Sociedades en Redes PDF

$BQÓUVMP
4PDJFEBEFTFOSFEFT
DPOPDJNJFOUPTZOVFWBT
UFDOPMPHÓBT
{&TUBNPTQSFTFODJBOEPVOBOVFWBSFWPMVDJØOJOEVT SFEFT %F IFDIP MB DSFDJFOUF EFTNBUFSJBMJ[BDJØO EFM

USJBM 4FSÓBNPTNÈTCJFOQSPDMJWFTBBGJSNBSMPIBCJEB USBCBKPJOEJWJEVBMIVNBOPoQPTJCJMJUBEBQPSMBTVTUJUV
DVFOUB EF MBT QSPGVOEBT SFPSHBOJ[BDJPOFT DBNCJPT DJØOEFMUSBCBKPNBOVBMQPSMBTNÈRVJOBT ZNÈTUBSEF
F JOOPWBDJPOFT RVF IB JOUSPEVDJEP FO MPT NFDB QPSFMEFTBSSPMMPEFMPTTFSWJDJPTZFMBEWFOJNJFOUPEF
OJTNPTFDPOØNJDPT TPDJBMFTZQPMÓUJDPTMBSFWPMVDJØO MPWJSUVBMDPOMBSFWPMVDJØOEJHJUBMoIBEFTFNCPDBEP
EF MBT OVFWBT UFDOPMPHÓBT EF MB JOGPSNBDJØO Z MB FOFMOBDJNJFOUPEFVOBTPDJFEBEFOMBRVFFMEPNJOJP
DPNVOJDBDJØO EFMBTCJPUFDOPMPHÓBTZoFOVOGVUVSP EFMPJONBUFSJBMTJFNQSFDPOGJFSFNÈTWFOUBKBTFTUSB
QSØYJNPoEFMBTOBOPUFDOPMPHÓBT-PTDPOPDJNJFOUPT UÏHJDBTZ QPSDPOTJHVJFOUF VONBZPSQPEFSTPCSFMP
ZDPNQFUFODJBT BTÓDPNPFMUSBCBKPZFMPDJP TFIBO NBUFSJBM&MDPOPDJNJFOUPZMBDPORVJTUBEFMPJONB
USBOTGPSNBEP SBEJDBMNFOUF DPO FM OVFWP MFOHVBKF UFSJBM IBDFO QPTJCMF QPS FKFNQMP MB DPOTUSVDDJØO Z
EF MB JOGPSNÈUJDB 5BM DPNP TF TF×BMB FO FM *OGPSNF VUJMJ[BDJØO EF TBUÏMJUFT RVF QFSNJUFO B MPT IPNCSFT
.VOEJBM TPCSF %FTBSSPMMP )VNBOP QVCMJDBEP QPS FM VO EPNJOJP TJO QSFDFEFOUFT EFM FTQBDJP UFSSFTUSF
1SPHSBNB EF MBT /BDJPOFT 6OJEBT QBSB FM %FTBSSPMMP "MNJTNPUJFNQP MBDPOKVODJØOFOUSFFMQSPDFTPEF
1/6%
FO MPT QSPHSFTPT EF MB BQMJDBDJØO EF NVOEJBMJ[BDJØO RVFVOJGJDBMPTNFSDBEPTNVOEJBMFT Z
MBT CJPUFDOPMPHÓBT FO MPT DBNQPT EF MB TBMVE P MB MBTNVUBDJPOFTUFDOPMØHJDBT RVFEJTNJOVZFOFMDPTUP
BHSJDVMUVSB BCSFO OVFWBT QFSTQFDUJWBT BM EFTBSSPMMP EFMBTDPNVOJDBDJPOFTZGBDJMJUBOMBNVMUJQMJDBDJØOEF
IVNBOP&TBTUSBOTGPSNBDJPOFTUFOESÈODPOTFDVFO MB WFMPDJEBE Z FM WPMVNFO EF JOGPSNBDJØO USBOTNJ
DJBTJNQPSUBOUFTFOFMEFTBSSPMMPEFMBTTPDJFEBEFTEFM UJEP IB EFTFNCPDBEP FO MB BQBSJDJØO EF MP RVF TF
DPOPDJNJFOUP WJFOFMMBNBOEPoEFTQVÏTEFMPTUSBCBKPTEF.BOVFM
$BTUFMMToiTPDJFEBEFTFOSFEFTw&TDJFSUPRVFFOUPEB
PSHBOJ[BDJØOTPDJBMIBZVOBUSBNBEFSFEFTEFOUSPEF
-B FDPOPNÓB EFM MBT DVBMFT MPT JOEJWJEVPT NBOUJFOFO SFMBDJPOFT QSJWJ
MFHJBEBT ZBTFBOEFUJQPGBNJMJBS ÏUOJDP FDPOØNJDP
DPOPDJNJFOUP FO QSPGFTJPOBM TPDJBM SFMJHJPTP P QPMÓUJDP /P PCTUBOUF
MBTTPDJFEBEFT FO SFEFT FOFMDPOUFYUPEFMBSFWPMVDJØOEFMBJOGPSNBDJØOTF
IBODSFBEPOVFWBTGPSNBTEFPSHBOJ[BDJØORVFOPTF
{/PTFODBNJOBNPTIBDJBTPDJFEBEFT BKVTUBOBMBMØHJDBEFDFOUSBMJ[BDJØOEFMPTFTQBDJPTZ
FOSFEFT QPMPTEFEFDJTJØODPOWFODJPOBMFT&MJODSFNFOUPEF
-B UFSDFSB SFWPMVDJØO JOEVTUSJBM IB JEP BDPNQB×BEB MBTSFMBDJPOFTIPSJ[POUBMFTRVFUSBTDJFOEFOBNFOVEP
EF VO DBNCJP EF SÏHJNFO EF MPT DPOPDJNJFOUPT " MBT GSPOUFSBT TPDJBMFT Z OBDJPOBMFT IB TVQMBOUBEP MB
FTUFSFTQFDUP TFIBIFDIPSFGFSFODJBBMBEWFOJNJFOUP WFSUJDBMJEBE EF MBT KFSBSRVÓBT USBEJDJPOBMFT &TUP OP
EFVOEPCMFQBSBEJHNBFMEFMPJONBUFSJBMZFMEFMBT TJHOJGJDB RVF MB HFOFSBMJ[BDJØO EF MBT SFEFT QFSNJUB
)BDJBMBTTPDJFEBEFTEFMDPOPDJNJFOUP*4#/ª6/&4$0
)BDJBMBTTPDJFEBEFTEFMDPOPDJNJFOUP
JOHSFTBS Z QBSUJDJQBS FO FMMBT EF JHVBM NBOFSB Z QPS MBT JOWFSTJPOFT NBUFSJBMFT DBQJUBM Z SFDVSTPT GÓTJDPT
EPRVJFS UBOUPFOMPTQBÓTFTEFM/PSUFDPNPFOMPTEFM FUD
-BTFTUBEÓTUJDBTEFNVFTUSBORVFFTUBUFOEFODJB
4VS"MDPOUSBSJP TFIBDPNQSPCBEPRVFMBTHSBOEFT FTQFSDFQUJCMFUBOUPFOMPTQBÓTFTEFM/PSUFDPNPFO
SFEFTGPSNBOiOVEPTwMPDBMJ[BCMFT JOEJTPDJBCMFTEFMB MPTEFM4VS&TUBJNQPSUBODJBEFMDPOPDJNJFOUPFOMB
OVFWB SFBMJEBE VSCBOB EF MBT iDJVEBEFT NVOEJBMFTw BDUJWJEBE FDPOØNJDB OP TF MJNJUB B MPT TFDUPSFT EF
o5PLJP -POESFTP/VFWB:PSLoRVFJOUFSBDUÞBOFOUSF BMUBUFDOPMPHÓB ZBRVFMPTNPEPTEFPSHBOJ[BDJØOZ
TÓ NFEJBOUF JOWFSTJPOFT JOUFSOBDJPOBMFT USÈOTJUPT QSPEVDDJØOEFTFDUPSFTEFCBKBUFDOPMPHÓBUBNCJÏO
USBOTGSPOUFSJ[PTPJOUFSDBNCJPTGJOBODJFSPT TFIBOUSBOTGPSNBEP PTFFTUÈOUSBOTGPSNBOEP DPOMB
$BCFQSFHVOUBSTFTJMBTOBDJFOUFTTPDJFEBEFT OVFWBVUJMJ[BDJØOEFCBTFTEFDPOPDJNJFOUPT
EFMDPOPDJNJFOUP RVFTPOFTFODJBMNFOUFTPDJFEBEFT &O &VSPQB Z MPT &TUBEPT 6OJEPT FM QBTP EF
EF MP JONBUFSJBM Z TPDJFEBEFT FO SFEFT QSFTFOUBO VOBFDPOPNÓBBHSÓDPMBBVOBFDPOPNÓBJOEVTUSJBMFO
SBTHPTDBSBDUFSÓTUJDPTRVFMBTEJTUJOHVFODMBSBNFOUF FMTJHMP9*9TFIBCÓBDBSBDUFSJ[BEPQPSMBFNJHSBDJØO
EFMBTTPDJFEBEFTEFMDPOPDJNJFOUPRVFMBTIBOQSFDF EFVOBHSBOQBSUFEFMBNBOPEFPCSBSVSBMIBDJBMBT
EJEPFOMBIJTUPSJB GÈCSJDBT "TJNJTNP MB UFSDJBSJ[BDJØO EF MB QPCMBDJØO
BDUJWBZFMBVNFOUPEFMBQSPEVDUJWJEBEIBOEFTFN
-B FDPOPNÓB EFM DPOPDJNJFOUP CPDBEPFOVOBEFTJOEVTUSJBMJ[BDJØOEFMPTQBÓTFTSJDPT
-B FDPOPNÓB EFM DPOPDJNJFOUP EFTDSJCF VOB FUBQB RVFQPSVOTJTUFNBEFWBTPTDPNVOJDBOUFTIBUSBÓEP
QBSUJDVMBS EFM EFTBSSPMMP EFM TJTUFNB DBQJUBMJTUB DPOTJHPVOBBDFMFSBDJØOEFMBJOEVTUSJBMJ[BDJØOEFMPT
CBTBEBFOFMDPOPDJNJFOUP RVFTVDFEFBVOBGBTFEF QBÓTFT QPCSFT {&TUP FT QPTJUJWP QBSB FM EFTBSSPMMP
BDVNVMBDJØO EFM DBQJUBM GÓTJDP 5BM DPNP .BSY IBCÓB &OUFPSÓBTÓ TJTFUJFOFFODVFOUBRVFFTUFGFOØNFOP
QSFEJDIPBNFEJBEPTEFMTJHMP9*9 QBSFDFTFSRVFFM QVFEFNVMUJQMJDBSMPTJOHSFTPTEFFTUPTQBÓTFT"IPSB
DPOPDJNJFOUPFTUÈTVTUJUVZFOEPBMBGVFS[BEFUSBCBKP CJFO IBZ EPT FMFNFOUPT RVF JOEVDFO B NJUJHBS FM
Z RVF MB SJRVF[B DSFBEB TF NJEF DBEB WF[ NFOPT PQUJNJTNP &O FGFDUP FTF GFOØNFOP BGFDUB QPS
QPS FM USBCBKP FO TV GPSNB JONFEJBUB NFOTVSBCMF BIPSBFTFODJBMNFOUFBMPTQBÓTFTFNFSHFOUFT FTQF
Z DVBOUJGJDBCMF Z EFQFOEF DBEB WF[ NÈT EFM OJWFM DJBMNFOUFMPTEF"TJB ZEFKBGVFSBEFMNPWJNJFOUPB
HFOFSBMEFMBDJFODJBZEFMQSPHSFTPEFMBUFDOPMPHÓB MPTQBÓTFTNFOPTBEFMBOUBEPT FTQFDJBMNFOUFMPTEF
-B FDPOPNÓB EFM DPOPDJNJFOUP QPOF EF NBOJGJFTUP «GSJDB "EFNÈT FM WBMPS RVF MPT QBÓTFT FO EFTBSSPMMP
MBDPNQMFNFOUBSJFEBEFTUSVDUVSBMZUFDOPMØHJDBRVF QVFEFOFYUSBFSEFTVSFDJFOUFJOEVTUSJBMJ[BDJØOTJHVF
FYJTUFFOUSFMBTOVFWBTQPTJCJMJEBEFTEFDPEJGJDBDJØO TJFOEPCBTUBOUFNPEFTUPTBMWPFYDFQDJPOFT ZBRVF
BDPQJP Z USBOTNJTJØO EF MB JOGPSNBDJØO GBDJMJUBEBT MBFDPOPNÓBNVOEJBMWBMPSBBIPSBNÈTMBDPODFQDJØO
QPSMBTOVFWBTUFDOPMPHÓBT FMDBQJUBMIVNBOPEFMPT JOWFTUJHBDJØOZEFTBSSPMMPZEFQØTJUPEFQBUFOUFT
ZMB
USBCBKBEPSFTRVFQVFEFOVUJMJ[BSMBTZVOBPSHBOJ[BDJØO QSFTDSJQDJØO NBSLFUJOHZDPNVOJDBDJØO
1PSMPUBOUP
iSFBDUJWBwEFMBFNQSFTBoHSBDJBTBMPTBWBODFTEFMB MBFDPOPNÓBEFMDPOPDJNJFOUPIBQVFTUPNVZBMUPFM
HFTUJØOEFMDPOPDJNJFOUPoRVFQFSNJUFMBFYQMPUBDJØO PCTUÈDVMPRVFMPTQBÓTFTFOEFTBSSPMMPUJFOFORVFGSBO
NÈT BNQMJB QPTJCMF EFM QPUFODJBM EF QSPEVDUJWJEBE RVFBSQBSBiBMDBO[BSwBMPTQBÓTFTNÈTBEFMBOUBEPT
&TCJFOTBCJEPRVFBMHVOBTBDUJWJEBEFTiJONBUFSJBMFTw -BT FTUBEÓTUJDBT RVF EFTDSJCFO FM OBDJNJFOUP
SFMBDJPOBEBTDPOMBJOWFTUJHBDJØO MBFEVDBDJØOZMPT EFMBTTPDJFEBEFTEFMDPOPDJNJFOUPZMBFYQBOTJØOEF
TFSWJDJPT UJFOEFO B PDVQBS VO MVHBS DBEB WF[ NÈT VOBFDPOPNÓBCBTBEBFOFMDPOPDJNJFOUPOPEFCFO
JNQPSUBOUF FO MB FDPOPNÓB NVOEJBM &O UÏSNJOPT PDVMUBS MB EJWFSTJEBE EF MBT TJUVBDJPOFT MPDBMFT -BT
DVBOUJUBUJWPT MB QSPQPSDJØO EF FTBT BDUJWJEBEFT FO DJGSBT SFMBUJWBT B MB FDPOPNÓB EFM DPOPDJNJFOUP OP
