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ĕĖĝĝĒ ĤĥĖĤĤĒ ĒĦĥģĚĔĖ

ēĒģēĒģĒ ĞĒģĔĚğĚĒĜ
&EJ[JPOF PSJHJOBMF
ēģĚğĘĖģĤ Ġė ĥęĖ ĕĒĨğ ĥĖĒĔęĚğĘĤ ėģĠĞ ĥęĖ ġĝĖĚĒĕĚĒğ ǺȂȂǻ

o ēĖĒģ é ĔĔĠĞġĒğĪ o

&EJ[JPOF JUBMJBOB
ĥĦ ęĒĚ ĤĔĖĝĥĠ ĕĚ ĖĤĤĖģĖ ĢĦĒ ǺȂȂȀ

ĝĒ ħĚĒ ĕĖĝ ģĚĤħĖĘĝĚĠ


ġĝĒğĖĥĒģĚĠ
o ėĦĥĦģĒ ĖĕĚīĚĠğĚ o

&EJ[JPOF PSJHJOBMF ĤĒĘĘĖīīĒ ġĝĖĚĒĕĚĒğĒ ġĖģ ĝĖħĠĝĦīĚĠğĖ ĦĞĒğĒ


ĖĒģĥę ġĝĖĚĒĕĚĒğ ĜĖĪĤ ĥĠ ĥęĖ ĝĚħĚğĘ ĝĚēģĒģĪ ǺȂȂǾ

o ēĖĒģ é ĔĔĠĞġĒğĪ o

&EJ[JPOF JUBMJBOB
ĖĒģĥę ǺȂȂȀ

o ėĦĥĦģĒ ĖĕĚīĚĠğĚ o

&EJ[JPOF PSJHJOBMF
ėĒĞĚĝĪ Ġė ĝĚĘęĥ ġĝĖĚĒĕĚĒğ ĥĒĝĖĤ Ēğĕ ĝĖĤĤĠğĤ Ěğ ĝĚħĚğĘ ǺȂȂȂ

o ēĖĒģ é ĔĔĠĞġĒğĪ o

&EJ[JPOF JUBMJBOB
ĔĚ ĤĠğĠ ĔĠĤĖ ĔęĖ ğĠğ ĔĠğĠĤĔĚ ǺȂȂȂ

o ėĦĥĦģĒ ĖĕĚīĚĠğĚ o

ĖĕĚīĚĠğĚ
ĤĥĒīĚĠğĖ ĔĖĝĖĤĥĖ
5JUPMP PSJHJOBMF EFMMPQFSB
ġĒĥę Ġė ĖĞġĠĨĖģĞĖğĥ
ĚğĕĚĔĖ
-JOHVB PSJHJOBMF EFMMPQFSB
ĚğĘĝĖĤĖ

&EJUPSF JO MJOHVB PSJHJOBMF


ģĚğĘģĒīĚĒĞĖğĥĚ YJ
ğĖĨ ĨĠģĝĕ ĝĚēģĒģĪ ĦĤĒ

1SJNB FEJ[JPOF JO MJOHVB PSJHJOBMF ĚğĥģĠĕĦīĚĠğĖ ĕĖĚ ġĝĖĚĒĕĚĒğĚ 


ǻǹǹǽ

5SBEV[JPOF $BQJUPMP 6OP


ġĒĠĝĒ ĞĒĘğĒğĚ ĝĒ ģĖĒĝĥŚ ĞĦĝĥĚĕĚĞĖğĤĚĠğĒĝĖ
Ė Ěĝ ĕĚĤĖĘğĠ ĕĖĝĝĖĤĚĤĥĖğīĒ 
ĤĦĤĒğğĒ ĒğĘĖĝĒ ģĠĤĤĚ

%FTJHO EJ DPQFSUJOB $BQJUPMP %VF


ĘĚĦĤĖġġĖ ĤĔĒĘĝĚĠğĖ ĖğĖģĘĚĒ Ė ėģĖĢĦĖğīĒ
Ħğ ğĦĠħĠ ĤġĒīĚĠ ģĚĔģĖĒĥĚħĠ ĕĖĝĝĒ ĞĖğĥĖ 
*NNBHJOF EJ DPQFSUJOB
ĞĒģĚĒ īĠėĦ $BQJUPMP 5SF
ĝĖğĖģĘĚĒ ĒĔĔĖĝĖģĒĥĒ Ė ĝĖĤġĒğĤĚĠğĖ
4UBNQB ĕĖĝĝĒ ĞĖğĥĖ ğĖĝ ğĒğĠĤĖĔĠğĕĠ ĕĖĝ ĥĖĞġĠ 
ĝĚğĖĒĘģĒėĚĔĒ  ĔĚĥĥŚ ĕĚ ĔĒĤĥĖĝĝĠ ġĘ

1SPHFUUP FEJUPSJBMF $BQJUPMP 2VBUUSP


ĝĚğĥĚĞĒ ĕĒğīĒ ĕĖĝĝĖ
ġĚĖĥģĠ ĒēēĠğĕĒğīĒ ĔģĖĕĖğīĖ Ė ĕĖĝĝĖ ĖĞĠīĚĠğĚ 

ª ǻǹǹǽ ēĒģēĒģĒ ĞĒģĔĚğĚĒĜ


ª ǻǹǹȀ ĖĕĚīĚĠğĚ ĤĥĒīĚĠğĖ ĔĖĝĖĤĥĖ $BQJUPMP $JORVF
ĘĦĒģĚģĖ ĤĦĝĝĖ ĝĚğĖĖ ĕĖĝ ĥĖĞġĠ 

ġģĚĞĒ ĖĕĚīĚĠğĖ ğĠħĖĞēģĖ ǻǹǹȀ


$BQJUPMP 4FJ
ĤĥĒĞġĒĥĠ Ěğ Ǿǹǹǹ ĔĠġĚĖ Ěĝ ġĠĥĖģĖ ĕĖĝĝĒ ĤĖĤĤĦĒĝĚĥŚ ĦĞĒğĒ 
ĚĤēğ ȂȀȁȁȁǿǻǺǾǹǹǹǻ

$BQJUPMP 4FUUF
Ěĝ ĘĚĠĔĠ ĕĖĝĝĖĤĚĤĥĖğīĒ 
ĖĕĚīĚĠğĚ
ĤĥĒīĚĠğĖ ĔĖĝĖĤĥĖ
ħĚĒ ĞĠğĥĖģĠĤĒ   ēĒģīĒğŬ ĝĔ
$BQJUPMP 0UUP
ĨĨĨĖĕĚīĚĠğĚĤĥĒīĚĠğĖĔĖĝĖĤĥĖĚĥ ĝĒ ĤĔĖĝĥĒ ġģĠēĒēĚĝĖ 
ģĚğĘģĒīĚĒĞĖğĥĚ

4DSJWFSF RVFTUP MJCSP Ò TUBUP VO JODSFEJCJMF FTFSDJ[JP EJ


EJTDJQMJOB SFTQPOTBCJMJUË DPOTBQFWPMF[[B F GPOEBNFOUBM
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DPNF PQFSB EBNPSF VO EPOP F VOB TPMV[JPOF QSPCBCJMF QFS
VO NPOEP DIF TJ USPWB OFM NF[[P EJ VOB NBFTUPTB USBTGPSNB
[JPOF DPTÖ DIF UV MFUUPSF F NJMJPOJ EJ BMUSJ QPTTJBUF FTQBO
EFSF MB WPTUSB QJFOB DPOTBQFWPMF[[B F BĊFSNBSF MB DBQBDJUË EJ
BSSJDDIJSF MB WPTUSB WJUB
4POP QSPGPOEBNFOUF SJDPOPTDFOUF B UVUUF MF DPTDJFO[F
DIF IBOOP DPOUSJCVJUP DPO MB MPSP GPS[B BMMB DSFB[JPOF EFM
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BMMP TUBĊ EFMMB DBTB FEJUSJDF QFS MBNNJSBCJMF QB[JFO[B F mEV
DJB DIF IBOOP BWVUP JO RVFTUP QSPHFUUP
*M NJP BĊFUUVPTP SJDPOPTDJNFOUP F TQFDJBMJTTJNJ SJOHSB
[JBNFOUJ B ,BSFO .BSDJOJBL QFS JM TVP JODPSBHHJBNFOUP
MJTQJSB[JPOF F MJODPNQBSBCJMF EFEJ[JPOF BM OPTUSP MBWPSP QFS
FTTFSF VOB TPSFMMB F BNJDB NBHOJmDB F VOFDDF[JPOBMF DSPOJTUB
EFHMJ JOTFHOBNFOUJ 1MFJBEJBOJ "MUSFUUBOUJ SJOHSB[JBNFOUJ BM
NJP FEJUPSF F BNJDP +PIO /FMTPO QFS BWFSNJ GPSOJUP BODPSB
VOB WPMUB MB TVB HVJEB FTQFSUB F QSF[JPTB MF TVF DBQBDJUË FEJ
UPSJBMJ F JM TVP mEBUP TVQQPSUP OFM UFOFSNJ GPDBMJ[[BUB TVM
NFTTBHHJP EFM SJTWFHMJP
&TUFOEP EJ DVPSF J NJFJ TQFDJBMJ SJOHSB[JBNFOUJ BJ NJFJ
TUVEFOUJ BMMP TUBĊ EFM 1MFJBEJBO 5JNFT BMMB NJB GBNJHMJB
BNJDJ TQPOTPS MFUUPSJ F TUVEFOUJ PWVORVF OFM NPOEP QFS
JM WPTUSP JOFTUJNBCJMF JOUFSFTTF F TPTUFHOP BM OPTUSP MBWPSP
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B /PFNJ 4DIJSNBOO QFS MB TVB TBHHF[[B F B (PSHF 8BSE F
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& JOmOF JM NJP QSJODJQBMF SJOHSB[JBNFOUP WB BJ OPTUSJ
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MJOFTUJNBCJMF DPOUSJCVUP BM SJTWFHMJP EFMMVNBOJUË (SB[JF
1MFJBEJBOJ QFS BWFS DPOEJWJTP JM WPTUSP QSPGPOEP F JNQBHB ġĝĒğĖĥĒģĚĠ
CJMF QVOUP EJ WJTUB
2

ĚğĥģĠĕĦīĚĠğĖ ĕĖĚ ġĝĖĚĒĕĚĒğĚ

" NJB NBESF DPO BNPSF F HSBUJUVEJOF $J DIJBNJBNP 1MFJBEJBOJ & QFS QSFTFOUBSDJ WJ EJDJBNP
DIF TJBNP WJBHHJBUPSJ EFM UFNQP F EFMMF NVMUJEJNFOTJPOJ
4JBNP VO DPMMFUUJWP EJ FOFSHJF DPTDJFOUJ UFTP BE FTQMPSBSF PHOJ
BOHPMP EFMMFTJTUFO[B WBHBOEP QFS NPOUJ F WBMMJ DPTNJDIF BMMB
SJDFSDB EJ SJTQPTUF BMMB NBFTUPTJUË EFJ NJTUFSJ EFMMB WJUB 5VUUB
MFTJTUFO[B Ò VOB HSBOEF SFUF EJ FOFSHJB F TFNCSBOP FTTFSDJ
JOmOJUF F BĊBTDJOBOUJ EJSF[JPOJ DPMMFHBNFOUJ FWFOUJ F EJWFS
UFOUJ BMUFSOBUJWF EB FTQMPSBSF 5VUUBWJB BM NPNFOUP TJBNP
TPQSBUUVUUP JOUFOTBNFOUF GPDBMJ[[BUJ TV VOP TQFDJmDP TQB[JP F
UFNQP o MB 5FSSB OFHMJ BOOJ EBM  BM  4FNCSB DIF JO
RVFTUP QFSJPEP RVFTUP MVPHP TBMWBHVBSEJ MB QSPCBCJMJUË EJ VO
TVDDFTTP USJPOGBOUF JO DVJ QFS VO CSFWF NPNFOUP TJ QPUSBOOP
SFBMJ[[BSF F SJWFMBSF BMDVOJ USB J QJá NFSBWJHMJPTJ NJTUFSJ EFMMB
WJUB 4JBNP RVJ QFS PTTFSWBSF F QBSUFDJQBSF B RVFTUP FWFOUP
HSBOEJPTP -B OPTUSB QSPTQFUUJWB IB VOP TDPQP F VO SBHHJP
EB[JPOF NVMUJEJNFOTJPOBMF QPJDIÏ TJBNP VO NFSBWJHMJPTP
DPMMFUUJWP DIF TUB DPOTBQFWPMNFOUF FTQBOEFOEP MF QSPQSJF
DSFEFO[F TVMMB OBUVSB EFMMFTJTUFO[B OFMMF EJWFSTF TJUVB[JPOJ
MFHBUF BM UFNQP * DJFMJ TPOP SJDDIJ EJ WJUB F JM OPTUSP WJBHHJP
BMMB SJDFSDB EJ TBQFSF F EJ VOB NJHMJPSF DPNQSFOTJPOF TV DIJ
TJBNP DJ IB QPSUBUJ B WPJ
"UUVBMNFOUF MB 5FSSB TUB TQFSJNFOUBOEP VO UVNVMUVPTP
SJTWFHMJP EFMMF DPTDJFO[F EJ VOBNQJF[[B NBJ SFHJTUSBUB QSJNB
OFMMB TUPSJB EFMMVNBOJUË &QQVSF OFMMF NFNPSJF DFMMVMBSJ EFM
MVPNP TJ BHHJSBOP WBHIF JNNBHJOJ TUSBOBNFOUF GBNJMJBSJ
4JFUF QSPGPOEBNFOUF JNNFSTJ JO VO QFSJPEP EJ DBNCJBNFOUJ
EFDJTJWJ MVNBOJUË Ò TVMMB TPHMJB EJ BWFSF VOB OVPWB DPNQSFO
TJPOF EFM QPUFSF EFMMFOFSHJB DPTNJDB /BUVSBMNFOUF NPMUJ EJ
OPJ TJ EPNBOEBOP DPTB GBSFUF EJ RVFTUB DPOPTDFO[B *O BMUSF
FQPDIF MB OBUVSB EJ RVFTUP QPUFSF Ò TUBUB NBM DPNQSFTB F EJ
4

