJSDFBOPEFTEFMBRVFQSPQPOF
EPTMOFBTEFMEFTBSSPMMPTFNJUJDPB
VOBUFPSBEFMBDPNVOJDBDJOPTFNJUJDBEF
QSJNFSPSEFOZ C
VOBUFPSBEFMBDJFODJBPTFNJUJDBEFTFHVOEPPSEFO
 4FHO+FOTFO TFSFRVJFSFEFVOBUFPSBEFMPTTJHOPTNTEJGFSFODJBEBRVFFYQMJRVF
MPTWFIDVMPTSFBMFTEFMBDPNVOJDBDJOZTVJNQBDUPFOMBTTPDJFEBEFTZMBTBVEJFODJBT 
FTEFDJS MBQPTJCJMJEBEEFFTUBCMFDFSEFRVGPSNBMPTNFEJPTEFDPNVOJDBDJOZMBT
BVEJFODJBTTFSFMBDJPOBODPNPBHFOUFTEFMBTWJEBEFMPTTJHOPTFOMBTPDJFEBE DPO
SFQFSDVTJPOFTQBSBMBDBMJEBEEFMBWJEBDPUJEJBOBZUBNCJOQBSBMBFTUSVDUVSBEFMB
TPDJFEBE -B QSFUFOTJO EF MB WJTJO TFNJUJDB  DPODSFUBNFOUF EFM QSBHNBUJTNP EF
1FJSDF GVODJPOB DPNP QSJODJQJP EF PSHBOJ[BDJO FO TV EJNFOTJO FQJTUNJDB -B
PCSBEF+FOTFOOPTMPFTVODMBSPFKFNQMPEFMBTQPTJCJMJEBEFTEFMBTFNJUJDBFOTV
SFMBDJODPOMBDPNVOJDBDJOTJOPRVFFTVOBWFSEBEFSBDPOTUSVDDJOUFSJDBEFZQBSB
FMFTUVEJPEFMBDPNVOJDBDJOjQFOTBEBvTFNJUJDBNFOUF
 -BNFOUBCMFNFOUF FTUBPCSBFTVODBTPQBSUJDVMBSRVFOPUFOEJBSFQSPEVDJSTF
QPSFMDPOUSBSJP MPRVFQSFWBMFDJGVFMBEFTPSHBOJ[BDJOZDBSFODJBEFSJHPSBDBENJDP
FO FM DBNQP EF MB DPNVOJDBDJO QBSB MB VUJMJ[BDJO EFM DBNQP TFNJUJDP P EF MPT
DPODFQUPTEFWFOJEPTEFTUF
 
"NBOFSBEFDPODMVTJO
-P RVF BRV IFNPT NPTUSBEP FT BQFOBT VOB JOTJOVBDJO EF MBT QPTJCJMJEBEFT
FQJTUFNPMHJDBTEFMBTFNJUJDBQBSBFMFTUVEJPZQFOTBNJFOUPEFMBDPNVOJDBDJO QFSP
MPRVFEFCFRVFEBSDMBSPFTRVFFTUFQSPHSBNBFTVOBUBSFBRVFSFDJOTFFTUBMMFWBOEP
BDBCPZEFMBRVFRVFEBBONVDIPQPSEFDJSZIBDFS%FJHVBMGPSNB MPRVFIFNPT
JOUFOUBEPEFKBSFODMBSPFTRVFIBZTFSJPTQSPCMFNBTFOFMDBNQPEFMBDPNVOJDBDJO
TPCSFMBMJCFSUBEEFMBVUJMJ[BDJOEFMPTDPODFQUPTTFNJUJDPT2VJ[TUFFTBQFOBTVO
BQVOUFEFVOBUBSFBNVDIPNTBNQMJBRVFJNQMJDBVOBSFWJTJOTJTUFNUJDBEFMPRVF
IBQBTBEPFOMBDPOWFSHFODJBFOUSFBNCPTDBNQPTEFFTUVEJPZMBTFNJUJDB BUSBWT
EFTVMHJDBZTVQSPQJBNFUPEPMPHB QVFEFSFTVMUBSVOBIFSSBNJFOUBEFQFOTBNJFOUP
FDB[FOFTUBZFOPUSBTUBSFBTSFDPOTUSVDUJWBT


3FGFSFODJBTCJCMJPHSDBT

"/%&340/  +BNFT " 


