Sei sulla pagina 1di 18

!

"#$%&'(#)"#%&
!
"#"$%&'!()*+!,+-+!+!./0+!/-1/2-+3*+!
4!5.61*1)1/!78!%*.2)961*:+!"8;-*:+!8!</=,)1+:*/.+>!?!5%"@<!
@A5BC&'!D*.*61E-*/!7+!<)>1)-+!
!!!! !!!D*.*61E-*/!7+!@7):+FG/!
!
%*6H/+I!=+*/!78!JKLL!
@7*FG/!7*2*1+>!,+-+!7*61-*H)*FG/!2-+1)*1+M!
!
!

"#$%&'!
!
"#!$%&'()*+,(! -!
.#!/!0*1!2*)3! 4!
5#!/!0*1!%,(!2*)3! ""!
-#!617*'8(8!93'3!39:;73+,(!)(!<7(')(!/'&(='>?;7(! "5!
4#!@;8&3!)1!93:3A'38!3:&1'3)38! "4!
!
(#)*+$,-.+!
!
/!9'181%&1!B*;3!&12!7(2(!(CD1&;A(!39'181%&3'!1!7(%&1E&*3:;F3'!38!2*)3%+38!9'(A(73)38!%3!
('&(='3?;3! *83)3! 12! G('&*=3:! 91:(! <7(')(! /'&(='>?;7(! )3! @H%=*3! G('&*=*183! 1! )3'! 3!
7(%I171'!(8!'17*'8(8!1E;8&1%&18!93'3!39(;(!J!8*3!39:;73+,(#!!
/!<7(')(!/'&(='>?;7(!'18*:&(*!)1!*2!7(%81%8(!1%&'1!(8!);?1'1%&18!93H818!)1!:H%=*3!(?;7;3:!
9('&*=*183! K! 3:L2! )1! G('&*=3:M! &32CL2! <%=(:3M! N'38;:M! O3C(! P1')1M! B*;%LQN;883*M!
R(+32C;0*1M! S,(! T(2L! 1! G'H%7;91! 1! T;2('Q@18&1! KM! I3'2(%;F3%)(! 38! '1='38! )1! 187';&3!
81=*;)38!12!&()(!(!1893+(!)3!OG@G#!/!)(7*21%&(!?(;!388;%3)(!9('!&()(8!18&18!93H818!12!
"UUVM!'3F,(!9('!0*1!L!7(%I17;)(!9('!!"#$%#&'$(#)$*+,"#&%-&.//0#!!
W8&1! 37(')(! ;%&1'%37;(%3:! 18&>! 12! A;=('M! %3! (')12! D*'H);73! ;%&1'%3M! )18)1! "5! )1! 23;(! )1!
.VVU! XA1'! <A;8(! %#Y! .44Z.V"VM! 9*C:;73)(! %(! 1,*$,#& %2& 3-4567,"2M! "#[! 8L';1M! )1! "\! )1!
81&12C'(! )1! .V"V]#! ^(;! 39'(A3)(! 91:3! 618(:*+,(! )3! <8812C:1;3! )3! 619_C:;73! %#Y! .`ZU"! 1!
'3&;?;73)(!91:(!a17'1&(!)(!G'18;)1%&1!)3!619_C:;73!%#Y!-5ZU"M!32C(8!)1!.5!)1!3=(8&(!)1881!
3%(#!!<!618(:*+,(!)(!O(%81:I(!)1!R;%;8&'(8!%#Y!bZ.V""M!)1!.4!)1!D3%1;'(M!A1;(!)1&1'2;%3'!3!
8*3!39:;73+,(!3(!8;8&123!1)*73&;A(!%(!3%(!:1&;A(!)1!.V""Q.V".!1M!3!93'&;'!)1!"!)1!D3%1;'(!)1!
.V".M! 3(! B(A1'%(! 1! 3! &()(8! (8! 81'A;+(8M! ('=3%;82(8! 1! 1%&;)3)18! %3! )191%)c%7;3! )(!
B(A1'%(M!C12!7(2(!3(!1,*$,#&%2&3-4567,"2#!!!
!
!
/0)*,),*1!$'0)'!2,%1!
!
G3'3! 39:;73'! 1?1&;A321%&1! *2! 37(')(! ('&(='>?;7(! %,(! C38&3! 39'(A3'! *2! )(7*21%&(! :1=3:M!
9('! ;%1'c%7;3! )1! %3&*'1F3! &L7%;73! 1! 73'1%&1! )1! ;%&1'9'1&3+,(#! d! %17188>';(! 7';3'!
;%8&'*21%&(8M! 7(2(! 18&1! B*;3M! 0*1! ?3+32! 1! 8;=32! *23! ;%&1'9'1&3+,(! I(2(=L%13! )(!
)(7*21%&(!:1=3:M!91'2;&32!3!3)39&3+,(!'>9;)3!1!%,(!(%1'(83!)1!'17*'8(8!1E;8&1%&18!J!%(A3!
='3?;3! 1! ?37;:;&12! 3! 8*3! 39'1%);F3=12! 1! 39:;73+,(#! G('! ;88(M! (8! '17*'8(8! (?;7;3;8! 93'3!
39:;73+,(!)(!<7(')(!/'&(='>?;7(!8,(!&32CL2!39'181%&3)(8!%18&1!=*;3#!!
G3'3!37(293%I3'!(!1?1;&(!)38!2*)3%+38!12!7*'8(!L!_&;:!3!7(%8*:&3!)38!9>=;%38!0*1!?17I32!
18&3!(C'3M!(%)1!81!39'181%&3!*23!:;8&3M!)1!7(%8*:&3!?>7;:M!7(2!38!93:3A'38!23;8!?'10*1%&18!
7*D3!='3?;3!(!<7(')(!3:&1'(*#!!
G3'3! 7(21+3'M! %(! 1%&3%&(M! ;29('&3! )187'1A1'! 1! 39'181%&3'! 38! '1='38! 0*1! (! <7(')(!
/'&(='>?;7(!)1!?37&(!3:&1'(*M!(*!81D3M!(!0*1!2*)3!7(2!(!<7(')(!/'&(='>?;7(M!187:3'171%)(M!
12!817+,(!9'e9';3M!(!0*1!%,(!2*)3#!