DPOTFHVFO[B NBMF VUJMJ[[BUB QPSUBOEP JOFWJUBCJMNFOUF BMMB $BQJUPMP 6OP


WPTUSB BVUPEJTUSV[JPOF $JÛ OPOPTUBOUF HMJ JNNFOTJ DJDMJ
EFMMB WJUB F EFMMBQQSFOEJNFOUP DPOUJOVBOP QB[JFOUFNFOUF
BE PĊSJSWJ MF TUFTTF MF[JPOJ QFSDIÏ BODIF TF MB WJUB TFNCSB ĝĒ ģĖĒĝĥŚ ĞĦĝĥĚĕĚĞĖğĤĚĠğĒĝĖ
EJTUSVHHFSTJ MB DPTDJFO[B QFSEVSB TFNQSF DBNCJBOEP TPMP MB Ė Ěĝ ĕĚĤĖĘğĠ ĕĖĝĝĖĤĚĤĥĖğīĒ
GPSNB
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VO HSBOEF TBMUP DPTNJDP EJ DPTDJFO[B $JÛ DIF WPJ GBUF PSB MF
TDFMUF DIF QSFOEFUF EFUFSNJOFSBOOP VO DPSTP EJ FTQFSJFO[F 7PHMJBNP DPOEJWJEFSF MB OPTUSB WJTJPOF TVMMB OBUVSB
QJá DPNQMFTTP F TUVQFGBDFOUF EJ RVBOUP QPTTJBUF BM NPNFOUP EFMMFTJTUFO[B F WF MB PĊSJBNP BċODIÏ JO RVFTUJ UFNQJ EJO
JNNBHJOBSF -BMCB EJ VOB OVPWB SJWPMV[JPOF EFMMB DPTDJFO[B RVJFUVEJOF F DBNCJBNFOUP QPTTJBUF QSFOEFSMB JO DPOTJEFSB
Ò B VO QBTTP /PO QPUFUF TPUUSBSWJ BMMB OFDFTTJUË EJ HFTUJSF [JPOF -P GBDDJBNP QFS QSPWPDBSF JO WPJ VO SJTWFHMJP DIF WJ
RVFTUP QPUFSF BEFTTP P NBJ 1PJDIÏ BCCJBNP VOP TQJSJUP QPSUJ BE BTTVNFSWJ MB QJFOB SFTQPOTBCJMJUË EFMMB WPTUSB WJUB
BWWFOUVSPTP TJBNP RVJ QFS DPOEJWJEFSF MB OPTUSB WJTJPOF 0HOJ JOEJWJEVP Ò RVJ TVMMB 5FSSB QFS QBSUFDJQBSF F DPOUSJCVJSF
TVMMB WPTUSB WJUB JO SBQJEP DBNCJBNFOUP F QFS PĊSJWJ JM OPTUSP BE VOB QSFTB DPMMFUUJWB EJ DPTDJFO[B DIF WJ GBSË QSFOEFSF BUUP
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EJ VOFOFSHJB DPTÖ BDDFMFSBUB DIF QPUSFCCF USBORVJMMBNFOUF $PNQSFOEFSF RVFTUP Ò GPOEBNFOUBMF QPJDIÏ TJFUF DPOOFTTJ B
SJWPMUBSF JM WPTUSP QJBOFUB TUSBUJ QPTUJ TV QJá MJWFMMJ EJ SFBMUË DIF TJOUSFDDJBOP QFS DSFBSF
FE FTQMPSBSF MB NBFTUPTB OBUVSB NVMUJEJNFOTJPOBMF EFMMFTJ
* 1MFJBEJBOJ TUFO[B -B DPOPTDFO[B Ò TBDSB F MB TDFMUB USB MFTTFSF JOGPS
NBUJ P MFTTFSF TFNQMJDFNFOUF iJOUSBUUFOVUJw Ò OFM NPOEP
PEJFSOP VO UFTU DSVDJBMF &TQBOEFSF MB NFOUF QFS QFOFUSBSF JM
TJHOJmDBUP QJá QSPGPOEP EFMMB WJUB OPO TPMP SFOEF MJCFSJ NB
Ò EFDJTJWP QFS JM WPTUSP CFOFTTFSF QPJDIÏ TBQFSF Ò QPUFSF F JM
NPEP JO DVJ WPJ VUJMJ[[BUF JM WPTUSP QPUFSF EFUFSNJOB JOFWJUB
CJMNFOUF JM DPSTP EFMMB WJUB QFSTPOBMF F DPMMFUUJWB
-F TJUVB[JPOJ QPMJUJDIF F TPDJBMJ DIF WJ USPWBUF BE BĊSPO
UBSF JO RVFTUP NPNFOUP TJB QFSTPOBMNFOUF DIF HMPCBM
NFOUF JODMVEPOP VOB TFSJF EJ QPUFOUJ MF[JPOJ EJ EJTDFSOJ
NFOUP 4JFUF UVUUJ JOWJUBUJ B WFEFSF PMUSF MP TUVQFGBDFOUF F
CFO BSDIJUFUUBUP CVTJOFTT EFMMB QBVSB DIF IB JOWBTP JM QJB
OFUB "ODIF TF OPO TFNQSF Ò GBDJMF NBOUFOFSF MB GFEF DIF
DJ TBSË VO SJTWPMUP QPTJUJWP JO UVUUP DJÛ DIF JODPOUSBUF Ò
JNQPSUBOUF SJDPSEBSF DIF UVUUF MF SFBMJ[[B[JPOJ DIF IBOOP
WBMPSF TPOP QSFDFEVUF EB FTQFSJFO[F EJċDJMJ F QSPWPDBUPSJF
-F TDFMUF DIF GBUF F J SJTDIJ DIF TJFUF EJTQPTUJ BE BTTVNFSWJ
JO RVFTUP NPNFOUP TPOP FTTFO[JBMJ TJB QFS JM QSPDFTTP EJ SBG
GPS[BNFOUP EFMMB WPTUSB EFUFSNJOB[JPOF DIF QFS JM QSPDFTTP
6 $BQJUPMP 6OP -B SFBMUË NVMUJEJNFOTJPOBMF F JM EJTFHOP EFMMFTJTUFO[B 7

EJ SJDPOPTDJNFOUP F NFTTB JO PQFSB EFM WPTUSP QPUFSF QFSTP EBMMB QBVSB QSPGPOEBNFOUF SBEJDBUB JO WPJ EJ DPOPTDFSF
OBMF 4F BMMB mOF TJ DSFB UVUUP DJÛ DIF TJ JODPOUSB Ò QFSDIÒ DJ MB WFSJUË 1FS MJCFSBSWJ EB RVFTUB TDIJBWJUá DPMMFUUJWB EFMMB
TPOP EFMMF PUUJNF SBHJPOJ QBVSB EPWFUF FTTFSF EJTQPTUJ B WFEFSF JO QSPGPOEJUË F
B FOUSBSF JO DPOUBUUP DPO DJÛ DIF DPOPTDFUF µ RVFTUP JM
4UBUF WJWFOEP JO VO UFNQP JO DVJ MF PQQPSUVOJUË QFS TWJMVQQBSF UFNQP EJ JOUFHSBSF MB WPTUSB FTTFO[B TQJSJUVBMF F EJWFOUBSF
MF WPTUSF QPUFO[JBMJUË FTQBOEFSF MB DPTDJFO[B F DSFTDFSF TQJSJUVBM DPOTBQFWPMJ TV DPNF VUJMJ[[BSF MB WPTUSB NFOUF 7J USPWBUF JO
NFOUF TFNCSBOP JMMJNJUBUF NF[[P B VOB UVNVMUVPTB USBTGPSNB[JPOF VOJOJ[JB[JPOF DIF
QBTTB BUUSBWFSTP MPTDVSB OPUUF EFMMBOJNB F EPWFUF FTTFSF
5VUUP DJÛ DIF FTJTUF Ò JNQSFHOBUP EJ VOB GPSNB EJ QPUFSF QSPOUJ F EJTQPTUJ B JEFOUJmDBSF J QSPCMFNJ DIF TJ QSFTFOUBOP
F BODIF WPJ MP TJFUF $POTJEFSBUF QFS VO NPNFOUP MF WPTUSF OFMMB WJUB QFSTPOBMF F DPMMFUUJWB F B TDPQSJSOF MB TPMV[JPOF
DPOWJO[JPOJ SJHVBSEP BJ DPODFUUJ EJ iQPUFSFw F iQPUFO[JBMF 4J TUB BWWJDJOBOEP VOB TPSQSFOEFOUF SJWPMV[JPOF TQJSJUVBMF
QFSTPOBMFw 2VBMJ JNNBHJOJ WJ BSSJWBOP 2VBMF GPSNB EJ NPOEJBMF F OFM EJWFOUBSOF DPOTBQFWPMJ Ò FTTFO[JBMF SJDPS
iQPUFSFw JNNBHJOBUF SJTJFEB EFOUSP EJ WPJ 'JO EBMMBOUJDIJUË EBSF DIF MF PQQPSUVOJUË EJ DSFTDJUB TPOP TFNQSF BCCPOEBO
MFTQBOTJPOF EFMMB DPTDJFO[B F VOP TWJMVQQP BSNPOJDP EFMMF UFNFOUF EJTQPOJCJMJ CBTUB JNQBSBSF B DSFBSMF
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SBCJMJ DPNF EVF MBUJ EFMMB TUFTTB NFEBHMJB -B DPNCJOB[JPOF EFWF BĊSPOUBSF TJB B MJWFMMP JOEJWJEVBMF DIF EJ NBTTB Ò
EJ RVFTUF RVBMJUË Ò TUBUB DVTUPEJUB DPO DVSB F BQQSF[[BUB RVBMF SJDPOPTDFSF JM QPUFSF EFM QFOTJFSP F EFMMF DPOWJO[JPOJ
GPOEBNFOUBMF DPEJDF EJ TBHHF[[B JO UVUUF MF EJNFOTJPOJ F JO $PNQSFOEFSF RVFTUF EVF JNQPSUBOUJ DIJBWJ EJ DPOTBQFWP
UVUUJ HMJ BOOBMJ EJ TQB[JP F EJ UFNQP QPJDIÏ Ò DPOTJEFSBUB MF[[B QVÛ BQSJSF MB DPTDJFO[B VNBOB B VOB OVPWB WJTJPOF
MB CBTF QFS MB DSFB[JPOF F JM NBOUFOJNFOUP EFMMB WJUB & PSB NPOEJBMF QJFOB EJ QPTTJCJMJUË JMMJNJUBUF F EJ TPMV[JPOJ BMUB
BMMJOJ[JP EFM UFS[P NJMMFOOJP OFM NPNFOUP JO DVJ JM HFOFSF NFOUF DSFBUJWF -F DPOWJO[JPOJ TPOP FTTFO[JBMNFOUF DSF
VNBOP BĊSPOUB VOB HSBOEF MF[JPOF DPTNJDB TVM WBMPSF EFMMB EFO[F TVMMB SFBMUË F DIF TJBOP QFSTPOBMJ P DPMMFUUJWF GPSNBOP
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JM DVPSF F EJUFWJ DIF WJ BNBUF 3JQFUFUF MB GSBTF i*P UJ BNPw TVMMB SFBMJ[[BCJMJUË EFMMB WPTUSB SFBMUË 5VUUBWJB QPUFUF DFSUB
BE BMUB WPDF NFOUSF DPOUJOVBUF B HVBSEBSF QSPGPOEBNFOUF JM NFOUF DSFBSF MB WFSTJPOF EFM NPOEP DIF WPMFUF F QFS RVFTUB
SJnFTTP EFJ WPTUSJ PDDIJ OFMMP TQFDDIJP (VBSEBUF MF QVQJMMF F MF JNQSFTB DÒ JO FĊFUUJ VO TVQQPSUP FOFSHFUJDP JMMJNJUBUP
JSJEJ F QFSNFUUFUF B RVBMTJBTJ TFOTB[JPOF DIF MF QBSPMF QPSUBOP *M WPTUSP NPOEP Ò TFNQSF TUBUP PTTFSWBUP F TUVEJBUP EB
BMMB TVQFSmDJF EJ nVJSF TVM WPTUSP DPSQP DPNF DBMEJ SBHHJ TPMBSJ NPMUJTTJNJ FTTFSJ PHOVOP DPO EJWFSTF JOUFO[JPOJ F QSPQP
DIF EBO[BOP BUUSBWFSTP MB QSPGPOEJUË EFMMB GPSFTUB .FOUSF TJUJ 5VUUBWJB JO HFOFSBMF EJ GSPOUF BMMBVNFOUBSF EFM DPO
QSBUJDBUF RVFTUP FTFSDJ[JP PTTFSWBUF BODIF MF WPTUSF B[JPOJ F USPMMP F EFMMBCVTP EJ QPUFSF BWFUF JM TPTUFHOP EJ DIJ DPNF
26 $BQJUPMP 6OP -B SFBMUË NVMUJEJNFOTJPOBMF F JM EJTFHOP EFMMFTJTUFO[B 27

