Docsity
Docsity

Prepara tus exámenes
Prepara tus exámenes

Prepara tus exámenes y mejora tus resultados gracias a la gran cantidad de recursos disponibles en Docsity


Consigue puntos base para descargar
Consigue puntos base para descargar

Gana puntos ayudando a otros estudiantes o consíguelos activando un Plan Premium


Orientación Universidad
Orientación Universidad


derftr, Ejercicios de Ciencia de la administración

Asignatura: administración pública, Profesor: Erika Jaraiz Gulias, Carrera: Ciencias Políticas y de la Administración, Universidad: USC

Tipo: Ejercicios

2017/2018

Subido el 19/06/2018

anton1416
anton1416 🇪🇸

4.5

(4)

13 documentos

1 / 45

Toggle sidebar

Esta página no es visible en la vista previa

¡No te pierdas las partes importantes!

bg1
Descargado en:
patatabrava.com
DERECHO (USC)
LEY ORGANICA
, ANONIMO/A 07-08
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19
pf1a
pf1b
pf1c
pf1d
pf1e
pf1f
pf20
pf21
pf22
pf23
pf24
pf25
pf26
pf27
pf28
pf29
pf2a
pf2b
pf2c
pf2d

Vista previa parcial del texto

¡Descarga derftr y más Ejercicios en PDF de Ciencia de la administración solo en Docsity!

Descargado en:

patatabrava .com

DERECHO (USC)

