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"OUPOJP /FHSJ 'ÏMJY (VBUUBSJ

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1PS OPWPT FTQBÎPT EF MJCFSEBEF
"T WFSEBEF OÙNBEFT QPS OPWPT FTQBÎPT EF MJCFSEBEF
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"QSFTFOUBÎÍP                        WJJ

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1BSB BMÏN EP QPMÓUJDP                  ǻǼ
"T OPWBT TVCKFUJWJEBEFT                 Ǽǹ
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0 $BQJUBMJTNP .VOEJBM *OUFHSBEP           ǼȂ
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" EJSFJUB OP QPEFS                    Ǿǽ
 " SFWPMVÎÍP DPOUJOVB                  ǿǺ
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" DFTVSB UFSSPSJTUB                    ǿȂ
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6N NÏUPEP NPMFDVMBS EF BHSFHBÎÍP           ȁȀ
.ÈRVJOBT EF MVUB                    Ȃǻ
"T OPWBT MJOIBT EF BMJBOÎB IPKF             Ǻǹǹ
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¶OEJDF                            ǺȂȀ
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Y ĞĒģĚĠ Ē ĞĒģĚğĠ Ė ěĖėėĖģĤĠğ ħĚĖĝ

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UBT PQFSÈSJBT F OB FTRVFSEB BVUPOPNJTUB JUBMJBOB /FHSJ
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MJBOP %PVUSB QBSUF (VBUUBSJ TFOUJB QSPGVOEBNFOUF P
FTHPUBNFOUP EB JNBHJOBÎÍP F EPT QSPKFUPT QPMÓUJDPT RVF
EPNJOBSBN PT BOPT ǺȂǿǹ P RVF TPNBEP B GBUPSFT EF
PSEFN QFTTPBM DPOUSJCVJV JOUFOTBNFOUF QBSB P BHSBWB
NFOUP EF VNB QSPGVOEB NFMBODPMJB RVF OFTTB ÏQPDB
BUJOHJB P JODBOTÈWFM BHJUBEPS GSBODÐT F RVF TØ TF EJTTJQB
QPVDP BOUFT EF TVB NPSUF FN ǺȂȂǻ /ÍP PCTUBOUF
DPNP EJSÈ /FHSJ FN PVUSB PDBTJÍP EFWF IBWFS VN NPEP
EF SFDPOIFDFS VNB EFSSPUB TFN TFS EFSSPUBEP /ÍP OPT
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F WJTJUB P BNJHP OB QSJTÍP %FTEF FOUÍP B USPDB EF DPS
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B TVQPSUBS B QFOB (VBUUBSJ MIF QSPQÜF FN ǺȂȁǻ FTDSF
WFS FN DPOKVOUP &N ǺȂȁǼ /FHSJ Ï FMFJUP EFQVUBEP
QFMP 1BSUJEP 3BEJDBM &N KVOIP Ï MJCFSUBEP QPS HP[BS
EF JNVOJEBEF QBSMBNFOUBS &N TFUFNCSP P QBSMBNFOUP
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SFVOJEPT PT EPJT BNJHPT SFUPNBN P USBCBMIP DPOKVOUP
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FTQBDFT EF MJCFSUÏ QFMB FEJUPSB %PNJOJRVF #FEPV &TTB


FEJÎÍP Ï DPNQPTUB QPS TFJT DBQÓUVMPT TFHVJEPT EF EPJT UFY
UPT FTDSJUPT JOEJWJEVBMNFOUF ‰ i%BT MJCFSEBEFT OB &V
SPQBw EF (VBUUBSJ F i$BSUB BSRVFPMØHJDBw EF /FHSJ ‰
BRVJ SFQSPEV[JEPT OP QSJNFJSP F TFHVOEP "QÐOEJDFT
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BQSFTFOUBEP JOJDJBMNFOUF OB FEJÎÍP JUBMJBOB QVCMJDBEB
FN ǺȂȁȂ QFMB 1FMMJDBOJ TPC P UÓUVMP EF -F WFSJUË OPNBEJ
F BNQMJBEP QBSB B FEJÎÍP FTUBEVOJEFOTF QVCMJDBEB QFMB
4FNJPUFYU F OP BOP TFHVJOUF TPC P UÓUVMP EF $PNNVOJTUT
MJLF VT 'JOBMNFOUF SFQSPEV[JNPT BJOEB VNB QFRVFOB
OPUB RVF BDPNQBOIB P i1PTGÈDJP ǺȂȂǹw FTDSJUB QPS /F
HSJ QBSB B SFFEJÎÍP GSBODFTB EB PCSB QVCMJDBEB QFMB FEJ
UPSB -JHOFT FN ǻǹǺǹ