4
3!4,'!5,$1!&+5!+!6&+*$+!3*)+7*89%&+!
!
<8! 3:&1'3+f18! 9'(A(73)38! 91:3! '1?('23! 0*1! 3=('3! 1%&'3! 12! A;=('! Ac2! 8;29:;?;73'! 1!
8;8&123&;F3'! A>';(8! 3891&(8! )3! ('&(='3?;3! )(! 9('&*=*c8! 1! 1:;2;%3'! 3:=*238! 1E71+f18M!
I3'2(%;F3%)(!38!'1='38!81=*;)38!93'3!3!187';&3!%(8!);?1'1%&18!93H818!1!&1'';&e';(8!12!0*1!(!
9('&*=*c8!L!:H%=*3!(?;7;3:#!O(2(!(!%(21!)(!37(')(!;%);73M!1:'#10!1!+*)+7*19%1!;!1<)'*1$1M!
7(%&;%*3%)(!3!9'(%_%7;3!1!(!*8(!)38!93:3A'38!3!81'!(!2182(#!
!
G('!(*&'(!:3)(M!(!<7(')(!/'&(='>?;7(!391%38!,#%9+*5%=1!10!*'7*10!)1!187';&3M!'!#.+!1!9+*51!
$'!)+$10!10!:1<1>*10#!G('!;88(M!7(%&;%*32!3!1E;8&;'!);?1'1%+38!1%&'1!3!?('23!7(2(!81!187'1A1!
12! );?1'1%&18! 93H818M! 8129'1! 0*1! 38! '1='38! (! 91'2;&32! 1! 3! '13:;)3)1! )3! :H%=*3! 3! ;88(!
(C';=*1#!g,(!8,(!&32CL2!3:A(!)1!*%;?('2;F3+,(!?('238!;8(:3)38!0*1!&'3);7;(%3:21%&1M!812!
0*1! 81D3! 9('! 3+,(! )1! *23! '1='3M! &c2! 187';&38! );?1'1%&18! %(8! A>';(8! 93H818! 12! 0*1! (!
9('&*=*c8!L!?3:3)(#!
!
!
<8!3:&1'3+f18!391%38!3?1&32!(8!81=*;%&18!3891&(8h!!
!
K!3:=*238!93:3A'38!0*1!3%&1';('21%&1!187'1AH32(8!7(2!51%?0&,<1!;%;7;3:!938832M!3=('3M!3!
187'1A1'Q81! (C';=3&(';321%&1! 7(2! ;%;7;3:! 2;%_87*:3! 1! L! 3:3'=3)(! (! *8(! (97;(%3:! )1!
2;%_87*:38!1!23;_87*:38i!
!
K!8,(!1:;2;%3)(8!(8!1&'#)+0!12!3:=*%8!738(8!0*1!7(%8&;&*H32!1E71+,(i!!
!
K! 8,(! 1:;2;%3)38! 3:=*238! &+#0+1#)'0! 5,$10! 0*1! %,(! 9'(%*%7;32(8! 238! &H%I32(8! 0*1!
187'1A1'i!
!
K!3:=*%8!3891&(8!)3!*&;:;F3+,(!)(!@A9'#!8,(!8;8&123&;F3)(8#!
!
!
g38! 9>=;%38! 81=*;%&18M! 8,(! 1E9:;73)38! 38! 2*)3%+38! 12! 73)3! *2! )18&18! 3891&(8! )3!
('&(='3?;3! )(! 9('&*=*c8#! O3)3! 2*)3%+3! L! 1E129:;?;73)3! 7(2! 93:3A'38! 0*1! 8,(! 3?1&3)38!
91:38! 3:&1'3+f18! 3=('3! ;%&'()*F;)38M! 81%)(! 8129'1! ;%);73)3! 3! %(A3! ?('23#! <9e8! 18&3!
39'181%&3+,(!)(!0*1!2*)3M!8,(!388;%3:3)(8!&32CL2!738(8!12!0*1!3!('&(='3?;3!%,(!2*)3M!
)1! 2()(! 3! 187:3'171'! 3:=*238! )_A;)38! 0*1! 9(8832! 8*C8;8&;'#! g(! ?;%3:! )18&1! B*;3! L!
39'181%&3)3! *23! :;8&3! 93'3! 7(%8*:&3! '>9;)3! )38! 93:3A'38! 23;8! ?'10*1%&18! 7*D3! ='3?;3! L!
3:&1'3)3#!
!

5
!
B0+!$'!51%?0&,<10!'!5%#?0&,<10!
!
!
!
0')'5C*+D!>'*.+D!9,<1#+!
!
!
G38832!3!187'1A1'Q81!7(2!<')*1!5%#?0&,<1!&()(8!(8!%(218!)1!73:1%)>';(M!J!8121:I3%+3!)(!
0*1!D>!37(%&17;3!7(2!(8!%(218!)(8!);38!)3!8123%3#!G38832M!388;2M!3!187'1A1'Q81!7(2!:1&'3!
;%;7;3:!2;%_87*:3h!
!
Q (8!#+5'0!$'!5'0'0M!7(2(!829-,$#!1!#:(:6$#i!
!
Q (8!#+5'0!$'!'0)1-E'0!$+!1#+M!7(2(!4$,;2<-$2!1!#:(#9#i!
!
<:L2!)18&18!738(8M!L!&32CL2!I(2(=1%1;F3)3!3!='3?;3!)38!?('238!+:729#M!=,"$29#!1!6-7($29#>&
8129'1!187';&38!7(2!;%;7;3:!2;%_87*:3#!
!
j*3%)(! ?('12! 129'1=3)(8! 7(2(! %(218! 9'e9';(8M! %(8! 738(8! D>! 9'1A;8&(8! 91:38! '1='38! 3&L!
30*;! *83)38M! 18&38! 93:3A'38! 7(%&;%*32M! L! 7:3'(M! 3! 187'1A1'Q81! 7(2! :1&'3! ;%;7;3:! 23;_87*:3h!
?-%$#&!"#$%"&'@2$(,9=M!3,#&%-&()"$*%&M!1&7#!
!
!
/!*8(!)1!23;_87*:38!1!2;%_87*:38!12!9('&*=*c8!39'181%&3!A>';(8!738(8!)1!(97;(%3:;)3)1M!
91'2;&;%)(! 0*1! 12! *8(8! 18917H?;7(8! 81! 187'1A3M! 93'3! 1?1;&(8! )1! )18&30*1M! '1A1'c%7;3M! (*!
(*&'(8M!%(218!7(2*%8!7(2!:1&'3!;%;7;3:!23;_87*:3#!/!<7(')(!/'&(='>?;7(!)1!"UUV!23%&L2!
18&3!&'3);+,(#!!
!
G()12M!388;2M!81'!187';&(8!7(2!23;_87*:3!(*!2;%_87*:3!(8!&H&*:(8!)1!(C'38M!39e8!(!9';21;'(!
1:121%&(! X!=& 4:4,72=& %#& =-9A#$& $-,(#$! (*! !=& ?:4,72=& %#& B-9A#$& 3-,(#$]i! &H&*:(8! )1! 83%&(8!
X=29(2! (*! B29(2C& =D#& #:& BD#]i! )(2H%;(8! )(! 83C1'i! 7*'8(8! 1! );87;9:;%38! X;2(-;*(,"2! (*!
@2(-;*(,"2i! 7E9):2=! 1! 7,(-$2(:$2=! ;#%-$92=! (*! FE9):2=! 1! F,(-$2(:$2=! @#%-$92=>& 7E9):2&
4#$(:):-=2& (*! @H%=*3! G('&*=*183]i! 1! 73&1=(';F3+f18! )1! :(='3)(*'(8! 9_C:;7(8M! &129:(8! (*!
1);?H7;(8!X$:2&%#&':$#!(*!3:2&%#&':$#i!2<-9,%2&%2&G#2<,=(2!(*!!<-9,%2&%2&G#2<,=(2]#!!
!
O3)3!;%8&;&*;+,(M!7(2(!*2!&()(M!(*!73)3!;%);AH)*(M!%(!81*!*8(!9188(3:!1!9'(?;88;(%3:M!)1A1!
9'1(7*93'Q81!12!?3F1'!*2!129'1=(!*%;?('21!)38!(9+f18!0*1!&(23'#!
!