LEY ORGANICA

, ANONIMO/A 07-

&M1MFOPEFM$POHSFTPEFMPT%JQVUBEPT FOTV

TFTJÓOEFMQBTBEPEÎBEFEJDJFNCSFEF IB

BQSPCBEP DPOFMUFYUPRVFTFJOTFSUBBDPOUJOVBDJÓOZ

EFDPOGPSNJEBEDPOMPFTUBCMFDJEPFOFMBSUÎDVMPEF

MB$POTUJUVDJÓO FM1SPZFDUPEF-FZ0SHÃOJDBQBSBMB

JHVBMEBEFGFDUJWBEFNVKFSFTZIPNCSFT

4FPSEFOBMBQVCMJDBDJÓOFODVNQMJNJFOUPEFMPQSF

WJTUPFOFMBSUÎDVMPEFM3FHMBNFOUPEFMB$ÃNBSB

1BMBDJPEFM$POHSFTPEFMPT%JQVUBEPT EF

EJDJFNCSFEF‡1%&M4FDSFUBSJP(FOFSBMEFM

$POHSFTPEFMPT%JQVUBEPT  .BOVFM"MCB/BWBSSP

1SFÃNCVMP

&MBSUÎDVMPEFMB$POTUJUVDJÓOFTQBÒPMBQSPDMBNB

FMEFSFDIPBMBJHVBMEBEZBMBOPEJTDSJNJOBDJÓOQPS

SB[ÓOEFTFYP1PSTVQBSUF FMBSUÎDVMPDPOTBHSBMB

PCMJHBDJÓOEFMPTQPEFSFTQÙCMJDPTEFQSPNPWFSMBT

DPOEJDJPOFTQBSBRVFMBJHVBMEBEEFMJOEJWJEVPZEFMBT

BHSVQBDJPOFTFORVFTFJOUFHSBTFBOSFBMFTZFGFDUJWBT

-BJHVBMEBEFOUSFNVKFSFTZIPNCSFTFTVOQSJODJ 

QJPKVSÎEJDPVOJWFSTBMSFDPOPDJEPFOEJWFSTPTUFYUPT

JOUFSOBDJPOBMFTTPCSFEFSFDIPTIVNBOPT FOUSFMPTRVF

EFTUBDBMB$POWFODJÓOTPCSFMBFMJNJOBDJÓOEFUPEBTMBT

GPSNBTEFEJTDSJNJOBDJÓODPOUSBMBNVKFS BQSPCBEBQPS

MB"TBNCMFB(FOFSBMEF/BDJPOFT6OJEBTFOEJDJFNCSF

EFZSBUJGJDBEBQPS&TQBÒBFO&OFTUFNJTNP

ÃNCJUPQSPDFEFFWPDBSMBDFMFCSBDJÓOEFDPOGFSFODJBT

NVOEJBMFTNPOPHSÃGJDBT DPNPMBEF/BJSPCJEFZ

#FJKJOHEF

-BJHVBMEBEFT BTJNJTNP VOQSJODJQJPGVOEBNFOUBM

FOMB6OJÓO&VSPQFB%FTEFMBFOUSBEBFOWJHPSEFM5SB

UBEPEF¦NTUFSEBN FMEFNBZPEF MBJHVBMEBE

FOUSFNVKFSFTZIPNCSFTZMBFMJNJOBDJÓOEFMBTEFT 

JHVBMEBEFTFOUSFVOBTZPUSPTTPOVOPCKFUJWPRVFEFCF

JOUFHSBSTFFOUPEBTMBTQPMÎUJDBTZBDDJPOFTEFMB6OJÓO

ZEFTVTNJFNCSPT

$POBNQBSPFOFMBOUJHVPBSUÎDVMPEFM5SBUBEP

EF3PNB TFIBEFTBSSPMMBEPVOBDFSWPDPNVOJUBSJP

TPCSFJHVBMEBEEFTFYPTEFHSBOBNQMJUVEFJNQPSUBOUF

DBMBEP BDVZBBEFDVBEBUSBOTQPTJDJÓOTFEJSJHF FO

CVFOBNFEJEB MBQSFTFOUF-FZ&OQBSUJDVMBS FTUB-FZ

JODPSQPSBBMPSEFOBNJFOUPFTQBÒPMEPTEJSFDUJWBTFO

NBUFSJBEFJHVBMEBEEFUSBUP MB$& EFSFGPSNB

EFMB%JSFDUJWB$&& SFMBUJWBBMBBQMJDBDJÓOEFM

QSJODJQJPEFJHVBMEBEEFUSBUPFOUSFIPNCSFTZNVKFSFT

FOMPRVFTFSFGJFSFBMBDDFTPBMFNQMFP BMBGPSNBDJÓOZ

BMBQSPNPDJÓOQSPGFTJPOBMFT ZBMBTDPOEJDJPOFTEF

USBCBKPZMB%JSFDUJWB$& TPCSFBQMJDBDJÓO

EFMQSJODJQJPEFJHVBMEBEEFUSBUPFOUSFIPNCSFTZNVKF

SFTFOFMBDDFTPBCJFOFTZTFSWJDJPTZTVTVNJOJTUSP

&MQMFOPSFDPOPDJNJFOUPEFMBJHVBMEBEGPSNBMBOUF

MBMFZ BÙOIBCJFOEPDPNQPSUBEP TJOEVEB VOQBTP

EFDJTJWP IBSFTVMUBEPTFSJOTVGJDJFOUF-BWJPMFODJBEF

HÊOFSP MBEJTDSJNJOBDJÓOTBMBSJBM MBEJTDSJNJOBDJÓOFO

MBTQFOTJPOFTEFWJVEFEBE FMNBZPSEFTFNQMFPGFNF 

4FSJF" 130:&$504%&-&:^ EFFOFSPEF^ /ÙN

"130#"$¶/103&-1-&/*

0SHÃOJDBQBSBMBJHVBMEBEFGFDUJWBEFNVKFSFTZIPNCSFT

TJUVÃOEPMBTFOFMNBSDPEFMBOFHPDJBDJÓODPMFDUJWB 

QBSBRVFTFBOMBTQBSUFT MJCSFZSFTQPOTBCMFNFOUF MBT

RVFBDVFSEFOTVDPOUFOJEP

%FOUSPEFMNJTNPÃNCJUPEFMFNQMFP QFSPDPO

DBSBDUFSÎTUJDBTQSPQJBT TFDPOTJHOBOFOMB-FZNFEJEBT

FTQFDÎGJDBTTPCSFMPTQSPDFTPTEFTFMFDDJÓOZQBSBMB

QSPWJTJÓOEFQVFTUPTEFUSBCBKPFOFMTFOPEFMB"ENJ 

OJTUSBDJÓO(FOFSBMEFM&TUBEP:MBQSPZFDDJÓOEFMB

JHVBMEBETFFYUJFOEFBMBT'VFS[BTZ$VFSQPTEF4FHVSJ

EBEZBMBT'VFS[BT"SNBEBT

%FMBQSFPDVQBDJÓOQPSFMBMDBODFEFMBJHVBMEBE

FGFDUJWBFOOVFTUSBTPDJFEBEOPQPEÎBRVFEBSGVFSBFM

ÃNCJUPEFMBQBSUJDJQBDJÓOQPMÎUJDB UBOUPFOTVOJWFM

FTUBUBMDPNPFOMPTOJWFMFTBVUPOÓNJDPZMPDBM BTÎ

DPNPFOTVQSPZFDDJÓOEFQPMÎUJDBJOUFSOBDJPOBMEF

DPPQFSBDJÓOQBSBFMEFTBSSPMMP&MMMBNBEPFOMB-FZ

QSJODJQJPEFQSFTFODJBPDPNQPTJDJÓOFRVJMJCSBEB DPO

FMRVFTFUSBUBEFBTFHVSBSVOBSFQSFTFOUBDJÓOTVGJDJFO 

UFNFOUFTJHOJGJDBUJWBEFBNCPTTFYPTFOÓSHBOPTZDBS

HPTEFSFTQPOTBCJMJEBE TFMMFWBBTÎUBNCJÊOBMBOPSNB

UJWBSFHVMBEPSBEFMSÊHJNFOFMFDUPSBMHFOFSBM PQUBOEP

QPSVOBGÓSNVMBDPOMBGMFYJCJMJEBEBEFDVBEBQBSBDPO

DJMJBSMBTFYJHFODJBTEFSJWBEBTEFMPTBSUÎDVMPTZ

EFMB$POTUJUVDJÓODPOMBTQSPQJBTEFMEFSFDIPEFTVGSB

HJPQBTJWPJODMVJEPFOFMBSUÎDVMPEFMNJTNPUFYUP

DPOTUJUVDJPOBM4FBTVNFOBTÎMPTSFDJFOUFTUFYUPTJOUFS

OBDJPOBMFTFOMBNBUFSJBZTFBWBO[BFOFMDBNJOPEF

HBSBOUJ[BSVOBQSFTFODJBFRVJMJCSBEBEFNVKFSFTZIPN

CSFTFOFMÃNCJUPEFMBSFQSFTFOUBDJÓOQBSMBNFOUBSJB 

DPOFMPCKFUJWPGVOEBNFOUBMEFNFKPSBSMBDBMJEBEEF

FTBSFQSFTFOUBDJÓOZDPOFMMBEFOVFTUSBQSPQJBEFNP 