 $PNNVOJDBUJPO UIFPSZ &QJTUFNPMPHJDBM GPVOEBUJPOT
/FX:PSL -POEPOF(VJMGPSE1SFTT
#&3(."/  .BUUT 
 'JFMET PG TJHOJDBUJPO &YQMPSBUJPOT JO $IBSMFT 4 1FJSDFT
UFIPSZPGTJHOT7BOUB1IJMPTPQIJDBM4UVEJFTGSPNUIF6OJWFSTJUZPG)FMTJOLJ
#&6$)05 .BVSJDJP 
&MFNFOUPTEFTFNJUJDB&EJDJO.YJDP4VSHF
@@@@@  
-BTFNJUJDB5FPSBTEFMTJHOPZFMMFOHVBKFFOMBIJTUPSJB.YJDP
#-"4$0 +PTFQ-FUBM 
4JHOPZQFOTBNJFOUP#BSDFMPOB"SJFM'JMPTPGB
#3&/5  +PTFQI 
 $IBSMFT 4BOEFST 1FJSDF " MJGF *OEJBOB *OEJBOB 6OJWFSTJUZ
1SFTT
#6/(& .BSJP B
&QJTUFNPMPHB&EJDJO.YJDP4JHMP&EJUPSFT
@@@@@  C
-BJOWFTUJHBDJO$JFOUDB&EJDJO.YJDP4JHMP&EJUPSFT
$)&38*5; 3 :)JLJOT+ 
$PNNVOJDBSUJPOBOE,OPXMFEHF"OJOWFTUJHBUJPO
JO3FUIPSJDBM&QJTUFNPMPHZ$PMVNCJB4$6OJWFSTJUZPG4PVUI$BSPMJOB1SFFT
%"/&4* .BSDFM 
&ODJDMPQFEJD%JDUJPOBSZPG4FNJPUJDT NFEJB BOEDPNNVOJ
DBUJPOT5PSPOUP #VBMP -POEPO6OJWFSTJUZPG5PSPOUP1SFTT
%&&-: +PIO 
*OUSPEVDJOHTFNJPUJDT#MPPNJOHUPO*OEJBOB6OJWFSTJUZ1SFTT
@@@@@  
-PTGVOEBNFOUPTEFMBTFNJUJDB.YJDP6OJWFSTJEBE*CFSPBNFSJDBOB
%&8&: +PIO 
)PXXFUIJOL/FX:PSL1SPNFUIFVT#PPLT
&$0 6NCFSUP 
5SBUBEPEFTFNJUJDBHFOFSBM#BSDFMPOB-VNFO
@@@@@  
"UIFPSZPGTFNJPUJDT#MPPNJOHUPOH*OEJBOB6OJWFSTJUZ1SFTT
@@@@@  
-PTMNJUFTEFMBJOUFSQSFUBDJO.YJDP-VNFO
@@@@@  B
-BFTUSVDUVSBBVTFOUF*OUSPEVDDJOBMBTFNJUJDB#BSDFMPOB-VNFO
&4$"31*5  3PCFSU 
 5FPSB HFOFSBM EF MB JOGPSNBDJO Z MB DPNVOJDBDJO
#BSDFMPOB*$"3*"
'"##3* 1BPMP 
5DUJDBTEFMPTTJHOPT#BSDFMPOB(FEJTB
@@@@@  
&MHJSPTFNJUJDP#BSDFMPOB(FEJTB
'&*#-&."/ +BNFT, 
"OJOUSPEVUJPOUP1FJSDFTQIJMPTPQIZ*OUFSQSFUFEBTB
TZTUFN-PVJTJBOBF)BVTFS1SFTT
'0/5"/*--& +BDRVFT 
4FNJUJDBEFMEJTDVSTP-JNB6OJWFSTJEBEEF-JNB 


'0/5"/*--&  +BDRVFT Z $MBVEF ;JMCFSCFSH 
 5FOTJO Z TJHOJDBDJO -JNB
6OJWFSTJEBEEF-JNB
("3$"  .BSDFMJOP 
 /BSSBDJO 4FNJPTJTNFNPSJB "SHFOUJOB 6OJWFSTJEBE
/BDJPOBMEF.JTJPOFT
(*."5&8&-4) "ESJO 
%FMTJHOPBMEJTDVSTP%JNFOTJPOFTEFMBQPUJDB MB
QPMUJDBZMBQMTUJDB.YJDP*[UBQBMBQB .JHVFMOHFM1PSSVB
(06%(&  PNBT " 
 F UIPVHIU PG $ 4 1FJSDF 5PSPOUP 6OJWFSTJUZ PG
5PSPOUP1SFTT
+".&4 8JMMJBN 
1SBHNBUJTN*OEJBOBQPMJT)BDLFUU1VCMJTIJOH$PNQBOZ
-&&%4)638*5; 8FOEZ 
4FNJPUJDTBOEDPNNVOJDBUJPOTJHOT DPEFT DVMUVSFT
/FX+FSTFZ-BVSFODF&SMCBVN"TTPDJBUFT1VCMJTIFST
.033*4 $IBSMFT 
4JOHT MBOHVBHFBOECFIBWJPS/FX:PSL(FPSHF#SB[JMMFS*OD
1&*3$&  $IBSMFT 4BOEFST 
 $PMMFDUFE 1BQFST PG $IBSMFT 4BOEFST 1FJSDF
&EJUBEPQPS$)BSTUIPOFZ18FJTT$BNCSJEHF.BTTBDIVTFUUT F#FMLOBQ1SFTTPG
)BSWBSE6OJWFSTJUZ1SFTT
@@@@@  
1IJMPTPQIJDBMXSJUJOHTPG1FJSDF/FX:PSL%PWFS1VCMJDBUJPOT
@@@@@  
&TDSJUPTMPTDPT7PMVNFO*.YJDP&M$PMFHJPEF.JDIPBDO
1&5&34  +PIO %VSIBN 
 4QFBLJOH JOUP UIF BJS B IJTUPSZ PG UIF JEFB PG
DPNNVOJDBUJPO$IJDBHPF6OJWFSTJUZPG$IJDBHP1SFTT
26&;"%".BDDIJBWFMP TDBS 
4FNJPTJT DPOPDJNJFOUPZDPNVOJDBDJO-JNB
6OJWFSTJEBEEF-JNB 'POEPEF%FTBSSPMMP&EJUPSJBM
3*5$)*& -%BWJE 
$PNNVOJDBUJPODPODFQUTJOGPSNBUJPO/FXCVSZ1BSL 
$"4BHF
4"/5"&--" -VDJB 
y1PSRVMBTFNJUJDBEF1FJSDFFTUBNCJOVOBUFPSBEF
MBDPNVOJDBDJO FO$VBEFSOPT GFCSFSP /NFSP"SHFOUJOB6OJWFSTJEBEEF+VKVZ 
'BDVMUBEEF)VNBOJEBEFTZ$JFODJBT4PDJBMFT4BO4BMWBEPSEF+VKVZQQ
4&#&0, PNBT" 
4JHOT"OJOUSPEVUJPOUPTFNJPUJDT5PSPOUP6OJWFSTJUZPG
5PSPOUP1SFTT
4&#&0, PNBT" FUBM 
$MBTTJDTPGTFNJPUJDT/FX:PSL1MFOVN1SFTT
@@@@@ 4)BZFTBOE.BSZ$BSIFSJO#BUFTPO 
"QQSPDIFTUP4FNJPUJDT$VMUVSBM 
"OUSPQPMPHZ  &EVDBUJPO  -JOHVJTUJDT  1TZDIJBUSZ  1TZDIPMPHZ USBOTBDUJPOT *OEJBOB
*OEJBOB6OJWFSTJUZ


