$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD

(;3$16­285%$1$'(026625Ï
3HUtRGRGHD

1DWDO51
 $ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD

(;3$16­285%$1$'(026625Ï
3HUtRGRGHD

1DWDO51
&DSDH'LDJUDPDomR,YDQD/LPD

5HYLVmR0DULD(PtOLD*XHGHV*RQoDOYHVH-RVXp*RQoDOYHV

6XSHUYLVmRJUi¿FD:LOODPV/DXUHQWLQRH(GHQLOGR6LP}HV

%JWJTÈP
EF
4FSWJÉPT
5ÊDOJDPT

$BUBMPHBÉÈP
EB
1VCMJDBÉÈP
OB
GPOUF
6'3/

#JCMJPUFDB
$FOUSBM
;JMB
.BNFEF

3PDIB
"SJTUPUFMJOB
1FSFJSB
#BSSFUP

&YQBOTÈP
VSCBOB
EF
.PTTPSÓ
QFSÎPEP
EF

B


HFPHSBàB

EJOÄNJDB
F
SFFTUSVUVSBÉÈP
EP
UFSSJUÓSJP

"SJTUPUFMJOB
1FSFJSB
#BSSFUP

3PDIB

/BUBM
3/
&%6'3/
&EJUPSB
EB
6'3/


G

0SJHJOBMNFOUF
BQSFTFOUBEP
DPNP
%JTTFSUBÉÈP
EF
NFTUSBEP
B

6OJWFSTJEBEF
'FEFSBM
EP
3JP
(SBOEF
EP
/PSUF

6SCBOJTNP
m
.PTTPSÓ
3/


$PMFÉÈP
.PTTPSPFOTF
m
(FPHSBàB


1PMÎUJDBT
QÙCMJDBT
m
.PTTPSÓ
3/


)JTUÓSJB
m
.PTTPSÓ
3/



&DPOPNJB
m
.PTTPSÓ
3/


4PDJFEBEF
m
.PTTPSÓ
3/

C*
5ÎUVMP

*4#/



$%%


3/6'#$.

$%6
 

7RGRVRVGLUHLWRVUHVHUYDGRVjDXWRUD_HPDLODULVWRWHOLQD#XIUQHWEU
 "T
DJEBEFT

TÈP
DPNP
BT
QFTTPBT

Ê
QSFDJTP
BNÃMBT

QBSB
FOUFOEËMBT

BVUPS
EFTDPOIFDJEP

"
.PTTPSÓ

 $*5$'(&,0(1726

$
HSBEFÉP
B
%FVT
B
PQPSUVOJEBEF
DPODFEJEB
FN
NJOIB
WJEB
EF
NBJT

VNB
SFBMJ[BÉÈP
&
FTUB
PQPSUVOJEBEF
USB[
UBNCÊN
Æ
NFNÓSJB

BRVFMFT
RVF
DPOUSJCVÎSBN
EBT
NBJT
EJWFSTBT
NBOFJSBT
QBSB
RVF

JTUP
BDPOUFDFTTF

"HSBEFÉP
Æ
NJOIB
GBNÎMJB
FN
FTQFDJBM
BPT
NFVT
QBJT
BP
NFV
NB
SJEP
F
NFVT
àMIPT
QFMB
QBDJËODJB
F
FOUFOEJNFOUP
OBT
BVTËODJBT
FN
NVJUPT

NPNFOUPT
JNQPSUBOUFT
EF
TVBT
WJEBT

"
$PMFÉÈP
.PTTPSPFOTF
OB
QFTTPB
EF
7JOHU6O
3PTBEP
F
BP
(PWFSOP

EP
&TUBEP
EP
3JP
(SBOEF
EP
/PSUF
OB
QFTTPB
EB
(PWFSOBEPSB
1SPGFTTPSB

8JMNB
EF
'BSJB
QFMP
BQPJP
RVF
UPSOPV
WJÃWFM
FTUB
QVCMJDBÉÈP

4PV
HSBUB
Æ
1SPG‰
3JUB
RVF
PSJFOUPV
NFVT
QSJNFJSPT
QBTTPT
DPNP

QFTRVJTBEPSB
QFMP
TFV
FYFNQMP
EF
WJEB
BDBEËNJDB
F
DPNQFUËODJB
GF[NF

BQSFOEFS
RVF
DPN
FTGPSÉP
F
EJTDJQMJOB
BT
SFBMJ[BÉ×FT
TÈP
QPTTÎWFJT

3FHJTUSP
F
BHSBEFÉP
B
BUFOÉÈP
EBT
WÃSJBT
JOTUJUVJÉ×FT
F
QFTTPBT
PT

RVBJT
EFEJDBSBN
OÈP
BQFOBT
TVB
FàDJËODJB
QSPàTTJPOBM
DPNP
UBNCÊN
VNB

BUFOÉÈP
UPEB
FTQFDJBM
Æ
1FUSPCSÃT
OBT
QFTTPBT
EF
7JOÎDJVT
1FTTPB
#BSSFUP
F

+PSHF
-VJT
EF
.PSBFT
BP
$PNJUË
EF
'JUPTTBOJEBEF
EP
3/

$0&9
SFQSF
TFOUBEP
QPS
1BVMB
4FHVOEP
Æ
4FDSFUBSJB
.VOJDJQBM
EP
%FTFOWPMWJNFOUP

5FSSJUPSJBM
F
.FJP
"NCJFOUF
m
4&%&5&."

PCSJHBEP
B
,ÃUJB
1JOUP

.BZBSB
-VDFOB
F
'BMDÈP

B
UPEPT
RVF
GB[FN
B
CJCMJPUFDB
EP
*#(&
FN
/B
UBM
Æ
$BJYB
&DPOÔNJDB
'FEFSBM
OB
QFTTPB
EF
"MCFSU
+PTVÃ
/FUP
Æ
"TTPDJB
ÉÈP
$PNFSDJBM
F
*OEVTUSJBM
EF
.PTTPSÓ
m
"$*.

SFQSFTFOUBEB
QPS
/ÎMTPO

#SBTJM
BP
4JOEJDBUP
EPT
.PBHFJSPT
F
3FàOBEPSFT
EF
4BM
EP
3/

4*.03
4"-
F
B
UPEB
B
FRVJQF
EP
*%&."$&4&

OFMB
JODMVP
(SBÉB
'PTTB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 "P
1SPHSBNB
EF
1ÓT(SBEVBÉÈP
F
1FTRVJTB
FN
(FPHSBàB
EB
6'3/

F
BP
$/1R
QFMB
PQPSUVOJEBEF
F
BQPJP
BP
MPOHP
EF
UPEB
OPTTB
QFTRVJTB

'JOBMNFOUF
B
UBOUPT
NPTTPSPFOTFT
FN
RVF
OBT
JEBT
F
WJOEBT
ÆRVFMF

UPSSÈP
QBDJFOUFNFOUF
FN
NVJUBT
DPOWFSTBT
OPT
GF[
FOUFOEFS
NFMIPS
BRVFMB

DJEBEF
FN
FTQFDJBM
BP
NFTUSF
F
BNJHP
+PTÊ
-BDFSEB

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD
 $35(6(17$d­2

$
&YQBOTÈP
VSCBOB
EF
.PTTPSÓ
QFSÎPEP
EF

B


USBUBTF

EF
VN
USBCBMIP
EF
NVJUB
JNQPSUÄODJB
OÈP
BQFOBT
QBSB
B
DJEBEF
EF

.PTTPSÓ
NBT
QSJODJQBMNFOUF
QBSB
B
HFPHSBàB
EP
3JP
(SBOEF
EP

/PSUF
0
USBCBMIP
Ê
OB
TVB
FTTËODJB
VNB
SFáFYÈP
QSPGVOEB
F
DVJEBEPTB
TP
CSF
B
QSPEVÉÈP
EP
FTQBÉP
VSCBOP
EF
.PTTPSÓ
NPTUSBOEP
TVB
EJOÄNJDB
FTQB
DJBM
SFQSPEV[JEB
TPC
PT
EJUBNFT
EBT
DPOUSBEJÉ×FT
EB
TPDJFEBEF
DBQJUBMJTUB

&NCPSB
P
USBCBMIP
QSPDVSF
BOBMJTBS
B
EJOÄNJDB
VSCBOB
EP
MVHBS

.PTTPSÓ
FN
NPNFOUP
BMHVN
DPOEV[
P
MFJUPS
ÆT
TJOHVMBSJEBEFT
QPJT
B
WJ
TÈP
EF
VN
NVOEP
HMPCBMJ[BEP
TF
DPOTUJUVJ
OP
OPSUF
UFÓSJDP
EF
UPEB
TVB

DPOTUSVÉÈP

1SPEV[JEP
OP
ÄNCJUP
EB
BDBEFNJB
P
USBCBMIP
RVF
PSB
"SJTUPUFMJOB

DPMPDB
Æ
EJTQPTJÉÈP
EB
TPDJFEBEF
KÃ
TF
BQSFTFOUB
DPNP
VN
NBSDP
TJHOJàDBUJ
WP
EB
QFTRVJTB
HFPHSÃàDB
QSPEV[JEB
OP
3JP
(SBOEF
EP
/PSUF
F
BP
NFTNP

UFNQP
DIFJP
EF
TJHOJàDBEPT
RVF
GPSBN
DPOTUSVÎEPT
B
QBSUJS
EF
DPOUFYUPT
EF

TPDJBCJMJEBEFT
BP
MPOHP
EP
DBNJOIP
QFSDPSSJEP
QFMB
BVUPSB

"
SJRVF[B
EF
EFUBMIFT
JOGPSNBÉ×FT
F
BOÃMJTF
QSPQJDJBN
Æ
PCSB
B

DPOEJÉÈP
EF
MFJUVSB
PCSJHBUÓSJB
OÈP
BQFOBT
QBSB
PT
QFTRVJTBEPSFT
NPTTPSP
FOTFT
NBT
QBSB
UPEPT
BRVFMFT
RVF
FTUVEBN
P
FTQBÉP
VSCBOP
QPUJHVBS

1PS
JTTP
DPOUBNPT
DPN
B
TVB
DPNQBOIJB
OB
MFJUVSB
EFTUF
USBCBMIP

QBSB
KVOUPT
Æ
"SJTUPUFMJOB
QPEFSNPT
QSPNPWFS
P
EFTWFOEBNFOUP
EB
EJOÄ
NJDB
VSCBOB
EF
.PTTPSÓ
F
RVFN
TBCF
EFTDPCSJNPT
PVUSBT
EJOÄNJDBT
SJDBT

EF
FTQFDJàDJEBEFT
F
RVF
NFSFÉBN
UBNCÊN
TFS
EFTWFOEBEBT

3JUB
EF
$ÃTTJB
EB
$PODFJÉÈP
(PNFT

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 35()È&,2

3
BSB
P
DBQJUBM
B
DJEBEF
Ê
NFSDBEP
MPDBM
EF
QSPEVÉÈP
F
P
MVHBS
EF

EFTMPDBNFOUP
EF
IPNFOT
F
NFSDBEPSJBT
/B
QFSTQFDUJWB
EPT
TFVT

NPSBEPSFT
Ê
P
FTQBÉP
EP
DPUJEJBOP
EPT
FWFOUPT
VN
MVHBS
BQSP
QSJBEP
QBSB
B
WJEB
&TTBT
JOUFSQSFUBÉ×FT
TPCSF
B
DJEBEF
F
B
NVMUJQMJDJEBEF
EF

GVOÉ×FT
RVF
B
NFTNB
FYFSDF
EBS
B
FMB
VN
DBSÃUFS
EF
VN
MVHBS
QBSUJDVMBS
F

HFSBM
BP
NFTNP
UFNQP

/PT
UFYUPT
F
DBQÎUVMPT
RVF
DPNQ×FN
FTTF
MJWSP
B
BVUPSB
JOWFTUJHB
B

DJEBEF
EF
.PTTPSÓ
EFDPEJàDB
PT
BHFOUFT
VSCBOPT
F
TVBT
JOUFSQSFUBÉ×FT
QBSB

FOUFOEFS
B
QMVSBMJEBEF
EF
GVOÉ×FT
F
BT
GPSNBT
HFPHSÃàDBT
DPOTUSVÎEBT
QBSB

WJBCJMJ[BS
B
DJEBEF
DPNP
NPSBEB
EF
VNB
TPDJFEBEF
FTQFDJàDB
1BSB
UBOUP

SFDPSSF
Æ
CJCMJPHSBàB
TPCSF
B
DJEBEF
EFDJGSB
P
TFV
QSPDFTTP
IJTUÓSJDP
RVF
BP

MPOHP
EP
UFNQP
PSHBOJ[B
B
FTUSVUVSB
VSCBOB
EB
DJEBEF

"
BVUPSB
GPSUBMFDF
BUSBWÊT
EFTTBT
MFJUVSBT
B
DPODFQÉÈP
EF
RVF
B
DBEB

FTQFDJBMJEBEF
FDPOÔNJDB
RVF
B
DJEBEF
DPOIFDF
BP
MPOHP
EF
TVB
IJTUÓSJB
P

FTQBÉP
VSCBOP
Ê
SFFTUSVUVSBEP
QSPEV[JEP
F
BNQMJBEP
QBSB
HBSBOUJS
F
WJBCJ
MJ[BS
OPWBT
FDPOPNJBT

/FTTB
MJOIB
EF
JOUFSQSFUBÉÈP
SBDJPOB
B
FYQBOTÈP
VSCBOB
EF
.PTTPSÓ

OB
BUVBMJEBEF
DPN
BT
TVBT
FDPOPNJBT
NBKPSJUÃSJBT
TBM
GSVUJDVMUVSB
QFUSÓMFP

F
PT
TFSWJÉPT
RVF
EFNBOEBN
EPT
NFTNPT
*ODPSQPSB
P
QBQFM
EBT
QPMÎUJDBT

QÙCMJDBT
F
EP
QPEFS
MPDBM
OFTTF
QSPDFTTP
F
BHSFHB
VN
PVUSP
FMFNFOUP
JO
EV[JEPS
EFTTB
FYQBOTÈP
VSCBOB
m
BT
QPQVMBÉ×FT
RVF
NJHSBN
QBSB
.PTTPSÓ

RVFS
TFKB
EB
TVB
ÃSFB
SVSBM
PV
EPT
NVOJDÎQJPT
RVF
FTUÈP
TPC
TVB
JOáVFODJB

SFHJPOBM

&YQMJDBS
QPSUBOUP
B
FYQBOTÈP
EF
.PTTPSÓ
OP
QFSÎPEP
EF

B


GPJ
P
EFTBàP
RVF
"SJTUPUFMJOB
TF
QSPQÔT
B
FOGSFOUBS
F
GF[
DPN
NVJUB
DPNQF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
UËODJB
QPJT
BMÊN
EF
SFMBDJPOBS
BT
FDPOPNJBT
BUVBJT
F
BT
QPMÎUJDBT
QÙCMJDBT

DPN
P
DSFTDJNFOUP
EB
DJEBEF
JEFOUJàDB
BUSBWÊT
EF
VN
USBCBMIP
EF
DBNQP
B

PDVQBÉÈP
EPT
CBJSSPT
QFSJGÊSJDPT
F
BT
GPSNBT
EF
IBCJUBÉÈP
RVF
FTTB
QPQVMBÉÈP

QPCSF
DPOTUSPFN
QBSB
BT
TVBT
NPSBEJBT
$BSUPHSBGB
QPS
QFSÎPEPT
PT
OPWPT

FTQBÉPT
JODPSQPSBEPT
TPCSF
B
GPSNB
EF
CBJSSPT
BP
UFSSJUÓSJP
EB
DJEBEF
F
DPN

P
TFV
PMIBS
EF
PCTFSWBEPS
BUFOUP
RVF
DBSBDUFSJ[B
UPEP
CPN
HFÓHSBGP
QBTTFJB

QFMB
HFPHSBàB
EB
DJEBEF
MJTUBOEP
BT
BOUJHBT
GPSNBT
RVF
TF
SFOPWBN
QPS

DVNQSJS
PVUSBT
GVOÉ×FT
EJGFSFOUFT
EBRVFMBT
QBSB
BT
RVBJT
GPSBN
DSJBEBT
&

DPN
JTTP
QSPEV[JS
FTTF
UFYUP
EF
MFJUVSB
PCSJHBUÓSJB
QBSB
UPEPT
BRVFMFT
RVF

RVFSFN
FTUVEBS
BT
DJEBEFT
CSBTJMFJSBT
RVF
FYFSDFN
VNB
GVOÉÈP
EF
DFOUSP

SFHJPOBM
&
NBJT
PCSJHBUÓSJB
BJOEB
QBSB
UPEPT
OÓT
NPTTPSPFOTFT
DPNP
VNB

GPSNB
EF
BCBTUFDFS
B
OPTTB
QBJYÈP
F
P
TFOUJNFOUP
EF
QFSUFODJNFOUP
B
FTTF

DIÈP
RVF
7JOHU6O
GF[
UPEPT
OÓT
BDSFEJUBSNPT
RVF
Ê
TBHSBEP

+PTÊ
-BDFSEB
"MWFT
'FMJQF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 680È5,2

 ,1752'8d­2
 352&(662 +,67Ï5,&2 '( )250$d­2 '$ &,'$'(
±23$66$'2&202(/8&,'$'25'235(6(17(
2(PSyULR&RPHUFLDOHD3URGXomRGR(VSDoR8UEDQR
 26DODV$JURLQG~VWULDV $&ULVHGDV(FRQRPLDV7UDGLFLRQDLV
H6HXV5HÀH[RVQR8UEDQR

 $',1Æ0,&$(&21Ð0,&$($&,'$'(
 $$WLYLGDGH6DOLQHLUD
 $$WLYLGDGH3HWUROtIHUD
 $)UXWLFXOWXUD,UULJDGD

 (;3$16­2'$&,'$'(
 $V3ROtWLFDV3~EOLFDVHD3URGXomRGR(VSDoR
8UEDQRGH0RVVRUy
 $&LGDGH5H&RQVWUXtGD±D6HJUHJDomR6RFLRHFRQ{PLFDHD
3URGXomR(VSRQWkQHDGD&LGDGH

 &216,'(5$d®(6),1$,6

 5()(5Ç1&,$6
 ,QWURGXomR

8
NB
QFTRVJTB
RVF
WJTB
BOBMJTBS
P
QSPDFTTP
EF
FWPMVÉÈP
EF
RVBMRVFS

DJEBEF
B
QBSUJS
EF
TVB
PSHBOJ[BÉÈP
BUVBM
Ê
QPS
EFàOJÉÈP
VN
FT
UVEP
EJOÄNJDP
EF
FTUSVUVSB
VSCBOB
1BSB
FWJUBS
DBJS
OP
FNQJSJT
NP
EB
NFSB
EFTDSJÉÈP
HFPHSÃàDB
GB[TF
OFDFTTÃSJP
RVF
TF
SFMBDJPOF
B
DBEB

NPNFOUP
B
PSHBOJ[BÉÈP
JOUFSOB
EB
DJEBEF
DPN
P
QSPDFTTP
EF
FWPMVÉÈP
EB

GPSNBÉÈP
TPDJBM
QPJT
TÓ
BTTJN
TFSÃ
QPTTÎWFM
JOUFHSBS
FTUSVUVSB
F
QSPDFTTP

GPSNB
F
GVOÉÈP
FTQBÉP
F
UFNQP
QFSNJUJOEP
B
DPNQSFFOTÈP
EB
UPUBMJEBEF

TPDJBM
CFN
DPNP
EF
TVB
FWPMVÉÈP
F
TVB
FTQBDJBMJ[BÉÈP
JTUP
Ê
i<>
DPNP
PT

IPNFOT
PSHBOJ[BN
TVB
TPDJFEBEF
P
FTQBÉP
F
DPNP
B
DPODFQÉÈP
F
P
VTP
RVF
P
IPNFN
GB[

EP
FTQBÉP
TPGSFN
NVEBOÉBTu
.JMUPO
4BOUPT

Q


"
BOÃMJTF
EP
NPNFOUP
BUVBM
Ê
QPJT
P
QPOUP
EF
QBSUJEB
EP
FTUVEP
EB

FTUSVUVSB
VSCBOB
FNCPSB
FMB
TÓ
OÈP
CBTUF
­
QSFDJTP
JS
BMÊN
F
EFNPOTUSBS

RVF
NPNFOUPT
BUVBJT
TÈP
UBNCÊN
JOáVFODJBEPT
QPS
NPNFOUPT
BOUFSJPSFT

RVF
MFHBSBN
BP
FTQBÉP
BUVBM
GPSNB
F
DPOUFÙEP

"
DJEBEF
QPEF
TFS
WJTUB
DPNP
VNB
DPMFÉÈP
EF
GPSNBT
HFPHSÃàDBT
BT

RVBJT
TFKBN
CBJSSPT
TFKBN
FEJGÎDJPT
QPEFN
TFS
BOBMJTBEBT
FN
UFSNPT
EF

GPSNBBQBSËODJB
F
GPSNBDPOUFÙEP
2VBOEP
BOBMJTBEB
BQFOBT
TPC
P
DSJUÊSJP

EF
GPSNBBQBSËODJB
B
DJEBEF
Ê
WJTUB
DPNP
DPOTUSVÎEB
EF
GPSNBT
BOUJHBT
UFT
UFNVOIPT
EF
QFSÎPEPT
BOUFSJPSFT
EF
PSHBOJ[BÉÈP
TPDJBM
F
EF
GPSNBT
OPWBT

DBSBDUFSÎTUJDBT
EF
NPNFOUPT
NBJT
SFDFOUFT
EB
FTUSVUVSB
TPDJBM
/P
QSFTFOUF

NPNFOUP
QPS
FYFNQMP
B
DJEBEF
EF
.PTTPSÓ
QPTTVJ
CBJSSPT
POEF
QSFEPNJ
OBN
BOUJHBT
SFTJEËODJBT
WFMIPT
BSNB[ÊOT
F
FEJGÎDJPT
QÙCMJDPT
m
DPNP
OPT

CBJSSPT
EP
$FOUSP
"MUP
EB
$PODFJÉÈP
F
%P[F
"OPT

RVF
TF
JODPSQPSBN
F

HBOIBN
OPWPT
DPOUFÙEPT
EFUFSNJOBEPT
QFMBT
GVOÉ×FT
F
QSPDFTTPT
BUVBJT

"T
GPSNBTBQBSËODJB
PV
GPSNBT
NPSGPMÓHJDBT
SFQSFTFOUBN
FOUÈP

VNB
BDVNVMBÉÈP
EF
UFNQP
F
TVB
DPNQSFFOTÈP
EFTTF
QPOUP
EF
WJTUB
EFQFOEF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
EP
DPOIFDJNFOUP
EP
RVF
GPSBN
PT
EJWFSTPT
NPNFOUPT
EF
PSHBOJ[BÉÈP
TPDJBM

QFMPT
RVBJT
QBTTPV
VN
EFUFSNJOBEP
FTQBÉP
.*-50/
4"/504



1PSUBOUP
BT
GPSNBT
OÈP
QPTTVFN
BQFOBT
VNB
BQBSËODJB
FYUFSJPS
NBT

UBNCÊN
QPTTVFN
VN
DPOUFÙEP
JTUP
Ê
SFBMJ[BN
VNB
GVOÉÈP
&
FTUB
GVOÉÈP

Ê
EFUFSNJOBEB
FYDMVTJWBNFOUF
QFMP
QFSÎPEP
BUVBM
EB
FTUSVUVSB
TPDJBM
'PS
NBTBQBSËODJBT
BOUJHBT
QPEFN
QPJT
TFS
EFTUJOBEBT
B
SFBMJ[BS
GVOÉ×FT
UP
UBMNFOUF
EJTUJOUBT
EBRVFMBT
QBSB
BT
RVBJT
GPSBN
DSJBEBT
QPEFN
JODMVTJWF

EFTBQBSFDFS
TF
BTTJN
P
EFUFSNJOBS
B
EJOÄNJDB
EB
FTUSVUVSB
TPDJBM

%BEP
RVF
P
FTQBÉP
SFáFUF
B
DBEB
NPNFOUP
BT
DBSBDUFSÎTUJDBT
EB
PS
HBOJ[BÉÈP
EF
VNB
TPDJFEBEF
B
PSEFN
FTQBDJBM
EF
VNB
DJEBEF
PV
TFKB
TVB

FTUSVUVSB
VSCBOB
SFáFUJSÃ
UBNCÊN
P
SFTVMUBEP
EP
DPOGSPOUP
SFBKVTUF
PV

SFDPNQPTJÉÈP
EPT
TJTUFNBT
RVF
DPOTUJUVFN
B
TPDJFEBEF
1PS
FTTB
SB[ÈP
P
FT
UVEP
EB
FTUSVUVSBÉÈP
EB
DJEBEF
OÈP
QPEF
TFS
GFJUP
TFQBSBEBNFOUF
EP
FTUVEP

EP
QSPDFTTP
EF
FWPMVÉÈP
EB
TPDJFEBEF
/FTTF
TFOUJEP
BàSNB
$BTUFMMT


7***

i<>
P
FTQBÉP
OÈP
Ê
JOEFQFOEFOUF
EB
FTUSVUVSB
TPDJBM
Ê
JTUP
TJN
B
FYQSFTTÈP

DPODSFUB
EF
DBEB
GBTF
IJTUÓSJDB
OB
RVBM
VNB
TPDJFEBEF
TF
FTQFDJàDBu
"
BàSNBÉÈP

EF
$BTUFMMT
OÈP
EFWF
FOUSFUBOUP
MFWBS
Æ
TVQPTJÉÈP
EF
RVF
P
FTQBÉP
Ê
VNB

NBUÊSJB
JOFSUF
i<>
VN
TJNQMFT
QBOP
EF
GVOEP
OP
RVBM
TÈP
JOTDSJUBT
BT
BÉ×FT
EF

DMBTTFT
F
JOTUJUVJÉ×FT
BUSBWÊT
EP
UFNQPu
$PN
FGFJUP
TF
PT
QSPDFTTPT
TPDJBJT
EÈP

BP
FTQBÉP
VNB
GPSNB
VNB
GVOÉÈP
VNB
TJHOJàDBÉÈP
TPDJBM
DPOàHVSBÉ×FT

OPWBT
PV
NPEJàDBEBT
FTUF
UBNCÊN
JOáVFODJB
P
EFTFOWPMWJNFOUP
EFTTFT

NFTNPT
QSPDFTTPT
OP
EFDPSSFS
EP
UFNQP
JOTUJUVDJPOBMJ[BOEPPT
PV
NPEJ
àDBOEPPT

/P
DBTP
FTQFDÎàDP
EF
.PTTPSÓ
PT
QSPDFTTPT
TPDJBJT
RVF
GPSNBUBN
B

DJEBEF
F
EJOBNJ[BN
B
TVB
TPDJFEBEF
TÈP
NBSDBEPT
QPS
VNB
SFFTUSVUVSBÉÈP

FDPOÔNJDB
DPN
SFáFYPT
FN
UPEP
P
UFSSJUÓSJP
NVOJDJQBM
QSJODJQBMNFOUF
OP

FTQBÉP
VSCBOP
POEF
FTTBT
FDPOPNJBT
GB[FN
B
TVB
QSPEVÉÈP
PV
P
QSPDFTTP
EF

HFTUÈP
USBOTGPSNBÉÈP
F
FTDPBNFOUP
EPT
TFVT
QSPEVUPT
F
TFSWJÉPT

0
PCKFUJWP
EFTUF
USBCBMIP
Ê
QSPDVSBS
FOUFOEFS
DPNP
TF
EFV
B
FYQBO
TÈP
VSCBOB
EF
.PTTPSÓ
EF

B

F
RVBJT
PT
BHFOUFT
QSPNPWFEPSFT

EF
UBM
FYQBOTÈP
1BSB
UBOUP
TFN
QSFUFOEFS
FMBCPSBS
VN
JOWFOUÃSJP
PV
VN

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EPDVNFOUP
IJTUÓSJDP
USBUBSFNPT
BRVJ
EB
BOÃMJTF
EP
QSPDFTTP
EF
VSCBOJ[BÉÈP

EB
DJEBEF
EF
.PTTPSÓ
B
QBSUJS
EF
VN
PMIBS
P
EF
FOUFOEFS
BT
PSJHFOT
EB
TVB

SFDFOUF
F
FYQSFTTJWB
FYQBOTÈP
VSCBOB
F
TVBT
SFMBÉ×FT
DBNQPDJEBEF
F
QSJO
DJQBMNFOUF
EF
TVBT
SFMBÉ×FT
DPN
BT
BUJWJEBEFT
FDPOÔNJDBT
FTUBCFMFDJEBT
OP

EFDPSSFS
EP
TFV
QSPDFTTP
EF
FYQBOTÈP
PV
DPNP
NVJUPT
QSFGFSFN
EF
DSFTDJ
NFOUP
%F
NBOFJSB
HFSBM
P
SFDPSUF
UFNQPSBM
QSJWJMFHJPV
P
JOÎDJP
EB
EÊDBEB

EF

DPOTJEFSBOEPP
VN
NBSDP
QBSB
B
DPOTPMJEBÉÈP
EB
NFDBOJ[BÉÈP

TBMJOFJSB
EB
BHSJDVMUVSB
JSSJHBEB
F
QBSB
B
JOTUBMBÉÈP
EB
1FUSPCSÃT
OB
DJEBEF

FORVBOUP
PT
ÙMUJNPT
BOPT
EF

B

TÈP
DPOTJEFSBEPT
QFSÎPEP
TJHOJ
àDBUJWP
EF
NVJUBT
NPEJàDBÉ×FT
OB
DJEBEF

)Ã
VNB
TÊSJF
EF
WBSJÃWFJT
F
JOEJDBEPSFT
JOUFSEFQFOEFOUFT
RVF
UBN
CÊN
à[FSBN
QBSUF
EF
OPTTBT
QSFPDVQBÉ×FT
FNCPSB
UFOIBN
TJEP
QSJWJMF
HJBEPT
PT
BTQFDUPT
RVF
SFáFUFN
NBJT
GPSUFNFOUF
BT
DPOEJÉ×FT
BUVBJT
BRVJ

FOUFOEJEBT
DPNP
i<>
PT
QSPDFTTPT
F
TJUVBÉ×FT
TPDJBJT
RVF
JODPSQPSNF
PV
NPTUSFN

UFOEËODJB
B
JOUSPEV[JS
BMHP
OPWP
JTUP
Ê
JOPWBSu
4ÃODIF[

Q

3FT
TBMUFTF
QPSÊN
B
JNQPTTJCJMJEBEF
EF
BCPSEBS
UPEPT
PT
BTQFDUPT
F
QSPCMF
NBT
EFDPSSFOUFT
EFTTB
OPWB
SFBMJEBEF
NFTNP
QPSRVF
OPTTB
JOUFOÉÈP
OÈP

GPJ
SFBMJ[BS
VN
MFWBOUBNFOUP
FYBVTUJWP
EF
UPEBT
BT
WBSJÃWFJT
RVF
QPEFSJBN

TFS
QFTRVJTBEBT
F
FTDMBSFDFEPSBT
EB
FYQBOTÈP
VSCBOB
EF
.PTTPSÓ
%BEB
B

DPNQMFYJEBEF
EP
UFNB
F
B
RVBOUJEBEF
EF
WBSJÃWFJT
FOWPMWJEBT
JNQÔTTF
B

FTDPMIB
EF
BMHVNBT
RVFTU×FT
DPN
BT
RVBJT
GPTTF
QPTTÎWFM
SFDPOIFDFS
i<>

B
FTQFDJàDJEBEF
EP
OPWP
F
TVB
EFàOJÉÈP
FTUSVUVSBM
F
GVODJPOBM
BT
DPNCJOBÉ×FT
DPN

PT
GBUPSFT
IFSEBEPT
F
P
TFV
NPWJNFOUP
EF
DPOKVOUP
HPWFSOBEP
QFMPT
GBUPSFT
OPWPT

QSFTFOUFT
MPDBMNFOUF
PV
OÈP
F
UBNCÊN
PT
SJUNPT
EF
NVEBOÉBT
F
TVBT
DPNCJOBÉ×FTu

4BOUPT
B
Q


/P
QSJNFJSP
DBQÎUVMP
Ê
BQSFTFOUBEP
P
QBTTBEP
DPNP
FMVDJEBEPS
EP

QSFTFOUF
FN
RVF
P
QSPDFTTP
IJTUÓSJDP
EF
GPSNBÉÈP
EB
DJEBEF
Ê
OBSSBEP

JOJDJBOEPTF
DPN
VNB
EFTDSJÉÈP
EP
FOUÈP
i4ÎUJP
EF
4BOUB
-V[JBu
B
QBSUJS
EF


3FQSPEV[JNPT
BMHVOT
DSPRVJT
F
EFTFOIPT
RVF
SFHJTUSBWBN
OP
QBQFM

B
GVUVSB
.PTTPSÓ
TVBT
SVBT
TVB
QSJNFJSB
FTQFDJBMJEBEF
FDPOÔNJDB
DPNP
P

&NQÓSJP
$PNFSDJBM
BT
PàDJOBT
EF
DBSOF
TFDB
RVF
TF
CFOFàDJBWBN
EB
QSPEV

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
ÉÈP
OBUVSBM
EP
TBM
FN
.PTTPSÓ
F
BT
BHSPJOEÙTUSJBT
3FTTBMUBNPT
QPSÊN
RVF

UVEP
GPJ
BOBMJTBEP
OB
QFSTQFDUJWB
EF
BQSFFOEFS
PT
SFCBUFT
EFTTBT
FDPOPNJBT

OB
DJEBEF
"
QSFPDVQBÉÈP
DPN
P
NPWJNFOUP
EP
SFBM
F
B
OFDFTTJEBEF
EF

TVB
BQSFFOTÈP
VMUSBQBTTPV
PT
MJNJUFT
EP
USBCBMIP
OP
TFOUJEP
EF
FOUFOEFS
P

DPOUFÙEP
EP
QSPDFTTP
FTQBDJBM
F
TVB
TJHOJàDÄODJB
OB
WJEB
DPUJEJBOB
FTQFDJ
àDBNFOUF
OP
VSCBOP

&N
TFHVJEB
B
QBSUJS
EP
TFHVOEP
DBQÎUVMP
F
BUÊ
ÆT
ÙMUJNBT
QÃHJ
OBT
EFTUF
WBNPT
BOBMJTBS
BT
BUJWJEBEFT
FDPOÔNJDBT
RVF
TF
QSPDFTTBN
OP

UFSSJUÓSJP
NPTTPSPFOTF
QPS
BDSFEJUBSNPT
TFSFN
FTUBT
QSPNPUPSBT
EF
VNB

OPWB
PSHBOJ[BÉÈP
TPDJBM
DPN
SFáFYPT
OB
FYQBOTÈP
VSCBOB
F
RVF
QPEFSÈP

OPT
DPOEV[JS
Æ
DPNQSFFOTÈP
EFTTF
QSPDFTTP
"TTJN
P
QPOUP
EF
QBSUJEB
EB

JOWFTUJHBÉÈP
EB
BOÃMJTF
EP
VSCBOP
GPJ
B
EJOÄNJDB
FDPOÔNJDB
HFSBEB
QFMBT

BUJWJEBEFT
TBMJOFJSB
QFUSPMÎGFSB
F
EB
GSVUJDVMUVSB
JSSJHBEB
OB
QSFPDVQBÉÈP

DFOUSBM
EF
BQSFFOEFS
P
NPWJNFOUP
EFTTBT
FDPOPNJBT
JOFSFOUF
BP
QSPDFTTP
EB

FYQBOTÈP
VSCBOB
EF
.PTTPSÓ

/FTTF
TFOUJEP
P
GPDP
DFOUSBM
EFTUB
BOÃMJTF
OÈP
Ê
B
iMPDBMJ[BÉÈPu
EP

FYFSDÎDJP
EBT
BUJWJEBEFT
TVQSBDJUBEBT
NBT
BT
JOUFSSFMBÉ×FT
FTUBCFMFDJEBT

DPN
FTTBT
BUJWJEBEFT
OP
QSPDFTTP
EB
EJOÄNJDB
VSCBOB
F
TVB
FYQBOTÈP
QBSB

BTTJN
FOUFOEFS
B
DJEBEF
FORVBOUP
QSPDFTTP
1BSB
UBOUP
QBSUJNPT
EB
BOÃ
MJTF
EP
QSPDFTTP
QSPEVUJWP
GVOEBNFOUBEP
OFTTBT
USËT
BUJWJEBEFT
OP
FTQBÉP

VSCBOP
#BTFBNPOPT
OP
GBUP
EF
RVF
OP
QSPDFTTP
EF
QSPEVÉÈP
DBQJUBMJTUB

BT
BUJWJEBEFT
TBMJOFJSB
QFUSPMÎGFSB
F
EB
GSVUJDVMUVSB
JSSJHBEB
BTTVNJSBN
P

QBQFM
EJSJHFOUF
EB
FDPOPNJB
TVCPSEJOBOEP
DSJBOEP
F
SFEFàOJOEP
PVUSBT

BUJWJEBEFT
JTTP
TFOEP
QPTTÎWFM
B
UPEP
NPNFOUP
DPN
B
SFHËODJB
EP
&TUBEP

F
EBT
TVBT
QPMÎUJDBT

/FTUF
FOUFOEJNFOUP
EF
SFMBDJPOBS
B
EJOÄNJDB
FDPOÔNJDB
DPN
B
FY
QBOTÈP
VSCBOB
EB
DJEBEF
B
QSJNFJSB
FDPOPNJB
B
TFS
BOBMJTBEB
OFTTB
QFSTQFD
UJWB
Ê
B
TBMJOFJSB
1BSB
JTTP
TÈP
BQSFTFOUBEBT
BT
DBSBDUFSÎTUJDBT
EB
QBTTBHFN

EF
VNB
QSPEVÉÈP
TBMJOFJSB
BSUFTBOBM
Æ
NFDBOJ[BEB
CFN
DPNP
BMHVNBT
SF
áFY×FT
Æ
MV[
EPT
RVF
FTUVEBSBN
F
SFáFUJSBN
TPCSF
FTTB
NVEBOÉB
OP
QSPDFTTP

QSPEVUJWP
F
TVBT
DPOTFRÛËODJBT
OB
DJEBEF
EF
.PTTPSÓ
&N
TFHVJEB
EJTDPS

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

SFNPT
BJOEB
TPCSF
B
QBSUJDJQBÉÈP
BUVBM
EFTTB
FDPOPNJB
OB
WJEB
TPDJPFDPOÔ
NJDB
EB
DJEBEF
DSJBOEP
FTQBÉPT
PSHBOJ[BEPT
F
FTQFDJBMJ[BEPT
RVF
WÈP
UFS

QBSUJDJQBÉÈP
OB
FYQBOTÈP
EFTUB

"
TFHVOEB
QBSUF
EB
i%JOÄNJDB
FDPOÔNJDB
F
B
DJEBEFu
BQSFTFOUB

DPNP
RVBESP
EF
SFGFSËODJB
B
BUJWJEBEF
QFUSPMÎGFSB
1BSB
UBOUP
TFSÈP
DPOTJ
EFSBEPT
PT
BTQFDUPT
EB
JNQMBOUBÉÈP
EB
1FUSPCSÃT
OB
DJEBEF
m
BT
FTUSVUVSB

DSJBEBT
BT
NVEBOÉBT
MFHBEBT
Æ
DJEBEF
DPN
B
JNQMBOUBÉÈP
EB
FNQSFTB
F
TFVT

SFáFYPT
OB
FYQBOTÈP
VSCBOBFDPOÔNJDB
FYQSFTTBT
OB
PSHBOJ[BÉÈP
EF
FTQBÉPT

FTQFDJBMJ[BEPT
DSJBÉÈP
EF
CBJSSPT
EF
OPWPT
TFSWJÉPT
F
BVNFOUP
EB
DJSDVMBÉÈP

àOBODFJSB
OB
DJEBEF

"
UFSDFJSB
QBSUF
EFTUF
DBQÎUVMP
SFGFSFTF
B
VNB
PVUSB
BUJWJEBEF
RVF

QSPNPWF
EJOBNJTNP
OB
FDPOPNJB
F
OP
FTQBÉP
VSCBOP
B
GSVUJDVMUVSB
JS
SJHBEB
1BSB
P
FOUFOEJNFOUP
EB
JNQMBOUBÉÈP
EFTTB
FDPOPNJB
MFWBOUBNPT

JOGPSNBÉ×FT
RVF
QSPQPSDJPOBSBN
B
BOÃMJTF
EF
VNB
TÊSJF
EF
QSPHSBNBT
HP
WFSOBNFOUBJT
WPMUBEPT
QBSB
JOGSBFTUSVUVSB
QFTRVJTB
UFDOPMÓHJDB
DSÊEJUP

BHSÎDPMB
FOUSF
PVUSPT
RVF
QBUSPDJOBSBN
VNB
WFSEBEFJSB
SFWPMVÉÈP
OB
BUJ
WJEBEF
BHSÎDPMB
OP
NFJP
SVSBM
CSBTJMFJSP
FTQFDJàDBOEP
DPNP
.PTTPSÓ
TF
JO
DMVJ
OFTTBT
QPMÎUJDBT
RVF
WJBCJMJ[BSBN
B
BHSJDVMUVSB
JSSJHBEB
QBSB
B
QSPEVÉÈP

EF
GSVUBT
USPQJDBJT
CFN
DPNP
BT
DPOTFRÛËODJBT
TPDJPFTQBDJBJT
EFDPSSFOUFT

EFTTBT
QPMÎUJDBT
EP
&TUBEP
F
EBT
FNQSFTBT
GSVUJDVMUPSBT
RVF
WÈP
UFS
QBQFM

JNQPSUBOUF
OB
NPEJàDBÉÈP
EP
NFJP
SVSBM
F
SFáFYPT
OB
FYQBOTÈP
VSCBOB
EB

DJEBEF

$PN
CBTF
OB
MJOIB
EF
SFáFYÈP
UFÓSJDB
EP
HFÓHSBGP
.ÎMUPO
4BOUPT

RVF
EFGFOEF
DPOTUJUVJS
B
UÊDOJDB
DPNQPOFOUF
FTTFODJBM
QBSB
B
FQJTUFNPMPHJB

EP
FTQBÉP
NFTNP
DPNQSFFOEFOEP
FTUBS
MPOHF
EF
TFS
VNB
FYQMJDBÉÈP
EB

IJTUÓSJB
EFTUBDBNPT
P
QBQFM
EB
DJËODJB
EB
UFDOPMPHJB
F
EB
JOGPSNBÉÈP
DPNP

CBTF
EB
NPEFSOJ[BÉÈP
TPDJPFDPOÔNJDB
EF
.PTTPSÓ
1BSB
JTTP
P
DPODFJUP
EF

NFJP
UÊDOJDPDJFOUÎàDPJOGPSNBDJPOBM
TFSÃ
VNB
SFGFSËODJB
EF
CPB
QBSUF
EB

OPTTB
BOÃMJTF
FN
RVF
QFSDFCFNPT
VNB
UFPSJB
HFPHSÃàDB
EP
FTQBÉP
DPNP

VN
DPOKVOUP
DPFSFOUF
EF
DPODFJUPT
F
DBUFHPSJBT
RVF
QSPQJDJBN
B
DPNQSF
FOTÈP
EBT
GPSNBTDPOUÊVEP
FTQFDJBMNFOUF
DPN
P
JOTUSVNFOUBM
GVOEBNFO

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
UBEPS
EBT
QSFPDVQBÉ×FT
FOVODJBEBT
FN
UPSOP
EP
DPODFJUP
EF
NFJPUÊDOJDP
DJFOUÎàDPJOGPSNBDJPOBM
RVF
TFSJB
B
GBDF
EP
FTQBÉP
HFPHSÃàDP
OP
QFSÎPEP

EB
HMPCBMJ[BÉÈP

0
UFSDFJSP
F
ÙMUJNP
DBQÎUVMP
m
"
FYQBOTÈP
VSCBOB

FTUBCFMFDFSÃ
VNB

BSUJDVMBÉÈP
FOUSF
BT
FDPOPNJBT
BUÊ
FOUÈP
BQSFTFOUBEBT
OPT
DBQÎUVMPT
BOUF
SJPSFT
DPN
BT
QPMÎUJDBT
QÙCMJDBT
RVF
QSPNPWFN
B
FYQBOTÈP
EB
DJEBEF
/B

QSJNFJSB
QBSUF
FOGBUJ[BNPT
BT
QPMÎUJDBT
IBCJUBDJPOBJT
F
B
PSJHFN
F
VTP
EBT

SFDFJUBT
F
EFTQFTBT
QÙCMJDBT
OB
QSPNPÉÈP
EB
FYQBOTÈP
VSCBOB
DPN
EFT
UBRVF
QBSB
B
JOáVËODJB
EB
SFDFJUB
EPT
SPZBMUJFT
OB
EJOÄNJDB
TPDJPFTQBDJBM

VSCBOB
SFáFUJEB
OBT
BÉ×FT
FYFDVUBEBT
EJSFUB
PV
JOEJSFUBNFOUF
F
PSJVOEBT

EB
BUJWJEBEF
QFUSPMÎGFSB
OB
DJEBEF
1SPDVSBNPT
UBNCÊN
DPOIFDFS
RVBJT
BT

ÃSFBT
EB
DJEBEF
EFTUJOBEBT
BPT
NBJPSFT
JOWFTUJNFOUPT
QÙCMJDPT
F
QSJWBEPT
F

B
UFOEËODJB
EF
FYQBOTÈP
F
WBMPSJ[BÉÈP
GVUVSB

/B
TFHVOEB
QBSUF
EFTUF
DBQÎUVMP
 "
DJEBEF
SF
DPOTUSVÎEB
m
B
TF
HSFHBÉÈP
TPDJPFDPOÔNJDB
F
B
QSPEVÉÈP
FTQPOUÄOFB
EB
DJEBEF

FOUFOEFNPT

TFS
FTUF
P
SFWFSTP
EB
DJEBEF
QSPNJTTPSB
F
JEFBM
BUÊ
FOUÈP
WFSTBEB
FN
RVF
B

SFáFYÈP
JOEBHB
TPCSF
P
RVF
TJHOJàDB
NBJT
EF

EB
QPQVMBÉÈP
EP
NVOJDÎ
QJP
FTUBS
DPODFOUSBEB
OP
NFJP
VSCBOP
RVBM
B
SFMBÉÈP
EFTTB
EFOTJEBEF
QPQV
MBDJPOBM
OP
VSCBOP
DPN
B
NJHSBÉÈP
QBSB
B
DJEBEF
P
EÊàDJU
IBCJUBDJPOBM
RVF

Ê
NBUFSJBMJ[BEP
OB
RVBOUJEBEF
EF
GBWFMBT
FYJTUFOUFT
F
BT
BÉ×FT
EPT
HFTUPSFT

QÙCMJDPT
QBSB
SFWFSUFS
UBM
TJUVBÉÈP

"T
GBWFMBT
FTUJHNBUJ[BEBT
QFMP
TFV
EFTBàP
Æ
QSPQSJFEBEF
QSJWBEB

TPGSFN
DPOTUBOUF
QSFTTÈP
EFWJEP
Æ
PDVQBÉÈP
JMFHBM
EPT
UFSSFOPT
VSCBOPT

QSJWBEPT
4ÈP
PCTUÃDVMPT
Æ
BUVBÉÈP
EB
FTQFDVMBÉÈP
JNPCJMJÃSJB
VNB
WF[

RVF
PDVQBN
NVJUBT
WF[FT
UFSSFOPT
TJUVBEPT
FN
ÃSFBT
CBTUBOUF
WBMPSJ[BEBT

DPNP
B
GBWFMB
EB
&4".
PV
FOUÈP
TVB
QSPYJNJEBEF
Ê
PCTUÃDVMP
ÆT
OFHPDJB
É×FT
QPEFOEP
BTTJN
EFTWBMPSJ[BSFN
ÃSFBT

3FáFUJSFNPT
B
SFTQFJUP
EB
HFTUÈP
EBT
QPMÎUJDBT
QÙCMJDBT
FTQFDJàDB
NFOUF
P
QBQFM
RVF
P
&TUBEP
EFTFNQFOIB
OFTTF
QSPDFTTP
i<>
TFKB
QFMB
BV
TËODJB
RVBOEP
GBDJMJUB
B
PDVQBÉÈP
DBÓUJDB
EP
FTQBÉP
m
TFKB
QFMB
QSFTFOÉB
m
RVBOEP

JNQ×F
GPSNBT
EF
PDVQBÉÈPu
#-":

Q

/FTUF
TFOUJEP
TÈP
BOBMJTBEBT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

BT
BÉ×FT
WPMUBEBT
QBSB
B
QSPNPÉÈP
EF
IBCJUBÉ×FT
F
EPUBÉÈP
EF
JOGSBFTUSV
UVSBT
Æ
DJEBEF
QPS
NFJP
EP
1SPHSBNB
EF
4VCTÎEJP
Æ
)BCJUBÉÈP

14)

F

EP
1SPHSBNB
EF
.FMIPSJB
)BCJUBDJPOBM
F
PVUSPT
1SPHSBNBT
EF
IBCJUBÉÈP

FYFDVUBEPT
OB
DJEBEF
EF
.PTTPSÓ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 352&(662+,67Ï5,&2'()250$d­2'$&,'$'(
23$66$'2&202(/8&,'$'25'235(6(17(

2(PSyULR&RPHUFLDOHD3URGXomRGR(VSDoR8UEDQR

3
FSUFODF
B
)FOSZ
,PTUFS
P
SFMBUP
EPT
NBJT
BOUJHPT
B
SFTQFJUP
EP

BHMPNFSBEP
RVF
TF
USBOTGPSNBSJB
NBJT
UBSEF
OB
DJEBEF
EF
.PTTPSÓ

RVF
TVSHJSB
DPNP
NVJUBT
EBT
DJEBEFT
CSBTJMFJSBT
EB
DPODFOUSBÉÈP

EB
QPQVMBÉÈP
FN
UPSOP
EF
VNB
DBQFMB
i"

EF
EF[FNCSP
ÆT

IPSBT
EB
NBOIÈ

DIFHÃWBNPT
BP
BSSBJBM
EF
4BOUB
-V[JB
RVF
DPOTUB
EF

PV

IBCJUBOUFT
'PJ

FEJàDBEP
OVN
RVBESÄOHVMP
UFOEP
VNB
JHSFKB
F
QFRVFOBT
DBTBT
CBJYBTu
,045&3

BQVE
$"4$6%0

Q


"
DJEBEF
QSPQSJBNFOUF
EJUB
TF
PSJHJOPV
EF

VN
QPWPBEP
TVSHJEP
FN

BQÓT
B
UPNBEB
EF
QPTTF
EP
TÎUJP
4BOUB
-V[JB

QFMP
4BSHFOUP.PS
"OUÔOJP
EF
4PVTB
.BDIBEP
RVF
FSB
EF
PSJHFN
QPSUVHVFTB

4FHVOEP
P
FTDSJUPS
OPSUFSJPHSBOEFOTF
/FTUPS
-JNB
OB
PCSB
i.VOJDÎQJPT

EP
3JP
(SBOEF
EP
/PSUF
.BDBÎCB
.BDBV
.BSUJOT
F
.PTTPSÓu

&TTF
BCBTUBEP
GB[FOEFJSP
àYPV
SFTJEËODJB
QPS
DFSDB
EF

OB
TVB

GB[FOEB
EF
DSJBS
HBEPT
i4BOUB
-V[JBu
F
KVOUBNFOUF
DPN
TFV
DPODV
OIBEP
DBQJUÈP
+PTÊ
"MWFT
EF
0MJWFJSB
FTUBCFMFDFV
iPàDJOBT
EF
DBSOF

TFDBu
QBSB
FYQPSUBÉÈP
/ÈP
TPNFOUF
FN
(SPTTPT
NBT
FN
WÃSJPT

PVUSPT
QPOUPT
EB
3JCFJSB
EP
"QPEJ
P
TBSHFOUPNÓS
4PV[B
.BDIBEP

QPTTVÎB
GB[FOEBT
i$BOUP
EP
+VODPu
i(ÓJTu
i(SPTTPTu
i5JCBVu
F

i1BOFMB
EP
"NBSPu
&NCPSB
SFTJEJTTF
FN
.BUB
'SFTDB
DPTUVNBWB

FMF
JOWFSOBS
OB
GB[FOEB
i4BOUB
-V[JBu
àOEBT
BT
ÃHVBT
EP
JOWFSOP
FMF

SFVOJB
P
HBEP
P
NBOEBWB
EFJYBS
OBT
iPàDJOBT
EF
DBSOFBÉÈPu
OB
GP[

EF
.PTTPSÓ
<>
&OUSFUBOUP
TÓ
B

EF
KBOFJSP
EF

P
TBSHFO
UPNPS
F
PT
TFVT
àMIPT
QFEJBN
F
PCUJOIBN
B
TFTNBSJB
EF
UFSSBT
RVF

QPTTVÎBN
OB
3JCFJSB
F
GB[JBN
NFOÉÈP
EB
TVB
GB[FOEB
i4BOUB
-V[JBu

-*."

Q
m




4FHVOEP
$BTDVEP
P
SFGFSJEP
UFYUP
EF
,PTUFS
GPJ
SFUJSBEP
EP
OP

EB
#SBTJMJBOB
JOUJUVMBEP
7JBHFOT
BP
/PSEFTUF
EP
#SBTJM

VNB
USBEVÉÈP
EB
QVCMJDBÉÈP
GFJUB
FN
-POESFT
FN

DPN
P
UÎUVMP
5SBWFMT
JO
#SB[JM

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 "OUÔOJP
EF
4PVTB
.BDIBEP
FSB
FOUÈP
P
QSPQSJFUÃSJP
EB
QSJNFJSB

GB[FOEB
EF
HBEP
MPDBMJ[BEB
OBT
QSPYJNJEBEFT
EP
SJP
.PÉPSÓ
&N
TFHVJEB

GPJ
FSHVJEB
B
DBQFMB
F
OP
FOUPSOP
EFTUB
BT
QSJNFJSBT
DBTBT
B
QSJNFJSB
SVB

m
3VB
EP
$PUPWFMP
'JHVSB



)LJXUD 0RVVRUyHP
)RQWH6LOYDS

0
NPTTPSPFOTF
3BJNVOEP
/POBUP
EB
4JMWB
OB
PCSB
&WPMVÉÈP
6SCB
OÎTUJDB
EF
.PTTPSÓ
BMÊN
EF
FMBCPSBS
F
QVCMJDBS
PT
QSJNFJSPT
USBÉPT
F
DPO
UPSOPT
EF
.PTTPSÓ

FTQBDJBMJ[BOEPB
OP
QBQFM
OPT
MFWPV
B
DPOIFDFS
DPNP

FSB
B
.PTTPSÓ
EFTTF
QFSÎPEP
F
JOEJDPV
UBNCÊN
B
MPDBMJ[BÉÈP
EF
BMHVNBT

EBT
TVBT
QSJNFJSBT
SVBT

%F
QSJODÎQJP
BT
SVBT
QVOIBN
PVUSPSB
B
TJ
QSÓQSJBT
PT
TFVT
OPNFT

"
RVBESB
EB
SVB
RVBTF
JNBHJOÃSJB
FSB
P
DPNFÉP
EF
4BOUB
-V[JB
EF

.PTTPSÓ
/ÈP
Ê
QPTTÎWFM
JOWPDBS
P
GBUPS
UFNQP
1PJT
FNCPSB
P
UFN
QP
FYJTUJOEP
OÈP
EFJYPV
NBSDB
OFN
SFHJTUSP
EPT
EJBT
EPT
BOPT
RVF

TF
BDVNVMBSBN
0
DFSUP
Ê
RVF
B
RVBESB
DSFTDFV
BNQMJPVTF
UPNPV

GPSNB
"T
DBTBT
TVSHJSBN
QFMPT
TFVT
MBEPT
FN
MJOIB
SFUB
VNBT
FN

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 MJOIB
UPSUVPTB
PVUSBT
NBSDBOEP
VNB
DPNVOJEBEF
&TTF
BMJOIBNFO
UP
MBUFSBM
EF
DPOTUSVÉ×FT
RVF
GFDIBWBN
B
RVBESB
FSB
P
RVF
TF
QPEJB

DIBNBS
EF
SVBT
.BT
FTTBT
SVBT
OÈP
QPEJBN
UFS
OPNF
/ÈP
FSB
UFN
QP
BJOEB
EF
TFSFN
CBUJ[BEBT
4*-7"

Q



4JMWB


BJOEB
SFGPSÉB
RVF
OÈP
TF
EFWF
QÔS
FN
EÙWJEB
RVF
FTTB

RVBESB
EF
DBTBT
DIBNBEBT
EF
SVBT
FYJTUJB
FOUSF

F

QPJT
KÃ
FN


,PTUFS
EFTDSFWJB
P
QPWPBEP
EF
4BOUB
-V[JB
EF
.PTTPSÓ
FN
TFVT
FTDSJ
UPT
i"
RVBESB
EB
SVBu
EFTDSJUB
QPS
4JMWB
UBNCÊN
FTUÃ
QSFTFOUF
OB
PCSB
EF

-JNB


RVF
GF[
VNB
BOBMPHJB
EPT
FTQBÉPT
EBT
SVBT
EBT
EFOPNJOBÉ×FT

DPN
TVBT
DBSBDUFSÎTUJDBT
RVF
IBWJB
OP
UFNQP
QBTTBEP
F
BT
RVF
BJOEB
DPOTUB
WBN
OB
TVB
DPOUFNQPSBOFJEBEF

%F

B

B
QPWPBÉÈP
EF
.PTTPSÓ
DPOTUBWB
EF
VN
RVBESP

GSPOUFJSP
Æ
$BQFMB
EF
UBJQB
F
EF
BMHVNBT
DBTBT
EF
QBMIB
DVKPT
MBEPT

FOUÈP
TF
DIBNBWBN
3VB
EP
$PUPWFMP
IPKF
P
$PMÊHJP
%JPDFTBOP


3VB
EP
%FTUFSSP
BPT
MBEPT
EB
$BQFMB
3VB
%PNJOHPT
EB
$PTUB

IPKF
%S
"MNJOP
"GPOTP

F
B
3VB
1BESF
-POHJOP
FN
GSFOUF
BUVBM


EF
4FUFNCSP

-*."

Q


)JTUPSJDBNFOUF
FTUFT
BTQFDUPT
FTQBDJBJT
OÈP
TFSJBN
FMFNFOUPT
F
DB
SBDUFSÎTUJDBT
QFDVMJBSFT
F
FTQFDÎàDBT
EF
.PTTPSÓ
QPJT
BT
DJEBEFT
CSBTJMFJSBT

GPTTFN
FMBT
MJUPSÄOFBT
PV
EP
JOUFSJPS
SFáFUJBN
TFNQSF
VN
DSFTDJNFOUP
EF
TBMJOIBEP
F
FTQPOUÄOFP
1SBÉBT
F
SVBT
TVSHJBN
EF
GPSNB
NVJUP
EFTPSEFOBEB

0
BMJOIBNFOUP
EBT
SVBT
F
EBT
DBTBT
SFTVMUBWB
EB
JOJDJBUJWB
EB
WPOUBEF
F
EP

HPTUP
QFTTPBM
EPT
TFVT
NPSBEPSFT

/FTTFT
QSJNFJSPT
UFNQPT
EF
TVB
)JTUÓSJB
.PTTPSÓ
FSB
BCBTUFDJEB

QPS
"SBDBUJ

$&
BUSBWÊT
EPT
DPNCPJPT
WJOEPT
QFMP
DBNJOIP
EB
QSBJB
QPJT

"SBDBUJ
FSB
B
WJMB
EF
NBJPS
JNQPSUÄODJB
FDPOÔNJDB
EP
&TUBEP
EP
$FBSÃ
4VB

JOáVËODJB
DPNFSDJBM
FTUFOEJBTF
QSBUJDBNFOUF
B
UPEB
B
CBDJB
EP
+BHVBSJCF

2VBOUP
ÆT
SFMBÉ×FT
EF
.PTTPSÓ
DPN
P
TFSUÈP
EP
3JP
(SBOEF
EP
/PSUF
FTUBT

MJNJUBWBNTF
RVBTF
RVF
BP
DPNÊSDJP
EP
TBM
RVF
BT
DBOPBT
MFWBWBN
BUÊ
P

QPSUP
EF
4BOUP
"OUÔOJP
B
KVTBOUF
EF
.PTTPSÓ

EF
POEF
BT
USPQBT
FODBSSF
HBWBNTF
FOUÈP
EB
EJTUSJCVJÉÈP
QFMP
JOUFSJPS

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 &TTB
MJNJUBÉÈP
FDPOÔNJDB
RVF
SFTUSJOHJB
B
JOáVËODJB
EF
.PTTPSÓ

TPCSF
P
TFSUÈP
B
NPOUBOUF
QSPWPDPV
B
SFBÉÈP
EPT
IBCJUBOUFT
EP
QPWPBEP

RVBOEP
QPS
PDBTJÈP
EF
TVB
FMFWBÉÈP
B
'SFHVFTJB
QBTTPV
FMB
B
EFQFOEFS
EB

$PNBSDB
DVKB
TFEF
TF
FODPOUSBWB
OB
4FSSB
EF
.BSUJOT
&N
WJTUB
EJTTP
B

NFEJEB
GPJ
SFWPHBEB
F
.PTTPSÓ
JODPSQPSPVTF
Æ
$PNBSDB
EF
"ÉV
1BSB
MÃ
BT

DPNVOJDBÉ×FT
FSBN
TFN
EÙWJEB
CFN
NBJT
GÃDFJT
F
GBWPSÃWFJT
B
.PTTPSÓ

$PN
P
EFDPSSFS
EPT
BOPT
QPSÊN
Ê
RVF
BT
SJRVF[BT
SFHJPOBJT
QBTTB
SBN
B
TFS
BQSPWFJUBEBT
"
BCVOEÄODJB
EF
TBM
OÈP
TPNFOUF
EF
.PTTPSÓ
NBT

UBNCÊN
EBT
MPDBMJEBEFT
QSÓYJNBT
PT
BUVBJT
NVOJDÎQJPT
EF
(SPTTPT
"SFJB

#SBODB
F
.BDBV

à[FSBN
TVSHJS
OFTUB
ÃSFB
VNB
SVEJNFOUBS
BUJWJEBEF
JO
EVTUSJBM
CBTFBEB
OP
$PNÊSDJP
EP
QFJYF
GSFTDP
EP
TBM
EB
DBSOF
EF
DIBSRVF

QSFQBSBEB
OB
PàDJOB
RVF
EBSJB
PSJHFN
B
1PSUP
'SBODP

CFN
DPNP
EB
DFSB

EF
DBSOBÙCB
F
EP
BMHPEÈP

1PS
PVUSP
MBEP
B
*OEÙTUSJB
1BTUPSJM
OP
3JP
(SBOEF
EP
/PSUF
DSFTDJB

UBNCÊN
EF
UBM
GPSNB
RVF
PT
DSJBEPSFT
BMÊN
EF
GPSOFDFSFN
HBEP
ÆT
GFJSBT
F

BÉPVHVFT
EB
1BSBÎCB
F
EF
1FSOBNCVDP
TVTUFOUBWBN
B
MVDSBUJWB
*OEÙTUSJB

EBT
$BSOFT
4FDBT
àSNBEBT
FN
.PTTPSÓ
F
"ÉV
MVHBSFT
DPOIFDJEPT
DPNP

0àDJOBT
$PN
JTTP
BT
0àDJOBT
EF
$BSOF
4FDB
à[FSBN
EF
.PTTPSÓ
VNB
SFGF
SËODJB
FN
UPEB
B
3FHJÈP
/PSEFTUF
.PTTPSÓ
BCBTUFDJB
UPEB
B
SFHJÈP
BQFTBS

EF
FTUB
BUJWJEBEF
UFS
TJEP
BMWP
EF
NVJUBT
EJTQVUBT
F
EJWFSHËODJBT
QPS
QBSUF

EPT
&TUBEPT
WJ[JOIPT

&TUB
IJTUÓSJB
Ê
DPOUBEB
OP
BSUJHP
(PMQF
OBT
i0'*$*/"4u
QVCMJDBEP

OP
+PSOBM
5SJCVOB
EP
/PSUF
FN

EF
BCSJM
EF

F
FTDSJUP
QFMP
QFTRVJTBEPS

F
FTUVEJPTP
EBT
DBVTBT
OPSEFTUJOBT
 0UUP
EF
#SJUP
(VFSSB
RVF
EJTTFSUB
TPCSF

B
JNQPSUÄODJB
EF
.PTTPSÓ
OP
$PNÊSDJP
EF
$BSOF
QBSB
P
FTUBEP
EF
1FSOBN
CVDP
5BNCÊN
GB[FN
QBSUF
EBT
TVBT
QFTRVJTBT
BT
SB[×FT
EP
EFTBQBSFDJNFOUP

EBT
0àDJOBT
EF
$BSOF
4FDB
UBOUP
OPT
FTUBEPT
EP
3JP
(SBOEF
EP
/PSUF

RVBOUP
EP
$FBSÃ
.PTTPSÓ
FTUBWB
Æ
GSFOUF
EFTTB
BUJWJEBEF
QFMB
TVB
QSJWJMF
HJBEB
DPOEJÉÈP
OBUVSBM
m
BCVOEÄODJB
EF
TBM
 F
HFPHSÃàDB
m
MPDBMJ[BÉÈP
FTUSB
UÊHJDB
QBSB
EJTUSJCVJÉÈP
EBT
DBSOFT
TFDBT
"
MJEFSBOÉB
FYFSDJEB
QPS
.PTTPSÓ

OFTUB
BUJWJEBEF
JODPNPEBWB
PVUSPT
NVOJDÎQJPT
$POGPSNF
(VFSSB

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 0
QFSJHP
WJOIB
EFTEF
P
BOUFSJPS
HPWFSOBEPS
EF
1FSOBNCVDP
+PTÊ

$ÊTBS
EF
.FOFTFT
P
RVBM
FN
DBSUB
EF

EF
BHPTUP
EF

BP

.BSRVËT
EF
"OHFKB
FN
1PSUVHBM
EJ[JB
FTUBSFN
BT
QPQVMBÉ×FT
EP

3FDJGF
F
EPT
FOHFOIPT
EFTEF

TF
SFTTFOUJEP
EB
GBMUB
EF
DBSOF

WFSEF
&
DVMQBWB
BT
DIBSRVFBEBT
EP
"ÉV
F
EF
.PTTPSÓ
<>
%F
RVBM
RVFS
NBOFJSB
B
$ÄNBSB
OBUBMFOTF
DPN
FTUSFJUF[B
EF
WJTÈP
GPJ
QFMP

NFOPT
DPOJWFOUF
DPN
P
HPMQF
EFTGFSJEP
DPOUSB
B
JOEÙTUSJB
OPSUFSJP
HSBOEFOTF
FN
QMFOP
GVODJPOBNFOUP
&
P
DFSUP
Ê
RVF
P
HPWFSOBEPS

EF
1FSOBNCVDP
%
+PTÊ
5PNÃT
EF
.FMP
TVDFTTPS
EF
%
+PTÊ
$ÊTBS

EF
.FOF[FT
NBOEPV
FN

GFDIBS
BT
GÃCSJDBT
PV
iPàDJOBTu
EP

"ÉV
F
.PTTPSÓ
(6&33"



"T
QSFTT×FT
GFJUBT
QFMP
(PWFSOBEPS
EF
1FSOBNCVDP
+PTÊ
5PNÃT
EF

.FMP
RVF
OB
WFSEBEF
BEWJOIBN
EPT
TFOIPSFT
EF
FOHFOIP
UBOUP
EF
1FS
OBNCVDP
DPNP
EB
1BSBÎCB
F
UBNCÊN
EPT
NPSBEPSFT
EF
3FDJGF
RVF
TF
RVFJ
YBWBN
EB
FTDBTTF[
EF
DBSOF
GSFTDB
TÈP
UBNCÊN
SFHJTUSBEBT
QFMP
TPDJÓMPHP

(JMCFSUP
'SFZSF
OP
MJWSP
4PCSBEPT
F
.PDBNCPT

W
**
Q

'SFZSF

SFMBUB
B
KVTUJàDBUJWB
PGFSFDJEB
Æ
$PSUF
1PSUVHVFTB
QFMP
FOUÈP
(PWFSOP
EF

1FSOBNCVDP
i<>
WJOEP
B
DPMJEJS
RVF
OPT
1PSUPT
EF
"ÉV
F
.PTTPSÓ
EPOEF
QPEJBN

WJS
PT
HBEPT
FN
QÊ
QBSB
FTUB
QSBÉB
F
DPOTFHVJSTF
B
GBSUVSB
EF
DBSOF
GSFTDB
IBWJB

WÃSJBT
PàDJOBT
EF
TBMHBS
F
TFDBS
DBSOFT
<>
F
TVTQFOEJ
B
MBCVUBÉÈP
EBT
EJUBT
PàDJOBT

OPT
NFODJPOBEPT
1PSUPTu

"
DBSOF
CFOFàDJBEB
FN
.PTTPSÓ
F
UBNCÊN
OB
QPWPBÉÈP
EF
"ÉV

UFWF
QPSUBOUP
TVB
FYQPSUBÉÈP
QSPJCJEB
JNFEJBUBNFOUF
QPJT
GPJ
DPOTJEFSB
EB
QSFKVEJDJBM
BP
BCBTUFDJNFOUP
EF
DBSOF
GSFTDB
EF
3FDJGF
F
EB
SFHJÈP
DBOB
WJFJSB
0
DIBSRVF
OP
FOUBOUP
DPOUJOVPV
B
TFS
FYQPSUBEP
QPS
"SBDBUJ

%JBOUF
EFTTBT
QSFTT×FT
BT
DJEBEFT
F
WJMBT
QBTTBSBN
B
WJWFS
TPC
VNB

TFWFSB
WJHJMÄODJB
RVF
TFHVOEP
DPOTUB
FN
EPDVNFOUPT
OBEB
QPEJBN
QSP
EV[JS
BMÊN
EP
FYJHJEP
QFMB
$PSPB
&N
GFWFSFJSP
EF

1PSUVHBM
QSPJCJV

B
*OEÙTUSJB
EP
4BM
OB
1BSBÎCB
RVBOEP
P
SFJ
BTTJOBMBWB
RVF
PT
USBOTHSFTTPSFT

EB
-FJ
TFSJBN
DBTUJHBEPT

0
OÎWFM
EF
FYJHËODJBT
DIFHPV
B
UBM
QPOUP
RVF
FN

P
3JP
(SBO
EF
EP
/PSUF
F
BT
$BQJUBOJBT
EF
1FSOBNCVDP
F
EP
$FBSÃ
GPSBN
UBYBEBT
FN

iVN
NJMIÈP
F
EV[FOUPT
F
DJORÛFOUB
NJM
DSV[BEPT
QBSB
PT
DBTBNFOUPT
SFBJT
FOUSF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
QSÎODJQFT
F
QSJODFTBT
QPSUVHVFTFT
F
FTQBOIÓJTu
)03¦$*0
"-.&*%"


Q

"MÊN
EFTTBT
QSPJCJÉ×FT
F
JNQPTUPT
PVUSBT
SFDPNFOEBÉ×FT
FSBN
GFJUBT

SFMBDJPOBEBT
ÆT
SFTUSJÉ×FT
EBT
TBMHBT
EP
HBEP
F
EP
QFJYF
F
GBCSJDP
EP
TBM
%F
WJBN
UBNCÊN
PT
HPWFSOBEPSFT
QSPNPWFS
P
DPOTVNP
EF
UPEPT
PT
QSPEVUPT

EP
3FJOP
DPNP
WJOIPT
B[FJUF
F
NBOVGBUVSBT
"
EFQFOEËODJB
FDPOÔNJDB
B

RVF
GPJ
TVCNFUJEB
B
$BQJUBOJB
EP
3JP
(SBOEF
EP
/PSUF
BUÊ
ÆT
QSJNFJSBT

EÊDBEBT
EP
TÊDVMP
9*9
UPSOPVTF
VN
GBUPS
TJHOJàDBOUF
OB
MJNJUBÉÈP
EP
TFV

DSFTDJNFOUP
&N
UFSNPT
BENJOJTUSBUJWPT
EFQFOEJB
EB
$BQJUBOJB
EF
1FS
OBNCVDP
F
FORVBOUP
$PNBSDB
QFSUFODJB
Æ
1BSBÎCB

"QFTBS
EF
UVEP
JTTP
.PTTPSÓ
àSNPVTF
DPNP
&OUSFQPTUP
$PNFSDJBM

QPJT
DPOGPSNF
"OESBEF


i<>
B
EFQFOEËODJB
FN
RVF
B
$BQJUBOJB
WJWJB

FN
SFMBÉÈP
Æ
1BSBÎCB
F
1FSOBNCVDP
MIF
USB[JB
TÊSJPT
QSPCMFNBT
RVF
BTàYJBSBN
B

FDPOPNJB
F
P
EFTFOWPMWJNFOUP
EP
3JP
(SBOEF
EP
/PSUFu
&NCPSB
BT
DPOEJÉ×FT
EP

TFV
1PSUP
OÈP
QFSNJUJTTFN
WJBCJMJ[BS
VN
$PNÊSDJP
EF
VNB
NBJPS
SFMFWÄO
DJB
B
DJEBEF
EF
.PTTPSÓ
GPJ
HSBEBUJWBNFOUF
TF
DPOTPMJEBOEP
DPNP
SFQBTTB
EPSB
EF
QSPEVUPT
BHSÎDPMBT
QBSB
P
$PNÊSDJP
&YUFSJPS

.FTNP
BGBTUBEB
EB
MJEFSBOÉB
EP
$PNÊSDJP
EF
$BSOF
4FDB
.PTTPSÓ

DPOUJOVPV
B
VUJMJ[BS
P
TBM
DPNP
NFSDBEPSJB
QSPNPUPSB
F
GPNFOUBEPSB
EB

&DPOPNJB
EP
MVHBS
RVF
TFHVOEP
P
WJBKBOUF
JOHMËT
)FOSZ
,PTUFS
FN


RVBOEP
FOUÈP
WJTJUPV
.PTTPSÓ
P
MVHBS
FSB
BJOEB
VNB
QFRVFOB
QPWPBÉÈP

.BJT
UBSEF


PVUSPT
SFMBUPT
EFàOFN
BJOEB
.PTTPSÓ
DPNP
VN
QPWPBEP

QPCSF
QPTTVJEPS
EF
VN
$PNÊSDJP
JOTJHOJàDBOUF
MPDBMJ[BEP
OVNB
ÃSFB
QPS

FYDFMËODJB
QBTUPSJM
POEF
BT
BUJWJEBEFT
BHSÎDPMBT
TÓ
EFTGSVUBWBN
EF
BMHVNB

FYQSFTTJWJEBEF
BUSBWÊT
EB
$VMUVSB
EP
"MHPEÈP

&N

B
'SFHVFTJB
EF
4BOUB
-V[JB
EF
.PTTPSÓ
GPJ
EFTNFNCSBEB

EF
"QPEJ
NBT
TPNFOUF
FN

P
/ÙDMFP
6SCBOP
GPJ
FMFWBEP
Æ
DBUFHPSJB

EF
7JMB
F
EFTNFNCSBEP
EB
7JMB
EB
1SJODFTB
EB
$PNBSDB
EF
"ÉV
QPS
NFJP

EB
-FJ
EF
$SJBÉÈP
O

EF

EF
NBSÉP
EF

"
QBSUJS
EF
FOUÈP
B
QP
WPBÉÈP
DPNFÉPV
B
DSFTDFS
FNCPSB
NVJUP
MFOUBNFOUF

1PS
FTTB
ÊQPDB
UBNCÊN
TVSHJSBN
OP
/PSEFTUF
OPWBT
DJEBEFT
DPN
B

FYQBOTÈP
EP
$PNÊSDJP
EF
(BEP
.PTTPSÓ
FN
WJSUVEF
EF
TVB
TJUVBÉÈP
HFP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

HSÃàDB
QSJWJMFHJBEB
HBSBOUJB
VNB
CPB
DJSDVMBÉÈP
F
MJHBÉÈP
FOUSF
P
MJUPSBM
F
P

TFSUÈP
%VSBOUF
P
TÊDVMP
9*9
DPN
B
FYQBOTÈP
EB
DSJBÉÈP
EP
HBEP
F
BMHVNBT

QSPEVÉ×FT
BHSÎDPMBT
BMHVOT
QPWPBEPT
GPSBN
FMFWBEPT
Æ
DBUFHPSJB
EF
$JEBEF

F
Ê
OFTUF
QFSÎPEP
RVF
JTUP
TF
EÃ
UBNCÊN
DPN
.PTTPSÓ

/P
#SBTJM
BT
7JMBT
SFQSFTFOUBWBN
P
QSJNFJSP
EFHSBV
EB
WJEB
VSCBOB

&SBN
BHMPNFSBEPT
VSCBOPT
RVF
GVODJPOBWBN
DPNP
4FEF
EF
VN
%JTUSJUP

.VOJDJQBM
FORVBOUP
BT
$JEBEFT
EFTEF
P
1FSÎPEP
$PMPOJBM
TFNQSF
SFQSF
TFOUBSBN
QPS
GPSÉB
EB
-FJ
B
4FEF
EP
1PEFS
.VOJDJQBM
*TUP
TJHOJàDB
RVF
B

$JEBEF
TF
EFàOJSJB
QFMB
GVOÉÈP
QPMÎUJDPBENJOJTUSBUJWB
F
OÈP
QFMP
OÙNFSP

EF
IBCJUBOUFT

4FHVOEP
'FMJQF

Q

P
BOP
EF

NBSDPV
P
JOÎDJP
EB
FY
QBOTÈP
VSCBOB
EF
.PTTPSÓ
i<>
RVBOEP
B
$JB
1FSOBNCVDBOB
EF
/BWFHBÉÈP

$PTUFJSB
DPNFÉPV
B
GB[FS
FTDBMB
OPSNBM
OP
QPSUP
EF
.PTTPSÓu
IPKF
QPSUP
EF
"SFJB

#SBODB
1PJT
.PTTPSÓ
KÃ
FMFWBEB
B
7JMB
FODPOUSPV
FN

OB
TVCWFOÉÈP

DPODFEJEB
QFMP
(PWFSOP
1SPWJODJBM
Æ
$PNQBOIJB
1FSOBNCVDBOB
EF
/BWF
HBÉÈP
$PTUFJSB
VN
JODFOUJWP
BP
TFV
EFTFOWPMWJNFOUP
*TUP
QPSRVF
DPOTUBWB

EP
DPOUSBUP
FOUÈP
BTTJOBEP
VNB
DMÃVTVMB
RVF
JODMVÎB
.PTTPSÓ
DPNP
QPOUP

EF
FTDBMB
SFHVMBS
EB
SFGFSJEB
$PNQBOIJB
&TUF
GBUP
BQBSFOUFNFOUF
TJNQMFT

QSPWPDPV
USBOTGPSNBÉ×FT
JNQPSUBOUFT
OB
PSHBOJ[BÉÈP
EB
FOUÈP
JODJQJFOUF

WJEB
VSCBOB
EB
ÃSFB
TFUFOUSJPOBM
EBT
QSPWÎODJBT
EP
$FBSÃ
F
EP
3JP
(SBOEF

EP
/PSUF
5PSOBSBNTF
NBJT
GSFRÛFOUFT
BT
SFMBÉ×FT
DPN
B
DJEBEF
EF
3FDJ
GF
FN
EFUSJNFOUP
EBRVFMBT
RVF
IÃ
NVJUP
NBOUJOIB
DPN
"SBDBUJ
0
NP
WJNFOUP
DPNFSDJBM
BVNFOUPV
P
$PNÊSDJP
.BSÎUJNP
DPOTFHVJSB
P
RVF
PT

DPNCPJPT
OÈP
IBWJBN
QPEJEP
SFBMJ[BS
.PTTPSÓ
UPSOPVTF
P
HSBOEF
FNQÓSJP

DPNFSDJBM
"
QBSUJS
EF
FOUÈP
B
&DPOPNJB
EFTTF
OÙDMFP
VSCBOP
EFJYPV
EF
TFS

FTTFODJBMNFOUF
BHSPQBTUPSJM
QBSB
UPSOBSTF
VN
FNQÓSJP
DPNFSDJBM
P
MVHBS

EB
DPNFSDJBMJ[BÉÈP
EB
USPDB
F
EP
BCBTUFDJNFOUP
FOUSF
P
TFSUÈP
F
P
MJUPSBM

0
4JTUFNB
&DPOÔNJDP
$PMPOJBM
DBSBDUFSJ[BEP
QFMB
"HSPFYQPSUBÉÈP

EFUFSNJOPV
P
QBESÈP
EF
VSCBOJ[BÉÈP
EBT
$JEBEFT
#SBTJMFJSBT
&TTB
FYQBOTÈP

VSCBOB
EBWB
DPOUB
UBNCÊN
EP
FTUBCFMFDJNFOUP
EF
VNB
-FHJTMBÉÈP
&TQF
DÎàDB
RVF
EFUFSNJOBWB
P
DSFTDJNFOUP
GÎTJDP
F
UFSSJUPSJBM
EB
$JEBEF
F
EPT

QSPKFUPT
HSBOEJPTPT
QBSB
B
ÊQPDB
4FHVOEP
0MJWFJSB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0
VSCBOP
OP
#SBTJM
Ê
IJTUPSJDBNFOUF
GVOEBEP
OVNB
DPODFOUSBÉÈP

TJOHVMBS
FORVBOUP
P
MPDVT
EB
QSPEVÉÈP
FSB
SVSBM
BHSÃSJP
P
MPDVT

EP
DPOUSPMF
GPJ
VSCBOP
5SBUBWBTF
EF
VNB
FDPOPNJB
GVOEBEB
QBSB

DVNQSJS
P
QBQFM
FTQFDÎàDP
OB
BDVNVMBÉÈP
JOUFSOBDJPOBM
B
QBSUJS

EF
DPOUSPMFT
NFUSPQPMJUBOPT
OÈP
BQFOBT
QPSRVF
B
FYQPSUBÉÈP
OF
DFTTJUBTTF
EF
TFSWJÉPT
VSCBOPT
NBT
QPSRVF
B
QSPEVÉÈP
GPJ
GVOEBEB

QBSB
B
FYQPSUBÉÈP
B
DJEBEF
OP
#SBTJM
OBTDF
BOUFT
NFTNP
EP
DBNQP

0-*7&*3"

Q


"
$JEBEF
OBEB
NBJT
FSB
EP
RVF
B
SFQBTTBEPSB
EPT
QSPEVUPT
BHSÎDP
MBT
QBSB
P
$PNÊSDJP
*OUFSOBDJPOBM
F
BJOEB
DPOGPSNF
0MJWFJSB


i"

QSPEVÉÈP
FSB
RVBTF
TFNQSF
NPOPDVMUVSB
F
GVOEBEB
OP
USBCBMIP
DPNQVMTÓSJP
<>u
F

P
DPNÊSDJP
BHSPFYQPSUBEPS
EFTUJOBEP
BP
BCBTUFDJNFOUP
EBT
*OEÙTUSJBT
FV
SPQÊJBT
FTQFDJBMNFOUF
B
EP
BMHPEÈP
RVF
DPOEV[JV
P
FTUBEP
EP
3JP
(SBOEF

EP
/PSUF
OB
JOEVTUSJBMJ[BÉÈP
1FSJPEJ[BOEP
FTUB
JOEVTUSJBMJ[BÉÈP
"OESBEF



BàSNB
RVF
i0
FTQBÉP
OPSUFSJPHSBOEFOTF
DPNFÉPV
B
TF
JOEVTUSJBMJ[BS
FN

UFSNPT
DBQJUBMJTUBT
NPEFSOPT
BJOEB
OP
TÊDVMP
9*9
B
QBSUJS
EF

DPN
B
JOUFO
TJàDBÉÈP
EB
FYQMPSBÉÈP
EB
DFSB
EF
DBSOBÙCB
EBOEP
WJUBMJEBEF
Æ
QPSÉÈP
PDJEFOUBMu

&TUB
WJUBMJEBEF
UBNCÊN
GPJ
EFUFSNJOBEB
QPS
BDPOUFDJNFOUPT
RVF
TF

EFSBN
GPSB
EPT
MJNJUFT
EP
3JP
(SBOEF
EP
/PSUF
/P
BOP
EF

P
1PSUP

'MVWJBM
EF
"SBDBUJ

$&
Ê
BTTPSFBEP
©T
NBSHFOT
EB
WÃS[FB
UFSNJOBM
EP
SJP

+BHVBSJCF
WÃSJPT
DPNFSDJBOUFT
RVF
VUJMJ[BWBN
FTUF
QPSUP
QBSB
FTDPBNFOUP

EF
TVBT
NFSDBEPSJBT
TF
WJSBN
JNQFEJEPT
EF
FYFSDFS
TVBT
BUJWJEBEFT
F
FN

DPOUSBQPOUP
OFTUF
NFTNP
BOP
EF

B
$JB
1FSOBNCVDBOB
EF
/BWFHB
ÉÈP
$PTUFJSB
QBTTPV
B
GB[FS
FTDBMB
OPSNBM
OP
1PSUP
EF
.PTTPSÓ
%JBOUF
EP

JNQFEJNFOUP
EF
VUJMJ[BÉÈP
EP
1PSUP
EF
"SBDBUJ
FN
GBDF
EP
TFV
BTTPSFB
NFOUP
F
BHPSB
DPN
B
JOTFSÉÈP
EF
.PTTPSÓ
OBT
SPUBT
F
FTDBMBT
DPUJEJBOBT
EB

$JB
1FSOBNCVDBOB
EF
/BWFHBÉÈP
$PTUFJSB
PT
DPNFSDJBOUFT
USBOTGFSJSBN

TVBT
'JSNBT
QBSB
.PTTPSÓ
"
DIFHBEB
EFTUFT
FNQSFFOEFEPSFT
B
.PTTPSÓ

SFWFTUJV
B
7JMB
EF
VNB
EJOBNJDJEBEF
BUÊ
FOUÈP
EFTDPOIFDJEB
m
EF
QFTTPBT
F

EF
NFSDBEPSJBT

"T
BUJWJEBEFT
EF
JNQPSUBÉÈP
F
FYQPSUBÉÈP
EF
NFSDBEPSJBT
SFBMJ[B
EBT
QPS
FTUBT
$BTBT
$PNFSDJBJT
RVF
FN
.PTTPSÓ
TF
JOTUBMBSBN
DFSUBNFOUF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

JOEV[JSBN
B
FYQBOTÈP
VSCBOB
F
QPS
DPOTFHVJOUF
BVNFOUBSBN
B
JOáVËODJB

EB
FOUÈP
7JMB
TPCSF
VNB
FYUFOTB
SFHJÈP
NÊEJP
F
CBJYP
+BHVBSJCF
OP
$FBSÃ

SFHJÈP
EPT
SJPT
EP
1FJYF
F
1JBODÓ
OB
1BSBÎCB
F
BJOEB
FN
UPEB
B
SFHJÈP
PFTUF

EP
3JP
(SBOEF
EP
/PSUF

&TUF
JOÎDJP
EB
FYQBOTÈP
VSCBOB
SFRVJTJUPV
B
QSPNVMHBÉÈP
EP
QSJNFJ
SP
$ÓEJHP
EF
1PTUVSB
EB
7JMB
EBUBEP
EF

i<>
USBÉBOEP
OPSNBT
QBSB
BT

DPOTUSVÉ×FT
EF
DBTBT
EFUFSNJOBOEP
B
MBSHVSB
EBT
DBMÉBEBT
B
BMUVSB
EPT
QSÊEJPT
F
P

NBUFSJBM
OFMFT
FNQSFHBEP
<>u
"
QSFPDVQBÉÈP
DPN
B
PSHBOJ[BÉÈP
EP
FTQBÉP

VSCBOP
Ê
QFSDFCJEB
BUSBWÊT
EF
EFDJT×FT
TPMJDJUBÉ×FT
F
FODBNJOIBNFOUPT
Æ

$ÄNBSB
.VOJDJQBM
0
$ÓEJHP
EF
1PTUVSBT
TPGSFV
SFBWBMJBÉ×FT
B
àN
EF
RVF

TF
DPSSJHJTTFN
FWFOUVBJT
GBMIBT
F
TVBT
EFUFSNJOBÉ×FT
SJHPSPTBNFOUF
DVN
QSJEBT
QFSNJUJTTFN
DPNQSFFOEFS
B
MFJUVSB
iWPMVNFUSJDBNFOUFu
VOJGPSNF
F

FRVJMJCSBEB
EBT
QBJTBHFOT
VSCBOBT
FYQSFTTBT
QPS
TVBT
FEJàDBÉ×FT
DPOTUSVUJ
WBNFOUF
OPSNBUJ[BEBT

"
'JHVSB

B
TFHVJS
QPS
OÓT
SFQSPEV[JEB
GPJ
FMBCPSBEB
PSJHJOBMNFOUF

QPS
3BJNVOEP
/POBUP
EB
4JMWB
F
QVCMJDBEB
OB
PCSB
&WPMVÉÈP
6SCBOÎTUJDB
EF

.PTTPSÓ
FN

­
VNB
QMBOUB
SFQSFTFOUBUJWB
EB
$JEBEF
OP
àOBM
EP
TÊ
DVMP
9*9
GFJUB
B
QBSUJS
EPT
SFHJTUSPT
FODPOUSBEPT
OPT
+PSOBJT
EB
ÊQPDB
OPT

FTDSJUPT
EP
IJTUPSJBEPS
-VÎT
EB
$ÄNBSB
$BTDVEP
F
OBT
3FTPMVÉ×FT
EB
$ÄNBSB

.VOJDJQBM
EF
.PTTPSÓ
RVF
FTUBCFMFDJB
DPNP
MJNJUFT
EFTTB
NBMIB
VSCBOB
P

$ÓSSFHP
EP
#BSCPTB
B
CBJYB
EP
$BFUBOJOIP
P
SJP
.PTTPSÓ
F
P
$FNJUÊSJP

MPDBMJ[BEP
KVOUBNFOUF
DPN
P
"MUP
EP
1ÈP
%PDF
OPT
UFSSBÉPT
RVF
MBEFJBN

BT
WÃS[FBT
EP
SJP
OB
TVB
NBSHFN
FTRVFSEB
/FTTB
SFQSPEVÉÈP
UJWFNPT
P

DVJEBEP
EF
TFS
àÊJT
OPT
UBNBOIPT
F
GPSNBT
EFTDSJUBT
OB
GPOUF
CFN
DPNP
OBT

EJNFOT×FT
EFUFSNJOBEBT
QFMP
BVUPS
OP
PSJHJOBM
5BNCÊN
SFQSPEV[JNPT
BT

HSBàBT
EF
TÎNCPMPT
F
QBMBWSBT

F
i6."5&/5"5*7"%&.04403¶

&.
u

F
BP
DPNQBSBSNPT
DPN
B
'JHVSB

QFSDFCFNPT
VN
BVNFOUP
TJH
OJàDBUJWP
EF
SVBT
OB
$JEBEF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD 0RVVRUyHP
)RQWH6LOYDS

/P
BOP
EF

TÈP
BQSPWBEBT
BMHVNBT
1PTUVSBT
EB
DJEBEF
EF
.PT
TPSÓ
&OUSF
BT
EFUFSNJOBÉ×FT
FYQSFTTBT
FTUÃ
B
QSPJCJÉÈP
EF
TPMUBS
GPHPT
EF

BSUJGÎDJP
OBT
SVBT
EB
DJEBEF
F
EF
GB[FS
WP[FBSJBT
EBT
I
BUÊ
P
UPRVF
EB

BMWPSBEB
QFMBT
SVBT
&TUBT
QSPJCJÉ×FT
JNQ×FN
VN
DFSUP
VTP
EB
$JEBEF
F

FTUBCFMFDFN
VNB
PSEFN
OP
TFV
DPUJEJBOP
/P
NFTNP
TFOUJEP
BT
1PTUVSBT

UBNCÊN
EFUFSNJOBN
BT
GPSNBT
RVF
WÈP
TF
FYQSFTTBS
OBT
USBOTGPSNBÉ×FT
EB

$JEBEF
/B
QPTUVSB

OPT
BSUJHPT


F


Qm

PSEFOBTF
RVF

f


"T
SVBT
UFSÈP
FOUSF
TJ
B
EJTUÄODJB
EF

QBMNPT
PT
CFDPT
F
SVBT

USBWFTTBT

F
PT
RVJOUBJT
BMÊN
EF
TFSFN
EF
UJKPMPT
PV
NBEFJSB
UF
SÈP
EF
DVNQSJNFOUP
BUÊ
PJUFOUB
QBMNPT
PT
DPOUSBWFOUPSFT
TPGSFSÈP

B
NVMUB
EF

ST
PV
RVBUSP
EJBT
EF
QSJTÈP

f


1SPÎCFTF
B
SFQBSBÉÈP
EF
DBTFCSFT
EF
UBJQB
TPC
B
QFOB
EF

ST

EF
NVMUB
PV

EJBT
EF
QSJTÈP

f


0T
QSPQSJFUÃSJPT
PV
JORVJMJOPT
EBT
DBTBT
TÈP
PCSJHBEPT
UPEPT

PT
BOPT
OP
NËT
EF
TFUFNCSP
B
DBJBS
BT
GSFOUFT
F
B
DPODFSUBS
BT
DBMÉB
EBT
EBT
NFTNBT
TPC
QFOB
EF

ST
EF
NVMUB
PV

EJBT
EF
QSJTÈP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "
QBSUJS
EFTTF
QFSÎPEP
.PTTPSÓ
QBTTPV
B
WJWFODJBS
VN
DSFTDJNFOUP

VSCBOP
CBTUBOUF
TJHOJàDBUJWP
QBSB
B
ÊQPDB
B
QPOUP
EF
P
IJTUPSJBEPS
-VÎT

EB
$ÄNBSB
$BTDVEP
DPOTJEFSBS
P
JOUFSWBMP
EF
EF[
BOPT
RVF
WBJ
EF


B

DPNP
iB
EÊDBEB
EP
FYQBOTJPOJTNPu
/FTUBT
SFGFSJEBT
EÊDBEBT
GPJ
FS
HVJEP
VN
DPOTJEFSÃWFM
OÙNFSP
EF
FEJàDBÉ×FT
DBTBT
BSNB[ÊOT
F
FTUBCFMFDJ
NFOUPT
DPNFSDJBJT

/FTTF
QFSÎPEP
UBNCÊN
IPVWF
JOUFOTPT
USBCBMIPT
OP
TFOUJEP
EF
BV
UPSJ[BS
QMBOPT
EF
BNQMJBÉÈP
EB
$JEBEF
RVF
JB
BWBOÉBOEP
F
DPORVJTUBOEP

PT
CBJSSPT
QSÓYJNPT
­
OFTTF
NPNFOUP
EJBOUF
EFTTB
SFBMJEBEF
EB
FYQBOTÈP

VSCBOB
RVF
.PTTPSÓ
BERVJSF
BT
DPOEJÉ×FT
OFDFTTÃSJBT
B
àSNBSTF
DPNP
FN
QÓSJP
DPNFSDJBM
F
B
BCSJHBS
FNQSFFOEFEPSFT

4BCFTF
RVF
EVSBOUF
P
TÊDVMP
9*9
NVEBOÉBT
QSPGVOEBT
PDPSSFSBN

OB
4PDJFEBEF
#SBTJMFJSB
F
BT
TVBT
TVCTFRÛFOUFT
OPSNBUJWBT
NBSDBSBN
P
PS
EFOBNFOUP
FTQBDJBM
B
-FJ
EF

FYUJOHVF
P
NPSHBEJP
B
JNQMFNFOUBÉÈP

EB
-FJ
EF
5FSSBT
EF

RVF
JOTUJUVDJPOBMJ[B
B
QSPQSJFEBEF
EB
UFSSB
F
BT

QPTUVSBT
NVOJDJQBJT
RVF
MFOUBNFOUF
GPSBN
TFOEP
DSJBEBT
F
NPEJàDBEBT

&TUBT
NVEBOÉBT
JNQMJDBSBN
QSPGVOEBT
USBOTGPSNBÉ×FT
OP
QBSDFMB
NFOUP
EP
TPMP
EB
$JEBEF
NVJUP
FNCPSB
FMBT
UFOIBN
TJEP
JNQMFNFOUBEBT

HSBEVBMNFOUF
DPNP
UBNCÊN
OB
TVB
WJEB
TPDJBM
DJUBEJOB
.VSJMP
.BSY

FTUVEBOEP
B
GPSNBÉÈP
EBT
$JEBEFT
#SBTJMFJSBT
BàSNB
RVF

(FSBMNFOUF
PT
FTUVEPT
RVF
BOBMJTBN
B
-FJ
EF
5FSSBT
SFGFSFNTF
ÆT

EFDJTJWBT
BMUFSBÉ×FT
OB
FTUSVUVSB
GVOEJÃSJB
F
BJOEB
OP
FTQBÉP
BHSÃ
SJP
$POUVEP
B
SFGFSJEB
MFJ
JNQMJDB
FN
USBOTGPSNBÉ×FT
QSPGVOEBT
OP

TPMP
VSCBOP
1PJT
UPSOPV
BCTPMVUP
P
EPNÎOJP
EPT
JNÓWFJT
EF
GPS
NB
HFSBM
F
P
EJSFJUP
Æ
QSPQSJFEBEF
GPJ
FMFWBEP
Æ
DPOEJÉÈP
VOJWFSTBM

."39

Q




$POKVOUP
EF
CFOT
WJODVMBEPT
RVF
PCKFUJWBWB
QFSQFUVBS
MBUJGÙOEJPT
RVF
OÈP
QPEJBN
TFS
BMJFOBEPT
PV
EJWJEJEPT
F
RVF
QPS
NPSUF

EP
QPTTVJEPS
QBTTBWBN
BP
àMIP
NBJT
WFMIP

P
QSJNPHËOJUP
WJODVMBOEP
FN
DBEB
TVDFTTÈP
VNB
QBSDFMB
VNB
HMFCB

EPT
CFOT

JNÓWFJT
RVF
EFWFSJB
TFS
HBTUP
EPBEP

FN
PCSBT
QJBT

BP
TBOUP
EFWPUP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 3FBMNFOUF
OB
-FJ
EF
5FSSBT
OÈP
IÃ
OFOIVN
BSUJHP
PV
NFTNP
SFGF
SËODJB
FYQMÎDJUB
Æ
UFSSB
VSCBOB
P
RVF
EFNPOTUSB
B
OÈPFYJTUËODJB
EF
VNB

QSFPDVQBÉÈP
FTQFDJBM
DPN
B
$JEBEF
QPJT
FTUB
FTUBWB
BHSFHBEB
BP
DBNQP

VNB
WF[
RVF
OÈP
IBWJB
VNB
OÎUJEB
EJWJTÈP
DBNQP
m
DJEBEF

"
-FJ
EF
5FSSBT
DVKP
QSPKFUP
GPJ
FMBCPSBEP
QFMP
GB[FOEFJSP
F
4FOBEPS

7JUBMÎDJP
EP
*NQÊSJP
/JDPMBV
7FSHVFJSP
BUFOEJB
BPT
JOUFSFTTFT
EPT
GB[FO
EFJSPT
KÃ
RVF
FMB
WJTPV
HBSBOUJS
NÈPEFPCSB
QBSB
BT
GB[FOEBT
&TUB
-FJ

EFàOJB
RVF
UPEBT
BT
UFSSBT
EFWPMVUBT
FSBN
QSPQSJFEBEF
EP
&TUBEP
F
RVF
TVB

PDVQBÉÈP
TF
TVKFJUBSJB
B
DPNQSB
F
WFOEB
*TUP
GPJ
DPOEJÉÈP
QBSB
P
BTTBMBSJB
NFOUP
RVF
JNQFEJB
P
BDFTTP
Æ
UFSSB
F
DSJBWB
OB
ÊQPDB
VNB
DPODFQÉÈP
EF

RVF
B
UFSSB
FSB
MJWSF
F
P
USBCBMIBEPS
DBUJWP

&TUB
-FJ
UFWF
SFQFSDVTT×FT
OB
[POB
VSCBOB
QPJT
B
UFSSB
RVF
FSB
CBT
UBOUF
CBSBUB
UPSOBWBTF
B
QBSUJS
EF
FOUÈP
DBEB
WF[
NBJT
DBSB
­
DMBSP
RVF

BT
QJPSFT
UFSSBT
àDBSBN
DPN
PT
USBCBMIBEPSFT
FORVBOUP
BT
NFMIPSFT
GPSBN

PDVQBEBT
QFMB
FMJUF
"
QBSUJS
EB
EFDSFUBÉÈP
EFTUB
-FJ
P
VTP
F
B
FTUSVUVSB
EP

TPMP
VSCBOP
GPSBN
QSPGVOEBNFOUF
BMUFSBEPT
&N
SB[ÈP
EJTTP
Ê
RVF
FN

EF

OPWFNCSP
EF

B
$ÄNBSB
.VOJDJQBM
EF
.PTTPSÓ
i<>
TPMJDJUBWB
EB
1SF
TJEËODJB
EB
1SPWÎODJB
B
DPODFTTÈP
EF
ÃSFBT
QBSB
B
FYQBOTÈP
EB
VSCBOB
EB
DJEBEFu

4*-7"

Q




"TTJN
PT
QSJNFJSPT
SFHJTUSPT
EF
PSEFOBNFOUP
EBT
SVBT
EBUBN
EF
NF
BEPT
EP
TÊDVMP
9*9
&TTF
GBUP
JOUFHSB
B
NPEJàDBÉÈP
OP
ÄNCJUP
DPODFJUVBM
EB

RVFTUÈP
EP
FTQBÉP
RVF
TF
EBWB
EFTEF
PT
BOPT
PJUPDFOUPT
FN
UPEP
NVOEP
/P

FOUBOUP
WBMF
EFTUBDBS
RVF
OBT
$JEBEFT
#SBTJMFJSBT
UBM
BDPOUFDJNFOUP
UFWF

NBJPSFT
JNQBDUPT
VNB
WF[
RVF
BUÊ
FOUÈP
OÈP
TF
UJOIB
EFMJNJUBÉÈP
EPT
UFS
SFOPT
F
OFN
VNB
FGFUJWB
QMBOJàDBÉÈP
QPJT
B
EFOPNJOBÉÈP
TF
EBWB
EF
NBOFJSB

OBUVSBM
QFMP
DPUJEJBOP
F
DPTUVNF
EP
QPWP
EP
MVHBS
RVF
DPN
P
EFTFOWPMWJ
NFOUP
F
P
TVSHJNFOUP
EF
OPWPT
FTQBÉPT
SFRVJTJUBWB
OBUVSBMNFOUF
B
OPNFODMB
UVSB
EPT
FTQBÉPT
DSJBEPT
/P
DBTP
EF
.PTTPSÓ
DPOGPSNF
4JMWB

Q

%FTTBT
USBOTGPSNBÉ×FT
QSPNPWJEBT
QFMB
BÉÈP
EP
UFNQP
FN
TVB

NBSDIB
JSSFWFSTÎWFM
TVSHF N

UBOUBT
DPJTBT
B
OFDFTTJEBEF
EF
TF
EBS

OPNFT
ÆT
SVBT
BPT
CFDPT
BT
RVBESBT
RVF
JBN
BQBSFDFOEP
EFOPNJ

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 OBÉ×FT
RVF
TVSHJBN
QPS
PCSB
EP
BDBTP
QPS
DJSDVOTUBODJBT
GPSUVJUBT

QPS
NPUJWPT
PDBTJPOBJT
NBT
RVF
QFHBWBN
RVF
EBWBN
OP
HPTUP
EP

QPWP
F
DPOUJOVBN
QPS
GPSÉB
EFTTF
EFUFSNJOJTNP
RVF
WFN
EP
DIÈP

EP
BOPOJNBUP
F
QFSNBOFDF
EVSBEPVSBNFOUF
"TTJN
FN
TVDFTTJWBT
NVEBOÉBT
FODPOUSBTF
B
2VBESB
EB
3VB
3VB
EB
.BUSJ[
2VBESP
EB
*HSFKB
1SBÉB
EB
.BUSJ[

&N

Ê
OPNFBEP
VN
HSVQP
EF
DJEBEÈPT
iQBSB
GB[FSFN
B
EFOPNJOB
ÉÈP
EBT
SVBT
F
QSBÉBT
EB
DJEBEFu
1SPÎCFTF
BUSBWÊT
EF
3FTPMVÉÈP
i<>
HBMPQBS

PV
DPSSFS
B
DBWBMP
OP
RVBESP
EB
DJEBEF
EF

IPSBT
EB
NBOIÈ
ÆT

EB
OPJUFu
EF
TBQSPQSJBNTF
F
EFTUSPFNTF
iDBTFCSFT
RVF
BGFBWBN
B
DJEBEFu
Ê
FODBNJOIBEP

0àDJP
TPMJDJUBOEP
Æ
1SFTJEËODJB
EB
1SPWÎODJB
i<>
B
DPODFTTÈP
EF
LNã
EF
UFSSB

Æ
NBSHFN
FTRVFSEB
EP
SJP
"QPEJ
QBSB
HBSBOUJS
B
FYQBOTÈP
EB
ÃSFB
VSCBOB
F
B
TVB

PSHBOJ[BÉÈP
BUSBWÊT
EF
UFSSFOPT
RVF
BTTFHVSFN
VNB
DPOTUSVÉÈP
DPOWFOJFOUFNFOUF
SFHV
MBS
F
TJNFUSJB
F
BGPSNPTFBNFOUP
EB
FEJàDBÉÈP
<>u
4*-7"

Q
m



&TTFT
FMFNFOUPT
OPT
NPTUSBN
RVF
EFTEF
P
JOÎDJP
EP
TÊDVMP
9*9

.PTTPSÓ
BQSFTFOUBWB
JNQMJDBÉ×FT
EP
NPWJNFOUP
HFSBM
EF
NPEJàDBÉÈP
OP

USBUBNFOUP
FTQBDJBM
FTQFDJBMNFOUF
FN
SFMBÉÈP
Æ
$JEBEF
&N
PVUSBT
QBMB
WSBT
UBJT
EFTJHOBÉ×FT
SFáFUJBN
P
DPOKVOUP
EF
NVEBOÉBT
PDPSSJEBT
OB
$J
EBEF
RVF
QPS
TVB
WF[
SFTVMUBSBN
FN
BMUFSBÉ×FT
FTQBDJBJT
EFTEF
P
JOÎDJP

EB
TVB
VSCBOJ[BÉÈP
F
QSJODJQBMNFOUF
RVF
UBJT
BMUFSBÉ×FT
UBNCÊN
BDPN
QBOIBWBN
P
QSPDFTTP
FWPMVUJWP
EBT
DJEBEFT
JNQJOHJOEPMIF
B
GPSNB
RVF

SFQSFTFOUBWB
P
QFOTBNFOUP
IFHFNÔOJDP
EF
EFUFSNJOBEB
iÊQPDBu

(VBSEBOEP
B
EFWJEB
QSPQPSDJPOBMJEBEF
F
VNB
DFSUB
BTTJNFUSJB
OB

iOÈP
TJNVMUBOFJEBEFu
EPT
BDPOUFDJNFOUPT
B
iÊQPDBu
DJUBEB
BOUFSJPSNFOUF

FTUBWB
FN
DPOTPOÄODJB
DPN
B
UFOEËODJB
NVOEJBM

­
RVF
OB
TFHVOEB
NFUBEF
EP
TÊDVMP
9*9
QPVDP
BOUFT
EPT
MJCFSBJT

BVTUSÎBDPT
DIFHBSFN
BP
QPEFS
FN
7JFOB
BDPOUFDJNFOUPT
HMBNPVSPTPT
EF
TFOWPMWJBNTF
OB
DJEBEF
EF
1BSJT
PT
RVBJT
TFSJBN
SFHJTUSBEPT
DPNP
PT
QSJ
NFJSPT
QBTTPT
SVNP
B
VNB
SFEFàOJÉÈP
VSCBOJTUB
B
QBSUJS
EF
VNB
DPODFQÉÈP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
RVF
DPNFÉBWB
B
NPMEBSTF
DPNP
NPEFSOJTUB
&SB
BQMJDBÉÈP
EF
VNB
QPMÎUJDB

EF
VSCBOJTNP
RVF
WJSJB
B
SFNPEFMBS
B
1BSJT
EP
TÊDVMP
9*9
/BQPMFÈP
***

OPNFBSB
FN

P
#BSÈP
(FPSHFT
&VHÍOF
)BVTNBOO
1SFGFJUP
EF
1BSJT

&TUF
F
TFVT
DPMBCPSBEPSFT
DPMPDBSBN
FN
BÉÈP
VNB
QSFUFOTJPTB
QPMÎUJDB
EF

USBOTGPSNBÉÈP
VSCBOB

$PNP
FNQSFFOEJNFOUP
QSJODJQBM
)BVTNBOO
USBUPV
EF
BCSJS
OPWBT

WJBT
EF
DJSDVMBÉÈP
VSCBOB
"QSFTFOUBOEP
SFTVNJEBNFOUF
TVBT
BÉ×FT
#FS
NBO

Q

FTDSFWJB

0T
OPWPT
CVMFWBSFT
QFSNJUJSBN
BP
USÃàDP
áVJS
QFMP
DFOUSP
EB
DJEBEF

F
NPWFSTF
FN
MJOIB
SFUB
EF
VN
FYUSFNP
B
PVUSP

VN
FNQSFFO
EJNFOUP
RVJYPUFTDP
F
WJSUVBMNFOUF
JOJNBHJOÃWFM
BUÊ
FOUÈP
"MÊN

EJTTP
FMFT
FMJNJOBSJBN
BT
IBCJUBÉ×FT
NJTFSÃWFJT
F
BCSJSJBN
iFTQBÉPT

MJWSFTu
FN
NFJP
B
DBNBEBT
EF
FTDVSJEÈP
F
BQFSUBEP
DPOHFTUJPOBNFO
UP
&TUJNVMBSJBN
VNB
USFNFOEB
FYQBOTÈP
EF
OFHÓDJPT
MPDBJT
FN

UPEPT
PT
OÎWFJT
F
BKVEBSJBN
B
DVTUFBS
JNFOTBT
EFNPMJÉ×FT
NVOJDJ
QBJT
JOEFOJ[BÉ×FT
F
OPWBT
DPOTUSVÉ×FT

"
QPMÎUJDB
FNQSFFOEJEB
OFTTF
(PWFSOP
OÈP
TF
MJNJUPV
Æ
BCFSUVSB
EF

HSBOEFT
WJBT
EF
DJSDVMBÉÈP
NBT
BCSBOHJB
UBNCÊN
B
DPOTUSVÉÈP
EF
FRVJQB
NFOUPT
QÙCMJDPT
F
JOGSBFTUSVUVSB
EF
NBOFJSB
HFSBM

2VBOUP
Æ
)JTUÓSJB
EBT
$JEBEFT
#SBTJMFJSBT
P
TÊDVMP
9*9
Ê
DBSBDUF
SJ[BEP
QFMBT
NPEJàDBÉ×FT
F
JNQMFNFOUBÉ×FT
RVF
WÈP
PDPSSFS
OPT
DFOUSPT

VSCBOPT
USBEJDJPOBJT
/FTTF
NPNFOUP
KÃ
OÈP
TÈP
PT
FEJGÎDJPT
SFMJHJPTPT
RVF

UFSÈP
NBJPS
EFTUBRVF
NBT
TJN
PT
QSÊEJPT
QÙCMJDPT
DPNP
UFBUSP
FTDPMB

CJCMJPUFDB
BMÊN
EPT
QBTTFJPT
QÙCMJDPT
1PS
PVUSP
MBEP
Ê
QSFDJTP
UBNCÊN

TBOFBS
F
FNCFMF[BS
OPTTBT
WJBT

5SBÉPT
NBJT
SFHVMBSFT
ÃSFBT
QÙCMJDBT
NBJT
EFàOJEBT
F
BNQMBT
SFWF
MBN
OÈP
TÓ
VNB
SBDJPOBMJEBEF
NBT
UBNCÊN
VNB
QBSUJMIB
EP
TPMP
MPUFBEP

FN
WJTUB
EB
DPNFSDJBMJ[BÉÈP
0
&TUBEP
$BQJUBMJTUB
WJBCJMJ[B
TJNVMUBOFB
NFOUF
WÃSJPT
JOUFSFTTFT
BUSBWÊT
EF
1PMÎUJDBT
DPOKVHBEBT
DPN
PT
JOUFSFTTFT

EP
$BQJUBM
7JTB
BTTJN
DSJBS
BT
DPOEJÉ×FT
EF
SFBMJ[BÉÈP
F
SFQSPEVÉÈP
EB

4PDJFEBEF
$BQJUBMJTUB
JTUP
Ê
DPOEJÉ×FT
RVF
WJBCJMJ[FN
P
QSPDFTTP
EF
BDV
NVMBÉÈP
F
B
SFQSPEVÉÈP
EBT
$MBTTFT
4PDJBJT
F
TVBT
GSBÉ×FT
&
B
QBSUJMIB
EP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

TPMP
PV
TFKB
P
MPUFBNFOUP
Ê
B
QSJODJQBM
SFTQPOTÃWFM
QFMB
BCFSUVSB
EF
OPWPT

CBJSSPT
QFMP
QBSDFMBNFOUP
EF
HMFCBT
GFJUP
QPS
FNQSFFOEFEPSFT
JNPCJMJÃ
SJPT
&TTB
DPODFQÉÈP
FNCPSB
MFOUBNFOUF
WBJTF
FYQBOEJOEP
BPT
EJWFSTPT

DFOUSPT
VSCBOPT
CSBTJMFJSPT
3JP
EF
+BOFJSP
4BMWBEPS
4ÈP
1BVMP
'PSUBMF[B

/BUBM
F
UBNCÊN
.PTTPSÓ

1PS
TVB
QBSUF
F
TFHVJOEP
TFVT
JOUFSFTTFT
BMHVOT
DPNFSDJBOUFT
FT
USBOHFJSPT
OB
NBJPSJB
FVSPQFVT
RVF
TF
JOTUBMBN
FN
.PTTPSÓ
USB[JBN
BMÊN

EPT
JEFBJT
NFSDBOUJT
QSFPDVQBÉ×FT
F
QSPKFUPT
SFMBDJPOBEPT
DPN
BT
GPSNBT

EBT
FEJàDBÉ×FT
PT
USBÉBEPT
EBT
SVBT
JTUP
Ê
DPN
B
$JEBEF
4ÈP
iQSFPDVQB
É×FTu
RVF
OB
WFSEBEF
FYQSJNJBN
P
JOUFSFTTF
QBSUJDVMBS
DPN
B
WJBCJMJEBEF

EF
BDFTTP
F
B
FYQBOTÈP
EBT
TVBT
$BTBT
$PNFSDJBJT
KÃ
JOTUBMBEBT
OB
$JEBEF
F

EBT
RVF
IBWFSJBN
EF
DIFHBS

2VBOEP
TVSHF
B
$BTB
.PTTPSÓ

$JB
EF
+PBRVJN
EB
$VOIB
'SFJSF



#BSÈP
EF
*CJBQBCB
DVKP
OFHÓDJP
DPOTJTUJB
OB
DPNQSB
EF
BMHP
EÈP
DBSOBÙCB
DPVSPT
QBMIB
F
SFWFOEB
QBSB
P
TVM
EP
1BÎT
F
QBSB
B
*OHMBUFS
SB
.PTTPSÓ
KÃ
UJOIB
TJEP
FMFWBEB
Æ
DBUFHPSJB
EF
$JEBEF

"
QBSUJS
EF

F
BP
MPOHP
EPT
BOPT

Ê
TJHOJàDBUJWP
P
OÙNFSP

EF
DPNFSDJBOUFT
FTUSBOHFJSPT
DPN
'JSNBT
$PNFSDJBJT
JOTUBMBEBT
OB
$JEBEF

UPEBT
DPN
BUJWJEBEFT
F
EF
QPSUF
FDPOÔNJDP
TFNFMIBOUF
Æ
$BTB
.PTTPSÓ


$JB
EF
+PBRVJN
EB
$VOIB
'SFJSF
%FOUSF
FMFT
EFTUBDBNPT
$POSBEP
.BZFS

DJUBEP
QPS
4JMWB


DPNP
VN
EPT
DPNFSDJBOUFT
FTUSBOHFJSPT
NBJT
QSÓT
QFSPT
JOTUBMBEPT
FN
.PTTPSÓ
DVKB
JOáVËODJB
GPJ
TJHOJàDBUJWB
OB
FYQBOTÈP

VSCBOB
EB
DJEBEF
OBRVFMB
ÊQPDB
4PCSF
FMF
BDSFTDFOUB
4JMWB

"
DJEBEF
HVBSEB
VNB
MBSHB
USBEJÉÈP
EB
WJEB
EFTUF
FTUSBOHFJSP
TPCSFUV
EP
OP
TFV
BTQFDUP
VSCBOÎTUJDP
QPJT
<>
NBOEBWB
DPOTUSVJS
VN
NJSBOUF

OB
QBSUF
BOUFSJPS
EB
TVB
DBTB
EF
OFHÓDJPT
QSB
RVF
QVEFTTF
BDPNQBOIBS

P
NPWJNFOUP
EBT
CBSDBÉBT
RVF
USB[JBN
TBM
EBT
TBMJOBT
F
MFWBWBN
F
USB
[JBN
NFSDBEPSJBT
EPT
OBWJPT
BODPSBEPT
OB
CBSSB
EP
SJP
<>
FEJàDBÉÈP

EF
GPSNB
SFUBOHVMBS
EF
NBJT
EF
VN
BOEBS
4*-7"

Q


"
FMJUF
MPDBM
OÈP
TPNFOUF
PT
FTUSBOHFJSPT
QSFPDVQBTF
DPN
B
PS
HBOJ[BÉÈP
EP
FTQBÉP
VSCBOP
QSFQBSBOEP
B
HFPHSBàB
EB
$JEBEF
EF
GPSNB
B

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
WJBCJMJ[BS
P
&NQÓSJP
$PNFSDJBM
m
QSJNFJSB
FTQFDJBMJ[BÉÈP
EF
TVB
&DPOPNJB

F
QBSB
UBOUP
DPOGPSNF
'FMJQF


QBSB

<>
FTTB
CVSHVFTJB
BDPTUVNBEB
B
HSBOEFT
BNCJÉ×FT
PSHBOJ[BS
P

FTQBÉP
VSCBOP
F
SFHJPOBM
QBSB
FYFSDFS
FN
QMFOJUVEF
P
DPNÊSDJP
F

QPTUFSJPSNFOUF
BT
BUJWJEBEFT
BHSPJOEVTUSJBJT
FTUBWB
EFOUSP
EP
TFV

DPUJEJBOP
(FSBEPSB
EF
QPMÎUJDPT
QBSB
USBCBMIBSFN
F
SFQSFTFOUBSFN

TFVT
JOUFSFTTFT
FMB
GPJ
GPSNBEPSB
EF
HSVQPT
PMJHÃSRVJDPT
DVKBT
BÉ×FT

F
QSPDFTTPT
EF
EPNJOBÉÈP
QPMÎUJDB
OÈP
NVEBSBN
NVJUP
BP
MPOHP
EP

UFNQP
'&-*1&

Q


&
FTUB
PSHBOJ[BÉÈP
WJSJB
QPS
DPOTFHVJOUF
NPEFSOJ[BS
B
DJEBEF
F

CFOFàDJÃMPT
OP
EFTFOWPMWJNFOUP
EBT
TVBT
BUJWJEBEFT
DPNFSDJBJT
B
TFSFN

EFTFNQFOIBEBT
OB
iGVUVSB
F
QSPNJTTPSB
DJEBEFu

OB
GBMB
EFTTFT
DPNFSDJBOUFT

SFDÊNDIFHBEPT
B
.PTTPSÓ

/P
FOUBOUP
EFOUSP
EP
QSPDFTTP
EJOÄNJDP
RVF
Ê
B
QSÓQSJB
)JTUÓSJB

NFTNP
BRVJMP
RVF
JOEJDB
B
NPEFSOJEBEF
IPKF
TPGSFSÃ
USBOTGPSNBÉ×FT
BNB
OIÈ
PV
OBT
QBMBWSBT
EF
#FSNBO

Q


0OEF
RVFS
RVF
P
QSPDFTTP
PDPSSB
UPEBT
BT
QFTTPBT
DPJTBT
JOTUJUVJ

É×FT
F
BNCJFOUFT
RVF
GPSBN
JOPWBEPSFT
F
EF
WBOHVBSEB
FN
VN
EBEP

NPNFOUP
IJTUÓSJDP
TF
UPSOBSÈP
B
SFUBHVBSEB
F
B
PCTPMFTDËODJB
OP

NPNFOUP
TFHVJOUF
.FTNP
OBT
QBSUFT
NBJT
BMUBNFOUF
EFTFOWPMWJ
EBT
EP
NVOEP
UPEPT
PT
JOEJWÎEVPT
HSVQPT
F
DPNVOJEBEFT
FOGSFO
UBN
VNB
UFSSÎWFM
F
DPOTUBOUF
QSFTTÈP
OP
TFOUJEP
EF
TF
SFDPOTUSVÎ
SFN
JOUFSNJOBWFMNFOUF
TF
QBSBSFN
QBSB
EFTDBOTBS
QBSB
TFS
P
RVF

TÈP
TFSÈP
EFTDBSUBEPT

1PS
JTTP
P
RVF
Ê
iNPEFSOPu
UFSÃ
EF
TFS
JOUFSQSFUBEP
B
DBEB
NPNFO
UP
B
QBSUJS
EP
TFV
DPOUFYUP
IJTUÓSJDPFTQBDJBM

+Ã
OP
BOP
EF

QSFDJTBNFOUF
BPT

EF
OPWFNCSP
BMÉBEB
Æ
DBUF
HPSJB
EF
$JEBEF
.PTTPSÓ
DPOUBWB
DPN
VNB
QSPNJTTPSB
1SBÉB
$PNFSDJBM
0

$JDMP
EP
(BEP
KÃ
OÈP
FSB
NBJT
B
FDPOPNJB
IFHFNÔOJDB
B
$JEBEF
DVNQSJB
B

GVOÉÈP
EF
&NQÓSJP
$PNFSDJBM

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 /P
JOUVJUP
EF
DPOTPMJEBS
B
GVOÉÈP
EF
&OUSFQPTUP
$PNFSDJBM
TVSHFN

PT
QSJNFJSPT
BSSBOKPT
OP
FTQBÉP
EB
DJEBEF
TFKB
BUSBWÊT
EF
QPMÎUJDBT
QÙCMJDBT

TFKB
QPS
JOJDJBUJWB
QSJWBEB
PV
TFKB
QPS
BNCBT
BTTPDJBEBT

"
FYQBOTÈP
VSCBOB
Ê
FYQSFTTB
QPS
BSSBOKPT
TJHOJàDBUJWPT
QBSB
TPMJEJ
àDBS
BT
OPWBT
GVOÉ×FT
EF
&NQÓSJP
$PNFSDJBM
EFOUSF
FMFT
B
DPOTUSVÉÈP
EP

1PSUP
EF
GVOEP
áVWJBM
EF
BSNB[ÊOT
QBSB
EFQÓTJUPT
EF
NFSDBEPSJBT
F
P
TVSHJ
NFOUP
EB
SVB
EP
$PNÊSDJP
0
USBÉBEP
VSCBOP
EB
$JEBEF
BJOEB
IPKF
HVBSEB

BT
IFSBOÉBT
EBRVFMF
QFSÎPEP
NBSDBEP
QPS
SVBT
MBSHBT
F
HSBOEF
OÙNFSP
EF

FEJGÎDJPT
OP
DFOUSP
DPNFSDJBM
 UPEPT
VN
UFTUFNVOIP
FN
DVKB
PSJHFN
B
QP
MBSJ[BÉÈP
FYFSDJEB
QPS
.PTTPSÓ
B
QBSUJS
EB
EÊDBEB
EF

FTUFWF
QSFTFOUF

/B
SFTQPTUB
BP
RVFTUJPOÃSJP
EP
4S
"MGSFEP
.PSFJSB
1JOUP
SFHJTUSBEP

OP
0GÎDJP
RVF
USBUB
EPT
BTQFDUPT
F
EB
FTUSVUVSB
GÎTJDB
EB
$JEBEF
F
RVF
GPJ

FODBNJOIBEP
BP
(PWFSOBEPS
EP
&TUBEP
FN

EF
BHPTUP
EF

OP
JOUVJUP

EF
TBCFS
EBT
SFBJT
DPOEJÉ×FT
GÎTJDPFTUSVUVSBJT
QBSB
BCSJHBS
BT
BUJWJEBEFT
DP
NFSDJBJT
QPEFNPT
DPNQSFFOEFS
EJBOUF
EB
PGFSUB
F
EB
FTUSVUVSB
BÎ
EFTDSJUB

RVF
B
$JEBEF
PGFSFDJB
BMHVNBT
DPOEJÉ×FT
QBSB
FYFSDFS
JOáVËODJB
F
BUSBÉÈP
F

QPSUBOUP
QPMBSJ[BS
BT
DJEBEFT
WJ[JOIBT
F
PT
NVOJDÎQJPT
QSÓYJNPT

)Ã
OFTUB
DJEBEF
B
*HSFKB
.BUSJ[
B
$BEFJB
RVF
Ê
B
NBJPS
EP
&TUBEP

UPEB
TPCSBEBEB
UFOEP
FYDFMFOUFT
DÔNPEPT
QBSB
PT
USBCBMIPT
EB
*O
UFOEËODJB
EP
+ÙSJ
F
BVEJËODJBT
EBT
BVUPSJEBEFT
m
%VBT
DBTBT
FTQBÉP
TBT
QBSB
BT
BVMBT
QSJNÃSJBT
F
P
DFNJUÊSJP
RVF
Ê
CBTUBOUF
FTQBÉPTP
F


FEJGÎDJPT
QBSUJDVMBSFT
JODMVTJWF
WÃSJPT
TPCSBEPT
$*3*-0
%04

4"/504

Q


0T
FTUSBOHFJSPT
PT
NBÉPOT
PT
QBESFT
F
PT
DPNFSDJBOUFT
TÈP
PT
DJ

WJMJ[BEPSFT
RVF
QFOTBSBN
OB
DPOTUSVÉÈP
EF
VNB
i.FUSÓQPMF
4FSUBOFKBu

QSFPDVQBÉÈP
FTUB
FYQSFTTB
OB
PSHBOJ[BÉÈP
EP
FTQBÉP
VSCBOP
RVF
UFN
OB

3FTPMVÉÈP
EF

EF
BHPTUP
EF

P
TFV
$ÓEJHP
EF
1PTUVSBT

"TTJN
DPNP
PDPSSFV
OBT
QSJODJQBJT
$JEBEFT
#SBTJMFJSBT
BT
UFDOPMP
HJBT
F
BT
UJQPMPHJBT
DPOTUSVUJWBT
SFWFMBSBNTF
VNB
PCSJHBUPSJFEBEF
RVF
TF

CBTFJB
FN
$ÓEJHPT
EF
1PTUVSBT
m
EPDVNFOUPT
RVF
EFOUSF
PVUSBT
BUSJCVJ
É×FT
OPSNBUJ[BWBN
BT
DPOTUSVÉ×FT
F
EFUFSNJOBWBN
BT
QVOJÉ×FT
BPT
JOGSB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
UPSFT
QBHBNFOUP
EF
NVMUBT
PV
SFDPMIJNFOUP
Æ
QSJTÈP

&TTFT
$ÓEJHPT
FN

HFSBM
QPVDP
EJGFSJBN
FOUSF
TJ
USB[FOEP
BQFOBT
BMHVNBT
QFDVMJBSJEBEFT

QBSB
DBEB
SFHJÈP
4ÈP
EF
CBTUBOUF
JNQPSUÄODJB
UBNCÊN
PT
3FMBUÓSJPT
BQSF
TFOUBEPT
Æ
*OUFOEËODJB
.VOJDJQBM
QPJT
BMÊN
EF
DPOUFS
-FJT
PCSBT
F
DPOUSB
UBÉ×FT
EF
TFSWJÉP
FTTFT
EPDVNFOUPT
BQSFTFOUBWBN
NJOVDJPTBT
DSÔOJDBT
EB

$JEBEF
OBT
ÊQPDBT
SFGFSFOUFT

%F
BDPSEP
DPN
4JMWB

Q

B
$ÄNBSB
.VOJDJQBM
FN


OPNFJB
VNB
$PNJTTÈP
DPNQPTUB
QPS
3BGBFM
"SDBOKP
EB
'POTFDB

+PTÊ
"MFYBOESF
'SFJSF
EF
$BSWBMIP
F
P
BMGFSFT
+PÈP
EB
$PTUB
"OESBEF
i<>

QBSB
GB[FSFN
B
EFOPNJOBÉÈP
EBT
SVBT
F
QSBÉBT
EB
DJEBEFu
"
$ÄNBSB
EFV
JOUFJSP

BQPJP
F
BQSPWPV
P
3FMBUÓSJP
EB
$PNJTTÈP
%FUFSNJOPV
FOUÈP
RVF
i<>
GPT
TFN
DPMPDBEBT
QMBDBT
OBT
QBSFEFT
EBT
FTRVJOBTu
DPN
PT
OPNFT
F
JOEJDBÉ×FT
QPS

RVF
QBTTBSJBN
B
TFS
EFOPNJOBEBT

%F

B

MPOHP
QFSÎPEP
EF
FTUJBHFN
BTTPMPV
P
&TUBEP
F
B
TFDB

FOGSBRVFDFV
P
$PNÊSDJP
EF
VN
NPEP
HFSBM
F
FTQFDJBMNFOUF
EF
&YQPSUBÉÈP

QPJT
GBMUBWBN
P
BMHPEÈP
P
DPVSP
F
BT
QFMFT
F
BTTJN
NVJUBT
$BTBT
$PNFSDJBJT

GPSBN
GFDIBEBT

/P
FOUBOUP
B
TFDB
CFOFàDJPV
QBSUF
EP
$PNÊSDJP
F
EPT
DBQJUBJT
MPDBJT

RVF
TF
UPSOBSBN
GPSOFDFEPSFT
EF
BMJNFOUPT
BP
(PWFSOP
QBSB
TFSFN
EJTUSJ
CVÎEPT
DPN
PT
áBHFMBEPT
F
PT
DBQJUBJT
BOUFT
WPMUBEPT
FYDMVTJWBNFOUF
QBSB

P
$PNÊSDJP
QBTTBSBN
B
TFS
JOWFTUJEPT
OBT
4BMJOBT
CFN
DPNP
B
NÈPEFPCSB

GPJ
BWJMUBEB
FN
GBDF
EP
BMUP
OÙNFSP
EF
SFUJSBOUFT
RVF
QPS
NVJUP
QPVDP
PV

BQFOBT
QFMP
BMJNFOUP
TF
EJTQVOIBN
B
USBCBMIBS
OBT
4BMJOBT

1BTTBEP
P
1FSÎPEP
EF
&TUJBHFN
P
$PNÊSDJP
TF
SFDPNQ×F
F
BJOEB

NBOUFWFTF
FN
FWPMVÉÈP
BHPSB
Æ
GSFOUF
EPT
FTUBCFMFDJNFOUPT
BQFOBT
PT
DP
NFSDJBOUFT
MPDBJT

/P
FOUBOUP
OBRVFMF
àOBM
EF
TÊDVMP
.PTTPSÓ
BJOEB
FSB
P
FTDPBEPVSP

OBUVSBM
EBT
NBUÊSJBTQSJNBT
0
DPNÊSDJP
MPDBM
TVQSF
PT
QFEJEPT
EP
4FSUÈP

JOUFJSP
F
OÈP
TPGSJB
BJOEB
B
DPODPSSËODJB
EF
$BNQJOB
(SBOEF
F
'PSUBMF[B

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

1PS
PVUSP
MBEP
B
FDPOPNJB
TBMJOFJSB
UBNCÊN
BKVEPV
B
SFGB[FS
BT
QFSEBT

FDPOÔNJDBT
EB
ÙMUJNB
TFDB

2VBOUP
Æ
FTUSVUVSB
VSCBOB
BJOEB
FSB
JODJQJFOUF
QBSB
EBS
TVTUFOUBÉÈP

F
DPOUJOVJEBEF
Æ
GVOÉÈP
EF
&NQÓSJP
$PNFSDJBM
Æ
DJEBEF
EF
.PTTPSÓ
&N


BT
SVBT
OÈP
PGFSFDJBN
CPBT
DPOEJÉ×FT
BP
USÃGFHP
F
OÈP
FSBN
BJOEB

QBWJNFOUBEBT
1BSB
UBOUP
FN

B
àSNB
5FSUVMJBOP
'FSOBOEFT
TPMJDJUPV

WFSCB
QBSB
NFMIPSBNFOUPT
EBT
FTUSBEBT
B
àN
EF
RVF
WJFTTF
B
TFS
QPTTÎWFM

P
VTP
EF
BVUPNÓWFM
2VBOUP
Æ
JMVNJOBÉÈP
QÙCMJDB
FTUB
BJOEB
FSB
GFJUB
QPS


MBNQJ×FT
EF
RVFSPTFOF
F
QPSUBOUP
CBTUBOUF
QSFDÃSJB

"
FWPMVÉÈP
VSCBOÎTUJDB
EF
.PTTPSÓ
FSB
BMHP
FWJEFOUF
RVF
TF
FYQSFT
TBWB
QPS
NFJP
EPT
PCKFUPT
RVF
TVSHJSBN
­
P
RVF
QPEFNPT
DPOTUBUBS
EF

BDPSEP
DPN
B
PCSB
EF
4JMWB

Q

RVF
BP
NPTUSBS
DPNP
FMB
FSB
OP

BOP
EF

i<>
PT
iDIBMFUTu
EÈP
QSPWB
EF
CPN
HPTUP
OP
FTUJMP
SFTJEFODJBM
EF

.PTTPSÓ
RVF
FSBN
DPOTUSVÎEPT
FN
EJWFSTPT
QPOUPT
6OT
EF
EPJT
F
BUÊ

BOEBSFT
RVF

EBWBN
VN
BTQFDUP
EF
FNCFMF[BNFOUP
ÆT
DPOTUSVÉ×FT
SFTJEFODJBJTu
'JHVSB



)LJXUD3UDoD9LJiULR$QW{QLR-RDTXLP3UDoDGD&DWHGUDO
)RQWH3UHIHLWXUD0XQLFLSDOGH0RVVRUy

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 &N

P
FOHFOIFJSP
)FOSJRVF
EF
/PWBFT
QSPKFUPV
VNB
OPWB

1MBOUB
QBSB
B
$JEBEF
POEF
EFàOJB
B
MPDBMJ[BÉÈP
EF
OPWPT
CBJSSPT
F
TJTUFNB
UJ[BWB
PT
KÃ
FYJTUFOUFT
"
JMVNJOBÉÈP
Æ
FOFSHJB
FMÊUSJDB
QBTTPV
B
TFS
VUJMJ[BEB

OB
$JEBEF
TPNFOUF
B
QBSUJS
EF

EF
EF[FNCSP
EF

DPN
B
DSJBÉÈP

EB
&NQSFTB
'PSÉB
F
-V[
F
.FMIPSBNFOUPT
EF
.PTTPSÓ
"P
DPOGSPOUBS
B

DIFHBEB
EB
FOFSHJB
FMÊUSJDB
Æ
DJEBEF
EF
.PTTPSÓ
DPN
B
DIFHBEB
FN
PVUSBT

DJEBEFT
EP
/PSEFTUF
m
4ÈP
-VÎT
."

