NOJNBBU© TQBSFEFTMBUFSBJTQBSFEFQPTUFSJPSPVQF§BTEP
N³WFM
&TUFBQBSFMIPO£PGPJQSFWJTUPQBSBTFSVUJMJ[BEPDPNVN
UFNQPSJ[BEPSFYUFSOPPVVNUFMFDPNBOEPFYUFSOP
3UHSDUDURVPyYHLVGHHQFDVWUDU
0N³WFMEFFODBTUSBSUFNEFTFSSFTJTUFOUFBUFNQFSBUVSBTBU©
p$"Q³TPTUSBCBMIPTEFSFDPSUFUFNEFGJDBSBTTFHVSBEBB
FTUBCJMJEBEFEPN³WFMEFFODBTUSBS
&GFDUVBSPSFDPSUFOPUBNQPEFDP[JOIBQBSBVNPVNBJT
BQBSFMIPT7BSJPEFBDPSEPDPNPEJBHSBNBEFNPOUBHFN0
¢OHVMP EB TVQFSGDJF EF DPSUF BU© BP UBNQP EF DP[JOIB UFN EF TFS
OPNOJNPEFp
3FNPWFSBTFSSBEVSBBQ³TPTUSBCBMIPTEFDPSUF4FMBSBT
TVQFSGDJFTEFDPSUFEFGPSNBSFTJTUFOUFBPDBMPS
0CTFSWBSBEJTU¢ODJBNOJNBEFNNFOUSFPMBEPJOGFSJPSEP
BQBSFMIPFQF§BTEPN³WFM
"NPOUBHFNUFNEFBTTFHVSBSBQSPUFD§£PDPOUSBDPOUBDUP4F
BQ³T B NPOUBHFN GPS QPTTWFM UPDBS OB QBSUF JOGFSJPS EP BQBSFMIP
©OFDFTT¡SJPNPOUBSVNGVOEPGBMTPRVFBQFOBTQPTTBTFS
SFNPWJEP DPN GFSSBNFOUB 0CTFSWBS B EJTU¢ODJB NOJNB EF NN
FOUSFPGVOEPGBMTPFPMBEPJOGFSJPSEPBQBSFMIP
1RFDVRGHPRQWDJHPGHYiULRVDSDUHOKRV9DULR PCTFSWBSP
FTQB§POFDFTT¡SJPQBSBBS©HVBEFVOJ£P77 FOUSFPT
BQBSFMIPT0TBQBSFMIPTUBNC©NQPEFNTFSNPOUBEPTFN
SFDPSUFT JOEJWJEVBJT NFEJBOUF PCTFSW¢ODJB EB EJTU¢ODJB NOJNB EF
NNFOUSFPTNFTNPT
/LJDomRHOpFWULFD
7FSJGJDBSBJOTUBMB§£PEBDBTBBOUFTEFMJHBSPBQBSFMIP7FSJGJDBS
TF B JOTUBMB§£P FM©DUSJDB EB DBTB EJTQµF EF GVTWFJT BEFRVBEPT "
UFOT£PFBGSFRVªODJBEPBQBSFMIPUªNEFDPSSFTQPOEFS