"OUFT EF UVEP FTUF MJWSP Ï VNB SFTQPTUB Ë EFSSPUB EPT NP


WJNFOUPT EF DPOUFTUBÎÍP QPMÓUJDB F TPDJBM EPT BOPT ǺȂǿǹ
2VBM Ï P TJHOJmDBEP EB EFSSPUB &TTF FWFOUP EJ[ /FHSJ
GPJ DBSSFHBEP EF VNB iFTQFTTVSB POUPMØHJDB UÍP JNQPS
UBOUF RVBOUP BRVFMB RVF B USBOTGPSNBÎÍP EBT DPOTDJÐO
DJBT OB MVUB SFWPMVDJPOÈSJB DPOTUSVJV DPNP SJRVF[B EF
OFDFTTJEBEFT EF EFTFKPT F EF JOUFMJHÐODJBw 1PSUBOUP FMF
EFWF TFS NJOVODJPTBNFOUF BWBMJBEP i'PNPT WFODJEPTw
F EJBOUF EJTTP FMF JOTJTUF iTØ OPT SFTUB SFQFOTBS B EFS
SPUB BT TVBT SB[ÜFT PT NPEPT QFMPT RVBJT P JOJNJHP OPT
WFODFV MFNCSBOEP RVF OÍP IÈ MJOFBSJEBEF EB NFNØSJB
IÈ BQFOBT VNB TPCSFWJWÐODJB ÏUJDBw 5BM EJBHOØTUJDP Ï
YJJ ĞĒģĚĠ Ē ĞĒģĚğĠ Ė ěĖėėĖģĤĠğ ħĚĖĝ

QBSUJMIBEP QPS (VBUUBSJ "OUF P SFUPSOP EP FOUSBWF SFB


DJPOÈSJP FMF SFBWBMJB TFVT QPTJDJPOBNFOUPT BOUFSJPSFT ²
QSFDJTP FMF BTTJOBMB iGB[FS B USJBHFN FOUSF BRVJMP RVF
EFWF TFS SFBmSNBEP NBJT WJHPSPTBNFOUF RVF OVODB F VN
DFSUP OÞNFSP EF JEFPMPHJBT VMUSBQBTTBEBT RVF EFWFN TFS
VSHFOUFNFOUF SFMFHBEBT BP NVTFV EPT NJUPT EFDBÓEPTw J
"ENJUJS B EFSSPUB PV NBJT EP RVF JTTP BENJUJS B
QSØQSJB EFSSPUB F UFODJPOBS VNB SFBWBMJBÎÍP EBT QSØQSJBT
DSFOÎBT QPTJDJPOBNFOUPT F DPODMVTÜFT QSFDFEFOUFT DPN
UBNBOIB GSBORVF[B Ï VN HFTUP JOGSFRVFOUF UBOUP OB m
MPTPmB RVBOUP OB QPMÓUJDB "TTJN P RVF OPTTPT BVUPSFT
QSPQÜFN OFTUF MJWSP EFWF TFS QFSDFCJEP DPNP VN BUP EF
DPSBHFN 1SJNFJSBNFOUF DPSBHFN QBSB BENJUJS B EFS
SPUB TFN NFJBT UJOUBT F NBJT RVF JTTP QBSB SFDPOIFDFS
TVB HSBWJEBEF " QBSUJS EFMB Ï JOÞUJM BGFSSBSTF Ë OPT
UBMHJB EPT BOPT QSJNBWFSJT FN RVF P WJHPS EB JNBHJOB
ÎÍP F EB BÎÍP QPMÓUJDBT GB[JB BQSPYJNBS B QFSTQFDUJWB EF
VNB USBOTGPSNBÎÍP SFBM EBRVFMF FTUBEP EF DPJTBT "P
DPOUSÈSJP EJ[FN SFTQFDUJWBNFOUF /FHSJ F (VBUUBSJ iEF
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UJÎÍP QPTTÓWFM EF VN FWFOUPw F QPS DPOTFHVJOUF UBN
QPVDP SB[ÍP QBSB iNBOUFSTF mFM BPT GBOUBTNBT EB FT
RVFSEB USBEJDJPOBMw " EFSSPUB DPOTUJUVJ iVN MJNJUF TØ
MJEP VN PCTUÈDVMP RVF TPNFOUF VNB DBQBDJEBEF EF DSÓ
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F EB TVCWFSTÍP TPDJBMw & Ï KVTUBNFOUF OB UFOUBUJWB EF
TVQMBOUÈMB F SFBCSJS BT WJBT EP DPOIFDJNFOUP F EB TVCWFS

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ĒġģĖĤĖğĥĒšŝĠ YJJJ

TÍP RVF QPEFNPT DPOGFSJS P DBSÈUFS QPTJUJWP QPS BTTJN


EJ[FS EP BUP EF DPSBHFN EF OPTTPT BVUPSFT
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NBJPS DPNP EJTTF (VBUUBSJ F TPCSFUVEP BWBMJBS P RVF
QPEF TFS DPOTUSVÓEP EF OPWP %FTUBSUF FODPOUSBNPT
MPHP OB BCFSUVSB EF "T WFSEBEFT OÙNBEFT P QSJNFJSP QBTTP
EF VN QSPKFUP RVF WJTB SFDVQFSBS P DPODFJUP EF DPNV
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JNQSFTTJPOBOUF MVDJEF[ BT SFnFYÜFT RVF /FHSJ EFTFOWPM
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%JPOJTP EFEJDBEB BP BNJHP GSBODÐT *NQÏSJP .VMUJEÍP
F #FNFTUBS DPNVN
0 QSPKFUP EF SFTHBUBS P DPNVOJTNP EB JOGÉNJB OB
RVBM TF FODPOUSBWB TJHOJmDB SFTHBUBS P TFV QSJODÓQJP F B
TVB JNBHJOBÎÍP %F GBUP OPTTPT BVUPSFT DPNFÎBWBN B
FOYFSHBS OB QBTTBHFN QBSB B TFHVOEB NFUBEF EPT BOPT
ǺȂȁǹ B BCFSUVSB EF VN OPWP IPSJ[POUF )BWJB B EFSSP
DBEB EP TPDJBMJTNP TPWJÏUJDP EF UJQP TUBMJOJTUB B FQPQFJB
EP 4PMJEBSOPƽƥ QPMPOÐT P NPWJNFOUP QFMB QB[ F QFMB EF
GFTB EB OBUVSF[B OB "MFNBOIB PT NPWJNFOUPT EF MJCFSB
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TVKFJUPT DPOTUJUVJOUFT P DPNVOJTNP TF DPMPDB DPNP iQSP
HSBNB FTTFODJBM F NÓOJNPw ² UFNQP EB OPTTB JNBHJ
OBÎÍP TF GB[FS SFWPMVDJPOÈSJB FMFT EJ[FN EF GFSWJMIBS
PT QSPDFTTPT DPMFUJWPT F TJOHVMBSFT JOVOEBOEP P NVOEP
DPN iVNB JNFOTB POEB EF SFDVTB F EF FTQFSBOÎBw
YJW ĞĒģĚĠ Ē ĞĒģĚğĠ Ė ěĖėėĖģĤĠğ ħĚĖĝ

