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1
ISSN 0101-6245
outubro, 2005
Empresa Brasileira de Pesquisa Agropecuária
Centro Nacional de Pesquisa de Suínos e Aves
Ministério da Agricultura, Pecuária e Abastecimento
Documentos 99
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7OENKGPVGRQFGUGTRGUUQCHÈUKECQWLWTÈFKECKFGPVKHKECFCRGNQ%2(QW%02,
TGURGEVKXCOGPVG 3WCPFQ Q ENKGPVG Ã WOC RGUUQC LWTÈFKEC RTGRQUVQU
TGRTGUGPVCOGUUGENKGPVGLWPVQ´'ODTCRC0Q5).GUUGUTGRTGUGPVCPVGUUºQ
FGHKPKFQUEQOQEQPVCVQUECFCUVTCFQUGOEQPLWPVQEQOQENKGPVG1ECFCUVTQ
FGEQPVCVQUÃFKUEWVKFQPQKVGOEQPVCVQU
#(KICRTGUGPVCCVGNCFGECFCUVTQFGENKGPVGU#LCPGNCRTKPEKRCNOQUVTCQU
ENKGPVGU ECFCUVTCFQU WVKNK\CPFQ Q OGUOQ HQTOCVQ FCU VGNCU CPVGTKQTGU #U
KPHQTOCÁÐGUFQUENKGPVGUUºQCEGUUCFCUFKTGVCOGPVGGOUGWUUWDPÈXGKU
24
(KI6GNCFGECFCUVTQFGENKGPVGU
FKTGKVCFCVGNCUºQOQUVTCFCUFWCUEQNWPCUFGQRÁÐGU
0C EQNWPC FC GUSWGTFC GUVºQ CU HWPÁÐGU FG DWUEC G QTFGPCÁºQ FQU ENKGPVGU
NKUVCFQU PC LCPGNC RTKPEKRCN # QRÁºQ Q.KUVCTR RGTOKVG OQUVTCT VQFQU QU
ENKGPVGU QU CRGPCU RGUUQC HÈUKEC QW LWTÈFKEC # QRÁºQ Q.QECNK\CTR RGTOKVG
DWUEC T¶RKFC CDTKPFQ WOC LCPGNC FG FKIKVCÁºQ RCTC RCNCXTC EJCXG # QRÁºQ
Q/QUVTCTR RGTOKVG C CRTGUGPVCÁºQ RQT %02,%2( QW RQT PQOG # QRÁºQ
Q#ITWRCT RQTR RGTOKVG HQTOCT CITWRCOGPVQU RQT GUVCFQ FC HGFGTCÁºQ RQT
EKFCFGQWPGPJWO
0C EQNWPC FC FKTGKVC GUVºQ QU DQVÐGU FG CEGUUQ Ú HWPÁÐGU FG KPENWUºQ
CNVGTCÁºQQWGZENWUºQFGENKGPVGUGFCHWPÁºQFGECFCUVTQFGEQPVCVQURCTCQ
ENKGPVGUGNGEKQPCFQPCLCPGNCRTKPEKRCN
CC ++PPEENNWWUUººQQFFGGEENNKKGGPPVVGGUU
2CTC C KPENWUºQ FG PQXQ ENKGPVG ENKECT UQDTG Q DQVºQ Q+PENWKTR PC VGNC FG
ECFCUVTQ FG ENKGPVGU (KI 0C VGNC FG KPENWUºQ FG ENKGPVG (KI
RTGGPEJGTQUECORQUUQNKEKVCFQUGENKECTPQDQVºQQ)TCXCTRRCTCKPENWKTQPQXQ
ENKGPVG QW GO Q(GEJCTR RCTC ECPEGNCT QDTKICVÎTKQ Q RTGGPEJKOGPVQ FQU
ECORQUFG%2(%02,PQOGGPFGTGÁQG%'2
(KI6GNCFGKPENWUºQFGENKGPVGU
25
%2(%02, KPHQTOCT Q %2( SWCPFQ Q ENKGPVG Ã RGUUQC HÈUKEC QW Q %02,
SWCPFQQENKGPVGHQTRGUUQCLWTÈFKEC
0QOGKPHQTOCTQPQOGFQENKGPVG
'PFGTGÁQKPHQTOCTQGPFGTGÁQFQENKGPVG TWCPÕOGTQ
%QORNGOGPVQKPHQTOCTUGQGPFGTGÁQHQTECUCCRCTVCOGPVQGVE
$CKTTQKPHQTOCTQDCKTTQFGGPFGTGÁQFQENKGPVG
%'2KPHQTOCTQ%ÎFKIQFG'PFGTGÁCOGPVQ2QUVCN %'2 FCEKFCFGQPFGTGUKFG

QWGUV¶KPUVCNCFCCGORTGUCFQENKGPVG1PQOGFCEKFCFGÃFGHKPKFQRGNQ%'2
GFGXGT¶GUVCTECFCUVTCFQPQOGPWQ%CFCUVTQFG%KFCFGUR
+PUE'UVCFWCNKPHQTOCTC+PUETKÁºQ'UVCFWCNFQENKGPVGUGJQWXGT
74. +PHQTOCT C R¶IKPC PC KPVGTPGV FQ ENKGPVG UG JQWXGT 'ZGORNQ
JVVRYYYEPRUCGODTCRCDT
DD #
#NNVVGGTTCCÁÁººQQFFGGEENNKKGGPPVVGGUU
2CTCCCNVGTCÁºQFQUFCFQUFGWOENKGPVGENKECTUQDTGQPQOGFQENKGPVGRCTC
CNVGTCT PC TGNCÁºQ FG ENKGPVGU OQUVTCFQU PC LCPGNC RTKPEKRCN (KI RCTC
OCTECTQPQOGFQENKGPVG%NKECTUQDTGQDQVºQQ#NVGTCTRPCVGNCFGECFCUVTQ
FGENKGPVGU (KI #VGNC FG CNVGTCÁºQFGENKGPVG (KI XGORTGGPEJKFC
EQO QU FCFQU FQ ENKGPVG UGNGEKQPCFQ UWDUVKVWKT CU KPHQTOCÁÐGU C UGTGO
CNVGTCFCU G ENKECT PQ DQVºQ Q)TCXCTR RCTC EQPHKTOCT QW GO Q(GEJCTR RCTC
ECPEGNCT QDTKICVÎTKQ Q RTGGPEJKOGPVQ FQU ECORQU FG %2(%02, PQOG
GPFGTGÁQG%'2
(KI6GNCFGCNVGTCÁºQFGFCFQUFGENKGPVGU
26
EE ''ZZEENNWWUUººQQFFGGEENNKKGGPPVVGGUU
2CTCCGZENWUºQFGWOENKGPVGENKECTUQDTGQPQOGFQENKGPVGCUGTGZENWÈFQ
PC TGNCÁºQ FG ENKGPVGU OQUVTCFQU PC LCPGNC RTKPEKRCN (KI RCTC OCTECT Q
PQOGFQENKGPVG%NKECTUQDTGQDQVºQQ'ZENWKTRPCVGNCFGECFCUVTQFGENKGPVGU
(KI # VGNC FG GZENWUºQ FG ENKGPVG OQUVTC Q PQOG G Q %02,%2( FQ
ENKGPVGUGNGEKQPCFQ (KI ENKECTPQDQVºQQ%QPHKTOCRRCTCGZENWKTQENKGPVG
QW PQ DQVºQ Q%CPEGNCR RCTC ECPEGNCT C QRGTCÁºQ # GZENWUºQ UQOGPVG UGT¶
RGTOKVKFCUGQENKGPVGPºQVKXGTCOQUVTCUECFCUVTCFCU
(KI6GNCFGGZENWUºQFGENKGPVGU
%
%QQPPVVCCVVQQUU
7O ENKGPVG RQFG VGT WO QW OCKU EQPVCVQU UGPFQ GNGU SWG FGOCPFCO FQU
UGTXKÁQUFQNCDQTCVÎTKQQWFC7PKFCFG2CTCKPENWKTGZENWKTQWCNVGTCTFCFQUFG
EQPVCVQU UGNGEKQPCT Q ENKGPVG ENKECPFQ UQDTG Q PQOG FQ ENKGPVG PC LCPGNC
RTKPEKRCN FC VGNC FG KPENWUºQ FG ENKGPVGU G ENKECT UQDTG Q DQVºQ Q%QPVCVQUR
(KI RCTC CDTKT C VGNC FG ECFCUVTQ FG EQPVCVQU (KI 0C LCPGNC
RTKPEKRCNUºQNKUVCFQUQUEQPVCVQUECFCUVTCFQURCTCQENKGPVGKFGPVKHKECFQRGNQ
%02,%2( PC DQTFC UWRGTKQT FC VGNC FKTGKVC GUVºQ FKURQPÈXGKU QU DQVÐGU
Q+PENWKTRRCTCCKPENWUºQFGWOPQXQEQPVCVQQ#NVGTCTRRCTCCCNVGTCÁºQFQU
FCFQU FQ EQPVCVQ OCTECFQ Q'ZENWKTR RCTC C GZENWUºQ FG WO EQPVCVQ G
Q5CKTRRCTCCDCPFQPCTUGOCNVGTCÁºQ
(KI6GNCECFCUVTQFGEQPVCVQU
27
%
%QQPPVVTTQQNNGGFFGGFFGGXXGGFFQQTTGGUU
5QDTG QU UGTXKÁQU TGCNK\CFQU RGNC GORTGUC G Q NCDQTCVÎTKQ Ã GUVCDGNGEKFQ WO

RTGÁQ FG EQOGTEKCNK\CÁºQ 1 EQPVTQNG UQDTG Q RCICOGPVQ RGNQ ENKGPVG FQU
UGTXKÁQUTGCNK\CFQU ÃHGKVQ RGNQ51( 5GVQTFG1TÁCOGPVQ G (KPCPÁCU &GUUC
HQTOCSWCPFQQENKGPVGGPVTCEQOPQXQRGFKFQFGUGTXKÁQUQNCDQTCVÎTKQPºQ
VGO EQPJGEKOGPVQ FC NKSWKFCÁºQ FQU UGTXKÁQU RTGUVCFQU CPVGTKQTOGPVG 1
QDLGVKXQ Ã VQTPCT XKUÈXGN RCTC Q NCDQTCVÎTKQ C UKVWCÁºQ FQ ENKGPVG G UGT¶
OQPKVQTCFQCWVQOCVKECOGPVGXKCUQHVYCTGEQOCTGEWUCFGCVGPFKOGPVQRCTC
ENKGPVGUKPCFKORNGPVGU
%CFC ENKGPVG CRTGUGPVC EQOQ EQPFKÁºQ KPKEKCN Q UVCVWU FG PºQ FGXGFQT 'UUC
EQPFKÁºQ RQFG UGT OQFKHKECFC RGNQ 51( UGPFQ SWG QU FGOCKU WUW¶TKQU
TGEGDGTºQCRGPCURGTOKUUºQFGNGKVWTC#(KIOQUVTCCVGNCFGUVCVWUFQU
ENKGPVGUECFCUVTCFQUGCQRÁºQFGCNVGTCÁºQFQUVCVWUXKUÈXGNCRGPCURCTCQ
51(SWGVGT¶RGTOKUUºQFGCEGUUQ
(KI6GNCFGENKGPVGUFGXGFQTGU
# VGNC FG ENKGPVGU FGXGFQTGU Ã CEGUUCFC ENKECPFQ PC QRÁºQ Q%NKGPVGU

&GXGFQTGURFQOGPWFGQ%CFCUVTQFG%NKGPVGUREQOQOQUVTCFQPC(KI
#
#NNVVGGTTCCÁÁººQQFFGGUUVVCCVVWWUUFFGGEENNKKGGPPVVGGFFGGXXGGFFQQTT
'UUC HWPÁºQ Ã FG CEGUUQ GZENWUKXQ FQ 51( SWG FGXGT¶ CNVGTCT Q UVCVWU RCTC
FGXGFQTRCTCQUENKGPVGUSWGGUVKXGTGOKPCFKORNGPVGUEQOQURCICOGPVQUFQU
UGTXKÁQURTGUVCFQURGNC'ODTCRC
3WCPFQFGSWCNSWGTCNVGTCÁºQFCUKVWCÁºQFQENKGPVGUGT¶IGTCFQCWVQOCVKEC
OGPVGWOTGIKUVTQFCCNVGTCÁºQEQPVGPFQCFCVCJQTCGCOCVTÈEWNCFGSWGO
GHGVWQWCCNVGTCÁºQ
2CTCCNVGTCTQUVCVWUFQENKGPVGRCTCQFGXGFQTRQWRCTCQPºQFGXGFQTRFGXG
UG ENKECT PC QRÁºQ Q#NVGTCTR FC VGNC FG ENKGPVGU FGXGFQTGU (KI 'UUG
RTQEGFKOGPVQ CDTG WOC ECKZC FG FK¶NQIQ EQO CU QRÁÐGU FG Q%CPEGNCR RCTC
28
ECPEGNCT C QRGTCÁºQ G RGTOCPGEGT Q UVCVWU CVWCN QW Q%QPHKTOCR RCTC
OQFKHKECTQUVCVWUEQOQOQUVTCFQPC(KI.
Q R Q
(KI6GNCFGCNVGTCÁºQFGUVCVWUFGENKGPVGURCTC FGXGFQT QW PºQFGXGFQT R
%
%CCFFCCUUVVTTQQFFGGEEKKFFCCFFGGUU
1 ECFCUVTCOGPVQ FG EKFCFGU HQK OQFGNCFQ RCTC HCEKNKVCT Q RTQEGUUQ FG

