9789197651158

Page 1

BÀÊi Ê> À }Ê i iÀÊÛB Ê L ÀÊÃÛFÀÌÊÃ Õ


, Ê -

BÀÊi Ê> À }Ê i iÀÊÛB Ê L ÀÊÃÛFÀÌÊÃ Õ Ê > `L Ê Ê ÕÀÊ > Ê BÀ >ÀÊÃ }Ê i ÊÃÛFÀÌÊÃ Õ Ê V Ê > ÌiÀ>ÀÊvÀF} ÀÊ ÊÃ Õ ` ]Ê` `]ÊLi}À>Û }Ê V ÊÃ À}

6FÀ`v À >}iÌ


Â¥ 7ÇSEGÕSMBHFU 'VSVMVOE *4#/ *4#/ 4QFDJBMVQQMBHB 'ÕSTUB VUHÇWBO BOESB USZDLOJOHFO 4BUU NFE .JOJPO 1SP 0NTMBHGPUP 5PNNZ 5FSOTUSÕN -BZPVU PDI GPSNHJWOJOH #SJUUB +FQQTTPO 'PUPHSBêFS .ÇSUFO ,POHTUBE T PDI &UBD T /ZDPNFE T 1TBMNFO QÇ T Â¥ #SJUU ( )BMMRWJTU m GÕSNFEMBU HFOPN "-*4 5SZDLU J 1PMFO BW 0;(SBG 0MT[UZO 'ÕSGBUUBSFO FMMFS GÕSMBHFU JLMÃ…EFS TJH JOHFU BOTWBS GÕS FWFOUVFMMB GBLUBGFM J EFOOB CPL XFCCBESFTT XXX WBSEGPSMBHFU TF F QPTU JOGP!WBSEGPSMBHFU TF


i F 'ÕSPSE )VS HÕS KBH m BUU TBN UBMB NFE FO TWÇSU TKVL ,PNNB QÇ CFTÕL )VS NÇS EV TKÅMW 'ÕSÅOESJOHBS 1SFTFOUFS 0N EV WBS QBUJFOU 7BE WFU QBUJFOUFO -ZTTOB 'ÕMK QBUJFOUFO 5SÕTU "WTMVUB TBNUBMFU 'ZTJTL LPOUBLU *OUFHSJUFU (SÇUB UJMMTBNNBOT -KVE PDI MVLUFS 4JTUB DIBOTFO 7BE GÇS KBH HÕSB %JOB FHOB QSPCMFN "ONÅM UJMM GÕSTÅLSJOHT LBTTBO

1SÅTUFO %PQ 4BNNBOGBUUOJOH

/ÅS EFO TKVLB JOUF WJMM WFUB BW EJH "UU CMJ BWWJTBE "HHSFTTJWJUFU 4ÅHB GBSWÅM #BSO

.BU PDI ESZDL )PO QSPQQBS J TJH )PO WJMM JOUF ÅUB 4NBLMÕT NBU *MMBNÇFOEF PDI NBUMFEB 4WBNQ J NVOOFO /ÅSJOHTESZDLFS 4WÅMUB VU DBODFSO ªOHFTU "UU TJUUB IPT QBUJFOUFO


)PO WÇHBS JOUF TPNOB .PSHPOUJNNBSOB ÅS WÅSTU "UU QSBUB PN ÇOHFTUFO

4KVLIVT )PTQJDF FUU BMUFSOBUJW ,7) m LWBMJêDFSBE WÇSE J IFNNFU

)FNNB FMMFS QÇ TKVLIVT 7ÇSEQMBOFSJOH "SCFUTUFSBQFVU PDI TKVLHZNOBTUJL &LPOPNJO 1BUJFOUFO LPNNFS IFN 3VNNFU 4ÅOHFO 5ÅDLFU -BLBO ,VEEFO /BUUMJOOF PDI QZKBNBT 5PBMFUUFO 7ÇSE 5WÅUUOJOH #MÕKPS )ÇSUWÅUU 3BLOJOH 5BOECPSTUOJOH -ÅQQBS 5VOHB PDI TWBMH -JHHTÇS 7ÅOEOJOH .BU PDI ESZDL 4NÅSUMJOESJOH 5JMMTZO