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BEB OPT BOPT ǺȂȀǹ SFTQPOEF BPT MFWBOUFT EB EÏDBEB BOUF
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QMJDBN PT BVUPSFT SFUPNBOEP B DIBNBEB iIJQØUFTF PQFS
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DPOUSBWB TVB FYQMJDBÎÍP OB NFSB BQSPQSJBÎÍP EF RVBOUJ
EBEFT EF USBCBMIP DPODSFUP JTUP Ï OB KPSOBEB EF USBCBMIP
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WBT NPEBMJEBEFT EF QSPEVÎÍP TF EFTUFSSJUPSJBMJ[BWBN DBEB
WF[ NBJT VMUSBQBTTBOEP PT NVSPT EBT GÈCSJDBT F JOWFT
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QFTTPBM P UFNQP MJWSF F UBMWF[ NFTNP B GBOUBTJB F P TPOIP
UVEP BQBSFDFV EPSBWBOUF BTTVKFJUBEP ËT TFNJØUJDBT EP DB
QJUBMw F EFWJEBNFOUF BKVTUBEP BPT SFHJNFT GPSNBJT EF HP
WFSOP EP -FTUF F EP 0FTUF &TTF USBOTCPSEBNFOUP EB
QSPEVÎÍP QBSB B FTGFSB EB SFQSPEVÎÍP TPDJBM FTTF BN
CJFOUF OP RVBM UPEB B TPDJFEBEF Ï QPTUB QBSB USBCBMIBS
USB[FN VNB DPOUSBEJÎÍP GVOEBNFOUBM QPS VN MBEP BT
OPWBT GPSNBT EF USBCBMIP DPOGFSFN VNB JNFOTB GPSÎB
QSPEVUJWB Ë IVNBOJEBEF QPS PVUSP FOUSFUBOUP P DBQJ
UBM Ï PCSJHBEP B JNQPS OPWPT TJTUFNBT EF DPOUSPMF F EF
DPFSÎÍP B mN EF SFDVQFSBS TVBT UBYBT EF FYQMPSBÎÍP
² FTUF ÞMUJNP P PCKFUJWP EP $BQJUBMJTNP .VOEJBM *O
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P QPOUP EF QBSUJEB QBSB B QPTUFSJPS DPOTUSVÎÍP EP DPO


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EP &TUBEP F BCSBOHFOEP OÍP TØ B UPUBMJEBEF EPT QBÓTFT
DBQJUBMJTUBT EPNJOBOUFT DPNP UBNCÏN P CMPDP TPDJBMJTUB
F RVBOEP OFDFTTÈSJP PT QBÓTFT EP 5FSDFJSP .VOEP P
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EF QSPEVÎÍP NBUFSJBM NBT UBNCÏN TPCSF P RVF Ï BRVJ
OPNFBEP QSPEVÎÍP TFNJØUJDB VN SBNP QSPEVUJWP RVF
BUSBWÏT EPT NFJPT EF DPNVOJDBÎÍP EF NBTTB EPT FRVJ
QBNFOUPT DPMFUJWPT FUD BTTVNF VN QBQFM DBEB WF[ NBJT
JNQPSUBOUF OB FYQMPSBÎÍP DBQJUBMJTUB 1BSB SFDVQFSBS P
DPOUSPMF TPCSF B QSPEVÎÍP B SFFTUSVUVSBÎÍP EP DBQJUBM
CVTDB EFTBSUJDVMBS B DPFTÍP RVF P QSPMFUBSJBEP BUJOHJV
OPT BOPT ǺȂǿǹ GBCSJDBOEP VNB TVCKFUJWJEBEF USJQPMBS
DPOTUJUVÓEB QPS VN QPMP FMJUJTUB RVF JODMVJ DBNBEBT EJSJ
HFOUFT F FTUSBUPT UFDOPDSÈUJDPT EP -FTUF EP 0FTUF F P
5FSDFJSP .VOEP RVF BEFSFN F SFQSPEV[FN B PSEFN DB
QJUBMJTUB VN QPMP HBSBOUJEP DPNQPTUP QSJODJQBMNFOUF
QPS USBCBMIBEPSFT JOEVTUSJBJT BTTBMBSJBEPT F CFOFmDJBEPT
QFMBT QPMÓUJDBT EF 8FMGBSF VN QPMP OÍP HBSBOUJEP GPS
NBEP QFMB NBTTB EF USBCBMIBEPSFT JOGPSNBJT QSFDÈSJPT
EPNÏTUJDPT PV EFTFNQSFHBEPT RVF BUVB FTQFDJBMNFOUF
OPT OPWPT JOUFSTUÓDJPT EB QSPEVÎÍP TPDJBM
"P NFTNP UFNQP FN RVF TVSHFN OPWBT GPSNBT EF
TVCKFUJWJEBEF F EF QSPEVÎÍP TPDJBM B TVB UFOUBUJWB EF
BQSPQSJBÎÍP QFMP DBQJUBM UPSOBTF VN OPWP EFTBmP BPT
TBCFSFT SFTJTUFOUFT " QBSUJS EF ǿȁ F QFMB QSJNFJSB WF[
OB IJTUØSJB BT MVUBT DPOUSB B FYQMPSBÎÍP TÍP BP NFTNP
YWJ ĞĒģĚĠ Ē ĞĒģĚğĠ Ė ěĖėėĖģĤĠğ ħĚĖĝ