JOTUBMB§£PFM©DUSJDB WFSQMBDBEFDBSBDUFSTUJDBT
0BQBSFMIPDPSSFTQPOEF DMBTTFEFQSPUFD§£P*FT³QPEFTFS
QPTUPBGVODJPOBSDPNVNBMJHB§£PDPNDPOEVUPSEFQSPUFD§£P
" JOTUBMB§£P UFN EF EJTQPS EF VN EJTKVOUPS EF DPSUF PNOJQPMBS DPN
VNBEJTU¢ODJBNOJNBEFNNFOUSFPTDPOUBDUPTPVFOU£P©
OFDFTT¡SJP MJHBS P BQBSFMIP BUSBW©T EF VNB GJDIB DPN DPOUBDUP EF
QSPUFD§£P&TUFUFNEFFTUBSBDFTTWFMBQ³TBNPOUBHFN
3FDPNFOEBNPT B JOTUBMB§£P EF VNB UPNBEB DPN MJHB§£P UFSSB
DBEFDNBDJNBEPTPMPQPSUS¡TEPBQBSFMIP
"JOTUBMB§£PEFVNBUPNBEBT³QPEFTFSFGFDUVBEBQPSVN
FMFDUSJDJTUBRVBMJGJDBEPNFEJBOUFPCTFSW¢ODJBEBTOPSNBT
SFMFWBOUFT
0BQBSFMIPT³QPEFTFSMJHBEPDPNPDBCPEFBMJNFOUB§£P
GPSOFDJEP
/£PEPCSBSOFNFOUBMBSPDBCPEFBMJNFOUB§£P
0BQBSFMIPDPSSFTQPOEFBPUJQP:0DBCPEFBMJNFOUB§£PT³
QPEF TFS TVCTUJUVEP QFMP 4FSWJ§P EF "QPJP BP $MJFOUF 0CTFSWBS P
UJQPEFDBCPFBTFD§£PUSBOTWFSTBMNOJNB
0RQWDURDSDUHOKR
.BSDBSFYBDUBNFOUFPDFOUSPEPSFDPSUF'JYBSBTHVJBTEF
GJYB§£P TFYUSFNJEBEFTGSPOUBJTFQPTUFSJPSFTEPSFDPSUF"T
TBMJªODJBTEBTHVJBTEFGJYB§£PUªNEFGJDBSOJWFMBEBTTPCSFP
UBNQPEFDP[JOIB"NBSDB§£PEPDFOUSPEBTHVJBTEFGJYB§£P
UFNEFDPSSFTQPOEFSDPNQSFDJT£P NBSDB§£PEPDFOUSPEP
SFDPSUF
1RWD /PT UBNQPT EF DP[JOIB FN QFESB BT HVJBT EF GJYB§£P UªN
EF TFS DPMBEBT DPN VNB DPMB EF EPJT DPNQPOFOUFT SFTJTUFOUF B
BMUBTUFNQFSBUVSBT NFUBMTPCSFQFESB
1PTJDJPOBS P BQBSFMIP OP SFDPSUF "T TBMJªODJBT EP BQBSFMIP UªN