4NÃ…SUMJOESJOH )VS HFS NBO TNÃ…SU MJOESJOH 4BNWFSLBO #SVTUBCMFUUFS "DFUZMTBMJDZMTZSB "4" 1BSBDFUBNPM /4"*% OPO TUFSPJEBM BOUJ JOëBNNBUPSZ ESVH 4WBHB PQJPJEFS 4UBSLB PQJPJEFS #FSPFOEF .PSêO 'FOUBOZM QMÇTUFS 'FOUBOZM NVOTMFNIJOOF BQQMJLBUPS .FUBEPO 4NÃ…SUQVNQ 5FOT m USBOTLVUBO FMFL USJTL OFSWTUJNVMFSJOH "OESB WBOMJHB NFEJDJOFS J TNÃ…SUCFIBOEMJOHFO (BCBQFOUJO ,BSCBNB[FQJO "OUJEFQSFTTJWB /FSWCMPDLBE 4USÇMCFIBOEMJOH


"MUFSOBUJWNFEJDJO m BUU IÇMMB IPQQFU WJE MJW 4LPMNFEJDJO LPOUSB BMUFS OBUJW NFEJDJO 1MBDFCP "LVQVOLUVS LJSPQSBLUJL OBQSBQBUJ %F TLPS TJH QÇ TKVL EPNFO "UU IÇMMB IPQQFU WJE MJW /BUVSNFEFM 3FOU IVNCVH &UJTLU EJMFNNB

#FHSBWOJOH ,ZSLMJH CFHSBWOJOH #PSHFSMJH CFHSBWOJOH #FHSBWOJOHTCZSÇ &O EBH GÕS EFO FHOB TPSHFO "UU UB TUÅMMOJOH UJMM ,JTUB 6SOB "OOPOT #MPNTUFSVUTNZDL OJOH .VTJL 1TBMNFS ,MÅETFM 1MBDFSJOH J LZSLBO )BOECMPNNB +PSECFHSBWOJOH

,SFNFSJOH 'BNJMKFHSBW .JOOFTMVOE 4QSJEB BTLBO J IBWFU #BSO (SBWTUFO $IFDLMJTUB GÕS CFHSBW OJOH 4UÃ…OH PDI UÕN %ÕETCPFU #PVQQUFDLOJOH %ÕETCPBONÃ…MBO ,POUBLUFS NFE CBOLFO 'ÕSTÃ…LSJOHBS "WWFDLMJOH BW CPFU 'ÕSSÃ…UUOJOHTNÃ…O #PVQQHJWBSF "UU HÕSB FO CPVQQUFDL OJOH 5FTUBNFOUF %ÕETCPEFMÃ…HBSF "SWTMPUU PDI MBHMPUU "SWTPSEOJOH ¨LUB NBLF NBLB 3FHJTUSFSBE QBSUOFS 4BNCP PDI LVTJOFS #BSO


4PSHFBSCFUFU %FO GÕSTUB UJEFO 4LSJW OFS 6OEWJLBOEF

/ÅS BOESB IBS HMÕNU 4PSH HÇS J WÇHPS -ÇOHWBSJH TPSH

««i ` ÝÊÊ %ÕETIKÅMQ 1BTTJW EÕETIKÅMQ ,POTFLWFOTFS BW GPSUTBUU CFIBOEMJOH ,POTFLWFOTFS BW BWCSVUFO CFIBOEMJOH ¸WFSEPT NFEJDJO %ÕEFO 7BE IÅOEFS OÅS NBO EÕS %ÕETÕHPOCMJDLFU 7BE HÕS KBH OV 5JMMIÕSJHIFUFS

&ѫFS EÕEFO %FU ÅS JOUF CSÇUUPN 0N EV TKÅMW WJMM HÕSB EFO BWMJEOB J PSEOJOH ¸HPO PDI IBLB 5WÅUU SBLOJOH PDI QÇLMÅEOJOH ,BNOJOH PDI TNJOL 7JTOJOH BW EFO EÕEF 4LB CBSOFO TF #BMTBNFSJOH 0CEVLUJPO /ÇHSB CÕOFS PDI QTBMNFS -JUUFSBUVS 3FHJTUFS