6
6&'#),1-.+!
!
!
a18)1!"U-4M!%,(!81!*83!12!=1'3:!371%&(!%38!93:3A'38!0*1!&1'2;%32!12!A(=3:!k3lM!k1l!(*!
k(l!1!7*D3!8H:3C3!&e%;73!L!3!91%_:&;23!X93:3A'38!='3A18]#!<:=*238!)38!1E71+f18!3!18&3!'1='3!
0*1! 8*C8;8&;32! )1;E32! 3=('3! )1! 1E;8&;'M! =1%1'3:;F3%)(Q81! (! 9';%7H9;(#! dM! 388;2M! 3:&1'3)3! 3!
371%&*3+,(!%(8!81=*;%&18!738(8#!
!
!
:'*1D!:'<+!
!
S,(!1:;2;%3)(8!3:=*%8!371%&(8!0*1!81'A;32!93'3!);8&;%=*;'!:1<1>*10!4,'!$'!+,)*1!9+*51!0'!
'0&*'>'*%15!$+!5'05+!5+$+M!238!0*1!&c2!9'(%_%7;38M!8;=%;?;73)(8!(*!?*%+f18!);?1'1%&18#!
<!:;8&3!3C3;E(!39'181%&3!(8!738(8!0*1!8,(!3?1&3)(8!9('!18&3!3:&1'3+,(#!
&
4*$2!X)(!A#!42$2$]!!!42$2!
4H7#!X%(21]!!!4-7#!!
4H$2!X%(21]M!4I$2!X%(21]!!!4-$2!
4I72!X)(!A#!4-72$]M!9L:3!X%(21]!!!4-72!!
4J7#!X%(21]!!!4#7#!
!
C+%1D!10)'*+%$'!
!
d! 1:;2;%3)(! (! 371%&(! %(! );&(%=(! F+%G! '5! :1<1>*10! 7*1>'0#! T3:! 7(2(! D>! 37(%&17;3! 12!
93:3A'38!7(2(!"#;6#,#M!%-K#,(#!1!6#,92>&3=('3!&()38!38!93:3A'38!='3A18!7(2!30*1:1!);&(%=(!
)1;E32! &32CL2! )1! 81! 371%&*3'M! 7(2(! L! (! 738(! )1! 2=(-$#,%-M! 8,6#,2>! 8#,2! (*! 42$29#,"##!
$29('&3!%,(!180*171'!0*1!18&3!'1='3!391%38!81!39:;73!J8!93:3A'38!='3A18i!38!93:3A'38!3=*)38!
&1'2;%3)38!12!k(;lM!7(2(!"#$$J,M!%-=($J,M!%J,!(*!A-$J,M!7(%&;%*32!3!187'1A1'Q81!7(2!371%&(!
='>?;7(#!
!
!
>''5D!*'<''5!
!
d!1:;2;%3)(!(!371%&(!%38!9+*510!>'*C1%0!)'*5%#1$10!'5!F''5Gh!"$--;M!%--;M!7--;M!$--;!1!
<--;!1!81*8!)1';A3)(8!K!;8&(!LM!&()38!38!?('238!0*1!&c2!7(2(!C381!(8!18818!A1'C(8M!7(2(!
%-="$--;>&%-=%--;M!$-<--;!(*!$-7--;#!
!
!
1>'*%7,'D!+C<%4,'0!
!
d!1:;2;%3)(!(!371%&(!%3!:1&'3!k*l!)(8!9(*7(8!738(8!)1!)'*5%#1-E'0!>'*C1%0!+,$-./0'1,$-./0'
+,*-./'''1,*-./'0*1!(!&;%I32M!7(2(!%(8!738(8!)1!2<-$,)5-!!!2<-$,):-i!#67,L5-!!!#67,L:-i!
2$)5,& !! 2$):,i! %-7,9L5,=! !! %-7,9L:,=#! $29('&3! &1'! 12! 7(%&3! 0*1! ?('238! 7(2(! 3! )3! "#[!
9188(3!)(!9'1&L';&(!91'?1;&(!)(!;%);73&;A(!)(!A1'C(!2$):,$M!2$):EM!&1%)(!7(2(!A(=3:!&e%;73!3!
:1&'3!k;l!K!1!%,(!k*lM!7(2(!1%*%7;3!3!'1='3!KM!23%&L2!(!371%&(!='>?;7(#!

7
H+#0+1#)'0!5,$10!
!
!
T3:!7(2(!D>!37(%&171*!7(2!(!<7(')(!/'&(='>?;7(!)1!"U-4!X12!93:3A'38!7(2(!4$#%:"(#&!!
4$#%:(#M! 4$*"(,"2& !! 4$*(,"2M! 2==:;4(#& !! 2==:9(#! 1! %-="$,4(,<#& !! %-="$,(,<#]M! 7(%&;%*3M!
7(2!18&3!'1?('23M!3!&1%)c%7;3!93'3!81!1:;2;%3'12!38!7(%8(3%&18!k7l!1!k9l!0*1!3%&171)12!
*2!k7lM!*2!k+l!(*!*2!k&l!1!%,(!8,(!9'(%*%7;3)38#!!
!
!
$%*')+D!1)+*D!*,),*1D!I)%5+!
!
!
O(2(! &3:M! 93:3A'38! 7(2(! 2(:27M! =-7-",#92$M& %,$-MD#M! 29(,"#9"-",#927M! 2%#MD#! (*! J(,;#!
938832!3!187'1A1'Q81!0'5!1!&+#0+1#)'!F&G!+,!F:G!4,'!#.+!0'!:*+#,#&%1#!
!
!
91&)+D!&+#>%&)+D!1$':)+D!'*,:-.+!
!
g(! 1%&3%&(M! (8! k7l! 1! k9l! )18838! 810*c%7;38! %12! 8129'1! 8,(! 2*)(8#! W2! (C81'Am%7;3! J!
'1='3M!%18818!&10+0!'5!4,'!0.+!:*+#,#&%1$10D!10!&+#0+1#)'0!F&G!'!F:G!51#)J5K0'#!<88;2M!
7(%&;%*3'12(8!3!187'1A1'!+2"(#M!24(#M!$24(#M!#4MD#M!+$,"",#92$!1!954",2=#!
!
!
0'&)+*%1<!+,!0')+*%1<D!&1*1&)'*'0!+,!&1*1)'*'0!
!
g*2! %_21'(! '1)*F;)(! )1! 93:3A'38! 0*1! 7(%&c2! 18&38! 810*c%7;38M! 1E;8&1! >1*%1-.+! #1!
:*+#?#&%1M!(!0*1!?3F!7(2!0*1!938812!3!1E;8&;'!)*38!A3';3%&18!187';&38!371;&18#!d!(!738(!)1!
2":4:9"(:$2! (*! 2":4:9(:$2>! "2$2"(-$-=! (*! "2$2(-$-=! 1& "I4(,"#! (*! "I(,"##! W8&18! 738(8! 8,(!
'3'(8!1!388121:I32Q81!3!2*;&(8!(*&'(8!738(8!)1!A3';3+,(!D>!1E;8&1%&18!X1!0*1!81!23%&c2]!
7(2(!(!)1!#:$#&(*!#,$#!1!7#:$#&(*!7#,$##!
&
&
!
j*3%)(M! 12! 7(%810*c%7;3! )38! '1='38! 3%&1';('18M! 81! 1:;2;%3! (! k9l! %38! 810*c%7;38! k297lM!
k29+l!1!k29&lM!)1A12(8!&1'!12!7(%8;)1'3+,(!0*1!(!k2l!93883!3!k%lM!)3)(!0*1!)1;E3!)1!
81! 187'1A1'! 3%&18! )1! *2! k9l#! <:=*%8! )(8! '3'(8! 738(8! 12! 0*1! &3:! 37(%&171! 8,(! (8! )1!
2==:9",#9,=(2M!"#9=:9(E<-7&1!4-$-9(J$,##&
!