FN

F
3FDJGF
1&

FN



DPODMVÎNPT
RVF
OB
WFSEBEF
.PTTPSÓ
NFTNP
TFOEP
BQFOBT
VNB
$JEBEF
EP

JOUFSJPS
UFWF
B
FOFSHJB
FMÊUSJDB
JOTUBMBEB
OÈP
UÈP
UBSEJBNFOUF
FN
SFMBÉÈP
B

FTTBT
$BQJUBJT
P
RVF
EFOPUB
B
OFDFTTJEBEF
F
B
EFNBOEB
QPS
FTUB
FTUSVUVSB

0VUSP
GBUPS
EF
EFTFOWPMWJNFOUP
FDPOÔNJDP
EF
.PTTPSÓ
GPJ
B
DPNFS
DJBMJ[BÉÈP
EP
$BGÊ
$PN
P
EFTFOWPMWJNFOUP
EB
DBGFJDVMUVSB
OP
&TUBEP
EF

4ÈP
1BVMP
PT
DBGFJDVMUPSFT
SFRVJTJUBSBN
BDFTTP
F
DPOEJÉ×FT
EF
USBOTQPSUF

EF
TVB
QSPEVÉÈP
&
B
FYQBOTÈP
DBGFFJSB
EFUFSNJOPV
P
SJUNP
EF
FYQBOTÈP
EB

'FSSPWJB
"
QBSUJS
EF
àOT
EP
TÊDVMP
9*9
TÈP
JNQMBOUBEBT
BT
QSJNFJSBT
'FS
SPWJBT
QBVMJTUBT
DPN
P
PCKFUJWP
EF
FTDPBS
B
QSPEVÉÈP
DBGFFJSB
EP
0FTUF

5IF
4
1BVMP
3BJMXBZ
$P



MJHBWB
+VOEJBÎ
B
4BOUPT

 $JB
7JBÉÈP
1BVMJTUB



MJHBWB
4PSPDBCB
B
4ÈP
1BVMP

 $JB
.PHJBOB



JOJDJBWBTF
OB
DJEBEF
EF
$BNQJOBT
F
PCKFUJ
WBWB
FTDPBS
P
DBGÊ
QSPEV[JEP
OP
FJYP
OPSEFTUF
EP
&TUBEP
EF
4ÈP
1BVMP
F
B

"SBSBRVBSB



WJTBWB
FTDPBS
P
DBGÊ
QSPEV[JEP
OB
QPSÉÈP
DFO
USBM
F
OPSUF
EP
&TUBEP
EF
4ÈP
1BVMP

)BWJB
B
JOTFSÉÈP
EP
DBQJUBM
JOHMËT
QBSB
B
JNQMBOUBÉÈP
EBT
GFSSPWJBT

OB
SFHJÈP
DBGFFJSB
"
QBSUJS
EF
FOUÈP
PT
QPMÎUJDPT
F
DPNFSDJBOUFT
QBTTBSBN

B
QMFJUFBS
UBNCÊN
QBSB
.PTTPSÓ
VNB
GFSSPWJB
0
TVÎÉP
+PIBO
6MSJDI
(SBG

BTTJOPV
VN
DPOUSBUP
OP
BOP
EF

DPN
P
(PWFSOP
1SPWJODJBM
QSPQPO
EPTF
B
DPOTUSVJS
i<>
VNB
FTUSBEB
EF
GFSSP
EF
.PTTPSÓ
BPT
MJNJUFT
EP
UFSSJUÓSJP

BUSBWFTTBOEP
PT
NVOJDÎQJPT
EP
"QPEJ
F
1BV
EPT
'FSSPTu
$"4$6%0

Q



&TTF
DPOUSBUP
OÈP
DIFHPV
B
TFS
SFBMJ[BEP
TFOÈP
NVJUPT
BOPT
EFQPJT

TFOEP
BQFOBT
P
TFV
QSJNFJSP
USFDIP
1PSUP
'SBODP
m
.PTTPSÓ
JOBVHVSBEP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

BPT

EF
NBSÉP
EF

PV
TFKB

BOPT
EFQPJT
EB
BTTJOBUVSB
EP
QSJNFJ
SP
DPOUSBUP
$0&-)0


BP
BOBMJTBS
B
JNQMBOUBÉÈP
EBT
'FSSPWJBT
F

B
SFFTUSVUVSBÉÈP
EBT
$JEBEFT
OP
4JTUFNB
6SCBOP
/PSEFTUJOP
BUSBWÊT
EP

UFNQP
EFTDSFWF
P
RVF
SFQSFTFOUPV
B
DPOTUSVÉÈP
EFTTBT
'FSSPWJBT
QBSB
P
EF
TFOWPMWJNFOUP
PV
GSBDBTTP
FDPOÔNJDP
EBT
QSJODJQBJT
$JEBEFT
EP
/PSEFTUF

#SBTJMFJSP
DJUBOEP
.PTTPSÓ
FN
TVB
BOÃMJTF

"T
DJEBEFT
EF
3FDJGF
F
4BMWBEPS
m
QSJODJQBJT
GPDPT
EF
EJGVTÈP
EBT

GFSSPWJBT
OP
/PSEFTUF
UJWFSBN
BNQMJBEBT
BT
TVBT
ÃSFBT
EF
JOáV
ËODJB
VNB
WF[
RVF
MJHBOEPTF
BP
JOUFSJPS
EJSFUBNFOUF
PV
BUSBWÊT

EBT
EFNBJT
DBQJUBJT
/P
&TUBEP
EP
$FBSÃ
B
FYQBOTÈP
EF
GFSSPWJBT

DPOEJDJPOBEB
QFMP
TVSUP
BMHPEPFJSP
BNQMJPV
B
ÃSFB
QPMBSJ[BEB
QPS

'PSUBMF[B
RVF
QBTTPV
B
QBSUJS
EB
TFHVOEB
NFUBEF
EP
TÊDVMP
9*9
B

BTTVNJS
P
DPNBOEP
EPT
áVYPT
FDPOÔNJDPT
EB
JOUFSMÄOEJB
DFBSFOTF

BOUFT
TPC
P
EPNÎOJP
EF
"SBDBUJ
1PS
PVUSP
MBEP
DJEBEFT
TJUVBEBT

OP
TFSUÈP
DPNP
2VJYFSBNPCJN
$&

PV
OP
DPOUBUP
FOUSF
P
BHSFT
UF
F
P
TFSUÈP
DPNP
$BNQJOB
(SBOEF
1#

$BSVBSV
(BSBOIVOT
F

"SDPWFSEF
1&

PV
BJOEB
NBJT
QSÓYJNBT
EP
MJUPSBM
DPNP
4PCSBM

$&

F
.PTTPSÓ
3/

EFTFOWPMWFSBNTF
HSBÉBT
Æ
QPTJÉÈP
EF
QPOUBT

EF
USJMIPT
QPOUP
EF
QBSUJEB
PV
QBSBEB
EF
GFSSPWJBT
+Ã
BT
BOUJHBT

DJEBEFTQPSUPT
DPNP
.BNBOHVBQF
1#

(PJBOB
1&

1PSUP
$BMWP

F
7BMFOÉB
#"

F
3JP
'PSNPTP
1&

OÈP
TFOEP
CFOFàDJBEBT
QFMBT

GFSSPWJBT
UJWFSBN
TVBT
GVOÉ×FT
DPNFSDJBJT
QSFKVEJDBEBT
QFMP
EFTWJP

EPT
áVYPT
EF
NFSDBEPSJBT
QBSB
PVUSPT
DFOUSPT
QPSUVÃSJPT
EF
FTDPB
NFOUP
$PFMIP

Q


"T
&TUSBEBT
EF
'FSSP
OÈP
TPNFOUF
OP
&TUBEP
EP
3JP
(SBOEF
EP
/PS
UF
NBT
FN
UPEP
P
/PSEFTUF
FSBN
DPOTUSVÎEBT
QPS
NFJP
EF
BDPSEPT
QBSDF
SJBT
PV
BJOEB
BUSBWÊT
EF
FNQSÊTUJNPT
JOUFSOBDJPOBJT
P
RVF
QPS
NVJUP
UFNQP

DBQJUBMJ[PV
NVJUBT
FNQSFTBT
F
DVTUPV
BMUP
BPT
$PGSFT
1ÙCMJDPT
/BDJPOBJT
"

FTTF
SFTQFJUP
$BSWBMIP
'JMIP

Q

BàSNB
RVF
i"T
FTUSBEBT
EF
GFSSP

WJOIBN
TFOEP
DPOTUSVÎEBT
OP
3JP
(SBOEF
EP
/PSUF
QPS
NFJP
EF
FNQSÊTUJNPT
OBT

CPMTBT
EF
1BSJT
F
-POESFT
PV
QFMP
SFHJNF
EF
"QFMP
F
$SÊEJUPu

&TTF
iBUSBTPu
OB
DPOTUSVÉÈP
EB
'FSSPWJB
UFWF
SFQFSDVTT×FT
OFHBUJWBT

OB
&DPOPNJB
OÈP
TÓ
EF
.PTTPSÓ
NBT
EF
UPEP
P
&TUBEP
F
TFHVOEP
BMHVOT

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
BVUPSFT
P
EFTFOWPMWJNFOUP
FDPOÔNJDP
EP
3JP
(SBOEF
EP
/PSUF
GPJ
SFUBSEB
EP
FN
GVOÉÈP
EF
WÃSJPT
GBUPSFT
EFOUSF
PT
RVBJT
Ê
BQPOUBEP
FTUF

0
TFUPS
EF
USBOTQPSUF
FSB
EFàDJFOUF
F
TVB
FYQBOTÈP
TF
GF[
FN
GVOÉÈP

EBT
OFDFTTJEBEFT
EP
TFUPS
FYQPSUBEPS
P
RVF
PDPSSFV
DPN
SFMBUJWP

BUSBTP
TF
DPNQBSBEP
DPN
PT
&TUBEPT
WJ[JOIPT
0
FJYP
EB
DPNVOJDB
ÉÈP
FTUBEVBM
JOUFSOP
F
FYUFSOP
FSB
SFQSFTFOUBEP
QFMB
OBWFHBÉÈP
NB
SÎUJNB
BUÊ
P
àOBM
EP
TÊDVMP
QBTTBEP
m
UBM
B
QSFDBSJFEBEF
EPT
PVUSPT

NFJPT
EF
USBOTQPSUFT
."3*;
46"446/"

Q


"
&TUSBEB
EF
'FSSP
DIFHB
FN

KÃ
QPSUBOUP
UBSEJBNFOUF
FN

SFMBÉÈP
B
PVUSPT
&NQÓSJPT
/PSEFTUJOPT
DPNP
P
EF
$BNQJOB
(SBOEF
F
PT

EFNBJT
OP
SFTUBOUF
EP
1BÎT
1PS
DBVTB
EJTTP
P
USBOTQPSUF
NBSÎUJNP
QFSEFV

TVB
GVOÉÈP
EPNJOBOUF
OP
USBOTQPSUF
EF
NFSDBEPSJBT
0
USBOTQPSUF
GFSSPWJ
ÃSJP
SFEJSFDJPOPV
PT
USBOTQPSUFT
MPDBJT
F
SFHJPOBJT
EF
NPEP
RVF
OB
EÊDB
EB
EF

P
EFTFOWPMWJNFOUP
EBT
&TUSBEBT
EF
'FSSP
EF
/BUBM
m
3/
EF

'PSUBMF[B
m
$&
F
EB
1BSBÎCB
m
1#
GBDJMJUPV
P
JOUFSDÄNCJP
DPNFSDJBM
DPN

P
JOUFSJPS
EFTTFT
FTUBEPT
.PTTPSÓ
OÈP
UFWF
DPNP
FOGSFOUBS
PT
&NQÓSJPT

$PNFSDJBJT
RVF
MIF
UPNBSBN
B
EJBOUFJSB
"
TVB
&TUSBEB
EF
'FSSP
QPVDP

BWBOÉBWB
F
GBMUBWBN
&TUSBEBT
EF
3PEBHFN
QBWJNFOUBEBT

i<>
FORVBOUP

BT
WJBT
EF
DPNVOJDBÉ×FT
DPN
PT
BMUPT
TFSU×FT
JBNTF
UPSOBOEP
B
QBSUJS
EF
'PSUBMF[B

F
3FDJGF
NBJT
SÃQJEBT
F
GÃDFJT
.PTTPSÓ
FTQFSBWB
BOTJPTBNFOUF
TVB
FTUSBEB
EF
GFSSP

<>u
."*"

Q


0VUSPT
GBUPSFT
DPOUSJCVÎSBN
QBSB
P
FOGSBRVFDJNFOUP
EP
RVF
BOUFT

FSB
P
HSBOEF
&NQÓSJP
$PNFSDJBM


P
GPSUBMFDJNFOUP
EB
1SBÉB
EF
$BNQJOB
(SBOEF
m
1#
RVF
BUSBJV
PT

DPNFSDJBOUFT
DPN
TFVT
DBQJUBJT


B
FNFSHËODJB
EF
OPWBT
3FEFT
EF
*OUFSDÄNCJP
$PNFSDJBM
DPNP

QPS
FYFNQMP
B
3FEF
7JBÉÈP
$FBSFOTF
RVF
ESFOBWB
QBSUF
EP
$PNÊSDJP
QBSB

#BUVSJUÊ
$SBUP
F
+BHVBSJCF
VNB
WF[
RVF
UBJT
DJEBEFT
BOUFDJQBSBN
B
DPOT
USVÉÈP
EF
TVBT
GFSSPWJBT
BUSBJOEP
QBSB
TJ
PT
HSBOEFT
DPNFSDJBOUFT

$PN
P
àN
EP
&NQÓSJP
$PNFSDJBM
TFHVOEP
'3&*3&


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "MHVNBT
GPSUVOBT
EFTBQBSFDFSBN
0VUSBT
TVCEJWJEJSBNTF
$PN
P

BQBSFDJNFOUP
OÈP
PCTUBOUF
EBT
QFRVFOBT
JOEÙTUSJBT
F
B
GPSNBÉÈP

EF
QFRVFOBT
DBTBT
EF
OFHÓDJP
QBSB
B
FYQMPSBÉÈP
EP
DPNÊSDJP
SFUB
MIJTUB
BT
DPOTFRÛËODJBT
EB
EÊCÄDMF
OÈP
QPEFSJBN
TFS
FWJUBEBT
&

TPC
P
JNQFSBUJWP
EF
UBJT
GFOÔNFOPT
RVBTF
UPEPT
SFDPOIFDJEBNFOUF

FWJUÃWFJT
.PTTPSÓ
QFSEFV
FN
NVJUP
BRVFMF
TFV
IPOSPTP
UÎUVMP
EF

FNQÓSJP
DPNFSDJBM
EP
OPSEFTUF

&OUSFUBOUP
OFTTF
DPOUFYUP
EF
DSJTF
VNB
PVUSB
BMUFSOBUJWB
EF
SFQSP

EVÉÈP
FTQBDJBM
FNFSHF
.PTTPSÓ
QBTTPV
B
FYFSDFS
VN
OPWP
QBQFM
P
EF
DFOUSP

SFQBTTBEPS
EF
NBUÊSJBTQSJNBT
QBSB
P
$FOUSP4VM
RVF
JOJDJBSB
TFV
QSPDFTTP

EF
*OEVTUSJBMJ[BÉÈP
&TTF
QSPDFTTP
Ê
EF
BDPSEP
DPN
.BJB


P
RVF
DB
SBDUFSJ[B
P
àN
EB
DPOEJÉÈP
EF
&NQÓSJP
$PNFSDJBM
QBSB
.PTTPSÓ
QPJT

"
IFHFNPOJB
DPNFSDJBM
EPT
TFSU×FT
IÃ
NVJUP
EJTQVUBEB
QFMB
JNQPS
UBOUF
QSBÉB
QBSBJCBOB
EF
$BNQJOB
(SBOEF
QBTTPV
JOUFJSBNFOUF
B

FTTB
DJEBEF
0
DJDMP
JOUFSNFEJBSJTUB
EF
.PTTPSÓ
FODFSSBWBTF
&
BQÓT

BOPT
F
BOPT
EF
FTUBHOBÉÈP
OPWP
DJDMP
Ê
JOJDJBEP
.PTTPSÓ
WPMUB
B
TFS

BHSÎDPMB
F
QBTUPSJM
F
BP
NFTNP
UFNQP
WFN
TF
UPSOBOEP
GPSUFNFOUF

JOEVTUSJBM
."*"

Q



4ÈP
OB
WFSEBEF
SFEFàOJÉ×FT
FDPOÔNJDBT
QPTTÎWFJT
FN
GBDF
EB
DBQJUB

MJ[BÉÈP
EBRVFMFT
RVF
FTUBWBN
Æ
GSFOUF
EP
&NQÓSJP
$PNFSDJBM
F
RVF
EJBOUF
EB

DSJTF
DPOTFHVJSBN
OÈP
TFS
FMJNJOBEPT
UPUBMNFOUF
EFTTF
OPWP
QSPDFTTP
EF
BDV
NVMBÉÈP
NBT
JODMVÎEPT
OFTTB
OPWB
EJOÄNJDB
RVF
TVSHF
DPNP
BMUFSOBUJWB
QBSB

B
QFSEB
EPT
.FSDBEPT
&YUFSOPT
.PTTPSÓ
DPOTFHVF
QPJT
FODPOUSBS
FDPOPNJBT

TVDFEÄOFBT
RVF
QFSNJUJSÈP
Æ
$JEBEF
DPOUJOVBS
Æ
GSFOUF
EBT
EFNBJT
$JEBEFT
EB

SFHJÈP
0FTUF
EP
&TUBEP
+Ã
RVF
TFHVOEP
'FMJQF

Q
 


"
QFSEB
EB
FTQFDJBMJ[BÉÈP
EF
DJEBEF
DFOUSP
EF
JNQPSUBÉÈPFYQPS
UBÉÈP
OP
DPOUFYUP
SFHJPOBM
USB[JB
QBSB
.PTTPSÓ
VNB
PVUSB
&TUB

CBTFBEB
OPT
DBQJUBJT
MPDBJTSFHJPOBJT
F
<>
SFDVSTPT
MPDBJT
MJHBEPT

BP
FYUSBUJWJTNP
<>
BTTJN
OBTDJBN
BT
BHSPJOEÙTUSJBT
<>
F
BT
SFà
OBEPSBT
EF
TBM

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
26DODV$JURLQG~VWULDV
$&ULVHGDV(FRQRPLDV7UDGLFLRQDLVH6HXV5HÀH[RVQR8UEDQR

"
BUJWJEBEF
TBMJOFJSB
F
B
BHSPJOEVTUSJBM
EF
.PTTPSÓ
UËN
B
TVB
PSJHFN

OPT
DBQJUBJT
DPNFSDJBJT
BDVNVMBEPT
OB
ÊQPDB
EP
&NQÓSJP
$PNFSDJBM
"

BDVNVMBÉÈP
QPSUBOUP
EF
DBQJUBJT
QPS
QBSUF
EPT
DPNFSDJBOUFT
QBSUJDVMBS
NFOUF
EFTTFT
FNQSFTÃSJPT
QFSNJUJV
RVF
B
$JEBEF
DPOUJOVBTTF
B
NBOUFS
B

TVB
GVOÉÈP
EF
iDFOUSP
EF
TFSWJÉPT
EB
SFHJÈP
0FTUF
EP
&TUBEPu
DPNP
UBN
CÊN
EF
iDFOUSP
CFOFàDJBEPS
EB
QSPEVÉÈP
BHSÎDPMB
F
FYUSBUJWBu
EP
TFV
FTQBÉP

SFHJPOBM

"UÊ
P
JOÎDJP
EP
TÊDVMP
QBTTBEP
B
&DPOPNJB
EP
&TUBEP
FTUBWB
DFOUSB
EB
OB
QSPEVÉÈP
DBOBWJFJSB
OP
MJUPSBM
ÙNJEP
OB
QSPEVÉÈP
EF
TBM
OP
MJUPSBM

OPSUF
OB
DVMUVSB
EP
BMHPEÈP
BTTPDJBEB
B
DVMUVSBT
BMJNFOUBSFT
NJMIP
GFJKÈP

F
NBOEJPDB

F
Æ
QFDVÃSJB
OP
TFSUÈP
4PNBEBT
B
FTUBT
BUJWJEBEFT
IBWJB
B

DVMUVSB
EP
BHBWF
F
P
FYUSBUJWJTNP
EB
DBSOBÙCB
F
EB
PJUJDJDB
OPT
WBMFT
EPT

SJPT
1JSBOIBT"ÉV
F
"QPEJ.PTTPSÓ
5BJT
BUJWJEBEFT
FTTFODJBMNFOUF
BHSÎDP
MBT
DPN
FYDFÉÈP
EP
TBM
EBSJBN
JOÎDJP
Æ
JOEÙTUSJB
EF
CFOFàDJBNFOUP
EFTTFT

QSPEVUPT
DPNP
Ê
P
DBTP
EBT
"MHPEPFJSBT
F
EBT
'ÃCSJDBT
EF
¶MFPT
PJUJDJDB

F
BMHPEÈP


"T
"HSPJOEÙTUSJBT
TF
MPDBMJ[BWBN
OBT
ÃSFBT
VSCBOBT
DPN
FYDFÉÈP

EPT
FOHFOIPT
"T
DJEBEFT
QPSUBOUP
BMÊN
EF
DPNFSDJBMJ[BSFN
B
QSPEVÉÈP

EP
DBNQP
JOEVTUSJBMJ[BWBN
QBSUF
EFTTB
QSPEVÉÈP
CFOFàDJBOEP
PT
QSPEVUPT

RVF
FSBN
FOUÈP
NBUÊSJBQSJNB
QBSB
PVUSBT
VOJEBEFT
JOEVTUSJBJT
MPDBMJ[BEBT

FN
PVUSBT
SFHJ×FT
EP
1BÎT
PV
GPSB
EFTUF
$PN
JTUP
B
$JEBEF
TF
GPSUBMFDJB

DPOTJEFSBWFMNFOUF
FN
EFUSJNFOUP
EP
DBNQP
QPJT
BDVNVMBWB
BT
GVOÉ×FT
EF

DFOUSP
SFQBTTBEPS
EB
QSPEVÉÈP
EP
TFV
FTQBÉP
SFHJPOBM
F
TFEF
EB
JOEÙTUSJB

%JBOUF
EFTTB
EJOBNJDJEBEF
TVSHFN
PV
TF
GPSUBMFDFN
DJEBEFTQÓMPT
OP
JOUF
SJPS
EP
&TUBEP
m
$BJDÓ
+PÈP
$ÄNBSB
4BOUB
$SV[
.PTTPSÓ
F
PVUSBT
NBJT

%FTTF
NPEP
.PTTPSÓ
QBTTPV
B
CFOFàDJBS
QSPEVUPT
FYUSBUJWPT
DPNP

B
DBSOBÙCB
B
PJUJDJDB
F
PT
QSPEVUPT
BHSÎDPMBT
DPNP
BMHPEÈP
F
BHBWF
m
NB
UÊSJBTQSJNBT
EBT
BHSPJOEÙTUSJBT
EF
.PTTPSÓ
QBSB
BT
JOEÙTUSJBT
EF
ÓMFP
EF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

SJWBEPT
POEF
TFSJBN
iTFNJCFOFàDJBEPTu
F
DPNFSDJBMJ[BEPT
QBSB
BT
JOEÙT
USJBT
EB
SFHJÈP
$FOUSP4VM
EP
1BÎT
QBSUJDVMBSNFOUF
4ÈP
1BVMP
RVF
QBTTB
B

SFRVJTJUBS
NBUÊSJBQSJNB
QBSB
BT
TVBT
JOEÙTUSJBT
"TTJN
B
*OEVTUSJBMJ[BÉÈP

RVF
TF
WJOIB
QSPDFTTBOEP
EFTEF
P
JOÎDJP
EP
TÊDVMP
TF
àSNB
F
QBTTB
B
DPNBO
EBS
P
QSPDFTTP
EF
BDVNVMBÉÈP
QSPQJDJBOEP
BP
$FOUSPTVM
OPUBEBNFOUF
4ÈP

1BVMP
B
IFHFNPOJB
FDPOÔNJDB
F
QPMÎUJDB
TPCSF
P
FTQBÉP
OBDJPOBM

­
JNQPSUBOUF
EFTUBDBS
RVF
B
&DPOPNJB
1PUJHVBS
OP
JOÎDJP
EB
3FQÙ
CMJDB
FSB
CBTJDBNFOUF
BHSÃSJB
TPNFOUF
OP
QFSÎPEP
EF

Ê
RVF

P
$BQJUBMJTNP
*OEVTUSJBM
DPNFÉPV
B
TF
GB[FS
QSFTFOUF
OB
&DPOPNJB
-PDBM

.VJUP
MFOUBNFOUF
TF
GPJ
DPOTUJUVJOEP
P
EFTFOWPMWJNFOUP
EF
VN
QSPDFTTP

EF
JOEVTUSJBMJ[BÉÈP
DPN
P
DBQJUBM
BDVNVMBEP
OP
DBNQP
EP
àOBODJBNFO
UP
F
DPNFSDJBMJ[BÉÈP
EB
&DPOPNJB
"HSPFYQPSUBEPSB
OP
QFSÎPEP
BOUFSJPS

%ÊDBEBT
EFQPJT
PSJHJOPVTF
VN
QSPDFTTP
EF
JOEVTUSJBMJ[BÉÈP
MPDBM
MJHBEP

Æ
USBOTGPSNBÉÈP
EPT
QSPEVUPT
PSJVOEPT
EB
"HSJDVMUVSB
F
EB
1FDVÃSJB
*OJ
DJPVTF
FOUÈP
P
EFTFOWPMWJNFOUP
EB
*OEÙTUSJB
"MJNFOUÎDJB
F
EF
7FTUVÃSJP

FTUJNVMBEBT
QFMP
(PWFSOP
BUSBWÊT
EF
JODFOUJWPT
àTDBJT
i/B
TFEF
EP
NVOJ
DÎQJP
TVSHJSBN
GVOEJÉ×FT
F
PàDJOBT
GB[FOEP
RVBTF
UVEP
"T
JOEÙTUSJBT
FYUSBUJWBT
F

CFOFàDJBEPSBT
EB
TFNFOUF
EB
PJUJDJDB
UJWFSBN
P
TVSUP
QSPQÎDJP
BTTJN
DPNP
BT
QFRVFOBT

GÃCSJDBT
EF
àP
BOJMBHFN
TBC×FT
CFCJEBT
FUDu
$"4$6%0



"
BàSNBÉÈP
EP
$PNÊSDJP
FOUSFUBOUP
PDPSSFV
DPN
P
FTUBCFMFDJNFO
UP
EF
'JSNBT
&TUBEVBJT
WJODVMBEBT
B
QSPEVUPT
EF
FYQPSUBÉÈP
DPNP
BMHP
EÈP
TBM
BÉÙDBS
F
DFSB
EF
DBSOBÙCB
&N

EBT
DJODP
NBJT
JNQPSUBOUFT

'JSNBT
$PNFSDJBJT
EP
3JP
(SBOEF
EP
/PSUF
USËT
EFMBT
FSBN
TFEJBEBT
FN

.PTTPSÓ
­
P
RVF
OPT
JOGPSNB
.BSJ[

Q


/B
EÊDBEB
EF

BT
NBJT
JNQPSUBOUFT
FSBN
'FMJOUP
&MZTJP
FN

+BSEJN
EP
4FSJEÓ
BMHPEÈP

.'.POUF
F
$JB
FN
.PTTPSÓ
BMHP
EÈP
F
TBM

8BSUPO
1FESP[B
F
$JB
FN
/BUBM
BMHPEÈP

5FSUVMJBOP

'FSOBOEFT
F
$JB
FN
.PTTPSÓ
TBM

F
+FSÔOJNP
3PTBEP
FN
.PTTPSÓ

RVF
FYQMPSBWB
NÃSNPSF
F
HJQTJUB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 %F
BDPSEP
DPN
P
MFWBOUBNFOUP
SFBMJ[BEP
*#(&


B
FTQFDJB
MJ[BÉÈP
JOEVTUSJBM
EF
.PTTPSÓ
Ê
DBSBDUFSJ[BEB
QPS
EVBT
GBTFT
"
QSJNFJSB

GBTF
EFTTF
QSPDFTTP
WBJ
EF

B

RVBOEP
B
$JEBEF
DIFHB
B
UFS


VOJEBEFT
JOEVTUSJBJT
B
GBTF
TFHVJOUF
WBJ
EF

B

RVBOEP
TÈP
JOT
UBMBEBT

VOJEBEFT
QSPEVUJWBT
OPT
NBJT
EJWFSTPT
SBNPT
JOEVTUSJBJT
"

QBSUJS
EF

PCTFSWBTF
VN
EFTFOWPMWJNFOUP
BJOEB
NBJT
TJHOJàDBUJWP

KÃ
QSFOVODJBEP
B
QBSUJS
EF

QPJT
OP
QFSÎPEP
EF

B

BQFOBT


GÃCSJDBT
TÈP
DSJBEBT
FN
.PTTPSÓ
EFTUBT
EF[FTTFUF
PJUP
TVSHJSBN
FOUSF


F


"
QBSUJS
EF

QPSÊN
WFSJàDBTF
VNB
BTDFOTÈP
DPOUÎOVB

OP
OÙNFSP
EF
JOEÙTUSJBT
FN
GVODJPOBNFOUP
BUJOHJOEP
P
QPOUP
NÃYJNP

OP
QFSÎPEP
EF

B

DPN
TFUFOUB
F
EVBT
GÃCSJDBT
JOTUBMBEBT

&TTB

EJGFSFOÉB
OPT
OÙNFSPT
FYQSFTTPT
EF
GPSNB
DSFTDFOUF
GB[
QBSUF
EP
DPOUFYUP

OBDJPOBM
TPCSF
P
QSPDFTTP
EF
JNQMFNFOUBÉÈP
EB
FTUSBUÊHJB
QSFDPOJ[BEB
QFMB

4VQFSJOUFOEËODJB
EP
%FTFOWPMWJNFOUP
EP
/PSEFTUF

4VEFOF
QBSB
B
*OEVT
USJBMJ[BÉÈP
#SBTJMFJSB

"
GPUP
TFHVJOUF
'JHVSB


NPTUSB
VNB
EFTTBT
FNQSFTBT
m
B
6TJOB

#FOFàDJBEPSB
EF
"MHPEÈP
EP
FNQSFTÃSJP
.JHVFM
'BVTUJOP
EP
.POUF

)LJXUD±$8VLQDGH%HQH¿FLDPHQWRGH$OJRGmR
0)GR0RQWH &LDHVWDEHOHFLGDHP0RVVRUyQRDQRGH
)RWyJUDIRGHVFRQKHFLGR$FHUYRGR0XVHX/DXURGD(VFyFLD0RVVRUy

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD±8VLQDGH%HQH¿FLDPHQWRGH$OJRGmR$OIUHGR)HUQDQGHVHPIRLXPD
GDVPDLVLPSRUWDQWHVHPSUHVDVDJURH[SRUWDGRUDVHVWDEHOHFLGDVQD&LGDGH
)RWyJUDIRGHVFRQKHFLGR$FHUYRGR0XVHX/DXURGD(VFyFLD0RVVRUy

)LJXUD±$JrQFLDGR%DQFRGR%UDVLODEULJDGDHPSDUWHGRTXHUHVWRXGRDQWLJRSUpGLR
GD8VLQDGH%HQH¿FLDPHQWRGH$OJRGmR$OIUHGR)HUQDQGHV)LJXUDQD5XD)HOLSH&DPDUmR
)RWR$ULVWRWHOLQD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0
1FSÎPEP
EF

B

Ê
EFOPNJOBEP
FN
FTUVEPT
GFJUPT
QFMP

*OTUJUVUP
#SBTJMFJSP
EF
(FPHSBàB
m
*#(&


DPNP
VNB
GBTF
NBSDBOUF

OP
RVF
TF
SFGFSF
BP
4FUPS
*OEVTUSJBM
EP
NVOJDÎQJP
EF
.PTTPSÓ
BÎ
B
DJEBEF

Ê
BQPOUBEB
DPNP
VN
EPT
QSJODJQBJT
$FOUSPT
6SCBOPT
EP
/PSEFTUF
OP
BOP

EF

0
*#(&
DMBTTJàDPV
.PTTPSÓ
DPNP
VN
$FOUSP
PV
3FHJÈP
F
PT

NVOJDÎQJPT
OPSUFSJPHSBOEFOTFT
JOUFHSBOUFT
EFTUF
DFOUSP
FSBN
"ÉV
"MUP

EP
3PESJHVFT
"QPEJ
"SFJB
#SBODB
$BNQP
(SBOEF
$BSBÙCBT
$BSOBVCBJT

'FMJQF
(VFSSB
(PW
%JY4FQU
3PTBEP
(SPTTPT
(VBNBSÊ
*QBOHVBÉV
*UBÙ

+BOEVÎT
.BDBV
&TQÎSJUP
4BOUP
EP
0FTUF
1FOEËODJBT
4ÈP
3BGBFM
4FWFSJBOP

.FMP
F
6QBOFNB
BMÊN
EB
QSÓQSJB
.PTTPSÓ

%F
BDPSEP
DPN
EBEPT
EB
5BCFMB

FOUSF

F

B
$JEBEF

FODPOUSBWBTF
FN
QPTJÉÈP
SFMBUJWBNFOUF
CPB
TJUVBEB
FN
TÊUJNP
MVHBS
OP

RVF
UBOHF
BP
QFTTPBM
PDVQBEP
F
DPN
B
QBSUJDJQBÉÈP
EF
 
OP
WBMPS
EBT

WFOEBT
TVQFSBEB
BQFOBT
QPS
TFJT
EPT
SFGFSJEPT
$FOUSPT
'PJ
QPSUBOUP
FTUB

TJUVBÉÈP
PDVQBEB
QPS
.PTTPSÓ
OP
4FUPS
*OEVTUSJBM
EP
/PSEFTUF
RVF
EFTQFS
UPV
P
JOUFSFTTF
EB
4VEFOF
FN
EFTFOWPMWFS
F
BQPJBS
B
WJOEB
EF
*OEÙTUSJBT

QBSB
B
$JEBEF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 7DEHOD$VSHFWRVGR6HWRU,QGXVWULDOGRV
FHQWURVGLQDPL]DGRUHVGR1RUGHVWH±

3(662$/ 9$/259(1'$6
(67$%(/(&,0(1726 2&83$'2 &U
&(17526
4XDQW  4XDQW  4XDQW 
0DFHLy      
1DWDO      
&DPSLQD*UDQGH      
6mR/XtV      
$UDFDMX      
)HLUDGH6DQWDQD      
0RVVRUy      
&DUXDUX      
-RmR3HVVRD      
&UDWR-XD]HLURGR1RUWH      
7HUHVLQD      
6REUDO      
,OKpXV,WDEXQD      
3HWUROLQD-XD]HLUR      
0RQWHV&ODURV      
*DUDQKXQV      
3DUDtED      
9LWyULDGD&RQTXLVWD      
727$,6      

)RQWH,%*(

&N

GPSBN
CFOFàDJBEBT
QFMB
4VEFOF

&NQSFTBT
*OEVTUSJBJT

EB
3FHJÈP
EBT
RVBJT

QFSUFODJBN
BP
NVOJDÎQJP
EF
.PTTPSÓ
$POTJEFSBOEP
TF
RVF
P
UPUBM
EF
'JSNBT
CFOFàDJÃSJBT
EP
&TUBEP
GPJ
EF

QPEFTF
BàSNBS

RVF
B
3FHJÈP
EF
.PTTPSÓ
FODPOUSBWBTF
FN
QPTJÉÈP
QSJWJMFHJBEB
1PS
PVUSP

MBEP
RVBOEP
TF
BOBMJTBN
PT
JOWFTUJNFOUPT
EPT
QSPKFUPT
PCTFSWBTF
RVF
TVB

QPTJÉÈP
BJOEB
TF
BQSFTFOUB
NFMIPS
QPJT
DPVCF
Æ
3FHJÈP
 
EP
UPUBM
EP

&TUBEP
"JOEB
TFHVOEP
PT
FTUVEPT
EP
*#(&
DPOWÊN
SFTTBMUBS
RVF

EPT

JOWFTUJNFOUPT
EFTUJOBEPT
Æ
3FHJÈP
DPVCFSBN
BP
NVOJDÎQJP
EF
.PTTPSÓ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 /FTUF
QPOUP
WBMF
TBMJFOUBS
RVF
B
DSJBÉÈP
EB
4VEFOF
GPJ
VN
NBSDP
EB

JOUFSWFOÉÈP
QMBOFKBEB
EP
&TUBEP
OP
/PSEFTUF
F
USPVYF
FN
TFV
CPKP
B
1SP
QPTUB
DPN
CBTF
OP
3FMBUÓSJP
EP
(SVQP
EF
5SBCBMIP
QBSB
P
%FTFOWPMWJNFO
UP
EP
/PSEFTUF
m
(5%/

EF
VNB
&TUSBUÊHJB
EF
%FTFOWPMWJNFOUP
QBSB

B
3FHJÈP
DPN
ËOGBTF
OB
JOEVTUSJBMJ[BÉÈP
DPNQMFNFOUBEB
DPN
TVHFTU×FT

SFGFSFOUFT
B
USBOTGPSNBÉ×FT
OB
PSHBOJ[BÉÈP
EB
"HSJDVMUVSB
3FHJPOBM

1BSB
RVF
QPTTBNPT
QPJT
EJNFOTJPOBS
B
JOTFSÉÈP
EF
.PTTPSÓ
OFTTB

OPWB
GVOÉÈP
BHSPJOEVTUSJBM
Ê
JNQPSUBOUF
PCTFSWBS
PT
EBEPT
TPCSF
P
$PNÊS
DJP
EF
&YQPSUBÉÈP
EF
.PTTPSÓ
QFMP
1PSUP
EP
NVOJDÎQJP
EF
"SFJB
#SBODB
OP

QFSÎPEP
FOUSF

F

RVF
DPMPDBN
P
HFTTP
DPNP
P
UFSDFJSP
QSPEVUP

FN
UFSNPT
EF
WBMPS
FYQPSUBEP
QFSEFOEP
BQFOBT
QBSB
P
BMHPEÈP
F
P
TBM

4FHVOEP
3FMBUÓSJP
EP
1MBOP
3FHJPOBM
EP
0FTUF
1PUJHVBS
i<>
FN


B
HJQTJUB
QSPEV[JEB
FN
.PTTPSÓ
F
"ÉV
SFQSFTFOUPV

EP
WPMVNF
GÎTJDP

EB
QSPEVÉÈP
OBDJPOBM
<>u
TFOEP
FTUB
NBUÊSJBQSJNB
JOEJTQFOTÃWFM
OB
GB
CSJDBÉÈP
EP
DJNFOUP
F
DPNQPOFOUF
JNQPSUBOUF
QBSB
B
*OEÙTUSJB
$FSBNJT
UB
BUFOEFOEP
QPSUBOUP
P
.FSDBEP
EF
$POTUSVÉÈP
FN
FYQBOTÈP
OB
SFHJÈP

4VEFTUF
%JBOUF
EFTTF
FYFNQMP
DPNQSFFOEFNPT
UBNCÊN
RVF
B
SB[ÈP
EP

TVSHJNFOUP
EBT
"HSPJOEÙTUSJBT
OÈP
SFTJEF
BQFOBT
OP
DPOUFYUP
FDPOÔNJDP

MPDBM
NBT
EFWFTF
UBNCÊN
BP
QSPDFTTP
EF
JOEVTUSJBMJ[BÉÈP
OP
$FOUSP4VM

EP
1BÎT
QFMBT
OFDFTTJEBEFT
RVF
FTTBT
*OEÙTUSJBT
UËN
EF
NBUÊSJBQSJNB
KÃ

TFNJCFOFàDJBEB
FN
.PTTPSÓ

$PN
FTTB
OPWB
FTQFDJBMJ[BÉÈP
m
BHSPJOEVTUSJBM

B
$JEBEF
WPMUB
B
SFPS
HBOJ[BS
P
TFV
FTQBÉP
VSCBOP
"MHVNBT
*OEÙTUSJBT
MPDBMJ[BN
TVBT
VOJEBEFT
EF

QSPDFTTBNFOUP
OBT
QSPYJNJEBEFT
EP
SJP
PVUSBT
BP
MPOHP
EPT
USJMIPT
EB
-J
OIB
'ÊSSFB
$PN
JTTP
VNB
OPWB
GVOÉÈP
F
QPS
DPOTFHVJOUF
VNB
OPWB
SFPSHB
OJ[BÉÈP
EP
FTQBÉP
VSCBOP
EF
.PTTPSÓ
TF
EÃ
UFOEP
DPNP
TVQPSUF
NBJT
VNB

WF[
VNB
&DPOPNJB
EF
CBTF
SFHJPOBM
BHPSB
DFOUSBEB
OB
"HSPJOEÙTUSJB

*NQSJNJOEP
OPWBT
GPSNBT
BP
FTQBÉP
VSCBOP
EF
.PTTPSÓ
CBJSSPT
PQFSÃ
SJPT
TVSHJSBN
DPOTUSVÎEPT
OP
QFSÎPEP
EB
BTDFOTÈP
EFTTBT
BUJWJEBEFT
OB
$JEBEF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "
SFPSHBOJ[BÉÈP
EP
FTQBÉP
VSCBOP
UBNCÊN
QPEF
TFS
PCTFSWBEB
QFMP

TVSHJNFOUP
EPT
CBJSSPT
PQFSÃSJPT
DPNP
#PN
+BSEJN
1BSFE×FT
F

#BJYJOIB
QPWPBEPT
OFTUB
GBTF
EF
PDVQBÉÈP
QFMPT
USBCBMIBEPSFT
EBT

TBMJOBT
"MUP
EB
$PODFJÉÈP
1FSFJSPT
4ÈP
.BOPFM
QFMPT
USBCBMIB
EPSFT
EBT
BMHPEPFJSBT
F
EBT
GÃCSJDBT
EF
ÓMFP
0
CBJSSP
%P[F
"OPT

GPJ
QPWPBEP
QFMPT
USBCBMIBEPSFT
EBT
NPBHFJSBT
F
FOTBDBEPSBT
EP
TBM

'&-*1&

Q


&TTBT
OPWBT
GPSNBT
OP
FTQBÉP
VSCBOP
USB[FN
OFTTF
NPNFOUP
NBS

DBT
EJGFSFODJBEBT
IFSEBEBT
EBT
SFMBÉ×FT
EF
USBCBMIP
RVF
BTTJN
TFOEP
JN
QSJNFN
DPOTJHP
NVEBOÉBT
OB
PSHBOJ[BÉÈP
FTQBDJBM
EB
$JEBEF
6NB
SFPS
HBOJ[BÉÈP
EP
FTQBÉP
VSCBOP
RVF
QSFQBSB
B
$JEBEF
QBSB
QBSUJDJQBS
EF
VNB

OPWB
EJWJTÈP
UFSSJUPSJBM
EP
USBCBMIP
EBÎ
B
DPOTUSVÉÈP
EF
OPWBT
GPSNBT
F
B

JODPSQPSBÉÈP
EF
PVUSPT
UFSSJUÓSJPT
RVF
DVNQSJSBN
GVOÉ×FT
EJGFSFOUFT
EBT

BUVBJT
VNB
HFPHSBàB
EF
VNB
.PTTPSÓ
NBUFSJBMJ[BEB
OP
TVSHJNFOUP
EF
OP
WPT
CBJSSPT
PV
OB
DPOTPMJEBÉÈP
EF
PVUSPT
QPJT
TFHVOEP
4BOUPT
C

B

i<>
DJEBEF
FMB
QSÓQSJB
TF
PSHBOJ[B
FN
GBDF
EB
QSPEVÉÈPu
EF
UBM
NPEP
RVF
B

VSCBOJ[BÉÈP
OÈP
Ê
BQFOBT
VN
GFOÔNFOP
TPDJBM
PV
FDPOÔNJDP
PV
QPMÎUJDP

NBT
UBNCÊN
FTQBDJBM
F
Ê
OFTTF
TFOUJEP
OP
QMBOP
EB
NBUFSJBMJEBEF
RVF

UFNPT
B
DJEBEF
EF
.PTTPSÓ
DPNP
VNB
GPSNB
FTQBDJBM
FN
RVF
B
VSCBOJ[BÉÈP

TF
DPOTPMJEB
DPNP
VN
QSPDFTTP
NFEJBOUF
P
RVBM
B
MFJUVSB
EB
DJEBEF
EFWFSÃ

TFS
GFJUB
QPS
NFJP
EB
TVB
NPSGPMPHJB
F
QSJODJQBMNFOUF
BUSBWÊT
EBT
BÉ×FT
EPT

IPNFOT
F
EBT
TVBT
SFMBÉ×FT
TPDJPFDPOÔNJDBT

/P
QMBOP
EFTTB
NBUFSJBMJEBEF
UFNPT
.PTTPSÓ
DPNP
VNB
GPSNB

FTQBDJBM
RVF
DBSUPHSBGBNPT
NFEJNPT
F
GPUPHSBGBNPT
F
OP
QMBOP
QSPDFT
TVBM
UFNPT
B
VSCBOJ[BÉÈP
RVF
DPNP
EJOÄNJDB
UFNQPSBMJ[BNPT
QBSB
RVF

QPTTBNPT
DPNQSFFOEFS
BT
NVEBOÉBT
NBJT
TJHOJàDBUJWBT
EP
TFV
QSPDFTTP

0
QSPDFTTP
EF
FYQBOTÈP
FTQBDJBM
F
EF
NPEJàDBÉ×FT
FTUSVUVSBJT
BUJOHF
ÃSFBT

VSCBOBT
TVCVSCBOBT
F
BUÊ
NFTNP
ÃSFBT
DPOTJEFSBEBT
SVSBJT
&TTFT
MJNJUFT

TÈP
EJOÄNJDPT
OÈP
TÓ
OP
FTQBÉP
NBT
UBNCÊN
OP
UFNQP
F
PCFEFDFN
BPT

JOUFSFTTFT
FDPOÔNJDPT
TPDJBJT
F
QPMÎUJDPT

/P
QFSÎPEP
FOUSF
BT
EÊDBEBT
EF

F

B
FYQBOTÈP
VSCBOB
EFV
TF
OBT
EJSFÉ×FT
OPSPFTUF
F
TVEPFTUF
DPN
B
BCFSUVSB
EBT
3VBT
%POB
*TBVSB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
3PTBEP
F
+PÈP
.BSDFMJOP
"
DPOTUSVÉÈP
EB
QPOUF
+FSÔOJNP
3PTBEP
FOTFKPV

B
DSJBÉÈP
EB
"WFOJEB
1SFTJEFOUF
%VUSB
F
P
QSPMPOHBNFOUP
EFTUB
BMDBOÉPV

QPTUFSJPSNFOUF
B
#3
RVF
BMÊN
EF
DPOTUJUVJS
JNQPSUBOUF
WJB
EF
BDFTTP

B
/BUBM

3/
QPTTJCJMJUPV
F
WJBCJMJ[PV
MPUFBNFOUPT
EF
HSBOEFT
ÃSFBT
F
FN

BOPT
TFHVJOUFT
B
DPOTUSVÉÈP
EF
$POKVOUPT
3FTJEFODJBJT

"OUFT
EB
DPOTUSVÉÈP
EB
1POUF
+FSÔOJNP
3PTBEP
B
$JEBEF
PDVQBWB

BQFOBT
B
NBSHFN
FTRVFSEB
EP
SJP
.PTTPSÓ
OB
SFHJÈP
DPNQSFFOEJEB
FOUSF

B
7JB
'ÊSSFB
F
B
WÃS[FB
EP
SJP
DPOTUJUVÎEB
QFMPT
CBJSSPT
EP
$FOUSP
"MUP
EB

$PODFJÉÈP
1BSFE×FT
F
#PN
+BSEJN
1PTUFSJPSNFOUF
JOJDJPVTF
B
FYQBOTÈP

OP
TFOUJEP
OPSPFTUF
DPN
PT
CBJSSPT
EF
4BOUP
"OUÔOJP
F
%P[F
"OPT
/FTTF

QFSÎPEP
BJOEB
OÈP
IBWJBN
TJEP
DPOTUSVÎEPT
P
$POUPSOP
3PEPWJÃSJP
F
P
"F
SPQPSUP
3FTVNJBTF
FTUF
B
VN
TJNQMFT
$BNQP
EF
1PVTP
EF
UFSSB
CBUJEB

&N

B
$JEBEF
BQSFTFOUBWB
DFSDB
EF

IBCJUBOUFT
F
B
NBO
DIB
VSCBOB
DPOUJOVPV
B
VMUSBQBTTBS
B
-JOIB
'ÊSSFB
OP
TFOUJEP
PFTUF
$PN

B
DPOTPMJEBÉÈP
EPT
CBJSSPT
EF
-BHPB
EP
.BUP
%P[F
"OPT
F
#PB
7JTUB
RVF

GPSBN
FSHVJEPT
OB
EJSFÉÈP
EP
"FSPQPSUP
FTUF
QBTTPV
B
DPOTUJUVJSTF
VNB

DPOTJEFSÃWFM
CBSSFJSB
EF
FYQBOTÈP
OP
TFOUJEP
TVEPFTUF

/P
TFOUJEP
OPSUF
TVSHJV
P
CBJSSP
#BSSPDBT
RVF
UJOIB
DPNP
MJNJUFT
BT

MBHPBT
F
BT
QMBOÎDJFT
JOVOEÃWFJT
EP
SJP
.PTTPSÓ
RVF
EVSBOUF
NVJUP
UFNQP

BUVBSBN
DPNP
B
QSJODJQBM
CBSSFJSB
EB
FYQBOTÈP
EB
$JEBEF
OFTTB
EJSFÉÈP

$PN
B
DPOTUSVÉÈP
EB
1POUF
+FSÔOJNP
3PTBEP
FN

UFN
JOÎDJP
B
PDV
QBÉÈP
EB
NBSHFN
EJSFJUB
EP
SJP
DPN
P
TVSHJNFOUP
EPT
CBJSSPT
EF
"MUP

EF
4ÈP
.BOPFM
F
4BOUB
-V[JB
BNCPT
DPSUBEPT
QFMB
#3
OB
EJSFÉÈP
EB

DBQJUBM
EP
&TUBEP
m
/BUBM

"OBMJTBOEP
PT
EBEPT
QPQVMBDJPOBJT
CSBTJMFJSPT
SFGFSFOUFT
ÆT
EÊDBEBT

EF

F

SFHJTUSBTF
VN
TBMUP
EB
QPQVMBÉÈP
SVSBM
QBSB
VSCBOB
QBTTBOEP

EF
 
QBSB
 
&TTB
EJGFSFOÉB
DPOTJEFSÃWFM
EPT
QFSDFOUVBJT
EB
QP
QVMBÉÈP
SVSBM
QBSB
B
QPQVMBÉÈP
VSCBOB
Ê
TFOUJEB
FN
UPEPT
PT
OÙDMFPT
VSCB
OPT
FNCPSB
DPN
GPSUF
DPODFOUSBÉÈP
OP
FJYP
POEF
B
JOEVTUSJBMJ[BÉÈP
DPNFÉB

B
TF
JOTUBMBS
PV
TFKB
OP
FJYP
3JP
m
4ÈP
1BVMP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "
QBSUJS
EF

RVBOEP
B
BDVNVMBÉÈP
DBQJUBMJTUB
JOEVTUSJBM
BM
DBOÉPV
ÎOEJDFT
FMFWBEPT
QFMB
BTTPDJBÉÈP
DPN
P
$BQJUBM
&TUSBOHFJSP
Ê
RVF

OP
#SBTJM
iBT
DJEBEFT
<>
UPSOBSBNTF
DSFTDFOUFNFOUF
NBJT
JNQPSUBOUFT
DPNP
DFO
USPT
EJOÄNJDPT
EB
QSPEVÉÈP
F
DPNP
TÎNCPMPT
JEFPMÓHJDPT
EF
EFTFOWPMWJNFOUPu
&
FN


P
1SFTJEFOUF
(FJTFM
FN
EJTDVSTP
OP
EJB

OB
BCFSUVSB

EP
4JNQÓTJP
i0
)PNFN
F
B
$JEBEFu
QSPNPWJEP
QFMB
'VOEBÉÈP
.JMUPO

$BNQPT
BQVE
0-*7&/

Q
BSHVNFOUPV
RVF
i"
FYQBOTÈP
VSCBOB
Ê

QPS
FYDFMËODJB
P
HSBOEF
UFNB
EP
#SBTJM
NPEFSOP
FN
OPTTB
ÊQPDBu
&TTF
OPSUFBNFO
UP
EB
1PMÎUJDB
/BDJPOBM
JOUFSGFSJV
EJSFUBNFOUF
OB
FYQBOTÈP
EF
.PTTPSÓ
&

NBJT
OÈP
TF
QPEF
FTRVFDFS
RVF
FTTF
QSPDFTTP
JOUFHSPV
VN
QSPDFTTP
NBJPS

EF
VSCBOJ[BÉÈP
DBSBDUFSÎTUJDP
EP
EFOPNJOBEP
NVOEP
TVCEFTFOWPMWJEP
POEF
B

*OEVTUSJBMJ[BÉÈP
EFVTF
EF
GPSNB
UBSEJB

$POGPSNF
P
$BEBTUSP
*OEVTUSJBM
EP
3JP
(SBOEF
EP
/PSUF
m
$0
'&3/

OP
QFSÎPEP
EF

B

.PTTPSÓ
DPOUBWB
DPN

"HSPJOEÙT
USJBT
NBT
FN
MFWBOUBNFOUP
TFHVJOUF
DPSSFTQPOEFOUF
BP
QFSÎPEP
EF

B


P
OÙNFSP
EF
"HSPJOEÙTUSJBT
DBEBTUSBEBT
DBJV
QBSB
BQFOBT


&TTB
SFEVÉÈP
EFWFVTF
ÆT
WÃSJBT
NVEBOÉBT
FDPOÔNJDBT
F
TPDJBJT
FO
HFOESBEBT
OP
1BÎT
RVBJT
TFKBN
FOUSF
PVUSBT
P
TVSHJNFOUP
EBT
àCSBT
TJO
UÊUJDBT
RVF
EFTFTUJNVMPV
P
CFOFàDJBNFOUP
EB
DBSOBÙCB
F
EP
BMHPEÈP
B

NFDBOJ[BÉÈP
EBT
TBMJOBT
RVF
JOWJBCJMJ[PV
BT
TBMJOBT
BSUFTBOBJT
MFWBOEPBT

Æ
GBMËODJB
QPS
OÈP
DPOTFHVJSFN
BDPNQBOIBS
B
NPEFSOJ[BÉÈP
JNQPTUB
QFMP

$BQJUBM
B
SFTUSJÉÈP
EP
NFSDBEP
QBSB
P
ÓMFP
EF
BMHPEÈP
QPS
DPOUB
EP
DVMUJWP

EB
TPKB
OB
SFHJÈP
4VM
F
4VEFTUF
EP
1BÎT
F
B
TVCTUJUVJÉÈP
EB
PJUJDJDB
F
EB
DFSB

EF
DBSOBÙCB
QFMPT
FTNBMUFT
F
PVUSPT
EFSJWBEPT
EB
RVÎNJDB
EP
QFUSÓMFP

%JBOUF
EFTTBT
JOPWBÉ×FT
RVF
USPVYFSBN
OPWBT
BMUFSOBUJWBT
EF
VTP
EF

NBUÊSJBTQSJNBT
OP
QSPDFTTP
JOEVTUSJBM
FTTBT
&DPOPNJBT
UJEBT
IPKF
DPNP

USBEJDJPOBJT
FOUSBN
FN
DSJTF
JOEV[JEBT
QPS
GBUPSFT
FYUFSOPT
DVKPT
QSPDFT
TPT
QSPEVUJWPT
JOPWBEPSFT
TÈP
EFUFSNJOBEPT
QPS
VNB
OPWB
%JWJTÈP
*OUFSOB
DJPOBM
EP
5SBCBMIP
F
UBNCÊN
QPS
GBUPSFT
EF
EFUFSNJOBÉÈP
MPDBM
RVF
SFTJT
UFN
ÆT
OPWBT
UFDOPMPHJBT
EF
WJBCJMJ[BS
BHSFHBÉÈP
EF
WBMPS
B
FTTB
QSPEVÉÈP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
BEFRVBOEPB
ÆT
FYJHËODJBT
EP
.FSDBEP
F
DPMPDBOEP
BT
NFSDBEPSJBT
DPNP

VNB
BMUFSOBUJWB
BPT
QSPEVUPT
TJOUÊUJDPT

.BT
TF
FTTBT
&DPOPNJBT
EFJYBN
iSVHPTJEBEFTu
OBT
GPSNBT
VSCBOBT

UBNCÊN
EFJYBN
DBQJUBJT
F
FYQFSJËODJBT
BDVNVMBEBT
QFMBT
FMJUFT
RVF
UJOIBN

P
TFV
EPNÎOJP
F
QPSUBOUP
QPUFODJBM
EF
IBCJMJUBSTF
B
PVUSPT
FNQSFFOEJ
NFOUPT
QSJODJQBMNFOUF
BRVFMFT
MJHBEPT
BP
4FUPS
5FSDJÃSJP
FN
RVF
B
$J
EBEF
KÃ
IBWJB
NPOUBEP
VNB
FTUSVUVSB
EF
QSFTUBÉÈP
EF
TFSWJÉPT
QBSB
BMHVOT

.VOJDÎQJPT
JNFEJBUBNFOUF
TPC
TVB
JOáVËODJB

%F
TVB
QBSUF
B
DJEBEF
EF
.PTTPSÓ
RVF
KÃ
UJOIB
VN
4FSWJÉP
EF
&EV
DBÉÈP
DPN
DBQBDJEBEF
EF
TFSWJS
B
VNB
SFHJÈP
DPOTPMJEB
FTTF
4FUPS
DPN
B

DSJBÉÈP
EPT
$VSTPT
4VQFSJPSFT
EF
&DPOPNJB
F
EF
4FSWJÉP
4PDJBM
RVF
WÈP
TF

UPSOBS
P
FNCSJÈP
EB
'VOEBÉÈP
6OJWFSTJEBEF
3FHJPOBM
EP
3JP
(SBOEF
EP

/PSUF
m
'63/

WJODVMBEB
Æ
1SFGFJUVSB
.VOJDJQBM
QPTUFSJPSNFOUF
USBOT
GPSNBEB
OB
6OJWFSTJEBEF
&TUBEVBM
EP
3JP
(SBOEF
EP
/PSUF
m
6&3/

FN


6NB
PVUSB
FTUSVUVSB
EF
&OTJOP
4VQFSJPS
DSJBEB
OFTTF
QFSÎPEP
GPJ
B

&TDPMB
4VQFSJPS
EF
"HSJDVMUVSB
EF
.PTTPSÓ
m
&4".

RVF
KVOUBNFOUF

DPN
B
'63/
WJBCJMJ[BN
B
PGFSUB
EFTTFT
TFSWJÉPT
QBSB
WÃSJPT
.VOJDÎQJPT
EP

0FTUF
1PUJHVBS
F
EP
.ÊEJP
F
#BJYP
+BHVBSJCF
OP
$FBSÃ

/FTTF
1FSÎPEP
1ÓT"HSPJOEÙTUSJBT
TÈP
DSJBEBT
BT
$BTBT
EF
4BÙEF

i4BOUB
-V[JBu
F
i%JY4FQU
3PTBEPu
F
P
)PTQJUBM
*OGBOUJM
i$JE
"VHVTUP

3PTBEPu
RVF
GPSUBMFDFSBN
PT
TFSWJÉPT
EF
4BÙEF
KVOUBNFOUF
DPN
PT
TFSWJ
ÉPT
EF
&EVDBÉÈP
NBOUFOEP
B
$JEBEF
DPNP
MJEFSBOÉB
SFHJPOBM
QPS
NFJP
EB

EJOÄNJDB
FDPOÔNJDB
QSPNPWJEB
QFMP
4FUPS
5FSDJÃSJP


&TDPMB
4VQFSJPS
EF
"HSPOPNJB
EF
.PTTPSÓ
m
&4".
DSJBEB
QFMB
1SFGFJUVSB
.VOJDJQBM
EF
.PTTPSÓ
BUSBWÊT
EP
%FDSFUP
O

EF


F
JOBVHVSBEB
FN

EF
EF[FNCSP
EP
NFTNP
BOP
WPMUBEB
QBSB
B
¦SFB
EBT
$JËODJBT
"HSÃSJBT
UFWF
OB
TVB
GBTF
EF
JNQMBOUBÉÈP

DPNP
NBOUFOFEPS
P
*OTUJUVUP
/BDJPOBM
EF
%FTFOWPMWJNFOUP
"HSÃSJP

*/%"
%PJT
BOPT
BQÓT
TVB
DSJBÉÈP
GPJ
JODPSQPSBEB
Æ
3FEF

'FEFSBM
EF
&OTJOP
4VQFSJPS
F
OP
BOP
EF

P
QSPDFTTP
EF
USBOTGPSNBÉÈP
FN
6OJWFSTJEBEF
FODPOUSBTF
CBTUBOUF
BWBOÉBEP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 $',1Æ0,&$(&21Ð0,&$($&,'$'(

$
QSPEVÉÈP
F
B
FYQBOTÈP
EP
FTQBÉP
VSCBOP
EF
.PTTPSÓ
RVF
OP
1FSÎ
PEP
"OUFSJPS
FTUBWBN
SFMBDJPOBEBT
DPN
BT
"HSPJOEÙTUSJBT
BHPSB

FTUÈP
JOUJNBNFOUF
WJODVMBEBT
BPT
QSPDFTTPT
EF
VTP
F
EF
PDVQBÉÈP
EP

TPMP
VSCBOP
EFDPSSFOUFT
EB
MÓHJDB
F
EB
EJOÄNJDB
EP
.FSDBEP
*NPCJMJÃSJP
'J
OBODFJSP
F
EB
"RVJTJÉÈP
EF
#FOT
F
EF
4FSWJÉPT
-PDBJT
0
QMFOP
FOUFOEJNFOUP

EFTTF
QSPDFTTP
OP
FOUBOUP
TÓ
QPEF
TFS
BMDBOÉBEP
TF
MFWBSNPT
FN
DPOUB
P
EFT
UBDBEP
QBQFM
RVF
P
4FUPS
4BMJOFJSP
P
"HSÎDPMB
FTQFDJàDBNFOUF
P
"HSPOFHÓ
DJP
EB
'SVUJDVMUVSB
*SSJHBEB
F
P
1FUSPMÎGFSP
UËN
EFTFNQFOIBEP
OB
&DPOPNJB

.VOJDJQBM
F
DPNP
EFDPSSËODJB
OB
DPOàHVSBÉÈP
FTQBDJBM
EB
$JEBEF

1PS
FTUBT
SB[×FT
B
SF
QSPEVÉÈP
EP
FTQBÉP
VSCBOP
EF
.PTTPSÓ
OÈP

QPEF
TFS
JOUFJSBNFOUF
BQSFFOEJEB
BQFOBT
B
QBSUJS
EB
FTDBMB
EP
MVHBS
DPNP

GPJ
EFNPOTUSBEP
OB
DSJTF
EBT
"HSPJOEÙTUSJBT
FN
RVF
PT
GBUPSFT
FYUFSOPT

GPSBN
EFUFSNJOBOUFT
QBSB
B
GBMËODJB
EFTTBT
&DPOPNJBT
QPJT
P
EFTFOWPMWJ
NFOUP
OP
FTQBÉP
VSCBOP
FOWPMWF
PVUSPT
TVKFJUPT
EJGFSFOUFT
UFNQPSBMJEBEFT

F
FTQBDJBMJEBEFT
FYQSFTTBT
OB
QSPEVÉÈP
DPMFUJWB
F
OB
BQSPQSJBÉÈP
EFTJHVBM

EB
$JEBEF
+Ã
RVF
B
.PTTPSÓ
BP
MPOHP
EP
UFNQP
FYQFSJNFOUPV
TVDFTTJWBT

EJWJT×FT
EP
USBCBMIP
RVF
EFJYBSBN
TVBT
NBSDBT
WJBCJMJ[BOEP
VNB
TPMJEB
SJFEBEF
FOUSF
P
OPWP
F
BT
IFSBOÉBT
FTUBT
WJODVMBEBT
OP
QBTTBEP
BPT
DJSDVJ
UPT
SFHJPOBJT
EF
QSPEVÉÈP
KÃ
RVF
BT
FDPOPNJBT
OPWBT
SPNQFN
FTTF
RVBESP

SFHJPOBM
QPJT
FTUÈP
DPOFDUBEBT
DPN
DJSDVJUPT
FTQBDJBJT
EF
QSPEVÉÈP
RVF

FYUSBQPMBN
B
3FHJÈP
F
P
1BÎT
IÃ
RVF
TF
DPOTJEFSBS
UBNCÊN
F
TJNVMUBOFB
NFOUF
BT
EFUFSNJOBÉ×FT
F
BT
JOUFSSFMBÉ×FT
BEWJOEBT
EB
JOUFHSBÉÈP
EP
MVHBS

DPN
B
3FHJÈP
DPN
P
1BÎT
F
DPN
P
.VOEP
1BSB
UBOUP
.JMUPO
4BOUPT
OPT

FOTJOB
RVF
P
MVHBS
OÈP
UFN
FYJTUËODJB
QSÓQSJB
*TPMBEBNFOUF
UPNBEP
Æ

QBSUF
EB
UPUBMJEBEF
FMF
Ê
TJNQMFT
BCTUSBÉÈP
QPJT
i<>
DBEB
MVHBS
Ê
BP
NFTNP

UFNQP
PCKFUP
EF
VNB
SB[ÈP
HMPCBM
F
EF
VNB
SB[ÈP
MPDBM
DPOWJWFOEP
EJBMFUJDBNFOUFu

4"/504

Q


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 1PSUBOUP
USBUBTF
EF
QFOTBS
B
DPNQMFYJEBEF
JOFSFOUF
Æ
FYQBOTÈP
EB

DJEBEF
EF
.PTTPSÓ
B
QBSUJS
EB
NFEJBÉÈP
EF
EJTUJOUBT
FTDBMBT
HFPHSÃàDBT

DPOUVEP
DPNP
BMFSUB
$BTUSP
i<>
OÈP
IÃ
FTDBMB
NBJT
PV
NFOPT
WÃMJEB
B
SFB
MJEBEF
FTUÃ
DPOUJEB
FN
UPEBT
FMBTu
$"4530

Q

NBT
RVF
TF
USBUB

EF
QFOTBS
B
FTDBMB
DPNP
iPQFSBEPS
EF
DPNQMFYJEBEFu
B
àN
EF
WBMPSJ[BS
B
WJ
TJCJMJEBEF
F
B
PCKFUJWJEBEF
OFDFTTÃSJB
BP
FOUFOEJNFOUP
EP
SFBM
GB[FOEP
EB

FTDBMB
OÈP
VN
PCKFUP
RVF
GSBHNFOUF
P
SFBM
NBT
RVF
QFSNJUB
BQFOBT
B
TVB

BQSFFOTÈP
/FTTF
TFOUJEP
P
WJODVMP
NFEJBEPS
QBSFDF
TFS
P
QSPUBHPOJTNP
EF

.PTTPSÓ
DPNP
NVOJDÎQJP
TBMJOFJSP
GSVUÎDPMB
QFUSPMÎGFSP
m
VNB
FTQFDJBMJ
[BÉÈP
EP
MVHBS
OP
EJ[FS
EF
.JMUPO
4BOUPT
RVF
DSJB
PV
BMJNFOUB
VNB
PVUSB

m
B
EP
USBCBMIP
3FMBÉ×FT
RVF
QPTTJCJMJUBN
F
DSJBN
VN
QSPDFTTP
EB
FYQBOTÈP

VSCBOB
EB
$JEBEF

"T
PSHBOJ[BÉ×FT
FTQBDJBJT
EFTTBT
BUJWJEBEFT
VMUSBQBTTBN
BT
GSPOUFJSBT

EP
.VOJDÎQJP
BSUJDVMBOEPBT
DPN
PT
QSPDFTTPT
EF
EJTUSJCVJÉÈP
CFOFàDJB
NFOUP
GPSOFDJNFOUP
F
DPNFSDJBMJ[BÉÈP
DPN
P
SFTUBOUF
EP
1BÎT
F
P
&YUFSJPS

)BKB
WJTUB
RVF
BT
EJNFOT×FT
EFTTBT
BUJWJEBEFT
m
TBMJOFJSB
GSVUÎDPMB
F
QFUSP
MÎGFSB

OÈP
TF
MJNJUBN
B
TFSFN
BQFOBT
4FUPSFT
EB
&DPOPNJB
1PUJHVBS
NBT

DPNQ×FN
B
QBVUB
EF
FYQPSUBÉÈP
EB
/BÉÈP
1PSUBOUP
BP
NFTNP
UFNQP
FN

RVF
B
&DPOPNJB
.VOJDJQBM
FTUÃ
JOUJNBNFOUF
JNCSJDBEB
DPN
B
EJOÄNJDB

FDPOÔNJDB
EP
.FSDBEP
/BDJPOBM
FTUÃ
UBNCÊN
F
QSJODJQBMNFOUF
DPN
BT

EFUFSNJOBÉ×FT
FOHFOESBEBT
QFMB
&DPOPNJB
.VOEJBM
5BMWF[
TFKB
FTUB
GPSNB

EF
JOTFSÉÈP
OP
.VOEP
RVF
B
$JEBEF
IJTUPSJDBNFOUF
WFN
SFQSPEV[JOEP

RVF
BMJNFOUB
P
JNBHJOÃSJP
QPMÎUJDP
MPDBM
RVF
QBTTB
B
JEÊJB
EF
VNB
SFWFMB
ÉÈP
EFTDPCFSUB
JEFOUJàDBÉÈP
F
DPNQSFFOTÈP
OÈP
EF
VN
.VOJDÎQJP
NBT

DPNP
EJTTFSBN
$BTDVEP


3PTBEP


#BSCPTB


F
'FMJQF



 6N
1BÎT
m
0
1BÎT
EF
.PTTPSÓ

/FTUF
$BQJUVMP
QPSUBOUP
P
PCKFUJWP
QSJODJQBM
Ê
SFMBDJPOBS
B
$JEBEF

DPN
B
TVB
EJOÄNJDB
FDPOÔNJDB
B
TVB
SB[ÈP
MPDBM
F
TVBT
DPOFY×FT
DPN
B

SB[ÈP
HMPCBM
FTUB
HFSBMNFOUF
BCBTUFDJEB
QFMB
SF
FTUSVUVSBÉÈP
QSPEVUJWB

EFUFSNJOBEB
QFMB
%JWJTÈP
*OUFSOBDJPOBM
EP
5SBCBMIP
RVF
OFTUFT
UFNQPT

EF
DJSDVJUPT
HMPCBJT
EFUFSNJOBN
UBNCÊN
VNB
QTFVEPEFNPDSBDJB
BUSBWÊT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EP
DPOTVNP
$PNP
TF
P
EJSFJUP
EF
TFS
DPOTVNJEPS
TVCTUJUVÎTTF
P
EJSFJUP
EF

TFS
DJEBEÈP

)Ã
BP
MPOHP
EFTUF
$BQÎUVMP
WÃSJBT
FOUSFWJTUBT
DPN
SFQSFTFOUBOUFT

EF
*OTUJUVJÉ×FT
PV
$BUFHPSJBT
1SPàTTJPOBJT
USBCBMIBEPSFT
MJHBEPT
EJSFUB

PV
JOEJSFUBNFOUF
BP
PCKFUP
EF
FTUVEP
4ÈP
BUPSFT
JNQPSUBOUFT
RVF
EF
TFNQFOIBN
QBQÊJT
EFDJTJWPT
FN
BMHVN
EPT
TFHNFOUPT
EB
DBEFJB
QSPEVUJWB

EBT
BUJWJEBEFT
FN
RVFTUÈP
BMÊN
EF
PVUSPT
NFJPT
EF
JOGPSNBÉ×FT
VUJMJ[BEPT

EVSBOUF
USBCBMIPT
EF
DBNQP
BP
MPOHP
EB
1FTRVJTB

%FOUSF
PT
TFHNFOUPT
RVF
TF
EFTUBDBN
OP
1SPDFTTP
1SPEVUJWP
DVKPT

SFáFYPT
WÈP
TFS
QFSDFCJEPT
OB
FYQBOTÈP
VSCBOB
EF
.PTTPSÓ
SFTTBMUBTF
B

QSPEVÉÈP
EF
TBM
NBSJOIP
VNB
&DPOPNJB
RVF
WBJ
QBSUJDJQBS
EBT
EJOÄNJ
DBT
EB
GVOEBÉÈP
EB
$JEBEF
F
RVF
NFTNP
DPN
BT
TVBT
DSJTFT
TVDFTTJWBT
EF

.FSDBEP
EF
NPEFSOJ[BÉÈP
RVF
USPVYF
DPNP
DPOTFRÛËODJB
BMUP
OÙNFSP
EF

EFTFNQSFHBEPT
OFTTF
4FUPS
BJOEB
HVBSEB
VNB
TJOUPOJB
NVJUP
GPSUF
DPN
B

$JEBEF
RVFS
TFKB
QFMB
QSFTFOÉB
EBT
.PBHFJSBT
F
3FàOBEPSBT
EF
4BM
RVFS

TFKB
QFMP
NPWJNFOUP
EF
DBNJOI×FT
RVF
FTDPBN
FTTB
QSPEVÉÈP
DPNP
WFSF
NPT
B
TFHVJS

$$WLYLGDGH6DOLQHLUD
&N
NFBEPT
EB
EÊDBEB
EF

DPN
P
1SPDFTTP
EF
*OEVTUSJBMJ[BÉÈP

JNQMBOUBEP
OP
#SBTJM
F
DPN
P
VTP
JOUFOTP
EPT
USBOTQPSUFT
SPEPWJÃSJPT
EF
TFOIPVTF
VN
OPWP
QFSàM
QBSB
B
FYQBOTÈP
F
P
QMBOP
GÎTJDP
EBT
$JEBEFT
&

UBNCÊN
VNB
SFPSHBOJ[BÉÈP
EP
4JTUFNB
&DPOÔNJDP
F
1PMÎUJDP
#SBTJMFJSP

RVF
QBTTPV
B
TF
QSPDFTTBS
B
QBSUJS
EP
(PWFSOP
EF
+VTDFMJOP
,VCJTUTDIFL
EF

0MJWFJSB
FN


"
EJSFUSJ[
EB
1PMÎUJDB
&DPOÔNJDB
%FTFOWPMWJNFOUJTUB
EP
(PWFSOP

+,
FTUBWB
WPMUBEB
QBSB
B
DPOTPMJEBÉÈP
EB
*OEVTUSJBMJ[BÉÈP
#SBTJMFJSB
F
PSJFO
UBWBTF
OP
TFOUJEP
EF
DPOHSFHBS
B
iJOJDJBUJWB
QSJWBEB
m
BDSFTDJEB
TVCTUBODJBM
NFOUF
EF
DBQJUBM
F
UFDOPMPHJB
FTUSBOHFJSB
m
DPN
B
JOUFSWFOÉÈP
DPOUÎOVB
EP
&TUBEP

DPNP
PSJFOUBEPS
EPT
JOWFTUJNFOUPT
BUSBWÊT
EP
QMBOFKBNFOUP
0
HPWFSOP
TF
USBOTGPSNB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
FN
JOTUSVNFOUP
EFMJCFSBEP
F
FGFUJWP
EP
EFTFOWPMWJNFOUP
FDPOÔNJDPu
#&/&7*%&4


Q


1BSB
UBOUP
FSB
OFDFTTÃSJP
JOUFHSBS
P
1BÎT
SFEV[JS
PT
EFTOÎWFJT
SFHJP
OBJT
NPEFSOJ[BS
B
&DPOPNJB
F
SFGPSNVMBS
P
1SPDFTTP
1PMÎUJDP
DPMPDBOEP

FN
DFOB
OPWPT
BUPSFT
&TTB
FSB
B
SFDFJUB
EP
EJBHOÓTUJDP
QBSB
VNB
SFHJÈP

FTQFDÎàDB
OP
DBTP
B
SFHJÈP
/PSEFTUF
POEF
P
(SVQP
EF
5SBCBMIP
QBSB
P

%FTFOWPMWJNFOUP
EP
/PSEFTUF
m
(5%/

QFOTBWB
P
%FTFOWPMWJNFOUP
3F
HJPOBM

1FMB
ÓUJDB
EP
QMBOFKBNFOUP
JOBVHVSBEB
QFMB
4VEFOF
OP
JOJDJP
EPT

BOPT

UJOIBTF
FOYFSHBEP
B
QPTTJCJMJEBEF
EF
BMUFSBS
P
RVBESP
EF

BUSBTP
F
FTUBHOBÉÈP
RVF
TF
FODPOUSBWB
P
/PSEFTUF
BUSBWÊT
EF
VN

DPOKVOUP
EF
USBOTGPSNBÉ×FT
FDPOÔNJDBT
DPOTPMJEBEBT
OB
FTUSBUÊHJB

SFHJPOBMJTUB
QSPQPTUB
QFMP
(SVQP
EF
5SBCBMIP
QBSB
P
%FTFOWPMWJ
NFOUP
EP
/PSEFTUF
m
(5%/
FN

7*%"
*/%6453*"-


Q


&
FTTBT
USBOTGPSNBÉ×FT
QBTTBSBN
B
TFS
PSJFOUBEBT
QFMB
JOUFOTJàDBÉÈP

EPT
JOWFTUJNFOUPT
JOEVTUSJBJT
DPN
PT
RVBJT
TF
QSFUFOEJB
DPOTPMJEBS
B
&DP
OPNJB
EB
SFHJÈP
/PSEFTUF
QBQFM
BOUFT
FYFSDJEP
QFMBT
FYQPSUBÉ×FT
QBSB
P

&YUFSJPS


0
QSPDFTTP
EF
DSFTDJNFOUP
FDPOÔNJDP
Ê
GSFRÛFOUFNFOUF
DBMDBEP
FN

1PMÎUJDBT
&DPOÔNJDBT
FMFJUBT
FN
GVOÉÈP
EF
PCKFUJWPT
FTQFDÎàDPT
&TTBT
QPMÎ
UJDBT
QPEFN
B
HSPTTP
NPEP
TFS
DMBTTJàDBEBT
DPNP
DPODFOUSBEPSBT
PV
EJT
USJCVUJWBT
EF
SFDVSTPT
FN
CFOFàDJP
EF
SFHJ×FT
PV
TFHNFOUPT
EB
4PDJFEBEF

QPEFOEP
BJOEB
PT
TFVT
GFJUPT
QSPWPDBS
NVEBOÉBT
FTUSVUVSBJT
/P
RVF
EJ[

SFTQFJUP
BP
#SBTJM
QPVDPT
BTTVOUPT
GPSBN
UÈP
EJTDVUJEPT
RVBOUP
BT
1PMÎUJ
DBT
F
1SPHSBNBT
EF
*OEVTUSJBMJ[BÉÈP
EP
/PSEFTUF
BUSBWÊT
EPT
NFDBOJTNPT

àTDBJT
EP
"SUJHP

#BTJDBNFOUF
P
PCKFUJWP
EFTTBT
1PMÎUJDBT
GPSBN
EF

FTUJNVMBS
B
DPODFOUSBÉÈP
EF
SFDVSTPT
QSJODJQBMNFOUF
OPT
4FUPSFT
"HSÎDPMB
F

 "SUJHP

 '*/03
PSJHJOBMNFOUF
EFTUJOBEP
QPS
JOUFJSP
B
JODFOUJWBS
B
JOEVTUSJBMJ[BÉÈP
OP
/PSEFTUF
'PJ
OP
FOUBOUP

EFTWJBEP
QBSB
EFTUJOBÉ×FT
UÈP
EÎTQBSFT
DPNP
B
QFTDB
P
SFáPSFTUBNFOUP
P
UVSJTNP
B
JOEÙTUSJB
BFSPOÃVUJDB
DBCFOEP
Æ
46%&/&

FN

BQFOBT
 
EP
NPOUBOUF
HMPCBM
EPT
GVOEPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

*OEVTUSJBM
DPNP
GPSNB
EF
EJNJOVJS
BT
EJTQBSJEBEFT
OB
HFSBÉÈP
EF
QSPEVUP
F

SFOEB
FOUSF
BT
SFHJ×FT
/PSEFTUF
F
4VEFTUF
BMBSHBEBT
EVSBOUF
PT
BOPT
EB
EÊ
DBEB
EF

0
&TUBEP
EP
3JP
(SBOEF
EP
/PSUF
UBNCÊN
TPGSFV
PT
FGFJUPT

EFTTB
QPMÎUJDB
EF
JOEVTUSJBMJ[BÉÈP

"
TVCTUJUVJÉÈP
EF
USBCBMIP
QPS
DBQJUBM
GB[
QBSUF
EBT
JOJDJBUJWBT
EF

JOUFOTJàDBÉÈP
EPT
JOWFTUJNFOUPT
JOEVTUSJBJT
QSPQPTUBT
QFMP
(5%/
&T
QFDJBMNFOUF
UFSTFJB
B
UFOUBUJWB
EF
TPFSHVFS
BT
*OEÙTUSJBT
USBEJDJPOBJT
EP

/PSEFTUF
DPN
SFFRVJQBNFOUP
F
NPEFSOJ[BÉÈP
FN
RVF
TFHVOEP
1FMMFSJO



IBWJB

<>
VN
EVQMP
PCKFUJWP
FN
UFSNPT
EF
PDVQBÉÈP
QSFTFSWBS
P
TFUPS

JOEVTUSJBM
RVF
QSPQPSDJPOBSJB
NBJPS
WPMVNF
EF
FNQSFHP
OB
SFHJÈP

F
TVTUBS
B
EFUFSJPSBÉÈP
EFDPSSFOUF
EP
TFV
FTDMFSPTBNFOUP
­
CFN

WFSEBEF
RVF
P
SFFRVJQBNFOUP
F
B
NPEFSOJ[BÉÈP
EFTUF
TFUPS
MFWBSBN

QPTUFSJPSNFOUF
Æ
MJCFSBÉÈP
EF
VNB
QBSDFMB
EF
NÈPEFPCSB
PDVQBEB

&OUSFUBOUP
OVNB
FDPOPNJB
EF
NFSDBEP
FTUF
GPJ
P
QSFÉP
JOEJTQFOTÃ
WFM
Æ
SFDVQFSBÉÈP
EFTUF
SBNP
JOEVTUSJBM

"
6SCBOJ[BÉÈP
/BDJPOBM
KÃ
JOJDJBEB
OB
TFHVOEB
NFUBEF
EP
TÊDVMP

9*9
GBWPSFDFV
B
EJWJTÈP
UFSSJUPSJBM
EP
5SBCBMIP
FOUSF
P
/PSEFTUF
F
P
4VEFT
UF
BQSFTFOUBOEP
DBEB
VN
FTQBÉPT
FDPOÔNJDPT
EJGFSFOUFT
0
QPEFS
QPMÎUJDP

OBDJPOBM
QFSNBOFDJB
WPMUBEP
QBSB
B
BDVNVMBÉÈP
DBQJUBMJTUB
BQPJBEP
NBJT

JOUFOTBNFOUF
OPT
JOUFSFTTFT
EB
CVSHVFTJB
BHSÃSJB
DBGFJDVMUPSB
F
B
OBTDFOUF

CVSHVFTJB
JOEVTUSJBM
"
EFTJHVBMEBEF
DPNFÉPV
B
NBOJGFTUBSTF
OBT
SFMBÉ×FT
EF

USPDB
RVF
PDPSSJBN
FOUSF
BT
DJEBEFT
"/%3"%&
<@
@>
Q
BàSNB
RVF

"QÓT

P
EFTFOWPMWJNFOUP
EF
VNB
QPMÎUJDB
SPEPWJÃSJB
DPN
DFS
UB
BHSFTTJWJEBEF
NPEJàDBSJB
BT
EJSFÉ×FT
EPT
áVYPT
EF
NFSDBEPSJBT

F
EF
QFTTPBT
FODVSUBSJB
BT
EJTUÄODJBT
EBSJB
PSJHFN
B
OÓT
EF
USÃGFHP

F
USBSJB
GPSUFT
USBOTGPSNBÉ×FT
OP
TJTUFNB
EF
SFMBDJPOBNFOUP
EBT
WÃ
SJBT
DJEBEFT
EP
/&
"MHVOT
DFOUSPT
USBEJDJPOBJT
TF
CFOFàDJBSJBN
EBT

NVEBOÉBT
EP
TJTUFNB
EF
DPNVOJDBÉ×FT
F
EBT
USBOTGPSNBÉ×FT
FDPOÔ
NJDBT
WBMPSJ[BÉÈP
EF
DFSUPT
QSPEVUPT
FN
EFUSJNFOUP
EF
PVUSPT

"MHVNBT
DJEBEFT
QPSUBOUP
NBOUJWFSBN
B
TVB
QPTJÉÈP
GPSUBMFDFOEP

B
PV
QFSEFSBN
B
TVB
JOáVËODJB
F
EFDBÎSBN
DPNP
Ê
DBTP
EF
.PTTPSÓ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 "TTJN
GPJTF
DPOTUJUVJOEP
P
.FSDBEP
3FHJPOBM
QPJT
B
EFTJHVBMEBEF

TF
GPSUBMFDJB
F
TF
NBOJGFTUBWB
FN
OÎWFM
EF
QSPEVUP
F
FN
OÎWFM
EF
WBMPS
F

BQSPQSJBÉÈP
4BÎBN
PT
QSPEVUPT
QSJNÃSJPT
F
DIFHBWB
P
QSPEVUP
JOEVTUSJBM

BSUFTBOBM
PV
NBOVGBUVSBEP
SFBMJ[BOEP
TFV
WBMPS
DPNP
NFSDBEPSJB
0MJWFJSB



BTTJOBMB
RVF
P
QSPEVUP
JOEVTUSJBM
SFBM
DSFTDFV
TFHVOEP
FTUBUÎTUJDBT

PàDJBJT
NBT
RVF
DPN
B
DPOKVHBÉÈP
EPT
TBMÃSJPT
SFBJT
NBOUJEPT
CBJYPT
F
B

DSFTDFOUF
QSPEVUJWJEBEF
EP
USBCBMIP
BT
UBYBT
EF
BDVNVMBÉÈP
SFBJT
GPSBN

NVJUBT
WF[FT
TVQFSJPSFT
ÆRVFMBT
DBMDVMBEBT
QFMB
DPOUBCJMJEBEF
OBDJPOBM
&

FMF
BDSFTDFOUB
RVF

/P
NPNFOUP
QPJT
FN
RVF
B
FYQBOTÈP
EP
TJTUFNB
DBQJUBMJTUB
OP

#SBTJM
UFN
TFV
MÓDVT
OB
SFHJÈP
4VM
DPNBOEBEB
QPS
4ÈP
1BVMP
P
DJDMP

UPNB
FTQBDJBMNFOUF
B
GPSNB
EF
EFTUSVJÉÈP
EBT
FDPOPNJBT
SFHJPOBJT

PV
EBT
SFHJ×FT
&TTF
NPWJNFOUP
EJBMÊUJDP
EFTUSÓJ
QBSB
DPODFOUSBS

F
DBQUB
P
FYDFEFOUF
EBT
PVUSBT
SFHJ×FT
QBSB
DPODFOUSBS
P
DBQJUBM

0-*7&*3"

Q


&
OP
DBTP
FTQFDÎàDP
EFTTF
1FSÎPEP
B
SFTQFJUP
EP
.FSDBEP
EF
5SB

CBMIP
FN
.PTTPSÓ
FTUF
UBNCÊN
BQSFTFOUBWB
GSBHJMJEBEFT
.BJT
FTQFDJàDB
NFOUF
FTUBT
FSBN
CFN
NBJT
BDFOUVBEBT
FN
GBDF
EBT
QBSUJDVMBSJEBEFT
EB

OBUVSF[B
EF
TVBT
BUJWJEBEFT
TPNBEBT
Æ
TB[POBMJEBEF
EF
TVBT
*OEÙTUSJBT
EF

#FOFàDJBNFOUP
EF
$BTUBOIBT
EF
$BKV
4BMJOFJSBT
EBT
6TJOBT
EF
"MHPEÈP
F

EF
0JUJDJDB
RVF
BJOEB
FYJTUJBN
OB
$JEBEF

&N
NFBEPT
EB
EÊDBEB
EF

B
4BMJOJDVMUVSB
QBTTPV
B
TPGSFS
BT

SFQFSDVTT×FT
EP
TVSUP
JOEVTUSJBMJ[BOUF
RVF
TF
QSPDFTTBWB
OP
1BÎT
&N
EF
DPSSËODJB
EB
OFDFTTJEBEF
EF
BVNFOUP
EB
QSPEVUJWJEBEF
IBWFSJB
EF
NP
EFSOJ[BSTF
P
1BSRVF
4BMJOFJSP
RVF
QBTTPV
B
VUJMJ[BS
QSPDFTTPT
QSPEVUJWPT

NFDBOJ[BEPT
/FTTF
1FSÎPEP
B
QSPEVÉÈP
TBMJOFJSB
EP
&TUBEP
FSB
NBOVBM

OÈP
UFOEP
DBQBDJEBEF
TVàDJFOUF
QBSB
DPNQFUJS
DPN
PT
QSPEVUPSFT
OBDJPOBJT

3JP
EF
+BOFJSP

OFN
UBNQPVDP
JOUFSOBDJPOBJT
"P
NFTNP
UFNQP
OFTTF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

1FSÎPEP
PDPSSFV
VNB
HSBOEF
EFNBOEB
EP
TBM
QFMB
*OEÙTUSJB
2VÎNJDB
/B
DJPOBM
RVF
TF
FODPOUSBWB
FN
DSFTDJNFOUP
OÈP
IBWFOEP
VNB
TVàDJËODJB

UBOUP
FN
RVBOUJEBEF
DPNP
FN
RVBMJEBEF
EP
TBM
OBDJPOBM
RVF
QSPNPWFSJB

BJOEB
NBJPS
BVNFOUP
EBT
JNQPSUBÉ×FT

&N
.PTTPSÓ
B
BUJWJEBEF
JOEVTUSJBM
RVF
NBJT
FNQSFHBWB
BUÊ
Æ
EÊDBEB

EF

FSB
B
TBMJOFJSB
"MÊN
EF
.PTTPSÓ
PT
.VOJDÎQJPT
QSPEVUPSFT
EF
TBM
OP
&TUBEP
TÈP
(BMJOIPT
(VBNBSÊ
.BDBV
"SFJB
#SBODB
1PSUP
EP
.BOHVF

F
(SPTTPT

"QFTBS
EF
OÈP
FTUBS
OP
MJUPSBM
P
NVOJDÎQJP
EF
.PTTPSÓ
Ê
P
TFHVOEP

NBJPS
QSPEVUPS
EP
&TUBEP
4VBT
TBMJOBT
FTUÈP
MPDBMJ[BEBT
OBT
WÃS[FBT
FTUVB
SJOBT
EPT
SJPT
.PTTPSÓ
F
EP
$BSNP
&TTBT
WÃS[FBT
TÈP
JOVOEBEBT
PSB
QFMBT

ÃHVBT
EP
NBS
PSB
QFMBT
EBT
FODIFOUFT
EPT
SJPT
2VBOEP
DFTTBN
BT
DIVWBT

GPSNBNTF
TBMJOBT
OBUVSBJT
POEF
P
SFMFWP
Ê
QMBOP
F
CBJYP
FTUSFJUBOEPTF

QBSB
P
MJUPSBM
POEF
B
ÃHVB
EP
NBS
DIFHB
B
BMDBOÉBS
BUÊ

LN
EP
MJUPSBM

&TTB
TÊSJF
EF
GFOÔNFOPT
OBUVSBJT
Ê
RVF
GB[
DPN
RVF
.PTTPSÓ
QPTTB
àHVSBS

FOUSF
PT
.VOJDÎQJPT
QSPEVUPSFT
EF
TBM
EP
3JP
(SBOEF
EP
/PSUF
*TUP
Ê
QPTTÎ
WFM
QFMBT
DPOEJÉ×FT
DMJNÃUJDBT
QSFEPNJOBOUFT

P
TFNJÃSJEP
RVFOUF

DPN

UFNQFSBUVSB
RVF
PTDJMB
FOUSF

F

DFOUÎHSBEPT
EVSBOUF
B
NBJPS
QBSUF

EP
BOP
P
BS
BQSFTFOUB
CBJYP
UFPS
EF
VNJEBEF
FMFWBEB
FWBQPSBÉÈP
DPN
VNB

NÊEJB
EF

NN
BT
QSFDJQJUBÉ×FT
PDPSSFN
BP
SFEPS
EF

NN
BOVBJT

B
FWBQPSBÉÈP
MÎRVJEB
Ê
EF

NN
F
B
JOUFOTJEBEF
EF
JSSBEJBÉÈP
TPMBS
WBSJB

FOUSF

F

IPSBTNËT
DPN
WFOUPT
RVF
BQSFTFOUBN
WFMPDJEBEF
NÊEJB

FOUSF
 
F
 NT
"DSFTDFOUFTF
B
FTUBT
DPOEJÉ×FT
RVF
.PTTPSÓ
QPTTVJ

SFMFWP
QMBOP
m
UFSSBT
BEFRVBEBT
Æ
DPOTUSVÉÈP
EF
TBMJOBT

F
BJOEB
VN
TPMP

JNQFSNFÃWFM
OÈP
TF
EFJYB
BUSBWFTTBS
QPS
áVJEPT
FTQFDJBMNFOUF
B
ÃHVB
P

RVF
BTTFHVSB
DPOEJÉ×FT
JEFBJT
QBSB
B
DSJTUBMJ[BÉÈP
F
DPMIFJUB
EP
TBM
DPN
VN

HSBV
EF
QVSF[B
RVF
BUJOHF
BUÊ
ž
#BVNÊ


4BM
.BSJOIP

­
P
JOTUSVNFOUP
EF
NFEJS
P
OÎWFM
EF
TBMJOJ[BÉÈP
EB
ÃHVB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0
TBM
NBSJOIP
Ê
PCUJEP
FYQPOEPTF
B
ÃHVB
BP
TPM
F
BP
WFOUP
FN
UBO
RVFT
SBTPT
EF
NPEP
RVF
B
TPMVÉÈP
WÃ
BUJOHJOEP
DPODFOUSBÉ×FT
F
GPSNBÉÈP

EPT
DSJTUBJT
EF
TBM
$PN
P
PCKFUJWP
EF
BDFMFSBS
P
BRVFDJNFOUP
EFTTB
TPMVÉÈP

F
BP
NFTNP
UFNQP
QVSJàDÃMB
GPSBN
DPOTUSVÎEBT
OBT
TBMJOBT
BMHVNBT
EJ
WJT×FT
EF
BDPSEP
DPN
B
GVOÉÈP
EF
DBEB
VNB
EFMBT

6NB
TBMJOB
Ê
DPNQPTUB
EPT
TFHVJOUFT
DPNQBSUJNFOUPT
CBSSBHFN

DFSDP
iDIPDBEPSu
PV
FWBQPSBEPS
F
DSJTUBMJ[BEPS
'JHVSB



)LJXUD±3URFHVVRGHSURGXomRGHVDO
,OXVWUDomR$ULVWRWHOLQD

5PEP
P
QSPDFTTP
QSPEVUJWP
F
EF
USBOTQPSUF
EFTEF
PT
QSJNÓSEJPT
EB

QSPEVÉÈP
TBMJOFJSB
FSB
NBOVBM
&TUB
GPJ
B
GPSNB
VTVBM
EF
FYUSBÉÈP
EP
TBM

NBSJOIP
PCUJEP
BUSBWÊT
EB
FWBQPSBÉÈP
TPMBS
'FJUB
EF
GPSNB
SVEJNFOUBS

VUJMJ[BWB
FN
MBSHB
FTDBMB
P
USBCBMIP
CSBÉBM
EP
IPNFN
QBSB
TVB
FGFUJWBÉÈP

&SB
VN
USBCBMIP
CBTUBOUF
JOTBMVCSF
QFMB
FYDFTTJWB
FYQPTJÉÈP
ÆT
JOUFNQÊSJFT

F
BP
DPOTUBOUF
FTGPSÉP
GÎTJDP
'JHVSB


0
QSPDFTTP
TF
EBWB
FN
EVBT
FUBQBT

CÃTJDBT
B
QSJNFJSB
TF
JOJDJBWB
DPN
B
RVFCSB
EB
MBKF
EF
TBM
GPSNBEB
OPT
DSJT
UBMJ[BEPSFT
EF
GPSNB
NBOVBM
DPN
BVYJMJP
EF
GFSSBNFOUBT
DIJCBODB
QÃ

QJDBSFUB
FOYBEB

QPEFOEP
P
TBM
TFS
DPMIJEP
B
QBSUJS
EF

DN
EF
FTQFTTVSB

B
TFHVOEB
DPOTJTUJB
OP
USBOTQPSUF
EP
TBM
EPT
DSJTUBMJ[BEPSFT
QBSB
P
BUFSSP

VUJMJ[BOEPTF
DBSSPT
EF
NÈP
/FTUF
P
TBM
FSB
FNQJMIBEP
B
DÊV
BCFSUP
QBSB

RVF
TF
JOJDJBTTF
P
QSPDFTTP
EF
iDVSBu
QFSEB
EF
VNJEBEF
F
EJNJOVJÉÈP
EPT

OÎWFJT
EF
DÃMDJP
F
NBHOÊTJP
QFMB
BÉÈP
EB
DIVWB
F
EP
WFOUP

&TTBT
FUBQBT
EP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

QSPDFTTP
GPSBN
MBSHBNFOUF
VUJMJ[BEBT
BUÊ
P
JOÎDJP
EB
EÊDBEB
EF

RVBO
EP
GPJ
JOUSPEV[JEP
P
QSPDFTTP
NFDBOJ[BEP
FN
RVBTF
UPEBT
BT
TBMJOBT

"
DPMIFJUB
NFDÄOJDB
Ê
VN
QSPDFTTP
UPUBMNFOUF
EJGFSFOUF
EB
DPMIFJ
UB
NBOVBM
FNCPSB
UFOIB
P
NFTNP
PCKFUJWP
/FTTF
QSPDFTTP
VUJMJ[BNTF

FTTFODJBMNFOUF
FRVJQBNFOUPT
NFDÄOJDPT
OB
FYUSBÉÈP
EP
TBM
EBT
MBKFT
EPT

DSJTUBMJ[BEPSFT
RVF
EFWFN
FTUBS
OP
NÎOJNP
DPN

DN
EF
FTQFTTVSB
&O
UÈP
BT
FODIFEFJSBT
RVFCSBN
F
SFDPMIFN
P
TBM
QBSB
DBNJOI×FTDBÉBNCB
PV

QFRVFOBT
DBÉBNCBT
BUSFMBEBT
B
USBUPSFT
RVJCSB[

RVF
GB[FN
P
USBOTQPSUF

EB
ÃSFB
EF
DSJTUBMJ[BÉÈP
QBSB
P
BUFSSP
POEF
P
TBM
Ê
MBWBEP
F
FNQJMIBEP
&TTF

QSPDFTTP
EJTQFOTB
B
NÈPEFPCSB
EJSFUB
EP
IPNFN
DPN
FYDFÉÈP
BQFOBT
EF

PQFSBEPSFT
OBT
NÃRVJOBT
F
FRVJQBNFOUPT
VUJMJ[BEPT
OB
DPMIFJUB
USBOTQPSUF

F
MBWBHFN
'JHVSB


/VNB
TFHVOEB
GBTF
EFTTF
QSPDFTTP
GB[TF
B
MBWBHFN

B
NPBHFN
P
SFàOP
F
DPNFSDJBMJ[BÉÈP
JTTP
OP
DBTP
EBT
HSBOEFT
TBMJOBT
/BT

QFRVFOBT
P
TBM
Ê
MFWBEP
EJSFUBNFOUF
EPT
DSJTUBMJ[BEPSFT
QBSB
PT
DBNJOI×FT

F
QPTUFSJPSNFOUF
QBSB
PT
EFQÓTJUPT
MBWBEPSFT
PV
BSNB[ÊOT
EF
TBM

"
NFDBOJ[BÉÈP
PGFSFDF
BT
WBOUBHFOT
EF
VNB
NBJPS
SBQJEF[
F
BVNFOUP

OP
WPMVNF
DPMIJEP
BMÊN
EF
QPTTJCJMJUBS
BNQMJBÉÈP
EBT
ÃSFBT
EF
QSPEVÉÈP
F

UBNCÊN
VNB
NFMIPS
RVBMJEBEF
EP
TBM
4FHVOEP
'FSOBOEFT


B
NFDB
OJ[BÉÈP

<>
FMFWPV
B
QSPEVUJWJEBEF
EBT
TBMJOBT
1FMP
QSPDFTTP
EF
QSPEVÉÈP

NBOVBM
TF
PCUJOIB
 
,H
EF
TBM
QPS
NĒBOP
QFMP
QSPDFTTP
NP
EFSOP
FTUB
QSPEVUJWJEBEF
DSFTDFV
QBSB

,H
EF
TBM
QPS
NĒBOP

IBWFOEP
DPOTFRÛFOUFNFOUF
VN
FOPSNF
CBSBUFBNFOUP
EB
QSPEVÉÈP

DIFHBOEP
VNB
SFEVÉÈP
EF
BUÊ

FN
SFMBÉÈP
BPT
DVTUPT
FYJHJEPT

QFMB
QSPEVÉÈP
NBOVBM

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±7UDEDOKDGRUHVWUDQVSRUWDQGRVDOSDUDDEDUFDoD
)RWR0DQRHOLWR3HUHLUD
$FHUYR0XVHX/DXUR(VFyFLD

)LJXUD±5HWLUDGDPHFDQL]DGDGHVDOGRVFULVWDOL]DGRUHVWUDQVSRUWHGHVDOVHJXLQGR
SDUDODYDJHP6DOLQDHP0RVVRUy
)RWR$ULVWRWHOLQD

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 %JGFSFOUFNFOUF
EBT
"HSPJOEÙTUSJBT
RVF
FOUSBSBN
FN
EFDBEËODJB

QFMB
BVTËODJB
EF
UFDOPMPHJB
BT
TBMJOBT
GPSBN
NFDBOJ[BEBT
BDPNQBOIBO
EP
VNB
UFOEËODJB
OBDJPOBM
EF
JOPWBÉÈP
UFDOPMÓHJDB
FN
EFDPSSËODJB
EBT

QSÓQSJBT
MFJT
EB
&DPOPNJB
RVBOEP
UPEBT
BT
GPSNBT
EF
QSPEVÉÈP
OP
1BÎT

DPNFÉBSBN
B
TF
JOEVTUSJBMJ[BS
QSPDVSBOEP
EJNJOVJS
PT
DVTUPT
F
BVNFOUBS

B
QSPEVÉÈP
/P
DBTP
EB
BUJWJEBEF
TBMJOFJSB
QPSÊN
JTTP
TÓ
QPEFSJB
TFS
GFJUP

DPN
B
QBTTBHFN
EF
VNB
QSPEVÉÈP
FYUFOTJWB
QBSB
VNB
QSPEVÉÈP
JOUFOTJWB

FN
RVF
P
GBUPS
USBCBMIP
UFSJB
RVF
EJNJOVJS
FORVBOUP
DSFTDFSJB
TPCSFNBOFJSB

P
GBUPS
DBQJUBM

/FTTF
RVBESP
EF
SFGFSËODJB
B
NFDBOJ[BÉÈP
GPJ
EFàOJEB
DPNP
P
ÙOJDP

NFJP
EF
TPCSFWJWËODJB
EB
*OEÙTUSJB
4BMJOFJSB
F
EF
FMF
BMDBOÉBS
TFVT
PCKFUJ
WPT
FNCPSB
EFTTB
GPSNB
B
NFDBOJ[BÉÈP
UJWFTTF
QSPNPWJEP
P
EFTFNQSFHP
F

HFSBEP
DPOáJUPT
TPDJBJT
OP
FTQBÉP
VSCBOP
0
1BÎT
WJWJB
VN
DMJNB
EF
FVGPSJB

F
TFSJB
NVJUP
EJGÎDJM
JS
DPOUSB
FTTB
DPSSFOUF
OP
TFOUJEP
EF
QSFTFSWBS
PT
NPM
EFT
EB
&DPOPNJB
-PDBM
&TTF
1FSÎPEP
FN
OÎWFM
OBDJPOBM
àDPV
DPOIFDJEP
OB

-JUFSBUVSB
DPNP
B
DIBNBEB
iNPEFSOJ[BÉÈP
EPMPSPTBu

0VUSP
JNQBDUP
TF
EFV
DPN
B
*OEÙTUSJB
4BMJOFJSB
&TUBEVBM
Ê
RVF
P

EFTFOWPMWJNFOUP
EB
*OEÙTUSJB
2VÎNJDB
/BDJPOBM
FODPOUSPV
B
OPTTB
*OEÙT
USJB
4BMJOFJSB
EFTQSFQBSBEB

P
RVF
B
GPSÉPV
Æ
JNQPSUBÉÈP
EF
TBM
/P
BOP
EF


P
1BÎT
JNQPSUPV

NJM
UPOFMBEBT
EF
TBM
EB
5VOÎTJB
EB
"MFNBOIB

F
EB
1PMÔOJB
QSPQPSDJPOBOEP
VNB
TFRÛËODJB
EF
DSJTFT
OP
4FUPS
F
QSFTTJP
OBOEP
PT
HSVQPT
MPDBJT
B
WFOEFS
TFVT
QBSRVFT
TBMJOFJSPT
B
HSVQPT
EF
PVUSBT

3FHJ×FT
PV
B
.VMUJOBDJPOBJT
5BCFMB



%F
BDPSEP
DPN
$BSWBMIP
+ÙOJPS


BT
TBMJOBT
FN
.PTTPSÓ
BO
UFT
EB
NFDBOJ[BÉÈP
FNQSFHBWBN
BUÊ

IPNFOT
OP
QFSÎPEP
EB
DPMIFJUB

DPN
B
NFDBOJ[BÉÈP

EB
QPQVMBÉÈP
PQFSÃSJB
GPJ
EJTQFOTBEB
&N
WJSUVEF

EB
TVB
TVCTUJUVJÉÈP
QFMB
NÃRVJOB
NVJUBT
TBMJOBT
GPSBN
GFDIBEBT
QPS
OÈP

QPTTVÎSFN
DBQJUBM
TVàDJFOUF
QBSB
B
TVB
NFDBOJ[BÉÈP
F
EF[FOBT
EF
HSBOEFT

NÊEJBT
F
QFRVFOBT
FNQSFTBT
QBTTBSBN
QBSB
P
DPOUSPMF
EF
HSBOEFT
(SVQPT

&DPOÔNJDPT
*OUFSOBDJPOBJT

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 $PN
B
DPNQSB
EBT
NBJPSFT
TBMJOBT
QPS
QBSUFT
EFTTFT
JOWFTUJEPSFT
BT

EFNBJT
NÊEJBT
F
QFRVFOBT
GPSBN
QPVDP
B
QPVDP
TFOEP
JODPSQPSBEBT
BPT

(SVQPT
&TUBEVBJT
RVF
BJOEB
QFSNBOFDFSBN
OB
BUJWJEBEF
%BT

FNQSFTBT

MPDBJT
BMHVNBT
TF
BTTPDJBSBN
B
(SVQPT
EB
SFHJÈP
4VEFTUF
DPNP
Ê
P
DBTP
EP

(SVQP
1FSFJSB
#BTUPT
F
PT
EFNBJT
(SVQPT
4BMJOFJSPT
TF
BTTPDJBSBN
B
&NQSF
TBT
EF
$BQJUBM
.VMUJOBDJPOBM
"T
FNQSFTBT
TBMJOFJSBT
RVF
OÈP
TF
DPOTPSDJB
SBN
B
HSVQPT
FYUSBSFHJPOBJT
PV
NVMUJOBDJPOBJT
JNQMBOUBSBN
P
QSPDFTTP
EF

NPEFSOJ[BÉÈP
DPN
SFDVSTPT
EB
4VEFOF
DPMFUBEPT
BUSBWÊT
EP
NFDBOJTNP
EP

BSUJHP

EF
JODFOUJWPT
àTDBJT
PV
QPS
NFJP
EF
àOBODJBNFOUPT
CBODÃSJPT

7DEHOD 6DOLQDVDJUXSDGDV±

(035(6$ 1ž'(6$/,1$6$*583$'$6
&LUQH*UXSR+RODQGrV 
6RVDO*UXSR$PHULFDQR 
+/DJH6DOLQHLUDGR1RUGHVWH6$*UXSR,WDOLDQR 
)6RXWR*UXSR51 
&&RPpUFLR*UXSR63 
3DXOR)HUQDQGHV*UXSR51 
-RUJH0RQWHH0LJXHO0RQWH*UXSR51 
3HUHLUD%DVWRV*UXSR51(5- 
)UDQFLVFR0HGHLURV*UXSR51 
0iULR&DUYDOKR*UXSR51 
/XL];DYLHUGD&RVWD*UXSR51 
$GHOLQR+6LOYHLUD*UXSR51 
*HRPDU&6i*UXSR51 
&RVPH5RGULJXHV*UXSR51 
727$/'(6$/,1$6$*583$'$6 

)RQWH5HODWyULRDSUHVHQWDGRDR*RYHUQRGR(VWDGRGR5LR*UDQGHGR1RUWHHPDEULOGH
SHORHQWmR'HSXWDGR)HGHUDO$QW{QLR)ORUrQFLR

'B[FOEP
VN
DSV[BNFOUP
EBT
JOGPSNBÉ×FT
EBT
EVBT
SFQSFTFOUBÉ×FT

HSÃàDPFTUBUÎTUJDBT
5BCFMB

F
(SÃàDP


QFSDFCFNPT
RVF
BQFOBT
USËT
(SV
QPT
&TUSBOHFJSPT
EPNJOBSBN

EBT
TBMJOBT
FYJTUFOUFT
FORVBOUP
PJUP

(SVQPT
FYDMVTJWBNFOUF
OPSUFSJPHSBOEFOTFT
QBTTBSBN
B
DPOUSPMBS

P

RVF
EFNPOTUSB
P
QPEFS
FDPOÔNJDP
EFTUFT
USËT
(SVQPT
*OUFSOBDJPOBJT
FN

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EFUSJNFOUP
BPT
PJUP
MPDBJT
RVF
NFTNP
VOJEPT
BJOEB
OÈP
VMUSBQBTTBSBN
P

OÙNFSP
EF
TBMJOBT
QPS
BRVFMFT
BHSVQBEBT

*Ui¿FR 6DOLQDV$JUXSDGDV±
)RQWH&RQVWUXtGRDSDUWLUGRUHODWyULRDSUHVHQWDGRDR*RYHUQRGR(VWDGRGR5LR*UDQ
GHGR1RUWHHPDEULOGHSHORHQWmR'HSXWDGR)HGHUDO$QW{QLR)ORUrQFLR

6NB
PVUSB
GPOUF
EF
BOÃMJTF
EB
TJUVBÉÈP
TBMJOFJSB
EB
ÊQPDB
TFSJB
P

DPNQBSBUJWP
EB
QSPEVÉÈP
BOPUPOFMBEBT

PCUJEB
OP
QFSÎPEP
B
TBCFS

















*OFHBWFMNFOUF
B
QSPEVÉÈP
DSFTDFV
TJHOJàDBUJWBNFOUF
DPOUVEP

OÈP
NBJT
EJTUSJCVÎEB
FN
NVJUBT
QFRVFOBT
F
NÊEJBT
TBMJOBT
DPNP
PDPSSJB

BOUFT
EB
NFDBOJ[BÉÈP
NBT
DPN
VNB
DPODFOUSBÉÈP
EF
 
EB
TVB
QSPEV
ÉÈP
OBT
HSBOEFT
FNQSFTBT
5BCFMB



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 7DEHOD 3URGXomRGHVDOHGLVWULEXLomRSRUSURGXWRUHV
±0RVVRUyD

&$7(*25,$'(352'8725(6 352'8d­26$/7$12 

3HTXHQRV  
0pGLRV  
*UDQGHV2OLJRSROLVWDV  
$UWHVDQDLV  
7RWDO  

)RQWH$VVRFLDomR%UDVLOHLUDGH([WUDWRUHVH([SORUDGRUHVGH6DO±$%(56$/

"
JODBQBDJEBEF
EPT
$BQJUBJT
3FHJPOBJT
QBSB
àOBODJBNFOUP
EF
4F

UPSFT
DPNP
B
*OEÙTUSJB
4BMJOFJSB
RVF
FYJHJBN
HSBOEFT
JOWFTUJNFOUPT
SF
TVMUPV
QPSUBOUP
FN
VN
QSPDFTTP
QSPEVUJWP
RVF
DPOEV[JV
BT
&NQSFTBT

/BDJPOBJT
B
DPOGSPOUBSTF
DPN
BT
*OUFSOBDJPOBJT
F
B
TF
BTTPDJBSFN
BP
$BQJUBM

&TUSBOHFJSP
PV
B
TF
BHSVQBSFN
JOUFSOBNFOUF
P
RVF
SFTVMUPV
FN
(SBOEFT

6OJEBEFT
1SPEVUJWBT
DPN
NBJPS
QPEFS
EF
BDVNVMBÉÈP

"
GBMËODJB
EBT
.ÊEJBT
F
1FRVFOBT
*OEÙTUSJBT
4BMJOFJSBT
GPSUBMFDFV
PT

(SBOEFT
(SVQPT
RVF
BERVJSJSBN
BMHVNBT
EFTTBT
*OEÙTUSJBT
F
DPODFOUSB
SBN
BJOEB
NBJT
B
QSPEVÉÈP
EP
TBM
OBT
NÈPT
EP
(SBOEF
$BQJUBM
/BDJPOBM

PV
&TUSBOHFJSP
"
FTTF
SFTQFJUP
NBUÊSJB
QVCMJDBEB
FN
VN
EPT
+PSOBJT
EF

DJSDVMBÉÈP
EJÃSJB
EF
.PTTPSÓ
m
(B[FUB
EP
0FTUF

EF

BàSNBWB

RVF
B
DPODFOUSBÉÈP
EF
$BQJUBJT
OB
&DPOPNJB
4BMJOFJSB
i<>
BGFUBSBN
UPEBT
BT

DJEBEFT
FOWPMWJEBT
OB
FDPOPNJB
TBMJOFJSB
F
QBSUJDVMBSNFOUF
B
FDPOPNJB
EF
.PTTPSÓu

&TTF
iBHSVQBNFOUPu
PV
NFMIPS
B
DPNQSB
EF
NVJUBT
1FRVFOBT
F
.ÊEJBT
4BMJOBT

.PTTPSPFOTFT
MFHPV
BMÊN
EF
NBSDBT
EJGFSFODJBEBT
OBT
SFMBÉ×FT
EF
USBCBMIP
NV
EBOÉBT
OB
PSHBOJ[BÉÈP
FTQBDJBM
EB
$JEBEF

&TTF
OPWP
FNQSFTBSJBEP
RVF
QBTTPV
B
EPNJOBS
UPEP
P
QSPDFTTP
EF
QSP
EVÉÈP
F
NPBHFN
EB
BUJWJEBEF
TBMJOFJSB
OÈP
TPNFOUF
NVEPV
P
TFDVMBS
GB[FS

BSUFTBOBM
EP
TBM
NBT
B
WJEB
EBRVFMFT
RVF
QPS
OÈP
JODPSQPSBSFN
PT
QSPDFTTPT

JOPWBEPSFT
GPSBN
FYDMVÎEPT
EBT
BUJWJEBEFT
QSPEVUJWBT
*TUP
PDPSSFV
TFKB
QBSB
P

SFàOP
TFKB
BUÊ
NFTNP
OP
USBOTQPSUF
EPT
UBORVFT
QBSB
PT
EFQÓTJUPT
RVF
BHPSB

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

OÈP
NBJT
SFRVJTJUBWB
PT
DBSSPT
EF
NÈP
TVCTUJUVÎEPT
QFMB
FTUFJSB
NFDÄOJDB
QFMBT

FODIFEFJSBT
USBUPSFT

F
QFMB
DBÉBNCB
WFJDVMBS
DPN
DBQBDJEBEF
EF
USBOTQPS
UBS
NJMIBSFT
EF
RVJMPT
FN
UFNQP
NFOPS
&TTF
EFTFNQSFHP
FN
NBTTB
OÈP
TÓ

JNQSJNJV
NBSDBT
OP
IPNFN
TFOUJNFOUPT
EF
QFSEB
FYDMVTÈP
PV
BVTËODJB

EF
FTQFSBOÉB

NBT
UBNCÊN
JNQSJNJV
NBSDBT
OP
FTQBÉP
VSCBOP
NPTTP
SPFOTF
POEF
P
TBM
FSB
NPÎEP
F
SFàOBEP
QPJT
GPSBN
NVJUBT
BT
1FRVFOBT

.PBHFJSBT
GFDIBEBT
RVF
BP
DFSSBSFN
BT
TVBT
QPSUBT
BDBSSFUBSBN
TFHVOEP

'FMJQF

Q

<>
EJàDVMEBEFT
JNFOTBT
QBSB
PT
NPFEPSFT
EF
TBM
EF
.PTTPSÓ
RVF

TÓ
OP
CBJSSP
EB
1BSBÎCB
"W
"MCFSUP
.BSBOIÈP
F
3
+PTÊ
EF
"MFO
DBS

DSJBWBN
DFSDB
EF

FNQSFHPT
EJSFUPT
OP
JOJDJP
EPT
BOPT
TFT
TFOUB

/FTTF
QBSUJDVMBS
IÃ
GPSUFT
JOEÎDJPT
EF
RVF
B
&DPOPNJB
EF
.PTTPSÓ

TF
EFTFOWPMWFV
FNCPSB
UPSOBOEPTF
DBEB
WF[
NFOPT
DBQB[
EF
PGFSFDFS
FN
QSFHP
EF
GPSNB
BEFRVBEB
BP
TFV
DSFTDJNFOUP
VSCBOP
GSVTUSBOEP
BTTJN
B

FYQFDUBUJWB
EP
DPOUJOHFOUF
EB
NÈPEFPCSB
FYJTUFOUF
F
JODPNQBUÎWFM
DPN

UBM
DSFTDJNFOUP
"
$JEBEF
OFTUF
DPOUFYUP
SFQFUJV
PVUSPT
NPNFOUPT
EB
TVB

)JTUÓSJB
QPJT
TFHVOEP
"RVJOP

Q

<>
TFVT
DJDMPT
EF
FYQBOTÈP
TÈP
TFNQSF
NBSDBEPT
QFMPT
QSPCMFNBT

DPN
B
PDVQBÉÈP
F
TFKB
OPT
BOPT

F

RVBOEP
QSFEPNJOBWB
B

BHSPJOEÙTUSJB
F
BÎ
KÃ
IBWJB
VNB
HSBOEF
SPUBUJWJEBEF
EF
NÈPEFPCSB

SFCBJYBOEP
TBMÃSJPT

TFKB
OP
QÓTHVFSSB
DPN
B
FYQBOTÈP
EB
JOEÙT
USJB
BUJOHJEB
QFMP
TVSUP
JOEVTUSJBMJ[BOUF
EP
DFOUSPTVM
EP
#SBTJM
OÈP

TF
EJTQ×F
EBT
DJSDVOTUÄODJBT
EF
GBWPSFDJNFOUP
RVBOUP
BP
FNQSFHP

OPT
TFUPSFT
QSJNÃSJP
F
TFDVOEÃSJP
&N
UBJT
DJSDVOTUÄODJBT
NFSFDF

EFTUBRVF
P
JNQBDUP
QSPEV[JEP
OPT
BOPT

QFMB
NFDBOJ[BÉÈP
EBT

TBMJOBT
OB
FTUSVUVSB
EF
FNQSFHP
MPDBM

"
JOUFOTJàDBÉÈP
EP
QSPDFTTP
EF
JOUFSOBDJPOBMJ[BÉÈP
EB
&DPOPNJB
4B
MJOFJSB
MPDBM
BUSBWÊT
EB
EFTOBDJPOBMJ[BÉÈP
EBT
TBMJOBT
MPDBJT
B
QBSUJS
EP
JOÎ
DJP
EB
EÊDBEB
EF

JSJB
HSBEBUJWBNFOUF
QSPQPSDJPOBS
VN
OPWP
DPOUFÙEP

Æ
EJOÄNJDB
EFTTB
*OEÙTUSJB
JNQSJNJOEP
OBT
EÊDBEBT
TFHVJOUFT
VN
SJUNP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
BDFMFSBEP
BP
QSPDFTTP
EF
VSCBOJ[BÉÈP
EB
$JEBEF
F
QSPGVOEBT
BMUFSBÉ×FT
OB

PSHBOJ[BÉÈP
EP
UFSSJUÓSJP
NVOJDJQBM

"
NFDBOJ[BÉÈP
EP
1BSRVF
4BMJOFJSP
BP
QSPWPDBS
EFTFNQSFHP
FN

NBTTB
USBOTGPSNPV
B
DJEBEF
EF
.PTTPSÓ
FN
VN
MVHBS
EF
TÊSJBT
UFOT×FT
TP
DJBJT
F
HFSPV
B
BEPÉÈP
EF
QPMÎUJDBT
PSJFOUBEBT
QBSB
B
BCTPSÉÈP
EF
HSBOEF
QBS
UF
EB
NÈPEFPCSB
FYDFEFOUF
F
EBRVFMFT
RVF
DIFHBWBN
OP
TFOUJEP
DBNQP
DJEBEF
QPJT
.PTTPSÓ
DPNP
B
NBJPS
$JEBEF
EB
SFHJÈP
0FTUF
EP
&TUBEP

FSB
OBUVSBMNFOUF
UJEB
QPS
UPEPT
PT
NVOÎDJQFT
WJ[JOIPT
DPNP
P
MVHBS
QBSB

BDIBS
FNQSFHP
/FTUF
TFOUJEP
EFTUBDBTF
B
SFBMJ[BÉÈP
EF
$VSTPT
EF
5ÊDOJDBT

"HSÎDPMBT
QSPNPWJEPT
QFMP
&TUBEP
WJTBOEP
Æ
SFBEBQUBÉÈP
QSPàTTJPOBM
EPT

USBCBMIBEPSFT
TBMJOFJSPT
EFTFNQSFHBEPT
"
6OJWFSTJEBEF
EP
&TUBEP
EP
3JP

(SBOEF
EP
/PSUF
BUVPV
DPNP
FYFDVUPSB
EFTTFT
$VSTPT
QBUSPDJOBEPT
QFMP

FYUJOUP
1SPHSBNB
*OUFOTJWP
EF
1SFQBSBÉÈP
EF
.ÈPEF0CSB

1*1.0

EP

.JOJTUÊSJP
EP
5SBCBMIP
DPN
B
QBSUJDJQBÉÈP
EB
&TDPMB
4VQFSJPS
EF
"HSJDVM
UVSB
EF
.PTTPSÓ
m
&4".