UFNQP F TPCSFUVEP MVUBT QFMB MJCFSBÎÍP /PWPT EFWJSFT


TVCKFUJWPT JOUFHSBEPT BPT QSPDFTTPT EF QSPEVÎÍP ‰ EFWJS
NVMIFS EFWJSJOUFMFDUVBM EFWJSMJOHVÓTUJDP ‰ DPSSFTQPO
EFN BPT OPWPT BOTFJPT F OFDFTTJEBEFT RVF TF FYQSJNFN
OBT MVUBT 4ÍP MVUBT NÞMUJQMBT USBOTWFSTBJT F NVJUBT WF[FT
FTQFDÓmDBT ‰ HÐOFSP SBÎB NFJP BNCJFOUF FUD ‰ DPN
QPOEP VNB NVMUJQMJDJEBEF OÍP UPUBMJ[ÈWFM VN UFDJEP EF
iMVUBT NPMFDVMBSFT EF MJCFSBÎÍP EJSJHJEBT B PCKFUJWPT BP
NFTNP UFNQP JNFEJBUPT F EF MPOHB EVSBÎÍP MPDBJT DP
UJEJBOPT USJWJBJT F OÍP PCTUBOUF FOHBKBEPT DPN P GV
UVSP EB IVNBOJEBEFw
" QPMÓUJDB USBEJDJPOBM QPS TFV UVSOP TF WÐ UPUBMNFOUF
EFGBTBEB F JODPNQBUÓWFM DPN P HSBOEF NPWJNFOUP EF
USBOTGPSNBÎÍP EB TVCKFUJWJEBEF DPMFUJWB *TTP Ï FWJEFOUF
RVBOUP Ë FTRVFSEB USBEJDJPOBM RVF BTTJTUF Ë EFSSPDBEB
EPT QBSUJEPT DPNVOJTUBT IJTUØSJDPT ® EJSFJUB B SFTQPTUB
TF EÈ FN UFSNPT EF CMPRVFJP F EF SFQSFTTÍP 4PC B GPSÎB
EP ĔĞĚ P DPNBOEP FTUBUBM F PT &TUBEPT OBDJPOBJT TÍP
BP NFTNP UFNQP EFTUFSSJUPSJBMJ[BEPT EF TVBT GVOÎÜFT
USBEJDJPOBJT F UFSSJUPSJBMJ[BEPT FN SFEFT NVMUJDÐOUSJDBT TF
HVOEP FTQBÎPT EFTDPOUÓOVPT B QBSUJS EF VNB OPWB MØHJDB
DPOTPBOUF BPT OPWPT nVYPT EF DBQJUBJT F BT EFNBOEBT EB
TFHVSBOÎB WJTBOEP B QSPEVÎÍP B MPHÓTUJDB F PT nVYPT EF
DBQJUBJT 0T &TUBEPT OBDJPOBJT UPSOBNTF NBJT F NBJT
BVUÈSRVJDPT F SFBUJWPT 1BSB B JOUFHSBÎÍP DBQJUBMJTUB B OÓ
WFM NVOEJBM SFFTUSVUVSBNTF P NPEP EF QSPEVÎÍP F P
DPOKVOUP EB GPSÎB DPMFUJWB EF USBCBMIP "T TVCKFUJWJEBEFT
TÍP DBEB WF[ NBJT FTRVBESJOIBEBT UBOUP QFMPT NFJPT EF
DPNVOJDBÎÍP EF NBTTB RVBOUP QFMBT OPWBT UFDOPMPHJBT
ĒġģĖĤĖğĥĒšŝĠ YWJJ

