Page 1

4 6 1 1 - & . & / 5 0 " - / 6 . & 3 0 0 % * & 3 / 0 % & * - . " / * ' & 4 5 0

*MSBDDPOUBUPBUUSBWFSTPMFQJÎTJHOJGJDBUJWFQSJNFQBHJOF EFMHJPSOBMFUSBBUUVBMJUµFNFNPSJB%BMMFNBOJGFTUB[JPOJQFSMB QBDFBMUBHMJPCFSMVTDPOJBOPEFMMFUBTTF EBMMFVOHIJBUFEJ7BVSP BMMFUSBHFEJFJSBDIFOF EBMMBQSJNBWFSBTQBHOPMBBVOPTQMFOEJEP .BOEFMB EBMSBQJNFOUPEFMMF4JNPOFBMMlBTTBTTJOJPEJ#BMEPOJ EBJCBNCJOJEJ#FTMBOBMMl"NFSJDBEJ#VTIF,FSSZ QBHJOFEBSJWFEFSF TFMFBWFUFQFSTF TJDVSBNFOUFEBSJDPSEBSF    

RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

FVSP    DPO MB 3JWJTUB  

1JÁ GJEVDJB

50.."40 %* '3"/$&4$0

&k

DIJBSBUB DPODMVTB VO BOOP F NF[[P GB EB #VTI ½ BODPSB UVUUB EB DPNCBUUFSF J NBSJOFT NPSUJ TPOP BSSJWBUJ JFSJ B RVPUB NJMMF B EFDJOF EJ NJHMJBJB HMJ JSB DIFOJ VDDJTJ PHOJ HJPSOP ½ CBUUBHMJB .FOUSF MF /B[JPOJ VOJUF TPOP GVPSJ EBM QBFTF DIF CSVDJB -l*UBMJB QBFTF PDDV QBOUF UJFOF MF TVF USVQQF B QSFTJEJBSF TQFTTP DPO NBOP GFSPDF PSNBJ TPMUBO UP MB QFSJGFSJB EJ /BTTJSJZB OFMMlBSFB QF USPMJGFSB DIF JOUFSFTTB BMMl&OJ NB DPO RVBMF JOUFSFTTF QFS HMJ JSBDIFOJ ½ GBDJMF JNNBHJOBSF $IF DJ TUJBNP B GBSF TF OPO J CFSTBHMJ P J DFDDIJOJ &l WFSP JOWFDF DIF JM MBWPSP TQPSDP EFHMJ PDDVQBOUJ NJMJUBSJ IB UBMNFOUF GBUUP EFHFOFSBSF MB TJUVB[JPOF DIF PS NBJ JO *SBR ½ RVBTJ JNQPTTJCJMF FTTFSF DPOTJEFSBUJ BNJDJ P OFNJDJ EJTUJOHVFSF USB DIJ BJVUB HMJ JSBDIFOJ F DIJ MJ TGSVUUB USB VPNJOJ F EPOOF USB DIJ IB WPMVUP MB HVFSSB F DIJ GBMMFOEP  RVFTUP ½ JM QVO UP  IB DFSDBUP JO PHOJ NPEP ElJNQF EJSMB MBWPSBOEP QFS MB DSFTDJUB EJ VOB TPDJFUµ DJWJMF JSBDIFOB BOUBHPOJTUB TJB BMMF MPHJDIF JOUFHSBMJTUF TJB BMMlBUUVBMF SFHJNF EFMMB $JB EJ "MMBXJ F BHMJ JOUF SFTTJ EFJ QBFTJ PDDVQBOUJ $PTÁ PHOJ QSFTFO[B WJFOF WJTTVUB DPNF PDDBTJPOF EJ TDBNCJP WJPMFOUP 0 QFHHJP EJ QSP WPDB[JPOF DPNF QPUSFCCF FTTFSF QFS J SBQJUJ GSBODFTJ F JO RVFTUP DBTP 5VUUP QSFDJQJUB JO *SBR EJ PSB JO PSB (MJ VOJDJ B OPO BDDPSHFSTFOF TUBOOP SJOUBOBUJ OFMMF TUBO[F EFM HPWFSOP JUB MJBOP DIF TVM MFHBNF TVCBMUFSOP DPO Ml"NNJOJTUSB[JPOF #VTI IB TDPNNFT TP QBTTBUP QSFTFOUF F GVUVSP /PO Dl½ CJTPHOP PSB EJ VOB SJFEJ[JP OF EFMMlVOJUµ OB[JPOBMF O¾ DIF MlPQQP TJ[JPOF EJ TJOJTUSB DIJVEB HMJ PDDIJ TVM MlJOGBNJB DIF DJ WJFOF SBDDPOUBUB DIF MF USVQQF JUBMJBOF SFTUFSBOOP JO *SBR GJO DI¾ DF MP DIJFEFSµ JM HPWFSOP GBOUPDDJP *M SBQJNFOUP EFMMF SBHB[[F EJ VO ‚1POUF QFS DIF JO *SBR IBOOP HFTUJ UP MlVOJDB ‚QSFTFO[B EBWWFSP MFHJUUJ NB EJNPTUSB BODPSB VOB WPMUB DIF UVUUJ HMJ FTFSDJUJ PDDVQBOUJ EFWPOP BO EBSTFOF JNNFEJBUBNFOUF & DIF EFWF UPSOBSF JO DBNQP RVFMMB QPUFO[B NPO EJBMF DIF WFEF MB CBSCBSJF OFMMB OPSNB MJUµ EFMMB HVFSSB F DIF ½ DPOTBQFWPMF DIF MB MPUUB QFS MB QBDF ½ TUSFUUBNFOUF MFHBUB BM SJGJVUP EJ PHOJ EJNFOTJPOF UFS SPSJTUB 1FS EJSF TFNQMJDFNFOUF MJCFSB UFMF TVCJUP

" 1"(*/" 

"--& 1"(*/&    & 

*- 13&$&%&/5&

2VFM NJTTJMF TFJ HJPSOJ GB 6O TJCJMP VOP TDIJBOUP F UVUUP WB JO QF[[J 6O SB[[P FTQMPEF OFM DPSUJMF EFMMB ‚DBTB EFHMJ JUBMJBOJ B #BHIEBE -B TUSBHF ½ TPMP TGJPSBUB NB DPO J QPNQJFSJ F J TPMEBUJ BSSJWBOP BODIF " 1"(*/"  BMDVOJ TDPOPTDJVUJ

-l"35*$0-0

2VFMMk&VGSBUF DPMPS EFM TBOHVF ‚(MJ BMCFSJ RVJ JO *SBR QFS DSFTDFSF OPO IBOOP CJTPHOP ElBDRVB NB EJ TBOHVF TDSJWFWBOP 4JNPOB 1BSJ F 4JNPOB 5PSSFUUB TVM NBOJGFTUP EFMMP TDPSTP BQSJMF &SB MB QSJNB JOTVSSF[JPOF TDJJUB ‚OBTDFWB .PRUBEB " 1"(*/" 

044&;*"

130$3&";*0/&

"-*5"-*"

1VUJO GB JM EVSP -kJNCSPHMJP JO $BVDBTP EFM NJOJTUSP F DPO Mk6F 4JSDIJB

* TJOEBDBUJ CPDDJBOP JM QJBOP $JNPMJ

*M QSFTJEFOUF SVTTP 1VUJO IB FTDMVTP PHOJ JQPUFTJ EJ EJBMP HP DPO J TFQBSBUJTUJ DFDFOJ F EFUUP ‚OP BMMlJODIJFTUB JO EJQFOEFOUF TVM NBTTBDSP EJ #FTMBO DIJFTUB EBJ QBSMB NFOUBSJ EFMMB %VNB & BJ QBFTJ DIF WPHMJPOP TQJFHB [JPOJ TVMMlPQFSBUP EFMMF GPS[F EJ TJDVSF[[B IB SJTQPTUP ‚1FSDI¾ OPO WJ JODPOUSBUF DPO CJO -BEFO F OPO MP JOWJ UBUF QFS DPMMPRVJ B #SVYFM MFT  " .PTDB  JO QJB[[B DPOUSP JM UFSSPSJTNP

$HJM $JTM 6JM F MF BMUSF PS HBOJ[[B[JPOJ EFJ EJQFO EFOUJ "MJUBMJB EJDPOP OP BM MlJQPUFTJ EJ DBDDJBSF  MBWPSBUPSJ EBMMB DPNQB HOJB EJ CBOEJFSB .B QFS PSB OPO Dl½ BMDVO TDJPQFSP JO WJTUB J TJOEBDBUJ UFNP OP EJ FTTFSF BDDVTBUJ EJ WP MFS GBSF SJDBEFSF TVJ WJBH HJBUPSJ JM EJTTFTUP EFM HSVQ QP DIF SJTDIJB JM GBMMJNFO UP *OUBOUP JM UFNQP TUSJO HF NB TJ DPOUJOVB B USBU UBSF

" 1"(*/" 

#VGFSB TVM NJOJTUSP EFMMB 4B MVUF 4JSDIJB * HFNFMMJ DIF IBOOP QFSNFTTP EJ WJWFSF BM QJDDPMP -VDB JM CBNCJOP NBMBUP EJ UBMBTTFNJB HVBSJUP HSB[JF B VO USBQJBOUP EJ DFM MVMF TUBNJOBMJ TPOP TUBUJ DPODFQJUJ BUUSBWFSTP VOlBOB MJTJ QSFJNQJBOUP EFHMJ FN CSJPOJ /VMMB EJ NBMF TF MB UFDOJDB OPO GPTTF WJFUBUB JO *UBMJB EBMMB MFHHF TVMMB QSP DSFB[JPOF WPMVUB EBMMP TUFTTP 4JSDIJB B DVJ BEFTTP MF PQ QPTJ[JPOJ DIJFEPOP EJ EJ NFUUFSTJ " 1"(*/" 

" 1"(*/" 

JOFEJDPMBGJOPBWFOFSEÁTFUUFNCSF

$IJBSBOUF -BkUSBOTJ[JPOFEFSBHMJBUBl (SB[JBOJ -VOHIJOJ DPO-VDJP.BHSJ $POUSJCVUJ QFSVODPNQSPNFTTPTFSJP 5FTJ -BTDVSFEJ4JOJTDBMDP (SFDP 1SPWFElBVUVOOPQFSMB$HJM "HPTUJOFMMJ "JSBVEP .JTUSBM 4DIFFS 4FSBGJOJ "NCJFOUFFMBWPSP QSPWFElBMUFSOBUJWB

$BTUFMMJOB ,VUUOFS /JDIPMT 1IJMMJQT 5FJYFJSB -FQSFTJEFO[JBMJJO6TB )BMFWJ "NFSJDB-BUJOB JOTVCCVHMJP 4DIVMEJOFS *TSBFMF1BMFTUJOB -BUFSSBEFTPMBUB #FMMPGJPSF 2VBMFDPOGMJUUP

DPOJMNBOJGFTUPB FVSP

XXXMBSJWJTUBEFMNBOJGFTUPJU

DPNF TF BWFTTFSP SBQJUP VOP EJ OPJ &l MB QSJNB BG GFSNB[JPOF DIF DJ WJFOF JO NFOUF .B MB DPTB ½ NPMUP QJÎ HSBWF $PO JM SBQJNFOUP EJ 4JNPOB 1BSJ F 4JNPOB 5PSSFUUB WJFOF NFTTB JO EJTDVTTJPOF MB QPTTJCJMJUµ EJ VOB NJTTJPOF VNBOJUBSJB EBWWFSP BM EJ TPQSB EFMMF QBSUJ DPNl½ TUBUB MB QSFTFO [B JO *SBR EJ ‚6O 1POUF QFS MlVOJDB 0OH DIF BCCJB NBOUFOVUP DPTUBOUF NFOUF MB TVB QSFTFO[B OFM QBFTF NBS UPSJBUP EBMMF HVFSSF F EBMMF TBO[JPOJ %PQP MF /B[JPOJ VOJUF EPQP J NFEJB JOEJQFOEFOUJ EPQP MB USBHJDB GJOF EJ #BMEPOJ F JM SBQJNFOUP EFJ HJPSOBMJTUJ GSBODFTJ JM NFTTBHHJP ½ QFS UVUUF MF PS HBOJ[[B[JPOJ VNBOJUBSJF & QFS OPJ -F MPHJDIF EFMMlPDDVQB[JPOF NJMJUBSF F EFM UFSSPSF WPHMJPOP DPMQJSF QSPQSJP OFM NF[[P DIJ TPTUJFOF JO *SBR VOB TPDJFUµ DJWJMF DIF OPO WVPMF TDFHMJFSF USB MB TPU UPNJTTJPOF BE VO RVJTMJOH OFMMF NBOJ EFMMF NVMUJOB[JPOBMJ EFM QFUSPMJP P SJ OVODJBSF BMMB MJCFSUµ TPUUP VO SFHJNF JOUFHSBMJTUB $IJ QVÇ JNQVOFNFOUF QFOTBSF EJ DPMQJSF VOB UBMF SFBMUµ TFO[B BWFSF MB WPMPOUµ EJ QSPDVSBSF VO EBOOP FTQMJDJ UP BM QPQPMP JSBDIFOP BMMP TUSFNP 'F SFOEP BODIF EJSFUUBNFOUF RVFM NPWJ NFOUP NPOEJBMF DPOUSP MB HVFSSB DIF (FPSHF 8 #VTI F MB DPBMJ[JPOF EFJ WP MFOUFSPTJ  USB DVJ Ml*UBMJB EJ #FSMVTDPOJ  IBOOP WPMVUP B UVUUJ J DPTUJ TDBUFOBSF BQSFOEP DPTÁ MF QPSUF EFMMlJOGFSOP &l EBWWFSP WFSHPHOPTP DIF PSB EB QBSUF EJ SBQQSFTFOUBOUJ EFMMF JTUJUV[JPOJ F EFM HPWFSOP JUBMJBOP MP TUFTTP DIF MB HVFSSB IB WPMVUP TJ DBOUJ MB TJSFOB EFM ‚TJBNP UVUUJ TVMMB TUFTTB CBSDB RVJOEJ CBTUB DPO PHOJ ‚DPNQSFOTJPOF QFS MB SFTJTUFO[B QFSDI¾ ‚PSNBJ OPO TJ TBMWB QJÎ OFTTVOP &QQVSF ½ DIJBSP DIF DIJVORVF TJB TUBUP B QSFTFOUBSTJ BSNB UP DPO ‚BUUFHHJBNFOUP JQFSQSPGFTTJP OBMF OFM QJFOP DFOUSP EFMMB DBQJUBMF JSBDIFOB B SBQJSF MF EVF JUBMJBOF F J EVF DPPQFSBOUJ JSBDIFOJ  EJDIJBSBOEP ‚TJB NP EFM HPWFSOP TFDPOEP VOB QSJNB SJDPTUSV[JPOF P ‚TJBNP JTMBNJDJ TF DPOEP MF BMUSF WFSTJPOJ  BCCJB WPMVUP DPMQJSF QSPQSJP MlBNCJHVJUµ SBQQSFTFO UBUB EBM SVPMP JUBMJBOP JO *SBR (VBSEBUFWJ BUUPSOP JM CBHOP EJ TBO HVF OPO ½ GJOJUP MF USVQQF PDDJEFOUBMJ TPOP BODPSB PDDVQBOUJ MB HVFSSB EJ

6O DPNNBOEP BSNBUP IB SBQJUP JFSJ B #BHIEBE JO -" 0/( *M HJPSOP QJÁ OFSP QJFOP HJPSOP EVF QBDJGJTUF JUBMJBOF EJ €6O QPOUF EFM 1POUF QFS‹ 4JNPOB 5PSSFUUB F 4JNPOB 1BSJ F EVF -B OPUJ[JB EFM SBQJNFOUP FOUSB DPNF PQFSBUPSJ JSBDIFOJ 5PSOB MkJODVCP EFHMJ PTUBHHJ JM VO GVMNJOF OFMMlBQQBSUBNFOUJOP EFM ‚1POUF QFS B 1JB[[B 7JUUPSJP OFM NPWJNFOUP DIJBNB BMMB NPCJMJUB[JPOF J MFBEFS EJ RVBSUJFSF NVMUJFUOJDP EJ 3PNB $IF EJWFOUB QFS VO HJPSOP JM DVPSF QVMTBOUF HPWFSOP F PQQPTJ[JPOF PHHJ TJ JODPOUSBOP VOJU© EFM NPWJNFOUP QFS MB QBDF OB[JPOBMF DPOUSPJM UFSSPSJTNP

0-"!&+-,01/1 ,**)/,*&00+

%VF DPNF OPJ

 

. " 3 ; 0

   

RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

FVSP   DPO -F .POEF %JQMPNBUJRVF

3044"/" 3044"/%"

3044"/" 3044"/%"

B ½ WFSP DIF TJ USBUUB EJ TDFHMJF SF GSB VO *SBR OPSNBMJ[[BUP EB HMJ 4UBUJ VOJUJ F VO *SBR MJCFSBUP EBJ UBHMJBUPSJ EJ UFTUF 'SB VOB $FDFOJB OPSNBMJ[[BUB EB 1VUJO F VOB $FDF OJB EPNJOBUB EBJ TFRVFTUSBUPSJ EJ CBNCJOJ $IF QFS VOB WPMUB SFBMJTNP F NPSBMF DPO TJHMJBOP JM QSJNP DPSOP EFM EJMFNNB /PO ½ WFSP -l*SBR OPO UPSOFSµ OPSNBMF GJODI¾ EVSB MlPDDVQB[JPOF BNFSJDBOB &l RVF TUB DIF MP IB HFUUBUP EBMMB EJUUBUVSB OFM DBPT F JNQPOFOEP VO HPWFSOP 2VJTMJOH TPMMFDJUB VOB SFTJTUFO[B DIF OPO BWFOEP VO GPSP NJ OJNP EJ FMBCPSB[JPOF DPOTFOUJUB TVTDJUB BO DIF GSBOHF GPOEBNFOUBMJTUF P TFNQMJDFNFOUF DSJNJOBMJ .B OPO TPOP RVFTUF DIF UFOHPOP Ml*SBR GSB MF NBOJ FTTP ½ P TBSµ OFMMF NBOJ EFMMF HFSBSDIJF TDJJUF F TVOOJUF DIF TPOP JO HSBEP EJ GBS EFTJTUFSF BODIF "M 4BES  VOB SF QVCCMJDB JTMBNJDB CFM SJTVMUBUP EFMMlJEJP[JB EFM 1FOUBHPOP F EFJ TVPJ TPTUFOJUPSJ FVSPQFJ /¾ MB $FDFOJB ½ JO NBOP BJ TFRVFTUSBUPSJ EJ CBNCJOJ TF 1VUJO MB MBTDJBTTF TBSFCCF VOB SFQVCCMJDB JTMBNJDB EJSFUUB EB .BTILBEPW 3JQPSUJBNP MF DPTF BM MPSP MJWFMMP SFBMF DIF ½ HJµ BCCBTUBO[B DPTUFSOBOUF & WB EB T¾ DIF TJBNP QFSDI¾ HMJ TUBUJ USBUUJOP QFS MB WJUB EFJ DJUUBEJOJ DIF OPO IBOOP TBQVUP EJGFOEFSF EBMMF GSBOHF FTUSFNJTUF NB TPQSBUUVUUP SJUJSJ OP HMJ FTFSDJUJ EJ PDDVQB[JPOF DIF OPO SBQ QSFTFOUBOP JM NJOPS NBMF DPNF TJ WB DJBO DJBOEP NB MlPSJHJOF EFM EJTBTUSP -B WFSJUµ ½ DIF OFM .FEJP 0SJFOUF VOB QBSUJUB TJ TUB HJPDBOEP GSB EVF EFTUSF FTUSFNF F DPO NF[[J F DBUFHPSJF DIF DSFEFWBNP EJ BWFSF BMMF TQBMMF 2VBOEP MF /B[JPOJ VOJUF JO UFSEJDFWBOP MB HVFSSB DPNF NF[[P QFS SJTPM WFSF PHOJ DPOUFO[JPTP JOUFSOB[JPOBMF OPO TJ MJNJUBWBOP B QSFEJDBSF MB NJUF[[B NB UFNF WBOP DPO SBHJPOF DIF PHOJ OVPWB HVFSSB BO DIF JO QSFTFO[B EJ NF[[J EJTUSVUUJWJ TFNQSF QJÎ QPUFOUJ BWSFCCF TVTDJUBUP JODFOEJ DBUB TUSPGJDJ $FTTBUP MlFRVJMJCSJP EFHMJ BSNBNFOUJ DIF GVOHFWB EB EFUFSSFOUF JODPNCFWB BMMB TPMB TVQFSQPUFO[B SJNBTUB JO DBNQP EJ WJHJ MBSF TV RVFTUP QSJODJQJP QFS HBSBOUJSF VO PS EJOF NPOEJBMF OFM RVBMF EJQBOBSF QPMJUJDB NFOUF DPOGMJUUJ EJ JOUFSFTTF F SJTBSDJSF GFSJUF DIF GPSTF BODIlFTTB BWSFCCF TVCJUP (MJ 6TB EJ #VTI OF IBOOP EFSJWBUP JOWFDF DIF PSNBJ FSBOP QBESPOJ EFM NPOEP F Ml&VSPQB EFMMF TJ OJTUSF MJ DPOGFSNBWB JO RVFTUB QFSTVBTJPOF DIJBNBOEPMJ B JOUFSWFOJSF DPOUSP MB +VHPTMB WJB OFM QFTTJNP DPOUFO[JPTP FUOJDP DIF FTTB OPO TBQFWB O¾ GPSTF WPMFWB SJTPMWFSF DPO NF[[J QPMJUJDJ %B BMMPSB MB TDFOB NPOEJBMF OPO IB QJÎ O¾ PSEJOF O¾ QSJODJQJ (MJ 6TB IBOOP SJTQPTUP BE VO CSVUBMF BUUFOUBUP DPWBUP EB QPUFOUBUJ BSB CJ DIF FTTJ TUFTTJ BWFWBOP BEEFTUSBUP F VTBUP JOWBEFOEP EVF QBFTJ VOP EFJ RVBMJ OPO DlFO USBWB OJFOUF NB EFM RVBMF JM HJSP EJ #VTI EB UFNQP BNCJWB JM QFUSPMJP & QFS RVFTUP GJOF IBOOP SPUUP MF PTTB BMMF /B[JPOJ VOJUF )BO OP NFOUJUP F BUUBDDBUP *HOPSBOUJ F SB[[JTUJ QFOTBWBOP EJ DBWBSTFMB DPO QPDP NFOUSF IBOOP NFTTP JO GJBNNF JM .FEJP 0SJFOUF NPMUJQMJDBUP J GPDPMBJ EJ UFSSPSJTNP F TVTDJUB UP JO *SBR VOB SFB[JPOF EJWFSTB JODPOUSPMMB CJMJ F DPO FTUSFNJTNJ JODPOUSPMMBUJ *O WFOUlBOOJ JM NPOEP ½ BSSFUSBUP EJ USF TF DPMJ TJBNP UPSOBUJ BMMF HVFSSF EJ SFMJHJPOF #VTI TWFOUPMB JM WFTTJMMP EFMMB USJOJUµ 4IBSPO RVFMMP EJ +BIW½ HMJ JSBDIFOJ J QBMFTUJOFTJ J DF DFOJ RVFMMP EJ "MMBI 4POP MF SFMJHJPOJ EFM MJ CSP EJFUSP MF RVBMJ TJ DPQSPOP DPSQPTJ JOUFSFT TJ F GSBHJMJ JEFOUJUµ -lPDDJEFOUF JOWBEF NBT TBDSB QSJWBUJ[[B HVFSSF TPMEBUJ F NF[[J EJ NPSUF DBUUVSB F UPSUVSB JO OPNF EJ $SJTUP /FM .FEJP 0SJFOUF F JO $FDFOJB HJPWBOJ F EPOOF EJTQFSBUJ TJ GBOOP FTQMPEFSF JO OPNF EJ "MMBI QVS EJ USBTDJOBSF JM OFNJDP OFMMB NPSUF %BM DSPMMP EFMMl6STT TJBNP JO VO EJTPSEJOF NPOEJBMF NBJ JNNBHJOBUP -VDJP $PMMFUUJ FSB EB VO QF[[P QPMFNJDP DPM DPNVOJTNP RVBOEP TJ DIJFEFWB B RVBMJ NPTUSVPTJUµ QFSÇ BWSFCCF EBUP MVPHP MB DBEVUB EJ VOB TQFSBO [B EJ SJTDBUUP UFSSFOP DPNF FSBOP TUBUF MF MPUUF TPDJBMJTUF F DPNVOJTUF 4F OPO TBSFCCF SJFNFSTP JM GVSJPTP DJBSQBNF OB[JPOBMJTUB FU OJDP SFMJHJPTP B DPQSJSF BGGBSJ F HJPDIJ EJ QP UFSF OFMMB DPOGVTJPOF EFJ QPWFSJ F EFJ QFSEFO UJ $IJ BWFWB TDSJUUP OFMMB QSJNB NFUµ EFM k ‚4PDJBMJTNP P CBSCBSJF BWFWB SBHJPOF & MlB WFWBNP BODIF OPJ .BOJGFTUP RVBOEP TJBNP OBUJ TV EVF QVOUJ DBSEJOF MB DSJUJDB BM TPDJBMJ TNP SFBMF DIF BMMPSB OFTTVOP GBDFWB F JM UF OFS GFSNB RVFMMB CVTTPMB MBJDB F NBSYJTUB DIF BWFWB FMFWBUP JM MJWFMMP EFMMP TDPOUSP F MP BWF WB DJWJMJ[[BUP &SBOP F TJBNP NJOPSBO[F GJO USPQQP MVDJEF $FSUP OPO ½ DPNPEP FTTFSF TPMJ ½ QJÎ DPO GPSUFWPMF DBOUBSF OFM DPSP EPMDJGJDBOUF EFJ NFEJB F EFJ EVCCJ EFMMB HFOUF QFS CFOF 4J ½ BDDPMUJ DPO FOUVTJBTNP .B BGGJMBSF MB SBHJP OF JOWFDF DIF MF TQBEF SFTUB JM OPTUSP NFTUJF SF *M SFTUP MP MBTDJBNP B )VOHUJOUPO 'VLVKB NB F BIJN¾ $BMEFSPMJ

.

'BO EJ 4QBHOB

$PO VO WPUP B TPSQSFTB HMJ TQBHOPMJ DBDDJBOP EBMMB .PODMPB JM HPWFSOP EFMMB HVFSSB F EFMMF CVHJF TVMMkBUUFOUBUP EJ .BESJE *M GVUVSP DBQP EFM HPWFSOP JM MFBEFS TPDJBMJTUB 3PESJHVF[ ;BQBUFSP GFTUFHHJB MB WJUUPSJB BOOVODJBOEP JM SJUJSP EFMMF USVQQF TQBHOPMF EBMMk*SBR €7JB FOUSP JM  HJVHOP‹ 10-*5*$"

5SJDJDMP -JUF TVM QPSUBWPDF 4JOEBDBUP 4FSWF BMMB TJOJTUSB

7 & / & 3 % ¡



4 & 5 5 & . # 3 &

   



40$*&5"l



'FCCSF 6DDJTJ EVF CBNCJOJ 4BMVUF -JTUF ElBUUFTB OFM NJSJOP 3JDFSDB *M  BQSJMF EFHMJ BUFOFJ

&k VO TFHOBMF EJ TWPMUB DIF QSFQBSB MB HJPSOBUB QBDJGJTUB NPOEJBMF EFM  1SPEJ €*M WPUP TQBHOPMP ± VOkFSFEJU© EFMMB HVFSSB‹ #FSMVTDPOJ UBDF .B J SJGPSNJTUJ JUBMJBOJ OPO WPHMJPOP DPHMJFSF MkPDDBTJPOF F TJ QSFQBSBOP B TDFOEFSF JO QJB[[B HJPWFEµ JOTJFNF BMMB EFTUSB "--& 1"(*/&  .0/%0

B WFSB OPUJ[JB ½ DIF CJO -BEFO ½ VO TPDJBMJTUB QFS EJ QJÎ SJGPSNJ

TUB $PNF #PTFMMJ

&$0/0.*"



*OEVTUSJB -l*TUBU ‚" QSFDJQJ[JP 6F 1SJNP OP B .JDSPTPGU

1"$& & (6&33"

1FS EJ QJÁ

-



1VUJO 5SJPOGP TDPOUBUP . 0 "UUBDDP JO *TSBFMF 1BDF .FNPSJB EJ 3BDIFM

KFOB

KFOB!JMNBOJGFTUPJU

7FOJUF B .BESJE -6*4 4&1¯-7&%"

7FOJUF B WFEFSF JM TBOHVF QFS MF TUSBEF EJ .BESJE &SBOP EPOOF VPNJOJ CBNCJOJ BO[JBOJ MB TFN QMJDF F QVSB VNBOJUµ DIF DPNJO DJBWB VO BMUSP HJPSOP VO HJPSOP EJ MBWPSP EJ TPHOJ EJ TQFSBO[F TFO [B TBQFSF DIF MB WPMPOUµ BTTBTTJOB EJ RVBMDIF NJTFSBCJMF BWFWB EFDJ TP DIF GPTTF MlVMUJNP 7FOJUF B WFEFSF JM TBOHVF QFS MF TUSBEF EJ .BESJE RVFTUB DJUUµ BNBUB JO DVJ UVUUJ BSSJWBOP F UVUUJ TPOP CFOWFOVUJ 7FOJUF B WFEFSF HMJ BQQVOUJ J MJCSJ MF DPTF TQBSTF GSB J SFTUJ EFM NBTTBDSP 7FOJUF B WFEFSF VO HJPSOP NPSUP F JM EPMPSF

EJ VOB TPDJFUµ DIF IB HSJEBUP NJMMF WPMUF JM TVP EJSJUUP EJ WJWFSF JO QB DF 4DSJWP RVFTUF SJHIF NFOUSF BTDPMUP J OPUJ[JBSJ F QPTTP TPMP QFOTBSF BMMB USJTUF[[B EFMMF BVMF EFMMF UBWPMF EFMMF DBTF B DVJ OPO SJUPSOFSBOOP QJÎ RVFMMF DFOUJOBJB EJ DJUUBEJOJ EJ GSBUFMMJ F TPSFMMF MF DVJ WJUF TPOP TUBUF TUSPODBUF JO VO NJTFSBCJMF BUUP EJ PEJP QFSDI¾ MlV OJDP PCJFUUJWP EFM UFSSPSJTNP ½ MlP EJP DPOUSP MlVNBOJUµ QFSDI¾ OPO Dl½ DBVTB DIF QPTTB HJVTUJGJDBSF MlBTTBTTJOJP DPMMFUUJWP QFSDI¾ OPO FTJTUF JEFB DIF WBMHB VO HFOPDJEJP QFSDI¾ OPO FTJTUF HJVTUJGJDB[JPOF BMDVOB EJ GSPOUF BMMB CBSCBSJF 4&(6& " 1"(*/" 

RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

FVSP  

#FTMBO 'PUP SFVUFST

/PO Dk± NBMF NJOPSF

M SJTVMUBUP EFMMF FMF[JPOJ MFHJTMBUJ WF TQBHOPMF IB QSFTP UVUUJ EJ DPOUSPQJFEF /PO QBSMJBNP EFMMB NJTFSFWPMF 3BJ JODBQBDF EJ QSP QPSSF EFMMF GJOFTUSF JO UFNQP SFBMF TFNQMJDFNFOUF BTDPMUBOEP MF BOUFOOF TQBHOPMF QFS OPO EBSF VO EJTQJBDFSF B #FSMVTDPOJ 1BSMJBNP EFMMP TUVQPSF BODIF OPTUSP OFM WFEFSF DIF VO QBFTF DPMQJUP PSSJCJMNFOUF USF HJPSOJ QSJNB JOWFDF DIF SJQJFHBSF JO VO SJGMFTTP ElPSEJOF IB GBUUP VO TFDDP SBHJPOB NFOUP DJ DPMQJTDPOP QFSDI¾ JM HPWFS OP DJ IB DBDDJBUP JO HVFSSB DPOUSP Ml* SBR VOB HVFSSB DIF Ml QFS DFOUP EJ OPJ OPO WPMFWB F EPQP BWFSDJ UJSBUP BEEPTTP MB +JIBE QFS USF HJPSOJ IB DFS DBUP EJ JNCSPHMJBSDJ TVHMJ BVUPSJ EFM MlBUUFOUBUP & RVFTUP HPWFSOP IB TQB[ [BUP WJB /FQQVSF OPJ QFOTBWBNP QJÎ DIF MlPQJOJPOF QFS RVBOUP BWWFMFOBUB EBJ HPWFSOJ F EBMMF UW SFBHJTTF DPO UBO UB MVDJEJUµ F EFDJTJPOF %PCCJBNP EB SF QJÎ GJEVDJB BMMF OPTUSF TUFTTF SBHJP OJ * WPUJ DIF "[OBS IB QFSEVUP TPOP BOEBUJ BM 1BSUJUP TPDJBMJTUB TQBHOPMP DIF TFO[B MB TVB PQQPTJ[JPOF BMMB HVFSSB EJGGJDJMNFOUF MJ BWSFCCF QSFTJ MB 4QBHOB OPO BWFWB QFSEPOBUP BJ TPDJB MJTUJ EJ (PO[BMFT MB DPSSV[JPOF MF JMMF HBMJUµ MB EFCPMF[[B MF TQFSBO[F CSV DJBUF .B OPO IB SBHJPOBUP JO UFSNJOJ EJ QPMJUJDB QJDDPMB QSJNP OPO SFTUBSF OFMMF NBOJ ElVO QSFTJEFOUF EFM DPOTJ HMJP CFMMJDJTUB F JNCSPHMJPOF %PWSFC CFSP QFOTBSDJ CFOF BODIF HMJ JUBMJBOJ BMMF QSPTTJNF UPSOBUF FMFUUPSBMJ 2VBO UP BM 1TPF EPWSµ HFTUJSF PSB VOB TJUVB [JPOF OPO GBDJMF TFO[B SJQFUFSF HMJ FS SPSJ EFM QBTTBUP .B VOB DPTB IB TJDV SBNFOUF DBQJUP IB TFHOBUP TVCJUP VOB EJTDPOUJOVJUµ DPO MF TDFMUF EJ QPMJ UJDB FTUFSB EFM HPWFSOP "[OBS &l VO SJTVMUBUP DIF TDPNQBHJOB RVFMMB DIF QBSFWB MB UFOEFO[B FVSP QFB " EFTUSB FSB BOEBUB MB 'SBODJB B EFTUSB ½ BOEBUB RVBMDIF TFUUJNBOB GB MB (SFDJB B EFTUSB BMDVOF FMF[JPOJ QBS [JBMJ NB TJHOJGJDBUJWF JO (FSNBOJB .B OPO ½ QJÎ DPTÁ DFSUP DIF BOESµ DPTÁ QFS RVBOUP JOGVSJBUJ TJBOP J DJUUBEJOJ EB QPMJUJDIF FDPOPNJDIF NJPQJ F SF TUSJUUJWF DIF MVOHJ EBM TPMMFDJUBSF VOB SJQSFTB MB SFOEPOP BODPSB NFOP QSP CBCJMF MB TDFMUB GPOEBNFOUBMF UPSOB B FTTFSF MB RVFTUJPOF EFMMB QBDF F EFMMB HVFSSB & TF TJ WPUBTTF EPNBOJ OFTTV OP HJVSFSFCCF TVMMB UFOVUB O¾ EJ #FS MVTDPOJ O¾ EJ #MBJS & OPO DJ TJ EJDB DP NF HJµ RVBMDVOP UFOUB OPO QPTTJBNP QFSNFUUFSF DIF TJB JM UFSSPSJTNP B EF DJEFSF EFMMB OPTUSB TPSUF -B TFNQMJDF WFSJUµ ½ DIF RVFTUP UFSSPSJTNP JTMBNJ TUB OPO QVÇ FTTFSF WJOUP TVM QJBOP NJ MJUBSF QFSDI¾ ½ VOB SFUF OBTDPTUB TJDV SBNFOUF BSUJDPMBUB QPUFOUF OFJ NF[[J F DIF VTB VOB NBTTB EJ VNJMJB[JPOJ F TPGGFSFO[F EFMMlFOPSNF TFUUPSF NFEJP SJFOUBMF #VTI F J TVPJ UPSQJEJ BMMFBUJ IBOOP FWPDBUP RVFTUP GBOUBTNB EFM RVBMF OVMMB TBQFWBOP F MP IBOOP NPM UJQMJDBUP &E ½ WFSP DIF ½ VO GBOUBTNB GFSPDF MP BNNFUUF TJ WBOUB EFMMB TVB USBEJ[JPOF EJ NPSUF EBUB F SJDFWVUB ½ EFDJTP B WFOEJDBSTJ 0HHJ BODPSB VO SJ UJSP EB RVFMMl*SBR CSVDJBOUF F VOB TPMV [JPOF HJVTUB QFS J QBMFTUJOFTJ F *TSBFMF QPUSFCCF GFSNBSMJ GBDFOEPHMJ NBODB SF MlBDRVB JO DVJ OVPUB %PNBOJ OPO ½ EFUUP DIF TBSµ BODPSB DPTÁ 4DFHMJFSF MB QBDF ½ JOTPNNB MB TPMB SFBMQPMJUJL &TTB FTJHF OPO QJÎ ‚JOUFMMJ HFODF NB QJÎ JOUFMMJHFO[B FTJHF EJ DBQJSF EPWF TJ TPOP NFTTJ CSVUBMNFO UF J QJFEJ EJ TBOBSF BMNFOP BMDVOF EFMMF QJÎ DMBNPSPTF GFSJUF EJ TSBEJDBSF JM UFSSPSJTNP JO TFOTP QSPQSJP TFQB SBOEPMP DJP½ EBMMF TPGGFSFO[F DIF HMJ QFSNFUUPOP EJ FTUFOEFSTJ *OTPNNB TNFUUFSF DPO MlBUUVBMF PUUVTJUµ EFMMl0D DJEFOUF TPNNBUB BMMB TFDPMBSF WPHMJB EJ SBQJOB DIF HMJ ½ QSPQSJB 2VFTUP JM NPEFTUP 1TPF MP BWFWB DBQJUP /PO QBSF DIF DJ BSSJWJOP EB OPJ 1JFSP 'BTTJ OP F MB .BSHIFSJUB DIF TJ QFSEPOP JO HFTUJDPMB[JPOJ B VTP JOUFSOP  DPNF ½ TUBUP JM CBMMFUUP EFM WPUP OPO WPUP BMMF $BNFSF  F TPOP UFOUBUJ EJ QSFOEFSF B CSBDDFUUP #FSMVTDPOJ QFS VOP TIPX EJ HJPWFEÁ B GBWPSF EFJ OFPDPOTFSWBUPSJ 1SPEJ DIF EFMMl&VSPQB DBQJTDF QSPCB CJMNFOUF RVBMDPTB QJÎ EJ MPSP EPWSFC CF TVHHFSJSHMJ EJ MBTDJBSF #FSMVTDPOJ OFMMB QBMVEF JO DVJ ½ HJµ TQSPGPOEBUP "[OBS F NFUUFSDFMB UVUUB QFSDI¾ TBCB UP  JM QBFTF QBDJGJDP F SBHJPOBOUF DIF NBOJGFTUFSµ B 3PNB MJ TFOUB BD DBOUP B T¾ .FHMJP UBSEJ DIF NBJ

*

3BQJUB MB QBDF

. " 3 5 & % ¡

.BOJGFTUB[JPOF QBDJGJTUB GPUP BQ

-kBMUSB QBSUJUB

% 0 . & / * $ "

 

. " ( ( * 0

   

RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

FVSP   DPO -F .POEF %JQMPNBUJRVF  DPO JM MJCSP EJ 1JOUPS  FVSP JO QJÎ

. & 3 $ 0 - & % ¡



/ 0 7 & . # 3 &

FVSP   DPO MB SJWJTUB FVSP   DPO JM EWE m6ODPWFSFE -B WFSJUµ TVMMl*SBRn    FVSP JO QJÎ

   

;VSJHP /FMTPO .BOEFMB TUSJOHF MB DPQQB EFM NPOEP 'PUP BQ

+PIO ,FSSZ USB J TVPJ TPTUFOJUPSJ BQ

(*".1"0-0 $"-$)* /07"5*

*M NPOEP QFSEVUP )BOOP MJCFSBUP EJFDJ BEVMUJ F TFEJDJ CBNCJOJ J QJÁ QJDDPMJ .B ± VOP TQJSBHMJP NJOJNP ± GFSNB MB USBUUBUJWB DPO J UFS SPSJTUJ DFDFOJ DIF OFMMB TDVPMB EJ #FTMBO JO 0TTF[JB UFOHP OP USFDFOUP QSJHJPOJFSJ 6O DFOUJOBJP TPOP NJOPSFOOJ "O

$

HPTDJB EFJ QBSFOUJ DIJFEPOP B 1VUJO EJ FWJUBSF TPMV[JPOJ EJ GPS[B *M $SFNMJOP QSFOEF UFNQP -F GPS[F TQFDJBMJ OPO FTDMVEPOP JM CMJU[ * TFRVFTUSBUPSJ SJTQPOEPOP OP B PHOJ SJ DIJFTUB 3JGJVUBOP BODIF JM DJCP QFS HMJ PTUBHHJ "--& 1"(*/&  & 

*3"2

3&16##-*$"/*

10-*5*$"

€* SFQPSUFS TUBOOP CFOF‹ 1BSJHJ MJCFSB[JPOF WJDJOB

/FX :PSL BSSJWB #VTI F MB QSPUFTUB TJ GB DSFBUJWB

-B QSPQPTUB EJ %k"MFNB QBUUP QFS WPUBSF OFM 

-lBNCBTDJBUPSF GSBODFTF B #BHIEBE IB EFUUP JFSJ EJ BWFSF MF QSPWF DIF J EVF HJPSOBMJTUJ SBQJUJ TPOP WJWJ F TUBOOP CFOF $l½ TQFSBO[B JO 'SBODJB .B B #BHIEBE USPWBUJ NPSUJ USF PTUBHHJ UVSDIJ "--& 1"(*/&  & 

*M EJTDPSTP QJÎ JNQPSUBOUF EFMMB TVB DBSSJFSB QPMJUJDB *M QSFTJEFOUF EFHMJ 6TB MlIB QSPOVODJBUP RVFTUB OPUUF BMMB DPOWFOUJPO EJ .BOIBUUBO $POUSP HMJ BSSFTUJ EJ NBTTB JM "--& 1"(*/&  F  ‚NPSEJ F GVHHJ EFJ NBOJGFTUBOUJ

*M QSFTJEFOUF EFJ %T B TPSQSFTB PGGSF VO ‚QBUUP BMMB NBHHJPSBO[B BOEJBNP BMMF FMF[JPOJ QPMJUJDIF JOTJFNF BMMF SFHJPOBMJ OFMMB QSPTTJNB QSJNBWFSB #FSMVTDPOJ " 1"(*/"  SJTQPOEF QJDDIF JQPUFTJ JOFTJTUFOUF

€* OPTUSJ B /BTTJSJZB CSVDJBWBOP MF DBTF‹ $ & / 5 & / " 3 * 0

‚*O *SBR J OPTUSJ DPNNJMJUPOJ TJ EJWFSUJWBOP B DJSDP TDSJWFSF MF BCJUB[JPOJ EJ BMDVOJ TPTQFUUJ DPO MB CFO [JOB BDDFOEFWBOP F QPJ HVBSEBWBOP JM GVPDP BWWPM HFSF MB DBTB EJ RVFJ QPWFSJ DSJTUJ NFOUSF VSMBWBOP 1PJ TQFHOFWBOP F BSSFTUBWBOP RVFTUB HFOUF .B OFMMB NBHHJPS QBSUF EFJ DBTJ RVFTUJ VMUJNJ SJTVMUBWB OP EFM UVUUP JOOPDFOUJ -B TDPOWPMHFOUF UFTUJNP OJBO[B SBDDPMUB EBM NBOJGFTUP QSPWJFOF EB VO CFS TBHMJFSF EFMMB CSJHBUB (BSJCBMEJ BQQFOB UPSOBUP EBM

*NJOBUPSJ EJ#VHHFSSV 4VMDJTJMTFUUFNCSF MkFTFSDJUPTQBSBTVMMBNBOJGFTUB[JPOF 6OBTUSBHF &JMQSJNPTDJPQFSPHFOFSBMF "1"(*/"

.0453" %* 7&/&;*"

€.BODIVSJBO $BOEJEBUF‹ PWWFSP (FPSHF 8 #VTI 3PCFSUP 4JMWFTUSJ

Ml*SBR DIF SBDDPOUB EJ TFWJ[JF F EJ GVSUJ DPNQJVUJ EBMMF USVQQF JUBMJBOF JO NJTTJPOF OFM QBFTF NFEJP SJFOUBMF ‚/PO BCCJBNP QSFTFOUBUP EFOVODJB GPS NBMF OF BCCJBNP TFNQMJDFNFOUF QBSMBUP DPO J OP TUSJ TVQFSJPSJ SBDDPOUB JM NJMJUBSF DIF WVPMF NBO UFOFSF MlBOPOJNBUP ‚4F NBJ OF QBSMBTTJ BQFSUB NFOUF MB NJB DBSSJFSB GJOJSFCCF BMMlJTUBOUF 1FS RVFTUP BHHJVOHF ‚QSFGFSJTDP DBNCJBSF MF DPTF EBM EJ EFOUSP F TFO[B HSBOEF DMBNPSF " 1"(*/" 

$

PO UVUUJ J QSPCMFNJ DIF BCCJBNP BEFTTP DJ UPDDB QVSF NFUUFSDJ MÁ B SFJOWFOUBSF JM DPNVOJTNP KFOB

"SSJWB TVHMJ TDIFSNJ EFM -JEP JM UISJMMFS GBOUBQPMJUJDP EJ +POBUIBO %FNNF SJTQPTUB BMMB $POWFOUJPO SFQVCCMJDBOB F BMMP ‚TUBUP NBHHJPSF QJÎ QFSJDPMPTP EFM EPQPHVFSSB *M SFHJTUB BNFSJDBOP IB SFBMJ[[BUP JM SFNBLF EFM GJMN EJ +PIO 'SBOLFOIFJNFS QFOTBOEP BMMB OVPWB ‚HVFSSB GSFEEB EJ $IFOFZ *O HJPDP OPO Dl½ TPMP MB QSFTJEFO[B NB JM GVUVSP EFMMlVNBOJUµ 4UBS %FO[FM 8BTIJOHUPO BMMF QSFTF DPO VO DBOEJEBUP ‚UFMFHVJEBUP EB HSVQQJ EJ QPUFSF " 1"(*/" 

KFOB!JMNBOJGFTUPJU

IJTTµ DPTB OF BWSFCCF QFO TBUP ,SVHFS & 7FSXPFSE P JM #PUIB EFUUP 1 8 MB QSJ NB F MlVMUJNB WFTUBMF EFMMlB QBSUIFJE 6O JODVCP 6O NPOEP QVSP F EVSP TDPOWPMUP EB UBOUB QSPNJTDVJ Uµ EJ SB[[F TVJ DBNQJ EB HJVPDP F TVMMF USJCVOF /PO QFS OJFOUF MP TQPSU GV VOP EFJ UFNJ JO DVJ BHJSPOP MF TBO[JP OJ EFDSFUBUF EBMMl0OV QFS JTPMBSF JM 4V EBGSJDB DPOEBOOBOEP MB TFHSFHB[JPOF DIF WJHFWB OFHMJ TUBEJ F TVMMF QJTUF "ODIF J GJFSJ +PTFQI $IBNCFSMBJO F $FDJM 3IPEFT DIF TJ BEPQFSBSPOP QFS DSFBSF JM 4VEBGSJDB CSJUBOOJDP OPO BWSFCCFSP DFSUP HSBEJUP DIF VO TJNJMF FWFOUP B DVJ ElBMUSPOEF Ml*OHIJMUFSSB TJHOPSB F QBESPOB EFM GPPUCBMM OPO TJ TBSFCCF EFHOBUB EJ QSFOEFSF QBSUF TJ TWPMHFTTF JO DPMPOJB $IJ JOWFDF TJ TFOUF QFSGFUUBNFOUF B TVP BHJP ½ MlJN NBHJOBSJP NJMJUBOUF EFMMl"GSJDBO /B UJPOBM $POHSFTT DIF BUUSBWFSTP J DFOUP BOOJ EJ WJDFOEF TQFTTP ESBNNBUJDIF EFM 4VEBGSJDB JOEJQFOEFOUF TJ ½ JNQF HOBUP B SFBMJ[[BSF MlJOUFHSB[JPOF EFJ OFSJ OFMMF JTUJUV[JPOJ TBODFOEP B UVUUJ HMJ FGGFUUJ JM QSJODJQJP EJ QBSJUµ %VPMF DIF MB WFSJGJDB TJ GBDDJB TV VO BTQFUUP JO GPOEP GVUJMF EFMMlFTJTUFO[B EFHMJ JO EJWJEVJ F EFMMF DPNVOJUµ DPNF VOB DPNQFUJ[JPOF TQPSUJWB BUUPSOP B DVJ TJ NVPWPOP JOUFSFTTJ UVUUlBMUSP DIF MJNQJEJ .B ½ WBOP PMUSF VO DFSUP MJ NJUF EJTDPOPTDFSF MF SFHPMF EJ VO NPOEP JO DVJ EPNJOB MB DPNVOJDB [JPOF & JM 4VEBGSJDB QFS QSPQSJP DPO UP IB WPMVUP DPO UBOUB QFSTFWFSBO[B J DBNQJPOBUJ QFSDI¾ TJ QSPQPOF EJ USB TGPSNBSMJ JO VOB QSPWB JO HSBEP EJ USBTDFOEFSF JM TFNQMJDF GBUUP TQPSUJWP P TQFUUBDPMBSF DFMFCSBOEP MB GFEF OFJ WBMPSJ EJ VOlVNBOJUµ EJWFSTB NB VOJUB F QBSUFDJQF -lBMMBSHBNFOUP EFMMB QSBUJDB EFMMP TQPSU B QBFTJ F QPQPMJ BJ NBSHJOJ ½ VOB EFMMF GPSNF NFEJBOUF DVJ JM NPO EP ½ VTDJUP EBJ QSFHJVEJ[J B DVJ TJ EF WPOP GFOPNFOJ DPNF JM DPMPOJBMJTNP F JM SB[[JTNP 1FS MB SJTPOBO[B DIF IB MP TQPSU DFSUF JOWFTUJUVSF WBMHPOP EJ QFS T¾ B TDBOEJSF MB QSPHSFTTJPOF EFMMB TUPSJB *O RVFTUP JOJ[JP EJ %VFNJMB DJ TBSµ MB TVDDFTTJPOF B EVF BOOJ EJ EJ TUBO[B EFMMF 0MJNQJBEJ B 1FDIJOP OFM  F EFMMB $PQQB EFM DBMDJP JO 4VEB GSJDB OFM  *M MBUP CVPOP EFMMB HMP CBMJ[[B[JPOF 7JB WJB OFM UFNQP DJ TP OP TUBUJ TJOHPMJ FQJTPEJ TQPSUJWJ DIF EJ QFS T¾ IBOOP BWVUP VO TJHOJGJDBUP BM UBNFOUF QPMJUJDP 4FO[B UPSOBSF B UFNQJ MPOUBOJ DPNF RVFMMJ EFM GPSNJ EBCJMF +FTTF 0XFOT MB ‚GSFDDJB OFSB DIF NJTF JO JNCBSB[[P )JUMFS OFMMB #FSMJOP EFM  CBTUFSµ SJDPSEBSF MlF QPQFB EJ $JUUµ EFM .FTTJDP OFM  F MB DBUBSTJ EJ VOlJOUFSB OB[JPOF OFMMB DFSJNPOJB JOBVHVSBMF EFJ HJVPDIJ PMJNQJDJ EJ 4ZEOFZ OFM  DPO MlBV UPEFOVODJB JO NPOEPWJTJPOF EFMMF TPGGFSFO[F TUPSJDIF JOGMJUUF BHMJ JOEJHF OJ El"VTUSBMJB .PMUF CBSSJFSF TPOP DBEVUF BODIF QFS DPOWFOJFO[B * QP UFSJ GPSUJ TBOOP CFOF DIF J NFSDBUJ F J DPOTVNBUPSJ EJ EPNBOJ  QFS MVDSBSF TVMMP TQPSU OFMMF TVF EJNFOTJPOJ BGGB SJTUJDIF F NFEJBUJDIF JO QBSUJDPMBSF QFS RVBOUP SJHVBSEB JM DBMDJP DIF SF TUB MP TQPSU QJÎ QPQPMBSF F QJÎ EJGGVTP CFODI¾ DJBTDVOB USBEJ[JPOF DPOTFSWJ MF TVF OJDDIJF EJ QBTTJPOF  TPOP DPO DFOUSBUJ OFHMJ JNNFOTJ DPOUJOFOUJ DIF TPOP TUBUJ PHHFUUP EJ EJTDSJNJOB[JPOF EB QBSUF EJ VO 0DDJEFOUF EFDJTP B EJ GFOEFSF J QSPQSJ QSJWJMFHJ -l"GSJDB IB VSHFO[B EJ VTDJSF EBM MlFNFSHFO[B F EJ FTTFSF SJDPOPTDJVUB DPNF QSPUBHPOJTUB 1FS RVFTUP PHHJ TJ JEFOUJGJDB OFM 4VEBGSJDB F TJ BGGJEB BM 4VEBGSJDB *M 4VEBGSJDB IB HJµ BTTVOUP TV EJ T¾ JM DPNQJUP FOPSNF EJ FMBCPSB SF JM SB[[JTNP DPNF NBMF TVQSFNP EJ NPTUSBOEP DPNF TJ QPTTB TVQFSBSMP F EJ GBUUP EB RVBOEP ½ TUBUB DBODFMMBUB MlBQBSUIFJE TUB HVJEBOEP Ml"GSJDB WFS TP VO SJTDBUUP JM QJÎ QPTTJCJMF DPOEJWJ TP *M QSJODJQBMF BSUFGJDF EJ RVFTUP QSP EJHJP /FMTPO .BOEFMB WFDDIJP NB EJSJUUP OFMMB QFSTPOB F OFMMF JOUFO[JP OJ IB WPMVUP FTTFSF QSFTFOUF B ;VSJHP BMMB WPUB[JPOF DIF IB BTTFHOBUP BM 4V EBGSJDB J ‚NPOEJBMJ EJ DBMDJP TQFO EFOEP HFOFSPTBNFOUF JM TVP QSFTUJHJP B GBWPSF EFMMB DBOEJEBUVSB EFM 4VEB GSJDB F WJWFOEP DPO HJPJB MB TVB WJUUP SJB -B QSJNB WPMUB EFMMl"GSJDB 1FS VO HJPSOP JM EPMPSF EFHMJ BGSJDBOJ MF PN CSF EFMMlJOTJDVSF[[B F EFMMF EJTFHVB HMJBO[F QBTTBOP JO TFDPOEP QJBOP

(PPE NPSOJOH "NFSJDB

6#*( E 

€0HHJ NJ TFOUP DPNF VO SBHB[[JOP‹ /FMTPO .BOEFMB  BOOJ USBUUJFOF MF MBDSJNF F BDDFOOB B VO QBTTP EJ EBO[B SJDFWFOEP MkVMUJNP SJDPOPTDJNFOUP MB $PQQB EFM NPOEP EJ DBMDJP * NPOEJBMJ EFM  TJ HJPDIFSBOOP JO 4VEBGSJDB

2VJOEJDJ NJOVUJ EJ BQQMBVTJ TPUUPMJOFBOP MB EFDJTJPOF EFMMB 'JGB %PQP HMJ BOOJ EFMMkBQBSUIFJE F EFM CPJDPUUBHHJP ± VOB QBHJOB EJ TUPSJB DIF TJ DPNQJF *M QBMMPOF WB JO "GSJDB TVM " 1"(*/"  DPOUJOFOUF EJNFOUJDBUP TJ BDDFOEPOP J SJGMFUUPSJ

30#&350 ;"/*/*

"'()"/*45"/

4$60-"

$"//&4

/FMMB UFSSB EFMMkPQQJP USB MF PNCSF EFJ UBMFCBOJ

*O NJHMJBJB B 3PNB DPOUSP MF MFHHJ .PSBUUJ

#PUUF EJ QPMJ[JB BM GFTUJWBM .PPSF DPO J QSFDBSJ

5SB J 1BTIUVO OFM QSPGPOEP "GHIBOJTUBO MB DPMUJWB[JPOF EFMMlPQQJP UPSOB MB QSJODJQBMF GPOUF EJ SFEEJUP EFHMJ BCJUBOUJ & EPWF &NFSHFODZ IB DPTUSVJUP VO PTQFEBMF " 1"(*/"  3FQPSUBHF EJ 7BMFOUJOP 1BSMBUP

&SB SBQQSFTFOUBUP UVUUP JM NPOEP EFMMB TDVPMB JFSJ OFMMF TUSBEF EFMMB DBQJUBMF *O DPSUFP BODIF FTQPOFOUJ EFMMB TJOJTUSB %BMMB QJB[[B VOB SJDIJFTUB BJ TJOEBDBUJ " 1"(*/"  ‚& PSB TDJPQFSP HFOFSBMF

-POUBOP EBMMF UW MB QPMJ[JB DBSJDB HMJ JOUFSNJUUFOUJ DIF QSPUFTUBOP QBDJGJDBNFOUF *M SFHJTUB BNFSJDBOP QPSUB MB TVB TPMJEBSJFUµ BJ MBWPSBUPSJ JO TDJPQFSP & /BOOJ .PSFUUJ QFSEF MlBFSFP " 1"(*/" 

#VTI €3FTUFSFNP JO *SBR‹ ‚-l"NFSJDB NBOUFSSµ JM TVP JNQFHOP JO *SBR WBMF B EJ SF SFTUFSµ OFM QBFTF BODIF EPQP JM  HJVHOP IB EFUUP JFSJ JM QSFTJEFOUF (FPSHF 8 #VTI OFM TVP EJTDPSTP SB EJPGPOJDP EFM TBCBUP 4NFOUJUP $PMJO 1PXFMM DIF BWFWB EFUUP DIF HMJ 6TB OPO TBSFCCFSP SJNBTUJ JO *SBR TF OPO EFTJEFSBUJ 4PMP BQQBSFOUFNFOUF &OUSBNCJ TPOP DPO WJOUJ DIF WFSSµ MPSP DIJFTUP EJ SFTUBSF -lFGGFUUP *SBR TJ GB QFSÇ TFOUJSF JO DBTB EPWF QFS MB QSJNB WPMUB MP TGJEBOUF EFNPDSBUJDP +PIO ,FSSZ TPSQBTTB #VTI *O VO TPOEBH HJP EFMMB $OO F 5JNF JM  QFS DFOUP EFHMJ JOUFSQFMMBUJ TJ

"--& 1"(*/&  &  $0/ 6/ "35*$0-0 %* -6*4 4&1¯-7&%"

(JPSOJ

4

FJ NPSUP EJ TBCBUP NB RVFTUlBOOP TBSFTUJ NPSUP EJ MVOFEÁ QFSDI¾ ½ CJTFTUJMF TF JOWFDF GPTTF TUBUP VO

BOOP SFHPMBSF TBSFTUJ NPSUP EJ EPNFOJDB 5BOUP IBJ GBU UP DIF DJ IBJ EPWVUP SPWJOBSF USF HJPSOJ

16/50&"$"10

$BSP-VJHJ VOBOOPEPQP -BSBHJPOFTDSJUUBJONJOVTDPMP %BMBM HMJVMUJNJFEJUPSJBMJ EJ-VJHJ1JOUPSTVMNBOJGFTUP 4"/50."44*.0BQBHJOB

$0/5303%*/&

1FS#FSMVTDPOJ NJTTJPOFJNQPTTJCJMF 4JMWJPWVPMFTDBQQBSFEBMMBHVFSSB 1PSUBUFCJSSBFQPQDPSO TBS©VOP TQFUUBDPMP 30#&$$)* BQBHJOB

-VJHJ1JOUPS 6ODPNVOJTUB RVPUJEJBOP

KFOB

%BMNBHHJPBFVSP JOFEJDPMBDPOJMNBOJGFTUP FJOMJCSFSJBDPONBOJGFTUPMJCSJm1VOUPFBDBQP 4DSJUUJTVMNBOJGFTUPnEJ-VJHJ1JOUPS

KFOB!JMNBOJGFTUPJU

-k

*-."/*'&450

½ FTQSFTTP QFS ,FSSZ JM  QFS DFOUP QFS #VTI "ODPSB FTUSFNBNFOUF UFTB MB TJUVB[JPOF B /BTTJSJZB EPWF MB TF EF EFMMB $QB ½ TUBUB OVPWBNFOUF BUUBDDBUB JFSJ EB DPMQJ EJ NPSUBJP %VSBOUF J DPNCBUUJNFOUJ JO DPSTP USB MF GPS [F EFM MFBEFS SBEJDBMF TDJJUB .VRUBEB BM 4BES F MF USVQQF JUBMJBOF VO DBSBCJOJFSF ½ SJNBTUP MFHHFSNFOUF GFSJUP (MJ TDPOUSJ DPOUJOVBOP BODIF B /BKBG ,FSCBMB F "NBSBI OFM TVE TPUUP JM DPOUSPMMP CSJUBOOJDP 6OB RVBSBOUJOB MF WJUUJNF JSBDIFOF DJORVF J TPMEBUJ 6TB SJNBTUJ VDDJTJ

$PO VOB WBMBOHB EJ WPUJ HMJ BNFSJDBOJ DBDDJBOP #VTI EBMMB $BTB CJBODB 7FOUJ NJMJPOJ EJ FMFUUPSJ JO QJÁ SJTQFUUP BM  QPSUBOP ,FSSZ BMMB QSFTJEFO[B /FMMB OPUUF HMJ FYJU QPMM EFDSFUBOP MB TDPOGJUUB EFMMkVPNP EFMMB HVFSSB QSFWFOUJWB  WPUJ FMFUUPSBMJ B ,FSSZ TPMP  B #VTI