NQECNK\CÁºQ G TGFW\KT C SWCPVKFCFG FG KPHQTOCÁÐGU FWRNKECFCU PC DCUG FG
FCFQU #U EKFCFGU UºQ KFGPVKHKECFCU RGNQ %'2 RGTOKVKPFQ CITWRCOGPVQU RQT
GUVCFQ%'2EKFCFG&&&GRCÈUEQOQOQUVTCFQPC(KI5ºQFKURQPÈXGKU
CUQRÁÐGUFGKPENWUºQFGPQXCEKFCFGGGZENWUºQFGWOCEKFCFGECFCUVTCFC1
DQVºQQ5CKTRRGTOKVGCDCPFQPCTCVGNCUGOCNVGTCÁÐGU
(KI6GNCFGECFCUVTQFGEKFCFGU
#U EKFCFGU ECFCUVTCFCU UºQ OQUVTCFCU PC LCPGNC OCKQT WVKNK\CPFQ Q OGUOQ
OQFGNQFCUVGNCUCPVGTKQTGU
29
++PPEENNWWUUººQQFFGGEEKKFFCCFFGG
2CTC ECFCUVTCT WOC EKFCFG ENKECT PQ DQVºQ Q+PENWKTR PC VGNC FG ECFCUVTQ FG
EKFCFGU (KI RCTCCDTKTCVGNCFGKPENWUºQFGEKFCFGU (KI 2TGGPEJGT
VQFQUQUECORQUGENKECTPQDQVºQQ)TCXCTRQWQ(GEJCTRRCTCCDCPFQPCTUGO
CNVGTCÁºQ
(KI6GNCFGKPENWUºQFGEKFCFGU
''ZZEENNWWUUººQQFFGGEEKKFFCCFFGG
2CTC GZENWKT WOC EKFCFG ENKECT PQ DQVºQ Q'ZENWKTR PC VGNC FG ECFCUVTQ FG
EKFCFGU (KI RCTC CDTKT CLCPGNCFG GZENWUºQ FG EKFCFGU (KI %NKECT
PQ DQVºQ Q%QPHKTOCR RCTC GZENWKT QW Q%CPEGNCR RCTC CDCPFQPCT UGO
CNVGTCÁºQ
1RTQEGFKOGPVQFGGZENWUºQUQOGPVGUGT¶RGTOKVKFQUGCEKFCFG UGNGEKQPCFC
PºQGUVKXGTCUUQEKCFCCPGPJWOTGIKUVTQFGECFCUVTQ
(KI6GNCFGGZENWUºQFGEKFCFGU
1
1TTKKIIGGO
OFFGGCCO
OQQUUVVTTCCUU
1 ECFCUVTQ FG QTKIGO FCU COQUVTCU Ã WO UKUVGOC RCTC CUUQEKCT WOC
FGVGTOKPCFCCOQUVTCCQNQECNGOSWGHQKRTQFW\KFCQWEQNGVCFC1UKUVGOCFG
ECFCUVTQFGQTKIGOÃDCUGCFQPQEÎFKIQFG¶TGCFCVGNGHQPKCHKZC#UUKOWOC
COQUVTCRQFGVGTUWCQTKIGOCUUQEKCFCCVÃQPÈXGNFQOWPKEÈRKQ
1CEGUUQ CQ ECFCUVTQFGNQECKU FG QTKIGO FG COQUVTCU Ã HGKVQ RGNQ OGPW FG
ECFCUVTQPC QRÁºQ QTKIGO FG COQUVTCU (KI 1U NQECKU FG QTKIGO UºQ Q
RCÈUCTGIKºQGQOWPKEÈRKQ
30
(KI/GPWFGECFCUVTQFGNQECKUFGQTKIGOFGCOQUVTCU
%
%CCFFCCUUVVTTQQFFGGRRCCÈÈUUFFGGQQTTKKIIGGO
OFFGGCCO
OQQUUVVTTCCUU
2CTCCEGUUCTCVGNCFGECFCUVTQFGRCÈUFGQTKIGOFCUCOQUVTCUENKECTUQDTGC
QRÁºQQ2CÈURPQOGPWFGQ%CFCUVTQRQ1TKIGOFGCOQUVTCUREQOQOQUVTCFQ
PC (KI 0C LCPGNC RTKPEKRCN UºQ NKUVCFQU QU RCÈUGU ECFCUVTCFQU FKTGKVC
GUVºQ FKURQPÈXGKU QU DQVÐGU Q+PENWKTR RCTC C KPENWUºQ FG WO PQXQ RCÈU
Q#NVGTCTRRCTCCCNVGTCÁºQFCFGUETKÁºQFGWORCÈUQ'ZENWKTRRCTCCGZENWUºQ
FG WO RCÈU Q4GIKÐGUR RCTC NKUVCT CU TGIKÐGU ECFCUVTCFCU RCTC Q RCÈU
UGNGEKQPCFQGQ5CKTRRCTCCDCPFQPCTUGOCNVGTCÁºQ (KI
(KI6GNCFGECFCUVTQFGRCÈUFGQTKIGOFGCOQUVTCU
CC ++PPEENNWWKKTTRRCCÈÈUU
2CTCKPENWKTWOPQXQRCÈUFGQTKIGOFGCOQUVTCUENKECTUQDTGCQRÁºQQ+PENWKTR
PC VGNC FG ECFCUVTQ FG RCÈU FG QTKIGO (KI CDTKPFQ WOC LCPGNC RCTC C
KPENWUºQ EQO CU QRÁÐGU FG Q%ÎFKIQ FQ 2CÈUR Q0QOGR Q)TCXCTR G Q(GEJCTR
(KI
31
(KI,CPGNCFGECFCUVTQFGRCÈUFGQTKIGOFGCOQUVTCU
%ÎFKIQFQRCÈUEÎFKIQ&&+FQRCÈUFGHKPKFQRGNQUKUVGOCFGVGNGHQPKC
0QOGFGUETKÁºQFQPQOGFQRCÈU
)TCXCTDQVºQRCTCEQPHKTOCTCKPENWUºQFQPQXQRCÈU
(GEJCTDQVºQRCTCCDCPFQPCTCLCPGNCUGOCITCXCÁºQFQUFCFQU
DD #
#NNVVGGTTCCTTPPQQO
OGGFFGGRRCCÈÈUU
7OC XG\ ECFCUVTCFQ Q EÎFKIQ FG WO RCÈU C ÕPKEC CNVGTCÁºQ RGTOKVKFC Ã FQ
PQOG 2CTC CNVGTCT UGNGEKQPCT Q RCÈU G ENKECT UQDTG C QRÁºQ Q#NVGTCTR PC VGNC
FGECFCUVTQFG RCÈUFGQTKIGO (KI CDTKPFQWOCLCPGNC RCTC C CNVGTCÁºQ
EQOCUQRÁÐGUFGQ0QOGRQ)TCXCTRGQ(GEJCTR (KI
(KI,CPGNCFGCNVGTCÁºQFQPQOGFGRCÈUFGQTKIGOFGCOQUVTCU
%ÎFKIQFQRCÈUEÎFKIQ&&+FQRCÈUFGHKPKFQRGNQUKUVGOCFGVGNGHQPKC
0QOGFGUETKÁºQFQPQOGFQRCÈU
)TCXCTDQVºQRCTCEQPHKTOCTCCNVGTCÁºQFQPQOGFQRCÈU
EE ''ZZEENNWWKKTTRRCCÈÈUU
2CTC GZENWKT UGNGEKQPCT Q RCÈU G ENKECT UQDTG C QRÁºQ Q'ZENWKTR PC VGNC FG
ECFCUVTQFGRCÈUFGQTKIGO (KI CDTKPFQWOCLCPGNCRCTCCGZENWUºQEQO
CUQRÁÐGUFGQ5KORGQ0ºQR (KI
32
(KI,CPGNCFGGZENWUºQFGRCÈUFGQTKIGOFGCOQUVTCU
5KODQVºQRCTCEQPHKTOCTCGZENWUºQFQRCÈU
0ºQDQVºQRCTCCDCPFQPCTCLCPGNCUGOCITCXCÁºQFQUFCFQU
FF 44GGIIKKÐÐGGUU
#EGUUQ´VGNCFGECFCUVTQFGTGIKÐGUGEKFCFGURCTCQRCÈUUGNGEKQPCFQ
%
%CCFFCCUUVVTTQQFFGGTTGGIIKKººQQFFGGQQTTKKIIGGO
OFFGGCCO
OQQUUVVTTCCUU
7OC TGIKºQ Ã FGHKPKFC EQOQ C ¶TGC FG CDTCPIÄPEKC FG WO EÎFKIQ FG &&&
CUUKOPGUUGUKUVGOCPºQÃEQPUKFGTCFCCWPKFCFGHGFGTCVKXC
2CTCCEGUUCTCVGNCFGECFCUVTQFGTGIKºQFGQTKIGOFCUCOQUVTCUENKECTUQDTG
C QRÁºQ Q4GIKºQR PQ OGPW FG Q%CFCUVTQR Q1TKIGO FG COQUVTCUR EQOQ
OQUVTCFQPC(KI0CLCPGNCRTKPEKRCNUºQNKUVCFCUCUTGIKÐGUECFCUVTCFCU
FKTGKVC GUVºQ FKURQPÈXGKU QU DQVÐGU Q+PENWKTR RCTC C KPENWUºQ FG WOC PQXC
TGIKºQQ#NVGTCTRRCTCCCNVGTCÁºQFCFGUETKÁºQFGWOCTGIKºQQ'ZENWKTRRCTC
CGZENWUºQFGWOCTGIKºQQ%KFCFGURRCTCNKUVCTCUEKFCFGUECFCUVTCFCURCTCC
TGIKºQ UGNGEKQPCFC Q2CÈUR RCTC UGNGEKQPCT Q RCÈU CQ SWCN ECFCUVTCT PQXCU
TGIKÐGUGQ5CKTRRCTCCDCPFQPCTUGOCNVGTCÁºQ (KI %QOQRCFTÐGUUºQ
NKUVCFQUCUTGIKÐGUFQ$TCUKN2CTCTGIKÐGUFGQWVTQRCÈUXGTQKVGOG
(KI6GNCFGECFCUVTQFGTGIKÐGUFGQTKIGOFGCOQUVTCU
CC ++PPEENNWWKKTTTTGGIIKKÐÐGGUU
2CTC KPENWKT WOC PQXC TGIKºQ FG QTKIGO FG COQUVTCU ENKECT UQDTG C QRÁºQ
Q+PENWKTRPCVGNCFGECFCUVTQFGTGIKºQFGQTKIGO (KI CDTKPFQWOCLCPGNC
33
RCTC C KPENWUºQ EQO CU QRÁÐGU FG Q%ÎFKIQ FC 4GIKºQR Q0QOGR Q2CÈUR
Q)TCXCTRGQ(GEJCTR (KI
(KI,CPGNCFGECFCUVTQFGTGIKºQFGQTKIGOFGCOQUVTCU
%ÎFKIQFCTGIKºQEÎFKIQ&&&FCTGIKºQFGHKPKFQRGNQUKUVGOCFGVGNGHQPKC
0QOGFGUETKÁºQFQPQOGFCTGIKºQ
2CÈUUGNGÁºQFQ2CÈUCSWGRGTVGPEGCTGIKºQ
)TCXCTDQVºQRCTCEQPHKTOCTCKPENWUºQFCPQXCTGIKºQ
DD #
#NNVVGGTTCCTTPPQQO
OGGFFGGTTGGIIKKººQQ
7OCXG\ECFCUVTCFQQEÎFKIQFGWOCTGIKºQCÕPKECCNVGTCÁºQRGTOKVKFCÃFQ
PQOG2CTCCNVGTCTUGNGEKQPCTCTGIKºQGENKECTUQDTGCQRÁºQQ#NVGTCTRPCVGNC
FGECFCUVTQFGTGIKºQFGQTKIGO (KI CDTKPFQWOCLCPGNCRCTCCCNVGTCÁºQ
(KI,CPGNCFGCNVGTCÁºQFQPQOGFG4GIKºQFGQTKIGOFGCOQUVTCU
%ÎFKIQFCTGIKºQEÎFKIQ&&&FCTGIKºQFGHKPKFQRGNQUKUVGOCFGVGNGHQPKC
0QOGFGUETKÁºQFQPQOGFCTGIKºQ
2CÈUUGNGÁºQFQRCÈUCSWGRGTVGPEGCTGIKºQ
)TCXCTDQVºQRCTCEQPHKTOCTCKPENWUºQFCPQXCTGIKºQ
34
EE ''ZZEENNWWKKTTTTGGIIKKººQQ
2CTC GZENWKT UGNGEKQPCT C TGIKºQ G ENKECT UQDTG C QRÁºQ Q'ZENWKTR PC VGNC FG
ECFCUVTQ FG TGIKºQ FG QTKIGO (KI CDTKPFQ WOC LCPGNC RCTC C GZENWUºQ
EQOCUQRÁÐGUFGQ5KORQWQ0ºQR (KI
(KI,CPGNCFGGZENWUºQFG4GIKºQFGQTKIGOFGCOQUVTCU
5KODQVºQRCTCEQPHKTOCTCGZENWUºQFCTGIKºQ
FF %
%KKFFCCFFGGUU
#EGUUQ ´ VGNC FG ECFCUVTQ FG EKFCFGU RCTC C TGIKºQ UGNGEKQPCFC XGT
KVGO
GG 22CCÈÈUU
,CPGNC RCTC UGNGEKQPCT Q RCÈU CQ SWCN KPENWKT CNVGTCT QW GZENWKT TGIKÐGU
#RTGUGPVCCUQRÁÐGUFGQ2CÈURQ%QPHKTOCRGQ(GEJCTR (KI
(KI,CPGNCFGUGNGÁºQFGRCÈURCTCKPENWUºQFGTGIKºQFGQTKIGOFGCOQUVTCU
2CÈULCPGNCFGUGNGÁºQFGRCÈU
%QPHKTOCDQVºQRCTCEQPHKTOCTCUGNGÁºQFQRCÈU
(GEJCTDQVºQRCTCCDCPFQPCTCLCPGNCUGOCNVGTCÁºQ
%
%CCFFCCUUVVTTQQFFGGEEKKFFCCFFGGUUFFGGQQTTKKIIGGO
OFFGGCCO
OQQUUVVTTCCUU
7OCEKFCFGÃFGHKPKFCEQOQC¶TGCFGCDTCPIÄPEKCFGWORTGHKZQFGVGNGHQPG
7OCEKFCFGRQFGVGTX¶TKQURTGHKZQUUGPFQPGEGUU¶TKQQECFCUVTQFGECFCWO
FGNGU KPFKXKFWCNOGPVG %QOQ GZGORNQ C EKFCFG FG %QPEÎTFKC L 5% G VQFC C
¶TGC FG CDTCPIÄPEKC FQ OWPKEÈRKQ GUVºQ NQECNK\CFCU PQ RCÈU $TCUKN &&+
4GIKºQ1GUVGFG5CPVC%CVCTKPC &&& GVGOEQOQRTGHKZQUFGVGNGHQPG
QUPÕOGTQUG
35
2CTCCEGUUCTCVGNCFGECFCUVTQFGEKFCFGFGQTKIGOFCUCOQUVTCUENKECTUQDTG
C QRÁºQ Q%KFCFGR PQ /GPW FG Q%CFCUVTQR Q1TKIGO FG COQUVTCUR EQOQ
OQUVTCFQPC(KI0CLCPGNCRTKPEKRCNUºQNKUVCFCUCU EKFCFGUECFCUVTCFCU
RCTCECFCRCÈUGTGIKºQFKTGKVCGUVºQFKURQPÈXGKUQUDQVÐGUQ+PENWKTRRCTCC
KPENWUºQFGWOCPQXCEKFCFGQ#NVGTCTRRCTCCCNVGTCÁºQFCFGUETKÁºQFGWOC
EKFCFG Q'ZENWKTR RCTC C GZENWUºQ FG WOC EKFCFG Q4GIKºQR RCTC NKUVCT CU
EKFCFGUECFCUVTCFCURCTCCTGIKºQUGNGEKQPCFCGQ5CKTRRCTC CDCPFQPCTUGO
CNVGTCÁºQ (KI
(KI6GNCFGECFCUVTQFGEKFCFGFGQTKIGOFGCOQUVTCU
CC ++PPEENNWWKKTTEEKKFFCCFFGG
2CTC KPENWKT WOC PQXC EKFCFG FG QTKIGO FG COQUVTCU ENKECT UQDTG C QRÁºQ
Q+PENWKTRPCVGNCFGECFCUVTQFGEKFCFGFGQTKIGO (KI CDTKPFQWOCLCPGNC
RCTC C KPENWUºQ EQO CU QRÁÐGU FG Q%ÎFKIQ FC %KFCFGR Q0QOGR Q2CÈUR
Q4GIKºQRQ)TCXCTRGQ(GEJCTR (KI
(KI,CPGNCFGECFCUVTQFGEKFCFGFGQTKIGOFGCOQUVTCU
%ÎFKIQFCEKFCFGRTGHKZQFQUKUVGOCFGVGNGHQPKCRCTCCSWGNCEKFCFG
0QOGFGUETKÁºQFQPQOGFCEKFCFG
2CÈUUGNGÁºQFQRCÈUCSWGRGTVGPEGCEKFCFG
4GIKºQUGNGÁºQFCTGIKºQQPFGGUV¶NQECNK\CFCCEKFCFG
36
)TCXCTDQVºQRCTCEQPHKTOCTCKPENWUºQFCPQXCEKFCFG
DD #
#NNVVGGTTCCTTPPQQO
OGGFFGGEEKKFFCCFFGG
7OCXG\ECFCUVTCFQQEÎFKIQFGWOCEKFCFGCÕPKECCNVGTCÁºQRGTOKVKFCÃFQ
PQOG2CTCCNVGTCTUGNGEKQPCTCEKFCFGGENKECTUQDTGCQRÁºQQ#NVGTCTRPCVGNC
FGECFCUVTQFGEKFCFGFGQTKIGO (KI CDTKPFQWOCLCPGNCRCTCCCNVGTCÁºQ
(KI,CPGNCFGCNVGTCÁºQFQPQOGFGEKFCFGFGQTKIGOFGCOQUVTCU
%ÎFKIQFC%KFCFGRTGHKZQFQUKUVGOCFGVGNGHQPKCRCTCCSWGNCEKFCFG
0QOGFGUETKÁºQFQPQOGFCEKFCFG
2CÈUUGNGÁºQFQRCÈUCSWGRGTVGPEGCEKFCFG
4GIKºQUGNGÁºQFCTGIKºQQPFGGUV¶NQECNK\CFCCEKFCFG
)TCXCTDQVºQRCTCEQPHKTOCTCKPENWUºQFCPQXCEKFCFG
EE ''ZZEENNWWKKTTEEKKFFCCFFGG
2CTC GZENWKT UGNGEKQPCT C EKFCFG G ENKECT UQDTG C QRÁºQ Q'ZENWKTR PC VGNC FG
ECFCUVTQ FG EKFCFG FG QTKIGO (KI CDTKPFQ WOC LCPGNC RCTC C GZENWUºQ
EQOCUQRÁÐGUFGQ5KORQWQ0ºQR (KI
(KI,CPGNCFGGZENWUºQFGEKFCFGFGQTKIGOFGCOQUVTCU
5KODQVºQRCTCEQPHKTOCTCGZENWUºQFCEKFCFG
37
FF 55GGNNGGEEKKQQPPCCTTTTGGIIKKººQQ
1RÁºQ RCTC NKUVCT CRGPCU CU EKFCFGU FG WO FGVGTOKPCFQ RCÈU G TGIKºQ 2CTC
UGNGEKQPCTWOCPQXCTGIKºQENKECTUQDTGCQRÁºQQ4GIKºQRPCVGNCFGECFCUVTQ
FGEKFCFGFGQTKIGO (KI CDTKPFQWOCLCPGNCEQOCUQRÁÐGUFGQ2CÈUR
Q4GIKºQRQ%QPHKTOCRQWQ(GEJCTR (KI
(KI,CPGNCFGUGNGÁºQFG2CÈUGTGIKºQRCTCKPENWUºQFGEKFCFGFGQTKIGOFGCOQUVTCU
2CÈULCPGNCFGUGNGÁºQFGRCÈU
4GIKºQLCPGNCFGUGNGÁºQFGTGIKºQ
%QPHKTOCDQVºQRCTCEQPHKTOCTCUGNGÁºQ
(GEJCTDQVºQRCTCCDCPFQPCTCLCPGNCUGOCNVGTCÁºQ
%
%QQPPVVTTCCVVQQUUGGEEQQPPXXÄÄPPKKQQUU
#U FGOCPFCU FQ NCDQTCVÎTKQ RQFGO CFXKT FG ENKGPVGU KPVGTPQU QW GZVGTPQU
6QFC C FGOCPFC FG ENKGPVGU KPVGTPQU GUV¶ TGNCEKQPCFC EQO RTQLGVQU FG
RGUSWKUCCDQTFCFQPQKVGO
1 TGNCEKQPCOGPVQ FC GORTGUC EQO ENKGPVGU GZVGTPQU CEQPVGEG FG HQTOCU

FKHGTGPEKCFCU 2QFG UGT WOC EQQRGTCÁºQ VÃEPKEC WOC RCTEGTKC WO EQPXÄPKQ
QWCKPFCEQOCUQNKEKVCÁºQRQPVWCNFGWOVGUVGQWCP¶NKUG
%CFC WOC FGUUCU HQTOCU FG TGNCEKQPCOGPVQ EQO QU ENKGPVGU GZVGTPQU HQK
FGHKPKFQEQOQQVKRQRGQECFCUVTQFQUVKRQUFGEQPVTCVQUGEQPXÄPKQUÃHGKVQ
CVTCXÃU FQ OGPW FG ECFCUVTQ FG EQPVTCVQU G EQPXÄPKQU L ECFCUVTQ FG VKRQU
EQOQOQUVTCFQPC(KI
38
(KI/GPWFGECFCUVTQFGEQPVTCVQUGEQPXÄPKQU
1 ECFCUVTQ FG EQPVTCVQU G EQPXÄPKQU VKRQU G RTGXKUºQ FG CP¶NKUGU Ã FG

EQORGVÄPEKC GZENWUKXC FC %JGHKC FG 2& GPSWCPVQ SWG QU FGOCKU WUW¶TKQU
VGTºQCRGPCU RGTOKUUºQFGNGKVWTC
%
%CCFFCCUUVVTTQQFFGGVVKKRRQQUU
#VGNCFGECFCUVTQFGVKRQUFGEQPVTCVQUG EQPXÄPKQU Ã CEGUUCFCENKECPFQUG

UQDTG C QRÁºQ FG Q%CFCUVTQ FG 6KRQUR FQ OGPW FG ECFCUVTQ FG EQPVTCVQU G
EQPXÄPKQU (KI # FGHKPKÁºQ KPENWUºQ CNVGTCÁºQ G GZENWUºQ FG VKRQU FG
EQPVTCVQU G EQPXÄPKQU Ã FG EQORGVÄPEKC GZENWUKXC FC %JGHKC FG 2&
GPSWCPVQSWGQUFGOCKUWUW¶TKQUVGTºQCRGPCURGTOKUUºQFGNGKVWTC
# VGNC Ã EQORQUVC RQT WOC LCPGNC ´ GUSWGTFC EQO C TGNCÁºQ FG VKRQU
ECFCUVTCFQUEQOFGVCNJCOGPVQFCUKPHQTOCÁÐGUFKTGKVCCRTGUGPVCDQVÐGU
RCTC CEGUUQ Ú VGNCU FG KPENWUºQ CNVGTCÁºQ QW GZENWUºQ FG VKRQU G UCKT (KI

(KI6GNCFGECFCUVTQFGVKRQUFGEQPVTCVQUGEQPXÄPKQU
CC ++PPEENNWWKKTTVVKKRRQQUU
#KPENWUºQFGWOVKRQFGEQPVTCVQGEQPXÄPKQÃCEGUUCFCENKECPFQUGUQDTGQ
DQVºQ Q+PENWKTR PC VGNC FG ECFCUVTQ FG VKRQU FG EQPVTCVQU G EQPXÄPKQU (KI
CDTKPFQWOCLCPGNCRCTCCKPENWUºQFGWOPQXQVKRQ (KI
39
(KI,CPGNCFGKPENWUºQFGPQXQVKRQFGEQPVTCVQUGEQPXÄPKQU
# LCPGNC Ã EQORQUVC RQT VTÄU ECORQU RCTC RTGGPEJKOGPVQ QEÎFKIQR QDTKIC

