docK - AABB-RIO
download 
Denúncia Transcrição
K - AABB-RIO
<;@KFI@8C
%CTQCUUQEKCFQU
'QCPQXGNJQEQOQHQK!6TQWZGOWKVCUQRQTVWPKFCFGURCTCXQE¿!8QE¿CUCRTQXGKVQW
EQOQHKOFGVTCPUHQTOCTUGWUUQPJQUGOTGCNKFCFG!2QKU¾UGPµQTGCNK\QWGNGCECDQWFG
RCTVKTGFQTCXCPVGXCKUGVTCPUHQTOCTGORCUUCFQNGODTCP¼CUCWFCFG
HQKWOCPQTGEJGCFQFGCEQPVGEKOGPVQUPQUOCKUXCTKCFQUUGIOGPVQUFCUPQUUCU
XKFCURQNÃVKECEK¿PEKCGURQTVGHGPÊOGPQUFCPCVWTG\CGVE
I<M@JK88899$I@F
8EFOM@ÆE²(0AXe\`if[\)'((
0CRQNÃVKECRQTGZGORNQHQKWOXGTFCFGKTQUJQY8KOQUQUDTCUKNGKTQUSWGDTCTGOWO
XGNJQVCDWGGNGIGTCRTKOGKTCOWNJGTPQOCKQTECTIQFGPQUUCCFOKPKUVTC¼µQRÐDNKEC0QUUC
RTGUKFGPVG RTQOGVG WO IQXGTPQ EQO Q VQSWG HGOKPKPQ JCLC XKUVC Q PÐOGTQ FG OWNJGTGU
VKVWNCTGUFQU/KPKUV¾TKQU
#UQEKGFCFGTGURQPFGWEQOQUGPVKOGPVQFQQVKOKUOQGOTGNC¼µQ¯GEQPQOKCG¯U
EQPSWKUVCUUQEKCKU/WKVQHQKHGKVQPGUVGECORQGODQTCCKPFCHCNVGOWKVQFQSWGUGHC\GT#
FÃXKFCGTCDCUVCPVGCNVCGRQTKUUQUGWTGUICVGFGXGUGTFGOQTCFQ
1 4KQ FG ,CPGKTQ G ETGKQ SWG Q $TCUKN VQFQ XKDTQW CUUKUVKPFQ ¯U HQT¼CU OKNKVCTGU EQP
SWKUVCPFQQUGURC¼QUFQOKPCFQURGNQUHQTCFCNGK
0QECORQGURQTVKXQVKTCPFQQHKCUEQFCUGNG¼µQCV¾Q(NWOKPGPUGCRÉUCOCTICTCPQU
EQPSWKUVQWDTKNJCPVGOGPVGQDTCUKNGKTµQ0GOSWGTKCHCNCTFQ$QVCHQIQRQTSWGGUVGCPÃXGN
GUVCFWCNGUV±JCDKVWCFQCHC\GTCCNGITKCFCUWCVQTEKFC
'OPQUUC##$$4KQVKXGOQUWOCPQTKEQGOHTGSW¿PEKCGUQNKFCTKGFCFGFQEQTRQFG
CUUQEKCFQU%WORTKOQUVQFCUCURTQITCOC¼ËGUPQUUGVQTGUGURQTVKXQUUQEKCKUGEWNVWTCKUCRGUCT
FCGUECUUG\FGTGEWTUQURQTEQPVCFCC¼µQSWGCKPFCGUVCOQURCICPFQPCDCUGFG4
UGUUGPVCOKNTGCKURQTO¿U1EJCOCOGPVQSWGHK\GOQUGPFGTG¼CFQCQUCOKIQUGHCOKNKCTGU
FQUUÉEKQURCTCSWGXKGUUGOHC\GTRCTVGFQPQUUQSWCFTQFGCUUQEKCFQUEQOWOCTGUGTXC
NKOKVCFCFGCFGUËGUTGUQNXGOQUFGOCPGKTCUCVKUHCVÉTKC
2CTCQCPQPQXQFGSWGQTCUGKPKEKCL±HK\GOQUQRNCPGLCOGPVQQT¼COGPV±TKQG
JCXGTGOQUFGEWORTKNQPCÃPVGITCRCTCCNGITKCFGVQFQUQUCCDDGCPQUGURGTCTRCTCXGTG
EQPHGTKT
7OCDTC¼QCOKIQGCV¾CRTÉZKOC(GNK\#PQ0QXQRCTCVQFQU
1&#.+&+#5%#4&1512TGUKFGPVG
VDWHOYLGD
26(*852'(9,'$'2VDWpOLWH
3UDoD6DQWR$JRVWLQKRDQGDU3DUDtVR&(3
6mR3DXOR63
7HO )D[
ZZZVDWHOLWHFRPEU
,CPGKTQ
'
5
: 2 ' & + ' 0 6 '
8JJF:@8xÂF8KCyK@:898E:F;F9I8J@C$I@F;<A8E<@IF
%)%+PU'UV
#X$QTIGUFG/GFGKTQU.GDNQP%2%'2
6GN(CZ4GEFG7VKN2ÐDN.GKFG
GOCKNCCDDTKQ"CCDDTKQEQODTCCDDFGVGE"CCDDTKQEQODTCFOKPKUVTCVKXQ"CCDDTKQEQODT
TGXKUVCCCDD"CCDDTKQEQODTRTGUKFGPEKC"CCDDTKQEQODTUQEKCN"CCDDTKQEQODT
EQPVCUCRCICT"CCDDTKQEQODTECFCUVTQ"CCDDTKQEQODTFGNKDRTGUK"CCDDTKQEQODT
JQOGRCIGYYYCCDDTKQEQODT
6XSOHQWHV
&216(/+2'(/,%(5$7,92±
3UHVLGHQWH-26e&$5/26025(,5$%5$1'21(72 $'2/3+26$8(5%5211'(6$//(6
9LFH3UHVLGHQWH5$,081'2'$&81+$&$6752
-$&<5'(/$&(5'$
6HFUHWiULR1(/621$8*8672&+$9(6)$5,$
-26('(5,%$0$5*8,0$5(62/,9(,5$
6HFUHWiULR)(51$1'2$8*8672(67(9(6)5$*$ &216(/+2'($'0,1,675$d2
$VVHVVRUHV
3UHVLGHQWH2'$/,',$6&$5'262
&$5/26$&,2/,52'2/)2H
9LFH3UHVLGHQWH$GPLQLVWUDWLYR
6e5*,252%(572&267$'(&$6752
5(,1$/'2%$7,67$5,%(,52
9LFH3UHVLGHQWH)LQDQFHLUR
0$5&2$85e/,23,172'($558'$
&216(/+2),6&$/
9LFH3UHVLGHQWH6RFLDO1(/621/8,='(2/,9(,5$
3UHVLGHQWH$5<'-$/0$6$9,
9LFH3UHVLGHQWH(VSRUWLYR*(25*(1('(5&$5'262
0HPEURVHIHWLYRV
9LFH3UHVLGHQWHGR3DWULP{QLR-22-26e3(5(,5$6HGHH
('621'(2/,9(,5$*20(6
3$8/2&8(9$6&2872-Ò1,25,WDQKDQJi
*8,/+(50(/,',1*721
9LFH3UHVLGHQWH&XOWXUDO,9$1'(&$6752(67(9(6
6(5*,263,12/$081,=
9LFH3UHVLGHQWHGH'LYXOJDomRH0DUNHWLQJ3$8/2025$(6'(
:$/'(0$512*8(,5$
2/,9(,5$
$VVHVVRUGD'LUHWRULD0È5,20$*$/+(6'(628=$
'LUHWRUGH(VSRUWHV5$,081'2121$72'($=(9('2
0DWpULDVSDUDVHUHPSXEOLFDGDVGHYHPYLU',*,7$'$6(0&'RXUHPHWLGDVSRUHPDLOMXQWDPHQWHFRPDVIRWRVRXLOXVWUDo}HVSHUWLQHQWHV
3UD]RGHHQWUHJDDWpRGLDDQWHULRUDRPrVDTXHVHGHVWLQDPVHQGRGDUHVSRQVDELOLGDGHGRDXWRURVFRQFHLWRVHRHVWLORFDEHQGRDR
MRUQDOLVWDHDRFRSLGHVTXHTXDOTXHUDGDSWDomRQHFHVViULDRXQmRSXEOLFDomRSRUTXHVW}HVGHHVSDoR
7
/
4
+
1
2TQITCOC¼µQ 'XGPVQU 4GIKUVTQ5QEKCKU #FOKPKUVTC¼µQ %QPUGNJGKTQU 0CVCN %WNVWTCN 'URQTVGU 6WTKUOQ %WTUQUG5GTXK¼QU 4'8+56#/'05#.##$$4+1
$QR;9,Q-DQHLUR
'LVW*UDWXLWD
3URGX]LGDSRU//',98/*$d2
(',725$&8/785$//7'$
&RODERUDGRUHV'LUHWRULD$VVRFLDGRVH)XQFLRQiULRV
GR&OXEH
&RRUGHQDomR.iWLD5HJLQD60RQWHLUR
*Ui¿FD5RZHU*Ui¿FD
3URMHWR*Ui¿FR.iWLD5HJLQD60RQWHLUR
3URGXomRGHDUWHVFDSD/XL])HUQDQGR0RWWD
7LUDJHPH[HPSODUHV
-RUQDOLVWD3DXOR0RUDHVGH2OLYHLUD5HJ07E3D
5HYLVmR(GVRQ*RPHV
CC;@MLC>8xÂF<;@KFI8:LCKLI8CCK;8
4WC.GOQU%WPJC%CUC+ECTCÃ0KVGTÉK
K\c&=Xo1).(+$//0GOCKNEQOGTEKCN"NNFKXWNICEQODT
EFJJ8:8G81ITKVQ¾WPÃUUQPQŋ'UVGCPQGWSWGTQRC\PQOGWEQTC¼µQŌ6QFQOWPFQHCNCGECPVCCECP¼µQKPGUSWGEÃXGN0CUHGUVCUFGEQPHTCVGTPK\C¼µQCOGP
UCIGO¾TGRGVKFCKPECPUCXGNOGPVGEQOQWOFGUCDCHQUGPVKFQRGNQUUKPCKUGOKVKFQURGNCUHQT¼CUFGUGIWTCP¼CQHKEKCKU6COD¾OCUQTC¼ËGUGRTGEGUCQ%TKUVQSWGTGPCUEG
VQFQFG\GODTQX¿OEQOCUÐRNKECFGSWGUGCECDGCXKQN¿PEKCGXQNVGCTGKPCTCVTCPSWKNKFCFGPQUGKQFCUEQOWPKFCFGU2CRCK0QGNVTQWZGGOUWCRCUUCIGORGNC##$$
WOCOGPUCIGOKF¿PVKECRGFKPFQJCTOQPKCGPVTGCURGUUQCUGSWGQUQTTKUQXQNVGCUGTQECTVµQFGXKUKVCFGECFCGPEQPVTQGPVTGQUCOKIQUCUUQEKCFQU0QUUQUXQVQU
UµQRCTCSWGVQFQUVGPJCOVKFQWOCHGNK\GPVTCFCFGCPQGSWGGUUCCNGITKCRGTFWTGRQTVQFQQFGEQTTGTFG(QVQUFG%CTNQU%CTFQUQGOCTVGFG.WK\(GTPCPFQ
%QTCNFC##$$4KQFGURGFGUGFG
GOITCPFGUGXGPVQU
2QT,QU¾%CTNQU$TCPFµQ
1 %QTCN FC ##$$4KQ
GPEGTTC Q CPQ FG RCT
VKEKRCPFQFGITCPFGUGXGPVQU
EQO C OCTEC FG ETGUEGPVG
UWEGUUQ
'O FG FG\GODTQ
RGNC SWKPVC QRQTVWPKFCFG Q
ITWRQ RCTVKEKRQW FQ )TCPFG
'PEQPVTQFG%QTCKUFG%QPUGTXCVÉTKCSWGTGÐPGEQTCKUFGVQFQ
Q$TCUKN5QDCDCVWVCFQOCGUVTQ;CPGFGUWCCUUKUVGPVG#PC
CRTGUGPVCOQU SWCVTQ RG¼CU FG PQUUQ TGRGTVÉTKQ UGPFQ SWG
FGXGOQUFGUVCECTCKPVGTRTGVC¼µQFCRG¼Ci15QNG/KQiSWG
ECPVCOQUGOKVCNKCPQGKPIN¿UGTGEGDGOQUFGOQTCFQUCRNCWUQU
&KCFGFG\GODTQQITWRQTGWPKWUGPQCNOQ¼QFGHKO
FGCPQSWGHQKWOCHGUVCDGNÃUUKOCQTICPK\CFCRGNCUUGPJQTCU
EQORQPGPVGUFC%QOKUUµQ(GOKPKPC#NECP¼QW¿ZKVQVQVCNVCPVQ
PCFGEQTC¼µQSWCPVQPCCPKOC¼µQGPQCNOQ¼QUGTXKFQRGNQ
DWHHGV(QKWOCEQPHTCVGTPK\C¼µQRCTCFGKZCTUCWFCFGU
0Q FKC FG FG\GODTQ VKXGOQU C (GUVC FG 0CVCN FC
##$$ QPFG CRTGUGPVCOQU CN¾O FG OÐUKECU FG PQUUQ TGR
GTVÉTKQCUOCKUDGNCUECP¼ËGUPCVCNKPCU
2TGUKFGPVGFC%QOKUUµQFQ%QTCN
&G\GODTQ
GIF>I8D8xÂFJF:@8C
A8E<@IF&)'((
8KEG2TGUKF¿PEKC5QEKCN
.$J\okX$]\`iX$)'1''_~j)+1''_
)$;fd`e^f$(*1''_~j(.1''_
EKsKsEdKE
͞KdYh/D/E&KZD>͟
Dj^/DE/
2¾TIWNCFC2KUEKPC
5CNµQ)CNGTKC
/$J}YX[f$(01*'_~j)*1*'_
0$;fd`e^f$(*1''_~j(.1''_
'ZhWKd>,KZEK
^/>s/,/KKdZ/K
5CNµQ)TCPKVQ
2¾TIWNCFC2KUEKPC
()$HlXikX$]\`iX$(,1''_~j(.1''_
/E'K^K/>͕
EK/yDWZ^d/'/Z͊
(+$J\okX$]\`iX$(/1''_~j)*1''_
5CNµQ)CNGTKC
5CNµQ)CNGTKC
(-$;fd`e^f$(*1''_~j(.1''_
)($J\okX$]\`iX$)(1''_~'(1''_
EK/dK^^Z^d/ZK^
D^dZKZ/ZKD'EK
/>E/sZ^Z/Ed^
2¾TIWNCFC2KUEKPC
5CNµQ0QDTG
)*$;fd`e^f$(*1''_~j(.1''_
)/$J\okX$]\`iX$)(1''_~'(1''_
D>,KZDWKD>^Kh^/
^h^^K͕&>^,<͊͊͊͊͊͊͊͊
2¾TIWNCFC2KUEKPC
5CNµQ/CTICTKFC