8
B0+!$+!@A9'#! !
!
!
<:=*238!'1='38!)1!I;?1%;F3+,(!8,(!7:3';?;73)38!1!8;8&123&;F3)38!7(2!18&3!'1?('23#!G()12(8!
);A;);'! 38! 2*)3%+38! 12! &'c8! ='3%)18! ='*9(8h! 38! 93:3A'38! 0*1! ;%7:*12! *%;)3)18! %,(!
3*&e%(238M!38!93:3A'38!0*1!81!D*%&32!3!(*&'38!93:3A'38!1M!9('!?;2M!(!738(!)(!A1'C(!A2<-$#!
!
!
',*+$':,)1$+D!5%#%001%1D!1#)%**,710!
!
!
B#%$1$'0!#.+!1,)I#+510!L!:1<1>*1!X2)$#n4-":*$,2!o!2)$#4-":*$,2]!
!
p23! )38! ?('238! 23;8! 9'()*&;A38! )1! ?('23'! 93:3A'38! 12! 9('&*=*c8! 7(%8;8&1! %3! D*%+,(! )1!
*%;)3)18! %,(! 3*&(%e238! X;8&(! LM! 1:121%&(8! 0*1! %,(! 8,(! 93:3A'38! ;%)191%)1%&18]! 3!
93:3A'38M! 3:&1'3%)(Q:I18! (! 8;=%;?;73)(#! <%&18! )18&3! '1?('23M! 38! '1='38! 0*1! )1&1'2;%3A32!
7(2(! 81! )3A3! 1883! D*%+,(M! *&;:;F3%)(! (*! %,(! (! IH?1%M! 1'32! );?H71;8! )1! 39:;73'! 1! =1'3A32!
2*;&38! )_A;)38M! 2182(! 12! );7;(%>';(8#! O(2! (! %(A(! 37(')(M! (8! 1:121%&(8! )18&1! &;9(!
938832! 187'1A1'Q81! 9('! 9';%7H9;(! 8129'1! D*%&(! J! 93:3A'3! 3! 0*1! 81! 388(7;32M! 812! IH?1%M!
7(2(! %(8! 738(8! )1! 29(,$$-<#7:",#9*$,#M! -:$#%-4:(2%#M! 4=,"#==#",27M! (-7-)I9,"#! (*!
:7($27,)-,$##!
!
g(!1%&3%&(M!23%&c2Q81!3:=*238!1E71+f18#!<88;2M!(8!1:121%&(8!)1!?('23+,(!7(%&;%*32!3!
8193'3'Q81!7(2!IH?1%!)3!93:3A'3!3!0*1!81!388(7;32!0*3%)(h!
!
Q 3!93:3A'3!3!0*1!81!D*%&32!7(21+3!91:3!:1&'3!kIlh!!
29(,NA,=(2;E9,"#M!"#9($2NA2$;J9,"#i!
Q 3!93:3A'3!3!0*1!81!D*%&32!'191&1!3!:1&'3!7(2!0*1!&1'2;%32h!!
2$L:,N,9,;,)#>&;,"$#NN#9%2=i!
Q &1'2;%32!7(2!k%lM!k2lM!kCl!(*!k)l&1!3!8*3!3=:*&;%3+,(!9'(A(0*1!*2!:1;&*'3!0*1!
%,(!'1?:;&3!3!9'(%_%7;3!)3!93:3A'3!(*!A;(:1!*23!'18&';+,(!('&(='>?;73h!!
26N$#)2$M!=:6N$-):72;-9(2$M!429N6$2=,7-,$#M!",$":;N2%82"H9",2i!
Q 8,(! =#(2QM! =#(#QM! <,"-QM! <,K#QM! )$D#NM! )$DN! (*! -OQ! X7(2! (! 81%&;)(! )1! q3%&1';(';)3)1r]h!
<,"-N4$-=,%-9(-M!)$D#N<,K,$M&-ON;2$,%#i!
Q 8,(!371%&*3)(8!='3?;7321%&1h!4$IN$-+#$;2M!4J=N<-$627#!
Q 3!93:3A'3!3!0*1!81!D*%&32!L!*2!18&'3%=1;';82(M!*2!%(21!9'e9';(!(*!*23!8;=:3h!!
29(,N242$(A-,%M!29(,NP:$#42M!;,9,NQ?B#!
!
!
<! '1='3! 0*1! ;291)1! 0*1! 81! D*%&12! 1:121%&(8! )1! ?('23+,(! 3! 93:3A'38! 0*1! 7(21+32! 91:3!
21823!:1&'3!%,(!81!39:;73!3!9'1?;E(8!>&(%(8!7(2(!"#NM!4$-NM!4$#N!1!$-NM!12!:;%I3!7(2!(!0*1!
&12! 8;)(! &'3);+,(! 12! 9('&*=*c8#! <88;2M! 23%&c2! 3! 8*3! ?('23! 93:3A'38! 7(2(! "##4-$29(-M!
$--7-)-! 1! 4$--9"A-$#! a(! 2182(! 2()(M! ?('238! 7(2(! %-=:;29#>! ,9*6,7! 1! $-2<-$M! 12! 0*1!
&'3);7;(%3:21%&1!(!9'1?;E(!%,(!L!8193'3)(!)3!93:3A'3!3!0*1!81!D*%&3!12C('3!18&3!7(2171!
9('!kIl!X0*1!73;]M!&32CL2!%,(!938832!3!81'!I;?1%;F3)38#!

9
!
B0+!$+!@A9'#! !
!
!
!
9%5!$'!0'51#1D!5,<@'*!1!$%10!
!
M1<1>*1!L!:1<1>*1!
!
g,(!81!*83!IH?1%!12!:(7*+f18!)1!0*3:0*1'!&;9(#!a(!2182(!2()(!0*1!D>!187'1AH32(8!812!
IH?1%! (*&'(8! &;9(8! )1! :(7*+f18M! 3=('3! &32CL2! %,(! (! *832(8! %38! :(7*+f18! %(2;%3;8! (*!
8*C8&3%&;A38M! ;8&(! LM! %(! 1%7(%&'(! )1! )*38! (*! 23;8! 93:3A'38! 0*1! 1E1'712! 3! ?*%+,(! )1! *2!
%(21M!7(2(!%(8!738(8!)1!"2;,9A#&%-&+-$$#M!"2=2&%-&629A#M!+,;&%-&=-;292M!;:7A-$&2&%,2=!
(*!!=272&%-&829(2$#!
! !
a1A12!187'1A1'Q81!7(2!IH?1%!38!810*c%7;38!0*1!)18;=%12!189L7;18!C(&m%;738!(*!F((:e=;738M!
2182(! 0*1! 81D32! :(7*+f18#! <88;2M! (! 7(''1&(! L! 26J6#$2N;-9,92M! +2<2N%-N=29(#N,9*",#M!
)29=#N42(#72!(*!29%#$,9A2N%#N;2$#!!
!
j*3%&(! 3(! '18&(M! (! 129'1=(! )(! IH?1%! 12! 738(8! 12! 0*1! )*38! (*! 23;8! 93:3A'38!
;%)191%)1%&18!81!388(7;32!%,(!8(?'1!3:&1'3+f18#!
!
!
!
@'%!$'D!@8!$'D!@80!$'!
!
N'*C+!2)#$%!
!
<8!?('238!7(2!391%38!*23!8H:3C3!)(!A1'C(!A2<-$&K!A-,M!A*=M!A*M!AD#&K!)1;E32!)1!81!:;=3'!
3&'3AL8!)1!IH?1%!J!9'19(8;+,(!%-!0*1!(!A1'C(!81:17;(%3h!I1;!)1M!I,(!)1#!<!8*9'188,(!)(!IH?1%!
%18&18! 738(8! 1:;2;%3! 23;8! *23! 1E71+,(M! *%;?('2;F3%)(! 3! 187';&3! )18&38! ?('238! 7(2! 3!
'18&3%&1!7(%D*=3+,(!)(!2182(!A1'C(h!A2<-;#=&%-M!A2<-,=&%-!(*!A2<-$,2;&%-M!388;2!7(2(!
7(2! &()38! 38! ?('238! A1'C3;8! 7(2! *23! 8H:3C3! 0*1! 81:17;(%32! *23! 9'19(8;+,(M! 7(2(! %(8!
738(8!)1!=2,=&%-M!+2K&%-!(*!<-;&%-#!
!
!