VÎTKQ QFGUETKÁºQR QDTKICVÎTKQ G QQDUGTXCÁÐGUR QREKQPCN #RTGUGPVC
VCODÃO FWCU QRÁÐGU CVTCXÃU FQU DQVÐGU Q(GEJCTR CDCPFQPCT UGO
CNVGTCÁÐGUGQ)TCXCTRLRCTCKPENWKTQPQXQVKRQPQDCPEQFGFCFQU
DD #
#NNVVGGTTCCTTVVKKRRQQUU
# CNVGTCÁºQ FQU FCFQU FG WO VKRQ FG EQPVTCVQ QW EQPXÄPKQ Ã CEGUUCFC
ENKECPFQUGUQDTGQDQVºQQ#NVGTCTRPCVGNCFGECFCUVTQFGVKRQUFGEQPVTCVQU
G EQPXÄPKQU (KI CDTKPFQ WOC LCPGNC RCTC C CNVGTCÁºQ FCU KPHQTOCÁÐGU
GZKUVGPVGU (KI
(KI,CPGNCFGCNVGTCÁºQFGKPHQTOCÁÐGUFGVKRQUFGEQPVTCVQUGEQPXÄPKQU
#LCPGNCOQUVTCCUKPHQTOCÁÐGUFQVKRQRTGXKCOGPVGUGNGEKQPCFQPCLCPGNCFG
VKRQUECFCUVTCFQUEQOQOQUVTCFQPC(KIRGTOKVKFCCRGPCUCCNVGTCÁºQ
FCUKPHQTOCÁÐGUTGHGTGPVGUCQUECORQUFGQ&GUETKÁºQRGQ1DUGTXCÁÐGUR
#RTGUGPVC VCODÃO CU QRÁÐGU FG Q(GEJCTR CDCPFQPCT UGO CNVGTCÁÐGU G

Q)TCXCTRLRCTCEQPHKTOCTCCNVGTCÁºQFQUFCFQU
EE ''ZZEENNWWKKTTVVKKRRQQUU
#GZENWUºQFGWOVKRQFGEQPVTCVQQWEQPXÄPKQÃCEGUUCFCENKECPFQUGUQDTG
QDQVºQQ'ZENWKTRPCVGNCFGECFCUVTQFGVKRQUFGEQPVTCVQUGEQPXÄPKQU (KI
PGEGUU¶TKQ UGNGEKQPCT CPVGU Q VKRQ C UGT GZENWÈFQ PC LCPGNC FG VKRQU
ECFCUVTCFQU
#LCPGNCFGGZENWUºQFGVKRQOQUVTCCFGUETKÁºQFQVKRQUGNGEKQPCFQ (KI
%NKECT PQ DQVºQ Q%QPHKTOCR RCTC GZENWKT Q VKRQ QW PQ DQVºQ Q%CPEGNCR RCTC
40
ECPEGNCTCQRGTCÁºQ#GZENWUºQUQOGPVGUGT¶RGTOKVKFCUGQVKRQPºQGUVKXGT
CUUQEKCFQCCOQUVTCUECFCUVTCFCU
(KI,CPGNCFGGZENWUºQFGVKRQUFGEQPVTCVQUGEQPXÄPKQU
%
%CCFFCCUUVVTTQQFFGGEEQQPPVVTTCCVVQQUUGGEEQQPPXXÄÄPPKKQQUU
# VGNC FG ECFCUVTQ FG EQPVTCVQU G EQPXÄPKQU Ã CEGUUCFC ENKECPFQUG UQDTG C

QRÁºQ FG Q%CFCUVTQ FG %QPVTCVQU G %QPXÄPKQUR FQ OGPW FG ECFCUVTQ FG
EQPVTCVQUGEQPXÄPKQU (KI #KPENWUºQCNVGTCÁºQGGZENWUºQFGEQPVTCVQU
GEQPXÄPKQUÃFGEQORGVÄPEKCGZENWUKXCFC%JGHKCFG2&GPSWCPVQSWGQU
FGOCKUWUW¶TKQUVGTºQCRGPCURGTOKUUºQFGNGKVWTC
#VGNCÃEQORQUVCRQTWOCLCPGNC´GUSWGTFCEQOCTGNCÁºQFGEQPVTCVQUG
EQPXÄPKQU ECFCUVTCFQU EQO FG FGVCNJCOGPVQ FCU KPHQTOCÁÐGU FKTGKVC
CRTGUGPVC DQVÐGU RCTC CEGUUQ Ú VGNCU FG KPENWUºQ CNVGTCÁºQ QW GZENWUºQ G
UCKT (KI
(KI6GNCFGECFCUVTQFGEQPVTCVQUGEQPXÄPKQU
6CODÃO QHGTGEG QRÁÐGU FG CITWRCOGPVQ OQUVTCPFQ VQFQU QU EQPVTCVQU

EQPXÄPKQU ECFCUVTCFQU QW UGNGÁºQ RGNQ PQOG FQ ENKGPVG CPQ FG KPKEKQ
TGURQPU¶XGNQWVKRQ
41
CC ++PPEENNWWUUººQQFFGGEEQQPPVVTTCCVVQQUUGGEEQQPPXXÄÄPPKKQQUU
#KPENWUºQFGWOPQXQEQPVTCVQQWEQPXÄPKQÃ CEGUUCFCENKECPFQUGUQDTGQ
DQVºQQ+PENWKTRPCVGNCFGECFCUVTQFGEQPVTCVQUGEQPXÄPKQU (KI CDTKPFQ
WOCLCPGNCRCTCCKPENWUºQFGWOPQXQEQPVTCVQQWEQPXÄPKQ (KI
(KI,CPGNCFGKPENWUºQFGEQPVTCVQUGEQPXÄPKQU
# LCPGNC Ã EQORQUVC RQT UGVG ECORQU VQFQU FG RTGGPEJKOGPVQ QDTKICVÎTKQ

Q%ÎFKIQR Q%NKGPVGR Q&GUETKÁºQR Q&CVC FG +PÈEKQR Q&CVC FG 6ÃTOKPQR
Q4GURQPU¶XGNR G Q6KRQR 1 ENKGPVG Q TGURQPU¶XGN G Q VKRQ FGXGO GUVCT
RTGXKCOGPVG ECFCUVTCFQU 1 TGURQPU¶XGN Ã WO GORTGICFQ FC 'ODTCRC SWG
TGURQPFG KPVGTPCOGPVG RQT CSWGNG EQPVTCVQ QW EQPXÄPKQ G TGRTGUGPVC C
'ODTCRCLWPVQCQENKGPVG
DD #
#NNVVGGTTCCÁÁººQQFFGGEEQQPPVVTTCCVVQQUUGGEEQQPPXXÄÄPPKKQQUU
# CNVGTCÁºQ FQU FCFQU FG WO EQPVTCVQ QW EQPXÄPKQ Ã CEGUUCFC ENKECPFQUG
UQDTG Q DQVºQ Q#NVGTCTR PC VGNC FG ECFCUVTQ FG EQPVTCVQU G EQPXÄPKQU #
LCPGNC OQUVTC CU KPHQTOCÁÐGU FQ EQPVTCVQ QW EQPXÄPKQ RTGXKCOGPVG
UGNGEKQPCFQ PC LCPGNC FG EQPVTCVQU ECFCUVTCFQU EQOQ OQUVTCFQ PC (KI
Q)TCXCTRLRCTCEQPHKTOCTCUCNVGTCÁÐGU (KI
(KI,CPGNCFGCNVGTCÁºQFGFCFQUFGEQPVTCVQUGEQPXÄPKQU
42
EE ''ZZEENNWWUUººQQFFGGEEQQPPVVTTCCVVQQUUGGEEQQPPXXÄÄPPKKQQUU
#GZENWUºQFGWOEQPVTCVQQWEQPXÄPKQÃCEGUUCFCENKECPFQUGUQDTGQDQVºQ
Q'ZENWKTRPCVGNCFGECFCUVTQFGEQPVTCVQUGEQPXÄPKQU (KI PGEGUU¶TKQ
UGNGEKQPCTCPVGUQEQPVTCVQQWEQPXÄPKQCUGTGZENWÈFQPCLCPGNCFGEQPVTCVQU
GEQPXÄPKQUECFCUVTCFQU
#LCPGNCFGGZENWUºQOQUVTCCFGUETKÁºQFQEQPVTCVQQWEQPXÄPKQUGNGEKQPCFQ
(KI %NKECTPQDQVºQQ%QPHKTOCRRCTCGZENWKTQWPQDQVºQQ%CPEGNCRRCTC
ECPEGNCT C QRGTCÁºQ # GZENWUºQ UQOGPVG UGT¶ RGTOKVKFC UG Q EQPVTCVQ QW
EQPXÄPKQPºQGUVKXGTCUUQEKCFQCCOQUVTCUECFCUVTCFCU
(KI,CPGNCFGGZENWUºQFGEQPVTCVQUGEQPXÄPKQU
22TTGGXXKKUUººQQFFGGCCPP¶¶NNKKUUGGUURRCCTTCCEEQQPPVVTTCCVVQQUUGGEEQQPPXXÄÄPPKKQQUU
#VGNCFGRTGXKUºQFGCP¶NKUGURCTCEQPVTCVQUGEQPXÄPKQUÃCEGUUCFCENKECPFQ
UG UQDTG C QRÁºQ FG Q2TGXKUºQ FG #P¶NKUGU RCTC %QPVTCVQR FQ OGPW FG
ECFCUVTQFGEQPVTCVQUGEQPXÄPKQU (KI #KPENWUºQCNVGTCÁºQGGZENWUºQ
FGCP¶NKUGURCTCEQPVTCVQUGEQPXÄPKQUÃFGEQORGVÄPEKCGZENWUKXCFC%JGHKC
FG2&GPSWCPVQSWGQUFGOCKUWUW¶TKQUVGTºQCRGPCURGTOKUUºQFGNGKVWTC
# VGNC Ã EQORQUVC RQT WOC LCPGNC ´ GUSWGTFC EQO C TGNCÁºQ FCU #P¶NKUGU
RTGXKUVCU RCTC QU EQPVTCVQU G EQPXÄPKQU ECFCUVTCFQU FKTGKVC CRTGUGPVC
DQVÐGU RCTC CEGUUQ Ú VGNCU FG KPENWUºQ CNVGTCÁºQ QW GZENWUºQ G UCKT (KI

(KI6GNCFGRTGXKUºQFGCP¶NKUGURCTCEQPVTCVQUGEQPXÄPKQU
43
6CODÃOQHGTGEGQRÁÐGUFGUGNGÁºQOQUVTCPFQVQFQUQUEQPVTCVQUEQPXÄPKQU
ECFCUVTCFQU QW ECUQU GURGEÈHKEQU G CITWRCOGPVQ RQT EQPVTCVQEQPXÄPKQ QW
RQTCP¶NKUG
CC ++PPEENNWWUUººQQFFGGRRTTGGXXKKUUººQQFFGGCCPP¶¶NNKKUUGGUU
2CTC KPENWKT C RTGXKUºQ FG CP¶NKUGU C WO EQPVTCVQ QW EQPXÄPKQ Ã PGEGUU¶TKQ
UGNGEKQPCT Q EQPVTCVQ PC VGNC FG ECFCUVTQ FG EQPVTCVQU G EQPXÄPKQU ENKECPFQ
UQDTG Q PÕOGTQ FQ EQPVTCVQEQPXÄPKQ FGUGLCFQ G GO UGIWKFC ENKECT UQDTG Q
DQVºQQ+PENWKTREQOQOQUVTCFQPC(KICDTKPFQWOCLCPGNCRCTCCKPENWUºQ
FGCP¶NKUGURCTCQEQPVTCVQQWEQPXÄPKQUGNGEKQPCFQ (KI
(KI,CPGNCFGRTGXKUºQFGCP¶NKUGURCTCQUEQPVTCVQUGEQPXÄPKQUECFCUVTCFQU
# LCPGNC Ã EQORQUVC RQT FQKU ECORQU Q#P¶NKUGR G Q#P¶NKUGU RTGXKUVCUR 0Q

ECORQQ#P¶NKUGRUGNGEKQPCUGCCP¶NKUGRCTCCSWCNUGT¶HGKVCCRTGXKUºQGPQ
ECORQQ#P¶NKUGURTGXKUVCURÃFGHKPKFCCSWCPVKFCFGFGCOQUVTCURCTCCUSWCKU
Q.CDQTCVÎTKQVGT¶RGTOKUUºQFGTGCNK\CTCCP¶NKUGUGNGEKQPCFC
DD #
#NNVVGGTTCCÁÁººQQFFGGRRTTGGXXKKUUººQQFFGGCCPP¶¶NNKKUUGGUU
2CTC CNVGTCT C RTGXKUºQ FG CP¶NKUGU FG WO EQPVTCVQ QW EQPXÄPKQ Ã PGEGUU¶TKQ
UQDTG Q PÕOGTQ FQ EQPVTCVQEQPXÄPKQ FGUGLCFQ G GO UGIWKFC ENKECT UQDTG C
CP¶NKUG RCTC C SWCN FGUGLC HC\GT C CNVGTCÁºQ #RÎU ENKECT UQDTG Q DQVºQ
Q#NVGTCTREQOQOQUVTCFQPC(KICDTKPFQWOCLCPGNCRCTCCCNVGTCÁºQFC
SWCPVKFCFG FG COQUVTCU C SWG UGT¶ RGTOKVKFQ TGCNK\CT C CP¶NKUG UGNGEKQPCFC
RCTCQEQPVTCVQQWEQPXÄPKQ (KI
(KI ,CPGNC FG CNVGTCÁºQ FC SWCPVKFCFG FG CP¶NKUGU RCTC QU EQPVTCVQU G EQPXÄPKQU
ECFCUVTCFQU
44
EE ''ZZEENNWWUUººQQFFGGRRTTGGXXKKUUººQQFFGGCCPP¶¶NNKKUUGGUU
2CTCGZENWKTCRTGXKUºQFGCP¶NKUGURCTCWOEQPVTCVQQWEQPXÄPKQÃPGEGUU¶TKQ
UQDTG Q PÕOGTQ FQ EQPVTCVQEQPXÄPKQ FGUGLCFQ G GO UGIWKFC ENKECT UQDTG Q
DQVºQ Q'ZENWKTR EQOQ OQUVTCFQ PC (KI CDTKPFQ WOC LCPGNC RCTC C
GZENWUºQFGCP¶NKUGURCTCQEQPVTCVQQWEQPXÄPKQUGNGEKQPCFQ (KI
(KI ,CPGNC RCTC C GZENWUºQ FC RTGXKUºQ FG CP¶NKUGU RCTC QU EQPVTCVQU G EQPXÄPKQU
ECFCUVTCFQU
#GZENWUºQUQOGPVGUGT¶RGTOKVKFCUGPºQJQWXGTCOQUVTCURTQVQEQNCFCUEQO
CSWGNCCP¶NKUGRCTCQEQPVTCVQEQPXÄPKQUGNGEKQPCFQ
FF ..QQEECCNNKK\\CCÁÁººQQTT¶¶RRKKFFCC
1DQVºQQ.QECNK\CTREQOQOQUVTCFQPC(KIRGTOKVGNQECNK\CTFKTGVCOGPVG
WOCKPHQTOCÁºQFKIKVCPFQUGWOCRCNCXTCEJCXG (KI
(KI ,CPGNC RCTC C NQECNK\CÁºQ T¶RKFC FCU CP¶NKUGU RTGXKUVCU RCTC WO EQPVTCVQ QW
EQPXÄPKQECFCUVTCFQ
22TTQQIITTCCO
OCCUURRTTQQLLGGVVQQUUGGUUWWDDRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
1 TGNCEKQPCOGPVQ FQ NCDQTCVÎTKQ EQO QU ENKGPVGU KPVGTPQU CEQPVGEG CVTCXÃU

FQURTQLGVQUFGRGUSWKUC6QFCUCUUQNKEKVCÁÐGUFGUGTXKÁQUGUVºQTGNCEKQPCFQU
´ GZKUVÄPEKC FG WO RTQLGVQ QW UWDRTQLGVQ FG RGUSWKUC CUUQEKCFQU C WO FQU
RTQITCOCUFGRGUSWKUCFC'ORTGUCRTGXKCOGPVGECFCUVTCFQUPQUKUVGOC
1 ECFCUVTQ FG RTQITCOCU RTQLGVQU UWDRTQLGVQU G RTGXKUºQ FG CP¶NKUGU Ã FG

VGTºQ CRGPCU RGTOKUUºQ FG NGKVWTC 1 ECFCUVTQ Ã HGKVQ CVTCXÃU FQ OGPW FG
ECFCUVTQFGRTQLGVQUFGRGUSWKUCEQOQOQUVTCFQPC(KI
45
(KI/GPWFGECFCUVTQFGRTQLGVQUFGRGUSWKUC
%
%CCFFCCUUVVTTQQFFGGRRTTQQIITTCCO
OCCUUFFGGRRGGUUSSWWKKUUCC
#VGNCFGECFCUVTQFGRTQITCOCUFGRGUSWKUCÃCEGUUCFCENKECPFQUGUQDTGC
QRÁºQ FG Q%CFCUVTQ FG 2TQITCOCU FG 2GUSWKUCR FQ OGPW FG ECFCUVTQ FG
2TQLGVQU (KI
#VGNCÃEQORQUVCRQTWOCLCPGNC´GUSWGTFCEQOCTGNCÁºQFQURTQITCOCU
ECFCUVTCFQU FKTGKVC CRTGUGPVC DQVÐGU RCTC CEGUUQ Ú VGNCU FG KPENWUºQ
CNVGTCÁºQQWGZENWUºQFGRTQITCOCUGUCKT (KI
(KI6GNCFGECFCUVTQFGRTQITCOCUFGRGUSWKUC
CC ++PPEENNWWKKTTRRTTQQIITTCCO
OCCUU
#KPENWUºQFGWORTQITCOCFGRGUSWKUCÃCEGUUCFCENKECPFQUGUQDTGQDQVºQ
Q+PENWKTRPCVGNCFGECFCUVTQFGRTQITCOCUFGRGUSWKUC (KI CDTKPFQWOC
LCPGNCRCTCCKPENWUºQFGWOPQXQRTQITCOC (KI
(KI,CPGNCFGKPENWUºQFGRTQITCOCUFGRGUSWKUC
46
# LCPGNC Ã EQORQUVC RQT FQKU ECORQU RCTC RTGGPEJKOGPVQ QDTKICVÎTKQ
Q0ÕOGTQ FQ 2TQITCOCR G Q&GUETKÁºQR #RTGUGPVC VCODÃO FWCU QRÁÐGU
CVTCXÃUFQUDQVÐGUQ(GEJCTRLCDCPFQPCTUGOCNVGTCÁÐGUGQ)TCXCTRLRCTC
KPENWKTQPQXQVKRQPQDCPEQFGFCFQU
DD #
#NNVVGGTTCCTTRRTTQQIITTCCO
OCCUU
#CNVGTCÁºQFQUFCFQUFGWORTQITCOCÃCEGUUCFCENKECPFQUGUQDTGQDQVºQ
Q#NVGTCTR PC VGNC FG ECFCUVTQ FG RTQITCOCU FG RGUSWKUC (KI CDTKPFQ
WOCLCPGNCRCTCCCNVGTCÁºQFCFGUETKÁºQFGWORTQITCOCGZKUVGPVG (KI
(KI,CPGNCFGCNVGTCÁºQFCFGUETKÁºQFGWORTQITCOCFGRGUSWKUC