À À` 'ÕSS J UJEFO WBS EFU JOUF PWBOMJHU NFE EÕETGBMM J IFN NFU %FU LVOEF WBSB HBNNFMNPSNPS TPN MÇH QÇ TJUU ZUUFSTUB "MMB SÕSEF TJH UZTU J IVTFU PDI CBSOFO êDL LPNNB FO PDI FO PDI UB GBSWÅM %F WVYOB WBLBEF WJE TÅOHFO /ÅS BMMU WBS ÕWFS UWÅUUBEFT EFO EÕEB LMÅEEFT PDI MÇH QÇ MJU EF QBSBEF JOOBO HBNNFMNPSNPS CFHSBW EFT QÇ LZSLPHÇSEFO %Ç WBS QSÅTUFO EFO OBUVSMJHB NJUU QVOLUFO TPN WJTTUF IVS BMMU TLVMMF HÇ UJMM 4Ç ÅS EFU MÇOHU JGSÇO J EBH %F ëFTUB NÅOOJTLPS EÕS QÇ TKVLIVT FMMFS JOTUJUVUJPO PDI CBSB FUU NJOESF BOUBM IFNNB %ÅSGÕS IBS EÕEFO CMJWJU OÇHPU TPN WJ JOUF NÕ UFS UJMM WBSEBHT PDI TÅMMBO NFS ÅO FUU GÇUBM HÇOHFS 0G UBTU IBOEMBS EFU EÇ PN FO GÕSÅMEFS FMMFS ÅLUB NBLB TPN EÕS FMMFS LBOTLF FO OÅSB CBSOEPNTWÅO *OHFO IBS CFSÅUUBU GÕS PTT IVS WJ TLB IBOUFSB EFO OZB TJUVBUJPOFO )VS TLB WJ UBMB NFE EFO TKVLB 7BE WÇHBS NBO TÅHB )VS SFBHFSBS KBH QÇ NJO FHFO EÕETÇOHFTU


7BSGÕS CMJS KBH BWWJTBE BW EFO TKVLB 7BE IÅOEFS FHFOU MJHFO NFE FO NÅOOJTLPLSPQQ OÅS NBO EÕS 0DI IVS HÕS NBO NFE BMMU EFU BOESB EÕETBOOPOT CFHSBWOJOH UFTUBNFOUF CPVQQUFDLOJOH %FO IÅS CPLFO GÕSTÕLFS HF TWBS QÇ TÇEBOB GSÇHPS FG UFSTPN KBH USPS BUU NBO MÅUUBSF LBO IBOUFSB TJO TJUVB UJPO PN NBO ÅS JOGPSNFSBE GÕSCFSFEE QÇ WBE TPN TLB IÅOEB .FO EFU ÅS TÅSTLJMU TWÇSU BUU IBOETLBT NFE EÕ EFO OÅS EFU HÅMMFS CBSO * EF GBMMFO USPS KBH BUU NBO TPN GÕSÅMEFS TZTLPO FMMFS BOIÕSJH CFIÕWFS TÅSTLJMU TUÕE GSÇO WÇSEFO PDI EFO IÅS CPLFO HÕS JOUF BOTQSÇL QÇ BUU LVO OB WBSB FUU TUÕE GÕS BOIÕSJHB UJMM TWÇSU TKVLB CBSO * CPLFO IBS KBH LPOTFLWFOU PNUBMBU QBUJFOUFO J GFNJ OJOVN m IPO %FU IBS KBH HKPSU GÕS ÕWFSTLÇEMJHIFUFOT TLVMM m OBUVSMJHUWJT HÅMMFS UFYUFO GÕS CÇEF NÅO PDI LWJO OPS 1Ç NPUTWBSBOEF WJT PNUBMBT MÅLBSFO BMMUJE TPN NBTLVMJOVN GBTU KBH ÅS WÅM NFEWFUFO PN BUU LWJOOMJHB MÅLBSF ÅS MJLB WBOMJHB TPN NBOMJHB 'ÕSIPQQOJOHTWJT LBO EFO IÅS CPLFO WBSB FO IKÅMQ J EJO TWÇSB TJUVBUJPO OÅS FO BW EJOB ÅMTLBEF ÅS TWÇSU LBO TLF EÕEMJHU TKVL 'ÕS GBLUBLPOUSPMM TQSÇLMJH HFOPNHÇOH PDI TZO QVOLUFS QÇ NBOVTLSJQUFU UBDLBS KBH WBSNU WÇSECJUSÅEF &MJO #SVO MFH QTZLPUFSBQFVU "OO $PSOFMM GÕSGBUUBSF )FMFOB )FOTDIFO G E JOGPSNBUJPOTDIFG 1PVM )FOSJL