DSBDJB

-B-FZTFFTUSVDUVSBFOVO5ÎUVMPQSFMJNJOBS PDIP

5ÎUVMPT WFJOUJTJFUF%JTQPTJDJPOFT"EJDJPOBMFT OVFWF

%JTQPTJDJPOFT5SBOTJUPSJBT VOB%JTQPTJDJÓO%FSPHBUP 

SJBZTJFUF%JTQPTJDJPOFT'JOBMFT

&M5ÎUVMP1SFMJNJOBSFTUBCMFDFFMPCKFUPZFMÃNCJUP

EFBQMJDBDJÓOEFMB-FZ

&M5ÎUVMP1SJNFSPEFGJOF TJHVJFOEPMBTJOEJDBDJPOFT

EFMBT%JSFDUJWBTEFSFGFSFODJB MPTDPODFQUPTZDBUFHP

SÎBTKVSÎEJDBTCÃTJDBTSFMBUJWBTBMBJHVBMEBE DPNPMBT

EFEJTDSJNJOBDJÓOEJSFDUBFJOEJSFDUB BDPTPTFYVBMZ

BDPTPQPSSB[ÓOEFTFYP ZBDDJPOFTQPTJUJWBT"TJNJT 

NP EFUFSNJOBMBTDPOTFDVFODJBTKVSÎEJDBTEFMBTDPO 

EVDUBTEJTDSJNJOBUPSJBTFJODPSQPSBHBSBOUÎBTEFDBSÃD 

UFSQSPDFTBMQBSBSFGPS[BSMBQSPUFDDJÓOKVEJDJBMEFM

EFSFDIPEFJHVBMEBE

&OFM5ÎUVMP4FHVOEPTFFTUBCMFDFOMBTQBVUBTHFOF

SBMFTEFBDUVBDJÓOEFMPTQPEFSFTQÙCMJDPTFOSFMBDJÓO

DPOMBJHVBMEBE TFEFGJOFFMQSJODJQJPEFUSBOTWFSTBMJ 

EBEZMPTJOTUSVNFOUPTQBSBTVJOUFHSBDJÓOFOMBFMBCP 

SBDJÓO FKFDVDJÓOZBQMJDBDJÓOEFMBTOPSNBT5BNCJÊO

TFDPOTBHSBFMQSJODJQJPEFQSFTFODJBFRVJMJCSBEBEF

NVKFSFTZIPNCSFTFOMPTOPNCSBNJFOUPTSFBMJ[BEPT

QPSMPTQPEFSFTQÙCMJDPT DPOMBTDPOTJHVJFOUFTNPEJGJ

DBDJPOFTFOMBT%JTQPTJDJPOFTBEJDJPOBMFTEFMB-FZ

&MFDUPSBM SFHVMÃOEPTF BTJNJTNP MPTJOGPSNFTEF

JNQBDUPEFHÊOFSPZMBQMBOJGJDBDJÓOQÙCMJDBEFMBT

BDDJPOFTFOGBWPSEFMBJHVBMEBE RVFFOMB"ENJOJTUSB

DJÓO(FOFSBMEFM&TUBEPTFQMBTNBSÃOFOVO1MBO&TUSB

UÊHJDPEF*HVBMEBEEF0QPSUVOJEBEFT

&OFM$BQÎUVMP**EFFTUF5ÎUVMPTFFTUBCMFDFOMPT

DSJUFSJPTEFPSJFOUBDJÓOEFMBTQPMÎUJDBTQÙCMJDBTFO

NBUFSJBEFFEVDBDJÓO DVMUVSBZTBOJEBE5BNCJÊOTF

DPOUFNQMBMBQSPNPDJÓOEFMBJODPSQPSBDJÓOEFMBT

NVKFSFTBMBTPDJFEBEEFMBJOGPSNBDJÓO MBJODMVTJÓOEF

NFEJEBTEFFGFDUJWJEBEEFMBJHVBMEBEFOMBTQPMÎUJDBT

EFBDDFTPBMBWJWJFOEB ZFOMBTEFEFTBSSPMMPEFMNFEJP

SVSBM

&M5ÎUVMP***DPOUJFOFNFEJEBTEFGPNFOUPEFMB

JHVBMEBEFOMPTNFEJPTEFDPNVOJDBDJÓOTPDJBM DPO

SFHMBTFTQFDÎGJDBTQBSBMPTEFUJUVMBSJEBEQÙCMJDB BTÎ

DPNPJOTUSVNFOUPTEFDPOUSPMEFMPTTVQVFTUPTEF

QVCMJDJEBEEFDPOUFOJEPEJTDSJNJOBUPSJP

&M5ÎUVMP*7TFPDVQBEFMEFSFDIPBMUSBCBKPFO

JHVBMEBEEFPQPSUVOJEBEFT JODPSQPSBOEPNFEJEBTQBSB

HBSBOUJ[BSMBJHVBMEBEFOUSFNVKFSFTZIPNCSFTFOFM

BDDFTPBMFNQMFP FOMBGPSNBDJÓOZFOMBQSPNPDJÓO

QSPGFTJPOBMFT ZFOMBTDPOEJDJPOFTEFUSBCBKP4FJODMV

ZFBEFNÃT FOUSFMPTEFSFDIPTMBCPSBMFTEFMPTUSBCBKB 

EPSFTZMBTUSBCBKBEPSBT MBQSPUFDDJÓOGSFOUFBMBDPTP

TFYVBMZBMBDPTPQPSSB[ÓOEFTFYP

"EFNÃTEFMEFCFSHFOFSBMEFMBTFNQSFTBTEFSFTQF

UBSFMQSJODJQJPEFJHVBMEBEFOFMÃNCJUPMBCPSBM TF

DPOUFNQMB FTQFDÎGJDBNFOUF FMEFCFSEFOFHPDJBSQMB 

OFTEFJHVBMEBEFOMBTFNQSFTBTEFNÃTEFEPTDJFOUPT

DJODVFOUBUSBCBKBEPSFT-BSFMFWBODJBEFMJOTUSVNFOUP

EFMPTQMBOFTEFJHVBMEBEFYQMJDBUBNCJÊOMBQSFWJTJÓO

EFMGPNFOUPEFTVJNQMBOUBDJÓOWPMVOUBSJBFOMBT

QFRVFÒBTZNFEJBOBTFNQSFTBT

1BSBGBWPSFDFSMBJODPSQPSBDJÓOEFMBTNVKFSFTBM

NFSDBEPEFUSBCBKP TFFTUBCMFDFVOPCKFUJWPEFNFKPSB

EFMBDDFTPZMBQFSNBOFODJBFOFMFNQMFPEFMBTNVKF 

SFT QPUFODJBOEPTVOJWFMGPSNBUJWPZTVBEBQUBCJMJEBEB

MPTSFRVFSJNJFOUPTEFMNFSDBEPEFUSBCBKPNFEJBOUFTV

QPTJCMFDPOTJEFSBDJÓODPNPDPMFDUJWPQSJPSJUBSJPEFMBT

QPMÎUJDBTBDUJWBTEFFNQMFP

-BNFEJEBNÃTJOOPWBEPSBQBSBGBWPSFDFSMBDPODJ 

MJBDJÓOEFMBWJEBQFSTPOBM GBNJMJBSZMBCPSBMFTFMQFS 

NJTPEFQBUFSOJEBEEFPDIPEÎBTEFEVSBDJÓO BNQMJBCMF

FODBTPEFQBSUPNÙMUJQMFFOEPTEÎBTNÃTQPSDBEBIJKP

BQBSUJSEFMTFHVOEP4FUSBUBEFVOEFSFDIPJOEJWJEVBMZ

FYDMVTJWPEFMQBESF RVFTFSFDPOPDFUBOUPFOMPT

TVQVFTUPTEFQBUFSOJEBECJPMÓHJDBDPNPFOMPTEFBEPQ

DJÓOZBDPHJNJFOUP5BNCJÊOTFJOUSPEVDFONFKPSBTFO

FMBDUVBMQFSNJTPEFNBUFSOJEBE BNQMJÃOEPMPFOEPT

TFNBOBTQBSBMPTTVQVFTUPTEFIJKPPIJKBEJTDBQBDJUB 

EPT QVEJFOEPIBDFSVTPEFFTUBBNQMJBDJÓOJOEJTUJOUB 

NFOUFFMQBESFPMBNBESF

&OSFMBDJÓODPOMBSFEVDDJÓOEFKPSOBEBQPSHVBSEB

MFHBMTFBNQMÎB QPSVOBQBSUF MBFEBENÃYJNBEFM

NFOPSRVFEBEFSFDIPBMBSFEVDDJÓO RVFQBTBEFTFJTB

PDIPBÒPT ZTFSFEVDF QPSPUSB BVOPDUBWPEFMBKPS 

OBEBFMMÎNJUFNÎOJNPEFEJDIBSFEVDDJÓO5BNCJÊOTF

SFEVDFBDVBUSPNFTFTMBEVSBDJÓONÎOJNBEFMBFYDF 

EFODJBWPMVOUBSJBZTFBNQMÎBEFVOPBEPTBÒPTMBEVSB

DJÓONÃYJNBEFMBFYDFEFODJBQBSBFMDVJEBEPEFGBNJ

MJBSFT4FSFDPOPDFMBQPTJCJMJEBEEFRVFUBOUPMB