-kBMUSP QBFTF FWFOUP ½ DIF HMJ BNFSJDBOJ WPUBOP F CBTUFSFCCF RVFTUP B SFOEFSF MB ESBNNBUJDJUµ EJ VO RVBESP UPS NFOUBUP DIF OFMMB OPUUF QJÎ MVOHB EFMMF FMF[JPOJ TFNCSB GBSF JM OPNF EJ +PIO ,FSSZ -lFWFOUP ½ MlBGGMVFO[B SFDPSE GPSTF WFOUJ NJMJPOJ EJ FMFUUPSJ JO QJÎ -lFWFOUP ½ DIF RVFTUJ NJMJPOJ EJ TDIFEF TPOP TUBUF TQJOUF OFMMlVSOB EB VOB NPCJMJUB[JPOF DIF OPO IB QSFDFEFOUJ F DIF CJTPHOFSµ MFHHFSF DPO BDDVSBUF[[B QSV EFO[B GBOUBTJB (PPE NPSOJOH "NFSJDB -F FMF[JPOJ HMPCBMJ DIF HMJ 4UBUJ VOJUJ IBOOP WPUBUP F JM SFTUP EFM NPOEP HVBSEBUP DPM GJBUP TPTQFTP IBOOP QSFTP VOB EJSF[JPOF FE ½ RVFM MB EFM DBNCJP BMMB $BTB CJBODB &SBOP VO SFGF SFOEVN TV (FPSHF #VTI RVFTUF QSFTJEFO[JBMJ TVMMB TVB QFSTPOB DPNF TVMMB TVB QPMJUJDB TVM EFTUJOP OPO BODPSB NBOJGFTUP EFMMB QPUFO[B VOJDB F TVM GVUVSP QSPTTJNP EFM SFTUP EFM NPOEP &  TPSQSFTB  HMJ BNFSJDBOJ TFNCSBOP WPUBSF DPNF FVSPQFJ RVBMTJBTJ JOVUJMNFOUF PTUBDPMBUJ EB VO TJTUFNB FMFUUPSBMF HSPUUFTDP  QJÎ GPSUJ EFMMF DBVTF EFMMF MFHJPOJ EJ MFHBMJ THVJO[BHMJBUJ OFJ TFHHJ EFMMB HVFSSB TQPSDB DIF J OFPDPOT IBOOP DPOEPUUP TJO EFOUSP J TFHHJ %PWFWB FTTFSF VOB WJUUPSJB MBOETMJEF B WB MBOHB QFS TPUUSBSSF JM EFTUJOP EFMMB EFNPDSB [JB BNFSJDBOB F EFMMF OPTUSF B VOB HVFSSB DJ WJMF EJ DBSUF CPMMBUF F DPSUJ TVQSFNF 4J TUB QSPGJMBOEP VO SJTVMUBUP OFUUP TBMVUBUP DPNF VOB TBMWF[[B 0SB UPDDB B +PIO ,FSSZ & WJFOF JM EJGGJDJMF -lFTJUP FMFUUPSBMF EJ RVFTUB OPUUF ½ TUBUP JO MBSHB QBSUF EFUFSNJOBUP EB VOB NBTTB EJ FMFU UPSJ DIF J TPOEBHHJ OPO IBOOP QSFWJTUP O¾ BOBMJ[[BUP F DIF OPO TPOP JM GSVUUP EFMMlBOF NJDB DBNQBHOB FMFUUPSBMF EFJ EFNPDSBUJDJ ,FSSZ BWFWB JM WBOUBHHJP EJ OPO DIJBNBSTJ #VTI VOB WPMUB QSFTJEFOUF BWSµ JM EPWFSF EJ DIJBNBSTJ ,FSSZ * WFOUJ NJMJPOJ DIF IBOOP TQPTUBUP MlBHP EFMMB CJMBODJB TPOP WPMPOUBSJ EFMMB QPMJUJDB 4P OP NFNCSJ EJ BTTPDJB[JPOJ DIJFTF OFSJ FDPMP HJTUJ BUUJWJTUJ EJ PHOJ PSEJOF F HSBEP EJWJ EFM DJOFNB DPNF TJOEBDBMJTUJ MPDBMJ )BOOP TUV EJBUP JO BOOJ EJ MPUUF DPOUSP JM 'NJ MB #BODB NPOEJBMF JM 8UP MF HSBOEJ DPSQPSBUJPO  DP NJODJBSPOP B 4FBUUMF SJDPSEBUF /FMMF MPUUF TJ TPOP ‚JTUJUV[JPOBMJ[[BUJ F RVFTUP ½ JM MPSP EJ GFUUP .B IBOOP BWVUP MB GPS[B BE FTFNQJP EJ DBQPWPMHFSF MlFTJUP EFMMlVMUJNP WFSUJDF EFM 8UP F RVFTUP ½ JM MPSP QSFHJP 1SFTFOUFSBOOP BM WJO DJUPSF VO DPOUP TBMBUP $PNF MB OVPWB $BTB CJBODB EFDJEFSµ EJ QBHBSMP ½ DJÇ DIF TFQBSB VOB DPQJB BEEPMDJUB EJ #VTI EB VOlBMUSB "NF SJDB & JO EFGJOJUJWB EB VO BMUSP QJBOFUB

45"5* 6/*5*

3&1035"(& .BOIBUUBOGBMBGJMB  VOQFSNFTTPQFSWPUBSF "1"(*/"

*/5&37*45" -k lPTTFSWBUPSFmJUBMJBOP MJUFBJTFHHJJO0IJP "1"(*/"

"--& 1"(*/&    & 

."'*"

'*4$0

16##-*$*5"l

5BMQF BMMB %EB $VGGBSP B HJVEJ[JP

.BODBOP J TPMEJ QFS UBHMJBSF Mk*SBQ

4JSDIJB PGGSF MBUUF DPO TDPOUP

*M QSFTJEFOUF EFMMB SFHJPOF 4JDJMJB SJOWJBUP B HJVEJ[JP QFS SBQQPSUJ DPO J DMBO OFMMlJODIJFTUB TVMMF UBMQF BMMB EJSF[JPOF EJTUSFUUVBMF BOUJNBGJB " 1"(*/" 

"M WFSUJDF QFS ‚DIJVEFSF TVMMF BMJRVPUF EFMMB SJGPSNB GJTDBMF 4JOJTDBMDP HFMB 'JOJ F $BMEFSPMJ OPO TJ QVÇ UBHMJBSF Ml*SBQ BMMF " 1"(*/"  JNQSFTF & MlBDDPSEP TMJUUB

4QPU EJ 4JSDIJB F EFJ NPOPQPMJTUJ EFM MBUUF JO QPMWFSF QSF[[J HJÎ EFM  -F EJSFUUJWF EFMMl0NT F BODIF RVFMMF EJ 7FSPOFTJ JHOPSBUF QFS BOOJ " 1"(*/" 

&4507&45

%PQP #FTMBO MB 3VTTJB JO CJMJDP 1SFESBH .BUWFKFWJD

%PWl½ EJSFUUB MB 3VTTJB EJ PHHJ -lJOUFSSPHBUJWP FSB FNFSTP BODIF QSJNB EFMMB USBHFEJB JO *OHVTDF[JB 0SB UVUUJ J OPEJ WFOHPOP BM QFUUJOF 1FTB MlFSFEJUµ EFMMl6STT NB TJBNP B  BOOJ EJ EFNPDSB[JB QPTUQFSFTUSPKLB F EJ EFWBTUBOUJ QSJWBUJ[[B[JPOJ DBQJUBMJTUJDIF -F SBHJPOJ EFMMB TJDVSF[[B TJ DPOUSBQQPOHPOP B RVFMMF EFMMB EFNPDSB[JB F RVBTJ UVUUJ J EJTTJEFOUJ IBOOP QFSTP MB QBSPMB ‚*O 3VTTJB MB EFNPDSB[JB ½ TUBUB NFTTB WJWB JO VOB CBSB EJDF 4FSHFK ,PWBMJFW QSFTJEFOUF EJ .FNPSJBM

'JMB

*

13*.0 1*"/0 *MQFOEPMP'MPSJEB  MBTPSQSFTB)BXBJJ "--&1"(*/&&

"/"-*4* -kBUUFTBEJ#FSMVTDPOJ EB 1VUJO QFOTBOEP B #VTI "1"(*/"

$BNQBHOB"CCPOBNFOUJ

M SJUP EFMMB EFNPDSB[JB ½ TFNQSF FNP[JPOBOUF VOP TJ DPNNVPWF OFM WFEFSF DFOUPWFOUJDJORVF

NJMJPOJ EJ BNFSJDBOJ DIF JO QJFOB MJCFSUµ GBOOP SFHP MBSNFOUF MB GJMB QFS TDFHMJFSF JM OPTUSP EFTUJOP

KFOB

4UBWPMUB BOEJBNP EFOUSP "CCPOBUFWJBMNBOJGFTUP "JVUFSFUFBQPSUBSFJEJSJUUJVNBOJ OFMMFDBSDFSJJSBDIFOF

XXXJMNBOJGFTUPJU " 1"(*/" 

KFOB!JMNBOJGFTUPJU

0-"!&+-,01/1 ,**)/,*&00+

4 & 5 5 & . # 3 &

0-"!&+-,01/1 ,**)/,*&00+



0-"!&+-,01/1 ,**)/,*&00+

. & 3 $ 0 - & % ¢

#BHIEBE 4JNPOB 5PSSFUUB GPUP 3FVUFST  " EFTUSB 4JNPOB 1BSJ GPUP .BSJP #PDDJB

0-"!&+-,01/1 ,**)/,*&00+

RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 


2 0 0 4

Un giornale da copertina

U

MARIUCCIA CIOTTA E GABRIELE POLO

n anno vissuto pericolosamente schivando bombe, torture e tagliatori di teste, dentro un falso “scontro di civiltà” e l'appello ai valori etici, la grande paura evocata per vincere la Casa Bianca e la catastrofe che ne è seguita, mentre la guerra continua la sua meticolosa strage e l'Iraq è in fiamme. Good morning, anzi Good night. Quale story-board per questo 2004 che si chiude nel buio? Ricordiamo solo piccoli sprazzi di luce che a volte abbagliano come la marea arcobaleno delle piazze globali o le facce sorridenti delle due Simone,

una Spagna che esulta dopo il sangue dell'11 marzo. Ma. Quei bambini di Beslan, fantasmi dagli occhi di chi ha visto il mondo finire, o il ritratto lontano su fondo nerissimo di Enzo Baldoni, che dice di tutti i sacrifici umani da Quattrocchi a Kim, o gli incappucciati di Abu Ghraib e quell'espressione maliziosa di miss marine che punta il dito sul cadavere congelato di un prigioniero. Un incubo non contiene tutto l'anno che se ne va. E nemmeno le copertine del manifesto, che nella sua lunga storia mai ha collezionato una galleria degli orrori così infinita fino all'esaurimento, cornice di un abisso, vuoto da riempire di un colore che non abbiamo, il rosso sangue. Meglio la “fotocopia” del reale, allora, di fronte ai quotidiani full color, meglio l'allusione alle sfumature naturali della vita piuttosto che le inquadrature impossibili viste e riviste sulle schermate delle agenzie. No, questo no, non si può vedere. Noi le abbiamo viste e fuori campo restano, insostenibili. Per voi, cari lettori abbiamo scelto i fotogrammi di qualcuno che è appena andato via e ha lasciato per terra i suoi sandali, o il fumo lontano di Falluja e di Nassiriya. Il graffio di Vauro, l'ironia all'acido dei nostri titoli. Dodici volte il manifesto. Segno

impresso nella storia, leggero e tagliente come un foglio di carta, arma impropria

good morning?

che per un giorno interferisce con l'agenda mondiale e cerca di mettere a soqquadro le notizie con l'ambizione di ridisegnarne la gerarchia e combattere in libertà e in solitudine. Le scelte del giornale, della sua prima pagina, dicono di un

giornale eccentrico e testardo che mette a confronto sensibilità diverse, si affronta e si scontra ma alla fine precipita in quel fermo immagine che è il nostro valore aggiunto, vignetta e Jena a chiudere con un tocco di saggezza surreale. Abbiamo scelto di puntare lo sguardo su fatti che ogni “sera della prima” ci hanno assalito spesso con violenza, poche volte con felicità. Ci sarebbe piaciuto di più andare oltre la "notizia" e sbattere in copertina gli anti-eroi del Burkina Faso o l'addio a Derrida, i dreamers di Bertolucci... Michael Moore ha avuto la sua quando ha vinto il festival di Cannes. Ma la guerra ha fatto le sue conquiste, obbligate. Ci auguriamo che il 2005 sia più complice e che le prime pagine del manifesto siano moltiplicatori di emozioni e di sorprese, più resistenti. Attrezzate al cambiamento delle categorie politiche e delle sue forme. Le dodici copertine scelte per voi il prossimo dicembre saranno diverse. Lavori in corso. La nuova collezione sfila a partire da gennaio.

il manifesto direttore responsabile Sandro Medici

direttori Mariuccia Ciotta, Gabriele Polo

direttore editoriale Francesco Paternò

progetto grafico Antonella Gesualdo

concessionaria esclusiva di pubblicità Poster Pubblicità srl

Via Tomacelli, 146 00186 Roma Tel. 06.68896911 Fax 06.68308332

stampa Sigraf srl via Vailate 14 Calvenzano [BG]


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

( * 0 7 & % ¡



/ 0 7 & . # 3 &

FVSP   DPO MB SJWJTUB FVSP   DPO JM EWE m6ODPWFSFE -B WFSJUµ TVMMl*SBRn    FVSP JO QJÎ

   

2VBUUSP BOOJ

"

ODIF TF MB WFSJGJDB EFJ WPUJ TPTQFTJ OFMMl0IJP GPTTF TUBUB GBWPSFWPMF B ,FSSZ SFTUB DIF MF FMF[JPOJ QSFTJEFO[JBMJ QJÎ BQQBTTJPOBUF F QBSUFDJQBUF EFHMJ 4UBUJ VOJUJ IBOOP EBUP B #VTI MB NBHHJPSBO [B EFJ TVGGSBHJ /PO VOB WJUUPSJB TVM GJMP EJ MBOB P GPSTF EFMMB GSPEF DPNF MlBMUSB WPMUB TUBWPMUB #VTI IB SBDDPMUP PMUSF  NJMJPOJ F NF[[P EJ WPUJ QJÎ EFM TVP BW WFSTBSJP F RVFTUP DPOUB BM EJ Mµ EFM NBDDIJOPTP F JODFQQBUP TJTUFNB FMFU UPSBMF TUBUP QFS TUBUP *M QSFTJEFOUF VTDFOUF IB QSFWBMTP OFMMlPQJOJPOF EFJ TVPJ DPODJUUBEJOJ OPOPTUBOUF BCCJB QPSUBUP JM QBFTF JO HVFSSB DPO MB NFO [PHOB BCCJB BUUBDDBUP Ml*SBR DPO PHOJ NF[[P JMMFDJUP TFO[B SJVTDJSF B TPUUP NFUUFSMP OPO BCCJB BGGBUUP BCCBUUVUP JM UFSSPSJTNP GPOEBNFOUBMJTUB BCCJB JTP MBUP HMJ 6TB EBMMB NBHHJPS QBSUF EFM NPOEP F TVM QJBOP JOUFSOP OPO BCCJB VO CJMBODJP O¾ CSJMMBOUF O¾ QPQPMBSF #VTI IB WJOUP OPOPTUBOUF UVUUP RVFTUP P GPSTF QSPQSJP QFS RVFTUP 'PSTF CJTPHOBWB QSFWFEFSMP *OVUJMF EJSTJ DIF TF MlJOUFMMFUUVBMJUµ QJÎ BWWFSUJ UB EFMMB QPMJUJDB EFMMlVOJWFSTJUµ EFM HJPSOBMJTNP EFM DJOFNB ½ DPOUSP #VTI JM SFTUP EFM QBFTF Ml"NFSJDB QSPGPOEB P DPOUBEJOB ½ JOGPSNBUB QPDP F NBMF QFSDI¾ J NFEJB TQFDJF UFMFWJTJWJ IBOOP GBUUP DBNQBHOB QFS JM QSFTJEFOUF VTDFOUF &l FWJEFOUF DIF FTTJ IBOOP UPDDBUP VOB DPSEB QSPGPOEB RVFMMB EJ VO QBFTF DIF MlBUUFOUBUP EFMMl TFUUFN CSF IB DPMQJUP OFMMB TVB DFSUF[[B EJ JO WVMOFSBCJMJUµ F OPO TJ ½ GFSNBUP B GBSTJ EFMMF EPNBOEF IB WPMVUP F WVPMF TPM UBOUP BCCBUUFSF JM TVP OFNJDP P J QBFTJ JO DVJ DSFEF EJ SJDPOPTDFSMP *M 1BUSJPU "DU EFMMlPUUPCSF EFM  FTQSJNFWB RVFTUB SFB[JPOF WJTDFSBMF BMMB RVBMF TP OP TBDSJGJDBUF BODIF RVFMMF MJCFSUµ EFMMB QFSTPOB DIF OFHMJ 6TB BQQBSJWBOP QJÎ DBSF /PO DIF TJB MB QSJNB WPMUB NB DFSUP J NPSUJ BNNB[[BUJ OFM NFEJP SJFOUF F MP TUJMMJDJEJP EJ QFSEJUF TUBUVOJ UFOTJ DIF MJ BDDPNQBHOBOP OPO TUBOOP TPMMFWBOEP JM NFHMJP EFM TPHOP BNFSJ DBOP VOB SFB[JPOF TJNJMF B RVFMMB EFMMB HFOFSB[JPOF EFM 7JFUOBN "M DPOUSBSJP /¾ IB NPMUP TFOTP PTTFSWBSF DIF TF ,FSSZ GPTTF TUBUP QJÎ OFUUP OFMMB TVB EFOVODJB F OFMMB TVB BMUFSOBUJWB BWSFC CF QFTBUP EJ QJÎ ½ CBTUBUP DIF BWBO [BTTF MF TVF NPEFTUF DSJUJDIF QFSDI¾ HFOUF DIF EB VOB WJUB OPO BOEBWB B WPUBSF VTDJTTF EJ DBTB QFS EJTJOOFTDBSF JM QFSJDPMP DIF WFEFWB JO MVJ )BOOP WJOUP MlJOTJDVSF[[B F MlBSSPHBO[B 2VFTUB EJ #VTI OPO ½ UVUUB Ml"NFSJ DB BO[J MB EJWJEF JO EVF NB ½ RVFMMB DIF EB PHHJ QFS RVBUUSP BOOJ DPOUFSµ &l VOlPOEBUB EJ GPOEP DPOTFSWBUSJDF FHPJTUB OB[JPOBMJTUB CJHPUUB EBMMB RVBMF TJ TBMWBOP QPDP QJÎ DIF /FX :PSL $IJDBHP F MB $BMJGPSOJB  JTPMF JO VO NBSF SFQVCCMJDBOP &l VOlPOEBUB DIF WJFOF EB MPOUBOP F OPO JOWFTUF TPM UBOUP HMJ 4UBUFT TJ QSPQPOF DPNF NP EFMMP NPOEJBMF EB BGGFSNBSF DPO PHOJ NF[[P /PO TPMP MB TVQFSJPSJUµ EFM TJ TUFNB GJOBO[JBSJP QSPEVUUJWP UFDOPMP HJDP SJTQFUUP BMMF QPTTJCJMJUµ EFM SFTUP EFM QJBOFUB CMPDDP HJHBOUFTDP EJ JOUF SFTTJ JOEJGGFSFOUF BHMJ TRVJMJCSJ F BMMF NJTFSJF F BMMB QSPUFTUB DIF QSPWPDB NB BODIF SJDPSSFOEP BMMB HVFSSB 6OB HVFSSB DIF SJTQFUUP BJ TFDPMJ TDPSTJ IB DBNCJBUP OBUVSB %BMMB GJOF EFMMl6OJP OF TPWJFUJDB JO QPJ HMJ 4UBUJ VOJUJ OPO IBOOP SJWBMJ JO HSBEP EJ UFOFS MPSP UF TUB F RVFTUP IB JODSVEFMJUP OFM NFEJP SJFOUF RVFMMB DIF ½ BQQBSTB MB TPMB SFB [JPOF B QPSUBUB EJ NBOP JM UFSSPSJTNP DIF EJTTBOHVB BODIF TF TUFTTP F OFHB PHOJ QPTTJCJMF VNBOB NPUJWB[JPOF (VFSSB F UFSSPSJTNP TPOP GJHVSF EFMMB DSJTJ EJ DJWJMUµ F EFJ QBSBEJHNJ QPMJUJDJ OFMMB RVBMF ½ GJOJUP JM TFDPOEP NJMMFO OJP F JOJ[JB JM UFS[P * UFNQJ OPO TBSFCCFSP TUBUJ TFNQMJDJ OFBODIF TF ,FSSZ BWFTTF WJOUP * QJÎ BCJMJ PQJOJPOJTUJ TQFDJF TF FY EJ TJOJ TUSB TJ BGGSFUUBOP B EJSF DIF OP VO #VTI QJÎ GPSUF TBQSµ SFDFEFSF EBMMl*SBR F SFJNNFUUFSF HMJ 6TB OFM NVMUJQPMBSJ TNP QSJNP JOUFSMPDVUPSF RVFMMl&VSPQB DIF IBOOP UFOVUP JO HSBO EJTQSF[[P /PO MP DSFEJBNP /PO MP DSFEF RVFMMB QVS HSBOEF NJOPSBO[B EJ BNFSJDBOJ DIF HMJ IBOOP WPUBUP DPOUSP OPO MP DSFEF HSBO QBSUF EFMMl&VSPQB OPO MP DSFEF VO 0SJFOUF NBSUPSJBUP F TQJOUP BHMJ FTUSFNJ #VTI WPSSµ VOB SFTB NB Ml0DDJEFOUF SFTUB EJWJTP F MP TDPOUSP DPOUJOVFSµ B FTTFSF BDFSCP .FHMJP TB QFSMP

(PPE OJHIU "NFSJDB 7JUUPSJBTUPSJDB(FPSHF#VTISJDPORVJTUB MB$BTBCJBODBFRVFTUBWPMUBTFO[BPNCSF±JMQSFTJEFOUF QJÁWPUBUPEFMMBTUPSJB4PUUPDPOUSPMMPBODIFDPOHSFTTPFTFOBUP *O0IJPTJDPOUBBODPSBNB,FSSZBNNFUUFMBTDPOGJUUB "MMFVSOFJONBTTBMBNPSBMNBKPSJUZSFMJHJPTBFDPOTFSWBUSJDF  TVSDMBTTBUBMBNPCJMJUB[JPOFEJTJOJTUSB %BMNPOEPDPOHSBUVMB[JPOJBWBMBOHB #FSMVTDPOJNFSJUPEFMUBHMJPEFMMFUBTTF €7JUUPSJB TUPSJDB‹ (FPSHF 8 #VTI DPORVJTUB BMUSJ RVBUUSP *O 0IJP TJ DPOUB BODPSB NB ,FSSZ BNNFUUF MB TDPOGJUUB "MMF

BOOJ BMMB $BTB CJBODB F RVFTUB WPMUB TFO[B PNCSF ± JM QSFTJ "--&1"(*/&    & EFOUF QJÁ WPUBUP EFMMB TUPSJB JOGMJHHF BM SJWBMF NJMJPOJ EJ WPUJ EJ EJTUBDDP NFUUF TPUUP DPOUSPMMP DPOHSFTTP F TFOBUP

VSOF JO NBTTB MB €NPSBM NBKPSJUZ‹ SFMJHJPTB F DPOTFSWBUSJDF TVSDMBTTBUB MB NPCJMJUB[JPOF EJ TJOJTUSB %BM NPOEP DPOHSB UVMB[JPOJ B WBMBOHB #FSMVTDPOJ NFSJUP EFM UBHMJP EFMMF UBTTF

1 3 * . " 1 " ( * / "

*-."/*'&450

.BOJGFTUP GVPSJ PSBSJP

45"5*6/*5*

*FSJ JM NBOJGFTUP UJUPMBWB ‚(PPE NPSOJOH "NFSJDB TCBHMJBOEP MF QSFWJTJPOJ TVMMB WJUUPSJB EJ +PIO ' ,FSSZ BMMB QSFTJEFO[B EFHMJ 4UBUJ 6OJUJ &SB QBTTBUB MlVOB EJ OPUUF RVBOEP BCCJBNP DIJVTP MB QSJNB QBHJOB TVMMlPOEB EFMMF BHFO[JF DIF CBUUFWBOP EBUJ TPOEBHHJ FYJU QPMM UVUUJ GBWPSFWPMJ BM DBO EJEBUP EFNPDSBUJDP QSFWJTUP JO UFTUB DPO VO MBSHP NBSHJOF EJ WBOUBHHJP -B QSV EFO[B QFS OPJ DIF OPO JOTFHVJBNP JM TFO TB[JPOBMJTNP TBSFCCF TUBUB ElPCCMJHP NB IB QSFWBMTP JO RVFJ NPNFOUJ DPODJUBUJ MB DPOWJO[JPOF DIF HMJ 4UBUJ 6OJUJ NPCJMJUBUJ DPNF NBJ QSJNB BWFTTFSP SFTQJOUP JM ‚QSFTJEFOUF EJ HVFSSB *M OPTUSP UJUPMP QSPCBCJMNFOUF ½ OBUP DPNF FGGFUUP EJ VO EFTJEFSJP RVFMMP EJ WFEFSF VOl"NFSJDB EJ WFSTB WFEFSMB WJODFSF DPOUSP VOlBNNJOJ TUSB[JPOF DIF MB QPSUFSµ BMMB QFSEJUB EJ T¾ F

BM EFDMJOP 2VFTUP TFOUJNFOUP EJ TQFSBO [B QFSÇ EFWF BWFS QSFTP BODIF NPMUJ BV UPSFWPMJ PTTFSWBUPSJ OPO TPMP BNFSJDBOJ WJTUP DIF MB OPUJ[JB EFM TVDDFTTP EJ ,FSSZ QFS VO MVOHP NPNFOUP IB EPNJOBUP J NFEJB * OPTUSJ PSBSJ EJ DIJVTVSB TUSFUUJ OPO DJ IBOOP QFSNFTTP EJ SJDPOEVSSF MlFO UVTJBTNP B QJÎ SBHJPOFWPMJ EVCCJ -B OPTUSB DPQFSUJOB HJµ EFGJOJUB DVMU EBHMJ BNJDJ ½ VO FSSPSF HJPSOBMJTUJDP HSBWF NB BODIF JM TFHOP EJ VOB QBTTJPOF F EJ VOlFNP[JPOF QPMJUJDB  DIF IB TPSQSFTP DIJ OPO DJ DPOPTDF  QFS RVFMMB NPMUJUVEJ OF ElPMUSFPDFBOP TDFTB JO QJB[[B DPOUSP JM QJÎ QFSJDPMPTP F DSJNJOBMF EFJ QSFTJEFOUJ F DIF DPOEJWJEF DPO OPJ SBCCJB F TPHOJ $J TDVTJBNP DPO J OPTUSJ MFUUPSJ QFS RVFTUP ‚GBMTP DIF MJ IB JMMVTJ EJ BWFSF VO GVUVSP TFO[B (FPSHF 8 #VTI

$IFNPOEP GBS© 4FSWJ[JFBSUJDPMJEJ .BTTJNP$BDDJBSJ  $BSMB$BTBMJOJ  -VDJBOB$BTUFMMJOB .BSDP%kFSBNP  *EB%PNJOJKBOOJ  4BOESP1PSUFMMJF"OESFB3PDDP "--l*/5&3/0

"--l */5 &3/0

'JBU %PNBOJ TDJPQFSP VOJUBSJP EJ RVBUUSP PSF EFM TFUUPSF BVUP *OUFSWJTUB BM TFHSFUBSJP 'JPN (JBOOJ 3JOBMEJOJ " 1"(*/" 

(JVTUJ[JB 3JGPSNB JM EFMJSJP EJ $BTUFMMJ m"ODIF 'BMDPOF BWSFCCF EFUUP TÁn /PWJUµ JO BSSJWP CPDDJBUJ J QN DIF PUUFOHPOP QPDIF DPOEBOOF " 1"(*/" 

'JOJ 6O QSFTJEJP EFHMJ TUVEFOUJ BMMB 4BQJFO[B *M HPWFSOP JOTPSHF .FOUSF UBDF MB TJOJTUSB

$VPSJ

&k QBDF

BOEBUB PMUSF MF NJHMJPSJ BTQFUUBUJWF QPTTJBNP DPOUJOVBSF B FTTFSF BOUJBNFSJDBOJ DPM DVPSF JO KFOB

" 1"(*/" 

5SJFTUF %JFUSP JM NVSP EFM USJDPMPSF USJPOGBMJTNP F OB[JPOBMJTNP OFM DJORVBOUFTJNP BOOJWFSTBSJP EFM SJUPSOP EFMMB DJUUµ BMMl*UBMJB

0-"!&+-,01/1 ,**)/,*&00+

3044"/" 3044"/%"

'PUP 3FVUFST

$0--055* " 1"(*/" 

KFOB!JMNBOJGFTUPJU

HPPENPSOJOH


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

. & 3 $ 0 - & % ¡



/ 0 7 & . # 3 &

FVSP   DPO MB SJWJTUB FVSP   DPO JM EWE m6ODPWFSFE -B WFSJUµ TVMMl*SBRn    FVSP JO QJÎ

   

+PIO ,FSSZ USB J TVPJ TPTUFOJUPSJ BQ

(PPE NPSOJOH "NFSJDB

$PO VOB WBMBOHB EJ WPUJ HMJ BNFSJDBOJ DBDDJBOP #VTI EBMMB $BTB CJBODB 7FOUJ NJMJPOJ EJ FMFUUPSJ JO QJÁ SJTQFUUP BM  QPSUBOP ,FSSZ BMMB QSFTJEFO[B /FMMB OPUUF HMJ FYJU QPMM EFDSFUBOP MB TDPOGJUUB EFMMkVPNP EFMMB HVFSSB QSFWFOUJWB  WPUJ FMFUUPSBMJ B ,FSSZ TPMP  B #VTI

-kBMUSP QBFTF 30#&350 ;"/*/*

-k

"1"(*/"

*/5&37*45" -k lPTTFSWBUPSFmJUBMJBOP MJUFBJTFHHJJO0IJP "1"(*/"

"--& 1"(*/&    & 

."'*"

'*4$0

16##-*$*5"l

5BMQF BMMB %EB $VGGBSP B HJVEJ[JP

.BODBOP J TPMEJ QFS UBHMJBSF Mk*SBQ

4JSDIJB PGGSF MBUUF DPO TDPOUP

*M QSFTJEFOUF EFMMB SFHJPOF 4JDJMJB SJOWJBUP B HJVEJ[JP QFS SBQQPSUJ DPO J DMBO OFMMlJODIJFTUB TVMMF UBMQF BMMB EJSF[JPOF EJTUSFUUVBMF BOUJNBGJB " 1"(*/" 

"M WFSUJDF QFS ‚DIJVEFSF TVMMF BMJRVPUF EFMMB SJGPSNB GJTDBMF 4JOJTDBMDP HFMB 'JOJ F $BMEFSPMJ OPO TJ QVÇ UBHMJBSF Ml*SBQ BMMF JNQSFTF & MlBDDPSEP TMJUUB " 1"(*/" 

4QPU EJ 4JSDIJB F EFJ NPOPQPMJTUJ EFM MBUUF JO QPMWFSF QSF[[J HJÎ EFM  -F EJSFUUJWF EFMMl0NT F BODIF RVFMMF EJ 7FSPOFTJ JHOPSBUF QFS BOOJ " 1"(*/" 

&4507&45

%PQP #FTMBO MB 3VTTJB JO CJMJDP 1SFESBH .BUWFKFWJD

%PWl½ EJSFUUB MB 3VTTJB EJ PHHJ -lJOUFSSPHBUJWP FSB FNFSTP BODIF QSJNB EFMMB USBHFEJB JO *OHVTDF[JB 0SB UVUUJ J OPEJ WFOHPOP BM QFUUJOF 1FTB MlFSFEJUµ EFMMl6STT NB TJBNP B  BOOJ EJ EFNPDSB[JB QPTUQFSFTUSPKLB F EJ EFWBTUBOUJ QSJWBUJ[[B[JPOJ DBQJUBMJTUJDIF -F SBHJPOJ EFMMB TJDVSF[[B TJ DPOUSBQQPOHPOP B RVFMMF EFMMB EFNPDSB[JB F RVBTJ UVUUJ J EJTTJEFOUJ IBOOP QFSTP MB QBSPMB ‚*O 3VTTJB MB EFNPDSB[JB ½ TUBUB NFTTB WJWB JO VOB CBSB EJDF 4FSHFK ,PWBMJFW QSFTJEFOUF EJ .FNPSJBM

'JMB

*

13*.0 1*"/0 *MQFOEPMP'MPSJEB  MBTPSQSFTB)BXBJJ "--&1"(*/&&

"/"-*4* -kBUUFTBEJ#FSMVTDPOJ EB 1VUJO QFOTBOEP B #VTI "1"(*/"

$BNQBHOB"CCPOBNFOUJ

M SJUP EFMMB EFNPDSB[JB ½ TFNQSF FNP[JPOBOUF VOP TJ DPNNVPWF OFM WFEFSF DFOUPWFOUJDJORVF

NJMJPOJ EJ BNFSJDBOJ DIF JO QJFOB MJCFSUµ GBOOP SFHP MBSNFOUF MB GJMB QFS TDFHMJFSF JM OPTUSP EFTUJOP

KFOB

4UBWPMUB BOEJBNP EFOUSP "CCPOBUFWJBMNBOJGFTUP "JVUFSFUFBQPSUBSFJEJSJUUJVNBOJ OFMMFDBSDFSJJSBDIFOF

XXXJMNBOJGFTUPJU " 1"(*/" 