JOGPSNÈUJDBT $PNP BmSNBN PT BVUPSFT iBT FTUSVUVSBT


DPOTUJUVDJPOBJT F JOTUJUVDJPOBJT EPT QBÓTFT EFTFOWPMWJEPT
EP 0DJEFOUF F EP 0SJFOUF GPSBN EVQMBNFOUF NJOBEBT
EP JOUFSJPS QPS TVB QSPGVOEB JOBEFRVBÎÍP EP FYUFSJPS
QPS OPWBT GPSNBT EF QSPUFTUP QSPMFUÈSJP FODBSOBEBT OB
JNFOTB NBTTB EF FYDMVÓEPT F EF OÍP HBSBOUJEPTw &N
VN DPOUFYUP EF QSFDBSJ[BÎÍP PT OÍP HBSBOUJEPT BQBSF
DFN DPNP P QPOUP EF BQPJP GVOEBNFOUBM BP QSPDFTTP EF
SFDPOmHVSBÎÍP DBQJUBMÓTUJDP EB SFQSFTTÍP F EB NBSHJOBMJ
[BÎÍP 1PS PVUSP MBEP OP EJBHOØTUJDP EF (VBUUBSJ F EF
/FHSJ PT OÍP HBSBOUJEPT BTTVNFN VN QBQFM EF EFTUBRVF
OP JOUFSJPS EP RVBESP EF QPEFS FN SB[ÍP EPT WBMPSFT F
EP QPUFODJBM QSPEVUJWP EF RVF TÍP QPSUBEPSFT
" SFUPNBEB EP QSPDFTTP EF MJCFSBÎÍP SFRVFS DPNQSF
FOEFS BT NBUSJ[FT EF SVQUVSB RVF TVSHFN EFTEF PT BOPT
ǺȂȀǹ FN EFDPSSÐODJB EPT OPWPT BHFODJBNFOUPT QSPMFUÈ
SJPT &N TVB DSFTDFOUF EJWFSTJEBEF F DPNQMFYJEBEF QBSB
PT OPTTPT BVUPSFT UPEBT UJWFSBN PSJHFN OBT QSPEJHJPTBT
NVUBÎÜFT EB GPSÎB QSPEVUJWB TPDJBM DBEB WF[ NBJT DPN
QMFYB QPUFOUF F EFTUFSSJUPSJBMJ[BEB "TTJN B TFHNFOUBÎÍP
USJQPMBS QSPNPWJEB QFMP ĔĞĚ WÐTF SFDPCFSUB QFMB GPSÎB PSJ
VOEB EB FNFSHÐODJB EBT NÞMUJQMBT TVCKFUJWJEBEFT TPDJBJT
4ÍP BOPT NBSDBEPT QFMB iFNFSHÐODJB DPOUÓOVB EF NPNFO
UPT EF SVQUVSBw QSPWPDBEPT QFMP TFMGNBLJOH DPMFUJWP EBT
OPWBT TVCKFUJWJEBEFT %PSBWBOUF BT MVUBT TF NVMUJQMJDBN
TF DPNQSJNFN OP UFNQP FOUSBOEP FN GSJDÎÍP QFSNB
OFOUF DPN B UFNQPSBMJEBEF RVF P DPNBOEP DBQJUBMJTUB
QSPDVSB DPOTUSVJS WJTBOEP B BQSPQSJBÎÍP EP USBCBMIP TP
DJBM BGFUJWP DPMBCPSBUJWP 0 EJBHOØTUJDP EPT BVUPSFT Ï
YWJJJ ĞĒģĚĠ Ē ĞĒģĚğĠ Ė ěĖėėĖģĤĠğ ħĚĖĝ

EF VN UFNQP TBUVSBEP QPS nVYPT EF FYQFSJÐODJB F EF QSP


EVÎÍP TVCKFUJWB QFMP JNQVMTP DBQJUBMJTUB QBSB B TVB BQSP
QSJBÎÍP F QFMBT MVUBT EF SFBQSPQSJBÎÍP QFMPT TVKFJUPT &TUB
Ï B FYQFSJÐODJB RVF TF BQSFTFOUB Ë DSÓUJDB &OUÍP P RVF
GB[FS ² QPOUP QBDÓmDP BUFTUBN PT BVUPSFT RVF PT OPWPT
NPEPT EF TVCKFUJWBÎÍP KÈ DVNQSJSBN B UBSFGB EF SFPSJFO
UBS QSPGVOEBNFOUF BT USBEJÎÜFT EP NPWJNFOUP PQFSÈSJP
F SFWPMVDJPOÈSJP " SFGFSÐODJB BOUBHPOJTUB BP iQSPMFUBSJ
BEP NPEFSOPw EFTUFSSJUPSJBMJ[BEP QSFDBSJ[BEP F nVUVBO
UF RVFS EJ[FS VN NPWJNFOUP NVMUJDÏGBMP F VNB PSHBOJ
[BÎÍP QSPMJGFSBOUF RVF OÍP QSPQÜF iQBMBWSBT EF PSEFNw
NBT TJN iQSPQPTJÎÜFT EJBHSBNÈUJDBTw
"T MVUBT TF EÍP OB TFMB EPT nVYPT EF QSPEVÎÍP "T
GSFOUFT EF MVUB FORVBOUP iQSPDFTTPT EF BVUPWBMPSJ[BÎÍP
F BVUPQSPEVÎÍPw ‰ QSFDJTBNFOUF OB DPOUSBNÍP EB QSF
DBSJ[BÎÍP EP USBCBMIP F EP BHFODJBNFOUP QBSB P DPOTVNP
BP SJUNP EPT NFJPT EF DPNVOJDBÎÍP EF NBTTB ‰ TJH
OJmDBN QBSB PT OPTTPT BVUPSFT B GVOEBÎÍP EF VNB PVUSB
QPMÓUJDB RVF JNQMJRVF P EFTFOWPMWJNFOUP EBT GPSÎBT TPDJ
BJT FN VN DBNQP OFDFTTBSJBNFOUF GSBHNFOUBEP 1BSB BT
iWBOHVBSEBTw EP BSRVFPTTPDJBMJTNP B NFOTBHFN Ï DMBSB
DBEB DPNQPOFOUF TJOHVMBS EP NPWJNFOUP EFTFOWPMWF TJT
UFNBT EF WBMPS RVF EFWFN TFS DPOTJEFSBEPT FN TJ NFT
NPT F BP BCSJHP EF UPEB UPUBMJ[BÎÍP JNQFEJOEP RVBM
RVFS iTBMUP RVBMJUBUJWPw &TTFT TJTUFNBT FWPMVFN OBT EJ
SFÎÜFT RVF MIFT TÍP QSØQSJBT NBOUFOEP SFMBÎÜFT DPOUSB
EJUØSJBT VOT DPN PT PVUSPT F OÍP PCTUBOUF iQBSUJDJQBN
EP NFTNP QSPKFUP EF DPOTUSVÎÍP EF VN OPWP UJQP EF
SFBMJEBEF TPDJBMw 5SBUBTF FOUÍP EF FMBCPSBS VN QSPKFUP
ĒġģĖĤĖğĥĒšŝĠ YJY