,POHTUBE CFHSBWOJOHTFOUSFQSFOÕS -BJMB /ZHSFO BMM NÅOMÅLBSF %BHNBS 0MTPO OBSLPTMÅLBSF "OOB 4QFODFS PDI G E LBNNBSSÅUUTQSFTJEFOU /JMT 8FOU[ 6UBO EFSBT TZOOFSMJHFO WÅSEFGVMMB QÇQFLBOEFO IBEF CPLFO JOUF LVOOBU GÅSEJHTUÅMMBT &WFOUVFMMB ÇUFSTUÇFOEF GFM CFSPS IFMU PDI IÇMMFU QÇ NJH 'VSVMVOE KBOVBSJ .BSJF )FOTDIFO


£ ÕÀÊ} ÀÊ >}Ê qÊ>ÌÌÊÃ> Ì> >Ê i`Êi ÊÃÛFÀÌÊÃ Õ 3FEBO JOOBO NBO IBS IVOOJU CFTÕLB FO TWÇSU TKVL WÅO FMMFS BOIÕSJH JOêOOFS TJH FO SBE QSPCMFN 7JTTB IBS NFE EFO FHOB ÇOHFTUFO BUU HÕSB FMMFS PTÅLFSIFUFO QÇ WBE NBO TLB TÅHB UJMM EFO TKVLB "OESB ÅS BW SFOU QSBL UJTL BSU EFU LBO WBSB LOFQJHU BUU UB TJH UJMM TKVLIVTFU LPMMFLUJWUSBêLFO ÅS CSJTUGÅMMJH FMMFS EFU TBLOBT QBSLF SJOHTQMBUT JOPN SJNMJHU HÇOHBWTUÇOE 4FEBO LBO EFU WBSB TWÇSU BUU IJUUB UJMM SÅUU CZHHOBE PDI SÅUU TBM 1Ç WÅ HFO EJU LBO FO TÇEBO BMMEBHMJH TBL TPN FO IJTT WÇMMB QSPCMFN &O EFM ÅMESF NÅOOJTLPS WÇHBS IFMU FOLFMU JOUF ÇLB NFE EF NPEFSOB TOBCCIJTTBSOB VUBO MFETBHBSF "MMU EFU IÅS NÇTUF EV ÕWFSWJOOB GÕS BUU LVOOB FMMFS WÇHB CFTÕLB FO EÕFOEF NÅOOJTLB 0N EFO TKVLB WÇS EBT J IFNNFU LBOTLF EFU LÅOOT MÅUUBSF BUU LPNNB QÇ CFTÕL .FO PN EFU ÅS GÕSTUB HÇOHFO LPNNFS NÇOHB BUU LÅOOB TJH IBOEGBMMOB 7BE TÅHFS NBO IVS VQQNVOU SBS NBO TLB NBO BMMT VQQNVOUSB


>Ê«FÊLià *OOBO EV ÇLFS J WÅH ÅS EFU LBOTLF QÇ TJO QMBUT BUU UB SFEB QÇ PN EFO TKVLB WFSLMJHFO WJMM IB CFTÕL 0N EV JOUF LBO UBMB NFE IFOOF EJSFLU QÇ UFMFGPO LBO EFU WBSB FO JEÊ BUU LPOUBLUB OÅSNBTUF BOIÕSJH FMMFS SJOHB EJSFLU UJMM BWEFMOJOHFO PDI UBMB NFE FO TKVLTLÕUFSTLB