BUSBWÊT
EF
JOTUSVUPSFT

$PN
JHVBM
PCKFUJWP
B
QBSUJS
EF

GPJ
JNQMFNFOUBEP
P
1SPKFUP

EF
$PMPOJ[BÉÈP
EB
4FSSB
EP
.FM
RVF
QSFWJB
QBSB
DVMUJWP
QFMP
DPMPOP
F
TVB

GBNÎMJB
P
UÎUVMP
EF
QSPQSJFEBEF
EF
VNB
HMFCB
EF

IFDUBSFT
F
UJOIB
QPS

CBTF
QSPEVUJWB
B
DVMUVSB
EP
DBKVFJSP
1PS
JOJDJBUJWB
EP
4JOEJDBUP
EPT
5SBCB
MIBEPSFT
OBT
4BMJOBT
GPJ
DSJBEB
B
$PNVOJEBEF
EF
#PN
%FTUJOP
RVF
WJTBWB

BTTFOUBS
PT
USBCBMIBEPSFT
BQPTFOUBEPT

"MHVOT
IJTUPSJBEPSFT
BUÊ
BUSJCVFN
BP
àN
EPT
BOUJHPT
DBCBSÊT
F
DBTBT

EF
FTQFUÃDVMPT
EB
$JEBEF
RVF
FTUBWBN
DPODFOUSBEPT
OP
"MUP
EP
-PVWPS

VNB
SFMBÉÈP
EJSFUB
DPN
B
NFDBOJ[BÉÈP
EBT
TBMJOBT
0
"MUP
EP
-PVWPS
JOJ
DJBWBTF
OB
SVB
/JMP
1FÉBOIB
F
FTUFOEJBTF
BUÊ
Æ
"W
"MCFSUP
.BSBOIÈP

0
FTQFDJBM
i/PTTB
5FSSB
/PTTB
)JTUÓSJBu
SFMFNCSB
PT
NPNFOUPT
CPËNJPT

EP
UFSSJUÓSJP
EF
MB[FS
EB
$JEBEF
POEF
BT
DBTBT
OPUVSOBT
NBJT
GSFRÛFOUBEBT

 +PSOBM
EF
.PTTPSÓ
QVCMJDPV
B
NBUÊSJB
JOUJUVMBEB
i"MUP
EP
-PVWPS
m
MPDBM
EB
CPFNJBu
BTTJOBEB
QFMP
KPSOBMJTUB
5PCJBT
2VFJSP[

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

FSBN
$PQBDBCBOB
$PJNCSB
#SBTÎMJB
1FSOBNCVDBOB
$BTBCMBODB
*EFBM

-BT
7FHBT
#SBINB
"SQFSHF
F
%JBDVÎ
m
UPEPT
OPNFT
RVF
GB[FN
SFGFSËODJB
B

MVHBSFT
àMNFT
CFCJEBT
m
TJOÔOJNPT
OB
ÊQPDB
EF
BUVBMJEBEF
F
TPàTUJDBÉÈP

2VBOUP
Æ
PSJHFN
EP
OPNF
i"MUP
EP
-PVWPSu
FN

Ê
JOBVHVSBEB

QFMP
4S
&EVBSEP
4BOUPT
VNB
DBTB
EF
MBODIFT
DPN
P
OPNF
EF
i"SU
/PV
WFBVu
4FHVOEP
P
QFTRVJTBEPS
3BJNVOEP
#SJUP
VNB
SFGFSËODJB
ÆT
MJOIBT

BSRVJUFUÔOJDBT
EF
PSJHFN
GSBODFTB
EB
ÊQPDB
"PT
QPVDPT
P
"SU
/PVWFBV
GPJ

SFDFCFOEP
WJ[JOIPT
VNB
DBTB
FSB
DPOTUSVÎEB
BRVJ
PVUSB
BMJ
F
BT
NVMIFSFT

DPNFÉBSBN
B
DIFHBS
F
B
UPNBS
DPOUB
EB
SFHJÈP
1PTUFSJPSNFOUF
GPJ
JOBVHV
SBEP
P
CBS
i"MUP
EP
-PVWPSu
VN
OPNF
RVF
USB[JB
BMHVNB
SFMBÉÈP
GPOÊUJDB

DPN
B
DBTB
EF
MBODIFT
EF
JOTQJSBÉÈP
GSBODFTB
i"SU
/PVWFBVu

5BM
SFBMJEBEF
QBSB
PT
SFGFSJEPT
IJTUPSJBEPSFT
OÈP
SFTJTUJV
BPT
FGFJUPT

EB
NFDBOJ[BÉÈP
EBT
TBMJOBT
QPJT
BT
DBTBT
OPUVSOBT
FOUSBSBN
FN
EFDBEËODJB

F
GFDIBSBN
i<>
WFJP
B
NFDBOJ[BÉÈP
EBT
TBMJOBT
F
B
USBOTGFSËODJB
EPT
GFSSPWJÃSJPT

0
RVF
EJNJOVJV
P
QPEFS
BRVJTJUJWP
EF
NVJUPT
RVF
WBHBWBN
OB
OPJUFu

3FMBUJWBNFOUF
Æ
HFSBÉÈP
EF
FNQSFHPT
BT
&NQSFTBT
.PEFSOBT
BP
VUJ
MJ[BSFN
UFDOPMPHJBT
BWBOÉBEBT
OP
TFV
QSPDFTTP
QSPEVUJWP
OÈP
BCTPSWFSBN
P

DPOUJOHFOUF
EF
NÈPEFPCSB
OÈP
RVBMJàDBEB
EJTQPOÎWFM
OB
3FHJÈP
"P
DPO
USÃSJP
EB
BUJWJEBEF
TBMJOFJSB
QSBUJDBEB
BOUFT
EB
NFDBOJ[BÉÈP
QBSB
B
RVBM
FYJ
HJBTF
VN
OÎWFM
FEVDBDJPOBM
GPSNBM
QSBUJDBNFOUF
OVMP
OB
&NQSFTB
NFDBOJ[B
EB
P
QSÓQSJP
VTP
EPT
NBRVJOÃSJPT
FYJHJB
VN
NÎOJNP
EF
DPOIFDJNFOUP

'FSOBOEFT

Q

BP
QFTRVJTBS
P
QSPDFTTP
EF
NFDBOJ[BÉÈP
EBT

TBMJOBT
USBOTDSFWF
EFQPJNFOUPT
EF
GVODJPOÃSJPT
EBT
TBMJOBT
SFDÊN
iNPEFS
OJ[BEBTu
POEF
VN
EFMFT
SFMBUB
RVF

0
USBCBMIP
OB
FTUFJSB
Ê
VN
UBOUP
QFSJHPTP
UFN
P
QSPCMFNB
EB
FOFS
HJB
4F
B
HFOUF
OÈP
FOUFOEF
EF
FOFSHJB
QPEF
TF
DPNQMJDBS
"
HFOUF

àDB
P
EJB
UPEP
QSB
MÃ
F
QSB
DÃ
UJSBOEP
P
TBM
EFCBJYP
EB
FTUFJSB
"


%FQPJNFOUP
EF
BOUJHPT
GSFRÛFOUBEPSFT

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 HFOUF
Ê
VNB
FTQÊDJF
EF
WJHJB
B
FTUFJSB
QPEF
EBS
VN
EJTQBSP
F
B
HFOUF

BWJTB
BP
DIFGF

0
EFQPJNFOUP
BDJNB
OPT
EÃ
B
EJNFOTÈP
EP
OÎWFM
EF
BMGBCFUJ[BÉÈP
F

EB
DPNQSFFOTÈP
RVF
PT
GVODJPOÃSJPT
UJOIBN
EPT
OPWPT
F
iDPNQMFYPTu
FRVJ
QBNFOUPT
RVF
QBTTBSBN
B
GB[FS
QBSUF
EB
TVB
KPSOBEB
EF
USBCBMIP
OB
WFSEBEF

FTUB
SFBMJEBEF
TÓ
GPJ
WJWJEB
QPS
VNB
ÎOàNB
QBSDFMB
EPT
RVF
DPOUJOVBSBN
OB

BUJWJEBEF
TBMJOFJSB
QPJT
DPN
B
SFUJSBEB
EPT
JODFOUJWPT
HPWFSOBNFOUBJT
OB

EÊDBEB
EF

BMHVNBT
GFDIBSBN
BT
QPSUBT
SFEV[JOEP
BJOEB
NBJT
B
RVBOUJ
EBEF
EF
QPTUPT
EF
USBCBMIP
OB
&DPOPNJB
MPDBM

7BMF
TBMJFOUBS
RVF
B
BUJWJEBEF
BHSPJOEVTUSJBM
EF
.PTTPSÓ
JOJDJBEB

DPN
B
."*4"
F
B
NFDBOJ[BÉÈP
EBT
TBMJOBT
DVKB
WJBCJMJ[BÉÈP
GPJ
DPODSF
UJ[BEB
DPN
P
GVODJPOBNFOUP
EP
1PSUP
*MIB
EF
"SFJB
#SBODB
OÈP
FSBN

BQFOBT
QSPKFUPT
F
BÉ×FT
QPOUVBJT
F
JOFSFOUFT
BP
FTQBÉP
NPTTPSPFOTF
QPJT
OÈP

FTUBWBN
PDPSSFOEP
JTPMBEBNFOUF
OP
1BÎT
'B[JBN
QBSUF
EF
VNB
UFOEËODJB

OBDJPOBM
&TTB
NPEFSOJ[BÉÈP
PDPSSFV
EFOUSP
EF
VN
QSPDFTTP
EF
SFPSHBOJ
[BÉÈP
EP
4JTUFNB
&DPOÔNJDP
F
1PMÎUJDP
#SBTJMFJSP
RVF
QBTTPV
B
QSPDFTTBS
TF
DPNP
WJNPT
BOUFSJPSNFOUF
TPCSFUVEP
B
QBSUJS
EP
(PWFSOP
+,
USPVYF

NVEBOÉBT
TVCTUBODJBJT
Æ
FTUSVUVSB
VSCBOB
EP
1BÎT
0
1SPHSBNB
EF
.FUBT

FMBCPSBEP
OFTTF
QFSÎPEP
PCKFUJWBWB
USBOTGPSNBS
B
&TUSVUVSB
&DPOÔNJDB
#SB
TJMFJSB
QFMB
DSJBÉÈP
EF
*OEÙTUSJBT
EF
#BTF
F
QFMPT
JOWFTUJNFOUPT
FN
*OGSB
&TUSVUVSB

&N
.PTTPSÓ
FTTBT
QPMÎUJDBT
TÈP
FYFDVUBEBT
B
QBSUJS
EPT
BOPT


RVBOEP
FN
OÎWFM
OBDJPOBM
P
(PWFSOP
'FEFSBM
WJWJB
B
GBTF
ÃVSFB
EP
#/)

 #BODP
/BDJPOBM
EF
)BCJUBÉÈP

F
EP
iNJMBHSF
FDPOÔNJDP
CSBTJMFJSPu
FN

RVF
TF
EFTUBDB
B
BNCJDJPTB
1PMÎUJDB
)BCJUBDJPOBM
m
RVF
SFHJTUSB
VN
HSBOEF

ÎOEJDF
EF
DPOTUSVÉ×FT


."*4"
m
.PTTPSÓ
"HSPJOEVTUSJBM
4"
FNQSFTB
DPOTUJUVÎEB
OP
EJB

EF
BCSJM
EF


 5FSNJOBM
NBSÎUJNP
DPOTUSVÎEP
FN

VNB
JMIB
BSUJàDJBM
FN
BMUP
NBS
&TUÃ
MPDBMJ[BEP

LN
B
OPSEFTUF
EB
DJEBEF
EF
"SFJB

#SBODB
 3/
àDBOEP
P
1PSUP*MIB
DFSDB
EF

LN
EJTUBOUF
EB
DPTUB
EP
3/
EFTUJOBEP
ÙOJDB
F
FYDMVTJWBNFOUF
QBSB
P
FNCBSRVF
EF

TBM
NBSJOIP
RVF
DIFHB
B
FTUF
1PSUP
MFWBEP
QPS
CBSDBÉBT
EBT
[POBT
EF
QSPEVÉÈP
Ê
USBOTGFSJEP
QBSB
P
QÃUJP
EP
1PSUP
F
EBÎ
QPS
FTUFJSBT

SPMBOUFT
EF

,N
EF
FYUFOTÈP
BUÊ
PT
OBWJPT
­
VUJMJ[BEP
DPNP
FTDPBEPVSP
EF
HSBOEF
QBSUF
EB
QSPEVÉÈP
EBT
TBMJOBT
EF
.PTTPSÓ

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 4F
B
.FDBOJ[BÉÈP
4BMJOFJSB
QSPEV[JV
VN
DPOUJOHFOUF
EF
EFTFNQSF
HBEPT
P
RVF
FOUÈP
GB[FS
QBSB
DPOUFS
B
QSFTTÈP
TPDJBM
FYFSDJEB
QPS
UBOUPT

EFTFNQSFHBEPT
OB
$JEBEF
'PJ
QFOTBOEP
OB
TPMVÉÈP
EFTTF
QSPCMFNB
TPDJBM

F
TFHVJOEP
VNB
1PMÎUJDB
/BDJPOBM
DPN
P
BQPJP
EP
1PEFS
1ÙCMJDP
UBOUP
EBT

*OTUJUVJÉ×FT
3FHJPOBJT
DPNP
EBT
'FEFSBJT
RVF
TVSHJSBN
WÃSJBT
JOJDJBUJWBT

QBSB
B
DSJBÉÈP
F
BNQMJBÉÈP
EF
QPTTJCJMJEBEFT
FN
4FUPSFT
QBSB
BCTPSÉÈP
EB

NÈPEFPCSB
EFTFNQSFHBEB
0
4FUPS
RVF
NBJT
TF
CFOFàDJPV
DPN
FTUB
1PMÎ
UJDB
GPJ
P
EB
$POTUSVÉÈP
$JWJM
4FHVOEP
B
'FEFSBÉÈP
EB
*OEÙTUSJB
F
$PNÊS
DJP
EP
3JP
(SBOEF
EP
/PSUF
m
'*&3/

OP
BOP
EF

IBWJB
FN
.PTTPSÓ

USËT
FNQSFTBT
EF
$POTUSVÉÈP
$JWJM
DBEBTUSBEBT
EF[
BOPT
EFQPJT
FN


FTUF
OÙNFSP
QBTTPV
QBSB

àSNBT
P
RVF
TF
FYQSFTTPV
OVNB
SÃQJEB
FYQBO
TÈP
VSCBOB
WJTJWFMNFOUF
NBJPS
OBT
ÃSFBT
QFSJGÊSJDBT
EB
$JEBEF
NBUFSJBMJ
[BEB
QFMB
DPOTUSVÉÈP
EF
$POKVOUPT
)BCJUBDJPOBJT
&TTB
FYQBOTÈP
SFRVJTJUPV

EB
1SFGFJUVSB
EF
.PTTPSÓ
QPS
QBSUF
EP
QSÓQSJP
4FUPS
EB
$POTUSVÉÈP
$JWJM

EPT
FNQSFFOEFEPSFT
EPT
RVF
UJOIBN
B
JOUFOÉÈP
EF
JOWFTUJS
OB
DJEBEF
CFN

DPNP
EB
4PDJFEBEF
B
FMBCPSBÉÈP
EF
VN
1MBOP
%JSFUPS
OVNB
UFOUBUJWB
EF

BNFOJ[BS
F
DPSSJHJS
PT
GBUPSFT
MPDBJT
EFWJEPT
B
FTUB
EFTFOGSFBEB
FYQBOTÈP
VS
CBOB
UBJT
DPNP
B
QSPMJGFSBÉÈP
EF
ÃSFBT
TVCOPSNBJT
BT
GBWFMBT

[POFBNFOUP

VSCBOP
m
JOEJDBOEP
RVBJT
ÃSFBT
UFSJBN
NFMIPSFT
DPOEJÉ×FT
QBSB
B
JOTUBMBÉÈP

EF
VN
%JTUSJUP
*OEVTUSJBM
DPN
P
PCKFUJWP
EF
EJOBNJ[BS
FTUF
4FUPS

"
FYQBOTÈP
VSCBOB
UBNCÊN
GPJ
EFáBHSBEB
QPS
PVUSPT
GBUPSFT
DPNP
B

NFDBOJ[BÉÈP
EBT
TBMJOBT
QPJT
UPEBT
BT
NVEBOÉBT
DJUBEBT
BDJNB
UJWFSBN
DPO
TFRÛËODJBT
JNFEJBUBT
OP
FTQBÉP
VSCBOP
RVF
QBTTPV
B
SFDFCFS
VN
HSBOEF
OÙ
NFSP
EF
EFTFNQSFHBEPT
EBT
TBMJOBT
OÈP
TÓ
EF
.PTTPSÓ
NBT
UBNCÊN
EPT
EF
NBJT
.VOJDÎQJPT
EP
TFV
FOUPSOP

(SPTTPT
"SFJB
#SBODB

F
UBNCÊN
EB
ÃSFB

TBMJOFJSB
EF
.BDBV
"T
QFSJGFSJBT
FYQBOEJSBNTF
DPOTJEFSBWFMNFOUF
F
PVUSBT

ÃSFBT
BUÊ
FOUÈP
EFTBCJUBEBT
QBTTBSBN
B
TFSFN
PDVQBEBT
OPWPT
#BJSSPT
GPSBN

FOUÈP
TVSHJOEP
­
P
DBTP
EP
CBJSSP
i4BOUP
"OUÔOJPu
RVF
UFN
TVB
PSJHFN
WJO
DVMBEB
BPT
EFTFNQSFHBEPT
EBT
TBMJOBT
F
EF
TFVT
EFQFOEFOUFT
F
P
CBJSSP
i1B
SFE×FTu
RVF
BUÊ
FOUÈP
DPNQSFFOEJB
VNB
QFRVFOB
ÃSFB
PDVQBEB
QPS
QPVDPT

NPSBEPSFT
DPOTPMJEBOEPTF
DPNP
CBJSSP
EFWJEP
BP
DPOUJOHFOUF
QPQVMBDJPOBM

RVF
BMJ
TF
JOTUBMPV
EFDPSSFOUF
EF
VN
JOUFOTP
QSPDFTTP
NJHSBUÓSJP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0CTFSWBOEP
F
HVBSEBOEP
B
EFWJEB
QSPQPSDJPOBMJEBEF
EB
SFBMJEBEF

NPTTPSPFOTF
QPS
OÓT
EFTDSJUB
QPEFNPT
PCTFSWBS
QSPDFTTP
TFNFMIBOUF
BP

RVF
BQSFTFOUB
4JOHFS


RVBOEP
BOBMJTB
BT
NJHSBÉ×FT
JOUFSOBT
OP
FTUB
EP
EF
4ÈP
1BVMP
&MF
NPTUSB
RVF
P
BVNFOUP
EB
DPODFOUSBÉÈP
EB
QPQVMBÉÈP

EFTFODBEFJB
VN
FYDFTTJWP
DSFTDJNFOUP
EB
PGFSUB
EF
GPSÉB
EF
USBCBMIP
F
FTUB

QBTTB
B
TF
DPOTUJUVJS
VN
QSPCMFNB
QBSB
P
1PEFS
1ÙCMJDP
RVF
GPSÉPTBNFOUF

TF
WË
PCSJHBEP
B
EFTFOWPMWFS
QPMÎUJDBT
QÙCMJDBT
QBSB
P
FTQBÉP
VSCBOP
&TTB

SFBMJEBEF
QBVMJTUB
WJTUB
QPS
4JOHFS
UBNCÊN
TF
DPOàHVSPV
FN
.PTTPSÓ
FN

GBDF
EB
NFDBOJ[BÉÈP
EP
TFV
QBSRVF
TBMJOFJSP
/P
FOUBOUP
BDPNQBOIBOEP

FTTF
QSPDFTTP
EF
USBOTGPSNBÉÈP
TVSHF
VNB
JEFPMPHJB
SFTQPOTÃWFM
QFMB
DPOT
USVÉÈP
EF
VN
OPWP
DFOÃSJP
QSPNJTTPS
QBSB
.PTTPSÓ

$PN
B
NPEFSOJ[BÉÈP
EB
*OEÙTUSJB
4BMJOFJSB
TVSHJSBN
FN
DBEFJB
OP
WPT
FNQSFFOEJNFOUPT
"TTJN
PT
SFáFYPT
OP
FTQBÉP
VSCBOP
UBNCÊN
QPEFN

TFS
FYQMJDBEPT
QFMB
FVGPSJB
JOJDJBM
RVF
P
QSPDFTTP
EF
NPEFSOJ[BÉÈP
EBT
TBMJ
OBT
DPOUSBEJUPSJBNFOUF
DPMPDPV
QPJT
NFTNP
EFTFNQSFHBOEP
NJMIBSFT
EF

USBCBMIBEPSFT
BT
UFOT×FT
TPDJBJT
HFSBEBT
QFMPT
EFTFNQSFHBEPT
PSHBOJ[BEPT

BUSBWÊT
EPT
4JOEJDBUPT
F
"TTPDJBÉ×FT
QSFTTJPOBSBN
B
GB[FS
DIFHBS
Æ
$JEBEF

WÃSJPT
1SPHSBNBT
F
"É×FT
(PWFSOBNFOUBJT
HFSBEPSBT
EF
FNQSFHP
VSCBOP

UBJT
DPNP
DPOTUSVÉÈP
EF
$POKVOUPT
)BCJUBDJPOBJT
F
QSÊEJPT
QÙCMJDPT
EP

*/44
EB
&4".
F
EP
$BNQVT
6OJWFSTJUÃSJP
EB
6OJWFSTJEBEF
&TUBEVBM
EP

3JP
(SBOEF
EP
/PSUF

6&3/


"
"ÉÈP
EP
(PWFSOP
UBNCÊN
GPJ
FNQSFFOEJEB
BUSBWÊT
EB
DPOTUSVÉÈP

EF
NPSBEJBT
FTDPMBT
IPTQJUBJT
F
UBNCÊN
BUSBWÊT
EB
QSFTUBÉÈP
EF
TFSWJÉPT

CÃTJDPT
FGFUVBEPT
QPS
ÓSHÈPT
DPNP
B
$PNQBOIJB
EF
4FSWJÉPT
&OFSHÊUJDPT

EP
3JP
(SBOEF
EP
/PSUF
m
$04&3/

B
$PNQBOIJB
EF
¦HVBT
F
&THPUPT

EP
3JP
(SBOEF
EP
/PSUF
m
$"&3/

B
$PNQBOIJB
*OUFHSBEB
EF
%FTFO
WPMWJNFOUP
"HSÎDPMB
m
$*%"

B
$PNQBOIJB
EF
%FTFOWPMWJNFOUP
.JOFSBM

m
$%.

F
P
%FQBSUBNFOUP
&TUBEVBM
EF
&TUSBEBT
F
3PEBHFOT
m
%&&3


DVKBT
BÉ×FT
EFTFODBEFBSBN
B
BCFSUVSB
EF
QPTUPT
EF
USBCBMIP
1SPDFTTPVTF

BJOEB
B
JOTUBMBÉÈP
EF
"HËODJBT
#BODÃSJBT
BNQMJPVTF
B
PGFSUB
EF
TFSWJÉPT

FTQFDJBMJ[BEPT
&TUÊUJDB
4BÙEF
&EVDBÉÈP
)PUFMBSJB
-B[FS
FUD

DSFTDFV

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

P
OÙNFSP
EF
$BTBT
$PNFSDJBJT
DPNP
FNQSFFOEJNFOUPT
EB
*OJDJBUJWB
1SJ
WBEB
'JDBWB
QBUFOUF
QPSUBOUP
B
OFDFTTJEBEF
F
B
QSFPDVQBÉÈP
EP
&TUBEP

FN
QSPNPWFS
VNB
1PMÎUJDB
6SCBOB
FN
DPOTPOÄODJB
DPN
PT
QSPQÓTJUPT
EB

SFQSPEVÉÈP
EBT
SFMBÉ×FT
EF
QSPEVÉÈP
RVF
TF
GB[JBN
QSFTFOUFT
F
IFHFNÔOJ
DPT
PV
TFKB
JNQVOIBNTF
NVEBOÉBT
TJHOJàDBUJWBT
OB
4PDJFEBEF
QBSB
RVF

QVEFTTF
TFS
WJBCJMJ[BEB
UBM
VSCBOJ[BÉÈP

1PSUBOUP
QBSB
TVQFSBS
P
RVBESP
EF
DSJTF
F
UFOT×FT
HFSBEP
QFMP
EFTFN
QSFHP
EFDPSSFOUF
EB
NFDBOJ[BÉÈP
EBT
TBMJOBT
B
$JEBEF
WJWF
VN
QFSÎPEP
EF

BTDFOTÈP
QPJT
QPMÎUJDBT
F
QSPHSBNBT
WPMUBEPT
QBSB
BT
$JEBEFT
FN
OÎWFM
OBDJP
OBM
JODMVFN
B
DJEBEF
EF
.PTTPSÓ
­
P
DBTP
EP
i1SPHSBNB
EF
$JEBEFT
1PSUF

.ÊEJPu
RVF
OP
BOP
EF

EFV
JOÎDJP
B
WÃSJPT
QSPKFUPT
EF
.FMIPSJB
EP
&T
QBÉP
6SCBOP
UBJT
DPNP
B
DPOTUSVÉÈP
EP
5FSNJOBM
3PEPWJÃSJP
F
EF
$POKVO
UPT
)BCJUBDJPOBJT
QBSB
B
QPQVMBÉÈP
EF
CBJYB
SFOEB
F
EB
iOPWB
$MBTTF
.ÊEJBu

RVF
DIFHPV
Æ
$JEBEF
DPNP
PT
GVODJPOÃSJPT
EP
*/44
EB
&4".
F
EB
6&3/

CFN
DPNP
B
QBWJNFOUBÉÈP
F
P
BTGBMUBNFOUP
EF
SVBT
F
BWFOJEBT
QSPKFUPT
EF

BSCPSJ[BÉÈP
EB
$JEBEF
USBUBNFOUP
VSCBOÎTUJDP
F
EF
JOGSBFTUSVUVSB
EBT
ÃSFBT

RVF
TJOBMJ[BWBN
QBSB
B
FYQBOTÈP
VSCBOB
EP
UFSSJUÓSJP
EB
$JEBEF
BTTJN
B
DJ
EBEF
EF
.PTTPSÓ
BNQMJPVTF
DPOTJEFSBWFMNFOUF
QPS
NFJP
EFTUBT
PCSBT

"
BNQMJBÉÈP
EB
$JEBEF
QPS
NFJP
EBT
WÃSJBT
PCSBT
EF
*OGSB&TUSV
UVSB
F
IBCJUBDJPOBJT
SFTVMUPV
FN
QSPGVOEBT
USBOTGPSNBÉ×FT
OB
&DPOPNJB

.PTTPSPFOTF
F
QSPNPWFV
VNB
EJWFSTJàDBÉÈP
OP
TFV
BQBSFMIP
QSPEVUJWP

MPDBMJ[BEB
FTQFDJBMNFOUF
OP
4FUPS
5FSDJÃSJP
RVF
NBOUFWF
P
QBQFM
IJTUPSJ
DBNFOUF
JNQPSUBOUF
EF
QSFTUBEPSB
EF
TFSWJÉPT
OP
RVBESP
SFHJPOBM
"
QBSUJS

EBÎ
UBM
GVOÉÈP
HBOIPV
EFOTJEBEF
OB
QBSUJDJQBÉÈP
EP
FTUBEP
EP
3JP
(SBOEF

EP
/PSUF
BUSBWÊT
EB
FYQBOTÈP
EB
3FEF
EF
&OTJOP
F
EPT
4FSWJÉPT
EF
4BÙEF

QSJODJQBMNFOUF
F
DSJPV
OPWBT
PQPSUVOJEBEFT
EF
FNQSFHP
F
SFOEB
OB
$JEB
EF
RVF
IBWJB
QFSEJEP
PT
FNQSFHPT
EBT
TBMJOBT
F
EBT
VTJOBT
RVF
CFOFàDJBWBN

P
BMHPEÈP
F
PT
PVUSPT
QSPEVUPT
DPNP
B
PJUJDJDB
F
B
DFSB
EF
DBSOBÙCB

1BTTBEBT
NBJT
EF
EVBT
EÊDBEBT
EB
DPOTPMJEBÉÈP
EB
.FDBOJ[BÉÈP
EBT

4BMJOBT
PT
TFVT
SFáFYPT
BJOEB
FTUÈP
QSFTFOUFT
OB
&DPOPNJB
EPT
.VOJDÎQJPT

4BMJOFJSPT
QSJODJQBMNFOUF
FN
.PTTPSÓ
F
"SFJB
#SBODB
"T
FTUBUÎTUJDBT
EP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
*/44
NPTUSBN
RVF
/BUBM
.PTTPSÓ
$BJDÓ
F
"SFJB
#SBODB
TÈP
OFTUB
PS
EFN
PT
.VOJDÎQJPT
RVF
NBJT
SFDFCFN
SFDVSTPT
EP
*OTUJUVUP
/BDJPOBM
EF

1SFWJEËODJB
4PDJBM
m
*/44

QBSB
P
QBHBNFOUP
EF
BQPTFOUBEPSJBT
QFOT×FT

F
CFOFGÎDJPT
$PNP
TF
WË
P
NVOJDÎQJP
EF
"SFJB
#SBODB
Ê
IPKF
P
RVBSUP
EP

3JP
(SBOEF
EP
/PSUF
QBSB
POEF
P
*/44
NBJT
FOWJB
SFDVSTPT
&N
BCSJM
EF


 
EB
QPQVMBÉÈP
SFDFCFV
BMHVN
UJQP
EF
CFOFGÎDJP
"P
UPEP
P

*/44
QBHPV

BQPTFOUBEPSJBT
F
BVYÎMJPT
UFNQPSÃSJPT
OVN
UPUBM
EF
3

 
NJMIÈP
DFSDB
EF
TFJT
WF[FT
P
WBMPS
EP
'VOEP
EF
1BSUJDJQBÉÈP
.VOJDJQBM

m
'1.

BQSPYJNBEBNFOUF
3

NJM
&TTF
EFTFNQFOIP
FTUÃ
WJODVMBEP
ÆT
DBSBDUFSÎTUJDBT
JOTBMVCSFT
EB
QSJO
DJQBM
BUJWJEBEF
EB
&DPOPNJB
MPDBM
B
FYUSBÉÈP
EF
TBM
F
B
DPOTFRÛFOUF
BUJWJ
EBEF
NBSÎUJNB
QPS
FTUB
SFRVJTJUBEB
0
GBUPS
iJOTBMVCSJEBEFu
HFSBWB
BUÊ

NFBEPT
EB
EÊDBEB
EF

B
DIBNBEB
"QPTFOUBEPSJB
&TQFDJBM
$PN

BOPT

EF
TFSWJÉP
JOEFQFOEFOUF
EB
JEBEF
P
USBCBMIBEPS
EBT
TBMJOBT
F
P
NBSÎUJNP

SFRVFSJBN
FTTF
UJQP
EF
BQPTFOUBEPSJB

"MÊN
EJTTP
BUÊ
NFBEPT
EB
EÊDBEB
EF

RVBOEP
QSFEPNJOBWBN
BT

TBMJOBT
BSUFTBOBJT
B
BUJWJEBEF
TBMJOFJSB
DBVTBWB
NVJUBT
EPFOÉBT
PDVQBDJP
OBJT
P
RVF
BDBSSFUBWB
QSJNFJSP
P
"VYÎMJP%PFOÉB
F
NBJT
UBSEF
B
"QPTFOUB
EPSJB
QPS
*OWBMJEF[
"
DBEB
DJODP
BQPTFOUBEPSJBT
DPODFEJEBT
USËT
FSBN
QPS

JODBQBDJEBEF
GÎTJDB
i"UÊ
CFN
SFDFOUFNFOUF
NFBEPT
EF

FSBN
JOÙNFSPT
PT
DBTPT

EF
EPFOÉBT
BERVJSJEBT
QFMB
BUJWJEBEF
EP
TBM
QSJODJQBMNFOUF
QSPCMFNBT
EF
DPMVOB
F

WJTÈPu
EJ[
P
QSFGFJUP
EF
"SFJB
#SBODB
4S
+PTÊ
#SVOP
'JMIP

0T
QSPCMFNBT
FSBN
HFSBEPT
OÈP
TÓ
OB
FYUSBÉÈP
EP
TBM
GFJUP
NBOVBM
NFOUF
BUÊ

NBT
UBNCÊN
QFMBT
DPOEJÉ×FT
EP
FNCBSRVF
i/ÓT
UÎOIBNPT

VNB
BUJWJEBEF
JOTBMVCSF
DPN
NVJUBT
WÎUJNBT
EF
BDJEFOUFT
EF
USBCBMIP
F
FNQSFTBT

RVF
OÈP
PGFSFDJBN
QSPHSBNBT
EF
QSFWFOÉÈPu
*OGPSNBÉÈP
WFSCBM


&N
"SFJB
#SBODB
TFHVOEP
EBEPT
EF
BCSJM
EF

EP
*/44
 

EBT
BQPTFOUBEPSJBT


GPSBN
DPODFEJEBT
iQPS
JOWBMJEF[u
F
 
EPT

CFOFGÎDJPT


GPSBN
SFGFSFOUFT
B
"VYÎMJPT%PFOÉB


/P
FYFSDÎDJP
EP
BOP
EF


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "MÊN
EJTTP
B
.FDBOJ[BÉÈP
EBT
4BMJOBT
JOJDJBEB
FN
NFBEPT
EB
EÊ
DBEB
EF

F
JNQMFNFOUBEB
OP
EFDPSSFS
EF

UBNCÊN
DPMBCPSPV
QBSB

BVNFOUBS
P
OÙNFSP
EF
BQPTFOUBEPT
4FHVOEP
4ÊSHJP
#FEBRVF
DIFGF
EF

$POUSPMF
EF
2VBMJEBEF
EB
FNQSFTB
TBMJOFJSB
/PSTBM
OP
NVOJDÎQJP
EF
"SFJB

#SBODB
i0
NFEP
EP
EFTFNQSFHP
GF[
P
TBMJOFJSP
DPSSFS
QBSB
BTTFHVSBS
VNB
SFOEB

F
DPNP
TF
USBUBWB
EF
VNB
BUJWJEBEF
JOTBMVCSF
NVJUPT
DPOTFHVJSBN
DPNQSPWBS
B

JODBQBDJEBEF
GÎTJDB
F
PCUJWFSBN
BQPTFOUBEPSJBu
.VJUPT
TBMJOFJSPT
TF
BVUPNVUJ
MBSBN
QBSB
PCUFS
B
BQPTFOUBEPSJB
5VEP
QPS
NFEP
EP
EFTFNQSFHP
EFDPS
SFOUF
EB
NFDBOJ[BÉÈP
+Ã
OB
BWBMJBÉÈP
EP
1SFGFJUP
P
BVNFOUP
EP
OÙNFSP
EF

BQPTFOUBEPSJBT
FOUSF

F

PDPSSFV
QPS
GBMUB
EF
VNB
QPMÎUJDB
QBSB

FOGSFOUBS
B
NFDBOJ[BÉÈP

+PÈP
&WBOHFMJTUB
EF
4PV[B

BOPT
TF
BQPTFOUPV
BQÓT

BOPT
EF
TFS
WJÉP
EFWJEP
B
QSPCMFNBT
OB
DPMVOB
WFSUFCSBM
/B
ÊQPDB
FMF
USBCBMIBWB
FN

CBSDBÉB
OP
USBOTQPSUF
EF
TBM
i$PNP
FV
QSBUJDBNFOUF
UPEPT
PT
USBCBMIBEPSFT
EF

TBMJOBT
TF
BQPTFOUBSBN
QPS
JOWBMJEF[
QPSRVF
OJOHVÊN
UJOIB
UFNQP
EF
TFSWJÉP
QBSB
TF

BQPTFOUBS
QPS
DPOUB
EB
SPUBUJWJEBEF
RVF
FSB
NVJUP
BMUBu
(3*--0



"T
TBMJOBT
FNQSFHBN
IPKF
USËT
WF[FT
NFOPT
EP
RVF
FNQSFHBWBN
FO
USF

F

$PN
B
NFDBOJ[BÉÈP
FMBT
EFJYBSBN
QBSB
USÃT
VN
QBTTBEP

EF
USBCBMIP
NBSUJSJ[BOUF
NBSDBEP
OÈP
TÓ
QFMP
FTGPSÉP
GÎTJDP
NBT
QFMB
BMUB

SBEJBÉÈP
TPMBS
F
UFNQFSBUVSB
B
RVF
PT
USBCBMIBEPSFT
FSBN
TVCNFUJEPT

"UÊ
NFBEPT
EB
EÊDBEB
EF

OBT
HSBOEFT
TBMJOBT
PT
USBCBMIBEPSFT

BJOEB
DBSSFHBWBN
P
TBM
EFQPJT
EF
FYUSBÎEP
FN
DBSSPT
EF
NÈP
+VOUPT
B

FYUSBÉÈP
NBOVBM
F
P
DBSSFHBNFOUP
EP
TBM
FSBN
PT
QSJODJQBJT
SFTQPOTÃWFJT

QFMBT
EPFOÉBT
PDVQBDJPOBJT
FN
FTQFDJBM
BT
RVF
BGFUBWBN
B
DPMVOB
WFSUFCSBM

)PKF
TPNFOUF
QFRVFOBT
TBMJOBT
BJOEB
VTBN
P
DBSSP
EF
NÈP
QBSB
P
USBOTQPSUF

EP
TBM
BUÊ
Æ
ÃSFB
EF
BSNB[FOBNFOUP
$PN
B
NFDBOJ[BÉÈP
BT
FTUFJSBT
NFDÄOJ
DBT
F
PT
USBUPSFT
Ê
RVF
GB[FN
B
FYUSBÉÈP
EP
TBM
VN
USBCBMIP
TVQFSWJTJPOBEP

QPS
TFJT
B
PJUP
USBCBMIBEPSFT
1BSB
FYFNQMJàDBSNPT
NFMIPS
FTTB
SFEVÉÈP
OP


&NCBSDBÉÈP
VTBEB
QBSB
USBOTQPSUBS
P
TBM
BUÊ
P
1PSUP*MIB
 "
QPOUF
GÊSSFB
RVF
DPSUB
P
SJP
.PTTPSÓ
QPS
TFV
WBMPS
IJTUÓSJDP
F
BSRVJUFUÔOJDP
GPJ
UPNCBEB
QFMP
1BUSJNÔOJP
)JTUÓSJDP
EB
$JEBEF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
OÙNFSP
EF
USBCBMIBEPSFT
WFKBNPT
"UF
Æ
EÊDBEB
EF

VNB
HSBOEF
TBMJOB

UJOIB

IPNFOT
OP
QFSÎPEP
EB
DPMIFJUB
EF
TBM
UFOEP
SFEV[JEP
FTTF
RVBESP

QBSB

OPT
BOPT

/BT
DPNQPSUBT
VN
ÙOJDP
FNQSFHBEP
DPOUSPMB
P
TJT
UFNB
RVF
GVODJPOB
QPS
HSBWJEBEF
"
NFDBOJ[BÉÈP
TF
QPS
VN
MBEP
SFEV[JV

FNQSFHP
QPS
PVUSP
FMJNJOPV
BT
DPOEJÉ×FT
TVCVNBOBT
EB
BUJWJEBEF

"
FMJNJOBÉÈP
QPSÊN
OÈP
TF
EFV
TPNFOUF
EF
QPTUPT
EF
USBCBMIP
NBT

IPVWF
UBNCÊN
P
EFTDBSUF
EF
GPSNBT
FEJàDÃWFJT
RVF
FTUBWBN
OB
$JEBEF
B

TFSWJÉP
EB
4BMJOJDVMUVSB
(SBOEFT
EFQÓTJUPT
F
BSNB[ÊOT
BCSJHBWBN
P
TBM
F

P
TFV
FYÊSDJUP
EF
FNQSFHBEPT
&TTFT
EFQÓTJUPT
F
BSNB[ÊOT
GPSBN
FSHVJEPT

QSJODJQBMNFOUF
OPT
CBJSSPT
i"MUP
EB
$PODFJÉÈPu
i%P[F
"OPTu
F
i$FOUSPu

DPN
TVBT
BMUBT
F
MBSHBT
QPSUBT
UPEBT
WPMUBEBT
QBSB
PT
USJMIPT
GFSSPWJÃSJPT

RVF
OVN
JS
F
WJS
USBOTQPSUBWBN
P
TBM
QBSB
PT
&TUBEPT
WJ[JOIPT
$PN
B
-J
OIB
'ÊSSFB
EFTBUJWBEB  P
USBOTQPSUF
QBTTPV
FOUÈP
B
TFS
GFJUP
QPS
OBWJPT
DBS
SFHBEPT
OP
1PSUP*MIB
F
QPS
DBNJOI×FT
/P
QFSÎPEP
FOUSF
EÊDBEB
EF

F

B
EF

B
&TUSBEB
EF
'FSSP
GPJ
B
QSJODJQBM
WJB
EF
FTDPBNFOUP
EP
BMHPEÈP

EP
HFTTP
F
EP
TBM

NBJPS
GPOUF
EF
FDPOPNJB
EB
ÊQPDB
"
EFTBUJWBÉÈP
EB
-J
OIB
'ÊSSFB
.PTTPSÓ4PVTB
OB
1BSBÎCB
PDPSSFV
OP
àOBM
EB
EÊDBEB
EF


4PNBEP
B
JTUP
P
TPMP
VSCBOP
IBWJB
TF
WBMPSJ[BEP
UPSOBWBTF
BOUJF
DPOÔNJDP
NBOUFS
FTTBT
DPOTUSVÉ×FT
QPJT
PGFSUBT
EF
DPNQSB
FSBN
GFJUBT
BPT

TFVT
QSPQSJFUÃSJPT
B
àN
EF
FTTFT
BSNB[ÊOT
EBSFN
MVHBS
B
OPWBT
GPSNBT
F
PV
USPT
DPOUFÙEPT
QPJT
BT
GVOÉ×FT
RVF
EFTFNQFOIBWBN
OÈP
NBJT
SFRVJTJUBWBN

BRVFMF
FTQBÉP
"MHVOT
QSÊEJPT
GPSBN
UPUBMNFOUF
EFTUSVÎEPT
PVUSPT
BQFOBT

QSFTFSWBSBN
B
JNQPOFOUF
GBDIBEB
RVBOEP
BTTJN
B
OPWB
GVOÉÈP
FYJHJB
QBSB

JNQSFTTJPOBS
&N
TFV
MVHBS
TVSHJSBN
TIPQQJOHT
MPKBT
SFTUBVSBOUFT
BHËODJBT

CBODÃSJBT
FUD
4FSJB
QPSUBOUP

<>
B
JNQMBOUBÉÈP
EF
OPWBT
GPSNBT
BOUFSJPSNFOUF
NFSPT
TVQPSUFT
EB
FT
USVUVSB
NBT
BHPSB
HFSBEPSBT
EF
OPWBT
GVOÉ×FT
RVF
MIFT
TÈP
FTQFDJàDBT
B

TVCTUJUVJÉÈP
EF
GVOÉ×FT
KÃ
FYJTUFOUFT
QPS
PVUSBT
NBJTuGVODJPOBJTu
FN
UFSNPT

DBQJUBMJTUBT
BUSBWÊT
EB
BÉÈP
EJSFUB
TPCSF
BOUJHBT
GPSNBT
RVF
TÈP
FYUJSQBEBT

F
TVCTUJUVÎEBT
QPS
OPWBT
4"/504

Q
m



 "
QPOUF
GÊSSFB
RVF
DPSUB
P
SJP
.PTTPSÓ
QPS
TFV
WBMPS
IJTUÓSJDP
F
BSRVJUFUÔOJDP
GPJ
UPNCBEB
QFMP
1BUSJNÔOJP
)JTUÓSJDP
EB
$JEBEF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "TTJN
BUÊ
OP
NÃYJNP
B
EÊDBEB
EF

VNB
TÊSJF
EF
FEJàDBÉ×FT

EFTBQBSFDFSBN
PV
GPSBN
BMUFSBEBT
QFMB
NVEBOÉB
EF
GVOÉÈP

/ÈP
CBTUB
UPEBWJB
DPOTUBUBS
FTTBT
DPOàHVSBÉ×FT
FTQBDJBJT
­
OFDFT
TÃSJP
FYQMJDÃMBT
F
BSUJDVMBS
B
FYQMJDBÉÈP
DPN
BT
USBOTGPSNBÉ×FT
EPT
EFNBJT

FMFNFOUPT
EB
&TUSVUVSB
6SCBOB
PV
TFKB
B
FYQMJDBÉÈP
EBT
USBOTGPSNBÉ×FT
EF

VN
FMFNFOUP
EFWF
FYQMJDBS
UBNCÊN
BT
USBOTGPSNBÉ×FT
EPT
EFNBJT
FMFNFO
UPT
EB
&TUSVUVSB
"TTJN
VN
OPWP
FTQBÉP
QBTTPV
B
BCSJHBS
PT
BSNB[ÊOT
EF

TBM
F
BT
NPBHFJSBT
BHPSB
KÃ
SFDVQFSBEBT
EB
DSJTF
QSPWPDBEB
QFMB
NPEFSOJ
[BÉÈP
F
QPSUBOUP
JODPSQPSBEB
Æ
EJOÄNJDB
EFTTB
FDPOPNJB
F
ÆT
FYJHËODJBT
EP

TFV
NFSDBEP

)PVWF
QPS
PVUSP
MBEP
EB
QBSUF
EP
(PWFSOP
.VOJDJQBM
JODFOUJWPT

QBSB
RVF
BT
&NQSFTBT
EB
4BMJOJDVMUVSB
 .PBHFJSBT
F
3FàOBSJBT
 GPTTFN

MPDBMJ[BEBT
OB
#3
RVF
DPSUB
P
&TUBEP
OP
TFOUJEP
-FTUF0FTUF
EFTEF

/BUBM
BUÊ
Æ
EJWJTB
3/$&
RVF
UBNCÊN
TF
MJHB
Æ
#3
 GVODJPOBOEP

DPNP
JOUFHSBÉÈP
SPEPWJÃSJPNBSÎUJNB
OB
NPWJNFOUBÉÈP
EF
TBM
"
DJEBEF
EF

.PTTPSÓ
FTUÃ
JOUFSMJHBEB
QPS
NFJP
EF
SPEPWJBT
GFEFSBJT
F
FTUBEVBJT
B
EJWFSTPT

NVOJDÎQJPT
EP
3JP
(SBOEF
EP
/PSUF
F
BP
FTUBEP
MJNÎUSPGF
EP
$FBSÃ
"T
3/

F
3/
BMDBOÉBN
B
#3
QFSNJUJOEP
BUJOHJS
/BUBM
F
'PSUBMF[B

"
#3
MJHB
"SFJB
#SBODB
B
.PTTPSÓ
F
EBÎ
B
WÃSJBT
QBSUFT
EB
3FHJÈP
"P

MPOHP
EFTUB
3PEPWJB
IBWJB
NVJUPT
BSNB[ÊOT
EF
TBM
'JHVSB


KÃ
RVF
EBWB

BDFTTP
B
PVUSP
HSBOEF
.VOJDÎQJP
QSPEVUPS
EF
TBM
 "SFJB
#SBODB
$POUVEP

DPN
PT
JODFOUJWPT
F
GBDJMJEBEFT
MPHÎTUJDBT
MPDBMJ[BEBT
OB
#3
NVJUPT

BSNB[ÊOT
NVEBSBNTF
QBSB
FTUB
3PEPWJB
POEF
TF
DPODFOUSBN
PT
TFSWJÉPT
EF

BQPJP
B
DBNJOIPOFJSPT
F
PT
BDFTTPT
BP
FTUBEP
EP
$FBSÃ
'JHVSBT

F



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±$UPD]pPGHVDOGHVDWLYDGRQD%5QRVHQWLGR0RVVRUy±$UHLD%UDQFD
WDOFRPRHVWHKiYiULRVQHVWDURGRYLDHPLJXDOFRQGLomR
)RWR$ULVWRWHOLQD

"
&DPOPNJB
4BMJOFJSB
QBSUJDJQB
EB
WJEB
TPDJPFDPOÔNJDB
EB
DJEBEF
EF

.PTTPSÓ
DPN
B
HFSBÉÈP
EF
SFOEB
F
FNQSFHP
RVFS
TFKB
OP
QSPDFTTP
QSPEV
UJWP
POEF
PT
FTQBÉPT
TÈP
PSHBOJ[BEPT
m
TBMJOBT
F
NPBHFJSBT

RVFS
QSJODJ
QBMNFOUF
OP
4FUPS
EF
4FSWJÉPT
F
$PNÊSDJP
QPS
DPOUB
EP
USBOTQPSUF
EF
TBM

FN
DBNJOI×FT
$JSDVMBN
EJBSJBNFOUF
OP
1ÓMP
4BMJOFJSP EP
3JP
(SBOEF

EP
/PSUF
BMHP
FN
UPSOP
EF

B

DBSSFUBT
EFTUJOBEBT
B
USBOTQPSUBS
P

TBM
QSPEV[JEP
OP
3/
QBSB
PVUSPT
&TUBEPT
/B
TVB
NBJPSJB
FTUFT
USBOTQPSUFT

QBSUFN
EF
.PTTPSÓ
KÃ
RVF
PT
EFNBJT
NVOJDÎQJPT
EP
1ÓMP
FTDPBN
TVB
QSP
EVÉÈP
WJB
1PSUP*MIB

0
3JP
(SBOEF
EP
/PSUF
Ê
P
NBJPS
QSPEVUPSEJTUSJCVJEPS
EF
TBM
EP

#SBTJM
P
RVF
DPSSFTQPOEF
B
BQSPYJNBEBNFOUF

EP
RVF
Ê
DPOTVNJEP
OP

1BÎT
0
1PSUP*MIB
Ê
SFTQPOTÃWFM
QPS

EFTTB
EJTUSJCVJÉÈP
0
1PSUP
EF

/BUBM
UBNCÊN
SFBMJ[B
FNCBSRVFT
EF
TBM
SFàOBEP
F
FOTBDBEP
NBT
B
RVBO


0T
NVOJDÎQJPT
EF
"SFJB
#SBODB
.PTTPSÓ
.BDBV
F
(SPTTPT


4JOEJDBUP
EPT
.PBHFJSPT
F
3FàOBEPSFT
EF
4BM
EP
&TUBEP
EP
3/
m
4*.034"-

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

UJEBEF
SFQSFTFOUB
BQFOBT

EP
UPUBM
NPWJNFOUBEP
"
5BCFMB

OPT
EÃ
B

EJNFOTÈP
EP
OÙNFSP
EF
DBSSFUBT
RVF
DJSDVMBN
QFMPT
.VOJDÎQJPT
4BMJOFJSPT

POEF
VNB
RVBOUJEBEF
DPOTJEFSÃWFM
EP
USBOTQPSUF
EF
TBM
EP
&TUBEP
Ê
SFBMJ[B
EP
QPS
NFJP
EF
DBNJOI×FT

7DEHOD 0RGRGHGLVWULEXLomRGHVDOGR51
SDUDRPHUFDGRLQWHUQR

',675,%8,d­2 48$17,'$'(W
3RUWRVGR&HDUi 
3RUWR,OKDGH$UHLD%UDQFD±VDOLQQDWXUDDJUDQHO 
&DPLQK}HV±VDOUH¿QDGRRXPRtGR 

)RQWH6LQGLFDWRGRV0RDJHLURVH5H¿QDGRUHVGH6DOGR(VWDGRGR51±6,0256$/

)LJXUD±3RVWRGHFRPEXVWtYHOQD%5RIHUHFHPVHUYLoRVGHRIHUWDGHIUHWHH
SDUTXHGHHVWDFLRQDPHQWREHPFRPRSRXVDGDUHVWDXUDQWHRXODQFKRQHWH2V&DPL
QK}HVHVWDFLRQDGRVDJXDUGDPQHJRFLDomRSDUDFRQWUDWDomRGHIUHWH
)RWR$ULVWRWHOLQD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±3DUDUDFLRQDOL]DURPRYLPHQWRGHFDUJDHRIHUWDGHIUHWHVDHVFRDURVDO
UH¿QDGRHPRtGRQD&LGDGHFULRXVHXPD&HQWUDOGH)UHWHVRQGHYiULDVHPSUHVDV
VDOLQHLUDVGHVDOLQDVHPRDJHQVEHPFRPRRVDJHQFLDGRUHVDXW{QRPRVPDQWrP
SHTXHQRVHVFULWyULRVFRPHVVD¿QDOLGDGH
)RWR$ULVWRWHOLQD

.PTTPSÓ
Ê
P
NBJPS
EJTUSJCVJEPS
EF
TBM
EP
1BÎT
DJSDVMBOEP
EJBSJB

NFOUF

DBSSFUBT
FN
TVBT
SPEPWJBT
0T
HSBOEFT
F
NÊEJPT
QSPEVUPSFT
DP
NFSDJBMJ[BN
P
TBM
QBSB
UPEP
P
1BÎT
­
DPNVN
B
HSBOEF
RVBOUJEBEF
EF
DB
NJOI×FT
QSPWFOJFOUFT
EF
4BOUB
$BUBSJOB
1BSBOÃ
.JOBT
(FSBJT
4ÈP
1BVMP

.BUP
(SPTTP
F
PVUSPT
&TUBEPT
&TTFT
DBNJOIPOFJSPT
BERVJSFN
P
TBM
QBSB

SFWFOEFS
BP
MPOHP
EP
TFV
SFUPSOP
KÃ
RVF
Ê
VN
QSPEVUP
EF
GÃDJM
DPNFSDJB
MJ[BÉÈP
PV
QBSB
BUFOEFS
FODPNFOEB
EF
*OEÙTUSJBT
i&V
USBHP
GBSFMP
EF
TPKB
EP

TVM
EP
1JBVÎ
F
EFJYP
BRVJ
.PTTPSÓ

QBSB
BT
BWÎDPMBT
PV
BT
GB[FOEBT
&OUSFHP
UVEP

FN
VN
TÓ
MVHBS
F
WPMUP
DPN
TBM
F
EFJYP
P
TBM
OP
.BSBOIÈPu
4FHVOEP
BJOEB
FTTF

DBNJOIPOFJSP
FMF
BERVJSF
OPT
1PTUPT
EB
#3

QFÉBT
F
QOFVT
QBSB
B

NBOVUFOÉÈP
EP
TFV
WFÎDVMP
F
FODPOUSB
BP
MPOHP
EB
#3
SFTUBVSBOUFT

PàDJOBT
F
QSJODJQBMNFOUF
PT
BSNB[ÊOT
F
EFQÓTJUPT
EF
TBM
QBSB
OFHPDJBS
P

QSPEVUP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 /B
#3
FN
.PTTPSÓ
P
$PNÊSDJP
Ê
JOUFOTP
MPDBMJ[BOEPTF
WÃ
SJPT
FTDSJUÓSJPT
EF
SFWFOEB
RVF
TF
VUJMJ[BN
EF
UFMFGPOF
GBY
F
PVUSBT
NFJPT

EF
DPNVOJDBÉÈP
QBSB
OFHPDJBS
P
TBM
'JHVSB


­
DPNVN
FODPOUSBS
QMBDBT

BàYBEBT
OPT
1PTUPT
EF
$PNCVTUÎWFJT
F
BSNB[ÊOT
BP
MPOHP
EB
#3
DPN
B

GSBTF
i5FNPT
'SFUFu
DPN
P
PCKFUJWP
EF
BOVODJBS
B
EJTQPOJCJMJEBEF
EP
TBM

QBSB
USBOTQPSUF
B
PVUSBT
3FHJ×FT
EP
1BÎT
'JHVSB


/FTTFT
FTDSJUÓSJPT
PV

GPSB
EFMFT
OB
NBJPS
QBSUF
EBT
WF[FT
FTUÈP
PT
BHFODJBEPSFT
m
PT
RVF
PGFSFDFN

F
OFHPDJBN
P
TBM
)Ã
RVFN
BàSNF
RVF
FN
.PTTPSÓ
OÈP
IÃ
DPNP
WFOEFS
TBM

BPT
DBNJOIPOFJSPT
TF
OÈP
GPS
QPS
NFJP
EP
BHFODJBEPS
1PJT
P
DBNJOIPOFJSP

BP
DIFHBS
Æ
$JEBEF
OÈP
QPEFOEP
QFSEFS
NVJUP
UFNQP
OB
QSPDVSB
EF
DBSHB

QBSB
P
TFV
SFUPSOP
MPHP
SFDPSSF
BP
BHFODJBEPS
F
FTUF
KÃ
JOGPSNBEP
TPCSF

POEF
FN
.PTTPSÓ
IÃ
TBM
EJTQPOÎWFM
QBSB
B
WFOEB
P
FODBNJOIB
QBSB
B
DPN
QSB
4BCFNPT
RVF
FTUB
BUJWJEBEF
PDVQB
VN
HSBOEF
OÙNFSP
EF
QFTTPBT
RVF

OÈP
QPTTVFN
BJOEB
RVBOUJàDBÉÈP
PàDJBM
EFàOJEB

)LJXUD±(VFULWyULRGH(PSUHVD6DOLQHLUDSDUDFRPHUFLDOL]DomRGHVDOQD%5
)RWR$ULVWRWHOLQD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±$Q~QFLRVGHRIHUWDGHIUHWHQD%5
)RWR$ULVWRWHOLQD

0
NPEP
DPNP
BJOEB
Ê
DPNFSDJBMJ[BEP
P
TBM
EJGFSFODJBTF
EF
BDPSEP

DPN
B
RVBMJEBEF
F
B
RVBOUJEBEF
EP
QSPEVUP
0T
QFRVFOPT
TBMJOFJSPT
DP
NFSDJBMJ[BN
P
TFV
QSPEVUP
DPN
PT
QSPQSJFUÃSJPT
EF
BSNB[ÊOT
EF
TBM
&TUFT

QPS
TVB
WF[
BQÓT
CFOFàDJBSFN
P
TBM
MBWBS
F
NPFS

DPNFSDJBMJ[BNOP
DPN

PVUSBT
FNQSFTBT
EF
PVUSBT
ÃSFBT

"
SPEPWJB

QSPQPSDJPOB
DPOEJÉ×FT
EF
BDFTTP
QBSB
P
USBOTQPSUF
F

UBNCÊN
B
DBQBDJEBEF
EF
DPNFSDJBMJ[BÉÈP
EP
TBM
"T
FNQSFTBT
EF
NPBHFN
F

EF
SFàOP
RVF
QFMB
OBUVSF[B
EF
TVB
BUJWJEBEF
EFWFSJBN
FTUBS
POEF
PT
DBNJ
OI×FT
DJSDVMBN
GPSBN
QPVDP
B
QPVDP
USBOTGFSJEBT
QBSB
B
#3
)Ã
EF
TF

DPOTJEFSBS
RVF
EFQPJT
EF
DPODMVÎEP
P
QSPDFTTP
EF
NFDBOJ[BÉÈP
P
OÙNFSP
EF

FNQSFTBT
UBNCÊN
GPJ
SFEV[JEP
)PKF
BQFOBT
VNB
ÙOJDB
FNQSFTB
TBMJOFJSB
EF

HSBOEF
QPSUF
QFSNBOFDF
OP
CBJSSP
"MUP
EB
$PODFJÉÈP
m
B
FNQSFTB
4PDJFEBEF

0FTUF
-UEB
m
40$&-
'JHVSB


/BT
QBMBWSBT
EP
TFV
(FSFOUF
4S
&WÊSTJP

i0
UFNQP
GPJ
QBTTBOEP
QBTTBOEP
F
OÓT
GPNPT
àDBOEPu
"
FNQSFTB
Ê
VNB
FEJàDB
ÉÈP
DPN
FRVJQBNFOUPT
EF
HSBOEF
QPSUF
TÈP
DBMEFJSBT
FMFWBEPSFT
FTUFJSBT

GPSOPT
SPUBUJWPT
DFOUSÎGVHBT
NBRVJOÃSJP
QBSB
QFOFJSBS
FNQBDPUBS
F
QFTBS

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

P
RVF
EJàDVMUB
B
USBOTGFSËODJB
QBSB
PVUSP
MPDBM
0
HFSFOUF
EB
40$&-
BàSNB

RVF
i/ÈP
IÃ
NBJT
DPNP
OPT
NVEBSNPT
QBSB
B
#3
OÈP
Ê
QPTTÎWFM
SFUJSBS
UPEB

FTUB
FTUSVUVSB
TFN
IBWFS
QFSEBT
BMJÃT
GPSBN
GFJUPT
JOWFTUJNFOUPT
QBSB
OPT
NBOUFSNPT

BRVJ
DPNP
àMUSPT
QBSB
SFEVÉÈP
EB
QPMVJÉÈPu
QÓ
EF
TBM
QSPEV[JEP
EVSBOUF
B

TVB
NPBHFN

/FTUF
TFOUJEP
4BOUPT

Q

BP
SFáFUJS
B
SFTQFJUP
EB

*OEVTUSJBMJ[BÉÈP
UBNCÊN
BàSNB
RVF
PT
i<>
JOTUSVNFOUPT
EF
USBCBMIP
BVNFOUB
SBN
EF
UBNBOIP
OÈP
QPEFOEP
BTTJN
TFS
GBDJMNFOUF
USBOTQPSUBEPT
<>u

)LJXUD±3iWLRGDHPSUHVD62&(/QREDLUUR$OWRGD&RQFHLomRXPDGDVPDLVDQWL
JDVHPSUHVDVGH0RVVRUyHD~QLFDJUDQGH0RDJHLUDHGHSyVLWRHPiUHDXUEDQD
)RWR$ULVWRWHOLQD

0
&TUBEP
DPOUJOVB
TFOEP
P
NBJPS
QSPEVUPS
EF
TBM
EP
1BÎT
SFTQPO
EFOEP
QPS

EB
QSPEVÉÈP
OBDJPOBM
KVOUPT
PT
FTUBEPT
EP
$FBSÃ
EP
3JP
EF

+BOFJSP
F
EP
1JBVÎ
SFTQPOEFN
QPS

%JBOUF
EFTUFT
QFSDFOUVBJT
QPEFNPT

BàSNBS
RVF
P
TBM
Ê
VN
QSPEVUP
FTUSBUÊHJDP
QBSB
B
&DPOPNJB
EP
&TUBEP
/ÈP

FYJTUF
OFOIVN
&TUBEP
#SBTJMFJSP
RVF
UFOIB
FTTB
IFHFNPOJB
BHMVUJOBEPSB

FN
SFMBÉÈP
BP
TBM
)FHFNPOJB
BOÃMPHB
FNCPSB
FN
NFOPS
QSPQPSÉÈP
PDPS
SF
QPS
FYFNQMP
DPN
P
FTUBEP
EF
(PJÃT
RVF
QSPEV[
DFSDB
EF

EP
BSSP[

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
QSPEV[JEP
OP
1BÎT
F
DPN
P
.BSBOIÈP

EP
CBCBÉV
&OUSFUBOUP
IÃ
RVF

TF
DPOTJEFSBS
RVF
P
TBM
Ê
VNB
DPNNPEJUZ
EF
CBJYP
WBMPS
BHSFHBEP

­
EF
TF
OPUBS
QPSÊN
RVF
OB
QBVUB
EF
FYQPSUBÉÈP
P
TBM
RVF
KÃ
GPJ

P
QSJNFJSP
QSPEVUP
FN
FYQPSUBÉÈP
EP
&TUBEP
F
IPKF
PDVQB
B
‰
QPTJÉÈP

5BCFMB


FOUSF
PT
QSJODJQBJT
JUFOT
EB
#BMBOÉB
$PNFSDJBM
EP
&TUBEP
"

*OEÙTUSJB
4BMJOFJSB
/PSUF3JP(SBOEFOTF
WFN
QBTTBOEP
QPS
VNB
TJUVBÉÈP

EJGÎDJM
EFDPSSFOUF
EBT
EJàDVMEBEFT
EF
DPMPDBÉÈP
EP
QSPEVUP
OP
.FSDBEP
&Y
UFSOP
F
P
TFV
CBJYP
QSFÉP
FN
GBDF
QSJODJQBMNFOUF
EP
TBM
EF
PSJHFN
DIJMFOB

DPNFSDJBMJ[BEP
DPN
QSFÉPT
NBJT
DPNQFUJUJWPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 7DEHOD3ULQFLSDLV3URGXWRV([SRUWDGRVSHOR5LR*UDQGHGR1RUWH
64
'0#


352'872    9$5,$d­2 9$5,$d­2
 
 &DPDUmR     
 ÏOHREUXWR     
 0HOmR     
 &DVWDQKDGHFDMX     
 %DQDQD     
 WVKLUW     
 3HL[H     
 &RQIHLWDULD     
 $o~FDU     

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD
 6DO     
 0DPmR     
 7HFLGR     
 /DJRVWD     
 &HUDGHFDUQD~ED     
 ÈOFRROHWtOLFR     
 )LRVWr[WHLV     
 0HODQFLD     
 0DQJD     
 5RXSDGHFDPD     
 &DOoD     
 *UDQLWR     
 6DFRSHPEDODJHP     
 6LVDO     
 &RXURHSHOH     
 6XEWRWDO     
 2XWURV     
 727$/     

)RQWH6HFUHWDULDGH'HVHQYROYLPHQWR(FRQ{PLFRGR(VWDGRGR51±6('(&


 "
TJUVBÉÈP
BUVBM
EB
4BMJOJDVMUVSB
/PSUF3JP(SBOEFOTF
EJGFSF
TJHOJ
àDBUJWBNFOUF
EB
QSBUJDBEB
OP
QBTTBEP
P
VTP
EF
UFDOPMPHJB
FTUÃ
QSBUJDBNFO
UF
FN
UPEBT
BT
FUBQBT
EP
QSPDFTTP
QSPEVUJWP
&N
WPMVNF
EF
QSPEVÉÈP
FTTB

DVMUVSB
BQSFTFOUB
WBMPSFT
QPTJUJWPT
FN
SFMBÉÈP
Æ
RVBOUJEBEF
QSPEV[JEB
FN

EÊDBEBT
QBTTBEBT
DPOUVEP
TFHVOEP
PT
FNQSFTÃSJPT
TBMJOFJSPT
B
BUJWJEBEF

FTUÃ
B
QPOUP
EF
VN
DPMBQTP
EFDPSSFOUF
EF
WÃSJPT
GBUPSFT

&NQSFTÃSJPT
1SFTJEFOUFT
EF
4JOEJDBUPT
BUSBWFTTBEPSFT
DBNJOIPOFJ
SPT
F
PVUSPT
BUPSFT
JNQPSUBOUFT
EB
DBEFJB
QSPEVUJWB
TBMJOFJSB
BQSFTFOUBN

NPUJWPT
EJGFSFOUFT
EB
iDSJTFu
BUVBM
QPS
RVF
QBTTB
B
BUJWJEBEF
TBMJOFJSB
4F
HVOEP
P
1SFTJEFOUF
EP
4JOEJDBUP
EPT
1SPEVUPSFT
EF
4BM
EP
&TUBEP
'SBODJTDP

'FSSFJSB
4PVUP
'JMIP
PT
QSJODJQBJT
TÈP
P
QFRVFOP
OÙNFSP
EF
CBSDBÉBT
VUJ
MJ[BEBT
QBSB
FTDPBS
P
TBM
QSPEV[JEP
FN
UFSSB
QSJODJQBMNFOUF
OPT
NVOJDÎQJPT

EF
.BDBV
"SFJB
#SBODB
F
.PTTPSÓ
BUÊ
P
1PSUP*MIB
EF
"SFJB
#SBODB
"

RVBOUJEBEF
Ê
JOTVàDJFOUF
QBSB
BUFOEFS
Æ
EFNBOEB
EF
FYQPSUBÉÈP
EBT
PJUP

CBSDBÉBT
RVF
GB[FN
P
USBOTQPSUF
EBT
TBMJOBT
BP
TFUPS
EF
BSNB[FOBNFOUP
EP

1PSUP*MIB
BQFOBT
DJODP
FTUÈP
PQFSBOEP
F
DBEB
VNB
UFN
DBQBDJEBEF
NÊEJB

QBSB
USBOTQPSUBS
 
UPOFMBEB
EF
TBM
0
1PSUP*MIB
UFN
DBQBDJEBEF
EF
BSNB
[FOBS
DFSDB
EF

NJM
UPOFMBEBT
NBT
FTUÃ
RVBTF
WB[JP
0
%JSFUPS
5ÊDOJDP

$PNFSDJBM
EB
$PNQBOIJB
%PDBT
EP
3/
)BOOB
4BàFI
SFDPOIFDF
RVF
B
DB
QBDJEBEF
EF
USBOTQPSUF
EBT
CBSDBÉBT
EFWFSJB
TFS
P
EPCSP
0V
TFKB
FN
WF[
EBT

TFJT
NJM
UPOFMBEBT
QPS
EJB
USBOTQPSUBS

NJM
UPOFMBEBT
BVNFOUBOEP
BTTJN

PT
HBOIPT
àOBODFJSPT
6N
PVUSP
NPUJWP
TFSJB
B
GBMUB
EF
OBWJPT
QBSB
FTDPBS
B

QSPEVÉÈP
EF
TBM
QBSB
P
.FSDBEP
*OUFSOBDJPOBM
4FHVOEP
EBEPT
EP
.JOJTUÊ
SJP
EB
*OEÙTUSJB
%FTFOWPMWJNFOUP
F
$PNÊSDJP
m
.%*$

BT
FYQPSUBÉ×FT
EF

TBM
FOUSF
KBOFJSP
F
TFUFNCSP
EF

TPNBSBN
3
 
NJMI×FT

"
TBGSB

RVF
DPNFÉPV
OP
NËT
EF
BHPTUP
F
EFWF
QSPMPOHBS
TF
BUÊ
BCSJM
BDVNVMB
VNB
QFSEB
EF
BUÊ
VN
NJMIÈP
EF
UPOFMBEBT
0
FRVJ
WBMFOUF
B
3

NJMI×FT
DFSDB
EF

EB
QSPEVÉÈP
EF
TBM
EP
3JP
(SBOEF

EP
/PSUF
UFN
DPNP
EFTUJOP
QBÎTFT
EPT
$POUJOFOUFT
"GSJDBOP
/JHÊSJB
F


4JUVBÉÈP
FN
TFUFNCSP
EF


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

$BNBS×FT

&VSPQFV
%JOBNBSDB
F
#ÊMHJDB

F
"NFSJDBOP
&TUBEPT
6OJEPT


.BT
PT
OBWJPT
RVF
EFWFSJBN
USBOTQPSUBS
FTTB
QSPEVÉÈP
OFTTF
QFSÎPEP
FTUÈP

RVBTF
UPEPT
WPMUBEPT
QBSB
BT
SPUBT
DPN
EFTUJOP
BP
$POUJOFOUF
"TJÃUJDP

FN
FTQFDJBM
B
$IJOB
"
QSPEVÉÈP
EFNPSB
B
TBJS
EPT
BSNB[ÊOT
F
EBT
TBMJOBT

QPUJHVBSFT
DBVTBOEP
QSFKVÎ[PT
FN
EFDPSSËODJB
EB
FTDBTTF[
EF
OBWJPT
DPNP

EJ[FN
QSPàTTJPOBJT
EP
4FUPS
4BMJOFJSP
i5FNPT
EJàDVMEBEF
QBSB
BUSBJS
B
DPTUB

MFTUF
EP
DPOUJOFOUF
BNFSJDBOPu
4FHVOEP
PT
FNQSFTÃSJPT
PT
DIJOFTFT
FOUSBSBN

iGPSUFu
OP
.FSDBEP
F
CPB
QBSUF
EB
GSPUB
GPJ
BUSBÎEB
QPS
FMFT
i*TTP
GF[
BVNFOUBS

FN
BUÊ

B
PGFSUB
EP
QSPEVUP
OP
.FSDBEP
*OUFSOP
FN
SFMBÉÈP
BP
BOP
QBTTBEPu

$PN
B
FTDBTTF[
EF
OBWJPT
P
QSFÉP
EP
GSFUF
NBSÎUJNP
TVCJV
DFSDB
EF


FN
BMHVOT
DBTPT

0VUSPT
EPJT
GBUPSFT
RVF
JOUFSGFSFN
OB
PGFSUB
EF
TBM
OP
.FSDBEP
Ê
B

DPOEJÉÈP
DMJNÃUJDB
F
P
EFTFNQFOIP
EB
BUJWJEBEF
JOEVTUSJBM
OP
1BÎT
&N
KB
OFJSP
EF

PT
QSPEVUPSFT
MPDBJT
TPGSFSBN
TÊSJPT
QSFKVÎ[PT
DPN
BT
GPSUFT

DIVWBT
DBÎEBT
OB
ÊQPDB
P
RVF
SFáFUJV
OFHBUJWBNFOUF
OB
RVBOUJEBEF
EF
TBM

FYQPSUBEB
QFMP
&TUBEP
B
TBCFS
FN
GFWFSFJSP
EF


U

KÃ
FN

GFWFSFJSP
EF


U

IBWFOEP
QPSUBOUP
VNB
RVFEB
EF
 

OB
RVBOUJEBEF
FYQPSUBEB

4FHVOEP
PT
FNQSFTÃSJPT
EP
4FUPS
BQFTBS
EB
TBGSB
EP
QSPEVUP
FTUBS

QBSDJBMNFOUF
DPNQSPNFUJEB
BUÊ
P
TFHVOEP
TFNFTUSF
EF

P
QSFÉP
EP
TBM

TF
NBOUÊN
FTUÃWFM
OP
.FSDBEP
/B
QSPEVÉÈP
EB
TBGSB

FODFSSBEB

OP
JOÎDJP
EP
NËT
EF
BHPTUP
GPJ
SFHJTUSBEP
VN
EÊàDJU
FN
UPSOP
EF

OB

QSPEVÉÈP
i"
DPMIFJUB
EP
BOP
TBMJOFJSP

GPJ
EF

NJM
UPOFMBEBT
NBT

B
EFNBOEB
TF
NBOUÊN
B
NFTNB
&OUÈP
FTUBNPT
DPOTFHVJOEP
NBOUFS
P
OPTTP
QSFÉP

àSNF
OP
.FSDBEPu
BàSNPV
P
(FSFOUF
$PNFSDJBM
"OUÔOJP
7FSBT
EF
VNB

TBMJOB
FN
.PTTPSÓ

"QFTBS
EB
FTUBCJMJEBEF
BUVBM
P
QSFÉP
EP
TBM
EF
DP[JOIB
TF
NBOUÊN

FN
3
 
OB
SFàOBSJB
NBT
Ê
SFQBTTBEP
QBSB
B
QPQVMBÉÈP
DPN
WBMPSFT

FOUSF
3
 
F
3
 
%F
BDPSEP
DPN
B
GPOUF
TVQSBDJUBEB
i0
DSFTDJNFOUP


(FSFOUF
$PNFSDJBM
EB
4BMJOB
%JBNBOUF
#SBODP
4S
.BSDP
"OUÔOJP
4PBSFT
"MWFT

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
EP
DPOTVNP
EF
TBM
EF
DP[JOIB
PTDJMB
NVJUP
QPVDP
1PS
JTTP
EFTEF
KBOFJSP


RVF

P
QSFÉP
TF
NBOUÊN
OFTTF
QBUBNBSu
/P
QSJNFJSP
TFNFTUSF
EP
BOP
EF

P

4FUPS
*OEVTUSJBM
/BDJPOBM
BQSFTFOUPV
GPSUFT
TJOBJT
EF
SFDVQFSBÉÈP
SFáFUJOEP

EJSFUBNFOUF
OP
DPOTVNP
EF
TBM
CFOFàDJBEP
1BSB

P
(PWFSOP
'FEFSBM

BDFOB
QBSB
VN
DSFTDJNFOUP
JOEVTUSJBM
FN
UPSOP
EF

i4F
FTTB
QFSTQFDUJWB

TF
NBOUJWFS
QBSB
P
QSÓYJNP
BOP
BMJBEP
Æ
RVFCSB
EF
QSPEVÉÈP
QSFWJTUB
QBSB
B
QSÓ
YJNB
DPMIFJUB
P
QSPEVUP
DFSUBNFOUF
àDBSÃ
NBJT
DBSP
QPJT
B
EFNBOEB
TFSÃ
NBJPS

RVF
B
PGFSUBu

"
JNQPSUÄODJB
EPT
WÃSJPT
TFUPSFT
EFNBOEBOUFT
OP
.FSDBEP
*OUFSOP

QPEF
TFS
JEFOUJàDBEB
OB
5BCFMB

B
TFHVJS
0CTFSWBTF
RVF
OP
#SBTJM
P
TFH
NFOUP
BMJNFOUBS
SFQSFTFOUB
 
DPOTJEFSBOEPTF
P
DPOTVNP
IVNBOP

EJSFUP
F
BUSBWÊT
EF
QSPEVUPT
BMJNFOUÎDJPT
F
PT
EFNBJT
TFUPSFT
RVF
DPOUSJ
CVFN
DPN
 
EP
TBM
EJTUSJCVÎEP
F
DPNFSDJBMJ[BEP
OP
NFSDBEP
JOUFSOP

PV
TFKB
P
.FSDBEP
4BMJOFJSP
EF
.PTTPSÓ
FTUÃ
SFMBDJPOBEP
BP
DSFTDJNFOUP

FDPOÔNJDP
EB
*OEÙTUSJB
/BDJPOBM

7DEHOD &RQVXPRGHVDOPDULQKRHGLVWULEXLomRVHWRULDOHP

6(725 &216802721 ',675,%8,d­2

,QG~VWULDDOLPHQWtFLD  
$OLPHQWDomRKXPDQDGLUHWD   
$JURSHFXiULD  
3DSHOHFHOXORVH  
,QG~VWULDTXtPLFD  
2XWURV  
727$/  

)RQWH6LQGLFDWRGD,QG~VWULDGR6DOQR51±6,(6$/
1RWD ,QFOXtGRVDOFRPHUFLDOL]DGRQRYDUHMRDRFRQVXPLGRU¿QDOHRFRPHUFLDOL]DGR
DRVVLVWHPDVGHDOLPHQWDomRPHUFDGRLQVWLWXFLRQDO

0
DSFTDJNFOUP
EPT
OFHÓDJPT
QFDVÃSJPT
OP
1BÎT
UFNTF
UPSOBEP
PVUSP

GBUPS
JNQPSUBOUF
QBSB
B
*OEÙTUSJB
EP
4BM
.PTTPSPFOTF
QPJT
P
DSFTDJNFOUP

EBT
FYQPSUBÉ×FT
EF
DBSOF
CPWJOB
F
EF
GSBOHP
GB[
DPN
RVF
P
DPOTVNP
EF
TBM

BVNFOUF
TJHOJàDBUJWBNFOUF
i0
#SBTJM
IPKF
Ê
VN
HSBOEF
FYQPSUBEPS
EF
DBSOF
F

JTTP
SFQSFTFOUB
NBJT
DPOàOBNFOUP
EF
BOJNBJT
F
NBJT
DPOTVNP
EF
TBM
QPJT
P
QSPEVUP
Ê

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

NBUÊSJBQSJNB
QBSB
BMJNFOUBÉÈP
EF
HBEP
F
GSBOHPu
BàSNPV
P
(FSFOUF
$PNFS
DJBM
"OUÔOJP
7FSBT
EF
VNB
TBMJOB
FN
.PTTPSÓ

"
FYQFDUBUJWB
EF
DSFTDJNFOUP
JOEVTUSJBM
BOJNB
PT
QSPEVUPSFT
EF
TBM

/P
FOUBOUP
B
HSBOEF
QSFPDVQBÉÈP
EPT
TBMJOFJSPT
Ê
RVBOUP
Æ
QSFWJTÈP
EF
DIV
WB
QBSB
P
JOÎDJP
EP
BOP
EF

)Ã
QPSUBOUP
VNB
SFMBÉÈP
EJSFUB
EB
BUJWJEB
EF
TBMJOFJSB
DPN
B
JOEVTUSJBM
F
VNB
EFQFOEËODJB
EBT
DPOEJÉ×FT
DMJNÃUJDBT

/P
3/
PT
NVOJDÎQJPT
EF
.PTTPSÓ
(BMJOIPT
(SPTTPT
"SFJB
#SBODB

F
.BDBV
TÈP
PT
QSJODJQBJT
QSPEVUPSFT
EF
TBM
5BCFMB


%FOUSF
FMFT
.PTTP
SÓ
DPOUSJCVJ
DPN
 
EB
QSPEVÉÈP
TBMJOFJSB
OBDJPOBM
­
VN
QFSDFOUVBM

DPOTJEFSÃWFM
QBSB
VN
TÓ
.VOJDÎQJP
EFUFS
OB
QSPEVÉÈP
EF
VNB
NFSDBEPSJB

&
FTUB
QBSUJDJQBÉÈP
TF
UPSOB
BJOEB
NBJT
FYQSFTTJWB
QPS
TFS
P
.VOJDÎQJP
P

QSJODJQBM
DFOUSP
CFOFàDJBEPS
NPBHFN
SFàOP

F
DPNFSDJBM
EF
TBM
EP
1BÎT

7DEHOD 3URGXomRGHVDO±

081,&Ë3,2651 0,/WRQHODGDV 3HUFHQWXDO 0,/WRQHODGDV 3HUFHQWXDO

   
0DFDX    
0RVVRUy    
$UHLD%UDQFD    
*DOLQKRV    
*URVVRV    
727$/51    
(VWDGRV
5LR*UDQGHGR1RUWH    
5LRGH-DQHLUR    
&HDUi    
3LDXt    
727$/%5$6,/    

)RQWHV6LQGLFDWRGD,QG~VWULDGR6DOQR51±6,(6$/H'HSDUWDPHQWR1DFLRQDOGD
3URGXomR0LQHUDO±'130

1RWD2PXQLFtSLRGH*XDPDUpQmRDSUHVHQWRXSURGXomRVLJQL¿FDWLYDTXHPHUHoD
UHJLVWUR

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 $PNP
TF
WË
B
FTUSVUVSB
EP
4FUPS
EF
4BM
OP
#SBTJM
Ê
FYUSFNBNFOUF

DPODFOUSBEB
"
QSPEVÉÈP
Ê
QSFEPNJOBOUFNFOUF
FYUSBÎEB
DPMIJEB

OP
3JP

(SBOEF
EP
/PSUF

B

PV

UBOP

RVF
QPS
TVB
WF[
UFN

B
BUJWJEBEF
MPDBMJ[BEB
FN
TFJT
.VOJDÎQJPT
%FTUFT
BQFOBT
EPJT
.BDBV
F

.PTTPSÓ
SFQSFTFOUBN
 
EB
QSPEVÉÈP
QPUJHVBS
%F
VN
UPUBM
EF

FN
QSFTBT
DBEBTUSBEBT
OP
4FUPS
FOUSF
HSBOEFT
F
QFRVFOBT

EFMBT
DPODFOUSBN

BMHP
FN
UPSOP
EF

EF
UPEB
B
DBQBDJEBEF
JOTUBMBEB
OP
&TUBEP
PV

EB

DBQBDJEBEF
EF
PGFSUB
OBDJPOBM

F

JOEÙTUSJBT
TF
EFEJDBN
BP
CFOFàDJBNFO
UP
DPNP
NPBHFN
F
SFàOP
&YJTUFN
OB
DJEBEF
EF
.PTTPSÓ

FNQSFTBT
EF

NPBHFN
F
TFJT
SFàOBSJBT
"NCBT
NPFN
FPV
SFàOBN
TBM
OÈP
TÓ
PSJHJOBEP
EF

.PTTPSÓ
NBT
UBNCÊN
EPT
EFNBJT
.VOJDÎQJPT
4BMJOFJSPT
EP
&TUBEP

"T
HSBOEFT
NÊEJBT
F
QFRVFOBT
FNQSFTBT
EF
TBM
WFOEFN
UPEP
P
TBM

HSPTTP
QBSB
B
*OEÙTUSJB
EF
#FOFàDJBNFOUP
NPBHFN
F
SFàOP

NPWJNFOUBO
EP
FDPOPNJDBNFOUF
FTTFT
EPJT
.FSDBEPT
B
*OEÙTUSJB
EF
.PBHFN
F
B
EF
3F
àOP
EF
4BM
&TUJNBTF
EF
BDPSEP
DPN
P
4JOEJDBUP
EB
*OEÙTUSJB
EP
4BM
OP
3/

m
4*&4"-

RVF
B
*OEÙTUSJB
4BMJOFJSB
EP
3/
Ê
DPNQPTUB
EF

FNQSFTBT
EF

HSBOEF
F
NÊEJP
QPSUF
BT
NBJPSFT
EBT
RVBJT
TÈP
'
4PVUP
*OEÙTUSJB
$PNÊS
DJP
F
/BWFHBÉÈP
4"
%JBNBOUF
#SBODP
$PNQBOIJB
/BDJPOBM
EF
¦MDBMJT

FTUBT
BUVBN
OP
.FSDBEP
&TUBEVBM
+Ã
B
)FOSJRVF
-BHFT
F
/PSUF
4BMJOFJSB

4"
*OEÙTUSJB
F
$PNÊSDJP
JOWFTUFN
NBJT
OP
.FSDBEP
&YUFSOP
5BCFMBT

F



"QFTBS
EBT
EJàDVMEBEFT
FYJTUFOUFT
OB
*OEÙTUSJB
4BMJOFJSB
BMHVNBT
EFTTBT

FNQSFTBT
FTUÈP
OB
MJTUB
EPT

NBJPSFT
DPOUSJCVJOUFT
EP
*NQPTUP
TPCSF

$JSDVMBÉÈP
EF
.FSDBEPSJBT
m
*$.4

EF

OP
3JP
(SBOEF
EP
/PSUF

4PNFOUF
BT
FNQSFTBT
EP
4FUPS
QBSUJDJQBSBN
DPN
3
 
4ÈP

FMBT
$PNQBOIJB
/BDJPOBM
EF
¦MDBMJT

MVHBS
/PSUF
4BMJOFJSB
4"
*OEÙT
USJB
F
$PNÊSDJP

MVHBS
'
4PVUP
*OEÙTUSJB
F
$PNÊSDJP
F
/BWFHBÉÈP
4"

$*.4"-
$PNÊSDJP
F
*OEÙTUSJB
EF
.PBHFN
F
3FàOBÉÈP
EF
4BM
4BOUB
$FDÎMJB

-UEB

MVHBS
F
4BMJOB
%JBNBOUF
#SBODP
-UEB

MVHBS

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 7DEHOD 3URGXomRGHVDOSRUHPSUHVDQR51±

0,/ 3(5&(178$/
(035(6$
WRQHODGDV
&LD1DFLRQDOGHÈOFDOLV  
+HQULTXH/DJH  
6DOLQD'LDPDQWH%UDQFR  

)6RXWR  

1RUVDO  
&LPVDO  
)UDQFLVFR)6RXWR)LOKR  
6DOLQHLUD6mR&DPLOR/WGD  
6RXWR,UPmRV &LD/WGD  
$QGUpD-DOHV5RVDGR  
3HTXHQRVSURGXWRUHV  

727$/  

)RQWH6LQGLFDWRGD,QG~VWULDGR6DOQR51±6,(6$/H'HSDUWDPHQWR1DFLRQDOGD
3URGXomR0LQHUDO±'130

7DEHOD3URGXomRGHVDOSRUHPSUHVDQR51±

(035(6$ 3(5&(178$/

6DOLQRU 

+HQULTXH/DJH 

6DOLQD'LDPDQWH%UDQFR 

)6RXWR 

1RUVDO 

&LPVDO 

6DOLQHLUD6mR&DPLOR/WGD 

2XWURV 

727$/ 

)RQWH6,0256$/

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 $POTJEFSBOEP
UPEB
B
DBEFJB
QSPEVUJWB
EP
TBM
F
FNQSFTBT
GPSNBJT
F
JO
GPSNBJT
FTUJNBTF
RVF
BQSPYJNBEBNFOUF

NJM
B

NJM
QFTTPBT
FTUÈP
FN
QSFHBEBT
OP
4FUPS
OP
3JP
(SBOEF
EP
/PSUF
0T
ÎOEJDFT
EF
FNQSFHBCJMJEBEF

EJWVMHBEPT
QFMP
4JOEJDBUP
EPT
.PBHFJSPT
F
3FàOBEPSFT
EF
4BM
EP
3JP
(SBOEF

EP
/PSUF
m
4*.034"-
 NPTUSBN
RVF
B
*OEÙTUSJB
4BMJOFJSB
HFSB
OPWF
NJM

FNQSFHPT
EJSFUPT
OP
3/
*OEJSFUBNFOUF
TÈP

NJM
PT
QPTUPT
EF
USBCBMIP
0

TBMÃSJP
NÊEJP
EP
4FUPS
Ê
EF
3
 
"
QSPEVÉÈP
F
CFOFàDJBNFOUP
EF
TBM

HFSB
FN
.PTTPSÓ
TFHVOEP
P
4JOEJDBUP
EPT
1SPEVUPSFT
EF
4BM
EP
3/
DFSDB

EF

FNQSFHPT
"
NBJPSJB


OP
CFOFàDJBNFOUP
EP
QSPEVUP

0T
DVTUPT
EF
USBOTQPSUF
EP
TBM
QBSB
B
3FHJÈP
EF
NBJPS
DPOTVNP

P

DFOUSPTVM
EP
1BÎT
 SFUJSBN
P
QPEFS
EF
DPODPSSËODJB
EFTTF
QSPEVUP
FTUB
EVBM
DVKB
EFTWBMPSJ[BÉÈP
EP
QSFÉP
UBOUP
OP
.FSDBEP
*OUFSOP
RVBOUP
OP

*OUFSOBDJPOBM
DPNQSPNFUF
B
QSPEVÉÈP
/P
JOÎDJP
EP
1MBOP
3FBM
P
TBDP
EF

LH
EF
TBM
B
HSBOFM
QBSB
P
DPOTVNP
BOJNBM
DVTUBWB
3
 
FN


FMF
àDPV
FOUSF
3
 
F
3
 
GB[FOEP
DPN
RVF
NVJUPT
FNQSFTÃSJPT

EP
4FUPS
NJHSBTTFN
QBSB
PVUSBT
BUJWJEBEFT
DPNP
B
$BSDJOJDVMUVSB
0
QSFÉP

EB
UPOFMBEB
EF
TBM
B
HSBOFM
WFOEJEP
FN
.PTTPSÓ
F
SFHJÈP
DJSDVOWJ[JOIB
ÆT

FNQSFTBT
EF
NPBHFN
F
SFàOP
RVF
TÈP
PT
CFOFàDJBEPSBT
àOBJT
EP
QSPEVUP

Ê
EF
3
 
B
UPOFMBEB

"
FYQPSUBÉÈP
EF
TBM
WFN
DSFTDFOEP
DPOUJOVBNFOUF
FNCPSB
WFOIB

QBTTBOEP
QPS
WÃSJBT
DSJTFT
OP
4FUPS
QPS
DPOUB
EB
BMUB
DPNQFUJUJWJEBEF
OP

.FSDBEP
PDBTJPOBEB
QPS
QSFÉPT
QSPEVUPT
FTUSBOHFJSPT
NBJT
BDFTTÎWFJT
PV
P

FYDFTTP
EF
QSPEVÉÈP

6NB
BOÃMJTF
EP
EFTFNQFOIP
EP
4FUPS
OP
EFDPSSFS
EP
UFNQP
NPTUSB

VNB
TFRÛËODJB
EF
GBUPT
JNQPSUBOUFT
B
NFDBOJ[BÉÈP
EP
4FUPS
B
BMUB
EFNBO
EB
QFMP
QSPEVUP
OP
1BÎT
FN
RVF
BT
*OEÙTUSJBT
#SBTJMFJSBT
DPNFÉBSBN
B

TPGSFS
DPN
P
QSPCMFNB
F
FN

PT
QSPEVUPSFT
OBDJPOBJT
GPSBN
QSFKVEJ
DBEPT
DPN
B
BMÎRVPUB
[FSP
DPMPDBEB
QBSB
BT
JNQPSUBÉ×FT
EF
TBM
QFMP
(PWFSOP

'FEFSBM
UPSOBOEP
P
QSFÉP
EP
TBM
QSPEV[JEP
OP
&TUBEP
FN
EFTWBOUBHFN

QBSB
DPN
P
TBM
QSPEV[JEP
OP
$IJMF
&N

DPN
B
WBMPSJ[BÉÈP
EP
3FBM
BT

FYQPSUBÉ×FT
DBÎSBN
EFWJEP
Æ
BMUB
EPT
QSFÉPT
/B
BUVBMJEBEF
PT
OFHÓDJPT
OP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

&TUBEP
FODPOUSBNTF
EFTDBQJUBMJ[BEPT
F
NVJUPT
QSPEVUPSFT
FOGSFOUBN
TÊ
SJBT
EJàDVMEBEFT
&YJTUFN
QPSÊN
PVUSPT
FMFNFOUPT
EJàDVMUBEPSFT
B
TFSFN

DPOTJEFSBEPT
OP
QSFÉP
àOBM
EP
QSPEVUP
VN
EFMFT
Ê
P
DVTUP
EP
GSFUF
DPCSBEP

QFMBT
FNQSFTBT
EF
OBWFHBÉÈP
OBDJPOBM
&ORVBOUP
P
GSFUF
EB
UPOFMBEB
EP
TBM

DIJMFOP
Ê
EF
64
 NJMIB
P
EB
UPOFMBEB
EP
TBM
EP
3JP
(SBOEF
EP
/PSUF

Ê
EF
64
 NJMIB
PV
TFKB
NBJT
EF

$POUVEP
P
FYDFTTP
EF
TBM

NBSJOIP
OP
&TUBEP
FTUÃ
NVJUP
NBJT
SFMBDJPOBEP
Æ
EFTPSHBOJ[BÉÈP
TFUPSJBM

EP
RVF
B
RVBMRVFS
PVUSP
GBUPS

&N
DPODMVTÈP
QPEFNPT
EJ[FS
RVF
BT
BUJWJEBEFT
MJHBEBT
Æ
&DPOPNJB

4BMJOFJSB
à[FSBN
QBSUF
EB
7JEB
F
EB
)JTUÓSJB
EF
.PTTPSÓ
NBSDBSBN
B
GFJÉÈP

VSCBOB
EB
$JEBEF
DPOTUSVÎSBN
GPSNBT
RVF
FYBVSJSBN
P
TFV
VTP
EFàOJSBN

UFSSJUÓSJPT
RVF
GPSBN
SF
BQSPQSJBEPT
QPS
PVUSBT
FDPOPNJBT
PVUSPT
TVKFJUPT

QPTTJCJMJUBSBN
VNB
SFBEFRVBÉÈP
BPT
OPWPT
QSPDFTTPT
FN
RVF
PVUSBT
FDP
OPNJBT
QPTTVFN
NBJPS
QPEFS
IFHFNÔOJDP
QBSB
SF
QSPEV[JS
P
FTQBÉP
EB

$JEBEF
4VB
QSFTFOÉB
FOUSFUBOUP
BJOEB
Ê
BUVBM
FORVBOUP
DPOEV[
B
$JEBEF

QBSB
BT
NBSHFOT
EBT
SPEPWJBT
RVF
B
MJHBN
ÆT
TBMJOBT
F
SFRVFS
VNB
FTUSVUVSB

EF
TFSWJÉPT
RVF
TF
JOUFSQ×F
OP
DBNJOIP
EPT
IPNFOT
F
EB
TVB
NFSDBEPSJB
m
P

TBM
FORVBOUP
SFJOWFOUB
OPWBT
GPSNBT
QBSB
DVNQSJS
WFMIBT
GVOÉ×FT

$$WLYLGDGH3HWUROtIHUD

1FUSÓMFP
FN
UFSSBT
QPUJHVBSFT
4FSJB
FTUF
P
RVFTUJPOBNFOUP
F
UÎUVMP

EF
VNB
FYUFOTB
NBUÊSJB
QVCMJDBEB
OB
FEJÉÈP
EB
RVJOUBGFJSB
EJB

EF
GF
WFSFJSP
EF

OP
KPSOBM
0
%*¦3*0
DPNP
OPUÎDJB
QSJODJQBM
"
GPOUF
EFTUB

NBUÊSJB
KPSOBMÎTUJDB
UFSJB
TJEP
P
FOUÈP
%FMFHBEP
EF
5FSSBT
EB
‰
3FHJÈP
RVF

DPNQSFFOEJB
PT
NVOJDÎQJPT
EF
4BOUBOB
EPT
.BUPT
4ÈP
5PNÊ
F
4BOUB
$SV[

P
4S
4FCBTUJÈP
.BJB
FN
OBSSBUJWB
EP
BDIBEP
GFJUP
QFMPT
NPSBEPSFT
EF
VN

BáPSBNFOUP
EF
VNB
TVCTUÄODJB
FTDVSB
RVF
RVFJNBWB
DPNP
RVFSPTFOF
/FT
TF
NFTNP
BOP
P
%FQBSUBNFOUP
/BDJPOBM
EB
1SPEVÉÈP
.JOFSBM
m
%/1.

 SFBMJ[PV
QFTRVJTB
FN
TPMP
QPUJHVBS
RVF
DPOTUBUPV
TFS
QFUSÓMFP
­
QPSUBO
UP
EP
QPOUP
EF
WJTUB
EF
RVBESP
IJTUÓSJDP
VNB
BUJWJEBEF
SFDFOUF
OP
FTQBÉP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
OPSUFSJPHSBOEFOTF
&TQFDJàDBNFOUF
P
QSPDFTTP
TFSÃ
NFMIPS
FOUFOEJEP
FN

TVB
UPUBMJEBEF
BUSBWÊT
EP
SFTHBUF
EB
EJOÄNJDB
RVF
P
JNQVMTJPOPV
CFN

DPNP
EF
TVB
JOTFSÉÈP
OP
DPOUFYUP
EP
BQBSFMIP
QSPEVUJWP
NPTTPSPFOTF

0
QFUSÓMFP
UPSOPVTF
VNB
NBUÊSJBQSJNB
EF
GVOEBNFOUBM
JNQPSUÄODJB

QBSB
P
EFTFOWPMWJNFOUP
FDPOÔNJDP
EP
#SBTJM
RVF
TF
DPOTPMJEPV
DPN
B
BTTJOB
UVSB
EB
-FJ
O

FN

EF
PVUVCSP
EF

&TUB
-FJ
JOTUJUVJV
P
NPOPQÓ
MJP
FTUBUBM
EP
QFUSÓMFP
F
DSJPV
B
&NQSFTB
1FUSÓMFP
#SBTJMFJSP
4"
m
1FUSPCSBT

/P
3JP
(SBOEF
EP
/PSUF
B
&NQSFTB
JOJDJPV
P
USBCBMIP
EF
QSPTQFD
ÉÈPTPOEBHFN
DPN
P
PCKFUJWP
EF
iUFTUBS
B
BOPNBMJB
TÎTNJDBu
DPOTUBUBEB

OB
MPDBMJEBEF
EF
(BOHPSSB
OP
NVOJDÎQJP
EF
(SPTTPT
FN
KBOFJSP
EF


5SËT
NFTFT
EFQPJT
Ê
BCFSUP
P
QSJNFJSP
QPÉP
QPÉP
(
3/

"T
QFTRVJTBT

EFSBN
TJOBJT
QPTJUJWPT
EB
FYJTUËODJB
EF
ÓMFP
F
HÃT
FNCPSB
P
WPMVNF
OÈP

GPTTF
DPNFSDJBM
QBSB
BRVFMF
NPNFOUP

&N

P
FOUÈP
QSFGFJUP
EF
.PTTPSÓ
3BJNVOEP
4PBSFT
EF
4PV[B

DPOUSBUPV
B
$PNQBOIJB
EF
¦HVB
F
4PMP
m
$"40-
 EP
&TUBEP
EP
3/
QBSB

QFSGVSBS
VN
QPÉP
OB
1SBÉB
i1BESF
.PUBu
%VSBOUF
NFTFT
EP
QPÉP
KPSSPV
ÓMFP

NJTUVSBEP
DPN
ÃHVB
RVF
B
QPQVMBÉÈP
DBSFOUF
VTBWB
QBSB
BDFOEFS
BT
MBNQBSJ
OBT
1PTUFSJPSNFOUF
FN

B
1FUSPCSBT
DPNFÉPV
B
QFTRVJTBS
B
QMBUBGPSNB

DPOUJOFOUBM
EP
3/
QSÓYJNB
B
.BDBV
&N
PVUVCSP
EBRVFMF
BOP
GPJ
BMJ
EFTDP
CFSUP
P
QSJNFJSP
DBNQP
QFUSPMÎGFSP
NBSÎUJNP
m
P
$BNQP
EF
6CBSBOB

/P
àOBM
EP
BOP
EF

EFVTF
VN
GBUP
DVSJPTP
OB
DJEBEF
EF
.PT
TPSÓ
EP
QPÉP
EF
ÃHVB
QFSGVSBEP
QFMB
$PNQBOIJB
EF
1FTRVJTB
EF
3FDVSTPT

.JOFSBJT
m
$13.

QBSB
BCBTUFDFS
BT
QJTDJOBT
EF
VN
IPUFM
SFDÊNDPOT
USVÎEP

)PUFM
5IFSNBT

DPNFÉBWB
B
KPSSBS
ÓMFP
BUSBTBOEP
B
JOBVHVSBÉÈP

EP
FNQSFFOEJNFOUP
'JHVSB


"
1FUSPCSBT
GPJ
DIBNBEB
QBSB
BOBMJTBS
B

EFTDPCFSUB
F
DPNQSPWBS
TF
B
TVCTUÄODJB
FTDVSB
RVF
TF
NJTUVSBWB
Æ
ÃHVB
EP

5IFSNBT
FSB
SFBMNFOUF
QFUSÓMFP
%F
BDPSEP
DPN
B
QVCMJDBÉÈP
EB
1FUSPCSBT

i0
QFUSÓMFP
OP
3JP
(SBOEF
EP
/PSUFu

Q

"
$13.
GVSPV
P
QPÉP
QBSB
FODPOUSBS
ÃHVB
DVKP
SFTFSWBUÓSJP
àDBWB

B
DFSDB
EF

NFUSPT
0
RVF
OÈP
FTQFSBWB
Ê
RVF
Æ
QSPGVOEJEBEF
EF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 
NFUSPT
IPVWFTTF
VN
SFTFSWBUÓSJP
EF
QFUSÓMFP
"
1FUSPCSBT
QFS
GVSPV
FOUÈP
VN
QPÉP
HËNFP
BP
MBEP
EP
QSJNFJSP
QBSB
B
QSPEVÉÈP

DPNFSDJBM
WJBCJMJ[BEB
QFMP
QSFÉP
EP
CBSSJM
EP
QFUSÓMFP
OP
NFSDBEP

JOUFSOBDJPOBM
Æ
ÊQPDB
64
 


0
SFGFSJEP
QPÉP
EF
O

GPJ
CBUJ[BEP
DPNP
i.03/u
PSJHJ
OBOEP
P
DBNQP
QFUSPMÎGFSP
EF
.PTTPSÓ
F
B
QSPEVÉÈP
UFSSFTUSF
EP
3JP
(SBOEF

EP
/PSUF

"
QBSUJS
EBÎ
BT
QFTRVJTBT
HFPMÓHJDBT
GPSBN
JOUFOTJàDBEBT
F
BT
OP
WBT
EFTDPCFSUBT
OÈP
NBJT
QBSBSBN
EF
PDPSSFS
VNB
BQÓT
PVUSB
FN
"MUP
EP

3PESJHVFT
"SFJB
#SBODB
(PW
%JY4FQU
3PTBEP
.BDBV
(SPTTPT
F
PVUSPT

.VOJDÎQJPT
"MÊN
EPT
DBNQPT
UFSSFTUSFT
DBNQPT
NBSÎUJNPT
UBNCÊN
GPSBN

EFTDPCFSUPT
m
DPN
QMBUBGPSNBT
PDFÄOJDBT
RVF
DPOGSPOUBN
DPN
PT
NVOJDÎ
QJPT
EF
(VBNBSÊ
F
"SFJB
#SBODB

)PKF
FTTB
FDPOPNJB
EF
FYUSBÉÈP
F
CFOFàDJBNFOUP
EF
ÓMFP
F
HÃT
UFN

VNB
QBSUJDJQBÉÈP
IFHFNÔOJDB
OB
BSSFDBEBÉÈP
EP
&TUBEP
F
EF
BMHVOT
.VOJ
DÎQJPT
WJBCJMJ[BOEP
BPT
HFTUPSFT
QÙCMJDPT
B
HFSBÉÈP
EF
1SPHSBNBT
F
1PMÎ
UJDBT
4PDJBJT
RVF
WFOIBN
SFEV[JS
PT
JNQBDUPT
BNCJFOUBJT
RVF
B
1FUSPCSBT

PDBTJPOB
OPT
UFSSJUÓSJPT
POEF
TÈP
FYUSBÎEPT
QFUSÓMFP
F
HÃT

)LJXUD±3RoR³0251´
)RQWH3HWUREUDV

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 "
QBSUJS
EF

B
DJEBEF
EF
.PTTPSÓ
QBTTPV
B
TFEJBS
BT
JOTUBMBÉ×FT

EB
1FUSPCSBT
DPNP
QPOUP
EF
BQPJP
BP
EFTFOWPMWJNFOUP
EBT
BUJWJEBEFT
EF

FYQMPSBÉÈP
EF
QFUSÓMFP
F
HÃT
OBUVSBM
EB
#BDJB
1PUJHVBS
RVF
Ê
P
FTQBÉP
HFP
HSÃàDP
PDVQBEP
QFMB
*OEÙTUSJB
EP
1FUSÓMFP
OP
3JP
(SBOEF
EP
/PSUF
'JHVSB



"
#BDJB
1PUJHVBS
Ê
GPSNBEB
QFMPT
FTUBEPT
EP
$FBSÃ
F
3JP
(SBOEF
EP

/PSUF
&N
TVB
RVBTF
UPUBMJEBEF
FTUÃ
MPDBMJ[BEB
OP
3JP
(SBOEF
EP
/PSUF

i<>
FTUFOEFOEPTF
QPS
VNB
ÃSFB
EF

NJM
LNã
NBS
BEFOUSP
BUÊ
B
QSPGVOEJEBEF
EF


NJM
NFUSPTu
1&530#3"4
31/4

Q


2VSULQFLSDLVSURGXWRVVmRR3HWUyOHRyOHRR*iV/LTXHIHLWRGH3HWUyOHR*/3HRÏOHR'LHVHO

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD
),*85$%DFLD3RWLJXDU
)RQWH&$59$/+2$/9(6GH(-/$52&+$$ULVWRWHOLQD3%$GDSWDomR$ULVWRWHOLQD


 /B
ÊQPDB
EB
JOTUBMBÉÈP
EB
FNQSFTB
FN
.PTTPSÓ
B
$JEBEF
OÈP
PGFSF
DJB
OFOIVNB
FTUSVUVSB
GÎTJDB
EF
BDPNPEBÉÈP
DFOUSBEB
FN
VN
ÙOJDP
MPDBM

QSFQBSBEP
QBSB
BUFOEFS
Æ
JOGSBFTUSVUVSB
SFRVJTJUBEB
QPS
VNB
FNQSFTB
EF

HSBOEF
QPSUF
OFN
UBNQPVDP
SFDFCFS
VN
DPOUJOHFOUF
FYQSFTTJWP
EF
GVODJP
OÃSJPT
1BSB
SFTPMWFS
QSPWJTPSJBNFOUF
UBM
TJUVBÉÈP
GPSBN
MPDBEPT
JNÓWFJT

EJTUSJCVÎEPT
FN
EJGFSFOUFT
ÃSFBT
EB
$JEBEF
QSJODJQBMNFOUF
OP
CBJSSP
i"MUP

EF
4ÈP
.BOPFMu
F
FN
BMHVNBT
TBMBT
DPNFSDJBJT
OP
$FOUSP

&N
UPEPT
PT
EFQPJNFOUPT
SFHJTUSBEPT
OBT
FOUSFWJTUBT
EFDMBSPVTF

RVF
FTTF
CBJSSP
BUÊ
B
1FUSPCSBT
DIFHBS
Æ
$JEBEF
OÈP
UJOIB
NVJUB
JOGSB
FTUSVUVSB
DPN
VNB
QBJTBHFN
NJTUB
EF
ÃSFB
SVSBM
F
VSCBOB
0
USBCBMIP

QBTTBEP
TF
BEFRVB
Æ
OPWB
QBJTBHFN
TVBT
GPSNBT
BTTVNFN
OPWBT
GVOÉ×FT

BMUFSBOEP
QPSUBOUP
P
TFV
DPOUFÙEP

0
GVODJPOÃSJP
EB
1FUSPCSBT
+PSHF
-VÎT
SFMBUB
DPNP
FSB
B
$JEBEF
BP

WJS
NPSBS
FN
.PTTPSÓ
FN

USBOTGFSJEP
EF
/BUBM
m
3/
i/P
"MUP
EF

4ÈP
.BOPFM
<>
P
DPNÊSDJP
FSB
QPVDP
B
JMVNJOBÉÈP
QÙCMJDB
QSFDÃSJB
1BSB
DPNQSBS

B
HFOUF
UJOIB
RVF
TF
WBMFS
EP
DPNÊSDJP
EP
$FOUSP
$PN
B
DIFHBEB
EB
1FUSPCSBT
BRVJ
F

EBT
UFSDFJSJ[BEBT
F
PT
GVODJPOÃSJPT
EBT
DPOUSBUBEBT
UVEP
NVEPVu
F
BDSFTDFOUPV

BJOEB
RVF
OÈP
GPJ
BQFOBT
P
CBJSSP
i"MUP
EF
4ÈP
.BOPFMu
RVF
NVEPV
DPN
B

DIFHBEB
EB
&NQSFTB
NBT
RVF
i<>
B
DJEBEF
EF
.PTTPSÓ
EFQPJT
EB
DIFHBEB
EB

&NQSFTB
NVEPV
/ÈP
EÃ
QBSB
QFOTBS
.PTTPSÓ
IPKF
TFN
B
1FUSPCSBTu

"
EFTDSJÉÈP
BDJNB
GFJUB
QFMP
FOUSFWJTUBEP
Ê
CBTUBOUF
DMBSB
F
PCKFUJWB

RVBOUP
ÆT
DPOEJÉ×FT
EF
JOGSBFTUSVUVSB
F
EF
VSCBOJ[BÉÈP
EP
#BJSSP

/P
BOP
EF

RVBOEP
B
&NQSFTB
TF
JOTUBMPV
OB
$JEBEF
P
$FOUSP

KÃ
OÈP
EJTQVOIB
NBJT
EF
NVJUPT
FTQBÉPT
QBSB
PDVQBÉÈP
PV
FYQBOTÈP
P
RVF

SFTUBWB
FSBN
QPJT
PT
#BJSSPT
NBJT
QSÓYJNPT
"
&NQSFTB
OFDFTTJUBWB
EF

DPOTUSVÉ×FT
PV
ÃSFBT
MJWSFT
QBSB
FSHVFS
HSBOEFT
HBMQ×FT
PàDJOBT
F
TBMBT

FTQBÉPT
QBSB
NBOPCSBT
EF
HSBOEFT
DBNJOI×FT
F
NÃRVJOBT

EJTQPOJCJMJEB
EF
EF
JOGSBFTUSVUVSB
RVF
QSPQPSDJPOBTTF
B
DJSDVMBÉÈP
EF
HSBOEFT
WPMVNFT

m
QFSGVSBUSJ[FT
NPUPSFT
DBWBMPT
EF
QBV
F
PVUSPT
FRVJQBNFOUPT
SFRVJTJUB
EPT
QPS
FTTF
QSPDFTTP
QSPEVUJWP
P
RVF
KVTUJàDB
B
PQÉÈP
EB
&NQSFTB
QFMP

CBJSSP
i"MUP
EF
4ÈP
.BOPFMu
DPN
NBJT
ÃSFBT
EJTQPOÎWFJT
0VUSP
FMFNFOUP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EF
QFTP
OFTTB
FTDPMIB
GPJ
B
QSPYJNJEBEF
EBT
SPEPWJBT
#3
F
3/


DPN
BDFTTP
ÆT
ÃSFBT
EF
QSPEVÉÈP
TFN
QBTTBS
QFMP
$FOUSP
EB
$JEBEF
&TUB

SF
QSPEVÉÈP
EP
FTQBÉP
VSCBOP
EB
$JEBEF
DPN
B
FYQBOTÈP
FYFNQMJàDBEB
OP

CBJSSP
"MUP
EF
4ÈP
.BOPFM
EFVTF
UBNCÊN
OPVUSBT
ÃSFBT
EB
$JEBEF

"OPT
EFQPJT
B
&NQSFTB
BERVJSJV
VNB
ÃSFB
EF

IFDUBSFT
OBT
QSPYJ
NJEBEFT
EB
$PNVOJEBEF
EF
#PN
+FTVT
RVF
TFSJB
USBOTGPSNBEB
FN
CBJSSP

EFOPNJOBEP
EF
i"MUP
EP
4VNBSÊu
POEF
JOJDJPV
B
DPOTUSVÉÈP
EB
4FEF
EFà
OJUJWB
EB
&NQSFTB
FN
.PTTPSÓ
DPODMVJOEPTF
BT
PCSBT
FN

RVBOEP

GPSBN
GFJUBT
BT
QSJNFJSBT
NVEBOÉBT

&N

à[FNPT
BT
QSJNFJSBT
NVEBOÉBT
QBSB
P
QSÊEJP
QSJODJQBM
F

EFQPJT
QBVMBUJOBNFOUF
GPNPT
DPOTUSVJOEP
BT
PVUSBT
HFSËODJBT
BT
HF
SËODJBT
EF
BSNB[FOBNFOUP
PàDJOBT
TPOEBHFOT
"MHVNBT
GVODJP
OBWBN
GPSB
"T
FRVJQFT
TÎTNJDBT
RVBOEP
WJOIBN
àDBWBN
JOTUBMBEBT

GPSB
NBT
IPKF
FMBT
KÃ
àDBN
JOTUBMBEBT
BRVJ
EFOUSP
NFTNP
*OGPSNB
ÉÈP
WFSCBM
QPS
7JOÎDJVT
1FTTPB
#BSSFUP
(FSFOUF
4FUPSJBM
EF
$PNVOJ
DBÉÈP
&NQSFTBSJBM
EP
"UJWP
EF
1SPEVÉÈP
.PTTPSÓ
m
"51.0


"
4FEF
IBWJB
TJEP
FSHVJEB
FN
VNB
ÃSFB
FOUÈP
EFTBCJUBEB
F
MPOHF
EP

$FOUSP
DPOàHVSBOEPTF
DPNP
VNB
HSBOEF
DPOTUSVÉÈP
JTPMBEB
'JHVSB



1BSB
RVF
TF
UFOIB
VNB
JEÊJB
FTTB
ÃSFB
OÈP
FTUBWB
EFOUSP
EP
1FSÎNFUSP
6SCB
OP
PV
TFKB
MFHBMNFOUF
FSB
VNB
ÃSFB
SVSBM
OÈP
JODJEJOEP
QPSUBOUP
TPCSF
FMB

P
*NQPTUP
5FSSJUPSJBM
6SCBOP
m
*156
$POUVEP
B
QBSUJS
EB
BRVJTJÉÈP
EFTTB

DPOTJEFSÃWFM
HMFCB
EF
UFSSBT
QFMB
1FUSPCSBT
B
1SFGFJUVSB
.VOJDJQBM
EFUFSNJ
OPV
RVF
B
MJOIB
MJNJUF
EB
ÃSFB
VSCBOB
BWBOÉBTTF
QBSB
BMÊN
EB
SPEPWJB
8JMTPO

3PTBEP
FTUSBEB
EP
$POUPSOP

"TTJN
UPEB
BRVFMB
ÃSFB
RVF
GB[JB
QBSUF
EB

[POB
SVSBM
QBTTPV
B
JOTFSJSTF
OPT
MJNJUFT
EB
ÃSFB
VSCBOB
EP
.VOJDÎQJP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±6HGHGD3HWUREUDVHP0RVVRUyDVPDUJHQVGD$Y:LOVRQ5RVDGR$YGR
&RQWRUQREDLUUR$OWRGR6XPDUp
)RQWH3HWUREUDV

"
4FEF
BHPSB
KÃ
DPN
UPEPT
PT
4FUPSFT
F
%FQBSUBNFOUPT
DPODFOUSBEPT

FN
VNB
TÓ
ÃSFB
BERVJSJV
B
DPOEJÉÈP
EF
DPNBOEP
EP
"UJWP
EF
1SPEVÉÈP

.PTTPSÓ
 "51.0

RVF
DPNQSFFOEF
BMÊN
EF
.PTTPSÓ
PT
NVOJDÎQJPT

OPSUFSJPHSBOEFOTFT
EF
"SFJB
#SBODB
%JY4FQU
3PTBEP
4FSSB
EP
.FM
"QP
EJ
$BSBÙCBT
6QBOFNB
'FMJQF
(VFSSB
F
PT
NVOJDÎQJPT
EP
FTUBEP
EP
$FBSÃ

*DBQVÎ
F
"SBDBUJ
RVF
EFTFOWPMWFN
BT
BUJWJEBEFT
EF
FYQMPSBÉÈP
QFSGVSBÉÈP

F
QSPEVÉÈP
0
"51.0
JOUFHSB
B
6OJEBEF
EF
/FHÓDJP
EF
&YQMPSBÉÈP
F

1SPEVÉÈP
EP
3JP
(SBOEF
EP
/PSUF
F
$FBSÃ
 1FUSPCSBT6/3/$&
RVF

DPOUSPMB
BMÊN
EP
"51.0
PVUSPT
BUJWPT
EF
QSPEVÉÈP
OPT
EPJT
&TUBEPT
m
3JP

(SBOEF
EP
/PSUF
F
$FBSÃ
1BSB
P
BUFOEJNFOUP
EBT
OFDFTTJEBEFT
EB
QSPEVÉÈP

.PEFMP
EF
(FTUÈP
DSJBEP
FN

SFTVMUBOUF
EBT
BUJWJEBEFT
EF
FYQMPSBÉÈP
QFSGVSBÉÈP
F
QSPEVÉÈP
BOUFSJPSNFOUF
EFQBSUBNFO

UBMJ[BEBT
DPN
ÃSFBT
EF
BUVBÉÈP
OBT
#BDJBT
1FUSPMÎGFSBT
EPT
FTUBEPT
EP
3JP
(SBOEF
EP
/PSUF
F
$FBSÃ
&TUF
NPEFMP
PSHBOJ[BDJPOBM

JODPSQPSB
P
DPODFJUP
EF
VOJEBEF
EF
OFHÓDJP
RVF
QFSNJUF
NBJPS
BVUPOPNJB
OBT
EFDJT×FT
F
JOEFQFOEËODJB
QBSB
BENJOJTUSBS
PSÉB
NFOUP
F
JOWFTUJNFOUP
DPN
SFTQPOTBCJMJ[BÉÈP
QFMPT
SFTVMUBEPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EB
6/3/$&
B
1FUSPCSBT
DPOUB
DPN
B
TFHVJOUF
%JTUSJCVJÉÈP
0SHBOJ[BDJP
OBM
EBT
"UJWJEBEFT
1FUSPCSBT6/3/$&
3FMBUÓSJP
EF
(FTUÈP



x 4FEF
FN
/BUBM
MPDBMJ[BTF
B
(FSËODJB
(FSBM

x "UJWP
EF
1SPEVÉÈP
.PTTPSÓ

"51.0
HFSFODJB
B
QSPEVÉÈP
EF
ÓMFP
F
HÃT

EB
ÃSFB
PFTUF
EB
#BDJB
1PUJHVBS
5FSSFTUSF

x "UJWP
EF
1SPEVÉÈP
"MUP
EP
3PESJHVFT

"51"3(
HFSFODJB
B
QSPEVÉÈP

UFSSFTUSF
EB
ÃSFB
MFTUF
EB
#BDJB
1PUJHVBS

x "UJWP
EF
1SPEVÉÈP
EP
.BS

"51.
HFSFODJB
B
QSPEVÉÈP
EB
ÃSFB
NBSÎUJ
NB
EP
3JP
(SBOEF
EP
/PSUF
F
$FBSÃ
DPN
TFEF
FN
/BUBM

x 6OJEBEF
EF
5SBUBNFOUP
F
1SPDFTTBNFOUP
EF
'MVJEPT

651'
SFTQPOTÃWFM

QFMP
USBUBNFOUP
F
QSPDFTTBNFOUP
EF
UPEP
P
ÓMFP
F
HÃT
EP
&TUBEP

0
QSPDFTTP
EF
FYQBOTÈP
FTQBDJBM
F
EF
NPEJàDBÉ×FT
FTUSVUVSBJT
BUJO
HF
ÃSFBT
VSCBOBT
TVCVSCBOBT
F
BUÊ
NFTNP
ÃSFBT
DPOTJEFSBEBT
SVSBJT
&TTFT

MJNJUFT
TÈP
EJOÄNJDPT
OÈP
TÓ
OP
FTQBÉP
NBT
UBNCÊN
OP
UFNQP
FYJHJOEP

VNB
WJTÈP
IJTUÓSJDB
F
PCFEFDFOEP
ÆT
EJSFUSJ[FT
EPT
DFOUSPT
EF
JOUFSFTTFT

FDPOÔNJDPT
TPDJBJT
F
QPMÎUJDPT
àSNBOEP
QPSUBOUP
B
JEÊJB
EF
RVF
i<>

UPEB
QSPEVÉÈP
TPDJBM
UFN
DPNP
àOBMJEBEF
VN
QSPEVUPu
-&/$*0/&
$"3-04


Q

FN
RVF
BT
NVEBOÉBT
FOHFOESBEBT
QPS
FTTFT
OPWPT
QSPDFTTPT
EF
UFSNJOBN
OPWBT
GPSNBT
F
GVOÉ×FT
OB
$JEBEF
BMÊN
EF
QSPNPWFS
QSPGVOEBT

USBOTGPSNBÉ×FT
NFOTVSBEBT
QPS
VN
JOUFOTP
QSPDFTTP
EF
VSCBOJ[BÉÈP
RVF
TF

EFTFOWPMWFV
DPN
FTUBT
QSJODJQBJT
DBSBDUFSÎTUJDBT
BVNFOUP
EF
TVB
QPQVMB
ÉÈP
DPOUÎOVB
F
BDFMFSBEB
BNQMJBÉÈP
EP
1FSÎNFUSP
6SCBOP
JOUFOTP
QSPDFTTP

EF
JODPSQPSBÉÈP
F
FTQFDVMBÉÈP
JNPCJMJÃSJB
F
DSFTDJNFOUP
TJHOJàDBUJWP
EF

GBWFMBT
FN
TVB
QFSJGFSJB
VSCBOB

.PTTPSÓ
BDPMIF
DPNP
UBOUBT
PVUSBT
i<>
DJEBEFT
EF
QPSUF
NÊEJP
QBTTBN

B
BDPMIFS
NBJPSFT
DPOUJOHFOUFT
EF
DMBTTFT
NÊEJBT
F
VN
OÙNFSP
DSFTDFOUF
EF
MFUSBEPT
JO
EJTQFOTÃWFJT
B
VNB
QSPEVÉÈP
NBUFSJBM
JOEVTUSJBM
F
BHSÎDPMB
RVF
TF
JOUFMFDUVBMJ[Bu

4"/504
4*-7&*3"

Q

&TUBT
DBSBDUFSÎTUJDBT
BQSFTFOUBNTF

FORVBOUP
QSPDFTTPT
JOUJNBNFOUF
BSUJDVMBEPT
F
TVCKBDFOUFT
Æ
QSÓQSJB
EJOÄ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
NJDB
QFMB
RVBM
P
FTQBÉP
VSCBOP
MPDBM
QBTTPV
B
TFS
SF
QSPEV[JEP
B
QBSUJS

EFTTF
QFSÎPEP
5PEBWJB
OFTTB
SFáFYÈP
P
OPTTP
PMIBS
EFUFWFTF
OB
BOÃMJTF
EF

QPTTÎWFJT
SFMBÉ×FT
FYJTUFOUFT
FOUSF
B
JOTUBMBÉÈP
F
B
DPOTPMJEBÉÈP
EBT
FNQSFTBT

QFUSPMÎGFSBT
CFN
DPNP
EF
PVUSPT
BTQFDUPT
EJSFUBNFOUF
EFQFOEFOUFT
EFTTB

EJOÄNJDB
DPNP
PT
TFSWJÉPT
EF
BMJNFOUBÉÈP
IPTQFEBHFN
USBOTQPSUF
FUD

/FTUF
TFOUJEP
P
FTQBÉP
WJODVMB
B
TVB
FYJTUËODJB
i<>
B
VNB
PSHBOJ[BÉÈP
TP
DJBM
F
Æ
FYJTUËODJB
EF
VNB
PSHBOJ[BÉÈP
MBCPSJBMu
$"3-04

Q

%ÃTF

VNB
BEFRVBÉÈP
B
OPWBT
GVODJPOBMJEBEFT
QPUFODJBMJ[BEBT
QFMBT
EFOTJEBEFT

IFSEBEBT
EF
FYQFSJËODJBT
FDPOÔNJDBT
QSFUÊSJUBT

/P
DBTP
FTQFDÎàDP
EF
.PTTPSÓ
B
OPTTB
SFBMJEBEF
DPOEV[
QBSB
P
FO
UFOEJNFOUP
EF
RVF
P
FTQBÉP
Ê
QSPEVUP
EBT
SFMBÉ×FT
RVF
TF
FTUBCFMFDFN
­
P

RVF
PDPSSF
DPN
SFMBÉÈP
BPT
EJWFSTPT
NPNFOUPT
EFTTF
QSPDFTTP
F
NBJT
FTQF
DJàDBNFOUF
FN
UPSOP
EPT
BOPT

QFSÎPEP
FN
RVF
TF
WFSJàDB
QFSGFJUBNFOUF

B
FYQBOTÈP
VSCBOB
OP
TFOUJEP
OPSPFTUF
EB
$JEBEF
1PJT
EPT

CBJSSPT
IPKF

FYJTUFOUFT

TVSHJSBN
BQÓT
PT
BOPT


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD
)LJXUD±(YROXomR8UEDQDGH0RVVRUy
&MBCPSBÉÈP
"SJTUPUFMJOB


 0
ÙMUJNP
1FSÎNFUSP
6SCBOP
IBWJB
TJEP
FTUBCFMFDJEP
OB
EÊDBEB
EF


TFOEP
QPS
NFJP
EP
%FDSFUP

DSJBEP
P
#BJSSP
i"CPMJÉÈPu
&N


GPJ
EFàOJEB
PVUSB
EFMJNJUBÉÈP
BUSBWÊT
EB
-FJ
O

B
RVBM
MFHJ
UJNPV
B
OPWB
;POB
6SCBOB
EP
.VOJDÎQJP
EF
.PTTPSÓ
DPOTPMJEBEB
QFMB

QSFTFOÉB
EF

CBJSSPT
F
JOEJDBEPSB
EBT
QPTTJCJMJEBEFT
EF
OPWB
FYQBOTÈP

QFMB
JODPSQPSBÉÈP
EF
$PNVOJEBEFT
3VSBJT
RVF
UFOEFN
B
TF
USBOTGPSNBS
FN

CBJSSPT
DPNP
Ê
P
DBTP
EP
CBJSSP
i#PN
+FTVTu
A"MUP
EP
4VNBSÊu
MPDBM
EF

DPOTUSVÉÈP
EB
1FUSPCSBT
F
P
CBJSSP
i1MBOBMUP

EF
.BJPu
CBJSSP
MJNÎUSPGF

"
FYQSFTTÈP
SFTVMUBOUF
EFTTF
QSPDFTTP
DBSBDUFSJ[BTF
QFMP
DSFTDJNFOUP
BDFMF
SBEP
EP
FTQBÉP
PDVQBEP
QFMP
VSCBOP
BVNFOUBOEP
B
TVB
ÃSFB
UFSSJUPSJBM
DPN

JODMVTÈP
EF
ÃSFBT
BUÊ
FOUÈP
EF
DBSBDUFSÎTUJDBT
SVSBJT
&TTFT
FTQBÉPT
TPGSFN

QSPGVOEBT
NPEJàDBÉ×FT
FTUSVUVSBJT
FN
UFSNPT
PDVQBDJPOBJT
F
TPDJBJT
QFMB

JOEJDBÉÈP
EP
BTQFDUP
EF
NVEBOÉBT
OB
FTUSVUVSB
TPDJPFDPOÔNJDB
.PEJàDB
É×FT
RVF
FYQSFTTBN
OÈP
BQFOBT
B
EJNJOVJÉÈP
EB
QBSUJDJQBÉÈP
EB
QPQVMBÉÈP

FDPOPNJDBNFOUF
BUJWB
OP
4FUPS
1SJNÃSJP
NBT
VN
BVNFOUP
EF
QSFTTÈP
QPS

FNQSFHP
OP
4FUPS
4FDVOEÃSJP
F
TPCSFUVEP
OP
5FSDJÃSJP
*TUP
BQPOUB
QBSB
P

TVSHJNFOUP
EF
VNB
OPWB
&TUSVUVSB
4PDJBM
DBSBDUFSJ[BEB
QPS
VN
OPWP
UJQP

EF
PSHBOJ[BÉÈP
FDPOÔNJDB
EF
IBCJUBU
EF
GPSNB
EF
PDVQBÉÈP
F
EF
VTP
EP

FTQBÉP
F
UBNCÊN
QPS
VN
OPWP
UJQP
EF
4PDJFEBEF

&TTF
DFOÃSJP
EP
QSJNFJSP
NPNFOUP
EB
DIFHBEB
EB
FNQSFTB
OB
$JEB
EF
FN

TF
EFàOJV
DPN
P
DSFTDJNFOUP
EP
CBJSSP
i"MUP
EF
4ÈP
.BOPFMu

F
B
QBSUJS
EF

RVBOEP
B
1FUSPCSBT
TF
JOTUBMPV
EFàOJUJWBNFOUF
OP
CBJS
SP
A"MUP
EP
4VNBSÊu
QSPNPWFOEP
B
TVB
FYQBOTÈP

6N
USBCBMIP
OPWP
RVF
QPS
WF[FT
DBVTPV
B
EFTUSVJÉÈP
EF
GPSNBT

QSFUÊSJUBT
DPN
UBM
JOUFOTJEBEF
TFN
EFJYBS
NFNÓSJB
FTQBDJBM
QFMBT
QFSEBT

EBT
SVHPTJEBEFT
RVF
UFTUFNVOIBWBN
B
FYJTUËODJB
EF
VNB
BOUJHB
ÃSFB
SVSBM

UBM
Ê
B
BOÃMJTF
JOJDJBM
TVCTJEJBEB
QFMP
UFTUFNVOIP
EPT
RVF
QSFTFODJBSBN
F

QBSUJDJQBSBN
EFTTF
QSPDFTTP
PV
RVF
B
BOÃMJTF
EPT
SFHJTUSPT
OPT
¶SHÈP
1ÙCMJ
DPT
OPT
QFSNJUJSBN
PCTFSWBS
B
SFTQFJUP
EFTTFT
EPJT
#BJSSPT
DVKB
BNQMJBÉÈP