FM 1*# EF MPT QBÓTFT FTUÈ FO DPOTUBOUF BVNFOUP -B SFGMFKBOGPS[PTBNFOUFBMHVOBTSFBMJEBEFTTPDJBMFT1PS
QSPQPSDJØOEFMHBTUPEFJOWFTUJHBDJØOZEFTBSSPMMPFO FKFNQMP BVORVFFOMB*OEJBMBQSPQPSDJØOEFMPTTFSWJ
MPT1*#DSFDFEFTEFQSJODJQJPTEFMEFDFOJPEF Z DJPTFOMBFDPOPNÓBIBTVQFSBEPFMHSBDJBTBVOB
MBTEFNÈTJOWFSTJPOFTJONBUFSJBMFT FEVDBDJØO TBMVE QPMÓUJDBEFGPSNBDJØOZBMGPNFOUPEFVOBDBQBDJEBE
FUD
UBNCJÏO BVNFOUBO DMBSBNFOUF DPO SFTQFDUP B JOGPSNÈUJDBVOJWFSTBMNFOUFSFDPOPDJEB VOEFTV
$BQÓUVMP
4PDJFEBEFTFOSFEFT DPOPDJNJFOUPTZOVFWBTUFDOPMPHÓBT
QPCMBDJØOWJWFUPEBWÓBEFMBBHSJDVMUVSB DBTJVO IBDF RVF NVDIPT FYQFSUPT FNJUBO MB IJQØUFTJT EF
FT BOBMGBCFUB Z VOB HSBO QBSUF OP EJTQPOF UPEBWÓB RVF OPT IBMMBNPT FO WÓTQFSBT EF VOB OVFWB FSB EFM
EFVOBMÓOFBUFMFGØOJDB1PSFTP FOWF[EFSFGFSJSTFB DPOPDJNJFOUP %FTQVÏT EF MPT SFHÓNFOFT EFM DPOP
VOBUSBOTJDJØOHFOFSBMJ[BEBBMBFDPOPNÓBEFMDPOPDJ DJNJFOUP CBTBEPT FO MB USBOTNJTJØO PSBM MB FTDSJUVSB
NJFOUP RVJ[ÈTGVFTFNÈTFYBDUPEFDJSRVFTFEBVOB ZMBJNQSFOUB FMEFTBSSPMMPEJHJUBMIBQSPQJDJBEPVOB
DPFYJTUFODJBFOUSFEJGFSFOUFTTJTUFNBT OPTØMPBOJWFM FYQBOTJØO TJO QSFDFEFOUFT EF MBT SFEFT FO GVODJØO
NVOEJBM TJOPUBNCJÏOEFOUSPEFDBEBQBÓT%FUPEBT EF EPT FKFT VOP IPSJ[POUBM EF BDFMFSBDJØO EF MBT
GPSNBT FOMPTQBÓTFTNÈTBEFMBOUBEPTFOMBFDPOPNÓB USBOTNJTJPOFT ZPUSPWFSUJDBMEFEFOTJGJDBDJØOEFMBT
CBTBEB FO FM DPOPDJNJFOUP MBT DPOTFDVFODJBT EF MB DPOFYJPOFT&OUSBNPTFOVOBFSBFOMBRVFQBSBFYJTUJS
OVFWBPSHBOJ[BDJØOFDPOØNJDBZTPDJBMFOMPTQSPQJPT TPCSFWJWJSZOPRVFEBSBMNBSHFO FTOFDFTBSJPDPNV
DPOPDJNJFOUPTNFSFDFOVOBBUFODJØOFTQFDJBM OJDBSDBEBWF[NÈT ZTPCSFUPEPDBEBWF[NÈTEFQSJTB
-BJOUFSBDUJWJEBEFTPUSBDBSBDUFSÓTUJDBEFFTUPTOVFWPT
TPQPSUFTEFMDPOPDJNJFOUP"FTUFSFTQFDUP DPOWJFOF
&M JNQBDUP EF MBT OVFWBT FGFDUVBS VOB EJTUJODJØO FOUSF MPT NFEJB iEF TFOUJEP
ÞOJDPw DPNP MB SBEJP MB UFMFWJTJØO P MB QSFOTB RVF
UFDOPMPHÓBT FO MPT FGFDUÞBOVOBDPNVOJDBDJØODFOUSBMJ[BEB EFTEFVOB
DPOPDJNJFOUPT FO SFEFT GVFOUFBVOQÞCMJDP ZMPTNFEJBiJOUFSBDUJWPTwDPNPFM
UFMÏGPOP RVFQFSNJUFNBOUFOFSBEJTUBODJBVOBVUÏO
&WPMVDJØOUFDOPMØHJDBZDSFBDJØO UJDPEJÈMPHPiDBSBBDBSBw P*OUFSOFU RVFPGSFDFOPTØMP
ZDJSDVMBDJØOEFMDPOPDJNJFOUP VOBJOUFSDPOFYJØOJONFEJBUBFJOUFSGBDFTNVMUJNFEJB
-B BNQMJUVE EF MB FWPMVDJØO UFDOPMØHJDB RVF FO MPT TJOPUBNCJÏOMBQPTJCJMJEBEEFRVFMBTPSHBOJ[BDJPOFT
ÞMUJNPT EFDFOJPT IB BGFDUBEP B MPT NFEJPT EF DSFB P MPT JOEJWJEVPT DPOFDUBEPT JOUFSBDUÞFO FO UJFNQP
DJØO USBOTNJTJØOZUSBUBNJFOUPEFMPTDPOPDJNJFOUPT SFBM $PO FM EFTBSSPMMP EF *OUFSOFU MBT DBQBDJEBEFT
3FDVBESP %FMBJOGPSNBDJØOBMDPOPDJNJFOUPZWJDFWFSTB
-BUSBOTGPSNBDJØOEFVOBJOGPSNBDJØOFODPOPDJNJFOUPFYJHFVOUSBCBKPEFSFGMFYJØO%FQPSTÓ VOBJOGPSNBDJØO
TØMPFTVOEBUPCSVUP FTUPFT MBNBUFSJBQSJNBEFMBFMBCPSBDJØOEFVODPOPDJNJFOUP%FTEFFTUFQVOUPEFWJTUB MB
JOGPSNBDJØOQVFEFTFSVOiOPDPOPDJNJFOUPw*OUFSOFUPGSFDFVOFKFNQMPQBSUJDVMBSNFOUFJMVTUSBUJWPEFFTUP QVFT
TFHÞOBMHVOBTFTUJNBDJPOFTMBNJUBEEFMBTJOGPSNBDJPOFTRVFDJSDVMBOQPSFTUFNFEJPTPOGBMTBTPJOFYBDUBT-BTSFEFT
QSPQJDJBOBEFNÈTMBEJGVTJØOEFSVNPSFT/PPCTUBOUF FMDBSÈDUFSSFGMFYJWPEFMKVJDJPOFDFTBSJPQBSBUSBOTGPSNBSVOB
JOGPSNBDJØOFODPOPDJNJFOUPOFDFTJUBBMHPNÈTRVFVOBTJNQMFDPNQSPCBDJØOEFMPTIFDIPT4VQPOFEPNJOBSBMHVOBT
DPNQFUFODJBTDPHOJUJWBT DSÓUJDBTZUFØSJDBT DVZPGPNFOUPFTQSFDJTBNFOUFFMPCKFUPEFMBTTPDJFEBEFTEFMDPOPDJNJFOUP
-BBWBMBODIBEFJOGPSNBDJPOFTQVFEFBQMBTUBSOPT QFSPFMDPOPDJNJFOUPFTQSFDJTBNFOUFMPRVFQFSNJUFiPSJFOUBSTFFO
FMQFOTBNJFOUPw
&TUBEJTUJODJØOFOUSFDPOPDJNJFOUPFJOGPSNBDJØOTFSÓBCBTUBOUFTJNQMFTJOPTBUVWJÏTFNPTFYDMVTJWBNFOUFBFTUF
BTQFDUPEFMBUSBOTGPSNBDJØOEFMBJOGPSNBDJØOFODPOPDJNJFOUP"IPSBCJFO BVORVFMBJOGPSNBDJØOTFBVOEBUPCSVUP
FTFOTÓFMQSPEVDUPEFVOBPQFSBDJØORVFMBIBDFUBMFTFMBDPOEJDJPOBNJFOUPPQBDLBHJOHEFMBJOGPSNBDJØOMPRVF
MBDPOWJFSUFFONBOJQVMBCMF USBOTNJTJCMFZDPOTVNJCMF&TUBPQFSBDJØOTFQVFEFFGFDUVBSUBOUPDPOMPTDPOPDJNJFOUPT
DPNPDPOUPEPMPRVFQFSUFOFDFBMÈNCJUPEFMiOPDPOPDJNJFOUPw%FBIÓRVFMBEJTUJODJØOFOUSFTBCFSFJOGPSNBDJØO
EFCBUFOFSFODVFOUBFMQSPDFTPEFiBDPOEJDJPOBNJFOUPwEFVODPOPDJNJFOUPFOJOGPSNBDJØO VOBPQFSBDJØORVFFO
MBKFSHBEFOVFTUSPTEÓBTTFDPOPDFDPOFMOPNCSFEFiJOGPSNBDJPOBMJ[BDJØOwEFMDPOPDJNJFOUP&TUFQSPDFTPDPOGJFSF
BMDPOPDJNJFOUPVOBEJNFOTJØONBUFSJBMRVFMPWVFMWFNÈTPQFSBDJPOBMZGBDJMJUBTVUSBUBNJFOUP-PDPOWJFSUFBTÓFO
NFEJPEFQSPEVDDJØOEFOVFWPTDPOPDJNJFOUPT-BJOGPSNBDJØOFTMPRVFTFUSBOTGPSNBDPOVOUSBUBNJFOUPBEFDVBEP
NJFOUSBTRVFFMDPOPDJNJFOUPFTMPRVFTFQSPEVDF-BQSPEVDDJØOEFMDPOPDJNJFOUPTFCBTBTJFNQSFFOVOOJWFMEF
DPOPDJNJFOUPZFOMBUSBOTGPSNBDJØOEFMBJOGPSNBDJØO-PRVFDPOEVDFBMBQSPEVDDJØOEFMDPOPDJNJFOUPFTVOBGPSNB
EFUSBOTNVUBDJØOEFMBJOGPSNBDJØO QFSPFMDPOPDJNJFOUPNJTNPTFUSBOTGPSNBFOJOGPSNBDJØOQBSBQPEFSTFSUSBUBEP
ZQSPEVDJSVOOVFWPDPOPDJNJFOUP&OFTUFiDÓSDVMPWJSUVPTPwFTUSJCBQSFDJTBNFOUFMBJOOPWBDJØORVFQFSNJUFOVFWPT
BVNFOUPTEFQSPEVDUJWJEBEFOMBQSPEVDDJØOEFMDPOPDJNJFOUP
3FDVBESP {7BNPTIBDJBTPDJFEBEFTEFWJHJMBODJBHFOFSBMJ[BEB
4FTVFMFQFSEFSEFWJTUBRVFMBTOVFWBTUFDOPMPHÓBTCBTBEBTFODØEJHPTQSPEVDFOOPSNBTZDSFBO QPSDPOTJHVJFOUF
JOTUSVNFOUPTEFDPOUSPM-BJEFBEFDPOUSPMFTVOFMFNFOUPDFOUSBMEFMBSFWPMVDJØOEJHJUBM4JIJTUØSJDBNFOUFMBBVUPSJEBE
EFMPT&TUBEPTTFDPOTPMJEØQPSRVFFSBOFDFTBSJPHBSBOUJ[BSMBMJCFSUBEEFDJSDVMBDJØOZMBTFHVSJEBEFOMPTDBNJOPT
DPOUSBFMCBOEJEBKFZMBJOTFHVSJEBE DBCFQFOTBSRVFCJFOQPESÓBPDVSSJSMPNJTNPFMEÓBEFNB×BOBBOUFMBJOTFHVSJEBE
EFMBTiBVUPQJTUBTEFMBJOGPSNBDJØOw
-BTTPDJFEBEFTFOSFEFTTPOiTPDJFEBEFTEFMBDMBTJGJDBDJØOw FOMBTRVFFMUSBUBNJFOUPEFMBJOGPSNBDJØOTFFGFDUÞB
NFEJBOUFMBDPNQJMBDJØOEFCBTFTEFEBUPT"IPSBCJFO TJOPTFUJFOFDVJEBEP FTUFUSBCBKPEFDMBTJGJDBDJØOQPESÓB
QSPQJDJBSFMTVSHJNJFOUPEFOVFWPTQPEFSFTRVFFKFSDFSÓBOVODPOUSPMiQBOØQUJDPw-BTGPSNBTEFWJHJMBODJBOPTFMJNJUBO
BMBJOTUBMBDJØOEFDÈNBSBTQPSEPRVJFS FOMPTMVHBSFTEFUSBCBKPPMPTTJUJPTQÞCMJDPT OJUBNQPDPBMGJDIBKFEFMPT
WJBKFSPTFOMPTUSBOTQPSUFTBÏSFPT-PTNFEJPTZDPOEVDUPTEFFYUSBDDJØOEFEBUPTQFSTPOBMFTTPONÞMUJQMFTZGÏSUJMFT
FOSFDVSTPTJOHFOJPTPT EFTEFMBTMMBNBEBTFGFDUVBEBTEFTEFVOUFMÏGPOPNØWJMIBTUBMBTUSBOTBDDJPOFTDPNFSDJBMFT
SFHJTUSBEBTFO*OUFSOFUZIBTUBFMNÈTNÓOJNPiDPPLJFwEFTDBSHBEPFOFMEJTDPEVSPEFMPSEFOBEPSTJORVFMPTFQBTV
VTVBSJP&MUSÈGJDPEFEBUPTQFSTPOBMFTGBDJMJUBFMFTUBCMFDJNJFOUPEFDMBTJGJDBDJPOFTTPDJBMFT"IPSBCJFO DBCFQSFHVOUBSTF
TJFTEFTFBCMFVOTJTUFNBFOFMRVFMBEFDJTJØOQÞCMJDBTFEPDVNFOUFTPCSFMBCBTFEFJOGPSNBDJPOFTRVFFTUBCMFDFOVO
QFSGJMEFMPTDPOTVNJEPSFTEFMBPGFSUBFMFDUPSBM
{4FSÈOTPDJFEBEFTEFWJHJMBODJBUFDOPMØHJDBMBTTPDJFEBEFTEFMDPOPDJNJFOUP {-BQSPNPDJØOEFMPTWBMPSFTEFBQFSUVSB
PQFOOFTT
ZMBMJCSFDJSDVMBDJØOEFJOGPSNBDJPOFTZDPOPDJNJFOUPTDPOEVDFJOFYPSBCMFNFOUFBMBDPOGVTJØOFOUSF
DPOPDJNJFOUPQBSBUPEPTZDPOPDJNJFOUPTPCSFUPEPT {&YJTUFVOEFSFDIPBOPTBCFS {-BEJWJTJØOFOUSFFMÈNCJUP
QÞCMJDPZFMQSJWBEPOPEFCFQSPUFHFSBUPEPJOEJWJEVPDPOUSBVOJOUFSÏTEFNBTJBEPFOUSPNFUJEPEFMQSØKJNPQPS