ÕÀÊ FÀÊ`ÕÊÃ B Û¶ .FO BMMSB GÕSTU CÕS EV ÅSMJHU UB SFEB QÇ IVS EV TKÅMW NÇS 7JMMF EV IFMTU TMJQQB EFU IÅS CFTÕLFU %Ç LBOTLF FUU CSFW FMMFS FUU UFMFGPOTBNUBM WPSF CÅUUSF &MMFS ÅS EV QÇ HPUU IVNÕS %JO FHFO TJOOFTTUÅNOJOH TNJUUBS BW TJH QÇ QBUJFOUFO TÇ PN EV WFU IVS EV TKÅMW IBS EFU LBO EV NFEWFSLB UJMM BUU CFTÕLFU CMJS CSB 7BS JOUF SÅEE GÕS BUU TLPKB PDI TLSBUUB PDLTÇ TKVLB CFIÕWFS HMÅEKF NZDL FU HMÅEKF %FU TLB GÕSTUÇT JOUF IJOESB EJH GSÇO BUU CMJ BMM WBSMJH PDI NFELÅOOBOEF GÕSTÕL CKVEB QÇ CÇEF PDI 0N EV IBS CSÇUUPN NFO ÅOEÇ HÅSOB WJMM HFOPNGÕSB CFTÕLFU ÅS EFU CSB PN EV SFEBO GSÇO CÕSKBO CFSÅUUBS BUU EV TOBSU NÇTUF HÇ 'ÕSTÕL TFEBO HMÕNNB LMPDLBO PDI VUOZUUKB EFO UJE OJ IBS UJMMTBNNBOT %FU ÅS JOUF CFTÕ LFOT MÅOHE FMMFS BOUBM TPN CFUZEFS OÇHPU VUBO EFSBT JOOFIÇMM


Ó BÀÊ`i ÊÃ Õ >Ê ÌiÊ Û ÊÛiÌ>Ê>ÛÊ` } %FU LBOTLF TWÇSBTUF TPN LBO ESBCCB EJH TPN OÅSB BO IÕSJH FMMFS WÅO ÅS OÅS EFO TKVLB JOUF WJMM WFUB BW EJH %V LBO CMJ EKVQU TÇSBE PDI JOUF GÕSTUÇ OÇHPOUJOH )ÅS IBS OJ LÅOU WBSBOESB J NÇOHB MÇOHB ÇS VQQMFWU HMÅEKF PDI TPSH EFMBU QÇ IFNMJHIFUFS PDI VUCZUU GÕSUSPFOEFO 0DI TÇ QMÕUTMJHU WJMM QBUJFOUFO JOUF BUU EV TLB CFTÕLB IFOOF FMMFS UBMB J UFMFGPO NFE EJH

ÌÌÊL Ê>ÛÛ Ã>` "UU CÇEF VQQMFWB TUBSL TPSH PDI BUU QMÕUTMJHU CMJ BWWJTBE ÅS FO NZDLFU TWÇS NFO JOUF PWBOMJH VQQMFWFMTF %Ç ÅS EFU CSB PN EV GÕSNÇS TÅUUB EJH ÅOOV NFSB JO J QBUJFO UFOT TJUVBUJPO &O BW BOMFEOJOHBSOB UJMM BUU EV CMJS BW WJTBE LBO WBSB BUU EFO TKVLB WJMM CMJ JIÇHLPNNFO TPN IPO FO HÇOH WBS TUBSL PDI GSJTL JOUF TPN OV CMFL USÕUU PDI GVM


*>Ì i Ìi Ê iÀÊ i ,Õ iÌ %FU GÕSTUB EV NÇTUF QMBOFSB ÅS J WJMLFU SVN EFO TKVLB TLB MJHHB %FU ÅS JOUF TÅLFSU BUU TPWSVNNFU ÅS CÅTUB TUÅMMFU 7ÅMK TKVLSVN TÇ EFO TKVLB TMJQQFS BUU HÇ J USBQ QPS PDI IBS OÅSB UJMM UPBMFUUFO (PMWFU TLB HÅSOB WBSB PÕNU PDI UÇMB CÇEF VQQLBTUOJOHBS PDI WÇUUWÅUU 0N QB UJFOUFO PSLBS TLB EV LBOTLF PSEOB TÇ IPO LBO TF QÇ UW J TKVLSVNNFU 3VNNFU TLB IFMTU WBSB TWBMU VUBO TUÕ SBOEF MKVE VUJGSÇO PDI EFU TLB êOOBT QMBUT GÕS EJH PDI BOESB BUU WÇSEB EFO TKVLB "OUBHMJHFO LBO EV JOUF PSE OB BMMU PQUJNBMU NFO GÕSTÕL QMBOFSB TÇ NZDLFU TPN NÕKMJHU JOOBO QBUJFOUFO LPNNFS IFN GSÇO TKVLIVT FM MFS JOTUJUVUJPO )ÕS FѫFS NFE WÇSEUFBNFU PDI IFNIKÅM QFO WJMLB TÅSTLJMEB ÕOTLFNÇM EF IBS

