Você está na página 1de 16



0DPODFJUPEFOPWBTUFDOPMP
HJBTFBIJQFSNEJBDPNPVNB
OPWBGPSNBEFQFOTBNFOUP
-VJT$BSMPT1FUSZ

<&YDFSUPEF5PQPmMPTPmBPQFOTBNFOUPUSJEJNFO

BSFWPMVPQSPWPDBEBQFMBJOWFOPEF(VUFOCFSH

TJPOBMOBIJQFSNEJB UFTFBQSFTFOUBEBCBODB

BJOEBNBJTQSPGVOEBEPRVFGPJBFYQMPTPEBDVMUVSB

FYBNJOBEPSBEB1POUJGDJB6OJWFSTJEBEF$BUMJDBEF

EFNBTTBT DPNTFVTNFJPTUDOJDPTNFDOJDPFMFUSOJ

4P1BVMP DPNPFYJHODJBQBSDJBMQBSBPCUFOP

DPTEFQSPEVPFUSBOTNJTTPEFNFOTBHFOT.VJUPT

EFHSBVEF%PVUPSFN$PNVOJDBPF4FNJUJDB 

FTQFDJBMJTUBTFNDJCFSDVMUVSBOPUNDFTTBEPEFBMFSUBS

TPCBPSJFOUBPEP1SPG%S4SHJP#BJSPO 
>

QBSBPGBUPEFRVFBSFWPMVPUFMFJOGPSNUJDB UBNCN
DIBNBEBEFSFWPMVPEJHJUBMUPWBTUBBQPOUPEF

-POHFEFTFSBQFOBTVNBOPWBUDOJDB VNOPWP

BUJOHJSQSPQPSFTBOUSPQPMHJDBTJNQPSUBOUFT DIFHBO

NFJPQBSBBUSBOTNJTTPEFDPOUFEPTQSFF

EPBDPNQBSMBDPNBSFWPMVPOFPMUJDB1BSBTFUFS

YJTUFOUFT BIJQFSNEJB OBSFBMJEBEF VNB

VNBJEJBEBTDPOTFRODJBTUSB[JEBTQPSFTTBSFWPMV

OPWBMJOHVBHFNFNCVTDBEFTJNFTNB

P CBTUBEJ[FSRVFBOPWBPSEFNFDPONJDB TPDJBM
FDVMUVSBMNVOEJBMJ[BEBOPTFSJBQPTTWFMTFNFMB

0DPODFJUPEFOPWBTUFDOPMPHJBTFTUBTTPDJBEP
VUJMJ[BPEPDPNQVUBEPSQFTTPBMFTVBQSPHSFTTJ

0DPOUFYUPEBGPSNBPEFTTBSFWPMVP UBMDPNP

WBUSBOTGPSNBPFNGFSSBNFOUBEFVUJMJ[BPOPT

OPTNPTUSB4BOUBFMMB TFDPOWFSUFOVNOPWPEBEP

QSPDFTTPTEFFYQSFTTPFDPNVOJDBPEBTVCKF

QBSBBSFnFYP QPJTPTTVQPSUFTRVFBDPNQBOIBN

UJWJEBEF1FMBQSJNFJSBWF[OBIJTUSJB PIPNFN

PTQSPDFTTPTEFJOGPSNBPOFTTBTOPWBTUFDOPMPHJBT

EJTQFEPTTVQPSUFTQBSBSFHJTUSBS BSNB[FOBSF

TFDPOWFSUFNFNBCJTNPTEFQSPGVOEJEBEFTRVF

SFDVQFSBS EFVNBTWF[ VNNJYEFJOGPSNB

BOUFTEFTVBFYJTUODJBOPQPEJBNTFSQFOTBEPT 

PRVFDPNCJOB OVNBFTQDJFEFTJODSFUJTNP

BOPTFSFNQFBTEFmDP%FTTBGPSNB PBUVBM

EJHJUBM UFYUP JNBHFNFTUUJDBFEJONJDBFTPOT

DPODFJUPQSPEVUJWPEFOPWBTUFDOPMPHJBT FYQSFTTP

EJTTPMWJEPTFNVNNFTNPDEJHPDPNVNPDEJ

OBOPWBMJOHVBHFNEBIJQFSNEJB QPTTVJVNEFTFO

HPEJHJUBM&TUBMJOIBEFQFOTBNFOUPBEPUBEB

WPMWJNFOUPRVFTFPSHBOJ[BOVNBFTDBOPFNUST

JHVBMNFOUFQPS4BOUBFMMBFN.BUSJ[FTEBMJOHVB

UFNQPT PTRVBJTPSHBOJ[BNPTFNVNBEJTDVTTP

HFNFQFOTBNFOUPRVBOEP FNTFVDBQUVMP7*** 

QSWJBQBSBBDPOTJEFSBPEBIJQFSNEJBDPNPVNB

FTDSFWFTPCSFBTMJOHVBHFOTEBIJQFSNEJB

OPWBGPSNBEFQFOTBNFOUP  MJOHVBHFN
FPFOMBDF
DPNFMBEFBQSFTFOUFQFSTQFDUJWBEFQFTRVJTBTPCSF

1SPQJDJBEB FOUSFPVUSPTGBUPSFT QFMBTNEJBTEJHJUBJT 

PUSJEJNFOTJPOBM*OJDJBMNFOUF EFGPSNBSFTVNJEB 

BSFWPMVPUFDOPMHJDBRVFFTUBNPTBUSBWFTTBOEP

FOGPDBSFJPRVFDIBNPEFBQSPQPTUBEPIJQFSUFY

QTRVJDB DVMUVSBMFTPDJBMNFOUFNVJUPNBJTQSPGVOEB

UP FTQFDJBMNFOUFDBSBDUFSJ[BOEPTFVWBMPSEFOUSP

EPRVFGPJBJOWFOPEPBMGBCFUP EPRVFGPJUBNCN

EPDBNJOIPEFGPSNBPEBIJQFSNEJB TJUVBOEPP



EFHSBEBPEBJOGPSNBPFBPTFVFTRVFDJNFOUP 
GSVJOEPEFJOmOJUBDBQBDJEBEFEFBSNB[FOBNFOUP 
PSHBOJ[BPFSFDVQFSBPEPTEBEPTJOUSPEV[JEPT
&TTBQFSTQFDUJWBTFBQSFTFOUBDPNPVNFMFNFOUP
BMUBNFOUFSFMFWBOUFQBSBBDPNQSFFOTPEPJNQBDUP
TVCKFUJWPRVFBTOPWBTUFDOPMPHJBTUNFNOPTTB
WJEBFJNBHJOBP EBEPRVFTFVDPODFJUPUBNCN
WBMPSEPJODSFNFOUPOPTBOPTOPWFOUBEPTSFDVSTPT

EFUFSNJOBEPQFMBTPNBEBTGBOUBTJBTRVFDPOTUSVP

NVMUJNJEJUJDPTOBGPSNBPEPNVOEPEJHJUBMQBSB

BDFSDBEFMF&OUSFUBOUP QBSBBMNEFTUFBTQFDUP

QPEFSNPTDBSBDUFSJ[BSPBEWFOUPEBIJQFSNEJB

SFMFWBOUF SFTJEFPGBUPEFRVFBNFNSJBOPTF

DPNPVNBOPWBMJOHVBHFNOPQMBOPEPEJHJUBM

SFTVNFOBTVBPSHBOJ[BPPCKFUJWB1BSBBMNEF
TVBDPODFQPPCKFUJWB BNFNSJBPSHBOJ[BTF

$POTJEFSPDPNPNBSDPIJTUSJDPEPEFTFOWPMWJ

GVOEBNFOUBMNFOUFOBFTUSVUVSBEPFTRVFDJNFOUP

NFOUPEBTOPWBTUFDOPMPHJBTPFTUBCFMFDJNFOUPEB

WJTBOEPQPTTJCJMJEBEFEFTFVSFTHBUFOPFODPO

QSPQPTUBUFSJDBEPIJQFSUFYUP OPTPNFOUFDPNP

USPDPNPOPWP%FTTBGPSNB NFTNPFNTJTUFNBT

GFSSBNFOUB NBTGVOEBNFOUBMNFOUFDPNPVNB

EFPSHBOJ[BPIJQFSUFYUVBMOPTRVBJTJNQFSBWBN

OPWBNFUPEPMPHJBRVFNBSDBSBQPTTJCJMJEBEFEFTF

BSHVNFOUPTPCKFUJWPTEFDMBTTJmDBP PSHBOJ[BP

DPMPDBSFNFNRVFTUPPTGVOEBNFOUPTEBQSPEVP

FTJTUFNBUJ[BPEFBDFTTPBPTEBEPT TBCFNPTIPKF

OBUSBEJPPDJEFOUBMDFOUSBEPTOPMJWSPFORVBOUP

RVFFMFNFOUPTJODPOTDJFOUFTJHVBMNFOUFKPHBNVN

DEJDF$PODFCPPIJQFSUFYUPDPNPVNBUFDOPMPHJB

QBQFMGVOEBNFOUBMFOPSFWFMBEPJNFEJBUBNFOUF

EBJOGPSNBPDVKBQSPQSJFEBEFGVOEBNFOUBMTVB

"PSHBOJ[BPEPTOFYPTMHJDPT EBTMFYJBTPVMJOLT

UFOUBUJWBEFJNJUBSBPSHBOJ[BPBTTPDJBUJWBFSFUJDVMBS

IJQFSUFYUVBJTUFOEFJHVBMNFOUFBSFWFMBSVNBFTUSV

EBNFNSJBFQFOTBNFOUPIVNBOPT&NBMHVOT

UVSBEFDPNQSFFOTPJODPOTDJFOUF JODPOUSPMBEB
RVF

BVUPSFT UFNPTBJEJBEBQSPEVPEFVNTJTUFNBEF

IBCJUBTPCPNBQBMHJDPFTUSVUVSBMOFTTFTFOUJEP

NFNSJBRVFQFSNJUFTPCSFQVKBSPGFONFOPDFOUSBM

RVFBRVFTUPEPIJQFSUFYUPHVBSEBVNFMFNFOUP

EBNFNSJBSBEJDBEPOPFTRVFDJNFOUP 5BMNFNSJB

GVOEBNFOUBMOPEFTFOWPMWJNFOUPEBTOPWBTUFDOPMP

FTUBSJBMJWSFEPTBWBUBSFTEBMJNJUBPIVNBOBJOFSFOUF

HJBTFTVBVUJMJ[BPEFOUSPEBTDJODJBTEPFTQSJUP

1SPGFTTPSEB1POUJGDJB6OJWFSTJEBEF$BUMJDBEF4P1BVMP.FNCSPEP/V1)/DMFPEF1FTRVJTBFN)JQFSNEJB%PVUPSFN$PNVOJDBPF
4FNJUJDBQFMB16$41

4BOUBFMMB -VDJB"USBNBFTUUJDBEBUFYUVSBDPODFJUVBM "QSFTFOUBPEJHJUBMBP-BCJSJOUPo#BJSPO 4SHJP $PPSEFOBEPS
1FUSZ -VT$BSMPT 
)JQFSNEJB1TJDBOMJTFFIJTUSJBEBDVMUVSB $BYJBT4P1BVMP &%6$4.BDLFO[JF  IJQFSUFYUPQ

4BOUBFMMB -VDJB.BUSJ[FTEBMJOHVBHFNFQFOTBNFOUP4POPSB WJTVBM WFSCBM4P1BVMP *MVNJOVSBT Q

$PNPQPSFYFNQMPOBJOUFSFTTBOUFQVCMJDBPDPOKVOUBEF%JB[ 1 $BUFOB[[J /"FEP *%FMBNVMUJNFEJBBMBIJQFSNFEJB%PQPOUPEF
WJTUBNFUPEPMHJDP BQFSTQFDUJWBEFQFOTBNFOUPBDFSDBEPIJQFSUFYUPTFHVJEBBRVFFTUQSFTFOUFOPMJWSP.VMUJNEJBEF#BJSPOFOPBDFTTP
RVFUJWFBPTFVMJWSPRVFTFFODPOUSBOPQSFMP"SUFF$JODJB5FPSJBFmMPTPmBEBIJQFSNEJB 4P1BVMP &EJUPSB&TGFSB