10
!
3!4,'!#.+!5,$1!&+5!+!6&+*$+!3*)+7*89%&+!
!
!
<9'181%&3)38! 38! 9';%7;93;8! 2*)3%+38M! ;29('&3! :12C'3'! 3:=*238! '1?1'c%7;38! 9'181%&18! %(!
&1E&(!)(!<7(')(!/'&(='>?;7(!0*1!%,(!;29:;732!3:&1'3+f18!J!187';&3M!7(%8;8&12!12!2*)3%+38!
21'321%&1!?('23;8M!812!;2937&(!%(!*8(M!(*!&1%)12!3!73*83'!)_A;)38#!
!
!
OD!!PD!Q!
!
<8!:1&'38!kslM!ktl!1!kul!938832!3!;%&1='3'!(?;7;3:21%&1!(!3:?3C1&(!)(!9('&*=*c8#!g3!9'>&;73!
18&38!:1&'38!D>!1'32!*&;:;F3)38!12!3:=*%8!738(8M!23%&1%)(Q81!(!81*!*8(!;%3:&1'3)(h!%(218!)1!
9188(38!1!81*8!)1';A3)(8!X12$R,9M!%2$R,9,=;#]M!%(218!)1!:*=3'18!1!81*8!)1';A3)(8!XS#=#<#M!
T#=#<2$]i!8;=:38M!3C'1A;3&*'38!1!8H2C(:(8!)1!7(%A1%+,(!;%&1'%37;(%3:!XBU!K!9('!=:%#-=(-!KM!
T)!K!9('!L:,7#)$2;2&KM!(*!S!!K!9('!9(&>88;(]!1!12!93:3A'38!(';*%)38!)1!:H%=*38!0*1!%,(!(!
9('&*=*c8!X626VN=,((-$M!6#R7,9)!(*!T2$2#T-]#&
!
!
R!
!
/!&'123!7(%&;%*3!3!81'!391%38!*83)(!12!%(218!18&'3%=1;'(8!1!%(8!81*8!)1';A3)(8M!7(2(!L!
(!738(!)1!WX69-$&1!AX69-$,29#!(*!@X77-$&1!;X77-$,29##!<9183'!)1!D>!&1'!8;)(!8*9';2;)(!%(!
9('&*=*c8!1*'(91*!%(!<7(')(!/'&(='>?;7(!)1!"U-4M!18&1!8;%3:!&;%I3!*2!*8(!23;8!3:3'=3)(!%3!
%('23!('&(='>?;73!81=*;)3!3&L!18&3!'1?('23!%(!9('&*=*c8!)(!N'38;:#!!
!
!
N%&)+*D!S1:)%0)1D!T'<<+D!T;%&38!6&)%>1D!S1=*'3)('3!U:)%51!
! !
O(2(!37(%&171*!12!3%&1';('18!'1?('238M!(8!3891&(8!)3!:;%=*3=12!0*1!8,(!3:A(!)1!'1=;8&(!
:1=3:! 1E;8&1%&1! %,(! &c2! 0*1! 81'! 3:&1'3)(8#! d! (! 738(! )(8! %(218! )1! 9188(38! 1! )1! 23'738M!
?;'238M!8(7;1)3)18!1!&H&*:(8!0*1!18&1D32!;%87';&(8!12!'1=;8&(!9_C:;7(#!
!
!
:+$'D!:V$'D!:+*D!:V*D!1515+0!+,!1585+0!
!
<9183'!)1!81!&1'12!1:;2;%3)(!3:=*%8!371%&(8!0*1!81'A;32!93'3!);8&;%=*;'!93'18!)1!93:3A'38!
0*1! 81! 187'1A12! )(! 2182(! 2()(! XA#! 9>=#! \]M! 23%&L2Q81! (! 371%&(! 12! 3:=*238! 93:3A'38!
7(2!18838!73'37&1'H8&;738#!O(%&;%*32M!)18&1!2()(M!3!);8&;%=*;'Q81!='3?;7321%&1!3&'3AL8!)1!
371%&(!='>?;7(!38!?('238!4#%-&X9'181%&1!)(!;%);73&;A(]!1!4Y%-&X9'1&L';&(!91'?1;&(]!)(!A1'C(!
4#%-$M!38!?('238!%-;#=!1!%H;#=M!)(!A1'C(!%2$M!1!38!?('238!4#$M!9'19(8;+,(M!1!4Y$M!A1'C(#!!
a(! 2182(! 2()(M! 7(%&;%*32! 3! 9()1'! );8&;%=*;'Q81! 9('! 21;(! )1! 371%&(! 38! ?('238! )3! "#[!
9188(3!)(!9:*'3:!)(!9'181%&1!)(!;%);73&;A(!1!)(!9'1&L';&(!91'?1;&(!)1!&()(8!(8!A1'C(8!)3!"#[!
7(%D*=3+,(!X&1'2;%3)(8!12!Z2$]M!7(2(!%(8!738(8!)1!2;2;#=!(*!2;*;#=M!)(!A1'C(!2;2$M!1!
+272;#=!(*!+27*;#=M!)(!A1'C(!+272$#!!

11
!
3!4,'!#.+!5,$1!
!
!
!
1#$1*K5+$'<+D!01&1K*+<@10D!W*80K+0KT+#)'0D!&1C+K>'*$%1#+!
! !
!
/!*8(!)(!IH?1%!%38!93:3A'38!7(29(8&38!23%&L2Q81!;%3:&1'3)(#!d!(!738(!)(8!7(29(8&(8!0*1!
;%&1'%321%&1! 8,(! ?('23)(8! 9('! )(;8! %(218! X",$:$),D#N%-9(,=(2& (*! #4-$2MD#N$-7[;42)#]M!
9('! *2! A1'C(! 1! *2! %(21! X"#9(2N)#(2=! (*! ):2$%2N+2(#=]! (*! 7(2! (8! 3)AL'C;(8! 6-;! 1! ;27!
X6-;N2<-9(:$2%#M!;27N-=(2$!K!238!;27"$,2%#]#!
!
W2! 2*;&(8! 738(8M! %(213)321%&1! 30*1:18! 12! 0*1! *23! 93:3A'3! 7(29(8&3! 1%A(:A1! *2!
3)D1&;A(M!3!*&;:;F3+,(!)1!IH?1%!%,(!L!)187';&3!8;8&123&;7321%&1M!'3F,(!91:3!0*3:!81!37(%81:I3!
3!7(%8*:&3!)(!\#"26:7*$,#&'$(#)$*+,"#&%#&?#$(:):H=!X7?#!617*'8(8]#!
!
R3%&L2Q81!&32CL2!(!*8(!)(!IH?1%!12!*%;)3)18!);87*'8;A38!:1E;73:;F3)38!X2,N8-=:=M!;2$,2N&
N<2,N"#;N2=N#:($2=]!1!12!1%73)1321%&(8!A(73C*:3'18!(738;(%3;8!X2L:,7#NL:-N-:N=-,NL:-N(:N
N=26-=M!(!91'7*'8(!F,=6#2N]#,;6$2N?#$(#!(*!(!D(=(!B4#$(,9)NG-9+,"2]#!!
!
<8! 93:3A'38! 0*1! )1';A32! )1! %(218! )1! :*=3'18! 7(2! 23;8! 0*1! *23! 93:3A'3! &32CL2!
7(%&;%*32!3!187'1A1'Q81!7(2!IH?1%#!d!(!738(!)1!@2(#&Q$#==#!l!;2(#N)$#==-9=-M!^#<2&_#$L:-!
l!9#<2N,#$L:,9#M!?#$(#&!7-)$-!l!4#$(#N27-)$-9=-#!g(!738(!)(8!%(218!)1!:*=3'18!7(29(8&(8M!
7(%&;%*32! 3! 81'! I;?1%;F3)(8! (8! ;%;7;3)(8! 91:(8! 3)D1&;A(8! )$D#! 1! )$D& XQ$DNG$-(29A2M! Q$D#N
N?2$*]M! 9('! ?('23! A1'C3:! X!6$-N]2;4#M! ?2==2N`:2($#]! (*! 7*D(8! 1:121%&(8! 18&1D32! :;=3)(8!
9('!*2!3'&;=(!X!76-$)2$,2N2N\-7A2M!P9($-N#=N3,#=]#!!
!
!
!