OPJ DPNQSFOEF RVBOUP TJB DPNQMFTTP MBWPSBSF JOTJFNF DPO TFOTP TVQSFNP DIF FTTFO[JBMNFOUF JNQMJDB VO BUUP EJ JOUSF
EJHOJUË MBEEPWF DÒ VO NPUJWP F VO mOF 2VBOEP EFMMF GPSNF QJEP DPSBHHJP VO BDDPSEP GSB NPMUF SFBMUË QFS HVBSJSF MB
EJ DPTDJFO[B TDFMHPOP EJ EJNFOUJDBSF OFHBSF EJTBUUJWBSF NFOUF F MP TQJSJUP EFMMVNBOJUË F UVUUP DJÛ DPO DVJ FTTF TPOP
F EJTQSF[[BSF JM QSPQSJP QPUFSF EJ DSFB[JPOF F DPOPTDFO[B DPOOFTTF %BM QVOUP EJ WJTUB EFM TJNVMUBOFP F TFNQSFFTQBOTP
RVBOEP TWBMVUBOP JM MJCFSP QFOTJFSP BMMPSB EJWFOUBOP QBSUF iBEFTTPw VOFĊFUUJWB F UPUBMF HVBSJHJPOF JNQMJDB VOB SFJOUFS
EFM ESBNNB F DJÛ GB MPSP TQFSJNFOUBSF VOFTJTUFO[B BQQBSFO QSFUB[JPOF DPNQBTTJPOFWPMF F VOB SJEFmOJ[JPOF EJ QFSTPOF
UFNFOUF DPOUSPMMBUB F EPNJOBUB EB BMUSJ *O UBM DBTP MF MF[JPOJ TQB[J UFNQJ FE FWFOUJ EBM QVOUP EJ WJTUB FOFSHFUJDP *M OVPWP
F MF SFMBUJWF QSPCMFNBUJDIF SJHVBSEBOP MB QBVSB EFMMP TDPOP TFOTP DPNVOF DPODFSOF MFTTFSF DPOTBQFWPMJ DIF UVUUB MB WJUB Ò
TDJVUP MB QBVSB EJ DJÛ DIF TJ QFSDFQJTDF F MB QBVSB EJ FTTFSF JNQPSUBOUF F DIF PDDPSSF BWFSOF DVSB 7J SBDDPNBOEJBNP EJ
SFTQPOTBCJMJ EFMMB QSPQSJB WJUB /FM QSPDFTTP EJ TWJMVQQP EJ JOOBNPSBSWJ EJ WPJ TUFTTJ QPJDIÏ TJFUF VOB NJSBDPMPTB GPSNB
VOB DPTDJFO[B RVFTUB UFSSJCJMF QBVSB EFM QSPQSJP QPUFSF QFS EJ DSFB[JPOF DBQBDF EJ NBOJGFTUBSF VOB NBHOJmDB F NBFTUPTB
TPOBMF Ò VO QBTTBHHJP OPSNBMF DJÛ OPOPTUBOUF MB EPNBOEB WFSTJPOF EFMMFTJTUFO[B BUUSBWFSTP QFOTJFSJ QBSPMF F B[JPOJ
GPOEBNFOUBMF Ò RVBOUP UFNQP EPWSË QBTTBSF QSJNB DIF WPJ $FSDBUF JM TFOUJFSP DIF EË QJBDFSF F HJPJB EJ WJWFSF EPWF BUUSBS
SJDPOPTDJBUF F BQQSF[[JBUF DJÛ DIF Ò WPTUSP QFS OBUVSB SFUF FTQFSJFO[F EJ WJUB TJHOJmDBUJWF F JNQPSUBOUJ 4VQFSBUF
TFNQSF FOFSHFUJDBNFOUF MF WPTUSF FTQFSJFO[F "CCJBUF mEVDJB
* EJąVTJ BUUJ EJ HVFSSB F EJ DPOUSPMMP JNQMFNFOUBUJ BUUVBMNFOUF OFMMB CFOFWPMFO[B EFMMFTJTUFO[B QFSDIÏ Ò EBWWFSP CFMMJTTJNB
EBJ MFBEFS NPOEJBMJ TPOP MB NBOJGFTUB[JPOF EFMMB MPSP EJTQFSB 0HOVOP EJ WPJ IB VOB QSPQSJB HFOUJMF[[B EBOJNP HSB[JB F TUJMF
[JPOF QFS BWFS QFSTP MB QSFTB TVMMVNBOJUË QFSTPOBMF 6TBUFMJ 2VFTUP Ò VO UFNQP NPMUP GPSUVOBUP QFS
FTTFSF WJWJ FE FOUSFSË OFHMJ BOOBMJ EFMMB TUPSJB EJ SFJODBSOB[JPOJ
µ UFNQP EJ VOJSF J QVOUJ (MJ FWFOUJ DIF WJWFUF TPOP BM DFMFCSJ $IJTTË GPSTF OFM GVUVSP SBDDPOUFSFUF HSBOEJ TUPSJF TV
TFSWJ[JP EJ TDPQJ EBMMF NPMUF TUSBUJmDB[JPOJ F UVUUP EJQFOEF EBM DPNF FSB WJWFSF TVMMB 5FSSB EVSBOUF MB HSBOEF JOUFOTJmDB[JPOF
WPTUSP QVOUP EJ WJTUB 4JFUF EJTQPTUJ BE BDDFUUBSF MB SFTQPOTBCJ EFMMFOFSHJB o VO JOUFSWBMMP EJ UFNQP EJ WFOUJDJORVF BOOJ
MJUË EJ BNBSF WPJ TUFTTJ F MB 5FSSB JO VOP TUBUP EJ TBOP CFOFTTFSF QJFOP EJ NJTUFSJ NVMUJEJNFOTJPOBMJ SJWFMBUJ GBUUP EJ NBFTUPTJ
3JVTDJUF B JNNBHJOBSF VO DPNQJUP QJá JNQPSUBOUF EB BWWJBSF NPNFOUJ DIF TQJDDBOP DPNF FUFSOJ NPOVNFOUJ EFHMJ BOOBMJ
F SFBMJ[[BSF JO RVFTUB WJUB -BTDFSFUF DIF VO EJTFHOP QJá HSBOEF EFM UFNQP 1SPQPOFUFWJ EJ BCCSBDDJBSF MB WFSB DPOTBQFWPMF[[B
WJ TJB SJWFMBUP -B nFTTJCJMJUË NFOUBMF JNQMJDB VO OVPWP VTP F MB MJCFSUË DBSJ BNJDJ F TVMMB WJB EFM SJTWFHMJP QMBOFUBSJP TJBUF
DSFBUJWP EFMMJNNBHJOB[JPOF QFS DPTUSVJSF MF GPOEBNFOUB EJ TJDVSJ EJ GBSF JM NJHMJPS VTP EJ UVUUJ J WPTUSJ iBEFTTPw
VO QFOTJFSP DIF BCCJB VO JOUFOUP TFNQSF DIJBSP F DPTDJFOUF
-F EJċDPMUË OPO TFHOBMBOP JM GBMMJNFOUP -F TmEF BHV[[BOP
MJOHFHOP F TF BWFUF GFEF F mEVDJB F JNQBSBUF B nFUUFSWJ DPO
JM WFOUP EFM DBNCJBNFOUP QPUSFUF UJSBS GVPSJ JM NFHMJP EFMMF
WPTUSF DBQBDJUË 2VFTUP Ò JM NPNFOUP EJ NFUUFSF B QVOUP MF
WPTUSF DBQBDJUË mTJDIF NFOUBMJ TQJSJUVBMJ FE FNP[JPOBMJ F EJ
QSPWBSF B WPJ TUFTTJ F BM NPOEP JOUFSP DIF J WPTUSJ QFOTJFSJ
NPEFMMBOP MFOFSHJB EFMMB GPS[B WJUBMF JOUPSOP B WPJ F DIF WPJ
TJFUF J DSFBUPSJ EFMMB WPTUSB FTQFSJFO[B
-B USBTGPSNB[JPOF EJ DPTDJFO[B DIF TUB JOWFTUFOEP JM QJB
OFUB Ò VOPQFSB NVMUJEJNFOTJPOBMF VOPSDIFTUSB[JPOF EBM
28

$BQJUPMP %VF

ĖğĖģĘĚĒ Ė ėģĖĢĦĖğīĒ
Ħğ ğĦĠħĠ ĤġĒīĚĠ ģĚĔģĖĒĥĚħĠ ĕĖĝĝĒ ĞĖğĥĖ

5VUUP DJÛ DIF BDDBEF B MJWFMMP EJ SFBMUË BWWJFOF QFS VO DIJBSP


F TQFDJmDP TDPQP F OFM HJPDP EFM MJCFSP BSCJUSJP OVNFSPTJ
TUSBUJ EJ SFBMUË JOUFSDFUUBOP NPMUJTTJNJ TDPQJ 1FS SJTWFHMJBSTJ
B RVFTUB OVPWB DPNQSFOTJPOF EFMMB WJUB J QPQPMJ EFMMB 5FSSB
TUBOOP TVCFOEP VOB QSPGPOEB F OFDFTTBSJB USBTGPSNB[JPOF
EJ DPTDJFO[B $IJBNBSF MF EJċDPMUË EFMMB WJUB VO HJPDP QVÛ
TFNCSBSF GSJWPMP UVUUBWJB JO VO HJPDP DJ TPOP SFHPMF TDPQP
F HJPDBUPSJ %BMMB OPTUSB QSPTQFUUJWB MB WJUB Ò JM HJPDP QJá
HSBOEJPTP 4VMMB 5FSSB TJFUF HMPCBMNFOUF JNQFHOBUJ BE JNQB
SBSF DIF JM NPOEP mTJDP OPO Ò QSPQSJBNFOUF TPMJEP JTPMBUP
F VOJDP UVUUB MFTJTUFO[B Ò JOUFSSFMBUB UPUBMNFOUF DPOOFTTB
DPTDJFOUFNFOUF JOUFMMJHFOUF F BDDFTTJCJMF B UVUUJ -BOUJDP
NPUUP iDPOPTDJ UF TUFTTPw Ò VO TFNQMJDF F QSPGPOEP FUFSOP
JOTFHOBNFOUP DIF WJ DPOEVDF WFSTP VOB NJHMJPSF DPNQSFO
TJPOF EFM WPTUSP SBQQPSUP DPO MB SFBMUË -B SFBMUË USJEJNFO
TJPOBMF Ò QBSUF JOUSJOTFDB EFMMB HSBOEF SFUF EFMMB WJUB EFOTB
EJ DPOOFTTJPOJ F TJHOJmDBUJ DIF TPTUFOHPOP DPOUJOVBNFOUF
RVBMTJBTJ DPTB QPTTJBUF JODPOUSBSF P DSFBSF OFM NPOEP mTJDP
OFJ TPHOJ P OFMMF SFBMUË TJUVBUF BM EJ MË EFMMF WPTUSF PSEJOBSJF
QFSDF[JPOJ 1FS DPOPTDFSF WPJ TUFTTJ EPWFUF QFOFUSBSF QSPGPO
EBNFOUF JO RVFTUP OFUXPSL
-B GFEF Ò VO BUUP EJ mEVDJB F BċEBSF WPJ TUFTTJ BMMB CFMMF[[B
EFMMVOJWFSTP GPDBMJ[[B MB WPTUSB BUUFO[JPOF BċODIÏ UBMF CFM
MF[[B QPTTB SFBMJ[[BSTJ OFMMB WPTUSB WJUB 1FS CFMMF[[B TJ JOUFOEF
VOP TUBUP P VO UFSSJUPSJP EFMMB DPTDJFO[B F OPO VOB WJB EJ GVHB
EBHMJ BTQFUUJ NFOP CFMMJ EFMMB WJUB /FM SJDPOPTDFSF JM CFOFWPMP
QPUFSF TVQFSJPSF EJ VO VOJWFSTP JOUFMMJHFOUF BODIF HMJ BTQFUUJ
EFMMB WJUB EB WPJ QFSDFQJUJ DPNF QPDP HSBEFWPMJ F JOEFTJEFSB
CJMJ QPTTPOP JODBSOBSF VOP TDPQP TVQFSJPSF 2VBOEP FTQBO
EFUF JM WPTUSP QFOTJFSP F EPNBOEBUF i1FSDIÏ w USBTNVUBUF JM
30 $BQJUPMP %VF &OFSHJB F GSFRVFO[B VO OVPWP TQB[JP SJDSFBUJWP EFMMB NFOUF 31