HPPENPSOJOH

3&1035"(& .BOIBUUBOGBMBGJMB  VOQFSNFTTPQFSWPUBSF

KFOB!JMNBOJGFTUPJU

0-"!&+-,01/1 ,**)/,*&00+

FWFOUP ½ DIF HMJ BNFSJDBOJ WPUBOP F CBTUFSFCCF RVFTUP B SFOEFSF MB ESBNNBUJDJUµ EJ VO RVBESP UPS NFOUBUP DIF OFMMB OPUUF QJÎ MVOHB EFMMF FMF[JPOJ TFNCSB GBSF JM OPNF EJ +PIO ,FSSZ -lFWFOUP ½ MlBGGMVFO[B SFDPSE GPSTF WFOUJ NJMJPOJ EJ FMFUUPSJ JO QJÎ -lFWFOUP ½ DIF RVFTUJ NJMJPOJ EJ TDIFEF TPOP TUBUF TQJOUF OFMMlVSOB EB VOB NPCJMJUB[JPOF DIF OPO IB QSFDFEFOUJ F DIF CJTPHOFSµ MFHHFSF DPO BDDVSBUF[[B QSV EFO[B GBOUBTJB (PPE NPSOJOH "NFSJDB -F FMF[JPOJ HMPCBMJ DIF HMJ 4UBUJ VOJUJ IBOOP WPUBUP F JM SFTUP EFM NPOEP HVBSEBUP DPM GJBUP TPTQFTP IBOOP QSFTP VOB EJSF[JPOF FE ½ RVFM MB EFM DBNCJP BMMB $BTB CJBODB &SBOP VO SFGF SFOEVN TV (FPSHF #VTI RVFTUF QSFTJEFO[JBMJ TVMMB TVB QFSTPOB DPNF TVMMB TVB QPMJUJDB TVM EFTUJOP OPO BODPSB NBOJGFTUP EFMMB QPUFO[B VOJDB F TVM GVUVSP QSPTTJNP EFM SFTUP EFM NPOEP &  TPSQSFTB  HMJ BNFSJDBOJ TFNCSBOP WPUBSF DPNF FVSPQFJ RVBMTJBTJ JOVUJMNFOUF PTUBDPMBUJ EB VO TJTUFNB FMFUUPSBMF HSPUUFTDP  QJÎ GPSUJ EFMMF DBVTF EFMMF MFHJPOJ EJ MFHBMJ THVJO[BHMJBUJ OFJ TFHHJ EFMMB HVFSSB TQPSDB DIF J OFPDPOT IBOOP DPOEPUUP TJO EFOUSP J TFHHJ %PWFWB FTTFSF VOB WJUUPSJB MBOETMJEF B WB MBOHB QFS TPUUSBSSF JM EFTUJOP EFMMB EFNPDSB [JB BNFSJDBOB F EFMMF OPTUSF B VOB HVFSSB DJ WJMF EJ DBSUF CPMMBUF F DPSUJ TVQSFNF 4J TUB QSPGJMBOEP VO SJTVMUBUP OFUUP TBMVUBUP DPNF VOB TBMWF[[B 0SB UPDDB B +PIO ,FSSZ & WJFOF JM EJGGJDJMF -lFTJUP FMFUUPSBMF EJ RVFTUB OPUUF ½ TUBUP JO MBSHB QBSUF EFUFSNJOBUP EB VOB NBTTB EJ FMFU UPSJ DIF J TPOEBHHJ OPO IBOOP QSFWJTUP O¾ BOBMJ[[BUP F DIF OPO TPOP JM GSVUUP EFMMlBOF NJDB DBNQBHOB FMFUUPSBMF EFJ EFNPDSBUJDJ ,FSSZ BWFWB JM WBOUBHHJP EJ OPO DIJBNBSTJ #VTI VOB WPMUB QSFTJEFOUF BWSµ JM EPWFSF EJ DIJBNBSTJ ,FSSZ * WFOUJ NJMJPOJ DIF IBOOP TQPTUBUP MlBHP EFMMB CJMBODJB TPOP WPMPOUBSJ EFMMB QPMJUJDB 4P OP NFNCSJ EJ BTTPDJB[JPOJ DIJFTF OFSJ FDPMP HJTUJ BUUJWJTUJ EJ PHOJ PSEJOF F HSBEP EJWJ EFM DJOFNB DPNF TJOEBDBMJTUJ MPDBMJ )BOOP TUV EJBUP JO BOOJ EJ MPUUF DPOUSP JM 'NJ MB #BODB NPOEJBMF JM 8UP MF HSBOEJ DPSQPSBUJPO  DP NJODJBSPOP B 4FBUUMF SJDPSEBUF /FMMF MPUUF TJ TPOP ‚JTUJUV[JPOBMJ[[BUJ F RVFTUP ½ JM MPSP EJ GFUUP .B IBOOP BWVUP MB GPS[B BE FTFNQJP EJ DBQPWPMHFSF MlFTJUP EFMMlVMUJNP WFSUJDF EFM 8UP F RVFTUP ½ JM MPSP QSFHJP 1SFTFOUFSBOOP BM WJO DJUPSF VO DPOUP TBMBUP $PNF MB OVPWB $BTB CJBODB EFDJEFSµ EJ QBHBSMP ½ DJÇ DIF TFQBSB VOB DPQJB BEEPMDJUB EJ #VTI EB VOlBMUSB "NF SJDB & JO EFGJOJUJWB EB VO BMUSP QJBOFUB

45"5* 6/*5*


m0HHJ NJBCCPOP $POUSPVOB HVFSSBCVPOBP VOBQBDFDBUUJWBn "EKBUBZ #SFTDJB

RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

4 " # " 5 0

 

/ 0 7 & . # 3 &

   

FVSP  DPO "MJBT

4JMWJP #FSMVTDPOJ GPUP (FOOJ 4JOUFTJ

*P IP QBVSB

%

JWFSTBNFOUF EBM HJPWBOF FSPF EJ /JDDPMÇ "NNBOOJUJ JP IP QBVSB & NJ TQBWFOUB DIF OPO MlBCCJBNP HMJ BMUSJ DIF OPO TFNCSBOP WFEFSF MlBWWJTP EJ JODFOEJP DIF 8BMUFS #FOKBNJO TDPSHFWB OFMMB DSJ TJ EJ 8FJNBS OPO BODPSB EJTQJFHBUB .J THPNFOUB MlJOEJGGFSFO[B DPO MB RVBMF Ml* UBMJB IB EJHFSJUP JM USJPOGP EJ #VTI MB QJÎ NPEFTUB SJTTB WFSB P GJOUB OFMMB $BTB EFMMF -JCFSUµ P GSB MF TJOJTUSF MB BQQBTTJP OB EJ QJÎ EFMMF NJOBDDJPTF JOUFO[JPOJ EFM QSFTJEFOUF BNFSJDBOP F EFMMB TVB OVPWB TRVBESB (MJ FTQFSUJ DIF BWFWBOP EBUP ,FSSZ WJODFOUF GJOP B VO NFTF QSJNB TQJFHBOP DPO J WBMPSJ DBMEJ BCJMNFOUF NBOPWSBUJ EB ,BSM 3PWF DIF NJMJPOJ EJ BNFSJDBOJ TJBOP TUBWPMUB VTDJUJ EJ DBTB QFS JTDSJWFS TJ BMMF MJTUF FMFUUPSBMJ F JNQFEJSF DIF RVFM TPWWFSTJWP EJ ,FSSZ BSSJWBTTF BMMB $BTB CJBODB (MJ 6TB DJ TFNCSBOP TFNQSF VO QBTTP QJÎ BWBOUJ J MPSP QPMJUJDJ TBOOP QBSMBSF BMMF WJTDFSF QJÎ EFMMF OPTUSF UFTUF SJOTFDDIJUF EB VO FDDFTTP EJ SBHJPOF $IF DPTB TJB EJWFOUBUB RVFMMB TPDJFUµ GSB J NBUFSJBMJTTJNJ JOUFSFTTJ EFM MJCFSJTNP F RVFMMJ EFMMB HVFSSB OPO BQQBTTJPOB OFT TVOP /PO TPMP (MJ PTTFSWBUPSJ EFJ QJÎ HSBOEJ NFEJB QFSTFWFSBOP JO QSFWJTJPOJ DPOGPSUBOUJ F OPO TJ QSFOEPOP DVSB EJ TQJFHBSF QFSDI¾ DPTÁ TQFTTP MF TCBHMJOP $J BWFWBOP EFUUP DIF #VTI GBDFWB TÁ MB HVFSSB BMMl*SBR QFSBMUSP QPDP TJNQBUJDP NB DIF DPO DJÇ BWSFCCF DPTUSFUUP 4IB SPO B VO BDDPSEP DPO J QBMFTUJOFTJ 4l½ WJTUP 4FNQSF HMJ TUFTTJ SFTUBOP J TPMJ BM NPOEP DIF OPO TJ BDDPSHPOP EFMMB DSF TDFOUF QSJWBUJ[[B[JPOF EFMMB HVFSSB DIF OPO DPOUBOP RVBOUP TJB DSFTDJVUP JM UFS SPSJTNP EB RVBOEP JM 1FOUBHPOP MlIB JOJ [JBUB F OPO TFNCSBOP EBSTJ DVSB DIF MlB NJDP EJ #VTI 1VUJO TUJB BHJUBOEP VOB OVPWB F B RVBOUP QBSF UFSSJCJMF BUPNJDB "ODPSB JFSJ DJ IBOOP BTTJDVSBUP DIF JM TFDPOEP #VTI TFOUFOEPTJ PSNBJ TJDVSP TJ TBSFCCF USBTGPSNBUP EB GBMDP B DPMPN CB QFSDI¾ ½ OPUPSJP DIF TPOP MF EFTUSF B TBOBSF J DPOGMJUUJ BQFSUJ EBMMF TJOJTUSF OPO GV %F (BVMMF B GBS MB QBDF JO "MHFSJB /PO ½ TUBUP /JYPO JM GVSGBOUF B SJBQSJSF J SBQQPSUJ DPO MB $JOB /FTTVOB EJ RVFTUF BDVUF NFOUJ DJ TQJFHB QFSDI¾ 4IBSPO TJB QJÎ BHHSFTTJWP DIF NBJ QFSDI¾ TJB TUBUP MJDFO[JBUP $PMJO 1PXFMM F QSPNPTTB MlFG GFSBUB $POEPMFF[[B 3JDF GPS[B HSB[JB F DPSUFTJB QFS MlJOOBNPSBUP 'PHMJP F BMDV OF GFNNJOJTUF EFMMB EJGGFSFO[B  QFSDI¾ WFOHBOP GVPSJ JO DBSJDIF QSFTUJHJPTF BMUSJ QFSTPOBHHJ EB GJMN IPSSPS NFOUSF JM 1BS UJUP EFNPDSBUJDP TJ CBUUF JM QFUUP QFS BWFS QSPQPTUP VO DBOEJEBUP USPQQP QPDP SP[[P F BGGJEB JM QBSUJUP B DIJ QJÎ TJNJMF BJ SFQVCCMJDBOJ OPO QPUSFCCF FTTFSF 4J EJTDVUF TF #VTI OFM TFDPOEP NBOEBUP QFSGF[JPOFSµ MlPQFSB EPNFTUJDB GBDFOEP EJ PHOJ BNFSJDBOP VO QSPQSJFUBSJP F TPQQSJNFOEP RVFM QPDP DIF SFTUB EJ QSP UF[JPOF TPDJBMF P TF EBSµ MB QSFDFEFO[B BMMB HVFSSB JOGJOJUB SJVTDFOEP B USBTDJ OBSF JM SFTUP EFM NPOEP JO NPEP DIF OPO TJBOP TPMUBOUP J CPZT BNFSJDBOJ B FTTFSF BNNB[[BUJ & DIF NBHBSJ TJ QPTTBOP TQPTUBSF MF GPS[F BSNBUF DPNF HMJ TVHHF SJTDPOP J HJPWBOJ MFPOJ EFMMl"NFSJDBO &OUFSQSJTF *OTUJUVUF DPOUSP Ml*SBO *N QSFTB DIF TBSFCCF BODPSB QJÎ EFNFOUF EFMMlBUUBDDP BMMl*SBR QFSDI¾ Ml*SBO ½ JN NFOTP SJDDP F BTTBJ QJÎ EJGFTP 5VUUJ DPOUFOUJ QFSDI¾ ½ TUBUP OPNJOB UP NJOJTUSP EFHMJ FTUFSJ MP TEPHBOBUP 'J OJ HJµ QVQJMMP EJ "MNJSBOUF OFTTVOP EFM OPTUSP FTUBCMJTINFOU F VOB NJOVTDPMB QBSUF EFMMlPQJOJPOF QVCCMJDB TJ EBl QFO TJFSP EFMMlBUUBDDP DIF JM %JQBSUJNFOUP EJ TUBUP TUB NFOBOEP DPOUSP MF /B[JPOJ VOJUF OFMMB QFSTPOB EJ ,PGJ "OOBO QF SBMUSP OFBODIF MVJ TPWWFSTJWP BDDVTBO EPMP EJ BWFS TUPSOBUP J TPMEJ EFTUJOBUJ BJ QBMFTUJOFTJ /PO DIF 8BTIJOHUPO TJ QSP QPOHB EJ EFNPMJSF Ml0OV DIF SBSBNFOUF HMJ IB EBUP GBTUJEJP NB MB WVPMF QJÎ PC CFEJFOUF %FM SFTUP PTTFSWBOP J OPTUSJ GJ OJTTJNJ MBJDJ DIF DPTB TPOP MF /B[JPOJ VOJUF TF OPO VO DPBDFSWP EJ EJUUBUVSF DBOBHMJB F EJ FVSPQFJ FHPJTUJ 2VBMDPTB EJ EJGGJDJMNFOUF SFWFSTJCJMF ½ BWWFOVUP OFM MJWFMMP DVMUVSBMF F OFM TFOTP DPNVOF EFM QBFTF )B QSPEPUUP VOB TPS UB EJ BOFTUFTJB F EJ QFSEJUB EJ TFOTP EFMMF QBSPMF (MJ BDDFOUJ EFHMJ BVUPEFGJOJUJ EF NPDSBUJDJ F MJCFSBMJ TUBOOP BTTVNFOEP MB WJPMFO[B F MlJOUPMMFSBO[B EJ RVFMMJ EFJ GBTDJTUJ EJ VOB WPMUB .J SJDPSEP MlBSJB DIF UJSBWB OFM  F  F NJ GBDFWB QBVSB BODIF TF FSP VOB SBHB[[JOB $PNF PSB UVUUJ HMJ BOUJDPSQJ BM OVPWP PSEJOF DIF WFOJWB BHJUBUP FSBOP TUBUJ NFTTJ GVP SJ VTP EB VO QF[[P

4F EJTBWBO[P TFHVJUFNJ €0 JM UBHMJP EFMMF UBTTF TVCJUP P MF FMF[JPOJ BOUJDJQBUF‹ #FSMV TDPOJ TJ HJPDB UVUUP F NJOBDDJB TGSBDFMMJ "ODIF B DPTUP EJ NBOEBSF BMMkBSJB JM CJMBODJP EFMMP TUBUP F EJ SPNQFSF MB NBH HJPSBO[B €'PS[B *UBMJB ± QSPOUB BE BOEBSF BMMF VSOF EB TP

MB‹ "MMFBUJ BMMF DPSEF 'JOJ ± €EJTQPTUP B EJTDVUFSOF‹ 'PMMJOJ WBMVUB MkBQQPHHJP FTUFSOP BM HPWFSOP *OUBOUP BM NJOJTUFSP EFMMkFDPOPNJB QSFQBSBOP J UBHMJ EJ TQFTB OFDFTTBSJ JM QJÁ B "--& 1"(*/&  SJTDIJP ± JM DPOUSBUUP EFM QVCCMJDP JNQJFHP

4.&

30."

1BMB[[P $IJHJ DIJFEF J EBOOJ B 1BMB[[P $IJHJ

6O FTFSDJUP EJ QPMJ[JPUUJ .BYJNVMUB QFS 5FMFDPN QFS THPNCSBSF J TFO[BDBTB  NJMJPOJ EJ FVSP

-lBWWPDBUP EFMMP TUBUP QBSUF DJWJMF QFS MB QSFTJEFO[B EFM DPOTJHMJP OFM QSPDFTTP 4NF IB DIJFTUP DPOEBOOB F SJTBSDJNFOUP BM QSFTJEFOUF EFM DPOTJHMJP ‚4P DIF ½ " 1"(*/"  TJOHPMBSF IB SJDPOPTDJVUP MlBWWPDBUP

*M HPWFSOBUPSF EFM -B[JP 4UPSBDF PSEJOB EJ MJCFSBSF MlFY NBOJDPNJP EJ 4BOUB .BSJB EFMMB 1JFUµ & NFOUSF  BHFOUJ QSFOEPOP QPTJ[JPOF GJO EBMMlBMCB JM DPNVOF " 1"(*/"  TUSBQQB VOB QSPSPHB F TQPTUB  TGPMMBUJ

"/5*53645

%PQP PMUSF VO BOOP EJ JODIJFTUB WFSEFUUP QFTBOUF EFMMl"VUPSJUµ TVMMB DPODPSSFO[B DPOUSP JM DPMPTTP EFMMF DPNVOJDB[JPOJ EJ 5SPODIFUUJ 1SPWFSB  NJMJPOJ EJ " 1"(*/"  FVSP QFS BCVTP EJ QPTJ[JPOF EPNJOBOUF

/FMMF SFEB[JPOJ BSSJWB MB MFHHF NBS[JBMF 45"5*6/*5*

-FHHF NBS[JBMF QFSNBOFOUF %VF HJPSOJ GB JM 4FOBUP IB BQQSPWBUP VOB EFMFHB BM HPWFSOP DIF QPUSFCCF TCBUUFSF JO DBSDFSF QFS WFOUlBOOJ J HJPSOBMJTUJ JOWJBUJ EJ HVFSSB DIF SBDDPMHPOP ‚OPUJ[JF DPODFSOFOUJ MB GPS[B MB QSFQBSB[JP OF P MB EJGFTB NJMJUBSF F MF EJWVMHBOP .B B GJOJSF EFOUSP QPUSFCCFSP FTTFSF BODIF J QBDJGJTUJ DIF TPMJEBSJ[[BOP DPM OFNJDP P TJ CBUUPOP ‚QFS MB OFVUSBMJUµ F MF POH DIF ‚TPNNJOJTUSBOP BM OFNJDP QSPWWJHJPOJ /FMMF NJTTJPOJ EJ 1FBDF LFFQJOH JO *UBMJB F OFJ QBFTJ JOWBTJ TBSµ JO WJHPSF

-BTJOJTUSB EPQPMBCBUPTUB .BSDP%k&SBNP %0."/*

MP ‚TUBUP EJ HVFSSB " EFDJEFSF TV UVUUP TBSµ MB NBHJ TUSBUVSB NJMJUBSF PHHJ JO EFDMJOP NB DIF JM HPWFSOP QVO UB B SJMBODJBSF FTUFOEFOEPOF J QPUFSJ $POUSP MF SFTUSJ[JP OJ QFS J HJPSOBMJTUJ F DPOUSP MlBQQMJDB[JPOF EFMMB MFHHF NBS[JBMF QSPUFTUBOP %T 3JGPOEB[JPOF 'FEFSB[JPOF EFM MB TUBNQB 0TTFSWBUPSJP QFS MB UVUFMB EFM QFSTPOBMF DJWJMF F NJMJUBSF ‚4F MB MFHHF QBTTB p EJDPOP p WJWSFNP JO VOP TUBUP QFS NFUµ DJWJMF F QFS NFUµ NJMJUBSF -lJOWJBUP .JNNP $µOEJUP BM NBOJGFTUP ‚'FSNJBNPMJ " 1"(*/"  "##0/".&/5*

*OGJMUSB[JPOJ

*

UBHMJBUPSJ EJ UFTUF JTMBNJDJ TJ TPOP PSNBJ JOGJMUSBUJ EBQQFSUVUUP QFSGJOP OFMMlFTFSDJUP JTSBFMJBOP

$PNQBHOP EJ MPUUF 6(0 #0-0(/&4*

KFOB

KFOB!JMNBOJGFTUPJU

4F QFOTP BM NBOJGFTUP QFOTP B VOB WPDF JOEJQFOEFOUF EBMMF MPCCJFT FDPOPNJDIF F EBJ QP UFSJ QPMJUJDJ ElPHOJ QBSUF 6OB DPTB BTTBJ SBSB OFM OPTUSP QBF TF 6OB WPDF GVPSJ EBM DPSP NB BODIF VOB WPDF DIF TJ TDIJFSB F TFNQSF EBMMB QBSUF PHHJ QJVUUPTUP CBTUPOBUB EFJ MBWP SBUPSJ *OTPNNB RVFMMB DIF TJ DIJBNB TFO[B SFUPSJDB VOB WPDF MJCFSB 3JDPSEP EJ BWFSF JODPOUSBUP JM NBOJGFTUP B TDVP MB FSBOP HMJ BOOJ k RVBOEP TJ NBOJGFTUBWB DPOUSP MF NJTV SF HJµ BMMPSB TDFMMFSBUF TVMMB

TDVPMB NB BODIF DPOUSP MlB QBSUIFJE JO 4VE "GSJDB F B TP TUFHOP EFMMB QSJNB *OUJGBEB  %JWFOOF VO DPNQBHOP EJ WJBHHJP 1FS NF FSBOP UFNQJ EJ MBWPSJ QSFDBSJ OFMMF QJDDPMF JN QSFTF EPWF TJ TVCJTDF EJ UVUUP B WPMUF FSP DPTUSFUUP BM NP NFOUP EFMMlBTTVO[JPOF B GJS NBSF VOB MFUUFSB EJ EJNJTTJPOJ TFO[B EBUB FSBOP J QSJNJ BOOJ k F J QBESPOJ EPWFWBOP BODP SB SJDPSSFSF B RVFTUJ USVDDIFUUJ QFS SJDBUUBSDJ PHHJ TPOP QSP HSFEJUJ IBOOP MF BHFO[JF JOUF SJOBMJ F MB MFHHF  

0-"!&+-,01/1 ,**)/,*&00+

3044"/" 3044"/%"

4&(6& " 1"( 

0QFSBJP 'JBU .JSBGJPSJ

HPPENPSOJOH


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

. & 3 $ 0 - & % ¢



4 & 5 5 & . # 3 &

   

FVSP    DPO MB 3JWJTUB  

#BHIEBE 4JNPOB 5PSSFUUB GPUP 3FVUFST  " EFTUSB 4JNPOB 1BSJ GPUP .BSJP #PDDJB

3BQJUB MB QBDF

50.."40 %* '3"/$&4$0

&k

HPPENPSOJOH

DIJBSBUB DPODMVTB VO BOOP F NF[[P GB EB #VTI ½ BODPSB UVUUB EB DPNCBUUFSF J NBSJOFT NPSUJ TPOP BSSJWBUJ JFSJ B RVPUB NJMMF B EFDJOF EJ NJHMJBJB HMJ JSB DIFOJ VDDJTJ PHOJ HJPSOP ½ CBUUBHMJB .FOUSF MF /B[JPOJ VOJUF TPOP GVPSJ EBM QBFTF DIF CSVDJB -l*UBMJB QBFTF PDDV QBOUF UJFOF MF TVF USVQQF B QSFTJEJBSF TQFTTP DPO NBOP GFSPDF PSNBJ TPMUBO UP MB QFSJGFSJB EJ /BTTJSJZB OFMMlBSFB QF USPMJGFSB DIF JOUFSFTTB BMMl&OJ NB DPO RVBMF JOUFSFTTF QFS HMJ JSBDIFOJ ½ GBDJMF JNNBHJOBSF $IF DJ TUJBNP B GBSF TF OPO J CFSTBHMJ P J DFDDIJOJ &l WFSP JOWFDF DIF JM MBWPSP TQPSDP EFHMJ PDDVQBOUJ NJMJUBSJ IB UBMNFOUF GBUUP EFHFOFSBSF MB TJUVB[JPOF DIF PS NBJ JO *SBR ½ RVBTJ JNQPTTJCJMF FTTFSF DPOTJEFSBUJ BNJDJ P OFNJDJ EJTUJOHVFSF USB DIJ BJVUB HMJ JSBDIFOJ F DIJ MJ TGSVUUB USB VPNJOJ F EPOOF USB DIJ IB WPMVUP MB HVFSSB F DIJ GBMMFOEP  RVFTUP ½ JM QVO UP  IB DFSDBUP JO PHOJ NPEP ElJNQF EJSMB MBWPSBOEP QFS MB DSFTDJUB EJ VOB TPDJFUµ DJWJMF JSBDIFOB BOUBHPOJTUB TJB BMMF MPHJDIF JOUFHSBMJTUF TJB BMMlBUUVBMF SFHJNF EFMMB $JB EJ "MMBXJ F BHMJ JOUF SFTTJ EFJ QBFTJ PDDVQBOUJ $PTÁ PHOJ QSFTFO[B WJFOF WJTTVUB DPNF PDDBTJPOF EJ TDBNCJP WJPMFOUP 0 QFHHJP EJ QSP WPDB[JPOF DPNF QPUSFCCF FTTFSF QFS J SBQJUJ GSBODFTJ F JO RVFTUP DBTP 5VUUP QSFDJQJUB JO *SBR EJ PSB JO PSB (MJ VOJDJ B OPO BDDPSHFSTFOF TUBOOP SJOUBOBUJ OFMMF TUBO[F EFM HPWFSOP JUB MJBOP DIF TVM MFHBNF TVCBMUFSOP DPO Ml"NNJOJTUSB[JPOF #VTI IB TDPNNFT TP QBTTBUP QSFTFOUF F GVUVSP /PO Dl½ CJTPHOP PSB EJ VOB SJFEJ[JP OF EFMMlVOJUµ OB[JPOBMF O¾ DIF MlPQQP TJ[JPOF EJ TJOJTUSB DIJVEB HMJ PDDIJ TVM MlJOGBNJB DIF DJ WJFOF SBDDPOUBUB DIF MF USVQQF JUBMJBOF SFTUFSBOOP JO *SBR GJO DI¾ DF MP DIJFEFSµ JM HPWFSOP GBOUPDDJP *M SBQJNFOUP EFMMF SBHB[[F EJ VO ‚1POUF QFS DIF JO *SBR IBOOP HFTUJ UP MlVOJDB ‚QSFTFO[B EBWWFSP MFHJUUJ NB EJNPTUSB BODPSB VOB WPMUB DIF UVUUJ HMJ FTFSDJUJ PDDVQBOUJ EFWPOP BO EBSTFOF JNNFEJBUBNFOUF & DIF EFWF UPSOBSF JO DBNQP RVFMMB QPUFO[B NPO EJBMF DIF WFEF MB CBSCBSJF OFMMB OPSNB MJUµ EFMMB HVFSSB F DIF ½ DPOTBQFWPMF DIF MB MPUUB QFS MB QBDF ½ TUSFUUBNFOUF MFHBUB BM SJGJVUP EJ PHOJ EJNFOTJPOF UFS SPSJTUB 1FS EJSF TFNQMJDFNFOUF MJCFSB UFMF TVCJUP

" 1"(*/" 

"--& 1"(*/&    & 

*- 13&$&%&/5&

2VFM NJTTJMF TFJ HJPSOJ GB 6O TJCJMP VOP TDIJBOUP F UVUUP WB JO QF[[J 6O SB[[P FTQMPEF OFM DPSUJMF EFMMB ‚DBTB EFHMJ JUBMJBOJ B #BHIEBE -B TUSBHF ½ TPMP TGJPSBUB NB DPO J QPNQJFSJ F J TPMEBUJ BSSJWBOP BODIF BMDVOJ TDPOPTDJVUJ " 1"(*/" 

-l"35*$0-0

2VFMMk&VGSBUF DPMPS EFM TBOHVF ‚(MJ BMCFSJ RVJ JO *SBR QFS DSFTDFSF OPO IBOOP CJTPHOP ElBDRVB NB EJ TBOHVF TDSJWFWBOP 4JNPOB 1BSJ F 4JNPOB 5PSSFUUB TVM NBOJGFTUP EFMMP TDPSTP BQSJMF &SB MB QSJNB JOTVSSF[JPOF TDJJUB " 1"(*/"  ‚OBTDFWB .PRUBEB

130$3&";*0/&

044&;*"

"-*5"-*"

1VUJO GB JM EVSP -kJNCSPHMJP EFM NJOJTUSP JO $BVDBTP 4JSDIJB F DPO Mk6F

* TJOEBDBUJ CPDDJBOP JM QJBOP $JNPMJ

*M QSFTJEFOUF SVTTP 1VUJO IB FTDMVTP PHOJ JQPUFTJ EJ EJBMP HP DPO J TFQBSBUJTUJ DFDFOJ F EFUUP ‚OP BMMlJODIJFTUB JO EJQFOEFOUF TVM NBTTBDSP EJ #FTMBO DIJFTUB EBJ QBSMB NFOUBSJ EFMMB %VNB & BJ QBFTJ DIF WPHMJPOP TQJFHB [JPOJ TVMMlPQFSBUP EFMMF GPS[F EJ TJDVSF[[B IB SJTQPTUP ‚1FSDI¾ OPO WJ JODPOUSBUF DPO CJO -BEFO F OPO MP JOWJ UBUF QFS DPMMPRVJ B #SVYFM MFT  " .PTDB  JO QJB[[B DPOUSP JM UFSSPSJTNP

$HJM $JTM 6JM F MF BMUSF PS HBOJ[[B[JPOJ EFJ EJQFO EFOUJ "MJUBMJB EJDPOP OP BM MlJQPUFTJ EJ DBDDJBSF  MBWPSBUPSJ EBMMB DPNQB HOJB EJ CBOEJFSB .B QFS PSB OPO Dl½ BMDVO TDJPQFSP JO WJTUB J TJOEBDBUJ UFNP OP EJ FTTFSF BDDVTBUJ EJ WP MFS GBSF SJDBEFSF TVJ WJBH HJBUPSJ JM EJTTFTUP EFM HSVQ QP DIF SJTDIJB JM GBMMJNFO UP *OUBOUP JM UFNQP TUSJO HF NB TJ DPOUJOVB B USBU UBSF

" 1"(*/" 

#VGFSB TVM NJOJTUSP EFMMB 4B MVUF 4JSDIJB * HFNFMMJ DIF IBOOP QFSNFTTP EJ WJWFSF BM QJDDPMP -VDB JM CBNCJOP NBMBUP EJ UBMBTTFNJB HVBSJUP HSB[JF B VO USBQJBOUP EJ DFM MVMF TUBNJOBMJ TPOP TUBUJ DPODFQJUJ BUUSBWFSTP VOlBOB MJTJ QSFJNQJBOUP EFHMJ FN CSJPOJ /VMMB EJ NBMF TF MB UFDOJDB OPO GPTTF WJFUBUB JO *UBMJB EBMMB MFHHF TVMMB QSP DSFB[JPOF WPMVUB EBMMP TUFTTP 4JSDIJB B DVJ BEFTTP MF PQ QPTJ[JPOJ DIJFEPOP EJ EJ NFUUFSTJ " 1"(*/" 

" 1"(*/" 

JOFEJDPMBGJOPBWFOFSEÁTFUUFNCSF

$IJBSBOUF -BkUSBOTJ[JPOFEFSBHMJBUBl (SB[JBOJ -VOHIJOJ DPO-VDJP.BHSJ $POUSJCVUJ QFSVODPNQSPNFTTPTFSJP 5FTJ -BTDVSFEJ4JOJTDBMDP (SFDP 1SPWFElBVUVOOPQFSMB$HJM "HPTUJOFMMJ "JSBVEP .JTUSBM 4DIFFS 4FSBGJOJ "NCJFOUFFMBWPSP QSPWFElBMUFSOBUJWB