BMHPRVFOPMFDPODJFSOF 6OFYDFTPEFDPOPDJNJFOUPQVFEFTFSGVFOUFEFQFSKVJDJPT5BMDPNPJOEJDBCBFMTFOBEPS
FTUBEPVOJEFOTF%BOJFM.PZOJIBO FMTFDSFUPFTVOBGPSNBJNQPSUBOUFEFSFHVMBDJØOEFMBTPDJFEBE QPSRVFQSPUFHFMB
WJEBQSJWBEB"IPSBCJFO IPZFOEÓBTFPCTFSWBVOBDPOGVTJØODBEBWF[NBZPSFOUSFMPTDPOPDJNJFOUPTEFÓOEPMFQSJWBEB
ZMPTEFÓOEPMFQÞCMJDB&MEFSFDIPBOPTBCFSoFOMPRVFSFTQFDUBBMBDJSDVMBDJØOEFDPOPDJNJFOUPTTPCSFMBQFSTPOBo
UJFOFDPNPSFDÓQSPDPVOEFSFDIPBRVFMPTPUSPTOPTFQBO SFTUSJOHJEPBFTBDBUFHPSÓBSFEVDJEBEFDPOPDJNJFOUPTTPCSF
MBJOUJNJEBE
EF DPNVOJDBDJØO Z MBT DPNQFUFODJBT DPHOJUJWBT TF DÓGJDPT DPNP MB FTDVFMBo TF FTUÈ DPOWJSUJFOEP FO VO
EFTBSSPMMBOBMVOÓTPOPZQPOFOEFNBOJGJFTUPRVFMPT FTQBDJPWJSUVBMEFEJNFOTJPOFTQMBOFUBSJBTZBDDFTJCMF
JOEJWJEVPT BMOPTFSSFDFQUPSFTQBTJWPT QVFEFODSFBS BEJTUBODJB FOFMRVFTFSÈQPTJCMFTJNVMBSVOBJOGJOJEBE
DPO UPEB BVUPOPNÓB DPNVOJEBEFT WJSUVBMFT DVZP EF TJUVBDJPOFT 1PS ÞMUJNP MB DSFBDJØO EF DPOPDJ
FKFNQMPNÈTWJTJCMFTPOMPTGPSPTEFEJTDVTJØO NJFOUPTFOSFEFTZMBBDFMFSBDJØOEFMUSBUBNJFOUPEF
-B JOGMVFODJB EF MBT OVFWBT UFDOPMPHÓBT FO MB MBJOGPSNBDJØOBCSFOOVFWBTQPTJCJMJEBEFTEFUSBCBKP
DSFBDJØO EFM DPOPDJNJFOUP FT DPOTJEFSBCMF WÏBTF TPCSFMBTCBTFTEFEBUPT JOEFQFOEJFOUFNFOUFEFTV
SFDVBESP
&O FGFDUP IBO QFSNJUJEP BEFMBOUPT UBNB×P VTPZGJOBMJEBE4FFTUÈODSFBOEPTJTUFNBTNVZ
JNQPSUBOUFTFOMBBDDFTJCJMJEBEZNBOFKPEFMDPOPDJ QPUFOUFTEFHFTUJØOEFMPTDPOPDJNJFOUPT UBOUPFO
NJFOUP4JTFTBCFEJTDFSOJSFOUSFVOBNFSBJOGPSNB MPTPSHBOJTNPTDJFOUÓGJDPTPHVCFSOBNFOUBMFTDPNP
DJØOCSVUB VOSVNPS IPBY
PVOBBGJSNBDJØOFSSØOFB FOMBTFNQSFTBTHSBOEFTPQFRVF×BT2VJ[ÈTMMFHVF
Z UPEP BRVFMMP RVF QVFEF DPOTUJUVJS MB CBTF EF VO VOEÓBFORVFMBNBZPSÓBEFMPTQSPEVDUPToQMBOUBTZ
DPOPDJNJFOUPHFOVJOP OPDBCFEVEBEFRVF*OUFSOFU BOJNBMFTEPNÏTUJDPTDPNQSFOEJEPToFTUÏOQSPWJTUPT
QVFEFGVODJPOBSDPNPVOHJHBOUFTDPWJWFSPEFJEFBT EF NJDSPQSPDFTBEPSFT FMFDUSØOJDPT RVF TVNJOJTUSFO
JOEFQFOEJFOUFNFOUFEFRVFQSPWFOHBOEFJOGPSNB FOUJFNQPSFBMJOGPSNBDJØOTPCSFTVFTUBEP EFTHBTUF
DJPOFTPDPOPDJNJFOUPT EF MPT NBUFSJBMFT TBMVE EF MPT BOJNBMFT P GFDIB EF
1PS PUSB QBSUF MB QSPMJGFSBDJØO FO OVFTUSP DBEVDJEBEEFMPTNFEJDBNFOUPT
TVMPDBMJ[BDJØO (14
FOUPSOPEFPCKFUPTWJSUVBMFT NPEJGJDBCMFTZBDDFTJCMFT PTJTUFNBEFWJHJMBODJBQPSTBUÏMJUF
PTVNPWJNJFOUP
JOGJOJUBNFOUF GBDJMJUB FM USBCBKP DPMFDUJWP Z MB BERVJ NBSDBEP EF BOJNBMFT NJHSBUPSJPT SBTUSFBCJMJEBE EF
TJDJØO EF DPOPDJNJFOUPT FO DPNÞO &M BQSFOEJ[BKF MPTQSPEVDUPT FUD
$BCFTF×BMBSRVFTFSÓBQFMJHSPTP
oEVSBOUFNVDIPUJFNQPDPOGJOBEPFOMVHBSFTFTQF RVF VO NFDBOJTNP EF FTUF UJQP TF BQMJDBTF TJTUF
$BQÓUVMP
3FDVBESP $POPDJNJFOUPZOVFWBTUFDOPMPHÓBTBMTFSWJDJPEFMBTNÈTOPCMFTDBVTBTEFM
TJHMP99*MBTPMJEBSJEBEDPOMBTSFHJPOFTEBNOJGJDBEBTQPSEFTBTUSFTOBUVSBMFT
ZMBMVDIBDPOUSBFM7*)4*%"
-BTOVFWBTUFDOPMPHÓBTZMBMJCSFDJSDVMBDJØOEFMBJOGPSNBDJØOZMBTJEFBTDPOTUJUVZFOJOTUSVNFOUPTWBMJPTPTQBSB
TFOTJCJMJ[BSBMQÞCMJDPBMBTDBVTBTNÈTOPCMFTEFMTJHMP99*&OFOFSPEF QPDPEFTQVÏTEFMNBSFNPUPRVF
EFWBTUØFMEFEJDJFNCSFEFMBTDPTUBTEFM"TJB.FSJEJPOBMZ4VEPSJFOUBM MBTJTMBT.BMEJWBTZFMMJUPSBMEFM«GSJDB
0SJFOUBM VOBQBSUFJNQPSUBOUFEFMBSFDBVEBDJØOEFGPOEPTFGFDUVBEBFOMPTQBÓTFTJOEVTUSJBMJ[BEPToFOFMNBSDP
EFMBWBTUBDBNQB×BEFTPMJEBSJEBEJOUFSOBDJPOBMDPOMBTOBDJPOFTEBNOJGJDBEBToTFFGFDUVØFMFDUSØOJDBNFOUFQPS
DPOEVDUPEFMPTTJUJPT*OUFSOFUEFMBTQSJODJQBMFTPSHBOJ[BDJPOFTQBSUJDJQBOUFTFOEJDIBDBNQB×B 6/*$&' $SV[3PKB
.ÏEJDPTTJO'SPOUFSBT FUD
"TJNJTNP HSBDJBTB*OUFSOFUBMHVOBTGBNJMJBTQVEJFSPOMPDBMJ[BSBQBSJFOUFTRVFIBCÓBO
TBMJEPJMFTPTEFMEFTBTUSF
-BTOVFWBTUFDOPMPHÓBTQVFEFOEFTFNQF×BSUBNCJÏOVOQBQFMJNQPSUBOUFFOMBMVDIBDPOUSBMBQBOEFNJBEFM
7*)4*%" QPSRVFPGSFDFOOVFWBTTPMVDJPOFTRVFGBDJMJUBOMBEFUFDDJØOZMBJOWFTUJHBDJØOZQPTJCJMJUBOMBSFBMJ[BDJØO
EFDBNQB×BTEFHSBOFOWFSHBEVSBQBSBTFOTJCJMJ[BSBMBTQPCMBDJPOFTFOTJUVBDJØOEFSJFTHPBMBTQSÈDUJDBT
QSFWFOUJWBT-B*OJDJBUJWB.VOEJBMTPCSF7*)4*%"Z&EVDBDJØOBEPQUBEBFONBS[PEFQPSMB6/&4$0ZMBT
PSHBOJ[BDJPOFTDPQBUSPDJOBEPSBTEFM1SPHSBNB0/64*%"oZDPODFCJEBQBSBDPNQMFUBSMBJOJDJBUJWBiYwEFM
0/64*%"ZMB0.4oTFCBTBFOMBDPOTUJUVDJØOEFVOBSFETPMJEBSJBEFFEVDBDJØOQSFWFOUJWBRVFUJFOFQPSPCKFUP
FTUBCMFDFSVOWÓODVMPDMBSPFOUSFFMUSBUBNJFOUPZMBQSFWFODJØO1PSDPOTJHVJFOUF MBTOVFWBTUFDOPMPHÓBTQFSNJUFO
BEBQUBSFMNFOTBKFZNPWJMJ[BSBUPEPTMPTOJWFMFTQBSBDBNCJBSMPTDPNQPSUBNJFOUPT BZVEBSBMPTFOGFSNPTZMJNJUBS
FMJNQBDUPEFMBQBOEFNJB
NÈUJDBNFOUF BM TFS IVNBOP ZB RVF FTUP VOJEP BM DVMUVSBM NÞTJDB DJOFZWJEFPKVFHPT
OPTVQPOFVOB
JOUFSÏTDBEBWF[NBZPSQPSMPTTJTUFNBTEFTFHVSJEBE JOWJUBDJØO BQSFNJBOUF B SFQMBOUFBSTF MPT NPEFMPT
EFTFNCPDBSÓBJOFWJUBCMFNFOUFFOBVUÏOUJDPTTJTUFNBT FDPOØNJDPT TVCZBDFOUFT EF MPT JOUFSDBNCJPT P MB
EFWJHJMBODJBHFOFSBMJ[BEB WÏBTFSFDVBESP
&OFTUF DPNFSDJBMJ[BDJØO&TDJFSUPRVFMBVUJMJ[BDJØOBCVTJWB
DPOUFYUP IB IFDIP TV BQBSJDJØO VO OVFWP EFSFDIP EF MPT TJTUFNBT QFFS UP QFFS Z MBT EFTDBSHBT QJSBUBT
GVOEBNFOUBMEFMBTQFSTPOBTMBQSPUFDDJØOEFMBDPOGJ EF NÞTJDB P QFMÓDVMBT FO *OUFSOFU TPO QMBHBT RVF
EFODJBMJEBEEFMPTEBUPTQFSTPOBMFT QSJWBDZ
$PNP QPOFOTFSJBNFOUFFOQFMJHSPMBWJBCJMJEBEFDPOØNJDB
QVFEF WFSTF MBT USBOTGPSNBDJPOFT BDUVBMFT TVTDJUBO EF MB DSFBDJØO EF DPOUFOJEPT EJHJUBMJ[BCMFT 5PEP FM
VOBTFSJFEFDVFTUJPOFTÏUJDBT QSPCMFNBFTUSJCBFOTBCFSTJFTUPFTVOBFTQFDJFEF
iQFDBEPKVWFOJMwRVFEFTBQBSFDFSÈDPOMBNBEVSBDJØO
{$VÈMFT TPO MPT MÓNJUFT EF MB DPNFSDJBMEFMPTJOUFSDBNCJPTZMBBQBSJDJØOEFOVFWPT
NFSDBOUJMJ[BDJØO EF MPT DPOPDJNJFOUPT TJTUFNBTEFHFTUJØOEFMPTEFSFDIPTEJHJUBMFT PTJTF
-BSFWPMVDJØOEJHJUBMIBQFSNJUJEPMBBQBSJDJØOEFVOB USBUBEFVOFGFDUPJOIFSFOUFBMBEJHJUBMJ[BDJØORVFTFSÈ
OVFWBFTDBMBEFDPNFSDJBMJ[BDJØOEFMPJONBUFSJBM&O QSFDJTP UFOFS FO DVFOUB oOP TJO EJGJDVMUBEFTo FO MBT
FGFDUP FOVOBFDPOPNÓBNVOEJBMEFMDPOPDJNJFOUP TPDJFEBEFTFOSFEFT4JFTJNQFOTBCMFVOBTPDJFEBE
MBNVMUJQMJDBDJØOEFMPTTPQPSUFTEJHJUBMFTEJTNJOVZF EFM DPOPDJNJFOUP RVF OP FTUÏ CBTBEB FO MB MJCSF
DPOTJEFSBCMFNFOUFMBFTDBTF[EFCJFOFTJONBUFSJBMFT DJSDVMBDJØO EF MPT DPOPDJNJFOUPT oDPNQSFOEJEB MB
SFQSPEVDJCMFT JOGJOJUBNFOUF "TJNJTNP IFNPT WJTUP DJSDVMBDJØOFOUSFFM/PSUFZFM4VS TFBODVBMFTGVFSFO
RVFMBGPSNBEFMBSFENVMUJQMJDBFMBDDFTPBMPTDPOP MPTPCTUÈDVMPTFYJTUFOUFTo UBNQPDPDBCFQFOTBSFO
DJNJFOUPT DVFTUJPOBOEP TV FTDBTF[ Z QPS FOEF MBT VOBTPDJFEBEFYDMVTJWBNFOUFCBTBEBFOVOBDVMUVSB
CBTFT EF VOB FDPOPNÓB DMÈTJDB EFM DPOPDJNJFOUP EFMBHSBUVJEBE QPSRVFOPIBZTPDJFEBETJOBDUJWJEBE
&O FGFDUP VO CJFO QSPGVTBNFOUF EJTQPOJCMF UJFOEF FDPOØNJDB"MNJTNPUJFNQPDPNPBMHVOPTDPOPDJ
B DPOWFSUJSTF FO VO CJFO HSBUVJUP )BZ RVF QSFHVO NJFOUPTTPONÈTÞUJMFTRVFPUSPTQBSBFMQSPHSFTPEF
UBSTFTJMBHFOFSBMJ[BDJØOEFMPTDPOUFOJEPTEJHJUBMFT MBIVNBOJEBE WÏBTFSFDVBESP
TFSÈDPOWFOJFOUF
TPCSFUPEPDPNPTPQPSUFTEFVOBWJWFODJBEFDBSÈDUFS FWJUBSFMSJFTHPEFUSÈGJDPTZFTUBCMFDFSVOBDMBSBEFMJ
NJUBDJØO oQBSB FGFDUVBS FM EJTUJOHP QSPQVFTUP QPS EFMWBMPSEFVOBJEFBPVOBJOOPWBDJØOoFTEFDJS VO