EFGJDBSQPTJDJPOBEBTDPNQSFDJT£PTPCSFBTNPMBTEFFOHBUF
1SFTTJPOBSPBQBSFMIPDPNGPS§BQBSBEFOUSPEPSFDPSUF $V
VDOLrQFLDV GR DSDUHOKR WrP GH HQJDWDU QDV PRODV GH HQJDWH
3FUJSBS BT QFESBT WVMD¢OJDBT EP TBDP EF FNCBMBHFN F DPMPD¡MBT
OPSFDJQJFOUFQSFWJTUPQBSBPFGFJUP0SJFOUBSPTFMFNFOUPTEF
BRVFDJNFOUPQBSBCBJYP$PMPDBSBHSFMIBTPCSFPHSJMM
$PMPDBSBDPCFSUVSBEPBQBSFMIPWFSUJDBMNFOUFTPCSFPT
FTRVBESPTEFGJYB§£PQSFWJBNFOUFNPOUBEPT"QFSUBSPT
QBSBGVTPTEFGJYB§£POBEPCSBEJ§B
'FDIBS B DPCFSUVSB EP BQBSFMIP F WFSJGJDBS TF FTUB GFDIB EF GPSNB
VOJGPSNF4FOFDFTT¡SJPEFTBQFSUBSPTQBSBGVTPTOPT
FTRVBESPT EF GJYB§£P F BMJOIBS B DPCFSUVSB EP BQBSFMIP 7PMUBS B
BQFSUBSPTQBSBGVTPT
,QVWUXo}HVHVSHFtILFDVSDUDDPRQWDJHPDRDU
OLYUH
:
3HULJRGHLQFrQGLR
/£PVTBSDBSW£POFNDPNCVTUWFJTT³MJEPTTFNFMIBOUFTOFTUF
BQBSFMIP
0QFSBSPBQBSFMIPBUSBW©TEFVNEJTKVOUPSEJGFSFODJBM %$3DPN
VNBDPSSFOUFEFBDUJWB§£PRVFO£PFYDFEBPT N"
.POUBSVNBGJDIBBEFRVBEBQBSBPFYUFSJPSOPDBCPEFMJHB§£P
PCTFSWBSBTOPSNBTWJHFOUFTQBSBDBEBQBT
-JHBSPBQBSFMIPBVNBUPNBEBDPNDPOUBDUPEFQSPUFD§£P
QBSBBQBSFMIPTEB$MBTTFEF1SPUFD§£P*
7FSJGJDBSPDBCPEFSFEFEFBMJNFOUB§£PFM©DUSJDBSFHVMBSNFOUF
RVBOUPBJOEDJPTEFEBOPT/£PVTBSPBQBSFMIPTFPDBCPEF
BMJNFOUB§£PFTUJWFSEBOJGJDBEP
0DBCPEFMJHB§£PEFWFDPSSFTQPOEFSOPNOJNPBPUJQP
)3/'(
.POUBS P BQBSFMIP EF GPSNB GJYB OVN UBNQP EF DP[JOIB *NQFEJS B
FOUSBEBEFIVNJEBEF
"Q³TBVUJMJ[B§£PFPBSSFGFDJNFOUP©PCSJHBU³SJPQSPUFHFSP