*'$;fd`e^f$(*1''_~j(.1''_
Zd,hZ>/,Z
2¾TIWNCFC2KUEKPC
8',#0#+06'40'6YYYCCDDTKQEQODT5WIGUVËGUUQEKCN"CCDDTKQEQODT
'/%#51&'%*78#61&##241)4#/#124'8+56#2#4##4'#':6'40#5'4+06')4#./'06'64#05('4+&#
2#4##54'#5+06'40#5&1%.7$'/#06'0&15'#37#.+&#&'&1'8'061
,CPGKTQ
< M < E K F J
#PKXGTUCTKCPVGUFG0QXGODTQDCKNCTCOUQDQUQO
FCÈ:fddXe[\iÉ
(QVQUFG%CTNQU%CTFQUQ
0QFKCQUCPKXGTUCTKCPVGUFQ
O¿UFGPQXGODTQRCTVKEKRCTCOFCPQKVG
FGFKECFC¯RCUUCIGOFGUWCUFCVCUPCVC
NÃEKCUGUGGUDCNFCTCOCQUQOFQUGNGEKQ
PCFQTGRGTVÉTKQFGUWEGUUQUFGVQFQUQU
VGORQU GZGEWVCFQU EQO OCGUVTKC RGNC
QTSWGUVTCŋ%QOOCPFGTŌ
(QK WOC PQKVG FG OWKVC CNGITKC
FKXGTVKOGPVQ G EQOGOQTC¼ËGU GPVTG
QU CPKXGTUCTKCPVGU G UGWU COKIQU EQP
XKFCFQU
)RWRRILFLDOGRVDQLYHUVDULDQWHVGHQRYHPEUR
2FDVDO6HUJLRH*HDQHFRPHPRUDVHXQDWDOtFLR
FRP RV DPLJRV *HFLR H 9HUD /XL] H +HOHQD
&ODXGHPLU&RPDUXH)iWLPD
$QLYHUVDULDQWH)HOLSH&DSLOpUHFHEHRDEUDoRFDULQKRVRGDLUPDQ]LQKD0DULDQDHIHVWHMDDSDVVD
JHPGRVVHXVDQRVDRODGRGHVHXVSDLV%UXQRH$QGUpLD&DVWURHGHVHXVDPLJRVHIDPLOLDUHV
$QLYHUVDULDQWH5HQDWR$QGUDGHFRPDHVSRVD
6WHOOD0DULVHRVDPLJRV2Q\-DQLUD7HUH]LQKD
GH-HVXV)UDQFLVFR'XWUDH7KHUH]LQKD
$QLYHUVDULDQWH$U\$OPDGDDRODGRGDHVSRVD
$SDUHFLGDHRFDVDOGHDPLJRV$QWRQLR)RQWL
QKDH6RQLD
$QLYHUVDULDQWH 5DTXHO &RVWD FRP R HVSRVR
6\OYLR VHX ILOKR *XVWDYR D QRUD 7ULFLD H RV
DPLJRV3DXORH9DQHWH5RQDOGRH,OND/HGD
H=XOHLND
$QLYHUVDULDQWH $GROSKR 6DXHUEURQQ GH 6DOOHV
QDFRPSDQKLDGDHVSRVD0DULD$OLFHGRVILOKRV
7HUH]D/~FLDH&OiXGLRHGHIDPLOLDUHV
2JUXSRIHPLQLQRSRVDSDUDRFRUWHGRERORVLPEyOLFR
,CPGKTQ
2SHORWmRGRVKRPHQVDQLYHUVDULDQWHVHPSRVHGLDQWHGREROR
< M < E K F J
$QLYHUVDULDQWH $QGUHD /X] QD FRPSDQKLD GH
VHXVDPLJRV
$QLYHUVDULDQWHV1HZWRQ5LEHLURDRODGRGHVXD
HVSRVD,UDPDUH'DQWH1DSROL
$QLYHUVDULDQWH*UDoD5RVDGRFRPVHXHVSRVR
&DUORV5RVDGR
-XQH0DUTXHVH'HFLR&DUYDOKRIHVWHMDPDQL
YHUViULRGHYLGDHPFRPXP
$QLYHUVDULDQWHV0DULD+HOHQDH5HQDWR%DFHOODU
QDFRPSDQKLDGDDPLJD&DUROLQD6DOJXHLUR
2&DVDO/XFLD
H$IRQVR
FRPHPRURX
PDLVXP
DQLYHUViULRGH
FDVDPHQWR
$QLYHUVDULDQWH0DULD7HUH]DGH6RX]D6LOYDDR
ODGRGH0DULR(QJHONH
$QLYHUVDULDQWH $JULSLQR -RVp FRP VXD HVSRVD
/HWtFLD)HUUHLUD
10CVCNFQRGUUQCNFC)KP±UVKEC'PGTI¾VKEC
2QT#DPGN(¾NKZ
%QOQHC\VQFQUQUCPQUQITWRQFGCUUQEKCFQUFC##
$$4KQSWGHTGSWGPVCCUCWNCUFGIKP±UVKECFCRTQHGUUQTC#PC.Ð
EKCTGCNK\QWPQFKCQCNOQ¼QFGEQPHTCVGTPK\C¼µQGVTQEC
FGRTGUGPVGUPCUEQOGOQTC¼ËGUFQ0CVCNGRCUUCIGOFGCPQ
%QOCPCVWTCNFKURQUK¼µQFGSWGOGUV±DGOFGEQTRQGOGPVG
QRGUUQCNRCTVKEKRQWFCUOWKVCUDTKPECFGKTCUUCWFC¼ËGUGFQU
UCNWVCTGUEQOGUGDGDGUSWGEQORWPJCOQTGEJGCFQŋDWHHGVŌ
#QOKETQHQPGJQWXGCV¾QCRGNQUKPEGTQFGUVGQVKOKUVC
FQU OQXKOGPVQU FC PQUUC IKP±UVKEC GPGTI¾VKEC FGFKECFQ CQU
EQORCPJGKTQU FG VQFCU CU KFCFGU SWG EQOKIQ CEQORCPJCO
PCU RQWECU JQTCU FQU GZGTEÃEKQU OCVKPCKU G VCOD¾O CSWGNGU
SWGCKPFCUGGPEQPVTCOTGNWVCPVGUGORCTVKEKRCTGSWGCUGIWKT
QWUQGOTGPQXCT
ŋ0µQ FGUKUVC #Q FGURGTVCT RGNC OCPJµ PC ECOKPJCFC
RCTCQENWDGCQCFGPVTCTCUFGRGPF¿PEKCUFQOGUOQCQEJGICT
PQNQECNFQUGZGTEÃEKQUFWTCPVGCUCVKXKFCFGUQW¼CQCRGNQFQ
QVKOKUVCHCNCPFQCQUGWQWXKFQPµQFGUKUVC
1SWGXQE¿GUV±RTCVKECPFQ¾RCTCQUGWDGOGUVCT
6CNXG\XQE¿GUVGLCGPHTGPVCPFQCNIWORTQDNGOCRGUUQCN
QWQWXKPFQCNIW¾OPCHCOÃNKCVGPVCPFQCVTCRCNJCTUWCRCTVKEKRC
¼µQPCLQTPCFC0µQF¿QWXKFQUCRT±VKECFGGZGTEÃEKQUHÃUKEQU¾
HWPFCOGPVCNRCTCSWGVGPJCOQUWOCXKFCUCWF±XGN#N¾OFKUVQ
QEQPXÃXKQFK±TKQEQOQUEQNGICUPQURTQRQTEKQPCOQOGPVQU
FGEQPHTCVGTPK\C¼µQGFGCNGITKC%QOEJWXCEQOUQNEQOHTKQ
QWECNQTUKICGOHTGPVGRGTUKUVC
0GUVC QRQTVWPKFCFG FGUVCECOQU OCKU WOC XG\ C FGFK
EC¼µQEQORGV¿PEKCGECTKPJQFCPQUUCSWGTKFCRTQHGUUQTC#PC
.WEKC5KOËGUFG#NOGKFCRCTCEQOVQFQUQURCTVKEKRCPVGU0µQ
FGUKUVC7O(GNK\0CVCNGWOCDGP¼QCFQ#PQ0QXQŌ
#DPGN(GNKZ¾CUUQEKCFQFC##$$GEQNCDQTCFQTFC4GXKUVC
,CPGKTQ
< M < E K F J
#PKXGTUCTKCPVGUFG&G\GODTQ
0QO¿UFCUHGUVCUFGEQPHTCVGTPK\C¼µQQUCPKXGTUCTKCPVGUPµQRQFGTKCOHKECTRTKXCFQUFGUWCVTCFKEKQPCNTGWPKµQEQOQ
FKUUGQRTGUKFGPVG1FCNK%CTFQUQFKCPVGFCRTGUGP¼CFGWOITCPFGPÐOGTQFGCUUQEKCFQUSWGXKGTCORTGUVKIKCTQVTCFKEKQPCN
DCKNGFQUPCUEKFQUGOFG\GODTQ
'CUUKOHQKEQOQEGTKOQPKCNEQOCPFCFQRGNQ8KEG2TGUKFGPVG,QµQ,QU¾CPWPEKCPFQQUPQOGUFQUJQOGPCIGCFQU
UGIWKFQFQEQTVGFQDQNQUKODÉNKEQFCRQUGRCTCCUHQVQUFCTGXKUVCFQŋRCTCD¾PURCTCXQE¿ŌGFCXCNUCFCP¼CFCRGNQUECUCKU
RTGUGPVGU
1EQPVKPIGPVGHGOKPKPQEQTVCQDQNQ
#PKXGTUCTKCPVG4GIKPC8GTG\CEQO.WK\5GTTCPQGQ
ECUCNCOKIQ(CWUVQ+CTC.KPU
#PKXGTUCTKCPVG %GNUQ 5QCTGU TGEGDG Q ECTKPJQ FC
GURQUC&TC+UCDGN(TCPEQ
1U ECUCKU FCP¼CO C XCNUC FGFKECFC CQU CPKXGTUC
TKCPVGU
,CPGKTQ
1UJQOGPUGORQUGFKCPVGFQDQNQEQPHGKVCFQ
%CUCKU %QOCTW(±VKOC .WK\ #PVÊPKQ*GNGPC
9CNVGT5WGN[ )GEKTG8GTC 5¾TIKQ)GCPG G COKIC
/CTKC4KVC
#PKXGTUCTKCPVG 4WVJ -CWHHOCPP PC EQORCPJKC FQ
PQKXQ/KEJGN
#PKXGTUCTKCPVG 0KNVQP FG (TCP¼C PC EQORCPJKC FC
GURQUC5QNCPIGGFQCOKIQ9CUJKPIVQP
%QPUGNJGKTQ 9CNFGOCT 0QIWGKTC EQO C GURQUC
/CTKPCHKNJC/CTVCGIGPTQ5V¾HCPQ
#PKXGTUCTKCPVGEQPUGNJGKTQ,WNKQ-C[CVEQOCGURQUC
.KCGQECUCNCOKIQ,QµQ%CTOGP
#PKXGTUCTKCPVG +EN¾C HGUVGLCFC RGNQ GURQUQ 2CWNQ
%WGXCUHKNJC4GPCVCGIGPTQ'FWCTFQ
< M < E K F J
#PKXGTUCTKCPVG/CTK\C5KSWGKTCEQOQGURQUQ,QµQ
CHKNJC/CTKC#PFT¾CGCKTOµ6JGTG\KPJC
&ÃNUQP /KIWGN 2CUECTGNNK CEQORCPJCFQ FC GURQUC
/CTKCFG(±VKOCFCHKNJC$±TDCTCGFQCOKIQ#P
VQPKQ.WK\
#PKXGTUCTKCPVG *COKNVQP 2GTGKTC HGUVGLCFQ RGNC
GURQUC#PPC/CIPÉNKCGEWPJCFQU5KNXKQG.ÐEKC
#PKXGTUCTKCPVG /CTKCPC 2GTGKTC GURQUC FQ 8KEG
2TGUKFGPVG,QµQ,QU¾EQOQUECUCKUCOKIQU0GNUQP
+QNCPFCG+XCP'XGN[P
#PKXGTUCTKCPVG,QCT[(GTPCPFGU.KOCPCEQORCPJKC
FG.GQPCTFQ9CNFGTG\G0CFKC
#PKXGTUCTKCPVG 4CKOWPFQ #NDGTVQ CEQORPJCFQ
FCGURQUC$GVV[GFQECUCNCOKIQ0GKFG1TNCPFQ
$CTEGNQU
#PKXGTUCTKCPVG 8KEG2TGUKFGPVG 5QEKCN #PKXGTUCTKCPVG4GPCVCEQOUGWGURQUQ # RGSWGPKPC *GNGPC CPKXGTUCTKCPVG #PKXGTUCTKCPVG &GPKUG ,QDKO )QOGU
0GNUQP1NKXGKTCGGURQUC+QNCPFC
'FWCTFQ
EQORCRCK2CWNQ/QTCGU
EQOQOCTKFQ4WDGPUGQUIGPKVQTGU
'FUQP/CTN[
,CPGKTQ
I < > @ J K I F
&RQYrQLRV
# ##$$ TGEGDGW X±TKCU RTQRQUVCU FG QHGTGEKOGPVQ FG
DGPGHÃEKQU G FGUEQPVQU CQU CUUQEKCFQU G HWPEKQP±TKQU FC #U
UQEKC¼µQPCCSWKUK¼µQFGRTQFWVQUQWUGTXK¼QUHQTPGEKFQURGNCU
FKXGTUCUGORTGUCU5KICCTGNC¼µQFQURTKOGKTQURCTEGKTQUSWG
HQTOCNK\CTCOFQEWOGPVQUPGUUGUGPVKFQCRCTVKTFQFKCFG
LCPGKTQFGUVGCPQ
9#./#46ņ572'4/'4%#&15&1$4#5+.ņ1U
RTQFWVQU FKURQPÃXGKU QHGTGEKFQU RGNC KPVGTPGV PQ UKVG YYY
YCNOCTVEQODT GUVCTµQ UGPFQ FKXWNICFQU FKCTKCOGPVG #
'ORTGUC QHGTGEG FGUEQPVQU FG UQDTG Q KVGO 7VKNKFCFGU
&QO¾UVKECUUQDTGRTQFWVQU%KPG(QVQGUQDTGVQFQU
QUFGOCKURTQFWVQUFQUKVG
/+%414'5614'ņ1HGTGEGCUUGUUQTKCGOOKETQRQT
V±VGKUWOCGORTGUCGURGEKCNK\CFCSWGTGCNK\CFKCIPÉUVKEQUG
TGRCTQUGOPQVGDQQMUGPGVDQQMUEQONCDQTCVÉTKQRTÉRTKQG
GSWKRCOGPVQUFGÐNVKOCIGTC¼µQGUGRTQRËGCKPFCCCUUGUUQTCT
QKPVGTGUUCFQPCGUEQNJCFGPQXQPQVGDQQM5GIWPFQWOFQU
V¾EPKEQU FC 'ORTGUC 4QPCNFQ /GFGKTQU C /KETQTGUVQTG GO