)JTUPSJDBNFOUF BFTUSVUVSBFGFSSBNFOUBEPIJQFS

DMBTTJmDBP DSV[BNFOUP CVTDBFSFDVQFSBPEF

UFYUPFTUGPSUFNFOUFMJHBEBBPQFOTBEPS7BOOFWBS

JOGPSNBFTRVFWFJPNPEJmDBSDPNQMFUBNFOUFBT

#VTIRVFGPSNVMPVBJEJBEFRVFBNFOUFIVNBOB

QSUJDBTFBDPNQSFFOTP OPRVFEJ[SFTQFJUPBPT

PQFSBQPSBTTPDJBP"QBSUJSEFVNDPODFJUP FMB

UFYUPTFQFTRVJTB&OUSFUBOUP DPNPPCTFSWBN

QPEFTBMUBSJNFEJBUBNFOUFQBSBPVUSPQPSNFJPEF

-BOEPX ,PMCF#BJSPO QFSNBOFDJBBTJUVBPEB

VNBBTTPDJBPEFQFOTBNFOUPT4FHVOEPFTTB

MJOFBSJEBEFOBQSPEVPEFTFOUJEPOPTUFYUPT DPJTB

SFnFYP UBMTBMUPQPEFQSPEV[JSTFEFWJEPBVNB

RVFTFUSBOTGPSNBSBEJDBMNFOUFDPNPBEWFOUPEPT

JOUSJODBEBSFEFEFDBNJOIPTFYQSFTTPTOPTOFYPT

TJTUFNBTIJQFSUFYUVBJT"TTJN OPTBOPT %PVHMBT

MHJDPUFNUJDPTRVFPTMJOLTEJONJDPTSFQSFTFO

&OHFMCBSUQSPQFPQSJNFJSPNPEFMPDPNQVUB

UBN"PBOBMJTBSBQSPQPTUBEF#VTI 7PVJMMBNP[OPT

DJPOBMEFIJQFSUFYUPTFHVJOEPBTPSJFOUBFTEF

EJ[RVFPTJTUFNBJNBHJOBEPQPSBRVFMFQFSNJUF

#VTI"TJEJBTEF&OHFMCBSUGPSBNSFDPMIJEBTOVN

QFOTBSPBSNB[FOBNFOUPEFHSBOEFTNBTTBTEF

FTUVEPJOUJUVMBEP"DPODFQUVBMGSBNFXPSLGPSUIF

JOGPSNBPEFNPEPSFMBDJPOBM"QFSTQFDUJWBEF

BVHFNFOUBUJPOPGNBOTJOUFMMFDU 
F TFHVOEP

#VTITJHOJmDBBTVQFSBPEBJNQPTJPEFVN

7PVJMMBNP[ DPOUSJCVSBNFNNVJUPQBSBBFWPMV

BDFTTPTFRFODJBMEBJOGPSNBPQPSPVUSPRVF

PEPTTJTUFNBTDPNQVUBDJPOBJTJOUFSBUJWPT/FTTF

QFSNJUFPFTUBCFMFDJNFOUPEFTBMUPTPSHBOJ[BEPT

NPNFOUP BRVFTUPDFOUSBMPOBTDJNFOUPEP

EFVNEPDVNFOUPBPVUSP0SHBOJ[BPEFHSBOEFT

IJQFSUFYUP&NTVBBQBSJPFMFTJHOJmDB FORVBOUP

WPMVNFTEFJOGPSNBP BDFTTPOPTFRFODJBMB

JEJBEFFTDSJUVSBOPTFRFODJBMPVOPMJOFBS VNB

EBEPTFEPDVNFOUPTQPSNFJPEFSB[FTMHJDBTEF

SBEJDBMNPEJmDBPOPNPEPEFJOUFSSFMBPFOUSF

DMBTTJmDBP BMNEPBDSTDJNPEFBOPUBFTMJHB

PIPNFNFPUFYUPDPNPDPNQVUBEPS4F DPNP

EBTBPTEPDVNFOUPTQFTRVJTBEPT TPBMHVNBTEBT

DPODFJUPEFIJQFSUFYUP BWBOBNPTTFOTJWFMNFOUF

DBSBDUFSTUJDBTQSFTFOUFTOBTOPWBTUFDOPMPHJBTRVF

OPTQPOUPTSFGFSJEPT DPNPBQBSFDJNFOUPEBIJQFS

EFTFNCPDBSBNOBDSJBPEPTJTUFNBIJQFSUFYUP

NEJB BTUSBOTGPSNBFTQSPEV[JEBTBOUFSJPSNFOUF
UFOEFSPBTFSBEJDBMJ[BS UBOUPWFSUJDBMNFOUFDPNP

%PQPOUPEFWJTUBEBQFTRVJTBBDBENJDB P

IPSJ[POUBMNFOUF$PNPEJTDVUJSFNPTMPHPBEJBOUF 

IJQFSUFYUPTFDPOTUJUVJOVNBSFWPMVPJOUFSOB 

BNFUPEPMPHJBIJQFSUFYUVBMDPOEV[OBEJSFPEF

BPNPEPEBTJHOJmDODJBBQSFTFOUBEBQPS4BO

VNBDPOKVHBPCFOGB[FKBFOUSFBVUPSFMFJUPSOVNB

UBFMMBQBSBBSFWPMVPEJHJUBM5SBEJDJPOBMNFOUF B

EJBMUJDBOVODBBOUFTQPTTJCJMJUBEBQFMPTSFDVSTPTUSB

QFTRVJTBBDBENJDBDPOUBWBDPNmDIBT OEJDFT 

EJDJPOBJTEFQSPEVPFQFTRVJTBEPDPOIFDJNFOUP

FTRVFNBTDPODFJUVBJT FUD UPEPTFMFTFMBCPSBEPT

5BJTSFDVSTPTTPPSHBOJ[BEPTOVNBFTUSVUVSBRVFGPJ

QFMPTQFTRVJTBEPSFTBPMPOHPEFBOPTEFUSBCB

DIBNBEB OPmOBMEBEDBEBEFPJUFOUBFBUBNFUB

MIP"MNEJTTP PTJTUFNBEPTmDISJPTDPODFJUVBJT

EFEBEDBEBEFOPWFOUB EFSFDVSTPTNVMUJNEJB

UJOIBPJODPOWFOJFOUFEFBTmDIBTOFDFTTJUBSFN
TFSNBOFKBEBTJOEJWJEVBMNFOUF$PNPBEWFOUPEP

7PVJMMBNP[OPTBQSFTFOUBVNBWJTPIJTUSJDPUFN

DPNQVUBEPSQFTTPBMFEPT4PGUXBSFTEFFEJPEF

UJDBRVFDPOUFYUVBMJ[BPTVSHJNFOUPEPIJQFSUFYUP

UFYUPRVFQFSNJUJSBNPJODSFNFOUPEPTNFTNPT

FTFVDBNJOIPBUIJQFSNEJB4FHVOEPBBVUPSB 

FNWFSTFTFMFUSOJDBT JOJDJPVTFVNBOPWBGBTFOB

EFTEFBEDBEBEFTFTTFOUBEPTDVMPQBTTBEP PT



TJTUFNBTDPNQVUBDJPOBJTEFTUJOBEPTHFTUPF

EFSBEBTJNQPTTWFJTPVTPNFOUFBUJOHWFJTBUSBWTEF

USBUBNFOUPEBJOGPSNBPNPEJmDBNTFSBEJDBM

VNMPOHPDBNJOIPMJOFBSEFMFJUVSBFEFQFTRVJTB

NFOUF QBTTBOEPEPTNBJOGSBNFTBPDPNQVUBEPS
QFTTPBMF NBJTSFDFOUFNFOUF BPTQBMNTPVQBET

%FBDPSEPDPN%B[ $BUFOB[[J"FEPiBIJQFSN

/FTTFBDFMFSBEPDBNJOIP BOGBTFEPQSPDFTTPGPJ

EJBPSFTVMUBEPEBDPNCJOBPFOUSFIJQFSUFYUP

EBEB QFMPNFOPTBUPmOBMEBEDBEBEFPJUFOUB 

FNVMUJNEJBw4FHVOEPFTTFTBVUPSFT BIJQFSNEJB

OBFWPMVPFEFTFOWPMWJNFOUPDPOUJOVBEPTEBT

DPNCJOBPTCFOFGDJPTEFBNCBTBTUFDOPMPHJBT4F

GFSSBNFOUBTEFQSPEVPIJQFSUFYUVBJT%FBDPSEP

QPSVNMBEPBNVMUJNEJBQSPQPSDJPOBVNBHSBOEF

DPNTVBBOMJTF RVBOEPOPJODJPEBEDBEBEF

SJRVF[BFWFSTBUJMJEBEFOPUSBUBNFOUPEFUPEPTPT

OPWFOUB PIJQFSUFYUPDBQB[EFJOUFHSBSOPBQFOBT

UJQPTEFEBEPT QSPQPSDJPOBOEPVNBnFYJCJMJ[BP

UFYUP NBTJHVBMNFOUFPVUSBTNPSGPMPHJBTEFJOGPS

EBJOGPSNBP BGVOPEPIJQFSUFYUP QPSPVUSP 

NBP UFNPTPOBTDJNFOUPEBIJQFSNEJB"BVUPSB

BEFGVODJPOBSDPNPPQSPWFEPSEFVNBHFPNFUSJB

FYQMJDBRVFEFmOJSBIJQFSNEJBDPNPiBDPOKVOP

PSHBOJ[BDJPOBM QFSNJUJOEPRVFBTJOGPSNBFTQPT

EFEFTFOIPTGVODJPOBJTIJQFSUFYUVBJTFGFSSBNFOUBT

TBNTFSFYQMPSBEBTFBQSFTFOUBEBTBUSBWTEFEJGF

NVMUJNEJBGBMBSEFQBSBEJHNBTEFDPOIFDJNFOUP

SFOUFTDBNJOIPT UPEPTFTDPMIJEPTQFMPVTVSJP4FB

RVFTFBCSFNBVNOPWPFTQBPEFBUVBPBQMJD

UFDOPMPHJBEPIJQFSUFYUPQFSNJUFBSFQSFTFOUBPEF

WFMBUPEBTBTEJTDJQMJOBTEBBUJWJEBEFIVNBOBw0SB 

VNBFTUSVUVSBBTTPDJBUJWB OBRVBMPTOTPVDPODFJ

OFTUFNPNFOUPEFTVBBOMJTF BQPJBEBOBMJUFSBUVSB

UPTQPEFNFOMBBSTFBVUPNBUJDBNFOUFOVNBSFEF

EF#PSHFT FMBFODPOUSBBNFUGPSBEP-BCJSJOUPQBSB

EFOFYPTPSHBOJ[BEPTOPMJOFBSNFOUF PJODSFNFOUP

EFTJHOBSBTJUVBPEFNVMUJEJNFOTJPOBMJEBEFF

EBIJQFSNEJBQFSNJUFRVFTFJOUFHSFNEJGFSFOUFT

JOUFSBUJWJEBEFQSPQPSDJPOBEBQFMBIJQFSNEJBVNB

NFJPTBNBMHBNBEPTFNVNBFTUSVUVSBEFSFQSFTFO

JOUSJODBEBFEJWFSHFOUFFTUSVUVSBRVFBIJQFSNEJB

UBPJOUFSBUJWB OBRVBMQPEFNPTUFSVNBNCJFO

SFQSPEV[BUPTFTUFSUPSFTEBQFSGFJPEJHJUBM/FMB 

UFUSJEJNFOTJPOBM TPOTEPTNBJTWBSJBEPT UFYUPT 

PTDBNJOIPTTFNVMUJQMJDBNOVNBQMVSBMJEBEFBTUSP

BOJNBFTCJEJNFOTJPOBJTFUSJEJNFOTJPOBJT WEFPT

ONJDBRVFQFSNJUFBPMFJUPSJNFSTJWP FJHVBMNFOUF

FJONFSPTPVUSPTFWFOUPTDPNQVUBDJPOBJT/FTUF

BPBVUPSJNFSTJWP SFBMJ[BSFNDPOFYFTBOUFTDPOTJ

TFOUJEP BIJQFSNEJBDPOKVHBPTCFOFGDJPTBOUFSJPS


#VTI 7BOOFWBSi"T8F.BZ5IJOLwJO/FMTPO 5IFPEPS-JUFSBSZ.BDIJOFT4BVTBMJUP .JOEGVMM1SFTT 

5JWFNPTBPQPSUVOJEBEFEFJOJDJBSOBQSUJDBEPVTPEPDPNQVUBEPSDPNPGFSSBNFOUBEFQFTRVJTBFFEJPEFUFYUPTJONFSPTQSPGFTTPSFT

OP3JP(SBOEFEP4VM OB6/*4*/04FOB6'3(4 EFB



$POGPSNF7PVJMMBNP[ /SJB-JUFSBUVSBFIJQFSNFEJB-BJSSVQDJOEFMBMJUFSBUVSBJOUFSBDUJWBQSFDFEFOUFTZDSUJDB.BESJE#VFOPT"JSFT &EJDJP
OFT1BJET*CSJDB4" 