F
DPOTPMJEBÉÈP
EPT
TFVT
FTQBÉPT
GPSBN
JOáVFODJBEBT
EJSFUBNFOUF
QFMB
JOTFS
ÉÈP
EB
1FUSPCSBT
FN
TFV
JOUFSJPS
PV
OBT
TVBT
JNFEJBÉ×FT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 /P
DBTP
FN
FTUVEP
B
DPOàHVSBÉÈP
FTQBDJBM
SFTVMUBOUF
Ê
QFSDFCJEB
WJ
TVBMNFOUF
QFMP
BVNFOUP
JOUFOTP
EP
OÙNFSP
EF
SFTJEËODJBT
F
EF
OPWBT
DPOT
USVÉ×FT
F
FTUSVUVSBMNFOUF
QFMBT
NPEJàDBÉ×FT
OB
TVB
*OGSB&TUSVUVSB
DBMÉB
NFOUP
WJBT
EF
BDFTTP
JMVNJOBÉÈP
QÙCMJDB
FTDPMBT
F
$FOUSPT
EF
4BÙEF


$PN
B
DPOTUSVÉÈP
EFàOJUJWB
EB
4FEF
1SÓQSJB
EB
1FUSPCSBT
àSNPVTF

B
PDVQBÉÈP
NBJT
JOUFOTB
EPT
SFDÊNDSJBEPT
CBJSSPT
i#PN
+FTVTu
i"MUP
EP

4VNBSÊu
F
i1MBOBMUP

EF
.BJPu
RVF
B
QBSUJS
EF
FOUÈP
BQSFTFOUBN
VN

NBJPS
DPOUJOHFOUF
QPQVMBDJPOBM
"MÊN
EJTTP
UPEB
B
ÃSFB
QSÓYJNB
EFTTFT

#BJSSPT
UPSOBTF
VN
BUSBUJWP
QBSB
B
JOTUBMBÉÈP
EF
WÃSJBT
FNQSFTBT
QPS
DPOUB

EB
QSPYJNJEBEF
EB
1FUSPCSBT
$PN
B
DIFHBEB
EFTUB
UBNCÊN
BVNFOUPV

B
EFNBOEB
EF
*OGSB&TUSVUVSB
JOEJTQFOTÃWFM
BP
TFV
GVODJPOBNFOUP
%BÎ

UFSFN
TJEP
JNQSFTDJOEÎWFJT
TFSWJÉPT
EF
NFMIPSJBT
DPNP
P
SFDBQFBNFOUP

BTGÃMUJDP
EB
SPEPWJB
EF
BDFTTP
Æ
&NQSFTB
m
B
"WFOJEB
i8JMTPO
3PTBEPu
PV

"W
EP
$POUPSOP


$PN
B
JOTUBMBÉÈP
EFàOJUJWB
EB
1FUSPCSBT
FN
.PTTPSÓ
EF[FOBT
EF

PVUSBT
FNQSFTBT
QSFTUBEPSBT
EF
TFSWJÉPT
OP
SBNP
QFUSPMÎGFSP
UBNCÊN
DIF
HBSBN
Æ
$JEBEF
QPS
DBVTB
EP
JOÎDJP
F
EB
JOUFOTJàDBÉÈP
EBT
BUJWJEBEFT
EF
FY
QMPSBÉÈP
EF
QFUSÓMFP
'JHVSB


"
$JEBEF
SFDFCFV
JOUFOTJWPT
JODSFNFOUPT

QPQVMBDJPOBJT
F
UFWF
EF
DPOWJWFS
DPN
VNB
DPOTUBOUF
QSFTTÈP
EF
PGFSUB
EF

QPTUPT
EF
USBCBMIP
&TTB
PGFSUB
RVF
EFWF
UFS
TJEP
BNQMJBEB
DPN
B
FYQMPSBÉÈP

EP
QFUSÓMFP
VNB
WF[
RVF
FTUF
BUSBJV
QBSB
B
$JEBEF
VN
DPOTJEFSÃWFM
OÙNFSP

EF
QFRVFOBT
NÊEJBT
F
HSBOEFT
FNQSFTBT
DVKB
JOTUBMBÉÈP
F
GVODJPOBNFOUP

GPSBN
FGFUJWBEPT
NFEJBOUF
P
QSPDFTTP
EF
UFSDFJSJ[BÉÈP
RVF
GVODJPOB
DPNP

FTUSBUÊHJB
EF
BENJOJTUSBÉÈP
FNQSFTBSJBM
MBSHBNFOUF
BEPUBEB
F
RVF
DPOTJTUF

OB
DPOUSBUBÉÈP
EF
TFSWJÉPT
EF
UFSDFJSPT
FN
BQPJP
Æ
BUJWJEBEFGPDP
EF
VNB

FNQSFTB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD (PSUHVD³*LXVW´QDVSUR[LPLGDGHVGDVHGHGD3HWUREUDVXPDVGDVSULPHL
UDVHPSUHVDVSUHVWDGRUDVGHVHUYLoRVDVHLQVWDODUQD&LGDGH
)RWR$ULVWRWHOLQD

"TTJN
TFOEP
BT
FNQSFTBT
QSFTUBEPSBT
EF
TFSWJÉPT
m
UFSDFJSJ[BEBT

m
TÈP
DPOUSBUBEBT
FN
GVOÉÈP
EBT
OFDFTTJEBEFT
EP
QSPDFTTP
QSPEVUJWP
P
RVF

UPSOB
WBSJÃWFM
P
OÙNFSP
EF
VOJEBEFT
F
P
WPMVNF
EF
NÈPEFPCSB
FNQSF
HBEB
BP
MPOHP
EP
UFNQP
&N
TFUFNCSP
EF

QPS
FYFNQMP
IBWJB
VN

UPUBM
EF

FNQSFTBT
RVF
QSFTUBWBN
TFSWJÉPT
OB
ÃSFB
UFSSFTUSF
EB
#BDJB
1PUJ
HVBS
QSPQPSDJPOBOEP
FNQSFHP
B

USBCBMIBEPSFT
/P
BOP
EF

B

1&530#3"46/3/$&
HFSPV

FNQSFHPT
EJSFUPT
UFSDFJSJ[BEPT
OB

3FHJÈP
FN
BQSPYJNBEBNFOUF

FNQSFTBT
DPOUSBUBEBT
QBSB
QSFTUBS
BMHVN

UJQP
EF
TFSWJÉP
&TUJNBTF
RVF
TPNFOUF
OP
"51.0
FYJTUBN
BUVBMNFOUF


FNQSFTBT
DPOUSBUBEBT
HFSBOEP
DFSDB
EF

FNQSFHPT

4*-7&*3"
3®(0
7BMEFDJOB
"OVODJBUB
EB
5FSDFJSJ[BÉÈP
F
NFUBNPSGPTFT
OP
NVOEP
EP
USBCBMIP
EFTBàPT
Æ
TVTUFO
UBCJMJEBEF
TPDJBM
.PTTPSÓ
130%&."6&3/

Q
%JTTFSUBÉÈP


3FMBUÓSJP
EF
(FTUÈP

m
1&530#3"46/3/$&

*OGPSNBÉÈP
WFSCBM
QFMB
"TTFTTPSJB
EF
$PNVOJDBÉÈP
"51.0
4S
"OUÔOJP
$BSMPT
#BSCPTB
FN
TFUFNCSP
EF


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "JOEB
DPN
SFMBÉÈP
Æ
QBSUJDJQBÉÈP
EF
FNQSFTBT
UFSDFJSJ[BEBT
OB
DSJB
ÉÈP
EF
PQPSUVOJEBEFT
EF
USBCBMIP
IÃ
RVF
TF
DPOTJEFSBS
P
HSBV
EF
DPN
QMFYJEBEF
EBT
BUJWJEBEFT
RVF
BMHVNBT
EFTFNQFOIBN
OÈP
TF
VUJMJ[BOEP

OFTTFT
DBTPT
QPSUBOUP
EF
NÈPEFPCSB
TFN
RVBMJàDBÉÈP
1PS
PVUSP
MBEP
B

MJNJUBÉÈP
EP
UFNQP
EF
EVSBÉÈP
EP
DPOUSBUP
JNQMJDB
B
GSFRÛFOUF
EJTQFOTB
EB

NÈPEFPCSB
FNQSFHBEB
EVSBOUF
BRVFMB
BUJWJEBEF
&
BJOEB
B
JNQMBOUBÉÈP

GVODJPOBNFOUP
EB
*OEÙTUSJB
EP
1FUSÓMFP
EFNBOEB
B
DPOTUSVÉÈP
EF
PCSBT
EF

*OGSB&TUSVUVSB
F
B
OFDFTTJEBEF
EF
TFSWJÉPT
CÃTJDPT
EF
BQPJP
WJBCJMJ[BEPT

FN
HSBOEF
QBSUF
BUSBWÊT
EF
FNQSFTBT
UFSDFJSBT
EF
QPSUF
F
BUJWJEBEFT
WBSJB
EBT
RVF
FYJHFN
VN
HSBV
FMFWBEP
EF
RVBMJàDBÉÈP
F
FTQFDJBMJ[BÉÈP
QSPàT
TJPOBM
NBT
UBNCÊN
BUJWJEBEFT
RVF
QPEFN
TFS
EFTFOWPMWJEBT
QPS
QFTTPBT

OÈPBMGBCFUJ[BEBT
HFSBOEP
VNB
SPUBUJWJEBEF
F
EJWFSTJEBEF
EP
FNQSFHP
OB

3FHJÈP
EF
.PTTPSÓ

&TTF
QSPDFEJNFOUP
UBNCÊN
PDPSSF
OBT
PVUSBT
ÃSFBT
EF
FYQMPSBÉÈP
EF

1FUSÓMFP
F
HÃT
OP
3JP
(SBOEF
EP
/PSUF
POEF
BMÊN
EF
FNQSFTBT
PSJVOEBT

EF
PVUSPT
$FOUSPT
DPNP
Ê
P
DBTP
EBT
RVF
SFBMJ[BN
BUJWJEBEFT
RVF
FYJHFN

UFDOPMPHJB
OÈPEJTQPOÎWFM
OB
3FHJÈP
BMHVNBT
NVMUJOBDJPOBJT
%FOUSF
BT

FNQSFTBT
NVMUJOBDJPOBJT
BUSBÎEBT
QBSB
P
.FSDBEP
-PDBM
BQBSFDFN
DPNP

FYFNQMP
B
%PXFMM
4DIVNCFSHFS
EP
#SBTJM
4FSWJÉPT
1FUSPMÎGFSPT
F
B
)BMMJ
CVSUPO
*ODP
EP
#SBTJM
4FSWJÉPT
$PNÊSDJP
F
*OEÙTUSJB
-UEB
'JHVSB



$POTUBUBTF
UBNCÊN
P
TVSHJNFOUP
F
DSFTDJNFOUP
EF
BMHVNBT
FNQSFTBT
MP
DBJT
EFOUSF
BT
RVBJT
EFTUBDBTF
B
7*1&530
m
7JMNBS
1FSFJSB
$POTUSVÉ×FT

F
.POUBHFOT
1FUSPMÎGFSBT
-UEB
DPN

GVODJPOÃSJPT
FN



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD+DOOLEXUWRQ,QFRGR%UDVLO6HUYLoRV&RPpUFLRH,QG~VWULD/WGDXPDGDV
PDLRUHVHPSUHVDVLQWHUQDFLRQDLVSHWUROtIHUDVFRPXQLGDGHVLQVWDODGDVHP0RVVRUy
)RWR$ULVWRWHOLQD

2VBOUP
BP
OÙNFSP
EF
FNQSFHBEPT
OB
6OJEBEF
3/$&
B
1FUSPCSBT
QPTTVJ

FGFUJWPT

DPOUSBUBEPT
F

JOEJSFUPT
0
OÙNFSP
EF

FNQSFTBT
DPOUSBUBEBT
Ê
EF

%FUFOEPOPT
FN
.PTTPSÓ
PT
GVODJPOÃSJPT

FGFUJWPTEJSFUPT
EB
1FUSPCSBT
MPUBEPT
OP
NVOJDÎQJP
EF
.PTTPSÓ
OP
BOP
EF


TÈP
DFSDB
EF

EFTUFT

GVODJPOÃSJPT
USBCBMIBN
FN
SFHJNF
EF

UVSOPT
TFQBSBEPT

EJBT
USBCBMIBOEP
F

EF
GPMHB

F

USBCBMIBN
FN

SFHJNF
BENJOJTUSBUJWP
IPSÃSJP
DPNFSDJBM
DPN

IPSBT
TFNBOBJT


%VSBOUF
B
GBTF
EF
FTUSVUVSBÉÈP
EPT
TFVT
DBNQPT
EF
QSPEVÉÈP
B
*O
EÙTUSJB
EP
1FUSÓMFP
NPCJMJ[B
VNB
RVBOUJEBEF
DPOTJEFSÃWFM
EF
NÈPEFPCSB

%F
NBOFJSB
HFSBM
BT
JOGPSNBÉ×FT
DPOWFSHFN
OP
TFOUJEP
EF
RVF
B
BUJWJEBEF

HFSB
VN
FYQSFTTJWP
OÙNFSP
EF
FNQSFHPT
B
EFTQFJUP
EB
VUJMJ[BÉÈP
EBT
NP
EFSOBT
UFDOPMPHJBT
QPVQBEPSBT
EF
NÈPEFPCSB


0T
WBMPSFT
SFGFSFOUFT
B
6/3/$&
TÈP
EF


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 1FTRVJTB
SFBMJ[BEB
TPCSF
P
JNQBDUP
EB
1FUSPCSBT
FN
.BDBÊ
m
3+

406;"
TE
Q

GB[
SFGFSËODJB
Æ
EJGFSFODJBÉÈP
EFTDPOUJOVJEBEF
OP
OÎWFM
F

RVBMJEBEF
EPT
FNQSFHPT
OBT
EJGFSFOUFT
GBTFT
EF
JNQMBOUBÉÈP
EP
1SPKFUP
EF

&YQMPSBÉÈP
F
1SPEVÉÈP
EF
1FUSÓMFP
m
&

1
FN
.BDBÊ

$POUVEP
IÃ
RVF
TFSFN
DPOTJEFSBEBT
BMHVNBT
EJGFSFOÉBT
FOUSF
FTUBT

EVBT
DJEBEFT
 .PTTPSÓ
F
.BDBÊ
QSJODJQBMNFOUF
RVBOUP
Æ
GPSNB
EF
&


1
$PNP
KÃ
BàSNBNPT
BOUFSJPSNFOUF
P
3JP
(SBOEF
EP
/PSUF
Ê
P
NBJPS

QSPEVUPS
EF
QFUSÓMFP
FN
UFSSB
+Ã
B
#BDJB
EF
$BNQPT
Ê
B
ÃSFB
EF
NBJPS
QSP
EVÉÈP
FN
ÃHVBT
POEF
TF
JODMVJ
B
QSPEVÉÈP
EF
.BDBÊ
&TUB
Ê
FYFDVUBEB
FN

ÃHVBT
QSPGVOEBT
P
RVF
FYJHF
NBJT
UFDOPMPHJBBVUPNBÉÈPNFOPS
OÙNFSP

EF
QFTTPBM
"
FYQMPSBÉÈP
FN
UFSSB
QPS
TVB
WF[
FNQSFHB
VN
DPOTJEFSÃWFM

OÙNFSP
EF
USBCBMIBEPSFT
EF
WBSJBEP
HSBV
EF
JOTUSVÉÈP
EFTEF
FOHFOIFJSPT

FTQFDJBMJ[BEPT
B
UBJGFJSPT
QBSB
BSSVNBÉÈP
F
PSHBOJ[BÉÈP
EPT
BDBNQBNFOUPT

4ÈP
EF

IPSBT
B
TFUF
EJBT
P
UFNQP
EF
EFTNPOUBHFN
USBOTQPSUF
F
NPO
UBHFN
EF
VNB
TPOEB
UFSSFTUSF
POEF
USBCBMIBN
EF
RVBUSP
B
DJODP
FRVJQFT

RVF
TF
BMUFSOBN
OPT
UVSOPT
EF
USBCBMIP

IPSBT
DBEB
UVSOP

&
FN
.BDBÊ

TFHVOEP
406;"
TE
Q

EVSBOUF
B
JNQMBOUBÉÈP
EP
1SPKFUP
B
PGFSUB
EF

FNQSFHP
DPNQPSUBTF
EF
GPSNB
DSFTDFOUF
DPOTUSVÉÈP
EB
PCSB
EF
TFSWJÉPT

EF
JOGSBFTUSVUVSB

QPSÊN
JOGFSJPS
Æ
EFNBOEB
RVF
Ê
TFOTJWFMNFOUF
BVNFO
UBEB
FN
WJSUVEF
EB
JOUFOTJàDBÉÈP
EPT
áVYPT
NJHSBUÓSJPT
QSPWPDBEPT
QFMB

FYQFDUBUJWB
HFSBEB
QFMP
FNQSFFOEJNFOUP
/FTTB
GBTF
BT
BUJWJEBEFT
FYJHFN

NÈPEFPCSB
QPVDP
PV
TFN
OFOIVNB
FTQFDJBMJ[BÉÈP
BP
QBTTP
RVF
RVBOEP

P
QSPKFUP
FOUSB
FN
GVODJPOBNFOUP
BT
BUJWJEBEFT
FYJHFN
VN
HSBV
NBJPS
EF

RVBMJàDBÉÈP
P
RVF
QSPWPDB
EFTFNQSFHP
QBSB
PT
NJHSBOUFT
F
QBSB
B
QPQVMB
ÉÈP
MPDBM
BCTPSWJEPT
Æ
ÊQPDB
EF
TVB
JNQMBOUBÉÈP

$POGPSNF
JOGPSNBÉÈP
EB
1FUSPCSBT
B
SFMBÉÈP
FNQSFHBEPT
QSÓQSJPT

FNQSFHBEPT
UFSDFJSJ[BEPT
OP
4FUPS
QFUSPMÎGFSP
OP
FYUFSJPS
Ê
EF
VN
FNQSF
HBEP
QSÓQSJP
QBSB
RVBUSP
FNQSFHBEPT
UFSDFJSJ[BEPT
FORVBOUP
OP
#SBTJM
FTUB

SFMBÉÈP
Ê
EF
VN
QBSB
EPJT
%JBOUF
EPT
OÙNFSPT
DPODMVJTF
RVF
B
HFSBÉÈP
EF

FNQSFHPT
UFSDFJSJ[BEPT
QPS
QBSUF
EB
BUJWJEBEF
Ê
TJHOJàDBUJWB
F
DPOTJEFSBO
EP
B
JNQPSUÄODJB
EF
.PTTPSÓ
OFTUF
DBNQP
FN
GVOÉÈP
EF
TVBT
SFTFSWBT
EF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
ÓMFP
F
HÃT
OBUVSBM
EFEV[TF
RVF
BT
QPTTJCJMJEBEFT
EF
BCTPSÉÈP
EB
GPSÉB
EF

USBCBMIP
QPS
FTUF
.FSDBEP
DPOUJOVBSÈP
B
FYJTUJS
BQFTBS
EB
EFTDPOUJOVJEBEF

EPT
DPOUSBUPT

"
6/3/$&
EJTQ×F
OP
3JP
(SBOEF
EP
/PSUF
EB
NBJPS
QBSUF
EB

TVB
*OGSB&TUSVUVSB
"
SB[ÈP
QBSB
UBOUP
TF
EÃ
QPS
QPTTVJSNPT
VN
NBJPS

OÙNFSP
EF
DBNQPT
QSPEVUPSFT
FN
EFUSJNFOUP
EP
$FBSÃ
P
RVF
KVTUJàDB
UBM

TVQFSJPSJEBEF
5BCFMB


4ÈP
USËT
"UJWPT
EF
1SPEVÉÈP
EPJT
FN
UFSSB
OP

3/
.PTTPSÓ
F
"MUP
EP
3PESJHVFT
F
VN
BUJWP
EF
QSPEVÉÈP
NBS
RVF
FOHMPCB

3/
F
$&

VN
"UJWP
EF
&YQMPSBÉÈP
F
B
4FEF
"ENJOJTUSBUJWB
MPDBMJ[BEPT

FN
/BUBM

7DEHOD ,QIUDHVWUXWXUDGDDWLYLGDGHSHWUROtIHUDQD%DFLD3RWLJXDU

(6758785$ 4XDQWLGDGH
&DPSRVSURGXWRUHVQR51 
&DPSRVSURGXWRUHVQR&( 
3ODWDIRUPDVPDUtWLPDVGHSURGXomR 
8QLGDGHGHGLHVHOHQDIWD 
8QLGDGHVGHSURFHVVDPHQWR 
GHJiVQDWXUDO83*1
(VWDo}HVGHFRPSUHVVmRGHJiV 
(VWDo}HVGHWUDWDPHQWRGHyOHR 
(VWDo}HVGHLQMHomRGHYDSRU 
(VWDo}HVFROHWRUDVGHyOHRHJiV 
(TXLSDPHQWRVGHSHUIXUDomR 
6RQGDVGHLQWHUYHQomRHPSRoRV 
8VLQDHyOLFD 

)RQWH3HWUREUDV

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "
#BDJB
1PUJHVBS
SFTQPOEF
QFMB
NBJPS
QSPEVÉÈP
UFSSFTUSF
EP
#SB
TJM
"
VOJEBEF
UBNCÊN
EFUÊN

DPODFTT×FT
EF
FYQMPSBÉÈP
0
NVOJDÎQJP

EF
.PTTPSÓ
Ê
P
RVF
BQSFTFOUB
P
NBJPS
OÙNFSP
EF
QPÉPT
FN
QSPEVÉÈP
EP

&TUBEP
TFOEP
SFTQPOTÃWFM
QPS
VN
RVBSUP
EPT
QPÉPT
FN
QSPEVÉÈP
EB
6/
3/$&
"
RVBOUJEBEF
EF
QPÉPT
FN

FSB
6/3/$&



"51.0


F
P
.VOJDÎQJP
EF
.PTTPSÓ


1BSUF
DPOTJEFSÃWFM

EFTTB
QSPEVÉÈP
BEWÊN
EP
$BNQP
EP
$BOUP
EP
"NBSP
m
$".

RVF
FOUSF

UBOUBT
EFTDPCFSUBT
OB
#BDJB
1PUJHVBS
Ê
P
EF
NBJPS
JNQPSUÄODJB
QBSB
B
BUJ
WJEBEF
QFUSPMÎGFSB
EP
3/

0
$".
àDB
FOUSF
PT
NVOJDÎQJPT
EF
"SFJB
#SBODB
F
.PTTPSÓ
"
EFT
DPCFSUB
EP
DBNQP
EF
QSPEVÉÈP
EFTTB
MPDBMJEBEF
TF
EFV
FN

/B
BUV
BMJEBEF
FYJTUFN

QPÉPT
FN
PQFSBÉÈP
DPN
VNB
QSPEVÉÈP
EF


CBSSJT
EF
QFUSÓMFP
QPS
EJB
SFTQPOTÃWFM
QPS
DFSDB
EB
NFUBEF
EB
QSPEVÉÈP

EP
3JP
(SBOEF
EP
/PSUF
'JHVSB


&N
PQFSBÉÈP
IÃ

BOPT
$BOUP
EP

"NBSP
Ê
P
DBNQP
EF
NBJPS
QSPEVÉÈP
UFSSFTUSF
EF
QFUSÓMFP
EP
1BÎT
4VB

DPOUSJCVJÉÈP
Ê
GVOEBNFOUBM
QBSB
B
1FUSPCSBT
F
P
&TUBEP
QPJT
B
QBSUJS
EB

TVB
EFTDPCFSUB
P
3/
QBTTPV
B
PDVQBS
P
MVHBS
EF
NBJPS
QSPEVUPS
EF
QFUSÓMFP

FN
UFSSB
OP
#SBTJM
SFTQPOEFOEP
QPS
 
F
TFHVOEP
NBJPS
QSPEVUPS

FN
HFSBM
UFSSB
F
NBS

DPN
DFSDB
EF

EB
QSPEVÉÈP
OBDJPOBM
QSFDFEJEP

BQFOBT
EP
FTUBEP
EP
3JP
EF
+BOFJSP
DPN
B
#BDJB
EF
$BNQPT
NBOUFOEPTF
P

3JP
(SBOEF
EP
/PSUF
DPN
P
QSJNFJSP
MVHBS
FOUSF
PT
&TUBEPT
1SPEVUPSFT
EF

1FUSÓMFP
FN
UFSSB
EP
1BÎT
"Î
FTUÃ
MPDBMJ[BEP
P
QPÉP
UFSSFTUSF
EB
1FUSPCSBT

DPN
NBJPS
QSPEVUJWJEBEF

P
$".

DPN
VNB
WB[ÈP
EF

CBSSJT

EF
QFUSÓMFP
QPS
EJB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±8QLGDGHGHERPEHLR±SRSXODUPHQWHFKDPDGDGH³FDYDORGHSDX´]RQD
UXUDOGH0RVVRUyHPSOHQDFDDWLQJDGR&DPSR&DQWRGR$PDUR&$0
)RWR$ULVWRWHOLQD

1BTTBEPT
NBJT
EF

BOPT
EB
EFTDPCFSUB
EP
QSJNFJSP
DBNQP
QFUSPMÎ
GFSP
NBSÎUJNP
EP
&TUBEP

$BNQP
EF
6CBSBOB

B
QSPEVÉÈP
OP
3/
FWPMVJV

NVJUP
)PKF
P
UFSSJUÓSJP
EF
QSPEVÉÈP
BCSBOHF
VNB
ÃSFB
TJHOJàDBUJWB
MP
DBMJ[BEB
OPT
UFSSFOPT
TFEJNFOUBSFT
EB
#BDJB
1PUJHVBS
"
FTUSVUVSB
EB
FN
QSFTB
OP
&TUBEP
TF
DPOTPMJEB
DPN
BT
6OJEBEFT
"ENJOJTUSBUJWBT
EF
/BUBM

.PTTPSÓ
"MUP
EP
3PESJHVFT
F
BT
6OJEBEFT
EF
5SBUBNFOUP
F
1SPDFTTBNFOUP

EF
'MVJEPT
FN
(VBNBSÊ
DPNP
CFN
EFNPOTUSB
P
2VBESP

RVF
NBSDB
B

QSFTFOÉB
EB
1FUSPCSBT
OP
OPTTP
&TUBEP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 $12 (9(172

 ,QtFLRGDVDWLYLGDGHVGHSHVTXLVDGHSHWUyOHR

 3HUIXUDomRGRSULPHLURSRoRQRPXQLFtSLRGH*URVVRV

 3HWUREUDVUHDOL]DHVWXGRVHSURVSHFo}HV

 3ULPHLUDGHVFREHUWDQRPDU±&DPSRPDUtWLPRGH8EDUDQD

 ,QtFLRGDSURGXomRHP8EDUDQD

 3ULPHLUDGHVFREHUWDHPWHUUD&DPSRWHUUHVWUHGH0RVVRUy

'HVFREHUWDGR&DPSRGH&DQWRGR$PDUR
 ,QVWDODomRGD8QLGDGHGH3URFHVVDPHQWRGH*iV1DWXUDO,83*1,HP
*XDPDUp

,QtFLRGDVREUDVGRJDVRGXWR*XDPDUp51&DER3(

 'HVFREHUWDGR&DPSRGH3HVFDGD$UDEDLDQD

 ,QDXJXUDomRGDSODQWDGHGLHVHOHP*XDPDUp

 (QWUDGDHPSURGXomRGR3URMHWR3HVFDGD$UDEDLDQD

 ,QtFLRGDFRQVWUXomRGD8VLQD7HUPRHOpWULFDGR9DOHGR$oX7(502$d8

 ,QVWDODomRGD8QLGDGHGH3URFHVVDPHQWRGH*iV1DWXUDO,,83*1,,HP

*XDPDUp

'HVFREHUWDGRSRoR&$0QR&DPSRGR&DQWRGR$PDURHP0RVVRUy

&KHJDGDGDVWXUELQDVHFDOGHLUDGD7(502$d8

 (QWUDGDHPRSHUDomRGR3DUTXH(yOLFRGH*HUDomR(OpWULFDGH0DFDX

4XDGUR &URQRORJLDGRVSULQFLSDLVHYHQWRVGDDWLYLGDGHSHWUROtIHUDQR51
)RQWH3HWUREUDV

2VBOUP
ÆT
FTUBUÎTUJDBT
EF
QSPEVÉÈP
EB
1FUSPCSBT
FTUBT
BQSFTFOUBN

DSFTDJNFOUP
FN
DPNQBSBÉÈP
DPN
PT
ÙMUJNPT
BOPT
"
&NQSFTB
SFHJTUSPV

EVSBOUF
P
BOP
EF

VNB
NÊEJB
EF
QSPEVÉÈP
FN
UPEPT
PT
TFVT
QSPEVUPT

TVQFSJPS
PV
JHVBM
Æ
SFHJTUSBEB
OP
BOP
BOUFSJPS
5BCFMB



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 7DEHOD 3URGXomRGD3HWUREUDVQR51±

352'872  

ÏOHR EDUULVGLD EDUULVGLD
*iV PñGLD PñGLD
*/3±JiVGHFR]LQKD W W
'LHVHO EDUULVGLD EDUULVGLD
1DIWD  

)RQWH3HWUREUDV

"
BUJWJEBEF
QFUSPMÎGFSB
OP
&TUBEP
FYFDVUB
BT
GBTFT
EF
FYQMPSBÉÈP
QFS
GVSBÉÈP
EFTFOWPMWJNFOUP
EB
QSPEVÉÈP
USBOTQPSUF
EB
QSPEVÉÈP
BUSBWÊT
EF

PMFPEVUPT
F
HBTPEVUPT

EFTUJOBEB
Æ
6OJEBEF
EF
5SBUBNFOUP
F
1SPDFTTBNFO
UP
EF
'MVJEPT
EB
1FUSPCSBT
m
PV
1ÓMP
EF
(VBNBSÊ
0
QFUSÓMFP
FYUSBÎEP
EPT

QPÉPT
Ê
DBOBMJ[BEP
BUSBWÊT
EF
PMFPEVUPT
QBSB
P
1ÓMP
POEF
Ê
QSPDFTTBEP

1BSUF
EFTTF
ÓMFP
UPSOBTF
EJFTFM
OVN
WPMVNF
EJÃSJP
EF

NJM
CBSSJT
TVà
DJFOUF
QBSB
P
BUVBM
DPOTVNP
EF
EJFTFM
EP
OPTTP
&TUBEP
&YJTUFN
FN
PQFSB
ÉÈP

,N
EF
PMFPEVUPT
F

LN
EF
HBTPEVUPT
'JHVSB



)LJXUD±5HGHGH2OHRGXWRVGHVXSHUItFLHQD=RQD5XUDOGH0RVVRUyHPPHLRD
YHJHWDomRGHFDDWLQJD
)RWR$ULVWRWHOLQD

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "
DIFHBEB
EB
1FUSPCSBT
B
.PTTPSÓ
USPVYF
DPOTJHP
VN
HSBOEF
OÙNF
SP
EF
GVODJPOÃSJPT
RVF
EFNBOEBWBN
QPS
BDPNPEBÉ×FT
JNFEJBUBT
"TTJN

DPODPNJUBOUFNFOUF
Æ
DIFHBEB
EB
1FUSPCSBT
FN
EFDPSSËODJB
EB
JOTUBMBÉÈP

EB
&NQSFTB
NVJUPT
NFJPT
EF
IPTQFEBHFOT
TVSHJSBN
FN
QPOUPT
EJGFSFOUFT

EB
$JEBEF
­
P
DBTP
EF
IPUÊJT
QPVTBEBT
JNÓWFJT
SFTJEFODJBJT
RVF
NVJUPT

GPSBN
EJTQPOJCJMJ[BEPT
QBSB
B
MPDBÉÈP
EPT
USBCBMIBEPSFT
RVF
QSPWJOIBN
EF

PVUSBT
DJEBEFT

0
)PUFM
i0VSP
/FHSPu
'JHVSB


GPJ
VN
EFTUFT
FNQSFFOEJNFOUPT

RVF
TVSHJSBN
DPN
B
&NQSFTB
OB
$JEBEF
*OTUBMBEP
OB
#3
P
FNQSF
FOEJNFOUP
BDPNPEBWB
GVODJPOÃSJPT
EB
1FUSPCSBT
CFN
DPNP
EBT
&NQSFTBT

$POUSBUBEBT
RVF
UBNCÊN
DIFHBSBN
Æ
$JEBEF
&TUF
GPJ
VN
EPT
QSJNFJSPT

IPUÊJT
EFTTF
QFSÎPEP
NBT
PVUSPT
DIFHBSBN
UBNCÊN
BUSBÎEPT
QFMB
QPTTJ
CJMJEBEF
EF
VNB
PDVQBÉÈP
RVF
JOEFQFOEFTTF
EBT
BMUBT
PV
CBJYBT
FTUBÉ×FT

EP
4FUPS
QPJT
B
BUJWJEBEF
TPNFOUF
UJOIB
B
FYQBOEJSTF
UBJT
GPSBN
)PUFM

i4BCJOP
1BMBDFu
'JHVSB


i%FM
1MBUB
)PUFMu
i/PSNBOEJF
)PUFMu
)PUFM

i*NQFSJBMu
F
PVUSPT

)LJXUD±+RWHO³2XUR1HJUR´QD%5XPGRVSULPHLURVKRWpLVFULDGRVQRDImGD
FKHJDGDGD3HWUREUDVj&LGDGH
)RWR$ULVWRWHOLQD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD  ± +RWHO ³1RYR 0XQGR´ SRSXODUPHQWH FRQKHFLGR FRPR ³6DELQR 3DODFH´ QR
EDLUUR³$OWRGH6mR0DQRHO´XPGRVKRWpLVTXHPDQWpPFRQWUDWRGHKRVSHGDJHPFRP
D3HWUREUDV
)RWR3UHIHLWXUD0XQLFLSDOGH0RVVRUy

)LJXUD±+RWHO³7KHUPDV´PDLRUKRWHOGD&LGDGH
)RWR3UHIHLWXUD0XQLFLSDOGH0RVVRUy

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 &N

P
4FUPS
)PUFMFJSP
BQSFTFOUBWB
BQFOBT

MFJUPT
/FTTF

QFSÎPEP
P
)PUFM
i5IFSNBTu
'JHVSB


VN
EPT
QSJNFJSPT
EB
DJEBEF
UJOIB


BQBSUBNFOUPT
IPKF
Ê
P
NBJPS
EB
$JEBEF
QPTTVJOEP

BQBSUBNFOUPT


"
BUJWJEBEF
QFUSPMÎGFSB
HBSBOUF
VNB
CPB
NÊEJB
EF
PDVQBÉÈP
EPT
IP
UÊJT
F
QPVTBEBT
EB
$JEBEF
)Ã
VNB
EFQFOEËODJB
EJSFUB
EP
4FUPS
DPN
FTUB

BUJWJEBEF
KÃ
RVF
B
&NQSFTB
NBOUÊN
DPOUSBUP
EF
QSFTUBÉÈP
EFTUF
TFSWJÉP

DPN
PT
IPUÊJT
EB
$JEBEF
&TTFT
DPOUSBUPT
TÈP
SFTQPOTÃWFJT
QFMB
WJBCJMJEBEF

FDPOÔNJDB
EB
NBJPSJB
EPT
.FJPT
EF
)PTQFEBHFN
FN
.PTTPSÓ
)Ã
VNB

EJGFSFOÉB
RVBOUP
ÆT
UBYBT
EF
PDVQBÉÈP
EPT
IPUÊJT
EB
$JEBEF

VNB
QBSUJDVMB
SJEBEF
OP
DPNQPSUBNFOUP
EP
.FSDBEP
FN
SFMBÉÈP
BPT
WBMPSFT
BQSFTFOUBEPT

OBT
EFNBJT
$JEBEFT
EP
1BÎT
0T
IPUÊJT
BQSFTFOUBN
VNB
NFOPS
UBYB
EF
PDV
QBÉÈP
OPT
QFSÎPEPT
UJEPT
QFMP
.FSDBEP
DPNP
EF
BMUB
NFTFT
EF
EF[FNCSP
F

KBOFJSP

QPJT
TFHVOEP
EFQPJNFOUPT
EF
QSPQSJFUÃSJPT
EF
IPUÊJT
FTUF
Ê
VN

QFSÎPEP
EF
GÊSJBT
EF
CPB
QBSUF
EPT
GVODJPOÃSJPT
EBT
&NQSFTBT
1FUSPMÎGFSBT

0
RVF
FWJEFODJB
B
SFMBÉÈP
EJSFUB
DPN
B
BUJWJEBEF
QFUSPMÎGFSB
F
OÈPUVSÎTUJDB

DPOUSBSJBOEP
QPSUBOUP
P
RVF
BDPOUFDF
OB
NBJPSJB
EBT
$JEBEFT
RVF
UËN

OP
QFSÎPEP
EF
GÊSJBT
PT
NBJPSFT
ÎOEJDFT
EF
PDVQBÉÈP
EBT
TVBT
VOJEBEFT
IP
UFMFJSBT

4FHVOEP
P
4S
+PÈP
4BCJOP

1SFTJEFOUF
EP
4JOEJDBUP
EPT
)PUÊJT
#B
SFT
F
3FTUBVSBOUFT

FN

B
3FEF
)PUFMFJSB
EF
.PTTPSÓ
DPOUBWB

DPN

MFJUPT
F

BQBSUBNFOUPT
FOUSF
QPVTBEBT
F
IPUÊJT
4F
MFWBSNPT

FN
DPOTJEFSBÉÈP
PVUSPT
.FJPT
EF
)PTQFEBHFN
F
.PSBEJB
RVF
OÈP
DPOT
UBN
OBT
FTUBUÎTUJDBT
PàDJBJT
DPNP
RVBSUPT
QBSB
MPDBÉÈP
DFSUBNFOUF
FTUFT

OÙNFSPT
TFSÈP
CFN
NBJPSFT
)Ã
VNB
RVBOUJEBEF
DPOTJEFSÃWFM
EF
RVBSUPT

QBSB
MPDBÉÈP
FN
UPEPT
PT
CBJSSPT
EB
$JEBEF
POEF
FTTBT
GPSNBT
FTQBDJBJT

QSPMJGFSBSBN
TJHOJàDBUJWBNFOUF
$POTJEFSBÉ×FT
TPCSF
FTUB
SFBMJEBEF
FN
SF
GFSËODJB
BP
$FOUSP
F
BPT
CBJSSPT
GPSBN
QVCMJDBEBT
OPT
BOPT
EF

F


FN
KPSOBM
MPDBM

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 /P
BOP
EF


"T
DPOTUSVUPSBT
FTRVFDFSBN
FTTF
TFHNFOUP
EF
NFSDBEP
F
QSFDJTBN

JOWFTUJS
FN
FNQSFFOEJNFOUPT
QBSB
FTUF
QÙCMJDP

"
QSPDVSB
EFWF
TFS
MPOHB
4PMUFJSPT
PV
DBTBJT
TFN
àMIPT
RVF
CVTDBN

B
TFHVSBOÉB
EF
VN
BQBSUBNFOUP
EF
QFRVFOP
QPSUF
EFTDPCSFN
RVF

JTTP
Ê
VNB
SBSJEBEF
FN
.PTTPSÓ
"
DJEBEF
OÈP
UFN
VN
ÙOJDP
DPO
EPNÎOJP
DPN
BQBSUBNFOUPT
EF
VN
RVBSUP
F
PT
EF
EPJT
RVBSUPT
TÈP

QPVRVÎTTJNPT
/PT
ÙMUJNP

NFTFT
GPSBN
BQFOBT
EPJT
MBOÉBNFOUPT

JNPCJMJÃSJPT
1BSB
FTUF
UJQP
EF
JORVJMJOP
BT
PQÉ×FT
TF
MJNJUBN
BPT

BQBSUBNFOUPT
DPOTUSVÎEPT
FN
DJNB
EBT
MPKBT
0
QSPCMFNB
Ê
RVF
B

NBJPSJB
àDB
OP
DFOUSP
EB
DJEBEF
F
PGFSFDFN
QPVDB
JOGSBFTUSVUVSB

+03/"-
%&
'"50

EF
NBJP
EF



&
OP
BOP
EF


&N
BMHVNBT
BWFOJEBT
EP
DFOUSP
DPNFSDJBM
RVBTF
OÈP
TF
QFSDFCF

BT
QPSUBT
FTUSFJUBT
RVF
EÈP
QBSB
BT
DBMÉBEBT
DIFJBT
EF
DPNQSBEPSFT

RVF
USBOTJUBN
QFMBT
MPKBT
/P
FOUBOUP
PT
NPSBEPSFT
EP
DFOUSP
OÈP

TF
DBOTBN
EF
GBMBS
EP
QBTTBEP
F
EF
DPNP
UVEP
FSB
EJGFSFOUF
IÃ
BOPT

BUSÃT
"
BWFOJEB
"VHVTUP
4FWFSP
BJOEB
Ê
VNB
EBT
QPVDBT
RVF
QPTTVJ

NPSBEPSFT
.BJT
SFDFOUFNFOUF
WÃSJBT
MPKBT
DPNFÉBSBN
UBNCÊN
B

DPOTUSVJS
BQBSUBNFOUPT
PV
LJUJOFUFT
FN
DJNB
EBT
MPKBT
DPN
àOBMJEB
EF
EF
BMVHVFM
BVNFOUBOEP
BTTJN
VN
QPVDP
B
QPQVMBÉÈP
RVF
QBTTPV

B
SFTJEJS
OB
ÃSFB
+03/"-
%&
'"50

EF
BHPTUP
EF



"T
DPOTUSVÉ×FT
EF
QFRVFOBT
NPSBEJBT
QBSB
MPDBÉÈP
FTUÈP
EJTUSJCVÎEBT

OB
NBJPSJB
EPT
CBJSSPT
EB
$JEBEF
/P
$POKVOUP
-JCFSEBEF
OP
CBJSSP
i1MB
OBMUP

EF
.BJPu
NVJUPT
QSPQSJFUÃSJPT
EF
DPNÊSDJPT
PV
EF
SFTJEËODJBT

DPOTUSVÎSBN
OP
QBWJNFOUP
TVQFSJPS
EF
TFVT
JNÓWFJT
FTUF
UJQP
EF
NPSBEJB

'JHVSBT

F


4ÈP
RVBSUPTBMB
F
CBOIFJSP
FN
RVF
PT
MPDBUÃSJPT
FN
TVB

HSBOEF
NBJPSJB
TÈP
GVODJPOÃSJPT
EB
1FUSPCSBT
PV
EBT
&NQSFTBT
$POUSBUBEBT

QSFTUBEPSBT
EF
TFSWJÉPT
QBSB
FTUB
PT
RVBJT
USBCBMIBN
EF
TFHVOEB
B
TFYUB
GFJSB
FN
.PTTPSÓ
F
SFUPSOBN
OP
àOBM
EF
TFNBOB
QBSB
BT
TVBT
DJEBEFT
EF
PSJ
HFN
"P
NFTNP
UFNQP
B
QPQVMBÉÈP
MPDBM
FODPOUSPV
VNB
OPWB
NPEBMJEBEF

EF
BVNFOUBS
B
TVB
SFOEB
DPN
PT
QSPWFOUPT
EPT
BMVHVÊJT
SFDFCJEPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD±4XDUWRVSDUDORFDomRQR&RQMXQWR/LEHUGDGHPDVSUHFLVDPHQWHXPDHGL¿FD
omRGHIURQWHDRXWUDRTXHGHPRQVWUDDJUDQGHGHPDQGDSRUKRVSHGDJHPQD&LGDGH
)RWR$ULVWRWHOLQD

)LJXUD±4XDUWRVSDUDORFDomRQR&RQMXQWR/LEHUGDGHPXLWRXWLOL]DGRVSRUWUDED
OKDGRUHVGDDWLYLGDGHSHWUROtIHUD
)RWR$ULVWRWHOLQD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 &N
OPTTP
FOUFOEJNFOUP
P
OÙNFSP
F
B
NPCJMJEBEF
EB
GPSÉB
EF
USBCB
MIP
EB
*OEÙTUSJB
1FUSPMÎGFSB
FN
.PTTPSÓ
FORVBOUP
DPOEJÉÈP
F
QSPEVUP
EP

QSPDFTTP
EF
BDVNVMBÉÈP
EF
DBQJUBM
DSJBEPT
QPS
FTUB
BUJWJEBEF
BQSFTFOUBN
TF
JOUJNBNFOUF
SFMBDJPOBEPT
DPN
FTTBT
DPOTUSVÉ×FT
F
DPN
B
QSPEVÉÈP
EFTTBT

ÃSFBT
VSCBOBT
DPOàSNBOEP
BT
JOUFSSFMBÉ×FT
FYJTUFOUFT
FOUSF
B
NPCJMJEBEF

EFTTB
GPSÉB
EF
USBCBMIP
F
B
QSPEVÉÈP
EP
FTQBÉP
VSCBOP
RVFS
TFKB
OBT
ÃSFBT

DFOUSBJT
PV
WBMPSJ[BEBT
EB
DJEBEF
RVFS
UBNCÊN
OB
QFSJGFSJB

"
SFMBÉÈP
FOUSF
BT
BUJWJEBEFT
EP
QFUSÓMFP
F
P
.FSDBEP
*NPCJMJÃSJP
EF

BMVHVFM
F
EF
DPNQSB
F
WFOEB
EF
JNÓWFJT

QPEF
TFS
NFOTVSBEB
QFMB
EFNBOEB

QPS
JNÓWFJT
SFTJEFODJBJT
QBSB
BMVHBS
OP
NËT
EF
OPWFNCSP
QPJT
TFHVOEP

QSPQSJFUÃSJP EF
*NPCJMJÃSJB
FN
.PTTPSÓ
i<>
OFTUF
QFSÎPEP
.PTTPSÓ
SFDFCF

NVJUBT
QFTTPBT
Ê
B
ÊQPDB
FN
RVF
NVJUB
HFOUF
NJHSB
QPS
USBOTGFSËODJB
EF
USBCBMIP

UVEP
JTTP
QSPWPDB
P
BRVFDJNFOUP
EP
NFSDBEPu
$FSUBNFOUF
OPWFNCSP
OÈP
TF
DPO
àHVSB
DPNVNFOUF
DPNP
VN
CPN
NËT
QBSB
OFHÓDJPT
FN
PVUSBT
$JEBEFT

P
RVF
EFOPUB
VNB
SFMBÉÈP
EF
EFQFOEËODJB
EJSFUB
EB
BUJWJEBEF
QFUSPMÎGFSB

UBNCÊN
DPN
P
4FUPS
*NPCJMJÃSJP

"MÊN
EPT
TFSWJÉPT
SFRVFSJEPT
QFMB
BUJWJEBEF
QFUSPMÎGFSB
P
$PNÊSDJP

MPDBM
UBNCÊN
Ê
CBTUBOUF
CFOFàDJBEP
QFMP
4FUPS

/P
BOP
EF

GPSBN
JOWFTUJEPT
OP
&TUBEP
3
 
NJMI×FT
FN

DPOUSBUPT
F
TFSWJÉPT
F
3
 
NJMI×FT
QBSB
BRVJTJÉÈP
EF
NBUFSJBJT
%P

PSÉBNFOUP
EB
6/3/$&
QSFWJTUP QBSB
P
BOP
EF

3

NJMI×FT

TFSÈP
EFTUJOBEPT
ÆT
BUJWJEBEFT
EB
1FUSPCSBT
FN
.PTTPSÓ
%FTTF
UPUBM
3


NJMI×FT
TFSÈP
BQMJDBEPT
FN
JOWFTUJNFOUPT
F
3

NJMI×FT
OP
DVT
UFJP
EBT
BUJWJEBEFT
5SBUBOEPTF
FTQFDJàDBNFOUF
EPT
SFDVSTPT
EF
DVTUFJP
RVF

DJSDVMBN
FN
UFSSJUÓSJP
NPTTPSPFOTF
OP
4FUPS
5FSDJÃSJP
FTUFT
UËN
VN
QFTP

TJHOJàDBUJWP
OB
&DPOPNJB
-PDBM
4PNFOUF
OP
BOP
EF

B
&NQSFTB
DPN
QSPV
OB
1SBÉB
EP
.VOJDÎQJP
64
 
NJMI×FT
(SÃàDP




+PSOBM
(B[FUB
EP
0FTUF
PVUVCSP
EF



7BMPSFT
EJWVMHBEPT
FN
KBOFJSP
EF

EVSBOUF
BMNPÉP
PGFSFDJEP
QFMB
1FUSPCSBT
Æ
JNQSFOTB
0
FWFOUP
BDPOUFDFV
OP
TBMÈP

i0VSP
7FSEFu
EP
)PUFM
i5IFSNBT
POEF
GPSBN
BQSFTFOUBEPT
SFTVMUBEPT
F
JOWFTUJNFOUPT
FN
WÃSJPT
NVOJDÎQJPT
EP
3JP
(SBOEF
EP

/PSUF
F
FN
FTQFDJBM
FN
.PTTPSÓ

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD
*Ui¿FR9DORUGDVFRPSUDVUHDOL]DGDVSHOD3HWUREUDVHP0RVVRUy
)RQWH3HWUREUDV


 ­
VNB
TPNB
DPOTJEFSÃWFM
P
WBMPS
EBT
DPNQSBT
SFBMJ[BEBT
QFMB
1F
USPCSBT
FN
.PTTPSÓ
OÈP
TPNFOUF
QBSB
VNB
$JEBEF
.ÊEJB
#SBTJMFJSB
NBT

EFOUSP
EB
SFBMJEBEF
OBDJPOBM
B
BRVJTJÉÈP
EF
NFSDBEPSJBT
OFTTF
NPOUBOUF
FN

RVBMRVFS
.FSDBEP
Ê
NVJUP
TJHOJàDBUJWB

0T
QSPEVUPT
BERVJSJEPT
OP
.FSDBEP
-PDBM
TÈP
QSJODJQBMNFOUF
GFS
SBHFOT
NBUFSJBJT
IJESÃVMJDPT
DIBQBT
EF
GFSSP
NBOHVFJSBT
FUD
$POUVEP

TFHVOEP
P
4S
+PSHF
-VÎT
SFTQPOTÃWFM
QFMP
4FUPS
EF
$PNQSBT
EP
"51.0

FN
BMHVNBT
TJUVBÉ×FT
DFSUBT
NFSDBEPSJBT
OÈP
TÈP
BERVJSJEBT
OB
$JEBEF
QFMB

&NQSFTB
QSJODJQBMNFOUF
QPS
EPJT
NPUJWPT
PV
P
QSPEVUP
OÈP
BUFOEF
ÆT
FT
QFDJàDBÉ×FT
OPT
RVFTJUPT
EF
QBESÈP
F
RVBMJEBEF
FYJHJEPT
QFMB
1FUSPCSBT
PV

B
EJGFSFOÉB
EF
QSFÉP
QPJT
i<>
Ê
DPNVN
FODPOUSBS
FN
PVUSBT
QSBÉBT
DPNFSDJBJT

NFSDBEPSJBT
B
QSFÉPT
JOGFSJPSFT
&
FTUB
TFNBOB
NFTNP
FODPOUSBNPT
VN
SPMBNFOUP
FN

'PSUBMF[B
RVF
OPT
DVTUPV
3
NJM
FORVBOUP
RVF
BRVJ
FN
.PTTPSÓ
DVTUBWB
3


NJMu
*OGPSNBÉÈP
7FSCBM


0VUSP
BTQFDUP
B
DPOTJEFSBS
Ê
RVF
PT
OFHÓDJPT
DPN
BT
BUJWJEBEFT
EF

QFUSÓMFP
F
HÃT
DSJBN
VNB
DBEFJB
EF
PVUSPT
TFSWJÉPT
UBJT
DPNP
BMJNFOUB
ÉÈP
PàDJOBT
EF
NBOVUFOÉÈP
QPTUPT
EF
BCBTUFDJNFOUPT
UFMFDPNVOJDBÉ×FT

USBOTQPSUFT
IPTQFEBHFN
FUD
"MÊN
EP
OPWP
TFOUJEP
EBEP
BP
VSCBOP
F
EBT

USBOTGPSNBÉ×FT
RVF
DBVTBN
FTTFT
OFHÓDJPT
HFSBN
VN
áVYP
TJHOJàDBUJWP
EF

QFTTPBT
RVF
WJTJUBN
B
$JEBEF
4ÈP
UÊDOJDPT
PV
QSPàTTJPOBJT
EBT
NBJT
EJWFS
TBT
ÃSFBT
RVF
DPOUSJCVFN
DPN
B
TVB
FTUBEB
QBSB
BVNFOUBS
B
EFNBOEB
QPS

TFSWJÉPT

"
JNQPSUÄODJB
FDPOÔNJDB
EFTTF
QPUFODJBM
EF
QSPEVÉÈP
UBNCÊN
QPEF

TFS
BWBMJBEB
BUSBWÊT
EPT
WBMPSFT
RVF
EFNPOTUSBN
P
WPMVNF
EPT
SFDVSTPT

USBOTBDJPOBEPT
OP
&TUBEP
/P
QFSÎPEP
EF

B

B
1FUSPCSBT
JOWFTUJV

64

CJMI×FT
OB
6OJEBEF
EP
&TUBEP
F
OP
BOP
EF

P
NPOUBOUF
GPJ
EF

64

NJMI×FT
P
RVF
DPSSFTQPOEFN
B

EP
0SÉBNFOUP
EP
3JP
(SBO
EF
EP
/PSUF
OFTTF
BOP
3FTTBMUBTF
B
JNQPSUÄODJB
EB
*OEÙTUSJB
EF
1FUSÓMFP


3FWJTUB
1FUSPCSBT
i"
1&530#3"4
F
P
3JP
(SBOEF
EP
/PSUF
VNB
RVFTUÈP
EF
QBSDFSJBu
TM

1FUSPCSBT


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

FN
.PTTPSÓ
B
QBSUJS
EF

RVBOEP
BUJOHJV
B
QSPEVÉÈP
EF

CBSSJT

F
BMDBOÉPV
FN

P
QBUBNBS
EF

CBSSJT
HSBÉBT
B
VNB
DPO
TJEFSÃWFM
TPNB
EF
JOWFTUJNFOUPT
0
0SÉBNFOUP
EB
&NQSFTB
QBSB
P
BOP
EF


OP
3/
QSFWJV
3

CJMI×FT
EPT
RVBJT
3

NJMI×FT
EFTUJOBEPT

QBSB
JOWFTUJNFOUP
F
3
 
CJMIÈP
QBSB
DVTUFJP

%FTEF
B
TVB
JNQMBOUBÉÈP
OP
FTUBEP
EP
3JP
(SBOEF
EP
/PSUF
B
$PN
QBOIJB
WFN
JOWFTUJOEP
VNB
NBTTB
DPOTJEFSÃWFM
EF
SFDVSTPT
FN
&DPOPNJB

EP
&TUBEP
TPC
B
GPSNB
EF
JNQPTUPT
UBYBT
SPZBMUJFT
QBHPT
BP
&TUBEP
F
BPT

.VOJDÎQJPT
JOEFOJ[BÉ×FT
BPT
QSPQSJFUÃSJPT
EF
UFSSBT
DPNQSBT
EF
CFOT
F
TFS
WJÉPT
JOWFTUJNFOUPT
NBTTB
TBMBSJBM
FOUSF
PVUSPT
0
NPOUBOUF
BDVNVMBEP

OP
QBHBNFOUP
EF
SPZBMUJFT
EP
QFSÎPEP
EF

B

GPJ
EF
3
 
CJMIÈP

F
FN
JOWFTUJNFOUP
F
DVTUFJP
FN
JHVBM
QFSÎPEP
GPJ
EF
64
 
CJMI×FT

&OUSF
KBOFJSP
B
NBJP
EF

B
BUJWJEBEF
EF
FYQMPSBÉÈP
F
QSPEVÉÈP

EF
QFUSÓMFP
F
HÃT
OBUVSBM
&1

OP
#SBTJM
EJTUSJCVJV
DFSDB
EF
3
 
CJ
MI×FT
TPNFOUF
B
UÎUVMP
EF
SPZBMUJFT
FOUSF
B
6OJÈP
&TUBEPT
F
.VOJDÎQJPT
0T


.VOJDÎQJPT
CFOFàDJÃSJPT
EPT
SPZBMUJFT
QFUSPMÎGFSPT
GPSBN
BRVJOIPBEPT

DPN
DFSDB
EF

EFTTBT
SFDFJUBT
P
FRVJWBMFOUF
B
3
 
NJMI×FT
%FT
TFT
.VOJDÎQJPT
PT

NBJPSFT
CFOFàDJÃSJPT
 
EP
UPUBM
EF
CFOFàDJÃSJPT


SFDFCFSBN
3
 
NJMI×FT
P
RVF
DPSSFTQPOEF
B
BQSPYJNBEBNFOUF


EPT
SFQBTTFT
UPUBJT
EF
SPZBMUJFT
Æ
&TGFSB
.VOJDJQBM

/P
3JP
(SBOEF
EP
/PSUF
PT
QBHBNFOUPT
SFGFSFOUFT
B
SPZBMUJFT
BM
DBOÉBSBN
FN

NBJT
EF
3
 
NJMI×FT
QBSB
P
&TUBEP
F
3
 

NJMI×FT
QBSB

.VOJDÎQJPT
'JHVSB



.PTTPSÓ
FTUÃ
FOUSF
PT
.VOJDÎQJPT
RVF
NBJT
SFDVSTPT
UËN
SFDFCJEP

P
RVF
TF
DPOTUJUVJ
VN
EJGFSFODJBM
OB
&DPOPNJB
-PDBM
0
FYBNF
EB
5BCFMB


OÈP
EFJYB
EÙWJEB
EF
RVF
B
BUJWJEBEF
EF
&1
SFWFTUF
PT
.VOJDÎQJPT
EF

QPUFODJBMJEBEF
FN
UFSNPT
EF
DBQBDJEBEF
EF
JOWFTUJNFOUP
0
WPMVNF
EF


3FWJTUB
1FUSPCSBT

Q

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 )LJXUD0DSDGRVPXQLFtSLRVSURGXWRUHV

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

SFDVSTPT
SFQBTTBEPT
BPT
TFMFUPT
.VOJDÎQJPT
iQSPEVUPSFT
EF
QFUSÓMFPu
QSJO
DJQBJT
CFOFàDJÃSJPT

Ê
EF
UBM
NBHOJUVEF
RVF
QPTTJCJMJUBSJB
B
SFBMJ[BÉÈP
EF

iRVBTF
UVEPu
P
RVF
QPEF
BMNFKBS
VN
BVTUFSP
HFTUPS
-PHP
BT
DPCSBOÉBT
TÈP

JNFEJBUBT
BT
EFOÙODJBT
GBSUBT
F
P
EFCBUF
BDBMPSBEP
­
RVBTF
JSSFTJTUÎWFM

RVBOEP
P
BTTVOUP
Ê
SPZBMUZ
EP
QFUSÓMFP
B
JOEBHBÉÈP
EF
DPNP
PT
"MDBJEFT
EPT

.VOJDÎQJPT
iQSPEVUPSFTu
FTUÈP
BQMJDBOEP
TFVT
WPMVNPTPT
SFDVSTPT

7DEHOD 3DJDPHQWRGHUR\DOWLHVGRSHWUyOHRQR51
±D50,/+®(6

3(5Ë2'2        

5R\DOWLHV
       
(VWDGR51

5R\DOWLHV
       
0XQLFtSLRV

0DFDX        

*XDPDUp        

0RVVRUy        

$UHLD%UDQFD        

2XWURV0XQLFtSLRV        

48$17,'$'(
'(081,&Ë3,26        
%(1(),&,$'26

)RQWH3HWUREUDV

­
JNQPSUBOUF
EFTUBDBS
OP
FOUBOUP
RVF
BMHVOT
DJEBEÈPT
TÈP
UBNCÊN

EJSFUBNFOUF
CFOFàDJBEPT
DPN
QFSDFOUVBJT
àOBODFJSPT
TPCSF
B
QSPEVÉÈP
EF

QFUSÓMFP
FN
TVBT
UFSSBT
4ÈP
QFMP
NFOPT

GBNÎMJBT
FN
.PTTPSÓ
RVF
TP
CSFWJWFN
EP
EJOIFJSP
EP
QFUSÓMFP
FYUSBÎEP
EF
TVBT
UFSSBT
0
QBHBNFOUP

WBSJB
EF
3 
VN
4BMÃSJP
.ÎOJNP

B
3
NJM
QPS
NËT
%PT
NFTFT

EF
KBOFJSP
B
KVMIP
EF

TPNFOUF
PT
QSPQSJFUÃSJPT
EF
UFSSBT
FN
.PTTPSÓ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
SFDFCFSBN
3 
P
RVF
SFQSFTFOUB
NBJT
EB
NFUBEF
EP
SFDFCJEP

QPS
UPEB
"51.0
F
NBJT
EF

EF
UPEPT
.VOJDÎQJPT
JOUFHSBOUFT
EB
6/
3/$&
5BCFMB



7DEHOD 9DORUHVSDJRVDSURSULHWiULRVUXUDLVDWtWXORGH
SDUWLFLSDomRVREUHDSURGXomRGHSHWUyOHR

727$/3$*2(175($*2672$$*2672 9$/255

8151&( 

$7302 

0RVVRUy 

727$/3$*2'(-$1(,52$7e-8/+2

8151&( 

$7302 

0RVVRUy 

727$/3$*2(0-8/+2

8151&( 

$7302 

0RVVRUy 

1Ò0(52'(35235,(7È5,2648(5(&(%(03$57,&,3$d­2

8151&( SURSULHWiULRV

$7302 SURSULHWiULRV

)RQWH3HWUREUDV

3FTHVBSEBEB
QFMP
BOPOJNBUP
HBSBOUJEP
QFMB
&NQSFTB
FTUB
QBSDFMB

EB
QPQVMBÉÈP
NPTTPSPFOTF
NPWJNFOUB
P
.FSDBEP
*NPCJMJÃSJP
JOWFTUJOEP

OB
DPNQSB
EF
JNÓWFJT
F
TFHVOEP
EFQPJNFOUPT
FN
FOUSFWJTUBT
OÈP
TPNFOUF

OB
DJEBEF
EF
.PTTPSÓ
NBT
QSJODJQBMNFOUF
FN
/BUBM
F
FN
'PSUBMF[B
­

QPJT
VNB
TPNB
TJHOJàDBUJWB
EF
SFDVSTPT
RVF
UPEPT
P
NFTFT
DJSDVMBN
OP

.FSDBEP
-PDBM
EF
CFOT
F
TFSWJÉPT
TF
DPNQBSBEPT
Æ
SFBMJEBEF
EF
NVJUBT
$J

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EBEFT
EP
*OUFSJPS
EP
/PSEFTUF
EFQFOEFOUFT
EPT
QBSDPT
TBMÃSJPT
QÙCMJDPT
PV

EF
BQPTFOUBEPSJBT
EP
*/44

4ÈP
QSPQSJFUÃSJPT
EF
ÃSFBT
JODSVTUBEBT
OP
4FNJ¦SJEP
/PSEFTUJOP

RVF
BOUFSJPSNFOUF
EFQFOEJBN
EBT
DPOEJÉ×FT
DMJNÃUJDBT
QBSB
P
QMBOUJP

FSBN
UFSSBT
EF
QPVDP
VTP
BHSÎDPMB
OB
TVB
NBJPSJB
BCBOEPOBEBT
F
RVF
QPVDP

WBMJBN
FN
GBDF
EPT
TPMPT
QFESFHPTPT

)PKF
FTTFT
QSPQSJFUÃSJPT
TÈP
DPOIFDJEPT
DPNP
PT
iOPWPT
SJDPTu
DIB
NBOEP
BUFOÉÈP
EB
*NQSFOTB
/BDJPOBM
'PSBN
EFTUBRVF
OP
QSPHSBNB
i(MP
CP
3FQÓSUFSu
FYJCJEP
FN

QFMB
3FEF
(MPCP
EF
5FMFWJTÈP
"

SFQPSUBHFN
JOUJUVMBEB
i*MIBT
EF
1SPTQFSJEBEFu
EFTUBDB
$JEBEFT
RVF
TF
EF
TFOWPMWFSBN
OBT
ÙMUJNBT
EÊDBEBT
QPS
NFJP
EB
BUJWJEBEF
QFUSPMÎGFSB
&OUSF

FMBT
GPSBN
NPTUSBEBT
BT
DJEBEFT
EF
.BDBÊ

3+
F
.PTTPSÓ

3/
/P
DBTP
EF

.PTTPSÓ
P
1SPHSBNB
EFTUBDPV
P
EFTFOWPMWJNFOUP
FDPOÔNJDP
RVF
P
.VOJ
DÎQJP
BMDBOÉPV
EFQPJT
RVF
P
QFUSÓMFP
QBTTPV
B
TFS
FYQMPSBEP
i.PTTPSÓ
TFSJB

NBJT
VNB
DJEBEF
QFRVFOB
F
RVFOUF
EP
JOUFSJPS
EP
OPSEFTUF
TF
OÈP
GPTTF
P
QFUSÓMFPu

.PTUSPV
GBNÎMJBT
EB
;POB
3VSBM
RVF
NFMIPSBSBN
P
QBESÈP
EF
WJEB
EFQPJT

RVF
DPNFÉBSBN
B
SFDFCFS
WBMPSFT
QBHPT
B
UÎUVMP
EF
QBSUJDJQBÉÈP
TPCSF
B
QSP
EVÉÈP
EF
QFUSÓMFP
EB
1FUSPCSBT
QFMB
FYQMPSBÉÈP
FN
TVBT
QSPQSJFEBEFT

0T
QPÉPT
DPMPDBSBN
.PTTPSÓ
OP
NBQB
EBT
DJEBEFT
NBJT
QSPNJTTPSBT

EP
QBÎT
1SPNJTTPSB
UBNCÊN
Ê
B
WJEB
EB
GBNÎMJB
RVF
NPSBWB
OFTUB

QFRVFOB
DBTB
EF
CBSSP
F
EF
NBEFJSB
IPKF
<>
FMF
OPT
SFDFCFV
QBSB

OPT
DPOUBS
QPS
RVF
B
TVB
WJEB
NVEPV
­
TÓ
EBS
VNB
PMIBEB
BUSÃT
EB

WBSBOEB
0
QPÉP
EF
QFUSÓMFP
OÈP
QÃSB
EF
QSPEV[JS
EFTEF
RVF
FODPO
USBSBN
P
UFTPVSP
MPHP
BMJ
OP
RVJOUBM
BP
UPEP
GPSBN
QFSGVSBEPT


QPÉPT
OP
TJUJP
EF
TFV
"MCFSJ
RVF
HBSBOUFN
QBSB
B
GBNÎMJB
3

NJM

UPEP
NËT
#&"53*;
$"4530



.BT
PT
CFOFGÎDJPT
OÈP
QBSBN
BÎ
6NB
PVUSB
DPOUSJCVJÉÈP
àOBODFJSB

EB
&NQSFTB
BP
3/
RVF
OPT
GPSOFDF
JOEJDBEPSFT
QBSB
EJNFOTJPOBS
FTUB
&DP
OPNJB
OP
ÄNCJUP
FTUBEVBM
Ê
P
SFDPMIJNFOUP
EP
*NQPTUP
TPCSF
$JSDVMBÉÈP
EF

.FSDBEPSJBT
F
4FSWJÉPT
m
*$.4

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 1PS
EPJT
BOPT
DPOTFDVUJWPT
B
1FUSPCSBT
GPJ
B
FNQSFTB
RVF
NBJT
DPO
USJCVJV
DPN
P
QBHBNFOUP
EF
*$.4
5BCFMB


&TUB
QPTJÉÈP
DPODFSOF
BPT

WPMVNFT
F
WBMPSFT
EFDMBSBEPT
UBOUP
EF
QSPEVÉÈP
5BCFMB


SPZBMUJFT
5B
CFMB


F
JOWFTUJNFOUPT

7DEHOD 0DLRUHVFRQWULEXLQWHVGH,&06GR51

326,d­2 326,d­2 9$/255 9$/255

(035(6$
   

  3HWUyOHR%UDVLOHLUR6$±  

3HWUREUDV

  &RPSDQKLD(QHUJpWLFD  

GR51±&26(51

  7HOHPDU1RUGHVWH6$  

  3HWUREUDV'LVWULEXLGRUD  

GH3HWUyOHR6$

  6DWpOLWH'LVWULEXLGRUD  

GH3HWUyOHR6$

  7HOHUQ&HOXODU6$  

  &RPSDQKLD%UDVLOHLUD  

GH%HELGDV

  6RX]D&UX]6$  

  0'LDV%UDQFR6$  

&RPH,QG

  *XDUDUDSHV&RQIHFo}HV  

)RQWH6HFUHWDULDGH7ULEXWDomRGR(VWDGRGR51

1PS
ÙMUJNP
NBJT
VN
PVUSP
JOEJDBEPS
EB
EJOÄNJDB
EB
&DPOPNJB
EP

1FUSÓMFP
OB
$JEBEF
B
JOTUBMBÉÈP
EF
"HËODJBT
#BODÃSJBT
EBT
QSJODJQBJT
*OT
UJUVJÉ×FT
'JOBODFJSBT
EP
1BÎT
FN
.PTTPSÓ
DPNP
SFTQPTUB
B
FTTB
DJSDVMBÉÈP

àOBODFJSB
EFOUSP
EP
.VOJDÎQJP
EFTDSJUB
OFTUF
5SBCBMIP
QSPWFOJFOUF
EB

BRVJTJÉÈP
EF
CFOT
F
TFSWJÉPT
EP
QBHBNFOUP
EF
UBYBT
JNQPTUPT
F
SPZBMUJFT

FUD
&YJTUFN
IPKF
OB
$JEBEF

"HËODJBT
#BODÃSJBT
F
BUÊ
NFBEPT
EF


TFSÈP
BCFSUBT
NBJT
RVBUSP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "
$JEBEF
UFN
VN
IJTUÓSJDP
RVF
SFMBDJPOB
P
TFV
DSFTDJNFOUP
B
TVDFT
TJWBT
iPOEBT
EF
JOPWBÉ×FTu
NPEJàDBEPSBT
EPT
BTQFDUPT
GVODJPOBJT
FDPOÔNJ
DP
TPDJBM
DVMUVSBM
JOTUJUVDJPOBM
F
EP
FTQBÉP
HFPHSÃàDP
*OPWBÉ×FT
RVF
OB

MFJUVSB
EP
1SPG
.JMUPO
4BOUPT
BQBSFDFN
DPNP
QFSÎPEPT
RVF
DPOUËN
P
DP
OIFDJNFOUP
UÊDOJDPDJFOUÎàDP
B
RVF
TF
BHSFHB
OPT
EJBT
EF
IPKF
P
FMFNFOUP

JOGPSNBDJPOBM
4ÈP
JOPWBÉ×FT
USBOTGPSNBEPSBT
RVF
B
1FUSPCSBT
JODPSQPSB
BP

FTQBÉP
EB
$JEBEF
RVF
B
NBJPSJB
EF
TVB
4PDJFEBEF
FTQFSB
TF
USBOTGPSNFN
FN

RVBMJEBEF
EF
WJEB
F
CFNFTUBS
TPDJBM
QBSB
UPEPT

$)UXWLFXOWXUD,UULJDGD

6NB
PVUSB
BUJWJEBEF
QSPNPWF
EJOBNJTNP
Æ
&DPOPNJB
F
BP
&TQB

ÉP
.PTTPSPFOTF
B
'SVUJDVMUVSB
*SSJHBEB
4JNVMUBOFBNFOUF
ÆT
EVBT
PVUSBT

BUJWJEBEFT
m
4BMJOJDVMUVSB
F
&YQMPSBÉÈP
EF
1FUSÓMFP

DPNQMFUB
B
GPSNBÉÈP

EP
USJQÊ
EF
TVTUFOUBÉÈP
FDPOÔNJDB
EF
.PTTPSÓ
DPNP
QSFUFOEF
NPTUSBS
FTUF

&TUVEP

"
QBSUJS
EF
TVB
JNQMBOUBÉÈP
FTUB
BUJWJEBEF
WFN
QSPNPWFOEP
OP
.V
OJDÎQJP
VN
SÃQJEP
QSPDFTTP
EF
JOUSPEVÉÈP
EF
JOPWBÉ×FT
UFDOPMÓHJDBT

VN

EPT
TVQPSUFT
QBSB
B
GPSNBÉÈP
EPT
EFNBJT
4FUPSFT
&DPOÔNJDPT
F
EB
SÃQJEB

VSCBOJ[BÉÈP
EB
$JEBEF

"
NPEFSOJ[BÉÈP
JOEVTUSJBM
F
BHSPJOEVTUSJBM
OPSEFTUJOB
JOJDJPVTF
B

QBSUJS
EB
EÊDBEB
EF

BUSBWÊT
EPT
1SPHSBNBT
RVF
WJTBWBN
B
EFTDPODFO
USBS
P
QSPDFTTP
EF
HFSBÉÈP
EF
SJRVF[BT
OP
#SBTJM
&TTFT
1SPHSBNBT
UJOIBN

DPNP
FJYP
FTQBDJBM
P
EFTFOWPMWJNFOUP
EBT
DIBNBEBT
;POBT
1ÓMP1SPEV
UPSBT
RVF
SFDFCFSBN
EP
(PWFSOP
'FEFSBM
*OGSB&TUSVUVSB
TVCTÎEJPT
F
WÃ
SJBT
FTQÊDJFT
EF
QPMÎUJDB
EF
GPNFOUP
F
UJOIBN
DPNP
àOBMJEBEF
WJBCJMJ[BS
B

BDVNVMBÉÈP
EF
$BQJUBM
OBT
3FHJ×FT
DPOTJEFSBEBT
BUSBTBEBT
Æ
NFEJEB
RVF

FMBT
FSBN
TVCNFUJEBT
BPT
OPWPT
QSPDFTTPT
EF
BDVNVMBÉÈP
DBQJUBMJTUB
QSFEP
NJOBOUFNFOUF
P
$FOUSP4VM

/P
4FNJ¦SJEP
B
QSJODJQBM
BUJWJEBEF
BEPUBEB
EFOUSP
EB
FTUSBUÊHJB
EF

JOTFSÉÈP
QSPEVUJWB
GPJ
B
'SVUJDVMUVSB
*SSJHBEB
RVF
B
QBSUJS
EF
NFBEPT
EPT

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
BOPT

QBTTPV
B
EFTFNQFOIBS
VN
QBQFM
BJOEB
NBJT
EFTUBDBEP
NFEJBOUF

P
QSPDFTTP
EF
EFTDFOUSBMJ[BÉÈP
EP
1MBOFKBNFOUP
3FHJPOBM
F
B
SFGPSNVMBÉÈP

EPT
1ÓMPT
/PSEFTUJOPT
RVF
QPS
TVB
WF[
DPOEJDJPOBWBN
P
EFTFOWPMWJNFOUP

BPT
BTQFDUPT
EF
JOUFHSBÉÈP
F
EF
TVTUFOUBCJMJEBEF

%FUFSOPTFNPT
OFTUF
&TUVEP
FN
FTQFDJBM
OP
1ÓMP
EF
'SVUJDVMUVSB

 .PTTPSÓ
VN
EPT
MPDBJT
EBT
SFEFàOJÉ×FT
EB
JOUFSWFOÉÈP
HPWFSOBNFOUBM

OBT
;POBT
%JOÄNJDBT
/PSEFTUJOBT
RVF
TF
DPOàHVSPV
DPNP
VN
FTQBÉP
EF

BUSBÉÈP
EF
DBQJUBJT
NBJT
DPNQMFYPT
NBT
QBSB
P
NFMIPS
FOUFOEJNFOUP
EB

DPOàHVSBÉÈP
BUVBM
EF
.PTTPSÓ
BQSFTFOUBSFNPT
F
UFDFSFNPT
DPOTJEFSBÉ×FT

B
SFTQFJUP
EP
DPOUFYUP
OBDJPOBM
F
SFHJPOBM
FN
DVKB
SFBMJEBEF
.PTTPSÓ
FTUÃ

JOTFSJEB

&N
NFBEPT
EPT
BOPT

EFTFOWPMWFVTF
OP
#SBTJM
VNB
1PMÎUJDB

"HSÎDPMB
DPN
B
PSJFOUBÉÈP
EF
JOUFOTJàDBS
B
JOUFSBÉÈP
FOUSF
B
"HSJDVMUVSB

B
*OEÙTUSJB
EF
#FOT
EF
$BQJUBM
F
B
*OEÙTUSJB
EF
1SPDFTTBNFOUP
P
RVF
EF
UFSNJOPV
B
DPOTUJUVJÉÈP
EPT
$PNQMFYPT
"HSPJOEVTUSJBJT
#SBTJMFJSPT
,B
HFZBNB
FU
BM

#FMJL

(SB[JBOP
EB
4JMWB


1BSB
(SB[JBOP

EB
4JMWB



FTUF
NPWJNFOUP
EF
NVEBOÉB
EB
"HSJDVMUVSB
#SBTJ
MFJSB
DBSBDUFSJ[PVTF
QFMB
EFTBSUJDVMBÉÈP
EP
DIBNBEP
$PNQMFYP
3VSBM
DPN

B
DPOTUJUVJÉÈP
EPT
$PNQMFYPT
"HSPJOEVTUSJBJT
PV
TFKB
QFMB
TVCTUJUVJÉÈP
EB

&DPOPNJB
/BUVSBM
QPS
BUJWJEBEFT
BHSÎDPMBT
JOUFHSBEBT
Æ
*OEÙTUSJB
NVJUP

FNCPSB
B
NPEFSOJ[BÉÈP
EB
"HSJDVMUVSB
#SBTJMFJSB
UFOIB
BTTVNJEP
FYQSFTTÈP

DPODSFUB
FN
ÃSFBT
FTQBDJBMNFOUF
SFTUSJUBT
F
QPOUVBJT
DPNP
Ê
P
DBTP
EPT
NV
OJDÎQJPT
EF
.PTTPSÓ
F
"ÉV
OP
3JP
(SBOEF
EP
/PSUF
1FUSPMJOB
F
+VB[FJSP

FN
1FSOBNCVDP
-JNPFJSP
EP
/PSUF
F
.PSBEB
/PWB
OP
$FBSÃ

"
FTUSVUVSB
QPMÎUJDB
F
FDPOÔNJDB
JNQMBOUBEB
OP
1BÎT
B
QBSUJS
EF


PCKFUJWBWB
B
TVTUFOUBÉÈP
EF
UPEP
VN
1SPDFTTP
EF
*OEVTUSJBMJ[BÉÈP

RVF
EFWFSJB
TFS
DPNCJOBEP
B
VNB
JOUFOTB
6SCBOJ[BÉÈP
1BSB
UBOUP
P
&TUBEP

USBOTGPSNPVTF
FN
VN
BHFOUF
EF
EFTFOWPMWJNFOUP
F
PSHBOJ[BÉÈP
EP
FTQBÉP

DPMPDBOEP
FN
QSÃUJDB
VN
NPEFMP
EF
DSFTDJNFOUP
FDPOÔNJDP
RVF
QSJWJMF
HJBWB
P
BVNFOUP
EBT
FYQPSUBÉ×FT
F
B
FOUSBEB
EF
DBQJUBJT
USBOTOBDJPOBJT
OBT

WÃSJBT
FTGFSBT
EP
4JTUFNB
1SPEVUJWP
QBSUJDVMBSNFOUF
OP
DBNQP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "
QPMÎUJDB
NPEFSOJ[BOUF
FYQBOEJVTF
OP
FTQBÉP
SVSBM
OBDJPOBM
DPNP

FTUFJP
EB
EJOÄNJDB
JOEVTUSJBMJ[BOUF
.BT
Ê
B
QBSUJS
EB
EÊDBEB
EF

RVF

P
(PWFSOP
QBTTB
B
EJSFDJPOBS
TVBT
BÉ×FT
NBJT
GPSUFNFOUF
QBSB
1SPHSBNBT

EF
*SSJHBÉÈP
QPS
NFJP
EB
BUVBÉÈP
EB
$PNQBOIJB
EP
%FTFOWPMWJNFOUP
EP

7BMF
EP
4ÈP
'SBODJTDP
m
$0%&7"4'

JNQMBOUBOEP
PT
QFSÎNFUSPT
QÙCMJ
DPT
JSSJHBEPT
"JOEB
OP
JOÎDJP
EFTTB
NFTNB
EÊDBEB
EBEP
P
BVNFOUP
EBT

EFTJHVBMEBEFT
SFHJPOBJT
OP
1BÎT
DPVCF
BP
&TUBEP
JOEV[JS
P
QSPDFTTP
EF

NPEFSOJ[BÉÈP
BHSÎDPMB
QBSB
P
/PSEFTUF
4FNJ¦SJEP
m
B
i3FHJÈP1SPCMFNBu

 F
QBSB
BT
EFNBJT
¦SFBT
EFOPNJOBEBT
OBRVFMF
NPNFOUP
DPNP
iBUSBTBEBTu

1BSB
UBOUP
GPNFOUPV
1SPHSBNBT
EF
*OUFHSBÉÈP
m
DPNP
P
1SPHSBNB
EF
*O
UFHSBÉÈP
/BDJPOBM
m
1*/

RVF
MFWPV
P
%FQBSUBNFOUP
/BDJPOBM
EF
0CSBT

$POUSB
BT
4FDBT
m
%/0$4

B
QSPNPWFS
JOWFTUJNFOUPT
EF
GPSNB
NBDJÉB

OBT
4VC3FHJ×FT
DPNP
PT
7BMFT
¼NJEPT
EB
3FHJÈP
EP
1PMÎHPOP
EBT
4F
DBT
"
QBSUJS
EF
FOUÈP
B
JSSJHBÉÈP
QBTTPV
B
UFS
QSJPSJEBEF
OPT
PCKFUJWPT
F
B

TFS
B
UÔOJDB
EPT
1SPHSBNBT
EJSFDJPOBEPT
QBSB
B
3FHJÈP

%FTEF
P
TÊDVMP
9*9
BUÊ
NFBEPT
EP
TÊDVMP
99
B
BUVBÉÈP
GFEFSBM

OB
QSPNPÉÈP
EF
1SPKFUPT
EF
*SSJHBÉÈP
TF
KVTUJàDBWB
FN
HSBOEF
QBSUF
QFMP

DPNCBUF
ÆT
TFDBT
QFSJÓEJDBT
SFHJTUSBEBT
OP
1PMÎHPOP
EBT
4FDBT
P
RVF
MFWPV

Æ
DSJBÉÈP
EF
EJWFSTBT
'SFOUFT
EF
5SBCBMIP
F
EF
¶SHÈPT
1ÙCMJDPT
DPN
BT
TVBT

BÉ×FT
WPMUBEBT
QBSB
BNFOJ[BS
PT
FGFJUPT
EB
TFDB
QBSB
B
4PDJFEBEF
"
BUVBÉÈP

EP
&TUBEP
OP
/PSEFTUF
BOUFT
EB
BÉÈP
QMBOFKBEB
UFWF
SFTVMUBEP
NFSBNFOUF

BTTJTUFODJBMJTUB
QPJT
PDPSSJB
TPNFOUF
QBSB
BNFOJ[BS
BT
DPOTFRÛËODJBT
EPT

QFSÎPEPT
EF
TFDB
4FHVOEP
"MNFJEB


FTTB
BUVBÉÈP
TF
FGFUJWBWB
FN

EPJT
OÎWFJT
EJTUJOUPT
DPN
NFEJEBT
JNQMBOUBEBT
BQÓT
B
FTUJBHFN
DPNP
SFT
QPTUB
Æ
DPOTUBUBÉÈP
EF
VNB
OPWB
NBOJGFTUBÉÈP
EP
GFOÔNFOP
F
DPN
B
DSJBÉÈP

EF
VNB
*OGSB&TUSVUVSB
RVF
QVEFTTF
QFSNJUJS
B
DFSUBT
MPDBMJEBEFT
SFTJTUJSFN

BPT
QFSÎPEPT
EF
TFDB

"
3FHJÈP
EP
1PMÎHPOP
EBT
4FDBT
EFMJNJUBEB
FN

BUSBWÊT
EB
-FJ

F
SFWJTBEB
FN

BCSBOHF
PJUP
FTUBEPT
EB
SFHJÈP

/PSEFTUF
BMÊN
EF
QBSUF
EP
/PSUF
EF
.JOBT
(FSBJT
DPN
FYDFÉÈP
EP
.BSBOIÈP
F
P
MJUPSBM
MFTUF
EB
3FHJÈP
1FMB
$POTUJUVJÉÈP

EF

"SU

1BSÃHSBGPT

F

GPJ
SFHVMBNFOUBEB
F
EJTDJQMJOBEB
B
FYFDVÉÈP
EF
VN
QMBOP
EF
EFGFTB
DPOUSB
PT
FGFJUPT

EB
EFOPNJOBEB
iTFDB
EP
/PSEFTUFu
1PSUBOUP
P
DSJUÊSJP
QBSB
JODMVTÈP
EF
VNB
ÃSFB
BP
1PMÎHPOP
OÈP
GPJ
P
EF
QFSUFODFS
Æ
SFHJÈP

/PSEFTUF
NBT
RVF
BQSFTFOUBTTF
EFUFSNJOBEBT
DPOEJÉ×FT
OBUVSBJT

DPNP
TVKFJUB
B
SFQFUJEBT
DSJTFT
EF
QSPMPOHBNFOUP
EBT
FTUJBHFOT

F
DPOTFRÛFOUFNFOUF
PCKFUP
EF
QSPWJEËODJBT
EP
4FUPS
1ÙCMJDP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 'PJ
FYQSFTTJWB
OP
3JP
(SBOEF
EP
/PSUF
B
BÉÈP
EP
%/0$4
OB
QFS
GVSBÉÈP
EF
QPÉPT
OB
DPOTUSVÉÈP
EF
BÉVEFT
F
QFSÎNFUSPT
JSSJHBEPT
4FHVOEP

7BMËODJP


i&OUSF

F

GPSBN

PT
BÉVEFT
DPOTUSVÎEPT
OP
3/

DPN
VNB
DBQBDJEBEF
UPUBM
EF

Nä
EF
ÃHVB
4Ó
P
SJP
1JSBOIBT
SFDFCFV

OP
NFTNP
QFSÎPEP

CBSSBNFOUPT
QFMP
%/0$4
DPN
VNB
DBQBDJEBEF
UPUBM
EF


Näu
%JBOUF
EJTUP
QPS
VN
MPOHP
QFSÎPEP
P
%/0$4
UFWF
VN

QBQFM
JNQPSUBOUF
OB
DPOTUSVÉÈP
EPT
SFTFSWBUÓSJPT
EB
SFHJÈP
/PSEFTUF
CFN

DPNP
OB
TVB
HFTUÈP

&N

DPN
B
DSJBÉÈP
EP
(SVQP
&YFDVUJWP
EF
*SSJHBÉÈP
QBSB
P
%F
TFOWPMWJNFOUP
"HSÎDPMB
m
(&*%"

EFàOJVTF
VNB
1PMÎUJDB
EF
*SSJHBÉÈP

QBSB
P
/PSEFTUF
0
(&*%"
SFBMJ[PV
VN
MFWBOUBNFOUP
EF
UPEPT
PT
EBEPT

QFSUJOFOUFT
Æ
JSSJHBÉÈP
OP
#SBTJM
EFTEF
BT
DPOEJÉ×FT
EF
DMJNB
MFWBOUBNFOUP

EBT
ÃSFBT
DPN
QPUFODJBM
QBSB
JSSJHBÉÈP
OP
/PSEFTUF
F
EFUFSNJOPV
BT
GPSNBT

EF
TVB
FYQMPSBÉÈP
BUÊ
Æ
DPNFSDJBMJ[BÉÈP
EPT
QSPEVUPT
%FTTF
MFWBOUBNFOUP

SFTVMUBSBN
WÃSJPT
1SPHSBNBT
EF
*SSJHBÉÈP
&NCPSB
PT
1SPKFUPT
EF
*SSJHBÉÈP

JODJEJTTFN
TPCSF
ÃSFBT
POEF
KÃ
IBWJB
QSPEVÉÈP
F
OÈP
TPCSF
BT
ÃSFBT
SFBM
NFOUF
BGFUBEBT
QFMB
TFDB
&N
QPEFS
EB
JOGPSNBÉÈP
RVF
JOEJDBWBN
RVBJT

FSBN
BT
ÃSFBT
RVF
SFDFCFSJBN
JODFOUJWPT
QÙCMJDPT
QBSB
B
JSSJHBÉÈP
BMHVOT

JOWFTUJSBN
BOUFDJQBEBNFOUF
OB
TVB
BRVJTJÉÈP
PV
RVBOEP
KÃ
BT
EFUJOIBN

FN
TFV
QPEFS
BQFOBT
BHVBSEBSBN
P
NPNFOUP
EB
FYFDVÉÈP
EPT
1SPHSBNBT

QBSB
TFSFN
CFOFàDJBEPT
&TUB
TJUVBÉÈP
FTUÃ
UJQJàDBEB
OB
BOÃMJTF
EF
4BOUPT


Q

i"TTJN
TF
JOTUBMBN
BP
NFTNP
UFNQP
OÈP
TÓ
BT
DPOEJÉ×FT
EP
NBJPS

MVDSP
QPTTÎWFM
QBSB
PT
NBJT
GPSUFT
NBT
UBNCÊN
BT
DPOEJÉ×FT
QBSB
B
NBJPS
BMJFOBÉÈP

QPTTÎWFM
QBSB
UPEPTu
1PS
PVUSP
MBEP
TFHVOEP
(SB[JBOP

Q

B
JSSJ
HBÉÈP
FNFSHJSJB
DPNP
i<>
QSÊDPOEJÉÈP
QBSB
JNQMBOUBÉÈP
EF
VNB
BHSJDVMUVSB

NPEFSOB
OB
;POB
4FNJ¦SJEBu

0T
1SPHSBNBT
1MBOPT
F
1SPKFUPT
B
TFHVJS
GPSNBN
VNB
TÊSJF
RVF
FN

FUBQBT
GPSBN
BP
MPOHP
EBT
RVBUSP
ÙMUJNBT
EÊDBEBT
SFTVMUBEPT
EP
(&*%"

m
0
*
1MBOP
1MVSJBOVBM
EF
*SSJHBÉÈP
m
11*

FN

QBSB
TFS
FYFDVUBEP

FN
UPEP
P
1BÎT
P
1SPHSBNB
EF
%FTFOWPMWJNFOUP
EF
¦SFBT
*OUFHSBEBT
EP

/PSEFTUF
m
10-0/03%&45&

P
1MBOP
&TUBEVBM
EF
*SSJHBÉÈP
FN


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

P
1SPHSBNB
EF
*SSJHBÉÈP
EP
/PSEFTUF
m
130*/&

F
P
1SPHSBNB
/BDJPOBM

EF
"QSPWFJUBNFOUP
3BDJPOBM
EF
7ÃS[FBT
*SSJHÃWFJT
m
1307"3;&"4
5BN
CÊN
JODMVFNTF
BÎ
BT
MJOIBT
EF
DSÊEJUPT
F
àOBODJBNFOUPT
DPNP
P
130
5&33"
P
1SPHSBNB
EF
'JOBODJBNFOUP
QBSB
&RVJQBNFOUPT
EF
*SSJHBÉÈP

m
130''*3

PT
1ÓMPT
EF
%FTFOWPMWJNFOUP
*OUFHSBEP
F
NVJUPT
PVUSPT

1SPHSBNBT
RVF
GPSBN
JNQMFNFOUBEPT
QBSB
B
3FHJÈP

0
*
1MBOP
1MVSJBOVBM
EF
*SSJHBÉÈP
m
11*

FN

FTUBCFMFDJB
VNB

1PMÎUJDB
NFEJBOUB
B
RVBM
P
%/0$4
SFTQPOEFSJB
DPN
FTUVEPT
EF
BQSPWFJ
UBNFOUP
EP
QPUFODJBM
EF
ÃHVB
SFQSFTBEB
OPT
HSBOEFT
BÉVEFT
TVCVUJMJ[BEPT

BUÊ
FOUÈP

&N
TFHVJEB
WFJP
P
**
1MBOP
/BDJPOBM
EF
%FTFOWPMWJNFOUP
RVF
QBT
TPV
B
BUSJCVJS
BP
%/0$4
OÈP
TÓ
B
SFTQPOTBCJMJEBEF
QFMPT
FTUVEPT
NBT

UBNCÊN
QFMP
1MBOFKBNFOUP
F
0QFSBDJPOBMJ[BÉÈP
EBT
¦SFBT
EF
*SSJHBÉÈP

UBOUP
RVBOUP
QPTTÎWFM
SFGPSNVMBOEP
BT
CBTFT
UÊDOJDBT
OBRVFMBT
KÃ
USBEJDJP
OBMNFOUF
QSPEVUPSBT

+Ã
P
1SPHSBNB
EF
%FTFOWPMWJNFOUP
EF
¦SFBT
*OUFHSBEBT
EP
/PSEFTUF

m
10-0/03%&45&

DSJBEP
QFMP
%FDSFUP
O

EF

DPN

B
àOBMJEBEF
EF
QSPNPWFS
P
%FTFOWPMWJNFOUP
F
B
.PEFSOJ[BÉÈP
EBT
"UJWJ
EBEFT
"HSPQFDVÃSJBT
FN
ÃSFBT
QSJPSJUÃSJBT
EP
/PSEFTUF
WJTBWB
B
FRVBDJPOBS

F
TVQFSBS
QSPHSFTTJWBNFOUF
EF
NPEP
PSEFOBEP
F
JOUFHSBEP
PT
QSPCMFNBT

RVF
EJàDVMUBWBN
PV
NFTNP
JNQFEJBN
P
EFTFOWPMWJNFOUP
EF
QBSDFMB
DPOTJ
EFSÃWFM
EP
/PSEFTUF
SVSBM
4VB
DPODFQÉÈP
FTUBWB
GVOEBNFOUBEB
OB
QSFNJTTB

EF
RVF
P
/PSEFTUF
SVSBM
OÈP
QPEJB
TFS
DPOTJEFSBEP
EP
QPOUP
WJTUB
EB
BÉÈP

FYFDVUJWB
F
EB
QSPNPÉÈP
EP
EFTFOWPMWJNFOUP
DPNP
VN
UPEP
IPNPHËOFP

"TTJN
TFOEP
FN
GBDF
EF
TVB
EJWFSTJEBEF
TVCSFHJPOBM
UPSOBWBNTF
JOBEF
RVBEPT
1SPHSBNBT
VOJGPSNFT
F
QBESPOJ[BEPT

$POTJEFSBEBT
BT
EJGFSFOÉBT
EB
3FHJÈP
QBSB
B
FYFDVÉÈP
EP
10-0
/03%&45&
GPSBN
TFMFDJPOBEBT
ÃSFBT
FTQFDÎàDBT
EP
/PSEFTUF
SVSBM
DPN

P
QSPQÓTJUP
EF
USBOTGPSNÃMBT
FN
1ÓMPT
EF
%FTFOWPMWJNFOUP
&TTBT
ÃSFBT

QFMBT
DBSBDUFSÎTUJDBT
QFDVMJBSFT
EF
TPMP
ÃHVB
DMJNB
FUD
CFN
DPNP
EP
FT
UÃHJP
TPDJPFDPOÔNJDP
FN
RVF
TF
FODPOUSBWBN
FSBN
PCKFUP
EF
VN
1MBOP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
*OUFHSBEP
EF
%FTFOWPMWJNFOUP
SFQSFTFOUBEP
OPUBEBNFOUF
QFMB
FYFDVÉÈP

EF
1SPKFUPT
EF
*OGSB&TUSVUVSB
UBJT
DPNP
DPOTUSVÉÈP
EF
FTUSBEBT
WJDJOBJT

FMFUSJàDBÉÈP
SVSBM
ÃSFBT
EFTUJOBEBT
B
BSNB[FOBHFN
BMÊN
EB
SFBMJ[BÉÈP
EF

QFTRVJTB
F
FYQFSJNFOUBÉÈP
BHSÎDPMB
FYUFOTÈP
SVSBM
F
DSÊEJUP
SVSBM
"
BÉÈP

HPWFSOBNFOUBM
WJTBWB
BTTJN
B
QSPQJDJBS
DPOEJÉ×FT
EF
EJOBNJ[BS
B
QSPEV
ÉÈP
OB
3FHJÈP
FN
DBSÃUFS
JOPWBEPS
B
TFS
JNQMFNFOUBEB
QSJODJQBMNFOUF

QFMB
*OJDJBUJWB
1SJWBEB
SFTQFJUBOEP
F
BEFRVBOEP
B
FYFDVÉÈP
EF
1SPKFUPT
ÆT

QBSUJDVMBSJEBEFT
F
QFDVMJBSJEBEFT
EF
DBEB
ÃSFB
0
1SPHSBNB
GPJ
FYFDVUBEP

QFMP
FOUÈP
.JOJTUÊSJP
EP
*OUFSJPS
BUSBWÊT
EB
46%&/&
EP
#/#
F
QFMP

.JOJTUÊSJP
EB
"HSJDVMUVSB
"T
ÃSFBT
JOUFHSBOUFT
QSFMJNJOBSFT
TFMFDJPOBEBT

GPSBN
BT
ÃSFBT
EPT
7BMFT
¼NJEPT
EBT
4FSSBT
¼NJEBT
EB
"HSJDVMUVSB
4FDB

EPT
5BCVMFJSPT
$PTUFJSPT
F
BT
EF
$PMPOJ[BÉÈP
%FOUSF
PT
WBMFT
ÙNJEPT
EP

/PSEFTUF
DPOUFNQMBEPT
QFMP
10-0/03%&45&
FTUBWB
P
7BMF
EPT
SJPT

1JSBOIBT"ÉV
F
"QPEJ.PTTPSÓ
OP
FTUBEP
EP
3JP
(SBOEF
EP
/PSUF
RVF

BQSFTFOUBWB
FOUSF
PT
WBMFT
EB
SFHJÈP
/PSEFTUF
BT
NBJPSFT
QSPQPSÉ×FT
EF

UFSSBT
BQSPQSJBEBT
QBSB
B
"HSJDVMUVSB
*SSJHBEB

.BT
PVUSPT
WBMFT
EB
SFHJÈP
/PSEFTUF
QBSUJDJQBSBN
EPT
1SPHSBNBT
EF

*SSJHBÉÈP
DPPSEFOBEPT
QFMP
%/0$4
RVF
TF
DPNQSPNFUFV
DPN
P
SFQBTTF

EBT
USBOTGPSNBÉ×FT
UFDOPMÓHJDBT
F
B
JNQMBOUBÉÈP
F
BDPNQBOIBNFOUP
EPT

1ÓMPT
EF
%FTFOWPMWJNFOUP
"HSÎDPMB
4FHVOEP
(SB[JBOP


P
HFSFO
DJBNFOUP
EP
&TUBEP
TPCSF
PT
SFDVSTPT
IÎESJDPT
OP
4FNJ¦SJEP
WJBCJMJ[PV
P

1MBOP
1MVSJBOVBM
EF
*SSJHBÉÈP
**
m
11*
**

àOBODJBOEP
QFMP
1SPHSBNB
EF

*OUFHSBÉÈP
/BDJPOBM
m
1*/

B
JODMVTÈP
EF

QSPKFUPT
EP
%/0$4
MPDBMJ
[BEPT
OP
1PMÎHPOP
EBT
4FDBT
DPN
QSJPSJEBEF
EF
EFTUJOBÉÈP
EF
WFSCBT
QBSB

1SPKFUPT
JNQMBOUBEPT
OPT
7BMFT
¼NJEPT
EB
SFHJÈP
/PSEFTUF
B
TBCFS

xOP
1JBVÎ
(VSHVÊJB
F
1BSOBÎCB

xOP
$FBSÃ
"DBSBÙ
F
+BHVBSJCF

xOB
#BIJB
*UBQJDVSV
F
3JP
EBT
$POUBT
F

xOP
3JP
(SBOEF
EP
/PSUF
OP
7BMF
EP
"ÉV
F
OP
"QPEJ

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 0VUSPT
1SPHSBNBT
1MBOPT
F
&TUSBUÊHJBT
BP
MPOHP
EB
EÊDBEB
EF


GPSBN
TFOEP
JNQMFNFOUBEPT
OP
/PSEFTUF
&TTB
1PMÎUJDB
1ÙCMJDB
EF
"HSJ
DVMUVSB
*SSJHBEB
SFTVMUPV
OB
JNQMBOUBÉÈP
QFMP
%/0$4
EF
RVBUSP
1FSÎNF
USPT
*SSJHBEPT
OP
3/

130+&50
i$36;&5"u
*NQMBOUBEP
BUSBWÊT
EP
%FDSFUP
'FEFSBM
/


EF

EF
OPWFNCSP
EF

&OUSPV
FN
PQFSBÉÈP
FN

F
VUJ
MJ[BWB
B
ÃHVB
EP
BÉVEF
QÙCMJDP
i$SV[FUBu
OP
NVOJDÎQJP
EP
NFTNP
OPNF

DPOTUSVÎEP
FN


130+&50
i*5"/44"#6(*u
'PJ
JNQMBOUBEP
QFMP
%FDSFUP
/


EF

EF
PVUVCSP
EF

&OUSPV
FN
PQFSBÉÈP
FN

OPT
WBMFT
EPT
SJPT

1JSBOIBT"ÉV
F
VUJMJ[BWB
B
ÃHVB
BDVNVMBEB
QFMPT
BÉVEFT
*UBOT
DPOTUSVÎEP

QFMP
%/0$4
FN

OP
NVOJDÎQJP
EF
$BJDÓ
F
P
BÉVEF
i4BCVHJu
DPOTUSV
ÎEP
QFMP
%/0$4
FN

OP
NVOJDÎQJP
EF
4ÈP
+PÈP
EP
4BCVHJ

130+&50
i1"6
%04
'&3304u
4VB
JNQMBOUBÉÈP
GPJ
JOJDJBEB
FN


F
DPNFÉPV
B
PQFSBS
FN
GFWFSFJSP
EF

VUJMJ[BOEP
B
ÃHVB
BDVNVMBEB
EP

BÉVEF
QÙCMJDP
EF
1BV
EPT
'FSSPT
OP
.VOJDÎQJP
EP
NFTNP
OPNF
"UVBMNFO
UF
FYJTUFN
BMHVNBT
CBSSBHFOT
TVCNFSTBT
F
BÉVEFT
QBSUJDVMBSFT
EF
QFRVFOP

QPSUF
0
NVOJDÎQJP
EF
1BV
EPT
'FSSPT
QPMBSJ[B
VN
DPOKVOUP
EF
.VOJDÎ
QJPT
"MFYBOESJB
'SBODJTDP
%BOUBT
*UBÙ
+PTÊ
EB
1FOIB
.BSDFMJOP
7JFJ
SB
1BSBOÃ
1JM×FT
1PSUBMFHSF
3BGBFM
'FSOBOEFT
3JBDIP
EB
$SV[
3PEPMGP

'FSOBOEFT
4ÈP
'SBODJTDP
EP
0FTUF
4FWFSJBOP
.FMP
5BCVMFJSP
(SBOEF
5F
OFOUF
"OBOJBT
F
7JÉPTB

DPN
QFRVFOB
QSPEVÉÈP
&ODPOUSBNTF
FOUSFUBOUP

OP
NVOJDÎQJP
EF
1BV
EPT
'FSSPT
EVBT
"HSPJOEÙTUSJBT
EPDFT
F
SBÉÈP

RVF

DPNQSBN
B
TVB
QSPEVÉÈP
F
UBNCÊN
BHËODJBT
CBODÃSJBT
DBTBT
DPNFSDJBJT

FTQFDJBMJ[BEBT
F
BTTJTUËODJB
UÊDOJDB
QBSB
BQPJP
Æ
BHSJDVMUVSB
JSSJHBEB
BMÊN

EF
JOGSBFTUSVUVSB
RVF
EÃ
TVQPSUF
ÆT
OFDFTTJEBEFT
EF
TFSWJÉPT

/BT
ÃSFBT
EPT
USËT
QFSÎNFUSPT
JSSJHBEPT
TVQSBDJUBEPT
GPSBN
JNQMBO
UBEPT
QSPKFUPT
WPMUBEPT
QBSB
B
QSPEVÉÈP
EF
UPNBUF
JOEVTUSJBM
GFJKÈP
F
BSSP[

0
UPNBUF
UJOIB
B
TVB
QSPEVÉÈP
WPMUBEB
UPUBMNFOUF
QBSB
P
BCBTUFDJNFOUP
EF

BHSPJOEÙTUSJBT
EB
SFHJÈP
/PSEFTUF
RVF
USBCBMIBWBN
DPN
P
TFV
QSPDFTTB
NFOUP
"T
QSJODJQBJT
FNQSFTBT
DPNQSBEPSBT
EFTTFT
QSPEVUPT
GPSBN
B
1FJYF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
F
B
1BMNFJSPO
BNCBT
TFEJBEBT
FN
1FSOBNCVDP
4FHVOEP
*UBNBS
EF
4PV[B


Q

P
%/0$4
m
3/
FN
EBEPT
EF

FSBN
JSSJHBEPT

i<>

IFDUBSFT
EF
UFSSB
OPT
RVBJT
PT
JSSJHBOUFT
DVMUJWBWBN
UPNBUF
JOEVTUSJBM
FN

MBSHB
FTDBMB
QBSB
BT
JOEÙTUSJBTu

130+&50
i#"*90"¬6u
&TUF
1SPKFUP
UFSJB
WJOEP
DPNP
SFTQPTUB
Æ

DPOTUSVÉÈP
EB
#BSSBHFN
i&OH
"SNBOEP
3JCFJSP
(POÉBMWFTu
OP
BOP
EF


RVF
QFSFOJ[PV
PT
SJPT
1JSBOIBT
F
"ÉV
OVNB
FYUFOTÈP
EF
BQSPYJNB
EBNFOUF

LN
0
1SPKFUP
QSFWJB
B
JOTUBMBÉÈP
EF
VN
1FSÎNFUSP
1ÙCMJDP

EF
*SSJHBÉÈP
QBSB
B
‰
FUBQB

DPN
B
àOBMJEBEF
EF
BCTPSWFS
B
QPQVMBÉÈP

SVSBM
EFTBMPKBEB
QFMB
DPOTUSVÉÈP
EB
#BSSBHFN
RVF
QSPWPDPV
B
JOVOEBÉÈP

EF
HSBOEF
QBSUF
EP
NVOJDÎQJP
EF
4ÈP
3BGBFM
0
1FSÎNFUSP
GPJ
DSJBEP
OVNB

ÃSFB
EF

IFDUBSFT
OP
NVOJDÎQJP
EF
"ÉV
EJWJEJEB
FN
EVBT
FUBQBT
EF


IFDUBSFT
DBEB
VNB
B
QSJNFJSB
QBSB
TFSWJS
B
QFRVFOPT
QSPEVUPSFT
B

TFHVOEB
B
FNQSFTBT
BHSÎDPMBT
%FOUSF
BT
FNQSFTBT
EF
BHSJDVMUVSB
JSSJHBEB

JOTUBMBEBT
OP
NVOJDÎQJP
EF
"ÉV
EFTUBDBSBNTF
B
"(30,/0--
RVF
QSJ
NFJSP
JOUSPEV[JV
B
BHSJDVMUVSB
iUFDOJàDBEBu
OB
3FHJÈP
OP
àOBM
EB
EÊDBEB

EF

BOUFT
NFTNP
EB
JNQMBOUBÉÈP
EP
1SPKFUP
i#BJYP
"ÉVu
CFOFàDJBO
EPTF
QPTUFSJPSNFOUF
DPN
B
TVB
JNQMBOUBÉÈP
F
B
FNQSFTB
'36/035&

JOTUBMBEB
FN
NFBEPT
EPT
BOPT

BQÓT
B
DPOTUSVÉÈP
EB
#BSSBHFN
"NCBT
KÃ

OÈP
FTUÈP
NBJT
FN
BUJWJEBEF QSJODJQBMNFOUF
QFMB
JODBQBDJEBEF
àOBODFJSB

$POUVEP
BP
MPOHP
EP
UFNQP
PVUSBT
FNQSFTBT
EF
NFOPS
PV
NBJPS
QPSUF

GPSBN
DSJBEBT
F
B
SFHJÈP
EP
7BMF
EP
"ÉV
DPOUJOVB
TFOEP
VNB
EBT
ÃSFBT
EF

NBJPS
QSPEVÉÈP
EF
GSVUBT
EP
#SBTJM

"
TJUVBÉÈP
BUVBM
BQÓT
EB
DSJBÉÈP
EFTTFT
RVBUSP
1FSÎNFUSPT
1ÙCMJDPT

*SSJHBEPT
Ê
B
TFHVJOUF
PT
MPUFT
QPVDP
B
QPVDP
GPSBN
TFOEP
DPNFSDJBMJ[BEPT

F
GPSNBSBN
HSBOEFT
ÃSFBT
EF
QSPEVÉÈP
QSJWBEB
FWJEFODJBOEP
VNB
DPNQMFUB

EJTUPSÉÈP
EPT
1SPHSBNBT
JOJDJBJT
RVF
UJOIBN
DPNP
NFUB
GPSKBS
VN
HSBOEF

DPOUJOHFOUF
EF
JSSJHBOUFT
FOUSF
PT
QFRVFOPT
QSPEVUPSFT
MPDBJT
EFTMPDBEPT

QBSB
PT
1FSÎNFUSPT
0
1SPKFUP
i#BJYP"ÉVu
BQSFTFOUB
IPKF
TVBT
UFSSBT
TPC

DPOUSPMF
EB
*OJDJBUJWB
1SJWBEB
TÈP
GSVUJDVMUPSFT
FYQPSUBEPSFT
1SJPSJ[BSBN
TF
PT
MPUFT
EFTUJOBEPT
ÆT
FNQSFTBT
BHSÎDPMBT
RVF
EFTFNQFOIBSJBN
P
QBQFM

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EF
ÄODPSBT
JNQMFNFOUBOEP
OPWBT
UFDOPMPHJBT
OPWBT
GPSNBT
EF
QSPEVÉÈP
F

PSHBOJ[BÉÈP
EB
BUJWJEBEF
BHSÎDPMB

2VBOUP
BPT
1SPKFUPT
i$SV[FUBu
F
i*UBOT4BCVHJu
EFMF
OBEB
SFTUPV

)PKF
BT
ÃSFBT
FTUÈP
BCBOEPOBEBT
F
DPCFSUBT
EF
FSWBT
EBOJOIBT
F
DBQJN

5PEBT
FTTBT
JOWFST×FT
UJWFSBN
DPNP
FGFJUP
QSPWPDBS
VN
EJOBNJTNP

CBTUBOUF
JOUFOTP
OP
4FUPS
EF
'SVUJDVMUVSB
EP
&TUBEP
B
QPOUP
EF
OFMF
TF

UFSFN
JODMVÎEP
PVUSPT
.VOJDÎQJPT
DPNP
*QBOHVBÉV
$BSOBVCBJT
"MUP
EP

3PESJHVFT
"GPOTP
#F[FSSB
1FOEËODJBT
F
*UBKÃ

$PN
FTUB
BNQMJBÉÈP
PT
NVOJDÎQJPT
EF
"ÉV
F
.PTTPSÓ
QBTTBSBN
B

DPOTUJUVJS
VN
1ÓMP
'SVUJDVMUPS
"
ÃSFB
RVF
DPNQSFFOEF
FTTF
1ÓMP
"ÉV
.PTTPSÓ

FTUÃ
EJTUSJCVÎEB
OP
FOUPSOP
EBT
DJEBEFT
EF
"ÉV
F
EF
.PTTPSÓ

GPSNBOEP
EVBT
4VC[POBT
RVF
TFHVOEP
BT
DPODFQÉ×FT
EP
1ÓMP
UFOEFN
B
TFS

JOUFHSBEBT
FN
WJSUVEF
EB
QSPEVÉÈP
EF
GSVUBT
JSSJHBEBT
DPNP
NBJPS
FTQFDJ
àDJEBEF
FDPOÔNJDB
EFTTF
FTQBÉP
"T
4VC[POBT
UËN
B
TFHVJOUF
DPNQPTJÉÈP

B
4VC[POB
EF
.PTTPSÓ
RVF
BHSVQB
PT
.VOJDÎQJPT
JOáVFODJBEPT
EJSFUBNFOUF

QPS
.PTTPSÓ
B
TBCFS
"QPEJ
#BSBÙOB
'FMJQF
(VFSSB
(PWFSOBEPS
%JY4FQU

3PTBEP
4FSSB
EP
.FM
"SFJB
#SBODB
6QBOFNB
F
$BSBÙCBT
F
B
4VC[POB
EP

"ÉV
RVF
DPNQSFFOEF
PT
TFHVJOUFT
.VOJDÎQJPT
"ÉV
*QBOHVBÉV
$BSOBV
CBJT
"MUP
EP
3PESJHVFT
"GPOTP
#F[FSSB
1FOEËODJBT
F
*UBKÃ
'JHVSB



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 
)LJXUD± 3yOR)UXWLFXOWRU$oX0RVVRUy
(ODERUDomR $ULVWRWHOLQD

([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD
 $BEB
VNB
EBT
4VC[POBT
UFN
TVB
QSÓQSJB
QFDVMJBSJEBEF
OP
RVF
EJ[

SFTQFJUP
BP
QSPDFTTP
IJTUÓSJDP
EF
EFTFOWPMWJNFOUP
%FOUSF
FTUBT
DBSBDUFSÎT
UJDBT
P
NPEP
DPNP
DBEB
4FEF
EBT
4VC[POBT
F
PT
.VOJDÎQJPT
TPC
TVB
JOáVËO
DJB
QSPNPWFN
B
DBQUBÉÈP
EB
ÃHVB
QBSB
JSSJHBÉÈP
/B
4VC[POB
EF
.PTTPSÓ

B
DBQUBÉÈP
Ê
GFJUB
QSJODJQBMNFOUF
BUSBWÊT
EF
QPÉPT
BSUFTJBOPT
&N
.PTTPSÓ

QPS
FYFNQMP
B
NBJPSJB
EFTTFT
QPÉPT
Ê
EF
HSBOEF
QSPGVOEJEBEF
FOUSF


B

N

TFOEP
QPSUBOUP
CBTUBOUF
POFSPTBT
UBOUP
B
QFSGVSBÉÈP
RVBOUP

B
TVB
NBOVUFOÉÈP
+Ã
OB
4VC[POB
EP
"ÉV
P
QSJODJQBM
NFJP
EF
DBQUBÉÈP
EB

ÃHVB
QBSB
JSSJHBÉÈP
EPT
QSPKFUPT
iGSVUÎDPMBTu
TF
GB[
BUSBWÊT
EF
DBOBJT
EP

#BJYP"ÉV
PV
EP
1BUBYÓ

PV
EJSFUBNFOUF
EP
MFJUP
EP
SJP
1JSBOIBT"ÉV

QFSFOJ[BEP
QFMB
CBSSBHFN
i"SNBOEP
3JCFJSP
(POÉBMWFTu

7PMUBOEP
Æ
DPOTUJUVJÉÈP
EFTTFT
1ÓMPT
Ê
QSFDJTP
OPUBS
RVF
JTUP
OÈP
TF

EFV
EF
NBOFJSB
JTPMBEB
OP
ÄNCJUP
OBDJPOBM
NBT
GB[JB
QBSUF
EB
UFOEËODJB

EP
&TUBEP
EF
JOUFOTJàDBS
TVBT
QSÃUJDBT
UFSSJUPSJBJT
QPS
NFJP
EBT
FTUSBUÊHJBT

EF
*OUFHSBÉÈP
/BDJPOBM
OB
UFOUBUJWB
EF
FYQBOEJS
BT
GSPOUFJSBT
FDPOÔNJDBT

PV
EP
$BQJUBMJTNP
OP
1BÎT

1PSUBOUP
P
QSPDFTTP
EF
SFPSHBOJ[BÉÈP
FTQBDJBM
EP
DBNQP
EF
.PTTP
SÓ
OP
4FUPS
"HSÎDPMB
FTUBWB
UBNCÊN
BSUJDVMBEP
B
FTTBT
1PMÎUJDBT
1ÙCMJDBT

DVKP
QSJODÎQJP
CÃTJDP
FSB
B
*OUFHSBÉÈP
/BDJPOBM
%FTTF
NPEP
PT
1SPHSBNBT

F
1SPKFUPT
EF
*SSJHBÉÈP
QBSB
.PTTPSÓ
UJWFSBN
DPNP
GVOEBNFOUP
NBJPS
B

DSJBÉÈP
EF
FTQBÉPT
FN
RVF
B
MÓHJDB
DBQJUBMJTUB
QVEFTTF
áVJS
EF
GPSNB
NBJT

EJOÄNJDB
0
NFTNP
TF
EFV
DPN
SFMBÉÈP
BPT
i1ÓMPT
EF
%FTFOWPMWJNFOUPu

PSJVOEPT
EBT
JEÊJBT
EF
1FSSPVY

"OESBEF


EFTUBDB
B
BEFTÈP
EB
46%&/&
B
QBSUJS
EF

ÆT

UFOUBUJWBT
EF
BQMJDBÉÈP
Æ
SFBMJEBEF
CSBTJMFJSB
EB
5FPSJB
EPT
1ÓMPT
EF
%FTFO
WPMWJNFOUP
$POTJEFSBOEP
RVF
P
QSÓQSJP
1FSSPVY
BQVE
"OESBEF


Qm

BENJUF
FTUFOEFS
B
GVOÉÈP
NPUSJ[
ÆT
"UJWJEBEFT
1SJNÃSJBT
PT
1F
SÎNFUSPT
EF
*SSJHBÉÈP
TF
DPOTUJUVÎBN
BTTJN
OFTTB
DPODFQÉÈP
FN
1ÓMPT
EF

%FTFOWPMWJNFOUP
"HSÎDPMB
&N
PVUSB
UFNQPSBMJEBEF
DPOUVEP
OB
CVTDB
EF

DPNQSFFOEFSNPT
FTUB
EJOÄNJDB
BHPSB
B
QBSUJS
EBT
JEÊJBT
EF
4BOUPT



QPEFTF
BàSNBS
RVF
TF
USBUBWB
EB
DSJBÉÈP
EF
&TQBÉPT
3BDJPOBJT
.FTNP
RVF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
FTTBT
BÉ×FT
QVEFTTFN
TFS
VTBEBT
DPNP
BÉ×FT
EF
DPNCBUF
ÆT
TFDBT
EF
EPUBÉÈP

EF
JOGSBFTUSVUVSBT
Æ
UFSSB
EF
EFTFOWPMWJNFOUP
SFHJPOBM
USBUBWBTF
OB
TVB

FTTËODJB
EF
VNB
FTUSBUÊHJB
EF
JOUFHSBS
FTTFT
FTQBÉPT
EF
GPSNB
NBJT
EJOÄ
NJDB
Æ
&DPOPNJB
/BDJPOBM
1BSB
4BOUPT

Q

P
&TQBÉP
3BDJPOBM

Ê
P
FTQBÉP
DSJBEP
EJSFUBNFOUF
QBSB
B
BQMJDBÉÈP
EF
UÊDOJDBT
SBDJPOBJT
F
DJFO
UÎàDBT
­
P
FTQBÉP
NBSDBEP
QFMB
$JËODJB
QFMB
5FDOPMPHJB
F
QFMB
*OGPSNBÉÈP

FOàN
QPS
VNB
DBSHB
EF
SBDJPOBMJEBEF
FTTFODJBMNFOUF
DBQJUBMJTUB
/BT
TVBT

QBMBWSBT
i<>
P
FTQBÉP
SBDJPOBM
TVQ×F
VNB
SFTQPTUB
QSPOUB
F
BEFRVBEB
ÆT
EFNBOEBT

EPT
BHFOUFT
EF
NPEP
B
QFSNJUJS
RVF
P
FODPOUSP
FOUSF
BÉÈP
QSFUFOEJEB
F
PCKFUPT
EJTQP
OÎWFJT
TF
EË
DPN
P
NÃYJNP
EF
FàDÃDJBu

"
DPOTUSVÉÈP
EB
#BSSBHFN
i&OH
"SNBOEP
3JCFJSP
(POÉBMWFTu

JOBVHVSBEB
FN

Ê
VN
ÎDPOF
OP
3JP
(SBOEF
EP
/PSUF
EFTTF
&TQBÉP

3BDJPOBM
EF
RVF
GBMB
P
QSPG
.JMUPO
4BOUPT
F
BUÊ
P
àOBM
EBRVFMB
EÊDBEB
GPJ

P
NBJPS
SFTFSWBUÓSJP
EP
/PSEFTUF
"OUFT
EB
DPOTUSVÉÈP
EB
#BSSBHFN
EFVTF

B
QSÃUJDB
EB
JSSJHBÉÈP
USBEJDJPOBM

DPN
PGFSUB
SFEV[JEB
EF
ÃHVB
OB
EFQFO
EËODJB
EB
SFHVMBSJEBEF
EF
DIVWBT
QBSB
BMJNFOUBS
PT
SJPT
F
BÉVEFT
EB
3FHJÈP

CFN
DPNP
BUSBWÊT
EF
JOTUSVNFOUPT
SVEJNFOUBSFT
DPNP
B
FOYBEB
B
GPJDF
F

P
GBDÈP
$POUVEP
PT
1SPKFUPT
EF
*SSJHBÉÈP
JOTUBMBEPT
OP
&TUBEP
B
QBSUJS
EF

NFBEPT
EPT
BOPT

UJWFSBN
BUSBWÊT
EB
JNQMBOUBÉÈP
EF
VN
DPOKVOUP
EF

PCKFUPT
HFPHSÃàDPT
F
EF
TFSWJÉPT
EF
DPOUFÙEP
UÊDOJDPDJFOUÎàDP
BEPUBOEP

VNB
FYQSFTTÈP
EF
.JMUPO
4BOUPT
B
QSFUFOTÈP
EF
USBOTGPSNBS
P
FTQBÉP
HFP
HSÃàDP
FYJTUFOUF
FN
VN
DBNQP
EF
BÉÈP
SBDJPOBM
)BWJB
BTTJN
OB
DPODFQÉÈP

EP
1SPHSBNB
VNB
JOUFODJPOBMJEBEF
FYQMÎDJUB
EF
DSJBS
VN
&TQBÉP
3BDJPOBM

PV
BMHP
CFN
QSÓYJNP
EBT
DBSBDUFSÎTUJDBT
FYQPTUBT
QPS
4BOUPT


BP
EF
àOJMP
DPNP
VN
FTQBÉP
NBSDBEP
QFMB
5ÊDOJDB
QFMB
$JËODJB
QFMB
*OGPSNBÉÈP

F
QPS
VNB
SBDJPOBMJEBEF
DBQJUBMJTUB

"T
1PMÎUJDBT
(PWFSOBNFOUBJT
JNQMFNFOUBEBT
QBSB
P
1ÓMP
EF
.PTTPSÓ

BKVEBSBN
B
JNQMBOUBS
F
DPOTPMJEBS
B
"HSJDVMUVSB
*SSJHBEB
FN
.PTTPSÓ
DPN

B
JTFOÉÈP
EF
JNQPTUPT
JOUFSWFOÉÈP
OP
.FSDBEP
EF
5FSSBT
DPN
GBWPSFDJNFO
UPT
EBT
FNQSFTBT
EF
NBJPS
QPSUF
PV
DPN
*OGSB&TUSVUVSB
FTUSBEBT
FOFSHJB

F
QFSGVSBÉÈP
EF
QPÉPT

6NB
EBT
QBSUJDVMBSJEBEFT
EF
.PTTPSÓ
OP
DBTP
EB

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

DBQUBÉÈP
EF
ÃHVB
QBSB
B
JSSJHBÉÈP
Ê
RVF
FTTB
DBQUBÉÈP
OÈP
Ê
FYDMVTJWBNFOUF

QSPWFOJFOUF
EF
DVSTPT
EF
ÃHVB
TVQFSàDJBJT
NBT
UBNCÊN
PSJHJOBEB
EF
QPÉPT

QSPGVOEPT
.VJUPT
EFTTFT
QPÉPT
TÈP
P
SFTVMUBEP
UBNCÊN
EFTTB
SBDJPOBMJEBEF

RVF
DSJB
BT
DPOEJÉ×FT
EF
àSNBS
VNB
UFOEËODJB
BHSPFYQPSUBEPSB
FN
CBTFT

NPEFSOBT
'PSBN
NFUBT
RVF
IBWJBN
TJEP
USBÉBEBT
EVSBOUF
B
EÊDBEB
BOUFSJPS

QBSB
UPEP
P
/PSEFTUF
TFHVOEP
PT
RVBJT
OB
TVB
QPSÉÈP
TFNJÃSJEB
PT
7BMFT

¼NJEPT
TFSJBN
DPNP
DBUBMJTBEPSFT
EBT
OPWBT
NPEBMJEBEFT
EF
FYQMPSBÉÈP

BHSÎDPMB
/FTTF
ÄNCJUP
F
JOTDSFWFTF
B
DPNQSFFOTÈP
EP
EFTFOWPMWJNFOUP
EB

DPOTPMJEBÉÈP
EB
BUJWJEBEF
iGSVUÎDPMBu
JSSJHBEB
UFOEP
DPNP
QBOP
EF
GVOEP

B
DSJTF
EPT
BOPT

&TTB
DSJTF
EJàDVMUPV
B
SFUPNBEB
EF
JOWFTUJNFOUPT
OP

#SBTJM
F
P
DSFTDJNFOUP
FDPOÔNJDP
FYQSFTTBOEP
P
FTHPUBNFOUP
EP
QBESÈP

BOUFSJPS
EF
*OEVTUSJBMJ[BÉÈP
TVCTUJUVUJWB
QBTTBOEP
B
IBWFS
NVEBOÉBT
FT
USVUVSBJT
EF
HSBOEF
F
HFOFSBMJ[BEP
JNQBDUP
1PTTBT


BP
BOBMJTBS
B

1PMÎUJDB
*OEVTUSJBM
#SBTJMFJSB
BDSFEJUB
RVF
FTTBT
NVEBOÉBT
DVMNJOBSBN
OPT

QSPDFTTPT
EF
(MPCBMJ[BÉÈP
EF
NVEBOÉBT
OPT
QBSBEJHNBT
UÊDOJDPDJFOUÎàDPT

F
OBT
GPSNBT
PSHBOJ[BDJPOBJT
BUÊ
FOUÈP
EPNJOBOUFT

/B
EÊDBEB
EF

BNQMJPVTF
P
JODFOUJWP
Æ
*SSJHBÉÈP
1SJWBEB
DPN

P
PCKFUJWP
EF
QSPNPWFS
B
DPNQFUJUJWJEBEF
QBSB
P
"HSPOFHÓDJP
(MPCBMJ[B
EP
DFOUSBEB
OB
FYQBOTÈP
EF
VNB
"HSJDVMUVSB
JOUFOTJWB
FN
$BQJUBM
F
5FD
OPMPHJB
UFOEP
Æ
GSFOUF
B
*OJDJBUJWB
1SJWBEB
&TUF
NPEFMP
FN
JNQMBOUBÉÈP

EFOPNJOBTF
i/PWP
.PEFMP
EF
*SSJHBÉÈPu
CBTFBOEPTF
OP
BVNFOUP
EP
OÙ
NFSP
EF
MPUFT
EFTUJOBEPT
ÆT
FNQSFTBT
BHSÎDPMBT
QBSB
CVTDBS
B
FYQBOTÈP
EF

DBEFJBT
QSPEVUJWBT
F
DPOGFSJSMIFT
DPNQFUJUJWJEBEF
OPT
.FSDBEPT
/BDJPOBM

F
*OUFSOBDJPOBM
"MHVNBT
*OTUJUVJÉ×FT
1ÙCMJDBT
QBSUJDJQBN
EP
/PWP
.PEF
MP
EF
*SSJHBÉÈP
DPNP
QBSDFJSBT
PT
.JOJTUÊSJPT
EB
*OUFHSBÉÈP
/BDJPOBM
EB

"HSJDVMUVSB
F
"CBTUFDJNFOUP
EP
%FTFOWPMWJNFOUP
*OEÙTUSJB
F
$PNÊSDJP

&YUFSJPS
P
%/0$4
PT
(PWFSOPT
&TUBEVBJT
F
.VOJDJQBJT
P
#BODP
EP
#SB
TJM
P
#/%&4
F
P
#/#

&TUF
1SPHSBNB
SFDFCFV
NBJT
BQPJP
F
JOWFTUJNFOUP
FN

RVBOEP

QBTTPV
B
JOUFHSBS
P
1SPHSBNB
i#SBTJM
FN
"ÉÈPu
FN
RVF
P
(PWFSOP
'FEFSBM

EFàOJB
QBSB
P
QFSÎPEP

TFVT
1SPKFUPT
1SJPSJUÃSJPT
EF
*OWFTUJ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
NFOUPT
$POUJOVPV
OP
i1SPHSBNB
"WBOÉB
#SBTJMu
&TUFT
EPJT
1SPHSBNBT

RVF
GPSBN
JNQMFNFOUBEPT
OPT
(PWFSOPT
EF
'FSOBOEP
)FOSJRVF
$BSEPTP

UJOIBN
DPNP
PCKFUJWP
QSJODJQBM
B
JNQMBOUBÉÈP
EF
1SPHSBNBT
&TUSVUVSBEP
SFT
EP
%FTFOWPMWJNFOUP
&DPOÔNJDP
DPN
QPS
FYFNQMP
P
JOWFTUJNFOUP
OBT