FYDFEFODJBQPSDVJEBEPEFIJKPDPNPMBEFQPSDVJEBEP

EFGBNJMJBSFTQVFEBOEJTGSVUBSTFEFGPSNBGSBDDJPOBEB

"TJNJTNP TFBEBQUBOMBTJOGSBDDJPOFTZTBODJPOFTZ

MPTNFDBOJTNPTEFDPOUSPMEFMPTJODVNQMJNJFOUPTFO

NBUFSJBEFOPEJTDSJNJOBDJÓO ZTFSFGVFS[BFMQBQFMEF

MB*OTQFDDJÓOEF5SBCBKPZ4FHVSJEBE4PDJBM&TQBSUJ 

DVMBSNFOUFOPWFEPTB FOFTUFÃNCJUP MBQPTJCJMJEBEEF

DPONVUBSTBODJPOFTBDDFTPSJBTQPSFMFTUBCMFDJNJFOUP

EF1MBOFTEF*HVBMEBE

-BTNPEJGJDBDJPOFTFONBUFSJBMBCPSBMDPNQPSUBOMB

JOUSPEVDDJÓOEFBMHVOBTOPWFEBEFTFOFMÃNCJUPEF

4FHVSJEBE4PDJBM SFDPHJEBTFOMBT%JTQPTJDJPOFTBEJ 

DJPOBMFTEFMB-FZ&OUSFFMMBTEFCFOEFTUBDBSTFFTQF 

DJBMNFOUFMBGMFYJCJMJ[BDJÓOEFMPTSFRVJTJUPTEFDPUJ[B 

DJÓOQSFWJBQBSBFMBDDFTPBMBQSFTUBDJÓOEFNBUFSOJEBE 

FMSFDPOPDJNJFOUPEFVOOVFWPTVCTJEJPQPSMBNJTNB

DBVTBQBSBUSBCBKBEPSBTRVFOPBDSFEJUFOEJDIPTSFRVJ 

TJUPTPMBDSFBDJÓOEFMBQSFTUBDJÓOFDPOÓNJDBQPS

QBUFSOJEBE

&M5ÎUVMP7SFHVMBFMQSJODJQJPEFJHVBMEBEFOFM

FNQMFPQÙCMJDP FTUBCMFDJÊOEPTFMPTDSJUFSJPTHFOFSBMFT

EFBDUVBDJÓOFOGBWPSEFMBJHVBMEBEQBSBFMDPOKVOUPEF

MBT"ENJOJTUSBDJPOFTQÙCMJDBTZMBQSFTFODJBFRVJMJCSB

EBEFNVKFSFTZIPNCSFTFOMPTOPNCSBNJFOUPTEF

ÓSHBOPTEJSFDUJWPTEFMB"ENJOJTUSBDJÓO(FOFSBMEFM

&TUBEP RVFTFBQMJDBUBNCJÊOBMPTÓSHBOPTEFTFMFD 

DJÓOZWBMPSBDJÓOEFMQFSTPOBMZFOMBTEFTJHOBDJPOFT

EFNJFNCSPTEFÓSHBOPTDPMFHJBEPT DPNJUÊTZDPOTF 

KPTEFBENJOJTUSBDJÓOEFFNQSFTBTFODVZBDBQJUBMQBS 

UJDJQFEJDIB"ENJOJTUSBDJÓO&M$BQÎUVMP***EFFTUF

5ÎUVMPTFEFEJDBBMBTNFEJEBTEFJHVBMEBEFOFMFNQMFP

FOFMÃNCJUPEFMB"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEP 

FOTFOUJEPBOÃMPHPBMPQSFWJTUPQBSBMBTSFMBDJPOFTEF

USBCBKPFOFMTFDUPSQSJWBEP ZDPOMBQSFWJTJÓOFTQFDÎGJ

DBEFMNBOEBUPEFBQSPCBDJÓOEFVOQSPUPDPMPEFBDUVB

DJÓOGSFOUFBMBDPTPTFYVBMZQPSSB[ÓOEFTFYP

&OFTUF5ÎJUVMP7TFSFHVMB EFGPSNBFTQFDÎGJDB FM

SFTQFUPEFMQSJODJQJPEFJHVBMEBEFOMBT'VFS[BT

"SNBEBTZFOMBT'VFS[BTZ$VFSQPTEF4FHVSJEBEEFM

&TUBEP

&M5ÎUVMP7*EFMB-FZFTUÃEFEJDBEPBMBJHVBMEBEEF

USBUPFOFMBDDFTPBCJFOFTZTFSWJDJPT DPOFTQFDJBM

SFGFSFODJBBMPTTFHVSPT

&M5ÎUVMP7**DPOUFNQMBMBQPTJCJMJEBEEFSFBMJ[B 

DJÓOWPMVOUBSJBEFBDDJPOFTEFSFTQPOTBCJMJEBETPDJBM

QPSMBTFNQSFTBTFONBUFSJBEFJHVBMEBE RVFQVFEFO

TFSUBNCJÊOPCKFUPEFDPODJFSUPDPOMBSFQSFTFOUBDJÓO

EFMPTUSBCBKBEPSFT MBTPSHBOJ[BDJPOFTEFDPOTVNJEP 

SFT MBTBTPDJBDJPOFTEFEFGFOTBEFMBJHVBMEBEPMPT

PSHBOJTNPTEFJHVBMEBE&TQFDÎGJDBNFOUF TFSFHVMBFM

VTPEFFTUBTBDDJPOFTDPOGJOFTQVCMJDJUBSJPT

&OFTUF5ÎUVMP ZFOFMNBSDPEFMBSFTQPOTBCJMJEBE

TPDJBMDPSQPSBUJWB TFIBJODMVJEPFMGPNFOUPEFMBQSF

TFODJBFRVJMJCSBEBEFNVKFSFTZIPNCSFTFOMPTDPOTF 

KPTEFBENJOJTUSBDJÓOEFMBTTPDJFEBEFTNFSDBOUJMFT 

DPODFEJFOEPQBSBFMMPVOQMB[PSB[POBCMF&TGJOBMJEBE

EFFTUBNFEJEBRVFFMDSJUFSJPQSFWBMFOUFFOMBJODPSQP

SBDJÓOEFDPOTFKFSPTTFBFMUBMFOUPZFMSFOEJNJFOUP

QSPGFTJPOBM ZBRVF QBSBRVFFMQSPDFTPFTUÊQSFTJEJEP

QPSFMDSJUFSJPEFJNQBSDJBMJEBE FMTFYPOPEFCFDPOTUJ

UVJSVOPCTUÃDVMPDPNPGBDUPSEFFMFDDJÓO

&M5ÎUVMP7***EFMB-FZFTUBCMFDFVOBTFSJFEFEJT 

QPTJDJPOFTPSHBOJ[BUJWBT DPOMBDSFBDJÓOEFVOB$PNJ

TJÓOOUFSNJOJTUFSJBMEFHVBMEBEFOUSFNVKFSFTZIPN 

CSFTZEFMBT6OJEBEFTEF*HVBMEBEFODBEB.JOJTUFSJP

+VOUPBMPBOUFSJPS MB-FZDPOTUJUVZFVO$POTFKPEF

QBSUJDJQBDJÓOEFMBNVKFS DPNPÓSHBOPDPMFHJBEPRVF

IBEFTFSWJSEFDBVDFQBSBMBQBSUJDJQBDJÓOJOTUJUVDJPOBM

FOFTUBTNBUFSJBT

$PNPTFFYQVTPBOUFSJPSNFOUF MBT%JTQPTJDJPOFT

BEJDJPOBMFTSFDPHFOMBTEJWFSTBTNPEJGJDBDJPOFTEF

QSFDFQUPTEF-FZFTWJHFOUFTOFDFTBSJBTQBSBTVBDPNP

EBDJÓOBMBTFYJHFODJBTZQSFWJTJPOFTEFSJWBEBTEFMB

QSFTFOUF-FZ+VOUPBFTUBTNPEJGJDBDJPOFTEFMPSEFOB 

NJFOUP TFJODMVZFOUBNCJÊOSFHVMBDJPOFTFTQFDÎGJDBT

QBSBEFGJOJSFMQSJODJQJPEFDPNQPTJDJÓOPQSFTFODJB

FRVJMJCSBEB DSFBSVOGPOEPFONBUFSJBEFTPDJFEBEEF

MBJOGPSNBDJÓO OVFWPTTVQVFTUPTEFOVMJEBEEFEFUFS 

NJOBEBTFYUJODJPOFTEFMBSFMBDJÓOMBCPSBM EFTJHOBSBM

*OTUJUVUPEFMB.VKFSBFGFDUPTEFMBT%JSFDUJWBTPCKFUP

EFJODPSQPSBDJÓO

-BT%JTQPTJDJPOFTUSBOTJUPSJBTFTUBCMFDFOFMSÊHJ 

NFOBQMJDBCMFUFNQPSBMNFOUFBEFUFSNJOBEPTBTQFDUPT

EFMB-FZ DPNPMPTSFMBUJWPTBOPNCSBNJFOUPTZQSP 

DFEJNJFOUPT NFEJEBTQSFWFOUJWBTEFMBDPTPFOMB

"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEP FMEJTUJOUJWP