OB KVOÎÍP EPT QSPDFTTPT SFWPMVDJPOÈSJPT EF SFDPOTUSVÎÍP


EB DPNVOJEBEF QSPEVUJWB ² QSFDJTP VNB OPWB FDPOP
NJB QPMÓUJDB EB USBOTJÎÍP DPN CBTF OP FOUSFMBÎBNFOUP
EPT QSPHSBNBT QBSUJDVMBSFT EPT EJGFSFOUFT NPWJNFOUPT
EF HÐOFSP FDPMPHJB DJÐODJBT OPWBT UFDOPMPHJBT F QBDJ
mTNP " QB[ Ï VNB DPOEJÎÍP EB SFWPMVÎÍP OB NFEJEB
FN RVF B SFTQPTUB DPMFUJWB Ï FTCPÎBEB OB USBHÏEJB RVF P
DBQJUBM JNQÜF Ë WJEB /B TPNCSB EB EFTUSVJÎÍP iVNB
FYJHÐODJB ÏUJDB EF GFMJDJEBEF F EF WJEB TF BmSNBw
"P mN EP MJWSP DJODP UBSFGBT TPNBEBT B USÐT iQSP
QPTJÎÜFT EJBHSBNÈUJDBTw TÍP MBOÎBEBT QPS (VBUUBSJ F
/FHSJ BPT NPWJNFOUPT GVUVSPT " QSJNFJSB EJ[ SFTQFJUP
Ë SFEFmOJÎÍP DPODSFUB EP USBCBMIP DPN P EFTFOWPMWJ
NFOUP B EFGFTB F B FYQSFTTÍP EPT OPWPT BHFODJBNFOUPT
F TVCKFUJWJEBEFT QSPEVUJWBT P RVF QPEFSÈ UPNBS B GPSNB
EF MVUBT QPS VNB SFOEB NÓOJNB VOJWFSTBM " TFHVOEB
DPODFSOF Ë MJCFSBÎÍP EP USBCBMIP EBT GPSNBT EF DP
NBOEP DBQJUBMJTUBT FOHFOESBOEP B UPNBEB EF DPOUSPMF
EP UFNQP QSPEVUJWP JOEJWJEVBM F DPMFUJWP CFN DPNP B
BQSPQSJBÎÍP TPDJBM EB SJRVF[B HFSBEB QFMP USBCBMIP "
UFSDFJSB TF SFGFSF ËT MVUBT DPOUSB P &TUBEP TPCSFUVEP
DPOUSB TVBT GVOÎÜFT SFQSFTTJWBT P RVF JODMVJ B EJTUJOÎÍP
EP QSØQSJP NPWJNFOUP FN SFMBÎÍP BP NPEFMP FTUBUBM
DPN TVB DFOUSBMJ[BÎÍP TVBT CVSPDSBDJBT TVB TFQBSBÎÍP
FOUSF B GPOUF F P FYFSDÓDJP EP QPEFS " RVBSUB RVF
SFDFCFV VN WBMPS EFTUBDBEP OPT UFNQPT EB (VFSSB 'SJB
F EB DSJTF OVDMFBS BQPOUB QBSB BT MVUBT QFMB QB[ F DPOUSB
B BNFBÎB EF FYFDVÎÍP FNQSFFOEJEB QFMP ĔĞĚ " RVJOUB
mOBMNFOUF BTTJOBMB B OFDFTTJEBEF EB PSHBOJ[BÎÍP EPT
YY ĞĒģĚĠ Ē ĞĒģĚğĠ Ė ěĖėėĖģĤĠğ ħĚĖĝ