DBEFJBT
QSPEVUJWBT
F
P
EPT
$PNQMFYPT
"HSPJOEVTUSJBJT
QSJODJQBMNFOUF

QPS
NFJP
EB
JOUSPEVÉÈP
EF
$JËODJB
F
5FDOPMPHJB
OP
$BNQP
$POUVEP
BT

BOÃMJTFT
GFJUBT
QPS
(VJNBSÈFT
/FUP


F
1BDIFDP


EFTUBDBN
P

DBSÃUFS
FTQBDJBMNFOUF
TFMFUJWP
EPT
JOWFTUJNFOUPT
RVF
QSJWJMFHJBSBN
BMHVOT

FTQBÉPT
FTQFDÎàDPT
OBT
3FHJ×FT
DPOUFNQMBEBT
F
DSJBSBN
BMUFSOBUJWBT
QPOUVBJT

EF
EJOBNJ[BÉÈP
%FTUBDBN
BJOEB
RVF
FTTFT
iGPDPT
EJOÄNJDPTu
EP
#SBTJM
BHSÎ
DPMBT
BHSPJOEVTUSJBJT
BHSPQFDVÃSJPT
PV
JOEVTUSJBJT

GPSBN
QSJPSJ[BEPT
EFJ
YBOEP
FN
TFHVOEP
QMBOP
BT
ÃSFBT
NFOPT
EJOÄNJDBT

$POTJEFSBOEP
BT
SFBJT
QPUFODJBMJEBEFT
EP
/PSEFTUF
PT
1SPHSBNBT
F

1SPKFUPT
EF
%FTFOWPMWJNFOUP
3FHJPOBM
EFTUBDBN
P
JODFOUJWP
Æ
'SVUJDVMUVSB

*SSJHBEB
DPN
P
BVNFOUP
EB
QSPEVÉÈP
F
EB
QSPEVUJWJEBEF
B
QBSUJS
EBT
DPO
EJÉ×FT
UÊDOJDBT
PCUJEBT
BUSBWÊT
EB
QFTRVJTB
CJPUFDOPMÓHJDB
F
EF
1SPHSBNBT
EF

"TTJTUËODJB
5ÊDOJDB
F
&YUFOTÈP
3VSBM
5PEBT
FTTBT
JOJDJBUJWBT
TÈP
FMFNFOUPT

OPSUFBEPSFT
EF
1PMÎUJDBT
RVF
JOUFHSBN
P
i1SPHSBNB
"WBOÉB
#SBTJMu
%FOUSF

FMBT
FTUÈP
P
i*OJDJBUJWB
QFMP
/PSEFTUFu
F
P
i1SPHSBNB
EF
"QPJP
F
%FTFOWPM
WJNFOUP
EB
'SVUJDVMUVSB
*SSJHBEB
EP
/PSEFTUFu
BNCPT
UFOEP
Æ
GSFOUF
OÈP

TPNFOUF
P
(PWFSOP
'FEFSBM
NBT
UBNCÊN
WÃSJPT
BHFOUFT
àOBODFJSPT

0
1SPHSBNB
i*OJDJBUJWB
QFMP
/PSEFTUFu
Ê
QBUSPDJOBEP
QFMPT
OPWF

(PWFSOPT
&TUBEVBJT
EB
3FHJÈP
QFMP
#BODP
/BDJPOBM
EF
%FTFOWPMWJNFOUP

&DPOÔNJDP
F
4PDJBM
m
#/%&4

QFMP
#BODP
.VOEJBM
m
#*3%

QFMB
*OJ
DJBUJWB
1SJWBEB
F
QPS
PVUSBT
*OTUJUVJÉ×FT
+Ã
P
i1SPHSBNB
EF
"QPJP
F
%FTFO
WPMWJNFOUP
EB
'SVUJDVMUVSB
*SSJHBEB
EP
/PSEFTUFu
UFN
Æ
GSFOUF
P
.JOJTUÊSJP

EB
"HSJDVMUVSB
F
"CBTUFDJNFOUP
F
DPNP
JOUFHSBOUFT
*OTUJUVJÉ×FT
1ÙCMJDBT

46%&/&
#/#
%/0$4
$/1R

F
1SJWBEBT
"T
&OUJEBEFT
'FEFSBJT
&T
UBEVBJT
F
.VOJDJQBJT
TÈP
SFTQPOTÃWFJT

<>
EJSFUBNFOUF
PV
QPS
NFJP
EF
QBSDFSJBT
DPN
B
JOJDJBUJWB
QSJWB
EB
QFMB
JOGSBFTUSVUVSB
GÎTJDB
EF
VTP
DPNVN
SFMBDJPOBEB
BP
TVQPSUF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 FMÊUSJDP
F
IJESÃVMJDP
Æ
DPNVOJDBÉÈP
F
ÆT
FTUSBEBT
RVF
QFSNJUBN

BUFOEJNFOUP
ÆT
ÃSFBT
EF
TPMPT
JSSJHÃWFJT
BT
JOGSBFTUSVUVSBT
TPDJBJT

FEVDBÉÈP
TBÙEF
TBOFBNFOUP
F
TFHVSBOÉB
.JOJTUÊSJP
EB
"HSJDVMUV
SB
F
"CBTUFDJNFOUP

Q



0
1SPKFUP
1ÓMPT
EF
%FTFOWPMWJNFOUP
*OUFHSBEP
DSJBEP
FN


DPOTUJUVJ
VNB
"ÉÈP
EP
#/#
FN
QBSDFSJB
DPN
P
.JOJTUÊSJP
EP
1MBOFKB
NFOUP
0SÉBNFOUP
F
(FTUÈP
F
UBNCÊN
DPNP
PT
1SPHSBNBT
BOUFSJPSNFOUF

DJUBEPT
JOUFHSB
P
1SPHSBNB
i"WBOÉB
#SBTJMu
0T
1ÓMPT
TÈP
DPNQPTUPT
QPS

.VOJDÎQJPT
RVF
BQSFTFOUBN
DPNP
DSJUÊSJPT
FMFJUPT
QFMP
#BODP
EJOBNJT
NP
F
QPUFODJBMJEBEFT
TPDJPFDPOÔNJDBT
UFDOPMÓHJDBT
PV
EF
JOGSBFTUSVUVSB

DPNVOT
/P
4FUPS
"HSPJOEVTUSJBM
P
#BODP
DSJPV
USF[F
1ÓMPT
DPN
&JYPT

&DPOÔNJDPT
DFOUSBEPT
OB
JSSJHBÉÈP
QSPEVÉÈP
EF
HSÈP
QSPEVÉÈP
EF
DJUSPT

FN
TFRVFJSP
QFDVÃSJB
EF
MFJUF
F
UVSJTNP
SVSBM
F
EJTUSJCVÎEPT
DPOGPSNF
B

iWPDBÉÈPu
FDPOÔNJDB
EBT
ÃSFBT
TFMFDJPOBEBT
FN
UPEPT
PT
&TUBEPT
/PSEFTUJ
OPT
0
1ÓMP
TFSJB
P
QSJODJQJP
OPSUFBEPS
EF
UPEPT
PT
PCKFUPT
F
BÉ×FT
JNQMF
NFOUBEPT
QFMP
&TUBEP
OB
3FHJÈP
"
JOTUBMBÉÈP
EP
1ÓMP
TF
JOTFSF
EFOUSP
EBT

NBDSPFTUSBUÊHJBT
EP
#/#
PV
TFKB
B
QPUFODJBMJ[BÉÈP
EP
%FTFOWPMWJNFOUP

EF
TFUPSFT
EJOÄNJDPT
EB
&DPOPNJB
/PSEFTUJOB

&N
BOÃMJTF
EBT
JOGPSNBÉ×FT
EFDMBSBEBT
OB
QVCMJDBÉÈP
i#BMBOÉP
#/#

m
u

Q

WËTF
RVF
B
NFUPEPMPHJB
EF
USBCBMIP
OPT
1ÓMPT
EF

%FTFOWPMWJNFOUP
*OUFHSBEP
Ê
EF
QSJODJQBMNFOUF
GPNFOUBS
JOWFTUJNFOUPT

EF
FNQSFTBT
QSJWBEBT
DBCFOEP
Æ
FRVJQF
UÊDOJDB
EP
#/#
FMBCPSBS
PV
OÈP
PT

1SPKFUPT
F
FODBNJOIÃMPT
ÆT
*OTUJUVJÉ×FT
1ÙCMJDBT
F
1SJWBEBT
QBSB
SFBMJ[BS

FTUVEPT
F
EBS
TVQPSUF
UÊDOJDP
0
#/#
FMBCPSB
1MBOPT
EF
5SBCBMIP
DPN
WÃ
SJBT
GBTFT
DPOIFDJNFOUP
DPOTUSVÉÈP
EJTDVTTÈP
DPOTPMJEBÉÈP
F
TJTUFNBUJ[B
ÉÈP
EPT
EBEPT
F
JOGPSNBÉ×FT
DPMFUBEPT
SFBMJ[BÉÈP
EF
FWFOUPT
OFHPDJBÉÈP
EF

1SPKFUPT
DPN
PT
QBSDFJSPT
FOWPMWJEPT
OB
TVB
JNQMFNFOUBÉÈP
F
QPS
ÙMUJNP

P
(FSFODJBNFOUP
EPT
1SPKFUPT
F
"É×FT
EFTFOWPMWJEBT
OPT
1ÓMPT
4ÈP
BP

UPEP

1ÓMPT
1ÓMP
4VM
EP
.BSBOIÈP
1ÓMP
6SVÉVÎ(VSHVÊJB
1ÓMP
#BJYP

+BHVBSJCF
1ÓMP
$BSJSJ
$FBSFOTF
1ÓMP
"ÉV.PTTPSÓ
1ÓMP
"MUP
1JSBOIBT

1ÓMP
1FUSPMJOB
1ÓMP
#BDJB
-FJUFJSB
EF
"MBHPBT
1ÓMP
4VM
EF
4FSHJQF
1ÓMP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
+VB[FJSP
1ÓMP
0FTUF
#BJBOP
1ÓMP
/PSUF
EF
.JOBT
F
1ÓMP
/PSPFTUF
EP
&T
QÎSJUP
4BOUP


$PN
B
BÉÈP
EF
UPEPT
FTTFT
1SPHSBNBT
EF
%FTFOWPMWJNFOUP
JNQMF
NFOUBEPT
QFMP
(PWFSOP
'FEFSBM
RVF
BQÓJB
UFOEFODJPTB
F
WJTJWFMNFOUF
B

*OJDJBUJWB
1SJWBEB
FTTBT
WBSJÃWFJT
Æ
QSPEVÉÈP
EB
'SVUJDVMUVSB
*SSJHBEB
QSP
DFTTBSBN
DPOUÎOVB
SFOPWBÉÈP
EBT
TVBT
GPSÉBT
QSPEVUJWBT
RVF
QBTTBSBN
B
SFT
QPOEFS
DPN
WFMPDJEBEF
ÆT
OFDFTTJEBEFT
DPMPDBEBT
QFMPT
BHFOUFT
FDPOÔNJDPT

IFHFNÔOJDPT
EP
4FUPS
FWJEFODJBEP
QPS
BMUP
HSBV
EF
JOUFHSBÉÈP
UÊDOJDB
F
EF

DBQJUBM
DPN
P
4FUPS
'JOBODFJSP

0
RVF
OPT
DIBNB
B
BUFOÉÈP
BJOEB
Ê
RVF
UPEPT
FTTFT
1SPHSBNBT
DMB
SBNFOUF
TF
TPCSFTTBFN
QFSBOUF
P
RVBESP
OBDJPOBM
F
EFOUSP
EF
TVBT
GSPOUFJ
SBT
BT
EJGFSFOÉBT
TÈP
TJHOJàDBUJWBT
1PJT
BQFTBS
EF
QSPNPWFSFN
B
NPEFSOJ
[BÉÈP
OÈP
TF
EFSBN
BMFBUPSJBNFOUF
NBT
QSJWJMFHJBSBN
F
GPSBN
EJSJHJEPT
ÆT

ÃSFBT
F
TFHNFOUPT
TPDJBJT
F
FDPOÔNJDPT
OB
NBJPSJB
KÃ
EPUBEPT
EF
DPOEJÉ×FT

GBWPSÃWFJT
B
BUFOEFS
ÆT
OFDFTTJEBEFT
EFNBOEBEBT
QFMB
QSPEVÉÈP
BHSÎDPMB

NPEFSOB
F
FN
DPOEJÉ×FT
EF
SBQJEBNFOUF
EFTFOWPMWËMBT
$BSBDUFSJ[BTF

EFTTF
NPEP
B
FYJTUËODJB
EF
ÃSFBT
F
BHFOUFT
NBJT
SFDFQUJWPT
Æ
NPEFSOJ[BÉÈP

EB
"HSJDVMUVSB

­
P
DBTP
EF
.PTTPSÓ
QPJT
BÎ
P
QSPDFTTP
EF
NPEFSOJ[BÉÈP
GPJ
VN
EPT

NBJT
JOUFOTPT
EF
UPEP
P
&TUBEP
F
EP
1BÎT
DPN
ÎOEJDFT
EF
EJGVTÈP
EF
JOPWB
É×FT
EJàDJMNFOUF
DPNQBSÃWFJT
BPT
EF
PVUSBT
ÃSFBT

"
KVTUJàDBUJWB
EB
FTDPMIB
EFTTB
ÃSFB
OB
MFJUVSB
PàDJBM
EFWFVTF
BP

TFV
FMFWBEP
QPUFODJBM
EF
%FTFOWPMWJNFOUP
EB
*SSJHBÉÈP
F
EP
$PNQMFYP

"HSPJOEVTUSJBM
FN
WJSUVEF
EPT
SFDVSTPT
OBUVSBJT
FYJTUFOUFT
F
EBT
WBOUB
HFOT
DPNQBSBUJWBT
GVOEBNFOUBJT
QBSB
TFV
DSFTDJNFOUP
F
EJOBNJ[BÉÈP
EF

UPEB
B
ÃSFB
TPC
TVB
JOáVËODJB
BUSBJOEP
P
JOUFSFTTF
DSFTDFOUF
EF
(PWFSOPT

EF
JOWFTUJEPSFT
QSJWBEPT
F
FYUFSOPT
F
EPT
WÃSJPT
FMPT
EB
DBEFJB
QSPEVUJWB

$POUVEP
BQFTBS
EF
TVSHJEP
DPODPNJUBOUFNFOUF
Æ
EFDBEËODJB
EB
$VMUVSB
EP

"MHPEÈP
B
'SVUJDVMUVSB
*SSJHBEB
FTUÃ
MPOHF
EF
TF
DPOTUJUVJS
VN
TVCTUJUVUP

EP
BMHPEÈP
FN
UFSNPT
EF
QSPEVÉÈP
PV
EF
FNQSFHPT
HFSBEPT
1BSB
TF
UFS

VNB
JEÊJB
B
"HSPQFDVÃSJB
RVF
FN

DPSSFTQPOEJB
B
 
EP
1*#

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EP
&TUBEP
F
SFTQPOEJB
QPS
 
EBT
PDVQBÉ×FT
FN

DPSSFTQPOEJB
B

BQFOBT
 
EP
1*#
F
B
 
EBT
PDVQBÉ×FT
/P
3/
OB
EÊDBEB
EF

FSB

EF

NJM
IFDUBSFT
B
ÃSFB
EF
QMBOUBÉÈP
EP
BMHPEÈP
OP
BOP
EF

B
ÃSFB

BHSÎDPMB
JSSJHBEB
FTUFWF
FN
UPSOP
EF

NJM
IFDUBSFT
EPT
RVBJT

TJUVBEB

OP
1ÓMP
"ÉV.PTTPSÓ
F
EFTUFT

NJM
IB

NJM
IFDUBSFT
GPSBN
EF
NFMÈP

'*&3/


0
VTP
EB
UFDOPMPHJB
OB
'SVUJDVMUVSB
*SSJHBEB
Ê
CFN
NBJT

JOUFOTP
EP
RVF
OP
DVMUJWP
EP
BMHPEÈP
FN
RVF
QPVDP
PV
RVBTF
OBEB
EF
CBTF

UÊDOJDPDJFOUÎàDB
FSB
VUJMJ[BEP
"
$VMUVSB
"MHPEPFJSB
SFRVJTJUBWB
VN
DPO
UJOHFOUF
TJHOJàDBUJWP
EF
USBCBMIBEPSFT
OÈP
TÓ
OP
DVMUJWP
NBT
UBNCÊN
OP

CFOFàDJBNFOUP
F
OP
4FSWJÉP
EF
$MBTTJàDBÉÈP
EP
"MHPEÈP
DSJBEP
FN


WJTBOEP
B
HBSBOUJS
B
RVBMJEBEF
EP
QSPEVUP
FYQPSUBEP
F
DPN
QPTUPT
JOTUBMB
EPT
OPT
NVOJDÎQJPT
EF
/BUBM
.PTTPSÓ
-BKFT
F
+BSEJN
EP
4FSJEÓ

%P
DBSPÉP
EF
BMHPEÈP
FYUSBÎBTF
P
ÓMFP
QSPEVUP
BMJNFOUÎDJP
F
NBUÊ
SJBQSJNB
QBSB
GBCSJDBÉÈP
EF
QFSGVNFT
TBC×FT
F
MVCSJàDBOUFT
0
CFOFàDJB
NFOUP
UBNCÊN
QSPEV[JB
àPT
QBSB
GBCSJDBÉÈP
EF
SFEFT
F
UFDJEPT
"T
6TJOBT

EF
#FOFàDJBNFOUP
EF
"MHPEÈP
FTUBWBN
FTQBMIBEBT
QPS
UPEBT
BT
3FHJ×FT
EP

&TUBEP
&JMBT
'ÃCSJDB
EF
'JBÉÈP
F
5FDJEPT
EF
/BUBM
6TJOB
EF
#FOFàDJB
NFOUP
EF
"MHPEÈP
.
'
EP
.POUF

$JB
FN
.PTTPSÓ
6TJOB
EF
#FOF
àDJBNFOUP
EF
"MHPEÈP
"MGSFEP
'FSOBOEFT
FN
.PTTPSÓ
6TJOB
EF
#FOFà
DJBNFOUP
EF
"MHPEÈP
+PÈP
$ÄNBSB
F
*SNÈPT
FN
+PÈP
$ÄNBSB
'ÃCSJDB
EF

¶MFP
7FHFUBM
4ÈP
7JDFOUF
FN
/PWB
$SV[
'ÃCSJDB
EF
¶MFP
7FHFUBM
FN

5BOHBSÃ
'ÃCSJDB
EF
3FEFT
4U
"OUÔOJP
FN
.PTTPSÓ
'JHVSB


5FDFMBHFN

EF
3FEFT
FN
$BJDÓ
F
UBOUBT
PVUSBT
FTQBMIBEBT
QPS
UPEP
P
&TUBEP
"
'SVUJ
DVMUVSB
*SSJHBEB
BP
DPOUSÃSJP
àDPV
DPODFOUSBEB
FN
QPVDPT
.VOJDÎQJPT

F
EF
MPOHF
Ê
NVJUP
NFOPT
EFQFOEFOUF
EP
USBCBMIP
CSBÉBM
F
EBT
DIVWBT

/B
WFSEBEF
P
1ÓMP
i'SVUÎDPMBu
Ê
VNB
JMIB
EF
NPEFSOJEBEF
OP
4FNJ¦SJEP

/PSUF3JP(SBOEFOTF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±)iEULFDGH5HGHV³6DQWR$QW{QLR´QRVWHPSRViXUHRVGD&XOWXUD$OJRGR
HLUDQR51
)RWyJUDIRGHVFRQKHFLGR$FHUYRGH(QpDV1HJUHLURV

7JNPT
RVF
GPJ
VNB
TÊSJF
EF
1SPHSBNBT
(PWFSOBNFOUBJT
WPMUBEPT

QBSB
*OGSB&TUSVUVSB
1FTRVJTB
5FDOPMÓHJDB
$SÊEJUP
"HSÎDPMB
FOUSF
PVUSPT

RVF
QBUSPDJOBSBN
VNB
WFSEBEFJSB
SFWPMVÉÈP
OB
BUJWJEBEF
BHSÎDPMB
OP
.FJP

3VSBM
#SBTJMFJSP
"Î
BT
USBOTGPSNBÉ×FT
BDPOUFDJEBT
OBT
ÙMUJNBT
EÊDBEBT
TF

BSUJDVMBSBN
DPN
VN
QSPDFTTP
EF
NPEFSOJ[BÉÈP
RVF
TFHVOEP
.ÛMMFS


Q

i<>
TJHOJàDPV
B
BNQMJBÉÈP
EP
NPEP
DBQJUBMJTUB
JOUFOTJWP
EF
QSPEV[JS
F
EF

EJTUSJCVJS
OBT
BUJWJEBEFT
BHSÃSJBTu

$PNP
DPOTFRÛËODJB
DPOTPMJEPVTF
FN
BMHVNBT
3FHJ×FT
EP
5FSSJUÓ
SJP
/BDJPOBM
BMUFSBÉ×FT
TJHOJàDBUJWBT
OBT
CBTFT
EB
PSHBOJ[BÉÈP
QSPEVUJWB

DPN
P
PCKFUJWP
EF
BMDBOÉBS
OÎWFJT
EF
QSPEVUJWJEBEF
DPNQBSÃWFJT
BPT
SFHJT
USBEPT
FN
QBÎTFT
DMBTTJàDBEPT
DPNP
DBQJUBMJTUBT
NPEFSOPT
0
EFTFOWPMWJ
NFOUP
EB
'SVUJDVMUVSB
*SSJHBEB
TF
JOTDSFWF
DPNP
FYFNQMP
EFTTB
QBTTBHFN

EPT
NPMEFT
FYUFOTJWPT
EF
QSPEVÉÈP
QBSB
PT
OPWPT
NFDBOJTNPT
EF
FYQMPSBÉÈP

BHSÎDPMB
POEF
P
FOGPRVF
FNQSFTBSJBM
BERVJSF
NBJPS
QSPFNJOËODJB

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 %FOUSF
BT
DBUFHPSJBT
NBJT
TJHOJàDBUJWBT
QBSB
BOÃMJTF
EFTTF
OPWP

NPWJNFOUP
F
EBT
OPWBT
GPSNBT
EF
FTQBDJBMJ[BÉÈP
JOFSFOUFT
B
FTTF
QFSÎPEP

EFTUBDBNPT
BRVFMB
EFOPNJOBEB
QPS
4BOUPT


EF
NFJP
UÊDOJDPDJFOUÎàDP
JOGPSNBDJPOBM
DVKBT
SFáFY×FT
GPSOFDFN
FMFNFOUPT
QBSB
DPNQSFFOTÈP
EFTTB

USBOTGPSNBÉÈP
&TTF
QSPDFEJNFOUP
EF
CVTDB
EF
SFGFSËODJBT
DPODFJUVBJT
Ê
DPS
SPCPSBEP
QPS
&MJBT

Q

BP
BàSNBS
RVF
QBSB
GB[FSNPT
EB
(FPHSBàB

iVNB
DJËODJB
DPN
BMHVN
QPEFS
FYQMJDBUJWP
EBT
USBOTGPSNBÉ×FT
FTQBDJBJT
F
DPN
BMHVN

QPEFS
EF
BÉÈP
USBOTGPSNBEPSB
EB
TPDJFEBEF
EFWFNPT
UFOUBS
EFTUSJODIBS
BT
DBUFHPSJBT

DBQB[FT
EF
EBS
DPOUB
EB
BOÃMJTF
EBT
OPWBT
GPSNBT
EF
FTQBDJBMJ[BÉÈP
JOFSFOUFT
BP

QFSÎPEP
UÊDOJDPDJFOUÎàDPu

3BNPT

Q

BP
BOBMJTBS
PT
.FJPT
5ÊDOJDPT
"HSÎDPMBT
OP

#SBTJM
F
EFUFOEPTF
OB
RVFTUÈP
EB
NPEFSOJ[BÉÈP
BHSÎDPMB
EP
/PSEFTUF
#SB
TJMFJSP
BàSNB
RVF

4F
BT
EÊDBEBT
EF

F

DPSSFTQPOEFN
BP
BQSPGVOEBNFOUP
EB

NPEFSOJ[BÉÈP
BHSÎDPMB
OP
#SBTJM
DPN
BT
EF

F

QBSFDFN

TFS
QSJODJQBMNFOUF
EF
TPàTUJDBÉÈP
EFTTFT
PCKFUPT
F
TVB
FYQBOTÈP

QBSB
ÃSFBT
BOUFT
OÈP
JODMVÎEBT
OFTTF
QSPDFTTP
<>
FN
RVF
BMHVNBT

ÃSFBT
EB
SFHJÈP
/PSEFTUF
HSJGP
OPTTP

BDPNQBOIBOEP
B
FYQBOTÈP
EP

NFJP
UÊDOJDPDJFOUÎàDP
BDPMIFN
PT
FRVJQBNFOUPT
EF
NPEFSOJ[BÉÈP

BHSÎDPMB
F
QPS
UFSFN
QPVDPT
àYPT
EP
QFSÎPEP
BOUFSJPS
FTUÈP
BQUBT
B

SFDFCFS
NBJT
GBDJMNFOUF
PT
OPWPT
DPOUFÙEPT
UÊDOJDPT

"
BQUJEÈP
PV
B
GBDJMJEBEF
EF
SFDFCFS
PT
OPWPT
DPOUFÙEPT
UÊDOJDP
DJFOUJàDPT
SFGFSJOEPTF
BP
FTQBÉP
BHSÎDPMB
OPSEFTUJOP
OÈP
TF
EFV
EJGFSFOUF
NFOUF
OP
FTQBÉP
BHSÎDPMB
NPTTPSPFOTF
0OEF
QPVDP
PV
OBEB
IBWFSJB
EF
NP
EFSOP
.PTTPSÓ
FYQSFTTBWB
QFSGFJUBNFOUF
FTTB
SFBMJEBEF
BUÊ
àOBM
EPT
BOPT


%BT
DJUBEBT
iBMHVNBT
ÃSFBTu
.PTTPSÓ
BQSFTFOUBTF
QFSGFJUBNFOUF
DPNP

VNB
EBT
NBJPSFT
FOUSF
TVBT
SFQSFTFOUBOUFT
$POUVEP
FTUB
iBDFTTJCJMJEBEFu

OÈP
GPJ
FYDMVTJWB
EF
.PTTPSÓ
NBT
UBNCÊN
OP
DFOÃSJP
SFHJPOBM
B
PVUSBT

ÃSFBT
QPOUVBJT
EP
/PSEFTUF
P
RVF
TFHVOEP
(SB[JBOP


TÓ
GPJ
QPTTÎWFM

NFEJBOUF
i<>
P
VTP
EF
UÊDOJDBT
NPEFSOBT
RVF
NJOJNJ[BOEP
B
TB[POBMJEBEF
EB

DPMIFJUB
BQSPYJNBSBN
B
QSPEVÉÈP
BP
QBESÈP
JOEVTUSJBMu

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 1BSB
UBOUP
PSHBOJ[BSBNTF
SFEFT
UÊDOJDBT
WPMUBEBT
B
EPUBS
P
FTQBÉP

BHSÃSJP
EF
áVJEF[
QBSB
BT
FNQSFTBT
IFHFNÔOJDBT
BUVBOUFT
OP
4FUPS
"HSPJO
EVTUSJBM
%FTTB
GPSNB
PT
FTQBÉPT
BHSÎDPMBT
TF
NFDBOJ[BSBN
B
BUJWJEBEF
TF

EFV
CBTFBEB
OB
VUJMJ[BÉÈP
JOUFOTJWB
EF
DBQJUBM
UFDOPMPHJB
F
JOGPSNBÉÈP
P

RVF
EFUFSNJOPV
VN
OPWP
QFSàM
QBSB
FTTF
FTQBÉP
FN
RVF
.PTTPSÓ
TF
JODMVJ

$PN
P
EFTFOWPMWJNFOUP
EF
OPWPT
NBUFSJBJT
EF
OPWBT
UÊDOJDBT
EF

&OHFOIBSJB
EF
*OGPSNÃUJDB
EF
#JPUFDOPMPHJB
FUD
B
ÃSFB
EB
QSPEVÉÈP
DBQJ
UBMJTUB
TF
BNQMJPV
KÃ
RVF
UPEPT
PT
MVHBSFT
QBTTBSBN
B
UFS
B
QPTTJCJMJEBEF
EF

TFSFN
GBDJMNFOUF
BUJOHJEPT
QFMB
DJSDVMBÉÈP
EF
NFSDBEPSJBT
PV
JOGPSNBÉ×FT

&TTB
QPTTJCJMJEBEF
EF
FYQBOTÈP
EP
NFJP
UÊDOJDPDJFOUÎàDPJOGPSNB
DJPOBM
TÓ
GPJ
QPTTÎWFM
NFEJBOUF
B
DPOTUSVÉÈP
EPT
4JTUFNBT
EF
5ÊDOJDBT
OFDFT
TÃSJPT
Æ
SFBMJ[BÉÈP
EB
QSPEVÉÈP
F
EP
DPOTVNP
NPEFSOP

­
OFTTB
FYQBOTÈP
RVF
P
FTUBEP
EP
3JP
(SBOEF
EP
/PSUF
EFWF
TFS
DPO
TJEFSBEP
DPNP
VNB
GSBÉÈP
EP
FTQBÉP
UPUBM
EP
1MBOFUB
DBEB
WF[
NBJT
BCFSUP

ÆT
JOáVËODJBT
FYUFSOBT
NVOEJBJT
&
EFTTB
GSBÉÈP
Ê
.PTTPSÓ
B
SFQSFTFOUBO
UF
NBJPS
DPNP
QSPEVUPS
EF
GSVUBT
SFDPOIFDJEP
NVOEJBMNFOUF
QPJT
DPNP

PCKFUP
F
TVKFJUP
EB
&DPOPNJB
(MPCBMJ[BEB
Ê
VN
FTQBÉP
UPUBMNFOUF
EFQFO
EFOUF
OÈP
TF
FODFSSBOEP
FN
TJ
NFTNP
EF
GPSNB
JOEFQFOEFOUF
EP
SFTUP
EP

.VOEP
DPN
P
RVBM
SFMBDJPOBTF
F
JOUFSBHF
QFSNBOFOUFNFOUF

/B
3FHJÈP
/PSEFTUF
DPN
B
JNQMBOUBÉÈP
EB
NPEFSOJ[BÉÈP
BHSÎDPMB

PT
4FUPSFT
"HSPJOEVTUSJBJT
GPSBN
PT
RVF
NBJT
TF
EJOBNJ[BSBN
B
FYFNQMP
EBT

OPWBT
SFHSBT
EF
FYQBOTÈP
OBDJPOBM
DPNBOEBEB
QFMP
(SBOEF
$BQJUBM
F
B
TVC
NFUFS
TFV
GVODJPOBNFOUP
BP
QBESÈP
EF
EFTFNQFOIP
EB
&DPOPNJB
EP
1BÎT

/BT
ÙMUJNBT
EÊDBEBT
NPEFSOJ[BÉÈP
F
DPODFOUSBÉÈP
NBSDBSBN
JHVBM
NFOUF
B
FWPMVÉÈP
EBT
BUJWJEBEFT
JOEVTUSJBJT
F
BHSPJOEVTUSJBJT
OP
QSPDFTTP

EF
DSJBÉÈP
EP
.FSDBEP
/BDJPOBM
"MÊN
EB
OFDFTTJEBEF
EF
EJWFSTJàDBÉÈP
EF

4FUPSFT
USBEJDJPOBMNFOUF
MJHBEPT
Æ
BUJWJEBEF
EF
&YQPSUBÉÈP
DPNP
B
DBOB
EFBÉÙDBS
PVUSPT
TFHNFOUPT
BHSÎDPMBT
GPSBN
JODPSQPSBEPT
OP
TFOUJEP
EF

QSPNPWFS
VNB
JOUFHSBÉÈP
JOUFSTFUPSJBM
DPNP
Ê
P
DBTP
EBT
GSVUBT
USPQJDBJT

"
JOTFSÉÈP
EFTTF
4FUPS
EFVTF
QSJODJQBMNFOUF
BUSBWÊT
EF
VN
BSSPKBEP
QSP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

HSBNB
EF
"HSJDVMUVSB
*SSJHBEB
FTUJNVMBEP
QFMP
4FUPS
1ÙCMJDP
F
RVF
UFWF

FN
TFHVJEB
P
FOWPMWJNFOUP
F
B
TVQSFNBDJB
EB
*OJDJBUJWB
1SJWBEB
NBJT
WJTJ
WFMNFOUF
OB
FTUSVUVSB
EF
QSPEVÉÈP
TPC
B
JOáVËODJB
EB
QSFTFOÉB
EF
HSBOEFT

(SVQPT
&DPOÔNJDPT
/BDJPOBJT
DPN
B
QSPEVÉÈP
EJWFSTJàDBEB
F
WPMUBEB
QBSB

P
.FSDBEP
&YUFSOP

/P
EFDPSSFS
EPT
BOPT

B
JOUFOTJàDBÉÈP
EB
&DPOPNJB
F
EP
$POTV
NP
HMPCBMJ[BEPT
QBTTPV
B
PDVQBS
BOUJHBT
¦SFBT
F
OP
EJ[FS
EF
.JMUPO
4BOUPT



DSJPV
VN
i<>
FYFSDJUP
EF
SFTFSWB
EF
MVHBSFTu
"TTJN
PVUSBT
¦SFBT
EB

3FHJÈP
QBTTBSBN
B
QBSUJDJQBS
EPT
DJSDVJUPT
FTQBDJBJT
HMPCBMJ[BEPT
EF
QSP
EVÉÈP
BHSÎDPMB
$PNP
FYFNQMP
UFNPT
P
TVM
EPT
&TUBEPT
EP
.BSBOIÈP
F
EP

1JBVÎ
OB
QSPEVÉÈP
EF
TPKB
.PTTPSÓ
F
P
7BMF
EP
"ÉV
OP
3/
DPNP
HSBOEF

QSPEVUPS
EF
NFMÈP
F
CBOBOB
F
P
7BMF
EP
+BHVBSJCF
OP
$FBSÃ
OVN
1ÓMP
EF

"HSPJOEÙTUSJBT

­
OFTTF
DPOUFYUP
RVF
.PTTPSÓ
TF
EFTUBDB
OP
QBOPSBNB
BUVBM
DPNP

VN
1ÓMP
EF
'SVUJDVMUVSB
*SSJHBEB
FN
QSPDFTTP
DPOTUBOUF
EF
EFTFOWPMWJ
NFOUP

TJUVBÉÈP
RVF
TF
DPOàHVSB
B
QBSUJS
EPT
BOPT
EF

DPN
B
DPO
TPMJEBÉÈP
EB
FNQSFTB
.PTTPSÓ
"HSPJOEVTUSJBM
4"
m
."*4"
3FTTBMUBNPT

RVF
OBT
EÊDBEBT
QPTUFSJPSFT
TVDFEFSBN
PVUSPT
JOWFTUJNFOUPT
F
B
DSJBÉÈP
EF

PVUSBT
&NQSFTBT
OP
.VOJDÎQJP
QBSB
B
DPOUJOVJEBEF
F
P
EFTFOWPMWJNFOUP

EBT
BUJWJEBEFT
EB
'SVUJDVMUVSB
*SSJHBEB
FN
NPMEFT
NPEFSOPT
FYJHJOEPTF
B

JNQMBOUBÉÈP
EF
àYPT
DBQB[FT
EF
EJOBNJ[BS
PT
áVYPT

%FTEF
FOUÈP
.PTTPSÓ
UPSOPVTF
VN
1ÓMP
OB
QSPEVÉÈP
EF
'SVUBT
5SP
QJDBJT
F
EFTUBDBTF
DPNP
P
NBJPS
QSPEVUPS
EF
NFMÈP
EP
1BÎT
/B
BUVBMJEB
EF
DPNFSDJBMJ[B
FTTF
QSPEVUP
EJSFUBNFOUF
DPN
PT
.FSDBEPT
EPT
&TUBEPT

6OJEPT
F
EB
$PNVOJEBEF
&DPOÔNJDB
&VSPQÊJB
­
QPS
JTTP
SFDPOIFDJEB

OBDJPOBMNFOUF
DPNP
VNB
EBT
ÃSFBT
BHSÎDPMBT
EF
NPEFSOJ[BÉÈP
F
EFTFOWPM
WJNFOUP
JOUFOTP
EB
3FHJÈP
/PSEFTUF

1BSB
TF
UFS
B
DPNQSFFOTÈP
EFTTB
USBKFUÓSJB
BHSÎDPMB
NPEFSOJ[BEPSB

UPSOBTF
OFDFTTÃSJP
P
DPOIFDJNFOUP
EB
IJTUÓSJB
EB
DSJBÉÈP
F
GVODJPOBNFOUP

EB
FNQSFTB
."*4"
'JDB
EJGÎDJM
FOUFOEFS
DPNP
.PTTPSÓ
Ê
P
NBJPS
QSPEVUPS

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
EF
NFMÈP
EP
#SBTJM
TFN
JODMVJS
OFTUB
SFáFYÈP
B
."*4"
2VF
DPNFÉPV
DPNP

QMBOUBEPSB
EF
DBKV

4FHVOEP
-FJUF

Q

B
QSPEVÉÈP
EF
DBKV
FODPOUSBTF
CB
TJDBNFOUF
OP
5FSDFJSP
.VOEP
0T
QSJODJQBJT
QSPEVUPSFT
TÈP
#SBTJM
±OEJB

.PÉBNCJRVF
5BO[ÄOJB
F
2VËOJB
"
"HSPJOEÙTUSJB
BTTPDJBEB
BP
DBKV
EFV

TFVT
QSJODJQBJT
QBTTPT
B
QBSUJS
EP
BVNFOUP
EB
EFNBOEB
FYUFSOB
EVSBOUF
B

4FHVOEB
(VFSSB
.VOEJBM

'PJ
B
QBSUJS
EPT
JODFOUJWPT
àTDBJT
EB
46%&/&
FN
NFBEPT
EPT
BOPT

EB
EÊDBEB
EF

RVF
TF
DPOTVCTUBODJPV
P
QBSRVF
QSPDFTTBEPS
EF
DBTUB
OIB
OP
/PSEFTUF
4FHVOEP
-FJUF

Q

OB
3FHJÈP
/PSEFTUF
i<>
B

BHSPJOEÙTUSJB
EP
DBKV
BQSFTFOUB
VNB
SFQFSDVTTÈP
OB
HFSBÉÈP
EF
FNQSFHPT
CBTUBOUF

FYQSFTTJWB
HJSBOEP
FN
UPSOP
EF

NJM
PQPSUVOJEBEFT
EF
FNQSFHPT
TFOEP
RVF
EFTUFT

QSBUJDBNFOUF

NJM
FTUÈP
MJHBEPT
Æ
JOEÙTUSJB
QSPDFTTBEPSBu

/P
EJB

EF
BCSJM
EF

B
FNQSFTB
.PTTPSÓ
"HSPJOEVTUSJBM
4"

m
."*4"
KÃ
FTUBWB
DPOTUJUVÎEB
"
QSJNFJSB
%JSFUPSJB
GPJ
DPNQPTUB
QFMPT

FOHFOIFJSPT
+PTÊ
"HSJQJOP
.BJB
%JSFUPS
1SFTJEFOUF
+PTÊ
/JMTPO
EF
4Ã

%JSFUPS
"ENJOJTUSBUJWP
F
(FSBMEP
3PMB
%JSFUPS
5ÊDOJDP

0
PCKFUJWP
QSJNFJSP
EP
$PNQMFYP
"HSPJOEVTUSJBM
GPJ
DPNCJOBS
B

FYQMPSBÉÈP
EP
DBKVFJSP
FN
DPOTÓSDJP
DPN
B
QFDVÃSJB
0
QMBOUJP
EP
DBKVFJSBM

GPJ
GFJUP
FN
MPTBOHPT
FOVNFSBEPT
EF

IFDUBSFT
JOJDJBEPT
FN

F
VMUJ
NBEPT
FN

"
DVSWB
EF
QSPEVÉÈP
EB
DBTUBOIB
EP
DBKV
GPJ
JNBHJOBEB
EF

UBM
PSEFN
RVF
FN

B
FNQSFTB
DPMIFTTF

UPOFMBEBT
EF
DBTUBOIB
F
FN


EF
NPEP
RVF
TF
FTUBCJMJ[BTTF
OVN
QBUBNBS
EF

UPOFMBEBTBOP

P
RVF
DPSSFTQPOEFSJB
B

UPOFMBEBTBOP
EF
QFEÙODVMP
PV
GBMTP
GSVUP

BTTJN
DIBNBEP

&N

BOUFQFOÙMUJNP
BOP
EF
DIVWBT
OP
/PSEFTUF
OBRVFMB
EÊDB
EB

B
."*4"
DPMIFV

UPOFMBEBT
EF
DBTUBOIB
FTUJNBOEPTF
RVF
àDPV

OP
DBNQP
TFN
BQSPWFJUBNFOUP
QPS
GBMUB
EF
NÈPEFPCSB
DPOUSBUBEB
NBJT

EF

UPOFMBEBT
"
DPMIFJUB
GPJ
SFBMJ[BEB
QPS
DFSDB
EF

USBCBMIBEPSFT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

RVF
TFHVOEP
P
FOUÈP
TÓDJPQSPQSJFUÃSJP
+
/JMTPO
EF
4Ã
EFTFNQFOIBSBN
BT

TVBT
UBSFGBT

<>
FN
QÊTTJNBT
DPOEJÉ×FT
EF
DPOGPSUP
F
TBMVCSJEBEF
0T
IPNFOT

GPSBN
JOTUBMBEPT
DPN
TVBT
GBNÎMJBT
FN
CBSSBDBT
EF
MPOB
PV
DPCFS
UBT
EF
QBMIBT
TFN
ÃHVB
DPSSFOUF
FOFSHJB
FMÊUSJDB
F
EFQFOEËODJBT

TBOJUÃSJBT
'JDPV
FOUÈP
QBUFOUFBEB
B
OFDFTTJEBEF
EB
àYBÉÈP
EB
NÈP
EFPCSB
QFSNBOFOUF
FN
NPSBEJBT
TBVEÃWFJT
<>
4VSHJV
QPS
FTUF

DBNJOIP
B
JEÊJB
EB
DPOTUSVÉÈP
EB
7JMB
4¦

Q


1BSB
TPMVDJPOBS
P
QSPCMFNB
GPJ
DPOTUSVÎEB
B
7JMB
RVF
BUFOEFSJB
B

FTTB
OFDFTTJEBEF
&N
GBDF
EB
NBOVUFOÉÈP
EF
NVJUPT
USBCBMIBEPSFT
OB
QSP
QSJFEBEF
B
DPOTUSVÉÈP
EF
SFTJEËODJBT
7JMB

QBSB
NPSBEJB
EPT
GVODJPOÃSJPT

PCFEFDFV
ÆT
TFHVJOUFT
FTQFDJàDBÉ×FT

IBCJUBÉ×FT

EFTUBT
SFTFSWBEBT

QBSB
NPSBEJB
EPT
FNQSFHBEPT
DPN
NBJPS
RVBMJàDBÉÈP
FOHFOIFJSPT
UÊDOJ
DPT

1SBÉB
&TDPMB
F
$FOUSP
$PNVOJUÃSJP
EVBT
&TDPMBT
QBSB
&OTJOP
*OGBO
UJM
RVBUSP
QFRVFOBT
-PKBT
EF
$PNÊSDJP
-PDBM
1PTUP
EF
4BÙEF
.FSDBEP

$PNÊSDJP
F
1FRVFOB
*OEÙTUSJB
6SCBOJ[BÉÈP
EF
SVBT
BWFOJEBT
FUD
$BJYB

EÃHVB
SFTFSWBUÓSJP
DPMFUJWP

1PÉP
UVCVMBS
DPN
QSPGVOEJEBEF
EF
N

3FEF
EF
FOFSHJB
FMÊUSJDB
3FEF
EF
EJTUSJCVJÉÈP
EÃHVB
"
7JMB
EJTQVOIB

BJOEB
EF
BNCVMÄODJB
RVBESP
QFSNBOFOUF
QBSB
BQPJP
FOGFSNFJSB
NÊEJDP

EFOUJTUB
F
QSPGFTTPSFT
&N
GBDF
EFTTB
EJNFOTÈP
IBWJB
VN
BENJOJTUSBEPS

DIBNBEP
EF
i1SFGFJUPu
QBSB
DVJEBS
EB
7JMB
F
HFSFODJBS
BT
RVFTU×FT
QFSUJ
OFOUFT
BP
TFV
GVODJPOBNFOUP
"
7JMB
FSB
DPNP
VNB
QFRVFOB
DJEBEF
F
BP

NFTNP
UFNQP
FSB
DPNP
VNB
HSBOEF
OPWJEBEF
OÈP
TPNFOUF
OP
.VOJDÎQJP

NBT
FN
UPEP
P
&TUBEP
FOVODJBOEPTF
DPNP
B
VSCBOJ[BÉÈP
EP
SVSBM
QPJT

NVJUPT
EPT
PCKFUPT
BDJNB
EFTDSJUPT
OÈP
NBJT
TF
DBSBDUFSJ[BWBN
DPNP
QFS
UFODFOUFT
BP
$BNQP

%JBOUF
EFTUB
*OGSBFTUSVUVSB
KVTUJàDBTF
B
BàSNBÉÈP
GFJUB
BOUFSJPS
NFOUF
iÊ
OFDFTTÃSJP
DPOIFDFS
B
IJTUÓSJB
EB
."*4"u
F
B
TVB
EJNFOTÈP
QBSB

FOUFOEFSNPT
DPNP
FTUB
&NQSFTB
QPS
NBJT
EF
VNB
EÊDBEB
FTUFWF
Æ
GSFOUF

EB
BUJWJEBEF
GSVUÎDPMB
OP
3/
F
BMDBOÉPV
QSPKFÉÈP
OBDJPOBM
F
JOUFSOBDJPOBM

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 4FHVOEP
+PTÊ
/JMTPO
EF
4Ã


B
QBSUJS
EF

B
GFSUJMJEBEF

EBT
QMBOUBÉ×FT
EF
DBKV
EFDSFTDFSBN
DPOTJEFSBWFMNFOUF
'PSBN
DJODP
BOPT

TFHVJEPT
EF
TFDB
B
QPOUP
EF
BMHVOT
QÊT
OP
BOP
EF

OBEB
QSPEV[JSFN

&MF
EFDMBSB
RVF

0
QSPKFUP
EB
QFDVÃSJB
RVF
FTUBWB
FN
GSBODB
FWPMVÉÈP
UBNCÊN
FO
USPV
FN
EFDMÎOJP
"RVFMF
FYVCFSBOUF
QBTUP
RVF
IBWJB
OB
ÃSFB
EF
TBQBSFDFV
EF
GPSNB
JNQSFTTJPOBOUF
<>
BMHVNB
DPJTB
UJOIB
EF
TFS

GFJUB
"
EFTBTUSPTB
FYQFSJËODJB
DPN
B
DVMUVSB
EF
TFRVFJSP
EFNBOEBWB

VNB
QSPWJEFODJB
VSHFOUF
QBSB
BTTFHVSBS
B
TPCSFWJWËODJB
EP
QSPKFUP
F

B
NBOVUFOÉÈP
EPT

QPTUPT
EF
USBCBMIPT
KÃ
DPOTPMJEBEPT
OB
7JMB

4¦

Q



&TTF
MPOHP
QFSÎPEP
EF
FTUJBHFN
DBVTPV
QFSEBT
BP
(SVQP
&NQSFTBSJBM

P
RVF
NPUJWPV
B
%JSFÉÈP
B
SFVOJSTF
F
EFàOJS
RVF
iBMHVNB
DPJTB
UJOIB
EF
TFS

GFJUBu
4¦



6N
EPT
TÓDJPT
P
FOHFOIFJSP
(FSBMEP
3PMB
GPJ
B
*TSBFM
DPOIFDFS
BT

UÊDOJDBT
EF
JSSJHBÉÈP
F
WPMUPV
QBSB
DPNBOEBS
P
QSPDFTTP
EF
"HSJDVMUVSB
*SSJ
HBEB
OB
QSPQSJFEBEF
+Ã
DPOIFDFEPS
EP
QPUFODJBM
OBUVSBM
EB
ÃSFB
m
B
GFSUJMJ
EBEF
EBT
UFSSBT
BT
SFTFSWBT
IÎESJDBT
FYJTUFOUFT
OB
#BDJB
1PUJHVBS
BUSBWÊT
EF

FTUVEP
GFJUP
QPS
UÊDOJDPT
EB
1FUSPCSÃT
UÊDOJDPT
EP
1SPKFUP
3BEBN
#SBTJM
F

QFMPT
EP
*OTUJUVUP
EF
1FTRVJTBT
5FDOPMÓHJDBT

*15
EF
4ÈP
1BVMP

F
EP
QPEFS

EB
MV[
TPMBS
EB
3FHJÈP
PQUPV
JNFEJBUBNFOUF
QFMB
$VMUVSB
EP
.FMÈP
DVKB

SFTQPTUB
TVQFSPV
BT
FYQFDUBUJWBT
1PJT
TFHVOEP
+PTÊ
/JMTPO

1BSB
P
QSJNFJSP
QMBOUJP
EF
VNB
ÃSFB
EF
NFMÈP
EP
UJQP
iWBMFODJB
OPu
BNBSFMP
(FSBMEP
3PMB
USPVYF
EF
4ÈP
1BVMP
VNB
GBNÎMJB
EF

KBQPOFTFT
F
QPS
JOUFSNÊEJP
EF
VN
FTQBOIPM
DPOIFDJEP
QFMP
OPNF

.BOPMP
DPOTFHVJV
TFNFOUFT
EB
&TQBOIB
'PSBN
QMBOUBEPT
TFN
VN

SFTVMUBEP
TBUJTGBUÓSJP
TBMWP
FOHBOP
EF
NJOIB
QBSUF

IFDUBSFT
0T

KBQPOFTFT
à[FSBN
GPJ
BQSFOEFS
FN
MVHBS
EF
FOTJOBS
4¦



 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD±0HO}HVWLSR³YDOHQFLDQR´DPDUHORYDULHGDGHPDLVSURGX]LGDHP0RVVRUy
)RWR2WRPDU/RSHV&DUGRVR-~QLRU

0T
QSJNFJSPT
NFM×FT
QSPEV[JEPT
OP
3JP
(SBOEF
EP
/PSUF
QBSB
àOT

EF
FYQPSUBÉÈP
iGPSBN
PT
DVMUJWBEPT
OB
."*4"
JSSJHBEPT
DPN
B
ÃHVB
FYJTUFOUF

OB
OPTTB
CBDJB
QPUJHVBS
OVNB
QSPGVOEJEBEF
NÊEJB
EF

NFUSPT
5PUBMJ[BOEP


DBJYBT
EF

RVJMPT
DPN
EFTUJOP
B
-POESFT u
4¦


"
QBSUJS
EF

FOUÈP
B
&NQSFTB
TFOUJV
B
OFDFTTJEBEF
EF
àYBS
&TDSJUÓSJPT
EF
3FQSFTFOUBÉÈP

OP
&YUFSJPS
QBSB
BNQMJBÉÈP
EP
TFV
.FSDBEP
$PNQSBEPS
"TTJN
JOTUBMPV

&TDSJUÓSJPT
FN
-POESFT
F
FN
3PUUFSEBN
OB
)PMBOEB
0T
NFM×FT
QSPEV[JEPT

QFMB
."*4"
QBTTBSBN
FOUÈP
B
TFS
DPNFSDJBMJ[BEPT
OB
&VSPQB
OPT
QBÎTFT

OÓSEJDPT

F
FN
UPEB
B
"NÊSJDB
5PNBEP
VN
UBOUP
QFMB
FNPÉÈP
P
DSJBEPS

+PTÊ
/JMTPO
EF
4Ã
EFTDSFWF
B
EJNFOTÈP
FDPOÔNJDB
BMDBOÉBEB
QFMB
&NQSFTB

"
&TQBOIB
P
NBJPS
QSPEVUPS
EF
NFMÈP
EB
&VSPQB
JNQPSUB
RVBTF

UVEP
RVF
OÓT
QSPEV[JNPT
BRVJ
OB
WBSJFEBEF
iQFMF
EF
TBQPu
<>
P

QSPKFUP
DSFTDFV
B
QSPEVUJWJEBEF
EF
NBJT
PV
NFOPT

UPOFMBEBT

QPS
IFDUBSFBOP
JNQSFTTJPOBWB
B
UPEPT
<>
P
1SFTJEFOUF
EP
1BSBHVBJ

TBJV
EF
"TTVOÉÈP
DPN
RVBTF
UPEP
TFV
.JOJTUÊSJP
QBSB
WFS
P
NJMB
HSF<>
&N
OPWFNCSP
EF

QBSUJDJQBNPT
FN
1BSJT
EB
GBNPTB

4*"-
VNB
GFJSB
JOUFSOBDJPOBM
EF
BMJNFOUPT
VUJMJ[BOEP
P
TUBOE
EP

#SBTJM
POEF
TJODFSBNFOUF
P
RVF
IBWJB
EF
NBJT
CPOJUP
FSBN
PT
NF
M×FT
EB
."*4"
4¦

Q


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 /B
4VC[POB
EF
*OáVËODJB
EF
.PTTPSÓ
BT
BUJWJEBEFT
EF
*SSJHBÉÈP
OBT
DFSBN
BTTJN
QPS
JOUFSNÊEJP
EB
*OJDJBUJWB
1SJWBEB
F
HBOIBSBN
DPSQP
B

QBSUJS
EPT
BOPT

DPN
P
QJPOFJSJTNP
EB
."*4"
F
QPTUFSJPSNFOUF
DPN

B
JNQMBOUBÉÈP
EF
PVUSB
JNQPSUBOUF
"HSPJOEÙTUSJB
B
'B[FOEB
i4ÈP
+PÈPu

"UÊ
P
BOP
EF

B
."*4"
WJOIB
TF
DPOTPMJEBOEP
DPNP
&NQSFTB
§ODPSB

FOUSF
BT
&NQSFTBT
-PDBJT

RVF
VUJMJ[B
GSVUBT
USPQJDBJT
DPNP
NBUÊSJBTQSJ
NBT
QBSB
B
QSPEVÉÈP
EF
TFNJNBOVGBUVSBEPT
DPNP
Ê
P
DBTP
EF
QPMQBT
CFN

DPNP
FYFSDFOEP
BÉÈP
JOUFSNFEJÃSJB
EF
HSBOEF
QFTP
OB
DPNQSB
EF
QSPEVÉÈP

EF
UFSDFJSPT
BT
FNQSFTBT
NFOPSFT
F
QFRVFOPT
QSPEVUPSFT

QBSB
FYQPSUBÉÈP

0DPSSËODJB
OPUÃWFM
QPSÊN
GPJ
RVF
B
.PTTPSÓ
"HSPJOEVTUSJBM
4"

m
."*4"
RVF
OPT

BOPT
TFHVJOUFT
Æ
TVB
DSJBÉÈP
TFSJB
DIBNBEB
EF
iNJMB
HSFu
QSJNFJSP
QFMP
QPSUF
F
TFHVOEP
QPS
DPOTFHVJS
BMDBOÉBS

EB
QSPEV
ÉÈP
OBDJPOBM
EF
NFMÈP
F
DIFHBS
B
SFQSFTFOUBS


EB
'SVUJDVMUVSB
*SSJHBEB

EP
1BÎT

FODFSSPV
BT
TVBT
BUJWJEBEFT
FN
KVOIP
EF

'PJ
P
RVF
SFTVNJV

P
GBUP
B
5SJCVOB
EP
/PSUF
FN
/BUBM3/

i"
IJTUÓSJB
EB
.PTTPSÓ
"HSPJOEVTUSJBM
4"
VN
TPOIP
JOJDJBEP
FN


VN
NJMBHSF
OB
EÊDBEB
EF

VNB
BOHVTUJB
OP
JOÎDJP
EP
TÊDVMP
F
BHPSB
VN
OPWP

TPOIP
QBSB
DFSDB
EF
NJM
GBNÎMJBT
QPUJHVBSFTu

4FHVOEP
P
1SFTJEFOUF
EP
4JOEJDBUP
EB
-BWPVSB
FN
.PTTPSÓ
'SBODJT
DP
&MQÎEJP
EB
4JMWB i<>
FTUBWBN
FNQSFHBEPT
OBRVFMB
ÊQPDB

USBCBMIBEPSFT

SVSBJT
.BT
GPJ
DSJBEB
PVUSB
FNQSFTB
B
/0-&.
RVF
BHSFHPV

EFTUFT
USBCB
MIBEPSFT
RVF
àDBSBN
EFTFNQSFHBEPT
OB
ÊQPDBu
"MÊN
EB
/PMFN
IÃ
B
1PUZGSVUBT

m
VNB
PVUSB
HSBOEF
&NQSFTB
EB
'SVUJDVMUVSB
OP
&TUBEP
"
1PUZGSVUBT
GPJ

DSJBEB
FN
TFUFNCSP
EF

QPS
VN
HSVQP
EF
FOHFOIFJSPT
BHSÔOPNPT

UÊDOJDPT
QSPQSJFUÃSJPT
EF
UFSSBT
F
BMHVOT
FYGVODJPOÃSJPT
EB
.BJTB
0
HSV
QP
QPTTVJ
IPKF
TFUF
GB[FOEBT
/B
TBGSB
EB
FNQSFTB
FN

GPSBN

QSPEV[JEBT

NJM
DBJYBT


NJM
DBJYBT
F
FN


FTUÈP
QSFWJTUBT

NJM
DBJYBT
"
1PUZGSVUBT
F
B
/PMFN
TÈP
DPOTJEFSBEBT


.BODIFUF
EP
+PSOBM
5SJCVOB
EP
/PSUF
QÃHJOB

FN



&OUSFWJTUB
DPODFEJEB
F
QVCMJDBEB
BP
+PSOBM
5SJCVOB
EP
/PSUF
FN


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

OB
BUVBMJEBEF
BT
FNQSFTBT
TVCTUJUVUBT
EB
.BJTB
OP
.FSDBEP
&YQPSUBEPS

'JHVSBT

F



)LJXUD±(VFULWyULRGDHPSUHVD1ROHPjVPDUJHQVGD%5XPDGDVPDLRUHV
H[SRUWDGRUDVGHPHOmRGR(VWDGR
)RWR$ULVWRWHOLQD

)LJXUD (VFULWyULRGDHPSUHVD3RW\IUXWDVjVPDUJHQVGD%5(ODHD1ROHPVmR
QDDWXDOLGDGHDVPDLRUHVH[SRUWDGRUDVGHPHOmRGR(VWDGR
)RWR$ULVWRWHOLQD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 "
.BJTB
GPJ
EFTBQSPQSJBEB
QFMP
*/$3"
QBSB
VN
"TTFOUBNFOUP
FN

NBJT
EF

NJM
IFDUBSFT
EF
UFSSB
"
PàDJBMJ[BÉÈP
EB
DSJBÉÈP
EP
"TTFOUBNFO
UP
EFVTF
EVSBOUF
B
WJTJUB
EP
1SFTJEFOUF
-VÎT
*OÃDJP
-VMB
EB
4JMWB
OP
EJB


EF
EF[FNCSP
EF

/B
PDBTJÈP
-VMB
BHFOEPV
EF
QÙCMJDP
P
EJB


EF
EF[FNCSP
EF

QBSB
WPMUBS
Æ
GB[FOEB
RVF
TFSJB
GPSNBMJ[BEB
DPNP

NPEFMP
OP
1SPHSBNB
/BDJPOBM
EF
3FGPSNB
"HSÃSJB

/P
BOP
EF

B
FNQSFTB
'B[FOEB
i4ÈP
+PÈPu
QSPQSJFEBEF
EF
+PTÊ

"HSJQJOP
.BJB
FYEJSFUPS
EB
."*4"

UBNCÊN
FODFSSPV
BT
TVBT
BUJWJEB
EFT
àDBOEP
EFTFNQSFHBEBT

QFTTPBT

i&TTFT
OÈP
UJWFSBN
NBJT
PQPSUVOJEBEF
EF
FNQSFHP
"
TJUVBÉÈP
àDPV
VN
QPVDP

DPNQMJDBEB
6NB
QFSTQFDUJWB
Ê
RVF
B
NBJPSJB
EFTUFT
DPNQBOIFJSPT
FTUÈP
GB[FOEP
QBS
UF
EB
SFGPSNB
BHSÃSJBu
53*#6/"
%0
/035&

EF
NBJP
EF



2VBOUP
BPT
NPUJWPT
EB
GBMËODJB
EB
."*4"
EB
'B[FOEB
4ÈP
+PÈP
F
EF

UBOUBT
PVUSBT
&NQSFTBT
OFTTF
NFTNP
QFSÎPEP
OÈP
DBCF
OFTUB
1FTRVJTB
EF
UBMIÃMPT
QPJT
GPSBN
JOÙNFSPT
EFTEF
TVDFTTJWPT
1MBOPT
&DPOÔNJDPT
BMUPT

KVSPT
JOHFSËODJB
BENJOJTUSBUJWB
JOBEFRVBÉÈP
ÆT
FYJHËODJBT
EP
.FSDBEP

EFTWBMPSJ[BÉÈP
EP
EÓMBS
BNFSJDBOP
FN
SFMBÉÈP
BP
SFBM
EP
#SBTJM
QBSJEBEF

EP
WBMPS
EP
EÓMBS
BP
SFBM


BUÊ
SB[×FT
EFTDPOIFDJEBT
.BT
QBSB
4BOUPT



BP
BOBMJTBS
B
TPMJEF[
EBT
&NQSFTBT
EB
BUVBMJEBEF
DBQJUBMJTUB
BT

<>
RVF
SFTJTUFN
F
TPCSFWJWFN
TÈP
BRVFMBT
RVF
PCUËN
B
NBJTWBMJB

NBJPS
QFSNJUJOEPTF
BTTJN
DPOUJOVBS
B
QSPDFEFS
F
B
DPNQFUJS
<>

0
FYFSDÎDJP
EB
DPNQFUJUJWJEBEF
UPSOB
FYQPOFODJBM
B
CSJHB
FOUSF
BT

FNQSFTBT
F
BT
DPOEV[
B
BMJNFOUBS
VNB
EFNBOEB
EJVUVSOB
EF
NBJT

DJËODJB
EF
NBJT
UFDOPMPHJB
EF
NFMIPS
PSHBOJ[BÉÈP
QBSB
NBOUFS
TF
Æ
GSFOUF
EB
DPSSJEB
)PKF
IBWFSJB
VN
NPUPS
ÙOJDP
RVF
Ê
FYBUB
NFOUF
B
NFODJPOBEB
NBJTWBMJB
VOJWFSTBM
&TUB
UPSOPVTF
QPTTÎWFM

QPSRVF
B
QBSUJS
EF
BHPSB
B
QSPEVÉÈP
TF
EÃ
Æ
FTDBMB
NVOEJBM
QPS

JOUFSNÊEJP
EF
FNQSFTBT
NVOEJBJT
RVF
DPNQFUFN
FOUSF
TJ
TFHVOEP

VNB
DPODPSSËODJB
FYUSFNBNFOUF
GFSP[
DPNP
KBNBJT
FYJTUJV
4"/
504

Q


0
RVF
Ê
DFSUP
Ê
RVF
B
TFHVOEB
NFUBEF
EB
EÊDBEB
EF

GPJ
NBSDBEB

QPS
GPSUF
SFDFTTÈP
FDPOÔNJDB
DBSBDUFSJ[BEB
QFMB
BEPÉÈP
EF
1PMÎUJDBT
DVKP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

PCKFUJWP
FSB
B
SFEVÉÈP
EPT
HBTUPT
QÙCMJDPT
P
RVF
BGFUPV
PT
1SPHSBNBT
EF

*SSJHBÉÈP
RVF
BUÊ
FOUÈP
WJOIBN
TFOEP
JNQMBOUBEPT
F
BDJSSPV
B
*SSJHBÉÈP

1SJWBEB
RVF
EFWFSJB
TFS
BVUPTVTUFOUÃWFM
F
PSJFOUBEB
QBSB
F
QFMP
.FSDBEP

&NCPSB
P
(PWFSOP
'FEFSBM
DPOUJOVBTTF
Æ
GSFOUF
EB
DPOTUSVÉÈP
EPT

TJTUFNBT
EF
PCKFUPT
JOFSFOUFT
Æ
*SSJHBÉÈP
NVEPV
P
EJSFDJPOBNFOUP
RVBOUP

Æ
HFTUÈP
EFTUFT
DPN
B
CVTDB
EF
OPWPT
.PEFMPT
EF
"ENJOJTUSBÉÈP
*OJDJB
SBNTF
FTUVEPT
RVF
WJTBWBN
Æ
FNBODJQBÉÈP
EPT
1FSÎNFUSPT
*SSJHBEPT
1Ù
CMJDPT
DPN
P
PCKFUJWP
EF
USBOTGFSJS
BPT
QSPEVUPSFT
B
SFTQPOTBCJMJEBEF
QFMB

PQFSBÉÈP
NBOVUFOÉÈP
F
HFSFODJBNFOUP
EPT
1SPKFUPT
1ÙCMJDPT
EF
JSSJHBÉÈP

CFN
DPNP
EF
SFPSHBOJ[BS
P
NPEFMP
EF
HFTUÈP
EPT
RVF
FTUBWBN
FN
DPOTUSV
ÉÈP
DPN
WJTUBT
B
QSJWJMFHJBS
FNQSFTÃSJPT
F
&NQSFTBT
"HSÎDPMBT
F
"HSPJO
EÙTUSJBT
DPN
B
"ENJOJTUSBÉÈP
1SJWBEB

/P
DFOÃSJP
BUVBM
B
'SVUJDVMUVSB
*SSJHBEB
DPOàHVSBTF
QPSUBOUP

DPNP
VNB
BUJWJEBEF
PSJFOUBEB
QBSB
F
QFMP
.FSDBEP
FYUFSOP
B
RVBM
TF
WPMUB

FN
UPEB
BT
FUBQBT
EF
TVB
QSPEVÉÈP
F
DPNFSDJBMJ[BÉÈP
ÆT
FYJHËODJBT
HMPCBJT

5JSBOEP
QSPWFJUP
UBNCÊN
EF
VNB
WBOUBHFN
EF
.FSDBEP
IBKB
WJTUB
RVF
TF

B
&VSPQB
RVJTFS
DPNQSBS
NFMÈP
OP
QFSÎPEP
EF

EF
TFUFNCSP
BUÊ

EF

KBOFJSP
UFSÃ
BQFOBT
VNB
PQÉÈP
OP
.VOEP
P
/PSEFTUF
EP
#SBTJM
.BT
FTUF

.FSDBEP
JNQ×F
DSJUÊSJPT
FYJHËODJBT
EJUBT
HMPCBJT
RVF
P
.FSDBEP
-PDBM

IBWFSÃ
EF
DVNQSJMBT
DBTP
RVFJSB
JOUFHSÃMP

&N

TVSHJV
B
OFDFTTJEBEF
EP
4FUPS
'SVUJDVMUPS
BUFOEFS
BP
.FS
DBEP
/PSUF"NFSJDBOP
P
RVF
MFWPV
P
.JOJTUÊSJP
EB
"HSJDVMUVSB
B
JOJDJBS
P

1SPKFUP
EF
1FTRVJTB
QBSB
BWFSJHVBÉÈP
EB
FYJTUËODJB
PV
OÈP
EB
FTQÊDJF
iNPT
DBEBTGSVUBTu
"OBTUSFQIB
HSBOEJT

'PJ
DPOTUBUBEP
RVF
B
3FHJÈP
EP
1ÓMP

"ÉV.PTTPSÓ
Ê
B
ÙOJDB
ÃSFB
MJWSF
EB
iNPTDBEBTGSVUBTu
&TTF
Ê
VN
GBDJMJUB
EPS
JNQPSUBOUF
QBSB
P
BDFTTP
EPT
OPTTPT
QSPEVUPT
BPT
.FSDBEPT
&VSPQFV
F

"NFSJDBOP
OP
RVFTJUP
àUPTTBOJEBEF
QPJT
B
NPTDB
BQFTBS
EF
OÈP
QSFKVEJDBS

B
TBÙEF
IVNBOB
UFN
P
QPEFS
EF
EJ[JNBS
QPNBSFT
EF
NFMÈP
NFMBODJB

KFSJNVN
BCÓCPSB

FUD
&
PT
&TUBEPT
6OJEPT
F
+BQÈP
HBTUBSBN
CJMI×FT
EF

EÓMBSFT
QBSB
FSSBEJDÃMB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 "T
&NQSFTBT
-PDBJT
TÈP
SFHVMBSNFOUF
NPOJUPSBEBT
QFMP
$PNJUË
EF
'J
UPTTBOJEBEF
EP
3JP
(SBOEF
EP
/PSUF
 $0&9
'VOEBEP
FN

F
TFEJB
EP
FN
.PTTPSÓ
3JP
(SBOEF
EP
/PSUF
P
$0&9
SFQSFTFOUB

QSPEVUPSFT

F
FYQPSUBEPSFT
EF
NFMÈP
"
%FMFHBDJB
EP
.JOJTUÊSJP
EB
"HSJDVMUVSB
GB[
VN

USBCBMIP
EF
TVQFSWJTÈP
F
àTDBMJ[BÉÈP
EBT
BUJWJEBEFT
EP
4FUPS
"
4FDSFUBSJB
EF

"HSJDVMUVSB
EP
&TUBEP
BUVB
BUSBWÊT
EB
%FGFTB
"HSPQFDVÃSJB
àTDBMJ[BOEP
P

USÄOTJUP
EF
QSPEVUPT
OBT
FTUSBEBT
EF
UPEP
P
&TUBEP
&TUBT
TÈP
NPOJUPSBEBT
QFMBT

CBSSFJSBT
àUPTTBOJUÃSJBT
MPDBMJ[BEBT
OBT
DJEBEFT
EF
.PTTPSÓ
1BV
EPT
'FSSPT

$BJDÓ
1BSOBNJSJN
+PÈP
$ÄNBSB
F
"ÉV
)Ã
BJOEB
BT
CBSSFJSBT
WPMBOUFT
RVF

BUVBN
FN
BQPJP
ÆT
CBSSFJSBT
àYBT
0
DPOUSPMF
JOUFOTP
àUPTTBOJUÃSJP
BP
NFTNP

UFNQP
EFOVODJB
B
GSBHJMJEBEF
EB
BUJWJEBEF
QPJT
DPN
UPEB
B
UFDOPMPHJB
FNQSF
HBEB
F
DVJEBEPT
EJTQFOTBEPT
Æ
QSPEVÉÈP
UVEP
QPEF
WJS
B
TFS
DPNQSPNFUJEP
TF

IPVWFS
BUBRVF
QPS
QSBHBT
&TUB
Ê
VNB
QSFPDVQBÉÈP
DPOTUBOUF
EF
UPEPT
FYQPS
UBEPSFT
KÃ
RVF
FTUFT
DPNFSDJBMJ[BN
TVB
QSPEVÉÈP
BOUFT
NFTNP
EB
DPMIFJUB
F

BTTJN
EFWFN
HBSBOUJS
B
FOUSFHB
BUFOEFOEP
PT
QBES×FT
JOUFSOBDJPOBJT

0
(PWFSOP
'FEFSBM
QBSB
BTTFHVSBS
VN
EJGFSFODJBM
EF
RVBMJEBEF
F

BCSJS
NFSDBEP
QBSB
BT
GSVUBT
QSPEV[JEBT
OP
1BÎT
DSJPV
B
$FSUJàDBÉÈP
EB
1SP
EVÉÈP
*OUFHSBEB
EF
'SVUBT
m
1*'
&TUB
EFàOF
QBSÄNFUSPT
QBSB
B
QSPEVÉÈP

QÓTDPMIFJUB
BT
FNCBMBHFOT
B
DPNFSDJBMJ[BÉÈP
EF
GSVUBT
GSFTDBT
BTTJN
DPNP

QBSB
B
QSPUFÉÈP
EP
.FJP
"NCJFOUF
F
EB
4BÙEF
)VNBOB
"
BWBMJBÉÈP
EB

DPOGPSNJEBEF
EB
1*'
Ê
GFJUB
DPN
CBTF
OP
4JTUFNB
/BDJPOBM
EF
.FUSPMPHJB

/PSNBUJ[BÉÈP
F
2VBMJEBEF
*OEVTUSJBM
NFEJBOUF
P
*ONFUSP
RVF
DPODFEF

VN
TFMP
QBSB
VTP
EPT
QSPEVUPSFT
RVF
BUFOEBN
BPT
SFRVJTJUPT
EP
1SPHSBNB

&OUSF
BT
GSVUBT
KÃ
JODMVÎEBT
OB
1*'
OP
1BÎT
FTUÈP
B
NBÉÈ
P
QËTTFHP
P
DBKV

B
NBOHB
B
VWB
F
P
NFMÈP
"T
USBOTGPSNBÉ×FT
QFMBT
RVBJT
QBTTB
P
.FSDBEP

.VOEJBM
WËN
GPSÉBOEP
B
DSJBÉÈP
EF
OPWBT
SFHSBT
EF
DPNQPSUBNFOUP
EF
UPEPT

PT
4FUPSFT
1SPEVUJWPT
RVF
RVFJSBN
TF
NBOUFS
DPNQFUJUJWPT
/PUBEBNFOUF

BT
&NQSFTBT
WËN
JODPSQPSBOEP
DPODFJUPT
DPNP
i#PBT
1SÃUJDBT
"HSÎDPMBTu

i#PBT
1SÃUJDBT
EF
'BCSJDBÉÈPu
i1SPEVÉÈP
*OUFHSBEB
EF
'SVUBTu
i1SPEVÉÈP

.BJT
-JNQBu
F
i"OÃMJTF
EF
1FSJHPT
F
1POUPT
$SÎUJDPT
EF
$POUSPMFu

&N
SB[ÈP
EBT
FYJHËODJBT
EP
.FSDBEP
&YUFSOP
P
$0&9
DSJPV
FN

KBOFJSP
EF

P
%FQBSUBNFOUP
EF
$BQBDJUBÉÈP
QBSB
B
1SPEVÉÈP
*OUFHSB

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EB
EF
'SVUBT
RVF
QSFTUB
BTTJTUËODJB
UÊDOJDB
FTQFDJBMJ[BEB
BPT
QSPEVUPSFT

EB
3FHJÈP
QSFPDVQBEPT
FN
BEFRVBSTF
ÆT
FYJHËODJBT
OÈP
TÓ
EB
1SPEVÉÈP

*OUFHSBEB
NBT
UBNCÊN
EF
PVUSPT
4JTUFNBT
EF
1SPEVÉÈP
DPNP
P
&63&1
("1
F
64"("1
P
RVBM
QPEFSJB
JNQPS
SFTUSJÉ×FT
ÆT
JNQPSUBÉ×FT
EF
NFMÈP

F
NBOHB
QSPEV[JEBT
OB
3FHJÈP

"
&VSPQB
QSJODJQBM
DPNQSBEPSB
EB
QSPEVÉÈP
OPSUFSJPHSBOEFOTF

EF
NFMÈP
DSJPV
VN
TJTUFNB
QSÓQSJP
EF
DFSUJàDBÉÈP
P
&VSFQ(BQ
RVF
FOWPM
WF
OÈP
TÓ
P
QSPDFTTP
QSPEVUJWP
DPNP
UBNCÊN
B
SFTQPOTBCJMJEBEF
TPDJBM

EP
QSPEVUPS
RVF
FYDMVJ
B
FYQMPSBÉÈP
EF
NÈPEFPCSB
JOGBOUJM
F
WFSJàDB
BT

SFTUSJÉ×FT
OP
VTP
EF
BHSPUÓYJDPT
EBÎ
B
QSFPDVQBÉÈP
DPN
BT
QSBHBT

"T
CPBT

QSÃUJDBT
BHSÎDPMBT
UPSOBSBNTF
FN

VN
QSPUPDPMP
EF
FYJHËODJBT
FMB
CPSBEBT
QPS
HSBOEFT
BUBDBEJTUBT
FVSPQFVT
B
àN
EF
HBSBOUJS
B
QSPDFEËODJB
F

B
SBTUSFBCJMJEBEF
EPT
BMJNFOUPT
"MHVNBT
FNQSFTBT
EF
.PTTPSÓ
KÃ
BEFRVB
SBN
TVBT
BUJWJEBEFT
ÆT
FYJHËODJBT
DPOUJEBT
OFTUB
DFSUJàDBÉÈP
"
QSFTTÈP
EP

.FSDBEP
F
B
QSÓQSJB
-FHJTMBÉÈP
FYJHFN
EBT
&NQSFTBT
BEFRVBÉÈP
BPT
TFVT

DPODFJUPT
QSJODJQBMNFOUF
OPT
4FUPSFT
EF
&YQPSUBÉÈP

)LJXUD±$PELHQWHGHDFRUGRFRPDVQRUPDVGDHXUHSJDSHPXPDGDVID]HQGDV
GRJUXSR3RW\IUXWDV/kPSDGDGHLOXPLQDomRGRSDFNLQJKRXVHSURWHJLGDSDUDHYLWDU
HPFDVRGHTXHEUDIUDJPHQWRVFDLDPQDVIUXWDV
)RWR2WRPDU/RSHV&DUGRVR-~QLRU

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±$PELHQWHGHDFRUGRFRPDVQRUPDVGDHXUHSJDSHPXPDGDVID]HQGDV
GRJUXSR3RW\IUXWDV±0DWHULDOGHOLPSH]DLGHQWL¿FDGRHVHSDUDGR
)RWR$ULVWRWHOLQD

0
EJOBNJTNP
FDPOÔNJDP
BHSÎDPMB
FN
.PTTPSÓ
QPEF
TFS
PCTFSWBEP

QSJODJQBMNFOUF
QFMB
JOUFOTJàDBÉÈP
EP
$BQJUBMJTNP
OP
$BNQP
TFKB
QFMB
JOT
UBMBÉÈP
EF
"HSPJOEÙTUSJBT
QFMBT
SFMBÉ×FT
BHSPFYQPSUBEPSBT
TFKB
QFMP
VTP
EF

UFDOPMPHJBT
EF
QPOUB
OB
QSPEVÉÈP
NBOFKP
PV
DJSDVMBÉÈP
EB
TVB
QSPEVÉÈP

GSVUÎDPMB
JSSJHBEB
"T
DBSBDUFSÎTUJDBT
EFTTB
OPWB
5FDOPMPHJB
QFSNJUJSBN
B

JOTUBMBÉÈP
EF
&NQSFTBT
NFOPT
EFQFOEFOUFT
EPT
DSJUÊSJPT
RVF
NBSDBWBN
P

EFTFOWPMWJNFOUP
FN
QFSÎPEPT
BOUFSJPSFT
DPNP
EJ[
4BOUPT
i<>
VN
OPWP
TJT
UFNB
EF
OBUVSF[B
"
OBUVSF[B
RVF
DPOUB
OÈP
Ê
NBJT
B
OBUVSF[B
OBUVSBM
NBT
TJN
B

OBUVSF[B
KÃ
BSUJàDJBMJ[BEBu
4"/504

Q

RVF
BJOEB
MFNCSB
RVF
iB

IJTUÓSJB
Ê
VNB
UPUBMJEBEF
FN
NPWJNFOUP
VN
QSPDFTTP
EJOÄNJDP
DVKBT
QBSUFT
DPMJEFN

DPOUJOVBNFOUF
QBSB
QSPEV[JS
OPWP
NPNFOUP
<>u
4"/504

Q


"T
USBOTGPSNBÉ×FT
GPSBN
TVCTUBODJBJT
RVBOUP
Æ
GPSNB
BP
UJQP
F
Æ

JOUFOTJEBEF
EBT
SFMBÉ×FT
NFUBNPSGPTFBOEP
P
FTQBÉP
BOUJHP
F
DSJBOEP
VN

OPWP
OP
$BNQP
F
OB
DJEBEF
EF
.PTTPSÓ
DBSBDUFSJ[BEP
QFMB
HSBOEF
RVBOUJ
EBEF
EF
EJWFSTJEBEF
EF
àYPT
BSUJàDJBJT
F
áVYPT
EF
UPEPT
PT
UJQPT
F
JOUFOTJ
EBEFT
BTTJN
DPNP
QFMPT
OPWPT
OFYPT
QSFTJEJEPT
QFMB
$JEBEF
F
QSPEV[JEPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

UBOUP
OP
$BNQP
RVBOUP
GPSB
EBT
GSPOUFJSBT
NVOJDJQBJT
KÃ
RVF
.PTTPSÓ

QPMBSJ[B
VNB
3FHJÈP
'SVUÎDPMB
"HSPFYQPSUBEPSB
0T
àYPT
BSUJàDJBJT
TFSJBN

EFOUSF
NVJUPT
QSFTFOUFT
FN
.PTTPSÓ
DPNP
PT
QSÓQSJPT
JOTUSVNFOUPT
EF

USBCBMIP
QBSB
B
FYFDVÉÈP
EB
BUJWJEBEF
BT
*OTUJUVJÉ×FT
EF
1FTRVJTB
BT
FTUSB
EBT
EF
SPEBHFOT
WJDJOBJT
RVF
QBSUFN
EF
UPEPT
PT
.VOJDÎQJPT
JOUFHSBOUFT
EP

1ÓMP
QFSNJUJOEP
P
USBOTQPSUF
EF
GSVUBT
EB
ÃSFB
EF
QMBOUJP
QBSB
PT
QBDLJOH
IPVTFT OBT
4FEFT
EBT
&NQSFTBT
POEF
BMJ
TÈP
TFMFDJPOBEBT
DMBTTJàDBEBT
F
OP
WBNFOUF
TFHVFN
QPS
PVUSBT
WJBT
EF
BDFTTP
RVF
BT
DPOEV[FN
QSJODJQBMNFOUF

BPT
1PSUPT
EF
/BUBM
m
3/
F
1FDÊN
OP
$FBSÃ
DPN
EFTUJOP
BP
QPSUPT
EF

%PWFS
OB
*OHMBUFSSB
F
EF
3PUUFSEBO
OB
)PMBOEB
F
EBMJ
QBSUFN
SVNP
BPT

QBÎTFT
EB
&VSPQB
F
B
PVUSPT
$POUJOFOUFT
&TTB
EJOÄNJDB
DPNQ×F
PT
áVYPT

PV
TFKB
TÈP
P
NPWJNFOUP
F
B
DJSDVMBÉÈP
RVF
OPT
QPTTJCJMJUBN
B
DPNQSFFOTÈP
EPT

GFOÔNFOPT
EB
EJTUSJCVJÉÈP
F
EP
DPOTVNP
4BOUPT

Q


)LJXUD±,QWHULRUGRSDFNLQJKRXVHQD3RW\IUXWDV
)RWR$ULVWRWHOLQD


-PDBM
DPCFSUP
F
GFDIBEP
CFN
JMVNJOBEP
F
QSPUFHJEP
QBSB
MJNQF[B
TFMFÉÈP
DMBTTJàDBÉÈP
F
FNCBMBHFN
EPT
GSVUPT

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±)XQFLRQiULRWUDQVSRUWDQGRPHO}HVQRLQWHULRUGRSDFNLQJKRXVH
)RWR2WRPDU/RSHV&DUGRVR-~QLRU

"
3FHJÈP
'SVUÎDPMB
QPMBSJ[BEB
QPS
.PTTPSÓ
m
3/
Ê
VNB
EBT
RVF

NBJT
BEPUBSBN
BT
JOPWBÉ×FT
UÊDOJDPDJFOUÎàDBT
FTQFDJàDBNFOUF
BRVFMBT
BT
TPDJBEBT
Æ
"HSJDVMUVSB
SFPSHBOJ[BOEP
UPEB
TVB
QSPEVÉÈP
BHSÎDPMB
F
TFV
FT
QBÉP
SVSBM
DPN
SFáFYPT
OBT
GVOÉ×FT
GPSNBT
F
QSPDFTTPT
RVF
TF
FTUSVUVSBSBN

UBNCÊN
OB
$JEBEF

"
GPSNBÉÈP
TPDJPFTQBDJBM
NPTTPSPFOTF
TF
EÃ
DPN
WBSJBÉ×FT
OP
UFNQP

F
OP
FTQBÉP
EFDPSSFOUFT
EF
EFDJT×FT
QPMÎUJDBT
EP
&TUBEP
F
EBT
&NQSFTBT

NPEJàDBOEP
BTTJN
B
QBJTBHFN
SVSBM
F
VSCBOB
EFTTF
.VOJDÎQJP
BP
BUSBJS

&NQSFTBT
EF
*NQMFNFOUPT
F
*OTVNPT
"HSÎDPMBT
EF
5SBOTQPSUF
(SVQPT
EF

1FTRVJTBT
NFMIPSBNFOUP
HFOÊUJDP
FUD
"
QSJODÎQJP
BT
$BTBT
$PNFSDJBJT

FTQFDJBMJ[BEBT
GPSBN
JOTUBMBEBT
OP
$FOUSP
EB
$JEBEF
NBT
OP
àOBM
EPT
BOPT


GPSBN
USBOTGFSJEBT
F
QSJODJQBMNFOUF
NVJUBT
OPWBT
DIFHBSBN
F
JOTUBMB
SBNTF
BP
MPOHP
EB
#3
0
$FOUSP
EB
$JEBEF
OÈP
BQSFTFOUBWB
GÃDJM
BDFT
TP
F
CPBT
DPOEJÉ×FT
EF
SFDFCFS
BMHVNBT
NFSDBEPSJBT
DPNP
PT
MPOHPT
DBOPT

EF
QWD
F
PVUSPT
EVUPT
1PS
PVUSP
MBEP
FSB
EJGÎDJM
B
FOUSBEB
F
B
NBOPCSB
EBT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

DBSSFUBT
RVF
USBOTQPSUBWBN
NFSDBEPSJBT
TFKB
USB[FOEPBT
BUÊ
ÆT
MPKBT
TFKB

USBOTQPSUBOEPBT
BP
DPNQSBEPS
àOBM
OBT
GB[FOEBT

0
USFDIP
EB
#3
MPDBMJ[BEP
EFOUSP
OP
1FSÎNFUSP
6SCBOP
DPO
TPMJEPVTF
OPT
ÙMUJNPT
BOPT
DPNP
VN
DPSSFEPS
EF
PGFSUB
EF
4FSWJÉPT
F

$PNÊSDJP
WPMUBEP
UBOUP
QBSB
B
BUJWJEBEF
GSVUÎDPMB
DPNP
QBSB
B
TBMJOFJSB

/P
SBNP
EF
JOTVNPT
TÈP
-PKBT
EF
3FWFOEB
EF
.ÃRVJOBT
&RVJQBNFOUPT

F
*NQMFNFOUPT
EF
&NCBMBHFOT
EF
"HSPRVÎNJDPT
EF
.VEBT
F
4FNFOUFT

)Ã
UBNCÊN
&TDSJUÓSJPT
EF
1SPKFUPT
F
"TTJTUËODJB
5ÊDOJDB
EF
-PHÎTUJDB
QBSB

"HSPOFHÓDJPT
$POTVMUPSJBT
"HSPJOEVTUSJBJT
&TQFDJBMJ[BEBT
-BCPSBUÓSJPT

EF
"OÃMJTFT
EF
4PMP
¦HVB
F
1MBOUB
F
UBNCÊN
PT
&TDSJUÓSJPT4FEFT
EF
BMHV
NBT
'B[FOEBT
EF
.PTTPSÓ
)Ã
UBNCÊN
WÃSJPT
1PTUPT
EF
$PNCVTUÎWFJT
RVF

HBSBOUFN
BMÊN
EP
BCBTUFDJNFOUP
B
IPTQFEBHFN
B
BMJNFOUBÉÈP
TFSWJÉPT

EF
PàDJOB
F
CPSSBDIBSJB
)Ã
QPSUBOUP
VNB
HBNB
EF
PGFSUBT
EF
4FSWJÉPT
QBSB

BUFOEFS
Æ
"UJWJEBEF
'SVUÎDPMB
DPODFOUSBEPT
FN
VNB
ÙOJDB
WJB

B
#3

RVF
PUJNJ[B
BTTJN
B
DJSDVMBÉÈP
EF
JOTVNPT
NFSDBEPSJBT
F
UBNCÊN
P
FTDP
BNFOUP
EB
TBGSB
EF
GSVUBT
OÈP
TÓ
EF
.PTTPSÓ
NBT
EF
UPEP
P
1ÓMP
3FHJPOBM

QPJT
Ê
VNB
JNQPSUBOUF
WJB
EF
BDFTTP
QBSB
P
FTUBEP
EP
$FBSÃ

%BEPT
EB
4FDSFUBSJB
EP
$PNÊSDJP
&YUFSJPS
m
4FDFY
 EFNPOTUSBN

RVF
EF
KBOFJSP
BUÊ
OPWFNCSP
EP
BOP
EF

DFSDB
EF

NJM
UPOFMBEBT
EF

GSVUBT
QSPDFEFOUFT
EP
3JP
(SBOEF
EP
/PSUF
IBWJBN
TJEP
FYQPSUBEBT
QFMP

5FSNJOBM
$FBSFOTF
m
P
1PSUP
EF
1FDÊN
0
WPMVNF
FRVJWBMF
B
 
EP

4FUPS
DPNFSDJBMJ[BEP
QFMP
1PSUP
0
QFSDFOUVBM
DPSSFTQPOEF
B

NJMI×FT

EF
EÓMBSFT
EF
VN
UPUBM
EF

NJMI×FT
EF
EÓMBSFT
FN
GSVUBT
NPWJNFOUBEPT

QPS
1FDÊN
4FHVOEP
B
GPOUF
TVQSBDJUBEB
PT
1PSUPT
RVF
NBJT
FYQPSUBSBN

GSVUBT
OP
#SBTJM
FOUSF
KVOIP
F
EF[FNCSP
EF

GPJ
P
EF
1FDÊN
TFHVJEP

QFMPT
EF
4BMWBEPS#B
F
EP
.VDVSJQF
UBNCÊN
OP
$FBSÃ
"
GBMUB
EF
VN
DPS
SFEPS
EF
FTDPBNFOUP
EB
QSPEVÉÈP
GSVUÎDPMB
EB
SFHJÈP
0FTUF
EP
&TUBEP
DPN

EFTUJOP
BP
1PSUP
EF
/BUBM
Ê
VNB
EBT
EFàDJËODJBT
BUVBJT
BQPOUBEBT
QFMPT

FNQSFTÃSJPT
GSVUJDVMUPSFT
OPSUFSJPHSBOEFOTFT


%BEPT
EB
4FDFY
QVCMJDBEPT
OP
%JÃSJP
EP
/PSEFTUF
FN


5JUVMP
EB
NBUÊSJB
&9*(®/$*"
%0
.&3$"%0

 "NQMJBÉÈP
EP
1PSUP
EP
1FDÊN
SFRVFS
64

NJMI×FT

6NB
WJB
EF
BDFTTP
m
FTUSBEB
QSJODJQBM
BTGBMUBEB
QBSUJOEP
EF
.PTTPSÓ
QBSB
/BUBM

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0
QSFTJEFOUF
EP
$0&9
4S
'SBODJTDP
$JQSJBOP
EF
1BVMB
4FHVOEP

BàSNB
RVF
VN
EPT
HSBOEFT
QSPCMFNBT
EP
FTDPBNFOUP
EB
QSPEVÉÈP
QPUJHVBS

TÈP
BT
DPOEJÉ×FT
GÎTJDBT
EBT
FTUSBEBT
WJDJOBJT
EP
&TUBEP
RVF
EF
UÈP
QSFDÃSJBT

BDBCBN
QSFKVEJDBOEP
B
RVBMJEBEF
EBT
GSVUBT
FYQPSUBEBT
1PJT
i<>
DFSDB
EF


EB
QSPEVÉÈP
EFTUJOBEB
BP
NFSDBEP
FYUFSOP
TF
QFSEF
BQFOBT
OP
USBOTQPSUF
KÃ
RVF

BT
GSVUBT
OÈP
QPEFN
TPGSFS
QBODBEBTu
JOGPSNBÉÈP
WFSCBM
4S
1BVMB
4FHVOEP


/B
3FHJÈP
EP
1ÓMP
"ÉV.PTTPSÓ
DJSDVMBN
BOVBMNFOUF

NJM
DB
NJOI×FT
&
BJOEB
OBT
QBMBWSBT
EF
1BVMB
4FHVOEP
SFGFSJOEPTF
B
.PTTPSÓ

/P
QFSÎPEP
EB
TBGSB
QBSUFN
EF
.PTTPSÓ
BQSPYJNBEBNFOUF

DB
NJOI×FT
QPS
TFNBOB
F
OFOIVNB
FTUSBEB
WJDJOBM
EB
SFHJÈP
Ê
QFMP
NF
OPT
DBMÉBEB
"T
FTUSBEBT
SVJOT
DPOUSJCVFN
QBSB
P
BVNFOUP
EF
GSFUFT

KÃ
RVF
P
EFTHBTUF
EPT
WFÎDVMPT
Ê
CFN
NBJPS
"MÊN
EP
RVF
FN
GVOÉÈP

EPT
CVSBDPT
PT
WFÎDVMPT
CBMBOÉBN
NVJUP
QSPWPDBOEP
BUSJUP
OBT
GSV
UBT
"
QSFDBSJFEBEF
EBT
FTUSBEBT
QPEFSÃ
OP
GVUVSP
DPNQSPNFUFS
BT

FYQPSUBÉ×FT
EP
NFMÈP
B
HSBOFM
EF
PVUSBT
GSVUBT
QBSB
P
FYUFSJPS

"
3FHJÈP
EF
.PTTPSÓ
UFN
IPKF
TÊSJPT
QSPCMFNBT
FN
TVBT
SPEPWJBT
F

QSJODJQBMNFOUF
FN
TVBT
FTUSBEBT
WJDJOBJT
RVF
MJHBN
BT
GB[FOEBT
ÆT
SPEPWJBT

FTUBEVBJT
RVF
QPS
TVB
WF[
MJHBNTF
ÆT
WJBT
GFEFSBJT
RVF
UFSÈP
P
1PSUP
DPNP

EFTUJOP
àOBM
i.VJUBT
WF[FT
UFN
QFSEB
EF
UFNQP
&N
WJBHFOT
RVF
EFWFSJBN
EVSBS


NJOVUPT
GBÉP
FN
VNB
IPSB
JTTP
EF
VNB
GB[FOEB
QBSB
B
3/u
SFMBUB
P
DBNJ
OIPOFJSP
.BOPFM
.FOEFT
RVF
USBCBMIB
IÃ
RVBTF
EF[
BOPT
USBOTQPSUBOEP
PT

NFM×FT
EBT
GB[FOEBT
JOTUBMBEBT
OPT
NVOJDÎQJPT
EF
#BSBÙOB
F
.PTTPSÓ
QBSB
P

1PSUP
EF
/BUBM
QSJODJQBM
QPSUB
EF
TBÎEB
EBT
FYQPSUBÉ×FT
QPUJHVBSFT

%JBOUF
EP
OÙNFSP
EF
DBNJOI×FT
BQSFTFOUBEPT
QPS
1BVMB
4FHVOEP

RVF
QBSUFN
EF
.PTTPSÓ
FWJEFODJBNPT
JO
MPDV
P
NPWJNFOUP
OPT
1PTUPT
EF

$PNCVTUÎWFJT
OPT
CBSFT
SFTUBVSBOUFT
CPSSBDIBSJBT
F
PVUSPT
FTUBCFMFDJNFO
UPT
EF
$PNÊSDJP
F
4FSWJÉPT
OB
DJEBEF
EF
.PTTPSÓ
&TTFT
FTUBCFMFDJNFOUPT

DPNFSDJBJT
F
EF
TFSWJÉPT
FTUÈP
EJTUSJCVÎEPT
BP
MPOHP
EB
#3
QSJODJQBM
NFOUF
OP
USFDIP
RVF
àDB
OB
¦SFB
6SCBOB
EP
.VOJDÎQJP
POEF
MPDBMJ[BNPT

BMHVNBT
QPVTBEBT
4FHVOEP
VN
EPT
QSPQSJFUÃSJPT
SFGFSJOEPTF
BPT
IÓTQFEFT

EF
TVB
1PVTBEB

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 0
OPTTP
IPTQFEF
Ê
OB
HSBOEF
NBJPSJB
SFQSFTFOUBOUFT
DPNFSDJBJT
JO
EVTUSJBJT
EP
TFUPS
BHSÎDPMB
RVF
DIFHBN
HFSBMNFOUF
OPT
QFSÎPEPT

QÓTDPMIFJUB
FN
RVF
PT
GB[FOEFJSPT
EB
SFHJÈP
FODPNFOEBN
GFSUJMJ
[BOUFT
TFNFOUFT
QFTUJDJEBT
F
PT
QSPEVUPT
OFDFTTÃSJPT
QBSB
P
QMBOUJP

TFHVJOUF
F
UBNCÊN
BP
MPOHP
EP
BOP
QBSB
NPTUSBS
BT
OPWJEBEFT
*OGPSNBÉÈP
WFSCBM


"T
QPVTBEBT
RVF
FTUÈP
BP
MPOHP
EB
#3
BUFOEFN
B
FTTB
EFNBO
EB
QPJT
FTUÈP
OP
DBNJOIP
RVF
MFWB
ÆT
1SPQSJFEBEFT
"HSÎDPMBT
F
BPT
TFVT

&TDSJUÓSJPT

$PNP
TF
WË
B
"HSJDVMUVSB
*SSJHBEB
Ê
QSBUJDBEB
OB
;POB
3VSBM
EP

.VOJDÎQJP
NBT
DSJB
F
EÃ
EJOBNJDJEBEF
B
VN
TFHNFOUP
EP
5FSDJÃSJP
UPUBM
NFOUF
FTQFDJBMJ[BEP
QBSB
FTUB
BUJWJEBEF
OB
$JEBEF
POEF
PT
FTUBCFMFDJNFO
UPT
FTUÈP
DPODFOUSBEPT
OB
#3
/P
CPKP
EP
QSPDFTTP
EF
VSCBOJ[BÉÈP
EB

$JEBEF
P
EFTFOWPMWJNFOUP
EB
'SVUJDVMUVSB
*SSJHBEB
F
P
SFTQFDUJWP
QSPDFTTP

EF
SFQSPEVÉÈP
EBT
TVBT
DPOEJÉ×FT
EF
QSPEVÉÈP
QSPNPWFSBN
OPUBEBNFOUF

FTUB
QBSUF
EB
$JEBEF

"
BUJWJEBEF
QSPNPWF
BJOEB
OB
$JEBEF
B
'FJSB
*OUFSOBDJPOBM
EF
'SV
UJDVMUVSB
5SPQJDBM

&910'36*5
m
FWFOUP
BOVBM
RVF
SFÙOF
QSPEVUPSFT
EF

UPEP
P
3JP
(SBOEF
EP
/PSUF
F
FYQPTJUPSFT
EF
UPEP
P
.VOEP
"
&YQPGSVJU

TVSHJV
FN

DPN
B
EFOPNJOBÉÈP
EF
i'FJSB
/BDJPOBM
EB
'SVUJDVMUVSB

*SSJHBEBu

'&/"'365
DPN
B
àOBMJEBEF
EF
JODFOUJWBS
P
TFHNFOUP
BUSBWÊT

EB
SFVOJÈP
EPT
GSVUJDVMUPSFT
EP
#SBTJM
F
EP
&YUFSJPS
F
EJWVMHBS
P
RVF
IÃ
EF

NBJT
NPEFSOP
FN
QSPEVUPT
JOTVNPT
TFSWJÉPT
FRVJQBNFOUPT
F
UFDOPMPHJBT

QBSB
B
QSPEVÉÈP
F
DPNFSDJBMJ[BÉÈP
EF
GSVUBT
USPQJDBJT
/P
BOP
EF

P

FWFOUP
DPOTFHVJV
DPNFSDJBMJ[BS

FTUBOEFT
EF

NĒ
DBEB
VN
EJTUSJCV
ÎEPT
FN
VNB
HSBOEF
ÃSFB
OP
$BNQVT
EB
&4".
0
DSFTDJNFOUP
EB
'FJSB
Ê

DPOTUBOUF
BOP
B
BOP
QPJT
KÃ
OP
BOP
TFHVJOUF


GPSBN

FTUBOEFT


EFMFHBÉ×FT
EF
PVUSPT
FTUBEPT
F

EFMFHBÉ×FT
JOUFSOBDJPOBJT

QPSUVHVFTFT

FTQBOIÓJT
JOHMFTFT
GSBODFTFT
BMFNÈFT
FUD


4S
$BSMPT
"OESÊ
QSPQSJFUÃSJP
EB
1PVTBEB
"TB
#SBODB
#3
.PTTPSÓ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0
$0&9
DPOTJEFSB
B
'FJSB
VN
FWFOUP
GVOEBNFOUBM
QBSB
P
JODFOUJWP

Æ
'SVUJDVMUVSB
EP
&TUBEP
F
WË
OP
FWFOUP
B
DFSUF[B
EP
GFDIBNFOUP
EF
JNQPS
UBOUFT
OFHÓDJPT
CFN
DPNP
B
HBSBOUJB
EF
àOBODJBNFOUPT
CBODÃSJPT
QBSB
B

DPNQSB
EF
USBUPSFT
F
PVUSPT
JNQMFNFOUPT

i"
&YQPGSVJU
Ê
VNB
PQPSUVOJEBEF

QBSB
B
EJGVTÈP
EP
OPTTP
QPUFODJBM
F
QBSB
OPT
QSFQBSBSNPT
QBSB
BVNFOUBS
BT
WFOEBT

OP
QSÓYJNP
BOPu
*OGPSNBÉÈP
WFSCBM
4S
1BVMB
4FHVOEP


4FHVOEP
FMF
B
'FJSB
Ê
UBNCÊN
JNQPSUBOUF
QBSB
B
USPDB
EF
FYQFSJËO
DJB
FOUSF
GSVUJDVMUPSFT
F
QBSB
EJGVTÈP
EF
OPWBT
UÊDOJDBT
F
NFSDBEPT
DPOTVNJ
EPSFT
i"
GFJSB
WJTB
NPTUSBS
RVF
P
3JP
(SBOEF
EP
/PSUF
TF
NBOUÊN
OB
WBOHVBSEB

OBDJPOBM
EF
QSPEVÉÈP
EF
GSVUBT
USPQJDBJTu

&N
WJTJUB
Æ
&YQPGSVJU
m

DIBNPVOPT
BUFOÉÈP
B
RVBOUJEBEF
EF

&NQSFTBT
EF
3FQSFTFOUBÉÈP
EP
&YUFSJPS
$PMFUBNPT
VN
HSBOEF
OÙNFSP
EF

$BUÃMPHPT
F
1BOáFUPT
OB
TVB
HSBOEF
NBJPSJB
FTDSJUPT
FN
JOHMËT
F
QPSUVHVËT

"T
&NQSFTBT
SFQSFTFOUBN
EFTEF
USBUPSFT
FRVJQBNFOUPT
QBSB
CFOFàDJBNFO
UP
F
DMBTTJàDBÉÈP
EF
GSVUBT
B
àMNFT
EF
OZMPO
CJPSJFOUBEP
*EFOUJàDBNPT
&N
QSFTBT
EB
¦GSJDB
EP
4VM
RVF
KÃ
GPSOFDFN
FNCBMBHFOT
QBSB
BMHVNBT
&NQSFTBT

.PTTPSPFOTFT
&NQSFTBT
EPT
&TUBEPT
6OJEPT
EF
*TSBFM
F
EPT
&TUBEPT
EF
4ÈP

1BVMP
1FSOBNCVDP
F
$FBSÃ

%VSBOUF
B
&YQPGSVJU

GPSBN
EFHVTUBEBT
NBJT
EF
EVBT
UPOFMBEBT

EF
GSVUBT
QPS
EJB
'JHVSB



 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD±(VWDQGHGD(PSUHVD1ROHPQD([SRIUXLW
)RWR2WRPDU/RSHV&DUGRVR-~QLRU

"
'FJSB
NPWJNFOUPV

NJMI×FT
EF
SFBJT
FN
OFHÓDJPT
VN
JODSF
NFOUP
EF

FN
SFMBÉÈP
BP
BOP
EF

4FHVOEP
EBEPT
EP
4FCSBF
BT

SPEBEBT
EF
OFHPDJBÉ×FT
FOUSF
PT
DPNQSBEPSFT
JOUFSOBDJPOBJT
F
PT
QSPEVUPSFT

MPDBJT
BQPOUBSBN
VNB
QSPTQFDÉÈP
EF
OFHÓDJPT
FN
UPSOP
EF
64

NJMI×FT

PV
TFKB
BQSPYJNBEBNFOUF
VN
UPUBM
EF
3

NJMI×FT
TVQFSBOEP
TJHOJà
DBUJWBNFOUF
P
QFSDFOUVBM
DBMDVMBEP
QFMB
PSHBOJ[BÉÈP
EP
FWFOUP
RVF
FSB
EF

3

NJMI×FT

i4F
PT
QSPEVUPSFT
DPOUJOVBSFN
BUJOHJOEP
UPEBT
BT
FYJHËODJBT
EP
NFSDBEP
JO
UFSOBDJPOBM
DPN
P
DVMUJWP
EB
QSPEVÉÈP
WPMUBEP
QBSB
BT
FYQPSUBÉ×FT
B
TBGSB


FTUBSÃ
QSBUJDBNFOUF
WFOEJEBu
*OGPSNBÉÈP
WFSCBM
4SB
3PTF
"MWFT

4FCSBF


"
EJNFOTÈP
EP
FWFOUP
DPMPDB
B
&YQPGSVJU
FN
TFHVOEP
MVHBS
FN
GFJ
SBT
EB
'SVUJDVMUVSB
*SSJHBEB
EP
/PSEFTUF
F
B
QSJNFJSB
EP
&TUBEP

4JNVMUBOFBNFOUF
Æ
'FJSB
BJOEB
Ê
SFBMJ[BEB
EVSBOUF
P
EJB
OBT
TB
MBT
EF
BVMB
F
OP
"VEJUÓSJP
EB
&4".
VNB
QSPHSBNBÉÈP
UÊDOJDPDJFOUÎàDB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
m
VNB
DMJOJDB
UFDOPMÓHJDB

POEF
UÊDOJDPT
FTQFDJBMJ[BEPT
QSPDVSBN
UJSBS

BT
EÙWJEBT
EP
QÙCMJDPBMWP
DPOTUJUVÎEP
QPS
FNQSFFOEFEPSFT
F
FNQSFFOEJ
NFOUPT
BHSÎDPMBT
DVKB
QSPEVÉÈP
QSJWJMFHJB
B
'SVUJDVMUVSB
5BNCÊN
TÈP
SFB
MJ[BEPT
'ÓSVOT
4FNJOÃSJPT
$JFOUÎàDPT
1BMFTUSBT
.JOJDVSTPT
F
BQSFTFOUBÉÈP

EF
USBCBMIPT
DPN
SFMBUPT
EF
FYQFSJËODJBT
F
EF
OPWBT
UÊDOJDBT
EF
DVMUJWP

$BSBDUFSJ[BTF
FTTB
QSPHSBNBÉÈP
QFMP
FYDFMFOUF
OÎWFM
EPT
QSFMFUPSFT
EFOUSF

FTUFT
EPVUPSFT
F
QFTRVJTBEPSFT
EB
&4".
&.#3"1"
&
&.1"3/
CFN

DPNP
PT
FYFDVUJWPT
EBT
&NQSFTBT
EP
3BNP
BQSFTFOUBOEP
OPWPT
QSPEVUPT

BP
.FSDBEP
'SVUJDVMUPS
6N
PMIBS
EFTBUFOUP
BP
QFSDPSSFS
B
&YQPGSVJU
GB[
OPT
QFOTBS
RVF
OÈP
FTUBNPT
OP
/PSEFTUF
#SBTJMFJSP

"
NPEFSOJ[BÉÈP
FDPOÔNJDB
EBT
ÙMUJNBT
EÊDBEBT
SFGPSÉB
B
SFBMJEBEF

EVBM
EFOPUBOEPTF
OP
EJ[FS
EF
5ÄOJB
#BDFMBS
EF
"SBÙKP


TVCFTQB
ÉPT
EJOÄNJDPT
BTTJN
DPNP
GPDPT
EF
SFTJTUËODJB
 OP
RVF
DPODFSOF
Æ
QSPEVÉÈP

EB
"HSJDVMUVSB
.PEFSOB
GSFOUF
B
VNB
"HSJDVMUVSB
5SBEJDJPOBM
%F
BDPSEP

DPN
*OÃ
&MJBT
$BTUSP


FTUF
TFSJB
VN
OPWP
WJÊT
EP
EJTDVSTP
TPCSF
BT

DPOEJÉ×FT
EF
BQSPWFJUBNFOUP
EP
4FNJ¦SJEP
PV
TFKB
FYJTUF
IPKF
VNB
EV
BMJEBEF
OPT
EJTDVSTPT
TPCSF
P
4FNJ¦SJEP
VN
BOUJHP
F
NBJT
DPOTFSWBEPS

RVF
EFTUBDB
BT
DPOEJÉ×FT
OBUVSBJT
DPNP
BT
SFTQPOTÃWFJT
QPS
UPEBT
BT
NB[FMBT

TPDJPFDPOÔNJDBT
EB
3FHJÈP
/PSEFTUF
F
VN
PVUSP
NBJT
SFDFOUF
NPEFSOJ
[BOUF
RVF
WFN
TFOEP
SFBMJ[BEP
QPS
4FUPSFT
EB
"ENJOJTUSBÉÈP
1ÙCMJDB
F
QPS

FNQSFTÃSJPT
EP
"HSPOFHÓDJP
&TTB
"HSJDVMUVSB
.PEFSOB
TF
BQSFTFOUB
FN

BMHVNBT
QBSUFT
CFN
EFMJNJUBEBT
OP
5FSSJUÓSJP
3FHJPOBM
DPOTUJUVJOEPTF

WFSEBEFJSPT
QPOUPT
MVNJOPTPT
4"/504


FN
QMFOP
4FSUÈP
EFTUB
GPSNB

NPTUSBOEPTF
FYUSFNBNFOUF
BCFSUPT
Æ
FYQBOTÈP
EPT
TJTUFNBT
EF
PCKFUPT
F
EB

QTJDPFTGFSB
4"/504




DBSBDUFSÎTUJDPT
EP
1FSÎPEP
5ÊDOJ
DP$JFOUÎàDP*OGPSNBDJPOBM
i­
BÎ
RVF
TF
JOTUBMBN
BT
BUJWJEBEFT
IFHFNÔOJDBT

BRVFMBT
RVF
UËN
SFMBÉ×FT
NBJT
MPOHÎORVBTu
DPOGPSNF
4BOUPT

Q


6NBT
EBT
UBSFGBT
EB
$JEBEF6SCBOB
EF
.PTTPSÓ
m
QBSB
P
$BNQP

.PEFSOJ[BEP
PV
OÈP
TFSJB
$BNQP$JEBEF
Ê
QPJT
B
PGFSUB
EF
JOGPSNBÉÈP

m
JNFEJBUB
F
QSÓYJNB
m
VNB
BUJWJEBEF
BHSÎDPMB
RVF
OPT
EJBT
BUVBJT
KÃ
OÈP

QPEF
TFS
GFJUB
TFN
FTTF
JOTVNP
UPSOBEP
JOEJTQFOTÃWFM
.PTTPSÓ
Ê
QPSUBOUP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

QSPEVUPSB
EFTTB
JOGPSNBÉÈP
Ê
OP
VSCBOP
POEF
BT
*OTUJUVJÉ×FT
EF
&OTJOP
F

EF
1FTRVJTB
1VSB
F
"QMJDBEB
FTUÈP
B
TFSWJÉP
EP
"HSPOFHÓDJP
BTTFHVSBOEP

B
DPOUJOVJEBEF
EB
'SVUJDVMUVSB
*SSJHBEB
OP
.VOJDÎQJP
/FTTF
QBSUJDVMBS
BT

OFDFTTJEBEFT
EB
QSPEVÉÈP
SFHJPOBM
FN
FTQFDJBM
EB
'SVUJDVMUVSB
DPMBCPSBN

EFDJTJWBNFOUF
QBSB
B
JOPWBÉÈP
F
EJGVTÈP
EF
BMHVNBT
JNQPSUBOUFT
UFDOPMP
HJBT
F
TFSWJÉPT
"
3FHJÈP
EP
1ÓMP
EF
.PTTPSÓ
Ê
VN
EPT
FYFNQMPT
CSBTJMFJSPT

NBJT
JNQPSUBOUFT
EF
RVF
P
QSPDFTTP
EF
NPEFSOJ[BÉÈP
EB
"HSJDVMUVSB
EF
TFOWPMWFV
GPSNBT
OPWBT
EF
0SHBOJ[BÉÈP
&TQBDJBM
3FMBÉ×FT
$JEBEF$BNQP

OPWPT
JOTVNPT
F
OPWPT
QBQÊJT
EB
$JEBEF
EFTMPDBNFOUP
QBSB
P
$BNQP
EF

DFSUBT
BUJWJEBEFT
OPWBT
BUJWJEBEFT
EF
DPODFQÉÈP
DPNBOEP
BENJOJTUSBÉÈP

TVQFSJPS
PV
DPOUSPMF
JOTUBMBEPT
OB
$JEBEF
F
DPNP
MVHBS
EF
SFTJEËODJB
EF

BHSJDVMUPSFT
/FTTF
BTQFDUP
QBSB
4BOUPT


B
OPWB
EJWJTÈP
EP
USBCBMIP

BHSÎDPMB
JNQ×F
F
SFRVFS
Æ
$JEBEF
VN
OPWP
UJQP
EF
DPPQFSBÉÈP
Æ
NFEJEB

RVF
FMB
B
$JEBEF
Ê
PCSJHBEB
B
TF
BEFRVBS
ÆT
FYJHËODJBT
F
ÆT
EFNBOEBT
EP

$BNQP
"P
QBTTBSNPT
B
EJTQPS
EF
NPEFSOJ[BÉÈP
UFDOPMÓHJDB
F
DJFOUJàDB
EB

QSPEVÉÈP
SFBMJ[BEB
OP
$BNQP
BT
$JEBEFT
-PDBJT
EFJYBN
EF
TFS
BT
$JEBEFT

iOP
$BNQPu
QBSB
TF
USBOTGPSNBSFN
OBT
$JEBEFT
iEP
$BNQPu

$PNP
OP
1FSÎPEP
5ÊDOJDP$JFOUÎàDP*OGPSNBDJPOBM
PT
BWBOÉPT
UÊD
OJDPT
QPEFN
TFS
JOEV[JEPT
QFMB
QSPEVÉÈP
DJFOUÎàDB
BT
6OJWFSTJEBEFT
UËN

QBSUJDJQBEP
EB
SFOPWBÉÈP
EBT
GPSÉBT
QSPEVUJWBT
EBT
QSJODJQBJT
&NQSFTBT
EP

.VOJDÎQJP
4VB
FTUSVUVSB
EF
&OTJOP
4VQFSJPS
1ÙCMJDP
FWJEFODJB
FTTB
DBSBD
UFSÎTUJDB
VNB
WF[
RVF
PGFSFDF
EJWFSTPT
$VSTPT
BTTJN
DPNP
SFBMJ[B
WÃSJBT

1FTRVJTBT
RVF
TFSWFN
BPT
EJWFSTPT
4FUPSFT
&DPOÔNJDPT
FTQFDJàDBNFOUF
BPT

BTTPDJBEPT
Æ
"HSJDVMUVSB
*SSJHBEB
%FTUBT
JOTUJUVJÉ×FT
EF
&OTJOP
4VQFSJPS
F

$FOUSPT
EF
1FTRVJTB
EFTUBDBNPT
B
&TDPMB
4VQFSJPS
EF
"HSJDVMUVSB
EF
.PT
TPSÓ

&4".