7FSFNPTNBJTBEJBOUFRVFFMFJHVBMNFOUFQBSUJDJQBEPTVSHJNFOUPEFVNBOPWBGPSNBEFBVUPSJB POEFPTFMFNFOUPTBOUFSJPSFTEBBVUPSJB
UFYUVBMTPSFTTJHOJmDBEPTEFOUSPEFVNBDPNQSFFOTPSFUJDVMBSEJHJUBMEBQSPEVPEFUFYUPTFSFWPMVDJPOBEPTQFMBTDBQBDJEBEFTDSJBUJWBT
EBQSPHSBNBPEJUBEFBVUPSJB

7PVJMMBNP[ /SJB-JUFSBUVSBFIJQFSNFEJBPQDJU Q

%B[1FSF[ 1BMPNB $BUFOB[[J /EJB"FEP$VFWBT *HOBDJP%FMBNVMUJNFEJBBMBIJQFSNFEJB.BESJE 3"."&EJUPSJBM 



NFOUFQSFTFOUFTOBTFTUSVUVSBTIJQFSUFYUVBJTTFN

TBNFOUPFORVBOUPMJOHVBHFN0SB TFHVJOEPFTUF

RVF DPOUVEP TFKBQPTTWFMWMBDPNPVNQSPMPOHB

QPOUPEFWJTUB EJ[FNPTRVFBMHJDB FORVBOUP

NFOUPMHJDPEBRVFMF1BSBBMNEBNFSBBQMJDBP

QFOTBNFOUPRVFQFOTBPQFOTBNFOUP TPNFOUF

UDOJDBDPOKVHBEBEFNFJPT BIJQFSNEJBTJHOJmDBB

PBMDBOBOBDPOEJPEFVNSFEPCSBNFOUPEB

FGFUJWBBCFSUVSBEFVNNVOEPEJHJUBMQPUFODJBMJ[BEP

MJOHVBHFNTPCSFBMJOHVBHFN4FSOFTUFTFOUJ

QFMBQFSTQFDUJWBDPODFJUVBMQSFTFOUFOPDPODFJUP

EPRVF)FJEFHHFSOPTEJ[RVFPiQFOTBSTPCSFP

EFGPSNBPRVFJOUSPEV[JNPTBDJNB"QBSUJSEF

QFOTBSQPTTVJFNTJBMHPEFUPSDJEPFWFMBEP FN

VNBDPNQSFFOTPEBIJQFSNEJBQSPCMFNBUJ[BEBOB

RVFFQFMPRVFPQFOTBNFOUPTFDVSWBFTFSFUPSDF

QFSTQFDUJWBEPDPODFJUPGFOPNFOPMHJDPEFGPSNB

TPCSFTJNFTNP EFTJTUJOEPEFTFVDBNJOIPSFUPw

P UFNPTBSFBMJ[BPEBBmSNBUJWBEF4BOUBFMMBEB
IJQFSNEJBDPNPVNBOPWBMJOHVBHFNFNDPOTUBOUF

&TTFPTFOUJEPEBQFSTQFDUJWBEFVNBGVOEBNFO

CVTDBEFTJNFTNBPRVFNPTUSPOBDPOUJOVBP

UBPEBQFSTQFDUJWBUSJEJNFOTJPOBMFNIJQFSNEJB 
BRVJEFTJHOBEBDPNPUPQPmMPTPmB"DSUJDBEB

$PNPQPTTJCJMJEBEFEFVNBOPWBMJOHVBHFN DPO

NFUBMJOHVBHFNDJFOUmDB WJBBTBSHVNFOUBFTEF

DFCPBIJQFSNEJBDBSBDUFSJ[BOEPTF QSJODJQBMNFOUF

(BEBNFSF(EFM QSFQBSBNPDBNJOIPQBSBVN

OBFTDPMBCSBTJMFJSBEF#BJSPOF4BOUBFMMB DPNPB

QFOTBNFOUPRVFQFOTBPQFOTBNFOUPF DPNP

QSPEVPEFVNBJOUFSSPHBPDFOUSBEBEFOUSPEBT

UBM TFDPOTUJUVJFNMJOHVBHFNRVFTFFTUBCFMFDF

DJODJBTEPFTQSJUP VUJMJ[BOEPTFEBTGFSSBNFOUBT

MPOHFEPTQSFKV[PTBOUFSJPSNFOUFFTUBCFMFDJEPT

EFQSPEVPFNBVUPSJBDPNPNFJPFJHVBMNFOUF

QFMBSB[PDBSUFTJBOBF EFTTBGPSNB SFDPOIFDFO

DPNPVNEFTFVTUFNBTGVOEBNFOUBJT0SB BQSFO

EPOBMJOHVBHFNPSEJOSJBPGVOEBNFOUPJODPO

EFNPTDPNBGFOPNFOPMPHJBRVFBMJOHVBHFN BP

DVTTPEFTJNFTNP&TTBQFSTQFDUJWBOPQPEFTFS

NFTNPUFNQPRVFTFDPOTUJUVJDPNPPIPSJ[POUF

BRVFMBOBRVBMBMJOHVBHFNVUJMJ[BEBQBSBDBMDVMBS

GVOEBEPSBQBSUJSEPRVBMUPEBBBSHVNFOUBP

FNFEJSPEBEPOPSFUPSOPEFVNBUBYJPOPNJB 

QPTTWFM TFDPMPDBDPNPPUFNBQSJWJMFHJBEPEB

NBTBOUFTBRVFMBEBMJOHVBHFNUPNBEBDPNPP

SFnFYPmMPTmDB5SBUBTFBRVJEFVNBTJUVBP

NFJPVOJWFSTBMQFMPRVBMTFSFBMJ[BBDPNQSFFO

JOUFSFTTBOUF JTUPQPSRVFBGFSSBNFOUBDPNBRVBM

TPFPEJMPHP OVNDPOUJOVVNRVFTPNFOUFFN

TFQSPEV[PQFOTBNFOUP BMJOHVBHFN BPNFTNP

TFVTFJPQPEFnPSFTDFS/FTUFQPOUP TPVMFWBEP

UFNQPPPCKFUPEPQFOTBNFOUP)FJEFHHFSF(BEB

BQFOTBSRVFTVBGPSNBNBJTBDBCBEB TFHVJOEP

NFSEFTFOWPMWFNQSPGVOEBNFOUFFTUBQFSTQFDUJWB

BGFOPNFOPMPHJB TFEOBDPNQSFFOTPRVF QPS

EFVNBFYQFSJODJBEPQFOTBSRVFMJOHVBHFNRVF

TVBWF[ JHVBMNFOUFMJOHVBHFN"TTJNTFOEP B

QFOTBPQSQSJPQFOTBNFOUPRVFMJOHVBHFN

QFSTQFDUJWBQFOTBEBQPSNJNEJ[RVFBMJOHVBHFN
OPTFDPOTUJUVJDPNPNFSPJOTUSVNFOUPEBBP

4FBMHJDBBEPVUSJOBEPQFOTBNFOUPDPSSF

IVNBOB BRVBMQPEFNPTMBOBSNPJOTUSVNFOUBM

UP TJHOJmDBJHVBMNFOUFRVFBMHJDBVNQFOTBS

NFOUFF MPHPBQT QSFTDJOEJSEFMB0QFOTBNFOUP

TPCSFPQFOTBS"JOEBNBJT BQSFOEFNPTDPNB

UPQPmMPTmDPUPNBBMJOHVBHFNDPNPPIPSJ[POUF

GFOPNFOPMPHJBIFSNFOVUJDBEF)FJEFHHFSFB

GVOEBEPSEBFYQFSJODJBIVNBOB PVTFKB PGVO

TFNJUJDBEF1FJSDFRVFTPNFOUFQPEFFYJTUJSQFO

EBNFOUPBQBSUJSEPRVBMUVEPPNBJTQPTTWFM



/PIPSJ[POUFEBMJOHVBHFNRVFGBMBNPTFRVF 

/BQFSTQFDUJWBEBQSFTFOUFBSHVNFOUBP PCTFSWP

GVOEBNFOUBMNFOUF BMHPDPNPBMHPQPEFWJSBGBMBS

RVF DPNPIJQFSUFYUP QSPEV[TFVNBQFSTQFDUJWB


EFPSHBOJ[BPSFUJDVMBSSFBMNFOUFTJHOJmDBUJWBOP

6NBUBMQFSTQFDUJWBTFJOTFSFOPDBNJOIPEFVNB

RVFEJ[SFTQFJUPBPUSBUBNFOUPEFHSBOEFTNBTTBT

SFnFYPRVF BMNEFMFWBSFNDPOUBBTJOUFSSPHBFT

EFJOGPSNBP1PSPVUSPMBEP DPNPBEWFOUPEB

EBQTJDBOMJTFEF'SFVEB-BDBO EFWFSFTHBUBSPTFMF

IJQFSNEJB IVNQPEFSPTPFODBNJOIBNFOUP

NFOUPTGFOPNFOPMHJDPTQSFTFOUFTOBBWFOUVSBIJQFS

EBRVFTUP OPTPNFOUFEPBSNB[FOBNFOUPF

NJEJUJDB"TTJN BQFSHVOUBQFMBVMUSBQBTTBHFNEPT

USBUBNFOUPEBJOGPSNBPFNTJTUFNBTPSHBOJ[B

MJNJUFTBSHVNFOUBUJWPTRVFOPTMFHPVBUSBEJPDPMP

EPTEFSFMBFTFSFDVQFSBPEPTNFTNPT NBT

DBTFDPNPVNEPTQSPCMFNBTDSVDJBJTBTFSFNEFTFO

GVOEBNFOUBMNFOUF DPNPPCTFSWB4BOUBFMMB OB

WPMWJEPTEFOUSPEFVNBDPODFQPUSJEJNFOTJPOBMEB

QPTTJCJMJEBEFEBFNFSHODJBEFVNBOPWBGPSNB

IJQFSNEJB1PSPVUSPMBEP BGPSNBEFBSHVNFOUBP

EFQSPEVPEFQFOTBNFOUPRVFQFOTBPQFOTB

CBTFBEBOBUSBOTGPSNBPEBUSBEJPQFMPTNUPEPT

NFOUP PVTFKB VNBOPWBGPSNBEFMJOHVBHFN

EBDJODJBNPEFSOBEF(BMJMFVB/FXUPOQSPNPWF
VNBDJTPFOUSFFYQFSJODJBMJOHVBHFJSBEPIPNFN

OPDBNJOIBSEFVNBQFTRVJTBRVFQFOTBBIJQFS

OBTVBBCFSUVSBEFNVOEPFPEBEPEFTTBNFTNB

NEJBOPDPOUFYUPEFTVBGPSNVMBPUSJEJNFOTJPOBM

FYQFSJODJBBTFSJOWFTUJHBEP*OEFQFOEFOUFNFOUFEB

RVFFODPOUSBNPT%BWJE,PMCQFSHVOUBOEPTFQFMB

JNQPSUODJBEBQFSTQFDUJWBDJFOUmDBQBSBPQSPHSFTTP

QPTTJCJMJEBEFEBVUJMJ[BPEBTOPWBTUFDOPMPHJBT

EBIVNBOJEBEF UBMDJTPOPTDPOEV[BVNBGBTUBNFO

EFOUSPEFVNQSPDFTTPEFBSHVNFOUBPmMPTmDP

UPQSPHSFTTJWPEBUSBEJPoBRVFMBEFGFOEJEBQPS7JDP

i1PEFTFGB[FSmMPTPmBVUJMJ[BOEPPIJQFSUFYUP 2VF

oDBEBWF[NBJTEJTUBOUFEPDPSBPEPTWFSEBEFJSPT

DMBTTFEFUSBCBMIPQPEFSJBSFBMJ[BSVNIJQFSUFY

QSPCMFNBT2VFTUJPOBEBQPS)FJEFHHFSF(BEBNFS

UPmMPTmDP 1PEFSTFJBBSHVNFOUBS PVRVBMRVFS

EPMBEPEBmMPTPmB FMBUFNBUJ[BEBDPNPQSPCMFNB

BSHVNFOUPMJOFBSTFSJBVNBQBSUFTVCPSEJOBEBEF

QPS#BJSPOEFTEFBQVCMJDBPEFTFVMJWSP.VMUJNEJB

BMHVNIJQFSUSBCBMIPEJTUJOUP 1PSN DPNPTFSP


&TUBQFSTQFDUJWBTFJOTUJUVDJPOBMJ[PVBPMPOHPEP4DVMP99 OBBDBEFNJB TPCPUUVMPEFmMPTPmBEBMJOHVBHFN"MNEF)FJEFHHFSF(BEB

NFS TFEFEJDBSBNQSPGVOEBNFOUFBFMBPTFHVOEP8JUUHFOTUFJO PTNFNCSPTEBmMPTPmBBOBMUJDB QBSUFEB&TDPMBEF'SBOLGVSU QSJODJQBMNFOUF


"QFMF)BCFSNBT"JOEBRVFOPQBOPSBNBEFTUBEJTDVTTPQPTTBNPTFODPOUSBSEJGFSFOBTGVOEBNFOUBJTFOUSFPTQFOTBEPSFT UPEPTDPODPS
EBNOBJNQPSUODJBEBMJOHVBHFN OPNBJTDPNPNFSPJOTUSVNFOUPEBBSHVNFOUBPmMPTmDB NBTTJNDPNPUFNBFNFJPEFMBNFTNB

)FJEFHHFS .BSUJO)FSDMJUP"PSJHFNEPQFOTBNFOUPPDJEFOUBM"EPVUSJOBIFSBDMJUJBOBEPMHPT3JPEF+BOFJSP 3FMVNFo%VNBS  Q

$POGPSNF(BEBNFS JO7FSEBEFFNUPEP Q0SFUPSOPQPTJUJWPEFVNBUBYJPOPNJBEFJYBOPTBJOEBBUBSFGBEFJOUFSQSFUMBFEBSNPT
BFMBVNTFOUJEPFNOPTTBTWJEBT

$PNPQPEFTFSPCTFSWBEP BQPTJPBRVJEFMJOFBEBWBJBPFODPOUSPEPTQFOTBNFOUPTEF)FJEFHHFS (BEBNFS (EFMF-BDBO OBQFST
QFDUJWBEBWBMPSJ[BPEBMJOHVBHFNDPNPUFNBFNFJPEFVNBSFnFYPFNOPWBTUFDOPMPHJBT*TUPTFGB[QPTTWFMFNWJSUVEFEPGBUPEF
RVF QBSBBGFOPNFOPMPHJB RVBOEPFTDSFWFNPT GBMBNPT EFTFOIBNPTF BDSFTDFOUP NPEFMBNPTUSJEJNFOTJPOBMNFOUF FTUBNPTJNFSTPTOB
QFSTQFDUJWBIPSJ[OUJDBEBMJOHVBHFNFORVBOUPMJOHVBHFN

4PCSFFTTFQPOUP#BJSPOOPTEJ[OPUFYUPEPMJWSPRVFBDPNQBOIBP-BCJSJOUPRVFiPNUPEP BPUFOUBSDPOTUSVJSPDBNJOIPWFSEBEF 
TFKBDBSUFTJBOP NBSYJTUB FTUSVUVSBMJTUB QTJDBOBMUJDP PVUPEPTKVOUPT UFOEFBOFHBSBQPTTJCJMJEBEFEBBCFSUVSBIFSNFOVUJDBBPDBNJOIPEB
DPNQSFFOTPIPSJ[OUJDBw Q