4*-7&3."/  ,BKB 
 F TVCKFDU PG TFNJPUJDT /FX :PSL 0YGPSE 6OJWFSTJUZ
1SFTT
7&34$)6&3&/ +FG +BO0MBTUNBOBOE+PIO#FOKBNJOT &EJUPST
 
)BOECPPL
PGQSBHNBUJDTNBOVBM"NTUFSEBN1IJMBEFMQIJB+PIO#FOKBNJOT1VCMJTIJOH$PNQBOZ
7*%"-&4 (PO[MFT  $BSMPT & 
 i4FNJUJDB EF 1SJNFS Z TFHVOEP PSEFO -B
QSPQVFTUBT TPDJPTFNJUJDB EF ,MBVT #SVIO +FOTFO Z MB DPNVOJDPMPHBu FO 3B[O Z
1BMBCSB1SJNFSBSFWJTUBFMFDUSOJDBFO"NSJDB-BUJOBFTQFDJBMJ[BEBFO$PNVOJDBDJO
<&OMOFBKVOJPEF>%JTQPOJCMFFOIUUQXXXSB[POZQBMBCSBPSHNYBOUFSJPSFT
ODWJEBMFTIUNM
@@@@@  
4FNJUJDBZDPNVOJDBDJO VOBSFMBDJOQSPCMFNUJDB1PSUBMEF
<&OMOFBFOFSPEF>%JTQPOJCMFFOhttp://www.amicmexico.org/ponencias_xviii.
htm#ocho
@@@@@  
 %F MB MJOFBMJEBE B MB DPNQMFKJEBE FO DPNVOJDBDJO VOB QFSTQFDUJWB
TFNJUJDB1PSUBMEF$PNVOJDPMPHB<&OMOFB.BS[PEF>%JTQPOJCMFFO http://
www.geocities.com/comunicologiaposible3/tbvidales1.htm


4FNJUJDBZSFUSJDB
&EHBS4BOEPWBM

*OUSPEVDDJO
-B TFNJUJDB UJFOF BDUVBMNFOUF VOBTFSJFEFBMJBO[BTDPOPUSBTDJFODJBTZDPOPUSPT
QMBOUFBNJFOUPT VOBEFTUBTFTDPOMBSFUSJDB&TUBSFMBDJOPBMJBO[BEFMBTFNJUJDB
DPOMBSFUSJDBOPFTOVFWB OPTFEBBQBSUJSEFMBTUFTJTEF3PMBOE#BSUIFTPCJFOBQBSUJSEF
MPTUSBCBKPTEFM(SVQP. DPNPTVFMFFTUBCMFDFSTF-BSFMBDJOFTWJFKB FTUQSFTFOUF
EFTEF "SJTUUFMFT Z BQBSFDF OVFWBNFOUF  TMP RVF DPO VOB SFWPMVDJO BCTPMVUB DPO
$IBSMFT4BOEFST1FJSDF&MQSPQTJUPEFMUSBCBKPFTTFBMBSFTUBSFMBDJOFOUSFTFNJUJDB
ZSFUSJDBFOFTUPTEPTMUJNPTBVUPSFT DPOFMOEFEFTQSFOEFSFMFNFOUPTBOBMUJDPT
FOMBDPNVOJDBDJO1PSBIPSB NFMJNJUBSBQSFTFOUBSBMHVOBTEFMBTDBSBDUFSTUJDBT
QSJODJQBMFTEFFMMPTFOUPSOPBFTUBSFMBDJOFOFMDBTPEF"SJTUUFMFT FMJOUFSTTFDFOUSB
FOFMFOUJNFNB ZFOFMDBTPEF1FJSDF FOMBBCEVDDJO&MMTPGPOPSUFBNFSJDBOP
JOTDSJCF UBNCJO FM BSHVNFOUP FO MB USJBEB TFNJUJDB  FO EPOEF PDVQB FM MVHBS EF
UFSDFSJEBE%FKBSQBSBPUSBPDBTJOMBBQMJDBDJOEFFTUBSFMBDJO