OPWPT NPWJNFOUPT B mN EF RVF FMFT DPOTJHBN DVNQSJS


BT UBSFGBT BOUFSJPSFT

® HVJTB EF DPODMVTÍP HPTUBSÓBNPT EF UFDFS BMHVNBT DPO


TJEFSBÎÜFT TPCSF B BUVBMJEBEF EFTUF MJWSP QBSB P MFJUPS CSB
TJMFJSP 5BOUP (VBUUBSJ RVBOUP /FHSJ UÐN VNB SFMBÎÍP
FTQFDJBM DPN P #SBTJM 0 QSJNFJSP WJTJUPVOPT DPN SF
MBUJWB GSFRVÐODJB EVSBOUF PT BOPT ǺȂȁǹ &N TVBT WJO
EBT SFDVTBWB B QPTJÎÍP EF JOUFMFDUVBM GSBODÐT RVF MIF
BUSJCVÓBN &N WF[ EF PGFSFDFS HSBOEFT DPOGFSÐODJBT FN
VOJWFSTJEBEFT QSFGFSJB BT EJTDVTTÜFT FN QFRVFOPT HSV
QPT B UPNBEB EF DPOUBUP DPN QFRVFOBT PV HSBOEFT EJT
TJEÐODJBT NJOPSJBT F NBSHJOBMJEBEFT
0 #SBTJM EPT BOPT ǺȂȁǹ GPJ NBSDBEP QPS UPEB VNB
SJRVF[B EF NPWJNFOUPT QPMÓUJDPT F TPDJBJT EFTEF BT OPWBT
BCPSEBHFOT OP DBNQP QTJRVJÈUSJDP BUÏ B MVUB QFMB SFEF
NPDSBUJ[BÎÍP %FOUSF FMFT P 1BSUJEP EPT 5SBCBMIBEPSFT
QBSFDJB QBSUJDVMBSNFOUF JOUFSFTTBOUF QBSB (VBUUBSJ OB
NFEJEB FN RVF QSPNFUJB TFS VN GPDP BCTPMVUBNFOUF JOP
WBEPS EB BÎÍP QPMÓUJDB 0 FOUVTJBTNP EF (VBUUBSJ DPN
FTTFT NPWJNFOUPT QPEF TFS DPOGFSJEP OB FOUSFWJTUB DPO
DFEJEB QPS -VÓT *OÈDJP -VMB EB 4JMWB B (VBUUBSJ FN ǺȂȁǻ
i/P #SBTJMw BQPOUB P OPTTP BVUPS UFTUFNVOIBTF iUPEB
FTTB FGFSWFTDÐODJB EF JEFJBT EF WPOUBEFT EF NVEBOÎB RVF
QPS PDBTJÍP EBT QSØYJNBT FMFJÎÜFT EP NÐT EF OPWFNCSP
JSÍP QSPWBWFMNFOUF BGVOEBS B EJUBEVSB B RVF WPDÐT FTUÍP
TVKFJUPT IÈ EF[PJUP BOPTw .BT Ï DMBSP OÍP TF USBUBWB EF
ĒġģĖĤĖğĥĒšŝĠ YYJ

NFSB FTQFSBOÎB FMFJUPSBM F UBNQPVDP EF DPOmBOÎB FYB


DFSCBEB OBT VSOBT PV OVN QBSUJEP QPMÓUJDP &SB QSJODJ
QBMNFOUF OP UFSSFOP NPMFDVMBS RVF BT DPJTBT PDPSSJBN
F TF P ġĥ EFTQFSUBWB BUFOÎÍP F JOUFSFTTF FSB OB NFEJEB
FN RVF PT iEFTFKPT EF USBOTGPSNBÎÍP SFMBUJWPT B DBUFHP
SJBT TPDJBJT NBJT EJWFSTBT QBSFDFN UFSTF FODBSOBEP OP
NPWJNFOUP EF RVF FMF TF UPSOPV BSUJDVMBEPSw JJ
"EFNBJT PT EFTFKPT EF USBOTGPSNBÎÍP B iJOUFMJHÐODJB
F TFOTJCJMJEBEF DPMFUJWB EP #SBTJMw OÍP UJOIBN QBSB (VBU
UBSJ VN JOUFSFTTF NFSBNFOUF SFHJPOBM /P DPOUFYUP EF
VN DBQJUBMJTNP NVOEJBM F JOUFHSBEP BT DPORVJTUBT F GSB
DBTTPT EBT FYQFSJÐODJBT RVF BRVJ TF EFTFOWPMWJBN EJ[JBN
SFTQFJUP B UPEPT BRVFMFT RVF BP SFEPS EP HMPCP DIPDBWBN
TF DPN PT NFTNPT UJQPT EF JNQBTTF QBSBMJTJB F FTDMFSPTF
WFSJmDBEPT UBOUP OP ÉNCJUP EP DBQJUBM RVBOUP OP ÉNCJUP
EPT NPWJNFOUPT USBEJDJPOBJT EF DPOUFTUBÎÍP i4F WPDÐT
DPOUJOVBSFN OFTTF SJUNP FN RVF FTUÍP FOHBKBEPT OFTUB
FTQÏDJF EF USBOTGPSNBÎÍP OP #SBTJM UBMWF[ WPDÐT BDBCFN
OPT FOWJBOEP P FMFWBEPS EBT SFWPMVÎÜFT NPMFDVMBSFTw JJJ
0DPSSF BMHP QBSFDJEP DPN /FHSJ &N ǻǹǹǼ OPTTP
QBÓT GPJ P TFV QSJNFJSP EFTUJOP BQØT ǻǽ BOPT FOUSF QSJTÍP
F FYÓMJP %FTEF FOUÍP /FHSJ WFN SFUPSOBOEP BP #SBTJM
UPNBOEP DPOUBUP DPN BT OPTTBT RVFTUÜFT QPMÓUJDBT F TPDJ
BJT F BTTJN DPNP (VBUUBSJ DPOIFDFOEP BT PSHBOJ[BÎÜFT
PT QBSUJEPT PT NPWJNFOUPT FOmN PT QPTTÓWFJT BHFOUFT
EF USBOTGPSNBÎÍP MPDBJT &TTBT PDBTJÜFT EFSBN PQPSUV
OJEBEF QBSB B QSPEVÎÍP EF BMHVOT NBUFSJBJT DPNP BT SF
JJ
(ĦĒĥĥĒģĚ JO (ĦĒĥĥĒģĚ 3ĠĝğĚĜ .JDSPQPMÓUJDB DBSUPHSBmBT EP EFTFKP
ǺǹB FE 1FUSØQPMJT 7P[FT ǻǹǹǾ DBQ Ǽ Q ǻǼȀ NPEJmDBEB
JJJ
*CJE DBQ ȁ Q Ǽǿǿ
YYJJ ĞĒģĚĠ Ē ĞĒģĚğĠ Ė ěĖėėĖģĤĠğ ħĚĖĝ