QFOTBNFOUP TFOPMJOFBS w"TQFSHVOUBTEF,PMC

TFDPMPDBDPNPNFJPFNBUFSJBMQBSBBQSPEVPF

FODPOUSBNTFOPDFOUSPEBTQSFPDVQBFTmMPT

FYQSFTTPEPDPOIFDJNFOUPmMPTmDP0JOUFSFT

mDBTFOGPDBEBTOBGFOPNFOPMPHJBHBEBNFSJBOB

TBOUFRVF,PMCOPTFMJNJUPV DPNPNVJUPT B

0QFOTBNFOUPOPMJOFBSPQFOTBNFOUPRVF OB

TJNQMFTNFOUFFTDSFWFSTPCSFBQPTTWFMVUJMJ[BPEB

QPTJPUPQPmMPTmDB GVOEBNFOUBTFFN7FSEBEF

GFSSBNFOUBIJQFSUFYUVBM FTQFDJmDBNFOUFP4UPSZT

FNUPEPFBCBOEPOBBUVUFMBQPTJUJWBEPTNUPEPT

QBDF QBSBBDPOTUSVPEFEPDVNFOUPTIJQFSUFY

EBTDJODJBTEBOBUVSF[B&MFFODPOUSBBTJOUFSSPHB

UVBJTFTPCSFBOBUVSF[BEBBSHVNFOUBPmMPTmDB

FTEF,PMCTPCSFBQPTTJCJMJEBEFEFBTFTUSVUVSBT

VUJMJ[BOEPUBJTSFDVSTPTFNFJP,PMCMBOPVTF

IJQFSUFYUVBJTFODBNJOIBSFNBTRVFTUFTEPmMPTPGBS

OVNQSPHSBNBmMPTmDPEFQSPEV[JSSFnFYFT

OBFSBEJHJUBM&TUFPTFOUJEPNBJTBCFSUPRVF

EFOUSPEPNFJPEJHJUBMEPIJQFSUFYUP VUJMJ[BOEPTF

MFNPTEPUFYUPEF,PMC4DSBUFTFOFMMBCFSJOUP

EBNFUPEPMPHJBSFUJDVMBSRVFPIJQFSUFYUPQFSNJUF 
OBQFSTQFDUJWBEFSFBMJ[BSVNBSFnFYPmMPTmDB

4DSBUFTOPMBCJSJOUPVNUSBCBMIPRVFOPTPNFO

OPMJOFBS1BSBUBOUP FMFTFSWJVTFEP4UPSZTQBDF

UFQFSHVOUBQFMBTQPTTJCJMJEBEFTEBTOPWBTUFDOP

BQBSUJSEBTQSPEVFTBOUFSJPSFTEF-BOEPX%BEB

MPHJBToOPDBTP PIJQFSUFYUPoNBTRVFUBNCN

BBOUFSJPSJEBEFEF-BOEPXOBVUJMJ[BPQSPEVUJ



WBEBGFSSBNFOUBIJQFSUFYUVBM JMVTUSBNPTFTTFGBUP

EBTOPWBTUFDOPMPHJBT IJQFSUFYUP
EFOUSPEBQSP

NPTUSBOEPBUFMBQSJODJQBMEFEJWVMHBPPmDJBMEP

EVPEPQFOTBNFOUPmMPTmDP NBTJHVBMNFOUF

4UPSZTQBDF BQBSFDFOEPBFEJPEP5IF*O.FNP

PEFTFBWFOUVSBSDPNGPSBOBOPWBFNQSFJUBEB

SJBO8FCEF+PO-BOFTUFEUF(FPSHF1-BOEPX
0USBCBMIPEF,PMCPQSJNFJSPFNNJOIBFYQF
0USBCBMIPEF-BOEPXUPTJHOJmDBUJWPQBSBP

SJODJBRVFIBCJMNFOUFFYQMPSBBTWSJBTNBOPCSBT

EFTFOWPMWJNFOUPFQPQVMBSJ[BPEPIJQFSUFY

SFUSJDBTFBSHVNFOUBUJWBTUPSOBEBTQPTTWFJTBUSBWT

UP RVFPTJOWFOUPSFTEP4UPSZTQBDFVUJMJ[BNP

EPIJQFSUFYUP KVTUBNFOUFBTFSWJPQBSBFDPNP

USBCBMIPEF-BOEPXF-BOFTUFEUDPNPBQSFTFO

VNBQBSUFJOUFHSBOUFEPBSHVNFOUPRVFFMFCVTDB

UBPPmDJBMEBTDBQBDJEBEFTEFTVBGFSSBNFO

EFTFOWPMWFS,PMCUFNTVDFTTP POEFBMHVNQPEF

UB'PJDPNPBVYMJPEPNFTNP4UPSZTQBDFRVF

UFS
FYQMPSBOEPFVTBOEPFTUFOPWPNFJPQBSB

,PMCEFVDPOUJOVJEBEFBPQSPKFUPEFEJTDVTTP

EFTFOWPMWFSFBQSFTFOUBSHFOVJOBNFOUFVNFOSFEP

TPCSFBQPTTJCJMJEBEFEFVNQFOTBNFOUPmMPTm

SFBMNFOUFFVSHFOUFNFOUFFMFQSFDJTPVGB[MP


DPOPMJOFBS QSPEV[JOEPVNEPDVNFOUPIJQFS

DPNQFSTQJDDJB$PNPVNBVUOUJDPQFEBPEF

UFYUPRVFJOUJUVMPVEF4DSBUFTOPMBCJSJOUP

QFOTBNFOUPmMPTmDPDSJBUJWP FBUSBWTEFVNVTP
OPUBWFMNFOUFQSTQFSPEBUFDOPMPHJBEPIJQFS

/BTVBMFJUVSBEFTUF4DSBUFTOPMBCJSJOUP $IBSMFT

UFYUP FTUFFYFNQMPEFWFSJBTFSAMFJUVSBPCSJHBUSJB

&TTSFBMJ[BVNDPNFOUSJPFYUSFNBNFOUFQPTJUJ

QBSBPTFOUVTJBTUBTEPIJQFSUFYUPFPTmMTPGPT

WPEPUSBCBMIPEF,PMCBWBMJBOEPRVFFTUFMUJNP
CVTDBSFWJHPSBSPNPEPEFBSHVNFOUBPmMPTmDP

"JOWFTUJHBPEF,PMCTFOTJCJMJ[BOPTOPTFOUJEP

RVFTFTFSWFEBGFSSBNFOUBIJQFSUFYUVBM&NTFV

EBCVTDBEBUSBOTGPSNBPEPTIPSJ[POUFTEFBVUPS

DPNFOUSJPFMFOPTEJ[RVF RVBOEPVNBQFTTPB

FMFJUPSOPQSPDFTTPEBBSHVNFOUBPVUJMJ[BOEPPT

FODPOUSBOB*OUFSOFUVNUSBCBMIPmMPTmDPPSHB

SFDVSTPTEBTOPWBTUFDOPMPHJBT TFKBQFMBGFSSBNFOUB

OJ[BEPFNIJQFSUFYUP GSFRFOUFNFOUF UBOUPP

EPIJQFSUFYUP TFKBQFMBMJOHVBHFNEBIJQFSNEJB

UFYUPDPNPPIJQFSUFYUPTPPSHBOJ[BEPTEPQPOUP

"PDPNQBSBSPNPEPEFQSPEVPBSHVNFOUBUJWP

EFWJTUBUSBEJDJPOBM PVTFKB FMFTTPQSPEV[JEPT

MJOFBS RVFFMFDIBNBEFUFYUPMJOFBSGBNJMJBSDPNP

EFGPSNBMJOFBS1BSB&TT PNSJUPEF,PMCOPGPJ

UFYUPQSPEV[JEPEFGPSNBIJQFSUFYUVBM PCTFSWPRVF

TPNFOUFPEFEJTDVUJSBQPTTJCJMJEBEFEBVUJMJ[BP

PTFHVOEPTFNQSFOPTEBEPDPNPVNBUSBNB


,PMC %BWJE4DSBUFTFOFMMBCFSJOUP JO-BOEPX (FPSHF1 $PNQJMBEPS
5FPSBEFMIJQFSUFYUP#BSDFMPOB#VFOPT"JSFT &EJDJPOFT1BJET
*CSJDB4"  QQ Q

04UPSZTQBDFVNEPTNBJTGBNPTPTFEJUPSFTEFIJQFSUFYUP$PNPGFSSBNFOUBEFQSPEVPEFIJQFSUFYUPTFMFSFWPMVDJPOPVB*OUFSOFU

SFGFSJEPFVUJMJ[BEPQPS(FPSHF1-BOEPX.BJTJOGPSNBFTQPEFNTFSPCUJEBTFNIUUQXXXFBTUHBUFDPN4UPSZTQBDFIUNM

"TTJNDPNPFYJTUFVNBHSBOEFEJGFSFOBFOUSFJOEJDBSPDBNJOIPFFGFUJWBNFOUFQFSDPSSMP #BJSPOFNTVBTBVMBTOP1SPHSBNBEF1T
HSBEVBPFN$PNVOJDBPF4FNJUJDB OPTUFNBMFSUBEPEPTQFSJHPTEFTJNQMFTNFOUFmDBSQSFTPTOBQPTJPEFDPNFOUBEPSFTEBIJQFSN
EJBFEF FGFUJWBNFOUFOVODBOPTMBOBSNPTOBQSPEVPEFTVBMJOHVBHFN