DPSTP EFMMB WPTUSB SFBMUË PHOJ WPMUB DIF DFSDBUF EJ SJTWFHMJBSF DSFBUJWP VOJDP F JOEJTQFOTBCJMF QFS NBOJGFTUBSF MB WPTUSB SFBMUË
F JMMVNJOBSF MB WPTUSB NFOUF VOB NJSJBEF EJ DPOOFTTJPOJ DPO F BWFSF VOB NBHHJPSF DPOTBQFWPMF[[B EFM QSPQSJP TÏ 4JFUF TUBUJ
TWBSJBUF TGVNBUVSF EJ JOUFSQSFUB[JPOF DPNJODJBOP B NBOJGF DPOEJ[JPOBUJ B DSFEFSF DIF UVUUP DJÛ DIF DÒ EB TBQFSF QVÛ FTTFSF
TUBSTJ OFMMB WPTUSB WJUB USPWBUP OFM NFSBWJHMJPTP NPOEP EFMMB iTDBUPMB FMFUUSPOJDBw DPO
MF TVF PĊFSUF EJ JOGPSNB[JPOJ F JOUSBUUFOJNFOUP 2VBOEP MF
.FEJB DPOUSPMMBUJ F DPSSPUUJ QJMPUBOP MBUUFO[JPOF EFMMF NBTTF USB iOPUJ[JFw QSPQFOEPOP WFSTP VO DPOUJOVP NFTTBHHJP EJ HVFSSB
TNFUUFOEP DPTUBOUFNFOUF VOP TUBUP EJ DBPT TJ DSFB VOP TUBUP EJ EJTQFSB[JPOF F VO TFOTP EJOFMVUUBCJMJUË
&OUSBUF JO VOP TUBUP EJ QBSBMJTJ EFM WPTUSP QPUFSF QFSDIÏ WJ
-B WJUB WB BĊSPOUBUB DPO BUUFO[JPOF F QSPCBCJMNFOUF WJ DPOWJODFUF DIF MVOJDB SFBMUË Ò RVFMMB EFTDSJUUB F QSFTDSJUUB
SJDPSEBUF RVBOUF WPMUF OFM DPSTP EFMMB WPTUSB WJUB WJ Ò TUBUP EBMMB iTDBUPMBw -B SFBMUË Ò DSFBUB F QSPEPUUB EB DJBTDVOP EJ
EFUUP wGBJ BUUFO[JPOFw B RVFTUP P B RVFMMP -BUUFO[JPOF Ò DPO WPJ TJOHPMBSNFOUF F DIJ DFSDB EJ DPOUSPMMBSF JM NPOEP WJ TUB
TBQFWPMF[[B NFOUF TWFHMJB F DPTDJFO[B WJHJMF -BUUFO[JPOF Ò DFMBOEP RVFTUB JNQPSUBOUF DPOPTDFO[B
FOFSHJB 0HOVOP EJ WPJ IB MB MJCFSUË EJ QPSSF MB TVB BUUFO -B WPTUSB JNNBHJOB[JPOF Ò VO JNQBHBCJMF TUSVNFOUP VUJMF
[JPOF EPWF SJUJFOF PQQPSUVOP F EJQFOEF TPMP EB WPJ MB TDFMUB B TWJMVQQBSF F B FTFSDJUBSF OFMMB WPTUSB WJUB MBUUFO[JPOF WFSTP
EJ TWJMVQQBSF P JHOPSBSF MB WPTUSB BUUFO[JPOF 1FS BWFSF VOB MB DSFB[JPOF EJ DJÛ DIF EFTJEFSBUF /FMMJNNBHJOB[JPOF UVUUJ
NBHHJPSF DPOTBQFWPMF[[B EJ TF TUFTTJ PDDPSSF BWFSF QBESP J QFOTJFSJ TPOP SFBMJ $PNF TFNQMJDF FTFSDJ[JP QFS QPUFO[JBSF
OBO[B EFMMB QSPQSJB BUUFO[JPOF JNQBSBSF B GBSOF UFTPSP F B JM WPTUSP FTTFSF JNNBHJOBUF EJ TUBSF DPNPEBNFOUF TFEVUJ TV
WBMPSJ[[BSMB F BODPS QJá JNQPSUBOUF MB TJ EFWF VUJMJ[[BSF JO VOB WFDDIJB QBODIJOB EJ QJFUSB JO VO CFMMJTTJNP BNCJFOUF
NPEP BQQSPQSJBUP %B EFDFOOJ NFEJB DPOUSPMMBUJ F DPSSPUUJ OBUVSBMF *M DJFMP CSJMMB EJ VO B[[VSSP QSPGPOEP JM 4PMF TQMFOEF
QJMPUBOP MBUUFO[JPOF EFMMF NBTTF USBTNFUUFOEP DPTUBOUFNFOUF TV VO MPOUBOP PSJ[[POUF OPO DÒ OFTTVOP JOUPSOP B WPJ F
VOP TUBUP EJ DBPT WPMVUP TDFOFHHJBUP F BMMFTUJUP QFS QSPEVSSF WJ TFOUJUF BM TJDVSP GFMJDJ F CFBUJ 3JMBTDJBOEP VO QSPGPOEP
DPOGVTJPOF NFOUBMF F TUBODIF[[B 5SBTNFUUFSF PTTFTTJWBNFOUF TPTQJSP EJ TPEEJTGB[JPOF DIJVEFUF HMJ PDDIJ F SJMBTTBUFWJ RVF
OPUJ[JF SJNBOFHHJBUF EJ FWFOUJ DBUBTUSPmDJ F JNQSFTTJPOBOUJ TUP NPNFOUP Ò WPTUSP F TPMUBOUP WPTUSP F QPUFUF HPEFSWFMP JO
DPO JNNBHJOJ EJ EJTQFSB[JPOF F EJTUSV[JPOF JOTJOVBUF SJQF TBOUB QBDF %BMMB WPTUSB NFOUF BWFUF BMMPOUBOBUP QSFPDDVQB
UVUBNFOUF OFMMB NFOUF EFHMJ TQFUUBUPSJ QFS GBWPSJSF MJOTPSHFSF [JPOJ F BĊBOOJ FE PSB WJ TFOUJUF GSFTDIJ F OVPWJ DPNF MB 5FSSB
EJ TUBUJ EBOTJB Ò JO SFBMUË VOB GPSNB EJ HVFSSB QTJDPMPHJDB * EPQP VO DBMEP UFNQPSBMF FTUJWP * SBHHJ EFM 4PMF WJ BDDPM
QPUFOUJ EFMMB 5FSSB HJPDBOP DPO WFSJUË F NF[[F WFSJUË TPUUFS HPOP DPNF VO WFDDIJP BNJDP mEBUP F WJ PĊSPOP VO DBMPSF
GVHJ F CVHJF QFS GBSWJ QFSEFSF MB TQFSBO[B F GBSWJ DSFEFSF DIF SBTTJDVSBOUF DIF QFOFUSB QSPGPOEBNFOUF OFM WPTUSP DPSQP *M
Ò JOVUJMF GBSF RVBMDPTB OFM GBSMF QBTTBSF DPNF iOPUJ[JFw FTTJ SFTQJSP Ò DBMNP F QSPGPOEP HSBEFWPMJ TVPOJ F QSPGVNJ EFMMB
QPTTPOP QJMPUBSF MB WPTUSB WJUB OBUVSB TPMMFUJDBOP MF WPTUSF DFMMVMF MBTDJBOEPWJ DPO VO TFOTP
2VBOEP NJMJPOJ EJ QFSTPOF GPDBMJ[[BOP MB MPSP BUUFO[JPOF EJ JNNFOTB GBNJMJBSJUË "EFTTP TJFUF MJCFSJ EJ BCCBOEPOBSWJ
TVMMBTDPMUBSF MF TUFTTF QBSPMF WFEFSF MF TUFTTF JNNBHJOJ F VEJSF BM nVTTP EFM SJMBTTBNFOUP QSPGPOEP F B UVUUP DJÛ DIF RVFTUP
MF TUFTTF EFTDSJ[JPOJ TJ HFOFSBOP EFMMF JODSFEJCJMJ RVBOUJUË NPNFOUP IB EB PĊSJSWJ & NFOUSF JM WPTUSP DPSQP TJ SJMBTTB
EJ FOFSHJB DIF EBOOP WJUB BE JNQPOFOUJ GPSNFQFOTJFSP -F TFNQSF QJá MB WPTUSB BUUFO[JPOF TBSË MJCFSB EJ WBHBSF JO VO
GPSNFQFOTJFSP TPOP QSPHSBNNJ WJCSB[JPOBMJ DIF DPOUFO OVPWP TQB[JP iSJDSFBUJWPw EFMMB NFOUF
HPOP JTUSV[JPOJ BċODIÏ VO UJQP EJ SFBMUË TJ NBOJGFTUJ * NFEJB "TDPMUBUF DPO MPSFDDIJP TJOJTUSP mOP B SBHHJVOHFSF J MPO
DBUUVSBOP MB WPTUSB BUUFO[JPOF F QPJ QSPHSBNNBOP MB WPTUSB UBOJ TVPOJ EFMMB DBNQBHOB DJSDPTUBOUF F QPJ BMMP TUFTTP NPEP
JNNBHJOB[JPOF DBODFMMBOEP QSJODJQBMNFOUF JM WPTUSP JNQVMTP BTDPMUBUF DPO MPSFDDIJP EFTUSP "MUFSOBUF MBTDPMUP EB TJOJTUSB
32 $BQJUPMP %VF &OFSHJB F GSFRVFO[B VO OVPWP TQB[JP SJDSFBUJWP EFMMB NFOUF 33