12
X'&,*0+0!:1*1!1:<%&1-.+!$+!6&+*$+!3*)+7*89%&+!
!
G3'3!:1A3'!3!73C(!*23!'1?('23!('&(='>?;73!%,(!C38&3!39'(A3'!*2!)(7*21%&(!:1=3:#!G('!*2!
:3)(M! (! &1E&(! )1! *23! '1?('23! 7(2(! 3! 0*1! 30*;! 39'181%&>2(8! L! &;9;7321%&1! );?H7;:! )1!
;%&1'9'1&3'!1!39:;73'!9('!%,(!18917;3:;8&38h!(!81*!73';F!D*'H);7(!1!(!?37&(!)1!'18*:&3'!)1!*2!
37(')(!;%&1'%37;(%3:!?3F!7(2!0*1!%,(!81D3!187';&(!3!91%83'!%3!?>7;:!;%&1'9'1&3+,(!9('!93'&1!
)(! 9_C:;7(! 12! =1'3:#! G('! (*&'(! :3)(M! )3)(! 0*1! 18&3! '1?('23! 8*C8&;&*;! &()38! 38! 3%&1';('18M!
2*;&(8!)(8!3891&(8!0*1!)187'1A1!%,(!7(%8&;&*12!2*)3%+38M!238!8,(!3%&18!3!)187';+,(!)1!
&()(! (! 8;8&123! ('&(='>?;7(! )3! :H%=*3M! );?;7*:&3%)(! 3! ;)1%&;?;73+,(! )(! 0*1! L! 3:&1'3)(#! <:L2!
);8&(M!I>!738(8!1E717;(%3;8M!%,(!3C'3%=;)(8!9('!'1='38M!0*1!%,(!8,(!7(%&129:3)(8!%(!&1E&(#!
a18)1! 38! 9';21;'38! '1?('238! ('&(='>?;738! )(! 9('&*=*c8M! 3! 39:;73+,(! )38! 2*)3%+38! &12!
)191%);)(!)3!1E;8&c%7;3!)1!'17*'8(8!0*1!1E9:;7;&12!1!1E129:;?;0*12!(!0*1!L!3:&1'3)(#!<&L!
3=('3M!18818!'17*'8(8!23&1';3:;F3A32Q81!12!=1'3:!%*2!A(73C*:>';(!('&(='>?;7(h!*23!:;8&3!)1!
93:3A'38!)1!='3%)1!);21%8,(!0*1!91'2;&1!7(%I171'!3!39:;73+,(!1?1&;A3!)38!'1='38M!7:3';?;73'!
738(8!1E717;(%3;8!1!=3'3%&;'!*23!;%&1'9'1&3+,(!I(2(=L%13!)(!18&;9*:3)(!91:3!'1?('23#!!
W2C('3!18838!='3%)18!:;8&38!)1!93:3A'38!7(%&;%*12!3!7(%8&;&*;'!3!C381!)(8!'17*'8(8!93'3!3!
39:;73+,(!)1!*23!'1?('23!('&(='>?;73M!;29f1Q81!I(D1!3!7';3+,(!)1!?1''321%&38!7393F18!)1!
371:1'3'!1!?37;:;&3'!3!'>9;)3!);8812;%3+,(!)38!2*)3%+38!1!3!?('23+,(!)(!9_C:;7(!12!=1'3:!1!
18917;3:;F3)(#!g3!1'3!12!0*1!A;A12(8M!%,(!C38&3!3!9*C:;73+,(!)1!:;A'(8!0*1!91'2;&32!:1A3'!
3! 73C(! 1883! &3'1?3M! 81%)(! &32CL2! 1E;=;)38! 9:3&3?('238! );=;&3;8! 93'3! );89(%;C;:;F3+,(! )3!
;%?('23+,(! 1! ?1''321%&38! 7(29*&37;(%3;8M! 7(2(! 7(%A1'8('18! 1! A1';?;73)('18! ('&(='>?;7(8!
0*1!91'2;&32!3)39&3'!38!(C'38!1E;8&1%&18!)1!?('23!'>9;)3!1!%,(!(%1'(83#!!
T()(8! 18&18! '17*'8(8! &c2! A;%)(! 3! 81'! )181%A(:A;)(8! )1! 37(')(! 7(2! *23! ;%&1'9'1&3+,(!
I(2(=L%13! 1! 18&,(! );89(%HA1;8! ='3&*;&321%&1! %(! G('&3:! )3! @H%=*3! G('&*=*183!
XI&&9hZZttt#9('&3:)3:;%=*39('&*=*183#('=]#!S,(!39'181%&3)(8!3C3;E(#!
!
N+&1C,<8*%+!3*)+7*89%&+!$+!M+*),7,J0!
a18)1!!.VV-M!&c2!A;%)(!3!81'!7';3)38!C3818!)1!)3)(8!:1E;73;8!37188HA1;8!='3&*;&321%&1!0*1!
9'(7*'32!7(%&1'!(!23;('!%_21'(!9(88HA1:!)1!93:3A'38!)(!9('&*=*c8!1!;%?('23+,(!8(C'1!38!
8*38! 73'3&1'H8&;738! ?('23;8#! a3)3! 3! 9(&1%7;3:! *&;:;)3)1! )18&38! C3818! )1! )3)(8! 93'3! 3!
39:;73+,(!)(!<7(')(!/'&(='>?;7(M!(!^*%)(!)3!@H%=*3!G('&*=*183!39(;(*!(!)181%A(:A;21%&(!
)(!\#"26:7*$,#&'$(#)$*+,"#&%#&?#$(:):H=!XP/G]M!0*1!%1:38!81!C381;3#!
/! P/G! 93'&1! )(! \#"26:7*$,#& %2& FE9):2& ?#$(:):-=2& )1! "U``M! (! _:&;2(! A(73C*:>';(! (?;7;3:! 3!
A1'!3!:*F!)(!);3M!1E93%)1Q(!12!&323%I(!1!m2C;&(!3!93'&;'!)1!(*&'38!?(%&18!1!)1!'18*:&3)(8!
)1! 9'(D1&(8! )1! ;%A18&;=3+,(M! 37'1871%&3Q:I1! %(A38! A3:c%7;38! 1! 3)39&3Q(! J8! %(A38! '1='38!
('&(='>?;738#!g18&1!2(21%&(M!(!P/G!&12!23;8!)1!."V!VVV!1%&'3)38!:1E;73;8#!
/!P/G!%,(!L!391%38!*23!:;8&3!)1!93:3A'38!1!;%7:*;!(*&'3!;%?('23+,(!?('23:!_&;:M!7(2(!81D32!
(!8;%=*:3'M!(!9:*'3:M!(!2387*:;%(!1!(!?12;%;%(!)(8!%(218!1!3)D1&;A(8M!1!38!7(%D*=3+f18!)(8!
A1'C(8#! /! P/G! 7(%&3C;:;F3! %18&1! 2(21%&(! *2! &(&3:! )1! 23;8! )1! *2! 2;:I,(! 1! 21;(! )1!
?('238#! <:L2! );8&(M! (! P/G! ?('%171! ;%?('23+,(! 371'73! )3! 73&1=(';3! ='323&;73:! 3! 0*1!
91'&1%712! 38! 93:3A'38M! 3! 8*3! );A;8,(! 8;:>C;73M! 3! ;)1%&;?;73+,(! )3! 8H:3C3! &e%;73M! 38! '1:3+f18!
1E;8&1%&18! 1%&'1! 93:3A'38! 1! (*&'38! ;%?('23+f18! '1:1A3%&18#! W%7(%&'3Q81! );89(%HA1:!
='3&*;&321%&1!%(!1%)1'1+(h!I&&9hZZttt#9('&3:)3:;%=*39('&*=*183#('=Zv37&;(%oA(9#!