%JTQPOWFMFNIUUQXXXFBTUHBUFDPNSFWJFXT&TTIUNM

&TT $IBSMFT"SFWJFXPG4PDSBUFTJOUIFMBCZSJOUI*OIUUQXXXFBTUHBUFDPNSFWJFXT&TTIUNM



EFUFYUPT DPNPVNBQBJTBHFNRVFOPQPEFTFS

QFTRVJTBT FMFUPNBPDPNQVUBEPSBQBSUJSEFVNB

WJTVBMJ[BEBFNTVBUPUBMJEBEFOVNOJDPHPMQF

QFSTQFDUJWBVUFOTJMJUSJB TFNRVF FOUSFUBOUP BQPT

EFWJTUB0UFYUPIJQFSUFYUVBM BPDPOUSSJPEPUFYUP

TJCJMJEBEFEFTVBVUJMJ[BPOBJNFSTPFNNVOEPT

MJOFBSGBNJMJBS QPEFTFSFYQMPSBEPTFHVJOEPTF

EJHJUBJTFNFSKBOBUVSBMNFOUF4PNFOUFBIJQFSNEJB

JONFSPTDBNJOIPTi0BVUPSOPQPEFDPOUSPMBS

USJEJNFOTJPOBMQPEFMIFGSBORVFBSFTUFBDFTTP

RVBJTFOMBDFTTFHVJSPMFJUPSF FNBMHVOTTJTUFNBT 
PMFJUPSQPEFDSJBSOPWBTVOJEBEFTFFOMBDFT EF

0TFHVOEPNPNFOUPDPOTJEFSBPTEPDVNFOUPT

NPEPRVFBUSBNBTFNPEJmRVFFDSFTBwEJ[FMF

FMFUSOJDPTRVFmHVSBNOB*OUFSOFU OBGPSNBEF
IJQFSUFYUPT DPNTFVTMJOLTJOUFSOPTFFYUFSOPTOB

$PNFTTBQFSTQFDUJWBSFWPMVDJPOSJBEPIJQFSUFYUP

3FEF"RVJ FODPOUSBNPTVNDPNQPOFOUFRVFUFN

SFnFYJWPFOGPDBEBQPS,PMC JOTFSJOEPTFOBIJTUSJB

QPSmOBMJEBEFJOUSPEV[JSOPWPTVTPTFOPWBTGPSNBT

EBQSPEVPFFYQSFTTPEPQFOTBNFOUPPDJEFOUBM 

BSHVNFOUBUJWBTRVFSFBMJ[FNNVEBOBT UBOUPOB

JOJDJBTFVNBUSPDBGSVUGFSBOPTFTUBUVUPTEFBVUPS

GPSNBEFBSHVNFOUBP DPNPOBTQPTJFTGPSNBJT

FMFJUPSBPNPEJmDBSTFPTFSEPUFYUP NPEJmDBP

EFBVUPSFMFJUPS%FOUSPEFMB QPEFNPTFODPOUSBS

FTUBRVFVNEPTODMFPTEVSPTEBSFWPMVPEJHJUBM

BQSPEVPEFNVOEPTEJHJUBJTJOUFSBUJWPTRVBOEP

EFTDSJUBBDJNBQPS4BOUBFMMB0SB USBUBTFBRVJ B

BEFOUSBNPTOBTDPNVOJEBEFTWJSUVBJTRVFTFQBV

NFVKV[P EFEPJTNPNFOUPTEFVNBIJTUSJB/VN

UBNQFMBUSJEJNFOTJPOBMJEBEFEFTVBDPOTUJUVJP

QSJNFJSPNPNFOUP PRVFFTUFNKPHPBQBTTBHFN

/FMBT PIBCJUBSEJHJUBMTFGB[QSFTFOUFFTFDPOTUJ

EPUFYUPFNQBQFMQBSBVNEPDVNFOUPFMFUSOJDP

UVJOVNBEBTQPTTWFJTGPSNBTEFWJEBOPEJHJUBM

0DPOTJEFSBEPQPS,PMCOPEFNPEPBMHVNB

"TTJN DPNPSFTVMUBOUFEFTTFTFHVOEPNPNFOUP

TJNQMFTFYJTUODJBEFEPDVNFOUPTFMFUSOJDPT DPNP 

RVFUSB[KVOUPEFTJVNBOPWBFTUSVUVSBEFUSBCBMIP 

QPSFYFNQMP PTEPDVNFOUPTEP803%RVFmDBN

FODPOUSBNPT,PMCBSFGFSJSVNBOPWBGPSNBEFWJEB 

SFTUSJUPTBPTDPNQVUBEPSFTQFTTPBJTFTVOJWFSTJEB

OVNBBMVTPBPNPEPFYQSFTTJWPXJUUHFOTUFJOJB

EFT FORVBOUPEPDVNFOUPTEFQSPEVPQSJWBEPT

OP OBGPSNVMBPEBQPTTJCJMJEBEFEFVNBFTDSJUB

/FTUFDBTP PBWBOPRVFQSPQPSDJPOPVBJOWFOP

DPPQFSBUJWB&TUBSFGFSODJBDPMPDBPIJQFSUFYUP

EPTFEJUPSFTFMFUSOJDPTEFUFYUPT TFFNNVJUPBHJMJ

DPNPVNBGPSNBEFWJEB VNBFTUSVUVSBEFKPHP

[PVFBVYJMJPVBTJTUFNBUJ[BSPUSBCBMIPDPNPTUFYUPT

EFMJOHVBHFNRVFFTUGBEBEBBTFNQSFTFDPMPDBS

DPNPVNUPEP OBEBNBJTGF[EPRVFTJNQMFTNFOUF

EJGFSFOUFNFOUFOPKPHPEBJOUFSBPDPOGPSNFB

USBOTGPSNBS QBSBNVJUBTQFTTPBT PDPNQVUBEPSFN

BOMJTFRVFEFMFOPTE#BJSPO RVBOEPDPNQBSBP

VNBQPEFSPTBNRVJOBEFFTDSFWFS0SB PDPNQV

CSJODBSDPNPKPHBSOPKPHPEBDPNQSFFOTP

UBEPSRVFQFSNJUFBQSPEVPEFVNNVOEPEJHJUBM
WBJNVJUPBMNEBTJNQMFTFMJNJOBPEPEBUJMHSB

0SB BQBSUJDJQBPEFVNTVKFJUPMFJUPS VNMFJUPS

GPFTDSJCBBTFSWJPEPQFOTBEPS DPNPKUFNPT

JOUFSOVUJDP FNVNKPHPIJQFSUFYUVBM DPSSFTQPO

FOGBUJ[BEPBUBRVJOBQFSTQFDUJWBEBQSPEVPEPT

EFOBTVBJOUSPEVP PVNFMIPS OBTVBJNFSTP



NVOEPTUSJEJNFOTJPOBJTJOUFSBUJWPT 2VBOEPVN

BVNBDPNVOJEBEFEFEJMPHPFOUSFFMF PBVUPS

QSPGFTTPSVOJWFSTJUSJPVUJMJ[BPDPNQVUBEPSTJNQMFT

F FNBMHVOTDBTPT FOUSFPVUSPTMFJUPSFT2VBOUP

NFOUFQBSBFTDSFWFSTFVTUFYUPTFPSHBOJ[BSTVBT

NBJTBDPODFQPUSJEJNFOTJPOBMEFNVOEPFTUJWFS



QSFTFOUFOPEJHJUBM NBJTBQSPEVPEFVNBWFSTP

TFNQSFBPNPEPEFVNBUSBHEJBHSFHB0EFDMOJP

GPSUFEFQPTTWFJTGPSNBTEFWJEBEJHJUBJTTFGBSP

EFVNBDJWJMJ[BPPVUSPSBQPEFSPTBFJOWFOUJWB B

QSFTFOUFT0SB RVBOEPBNFTDMBFOUSFB<>JNFSTP

QPOUPEFDSJBSVNBFTDSJUVSBQSPEVUPSBEFNVO

OVNNVOEPEJHJUBMUSJEJNFOTJPOBMOBJOUFSBP

EPT DPMPDBBMUJNBGBNMJBTPCSFWJWFOUFOPDFOUSP

DPNVNKPHPFNVNDPNQVUBEPSQFTTPBMFTUJWFS

EFVNBUSBHEJB FNRVFBMPVDVSB DPNPQSFP

WJUBMNFOUFBTTPDJBEBB<>VNBDPNVOJEBEFWJSUVBM

QFMPTFYDFTTPTEFNJVSHPTEFUPEBVNBDJWJMJ[B

OB*OUFSOFU NBJTGPSUFNFOUFBQFSTQFDUJWBEF

PFYQJBEBQPSTFVTQFSTPOBHFOTGBNJMJBSFT

VNBDPNVOJEBEFEFEJMPHPOPNVOEPEJHJUBMTF

.ZTUGPJPSJHJOBMNFOUFDPODFCJEPQBSBBEPMFTDFO

FTDMBSFDFFTFGPSUBMFDF6NFYFNQMPEBQSPEVP

UFTFBEVMUPTFQSPEV[JEPEFOUSPEFVNDMJNBOFX

EFTTFUJQPEFDPNVOJEBEFQPEFTFSFODPOUSBEPOBT

BHF&OUSFUBOUP UBOUPQFMBTJEJBTCTJDBTDPNP

DPNVOJEBEFTWJSUVBJTRVFTFPSHBOJ[BNBPSFEPS

QFMPFTNFSPEFQSPEVPDPNRVFPTBVUPSFT

EPKPHP.ZTU "OPWFMBIJQFSNEJBEF.ZTU DPO

SFBMJ[BSBNBUBSFGB GF[DPNRVFFMFTFUPSOBTTF

UBOEPDPNUSTFEJFTOPGPSNBUP$%30. DPN

VNQBSBEJHNBOPNVOEPEJHJUBM%PJTBTQFDUPTB

NJMIFTEFVTVSJPTBPSFEPSEPNVOEPJOUSPEV[ 

TFSFNDPOTJEFSBEPTBRVJ<>POFYPSFBMJ[BEPFOUSF

EFTEFBQSJNFJSBNFUBEFEBEDBEBEF P