FNQSFTBSJBMFONBUFSJBEFJHVBMEBE MBTUBCMBTEFNPS 

UBMJEBEZTVQFSWJWFODJB MPTOVFWPTEFSFDIPTEFNBUFS 

OJEBEZQBUFSOJEBE MBDPNQPTJDJÓOFRVJMJCSBEBEFMBT

MJTUBFMFDUPSBMFT BTÎDPNPBMBOFHPDJBDJÓOEFOVFWPT

DPOWFOJPTDPMFDUJWPT

-BT%JTQPTJDJPOFTGJOBMFTTFSFGJFSFOBMBOBUVSBMF[B

EFMB-FZ BTVGVOEBNFOUPDPOTUJUVDJPOBMZBTVSFMB 

DJÓODPOFMPSEFOBNJFOUPDPNVOJUBSJP IBCJMJUBOQBSBFM

EFTBSSPMMPSFHMBNFOUBSJP FTUBCMFDFOMBTGFDIBTEFTV

FOUSBEBFOWJHPSZVONBOEBUPEFFWBMVBDJÓOEFMPT

SFTVMUBEPTEFMBOFHPDJBDJÓODPMFDUJWBFONBUFSJBEF

JHVBMEBE

0CKFUPZÃNCJUPEFMB-FZ

"SUÎDVMP0CKFUPEFMB-FZ

-BTNVKFSFTZMPTIPNCSFTTPOJHVBMFTFOEJHOJ 

EBEIVNBOB FJHVBMFTFOEFSFDIPTZEFCFSFT&TUB-FZ

UJFOFQPSPCKFUPIBDFSFGFDUJWPFMEFSFDIPEFJHVBMEBE

EFUSBUPZEFPQPSUVOJEBEFTFOUSFNVKFSFTZIPNCSFT 

FOQBSUJDVMBSNFEJBOUFMBFMJNJOBDJÓOEFMBEJTDSJNJOB 

DJÓOEFMBNVKFS TFBDVBMGVFSFTVDJSDVOTUBODJBPDPO 

"SUÎDVMP*OEFNOJEBEGSFOUFBSFQSFTBMJBT

5BNCJÊOTFDPOTJEFSBSÃEJTDSJNJOBDJÓOQPSSB[ÓOEF

TFYPDVBMRVJFSUSBUPBEWFSTPPFGFDUPOFHBUJWPRVFTF

QSPEV[DBFOVOBQFSTPOBDPNPDPOTFDVFODJBEFMBQSF

TFOUBDJÓOQPSTVQBSUFEFRVFKB SFDMBNBDJÓO EFOVODJB 

EFNBOEBPSFDVSTP EFDVBMRVJFSUJQP EFTUJOBEPTB

JNQFEJSTVEJTDSJNJOBDJÓOZBFYJHJSFMDVNQMJNJFOUP

FGFDUJWPEFMQSJODJQJPEFJHVBMEBEEFUSBUPFOUSFNVKF 

SFTZIPNCSFT

"SUÎDVMP$POTFDVFODJBTKVSÎEJDBTEFMBTDPOEVD 

UBTEJTDSJNJOBUPSJBT

-PTBDUPTZMBTDMÃVTVMBTEFMPTOFHPDJPTKVSÎEJDPT

RVFDPOTUJUVZBOPDBVTFOEJTDSJNJOBDJÓOQPSSB[ÓOEF

TFYPTFDPOTJEFSBSÃOOVMPTZTJOFGFDUP ZEBSÃOMVHBSB

SFTQPOTBCJMJEBEBUSBWÊTEFVOTJTUFNBEFSFQBSBDJPOFTP

JOEFNOJ[BDJPOFTRVFTFBOSFBMFT FGFDUJWBTZQSPQPSDJP

OBEBTBMQFSKVJDJPTVGSJEP BTÎDPNP FOTVDBTP BUSBWÊT

EFVOTJTUFNBFGJDB[ZEJTVBTPSJPEFTBODJPOFTRVFQSF

WFOHBMBSFBMJ[BDJÓOEFDPOEVDUBTEJTDSJNJOBUPSJBT

"SUÎDVMP"DDJPOFTQPTJUJWBT

$POFMGJOEFIBDFSFGFDUJWPFMEFSFDIPDPOTUJUV 

DJPOBMEFMBJHVBMEBE MPT1PEFSFT1ÙCMJDPTBEPQUBSÃO

NFEJEBTFTQFDÎGJDBTFOGBWPSEFMBTNVKFSFTQBSBDPSSF

HJSTJUVBDJPOFTQBUFOUFTEFEFTJHVBMEBEEFIFDIPSFT 

QFDUPEFMPTIPNCSFT5BMFTNFEJEBT RVFTFSÃOBQMJDB

CMFTFOUBOUPTVCTJTUBOEJDIBTTJUVBDJPOFT IBCSÃOEFTFS

SB[POBCMFTZQSPQPSDJPOBEBTFOSFMBDJÓODPOFMPCKFUJWP

QFSTFHVJEPFODBEBDBTP

5BNCJÊOMBTQFSTPOBTGÎTJDBTZKVSÎEJDBTQSJWB 

EBTQPESÃOBEPQUBSFTUFUJQPEFNFEJEBTFOMPTUÊSNJOPT

FTUBCMFDJEPTFOMBQSFTFOUF-FZ

"SUÎDVMP5VUFMBKVEJDJBMFGFDUJWB

$VBMRVJFSQFSTPOBQPESÃSFDBCBSEFMPTUSJCV 

OBMFTMBUVUFMBEFMEFSFDIPBMBJHVBMEBEFOUSFNVKFSFT

ZIPNCSFT EFBDVFSEPDPOMPFTUBCMFDJEPFOFMBSUÎDV 

MPEFMB$POTUJUVDJÓO

-BDBQBDJEBEZMFHJUJNBDJÓOQBSBJOUFSWFOJSFO

MPTQSPDFTPTDJWJMFT TPDJBMFTZDPOUFODJPTPBENJOJTUSB

UJWPTRVFWFSTFOTPCSFMBEFGFOTBEFFTUFEFSFDIP

DPSSFTQPOEFOBMBTQFSTPOBTGÎTJDBTZKVSÎEJDBTDPOJOUF

SÊTMFHÎUJNP EFUFSNJOBEBTFOMBT-FZFTSFHVMBEPSBTEF

FTUPTQSPDFTPT

-BQFSTPOBBDPTBEBTFSÃMBÙOJDBMFHJUJNBEBFO

MPTMJUJHJPTTPCSFBDPTPTFYVBMZBDPTPQPSSB[ÓOEF

TFYP

"SUÎDVMP1SVFCB

%FBDVFSEPDPOMBT-FZFTQSPDFTBMFT FOBRVF 

MMPTQSPDFEJNJFOUPTFOMPTRVFMBTBMFHBDJPOFTEFMB

QBSUFBDUPSBTFGVOEBNFOUFOFOBDUVBDJPOFTEJTDSJNJOB

UPSJBT QPSSB[ÓOEFTFYP DPSSFTQPOEFSÃBMEFNBOEBEP

QSPCBSMBBVTFODJBEFEJTDSJNJOBDJÓOFOMBTNFEJEBT

BEPQUBEBTZTVQSPQPSDJPOBMJEBE

"MPTFGFDUPTEFMPEJTQVFTUPFOFMQÃSSBGPBOUFSJPS 

FMÓSHBOPKVEJDJBM BJOTUBODJBEFQBSUF QPESÃSFDBCBS TJ

MPFTUJNBTFÙUJMZQFSUJOFOUF JOGPSNFPEJDUBNFOEFMPT

PSHBOJTNPTQÙCMJDPTDPNQFUFOUFT

-PFTUBCMFDJEPFOFMBQBSUBEPBOUFSJPSOPTFSÃ

EFBQMJDBDJÓOBMPTQSPDFTPTQFOBMFT

1PMÎUJDBTQÙCMJDBTQBSBMBJHVBMEBE

1SJODJQJPTHFOFSBMFT

"SUÎDVMP$SJUFSJPTHFOFSBMFTEFBDUVBDJÓOEFMPT

1PEFSFT1ÙCMJDPT

"MPTGJOFTEFFTUB-FZ TFSÃODSJUFSJPTHFOFSBMFTEF

BDUVBDJÓOEFMPT1PEFSFT1ÙCMJDPT

&MDPNQSPNJTPDPOMBFGFDUJWJEBEEFMEFSFDIP

DPOTUJUVDJPOBMEFJHVBMEBEFOUSFNVKFSFTZIPNCSFT

-BJOUFHSBDJÓOEFMQSJODJQJPEFJHVBMEBEEF

USBUPZEFPQPSUVOJEBEFTFOFMDPOKVOUPEFMBTQPMÎUJDBT

FDPOÓNJDB MBCPSBM TPDJBM DVMUVSBMZBSUÎTUJDB DPOFM

GJOEFFWJUBSMBTFHSFHBDJÓOMBCPSBMZFMJNJOBSMBTEJGF 

SFODJBTSFUSJCVUJWBT BTÎDPNPQPUFODJBSFMDSFDJNJFOUP

EFMFNQSFTBSJBEPGFNFOJOPFOUPEPTMPTÃNCJUPTRVF

BCBSRVFFMDPOKVOUPEFQPMÎUJDBTZFMWBMPSEFMUSBCBKP