BQBSFMIPDPOUSBBTDPOEJ§µFTBUNPTG©SJDBT Q FY DPNVNB
DPCFSUVSB
'HVPRQWDURDSDUHOKR
%FTMJHBSPBQBSFMIPEBBMJNFOUB§£PFM©DUSJDB1SFTTJPOBSP
BQBSFMIPQFMBQBSUFJOGFSJPS
$WHQomR
%BOPTOPBQBSFMIP/£PQVYBSPBQBSFMIPQFMBQBSUFTVQFSJPS
el
Ù
ˍˡˤˠ˜ˢ˯ˢˠ˧˞˱˙˰˱˞˰ˤ˯
̵͉͎̓͏͕͓͖͇͇͓͋͌̿͑͆́͐͋
˂˦˞˟˙˰˱ˢ˞˲˱˚˯˱˦˯ˬˡˤˠ˜ˢ˯˭ˮˬ˰ˢ˧˱˦˧˙˧˞˦˳˲˨˙˫˱ˢ˱˦˯ˊ˹˪ˬ˰ˢ
˭ˢˮ˜˭˱˶˰ˤ˰˶˰˱˛˯ˢˠ˧˞˱˙˰˱˞˰ˤ˯˰˺˩˳˶˪˞˩ˢ˞˲˱˚˯˱˦˯ˬˡˤˠ˜ˢ˯
˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯ˢ˫˞˰˳˞˨˜ˣˢ˱˞˦ˤ˞˰˳˙˨ˢ˦˞˧˞˱˙˱ˤ˴ˮ˛˰ˤˍ
ˢˠ˧˞˱˞˰˱˙˱ˤ˯ˢ˜˪˞˦˲˭ˢ˺˥˲˪ˬ˯ˠ˦˞˱ˤ˪˙˵ˬˠˤ˨ˢ˦˱ˬ˲ˮˠ˜˞˰˱ˤ˥˚˰ˤ
˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯
ˊ˹˪ˬ˚˪˞˯˞ˡˢ˦ˬ˺˴ˬ˯˱ˢ˴˪˦˧˹˯ˢ˭˦˱ˮ˚˭ˢ˱˞˦˪˞˰˲˪ˡ˚˰ˢ˦˱ˤ˰˲˰˧ˢ˲˛
ˎˮ˦˪˱ˤ˪ˢ˧˱˚˨ˢ˰ˤˬ˭ˬ˦˞˰ˡ˛˭ˬ˱ˢˢˮˠ˞˰˜˞˯˧˨ˢ˜˪ˢ˱ˢ˱ˤ˪˭˞ˮˬ˴˛
ˮˢ˺˩˞˱ˬ˯
ˁ˦˞˱ˤ˪˞˭ˬ˳˲ˠ˛˱ˮ˞˲˩˞˱˦˰˩ˬ˺ ˧˹˵˦˩ˬ˰˺˪˥˨˦˵ˤ˳ˬˮ˙˱ˢ
˭ˮˬ˰˱˞˱ˢ˲˱˦˧˙ˠ˙˪˱˦˞ˑ˞˭ˮˬ˰˦˱˙˧˞˱˙˱ˤ˰˲˪˞ˮ˩ˬ˨˹ˠˤ˰ˤ
ˢ˫˞ˮ˱˛˩˞˱˞˩˭ˬˮˢ˜˪˞ˢ˜˪˞˦˧ˬ˳˱ˢˮ˙
ˁ˦˞˱ˤ˪ˢˠ˧˞˱˙˰˱˞˰ˤ˭ˮ˚˭ˢ˦˪˞˭ˮˬ˰˚˫ˢ˱ˢ˱ˬ˲˯˱ˮ˚˴ˬ˪˱ˢ˯
ˬ˦˧ˬˡˬ˩˦˧ˬ˺˯˧˞˪ˬ˪˦˰˩ˬ˺˯˧˞˦˱˦˯˦˰˴˺ˬ˲˰ˢ˯˭ˮˬˡ˦˞ˠˮ˞˳˚˯˱ˤ˯
˱ˬ˭˦˧˛˯ˢ˭˦˴ˢ˜ˮˤ˰ˤ˯ˡ˦˞˪ˬ˩˛˯ˮˢ˺˩˞˱ˬ˯
ʿ˲˱˛ˤ˰˲˰˧ˢ˲˛˞˪˱˞˭ˬ˧ˮ˜˪ˢ˱˞˦˰˱ˤ˪˧˞˱ˤˠˬˮ˜˞˰˲˰˧ˢ˲˻˪ ˠ˦˞
˱ˬ˭ˬ˥˚˱ˤ˰ˤ˰ˢ˚˪˞˪˱ˬ˲˨˙˭˦˧ˬ˲ˣ˜˪˞˯˅˰˲˰˧ˢ˲˛˭ˮ˚˭ˢ˦˪˞
˱ˬ˭ˬ˥ˢ˱ˤ˥ˢ˜˰˺˩˳˶˪˞˩ˢ˱ˬ˰˴˚ˡ˦ˬ˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯ˎˮˬ˰˚˫˱ˢ˱ˤ˪
ˢ˨˙˴˦˰˱ˤ˞˭˹˰˱˞˰ˤ˞˭˹˱˞˭˨˞˷˪˙˱ˬ˦˴˻˩˞˱˞˛˱˞˩˚ˮˤ˱ˬ˲
˪˱ˬ˲˨˞˭˦ˬ˺˧˞˦˭ˮˬ˯˱˞˭˜˰˶
ʿ˲˱˛ˤ˰˲˰˧ˢ˲˛ˡˢ˪˭ˮˬ˟˨˚˭ˢ˱˞˦ˠ˦˞˱ˤ˨ˢ˦˱ˬ˲ˮˠ˜˞˩ˢ˚˪˞˪
ˢ˫˶˱ˢˮ˦˧˹˴ˮˬ˪ˬˡ˦˞˧˹˭˱ˤ˛˚˪˞ˢ˫˶˱ˢˮ˦˧˹˱ˤ˨ˢ˴ˢ˦ˮ˦˰˱˛ˮ˦ˬ