"SJTUUFMFTFMBSHVNFOUPDPNPFOUJNFNB
1BSB"SJTUUFMFT MBSFUSJDBFTMBGVFS[B MBQPUFODJBPFMQPEFSRVFUJFOFFMMFOHVBKFEF
DPOWFODFS QFSTVBEJS TFEVDJS GBTDJOBSi-BSFUSJDBmFTDSJCF"SJTUUFMFTmFTMBGBDVMUBE
EFPCTFSWBSUPEPTMPTNFEJPTEFQFSTVBTJOTPCSFDBEBDPTBwEFUPEPBRVFMMPRVF
FT QPTJCMFNFOUF WFSPTNJM Z DPOWJODFOUFu "SJTUUFMFT  
 -B GVFS[B EFM MFOHVBKF
FTUFOMBFTFODJBPFOFMPSJHFOEFMMFOHVBKF ZSBEJDBFOMBUSBOTQPTJDJOZOPFOMB
SFGFSFODJBEFMBTDPTBT5BNCJO QBSB"SJTUUFMFT MBSFUSJDBFTMBQPTJCJMJEBEEFVOB
EFNPTUSBDJOMHJDB TMPRVFJODPNQMFUB
 %FTEFFTUFDSJUFSJP MBSFUSJDBUJFOFVOBIJTUPSJBQPMNJDBQPSVOMBEPTFDSFB
DPNPVOBSUF FMBSUFEFMBEFNBHPHJBPFMDPOWFODJNJFOUPQFSPUBNCJOTFDSFB DBTJ
BMNJTNPUJFNQP DPNPVOBDJFODJBEFMBSHVNFOUP DPO"SJTUUFMFT&OFMQSJNFSDBTP MB
SFUSJDBFTWJTUBDPNPMBQPTJCJMJEBEEFTFEVDJS QFSTVBEJS GBTDJOBSZDPOWFODFSTVDSFB
DJO TF EB CBKP VO DPOUFYUP FYUSFNBEBNFOUF GSHJM  FM EF MB QPMUJDB "T  MP RVF TF


QFSTFHVBDPOMBQBMBCSBFSBDBVUJWBSNTRVFSB[POBS TFDPOTUSVBBMNJTNPUJFNQPMB
QPTJCJMJEBEEFDPONPWFSNTRVFEFEFNPTUSBS&TFTUBDBSBDUFSTUJDB MBDPONPDJO 
KVOUP DPO MPT TFOUJNJFOUPT Z MBT QBTJPOFT  MPT RVF TBMFO BEFMBOUF Z QPS EFUST NVZ
EFUST WBMBSB[O
 $PONPWFSFTFMOMUJNPEFMBSFUSJDBDPNPBSUF&ODBNCJP MBSFUSJDBDPNP
DJFODJBCVTDBEFNPTUSBS DPOTUSVJSWFSEBEFTZDFSUF[BT DPOCBTFFOMPTFKFNQMPT&M
FKFNQMPFTFMDBTPNTJNQPSUBOUFFOFTUBSFUSJDB&MFKFNQMPFTUDPOUFOJEPFOFTP
RVF "SJTUUFMFT EFOPNJOB FOUJNFNB  Z TFSWJS EF SFFNQMB[P FYUSFNP Z SBEJDBM BM
TJMPHJTNP1PSFTBSB[O MBSFUSJDBDPNPDJFODJBFTVOBMHJDB QFSPVOBMHJDBEFMB
BSHVNFOUBDJO
 &OUSNJOPTBSJTUPUMJDPT FMBSHVNFOUPFTVOBPQFSBDJOEFMMFOHVBKF RVFBQBSFDF
FOFMFKFNQMPDPNPGPSNBEFEFNPTUSBSZEFGFOEFSMBTUFTJT/PFT QPSUBOUP VONFSP
SFDVSTP EFM MFOHVBKF DPNP GBTDJOBDJO P TFEVDDJO  TJOP NT CJFO  DSFFNPT  FT VOB
GPSNB EF EFNPTUSBDJO MHJDB &M MFOHVBKF FT  FOUPODFT  SFUSJDB JOUFSQSFUBDJO  FT
EFDJS  EFQFOEF EF VO TVKFUP 6O FMFNFOUP NT RVF IBDF QPTJCMF QFOTBS B MB SFUSJDB
DFJEBBMTVKFUPFTMBFMPDVFODJBPMBFYQSFTJO&TUBEFQFOEFODJB ZBMNJTNPUJFNQP
QSPUBHPOJTNP EFM TVKFUP FO MB DPOTUSVDDJO EFM DPOPDJNJFOUP  FT QFMJHSPTB  QPSRVF
GBTDJOB FODBOUB DPOWFODF TFEVDF
 "EFNTEFMEJTDVSTP MBSFUSJDBFTUUBNCJOEFOJEBBQBSUJSEFTVQPTJCJMJEBE
EFEFNPTUSBS ZTUBTFEBBUSBWTEFMPTTJHOPT4JOFNCBSHP MPTTJHOPTEFMBSFUSJDB
ZMPTEFMBTFNJUJDBTPOUBNCJOEFOBUVSBMF[BEJTUJOUB6OPTTPOTJHOPTRVFSFFSFO
BMBTDPTBT ZEFBIMBOFDFTJEBEEFMMFOHVBKFZMPTPUSPTTPOTJHOPTRVFSFFSFOBMBT
SFMBDJPOFTEFMBTDPTBT EFBIMPTQFOTBNJFOUPT
 1BSBQFSTVBEJSIBZRVFEFNPTUSBSBSHVNFOUBUJWBNFOUF FTEFDJS IBZRVFFYIJCJS
B USBWT EF FKFNQMPT MBT DPTBT RVF TF RVJFSFO EFNPTUSBS -B EFNPTUSBDJO OP FT FO
TFOUJEP FTUSJDUP VOB EFNPTUSBDJO MHJDB  FT  QPS FM DPOUSBSJP  VOB DPOTUSVDDJO
WFSPTNJMZQSPCBCMF&MFOUJNFNBFTMBEFNPTUSBDJOSFUSJDB RVFQBSBBMHVOPTBVUPSFT
FTVOTJMPHJTNPGBMTPPJODPNQMFUP NJFOUSBTRVFQBSBPUSPTTFUSBUBEFVOTJMPHJTNP
SFUSJDP FTEFDJS FTVOTJMPHJTNPDPOTUSVJEPQPSQSPQPTJDJPOFTZOPQPSQSVFCBTFO
EPOEFMBTQSPQPTJDJPOFTBERVJFSFOEPTEJWJTJPOFT VOBQSPQPTJDJOWFSPTNJMZMBPUSB
QSPQPTJDJOJOEJDJBM1SVFCBZFKFNQMPOPTPOMPNJTNP FOUSFPUSBTDPTBT QPSRVFFM
FKFNQMPUJFOFVOBEJNFOTJOEFJOWFODJOZMBQSVFCBOP