13
!
Y%#&'!Z!&+#>'*0+*!:1*1!1!#+>1!+*)+7*19%1!
p2!)(8!='3%)18!9'(C:1238!0*1!81!7(:(73!7(2!3!'1?('23!3=('3!39:;73)3!9'1%)1Q81!7(2!3!
)183&*3:;F3+,(! )1! &1E&(8! D>! 1E;8&1%&18! 1! 3! )12('3! 1! (! 7*8&(! )3! 8*3! 3)39&3+,(! J8! %(A38!
%('238#!/8!'17*'8(8!)(!P/G!1!)(!G('&3:!)3!@H%=*3!G('&*=*183!91'2;&;'32!3!7';3+,(!)1!*2!
7(%A1'8('!('&(='>?;7(M!(!@;%71M!0*1!3D*)3!3!8*9';'!18&38!%17188;)3)18#!
/! @;%71! L! *23! ?1''321%&3! ;%?('2>&;73! ='3&*;&3! 1! )1! );8&';C*;+,(! :;A'1! 0*1! 91'2;&1! 3!
3&*3:;F3+,(!237;+3!)(!&1E&(!)1!)(7*21%&(8!187';&(8!)1!37(')(!7(2!3!3%&;=3!='3?;3#!d!*23!
?1''321%&3!8;29:18M!0*1!?*%7;(%3!12!&()(8!(8!8;8&1238!(91'3&;A(8!23;8!7(2*%8!1!7(%A1'&1!
(8!?('23&(8!)1!?;7I1;'(8!)1!&1E&(!23;8!*83)(8M!7(2(!a/OM!a/OwM!/aTM!Ga^!X7(2!3:=*238!
:;2;&3+f18!;29(8&38!91:(!?('23&(]M!6T^!1!TwT!1!(8!?('23&(8!23;8!129'1=3)(8!93'3!);A*:=3'!
;%?('23+,(!%3!$%&1'%1&M!7(2(!(!xTR@!1!(!wR@#!
/!@;%71!?(;!91%83)(!)1!2()(!3!9()1'!81'!*83)(!91:(!9_C:;7(!12!=1'3:!1!9('!9'(?;88;(%3;8h!
7(%81=*1!3!7(%A1'8,(!'>9;)3!1!8;2*:&m%13!)1!*2!='3%)1!%_21'(!)1!)(7*21%&(8!238M!3(!
2182(! &129(M! 91'2;&1! *23! 8L';1! )1! 7(%?;=*'3+f18#! g,(! 1E;=1! 3! ;%8&3:3+,(! )1! 0*3;80*1'!
(*&'(8! 9'(='3238M! %(213)321%&1! )1! 1);&('18! )1! &1E&(M! 9('! A1F18! );891%);(8(8#! O';3! *2!
?;7I1;'(!;)c%&;7(!3(!7(%A1'&;)(M!7(2!*2!%(A(!%(21M!83:A3=*3')3%)(!3!;%?('23+,(!(';=;%3:#!!
/! @;%71! 9()1! 7(%A1'&1'! &1E&(! 812! ;%&1'?1'c%7;3! )1! 0*12! (! *83M! 12C('3! 91'2;&3! 3(!
*&;:;F3)('!)1?;%;'!0*1!?;0*12!388;%3:3)38!%(!)(7*21%&(!%(A(!38!2*)3%+38!9'(A(73)38M!)1!
2()(!3!?37;:;&3'!3!1A1%&*3:!'1A;8,(!)(!&1E&(#!T32CL2!9()12!81'!)1?;%;)(8!1E71'&(8!)1!&1E&(!
(*! 93:3A'38! 3! 1E7:*;'! )3! 7(%A1'8,(M! 38! 9'1?1'c%7;38! 9188(3;8! %(8! %(A(8! 738(8! )1!
(97;(%3:;)3)1!XA#!9>=#!b]!1!=*3')3)38!38!)1?;%;+f18!)1!2()(!3!81'12!*83)38!23;8!&3')1!(*!
93'&;:I3)38! 9('! &()(8! (8! 212C'(8! )1! *23! ('=3%;F3+,(#! W8&>! );89(%HA1:! ='3&*;&321%&1! %(!
1%)1'1+(!I&&9hZZttt#9('&3:)3:;%=*39('&*=*183#('=Zv37&;(%o:;%71#!
!
M+*)1<!$1!YA#7,1!M+*),7,'01!
G3'3!7(%='1=3'!1!);89(%;C;:;F3'!='3&*;&321%&1!'17*'8(8!7(2(!(!P/G!1!(!@;%71!&12!A;%)(!3!
81'! )181%A(:A;)3M! 7(2! 39(;(! )3! ^*%)3+,(! 93'3! 3! O;c%7;3! 1! T17%(:(=;3M! *23! ;%&1'?371! 12!
:;%I3!7I323)3!G('&3:!)3!@H%=*3!G('&*=*183#!/!G('&3:!)3!@H%=*3!G('&*=*183!L!*2!'19(8;&e';(!
('=3%;F3)(! )1! '17*'8(8! :;%=*H8&;7(8! 0*1! 9'1&1%)1! 81'! (';1%&3)(! &3%&(! 93'3! (! 9_C:;7(! 12!
=1'3:!7(2(!93'3!3!7(2*%;)3)1!7;1%&H?;73M!81'A;%)(!)1!39(;(!3!0*12!&'3C3:I3!7(2!3!:H%=*3!
9('&*=*183!1!3!&()(8!(8!0*1!&c2!;%&1'1881!(*!)_A;)38!8(C'1!(!81*!?*%7;(%321%&(#!T()(!(!
7(%&1_)(!)(!G('&3:!L!)1!:;A'1!37188(!1!18&>!12!7(%8&3%&1!)181%A(:A;21%&(#!!
<:L2!)(8!39'181%&3)(8!37;23M!(!G('&3:!)3!@H%=*3!G('&*=*183!);89(%;C;:;F3!(*&'(8!'17*'8(8M!
7(2(!81D32!(8!&1E&(8!)1!&()38!38!'1?('238!('&(='>?;738!)(!9('&*=*c8M!;%7:*;%)(!3!0*1!18&1!
=*;3! ;%&'()*FM! 1! (8! &1E&(8! )38! %(21%7:3&*'38! ='323&;73;8! 12! A;=('! %(8! );?1'1%&18! 93H818#!
O(%&L2! 3;%)3! A>';(8! );7;(%>';(8! 18917H?;7(8! )1! ='3%)1! *&;:;)3)1! 93'3! (! 9_C:;7(! 12! =1'3:M!
7(2(!81D32!(!a;7;(%>';(!)1!T(9e%;2(8!1!B1%&H:;7(8M!0*1!;%);73!7(2(!81!187'1A1!(!%(21!)1!
73)3! :(73:;)3)1! 1! 0*1! %(21! 81! )>! 3(8! '1891&;A(8! I3C;&3%&18M! (! a;7;(%>';(! )1!
W8&'3%=1;';82(8M!0*1!3='1=3!*2!='3%)1!%_21'(!)1!?('238!(';*%)38!)1!(*&'38!:H%=*38!0*1!
8,(!*83)38!?'10*1%&121%&1!91:(8!?3:3%&18!)1!9('&*=*c8M!1!(!P(73C*:>';(!)1!R*)3%+3M!0*1!
39'181%&3! &()38! 38! 93:3A'38! 3?1&3)38! 91:(! <7(')(! /'&(='>?;7(#! T()(8! 18&18! '17*'8(8! 81!
1%7(%&'32!);89(%HA1;8!='3&*;&321%&1!12!I&&9hZZttt#9('&3:)3:;%=*39('&*=*183#('=#!