B EFTUSB F EB EFTUSB B TJOJTUSB 0SB BTDPMUBUF DPO FOUSBNCF MF BQSJUF HMJ PDDIJ PTTFSWBUF JM 4PMF SJTQMFOEFSF EJ VOB MVDF OVPWB
PSFDDIJF JOEJWJEVBOEP RVFM QBSUJDPMBSF QVOUP EJ FRVJMJCSJP F QJá CSJMMBOUF
BDVTUJDP TJUVBUP BM DFOUSP EFM WPTUSP DFSWFMMP 7FEFUF MF DFMMVMF 1PUFUF DSFBSF VO MVPHP EJ QPUFSF F EJ QBDF OFMMB WPTUSB
EFM WPTUSP DPSQP GSFOFUJDBNFOUF JNQFHOBUF BE BTTPSCJSF MJO NFOUF JO RVBMTJBTJ NPNFOUP QPJDIÏ MB WPTUSB JNNBHJOB
UFOTB FOFSHJB WJUBMF EFM 4PMF [JPOF Ò TFNQSF BJ WPTUSJ PSEJOJ .PMUF DVMUVSF BOUJDIF TBQF
0SB SJGPDBMJ[[BUF MB WPTUSB BUUFO[JPOF TV VOB EFMMF WPTUSF WBOP DIF J SBHHJ EFM 4PMF FSBOP DPEJmDBUJ DPO VO MJOHVBHHJP EJ
DFMMVMF BEEFOUSBUFWJ JO FTTB QFS PTTFSWBSF QJá EB WJDJOP RVFM MVDF DIF USBTGFSJWB MF JOGPSNB[JPOJ EJSFUUBNFOUF BMMB NFOUF
DIF BDDBEF /PUBUF DPNF J DPNQPOFOUJ EFMMB DFMMVMB SJTQPO JOnVFO[BOEPMB DPO JM TPUUJMF nVTTP EFMM*OUFMMJHFO[B $PTNJDB
EPOP BMMB MVDF OBUVSBMF F PTTFSWBUF MB SFMB[JPOF USB TQB[JP 4J DSFEFWB DIF J SBHHJ EFM 4PMF OVUSJTTFSP F TPTUFOFTTFSP JM
F NBUFSJB 4F JO VOB DFMMVMB DJ TPOP BSFF EPWF MB MVDF OPO NPOEP BQSFOEP MF NFOUJ FE FTQBOEFOEP MF DPTDJFO[F JODMV
HJVOHF SJQVMJUF MBSFB VTBOEP VO NPSCJEP QBOOP EJ TFUB DPMPS EFOEPWJ OVPWJ QVOUJ EJ WJTUB -B HFOUF TBQFWB DIF MB NFOUF
PSP 2VBOEP MB DFMMVMB Ò DPNQMFUBNFOUF QVMJUB NBOEBUF VO FSB VOP TUSVNFOUP QFS PSJFOUBSTJ OFMMF SFBMUË
NFTTBHHJP B UVUUF MF DFMMVMF EFM WPTUSP DPSQP F DIJFEFUF MPSP
EJ BMMJOFBSTJ F TJODSPOJ[[BSTJ DPO MB QVSJmDB[JPOF DIF BWFUF µ FTTFO[JBMF DPNQSFOEFSF DIF HMJ BWWFOJNFOUJ EFM WPTUSP NPOEP
BQQFOB GBUUP "TDPMUBUF BUUFOUBNFOUF MB SJTQPTUB BMMB WPTUSB OPO TPOP JM SJTVMUBUP EJ B[JPOJ DBTVBMJ JOEJQFOEFOUJ GSB MPSP
SJDIJFTUB F TFOUJUF MF WPTUSF DFMMVMF EBO[BSF EJ HJPJB NFOUSF
TJ MBWBOP OFMMFOFSHJB WJUBMF USBTNFTTB EBJ SBHHJ TPMBSJ BTTPS -PQQPSUVOJUË EJ SJTWFHMJBSTJ FE FTQBOEFSF MB QSPQSJB
CFOEPMB QJFOBNFOUF 2VBOEP SJVTDJUF B QFSDFQJSF SFBMNFOUF DPTDJFO[B Ò TFNQSF QSFTFOUF F BUUFOEF MB WPTUSB BUUFO[JPOF
MB WJWBDJUË F MB WJUBMJUË EFMMF WPTUSF DFMMVMF JOWJBUF BNPSF TJO 0HOJ NPNFOUP CSVMJDB EJ WJUBMJUË FE Ò SJDPMNP EFMMB QSFTFO[B
DFSP JO PHOJ BOGSBUUP EFM WPTUSP DPSQP 3JMBTTBUFWJ JO RVFTUB EFMM*OUFMMJHFO[B $PTNJDB 0TTFSWBSF F DPOTJEFSBSF VOB TJUVB
OBTDFOUF TFOTB[JPOF EBNPSF F EJ HSBOEF BQQSF[[BNFOUP QFS [JPOF EB EJWFSTJ QVOUJ EJ WJTUB FTQBOEF HMJ PSJ[[POUJ EFMMFTQF
DJÛ DIF WFSBNFOUF TJFUF SJFO[B F EFMMB DPNQSFOTJPOF FTBUUBNFOUF DPNF BE FTFNQJP
*NNBHJOBUF PSB MFOFSHJB EFMMB GPS[B WJUBMF DIF QSPSPNQF GBSF VO WJBHHJP JO &HJUUP QFS FTQMPSBSF EJ QFSTPOB MB (SBOEF
EBM WPTUSP DPSQP B MJWFMMP DFMMVMBSF PTTFSWBUFMB NFOUSF TJ QSP 1JSBNJEF Ò JOmOJUBNFOUF QJá BĊBTDJOBOUF F SJDDP EJ TJHOJ
QBHB F TJ BNBMHBNB DPO MF FOFSHJF EFMMB 5FSSB *NNBHJOBUF mDBUP DIF HVBSEBSOF VOB GPUPHSBmB %B VO DFSUP QVOUP EJ
PSB EJ QPUFS QPSUBSF PWVORVF BOEJBUF RVFTUB FOFSHJB F MB DPO WJTUB J MJWFMMJ BQQBSFOUFNFOUF DSFTDFOUJ EJ EJTPSEJOF F DBPT OFM
TBQFWPMF[[B DIF WJ IB USBTNFTTP (JPDBUF DPO RVFTUB FOFSHJB NPOEP TJ QPTTPOP BUUSJCVJSF BMMB SFDFOUF BDDFMFSB[JPOF EJ VO
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GPSNB EJ MJCFSUË F EJ JOEJQFOEFO[B 0HOVOP EJ WPJ Ò RVJ QFS DPPQFSBSF B VO QSPHFUUP DPMMFUUJWP
F JM SVPMP DIF JODBSOBUF OFMMB WJUB Ò TPMP PQFSB WPTUSB TJFUF
* DPODFUUJ EJ NBUFSJB BOJNBUB F JOBOJNBUB PE PSHBOJDB WPJ B TDSJWFSF JM DPQJPOF F B EJSJHFSF JM TVTTFHVJSTJ EFMMF TDFOF
F JOPSHBOJDB OPO EFTDSJWPOP JO NPEP BQQSPQSJBUP UVUUF MF DIF DPOUJOVBNFOUF BHHJVOHFUF NPEJmDBOEP MJOTJFNF EFMMF
QPUFO[JBMJUË EFMMVOJWFSTP µ MB DPTDJFO[B MB DPTUBOUF TFNQSF QPTTJCJMJUË /PO DJ TPOP MJNJUJ BMMB WPTUSB DSFBUJWJUË 2VBMTJBTJ
QSFTFOUF 0HOJ DPTB OFM DBNQP EFMMFTJTUFO[B IB VOB QSPQSJB DPTB GBDDJBUF OFMMB WPTUSB WFSTJPOF EFM NPOEP JOnVFO[B F
GSFRVFO[B DIF MB JEFOUJmDB F OF QSPDMBNB MVOJDJUË MF GSF JOEJSJ[[B JM DPSTP EFMMB WPTUSB DJWJMUË * TPSQSFOEFOUJ DBNCJB
RVFO[F TPOP WJCSB[JPOJ EJ FOFSHJB EFmOJUF JO CBTF BMMB DBEFO[B NFOUJ DIF DPMQJTDPOP JM WPTUSP QJBOFUB TPOP J TFHOJ WJTUPTJ EFJ
40 $BQJUPMP %VF &OFSHJB F GSFRVFO[B VO OVPWP TQB[JP SJDSFBUJWP EFMMB NFOUF 41

WPTUSJ UVNVMUJ JOUFSJPSJ DIF IBOOP QSPQPS[JPOJ DPTÖ HSBOEJ EB EJ MFHHFSF F DPNVOJDBSF DPO UVUUF MF FOFSHJF WJUBMJ EFM WPTUSP
NBOJGFTUBSTJ & DPTÖ NFOUSF OFM NPOEP NPMUJ EFWPOP GBSF J BNCJFOUF Ò VO EFHOP USBHVBSEP QFS MJOUFSB VNBOJUË
DPOUJ DPO MF MJNJUB[JPOJ JNQPTUF BMMB MPSP MJCFSUË BMUSJ TUBOOP 1FS TWJMVQQBSF MB DBQBDJUË EJ TBQFS MFHHFSF F SJQSPEVSSF
BEFTTP SJDPSEBOEP RVFJ QBSBNFUSJ EJ QPTTJCJMJUË DIF EFDJTFSP DPTDJFOUFNFOUF MF GSFRVFO[F EPWFUF JNQBSBSF B GBSF BUUFO
EJ FTQMPSBSF JO RVFTUB FTJTUFO[B QSJNB EJ OBTDFSF [JPOF BJ EFUUBHMJ EFMMB WJUB $FSDBOEP EJ DPOPTDFSF TF TUFTTJ
*O RVFTUP QFSJPEP EJ DBNCJBNFOUJ MJOUFOUP DPMMFUUJWP JOFWJUBCJMNFOUF FNFSHFSBOOP OVPWJ QVOUJ EJ WJTUB TVMMB
EFMMVNBOJUË TFNCSB RVFMMP EJ JNQFHOBSTJ B GPOEP QFS DPHMJFSF SFBMUË $POTBQFWPMF[[B F DPOUSPMMP EFM SFTQJSP TPOP MF DIJBWJ
MB TUSBPSEJOBSJB PQQPSUVOJUË DIF JO RVFTUP NPNFOUP JM HFOFSF GPOEBNFOUBMJ QFS DBQJSF F TWJMVQQBSF MB NFOUF TVQFSJPSF QPJ
VNBOP IB EJ DSFTDFSF F EJ FTQBOEFSTJ TQJSJUVBMNFOUF BUUSB DIÏ TPOP VO NPEP NPMUP QPUFOUF F OBUVSBMF EJ DPMMFHBSTJ BMMF
WFSTP MB QSPQSJB FTQFSJFO[B UFSSFOB VOFTQFSJFO[B DIF PMUSF B GPOUJ JOUFSJPSJ FE FTUFSJPSJ EFMMFOFSHJB EFMMB GPS[B WJUBMF GPDB
GBSWJ SBHHJVOHFSF JM WPTUSP USBHVBSEP WJ QPSUFSË HSBOEJ JOTF MJ[[BSF MB WPTUSB BUUFO[JPOF TVM SFTQJSP QPUSË FTTFSWJ VUJMF QFS
HOBNFOUJ "E VO DFSUP MJWFMMP EFMMB WPTUSB FTQFSJFO[B WPJ TJFUF TUBCJMJ[[BSWJ BWFSF QJá FOFSHJB SBĊPS[BSF JM TJTUFNB JNNVOJ
RVJ QSJODJQBMNFOUF QFS EBSF JM WPTUSP DPOUSJCVUP QFSTPOBMF BM UBSJP DSFBSF NPEFMMJ EJ POEF DFSFCSBMJ CFOFmDJ FE BODIF QFS
NPWJNFOUP EFMMB DPTDJFO[B EJ NBTTB JO FWPMV[JPOF WFSTP VOB WJBHHJBSF BMMJOUFSOP EFM WPTUSP FTTFSF BM mOF EJ BDRVJTJSF DPO
DPTDJFO[B DPMMFUUJWB JOUFHSBUB NB QFS BVNFOUBSOF JM WBMPSF F TBQFWPMF[[B F JOGPSNB[JPOJ USBTDFOEFOUJ EB VOB GPOUF TJUVBUB
SFOEFSF MFTQFSJFO[B NPMUP QJá JOUFSFTTBOUF F TPQSBUUVUUP QSPm PMUSF MB WJTJPOF MJOFBSF EFM NPOEP DIF BWFUF %PWFUF JNQBSBSF
DVB TPOP TUBUJ JOUSPEPUUJ OFM iESBNNBw PTUBDPMJ EPHOJ HFOFSF B GBSF BUUFO[JPOF B EPWF WJ QPSUB JM SFTQJSP QPJDIÏ RVFTUP Ò
F HSBOEF[[B QSPWFOJFOUJ EB EJWFSTJ MJWFMMJ EJ SFBMUË "ODIF TF EB VOP TUSVNFOUP NPMUP QPUFOUF QFS BUUJWBSF F VTBSF MB GPSNB
VOB QSPTQFUUJWB OPO MJOFBSF UVUUP JM UFNQP BWWJFOF TJNVMUB mTJDB BM TVP NBTTJNP (MJ FTFSDJ[J EJ SFTQJSB[JPOF DSFBOP
OFBNFOUF PHOJ FQPDB IB VO QJBOP EB[JPOF HMPCBMF DIF QVÛ EFMMF TPMJEF CBTJ OFM DPSQP F DPOTJHMJBNP B DIJ BTQJSB BE VOB
FTTFSF TUVEJBUP FTQMPSBUP F TQFSJNFOUBUP BUUSBWFSTP MF NPMUF DPTDJFO[B QJá FMFWBUB EJ BEPUUBSF MB UFDOJDB EJ SJQPSUBSF TFN
QMJDJ EJSF[JPOJ EFM UFNQP *O DJFMP MB QPTJ[JPOF EJ TUFMMF F QJB QSF MBUUFO[JPOF TVMMB SFTQJSB[JPOF DPTDJFOUF *M SFTQJSP Ò VOP
OFUJ IB VO SVPMP EFDJTJWP OFM USBDDJBSF JM QJBOP F MP TDPQP USB TDBNCJP EJ FOFSHJB GSB JM NPOEP FTUFSOP F JM SFHOP JOUFSOP
TNFUUFOEP JOnVFO[F FOFSHFUJDIF DIF EFMJOFBOP F EFmOJTDPOP EFM DPSQP /PO JNQPSUB DPTB TUBUF GBDFOEP SJNCPDDBSF MF
mOP B VO DFSUP QVOUP JM QPUFO[JBMF F MF QSPCBCJMJ EJSF[JPOJ EFJ DPQFSUF BJ CBNCJOJ HVJEBSF MBVUPNPCJMF QSFQBSBSF MB NJOF
UFNQJ JO DVJ WJWFUF 1FS DPOUSJCVJSF QJFOBNFOUF B RVFTUB USB TUSB GBSF MBNPSF P DPSSFSF JO VċDJP NPEVMBSF JM SFTQJSP Ò VO
TGPSNB[JPOF PHOVOP B TVP NPEP IB TDFMUP VOJEFOUJUË CBTBUB NPEP QFS SJNBOFSF DFOUSBUJ FTQBOEFSF MVTP EFMMB NFOUF F
TVJ OVNFSPTJ UBMFOUJ F MF BCJMJUË BDRVJTJUF EB FTQFSJFO[F FĊFU NJHMJPSBSF MP TUBUP mTJDP
UVBUF OFMMF NPMUFQMJDJ EJSF[JPOJ EFM UFNQP 4JFUF FOUSBUJ DPO 1SFOEFUFWJ VO NPNFOUP QFS OPUBSF JM NPEP JO DVJ SFTQJ
HSBOEF BUUFO[JPOF OFMMB WJUB DIF BWFUF TDFMUP F MBWFS TDFMUP EJ SBUF OPSNBMNFOUF 3JVTDJUF B TFOUJSWJ SFTQJSBSF 3JVTDJUF
FTTFSF RVJ Ò HJË EJ QFS TÏ VO PUUJNP SJTVMUBUP UVUUBWJB DPN B TFOUJSF JM TVPOP EFM WPTUSP SFTQJSP 2VBOUP Ò QSPGPOEP
QSFOEFSF DJÛ DIF TJ TUB EJTQJFHBOEP JOUPSOP B WPJ Ò BODPSB QJá *M QFUUP TJ NVPWF 3FTQJSBOEP SJFNQJUF MB QBSUF JOGFSJPSF
HSBOEF .JMJBSEJ EJ QFSTPOF TPOP WFOVUF RVJ QFS JOUFSQSFUBSF EFJ QPMNPOJ 0SB GPDBMJ[[BUF NBHHJPSNFOUF MBUUFO[JPOF
MB MPSP QBSUF JO RVFTUB HSBOEF TDFOB QFS QPUFS SJDPOPTDFSF F TDIJBSJUFWJ MB HPMB SJMBTTBUF MB MJOHVB EJTUBO[JBUF MJFWFNFOUF
SJDPSEBSF DIJ TPOP FTTFSJ FOFSHFUJDJ J DVJ QFOTJFSJ TFOUJNFOUJ MF NBTDFMMF F MFOUBNFOUF JOTQJSBUF BUUSBWFSTP JM OBTP DPO
FE FNP[JPOJ DSFBOP JM NPOEP DIF IBOOP EBWBOUJ *NQBSBSF UBOEP mOP B RVBUUSP 1FSDFQJUF JM WPTUSP SFTQJSP UVSCJOBSF
DPTDJFOUFNFOUF B SJDPOPTDFSF MF GSFRVFO[F QFS QPJ SJQSPEVSSF OFMMF OBSJDJ F TFOUJUF TVM SFUSP EFMMB HPMB JM TVPOP iEFM WFOUP
RVFMMF DIF WPJ WPMFUF Ò MB DIJBWF EFM HJPDP FE FTTFSF DBQBDJ OFMMB DBWFSOBw 4FHVJUF DPTDJFOUFNFOUF JM SFTQJSP OFM DPSQP
42 $BQJUPMP %VF &OFSHJB F GSFRVFO[B VO OVPWP TQB[JP SJDSFBUJWP EFMMB NFOUF 43