DFOUFT i*NQSFTTÜFT EF VNB WJTJUB BP #SBTJMw F B FOUSFWJTUB


i-VMB HPWFSOBOEP DPN PT NPWJNFOUPTw JW 0 FOUVTJ
BTNP DPN BT NPWJNFOUBÎÜFT QPMÓUJDBT F TPDJBJT CSBTJMFJSBT
UBNCÏN Ï HSBOEF FN /FHSJ &OUSFUBOUP EJGFSFOUFNFOUF
EF TFV BNJHP GSBODÐT NPSUP FN ǺȂȂǻ /FHSJ QÙEF UFTUF
NVOIBS BT NBJT SFDFOUFT SFWJSBWPMUBT EP QBÓT EFTEF PT
MFWBOUFT EF KVOIP EF ǻǹǺǼ BUÏ P JNQFEJNFOUP EB QSFTJ
EFOUF %JMNB 3PVTTFĊ RVF JOUFSSPNQFV B TFRVÐODJB EF
RVBUSP NBOEBUPT QSFTJEFODJBJT EP ġĥ
"P MPOHP EBT QÈHJOBT EFTUF MJWSP P MFJUPS QPEFSÈ SFDP
OIFDFS VN QFSDVSTP DMBSP /B EÏDBEB EF ǺȂǿǹ B JSSVQÎÍP
EBSFWPMVÎÍP TJNCPMJ[BEBQPSǿȁ /PTBOPTǺȂȀǹ BSFBÎÍP
DBQJUBMJTUB B EFSSPUB EPT NPWJNFOUPT F B GPSNBÎÍP EP $B
QJUBMJTNP .VOEJBM *OUFHSBEP " QBSUJS EPT BOPT ǺȂȁǹ P
SFBQBSFDJNFOUP EF NPWJNFOUPT DPOUFTUBUØSJPT RVF DPO
RVBOUP TFV FTUBEP FNCSJPOÈSJP QFSNJUJBN P WJTMVNCSF
EF EJBT NFMIPSFT F SFBOJNBWBN BT FTQFSBOÎBT (VBSEBEBT
BT EFWJEBT QSPQPSÎÜFT F DPOUFYUPT F OPT QSFDBWFOEP DPO
USB RVBMRVFS QBSBMFMJTNP TVQFSmDJBM QPEFNPT PCTFSWBS
VN NPWJNFOUP TFNFMIBOUF OP #SBTJM IPEJFSOP 5FTUF
NVOIBNPT VN QFSÓPEP JNQPSUBOUF OP RVBM B GPSÎB EB
JNBHJOBÎÍP F EBT QSÈUJDBT TPDJBJT FODPOUSBTF EJBOUF EF
VNB EFSSPUB RVF OVN FTQBÎP DVSUÓTTJNP EF UFNQP UFN
TJEP DBQB[ EF EFTUSVJS BWBOÎPT RVF OÍP PCTUBOUF TFVT MJNJ
UFT GPSBN GSVUP EF ÈSEVBT CBUBMIBT USBWBEBT BP MPOHP EPT
BOPT EFTEF B SFEFNPDSBUJ[BÎÍP /FTTF TFOUJEP BDSFEJUB
NPT RVF BT BOÈMJTFT EF (VBUUBSJ F /FHSJ FYQSFTTBEBT OFTUF
JW
3FTQFDUJWBNFOUF i*NQSFTTÜFT EF VNB WJTJUB BP #SBTJMw JO 1POUP EF
EFCBUF O Ǻǹ KBO ǻǹǺȀ i-VMB (PWFSOBSF DPO J NPWJNFOUJw JO (PPECZF
.S 4PDJBMJTN .JMBOP 'FMUSJOFMMJ ǻǹǹǿ
ĒġģĖĤĖğĥĒšŝĠ YYJJJ

MJWSP QPEFN DPOUSJCVJS QBSB P FOGSFOUBNFOUP EF OPTTBT


QSØQSJBT RVFTUÜFT %JBOUF EB EFSSPUB Ï QSFDJTP CVTDBS
F QSPEV[JS P OPWP %FWFNPT BCBOEPOBS iB QBTTJWJEBEF
DPMFUJWB B EFTNPSBMJ[BÎÍP B EFTPSJFOUBÎÍP B EFTPSHBOJ[B
ÎÍP EBT GPSÎBT JOPWBEPSBT RVF EFJYBN P DBNQP MJWSF QBSB
BÎÜFT DVKPT FGFJUPT TPDJBJT TÍP EFWBTUBEPSFTw WPMWFOEPOPT
OB EJSFÎÍP EB DPOTUSVÎÍP EF OPWPT FTQBÎPT EF MJCFSEBEF
"QSFTTFNPOPT

.BSJP "OUVOFT .BSJOP


+FąFSTPO 7JFM

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