̳͇͕͎͔͕͖͇͒͑͑͋̓́̓͑͏͕͈͎͇͑͋͋͘͝͏͖͑͏͕͖͍͑̓͋͑͞
ˑˬˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪ˬ˪˱ˬ˲˨˙˭˦˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦˞˪˥ˢ˧˱˦˧˹˰˱ˤ
˥ˢˮ˩ˬ˧ˮ˞˰˜˞˩˚˴ˮ˦˱ˬ˲˯p$˅˰˱˞˥ˢˮ˹˱ˤ˱˞˱ˬ˲ˢ˪˱ˬ˦˴˦ˣ˹˩ˢ˪ˬ˲
˪˱ˬ˲˨˞˭˦ˬ˺˭ˮ˚˭ˢ˦˪˞ˢ˫˞˰˳˞˨˜ˣˢ˱˞˦˧˞˦˩ˢ˱˙˞˭˹˱˦˯ˢˮˠ˞˰˜ˢ˯
˧ˬ˭˛˯˱˶˪˞˪ˬ˦ˠ˩˙˱˶˪
ˈ˞˱˞˰˧ˢ˲˙˰˱ˢ˱ˬ˙˪ˬ˦ˠ˩˞ˠ˦˞˱ˤ˩˜˞˛˱˦˯˭ˢˮ˦˰˰˹˱ˢˮˢ˯˰˲˰˧ˢ˲˚˯
7BSJP˰˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯˰˺˩˳˶˪˞˩ˢ˱ˬ˰˴˚ˡ˦ˬ˱ˬ˭ˬ˥˚˱ˤ˰ˤ˯˅
ˠ˶˪˜˞˱ˤ˯ˢ˭˦˳˙˪ˢ˦˞˯˱ˬ˩˛˯˩ˢ˱ˬ˪˭˙ˠ˧ˬˢˮˠ˞˰˜˞˯˭ˮ˚˭ˢ˦˪˞ˢ˜˪˞˦
p
ˊˢ˱˙˞˭˹˱˦˯ˢˮˠ˞˰˜ˢ˯˧ˬ˭˛˯˱˶˪˞˪ˬ˦ˠ˩˙˱˶˪˞˭ˬ˩˞˧ˮ˺˪ˢ˱ˢ˱˞
˞˭˹˟˨ˤ˱˞ ˭ˮ˦ˬ˪˜ˡ˦˞ ː˳ˮ˞ˠ˜˰˱ˢ ˱˦˯ ˢ˭˦˳˙˪ˢ˦ˢ˯ ˱ˬ˩˛˯ ˚˱˰˦ ˻˰˱ˢ ˪˞
ˢ˜˪˞˦˞˪˥ˢ˧˱˦˧˚˯˰˱ˤ˥ˢˮ˩˹˱ˤ˱˞
ˎˮˬ˰˚˫˱ˢ˱ˤ˪ˢ˨˙˴˦˰˱ˤ˞˭˹˰˱˞˰ˤ˱˶˪ NN˞˭˹˱ˤ˪˧˙˱˶˭˨ˢ˲ˮ˙
˱ˤ˯˰˲˰˧ˢ˲˛˯˩˚˴ˮ˦˱˞˩˚ˮˤ˱ˬ˲˪˱ˬ˲˨˞˭˦ˬ˺
˅˭ˮˬ˰˱˞˰˜˞ˢ˭˞˳˛˯˭ˮ˚˭ˢ˦˪˞ˢ˫˞˰˳˞˨˜ˣˢ˱˞˦˩ˢ˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ
˃˙˪˩ˢ˱˙˱ˤ˪˱ˬ˭ˬ˥˚˱ˤ˰ˤ˲˭˙ˮ˴ˢ˦˭ˢˮ˜˭˱˶˰ˤˢ˭˞˳˛˯˩ˢ˱ˤ˪˧˙˱˶
˭˨ˢ˲ˮ˙˱ˤ˯˰˲˰˧ˢ˲˛˯˱˹˱ˢ˭ˮ˚˭ˢ˦˪˞ˢˠ˧˞˱˞˰˱˞˥ˢ˜˚˪˞˯
ˢ˪ˡ˦˙˩ˢ˰ˬ˯˭˙˱ˬ˯˞˳˞˦ˮˬ˺˩ˢ˪ˬ˯˩˹˪ˬ˩ˢ˱ˤ˟ˬ˛˥ˢ˦˞ˢˮˠ˞˨ˢ˜ˬ˲
ˎˮˬ˰˚˫˱ˢ˱ˤ˪ˢ˨˙˴˦˰˱ˤ˞˭˹˰˱˞˰ˤ˱˶˪ NN˞˭˹˱ˬ˪ˢ˪ˡ˦˙˩ˢ˰ˬ
˭˙˱ˬ˩˚˴ˮ˦˱ˤ˪˧˙˱˶˭˨ˢ˲ˮ˙˱ˤ˯˰˲˰˧ˢ˲˛˯
̵͇͇͕͚͔͉͕͕͉͔͉͓͇͔͔͕͚͒́͑͑͊̿͒͋͑̿͒͏͔͖͔͇͖͌͟͏9DULR
ˉ˙˟ˢ˱ˢ˲˭˹˵ˤ˱ˬ˪˞˭˞˦˱ˬ˺˩ˢ˪ˬ˴˻ˮˬˠ˦˞˱ˤ˪˩˭˙ˮ˞˰˺˪ˡˢ˰ˤ˯
77 ˩ˢ˱˞˫˺˱˶˪˰˲˰˧ˢ˲˻˪ˍ˦˰˲˰˧ˢ˲˚˯˩˭ˬˮˬ˺˪˪˞
˱ˬ˭ˬ˥ˢ˱ˤ˥ˬ˺˪ˢ˭˜˰ˤ˯˧˞˦˰ˢ˫ˢ˴˶ˮ˦˰˱˙˞˪ˬ˜ˠ˩˞˱˞˱ˤˮ˻˪˱˞˯˩˦˞
ˢ˨˙˴˦˰˱ˤ˞˭˹˰˱˞˰ˤ˩ˢ˱˞˫˺˱˶˪˰˲˰˧ˢ˲˻˪˱ˤ˯˱˙˫ˤ˯˱˶˪ NN