UGW %GPVTQ 6GEPQNÉIKEQ VGO GUVTWVWTC RCTC TGCNK\CT TGRCTQU
OCPWVGP¼µQGWRITCFGUGOPQVGUVCPVQGO2%EQOQGO/CE
DGOEQOQRTQOQXGEWTUQUD±UKEQGCXCP¼CFQGOOKETQRQT
V±VGKU1GPFGTG¼Q¾4WC7TWIWCKCPCņUCNCņ%GPVTQ
ņ6GNGHQPGU
G'PFGTG¼QGNGVTÊPKEQ
YYYOKETQTGUVQTGEQODTGGOCKNOKETQTGUVQTG"OKETQTGUVQTG
EQODT
J
F
:
@
8
@
J
/LGLD0DULD$QLYHUVDULRX
1UCNWPQUGRTQHGUUQTGUFQ'URC¼QFG&CP¼C%TKUVKCPQ
5CNICFQTGCNK\CTCOPQFKCCRÉUCUCWNCUFQFKCWOCLWUVC
JQOGPCIGO¯UTC.ÃFKC/CTKCGURQUCFQCUUQEKCFQFC##$$
,CTDCU2KPVQFG5QW\CRGNCRCUUCIGOFQCPKXGTU±TKQPCVCNÃEKQFC
TGHGTKFCFCFCOCSWGHC\RCTVGFQPQXQRCTEQORQPGPVGFQ
ITWRQFCFCP¼CFGUCNµQ
.KFKC/CTKCG,CTDCUVCOD¾OUµQHTGSWGPVCFQTGUFCUCWNCU
OCVKPCKU FG JKFTQIKP±UVKEC G EQUVWOCO RTGUVKIKCT CU PQKVGU FG
UGTGUVCSWGCEQPVGEGOOGPUCNOGPVGPC##$$#CPKXGTUCTKCPVG
TGEGDGWOWKVQURCTCD¾PUEQTVQWQDQNQEQOGOQTCVKXQGQHG
TGEGWWOCHCTVCOGUCFGUCNICFQUGFQEGU
3WG GUVC FCVC UG TGRTQFW\C RQT OWKVQU CPQU UµQ QU
XQVQUFC4GXKUVC
$QRVGR/XFDV
&HQVR OHYDQWD RV Q~PHURV GR
5LRGH-DQHLUR
6GPFQEQOQFCVCFGTGHGT¿PEKCFGCIQUVQFGQ
+$)'CPWPEKCQUTGUWNVCFQUHKPCKUFQ%GPUQ&GOQIT±HKEQFQ'U
VCFQFQ4KQFG,CPGKTQKPFKECPFQWOVQVCNFGOKNJËGUG
OKNGJCDKVCPVGUGOVQFQQ'UVCFQ0CF¾ECFCCRQRWNC¼µQ
ETGUEGWGOOKNJµQOKNGJCDKVCPVGUGSWKXCNGPVGC
WO CWOGPVQ FG 1 OWPKEÃRKQ FQ 4KQ FG ,CPGKTQ ¾ Q
OCKURQRWNQUQEQOOKNJËGUOKNGRGUUQCUGQOGPQU
RQRWNQUQ¾/CEWEQEQOOKNJCDKVCPVGU0KVGTÉKVGOQ
OCKQTRGTEGPVWCNFGOWNJGTGUGPSWCPVQQ4KQFG,CPGKTQ
HKZQWCOCTECFG
.WECU,CPUUGPTGEGDGWOWKVQUDGKLQUGCDTC¼QUCQHGUVGLCT
CRCUUCIGOFQUUGWUCPQUFGKFCFG2CRCK4QDGTVOCOµG
2CWNCGXQXÉ.ÐEKCGUVCXCOGORQNICFQUGGUDCPLCTCOEWKFCFQU
PCU LWUVCU JQOGPCIGPU CQ SWGTKFQ PCVCNKEKCPVG TGCNK\CFC PC
##$$
,CPGKTQ
8;D@E@JKI8xÂF
2QT4GKPCNFQ$CVKUVC4KDGKTQ
8KEG2TGUKFGPVG#FOKPKUVTCVKXQ
0QVÃEKCUFQ%QPUGNJQFG#FOKPKUVTC¼µQ
EfjjfZclY\$Xjjlekfj^\iX`j
0Q NKOKCT FG WO PQXQ CPQ TGPQXCOUG CU GURGTCP¼CU
FGWOOWPFQOGNJQTRQT¾ORCTCKUUQVQTPCTUGTGCNKFCFG¾
PGEGUU±TKQSWGECFCWOHC¼C$'/CUWCRCTVG#SWKPQ%NWDG
EQPVKPWCTGOQUVTCDCNJCPFQEQOCHKPEQRCTCQHGTGEGTC81%
GUGWUHCOKNKCTGUQPQUUQOGNJQT
@EM<JK@D<EKFņ%QPVKPWCOQUKPXGUVKPFQPQEQP
VTQNG FG CEGUUQ RQKU Q KVGO 5')74#0# ¾ WOC FG PQUUCU
RTKQTKFCFGU%QOCEJGICFCFQXGTµQH¾TKCUGUEQNCTGUGPQXCU
CFGUËGUFGHCOÃNKCUCQSWCFTQUQEKCNPQUUQ%NWDGVGOTGEGDKFQ
WO ITCPFG PÐOGTQ FG CUUQEKCFQU #N¾O FQ KPXGUVKOGPVQ GO
GSWKRCOGPVQU
ECVTCECUECPEGNCUECTVËGUFGCEGUUQGVETGETW
VCOQUUGNGEKQPCOQUGVTGKPCOQUPQXQU4GEGREKQPKUVCURCTCTG
HQT¼CTCGSWKRGSWGNJGTGEGDGPC##$$81%OCKUWOCXG\
¾HWPFCOGPVCNRCTCQUWEGUUQFGUUCGVCRC%QOQ!8GLCCDCKZQ
;@:8ņ1%#46151%+#.¾57#EJCXGRCTCCEGUUQ
CQ%NWDG'NG¾FGWUQ1$4+)#6¡4+12'551#.'+064#05
('48'.OWKVQKORQTVCPVGRQTV±NQCUUKOEQOQECFCWOFG
UGWUFGRGPFGPVGURQKUUGOGNGPQUUQU4GEGREKQPKUVCURTGEKUC
TµQHC\GTCEJGECIGOXKCUKUVGOCQSWGCQEQPVT±TKQFQECTVµQ
PµQF±CEGUUQKOGFKCVQ
%QOTGNC¼µQCQ5'7EQPXKFCFQPµQGUSWG¼CFGUQNKEKVCT
CPVGEKRCFCOGPVGQEQPXKVGPC5GETGVCTKC
C<D9I<K<0QUUQ%NWDGFKURËGFG5CWPCU/CU
EWNKPCG(GOKPKPCPWOC±TGCEQPVÃIWCCQ2CTSWG#SW±VKEQ
.± 81% RQFG QRVCT RQT UCWPC ŋ5GECŌ QW ŋ# XCRQTŌ
.GODTCOQU VCOD¾O SWG VGOQU OCUUCIGPU TGNCZCPVG G
GUV¾VKEC PWO CODKGPVG EQPHQTV±XGN G FGEQTCFQ RCTC UGW
DGOGUVCT6GOQUCKPFCPQCODKGPVGWOCUCNCFGFGUECPUQ
QPFG81%RQFGFGUHTWVCTOQOGPVQUCITCF±XGKUCUUKUVKP
FQC68DCVGPFQRCRQEQOCOKIQUNGPFQQWUKORNGUOGPVG
TGNCZCPFQ
#6#24¡:+/#
:ÛD<I8J8899$I@F
'PFGTG¼QUFGCEGUUQ
'PFGTG¼QJVVRCCDDTKQ\CRVQQTI
'PFGTG¼QJVVRCCDDTKQPQKRQTI
0QOGFGWUW±TKQ5GNV
CUGPJCPµQ¾PGEGUU±TKC
1DU%CUQQUGPFGTG¼QUCEKOCPµQEQPUKICOUGTCEGUUCFQUDCKZGQPÃXGNFGUGIWTCP¼CFQUGWPCXGICFQT+PVGTPGV'ZRNQTGT
RCTC$CKZQ5GPµQJQWXGTGUVCQR¼µQJCDKNKVGVQFQUQUEQPVTQNGUFGRNWIKPUGCEVKXGZKPFQGOHGTTCOGPVCUQR¼ËGUFC
KPVGTPGVUGIWTCP¼CPÃXGNRGTUQPCNK\CFQGRTQEGFC¯KPUVCNC¼µQ
,CPGKTQ
:FEJ<C?<@IFJ
%QPHTCVGTPK\C¼µQFQU:fej\c_\`ifj
(QVQUFG%CTNQU%CTFQUQ
4GCNK\QWUG PQ FKC PQ
5CNµQŋ/CTICTKFC#TCÐLQŌQGPEQPVTQFG
EQPHTCVGTPK\C¼µQFG0CVCNFQUOGODTQU
FQU%QPUGNJQU&GNKDGTCVKXQ(KUECNG#F
OKPKUVTCVKXQFC##$$4KQ1URTGUGPVGU
VKXGTCOCQRQTVWPKFCFGFGCDTC¼CTUGWU
EQORCPJGKTQUHCNCTFQUCEQPVGEKOGPVQU
SWG OCTECTCO Q CPQ SWG RCUUQW G FG
UGLCTOGNJQTGUFKCURCTCQPQXQCPQFG
(QKUGTXKFQWOEQSWGVGNUGIWKFQ
,CPGKTQ
FGWOLCPVCTGURGEKCNOGPVGRTGRCTCFQ
RGNQ$WHHGVŋ%N¾Fy1TŌGGPSWCPVQKUUQ
Q6TKQGZGEWVCXCOÐUKECURCTCQWXKTG
FCP¼CT 0WO KPVGTXCNQ Q 2TGUKFGPVG
1FCNK %CTFQUQ FKTKIKW C RCNCXTC CQU
RTGUGPVGU OCPKHGUVCPFQ UGWU FGUGLQU
UKPEGTQUFGRGTUGIWKTPQXCUEQPSWKUVCU
G TGCNK\CT OGVCU SWG PµQ RWFGTCO UGT
CNECP¼CFCU PQ CPQ HKPFQ HCEG C KO
RTGXKUVQU FKXGTUQU 7O HGNK\ RCTC
VQFQU
,CPGKTQ
E
8
K
8
C
#UUQEKCFQUCDTC¼CTCO2CRCK0QGN
GPVTGUQTTKUQUGOGPUCIGPUFGRC\
1FQOKPIQHQK
TGUGTXCFQ RCTC CU JQ
OGPCIGPU CQ 0CVCN FQ
%QTRQ FG #UUQEKCFQU G
UGWU HCOKNKCTGU #U UQNG
PKFCFGUVKXGTCOKPÃEKQPQ
5CNµQFG)TCPKVQEQOC
CRTGUGPVC¼µQ FQ %QTCN
FC ##$$ SWG KPVGTRTG
VQWFKXGTUQUPÐOGTQUFG
UGW TGRGTVÉTKQ OWUKECN
DGO EQOQ RTGUGPVGQW
QRÐDNKEQEQOJKPQUUCETQUFGFKECFQU¯
FCVCFQPCUEKOGPVQFG,GUWU%TKUVQ
#UGIWKTCHGUVCVTCPUEQTTGWFGOC
PGKTCVTCPSÒKNCQSWGUÉTGCHKTOCCPQUUC
ITCPFGOCTECQENWDGFCHCOÃNKC%TKCP¼CU
GCFWNVQUFGOQPUVTCPFQEGTVCCPUKGFCFG
TGEGDGTCO2CRCK0QGNPCUGFGFC.CIQC
4QFTKIQ FG (TGKVCU G RWFGTCO CDTC¼CT
Q ŋDQO XGNJKPJQŌ G FGNG TGEGDGT GPVTG
NCTIQUUQTTKUQUCUDQCUOGPUCIGPUFGRC\
RTQURGTKFCFGUCÐFGGOWKVCCNGITKC
,CPGKTQ
E
8
K
8
C
2GUUQCNFC%CUUK
1U HWPEKQP±TKQU CRQUGPVCFQU FQ $CPEQ FQ $TCUKN SWG
RTGUVCTCOUGTXK¼Q¯%#55+TGCNK\CTCOPQFKCGOPQUUC
##$$PQUGURC¼QUFGPQUUCUEJWTTCUSWGKTCUCUWCTGWPKµQFG
EQPHTCVGTPK\C¼µQFCSWCNRCTVKEKRCTCOFG\GPCUFGEQORCPJGK
TQU/WKVQUCDTC¼QUGOWKVCUJKUVÉTKCUGPSWCPVQFGIWUVCXCOC
HCOQUCHGKLQCFCFQUU±DCFQUFQ$WHHGV%N¾&y1T
2GUUQCNFC%CEGZ
.KFGTCFQURGNQEQPUGNJGKTQ#PVÊPKQ%CUCPQXCU8CNGPVG
QU CRQUGPVCFQU FQ $$ SWG UGTXKTCO PC CPVKIC %#%': TGCNK
\CTCO C UWC EQPHTCVGTPK\C¼µQ FG HKO FG CPQ PC EJWTTCUECTKC
ŋ%CTTGVµQŌGO+RCPGOC'UUCVTCFKEKQPCNEQPHTCVGTPK\C¼µQCPWCN
OCPV¾O Q ITWRQ WPKFQ G DGO KPHQTOCFQ UQDTG QU CEQPVGEK
OGPVQUSWGPQTVGKCOCXKFCRCTCOWKVQUPGOVCPVQKPCVKXC
2GUUQCNFC##$$
1 HWPEKQPCNKUOQ FC ##$$4KQ VCOD¾O HG\ UWC
HGUVCPWOEJWTTCUEQQTICPK\CFQRGNC%QOKUUµQ(GOKPKPC
FWTCPVGCSWCNCEQPVGEGWCFKUVTKDWK¼µQFGWOŋMKVŌPCVCNKPQ
RCTCQUSWGUGHK\GTCORTGUGPVGU1UHWPEKQP±TKQURWFGTCO
FKXGTVKTUGFWTCPVGVQFQQFKCUGIWPFCHGKTCLWPVC
OGPVGEQOUWCUHCOÃNKCUGTGEGDGTCOQUCDTC¼QUGXQVQU
FGWOHGNK\PCVCNGRTQURGTKFCFGPQCPQPQXQ
,CPGKTQ
: L C K L I 8 C
J8CÂFGFyK@:F
#015&'57%'5515
(QVQUFG%CTNQU%CTFQUQ
15CNµQ2Q¾VKEQEWORTKWPCVCTFG
FG FG FG\GODTQ WOC XKIQTQUC RTQ
ITCOC¼µQGOEQOGOQTC¼µQCRCUUCIGO
FQU SWCTVQ CPQU KPKPVGTTWRVQU FG RQGUKC
PC ##$$ 5QD Q EQOCPFQ FQ ITWRQ
ŋ%WORNKEKFCFG 2Q¾VKECŌ HQK TGCNK\CFC C
EGTKOÊPKC FG GPVTGIC FQ RT¿OKQ FG
O±ZKOCGZRTGUUµQCTVÃUVKECGCJQ
OGPCIGOGURGEKCNCQRQGVC,CE[TFG.CE
GTFCSWG¾EQPUGNJGKTQFC##$$#N¾O
FCUFGENCOC¼ËGUFGRQGUKCUQURTGUGPVGU