 -BSFUSJDBDPNPVOBMHJDBFOFMTFOUJEPEFVOBSUFEFMBSB[OPCJFODPNPBSUF
EFMBBSHVNFOUBDJO&TBTDPNPMBSFUSJDBOPTFSFEVDFBPSOBNFOUPEFMMFOHVBKF
TJOP NT CJFO FT VO DPNQMFNFOUP EF MB MHJDB &TUB SFUSJDB UPNB DPNP JOUFST FM
EJTDVSTP-BSFUSJDBFTUFOSFMBDJODPOMBMHJDBZBMNJTNPUJFNQPDPOMBTFNJUJDB
4JOFNCBSHP MBSFUSJDBOPFTMHJDBOJTFNJUJDB PCJFOIFSNFOVUJDB BQFTBSEFRVF
USBUFEFMEJTDVSTP-BEJGFSFODJBFT FOUSFPUSBTDPTBT MBQFSTVBTJOZMBBSHVNFOUBDJO 
BNCBTFOVOBFTUSFDIBSFMBDJO
 1FSP MBDPONPDJOZFMFKFNQMP DPNPDBSBDUFSTUJDBTJOFMVEJCMFTEFMBSFUSJDB
DPNPBSUFZDJFODJB SFTQFDUJWBNFOUF FTUOTPNFUJEPTBVOJNQFSBUJWPZBVOBFYJHFODJB
EFDPOWFODFSZGBTDJOBSCBKPMBDPOEJDJOEFDSFFODJB$SFFSFOMPRVFTFEJDF BQBSUJSEF
VUJMJ[BS MPT SFDVSTPT QSPQJPT EFM MFOHVBKF DPNP MBT HVSBT SFUSJDBT P MPT FKFNQMPT
DPOUFOJEPT FO FM FOUJNFNB  FT MB OBMJEBE MUJNB EF MB SFUSJDB FTUB BTQJSBDJO P
BOIFMPEFDSFFODJBTFMPHSBOPQPSRVFMBSFUSJDBEFTQSFOEBVOBWFSEBEEFIFDIPOP
MPIBDFOJMFJOUFSFTB TJOPBDPOEJDJOEFEFTQSFOEFSDPOBO[B DSFEJCJMJEBE FOTVNB 
BQBSUJSEFEFTQSFOEFSWFSPTJNJMJUVE1PSFTBSB[O FMUFNBEFMBDFSUF[B EFMBWFSEBE
ZEFMBWFSPTJNJMJUVEBQBSFDFDPNPPQBDJEBEZBNCJHFEBE
 &TUBTEPTQPTJDJPOFTEFMBSFUSJDB VOBDPNPBSUFZMBPUSBDPNPDJFODJB MMFWBO
IJTUPSJBT QBSBMFMBT  QPSRVF VOB OP TVDVNCF B MB PUSB Z WJDFWFSTB -P RVF UFOFNPT
FOUPODFTTPOEPTEFTBSSPMMPTEJTUJOUPTRVFOPTMMFHBOIBTUBIPZ OPTJOQBTBSQPSFM
USBUBNJFOUPFTQFDJBMEFMPTQFOTBEPSFTNFEJFWBMFT-BSFUSJDBFOFTUFQFSJPEP FMNF
EJFWBM  QPOF FOUSF QBSOUFTJT FTUF EFTBSSPMMP DMBSBNFOUF EJGFSFOUF EF MB SFUSJDB Z MP
SFMBDJPOB "T  UFOFNPT VOB SFUSJDB RVF FT BM NJTNP UJFNQP BSUF Z DJFODJB  RVF BM
FTUBSFOUSFDSV[BEPTFTUPTDBNJOPTEFKBOEFTFSFOTFOUJEPFTUSJDUPBSUFZDJFODJB.T
CJFO BERVJFSFOVOBEJNFOTJOFYUSBBFOMBIJTUPSJBEFMBSFUSJDB1PSFKFNQMP FM
DPOUFYUPNFEJFWBMZBOPFTQPMUJDP DPNPMPFSBDPO"SJTUUFMFT TJOPSFMJHJPTPOPFT
QPSVOMBEPDPONPWFSZQPSPUSPFKFNQMJDBS TJOPBMNJTNPUJFNQPBNCBTDPTBT&M
DPONPWFSZFMFKFNQMJDBSBQBSFDFODPOUFOJEPTFOVOSFDVSTPQSPQJPEFMNFEJPFWP
MBTDBSUBT-BSFUSJDBBERVJFSFVODBSDUFSFQJTUPMBS
 &TFOMBNPEFSOJEBEEPOEFFTBTEPTIJTUPSJBTEFMBSFUSJDB DPNPBSUFZDJFODJB 
FNQJF[BOBUFOFSUSBUBNJFOUPTNVZEJTUJOUPT QPSRVFFMUFNBEFMMFOHVBKFTVDVNCF
BMBDSFBDJOEFMBDJFODJBNPEFSOBFOFMTJHMP/PPCTUBOUF DPNPMPWFSFNPT
NTBEFMBOUF FTFMQSPQJPEFTBSSPMMPEFMBDJFODJBFMRVFUSBFOVFWBNFOUFFTBIJTUPSJB