Q)TCXCTRLRCTCEQPHKTOCTCCNVGTCÁºQFCFGUETKÁºQ
EE ''ZZEENNWWKKTTRRTTQQIITTCCO
OCCUU
#GZENWUºQFGWORTQITCOCFGRGUSWKUCÃCEGUUCFCENKECPFQUGUQDTGQDQVºQ
Q'ZENWKTR PC VGNC FG ECFCUVTQ FG RTQITCOCU FG RGUSWKUC (KI
PGEGUU¶TKQUGNGEKQPCTCPVGUQRTQITCOCCUGTGZENWÈFQPCLCPGNCFGRTQITCOCU
ECFCUVTCFQU
# LCPGNC FG GZENWUºQ OQUVTC C FGUETKÁºQ FQ RTQITCOC UGNGEKQPCFQ (KI

%NKECT PQ DQVºQ Q%QPHKTOCR RCTC GZENWKT Q RTQITCOC QW PQ DQVºQ Q%CPEGNCR
RCTC ECPEGNCT C QRGTCÁºQ # GZENWUºQ UQOGPVG UGT¶ RGTOKVKFC UG Q RTQITCOC
PºQGUVKXGTCUUQEKCFQCCOQUVTCUECFCUVTCFCU
(KI,CPGNCFGGZENWUºQFGRTQITCOCUFGRGUSWKUC
%
%CCFFCCUUVVTTQQFFGGRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
# VGNC FG ECFCUVTQ FG RTQLGVQU FG RGUSWKUC Ã CEGUUCFC ENKECPFQUG UQDTG C
QRÁºQ FG Q%CFCUVTQ FG 2TQLGVQU FG 2GUSWKUCR FQ OGPW FG Q%CFCUVTQR L
Q2TQLGVQUFG2GUSWKUCR (KI #KPENWUºQCNVGTCÁºQGGZENWUºQFGRTQLGVQU
47
FGRGUSWKUCÃFGEQORGVÄPEKCGZENWUKXCFC%JGHKCFG2& GPSWCPVQ SWG QU
FGOCKUWUW¶TKQUVGTºQCRGPCURGTOKUUºQFGNGKVWTC
# VGNC Ã EQORQUVC RQT WOC LCPGNC ´ GUSWGTFC EQO C TGNCÁºQ FG RTQLGVQU
CNVGTCÁºQGZENWUºQECFCUVTQFGUWDRTQLGVQUGUCKTGQRÁÐGUFGCITWRCOGPVQ
RCTCVQFQUQURTQLGVQURQTRTQITCOCCPQQWRQTTGURQPU¶XGN (KI
(KI6GNCFGECFCUVTQFGRTQLGVQUFGRGUSWKUC
CC ++PPEENNWWUUººQQFFGGRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
# KPENWUºQ FG WO RTQLGVQ Ã CEGUUCFC ENKECPFQUG UQDTG Q DQVºQ Q+PENWKTR PC

VGNCFGECFCUVTQFGRTQLGVQUFGRGUSWKUC (KI CDTKPFQWOCLCPGNCRCTCC
KPENWUºQFGWOPQXQRTQLGVQ (KI
(KI,CPGNCFGKPENWUºQFGRTQLGVQUFGRGUSWKUC
# LCPGNC Ã EQORQUVC RQT EKPEQ ECORQU VQFQU FG RTGGPEJKOGPVQ QDTKICVÎTKQ

Q2TQITCOCRQ#PQRQ2TQLGVQRQ&GUETKÁºQRGQ4GURQPU¶XGNR
1 RTQITCOC G Q TGURQPU¶XGN FGXGO GUVCT RTGXKCOGPVG ECFCUVTCFQU 1

TGURQPU¶XGNÃWOGORTGICFQFC'ODTCRCEQQTFGPCFQTFCSWGNGRTQLGVQ
48
DD #
#NNVVGGTTCCÁÁººQQFFGGRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
# CNVGTCÁºQ FQU FCFQU FG WO RTQLGVQ Ã CEGUUCFC ENKECPFQUG UQDTG Q DQVºQ
Q#NVGTCTR PC VGNC FG ECFCUVTQ FG RTQLGVQU FG RGUSWKUC # LCPGNC OQUVTC CU
KPHQTOCÁÐGU FQ RTQLGVQ RTGXKCOGPVG UGNGEKQPCFQ PC LCPGNC FG RTQLGVQU
ECFCUVTCFQU EQOQ OQUVTCFQ PC (KI #RTGUGPVC VCODÃO CU QRÁÐGU FG
Q(GEJCTR CDCPFQPCT UGO CNVGTCÁÐGU G Q)TCXCTR L RCTC EQPHKTOCT CU
CNVGTCÁÐGU (KI
(KI,CPGNCFGCNVGTCÁºQFGFCFQUFGRTQLGVQUFGRGUSWKUC
EE ''ZZEENNWWUUººQQFFGGRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
#GZENWUºQFGWORTQLGVQÃCEGUUCFCENKECPFQUGUQDTGQDQVºQQ'ZENWKTRPC
VGNC FG ECFCUVTQ FG RTQLGVQU FG RGUSWKUC (KI PGEGUU¶TKQ UGNGEKQPCT
CPVGUQRTQLGVQCUGTGZENWÈFQPCLCPGNCFGRTQLGVQUFGRGUSWKUCECFCUVTCFQU
# LCPGNC FG GZENWUºQ OQUVTC C FGUETKÁºQ FQ RTQLGVQ FG RGUSWKUC UGNGEKQPCFQ
(KI %NKECTPQDQVºQQ%QPHKTOCRRCTCGZENWKTQWPQDQVºQQ%CPEGNCRRCTC
ECPEGNCT C QRGTCÁºQ # GZENWUºQ UQOGPVG UGT¶ RGTOKVKFC UG Q RTQLGVQ PºQ
GUVKXGTCUUQEKCFQCCOQUVTCUECFCUVTCFCU
(KI,CPGNCFGGZENWUºQFGRTQLGVQUFGRGUSWKUC
%
%CCFFCCUUVVTTQQFFGGUUWWDDRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
# RCTVKT FG C 'ODTCRC RCUUQW C CFQVCT C FGPQOKPCÁºQ FG Q2NCPQ FG

#ÁºQRRCTCQUUWDRTQLGVQUFGRGUSWKUC2CTCGHGKVQFGUVGOCPWCNRGTOCPGEG
CWVKNK\CÁºQFQVGTOQUWDRTQLGVQU
#VGNCFGECFCUVTQFGUWDRTQLGVQUFGRGUSWKUCÃCEGUUCFCENKECPFQUGUQDTGQ
DQVºQ Q5WDRTQLGVQUR PC VGNC FG ECFCUVTQ FG RTQLGVQU FG RGUSWKUC
PGEGUU¶TKQ UGNGEKQPCT KPKEKCNOGPVG Q RTQLGVQ RCTC Q SWCN UGT¶ ECFCUVTCFQ
UWDRTQLGVQUPCLCPGNCFGRTQLGVQUECFCUVTCFQUEQOQOQUVTCFQPC(KI#
49
KPENWUºQ CNVGTCÁºQ G GZENWUºQ FG UWDRTQLGVQU FG RGUSWKUC Ã FG EQORGVÄPEKC
GZENWUKXC FC %JGHKC FG 2& GPSWCPVQ SWG QU FGOCKU WUW¶TKQU VGTºQ CRGPCU
RGTOKUUºQFGNGKVWTC
#VGNCÃEQORQUVCRQTWOCLCPGNC´GUSWGTFCEQOCTGNCÁºQFGUWDRTQLGVQU
CNVGTCÁºQGZENWUºQGUCKT (KI
(KI6GNCFGECFCUVTQFGUWDRTQLGVQUFGRGUSWKUC
CC ++PPEENNWWUUººQQFFGGUUWWDDRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
# KPENWUºQ FG WO UWDRTQLGVQ Ã CEGUUCFC ENKECPFQUG UQDTG Q DQVºQ Q+PENWKTR

PCVGNCFGECFCUVTQ FGUWDRTQLGVQU FGRGUSWKUC (KI CDTKPFQ WOC LCPGNC
RCTCCKPENWUºQFGWOPQXQUWDRTQLGVQ (KI
(KI,CPGNCFGKPENWUºQFGUWDRTQLGVQUFGRGUSWKUC
#LCPGNCOQUVTCQPÕOGTQFQRTQLGVQGEKPEQECORQUVQFQUFGRTGGPEJKOGPVQ
QDTKICVÎTKQ Q5WDRTQLGVQR Q&GUETKÁºQR Q&CVC FG +PÈEKQR Q6ÃTOKPQR G
Q4GURQPU¶XGNR
1 TGURQPU¶XGN FGXG GUVCT RTGXKCOGPVG ECFCUVTCFQ 1 TGURQPU¶XGN Ã WO

GORTGICFQFC'ODTCRCEQQTFGPCFQTFCSWGNGUWDRTQLGVQ
50
DD #
#NNVVGGTTCCÁÁººQQFFGGUUWWDDRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
#CNVGTCÁºQFQUFCFQUFGWOUWDRTQLGVQÃCEGUUCFCENKECPFQUGUQDTGQDQVºQ
Q#NVGTCTRPCVGNCFGECFCUVTQFGUWDRTQLGVQUFGRGUSWKUC#LCPGNCOQUVTCCU
KPHQTOCÁÐGU FQ UWDRTQLGVQ RTGXKCOGPVG UGNGEKQPCFQ PC LCPGNC FG RTQLGVQU
ECFCUVTCFQU EQOQ OQUVTCFQ PC (KI #RTGUGPVC VCODÃO CU QRÁÐGU FG
Q(GEJCTR CDCPFQPCT UGO CNVGTCÁÐGU L G Q)TCXCTRL RCTC EQPHKTOCT CU
CNVGTCÁÐGU (KI
(KI,CPGNCFGCNVGTCÁºQFGFCFQUFGUWDRTQLGVQUFGRGUSWKUC
EE ''ZZEENNWWUUººQQFFGGUUWWDDRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
#GZENWUºQFGWOUWDRTQLGVQÃCEGUUCFCENKECPFQUGUQDTGQDQVºQQ'ZENWKTR
PC VGNC FG ECFCUVTQ FG UWDRTQLGVQU FG RGUSWKUC (KI PGEGUU¶TKQ
UGNGEKQPCT CPVGU Q UWDRTQLGVQ C UGT GZENWÈFQ PC LCPGNC FG UWDRTQLGVQU FG
RGUSWKUCECFCUVTCFQU
# LCPGNC FG GZENWUºQ OQUVTC C FGUETKÁºQ FQ UWDRTQLGVQ FG RGUSWKUC UGNG
EKQPCFQ (KI %NKECT PQ DQVºQ Q%QPHKTOCR RCTC GZENWKT QW PQ DQVºQ
Q%CPEGNCRRCTCECPEGNCTCQRGTCÁºQ#GZENWUºQUQOGPVGUGT¶RGTOKVKFCUGQ
RTQLGVQPºQGUVKXGTCUUQEKCFQCCOQUVTCUECFCUVTCFCU
(KI,CPGNCFGGZENWUºQFGUWDRTQLGVQUFGRGUSWKUC
22TTGGXXKKUUººQQFFGGCCPP¶¶NNKKUUGGUURRCCTTCCUUWWDDRRTTQQLLGGVVQQUUFFGGRRGGUUSSWWKKUUCC
#VGNCFGRTGXKUºQFGCP¶NKUGURCTCUWDRTQLGVQUÃCEGUUCFCENKECPFQUGUQDTGC
QRÁºQ FG Q2TGXKUºQ FG #P¶NKUG RQT 5WDRTQLGVQR FQ OGPW FG ECFCUVTQ FG
2TQLGVQUFG2GUSWKUC (KI
# KPENWUºQ CNVGTCÁºQ G GZENWUºQ FG CP¶NKUGU RCTC UWDRTQLGVQU UºQ FG

VGTºQCRGPCURGTOKUUºQFGNGKVWTC
51
# VGNC Ã EQORQUVC RQT WOC LCPGNC ´ GUSWGTFC EQO C TGNCÁºQ FCU CP¶NKUGU
RTGXKUVCU RCTC QU UWDRTQLGVQU ECFCUVTCFQU FKTGKVC CRTGUGPVC DQVÐGU RCTC
CEGUUQÚVGNCUFGKPENWUºQCNVGTCÁºQQWGZENWUºQGUCKT (KI
(KI6GNCFGRTGXKUºQFGCP¶NKUGURCTCUWDRTQLGVQUFGRGUSWKUC
6CODÃO QHGTGEG QRÁÐGU FG UGNGÁºQ OQUVTCPFQ VQFQU QU UWDRTQLGVQU

ECFCUVTCFQU QW ECUQU GURGEÈHKEQU G CITWRCOGPVQ RQT UWDRTQLGVQ QW RQT
CP¶NKUG
CC ++PPEENNWWUUººQQFFGGRRTTGGXXKKUUººQQFFGGCCPP¶¶NNKKUUGGUU
2CTC KPENWKT C RTGXKUºQ FG CP¶NKUGU C WO UWDRTQLGVQ Ã PGEGUU¶TKQ UGNGEKQPCT Q

EQPVTCVQ PC LCPGNC FG UWDRTQLGVQU ECFCUVTCFQU ENKECPFQ UQDTG Q PÕOGTQ FQ
UWDRTQLGVQ FGUGLCFQ G GO UGIWKFC ENKECT UQDTG Q DQVºQ Q+PENWKTR EQOQ
OQUVTCFQ PC (KI CDTKPFQ WOC LCPGNC RCTC C KPENWUºQ FG CP¶NKUGU RCTC Q
UWDRTQLGVQUGNGEKQPCFQ (KI
(KI,CPGNCFGRTGXKUºQFGCP¶NKUGURCTCUWDRTQLGVQU
# LCPGNC Ã EQORQUVC RQT FQKU ECORQU Q#P¶NKUGR G Q#P¶NKUGU RTGXKUVCUR 0Q

ECORQ Q#P¶NKUGR RQFGUG UGNGEKQPCT C CP¶NKUG RCTC C SWCN UGT¶ HGKVC C
RTGXKUºQ G PQ ECORQ Q#P¶NKUGU RTGXKUVCUR Ã FGHKPKFC C SWCPVKFCFG FG
COQUVTCU RCTC CU SWCKU Q NCDQTCVÎTKQ VGT¶ RGTOKUUºQ FG TGCNK\CT C CP¶NKUG
UGNGEKQPCFC
DD #
#NNVVGGTTCCÁÁººQQFFGGRRTTGGXXKKUUººQQFFGGCCPP¶¶NNKKUUGGUU
2CTC CNVGTCT C RTGXKUºQ FG CP¶NKUGU Ã PGEGUU¶TKQ UGNGEKQPCT Q UWDRTQLGVQ PC

LCPGNC FG UWDRTQLGVQU ECFCUVTCFQU ENKECPFQ UQDTG Q PÕOGTQ FQ UWDRTQLGVQ
52
FGUGLCFQ G GO UGIWKFC ENKECT UQDTG Q C CP¶NKUG RCTC C SWCN FGUGLC HC\GT C
CNVGTCÁºQ 'O UGIWKFC ENKECT UQDTG Q DQVºQ Q#NVGTCTR EQOQ OQUVTCFQ PC
(KICDTKPFQWOCLCPGNCRCTCCCNVGTCÁºQFCSWCPVKFCFGFGCOQUVTCUCSWG
UGT¶RGTOKVKFQTGCNK\CTCCP¶NKUGUGNGEKQPCFCRCTCQUWDRTQLGVQ (KI
(KI,CPGNCFGCNVGTCÁºQFCSWCPVKFCFGFGCP¶NKUGURCTCUWDRTQLGVQU
EE ''ZZEENNWWUUººQQFFGGRRTTGGXXKKUUººQQFFGGCCPP¶¶NNKKUUGGUU
2CTC GZENWKT C RTGXKUºQ FG CP¶NKUGU Ã PGEGUU¶TKQ UGNGEKQPCT Q UWDRTQLGVQ PC

LCPGNC FG UWDRTQLGVQU ECFCUVTCFQU ENKECPFQ UQDTG Q PÕOGTQ FQ UWDRTQLGVQ
FGUGLCFQGGOUGIWKFCENKECTUQDTGQDQVºQQ'ZENWKTREQOQOQUVTCFQPC(KI
CDTKPFQ WOC LCPGNC RCTC C GZENWUºQ FG CP¶NKUGU RCTC Q UWDRTQLGVQ
UGNGEKQPCFQ (KI
(KI,CPGNCRCTCCGZENWUºQFCRTGXKUºQFGCP¶NKUGURCTCUWDRTQLGVQU
#GZENWUºQUQOGPVGUGT¶RGTOKVKFCUGPºQJQWXGTCOQUVTCURTQVQEQNCFCUEQO
CSWGNCCP¶NKUGRCTCQCSWGNGUWDRTQLGVQ
(KI,CPGNCRCTCCNQECNK\CÁºQT¶RKFCFCUCP¶NKUGURTGXKUVCURCTCWOUWDRTQLGVQ
#
#PP¶¶NNKKUUGGUU
0GUVGOÎFWNQÃHGKVQQECFCUVTCOGPVQFCUCP¶NKUGUTGCNK\CFCUPQ.CDQTCVÎTKQ
KPENWUKXG FCU SWG EQORÐGO Q DCPEQ FG FCFQU FG TGUWNVCFQU FG CP¶NKUGU Q
ECFCUVTQ FG WPKFCFGU FG GZRTGUUºQ FG TGUWNVCFQU CPCNÈVKEQU G HCVQTGU FG
53
EQPXGTUºQ GPVTG GUUCU WPKFCFGU 2QUUKDKNKVC VCODÃO Q CITWRCOGPVQ FG
CP¶NKUGU EQO ECTCEVGTÈUVKECU EQOWPU QW GURGEÈHKECU FGPQOKPCFQ FG
QHCOÈNKCUREQOQQDLGVKXQFGCIKNK\CTQRTQEGFKOGPVQFGECFCUVTQFGCOQUVTCU
RCTCCP¶NKUGU
1 ECFCUVTQ FG CP¶NKUGU Ã FG EQORGVÄPEKC FQ UWRGTXKUQT FQ NCDQTCVÎTKQ QW