&NNBOVFM ,BOUo FOUSF MP RVF UJFOF VO QSFDJP Z MP DPOPDJNJFOUPoRVFFMDBQJUBMDPOTFHVJEPMFTQFSNJ
RVFUJFOFEJHOJEBE UJSÓB QPOFS FO QSÈDUJDB NFDBOJTNP EF FRVJUJ[BUJPO

&O MBT TPDJFEBEFT EFM DPOPDJNJFOUP FM TBCFS %FIFDIP MBMJCSFSÓBFOMÓOFB"NB[PODPN DSFBEBFO
TFSÈ PCKFUP EF VOB EFTNVMUJQMJDBDJØO EF MPT JOUFS TØMPFNQF[ØBPCUFOFSCFOFGJDJPTBMDBCPEFTFJT
DBNCJPT DPNFSDJBMFT /P PCTUBOUF FM DPOPDJNJFOUP B×PT EF BDUJWJEBE " QBSUJS EF MB QSJNBWFSB EF
OP QVFEF TFS VOB NFSDBODÓB DPNP MBT EFNÈT .ÈT FM FTUBMMJEP EF MB CVSCVKB GJOBODJFSB FO FM NFSDBEP
BEFMBOUFTFWFSÈDØNPFTUBQSPQJFEBEFTQFDÓGJDBEFM EF MBT OVFWBT UFDOPMPHÓBT NPTUSØ IBTUB RVÏ QVOUP
DPOPDJNJFOUPDPOEJDJPOBFMFRVJMJCSJPFOUSFMBQSPUFD FSBFYDFTJWBFTBTPCSFFTUJNBDJØOJMVTPSJBEFMBJOOP
DJØO EF MB QSPQJFEBE JOUFMFDUVBM QPS VO MBEP Z MB WBDJØO Z EF MPT CFOFGJDJPT RVF QPESÓB HFOFSBS FO FM
QSPNPDJØOEFMEPNJOJPQÞCMJDPZFMBQSPWFDIBNJFOUP GVUVSP%FTEFFOUPODFT MBTDBQJUBMJ[BDJPOFTCVSTÈUJMFT
DPNQBSUJEPEFMPTDPOPDJNJFOUPT QPSPUSP TFIBOBKVTUBEPBMPTSFTVMUBEPTEFMBFDPOPNÓBSFBM
&TUFiSFUPSOPBMBTFOTBUF[wEFMBFDPOPNÓBNVOEJBM
{)BDJB VO JODSFNFOUP EF MBT EFCFSÓB IBDFSOPT DPOUFNQMBS DPO PUSB ØQUJDB MBT
EFTJHVBMEBEFT FOUSF FM /PSUF SFMBDJPOFT FOUSF MB FDPOPNÓB EFM DPOPDJNJFOUP Z FM
ZFM4VSFOVOB FDPOPNÓB NVOEJBM EFTBSSPMMP ZBRVFBCSFQPTJCJMJEBEFTQBSBRVFSFDV
CBTBEBFO FM DPOPDJNJFOUP QFSFOTVSFUSBTPBRVFMMPTQBÓTFTNFOPTBEFMBOUBEPT
"MHVOPT FYQFSUPT IBO EFTUBDBEP RVF VOB EF MBT RVFTFQBODBQJUBMJ[BSTPCSFFMDPOPDJNJFOUPFOVOB
DPOTFDVFODJBTNÈTJONFEJBUBTEFMEFTBSSPMMPEFVOB FDPOPNÓBSFBM
FDPOPNÓBCBTBEBFOFMDPOPDJNJFOUPQPESÓBTFSRVF
MPT QBÓTFT SJDPT TF FOSJRVFDJFTFO BÞO NÈT Z RVF MPT {)BDJB VOB PCTPMFTDFODJB EFMP
QBÓTFT QPCSFT TF RVFEBTFO FTUBODBEPT QPS GBMUB EF IVNBOP P IBDJB OVFWPT IPSJ[POUFT
JOWFSTJPOFT FO MBT JOGSBFTUSVDUVSBT P FO FM QPUFODJBM QBSBMBDSFBUJWJEBE
QSPEVDUJWP EFM DPOPDJNJFOUP P QPS MB BVTFODJB EF 1PSVOBFYUSB×BQBSBEPKB DVBOUPNÈTEPNJOBNPTMPT
OPSNBTRVFHBSBOUJDFODPOEJDJPOFTØQUJNBTQBSBMB DPOPDJNJFOUPTNÈTJHOPSBOUFTOPTWPMWFNPT$POMB
QSPEVDDJØO EF DPOPDJNJFOUPT DBMJEBE EF MB HPCFS BQBSJDJØO EF OVFWPT TPQPSUFT EFM DPOPDJNJFOUP FM
OBO[BPDBQBDJEBEQBSBQSPUFHFSMPTDPOPDJNJFOUPT BVHFTJOMÓNJUFTEFMNVOEPEFMBTNÈRVJOBTQBSFDF
DSFBEPTDPOUSBMBDPNQFUFODJBJOUFSOBDJPOBM
BOVODJBS VOB BUSPGJB EF MBT DBQBDJEBEFT IVNBOBT
1BSB TVTUFOUBS FTUB IJQØUFTJT EF VO BVNFOUP $POMBBDFMFSBDJØOEFMBWFMPDJEBEEFUSBUBNJFOUPZ
EF MBT EFTJHVBMEBEFT FOUSF QBÓTFT SJDPT Z QPCSFT FO USBOTNJTJØOEFMBJOGPSNBDJØOTVSHFVOEFTGBTFDBEB
VOB FDPOPNÓB NVOEJBM CBTBEB FO FM DPOPDJNJFOUP WF[ NBZPS FOUSF MB FTDBMB EFM UJFNQP UFDOPMØHJDP
FTPTFYQFSUPTIBOEFTUBDBEPFMEFTGBTFRVFTFIBCÓB TVNBNFOUFSÈQJEP ZMBEFMUJFNQPEFMQFOTBNJFOUP
QSPEVDJEP FOMBÏQPDBGBTUBEFMBiOVFWBFDPOPNÓBw iDFSFCSBMw RVF BQFOBT QBSFDF IBCFS FWPMVDJPOBEP
FOUSFMPTÓOEJDFTEFDSFDJNJFOUPEFMBFDPOPNÓBSFBM EFTEFIBDFNJMFOJPT$BCFQSFHVOUBSTFTJFTUFEFTGBTF
Z FM BM[B EF MBT DPUJ[BDJPOFT FO CPMTB .JFOUSBT RVF OP FOUSB×B VO SJFTHP EF RVF FM DFSFCSP IVNBOP
MBT CPMTBT EF MPT QBÓTFT EF MB 0$%& WJWÓBO FO QMFOB TF WFB TVQFSBEP QPS MBT NÈRVJOBT Z MPT QSPHSBNBT
FVGPSJBBMDJTUBRVFOPDPSSFTQPOEÓBBTVDSFDJNJFOUP RVF IB DSFBEP " OJWFM EFM QFOTBNJFOUP IVNBOP
FDPOØNJDP SFBM PUSPT QBÓTFT DPNP $IJOB Z MB *OEJB MB QSPGVTB JOGPSNBDJØO BDUVBM SFTVMUB DBEB WF[ NÈT
FYQFSJNFOUBCBOVODSFDJNJFOUPFGFDUJWPNVZTVQF EJGÓDJMEFGJMUSBS USBUBSZEPNJOBS&OMBTiBVUPQJTUBTEF
SJPSBMEFMPTQBÓTFTJOEVTUSJBMJ[BEPTRVFOPTFSFGMFKBCB MB JOGPSNBDJØOw FT UBO GÈDJM FODPOUSBS VOB JOGPSNB
FOBCTPMVUPFOMPTSFTVMUBEPTCVSTÈUJMFT-PTBOBMJTUBT DJØO QFSUJOFOUF DPNP CFCFS FO VOB CPDB EF SJFHP
FDPOØNJDPTFYQMJDBCBOMBTPCSFFTUJNBDJØOGJOBODJFSB &MBHVBOPOPTGBMUBSÈEFTEFMVFHP QFSPFMQSPCMFNB
EFBMHVOBTFNQSFTBTDPOSFTQFDUPBTVWBMPSDPOUBCMF TFSÈ DØNP IBDFS QBSB OP BIPHBSTF &TF FYDFTP EF
QPSFMIFDIPEFRVFÏTUBTOPPCUFOÓBODBQJUBMFTTPCSF JOGPSNBDJPOFTTØMPQPESÈFOHFOESBSDPOPDJNJFOUPT
MBCBTFEFTVTCFOFGJDJPTQSFTFOUFT TJOPTPCSFMBCBTF TJTBCFOFTUBSBMBBMUVSBUBOUPMPTJOTUSVNFOUPTRVF
$BQÓUVMP
3FDVBESP $SFBUJWJEBEBSUÓTUJDBZBSUFTEJHJUBMFT
-BDSFBDJØOBSUÓTUJDBTVQPOFMBVUJMJ[BDJØOEFiNFEJPTwZiTPQPSUFTwQSPQPSDJPOBEPTQPSMBTDJFODJBTZUÏDOJDBTEJTQPOJCMFT
FODBEBÏQPDB&OFMQBTBEPGVFSPOFMTÓMFY FMDJODFM FMNBSUJMMP FMQJODFM FMMÈQJ[ MBFTQÈUVMB FUD&OMBFSBEFMBJNQSFOUB
IJ[PTVBQBSJDJØOFMHSBCBEP ZMVFHPWJOJFSPOMBGPUPHSBGÓB FMDJOFZFMWÓEFPKVOUPDPOOVFWPTJOTUSVNFOUPTZOVFWBT
UÏDOJDBT)PZFOEÓB MBJNBHFOFTEJHJUBM-BTGPSNBTBSUÓTUJDBTTFNF[DMBODPOMBTUÏDOJDBT ZEFMBJNBHJOBDJØOEF
MPTDSFBEPSFTTVSHFOOVFWPTUJQPTEFBSUF&OFMBSUFEJHJUBM RVFSFQBSUFTVTSFBMJ[BDJPOFTFOUSFWBSJPTÈNCJUPTEFMB
NPEFSOJEBEDPNPMBSFBMJEBEWJSUVBM MBSPCØUJDB MBJOUFMJHFODJBBSUJGJDJBM *OUFSOFUPMBCJPUFDOPMPHÓB MPTiNFEJPTwTPOMPT
QSPHSBNBTEFDSFBDJØOZFMPSEFOBEPS NJFOUSBTRVFFMiTPQPSUFwFTMBQBOUBMMBEJHJUBM&TUPTOVFWPTJOTUSVNFOUPTTPO
BDPSEFTDPOMBSFWPMVDJØOUFDOPMØHJDBEFOVFTUSPTEÓBT$PSSFTQPOEFBDBEBDVMUVSBEPNJOBSMPTZGPSKBSIFSSBNJFOUBTEF
DSFBDJØO QSPHSBNBTJOGPSNÈUJDPT
FOGVODJØOEFTVTJNQFSBUJWPTQSPQJPTZEFMPTDÈOPOFTFTUÏUJDPTFNBOBEPTEFTV
HFOJPDSFBEPS4ØMPBTÓTFQSFTFSWBSÈMBEJWFSTJEBEDVMUVSBM
-BTJOJDJBUJWBTEFMB6/&4$0FOFTUFÈNCJUP QPSFKFNQMP FMQSPHSBNB%JHJ"SUT