14
M1<1>*10!9*'4,'#)'0!&,[1!7*19%1!+!6&+*$+!3*)+7*89%&+!1<)'*+,!

FORMA NOVA FORMA ANTIGA FORMA NOVA FORMA ANTIGA


abril Abril autoestrada auto!estrada
abstrao abstraco autorretrato auto!retrato
abstrato abstracto autossuficiente auto!suficiente
ao aco Batismo baptismo
acionar accionar Batizado baptizado
acionista accionista boia bia
aceo acepo brao de ferro brao!de!ferro
ata acta cabea de lista cabea!de!lista
ativao activao cabea de srie cabea!de!srie
ativamente activamente caminho de ferro caminho!de!ferro
atividade actividade ceticismo cepticismo
ativista activista ctico cptico
ato acto cetro ceptro
ator actor coao coaco
atriz actriz coautor co!autor
atuao actuao
coautoria co!autoria
atual actual
cofundador co!fundador
atuar actuar
coleo coleco
adjetivo adjectivo
colecionador coleccionador
adoo adopo
coletnea colectnea
afetar afectar
coletvel colectvel
afetividade afectividade
conceo concepo
afeto afecto
confeo confeco
agosto Agosto
contrao contraco
agroalimentar agro!alimentar
contraceo contracepo
Antrtida Antrctida
contracetivo contraceptivo
anteprojeto anteprojecto
contraespionagem contra!espionagem
antirracista anti!racista
contraofensiva contra!ofensiva
antirregionalista anti!regionalista
contraordenao contra!ordenao
antissemita anti!semita
contrarrelgio contra!relgio
antissemitismo anti!semitismo
coproduo co!produo
rtico rctico
correo correco
arquiteto arquitecto
corretamente correctamente
arquitetura arquitectura
correto correcto
aspeto aspecto
asteroide asteride creem crem

atrao atraco deceo decepo

atrativo atractivo dececionante decepcionante

autoestima auto!estima deem dem


dejeto dejecto

15
FORMA NOVA FORMA ANTIGA FORMA NOVA FORMA ANTIGA
desativao desactivao fatura factura
descontrao descontraco faturao facturao
detetar detectar Fevereiro Fevereiro
detetive detective fim de semana fim!de!semana
detetor detector fiscal de linha fiscal!de!linha
detrator detractor fogo de artifcio fogo!de!artifcio
dezembro Dezembro fora de jogo fora!de!jogo
dia a dia dia!a!dia frao fraco
dialtica dialctica fratura fractura
dialeto dialecto frente a frente frente!a!frente
didtico didctico gaita de foles gaita!de!foles
direo direco heroico herico
diretamente directamente hidroeltrica hidroelctrica
diretivo directivo inatividade inactividade
diretor director incorreo incorreco
diretrio directrio incorreto incorrecto
diretriz directriz indefetvel indefectvel
distrao distraco indiretamente indirectamente
ecletismo eclectismo indireto indirecto
efetivao efectivao infeo infeco
efetivamente efectivamente infetado infectado
efetuar efectuar infrao infraco
eletricidade electricidade infrator infractor
eltrico elctrico infraestrutura infra!estrutura
eletrodomstico electrodomstico injeo injeco
eletrnico electrnico injetar injectar
ereo ereco inseto insecto
espetacular espectacular inspeo inspeco
espetculo espectculo inspetor inspector
espetador espectador interao interaco
espermatozoide espermatozide interativo interactivo
estupefao estupefaco interceo intercepo
euroctico eurocptico intercetado interceptado
exatamente exactamente inverno Inverno
exato exacto jato jacto
exceo excepo janeiro Janeiro
excecionalmente excepcionalmente joia jia
exceto excepto julho Julho
extrao extraco junho Junho
extrato extracto lecionar leccionar
fao faco letivo lectivo
fator factor leem lem

16
FORMA NOVA FORMA ANTIGA FORMA NOVA FORMA ANTIGA
lua de mel lua!de!mel reator reactor
maio Maio receo recepo
mo de obra mo!de!obra recetao receptao
maro Maro recetividade receptividade
mini!srie minissrie recetivo receptivo
neorrealismo neo!realismo reta recta
noturno nocturno retngulo rectngulo
novembro Novembro retificar rectificar
objeo objeco redao redaco
objetivo objectivo refletido reflectido
objeto objecto refletir reflectir
oitavos de final oitavos!de!final rs do cho rs!do!cho
tico ptico respetivamente respectivamente
otimismo optimismo respetivo respectivo
otimista optimista retrao retraco
timo ptimo retroativos retroactivos
outono Outono retrospetiva retrospectiva
outubro Outubro rutura ruptura
para pra Sabia Saboia
para!brisas pra!brisas seleo seleco
paranoia parania selecionador seleccionador
pelo plo selecionar seleccionar
pera pra seletivo selectivo
perceo percepo subjetividade subjectividade
percetvel perceptvel subjetivo subjectivo
peremtrio peremptrio suscetvel susceptvel
perspetiva perspectiva tabloide tablide
perspetivar perspectivar ttico tctico
ponta de lana ponta!de!lana tato tacto
predileo predileco teto tecto
preveem prevem trao traco
primavera Primavera trator tractor
projeo projeco trajeto trajecto
projetar projectar trajetria trajectria
projeto projecto transao transaco
prospeo prospeco transacionado transaccionado
prospeto prospecto transacionveis transaccionveis
proteo proteco transato transacto
protecionismo proteccionismo Troia Tria
protecionista proteccionista ultraortodoxo ultra!ortodoxo
protetor protector vetor vector
radioatividade radioactividade veem vem
radioativo radioactivo vero Vero
reao reaco reativao reactivao
reacionrio reaccionrio reativar reactivar

17

Potrebbero piacerti anche