EFMBTNVKFSFT JODMVJEPFMEPNÊTUJDP

-BDPMBCPSBDJÓOZDPPQFSBDJÓOFOUSFMBTEJTUJO 

UBT"ENJOJTUSBDJPOFTQÙCMJDBTFOMBBQMJDBDJÓOEFMQSJO

DJQJPEFJHVBMEBEEFUSBUPZEFPQPSUVOJEBEFT

-BQBSUJDJQBDJÓOFRVJMJCSBEBEFNVKFSFTZIPN 

CSFTFOMBUPNBEFEFDJTJPOFT

-BBEPQDJÓOEFMBTNFEJEBTOFDFTBSJBTQBSBMB

FSSBEJDBDJÓOEFMBWJPMFODJBEFHÊOFSP MBWJPMFODJB

GBNJMJBSZUPEBTMBTGPSNBTEFBDPTPTFYVBMZBDPTPQPS

SB[ÓOEFTFYP

-BDPOTJEFSBDJÓOEFMBTTJOHVMBSFTEJGJDVMUBEFT

FORVFTFFODVFOUSBOMBTNVKFSFTEFDPMFDUJWPTEFFTQF

DJBMWVMOFSBCJMJEBEDPNPTPOMBTRVFQFSUFOFDFOB

NJOPSÎBT MBTNVKFSFTNJHSBOUFT MBTOJÒBT MBTNVKFSFT

DPOEJTDBQBDJEBEZMBTNVKFSFTNBZPSFT

-BQVFTUBFOQSÃDUJDBEFMPTNFEJPTOFDFTBSJPT

QBSBHBSBOUJ[BSFMSFTQFUPBMBEJWFSTJEBEZBMBEJGFSFODJB

-BQSPUFDDJÓOEFMBNBUFSOJEBE DPOFTQFDJBM

BUFODJÓOBMBBTVODJÓOQPSMBTPDJFEBEEFMPTFGFDUPT

EFSJWBEPTEFMFNCBSB[P QBSUPZMBDUBODJB

&MFTUBCMFDJNJFOUPEFNFEJEBTRVFBTFHVSFOMB

DPODJMJBDJÓOEFMUSBCBKPZEFMBWJEBQFSTPOBMZGBNJMJBS

EFMBTNVKFSFTZMPTIPNCSFT BTÎDPNPFMGPNFOUPEFMB

DPSSFTQPOTBCJMJEBEFOMBTMBCPSFTEPNÊTUJDBTZFOMB

BUFODJÓOBMBGBNJMJB

&MGPNFOUPEFJOTUSVNFOUPTEFDPMBCPSBDJÓO

FOUSFMBTEJTUJOUBT"ENJOJTUSBDJPOFTQÙCMJDBTZMPT

BHFOUFTTPDJBMFT MBTBTPDJBDJPOFTEFNVKFSFTZPUSBT

FOUJEBEFTQSJWBEBT

&MGPNFOUPEFMBFGFDUJWJEBEEFMQSJODJQJPEF

JHVBMEBEFOUSFNVKFSFTZIPNCSFTFOMBTSFMBDJPOFT

FOUSFQBSUJDVMBSFT

-BJNQMBOUBDJÓOEFVOMFOHVBKFOPTFYJTUBFO

FMÃNCJUPBENJOJTUSBUJWPZTVGPNFOUPFOMBUPUBMJEBEEF

MBTSFMBDJPOFTTPDJBMFT DVMUVSBMFTZBSUÎTUJDBT

5PEPTMPTQVOUPTDPOTJEFSBEPTFOFTUFBSUÎDVMP

TFQSPNPWFSÃOFJOUFHSBSÃOEFJHVBMNBOFSBFOMBQPMÎ 

UJDBFTQBÒPMBEFDPPQFSBDJÓOJOUFSOBDJPOBMQBSBFM

EFTBSSPMMP

"SUÎDVMP5SBOTWFSTBMJEBEEFMQSJODJQJPEFJHVBM 

EBEEFUSBUPFOUSFNVKFSFTZIPNCSFT

&MQSJODJQJPEFJHVBMEBEEFUSBUPZPQPSUVOJEBEFT

FOUSFNVKFSFTZIPNCSFTJOGPSNBSÃ DPODBSÃDUFSUSBOT

WFSTBM MBBDUVBDJÓOEFUPEPTMPT1PEFSFT1ÙCMJDPT-BT

"ENJOJTUSBDJPOFTQÙCMJDBTMPJOUFHSBSÃO EFGPSNBBDUJ

WB FOMBBEPQDJÓOZFKFDVDJÓOEFTVTEJTQPTJDJPOFT

OPSNBUJWBT FOMBEFGJOJDJÓOZQSFTVQVFTUBDJÓOEFQPMÎ

UJDBTQÙCMJDBTFOUPEPTMPTÃNCJUPTZFOFMEFTBSSPMMP

EFMDPOKVOUPEFUPEBTTVTBDUJWJEBEFT

"SUÎDVMP/PNCSBNJFOUPTSFBMJ[BEPTQPSMPT1PEF 

SFT1ÙCMJDPT

-PT1PEFSFT1ÙCMJDPTQSPDVSBSÃOBUFOEFSBMQSJODJ 

QJPEFQSFTFODJBFRVJMJCSBEBEFNVKFSFTZIPNCSFTFO

MPTOPNCSBNJFOUPTZEFTJHOBDJPOFTEFMPTDBSHPTEF

SFTQPOTBCJMJEBERVFMFTDPSSFTQPOEBO

"SUÎDVMP1MBO&TUSBUÊHJDPEF*HVBMEBEEF0QPSUV 

OJEBEFT

&M(PCJFSOP FOMBTNBUFSJBTRVFTFBOEFMBDPNQF 

UFODJBEFM&TUBEP BQSPCBSÃQFSJÓEJDBNFOUFVO1MBO

&TUSBUÊHJDPEF*HVBMEBEEF0QPSUVOJEBEFT RVFJODMVJSÃ

NFEJEBTQBSBBMDBO[BSFMPCKFUJWPEFJHVBMEBEFOUSF

NVKFSFTZIPNCSFTZFMJNJOBSMBEJTDSJNJOBDJÓOQPS

SB[ÓOEFTFYP

"SUÎDVMP*OGPSNFQFSJÓEJDP

&OMPTUÊSNJOPTRVFSFHMBNFOUBSJBNFOUFTFEFUFSNJ

OFO FM(PCJFSOPFMBCPSBSÃVOJOGPSNFQFSJÓEJDPTPCSF

FMDPOKVOUPEFTVTBDUVBDJPOFTFOSFMBDJÓODPOMBFGFDUJ

WJEBEEFMQSJODJQJPEFJHVBMEBEFOUSFNVKFSFTZIPN 

CSFT%FFTUFJOGPSNFTFEBSÃDVFOUBBM$POHSFTPEFMPT

%JQVUBEPT

"SUÎDVMP*OGPSNFTEFJNQBDUPEFHÊOFSP

-PTQSPZFDUPTEFEJTQPTJDJPOFTEFDBSÃDUFSHFOFSBM

ZMPTQMBOFTEFFTQFDJBMSFMFWBODJBFDPOÓNJDB TPDJBM 

DVMUVSBMZBSUÎTUJDBRVFTFTPNFUBOBMBBQSPCBDJÓOEFM

$POTFKPEF.JOJTUSPTEFCFSÃOJODPSQPSBSVOJOGPSNF

TPCSFTVJNQBDUPQPSSB[ÓOEFHÊOFSP

"SUÎDVMP"EFDVBDJÓOEFMBTFTUBEÎTUJDBTZFTUV 

EJPT

"MPCKFUPEFIBDFSFGFDUJWBTMBTEJTQPTJDJPOFTDPOUF

OJEBTFOFTUB-FZZRVFTFHBSBOUJDFMBJOUFHSBDJÓOEF

NPEPFGFDUJWPEFMBQFSTQFDUJWBEFHÊOFSPFOTVBDUJWJ

EBEPSEJOBSJB MPTQPEFSFTQÙCMJDPT FOMBFMBCPSBDJÓO

EFTVTFTUVEJPTZFTUBEÎTUJDBT EFCFSÃO

B *ODMVJSTJTUFNÃUJDBNFOUFMBWBSJBCMFEFTFYPFO

MBTFTUBEÎTUJDBT FODVFTUBTZSFDPHJEBEFEBUPTRVFMMF 

WFOBDBCP

C &TUBCMFDFSFJODMVJSFOMBTPQFSBDJPOFTFTUBEÎT 

UJDBTOVFWPTJOEJDBEPSFTRVFQPTJCJMJUFOVONFKPSDPOP

DJNJFOUPEFMBTEJGFSFODJBTFOMPTWBMPSFT SPMFT TJUVB 

DJPOFT DPOEJDJPOFT BTQJSBDJPOFTZOFDFTJEBEFTEF

NVKFSFTZIPNCSFT TVNBOJGFTUBDJÓOFJOUFSBDDJÓOFO

MBSFBMJEBERVFTFWBZBBBOBMJ[BS

D %JTFÒBSFJOUSPEVDJSMPTJOEJDBEPSFTZNFDBOJT 

NPTOFDFTBSJPTRVFQFSNJUBOFMDPOPDJNJFOUPEFMB

JODJEFODJBEFPUSBTWBSJBCMFTDVZBDPODVSSFODJBSFTVMUB