RWFGTCO FGNGKVCTUG EQO QU CEQTFGU FQ
XKQNKPQFG/CTEGNQ/CTKPJQFQRKCPQFG
+NMC ,CTFKO G C KPVGTRTGVC¼µQ VGCVTCN FQ
ŋ&WQUGO(TQPVGKTCUŌ(QKWOCRTQITCOC
¼µQSWGOGTGEGQUPQUUQUCRNCWUQU
,CPGKTQ
: L C K L I 8 C
2QT/KTCNFC2GTKNNKGT
:Xek`e_f
FC2QGUKC
#VGPFGPFQ CQ RGFKFQ XKDTCPVG FQ NGKVQT
)KNDGTVQ 8CUEQPEGNQU CRTGEKCFQT FQU DGNQU
RQGOCUGUGWUCWVQTGUFGFKEQPGUVGRTKOGKTQ
2QT'WTKEQ)CDTKGN/CTVKPU(GTTGKTC
PÐOGTQFQPQXQCPQGUVGUXGTUQUFGCWVQTKC
EFK8J;<J8L;<
FQEQPUCITCFQRQGVC$CUVQU6KITG
1NGCIKPQUCU G #N\JGKOGT ņ &KGVCU
TKECU GO ECUVCPJCU CO¿PFQCU PQ\GU
NGIWOGU G RGKZGU CLWFCO C TGFW\KT QU
+
TKUEQUFGFGUGPXQNXGTQ/CNFG#N\JGKOGT
2QDTGFGVKUGRGPUCUUGTXGPEKFQ
UGIWPFQ WO GUVWFQ RWDNKECFQ PC TGXKUVC
6WCFGTTQVC¾ECUQFGEKFKFQ
EKGPVÃHKEC #TEJKXGU QH 0GWTQNQI[ 2GUSWK
UCFQTGU FQ /GFKECN %GPVGT FC %QNWODKC
3WGTGUXGPEGTOCUEQOQGOVKPµQET¿U
7PKXGTUKV[ GO 0QXC +QTSWG 'UVCFQU
6WCFGUETGP¼CGUOCICVGFGXG\
7PKFQU CRQPVCTCO SWG CU RGUUQCU EWLCU
TGHGK¼ËGUKPENWGOOCKUQNGCIKPQUCURGKZGU
++
G NGIWOGU G OGPQU ECTPGU XGTOGNJCU G
5GKOCIKPCURGTFGTRGTFKFQGUV±U
NCEVKEÃPKQUIQTFWTQUQUCRTGUGPVCOOGPQU
3WGOPµQEQPHKCGOUKOCTEJCRCTCVT±U
EJCPEGUFGFGUGPXQNXGTQ/CNFG#N\JGK
#HQT¼CSWGVGKORGNGRCTCHTGPVG
OGT#N¾OFCCNKOGPVC¼µQRTCVKECTGZGTEÃ
CFGEKUµQHKTOCFCGOVWCOGPVG
EKQUHÃUKEQUGOCPVGTCXKFCUQEKCNCVKXCUµQ
QWVTQU HCVQTGU SWG GXKVCO C FQGP¼C FG
+++
CEQTFQEQOQURGUSWKUCFQTGU1GUVWFQ
/WKVCGORTGUCGUDQTQCUGGOHTCECUUQ
CPCNKUQW C CNKOGPVC¼µQ FG CFWNVQU
+PFCCPVGUFQRTKOGKTQRCUUQ
GOKFCFGFGUGCRQUGPVCTFWTCPVGSWCVTQ
CPQU&GUVGUCRTGUGPVCTCOCFQGP¼C
/WKVQEQXCTFGVGOECRKVWNCFQ
(KO FQU ICTTCPEJQU ņ 2CUUQW C XK
#PVGUFCNWVCJCXGTEQOG¼CFQ
IQTCTGOCDTKNFGUVGCPQQPQXQ%ÉFKIQ
FGVKEC/¾FKEC1FQEWOGPVQTGXKUCFQ
+8
2GPUCGOITCPFGGQUVGWUHGKVQUETGUEGTµQ FGRQKUFGCPQUFGXKI¿PEKCFQ%ÉFKIQ
CPVGTKQTVTC\PQXKFCFGUGKVGPUCVWCNK\CFQU
2GPUCGORGSWGPQGKT±UFGRTGUUCCQEJµQ
#IQTCQUO¾FKEQUPµQRQFGOOCKUGUETG
1SWGTGT¾QRQFGTCTSWKRQVGPVG
XGTTGEGKVCUEQONGVTCUKNGIÃXGKU1WVTCOW
%QOCFGEKUµQHKTOCFCGOVWCOGPVG
FCP¼CTGHGTGUG¯UGIWPFCQRKPKµQO¾FKEC
3WCPFQQRCEKGPVGCEJCTSWGRTGEKUCFG
8
OCKUWORCTGEGTUQDTGQFKCIPÉUVKEQHQT
(TCEQ¾CSWGNGSWGHTCEQUGKOCIKPC
PGEKFQQRTKOGKTQO¾FKEQFGXGEQNCDQTCT
1NJCCQCNVQQSWGCNVQUGFGUVKPC
GPµQUGQRQTCRTGUVCTKPHQTOC¼ËGUCQW
VTQRTQHKUUKQPCN#N¾OFKUUQQFQEWOGPVQ
#EQPHKCP¼CGOUKOGUOQ¾CVTCLGVÉTKC
VTCVCGPVTGQWVTCUSWGUVËGUFGCWVQPQOKC
3WGNGXCCQUCNVQUEKOQUFC8KVÉTKC
FQ RCEKGPVG TGRTQFW¼µQ CUUKUVKFC G TGU
RQPUCDKNKFCFG O¾FKEC 7O FQU RTKPEKRCKU
8+
0GO UGORTG Q SWG OCKU EQTTG C OGVC CN QDLGVKXQU FC GNCDQTC¼µQ FQ FQEWOGPVQ
¾ OGNJQTCT C TGNC¼µQ GPVTG O¾FKEQ G
ECP¼C
RCEKGPVG#ÃPVGITCFQPQXQ%ÉFKIQGUV±
0GOOCKUNQPIGQOCKUHQTVGQFKUEQNCP¼C
FKURQPÃXGNGOYYYRQTVCNOGFKEQQTIDT
/CUQSWGEGTVQGOUKXCKHKTOGGGOHTGPVG 6TCPUETKVQFQ/WTCNFC#IGPFCņ%.+0+
%QOCFGEKUµQHKTOCFCGOUWCOGPVG
%#55+ņ6KLWECņLWPJQ
#8+6¡4+#+&#
#UUQEKCFC FC ##$$ G EQNCDQTCFQTC FC /GODTQ6KVWNCTFQ%QPUGNJQ&GNKDG
4GXKUVC
TCVKXQFC##$$4KQG/GODTQ6KVWNCTFQ
%QPUGNJQFG7UW±TKQUFC%#55+4KQ
,CPGKTQ
< J G F I K < J
0QVÃEKCUFQ&GRCTVCOGPVQ'URQTVKXQ
;<K<:
4GCNK\C¼ËGUFQ&GRCTVCOGPVQ'URQTVKXQFWTCPVGQUOGUGUFGPQXGODTQGFG\GODTQGFKXWNIC¼µQFQU
RTÉZKOQUGXGPVQUFQO¿UFG,CPGKTQFG
$#537'6'$1.
4'%4'#1&'$#537'6'$1./56'4##$$4+1
#RÉU Q V¾TOKPQ FC m %QRC
##$$4KQ FG $CUSWGVGDQN /±UVGT
PCSWCNCGSWKRGFQU(CNEËGU
EQPSWKUVQW Q VÃVWNQ RGNC UGIWPFC
XG\ QU PQUUQU CVNGVCU XQNVCO C
RCTVKEKRCT FGUEQPVTCKFCOGPVG FC
4GETGC¼µQ FG $CUSWGVGDQN /±UVGT
SWG¾TGCNK\CFCPQENWDG
%QPHKTC Q DNQIFQ )8$#4 ņ
)TWRQFG8GVGTCPQUFG$CUSWGVGDQNFC##$$4KQRCTCQDVGT
KPHQTOC¼ËGUUQDTGCUCVKXKFCFGUFQ)TWRQJVVRIXDCTDNQIURQV
EQO8GPJCRCTVKEKRCT
$1.1##$$4+1
(+0#.&1$1.1&1$4#5+.'+41
1$QNµQFQ$TCUKNGKTµQHQKWOUWEGUUQ
PC##$$4KQ
0QFKCFGFG\GODTQHQKTGCNK\CFCC
TQFCFCHKPCNFQ%CORGQPCVQ$TCUKNGKTQ
Q (NWOKPGPUG FGTTQVQW Q )WCTCPK RQT :
GCRÉUCPQUEQPSWKUVQWPQXCOGPVGQ
VÃVWNQFGECORGµQDTCUKNGKTQ
2CTCD¾PUCQ(NWOKPGPUGRGNCEQPSWKUVCFQECORGQPCVQ
'PVGPFCEQOQHQKQ$QNµQFQ$TCUKNGKTµQFC##$$4KQ
Ő,QIQUTGCNK\CFQUCQUFQOKPIQU
GZEGVQQUFCUTQFCFCUFQUFKCU
FCUGNGK¼ËGUSWGHQTCOTGCNK\CFQUCQUU±DCFQU
Ő%CFCRCTVKEKRCPVGTGEGDKCWOCHKEJCSWGFGXGTKCUGTRTGGP
EJKFCGGPVTGIWGCQ4GETGCFQT'URQTVKXQCV¾QKPÃEKQFQULQIQU
Ő)CPJCTKCSWGOHK\GUUGOCKURQPVQU
RQPVQ SWGO CEGTVCUUG Q TGUWNVCFQ FC RCTVKFC XKVÉTKC
FGTTQVCGORCVG
RQPVQSWGOCEGTVCUUGQRNCECTFCRCTVKFC
Ő'OECUQFGGORCVGGPVTGQURCTVKEKRCPVGUJQWXGUQTVGKQ
Gid`fjgfiif[X[X
RQT¼µQFGHTKVCU
RQT¼µQFGHTCPIQ¯RCUUCTKPJQ
NCVCUFGTGHTKIGTCPVGUQWNCVCUFGEGTXGLC
,CPGKTQ
Gid`fef]`eXc[f9iXj`c\`if
NWICT%COKUC1HKEKCNFQVKOGFQEQTC¼µQ
NWICT%COKUC2QNQFQVKOGFQEQTC¼µQ
NWICT$CPFGKTCFQVKOGFQEQTC¼µQ
8QE¿EQPHGTGCIQTCQUICPJCFQTGUFGECFCTQFCFCGQU
VT¿UICPJCFQTGUHKPCKUFQ$QNµQFQ$TCUKNGKTµQFC##$$4KQ
%NCUUKHKEC¼µQRQTTQFCFC
mTQFCFC
#PFT¾.WK\FG5QW\C
mTQFCFC
%KTKNQ5CPVʼn#PPC
mTQFCFC
4QUC/CTKC/WT\C
mTQFCFC
,GHGTUQP0QDKNG
mTQFCFC
.CWTQ8QNVC
mTQFCFC
2CWNC1%,WPIUVGFV
mTQFCFC
6GTG\KPJC)QTTQEJGVGIWK
mTQFCFC
5V¾HCPQ/CTTCTC
mTQFCFC
9CNFGOCT0QIWGKTC
mTQFCFC
%GNUQ8KFCN
mTQFCFC
5GDCUVKµQ/CTVKPU
mTQFCFC
2CWNC1%,WPIUVGFV
mTQFCFC
,QµQ//GPFQP¼C
mTQFCFC
%CTNQU/CT\CIµQ
mTQFCFC
/CTNGPG#NXGU
mTQFCFC
%CKQ/CTTCTC
%NCUUKHKEC¼µQ(KPCN
NWICT2CWNC1%,WPIUVGFV
XGPEGFQTCFCmGmTQFCFC
NWICT /CTNGPG #NXGU OCKQT RQPVWC¼µQ RQT XGPEGFQT FC
TQFCFCUQOCPFQRQPVQUPCmTQFCFC
NWICT%CKQ/CTTCTC
UGIWPFCOCKQTRQPVWC¼µQRQTXGPEGFQT
FCTQFCFCUQOCPFQRQPVQUPCmTQFCFC
2CTCD¾PUCVQFQUQURCTVKEKRCPVGU8QE¿EQPHGTGPCRTÉ
ZKOC GFK¼µQ FC 4GXKUVC ##$$4KQ C GPVTGIC FQU RT¿OKQU CQU
VT¿UXGPEGFQTGU
$1.1&1%#/2'10#61
%#4+1%#
#(GFGTC¼µQFG(WVGDQNFQ4KQ
FG,CPGKTQGOEQPLWPVQEQOQUENW
DGUFGHKPKWCVCDGNCGQTGIWNCOGPVQ
< J G F I K < J
FQ%CORGQPCVQ%CTKQECFG#EQORGVK¼µQTGÐPGENW
DGUUGPFQFWCUPQXKFCFGUQUTGE¾ORTQOQXKFQU%CDQHTKGPUG
G0QXC+IWC¼WSWGUWDUVKVWÃTCOQUTGDCKZCFQU(TKDWTIWGPUGG
6KITGU
1TGIWNCOGPVQUGT±QOGUOQFCGFK¼µQFGEQO
CUGSWKRGUFKXKFKFCUGOITWRQU'UVµQPQITWRQi#i(NC
OGPIQ8CUEQ#O¾TKEC$QCXKUVC8QNVC4GFQPFC0QXC+IWC¼W
#OGTKECPQ G 4GUGPFG +PVGITCO Q ITWRQ $ $QVCHQIQ (NWOK
PGPUG$CPIW1NCTKC/CFWTGKTC%CDQHTKGPUG/CEC¾G&WSWG
FG%CZKCU
# RCTVKT FQ FKC FG LCPGKTQ FG UGT± KPKEKCFQ Q
%CORGQPCVQFQ'UVCFQFQ4KQFG,CPGKTQGC##$$4KQGUVCT±
TGCNK\CPFQGOVQFQUQUFQOKPIQUOCKUWO$QNµQRCTCXQE¿UG
FKXGTVKTEQOOWKVQURCNRKVGU
%#/2'10#614')+10#.&15'5+
0Q RGTÃQFQ FG C FG PQ
XGODTQC##$$4KQUGFKQWQKORQTVCP
VGEQORGVK¼µQFQ5'5+1%CORGQPCVQ
FC 4GIKµQ 5WFGUVG ENCUUKHKECVÉTKQ RCTC
C EQORGVK¼µQ PCEKQPCN #U UGIWKPVGU
OQFCNKFCFGU HQTCO FKURWVCFCU $CUSWG
VGDQN(WVUCN0CVC¼µQ6¿PKUFG%CORQ
G 8QNGKDQN 1 GXGPVQ GPVTG QWVTCU EQKUCU UGTXKW RCTC VQTPCT
C ##$$4KQ EQPJGEKFC CN¾O FCU HTQPVGKTCU FQ GUVCFQ FQ 4KQ
FG ,CPGKTQ RQKU GNC UG VQTPQW CPHKVTKµ FG CVNGVCU EQOKUUËGU
V¾EPKECUFKTKIGPVGUGHCOKNKCTGUFGQWVTQUGUVCFQUFCHGFGTC¼µQ
(76'$1.