TFTJUÞBOFOFMNBSDPEFMBUSBOTNJTJØO
EFDPOPDJNJFOUPTZQSÈDUJDBTDVMUVSBMFTZBSUÓTUJDBTQPSNFEJPEFÞUJMFTFMFDUSØOJDPTZWBOFODBNJOBEBTBQSFTFSWBSMB
EJWFSTJEBEDVMUVSBM
QFSNJUFOiUSBUBSwMBJOGPSNBDJØODPNPMBUSBOTGPSNB FYBNJOBSTPOMPTNVOEPTQPTJCMFTRVFMBTUFDOPMPHÓBT
DJØOEFMBJOGPSNBDJØOFODPOPDJNJFOUPNFEJBOUFMB BCSFOBMBJNBHJOBDJØOZMBDSFBUJWJEBEEFMTFSIVNBOP
SFGMFYJØO&TUBUBSFBTFFODPNJFOEBDBEBWF[NÈTBMBT WÏBTFSFDVBESP

NÈRVJOBT DPNPMPNVFTUSBFMBVHFEFMPTNPUPSFT
EF CÞTRVFEB FO *OUFSOFU &O FTUBT DPOEJDJPOFT -PT FGFDUPT DPHOJUJWPT EFMBSFWPMVDJØO
DBCFQSFHVOUBSTFDVÈOUPTTFSFTIVNBOPToEFKBOEP EJHJUBM Z EF MB DPEJGJDBDJØO
BQBSUF MPT NBUFNÈUJDPTo QPESÈO IBDFS VO DÈMDVMP EFMPTDPOPDJNJFOUPT
NFOUBM EFOUSP EF BMHVOPT EFDFOJPT 5BNCJÏO IBZ -BT OVFWBT UFDOPMPHÓBT EJHJUBMFT JOGMVZFO EJSFDUB
RVFQSFHVOUBSTFTJFMBVHFEFMBTOVFWBTUFDOPMPHÓBT NFOUF FO MB SBQJEF[ EF USBOTNJTJØO EF MB JOGPSNB
OP IB BDFMFSBEP OVFTUSB EFQFOEFODJB UFDOPMØHJDB DJØO Z UBNCJÏO FO FM USBUBNJFOUP Z MB SFDFQDJØO EF
%F UPEBT GPSNBT QPS QFSGFDDJPOBEBT RVF TFBO MBT MPTDPOPDJNJFOUPT)PZFOEÓB VOBDUPDPHOJUJWPOP
NÈRVJOBTOPQPESÈOTVTUJUVJSBMIPNCSFFOFMUSBCBKP TF QVFEF DPODFCJS CBTÈOEPTF FO FM NPEFMP EF MBT
EFSFGMFYJØORVFUSBOTGPSNBMBJOGPSNBDJØOFODPOP UFPSÓBTDMÈTJDBTEFMDPOPDJNJFOUP RVFMPDPOTJEFSBO
DJNJFOUP $PO MB EFTBQBSJDJØO EFM BQSFOEJ[BKF EF DPNP VO BDUP QTJDPMØHJDP JOEJWJEVBM &M SFDVSTP BM
NFNPSJBZMBBVUPNBUJ[BDJØOEFÏTUB MBNJTJØOEFMB USBUBNJFOUP EF UFYUP FMFDUSØOJDP P MB VUJMJ[BDJØO EF
FTDVFMB TFSÈ EFTBSSPMMBS MB GBDVMUBE EF GJMUSBS MB JOGPS NPUPSFT EF CÞTRVFEB TPO IÈCJUPT SFDJFOUFT QFSP
NBDJØOEFNBOFSBQFSUJOFOUF FTUÈOUBOQSPGVOEBNFOUFBSSBJHBEPTFOMBTDPTUVN
#JFO FT WFSEBE RVF MBT NÈRVJOBT QBSFDFO CSFTZFMMFOHVBKFDPUJEJBOPRVFMBTBDUJWJEBEFTDPHOJ
FTUBSMJTUBTQBSBSFFNQMB[BSBMIPNCSF QFSPFTUPTØMP UJWBT TF QBSFDFO DBEB WF[ NÈT B QSPDFTPT BTJTUJEPT
FT DJFSUP DVBOEP TF USBUB EF UBSFBT NFDÈOJDBT QPS QPSPSEFOBEPS
FKFNQMP FM BQSFOEJ[BKF EF NFNPSJB P MB GVODJØO EF -B EJHJUBMJ[BDJØO IB DPOEVDJEP B MB DVMNJ
WJHJMBODJB$VBMRVJFSBRVFTFBFMSJFTHPEFRVFTVSKB OBDJØO EF MBT GPSNBT BOUJHVBT EF DPEJGJDBDJØO EFM
BTÓVOiNVOEPGFMJ[wFOFMRVFMBQBSUFEFMTFSIVNBOP DPOPDJNJFOUP&OPUSBTQBMBCSBT QFSNJUFUSBOTGPSNBS
TFWFBSFEVDJEBBTVNÈTNÓOJNBFYQSFTJØOoVOPEF EBUPTFOVOMFOHVBKFRVF FOUBOUPRVFJOTUSVNFOUP
MPTQSPZFDUPTBDUVBMFTNÈTBNCJDJPTPTFTDPOTFHVJS EFDPNVOJDBDJØO FTEFFTFODJBDPMFDUJWB-PTFGFDUPT
MBDSFBDJØOEFTJTUFNBTJOGPSNÈUJDPTBVUØOPNPTRVF EFFTUBDPEJGJDBDJØOTVQPOFOVOBOVFWBDPODFQDJØO
FYJHFOVOBJOUFSWFODJØOIVNBOBJOTJHOJGJDBOUFo MBT EFM DPOPDJNJFOUP DVZB QSPEVDDJØO ZB OP TF QVFEF
OVFWBTQPTJCJMJEBEFTRVFPGSFDFOMBTNÈRVJOBTEFCFO DPOUFNQMBS DPNP VO NPNFOUP EJGFSFODJBEP EF MBT
QPOFSTFBMTFSWJDJPEFMEFTBSSPMMPIVNBOP&MUJFNQP EFNÈTBDUJWJEBEFTIVNBOBT&MDBSÈDUFSJOUFSBDUJWPEF
MJCSFRVFEFKBOMBTNÈRVJOBTFTUJFNQPEJTQPOJCMFQBSB MBTSFEFTEJHJUBMFTDPOGJFSFBMPTVTVBSJPTEFMBTUFDOP
BDUJWJEBEFT NÈT IVNBOBT 1PS FTP MP RVF DPOWJFOF MPHÓBTVOBTJUVBDJØORVFOPUFOÓBOBOUFSJPSNFOUF:B
OPQVFEFOTFSQBTJWPTBOUFMBJOGPSNBDJØOQPSRVFMB QPS MP UBOUP QPTFFO MB DBQBDJEBE EF TVCTBOBS FMMBT
FTUÈOTFMFDDJPOBOEPZKFSBSRVJ[BOEPDPOUJOVBNFOUF NJTNBTMBTEJGJDVMUBEFTRVFQPESÓBOIBDFSMBTJOBDDF
&OMBBDUVBMJEBE MBTUFDOPMPHÓBTEFMBDPNVOJDBDJØO TJCMFT B TVT VTVBSJPT 6OB EF MBT DMBWFT EFM ÏYJUP EF
OP QSFDFEFO B MB FMBCPSBDJØO Z DPOTUSVDDJØO EF MPT MBTOVFWBTUFDOPMPHÓBTFTTVFSHPOPNÓB&OFGFDUP MBT
DPOPDJNJFOUPT TJOPRVFJOUFSBDUÞBODPOÏTUPT OPDJPOFTEFDPNPEJEBEZGBDJMJEBEEFVUJMJ[BDJØOTPO
"VORVFTFTVFMBIBDFSIJODBQJÏDPOGSFDVFODJB FMFNFOUPT GVOEBNFOUBMFT FO MB DPODFQDJØO EF MPT
FOFMNPWJNJFOUPEFEFTNBUFSJBMJ[BDJØORVFTFQSPEVDF QSPHSBNBTRVFJOUFHSBOMBTUFDOPMPHÓBTEFMBJOGPSNB
FOMBTTPDJFEBEFTFOSFEFT FTOFDFTBSJPDPOTUBUBSRVF DJØO-BDVFTUJØOEFMBFSHPOPNÓBoGVOEBNFOUBMFOMB
MBTOVFWBTUFDOPMPHÓBTIBOQFSNJUJEPUBNCJÏONBUF FWPMVDJØOEFMPTQSPEVDUPTNVMUJNFEJBZMBTJOUFSGBDFT
SJBMJ[BS P FYUFSOBMJ[BS EJTUJOUBT GVODJPOFT DPHOJUJWBT EFMPTPSEFOBEPSFToFTUÈEFTUJOBEBBEFTFNQF×BSVO
SFDVSSJFOEP B MBT NÈRVJOBT -B FSB QPTUJOEVTUSJBM FT QBQFM DBEB WF[ NÈT JNQPSUBOUF FO MB EFGJOJDJØO EF
UBNCJÏO VOB FSB IJQFSJOEVTUSJBM %FTEF TV BQBSJDJØO OVFWPTTJTUFNBTEFHFTUJØOEFMPTDPOPDJNJFOUPT"
FOFMEFDFOJPEFoFTUPFT NVDIPUJFNQPBOUFT FTUFSFTQFDUP CBTUFDPOSFDPSEBSoEFTEFVOQVOUPEF
RVF*OUFSOFUoMPTPSEFOBEPSFTZMPTEJTQPTJUJWPTFMFD WJTUBUÏDOJDPoMBDVFTUJØOEFMBDDFTPEFMPTEJTDBQBDJ
USØOJDPTEFUSBUBNJFOUPEFMBJOGPSNBDJØOFOHFOFSBM UBEPTBMPTJOTUSVNFOUPTJOGPSNÈUJDPT PCJFOoEFTEF
IBONPEJGJDBEPMBTDPOEJDJPOFTEFMBBDUJWJEBEDPHOJ VOBQFSTQFDUJWBNÈTBOUSPQPMØHJDBoFMQSPCMFNBEF
UJWB&MTBCFSOPUJFOFMBNJTNBTJHOJGJDBDJØODVBOEP MB BEBQUBDJØO Z BDDFTJCJMJEBE EF MPT DPOUFOJEPT FO
TF QVFEF BVUPNBUJ[BS -B BDUJWJEBE DPHOJUJWB EF VO GVODJØO EF MB EJWFSTJEBE EF MPT DPOUFYUPT DVMUVSBMFT
VTVBSJPEFUFDOPMPHÓBTEJHJUBMFT BVODVBOEPUSBCBKF Z MJOHàÓTUJDPT -PT DPOUFOJEPT Z NÏUPEPT EFCFO
TPMP TFDPNQBSUFFOUSFÏMZMPTBQBSBUPTRVFVUJMJ[B BEBQUBSTF B TVT VTVBSJPT SFBMFT &O MB NFEJEB FO
Z MP NJTNP TF QVFEF EFDJS QPS MP RVF SFTQFDUB B MB RVFTPOÏTUPTMPTRVFHFOFSBMJ[BODPOTVTQSÈDUJDBT
QFSDFQDJØO MBNFNPSJB MBTPQFSBDJPOFTMØHJDBTZFM BMHVOBT VUJMJ[BDJPOFT oB WFDFT JNQSFWJTUBTo EF MPT
BQSFOEJ[BKF &M NVOEP EF MPT PCKFUPT FWJEFOUFT FT TJTUFNBTWJHFOUFT OPFYJTUFVOQVOUPEFWJTUBÞOJDP
EFDJSFMRVFUFOFNPTiBOUFOVFTUSPTPKPTw EFQFOEF Z QBOPSÈNJDP RVF QFSNJUB EFUFSNJOBS MBT QPTJCMFT
IPZ QPS DPOTJHVJFOUF EF VOB DPHOJDJØO DPNQBSUJEB VUJMJ[BDJPOFT-BTOVFWBTUFDOPMPHÓBTOPTFEJGVOEJSÈO
FOUSF MPT JOEJWJEVPT Z MPT BQBSBUPT DPHOJUJWPT UBOUP FYDMVTJWBNFOUFFOMPTQBÓTFTEFM/PSUF TJOPUBNCJÏO
NÈT iUSBOTQBSFOUFTw DVBOUP RVF TPO DBEB WF[ NÈT FO MPT EFM 4VS Z QPS FTP TFSÈ OFDFTBSJP JODJUBS B MBT
FGJDBDFT"IPSBIBMMFHBEPFMNPNFOUPEFMBDPHOJDJØO DVMUVSBTMPDBMFTBRVFJOWFOUFOTJTUFNBTEFFYQMPUB
EJTUSJCVJEB &YJTUFO OVNFSPTBT BQMJDBDJPOFT EF ÏTUB DJØO QSPHSBNBTZQSPEVDUPTNVMUJNFEJBRVFQVFEBO
TPCSFUPEPFOMPTÈNCJUPTEFMUSBCBKPZEFMBQSFOEJ[BKF TBUJTGBDFSBMPTVTVBSJPTMPDBMFT
DPMFDUJWPTBTJTUJEPTQPSPSEFOBEPS-BDPHOJDJØOEJTUSJ
CVJEBIBGPNFOUBEPVONPEFMPEFSFMBDJPOFTTPDJBMFT
CBTBEPFOMBDPMBCPSBDJØODPMFDUJWB DPNPQSVFCBFM {%F MBT TPDJFEBEFT EF MB
ÏYJUP DPTFDIBEP QPS MPT QSPHSBNBT JOGPSNÈUJDPT EF
GVFOUFBCJFSUB PQFOTPVSDF
RVFMB6/&4$0QSPNVFWF NFNPSJB B MBT TPDJFEBEFT
DPOFTQFDJBMJOUFSÏT EFM DPOPDJNJFOUP
6OPEFMPTBTQFDUPTNÈTJNQSFTJPOBOUFTEFMB
SFWPMVDJØOEFMBJOGPSNBDJØOFTMBGBDJMJEBEDPORVF .FNPSJBZOVFWBTUFDOPMPHÓBT
TF USJWJBMJ[BO FO MB WJEB DPUJEJBOB MPT BQBSBUPT Z MPT &M BVHF EF MBT UFDOPMPHÓBT EJHJUBMFT IB JOUSPEVDJEP
OVFWPT UJQPT EF JOGPSNBDJØO 1FTF B MPT PCTUÈDVMPT oKVOUP B MBT GPSNBT DMÈTJDBT EF SFHJTUSP EFM DPOPDJ
TPDJPDVMUVSBMFTRVFGSFOBOBNFOVEPMBEJGVTJØOEFMBT NJFOUPo OVFWPT TPQPSUFT EF BMNBDFOBNJFOUP DPO