HFOFSBEPSBEFTJUVBDJPOFTEFEJTDSJNJOBDJÓONÙMUJQMF

FOMPTEJGFSFOUFTÃNCJUPTEFJOUFSWFODJÓO

E 3FBMJ[BSNVFTUSBTMPTVGJDJFOUFNFOUFBNQMJBT

DPNPQBSBRVFMBTEJWFSTBTWBSJBCMFTJODMVJEBTQVFEBO

TFSFYQMPUBEBTZBOBMJ[BEBTFOGVODJÓOEFMBWBSJBCMFEF

TFYP

F &YQMPUBSMPTEBUPTEFRVFEJTQPOFOEFNPEP

RVFTFQVFEBODPOPDFSMBTEJGFSFOUFTTJUVBDJPOFT DPO 

EJDJPOFT BTQJSBDJPOFTZOFDFTJEBEFTEFNVKFSFTZIPN

CSFTFOMPTEJGFSFOUFTÃNCJUPTEFJOUFSWFODJÓO

G 3FWJTBSZ FOTVDBTP BEFDVBSMBTEFGJOJDJPOFT

FTUBEÎTUJDBTFYJTUFOUFTDPOPCKFUPEFDPOUSJCVJSBMSFDP 

OPDJNJFOUPZWBMPSBDJÓOEFMUSBCBKPEFMBTNVKFSFTZ

FWJUBSMBFTUFSFPUJQBDJÓOOFHBUJWBEFEFUFSNJOBEPT

DPMFDUJWPTEFNVKFSFT

4ÓMPFYDFQDJPOBMNFOUF ZNFEJBOUFJOGPSNFNPUJWB

EPZBQSPCBEPQPSFMÓSHBOPDPNQFUFOUF QPESÃKVTUJGJ 

DBSTFFMJODVNQMJNJFOUPEFBMHVOBEFMBTPCMJHBDJPOFT

BOUFSJPSNFOUFFTQFDJGJDBEBT

"SUÎDVMP$PMBCPSBDJÓOFOUSFMBT"ENJOJTUSBDJPOFT

QÙCMJDBT

-B"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEPZMBT

"ENJOJTUSBDJPOFTEFMBT$PNVOJEBEFT"VUÓOPNBT

DPPQFSBSÃOQBSBJOUFHSBSFMEFSFDIPEFJHVBMEBEFOUSF

NVKFSFTZIPNCSFTFOFMFKFSDJDJPEFTVTSFTQFDUJWBT

DPNQFUFODJBTZ FOFTQFDJBM FOTVTBDUVBDJPOFTEFQMB

OJGJDBDJÓO&OFMTFOPEFMB$POGFSFODJB4FDUPSJBMEFMB

.VKFSQPESÃOBEPQUBSTFQMBOFTZQSPHSBNBTDPOKVOUPT

EFBDUVBDJÓODPOFTUBGJOBMJEBE

F "EPQUBSNFEJEBTEFBDDJÓOQPTJUJWBBMBDSFB 

DJÓOZQSPEVDDJÓOBSUÎTUJDBFJOUFMFDUVBMEFMBTNVKF 

SFT QSPQJDJBOEPFMJOUFSDBNCJPDVMUVSBM JOUFMFDUVBM 

ZBSUÎTUJDP UBOUPOBDJPOBMDPNPJOUFSOBDJPOBM ZMB

TVTDSJQDJÓOEFDPOWFOJPTDPOMPTPSHBOJTNPTDPNQF 

UFOUFT

G :FOHFOFSBMZBMBNQBSPEFMBSUÎDVMPEFMB

QSFTFOUF-FZ UPEBTMBTBDDJPOFTQPTJUJWBTOFDFTBSJBT

QBSBDPSSFHJSMBTTJUVBDJPOFTEFEFTJHVBMEBEFOMBQSP 

EVDDJÓOZDSFBDJÓOJOUFMFDUVBMBSUÎTUJDBZDVMUVSBMEFMBT

NVKFSFT

"SUÎDVMP*OUFHSBDJÓOEFMQSJODJQJPEFJHVBMEBEFO

MBQPMÎUJDBEFTBMVE

-BTQPMÎUJDBT FTUSBUFHJBTZQSPHSBNBTEFTBMVE

JOUFHSBSÃO FOTVGPSNVMBDJÓO EFTBSSPMMPZFWBMVBDJÓO 

MBTEJTUJOUBTOFDFTJEBEFTEFNVKFSFTZIPNCSFTZMBT

NFEJEBTOFDFTBSJBTQBSBBCPSEBSMBTBEFDVBEBNFOUF

-BT"ENJOJTUSBDJPOFTQÙCMJDBTHBSBOUJ[BSÃOVO

JHVBMEFSFDIPBMBTBMVEEFNVKFSFTZEFIPNCSFT B

USBWÊTEFMBJOUFHSBDJÓOBDUJWB FOMPTPCKFUJWPTZFOMBT

BDUVBDJPOFTEFMBQPMÎUJDBEFTBMVE EFMQSJODJQJPEF

JHVBMEBEEFUSBUP FWJUBOEPRVF QPSTVTEJGFSFODJBTGÎTJ

DBTPQPSMPTFTUFSFPUJQPTTPDJBMFTBTPDJBEPT TFQSPEV[

DBOEJTDSJNJOBDJPOFTFOUSFVOBTZPUSPT

-BT"ENJOJTUSBDJPOFTQÙCMJDBT BUSBWÊTEFTVT

4FSWJDJPTEF4BMVEZEFMPTÓSHBOPTDPNQFUFOUFTFO

DBEBDBTP EFTBSSPMMBSÃO EFBDVFSEPDPOFMQSJODJQJP

EFJHVBMEBEEFPQPSUVOJEBEFT MBTTJHVJFOUFTBDUVBDJP 

OFT

B -BBEPQDJÓOTJTUFNÃUJDB EFOUSPEFMBTBDDJPOFT

EFFEVDBDJÓOTBOJUBSJB EFJOJDJBUJWBTEFTUJOBEBTBGBWP

SFDFSMBQSPNPDJÓOFTQFDÎGJDBEFMBTBMVEEFMBTNVKF 

SFT BTÎDPNPBQSFWFOJSTVEJTDSJNJOBDJÓO

C &MGPNFOUPEFMBJOWFTUJHBDJÓODJFOUÎGJDBRVF

BUJFOEBMBTEJGFSFODJBTFOUSFNVKFSFTZIPNCSFTFOSFMB

DJÓODPOMBQSPUFDDJÓOEFTVTBMVE FTQFDJBMNFOUFFOMP

SFGFSJEPBMBBDDFTJCJMJEBEZFMFTGVFS[PEJBHOÓTUJDPZ

UFSBQÊVUJDP UBOUPFOTVTBTQFDUPTEFFOTBZPTDMÎOJDPT

DPNPBTJTUFODJBMFT

D -BDPOTJEFSBDJÓO EFOUSPEFMBQSPUFDDJÓO QSP 

NPDJÓOZNFKPSBEFMBTBMVEMBCPSBM EFMBDPTPTFYVBMZ

FMBDPTPQPSSB[ÓOEFTFYP

E -BJOUFHSBDJÓOEFMQSJODJQJPEFJHVBMEBEFOMB

GPSNBDJÓOEFMQFSTPOBMBMTFSWJDJPEFMBTPSHBOJ[BDJP 

OFTTBOJUBSJBT HBSBOUJ[BOEPFOFTQFDJBMTVDBQBDJEBE

QBSBEFUFDUBSZBUFOEFSMBTTJUVBDJPOFTEFWJPMFODJBEF

HÊOFSP

F -BQSFTFODJBFRVJMJCSBEBEFNVKFSFTZIPNCSFT

FOMPTQVFTUPTEJSFDUJWPTZEFSFTQPOTBCJMJEBEQSPGFTJP

OBMEFMDPOKVOUPEFM4JTUFNB/BDJPOBMEF4BMVE

G -BPCUFODJÓOZFMUSBUBNJFOUPEFTBHSFHBEPTQPS

TFYP TJFNQSFRVFTFBQPTJCMF EFMPTEBUPTDPOUFOJEPT

FOSFHJTUSPT FODVFTUBT FTUBEÎTUJDBTVPUSPTTJTUFNBTEF

JOGPSNBDJÓONÊEJDBZTBOJUBSJB

"SUÎDVMP4PDJFEBEEFMB*OGPSNBDJÓO

5PEPTMPTQSPHSBNBTQÙCMJDPTEFEFTBSSPMMPEF

MB4PDJFEBEEFMB*OGPSNBDJÓOJODPSQPSBSÃOMBFGFDUJWB

DPOTJEFSBDJÓOEFMQSJODJQJPEFJHVBMEBEEFPQPSUVOJEB 

EFTFOUSFNVKFSFTZIPNCSFTFOTVEJTFÒPZFKFDVDJÓO

&M(PCJFSOPQSPNPWFSÃMBQMFOBJODPSQPSBDJÓO

EFMBTNVKFSFTFOMB4PDJFEBEEFMB*OGPSNBDJÓO

NFEJBOUFFMEFTBSSPMMPEFQSPHSBNBTFTQFDÎGJDPT FO