$BTUFMMJOB ,VUUOFS /JDIPMT 1IJMMJQT 5FJYFJSB -FQSFTJEFO[JBMJJO6TB )BMFWJ "NFSJDB-BUJOB JOTVCCVHMJP 4DIVMEJOFS *TSBFMF1BMFTUJOB -BUFSSBEFTPMBUB #FMMPGJPSF 2VBMFDPOGMJUUP

DPOJMNBOJGFTUPB FVSP

XXXMBSJWJTUBEFMNBOJGFTUPJU

DPNF TF BWFTTFSP SBQJUP VOP EJ OPJ &l MB QSJNB BG GFSNB[JPOF DIF DJ WJFOF JO NFOUF .B MB DPTB ½ NPMUP QJÎ HSBWF $PO JM SBQJNFOUP EJ 4JNPOB 1BSJ F 4JNPOB 5PSSFUUB WJFOF NFTTB JO EJTDVTTJPOF MB QPTTJCJMJUµ EJ VOB NJTTJPOF VNBOJUBSJB EBWWFSP BM EJ TPQSB EFMMF QBSUJ DPNl½ TUBUB MB QSFTFO [B JO *SBR EJ ‚6O 1POUF QFS MlVOJDB 0OH DIF BCCJB NBOUFOVUP DPTUBOUF NFOUF MB TVB QSFTFO[B OFM QBFTF NBS UPSJBUP EBMMF HVFSSF F EBMMF TBO[JPOJ %PQP MF /B[JPOJ VOJUF EPQP J NFEJB JOEJQFOEFOUJ EPQP MB USBHJDB GJOF EJ #BMEPOJ F JM SBQJNFOUP EFJ HJPSOBMJTUJ GSBODFTJ JM NFTTBHHJP ½ QFS UVUUF MF PS HBOJ[[B[JPOJ VNBOJUBSJF & QFS OPJ -F MPHJDIF EFMMlPDDVQB[JPOF NJMJUBSF F EFM UFSSPSF WPHMJPOP DPMQJSF QSPQSJP OFM NF[[P DIJ TPTUJFOF JO *SBR VOB TPDJFUµ DJWJMF DIF OPO WVPMF TDFHMJFSF USB MB TPU UPNJTTJPOF BE VO RVJTMJOH OFMMF NBOJ EFMMF NVMUJOB[JPOBMJ EFM QFUSPMJP P SJ OVODJBSF BMMB MJCFSUµ TPUUP VO SFHJNF JOUFHSBMJTUB $IJ QVÇ JNQVOFNFOUF QFOTBSF EJ DPMQJSF VOB UBMF SFBMUµ TFO[B BWFSF MB WPMPOUµ EJ QSPDVSBSF VO EBOOP FTQMJDJ UP BM QPQPMP JSBDIFOP BMMP TUSFNP 'F SFOEP BODIF EJSFUUBNFOUF RVFM NPWJ NFOUP NPOEJBMF DPOUSP MB HVFSSB DIF (FPSHF 8 #VTI F MB DPBMJ[JPOF EFJ WP MFOUFSPTJ  USB DVJ Ml*UBMJB EJ #FSMVTDPOJ  IBOOP WPMVUP B UVUUJ J DPTUJ TDBUFOBSF BQSFOEP DPTÁ MF QPSUF EFMMlJOGFSOP &l EBWWFSP WFSHPHOPTP DIF PSB EB QBSUF EJ SBQQSFTFOUBOUJ EFMMF JTUJUV[JPOJ F EFM HPWFSOP JUBMJBOP MP TUFTTP DIF MB HVFSSB IB WPMVUP TJ DBOUJ MB TJSFOB EFM ‚TJBNP UVUUJ TVMMB TUFTTB CBSDB RVJOEJ CBTUB DPO PHOJ ‚DPNQSFOTJPOF QFS MB SFTJTUFO[B QFSDI¾ ‚PSNBJ OPO TJ TBMWB QJÎ OFTTVOP &QQVSF ½ DIJBSP DIF DIJVORVF TJB TUBUP B QSFTFOUBSTJ BSNB UP DPO ‚BUUFHHJBNFOUP JQFSQSPGFTTJP OBMF OFM QJFOP DFOUSP EFMMB DBQJUBMF JSBDIFOB B SBQJSF MF EVF JUBMJBOF F J EVF DPPQFSBOUJ JSBDIFOJ  EJDIJBSBOEP ‚TJB NP EFM HPWFSOP TFDPOEP VOB QSJNB SJDPTUSV[JPOF P ‚TJBNP JTMBNJDJ TF DPOEP MF BMUSF WFSTJPOJ  BCCJB WPMVUP DPMQJSF QSPQSJP MlBNCJHVJUµ SBQQSFTFO UBUB EBM SVPMP JUBMJBOP JO *SBR (VBSEBUFWJ BUUPSOP JM CBHOP EJ TBO HVF OPO ½ GJOJUP MF USVQQF PDDJEFOUBMJ TPOP BODPSB PDDVQBOUJ MB HVFSSB EJ

0-"!&+-,01/1 ,**)/,*&00+

%VF DPNF OPJ

6O DPNNBOEP BSNBUP IB SBQJUP JFSJ B #BHIEBE JO -" 0/( *M HJPSOP QJÁ OFSP QJFOP HJPSOP EVF QBDJGJTUF JUBMJBOF EJ €6O QPOUF EFM 1POUF QFS‹ 4JNPOB 5PSSFUUB F 4JNPOB 1BSJ F EVF OPUJ[JB EFM SBQJNFOUP FOUSB DPNF PQFSBUPSJ JSBDIFOJ 5PSOB MkJODVCP EFHMJ PTUBHHJ JM -B VO GVMNJOF OFMMlBQQBSUBNFOUJOP EFM QFS B 1JB[[B 7JUUPSJP OFM NPWJNFOUP DIJBNB BMMB NPCJMJUB[JPOF J MFBEFS EJ ‚1POUF RVBSUJFSF NVMUJFUOJDP EJ 3PNB $IF EJWFOUB QFS VO HJPSOP JM DVPSF QVMTBOUF HPWFSOP F PQQPTJ[JPOF PHHJ TJ JODPOUSBOP VOJU© EFM NPWJNFOUP QFS MB QBDF OB[JPOBMF DPOUSP JM UFSSPSJTNP


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

7 & / & 3 % ¡



4 & 5 5 & . # 3 &

   

FVSP  

#FTMBO 'PUP SFVUFST

/PO Dk± NBMF NJOPSF

.

B ½ WFSP DIF TJ USBUUB EJ TDFHMJF SF GSB VO *SBR OPSNBMJ[[BUP EB HMJ 4UBUJ VOJUJ F VO *SBR MJCFSBUP EBJ UBHMJBUPSJ EJ UFTUF 'SB VOB $FDFOJB OPSNBMJ[[BUB EB 1VUJO F VOB $FDF OJB EPNJOBUB EBJ TFRVFTUSBUPSJ EJ CBNCJOJ $IF QFS VOB WPMUB SFBMJTNP F NPSBMF DPO TJHMJBOP JM QSJNP DPSOP EFM EJMFNNB /PO ½ WFSP -l*SBR OPO UPSOFSµ OPSNBMF GJODI¾ EVSB MlPDDVQB[JPOF BNFSJDBOB &l RVF TUB DIF MP IB HFUUBUP EBMMB EJUUBUVSB OFM DBPT F JNQPOFOEP VO HPWFSOP 2VJTMJOH TPMMFDJUB VOB SFTJTUFO[B DIF OPO BWFOEP VO GPSP NJ OJNP EJ FMBCPSB[JPOF DPOTFOUJUB TVTDJUB BO DIF GSBOHF GPOEBNFOUBMJTUF P TFNQMJDFNFOUF DSJNJOBMJ .B OPO TPOP RVFTUF DIF UFOHPOP Ml*SBR GSB MF NBOJ FTTP ½ P TBSµ OFMMF NBOJ EFMMF HFSBSDIJF TDJJUF F TVOOJUF DIF TPOP JO HSBEP EJ GBS EFTJTUFSF BODIF "M 4BES  VOB SF QVCCMJDB JTMBNJDB CFM SJTVMUBUP EFMMlJEJP[JB EFM 1FOUBHPOP F EFJ TVPJ TPTUFOJUPSJ FVSPQFJ /¾ MB $FDFOJB ½ JO NBOP BJ TFRVFTUSBUPSJ EJ CBNCJOJ TF 1VUJO MB MBTDJBTTF TBSFCCF VOB SFQVCCMJDB JTMBNJDB EJSFUUB EB .BTILBEPW 3JQPSUJBNP MF DPTF BM MPSP MJWFMMP SFBMF DIF ½ HJµ BCCBTUBO[B DPTUFSOBOUF & WB EB T¾ DIF TJBNP QFSDI¾ HMJ TUBUJ USBUUJOP QFS MB WJUB EFJ DJUUBEJOJ DIF OPO IBOOP TBQVUP EJGFOEFSF EBMMF GSBOHF FTUSFNJTUF NB TPQSBUUVUUP SJUJSJ OP HMJ FTFSDJUJ EJ PDDVQB[JPOF DIF OPO SBQ QSFTFOUBOP JM NJOPS NBMF DPNF TJ WB DJBO DJBOEP NB MlPSJHJOF EFM EJTBTUSP -B WFSJUµ ½ DIF OFM .FEJP 0SJFOUF VOB QBSUJUB TJ TUB HJPDBOEP GSB EVF EFTUSF FTUSFNF F DPO NF[[J F DBUFHPSJF DIF DSFEFWBNP EJ BWFSF BMMF TQBMMF 2VBOEP MF /B[JPOJ VOJUF JO UFSEJDFWBOP MB HVFSSB DPNF NF[[P QFS SJTPM WFSF PHOJ DPOUFO[JPTP JOUFSOB[JPOBMF OPO TJ MJNJUBWBOP B QSFEJDBSF MB NJUF[[B NB UFNF WBOP DPO SBHJPOF DIF PHOJ OVPWB HVFSSB BO DIF JO QSFTFO[B EJ NF[[J EJTUSVUUJWJ TFNQSF QJÎ QPUFOUJ BWSFCCF TVTDJUBUP JODFOEJ DBUB TUSPGJDJ $FTTBUP MlFRVJMJCSJP EFHMJ BSNBNFOUJ DIF GVOHFWB EB EFUFSSFOUF JODPNCFWB BMMB TPMB TVQFSQPUFO[B SJNBTUB JO DBNQP EJ WJHJ MBSF TV RVFTUP QSJODJQJP QFS HBSBOUJSF VO PS EJOF NPOEJBMF OFM RVBMF EJQBOBSF QPMJUJDB NFOUF DPOGMJUUJ EJ JOUFSFTTF F SJTBSDJSF GFSJUF DIF GPSTF BODIlFTTB BWSFCCF TVCJUP (MJ 6TB EJ #VTI OF IBOOP EFSJWBUP JOWFDF DIF PSNBJ FSBOP QBESPOJ EFM NPOEP F Ml&VSPQB EFMMF TJ OJTUSF MJ DPOGFSNBWB JO RVFTUB QFSTVBTJPOF DIJBNBOEPMJ B JOUFSWFOJSF DPOUSP MB +VHPTMB WJB OFM QFTTJNP DPOUFO[JPTP FUOJDP DIF FTTB OPO TBQFWB O¾ GPSTF WPMFWB SJTPMWFSF DPO NF[[J QPMJUJDJ %B BMMPSB MB TDFOB NPOEJBMF OPO IB QJÎ O¾ PSEJOF O¾ QSJODJQJ (MJ 6TB IBOOP SJTQPTUP BE VO CSVUBMF BUUFOUBUP DPWBUP EB QPUFOUBUJ BSB CJ DIF FTTJ TUFTTJ BWFWBOP BEEFTUSBUP F VTBUP JOWBEFOEP EVF QBFTJ VOP EFJ RVBMJ OPO DlFO USBWB OJFOUF NB EFM RVBMF JM HJSP EJ #VTI EB UFNQP BNCJWB JM QFUSPMJP & QFS RVFTUP GJOF IBOOP SPUUP MF PTTB BMMF /B[JPOJ VOJUF )BO OP NFOUJUP F BUUBDDBUP *HOPSBOUJ F SB[[JTUJ QFOTBWBOP EJ DBWBSTFMB DPO QPDP NFOUSF IBOOP NFTTP JO GJBNNF JM .FEJP 0SJFOUF NPMUJQMJDBUP J GPDPMBJ EJ UFSSPSJTNP F TVTDJUB UP JO *SBR VOB SFB[JPOF EJWFSTB JODPOUSPMMB CJMJ F DPO FTUSFNJTNJ JODPOUSPMMBUJ *O WFOUlBOOJ JM NPOEP ½ BSSFUSBUP EJ USF TF DPMJ TJBNP UPSOBUJ BMMF HVFSSF EJ SFMJHJPOF #VTI TWFOUPMB JM WFTTJMMP EFMMB USJOJUµ 4IBSPO RVFMMP EJ +BIW½ HMJ JSBDIFOJ J QBMFTUJOFTJ J DF DFOJ RVFMMP EJ "MMBI 4POP MF SFMJHJPOJ EFM MJ CSP EJFUSP MF RVBMJ TJ DPQSPOP DPSQPTJ JOUFSFT TJ F GSBHJMJ JEFOUJUµ -lPDDJEFOUF JOWBEF NBT TBDSB QSJWBUJ[[B HVFSSF TPMEBUJ F NF[[J EJ NPSUF DBUUVSB F UPSUVSB JO OPNF EJ $SJTUP /FM .FEJP 0SJFOUF F JO $FDFOJB HJPWBOJ F EPOOF EJTQFSBUJ TJ GBOOP FTQMPEFSF JO OPNF EJ "MMBI QVS EJ USBTDJOBSF JM OFNJDP OFMMB NPSUF %BM DSPMMP EFMMl6STT TJBNP JO VO EJTPSEJOF NPOEJBMF NBJ JNNBHJOBUP -VDJP $PMMFUUJ FSB EB VO QF[[P QPMFNJDP DPM DPNVOJTNP RVBOEP TJ DIJFEFWB B RVBMJ NPTUSVPTJUµ QFSÇ BWSFCCF EBUP MVPHP MB DBEVUB EJ VOB TQFSBO [B EJ SJTDBUUP UFSSFOP DPNF FSBOP TUBUF MF MPUUF TPDJBMJTUF F DPNVOJTUF 4F OPO TBSFCCF SJFNFSTP JM GVSJPTP DJBSQBNF OB[JPOBMJTUB FU OJDP SFMJHJPTP B DPQSJSF BGGBSJ F HJPDIJ EJ QP UFSF OFMMB DPOGVTJPOF EFJ QPWFSJ F EFJ QFSEFO UJ $IJ BWFWB TDSJUUP OFMMB QSJNB NFUµ EFM k ‚4PDJBMJTNP P CBSCBSJF BWFWB SBHJPOF & MlB WFWBNP BODIF OPJ .BOJGFTUP RVBOEP TJBNP OBUJ TV EVF QVOUJ DBSEJOF MB DSJUJDB BM TPDJBMJ TNP SFBMF DIF BMMPSB OFTTVOP GBDFWB F JM UF OFS GFSNB RVFMMB CVTTPMB MBJDB F NBSYJTUB DIF BWFWB FMFWBUP JM MJWFMMP EFMMP TDPOUSP F MP BWF WB DJWJMJ[[BUP &SBOP F TJBNP NJOPSBO[F GJO USPQQP MVDJEF $FSUP OPO ½ DPNPEP FTTFSF TPMJ ½ QJÎ DPO GPSUFWPMF DBOUBSF OFM DPSP EPMDJGJDBOUF EFJ NFEJB F EFJ EVCCJ EFMMB HFOUF QFS CFOF 4J ½ BDDPMUJ DPO FOUVTJBTNP .B BGGJMBSF MB SBHJP OF JOWFDF DIF MF TQBEF SFTUB JM OPTUSP NFTUJF SF *M SFTUP MP MBTDJBNP B )VOHUJOUPO 'VLVKB NB F BIJN¾ $BMEFSPMJ

*M NPOEP QFSEVUP )BOOP MJCFSBUP EJFDJ BEVMUJ F TFEJDJ CBNCJOJ J QJÁ QJDDPMJ .B ± VOP TQJSBHMJP NJOJNP ± GFSNB MB USBUUBUJWB DPO J UFS SPSJTUJ DFDFOJ DIF OFMMB TDVPMB EJ #FTMBO JO 0TTF[JB UFOHP OP USFDFOUP QSJHJPOJFSJ 6O DFOUJOBJP TPOP NJOPSFOOJ "O

HPTDJB EFJ QBSFOUJ DIJFEPOP B 1VUJO EJ FWJUBSF TPMV[JPOJ EJ GPS[B *M $SFNMJOP QSFOEF UFNQP -F GPS[F TQFDJBMJ OPO FTDMVEPOP JM CMJU[ * TFRVFTUSBUPSJ SJTQPOEPOP OP B PHOJ SJ DIJFTUB 3JGJVUBOP BODIF JM DJCP QFS HMJ PTUBHHJ "--& 1"(*/&  & 

*3"2

3&16##-*$"/*

10-*5*$"

€* SFQPSUFS TUBOOP CFOF‹ 1BSJHJ MJCFSB[JPOF WJDJOB

/FX :PSL BSSJWB #VTI F MB QSPUFTUB TJ GB DSFBUJWB

-B QSPQPTUB EJ %k"MFNB QBUUP QFS WPUBSF OFM 

-lBNCBTDJBUPSF GSBODFTF B #BHIEBE IB EFUUP JFSJ EJ BWFSF MF QSPWF DIF J EVF HJPSOBMJTUJ SBQJUJ TPOP WJWJ F TUBOOP CFOF $l½ TQFSBO[B JO 'SBODJB .B B #BHIEBE USPWBUJ NPSUJ USF PTUBHHJ UVSDIJ "--& 1"(*/&  & 

*M EJTDPSTP QJÎ JNQPSUBOUF EFMMB TVB DBSSJFSB QPMJUJDB *M QSFTJEFOUF EFHMJ 6TB MlIB QSPOVODJBUP RVFTUB OPUUF BMMB DPOWFOUJPO EJ .BOIBUUBO $POUSP HMJ BSSFTUJ EJ NBTTB JM "--& 1"(*/&  F  ‚NPSEJ F GVHHJ EFJ NBOJGFTUBOUJ

*M QSFTJEFOUF EFJ %T B TPSQSFTB PGGSF VO ‚QBUUP BMMB NBHHJPSBO[B BOEJBNP BMMF FMF[JPOJ QPMJUJDIF JOTJFNF BMMF SFHJPOBMJ OFMMB QSPTTJNB QSJNBWFSB #FSMVTDPOJ " 1"(*/"  SJTQPOEF QJDDIF JQPUFTJ JOFTJTUFOUF

€* OPTUSJ B /BTTJSJZB CSVDJBWBOP MF DBTF‹ $ & / 5 & / " 3 * 0

‚*O *SBR J OPTUSJ DPNNJMJUPOJ TJ EJWFSUJWBOP B DJSDP TDSJWFSF MF BCJUB[JPOJ EJ BMDVOJ TPTQFUUJ DPO MB CFO [JOB BDDFOEFWBOP F QPJ HVBSEBWBOP JM GVPDP BWWPM HFSF MB DBTB EJ RVFJ QPWFSJ DSJTUJ NFOUSF VSMBWBOP 1PJ TQFHOFWBOP F BSSFTUBWBOP RVFTUB HFOUF .B OFMMB NBHHJPS QBSUF EFJ DBTJ RVFTUJ VMUJNJ SJTVMUBWB OP EFM UVUUP JOOPDFOUJ -B TDPOWPMHFOUF UFTUJNP OJBO[B SBDDPMUB EBM NBOJGFTUP QSPWJFOF EB VO CFS TBHMJFSF EFMMB CSJHBUB (BSJCBMEJ BQQFOB UPSOBUP EBM

*NJOBUPSJ EJ#VHHFSSV 4VMDJTJMTFUUFNCSF MkFTFSDJUPTQBSBTVMMBNBOJGFTUB[JPOF 6OBTUSBHF &JMQSJNPTDJPQFSPHFOFSBMF "1"(*/"

.0453" %* 7&/&;*"

€.BODIVSJBO $BOEJEBUF‹ PWWFSP (FPSHF 8 #VTI 3PCFSUP 4JMWFTUSJ

Ml*SBR DIF SBDDPOUB EJ TFWJ[JF F EJ GVSUJ DPNQJVUJ EBMMF USVQQF JUBMJBOF JO NJTTJPOF OFM QBFTF NFEJP SJFOUBMF ‚/PO BCCJBNP QSFTFOUBUP EFOVODJB GPS NBMF OF BCCJBNP TFNQMJDFNFOUF QBSMBUP DPO J OP TUSJ TVQFSJPSJ SBDDPOUB JM NJMJUBSF DIF WVPMF NBO UFOFSF MlBOPOJNBUP ‚4F NBJ OF QBSMBTTJ BQFSUB NFOUF MB NJB DBSSJFSB GJOJSFCCF BMMlJTUBOUF 1FS RVFTUP BHHJVOHF ‚QSFGFSJTDP DBNCJBSF MF DPTF EBM EJ EFOUSP F TFO[B HSBOEF DMBNPSF " 1"(*/" 

$

PO UVUUJ J QSPCMFNJ DIF BCCJBNP BEFTTP DJ UPDDB QVSF NFUUFSDJ MÁ B SFJOWFOUBSF JM DPNVOJTNP KFOB

"SSJWB TVHMJ TDIFSNJ EFM -JEP JM UISJMMFS GBOUBQPMJUJDP EJ +POBUIBO %FNNF SJTQPTUB BMMB $POWFOUJPO SFQVCCMJDBOB F BMMP ‚TUBUP NBHHJPSF QJÎ QFSJDPMPTP EFM EPQPHVFSSB *M SFHJTUB BNFSJDBOP IB SFBMJ[[BUP JM SFNBLF EFM GJMN EJ +PIO 'SBOLFOIFJNFS QFOTBOEP BMMB OVPWB ‚HVFSSB GSFEEB EJ $IFOFZ *O HJPDP OPO Dl½ TPMP MB QSFTJEFO[B NB JM GVUVSP EFMMlVNBOJUµ 4UBS %FO[FM 8BTIJOHUPO BMMF QSFTF DPO VO DBOEJEBUP ‚UFMFHVJEBUP EB HSVQQJ EJ QPUFSF " 1"(*/" 

0-"!&+-,01/1 ,**)/,*&00+

3044"/" 3044"/%"

KFOB!JMNBOJGFTUPJU

HPPENPSOJOH


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

4 " # " 5 0

 

" ( 0 4 5 0

   

FVSP  DPO "MJBT

&O[P #BMEPOJ

7JB TVCJUP

-k

FGGFSBUP BTTBTTJOJP EJ &O [P #BMEPOJ VO QBDJGJTUB DIF FSB JO *SBR QFS EF OVODJBSF MlPDDVQB[JPOF EJ RVFM QBFTF EJNPTUSB VOB DPTB TPMB DIF UVUUJ HMJ FTFSDJUJ PDDVQBO UJ EFWPOP BOEBSTFOF JNNFEJBUB NFOUF "MUSB WJB QFS TPUUSBSSF BMMF BSNJ MB MPSP BUUVBMF FHFNPOJB F SF TUJUVJSF MB QBSPMB BMMB QPMJUJDB OPO Dl½ "J QBDJGJTUJ JUBMJBOJ RVFTUB NPS UF BTTVSEB DIJFEF DPNF GPTTF VO FTUSFNP NFTTBHHJP RVBTJ VO UF TUBNFOUP EJ SJQSFOEFSF TVCJUP MB NPCJMJUB[JPOF DPOUSP MB HVFSSB &l MP TUFTTP JNQFHOP DIF JNQPOF JM NBTTBDSP EJ EFDJOF EJ QFSTPOF QFSMPQJÎ JOFSNJ B PQFSB EFM HPWFS OP "MMBXJ DPOUFNQPSBOFP BMMlVD DJTJPOF EJ #BMEPOJ /FMMF HVFSSF QSPMVOHBUF CJTPHOB TFNQSF HVBS EBSTJ EBM SJTDIJP EFMMlBCJUVEJOF 6O SBQJNFOUP BM HJPSOP VOB TUSBHF RVPUJEJBOB F TJ GJOJTDF QFS DPOTJ EFSBSF OPSNBMF RVFM DIF EJ OPS NBMF OPO IB OVMMB %B USPQQP UFN QP JM NPWJNFOUP QBDJGJTUB OPJ JO DMVTJ EJTFSUB MF QJB[[F FWJUB EJ GBS TFOUJSF GPSUF F DIJBSB MB TVB WPDF *M NJOJTUSP EFHMJ FTUFSJ 'SBODP 'SBUUJOJ IB SJQFUVUP JFSJ DIF Ml*UBMJB DPOUJOVFSµ B PDDVQBSF Ml*SBR GJOP B DIF HMJFMP DIJFEFSBOOP MB DPNVOJ Uµ JOUFSOB[JPOBMF F JM HPWFSOP JSB DIFOP /PO CBTUB SJTQPOEFSHMJ DP NF GBOOP QFSTJOP J %T DIF HMJ 6TB OPO SBQQSFTFOUBOP BGGBUUP MB DP NVOJUµ JOUFSOB[JPOBMF F DIF Ml*UB MJB SFTUB MlVOJDP QBFTF OFMMl&VSPQB DPOUJOFOUBMF DPNQMJDF EFMMlBWWFO UVSB EFDJTB EB (FPSHF #VTI 0D DPSSF BODIF TFHOBMBSF VOB WPMUB QFS UVUUF DIF TPTUFOFSF VO HPWFS OP GBOUPDDJP DPNF RVFMMP EJ #B HIEBE OPO MFHJUUJNBUP EB BMDVO QSPOVODJBNFOUP QPQPMBSF QSPOUP BE BQSJSF JM GVPDP GBMDJBOEP VO DFOUJOBJP EJ TDJJUJ JO NBSDJB WFSTP /BKBG ½ EJ QFS T¾ VO DSJNJOF %PQP MlPNJDJEJP EJ #BMEPOJ F EPQP MB TUSBHF EJ /BKBG JM QSJNP QBSUJUP EFMMB TJOJTUSB JUBMJBOB DIJF EF ‚VOB QBVTB "WWFSUF DIF ‚TFO [B VOB SBQJEB JOJ[JBUJWB EFMMB 6F OPO SFTUFSµ DIF JM SJUJSP EFMMF USVQ QF -lFSSPSF ½ USPQQP DMBNPSPTP QFS OPO BVUPSJ[[BSF JM TPTQFUUP EJ NBMBGFEF -B MFBEFSTIJQ EJFTTJOB TFNCSB TPTUFOFSF DPO DPOWJO[JPOF TFNQSF NJOPSF MB SJDIJFTUB EJ SJUJ SP JNNFEJBUP EFMMF USVQQF 1VS BWFOEPMB TPUUPTDSJUUB BQQFOB QP DIJ NFTJ GB JO VOB TPMFOOF NP[JP OF QBSMBNFOUBSF /PO EJ VOB QBVTB Dl½ CJTPHOP NB EJ VOlBDDFMFSB[JPOF EJ VOB TQJOUB QFS PUUFOFSF TVCJUP MB GJOF EFMMB HVFSSB *M HPWFSOP P BMNFOP MF GPS[F EJ PQQPTJ[JPOF EPWSFCCF SP EFDJEFSTJ B SJDPOPTDFSF DIF OPO Dl½ OFTTVO HPWFSOP BM RVBMF EFMF HBSF MB HFTUJPOF EFM QPUFSF JO *SBR F OPO QPUSµ FTTFSDJ GJOP B DIF MF USVQQF ElPDDVQB[JPOF OPO UPSOF SBOOP B DBTB &l QVSB JQPDSJTJB GJO HFSF EJ QSFOEFSF TVM TFSJP JM HPWFS OP JO DBSJDB JOTFEJBUP EBHMJ BNF SJDBOJ JODBQBDF BODIF TPMP EJ BG GSPOUBSF VOB DSJTJ DPNF RVFMMB EJ /BKBG 3JTPMUB TFO[B DIF #BHIEBE BWFTTF BMDVOB WPDF JO DBQJUPMP " NBHHJPS SBHJPOF OPO DJ TBSµ F OPO QPUSFCCF FTTFSDJ BMDVO JOUFS WFOUP VUJMF EFMMB 6F EFMMF /B[JPOJ VOJUF O¾ EJ RVBMVORVF BMUSB JTUJUV [JPOF JOUFSOB[JPOBMF GJOP B DIF MlF TFSDJUP BNFSJDBOP F RVFMMP JUBMJB OP SFTUFSBOOP JO UFSSB JSBDIFOB B WBOJGJDBSF DPO MB MPSP TPMB QSFTFO [B PHOJ UFOUBUJWP EJ SJEBSF WPDF BM MB QPMJUJDB F GBS UBDFSF MF BSNJ 2VFTUP DJ EJDPOP DPO MB MPSP TJ HOJGJDBUJWB DPOUFNQPSBOFJUµ F MB MPSP JEFOUJDB GFSPDJB MB TUSBHF EJ /BKBG F MlVDDJTJPOF EJ &O[P #BMEP OJ 3JWFMBOP DIF JO *SBR OFHMJ VMUJ NJ NFTJ OPO TJ ½ BQFSUP BMDVOP TQJSBHMJP OPO TJ ½ BWWJBUB OFTTVOB QPTTJCJMF TPMV[JPOF 5VUUP ½ JOWFDF EJWFOUBUP BODPSB QJÎ CBSCBSP F QJÎ USBHJDP &l DPNQSFOTJCJMF DIF GJOHB EJ OPO BDDPSHFSTFOF VO HP WFSOP DIF TVMMlBMMFBO[B DPO MlBN NJOJTUSB[JPOF #VTI IB TDPNNFT TP UVUUP /PO MP ½ BGGBUUP DIF DIJV EB HMJ PDDIJ BODIF RVFMMP DIF EP WSFCCF FTTFSF JM QSJODJQBMF QBSUJUP EFMMlPQQPTJ[JPOF

HPPENPSOJOH

5FTUJNPOF ElBDDVTB -B USBUUBUJWB DkFSB J TFSWJ[J TPOP TUBUJ TPSQSFTJ MF USVQQF JUB MJBOF SFTUFSBOOP JO *SBR 'SBUUJOJ EJGFOEF MkPQFSBUP EFM HP WFSOP F MB €MJOFB EFMMB GFSNF[[B‹ DIF ± DPTUBUB MB WJUB B &O [P #BMEPOJ UFOUB BODIF J %T DIF GSFOBOP TVM SJUJSP .FOUSF

"MMBXJ UFMFGPOB B #FSMVTDPOJ €TJFUF JOEJTQFOTBCJMJ‹ F #FSMV TDPOJ BJ GJHMJ EJ #BMEPOJ €TJFUF BNNJSFWPMJ‹  *OUBOUP TJ TWVP UB JM NBVTPMFP DPOUFTP EJ /BKBG F #VTI BNNFUUF €RVBMDIF "--& 1"(*/&    &  FSSPSF‹ OFMMB HFTUJPOF EFMMB HVFSSB

.&&5*/( %* $-

3644*"

0-*.1*"%*

$POUSBUUJ QBUSJNPOJBMF &QJGBOJ TQJB[[B UVUUJ

5VQPMFW .PTDB BNNFUUF ± TUBUP VO BUUFOUBUP

%SFBN UFBN CBUUVUP CBTLFU BNBSP QFS HMJ 6TB

*M TFHSFUBSJP EFMMB $HJM FTPSEJTDF B 3JNJOJ JO OPNF EFM ‚EJBMPHP NB EFMVEF J EFTJEFSJ EJ .POUF[FNPMP EJ 1F[[PUUB F JM TVP GBWPSF QFS VOB ‚OVPWB DFOUSBMJUµ QVCCMJDB NFUUF JO EJGGJDPMUµ BODIF #FSTBOJ " 1"(*/" 