"UÊ
B
QSJNFJSB
EÊDBEB
EF
GVODJPOBNFOUP
PT
$VSTPT
1FTRVJTBT
F

&WFOUPT
FN
BUJWJEBEF
QSPNPWJEPT
QFMB
&4".
FTUBWBN
SFMBDJPOBEPT
F
EJ
SFDJPOBEPT
QSJODJQBMNFOUF
BP
&DPTTJTUFNB
EB
$BBUJOHB
BPT
DPOEJDJPOBOUFT

BEWFSTPT
EF
TPCSFWJWËODJB
F
NBOVUFOÉÈP
UBOUP
EB
áPSB
RVBOUP
EB
GBVOB
EP

4FNJ¦SJEP
1PSUBOUP
BT
1FTRVJTBT
FSBN
EP
HËOFSP
i0
VTP
EB
BMHBSPCB
OB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
BMJNFOUBÉÈP
BOJNBMu
i.POJUPSBNFOUP
EPT
QSFÃT
OB
DPNVOJEBEF
EF
1FESJOIBTu

EFOUSF
PVUSBT
EP
HËOFSP
.BT
FN
NFBEPT
EB
EÊDBEB
EF

PT
FTUVEPT
WPMUB
SBNTF
NBJT
FTQFDJàDBNFOUF
QBSB
B
BUJWJEBEF
EB
'SVUJDVMUVSB
*SSJHBEB

"
&4".
Ê
B
ÙOJDB
*OTUJUVJÉÈP
EF
&OTJOP
4VQFSJPS
'FEFSBM
FTQFDJB
MJ[BEB
OP
%FTFOWPMWJNFOUP
EF
$JËODJB
F
5FDOPMPHJB
WPMUBEB
QBSB
P
"HSP
OFHÓDJP
EP
4FNJ¦SJEP
/PSEFTUJOP
+Ã
GPSNPV

UVSNBT
EF
&OHFOIFJSPT

"HSÔOPNPT
F

UVSNBT
EF
.ÊEJDPT
7FUFSJOÃSJPT
F
UFN
QSFWJTÈP
EF
GPSNBS

BT
QSJNFJSBT
5VSNBT
EF
;PPUFDOJTUBT
F
&OHFOIFJSPT
"HSÎDPMBT
OPT
QSÓYJ
NPT
RVBUSP
BOPT
4FHVOEP
B
%JSFÉÈP
EB
&4".
BCSJM

UBNCÊN
TÈP

PGFSFDJEPT
$VSTPT
5ÊDOJDPT
EF
DBQBDJUBÉÈP
QBSB
B
"ENJOJTUSBÉÈP
F
.POUBHFN

EF
&NQSFTBT
1SJWBEBT
"HSPJOEVTUSJBJT
F
EF
DBQBDJUBÉÈP
EFTUJOBEB
B
UPEB
B
DB
EFJB
QSPEVUJWB
EB
'SVUJDVMUVSB
*SSJHBEB
CFN
DPNP
QSFUFOEF
SFTQPOEFS
ÆT

RVFTU×FT
EB
$PNVOJEBEF

"
&4".
PGFSFDF
$VSTPT
EF
1ÓT(SBEVBÉÈP

&TQFDJBMJ[BÉ×FT
WPMUBEBT

QBSB
BT
RVFTU×FT
EP
4PMP¦HVB1MBOUB"UNPTGFSB
&YQFSJNFOUBÉÈP
"HSÎDP
MB
*SSJHBÉÈP
EF
4VQFSGÎDJF
*SSJHBÉÈP
1SFTTVSJ[BEB
4BMJOJEBEF
%SFOBHFN

1SÃUJDBT
EF
DVMUJWP
FN
FTQÊDJFT
GSVUÎGFSBT
F
PMFSÎDPMBT
%FTEF
P
BOP
EF


QBTTPV
B
PGFSFDFS
P
$VSTP
1ÓT(SBEVBÉÈP
"HSPOPNJB
m
'JUPUÊDOJDB
FN

OÎWFM
EF
.FTUSBEP
F
VN
$VSTP
EF
%PVUPSBEP

"T
SB[×FT
RVF
B
%JSFÉÈP
EB
&4".
BQSFTFOUB
QBSB
FTTF
OPWP
FOGPRVF

F
EJSFDJPOBNFOUP
EB
QSPQPTUB
EF
&OTJOP
FYQSFTTBT
OB
HSBEF
DVSSJDVMBS
EPT

TFVT
$VSTPT
TÈP
EF
RVF
PT
$VSSÎDVMPT
6OJWFSTJUÃSJPT
i<>
EFWFN
TFHVJS
BT
DB
SBDUFSÎTUJDBT
EB
3FHJÈP
Æ
TFNFMIBOÉB
EP
RVF
TF
GB[
OP
1SJNFJSP
.VOEPu
'PJ
FTTB
B

SB[ÈP
TFHVOEP
B
*OTUJUVJÉÈP
RVF
EFV
PSJHFN
BP
OPWP
$VSTP
EF
&OHFOIBSJB

"HSPOÔNJDB
JNQMBOUBEP
OP
BOP
EF

"
MFJUVSB
RVF
FOUSFUBOUP
GB[F
NPT
EB
NPUJWBÉÈP
QBSB
B
DSJBÉÈP
EFTTF
$VSTP
Ê
RVF
TFSJB
UBNCÊN
QBSB
TVQSJS

BT
FYJHËODJBT
EB
$MBTTF
&NQSFTBSJBM
0
PCKFUJWP
EP
$VSTP
Ê
QSPWFS
BMHVNBT

OFDFTTJEBEFT
UÊDOJDPDJFOUÎàDBT
EPT
4FUPSFT
"HSPJOEVTUSJBJT
EP
1ÓMP
'SV
UJDVMUPS
DSJBOEP
VN
$FOUSP
EF
&OTJOP
F
1FTRVJTBT
RVF
BUFOEB
Æ
EFNBOEB

DSFTDFOUF
EF
NÈPEFPCSB
FTQFDJBMJ[BEB
EPT
QSJODJQBJT
SBNPT
EB
"HSPJOEÙT
USJB
OÈP
TPNFOUF
QBSB
P
1ÓMP
NBT
QBSB
PVUSBT
3FHJ×FT
EP
1BÎT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 4FHVOEP
B
$PPSEFOBEPSB
EF
(SBEVBÉÈP
1SPG‰
%SB
4JMWJB
"IJEF
FY
QMJDB
P
.FSDBEP
QBSB
FTTB
¦SFB
Ê
DSFTDFOUF
DPN
PT
HSBEVBEPT
EB
&4".
TFO
EP
JODMVTJWF
BCTPSWJEPT
QPS
&NQSFTBT
EP
4VM4VEFTUF
i&MFT
TÈP
BQSPWFJUBEPT

FN
EJWFSTPT
SBNPT
JODMVTJWF
OB
QSPEVÉÈP
EF
GSVUJDVMUVSB
F
TF
EJTQFSTBN
QFMP
#SBTJM

&
P
NFSDBEP
FTUÃ
TFNQSF
FYJHJOEP
NBJT
QSPàTTJPOBJT
RVBMJàDBEPTu
"
HSBUVJEBEF
EP

$VSTP
UBNCÊN
Ê
VN
GPSUF
BUSBUJWP
4FHVOEP
B
%JSFÉÈP
EB
*OTUJUVJÉÈP
FYJT
UFN
BMHVOT
BMVOPT
WJOEP
EPT
&TUBEPT
EF
.JOBT
(FSBJT
F
4ÈP
1BVMP

%F
NBOFJSB
HFSBM
OB
$JEBEF
EP
$BNQP
B
QSPEVÉÈP
SFHJPOBM
BDBCPV

QPS
JOáVJS
TPCSF
BT
JOJDJBUJWBT
EPT
BHFOUFT
VSCBOPT
0
RVF
WFNPT
BUVBM
NFOUF
OB
QSÃUJDB
EB
&4".
FN
.PTTPSÓ
Ê
B
NBUFSJBMJ[BÉÈP
EB
BàSNBÉÈP
EF

4BOUPT

Q

5PEBWJB
DBCF
OB
NBJPS
QBSUF
EPT
DBTPT
TPNFOUF
Æ
DJEBEF
USBOTGFSJS

QBSB
P
NVOEP
BHSÎDPMB
JOGPSNBÉÈP
FTQFDJBMJ[BEBT
TFMFDJPOBEBT
QFMPT

JOUFSFTTBEPT
OB
TVB
EJGVTÈP
­
QPTTÎWFM
RVF
VNB
JOTUJUVJÉÈP
EF
FOTJ
OP
PV
QFTRVJTB
QSFTFOUF
OVNB
EFUFSNJOBEB
ÃSFB
QPTTB
NPTUSBSTF

JOUFSFTTBEB
OVN
BNQMP
FTQFDUSP
EF
QSPCMFNBT
F
OÈP
BQFOBT
OBRVFMFT

RVF
JOUFSFTTBN
EJSFUBNFOUF
BP
TFV
FOUPSOP
QSÓYJNP
.BT
Ê
SBSP
OÈP

DBCF
UFOEP
JOáVËODJB
TPCSF
P
GB[FS
IBCJUVBM
EF
UBJT
JOTUJUVJÉ×FT

$POUFYUVBMJ[BOEP
FTTF
QFOTBNFOUP
OBDJPOBM
QBSB
B
SFBMJEBEF
NPTTP
SPFOTF
EF
BDPSEP
DPN
P
QSPGFTTPS
EF
(FOÊUJDB
F
.FMIPSBNFOUP
EF
1MBOUBT

EB
&4".
%S
(MBVCFS
)FOSJRVF

&N
.PTTPSÓ
B
UFDOPMPHJB
Ê
VTBEB
DPN
B
QSPQPTUB
EF
NFMIPSBS
B

RVBMJEBEF
EPT
BMJNFOUPT
F
UBNCÊN
B
QSPEVUJWJEBEF
­
P
DBTP
EB

NFMBODJB
TFN
TFNFOUF
EB
NBOHB
DPN
QPVDPT
àBQPT
F
UBNCÊN
EP

DBKVFJSPBOÈPQSFDPDF
.VJUBT
QFTRVJTBT
QBSB
P
NFMIPSBNFOUP
EBT

QMBOUBT
TÈP
SFBMJ[BEBT
OB
&TDPMB
4VQFSJPS
EF
"HSJDVMUVSB
EF
.PTTPSÓ

 &4".
PT
FTUVEPT
FTUÈP
DBEB
WF[
NBJT
BWBOÉBEPT

­
B
TJUVBÉÈP
EFTDSJUB
QPS
4BOUPT

Q

RVF
DBSBDUFSJ[B
QFSGFJ
UBNFOUF
i<>
P
1FSÎPEP
5ÊDOJDP$JFOUÎàDP
EB
)VNBOJEBEF
JTUP
Ê
B
QPTTJCJMJEBEF

EF
JOWFOUBS
B
OBUVSF[B
EF
DSJBS
TFNFOUFT
DPNP
TF
FMBT
GPTTFN
OBUVSBJT
JTUP
Ê
P
QSP
HSFTTP
EB
#JPUFDOPMPHJB
<>
GPSNBOEP
VN
DBMFJEPTDÓQJP
EF
QSPEVÉ×FTu

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 1BSB
4PSBJB
3BNPT

Q

BOBMJTBOEP
B
1FTRVJTB
$JFOUÎàDB

OB
"HSJDVMUVSB
#SBTJMFJSB

"
BUVBÉÈP
EB
DJËODJB
OB
BHSJDVMUVSB
FORVBOUP
TBCFS
JOTUSVNFOUB
MJTBEP
UFN
DPMBCPSBEP
QPS
FYFNQMP
QBSB
P
FOUFOEJNFOUP
EBT
FYJ
HËODJBT
EF
NFSDBEP
RVBOUP
Æ
QBESPOJ[BÉÈP
EPT
QSPEVUPT
QPS
NFJP

EF
WBSJFEBEFT
NFMIPSBEBT
VOJGPSNJ[BOEPTF
P
UBNBOIP
B
DPS
B

GPSNB
F
P
TBCPS
EPT
QSPEVUPT

)LJXUD±ÈUHDGHFXOWLYRGHPHOmRHP0RVVRUySURWHJLGDFRPPDQWDWHFLGRQmR
WHFLGRSDUDHYLWDURDWDTXHGHSUDJDVHYHWRUHVGHGRHQoDVQDIDVHLQLFLDOGRSODQWLR
)RWR$ULVWRWHOLQD

$PNP
FYFNQMP
EFTTB
BUVBÉÈP
DJFOUÎàDB
FN
.PTTPSÓ
PT
BHSÔOPNPT

SFTQPOTÃWFJT
QFMBT
6OJEBEFT
1SPEVUJWBT
UËN
CVTDBEP
P
BQPJP
EB
5FDOPMPHJB

QBSB
HBSBOUJS
B
NFMIPS
RVBMJEBEF
F
QSFDJTÈP
OP
QMBOUJP
"
DPNFÉBS
QFMBT
TF
NFOUFT
QMBOUBEBT
i"RVJ
DPNQSBNPT
BT
TFNFOUFT
RVF
BUFOEBN
BT
FTQFDJàDBÉ×FT
EPT

OPTTPT
DPNQSBEPSFT
MÃ
GPSB
4ÈP
TFNFOUFT
IÎCSJEBT
RVF
DPNQSBNPT
EF
MBCPSBUÓSJPTu

FYQMJDB
P
FOHFOIFJSP
BHSÔOPNP
EF
VNB
EBT
GB[FOEBT
WJTJUBEBT


7JTJUB
SFBMJ[BEB
OP
BOP
EF

QPSUBOUP
PT
WBMPSFT
EFDMBSBEPT
TF
SFGFSFN
B
FTUF
QFSÎPEP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "T
TFNFOUFT
TÈP
VN
EPT
JUFOT
RVF
GB[FN
B
EJGFSFOÉB
OVNB
QSPEV
ÉÈP
)PKF
B
RVBMJEBEF
HFOÊUJDB
EBT
TFNFOUFT
Ê
TVQFSJPS
B
EF
DJODP

BOPT
BUSÃT
4ÈP
WFOEJEBT
B
QSFÉPT
DPOTJEFSÃWFJT
DPOGPSNF
P
UJQP
F

B
RVBOUJEBEF
EF
TFNFOUFT
&N
BMHVOT
DBTPT
DIFHBN
B
DVTUBS
BUÊ

3 
DBEB
TFNFOUF
"OPT
BUSÃT
BT
GB[FOEBT
USBCBMIBWBN
OB
JN
QSFWJTJCJMJEBEF

/VN
QBTTBEP
OÈP
NVJUP
EJTUBOUF
OÈP
FSB
QPTTÎWFM
TBCFSTF
RVBOUBT

GSVUBT
DIFHBSJBN
Æ
RVBMJEBEF
UJQP
FYQPSUBÉÈP
i)PKF
P
BHSÔOPNP
QPEF
BMDBOÉBS

FTTB
RVBMJEBEF
VUJMJ[BOEP
B
JOGPSNÃUJDB
B
NFUFPSPMPHJB
TFNFOUFT
HFOFUJDBNFOUF

NFMIPSFT
VN
TJTUFNB
EF
JSSJHBÉÈP
RVF
QFSNJUB
B
BCTPSÉÈP
EF
ÃHVB
OB
NFEJEB
FYBUB

F
VTBS
DÄNBSBT
EF
HFSNJOBÉÈP
QBSB
OÈP
QFSEFS
OFOIVNB
TFNFOUFu
SFTTBMUB
P
BHSÔ
OPNP
BàSNBOEP
UBNCÊN
RVF
P
VTP
EF
UÊDOJDB
F
EPT
NBJT
EJGFSFOUFT
UJQPT

EF
BWBMJBÉÈP
TFKB
EF
TPMP
TFKB
EB
ÃHVB
PV
EF
OVUSJFOUFT
HBSBOUF
B
QSFDJTÈP

QBSB
JODMVTJWF
QSPKFUBS
RVBOUPT
NFM×FT
TFSÈP
WFOEJEPT
BJOEB
FORVBOUP
B

QMBOUB
FTUÃ
DPNFÉBOEP
B
EFTFOWPMWFSTF

.VMUJQMJDBSBNTF
DPOTJEFSBWFMNFOUF
OBT
USËT
ÙMUJNBT
EÊDBEBT



F


PT
TJTUFNBT
F
JOWFTUJNFOUPT
QÙCMJDPT
F
QSJWBEPT
QBSB
B
DPOTUSVÉÈP

EF
VN
FTQBÉP
DBQB[
EF
TVQPSUBS
BT
FYJHËODJBT
EP
.FSDBEP
F
B
áVJEF[
EP

QSFTFOUF
QFSÎPEP
DPN
QSPQÓTJUPT
DMBSPT
EF
USBOTGPSNBS
FTUF
FTQBÉP
FN
VN

UFSSJUÓSJP
EB
QSPEVÉÈP
F
EP
DPOTVNP
HMPCBMJ[BEP
NBOJGFTUBEP
QFMB
NPEFS
OJ[BÉÈP
EB
QSPEVÉÈP
BHSÎDPMB
DPN
B
DPOTUSVÉÈP
EF
QFSÎNFUSPT
JSSJHBEPT

QFMB
DPOTUSVÉÈP
EF
JOGSBFTUSVUVSBT
BTTPDJBEBT
BPT
USBOTQPSUFT
BPT
SFDVSTPT

IÎESJDPT
F
QFMB
DSJBÉÈP
F
BNQMJBÉÈP
EF
WJBT
EF
BDFTTP
F
DJSDVMBÉÈP

0T
JOWFTUJNFOUPT
FN
àYPT
BTTPDJBEPT
Æ
JSSJHBÉÈP
DBOBJT
EFTWJPT
F

CBSSBNFOUPT
EF
DVSTPT
EÃHVB
QFSÎNFUSPT
JSSJHBEPT
FUD

BTTJN
DPNP
BT

QPMÎUJDBT
SFMBDJPOBEBT
B
DSÊEJUP
F
JOWFTUJNFOUPT
OBT
BHSPJOEÙTUSJBT
FUD

SFTVMUBSBN
FN
OPWBT
UFSSJUPSJBMJEBEFT
F
FN
TPDJBCJMJEBEFT
OPWBT
OP
TFNJ
ÃSJEP
OPSUFSJPHSBOEFOTF
JMIBT
EF
NPEFSOJEBEF
NBODIBT
EF
NPEFSOJ[BÉÈP

BHSÎDPMB
F
EP
TVSHJNFOUP
EF
VN
OPWP
NFJP
UÊDOJDPDJFOUÎàDP
QSPNPWFOEP

OPWBT
IPSJ[POUBMJEBEFT
F
WFSUJDBMJEBEFT
4"/504



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 .PTTPSÓ
QBTTPV
FOUÈP
OFTTF
NPNFOUP
B
TF
EFTUBDBS
DPNP
VN
EPT

FTQBÉPT
RVF
NBJT
NFUBNPSGPTFPV
B
QSPEVÉÈP
F
P
FTQBÉP
HFPHSÃàDP

/ÈP
Ê
OPTTB
JOUFOÉÈP
EFJYBS
BRVJ
B
JNQSFTTÈP
EF
RVF
P
RVBESP
FN

UFMB
EFSJWB
EF
VN
TJNQMFT
EFUFSNJOJTNP
UFDOJDJTUB
DPN
JNQMJDBÉ×FT
DBVTBJT

F
MJOFBSFT
TPCSF
P
DPOKVOUP
EB
TPDJFEBEF
F
EP
UFSSJUÓSJP
NPTTPSPFOTF
5SBUB
TF
BOUFT
TFHVOEP
0GGOFS
EF
QFOTBS
PT
PCKFUPT
F
TJTUFNBT
UÊDOJDPT
OÈP
DPNP

BMHP
JOFSUF
TJNQMFT
NBUFSJBMJEBEF
NBT
iDPNP
SFTVMUBOUF
EBT
JOUFSBÉ×FT
TPDJBJT

FDPOÔNJDBT
F
QPMÎUJDBT
FOUSF
PT
EJWFSTPT
BHFOUFT
TPDJBJT
OVN
EBEP
UFNQP
F
FTQBÉPu

0''/&3

Q


/FTTF
BTQFDUP
MFNCSBNPT
BJOEB
%VQVZ


Q


QBSB
RVFN

"
UÊDOJDB
Ê
VNB
NBOJGFTUBÉÈP
EB
WJEB
TPDJBM
VN
QSPEVUP
EB
TPDJF
EBEF
.FTNP
TF
UBJT
QSPDFTTPT
EF
EFTFOWPMWJNFOUP
DJFOUJàDP
F
UFD
OPMÓHJDP
EJTQ×FN
EF
VNB
DFSUB
BVUPOPNJB
FN
SFMBÉÈP
ÆT
DPOEJÉ×FT

EF
GVODJPOBNFOUP
TPDJBJT
HFSBJT
NFTNP
RVF
FMB
UFOIB
FGFJUPT
TPCSF

DFSUPT
HSVQPT
TPDJBJT
B
JNBHFN
EF
VNB
SFMBÉÈP
EJBMÊUJDB
UÊDOJDB
TPDJFEBEF
Ê
DFSUBNFOUF
NBJT
DPOWFOJFOUF
RVF
BRVFMB
RVF
DPMPDB
TP
NFOUF
B
UÊDOJDB
OB
PSJHFN
EBT
NVEBOÉBT
TPDJBJT

­
B
FTTBT
NVEBOÉBT
RVF
BUSJCVÎNPT
PVUSB
EFOPNJOBÉÈP
BT
RVBJT
TF

DPOàHVSBN
NFMIPS
DPNP
VNB
NFUBNPSGPTF
QPJT
OÈP
GPSBN
NVEBOÉBT
FT
UBORVFT
OP
TFOUJEP
EF
BMUFSOBS
EF
VNB
TJUVBÉÈP
QBSB
PVUSB
NBT
QPS
NFJP

EF
FUBQBT
BEWJOEBT
EB
JOUFOÉÈP
EP
EFTFOWPMWJNFOUP
QPS
NFJP
EF
WÃSJPT
QSP
HSBNBT
EF
*SSJHBÉÈP
RVF
à[FSBN
QBSUF
EF
VNB
1PMÎUJDB
1ÙCMJDB
NPEFSOJ[BO
UF
QBSB
B
3FHJÈP
/PSEFTUF
FUBQBT
FTTBT
FMFODBEBT
F
EFTDSJUBT
OP
JOÎDJP
EFTUF

$BQÎUVMP
0T
&TUVEPT
m
TFKBN
PT
RVF
SFáFUJSBN
B
SFTQFJUP
EBT
MJNJUBÉ×FT

F
QSPCMFNBT
SFHJPOBJT
TFKBN
PT
RVF
QSPEV[JSBN
OPWBT
UÊDOJDBT
QPS
NFJP

EBT
EJWFSTBT
OVBODFT
EB
5FDOPMPHJB
F
EB
#JPUFDOPMPHJB
EB
.FDBOJ[BÉÈP

PV
EB
1FTRVJTB
1VSB
PV
"QMJDBEB

EFMJOFBSBN
PT
1SPHSBNBT
BT
"É×FT
F
BT

1PMÎUJDBT
1ÙCMJDBT
EJSFDJPOBEBT
Æ
BUJWJEBEF
BHSÎDPMB
F
GPSBN
PT
DPOEVUPSFT

EFTTB
NFUBNPSGPTF

$PN
BT
NFUBNPSGPTFT
EFTFODBEFBEBT
QSJODJQBMNFOUF
QFMB
3FWPMVÉÈP

5ÊDOJDP$JFOUÎàDB
F
DPN
BT
OPWBT
GPSNBT
EF
QSPEVÉÈP
NBUFSJBM
F
OÈPNBUF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

SJBM
QPS
FMBT
QSPQJDJBEBT
P
1ÓMP
.PTTPSÓ
TF
USBOTGPSNPV
OVNB
ÃSFB
EF
NP
EFSOJ[BÉ×FT
TVDFTTJWBT
P
RVF
NPEJàDPV
UPEB
TVB
(FPHSBàB
"
FYQBOTÈP
EPT

àYPT
F
P
DPOKVOUP
UÊDOJDP
QSFTFOUF
FN
.PTTPSÓ
BTTPDJBEPT
BPT
USBOTQPSUFT

m
FTUSBEBT
EF
SPEBHFN
FTUSBEBT
WJDJOBJT
WFÎDVMPT
FUD
ÆT
DPNVOJDBÉ×FT
m
FT
UBÉ×FT
UFSNJOBJT
F
SFDFQUPSBT
BOUFOBT
QBSBCÓMJDBT
SFEFT
EF
àCSB
ÓQUJDBT

FTUBCFMFDJNFOUPT
DPNFSDJBJT
F
EF
SFQSFTFOUBÉÈP
EF
QSPEVUPT
BHSÎDPMBT
F
JN
QMFNFOUPT
DPNP
GFSUJMJ[BOUFT
UVCPT
EF
QWD
BTQFSTPSFT
F
USBUPSFT
Æ
IBCJ
UBÉÈP
m
DPOKVOUPT
IBCJUBDJPOBJT
BHSPWJMBT
Æ
BTTJTUËODJB
NÊEJDPIPTQJUBMBS

m
)PTQJUBM
3FHJPOBM
i5BSDÎTJP
.BJBu
EF
SFGFSËODJB
OB
3FHJÈP

F
Æ
&EVDBÉÈP

F
1FTRVJTB
$JFOUÎàDB
m
*OTUJUVJÉ×FT
EF
&OTJOP
5ÊDOJDP
F
4VQFSJPS
UPEPT

FTTFT
àYPT
F
FTUF
DPOKVOUP
UÊDOJDP
GPSBN
F
BJOEB
TÈP
TVQPSUFT
QBSB
B
QSÃUJDB

F
B
NBOVUFOÉÈP
EB
"HSJDVMUVSB
*SSJHBEB
FN
.PTTPSÓ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 (;3$16­2'$&,'$'(

$
JOUFHSBÉÈP
FYDMVTJWBNFOUF
DPNFSDJBM
PV
àOBODFJSB
OÈP
DPOUSJCVJ

QBSB
P
CFNFTUBS
EPT
DJEBEÈPT
1PEF
BUÊ
NFMIPSBS
BT
FTUBUÎTUJDBT
F

PT
ÎOEJDFT
NBDSPFDPOÔNJDPT
PV
PGFSFDFS
VNB
JNBHFN
RVF
EÃ
B

JNQSFTTÈP
EF
RVF
P
MVHBS
FTUÃ
TF
EFTFOWPMWFOEP
1BSB
P
DJEBEÈP
QPSÊN
P

RVF
JNQPSUB
Ê
B
TVB
FDPOPNJB
DPUJEJBOB
RVF
QPEF
BUÊ
FTUBS
EFTDPOFDUBEB

EPT
QSPDFTTPT
HMPCBJT
NBT
PGFSFDF
B
QPTTJCJMJEBEF
EF
VNB
DPFTÈP
FDPOÔNJ
DB
TPDJBM
DVMUVSBM
F
NPSBM

'B[TF
OFDFTTÃSJP
BTTJN
FTUBCFMFDFS
VNB
BSUJDVMBÉÈP
FOUSF
QPMÎUJDBT

TPDJBJT
F
FDPOÔNJDBT
QBSB
SFEV[JS
PT
RVBESPT
EF
QPCSF[B
B
àN
EF
QSPQPS
DJPOBS
VNB
SFEVÉÈP
EB
EJTUÄODJB
FOUSF
BT
DMBTTFT
TPDJBJT
BUSBWÊT
EP
FNQSFHP

QSPEVUJWP
RVF
HFSF
VNB
NFMIPS
EJTUSJCVJÉÈP
EF
SFOEB
F
EF
VNB
BSUJDVMBÉÈP

FOUSF
B
4PDJFEBEF
F
TVBT
FDPOPNJBT
RVF
DSJF
QPTTJCJMJEBEFT
EF
TVQFSBÉÈP
EPT

BUSBTPT
UFDOPMÓHJDPT
F
EF
FEVDBÉÈP

.PTTPSÓ
TF
EJWJEF
FOUSF
VNB
JEFOUJEBEF
MPDBM
RVF
JODPSQPSB
PT
QB
ES×FT
HMPCBJT
EF
NPEFSOJEBEF
QFMB
JODMVTÈP
EF
TVBT
FDPOPNJBT
OP
.FSDBEP

*OUFSOBDJPOBM
F
VNB
JEFOUJEBEF
GPSKBEB
OP
QBTTBEP
RVF
QFSEFV
B
DBQBDJ
EBEF
EF
BEFSËODJB
EF
FYQMJDBS
P
QSFTFOUF
NBT
RVF
BJOEB
SFUÊN
B
FOFSHJB

TVàDJFOUF
QBSB
BQSFOEFS
SFDPOIFDFS
F
SFWFSUFS
BT
DPOUSBEJÉ×FT
EP
QSFTFOUF

F
DPOTUSVJS
P
GVUVSP

"
FYQBOTÈP
EF
.PTTPSÓ
HVBSEB
TJNJMBSJEBEFT
DPN
PT
QSPDFTTPT
RVF

EFUFSNJOBN
P
DSFTDJNFOUP
EBT
DJEBEFT
FN
ÄNCJUP
OBDJPOBM
QPJT
QBSUF
EB

FYQBOTÈP
PDPSSF
TPC
P
EPNÎOJP
EP
DBQJUBM
F
EPT
TFVT
BHFOUFT
MPDBJT
PV
FY
UFSOPT
Æ
$JEBEF
RVF
WÈP
FODPOUSBS
OBT
QPMÎUJDBT
F
QSPHSBNBT
EF
HPWFSOP

FMFNFOUPT
GBWPSÃWFJT
QBSB
P
DBQJUBM
WFS
B
DJEBEF
DPNP
NFSDBEPSJB
PV
BQF
OBT
OB
QFSTQFDUJWB
EP
WBMPS
EF
USPDB
FNCPSB
DPNP
FN
UPEP
GBUP
TPDJBM
B

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
DPOUSBEJÉÈP
TF
GBÉB
QSFTFOUF
F
FOHFOESF
OPWBT
TJUVBÉ×FT
PV
NPEJàRVF
P
RVF

GPJ
EFUFSNJOBEP
QFMBT
GPSÉBT
IFHFNÔOJDBT
EP
QPEFS
FDPOÔNJDP
F
EPT
TFVT

BMJBEPT
QPMÎUJDPT

"
DJEBEF
Ê
P
FTQBÉP
EP
DBQJUBM
F
EPT
TFVT
JOUFSFTTFT
NBT
UBNCÊN
EPT

QPCSFT
F
EBT
OFDFTTJEBEFT
QPS
NPSBEJB
FNQSFHP
SFOEB
F
TFSWJÉPT
&
OFTTB

MVUB
EF
DPOUSÃSJPT
P
SFTVMUBEP
Ê
B
QSFTFOÉB
EFOUSP
EFTTF
FTQBÉP
VSCBOP
EP

GPSNBM
F
EP
JOGPSNBM
EPT
FEJGÎDJPT
EF
BQBSUBNFOUPT
F
DPOEPNÎOJPT
QSJWB
EPT
EB
GBWFMB
F
EB
DBTB
EF
UBJQB

/BT
EFTDSJÉ×FT
F
BOÃMJTFT
RVF
EÈP
DPOUFÙEP
B
FTUF
DBQÎUVMP
PCKFUJWB
NPT
iPMIBSu
B
DJEBEF
EF
.PTTPSÓ
F
B
TVB
FYQBOTÈP
BUSBWÊT
EBT
BÉ×FT
EFTTFT

BUPSFT
P
DBQJUBM
RVF
FTQFDVMB
DPN
B
$JEBEF
NFSDBEP
JNPCJMJÃSJP
DPOTUSV
UPSBT
JODPSQPSBEPSBT
TFHNFOUPT
TPDJBJT
RVF
WËFN
OP
TPMP
VSCBOP
B
PQPS
UVOJEBEF
EF
OFHÓDJP

BT
QPMÎUJDBT
QÙCMJDBT
F
TFVT
HFTUPSFT
QSJODJQBMNFOUF

B
1SFGFJUVSB
.VOJDJQBM
RVF
HBOIB
NBJPS
QPEFS
EF
JOUFSWFOÉÈP
DPN
B
BSSF
DBEBÉÈP
USJCVUÃSJB
DPN
PT
SPZBMUJFT
EP
QFUSÓMFP
F
HÃT
RVF
QPS
WF[FT
Ê
JOUFS
QSFUBEP
DPNP
VN
JNQPTUP
FYUSB
KÃ
RVF
OÈP
Ê
FYUFOTJWP
B
UPEBT
BT
DJEBEFT

F
PT
QPCSFT
RVF
FTUÈP
OB
$JEBEF
B
NBJPSJB
OBUJWPT
PVUSPT
NJHSBOUFT
NBT

UPEPT
DPN
B
NFTNB
OFDFTTJEBEF
EF
TF
JOUFHSBSFN
Æ
WJEB
VSCBOB
DPN
UPEBT

BT
EFNBOEBT
RVF
FTTB
JOUFHSBÉÈP
SFRVFS
QSJODJQBMNFOUF
B
EFNBOEB
QPS

NPSBEJB
RVF
UFSNJOB
QPS
JOáVFODJBS
OB
EJOÄNJDB
F
FYQBOTÈP
EB
$JEBEF

$V3ROtWLFDV3~EOLFDVHD3URGXomRGR
(VSDoR8UEDQRGH0RVVRUy

&N
BQFOBT
DJODP
EÊDBEBT
EP
TÊDVMP
QBTTBEP
B
QPQVMBÉÈP
CSBTJMFJSB

QBTTB
EF
NBKPSJUBSJBNFOUF
SVSBM
QBSB
VSCBOB
0
#SBTJM
FN

QPTTVÎB

 
EB
TVB
QPQVMBÉÈP
OP
DBNQP
JOWFSUFOEP
FTTB
QPTJÉÈP
FN

RVBO
EP
 
EB
QPQVMBÉÈP
QBTTPV
B
SFTJEJS
FN
DFOUSPT
VSCBOPT
6NB
EBT
NBJT

BDFMFSBEBT
VSCBOJ[BÉ×FT
EP
NVOEP
PDPSSFV
QPSÊN
TFN
B
JNQMFNFOUBÉÈP

EF
QPMÎUJDBT
JOEJTQFOTÃWFJT
QBSB
VNB
JOTFSÉÈP
VSCBOB
EJHOB
EP
DPOUJOHFOUF

RVF
BCBOEPOPV
F
DPOUJOVB
B
BCBOEPOBS
P
NFJP
SVSBM
CSBTJMFJSP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 6NB
EBT
QSJNFJSBT
GPSNVMBÉ×FT
EF
VNB
1PMÎUJDB
6SCBOB
EP
1BÎT
TF

EFV
EVSBOUF
P
3FHJNF
.JMJUBS
/FTTF
QFSÎPEP
P
1MBOFKBNFOUP
6SCBOP
PC
UFWF
HSBOEF
QSFTUÎHJP
/B
EÊDBEB
EF

B
NBSDB
UFDOPDSBUB
F
BVUPSJUÃSJB

EFTTF
1MBOFKBNFOUP
TF
GF[
EF
GBUP
QSFTFOUF
OPT
PSHBOJTNPT
DSJBEPT
FN


QBSB
EJSJHJS
B
QPMÎUJDB
VSCBOB
EP
3FHJNF
.JMJUBS
0
4JTUFNB
'JOBODFJSP

EB
)BCJUBÉÈP
m
4')
F
P
#BODP
/BDJPOBM
EB
)BCJUBÉÈP
m
#/)
 GPSBN

SFTQPOTÃWFJT
QFMP
NBJPS
NPWJNFOUP
EF
DPOTUSVÉÈP
RVF
P
#SBTJM
DPOIFDFV

OBT
DJEBEFT
&OUSF

F

GPSBN
DPOTUSVÎEBT
NBJT
EF

NJMI×FT
EF

NPSBEJBT
F
JNQMBOUBEPT
PT
QSJODJQBJT
TJTUFNBT
EF
TBOFBNFOUP
EP
1BÎT
0T

SFDVSTPT
GFEFSBJT
WJOIBN
QSJODJQBMNFOUF
EP
#/)
&TUF
GB[JB
QBSUF
EP
4')

F
EP
4JTUFNB
#SBTJMFJSP
EF
1PVQBOÉB
F
&NQSÊTUJNP
RVF
DPOTFHVJV
VN
DPO
TJEFSÃWFM
WPMVNF
EF
SFDVSTPT
BUSBWÊT
EB
QPVQBOÉB
WPMVOUÃSJB
DBEFSOFUBT
EF

QPVQBOÉB

F
DPNQVMTÓSJB
'(54


"TTJN
TFOEP
P
EFTFOWPMWJNFOUP
EP
VSCBOP
OÈP
QPEF
TFS
DPNQSF
FOEJEP
TFN
RVF
TF
GBÉB
VNB
BOÃMJTF
EP
QBQFM
RVF
P
&TUBEP
EFTFNQFOIPV

OFTTF
QSPDFTTP

"
QBSUJS
EP
àOBM
EPT
BOPT

JOÎDJP
EPT
BOPT

P
&TUBEP
CSBTJMFJSP

QBTTPV
B
FYFSDFS
VNB
BUVBÉÈP
NBJT
FGFUJWB
TPCSF
P
FTQBÉP
VSCBOP
TFOEP

NBSDBOUF
B
DSJBÉÈP
EF
VN
BQBSBUP
JOTUJUVDJPOBM
WPMUBEP
QBSB
B
SFQSPEVÉÈP

EFTTF
FTQBÉP
DPNP
TFKB
P
#/)
P
4')
B
EJTUSJCVJÉÈP
EF
SFEF
EF
FOFSHJB

FMÊUSJDB
QSPEV[JEB
QFMB
6TJOB
EF
1BVMP
"GPOTP
F
B
JOTUBMBÉÈP
EF
CBODPT

PàDJBJT
FN
EJWFSTBT
DJEBEFT
'PSBN
FTTFT
PT
OPWPT
BHFOUFT
SFQSFTFOUBOUFT

EP
&TUBEP
EP
QSPDFTTP
EF
DPOTUSVÉÈP
EP
UFSSJUÓSJP

/P
3JP
(SBOEF
EP
/PSUF
QPS
FYFNQMP
B
HSBOEF
NBJPSJB
EBT
DJEB
EFT
EJTQVOIB
BQFOBT
EF
VNB
SFEF
FMÊUSJDB
QSPEV[JEB
QPS
HFSBEPSFT
EF
CBJYB

DBQBDJEBEF
OPSNBMNFOUF
TPC
B
SFTQPOTBCJMJEBEF
EBT
QSFGFJUVSBT
NVOJDJ
QBJT
%BEP
FTTF
GBUP
FSB
QSBUJDBNFOUF
JNQPTTÎWFM
P
VTP
EF
FMFUSPEPNÊTUJDPT

QSPEV[JEPT
QFMP
4FUPS
*OEVTUSJBM
RVF
TF
EFTFOWPMWJB
OB
SFHJÈP
4VEFTUF
1PS

JTTP
B
DIFHBEB
EB
MV[
FMÊUSJDB
OPT
EJWFSTPT
DFOUSPT
VSCBOPT
EP
3JP
(SBOEF

EP
/PSUF
QPEF
TFS
FOUFOEJEB
DPNP
VNB
EBT
NBJT
TJHOJàDBUJWBT
JOUFSWFOÉ×FT

EP
&TUBEP
SVNP
Æ
SF
QSPEVÉÈP
EP
VSCBOP
F
EP
DBQJUBM

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 "
BÉÈP
EP
#/)
QPS
VNB
WF[
OÈP
TF
MJNJUPV
BQFOBT
Æ
IBCJUBÉÈP
4VB

BUVBÉÈP
TF
EFV
UBNCÊN
OP
4FUPS
VSCBOP
TFOEP
DPOTJEFSBEP
DPNP
VN
EPT

NBJT
FYQSFTTJWPT
BHFOUFT
àOBODFJSPT
EP
QSPDFTTP
EF
EFTFOWPMWJNFOUP
VSCB
OP
0
#/)
àOBODJBWB
PCSBT
EF
JOGSBFTUSVUVSB
VSCBOB
NFMIPSJB
OP
TJTUFNB

WJÃSJP
F
QBWJNFOUBÉÈP
NFMIPSBNFOUP
EB
SFEF
EF
FOFSHJB
FMÊUSJDB
F
NFMIPSJB

OBT
WJBT
EF
USBOTQPSUFT
F
DPNVOJDBÉÈP
BMÊN
EF
JODFOUJWBS
B
FEVDBÉÈP
B

DVMUVSB
PT
TFSWJÉPT
QÙCMJDPT
F
PVUSPT
'PJ
BUSBWÊT
EP
#/)
RVF
BT
USBOTGPS
NBÉ×FT
EP
UFSSJUÓSJP
VSCBOP
OP
3JP
(SBOEF
EP
/PSUF
BDPOUFDFSBN

0
4')
HFSFODJBEP
QFMP
#/)
GPJ
EF
GBUP
P
JOTUSVNFOUP
PàDJBM

BUSBWÊT
EP
RVBM
TF
FTUBCFMFDFSBN
BT
DPOEJÉ×FT
QBSB
B
DBQJUBMJ[BÉÈP
EBT
FN
QSFTBT
MJHBEBT
Æ
$POTUSVÉÈP
$JWJM
BMÊN
EF
QFSNJUJS
B
FTUSVUVSBÉÈP
EF
VNB

SFEF
EF
BHFOUFT
àOBODFJSPT
QSJWBEPT
F
B
SFBMJ[BÉÈP
EF
àOBODJBNFOUP
EB

QSPEVÉÈP
F
EP
DPOTVNP

0VUSB
JOUFSWFOÉÈP
EP
&TUBEP
RVF
NBSDPV
EF
GPSNB
TJHOJàDBUJWB
B

DPOTUSVÉÈP
EP
UFSSJUÓSJP
VSCBOP
OPSUFSJPHSBOEFOTF
OÈP
OB
TVB
UPUBMJEBEF

NBT
FN
FTQBÉPT
FTQFDJBJT
GPJ
P
EFTFOWPMWJNFOUP
EP
1SPHSBNB
EF
$JEBEFT

.ÊEJBT
&SB
VN
QSPHSBNB
EF
BCSBOHËODJB
OBDJPOBM
UFOEP
TJEP
EF
NVJUB

JNQPSUÄODJB
QBSB
BT
DJEBEFT
POEF
GPJ
BEPUBEP
/P
3JP
(SBOEF
EP
/PSUF
BT

DJEBEFT
DPOUFNQMBEBT
DPN
P
1SPHSBNB
GPSBN
/BUBM
F
.PTTPSÓ
0
1SPHSB
NB
SFTVMUPV
EB
JOJDJBUJWB
EB
$PNJTTÈP
/BDJPOBM
EF
3FHJ×FT
.FUSPQPMJUBOBT

F
1PMÎUJDB
6SCBOB
%FOUSF
PT
PSHBOJTNPT
àOBODJBEPSFT
EPT
QSPKFUPT
FTUB
WBN
P
'VOEP
/BDJPOBM
EF
"QPJP
BP
%FTFOWPMWJNFOUP
6SCBOP
m
'/%6


P
1MBOP
/BDJPOBM
EF
4BOFBNFOUP
m
1-"/"4"

F
B
&NQSFTB
#SBTJMFJSB
EF

5SBOTQPSUFT
6SCBOPT
m
&#56

1BSB
FTTBT
DJEBEFT
P
1SPHSBNB
EF
$JEBEFT
EF
1PSUF
.ÊEJP
GPJ
VN

NBSDP
UFOEP
FN
WJTUB
RVF
DPN
PT
SFDVSTPT
EFTUF
GPJ
JNQMFNFOUBEP
P
QMB
OFKBNFOUP
VSCBOP
MPDBM
EF
NPEP
RVF
BT
DJEBEFT
DPOUFNQMBEBT
QBTTBSBN

B
DPOUBS
DPN
WÃSJPT
FRVJQBNFOUPT
VSCBOPT
BUÊ
FOUÈP
JOFYJTUFOUFT
QSPQPS
DJPOBOEP
NFMIPSFT
DPOEJÉ×FT
EF
WJEB
ÆT
TVBT
QPQVMBÉ×FT
&N
.PTTPSÓ
FTTF

1SPHSBNB
OP
BOP
EF

EFV
JOÎDJP
B
WÃSJPT
QSPKFUPT
EF
NFMIPSJB
EP
FTQB
ÉP
VSCBOP
UBJT
DPNP
B
DPOTUSVÉÈP
EP
5FSNJOBM
3PEPWJÃSJP
F
EF
$POKVOUPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)BCJUBDJPOBJT
QBSB
B
QPQVMBÉÈP
EF
CBJYB
SFOEB
F
EB
iOPWB
$MBTTF
.ÊEJBu
RVF

DIFHB
Æ
$JEBEF
 PT
GVODJPOÃSJPT
EP
*/44
&4".
F
EB
6&3/

CFN
DPNP

B
QBWJNFOUBÉÈP
F
BTGBMUBNFOUP
EF
SVBT
F
BWFOJEBT
QSPKFUPT
EF
BSCPSJ[BÉÈP

EB
$JEBEF
USBUBNFOUP
VSCBOÎTUJDP
F
EF
JOGSBFTUSVUVSB
QSJODJQBMNFOUF
EBT

ÃSFBT
RVF
TJOBMJ[BWBN
QBSB
B
FYQBOTÈP
VSCBOB
EP
UFSSJUÓSJP
EB
$JEBEF
"TTJN

.PTTPSÓ
FYQBOEFTF
DPOTJEFSBWFMNFOUF
QPS
NFJP
EFTTBT
PCSBT

&N
EFDPSSËODJB
EP
SFGFSJEP
1SPHSBNB
QSPDFTTPVTF
BJOEB
B
JOTUB
MBÉÈP
EF
BHËODJBT
CBODÃSJBT
BNQMJPVTF
B
PGFSUB
EF
TFSWJÉPT
FTQFDJBMJ[BEPT

FTUÊUJDB
TBÙEF
FEVDBÉÈP
IPUFMBSJB
MB[FS
FUD

F
DSFTDFV
P
OÙNFSP
EF
DBTBT

DPNFSDJBJT
DPNP
FNQSFFOEJNFOUPT
EB
*OJDJBUJWB
1SJWBEB
$POàHVSBWBTF

FOUSFUBOUP
B
OFDFTTJEBEF
EP
&TUBEP
QSPNPWFS
VNB
QPMÎUJDB
VSCBOB
FN
DPO
TPOÄODJB
DPN
PT
QSPQÓTJUPT
EB
SFQSPEVÉÈP
EBT
SFMBÉ×FT
EF
QSPEVÉÈP
RVF
TF

GB[JBN
QSFTFOUFT
F
IFHFNÔOJDPT
PV
TFKB
JNQVOIBNTF
NVEBOÉBT
TJHOJà
DBUJWBT
OB
TPDJFEBEF
QBSB
RVF
TF
QVEFTTF
WJBCJMJ[BS
UBM
VSCBOJ[BÉÈP
/P
DBTP

FTQFDÎàDP
EF
.PTTPSÓ
QPS
FYFNQMP
PT
CFOFàDJBNFOUPT
EP
i$JEBEFT
EF

1PSUF
.ÊEJPu
DPOUSJCVÎSBN
QBSB
TVQFSBS
P
RVBESP
EF
DSJTF
F
UFOT×FT
HFSBEP

QFMP
EFTFNQSFHP
EFDPSSFOUF
EB
NFDBOJ[BÉÈP
EBT
4BMJOBT
VNB
WF[
RVF
UPEBT

FTTBT
PCSBT
F
BÉ×FT
SFGFSJEBT
PDVQBSJBN
CPB
QBSUF
EPT
EFTFNQSFHBEPT
"T
TJN
BP
NFTNP
UFNQP
RVF
B
$JEBEF
FSB
QBMDP
EBT
UFOT×FT
TPDJBJT
UBNCÊN

WJWJB
VN
QFSÎPEP
EF
BTDFOTÈP
QPJT
QPMÎUJDBT
F
QSPHSBNBT
WPMUBEPT
QBSB
BT

DJEBEFT
FN
OÎWFM
OBDJPOBM
JODMVÎSBN
B
DJEBEF
EF
.PTTPSÓ

1BSBMFMP
BP
1SPHSBNB
i$JEBEF
EF
1PSUF
.ÊEJPu
QSPKFUPT
EF
DBSÃUFS

NBJT
FTQFDÎàDP
UBNCÊN
GPSBN
EFTFOWPMWJEPT
­
P
DBTP
EP
1SPKFUP
i$PNVOJ
EBEF
6SCBOB
QBSB
3FDVQFSBÉÈP
"DFMFSBEBu
 1SPKFUP
$63"

RVF
UJOIB
QPS

PCKFUJWP
QSJODJQBM
VSCBOJ[BS
BT
ÃSFBT
QFSJGÊSJDBT
EBT
DJEBEFT
&TTB
VSCBOJ[BÉÈP

BMÊN
EF
QSPNPWFS
B
QBWJNFOUBÉÈP
EBT
SVBT
MPDBMJ[BEBT
OPT
CBJSSPT
NBJT
QP
CSFT
EBT
DJEBEFT
QSPNPWFV
UBNCÊN
B
FYQBOTÈP
EB
SFEF
EF
FOFSHJB
F
ÃHVB

0
BDFTTP
QPS
QBSUF
EB
QPQVMBÉÈP
B
FTUFT
EPJT
TFSWJÉPT
QPEF
TFS
WJTUP

DPNP
VN
FMFNFOUP
JNQPSUBOUF
OB
QSPEVÉÈP
EP
FTQBÉP
VSCBOP
"
EJTUSJCVJ
ÉÈP
EF
BNCPT
TFN
EJTUJOÉÈP
EF
DMBTTF
TF
DPOTUJUVJV
OVNB
NFEJEB
FTUSBUÊ
HJDB
VNB
WF[
RVF
FTQFDJBMNFOUF
B
FOFSHJB
FMÊUSJDB
Ê
VN
QSÊSFRVJTJUP
CÃ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
TJDP
QBSB
RVF
P
DPOTVNP
EF
QSPEVUPT
JOEVTUSJBMJ[BEPT
TFKB
FGFUVBEP
EBOEP

DPOEJÉ×FT
QBSB
RVF
B
SFQSPEVÉÈP
EP
DBQJUBM
WJFTTF
B
BDPOUFDFS

0T
GBUPT
UËN
OPT
NPTUSBEP
RVF
B
FTTËODJB
EBT
QPMÎUJDBT
VSCBOBT
JN
QMFNFOUBEBT
QFMP
&TUBEP
FTUBWB
DPODFOUSBEB
OÈP
OB
NFMIPSJB
EBT
DPOEJÉ×FT

EF
WJEB
EB
QPQVMBÉÈP
NBT
FN
FODPOUSBS
GPSNBT
RVF
WJBCJMJ[BTTFN
P
EFTFO
WPMWJNFOUP
DBQJUBMJTUB
FN
UPEP
P
UFSSJUÓSJP
OBDJPOBM
&TTFT
FMFNFOUPT
WËN

DPSSPCPSBS
P
QFOTBNFOUP
EBRVFMFT
RVF
EFGFOEFN
B
JEÊJB
EF
RVF
OP
#SBTJM

P
DBQJUBM
TF
EFTFOWPMWFV
TPC
B
ÊHJEF
EP
&TUBEP

&N
.PTTPSÓ
NVJUPT
EPT
$POKVOUPT
DPOTUSVÎEPT
FN
NFBEPT
EPT
BOPT

EF

BUÊ
Æ
EÊDBEB
EF

B
QSJODÎQJP
FTUBWBN
TFOEP
FSHVJEPT
FN
ÃSFBT

EJUBT
SVSBJT
EF
NPEP
RVF
B
QBSUJS
EB
DPOTUSVÉÈP
EP
$POKVOUP
PSJHJOPVTF

P
CBJSSP
PV
FOUÈP
DPOTPMJEPV
FPV
BNQMJPV
VN
OPWP
CBJSSP
1PJT
.PTTP
SÓ
QPS
DPOUB
EF
BMHVNBT
TJOHVMBSJEBEFT
DPMPDBEBT
QFMB
DPOKVOUVSB
EBRVFMF

NPNFOUP
Ê
P
DBTP
KÃ
EFTDSJUP
EP
EFTFNQSFHP
EFDPSSFOUF
EB
NPEFSOJ[BÉÈP

EBT
4BMJOBT
FOUSB
FN
FYFDVÉÈP
BMHVNBT
EFTTBT
QPMÎUJDBT
VSCBOBT
QSJODJQBM
NFOUF
B
EF
NBJPS
JNQBDUP
TPCSF
B
FYQBOTÈP
EB
DJEBEF
RVF
GPJ
B
DPOTUSVÉÈP

EPT
$POKVOUPT
)BCJUBDJPOBJT
EFUFSNJOBEPT
QFMP
4')
"
QPQVMBÉÈP
RVF

IBWFSJB
EF
PDVQBS
FTTBT
DBTBT
OFDFTTJUBSJBN
EF
JNQMBOUBÉÈP
PV
NFMIPSJB

EF
JOGSBFTUSVUVSB
DPNP
ÃHVB
FODBOBEB
JMVNJOBÉÈP
QÙCMJDB
USBOTQPSUF
F

FTUSBEBT
EF
BDFTTP
"TTJN
ÃSFBT
BUÊ
FOUÈP
TFN
NVJUP
iWBMPSu
EJTUBOUFT
EP

USBEJDJPOBM
$FOUSP
F
EFTPDVQBEBT
UPSOBNTF
WBMPSJ[BEBT
"
PGFSUB
EFTTBT
SF
TJEËODJBT
WJOIB
BUFOEFS
UBOUP
B
SFQSFTFOUBOUFT
EB
$MBTTF
.ÊEJB
RVF
DIFHBWB

Æ
$JEBEF
RVBOUP
Æ
QPQVMBÉÈP
BEWJOEB
EF
PVUSPT
NVOJDÎQJPT
QSÓYJNPT
RVF

QBTTBSBN
B
NPSBS
OB
DJEBEF
QPS
FMB
UFS
TF
UPSOBEP
B
DJEBEF
VOJWFSTJUÃSJB
EB

SFHJÈP
PFTUF
EP
&TUBEP
PGFSFDFOEP
FOTJOP
F
PQPSUVOJEBEF
EF
USBCBMIP

$PN
VNB
iWPDBÉÈPu
DPNFSDJBM
DPNQSPWBEB
QFMB
TVB
IJTUÓSJB
F
GPS
UBMFDJEB
QPS
FTTBT
OPWBT
BUJWJEBEFT
FDPOÔNJDBT
.PTTPSÓ
WPMUB
B
NBOUFS
B

TVB
MJEFSBOÉB
SFHJPOBM
F
B
TVB
FDPOPNJB
VSCBOB
DPN
CBTF
OP
DPNÊSDJP
F

OB
QSFTUBÉÈP
EF
TFSWJÉPT
"
FTQBDJBMJEBEF
EB
$JEBEF
Ê
BMUFSBEB
QFMBT
OPWBT

GPSNBT
RVF
FTUB
QBTTB
B
BQSFTFOUBS
JNQPTUBT
QPS
FTTBT
GVOÉ×FT
EF
DFOUSP

WFOEFEPS
F
DPOTVNJEPS
EF
TFSWJÉPT
/FTTF
NPNFOUP
P
4FUPS
5FSDJÃSJP
TF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

UPSOB
NBJT
EJOÄNJDP
OB
$JEBEF
TFOEP
DPOTPMJEBEP
QSJODJQBMNFOUF
QFMP

TFHNFOUP
FEVDBDJPOBM
DPN
B
DSJBÉÈP
EB
6&3/
&4".
F
EB
BNQMJBÉÈP
EB

3FEF
EF
&OTJOP
EF

F

(SBVT
EB
3FEF
EF
4BÙEF
F
EF
1PMÎUJDBT
EFTUJOB
EBT
BP
VSCBOP
DPNP
B
EB
DPOTUSVÉÈP
EB
iDBTB
QSÓQSJBu
QPS
JOUFSNÊEJP
EP

#/)

F
EF
PVUSPT
BHFOUFT
EBT
1PMÎUJDBT
EF
)BCJUBÉÈP
GB[FOEP
TVSHJS
OPWPT

$POKVOUPT
)BCJUBDJPOBJT
RVF
WÈP
TFS
SFGFSËODJBT
GPSUFT
OP
OPWP
GPSNBUP

VSCBOÎTUJDP
EB
$JEBEF

0
1SPKFUP
VSCBOP
EB
%JUBEVSB
.JMJUBS
FTUBWB
DPOUJEP
EFOUSP
EF
VN

DPODFJUPDIBWF

B
JOUFHSBÉÈP
OBDJPOBM

RVF
QSFDPOJ[B
DPNQMFUBS
B
PDVQB
ÉÈP
F
VOJàDBÉÈP
EP
1BÎT
TPC
VNB
UFSSJUPSJBMJEBEF
DBQJUBMJTUB
1BSB
B
FGFUJ
WBÉÈP
EJTUP
HSBOEFT
QSPKFUPT
EF
MJHBÉÈP
SPEPWJÃSJB
UBNCÊN
GPSBN
DSJBEPT

DPNP
B
5SBOTBNB[ÔOJDB
4BOUBSÊN$VJBCÃ
5SBOTQBOUBOFJSB
1PSUP
7FMIP
.BOBVT
PCKFUJWBOEP
QFOFUSBS
OP
DFOUSP
F
DIFHBS
ÆT
GSPOUFJSBT
EP
1BÎT
"P

NFTNP
UFNQP
QÓMPT
FDPOÔNJDPT
GPSBN
DSJBEPT
DPNP
P
QÓMP
QFUSPRVÎNJDP

CBJBOP
EF
$BNBÉBSJ
F
P
DPNQMFYP
TJEFSÙSHJDP
EF
7JUÓSJB
"MÊN
EJTTP
IPVWF

HSBOEFT
JOWFTUJNFOUPT
FN
JOGSBFTUSVUVSB

IJESFMÊUSJDBT
QPOUFT
F
QPSUPT

­
EFTTF
QFSÎPEP
B
DPOTUSVÉÈP
OP
3JP
(SBOEF
EP
/PSUF
EP
1PSUP*MIB
EF

"SFJB
#SBODB
UBNCÊN
DIBNBEP
EF
i5FSNJOBM
4BMJOFJSPu
m
5&3.*4"

P

SFDBQFBNFOUP
EB
#3
F
B
DPOTUSVÉÈP
EPT
QSÊEJPT
QÙCMJDPT
EP
*/44
EB

&4".
F
EB
6&3/
5PEPT
FTTFT
JOWFTUJNFOUPT
FGFUJWBEPT
FN
UPEP
P
1BÎT
TF

EFSBN
CBTJDBNFOUF
TFHVOEP
.BSJDBUP

i<>
BUSBWÊT
EB
DFOUSBMJ[BÉÈP

EF
SFDVSTPT
FN
OÎWFM
GFEFSBM
F
EB
JOUFSOBDJPOBMJ[BÉÈP
EB
FDPOPNJB
QPS
NFJP
EB
BTTP
DJBÉÈP
DPN
DBQJUBM
FTUSBOHFJSP
PV
EP
FOEJWJEBNFOUP
FYUFSOP
u
"
DPOTFRÛËODJB
GPJ

B
QSPEVÉÈP
EF
VNB
SFEF
VSCBOB
EJWFSTJàDBEB
/P
JOUFSJPS
EF
DBEB
DJEBEF
EF

NÊEJP
F
HSBOEF
QPSUF
BDFOUVPVTF
P
QBESÈP
QFSJGÊSJDP
EF
DSFTDJNFOUP
"

PDVQBÉÈP
EB
QFSJGFSJB
BUSBWÊT
EPT
$POKVOUPT
)BCJUBDJPOBJT
GB[JB
QBSUF
EB
VS
CBOJ[BÉÈP
NPEFSOJ[BEPSB
EP
3FHJNF
.JMJUBS
F
JOUFSFTTBWB
BP
DBQJUBM
JNPCJ
MJÃSJP
QFMB
WBMPSJ[BÉÈP
EP
TPMP
VSCBOP
QPS
FTUF
FTQFDVMBEP
RVF
TF
WBMPSJ[BWB

DPN
B
DIFHBEB
EF
JOGSBFTUSVUVSB
QBSB
PT
$POKVOUPT
)BCJUBDJPOBJT

1BSB
DPNQSFFOEFSNPT
NFMIPS
UBM
QPMÎUJDB
VSCBOB
EP
3FHJNF
.JMJ
UBS
GB[TF
OFDFTTÃSJP
EFTUBDBS
RVF
FMB
UPMIJB
B
BVUPOPNJB
EPT
NVOJDÎQJPT

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
QPJT
UPEB
QPTTJCJMJEBEF
EF
JOUFSWFOÉÈP
EP
QPEFS
MPDBM
EB
$JEBEF
EFQFOEJB

EF
SFDVSTPT
SFQBTTBEPT
QFMP
(PWFSOP
'FEFSBM
"P
NFTNP
UFNQP
FTUSVUV
SPVTF
UPEP
VN
TJTUFNB
DFOUSBMJ[BEP
F
UFDOPDSÃUJDP
EF
USBUP
DPN
P
VSCBOP

0T
NVOJDÎQJPT
GPSBN
GSBHJMJ[BEPT
EF
UBM
GPSNB
B
EFUFSNJOBS
VNB
QPMÎUJDB

TPDJBM
FN
RVF
P
#/)
OÈP
QPEJB
BHJS
EJSFUBNFOUF
1PS
MFJ
TVB
BÉÈP
UFSJB

RVF
TFS
JOUFSNFEJBEB
QFMPT
BHFOUFT
àOBODFJSPT
TPDJFEBEFT
EF
DSÊEJUP
JNP
CJMJÃSJP
F
CBODPT
QSJWBEPT

5BM
GBUP
SFTVMUPV
OB
ESFOBHFN
EF
CPB
QBSUF
EPT

SFOEJNFOUPT
EP
TJTUFNB
QBSB
PT
BHFOUFT
àOBODFJSPT

1PS
PVUSP
MBEP
P
NPEP
EF
DBQUBS
SFDVSTPT
NFTNP
OP
DBTP
EPT
à
OBODJBNFOUPT
DPN
QSB[PT
NBJT
MPOHPT
F
DPN
UBYBT
EF
KVSPT
JOGFSJPSFT
ÆT
EP

NFSDBEP
QSJWBEP
BJOEB
OÈP
BUFOEJB
Æ
FOUSBEB
EF
QBSDFMB
EB
QPQVMBÉÈP
EF

NBJT
CBJYB
SFOEB
EF
[FSP
B
DJODP
TBMÃSJPT
NÎOJNPT
NFOTBJT


0
#/)
QPS
FYFNQMP
TF
UPSOPV
P
àOBODJBEPS
EB
QSPNPÉÈP
JNP
CJMJÃSJB
RVF
DPOTUSVÎB
BQFOBT
QBSB
B
$MBTTF
.ÊEJB
F
"MUB
"MÊN
EJTUP
PT

NVOJDÎQJPT
F
FTUBEPT
TF
UPSOBSBN
PT
DMJFOUFT
EP
#BODP
PCUFOEP
àOBODJB
NFOUPT
QBSB
B
QSPEVÉÈP
EF
JOGSBFTUSVUVSB
VSCBOB
TPCSFUVEP
BT
ÃSFBT
EF

TBOFBNFOUP
F
TJTUFNB
WJÃSJP

&TUF
DFOÃSJP
GBWPSFDFV
BT
JOEÙTUSJBT
EF
NBUFSJBJT
EF
DPOTUSVÉÈP
F
BT

PCSBT
DJWJT
RVF
DPOUSJCVÎSBN
QBSB
BTTFHVSBS
BMUBT
UBYBT
EF
DSFTDJNFOUP
EP

1*#
CSBTJMFJSP
OPT
BOPT

FTQFDJBMNFOUF
OB
TFHVOEB
NFUBEF
EB
EÊDBEB

RVBOEP
EFDMJOBSBN
BT
HSBOEFT
PCSBT
EF
JOGSBFTUSVUVSB

/PT
BOPT
EF

B

P
1BÎT
QÃSB
EF
DSFTDFS
B
BMUPT
ÎOEJDFT
F

FOUSB
FN
DPNQBTTP
EF
CBJYP
DSFTDJNFOUP
"
SFFTUSVUVSBÉÈP
QSPEVUJWB
JOUFS
OBDJPOBM
EVSBOUF
B
DIBNBEB
iEÊDBEB
QFSEJEBu
JNQBDUB
GPSUFNFOUF
P
àOBO
DJBNFOUP
QÙCMJDP
F
QSJWBEP
0
DSFTDJNFOUP
EPT
TFUPSFT
QSPEVUJWPT
MJHBEPT
Æ

)BCJUBÉÈP
F
BP
4BOFBNFOUP
SFDVB
F
P
#/)
Ê
FYUJOUP
FN

DPN
B
$BJYB

&DPOÔNJDB
'FEFSBM
m
$&'

BTTVNJOEP
P
FTQÓMJP
EP
#/)
IBWFOEP
BTTJN

VNB
SFEVÉÈP
B
QBSUJS
EF
FOUÈP
FN
JOWFTUJNFOUPT
OP
4FUPS
)BCJUBDJPOBM

$POTUBUBSBNTF
EJTDSFUBT
SFEVÉ×FT
OBT
GVOÉ×FT
EF
)BCJUBÉÈP
F
6SCBOJTNP

F
B
QBSUJS
EF

FTHPUBNTF
BT
GPOUFT
EF
àOBODJBNFOUP
QBSB
B
)BCJUBÉÈP

QPS
QBSUF
EP
(PWFSOP
'FEFSBM

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 0
QPEFS
QPMÎUJDP
MPDBM
FODPOUSPV
OB
QPMÎUJDB
IBCJUBDJPOBM
EP
FYUJOUP

#/)
BT
BMUFSOBUJWBT
EF
TPMVÉÈP
EB
DBSËODJB
IBCJUBDJPOBM
DPN
B
DPOTUSVÉÈP

EPT
$POKVOUPT
)BCJUBDJPOBJT
HFTUBEPT
QFMB
$0)"#
PV
QFMP
*/0$001

&TTFT
$POKVOUPT
EFàOJSBN
VN
OPWP
GPSNBUP
EB
$JEBEF
WBMPSJ[BOEP
B
QFSJ
GFSJB
F
ÃSFBT
TVCVSCBOBT
F
TJOBMJ[BOEP
QBSB
BT
UFOEËODJBT
EF
FYQBOTÈP
VSCBOB

EB
DJEBEF

0T
$POKVOUPT
UBNCÊN
GPSBN
DPOTUSVÎEPT
FN
ÃSFBT
FN
RVF
VN
HSBO
EF
FNQSFFOEJNFOUP
GPSÉPV
B
DIFHBEB
EF
JOGSBFTUSVUVSB
TF
OÈP
WFKBNPT

B
DPOTUSVÉÈP
EB
&4".
F
EP
$BNQVT
EB
6&3/
DSJBN
BT
DPOEJÉ×FT
JO
GSBFTUSVUVSBJT
QBSB
B
DPOTUSVÉÈP
EPT
$POKVOUPT
i6MSJDI
(SBGGu
F
i
EF

4FUFNCSPu
7JOHU3PTBEP

B
DPOTUSVÉÈP
EP
)PUFM
i5IFSNBTu
Ê
GFJUB
QBSB
MFMBNFOUF
Æ
EP
$POKVOUP
i/PWB
#FUÄOJBu
F
i"CPMJÉÈP
*u
P
RVF
DSJB
BT
DPO
EJÉ×FT
QBSB
B
WBMPSJ[BÉÈP
EB
ÃSFB
OP
FOUPSOP
EFTUFT
F
QBSB
B
DPOTUSVÉÈP
EPT

$POKVOUPT
i"CPMJÉÈP
*u
i**u
i***u
F
i*7u
F
i4BOUB
%FMNJSBu
/B
PDBTJÈP

EB
DPOTUSVÉÈP
EPT
$POKVOUPT
i6MSJDI
(SBGGu
F
i
EF
4FUFNCSPu
IPKF
EF
OPNJOBEP
EF
i7JOHU3PTBEPu
WJBT
EF
BDFTTP
GPSBN
BCFSUBT
"QSPWFJUBOEP

FTTB
QPMÎUJDB
EF
àOBODJBNFOUPT
KVOUP
Æ
$&'
PT
QSPGFTTPSFT
EB
&4".
F
EB

6&3/
DPOTUSVÎSBN
TVBT
SFTJEËODJBT
RVF
KVOUBNFOUF
DPN
B
DPOTUSVÉÈP

EP
$FOUSP
'FEFSBM
EF
&EVDBÉÈP
5FDOPMÓHJDB
m
$&'&5

GF[
TVSHJS
P
CBJSSP

i$PTUB
F
4JMWBu
MFHBOEP
BP
FTQBÉP
BUVBM
OPWBT
GPSNBT
F
DPOUFÙEP

"
FTUSVUVSB
BMPDBEB
QFMB
1FUSPCSBT
OP
CBJSSP
i"MUP
EF
4ÈP
.BOPFMu
F

B
DIFHBEB
EBT
FNQSFTBT
B
FMB
QSFTUBEPSBT
EF
TFSWJÉPT
WJBCJMJ[BN
B
DPOTUSVÉÈP

F
PDVQBÉÈP
EP
$POKVOUP
i-JCFSEBEFu
F
EP
*1&
F
P
TVSHJNFOUP
EP
CBJSSP

i1MBOBMUP

EF
.BJPu
"UVBMNFOUF
TÈP

$POKVOUPT
SFTJEFODJBJT
OB
DJEB
EF
EF
.PTTPSÓ
5BCFMB



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 7DEHOD±&RQMXQWRV5HVLGHQFLDLVGH0RVVRUy

,WHP 1RPH %DLUUR 1žGH&DVDV

 9LQJW5RVDGR 5LQFmR 
 $EROLomR,9 $EROLomR 
 $EROLomR,,, $EROLomR 
 /LEHUGDGH,$ 3ODQDOWRGH0DLR 
 6DQWD'HOPLUD, 6DQWD'HOPLUD 
 6DQWD'HOPLUD,, 6DQWD'HOPLUD 
 $EROLomR,, $EROLomR 
 :DOIUHGR*XUJHO $OWRGH6mR0DQRHO 
 /LEHUGDGH,, 'RP-DLPH&kPDUD 
 $EROLomR, $EROLomR 
 ,QWHJUDomR 6DQWD'HOPLUD 
 $OWRGH6mR0DQRHO $OWRGH6mR0DQRHO 
 5RVDOED&LDUOLQL,, 6DQWD'HOPLUD 
 5HGHQomR, 5HGHQomR 
 3DUTXHGDV5RVDV 'RP-DLPH&kPDUD 
 6DQWR$QWRQLR 6DQWR$QWRQLR 
 /LEHUGDGH,% 'RP-DLPH&kPDUD 
 /LEHUGDGH,,& $OWRGR6XPDUp 
 1RYD%HWkQLD 1RYD%HWkQLD 
 8OULFN*UDII 3UHV&RVWDH6LOYD 
 *HUDOGR0HOR 3UHV&RVWDH6LOYD 
 3RUWDOGR6RO 1RYD%HWkQLD 
 ,QGHSHQGrQFLD,, 6DQWR$QWRQLR 
 ,QGHSHQGrQFLD, 6DQWR$QW{QLR 
 &DUQDXEDO /DJRDGR0DWR 
 5HVLVWrQFLD 6DQWD'HOPLUD 
 5HGHQomR,, 5HGHQomR 
 :LOVRQ5RVDGR 6DQWR$QWRQLR 
 )UHLWDV1REUH %DUURFDV 
 9LODGR,3$6( $HURSRUWR 
 6RDUHV-~QLRU 'RP-DLPH&kPDUD 
 $EtOLR)HUUHLUD %HOR+RUL]RQWH 
 7HUH]D1HR 1RYD%HWkQLD 
 0RWD1HWR 6DQWR$QW{QLR 
 1RYR7HWR 'RP-DLPH&kPDUD 
 5RVDOED&LDUOLQL, %HOR+RUL]RQWH 
 &DVD%HOOH $EROLomR 
 -HU{QLPR'L[+XLW5RVDGR 3UHV&RVWDH6LOYD 
7RWDO*HUDO 

)RQWH6HFUHWDULD0XQLFLSDOGR'HVHQYROYLPHQWR7HUULWRULDOH0HLR$PELHQWH±6('(7(0$

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 &N

UBNCÊN
TF
EBWB
B
NVEBOÉB
EFàOJUJWB
EPT
FTDSJUÓSJPT
EB

1FUSPCSBT
RVF
FTUBWBN
EJTUSJCVÎEPT
FN
WÃSJPT
QPOUPT
EB
DJEBEF
QSJODJQBM
NFOUF
OP
CBJSSP
i"MUP
EF
4ÈP
.BOPFMu
QBSB
DPODFOUSBSTF
FN
VN
TÓ
DPN
QMFYP
EF
FEJGÎDJPT
DPN
B
DPOTUSVÉÈP
EB
TVB
TFEF
EFàOJUJWB
OB
$JEBEF
OB

DPNVOJEBEF
EF
#PN
+FTVT
$POUVEP
OPT
DIBNB
B
BUFOÉÈP
BP
BOBMJTBSNPT
BT

MFJT
NVOJDJQBJT
RVF
USBUBN
EB
EFMJNJUBÉÈP
F
DSJBÉÈP
EPT
CBJSSPT
EB
$JEBEF

RVF
B
ÃSFB
FTDPMIJEB
QBSB
B
DPOTUSVÉÈP
EB
TFEF
QSÓQSJB
EB
&NQSFTB
FTUBWB
BUÊ

FOUÈP
FN
ÃSFB
SVSBM
NBT
DPJODJEFOUFNFOUF
OP
NFTNP
BOP


B
DPNV
OJEBEF
SVSBM
EF
#PN
+FTVT
QBTTB
B
TFS
DPOTJEFSBEB
[POB
VSCBOB
BUSBWÊT
EB

-FJ

EF

EF
KBOFJSP
EF

BTTJN
QBTTBOEP
B
JODJEJS
TPCSF
FTTB
ÃSFB

P
*NQPTUP
5FSSJUPSJBM
6SCBOP
m
*156
$FSUBNFOUF
B
JOTUBMBÉÈP
EB
1FUSP
CSBT
OB
DPNVOJEBEF
F
EF
PVUSBT
FNQSFTBT
QSFTUBEPSBT
EF
TFSWJÉP
JOáVFODJPV

F
BOUFDJQPV
BP
1PEFS
1ÙCMJDP
NVOJDJQBM
B
DSJBÉÈP
EP
CBJSSP

$PN
B
QFSTQFDUJWB
EF
VN
QSPDFTTP
EF
VSCBOJ[BÉÈP
EB
FOUÈP
DPNVOJ
EBEF
SVSBM
F
BHPSB
CBJSSP
GPSBN
HFSBEBT
BTQJSBÉ×FT
OB
QPQVMBÉÈP
MPDBM
QPS

JOGSBFTUSVUVSB
JOFSFOUFT
ÆT
ÃSFBT
VSCBOBT
DPNP
ÃHVB
FODBOBEB
QBWJNFO
UBÉÈP
JMVNJOBÉÈP
QÙCMJDB
EFOUSF
PVUSBT
NFMIPSJBT
"
BVTËODJB
EF
ÃHVB

FODBOBEB
OÈP
Ê
TFOUJEB
QFMB
&NQSFTB
KÃ
RVF
QFSGVSPV
QPÉPT
QBSB
TFV
QSÓ
QSJP
BCBTUFDJNFOUP
'FSSFJSB

BP
BOBMJTBS
B
USBOTJÉÈP
EP
SVSBM
QBSB

P
VSCBOP
EP
CBJSSP
i#PN
+FTVTu
EFTDSFWF
RVF
B
VSCBOJ[BÉÈP
EÃTF
FN
VN

QSPDFTTP
DPOUSBEJUÓSJP
F
RVF
P
CBJSSP

<>
BQSFTFOUBTF
EFTFTUSVUVSBEP
DPN
DBTBT
EF
UBJQB
TFN
QSJWBEBT

TFN
àMUSP
F
TFN
ÃHVB
FODBOBEB
.BT
FN
DPOUSBQPTJÉÈP
B
FTTBT
BEWFS
TJEBEFT
FODPOUSBNPT
OPT
BSSFEPSFT
EP
CBJSSP
BT
JNPCJMJÃSJBT
RVF
EF
WJEP
Æ
JNQMBOUBÉÈP
EB
CBTF
EB
1FUSPCSBT
JOJDJBN
VNB
FTQFDVMBÉÈP

GB[FOEP
DPN
RVF
BT
BVUPSJEBEFT
NVOJDJQBJT
F
FTUBEVBJT BOVODJFN

B
DIFHBEB
EB
UÈP
FTQFSBEB
ÃHVB
+PTÊ
"HSJQJOP
.BJB
BQVE
'&33&*
3"

Q



'FSSFJSB
BDSFEJUBWB
RVF
P
SFDÊN
#BJSSP
EF
#PN
+FTVT
FSB
P
MPDBM
EB
TFEF
EB
1FUSPCSBT
OP
FOUBOUP
B
TFEF
FTUBWB
OP
#BJSSP

"MUP
EP
4VNBSÊ
UBM
FRVJWPDP
FSB
DPNQBSUJMIBEP
QPS
UPEPT
OBRVFMF
QFSÎPEP
QPJT
OÈP
TF
UJOIB
DMBSF[B
EPT
MJNJUFT
EPT
SFDÊN

CBJSSPT
DSJBEPT


%JTDVSTP
EP
FOUÈP
(PWFSOBEPS
+PTÊ
"HSJQJOP
.BJB
FN

QSPNFUFOEP
USB[FS
ÃHVB
FODBOBEB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 1BTTBEB
VNB
EÊDBEB
EB
DSJBÉÈP
EP
DJUBEP
CBJSSP
B
$ÄNBSB
.VOJDJQBM

EF
.PTTPSÓ
BQSPWPV
F
B
1SFGFJUVSB
TBODJPOPV
VNB
OPWB
-FJ
TPCSF
EFMJNJUB
ÉÈP
F
DSJBÉÈP
EF
NBJT
CBJSSPT
QBSB
B
DJEBEF
"
-FJ

EF

EF
KVOIP
EF


EFMJNJUB
F
DSJB
NBJT

CBJSSPT
"
$JEBEF
RVF
UJOIB

CBJSSPT
QBTTB

B
DPOUBS
BHPSB
DPN
NBJT

B
TBCFS
-BHPB
EP
.BUP
4BOUB
%FMNJSB
3FEFO
ÉÈP
4BOUB
+ÙMJB
F
3JODÈP
"
-FJ

UBNCÊN
BMUFSB
FN
ÃSFB
F
MJNJUFT

PT
CBJSSPT
EF
#FMP
)PSJ[POUF
4BOUP
"OUÔOJP
#BSSPDBT
"CPMJÉÈP
F
#PN

+BSEJN
­
DMBSP
P
EJSFDJPOBNFOUP
EB
FYQBOTÈP
VSCBOB
QPS
NFJP
EBT
-FJT

EF
DSJBÉÈP
EF
#BJSSP
/B
EÊDBEB
EF

EJSFDJPOPVTF
B
FYQBOTÈP
VSCBOB

QBSB
OP
TFOUJEP
4VM
KÃ
OB
EÊDBEB
EF

QBSB
P
TFOUJEP
OPSEFTUF
'PSBN

EFDJT×FT
EPT
(FTUPSFT
DBEB
VN
QSJWJMFHJBOEP
B
TVB
ÊQPDB
VNB
EJSFÉÈP
P

RVF
SFTVMUPV
OVN
FTQSBJBNFOUP
EB
FYQBOTÈP
VSCBOB
EB
$JEBEF
$POUVEP

SFHJTUSBNPT
RVF
OB
NBJPSJB
EFTUFT
SFDÊNDSJBEPT
CBJSSPT
BT
DBSBDUFSÎTUJDBT

EBT
TVBT
QSÃUJDBT
DPUJEJBOBT
BJOEB
FSBN
SVSBJT
F
IBWJB
BVTËODJB
EBT
JOGSBFT
USVUVSBT
VSCBOBT
'JHVSB



 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 )LJXUD0DSDH[SDQVmR

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 6NB
PVUSB
NVEBOÉB
QPS
NFJP
EB
-FJ
NVOJDJQBM
O

EF


EF
EF[FNCSP
EF

PV
TFKB
UBNCÊN
OB
EÊDBEB
EF

EFUFSNJOBOEP
B

DSJBÉÈP
EP
$POUSJCVJOUF
4VCTUVUJWP
&TUF
TFSÃ
SFTQPOTÃWFM
QFMP
SFDPMIJNFO
UP
EP
JNQPTUP
EFWJEP
QFMBT
WFOEBT
B
WBSFKP
QSPNPWJEBT
QPS
DPOUSJCVJOUF

EJTUSJCVJEPS
PV
BUBDBEJTUB
F
P
QSPEVUPS
EF
DPNCVTUÎWFJT
MÎRVJEPT
F
HBTPTPT

0
DPOUSJCVJOUF
UBNCÊN
Ê
SFTQPOTÃWFM
QFMP
SFDPMIJNFOUP
EP
JNQPTUP
EF
WJEP
QFMPT
TFSWJÉPT
m
*44
P
RVF
HBSBOUF
B
QBSUJS
EF
FOUÈP
P
SFDFCJNFOUP

QPS
QBSUF
EB
1SFGFJUVSB
EF
UPEPT
PT
TFSWJÉPT
FYFDVUBEPT
OB
$JEBEF
"TTJN
B

1SFGFJUVSB
FTUBCFMFDFV
RVF
B
1FUSPCSBT
TFSJB
VN
TVCTUVUJWP
USJCVUÃSJP
DPN

JTTP
BT
FNQSFTBT
RVF
QSFTUBN
TFSWJÉPT
Æ
1FUSPCSBT
EF
MPDBÉÈP
EF
BVUPNÓWFJT

BMJNFOUBÉÈP
NFDÄOJDPT
PV
RVBMRVFS
PVUSP
TFSWJÉP
UFSÈP
JODMVÎEP
OB
OPUB
EF

QBHBNFOUP
P
WBMPS
EP
*44
RVF
FTTB
FNQSFTB
SFDPMIF
F
SFQBTTB
QBSB
B
1SFGFJUVSB

5BCFMB


HBSBOUJOEP
B
FTUB
P
SFDFCJNFOUP
F
NBJPS
DPOUSPMF
USJCVUÃSJP

"
1FUSPCSBT
OP
BOP
EF

SFQBTTPV
FN
NÊEJB
 
EP
*44
BSSF
DBEBEP
QFMB
1SFGFJUVSB
F
FN
BMHVOT
NFTFT
EP
BOP
GPJ
SFTQPOTÃWFM
QPS
RVBTF

NFUBEF
EP
RVF
FSB
SFDPMIJEP
)Ã
DPN
JTTP
VNB
NÃYJNB
OB
$JEBEF
FN
SFMB
ÉÈP
Æ
1FUSPCSBT
RVF
CSJODB
EJ[FOEP
iB
QSFGFJUVSB
QBTTPV
QSB
HFOUF
P
TFSWJÉP
NBT

FTRVFDFV
EF
USBOTGFSJS
PT
GVODJPOÃSJPTu

&YFNQMJàDBOEP
TVQPOIBNPT
RVF
VNB
FNQSFTB
9
QSFTUF
EFUFSNJOBEP
TFSWJÉP
B
1FUSPCSBT
1PS
FTUF
TFSWJÉP
QSFTUBEP
B
FNQSFTB

UFSJB
RVF
QBHBS
P
*44
B
1SFGFJUVSB
NBT
BP
JOWÊT
EJTUP
B
1FUSPCSBT
BP
QBHBS
QFMB
FYFDVÉÈP
EP
TFSWJÉP
B
FNQSFTB
QBHB
P
WBMPS
EP

TFSWJÉP
NFOPT
P
EP
*44
QPJT
B
QSÓQSJB
1FUSPCSBT
GBSÃ
P
QBHBNFOUP
B
1SFGFJUVSB
EP
JNQPTUP
EFWJEP
QFMB
FNQSFTB
'JDBOEP
BTTJN

DFSUP
QPS
QBSUF
EB
1SFGFJUVSB
RVF
QFMP
NFOPT
PT
TFSWJÉPT
QSFTUBEPT
QFMBT
FNQSFTBT
B
1FUSPCSBT
UFSÈP
PT
JNQPTUPT
QBHPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

7DEHOD $UUHFDGDomRPHQVDOHP0RVVRUyGR,66VXEVWLWXWR±

 ,66727$/ ,666XE3HWU 6XE3HWU,66727$/

-DQ   
)HY   
0DU   
$EU   
0DL   
-XQ   
-XO   
$JR   
6HW   
2XW   
1RY   
'H]   
7RWDO 5  5 

)RQWH3HWUREUDV

0VUSBT
NVEBOÉBT
TJHOJàDBUJWBT
RVBOUP
Æ
BVUPOPNJB
EPT
.VOJDÎQJPT

TF
EFSBN
OB
EÊDBEB
EF

0
RVBESP
DPOTUJUVDJPOBM
WJHFOUF
FTUBCFMFDJEP

B
QBSUJS
EF

DPN
B
BQSPWBÉÈP
EB
$POTUJUVJÉÈP
EB
3FQÙCMJDB
'FEFSB
UJWB
EP
#SBTJM
EBT
$POTUJUVJÉ×FT
&TUBEVBJT
FN

F
EBT
-FJT
0SHÄOJDBT

.VOJDJQBJT
FN

PDBTJPOPV
NVEBOÉBT
TVCTUBODJBJT
OB
DBQBDJEBEF
EF

BUVBÉÈP
EP
.VOJDÎQJP
6NB
EFTTBT
NVEBOÉBT
EJ[
SFTQFJUP
B
VNB
NBJPS

QBSUJDJQBÉÈP
OB
EPUBÉÈP
EF
SFDVSTPT
USJCVUÃSJPT
EJGFSFOUFNFOUF
EB
SFBMJ
EBEF
BOUFSJPS
OPSNBUJ[BEB
QFMB
$POTUJUVJÉÈP
'FEFSBUJWB
EF

B
RVBM

DFOUSBMJ[BWB
P
WPMVNF
USJCVUÃSJP
FN
GBWPS
EB
6OJÈP
i"
$POTUJUVJÉÈP
EF


EFàOJV
VN
OPWP
BSSBOKP
GFEFSBUJWP
DPN
TJHOJàDBUJWB
USBOTGFSËODJB
EF
DBQBDJEBEF

EFDJTÓSJB
GVOÉ×FT
F
SFDVSTPT
EP
HPWFSOP
OBDJPOBM
QBSB
PT
FTUBEPT
F
FTQFDJBMNFOUF
QBSB

PT
NVOJDÎQJPTu
5"7"3&4
%&
"-.&*%"

Q


/P
FOUBOUP
PCTFSWBTF
RVF
B
FTGFSB
NVOJDJQBM
OÈP
TF
FODPOUSB
QSF
QBSBEB
QBSB
GB[FS
GBDF
ÆT
EFNBOEBT
TPDJBJT
3FTQPOTBCJMJEBEF
FTTB
RVF
GPJ

"
$POTUJUVJÉÈP
EF

GPSUBMFDF
P
NVOJDÎQJP
DPNP
VN
EPT
FOUFT
GFEFSBUJWPT
EBOEP
B
FTTF
QPEFS
MPDBM
m
VNB
NBJPS
DBQBDJ
EBEF
EF
FTUBCFMFDFS
QPMÎUJDBT
QSÓQSJBT
JODMVTJWF
BRVFMBT
RVF
EJTDJQMJOBN
B
FYQBOTÈP
EB
DJEBEF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
BNQMJBEB
QFMB
$POTUJUVJÉÈP
EF

F
RVF
DSFTDF
B
DBEB
EJB
EFWJEP
BP
GPS
UBMFDJNFOUP
EBT
EFTJHVBMEBEFT
TPDJBJT
QSFTFOUFT
OP
QSPDFTTP
EF
VSCBOJ[B
ÉÈP
DPOTFRÛËODJB
EB
GPSNB
EF
EFTFOWPMWJNFOUP
BEPUBEB
OP
1BÎT
4FHVOEP

$MFNFOUJOP


JTTP
QPEF
TFS
GBDJMNFOUF
DPOTUBUBEP
QFMP
BMUP
HSBV
EF

EFQFOEËODJB
àOBODFJSB
RVF
PT
.VOJDÎQJPT
BQSFTFOUBN
FN
SFMBÉÈP
ÆT
USBOT
GFSËODJBT
HPWFSOBNFOUBJT
QFMP
FMFWBEP
DPNQSPNFUJNFOUP
EB
TVB
SFDFJUB

DPN
HBTUPT
EF
DVTUFJP
F
QPS
TVB
JODBQBDJEBEF
EF
HFSBS
SFDFJUBT
QSÓQSJBT

/P
DBTP
EPT
JNQPTUPT
QSJWBUJWPT

P
.VOJDÎQJP
NBOUÊN
B
DPCSBOÉB

EP
JNQPTUP
TPCSF
QSPQSJFEBEF
QSFEJBM
F
UFSSJUPSJBM
VSCBOP
F
BDSFTDFOUB
DPN

B
$POTUJUVJÉÈP
EF

PT
JNQPTUPT
TPCSF
USBOTNJTTÈP
JOUFSWJWPT
EF
CFOT

F
JNÓWFJT
F
TPCSF
B
WFOEB
WBSFKP
EF
DPNCVTUÎWFJT
2VBOUP
Æ
SFEJTUSJCVJÉÈP

EBT
SFDFJUBT
USJCVUÃSJBT
P
RVBESP
DPNQBSBUJWP
B
TFHVJS
FOUSF
B
$POTUJUVJ
ÉÈP
'FEFSBM
EF

F
B
$POTUJUVJÉÈP
'FEFSBM
EF

FTDMBSFDF
NFMIPS
BT

NPEJàDBÉ×FT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 &RQVWLWXLomRGH &RQVWLWXLomRGH

'D8QLmRDRV0XQLFtSLRV 'D8QLmRDRV0XQLFtSLRV
2WRWDOGR,PSRVWR7HUULWRULDO5XUDO 2,PSRVWRGH5HQGDUHWLGRQDIRQWHDUW,
GR,PSRVWR7HUULWRULDO5XUDOGR,PSRVWRVREUH2SHUDomR
GH&UpGLWR)LQDQFHLUR$UW†ž,,

'RV(VWDGRVDRVVHXV0XQLFtSLRV
GR,PSRVWRVREUH&LUFXODomRGH0HUFDGRULDVDUW†ž
GR,PSRVWRVREUH7UDQVPLVVmRGH%HQV,PyYHLV
GR,PSRVWRVREUH3URSULHGDGHGH9HtFXORV$XWRPRWRUHV
'RV(VWDGRVDRVVHXV0XQLFtSLRV
GR,PSRVWRVREUH&LUFXODomRGH0HUFDGRULDVDUW
GR,PSRVWRVREUH3URGXWRV,QGXVWULDOL]DGRVDUW
GR,PSRVWRVREUH3URSULHGDGHGH9HtFXORV$XWRPRWRUHVDUW
,,,

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD
'DXQLmRDRV)XQGRV
GR,PSRVWRGH5HQGDHGR,PSRVWRVREUH3URGXWRV,QGXVWULDOL]DGRV
SDUDRIXQGRGHSDUWLFLSDomRGRV(VWDGRV
GRVPHVPRVLPSRVWRVSDUDR)XQGRGH3DUWLFLSDomRGRV0XQLFtSLRV
DUW,,
'D8QLmRDRV)XQGRVH3URJUDPDV
 GR ,PSRVWR GH 5HQGD H GR ,PSRVWR VREUH 3URGXWRV
,QGXVWULDOL]DGRVSDUDR)XQGRGH3DUWLFLSDomRGRV(VWDGRV
 GRV PHVPRV LPSRVWRV SDUD R )XQGR GH 3DUWLFLSDomR GRV
0XQLFtSLRV
 GRV PHVPRV LPSRVWRV SDUD D DSOLFDomR HP SURJUDPDV GH
¿QDQFLDPHQWR GR 1RUWH 1RUGHVWH H &HQWUR2HVWH DVVHJXUDQGR
DR6HPLiULGRGR1RUGHVWHDPHWDGHGHVVHVUHFXUVRVDUW,

4XDGUR±5HFHLWDVWULEXWiULDV±GLIHUHQoDVHQWUHDV&RQVWLWXLo}HVGHH

)RQWH)(/,3(


 1BSB
BMHVOT
FTUVEJPTPT
EP
'FEFSBMJTNP
#SBTJMFJSP
B
$POTUJUVJÉÈP
EF


EÃ
BP
.VOJDÎQJP
B
TVB
BVUPOPNJB
QPMÎUJDB
F
BENJOJTUSBUJWB
"SU


EB
$POTUJUVJÉÈP
'FEFSBM

F
P
SFBàSNB
DPNP
VOJEBEF
GFEFSBUJWB
"SU

f

¼OJDP
EB
$POTUJUVJÉÈP
'FEFSBM

0
"SUJHP

BNQMJB
P
FTQBÉP
EF
BUVBÉÈP

EP
.VOJDÎQJP
UPSOBOEPP
SFTQPOTÃWFM
QFMB
GPSNVMBÉÈP
F
SFBMJ[BÉÈP
EB
QPMÎ
UJDB
EF
EFTFOWPMWJNFOUP
VSCBOP
F
EBT
GVOÉ×FT
TPDJBJT
DPN
P
PCKFUJWP
EF
HB
SBOUJS
P
CFNFTUBS
EF
TFVT
IBCJUBOUFT
0
1SFGFJUP
UFN
P
QBQFM
EF
QSPNPUPS
F

EF
DPPSEFOBEPS
EBT
BÉ×FT
QBSB
P
EFTFOWPMWJNFOUP
EB
TVB
$JEBEF

"
TFHVJS
BQSFTFOUBNPT
BMHVNBT
QBSUJDVMBSJEBEFT
EB
$POTUJUVJÉÈP
EF


F
B
SFTQPOTBCJMJEBEF
EP
.VOJDÎQJP
OB
FMBCPSBÉÈP
F
HFTUÈP
EBT
QPMÎUJDBT

VSCBOBT

1PMÎUJDB
)BCJUBDJPOBM
m
P
"SUJHP

*ODJTP
*9
EJ[
EB
DPNQFUËODJB

DPODPSSFOUF
6OJÈP
&TUBEP
F
.VOJDÎQJP

OB
iQSPNPÉÈP
EF
QSPHSBNBT
EF

DPOTUSVÉÈP
EF
NPSBEJBT
F
NFMIPSJBT
EBT
DPOEJÉ×FT
IBCJUBDJPOBJT
F
EF
TBOFB
NFOUP
CÃTJDPu
%B
GPSNB
RVF
GPJ
EFàOJEB
OÈP
PCSJHB
OFOIVNB
EBT
6OJEB
EFT
'FEFSBUJWBT
B
BTTVNJS
FTTB
1PMÎUJDB

1PMÎUJDB
EF
4BOFBNFOUP
m
FTUÃ
DPOUJEB
OP
NFTNP
"SUJHP

$PNP

Ê
UBNCÊN
NBUÊSJB
EF
DPNQFUËODJB
DPODPSSFOUF
EÃ
NBSHFN
B
WÃSJBT
JO
UFSQSFUBÉ×FT
F
QPVDB
BÉÈP
"MHVOT
.VOJDÎQJPT
JODMVÎSBNOB
OBT
TVBT
MFJT

PSHÄOJDBT
DPNP
NBUÊSJB
EB
TVB
SFTQPOTBCJMJEBEF
NBT
EJWFSHFN
DPN
PT
TFVT

FTUBEPT
RVBOUP
Æ
QSPEVÉÈP
F
EJTUSJCVJÉÈP
EF
ÃHVB

1PMÎUJDB
EF
5SBOTQPSUF
6SCBOP
m
B
$POTUJUVJÉÈP
EFàOJV
DMBSBNFOUF

DPNP
EF
SFTQPOTBCJMJEBEF
EPT
.VOJDÎQJPT
FNCPSB
BMHVOT
OÈP
UFOIBN
JODMV
ÎEP
OBT
TVBT
MFJT
PSHÄOJDBT
PT
SFHJNFT
EF
FYQMPSBÉÈP
F
OPSNBT
EF
DPOUSPMF

5BOUBT
WBOUBHFOT
F
BUSJCVJÉ×FT
GPSBN
DPOUBEBT
DPNP
B
MJCFSEBEF
F

B
FNBODJQBÉÈP
EP
.VOJDÎQJP
TFDVMBSNFOUF
UVUFMBEP
QFMPT
&TUBEPT
BOUFT

1SPWÎODJB

F
QFMB
6OJÈP
BOUFT
*NQÊSJP

5BMWF[
OÈP
UFOIB
TJNJMBS
JOUFSOB
DJPOBM
B
$POTUJUVJÉÈP
'FEFSBM
EF

RVBOUP
Æ
EJTUSJCVJÉÈP
EF
DPNQFUËO
DJBT
BPT
FOUFT
GFEFSBEPT
"
DBSBDUFSÎTUJDB
CÃTJDB
EF
VNB
'FEFSBÉÈP
FTUÃ
FN

DBEB
VN
EPT
FOUFT
GFEFSBEPT
EFUFS
QBSB
TJ
VN
GFJYF
EF
DPNQFUËODJBT
F
BUSJ

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

CVJÉ×FT
FYDMVTJWBT
BT
RVBJT
OÈP
QPEFN
TFS
JOWBEJEBT
OFN
VTVSQBEBT
QFMPT

EFNBJT
/P
#SBTJM
BT
DPNQFUËODJBT
F
BUSJCVJÉ×FT
FYDMVTJWBT
GPSBN
SFEV[J
EBT
FORVBOUP
TF
UPSOBSBN
QSFDFJUPT
DPOTUJUVDJPOBJT
EJWFSTBT
DPNQFUËODJBT

RVF
TÈP
DPNVOT
FOUSF
ÓSHÈPT
FYFDVUJWPT
EB
6OJÈP
&TUBEPT
.VOJDÎQJPT
F

%JTUSJUP
'FEFSBM
F
DPNQFUËODJBT
RVF
TÈP
DPODPSSFOUFT
FOUSF
PT
ÓSHÈPT
MFHJT
MBUJWPT
EB
6OJÈP
F
EPT
&TUBEPT
"TTJN
àDB
FWJEFOUF
B
OFDFTTJEBEF
EF
VNB

BÉÈP
JOUFSHPWFSOBNFOUBM
DPPQFSBEB
F
DPPSEFOBEB
FOUSF
PT
FOUFT
GFEFSBEPT

0
QBQFM
EF
HFTUPS
EF
QPMÎUJDBT
QÙCMJDBT
WFN
TFOEP
GPSUBMFDJEP
QFMPT

.VOJDÎQJPT
CSBTJMFJSPT
BP
NFOPT
QPS
BRVFMFT
RVF
DPOTFHVFN
UFS
VNB
SFDFJ
UB
àTDBM
QSÓQSJB
4FHVOEP
3PMOJL
F
4PNFLI


B
QBSUJDJQBÉÈP
EPT
.V
OJDÎQJPT
OB
SFDFJUB
UPUBM
EJTQPOÎWFM
BVNFOUPV
EF
 


QBSB
 



"P
NFTNP
UFNQP
F
EF
NBOFJSB
EFTQSPQPSDJPOBM
BVNFOUBSBN
BT

DPNQFUËODJBT
NVOJDJQBJT
OPT
TFUPSFT
TPDJBJT
EF
4BÙEF
&EVDBÉÈP
"TTJTUËO
DJB
4PDJBM
F
)BCJUBÉÈP
4FHVOEP
3PMOJL
F
4PNFLI
B
USBOTGFSËODJB
EF
QPEFS

EFDJTÓSJP
QBSB
P
.VOJDÎQJP
UFN
EVBT
WFSUFOUFT
"
QSJNFJSB
DPN
VN
QFSàM

EFNPDSBUJ[BOUF
DPNQSFFOEF
B
EFTDFOUSBMJ[BÉÈP
DPNP
B
GPSNB
EF
NBJPS
QBS
UJDJQBÉÈP
EPT
DJEBEÈPT
OP
DPOUSPMF
F
SFTQPOTBCJMJEBEF
TPDJBM
/B
TFHVOEB

P
JOUFSFTTF
FTUÃ
àODBEP
OPT
QSPDFTTPT
EF
NPEFSOJ[BÉÈP
HFSFODJBM
EB
HFTUÈP

QÙCMJDB
P
RVF
TJHOJàDB
P
BVNFOUP
EB
FàDJËODJB

+Ã
OP
(PWFSOP
EF
'FSOBOEP
)FOSJRVF
$BSEPTP
B
QBMBWSB
EF
PSEFN

GPJ
B
EFTDFOUSBMJ[BÉÈP
EBT
QPMÎUJDBT
TPDJBJT
FNCPSB
UFOIB TF
NBOUJEP
DFO
USBMJ[BEPT
OB
6OJÈP
PT
SFDVSTPT
1SPHSBNBT
FTQFDÎàDPT
QBSB
DBEB
ÃSFB
GPSBN

DSJBEPT
QBSB
BPT
QPVDPT
IBWFS
B
USBOTGFSËODJB
EF
DPNQFUËODJBT
QBSB
FTUBEPT
F

NVOJDÎQJPT
4FHVOEP
"SSFUDIF


P
RVF
TF
PCTFSWB
Ê
RVF
QPS
VN
MBEP
B

TPCSFDBSHB
EF
SFTQPOTBCJMJEBEFT
FOHFTTPV
BT
JOJDJBUJWBT
NVOJDJQBJT
FN
HSBO
EF
NFEJEB
F
QPS
PVUSP
VN
OÙNFSP
FMFWBEP
EF
.VOJDÎQJPT
RVF
OFDFTTJUBN

EB
UVUFMB
EPT
PVUSPT
OÎWFJT
EF
QPEFS
QBSB
JNQMFNFOUBS
QPMÎUJDBT
UFSNJOPV
QPS

UPSOBSFNTF
MFOUPT
OBT
BÉ×FT
QPJT
PT
.VOJDÎQJPT
OÈP
QPTTVFN
VN
EFTFKÃWFM

OÎWFM
EF
BVUPOPNJB
QPS
FTUBSFN
UÊDOJDB
F
àOBODFJSBNFOUF
EFTQSFQBSBEPT

0
EFTFOWPMWJNFOUP
VSCBOP
F
BT
QPMÎUJDBT
TFUPSJBJT
JODJEJOEP
TPCSF
BT

DJEBEFT
m
)BCJUBÉÈP
4BOFBNFOUP
5SBOTQPSUF
m
TÈP
JNQMFNFOUBEPT
DPNP
VN

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
DBQÎUVMP
EBT
DIBNBEBT
i1PMÎUJDBT
4PDJBJTu
JTUP
Ê
QPMÎUJDBT
RVF
PQFSBN
OPT

FGFJUPT
F
OÈP
OBT
DBVTBT
EBT
EFTJHVBMEBEFT
TPDJBJT
F
UFSSJUPSJBJT
RVF
DPOTUJUVFN

B
DBSBDUFSÎTUJDB
QSJODJQBM
EF
OPTTB
4PDJFEBEF
4FN
P
JOWFTUJNFOUP
QÙCMJDP
P

DSFTDJNFOUP
FDPOÔNJDP
Ê
JOTVàDJFOUF
QBSB
QSPNPWFS
P
EFTFOWPMWJNFOUP
TP
DJBM
F
QPSUBOUP
QBSB
QSPNPWFS
P
EFTFOWPMWJNFOUP
VSCBOP
$POUVEP
SFTTBMUB
NPT
B
JNQPSUÄODJB
QBSB
VNB
QPMÎUJDB
EF
EFTFOWPMWJNFOUP
VSCBOP
B
BNQMJBÉÈP

EPT
JOWFTUJNFOUPT
QÙCMJDPT
QPS
NFJP
EBT
QBSDFSJBT
QÙCMJDPQSJWBEBT
&TUBT

DPOTUJUVFN
VNB
BMUFSOBUJWB
JNQPSUBOUF
EF
àOBODJBNFOUP
EB
JOGSBFTUSVUVSB

EB
$JEBEF
FNCPSB
EFWBN
DPNQMFNFOUBS
P
QBQFM
JOTVCTUJUVÎWFM
EP
1PEFS
1Ù
CMJDP
FN
TVB
SFTQPOTBCJMJEBEF
EF
BUFOEFS
Æ
QPQVMBÉÈP
NBJT
QPCSF
RVF
OÈP
UFN

DPOEJÉ×FT
EF
QBHBS
P
QSFÉP
EP
NFSDBEP
QFMPT
TFSWJÉPT
"
HSBOEF
NBJPSJB
EPT

.VOJDÎQJPT
CSBTJMFJSPT
UFN
EJàDVMEBEFT
EF
DPOTUJUVJS
FTTBT
QBSDFSJBT
EJBOUF

EB
BVTËODJB
EPT
QBSDFJSPT
PV
OB
NBJPSJB
EBT
WF[FT
EP
EFTJOUFSFTTF
EP
QBSDFJSP

FN
JOWFTUJS
F
BKVEBS
OP
EFTFOWPMWJNFOUP
VSCBOP
5PEBWJB
DPN
B
QBSDFSJB

NVJUBT
BÉ×FT
RVF
VNB
QSFGFJUVSB
TP[JOIB
OÈP
GBSJB
QBTTBN
B
TFS
QPTTÎWFJT
0T

EFGFOTPSFT
EFTTBT
QBSDFSJBT
TJOBMJ[BN
QBSB
VN
EJGFSFODJBM
OBT
QPMÎUJDBT
QBSB
BT

DJEBEFT
QPJT
DSJBN
VNB
OPWB
SBDJPOBMJEBEF
EBT
àOBOÉBT
QÙCMJDBT
RVF
TÈP
VN

NFJP
EF
BTTFHVSBS
B
DPCFSUVSB
QBSB
BT
EFTQFTBT
EP
(PWFSOP
F
GVOEBNFOUBM
NFOUF
VN
NFJP
EF
JOUFSWJS
OB
FDPOPNJB
MPDBM
"T
àOBOÉBT
QÙCMJDBT
FTUÈP
B

TFSWJÉP
EF
DVTUFBS
F
BUFOEFS
ÆT
QPMÎUJDBT
EF
HPWFSOP
FMBCPSBEBT
B
àN
EF
TFSFN

DPOWFSUJEBT
FN
BÉ×FT
EF
HPWFSOP
PCKFUJWBOEP
TBUJTGB[FS
ÆT
OFDFTTJEBEFT
DP
MFUJWBT
PV
TFKB
P
CFNFTUBS
TPDJBM
PV
BJOEB
PUJNJ[BOEP
PT
SFDVSTPT
QÙCMJDPT

QBSB
BMDBOÉBS
àOBMJEBEFT
TPDJBJT

$PNQ×FN
BT
àOBOÉBT
QÙCMJDBT
BT
SFDFJUBT
F
EFTQFTBT
QÙCMJDBT
"

HSBOEF
NBJPSJB
EPT
.VOJDÎQJPT
CSBTJMFJSPT
F
FN
QBSUJDVMBS
PT
EB
3FHJÈP

/PSEFTUF
TÈP
GPSUFNFOUF
EFQFOEFOUFT
EF
SFDVSTPT
PSJVOEPT
EP
(PWFSOP


"
SFDFJUB
Ê
PCUJEB
QPS
NFJP
EF
USJCVUPT
JNQPTUPT
F
UBYBT


SFOEBT
QBUSJNPOJBJT
BMVHVÊJT
F
KVSPT

SFOEBT
JOEVTUSJBJT
SFOEB

MJRVJEB
EF
TFSWJÉPT
QÙCMJDPT
F
JOEVTUSJBJT
QBUSJNPOJBJT

F
EF
DPOUSJCVJÉ×FT
QBSBàTDBJT
QSFWJEËODJB

4FHVOEP
4BOESPOJ


Q

B
EFTQFTB
QÙCMJDB
Ê
SFBMJ[BEB
QPS
NFJP
EP
QBHBNFOUP
EPT
GVODJPOÃSJPT
EPT
EJWFSTPT
ÓSHÈPT
QÙCMJDPT
DPNQSB
EF
NBUFSJBM

F
FRVJQBNFOUP
QBSB
PT
EJWFSTPT
TFUPSFT
EB
BENJOJTUSBÉÈP
QÙCMJDB
JOWFTUJNFOUPT
QÙCMJDPT
TVCWFOÉ×FT
TVCTÎEJPT
FOUSF
PVUSBT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

'FEFSBM
&N
QBSUJDVMBS
OPT
.VOJDÎQJPT
OPSUFSJPHSBOEFOTFT
POEF
P
DPO
KVOUP
EF
JUFOT
RVF
DPNQ×FN
BT
TVBT
àOBOÉBT
QÙCMJDBT
BEWÊN
EP
*NQPTUP

TPCSF
4FSWJÉPT
EF
RVBMRVFS
OBUVSF[B
m
*44

*NQPTUP
TPCSF
$JSDVMBÉÈP
EF

.FSDBEPSJBT
F
4FSWJÉPT
m
*$.4

'VOEP
EF
1BSUJDJQBÉÈP
EPT
.VOJDÎQJPT

m
'1.

*OTUJUVUP
/BDJPOBM
EF
1SFWJEËODJB
4PDJBM

*/44

F
EP
'VOEP
EF

.BOVUFOÉÈP
F
%FTFOWPMWJNFOUP
EP
&OTJOP
'VOEBNFOUBM
F
EF
7BMPSJ[BÉÈP

EP
.BHJTUÊSJP

'6/%&'

"
MFHJTMBÉÈP
RVF
DSJPV
P
'6/%&'
m
&NFOEB
$POTUJUVDJPOBM
O


-FJ
O

F
%FDSFUP
O

m
SFEJTUSJCVJ
SFDVSTPT
F
SFTQPOTBCJMJ
EBEFT
FOUSF
PT
&TUBEPT
F
TFVT
.VOJDÎQJPT
EFUFSNJOBOEP
RVF
QFMP
QSB[P
EF


BOPT
PT
&TUBEPT
F
.VOJDÎQJPT
EFWFN
BQMJDBS
OP
NÎOJNP

EBT
TVBT

SFDFJUBT
JODMVTJWF
BT
QSPWFOJFOUFT
EF
USBOTGFSËODJBT
JOUFSHPWFSOBNFOUBJT

FYDMVTJWBNFOUF
OB
NBOVUFOÉÈP
F
EFTFOWPMWJNFOUP
EP
&OTJOP
'VOEBNFO
UBM
PT
SFDVSTPT
RVF
DPNQ×FN
P
'6/%&'
TFKBN
SFEJTUSJCVÎEPT
FOUSF
DBEB

&TUBEP
F
TFVT
.VOJDÎQJPT
EF
BDPSEP
DPN
P
OÙNFSP
EF
BMVOPT
NBUSJDVMBEPT

OBT
SFTQFDUJWBT
FTDPMBT
FTUBEVBJT
F
NVOJDJQBJT
EP
&OTJOP
'VOEBNFOUBM
OP

NÎOJNP

EFTTFT
SFDVSTPT
EFWFN
TFS
VUJMJ[BEPT
FYDMVTJWBNFOUF
OP
QBHB
NFOUP
EB
SFNVOFSBÉÈP
EPT
QSPàTTJPOBJT
EP
NBHJTUÊSJP
FN
FGFUJWP
FYFSDÎDJP

TFSÃ
àYBEP
B
DBEB
BOP
VN
WBMPS
NÎOJNP
OBDJPOBM
QPS
BMVOP
MFWBOEPTF
FN

DPOUB
B
QSFWJTÈP
EF
SFDFJUB
UPUBM
QBSB
P
'VOEP
F
B
NBUSÎDVMB
UPUBM
EP
&OTJOP

'VOEBNFOUBM
P
(PWFSOP
'FEFSBM
EFWF
DPNQMFNFOUBS
PT
SFDVSTPT
EP
'VOEP

TFNQSF
RVF
OP
ÄNCJUP
EF
DBEB
&TUBEP
TFV
WBMPS
BOVBM
QPS
BMVOP
OÈP
BMDBO
ÉBS
P
NÎOJNP
EFàOJEP
OBDJPOBMNFOUF

(FOFSJDBNFOUF
VN
GVOEP
QPEF
TFS
EFàOJEP
DPNP
P
QSPEVUP
EF
SF
DFJUBT
FTQFDÎàDBT
RVF
QPS
MFJ
WJODVMBTF
Æ
SFBMJ[BÉÈP
EF
EFUFSNJOBEPT
PC
KFUJWPT
0
'6/%&'
Ê
DBSBDUFSJ[BEP
DPNP
VN
GVOEP
EF
OBUVSF[B
DPOUÃCJM

DPN
USBUBNFOUP
JEËOUJDP
BP
'1&
F
BP
'1.
EBEB
B
BVUPNBUJDJEBEF
OPT

6N
OÙNFSP
DPOTJEFSÃWFM
EF
NVOJDÎQJPT
EFQFOEF
EFTTFT
SFDVSTPT
QSJODJQBMNFOUF
P
'1.
F
P
'6/%&'
0T
SFDVSTPT
RVF
DPN
Q×FN
P
'6/%&'
TÈP
QSPWFOJFOUFT
EF

EBT
TFHVJOUFT
GPOUFT
QSJODJQBJT
EF
SFDFJUBT
EPT
&TUBEPT
F
.VOJDÎQJPT
*$.4
'VOEP

EF
1BSUJDJQBÉÈP
EPT
&TUBEPT

'1&
F
EP
'1.
*NQPTUP
TPCSF
1SPEVUPT
*OEVTUSJBMJ[BEPT
QSPQPSDJPOBM
ÆT
FYQPSUBÉ×FT
m
*1*FYQ
F
EP

3FTTBSDJNFOUP
QFMB
%FTPOFSBÉÈP
EF
&YQPSUBÉ×FT
EF
RVF
USBUB
B
-FJ
$PNQMFNFOUBS
O

-FJ
,BOEJS


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
SFQBTTFT
EF
TFVT
SFDVSTPT
BPT
&TUBEPT
F
.VOJDÎQJPT
EF
BDPSEP
DPN
DPFà
DJFOUFT
EF
EJTUSJCVJÉÈP
FTUBCFMFDJEPT
F
QVCMJDBEPT
QSFWJBNFOUF
"T
SFDFJUBT

F
EFTQFTBT
QPS
TVB
WF[
EFWFSÈP
FTUBS
QSFWJTUBT
OP
0SÉBNFOUP
F
B
FYFDVÉÈP

DPOUBCJMJ[BEB
EF
GPSNB
FTQFDÎàDB

&N
USËT
BOPT


IPVWF
QPS
QBSUF
EPT
(PWFSOPT
MPDBJT
JO
DFOUJWPT
EF
UPEB
TPSUF
QBSB
RVF
DSJBOÉBT
GPTTFN
NBUSJDVMBEBT
B
àN
EF
HB
SBOUJS
P
SFQBTTF
EPT
SFDVSTPT
$PN
JTUP
DPOTFHVJV
TF
BVNFOUBS
QBSB


P
OÙNFSP
EF
DSJBOÉBT
EF

B

BOPT
OB
&TDPMB
/P
BOP
EF



EPT
.VOJDÎQJPT
EP
1BÎT
UJWFSBN
TVBT
SFDFJUBT
FMFWBEBT
FN
EFDPSSËODJB
EP

'6/%&'
"
NBJPSJB
EFTTFT
.VOJDÎQJPT
FN
FTQFDJBM
EB
3FHJÈP
/PSEFTUF

 .VOJDÎQJPT
EF
QFRVFOP
F
NÊEJP
QPSUF

BQSFTFOUBTF
DPN
NFOPSFT
QPT
TJCJMJEBEFT
EF
HFSBÉÈP
EF
SFDFJUBT
F
RVBTF
FYDMVTJWBNFOUF
EFQFOEFOUFT
EF

USBOTGFSËODJBT
EF
BSSFDBEBÉÈP
QBSB
B
DPCFSUVSB
EPT
TFVT
HBTUPT
5BCFMB



 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 7DEHOD 9DULDo}HVQDVUHFHLWDVPXQLFLSDLVHPGHFRUUrQFLDGR)81'()SRUSRUWHGR0XQLFtSLR
5HJLmR1RUGHVWHD

2VFLODomRQD
5HGXomRQD $FUpVFLPRQD
UHFHLWD
UHFHLWDVXSHULRU UHFHLWDVXSHULRU 7RWDO
3RUWHGR SRVLWLYDRXQHJDWLYD
D LQIHULRUD
D
0XQLFtSLR $QRV
 

5HJLmR
1žGH GH 1žGH GH 1žGH GH 1žGH GH0XQ
0XQ 0XQ 0XQ 0XQ 0XQ 0XQ 0XQ

        

3HTXHQR

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD
        

        

0pGLR         

        

125'(67(
        

*UDQGH         

        

        

)RQWH,%*(
 3HTXHQR$WpKDELWDQWHV0pGLRHQWUHHKDELWDQWHVH*UDQGHDFLPDGHKDELWDQWHV


 0
*#(&
OB
1FTRVJTB
1FSàM
EPT
.VOJDÎQJPT
#SBTJMFJSPT
 'JOBOÉBT

1ÙCMJDBT
mBOBMJTPV
BT
SFDFJUBT
F
EFTQFTBT
EF
UPEPT
PT
.VOJDÎQJPT
#SBTJMFJ
SPT
EF

B

SFWFMBOEP
RVF
PT
HBTUPT
DPN
&EVDBÉÈP
BVNFOUBN
OP

DPOKVOUP
EPT
.VOJDÎQJPT
FNCPSB
B
NBJPSJB
EFQFOEB
EF
SFQBTTFT
FTUBEVBJT

PV
GFEFSBJT
4FHVOEP
P
*#(&
BT
SFDFJUBT
BSSFDBEBEBT
QPS
VN
.VOJDÎQJP

SFáFUFN
P
TFV
HSBV
EF
BVUPOPNJB
2VBOUP
NBJPS
P
WPMVNF
EF
USJCVUPT

BSSFDBEBEPT
NFOPS
B
EFQFOEËODJB
EBT
USBOTGFSËODJBT
QSPWFOJFOUFT
EPT
(P
WFSOPT
&TUBEVBM
F
'FEFSBM

/B
DPNQPTJÉÈP
EBT
USBOTGFSËODJBT
DPSSFOUFT
EFTUBDBNTF
P
'1.
P

'6/%&'
F
P
*$.4
RVF
KVOUPT
UPUBMJ[BN
DFSDB
EF

EP
UPUBM
EBT
USBOT
GFSËODJBT
QBSB
PT
.VOJDÎQJPT

/PT
.VOJDÎQJPT
NÊEJPT
BRVFMFT
DPN
QPQVMBÉÈP
FOUSF

NJM
F


NJM
IBCJUBOUFT
 
EBT
TVBT
SFDFJUBT
EJTQPOÎWFJT
FSBN
QSPWFOJFOUFT
EP

*$.4
+Ã
P
'6/%&'
SFTQPOEFV
QPS
VNB
QBSDFMB
NFOPS
EBT
USBOTGFSËODJBT

DPSSFOUFT
EPT
.VOJDÎQJPT
DPODFOUSBOEPTF
QSJODJQBMNFOUF
OBRVFMFT
DPN

QPQVMBÉÈP
FOUSF

NJM
F

NJM
IBCJUBOUFT

.PTTPSÓ
EJGFSF
EB
NBJPSJB
EPT
.VOJDÎQJPT
CSBTJMFJSPT
QPJT
TPNBEB
B

SFDFJUB
BEWJOEB
EPT
JUFOT
BDJNB
EFTDSJUPT
'6/%&'
*44
*$.4
*/44
'1.


BJOEB
SFDFCF
B
JOEFOJ[BÉÈP
EPT
SPZBMUJFT
EP
QFUSÓMFP
"T
FTUBUÎTUJDBT
F
BOÃMJTFT

BUÊ
FOUÈP
GFJUBT
TPCSF
B
EFQFOEËODJB
EPT
.VOJDÎQJPT
ÆT
SFDFJUBT
USJCVUÃSJBT

GPSBN
QBSB
OPT
GB[FS
FOUFOEFS
RVÈP
JNQPSUBOUFT
TÈP
OB
SFDFJUB
QÙCMJDB
PT

SPZBMUJFT
m
QFSNJUJOEP
BDSFTDFS
TVB
DBQBDJEBEF
EF
JOWFTUJNFOUPT
MPDBJT
m
QSJO
DJQBMNFOUF
PT
EF
JOGSBFTUSVUVSB
QSPNPWFOEP
BTTJN
JOWFTUJNFOUPT
VSCBOPT

1PVDPT
.VOJDÎQJPT
QPEFN
DSJBS
BMUFSOBUJWBT
B
FTTBT
QPMÎUJDBT
QPS
DPOUB
EB

EJOÄNJDB
FDPOÔNJDB
RVF
TF
QSPDFTTB
OPT
TFVT
UFSSJUÓSJPT
m
Ê
P
DBTP
EF
.PT
TPSÓ
/ÈP
IÃ
EÙWJEB
EF
RVF
B
BUJWJEBEF
EF
FYQMPSBÉÈP
F
QSPEVÉÈP
UPSOB
PT

.VOJDÎQJPT
FTQFDJBJT
FN
UFSNPT
EF
DBQBDJEBEF
EF
JOWFTUJNFOUP

/P
ÄNCJUP
OBDJPOBM
PT
SPZBMUJFT
EP
QFUSÓMFP
CFOFàDJBN

FTUBEPT

EB
'FEFSBÉÈP
0
FTUBEP
EP
3JP
EF
+BOFJSP
Ê
P
QSJODJQBM
CFOFàDJÃSJP
F
FN

TFHVOEP
MVHBS
FTUÃ
QPTJDJPOBEP
P
3JP
(SBOEF
EP
/PSUF
/FTUF
&TUBEP
EFTEF


BMHVOT
.VOJDÎQJPT
QBTTBSBN
B
SFDFCFS
SPZBMUJFT
EP
QFUSÓMFP
0T
SPZBM

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

UJFT
CFOFàDJBN
BT
SFDFJUBT
EP
(PWFSOP
EP
&TUBEP
EPT
.VOJDÎQJPT
QSPEVUPSFT

UFSSFTUSFT
F
OÈP
QSPEVUPSFT
5BCFMB


&OUSF
PT
QSJODJQBJT
.VOJDÎQJPT
OPS
UFSJPHSBOEFOTF
CFOFàDJBEPT
FTUÈP
(VBNBSÊ
.PTTPSÓ
"SFJB
#SBODB
F
.B
DBV
0T
WBMPSFT
EFQPTJUBEPT
WBSJBN
EF
BDPSEP
DPN
P
WPMVNF
QSPEV[JEP
QFMPT

QPÉPT
EF
QFUSÓMFP
EB
DPUBÉÈP
EP
EÓMBS
F
EP
CBSSJM
OP
NFSDBEP
FYUFSOP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 7DEHOD±)LQDQoDV3~EOLFDVGR0XQLFtSLRGH0RVVRUy±3HUtRGRGHD


&RQWDV      

5HFHLWDV&RUUHQWHV

,378      

,66      

7UDQVIHUrQFLDV&RUUHQWHV

)30      

2XWUDV5HFHLWDV&RUUHQWHV

,&06      

52<$/7,(6      

5HFHLWD7RWDO      

)RQWH6HFUHWDULDGH(VWDGRGR3ODQHMDPHQWRHGDV)LQDQoDVGR51±6(3/$1,QVWLWXWRGH'HVHQYROYLPHQWR(FRQ{PLFRH0HLR$PELHQWHGR51
±,'(0$&(6( H$JrQFLD1DFLRQDOGR3HWUyOHR$13H

([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD
 "OBMJTBOEP
P
DPNQPSUBNFOUP
EBT
QSJODJQBJT
DPOUBT
OB
5BCFMB
BDJNB

Ê
QPTTÎWFM
BàSNBS
RVF
IPVWF
DSFTDJNFOUP
BDFMFSBEP
EB
&DPOPNJB
OB
ÃSFB
FN

FTUVEP
IBKB
WJTUB
PT
SFTVMUBEPT

$POUVEP
P
RVF
OPT
DIBNB
B
BUFOÉÈP
Ê
RVF
EJBOUF
EB
FYQBOTÈP
VSCBOB

F
EP
DSFTDJNFOUP
FDPOÔNJDP
PT
WBMPSFT
SFGFSFOUFT
BP
*156
OÈP
DPOEJ[FN

DPN
UBM
SFBMJEBEF
"
FYQBOTÈP
VSCBOB
MPHJDBNFOUF
BVNFOUBSJB
P
WBMPS
BSSF
DBEBEP
MFWBOEPOPT
BTTJN
B
BàSNBS
RVF
IÃ
QPS
QBSUF
EB
1SFGFJUVSB
DPOTJEF
SÃWFM
OÙNFSP
EF
JTFOÉ×FT
EF
QBHBNFOUP
EP
*156

2VBOUP
BP
EJBHOÓTUJDP
EBT
EFNBJT
DPOUBT
UPEBT
BQSFTFOUBSBN

SFTVMUBEPT
QPTJUJWPT
FNCPSB
EFOUSF
PT
FMFNFOUPT
RVF
B
DPNQ×FN
P

RVF
BQSFTFOUPV
NBJPS
UBYB
EF
DSFTDJNFOUP
OP
QFSÎPEP

B



UFOIBN
TJEP
PT
SPZBMUJFT
 

P
RVF
SFWFMB
P
JNQBDUP
BNQMBNFOUF

GBWPSÃWFM
EFTTB
SFDFJUB
OPT
DPGSFT
EP
.VOJDÎQJP
FN
DPNQBSBÉÈP
ÆT
EF
NBJT
GPOUFT
EF
SFDVSTPT
&TTB
FMFWBÉÈP
GPJ
EFWJEP
BP
BVNFOUP
EF
QPÉPT

UFSSFTUSFT
FODPOUSBEPT
OP
NVOJDÎQJP
EF
.PTTPSÓ
F
QSJODJQBMNFOUF
Æ
FY
USBÉÈP
F
QBHBNFOUP
EF
SPZBMUJFT
EP
HÃT
OBUVSBM
m
(-1

4PCSF
B
OPSNB
WJHFOUF
EF
EJTUSJCVJÉÈP
EPT
SPZBMUJFT
FOUSF
PT

.VOJDÎQJPT
OP
1BÎT
DIBNBNPT
BUFOÉÈP
QBSB
B
BVTËODJB
EF
DPOUSPMF
QPS

QBSUF
EB
TPDJFEBEF
EP
VTP
EFTTBT
SFDFJUBT
m
OPT
NPMEFT
QPS
FYFNQMP
EP

'6/%&'

F
QBSB
B
EFTWJODVMBÉÈP
BCTPMVUB
EFTTFT
SFDVSTPT
DPN
RVBJTRVFS

QSPHSBNBT
PV
GVOÉ×FT
EF
HPWFSOP
BUSFMBEBT
Æ
RVFTUÈP
EB
TVTUFOUBCJMJEBEF

EBT
FDPOPNJBT
NVOJDJQBJT
PV
SFHJPOBJT
"
-FHJTMBÉÈP
RVF
USBUB
EF
EJTUSJCVJS

PT
SPZBMUJFT
FOUSF
PT
.VOJDÎQJPT
CFOFàDJÃSJPT
WFN
QSPWPDBOEP
VN
FGFJUP
EF

QPMBSJ[BÉÈP
FTQBDJBM
EB
SJRVF[B
QÙCMJDB
OP
JOUFSJPS
EBT
SFHJ×FT
QFUSPMÎGFSBT

4ÈP
iOPWPT
SJDPTu
DPN
PSÉBNFOUPT
QÙCMJDPT
DSFTDFOUFT
DPFYJTUJOEP
NVJUBT

WF[FT
DPN
.VOJDÎQJPT
MJNÎUSPGFT
QBVQÊSSJNPT
"
-FJ
O

SFHV
MBNFOUBEB
QPTUFSJPSNFOUF
QFMP
%FDSFUP
O

EF

EF
KBOFJSP
EF


EFUFSNJOB
RVBOUP
Æ
BQMJDBÉÈP
EPT
SFDVSTPT
i<>
BQMJDBS
PT
SFDVSTPT
FYDMVTJ
WBNFOUF
FN
FOFSHJB
QBWJNFOUBÉÈP
EF
SPEPWJBT
BCBTUFDJNFOUP
F
USBUBNFOUP
EF
ÃHVB

JSSJHBÉÈP
QSPUFÉÈP
BP
NFJP
BNCJFOUF
F
FN
TBOFBNFOUP
CÃTJDPu
+Ã
B
-FJ
/


EF

DPOIFDJEB
DPNP
B
-FJ
EP
1FUSÓMFP
EFàOJV
VNB
OPWB
QPMÎ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
UJDB
EP
4FUPS
EP
1FUSÓMFP
EP
1BÎT
F
JOTUJUVJV
P
DPOUSPMF
F
B
EJTUSJCVJÉÈP
EPT

SPZBMUJFT
TPC
B
SFTQPOTBCJMJEBEF
EB
"HËODJB
/BDJPOBM
EP
1FUSÓMFP
 "/1

$POUVEP
Ê
JNQPSUBOUF
BDSFTDFOUBS
RVF
FNCPSB
FTUB
-FJ
FTUBCFMFÉB
P
NPEP

DPNP
PT
SPZBMUJFT
EFWBN
TFS
EJWJEJEPT
OÈP
FTQFDJàDB
BT
SVCSJDBT
FN
RVF
PT

FTUBEPT
F
NVOJDÎQJPT
EFWBN
FNQSFHÃMPT
"TTJN
P
5SJCVOBM
EF
$POUBT
EB

6OJÈP
m
5$6

ÓSHÈP
SFTQPOTÃWFM
QFMP
DPOUSPMF
EBT
WFSCBT
EPT
SPZBMUJFT

VNB
WF[
RVF
FTUFT
TÈP
SFQBTTFT
GFEFSBJT
QBTTPV
B
FOUFOEFS
RVF
OÈP
NBJT

TFSJB
PCSJHBEP
B
àTDBMJ[BS
B
BQMJDBÉÈP
EFTTFT
SFDVSTPT

%FTEF

DPN
B
FEJÉÈP
EB
*OTUSVÉÈP
/PSNBUJWB
O

PT
SF
DVSTPT
EF
SPZBMUJFT
EP
QFUSÓMFP
QBTTBSBN
B
TFS
àTDBMJ[BEPT
UÈPTPNFOUF
QPS

NFJP
EB
SFBMJ[BÉÈP
EF
BVEJUPSJBT
F
JOTQFÉ×FT
àDBOEP
FTUBEPT
F
NVOJDÎQJPT

EJTQFOTBEPT
EB
BQSFTFOUBÉÈP
BP
5$6
EB
QSFTUBÉÈP
EF
DPOUBT
BOVBM
EPT
WB
MPSFT
SFDFCJEPT
&TTF
FOUFOEJNFOUP
GPJ
NBOUJEP
QFMB
*OTUSVÉÈP
/PSNBUJWB

O

5$6



$PNP
SFTVMUBEP
EFTEF
FOUÈP
FTUBEPT
F
NVOJDÎQJPT
OÈP
TF
SFQPSUBN

BP
5$6
RVBOUP
BP
VTP
EPT
SPZBMUJFT
EP
QFUSÓMFP
"
GSBHJMJEBEF
EB
RVFTUÈP

SFTJEF
KVTUBNFOUF
OB
GBMUB
EF
USBOTQBSËODJB
OP
VTP
EFTTF
EJOIFJSP

&N
.PTTPSÓ
DPN
PT
SFDVSTPT
BEWJOEPT
EPT
SPZBMUJFT
TÈP
GFJUPT
JOWFT
UJNFOUPT
QPS
QBSUF
EP
HPWFSOP
NVOJDJQBM
FN
PCSBT
EF
TBOFBNFOUP
QBWJ
NFOUBÉÈP
F
PVUSBT
PCSBT
"T
QSJODJQBJT
PCSBT
FYFDVUBEBT
DPN
FTTFT
SFDVSTPT

EFTUBDBNPT
OB
5BCFMB

B
TFHVJS

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 7DEHOD±2EUDVRXDo}HVH[HFXWDGDVFRPUHFXUVRVGRVUR\DOWLHV
RXHPSDUFHULDFRPD3HWUREUDV

2%5$ /2&$/ 9$/255

1~FOHRGHDSRLRjFULDQoD %DLUURV3ODQDOWRGH0DLRH$OWRGH 
$OWRGH6mR0DQRHO 6mR0DQRHO

5HVWDXUDomRGD(VWDomR 
&HQWUR
GDV$UWHV³(OL]HX9HQWDQLD´

,OXPLQDomRFHQWUDOGD &HQWUR 

$Y3UHVLGHQWH'XWUD

(VWDomRGHFDSWDomRH 
6LWLR(VSLQKHLULQKRV=RQD5XUDO
WUDWDPHQWRGHiJXDGHVVDOLQL]DGRUHV

5HVWDXUDomRGR0XVHX &HQWUR 

3DYLPHQWDomRDSDUDOHOHStSHGRGDUXD %DLUURV3ODQDOWRGH0DLR 

-RDTXLP$IRQVR H$OWRGH6mR0DQRHO

8UEDQL]DomRGDVPDUJHQV &HQWUR 

GRULR0RVVRUy

8QLGDGHGHDSRLRjFULDQoD )DYHOD2XUR1HJUR 

ÈUHDGHHVSRUWHHOD]HU³'U9XOSLDQR &RQM/LEHUGDGH,H 

&DYDOFDQWHGH$UD~MR´ EDLUUR$OWRGH6mR0DQRHO

3UDoD³9LJiULR$QW{QLR-RDTXLP´ &HQWUR 

3RUWDOGR6DEHU %LEOLRWHFD9LUWXDO 

3UDoD³-RUQDOLVWD*RPHV)LOKR´ &RQM$EROLomR, 

5HVWDXUDomRGD,JUHMD6mR9LFHQWH &HQWUR 

3UDoDGD5HGHQomR &HQWUR 

3UDoD³$OtSLR%DQGHLUD´ &HQWUR 

7HDWUR0XQLFLSDO³'L[+XLW5RVDGR´ &HQWUR 

5HVWDXUDomRHDGDSWDomRGRDQWLJR 
SUpGLRGDHVFROD8QLmR&DL[HUDOSDUD
&HQWUR
IXQFLRQDPHQWRGDELEOLRWHFDS~EOLFD
PXQLFLSDO

)RQWH3HVTXLVDGDDXWRUD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0T
JOWFTUJNFOUPT
FGFUVBEPT
OP
$FOUSP
EB
$JEBEF
UBJT
DPNP
P
5F
BUSP
F
B
&TUBÉÈP
EBT
"SUFT
GPSUBMFDFN
P
CBJSSP
DPODFOUSBN
BT
BUJWJEBEFT

DVMUVSBJT
OFTTB
ÃSFB
EF
NBJPS
DJSDVMBÉÈP
EF
QFTTPBT
.FEJBOUF
B
BUVBÉÈP

EP
1PEFS
1ÙCMJDP
F
EP
DBQJUBM
OB
QSPEVÉÈP
EP
FTQBÉP
PT
FRVJQBNFOUPT

VSCBOPT
SFWFTUFN
P
CBJSSP
EF
NBJPS
EJOBNJDJEBEF
F
BHSFHBMIF
NBJPS
WBMPS

5PEBT
FTTBT
SFBMJ[BÉ×FT
RVF
WJTBN
BP
EFTFOWPMWJNFOUP
VSCBOP
B
QBS
EF
FTUBS

BUFOEFOEP
ÆT
OFDFTTJEBEFT
EBT
GVOÉ×FT
EB
$JEBEF

QÓMP
EP
PFTUF
QPUJHVBS


FTUÈP
UBNCÊN
QSPNPWFOEP
BJOEB
NBJT
B
DPODFOUSBÉÈP
EFTTBT
FTUSVUVSBT

"T
BÉ×FT
F
PCSBT
FN
CBJSSPT
DPNP
i1MBOBMUP

EF
.BJPu
i$POKVOUP

-JCFSEBEFu
i"MUP
EF
4ÈP
.BOPFMu
DPOTPMJEBN
ÃSFBT
POEF
P
QSPDFTTP
EF

FYQBOTÈP
BJOEB
OÈP
TF
DPNQMFUPV

"MÊN
EBT
PCSBT
DJUBEBT
OB
5BCFMB

PVUSBT
PCSBT
EF
QFRVFOP
QPSUF

GPSBN
SFBMJ[BEBT
OP
QFSÎPEP
&OUSFUBOUP
PQUBNPT
QPS
FMFODBS
BT
PCSBT
EF

NBJPS
JNQBDUP
TPDJBM
VSCBOÎTUJDP
F
DVMUVSBM
'JHVSB



$PNP
FYFNQMP
EFTUBT
EFTUBDBNPT
P
5FBUSP
.VOJDJQBM
i%JY)VJU

3PTBEPu

B
PCSB
RVF
DPOTVNJV
BUÊ
FOUÈP
B
NBJPS
RVBOUJEBEF
EF
SFDVSTPT

àOBODFJSPT
3
 

TFOEP

EF
SFDVSTPT
EB
1SFGFJUVSB
.VOJ
DJQBM
F

SFDVSTPT
EB
1FUSPCSBT
&TTB
QBSDFSJB
SFTVMUPV
FN
VNB
CFMÎTTJNB

PCSB
BSRVJUFUÔOJDB
F
TFHVOEP
B
1SFGFJUVSB
Ê
P
RVJOUP
NBJT
CFMP
5FBUSP
EP

QBÎT
1PTTVJOEP
NĒ
EF
ÃSFB
DPOTUSVÎEB
F
DPN
DBQBDJEBEF
QBSB
BDPNP
EBS

QFTTPBT
TFOUBEBT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD$o}HVUHDOL]DGDVSHOD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±3ODFDDQXQFLDQGRUHVWDXUDomRGHDQWLJDHGL¿FDomRQR&HQWURGD&LGDGH
FRPUHFXUVRVGRVUR\DOWLHV
)RWR$ULVWRWHOLQD

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD±7HDWUR0XQLFLSDO³'L[+XLW5RVDGR´±iUHDH[WHUQD
)RWR,YDQDOGR)HUQDQGHV

)LJXUD 7HDWUR0XQLFLSDO³'L[+XLW5RVDGR´±iUHDLQWHUQD
)RWR,YDQDOGR)HUQDQGHV

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 4FHVOEP
EFQPJNFOUPT
QVCMJDBEPT
OB
JNQSFOTB
MPDBM
PT
HFTUPSFT
EB

$JEBEF
DPOàSNBSBN
RVF
BUVBMNFOUF
PT
SPZBMUJFT
FTUÈP
DPNQMFUBNFOUF
JO
DPSQPSBEPT
BP
PSÉBNFOUP
EB
$JEBEF
KÃ
RVF
Ê
VN
SFDVSTP
iMÎRVJEP
F
DFSUPu

UPEPT
PT
NFTFT
B
FOUSBS
OPT
DPGSFT
NVOJDJQBJT
FNCPSB
PCTFSWFNPT
RVF
OFN

UPEBT
BT
QSFGFJUVSBT
GPSBN
CFN
TVDFEJEBT
OBT
TVBT
QBSDFSJBT
DPN
BT
FNQSF
TBT
QFUSPMÎGFSBT
JOTUBMBEBT
FN
TFVT
UFSSJUÓSJPT
FN
FTQFDJBM
B
1FUSPCSBT

0
TBCFS
GB[FS
TF
SFWFMB
FN
WÃSJBT
BÉ×FT
TFKB
EF
QBSDFSJBT
USPDBT
DPN
QFOTBÉ×FT
PV
TVCTUJUVJÉ×FT
/ÈP
RVF
B
SFDFJUB
EB
1SFGFJUVSB
BEWFOIB
TPNFO
UF
EPT
SPZBMUJFT
NBT
PT
WBMPSFT
EFDMBSBEPT
OB
5BCFMB

FYQSFTTBN
TPNBT

DPOTJEFSBEBT
BMUBT
QBSB
B
SFBMJEBEF
àOBODFJSB
EPT
NVOJDÎQJPT
OPSEFTUJOPT
P

RVF
FYQSFTTB
VN
HSBOEF
EJGFSFODJBM

7DEHOD±3DJDPHQWRGHUR\DOWLHVGRSHWUyOHRQR51±

%HQH¿FLiULR 9DORU50,/+®(6

(VWDGR 

0XQLFtSLRV 

3URSULHWiULRVGH7HUUD 

3ULQFLSDLV0XQLFtSLRVUHFHEHGRUHV

0DFDX 

*XDPDUp 

0RVVRUy 

$UHLD%UDQFD 

2XWURV0XQLFtSLRV 

)RQWH3HWUREUDV

0
RVF
WFNPT
Ê
RVF
B
1SFGFJUVSB
UFN
TBCJEP
FYQMPSBS
CFN
BT
NP
EBMJEBEFT
EF
OFHPDJBÉÈP
DPN
B
&NQSFTB
F
BTTJN
SFWFSUJEP
PT
SFDVSTPT
EPT

SPZBMUJFT
FN
PCSBT
F
RVFTJUPT
EP
TFV
QSPHSBNB
EF
HPWFSOP
DVKPT
QSËNJPT
F

P
UÎUVMP
EF
CPN
BENJOJTUSBEPS
2VBESP


DPOàSNBN
QBSB
BT
EVBT
ÙMUJNBT

BENJOJTUSBÉ×FT
P
TVDFTTP
EFTTBT
QBSDFSJBT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 3UrPLR ,%(67(

3UrPLR 3UHIHLWRHPSUHHQGHGRU6(%5$(

3UrPLR *HVWmR 3~EOLFD H &LGDGDQLD ± )XQG*HW~OLR 9DUJDV  )XQG)RUG

±3URJUDPD6(0($5

&HUWL¿FDGR 3HODSDUWLFLSDomRGHDOXQRVHSURIHVVRUHVQR352(-$±

3UrPLR 3URJUDPD*HVWmR3~EOLFDH&LGDGDQLD%1'(6±3URJUDPDGD&DGHLD
3URGXWLYDGD&DSULQRYLQRFXOWXUD±352&$3

6HOR 'H 0XQLFtSLR 3ULRULWiULR SDUD R 'HVHQYROYLPHQWR GR 7XULVPR ± 

H±(0%5$785

3UrPLR )LFRX HQWUH RV  PHOKRUHV 0XQLFtSLRV GR 51 ±  SHOR 'LiULR GH
1DWDO

3UrPLR $PLJRGR&()(7±0LQLVWpULRGD(GXFDomR6HFUHWDULDGH(GXFDomR
7HFQROyJLFDGR51

3UrPLR 3URJUDPD *HVWmR 3~EOLFD H &LGDGDQLD  ± 3URMHWR &ROPpLD ± )XQ

*HW~OLR9DUJDVH)XQG)RUG

3UrPLR ,662SHOD8QLmR%UDVLOHLUDGH'LYXOJDomR

3UrPLR 3URJUDPD *HVWmR 3~EOLFD H &LGDGDQLD    ± 3URJUDPD

ÈJXDYLYD/X]GR6RO

3UrPLR 3HOD%RD*RYHUQDQoD0XQLFLSDOSHOR,%$0$QRV

&HUWL¿FDGR 'R 3URJUDPD 1DFLRQDO GH 0XQLFLSDOL]DomR GR 7XULVPR ±  
±(0%5$785

3UrPLR 0HGDOKD GH +RQUD DR 0pULWR HP *HVWmR (GXFDFLRQDO ± 3RUWR 6HJXUR
±%DKLD

'LSORPD 'H 'HVWDTXH 1DFLRQDO HP 3ODQHMDPHQWR H *HVWmR $PELHQWDO 8UEDQD

±

&HUWL¿FDGR (QWUHRVPHOKRUHV0XQLFtSLRVGR51HP*HVWmR3~EOLFD

3UrPLR 3URJUDPD*HVWmR3~EOLFDH&LGDGDQLD%1'(6±SHOR3URJUDPDGD
0XQLFLSDOGH$SRLRD&DSULQRYLQRFXOWXUD±352&$3

4XDGUR 7tWXORVUHFHELGRVSHOD3UHIHLWD5RVDOED&LDUOLQL

)RQWH3UHIHLWXUD0XQLFLSDOGH0RVVRUy

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 %JGFSFOUFNFOUF
EF
PVUSBT
QSFGFJUVSBT
EP
&TUBEP
B
EF
.PTTPSÓ
DPO
TFHVF
EBS
WJTJCJMJEBEF
Æ
HFTUÈP
EPT
SFDVSTPT
EPT
SPZBMUJFT
BUSBWÊT
EF
PCSBT
F