(765$#&16140'+16##&##/+<#&'
0QFKCFGFG\GODTQPQ)KP±UKQ##$$4KQFCU¯U
JHQKTGCNK\CFQQ(WVU±DCFQ6QTPGKQ6C¼CFC#OK\CFGQPFG
QUETCSWGUFQHWVWTQOQUVTCTCOUGWUFQVGUHWVGDQNÃUVKEQUGO
WOCWV¿PVKEQFKCFGHGUVCOCTECFQRGNCCNGITKCGGORGPJQSWG
QUOCKULQXGPUVTCPUOKVGOGOECFCNCPEG
#QNQPIQFQFKCTGCNK\CTCOUGX±TKQULQIQUPWOVQTPGKQ
SWGEQPVQWEQOCRTGUGP¼CFGSWCVTQ'UEQNKPJCUFG(WVUCNG
CNIWPU UÉEKQU FC ##$$4KQ SWG UG CRTGUGPVCTCO EQO X±TKCU
HQTOC¼ËGUPCU%CVGIQTKCUFG5WD5WD5WDG5WD
'UEQNKPJCFG(WVUCNFQ%QN¾IKQ5CPVQU#PLQU'UEQNKPJCFG(WVUCN
FQ%QN¾IKQ/CTKC4C[VJG'UEQNKPJCFG(WVUCNFQ8CUEQFC)COC
G'UEQNKPJCFG(WVUCNFC##$$4KQ-'URQTVGU
%QOQ¾JCDKVWCNPQUVQTPGKQUTGCNK\CFQUPC##$$4KQQ
CODKGPVGHQKFGHGUVCEQPUVCPVGEQOOWKVQUIQNUSWGHK\GTCOC
FGNÃEKCFCUETKCP¼CUOCUSWGVCOD¾OHQKOQVKXQFGQTIWNJQRCTC
QUHCOKNKCTGURTGUGPVGU
0GUVGU GXGPVQU OCKU FQ SWG ICPJCT Q KORQTVCPVG ¾ Q
EQPXÃXKQ G C VTQEC FG GZRGTK¿PEKCU DGO EQOQ C CNGITKC SWG
VQFQU UGPVGO G VTCPUOKVGO UGORTG SWG V¿O RQT RGTVQ WOC
'SWKRGFG(WVUCNFC##$$4KQ
%CVGIQTKC5WD
'SWKRGFG(WVUCNFC##$$4KQ
%CVGIQTKC5WD
DQNCFGHWVGDQN
&GRQKUFGVCPVCUGOQ¼ËGUPCSWCFTCQUCVNGVCUTGEGDG
TCOWOCNGODTCP¼CFGRCTVKEKRC¼µQSWCPFQVCOD¾OHQKGPVTG
IWGC6C¼CCQUXGPEGFQTGU
241,'61'%1'52146''5#¨&'&'(4+#5
#U H¾TKCU L± EJGICTCO GPVµQ SWG VCN CTTWOCT C OQEJKNC
EJCOCTQUCOKIQUGFGUHTWVCTFGVTKNJCUGURGVCEWNCTGUEQONKPFCU
RCKUCIGPUGCKPFCUGTGHTGUECTFQECNQTGODGNCUECEJQGKTCU
%QPHKTCQTQVGKTQEQORNGVQSWGQ&GRCTVCOGPVQFG'U
RQTVGURTQITCOQWGURGEKCNOGPVGRCTCUWCUH¾TKCU
,#0'+41
241,'61'%1'52146''5#¨&'&'(4+#5
64+.*#)476#5&1#4%*'4ņ(.14'56#&#
6+,7%#4,
#TTWOGCOQEJKNCEJCOGQUCOKIQUGXGPJCEWTVKTUWCUH¾TKCU
GOWOCDGNCVTKNJCGEQODCPJQFGECEJQGKTC
0QEQTC¼µQFC(NQTGUVCFC6KLWECWOCVTKNJCGURGVCEWNCT
GFGH±EKNCEGUUQEGTECFCFGJKUVÉTKCUGNGPFCUSWGVGNGXCT±¯U
OCKUDQPKVCUECXGTPCUFCEKFCFG4WÃPCUFGCPVKICHC\GPFCFQU¾E
:+:UGP\CNCUGDCPJQFGECEJQGKTCGUVµQ¯UWCGURGTC
1RCUUGKQUGT±QTKGPVCFQRGNQURTQHKUUKQPCKUGURGEKCNK\CFQU
FC'EQVTKDQ'XGPVQUG2TQOQ¼ËGUGORTGUCFG'EQVWTKUOQSWG
QTICPK\CRCUUGKQUGEQNÉIKEQUFKTGEKQPCFQUCRGUUQCUFGFKXGTUQU
EQPFKEKQPCOGPVQU HÃUKEQU TGURGKVCPFQ TKIQTQUQU ETKV¾TKQU FG
UGIWTCP¼CGOÃPKOQKORCEVQCQ/GKQ#ODKGPVG
&CVCFGLCPGKTQFG
FQOKPIQ
&WTC¼µQJQTCU
*QT±TKQ¯UJ
PC##$$4KQGPVTCFCFC.CIQC
+FCFGCRCTVKTFQUCPQU
8CNQT UGT± EQDTCFC CRGPCU WOC VCZC FG UWDUÃFKQ RCTC
CLWFCTEQOCUFGURGUCUFCXCPGFQNCPEJGSWGUGT±QHGTGEKFQ
CQURCTVKEKRCPVGU
5ÉEKQUGGZUÉEKQU4TGCKU
%QPXKFCFQ4TGCKU
1SWGNGXCTPQFKCFQRCUUGKQ
IWC
RGNQOGPQUNKVTQU4GRGNGPVGGRTQVGVQTUQNCT
4QWRCUNGXGUGEQPHQTV±XGKU$QP¾
6¿PKU
GXKVGQUFGUQNCFQNKUQ4QWRCCFGSWCFCRCTC
DCPJQPCECEJQGKTC
5GT±QHGTGEKFQCQURCTVKEKRCPVGUWORGSWGPQNCPEJG
DCT
TCFGEGTGCKUGDKUEQKVQUCNICFQ
+PUETK¼ËGUCV¾QFKCFGLCPGKTQPQ&GRCTVCOGPVQFG
'URQTVGUG
TCOCNQWFGVGEEQOW
PKECECQ"CCDDTKQEQODT
.'/$4#0&1RCTCSWGQGXGPVQQEQTTCUµQPGEGUU±TKQU
PQOÃPKOQRCTVKEKRCPVGU
,CPGKTQ
< J G F I K < J
('8'4'+41
241,'61'%1'52146''5#¨&'&'(4+#5
64+.*#&#%#%*1'+4#&#)476#ņ*1461
,#4&+/
$160+%14,
#TTWOGCOQEJKNCEJCOGQUCOKIQUGXGPJCEWTVKTUWCUH¾TKCU
GOWOCDGNCVTKNJCGEQODCPJQFGECEJQGKTC
(QVQNGIGPFC
6TKNJCEQOECOKPJCFCNGXGCV¾SWGFCFʼn±IWCFGOGVTQU
FGCNVWTCSWGPCUEGPQVGVQFGDGNCITWVC4GEQOGPFCFCRCTC
KPKEKCPVGU GO 'EQVWTKUOQ C %CEJQGKTC FC )TWVC TGUGTXC WOC
UWTRTGUC RCUUCIGPU RQT TKQU G GO FKCU FG UQN QU TCKQU FGUVG
KNWOKPCOQKPVGTKQTFQUCNµQFCITWVCRTQRQTEKQPCPFQWOXKUWCN
KORGTFÃXGN
1RCUUGKQUGT±QTKGPVCFQRGNQURTQHKUUKQPCKUGURGEKCNK\CFQU
FC'EQVTKDQ'XGPVQUG2TQOQ¼ËGUGORTGUCFG'EQVWTKUOQSWG
QTICPK\CRCUUGKQUGEQNÉIKEQUFKTGEKQPCFQUCRGUUQCUFGFKXGTUQU
EQPFKEKQPCOGPVQU HÃUKEQU TGURGKVCPFQ TKIQTQUQU ETKV¾TKQU FG
UGIWTCP¼CGOÃPKOQKORCEVQCQ/GKQ#ODKGPVG
&CVCFGHGXGTGKTQFG
FQOKPIQ
&WTC¼µQJQTCU
*QT±TKQ¯UJ
RQPVQFGGPEQPVTQGOHTGPVGCQENWDG
GPVTCFCPC.CIQC
+FCFGCRCTVKTFQUCPQU
8CNQT UGT± EQDTCFC CRGPCU WOC VCZC FG UWDUÃFKQ RCTC
CLWFCTEQOCUFGURGUCUFCXCPGFQNCPEJGSWGUGT±QHGTGEKFQ
CQURCTVKEKRCPVGU
5ÉEKQUGGZUÉEKQU4TGCKU
%QPXKFCFQ4TGCKU
1SWGNGXCTPQFKCFQRCUUGKQ
IWC
RGNQOGPQUNKVTQ4GRGNGPVGGRTQVGVQTUQNCT
4QWRCUNGXGUGEQPHQTV±XGKU$QP¾
6¿PKU
GXKVGQUFGUQNCFQNKUQ4QWRCCFGSWCFCRCTC
DCPJQPCECEJQGKTC
5GT±QHGTGEKFQCQURCTVKEKRCPVGUWORGSWGPQNCPEJG
DCT
TCFGEGTGCKUGDKUEQKVQUCNICFQ
+PUETK¼ËGUCV¾QFKCFGHGXGTGKTQPQ&GRCTVCOGPVQFG
'URQTVGUG
TCOCNQWFGVGEEQOW
PKECECQ"CCDDTKQEQODT
.'/$4#0&1RCTCSWGQGXGPVQQEQTTCUµQPGEGUU±TKQU
PQOÃPKOQRCTVKEKRCPVGU
241,'61&'4'%4'#1'52146+8#
241,'61&'4'%4'#1'52146+8#&'<'/$41
0QFQOKPIQFKCFGFG\GODTQHQKTGCNK\CFCOCKUWOC
GVCRC FQ 2TQLGVQ FG 4GETGC¼µQ 'URQTVKXC SWG RTQRQTEKQPC
FKXGTUCU DTKPECFGKTCU G CVKXKFCFGU FGURQTVKXCU RCTC ETKCP¼CU G
CFQNGUEGPVGU
&GUVCXG\QGXGPVQEQPVQWEQOITCPFGRCTVKEKRC¼µQFG
UÉEKQUCFQNGUEGPVGUSWGTGCNK\CTCOOWKVCUFKURWVCUFGDCUSWGVG
XÊNGKGHWVUCN
1RTQLGVQGORTKPEÃRKQFGXGT±UGTFGUGPXQNXKFQWOCQW
FWCUXG\GUCQO¿UFGRGPFGPFQFQKPVGTGUUGFQUCUUQEKCFQU
UGORTGCQUFQOKPIQUFCUJ¯UJ%QPHKTCCIQTCCUHQVQU
FCUCVKXKFCFGUTGCNK\CFCU
,CPGKTQ
'HFLPDSDUDEDL[R9{OHLH4XHLPDGD
-RJRVGH)XWVDO
241,'61&'4'%4'#1'52146+8#,#0'+41
0Q FQOKPIQ FKC
FG LCPGKTQ FCU J
¯U J OCKU WOC XG\
QU CUUQEKCFQU RQFGTµQ
RCUUCTCVCTFGUGFKXGT
VKPFQPC##$$4KQ
#4GETGC¼µQ'URQTVKXCSWG¾TGCNK\CFCRQTGSWKRGGURG
EKCNK\CFCUGNGEKQPCFCRGNQ&GRCTVCOGPVQFG'URQTVGUQHGTGEGT±
CVKXKFCFGUNÐFKECUGFGFGURQTVQEQNGVKXQRCTCETKCP¼CUGCFQNGU
EGPVGU8GPJCRCTVKEKRCT/CKQTGUKPHQTOC¼ËGUPQ&GRCTVCOGP
VQFG'URQTVGUFGVGEEQOWPKECECQ"CCDDTKQEQODT
TCOCNQW
5+07%#
%#/2'10#61 $4#5+.'+41 &' 5+
07%#ņ(146#.'<#%'
1U UÉEKQU /CTEGNQ /GFGKTQU FG
%CUVTQ G ,QU¾ 'FWCTFQ .ÃTKQ HQTCO
EQPXKFCFQURGNC(GFGTC¼µQFG5KPWECG
$KNJCTFQ'UVCFQFQ4KQFG,CPGKTQņ(5
$'4,RCTCTGRTGUGPVCTGOCGSWKRGFQ'UVCFQFQ4KQFG,CPGKTQ
TGURGEVKXCOGPVG PCU ECVGIQTKCU /±UVGT G 5¿PKQT PQ %#/2'
10#61 $4#5+.'+41 &' 5+07%# SWG HQK TGCNK\CFQ
PQRGTÃQFQFGCFGPQXGODTQPQ5JQRRKPI8KC5WNGO
(QTVCNG\C%'
# (5$'4, NGXQW WOC FGNGIC¼µQ FG CVNGVCU EQO RCT
VKEKRC¼µQ GO VQFCU CU ECVGIQTKCU FKURWVCFCU /±UVGT 5¿PKQT
(GOKPKPQG5WD0µQHQKFGUVCXG\SWGQUPQUUQUCUUQEKCFQU