5SPWBUF USBDDF EJ FTQMPTJWP TV BMNFOP VOP EFJ EVF BFSFJ QSFDJQJUBUJ JO 3VTTJB J TFSWJ[J TFHSFUJ EJ 1VUJO PSB QBSMBOP EJ BUUBDDP UFSSPSJTUB & BSSJWB BODIF MB SJWFOEJDB[JPOF EJ VO HSVQQP JTMBNJDP " 1"(*/" 

/JFOUF EB GBSF DPOUSP Ml"SHFOUJOB HMJ JOWFOUPSJ EFMMB QBMMBDBOFTUSP GBOOP OBVGSBHJP 4BMUFSBOOP GBUUP TUPSJDP MB GJOBMF *OUBOUP TJ TDPQSPOP BMUSJ EPQBUJ RVFMMJ EJ "UFOF TPOP J HJPDIJ QJÎ QPTJUJWJ EFMMB TUPSJB "--& 1"(*/&  & 

-JCJB JNNJHSBUJ EJSPUUBOP BFSFP 3JWPMUB TVMMlBFSFP EJ EJTQFSBUJ 6O HSVQQP EJ JNNJHSBUJ FSJ USFJ GFSNBUJ FE FTQVMTJ EBMMB -JCJB IB EJSPUUBUP JFSJ MlBFSFP NJMJUBSF DIF MJ TUBWB SJQPSUBOEP JO QBUSJB 6OB WPMUB EFDPMMB UJ EBMMlBFSPQPSUP EJ 5SJQPMJ RVBUUSP EJ MPSP TPOP FOUSBUJ OFMMB DBCJOB EJ QJMPUBHHJP NJOBDDJBOEP EJ GBSTJ FTQMPEFSF TF MlBF SFP OPO BWFTTF GBUUP SPUUB WFSTP JM 4VEBO 6OB WPMUB B ,IBS UPVN  EPWF BWFWB DIJFTUP EJ FTTFSF BDDPMUJ EB QFSTPOB EFM Ml0OV F EFMMl"MUP DPNNJTTBSJBUP QFS SJGVHJBUJ 6OIDS J RVBUUSP EJ TJ TPOP BSSFTJ BM UFSNJOF EJ VOB MVOHB USBUUBUJWB

&l MB QSJNB WPMUB DIF VO BFSFP EFTUJOBUP BM SJNQBUSJP EFHMJ JNNJHSBUJ WJFOF EJSPUUBUP *M WPMP EJ JFSJ SJFOUSB OFHMJ BDDPS EJ SBHHJVOUJ USB *UBMJB F -JCJB QFS GFSNBSF HMJ TCBSDIJ EJ EJ TQFSBUJ MVOHP MF OPTUSF DPTUF "DDPSEJ NFTTJ B QVOUJ OFM DPS TP EFMMlBOOP EBM NJOJTUSP EFMMl*OUFSOP (JVTFQQF 1JTBOV F TJ HJMMBUJ DPO MB WJTJUB DIF NFSDPMFEÁ TDPSTP JM QSFNJFS 4JMWJP #FSMVTDPOJ IB GBUUP BM MFBEFS MJCJDP .VIBNNBS (IFEEBGJ 0MUSF BHMJ FSJUSFJ JFSJ MB -JCJB IB SJTQFEJUP B DBTB BODIF  FHJ[JBOJ DIF UFOUBWBOP EJ SBHHJVOHFSF Ml*UBMJB " 1"(*/" 

.FTTJDP .BSDPT ± UPSOBUP & TUBWPMUB QBSMB B QVOUBUF %PQP VO MVOHP TJMFO[JP JM TVCDP NBOEBOUF [BQBUJTUB .BSDPT ½ UPS OBUP B QBSMBSF %VGGVTP B QVOUBUF BM SJUNP EJ VOB BM HJPSOP JM MVOHP DPNVOJDBUP EFM 4VQ TJ TPGGFSNB B MVOHP DPO MlBCJUVBMF BCJMJUµ F JSP OJB TVM EFUFSJPSBNFOUP EFMMB TJ UVB[JPOF QPMJUJDB NFTTJDBOB TVM MlPGGFOTJWB EJ VOB EFTUSB EJ HPWFS OP MB DVJ BHHSFTTJWJUµ ½ QBSJ TPMP BMMlJOFUUJUVEJOF TVMMB TWFOEJUB EFM MF SJTPSTF OB[JPOBMJ TVMMB DPSSV [JPOF EJ VOB TJOJTUSB  JM 1SE  DIF OPO SBQQSFTFOUB QJÎ MB TQFSBO[B EJ BMUFSOBUJWB 3JGFSFOEPTJ BM 1BO EFM QSFTJEFOUF 'PY BM ‚EJOPTBVSP 1SJ F BM 1SE EJ DFOUSPTJOJTUSB EJDF DIF ‚TFO[B WPMFSMP J USF QSJODJQBMJ QBSUJUJ NFTTJDBOJ TJ EJTQVUBOP JM

QSPUBHPOJTNP OFMMP TDBOEBMP DPO MP TUFTTP BDDBOJNFOUP DPO DVJ QSJ NB TJ EJTQVUBWBOP J WPUJ 1BSMBOEP EFM HPWFSOP EJ 'PY .BSDPT OF CPMMB UVUUF MF NBHBHOF EPQQJB NPSBMF TFUUBSJTNP GJMPTP GJB EB UFMFOPWFMB JOUPMMFSBO[B SB[[JTNP JQPDSJTJB ‚JOTPNNB JM NFEJFWP NB DPO MlJOUFSOFU F MB UW BE BMUB EFGJOJ[JPOF .BSDPT GB BODIF VO QPl EJ BVUP DSJUJDB OPO NPMUB B HJVEJ[JP EFMMB TDSJUUSJDF &MFOB 1POJBUPXTLB ‚[B QBUJTUB GJOP BM NJEPMMP F QBSMB EJ ‚BMDVOJ FSSPSJ EFMMF +VOUBT EF #VFO (PCJFSOP OFJ DJORVF $BSBDP MFT %PWVUJ JO QBSUF BMMlJOFTQFSJFO [B *O BUUFTB EFMMF QSPTTJNF QVOUBUF 1"(*/" 

7FOUJ

)

P MFUUP JFSJ DIF %l"MFNB ½ TUBUP GFSNB UP EBM WFOUP DPOUSBSJP NB OPO TPOP

SJVTDJUP B DBQJSF TF FSB VOB OPUJ[JB P VOB NFUBGPSB

*-."/*'&450 45"5*6/*5*

-kPNCSBEFNPDSBUJDB EFJSFQVCCMJDBOJ -lJMMVTPSJBEJWJTJPOFQPMJUJDB EFJDBOEJEBUJBMMBQSFTJEFO[B "1"(*/"

*/5&37*45"

-kFSFTJB DJTBMWFS©

1BSMBMPTDSJUUPSFTJSJBOP "NNBS"CEVMIBNJE BVUPSFEJ m.FOTUSVBUJPOn "1"(*/"

-VJHJ1JOUPS 6ODPNVOJTUB RVPUJEJBOP

KFOB

KFOB!JMNBOJGFTUPJU

*OMJCSFSJBDPONBOJGFTUPMJCSJm1VOUPFBDBQP 4DSJUUJTVMNBOJGFTUPnEJ-VJHJ1JOUPS 1FSMBWFOEJUBEJSFUUBDPOUBUUBSFMP EBMMVOFEÁBMWFOFSEÁEBMMFBMMF

0-"!&+-,01/1 ,**)/,*&00+

"/%3&" $0-0.#0


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

-kBMUSB QBSUJUB

% 0 . & / * $ "

 

. " ( ( * 0

   

FVSP   DPO -F .POEF %JQMPNBUJRVF  DPO JM MJCSP EJ 1JOUPS  FVSP JO QJÎ

;VSJHP /FMTPO .BOEFMB TUSJOHF MB DPQQB EFM NPOEP 'PUP BQ

(*".1"0-0 $"-$)* /07"5*

$

6#*( E 

€0HHJ NJ TFOUP DPNF VO SBHB[[JOP‹ /FMTPO .BOEFMB  BOOJ USBUUJFOF MF MBDSJNF F BDDFOOB B VO QBTTP EJ EBO[B SJDFWFOEP MkVMUJNP SJDPOPTDJNFOUP MB $PQQB EFM NPOEP EJ DBMDJP * NPOEJBMJ EFM  TJ HJPDIFSBOOP JO 4VEBGSJDB

2VJOEJDJ NJOVUJ EJ BQQMBVTJ TPUUPMJOFBOP MB EFDJTJPOF EFMMB 'JGB %PQP HMJ BOOJ EFMMkBQBSUIFJE F EFM CPJDPUUBHHJP ± VOB QBHJOB EJ TUPSJB DIF TJ DPNQJF *M QBMMPOF WB JO "GSJDB TVM " 1"(*/"  DPOUJOFOUF EJNFOUJDBUP TJ BDDFOEPOP J SJGMFUUPSJ

"'()"/*45"/

4$60-"

$"//&4

/FMMB UFSSB EFMMkPQQJP USB MF PNCSF EFJ UBMFCBOJ

*O NJHMJBJB B 3PNB DPOUSP MF MFHHJ .PSBUUJ

#PUUF EJ QPMJ[JB BM GFTUJWBM .PPSF DPO J QSFDBSJ

5SB J 1BTIUVO OFM QSPGPOEP "GHIBOJTUBO MB DPMUJWB[JPOF EFMMlPQQJP UPSOB MB QSJODJQBMF GPOUF EJ SFEEJUP EFHMJ BCJUBOUJ & EPWF &NFSHFODZ IB DPTUSVJUP VO PTQFEBMF " 1"(*/"  3FQPSUBHF EJ 7BMFOUJOP 1BSMBUP

&SB SBQQSFTFOUBUP UVUUP JM NPOEP EFMMB TDVPMB JFSJ OFMMF TUSBEF EFMMB DBQJUBMF *O DPSUFP BODIF FTQPOFOUJ EFMMB TJOJTUSB %BMMB QJB[[B VOB SJDIJFTUB BJ TJOEBDBUJ " 1"(*/"  ‚& PSB TDJPQFSP HFOFSBMF

-POUBOP EBMMF UW MB QPMJ[JB DBSJDB HMJ JOUFSNJUUFOUJ DIF QSPUFTUBOP QBDJGJDBNFOUF *M SFHJTUB BNFSJDBOP QPSUB MB TVB TPMJEBSJFUµ BJ MBWPSBUPSJ JO TDJPQFSP " 1"(*/"  & /BOOJ .PSFUUJ QFSEF MlBFSFP

#VTI €3FTUFSFNP JO *SBR‹ ‚-l"NFSJDB NBOUFSSµ JM TVP JNQFHOP JO *SBR WBMF B EJ SF SFTUFSµ OFM QBFTF BODIF EPQP JM  HJVHOP IB EFUUP JFSJ JM QSFTJEFOUF (FPSHF 8 #VTI OFM TVP EJTDPSTP SB EJPGPOJDP EFM TBCBUP 4NFOUJUP $PMJO 1PXFMM DIF BWFWB EFUUP DIF HMJ 6TB OPO TBSFCCFSP SJNBTUJ JO *SBR TF OPO EFTJEFSBUJ 4PMP BQQBSFOUFNFOUF &OUSBNCJ TPOP DPO WJOUJ DIF WFSSµ MPSP DIJFTUP EJ SFTUBSF -lFGGFUUP *SBR TJ GB QFSÇ TFOUJSF JO DBTB EPWF QFS MB QSJNB WPMUB MP TGJEBOUF EFNPDSBUJDP +PIO ,FSSZ TPSQBTTB #VTI *O VO TPOEBH HJP EFMMB $OO F 5JNF JM  QFS DFOUP EFHMJ JOUFSQFMMBUJ TJ

*-."/*'&450 16/50&"$"10

½ FTQSFTTP QFS ,FSSZ JM  QFS DFOUP QFS #VTI "ODPSB FTUSFNBNFOUF UFTB MB TJUVB[JPOF B /BTTJSJZB EPWF MB TF EF EFMMB $QB ½ TUBUB OVPWBNFOUF BUUBDDBUB JFSJ EB DPMQJ EJ NPSUBJP %VSBOUF J DPNCBUUJNFOUJ JO DPSTP USB MF GPS [F EFM MFBEFS SBEJDBMF TDJJUB .VRUBEB BM 4BES F MF USVQQF JUBMJBOF VO DBSBCJOJFSF ½ SJNBTUP MFHHFSNFOUF GFSJUP (MJ TDPOUSJ DPOUJOVBOP BODIF B /BKBG ,FSCBMB F "NBSBI OFM TVE TPUUP JM DPOUSPMMP CSJUBOOJDP 6OB RVBSBOUJOB MF WJUUJNF JSBDIFOF DJORVF J TPMEBUJ 6TB SJNBTUJ VDDJTJ "--& 1"(*/&  &  $0/ 6/ "35*$0-0 %* -6*4 4&1¯-7&%"

(JPSOJ

4

FJ NPSUP EJ TBCBUP NB RVFTUlBOOP TBSFTUJ NPSUP EJ MVOFEÁ QFSDI¾ ½ CJTFTUJMF TF JOWFDF GPTTF TUBUP VO

BOOP SFHPMBSF TBSFTUJ NPSUP EJ EPNFOJDB 5BOUP IBJ GBU UP DIF DJ IBJ EPWVUP SPWJOBSF USF HJPSOJ

$BSP-VJHJ VOBOOPEPQP -BSBHJPOFTDSJUUBJONJOVTDPMP %BMBM HMJVMUJNJFEJUPSJBMJ EJ-VJHJ1JOUPSTVMNBOJGFTUP 4"/50."44*.0BQBHJOB

$0/5303%*/&

1FS#FSMVTDPOJ NJTTJPOFJNQPTTJCJMF 4JMWJPWVPMFTDBQQBSFEBMMBHVFSSB 1PSUBUFCJSSBFQPQDPSO TBS©VOP TQFUUBDPMP 30#&$$)* BQBHJOB

-VJHJ1JOUPS 6ODPNVOJTUB RVPUJEJBOP

KFOB

%BMNBHHJPBFVSP JOFEJDPMBDPOJMNBOJGFTUP FJOMJCSFSJBDPONBOJGFTUPMJCSJm1VOUPFBDBQP 4DSJUUJTVMNBOJGFTUPnEJ-VJHJ1JOUPS

0-"!&+-,01/1 ,**)/,*&00+

IJTTµ DPTB OF BWSFCCF QFO TBUP ,SVHFS & 7FSXPFSE P JM #PUIB EFUUP 1 8 MB QSJ NB F MlVMUJNB WFTUBMF EFMMlB QBSUIFJE 6O JODVCP 6O NPOEP QVSP F EVSP TDPOWPMUP EB UBOUB QSPNJTDVJ Uµ EJ SB[[F TVJ DBNQJ EB HJVPDP F TVMMF USJCVOF /PO QFS OJFOUF MP TQPSU GV VOP EFJ UFNJ JO DVJ BHJSPOP MF TBO[JP OJ EFDSFUBUF EBMMl0OV QFS JTPMBSF JM 4V EBGSJDB DPOEBOOBOEP MB TFHSFHB[JPOF DIF WJHFWB OFHMJ TUBEJ F TVMMF QJTUF "ODIF J GJFSJ +PTFQI $IBNCFSMBJO F $FDJM 3IPEFT DIF TJ BEPQFSBSPOP QFS DSFBSF JM 4VEBGSJDB CSJUBOOJDP OPO BWSFCCFSP DFSUP HSBEJUP DIF VO TJNJMF FWFOUP B DVJ ElBMUSPOEF Ml*OHIJMUFSSB TJHOPSB F QBESPOB EFM GPPUCBMM OPO TJ TBSFCCF EFHOBUB EJ QSFOEFSF QBSUF TJ TWPMHFTTF JO DPMPOJB $IJ JOWFDF TJ TFOUF QFSGFUUBNFOUF B TVP BHJP ½ MlJN NBHJOBSJP NJMJUBOUF EFMMl"GSJDBO /B UJPOBM $POHSFTT DIF BUUSBWFSTP J DFOUP BOOJ EJ WJDFOEF TQFTTP ESBNNBUJDIF EFM 4VEBGSJDB JOEJQFOEFOUF TJ ½ JNQF HOBUP B SFBMJ[[BSF MlJOUFHSB[JPOF EFJ OFSJ OFMMF JTUJUV[JPOJ TBODFOEP B UVUUJ HMJ FGGFUUJ JM QSJODJQJP EJ QBSJUµ %VPMF DIF MB WFSJGJDB TJ GBDDJB TV VO BTQFUUP JO GPOEP GVUJMF EFMMlFTJTUFO[B EFHMJ JO EJWJEVJ F EFMMF DPNVOJUµ DPNF VOB DPNQFUJ[JPOF TQPSUJWB BUUPSOP B DVJ TJ NVPWPOP JOUFSFTTJ UVUUlBMUSP DIF MJNQJEJ .B ½ WBOP PMUSF VO DFSUP MJ NJUF EJTDPOPTDFSF MF SFHPMF EJ VO NPOEP JO DVJ EPNJOB MB DPNVOJDB [JPOF & JM 4VEBGSJDB QFS QSPQSJP DPO UP IB WPMVUP DPO UBOUB QFSTFWFSBO[B J DBNQJPOBUJ QFSDI¾ TJ QSPQPOF EJ USB TGPSNBSMJ JO VOB QSPWB JO HSBEP EJ USBTDFOEFSF JM TFNQMJDF GBUUP TQPSUJWP P TQFUUBDPMBSF DFMFCSBOEP MB GFEF OFJ WBMPSJ EJ VOlVNBOJUµ EJWFSTB NB VOJUB F QBSUFDJQF -lBMMBSHBNFOUP EFMMB QSBUJDB EFMMP TQPSU B QBFTJ F QPQPMJ BJ NBSHJOJ ½ VOB EFMMF GPSNF NFEJBOUF DVJ JM NPO EP ½ VTDJUP EBJ QSFHJVEJ[J B DVJ TJ EF WPOP GFOPNFOJ DPNF JM DPMPOJBMJTNP F JM SB[[JTNP 1FS MB SJTPOBO[B DIF IB MP TQPSU DFSUF JOWFTUJUVSF WBMHPOP EJ QFS T¾ B TDBOEJSF MB QSPHSFTTJPOF EFMMB TUPSJB *O RVFTUP JOJ[JP EJ %VFNJMB DJ TBSµ MB TVDDFTTJPOF B EVF BOOJ EJ EJ TUBO[B EFMMF 0MJNQJBEJ B 1FDIJOP OFM  F EFMMB $PQQB EFM DBMDJP JO 4VEB GSJDB OFM  *M MBUP CVPOP EFMMB HMP CBMJ[[B[JPOF 7JB WJB OFM UFNQP DJ TP OP TUBUJ TJOHPMJ FQJTPEJ TQPSUJWJ DIF EJ QFS T¾ IBOOP BWVUP VO TJHOJGJDBUP BM UBNFOUF QPMJUJDP 4FO[B UPSOBSF B UFNQJ MPOUBOJ DPNF RVFMMJ EFM GPSNJ EBCJMF +FTTF 0XFOT MB ‚GSFDDJB OFSB DIF NJTF JO JNCBSB[[P )JUMFS OFMMB #FSMJOP EFM  CBTUFSµ SJDPSEBSF MlF QPQFB EJ $JUUµ EFM .FTTJDP OFM  F MB DBUBSTJ EJ VOlJOUFSB OB[JPOF OFMMB DFSJNPOJB JOBVHVSBMF EFJ HJVPDIJ PMJNQJDJ EJ 4ZEOFZ OFM  DPO MlBV UPEFOVODJB JO NPOEPWJTJPOF EFMMF TPGGFSFO[F TUPSJDIF JOGMJUUF BHMJ JOEJHF OJ El"VTUSBMJB .PMUF CBSSJFSF TPOP DBEVUF BODIF QFS DPOWFOJFO[B * QP UFSJ GPSUJ TBOOP CFOF DIF J NFSDBUJ F J DPOTVNBUPSJ EJ EPNBOJ  QFS MVDSBSF TVMMP TQPSU OFMMF TVF EJNFOTJPOJ BGGB SJTUJDIF F NFEJBUJDIF JO QBSUJDPMBSF QFS RVBOUP SJHVBSEB JM DBMDJP DIF SF TUB MP TQPSU QJÎ QPQPMBSF F QJÎ EJGGVTP CFODI¾ DJBTDVOB USBEJ[JPOF DPOTFSWJ MF TVF OJDDIJF EJ QBTTJPOF  TPOP DPO DFOUSBUJ OFHMJ JNNFOTJ DPOUJOFOUJ DIF TPOP TUBUJ PHHFUUP EJ EJTDSJNJOB[JPOF EB QBSUF EJ VO 0DDJEFOUF EFDJTP B EJ GFOEFSF J QSPQSJ QSJWJMFHJ -l"GSJDB IB VSHFO[B EJ VTDJSF EBM MlFNFSHFO[B F EJ FTTFSF SJDPOPTDJVUB DPNF QSPUBHPOJTUB 1FS RVFTUP PHHJ TJ JEFOUJGJDB OFM 4VEBGSJDB F TJ BGGJEB BM 4VEBGSJDB *M 4VEBGSJDB IB HJµ BTTVOUP TV EJ T¾ JM DPNQJUP FOPSNF EJ FMBCPSB SF JM SB[[JTNP DPNF NBMF TVQSFNP EJ NPTUSBOEP DPNF TJ QPTTB TVQFSBSMP F EJ GBUUP EB RVBOEP ½ TUBUB DBODFMMBUB MlBQBSUIFJE TUB HVJEBOEP Ml"GSJDB WFS TP VO SJTDBUUP JM QJÎ QPTTJCJMF DPOEJWJ TP *M QSJODJQBMF BSUFGJDF EJ RVFTUP QSP EJHJP /FMTPO .BOEFMB WFDDIJP NB EJSJUUP OFMMB QFSTPOB F OFMMF JOUFO[JP OJ IB WPMVUP FTTFSF QSFTFOUF B ;VSJHP BMMB WPUB[JPOF DIF IB BTTFHOBUP BM 4V EBGSJDB J ‚NPOEJBMJ EJ DBMDJP TQFO EFOEP HFOFSPTBNFOUF JM TVP QSFTUJHJP B GBWPSF EFMMB DBOEJEBUVSB EFM 4VEB GSJDB F WJWFOEP DPO HJPJB MB TVB WJUUP SJB -B QSJNB WPMUB EFMMl"GSJDB 1FS VO HJPSOP JM EPMPSF EFHMJ BGSJDBOJ MF PN CSF EFMMlJOTJDVSF[[B F EFMMF EJTFHVB HMJBO[F QBTTBOP JO TFDPOEP QJBOP

KFOB!JMNBOJGFTUPJU

HPPENPSOJOH


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

7 & / & 3 % ¡

 

" 1 3 * - &

   

FVSP  

'PUPHSBNNJ USBUUJ EBM WJEFP TIPDL EFMMB $CT

-B MF[JPOF EJ .FMGJ -03*4 $".1&55*

*

HPPENPSOJOH

6#*( E 

1SJHJPOJFSJ OVEJ BDDBUBTUBUJ VOP TVMMkBMUSP JO CJMJDP TV VOB DBTTB DPO HMJ FMFUUSPEJ BJ QPMTJ P BJ HFOJUBMJ JODBQQVDDJBUJ F EFSJTJ EBJ TPMEBUJ JO QPTB BHHSFEJUJ EB DBOJ 6TB TPUUP DIPD QFS MF JNNBHJOJ EFJ TVPJ €SBHB[[J‹ JO BUUJWJU© B "CV (ISFJC

&SB MB QSJHJPOF EJ 4BEEBN PSB ± DBSDFSF EFJ NBSJOFT 4FUUF VGGJDJBMJ USB DVJ VO HFOFSBMF TPOP TPUUP JODIJFTUB *OUBOUP TJ DPNCBUUF B 'BMMVKB HMJ 6TB BOOVODJBOP JM SJUJSP NB SJ QSFOEPOP B CPNCBSEBSF "--& 1"(*/&  & 

.&-'*

"-*5"-*"

&.*55&/;"

-B 'JBU BMMB GJOF USBUUB WJB J QSFTJEJJ F TDJPQFSP

#MPDDP UPUBMF EFJ DJFMJ EB MVOFEµ JM DPOGSPOUP

7JB MJCFSB EFGJOJUJWB QFS MB (BTQBSSJCJT

-lBTTFNCMFB QFSNBOFOUF EFJ MBWPSBUPSJ WPUB BMMlVOBOJ NJUµ MB QSPQPTUB EFMMB 'JPN EJ NPEJGJDBSF MF GPSNF EJ MPUUB F JODBTTBSF VOB QSJNB WJUUPSJB *O TFSBUB B 3PNB " 1"(*/"  MlJODPOUSP DPO MB 'JBU B .FMGJ MP TDJPQFSP

(JPSOBUB EJ QBTTJPOF F JOGFSOP %PQP MB DBODFMMB[JPOF EJ  WPMJ F JM CMPDDP EFHMJ TDBMJ JM HPWFSOP DPOWPDB TFQBSBUBNFOUF B[JFOEB F TJOEBDBUJ %B MVOFEÁ  USBU " 1"(*/"  UBUJWB OPOTUPQ

%PQP JM SJOWJP BMMF $BNFSF EB QBSUF EJ $JBNQJ JM 4FOB UP SJBQQSPWB MB MFHHF EJ .FEJBTFU 3BJ ½ TDPOUSP TVMMB EJGGFSJUB EFM  NBHHJP $SFTDPOP J NBMVNPSJ USB HMJ BS " 1"(*/"  UJTUJ EFM DPODFSUP

0TUBHHJ BSDPCBMFOP B 4BO 1JFUSP "MDVOF NJHMJBJB EJ QFSTPOF IBOOP TGJMBUP JFSJ B 3PNB EB $BTUFM TBOUk"OHFMP B QJB[ [B TBO 1JFUSP SJTQPOEFOEP BMMkBQQFMMP EFJ QBSFOUJ EFHMJ JUBMJBOJ UFOVUJ JO PTUBHHJP JO *SBR 6OB NBOJGFTUB[JPOF EJWFSTB EBM TPMJ UP OFMMB RVBMF J QBDJGJTUJ DIF TJ CBUUPOP EB VO BOOP DPOUSP MB HVFSSB JSBDIFOB TJ TPOP JODPOUSBUJ F DPOGSPOUBUJ DPO NPMUJ DJUUBEJ OJ DIF JOJ[JBOP TPMP PSB EPQP JM TFRVFTUSP EFJ €DPOOB[JPOBMJ‹ B TDPQSJSF MB SFBMU© EFM *-."/*'&450

$FMMFNJOPSFOOJ

BQBHJOB

-

F UPSUVSF JOGMJUUF EBJ NBSJOFT BJ QSJHJPOJFSJ IBOOP QSPWPDBUP VOP

TIPDL BHMJ BNFSJDBOJ "ODIF HMJ JSB DIFOJ TPOP TPUUP TIPDL TPMP DIF JM MP SP ½ SFJUFSBUP

KFOB

*MNFOTJMF BOUJCSPJCJ[JPOJTUB 0HHJJOFEJDPMBDPOJMHJPSOBMF

UP EJGGVTP JO UVUUP JM NPOEP BSBCP EBMMF UW BM "SBCJZB F BM +B[FFSB & TJ GB TUSBEB MkJQP UFTJ EJ VOB QPTTJCJMF SJDPOTFHOB EFHMJ PTUBHHJ OPO BMMP TUBUP JUBMJBOP NB B FTQP OFOUJ EFM NPWJNFOUP QBDJGJTUB %PQP MB NBOJGFTUB[JPOJ J QBSFOUJ EFHMJ PTUBHHJ TPOP TUBUJ SJDFWVUJ EB #FSMVTDPOJ DIF MJ IB FTPSUBUJ €BE BWFSF GJEVDJB‹ & JM USJDJDMP TJ EJWJEF TVMMB SJDIJFTUB EJ SJUJSP "--& 1"(*/&  &  EFMMF USVQQF

%"-  "- 

4IPDL

*/$)*&45" -BDPOEJ[JPOFEFJCBNCJOJDPTUSFUUJ BWJWFSFB3FCJCCJB DPOMFMPSPNBNNFEFUFOVUF

MB HVFSSB F JM QBDJGJTNP "M DPSUFP IB QSFTP QBSUF BODIF JM NJOJTUSP EJ "O .JSLP 5SFNB HMJB DPOUFTUBUP EB VOB QBSUF EFM DPSUFP *O QJB[[B TBO 1JFUSP ± TUBUP MFUUP VO NFT TBHHJP EFM QBQB DIF TJ ± SJWPMUP BJ GFEFMJ EJ UVUUF MF SFMJHJPOJ DIJFEFOEP MB MJCFSB[JPOF EFHMJ PTUBHHJ NB BODIF MB GJOF EFMMF PTUJMJU© JO *SBR F VO SBQJEP SJUPSOP EFM QBFTF BMMB QJFOB JOEJQFOEFO[B F BVUPOPNJB *M NFT TBHHJP DPNF MF JNNBHJOJ EFM DPSUFP ± TUB

'SB JM .FLPOH F Mk&VGSBUF .BSDP #BTDFUUB

-B SFTJTUFO[B WJFUOBNJUB F MB HVFSSJ HMJB JSBDIFOB TPOP EVF FTQFSJFO[F JN QBSBHPOBCJMJ TF MB QSJNB MBODJBWB JM NFTTBHHJP EJ VO NPOEP OVPWP MB TF DPOEB EJGFOEF VO NPOEP DIF Dl½ 1B SBHPOBCJMF ½ JOWFDF MB DSJTJ NPSBMF EFMMB EFNPDSB[JB BNFSJDBOB DIF PHHJ DPNF BMMPSB BHJTDF JO QSJNP MVPHP DPOUSP TF TUFTTB " 1"(*/" 