JNNBHJOBOEPMP DPMNP EJ WJCSBOUJ TQJSBMJ EPSBUF EJ FOFSHJB TDPQP 1VMTB[JPOJ EJ FOFSHJB QFSNFBOP UVUUB MFTJTUFO[B F GPS
DIF TJ NVPWPOP TPQSB MB MBSJOHF TDFOEPOP MVOHP MB HPMB FE NBOP VOB NFOUF DPTNJDB TVQFSDPOTDJB DIF PQFSB EB GPOUF EJ
FOUSBOP mOP JO GPOEP BJ QPMNPOJ 6OB WPMUB DPNQMFUBUB FOFSHJB F iEFQPTJUPw EFM TBQFSF VOJWFSTBMF %B TFNQSF VO nVTTP
MJOTQJSB[JPOF GBUF VOB QBVTB EJ BMDVOJ TFDPOEJ QPJ FTQJSBUF DPTUBOUF EJ JNQVMTJ DSFBUJWJ FNFTTP EBMMB NFOUF DPTNJDB TUJNPMB
DPNQMFUBNFOUF DPO VOB MVOHB F QSPGPOEB FTQJSB[JPOF DPO MFTQMPSB[JPOF F MP TWJMVQQP BQSFOEP OVPWF WJF EJ DPOTBQFWP
UBOEP mOP B RVBUUSP QPJ GBUF EJ OVPWP VOB QBVTB QSJNB EJ MF[[B *O PHOJ BWWFOJNFOUP DJ TPOP TFNQSF NPMUFQMJDJ QJBOJ EJ
SJDPNJODJBSF EB DBQP .FOUSF MFHHFUF GBUF EFM WPTUSP NFHMJP mOBMJUË F NBHHJPSF Ò JM OVNFSP EJ QFSTPOF DPJOWPMUF NBHHJPSF
QFS NBOUFOFSF MBUUFO[JPOF TVM SFTQJSP 6OB SFTQJSB[JPOF QSP Ò MFOFSHJB DIF TJ HFOFSB 1BSUFDJQBSF DPO JM QFOTJFSP MB QBSPMB
GPOEB F SJUNJDB DBMNB F SJFRVJMJCSB MJOUFSP DPSQP %VSBOUF F MB[JPOF DPOTPMJEB VOB GPSNB QFOTJFSP DIF IB JM QPUFO[JBMF
MB TFDPOEB P MB UFS[B QSPGPOEB JOTQJSB[JPOF WJTVBMJ[[BUF F EJ NPEJmDBSF FOFSHFUJDBNFOUF JM DPSTP EFMMB DPTDJFO[B VNBOB
TFOUJUF MF WJCSBOUJ TQJSBMJ EPSBUF EJ FOFSHJB DIF QFOFUSBOP JO RVBMTJBTJ EJSF[JPOF MJOUFOTJUË FNP[JPOBMF DIF TUB EJFUSP MB
MF QBSFUJ EFJ QPMNPOJ F TJ NVPWPOP OFM nVTTP TBOHVJHOP GPSNB QFOTJFSP OF EFUFSNJOB JM SJTVMUBUP 2VBOEP MF WPTUSF
2VBOEP MFOFSHJB WJUBMF Ò FOUSBUB OFM nVTTP TBOHVJHOP FNP[JPOJ TPOP NBOJQPMBUF Ò NPMUP QJá EJċDJMF QSFOEFSF VOB
PTTFSWBUFMB UVSCJOBSF WFSTP JM DVPSF 1FSNFUUFUF BMMFOFSHJB QPTJ[JPOF F WBMVUBSF BUUFOUBNFOUF MB TJUVB[JPOF 1FS DPN
GPDBMJ[[BUB EJ FOUSBSF JO UVUUF MF DBWJUË EFM DVPSF QFSDFQJUF JM QSFOEFSF QJFOBNFOUF MP TDPQP EFMMFTUSFNB QPMBSJ[[B[JPOF EFM
TBOHVF SJWJUBMJ[[BUP THPSHBSF EBM DVPSF FE FTQBOEFSTJ JO UVUUP NPOEP DJWJMJ[[BUP F BMMB mOF VOJmDBSMP MVNBOJUË IB CJTPHOP
JM DPSQP *NNBHJOBUF JM TBOHVF DPNF VO mVNF EJ DPMPS SPTTP EJ VOB OVPWB QSPTQFUUJWB DPTNJDB JMMVNJOBUB EB VOB WJTJPOF
SVCJOP CSJMMBOUF WJWP WJHPSPTP F JOUFMMJHFOUF DIF DPO JM TVP TQJSJUVBMF " UBMF SJHVBSEP MF WFDDIJF BCJUVEJOJ HMJ TDIFNJ F
nVJSF MFOUP F EFDJTP USBTQPSUB MFOFSHJB EFMMB GPS[B WJUBMF JO MF EJQFOEFO[F DIF MJNJUBOP F JNQSJHJPOBOP MP TQJSJUP VNBOP
UVUUP JM WPTUSP DPSQP & DPOUJOVBOEP B SFTQJSBSF HPEFUFWJ JM TUBOOP SBQJEBNFOUF DSPMMBOEP QFS QSFQBSBSF MB TUSBEB B VO
QPUFSF EFMMB WPTUSB BUUFO[JPOF GPDBMJ[[BUB OVPWP QBSBEJHNB EFMMB NFOUF CBTBUP TV VO SJTWFHMJP B MJWFMMP
1PUFUF WJTVBMJ[[BSF MFOFSHJB EFM WPTUSP SFTQJSP DPO MF JNNB NPOEJBMF EJ SFTQPOTBCJMJUË BċEBCJMJUË F BTTVO[JPOF EFM QSP
HJOJ DIF QSFGFSJUF JO CBTF B DPNF WPMFUF TFOUJSWJ F DPTB WPMFUF QSJP QPUFSF QFSTPOBMF
FTQSJNFSF -FOFSHJB WJUBMF Ò HSBUVJUB F DPNQMFUBNFOUF BQFSUB -B MVDF Ò VOB SBEJB[JPOF FMFUUSPNBHOFUJDB DIF WJBHHJB
BE FTTFSF EJSFUUB F NPEFMMBUB EB WPJ 2VBOEP SFTQJSBUF DPTDJFO TPUUP GPSNB EJ POEF F MF WPTUSF DFMMVMF DIF IBOOP VOB TUSVU
UFNFOUF NPEJmDBUF JNNFEJBUBNFOUF MB GSFRVFO[B EFMMF POEF UVSB DSJTUBMMJOB SJTQPOEPOP WJWBDFNFOUF BMMB MVDF OBUVSBMF
DFSFCSBMJ FE FOUSBUF JO VOP TUBUP QJá FMFWBUP F JOUFHSBUP EJ -F POEF FMFUUSPNBHOFUJDIF HFOFSBUF EBMMB SBEJB[JPOF DPTNJDB
DPOTBQFWPMF[[B *NQBSBOEP B SFHPMBSF F B SJGPDBMJ[[BSF MBUUFO F DPNQPTUF EJ FOFSHJB EJ MVDF QVMTBOUF WJBHHJBOP JO UVUUB
[JPOF EJWFOUFSFUF TFNQSF QJá DPOTBQFWPMJ EFMMFTUFTB HBNNB MFTJTUFO[B USBTQPSUBOEP WBTUF RVBOUJUË EJ JOGPSNB[JPOJ *M
EJ GSFRVFO[F QSPWFOJFOUJ TJB EB GPOUJ mTJDIF DIF OPOmTJDIF DFSWFMMP VNBOP F JM TJTUFNB OFSWPTP GVO[JPOBOP OFMMB SFBMUË
DIF SJDIJBNBOP MB WPTUSB BUUFO[JPOF mTJDB F OPOmTJDB GVOHFOEP EB SJDFWJUPSJ EJ VOB WBTUB TFSJF
EJ JNQVMTJ FMFUUSJDJ DIF QFSNFBOEP MP TQB[JP BWWPMHPOP JM
0OEF FMFUUSPNBHOFUJDIF HFOFSBUF EBMMB SBEJB[JPOF DPTNJDB F QJBOFUB -F WPTUSF DFMMVMF TPOP DPOUJOVBNFOUF JNQFHOBUF B
DPNQPTUF EJ FOFSHJB EJ MVDF QVMTBOUF WJBHHJBOP JO UVUUB MFTJ USBTEVSSF USBEVSSF USBTNFUUFSF FE FMBCPSBSF VOB NJSJBEF EJ
TUFO[B USBTQPSUBOEP WBTUF RVBOUJUË EJ JOGPSNB[JPOJ GSFRVFO[F 4FHOBMJ P NFTTBHHJ WFOHPOP USBTQPSUBUJ OFJ OFSWJ
OFM DFSWFMMP F OFM DPSQP EB EFCPMJ JNQVMTJ FMFUUSJDJ DIF JSSB
-B OBUVSB EFMMB WJUB Ò GPOEBUB TVMMB DPPQFSB[JPOF F B UVUUJ EJBOP FOFSHJB OFMMB SFBMUË mTJDB F OPOmTJDB NBOUFOFOEP VO
J MJWFMMJ EJ SFBMUË PHOJ DPTB BWWJFOF QFS VO JNQPSUBOUF F QSFDJTP DPOUBUUP DPTUBOUF DPO JM QPUFSF QJá BMUP EFMMB NFOUF DPTNJDB
44 $BQJUPMP %VF &OFSHJB F GSFRVFO[B VO OVPWP TQB[JP SJDSFBUJWP EFMMB NFOUF 45