OVFWBTUFDOPMPHÓBT UPEPTMPTRVFQPSMJCSFFMFDDJØOP DBQBDJEBEFTRVFQBSFDFOQPUFODJBMNFOUFJMJNJUBEBT
QPSOFDFTJEBEVUJMJ[BOFTPTOVFWPTEJTQPTJUJWPTMMFHBO ZRVFTFDBSBDUFSJ[BOQPSVOBGBDJMJEBEEFBDDFTPTJO
B VUJMJ[BSMPT GÈDJMNFOUF EF NBOFSB iOBUVSBMw ZB RVF QSFDFEFOUFT $BQUBEB QPS MB SFWPMVDJØO EJHJUBM FO
FTBTUFDOPMPHÓBTFYUFSOBMJ[BOGVODJPOFTDPHOJUJWBTZ GPSNBEFEJTDPTEVSPT %7%PUBSKFUBT MBNFNPSJBTF
$BQÓUVMP
DPOTJEFSB DBEB WF[ NÈT VOB GVODJØO NBUFSJBM BVUP TJ MB BVUPNBUJ[BDJØO EF MB NFNPSJB OP USBF DPOTJHP
NBUJ[BEB Z BSUJGJDJBM "M JHVBM RVF MB JOWFODJØO EF MB VOBEJTNJOVDJØOEFMFTGVFS[PJOEJWJEVBMEFNFNPSJ[B
FTDSJUVSBPMBJNQSFOUB FMEFTDVCSJNJFOUPEF*OUFSOFU DJØO5BNCJÏODBCFQSFHVOUBSTFTJMBTUFDOPMPHÓBTEF
TFQVFEFDPOTJEFSBSDPNPVODBNCJPEFDJTJWPFOMB MBJOGPSNBDJØOOPKVTUJGJDBOFMUFNPSEFRVFEFTBQB
IJTUPSJB EF MB FYUFSJPSJ[BDJØO QSPHSFTJWB EF MBT GBDVM SF[DBOUSBEJDJPOFTZDPOPDJNJFOUPTUFØSJDPTZQSÈDUJDPT
UBEFTNFOUBMFT$PNPUPEPBSDIJWPFTDSJUP *OUFSOFUFT RVFDPOTUJUVÓBOMPTNPEPTEFWJEBDPUJEJBOPTEFVOB
VOEJTQPTJUJWPEFNFNPSJBFYUFSOB QFSPOPTFMJNJUB HSBO QBSUF EFM QMBOFUB IBDF UBO TØMP BMHVOPT EFDF
B MPT UFYUPT F JNÈHFOFT Z BDFQUB UBNCJÏO DVBMRVJFS OJPT&TTVNBNFOUFQBSBEØKJDPRVFMPTJOTUSVNFOUPT
PUSB JOGPSNBDJØO TVTDFQUJCMF EF TFS EJHJUBMJ[BEB "M EFTUJOBEPTBPQUJNJ[BSMBDPOTFSWBDJØOZUSBOTNJTJØO
JHVBM RVF MB JNQSFOUB *OUFSOFU FT VO EJTQPTJUJWP EF EFMPTDPOPDJNJFOUPTQVFEBOEFTFNCPDBSJOGJOFFO
SFEJTUSJCVDJØO EF MB JOGPSNBDJØO QFSP DPO DPTUPT Z VOFNQPCSFDJNJFOUPEFMBEJWFSTJEBEEFMBTDVMUVSBT
QMB[PT FYUSBPSEJOBSJBNFOUF SFEVDJEPT " EJGFSFODJB DPHOJUJWBT : TJ CJFO FT WFSEBE RVF UPEB JOOPWBDJØO
EF MB FTDSJUVSB Z MB JNQSFOUB *OUFSOFU FT BDUJWP -BT FYJHF RVF TF FGFDUÞFO FMFDDJPOFT Z TFMFDDJPOFT FM
iQÈHJOBTwBSDIJWBEBTQVFEFODPNQSFOEFSFMFNFOUPT SBTHP DBSBDUFSÓTUJDP EF MB SFWPMVDJØO EF MBT OVFWBT
DPNP FOMBDFT IJQFSUFYUP Z TDSJQUT RVF BDUÞBO EF UFDOPMPHÓBT FTUSJCB FO RVF OPT DPOGSPOUBO EJSFDUB
NBOFSBBVUPNÈUJDBPBQFUJDJØOEFMVTVBSJP"EFNÈT NFOUF DPO FM DBSÈDUFS DVMUVSBM EF FTBT FMFDDJPOFT
MBJOGPSNBDJØOFOMÓOFBFTBDDFTJCMFEFTEFDVBMRVJFS /P PCTUBOUF MB EJHJUBMJ[BDJØO EF MPT DPOPDJNJFOUPT
QVOUPEFBDDFTP MPDVBMIBDFEF*OUFSOFUVOBSDIJWP IVNBOPT OP TF QVFEF BTJNJMBS B VOB FMJNJOBDJØO
NVOEJBMEFFOWFSHBEVSBJOÏEJUB DSFDJFOUFZSÈQJEB NPEFSOJTUBEFMPTDPOPDJNJFOUPTUSBEJDJPOBMFTDPOTJT
&OFTUFWBTUPDPOKVOUPFOQMFOPBVHFGJHVSBOQVCMJ UFOUFFOIBDFSUBCMBSBTBEFUPEPZFOBENJUJSDPNP
DBDJPOFTFMFDUSØOJDBT QSPEVDDJPOFTNVMUJNFEJB TJUJPT ÞOJDBOPSNBDVMUVSBMMBDPSSFTQPOEJFOUFBMBTOPSNBT
*OUFSOFUZCBODPTEFEBUPTDVMUVSBMFTPDJFOUÓGJDPTRVF UÏDOJDBT EFM NPNFOUP 1PS JNQPSUBOUF RVF TFB FM
DPOTUJUVZFO OVFWBT GPSNBT QSPUFJDBT EFM TBCFS QBSB QBQFMRVFFTUÈEFTUJOBEPBEFTFNQF×BSVOBDVMUVSB
MBTRVFBNFOVEPTFOFDFTJUBOPQDJPOFTQSFDJTBT-B EFMBJOOPWBDJØO MBTTPDJFEBEFTEFMDPOPDJNJFOUP
NFNPSJ[BDJØOEFFTBTGPSNBTEFDPOPDJNJFOUPoEJHJ TFHVJSÈOTJFOEP QFTFBUPEP TPDJFEBEFTEFNFNPSJB
UBMFT EFTEF TV DSFBDJØOo DPOTUJUVZF QSPCBCMFNFOUF ZUSBOTNJTJØOEFMTBCFS-BEJHJUBMJ[BDJØO RVFFTVOB
VOB EF MBT UBSFBT NÈT JNQPSUBOUFT FO MB FEJGJDBDJØO UÏDOJDB EF USBOTGFSFODJB FTUÈ EFTUJOBEB FO FGFDUP B
EF MBT TPDJFEBEFT EFM DPOPDJNJFOUP 1PS FKFNQMP MB NPEJGJDBSMBUSBOTNJTJØOEFMBUSBEJDJØOFOMBNFEJEB
OPDJØO EF QBUSJNPOJP RVF FT GVOEBNFOUBM QBSB MB FORVFBGFDUBQSPGVOEBNFOUFBMGVODJPOBNJFOUPEF
6/&4$0 QPTFFZBVOBEJNFOTJØOEJHJUBM&MDPODFQUP MBT JOTUJUVDJPOFT DVMUVSBMFT FEVDBUJWBT Z DJFOUÓGJDBT
EF QBUSJNPOJP EJHJUBM TF SFGJFSF B DPOUFOJEPT NVZ JOTUJUVDJPOFT QBUSJNPOJBMFT NVTFPT CJCMJPUFDBT Z
WBSJBEPTRVFDPNQSFOEFOEFUFSNJOBEPTEBUPTDJFOUÓ DFOUSPTEFBSDIJWPT
RVFTPOMPTDFOUSPTUSBEJDJPOBMFT
GJDPTZQSPEVDUPTNFEJÈUJDPT BTÓDPNPEBUPTUÏDOJDPT EFMBNFNPSJ[BDJØO
NÏEJDPT Z KVSÓEJDPT P JODMVTP FYQSFTJPOFT BSUÓTUJDBT
EJHJUBMFT-BQSPCMFNÈUJDBQMBOUFBEBQPSMBDPOTFSWB {7BNPT IBDJB OVFWPT DPNQPSUBNJFOUPT
DJØOEFFTPTEBUPTEJHJUBMFTFTEPCMF QPSRVFOPTØMP DVMUVSBMFT
FTOFDFTBSJPDPOTFSWBSMPTTPGUXBSFT TJOPUBNCJÏOMPT &YJTUF VOB DVMUVSB DBSBDUFSÓTUJDB EF *OUFSOFU RVF TF
IBSEXBSFTDPSSFTQPOEJFOUFT WÏBTFSFDVBESP
-B DPOTUSVZFNFEJBOUFVOQSPDFTPEFEJTUSJCVDJØOFOFM
$BSUB EF MB 6/&4$0 TPCSF MB QSFTFSWBDJØO EFM QBUSJ RVF UPEPT MPT QSPUBHPOJTUBT EFTFNQF×BO VO QBQFM
NPOJPEJHJUBM BEPQUBEBFOPDUVCSFEF TVCSBZB oJODMVTPQPSFMNFSPIFDIPEFFGFDUVBSTFMFDDJPOFTZ
RVFMPTSFDVSTPTFMFDUSØOJDPTTFEFCFODPOTJEFSBSVO DMBTJGJDBDJPOFTFOUSFUPEBTMBTGVFOUFTEFJOGPSNBDJØO
QBUSJNPOJP Z VO DBQJUBM QBSB MBT BDUJWJEBEFT EF MBT EF RVF EJTQPOFOo DPOUSJCVZFOEP B VOB DPOUJOVB
HFOFSBDJPOFTWFOJEFSBT DJSDVMBDJØO DSFBUJWB EF JOGPSNBDJØO Z DPOPDJNJFOUPT
$VBOUB NÈT NFNPSJB TF QPTFF NFOPT EF MB RVF OJOHÞO JOEJWJEVP P JOTUJUVDJØO UJFOFO MB
SFDVFSEPTTFUJFOFO&OFGFDUP IBZRVFQSFHVOUBSTF JOJDJBUJWBFYDMVTJWB"MHVOBTJOOPWBDJPOFTBJTMBEBTFO
3FDVBESP -BDPOTFSWBDJØOEFMQBUSJNPOJPEJHJUBM
-PTGJDIFSPTJOGPSNÈUJDPTBMNBDFOBEPTFODFOUFOBSFTEFTFSWJEPSFTDPOTUJUVZFOVOSFDVSTPDVMUVSBM FEVDBUJWPZ
DJFOUÓGJDPRVFNFSFDFMBNJTNBDPOTJEFSBDJØORVFMPTDPNQPOFOUFTUSBEJDJPOBMFTEFMQBUSJNPOJP&TUFiTVQMFNFOUP
EFQBUSJNPOJPwBQPSUBEPQPSFMEFTBSSPMMPEF*OUFSOFUTFDBSBDUFSJ[B TJOFNCBSHP QPSVOBWPMBUJMJEBEFJOFTUBCJMJEBE
RVFEJGJDVMUBOTVDPOTFSWBDJØO&OFGFDUP *OUFSOFUTFDBSBDUFSJ[BQPSMBFYUSFNBSBQJEF[EFMPTGMVKPTEFEBUPTZMB
SÈQJEBPCTPMFTDFODJBEFTVTTPQPSUFT4FHÞOMB#JCMJPUFDBEFM$POHSFTPEFMPT&TUBEPT6OJEPT FMQSPNFEJPEFWJEB
EFVOBQÈHJOB*OUFSOFUFTEFDVBSFOUBZDVBUSPEÓBT{$ØNPTFQVFEFOBSDIJWBSFOUPODFTTJUJPTRVFFWPMVDJPOBO
TJODFTBSZEFTBQBSFDFODPOGSFDVFODJBEFMBOPDIFBMBNB×BOB )BZVOHSBOSJFTHPEFRVFFOMBTTPDJFEBEFTFO
SFEFTMBDPMFDUJWJEBETFWFBBGFDUBEBQPSVOBFTQFDJFEFiFOGFSNFEBEEF"M[IFJNFSEJHJUBMw$BCFQSFHVOUBSTF
QPSDPOTJHVJFOUF DØNPFEJGJDBSBVUÏOUJDBTTPDJFEBEFTEFMDPOPDJNJFOUPBQBSUJSEFiTPDJFEBEFTEFMQSFTFOUFwRVF
TFDBSBDUFSJ[BOQPSVOBFTDBTBNFNPSJBEFUSBCBKP VOBFYDFTJWBiJOTUBOUBOFJEBEwZMBQPDBQSFPDVQBDJØOQPSMBT
HFOFSBDJPOFTWFOJEFSBT
6OPEFMPTSFNFEJPTDPOUSBFTUBJOFTUBCJMJEBEUFNQPSBMEFMPTNBUFSJBMFTEJHJUBMFTIBTJEPMBJOTUBMBDJØOEFEJTQPTJUJWPT
EFDBQUBDJØOFMFDUSØOJDPToQSPHSBNBTiDPTFDIBEPSFTwoRVFFGFDUÞBOHSBCBDJPOFTSFHVMBSFTFO*OUFSOFU/PPCTUBOUF
FTEJGÓDJMEFGJOJSDSJUFSJPTBEFDVBEPTQBSBTFMFDDJPOBSMBTQÈHJOBTZDPOUFOJEPTQFSUJOFOUFT-PTQJPOFSPTFTUBEPVOJEFOTFT
EFFTUBTHSBCBDJPOFT RVFIBOGVOEBEPMBBTPDJBDJØOTJOGJOFTMVDSBUJWPT*OUFSOFU"SDIJWF UPNBONVFTUSBTBMFBUPSJBT
NJFOUSBTRVFPUSBTPSHBOJ[BDJPOFTVUJMJ[BODSJUFSJPTEFDPOUFOJEP"IPSBCJFO {DØNPDBUBMPHBSVOBSDIJWP {1PSTV
EJSFDDJØO*OUFSOFU {1PSTVGFDIBEFFEJDJØO {$ØNPUSBUBSBEFNÈTMBTTVDFTJWBTWFSTJPOFTEFVONJTNPEPDVNFOUP 1PS
FMNPNFOUP FYJTUFVOBHSBOEJTQFSTJØOEFMBTJOJDJBUJWBTBEPQUBEBTFOFTUFÈNCJUP BVORVFFM1SPHSBNB.FNPSJBEFM
.VOEPDSFBEPQPSMB6/&4$0USBUBEFSFNFEJBSFTBGSBHNFOUBDJØOGPNFOUBOEPFMUSBCBKPEFTFMFDDJØOEFMQBUSJNPOJP
EPDVNFOUBMEFWBMPSFYDFQDJPOBM
&TUPTOVFWPTTPQPSUFTDPOEVDFO FOEFGJOJUJWB BVOBOVFWBEFGJOJDJØOEFMBOPDJØOEFQBUSJNPOJP&OFGFDUP EF