WUW¶TKQ RQT GNG FGUKIPCFQ GPSWCPVQ SWG QU FGOCKU WUW¶TKQU VGTºQ CRGPCU
RGTOKUUºQFGNGKVWTC#UVGNCUFGECFCUVTQFGCP¶NKUGUUºQCEGUUCFCUENKECPFQ
UGUQDTGCQRÁºQFGQ#P¶NKUGURFQOGPWFGQ%CFCUVTQR (KI
(KI/GPWFGECFCUVTQFGCP¶NKUGU
%
%CCFFCCUUVVTTQQFFGGWWPPKKFFCCFFGGUUGGEEQQPPXXGGTTUUÐÐGGUU
6QFQQTGUWNVCFQFGCP¶NKUGFGXGGUVCTGZRTGUUQGOWOCWPKFCFGSWGRGTOKVC
UWC SWCPVKHKECÁºQ 0Q OQFGNQ FQ 5). CPVGU FG ECFCUVTCT WOC CP¶NKUG Ã
PGEGUU¶TKQGUVCTFGHKPKFCCUWCWPKFCFGFGSWCPVKHKECÁºQ2CTCECFCCP¶NKUGÃ
FGHKPKFCCWPKFCFGRCFTºQFGCTOC\GPCOGPVQ FQ TGUWNVCFQ G CU WPKFCFGU FG
EQPXGTUºQ RQUUÈXGKU #U VGNCU FG ECFCUVTQ FG WPKFCFGU UºQ CEGUUCFCU
ENKECPFQUGUQDTGCQRÁºQFGQ6CDGNCFG7PKFCFGUG%QPXGTUºQRFQOGPWFG
Q%CFCUVTQFG#P¶NKUGUR (KI
#VGNCÃEQORQUVCRQTWOCLCPGNC´GUSWGTFCEQOCTGNCÁºQFCUWPKFCFGUG
TGURGEVKXCU RQUUKDKNKFCFGU FG EQPXGTUºQ FKTGKVC CRTGUGPVC DQVÐGU RCTC
CEGUUQ Ú VGNCU FG KPENWUºQ FG WPKFCFG KPENWUºQ FG EQPXGTUºQ GZENWUºQ
NQECNK\CTGUCKT (KI
(KI6GNCFGECFCUVTQFGWPKFCFGUGEQPXGTUÐGU
54
# HWPÁºQ FG GZENWUºQ Ã FGRGPFGPVG FG UGNGÁºQ RTÃXKC FG WPKFCFG QW FG
EQPXGTUºQFGWOCWPKFCFGPCLCPGNCFGWPKFCFGUECFCUVTCFCU
# KPENWUºQ QW GZENWUºQ FG WPKFCFGU G EQPXGTUÐGU Ã FG EQORGVÄPEKC FQ

UWRGTXKUQT G FQ CFOKPKUVTCFQT FQ UKUVGOC GPSWCPVQ SWG QU FGOCKU WUW¶TKQU
VGTºQCRGPCURGTOKUUºQFGNGKVWTC#RCTVKTFQOQOGPVQGOSWGWOCWPKFCFG
GUVKXGT CUUQEKCFC C CP¶NKUGU GNC PºQ RQFGT¶ UGT GZENWÈFC GPSWCPVQ GUUC
CUUQEKCÁºQRGTUKUVKT
CC ++PPEENNWWUUººQQFFGGWWPPKKFFCCFFGG
# KPENWUºQ FG WOC WPKFCFG Ã CEGUUCFC ENKECPFQUG UQDTG Q DQVºQ Q+PENWKT

7PKFCFGUR PC VGNC FG ECFCUVTQ FG WPKFCFGU G EQPXGTUÐGU (KI CDTKPFQ
WOCLCPGNCRCTCCKPENWUºQFGWOCPQXCWPKFCFG (KI
(KI,CPGNCFGKPENWUºQFGWPKFCFGU
#LCPGNCCRTGUGPVCWOECORQRCTCCPQXCWPKFCFGCUWPKFCFGUL¶ECFCUVTCFCU
GQUDQVÐGUQ(GEJCTRGQ)TCXCTRRCTCCDCPFQPCTQWEQPHKTOCTCKPENWUºQFC
PQXCWPKFCFGTGURGEVKXCOGPVG
b
b)) IInncclluussã
ãoo d
dee ccoonnvveerrssã
ãoo
7OTGUWNVCFQFGCP¶NKUGCTOC\GPCFQGOWOCWPKFCFGFGGZRTGUUºQRQFGUGT
EQPXGTVKFQRCTCSWCNSWGTQWVTCWPKFCFGPQOQOGPVQFGGOKUUºQFQ TGNCVÎTKQ
FG TGUWNVCFQU FG CP¶NKUGU FGUFG SWG GUUC WPKFCFG GUVGLC ECFCUVTCFC G
CUUQEKCFC´SWGNCWPKFCFGPCVCDGNCFGEQPXGTUÐGURQUUÈXGKU
2CTC C CUUQEKCÁºQ FG EQPXGTUºQ GPVTG WPKFCFGU Ã PGEGUU¶TKQ UGNGEKQPCT C

WPKFCFGPCLCPGNCFGWPKFCFGUECFCUVTCFQUENKECPFQUQDTGCWPKFCFGFGUGLCFC
GGOUGIWKFCENKECTUQDTGQDQVºQQ+PENWKT%QPXGTUºQRPCVGNCFGECFCUVTQFG
WPKFCFGU G EQPXGTUÐGU (KI CDTKPFQ WOC LCPGNC RCTC C KPENWUºQ FG WOC
PQXCEQPXGTUºQ (KI
55
(KI,CPGNCFGCUUQEKCÁºQFGEQPXGTUºQGPVTGWPKFCFGU
# LCPGNC CRTGUGPVC PQ VÈVWNQ C WPKFCFG RCTC C SWCN UG SWGT CUUQEKCT
EQPXGTUºQ G QU ECORQU FG Q7PKFCFGR RCTC UGNGEKQPCT C WPKFCFG C UGT
CUUQEKCFCGQECORQQ8CNQTRQPFGFGXGUGTFKIKVCFQQHCVQTFGOWNVKRNKECÁºQ
FQTGUWNVCFQFCCP¶NKUGRCTCCUWCGZRTGUUºQPCPQXCWPKFCFG
EE ''ZZEENNWWUUººQQ
# GZENWUºQ Ã FGRGPFGPVG FC GZRTGUUºQ UGNGEKQPCFC PC LCPGNC FG WPKFCFGU

ECFCUVTCFCU
2CTC GZENWKT WOC WPKFCFG Ã PGEGUU¶TKQ UGNGEKQPCT C WPKFCFG PC LCPGNC FG

WPKFCFGU ECFCUVTCFCU ENKECPFQ UQDTG C WPKFCFG FGUGLCFC G GO UGIWKFC
ENKECTUQDTGQDQVºQQ'ZENWKTRPCVGNCFGECFCUVTQFG7PKFCFGUG%QPXGTUÐGU
(KI CDTKPFQWOCLCPGNCRCTCCGZENWUºQFCWPKFCFGUGNGEKQPCFC (KI
(KI,CPGNCFGGZENWUºQFGWPKFCFGFGGZRTGUUºQFGTGUWNVCFQUFGCP¶NKUGU
2CTC GZENWKT WOC EQPXGTUºQ Ã PGEGUU¶TKQ UGNGEKQPCT C EQPXGTUºQ FC WPKFCFG

SWG UG SWGT GZENWKT PC LCPGNC FG WPKFCFGU ECFCUVTCFCU ENKECPFQ UQDTG C
EQPXGTUºQFGUGLCFCGGOUGIWKFCENKECTUQDTGQDQVºQQ'ZENWKTRPCVGNCFG
ECFCUVTQ FG WPKFCFGU G EQPXGTUÐGU (KI CDTKPFQ WOC LCPGNC RCTC C
GZENWUºQFCEQPXGTUºQUGNGEKQPCFC (KI
(KI ,CPGNC FG GZENWUºQ FG EQPXGTUºQ GPVTG WPKFCFGU FG GZRTGUUºQ FG TGUWNVCFQU FG
CP¶NKUGU
56
(KI ,CPGNC RCTC C NQECNK\CÁºQ T¶RKFC FCU WPKFCFGU FG GZRTGUUºQ FG TGUWNVCFQU FG
CP¶NKUGU
%
%CCFFCCUUVVTTQQFFGGCCPP¶¶NNKKUUGGUU
# VGNC FG ECFCUVTQ FG CP¶NKUGU Ã CEGUUCFC ENKECPFQUG UQDTG C QRÁºQ FG

Q%CFCUVTQ FG #P¶NKUGUR FQ OGPW FG Q%CFCUVTQRLQ#P¶NKUGUR (KI
+PENWUºQ CNVGTCÁºQ G GZENWUºQ Ã FG TGURQPUCDKNKFCFG FQ UWRGTXKUQT G FQ
CFOKPKUVTCFQT FQ UKUVGOC GPSWCPVQ SWG QU FGOCKU WUW¶TKQU VGTºQ CRGPCU
RGTOKUUºQ FG NGKVWTC # VGNC Ã EQORQUVC RQT WOC LCPGNC ´ GUSWGTFC EQO C
TGNCÁºQ FCU CP¶NKUGU ECFCUVTCFCU FKTGKVC CRTGUGPVC DQVÐGU RCTC CEGUUQ Ú
VGNCU FG KPENWUºQ CNVGTCÁºQ UVCVWU GZENWUºQ NQECNK\CT G UCKT G QRÁÐGU FG
CITWRCOGPVQRQTCP¶NKUGCPCNKUVCQWWPKFCFGFGGZRTGUUºQFGTGUWNVCFQ (KI

(KI6GNCFGECFCUVTQFGCP¶NKUGU
#UHWPÁÐGUFGCNVGTCÁºQUVCVWUGGZENWUºQUºQFGRGPFGPVGUFGUGNGÁºQRTÃXKC
FGCP¶NKUGUPCLCPGNCFGWPKFCFGUECFCUVTCFCU
CC ++PPEENNWWUUººQQFFGGCCPP¶¶NNKKUUGG
# KPENWUºQ FG WOC CP¶NKUG Ã CEGUUCFC ENKECPFQUG UQDTG Q DQVºQ Q+PENWKTR PC

VGNCFG ECFCUVTQ FG CP¶NKUGU (KI CDTKPFQ WOC LCPGNC RCTC C KPENWUºQ FG
WOCPQXCCP¶NKUG (KI
57
(KI,CPGNCFGKPENWUºQFGCP¶NKUGU
#LCPGNCCRTGUGPVCECORQUFGKFGPVKHKECÁºQFCCP¶NKUGFGUETKVQUCUGIWKTGQU
DQVÐGU Q(GEJCTR G Q)TCXCTR RCTC CDCPFQPCT QW EQPHKTOCT C KPENWUºQ
TGURGEVKXCOGPVG
#P¶NKUGECORQRCTCCFGUETKÁºQEQORNGVCFQPQOGFCCP¶NKUG
#DTGXKCVWTC ECORQ RCTC WO PQOG UKORNKHKECFQ RCTC C CP¶NKUG SWG RQFG UGT
WOCUKINC
7PKFCFG ECORQ RCTC C FGHKPKÁºQ FC WPKFCFG RCFTºQ FG CTOC\GPCOGPVQ FQU
TGUWNVCFQUFCCP¶NKUGFGXGGUVCTRTGXKCOGPVGECFCUVTCFQ
8CNQTECORQRCTCQRTGÁQFGEQOGTEKCNK\CÁºQFCCP¶NKUG
/ÃVQFQECORQRCTCCFGUETKÁºQFQOÃVQFQSWÈOKEQWVKNK\CFQRCTCCQDVGPÁºQ
FQUTGUWNVCFQUFCCP¶NKUG
#PCNKUVC ECORQ RCTC FGHKPKÁºQ FQ CPCNKUVC TGURQPU¶XGN RGNC CP¶NKUG SWG
FGXGT¶GUVCTRTGXKCOGPVGECFCUVTCFQEQOQWUW¶TKQ
2NCPKNJCECORQRCTCFGHKPKÁºQFQWUQFGRNCPKNJCFGCP¶NKUGGE¶NEWNQSWCPFQ
FKURQPÈXGN
#OQUVTCU TGCNK\CFCU RQT FKC ECORQ RCTC C FGHKPKÁºQ FC ECRCEKFCFG FG

COQUVTCUSWGRQFGOUGTCPCNKUCFCURQTFKCRCTCGUUCCP¶NKUG+ORQTVCPVGRCTC
CFGVGTOKPCÁºQFCRTGXKUºQFGGPVTGICFQUTGUWNVCFQURCTCQENKGPVGGE¶NEWNQ
FQEKENQFGCP¶NKUGU
%CTÄPEKC GOFKCU RCTCCTGCP¶NKUGECORQRCTCCFGHKPKÁºQFQRGTÈQFQOÈPKOQ

PGEGUU¶TKQRCTCCTGRGVKÁºQFGCP¶NKUGU
DD #
#NNVVGGTTCCÁÁººQQFFGGCCPP¶¶NNKKUUGG
2CTC CNVGTCT QU FCFQU FG WOC CP¶NKUG Ã PGEGUU¶TKQ UGNGEKQPCT PC LCPGNC FG
CP¶NKUGU ECFCUVTCFCU ENKECPFQ UQDTG Q PQOG FC CP¶NKUG FGUGLCFC G GO
UGIWKFC ENKECT UQDTG Q DQVºQ Q#NVGTCTR PC VGNC FG ECFCUVTQ FG CP¶NKUGU (KI
58
CDTKPFQ WOC LCPGNC RCTC C CNVGTCÁºQ FQU FCFQU FC CP¶NKUG UGNGEKQPCFC
(KI
(KI,CPGNCFGCNVGTCÁºQFQUFCFQUFGCP¶NKUGU
# LCPGNC OQUVTC CU KPHQTOCÁÐGU FC CP¶NKUG RTGXKCOGPVG UGNGEKQPCFC G CU

QRÁÐGUFGQ(GEJCTRCDCPFQPCTUGOCNVGTCÁÐGULGQ)TCXCTRLRCTCEQPHKTOCT
CUCNVGTCÁÐGU
EE 5
5VVCCVVWWUUFFCCCCPP¶¶NNKKUUGG
#UCP¶NKUGURQFGOCRTGUGPVCTEQPFKÁºQFGQUVCVWURPQTOCNQWKPVGTTQORKFC#
EQPFKÁºQQPQTOCNRÃSWCPFQCCP¶NKUGGUV¶UGPFQTGCNK\CFCPQTOCNOGPVGGC
EQPFKÁºQ QKPVGTTQORKFCR Ã SWCPFQ C CP¶NKUG PºQ GUV¶ UGPFQ TGCNK\CFC
OQOGPVCPGCOGPVG GO HWPÁºQ FG OCPWVGPÁºQ FG GSWKRCOGPVQ QW HCNVC FG
OCVGTKCKUGTGCIGPVGU
1 QUVCVWUR KPHNWGPEKC PC RTGXKUºQ FC FCVC FG EQPENWUºQ FCU CP¶NKUGU SWG Ã
ECNEWNCFC PQ OQOGPVQ FG ECFCUVTCOGPVQ FG WO PQXQ RTQVQEQNQ GPVTCFC FQ
NQVGFGCOQUVTCURCTCCP¶NKUG
2CTC CNVGTCT Q QUVCVWUR FG WOC CP¶NKUG Ã PGEGUU¶TKQ UGNGEKQPCT PC LCPGNC FG
CP¶NKUGU ECFCUVTCFCU ENKECPFQ UQDTG Q PQOG FC CP¶NKUG FGUGLCFC G GO
UGIWKFC ENKECT UQDTG Q DQVºQ QUVCVWUR PC VGNC FG ECFCUVTQ FG CP¶NKUGU (KI
CDTKPFQ WOC LCPGNC RCTC C CNVGTCÁºQ FQ QUVCVWUR FC CP¶NKUG UGNGEKQPCFC
(KI
(KI,CPGNCFGCNVGTCÁºQFQQUVCVWURFGCP¶NKUGU
#LCPGNCOQUVTCOGPUCIGOFGEQPHKTOCÁºQFCCNVGTCÁºQGCUQRÁÐGUQ5KOR
RCTC EQPHKTOCT C CNVGTCÁºQ FQ QUVCVWUR G Q0ºQR RCTC CDCPFQPCT UGO
CNVGTCÁÐGU
59
FF ''ZZEENNWWUUººQQFFGGCCPP¶¶NNKKUUGG
2CTC GZENWKT WOC CP¶NKUG Ã PGEGUU¶TKQ UGNGEKQPCT PC LCPGNC FG CP¶NKUGU
ECFCUVTCFCUENKECPFQUQDTGQPQOGFC CP¶NKUG FGUGLCFC G GO UGIWKFC ENKECT
UQDTGQDQVºQQ'ZENWKTRPCVGNCFGECFCUVTQFGCP¶NKUGU (KI CDTKPFQWOC
LCPGNCRCTCCEQPHKTOCÁºQFCGZENWUºQFCCP¶NKUGUGNGEKQPCFC (KI
(KI,CPGNCFGGZENWUºQFGCP¶NKUGU
# LCPGNC OQUVTC SWCN C CP¶NKUG UGNGEKQPCFC RCTC GZENWUºQ G CU QRÁÐGU FG

Q%CPEGNCR CDCPFQPCT UGO CNVGTCÁÐGU L G Q%QPHKTOCR L RCTC EQPHKTOCT C
GZENWUºQ # GZENWUºQ UQOGPVG UGT¶ RGTOKVKFC UG C CP¶NKUG PºQ GUVKXGT
CUUQEKCFCCCOQUVTCUECFCUVTCFCU
GG ..QQEECCNNKK\\CCÁÁººQQTT¶¶RRKKFFCC
WOCCP¶NKUGFKIKVCPFQUGWOCRCNCXTCEJCXG (KI
(KI,CPGNCRCTCCNQECNK\CÁºQT¶RKFCFGCP¶NKUGU
%
%CCFFCCUUVVTTQQFFGGIITTWWRRQQUUFFGGCCPP¶¶NNKKUUGGUU HHCCO
OÈÈNNKKCCUU
# FGPQOKPCÁºQ Q(COÈNKCR HQK FGHKPKFC RCTC ITWRQU FG CP¶NKUGU FG ECFCUVTC
OGPVQEQNGVKXQQWUGLCCVTCXÃUFGWOÕPKEQEQOCPFQWOCUÃTKGFGCP¶NKUGU
UºQCUUQEKCFCUCWOCCOQUVTC3WCNSWGTITWRQCNGCVÎTKQFGCP¶NKUGUVCODÃO
RQFGUGTECFCUVTCFQEQOQHCOÈNKCRCTCCUUQEKCÁºQGOEQPLWPVQPQOQOGPVQ
FG ECFCUVTCOGPVQ FG COQUVTCU GPVTGVCPVQ GUUCU OGUOCU CP¶NKUGU RQFGTºQ
GUVCTCUUQEKCFCUKPFKXKFWCNOGPVG
1 CITWRCOGPVQ GO HCOÈNKCU VCODÃO Ã WUCFQ RCTC GUVCDGNGEGT Q RTGÁQ FG