"ODIF J SBHHJ EFM 4PMF IBOOP RVFTUP UJQP EJ DPOOFTTJPOF F DSFFSË MFRVJMJCSJP EFJ EVF FNJTGFSJ .B J NJHMJPSJ SJTVMUBUJ MJ
MB MPSP JOUFOTJUË QVÛ WBSJBSF JO CBTF BMMB GSFRVFO[B BMMB RVB BWSFUF BTDPMUBOEP J TVPOJ EFMMB OBUVSB BMUFSOBOEP MBTDPMUP
MJUË F BMMB WFMPDJUË EFMMB SBEJB[JPOF QVMTBOUF EFMMB MVDF TPMBSF EBMMPSFDDIJP TJOJTUSP B RVFMMP EFTUSP F WJDFWFSTB
JOnVFO[BOEP QFSUBOUP EJWFSTF FSF UFNQPSBMJ DPO USBTNJTTJPOJ -B NFOUF WJFOF TVEEJWJTB USBEJ[JPOBMNFOUF JO USF QSJODJ
EJ FOFSHJB NPMUP EJĊFSFOUJ -B NPEFSOB NFEJDJOB F QTJDPMP QBMJ BSFF EJ GVO[JPOBNFOUP DPOTDJP TVCDPOTDJP F JODPOTDJP
HJB BDDBEFNJDB EJQFOEPOP EB NPEFMMJ DPODFUUVBMJ DIF DPO DIF DPO VO QP EJ JNNBHJOB[JPOF QPUFUF WJTVBMJ[[BSF DPNF
WBMJEBOP TPMP HMJ BTQFUUJ DPOTDJ TVCDPOTDJ F JODPOTDJ EFMMB VO QJDDPMP QJTFMMP VOB HSBOEF DJQPMMB F VOFOPSNF QBUBUB
NFOUF F TPOP QPDP JOUFSFTTBUF B SJDPOPTDFSF MB WPTUSB JOOBUB -B NFOUF DPOTDJB Ò BTTPDJBUB BM TÏ QSJNBSJP DPOTBQFWPMF F
DPOOFTTJPOF DPO MB NFOUF DPTNJDB F MB TVB TVQFSJPSF WJTJPOF QFOTBOUF DJPÒ RVFMMB WFSTJPOF EJ WPJ TUFTTJ DIF EJSJHF JM QSP
EFMMB SFBMUË 7PJ TJFUF FTTFSJ NVMUJEJNFOTJPOBMJ F OFM DPSTP HSBNNB QJBOUB J TFNJ F QJMPUB JM WPTUSP QJBOP EJOUFOUJ OFMMB
EFM UFNQP MB HSBOEF NJTUJmDB[JPOF TV RVFTUP WPTUSP BTQFUUP SFBMUË USJEJNFOTJPOBMF -B NFOUF DPOTDJB PWWFSP JM QJTFMMP
IB BWVUP VO QSPGPOEP JNQBUUP TVMMB NFOUF VNBOB $PNF TJ DPMMPDB OFMMB SFBMUË JO DVJ DSFEFUF EJ PQFSBSF -B NFOUF
OBUVSBMF SJTQPTUB B RVFTUF MJNJUB[JPOJ TJ TUB PSJHJOBOEP OFMMB TVCDPOTDJB PWWFSP MB HSBOEF DJQPMMB FTFHVF HMJ PSEJOJ EFMMB
GPSNBQFOTJFSP DPMMFUUJWB DIF TPTUJFOF MB WPTUSB SFBMUË VOB NFOUF DPOTDJB F DPNF VOFOPSNF CBODB EBUJ DPOUJFOF
TBMVUBSF SJCFMMJPOF *M SJMBTDJP EJ HSBOEJ RVBOUJUË EJ FOFSHJB TUSBUP TV TUSBUP MJOUFSB WPTUSB NFNPSJB &TTB TFSWF BODIF
QTJDIJDB SFQSFTTB TUB GBWPSFOEP MJNQSPWWJTB FTQBOTJPOF EJ DPNF QSF[JPTP EFQPTJUP EJ DPOPTDFO[B EJ DPMMFHBNFOUJ F
DPTDJFO[B DIF TJ TUB QSPQBHBOEP UFMFQBUJDBNFOUF OFM NPOEP SJDPSEJ NVMUJEJNFOTJPOBMJ DIF WJBHHJBOEP DPNF JNQVMTJ
F TVHMJ BMUSJ QJBOJ EJ SFBMUË FMFUUSPNBHOFUJDJ QSPWFOHPOP EB UFNQJ DIF TPOP PMUSF RVFTUP
* QPUFSJ EFMMB NFOUF DPTNJDB P NFOUF TVQFSJPSF PĊSPOP WPTUSP UFNQP -B NFOUF JODPOTDJB PWWFSP MFOPSNF QBUBUB
B UVUUJ VOBĊBTDJOBOUF OVPWB GSPOUJFSB EB FTQMPSBSF *M WPTUSP Ò JM WPTUSP QSPGPOEP SBEBS JOUFSJPSF JOEJWJEVBMF DIF SBDDPHMJF
DFSWFMMP DIF Ò EJWJTP JO EVF FNJTGFSJ Ò DPOTJEFSBUP MB DBNFSB VOBNQJB F SJDDB CBTF EJ DPOPTDFO[F NBUVSBUF OFMMFTQMPSB
EJ DPNQFOTB[JPOF QSJODJQBMF EFMMB DPNVOJDB[JPOF OFMMB SFBMUË [JPOF TQJSJUVBMF EJ MJWFMMJ DPTNJDJ QJá QSPGPOEJ (MJ JNQVMTJ J
mTJDB TFCCFOF FĊFUUJWBNFOUF WJ TJBOP DPJOWPMUJ BODIF NPMUJ TFHOJ J TFHOBMJ F J TJNCPMJ SJDFWVUJ EBMMB NFOUF DPTNJDB DIF
TUSBUJ EFMMB WPTUSB JEFOUJUË TJB mTJDB DIF OPOmTJDB &QQVSF QFS BOBMPHJB QVÛ FTTFSF JNNBHJOBUB DPNF VO HJBSEJOP TPOP
JM WPTUSP DFSWFMMP TWPMHF BMUSF JNQPSUBOUJ GVO[JPOJ MFNJTGFSP USBEPUUJ F DPOTFSWBUJ QFS FTTFSF USBTNFTTJ EBMMF QSPGPOEJUË
EFTUSP DIF TJ SJnFUUF TVM MBUP TJOJTUSP EFM DPSQP SFHPMB JM EFMMB NFOUF JODPOTDJB
QFOTJFSP BTUSBUUP JOUVJUJWP DSFBUJWP F JNNBHJOBUJWP NFO -BUUJWJUË DFSFCSBMF Ò VO SJnFTTP EFMMP TUBUP NFOUBMF EJ
USF MFNJTGFSP TJOJTUSP BHJTDF TVM QFOTJFSP SB[JPOBMF BOBMJUJDP VOB QFSTPOB F TJ QVÛ NJTVSBSF DPO VO FMFUUSPFODFGBMPHSBGP
F MPHJDP F HPWFSOB JM MBUP EFTUSP EFM DPSQP -BSNPOJB GSB J -B MFUUVSB EFMMFMFUUSPFODFGBMPHSBNNB SFHJTUSB JM OVNFSP EJ
EVF FNJTGFSJ Ò GPOEBNFOUBMF TJB QFS MBQQSFOEJNFOUP DIF QFS DJDMJ BM TFDPOEP EFMMF POEF DFSFCSBMJ FWJEFO[JBOEP RVFMMF
MBUUJWB[JPOF EFMMF QJFOF QPUFO[JBMJUË EFM DFSWFMMP -F BUUJWJUË QBSUJDPMBSJ GSFRVFO[F EPOEB F MF SJQFUJ[JPOJ EFMMF TUFTTF DIF
DIF TUJNPMBOP F TWJMVQQBOP MF RVBMJUË EJ DJBTDVO MBUP EFM DFS DBSBUUFSJ[[BOP MB UJQPMPHJB EFM QFOTJFSP FNFTTP -B GSFRVFO[B
WFMMP JO SFBMUË FTFSDJUBOP MB WPTUSB NFOUF F MB NBOUFOHPOP Ò MB WFMPDJUË B DVJ BWWJFOF MBUUJWJUË FMFUUSJDB F EFUFSNJOB J
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MB RVBMJUË F JM DPMPSF EFMMB QPSUB DPTÖ DPNF MB GPSNB EFM QPNFMMP
F VOB WPMUB DIF RVFTUJ FMFNFOUJ TPOP DIJBSBNFOUF JNQSFTTJ * TFHOBMJ EFMMF WPTUSF POEF DFSFCSBMJ SJWFMBOP JM WPTUSP TUBUP
52 $BQJUPMP %VF &OFSHJB F GSFRVFO[B VO OVPWP TQB[JP SJDSFBUJWP EFMMB NFOUF 53