BÉ×FT
EJWVMHBEBT
QFMB
NÎEJB
RVF
PCKFUJWB
NPTUSBS
P
HFTUPS
QÙCMJDP
OÈP
BQF
OBT
DPNP
VN
CPN
BENJOTUSBEPS
NBT
UBNCÊN
DPNP
VN
CPN
QPMÎUJDP
%BÎ

B
EJWVMHBÉÈP
EF
QSËNJPT
F
UÎUVMPT
SFDFCJEPT
QFMB
BENJOJTUSBÉÈP
NVOJDJQBM

RVF
B
NÎEJB
EJSJHF
QBSB
VNB
BÉÈP
EB
1SFGFJUB
3PTBMCB
$JBSMJOJ

"
BENJOJTUSBÉÈP
EB
1SFGFJUB
3PTBMCB
$JBSMJOJ
OÈP
Ê
SFDFOUF
&YFSDJ
EB
KÃ
QPS
USËT
NBOEBUPT






FMB
SFDF
CFV
SFDPOIFDJNFOUP
EF
EJWFSTBT
JOTUJUVJÉ×FT
FN
ÄNCJUP
OBDJPOBM
'PSBN


QSËNJPT
RVF
BUFTUBN
P
BMDBODF
F
CPOT
SFTVMUBEPT
EBT
QPMÎUJDBT
EFTFOWPMWJEBT

QFMB
1SFGFJUVSB
"OÃMJTF
JTFOUB
EB
QSPNPÉÈP
QPMÎUJDB
DFSUBNFOUF
BQPOUB
RVF

PT
EJWFSTPT
QFSÎPEPT
EF
VN
NFTNP
HFTUPS
OB
1SFGFJUVSB
DSJBN
FMFNFOUPT
EF

DPOUJOVJEBEF
RVF
TÈP
QPTJUJWPT
QBSB
B
$JEBEF
F
RVF
DFSUBNFOUF
DSJBSBN
BT

DPOEJÉ×FT
QBSB
PT
SFDPOIFDJNFOUPT
EFNPOTUSBEPT
OP
2VBESP

&N
.PT
TPSÓ
PVUSBT
WP[FT
TF
GB[FN
PVWJS
OÈP
DPN
P
NFTNP
FDP
EBT
PCSBT
F
UÎUVMPT

EB
1SFGFJUB
4ÈP
SFMBUPT
EF
RVF
B
BENJOJTUSBÉÈP
NVOJDJQBM
QSFPDVQPVTF

DPN
BT
BÉ×FT
EF
NBJPS
WJTJCJMJEBEF
F
EFJYPV
EF
JOUFSWJS
FN
QSPCMFNBT
WJUBJT

QBSB
P
CFN
FTUBS
EB
QPQVMBÉÈP
UBJT
DPNP
VNB
NBJPS
HFSBÉÈP
EF
FNQSFHP

F
SFOEB
B
QPMVJÉÈP
EP
SJP
.PTTPSÓ
B
ESFOBHFN
EBT
ÃHVBT
QMVWJBJT
RVF
B

DBEB
DIVWB
EF
NBJPS
JOUFOTJEBEF
BMBHB
P
$FOUSP
EB
$JEBEF
B
WJPMËODJB
RVF

DPMPDB
B
$JEBEF
OB
SPUB
EP
USÃàDP
EF
ESPHBT
F
PT
TFRÛFTUSPT
RVF
DPNFÉBN
B

TFS
EJWVMHBEPT
QFMB
DSÔOJDB
EPT
KPSOBJT
MPDBJT

%PT
QSËNJPT
EFTDSJUPT
BDJNB
EFTUBDBNPT
P
SFDFCJEP
QFMP
1SPHSBNB

i(FTUÈP
1ÙCMJDB
F
$JEBEBOJBu
JOJDJBUJWB
EB
'VOEBÉÈP
i(FUÙMJP
7BSHBTu
F
EB

'VOEBÉÈP
i'PSEu
DPN
P
BQPJP
QPS
EPJT
BOPT
DPOTFDVUJWPT

F



EP
#/%&4
m
DPNP
SFDPOIFDJNFOUP
EP
FYJUPTP
130$"1
QSPHSBNB
FT

 "
DSJBÉÈP
EPT
BOJNBJT
Ê
GFJUB
OBT
ÃSFBT
SVSBJT
EP
NVOJDÎQJP
OP
FOUBOUP
Ê
OB
ÃSFB
VSCBOB
POEF
TF
EÃ
BMHVNBT
EBT
BÉ×FT
EB

QSFGFJUVSB
QBSB
WJBCJMJ[BS
UPEBT
FUBQBT
EB
DBEFJB
QSPEVUJWB
DPNP
B
DPOTUSVÉÈP
EP
1BSRVF
i"SNBOEP
#VÃu
NFSDBEP
EP
CPEF

1PS

NFJP
EF
%FDSFUP
NVOJDJQBM
B
1SFGFJUVSB
JOTUJUVJV
RVF

EB
DBSOF
TFSWJEB
OB
NFSFOEB
FTDPMBS
BPT
BMVOPT
EB
SFEF
QÙCMJDB
EP

NVOJDÎQJP
TFKB
EF
DBQSJOP
PV
PWJOP
/P
BOP
EF

GPSBN
CFOFàDJBEPT

BMVOPT
EBT
FTDPMBT
RVF
DPOTVNJSBN

RVJ
MPT
EF
DBSOF
1BSB
BCBTUFDFS
BT
FTDPMBT
IPVWF
VNB
NÊEJB
EF

BOJNBJT
BCBUJEPT
QPS
NËT
P
RVF
DPSSFTQPOEF
B
VN
JOWFTUJNFOUP

EF
3

NJM
"
NFUB
BHPSB
Ê
EJGVOEJS
B
JNQMBOUBÉÈP
EP
MFJUF
EF
DBCSBT
OBT
FTDPMBT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

USVUVSBEPS
EF
UPEB
B
DBEFJB
QSPEVUJWB
EF
DBQSJOPT
F
PWJOPT
QPTTJCJMJUBOEP

EB
DSJBÉÈP
Æ
DPNFSDJBMJ[BÉÈP
DPOEJÉ×FT
BQSPQSJBEBT
QBSB
TFV
EFTFOWPMWJ
NFOUP
"
JOJDJBUJWB
EP
1SPHSBNB
FOUSPV
QBSB
B
MJTUB
EF
QSÃUJDBT
JOPWBEPSBT

EP
1BÎT
QPS
TFV
BMDBODF
TPDJBM
F
FDPOÔNJDP
&OUSF
PT
TFVT
SFTVMUBEPT
FTUÃ
B

DSJBÉÈP
EP
1BSRVF
i"SNBOEP
#VÃu
POEF
PDPSSF
TFNBOBMNFOUF
B
i'FJSB
EF

CPEFu
POEF
PT
DSJBEPSFT
DPNFSDJBMJ[BN
PT
BOJNBJT
WJWPT
PV
BCBUJEPT
F
POEF

BOVBMNFOUF
PDPSSF
B
i'FTUB
EP
#PEFu
RVBOEP
B
1SFGFJUVSB
QSPNPWF
VN

FWFOUP
EF
OFHÓDJPT
SFVOJOEP
FYQPTJÉ×FT
EF
BOJNBJT
FTQFUÃDVMPT
DVMUVSBJT

F
DPODVSTPT
EF
HBTUSPOPNJB

0
130$"1
JOTFSJV
PT
QFRVFOPT
DSJBEPSFT
OB
DBEFJB
QSPEVUJWB
QSP
NPWFOEP
B
DBQBDJUBÉÈP
JODFOUJWP
BP
BTTPDJBUJWJTNP
F
P
BDFTTP
BP
àOBO
DJBNFOUP
$PN
JTTP
P
'SJHPSÎàDP
.VOJDJQBM
EB
$JEBEF
GPJ
BEBQUBEP
QBSB

SFDFCFS
DBQSJOPT
F
PWJOPT
OVNB
GPSNB
EF
JODFOUJWBS
B
QSPEVÉÈP
F
QSPQJDJBS

B
FTUSVUVSB
QBSB
RVFN
RVFS
DPNFSDJBMJ[BS
B
DBSOF

/B
ÃSFB
DVMUVSBM
B
1SFGFJUVSB
UBNCÊN
EFTFOWPMWF
BÉ×FT
SFMFWBOUFT

RVF
JNQSJNFN
VNB
EJOBNJDJEBEF
OB
$JEBEF
'PJ
DSJBEP
F
DPOTPMJEBEP
VN

DBMFOEÃSJP
EF
FWFOUPT
2VBESP


BMHVOT
NPUJWBEPT
QPS
GBUPT
IJTUÓSJDPT

3FTJTUËODJB
B
-BNQJÈP
.PUJN
EBT
.VMIFSFT
-JCFSUBÉÈP
EPT
&TDSBWPT
F

P

7PUP
'FNJOJOP

EF
NPEP
RVF
RVBTF
UPEPT
PT
NFTFT
IÃ
BMHP
B
TFS
DP
NFNPSBEP
PV
QSFTUJHJBEP
$PN
JTTP
B
1SFGFJUVSB
WFN
UFOUBOEP
EJGVOEJS

BUSBWÊT
EB
NÎEJB
B
JNBHFN
EF
.PTTPSÓ
DPNP
B
DBQJUBM
DVMUVSBM
EP
&TUBEP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0rV (YHQWR

$EULO 9DTXHMDGD³3RUFLQR&RVWD´

-XQKR 0RVVRUy&LGDGH-XQLQD
(VSHWiFXOR³&KXYDGH%DODQR3DtVGH0RVVRUy´

-XOKR )HVWDGR%RGH
0RVVRUy0RWRFLW\

$JRVWR )HLUD,QGXVWULDOH&RPHUFLDOGD5HJLmR2HVWH±),&52

6HWHPEUR (VSHWiFXOR³$XWRGD/LEHUGDGH´
&DUQDYDOIRUDGHpSRFD±&DUQ¶$WLYD
6HPLQiULR³1RYDV/LEHUGDGHV´
&RUULGD&LFOtVWLFD³'L[6HSW5RVDGR´
0RVVRUy-HHS)HVW

2XWXEUR ([SRIUXLW

1RYHPEUR 0RVVRUy$LU)HVW

'H]HPEUR )HVWDGH6DQWD/X]LD
2UDWyULRGH6DQWD/X]LD

4XDGUR±&DOHQGiULRGH(YHQWRV
)RQWH3HVTXLVDGDDXWRUD

.PTTPSÓ
IJTUPSJDBNFOUF
BQSFTFOUB
TJOHVMBSJEBEFT
DPNP
WJNPT
OP


DBQÎUVMP
EFTUF
USBCBMIP
RVF
NPTUSB
VNB
$JEBEF
RVF
FYFSDFV
JOáVËODJB

TPCSF
PT
.VOJDÎQJPT
EP
TFV
FOUPSOP
0
*#(&
DPOàSNPV
FTTB
GVOÉÈP
QPMBSJ
[BEPSB
EF
.PTTPSÓ
BUSBWÊT
EPT
DMÃTTJDPT
FTUVEPT
EBT
3FHJ×FT
EF
*OáVËODJB

EBT
$JEBEFT
PV
BJOEB
NBJT
QSFDJTBNFOUF
OB
PCSB
i.PÉPSÓ
m
6N
DFOUSP

SFHJPOBM
EP
PFTUF
QPUJHVBSu
EF

FN
RVF
DMBTTJàDBWB
.PTTPSÓ
DPNP

$FOUSP
EF

<>
TFHVOEP
OÎWFM
IJFSÃSRVJDP
RVBOUP
ÆT
ÃSFBT
TPCSF
BT
RVBJT
FYFS
DFN
GVOÉÈP
EF
DFOUSBMJEBEF
EFTFNQFOIBOEP
QBQFM
TBMJFOUF
OB
PS
HBOJ[BÉÈP
EP
FTQBÉP
EB
SFHJÈP
OPSEFTUF
DBCFOEPMIF
P
DPNBOEP
EP

USFDIP
PDJEFOUBM
EP
FTUBEP
EP
3JP
(SBOEF
EP
/PSUF
<>
TVB
QFOF
USBÉÈP
DPNP
FOUSFQPTUP
TFSUBOFKP
BMDBOÉBWB
BMÊN
EP
PFTUF
QPUJHVBS

CPB
QBSUF
EB
1BSBÎCB
F
NFTNP
EP
$FBSÃ
.BT
P
RVF
Ê
DFSUP
Ê
P
QBT
TBEP
F
P
QSFTFOUF
EF
.PÉPSÓ
BDVTBSFN
BNCPT
P
EFTFNQFOIP
EF
VNB

GVOÉÈP
SFHJPOBM
*#(&

Q


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 4ÈP
FTUVEPT
RVF
TJTUFNBUJ[BSBN
F
UFPSJ[BSBN
B
SFTQFJUP
EB
JOáVËODJB

FYFSDJEB
QPS
.PTTPSÓ
TPCSF
PVUSPT
.VOJDÎQJPT
FNCPSB
QBTTBEBT
BMHVNBT

EÊDBEBT
B
UFPSJB
EBT
MPDBMJEBEFT
DFOUSBJT
F
EPT
QÓMPT
EF
EFTFOWPMWJNFOUP

OÈP
EFV
NBJT
DPOUB
EB
DPNQMFYJEBEF
EPT
BSSBOKPT
OFN
EBT
DPOàHVSBÉ×FT

VSCBOBT
BUVBJT
"TTJN
PVUSBT
SFáFY×FT
F
UFPSJBT
FTUÈP
TFOEP
FMBCPSBEBT
OP

QSFTFOUF
TÊDVMP
QBSB
DPNQSFFOTÈP
EBT
DJEBEFT
EF
IPKF
0
*1&"
FN
QBS
DFSJB
DPN
P
*#(&
F
B
6/*$".1
GF[
VNB
OPWB
SFáFYÈP
TPCSF
B
QSFTFOUF

RVFTUÈP
FN
i4ÊSJF
DBSBDUFSJ[BÉÈP
F
UFOEËODJBT
EB
SFEF
VSCBOB
EP
#SBTJM


3FEFT
VSCBOBT
SFHJPOBJT
m
OPSUF
OPSEFTUF
F
DFOUSPPFTUF
EF
u

/FTUB
PCSB
.PTTPSÓ
Ê
DMBTTJàDBEB
DPNP
VNB
BHMPNFSBÉÈP
VSCBOB

OÈP
NFUSPQPMJUBOB
EF
PSEFN

*1&"

Q

)Ã
BJOEB
WÃSJBT
DPO
TJEFSBÉ×FT
F
BOÃMJTFT
B
SFTQFJUP
UBOUP
EB
DJEBEF
EF
.PTTPSÓ
CFN
DPNP
EF

PVUSPT
&TUBEPT
&N
UPEBT
FTTBT
BOÃMJTFT
EB
$JEBEF
TÈP
SFTTBMUBEPT
P
TFV

QBQFM
SFHJPOBM
F
B
IJFSBSRVJB
RVF
FTUB
NBOUÊN
FOUSF
BT
ÃSFBT
VSCBOBT
EP
TFV

QPSUF
RVF
SFNFUFN
QBSB
VNB
JOUFSQSFUBÉÈP
EF
RVF
B
$JEBEF
TÓ
DPOTFHVF

NBOUFS
FTTF
QBQFM
OB
SFEF
VSCBOB
EP
/PSEFTUF
QPS
BQSFTFOUBS
GVOÉ×FT
RVF

JOEV[FN
B
FYQBOTÈP
EP
TFV
FTQBÉP
VSCBOP

/B
BOÃMJTF
EP
FTUBEP
EP
$FBSÃ
DPOTUBUBTF
OB
SFGFSJEB
PCSB
RVF
B
i<>

BHMPNFSBÉÈP
VSCBOB
NFUSPQPMJUBOB
EF
'PSUBMF[B
SFTUSJOHFTF
BP
FTUBEP
EP
$FBSÃ
F
BP

PFTUF
EP
FTUBEP
EP
3JP
(SBOEF
EP
/PSUF
.PTTPSÓ
<>
u
*1&"

Q


+Ã
FN
SFGFSËODJB
B
3FDJGF
m
1&
UFNTF
RVF
i<>
NBOUÊN
IJFSBSRVJDBNFOUF

PT
TFHVJOUFT
OÎWFJT
EF
JOUFSBÉÈP
FTQBDJBM
F
EF
DFOUSBMJEBEF
DPN
PVUSPT
JNQPSUBOUFT

BHMPNFSBÉ×FT
VSCBOBT
F
DFOUSPT
SFHJPOBJT
i<>
GPSUF
QBSB
NÊEJP
+VB[FJSP
EP
/PSUF

$&

4BMHVFJSP
1&

4FSSB
5BMIBEB
1&

$BJDÓ
3/

.PTTPSÓ
3/

<>u

*1&"

Q

&N
PVUSB
BOÃMJTF
SFGFSJOEPTF
QSPQSJBNFOUF
B
.PT

4FHVOEP
P
*#(&
QBSB
B
JEFOUJàDBÉÈP
EBT
EJGFSFOUFT
FTQBDJBMJEBEFT
QSFTFOUFT
OB
SFEF
VSCBOB
EP
/PSEFTUF
GPSBN
BEPUBEPT
PT

TFHVJOUFT
DSJUÊSJPT
EBEPT
EF
QPQVMBÉÈP
UPUBM
UBYBT
EF
DSFTDJNFOUP
QPQVMBDJPOBM

F

EFOTJEBEF
EFNPHSÃàDB
FN


DPNQBUJCJMJ[BOEPTF
PT
EBEPT
EB
$POUBHFN
1PQVMBDJPOBM
EF

DPN
B
EJWJTÈP
UFSSJUPSJBM
CÃTJDB
EF

QFSDFOUVBM
EB

1&"
FN
BUJWJEBEFT
VSCBOBT
SFOEB
NÊEJB
GBNJMJBS
QFS
DBQJUB
FTUSVUVSB
PDVQBDJPOBM
F
QPTJÉÈP
OP
FTUVEP
3FHJ×FT
EF
JOáVËODJB
EBT

DJEBEFT
3FTVMUBSBN
EB
BQMJDBÉÈP
EPT
DSJUÊSJPT
TVQSBDJUBEPT
DJODP
OÎWFJT
EF
DFOUSPT
VSCBOPT
"HMPNFSBÉ×FT
VSCBOBT
NFUSPQPMJ
UBOBT
BHMPNFSBÉ×FT
VSCBOBT
OÈPNFUSPQPMJUBOBT
DFOUSPT
VSCBOPT
SFHJPOBJT
DFOUSPT
RVF
DPOàHVSBN
OPWBT
UFSSJUPSJBMJEBEFT
F
PT

EFNBJT
DFOUSPT
VSCBOPT
EB
SFHJÈP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
TPSÓ
PCTFSWBTF
RVF
i<>
"
BHMPNFSBÉÈP
VSCBOB
OÈPNFUSPQPMJUBOB
EF
.PTTPSÓ

EJWJEF
BT
TVBT
SFMBÉ×FT
FOUSF
/BUBM
F
B
BHMPNFSBÉÈP
VSCBOB
NFUSPQPMJUBOB
EF
'PSUB
MF[B
QPS
TJUVBSTF
B
NFJP
DBNJOIP
FOUSF
FTTBT
EVBT
MPDBMJEBEFTu
&
QPS
àN
RVF
i"

JNQPSUÄODJB
EFTTB
BHMPNFSBÉÈP
VSCBOB
OÈPNFUSPQPMJUBOB
QPEF
TFS
NFOTVSBEB
QFMB

EJNFOTÈP
EP
BSDBCPVÉP
VSCBOP
RVF
JODMVJ
OBEB
NFOPT
RVF
PVUSPT

NVOJDÎQJPT

TFOEP
PT
EF
NBJPS
FYQSFTTJWJEBEF
PT
EF
1BV
EPT
'FSSPT
.BDBV
F
"SBDBUJ
OP
$FBSÃu

*1&"

Q
F



&TTF
QBQFM
EF
DFOUSP
SFHJPOBM
UBNCÊN
Ê
DPOàSNBEP
QFMP
NPWJNFOUP

EB
QPQVMBÉÈP
EJUB
áVUVBOUF
OB
BUVBMJEBEF
FN
.PTTPSÓ
RVF
Ê
EF

NJM
QFT
TPBT
/B
TVB
HSBOEF
NBJPSJB
TÈP
QFTTPBT
RVF
WËFN
B
DJEBEF
DPNP
VN
DFO
USP
DPNFSDJBM
F
QSJODJQBMNFOUF
DPNP
P
MPDBM
POEF
QPEFN
TFS
FODPOUSBEPT

TFSWJÉPT
FTQFDJBMJ[BEPT
UBJT
DPNP
TBÙEF
FEVDBÉÈP
DPNVOJDBÉÈP
TFSWJÉPT

DJFOUÎàDPT
F
UFDOPMÓHJDPT
F
EF
BTTJTUËODJB
UÊDOJDB
FTQFDJBMJ[BEB
F
UBNCÊN

DPNP
DFOUSP
DPNFSDJBM
4FHVOEP
B
$ÄNBSB
EPT
%JSJHFOUFT
-PKJTUBT
MPDBM
BT

MPKBT
EF
DPOGFDÉ×FT
TÈP
BT
NBJT
WJTJUBEBT
%F
.PTTPSÓ
QBSUFN
EJBSJBNFOUF

WFÎDVMPT
PSJVOEPT
EPT
NVOJDÎQJPT
EF
"SFJB
#SBODB
4FSSB
EP
.FM
$BSBÙCBT

(PWFSOBEPS
%JY4FQU
3PTBEP
"ÉV
6QBOFNB
#BSBÙOB
F
PVUSPT
EP
"MUP

0FTUF
EP
&TUBEP
.VJUBT
QFTTPBT
DIFHBN
SFTPMWFN
TFVT
QSPCMFNBT
F
SFUPS
OBN
QBSB
DBTB
OP
NFTNP
EJB

6N
PVUSP
JOEJDBEPS
EF
FYQBOTÈP
EB
$JEBEF
OB
TVB
ÃSFB
VSCBOB
TÈP
PT

JOWFTUJNFOUPT
FNQSFTBSJBJT
OP
4FUPS
EF
$PNÊSDJP
F
4FSWJÉPT
&TTFT
JOWFTUJ
NFOUPT
TF
DPOàHVSBN
FN
FNQSFFOEJNFOUPT
DPNP
B
DPOTUSVÉÈP
EF
DFOUSPT

FNQSFTBSJBJT
TIPQQJOH
DFOUFST
F
EP
QSJNFJSP
IJQFSNFSDBEP
EB
$JEBEF
%BEPT

EB
+VOUB
$PNFSDJBM
EP
&TUBEP
m
+6$&3/
 NPTUSBN
RVF
B
BCFSUVSB
EF

FNQSFTBT
Ê
NVJUP
TVQFSJPS
BP
GFDIBNFOUP
EFMBT
%F

EF
KVMIP
B

EF
KVMIP

EF

B
+6$&3/
SFHJTUSPV
B
BCFSUVSB
EF

FNQSFTBT
DPOUSB
BQFOBT


RVF
GFDIBSBN

$PN
P
PCKFUJWP
EF
QSPNPWFS
B
BUSBÉÈP
EF
JOEÙTUSJBT
QBSB
B
$JEBEF
GPJ

DSJBEP
FN

BUSBWÊT
EB
-FJ
O

P
1SPHSBNB
EF
%FTFOWPMWJNFOUP

&DPOÔNJDP
*OUFHSBEP
F
4VTUFOUÃWFM
EF
.PTTPSÓ
m
130%&.
$PN
PT
JODFO
UJWPT
PGFSFDJEPT
B
1SFGFJUVSB
EF
.PTTPSÓ
DPOTFHVJV
BUSBJS
P
JOWFTUJNFOUP
EF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

WÃSJPT
FNQSFTÃSJPT
JODFOUJWBOEP
P
EFTFOWPMWJNFOUP
EB
$JEBEF
BUSBWÊT
EF

JOWFTUJEPSFT
MPDBJT
F
FYUFSOPT
.PTUSBS
P
QPUFODJBM
EB
SFHJÈP
DPNP
VN
CPN

MPDBM
QBSB
JOTUBMBÉÈP
EF
VNB
FNQSFTB
Ê
P
QSJODJQBM
PCKFUJWP
EB
MFJ

$PN
P
130%&.
SFDVSTPT
EJTQFOEJPTPT
QBSB
VNB
FNQSFTB
TÈP
PGF
SFDJEPT
QFMP
.VOJDÎQJP
i0T
JODFOUJWPT
WBSJBN
EF
BDPSEP
DPN
B
OFDFTTJEBEF
F
P
UJQP

EB
FNQSFTB
RVF
TF
JOTUBMBu
FYQMJDB
/ÎMTPO
#SBTJM
1SFTJEFOUF
EB
"TTPDJBÉÈP

$PNFSDJBM
F
*OEVTUSJBM
EF
.PTTPSÓ
m
"$*.
/B
NBJPSJB
EPT
DBTPT
P
JODFO
UJWP
Ê
EBEP
BUSBWÊT
EB
EPBÉÈP
EP
UFSSFOP
QBSB
JOTUBMBÉÈP
EB
FNQSFTB
NBT

UBNCÊN
QPEF
TFS
BUSBWÊT
EB
JTFOÉÈP
EF
UBYBT
F
GPSOFDJNFOUP
EF
JOGSBFT
USVUVSB
DPNP
FOFSHJB
BCFSUVSB
F
QBWJNFOUBÉÈP
EF
WJBT
EF
BDFTTP
F
PVUSPT

DPOGPSNF
B
TJUVBÉÈP
EP
MPDBM
F
EP
UJQP
EF
TFSWJÉP
PGFSFDJEP
QFMB
FNQSFTB

1BSB
EFDJEJS
PT
JODFOUJWPT
F
B
QSJPSJEBEF
EF
DBEB
FNQSFTB
RVF
QSFUFOEF
TF

JOTUBMBS
PV
OP
DBTP
EPT
MPDBJT

FYQBOEJS
P
OFHÓDJP
FYJTUF
UBNCÊN
P
$PO
TFMIP
.VOJDJQBM
EF
%FTFOWPMWJNFOUP
&DPOÔNJDP
*OUFHSBEP
F
4VTUFOUÃWFM

m
$0.%&$

RVF
BQSPWB
BT
EPBÉ×FT
F
PT
WBMPSFT
EF
DBEB
VNB

/B
5BCFMB

BT
NBJT
SFDFOUFT
FNQSFTBT
RVF
FTUÈP
TFOEP
JOTUBMBEBT

OB
$JEBEF
EFTUBT
BMHVNBT
UJWFSBN
TVBT
ÃSFBT
QBSB
JOTUBMBÉÈP
EPBEBT
QFMB

1SFGFJUVSB
"T
EPBÉ×FT
EF
UFSSFOPT
QBSB
JOTUBMBÉÈP
EF
JOEÙTUSJBT
F
PVUSPT

FNQSFFOEJNFOUPT
QPS
QBSUF
EP
QPEFS
NVOJDJQBM
JOEV[FN
Æ
FYQBOTÈP
EB

$JEBEF
QBSB
FTTBT
ÃSFBT
RVF
DPNFÉBN
B
DPOTPMJEBS
P
%JTUSJUP
*OEVTUSJBM
BP

MPOHP
EB
#3
OP
USFDIP
.PTTPSÓ'PSUBMF[B
FNCPSB
UBNCÊN
HFSF
VNB

PDVQBÉÈP
QPS
QBSUF
EPT
USBCBMIBEPSFT
EFTTFT
FNQSFFOEJNFOUPT
RVF
DPNF
ÉBN
B
DPOTUSVJS
TVBT
DBTBT
OBT
QSPYJNJEBEFT
EP
MPDBM
EF
USBCBMIP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
7DEHOD±(PSUHHQGLPHQWRVLQGXVWULDLVFRPHUFLDLVRXGHVHUYLoRV

(PSUHHQGLPHQWR ÈUHD ,QYHVWLPHQWR (PSUHJRV

Pð 5 GLUHWRV

&RQFUHWySROLV&RQFUHWRSUpPROGDGR PLO  

LQGGR1RUGHVWH/WGD0RVVRUy
6KRSSLQJ&HQWHU

2UWDO±2UJDQL]DomR7DEDMDUD/WGD PLO  

4XDWUR.7r[WLO/WGD PLO  

&HUkPLFD3RUWR5LFR/WGD PLO  

3RUFHODQDWWL5HYHVWLPHQWRV&HUkPLFRV PLO  

GR1(,WDJUHV

+LSHUPHUFDGR4XHLUR]&HQWHU PLO  

&&9$±&HQWUDOGH&DOFLQDomR PLO  

9DOHGR$SRGL/WGD

(PIDVHGHLPSODQWDomR

;*UDI  

6XEDp3QHXV

,QWHJUDO$GXERV2UJkQLFRVGH0RVVRUy

/HLWHGR6HUWmR

'LVWULEXLGRUDGH3URGXWRV$OLPHQWtFLRV PLO
/WGD±&20/$7

,QG~VWULDH&RPpUFLRGH PLO
&DUQHVGH0RVVRUy/WGD

/DWLFtQLRV³9LWD*XW´ PLO

5RViULR(GL¿FDo}HVH 
3DYLPHQWDomR/WGD5HSDYH

$]HYHGRH7UDYDVVRV

)RQWH3HVTXLVDGDDXWRUD

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 .PTTPSÓ
Ê
VNB
DJEBEFQÓMP
F
QBSB
BUFOEFS
P
TFV
QPUFODJBM
EF
WFOEB

EF
NFSDBEPSJBT
F
TFSWJÉPT
KÃ
JOJDJPV
B
DPOTUSVÉÈP
EP
QSJNFJSP
TIPQQJOH
GF
DIBEP
EB
$JEBEF
4FHVOEP
"MCFSUP
,PNPUP
EB
$PPQFS
*OWFTU
$POTVMUPSJB

F
*OWFTUJNFOUPT
IÃ
EF[
BOPT


GPJ
GFJUB
QFTRVJTB
EJBOUF
EB
WPOUBEF

EF
TF
JOWFTUJS
FN
.PTTPSÓ
6NB
OPWB
QFTRVJTB
GPJ
SFBMJ[BEB
OP
JOÎDJP
EF


DPNQSPWBOEP
B
WJBCJMJEBEF
DPNFSDJBM
F
DPOTJEFSBOEP
UPEP
P
FOUPSOP

EB
$JEBEF
i4PNFOUF
FN
.PTTPSÓ
TÈP

NJM
IBCJUBOUFT
NBJT
VNB
QPQVMBÉÈP

áVUVBOUF
EF

NJM
JTTP
GB[
RVF
DPNQPSUF
VN
TIPQQJOH
DFOUFSu
FYQMJDB
B
&NQSFTB

EF
$POTVMUPSJB
RVF
GB[
DBQUBÉÈP
EF
FNQSFFOEFEPSFT
QBSB
JOWFTUJS
FN
.PT
TPSÓ
0
QSPKFUP
QSFWË
B
DPOTUSVÉÈP
EP
TIPQQJOH
GFDIBEP
FN
UFSSFOP
EF

NJM

NFUSPT
RVBESBEPT
RVF
UFSÃ

MPKBT
TFOEP
RVBUSP
ÄODPSBT
F
EVBT
TBMBT
EF

DJOFNB
MPDBMJ[BEP
OP
QSPMPOHBNFOUP
EB
BWFOJEB
i+PÈP
EB
&TDÓTTJBu
OB
BM
UVSB
EP
CBJSSP
i/PWB
#FUÄOJBu
OBT
QSPYJNJEBEFT
EB
#3
"
1SFGFJUVSB

EPPV
P
UFSSFOP
B
MJNQF[B
UPQPHSBàB
EB
ÃSFB
F
QFSGVSBÉÈP
EF
QPÉP
UVCVMBS

JMVNJOBÉÈP
BDFTTPT
F
TJOBMJ[BÉÈP

6N
PVUSP
FNQSFFOEJNFOUP
Ê
P
$FOUSP
&NQSFTBSJBM
DPN
MPKBT
F
FT
DSJUÓSJPT
RVF
UFSÃ
DPNP
ÄODPSB
EVBT
TBMBT
EF
DJOFNB
0
FNQSFTÃSJP
+PSHF

3JDBSEP
EP
3PTÃSJP
UFN
GFJUP
DPOUBUP
DPN
FNQSFTBT
JOUFSFTTBEBT
FN
BENJ
OJTUSBS
P
DJOFNB
QBSB
DPNQPS
P
QSPKFUP
4FHVOEP
FMF

2VFSFNPT
RVF
.PTTPSÓ
SFDFCB
BT
FTUSÊJBT
EF
àMNFT
RVF
FOUSBN
OP

DJSDVJUP
CSBTJMFJSP
.PTTPSÓ
Ê
VN
NFSDBEP
BCFSUP
B
JOWFTUJNFO
UPT
QPS
WÃSJPT
NPUJWPT
"
QPTJÉÈP
HFPHSÃàDB
RVF
B
UPSOB
VNB
DJ
EBEF
QÓMP
POEF
PT
DPOTVNJEPSFT
EF
PVUSBT
DJEBEFT
TÈP
BUSBÎEPT
B

EJWFSTJEBEF
EB
FDPOPNJB
HSJGP
OPTTP

RVF
WBJ
EP
QFUSÓMFP
BP
TBM
F
P

QPUFODJBM
EF
NFSDBEP
&TUBNPT
DPOUSBUBOEP
QFTRVJTB
EF
NFSDBEP
QBSB

TBCFSNPT
RVF
OJDIPT
EF
NFSDBEP
FYJTUFN
QBSB
TFSFN
DPORVJTUBEPT

­
FTTB
EJWFSTJEBEF
FDPOÔNJDB
RVF
EJOBNJ[B
B
$JEBEF
F
B
NBOUÊN

DPNP
JNQPSUBOUF
OÙDMFP
VSCBOP
SFHJPOBM
F
DPNP
TFHVOEB
DJEBEF
EP
3/
"

iQPTJÉÈP
HFPHSÃàDBu
EB
DJUBÉÈP
BDJNB
SFGFSFTF
Æ
WBOUBHFN
MPDBDJPOBM
EB
$J
EBEF
FN
SB[ÈP
EF
.PTTPSÓ
àDBS
OP
DBNJOIP
RVF
JOUFSMJHB
EVBT
NFUSÓQPMFT

SFHJPOBJT
3FDJGF
F
'PSUBMF[B
F
MJHB
BJOEB
BPT
NVOJDÎQJPT
EP
PFTUF
QPUJHVBS

DPN
/BUBM
5PEBT
FTTBT
MJHBÉ×FT
PDPSSFN
QFMBT
SPEPWJBT
GFEFSBJT
#3

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
#3
#3
QFMBT
SPEPWJBT
FTUBEVBJT
3/
3/
3/

3/
F
QPS
SPEPWJBT
NVOJDJQBJT

"
$JEBEF
BMÊN
EBT
SFDÊNJOTUBMBEBT
JOEÙTUSJBT
QPTTVJ
BMHVNBT
RVF

KÃ
FTUÈP
FN
TFV
UFSSJUÓSJP
IÃ
EÊDBEBT
­
P
DBTP
EB
*OEÙTUSJB
EF
5FNQF
SP
3FHJOB
-UEB
'JHVSB


EP
.PJOIP
4BOUB
$MBSB
F
EB
"
'FSSFJSB

*OEÙTUSJB
$PNÊSDJP
F
&YQPSUBÉÈP
-5%"
m
"'*$&-

RVF
BP
TF
JOTUBMBSFN

FN
ÃSFBT
EP
%JTUSJUP
*OEVTUSJBM
OPT
MPUFT
NBJT
QSÓYJNPT
EP
$POKVOUP
i"CP
MJÉÈP
*7u
JOEV[JV
Æ
FYQBOTÈP
EFTUF
F
BP
TVSHJNFOUP
EP
$POKVOUP
i4BOUB

%FMNJSBu
+Ã
B
0SHBOJ[BÉÈP
5BCBKBSB
-UEB
m
035"-

BJOEB
FTUÃ
FN
NFJP

ÆT
SFTJEËODJBT
GPSB
EP
%JTUSJUP
*OEVTUSJBM

"
FNQSFTB
i4BOUB
$MBSBu
DPN
TFEF
FN
'PSUBMF[B
Ê
B
TFHVOEB
NBJPS

UPSSFGBEPSB
EF
DBGÊ
EP
1BÎT
B
‰
Ê
B
IPMBOEFTB
i4BSB
-FFu

QPTTVJOEP
BMÊN

EB
TFEF
NBJT
DJODP
VOJEBEFT
6NB
EFTUBT
Ê
VNB
QSPDFTTBEPSB
EF
NJMIP
FN

.PTTPSÓ
RVF
SFTQPOEF
QPS

EP
GBUVSBNFOUP
UPUBM
EB
FNQSFTB
+Ã
B

"'*$&-

CFOFàDJBEPSB
EF
DBTUBOIBT
EF
DBKV
DPN

GVODJPOÃSJPT
QSP
EV[JOEP
VNB
NÊEJB
EF

DBJYBT
RVF
DPSSFTQPOEF
B
VN
DPOUBJOFSEJB
FY
QPSUBEPT
QBSB
WÃSJPT
QBÎTFT

UBNCÊN
àDB
OBT
NBSHFOT
EB
#3
2VBOUP

Æ
035"-
DPOTUJUVJ
VNB
EBT
NBJT
BOUJHBT
EB
$JEBEF
m

BOPT
F
FNQSFHB


GVODJPOÃSJPT
­
B
ÙOJDB
FNQSFTB
CFOFàDJBEPSB
EF
DFSB
EF
DBSOBÙCB
EP

&TUBEP
4VB
JOTUBMBÉÈP
EFVTF
OP
OBTDFOUF
CBJSSP
EF
4BOUP
"OUÔOJP
TFN

SFTJEËODJBT
OB
TVB
QSPYJNJEBEF
.BT
P
CBJSSP
BP
MPOHP
EFTTFT
ÙMUJNPT


BOPT
FYQBOEJVTF
F
EFJYPV
B
GÃCSJDB
FOUSF
BT
NPSBEJBT
JNQPOEP
BP
FN
QSFTÃSJP
F
Æ
1SFGFJUVSB
B
OFDFTTJEBEF
EF
NVEBOÉB
EB
VOJEBEF
GBCSJM
QBSB
P

%JTUSJUP
*OEVTUSJBM
"TTJN
DPN
WJTUBT
B
JTUP
B
1SFGFJUVSB
EPPV
VN
UFSSFOP


NJM
NĒ

OB
#3
QBSB
POEF
FN
CSFWF
TFSÃ
USBOTGFSJEB


&N

PDPSSFV
VNB
FYQMPTÈP
OP
FYUSBUPS
EF
DFSB
EB
FNQSFTB
DBVTBOEP
VN
HSBWF
JODËOEJP
F
EFJYBOEP
EVBT
QFTTPBT

HSBWFNFOUF
GFSJEBT6NB
EFMBT
WFJP
B
GBMFDFS
%FQPJT
EF
QSPUFTUPT
QPQVMBSFT
GPJ
EFUFSNJOBEP
QFMB
1SPNPUPSJB
EP
.JOJTUÊSJP

1ÙCMJDP
RVF
B
FNQSFTB
UFSJB
BUÊ

QBSB
TBJS
EP
CBJSSP
i4BOUP
"OUÔOJPu

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD±,QG~VWULDGH7HPSHUR³5HJLQD´
)RWR$ULVWRWHOLQD

&TTF
QBQFM
EF
DFOUSP
SFHJPOBM
FYFSDJEP
QPS
.PTTPSÓ
UBNCÊN
Ê
SFáF
UJEP
F
DPNQSPWBEP
OB
EJTUSJCVJÉÈP
EB
TVB
QPQVMBÉÈP
FDPOPNJDBNFOUF
BUJWB

m
1&"
5BCFMB


4FHVOEP
P
*#(&
OP
BOP
EF

NBJT
EF

EFT
TB
QPQVMBÉÈP
FTUBWB
FYFSDFOEP
BUJWJEBEFT
OP
4FUPS
5FSDJÃSJP
RVF
EF
GPSNB

FMÃTUJDB
BCTPSWF
P
GPSNBM
F
P
JOGPSNBM
KÃ
RVF
Ê
KVTUBNFOUF
OB
JOGPSNBMJEBEF

EFTTF
4FUPS
FDPOÔNJDP
RVF
HSBOEF
QBSUF
EB
QPQVMBÉÈP
RVF
PDVQB
BT
ÃSFBT
EF

FYQBOTÈP
VSCBOB
SFDFOUF
HFSB
BT
TVBT
FTUSBUÊHJBT
EF
TPCSFWJWËODJB
BT
RVBJT

QFSQBTTBN
EFTEF
B
SFOEB
NÎOJNB
BERVJSJEB
OFTTB
JOGPSNBMJEBEF
BUÊ
B
DPOT
USVÉÈP
EF
TVBT
NPSBEJBT
OB
QFSJGFSJB
TFN
JOGSBFTUSVUVSB
F
TFN
DPOEJÉ×FT

EJHOBT
EF
IBCJUBÉÈP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 7DEHOD±3RSXODomRHFRQRPLFDPHQWHDWLYD±
0RVVRUy±SHUtRGR±D

6(725   

$EV  $EV  $EV 

3ULPiULR      

6HFXQGiULR      

7HUFLiULR      

2XWUDV$WLYLGDGHV      

PDOGH¿QLGDV

727$/      

)RQWH,%*(H0LQLVWpULRGR7UDEDOKR

/P
4FUPS
5FSDJÃSJP
'PSNBM
FTUBWB
DPODFOUSBEP
P
NBJPS
OÙNFSP
EF

WBHBT
DSJBEBT
OP
.FSDBEP
EF
5SBCBMIP
FOUSF
PT
BOPT
EF

F

RVBOEP

B
1&"
FSB
EF

QFTTPBT
OP
QFSÎPEP
P
RVF
SFBàSNB
P
QBQFM
EB
$JEBEF

DPNP
DFOUSP
SFHJPOBM
EF
DPNÊSDJP
F
QSFTUBEPS
EF
TFSWJÉPT
5BCFMB



7DEHOD 9DJDVGHWUDEDOKRFULDGDVHP0RVVRUy
HQWUHPDLRGHDPDLRGH

6(725 1~PHURGHYDJDVFULDGDV
$JURQHJyFLR 
$GPLQLVWUDomR 
6HUYLoRV 
&RPpUFLR 
&RQVWUXomR&LYLO 
6HUYLoRVGH8WLOLGDGH3~EOLFD 
,QG~VWULDGH7UDQVIHUrQFLDV 
([WUDWLYLVPR0LQHUDO 
727$/ 

)RQWH,%*(H0LQLVWpULRGR7UDEDOKR

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 .FTNP
EJBOUF
EBT
EJàDVMEBEFT
EF
VNB
FYQBOTÈP
VSCBOB
WFMP[
POEF
P

RVF
GPJ
QMBOFKBEP
àDB
SBQJEBNFOUF
EFGBTBEP
B
$JEBEF
BJOEB
TF
EFTUBDB
EFOUSP

EP
DPOUFYUP
EB
SFHJÈP
/PSEFTUF
QPJT
TFHVOEP
EBEPT
EB
SFWJTUB
i7PDË
4"u

B
$JEBEF
Ê
B

NFMIPS
DJEBEF
EP
1BÎT
QBSB
TF
USBCBMIBS
"
FYQSFTTJWJEBEF

F
DPOàSNBÉÈP
EB
DJEBEF
EF
.PTTPSÓ
DPNP
VN
DFOUSP
SFHJPOBM
TÈP
BUFTUBEBT

FN
QVCMJDBÉÈP
EF
DJSDVMBÉÈP
OBDJPOBM
m
B
SFWJTUB
i7PDË
4"u
QVCMJDPV
VNB

QFTRVJTB
SFBMJ[BEB
QFMB
&TDPMB
#SBTJMFJSB
EF
"ENJOJTUSBÉÈP
m
&#"1&

EB

'VOEBÉÈP
i(FUÙMJP
7BSHBTu
m
'(7

BQSFTFOUBOEP
BT
DJEBEFT
EF
NÊEJP
QPSUF

EP
QBÎT
DPOTJEFSBEBT
NFMIPSFT
QBSB
TF
USBCBMIBS
"
QFTRVJTB
GFJUB
QFMB
'(7

DPOTJEFSPV
PT
BTQFDUPT
EF
4BÙEF
OÙNFSP
EF
MFJUPT
QBSB
DBEB
HSVQP
EF
NJM

IBCJUBOUFT

&EVDBÉÈP
OÙNFSP
EF
DVSTPT
EF
(SBEVBÉÈP
.FTUSBEP
F
%PVUP
SBEP

"SSFDBEBÉÈP
5SJCVUÃSJB
*NQPTUP
EF
3FOEB
SFUJEP
OB
GPOUF
F
P
*NQPT
UP
EF
5SBOTNJTTÈP
EF
#FOT
*NPCJMJÃSJPT

5SBCBMIP
JOEJDBEPSFT
EF
NÈPEF
PCSB

$BQJUBM
WPMVNF
EF
EFQÓTJUP
F
BQMJDBÉÈP

F
P
EJOBNJTNP
BWBMJBOEP
B

JOGSBFTUSVUVSB
F
P
±OEJDF
EF
%FTFOWPMWJNFOUP
)VNBOP

/P
/PSEFTUF
B
DJEBEF
NFMIPS
DPMPDBEB
OP
SBOLJOH
EBT
i
.FMIP
SFT
DJEBEFT
QBSB
USBCBMIBSu
GPJ
3FDJGF

1&
FN

MVHBS
"
TFHVOEB
NFMIPS

GPJ
.PTTPSÓ
RVF
àDPV
FN

MVHBS
.FTNP
P
EFTFNQFOIP
EB
DBQJUBM
QFS
OBNCVDBOB
UFOEP
TJEP
NFMIPS
IÃ
VN
EFUBMIF
FOUSF
FTTFT
EPJT
.VOJDÎQJPT

OP
SBOLJOH
EJWVMHBEP
QFMB
SFWJTUB
i7PDË
4"u
B
DJEBEF
EF
.PTTPSÓ
QBTTPV

EF

MVHBS
FN

QBSB
P

&ORVBOUP
JTTP
3FDJGF
TBJV
EB
‰
DPMPDB
ÉÈP
OP
BOP
EF

QBSB

FN

FNCPSB
B
TJUVBÉÈP
EF
3FDJGF
OÈP
TFKB

B
ÙOJDB
3FDJGF
FTUÃ
FN

F
+PÈP
1FTTPB

1#
FN

RVBOEP
OP
BOP
EF


FSB
B
‰
DPMPDBEB
&
FN
DPNQBSBÉÈP
DPN
B
DBQJUBM
EP
&TUBEP
m
/BUBM


FN

FTUB
PDVQBWB
P

MVHBS
EFTDFOEP
QBSB

QPTJÉÈP
FN


FORVBOUP
.PTTPSÓ
TVCJV

QPTJÉ×FT
QPJT
TBMUPV
EP

MVHBS
FN


QBSB
P

MVHBS
OP
SBOLJOH
EF


0
DSJUÊSJP
EB
QFTRVJTB
Ê
CBTUBOUF
DSJUJDBEP
QPS
BMHVOT
QSPàTTJPOBJT

PVWJEPT
QPS
OÓT
JTTP
QPSRVF
GBMUBSBN
FN
BMHVNBT
TJUVBÉ×FT
DPNP
GPOUF
EPT

EBEPT
QFSÎPEP
UFNQPSBM
EF
DPMFUB
EBT
JOGPSNBÉ×FT
EBEPT
DPODSFUPT
TPCSF
P

RVF
JOáVFODJPV
PT
SFTVMUBEPT
F
QPTJÉ×FT
OP
SBOLJOH
F
BJOEB
GBMUBSBN
JOGPS

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
NBÉ×FT
B
TFSFN
SFVOJEBT
QFMB
QFTRVJTB
DPNP
TFHVSBOÉB
F
SFOEB
NÊEJB
EP

USBCBMIBEPS
FNCPSB
OÈP
EFJYF
EF
TFS
VN
SFGFSFODJBM
OVNB
BOÃMJTF
OBDJPOBM

FYFDVUBEB
QPS
VNB
JOTUJUVJÉÈP
DPODFJUVBEB
EF
QFTRVJTB
$PNFOUBOEP
FN

UFSNPT
HFSBJT
DPOàSNBNPT
PT
JOEJDBEPSFT
TPCSF
BVNFOUP
EF
WBHBT
OB
&EV
DBÉÈP
4VQFSJPS
NFMIPSJBT
OB
4BÙEF
F
BSSFDBEBÉÈP
NVOJDJQBM
6N
BTQFDUP

JNQPSUBOUF
QBSB
BWBMJBÉÈP
NBT
BVTFOUF
EB
QFTRVJTB
GPJ
P
4FSWJÉP
EF
5SBOT
QPSUF
6SCBOP

&N
BMHVOT
CBJSSPT
EB
$JEBEF
P
ÔOJCVT
OÈP
BEFOUSB
BP
TFV
JOUFSJPS
­

P
DBTP
EP
#PN
+FTVT
PCSJHBOEP
BPT
RVF
BMJ
SFTJEFN
DBNJOIBSFN
BUÊ
Æ
#3

QBSB
FTQFSBSFN
QPS
CBTUBOUF
UFNQP
B
DIFHBEB
EP
ÔOJCVT
RVF
PT
DPOEV[B
BP

DFOUSP
EB
$JEBEF
%JBOUF
EB
DBSËODJB
EP
USBOTQPSUF
DPMFUJWP
TVSHJSBN
PT

NPUPUÃYJT
VNB
NÊEJB
EF

NPUPT
QSFTUBOEP
P
TFSWJÉP
EF
USBOTQPSUF

EPT
RVBJT

DSFEFODJBEBT
QFMP
4JOEJDBUP
EPT
NPUPUBYJTUBT
m
4*/%*
.050
 F
BT
EFNBJT
DMBOEFTUJOBT
F
JSSFHVMBSFT
"
DBSËODJB
EF
ÔOJCVT
Ê

FYQSFTTB
QFMP
OÙNFSP
EF
NPUPT
RVF
B
$JEBEF
QPTTVJ
&TUB
DPOUB
DPN
NBJT

NPUPDJDMFUBT
RVF
BVUPNÓWFJT
EF
QBTTFJP
%F
BDPSEP
DPN
P
*OTUJUVUP
5ÊDOJ
DP$JFOUÎàDP
EF
1PMÎDJB
EF
.PTTPSÓ
m
*5&1


QFTTPBT
NPSSFSBN
WÎUJNBT

EF
BDJEFOUFT
EF
NPUP
F

WÎUJNBT
EF
DBSSPT
OP
BOP
EF


)Ã
BJOEB
P
USBOTQPSUF
JOUFSNVOJDJQBM
EJÃSJP
QBSB
PT
NVOJDÎQJPT
WJ[J
OIPT
QSJODJQBMNFOUF
QBSB
"SFJB
#SBODB
"ÉV
5JCBV
F
(SPTTPT
4ÈP
QFTTPBT

RVF
WËN
Æ
$JEBEF
QBSB
GB[FS
DPNQSBT
OP
DPNÊSDJP
MPDBM
F
SFUPSOBN
OP
NFT
NP
EJB
/FTUF
DBTP
P
USBOTQPSUF
EF
QBTTBHFJSPT
Ê
GFJUP
FN
BVUPNÓWFJT
PT

DIBNBEPT
iUÃYJMPUBÉÈPu
FN
RVF
USËT
B
RVBUSP
QFTTPBT
EJWJEFN
P
WBMPS
EB

iDPSSJEBu
FN
QPOUPT
FTUSBUÊHJDPT
EB
$JEBEF
m
BT
QBSBEBT

"
JOGPSNBMJEBEF
TF
JOJDJB
QFMB
EFTSFHVMBNFOUBÉÈP
EP
4FUPS
EF
5SBOT
QPSUF
$PMFUJWP
"
EJTQVUB
QFMP
QBTTBHFJSP
OBT
SVBT
F
B
BVUPSFHVMBNFOUBÉÈP

BUSBWÊT
EBT
BTTPDJBÉ×FT
PV
DPPQFSBUJWBT
F
TJOEJDBUPT
TVCTUJUVFN
P
&TUBEP
OB

PSHBOJ[BÉÈP
EFTTF
4FUPS
0
RVF
TF
DPOàHVSB
OB
$JEBEF
TÈP
NPUPSJTUBT
RVF

FTUBCFMFDFN
WBMPSFT
EF
UBSJGBT
QBTTBHFOT

EFUFSNJOBOEP
SFTFSWB
EF
NFS
DBEP
EFNBSDBOEP
TFVT
QPOUPT
EF
QBSBEB
DSJBOEP
UFSNJOBJT
QBSUJDVMBSFT
F

EJTQVUBOEP
P
VTVÃSJP
DPN
WJPMËODJB
"
NPCJMJEBEF
VSCBOB
UFN
FN
TFVT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

FRVJQBNFOUPT
EF
JOGSBFTUSVUVSB
EF
USBOTQPSUF
DPNVOJDBÉÈP
DJSDVMBÉÈP
F

EJTUSJCVJÉÈP
UBOUP
EF
PCKFUPT
RVBOUP
EF
QFTTPBT
B
QPTTJCJMJEBEF
EF
GBWPSF
DFS
VNB
NFMIPS
RVBMJEBEF
EF
WJEB
OB
$JEBEF
QPSUBOUP
EFWFSJB
UFS
TJEP
VNB

RVFTUÈP
BWBMJBEB
QFMB
QFTRVJTB
EB
'(7

2VBOUP
BP
RVFTJUP
i&EVDBÉÈP
4VQFSJPSu
QPS
FYFNQMP
.PTTPSÓ
BN
QMJPV
CBTUBOUF
TVB
PGFSUB
EF
WBHBT
OPT
ÙMUJNPT
RVBUSP
BOPT
4PNFOUF
QFMB

6&3/
GPSBN
DSJBEPT
OPWPT
DVSTPT
EP
BOP
EF

QBSB

P
OÙNFSP

EF
WBHBT
QBTTPV
EF

QBSB
DFSDB
EF

WBHBT
"
&4".
UBNCÊN

BNQMJPV
TVBT
WBHBT
DPN
OPWPT
DVSTPT
"
6OJWFSTJEBEF
1PUJHVBS
m
6O1

6OJWFSTJEBEF
QBSUJDVMBS

TF
JOTUBMPV
OB
DJEBEF
OFTTF
QFSÎPEP
JODMVTJWF

DPN
PT
DVSTPT
UFDOPMÓHJDPT
BMÊN
EPT
EF
BQFSGFJÉPBNFOUP
DPNP
P
EB
&TDPMB

EP
1FUSÓMFP
OP
$FOUSP
'FEFSBM
EF
&EVDBÉÈP
5FDOPMÓHJDB

$&'&5

"
'(7
DMBTTJàDPV
B
SFEF
EF
TBÙEF
EF
.PTTPSÓ
DPNP
B
‰
NFMIPS

EP
QBÎT
2VBESP


"
KVTUJàDBUJWB
EB
DPMPDBÉÈP
GPJ
EFWJEP
BP
BVNFOUP
EP

OÙNFSP
EF
MFJUPT
DIFHBOEP
B

MFJUPT
OÙNFSP
BDJNB
EP
RVF
P
.JOJT
UÊSJP
EB
4BÙEF
SFDPNFOEB
QBSB
VN
NVOJDÎQJP
DPN
B
QPQVMBÉÈP
EP
QPSUF
EF

.PTTPSÓ
"
JOEBHBÉÈP
GFJUB
QFMPT
KPSOBJT
MPDBJT
Ê
TF
IPVWF
JOWFTUJNFOUP
EP

(PWFSOP
.VOJDJQBM
QBSB
B
NFEJDJOB
QSFWFOUJWB
F
DVSBUJWB
TF
P
1SPHSBNB

4BÙEF
EB
'BNÎMJB
m
14'

F
BT
6OJEBEFT
EF
1SPOUP
"UFOEJNFOUP
m
61"


DPOUSJCVÎSBN
QBSB
P
SFTVMUBEP
EFTTB
QFTRVJTB
F
TF
PT
JOWFTUJNFOUPT
EB

*OJDJBUJWB
1SJWBEB
RVF
DPOTUSVJV
OPT
ÙMUJNPT
BOPT

IPTQJUBJT
OÈP
GPSBN

MFWBEPT
FN
DPOUB
QFMB
JOTUJUVJÉÈP
RVF
GF[
B
SFGFSJEB
QFTRVJTB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 6HUYLoR 6LWXDomRHP 6LWXDomRHP

3URJUDPDGH$JHQWH&RPXQLWiULR ,PSODQWDGRFRP DJHQWHVH

DJHQWHVH VXSHUYLVRUHV
VXSHUYLVRUHV

8QLGDGHVGH6D~GH XQLGDGHVHP XQLGDGHVFRQVWUXtGDVH

IXQFLRQDPHQWR HPIXQFLRQDPHQWR

8QLGDGHVHVSHFLDOL]DGDV  

3URJUDPD6D~GHGD)DPtOLD±36) ,PSODQWDGRHP HTXLSHVGR36)H

FRP FULDGDVHTXLSHVGH
HTXLSHV VD~GHEXFDO

&ROHWDGHH[DPHVODERUDWRULDLV ,PSODQWDomRGR XQLGDGHVEiVLFDVH

VLVWHPDGHFROHWD ODERUDWyULRVID]HPD
FROHWD

7HVWHGRSH]LQKR ,PSODQWDomR )HLWRHPXQLGDGHVGH

VD~GH

0DUFDomRGHFRQVXOWDV &RQFHQWUDGDHPXP 'HVFHQWUDOL]DGR

~QLFRORFDO )XQFLRQDQGRQDVXQLGDGHV
EiVLFDV

4XDGUR±(YROXomRGD6D~GH3~EOLFDGH0RVVRUy

)RQWH3UHIHLWXUD0XQLFLSDOGH0RVVRUy

1FMB
BWBMJBÉÈP
SFBMJ[BEB
BT
OPUBT
FN
&EVDBÉÈP
QPS
FYFNQMP
GPSBN

EBEBT
FN
SFMBÉÈP
BP
OÙNFSP
EF
FTUVEBOUFT
OÙNFSPT
EF
DVSTPT
EF
(SB
EVBÉÈP
F
%PVUPSBEP
BMVOPT
NBUSJDVMBEPT
/FTTF
JUFN
.PTTPSÓ
NFTNP

DPN
VNB
NÊEJB
EF
BQFOBT

NJM
IBCJUBOUFT
EFTQPOUB
OP
/PSEFTUF
DPNP

VN
HSBOEF
DFOUSP
VOJWFSTJUÃSJP
)PKF
B
$JEBEF
QPTTVJ

6OJWFSTJEBEFT
F

'BDVMEBEFT
RVF
KVOUBT
BUFOEFN
B

FTUVEBOUFT
PGFSFDFOEP

DVSTPT

EF
(SBEVBÉÈP
F

DVSTPT
EF
1ÓT(SBEVBÉÈP
"TTPDJBEP
B
JTTP
.PTTPSÓ

UBNCÊN
TF
EFTUBDB
QFMPT
TFUPSFT
TBMJOFJSP
QFUSPMÎGFSPT
F
EF
GSVUJDVMUVSB
RVF

GB[FN
DJSDVMBS
OB
DJEBEF
VN
WPMVNF
EF
DBQJUBM
RVF
B
EJOBNJ[B

/ÎWFM
EF
%PVUPSBEP
.FTUSBEP
DPOUVEP
OB
TVB
HSBOEF
NBJPSJB
TÈP
EF
&TQFDJBMJ[BÉÈP
"
&4".
DSJPV
P

EPVUPSBEP
EB
DJEBEF

FN
"HSJDVMUVSB
5SPQJDBM
F
PCUFWF
OP
BOP
EF

OB
BWBMJBÉÈP
EB
$"1&4
DPODFJUP


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "P
BOEBSNPT
QFMB
$JEBEF
UFNPT
B
JNQSFTTÈP
EF
RVF
FTUB
FODPOUSB
TF
P
UFNQP
UPEP
FN
PCSBT
WJTUP
P
OÙNFSP
EF
DPOTUSVÉ×FT
F
SFGPSNBT
QPS

UPEPT
PT
MBEPT
0T
JOWFTUJNFOUPT
EP
(PWFSOP
.VOJDJQBM
FN
DPOTUSVÉ×FT

DPNP
P
5FBUSP
i%JY)VJU
3PTBEPu
(JOÃTJP
1PMJFTQPSUJWP
i1FESP
$JBSMJOJu

WJBT
QÙCMJDBT
QSBÉBT
P
TJTUFNB
EF
FTHPUBNFOUP
TBOJUÃSJP
RVF
DPCSF


EB
$JEBEF
DVKPT
CBJSSPT
CFOFàDJBEPT
GPSBN
"FSPQPSUP
"MUP
EB
$PODFJÉÈP

$POKVOUP
"CPMJÉÈP
*
F
**
#PN
+BSEJN
#BSSPDBT
#PB
7JTUB
1BSFE×FT
%P[F

"OPT
-BHPB
EP
.BUP
F
4BOUP
"OUÔOJP
HFSBN
FNQSFHPT
OP
4FUPS
EB
$POT
USVÉÈP
$JWJM
F
QBTTBN
B
JEÊJB
EF
RVF
B
$JEBEF
OP
TFV
QSPDFTTP
EF
FYQBOTÈP

UFN
QSFTTB
EF
DSFTDFS
DPNP
EFNPOTUSB
P
RVBESP
B
TFHVJS
RVF
EFUBMIB
BT

PCSBT
QÙCMJDBT
FYFDVUBEBT
FN

F

%PT
JOWFTUJNFOUPT
QÙCMJDPT

DPOTJEFSBNPT
NBJT
JNQPSUBOUF
P
TBOFBNFOUP
EB
$JEBEF
PCSB
RVF
UFWF
B

QBSUJDJQBÉÈP
àOBODFJSB
EPT
(PWFSOPT
.VOJDJQBM
F
'FEFSBM

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 4XDGUR±2EUDVS~EOLFDVH[HFXWDGDVHPH
$YHQLGDV
&DUDFWHUL]DomR
$Y/DXUR0RQWH)LOKR ,QYHVWLPHQWR GH 5 
'XSOLFDomR H[WHQVmR GH  .P
FDQWHLUR FHQWUDO LOXPLQDomR FRP
YDSRUGHVyGLRFLFORYLDXUEDQL]DomR
GRV FDQWHLURV GXDV IDL[DV GH
URODPHQWR FRP DFRVWDPHQWR
GUHQDJHP VLQDOL]DomR KRUL]RQWDO H
YHUWLFDO
$Y)HOLSH&DPDUmR 'XSOLFDomR H[WHQVmR GH  .P
FDQWHLUR FHQWUDO LOXPLQDomR FRP
YDSRUGHVyGLRFLFORYLDXUEDQL]DomR
GRV FDQWHLURV GXDV IDL[DV GH
URODPHQWR FRP DFRVWDPHQWR
GUHQDJHP VLQDOL]DomR KRUL]RQWDO H
YHUWLFDO
(VFRODV
&RQVWUXtGDV SUpGLRV
5HIRUPDGDV HVWDEHOHFLPHQWRV
3UDoDVUHYLWDOL]DGDV
3UDoD³5RGROIR)HUQDQGHV´
3UDoD³9LJiULR$QW{QLR-RDTXLP´
3UDoD³$OtSLR%DQGHLUD´
3UDoDGD5HGHQomR
3UDoD³&{QHJR(VWrYDP'DQWDV´
3UDoDGR5RWDU\
3UDoD³1RVVD6UDGR3HUSpWXR6RFRUUR´
3UDoD³$QWRQLR*RPHV´

3UDoDGD,QGHSHQGrQFLD
2EUDVGLYHUVDV
&DUDFWHUL]DomR
*LQiVLR3ROLHVSRUWLYR³3HGUR&LDUOLQL´  Pð GH iUHD FRQVWUXtGD
FDSDFLGDGH SDUD  SHVVRDV
VHQWDGDV ,QYHVWLPHQWR GH 5

&HQWUDOGH$EDVWHFLPHQWR³3UHIHLWR5DLPXQGR ,QYHVWLPHQWRGH5
6RDUHV´
&HQWUR$GPLQLVWUDWLYRGD&LGDGDQLD ,QYHVWLPHQWRGH5
5HFXSHUDomR GR (VWiGLR ³3URI 0DQRHO ,QYHVWLPHQWR5
/HRQDUGR1RJXHLUD´

)RQWH3HVTXLVDGDDXWRUD

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD±3UDoD³5RGROIR)HUQDQGHV´QR&HQWURGD&LGDGH
±XPDGDVSUDoDVUHYLWDOL]DGDV
)RWR*LRYDQQL6pUJLR

)LJXUD±*LQiVLR3ROLHVSRUWLYR³3HGUR&LDUOLQL´
)RWR*LRYDQQL6pUJLR

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUDH*LQiVLR3ROLHVSRUWLYR³3HGUR&LDUOLQL´±iUHDLQWHUQD
)RWR*LRYDQQL6pUJLR

"
DSJBÉÈP
EF
NBJT
FTDPMBT
PV
B
EVQMJDBÉÈP
EBT
QSJODJQBJT
BWFOJEBT

EF
BDFTTP
Æ
$JEBEF
TF
EÈP
QSJODJQBMNFOUF
QFMP
BVNFOUP
TJHOJàDBUJWP
EB

EFNBOEB
RVF
SFRVJTJUB
FTTBT
JOGSBFTUSVUVSBT
0
DSFTDJNFOUP
EB
QPQVMBÉÈP

EB
$JEBEF
JOEV[
Æ
FYQBOTÈP
EP
TFV
UFSSJUÓSJP
DPMPDBOEP
FN
QBVUB
FTUBT
F

PVUSBT
BÉ×FT
"VNFOUBN
BT
OFDFTTJEBEFT
JOEJWJEVBJT
F
DPMFUJWBT
EF
IBCJUB
É×FT
F
EF
TFSWJÉPT
QÙCMJDPT
F
TVSHFN
OPWBT
FYJHËODJBT
F
BTQJSBÉ×FT
B
TFSFN

BUFOEJEBT
EFOUSF
FTUBT
B
VSCBOJ[BÉÈP
EF
BOUJHBT
ÃSFBT
SVSBJT
RVF
TF
JODPS
QPSBN
SBQJEBNFOUF
BP
UFSSJUÓSJP
EB
$JEBEF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 "
RVFTUÈP
IBCJUBDJPOBM
DPOUVEP
USBUBEB
B
QBSUJS
EP
.FSDBEP
*NP
CJMJÃSJP
Ê
BRVFMB
EFTUJOBEB
BPT
RVF
QPEFN
QBHBS
QPS
JNÓWFJT
FN
ÃSFBT

WBMPSJ[BEBT
EB
$JEBEF
/FTTF
TFOUJEP
JEFOUJàDBNPT
DPNP
BT
ÃSFBT
NBJT
WB
MPSJ[BEBT
QPTTVJOEP
BTTJN
P
NĒ
NBJT
FMFWBEP
OB
BUVBMJEBEF
PV
B
UFOEËODJB

B
WBMPSJ[BSFNTF
NBJT
BJOEB
PT
CBJSSPT
EP
$FOUSP
/PWB
#FUÄOJB
$PTUB
F

4JMWB
F
P
USFDIP
EB
BWFOJEB
i-FTUF0FTUFu
"W
%JY/FVGU
3PTBEP

QBSB
P

VTP
DPNFSDJBM
"DSFEJUBTF
RVF
DPN
B
DPOTUSVÉÈP
EP
)JQFSNFSDBEP
i2VFJ
SP[
$FOUFSu
FTTB
"WFOJEB
BUSBJB
PVUSPT
JOWFTUJNFOUPT
DPNFSDJBJT

2VBOUP
BP
CBJSSP
i/PWB
#FUÄOJBu
EJBOUF
EP
JOÎDJP
EB
DPOTUSVÉÈP

EP
QSJNFJSP
TIPQQJOH
DPCFSUP
EB
$JEBEF
MPDBMJ[BEP
OP
QSPMPOHBNFOUP
EB

BWFOJEB
i+PÈP
EB
&TDÓTTJBu
OB
OBT
QSPYJNJEBEFT
EP
CBJSSP
F
EB
#3
F

EJBOUF
EB
BRVJTJÉÈP
EF
VNB
HSBOEF
ÃSFB
OBT
QSPYJNJEBEFT
EP
TIPQQJOH
QBSB

B
DPOTUSVÉÈP
EF
VNB
JOTUJUVJÉÈP
EF
&OTJOP
4VQFSJPS
IÃ
VNB
FYQFDUBUJWB
EF

RVF
FTTB
ÃSFB
TF
WBMPSJ[F
NBJT
BJOEB
B
FYFNQMP
EP
RVF
TF
EFV
FN
PVUSBT
DJ
EBEFT
DPNP
/BUBM
"
#3
GBDF
B
UBOUPT
FNQSFFOEJNFOUPT
BP
MPOHP
EP

TFV
FOUPSOP
F
EF
PVUSPT
RVF
TF
BOVODJBN
QPS
WJS
BQSFTFOUB
OP
NFSDBEP
EF

DPNQSB
F
WFOEB
EF
UFSSFOPT
EB
$JEBEF
VN
BMUP
QSFÉP
DPCSBEP
'JHVSB



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
)LJXUD±&URTXLUHSUHVHQWDWLYRGDVREUDVYLiULDVDVHUHPH[HFXWDVSHOD300QDV
SUR[LPLGDGHVGD%5
)RQWHKWWSZZZJD]HWDGRHVWHFRPEULQIRJUD¿FRV

0
QSPDFTTP
EF
WBMPSJ[BÉÈP
EF
[POBT
EFTPDVQBEBT
QFMP
DBQJUBM
JNP
CJMJÃSJP
PCFEFDF
B
EJGFSFOUFT
NFDBOJTNPT
6N
EFMFT
Ê
B
VSCBOJ[BÉÈP
EF

ÃSFBT
NBJT
EJTUBOUFT
TFOEP
QPTUFSJPSNFOUF
WBMPSJ[BEBT
F
QSFTVNJEBNFOUF

VUJMJ[BEBT
QBSB
àOT
DPNFSDJBJT
DPOàHVSBOEPTF
BTTJN
DPNP
VNB
EJOÄNJDB

FTQFDVMBUJWB
EB
$JEBEF

"
DJEBEF
EF
.PTTPSÓ
QPTTVJ
IPKF 
FEJGÎDJPT
FN
DPOTUSVÉÈP
ÃSFB

EF

B

NĒ
F
QSFÉP
DPN
WBSJBÉÈP
EF
3
 
B
 
5B
CFMB




"HPTUP
EF


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 7DEHOD±(GLItFLRVHPFRQVWUXomR

,WHP (PSUHHQGLPHQWR 1žGH ÈUHD 9DORU0pGLRS

$SWR Pð 8QLGDGH5

 (GLItFLR³1RHPLD&KDYHV´   

 (GLItFLR³3HGUDGH6DO´   

 (GLItFLR³6SD]LR9HQHWR´   

 (GLItFLR³:HVW*DUGHQ´   

 (GLItFLR³5DIDHO1HJUHLURV´   

 (GLItFLR³-RVp1LOVRQGH6i´   

 (GLItFLR³'L[6HSW5RVDGR´   

 

 (GLItFLR³-DUGLPGR7KHUPDV´   

 (GLItFLR³6DLQW/RXLV´   

 

 (GLItFLR³$U\6DOLP´   

7RWDO*HUDOGH$SDUWDPHQWRV 

)RQWH6HFUHWDULD0XQLFLSDOGR'HVHQYROYLPHQWR7HUULWRULDOH0HLR$PELHQWH±6('(7(0$
 (PDJRVWRGH

"DPNQBOIBOEP
P
QSPDFTTP
EF
WFSUJDBMJ[BÉÈP
EF
.PTTPSÓ
RVF
FTUÃ

FN
BTDFOTÈP
DPVCFOPT
QFTRVJTBS
QPS
FYFNQMP
TPCSF
RVBM
TFSJB
IPKF
P
NĒ

NBJT
DBSP
EB
$JEBEF
PV
NFTNP
RVBM
TFSJB
P
CBJSSP
RVF
EFWF
TPGSFS
NBJPS

WBMPSJ[BÉÈP
OP
4FUPS
*NPCJMJÃSJP
3FTJEFODJBM
F
$PNFSDJBM
EB
$JEBEF
OPT

QSÓYJNPT
BOPT

2VBOUP
BPT
WBMPSFT
EF
BQBSUBNFOUPT
FN
BOÃMJTF
BPT
BOÙODJPT
DMBTTJ
àDBEPT
EPT
KPSOBJT
MPDBJT
F
TFHVOEP
PT
DPSSFUPSFT
EF
JNÓWFJT
FTQFDJBMJ[BEPT

OP
4FUPS
EF
7FOEBT
PT
NPTTPSPFOTFT
DIFHBN
B
QBHBS
3
 
QPS
NĒ

EF
VN
BQBSUBNFOUP
EF
MVYP
'JHVSBT

F


&TUF
WBMPS
Ê
EF
VN
JNÓWFM

MPDBMJ[BEP
OB
ÃSFB
NBJT
WBMPSJ[BEB
EB
$JEBEF
P
$FOUSP
6N
BQBSUBNFOUP

UJQP
DPCFSUVSB
OFTTB
MPDBMJEBEF
DVTUB
FN
NÊEJB
3

NJM
SFBJT
DPN

NĒ
EF
ÃSFB
DPOTUSVÎEB
"
$JEBEF
GB[
VN
DBNJOIP
JOWFSTP
EP
EBT
HSBO

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
EFT
DJEBEFT
POEF
B
WBMPSJ[BÉÈP
GVOEJÃSJB
OÈP
PDPSSF
NBJT
OP
DFOUSP
EB
DJ
EBEF
QSJODJQBMNFOUF
RVBOEP
FTTB
FYQBOTÈP
VSCBOB
PDPSSF
BUSBWÊT
EB
WFSUJ
DBMJ[BÉÈP
%BÎ
BàSNBSNPT
TFS
BJOEB
UÈP
SFDFOUF
P
DSFTDJNFOUP
F
B
FYQBOTÈP

VSCBOB
EF
.PTTPSÓ
DVKBT
DBSBDUFSÎTUJDBT
OÈP
TF
DPBEVOBN
DPN
B
FYUFOTB

CJCMJPHSBàB
RVF
EFTDSFWF
PT
DFOUSPT
EFDBEFOUFT
F
BCBOEPOBEPT
OBT
NVJUBT

DJEBEFT
CSBTJMFJSBT

)LJXUDH±&RQVWUXomRGR(GLItFLR³*RY'L[6HSW5RVDGR´QR&HQWURGDFLGDGH
DSDUWDPHQWRVQRYDORULQLFLDOGH52EUDFRQFOXtGDWRGRVRVDSDUWDPHQWRV
YHQGLGRV
)RWR6('(7(0$H$ULVWRWHOLQD

"MÊN
EP
$FOUSP
P
CBJSSP
i/PWB
#FUÄOJBu
UBNCÊN
TF
EFTUBDB
TF

HVJOEP
VNB
IJFSBSRVJB
EF
WBMPSJ[BÉÈP
&TUF
Ê
P
TFHVOEP
CBJSSP
RVF
QPTTVJ
PT

JNÓWFJT
NBJT
DBSPT
EF
.PTTPSÓ
6N
BQBSUBNFOUP
EF
MVYP
FN
/PWB
#FUÄOJB

DIFHB
B
DVTUBS
VN
QPVDP
NBJT
CBSBUP
TF
DPNQBSBEP
DPN
P
WBMPS
DPCSBEP
OP

$FOUSP
EB
$JEBEF
0
NĒ
àDB
FN
UPSOP
EF
3
 
F
DFSDB
EF
3


NJM
SFBJT
VN
BQBSUBNFOUP
DPN

NĒ
FNCPSB
DFSDB
EF

EBT
WFOEBT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

SFBMJ[BEBT
FN

UFOIBN
TJEP
EF
BQBSUBNFOUPT
DPN
EPJT
RVBSUPT
"

NBJPSJB
EPT
DMJFOUFT
DPNQSB
DPN
B
àOBMJEBEF
EF
JOWFTUJS
0
QFSàM
EF
RVFN

BERVJSF
IPKF
VN
JNÓWFM
DPNP
FTUF
FN
HFSBM
Ê
EF
QSPàTTJPOBJT
MJCFSBJT
F

DPNFSDJBOUFT
i0
NFSDBEP
EF
.PTTPSÓ
OFDFTTJUB
DPN
VSHËODJB
EF
JNÓWFJT
DPODMVÎ
EPT
QSPOUPT
QBSB
NPSBS
"
NBJPSJB
EBT
QFTTPBT
RVF
RVFSFN
DPNQSBS
JNÓWFJT
EFTFKBN

VN
OFHÓDJP
EF
SFUPSOP
JNFEJBUP
0
NFSDBEP
FTUÃ
DSFTDFOEP
NBT
BJOEB
OÈP
BUFOEF
ÆT

OFDFTTJEBEFTu
BàSNB
VN
DPSSFUPS
EF
JNÓWFJT
EB
$JEBEF
0
$FOUSP
Ê
B
ÃSFB

NBJT
DBSB
F
WBMPSJ[BEB
QBSB
DPOTUSVÉÈP
EF
BQBSUBNFOUPT
EF
MVYP
BQFTBS
EF

OÈP
EJTQPS
EF
HSBOEFT
ÃSFBT
QBSB
B
DPOTUSVÉÈP
EF
DPOEPNÎOJPT
SFTJEFODJBJT

OFN
EF
FTQBÉPTBT
SFTJEËODJBT
QBSB
B
DMBTTF
NBJT
GBWPSFDJEB

2VBOUP
BP
NFSDBEP
EF
BRVJTJÉ×FT
EF
UFSSFOPT
QBSB
B
DPOTUSVÉÈP
EF

SFTJEËODJBT
B
ÃSFB
NBJT
WBMPSJ[BEB
EF
.PTTPSÓ
QBSB
FTTF
UJQP
EF
DPOTUSVÉÈP

Ê
P
CBJSSP
EF
i/PWB
#FUÄOJBu
OÈP
TF
MJNJUBOEP
QPSÊN
BQFOBT
B
FTUF
0

CBJSSP
FNCPSB
BJOEB
UFOIB
P
NFUSP
RVBESBEP
NBJT
DBSP
EP
NVOJDÎQJP
QBSB

B
DPOTUSVÉÈP
EF
SFTJEËODJBT
EF
HSBOEF
QPSUF
KÃ
OÈP
Ê
P
ÙOJDP
OB
QSFGFSËODJB

EF
NPSBEJB
EB
$MBTTF
.ÊEJB
"MUB
%VBT
ÃSFBT
FTUÈP
TVSHJOEP
QBSB
DPODPS
SFS
DPN
P
/PWB
#FUÄOJB
"
QSJNFJSB
Ê
B
EP
CBJSSP
i$PTUB
F
4JMWBu
POEF

FTUÈP
JOTUBMBEPT
PT
DBNQVT
EB
6&3/
F
EB
&4".
F
P
$&'&5
4FHVOEP

DPSSFUPSFT
EF
JNÓWFJT
VN
MPUF
QBESÈP
NFEJOEP
Y
NFUSPT
Ê
WFOEJEP

QPS
3
 
OP
$PTUB
F
4JMWB
0
NPUJWP
EFTTB
WBMPSJ[BÉÈP
TFHVOEP

PT
QSPàTTJPOBJT
EP
NFSDBEP
JNPCJMJÃSJP
EF
.PTTPSÓ
Ê
B
DPODFOUSBÉÈP
EF

DBSBT
SFTJEËODJBT
F
DPOEPNÎOJPT
GFDIBEPT
'JHVSBT

F


OB
ÃSFB
WJBCJ
MJ[BEB
QFMB
WBMPSJ[BÉÈP
EFDPSSFOUFT
EBT
EVBT
JOTUJUVJÉ×FT
QÙCMJDBT
EF
&OTJ
OP
4VQFSJPS
EB
$JEBEF
F
EP
$&'&5
"
PVUSB
ÃSFB
RVF
FTUÃ
TF
WBMPSJ[BOEP

SBQJEBNFOUF
UBNCÊN
Ê
B
EP
-PUFBNFOUP
i(VSJMBOEJBu
OBT
JNFEJBÉ×FT
EP

)PUFM
i5IFSNBTu
0
MPUFBNFOUP
BQFTBS
EF
FTUBS
QSÓYJNP
B
VNB
ÃSFB
EF

QFSJGFSJB
&TUSBEB
EB
3BJ[

UFNTF
WBMPSJ[BEP
CBTUBOUF
"DSFEJUBNPT
RVF

FTTB
WBMPSJ[BÉÈP
UFOEB
B
BVNFOUBS
QPJT
BT
PCSBT
DPODMVÎEBT
FN
EF[FNCSP
EF


+PSOBM
i(B[FUB
EP
0FTUFu
DBEFSOP
.PTTPSÓ
FN



1FTRVJTB
EF
NFSDBEP
GFJUB
FN
KBOFJSP
EF


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 

QBSB
EVQMJDBÉÈP
EB
BWFOJEB
i-BVSP
.POUF
'JMIPu
RVF
MJHB
P
$FOUSP
Æ

#3
TFOUJEP
.PTTPSÓ'PSUBMF[B

UPSOBSÈP
P
BDFTTP
QBSB
P
CBJSSP
NBJT

SÃQJEP
F
TFHVSP

0
RVF
OPT
DIBNB
B
BUFOÉÈP
EJ[
SFTQFJUP
Æ
MPDBMJ[BÉÈP
EFTTFT
OPWPT

MPUFBNFOUPT
EFMJNJUBEPT
OB
$JEBEF
OB
TVB
GBJYB
EF
FYQBOTÈP
VSCBOB
UFOEP

FN
WJTUB
RVF
GPSBN
DPOTUSVÎEPT
FN
ÃSFBT
EF
QFSJGFSJB
EFDPSSFOEP
EBÎ
BM
HVNBT
RVFTU×FT
GVOEBNFOUBJT
1BSB
RVF
BT
SFTJEËODJBT
QVEFTTFN
TFS
DPOT
USVÎEBT
F
PDVQBEBT
FSB
JOEJTQFOTÃWFM
VNB
JOGSBFTUSVUVSB
NÎOJNB
DPNP

TBOFBNFOUP
CÃTJDP
ÃHVB
F
MV[
RVF
UBNCÊN
CFOFàDJB
PT
FTQBÉPT
RVF
TF
MP
DBMJ[BWBN
FOUSF
P
$FOUSP
EB
$JEBEF
F
P
QSÓQSJP
DPOKVOUP
VSCBOP
/PSNBM
NFOUF
FTTBT
ÃSFBT
TF
DPOTUJUVÎBN
BUÊ
FOUÈP
FN
ÃSFBT
TFN
OFOIVN
WBMPS
OP

NFSDBEP
EF
UFSSBT
QBTTBOEP
DPN
JTUP
B
BERVJSJMP
"TTJN
PT
MPUFBNFOUPT

 QPTUFSJPSNFOUF
DPOEPNÎOJPT
Æ
NFEJEB
RVF
DPOTUSPFN
OPWBT
UFSSJUPSJBMJ
EBEFT
VSCBOBT

QBTTBSBN
B
TFS
QSPEVUPSFT
EF
FYUFSOBMJEBEFT
QPTJUJWBT
QBSB

P
DBQJUBM
WJTUP
RVF
DSJBN
DPOEJÉ×FT
GBWPSÃWFJT
Æ
TVB
SFQSPEVÉÈP

)LJXUD±&RQVWUXomRGHFDVDVHPFRQGRPtQLRIHFKDGR
)RWR$ULVWRWHOLQD

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

)LJXUD±ÈUHDGHOD]HUHPXPGRVFRQGRPtQLRVIHFKDGRVQREDLUURGH1RYD%HWkQLD
)RWR$ULVWRWHOLQD

&TTB
EJOÄNJDB
TF
EF
VN
MBEP
TF
FTUSVUVSB
F
TF
SFQSPEV[
B
QBSUJS
EB

MÓHJDB
F
EPT
NFDBOJTNPT
RVF
SFHVMBN
P
.FSDBEP
*NPCJMJÃSJP
BUSBWÊT
EPT

EJGFSFOUFT
JOUFSFTTFT
F
EBT
BÉ×FT
EPT
EJWFSTPT
BHFOUFT
TPDJBJT
RVF
QBSUJDJQBN

EP
QSPDFTTP
EF
SF
QSPEVÉÈP
EP
FTQBÉP
VSCBOP
MPDBM
EF
PVUSP
OÈP
TF
GB[

EFTWJODVMBEB
EBT
BÉ×FT
F
EBT
JOUFSWFOÉ×FT
QPTUBT
FN
QSÃUJDB
QFMP
&TUBEP

BRVJ
FOUFOEJEP
B
1SFGFJUVSB
.VOJDJQBM

"
BUVBÉÈP
EP
&TUBEP
OB
PSHBOJ[BÉÈP
FTQBDJBM
EB
$JEBEF
TF
GB[
EF
GPSNB

DPNQMFYB
F
WBSJÃWFM
UBOUP
OP
FTQBÉP
RVBOUP
OP
UFNQP
SFáFUJOEP
B
EJOÄNJDB

EB
TPDJFEBEF
EB
RVBM
Ê
QBSUF
DPOTUJUVJOUF
%FTTB
GPSNB
BJOEB
RVF
TFKBN

EJWFSTBT
BT
QPTTJCJMJEBEFT
EF
BÉÈP
EP
&TUBEP
TVB
FGFUJWBÉÈP
F
QSPDFTTBNFOUP

OB
$JEBEF
OÈP
TF
GB[FN
EF
GPSNB
OFVUSB
BDJNB
EBT
DMBTTFT
TPDJBJT
F
EPT
DPO
áJUPT
JOFSFOUFT
Æ
TPDJFEBEF
DBQJUBMJTUB
4VBT
BÉ×FT
USBEV[FN
EJSFUB
PV
JOEJ
SFUBNFOUF
UBOUP
PT
FNCBUFT
RVBOUP
BT
BMJBOÉBT
QSPNPWJEBT
QFMPT
EJGFSFOUFT

BHFOUFT
TPDJBJT
VSCBOPT
JNQSJNJOEP
OFTTBT
BÉ×FT
P
TFV
DPOUFÙEP
EF
DMBTTF

"T
BÉ×FT
EF
JOGSBFTUSVUVSB
FTUÈP
GBWPSFDFOEP
P
TVSHJNFOUP
EF
OPWBT

ÃSFBT
WBMPSJ[BEBT
m
EVQMJDBÉÈP
F
NFMIPSJBT
EBT
BWFOJEBT
F
BDFTTP
F
QSJODJ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
QBMNFOUF
P
TBOFBNFOUP
CÃTJDP
UËN
BVNFOUBEP
P
WBMPS
EPT
CBJSSPT
%PJT

GBUPSFT
TÈP
FTTFODJBJT
OB
WBMPSJ[BÉÈP
EB
UFSSB
VSCBOB
FN
QSJNFJSP
MVHBS
B

MPDBMJ[BÉÈP
F
FN
TFHVOEP
MVHBS
PT
TFSWJÉPT
QÙCMJDPT
"
MPDBMJ[BÉÈP
EF
VN

UFSSFOP
VSCBOP
SFGFSFTF
Æ
TVB
BDFTTJCJMJEBEF
B
UPEPT
PT
EFNBJT
QPOUPT
EB

$JEBEF
FTQFDJBMNFOUF
B
QPOUPT
WBMPSJ[BEPT

&N
DPOUSBQPOUP
BPT
BMUPT
WBMPSFT
EPT
BQBSUBNFOUPT
EP
$FOUSP
F
EP

CBJSSP
i/PWB
#FUÄOJBu
POEF
OFN
TFNQSF
TF
BERVJSFN
JNÓWFJT
QBSB
DVN
QSJS
P
TFV
QSJODÎQJP
CÃTJDP
m
P
EF
NPSBEJB
NBT
P
EF
FTQFDVMBÉÈP
B
FYQBO
TÈP
EP
DBQJUBM
JNPCJMJÃSJP
USBOTGPSNBOEP
P
TPMP
VSCBOP
FN
NFSDBEPSJB
F

SFWBMPSJ[BOEPP
BUSBWÊT
EB
DPOTUSVÉÈP
EF
FEJGÎDJPT
FOUSB
FN
DPOUSBQPTJÉÈP

DPN
B
VSCBOJ[BÉÈP
FTQPOUÄOFB
EPT
iJOWBTPSFTu
BMIFJB
ÆT
OPSNBT
NVOJDJQBJT

EF
DPOTUSVÉÈP
4FHVOEP
P
DFOTP
EFNPHSÃàDP
m
*#(&
IÃ
VN
iEÊàDJUu

IBCJUBDJPOBM
EF

NPSBEJBT
DPSSFTQPOEFOEP
B
 
EPT
JNÓWFJT

FYJTUFOUFT
OB
$JEBEF
%BÎ
P
BVNFOUP
EP
OÙNFSP
EF
GBWFMBT
F
TVCNPSBEJBT

FYJTUFOUFT
OPT
EJWFSTPT
CBJSSPT
/FTTF
TFOUJEP
FOUFOEFNPT
RVF
B
TFHSFHB
ÉÈP
EFTTFT
NPSBEPSFT
FN
GBWFMBT
F
TVCNPSBEJBT
EB
$JEBEF
UBNCÊN
FTUÃ

EJSFUB
PV
JOEJSFUBNFOUF
BTTPDJBEB
B
VN
DPOKVOUP
EF
BÉ×FT
EF
EJSFUSJ[FT
F

EF
JOTUSVNFOUPT
MFHBJT
QPTUPT
FN
QSÃUJDB
QFMB
1SFGFJUVSB
.VOJDJQBM
B
àN

EF
WJBCJMJ[BS
VNB
EJOÄNJDB
EF
SF
QSPEVÉÈP
FTQBDJBM
RVF
HBSBOUB
B
SBDJPOB
MJEBEF
F
B
GVODJPOBMJEBEF
SFRVFSJEBT
QPS
VN
QSPKFUP
EF
PSHBOJ[BÉÈP
EB
$J
EBEF
&TTB
EJOÄNJDB
TF
OPSUFJB
IFHFNPOJDBNFOUF
QFMPT
JOUFSFTTFT
EP
DBQJUBM

F
EBT
DMBTTFT
TPDJBJT
NBJT
BCBTUBEBT
m
PT
TFHNFOUPT
TPDJBJT
RVF
TVTUFOUBN
P

QPEFS
QPMÎUJDP
QPJT
FTUF
HBSBOUF
B
PSHBOJ[BÉÈP
F
B
FYQBOTÈP
EB
$JEBEF
RVF

CFOFàDJBN
FTTFT
BUPSFT
IFHFNÔOJDPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

$&LGDGH5H&RQVWUXtGD D6HJUHJDomR6RFLRHFRQ{PLFDH
D3URGXomR(VSRQWkQHDGD&LGDGH

"T
USBOTGPSNBÉ×FT
PDPSSJEBT
OBT
ÙMUJNBT
EÊDBEBT
F
PT
QSPCMFNBT
RVF

BT
DJEBEFT
CSBTJMFJSBT
FOGSFOUBN
IPKF
TÈP
EFDPSSFOUFT
EP
TFV
SÃQJEP
DSFTDJ
NFOUP
SFTVMUBEP
TFN
EÙWJEB
EP
BDFMFSBEP
QSPDFTTP
EF
VSCBOJ[BÉÈP
B
RVF

FTUÈP
TVCNFUJEBT
NFTNP
BT
QFRVFOBT
DJEBEFT
RVF
TF
JOTFSFN
UBNCÊN
OP

GFOÔNFOP
EB
PQÉÈP
QFMB
WJEB
VSCBOB
EB
NBJPSJB
EBT
QFTTPBT

1BSB
TF
FOUFOEFS
P
DSFTDJNFOUP
EB
DJEBEF
Ê
OFDFTTÃSJP
SFáFUJS
VN

QPVDP
TPCSF
P
NPEP
DPNP
FMB
DSFTDF
*OÙNFSPT
TÈP
PT
GBUPSFT
RVF
QSPNP
WFN
B
TVB
VSCBOJ[BÉÈP
F
BDFMFSBN
P
TFV
DSFTDJNFOUP
QPQVMBDJPOBM
"T
USBOT
GPSNBÉ×FT
TJHOJàDBUJWBT
PDPSSJEBT
FN
SFMBÉÈP
BP
DSFTDJNFOUP
EF
.PTTPSÓ

DPNFÉBN
TFN
EÙWJEB
DPN
P
BVNFOUP
EF
TVB
QPQVMBÉÈP
&MB
QBTTPV
EF


QFTTPBT
FN

QBSB

FN

5BCFMB


*TTP
SFQSFTFO
UB
B
EVQMJDBÉÈP
EF
TVB
QPQVMBÉÈP
OFTTF
QFSÎPEP
5BM
SJUNP
EF
DSFTDJNFOUP
Ê

VN
GFOÔNFOP
RVF
BQFTBS
EF
PDPSSFS
FN
OÎWFM
OBDJPOBM
FN
BMHVNBT
DJEBEFT

BT
TJOHVMBSJEBEFT
EFTTF
QSPDFTTP
GB[FN
B
EJGFSFOÉB
/P
DBTP
EF
.PTTPSÓ

FTTBT
QBSUJDVMBSJEBEFT
FTUÈP
SFMBDJPOBEBT
DPN
B
EJOÄNJDB
FDPOÔNJDB
SFQSP
EV[JEB
OB
$JEBEF
F
OB
TVB
3FHJÈP

7DEHOD±3RSXODomRDEVROXWDXUEDQDHUXUDOGR
PXQLFtSLRGH0RVVRUy

3RSXODomR 7D[DGH
$QR 3RSXODomRWRWDO 3RSXODomRUXUDO
XUEDQD 8UEDQL]DomR
    
    
     
     
    
    
    

)RQWH,%*(
,QFOXLRVDWXDLVPXQLFtSLRVGH*RYHUQDGRU'L[6HSW5RVDGR%DUD~QDVHSDUWHGH6HUUD
GR0HO
,QFOXLRDWXDOPXQLFtSLRGH%DUD~QDVHSDUWHGH6HUUDGR0HO

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 /B
BOÃMJTF
EFNPHSÃàDB
OP
FTQBÉP
UFNQPSBM
EFTUF
FTUVEP

B



TJOHVMBSNFOUF
OP
$FOTP
%FNPHSÃàDP
SFBMJ[BEP
FN

WFSJàDB
NPT
RVF
B
QPQVMBÉÈP
VSCBOB
BVNFOUPV
BTTJN
DPNP
B
SVSBM
0
BVNFOUP
EB

QPQVMBÉÈP
VSCBOB
TFSJB
VN
DPNQPSUBNFOUP
FTQFSBEP
F
TFNFMIBOUFNFOUF

PCTFSWBEP
OPT
EFNBJT
NVOJDÎQJPT
CSBTJMFJSPT
OP
QSFTFOUF
QFSÎPEP
+Ã
P
BV
NFOUP
EB
QPQVMBÉÈP
SVSBM
OÈP
TF
DPOàHVSBWB
DPNP
EFOUSP
EP
DPNQPSUB
NFOUP
EFNPHSÃàDP
EP
1BÎT

"T
IJQÓUFTFT
FYQMJDBUJWBT
EFTTF
GFOÔNFOP
QBTTBN
QFMPT
QSPDFTTPT
RVF

PDPSSFSBN
OP
àOBM
EB
EÊDBEB
EF

F
JOÎDJP
EB
EÊDBEB
TFHVJOUF

EF
BDPS
EP
DPNP
BQSFTFOUBNPT
OP
TFHVOEP
DBQÎUVMP
EFTUF
USBCBMIP
P
.VOJDÎQJP

SFDFCFV
OPWBT
FDPOPNJBT
FN
TFV
UFSSJUÓSJP
QSPEV[JOEP
NVEBOÉBT
OB
TVB

FTUSVUVSB
QSPEVUJWB
CFN
DPNP
OB
4PDJFEBEF

/FTTF
QFSÎPEP
DPOTPMJEPVTF
B
NFDBOJ[BÉÈP
TBMJOFJSB
RVF
USBOTGF
SJV
QBSUF
EP
USBCBMIP
EF
NPBHFN
F
SFàOP
EP
TBM
QBSB
JOTUBMBÉ×FT
VSCBOBT

"TTJN
.PTTPSÓ
DPOTPMJEBTF
DPNP
DFOUSP
EF
NPBHFN
EB
TVB
ÃSFB
TBMJOFJSB

m
"SFJB
#SBODB
F
(SPTTPT
"
SFGFSJEB
NFDBOJ[BÉÈP
EFTFNQSFHPV
VN
DPOUJO
HFOUF
FOPSNF
EF
USBCBMIBEPSFT
EBT
TBMJOBT
TFOEP
FTUFT
BUSBÎEPT
QBSB
B
ÃSFB

VSCBOB
EF
.PTTPSÓ
POEF
BT
BÉ×FT
EF
HPWFSOP
DSJBWBN
FNQSFHPT
OBT
PCSBT

EF
DPOTUSVÉÈP
RVF
GPSBN
JNQMFNFOUBEBT
OB
$JEBEF
DPNP
B
DPOTUSVÉÈP
EP

i$BNQVTu
6OJWFSTJUÃSJP
EP
QSÊEJP
EP
*/44
F
EPT
$POKVOUPT
)BCJUBDJP
OBJT
B
àN
EF
NJOJNJ[BS
P
EFTFNQSFHP

6NB
PVUSB
BUJWJEBEF
B
QSPNPWFS
NVEBOÉBT
FTUSVUVSBJT
OP
.VOJDÎQJP

F
EF
NPEP
FTQFDJBM
OB
$JEBEF
GPJ
B
GSVUJDVMUVSB
JSSJHBEB
RVF
TF
DPOTPMJEPV

UBNCÊN
OFTTF
QFSÎPEP
P
RVF
DFSUBNFOUF
QPS
NFJP
EBT
BHSPJOEÙTUSJBT
EB

ÊQPDB
m
."*4"
4ÈP
+PÈP
F
EF
PVUSBT
UBOUBT
FNQSFTBT
BUSBJOEP
QBSB
B
ÃSFB

SVSBM
NVJUBT
GBNÎMJBT
Ê
P
DBTP
EB
7JMB
EB
."*4"
RVF
QPTTVJ

NPSBEJBT


DPOUSJCVJV
QBSB
P
BVNFOUP
EB
QPQVMBÉÈP
SVSBM

"
BUJWJEBEF
QFUSPMÎGFSB
JOTUBMBEB
FN

RVF
USPVYF
DPOTJHP
WÃSJBT

FNQSFTBT
QSFTUBEPSBT
EF
TFSWJÉP
QBSB
B
$JEBEF
EJOBNJ[BOEP
UPEPT
PT
TFUP
SFT
EF
DPNÊSDJP
F
TFSWJÉPT
MPDBJT
UBNCÊN
GPJ
PVUSB
BUJWJEBEF
RVF
DPOUSJ
CVJV
QBSB
B
FGFUJWBÉÈP
EF
JNQPSUBOUFT
NVEBOÉBT
FTUSVUVSBJT
OP
.VOJDÎQJP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

FN
DVKBT
FTUSVUVSBT
F
EFNBOEBT
TPDJPFDPOÔNJDBT
FTTB
SFFTUSVUVSBÉÈP
QSPEV
UJWB
QSPWPDPV
HSBOEFT
NPEJàDBÉ×FT
"DSFEJUBNPT
QPSUBOUP
RVF
B
JOTFSÉÈP

EFTTBT
USËT
BUJWJEBEFT
FDPOÔNJDBT
DPOUSJCVJV
QBSB
P
BVNFOUP
EB
QPQVMBÉÈP

UBOUP
VSCBOB
RVBOUP
SVSBM
EF
.PTTPSÓ
MFWBOUBEB
OP
$FOTP
EF


/BT
EÊDBEBT
TFHVJOUFT
B

P
BVNFOUP
EB
QPQVMBÉÈP
VSCBOB

DPOUJOVPV
B
DSFTDFS
QPJT
B
QPSDFOUBHFN
EF

FSB
EF
 
QBTTBOEP

FN

QBSB
 
EB
QPQVMBÉÈP
EP
.VOJDÎQJP
DPODFOUSBEB
OB
$JEBEF

.PTTPSÓ
OFTTF
QFSÎPEP
àDPV
FOUSF
PT
EF[
.VOJDÎQJPT
EP
/PSEFTUF
RVF
UJ
WFSBN
DSFTDJNFOUP
EFNPHSÃàDP
FOUSF

F

BOP
OBT
EÊDBEBT
EF

F


2VBESP


RVBOEP
DFSUBNFOUF
IPVWF
JNJHSBÉÈP
QPTJUJWB
EF
EJNFOTÈP

DPOTJEFSÃWFM

(QWUHDDRDQR ,JXDORXPDLRUTXHDRDQR
*HUDLVGH%DOVD 0$ *XDUDSL 0$
7HUHVLQD 3, 6mR/XLV
)RUWDOH]D &( ,PSHUDWUL]
1DWDO 51 3DFDMXV &(
0RVVRUy 3HWUROLQD 3(
-RmR3HVVRD 3% 6HUWmRGR6mR)UDQFLVFR $/
0DFHLy $/ $UDFDMX 6(
-HUHPRDER %$ %DUUHLUDV %$
6DOYDGRU
6HQKRUGR%RQ¿P

4XDGUR±0XQLFtSLRVGR1RUGHVWHFRPPDLRUFUHVFLPHQWRGHPRJUi¿FR±
)RQWH,%*(&HQVRV'HPRJUi¿FRVGHH

"T
BOÃMJTFT
NBJT
SFDFOUFT
EP
DSFTDJNFOUP
EFNPHSÃàDP
NPTTPSPFOTF

UJWFSBN
TFVT
SFTVMUBEPT
EJWVMHBEPT
FN
EF[FNCSP
EF

OB
QFTRVJTB
SFB
MJ[BEB
QFMP
*#(&
m
i5FOEËODJBT
%FNPHSÃàDBTu
&TTFT
SFTVMUBEPT
BQPOUBN

RVF
.PTTPSÓ
HBOIPV
NBJT

IBCJUBOUFT
FOUSF
PT
BOPT
EF

F


P
RVF
SFWFMB
RVF
B
QPQVMBÉÈP
DSFTDFV

FN
SFMBÉÈP
BP
ÙMUJNP
$FOTP
FN


DIFHBOEP
B

IBCJUBOUFT
FN

$PN
JTTP
P
DSFT
DJNFOUP
QPQVMBDJPOBM
EB
DBQJUBM
EP
PFTUF
QPUJHVBS
FTUÃ
BDJNB
EB
NÊEJB

OBDJPOBM
RVF
àDPV
FOUSF

F
 
OP
NFTNP
QFSÎPEP
DPMPDBOEP
.PTTPSÓ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
FOUSF
PT
 
EPT
NVOJDÎQJPT
CSBTJMFJSPT
RVF
UJWFSBN
DSFTDJNFOUP
QPQV
MBDJPOBM
DPOTJEFSBEP
NFEJBOP
QFMP
*#(&
FTUBOEP
BTTJN
OP
NFTNP
OÎWFM
EF

DSFTDJNFOUP
EF
DJEBEFT
DPNP
/BUBM
'PSUBMF[B
F
4BMWBEPS

4FHVOEP
P
EJSFUPS
EB
BHËODJB
MPDBM
EP
*#(&
WÃSJPT
GBUPSFT
DPOUSJCV
ÎSBN
QBSB
FTTF
DSFTDJNFOUP
BDJNB
EPT
QBES×FT
FOUSF
FTUFT
FMF
EFTUBDB
RVF

i.PTTPSÓ
UFN
VNB
BHSJDVMUVSB
JSSJHBEB
EFTFOWPMWJEB
F
VNB
CBTF
EB
1FUSPCSBT
JTTP

BDBCB
BUSBJOEP
NVJUB
HFOUF
QBSB
B
DJEBEFu
0VUSP
GBUPS
RVF
DPOUSJCVJ
QBSB
P

áVYP
NJHSBUÓSJP
OB
$JEBEF
Ê
P
GBUP
EF
.PTTPSÓ
TFS
B
ÙOJDB
$JEBEF
FRÛJ
EJTUBOUF
EF
/BUBM
F
'PSUBMF[B
B
QPTTVJS
USËT
JOTUJUVJÉ×FT
QÙCMJDBT
EF
HSBOEF

QPSUF
EVBT
EF
&OTJOP
4VQFSJPS
6&3/
F
&4".

F
VNB
UÊDOJDPQSPàTTJP
OBMJ[BOUF
$&'&5

P
RVF
QSPNPWF
B
BUSBÉÈP
EF
FTUVEBOUFT
EB
SFHJÈP
PFTUF

EP
&TUBEP
F
EF
DJEBEFT
EPT
FTUBEPT
EP
$FBSÃ
F
1BSBÎCB

/B
QFTRVJTB
TVQSBDJUBEB
RVBOUP
BP
DPNQPSUBNFOUP
EF
DSFTDJNFOUP

EB
QPQVMBÉÈP
EBT
PVUSBT
DJEBEFT
EP
1BÎT
JEFOUJàDBNPT
RVF

EBT
DJEBEFT

CSBTJMFJSBT
UJWFSBN
VN
DSFTDJNFOUP
OFHBUJWP
&OUSF
FMBT
*MIÊVT
m
#"
F
5F
ÓàMP
0UPOJ
m
.(
"MÊN
EFTUBT

EPT
.VOJDÎQJPT
UJWFSBN
DSFTDJNFOUP

DPOTJEFSBEP
CBJYP

"OBMJTBOEP
BT
NJHSBÉ×FT
OPSEFTUJOBT
OBT
ÙMUJNBT
EÊDBEBT
DPODMVJ
TF
RVF
PT
OPSEFTUJOPT
TBÎSBN
NFOPT
WPMUBSBN
EF
PVUSBT
SFHJ×FT
F
B
SFHJÈP

/PSEFTUF
BJOEB
SFDFCFV
VN
DPOUJOHFOUF
EF
NJHSBOUFT
EF
PVUSBT
SFHJ×FT

"MHVOT
FTUVEPT
EFTTB
TJUVBÉÈP
BàSNBN
RVF
i<>
P
QFTP
EBT
NVEBOÉBT
EFNP
HSÃàDBT
BMJBEBT
BP
EFTFNQFOIP
FDPOÔNJDP
EB
SFHJÈP
QBSFDFN
TFS
EFDJTJWBTu
."3
5*/&
F
80/(

Q


QBSB
B
DPNQSFFOTÈP
EFTTF
DPNQPSUBNFOUP

5FOEP
DPNP
TVQPSUF
UBJT
DPOTJEFSBÉ×FT
QPEFNPT
EJ[FS
RVF
P
JODSF
NFOUP
QPQVMBDJPOBM
VSCBOP
EF
.PTTPSÓ
BQSFTFOUBEP
BUÊ
FOUÈP
SFWFMB
VN

PVUSP
MBEP
NFTNP
EJBOUF
EB
GPSUF
FDPOPNJB
F
EF
TFV
EFTFOWPMWJNFOUP
GBM
UBNMIF
IBCJUBÉ×FT
FN
RVBOUJEBEF
TVàDJFOUF
QBSB
TFVT
IBCJUBOUFT
F
IÃ
VN

OÙNFSP
BJOEB
DPOTJEFSÃWFM
BCBJYP
EPT
QBES×FT
NÎOJNPT
EF
IBCJUBCJMJEBEF

/P
BGÈ
EP
DSFTDJNFOUP
NVUJMBTF
B
$JEBEF
F
BOUFT
RVF
FMB
TF
SFGBÉB
EBT
NV
EBOÉBT
PDPSSJEBT
KÃ
PVUSBT
NVEBOÉBT
FTUÈP
BDPOUFDFOEP
OVNB
WFMPDJEBEF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

TFN
QSFDFEFOUFT
USBOTGPSNBOEP
TVB
QBJTBHFN
FYQBOEJOEPB
QPS
UPEPT
PT

MBEPT
F
QBSB
P
BMUP

'PSNBTF
OB
$JEBEF
VN
TFHNFOUP
EF
$MBTTF
.ÊEJB
RVF
GB[
PQÉÈP

QFMB
WFSUJDBMJ[BÉÈP
EBT
NPSBEJBT
OPT
FEJGÎDJPT
F
DPOEPNÎOJPT
"T
QSJODJQBJT

BWFOJEBT
EF
FOUSBEB
EB
$JEBEF
FTUÈP
TFOEP
EVQMJDBEBT
F
QSPMPOHBEBT
OPWPT

MPUFBNFOUPT
F
QSPKFUPT
SFTJEFODJBJT
TVSHFN
CFOFàDJBOEPTF
EBT
NFMIPSJBT

JNQMFNFOUBEBT
QFMP
1PEFS
1ÙCMJDP
NBT
OVN
SJUNP
TFN
QSFDFEFOUF
UBN
CÊN
TF
EÈP
DPOTUSVÉ×FT
RVF
PDVQBN
PT
FTQBÉPT
EFTPSEFOBEBNFOUF
OBT
QFSJ
GFSJBT
OBT
ÃSFBT
SJCFJSJOIBT
m
BT
GBWFMBT
$PNP
BàSNB
.JMUPO
4BOUPT


Q


OBT
DJEBEFT
i<>
P
BNCJFOUF
DPOTUSVÎEP
Ê
VN
SFUSBUP
EBT
EJWFSTJEBEFT

EBT
DMBTTFT
TPDJBJT
EBT
EJGFSFOÉBT
EF
SFOEBu
0T
CBJSSPT
NBJT
BCBTUBEPT
FDPOP
NJDBNFOUF
TÈP
HFSBMNFOUF
QMBOFKBEPT
F
BNCJFOUBMNFOUF
NBJT
TBVEÃWFJT

"TTJN
BT
DPOTUSVÉ×FT
QPEFSÈP
WJS
B
SFEJNFOTJPOBS
PT
FTQBÉPT
DPOGFSJOEP

WBMPS
JNPCJMJÃSJP
F
DPOTFRÛFOUFNFOUF
GBWPSFDFOEP
B
FTQFDVMBÉÈP

0
DSFTDJNFOUP
EBT
GBWFMBT
DPNQSPNFUF
B
WJEB
OBT
DJEBEFT
GB[FOEP

DPN
RVF
FTTB
EFJYFN
EF
TFS
MPDBMJEBEFT
USBORÛJMBT
QBSB
TF
WJWFS
UPSOBOEPTF

NVJUBT
WF[FT
FTQBÉPT
POEF
DSFTDFN
PT
EFTBKVTUFT
FTQBDJBJT
F
BT
UFOT×FT
TP
DJBJT
DBSBDUFSÎTUJDBT
QSÓQSJBT
EPT
HSBOEFT
DFOUSPT
VSCBOPT
BQFTBS
EF
UPEP
P

QSPHSFTTP
NBUFSJBM
DPOUJEP
FN
.PTTPSÓ
F
EP
JOFHÃWFM
FTGPSÉP
SFBMJ[BEP
QFMB

BENJOJTUSBÉÈP
QÙCMJDB
NVOJDJQBM
QBSB
BUFOVBS
BT
EFTJHVBMEBEFT

"
EJTUSJCVJÉÈP
EBT
SFTJEËODJBT
OP
FTQBÉP
QSPEV[
TVB
EJGFSFODJBÉÈP

TPDJBM
F
IÃ
VNB
FTUSBUJàDBÉÈP
VSCBOB
DPSSFTQPOEFOUF
B
VN
TJTUFNB
EF
FT
USBUJàDBÉÈP
TPDJBM
F
OP
DBTP
FN
RVF
B
EJTUÄODJB
TPDJBM
UFN
VNB
GPSUF
FY
QSFTTÈP
FTQBDJBM
PDPSSF
B
TFHSFHBÉÈP
VSCBOB
4FHVOEP
$BTUFMMT

Q


F


i<>
TF
FOUFOEFSÃ
QPS
TFHSFHBÉÈP
VSCBOB
B
UFOEËODJB
Æ
PSHBOJ[BÉÈP

EP
FTQBÉP
FN
[POBT
EF
GPSUF
IPNPHFOFJEBEF
TPDJBM
JOUFSOB
F
EF
GPSUF
EJTQBSJEBEF

TPDJBM
FOUSF
FMBTu
FNCPSB
SFTTBMUFNPT
RVF
EJGFSFOUF
EF
NVJUPT
BVUPSFT
OÓT

OÈP
DPOTJEFSBNPT
RVF
UPEB
TFQBSBÉÈP
IPNPHËOFB
TFKB
DPOTJEFSBEB
TFHSFHB
EPSB
4FOÈP
WFKBNPT
OPT
DPOGPSUÃWFJT
F
BNQMPT
DPOEPNÎOJPT
GFDIBEPT
OP

CBJSSP
i/PWB
#FUÄOJBu
FTUBSJBN
BMJ
PT
TFVT
NPSBEPSFT
TFHSFHBEPT
/ÈP

.BT
TJN
TFQBSBEPT
SFTHVBSEBEPT
F
CFN
BDPNPEBEPT
QPS
NFJP
EF
VNB
BÉÈP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
WPMVOUÃSJB
QPJT
BMJ
FTUÈP
QPS
MJWSF
WPOUBEF
QPS
FTDPMIB
QSÓQSJB
QPEFOEP

NVEBSTF
B
RVBMRVFS
NPNFOUP
QBSB
POEF
WFOIBN
B
PCUFS
NFMIPSFT
DPOEJ
É×FT
EF
NPSBEJB
$POUVEP
PT
RVF
FTUÈP
OBT
GBWFMBT
PV
OBT
ÃSFBT
SJCFJSJOIBT

FN
QSFDÃSJBT
DPOEJÉ×FT
EF
NPSBEJB
OÈP
FTUÈP
BMJ
QPS
PQÉÈP
NBT
QPS
GBMUB

EFTUB
&TUFT
TJN
OP
OPTTP
FOUFOEJNFOUP
FTUÈP
TFHSFHBEPT
/ÈP
TF
USBUB
EF

VN
DPODFJUP
NFOTVSÃWFM
NBT
EF
VNB
TJUVBÉÈP
DPNQMFYB
RVF
FOWPMWF
B
WJP
MËODJB
B
JOGPSNBMJEBEF
B
JSSFHVMBSJEBEF
B
QPCSF[B
F
B
CBJYB
FTDPMBSJEBEF
"

JMFHBMJEBEF
Ê
TFN
EÙWJEB
VN
DSJUÊSJP
RVF
QFSNJUF
B
BQMJDBÉÈP
EF
DPODFJUPT

DPNP
iTFHSFHBÉÈPu

"OBMJTBOEP
PT
SFTVMUBEPT
EB
QFTRVJTB
i$BSBDUFSÎTUJDBT
EB
QPQVMBÉÈP

F
EPT
EPNJDÎMJPT
m
u
SFBMJ[BEB
QFMP
*#(&
WFSJàDBNPT
RVF
PT
SFTVMUB
EPT
SFGFSFOUFT
B
i.PSBEPSFT
FN
EPNJDÎMJPT
QBSUJDVMBSFT
QFSNBOFOUFT
QPS

DMBTTF
EF
SFOEJNFOUP
OPNJOBM
NFOTBM
EB
QFTTPB
SFTQPOTÃWFM
QFMP
EPNJDÎMJP

TFHVOEP
PT
CBJSSPTu
SFWFMBN
RVF
NBJT
EF

EPT
SFTQPOTÃWFJT
QPS
TFVT

EPNJDÎMJPT
OPT
CBJSSPT
EF
/PWB
#FUÄOJB
$FOUSP
F
1SFT
$PTUB
F
4JMWB
SFDF
CFN
NFOTBMNFOUF
BDJNB
EF

TBMÃSJPT
TFOEP
RVF
FN
/PWB
#FUÄOJB
 

SFDFCFN
BDJNB
EF

TBMÃSJPT
NÎOJNPT
&N
DPOUSBQPTJÉÈP
NBJT
EF


EPT
NPSBEPSFT
EPT
CBJSSPT
i#BSSPDBTu
i%JY4FQU
3PTBEPu
F
i%PN
+BJNF

$ÄNBSBu
SFDFCFN
OP
NÃYJNP

TBMÃSJPT
NÎOJNPT
+Ã
OP
#PN
+FTVT
FTTF

VOJWFSTP
DIFHB
B
 
EPT
RVF
BMJ
SFTJEFN

4FHVOEP
EBEPT
EB
4FDSFUBSJB
.VOJDJQBM
EP
%FTFOWPMWJNFOUP
5FSSJ
UPSJBM
F
.FJP
"NCJFOUF
m
4&%&5&."

B
DJEBEF
QPTTVJ

GBWFMBT
5BCFMB



EJTUSJCVÎEBT
QPS
EJWFSTPT
CBJSSPT
"QFTBS
EFTUFT
EBEPT
TFSFN
PàDJBJT

OÈP
TÈP
QSFDJTPT
QPJT
P
OÙNFSP
EF
DBTFCSFT
BVNFOUB
B
DBEB
EJB
OBT
EJWFSTBT

GBWFMBT
"DSFEJUBNPT
RVF
FTTF
OÙNFSP
TFKB
NBJPS
IBKB
WJTUB
P
OÙNFSP
EF
GB
WFMBT
EJWVMHBEP
QFMP
ÓSHÈP
TVQSBDJUBEP
FN
BOPT
BOUFSJPSFT
.FTNP
IBWFOEP

VNB
QPMÎUJDB
EB
1SFGFJUVSB
RVF
PCKFUJWB
B
SFBMJ[BÉÈP
EF
BÉ×FT
EF
NFMIPSJBT

JOGSBFTUSVUVSBJT
F
EF
FSSBEJDBÉÈP
EBT
GBWFMBT
EB
$JEBEF
DPN
B
VSCBOJ[BÉÈP

EPT
FTQBÉPT
NFMIPSJB
OB
RVBMJEBEF
EF
TVB
BSRVJUFUVSB
PT
DBTFCSFT
EF
UBJQB

TÈP
TVCTUJUVÎEPT
QPS
QFRVFOBT
DBTBT
EF
BMWFOBSJB
QBESPOJ[BEBT
DPN
CBOIFJ
SPT

NFTNP
BTTJN
OÈP
IBWFSJB
EF
UFS
SFEV[JEP
FN
NBJT
EF

EF
VN
BOP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

QBSB
PVUSP
B
TBCFS
FN

m

GBWFMBT

m

GBWFMBT
F
FN


m

GBWFMBT

7DEHOD±)DYHODVGDFLGDGHHP

1žGH
,WHP )DYHODV %DLUUR 3RSXODomR
+DELWDo}HV
 7Y*HQHUDO3pULFOHV $OWRGH6mR0DQRHO  
 'DV)ORUHV $OWRGH6mR0DQRHO  
 'R3LULFKLR $OWRGH6mR0DQRHO  
 5HGHQomR %DLUUR5HGHQomR  
 'D5RVD %HOR+RUL]RQWH  
 )DYHODGD)XPDoD 'L[6HSW5RVDGR  
 7UDQTXLOLP 'RP-DLPH&kPDUD  
 GH6HWHPEUR 3UHVLGHQWH&RVWDH6LOYD  
 3UHVLGHQWH&RVWDH6LOYD 3UHVLGHQWH&RVWDH6LOYD  
 :LOVRQ5RVDGR 5HGHQomR  
 6HP7HUUDV 6DQWD'HOPLUD  
727$,6  

)RQWH6HFUHWDULD0XQLFLSDOGR'HVHQYROYLPHQWR7HUULWRULDOH0HLR$PELHQWH 6('(7(0$

"MHVNBT
GBWFMBT
EB
$JEBEF
FTUÈP
MPDBMJ[BEBT
FN
ÃSFBT
JOWBEJEBT
QFS
UFODFOUFT
Æ
1SFGFJUVSB
&TUBEP
F
6OJÈP
"T
GBWFMBT
JOWBEJEBT
OP
QFSÎNFUSP

VSCBOP
F
DPOTJEFSBEBT
JSSFHVMBSFT
TÈP
BT
GBWFMBT
EP
1JSSJDIJP
5FSSFOP
EB

&4".

'BWFMB
EBT
'MPSFT
$BOBM
%JY)VJU
3PTBEP

'BWFMB
EP
5SBORVJMJN

-PUFBNFOUP
i%PN
+BJNF
$ÄNBSBu

'BWFMB
EP
8JMTPO
3PTBEP
MJOIB
EF

USBOTNJTTÈP
EB
$IFTG

'BWFMB
EPT
4FN
5FSSBT
-PUFBNFOUP
i'MPSÄOJBu

F

'BWFMB
EB
3PTB
¦SFB
EB
1..
OP
$POKVOUP
i3PTBMCB
$JBSMJOJ
*u


"
JOGSBFTUSVUVSB
EBT
GBWFMBT
Ê
FYUSFNBNFOUF
QSFDÃSJB
BT
TVCNPSB
EJBT
OB
HSBOEF
NBJPSJB
TÈP
DPOTUSVÎEBT
EF
QMÃTUJDP
QBQFMÈP
CBSSP
BSHJMB


F
WFHFUBÉÈP
MPDBM
4FVT
DÔNPEPT
HFSBMNFOUF
TÈP
EF
BQFOBT
VN
WÈP
POEF

EJWJEFN
PT
FTQBÉPT
WÃSJBT
QFTTPBT
OÈP
QPTTVJOEP
CBOIFJSP
OFN
NFTNP

DPMFUJWP
/P
RVF
TF
SFGFSF
BPT
TFSWJÉPT
CÃTJDPT
DPNP
FOFSHJB
ÃHVB
F
TBOF
BNFOUP
B
TJUVBÉÈP
Ê
QSFDÃSJB
VNB
WF[
RVF
B
QPQVMBÉÈP
SFDPSSF
Æ
FOFSHJB

DMBOEFTUJOB
F
OB
NBJPSJB
EBT
WF[FT
OÈP
DPOUB
DPN
ÃHVB
FODBOBEB
OFN

TBOFBNFOUP
CÃTJDP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 2VBOUP
BP
QFSàM
EPT
NPSBEPSFT
EBT
GBWFMBT
EF
.PTTPSÓ
4PBSFT



BP
EFTFOWPMWFS
QFTRVJTB
FN
VNB
EBT
HSBOEFT
GBWFMBT
EB
$JEBEF
m
B
GBWFMB
EB

&4".