EFEJGFSFODJBFOUSFBSUFZDJFODJB1BSBMBNPEFSOJEBE FMMFOHVBKFTFDPOWJFSUFFOVO
QSPCMFNBRVFMFKPTEFFYQMJDBSDPOGVOEF RVFMFKPTEFDSFBSHFOFSBMJEBEFTDPOTUSVZF
TJOHVMBSJEBEFT &O FTUF TFOUJEP  MB FYJHFODJB EF MB NPEFSOJEBE FT RVJ[ FTDBQBS EFM
MFOHVBKFZEFMBTJOHVMBSJEBE FTEFDJS EFMBSFUSJDBZEFMBTFNJUJDB
 %FFTUBGPSNB FMFTUBUVUPEJTDJQMJOBSJPEFMB3FUSJDBFTQPMNJDP TVMVHBSBQBSFDF
DPNPDPNQMFNFOUPEFMBTPUSBTDJFODJBTEFMMFOHVBKFBTFODPOUSBNPTBMBSFUSJDB
CBKPVOBQFSTQFDUJWBTFNJUJDBPEJTDVSTJWB QFSPOPDPNPBMHPBVUOPNP DVBOEP
DPOUJFOF MPT FMFNFOUPT QBSB EJDIB BVUPOPNB "EFNT  EF DPOUFOFS MPT FMFNFOUPT 
PDVQB Z TF TJSWF EF MB TFNJUJDB Z EFM EJTDVSTP  BT DPNP EF MB QSBHNUJDB P EF MB
IFSNFOVUJDB
 &OUSFRVJFOFTEFFOEFOFMFTUBUVUPEFMBSFUSJDB DPNPVOBEJTDJQMJOBBVUOPNB
Z FO FTUSFDIB SFMBDJO DPO MB MHJDB Z MB TFNJUJDB  TF FODVFOUSB 1FJSDF 1BSB M  FM
DPOPDJNJFOUPOPEFQFOEFEFMTVKFUPFT QPSFMDPOUSBSJP BCTPMVUBNFOUFBVUOPNPEF
TUFZBTMPEFNPTUSBCBMBTFNJPTJT FTEFDJS MBTUFTJTRVFTFEFTQSFOEFOEFQSPDFTPT
MHJDPT1FJSDF DPNPWFSFNPTFOMBTFHVOEBQBSUFEFFTUFUSBCBKP TJUBBMBSHVNFOUP
DPNPVOBPQFSBDJOMHJDBEFQSJODJQJPBO&OMPRVFTJHVFJOUFOUBSFNPTWFSFTUB
PQFSBDJORVF1FJSDFMMFWBBDBCP

$41FJSDFFMBSHVNFOUPDPNPBCEVDDJO
1BSB1FJSDF FMBSHVNFOUPFTQBSUFEFTVTFNJPTJTZFTVOBPQFSBDJOJOGFSFODJBMZOP
SFGFSFODJBM*OGFSJSZSFGFSJSOPFTMPNJTNP FOFMQSJNFSDBTPTFUSBUBEFVOBDVFTUJO
MHJDB FOFMTFHVOEPDBTP QPSFMDPOUSBSJP EFVOBPQFSBDJOEFMMFOHVBKF1FJSDFWFBM
BSHVNFOUPDPNPVOBMHJDBBCEVDUJWB"MNJTNPUJFNQPDPNPVOQSBHNBUJTNP-B
DPNQMFKJEBEEFMBSFUSJDB FO1FJSDF FTFWJEFOUF&OBMHVOBTPDBTJPOFTMMBNBBFTUPT
QMBOUFBNJFOUPTSFUSJDBQVSB
 &M USBCBKP EF 1FJSDF IB TJEP BCTPMVUBNFOUF JOOPWBEPS QBSB MB SFUSJDB  Z TJO
FNCBSHPTVSFDFQDJOFOFTUFDBNQPFTFYUSBB1FJSDFTFQBSBBMBMHJDBEFMBFTUFMB
NFEJFWBM RVFMBDPOTJEFSBCBDPNPVOBGPSNBEFQFOTBSDPSSFDUBNFOUF ZMBJODPSQPSB
BMNCJUPEFDSFBSGPSNBTPNUPEPTEFJOWFTUJHBDJO&OFTBTFQBSBDJOMBMHJDBTF
DPOWJFSUFFOTFNJUJDB FOQSBHNBUJTNPZFOSFUSJDB
 -BMHJDB TFHO1FJSDF OPJOEJDBDNPQFOTBS TJOPRVFDSFBMPTDBNJOPTNT
JEOFPTQBSBQFOTBS MPTDVBMFTOPTPOMBFYQFSJNFOUBDJO TJOPMBBCEVDDJO&TFOFTUF