-B }i %V LBO CFHÅSB BUU EFU TUÅMMT FO TKVLIVTTÅOH UJMM EJUU GÕS GPHBOEF %FO LBO IÕKBT PDI TÅOLBT %Ç TMJQQFS EV LSÕ LB SZHHFO OÅS EV UJMM FYFNQFM UWÅUUBS QBUJFOUFO PDI IPO LBO MÅUUBSF TKÅMW UB TJH VS TÅOHFO OÅS EFO TUÅMMT J MÅNQMJH IÕKE 0WBOEFMFO LBO MZѫBT TÇ QBUJFOUFO IBMW TJUUFS J TÅOHFO %FU VOEFSMÅUUBS CÇEF BOEOJOH PDI UW


UJUUBOEF /BDLEFMFO NFE EF ëFTUB TUÅMMCBSB TKVLIVT TÅOHBS ÅS BUU EF TBLOBS TUPQQ GÕS TUKÅSUFO %ÅSGÕS IBTBS QBUJFOUFO OFS J TÅOHFO PDI MJHHFS TOBSU IPQTKVOLFO UJMM TBNNBOT NFE LVEEFO PDI VOEFSMBLBOFU .FO TKVL IVTTÅOHBSOB IÇMMFS QÇ BUU NPEFSOJTFSBT PDI EFU êOOT CSB TUÅMMCBSB J USF TFLUJPOFS *OTJTUFSB QÇ BUU GÇ FO TÇEBO 0N QBUJFOUFO ÅOEÇ GÇS FO ÅMESF TÅOHNPEFMM SFLPN NFOEFSBS KBH PN EV IBS SÇE BUU EV TKÅMW JOWFTUFSBS J FO TUÅMMCBS TÅOH TPN ESJWT BW NPUPSFS PDI LBO IÕKBT PDI TÅOLBT J USF TFLUJPOFS %Ç LBO EV IÕKB CFOFO TÅOLB NJUUEFMFO PDI IÕKB ÕWSF EFMFO TÇ QBUJFOUFO MJHHFS CF LWÅNU PDI JOUF IBTBS OFS 5ZWÅSS NÇTUF NBESBTTFO WBSB HBOTLB NKVL PDI EFU LBO J WJTTB GBMM WBSB FO OBDLEFM %V CFIÕWFS JOUF WÅMKB FO NÅSLFTTÅOH VUBO LBO IBOEMB GSÇO FO CJMMJHBSF WBSVIVTLFEKB

/BV iÌ * 4WFSJHF IBS WJ FO TÅOHLVMUVS BW EFU NFTU QVSJUBOTLB TMBHFU 1Ç TKVLIVTFO TFS EFU GPSUGBSBOEF VU TPN QÇ FO NJMJUÅSLBTFSO NFE VOEFSMBLBO ÕWFSMBLBO PDI UVOU UÅDLF BMMU J TUSBN HJWBLU %FU GÕSTUB NBO NÇTUF HÕSB ÅS BUU SJWB VQQ TÅOHLMÅEFSOB TÇ GÕUUFSOB GÇS GSJUU TQFMSVN %Ç CSVLBS EFU JOUF UB MÇOH UJE JOOBO MBLBOFU MJHHFS IBMWU QÇ HPMWFU QÇ FOB TJEBO PDI UÅDLFU QÇ BOESB