FTDSJUVSBFQSPEVPEFNVOEP<>BQFSTQFDUJWB

QBESPNBJTSFmOBEPEBJOUFSBUJWJEBEFOBIJQFS

EBDPOTUSVPUSJEJNFOTJPOBMJOUFSBUJWBRVFTFSWJV

NEJB UBOUPQPSTFVSPUFJSPUSJEJNFOTJPOBM DPNP

EFSPUFJSP HVJP
QBSBBSFBMJ[BPEBUBSFGB

QFMBTVBNBTTJWBEJTTFNJOBPOBDVMUVSBEJHJUBM

"PSHBOJ[BPOPWFMFTDBEFVNOFYPUFNUJDPFOUSF



FTDSJUVSBFQSPEVPEFNVOEPBQSFTFOUBEBQFMPT
0KPHP.ZTUGPJDPODFCJEPQFMPTJSNPT3BOEF

BVUPSFTOBDBQBDJEBEFEFVNBFTDSJUBFBUJWJEBEFEF

3PCZO.JMMFSDPNPVNBBWFOUVSBUSJEJNFOTJPOBM

EFTFOIPNHJDBT SFBMJ[BEBTDPNUJOUBTFTQFDJBJT 

JOUFSBUJWBRVFFOWPMWFVNESBNBEFGVOEPFEQJDP 


,PMC %BWJE4DSBUFTFOFMMBCFSJOUP JO-BOEPX (FPSHF1 $PNQJMBEPS
5FPSBEFMIJQFSUFYUP #BSDFMPOB#VFOPT"JSFT &EJDJPOFT1BJET
*CSJDB4"  QQ Q

6NNVOEPEJHJUBMDPOTUJUVEPEFBNCJFOUFTUSJEJNFOTJPOBJTJOUFSBUJWPTQFMPTRVBJTPTVKFJUPJNFSTJWPQPEFOBWFHBSFJOUFSBHJS4PFYFN

QMPTEFTUFUJQPPKPHP.ZTUFOPTTBQSPEVPDPOKVOUBDPN#BJSPO P-BCJSJOUP"TTJN BQBSUJSEBQFSTQFDUJWBGFOPNFOPMHJDB BMDBOBNPTP


FTUBCFMFDJNFOUPEFVNBDPSSFMBPFOUSFFTUFTEPJTDPODFJUPTEFNVOEPEJHJUBMEFTDSJUPQPS4BOUBFMMBFPTBNCJFOUFTUSJEJNFOTJPOBJTJOUFSBUJ
WPTQSPQPTUPTQPSOTOP-BCJSJOUP

4PCSFFTUBJEJBEPKPHPEFMJOHVBHFNXJUUHFOTUFJOJBOPBQMJDBEPTOPWBTUFDOPMPHJBT WFS#BJSPO 4SHJP"SFEF PKPHP JOIUUQXXX
DBTJOBEBPSH

7FSIUUQXXXNZTUDPN POEFFYJTUFNEF[FOBTEFMJOLTEFDPNVOJEBEFTRVFDPOUJOVBNKPHBOEPFNFTUSVUVSBTQBUIT



OBTRVBJT DBEBMJWSPFTDSJUPSFBMJ[BNBUFSJBMNFOUFTFV
DPOUFEPOBDSJBPFGFUJWBEFVNNVOEPEJHJUBM
&N.ZTUUFNPTBCVTDBEBVMUSBQBTTBHFNEBGSPOUFJ
SBFOUSFSFBMFEJHJUBM OBRVBMBTFTQFDJmDBFTDPOUJ
EBTOPQSPDFTTPEBFTDSJUVSBEPTMJWSPT OBQSPEVP
EFNVOEPTDPNQMFUPT TFUPSOBNJOUFSDBNCJWFJT
0SB BQFSTQFDUJWBEBFTDSJUVSBDPNRVF.ZTUUSBCB
MIBFORVBOUPNJUP GB[OPTSFMFNCSBSBRVJPHSBOEF
QSPKFUPEB#FHSJTDISJGUEF'SFHFFYQPTUPDPNPP
QBSBEJHNBNBJTSFmOBEPEBTDJODJBTEBOBUVSF[B
OPTDVMP9*95BOUPFN.ZTUDPNPOB#FHSJTDI
SJGU BFTTODJBEPTFSFTUJOFYPSBWFMNFOUFMJHBEB
GPSNBEBFTDSJUVSB3FQSFTFOUBNPT OBTFRODJBEF

$PN.ZTUTFGB[MJUFSBUVSBUSJEJNFOTJPOBMEJHJUBMF

JNBHFOTBCBJYP PQSPDFTTPRVFEFTDSFWFBGPSNBP

IBCJUBTFOFMB%FTTBGPSNB TFVQBSFOUFTDPDPNP

EP.ZTU***&YJMF/FTUFTFOUJEP PFTDSFWFSFPEFTF

-BCJSJOUPTFDPOTUJUVJOBQFSTQFDUJWBEBIJQFSNEJB 

OIBSDPOKVHBEPTQSPEV[FNSFBMJEBEFTDPODFJUVBJT

EFOUSPEBRVBMVNBQSPEVPFTNFSBEBFUSBCBMIPTB

RVFUPSOBNTFJOEFQFOEFOUFTEPBVUPSEBFTDSJUVSB

QSPEV[BNCJFOUFTEJHJUBJTRVFUSB[FNEFOUSPEFMFT

FEFTFOIPQSPEV[FNNVOEPTDPNPBQFUODJBT

DPODFJUPTFNDFOBTFPCKFUPTJOUFSBUJWPT&ORVBOUPP

SFUJSBEBTEPTTPOIPTEF-FJCOJ[OB.POBEBMPHJB

-BCJSJOUPTFDPOTUJUVJOVNBQSPQPTUBBDBENJDB .ZTU
IBCJUBPNVOEPEBMJUFSBUVSBFOPWFMBEJHJUBM"NCPT

/FTTBTVDFTTPEFJNBHFOT WJTVBMJ[BNPTBQBT

TFDPOTUJUVFNOVNBFTUSVUVSBDPNQMFNFOUBS OB

TBHFNEPBUPEFFTDSFWFSFEFTFOIBSDPNP

RVBMGPSNBTEFWJEBTQPEFNEJBMPHBSDPOKVOUBF

FRVJWBMFOUFToQPJTFTDSFWFNTFNVOEPTEFTDSF

DPPQFSBUJWBNFOUFQBSBVNQPTTWFMVTVSJPEBJNFS

WFOEPPTFTFEGPSNBBFMFTOBTVBDPSQPSFJEBEF 

TPEJHJUBM1BSBBMNEBTQFSTQFDUJWBTFFYQFDUBUJWBT

EFTFOIBOEPPT"RVJBBSUFBTTVNFVNQMBOPEF

EPIJQFSUFYUPEF-BOEPX UBOUP.ZTUDPNPP-BCJSJO

SFBMJ[BPEJHJUBMRVFBUPSOBVNIBCJUBSEJHJUBM

UPTFBmSNBNOBQSPEVPEFVNBOPWBMJOHVBHFN

"QBSUJSEPTVDFTTPEFNJMIFTEFDQJBTWFOEJEBT

FGPSNBEFQFOTBNFOUP NPTUSBOEPRVFPNVOEP

EBTUSTWFSTFTEPKPHP DSJPVTFVNBDPNVOJEB

EJHJUBMEBIJQFSNEJBTFDPOTUJUVJOVNNVOEPEF

EFRVFEJTDVUFP.ZTUBPSFEPSEPNVOEP DPNTFV

BCFSUVSBEFTFOUJEPTOPEFUFSNJOBEPTQSFWJBNFOUF

GSVNQSJWJMFHJBEPOPTJUFEBPmDJBMIUUQXXX
NZTUDPN&TTBDPNVOJEBEFQSPEV[JVVNBTSJF

3FUPSOBOEPBVNBEBTQFSHVOUBTEF,PMCQPEF

EFNBUFSJBJTRVFFTUPEJTQPOWFJTOP4JUFEB

TFGB[FSmMPTPmBVUJMJ[BOEPPIJQFSUFYUP 1FOTBNPT

BNB[PODPN"QSFTFOUPBCBJYPEPJTEPTJONFSPT

OBFTQFDJmDJEBEFRVFBSFnFYPDPODFJUVBMQPEF

MJWSPTQSPEV[JEPTQPSNFNCSPTEBDPNVOJEBEF 

FODFSSBSOVNBIJQFSNEJBUSJEJNFOTJPOBM"RVFT

EJTDVUJOEPPTFMFNFOUPTNFUBGTJDPTEBFTDSJUVSBF

UPEF,PMCDPSSFTQPOEFTFHVJOUFQFSHVOUB

QSPEVPEFNVOEPTFN.ZTU TFVTFOSFEPT TVBT

QPEFNPTGB[FSmMPTPmBEFGPSNBOPMJOFBSDPN

USBHEJBT TVBTBSUFTNTUJDBTFTVBmMPTPmBEJHJUBM

FOBTOPWBTUFDOPMPHJBT 3FTQPOEFOEPQPTJUJWB



OPMPHJBT"PEFmOJSQSFDJTBNFOUFBIJQFSNEJBDPNP
VNBOPWBMJOHVBHFN FMBOPTFEFEJDBTJNQMFT
NFOUFBBOBMJTBSFBQFOTBSBGFSSBNFOUBFBQMJDBUJWPT
FNIJQFSUFYUPT*OEPNBJTBMNEPIJQFSUFYUP B
TFNJPUJDJTUBTFEFEJDBBQFOTBSPNPEPNBJTFMBCPSB
EPEBTOPWBTUFDOPMPHJBTBIJQFSNEJB7FKBNPT

6NEPTBTQFDUPTFWPMVUJWPTNBJTTJHOJmDBUJWPTEFTTB
DPOKVOUVSBSFWPMVDJPOSJBFTUOPBQBSFDJNFOUPF
SQJEPEFTFOWPMWJNFOUPEFVNBOPWBMJOHVBHFNB
IJQFSNEJB"OUFTEBFSBEJHJUBM PTTVQPSUFTFTUB
WBNTFQBSBEPTQPSTFSFNJODPNQBUWFJTPEFTFOIP 
NFOUF FMFOPTEJ[RVFPIJQFSUFYUPQSPWBWFMNFOUF

