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UJT HSBWVSBTFʽJMJ[BEBTFNBSDBTEFDPSQPSBÎÜFT&NTVBBQSFTFOUB
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EBTVDFTTÍPEBTmHVSBTFEFSFUÉOHVMPTGPSNBOEPRVBESJDVMBEPTDPN
DPSFTDFNQPSDFOUP0TRVBESBEPT SFDVSTPOPSNBMNFOUFVUJMJ[BEPT
OBT57TQBSBPDPSUFFOUSFSFQPSUBHFOT BRVJFYJʽFNQPSTJTØ EF
SFDVSTP QBSB QBTTBHFN USBOTGPSNBTF FN NBUSJ[ EP USBCBMIP 0T
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F OFTTF DBTP WJBCJMJ[BN B DPFYJʽÐODJB EF RVBUSP JNBHFOT EJʽJOUBT
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FKÈOÍPTÍPJNBHFN NBTQPOUPTQJTDBOEP QJYFMT$PNPQBJOÏJTMV
NJOPTPTOBTSVBT BTQSPKFÎÜFTEF1BMVNCPmOHFNNPʽSBSTVBNB
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DPOIFDJEBTDPNPIZQF BOPWJEBEFQPEFTFSQFOTBEBFNEVBTEJSF
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TFKB‰OVNBUFSDFJSBBMUFSOBUJWBNBJTDPNVNFOUSFPT7+T‰ QFMB
BDFMFSBÎÍPEBJNBHFN
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CBMIP7FSNFMIP4BOHVFJOʽBVSBUFNQPTQFMBNBOJQVMBÎÍPEPNP
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B BTTPDJBÎÍP EB JNBHFN EP DBTBM DPN B FOEPTDPQJB QSPQPSDJPOB
MFJUVSBT EF VNB EPS QPÏUJDB  B QPFTJB WFN OÍP BQFOBT EB JNBHFN
CFNDPNQPʽB NBTEPSJUNPJNQSFTTPOBNBOJQVMBÎÍP&MFFʽÈUSB
CBMIBOEPGSBNFBGSBNF TPNPTTVSQSFFOEJEPTQFMPNPWJNFOUPEF
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EPOPTTPPMIBSQBSBDPODMVJSBMHP PVNFMIPS FʼFSBRVFOPTTBPMIBS


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QMPT PNPWJNFOUPÏSFTVMUBEPEFTÓOUFTFTEFMV[FTFDPSFT/PTEPJT
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P SJUNP FWPMVJOEP UFNQPSBMNFOUF  P UFNQP BTTJN DPOʽJUVJOEP B
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NFOUPUFNQPÏFʼFDJBMJ[BEPFBDPOʽJUVJÎÍPEPUSBCBMIPTFEÈOB
DPOUFNQMBÎÍP"JNBHFNFYJʽFJOEFQFOEFOUFNFOUFEFVNSFGFSFO
DJBM DPNPOPTFYFNQMPTEPT7+TTÍPRVBMJEBEFT
0T mMNFT FYJCJEPT OBT FYQPTJÎÜFT SFJUFSBN P RVF FʽBNPT EJ
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QSPEV[JBNBQSFTFOUBÎÜFTBPWJWPDPNDÉNFSBTBCFSUBTFQFMBUSBOT
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NBTVNJNQSPWJTPEJGFSFOUF OÍPBQBSUJSEFVNCBODPEFJNBHFOT
FEFQSPHSBNBT NBTEBUSBOTGPSNBÎÍPEBNBUFSJBMJEBEFTPOPSBFN
JNBHFN QBSBTFSNBJTDMBSB TJOUFUJ[BEPSFTEFTPOTUFNTVBTDVSWBT
USBOTGPSNBEBTFNJNBHFOT TJOBJTEFWÓEFPUBNCÏN/FTTFDBTPUF
NPT VNB NFTNB GPOUF FYQSFTTJWB  FYJCJEB FN EPJT NFJPT " DFOB
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VSCBOBT"DJEBEFDPOUJOVBBDFTBFNMFUSFJSPT SVBTFCPBUFT"DVM
UVSBVSCBOBFNJNBHFOT UFYUPTFTPOTUFNOBTOPJUFTPQBMDPQBSBB
EFʽSVJÎÍPPVPSFQSPDFTTBNFOUPEBTJHOJmDBÎÍPFNHFSBM"BmSNB
ÎÍPDPSSFOUFEFBOBMJʽBTFFʽVEJPTPTEBDPNVOJDBÎÍPTPDJBM EFRVF
BFSBEBJOEVʽSJBMJ[BÎÍPDFEFVMVHBSËFSBEBJOGPSNBÎÍP FODPOUSB
OFTTFNFJPFYQSFTTJWPUFSSFOPQBSBQFOTBSNPTBDJSDVMBÎÍPFBBQSP
QSJBÎÍPEBDVMUVSBEFNBTTB%FOPWPUFNPTnVYP OFTTFDBTPDPNP
SFDVSTPBVNSFQFSUØSJPQSÏFYJʽFOUF ÓDPOFTQSFʽFTBTFDPOʽJUVJS
DPNP TFOUJEP OÍP DIFHBN B TF BUVBMJ[BS  QFSNBOFDFN QSFHOBOUFT
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QSFWJBNFOUFQSFWJʽP/ÍPTFUSBUB OPDBTP EFJOUFSWFOÎÍPOBTJNB
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DPNVUJMJEBEFTEJʽJOUBTDPNPTJOBMJ[BÎÍPEFTFHVSBOÎBVSCBOB FEF
USÉOTJUP ÓDPOFTEFFYUJOUPSFTEFJODÐOEJPFEFNBUFSJBMSBEJPBUJWPF
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EP#JKBSJFEPHSVQPNJOFJSP'"2 FOUSFPVUSPT$PNPKÈIBWÓBNPT
NFODJPOBEP PTÓNCPMPÏBRVJMPRVFSFJUFSBPPCKFUP TFDPOʽJUVJCB
TFBEPFNVNBFʽÏUJDBEPSFDPOIFDJNFOUP"MHVOTTFOUJEPTKÈFʽÍP
USBCBMIBEPTOBTJNBHFOT JTTPÏØCWJPRVBOEPQFOTBNPTFNUFSNPT
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VSCBOPT NBTTFVQÞCMJDPÏNFUSPQPMJUBOP



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OFDFTTBSJBNFOUFSFEVOEÉODJB FNFʽSVUVSBTNBJTUSBEJDJPOBJTQPEF
TFSVNEBEPEBFʽSVUVSBOBSSBUJWBRVFKPHBDPNBQSØQSJBOBSSBUJWB
DPNPFOSFEP DPNPEBEPQBSBFʽBCFMFDFSPQBʹPDPNPFʼFʹB
EPS/PT7+T TFNFYDFÎÍPDPOIFDJEBBUÏBHPSB FʽÈOBSFQFUJÎÍPB
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OBTFNRVFIÈCBTJDBNFOUFBFWPMVÎÍPEFVNBTJUVBÎÍPNPWJNFOUP
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VNBKPWFNFTFEVUPSBHBSPUBPGFSFDFVNBNBÎÍ0GFSFDFFTFSFDV
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