È - BÀÌ `À } .ÇMFU GÕS BMM TNÅSUMJOESJOH ÅS BUU GÕSTÕLB FMJNJOFSB TNÅSUB /ÅS EFU IBS VQQOÇUUT ÅS NÇMFU BUU TNÅSUBO JOUF UJMMÇUT CSZUB JHFOPN FѫFSTPN EFO EÇ ÅS NFSB TWÇSCF IBOEMBE /ÅS KBH UBMBS PN TNÅSUB TPN CSZUFS JHFOPN NFOBS KBH BUU QBUJFOUFO GÇS POU JHFO USPUT TNÅSUTUJM MBOEF NFEJDJO %F ëFTUB TKVLIVT HFS J EBH BEFLWBU TNÅSUMJOESJOH NFO UZWÅSS êOOT EFU GPSUGBSBOEF PLVOTLBQ CMBOE WÇSE QFSTPOBM %FU ÅS LBOTLF JOUF TÇ LPOTUJHU NFE UBOLF QÇ BUU WJ J 4WFSJHF TÇ TFOU TPN QÇ UBMFU WBS ZUUFSTU TQBS TBNNB NFE BUU HF NPSêO UJMM TWÇSU TNÅSUESBCCBEF QB UJFOUFS 0STBLFO WBS SÅETMBO GÕS CFSPFOEF m TPN PN EFU TLVMMF TQFMB NJOTUB SPMM GÕS FO EÕFOEF *OHFO BOOBO ÅO QBUJFOUFO WFU IVS POU IPO IBS %FU ÅS EÅSGÕS GFM BUU QÇTUÇ BUU QBUJFOUFO TKÇQBS TJH FMMFS MÇUTBT &SGBSFOIFUFO WJTBS PDLTÇ BUU TÇ TOBSU QBUJFOUFO ÅS TNÅSU GSJ TÅHFS IPO OFK UJMM ZUUFSMJHBSF TNÅSUNFEJDJOFSJOH


0ѫB GÇS QBUJFOUFO MPW BUU WJTB IVS POU IPO IBS QÇ FO TÇ LBMMBE 7"4 TUJDLB FO WJTVFMM BOBMPHTLBMB %FO ÅS HSBEFSBE GSÇO UJMM EÅS CFUZEFS TNÅSUGSJ PDI WÅSTUB NÕKMJHB TNÅSUB 1BUJFOUFO TÅUUFS FUU TUSFDL FMMFS NÅSLF WJE EFO QVOLU TPN IPO UZDLFS NPUTWBSBS IFO OFT TNÅSUB %FOOB FOLMB BOPSEOJOH ÅS MÅUU BUU BOWÅOEB PDI HFS FUU GÕSWÇOBOTWÅSU CSB NÇUU QÇ IVS POU QBUJFOUFO IBS "MMB GPSNFS BW TNÅSUB LBO JOUF CFIBOEMBT CPSU NFO QBUJFOUFOT TNÅSUVQQMFWFMTF LBO BMMUJE MJOESBT 4NÅSU MJOESJOH LBO HÕSBT NFE CM B NFEJDJOFS TUSÇMCFIBOE MJOH FMMFS PMJLB UZQFS BW OFSWCMPDLBEFS

ÕÀÊ}iÀÊ > ÊÃ BÀÌ `À }¶ .BO LBO HF TNÅSUMJOESJOH QÇ FO SBE PMJLB TÅUU r 5BCMFUU TPN TWÅMKT IFM FMMFS MÕTFT VQQ J WBUUFO CSVTUBCMFUU

r ,BQTFM TPN TWÅMKT IFM NFE WBUUFO r 'MZUBOEF NFEJDJO NJYUVS TPN TWÅMKT r 5BCMFUU TPN GÇS TNÅMUB J NVOOFO FMMFS VOEFS UVOHBO r 4UPMQJMMFS TPN TUJDLT VQQ J ÅOEUBSNFO r 4NÅSUQMÇTUFS r 4NÅSUQVNQ r 4QSVUB