VTQWZGTCOVTQH¾WURCTCECUCOCURCTCDGPK\COQUQUPQUUQUFQKU
CUUQEKCFQURGNCRGTHQTOCPEGFWTCPVGCVGORQTCFCFGG
EQPUGSWGPVGOGPVGRGNQEQPXKVG
TGEGDKFQFC(5$'4,EQOQHQT
OCFGTGEQPJGEKOGPVQRGNCDQC
CVWC¼µQPQGZGTEÃEKQFG
3DUWHGDGHOHJDomRGD)HGHUDomR
GH6LQXFDH%LOKDUGR(VWDGRGR
5LRGH-DQHLURGHVHPEDUFDQGRQR
$HURSRUWRGH)RUWDOH]D&(
60+5
6140'+1 +06'401 &' 60+5
ŋ'0%'44#/'061'/214#&#
Ō
1 EJCTOQUQ 6QTPGKQ +PVGTPQ FG
6¿PKU ŋ'PEGTTCOGPVQ FC 6GORQTCFC
ŌKPKEKCFQPQFKCFGPQXGODTQG
GPEGTTCFQPQFKCFGFG\GODTQEQOQ
RTGXKUVQ CNECP¼QW UGW QDLGVKXQ RTKPEKRCN
0DUFHOR6RX]DH7LDJR*RXYHLDVHPL
ILQDOLVWDVGDFDWHJRULD6LPSOHV´&µ
< J G F I K < J
'DHVTXHUGDSDUDGLUHLWD5DLPXQGR
$]HYHGR&DPSHmRGD&DWHJRULD6LP
SOHV´%µUHFHEHQGRRWURIpXGR3URI
0DUFRV)LX]DH0DULR6FKXEDFN
SWGHQKCKPVGITC¼µQGPVTGQUCUUQEKCFQURTCVKECPVGUFCOQFC
NKFCFGGGOGURGEKCNPQECUQFGUVG6QTPGKQCKPVGITC¼µQFQU
PQXQUCUUQEKCFQUFQENWDG
%CVGIQTKC5KORNGUŋ#Ō
,QIQ4KECTFQ)¾NKQ:4CWN$CNNKUVC
4CWN$CNNKUVC91
,QIQ $GTPCTFQ 5CPUQP : ,QU¾ #RCTGEKFQ $GTPCTFQ 5CPUQP G
,QIQ/CTEWU%WT[:)WKNJGTOG%CTPGKTQ
/CTEWU%WT[G&G
UKUV¿PEKC
,QIQ9QPI-YCP:/QCE[T5QCTGU
9QPI-YCPG
,QIQ4QI¾TKQ8KNGNC:)WKNJGTOG)WKC
)WKNJGTOG)WKCG
,QIQ )WKNJGTOG /WTEG : ,QU¾ .WK\ /QTICFQ ,QU¾ .WK\ /QTICFQ
G
,QIQ&CPKGN%WVTKO:#KTVQP2CKZµQ
#KTVQP2CKZµQG
,QIQ;WCP9QPI:4CWN$CNNKUVC
;WCPP9QPIG
,QIQ$GTPCTFQ5CPUQP:/CTEWU%WT[
$GTPCTFQ5CPUQP91
,QIQ9QPI-YCP:)WKNJGTOG)WKC
9QPI-YCPG
,QIQ,QU¾.WK\/QTICFQ:#KTVQP2CKZµQ
#KTVQP2CKZµQ91
,QIQ;WCP9QPI:$GTPCTFQ5CPUQP
$GTPCTFQ5CPUQPG
,QIQ9QPI-YCP:#KTVQP2CKZµQ
#KTVQP2CKZµQG
,QIQ $GTPCTFQ 5CPUQP : #KTVQP 2CKZµQ $GTPCTFQ 5CPUQP G
3HGUR6DQVRQ
UHFHEHQGRGH
VXDPmHRWURIpX
GH&DPSHmRGD
FDWHJRULD'XSOD
´&µ
%CORGµQ$GTPCTFQ5CPUQPG8KEGECORGµQ#KTVQP2CKZµQ
%CVGIQTKC5KORNGUŋ$Ō
,QIQ'FWCTFQ.KOC:#NGZCPFTG%CUCNK
#NGZCPFTG%CUCNKG
,QIQ#PFT¾$WUVCOCPVG:8CNJ[C*CO\C
#PFT¾$WUVCOCPVGG
,QIQ5¾TIKQ/QPVGKTQ:.WKU%CTNQU%QUVC
5¾TIKQ/QPVGKTQG
,QIQ(±DKQ.WK\2QRRG:'FWCTFQ&WCTVG
(±DKQ.WK\2QRRGG&GUKU
V¿PEKC
,QIQ#WIWUVQ%KPVTC:#NGZCPFTG%CUCNK
#WIWUVQ%KPVTCG
,QIQ#PFT¾$WUVCOCPVG:.WEKCPQ8CNNG
.WEKCPQ8CNNGG
,QIQ,C[OG#VJC[FG:5¾TIKQ/QPVGKTQ
5¾TIKQ/QPVGKTQG
,QIQ(±DKQ.WK\2QRRG:4CKOWPFQ#\GXGFQ
4CKOWPFQ#\GXGFQG
,QIQ#WIWUVQ%KPVTC:.WEKCPQ8CNNG
.WEKCPQ8CNNGG
,QIQ5¾TIKQ/QPVGKTQ:4CKOWPFQ#\GXGFQ
4CKOWPFQ#\GXGFQG
,QIQ.WEKCPQ8CNNG:4CKOWPFQ#\GXGFQ
4CKOWPFQ#\GXGFQG
'DHVTXHUGDSDUDGLUHLWD&kQGLGR
H%HUQDUGR0DFKDGR&DPSH}HVGD
&DWHJRULDH'XSOD´%µH-RmR0DUWLQV
H$QGUp&%UDQFR9LFHFDPSH}HVGD
&DWHJRULD'XSOD´%µ
%CORGµQ4CKOWPFQ#\GXGFQG8KEGECORGµQ.WEKCPQ8CNNG
%CVGIQTKC5KORNGUŋ%Ō
,QIQ)CDTKGN)WKOCTµGU:&KQIQ$QPHKO
)CDTKGN)WKOCTµGUG
,QIQ4QFTKIQ$$CTTGVQ:%CTNQU+PIW\C
%CTNQU+PIW\C91
,QIQ)WKNJGTOG5KNXC:<GEC$TCPFµQ
<GEC$TCPFµQG
,QIQ4QFQNHQ(GTTGKTC:4QFTKIQ)CTEG\
4QFQNHQ(GTTGKTCG
,QIQ/CTEGNQ5QW\C:2CWNQ%QTFGKTQ
/CTEGNQ5QW\CG
,QIQ$GTPCTFQ/CEJCFQ:(GTPCPFQ5GPJQTC
$GTPCTFQ/CEJCFQG
,QIQ)CDTKGN9GTPGEM:$TWPQ/GFGKTQU
$TWPQ/GFGKTQUG
,QIQ4KECTFQ/QTCPV:1UYCNFQ/GUEQNKP,T
1UYCNFQ/GUEQNKP,TG
,QIQ)CDTKGN/QVVC:2GFTQ*GPTKSWG
)CDTKGN/QVVCG
,QIQ7IQ%CRRGNNK:2GFTQ5CPUQP
7IQ%CRRGNNKG
,QIQ#NDGTVQ#NFGQFCVQ:%CTNQU)GN
&WRNQ91
,QIQ#PFT¾%$TCPEQ:)CDTKGN)WKOCTµGU
#PFT¾%$TCPEQG
&GUKUV¿PEKC
,QIQ)CDTKGN$CTTGVQ:4QFQNHQ(GTTGKTC
4QFQNHQ(GTTGKTCG
,QIQ/CTEGNQ5QW\C:6KCIQ)QWXGKC
6KCIQ)QWXGKCG
,QIQ.WECU5CNFCPJC:7IQ%CRRGNNK
7IQ%CRRGNNKG
,QIQ0µQQEQTTGWGOTC\µQFQFWRNQ91FQLQIQ
,QIQ%CTNQU+PIW\C:<GEC$TCPFµQ
<GEC$TCPFµQG
,QIQ$GTPCTFQ/CEJCFQ:$TWPQ/GFGKTQU
$GTPCTFQ/CEJCFQG
,QIQ1UYCNFQ/GUEQNKP,T:)CDTKGN/QVVC
1UYCNFQ/GUEQNKP,T
G
,QIQ#PFT¾%$TCPEQ:<GEC$TCPFµQ
#PFT¾%$TCPEQG
,QIQ4QFQNHQ(GTTGKTC:6KCIQ)QWXGKC
6KCIQ)QWXGKC91
,QIQ$GTPCTFQ/CEJCFQ:1UYCNFQ/GUEQNKP,T
$GTPCTFQ/CEJCFQ
GG&GUKUV¿PEKC
,QIQ7IQ%CRRGNNK:6¾Q/CTVKPU
7IQ%CRRGNNKG
,QIQ#PFT¾%$TCPEQ:6KCIQ)QWXGKC
#PFT¾%$TCPEQG
,QIQ$GTPCTFQ/CEJCFQ:7IQ%CRRGNNK
7IQ%CRRGNNKG
,QIQ#PFT¾%$TCPEQ:7IQ%CRRGNNK
7IQ%CRRGNNKG
-RVp&DUORV0RUHLUD%UDQGmRSUHVLGHQWH
GR&RQVHOKR'HOLEHUDWLYRQDHQWUHJDGR
7URIpX GH 9LFHFDPSHmR GD FDWHJRULD
'XSOD ´&µ DR VHX ILOKR =HFD %UDQGmR
FRQIUDWHUQL]DQGR FRP VXD HVSRVD 0D 'D HVTXHUGD SDUD GLUHLWD <XDQ
ULQD %UDQGmR H R 'LUHWRU GH (VSRUWHV :RQJH%HUQDUGR6DQVRQ6HPLIL
QDOLVWDVGD&DWHJRULD6LPSOHV´$µ
5DLPXQGR$]HYHGR
%CORGµQ 7IQ %CRRGNNK G 8KEGECORGµQ #PFTG %CUVGNQ
$TCPEQ
%CVGIQTKC&WRNC/CUEWNKPCŋ$Ō
,QIQ,C[OG#VJC[FG.WEKCPQ8CNNG:)WKNJGTOG/CTEGNQ$CTCÐPC
)WKNJGT
OG/CTEGNQG
,QIQ8CNJ[C*CO\C)CDTKGN$CTTGVQ:$GTPCTFQ/CEJCFQ%³PFKFQ/CEJCFQ
$GTPCTFQ%³PFKFQG
,QIQ/±TKQ(KIWGKTC/CTEGNQ5QW\C:#PFT¾$WUVCOCPVG#TOCPFQ/CTVKPU
#PFT¾#TOCPFQG
,QIQ#PFT¾%$TCPEQ,QµQ/CTVKPU:4QFTKIQ)CTEG\4CKOWPFQ#\GXGFQ
#PFT¾,QµQG
,QIQ)WKNJGTOG/CTEGNQ$CTCÐPC:$GTPCTFQ/CEJCFQ%³PFKFQ/CEJCFQ
$GTPCTFQ%³PFKFQG
,QIQ#PFT¾$WUVCOCPVG#TOCPFQ/CTVKPU:#PFT¾%$TCPEQ,QµQ/CTVKPU
#PFT¾,QµQG
,QIQ$GTPCTFQ/CEJCFQ%³PFKFQ/CEJCFQ:#PFT¾%$TCPEQ,QµQ/CTVKPU
$GTPCTFQ%³PFKFQG
&WRNC%CORGµ$GTPCTFQ/CEJCFQ%³PFKFQ/CEJCFQG&WRNC8KEGECORGµ
#PFTG%CUVGNQ$TCPEQ,QµQ/CTVKPU
,CPGKTQ
< J G F I K < J
%CVGIQTKC&WRNC/CUEWNKPCŋ%Ō
,QIQ<GEC$CPFTµQ.WÃU%CTNQU:4KECTFQ/QTCPVK&KQIQ
<GEC.WÃU%CTNQU
G
,QIQ,QU¾4QDGTVQ#TCPJC1UYCNFQ/GUEQNKP,T:+XCP'UVGXGU2CWNQ%QT
FGKTQ
+XCP2CWNQG
,QIQ4QFTKIQ$CTTGVQ/CWTÃEKQ:)CDTKGN$CTTGVQ2GFTQ5CPUQP
)CDTKGN
2GFTQ591
,QIQ .WECU 5CNFCPJC'FOWPFQ : 5¾TIKQ /QPVGKTQ1NCXQ /WPK\ 5¾TIKQ
1NCXQG
,QIQ<GEC$TCPFµQ.WÃU%CTNQU:+XCP'UVGXGU2CWNQ%QTFGKTQ
<GEC.WÃU
%CTNQUG
,QIQ)CDTKGN$CTTGVQ2GFTQ5CPUQP:5¾TIKQ/QPVGKTQ1NCXQ/WPK\
)CDTKGN
2GFTQG
,QIQ<GEC$TCPFµQ.WÃU%CTNQU:)CDTKGN$CTTGVQ2GFTQ5CPUQP
)CDTKGN
2GFTQ91
%+4%7+61/70&+#.&'$'#%*6'00+5
0Q FKC FG PQXGODTQ HQK TGCNK\C
FC GO #TWDC C %QRC FCU 0C¼ËGU SWG UG
EQPUVKVWK GO OCKU WOC GVCRC FQ %KTEWKVQ
/WPFKCNFG$GCEJ6GPPKU#GSWKRGDTCUKNGKTC
TGRTGUGPVCFC RGNQ CVNGVC )WKNJGTOG 2TCVC
CUUQEKCFQGRTQHGUUQTFGV¿PKUFC##$$4KQ
GRGNQUCVNGVCU8KPKEKWU(QPV,QCPC%QTVGUG
5COCPVJC$CTKLCPICPJQWQ%CORGQPCVQ+PVGT0C¼ËGU
#FWRNC)WKNJGTOG2TCVCG8KPKEKWU(QPVHQTCOXKEGECO