DPOUFYUP FO EPOEF JOUSPEVDF MB FDPOPNB EF MB JOWFTUJHBDJO -B BCEVDDJO FT  FO
FTUFTFOUJEP FMNUPEPZMBMHJDBNTFDB[ FTMBGPSNBEFSB[POBSNTTFOTBUBQPS
TFSMBRVFFWJUBFMSFDPSSJEPEFMFYQFSJNFOUP FMDVBMQSJWJMFHJBCBFMPCKFUP FTEFDJS 
FOGBUJ[BCBMPFNQSJDP
 4FHO1FJSDF FMDPOPDJNJFOUPOPFTVOBSFMBDJOEFPCKFUPTZOPTFBMDBO[BVOB
WFSEBEBQBSUJSTJNQMFNFOUFEFMBOMJTJTEFTUPTFTEFDJS OPFTFMPSEFOEFMPFNQSJDP
MPRVFQFSNJUFMBDPOTUSVDDJOEFMDPOPDJNJFOUPZMBDSFBDJOEFWFSEBEFT TJOPNT
CJFOFTFMPSEFOEFMPSBEJDBMNFOUFBSHVNFOUBUJWP MPRVFMMFWBBMBDPOTUSVDDJOEF
MBWFSEBE4MPIBZWFSEBEEPOEFIBZBSHVNFOUPT OPEPOEFIBZPCKFUPT1PSNFEJP
EFMPTPCKFUPTOPQPEFNPTDPNQSPCBSOJOHODPOPDJNJFOUP OPQPEFNPTEFGFOEFS
OJOHVOBWFSEBEQPSRVFMPTPCKFUPTTMPQSPWPDBOTFOTBDJPOFT ZTUBT QBSBQSPEVDJS
DPOPDJNJFOUP EFCFOTFSQBSUFEFVOQSPDFTPMHJDPRVF1FJSDFMMBNBTFNJPTJT
 $PNP WFNPT  TF USBUB EF VOB DVFTUJO EF NUPEP MP RVF JORVJFUB B 1FJSDF
$VFTUJO RVF IB UFOJEP EJWFSTBT JOUFSQSFUBDJPOFT Z MFDUVSBT -BT NT DPNVOFT IBO
WJTUPB1FJSDFDPNPFMQBESFEFMBTFNJUJDBZFMDSFBEPSEFMQSBHNBUJTNP DVBOEPMP
RVFMQSPQPOFTPOGPSNBTEFJOWFTUJHBSTVSFFYJONTCJFOFTVOBSFGPSNVMBDJO
SBEJDBMEFMBMHJDBZVOBSFOPWBDJOEFMBSFUSJDB
 &MRVF1FJSDFEJWJEBBMPTTJHOPTFOUSFTNPNFOUPT MPTJDPOPT MPTOEJDFTZMPT
TNCPMPT ZBTUPTMFTDPSSFTQPOEBMPTUSNJOPT MBTQSPQPTJDJPOFTZMPTBSHVNFOUPT 
SFTQFDUJWBNFOUF OPFTHSBUVJUP0CFEFDFNTCJFOBVOBGFBCTPMVUBQPSMBJOUFMJHJCJMJ
EBEEFMNVOEP&MDPOPDJNJFOUPFTQSPEVDUPEFVOQSPDFTPZFTUFOFMUFSDFSNPNFOUP 
FTEFDJS FOFMBSHVNFOUP-BMHJDBUJFOFRVFEFTQSFOEFSFTUPTUSFTNPNFOUPTZFTUBT
USFTSFMBDJPOFT
 4JO FNCBSHP  1FJSDF WB NT MFKPT BM DPODFCJS B MB MHJDB DPNP MB DSUJDB B MPT
BSHVNFOUPT 6O BSHVNFOUP QBSB 1FJSDF FT iVO TJHOP RVF TJHOJDB TFQBSBEBNFOUF B
TVJOUFSQSFUBOUFu6OBSHVNFOUPFTMPRVFEFOFQPSFOUFSPBMPCKFUPEFTQVTEFVO
SFDPSSJEPMHJDP&TBMNJTNPUJFNQPVOBUFSDFSJEBEZVOTNCPMP"T FODPOUSBNPT
BSHVNFOUPTTJNQMFTZBSHVNFOUPTNJYUPT
 &MBSHVNFOUPFO1FJSDFFTGVOEBNFOUBMFOMBDPOTUSVDDJOEFVODPOPDJNJFOUP
RVFOPTFBQPSVOMBEPUBVUPMHJDPZQPSPUSPMBEPRVFOPTFBVOFOHBPEFMMFOHVBKF
3FDPSEFNPTRVFFMQSPCMFNBEFMBUBVUPMPHBQSPWFOJFOUFEFMBTMHJDBTJOEVDUJWBTZ
EFEVDUJWBT BTDPNPFMQSPCMFNBEFMFOHBPQSPEVDUPEFMFOHVBKFTPOEPTQSPCMFNBT


RVF1FJSDFUFOESRVFFOGSFOUBS1PSVOMBEP DNPDPOTUSVJSVODPOPDJNJFOUPRVF
BQPSUF BMHP RVF OP FTU TPMBNFOUF DPOUFOJEP FO FM TVKFUP  TJOP RVF BEFNT QVFEB
SFMBDJPOBSTFDPOPUSPTTVKFUPT ZQPSPUSPMBEPDNPIBDFSQPTJCMFFMDPOPDJNJFOUPTJO
OFDFTJEBEEFMMFOHVBKFRVFMPEFGPSNF-BTPMVDJORVFUPNB1FJSDFFTVOBTPMVDJO
MHJDB
 1BSB1FJSDF FMBSHVNFOUPTFDPOTUSVZFDPOCBTFTMHJDBTZOPEFMFOHVBKF#BTFT
MHJDBTRVFUFOHBOVOQSJNFSP VOTFHVOEPZVOUFSDFSP FMSFDPSSJEPQPSFTPTNPNFOUPT
ZQPSMBUBCMBEFDBUFHPSBT RVF1FJSDFDPOTUSVZF FTMPRVFMMFWBSBMBGPSNVMBDJOEF
BSHVNFOUPT