QPSTÓFMQBUSJNPOJPEJHJUBMOPUJFOFMÓNJUFTUFNQPSBMFT HFPHSÈGJDPT DVMUVSBMFTPGPSNBMFT1VFEFTFSQSPQJPEF
VOBDVMUVSB QFSPFTWJSUVBMNFOUFBDDFTJCMFBDVBMRVJFSQFSTPOBEFMNVOEP"EFNÈT MBDPOTFSWBDJØOEJHJUBMEFMPT
DPOUFOJEPTDVMUVSBMFTEFCFSFTQPOEFSBVOEFUFSNJOBEPHSBEPEFOPSNBMJ[BDJØO TJOFMDVBMMBiHVFSSBwEFGPSNBUPT
EFTFNCPDBSÓBFOVOBTJUVBDJØODPNQMFUBNFOUFJOFYUSJDBCMFRVFIBSÓBOFDFTBSJPNVMUJQMJDBSMPTMFDUPSFTQBSBQPEFS
EFTDPEJGJDBSGPSNBUPTEJGFSFOUFTFJODPNQBUJCMFT)BZRVFQSFTUBSBUFODJØOBRVFFTUBQFSTQFDUJWBEFVOBNFNPSJB
QMBOFUBSJBOPTFDPOWJFSUBFOVOPEFMPTDBTPTNÈTQFMJHSPTPTEFiDPQSFTFODJBwEFDPOPDJNJFOUPTFJEFOUJEBEFTFO
MBTTPDJFEBEFTEFMDPOPDJNJFOUPFNFSHFOUFT&OFGFDUP BFTUFSFTQFDUPDBCFQSFHVOUBSTFTJMBTDVMUVSBT FYQVFTUBTB
FTFSJFTHPZDPOWFSUJEBTFOPCKFUPTEFiJOGPSNBDJØOwZiDPNVOJDBDJØOw QVFEFOTFHVJSTJFOEPTVKFUPTEFUSBEJDJPOFTZ
USBOTNJTJPOFT
VOQSJODJQJPZDBSFOUFTEFBQPZPFDPOØNJDPPJOTUJUV NFOUFBQSPEVDUPSFTZDPOTVNJEPSFTEFDPOUFOJEPT
DJPOBMoQPSFKFNQMPMBQSÈDUJDBEFMPTCMPHT FTPTEJBSJPT DVMUVSBMFT FNQJF[B B CPSSBSTF BM JHVBM RVF MB RVF
QFSTPOBMFTRVFDVBMRVJFSBQVFEFQVCMJDBSFOMÓOFBoTF TFQBSBBMPTQSPEVDUPSFTZSFDFQUPSFTEFMPTDPOPDJ
FYUJFOEFOZUSBOTGPSNBOHSBDJBTBMBWPMVOUBEZBDDJØO NJFOUPTDJFOUÓGJDPT4JOMMFHBSBBGJSNBSRVFFTBEJWJTPSJB
EFJOUFSOBVUBTJOEJWJEVBMFT-PTKØWFOFTEFTFNQF×BO EFTBQBSFDFSÈVOEÓBZRVFFOMBTTPDJFEBEFTEFMTBCFS
VO QBQFM JNQPSUBOUF FO FM EFTBSSPMMP EF MBT OVFWBT UPEPFMNVOEPTFSÈTBCJPPBSUJTUB QPEFNPTTVQPOFS
UFDOPMPHÓBT WÏBTF SFDVBESP
5BNCJÏO FTUBNPT QPSMPNFOPTRVFEFKBSÈEFSFHJSJOFWJUBCMFNFOUFMB
QSFTFODJBOEPMBBQBSJDJØOEFDPNQPSUBNJFOUPTDVMUV DJSDVMBDJØOEFMBTPCSBTDJFOUÓGJDBTPDVMUVSBMFT
SBMFTJOÏEJUPT FTQFDJBMNFOUFQPSMPRVFSFTQFDUBBMB *OUFSOFUPGSFDFBEFNÈTQPTJCJMJEBEFTJOÏEJUBT
SFQSFTFOUBDJØO EF TÓ NJTNP MBT QÈHJOBT QFSTPOBMFT EF FYQFSJNFOUBDJØO EF MB JEFOUJEBE HSBDJBT BM FTUB
DPOTUJUVZFO Z VO GFOØNFOP TVNBNFOUF PSJHJOBM FO CMFDJNJFOUP EF JOUFSDBNCJPT RVF TF FTUBCMFDFO
FMRVFVOBVUJMJ[BDJØOJOFTQFSBEBEF*OUFSOFUTBUJTGBDF BM NBSHFO EF UPEB JNQMJDBDJØO GÓTJDB Z EF NBOFSB
VOBGVODJØOTPDJBMDVMUVSBMRVFOPIBCÓBOQSFWJTUPMPT UPUBMNFOUF BOØOJNB EFTFODBSOBEB Z TJODSØOJDB "M
DSFBEPSFT EF MB 3FE "TÓ MPT VTVBSJPT EF *OUFSOFU TF QFSNJUJS MB TVQFSQPTJDJØO EF JEFOUJEBEFT QFSTPOBMFT
DPOWJFSUFOOPTØMPFOSFDFQUPSFTZQPTFFEPSFTEFFTUB WJSUVBMFTZSFBMFT *OUFSOFUPGSFDFÈNCJUPTJOÏEJUPTEF
OVFWBDVMUVSBEFMBFSBEFMBJOGPSNBDJØO TJOPUBNCJÏO FYQSFTJØO4FHÞOBMHVOPTFYQFSUPT GVODJPOBDPNPVO
FOTVTQSPUBHPOJTUBT-BEJWJTPSJBRVFTFQBSBCBDMBSB SFWFMBEPSEFMBTGVFS[BTZUFOEFODJBTFTDPOEJEBTEFMBT
$BQÓUVMP
3FDVBESP -PTKØWFOFTZMBTOVFWBTUFDOPMPHÓBT
-PTKØWFOFTEFTFNQF×BOVOQBQFMJNQPSUBOUFFOFMEFTBSSPMMPEFMBTOVFWBTUFDOPMPHÓBT TPCSFUPEPQPSRVFTPOMPT
QSJODJQBMFTVTVBSJPTEF*OUFSOFU
6TVBSJPTEF*OUFSOFUQPSHSVQPEFFEBEFO

-PTKØWFOFTQBSUJDJQBOFOFMBQSPWFDIBNJFOUPEFMBTQPTJCJMJEBEFTPGSFDJEBTQPSMPTJOTUSVNFOUPTEJHJUBMFTZFOMB
DSFBDJØOEFOVFWBTQSÈDUJDBTRVFDPOTUJUVZFOVOBBVUÏOUJDBiDVMUVSBEJHJUBMw WJEFPKVFHPTFOSFEFT QÈHJOBTQFSTPOBMFT
GPSPTEFEJTDVTJØO CMPHT FUD
&TUPNVFTUSBIBTUBRVÏQVOUPMBTQSJODJQBMFTQSFPDVQBDJPOFTEFMBKVWFOUVEMPHSBO
FYQSFTBSTFHSBDJBTBMEFTBSSPMMPEF*OUFSOFU1PSPUSBQBSUF FTOFDFTBSJPQSPUFHFSBMPTNÈTKØWFOFToRVFTPOUBNCJÏOMPT
NÈTJOGMVFODJBCMFToDPOUSBMPTDPOUFOJEPTQFSOJDJPTPT SFTQFUBOEPBMNJTNPUJFNQPMBMJCSFDJSDVMBDJØOEFMBJOGPSNBDJØO
ZMPTDPOUFOJEPTFOFMDJCFSFTQBDJP
-PTKØWFOFTDPOTUJUVZFOVOQÞCMJDPFTQFDJBMNFOUFWVMOFSBCMFRVFOFDFTJUBVOBBUFODJØODPOUJOVB FTQFDJBMNFOUFFOMPT
QBÓTFTFOEFTBSSPMMPPFOMBTTJUVBDJPOFTQPTUFSJPSFTBDPOGMJDUPT-B6/&4$0 FOFMNBSDPEFEJTUJOUBTJOJDJBUJWBTDPNPFM
1SPHSBNB*/'0KVWFOUVE TFIBDPNQSPNFUJEPBUSBUBSEFNPWJMJ[BSZGPNFOUBSMBQBSUJDJQBDJØOEFMPTKØWFOFTZGBDJMJUBS
FMBDDFTPEFMPTNÈTEFTGBWPSFDJEPTBMBTOVFWBTUFDOPMPHÓBTEFMBJOGPSNBDJØOZMBDPNVOJDBDJØO 5*$
-BTBDUJWJEBEFT
EFMB0SHBOJ[BDJØOWBOEFTEFMBFOTF×BO[BEFMNBOFKPEFMBT5*$IBTUBMBDSFBDJØOEFCFDBTZDPODVSTPTRVFBZVEBOB
MPTKØWFOFTBBDDFEFSBMBTOVFWBTUFDOPMPHÓBT FTQFDJBMNFOUFFOMPTQBÓTFTFOEFTBSSPMMP-BT5*$QVFEFOEFTFNQF×BS
UBNCJÏOVOQBQFMJNQPSUBOUFFOMBEJGVTJØOEFJOGPSNBDJØOTPCSFDVFTUJPOFTRVFUJFOFOSFQFSDVTJPOFTJNQPSUBOUFTFO
MBWJEBTPDJBMZDVMUVSBMPJODMVTPFDPOØNJDBEFMPTKØWFOFT
'VFOUF6*5 *OGPSNFTPCSFFM%FTBSSPMMP.VOEJBMEFMBT5FMFDPNVOJDBDJPOFT
TPDJFEBEFTRVFDPOGJHVSB GBWPSFDJFOEPQPSVOBQBSUF DJPOFT GBMTJGJDBDJPOFT JNJUBDJPOFT Z EJTJNVMBDJPOFT

MBUFOEFODJBBMBEFTQFSTPOBMJ[BDJØOZBMPMWJEPEFMB -PTGBDUPSFTRVFQSPQJDJBOMBGMVJEF[EFMPTJOUFSDBN
QSPQJBJEFOUJEBE ZDSFBOEPQPSPUSBQBSUFEJOÈNJDBT CJPTFOUSB×BOUBNCJÏOVOSJFTHPEFEFTJOGPSNBDJØO
RVFQFSNJUFOEFTNVMUJQMJDBSMBTJEFOUJEBEFTWJSUVBMFT -BDVFTUJØOEFMBJEFOUJEBEWBBTÓVOJEBBMBDVFTUJØO
EFDBEBJOEJWJEVPBMBNQBSPEFVOOÞNFSPDBTJJOGJ NÈTHFOFSBMEFMBBVUFOUJGJDBDJØOEFMBTQFSTPOBTZMPT
OJUP EF TFVEØOJNPT " FTUF SFTQFDUP DBCF TF×BMBS QSPWFFEPSFTEFTFSWJDJPT&TQSFWJTJCMFRVFFMFTUBCMF
RVFFTUÈFOHFTUBDJØOUPEBWÓBMBMFHJTMBDJØOTPCSFMBT DJNJFOUPEFOPSNBTEFBVUFOUJGJDBDJØOTFHVJSÈTJFOEP
JEFOUJEBEFTEJHJUBMFTZTVSFMBDJØODPOMBTJEFOUJEBEFT FOMPTB×PTWFOJEFSPTVOBDVFTUJØOFTFODJBM
TPDJBMFT&MBVHFEFMPWJSUVBMNVMUJQMJDBFMÈNCJUPEF 1PSÞMUJNP TFIBEFTF×BMBSRVFMBVUJMJ[BDJØO
MP QPTJCMF /P PCTUBOUF FYJTUF UBNCJÏO VO BTQFDUP EFEFUFSNJOBEBTJOGPSNBDJPOFTOPTFPSJFOUBSÈGPS[P
OFHBUJWPMBQPTJCJMJEBEDBEBWF[NBZPSEFBEVMUFSB TBNFOUF IBDJB FM DPOPDJNJFOUP QPS FM NFSP IFDIP
EFRVFTFBOBDDFTJCMFTFOMÓOFB&MDBNCJPTPDJBMEFM -B QFSUJOFODJB EF FTUB PCTFSWBDJØO OP TF MJNJUB B