r /FSWCMPDLBE r 4USÇMCFIBOEMJOH r 5&/4 m USBOTLVUBO FMFLUSJTL OFSWTUJNVMFSJOH

-> ÛiÀ > 7JTTB MÅLFNFEFM GVOHFSBS TÇ BUU EF GÕSTUÅSLFS FMMFS IÅN NBS BOESB MÅLFNFEFM %ÅSGÕS LBO FO LPNCJOBUJPO BW NFEJDJOFS HF PWÅOUBEF FĒFLUFS PѫB UJMM EFU TÅNSF %FU ÅS EÅSGÕS PMZDLMJHU PN ëFSB MÅLBSF GÕSTLSJWFS MÅLFNFEFM PCFSPFOEF BW WBSBOESB FѫFSTPN EFU EÇ êOOT SJTL GÕS BUU JOHFO IBS ÕWFSCMJDL ÕWFS NFEJDJOFSJOHFO %ÅSGÕS ÅS EFU PFSIÕSU WÅSEFGVMMU BUU IB FO VQQEBUFSBE NFEJDJO MJTUB NFE TJH WJE BMMB MÅLBSLPOUBLUFS %FTTVUPN LBO NBO LSÅWB BUU GÕSTLSJWBOEF MÅLBSF OPUFSBS EBUVN GÕS JOTÅUU


n i}À>Û } * "QQFOEJY LBO EV MÅTB PN WBE TPN IÅOEFS OÅS OÇHPO EÕS 0N EV UZDLFS EFU ÅS PUÅDLU LBO EV MÇUB CMJ BUU MÅTB EFU * EFU IÅS LBQJUMFU LPODFOUSFSBS WJ PTT QÇ GSÇHPS PN LSJOH CFHSBWOJOHFO 0SEFU CFHSBWOJOH ÅS FUU TBNMJOHTCFHSFQQ TPN PN GBUUBS DFSFNPOJO J LZSLBO LBQFMMFU KPSECFHSBWOJOH FM MFS HSBWTÅUUOJOH FѫFS LSFNFSJOH

ÞÀ }ÊLi}À>Û } %V LBO TKÅMW CPLB UJE GÕS CFHSBWOJOHFO ,POUBLUB EFO BWMJEOBT GÕSTBNMJOH GÕS BUU IÕSB WJMLFO EBH TPN CF HSBWOJOHFO LBO ÅHB SVN %Ç LPNNFS GÕSTBNMJOHT QSÅTUFO BVUPNBUJTLU BUU UB LPOUBLU NFE EJH 0N EV WJMM BOMJUB FO BOOBO QSÅTU ÅO GÕSTBNMJOHTQSÅTUFO NÇTUF EV TKÅMW LPOUBLUB EFOOB PDI IÕSB PN UJEFSOB QBTTBS 'ÕS FO NFEMFN BW 4WFOTLB LZSLBO ÅS EFU HSBUJT BUU


CFHSBWBT J GÕSTBNMJOHTLZSLBO 0DLTÇ GÕSTBNMJOHTQSÅT UFOT NFEWFSLBO ÅS EÇ LPTUOBETGSJ 0N EV BOMJUBS FO BOOBO QSÅTU CFUBMBS EÕETCPFU EFOOF 0N EFO BWMJEOB JOUF WBS NFEMFN BW 4WFOTLB LZS LBO VQQTUÇS WJTTB TWÇSJHIFUFS PN EV WJMM IB FO LZSLMJH CFHSBWOJOH %FU ÅS GÕSTBNMJOHFO TPN CFTUÅNNFS WJMM LPSFO 0ѫB UBS EF FYUSB NZDLFU CFUBMU FMMFS WÅHSBS IFMU BUU MÇUB CFHSBWOJOHFO ÅHB SVN J LZSLBO

À}iÀ }ÊLi}À>Û } &O CPSHFSMJH CFHSBWOJOH LBO ÅHB SVN WBS TPN IFMTU J LBQFMMFU J IFNNFU J 'PMLFUT IVT FMMFS LBOTLF VUPNIVT %V LBO CF LPNNVOFOT PēDJBOU OÅSWBSB FMMFS TKÅMW VUTF FO %FOOF MFEFS DFSFNPOJO PDI IÇMMFS LBOTLF FUU UBM WJE LJTUBO %FU HÇS PDLTÇ VUNÅSLU BUU IFMU BWTUÇ GSÇO FO PēDJBOU

i}À>Û }ÃLÞÀF %V CFIÕWFS JOUF BOMJUB FO CFHSBWOJOHTCZSÇ NFO EF ëFT UB WÅMKFS ÅOEÇ BUU HÕSB EFU /ÅS EFU HÅMMFS WBM BW LJTUB


Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.