RGËGUPC%CVGIQTKC&WRNCRTQHKUUKQPCNGFGXGOOGNJQTCTUWCU
RQUK¼ËGUPQ4CPMKPIRCUUCPFQ)WKNJGTOGRCTCQITWRQFQU6QR
G8KPKEKWURCTCQITWRQFQU6QR,±CCVNGVC,QCPC%QTVGU
HKIWTCGPVTGCUFG\OGNJQTGUFQOWPFQ
0QRGTÃQFQFGCFGFG\GODTQCGSWKRGDTCUKNGKTC
RCTVKEKRQWFCGVCRCTGCNK\CFCPQ%QUVµQFQ5CPVKPJQGO5CPVC
%CVCTKPCGPQRGTÃQFQFGCFGFG\GODTQCGVCRCQEQT
TGWPCPQUUCEKFCFG'OXKTVWFG
FQHGEJCOGPVQFCUOCV¾TKCURCTC
CTGXKUVCQUTGUWNVCFQUUGTµQRW
DNKECFQUPCRTÉZKOCGFK¼µQ
'D HVTXHUGD SDUD GLUHLWD 2 DWOHWD
*XLOKHUPH3UDWDVyFLRHSURIHVVRUGH
7rQLVGD$$%%5LRHRDWOHWD9LQLFLXV
)RQW HP PRPHQWR FtYLFR GR +LQR
1DFLRQDO
6'0+5&'/'5#
#$'461 2#4#1./2+%1 $4#5+.'+41 &' 6'0+5 &'
/'5#
#%QPHGFGTC¼µQ$TCUKNGKTCFG
6¿PKUFG/GUCTGCNK\QWPQRGTÃQFQ
FG C FG PQXGODTQ PQ )K
P±UKQ FC ##$$4KQ Q 6QTPGKQ
#DGTVQ 2CTCQNÃORKEQ $TCUKNGKTQ
FG 6¿PKU FG /GUC # EQORGVK¼µQ
EQPVQWEQOCRCTVKEKRC¼µQFGCVNGVCUFC
#NGOCPJC#TIGPVKPC$TCUKN)Tµ$TGVC
PJC*QNCPFC+V±NKC4ÐUUKCG8GPG\WGNC
$EHUWR 3DUDROtPSLFR %UDVLOHLUR GH 7rQLV
GH0HVD
,CPGKTQ
:#&4'<
6140'+1+0%+1'641(7:#&4'<%#4+1%#
0Q RTÉZKOQ FKC FG LCPGKTQ
CEQPVGEGT±Q6QTPGKQ+PÃEKQFG:CFTG\
SWGXKUCCEGNGDTC¼µQFQRTKOGKTQ
6QTPGKQFG:CFTG\FQCPQSWCPFQQ
UGVQTFGUVCOQFCNKFCFGTGWPKT±CVNGVCU
GEQPXKFCFQURCTCFCTKPÃEKQCUCVKXKFC
FGU FC VGORQTCFC GPZCFTÃUVKEC FGPVTQ
FC ##$$4KQ # EQORGVK¼µQ UGT± FG
:CFTG\4±RKFQEQOXKPVGOKPWVQURCTCECFCLQICFQT1GXGPVQ
UGT±TGCNK\CFQPQ5CNµQFG)TCPKVQCRCTVKTFCUJGQSWCFTQ
FGUÉEKQUGCVNGVCUGUVµQEQPXKFCFQURCTCRCTVKEKRCTGRTGUVKIKCT
QPQUUQRTKOGKTQGXGPVQFGFGUVGGURQTVG0GUVCOGU
OCFCVCVCOD¾OUGT±GPVTGIWGQ6TQH¾W:CFTG\%CTKQECCQU
OGNJQTGUFCVGORQTCFCFGWOCKPKEKCVKXCFQDNQIZCFTG\
ECTKQECDNQIURQVEQOETKCFQGOCPVKFQRGNQ2TQHGUUQT#OQTKO
#UUGKUECVGIQTKCUSWGUGTµQNCWTGCFCU/GNJQT'PZCFTKUVC
/GNJQT%NWDG/GNJQTTDKVTQ/GNJQT&KTKIGPVG4GXGNC¼µQG
/ÃFKC'PZCFTÃUVKEC'URGTCOQUWOCITCPFGHGUVCFQ:CFTG\FQ
PQUUQGUVCFQ/CKUKPHQTOC¼ËGUEQO2TQH#OQTKO
QWRGNQGOCKNCOQTKOZCFTG\"[CJQQEQODT
/'/14+#.)+./#4)10#.8'5
1 CVNGVC 0CV±EKQ )QP¼CNXGU NGXQW Q /GOQTKCN )KNOCT
)QP¼CNXGU JQOGPCIGO RTGUVCFC RGNQ UGVQT FG ZCFTG\ C UGW
CVNGVCHCNGEKFQPQO¿UFGQWVWDTQ1FGUGORGPJQFG0CV±EKQ
HQKRGTHGKVQCQHC\GTFQURQPVQUFKURWVCFQUEKPEQGOEKP
EQ0CUGIWPFCEQNQEC¼µQHKEQWQGPZCFTKUVC6KLWECPQ(GTPCPFQ
/CFGWGGOVGTEGKTQ%CTNQU4QNKOFQ)TCPFG4QSWG
2CTVKEKRCTCOFQGXGPVQCVNGVCUFGX±TKQUENWDGUFQ4KQFG
,CPGKTQ EQOQ Q /WPKEKRCN Q 6KLWEC 6¿PKU %NWDG ,CECTGRCIW±
#UUQEKC¼µQ FG :CFTG\ :GSWG/CVG )TCPFG 4QSWG CN¾O FG
GPZCFTKUVCUFQPQUUQENWDG#EQORG
VK¼µQVTCPUEQTTGWPC5CNCFG:CFTG\
GO EKOC FCU 3WCFTCU FG 5SWCUJ
UGORTG¯UVGT¼CUHGKTCU
2CTCD¾PUCQCVNGVC0CV±EKQRQT
OCKUWOCKORQTVCPVGEQPSWKUVC
1DWiFLRIRLRFDPSHmRGR
0HPRULDO*LOPDU*RQoDOYHV
K L I @ J D F
2QT5¾TIKQ%CUVTQ
Klihl`XņFKXGTUKFCFGEQPVTCUVG
(CNCTFC6WTSWKC¾HCNCTFGUWCUFKXGTUKFCFGUUGWUEQPVTCUVGUEQP
UGSW¿PEKCUFCNQECNK\C¼µQIGQIT±HKECECOKPJQPCVWTCNFGOWKVQURQXQU
GODWUECFGUGWUUQPJQUGTGCNK\C¼ËGU5QDX±TKQUCURGEVQU6WTSWKC¾
ÐPKECUGOGZCIGTQU
Q ÐPKEQ 2CKU C GUVCT GO FQKU EQPVKPGPVGU 'WTQRC G UKC UWC
RTKPEKRCNEKFCFG¾CÐPKECCVGTUKFQECRKVCNFGRQFGTQUQUKOR¾TKQUQ
4QOCPQFQ1TKGPVG
#&Q$K\CPVKPQ
#&GQ1VQOCPQ
#& +UVCODWN C CPVKIC %QPUVCPVKPQRNC GUV± PQ 'UVTGKVQ FG
$ÉUHQTQDCPJCFCRQTFQKUOCTGUQFG/±TOCTCGQ0GITQ
'CEQORNGZKFCFGPµQRCTCRQTCÃ'ODQTCUGLCWOCTGRÐDNKECNCKEC
EQPUVKVWEKQPCNOGPVGQUOKPCTGVGUEJCOCOQUHK¾KU¯TG\CEKPEQXG\GU
CQFKC+ITGLCUETKUVµUQTVQFQZCUGUKPCIQICUVCOD¾OHC\GOQUGWRTQUG
NKVKUOQUGOEQPHNKVQUCRCTGPVGU6TCLGUQEKFGPVCKURTGFQOKPCOGOWKVQ
OCU¾EQOWOXGTVTCLGU±TCDGUECTCEVGTÃUVKEQUUGOECWUCTGURCPVQ
+UVCODWNRQTUKUɾWOCOGICNÉRQNKU5GWUOKNJËGUFGJCDKVCPVGU
HCNCOGOOKNJËGUGURCNJCFQURGNQUFQKUNCFQUFQ$ÉUHQTQQEW
RCOVQFQUQUGURC¼QUPCU±TGCUOQFGTPCUFC%KFCFGDGOEQOQPQU
OGCPFTQUFCRCTVGCPVKIC
1VT³PUKVQFGXGÃEWNQUPCUXKGNCUOKUVWTCFQCRGFGUVTGUECTTKPJQU
FGOGTECFQTKCUOQVQPGVCUGVE¾WOGURGV±EWNQÐPKEQRQTSWGUGO
CVTKVQUPCUUKVWC¼ËGUOCKUKPCETGFKV±XGKU5GWUDC\CTGUQŋ)TCPF$C\CTŌ
QFGŋ'URGEKCTKCUŌQŋ'IÃREKQŌUµQXKUKVCUKORGTFÃXGKURGNCQTICPK\C¼µQ
TKSWG\CGXCTKGFCFGFGOGTECFQTKCU
FGEQOKFCCLQKCURCUUCPFQRQT
TQWRCUGVCRGVGUGURGEKCNÃUUKOQU&K\CJKUVÉTKCSWGDC\CTGUGTCCHQTOC
FCUOGUSWKVCUUGUWUVGPVCTGOCNWICPFQGURC¼QUEKTEWPXK\KPJQURCTCQ
EQO¾TEKQNQECN
/GUSWKVCUUµQWOCCVTC¼µQ¯RCTVG&QUOQPWOGPVQUJKUVÉTKEQU
EQOQCŋ5CPVC5QHKCʼn
HQKKITGLCETKUVµFGRQKUOGUSWKVCGJQLGOWUGW
QW C ŋ/GUSWKVC #\WNŌ GO TC\µQ FG UGWU OKNJCTGU FG C\WNGLQU C\WKU
QW OGPQTGU EQOQ C ŋ4WUNCOVCUJCŌ VQFCU PQU CVTCGO RGNC GUOGTCFC
EQPUGTXC¼µQNWOKPQUKFCFGVCRGVGUKORGE±XGKUXKUVQSWGPµQUGGPVTC
ECN¼CFQGOUGWKPVGTKQT
*UDQGH %D]DU ² ,VWDPEXO ² &DYLDU ² 85)$
1U RCN±EKQU JQLG OWUGWU
3$=$5,
PCFCHKECOCFGXGTCUGWUEQPI¿
PGTGUGWTQRGWU'URNGPFQTQUQU
GO UWC TKSWG\C QTKGPVCN DGO
EQPUGTXCFQU G EQO CEGTXQU
TKSWÃUUKOQUGXKFGPEKCOWOC¾RQ
EC G WO UKUVGOC FG XKFC SWG
CUUQODTCQVWTKUVCQEKFGPVCN1
2CN±EKQ6QRMCRKUGFGFGIQXGTPQ
CV¾QHKOFQTGIKOGQVQOCPQ¾
WOCCWNCFGJKUVQTKCQTKGPVCNUGWU
JCT¾PUDCPJQU
VWTEQU¾ENCTQ
R±VKQUKPVGTKQTGULCTFKPUQ&KXµ
3DOiFLR GH 9HUmR GR 6XOWmR QR HVWUHLWR GR
UCNCQPFGQIQXGTPCPVGTGEGDKC
%yVIRUR
UGWUCWZKNKCTGUVWFQPQUTGOGVG
CQHCWUVQFCUňOKNGWOCPQKVGUʼn
&KHÃEKN FGUETGXGT VQFQU QU
RQPVQUFGCVTC¼µQFCOGICNÉRQ
NKUOCUXKUKVCU¯VQTTG)±NCVCCQ
2CN±EKQFG8GTµQWORCUUGKQFG
DCTEQ PQ $ÉUHQTQ FG FKC G UG
RQUUÃXGNVCOD¾O¯PQKVGQCPVKIQ
DCKTTQ FQU GUVTCPIGKTQU $G[QINW
JQLGEGPVTQFCOGNJQTTGFGJQVG 6pUJLR &DVWUR H DV &KDPLQpV GH
NGKTCUWCUNQLCUGTGUVCWTCPVGUPµQ IDGDVQD&DSDGyFLD
RQFGOHCNVCTCPVGUFGXKCLCTCQKPVGTKQTFQ2CÃU
#XKCIGO¯%CRCFÉEKCRQTUKUɾTC\µQRCTCUGKT¯6WTSWKCGODQ
TCCUTGIKËGUFQ/CT'IGWGFQ/GFKVGTT³PGQVCOD¾OUGLCOOWKVQXC
NQTK\CFCURGNQVWTKUOQKPVGTPCEKQPCN+\OKT
'UOKTPCFQUCPVKIQUNKXTQUFG
CXGPVWTCUCUTWÃPCUFGHGUQ
WOCFCUOCKQTGUEKFCFGUITGICUHQTCFC
)T¾EKC2¾TICOQ*KGT±RQNKUGCUGURGVCEWNCTGURKUEKPCUFG2COWMMCNG
CUWRQUVC%CUCFC8KTIGO/CTKCDGOEQOQQUNWICTGUQPFG5µQ2CWNQ
#RÉUVQNQRGTGITKPQWOCKUSWGLWUVKHKECOQKPVGTGUUGRQTGUUGTQVGKTQG
UGRQUUÃXGNFGXGOKPVGITCTQRNCPGLCOGPVQRCTCWOCXKCIGOOCKUNQPIC