KFOB!JMNBOJGFTUPJU

0-"!&+-,01/1 ,**)/,*&00+

FSJ B .FMGJ IB WJOUP MB EFNPDSB [JB VOB NFSDF SBSB OFJ QPTUJ EJ MBWPSP F QVSUSPQQP QFSTJOP JO RVFJ TJOEBDBUJ DIF SJUFOHPOP JOVUJMF TF OPO BEEJSJUUVSB TCBHMJBUP DIF B EFDJEFSF TVMMF MPUUF TVHMJ BDDPS EJ F TVJ DPOUSBUUJ TJBOP J MBWPSBUPSJ TUFTTJ 4PMP  PSF QSJNB DIF VOB TFMWB EJ DFOUJOBJB EJ CSBDDJB TJ BM[BTTF QFS WP UBSF MB QSPQPTUB EJ NPEJGJDBSF MB GPS NB EJ MPUUB BWBO[BUB EBM TFHSFUBSJP HFOFSBMF EFMMB 'JPN (JBOOJ 3JOBMEJOJ JM HSVQQP EJSJHFOUF EFJ NFUBMNFDDBOJ DJ $HJM TFNCSBWB TUSFUUP JO VO BOHPMP "MNFOP B HVBSEBSF .FMGJ EB 3PNB "DDVTBUP EJ ‚FTUSFNJTNP ‚BWWFOUV SJTNP DPNQPSUBNFOUJ ‚BOUJTPDJBMJ EB 'JBU $POGJOEVTUSJB F 'FEFSNFDDB OJDB .B BODIF EB $JTM F 6JM EB 'JN F 6JMN -B SBHJPOF 4FNQMJDF TJFUF DPNQMJDJ EFJ MBWPSBUPSJ DIF IBOOP EF DJTP EJ SPNQFSF MF SFHPMF EFM HJPDP TQF[[BOEP MB RVPUJEJBOJUµ DIF MJ JODB UFOB EPQP  BOOJ EJ MBWPSP JO DPOEJ [JPOJ JOTPQQPSUBCJMJ $PTUSFUUJ B PSBSJ QJÎ EVSJ F TBMBSJ QJÎ CBTTJ EFJ MPSP DPNQBHOJ EFHMJ BMUSJ TUBCJMJNFOUJ GBM DJEJBUJ EBJ QSPWWFEJNFOUJ EJTDJQMJOBSJ EBJ USBTGFSJNFOUJ F EBJ MJDFO[JBNFOUJ BNNB[[BUJ OFMMF JOUFSNJOBCJMJ PSF EJ WJBHHJP USB GBCCSJDB F DBTB BM UFSNJOF EJ HJPSOJ F HJPSOJ EJ MBWPSP OPUUVSOP -B 'JPN TJ ½ QFSNFTTB EJ TPTUFOFSF J QSFTJEJ BJ DBODFMMJ SJWFOEJDBOEP VO UBWPMP WFSP EJ USBUUBUJWB QFS NPEJGJDB SF MlJOUFSP TJTUFNB EJ SFHPMF DIF GB EJ .FMGJ VOB DPMPOJB EJ 5PSJOP TFO[B J EJSJUUJ EFJ UPSJOFTJ 4PMP MB $HJM F DPO RVBMDIF NBM EJ QBODJB IB TPTUFOVUP MB 'JPN "O[J HMJ PQFSBJ EJ .FMGJ 5SF PSF F NF[[B EJ EJTDVTTJPOF BD DFTJTTJNB EVSB TFO[B TDPOUJ QFS OFT TVOP 6OlBTTFNCMFB PQFSBJB BQQBTTJP OBUB EBWBOUJ BJ DBODFMMJ EFMMB GBCCSJDB JOUFHSBUB EJ .FMGJ RVFM ‚QSBUP WFSEF DIF QFS EJFDJ BOOJ ½ TUBUB RVBTJ VO NJ UP JM GJPSF BMMlPDDIJFMMP EFHMJ JOEVTUSJBMJ TBCBVEJ EB DVJ EJQFOEFWB MlJOUFSB QSP EV[JPOF BVUPNPCJMJTUJDB DVPSF QVM TBOUF EFMMB 'JBU F EB EJFDJ HJPSOJ DVP SF QVMTBOUF EFM NPWJNFOUP PQFSBJP JUBMJBOP "MMB GJOF JM WPUP BMMlVOBOJNJ Uµ TJ EFDJEF EJ UPHMJFSF J QSFTJEJ F DBN CJBSF GPSNB EJ MPUUB PHHJ TDJPQFSP QFS UVUUP JM HJPSOP EPNBOJ TJ WFESµ EJ QFOEF EBMMlBOEBNFOUP EFMMF USBUUBUJWF F EBMMB EJTQPOJCJMJUµ EFMMB 'JBU BE BQSJ SF MB HBCCJB JO DVJ EB  BOOJ IB SJO DIJVTP J TVPJ PQFSBJ MVDBOJ -lBTTFN CMFB QFSNBOFOUF WBMVUFSµ F EFDJEFSµ HJPSOP QFS HJPSOP PSB QFS PSB JOTJFNF BJ TVPJ EFMFHBUJ QSFTFOUJ BMMB USBUUBUJWB DPNF DPOUJOVBSF MB MPUUB $IJ EVF HJPSOJ GB PSEJOBWB BMMB 'JPN EJ ‚MJCFSBSF MB GBCCSJDB IB SJDF WVUP VOB SJTQPTUB OFUUB RVBOUP PWWJB JO VO DPOUFTUP EFNPDSBUJDP TPMP J UJ UPMBSJ EFM MBWPSP  EJ RVFM MBWPSP F EJ RVFHMJ TUJQFOEJ  F EFMMB MPUUB BJ DBO DFMMJ IBOOP MB GBDPMUµ EJ GBSMP TF MP SJ UFOHPOP PQQPSUVOP "MMB GJOF UVUUJ IBOOP EPWVUP BCCP[[BSF $PTÁ JM HSVQQP EJSJHFOUF EFMMB 'JPN ½ UPSOBUP B .FMGJ F IB DIJFTUP BMMlBTTFNCMFB EJ UPHMJFSF J QSFTJEJ QFS JODBTTBSF VOB QSJNB WJUUPSJB OFMMP TDPOUSP DPO MlB [JFOEB GJOP B QPDIF PSF QSJNB EJTQP TUB B USBUUBSF TV OVMMB F TPMP DPO TJO EBDBUJ DPNQJBDFOUJ PIHHJ DPTUSFUUB B VO WFSP UBWPMP OFHP[JBMF  .BOUFOFO EP JO QJFEJ MlBTTFNCMFB F BSUJDPMBOEP MF JOJ[JBUJWF $IJ TlJOUFOEF EJ TUPSJB PQFSBJB TB DIF OPO ½ TFNQMJDF QBTTBSF EB VOB MPUUB B PMUSBO[B B VOB MPUUB BSUJDPMBUB -P TJ QVÇ GBSF TF TJ ½ GPSUJ TF TJ IB JM DPOTFOTP EFMMB NBHHJPSBO[B TF TJ ‚DPOUSPMMB MB GBCCSJDB 5BOUF WPMUF JO QBTTBUP RVFTUP QBTTBHHJP OPO ½ TUBUP QPTTJCJMF 1FSDJÇ JM WPUP EJ JFSJ IB VO WBMPSF BODPSB QJÎ HSBOEF 1FS J MBWPSB UPSJ QFS MB 'JPN QFS MB EFNPDSB[JB /FQQVSF MF CPUUF EFMMB QPMJ[JB OFQQV SF MF JOHJVO[JPOJ B UPHMJFSF J QSFTJEJ TQFEJUF EB VO TPMFSUF HJVEJDF TPOP SJV TDJUF BE BSSFTUBSF JM QSPDFTTP EJ MJCFSB [JPOF EFJ MBWPSBUPSJ MVDBOJ 2VFTUJ DPODFUUJ EFWPOP BWFSMJ DPN QSFTJ BODIF (JVTFQQF .PSDIJP F JM HSVQQP EJSJHFOUF EFMMB 'JBU "E BJVUBS MJ B DBQJSF DIF OPO TJ QVÇ HPWFSOBSF VOB GBCCSJDB DPNF TJ DPNBOEB JO VOB DBTFSNB IBOOP DPOUSJCVJUP MF  NJMB WFUUVSF OPO DPTUSVJUF B .FMGJ OFJ  HJPSOJ EJ QSFTJEJ 1FS SJQSFOEFSF B DP TUSVJSMF J UPSJOFTJ IBOOP CJTPHOP EFJ MBWPSBUPSJ EJ .FMGJ -BWPSBUPSJ OPO TFSWJ


0HHJDPOMBWJEFPJOUFSWJTUB B-VJHJ1JOUPS B  FVSPJOQJÎ $POJM$%m4BMWBNNlP NVOOPn B  FVSPJOQJÎ $POJMMJCSPm4UPQUIFXBMMn B  FVSPJOQJÎ $POMB3JWJTUBEFMNBOJGFTUP B  FVSPJOQJÎ

RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

. & 3 $ 0 - & % ¡



" 1 3 * - &

   

FVSP  

*SBR JFSJ 'PUP 3FVUFST

.BEF JO *UBMZ

3044"/" 3044"/%"

*

TPMEBUJ JUBMJBOJ B /BTTJSJZB IBOOP TQBSBUP TV PSEJOF EFM DPNBOEP BOHMPBNFSJDBOP QFS THPNCFSBSF VO QPOUF PD DVQBUP EB NJMJ[JF JSBDIFOF IBOOP GBUUP BMNFOP  NPSUJ F B MPSP WPM UB IBOOP SJQPSUBUP  GFSJUJ *M MFB EFS TDJJUB .PRUBEB BM 4BES TPTUJF OF DIF UVUUF MF USVQQF EJ PDDVQB [JPOF EFWPOP MBTDJBSF J DFOUSJ BCJ UBUJ QFSDI¾ ½ JO QFSJDPMP MB WJUB EFM MB HFOUF DPNVOF &l VOB EPNBOEB QFSTJOP SBHJPOFWPMF /PO TBQQJB NP DPNF BOESµ B GJOJSF *OUBOUP ½ DBEVUB MB GBWPMB EJ VOB QSFTFO[B JUBMJBOB QBDJGJDB F QBDJGJDBOUF *O VO QBFTF PDDVQBUP RVBMTJBTJ DPOUJOHFOUF BHMJ PSEJOJ EFMMB DPBMJ[JPOF PDDVQBOUF ½ JO USJODFB QVÇ FTTFSF BUUBDDBUP F BWFS PSEJOF EJ BUUBDDBSF * OPTUSJ HPWFS OBOUJ TBSFCCFSP QJÎ POFTUJ TF MP EJ DFTTFSP JOWFDF DIF TGJMBSF EBWBOUJ BM WJEFP QFS NBOEBSF DPO BSJB DPNQVOUB BJ OPTUSJ SBHB[[J VOB TPMJEBSJFUµ DIF OPO HMJ TFSWJSµ NPM UP 0 FTTJ TPOP Mµ DPNF IB EFUUP CSVUBMNFOUF JM QSFNJFS QFS BHHSF EJSF FE FTTFSF BHHSFEJUJ F CFO QB HBUJ QFS RVFTUP P TF NPTTJ EB QJÎ OPCJMJ JOUFOUJ TJ TPOP USPWBUJ OFMMB UFOBHMJB GSB MlFTFSDJUP EFHMJ 4UBUJ 6OJUJ F VO QBFTF DIF OPO OF WVPMF TBQFSF /¾ J TVOOJUJ HJµ GFEFMJ B 4BEEBN O¾ HMJ TDJJUJ DIF TJ EJDFWB TBSFCCFSP TUBUJ GFMJDJ EJ FTTFSF MJCF SBUJ TJ HPOGJBOP MF NJMJ[JF EJ VPNJ OJ BSNBUJ DPNF TF JO UVUUP Ml*SBR DPWBTTFSP FE FTQMPEFTTFSP WVMDBOJ EJ DPMMFSB *FSJ Ml*UBMJB IB BWVUP J TVPJ GFSJUJ HMJ 4UBUJ 6OJUJ JM MPSP RVPUJEJBOP TUJMMJDJEJP EJ NPSUJ -B HVFSSB EJ #VTI DIF QBSFWB SBQJEBNFOUF WJOUB TJ ½ USBTGPSNB UB JO VOB HVFSSJHMJB EBMMB RVBMF OPO TB QJÎ DPNF DBWBSF J QJFEJ $PSSF EJ CPDDB JO CPDDB VOB QBSP MB 4PNBMJB "ODIF RVFTUB JNQSFTB EJ VO 0DDJEFOUF NJMJUBSNFOUF JO WJODJCJMF NB PUUVTP F EJTJOGPSNBUP EPWSµ TVCJSF MP TUFTTP EFTUJOP SJUJ SBSTJ MBTDJBOEP GFSJUF EB UVUUF MF QBSUJ F QPSUBOEPOF TVM TVP DPSQP

%JGGJDJMF EJSMP QFS PSB #VTI F J TVPJ GFEFMJ #FSMVTDPOJ F 'JOJ DMBNBOP DIF OPO TF OF BOESBOOP NBJ .B #VTI IB NBOJGFTUBNFOUF WPHMJB EJ GBSMP QBTTBOEP MB QBUBUB CPMMFOUF BMMl0OV DIF BMUSFUUBOUP NBOJGFTUB NFOUF OPO IB WPHMJB EJ QSFOEFSMB & EJGGJDJMNFOUF MP GBSµ TFO[B BWFSF EFMMF HBSBO[JF QSJNB EJ UVUUP MlBM MPOUBOBNFOUP EJ BNFSJDBOJ F JO HMFTJ EBM DPNBOEP  DIF TBSFCCF QFS MPSP VOP TDBDDP GPSUF  F MlJOEJ WJEVB[JPOF EFHMJ JOUFSMPDVUPSJ DPO J RVBMJ USBUUBSF F OPO TPOP DFSUP JM HPWFSOP GBOUPDDJP DVJ #SFNFS EJDF DIF QBTTFSµ J QPUFSJ JM  HJVHOP (MJ JSBDIFOJ OPO IBOOP NPUJWP EJ SJDPOPTDFSF Ml0OV DPNF QBSUF UFS [B F MP IBOOP QSPWBUP BUUBDDBOEP OF MB EFMFHB[JPOF B #BHIEBE -B WFSJUµ ½ DIF HMJ 6TB OPO IBO OP GBUUP DIF BDDVNVMBSF TCBHMJ DPO Ml*SBR RVBOEP MP IBOOP MVTJO HBUP F RVBOEP IBOOP DSFEVUP EJ NFUUFSMP GBDJMNFOUF B UFSSB 2VFM DIF EJ QFHHJP BWFWB QSFWFEVUP DIJVORVF BWFTTF VO QPDP EJ TBMF JO [VDDB ½ BWWFOVUP F TVQFSBUP /PO DJ QPUFWB FTTFSF NBOPWSB QJÎ SP[ [B *M UFSSPSJTNP DIF EPWFWB FTTFS OF MlPCJFUUJWP ½ QJÎ GPSUF EJ RVBOEP BUUBDDBWB MF EVF UPSSJ OFMMB TUSBHF EJ .BESJE OPO IB BWVUP OFQQVS CJTPHOP EJ UFDOJDIF TPGJTUJDBUF 1FSGJOP JO DBNQP SFQVCCMJDBOP DSFTDPOP MF DSJUJDIF B (FPSHF 8 #VTI SFTJTUF JNQBWJEP JM OPTUSP HPWFSOP JM TPMP PSNBJ DPO #MBJS DIF OPO SJFTDB B SBHJPOBSF B UJSBSF MB QJÎ TFNQMJDF DPODMVTJPOF EB DBVTB BE FGGFUUP SJTQFUUPTBNFOUF JO DPEB BMMB $BTB #JBODB DPSSF BE BMJNFOUBSF MlJODFOEJP EPMFOEPTJ QPJ EFMMF GJBNNF "EFTTP OPO ½ JM NPNFOUP EJ MBTDJBSF Ml*SBR /PO FSB NBJ JM NPNFOUP EJ BOEBSWJ 3J UJSBSF JM DPOUJOHFOUF JUBMJBOP TBSFC CF TPMP QSPWB EJ CVPO TFOTP & MB WPSBSF QFSDI¾ Ml&VSPQB TJ BUUJWJ QFS MB GJOF EFMMlPDDVQB[JPOF QSJNB EJ FTTFSF USBWPMUB BODIlFTTB TBSFCCF VOB QSPWB EJ JOUFMMJHFO[B .B RVF TUP ½ DIJFEFSF USPQQP

* NJMJ[JBOJ EFMMk€FTFSDJUP EFM .BIEJ‹ DBUUVSBOP PTUBHHJ F MBODJBOP VO VMUJNB UVN JUBMJBOJ BOEBUFWFOF FOUSP EVF PSF P MJ VDDJEJBNP *M UFNQP TDBEF HMJ PTUBHHJ WFOHPOP SJMBTDJBUJ NB TJ SJDPNJODJB B TQBSBSF *O TFSBUB TQVOUB VO BDDPSEP USB NJMJUBSJ F MFBEFS MPDBMJ JSBDIFOJ USFHVB EJ  PSF

"--l*/5&3/0

-"10-&.*$" 1BVSBQFSMB1BTRVB .BJO*UBMJBTJMJUJHB TVDIJDPNBOEBJOFNFSHFO[B " 1"(*/" 

-l*/5&37*45"

1FS JM HPWFSOP JUBMJBOP OPO DBNCJB OVMMB #FSMVTDPOJ OPO DF OF BOEJBNP MB EFCPMF[[B OPO QBHB *M TFHSFUBSJP EFMMB $HJM &QJGBOJ SJUJSP JNNFEJBUP *M DFO USPTJOJTUSB JO QSFEB BM DBPT TJ BHHSBQQB BMMk0OV TFO[B /B[JPOJ VOJUF OPO QPT TJBNP SFTUBSF *M NPWJNFOUP QSFQBSB MB NPCJMJUB[JPOF PSB TJBNP BTTBTTJOJ

l$k±VOBTPMBWJBEkVTDJUB Mk&VSPQBTJBBMUFSOBUJWB BHMJ6TBm1BSMB"TPS3PTB

5VUUP Mk*SBR PSNBJ ± UPSOBUP JO HVFSSB (MJ BNFSJDBOJ DPNCBUUPOP OFMMF [POF TDJJUF F JO RVFMMF TVOOJUF GVPSJ DPOUSPMMP JOUFSJ RVBSUJFSJ EJ #BHIEBE B 'BMMV KB HMJ FMJDPUUFSJ OPO SJFTDPOP B QJFHBSF J NJMJ[JBOJ MB DJUU© ± TJHJMMBUB "M4BES NJOBDDJB WJB J NBSJOFT F MJCFSJ J QSJHJPOJFSJ P MB SJWPMUB DPOUJOVFS©

-l"35*$0-0

" 1"(*/"

l-BWFSJU© 4JBNPJOHVFSSB FOPOCBTUBQJÁMk0OVm %J(JBOOJ7BUUJNP " 1"(*/" 

"--& 1"(*/&     & 

10-*5*$"



3BJ 7JHJMBO[B DPOGSPOUP PCCMJHBUPSJP $BNFSB *M HPWFSOP DBEF TVMMF EJTDP #FSMVTDPOJ ‚4GPSJBNP TFO[B QSPCMFNJ

&$0/0.*"



&VSPQB 0HHJ 1SPEJ BWWFSUF Ml*UBMJB "MJUBMJB 4QF[[BUJOP QFS 7PMBSF 1FOTJPOJ 3JOWJP B EPQP 1BTRVB

%PMPSJ

"

MMF VOEJDJ EJ NBUUJOB IB FTQSFTTP TPMJEB SJFUµ BJ CFSTBHMJFSJ GFSJUJ NB TVCJUP EPQP

IB DPNJODJBUP B TFOUJSF VO MFHHFSP EPMPSF DIF BVNFOUBWB QFSÇ TFNQSF QJÎ GPSUF UFSSJCJMF MBODJOBOUF 2VBOEP JM EPMPSF ½ EJWFOUBUP JOTPQ

40$*&5"l



*NNJHSBUJ ‚-l&VSPQB EJTDSJNJOB 4JDVSF[[B -B MVOHB TUSBHF PO UIF SPBE $JUUµ EJ $BTUFMMP 0SSPSF TV VOB CJNCB

$IJFSB -VJHJ1JOUPS 7FMPEJDJBNP DPOQBSPMFTVF

QPSUBCJMF IB DBQJUP DIF OPO FSB HJVTUP UFOFSTFMP UVUUP QFS T¾ F TJ ½ BGGSFUUBUP B TPDJBMJ[[BSMP FTQSJNFOEP EPMPSF QFS HMJ JSBDIFOJ VDDJTJ EBJ CFSTBHMJFSJ &SBOP MF RVBUUSP EFM QPNFSJHHJP EPQP DJORVF PSF EJ EPMPSJ 'BTTJOP TJ ½ TFOUJUP NFHMJP

KFOB

7)4

*OFEJDPMBDPOJMNBOJGFTUP VOBWJEFPDBTFUUBDPOMVMUJNBJOUFSWJTUBB-VJHJ1JOUPS $PTUBFVSP

0-"!&+-,01/1 ,**)/,*&00+

/BTTJSJZB

#BUUBHMJB OFMMB OPUUF B /BTTJSJZB MF USVQQF JUBMJBOF BQSPOP JM GVPDP QFS SFDV QFSBSF JM DPOUSPMMP EFJ QPOUJ EFMMB DJUU© 2VJOEJDJ JSBDIFOJ VDDJTJ USB MPSP NJ MJ[JBOJ EFM SJCFMMF TDJJUB .PRUBEB BM4BES DJWJMJ BODIF EPOOF F CBNCJOJ %PEJ DJ J TPMEBUJ JUBMJBOJ GFSJUJ -kPDDVQB[JPOF JUBMJBOB TJ TQPSDB EJ TBOHVF

KFOB!JMNBOJGFTUPJU

HPPENPSOJOH


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

4 " # " 5 0

 

. " 3 ; 0

   

FVSP   DPO "MJBT  DPO JM WIT   FVSP JO QJÎ

.J DIJFEP 45&'"/0 #&//*

.

4&(6& " 1"(*/" 

HPPENPSOJOH

6#*( E 

-B HVFSSB DPNQJF VO BOOP MB QBDF DJ SJQSPWB .PWJNFOUP QBDJGJTUB PHHJ JO QJB[[B JO UVUUP JM NPOEP €/PO DJ QJFHIFSFNP‹ JOTJTUF #VTI NB Mk€FGGFUUP 4QBHOB‹ TJ GB TFOUJSF .FOUSF JO ,PTPWP UPSOB MP TQFUUSP EFMMB QVMJ[JB FUOJDB "--& 1"(*/&      & 

5" *8"/

3*' 03.&

41"3* 46- 13&4*%&/5& %VF DPMQJ EJ QJTUPMB EVSBOUF VO DPSUFP BMMB WJHJMJB EFMMF FMF[JPOJ GFSJUJ $IFO 4IVJCJBO F MB TVB WJDF "OOFUUF -V

1"/ 5"/*

453"1"3-" #&3-64$0/* ‚5SPQQP UFNQP QFSTP JO QBSMBNFOUP IP QSPOUB VOB QSPQPTUB TDBOEBMPTB .B $BTJOJ MP GSFOB ‚/PO ½ QSJPSJUBSJP

" 1"(*/" 

&l 45"5" 07&3%04& %FQPTJUBUB MB QFSJ[JB NFEJDB /PO GV TVJDJEJP " VDDJEFSF JM DBNQJPOF VOB ‚JOUPTTJDB[JPOF BDVUB EB DPDBJOB

" 1"(*/" 

" 1"(*/" 

1JÁ

&k

SJTDPQQJBUB MB HVFSSB EFM ,PTPWP NB TFO[B %l"MFNB B QBMB[[P $IJHJ OPO NJ QJBDF QJÎ KFOB

KFOB!JMNBOJGFTUPJU

0-"!&+-,01/1 ,**)/,*&00+

J DIJFEP TF OPO TBSFCCF DPSSFUUP DBNCJBSF MB EFGJOJ[JPOF EJ ‚QBDJGJ TUJ JO ‚MB NBHHJPSBO[B EFJ DJUUBEJOJ JUBMJBOJ DPOUSBSJ BMMB HVFSSB .J DIJFEP TF ½ TFOTBUP F VUJMF NBOJGFTUBSF QFS MB QBDF F QFOTP TF JM QPUFSF PHOJ WPMUB IB VO BUUBDDP JTUF SJDP BMMPSB EFWF FTTFSF BODIF QJÎ TFOTBUP F VUJMF EJ RVBOUP TQFSBWBNP .J DIJFEP TF EPQP DIF ½ TUBUP EJ NPTUSBUP DIF Ml*SBR OPO QPTTFEFWB BSNJ EJ TUFSNJOJP ½ QJÎ WJMF SJUJSBSTJ P ½ QJÎ WJMF BDDFUUBSF PHOJ NFO[PHOB F WFMFOP EJ RVFTUB HVFSSB .J DIJFEP TF MlPDDVQB[JPOF EPWF WB SJQPSUBSF MB QBDF JO *SBR QFSDI¾ TJ DPOUJOVB B NPSJSF QJÎ DIF JO HVFSSB 4F DJÇ ½ JOFWJUBCJMF ½ GSVUUP EJ JO DPNQFUFO[B NJMJUBSF P ½ JO QBSUF QJBOJGJDBUP 4F Ml0OV WVPMF FTJTUFSF P DPOUJ OVBSF B MBNFOUBSTJ DIF OPO FTJTUF 4F RVFMMP DIF EJDF JM 1BQB TPOP HBGGFT 4F USB J GBWPSFWPMJ BMMB HVFSSB RVBOUJ TPOP POFTUJ F DPOWJOUJ RVBO UJ TUBOOP TPMUBOUP EBMMB QBSUF EFM QJÎ GPSUF F RVBOUJ BOUJNFSJDBOJ JO QJÎ DJ TBSFCCFSP TUBUJ TF 4BEEBN BWFTTF WJOUP F GPTTF EJWFOUBUP JM QSJNP QF USPMJFSF NPOEJBMF .J DIJFEP QFSDI¾ Dl½ DIJ EJWFOUB QBDJGJTUB TPMP RVBOEP TB DIF Dl½ MB UFMFWJTJPOF B SJQSFOEFSF .J DIJFEP TF RVFMMJ DIF UJSBOP TFNQSF JO CBMMP )JUMFS ½ QFSDI¾ UF NPOP VO TVP SJUPSOP P QFSDI¾ SJN QJBOHPOP J TVPJ NFUPEJ .J DIJFEP TF Dl½ HJµ VO SBQQPSUP TVMMF BSNJ EJ TUFSNJOJP EJ 1SPEJ .J DIJFEP QFSDI¾ #FSMVTDPOJ OPO ½ BODPSB BOEBUP B /BTTJSJZB F QPJ NF MP TQJFHP 6OP DIF DPSBHHJP QSFUFO EFUF EB VOP DIF IB QBVSB BODIF EJ BGGSPOUBSF 'BTTJOP %VF TUB BTQFU UBOEP MB TFUUJNBOB QSJNB EFMMF FMF [JPOJ 5SF JM DBMEP TDJPHMJF JM GBSE .J DIJFEP EPWF TPOP GJOJUJ 4BE EBN )VTTFJO 0TBNB F JM NVMMBI 0NBS F TF TPOP HJµ DPNJODJBUJ J QSP WJOJ QFS JM OVPWP 4BUBOB .J DIJFEP EPWF USPWB UVUUJ RVFTUJ TPMEJ "M 2BFEB TF PHOJ DPOUP FSB TUB UP CMPDDBUP F DPNF NBJ TJ GFSNBOP HMJ BFSFJ QFS VO QBTTFHHFSP TPTQFUUP F OPO TJ SJFTDF B JOUFSDFUUBSF VO TPMP DBSJDP EJ BSNJ .J DIJFEP QFSDI¾ ½ QJÎ GBDJMF USP WBSF VOB UPOOFMMBUB EJ FTQMPTJWP DIF VO DBSDJPGP B CVPO QSF[[P .J DIJFEP TF RVFMMJ DIF UJ EJDPOP TPUUPWPDF DIF DPNVORVF VOB CPN CB TVJ USFOJ B .BESJE ½ VO CFM DPMQP DPOUSP Ml"NFSJDB TPOP TUVQJEJ TBO HVJOBSJ P JHOPSBOUJ JO HFPHSBGJB .J DIJFEP RVBOUJ TUSBUFHIJ UFMFWJ TJWJ HJPDIFSFCCFSP FOUVTJBTUJDBNFO UF DPJ TPMEBUJOJ F JM QMBTUJDP TF JO TUVEJP DJ GPTTFSP J QBSFOUJ EFJ TPMEB UJ .J DIJFEP TF RVBOEP BOESÇ B WP UBSF WPUFSÇ QFS JM OVPWP QBSMBNFOUP P QFS VO SJOOPWP EJ DPOTJHMJP B[JFO EBMF 4F EPQP JM WPUP SFTUFSÇ VO DJUUBEJ OP TJB OFMMB NBHHJPSBO[B TJB OFMMB NJOPSBO[B 4F BEFTTP DIF MB 'JOJOWFTU TJ ½ TBM WBUB EBJ EFCJUJ TDFOEFSBOOP JO DBN QP BODIF MB 5JN MB 'JBU F JM DBNQJP OBUP EJ DBMDJP *M #JOHP TBQQJBNP HJµ DIF TJ QSFTFOUFSµ 4F VO QSFNJFS DIF IB NBOEBUP 1SFWJUJ B DPSSPNQFSF J HJVEJDJ USB USF BOOJ EFWF SJQSFTFOUBSTJ BMMF VSOF P BM DPNNJTTBSJBUP 4F VO QSFNJFS DIF DPOUSPMMB JM OP WBOUB QFS DFOUP EFMMlJOGPSNB[JPOF TUSJMMB DPOUSP JM SFTUBOUF EJFDJ QFS DFOUP DIF CFMMB PQJOJPOF IB EFMMB WFSJUµ EFMMF TVF JEFF .J DIJFEP TF MB TJOJTUSB JTUJUV[JP OBMF DPNJODFSµ B DIJBNBSF MF DPTF DPM TVP OPNF VOB TFUUJNBOB QSJNB EFMMF FMF[JPOJ PQQVSF MB TFUUJNBOB EPQP P NBJ 4F OPO TJ QBSMB QJÎ EFMMF 1JEVF QFSDI¾ PSNBJ ½ UVUUB BM HPWFSOP P QFSDI¾ OPO ½ QJÎ EJ NPEB .J DIJFEP BWFOEP RVBTJ DFOUP QBSMBNFOUBSJ MB GFEJOB QFOBMF TQPS DB TF OPO TBSFCCF NFHMJP TPTUJUVJSF MlPCTPMFUP UFSNJOF EJ POPSFWPMF DPM NPEFSOP UFSNJOF EJ SJDJDMBCJMF *M SJ DJDMBCJMF %FMMl6USJ QBSMBOEP DPO JM SJ DJDMBCJMF 1PNJDJOP


RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

1JÁ GJEVDJB

. " 3 5 & % ¡

 

. " 3 ; 0

   

FVSP   DPO -F .POEF %JQMPNBUJRVF

.BOJGFTUB[JPOF QBDJGJTUB GPUP BQ

3044"/" 3044"/%"

'BO EJ 4QBHOB

$PO VO WPUP B TPSQSFTB HMJ TQBHOPMJ DBDDJBOP EBMMB .PODMPB JM HPWFSOP EFMMB HVFSSB F EFMMF CVHJF TVMMkBUUFOUBUP EJ .BESJE *M GVUVSP DBQP EFM HPWFSOP JM MFBEFS TPDJBMJTUB 3PESJHVF[ ;BQBUFSP GFTUFHHJB MB WJUUPSJB BOOVODJBOEP JM SJUJSP EFMMF USVQQF TQBHOPMF EBMMk*SBR €7JB FOUSP JM  HJVHOP‹ 10-*5*$"

5SJDJDMP -JUF TVM QPSUBWPDF 4JOEBDBUP 4FSWF BMMB TJOJTUSB



40$*&5"l



'FCCSF 6DDJTJ EVF CBNCJOJ 4BMVUF -JTUF ElBUUFTB OFM NJSJOP 3JDFSDB *M  BQSJMF EFHMJ BUFOFJ

&k VO TFHOBMF EJ TWPMUB DIF QSFQBSB MB HJPSOBUB QBDJGJTUB NPOEJBMF EFM  1SPEJ €*M WPUP TQBHOPMP ± VOkFSFEJU© EFMMB HVFSSB‹ #FSMVTDPOJ UBDF .B J SJGPSNJTUJ JUBMJBOJ OPO WPHMJPOP DPHMJFSF MkPDDBTJPOF F TJ QSFQBSBOP B TDFOEFSF JO QJB[[B HJPWFEµ JOTJFNF BMMB EFTUSB "--& 1"(*/&  .0/%0

B WFSB OPUJ[JB ½ DIF CJO -BEFO ½ VO TPDJBMJTUB QFS EJ QJÎ SJGPSNJ

TUB $PNF #PTFMMJ

&$0/0.*"



*OEVTUSJB -l*TUBU ‚" QSFDJQJ[JP 6F 1SJNP OP B .JDSPTPGU

1"$& & (6&33"

1FS EJ QJÁ

-



1VUJO 5SJPOGP TDPOUBUP . 0 "UUBDDP JO *TSBFMF 1BDF .FNPSJB EJ 3BDIFM

KFOB

KFOB!JMNBOJGFTUPJU

7FOJUF B .BESJE -6*4 4&1¯-7&%"