RVF
DPOUBWB
DPN

DBTBT
DPOTUBUPV
RVF
 
EPT
NPSBEPSFT

FSBN
PSJHJOBEPT
EF
PVUSPT
NVOJDÎQJPT
EP
JOUFSJPS
EP
&TUBEP
PV
EF
FTUBEPT

WJ[JOIPT
%FOUSF
BT
DJEBEFT
RVF
NBJT
DPOUSJCVÎSBN
DPN
PT
NJHSBOUFT
SFTJ
EFOUFT
OB
GBWFMB
TFHVOEP
PT
RVFTUJPOÃSJPT
SFTQPOEJEPT
F
BOBMJTBEPT
OB
QFT
RVJTB
TVQSBDJUBEB
EFTUBDBNTF
+VDVSVUV
*QBOHVBÉV
$VSSBJT/PWPT
4FSSB

EP
.FM
(SPTTPT
.BDBV
"SFJB
#SBODB
F
"ÉV
UPEPT
EP
3/
F
#SFKP
EP
$SV[

F
$BUPMÊ
EP
3PDIB
EB
1#
F
3VTTBT
EP
$&

"
NJHSBÉÈP
TPGSJEB
QPS
.PTTPSÓ
UBNCÊN
GPJ
FTUVEBEB
QPS
'FMJQF


Q

4FHVOEP
FMF

<>
B
DJEBEF
BQSFTFOUB
BT
NFTNBT
NB[FMBT
EB
NBJPSJB
EBT
DJEBEFT

CSBTJMFJSBT
POEF
BT
JOGSBFTUSVUVSBT
UËN
EJàDVMEBEFT
EF
BDPNQBOIBS

PT
QSPDFTTPT
WFMP[FT
EF
DPOTUSVÉÈP
EF
OPWPT
FTQBÉPT
QSJODJQBMNFOUF

OFTTBT
VMUJNBT
EÊDBEBT
QFMBT
NVEBOÉBT
OP
QSPDFTTP
NJHSBUÓSJP
RVF

UFN
BHPSB
OPT
FTQBÉPT
JOUSBSFHJPOBM
B
NBJPSJB
EPT
TFVT
EFTUJOPT

.PTTPSÓ
F
B
SFHJÈP
EF
/BUBM
TÈP
EPJT
EPT
NBJPSFT
DFOUSPT
EF
SFDFCJ
NFOUP
EPT
RVF
WËN
EP
JOUFSJPS
EP
&TUBEP

5PEBT
BT
USBOTGPSNBÉ×FT
FDPOÔNJDBT
RVF
B
$JEBEF
WFN
WJWFODJBOEP

GBWPSFDFN
Æ
NJHSBÉÈP
EF
QFTTPBT
WJOEBT
EP
JOUFSJPS
FN
CVTDB
EF
NFMIPSFT

DPOEJÉ×FT
EF
WJEB
P
RVF
OFN
TFNQSF
PDPSSF
QPJT
B
$JEBEF
OÈP
DPOTFHVF

BCTPSWFS
UPEB
B
NÈPEFPCSB
RVF
QBSB
FMB
NJHSB
HFSBMNFOUF
PSJVOEB
EP

NFJP
SVSBM
PV
EF
QFRVFOBT
DJEBEFT
TPCSF
BT
RVBJT
.PTTPSÓ
FYFSDF
JOáV
ËODJB
SFTVMUBOEP
FN
VN
DPOUJOHFOUF
DPOTJEFSÃWFM
EF
EFTFNQSFHBEPT
PV

TVCFNQSFHBEPT
&TUB
TJUVBÉÈP
Ê
EFTDSJUB
QPS
(JBDPNJOJ

Q

QPJT

TFHVOEP
FMF

0
GBWFMFJSP
OB
NBJPSJB
NJHSBOUF
RVF
TF
WË
QPS
VN
MBEP
WÎUJNB
EBT

NVEBOÉBT
PDPSSJEBT
OP
DBNQP
F
QPS
PVUSP
MBEP
BUSBÎEP
QFMB
QSPQB
HBOEB
WJOEP
QBSB
PT
HSBOEFT
DFOUSPT
OB
FTQFSBOÉB
EF
NFMIPSJBT
EF


/B
ÊQPDB
BOP
EF


EBEPT
PàDJBJT
EB
4&%&5&."
SFHJTUSBWBN
BQFOBT

DBTBT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 RVBMJEBEF
EF
WJEB
7FN
QPSUBOUP
DPN
FYQFDUBUJWB
EF
FNQSFHPT

RVF
USBHBN
VNB
FTUBCJMJEBEF
B
TJ
QSÓQSJP
F
Æ
GBNÎMJB
CFN
DPNP
B

FYQFDUBUJWB
EF
VN
FOSJRVFDJNFOUP
DVMUVSBM
&ODPOUSBTF
UPEBWJB

VNB
WF[
NBJT
WÎUJNB
EF
VNB
TÊSJF
EF
EFTFRVJMÎCSJPT
TFOEP
RVF
VN

EPT
NBJT
HSBWFT
Ê
B
DPOEJÉÈP
TVCIVNBOB
EF
NPSBEJB

0T
NJHSBOUFT
TFN
SFOEB
EFàOJEB
QBTTBN
B
WJWFS
FN
QSFDÃSJBT
DPOEJ
É×FT
EF
WJEB
UFOEP
RVF
TF
BCSJHBS
FN
GBWFMBT
/B
NBJPSJB
EBT
WF[FT
WJOEPT

EB
[POB
SVSBM
PV
EF
[POBT
VSCBOBT
NFOPT
FTUSVUVSBEBT
OÈP
QPTTVFN
VN

CPN
OÎWFM
EF
DBQBDJUBÉÈP
QSPàTTJPOBM
F
FEVDBDJPOBM
DPOUSJCVJOEP
QBSB
BV
NFOUBS
P
FYDFEFOUF
EF
NÈPEFPCSB
EF
SFTFSWB
6NB
QFTRVJTB
SFBMJ[BEB
OB
$JEBEF
BUFTUPV
RVF
EBT
PJUP
HSBOEFT
PCSBT
RVF
FTUÈP
TFOEP
SFBMJ[BEBT
FN

.PTTPSÓ
 
EPT
TFVT
USBCBMIBEPSFT
TÈP
BOBMGBCFUPT
P
RVF
TF
EFEV[
RVF

P
QSPDFTTP
EF
VSCBOJ[BÉÈP
TF
EFV
DPN
VN
DSFTDJNFOUP
FDPOÔNJDP
TJHOJàDB
UJWP
NBT
UBNCÊN
DPN
P
DSFTDJNFOUP
EB
EFTJHVBMEBEF
*TUP
PDPSSF
FN
UPEBT

BT
DJEBEFT
CSBTJMFJSBT
NFTNP
BRVFMBT
EF
QFRVFOP
QPSUF
DPN
P
OÙNFSP
EF

GBWFMBT
DSFTDFN
B
DBEB
EJB
EFWJEP
BP
GBUP
EB
OÈP
FYJTUËODJB
EF
QPMÎUJDBT
QÙ
CMJDBT
RVF
HFSFN
SFOEB
F
FNQSFHP
"TTJN
DPNP
BT
EFNBJT
DJEBEFT
CSBTJMFJ
SBT
.PTTPSÓ
BQSFTFOUB
EVBT
GBDFT
VNB
NPEFSOB
F
DPOFDUBEB
DPN
P
NVOEP

UÊDOJDPDJFOUÎàDP
JOGPSNBDJPOBM
F
PVUSB
BUSBTBEB
F
FYDMVÎEB
EFTTFT
QSPDFTTPT

RVF
BMHVOT
DIBNBN
EF
iHMPCBJTu

1FSDFCFNPT
BJOEB
RVF
OPT
ÙMUJNPT
UFNQPT
DPN
B
QFSTQFDUJWB
EF

OPWBT
BMUFSOBUJWBT
EF
FNQSFHP
QPS
NFJP
EBT
BUJWJEBEFT
FDPOÔNJDBT
EFTFO
WPMWJEBT
OB
$JEBEF
CFN
DPNP
B
QSFTUBÉÈP
EF
TFSWJÉPT
DPNP
4BÙEF
F
&EV
DBÉÈP
B
$JEBEF
QBSFDF
UFS
TF
UPSOBEP
P
MPDBM
GÊSUJM
F
ÃWJEP
QPS
NÈPEFPCSB

EF
UPEPT
PT
USBCBMIBEPSFT
RVF
DIFHBN
EPT
NVOJDÎQJPT
QSÓYJNPT
FNCPSB

B
NÈPEFPCSB
SFRVFSJEB
QFMB
BUJWJEBEF
TBMJOFJSB
GSVUJDVMUVSB
F
QFUSPMÎGFSB

UFOIB
RVF
TFS
FTQFDJBMJ[BEB
P
RVF
SFTUSJOHF
B
PGFSUB
EF
FNQSFHP
"MÊN
EB

FYJHËODJB
EF
FTQFDJBMJ[BÉÈP
BT
USËT
BUJWJEBEFT
VUJMJ[BN
DBEB
WF[
NBJT
UÊD

 3FBMJ[BEB
QFMP
QSPGFTTPS
+FBO
#BUJTUB
EP
DVSTP
EF
"ENJOJTUSBÉÈP
EB
'BDVMEBEF
i.BUFS
$ISJTUJu
F
QFMPT
BMVOPT
1BVMP
/P

HVFJSB
F
4FCBTUJÈP
EB
4JMWB
EP
ž
QFSÎPEP
0
MFWBOUBNFOUP
GPJ
GFJUP
FOUSF
PT
EJBT

F

EF
OPWFNCSP
EF

FN
PJUP
HSBOEFT

PCSBT
EB
$POTUSVÉÈP
$JWJM
FN
.PTTPSÓ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
OJDBT
NPEFSOBT
FN
TFVT
QSPDFTTPT
QSPEVUJWPT
QPVQBEPSBT
EF
NÈPEFPCSB

DBSBDUFSJ[BOEPTF
UBNCÊN
DPNP
USBCBMIP
TB[POBM
DPNP
Ê
P
DBTP
EBT
TBMJOBT

F
EBT
GB[FOEBT
EF
NFMÈP

"TTJN
B
SFBMJEBEF
FODPOUSBEB
QFMP
NJHSBOUF
Ê
CFN
EJGFSFOUF
EBRVFMB

RVF
GPJ
TPOIBEB
QPJT
FMF
PSB
FNQSFHBEP
PSB
TVCFNQSFHBEP
GB[FOEP
BM
HVOT
iCJDPTu
OÈP
BERVJSF
BT
DPOEJÉ×FT
EF
BRVJTJÉÈP
EF
NPSBEJB
EJHOB
PV
EF

DVTUFBS
B
TVB
MPDBÉÈP
SFTUBOEPMIF
B
PDVQBÉÈP
iJMFHBMu
EF
ÃSFBT
QÙCMJDBT
PV

QBSUJDVMBSFT
­
OBT
ÃSFBT
SFKFJUBEBT
QFMP
.FSDBEP
*NPCJMJÃSJP
1SJWBEP
F
OBT

ÃSFBT
QÙCMJDBT
TJUVBEBT
FN
SFHJ×FT
EFTWBMPSJ[BEBT
RVF
PT
FYDMVÎEPT
WÈP
TF

JOTUBMBS
OBT
NBSHFN
EPT
SJPT
F
DÓSSFHPT
PV
FN
ÃSFBT
EF
QSPUFÉÈP
BNCJFOUBM

POEF
B
WJHËODJB
EF
MFHJTMBÉÈP
EF
QSPUFÉÈP
F
BVTËODJB
EF
àTDBMJ[BÉÈP
EFàOFN

B
EFTWBMPSJ[BÉÈP
DPNP
VNB
BMUFSOBUJWB
Æ
iJNQPUËODJBu
EP
&TUBEP
PV
B
TVB

OÈPNBOJGFTUBÉÈP
FN
QSPWJEFODJBS
ÃSFBT
BDFTTÎWFJT
B
IBCJUBÉ×FT
DPOEJHOBT

&TTB
OÈP
Ê
VNB
NB[FMB
BQFOBT
EBT
GBWFMBT
QPJT
NFTNP
OBT
ÃSFBT
EJ
UBT
MFHBJT
OB
TVB
UPUBMJEBEF
NVJUPT
EPT
DPOKVOUPT
IBCJUBDJPOBJT
EB
$JEBEF

GPSBN
DPOTUSVÎEPT
FN
ÃSFBT
JSSFHVMBSFT
m
JTUP
BUJOHF
BOUJHPT
F
OPWPT
m
RVF

OÈP
DPOUBN
DPN
P
SFHJTUSP
EF
TFVT
UFSSFOPT
KVOUP
Æ
1SFGFJUVSB
.VOJDJQBM

EF
.PTTTPSÓ

1..
­
P
DBTP
EPT
$POKVOUPT
DPNP
P
i8BMGSFEP
(VSHFMu

VN
EPT
NBJT
BOUJHPT
F
P
i4BOUB
%FMNJSBu
VN
EPT
NBJT
WBMPSJ[BEPT
POEF

iTFVT
QSPQSJFUÃSJPTu
OÈP
QPEFN
TFRVFS
SFGPSNBS
P
JNÓWFM
PV
DPNFSDJBMJ[Ã
MP
KÃ
RVF
OÈP
QPEFN
DPOUBS
DPN
FTDSJUVSB
QÙCMJDB
.BT
OÈP
TÈP
BQFOBT
PT

$POKVOUPT
SFTJEFODJBJT
RVF
TF
FODPOUSBN
FN
ÃSFBT
BJOEB
OÈPSFHVMBSJ[BEBT

KVOUP
BP
ÓSHÈP
DPNQFUFOUF
EP
NVOJDÎQJP
%PT

MPUFBNFOUPT
EJTUSJCVÎ
EPT
FN
UPEP
P
QFSÎNFUSP
VSCBOP
F
SVSBM
FYJTUFN

RVF
OÈP
TÈP
SFHJTUSBEPT

OB
1SFGFJUVSB
2VBESP



 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 &RQMXQWRV,UUHJXODUHV /RWHDPHQWRV,UUHJXODUHV
8OULFN*UDII $OWRGR3HORQKD
:DOIUHGR*XUJHO $O]LUD'XDUWH
7HUH]D1HR $VD1RUWH
6DQWD'HOPLUD %DUD~QD
6DQWR$QW{QLR %HOD9LVWD
5HGHQomR,H,, %ULVD/HVWH
6RDUHV-XQLRU &DWDULQD
5HVLVWrQFLD &LGDGH8QLYHUVLWiULD
1RYR7HWR )UDQFLVFDGH2OLYHLUD/HLWH
$EROLomR,9 ,QGHSHQGrQFLD
&DUQDXEDO ,QYDVmR7HLPRVRV
)UHLWDV1REUH -XD]HLULQKR
/LEHUGDGH,$/LEHUGDGH,% 0DUWLQV-~QLRU,,,
H/LEHUGDGH,&
0RWD1HWR 1HWXQR
/LEHUGDGH,, 1RYD(VSHUDQoD
*HUDOGR0HOR 3DUTXHGD&RQFHLomR
3ODQDOWRGH0DLR,,,
3ODQDOWRGD/LEHUGDGH
3RUWDO/HVWH
3RXVDGD1RUWH
3UHVLGHQWH9DUJDV,,
6DQWD&ODUD
6DQWD/X]LD,,
6DQWRV'XPRQW
=RQD6XO

4XDGUR &RQMXQWRVKDELWDFLRQDLVHORWHDPHQWRVLUUHJXODUHV
)RQWH6HFUHWDULD0XQLFLSDOGR'HVHQYROYLPHQWR7HUULWRULDO
H0HLR$PELHQWH±6('(7(0$

&TUJNBTF
RVF
EBT

DJEBEFTTFEFT
NVOJDJQBJT
OP
3/
FN
BQFOBT


P
1MBOP
%JSFUPS
Ê
PCSJHBUÓSJP

"
DJEBEF
EF
.PTTPSÓ
DBSFDF
EF
VNB
SFWJTÈP
OP
BUVBM
1MBOP
%JSFUPS
B

àN
EF
TFS
BUVBMJ[BEP
/P
BOP
EF

GPJ
FODPNFOEBEP
VN
FTUVEP
TPCSF

B
DJEBEF
QBSB
FMBCPSBÉÈP
EF
VN
1MBOP
%JSFUPS
NBT
BJOEB
OÈP
GPJ
FMBCPSBEP

VN
EPDVNFOUP
EFàOJUJWP
1BSB
RVF
TF
UFOIB
VNB
JEÊJB
P
BUVBM
$ÓEJHP
EF

1PTUVSB
EF
.PTTPSÓ
GPJ
FMBCPSBEP
IÃ

BOPT
"OUJHP
F
CBTUBOUF
EFGBTBEP

FTTF
$ÓEJHP
BJOEB
FTUÃ
FN
WJHPS
QPTTVJOEP

BSUJHPT
QSFTFSWBOEP
MFJT
EP

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
$ÓEJHP
EF

)Ã
OB
SFGFSJEB
-FJ
QBTTBHFOT
BOBDSÔOJDBT
QBSB
P
QFSÎPEP

BUVBM
DPNP
FYFNQMP
P
NPSBEPS
TFS
NVMUBEP
QPS
OÈP
DBJBS
B
DBTB
B
DBEB

EPJT
BOPT
PV
BJOEB
DBTP
DBSSFHVF
VNB
HBMJOIB
QFMBT
BTBT
FN
WJB
QÙCMJDB
-FJ

O


TÈP
OPSNBT
F
MFJT
EF
RVBOEP
B
$JEBEF
BQSFTFOUBWB
DBSBDUFSÎTUJDBT

SVSBJT
"T
NVMUBT
BJOEB
TÈP
BUVBMJ[BEBT
QFMP
TBMÃSJP
NÎOJNP
SFHJPOBM
FY
UJOUP
IÃ
EVBT
EÊDBEBT
/PT
UFSNPT
EP
&TUBUVUP
EB
$JEBEF
P
1MBOP
%JSFUPS

Ê
PCSJHBUÓSJP
QBSB
BT
DJEBEFT
RVF
BQSFTFOUFN
BMHVNBT
DBSBDUFSÎTUJDBT
m
TÈP


PT
DSJUÊSJPT
F
EFTUFT
.PTTPSÓ
BUFOEF
B
EPJT
QPQVMBÉÈP
BDJNB
EF
WJOUF

NJM
IBCJUBOUFT
F
FTUBS
JOTFSJEB
OB
ÃSFB
EF
JOáVËODJB
EF
FNQSFFOEJNFOUP

PV
BUJWJEBEFT
DPN
TJHOJàDBUJWP
JNQBDUP
BNCJFOUBM
EF
ÄNCJUP
SFHJPOBM
PV

OBDJPOBM
RVF
OP
DBTP
TFSJB
B
BUJWJEBEF
QFUSPMÎGFSB
"TTJN
P
1MBOP
%JSFUPS

JOUFSBHF
BP
NFTNP
UFNQP
DPN
BT
EJOÄNJDBT
FDPOÔNJDBT
FOHFOESBEBT
OB

$JEBEF
/FTTF
TFOUJEP
Ê
RVF
TF
QPEF
EJ[FS
RVF
FMF
DPOUSJCVJ
QBSB
SFEV[JS

BT
EFTJHVBMEBEFT
TPDJBJT
m
QPSRVF
SFEJTUSJCVJ
PT
SJTDPT
F
PT
CFOFGÎDJPT
EB

VSCBOJ[BÉÈP

"
$POTUJUVJÉÈP
EF

NVOJDJPV
BT
HFTU×FT
NVOJDJQBJT
QBSB
B
TPMV
ÉÈP
EF
QSPCMFNBT
FTUSVUVSBJT
B
TBCFS
P
"SUJHP

EJTQ×F
RVF
iÊ
DPNQFUËODJB

DPNVN
EB
6OJÈP
EPT
&TUBEPT
EP
%JTUSJUP
'FEFSBM
F
EPT
.VOJDÎQJPT
<>
QSPNPWFS

QSPHSBNBT
EF
DPOTUSVÉÈP
EF
NPSBEJBT
F
B
NFMIPSJB
EBT
DPOEJÉ×FT
IBCJUBDJPOBJTu

/P
DBQÎUVMP
EB
1PMÎUJDB
6SCBOB
P
"SUJHP

QBSÃHSBGP

FTUBCFMFDF
i0

QMBOP
EJSFUPS
BQSPWBEP
QFMB
$ÄNBSB
.VOJDJQBM
PCSJHBUÓSJP
QBSB
DJEBEFT
DPN
NBJT

EF
WJOUF
NJM
IBCJUBOUFT
Ê
P
JOTUSVNFOUP
CÃTJDP
EB
QPMÎUJDB
EF
EFTFOWPMWJNFOUP
F
EF

FYQBOTÈP
VSCBOBu

"
QBSUJS
EFTTF
JOTUSVNFOUBM
PT
HPWFSOBOUFT
NVOJDJQBJT
UFSJBN
NF
DBOJTNPT
KVSÎEJDPT
QBSB
TF
OÈP
TPMVDJPOBS
BP
NFOPT
BNFOJ[BS
VN
HSBWF

QSPCMFNB
RVF
Ê
P
EF
NPSBEJB
QBSB
B
QPQVMBÉÈP
EF
CBJYB
SFOEB
F
EJNJOVJS
BT

HSJUBOUFT
EFTJHVBMEBEFT
OP
BDFTTP
BP
TPMP
VSCBOP
"
$POTUJUVJÉÈP
UBNCÊN

DPODFEFV
BNQMPT
QPEFSFT
BP
1PEFS
.VOJDJQBM
QBSB
DPJCJS
BT
FTQFDVMBÉ×FT

JNPCJMJÃSJBT
F
QVOJS
PT
FTQFDVMBEPSFT
FNCPSB
UFOIB
GBMUBEP
EFàOJS
PT
SF
DVSTPT
QBSB
PT
NVOJDÎQJPT
FYFSDFSFN
P
RVF
FTUBWB
OB
MFJ

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 /P
HPWFSOP
EF
'FSOBOEP
$PMMPS
GPJ
FYFDVUBEP
P
1MBOP
EF
"ÉÈP
*NF
EJBUB
QBSB
B
)BCJUBÉÈP
m
1"*)

RVF
QSFUFOEJB
àOBODJBS
OVN
DVSUP
FTQBÉP

EF
UFNQP
B
DPOTUSVÉÈP
EF
NPSBEJBT
NBT
RVF
OÈP
DIFHPV
B
BUFOEFS
ÆT
FY
QFDUBUJWBT

"QÓT
P
JNQFBDINFOU
EP
1SFTJEFOUF
$PMMPS
FN

P
(PWFSOP
*UB
NBS
'SBODP
QSPDFEFV
ÆT
BMUFSBÉ×FT
OB
ÃSFB
EF
IBCJUBÉÈP
QPQVMBS
JOJDJBOEP

VNB
QPMÎUJDB
EF
EFTDFOUSBMJ[BÉÈP
F
QBSDFSJB
DPN
&TUBEPT
F
.VOJDÎQJPT
0T

QSJODJQBJT
QSPHSBNBT
i)BCJUBS#SBTJMu
F
i.PSBS.VOJDÎQJPu
GPSBN
BTTJN

FTUSVUVSBEPT
0
QSJNFJSP
WPMUBEP
QBSB
PT
NVOJDÎQJPT
DPN
NBJT
EF

NJM

IBCJUBOUFT
F
P
TFHVOEP
EFTUJOBEP
BPT
EF
NFOPS
QPSUF
0T
QSJODÎQJPT
EFTTFT

1SPHSBNBT
GPSBN
BCTPSWJEPT
QFMP
(PWFSOP
EF
'FSOBOEP
)FOSJRVF
$BSEPTP

RVF
DSJPV
B
4FDSFUBSJB
EF
1PMÎUJDB
6SCBOB
WJODVMBEB
BP
.JOJTUÊSJP
EP
1MB
OFKBNFOUP
SFDPOIFDFOEP
B
SFMFWÄODJB
EB
HFTUÈP
EB
QPMÎUJDB
IBCJUBDJPOBM

FNCPSB
P
TFV
HPWFSOP
UFOIB
NBOUJEP
VNB
QPMÎUJDB
DFOUSBMJ[BEPSB
DPNQSP
WBEB
DPN
B
FYUJOÉÈP
EBT
$ÄNBSBT
4FUPSJBJT
EF
$POTUSVÉÈP
"MHVOT
QPOUPT

EB
TVB
QPMÎUJDB
IBCJUBDJPOBM
FOUSFUBOUP
EJ[JBN
SFTQFJUP
Æ
JODVSTÈP
EB
IB
CJUBÉÈP
JOUFHSBEB
Æ
QPMÎUJDB
VSCBOB
RVF
OÈP
QSPNPWFTTF
àOT
FTQFDVMBUJWPT

F
UBNCÊN
Æ
UFOUBUJWB
EF
GB[FS
BT
QSFGFJUVSBT
BTTVNJSFN
B
QSPNPÉÈP
EF

IBCJUBÉÈP
QPQVMBS
JODMVTJWF
OBT
GBWFMBT
OVNB
GPSNB
EF
GB[FS
DPN
RVF
PT

QPEFSFT
QÙCMJDPT
USBCBMIBTTFN
NFMIPS
B
RVFTUÈP
EB
NPSBEJB
BUSBWÊT
EF
VNB

QPMÎUJDB
MPDBM

0T
.VOJDÎQJPT
CSBTJMFJSPT
JOJDJBN
P
BOP
EF

WJWFODJBOEP
VN

OPWP
NPNFOUP
OBT
SFMBÉ×FT
DPN
B
6OJÈP
F
PT
HPWFSOPT
FTUBEVBJT
"
QBSUJS

EP
EJB
QSJNFJSP
EF
KBOFJSP
BUSBWÊT
EB
QSJNFJSB
.FEJEB
1SPWJTÓSJB
BTTJOBEB

QFMP
OPWP
1SFTJEFOUF
EB
3FQÙCMJDB
-VÎT
*OÃDJP
-VMB
EB
4JMWB
GPJ
DSJBEP
P

.JOJTUÊSJP
EBT
$JEBEFT

0
(PWFSOP
-VMB
BCSF
DPN
FTTF
.JOJTUÊSJP
VN
OPWP
IPSJ[POUF
QBSB
P

BOUJHP
QSPCMFNB
EP
iEÊàDJUu
IBCJUBDJPOBM
EP
1BÎT
"
$POGFSËODJB
/BDJPOBM

EBT
$JEBEFT
TFSJB
P
QPOUP
BMUP
QBSB
TF
EJTDVUJSFN
BT
QPMÎUJDBT
TFUPSJBJT
EF

EFTFOWPMWJNFOUP
VSCBOP
"P
NFTNP
UFNQP
QSPàTTJPOBJT
EBT
NBJT
EJWFSTBT

ÃSFBT
RVF
FTUVEBN
B
$JEBEF
CVTDBSJBN
TPMVÉ×FT
QBSB
P
QSPCMFNB
IBCJUB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
DJPOBM
0
PCKFUJWP
Ê
JODFOUJWBS
BT
EJTDVTT×FT
UBOUP
OPT
.VOJDÎQJPT
RVBOUP

OPT
&TUBEPT
GB[FOEP
DPN
RVF
B
QPQVMBÉÈP
QBSUJDJQF
EB
FMBCPSBÉÈP
EF
VNB

QPMÎUJDB
QÙCMJDB
EF
EFTFOWPMWJNFOUP
EPT
DFOUSPT
VSCBOPT

"
$POGFSËODJB
/BDJPOBM
EBT
$JEBEFT
QSFWJB
RVF
PT
.VOJDÎQJPT
à[FT
TFN
SFVOJ×FT
DPN
PT
SFQSFTFOUBOUFT
EPT
ÓSHÈPT
QÙCMJDPT
RVF
DVJEBN
EPT

JOUFSFTTFT
EP
EFTFOWPMWJNFOUP
EB
$JEBEF
F
DPN
B
4PDJFEBEF
.PTTPSÓ
FN

BHPTUP
EF

SFBMJ[PV
B
i‰
$POGFSËODJB
.VOJDJQBM
EB
$JEBEF
EF
.PTTP
SÓu
UFOEP
DPNP
UFNB
i$JEBEF
QBSB
5PEPTu
"
SFVOJÈP
GPJ
BCFSUB
BP
QÙCMJDP

RVBOEP
TF
EJTDVUJV
EVSBOUF
UPEP
P
EJB
IBWFOEP
QPS
QBSUF
EB
4&%&5&."

VNB
BQSFTFOUBÉÈP
EB
TJUVBÉÈP
IBCJUBDJPOBM
EB
$JEBEF
FN
RVF
GPSBN
BQSF
TFOUBEBT
BT
BÉ×FT
EB
1SFGFJUVSB
QBSB
SFEV[JS
P
OÙNFSP
EF
GBWFMBT
EFOUSF

PVUSBT
BÉ×FT

"
QPMÎUJDB
VSCBOB
QPS
QBSUF
EB
1..
OVNB
GPSNB
EF
GB[FS
DPN
RVF

B
RVFTUÈP
EB
NPSBEJB
TF
UPSOBTTF
QBSUF
EF
VNB
QPMÎUJDB
MPDBM
QBSB
B
TPMVÉÈP

EP
QSPCMFNB
QSJODJQBMNFOUF
OB
QSPNPÉÈP
EF
IBCJUBÉÈP
QPQVMBS
JODMVTJWF

OB
FSSBEJDBÉÈP
EBT
GBWFMBT
UPSOPV
UPEBT
BT
BÉ×FT
EF
DPOTUSVÉÈP
EF
IBCJUBÉ×FT

OVNB
EBT
NBJT
QSPQBHBEBT
OB
$JEBEF

4FHVOEP
B
1..
FN

IBWJB
OB
DJEBEF

GBWFMBT
5BCFMB



/P
BOP
TFHVJOUF
B
1..
JOJDJPV
B
FYFDVÉÈP
EF
QSPKFUPT
QBSB
B
FSSBEJDBÉÈP

EF
GBWFMBT
BUSBWÊT
EF
SFDVSTPT
EPT
QSPHSBNBT
EP
(PWFSOP
&TUBEVBM
F
'FEF
SBM
2VBOUP
Æ
UPQPOÎNJB
EBT
GBWFMBT
EF
.PTTPSÓ
BMHVNBT
EFTUBT
SFNFUFN

Æ
BUJWJEBEF
QFUSPMÎGFSB
EFTFOWPMWJEB
OB
$JEBEF
TF
OÈP
WFKBNPT
i5SBOTCFUu

FNQSFTB

i5FDIJOUu
FNQSFTB

i0VSP
/FHSPu
QFUSÓMFP

0SJHJOBMNFOUF

FTTBT
GBWFMBT
NVJUBT
WF[FT
FSBN
DBOUFJSPT
EF
PCSBT
EFTTBT
FNQSFTBT
PV
GPS
NBSBNTF
OBT
TVBT
QSPYJNJEBEFT
/P
DBTP
EB
GBWFMB
i0VSP
/FHSPu
QPS

FYFNQMP
FMB
Ê
DPOUFNQPSÄOFB
EB
DIFHBEB
EB
1FUSPCSBT
Æ
$JEBEF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 7DEHOD±)DYHODVH[LVWHQWHVQD&LGDGHHP

,WHP )DYHOD 1žGHFDVDV 1žGHKDELWDQWHV

 'R9HOKR  
 'R,UDTXH  
 'D7UDQVEHW  
 'R6XPDUp  
 'R'RP-DLPH&kPDUD±7UDQTXLOLP  
 'D7HFKLQW  
 'RV7HLPRVRV  
 'D5RVD  
 'R&DUQDXEDO  
 'D7UDYHVVD*HQHUDO3pULFOHV  
 'DV)ORUHV  
 'R3DQWDQDO  
 'RGH6HWHPEUR  
 'R3UHVLGHQWH&RVWDH6LOYD  
 'RV3LQWRV  
 'R)RUQR9HOKR  
 'R%RP3DVWRU  
 'R0DUWLQV-~QLRU  
 'R)UHLWDV1REUH  
 'R6DQWR$QW{QLR  
 'D(VWUDGDGD5DL]  
 'R&LJDQR  
 'D/DPD  
 'R6DQWD$OGHPLUD  
 'R3URPRUDU  
 'R$EROLomR,9  
 'R5HGHQomR  
 'R3LUULFKLR  
 'D(6$0  
 'R:LOVRQ5RVDGR  
 'R6DQWD+HOHQD  
 0iULR1HJyFLR  
727$,6  

)RQWH6HFUHWDULD0XQLFLSDOGR'HVHQYROYLPHQWR7HUULWRULDOH0HLR$PELHQWH 6('(7(0$

4FHVOEP
GPOUFT
EB
4&%&5&."
BQÓT
DPOWËOJP
àSNBEP
FOUSF
B

1..
F
B
$BJYB
&DPOÔNJDB
'FEFSBM
m
$&'

BUÊ
P
BOP
EF

GPSBN

FSSBEJDBEBT

GBWFMBT
OB
$JEBEF
5BCFMB


QPS
NFJP
EP
1SPHSBNB
EF
.F

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
MIPSJB
)BCJUBDJPOBM
1BSB
P
QPEFS
MPDBM
B
FSSBEJDBÉÈP
TJHOJàDB
VN
BWBOÉP

VN
FMFNFOUP
QPTJUJWP
OB
RVBMJEBEF
EF
WJEB
EPT
FYGBWFMBEPT
F
UBNCÊN
DSÊ
EJUPT
QPMÎUJDPT
F
FMFJUPSBJT
BMÊN
EF
JNQMFNFOUBS
P
NFSDBEP
EB
DPOTUSVÉÈP

m
FNQSFJUFJSBT
F
DPOTUSVUPSBT
TFNQSF
àFJT
OP
DVTUFJP
EBT
DBNQBOIBT
FMFJ
UPSBJT
.BT
P
TJHOJàDBEP
NBJPS
QBSB
P
QPEFS
MPDBM
F
QBSB
PT
TFUPSFT
TPDJBJT
F

FDPOÔNJDPT
RVF
EÈP
TVTUFOUBÉÈP
B
FTTF
QPEFS
Ê
RVF
BNCPT
FTUÈP
DPOTUSVJOEP

P
TFV
QSPKFUP
EF
$JEBEF

7DEHOD±)DYHODVHUUDGLFDGDVGHD

,WHP )DYHOD 1žGHFDVDV 1žGHKDELWDQWHV

 )DYHODGD(VWUDGDGD5DL]  

 )DYHODGD/DPD  
 )DYHODGD7HFKLQW   
 )DYHODGD$EROLomR,9  
 )DYHODGR&DUQDXEDO  
 )DYHODGR3DQWDQDO  
 &RQMXQWR5RVDOkQGLD  
 )DYHODGR,UDTXH  
 )DYHODGR3URPRUDU  
 )DYHODGR6DQWD'HOPLUD  
 )DYHODGR6DQWR$QW{QLR  
 )DYHODGR6XPDUp  
 )DYHODGR9HOKR  
 )DYHODGRV3LQWRV  
 )DYHODGR)UHLWDV1REUH  
 )DYHOD0iULR1HJyFLR  

)RQWH6HFUHWDULD0XQLFLSDOGH'HVHQYROYLPHQWR7HUULWRULDOH0HLR$PELHQWH 6('(7(0$
 ,QLFLRGRSURFHVVRLQVFULomRDYDOLDomRVRUWHLRHWFGHHUUDGLFDomRHPFRQFOX
VmRHP

6NB
EBT
GBWFMBT
FSSBEJDBEBT
OP
1SPHSBNB
EF
.FMIPSJB
)BCJUBDJPOBM

FN
QBSDFSJB
DPN
P
(PWFSOP
EP
&TUBEP
F
B
$&'
GPJ
B
EB
5FDIJOU
'JHVSBT

F



"T
GBNÎMJBT
GPSBN
BOUFDJQBEBNFOUF
DBEBTUSBEBT
OP
1SPKFUP
QPS
BTTJTUFO
UFT
TPDJBJT
$PODMVÎEB
B
DPOTUSVÉÈP
GPJ
GFJUB
B
EJTUSJCVJÉÈP
EBT
DIBWFT
F
B
BTTJ
OBUVSB
EP
UFSNP
EF
QSPQSJFEBEF
QFMP
RVBM
BT
GBNÎMJBT
HBOIBN
P
EJSFJUP
TPCSF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

B
QSPQSJFEBEF
FNCPSB
TFKBN
JNQFEJEBT
EF
SFBMJ[BS
USBOTBÉ×FT
DPNFSDJBJT

DPNP
WFOEB
EP
JNÓWFM
PV
USBOTGFSËODJB
QBSB
UFSDFJSPT
$POUVEP
DPNP
TÈP

EFTUJOBEPT
QBSB
GBNÎMJBT
DBSFOUFT
FTUBT
OÈP
QSFDJTBN
QBHBS
QFMPT
JNÓWFJT

)LJXUD±)DYHODGD7HFKLQWHPDEULOGH
)RWR$ULVWRWHOLQD

)LJXUD±)DYHODGD7HFKLQWHPSURFHVVRGHHUUDGLFDomRHPDJRVWRGH
)RWR$ULVWRWHOLQD

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 0
1SPKFUP
EF
FSSBEJDBÉÈP
EB
i5FDIJOUu
TF
EFV
FN
USËT
ÃSFBT
VSCBOJ[B
EBT
F
GPJ
EFTFOWPMWJEP
FN
USËT
GBTFT
"
QSJNFJSB
JOJDJBEB
FN

GPJ
GFJUB

DPN
SFDVSTPT
QSÓQSJPT
EP
.VOJDÎQJP
 
DBTBT
EF
UBJQB
GPSBN
TVCTUJUVÎ
EBT
QPS
PVUSBT
EF
BMWFOBSJB
/B
TFHVOEB
FUBQB
P
1SPKFUP
GPJ
EFTFOWPMWJEP

FN
QBSDFSJB
DPN
B
$&'
 
DBTBT
GPSBN
DPOTUSVÎEBT
/B
UFSDFJSB
GBTF
P

1SPKFUP
DPOUPV
DPN
B
QBSDFSJB
EP
(PWFSOP
'FEFSBM
QBSB
B
DPOTUSVÉÈP
EF

NBJT

DBTBT
1BSB
B
FSSBEJDBÉÈP
EB
'BWFMB
EB
5FDIJOU
GPSBN
JOWFTUJEPT

3
 
"MÊN
EBT
DBTBT
B
ÃSFB
GPJ
QBWJNFOUBEB
F
GFJUB
MJHBÉÈP
EF

FOFSHJB
F
ÃHVB
"
DPODMVTÈP
EP
QSPKFUP
EF
FSSBEJDBÉÈP
EB
GBWFMB
i5FDIJOUu

TF
EFV
QFMP
1SPHSBNB
EF
4VCTÎEJP
Æ
)BCJUBÉÈP
m
14)

RVF
Ê
VN
PVUSP

QSPHSBNB
RVF
EFV
DPOUJOVJEBEF
Æ
FSSBEJDBÉÈP
EBT
GBWFMBT
EB
$JEBEF

0
14)
PCKFUJWB
WJBCJMJ[BS
DPN
SFDVSTPT
EP
0SÉBNFOUP
(FSBM
EB

6OJÈP
NPSBEJBT
B
GBNÎMJBT
DPN
SFOEB
CSVUB
NFOTBM
EF
3
 
B
3

 
0
DVTUP
NÊEJP
EF
DBEB
NPSBEJB
WBSJB
FOUSF
3

F
3

NJM

"
1..
QFSDFCFOEP
RVF
P
(PWFSOP
'FEFSBM
EBSJB
DPOUJOVJEBEF
B
PVUSPT

QSPHSBNBT
IBCJUBDJPOBJT
DSJPV
P
1SPKFUP
i.JOIB
$BTBu
QBTTBOEP
B
QBSUJS

EF
FOUÈP
B
EFOPNJOBSTF
EF
VN
QSPHSBNB
EP
HPWFSOP
NVOJDJQBM
BT
BÉ×FT

EF
DPOTUSVÉÈP
EF
NPSBEJB
DPN
JTTP
P
1SPKFUP
i.JOIB
$BTBu
HBOIPV
VNB

TFEF
QBSB
OP
MPDBM
TFSFN
GFJUBT
BT
JOTDSJÉ×FT
EPT
RVF
EFTFKBTTFN
QBSUJDJQBS

EPT
QSPHSBNBT
IBCJUBDJPOBJT
CFN
DPNP
JOGPSNBSTF
EF
UPEBT
BT
FUBQBT
EP

QSPDFTTP
EF
BRVJTJÉÈP
EF
NPSBEJB
DPNP
TPSUFJP
FUD

/P
3JP
(SBOEF
EP
/PSUF
B
$&'
BTTJOPV
DPOUSBUP
DPN

NVOJDÎ
QJPT
QBSB
QSPEVÉÈP
EF

NPSBEJBT
UPUBMJ[BOEP
VN
JOWFTUJNFOUP
EF
3


NJMI×FT
"MÊN
EF
.PTTPSÓ
PVUSPT
NVOJDÎQJPT
EP
&TUBEP
UJWFSBN
DBTBT

DPOTUSVÎEBT
$BSOBVCBJT
+VDVSVUV
/PWB
$SV[
1BUV
1PSUBMFHSF
1BV
EPT

'FSSPT
3JBDIP
EB
$SV[
F
4FWFSJBOP
.FMP
"T
GBNÎMJBT
CFOFàDJBEBT
àDBN
SF
HJTUSBEBT
OP
4') OÈP
QPEFOEP
BERVJSJS
PVUSP
JNÓWFM
"UVBMNFOUF
P
14)

FODPOUSBTF
QBSBMJTBEP
BHVBSEBOEP
QSPDFEJNFOUPT
EP
(PWFSOP
-VMB

"
$&'
EFTFOWPMWFV
VN
PVUSP
1SPHSBNB
)BCJUBDJPOBM
OP
.VOJDÎQJP

FN
DPOWËOJP
DPN
B
1..
@
P
1SPHSBNB
EF
"SSFOEBNFOUP
'BNJMJBS
m
1"3

0T
QSÊSFRVJTJUPT
QBSB
TFSFN
CFOFàDJBEPT
OP
SFGFSJEP
1SPHSBNB
TÈP
UFS

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

SFOEB
GBNJMJBS
EF

B

TBMÃSJPT
NÎOJNPT
F
OÈP
QPTTVJS
JNÓWFM
0
QFSàM

EPT
CFOFàDJBEPT
Ê
EF
QFTTPBT
RVF
QBHBWBN
BMVHVFM
F
RVF
OÈP
DPOTFHVJBN

VN
PVUSP
UJQP
EF
FNQSÊTUJNP
PV
àOBODJBNFOUP
EFWJEP
Æ
CBJYB
SFOEB
0

QSB[P
EF
BSSFOEBNFOUP
Ê
EF

BOPT
FN
RVF
P
CFOFàDJÃSJP
QPS
FTTF
QFSÎPEP

QBHB
BT
QSFTUBÉ×FT
Æ
$&'
F
FN
JHVBM
QFSÎPEP
àDB
JTFOUP
EP
QBHBNFOUP
EP

*156
0T
JOWFTUJNFOUPT
EB
$BJYB
EJTQPOJCJMJ[BEPT
QBSB
B
DPOTUSVÉÈP
EPT

JNÓWFJT
TÈP
PSJVOEPT
EP
'VOEP
EF
"SSFOEBNFOUP
3FTJEFODJBM
F
EP
'(54

0
QSJNFJSP
FNQSFFOEJNFOUP
EP
1"3
OB
$JEBEF
GPJ
P
3FTJEFODJBM
i+BSEJN

EP
5IFSNBTu
FOUSFHVF
FN
EF[FNCSP
EF

DPOTUJUVÎEP
EF
VN
DPOEP
NÎOJP
EF

BQBSUBNFOUPT
MPDBMJ[BEP
OBT
QSPYJNJEBEFT
EB
"WFOJEB
i-BVSP

.POUFu
'JHVSB


0
QSÓYJNP
FNQSFFOEJNFOUP
EP
1"3
OB
$JEBEF
TFSÃ

VN
DPOKVOUP
EF
DBTBT
RVF
EFWFSÃ
TFS
DPOTUSVÎEP
OP
BOP
EF

OBT
QSPYJ
NJEBEFT
EP
$POKVOUP
i"CPMJÉÈP
***u

)LJXUD5HVLGHQFLDO³-DUGLPGR7KHUPDV´
)RWR3UHIHLWXUDGH0RVVRUy

1PS
ÙMUJNP
VNB
EBT
ÃSFBT
NBJT
QPCSFT
F
TFN
FTUSVUVSB
EF
.PTTPSÓ

RVF
WBJ
NVEBS
EF
MPDBM
F
EF
BTQFDUP
Ê
B
GBWFMB
EB
&4".
RVF
TFSÃ
FSSBEJDBEB

"T

GBNÎMJBT
TFSÈP
SFNPWJEBT
QBSB
VN
$POKVOUP
B
TFS
DPOTUSVÎEP
OVNB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
QBSDFSJB
EB
1SFGFJUVSB
DPN
B
$&'
&TUF
WBJ
TF
DIBNBS
i+BSEJN
EBT
'MPSFTu
F

TFSÃ
DPOTUSVÎEP
FN
VN
UFSSFOP
RVF
UBNCÊN
GPJ
EPBEP
QFMB
&4".
TÓ
RVF

EJTUBOUF
EP
MPDBM
POEF
IPKF
FYJTUF
B
GBWFMB
$PN
B
NVEBOÉB
EF
MPDBM
SFTPMWF
TF
P
QSPCMFNB
EBT
JOVOEBÉ×FT
QPSRVF
PT
DBTFCSFT
GPSBN
DPOTUSVÎEPT
OB
ÃSFB

SJCFJSJOIB
EP
SJP
.PTTPSÓ
F
EF
GPSNB
EFTPSEFOBEB
0
$POKVOUP
DVTUBSÃ
3

 
"
NBJPS
QBSUF
EPT
SFDVSTPT
GPJ
WJBCJMJ[BEB
QFMP
.JOJTUÊSJP

EBT
$JEBEFT
DPN
B
MJCFSBÉÈP
EF
3
 
NJM
F
B
1SFGFJUVSB
EF
.PTTPSÓ

FOUSPV
DPN
VNB
DPOUSBQBSUJEB
EF
3
 
NJM

"TTJN
PMIBOEP
B
FYQBOTÈP
VSCBOB
EF
.PTTPSÓ
àDB
FWJEFOUF
RVF

P
TFV
DBNJOIP
Ê
P
NFTNP
EBT
DJEBEFT
HSBOEFT
F
NÊEJBT
EP
#SBTJM
RVF
TF

OPSUFJB
QFMPT
FTUÎNVMPT
FDPOÔNJDPT
F
QFMPT
JOUFSFTTFT
QPMÎUJDPT
TFN
FODPO
USBS
TPMVÉ×FT
QBSB
PT
HSBWFT
QSPCMFNBT
EB
$JEBEF
QSJODJQBMNFOUF
BRVFMFT

SFGFSFOUFT
Æ
RVFTUÈP
IBCJUBDJPOBM

0T
EFTBàPT
DPMPDBEPT
QFMBT
EFNBOEBT
EBT
QPQVMBÉ×FT
QPCSFT
RVF

IBCJUBN
PV
RVF
DIFHBN
BUSBWÊT
EBT
NJHSBÉ×FT
QBSB
NPSBS
OB
$JEBEF
TÈP

EFOTPT
F
TF
NVMUJQMJDBN
EJBOUF
EP
RVBESP
EF
QPVDBT
PQPSUVOJEBEFT
RVF
B

$JEBEF
PGFSFDF
QPJT
P
RVF
GPJ
QMBOFKBEP
UFSNJOB
QPS
TF
EFTBUVBMJ[BS
SBQJ
EBNFOUF
"MÊN
EJTTP
BT
QPMÎUJDBT
QÙCMJDBT
TÈP
JNFEJBUJTUBT
QBSB
SFTPMWFS

TJUVBÉ×FT
FNFSHFODJBJT
TFN
B
DBQBDJEBEF
QPSUBOUP
EF
QFOTBS
P
GVUVSP
EB

$JEBEF
F
EB
TVB
4PDJFEBEF

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 &216,'(5$d®(6),1$,6

$
T
BOÃMJTFT
FGFUVBEBT
BP
MPOHP
EFTUF
USBCBMIP
SFGPSÉBN
BT
UFTFT
RVF

SFMBDJPOBN
B
FYQBOTÈP
VSCBOB
EB
$JEBEF
F
TVB
SFPSHBOJ[BÉÈP
JO
UFSOB
Æ
EJOÄNJDB
FDPOÔNJDB
QSPNPWJEB
QFMBT
BUJWJEBEFT
TBMJOFJSB

QFUSPMÎGFSB
F
EF
GSVUJDVMUVSB
JSSJHBEB
0
DPOUFÙEP
JOPWBEPS
EFTUF
USBCBMIP

TF
EFTUBDB
QFMB
JODMVTÈP
EP
QPEFS
QPMÎUJDP
MPDBM
FN
BHJMJ[BS
QPMÎUJDBT
F
QSP
HSBNBT
RVF
WÈP
BSUJDVMBS
FTTBT
FDPOPNJBT
&TTB
QBSUJDJQBÉÈP
PDPSSF
BUSBWÊT

EF
BEFRVBÉ×FT
F
BQFSGFJÉPBNFOUP
EF
FTUSVUVSBT
FYJTUFOUFT
OB
$JEBEF
NBT

UBNCÊN
OBT
QPTTJCJMJEBEFT
EF
DSJBÉÈP
EF
PVUSBT
EFTEF
RVF
HVBSEFN
FTTB

TJOUPOJB
FOUSF
P
JOUFSFTTF
QSJWBEP
F
EPT
HSVQPT
QPMÎUJDPT
RVF
EPNJOBN
BT

BÉ×FT
QÙCMJDBT
EP
HPWFSOP
NVOJDJQBM

"
BOÃMJTF
EP
USJQÊ

BUJWJEBEF
TBMJOFJSB
QFUSPMÎGFSB
F
GSVUJDVMUVSB
JS
SJHBEB

TVTUFOUBEP
TPC
P
MBTUSP
EBT
BÉ×FT
EP
1PEFS
1ÙCMJDP
OPT
QFSNJUJV

UFDFS
BMHVNBT
DPOTJEFSBÉ×FT
B
SFTQFJUP
EB
UÈP
SÃQJEB
FYQBOTÈP
VSCBOB
EB

DJEBEF
EF
.PTTPSÓ
OBT
ÙMUJNBT
EÊDBEBT
$POTJEFSÃWFM
QBSUF
EF
OPTTBT
BOÃMJ
TFT
GPJ
TVTUFOUBEB
QFMB
TFRÛËODJB
EF
BCPSEBHFOT
DPODFJUVBJT
TPCSF
P
FTQBÉP

VSCBOP
B
QPMBSJ[BÉÈP
FYFSDJEB
QPS
.PTTPSÓ
FN
SFMBÉÈP
B
PVUSBT
DJEBEFT
P

QFSÎPEP
UÊDOJDPDJFOUÎàDPJOGPSNBDJPOBM
B
EJOÄNJDB
FDPOÔNJDB
F
BT
QPMÎ
UJDBT
QÙCMJDBT
TFOEP
RVF
CPB
QBSUF
GPJ
BMJDFSÉBEB
OB
QSPEVÉÈP
UFÓSJDB
EP

HFÓHSBGP
.JMUPO
4BOUPT
OB
RVBM
QFSDFCFNPT
VNB
UFPSJB
HFPHSÃàDB
EP
FT
QBÉP
DPN
VN
DPOKVOUP
DPFSFOUF
EF
DPODFJUPT
F
DBUFHPSJBT
RVF
QSPQJDJBN
B

DPNQSFFOTÈP
EB
SFQSPEVÉÈP
EP
FTQBÉP
VSCBOP

0
USBCBMIP
UFWF
OB
QFTRVJTB
EJSFUB
EB
ÃSFB
FN
FTUVEP
VN
GBUPS
GVO
EBNFOUBM
OB
NFUPEPMPHJB
BEPUBEB
QSPQJDJBOEP
VN
PMIBS
DSÎUJDP
TPCSF
FTTB

SFBMJEBEF
VSCBOB
F
BT
GPSNBT
EF
FTQBDJBMJ[BÉÈP
JOFSFOUFT
Æ
DPOTPMJEBÉÈP

FDPOÔNJDB
SFQSPEV[JEB
OB
$JEBEF
"
DPNQSFFOTÈP
EB
FYQBOTÈP
VSCBOB
EF

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
.PTTPSÓ
QBTTPV
OFDFTTBSJBNFOUF
QFMP
DPOIFDJNFOUP
FNQÎSJDP
EPT
QSPDFTTPT

FNFSHFOUFT
PCTFSWBEPT
F
SFMBUBEPT
OFTUBT
QÃHJOBT
RVF
GPSBN
FOSJRVFDJEBT

QFMP
DPOUBUP
EJSFUP
DPN
B
SFBMJEBEF
QFTRVJTBEB
BUSBWÊT
EBT
DPOWFSTBT
EBT

FOUSFWJTUBT
EBT
MFJUVSBT
EJÃSJBT
EPT
KPSOBJT
EB
$JEBEF
EBT
JOGPSNBÉ×FT
F

PCTFSWBÉ×FT
SFBMJ[BEBT
OB
ÃSFB
FN
FTUVEP
F
EF
VN
USBCBMIP
EF
DBNQP
RVF

DSJB
VNB
DVNQMJDJEBEF
FOUSF
P
QFTRVJTBEPS
F
P
PCKFUP
JOWFTUJHBEP

1BSB
DPNQSFFOEFS
B
$JEBEF
RVF
UFNPT
IPKF
GPJ
OFDFTTÃSJP
SFWFS
P

TFV
QBTTBEP
RVF
SFMBDJPOB
PT
FWFOUPT
FDPOÔNJDPT
BP
TVSHJNFOUP
EP
OÙDMFP

VSCBOP
B
QBSUJS
EBT
0àDJOBT
EF
$BSOF
4FDB
VNB
EBT
QSJNFJSBT
BUJWJEBEFT

B
QSPNPWFSFN
.PTTPSÓ
SFHJPOBMNFOUF
P
RVF
GF[
GPSUBMFDFS
B
TVB
FDPOPNJB

F
QPTUFSJPSNFOUF
B
$JEBEF
"T
BUJWJEBEFT
FDPOÔNJDBT
EFTEF
P
QSJODÎQJP
GP
SBN
SFGFSËODJB
FN
TFV
EFTFOWPMWJNFOUP
2VBOEP
B
$JB
1FSOBNCVDBOB
EF

/BWFHBÉÈP
$PTUFJSB
FN

QBTTB
B
GB[FS
FTDBMBT
SFHVMBSFT
OP
1PSUP
EF

.PTTPSÓ
EÃ
JOÎDJP
FTTB
SFMBÉÈP
FOUSF
FDPOPNJB
F
TVB
FYQBOTÈP
VSCBOB
QPJT

QPTTJCJMJUPV
B
JOTUBMBÉÈP
OB
$JEBEF
EF
HSBOEFT
DBTBT
DPNFSDJBJT
QBSB
FYQPS
UBÉÈP
F
JNQPSUBÉÈP
m
PT
&NQÓSJPT

SFRVJTJUBOEP
EB
$JEBEF
P
TFV
QSJNFJSP

$ÓEJHP
EF
1PTUVSBT
B
BCFSUVSB
EF
MBSHBT
SVBT
F
P
TFV
PSEFOBNFOUP
F
B
DPOT
USVÉÈP
EF
VN
1PSUP
EF
GVOEP
áVWJBM
WJBCJMJ[BEBT
QFMP
&TUBEP
DBQJUBMJTUB

0
JOUFOTP
DPNÊSDJP
FSB
FOUÈP
CBTJDBNFOUF
EF
BMHPEÈP
DFSBT
EF
DBSOBÙCB

DBSOFT
F
QFJYFT
TBMHBEPT
F
EP
TBM

&TTB
SFMBÉÈP
EBT
FDPOPNJBT
DPN
B
FYQBOTÈP
VSCBOB
Ê
QFSDFCJEB
UBOUP

OP
QFSÎPEP
EBT
VTJOBT
EF
BMHPEÈP
F
GÃCSJDBT
EF
ÓMFP
RVBOUP
OB
BUJWJEBEF

TBMJOFJSB
FN
TFV
QFSÎPEP
ÃVSFP
JNQSJNJOEP
OPWBT
GPSNBT
OP
FTQBÉP
VSCBOP

EF
.PTTPSÓ
POEF
CBJSSPT
PQFSÃSJPT
GPSBN
DSJBEPT
DPNP
i#PN
+BSEJNu
F

i1BSFE×FTu
QFMPT
USBCBMIBEPSFT
EBT
TBMJOBT
F
P
CBJSSP
i%P[F
"OPTu
QFMPT

FNQSFHBEPT
OBT
NPBHFJSBT
F
FOTBDBEPSFT
EF
TBM
/P
$FOUSP
DPODFOUSBWBN
TF
WÃSJPT
BSNB[ÊOT
EF
TBM
F
NPBHFJSBT
$PN
B
NFDBOJ[BÉÈP
TBMJOFJSB
P
HSBO
EF
OÙNFSP
EF
EFTFNQSFHBEPT
GPSÉPV
P
1PEFS
1ÙCMJDP
B
DSJBS
BMUFSOBUJWBT

EF
FNQSFHP
QBSB
DPOUFS
B
DSJTF
TPDJBM
JOTUBMBEB
OB
$JEBEF
F
B
PDVQBÉÈP

OB
$POTUSVÉÈP
$JWJM
GPJ
B
TPMVÉÈP
FODPOUSBEB
'PSBN
NVJUBT
BT
DPOTUSV
É×FT
OP
SFGFSJEP
QFSÎPEP
DPOKVOUPT
IBCJUBDJPOBJT
EJWFSTPT
QSÊEJPT
QÙCMJDPT

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

m
*/44
&4".
6&3/
 F
PCSBT
FTUSVUVSBOUFT
DPNP
NFMIPSJBT
EBT
WJBT

QÙCMJDBT
DPN
SFDBQFBNFOUP
BMGÃMUJDP
EFOUSF
PVUSBT
BT
RVBJT
UFSNJOBSBN

JOEV[JOEP
P
DSFTDJNFOUP
EB
$JEBEF
­
P
DBTP
EB
DPOTUSVÉÈP
EBT
FTUSVUVSBT

GÎTJDBT
EP
i$BNQVTu
EB
&4".
F
EB
6&3/
RVF
JOEV[JSBN
P
TVSHJNFOUP

EP
CBJSSP
i$PTUB
F
4JMWBu

0T
$POKVOUPT
)BCJUBDJPOBJT
RVF
UJWFSBN
PSJHFN
OB
QPMÎUJDB
IBCJ
UBDJPOBM
EP
(PWFSOP
'FEFSBM
FNQSFFOEJEB
QSJODJQBMNFOUF
QFMP
#/)
F

BT
JOTUJUVJÉ×FT
B
FMF
MJHBEBT
UBNCÊN
QBSUJDJQBN
EB
FYQBOTÈP
EB
$JEBEF

F
BMHVOT
EFMFT
PSJHJOBSBN
CBJSSPT
VNB
WF[
RVF
PT
$POKVOUPT
QPQVMBSFT

GPSBN
JOTUBMBEPT
FN
ÃSFBT
DBEB
WF[
NBJT
EJTUBOUFT
EP
$FOUSP
QPSRVBOUP

OPSNBMNFOUF
GPSBN
DPOTUSVÎEPT
FN
ÃSFBT
EFTWBMPSJ[BEBT
OÈP
EPUBEBT
EF

JOGSBFTUSVUVSB
EF
TFSWJÉPT
CÃTJDPT
DPNP
ÃHVB
FODBOBEB
FMFUSJDJEBEF
DPMFUB

EF
MJYP
DBMÉBNFOUP
FUD
UVEP
JTTP
TÓ
JOTUBMBEP
QPTUFSJPSNFOUF
&TTFT
$PO
KVOUPT
UBNCÊN
TFSWJSBN
DPNP
FYUFOTPSFT
EBT
DJEBEFT
EBT
SFHJ×FT
4BMJOFJSB

EP
7BMF
EP
"ÉV
F
EP
0FTUF
KÃ
RVF
VN
HSBOEF
OÙNFSP
EB
QPQVMBÉÈP
PSJHJ
OBEBT
EPT
.VOJDÎQJPT
QSÓYJNPT
FOYFSHBWBN
FN
.PTTPSÓ
B
QPTTJCJMJEBEF
EF

FODPOUSBS
FNQSFHP
SFOEB
F
NPSBEJB
VNB
TJUVBÉÈP
QBSBEPYBM
DSJBEB
QFMBT

QPMÎUJDBT
QÙCMJDBT
BDJPOBEBT
QBSB
SFEV[JS
PT
JNQBDUPT
TPDJBJT
EP
EFTFNQSFHP

OBT
TBMJOBT
F
OBT
BMHPEPFJSBT

.BT
B
FDPOPNJB
TBMJOFJSB
NFTNP
TFN
HFSBS
B
NFTNB
RVBOUJEBEF
EF

FNQSFHPT
OBT
TBMJOBT
QPS
DPOUB
EB
NPEFSOJ[BÉÈP
EP
TFV
QSPDFTTP
QSPEVUJ
WP
BJOEB
JOUFSGFSF
OP
FTQBÉP
VSCBOP
EB
$JEBEF
QFMB
SFMPDBÉÈP
EBT
NPBHFJ
SBT
EF
TBM
KÃ
RVF
OB
BUVBMJEBEF
BQFOBT
B
FNQSFTB
TBMJOFJSB
40$&-
BJOEB

FTUÃ
GVODJPOBOEP
OBT
QSPYJNJEBEFT
EP
$FOUSP
EB
$JEBEF
.VJUBT
GPSBN
GF
DIBEBT
F
PVUSBT
UBOUBT
GPSBN
USBOTGFSJEBT
QBSB
BT
NBSHFOT
EB
#3
POEF

TF
DPODFOUSBN
PT
FTDSJUÓSJPT
EBT
FNQSFTBT
NPBHFJSBTCFOFàDJBEPSBT
&TTB

JOUFSGFSËODJB
EB
QSPEVÉÈP
TBMJOFJSB
OP
FTQBÉP
VSCBOP
EB
DJEBEF
TF
EÃ
UBN
CÊN
QFMBT
FDPOPNJBT
RVF
BUVBN
OP
BQPJP
MPHÎTUJDP
DPNP
PT
BHFODJBEPSFT

FN
TFVT
FTDSJUÓSJPT
RVF
JOUFSNFEFJBN
BT
WFOEBT
QPTUPT
EF
DPNCVTUÎWFJT
F

CPSSBDIBSJBT
F
RVF
WFOEFN
TFSWJÉPT
QBSB
PT
DBNJOIPOFJSPT
RVF
CVTDBN
OB

#3
P
GSFUF
OÈP
BQFOBT
EBT
DBSHBT
EF
TBM
NBT
UBNCÊN
EPT
QSPEVUPSFT
EB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
GSVUJDVMUVSB
JSSJHBEB
0T
FTDSJUÓSJPT
EBT
NBJPSFT
FNQSFTBT
BHSPFYQPSUBEPSBT

FTUÈP
BMJ
CFN
DPNP
BT
DPODFTTJPOÃSJBT
EF
USBUPSFT
F
NÃRVJOBT
BHSÎDPMBT
F
BT

MPKBT
EF
SFQSFTFOUBÉÈP
EF
NBUÊSJBT
QBSB
GFSUJJSSJHBÉÈP

"T
EJTDVTT×FT
GFJUBT
OFTUF
USBCBMIP
EFJYB
DMBSP
RVF
B
#3
DPOUPS
OB
QBSUF
EB
$JEBEF
F
QSJODJQBMNFOUF
Ê
VN
JNQPSUBOUF
BDFTTP
QBSB
P
FTUBEP

EP
$FBSÃ
TFOEP
QPS
JTTP
WJB
EF
JOUFOTB
DJSDVMBÉÈP
EF
DBNJOI×FT
RVF
DIFHBN

F
QBSUFN
EB
$JEBEF
PSB
QPS
DBVTB
EB
BUJWJEBEF
TBMJOFJSB
PSB
EB
GSVUJDVMUVSB

JSSJHBEB
%BÎ
OP
OPTTP
FOUFOEJNFOUP
B
PQÉÈP
EF
NVJUBT
FNQSFTBT

TBMJOFJ
SBT
F
GSVUÎDPMBT

EF
TF
JOTUBMBSFN
OB
#3
F
JNQVMTJPOBEBT
QSJODJQBMNFOUF

QFMPT
JODFOUJWPT
EP
HPWFSOP
NVOJDJQBM
&TTB
SPEPWJB
EFTFNQFOIB
VN
QBQFM

JNQPSUBOUF
OB
EJOÄNJDB
EB
$JEBEF
BCSJHBOEP
P
%JTUSJUP
*OEVTUSJBM
GBDJ
MJUBOEP
P
BDFTTP
B
WÃSJPT
CBJSSPT
F
OPT
ÙMUJNPT
BOPT
QSPNPWFOEP
DPOEJÉ×FT

EF
BDFTTP
Æ
DSJBÉÈP
EF
WÃSJPT
MPUFBNFOUPT
DPN
àOT
SFTJEFODJBJT
+Ã
TF
UËN

DPOEPNÎOJPT
SFTJEFODJBJT
DPOTUSVÎEPT
OBT
TVBT
QSPYJNJEBEFT
F
OPWPT
MPUF
BNFOUPT
TVSHFN
B
DBEB
EJB
BQSPWFJUBOEPTF
EBT
CPBT
DPOEJÉ×FT
EF
BDFTTP

PGFSUBEB
QFMB
SPEPWJB

"
JOWFTUJHBÉÈP
EPT
QSPDFTTPT
EF
FYQBOTÈP
VSCBOB
EF
.PTTPSÓ
SFWFMB

RVF
B
GSVUJDVMUVSB
JSSJHBEB
UBNCÊN
MFHPV
NVEBOÉBT
Æ
$JEBEF
OÈP
TPNFOUF

QFMBT
GPSNBT
NBT
QSJODJQBMNFOUF
QFMP
DPOUFÙEP
"
&4".
RVF
BUÊ
BOUFT
EB

DPOTPMJEBÉÈP
EB
GSVUJDVMUVSB
JSSJHBEB
FN
.PTTPSÓ
UJOIB
DPNP
DPOUFÙEP
PT

FOTJOBNFOUPT
BHSPOÔNJDPT
HFSBJT
DPN
B
NVEBOÉB
EB
CBTF
UÊDOJDB
EB
QSP
EVÉÈP
BHSÎDPMB
QBTTPV
B
FTQFDJBMJ[BSTF
OB
GPSNBÉÈP
WPMUBEB
QBSB
P
DVMUJWP

EF
GSVUBT
JSSJHBEBT
OP
TFNJÃSJEP

0
QSPHSFTTP
UÊDOJDPDJFOUÎàDP
BMJBEP
BPT
JOWFTUJNFOUPT
EF
DBQJUBJT

OBDJPOBJT
F
NVMUJOBDJPOBJT
NPEJàDPV
DPNP
VN
UPEP
B
$JEBEF
RVF
TF
NPT
USPV
GPSUFNFOUF
QFSNFÃWFM
BP
OPWP
DPN
VN
HSBOEF
JNQBDUP
OB
QSPEVÉÈP

EF
TFV
FTQBÉP
VSCBOP
GVODJPOBOEP
DPNP
GBUPS
EF
DPODFOUSBÉÈP
EBT
SFMBÉ×FT

FDPOÔNJDBT
FYQSFTTBT
QFMP
DSFTDJNFOUP
EF
BHËODJBT
CBODÃSJBT
OB
$JEBEF

QBSB
BUFOEFS
ÆT
USBOTBÉ×FT
àOBODFJSBT
EP
4FUPS
F
Æ
SFMBÉÈP
UÊDOJDPDJFOUÎ
àDB
FYQSFTTB
QFMB
$0&9
F
B
&4".
VN
DFOUSP
EF
FYDFMËODJB
OB
GPSNBÉÈP

QSPàTTJPOBM
F
EJGVTPSB
EF
QFTRVJTBT
BHSÎDPMBT
BNCBT
BT
*OTUJUVJÉ×FT
FTUSVUV

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

SBEBT
FN
GVOÉÈP
EF
TVBT
EFNBOEBT
NBJT
QSFNFOUFT
"T
NPEFSOBT
QSÃUJDBT

BHSÎDPMBT
OÈP
VSCBOBT
NBT
DPN
GPSÉB
QBSB
JNQPS
NVEBOÉB
EB
FTUSVUVSB

GVOÉÈP
F
EB
GPSNB
EP
FTQBÉP
HFPHSÃàDP
EB
$JEBEF
NPMEBOEP
B
FDPOPNJB
F
B

TPDJFEBEF
QSPNPWFOEP
VNB
NVMUJQMJDBÉÈP
SÃQJEB
OBT
SFMBÉ×FT
FDPOÔNJDBT

TPDJBJT
F
QPMÎUJDBT
UPEBT
DPN
SFáFYPT
OP
UFSSJUÓSJP
EB
$JEBEF

"
BUJWJEBEF
QFUSPMÎGFSB
UBNCÊN
JNQSJNJV
GPSNBT
OP
FTQBÉP
VSCBOP

F
EJSFDJPOPV
EFDJT×FT
F
JOWFTUJNFOUPT
EP
1PEFS
1ÙCMJDP
OB
$JEBEF
&N


B
1FUSPCSBT
BERVJSF

IFDUBSFT
EF
UFSSB
OB
DPNVOJEBEF
SVSBM
EF

#PN
+FTVT
F
OFTTF
NFTNP
BOP
QPS
EFDJTÈP
EB
1SFGFJUVSB
DPOGPSNF
B
-FJ


FTTB
DPNVOJEBEF
QBTTB
B
JOUFHSBSTF
BPT
MJNJUFT
VSCBOPT
EP
.VOJ
DÎQJP
DPOTUJUVJOEPTF
BTTJN
FN
CBJSSP
"
TFEF
EB
1FUSPCSBT
DPOTUSVÎEB

EFàOJUJWBNFOUF
FN

OP
CBJSSP
i"MUP
EP
4VNBSÊu
QSPNPWFV
B
WJOEB

EF
WÃSJBT
àSNBT
QSFTUBEPSBT
EF
TFSWJÉPT
EP
SBNP
QFUSPMÎGFSP
BP
CBJSSP
KVT
UJàDBEB
QFMB
QSPYJNJEBEF
EB
1FUSPCSBT
F
QFMP
CBJYP
QSFÉP
EP
TPMP
VSCBOP

FN
EFUSJNFOUP
EF
PVUSPT
CBJSSPT
KÃ
VSCBOJ[BEPT
EPUBEPT
EF
NFMIPSFT
JOGSB
FTUSVUVSBT
)PVWF
QPS
QBSUF
EB
1SFGFJUVSB
VNB
DFSUB
BOUFDJQBÉÈP
BP
USBOT
GPSNBS
UPEB
BRVFMB
DPNVOJEBEF
FN
CBJSSP
QPJT
BT
TVBT
SFMBÉ×FT
QSÃUJDBT
F

FTUSVUVSBT
FSBN
SVSBJT

"
1SFGFJUVSB
UBNCÊN
TF
BOUFDJQPV
RVBOEP
QPS
NFJP
EB
-FJ


DSJPV
P
CBJSSP
i4BOUB
+ÙMJBu
&TUF
UBNCÊN
OÈP
BQSFTFOUB
BT
DBSBDUFSÎTUJDBT

RVF
OPSNBMNFOUF
BOUFDFEFN
Æ
DSJBÉÈP
EF
VN
CBJSSP
RVF
TFSJBN
VN
DFOUSP

VSCBOP
EJOÄNJDP
OB
ÃSFB
DPN
DPNÊSDJP
F
DPODFOUSBÉÈP
SFTJEFODJBM
F
VN

DPOUJOHFOUF
QPQVMBDJPOBM
FYQSFTTJWP
/FOIVNB
EFTTBT
DBSBDUFSÎTUJDBT
GPJ

FODPOUSBEB
OFN
OB
DPNVOJEBEF
EF
#PN
+FTVT
OFN
UBNQPVDP
OB
EF
4BOUB

+ÙMJB
$POUVEP
VN
HSBOEF
OÙNFSP
EF
MPUFBNFOUPT
F
HSBOEFT
HMFCBT
EF
UFS
SBT
FTUBWB
BHVBSEBOEP
QPS
QBSUF
EF
TFVT
QSPQSJFUÃSJPT
VNB
BÉÈP
UBM
DPNP

FTTB
QBSB
TVB
WBMPSJ[BÉÈP
F
GVUVSB
FTQFDVMBÉÈP
JNPCJMJÃSJB

0
FYFSDÎDJP
EB
BUJWJEBEF
QFUSPMÎGFSB
SFRVJTJUPV
EB
$JEBEF
WÃSJPT
PV
USPT
TFSWJÉPT
DPNP
IPTQFEBHFN
BMJNFOUBÉÈP
USBOTQPSUFT
EFOUSF
PVUSPT
F

B
DPNQSB
EF
CFOT
DPNP
FRVJQBNFOUPT
GFSSBHFOT
F
PVUSBT
QFÉBT
NFDÄOJDBT

P
RVF
SFWFTUF
B
$JEBEF
EF
VNB
GPSUF
EJOÄNJDB
FDPOÔNJDB
1BSB
RVF
TF
UFOIB

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
VNB
JEÊJB
EF
KBOFJSP
B
BHPTUP
EF

B
1FUSPCSBT
FN
.PTTPSÓ
FGFUVPV

DPNQSBT
HBTUBOEP
BQSPYJNBEBNFOUF
6
 
EF[PJUP
NJMI×FT

EF
%ÓMBSFT

P
RVF
NVJUP
SFQSFTFOUB
OB
FDPOPNJB
MPDBM

0T
SFDVSTPT
PSJHJOBEPT
EPT
SPZBMUJFT
TÈP
PVUSP
JUFN
B
TFS
DPOTJEFSBEP

OB
SFMBÉÈP
1FUSPCSBT
m
.PTTPSÓ
/PT
ÙMUJNPT
BOPT
VN
OÙNFSP
DPOTJEFSÃWFM

EF
PCSBT
F
BÉ×FT
SFBMJ[BEBT
QFMP
i1PEFS
1ÙCMJDP
MPDBMu
Ê
WJBCJMJ[BEP
àOBO
DFJSBNFOUF
QFMPT
SPZBMUJFT
&MF
WJBCJMJ[B
PT
QSPKFUPT
QPMÎUJDPT
TFKBN
FTUFT

FTUSVUVSBOUFT
Æ
DJEBEF
PV
QSPNPUPSFT
EB
JNBHFN
EP
HFTUPS
RVF
EFUÊN
P

TFV
VTP
"MÊN
EPT
SPZBMUJFT
IÃ
BT
QBSDFSJBT
FOUSF
1SFGFJUVSB
F
1FUSPCSBT
OB

DPOTUSVÉÈP
F
SFTUBVSBÉÈP
EF
PCSBT
F
BQPJP
B
FWFOUPT
SFTQFDUJWBNFOUF
DPNP

B
DPOTUSVÉÈP
EF
VN
EPT
NBJT
CFMPT
UFBUSPT
OP
$FOUSP
EB
$JEBEF
B
DSJBÉÈP

EB
&TUBÉÈP
EBT
"SUFT
BOUJHB
FTUBÉÈP
GFSSPWJÃSJB

F
P
BQPJP
BPT
FTQFUÃDVMPT

i"VUP
EB
-JCFSEBEFu
F
i$IVWBT
EF
CBMB
OP
QBÎT
EF
.PTTPSÓu
)Ã
QBSDFSJBT

UBNCÊN
DPN
P
(PWFSOP
EP
&TUBEP
CFOFàDJBOEP
.PTTPSÓ
DPNP
B
EPBÉÈP

GFJUB
EF
NBTTB
BTGÃMUJDB
QBSB
TFS
VTBEB
OB
SFDVQFSBÉÈP
EB
NBMIB
WJÃSJB
OB
ÃSFB

EF
BUVBÉÈP
EB
1FUSPCSBT
OPT
MJNJUFT
EPT
NVOJDÎQJPT
EF
(VBNBSÊ
F
.PTTP
SÓ
OB
3/
RVF
MJHB
.PTTPSÓ
B
$BSBÙCBT
"
NBTTB
BTGÃMUJDB
SFQSFTFOUB


EP
DVTUP
EF
VNB
PCSB
EF
QBWJNFOUBÉÈP

­
UBSFGB
EPT
HPWFSOBOUFT
SFáFUJSFN
TPCSF
P
GVUVSP
EBT
FDPOPNJBT

IFHFNÔOJDBT
EP
.VOJDÎQJP
F
EB
VUJMJ[BÉÈP
EPT
SFDVSTPT
EFMBT
BEWJOEPT
IBKB

WJTUB
RVF
NFTNP
EJBOUF
EF
VNB
EJOÄNJDB
QPTJUJWB
BJOEB
QFSNBOFDFN
JO
DFSUF[BT
GSBHJMJEBEFT
F
MJNJUBÉ×FT
4F
OÈP
WFKBNPT
RVBOUP
Æ
BUJWJEBEF
TBMJ
OFJSB
KÃ
TF
TBCF
EB
FYJTUËODJB
EF
PVUSBT
SFTFSWBT
EF
TBM
OP
1BÎT
DPNP
B
KB[JEB

EF
TBM
HFNB
OP
FTUBEP
EP
&TQÎSJUP
4BOUP
F
QPS
EFUFSNJOBÉÈP
EP
1SFTJEFOUF

-VMB
B
QFEJEP
EP
(PWFSOP
EP
&TUBEP
F
EB
DMBTTF
FNQSFTBSJBM
OÈP
GPJ
BJOEB

BVUPSJ[BEB
TVB
FYQMPSBÉÈP
P
RVF
EFDSFUBSJB
B
GBMËODJB
EB
TBMJOJDVMUVSB
OPS
UFSJPHSBOEFOTF
2VBOUP
Æ
GSVUJDVMUVSB
JSSJHBEB
B
DVMUVSB
EP
NFMÈP
FTUÃ
TF

UPSOBOEP
BMWP
DPOTUBOUF
EF
JODJEËODJBT
EF
QSBHBT
/PT
ÙMUJNPT
TFJT
BOPT

QFMP
NFOPT
USËT
QSBHBT
UFN
TF
BMUFSOBEP
USB[FOEP
TÊSJPT
QSFKVÎ[PT
QBSB
PT

QSPEVUPSFT
1PS
ÙMUJNP
B
FYQMPSBÉÈP
QFUSPMÎGFSB
RVF
Ê
àOJUB
F
TVB
SFEVÉÈP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

NVJUP
SFQSFTFOUBSÃ
OB
FDPOPNJB
MPDBM
F
FTUBEVBM
OVN
GVUVSP
OÈP
UÈP
EJT
UBOUF

"
BUJWJEBEF
QFUSPMÎGFSB
Ê
EF
HSBOEF
TJHOJàDBEP
OB
EJOÄNJDB
FDPOÔ
NJDB
EB
$JEBEF
F
OB
TVB
FYQBOTÈP
VSCBOB
1PS
NVJUBT
WF[FT
FN
EJWFSTBT

FOUSFWJTUBT
F
DPOWFSTBT
JOGPSNBJT
PVWJNPT
EF
WÃSJPT
BUPSFT
EB
TPDJFEBEF

NPTTPSPFOTF
EFTEF
P
NPUPSJTUB
EF
UÃYJ
RVF
PSB
USBCBMIB
OP
USBOTQPSUF
EF

QBTTBHFJSPT
EB
$JEBEF
F
PSB
B
TFSWJÉP
EB
1FUSPCSBT
B
DPNFSDJBOUFT
PV
TJN
QMFTNFOUF
NPSBEPS
DPNVN
RVF
FYJTUF
VNB
.PTTPSÓ
BOUFT
F
EFQPJT
EB
1F
USPCSBT
F
RVF
OÈP
IÃ
DPNP
TF
QFOTBS
B
$JEBEF
IPKF
TFN
FTUB
&NQSFTB

&
NBJT
VNB
WF[
CFOFàDJBEB
QFMB
BUJWJEBEF
QFUSPMÎGFSB
GPJ
FYFDVUBEB

B
DPOTUSVÉÈP
EP
HBTPEVUP
DPN
VNB
FYUFOTÈP
EF

N
FOUSF
P
$JUZ
(BUF

 B
&31
EB
1PUJHÃT

F
P
(BTPEVUP
EF
5SBOTQPSUF
EB
1FUSPCSBT
RVF
DPSUB

P
NVOJDÎQJP
EF
.PTTPSÓ
0
WBMPS
EP
DPOWËOJP
FOUSF
B
1SFGFJUVSB
F
B
1FUSP
CSBT
GPJ
EF
3
 
)VN
NJMIÈP
F
DFN
NJM
SFBJT

QPTTJCJMJUBOEP

P
GPSOFDJNFOUP
EF
HÃT
OBUVSBM
QBSB
PT
WFÎDVMPT
QFMPT
QPTUPT
JOTUBMBEPT
OB

#3
F
B
VUJMJ[BÉÈP
JOEVTUSJBM
QFMBT
FNQSFTBT
BMJ
JOTUBMBEBT
UBJT
DPNP

.PJOIP
i4BOUB
$MBSBu
.BSBOBUB
&OTBM
3FàNPTBM
4VCBÊ
F
UBOUBT
PVUSBT

RVF
BMJ
WFOIBN
B
TF
JOTUBMBS
BUSBÎEBT
QFMBT
GBDJMJEBEFT
PGFSUBEBT
QFMP
1PEFS

1ÙCMJDP
%FWJEP
ÆT
NFMIPSJBT
B
#3
UFWF
FMFWBEPT
PT
QSFÉPT
EPT
UFSSF
OPT
EP
TFV
FOUPSOP
QSÓYJNP
4ÈP
VN
DPOKVOUP
EF
BÉ×FT
EB
BENJOJTUSBÉÈP

NVOJDJQBM
QBSB
EPUBS
B
$JEBEF
EB
JOGSBFTUSVUVSB
OFDFTTÃSJB
QBSB
PT
HSBOEFT

FNQSFFOEJNFOUPT

"
JNQPSUÄODJB
EPT
SFDVSTPT
BEWJOEPT
EB
BUJWJEBEF
QFUSPMÎGFSB
UBN
CÊN
QPEF
TFS
BWBMJBEB
DPOTJEFSBOEP
P
DPOKVOUP
EF
EBEPT
FYQSFTTPT
OBT
UB
CFMBT
EF
àOBOÉBT
QÙCMJDBT
EPT
NVOJDÎQJPT
OPSEFTUJOPT
FN
RVF
WFSJàDBNPT

P
BMUP
HSBV
EF
EFQFOEËODJB
EBT
SFDFJUBT
EF
USBOTGFSËODJB
OPUBEBNFOUF
EP

'1.
F
'6/%&'
P
RVF
EJGFSFODJB
.PTTPSÓ
EB
HSBOEF
NBJPSJB
RVF
BMÊN

EFTTFT
SFQBTTFT
FODPOUSB
OPT
SPZBMUJFT
VN
SFDVSTP
B
NBJT
QBSB
JOWFTUJS
OB

DJEBEF
.BT
FTTB
EJGFSFOÉB
OÈP
Ê
TVàDJFOUF
QBSB
EFTUBDBS
.PTTPSÓ
EPT
EF
NBJT
FTQBÉPT
VSCBOPT
EP
TFV
QPSUF
QPJT
TFHVOEP
P
*#(&
B
$JEBEF

BQSFTFOUB
VN
iEÊàDJUu
IBCJUBDJPOBM
EF

NPSBEJBT
DPSSFTQPOEFOEP
B

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 
EPT
JNÓWFJT
FYJTUFOUFT
OÙNFSPT
FTUFT
TÈP
FYQSFTTPT
OB
RVBOUJEBEF

EF
GBWFMBT
F
TVCNPSBEJBT
FYJTUFOUFT
OPT
TFVT
EJWFSTPT
CBJSSPT

"T
GBWFMBT
DPOUSBEJ[FN
B
JEÊJB
EF
EFTFOWPMWJNFOUP
F
RVFTUJPOBN
B

DBQBDJEBEF
EF
SFBMJ[BÉÈP
EP
1PEFS
1ÙCMJDP
RVF
Ê
DBQB[
EF
SFBMJ[BS
HSBOEFT

PCSBT
DPNP
P
(JOÃTJP
1PMJFTQPSUJWP
P
5FBUSP
.VOJDJQBM
B
#JCMJPUFDB
.V
OJDJQBM
UPEBT
SFGFSËODJBT
OP
&TUBEP
FORVBOUP
DFSUBNFOUF
DPN
NFOPSFT

TPNBT
EF
SFDVSTPT
NPEFTUBT
DBTBT
SFTPMWFSJBN
FN
QBSUF
PT
QSPCMFNBT
TP
DJBJT
FYJTUFOUFT
/ÈP
RVF
B
$JEBEF
OÈP
EFWFTTF
UFS
UÈP
JNQPSUBOUFT
FNQSF
FOEJNFOUPT
NBT
P
BUFOEJNFOUP
ÆT
RVFTU×FT
NBJT
VSHFOUFT
F
TJNQMFT
TF
GB[

OFDFTTÃSJP
QSFTFOUF
OB
SFBMJEBEF
NPTTPSPFOTF
F
JODPNQSFFOTJWFMNFOUF
OÈP

EFWFSJBN
PDVQBS
B
NFTNB
DJEBEF

1FSDFCFNPT
QFMP
1PEFS
1ÙCMJDP
NVOJDJQBM
VNB
QSFPDVQBÉÈP
FN
EP
UBS
B
$JEBEF
EF
JOGSBFTUSVUVSB
QBSB
SFDFCFS
HSBOEFT
JOWFTUJNFOUPT
QSJWB
EPT
&TTB
EPUBÉÈP
Ê
NBUFSJBMJ[BEB
OBT
BÉ×FT
UBJT
DPNP
EPBÉÈP
EF
HSBOEFT

ÃSFBT
QBSB
BUSBJS
FNQSFTBT
EVQMJDBÉÈP
F
QSPMPOHBNFOUP
EBT
QSJODJQBJT
BWF
OJEBT
RVF
DPOUPSOBN
F
DPSUBN
B
$JEBEF

B
EVQMJDBÉÈP
EBT
BWFOJEBT
i-BVSP

.POUF
'JMIPu
RVF
EÃ
BDFTTP
B
.PTTPSÓ
F
'FMJQF
$BNBSÈP
OP
USFDIP
FOUSF

P
"FSPQPSUP
F
P
BDFTTP
Æ
#3
TBÎEB
QBSB
P
NVOJDÎQJP
EF
"QPEJ

&
FN

QBSDFSJB
DPN
P
(PWFSOP
EP
&TUBEP
IPVWF
B
EVQMJDBÉÈP
EB
BWFOJEB
i"MCFSUP

.BSBOIÈPu
BDFTTP
QBSB
B
SPEPWJB
FTUBEVBM
RVF
MJHB
.PTTPSÓ
DPN
B
SFHJÈP

0FTUF
F
FYFDVUPV
B
EVQMJDBÉÈP
EB
BWFOJEB
i1SFTJEFOUF
%VUSBu
OP
BDFTTP
EB

#3

TBÎEB
QBSB
/BUBM
5PEBT
BT
PCSBT
FTUÈP
JOTFSJEBT
FN
VN
QSPKFUP
EB

1SFGFJUVSB
EF
NPEFSOJ[BS
UPEPT
PT
BDFTTPT
EF
FOUSBEB
F
TBÎEB
Æ
DJEBEF

0VUSBT
PCSBT
EF
JOGSBFTUSVUVSB
DPN
SFáFYP
EJSFUP
OB
FYQBOTÈP
VS
CBOB
EF
.PTTPSÓ
KÃ
FTUÈP
OPT
QMBOPT
F
DSPOPHSBNBT
EF
BÉ×FT
EB
1SFGFJUVSB

QBSB
TFSFN
FYFDVUBEBT
OP
BOP
EF

B
EVQMJDBÉÈP
EB
BWFOJEB
i8JMTPO

3PTBEPu
F
B
DPOTUSVÉÈP
EP
$PNQMFYP
7JÃSJP
OP
CBJSSP
i"CPMJÉÈPu
FOUSF

P
1PTUP
EB
1PMÎDJB
'FEFSBM
OB
TBÎEB
EF
.PTTPSÓ
QBSB
/BUBM

F
P
$POKVO
UP
i3FEFOÉÈPu
"
JEÊJB
Ê
RVF
FTTBT
PCSBT
DPOUFNQMFN
BJOEB
B
DPOTUSVÉÈP

EF
DJDMPWJBT
B
JMVNJOBÉÈP
OPT
USFDIPT
VSCBOPT
FOUSF
B
+PÈP
.BSDFMJOP
F
P

BDFTTP
Æ
BWFOJEB
i1SFTJEFOUF
%VUSBu
F
FOUSF
B
BWFOJEB
i'FMJQF
$BNBSÈPu
F

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

P
)PUFM
i5IFSNBTu
B
DPOTUSVÉÈP
UBNCÊN
EF
EPJT
WJBEVUPT
OP
USFDIP
RVF

EÃ
BDFTTP
Æ
BWFOJEB
i"CFM
$BCSBMu
F
PVUSP
USFDIP
EB
#3
RVF
EÃ
BDFTTP

Æ
SVB
i+PÈP
EB
&TDÓTTJBu
5VEP
KVTUJàDBEP
QFMB
GVUVSB
DIFHBEB
Æ
$JEBEF

EP
QSJNFJSP
TIPQQJOH
DPCFSUP
F
EF
VNB
VOJWFSTJEBEF
QSJWBEB
F
BJOEB
EF

OPWBT
JOEÙTUSJBT
P
RVF
QPS
UVEP
JTTP
BVNFOUBSJB
P
áVYP
EF
BVUPNÓWFJT

OB
ÃSFB
$FSUBNFOUF
B
QPQVMBÉÈP
TFSÃ
CFOFàDJBEB
TFKB
QFMBT
GBDJMJEBEFT
EF

BDFTTP
TFKB
QFMPT
FNQSFHPT
HFSBEPT
OBT
SFGFSJEBT
PCSBT
$POUVEP
OPT
DIBNB

B
BUFOÉÈP
RVF
NFTNP
EJBOUF
EF
UBOUPT
FNQSFFOEJNFOUPT
DPOTUSVÎEPT
FN

EJWFSTPT
CBJSSPT
EB
$JEBEF
F
PT
RVF
TF
BOVODJBN
B
DIFHBS
P
1MBOP
%JSFUPS

WJHFOUF
EF
.PTTPSÓ
EBUB
EF

BJOEB
OB
QSJNFJSB
BENJOJTUSBÉÈP
EP
FY
1SFGFJUP
%JY)VJU
3PTBEP
.BT
B
QSPYJNJEBEF
EF
BMHVOT
FNQSFFOEJNFOUPT

B
DPOKVOUPT
SFTJEFODJBJT
KÃ
UFN
NPWJEP
SFDMBNBÉ×FT
EPT
NPSBEPSFT
IBKB

WJTUB
P
MBOÉBNFOUP
EF
GVNBÉB
F
PVUSPT
QPMVFOUFT
OB
BUNPTGFSB
PV
SJTDPT

EBT
SFEFT
EF
HBTPEVUPT
3FDPNFOEBNPT
VSHËODJB
OB
DPOTUSVÉÈP
EF
VN
OPWP

1MBOP
%JSFUPS
F
BUVBMJ[BÉÈP
EP
$ÓEJHP
EF
1PTUVSBT
BUÊ
NFTNP
QBSB
EJSFDJP
OBNFOUP
EP
1PEFS
1ÙCMJDP
OB
PSJFOUBÉÈP
EF
RVBJT
ÃSFBT
TÈP
NBJT
QSPQÎDJBT

B
BDPNPEBS
BT
VOJEBEFT
JOEVTUSJBJT
F
BT
VOJEBEFT
IBCJUBDJPOBJT
B
àN
EF

FWJUBS
QSFKVÎ[PT
NBJPSFT
QBSB
BNCPT

0
1MBOP
%JSFUPS
BQSPWBEP
QPS
-FJ
NVOJDJQBM
Ê
P
JOTUSVNFOUP
CÃ
TJDP
EB
QPMÎUJDB
EF
EFTFOWPMWJNFOUP
F
EB
FYQBOTÈP
VSCBOB
­
QSPWFEPS
EB

PSEFN
QÙCMJDB
F
EF
JOUFSFTTF
TPDJBM
RVF
SFHVMB
P
VTP
EB
QSPQSJFEBEF
VSCBOB

FN
QSPM
EP
CFN
DPMFUJWP
EB
TFHVSBOÉB
F
EP
CFNFTUBS
EPT
DJEBEÈPT
OÈP

QPEFOEP
BTTJN
TFS
FMBCPSBEP
ÆT
QSFTTBT
OPT
HBCJOFUFT
TFN
BT
EJTDVTT×FT

EPT
EJWFSTPT
TFHNFOUPT
EB
4PDJFEBEF
P
RVF
DPNQSPNFUFSJB
P
GVUVSP
EB

$JEBEF
QPJT
Ê
EP
JOUFSFTTF
UBOUP
EB
DPNVOJEBEF
RVBOUP
EPT
JOWFTUJEPSFT

JNPCJMJÃSJPT
IBKB
WJTUB
RVF
EF
BDPSEP
DPN
B
-FJ
EP
&TUBUVUP
EB
$JEBEF
OP

BSUJHP

SFTUB
QPVDP
UFNQP
QBSB
B
FMBCPSBÉÈP
EP
SFGFSJEP
EPDVNFOUP
KÃ

RVF
TFHVOEP
B
-FJ
PT
BENJOJTUSBEPSFT
UFSÈP

BOPT
DPOUBEPT
EFTEF

EF

KVMIP
EF

QBSB
QSPDFEFSFN
ÆT
BEFRVBÉ×FT
EF
TFVT
1MBOPT
%JSFUPSFT
ÆT

SFHSBT
EB
-FJ

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
 "
EJTQPOJCJMJEBEF
EF
FRVJQBNFOUPT
TPDJBJT
F
EF
JOGSBFTUSVUVSB
VS
CBOB
TF
EJTUSJCVJ
EF
NPEP
EFTJHVBM
OP
FTQBÉP
VSCBOP
"
$JEBEF
Ê
EPUBEB
EF

WJBT
EF
BDFTTP
NPEFSOBT
QBSB
PT
HSBOEFT
FNQSFFOEJNFOUPT
CFN
DPNP
EP

TBOFBNFOUP
F
PGFSUB
EF
FOFSHJB
P
HÃT

QBSB
P
TFV
GVODJPOBNFOUP
FNCPSB

BT
QPVDBT
DIVWBT
RVF
DBFN
OB
$JEBEF
TFKB
NPUJWP
EF
WÃSJPT
USBOTUPSOPT
OPT

EJWFSTPT
CBJSSPT
EB
QFSJGFSJB
TFKB
QPS
BMBHBNFOUPT
TFKB
QPSDBPT
OP
USÄOTJUP

KÃ
SPUJOFJSBNFOUF
DBÓUJDP

.PTTPSÓ
QPTTVJ

NPUPT
F

BVUPNÓWFJT
%&53"/
3/

GFWFSFJSP
EF


&TUFT
OÙNFSPT
TÈP
SFTQPTUB
EB
JOFàDJËODJB
EP
USBOTQPS
UF
DPMFUJWP
EJTQPOÎWFM
BPT
DJEBEÈPT
RVF
QFMB
TVB
JOFàDJËODJB
SFQSPEV[FN

PVUSBT
BMUFSOBUJWBT
EF
NPCJMJEBEF
NPUPUÃYJT
UÃYJMPUBÉÈP
F
PVUSPT
NFJPT

EF
USBOTQPSUFT
MFHBJT
PV
DMBOEFTUJOPT
SFáFYP
EB
BVTËODJB
EF
FTUVEPT
RVF

BOBMJTFN
BT
SFBJT
OFDFTTJEBEFT
EB
$JEBEF
F
FODPOUSFN
TPMVÉ×FT
QBSB
P
VTP

EP
TFV
TPMP
VSCBOP
EF
GPSNB
B
QSFQBSBS
B
$JEBEF
EP
QSFTFOUF
F
QSPUFHFS
P

TFV
GVUVSP

/P
NPNFOUP
FN
RVF
B
FDPOPNJB
NPTTPSPFOTF
TF
EJOBNJ[B
GB[TF

OFDFTTÃSJP
BUVBS
EF
GPSNB
QMBOFKBEB
UFOUBOEP
FRVJMJCSBS
P
TJTUFNB
VSCBOP

BOUFT
RVF
BT
GPSÉBT
BUVBOUFT
BDFMFSFN
PT
EFTFRVJMÎCSJPT
/ÈP
TF
EFWF
EFJYBS

B
PQPSUVOJEBEF
EF
JOEV[JS
P
DSFTDJNFOUP
FRVJMJCSBEP
TFOEP
QBSB
UBOUP
GVO
EBNFOUBM
B
FMBCPSBÉÈP
EP
1MBOP
%JSFUPS
CFN
DPNP
EP
$ÓEJHP
EF
1PTUVSBT

RVF
TFSJBN
PT
CBMJ[BEPSFT
EFTUF
PCKFUJWP

%JBOUF
EFTTF
RVBESP
àDB
FWJEFOUF
B
OFDFTTJEBEF
EF
BTTVNJS
JOUFO
TJWB
F
DPOTDJFOUFNFOUF
P
DPOUSPMF
EP
DSFTDJNFOUP
EB
$JEBEF
QBSB
RVF
FTUF

TF
EË
EF
NPEP
BKVTUBEP
BPT
PCKFUJWPT
TPDJBJT
BOUFT
RVF
FTUB
TF
UPSOF
VN

BNCJFOUF
VSCBOP
JOTVTUFOUÃWFM
"
CVTDB
EF
TPMVÉÈP
NBJT
SBDJPOBM
QBSB
P

DSFTDJNFOUP
F
EFTFOWPMWJNFOUP
EF
.PTTPSÓ
OPT
EJBT
BUVBJT
Ê
JOFRVJWPDB
NFOUF
VSHFOUF
F
P
SFTQPOTÃWFM
NBJPS
Ê
P
(PWFSOP
$BCF
FTQFDJBMNFOUF
BP

(PWFSOP
.VOJDJQBM
EFOUSP
EFTTF
FOUFOEJNFOUP
UFS
P
QBQFM
EF
HSBOEF
F

JNQPSUBOUF
DPOTUSVUPS
PV
SFDPOTUSVUPS
EB
$JEBEF
TFN
EFJYBS
RVF
FMB
DSFTÉB

TPNFOUF
BP
BSCÎUSJP
EPT
MPUFBNFOUPT
EBT
ÃSFBT
VSCBOBT
TPC
P
EPNÎOJP
EP

MVDSP
JNPCJMJÃSJP
RVF
TÈP
BT
GPSÉBT
DPOEVUPSBT
EB
FYQBOTÈP
VSCBOB
0
1P

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

EFS
1ÙCMJDP
QSFDJTB
KVOUBNFOUF
DPN
B
4PDJFEBEF
QMBOFKBS
B
$JEBEF
TBJS
EB

SPUJOB
EF
BQFOBT
DPSSJHJS
PT
NBMFGÎDJPT
EFDPSSFOUFT
EFTTB
FYQBOTÈP
FGFUJWBEB

TPC
P
DPNBOEP
EFTTBT
GPSÉBT
"P
(PWFSOP
DBCF
PVWJS
B
4PDJFEBEF
QBSB

KVOUPT
GPSKBS
VN
BNCJFOUF
VSCBOP
BEFRVBEP
Æ
DSJBÉÈP
F
EFTFOWPMWJNFOUP

EF
VNB
TPDJBCJMJEBEF
VSCBOB
NBJT
KVTUB
F
FRVJMJCSBEB

%FWFN
QPSUBOUP
PT
HFTUPSFT
QÙCMJDPT
EB
$JEBEF
TBJS
EB
UÎNJEB
QP
TJÉÈP
EF
BTTJTUFOUFT
PV
FN
BMHVOT
DBTPT
BUÊ
EF
BHFOUFT
EB
FYQBOTÈP
VSCBOB

BDFMFSBEB
F
EFTFRVJMJCSBEB
RVBOEP
GB[FN
PV
FTUJNVMBN
FTTF
BDFMFSBNFOUP

FN
BMHVNBT
ÃSFBT
QPOUVBJT
TFN
QBSBMFMBNFOUF
EPUBSFN
BT
PVUSBT
ÃSFBT
EF

SFDVSTPT
F
QPMÎUJDBT
FGFUJWBT
EF
EFTFOWPMWJNFOUP
BP
OÎWFM
BEFRVBEP
1BSB

VNB
QBSUJDJQBÉÈP
NBJT
BUJWB
EP
(PWFSOP
.VOJDJQBM
OB
OPWB
PSEFN
EBT

FTUSVUVSBT
EB
VSCBOJ[BÉÈP
FYFSDÎDJP
EF
VNB
WJHPSPTB
F
GFDVOEB
BÉÈP
EF
QMB
OFKBEPSFT
F
EF
JOEVUPSFT
EB
FYQBOTÈP
VSCBOB
NBJT
FRVJMJCSBEB
PT
PCKFUJWPT

TPDJBJT
EFWFN
FTUBS
BDJNB
EF
RVBMRVFS
PVUSP
JOUFSFTTF
EF
HSVQPT
PV
EF
JO
EJWÎEVPT
&
JTTP
Ê
QPTTÎWFM
DPN
BT
QPMÎUJDBT
QSPHSBNBT
F
PT
JOTUSVNFOUPT

BENJOJTUSBUJWPT
RVF
PT
HPWFSOPT
QPEFN
JNQMFNFOUBS

.BT
OÈP
TÓ
DBCF
BPT
HPWFSOPT
FTTB
UBSFGB
&MB
UBNCÊN
Ê
EF
UPEPT
PT

DJEBEÈPT
RVF
EF
VN
NPEP
PV
EF
PVUSP
FTUFKBN
FOWPMWJEPT
DPN
BT
EFDJ
T×FT
EF
QPMÎUJDB
QBSB
B
FYQBOTÈP
F
EFTFOWPMWJNFOUP
VSCBOP
OPUBEBNFOUF
PT

BENJOJTUSBEPSFT
EPT
QPEFSFT
QÙCMJDPT
F
PT
QPMÎUJDPT
B
RVFN
DBCF
DPOEV[JS

FTTBT
BÉ×FT
RVF
CVTDBN
BT
TPMVÉ×FT
GVOEBNFOUBJT
EPT
QSPCMFNBT
EB
VSCB
OJ[BÉÈP
1BSB
UBOUP
B
DPOTDJËODJB
EB
BÉÈP
QPMÎUJDB
OP
FRVBDJPOBNFOUP
EBT

RVFTU×FT
VSCBOBT
TF
BQSFTFOUB
EF
GPSNB
DMBSB

$BCF
UBNCÊN
BPT
UÊDOJDPT
F
FTQFDJBMNFOUF
BPT
QMBOFKBEPSFT
B
NJT
TÈP
EF
CVTDBSFN
FOUFOEFS
BT
OFDFTTJEBEFT
TPDJBJT
EB
QPQVMBÉÈP
EF
NPEP

OPWP
F
QSPQJDJBSFN
Æ
$JEBEF
NBOFJSBT
EF
TBUJTGB[ËMB
FN
WF[
EF
VTBSFN
P

NÊUPEP
NBJT
DPNVN
EF
QMBOFKBSFN
BT
FTUSVUVSBT
NBUFSJBJT
F
FOUÈP
QSPDV
SBSFN
RVF
BT
QFTTPBT
TF
BKVTUFN
B
FTTBT
FTUSVUVSBT

&TTB
UBSFGB
UBNCÊN
DBCF
BPT
DJEBEÈPT
EF
NPEP
HFSBM
RVF
OFN
TFN
QSF
QFOTBN
OP
NPEP
EF
DPNP
NFMIPSBSFN
B
$JEBEF
NBT
TPNFOUF
OP
RVF

FTUB
QPEF
PGFSFDFSMIFT
0
FTGPSÉP
DPNVN
FN
CFOFGÎDJP
EF
.PTTPSÓ
FWJEFO

$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
UFNFOUF
USB[
CFOFGÎDJPT
QBSB
UPEPT
F
P
DJEBEÈP
NPTTPSPFOTF
PV
OÈP
QPEF

EFTFNQFOIBS
VN
QBQFM
JNQPSUBOUF
EB
QSPCMFNÃUJDB
VSCBOB
SFáFUJOEP

QBSUJDJQBOEP
BQPOUBOEP
QSPCMFNBT
EB
$JEBEF
TVHFSJOEP
TPMVÉ×FT
QBSB
FMB

OB
DPOEJÉÈP
EF
QBSUF
JNQPSUBOUF
EP
QSPDFTTP
EB
VSCBOJ[BÉÈP
F
EP
QMBOFKB
NFOUP
VSCBOP

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

 5()(5Ç1&,$6

"-.&*%"
.BSJB
(FSBMEB
EF
3ROtWLFDGHLUULJDomR
QSPNFTTBT
EF
QSPTQF
SJEBEF
OP
TFSUÈP
EB
SFHJÈP
EP
TFNJÃSJEP
TFSHJQBOP

NJNFPHSBGBEP


"/%3"%&
.BOVFM
$PSSFJB
EF
(VSDoR SRODUL]DomR H GHVHQYROYL

PHQWR
4ÈP
1BVMP
#SBTJMJFOTF


@@@@@@
$WHUUDHRKRPHPQR1RUGHVWH

FE
4ÈP
1BVMP
&E
$JËODJBT

)VNBOBT


@@@@@@
)RUPDomR+LVWyULFDGD5HGH8UEDQDGR1RUGHVWH
3FDJGF
@


@@@@@@
"
QSPEVÉÈP
EP
FTQBÉP
OPSUFSJPHSBOEFOTF
/BUBM
&E
6OJWFSTJUÃ
SJB


"26*/0
.BSJB
+PTÊ
EB
4JMWB
(PTXHVWmRRGHVHQYROYLPHQWR
JNQBD
UP
EP
JOWFTUJNFOUP
JOUFOTJWP
OP
DPOUFYUP
EP
TFNJÃSJEP
QPUJHVBS
%JTTFSUB
ÉÈP
.FTUSBEP
FN
&DPOPNJB

/BUBM
6'3/$44"


"3"¼+0
5ÄOJB
#BDFMBS
EF
)FSBOÉBT
EF
EJGFSFODJBÉÈP
F
GVUVSP
EF
GSBH
NFOUBÉÈP
(VWXGRV$YDQoDGRV

Q


"33&5$)&
.BSUB
5
4
3ROtWLFDV VRFLDLV QR %UDVLO
EFTDFOUSBMJ[BÉÈP

FN
VN
&TUBEP
GFEFSBUJWP
3FWJTUB
#SBTJMFJSB
EF
$JËODJBT
4PDJBJT

W


O

Q

#BODP
EP
/PSEFTUF
EP
#SBTJM
m
#/#
1ÓMPT
EF
EFTFOWPMWJNFOUP
JOUFHSBEP

#BMBOÉP
TPDJBM
m

#/#


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
#"3#04"
&EHBS
0
NJMBHSF
NPTTPSPFOTF
*O
,PDJHQV GH 0RVVRUy

.PTTPSÓ
&4".

Q
$PMFÉÈP
.PTTPSPFOTF

W

#&-*,
8
$JURLQG~VWULDSURFHVVDGRUDHSROtWLFDHFRQ{PLFD
$BN
QJOBT
6OJDBNQ

5FTF
%PVUPSBEP
FN
&DPOPNJB

*OTUJUVUP
EF
&DP
OPNJB

#&/&7*%&4
.BSJB
7JDUÓSJB
EF
.FTRVJUB
2*RYHUQR.XELWVFKHNGH
VHQYROYLPHQWR HFRQ{PLFR H HVWDELOLGDGH SROtWLFD 

FE

3JP
EF
+BOFJSP
1B[
F
5FSSB


#&3."/
.BSTIBMM
7XGRTXHpVyOLGRGHVPDQFKDQRDUDDYHQWXUD
GDPRGHUQLGDGH
4ÈP
1BVMP
$PNQBOIJB
EBT
-FUSBT


#-":
&WB
"MUFSNBO
$OXWDSHORHVSDoR
1FUSÓQPMJT
7P[FT


#0##*0
/PCFSUP
FU
BMM
'LFLRQiULRGH3ROtWLFD
W

F

#SBTÎMJB
&EJ

UPSB
EB
6/#


#3"4*-
&RQVWLWXLomRGD5HS~EOLFD)HGHUDWLYDGR%UDVLO
#SBTÎ
MJB
4FOBEP
'FEFSBM


&DGHUQRV3(752%5$6
%F[FNCSP
O

$"37"-)0
"-7&4
EF
&
'&-*1&
+
-
"
30$)"
"SJTUPUFMJOB
1
#

$WODVGR5LR*UDQGHGR1RUWH
%JÃSJP
EF
/BUBM
'BTDÎDVMP

/BUBM


$"37"-)0
'*-)0
+
-
25LR*UDQGHGR1RUWHHPYLVmRSURVSHF
WLYD
/BUBM
'VOEBÉÈP
+PTÊ
"VHVTUP


$"37"-)0
+¼/*03
+PTÊ
7JDUPS
EF
i.FDBOJ[BÉÈP
EBT
TBMJOBT

VN
FT
UVEP
FYQMPSBUÓSJP
EF
TVBT
DPOTFRÛËODJBTu
5HYLVWD7HUUDH6DO.PTTPSÓ

W
O

Q
TFUOPW


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

$"4$6%0
-VJT
EB
$ÄNBSB
1RWDVHGRFXPHQWRVSDUDDKLVWyULDGH
0RVVRUy
.PTTPSÓ

TÊSJF
$
W
**
$PMFÉÈP
.PTTPSPFOTF


@@@@@@
1RWDVHGRFXPHQWRVSDUDDKLVWyULDGH0RVVRUy
.PTTPSÓ

&4".

$PMFÉÈP
.PTTPSPFOTF


@@@@@@
0RVVRUyUHJLmRHFLGDGH
DSÔOJDBT
/BUBM
&EJUPSB
6OJWFSTJUÃ
SJB

$PMFÉ×FT
.PTTPSPFOTF

4ÊSJF
$
W


$"45&--4
.BOVFM
$TXHVWmR8UEDQD3JP
EF
+BOFJSP
1B[
F
5FSSB


$0&-)0
.BSJB
EP
4PDPSSP
"MWFT
2VLVWHPDXUEDQRQRUGHVWLQRHV
WUXWXUDomR DWUDYpV GR WHPSR
3FWJTUB
#SBTJMFJSB
EF
(FPHSBàB
3JP
EF

+BOFJSP
*#(&
BOP

O

Q

KBONBS


$033®"
3PCFSUP
-PCBUP
7UDMHWyULDV *HRJUiÀFDV
3JP
EF
+BOFJSP

#FSUSBOE
#SBTJM


@@@@@@
2HVSDoRXUEDQR
4ÈP
1BVMP
"UJWB


@@@@@@
5HJLmRHRUJDQL]DomRHVSDFLDO
4ÈP
1BVMP
¦UJDB


$"4530
*OÃ
&MJBT
EF
0
QSPCMFNB
EB
FTDBMB
*O
$"4530
*
&
EF
(0

.&4
1
$
EB
$
$033®"
3
-
PSHT

*HRJUDÀD
DPODFJUPT
F
UFNBT

3JP
EF
+BOFJSP
#FSUSBOE
#SBTJM


FE
Q


@@@@@@
4FDB
WFSTVT
TFDB
/PWPT
JOUFSFTTFT
OPWPT
UFSSJUÓSJPT
OPWPT
EJTDVS

TPT
OP
/PSEFTUF
*O
$"4530
*OÃ
&MJBT
EF
PSH

%UDVLOTXHVW}HVDWXDLV
GDUHRUJDQL]DomRGRWHUULWyULR
3JP
EF
+BOFJSP
#FSUSBOE
#SBTJM


$"45&--4
.BOVFM
$ TXHVWmR XUEDQD
3JP
EF
+BOFJSP
1B[
F
UFSSB



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
$¶%*(0
%&
104563"4
%0
.6/*$*1*0
%&
.04403¶
.PTTPSÓ







$*3*-0
%04
4"/504
.BOVFM
0RVVRUy HP 
.PTTPSÓ
&4".


$PMFÉÈP
.PTTPSPFOTF
4ÊSJF
#
O



$-&.&/5*/0
.BSJB
EP
-JWSBNFOUP
i3FBMJTNP
EBT
'JOBOÉBT
.VOJDJ

QBJT
OP
/PSEFTUFu
*O
40"3&4
+PTÊ
"SMJOEP
2RUoDPHQWRGRVPXQL
FtSLRVGR1RUGHVWH
#SBTÎMJB
1BSBMFMP


Q

%616:
(
-ËT
FGGFUT
TQBUJBVY
EËT
UFDIOJRVFT
EF
UÊMÊDPNNVOJDBUJPOT
PV
WSPOT
MB
CPJUF
OPJSF
*O
%XOOHWLPGH,·GDWH
O
1BSJT

Qm


&-*"4
%FOJTF
*OUFHSBÉÈP
DPNQFUJUJWB
EP
TFNJÃSJEP



*O

4".1"*0 +
-
'
&-*"4 %
PSHT

0RGHUQL]DomRH[FOXGHQWH
'PSUB
MF[B
&EJÉ×FT
%FNÓDSJUP
3PDIB

$PMFÉÈP
QBSBEJHNBT
EB
BHSJDVMUVSB

DFBSFOTF


@@@@@@@
*OREDOL]DomRHDJULFXOWXUD
4ÈP
1BVMP
&%641


&7&3"-%0
#&3/"3%*/0
%&
406;"
3ODQWDFDGDVWUDOGH0RV
VRUy
.PTTPSÓ


'&-*1&
+PTÊ
-BDFSEB
"MWFT
3RGHUSROtWLFRORFDOm
P
UFSSJUÓSJP
NVOJDJQBM

m
PMIBSFT
HFPHSÃàDPT
3JP
EF
+BOFJSP

5SBCBMIP
JNQSFTTP
BQSFTFOUB
EP
FN
EJTDJQMJOB
EF
DVSTP


@@@@@@
$ RUJDQL]DomR GR HVSDoR XUEDQR GH 0RVVRUy
.PTTP

SÓ
'VOEBÉÈP
(VJNBSÈFT
%VRVF

$PMFÉÈP
.PTTPSPFOTF
4ÊSJF
$

W$$9997*


@@@@@@
$UHLQYHQomRGROXJDU
PT
3PTBEPT
F
P
iQBÎT
EF
.PTTPSÓu
+PÈP

1FTTPB
(SBGTFU


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

@@@@@@
0RVVRUyXPHVSDoRHPTXHVWmR
.PTTPSÓ
&4".

$P
MFÉÈP
.PTTPSPFOTF
W$9-*


@@@@@@
2XUEDQRQR5LR*UDQGHGR1RUWH.PTTPSÓ
&4".


$PMFÉÈP
.PTTPSPFOTF
O
W$-9*7


'&3/"/%&4
(FSBMEP
.BSHFMB
2VDO²XPDHFRQRPLDHPTXHVWmR

/BUBM
6'3/$$)-"


'&33&*3"
*
$
EF
-
50326"50
*
$
'&-*1&
+
%
-
"
$QiOLVH

GHXPDiUHDHPWUDQVLomRGRUXUDOSDUDRXUEDQRRFDVRGR%RP
-HVXV
.POPHSBàB
(SBEVBÉÈP

m
'633/
m
%FQBSUBNFOUP
EF
4FSWJÉP
4P
DJBM
.PTTPSÓ


'3&*3&
+PSHF
$PNÊSDJP
EF
.PTTPSÓ
%DQGR
.PTTPSÓ
"OP
*
O*9
TFU


'*&3/

'FEFSBÉÈP
EBT
*OEÙTUSJBT
EP
&TUBEP
EP
3JP
(SBOEF
EP
/PSUF
%F
QBSUBNFOUP
&DPOÔNJDP
%UHYHSHUÀOHFRQ{PLFRHVRFLDOGR5LR*UDQ
GHGR1RUWH
/BUBM


(*-#&350
'3&:3&
&DVD*UDQGHH6HQ]DOD
GPSNBÉÈP
EB
GBNÎMJB
CSBTJMFJ
SB
TPC
P
SFHJNF
QBUSJBSDBM
‰
FE
3JP
EF
+BOFJSP
&E
+PTÊ
0MZNQJP


(0.&4
1BVMP
$ÊTBS
EB
$PTUB
"
SFHJÈP
F
TVB
EJTDVTTÈP
*O
$"4530
*OÃ

&MJBT
EF
(0.&4
1BVMP
$ÊTBS
EB
$PTUB
$033®"
3PCFSUP
-PCBUP
PSH


*HRJUDÀDFRQFHLWRVHWHPDV
3JP
EF
+BOFJSP
#FSUSBOE
#SBTJM


FE

(3";*"/0
%"
4*-7"
+PTÊ
$LUULJDomRHDSUREOHPiWLFDIXQGLiULD
QR1RUGHVWH
$BNQJOBT
6/*$".1130/*


@@@@@@
$ QRYD GLQkPLFD GD DJULFXOWXUD EUDVLOHLUD
$BNQJOBT
6OJ

DBNQ*&


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
@@@@@@
7HFQRORJLDHDJULFXOWXUDIDPLOLDU
1PSUP
"MFHSF
&E
6'3(4


(6*."3«&4
/&50
-FPOBSEP
%FTJHVBMEBEFT
SFHJPOBJT
F
GFEFSBMJTNP

*O
"''0/40
3
#
F
4*-7"
1-# 0SHT

'HVLJXDOGDGHVUHJLRQDLVH
GHVHQYROYLPHQWR
4ÈP
1BVMP
'6/%"1&E
6/&41


(3*--0
.BSHBSFUI
"SFJB
#SBODB
WJWF
EPT
SFDVSTPT
EP
*/44
-RUQDO7UL
EXQDGR1RUWH
/BUBM

EF
NBJPS
EF


(5%/
m
(SVQP
EF
USBCBMIP
QBSB
P
EFTFOWPMWJNFOUP
EP
/PSEFTUF
8PD
SROtWLFDGHGHVHQYROYLPHQWRHFRQ{PLFRSDUDR1RUGHVWH

FE
3FDJ
GF
4VEFOF


(6&33"
0UUP
EF
#SJUP
(PMQF
OBT
i0àDJOBTu
7ULEXQDGR1RUWH
/B

UBM

EF
BCSJM
EF


-*."
/FTUPS
0XQLFtSLRVGR5LR*UDQGHGR1RUWH0DFDLED0D
FDX0DUWLQVH0RVVRUy
.PTTPSÓ

$PMFÉ×FT
.PTTPSPFOTF
4ÊSJF

$
W
%9$*9

."*"
5ÊDJP
3PTBEP
0
ESBNB
EB
EFSSPDBEB
*O,QG~VWULDHFRPpUFLRGR
2HVWH3RWLJXDU²XPSRXFRGHKLVWyULD
PSH

#3*50
3
4PBSFT
EF

.PTTPSÓ

$PMFÉÈP
.PTTPSPFOTF
W
$$999*


)03¦$*0
"-.&*%"
EF
+LVWyULDGD3DUDtED+PÈP
1FTTPB
&E
6OJ
WFSTJUÃSJB6'1C

W


*#(&
 *OTUJUVUP
#SBTJMFJSP
EF
(FPHSBàB
6XEVtGLRVDRSODQHMDPHQWR
GDiUHDQRUGHVWLQD²0RoRUyXPFHQWURUHJLRQDOGRRHVWHSRWLJXDU

3JP
EF
+BOFJSP


@@@@@@
&HQVRV 'HPRJUiÀFRV
3JP
EF
+BOFJSP
*#(&









 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

@@@@@@
$POUBT
/BDJPOBJT
&RQWDV5HJLRQDLVGR%UDVLOQž

3JP

EF
+BOFJSP
*#(&


*1&"
*#(&
6/*$".1*&/&4463
&DUDFWHUL]DomR H WHQGrQFLDV

GDUHGHXUEDQDGR%UDVLO
SFEFT
VSCBOBT
SFHJPOBJT
m
/PSUF
/PSEFTUF
F

$FOUSPmPFTUF
#SBTÎMJB
*1&"

W


*5"."3
%&
406;"
'LiULR GR 51

$PMFÉÈP
%/
&EVDBÉÈP

G
Q

,"(&:"."
"
FU
BM
0
OPWP
QBESÈP
BHSÎDPMB
CSBTJMFJSP
EP
DPNQMFYP

SVSBM
BPT
DPNQMFYPT
BHSPJOEVTUSJBJT
*O%&-("%0
(
$
("426&4
+

7&3%&
$
.
7
PSHT

$JULFXOWXUDHSROtWLFDVS~EOLFDV
3FMBUÓSJP
O


Q

#SBTÎMJB
*1&"


+PSOBM
E0
%*¦3*0
FN

EF
GFWFSFJSP
EF


+03/"-
%&
'"50
%JTQPOÎWFM
FN
KWWSZZZGHIDWRFRPPRV
VRUR
"DFTTP

NBJ


@@@@@@
%JTQPOÎWFM
FN
KWWSZZZGHIDWRFRPPRVVRUR "DFTTP


BHP


+03/"-
%*¦3*0
%0
/03%&45&
([LJrQFLDGR0HUFDGR
"NQMJB
ÉÈP
EP
1PSUP
EP
1FDÊN
SFRVFS
64

NJMI×FT

KVO

3FDJGF

+03/"-
(";&5"
%0
0&45&
%JTQPOÎWFM
FNKWWSZZZJD]HWD
GRRHVWHFRPPRVVRUREULQIRJUDÀFRV
"DFTTP

GFW


-".#&35
+BDRVFT
2VGRLV%UDVLV
4ÈP
1BVMP
$PNQBOIJB
&EJUPSB
/B
DJPOBM
‰
FE


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
-&*5&
-VDBT
"
EF
4PV[B
1&440"
1FESP
'FMJ[BSEP
"
EF
1BVMB
1*.&/
5&-
$BSMPT
3
.BDIBEP
4JUVBÉÈP
BUVBM
F
QFSTQFDUJWB
EB
BHSPJOEÙTUSJB
EP

DBKV
*O
"3"¼+0
+
1
1
4*-7"
7
7
PSHT

&DMXFXOWXUDPRGHUQDV
WpFQLFDVGHSURGXomR
'PSUBMF[B
&NCSBQB
m
$/1"5


-*."
/FTUPS
0XQLFtSLRVGR5LR*UDQGHGR1RUWH0DFDtED0D
FDX0DUWLQVH0RVVRUy/BUBM
*OTUJUVUP
)JTUÓSJDP
F
(FPHSÃàDP
EP
3JP

(SBOEF
EP
/PSUF


-&/$*0/*
4BOESB
F
$"3-04
"OB
'BOJ
"
"MHVOT
FMFNFOUPT
QBSB
B

EJTDVTTÈP
EP
FTQBÉP
HFPHSÃàDP
DPNP
NFSDBEPSJB
*O
%RUUDGRU
O
 
4ÈP

1BVMP
"(#


."39
.VSJMP
&LGDGHQR%UDVLOWHUUDGHTXHP"4ÈP
1BVMP
/PCFM


."3*;
.BSMFOF
EB
4JMWB
F
46"446/"
-VJ[
&
#SBOEÈP
+LVWyULDGR

5LR*UDQGHGR1RUWH
/BUBM
4FCP
WFSNFMIP


."504
0EJMPO
/PHVFJSB
&DIpH)HUURYLDV
B
FWPMVÉÈP
GFSSPWJÃSJB
EF

4ÈP
1BVMP
F
P
%FTFOWPMWJNFOUP
EB
DVMUVSB
DBGFFJSB
$BNQJOBT
&E
1POUFT


‰
FE

.&-0
.ÃSJP
+PTÊ
-BDFSEB
EF
5HJLRQDOL]DomR DJUiULD GR 1RUGHVWH

3FDJGF
4VEFOF


.¾--&3
(FSBMEP
&HPDQRVGH5HS~EOLFD
/PUBT
TPCSF
BT
USBOTGPSNB
É×FT
FTUSVUVSBJT
OP
DBNQP
&TUVEPT
BWBOÉBEPT
4ÈP
1BVMP
641
W
O

TFUEF[


."3*$"50
)FSNJOJB
7HRULDH'HEDWH
4ÈP
1BVMP
O

 KBOGFWNBS


.&/&;&4
%KBDJS
22XWUR1RUGHVWH
3JP
EF
+BOFJSP
&E
+PTÊ
0MZN
QJP


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

.*/*45­3*0
%"
"(3*$6-563"
&
"#"45&$*.&/50
3URJUDPD
GH$SRLRH'HVHQYROYLPHQWRGD)UXWLFXOWXUD,UULJDGDGR1RUGHVWH

#SBTÎMJB
.JOJTUÊSJP
EB
"HSJDVMUVSB
F
"CBTUFDJNFOUP


/0/"50
%"
4*-7"
3BJNVOEP
0LQKDV PHPyULDV GR 2HVWH 3RWL

JXDUHVWUDQJHLURVH0RVVRUy.PTTPSÓ
&4".

$PMFÉ×FT
.PT
TPSPFOTF
W$$$-999*9


0''/&3
+
.
-FT
AFGGFUT
TUSVDUVSBOUT
EV
USBOTQPSU
.ZUIF
QPMJUJRVF

.ZTUJDBUJPO
TDJFOUJàRVF
JO/·HVSDFHJpRJUDSKLTXH
O

1BSJT


Q


0-*7&*3"
'SBODJTDP
EF
(OHJLDSDUDXPD5HOLJLmR
3JP
EF
+BOFJSP

1B[
F
5FSSB


@@@@@@
'SBODJTDP
EF
$FXPXODomRFDSLWDOLVWD(VWDGRHXUEDQL]DomR
DQRYDTXDOLGDGHGRFRQÁLWRGHFODVVHV
*O
$POUSBQPOUP
3JP
EF
+BOFJ
SP


1"*7"
'*-)0
'SBODJTDP
EBT
$IBHBT
8PD DQiOLVH GD GXDOLGDGH GR
PHUFDGRSURGXWRUVDOLQHLURGR51
/BUBM
&E
6OJWFSTJUÃSJB


1"$)&$0
$BSMPT
"NÊSJDP
)UDJPHQWDomRGDQDomR
$BNQJOBT
6/*
$"1.*&


1&--&3*/
(FPSHFT
(PSUHJRLQGXVWULDOQR1RUGHVWH
3FDJGF


1&530#3"4
2SHWUyOHRQR5LR*UDQGHGR1RUWH


1&440"
1FESP
'FMJ[BSEP
"
EF
1BVMB
-&*5&
-VDBT
"
EF
4PV[B
1*.&/

5&-
$BSMPT
3
.BDIBEP
4JUVBÉÈP
BUVBM
F
QFSTQFDUJWB
EB
BHSPJOEÙTUSJB
EP

DBKV
*O
"3"¼+0
+
1
1
4*-7"
7
7
PSHT

&DMXFXOWXUDPRGHUQDV
WpFQLFDVGHSURGXomR
'PSUBMF[B
&NCSBQB
m
$/1"5


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
1*/50
".'
(VWXGRGDVPLJUDo}HVLQWHUQDVGR51
/BUBM
*%&$



10/5&4
+PTÊ
0
2WUDEDOKRGR'12&6HR3URJUDPDGHLUULJDomR
GR1RUGHVWHVHPLiULGR
#SBTÎMJB
4FOBEP
'FEFSBM


1044"4
.
$PNQFUJUJWJEBEF
GBUPSFT
TJTUËNJDPT
F
QPMÎUJDB
JOEVTUSJBM
m
JN
QMJDBÉ×FT
QBSB
P
#SBTJM
*O
(VWUDWpJLDVHPSUHVDULDLVQDLQG~VWULDEUDVL
OHLUD
EJTDVUJOEP
NVEBOÉBT
3JP
EF
+BOFJSP
'PSFOTF
6OJWFSTJUÃSJB


1&530#3"4
5HJLmRGH3URGXomRGR1RUGHVWH6HWHQWULRQDO
'PMIF
UP
%F[FNCSP


@@@@@@
$3(752%5$6HR5LR*UDQGHGR1RUWH
VNB
RVFTUÈP
EF

QBSDFSJB
<TM>
1FUSPCSBT


@@@@@@
5HODWyULRGH*HVWmR
6/3/$&

26&*30;
"OUPOJP
'MPSËODJP
EF
$ VLWXDomR GD SHTXHQD H PpGLD

HPSUHVDVDOLQHLUDGR(VWDGR
3FMBUÓSJP
BQSFTFOUBEP
BP
HPWFSOP
EP
3JP

(SBOEF
EP
/PSUF


3".04
4PSBJB
6LVWHPDVWpFQLFRVDJUtFRODVHPHLRWpFQLFRFLHWtÀFR
LQIRUPDFLRDQDOQR%UDVLO
*O
0
#SBTJM
m
UFSSJUÓSJP
F
TPDJFEBEF
OP
JOJDJP

EP
TÊDVMP
99*
3JP
EF
+BOFJSP
3FDPSE


3&7*45"
70$®
4"
0HOKRUHVFLGDGHVSDUDWUDEDOKDU
7PDË
4"

FE

KVM


@@@@@@
0HOKRUHVFLGDGHVSDUDWUDEDOKDU
7PDË
4"
FE

KVM


 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

30-/*,
3
F
40.&,)
/
*RYHUQDU DV PHWUySROHV GLOHPDV GD
GHVFHQWUDOL]DomR
5SBCBMIP
BQSFTFOUBEP
OP
997
&ODPOUSP
/BDJPOBM
EB

"/10$4
$BYBNCV
m.(


304"%0
7JOHU
6O
.RVWHUYROWDD0RVVRUy
.PTTPSÓ
'VOEBÉÈP
7JOH
6O
3PTBEP

$PMFÉÈP
.PTTPSPFOTF
4ÊSJF
$
W


@@@@@@
5RWHLURVGR3DtVGH0RVVRUy
VN
DFOUFOÃSJP
VNB
GÃCSJDB
EF

CBSSJMIB
VNB
SFàOBSJB
EF
QFUSÓMFP
.PTTTPSÓ
4&$1..

$PMFÉÈP

.PTTPSPFOTF
4ÊSJF
$

@@@@@@
*HQWH D IDYRU GH 0RVVRUy /BUBM
'VOEBÉÈP
+PTÊ
"VHVTUP


$PMFÉÈP
.PTTPSPFOTF

4ÊSJF
$


4¦
+PTÊ
/JMTPO
EF
$HVWUDGDTXHSHUFRUUL
/BUBM
*NQSFTTÈP
(SÃàDB
F

&EJUPSB
-UEB


4¦/$)&;
+PBO&VHFOJ
.FUSPQPMJ[BÉÈP
F
NPEFSOJEBEF
*O
4"/504

.JMUPO
FU
BM
PSH

)LPGH6pFXORHJOREDOL]DomR
4ÈP
1BVMP
)VDJUFD

"OQVS
QQ


4"/%30/*
1BVMP
1RYtVVLPR'LFLRQiULRGH(FRQRPLD
4ÈP
1BVMP

&EJUPSB
#FTU
4FMMFS


4"/504
.JMUPO
(FRQRPLD(VSDFLDOFUtWLFDVHDOWHUQDWLYDV
4ÈP
1BV
MP
)VDJUFD


@@@@@@
0DQXDOGHJHRJUDÀDXUEDQD
4ÈP
1BVMP
)VDJUFD


@@@@@@
(VSDoRHPpWRGR
4ÈP
1BVMP
)VDJUFD


@@@@@@
0HWDPRUIRVHVGRHVSDoRKDELWDGR
4ÈP
1BVMP
)VDJUFD


$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
@@@@@@
$XUEDQL]DomREUDVLOHLUD
4ÈP
1BVMP
)VDJUFD


@@@@@@
7pFQLFDHVSDoRWHPSR
HMPCBMJ[BÉÈP
F
NFJP
UÊDOJDPDJFOUÎàDP

JOGPSNBDJPOBM
4ÈP
1BVMP
)VDJUFD
B

@@@@@@
3RUXPDHFRQRPLDSROtWLFDGDFLGDGH
4ÈP
1BVMP
)VDJUFD
C

@@@@@@
$QDWXUH]DGRHVSDoR
UÊDOJDB
SB[ÈP
F
FNPÉÈP
4ÈP
1BVMP
)V
DJUFD


@@@@@@
3RUXPDRXWUDJOREDOL]DomR
%P
QFOTBNFOUP
ÙOJDP
Æ
DPOTDJËO
DJB
VOJWFSTBM
3JP
EF
+BOFJSP
3FDPSE


4*-7"
3BJNVOEP
/POBUP
EB
(YROXomRXUEDQtVWLFDGH0RVVRUy
.PT
TPSÓ
&4".


@@@@@@
0LQKDV PHPyULDV GR RHVWH SRWLJXDU ² HVWUDQJHLURV HP

0RVVRUy
W

.PTTPSÓ

$PMFÉÈP
.PTTPSPFOTF


4*/(&3
1BVM
(FRQRPLD SROtWLFD GD XUEDQL]DomR
4ÈP
1BVMP
#SBT

MJFOTF


4*-7&*3"
3®(0
7BMEFDJOB
"OVODJBUB
EB
7HUFHLUL]DomRHPHWDPRUIR
VHVQRPXQGRGRWUDEDOKRGHVDÀRVjVXVWHQWDELOLGDGHVRFLDO%JTTFS
UBÉÈP
.FTUSBEP

.PTTPSÓ
130%&."6&3/


40"3&4
"OUPOJB
4IFZMMB
4BOUPT
)DYHOL]DomRHYXOQHUDELOLGDGHVyFLR
DPELHQWDO
P
DBTP
EB
GBWFMB
EB
&4".
6&3/

$0%&."
.PTTPSÓ


%JTTFSUBÉÈP
.FTUSBEP

0SJFOUBÉÈP
%S
1BUSÎDJP
#PSHFT
.BSBDBKÃ

406;"
&MMJT
1SFWJUBMJ
F
*UDQGHVSURMHWRVGHLQYHVWLPHQWRHRHP
SUHJRUHJLRQDOP
JNQBDUP
EB
1FUSPCSBT
FN
.BDBÊ
NJNFPHSBGBEP

TE

 ([SDQVmR8UEDQDGH0RVVRUy 3HUtRGRGHD

5"7"3&4
%&
"-.&*%"
.BSJB
)FSNÎOJB
)HGHUDOLVPR H 3ROtWLFDV
6RFLDLV
*O
3FWJTUB
#SBTJMFJSB
EF
$JËODJBT
4PDJBJT
O

4ÈP
1BVMP
"/
10$4


5$6
53*#6/"-
%&
$0/5"4
%"
6/*«0
5SBOTGFSËODJBT
$POTUJUV
DJPOBJT
F
-FHBJT
#SBTÎMJB

EJTQPOÎWFM
FN
KWWSZZZWFXJRY
EUKWP
"DFTTP
FN

EF
OPWFNCSP
EF


7"-&/$*0
/PSNB
'FMJDJEBEF
-PQFT
EB
4JMWB
,PSDFWRV VRFLRHFRQ{

PLFRV H DPELHQWDLV GHFRUUHQWHV GH JUDQGHV SURMHWRV KtGULFRV QR
1RUGHVWHRFDVRGRSURMHWR%DL[R$oX51
5FTF
%PVUPSBEP

m
6/*
$".1
%FQ
EF
$JËODJBT
4PDJBJT
EP
*OTUJUVUP
EF
'JMPTPàB
F
$JËODJB
$BN
QJOBT


7*%"
*/%6453*"-
i6N
SFFYBNF
EB
RVFTUÈP
OPSEFTUJOBu
9LGD,QGXV
WULDO
W
O
Q
#FMP
)PSJ[POUF
TFU

800%
$
F
$"37"-)0
+
"
$ GHPRJUDÀD GD GHVLJXDOGDGH QR

%UDVLO
3JP
EF
+BOFJSP
*1&"
TÊSJF
1/1&



$ULVWRWHOLQD3HUHLUD%DUUHWR5RFKD 
,035(66­2($&$%$0(172
'HSDUWDPHQWR(VWDGXDOGH,PSUHQVD
1DWDO-XOKRGH