EQOGTEKCNK\CÁºQ GQEWUVQFCU CP¶NKUGU FGXGPFQ GUVCT KPHQTOCFC GUUC EQPFK
ÁºQGURGEÈHKECSWCPFQFCFGHKPKÁºQFCSWGNCHCOÈNKC
# VGNC FG ECFCUVTQ FG HCOÈNKCU Ã CEGUUCFC ENKECPFQUG UQDTG C QRÁºQ FG

Q%CFCUVTQFG(COÈNKCURFQOGPWFGQ%CFCUVTQRLQ#P¶NKUGUR (KI
60
# VGNC Ã EQORQUVC RQT WOC LCPGNC ´ GUSWGTFC EQO C TGNCÁºQ FCU HCOÈNKCU
ECFCUVTCFCU FKTGKVC CRTGUGPVC DQVÐGU RCTC CEGUUQ Ú VGNCU FG KPENWUºQ
CNVGTCÁºQGZENWUºQNQECNK\CTGUCKT (KI
(KI6GNCFGECFCUVTQFGHCOÈNKCUFGCP¶NKUGU
#U QRÁÐGU FG KPENWUºQ CNVGTCÁºQ G GZENWUºQ UºQ FG TGURQPUCDKNKFCFG FQ

UWRGTXKUQTQWFQCFOKPKUVTCFQTFQUKUVGOCGPSWCPVQSWGQUFGOCKUWUW¶TKQU
VGTºQCRGPCURGTOKUUºQFGNGKVWTC
#UHWPÁÐGUFGCNVGTCÁºQUVCVWUGGZENWUºQUºQFGRGPFGPVGUFGUGNGÁºQRTÃXKC
FGCP¶NKUGUPCLCPGNCFGWPKFCFGUECFCUVTCFCU
CC ++PPEENNWWUUººQQFFGGHHCCO
OÈÈNNKKCC
#KPENWUºQFGWOCHCOÈNKC Ã CEGUUCFC ENKECPFQUGUQDTGQ DQVºQQ+PENWKTRPC

VGNC FG ECFCUVTQ FG HCOÈNKCU (KI CDTKPFQ WOC LCPGNC RCTC C KPENWUºQ FG
WOCPQXCHCOÈNKC (KI
(KI,CPGNCFGKPENWUºQFGHCOÈNKCUFGCP¶NKUGU
61
# LCPGNC CRTGUGPVC ECORQ FG KFGPVKHKECÁºQ FC HCOÈNKC FGUETKÁºQ FQ PQOG FC
HCOÈNKC LCPGNC EQO CU CP¶NKUGU ECFCUVTCFCU DQVÐGU FG UGNGÁºQ RCTC CITWRCT
GOEWUVQGGOTGNCVÎTKQ CDCKZQFGUETKVQU GQUDQVÐGUQ(GEJCTRGQ)TCXCTR
RCTCCDCPFQPCTQWEQPHKTOCTCKPENWUºQTGURGEVKXCOGPVG
# UGNGÁºQ FCU CP¶NKUGU SWG KTºQ EQORQT C PQXC HCOÈNKC Ã HGKVC ENKECPFQUG
UQDTGC CP¶NKUG FGUGLCFC /CPVGT C VGENC Q%VTNR L %QPVTQN L RTGUUKQPCFC RCTC
UGNGEKQPCT OCKU FG WOC CP¶NKUG CNVGTPCFCOGPVG ENKECPFQ GPVºQ UQDTG ECFC
CP¶NKUGQWCVGENCQ5JKHVRRCTCWOITWRQFGCP¶NKUGUGOUGS×ÄPEKCENKECPFQ
GPVºQUQDTGCRTKOGKTCGCÕNVKOCCP¶NKUGFQITWRQ
(COÈNKCECORQRCTCQPQOGFGKFGPVKHKECÁºQFQITWRQFGCP¶NKUGU
#ITWRCTGOTGNCVÎTKQQRÁºQFGUGNGÁºQRCTCQUITWRQUFGCP¶NKUGUGOSWGQU
TGUWNVCFQUGOTGNCVÎTKQUUºQGOKVKFQURGNQPQOGFCHCOÈNKC
#ITWRCT GO EWUVQ QRÁºQ FG UGNGÁºQ RCTC QU ITWRQU FG CP¶NKUGU GO SWG Q
EWUVQQWRTGÁQFGEQOGTEKCNK\CÁºQÃGOKVKFQRGNQPQOGFCHCOÈNKC
#UQRÁÐGUFGCITWRCOGPVQRQUUÈXGKUUºQ
C PGPJWOC PGPJWOC QRÁºQ UGNGEKQPCFC L QU TGNCVÎTKQU UºQ GOKVKFQU RCTC

ECFC CP¶NKUG FQ ITWRQ KPFKXKFWCNOGPVG VCPVQ RCTC TGUWNVCFQ SWCPVQ RCTC
EWUVQ
D UQOGPVG TGNCVÎTKQ QU TGNCVÎTKQU FG TGUWNVCFQU UºQ GOKVKFQU RGNQ PQOG FC
HCOÈNKC G QU TGNCVÎTKQU FG EWUVQ RGNQ PQOG KPFKXKFWCN FG ECFC CP¶NKUG
EQORQPGPVG
E UQOGPVGEWUVQQUTGNCVÎTKQUFGEWUVQUºQGOKVKFQUGOPQOGFCHCOÈNKCG
QU TGNCVÎTKQU FG TGUWNVCFQU RGNQ PQOG KPFKXKFWCN FG ECFC CP¶NKUG
EQORQPGPVG
F TGNCVÎTKQ G EWUVQ QU TGNCVÎTKQU FG EWUVQ G FG TGUWNVCFQU UºQ GOKVKFQU GO
PQOGFCHCOÈNKC
DD ++PPEENNWWUUººQQFFGGCCPP¶¶NNKKUUGGGGO
OWWO
OCCHHCCO
OÈÈNNKKCC
# KPENWUºQ FG PQXCU CP¶NKUGU RCTC WOC HCOÈNKC L¶ GZKUVGPVG Ã CEGUUCFC
ENKECPFQUGUQDTGQDQVºQFGGZRCPUºQ´GUSWGTFCFQPQOGFCHCOÈNKC´SWCN
UG SWGT KPENWKT CP¶NKUGU G FGRQKU UQDTG WOC FCU CP¶NKUGU L¶ GZKUVGPVGU #
UGIWKTENKECTUQDTGQDQVºQQ+PENWKTRPCVGNCFGECFCUVTQFGHCOÈNKCU (KI
CDTKPFQ WOC LCPGNC RCTC C KPENWUºQ FG PQXCU CP¶NKUGU (KI #U CP¶NKUGU
CPVGTKQTOGPVGECFCUVTCFCURCTCCSWGNCHCOÈNKCPºQGUVºQFKURQPÈXGKU
EE #
#NNVVGGTTCCÁÁººQQFFGGPPQQO
OGGFFCCHHCCO
OÈÈNNKKCC
2CTC CNVGTCT C FGPQOKPCÁºQ FG WO CITWRCOGPVQ FG CP¶NKUGU HCOÈNKC Ã

PGEGUU¶TKQUGNGEKQPCTPCLCPGNCFGHCOÈNKCUECFCUVTCFCUENKECPFQUQDTGQPQOG
FC HCOÈNKC FGUGLCFC G GO UGIWKFC ENKECT UQDTG Q DQVºQ Q#NVGTCTR PC VGNC FG
62
ECFCUVTQ FG HCOÈNKCU (KI CDTKPFQ WOC LCPGNC RCTC C CNVGTCÁºQ FC
FGPQOKPCÁºQFCHCOÈNKCUGNGEKQPCFC (KI
(KI,CPGNCFGCNVGTCÁºQFCFGPQOKPCÁºQFGWOCITWRCOGPVQFGCP¶NKUGU HCOÈNKC
# LCPGNC OQUVTC C FGPQOKPCÁºQ CVWCN FC HCOÈNKC RTGXKCOGPVG UGNGEKQPCFC CU

QRÁÐGU FG CITWRCOGPVQ GO TGNCVÎTKQ G GO EWUVQ G CU QRÁÐGU FG Q(GEJCTR
CDCPFQPCTUGOCNVGTCÁÐGULGQ)TCXCTRLRCTCEQPHKTOCTCUCNVGTCÁÐGU
FF ''ZZEENNWWKKTTCCPP¶¶NNKKUUGGFFGGWWO
OCCHHCCO
OÈÈNNKKCC
# GZENWUºQ FG CP¶NKUGU FG WOC HCOÈNKC Ã HGKVC ENKECPFQUG UQDTG Q DQVºQ FG
GZRCPUºQ ´ GUSWGTFC FQ PQOG FC HCOÈNKC ´ SWCN UG SWGT GZENWKT CP¶NKUGU G
FGRQKUUQDTGCCP¶NKUGCUGTGZENWÈFC#UGIWKTENKECTUQDTGQDQVºQQ'ZENWKTR
PCVGNCFGECFCUVTQ FGHCOÈNKCU (KI CDTKPFQWOC LCPGNCRCTCCGZENWUºQ
FCCP¶NKUGUGNGEKQPCFC (KI
(KI,CPGNCFGGZENWUºQFGCP¶NKUGUFGWOCHCOÈNKC
0CLCPGNCÃUQNKEKVCFCCEQPHKTOCÁºQRCTCCGZENWUºQFCCP¶NKUGKPHQTOCPFQQ
PQOGFCCP¶NKUGUUGNGEKQPCFCUGFCHCOÈNKCCSWGRGTVGPEG
GG ''ZZEENNWWKKTTHHCCO
OÈÈNNKKCC
#GZENWUºQFGWOCHCOÈNKCÃHGKVCENKECPFQUGUQDTGQPQOGFCHCOÈNKC´SWCN
UGSWGTGZENWKTPCLCPGNCFGHCOÈNKCUECFCUVTCFCUGGOUGIWKFCUQDTGQDQVºQ
63
Q'ZENWKTRPCVGNCFGECFCUVTQFGHCOÈNKCU (KI CDTKPFQWOCLCPGNCRCTCC
GZENWUºQFCHCOÈNKCUGNGEKQPCFC (KI
(KI,CPGNCFGGZENWUºQFGHCOÈNKC
0C LCPGNC Ã UQNKEKVCFC C EQPHKTOCÁºQ RCTC C GZENWUºQ FC HCOÈNKC UGNGEKQPCFC

KPHQTOCPFQSWGCUCP¶NKUGUCGNCCUUQEKCFCURGTFGTºQQXÈPEWNQ
HH ..QQEECCNNKK\\CCÁÁººQQTT¶¶RRKKFFCC
WOCCP¶NKUGFKIKVCPFQUGWOCRCNCXTCEJCXG (KI

(KI,CPGNCRCTCCNQECNK\CÁºQT¶RKFCFGHCOÈNKCU

/
/GGPPWWFFGGRRTTQQVVQQEEQQNNQQ
%QOQ Q2TQVQEQNQR HQK CITWRCFQ VQFQ Q RTQEGUUCOGPVQ FGUFG C TGEGRÁºQ FG
WOCCOQUVTCQWNQVGFGCOQUVTCURCTCCP¶NKUGCVÃCGOKUUºQFQTGNCVÎTKQHKPCN
RCTC Q ENKGPVG #UUKO WO RTQVQEQNQ GPINQDC WO NQVG FG COQUVTCU FG WO
ENKGPVG EQPVGPFQ CQ OGPQU WOC COQUVTC G WOC CP¶NKUG CVÃ WO PÕOGTQ
KPFGVGTOKPCFQFGCOQUVTCUGCP¶NKUGU
0C QRÁºQ FG RTQVQEQNQ FQ OGPW RTKPEKRCN GUVºQ FKURQPÈXGKU QU OÎFWNQU FG
RTQEGUUCOGPVQ FG GPVTCFC FG COQUVTCU RCTC CP¶NKUGU OCPWVGPÁºQCNVGTCÁºQ
FQUFCFQUFGKFGPVKHKECÁºQFCUCOQUVTCUCP¶NKUGUGOKUUºQFCHKEJCFGGPVTCFC
FGCOQUVTCUGFCURNCPKNJCUFGEWUVQUGFGTGUWNVCFQUFCUCP¶NKUGU (KI
64
(KI/GPWFGRTQVQEQNQ
%
%CCFFCCUUVVTTQQFFGGRRTTQQVVQQEEQQNNQQ
1 ECFCUVTQ FG WO RTQVQEQNQ FGHKPG Q CVQ FG TGEGDKOGPVQ FG WO NQVG FG
COQUVTCURCTCCTGCNK\CÁºQFGCP¶NKUGUPQNCDQTCVÎTKQ
# VGNC FG ECFCUVTQ FG RTQVQEQNQ Ã CEGUUCFC ENKECPFQUG UQDTG C QRÁºQ FG

Q%CFCUVTQRFQOGPWFGQ2TQVQEQNQR (KI
#VGNCÃEQORQUVCRQTWOCLCPGNC´GUSWGTFCEQOCTGNCÁºQFQURTQVQEQNQU
ECFCUVTCFQU QDGFGEGPFQ C UGNGÁºQ FGHKPKFC PQU DQVÐGU FG CITWRCOGPVQ ´
FKTGKVC #RTGUGPVC VCODÃO QRÁÐGU FG KPENWUºQ G GZENWUºQ FG RTQVQEQNQU G
UCKT (KI
(KI6GNCFGECFCUVTQFGRTQVQEQNQ
#U QRÁÐGU FG CITWRCOGPVQ UºQ RQT RTQVQEQNQ VKRQ KPVGTPQ GZVGTPQ QW
EQPXÄPKQU CPQQWTGURQPU¶XGNRQFGPFQOQUVTCTVQFQUQURTQVQEQNQUQUFQ
CPQCVWCNQWFQOÄUGOEWTUQ
65
#UHWPÁÐGUQHGTGEKFCUUºQ
+PENWKTDQVºQFGCEGUUQ´VGNCFGKPENWUºQFGRTQVQEQNQ
'ZENWKTDQVºQFGCEGUUQ´VGNCFGGZENWUºQFGRTQVQEQNQ
#ITWRCOGPVQQRÁÐGUFGCITWRCOGPVQFQURTQVQEQNQUOQUVTCFQUPCLCPGNCFG
TGNCÁºQ FG RTQVQEQNQU RGNQ PÕOGTQ FQ RTQVQEQNQ RGNQ VKRQ KPVGTPQ GZVGTPQ
QWEQPVTCVQ CPQQWTGURQPU¶XGNKPVGTPQ 'ODTCRC RGNCUCOQUVTCU
/QUVTCTQRÁºQFGUGNGÁºQRCTCSWCKURTQVQEQNQUOQUVTCTPCLCPGNCFGTGNCÁºQ
FGRTQVQEQNQUUGVQFQUFQCPQCVWCNQWFQOÄUCVWCN RCTCXGTRTQVQEQNQUFG
CPQUCPVGTKQTGUXGTKVGO/CPWVGPÁºQ
5CKTDQVºQRCTCUCKTFCVGNCFGECFCUVTQFGRTQVQEQNQU
++PPEENNWWKKTTPPQQXXQQRRTTQQVVQQEEQQNNQQ
2CTCCKPENWUºQFGWOPQXQRTQVQEQNQENKECTEQOQOQWUGPQDQVºQQ+PENWKTR
PCVGNCFGQ%CFCUVTQ2TQVQEQNQUR (KI
7OC LCPGNC Ã CDGTVC EQPVGPFQ ECORQU RCTC C KFGPVKHKECÁºQ FQ NQVG FCU
COQUVTCUFCUCP¶NKUGUUQNKEKVCFCUGFQENKGPVG (KI FGUETKVQUCUGIWKT

(KI6GNCFGKPENWUºQFGWOPQXQRTQVQEQNQ
CC ++FFGGPPVVKKHHKKEECCÁÁººQQFFQQRRTTQQVVQQEEQQNNQQGGFFQQUUTTGGUURRQQPPUU¶¶XXGGKKUU
1U FCFQU FG KFGPVKHKECÁºQ FQ RTQVQEQNQ NQVG FG COQUVTCU G FQ TGURQPU¶XGN
KPVGTPQ RGNCU COQUVTCU NQECNK\COUG PC LCPGNC UWRGTKQT FC VGNC FG KPENWUºQ FG
RTQVQEQNQ (KI
#PQ ECORQ FG KPHQTOCÁºQ FQ CPQ FG TGEGDKOGPVQ FQ NQVG FG COQUVTCU
EQPVTQNCFQ RGNQ UKUVGOC SWG KPHQTOC Q CPQ CVWCN FQ UGTXKFQT FQ DCPEQ FG
FCFQU
66
0ÕOGTQ ECORQ RCTC Q PÕOGTQ FG TGIKUVTQ FQ RTQVQEQNQ 1 PÕOGTQ FQ
RTQVQEQNQFGTGEGDKOGPVQFGCOQUVTCUÃHQTOCFQRGNCCUUQEKCÁºQFQCPQOCKU
QPÕOGTQ2CTCECFCCPQQPÕOGTQTGKPKEKCCRCTVKTFQXCNQT1PÕOGTQ
FQRTQVQEQNQÃIGTCFQCWVQOCVKECOGPVGGOQTFGOUGS×GPEKCNFGGPVTCFC
&CVC FG GPVTCFC FCVC GHGVKXC FQ TGEGDKOGPVQ FQ NQVG FG COQUVTCU IGTCFQ
CWVQOCVKECOGPVG C RCTVKT FC FCVC FQ UGTXKFQT FQ DCPEQ FG FCFQU 2QFG UGT
GFKVCFC 2CTC ECFCUVTCT RTQVQEQNQU FG CPQ CPVGTKQT SWCPFQ PGEGUU¶TKQ RCTC
ECFCUVTCTDCPEQFGFCFQUJKUVÎTKEQ QPÕOGTQFQRTQVQEQNQÃCVWCNK\CFQRCTC
QRTÎZKOQNQVGRCTCCFCVCKPHQTOCFC
1DUECORQRCTCKPHQTOCÁÐGUCFKEKQPCKUUQDTGQNQVGFGCOQUVTCU
4GURQPU¶XGN ECORQ FG KPHQTOCÁºQ FQ TGURQPU¶XGN RGNQ ECFCUVTCOGPVQ FQ