NFOUBMF BUUSBWFSTP MF GSFRVFO[F DIF VUJMJ[[BUF QFS PQFSBSF OFMMB HJPJB P EJ EJTQFSB[JPOF 4BQFOEP PSB DIF QPUFUF DSFBSF RVBM
SFBMUË mTJDB 1PUFUF JNQBSBSF B TWJMVQQBSF VOB GSFRVFO[B DPN TJBTJ WFSTJPOF EJ WJUB EFTJEFSBUF TF TJFUF DIJBSJ SJTQFUUP B DJÛ
QMFTTJWB GPSUF QPUFOUF F DIJBSBNFOUF GPDBMJ[[BUB .BO NBOP DIF WPMFUF QPUFUF DPOEJ[JPOBSF DPTDJFOUFNFOUF MFOFSHJB EFM
DIF JNQBSFSFUF B JOUFOTJmDBSMB F BE BOJNBSMB RVFTUB WPTUSB WPTUSP BNCJFOUF DPO MF WPTUSF JOUFO[JPOJ OVUSFOEP EJ QFOTJFSJ
GSFRVFO[B EJWFSSË QJá GPSUF SJTQFUUP B UVUUF MF BMUSF FOFSHJF DIF BNPSFWPMJ MABSFB DIF WJ DJSDPOEB DIF TJB VO WJDPMP P VOBVUP
JODPOUSBUF *M CVPO TFOTP EFWF TFNQSF QSFWBMFSF RVBOEP QFSTF TUSBEB * WPTUSJ QFOTJFSJ QPTTPOP FTTFSF VTBUJ JO NPEJ JMMJNJUBUJ
HVJUF RVFTUP iDPSTPw EJ DPOTBQFWPMF[[B QFSTPOBMF µ QPTTJCJMF F QJá FTFSDJUBUF MFRVJMJCSJP F MBSNPOJ[[B[JPOF EFMMBNCJFOUF
TUBCJMJSF VOB QFSTPOBMF WJCSB[JPOF DIF USBTDFOEB F USBTNVUJ DIF GSFRVFOUBUF NBHHJPSF TBSË MFĊFUUP DIF BWSFUF TVM DBN
VOB TPTUBO[B UPTTJDB P EJTUSVUUJWB 4F WJWFUF BMMJOUFSOP EJ VO CJBNFOUP EFM NPOEP JO DVJ WJWFUF
DBNQP FMFUUSJDP GPSUFNFOUF DBSJDP RVBOEP JOUFSBHJUF DPO MF "UUSBWFSTP JM QFOTJFSP J TFOUJNFOUJ JM EJSF JM GBSF JM
BQQBSFDDIJBUVSF FMFUUSJDIF FE FMFUUSPOJDIF EFM WPTUSP NPOEP TPHOBSF JM EFTJEFSBSF MJOUFO[JPOF F MFTTFSF WPJ QSPEVDFUF
PEJFSOP PDDPSSPOP TGPS[J USFNFOEJ QFS NBOUFOFSF MB QSPQSJB JO PHOJ NPNFOUP EFMMF GSFRVFO[F 2VBM Ò JM WPTUSP QFSTP
GSFRVFO[B %PWFUF JNQBSBSF B TUBSF EPWF MF WJCSB[JPOJ WJ GBOOP OBMF DPOUSJCVUP BM DBNQP EFMMBUUJWJUË VNBOB 'PSTF RVFMMJ
TUBS CFOF o NPMUP TQFTTP RVFTUP Ò VO MVPHP JO DVJ MB OBUVSB DIF TFNCSBOP BWFSF QJá QPUFSF EJ WPJ TUBOOP TFNQMJDFNFOUF
WJFOF SJTQFUUBUB 1PUFUF JNQBSBSF B TVQFSBSF RVBMTJBTJ DPTB NB GPDBMJ[[BOEP MF MPSP GSFRVFO[F DPO VOJOUFO[JPOF QJá GPSUF
EPWFUF BODIF DPOTJEFSBSF TF TJB OFM WPTUSP NJHMJPSF JOUFSFTTF *M DBNQP EJ FOFSHJB OPO Ò SJDDP JO VOBSFB F QPWFSP JO VOBM
GBSMP UBMWPMUB USBTGFSJSTJ P DBNCJBSF BCJUVEJOJ Ò MB TPMV[JPOF USB JM DBNQP Ò JM DBNQP o VOJGPSNF F PNOJQFSWBEFOUF *M
QJá GBDJMF F TFOTBUB .PMUJ JOWFDF BSSJWBOP B TDPOUSBSTJ FOFSHF DBNQP EFMMFTJTUFO[B Ò DPMNP EFMM*OUFMMJHFO[B $PTNJDB DIF Ò
UJDBNFOUF DPO TF TUFTTJ F EFWPOP GBSTJ TUSBEB B GBUJDB BUUSBWFSTP OFVUSBMF o OPO IB JOUFSFTTJ QFSTPOBMJ o EBUP DIF OFM EJTFHOP
DBPUJDIF UFNQFTUF EJ GPSNFQFOTJFSP DSFBUF EB DIJ USBTNFUUF QJá HSBOEF EFMMB SFBMUË TFNQMJDFNFOUF OPO FTJTUF VO VOJDP
MF GSFRVFO[F EFMMF TVF FNP[JPOJ OFHBUJWF /FM NPOEP EFMMF TVQFSWJTPSF -B NFOUF DPTNJDB Ò VOFTQFSJFO[B DPMMFUUJWB
GSFRVFO[F UVUUJ J QFOTJFSJ BTTVNPOP VOB GPSNB FOFSHFUJDB F DIF NVUB F DSFTDF JODPSQPSBOEP JODFTTBOUFNFOUF PHOJ TGV
MF FNP[JPOJ TPOP JM DBSCVSBOUF VUJMJ[[BUP QFS JNNFUUFSF EFJ NBUVSB EFMMFTQFSJFO[B DIF PHOJ GPSNB EJ DPTDJFO[B FTQMPSB F
QFOTJFSJ OFMMFUFSF DJSDPTUBOUF * QFOTJFSJ TJ SBHHSVQQBOP F USBTNFUUF 6TBSF MB GPS[B EJ WPMPOUË QFS EBS WJUB B VO OVPWP
BHHSFHBOP QFS TJNJMBSJUË TJNJMF BUUSBF TJNJMF 0HOJ QFOTJFSP NPOEP QSPCBCJMF DPTB DIF GBUF DPO PHOJ TJOHPMP QFOTJFSP
Ò VO PSEJOF EBUP BMMF WPTUSF DFMMVMF QFSDIÒ SFBMJ[[JOP MFĊFUUP QSPEVDFOEP MF GSFRVFO[F EJ QFOTJFSP F EJ FOFSHJB DIF EFTJEF
EFTJEFSBUP QFSUBOUP QFOTJFSJ JODPOTDJ F TVHHFTUJPOJ QPTTPOP SBUF TJ DIJBNB HJPDP EFM MJCFSP BSCJUSJP -F WPTUSF JOUFO[JPOJ
FTTFSF TQFTTP FTUSFNBNFOUF EBOOPTJ QFS JM DPSQP EFUFSNJOBOP MF FTQFSJFO[F DIF DSFBUF F MB WPTUSB SFB[JPOF OF
2VBOEP TJ HVJEB OFM USBċDP JOUFOTP MF WJCSB[JPOJ EFHMJ EFUFSNJOB JM SJTVMUBUP 4F TDFHMJFUF EJ NFOUJSF F EJ NPEJmDBSF
BMUSJ HVJEBUPSJ QPTTPOP UBMWPMUB FTTFSF NPMUP GPSUJ F EJTUVS JM QFSDPSTP EFMMB WPTUSB WJUB VTBOEP FOFSHJF PTDVSF F NBMFmDIF
CBOUJ -B NBHHJPS QBSUF EFMMF QFSTPOF QFOTBOP EJ FTTFSF TPMF F QFS GBDJMJUBSWJ MB WJB BMMPSB TQFSJNFOUFSFUF J SJTVMUBUJ EJ RVFMMF
JTPMBUF JO VOBVUPNPCJMF NB MB[JPOF EFM HVJEBSF DIF Ò NPMUP B[JPOJ -B TDFMUB EJ GBSF DJÛ DIF WPMFUF Ò TFNQSF WPTUSB 4JB
JQOPUJDB QVÛ JOOFTDBSF VOP TUBUP BMUFSBUP EJ DPTDJFO[B *O RVF DIF BDDFUUJBUF P NFOP MB QFSTPOBMF SFTQPOTBCJMJUË EFMMF WPTUSF
TUP TUBUP EJ RVBTJ USBODF EFMMB NFOUF J QFOTJFSJ F MF FNP[JPOJ DSFB[JPOJ DJÛ JO DVJ WJ JNCBUUFUF Ò TFNQSF PQFSB WPTUSB
QSPWBUF EB DIJ HVJEB WFOHPOP JODPOTDJBNFOUF USBTNFTTJ TVMMF -F GSFRVFO[F TPOP TFOTJCJMJ FE Ò NFHMJP SJDPSEBSF DIF OPO
BVUPTUSBEF EFM NPOEP %PWFUF JNQBSBSF B GPDBMJ[[BSF MB WPTUSB QPTTPOP FTTFSF GBMTJmDBUF -B GSFRVFO[B Ò DJÛ DIF Ò 1FS BWFSF
BUUFO[JPOF TVMMPTTFSWB[JPOF EFJ WPTUSJ QFOTJFSJ 4UBUF DPOUSJ VOB GSFRVFO[B FOFSHFUJDB TJODFSB F BVUFOUJDB Ò OFDFTTBSJP VO
CVFOEP BMMB DSFB[JPOF EJ VO BHHMPNFSBUP EJ QFOTJFSJ DPMNJ EJ BMMJOFBNFOUP DPO J WPTUSJ TFOUJNFOUJ 6O JNQPTUPSF USBWFTUJUP
54 $BQJUPMP %VF &OFSHJB F GSFRVFO[B VO OVPWP TQB[JP SJDSFBUJWP EFMMB NFOUF 55

EB CSBWB QFSTPOB QVÛ FTTFSF SJDPOPTDJVUP GBDJMNFOUF RVBOEP WJUB 'PDBMJ[[BOEP MB WPTUSB BUUFO[JPOF F NBOEBOEP J WPTUSJ
SJMBTDJBUF MF WPTUSF BTQFUUBUJWF F BUUSBWFSTP JM WPTUSP TFOUJSF QFOTJFSJ BNPSFWPMJ OFMMFUFSF QPUFUF DSFBSF VO NPOEP QFS WPJ
WJ TJOUPOJ[[BUF DPO MB WFSB OBUVSB EFMMF JOUFO[JPOJ EJ RVFMMB TJDVSP EPWF SFHOB VOB DPFTJTUFO[B QBDJmDB GSB UVUUF MF GPSNF
QFSTPOB 2VBOEP JNQBSBUF B MFHHFSF MF GSFRVFO[F BUUSBWFSTP JM EJ DPTDJFO[B 4F TJFUF EJTQPOJCJMJ QFS RVFTUB WFSTJPOF QBDJmDB
WPTUSP TFOUJSF OPO TBSË QJá VO QSPCMFNB HFTUJSF MF THSBEFWPMJ EFMMB SFBMUË BMMPSB TJ DSFFSBOOP EFMMF JOUFSB[JPOJ FRVJMJCSBUF
FOFSHJF EJ JOHBOOP F CVHJF 6O CVPO MFUUPSF EJ GSFRVFO[F OVPWF FE FDDJUBOUJ BWWFOUVSF HSBOEJPTF TJODSPOJDJUË F GBOUB
Ò TFNQSF NPMUP POFTUP DPO TF TUFTTP F HMJ BMUSJ QFSDIÏ QFS TUJDIF SFMB[JPOJ $Ò VO TFOTP F VOP TDPQP OFMMFTTFSF RVJ F
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Ò HSBOEF MB WPTUSB JOUFHSJUË QJá BQFSUVSF WFSTP MB DPOPTDFO[B FTTFO[JBMJ F JNQPSUBOUJ QFS MB WPTUSB BVUPSFBMJ[[B[JPOF JO
F MB WFSJUË TVMMFTJTUFO[B WJ TBSBOOP SJWFMBUF /PO DJ TPOP DPSTJ RVFTUP UFNQP
P TFNJOBSJ B DVJ SFHJTUSBSTJ UVUUP DJÛ SJHVBSEB TPMP WPJ F MB *O EFmOJUJWB TJFUF WPJ SFTQPOTBCJMJ EJ DVSBSF F EBSF WBMPSF
WPTUSB DPTDJFO[B 7PJ JO PHOJ NPNFOUP EFMMB WPTUSB WJUB BWFUF BMMB WPTUSB WJUB QFSÛ EPWFUF JNQBSBSF BODPSB RVBMDPTB TV
MPQQPSUVOJUË EJ JNCPDDBSF MB TUSBEB JO EJTDFTB RVFMMB JO DIJ TJFUF QSJNB EJ SJVTDJSF B QSPHFUUBSF WFSBNFOUF VOB SFBMUË
QJBOP P RVFMMB JO TBMJUB -POFTUË QSPEVDF VOB GSFRVFO[B DIF NJHMJPSF DPO MF GSFRVFO[F DIF TDFHMJFUF $POPTDFSF EJ QJá TF
EJDF JP IP JOUFHSJUË F POPSF F TPOP BUUFOEJCJMF BċEBCJMF F TUFTTJ OPO Ò TFNQSF GBDJMF NB QSPQSJP DPNF QFS MJOUFHSJUË
MFBMF %JQFOEF UVUUP EB WPJ 1Já SFTQPOTBCJMJUË TJFUF EJTQP RVFTUB Ò VOB TDFMUB DIF EPWFUF FTTFSF EJTQPTUJ B GBSF -P SJQF
TUJ BE BTTVNFSWJ DPNF DSFBUPSJ EFMMB WPTUSB WJUB QJá HSBOEJ UJBNP BODPSB BDDFUUBSF MB SFTQPOTBCJMJUË EFMMB QSPQSJB WJUB
TBSBOOP MF WFSJUË DIF SJVTDJSFUF BE BĊSPOUBSF F BE BDDFUUBSF -B BCCBOEPOBOEP MBUUFHHJBNFOUP WJUUJNJTUJDP MJCFSFSË J WPTUSJ
SFTQPOTBCJMJUË WJ BQSF MF QPSUF BMMB QJFOB BVUPSFBMJ[[B[JPOF TDIFNJ NFOUBMJ F TDJPHMJFSË J OPEJ EFJ QFOTJFSJ EJ JNQP
UFO[B 1Já DPOPTDFSFUF DIJ TJFUF QJá TBSFUF EJTQPTUJ B WFEFSF
*O WPJ TPOP JOOBUJ JM EJSJUUP F JM EPWFSF EJ QSPHFUUBSF F DSFBSF MB MB WPTUSB WJUB DPNF VOJNQPSUBOUF F TJHOJmDBUJWB FTQSFTTJPOF
WPTUSB WJUB EFMMB DPTDJFO[B F NBHHJPSF TBSË MP TWJMVQQP 6UJMJ[[BUF MB
WPTUSB FOFSHJB DSFBUJWB QFS EFmOJSF MB NFMPEJB EFMMB WPTUSB
* UFNQJ JO DVJ WJWFUF TPOP DBSBUUFSJ[[BUJ EBM OPCJMF F DPSBH HJPSOBUB WJTVBMJ[[BOEP WJCSBOUJ POEF EJ FOFSHJB JNNBHJ
HJPTP TGPS[P DPNQJVUP EB UBOUF WBMJEF NFOUJ EJ QPSUBSF BMMB OBOEPMF DPMNF EFMMF JOUFO[JPOJ USBTNFTTF EBM WPTUSP DVPSF
MVDF VOB NJSJBEF EJ DPTQJSB[JPOJ PTDVSF F NJOBDDJPTF DIF SJWF /FM SJDFSDBSF MB WFSJUË EPWFUF FTTFSF EJTQPTUJ BE FTQMPSBSF
MBOP VO QSPHSBNNB EJ DPOUSPMMP EB QBSUF EJ VOFMJUF HMPCBMF FTBNJOBSF EPNBOEBSF EJTDVUFSF SJnFUUFSF BTDPMUBSF HVBS
mOBMJ[[BUP BMMB EPNJOB[JPOF EFM NPOEP %B VOB QSPTQFUUJWB EBSF JNQBSBSF F WFEFSF WPJ TUFTTJ F UVUUB MB DSFB[JPOF JO VOB
QJá HSBOEF TVMMB 5FSSB PHOJ QFSTPOB IB JM TVP SVPMP JO RVF MVDF OVPWB FE BĊBTDJOBOUF
TUP HSBOEF HJPDP EFMMB DPTDJFO[B 7PJ TJFUF RVJ QFS DSFBSF VOB
HSBOEF EJOBNJDB EJ DBNCJBNFOUP QFS SJTWFHMJBSWJ B OVPWF
WFSJUË F JNQBSBSF BE BWFS mEVDJB OFMMF SJWFMB[JPOJ EFMMB NFOUF
DPTNJDB DIF TJ NBOJGFTUBOP 2VBOEP TNFUUFUF EJ BMJNFOUBSF
MB GPSNBQFOTJFSP DPMMFUUJWB DPO MB QBVSB EFMMB WPTUSB JNQP
UFO[B F EJTQFSB[JPOF F WJ BDDFUUBUF DPNF DSFBUPSJ EFMMB WPTUSB
GSFRVFO[B QFSTPOBMF QPUFUF VUJMJ[[BSF DPNF WPMFUF HMJ JMMJNJ
UBUJ QPUFO[JBMJ EFM DBNQP EFMMF FOFSHJF DSFBUJWF *O WPJ TPOP
JOOBUJ JM EJSJUUP F JM EPWFSF EJ QSPHFUUBSF F DSFBSF MB WPTUSB