7FOJUF B WFEFSF JM TBOHVF QFS MF TUSBEF EJ .BESJE &SBOP EPOOF VPNJOJ CBNCJOJ BO[JBOJ MB TFN QMJDF F QVSB VNBOJUµ DIF DPNJO DJBWB VO BMUSP HJPSOP VO HJPSOP EJ MBWPSP EJ TPHOJ EJ TQFSBO[F TFO [B TBQFSF DIF MB WPMPOUµ BTTBTTJOB EJ RVBMDIF NJTFSBCJMF BWFWB EFDJ TP DIF GPTTF MlVMUJNP 7FOJUF B WFEFSF JM TBOHVF QFS MF TUSBEF EJ .BESJE RVFTUB DJUUµ BNBUB JO DVJ UVUUJ BSSJWBOP F UVUUJ TPOP CFOWFOVUJ 7FOJUF B WFEFSF HMJ BQQVOUJ J MJCSJ MF DPTF TQBSTF GSB J SFTUJ EFM NBTTBDSP 7FOJUF B WFEFSF VO HJPSOP NPSUP F JM EPMPSF

EJ VOB TPDJFUµ DIF IB HSJEBUP NJMMF WPMUF JM TVP EJSJUUP EJ WJWFSF JO QB DF 4DSJWP RVFTUF SJHIF NFOUSF BTDPMUP J OPUJ[JBSJ F QPTTP TPMP QFOTBSF BMMB USJTUF[[B EFMMF BVMF EFMMF UBWPMF EFMMF DBTF B DVJ OPO SJUPSOFSBOOP QJÎ RVFMMF DFOUJOBJB EJ DJUUBEJOJ EJ GSBUFMMJ F TPSFMMF MF DVJ WJUF TPOP TUBUF TUSPODBUF JO VO NJTFSBCJMF BUUP EJ PEJP QFSDI¾ MlV OJDP PCJFUUJWP EFM UFSSPSJTNP ½ MlP EJP DPOUSP MlVNBOJUµ QFSDI¾ OPO Dl½ DBVTB DIF QPTTB HJVTUJGJDBSF MlBTTBTTJOJP DPMMFUUJWP QFSDI¾ OPO FTJTUF JEFB DIF WBMHB VO HFOPDJEJP QFSDI¾ OPO FTJTUF HJVTUJGJDB[JPOF BMDVOB EJ GSPOUF BMMB CBSCBSJF

0-"!&+-,01/1 ,**)/,*&00+

*

M SJTVMUBUP EFMMF FMF[JPOJ MFHJTMBUJ WF TQBHOPMF IB QSFTP UVUUJ EJ DPOUSPQJFEF /PO QBSMJBNP EFMMB NJTFSFWPMF 3BJ JODBQBDF EJ QSP QPSSF EFMMF GJOFTUSF JO UFNQP SFBMF TFNQMJDFNFOUF BTDPMUBOEP MF BOUFOOF TQBHOPMF QFS OPO EBSF VO EJTQJBDFSF B #FSMVTDPOJ 1BSMJBNP EFMMP TUVQPSF BODIF OPTUSP OFM WFEFSF DIF VO QBFTF DPMQJUP PSSJCJMNFOUF USF HJPSOJ QSJNB JOWFDF DIF SJQJFHBSF JO VO SJGMFTTP ElPSEJOF IB GBUUP VO TFDDP SBHJPOB NFOUP DJ DPMQJTDPOP QFSDI¾ JM HPWFS OP DJ IB DBDDJBUP JO HVFSSB DPOUSP Ml* SBR VOB HVFSSB DIF Ml QFS DFOUP EJ OPJ OPO WPMFWB F EPQP BWFSDJ UJSBUP BEEPTTP MB +JIBE QFS USF HJPSOJ IB DFS DBUP EJ JNCSPHMJBSDJ TVHMJ BVUPSJ EFM MlBUUFOUBUP & RVFTUP HPWFSOP IB TQB[ [BUP WJB /FQQVSF OPJ QFOTBWBNP QJÎ DIF MlPQJOJPOF QFS RVBOUP BWWFMFOBUB EBJ HPWFSOJ F EBMMF UW SFBHJTTF DPO UBO UB MVDJEJUµ F EFDJTJPOF %PCCJBNP EB SF QJÎ GJEVDJB BMMF OPTUSF TUFTTF SBHJP OJ * WPUJ DIF "[OBS IB QFSEVUP TPOP BOEBUJ BM 1BSUJUP TPDJBMJTUB TQBHOPMP DIF TFO[B MB TVB PQQPTJ[JPOF BMMB HVFSSB EJGGJDJMNFOUF MJ BWSFCCF QSFTJ MB 4QBHOB OPO BWFWB QFSEPOBUP BJ TPDJB MJTUJ EJ (PO[BMFT MB DPSSV[JPOF MF JMMF HBMJUµ MB EFCPMF[[B MF TQFSBO[F CSV DJBUF .B OPO IB SBHJPOBUP JO UFSNJOJ EJ QPMJUJDB QJDDPMB QSJNP OPO SFTUBSF OFMMF NBOJ ElVO QSFTJEFOUF EFM DPOTJ HMJP CFMMJDJTUB F JNCSPHMJPOF %PWSFC CFSP QFOTBSDJ CFOF BODIF HMJ JUBMJBOJ BMMF QSPTTJNF UPSOBUF FMFUUPSBMJ 2VBO UP BM 1TPF EPWSµ HFTUJSF PSB VOB TJUVB [JPOF OPO GBDJMF TFO[B SJQFUFSF HMJ FS SPSJ EFM QBTTBUP .B VOB DPTB IB TJDV SBNFOUF DBQJUP IB TFHOBUP TVCJUP VOB EJTDPOUJOVJUµ DPO MF TDFMUF EJ QPMJ UJDB FTUFSB EFM HPWFSOP "[OBS &l VO SJTVMUBUP DIF TDPNQBHJOB RVFMMB DIF QBSFWB MB UFOEFO[B FVSP QFB " EFTUSB FSB BOEBUB MB 'SBODJB B EFTUSB ½ BOEBUB RVBMDIF TFUUJNBOB GB MB (SFDJB B EFTUSB BMDVOF FMF[JPOJ QBS [JBMJ NB TJHOJGJDBUJWF JO (FSNBOJB .B OPO ½ QJÎ DPTÁ DFSUP DIF BOESµ DPTÁ QFS RVBOUP JOGVSJBUJ TJBOP J DJUUBEJOJ EB QPMJUJDIF FDPOPNJDIF NJPQJ F SF TUSJUUJWF DIF MVOHJ EBM TPMMFDJUBSF VOB SJQSFTB MB SFOEPOP BODPSB NFOP QSP CBCJMF MB TDFMUB GPOEBNFOUBMF UPSOB B FTTFSF MB RVFTUJPOF EFMMB QBDF F EFMMB HVFSSB & TF TJ WPUBTTF EPNBOJ OFTTV OP HJVSFSFCCF TVMMB UFOVUB O¾ EJ #FS MVTDPOJ O¾ EJ #MBJS & OPO DJ TJ EJDB DP NF HJµ RVBMDVOP UFOUB OPO QPTTJBNP QFSNFUUFSF DIF TJB JM UFSSPSJTNP B EF DJEFSF EFMMB OPTUSB TPSUF -B TFNQMJDF WFSJUµ ½ DIF RVFTUP UFSSPSJTNP JTMBNJ TUB OPO QVÇ FTTFSF WJOUP TVM QJBOP NJ MJUBSF QFSDI¾ ½ VOB SFUF OBTDPTUB TJDV SBNFOUF BSUJDPMBUB QPUFOUF OFJ NF[[J F DIF VTB VOB NBTTB EJ VNJMJB[JPOJ F TPGGFSFO[F EFMMlFOPSNF TFUUPSF NFEJP SJFOUBMF #VTI F J TVPJ UPSQJEJ BMMFBUJ IBOOP FWPDBUP RVFTUP GBOUBTNB EFM RVBMF OVMMB TBQFWBOP F MP IBOOP NPM UJQMJDBUP &E ½ WFSP DIF ½ VO GBOUBTNB GFSPDF MP BNNFUUF TJ WBOUB EFMMB TVB USBEJ[JPOF EJ NPSUF EBUB F SJDFWVUB ½ EFDJTP B WFOEJDBSTJ 0HHJ BODPSB VO SJ UJSP EB RVFMMl*SBR CSVDJBOUF F VOB TPMV [JPOF HJVTUB QFS J QBMFTUJOFTJ F *TSBFMF QPUSFCCF GFSNBSMJ GBDFOEPHMJ NBODB SF MlBDRVB JO DVJ OVPUB %PNBOJ OPO ½ EFUUP DIF TBSµ BODPSB DPTÁ 4DFHMJFSF MB QBDF ½ JOTPNNB MB TPMB SFBMQPMJUJL &TTB FTJHF OPO QJÎ ‚JOUFMMJ HFODF NB QJÎ JOUFMMJHFO[B FTJHF EJ DBQJSF EPWF TJ TPOP NFTTJ CSVUBMNFO UF J QJFEJ EJ TBOBSF BMNFOP BMDVOF EFMMF QJÎ DMBNPSPTF GFSJUF EJ TSBEJDBSF JM UFSSPSJTNP JO TFOTP QSPQSJP TFQB SBOEPMP DJP½ EBMMF TPGGFSFO[F DIF HMJ QFSNFUUPOP EJ FTUFOEFSTJ *OTPNNB TNFUUFSF DPO MlBUUVBMF PUUVTJUµ EFMMl0D DJEFOUF TPNNBUB BMMB TFDPMBSF WPHMJB EJ SBQJOB DIF HMJ ½ QSPQSJB 2VFTUP JM NPEFTUP 1TPF MP BWFWB DBQJUP /PO QBSF DIF DJ BSSJWJOP EB OPJ 1JFSP 'BTTJ OP F MB .BSHIFSJUB DIF TJ QFSEPOP JO HFTUJDPMB[JPOJ B VTP JOUFSOP  DPNF ½ TUBUP JM CBMMFUUP EFM WPUP OPO WPUP BMMF $BNFSF  F TPOP UFOUBUJ EJ QSFOEFSF B CSBDDFUUP #FSMVTDPOJ QFS VOP TIPX EJ HJPWFEÁ B GBWPSF EFJ OFPDPOTFSWBUPSJ 1SPEJ DIF EFMMl&VSPQB DBQJTDF QSPCB CJMNFOUF RVBMDPTB QJÎ EJ MPSP EPWSFC CF TVHHFSJSHMJ EJ MBTDJBSF #FSMVTDPOJ OFMMB QBMVEF JO DVJ ½ HJµ TQSPGPOEBUP "[OBS F NFUUFSDFMB UVUUB QFSDI¾ TBCB UP  JM QBFTF QBDJGJDP F SBHJPOBOUF DIF NBOJGFTUFSµ B 3PNB MJ TFOUB BD DBOUP B T¾ .FHMJP UBSEJ DIF NBJ

4&(6& " 1"(*/" 

HPPENPSOJOH


PHHJDPO JMNBOJGFTUPJMWIT *$"1*%&-.0/%0 EJ3JDDBSEP1BOHBMMP BFVSP

RVPUJEJBOP DPNVOJTUB  BOOP 999*7 O 

7 & / & 3 % ¡

 

' & # # 3 " * 0

   

FVSP    DPO JM 7)4 m* DBQJ EFM NPOEPn B  FVSP JO QJÎ

"TUFOVUJ F DPOUFOUJ 7"-&/5*/0 1"3-"50

6

-B NJTTJPOF JO *SBR €WJPMB MkBSUJDPMP  EFMMB $PTUJUV[JPOF‹ "SSJWB JO TFOBUP JM EFDSFUP QFS €"OUJDB #BCJMPOJB‹ F MkPQQPTJ[JPOF WPUB VOJUB NB QFS JM HJVEJ[JP GJOBMF MB NBHHJPSBO[B EFM DFOUSPTJOJTUSB QFOTB BODPSB BMMkBTUFOTJPOF 10-*5*$"



4PGSJ -B EFTUSB BGGPOEB MB HSB[JB 1SPWFUUB (JPDP EJ 1SFTUJHJBDPNP 3BJVOP *M 'BUUBDDJP EJ #BUUJTUB

HPPENPSOJOH

&$0/0.*"



5FSOJ 5IZTTFO ,SVQQ EJFUSPGSPOU (FSNBOJB .FDDBOJDJ EJFUSPGSPOU #VTJOFTT "TTBMUP B 5PQPMJOJB

.0/%0

4FDPOEP MkFY EJSJHFOUF EFM HSVQQP 'BVTUP 5POOB PHOJ BOOP 5BO[J QSFMFWBWB  NJMJBSEJ EJ MJSF EBM GPO EPGSBODPCPMMJ QFS GJOBO[JBSF FTQP OFOUJ QPMJUJDJ .B OPO OF GB J OPNJ * TPMEJ QFS J QPMJUJDJ BSSJWBWBOP EBJ GSBODP CPMMJ ½ RVBOUP TPTUJFOF 'BVTUP 5POOB OFM DPSTP EJ VO JOUFSSPHBUPSJP J DVJ WFSCBMJ WFO HPOP QVCCMJDBUJ PHHJ EB -l&TQSFTTP 4FDPOEP MlFY EJSFUUPSF GJOBO[JBSJP EJ 1BSNBMBU PHOJ BOOP $BMJTUP 5BO[J QSFMFWBWB DJSDB  NJMJBS EJ EJ MJSF JO DPOUBOUJ EBMMB UFTPSFSJB EB VO GPOEP EFTUJOBUP BMMlBDRVJTUP EJ GSBODPCPMMJ F NBSDIF EB CPMMP $PO RVFTUJ TPMEJ WFOJWBOP QSPCBCJMNFOUF GJOBO[JBUJ JO OFSP VPNJOJ QPMJUJDJ F QBSUJUJ "MUSF GPSNF EJ GJOBO[JB

J UFTTVUJ VNBOJ EBOOFHHJBUJ F QBUPMP HJF DPNF JM NPSCP EJ 1BSLJOTPO *M NPOEP TDJFOUJGJDP SFBHJTDF DPO QSVEFO[B (JVMJP $PTTV DPOEJSFUUPSF EFMMlJTUJUVUP QFS MF DFMMVMF TUBNJOBMJ EFM 4BO 3BGGBFMF EJ .JMBOP HJVEJDB MlBSUJDPMP EJ 4FBUUMF ‚VO QBTTP JNQPS UBOUF DIF EJNPTUSB DIF RVFTUP QSPDF EJNFOUP ½ UFDOJDBNFOUF QPTTJCJMF TVMMlVPNP -B TUSBEB QFS MlVTP DMJOJ DP ½ BODPSB NPMUP MVOHB NB JM 7BUJ DBOP JOTPSHF ‚&l VO EFMJUUP DPOUSP MB WJUB -l½RVJQF SFTQPOTBCJMF EFMMB SJ DFSDB HJVSB ‚&l GPMMF DMPOBSF VO FTTF SF VNBOP B TDPQJ SJQSPEVUUJWJ *O *UBMJB F JO &VSPQB FTQFSJNFOUJ EJ RVF TUP UJQP TPOP JNQPTTJCJMJ " 1"(*/" 

NFOUP OPO JO OFSP NB JOVUJMJ TP TUJFOF 5POOB FSBOP MF TQPOTPSJ[[B [JPOJ *O QBSUJDPMBSF RVFMMB EFMMlBO OVBMF .FFUJOH EFMMlBNJDJ[JB EJ $P NVOJPOF F MJCFSB[JPOF B 3JNJOJ .B 5POOB OPO TJ MJNJUB B QSFOEF SF EJ NJSB J QPMJUJDJ 1FS DFSDBSF EJ BMMFHHFSJSF MB TVB QPTJ[JPOF F RVFMMB EJ 5BO[J UJSB JO CBMMP MF CBODIF *O QBSUJDP MBSF MB #BODB EJ 3PNB F JM TVP QSFTJEFOUF $FTBSF (FSPO[J SJQFUFOEP RVBOUP BWFWB BG GFSNBUP MP TUFTTP 5BO[J ‚$J IB DPTUSFUUP BE BDRVJTUBSF &VSPMBU EBMMB $JSJP EJ $SBHOPUUJ ½ MlBDDVTB "MUSF QSFTTJPOJ TBSFCCFSP TUBUF GBUUF EBMMB CBODB QFS TQJOHFSF 5BO[J BE BD RVJTUBSF MlBDRVB NJOFSBMF $JBQQB[[J EB $JBSSBQJDP $BQJUBMJB DPNF BWFWB GBUUP DJSDB VO NFTF GB EPQP MB QVCCMJDB[JPOF EJ VO WFS CBMF EJ JOUFSSPHBUPSJP EJ 5BO[J DIF BWFWB

&NP[JPOJ

4

BSµ CFMMJTTJNP DJ TBSBOOP UVUUJ JM TJNCP MP J EJTDPSTJ HMJ BQQMBVTJ J DPNJDJ J HJPS

OBMJTUJ J NVTJDJTUJ MB DBO[POF QPQPMBSF $P NF BJ WFDDIJ UFNQJ MF TUFTTF FNP[JPOJ EJ RVBOEP FSBWBNP BM HPWFSOP &NP[JPOJ GPSUJ EVSF EB SFHHFSF

KFOB

KFOB!JMNBOJGFTUPJU

"M TPMEBUP (FPSHF 8 .*$)"&- .003&



.VSP 4IBSPO CPJDPUUB Ml"KB *SBO 4DBOEBMP TVM OVDMFBSF 6TB ,FSSZ TPUUP BUUBDDP

* GPOEJ OFSJ EJ 1BSNBMBU

5SFOUB QJDDPMJ DMPOJ VNBOJ DSFBUJ USB 4FBUUMF F 4FVM -lBOOVODJP WJFOF EB 4FBUUMF EBM QBM DP BVUPSFWPMF EFMMl"DDBEFNJB BNFSJ DBOB EFMMF TDJFO[F VO HSVQQP EJ SJ DFSDBUPSJ IB DMPOBUP USFOUB FNCSJPOJ VNBOJ F PUUFOVUP QFS MB QSJNB WPMUB BMDVOF DFMMVMF TUBNJOBMJ EB VTBSF JO VO MPOUBOP GVUVSP B TDPQJ UFSBQFVUJ DJ &l VOB DPMMBCPSB[JPOF TDJFOUJGJDB USB MlVOJWFSTJUµ EFM .JDIJHBO OFHMJ 6TB F MlBUFOFP EJ 4FVM JO $PSFB EFM 4VE *M MBWPSP ½ QVCCMJDBUP TVMMB SJWJ TUB 4DJFODF DPTUSFUUB BE BOUJDJQBSOF MlVTDJUB QFS MB WPHMJB EJ TDPPQ EFMMB TUBNQB NPOEJBMF  PWPDJUJ EJ  EPOBUSJDJ p ‚WPMPOUBSJF CFO JOGPSNB UF F HSBUVJUF HJVSBOP HMJ TDJFO[JBUJ p QFS DSFBSF USFOUB QJDDPMJ FNCSJPOJ -F DFMMVMF DPTÁ PUUFOVUF QPUSBOOP DVSBSF

*OUBOUP EFCVUUB JM USJDJDMP %T.BSHIFSJUB4EJ 1SPEJ CBUUF[[B JM TJNCPMP €4FSWJS© B VOJSF‹ .B J QBDJGJTUJ QSFTFOUBOP MB NBOJGFTUB[JPOF EFM  NBS[P F BMMk6MJWP EJDPOP OFTTVOB JQPDSJTJB DIJ ± DPO OPJ WPUB OP "--& 1"(*/&  & 

PMUSFUVUUP TPUUPMJOFBUP EJ FTTFSF GPSUFNFOUF JOUFSFTTBUP B SJMFWBSF &VSPMBU TVMMB RVBMF BWFWBOP NFTTP HMJ PDDIJ BMUSJ HSVQQJ IB OVPWBNFOUF TNFOUJUP 4PQSBUUVUUP JM QBSUJ DPMBSF DIF (FSPO[J GPTTF QSFTFOUF BMMF USBU UBUJWF USB MF EVF TPDJFUµ " 3FHJOB $PFMJ JOUBOUP TPOP JOJ[JBUJ HMJ JOUFSSPHBUPSJ EJ $SBHOPUUJ EFM GJHMJP F EFM HF OFSP 'VDJMF QFS JM DSBDL $JSJP -B EJGFTB DP NVOF ½ DIF J EFGJDJU EFSJWBWBOP FTDMVTJWB NFOUF EB PQFSB[JPOJ EJ UJQP JOEVTUSJBMF 1FS J NBHJTUSBUJ JOWFDF DJ TBSFCCFSP FWJEFOUJ TPUUSB[JPOJ EJ GPOEJ *OUBOUP EBMMl&VSPQBSMB NFOUP EJ #SVYFMMFT BSSJWB VOB CVPOB OPUJ [JB MlJOUFO[JPOF EJ DSFBSF VOB TUSVUUVSB EJ DPOUSPMMP EFJ NFSDBUJ GJOBO[JBSJ DPOUJOFOUB MF *OTPNNB VOB 4VQFS$POTPC FVSPQFB DIF GJDDIJ JM OBTP EPWF OFTTVOB BVUPSJUµ OB[JP " 1"(*/"  OBMF QVÇ BSSJWBSF

(

$BSP .S #VTI

SB[JF QFS BWFSDJ GBUUP WF EFSF MB QBS[JBMF JMMFHHJ CJMF GPUPDPQJB EJ VOB CVTUB QBHB P RVBMTJBTJ BMUSB DPTB GPTTF SFMB UJWB B RVBMDIF HJPSOP EJ TFSWJ[JP OFMMB (VBSEJB OB[JPOBMF "EFTTP TBQQJBNP DIF OPO TPMP OPO IB NBJ BEFNQJVUP BM TVP EPWFSF NB ½ TUBUP BODIF QBHBUP QFS EFM MBWP SP DIF OPO IB NBJ TWPMUP )B JO DBTTBUP RVFHMJ BTTFHOJ /PO ½ DIF TBSFCCF DPNF EJSF JMMFHBMF 7FEFSF DPNF MB TUBNQB BCCJB DIJFTUP JO NBOJFSB BHHSFTTJWB EFJ DIJBSJNFOUJ BM TVP QPSUBWPDF  SJ GJVUBOEP EJ BDDFUUBSF JOHBOOJ F JO TBCCJBNFOUJ  ½ TUBUP VOP TQFUUB DPMP EB SJDPSEBSF RVBMDPTB DIF OPO BCCJBNP NBJ WJTUP EB RVBOEP MFJ ½ JO DBSJDB 1JÎ EJ VO HJPSOBMJTUB IB GBUUP OPUBSF DPNF RVFJ QF[[J EJ DBSUB DIF JM TVP QPSUBWPDF IB NPTUSBUP OPO TJHOJGJDIJOP OJFOUF "ODIF TF OPO TPOP GBTVMMJ FTTFSF TUBUJ QBHB UJ OPO TJHOJGJDB OFDFTTBSJBNFOUF DIF MFJ BCCJB QSFTUBUP TFSWJ[JP $PNF IB EFUUP BMMl"Q JM DPMPOFM MP JO QFOTJPOF %BO 4NJUI VO WF UFSBOP DPO  BOOJ EJ TFSWJ[JP ‚-F CVTUF QBHB OPO TJHOJGJDBOP OJFOUF TF OPO DIF TFJ EFOUSP P GVPSJ /PO SFHJTUSBOP OFNNFOP DIF UJQP EJ NBOTJPOF ½ TUBUB TWPMUB QFSDI¾ MF CVTUF QBHB  IB EFUUP 4NJUI  SJ QPSUBOP TPMBNFOUF B RVBMF VOJUµ TJ ½ TUBUJ BTTFHOBUJ F JM TBMBSJP NB UVSBUP JO VO EFUFSNJOBUP QFSJP EP .S #VTI MFJ TJ TUB QSPCBCJM NFOUF DIJFEFOEP QFSDI¾ NBJ RVF TUB TUPSJB OPO WPHMJB NPSJSF -FJ GPSTF IB DSFEVUP DIF EPQP FTTFSNJ GBUUP NBMUSBUUBSF EB 1FUFS +FO OJOHT JO RVFM EJCBUUJUP TVMMB "CD QFS BWFS TVTTVSSBUP RVFMMB QBSPMJ OB DPO MB ‚E UVUUB MB RVFTUJPOF TJ TBSFCCF TDJPMUB DPNF OFWF BM TPMF 1VSUSPQQP MB TVB ‚EJTFS[JPOF OPO TF Ol½ BOEBUB F RVFTUP ½ JM QFS DI¾ MFJ IB NBOEBUP OFHMJ VMUJNJ  NFTJ VO OVNFSP JODBMDPMBCJMF EJ OPTUSF GJHMJF F GJHMJ EFMMB (VBS EJB OB[JPOBMF B NPSJSF 4&(6& " 1"(*/" 

0-"!&+-,01/1 ,**)/,*&00+

OB QSFNFTTB EJ CVPO TFOTP QSBUJDP JO *UBMJB MF QSPTTJ NF FMF[JPOJ FVSPQFF TPOP FMF[JPOJ JUBMJBOF EPWSFCCF SP DPJODJEFSF DPO MF FMF[JPOJ BNNJOJ TUSBUJWF F BOUJDJQBSF RVFMMF QPMJUJDIF DIF DJ BUUFOEPOP 2VFTUF FMF[JPOJ FVSP QFF TPOP JNQPSUBOUJ QFS EFGJOJSF MF GJ TJPOPNJF F J SBQQPSUJ EJ GPS[B USB MB NBHHJPSBO[B F MlPQQPTJ[JPOF 2VFTUB WFSJUµ GBUUVBMF ½ EFM UVUUP FMVTB EBMMB $POWFO[JPOF OB[JPOBMF EFM Ml6MJWP UBSHBUP %T4EJ.BSHIFSJUB DIF TJ BQSF PHHJ BMMl&VS & JM DVJ UFNB ½ EFGJ OJUP EBMMF QBSPMF ‚&VSPQB TPHOP F QSP HFUUP DJP½ DIJBDDIJFSF /FTTVOB JOEJ DB[JPOF EJ PCJFUUJWJ EJ QVOUJ EJ DPO GSPOUP F TDPOUSP DPO MlBUUVBMF NBHHJP SBO[B CFSMVTDPOJBOB -lJNQSFTTJPOF OPO ½ RVFMMB EJ USPWBSTJ EJ GSPOUF B VOP TDPOUSP USB EVF GPS[F QPMJUJDIF SBEJDBM NFOUF EJWFSTF NB B VOB TPSEJEB DPO DPSSFO[B DPNNFSDJBMF USB EVF WFOEJUP SJ EFMMP TUFTTP QSPEPUUP 2VFTUF DPOTJEFSB[JPOJ QPTTPOP BQ QBSJSF USPQQP QFTTJNJTUJDIF NB TPOP DPOGFSNBUF EBMMB QPTJ[JPOF DIF MB NBHHJPSBO[B EFMMl6MJWP QSFOEFSµ TVMMB HVFSSB F TVMMB QFSNBOFO[B P NFOP EFJ OPTUSJ TPMEBUJ JO *SBR BMDVOJ EFJ RVBMJ B /BTTJSJZB TPOP TUBUJ BNNB[[BUJ DPNF DPNQPOFOUJ EJ VOB GPS[B EJ PDDVQB[JP OF TUSBOJFSB 7FOJBNP BM GBUUP /FJ QSPTTJNJ HJPS OJ DJ TBSµ VO WPUP JO QBSMBNFOUP TVMMB NJTTJPOF EFJ OPTUSJ TPMEBUJ JO *SBR -B QPTJ[JPOF NBHHJPSJUBSJB EJ RVFMMJ DIF TJ EJDPOP ‚VOJUJ OFMMl6MJWP ½ OFUUJTTJNB OFMMB TVB QJMBUFTDB JOEFUFSNJOB[JPOF BTUFOTJPOF DPNF BWFWB QSFWFOUJWB NFOUF SBDDPNBOEBUP RVFM GJOJTTJNP QPMJUJDP DIF ½ .BTTJNP %l"MFNB 'BD DJB #FSMVTDPOJ OPJ OPO EJDJBNP O¾ TÁ O¾ OP OPJ TJBNP MlPQQPTJ[JPOF DIF TUB B HVBSEBSF F OPO WVPMF SJTDIJBSF VO TP MP WPUP QFS BWFS EFUUP TÁ P OP ‚4JHOPS OÁ FSB JM UJUPMP EJ QSJNB QBHJOB EFM NBOJGFTUP EJ RVBMDIF HJPSOP GB & RVFTUB GFSNB QPMJUJDB EFM ‚OÁ OPO SJTQFUUP B RVBMDPTB EJ JSSJMFWBOUF DPNF JM QSF[[P EFMMF QFTDIF NB EJ GSPOUF BMMB USBHFEJB EFMMl*SBR BMMlJEFPMP HJB EFMMB ‚HVFSSB QSFWFOUJWB ½ EJWFO UBUB MlBCJUP EFMMB OPTUSB PQQPTJ[JPOF F QPDP TFSWF DIF Ml6OJUµ VSMJ F TUSFQJUJ DPOUSP #FSMVTDPOJ F J TVPJ -B OPTUSB  DFSDBOP EJ TQJFHBSDJ  ½ VOlPQQPTJ[JPOF EJ HPWFSOP SFTQPOTBCJMF & QFOTBOEP B VO BOUJDP EFUUP SPNBOFTDP WJFOF EB EJSF DIF RVFTUB PQQPTJ[JPOF OPO IB OFQQVSF MlBUUFOVBOUF EFMMB NBMBGFEF %PWlFSBOP J QBSMBNFOUBSJ VMJWJTUJ MB DVJ QSFTFO[B JO BVMB BWSFCCF QPUVUP CPD DJBSF MB MFHHF (BTQBSSJ BM NPNFOUP EFM WPUP $IJ BODPSB DSFEF OFJ DPNQPSUB NFOUJ SB[JPOBMJ QFOTB DIF TJDVSBNFOUF DlFSB VOlJOUFTB DPO MB NBHHJPSBO[B VOP TDBNCJP EJ GBWPSJ DPNF TF OF GBO OP UBOUJ JO QBSMBNFOUP &l VOlJQPUFTJ NBMJHOB NB USPQQP PUUJNJTUJDB HMJ BT TFOUJ FSBOP BM DBGG½ PQQVSF JNQFHOBUJ B TDSJWFSF VO EPDVNFOUP EFDJTJWP "J UFNQJ EJ RVFM UBOHIFSP EJ 1PDIFUUJ  CPSCPUUB RVBMDIF FY QBSMBNFOUBSF EFM 1DJ  DPTF TJNJMJ FSBOP JNQFOTBCJMJ &l DPTÁ DIF TJBNP BSSJWBUJ  TQFSJBNP EJ FTTFSF TDPOGFTTBUJ PHHJ  BMMlBTUFOTJP OF TVJ OPTUSJ TPMEBUJ JO *SBR F RVJOEJ TVM DPOTFOTP BMMB HVFSSB DIF TPMP OB [JPOJ JOBGGJEBCJMJ DPNF MB (FSNBOJB F MB 'SBODJB OPO IBOOP BDDFUUBUP 1BSBGSBTBOEP VO WFDDIJP EFUUP OPO SFTUB DIF EJSF ‚BTUFOVUJ F DPOUFOUJ


$BNQBHOB"CCPOBNFOUJ

4UBWPMUB BOEJBNP EFOUSP "CCPOBUFWJBMNBOJGFTUP "JVUFSFUFBQPSUBSFJEJSJUUJVNBOJ OFMMFDBSDFSJJSBDIFOF -l*SBR VOQBFTFTFO[BHJVTUJ[JB EPWFJDJUUBEJOJGJOJTDPOPJODBSDFSFTFO[BJNQVUB[JPOF1FSRVFTUPJM NBOJGFTUP IB EFDJTP EJ BOEBSF EFOUSP DPO MPSP 2VFTUlBOOP DIJ TJ BCCPOB TPTUJFOF JM QSPHFUUP m5VUFMBEFJEJSJUUJVNBOJOFMMFDBSDFSJJSBDIFOFnEJ6O1POUFQFSJODPMMBCPSB[JPOFDPO"OUJHPOF (SVQQP "CFMF F 0SB El"SJB 6O HFTUP EJ TPMJEBSJFUµ DPODSFUB DPOUSP J TPQSVTJ EFMMB HVFSSB

XXXJMNBOJGFTUPJU

good morning 2004  

supplemento de il manifesto

Read more
Read more
Similar to
Popular now
Just for you