BQJOUVSBFBHSBWVSBOBTUFMBT PUFYUPFBTJNBHFOT

QFSNJUJSVNBOPWBDMBTTFEFFTDSJUPTmMPTmDPT

OPQBQFM BGPUPHSBmBFPmMNFOBQFMDVMBRVNJDB P


TPNFPWEFPOBmUBNBHOUJDB%FQPJTEBQBTTBHFN

4FCFNRVFBmMPTPmBDPSSFOUFTFNBOJGFTUBTPCSF

QFMBEJHJUBMJ[BP UPEPTFTTFTDBNQPTUSBEJDJPOBJTEF

UVEPOBGPSNBEPFOTBJPPVEBBOUPMPHJB UBNCN

QSPEVPEFMJOHVBHFNFQSPDFTTPTEFDPNVOJDBP

QPEFNPTFODPOUSBSBTNFEJUBFT PTBGPSJTNPT 

IVNBOPTKVOUBSBNTFOBDPOTUJUVJPEBIJQFSNEJB

PTQFOTBNFOUPT PEJSJP PEJMPHPFPVUSBTGPS


NBT"TTJNQPJT PIJQFSUFYUPRVFNTBCFQFSNJ

$PNVNBnVJEF[BSSFCBUBEPSB FMBTFHVFPmPEP

UJSVNBOPWBDMBTTFEFFTDSJUPTmMPTmDPT

QFOTBNFOUPRVFDPOTUSJBFTUSVUVSBEFTUBOPWBMJO
HVBHFNOPTEJ[FOEPRVFBIJQFSNEJBOPTQFSNJUF

4F,PMCBWBOBTPCSFFTUBQPTTJCJMJEBEFFNTFVUFYUP

WJTVBMJ[BSPQBQFMRVFFMBEFWFSEFTFNQFOIBSOB

F QPTUFSJPSNFOUF OVNBFYQFSJODJBIJQFSUFYUVBM 

DVMUVSBFNFSHFOUFFGVUVSBEPTBNCJFOUFTWJSUVBJT 

UBNCNFODPOUSBNPTBNFTNBQFSHVOUB QPSN

MVHBSOPRVBMBTQPTJFTEFBVUPSMFJUPSTPQSPGVO

SFTQPOEJEBEJGFSFOUFNFOUF TFHVJOEPVNPVUSP

EBNFOUFUSBOTGPSNBEBT/BJEFBPEBIJQFSNEJB

DBNJOIPTJUVBEPBPMBEPEBBVUPSJBFNIJQFSN

DPNPVNBOPWBMJOHVBHFN BTFNJPUJDJTUBOPTF

EJB QPS4BOUBFMMBF#BJSPO4BOUBFMMBOPNPTUSB

FODPOUSBT4FPUFYUPEF,PMCFTVBQSPEVP

EWJEBTBSFTQFJUPEBQPUFODJBMJEBEFEBTOPWBTUFD

IJQFSUFYUVBM4DSBUFTOPMBCJSJOUPTPEF #BJ


,PMC %BWJE4DSBUFTFOFMMBCFSJOUP JO-BOEPX (FPSHF1 $PNQJMBEPS
5FPSBEFMIJQFSUFYUP #BSDFMPOB#VFOPT"JSFT &EJDJPOFT1BJET
*CSJDB4"  QQ Q

7FSFNB
4BOUBFMMB -VDJB.BUSJ[FTEBMJOHVBHFNFQFOTBNFOUP4P1BVMP &EJUPSB*MVNJOVSBT QQC
#BJSPO 4SHJP"SUFF
DJODJB5FPSJBFmMPTPmBEBIJQFSNEJB4P1BVMP&EJUPSB&TGFSBOPQSFMP

4BOUBFMMB -VDJB.BUSJ[FTEBMJOHVBHFNFQFOTBNFOUP4P1BVMP &EJUPSB*MVNJOVSBT Q

$G4BOUBFMMB -VDJB"USBNBFTUUJDBEBUFYUVSBDPODFJUVBM"QSFTFOUBPBP$%30.-BCJSJOUP EF#BJSPO 4SHJP $PPSEFOBEPS
1FUSZ -VT
$BSMPT4P1BVMP$BYJBT&%6$4.BDLFO[JFQEPIJQFSUFYUP



SPOJHVBMNFOUFBQSFTFOUBBIJQFSNEJBDPNPVNB
OPWBGPSNBEFMJOHVBHFNEFTEFBQSJNFJSBNFUBEF
EBEDBEBEF%PQPOUPEFWJTUBIJTUSJDP 
BJOWFTUJHBPEF#BJSPO QPSTFPSHBOJ[BSOVNB
DPODFQPIJQFSNJEJUJDBKOBQPDB RVFJODMVFN
BTQFSTQFDUJWBTEPDPODFJUP EBNFUPEPMPHJBFEB
VUJMJ[BPEFGFSSBNFOUBTEFBVUPSJBOBHFSBPEF
QSPEVFTBDBCBEBTDPNP4PGUXBSFTJOEFQFOEFOUFT
FBVUPFYFDVUWFJT QSPGVOEBNFOUFTJHOJmDBUJWB
EJBOUFEBTQSPEV[JEBTQPS,PMCF-BOEPX4VBQFST
QFDUJWBEFQFTRVJTBUFNVNBTQFDUPEFQJPOFJSJTNP

DJBFTUUJDB GVOEBNFOUBMOBDPOTUJUVJPEFOPTTP

EFOUSPEBTOPWBTUFDOPMPHJBTRVFOPQPEFTFS

TFSOPEJHJUBM+VMHPRVFFTUFTFMFNFOUPTFTUPK

EFTDPOTJEFSBEP QSJODJQBMNFOUFFNTFUSBUBOEPEF

QSFTFOUFTOBQVCMJDBPEF#BJSPOEF QSJODJQBM

QFTRVJTBTSFBMJ[BEBTOP#SBTJMPDBTPEBQVCMJDBP

NFOUFRVBOEPFMFOPTEJ[RVFPNVOEPEJHJUBMK

.VMUJNEJB RVFKFN FYQSFTTBWBNVJUPTEPT

FNTJ PNVOEPEBNFUGPSBFEBSFQSFTFOUBP

QPOUPTDFOUSBJTEBBUVBMEJTDVTTPEBIJQFSNEJB 

/PIOBEBRVFOFTUFNVOEPQPTTBTFSSFQSFTFO

DPNPPTDBQUVMPT"NVMUJNEJBFBTUFPSJBTEBDPNV

UBEP RVFKOPFTUFKBOVNBDBEFJBEFSFQSFTFOUB

OJDBP "DJODJBFBNVMUJNEJBF"NVMUJNEJBF

FT/PINBJTOBEBRVFOPTFKBVNBMFJUVSBF

BPCSBEFBSUF.JOIBDPODFQPBEFRVF BJOEB

PDSJBUJWP QSYJNPEBCSJODBEFJSB NVJUPNBJTP

RVF#BJSPOUFOIBVUJMJ[BEPOFTUFUFYUPGPSNBMNFO

iGB[FSEFOPWPwEFPVUSPKFJUPEPRVFPJOBVHVSBM

UFPUFSNPNVMUJNEJB EBIJQFSNEJBDPNPVNB
OPWBMJOHVBHFNRVFFMFUSBUBPUFNQPUPEP

"QBSUJSEBFMFFTUFNDPOEJFT EFQPJTEFVNB
QBTTBHFNBSHVNFOUBUJWBQFMBGFOPNFOPMPHJB EF

%BEPRVFBJOWFTUJHBPEPUSJEJNFOTJPOBMGPJ

BmSNBSRVFBBSUFEJHJUBMDSPOPUPQPTiOPTQPSRVF

EFTFOWPMWJEBFNDPOTPOODJBDPNBTQFTRVJTBTEF

QPTTJCJMJUBBWJTVBMJ[BPEBNVUBCJMJEBEFDPNP 

#BJSPOFNIJQFSNEJB NVJUBTEFNJOIBTDPODFQ

JODMVTJWF UPSOBDPOEJPTJOFRVBOPOQBSBOFMB

FTUFNUJDBTQPTTVFNVNBFTUSFJUBWJODVMBP

BEFOUSBSNPTw0SB TFDPOTJEFSBSNPTPUSBCBMIP

DPNBTEFTUFBVUPS4FHVOEPQVEFBQSFFOEFSFN

EFTFOWPMWJEPQPS#BJSPOOPQSPKFUPEB$BTBmMPTmDB 

NJOIBTFOUSFWJTUBTDPNFMF BIJQFSNEJBEFWFTFS

FTUBQFSTQFDUJWBEBIJQFSNEJBDPNPVNBOPWBGPSNB

QFOTBEBDPNPBSRVJUFUVSBEBNBOJGFTUBPFTUUJDB

EFQFOTBNFOUPQPEFTFSNFMIPSFMVDJEBEBPRVF



EBMJOHVBHFN QPSTFVFMFNFOUPDPOTUJUVJOUF

GBSFNPTBQBSUJSEFBHPSB"QSFTFOUBNPTJOJDJBM

EFBSRVJUFUVSB RVFBIJQFSNEJBQPEFSFQSPEV

NFOUFBUFMBEFFOUSBEBEBIJQFSNEJBEF#BJSPO

[JSPDPOUFYUPEPNVOEPEPWJWJEPOVNBGVTP
EFIPSJ[POUFT TFNQSFQSFTFOUFOPDPUJEJBOPEP

"UFMBQSJODJQBMEB$BTBmMPTmDBBQBSFDF

IPNFNFEBMJOHVBHFNPSEJOSJPT"USBWTEFTUBT

DPOKVOUBNFOUFDPNVNBUSJMIBTPOPSB

BSRVJUFUVSBT BIJQFSNEJBUSJEJNFOTJPOBMQPTTJCJMJUB

FTQFDJBMNFOUFEFTFOWPMWJEBQPS#BJSPO"

BBCFSUVSBEPDBNJOIPWJWFODJBMEFVNBFYQFSJO

PSHBOJ[BPEFTUBUFMBQSJODJQBMDPNCJOBFMFNFOUPT



CJEJNFOTJPOBJTDPNVNBFTUSVUVSBUSJEJNFOTJPOBM
UPUBMNFOUFJOUFSBUJWBFOBWFHWFM*OTUSVNFOUPT
EFTFOWPMWJEPTQPS8JUUHFOTUFJOFNPEFMBEPT