$PODMVTJPOFT
&MBSHVNFOUPBQBSFDFDPNPVOFMFNFOUPDPOTUJUVUJWPEFMBTFNJUJDBZEFMBSFUSJDBFO
FTUBMUJNBFTUQSFTFOUFEFTEFTVTJOJDJPTDPNPBSUFZEFTQVTDPNPDJFODJB4JOFNCBSHP 
FMBSHVNFOUPQSFTFOUBVOBTFSJFEFDBNCJPTSBEJDBMFTDPOMPTQMBOUFBNJFOUPTEF$IBSMFT
4BOEFST1FJSDF BMTFQBSBSMPEFMMFOHVBKF FOFMDVBMFTUBCBJOTDSJUP FJODPSQPSBSMPBM
NCJUPEFMBMHJDB&TUFEFTQMB[BNJFOUPEFMBSHVNFOUPTJHOJD DPNPUSBUBSFNPTEF
WFS VOBUSBOTGPSNBDJOFOMBTFNJUJDBZFOMBSFUSJDBBDUVBMDPOFMMPTVTBQMJDBDJPOFT
FOEJTUJOUPTNCJUPTEFMBTDJFODJBT DPNPFMEFSFDIP MBBOUSPQPMPHB MBMPTPGBEF
MBDJFODJB  Z FO FTQFDJBM EF MB DPNVOJDBDJO  EJFSPO VO HJSP RVFUPEBWBOPTFMPHSB
DPNQSFOEFS&OUSFPUSBTDPTBT QPSRVFTFTJHVFQFOTBOEPBMBBSHVNFOUBDJODPNPVOB
PQFSBDJOEFMMFOHVBKF ZOPDPNPVOBPQFSBDJOMHJDB-BOBUVSBMF[BEFMBSHVNFOUP
FTEJONJDB FTEFDJS FMBSHVNFOUPTFUSBOTGPSNBEFBDVFSEPBMBTDPOEJDJPOFTZBMBT
FYJHFODJBTMHJDBT
 1BSB 1FJSDF  DPNP USBUBSFNPT EF TFBMBS  MB SFUSJDB DPNP TFNJUJDB FT VOB
EFNPTUSBDJOMHJDB&OFTUFTFOUJEP MBSFMBDJOFOUSFMFOHVBKFZMHJDBFTUFODPOTUBOUF
UFOTJO FOUBOUPRVFMBQSJNFSBTFSFFSFBSFDVSTPTFTUJMTUJDPT BHVSBTBMVEFUBNCJO
BMTVKFUPZBMBGBTDJOBDJO BMBQFSTVBTJOZBMBDPONPDJOEFTUF"MNJTNPUJFNQP 
KVFHBDPOMPTTFOUJNJFOUPTEFMTVKFUP SFFSFBFMMPT QBSUFEFFMMPT&ODBNCJP MBMHJDB
TFSFFSFBMPTQFOTBNJFOUPTZBMBDSFBDJOEFTUPT BUSBWTEFVOSFDPSSJEPTFNJUJDP 
FOEPOEFTFFYIJCBOPTFFYQMJDJUFOMBTSFMBDJPOFTTHOJDBTRVFMPDPOTUSVZFSPO
 &MBSHVNFOUPFTFOUPODFTVONPNFOUPEFMBQFSTVBTJORVFDPCSBEPTGPSNBT
-BQSJNFSBFTFMMFOHVBKF RVFBUSBWTEFTVTHVSBTQFSNJUFDPOWFODFS ZMBTFHVOEB


FTMBMHJDB FOUFOEJEBDPNPVOBGPSNBEFDSFBSQFOTBNJFOUPT&TUBTEPTGPSNBTEFM
BSHVNFOUPTFJOTFSUBOFOEJGFSFOUFTEJTDJQMJOBT FOUSFFMMBT FMEJTDVSTP MBQSBHNUJDB
Z MB TFNJUJDB 4VT GSPOUFSBT TPO GSHJMFT 4JO FNCBSHP  FO FTUB MUJNB DJFODJB  MB
TFNJUJDB FYJTUFVOBSFMBDJONVZJNQPSUBOUFDPOMBSFUSJDBEFTEFMPTQMBOUFBNJFOUPT
EF"SJTUUFMFTIBTUBMBTUFTJTEF$IBSMFT4BOEFST1FJSDF DPNPUSBUBNPTEFWFS

#JCMJPHSBGB

"SJTUUFMFT 
3FUSJDB .YJDP 
1FJSDF $4 
.JBMFHBUPBGBWPSEFMQSBHNBUJTNP #VFOPT"JSFT "HVJMBS
1FJSDF $4 
0CSB-HJDP4FNJUJDB .BESJE 5BVSVT
1FJSDF $4 
%FEVDDJO JOEVDDJOFIJQUFTJT .BESJE "HVJMBS
1FJSDF $4 
-BDJFODJBEFMBTFNJUJDB #VFOPT"JSFT /VFWB7JTJO
1FJSDF $4 
&MIPNCSFVOTJHOP #BSDFMPOB $SUJDB
1FJSDF  $ 4 
 i6O FTCP[P EF DSUJDB MHJDBu 5SBEVDDJO DBTUFMMBOB EF 4BSB '
#BSSFOB5PNBEPEFM 6OJWFSTJEBEEF/BWBSSB DPOTVMUBEPGFCSFSPEF
1FJSDF $4 B
i-BMHJDBDPOTJEFSBEBDPNPTFNJUJDB*u -
QBSUF*5SBEVDDJO
DBTUFMMBOBEF4BSB'#BSSFOB3FDPOTUSVDDJOBOBMUJDBEF+PTQFI3BOTEFMM PSJHJOBMFO
-5PNBEPEFM 6OJWFSTJEBEEF/BWBSSB DPOTVMUBEPGFCSFSPEF
1FJSDF $4 C
i-BMHJDBDPOTJEFSBEBDPNPTFNJUJDB**u -
QBSUF*5SBEVDDJO
DBTUFMMBOBEF4BSB'#BSSFOB3FDPOTUSVDDJOBOBMUJDBEF+PTQFI3BOTEFMM PSJHJOBMFO
-5PNBEPEFM 6OJWFSTJEBEEF/BWBSSB DPOTVMUBEPGFCSFSPEF
4BOEPWBM &EHBS 4FNJUJDB MHJDBZDPOPDJNJFOUP)PNFOBKFB$IBSMFT4BOEFST1FJSDF 
.YJDP  



Potrebbero piacerti anche