/CUC%CRCFÉEKC¾WOCXKCIGO¯RCTVGVWTKUVKECOGPVGHCNCPFQ7O
RNCPCNVQEGPVTCNEWLQPQOGPCNÃPIWCQTKIKPCNUKIPKHKECTKCňVGTTCFQUDGNQU
ECXCNQUʼnGQPFGQUJKVKVCUL±VKPJCOUGWKOR¾TKQJ±FQKUOKNCPQUCPVGU
FC'TC%TKUVµ'UVGRQXQIWGTTGKTQ¾QRTGEWTUQTFQUECTTQUFGEQO
DCVGITC¼CUCQWUQEQODKPCFQFQHGTTQGDQPUECXCNQUSWGEQOGNGU
HQTCOCQ'IKVQFGTTQVCTQUHCTCÉU/KNJCTGUFGCPQUCRÉUQUTQOCPQU
RQRWNCTK\CTCOCUňDKICUʼnCVTCX¾UFQUHKNOGUFG*QNN[YQQF
6GPVCVKXCUFGFGUETGXGTC%CRCFÉEKCUÉEQORCNCXTCUPµQHCTµQLWU
CQOKUV¾TKQFCTGIKµQ(QTOC¼ËGUTQEJQUCUEÊPKECUEQPJGEKFCUEQOQ
ňEJCOKP¾UFGHCFCʼnEQPUVKVWGOCECTCEVGTÃUVKECNQECN#OGUOCQTKIGO
IGQNÉIKEC XWNE³PKEC RGTOKVKW C GZKUV¿PEKC FC QWVTC GZEGREKQPCNKFCFG
NQECNQWUGLCEKFCFGUGUECXCFCUPCTQEJCEQOXKFCRTÉRTKCRCTCOKNJCT
FGRGUUQCUVCPVQPCCPVKIWKFCFGEQOQCKPFCJQLG+ITGLCUFQURTKOÉT
FKQUFQ%TKUVKCPKUOQGUECXCFCUPCTQEJCRKPVCFCUPQGUVKNQDK\CPVKPQ
UGORTQHWPFKFCFGGUVµQN±EQOQVGUVGOWPJQFCCPVKICH¾CQNCFQFG
RQWUCFCUSWGCEQNJGOVWTKUVCUEQOQJ±VT¿UOKNCPQUCEQNJKCORQXQU
GOHWICPWOC\QPCFGIWGTTCEQPUVCPVG
'CKPFCJ±QUDCNËGU6WFQKUVQRQFGUGTXKUVQFQCNVQCDQTFQ
FGWODCNµQEWLCECRCEKFCFGXCTKCFGOGKCFÐ\KCCXKPVGRCUUCIGKTQU
7OCJQTCGVCPVQFGXQQOCKUFGVTKPVCCSWCTGPVCDCNËGUPQCTWO
UKN¿PEKQTGNKIKQUQRGTCPVGVCPVCDGNG\C0COCFTWICFCCUCÃFCFQJQVGN
CQCOCPJGEGTCUEQTGUFCUEJCOCUCSWGEGPFQQCTFQUDCNËGU1XQQ
GFGRQKUCEGTKOÊPKCFCGPVTGICFQFKRNQOCCQEQTCLQUQňDCNQPCWVCʼn
CEQORCPJCFQRQT WO DTKPFG FQ GURWOCPVG NQECN 7OC GZRGTK¿PEKC
SWGXCNGCRGPCUGTXKXKFCRQTSWCNSWGTVWTKUVC
2CÃUVµQRQRWNQUQEQORCN±EKQUFGňEQPVQUFGHCFCUʼnEQOOQFGTPCU
GOKNKQP±TKCUOCPUËGU¯DGKTCFQ$ÉUHQTQQVWTKUVCGURGTCGPEQPVTCTQU
RTQDNGOCUUQEKCKUVµQEQOWPUCQEJCOCFQň6GTEGKTQ/WPFQʼn2GNQSWG
XKOQUGOVT¿UUGOCPCUFGKPVGPUCUXKCIGPUPµQJ±COKU¾TKCSWGVCPVQ
PQU CHNKIG 2QDTGU UKO OGPFKIQU PWPEC 5GIWTCP¼C UKO C SWCNSWGT
JQTCQWNQECN#KPHQTOC¼µQSWGQDVKXGETGFKVC¯TGNKIKµQKUN³OKECGUUCU
ECTCEVGTÃUVKECU%QOWOUKUVGOCRCVTKCTECNCHCOÃNKCTGURQPFGRGTCPVG
CUQEKGFCFGRGNQUOCNHGKVQUFGUGWUKPVGITCPVGU%QOQCHCOÃNKC¾Q
EGPVTQFCEWNVWTCNQECNVQFQUUGEQORQTVCOEQOOCKUTGURGKVQRGTCPVG
¯ETÃVKECUQEKCNNEQQN¾RGTOKVKFQOCUHQTVGOGPVGVCZCFQ
FG
KORQUVQFGEQPUWOQ+PVGTGUUCPVGXGTPCUGZVCHGKTC¯PQKVGDCTGUNQ
VCFQUFGLQXGPUVQOCPFQEJ±QWHWOCPFQňPCTIWKNGʼnEQOWOCQECUKQPCN
EGTXGLC¯OGUC#OKPJCENCTQRQKUJ±DKVQ¾J±DKVQ
#UUQEKCFQ EQPUGNJGKTQ G EQNCDQTCFQT FC 4GXKUVC FC ##$$
1WV
,CPGKTQ
: L I J F J < J < IM @ x F J
%$648(7(%2/
086&8/$d2
DHDIHLUDVÖjVK
,QIRUPDo}HV$$%%5LRQR'HSDUWDPHQ
WRGH(VSRUWHV7HO5DPDO
DIHLUDVÖjVK
ÖjVK
DDDIHLUDVÖjVK
ÖjVK 6iEDGRVÖjVK
,QIRUPDo}HV$$%%5LRQR'HSDUWDPHQWR
GH(VSRUWHV7HO5DPDO
&$172&25$/&XUVRJUDWXLWR
$$%%5LR
D6IHLUDVÖjVK
,QIRUPDomR6U-RVp&DUORV%UDQGmR7HO
'$1d$'(6$/2$GROHVFHQWHVH
$GXOWRV
(63$d2'('$1d$&5,67,$126$/*$
'20(
DHDIHLUDVÖjVK
,QIRUPDomR7HO-HQLIHU
&ULVWLDQR
)87(%2/'(6$/2)876$/
HDIHLUDVÖjVKD
DQRV
DHDIHLUDVÖjVKD
DQRV
,QIRUPDo}HV$$%%5LRQR'HSDUWDPHQWR
GH(VSRUWHV7HO5DPDO
*,1È67,&$$/21*$0(172*,/
$GROHVFHQWHV$GXOWRV
$$%%5,23URI0DQRHO0iULR6DQW¶$QQD
DDDIHLUDVÖjVKJLQiVWLFD
DIHLUDVÖjVKDORQJD
PHQWR
DHDIHLUDVÖjVKJLQiVWLFD
DHDIHLUDVÖjVKDORQJD
PHQWR
DHDIHLUDVÖjVKJLQiVWLFD
,QIRUPDomR6HFUHWDULD7HO
5DPDO
*,1È67,&$(1(5*e7,&$*$($GR
OHVFHQWHVDGXOWRV
$QD/~FLD&RUSRULV7HUDSLD1DWXUDLV/WGD
0(&25325,60(
DHDIHLUDVÖjVK
ÖjVK
ÖjVK
,QIRUPDomR$QD/~FLD7HO5D
PDO
+,'52*,1È67,&$
))6(YHQWRV(VSRUWLYRV/WGD
HIHLUDVÖjVK
ÖjVK
,QIRUPDomR)iELR7HO
-,8-,768-,8±0$6&8/,12H)(0,
1,12
%ODFN%HOW6SRUW&HQWHU/WGD%/$&.%(/7
DDDIHLUDVÖjVK±-LX
-tWVX
ÖjVK±-LX-tWVX(TXLSH,
ÖjVK±-LX-tWVX(TXLSH,,
,QIRUPDomR0XULORH5XEHQV7HO
5DPDO
,CPGKTQ
1$7$d2±FULDQoDVDGROHVFHQWHVH
DGXOWRV
(TXLSH(YHQWRV(VSRUWLYRV/WGD
DDDIHLUDVÖjVKDSHUIHLoR
DPHQWR
ÖjVKDSHUIHLoRDPHQWR
ÖjVKDSHUIHLoRDPHQWR
ÖjVKHVWiJLRRX
ÖjVKDSUHQGL]DGR
ÖjVKDTXDEDE\
ÖiVKDSHUIHLoRDPHQWR
ÖiVKWRXFDYHUPHOKDDPDUH
ODHHVWiJLR
ÖiVKDSUHQGL]DGRHDSHUIHL
oRDPHQWR
ÖiVKDSHUIHLoRDPHQWR
ÖiVKDSUHQGL]DGRHDSHUIHL
oRDPHQWR
ÖiVKWRXFDYHUPHOKDRX
DPDUHOD
ÖiVKDSUHQGL]DGRHDSHUIHL
oRDPHQWR
$TXDEDE\Ö&ULDQoDVGHDDQRV
DGDSWDomRDRPHLROtTXLGR
7RXFD9HUPHOKD$PDUHODRX(VWiJLRÖ
&ULDQoDVGHDDQRV
(VWiJLR,,,,,H,9Ö&ULDQoDVGHD
DQRV
$SHUIHLoRDPHQWRÖ$GROHVFHQWHDWp
DQRV
$SHUIHLoRDPHQWRH$SUHQGL]DGRÖ$SDUWLU
GRVDQRV
,QIRUPDomR6pUJLR/XL]/HGDH:DOGLU7HO
5DPDO
5(&5($1'2±FULDQoDVGHDDQRV
%HO$UWHV6RQKRV(VSR5HFUHDomR/WGD
0(%(/$57(60(
%ULQFDGHLUDVHWUDEDOKRVPDQXDLV
SDUDFULDQoDVGHDDQRV
DDDIHLUDVÖjVK
ÖjVK
,QIRUPDomR,VDEHO7HO
5DPDO
648$6+±
05)LWQHVV(YHQWRV(VSRUWLYRVH3UHVFUL
omRGH([HUFtFLRV/WGD
DHDIHLUDVÖjVK
ÖjVK
,QIRUPDomR6pUJLR=DFFDUR7HO
7$(.:21'2
7.'&LD$UWHV0DUFLDLV/WGD0(
7.'&,$0(
DDDIHLUDVÖjVKD
DQRV
ÖjVKDDQRV
ÖjVKDFLPDGHDQRV
,QIRUPDomR/XL]3DXOR7HO
5DPDO
7Ç1,6
05)LWQHVV(YHQWRV(VSRUWLYRVH3UHVFUL
omRGH([HUFtFLRV/WGD
DDDIHLUDVÖjVK
DIHLUDVÖjVK
,QIRUPDomR5DLPXQGR7HO
92/(,%2/
9ROOH\WHFK(VSRUWHVH5HFUHDomR/WGD0(
92//(<7(&+
DDDIHLUDVÖjVKD
DQRV
ÖjVKDFLPDGH
DQRV
DHDIHLUDVÖjVKD
DQRV
,QIRUPDo}HV&OiXGLR7HO
;$'5(=
DH6iEDGRVÖDSDUWLUGDVKÖDFL
PDGHDQRV
,QIRUPDo}HV$$%%5LRQR'HSDUWDPHQWR
GH(VSRUWHV7HO5DPDO
<2*$
6KLYD(PSUHVDGH7HUDSLDGH<RJDH)RQR
DXGLRORJLD/WGD6+,9$/7'$
DHDIHLUDVÖjVK±PLV
WR
ÖjVK±IHPLQLQR
ÖjVK±PLVWR
ÖjVK±PLVWR
,QIRUPDo}HV$OLFH±7HO
35(6,'Ç1&,$;;
³&$//&(17(5³7(/;;
6(&5(7$5,$62&,$/7(6285$5,$
5DPDO
2EVIHLUDIHFKDGR
1RV GLDV ~WHLV DSyV jV K H QRV ¿QDLV GH
VHPDQD H IHULDGRV DSyV K TXDOTXHU
FKDPDGDWHOHI{QLFDYLD³&DOO&HQWHU´VySRGHUi
VHUDWHQGLGDQR5DPDO
2VHUYLoRGHDOWRIDODQWHVSDUDFKDPDGDGH
DVVRFLDGRVVHJXHRPHVPRFULWpULRDFLPD
+RUiULRjIHLUDjVK7HVRX
UDULDIHFKDDVK
6iEDGRVGRPLQJRVIHULDGRV jV K
7HVRXUDULDIHFKDDVK
3257$5,$62&,$/5DPDO
3257$5,$'(6(59,d265DPDO
',5(725,$5DPDO
%,%/,27(&$5DPDO
'(3$57$0(1720e',&25DPDO
'(3$57$0(172'((63257(65DPDO
3257$5,$'$3,6&,1$5DPDO
6$/2'(%$5%(,525DPDO
6$/2'(%(/(=$5DPDO
6$81$)(0,1,1$5DPDO
6$81$0$6&8/,1$5DPDO
6,18&$5DPDO
2EV6DEHQGRRUDPDOGHVHMDGRGLVTXH
SDXVDGDPHQWHRQ~PHURVHPVHUSUHFLVR
RXYLUDVLQVWUXo}HVJUDYDGDV
(PDLODDEEULR#DDEEULRFRPEU
+RPH3DJHZZZDDEEULRFRPEU
'LVN5DPDO