RTQVQEQNQEQPVTQNCFQRGNQUKUVGOCUGPFQQWUW¶TKQCVKXQPCSWGNGOQOGPVQ
0ÕOGTQ FG COQUVTCU ECORQ RCTC C KPHQTOCÁºQ FQ PÕOGTQ FG COQUVTCU SWG
EQORÐGQRTQVQEQNQSWGGUV¶UGPFQECFCUVTCFQ
0ÕOGTQ FG TGRGVKÁÐGU ECORQ RCTC FGHKPKÁºQ FQ PÕOGTQ FG TGRGVKÁÐGU C SWG
ECFC COQUVTC UGT¶ UWDOGVKFC GO ECFC CP¶NKUG 1 PÕOGTQ RCFTºQ FG
TGRGVKÁÐGUÃFGHKPKFQPQOGPWQ1RÁÐGURQ%QPHKIWTCÁºQ$¶UKECR
4GURQPU¶XGN RGNCU COQUVTCU ECORQ RCTC C KPHQTOCÁºQ FQ TGURQPU¶XGN RGNCU

COQUVTCU 1 TGURQPU¶XGN RGNCU COQUVTCU FGXGT¶ GUVCT ECFCUVTCFQ EQOQ
GORTGICFQQWDQNUKUVCPC'ORTGUC2CTCCOQUVTCUGZVGTPCUUGT¶QGORTGICFQ
SWGCWVQTK\CTQTGEGDKOGPVQFCUCOQUVTCURCTCCP¶NKUG (KI
(KI5GNGÁºQFQTGURQPU¶XGNRGNCUCOQUVTCUPQECFCUVTQFGWOPQXQRTQVQEQNQ
2TGGPEJGT QU ECORQU FG Q1TKIGOR G Q0ÕOGTQ FG COQUVTCUR G KPHQTOCT Q

TGURQPU¶XGN RGNCU COQUVTCU PQ ECORQ Q4GURQPU¶XGN RGNCU COQUVTCUR SWG
FGXGT¶UGTGORTGICFQFC'ODTCRCGGUVCTECFCUVTCFQRTGXKCOGPVGPQDCPEQ
FGFCFQU
67
1 ECORQ Q&CVC FG GPVTCFCR EQPVÃO C FCVC CVWCN FQ UKUVGOC G Q ECORQ
Q0ÕOGTQ FG TGRGVKÁÐGUR EQPVÃO Q PÕOGTQ RCFTºQ FG TGRGVKÁÐGU C SWG ECFC
COQUVTCUGT¶UWDOGVKFCRCTCECFCCP¶NKUG/QFKHKECTQUXCNQTGUUGPGEGUU¶TKQ
1UECORQUQ#PQRQ0ÕOGTQRGQ4GURQPU¶XGNRUºQEQPVTQNCFQURGNQUKUVGOCG
EQTTGURQPFGOTGURGEVKXCOGPVGCQCPQGOEWTUQPÕOGTQFQRTQVQEQNQCVWCN
GFQWUW¶TKQSWGGUV¶EQPGEVCFQCQUKUVGOC
DD ++FFGGPPVVKKHHKKEECCÁÁººQQFFCCUUCCO
OQQUUVVTTCCUU
1U FCFQU FG KFGPVKHKECÁºQ FCU COQUVTCU G FCU CP¶NKUGU UQNKEKVCFCU RCTC ECFC
COQUVTC NQECNK\COUG PC LCPGNC KPVGTOGFK¶TKC FC VGNC FG KPENWUºQ FG RTQVQEQNQ
(KI PQUECORQUQ#OQUVTCRQ6KRQRQ&GUETKÁºQRQ#P¶NKUGURGQ1TKIGO
2CFTºQR#UHWPÁÐGUFGECFCECORQUºQ
#OQUVTC ECORQ FG KPHQTOCÁºQ FQ PÕOGTQ FG QTFGO FCU COQUVTCU )GTCFQ
CWVQOCVKECOGPVG C RCTVKT PQ PÕOGTQ FG COQUVTCU KPHQTOCFQ PQ ECORQ
Q0ÕOGTQFGCOQUVTCUR
6KRQECORQFGKPHQTOCÁºQFQVKRQFCCOQUVTCEQPHQTOGQECFCUVTQFGVKRQU
FGCOQUVTCU XGT%CFCUVTQFG6KRQUFG#OQUVTCU #UUQEKCCCOQUVTCSWG
GUV¶ UGPFQ ECFCUVTCFC C WO FQU VKRQU RTGGZKUVGPVGU 1 RTQEGFKOGPVQ FG
CUUQEKCÁºQFQVKRQFGCOQUVTCÃOQUVTCFQCQHKPCNFGUVGKVGO
&GUETKÁºQ ECORQ RCTC FGUETKÁºQ FQ PQOG FC COQUVTC 1 RTQEGFKOGPVQ FG

CUUQEKCÁºQFCFGUETKÁºQFCCOQUVTCÃOQUVTCFQCQHKPCNFGUVGKVGO
#P¶NKUGU ECORQ RCTC KPHQTOCÁºQ FCU CP¶NKUGU C SWG ECFC COQUVTC UGT¶
UWDOGVKFC 1 RTQEGFKOGPVQ FG KPHQTOCÁºQ FCU CP¶NKUGU Ã OQUVTCFQ PQ KVGO
E
1TKIGO ECORQ RCTC KPHQTOCÁºQ FC QTKIGO FC COQUVTC 1U NQECKU FG QTKIGO
UºQFGHKPKFQUPCQRÁºQQ1TKIGOFGCOQUVTCURFQOGPWFGQ%CFCUVTQUR KVGO

6KRQ2CFTºQ QRÁºQ FG RTGGPEJKOGPVQ FQ ECORQ Q6KRQ FG COQUVTCR

CUUQEKCPFQWOVKRQRCFTºQRCTCVQFCUCUCOQUVTCU PQKPVGTXCNQFGHKPKFQRGNQ
WUW¶TKQ
&GUETKÁºQ2CFTºQQRÁºQFGRTGGPEJKOGPVQFQECORQQ&GUETKÁºQFCCOQUVTCR
CUUQEKCPFQWOCFGUETKÁºQRCFTºQRCTCVQFCUCUCOQUVTCUPQKPVGTXCNQFGHKPKFQ
RGNQWUW¶TKQ
(COÈNKC 2CFTºQ QRÁºQ FG RTGGPEJKOGPVQ FQ ECORQ Q#P¶NKUGUR CUUQEKCPFQ

WOC HCOÈNKC RCFTºQ QW CITWRCOGPVQ FG CP¶NKUGU RCTC VQFCU CU COQUVTCU PQ
KPVGTXCNQFGHKPKFQRGNQWUW¶TKQ
68
#P¶NKUG 2CFTºQ QRÁºQ FG RTGGPEJKOGPVQ FQ ECORQ Q#P¶NKUGUR CUUQEKCPFQ
WOCCP¶NKUGQWITWRQFGCP¶NKUGURCTCVQFCUCUCOQUVTCUPQKPVGTXCNQFGHKPKFQ
RGNQWUW¶TKQ
1TKIGO2CFTºQQRÁºQFGRTGGPEJKOGPVQFQECORQQ1TKIGORCUUQEKCPFQWO
NQECNFGQTKIGORCTCVQFCUCUCOQUVTCUPQKPVGTXCNQFGHKPKFQRGNQWUW¶TKQ
(QRÁºQFGRTGGPEJKOGPVQOCPWCNFQECORQQ1TKIGORCUUQEKCPFQWONQECN
FGQTKIGORCTCECFCCOQUVTCKPFKXKFWCNOGPVG2QFGUGTWUCFQRCTCOQFKHKECT
CQTKIGOFGWOCCOQUVTCRTGFGHKPKFCCVTCXÃUFQDQVºQQQTKIGORCFTºQR
(QRÁºQFGRTGGPEJKOGPVQOCPWCNFQECORQQ6KRQFGCOQUVTCRCUUQEKCPFQ
WOVKRQRCTCECFCCOQUVTCKPFKXKFWCNOGPVG2QFGUGTWUCFQRCTCOQFKHKECTQ
VKRQFGWOCCOQUVTCRTGFGHKPKFCCVTCXÃUFQDQVºQQVKRQRCFTºQR
( QRÁºQ FG RTGGPEJKOGPVQ OCPWCN FQ ECORQ Q#P¶NKUGUR CUUQEKCPFQ WOC
HCOÈNKC FG CP¶NKUGU RCTC ECFC COQUVTC KPFKXKFWCNOGPVG 2QFG UGT WUCFQ RCTC
OQFKHKECT CU CP¶NKUGU ECFCUVTCFCU RCTC WOC COQUVTC RTGFGHKPKFC CVTCXÃU FQ
DQVºQ Q#P¶NKUG RCFTºQR QW CETGUEGPVCT CP¶NKUGU GURGEÈHKECU RCTC CSWGNC
COQUVTC 0Q ECUQ FG CETÃUEKOQ FG CP¶NKUGU OCPVGT C VGENC Q%VTN L %QPVTQNR
RTGUUKQPCFCRCTCPºQFGUOCTECTCUCP¶NKUGUCPVGTKQTOGPVGECFCUVTCFCU
( QRÁºQ FG RTGGPEJKOGPVQ OCPWCN FQ ECORQ Q#P¶NKUGUR CUUQEKCPFQ WOC
CP¶NKUGRCTCECFCCOQUVTCKPFKXKFWCNOGPVG2QFGUGTWUCFQRCTCOQFKHKECTCU
CP¶NKUGUECFCUVTCFCURCTCWOCCOQUVTCRTGFGHKPKFCCVTCXÃUFQDQVºQQ#P¶NKUG
RCFTºQRQWCETGUEGPVCTCP¶NKUGUGURGEÈHKECURCTCCSWGNCCOQUVTC0QECUQFG
CETÃUEKOQFGCP¶NKUGUOCPVGT CVGENCQ%VTNL%QPVTQNRRTGUUKQPCFCRCTC PºQ
FGUOCTECTCUCP¶NKUGUCPVGTKQTOGPVGECFCUVTCFCU
1 ECORQ Q#OQUVTCR Ã EQPVTQNCFQ RGNQ UKUVGOC G EQTTGURQPFG ´ PWOGTCÁºQ

UGS×GPEKCN FC SWCPVKFCFG FG COQUVTCU KPHQTOCFQ PQ ECORQ Q0ÕOGTQ FG
COQUVTCURPCLCPGNCUWRGTKQTFCVGNC
0Q ECORQ Q6KRQR C COQUVTC Ã CUUQEKCFC ´ ENCUUKHKECÁºQ FQ DCPEQ FG FCFQU
FG COQUVTCU EQPHQTOG UWC QTKIGO PCVWTG\C GQW RTQEGUUQ FG QDVGPÁºQ #
CUUQEKCÁºQCWOVKRQRQFGUGT TGCNK\CFCFGFQKUOQFQU C CUUQEKCÁºQ FG WO
VKRQRCFTºQRCTCVQFCUCUCOQUVTCUQWRCTVGFGNCUQWCCUUQEKCÁºQRCTCECFC
COQUVTCKPFKXKFWCNOGPVG
#
#UUUUQQEEKKCCÁÁººQQFFGGVVKKRRQQRRCCFFTTººQQ
2CTCCUUQEKCTWOVKRQRCFTºQRCTCCUCOQUVTCUENKECTUQDTGWOCFCUCOQUVTCU
TGNCEKQPCFCUPCVCDGNCFGCOQUVTCUGFGRQKUUQDTGQDQVºQQ6KRQRCFTºQRPC
VGNCFGKPENWUºQFGRTQVQEQNQ (KI CDTKPFQCLCPGNCFGVKRQUFGCOQUVTCU
ECFCUVTCFCU (KI
69
(KI ,CPGNC FG VKRQU FG COQUVTCU ECFCUVTCFQU RCTC CUUQEKCÁºQ FG VKRQ RCFTºQ RCTC CU
COQUVTCUFGWOPQXQRTQVQEQNQ
#VGNCEQPVÃOWOCLCPGNCEQOQUVKRQUECFCUVTCFQUECORQURCTCFGHKPKTRCTC
SWCKUCOQUVTCUUGT¶CUUQEKCFQQVKRQUGNGEKQPCFQGCUQRÁÐGUFGQ%QPHKTOCR
LRCTCEQPHKTOCTCUCNVGTCÁÐGUGQ%CPEGNCRLRCTCCDCPFQPCTUGOCNVGTCÁÐGU
0C RCTVG UWRGTKQT FC VGNC CRTGUGPVC ECORQ RCTC NQECNK\CÁºQ T¶RKFC FG
RQUKEKQPCOGPVQ FKP¸OKEQ RQT ECTCEVGT FKIKVCFQ G DQVºQ RCTC QTFGPCÁºQ FCU
COQUVTCURGNQEÎFKIQQWQTFGOCNHCDÃVKEC
7OVKRQRCFTºQRQFGUGTCUUQEKCFQCSWCNSWGTUGS×ÄPEKCFGCOQUVTCUFGWO
CVÃ Q PÕOGTQ VQVCN FG COQUVTCU KPHQTOCFCU 1 ECORQ KPHQTOC CWVQOCVKEC
OGPVG Q PÕOGTQ VQVCN FG COQUVTCU 2CTC C CUUQEKCÁºQ FG VKRQU FG COQUVTCU
RCTC UGS×ÄPEKCU RCTEKCKU Ã PGEGUU¶TKQ TGHC\GT Q RTQEGFKOGPVQ RCTC ECFC
UGS×ÄPEKC
#
#UUUUQQEEKKCCÁÁººQQFFGGVVKKRRQQKKPPFFKKXXKKFFWWCCNN
2CTC CUUQEKCT WO VKRQ RCTC ECFC COQUVTC KPFKXKFWCNOGPVG ENKECT UQDTG C
COQUVTC RCTC CNVGTCT Q VKRQ PC VCDGNC FG COQUVTCU FC VGNC FG KPENWUºQ FG
RTQVQEQNQ (KI GFGRQKURTGUUKQPCTCVGENCQ(RCDTKPFQCLCPGNCFGVKRQU
FG COQUVTCU ECFCUVTCFQU (KI # ÕPKEC FKHGTGPÁC GO TGNCÁºQ CQ
RTQEGFKOGPVQRCTCQVKRQRCFTºQÃCCWUÄPEKCFQECORQRCTCCUUQEKCTQVKRQ
FGHKPKFQRCTCOCKUFGWOCCOQUVTC
&
&GGUUEETTKKÁÁººQQFFCCCCO
OQQUUVVTTCC
0GUUGECORQÃHGKVCCKFGPVKHKECÁºQKPFKXKFWCNFG ECFC COQUVTC%CFCECORQ

RQFG UGT GFKVCFQ FKTGVCOGPVG EQO ENKSWG FWRNQ FQ OQWUG 1 DQVºQ
Q&GUETKÁºQR RGTOKVG FGUETKÁºQ RCFTQPK\CFC FG ITCPFG PÕOGTQ FG COQUVTCU
CUUQEKCFQCWOPÕOGTQUGS×GPEKCNQWPºQ
70
2CTC CUUQEKCT WOC FGUETKÁºQ RCFTºQ RCTC CU COQUVTCU ENKECT UQDTG WOC FCU
COQUVTCU TGNCEKQPCFCU PC VCDGNC FG COQUVTCU G FGRQKU UQDTG Q DQVºQ
Q&GUETKÁºQR PC VGNC FG KPENWUºQ FG RTQVQEQNQ (KI CDTKPFQ C LCPGNC FG
GFKÁºQ (KI
(KI,CPGNCRCTCFGUETKÁºQRCFTºQFCUCOQUVTCUFGWORTQVQEQNQ
#VGNCEQPVÃOWOECORQRCTCCFGUETKÁºQRCFTºQWOCECKZCFGUGNGÁºQRCTC
PWOGTCÁºQ UGS×GPEKCN FC FGUETKÁºQ RCFTºQ ECORQU RCTC C UGS×ÄPEKC FG
COQUVTCUSWGTGEGDGTºQCFGUETKÁºQRCFTQPK\CFC GCUQRÁÐGUFGQ%QPHKTOCR
LRCTCEQPHKTOCTCFGUETKÁºQGQ%CPEGNCRLRCTCCDCPFQPCTUGOCNVGTCÁÐGU
#
#UUUUQQEEKKCCÁÁººQQFFGGCCPP¶¶NNKKUUGGUU
%CORQ RCTC KFGPVKHKECT CU CP¶NKUGU UQNKEKVCFCU RCTC ECFC COQUVTC 2QFG UGT
GFKVCFQ FG HQTOC KPFKXKFWCN QW EQNGVKXC VCPVQ RCTC CU COQUVTCU SWCPVQ RCTC
CUCP¶NKUGU
2CTCCUUQEKCTWOCUGS×ÄPEKCFGCP¶NKUGURCTCVQFCUCUCOQUVTCUENKECTUQDTG
WOCFCUCOQUVTCUTGNCEKQPCFCUPCVCDGNCFGCOQUVTCUGFGRQKUUQDTGQDQVºQ
Q#P¶NKUG2CFTºQRPCVGNCFGKPENWUºQFGRTQVQEQNQ (KI CDTKPFQ CLCPGNC
FGGFKÁºQ (KI
(KI,CPGNCRCTCUGNGÁºQFGCP¶NKUGURCFTºQRCTCCUCOQUVTCUFGWORTQVQEQNQ
# VGNC EQPVÃO WOC LCPGNC EQO CU CP¶NKUGU ECFCUVTCFCU ECORQU RCTC FGHKPKT
RCTC SWCKU COQUVTCU UGT¶ CUUQEKCFQ C CP¶NKUG UGNGEKQPCFC G CU QRÁÐGU FG
Q%QPHKTOCR L RCTC EQPHKTOCT C UGNGÁºQ G Q%CPEGNCR L RCTC CDCPFQPCT UGO
CNVGTCÁÐGU
2CTCUGNGEKQPCTOCKUFG WOCCP¶NKUG ENKECT UQDTG ECFC CP¶NKUG C UGT KPENWÈFC