&TUBTGSBTFTOPTEJ[FNNVJUPOBQFSTQFDUJWBEB

QBSBTFSWJSFNDPNPDPOFTEBIJQFSNEJBQBJSBN

QFTRVJTBUPQPmMPTmDB*TTPQPSRVFOBSFGFSODJB

BCBJYPEPVOJWFSTPEJHJUBMQSPQPTUPQFMPQSPKFUP

GFOPNFOPMPHJBIFSNFOVUJDB BTFHVOEBGSBTFSFUJSB

EB$BTB"DJNBEBFTUSVUVSBUSJEJNFOTJPOBM EVBT

EBQSJNFJSBTFVGVOEBNFOUPPOUPMHJDP#BJSPO

GSBTFT FNNFJPBmMUSPTWJTVBJTHSmDPT GPSOFDFN

QSPEV[VNEJTDVSTPIJQFSNJEJUJDPRVFTFQBVUBQPS

BUPOBMJEBEFDPODFJUVBMEBIJQFSNEJB4PFMBT

VNBDPODFQPUSJEJNFOTJPOBMEPDPODFJUPDPNP
NBOJGFTUBPEBFYQFSJODJBFTUUJDBIBCJUBOEP

iPTFSIBCJUBBMJOHVBHFNwF

OPEJHJUBM/FTUFTFOUJEP BNPEFMBHFNUSJEJNFO

iUPEBIJQFSNEJBEFWFTFSVNBIBCJUBPw

TJPOBMFYUFSOBEB$BTBmMPTmDBFTFVFOUPSOPGPJ


"MNEPTUFYUPTEF#BJSPOKDJUBEPT KFN.VMUJNEJB4P1BVMP &EJUPSB(SBBM  FMFEFGFOEFBTOPWBTUFDOPMPHJBTDPNPVNBOPWB

GPSNBEFQSPEVPEFQFOTBNFOUP BQBSUJSEF#BLIUJO #FOKBNJO (BEBNFSFPVUSPT



/FNTFNQSFQPEFNPTJOUSPEV[JSVNOPWPDPODFJUPEFGPSNBUSBORJMB"QSFOEFNPTDPN(BOHVJMIFNF'PVDBVMURVFBJOUSPEVPEF
VNOPWPDPODFJUP BMNEFFYJHJSBSFDPOTUSVPEFTVBIJTUPSJDJEBEF SFRVFSVNNPNFOUPQSPQDJP&NPNPNFOUPQSPQDJP
PEBNVMUJNEJB%FTUBGPSNB PNBJTDPSSFUPTFSJBPCTFSWBSRVFPUFSNPIJQFSNEJBTFDPOTUJUVBFNVNBUPUBMFBCTPMVUBOPWJEBEFOBQPDB
EFOUSPEPNFSDBEPFEJUPSJBMCSBTJMFJSP FORVBOUPRVFPUFSNPNVMUJNEJBFTUBWBBNQMBNFOUFEJGVOEJEP"TTJN EPQPOUPEFWJTUBEJEUJDP B
PQPFQPDBMQFMBVUJMJ[BPEPUFSNPNVMUJNEJBEFWFTFSKVMHBEBDPNPBNBJTBDFSUBEB JTUPDPOTJEFSBOEPPFTUBEPFNRVFTFFODPOUSBWBB
EJTDVTTPEBTOPWBTUFDOPMPHJBT

&TUBJEJBOPTGPJBQSFTFOUBEBQPS#BJSPOFNVNBDPOWFSTBPSFBMJ[BEBFN4P1BVMP OPEJBEFNBSPEF RVBOEPQSFQBSWBNPT
BTOPUBTQBSBFTUFDBQUVMP

#BJSPO 4SHJP.VMUJNEJBQQ

#BJSPO 4SHJP.VMUJNEJBQ



SFBMJ[BEBMFWBOEPTFFNDPOUBPTDPODFJUPTEF
JNFSTPFJOUFSBPOPNVOEPEJHJUBM4FPCTFS
WBSNPTBFTUSVUVSBEPQBOPSBNBUSJEJNFOTJPOBM
mOBMJ[BEPOP2VJDL5JNF73 QPEFSNPTJEFOUJmDBS
BQMBTUJDJEBEFJOFSFOUFBPQSPDFTTPEFNPWJNFO
UBPOPNVOEPEJHJUBMDSJBEPQBSBB$BTB

$BEBQPTJPEPTVKFJUPJNFSTJWPOBDPSQPSFJEB
EFEBPSHBOJ[BPUSJEJNFOTJPOBMEJHJUBMPMFWBSB
DPODFJUPTEJGFSFOUFT OPTRVBJTPBVUPSEFTFOWPMWF
BQFSTQFDUJWBQSPQFEVUJDBRVFTFSEFUBMIBEBOB

FYQFSJFODJFEJGFSFOUFTWBSJBOUFTEPDPODFJUPQSFUFO

QSPEVPmOBM4PFMBTPBSHVNFOUP BDSJBP 

EJEP PRVFUPSOBBNPTUSBPVNBFTUSVUVSBSFUJDV

PBNCJFOUF PVEJPFBTJNBHFOT3FQSFTFOUBNPT

MBS OPTFOUJEPEFRVFOVODBSFUPNBNPTEVBTWF[FT

FTUFTUSTGVOEBNFOUPTRVFTPNFOUFQPEFNTFS

BNFTNBFYQFSJODJBEPDPODFJUPPV DPNPPCTFSWPV

BQSFTFOUBEPTOVNBQFSTQFDUJWBFTQBDJBMJ[BOUF

#BJSPOFNVNBEFTVBTBVMBTTPCSFBVUPSJBFNIJQFS
NEJB BDBEBMFJUVSBJOBVHVSBTFVNOPWPTFOUJEP JTUP

0BDFTTPBRVBMRVFSVNEPTDPODFJUPTBDJNBMFWBP

NFTNPOBQFSTQFDUJWBEBNFUPEPMPHJBDJFOUmDB

TVKFJUPJNFSTJWPBVNBFYQFSJODJBIJQFSNJEJUJDB
RVFUFNBQSPQSJFEBEFEFTFSFTUUJDBOPTFOUJEP

"DJNBUFNPTVNFYFNQMPEFQSPHSBNBPEF

HBEBNFSJBOPEPUFSNP6NBTVDFTTPEFJNBHFOT

BVUPSJBUSJEJNFOTJPOBMSBOENJDB0EJDJPOSJP

FTPOTBEFOUSBNOPDBNQPWJTVBMQSPEV[JOEPVNB

)PVBJTTEFmOFPUFSNPSBOENJDPDPNPPBMFBUSJP 

TJOGPOJBRVFOPTGB[MFNCSBSBJEJBEBNVMUJQMJDJEB

PDPOUJOHFOUFFPGPSUVJUP&MFOPTJOGPSNBRVFFTTF

EFEFWP[FTEF7JDP/FTUBQSPGVTPBCFSUBEFVNB

UFSNPFYJTUFEFTEFPTDVMP9*7 OBMOHVBJOHMF

FYQFSJODJBFTUUJDB OPTPNPTMFWBEPTBPDPODFJUP

TBFEFTJHOBWBBJNQFUVPTJEBEF BHSBOEFWJPMODJB 

MJOFBSNFOUF UBMDPNPTFSJBSFBMJ[BEPOPNPEPEP

UFOEPBJOEBBTBDFQFTEFHSBOEFWFMPDJEBEF

UFYUPMJOFBSGBNJMJBS NBTTJNQPSNFJPEBDPNQMFYJ

TFNQSPQTJUPEFmOJEP/PWPDBCVMSJPEBQSPHSB

mDBPSBEJDBMEBJNFSTPFNVNNVOEPEJHJUBM OB

NBPFNBVUPSJB PUFSNPSBOENJDPEFmOJEP

FTUSVUVSBPEFMFDPNPVNBGPSNBEFWJEB%FOUSF

QPSVNBGVOPMHJDBRVFSFUPSOBVNEFUFSNJOB

JONFSBTDPJTBT #BJSPOOPTEJ[RVFBEFDPOTUSVPEB

EPONFSPFOUSFVNJOUFSWBMPRVFQPTTVJMJNJUFT

DBTBQPEFTFSPKPHPEBJOUFSBUJWJEBEF PRVFTJHOJmDB

JODMVTJWPTEFNOJNPFNYJNP EFTDSFWFOEPVNB

RVFPKPHPEBJOUFSBUJWJEBEFQPTTVJBDBQBDJEBEFEF

NVMUJQMJDJEBEFRVBMRVFSEFVOJEBEFTRVFQPEFN

QSPEV[JS BDBEBWF[RVFPDPSSF VNBDPSQPSFJEBEF

TFSSFUPSOBEBT/POPTTPFYFNQMPBDJNB UFNPT

EJWFSTBQBSBPTVKFJUPJNFSTJWP0SB PBVUPSSFBMJ[B

DPNPMJNJUFT NOJNP (BWFUB@"@PQDBP@@WB[JB




FTUBFTUSBUHJBBUSBWTEFVNBQSPHSBNBPFN

FNYJNP (BWFUB@"@PQDBP@@WB[JB
DPNVNB

BVUPSJBSBOENJDB RVFQFSNJUF QPSNFJPEFOFYPT

NVMUJQMJDJEBEFEFUSTPQFTBTFSFNSFUPSOB

MHJDPTQSPHSBNWFJT RVF OPEFDPSSFSEBTWSJBT

EBT"GPSNBEFSFUPSOPBEPUBEBOBQSPHSBNBP

PQPSUVOJEBEFTEFJOUFSBUJWJEBEF PTVKFJUPJNFSTJWP

TFRFODJBM PVTFKB OVNBPSEFNEFJOUFSB



EFUFSNJOBEPTBQSJPSJOBTVBNBOJGFTUBPJOUFSBUJWB
DPNPTVKFJUPJNFSTJWP5BMDPODFQPEFBVUPSJB
GPSNVMBVNBJEJBEPDPODFJUPDPNPUSJEJNFOTJPOBM
F RVBOEPTJUVBEBFNVNBDPODFQPUSJEJNFOTJP
OBMEFBNCJFOUFTFPCKFUPTJOUFSBUJWPT SBEJDBMJ[BTF
NBJTBJOEBOBQSPEVPEFTFOUJEPTIPSJ[OUJDPT
"TTJN RVBOEP#BJSPOFOGPDBBQBSUJDJQBPEP
BNCJFOUFOBDPODFQPEFVNBIJQFSNEJB VNB
GSBTFFNFSHFFNNFJPJOUSPEVPFTUUJDBEP
DPODFJUPTFBMJOHVBHFNBDBTBEPTFS FTUBNPTIBCJ
FTEFBCFSUVSBEBTHBWFUBT TFSPBDJPOBEPT

UBOEPVNBOPWBDBTB1PEFNPTTJUVBSFTUBGSBTF OB

PTHSVQPTEFQSPHSBNBPEBTFHVJOUFGPSNB

TVBDPNQPTJPDPNPQFOTBNFOUPIFJEFHHFSJBOP 
DPNPBUFTFDFOUSBMEPUSBCBMIPEF#BJSPOFNIJQFS

*OUFSBPSFUPSOBHSVQP

NEJB1BSBFTTFBVUPS BIJQFSNEJBTFDPOTUJUVJOVNB

(BWFUB@"@PQDBP@@WB[JB

IBCJUBPEJHJUBMRVFBEWNQFMPDPOTUSVJS"TTJN B

*OUFSBPSFUPSOBHSVQP

SFGFSODJBGFOPNFOPMHJDBTFDPMPDBDPNPGVOEB

(BWFUB@"@PQDBP@@MJWSP

EPSBEBDPOTUSVPEBFYQFSJODJBFTUUJDBEJHJUBM

*OUFSBPSFUPSOBHSVQP
(BWFUB@"@PQDBP@@WB[JB

"QTJTTP [FSBNPTPDPOUBEPSMHJDPRVFDPO
USPMBPQSPDFTTPSBOENJDPTFRFODJBMFJOJDJBTF
EPQSJNFJSPFMFNFOUPEPJOUFSWBMP1PSFYFNQMP 
RVBOEPPTVKFJUPEBJOUFSBPJNFSTJWBGPSDMJDBS
QFMBRVBSUBWF[OPQVYBEPSEBHBWFUBQBSBBCSJMB
OPWBNFOUF SFUPNBTFBDPOUBHFN FUFNPTPSFUPS
OPEFTDSJUPOBJOUFSBPBDJNB&TUFNPEPEF
DPODFCFSBQSPHSBNBPFNBVUPSJBMFWBEPQPS
#BJSPOBUBTTVBTMUJNBTDPOTFRODJBT QFSNJUJO
EPBPSHBOJ[BPEFVNBFTUSVUVSBIJQFSNJEJUJDB
EFJOUFSBPRVFQSPEV[VNBSFEFEFTFOUJEPT
BMUBNFOUFDPNQMFYPTF GVOEBNFOUBMNFOUF OP


/PEFCBUFTFEJTDVUJBPDPODFJUPEFBVUPSJBFNIJQFSNEJBFOBRVFMFNPNFOUPPQFOTBEPSNPTUSBWBBTDPOFYFTFOUSFBFYQFSJODJBNFUP

EPMHJDBEBBVUPSJBFBOPPEFFTQFDJBMJTUBBQBSUJSEBDJODJBNPEFSOB DPODFCJEBJOTUJUVDJPOBMNFOUF

Você também pode gostar