RVFTPOQPSUBEPSBTMBTOVFWBTUFDOPMPHÓBTTØMPQVFEF MPTQBÓTFTEFM/PSUFEPOEFMBTPDJFEBEEFDPOTVNP
DPOEVDJS B MB BQBSJDJØO EF TPDJFEBEFT EFM DPOPDJ JNQFSB IBTUB FO FM ÈNCJUP DVMUVSBM ZB RVF BMHVOPT
NJFOUPFOEFUFSNJOBEBTDPOEJDJPOFT RVFUBMDPNPTF FTUVEJPTIBOQVFTUPEFNBOJGJFTUPRVFJODMVTPFOMPT
WFSÈNÈTBEFMBOUFTPOMBTRVFDBSBDUFSJ[BOMBBQBSJDJØO QBÓTFTEFM4VSTFEBVOBDPOTJEFSBCMFEJTQBSJEBEFO
EFBVUÏOUJDBTTPDJFEBEFTEFMBQSFOEJ[BKF6OBPCTFSWB MPTDPNQPSUBNJFOUPTFOMÓOFB*OUFSOFUQVFEF QPS
DJØOBUFOUBEFMBTiDVMUVSBTEJHJUBMFTwRVFIBOTVSHJEP DPOTJHVJFOUF DPOWFSUJSTFUBOUPFOVOJOTUSVNFOUPEF
DPOMBEJGVTJØOEFMBTOVFWBTUFDOPMPHÓBT FOFTQFDJBM MBFEJGJDBDJØOEFTPDJFEBEFTEFMDPOPDJNJFOUPDPNP
FOUSFMPTJOUFSOBVUBTNÈTKØWFOFT BCPOBSÓBNÈTCJFO FO VO MBCFSJOUP RVF QPESÓB DPOEVDJSOPT MFOUB QFSP
PUSB IJQØUFTJT NVDIP NFOPT IBMBHàF×B B TBCFS MB TFHVSBNFOUF IBDJBFTBTPDJFEBEEFMBEJWFSTJØODPO
BQBSJDJØOEFVOBTPDJFEBEEFMBEJWFSTJØOHFOFSBMJ[BEB UPEPTMPTJODPOWFOJFOUFTRVFFMMPQPESÓBFOUSB×BS
'VFOUFT
*OJDJBUJWB"GSJDBOBEFMB4PDJFEBEEFMB*OGPSNBDJØO
#BODP
.VOEJBM
#SVOFS +
$BTUFMMT .
$MBSL "

%BWJE 1 " Z 'PSBZ %
'MBIFSUZ %
'PSBZ %

(PPEZ +
(PS[ "
)BUBOP ( Z *OBHBLJ ,

)JNBOFO 1
)PPH &
*'-"*1"
-FTTJH -

.BOTFMM 3 Z8FIO 6
0$%&$&3* B Z C
1/6%

1SPFO[B ' + Z PUSPT
3JDVS 1
3PEPUË 4

4BTTFO 4
4DIVNQFUFS +"
4FSSFT .

4UFIS /
5VSLMF 4
Z 6/&4$0 B D E
ZF

$BQÓUVMP
-BTTPDJFEBEFTEFM
BQSFOEJ[BKF
%FTEF MPT USBCBKPT SFBMJ[BEPT QPS 3PCFSU )VUDIJOT QBSFDF IBCFS DPSSPCPSBEP FTB IJQØUFTJT &O

Z5PSTUFO)VTÏO
MBFYQSFTJØOiTPDJFEBE FOFMJOGPSNFEFMB$PNJTJØO*OUFSOBDJPOBMTPCSFMB
EFM BQSFOEJ[BKFw MFBSOJOH TPDJFUZ
TF SFGJFSF B VO &EVDBDJØO QBSB FM TJHMP99* QSFTJEJEB QPS +BDRVFT
OVFWPUJQPEFTPDJFEBEFOMBRVFMBBERVJTJDJØOEF %FMPST TF EFTUBDBCB IBTUB RVÏ QVOUP MBT OVFWBT
MPT DPOPDJNJFOUPT OP FTUÈ DPOGJOBEB FO MBT JOTUJUV UFDOPMPHÓBT EF MB JOGPSNBDJØO QVFEFO DPOUSJCVJS B
DJPOFT FEVDBUJWBT FO FM FTQBDJP
OJ TF MJNJUB B MB VOBBDUVBMJ[BDJØOQFSNBOFOUFEFMBTDPNQFUFODJBT
GPSNBDJØOJOJDJBM FOFMUJFNQP
&OVONVOEPDBEB QFSTPOBMFTZQSPGFTJPOBMFT&OVONPNFOUPFORVF
WF[ NÈT DPNQMFKP FO FM RVF UPEP JOEJWJEVP QVFEF MBT NVUBDJPOFT DBEB WF[ NÈT SÈQJEBT DVFTUJPOBO
WFSTF PCMJHBEP B FKFSDFS WBSJBT QSPGFTJPOFT FO FM MPT BOUJHVPT NPEFMPT Z DPCSBO VOB JNQPSUBODJB
USBOTDVSTP EF TV FYJTUFODJB FT JOEJTQFOTBCMF TFHVJS DSFDJFOUFFMiBQSFOEFSIBDJFOEPw MFBSOJOHCZEPJOH

BQSFOEJFOEPBMPMBSHPEFUPEBMBWJEB"MUJFNQPRVF ZMBDBQBDJEBEQBSBJOOPWBS MBEJOÈNJDBDPHOJUJWBEF
TF BSSBJHBCB MB OPDJØO EF TPDJFEBE EFM BQSFOEJ[BKF OVFTUSBTTPDJFEBEFTTFIBDPOWFSUJEPFOVOBDVFT
1FUFS%SVDLFS
EJBHOPTUJDØMBBQBSJDJØOEFVOB UJØODSVDJBM&MNPEFMPEFMBQSFOEJ[BKFTFIBEJGVO
TPDJFEBEEFMDPOPDJNJFOUP LOPXMFEHFTPDJFUZ
FOMB EJEPNVDIPNÈTBMMÈEFMVOJWFSTPEFMPTFEVDBEPSFT
RVF MP NÈT JNQPSUBOUF FT iBQSFOEFS B BQSFOEFSw ZIBQFOFUSBEPFOUPEPTMPTQPSPTEFMBWJEBFDPOØ
&TUB OVFWB DPODFQDJØO EF MB FEVDBDJØO TF FYQVTP NJDBZTPDJBM)PZFOEÓBTFBENJUFDBEBWF[NÈTMB
DBTJ TJNVMUÈOFBNFOUF FO FM *OGPSNF 'BVSF FO OFDFTJEBEEFSFGPS[BSMBEJNFOTJØOFEVDBUJWBoPiEF
EPOEFTFEFDÓBRVFiMBFEVDBDJØOIBEFKBEPEFTFS BQSFOEJ[BKFwoEFDVBMRVJFSPSHBOJ[BDJØO TFBPOPEF
FM QSJWJMFHJP EF VOB FMJUF Z EF FTUBS WJODVMBEB B VOB DBSÈDUFS DPNFSDJBM " FTUF SFTQFDUP FT JNQPSUBOUF
EFUFSNJOBEBFEBEUJFOEFBTFSDPFYUFOTJWBBMBWF[ TF×BMBS RVF FM QSPHSFTP EF FTUF NPEFMP DPJODJEF
DPOMBUPUBMJEBEEFMBDPNVOJEBEZDPOMBEVSBDJØOEF DPOFMEFMBJOOPWBDJØOFOUPEPTMPTÈNCJUPTEFMB
MBFYJTUFODJBEFMJOEJWJEVPw BDUJWJEBEIVNBOB
&OFTPTFTUVEJPTQVCMJDBEPTBQSJODJQJPTEFM "IPSB CJFO {RVÏ TBCFNPT EFM BQSFOEJ[BKF
EFDFOJP EF ZB OP TF DFOUSBCB MB BUFODJØO FO SFBMNFOUF {-PT QSPHSFTPT SFDJFOUFT FO NBUFSJB EF
RVJFOFTQPTFFOFMDPOPDJNJFOUP TJOPNÈTCJFOFO BQSFOEJ[BKFZMPTBEFMBOUPTEFMBTDJFODJBTDPHOJUJWBTTF
BRVFMMPT RVF USBUBO EF BERVJSJSMP FO MPT TJTUFNBT QMBTNBSÈOBMHÞOEÓBFOQSÈDUJDBTDPODSFUBTZFGJDBDFT
GPSNBMFT EF FEVDBDJØO Z FO MBT BDUJWJEBEFT QSPGF &TPTQSPHSFTPTOPTFMJNJUBSÈOBMBQFEBHPHÓBFTDPMBS
TJPOBMFT P NFEJBOUF MB FEVDBDJØO OP GPSNBM F ZBRVFUPEPTMPTDFOUSPTZNFEJPTEFDPOPDJNJFOUP
JOGPSNBM FO MB RVF MB QSFOTB Z MPT NFEJPT BVEJPWJ oRVF UBNCJÏO FTUÈO FO QMFOB NVUBDJØOo EFCFSÈO
TVBMFT EFTFNQF×BO VO QBQFM JNQPSUBOUF &M EFTB CFOFGJDJBSTF EF FMMPT UBOUP FO MPT QBÓTFT EFM /PSUF
SSPMMP EF VOB TPDJFEBE NVOEJBM EF MB JOGPSNBDJØO DPNPFOMPTEFM4VS

Sociedades en Redes PDF

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sociedades en Redes PDF

Uploaded by

Copyright:

Available Formats

$BQÓUVMP

{&TUBNPTQSFTFODJBOEPVOBOVFWBSFWPMVDJØOJOEVT SFEFT %F IFDIP MB DSFDJFOUF EFTNBUFSJBMJ[BDJØO EFM

NJUBDJØO oQBSB FGFDUVBS FM EJTUJOHP QSPQVFTUP QPS EFMWBMPSEFVOBJEFBPVOBJOOPWBDJØOoFTEFDJS VO

-BTJOJDJBUJWBTEFMB6/&4$0FOFTUFÈNCJUP QPSFKFNQMP FMQSPHSBNB%JHJ"SUT

&TUPTOVFWPTTPQPSUFTDPOEVDFO FOEFGJOJUJWB BVOBOVFWBEFGJOJDJØOEFMBOPDJØOEFQBUSJNPOJP&OFGFDUP EF

TPDJFEBEFTRVFDPOGJHVSB GBWPSFDJFOEPQPSVOBQBSUF DJPOFT GBMTJGJDBDJPOFT JNJUBDJPOFT Z EJTJNVMBDJPOFT

EFRVFTFBOBDDFTJCMFTFOMÓOFB&MDBNCJPTPDJBMEFM -B QFSUJOFODJB EF FTUB PCTFSWBDJØO OP TF MJNJUB B

You might also like

Sociedades en Redes PDF

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Sociedades en Redes PDF

Uploaded by

Copyright:

Available Formats

$BQÓUVMP

{&TUBNPTQSFTFODJBOEPVOBOVFWBSFWPMVDJØOJOEVT SFEFT %F IFDIP MB DSFDJFOUF EFTNBUFSJBMJ[BDJØO EFM

NJUBDJØO oQBSB FGFDUVBS FM EJTUJOHP QSPQVFTUP QPS EFMWBMPSEFVOBJEFBPVOBJOOPWBDJØOoFTEFDJS VO

-BTJOJDJBUJWBTEFMB6/&4$0FOFTUFÈNCJUP QPSFKFNQMP FMQSPHSBNB%JHJ"SUT

&TUPTOVFWPTTPQPSUFTDPOEVDFO FOEFGJOJUJWB BVOBOVFWBEFGJOJDJØOEFMBOPDJØOEFQBUSJNPOJP&OFGFDUP EF

     

   

TPDJFEBEFTRVFDPOGJHVSB GBWPSFDJFOEPQPSVOBQBSUF DJPOFT GBMTJGJDBDJPOFT JNJUBDJPOFT Z EJTJNVMBDJPOFT

EFRVFTFBOBDDFTJCMFTFOMÓOFB&MDBNCJPTPDJBMEFM -B QFSUJOFODJB EF FTUB PCTFSWBDJØO OP TF MJNJUB B

You might also like

$BQÓUVMP

{&TUBNPTQSFTFODJBOEPVOBOVFWBSFWPMVDJØOJOEVT SFEFT %F IFDIP MB DSFDJFOUF EFTNBUFSJBMJ[BDJØO EFM

&TUPTOVFWPTTPQPSUFTDPOEVDFO FOEFGJOJUJWB BVOBOVFWBEFGJOJDJØOEFMBOPDJØOEFQBUSJNPOJP&OFGFDUP EF

TPDJFEBEFTRVFDPOGJHVSB GBWPSFDJFOEPQPSVOBQBSUF DJPOFT GBMTJGJDBDJPOFT JNJUBDJPOFT Z EJTJNVMBDJPOFT

EFRVFTFBOBDDFTJCMFTFOMÓOFB&MDBNCJPTPDJBMEFM -B QFSUJOFODJB EF FTUB PCTFSWBDJØO OP TF MJNJUB B