UGIWTCPFQCVGENCQ%QPVTQN %VTN RFQVGENCFQRTGUUKQPCFC
71
2CTCKPENWKTCP¶NKUGURCTCWOCÕPKECCOQUVTCQWGFKVCTCUCP¶NKUGUECFCUVTCFCU
RCTC WOC COQUVTC ENKECT UQDTG C COQUVTC GO SWGUVºQ G RTGUUKQPCT C VGENC
Q(R
2CTCCUUQEKCTWOEQPLWPVQRTÃFGHKPKFQFGCP¶NKUGUQWEQPLWPVQFGRCT¸OGVTQU
FGHKPKFQU RQT WO PQOG EQOWO 'Z COKPQ¶EKFQU #UR 6TG 5GT )NW GVE
FGXGUGWUCTCQRÁºQFGKPENWUºQFGHCOÈNKC
2CTCCUUQEKCTWOCHCOÈNKCFGCP¶NKUGURCTCVQFCUCUCOQUVTCUENKECTUQDTGWOC
FCU COQUVTCU TGNCEKQPCFCU PC VCDGNC FG COQUVTCU G FGRQKU UQDTG Q DQVºQ
Q(COÈNKC2CFTºQR PCVGNC FG KPENWUºQ FG RTQVQEQNQ (KI CDTKPFQ C LCPGNC
FGGFKÁºQ (KI
(KI,CPGNCRCTCUGNGÁºQFGHCOÈNKCRCFTºQRCTCCUCOQUVTCUFGWORTQVQEQNQ
# VGNC EQPVÃO WOC LCPGNC EQO CU HCOÈNKCU ECFCUVTCFCU ECORQU RCTC FGHKPKT
RCTC SWCKU COQUVTCU UGT¶ CUUQEKCFQ C HCOÈNKC UGNGEKQPCFC G CU QRÁÐGU FG
Q%QPHKTOCR L RCTC EQPHKTOCT C UGNGÁºQ G Q%CPEGNCR L RCTC CDCPFQPCT UGO
CNVGTCÁÐGU
2CTC UGNGEKQPCT OCKU FG WOC HCOÈNKC ENKECT UQDTG ECFC HCOÈNKC C UGT KPENWÈFC
UGIWTCPFQCVGENCQ%QPVTQN %VTN RFQVGENCFQRTGUUKQPCFC
2CTCKPENWKTHCOÈNKCURCTCWOCÕPKECCOQUVTCQWGFKVCTCUHCOÈNKCUECFCUVTCFCU
RCTC WOC COQUVTC ENKECT UQDTG C COQUVTC GO SWGUVºQ G RTGUUKQPCT C VGENC
Q(R
#U CP¶NKUGU KPHQTOCFCU RCTC ECFC COQUVTC RQFGO UGT CNVGTCFCU CVTCXÃU FC
KPENWUºQKPFKXKFWCNQWEQNGVKXC#UCP¶NKUGUKPENWÈFCURCTCECFCCOQUVTCHKECO
OCTECFCU SWCPFQ FQ CEGUUQ ´ HWPÁºQ FG KPENWUºQ KPFKXKFWCN QW EQNGVKXC
KPENWUKXG CSWGNCU ECFCUVTCFCU EQOQ HCOÈNKC G RQFGO UGT CNVGTCFCU ENKECPFQ
UQDTG ECFC CP¶NKUG EQO C VGENC Q%QPVTQNR RTGUUKQPCFC 5G C VGENC Q%QPVTQNR
PºQGUVKXGTRTGUUKQPCFCVQFCUCUFGOCKUCP¶NKUGUUGTºQFGUOCTECFCU
72
&
&GGHHKKPPKKÁÁººQQFFCCQQTTKKIIGGO
O
%CORQRCTCKFGPVKHKECTCTGIKºQFGQTKIGOFCUCOQUVTCUUQNKEKVCFCURCTCECFC
COQUVTC2QFGUGTGFKVCFQFGHQTOCKPFKXKFWCNQWEQNGVKXC
2CTC CUUQEKCT WOC QTKIGO RCTC VQFCU CU COQUVTCU ENKECT UQDTG WOC FCU
COQUVTCUTGNCEKQPCFCUPCVCDGNCFGCOQUVTCUGFGRQKUUQDTGQDQVºQQ1TKIGO
2CFTºQRPCVGNCFGKPENWUºQFGRTQVQEQNQ (KI CDTKPFQCLCPGNCFGGFKÁºQ
(KI
(KI,CPGNCRCTCUGNGÁºQFGQTKIGORCFTºQRCTCCUCOQUVTCUFGWORTQVQEQNQ
# VGNC EQPVÃO CU QRÁÐGU FG UGNGÁºQ FG RCÈU TGIKºQ G EKFCFG FG QTKIGO FCU
COQUVTCU ECORQ RCTC FGHKPKT RCTC SWCKU COQUVTCU UGT¶ CUUQEKCFQ C QTKIGO
UGNGEKQPCFC G CU QRÁÐGU FG Q%QPHKTOCR L RCTC EQPHKTOCT C UGNGÁºQ G
Q%CPEGNCRLRCTCCDCPFQPCTUGOCNVGTCÁÐGU
# GFKÁºQ QW C KPENWUºQ FG QTKIGO RCTC WOC COQUVTC RQFG UGT HGKVC FKTGVC
OGPVGENKECPFQUQDTGCCOQUVTCGRTGUUKQPCPFQCVGENCQ(R
EE ++FFGGPPVVKKHHKKEECCÁÁººQQFFQQEENNKKGGPPVVGG
1U FCFQU FG KFGPVKHKECÁºQ FQ ENKGPVG NQECNK\COUG PC RCTVG KPHGTKQT FC VGNC FG
KPENWUºQ FG RTQVQEQNQ (KI HQTOCFQ RQT FWCU LCPGNCU C RTKOGKTC RCTC
UGNGEKQPCTQQ6KRQRFGENKGPVGSWGRQFGUGTQ+PVGTPQR 2TQLGVQUFC'ODTCRC
Q'ZVGTPQR #ITQKPFÕUVTKCU RTQFWVQTGU GVE GURGEKHKECOGPVGRCTCUGTXKÁQUFG
EQPVTQNGFGSWCNKFCFG QWQ%QPVTCVQUR 2TQLGVQUQWRCTEGTKCUGPVTGC'ODTCRC
GENKGPVGUGZVGTPQU #UGIWPFCQ&CFQU'URGEÈHKEQURÃFGRGPFGPVGFQVKRQFG
ENKGPVG UGNGEKQPCFQ CRTGUGPVCPFQ ECORQU RCTC RTGGPEJKOGPVQ GURGEÈHKEQU
RCTCECFCVKRQFGENKGPVG
#UHWPÁÐGUUºQ
6KRQFG%NKGPVGUGNGÁºQFQVKRQFQ ENKGPVG +PVGTPQ'ZVGTPQ QW%QPXÄPKQ #

LCPGNC FG Q&CFQU GURGEÈHKEQUR Ã FGVGTOKPCFC EQPHQTOG Q VKRQ FG ENKGPVG
UGNGEKQPCFQ
¾ %NKGPVG +PVGTPQ CRTGUGPVC ECORQU RCTC C KPHQTOCÁºQ FQ UWDRTQLGVQ FG

FGUETKÁºQFQPQOGFQGZRGTKOGPVQ (KI
5WDRTQLGVQUGNGÁºQFQUWDRTQLGVQFGRGUSWKUCQWEGPVTQFGEWUVQCSWG
Q NQVG FG COQUVTCU RGTVGPEG 5G PºQ GUVKXGT FKURQPÈXGN ECFCUVTCT
73
EQPHQTOG FGUETKVQ PQ KVGO L %CFCUVTQ FG 2TQITCOCU RTQLGVQU G
UWDRTQLGVQUFGRGUSWKUC
'ZRGTKOGPVQ FGUETKÁºQ FQ PQOG QW KFGPVKHKECÁºQ UKORNKHKECFC FQ

GZRGTKOGPVQCSWGQNQVGFGCOQUVTCURGTVGPEG
¾ %NKGPVG 'ZVGTPQ CRTGUGPVC ECORQU RCTC C KPHQTOCÁºQ FQ ENKGPVG G FQ

EQPVCVQLRGUUQCSWGTGRTGUGPVCQENKGPVG (KI
(KI%CFCUVTQFGRTQVQEQNQRCTCENKGPVGGZVGTPQ
%NKGPVG UGNGÁºQ FQ PQOG FQ ENKGPVG 5G PºQ GUVKXGT FKURQPÈXGN
ECFCUVTCTEQPHQTOGFGUETKVQPQKVGOL%CFCUVTQFG%NKGPVGU
%QPVCVQUGNGÁºQFQPQOGFQEQPVCVQSWGTGRTGUGPVCQENKGPVG5GPºQ
GUVKXGT FKURQPÈXGN ECFCUVTCT EQPHQTOG FGUETKVQ PQ KVGO L
%CFCUVTQFG%NKGPVGU
¾ %QPVTCVQ CRTGUGPVC ECORQU RCTC C KPHQTOCÁºQ FQU FCFQU FG EQPVTCVQU G

EQPXÄPKQU (KI
(KI%CFCUVTQFGRTQVQEQNQRCTCEQPVTCVQUGEQPXÄPKQU
74
%QPVTCVQ UGNGÁºQ FQ EÎFKIQ FQ EQPVTCVQ QW EQPXÄPKQ 5G PºQ GUVKXGT
FKURQPÈXGN ECFCUVTCT EQPHQTOG FGUETKVQ PQ KVGO L %CFCUVTQ FG
EQPVTCVQUGEQPXÄPKQU
'ZRGTKOGPVQ FGUETKÁºQ FQ PQOG QW KFGPVKHKECÁºQ UKORNKHKECFC FQ

GZRGTKOGPVQCSWGQNQVGFGCOQUVTCURGTVGPEG
++FFGGPPVVKKHHKKEECCÁÁººQQFFQQEENNKKGGPPVVGGKKPPVVGGTTPPQQ
3WCPFQ Q ENKGPVG Ã FQ VKRQ Q+PVGTPQR C LCPGNC FG Q&CFQU GURGEÈHKEQUR

CRTGUGPVCWOECORQRCTCCUGNGÁºQFQUWDRTQLGVQSWGFGOCPFCCUCP¶NKUGUG
WO ECORQ FGUETKVKXQ RCTC C KFGPVKHKECÁºQ FQ NQVG FG COQUVTCU QW FQ
GZRGTKOGPVQSWGCUQTKIKPQW (KI

(KI,CPGNCRCTCKFGPVKHKECÁºQFQENKGPVGKPVGTPQ
1 ECORQ FG Q5WDRTQLGVQR OQUVTC VQFQU QU UWDRTQLGVQU ECFCUVTCFQU 2CTC

ECFCUVTCT PQXQ UWDRTQLGVQ XGLC Q KVGO %CFCUVTQ FG UWDRTQLGVQU FG
RGUSWKUC
++FFGGPPVVKKHHKKEECCÁÁººQQFFQQEENNKKGGPPVVGGGGZZVVGGTTPPQQ
3WCPFQ Q ENKGPVG Ã FQ VKRQ QGZVGTPQR C LCPGNC FG Q&CFQU GURGEÈHKEQUR

CRTGUGPVC WO ECORQ RCTC C UGNGÁºQ FQ ENKGPVG SWG FGOCPFC CU CP¶NKUGU G
QWVTQRCTCCUGNGÁºQFQEQPVCVQ (KI

(KI,CPGNCRCTCKFGPVKHKECÁºQFQENKGPVGGZVGTPQ
1 ECORQ FG Q%NKGPVGR OQUVTC VQFQU QU ENKGPVGU ECFCUVTCFQU 2CTC ECFCUVTCT
PQXQENKGPVGXGLCQKVGO%CFCUVTQFGENKGPVGU2CTCECFCUVTCTEQPVCVQU
RCTCWOENKGPVGXGLCQKVGO%QPVCVQU
75
++FFGGPPVVKKHHKKEECCÁÁººQQFFQQEENNKKGGPPVVGGFFGGEEQQPPVVTTCCVVQQUUGGEEQQPPXXÄÄPPKKQQUU
3WCPFQ Q ENKGPVG Ã FQ VKRQ Q%QPVTCVQR C LCPGNC FG Q&CFQU GURGEÈHKEQUR

CRTGUGPVCWOECORQRCTCCUGNGÁºQFQ%QPVTCVQSWGFGOCPFCCUCP¶NKUGUG
WO ECORQ FGUETKVKXQ RCTC C KFGPVKHKECÁºQ FQ NQVG FG COQUVTCU QW FQ
GZRGTKOGPVQSWGCUQTKIKPQW (KI

(KI,CPGNCRCTCKFGPVKHKECÁºQFQENKGPVGRCTCEQPVTCVQUGEQPXÄPKQU
1 ECORQ FG Q%QPVTCVQR OQUVTC VQFQU QU EQPVTCVQU ECFCUVTCFQU 2CTC ECFCU
VTCTPQXQEQPVTCVQXGLCQKVGO%CFCUVTQFGEQPVTCVQU
FF %
%QQPPEENNWWKKTTQQEECCFFCCUUVVTTQQFFQQPPQQXXQQRRTTQQVVQQEEQQNNQQ
#RÎUVQFQUQUFCFQUTGNCVKXQUCQNQVGFGCOQUVTCUGUVCTGOKPHQTOCFQUENKECT
PQ DQVºQ Q)TCXCTR RCTC ECFCUVTCT Q RTQVQEQNQ QW PQ DQVºQ Q%CPEGNCR RCTC
CDCPFQPCTCVGNCFGKPENWUºQFGRTQVQEQNQUGOITCXCT
2CTCCNVGTCTFCFQUFGWORTQVQEQNQL¶ITCXCFQXGLCQKVGO/CPWVGPÁºQ
)TCXCT ITCXC CU KPHQTOCÁÐGU FQ PQXQ RTQVQEQNQ G TGVQTPC RCTC C VGNC FG
ECFCUVTQFGRTQVQEQNQU (KI #RÎUCITCXCÁºQRCTCEQTTGÁºQFGGTTQUQW
CNVGTCÁÐGUXGTQKVGOL/CPWVGPÁºQ
%CPEGNC ECPEGNC Q PQXQ RTQVQEQNQ G TGVQTPC RCTC C VGNC FG ECFCUVTQ FG

RTQVQEQNQU (KI
''ZZEENNWWUUººQQFFGGRRTTQQVVQQEEQQNNQQ
2CTCCGZENWUºQFGWORTQVQEQNQENKECTEQOQOQWUGPQDQVºQQ'ZENWKTRPC
VGNC FG Q%CFCUVTQ 2TQVQEQNQUR (KI G FGRQKU PQ DQVºQ Q%QPHKTOCR PC
LCPGNCCDGTVC
/
/CCPPWWVVGGPPÁÁººQQFFGGRRTTQQVVQQEEQQNNQQ
1OÎFWNQFGQ/CPWVGPÁºQFG2TQVQEQNQRRGTOKVGCEGUUCTGOQFKHKECTVQFCUCU
KPHQTOCÁÐGUFGWORTQVQEQNQECFCUVTCFQFGUFGCUKPHQTOCÁÐGUIGTCKUCVÃCU
COQUVTCUCP¶NKUGUGTGUWNVCFQU
# VGNC FG ECFCUVTQ FG RTQVQEQNQ Ã CEGUUCFC ENKECPFQUG UQDTG C QRÁºQ FG

Q/CPWVGPÁºQRFQOGPWFGQ2TQVQEQNQR (KI
76
# VGNC CRTGUGPVC WOC LCPGNC PC RCTVG UWRGTKQT EQO CU KPHQTOCÁÐGU IGTCKU FQ
RTQVQEQNQCEGUUQÚQRÁÐGUFGGOKUUºQFGTGUWNVCFQUGDQVºQRCTCEQPHKTOC
ÁºQFGCNVGTCÁºQFGFCFQU7OCNKPJCEGPVTCNEQOFCFQUFCCOQUVTCGFWCU
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77
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78
FKTGKVCOQUVTCCXCTKCÁºQRGTEGPVWCNGPVTGQUTGUWNVCFQUKPHQTOCFQUUGPFQ
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79
5CKT DQVºQ RCTC UCKT FC VGNC FG OCPWVGPÁºQ FG RTQVQEQNQ 2CTC ITCXCT CU
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KPVGTOGFK¶TKCFCVGNCFGOCPWVGPÁºQFGRTQVQEQNQ (KI

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80
EQORNGVQ GGOCODQUQUECUQUCVTCXÃUFGXKCKORTGUUCQWGNGVTÏPKEC2GNC
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81
CC 5
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DD 44GGNNCCVVÎÎTTKKQQUURRGGTTUUQQPPCCNNKK\\CCFFQQUU
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CVTCXÃUFCWVKNK\CÁºQFGHKNVTQUGSWGGPXQNXGOOCKUFGWORTQVQEQNQ
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6KRQVKRQFQRTQVQEQNQUGKPVGTPQEQPVTCVQQWGZVGTPQ&GUCVKXCFQRGUSWKUC
VQFQU QU RTQVQEQNQU FG VQFQU QU VKRQU RCTC Q CPQ GURGEKHKECFQ PGEGUU¶TKQ
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&GUCVKXCFQ RGUSWKUC VQFQU QU RTQVQEQNQU FQ VKRQ UGNGEKQPCFQ #VKXCFQ
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EE ''O
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OKPKOK\CFC (KI
82
(KI6GNCFGKORTGUUºQFQUKUVGOCQRGTCEKQPCN
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SWGCVGNCFGGOKUUºQFGTGUWNVCFQURCTEKCKU
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SWGÃGOKVKFQQTGNCVÎTKQHKPCNTGIKUVTCQRTQVQEQNQEQOQEQPENWÈFQRTQFW\KPFQ
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OQQUUVVTTCCUU
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CP¶NKUG ECFCUVTQFGRTQVQEQNQ
83
# VGNC FG GOKUUºQ FC HKEJC FG GPVTCFC FG COQUVTCU Ã CEGUUCFC ENKECPFQUG
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WOCECKZCFGUGNGÁºQRCTCOQUVTCTPCVGNCCUCOQUVTCUGCP¶NKUGUECFCUVTCFCU
RCTCQRTQVQEQNQUGNGEKQPCFQ QXGTCOQUVTCUR
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QWUCKT (KI

(KI6GNCFGKORTGUUºQFCHKEJCFGGPVTCFCFGCOQUVTCU
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FG GOKUUºQ FG TGUWNVCFQU RCTEKCKU XGT KVGO G (KI G Ã CEGUUCFC
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84

/
/GGPPWWFFGGCCPP¶¶NNKKUUGGUU
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85
5
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UWRGTKQTFCVGNCFGGPVTCFCFGFCFQU(KI UºQ
2TQVQEQNQ ECKZC FG UGNGÁºQ FQ RTQVQEQNQ RCTC GPVTCFC FG TGUWNVCFQU FG
CP¶NKUGU /QUVTC VQFQU QU RTQVQEQNQU UG C QRÁºQ Q/QUVTCT HGEJCFQUR GUVKXGT
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UºQ
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86
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# FKIKVCÁºQ FQU TGUWNVCFQU FCU CP¶NKUGU Ã HGKVQ PC LCPGNC KPHGTKQT FC VGNC FG
GPVTCFC FG FCFQU SWG OQUVTC CU TGRGVKÁÐGU RCTC ECFC CP¶NKUG RCTC Q
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Empresa Brasileira de Pesquisa Agropecuária
Embrapa Suínos e Aves
Ministério da Agricultura, Pecuária e Abastecimento
Caixa Postal 21, 89.700-000, Concórdia, SC
Telefone (49) 34428555, Fax (49) 34428559
http://www.cnpsa.embrapa.br
sac@cnpsa.embrapa.br
/KPKUVÃTKQFC#ITKEWNVWTC
2GEW¶TKCG#DCUVGEKOGPVQ
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