FTQFDJBM FONBUFSJBEFBDDFTPZGPSNBDJÓOFOUFDOPMP 

HÎBTEFMBJOGPSNBDJÓOZEFMBTDPNVOJDBDJPOFT DPO 

UFNQMBOEPMBTEFDPMFDUJWPTEFSJFTHPEFFYDMVTJÓOZ

EFMÃNCJUPSVSBM

&M(PCJFSOPQSPNPWFSÃMPTDPOUFOJEPTDSFBEPT

QPSNVKFSFTFOFMÃNCJUPEFMB4PDJFEBEEFMB*OGPSNB

DJÓO

&OMPTQSPZFDUPTEFMÃNCJUPEFMBTUFDOPMPHÎBT

EFMBJOGPSNBDJÓOZMBDPNVOJDBDJÓOTVGSBHBEPTUPUBMP

QBSDJBMNFOUFDPOEJOFSPQÙCMJDP TFHBSBOUJ[BSÃRVFTV

MFOHVBKFZDPOUFOJEPTTFBOOPTFYJTUBT

"SUÎDVMP%FQPSUFT

5PEPTMPTQSPHSBNBTQÙCMJDPTEFEFTSSPMMPEFM

EFQPSUFJODPSQPSBSÃOMBFGFDUJWBDPOTJEFSBDJÓOEFMQSJO

DJQJPEFJHVBMEBESFBMZFGFDUJWBFOUSFNVKFSFTZIPN 

CSFTFOTVEJTFÒPZFKFDVDJÓO

&M(PCJFSOPQSPNPWFSÃFMEFQPSUFGFNFOJOPZ

GBWPSFDFSÃMBFGFDUJWBBQFSUVSBEFMBTEJTDJQMJOBTEFQPS

UJWBTBMBTNVKFSFT NFEJBOUFFMEFTBSSPMMPEFQSPHSBNBT

FTQFDÎGJDPTFOUPEBTMBTFUBQBTEFMBWJEBZFOUPEPTMPT

OJWFMFT JODMVJEPTMPTEFSFTQPOTBCJMJEBEZEFDJTJÓO

"SUÎDVMP%FTBSSPMMPSVSBM

"GJOEFIBDFSFGFDUJWBMBJHVBMEBEFOUSFNVKF 

SFTZIPNCSFTFOFMTFDUPSBHSBSJP FM.JOJTUFSJPEF

"HSJDVMUVSB 1FTDBZ"MJNFOUBDJÓOZFM.JOJTUFSJPEF

5SBCBKPZ"TVOUPT4PDJBMFTEFTBSSPMMBSÃOMBGJHVSBKVSÎ

EJDBEFMBUJUVMBSJEBEDPNQBSUJEB QBSBRVFTFSFDPOP[ 

DBOQMFOBNFOUFMPTEFSFDIPTEFMBTNVKFSFTFOFMTFDUPS

BHSBSJP MBDPSSFTQPOEJFOUFQSPUFDDJÓOEFMB4FHVSJEBE

4PDJBM BTÎDPNPFMSFDPOPDJNJFOUPEFTVUSBCBKP

&OMBTBDUVBDJPOFTFODBNJOBEBTBMEFTBSSPMMP

EFMNFEJPSVSBM TFJODMVJSÃOBDDJPOFTEJSJHJEBTBNFKP

SBSFMOJWFMFEVDBUJWPZEFGPSNBDJÓOEFMBTNVKFSFT Z

FTQFDJBMNFOUFMBTRVFGBWPSF[DBOTVJODPSQPSBDJÓOBM

NFSDBEPEFUSBCBKPZBMPTÓSHBOPTEFEJSFDDJÓOEF

FNQSFTBTZBTPDJBDJPOFT

-BT"ENJOJTUSBDJPOFTQÙCMJDBTQSPNPWFSÃO

OVFWBTBDUJWJEBEFTMBCPSBMFTRVFGBWPSF[DBOFMUSBCBKP

EFMBTNVKFSFTFOFMNVOEPSVSBM

-BT"ENJOJTUSBDJPOFTQÙCMJDBTQSPNPWFSÃOFM

EFTBSSPMMPEFVOBSFEEFTFSWJDJPTTPDJBMFTQBSBBUFOEFS

BNFOPSFT NBZPSFTZEFQFOEJFOUFTDPNPNFEJEBEF

DPODJMJBDJÓOEFMBWJEBMBCPSBM GBNJMJBSZQFSTPOBMEF

IPNCSFTZNVKFSFTFONVOEPSVSBM

-PTQPEFSFTQÙCMJDPTGPNFOUBSÃOMBJHVBMEBEEF

PQPSUVOJEBEFTFOFMBDDFTPBMBTUFDOPMPHÎBTEFMBJOGPS

NBDJÓOZMBDPNVOJDBDJÓONFEJBOUFFMVTPEFQPMÎUJDBT

ZBDUJWJEBEFTEJSJHJEBTBMBNVKFSSVSBM ZMBBQMJDBDJÓO

EFTPMVDJPOFTBMUFSOBUJWBTUFDOPMÓHJDBTBMMÃEPOEFMB

FYUFOTJÓOEFFTUBTUFDOPMPHÎBTOPTFBQPTJCMF

"SUÎDVMP1PMÎUJDBTVSCBOBT EFPSEFOBDJÓOUFSSJUP 

SJBMZ7JWJFOEB

-BTQPMÎUJDBTZQMBOFTEFMBT"ENJOJTUSBDJPOFT

QÙCMJDBTFONBUFSJBEFBDDFTPBMBWJWJFOEBJODMVJSÃO

NFEJEBTEFTUJOBEBTBIBDFSFGFDUJWPFMQSJODJQJPEF

JHVBMEBEFOUSFNVKFSFTZIPNCSFT

%FMNJTNPNPEP MBTQPMÎUJDBTVSCBOBTZEFPSEFOB

DJÓOEFMUFSSJUPSJPUPNBSÃOFODPOTJEFSBDJÓOMBTOFDFTJ

EBEFTEFMPTEJTUJOUPTHSVQPTTPDJBMFTZEFMPTEJWFSTPT

UJQPTEFFTUSVDUVSBTGBNJMJBSFT ZGBWPSFDFSÃOFMBDDFTP

FODPOEJDJPOFTEFJHVBMEBEBMPTEJTUJOUPTTFSWJDJPTF

JOGSBFTUSVDUVSBTVSCBOBT

&M(PCJFSOP FOFMÃNCJUPEFTVTDPNQFUFODJBT 

GPNFOUBSÃFMBDDFTPBMBWJWJFOEBEFMBTNVKFSFTFO

TJUVBDJÓOEFOFDFTJEBEPFOSJFTHPEFFYDMVTJÓO ZEF

MBTRVFIBZBOTJEPWÎDUJNBTEFMBWJPMFODJBEFHÊOFSP 

FOFTQFDJBMDVBOEP FOBNCPTDBTPT UFOHBOIJKPT

NFOPSFTFYDMVTJWBNFOUFBTVDBSHP

-BT"ENJOJTUSBDJPOFTQÙCMJDBTUFOESÃOFO

DVFOUBFOFMEJTFÒPEFMBDJVEBE FOMBTQPMÎUJDBTVSCB 

OBT FOMBEFGJOJDJÓOZFKFDVDJÓOEFMQMBOFBNJFOUP

VSCBOÎTUJDP MBQFSTQFDUJWBEFHÊOFSP VUJMJ[BOEPQBSB

FMMP FTQFDJBMNFOUF NFDBOJTNPTFJOTUSVNFOUPTRVF

GPNFOUFOZGBWPSF[DBOMBQBSUJDJQBDJÓODJVEBEBOBZMB

USBOTQBSFODJB

"SUÎDVMP1PMÎUJDBFTQBÒPMBEFDPPQFSBDJÓOQBSBFM

EFTBSSPMMP

5PEBTMBTQPMÎUJDBT QMBOFT EPDVNFOUPTEFQMB 

OJGJDBDJÓOFTUSBUÊHJDB UBOUPTFDUPSJBMDPNPHFPHSÃGJDB 

ZIFSSBNJFOUBTEFQSPHSBNBDJÓOPQFSBUJWBEFMBDPPQF

SBDJÓOFTQBÒPMBQBSBFMEFTBSSPMMP JODMVJSÃOFMQSJODJ 

QJPEFJHVBMEBEFOUSFNVKFSFTZIPNCSFTDPNPVOFMF 

NFOUPTVTUBODJBMFOTVBHFOEBEFQSJPSJEBEFT Z

SFDJCJSÃOVOUSBUBNJFOUPEFQSJPSJEBEUSBOTWFSTBMZ

FTQFDÎGJDBFOTVTDPOUFOJEPT DPOUFNQMBOEPNFEJEBT

DPODSFUBTQBSBFMTFHVJNJFOUPZMBFWBMVBDJÓOEFMPHSPT

QBSBMBJHVBMEBEFGFDUJWBFOMBDPPQFSBDJÓOFTQBÒPMBBM

EFTBSSPMMP

"EFNÃT TFFMBCPSBSÃVOB&TUSBUFHJB4FDUPSJBM

EF*HVBMEBEFOUSFNVKFSFTZIPNCSFTQBSBMBDPPQFSB 

DJÓOFTQBÒPMB RVFTFBDUVBMJ[BSÃQFSJÓEJDBNFOUFB

QBSUJSEFMPTMPHSPTZMFDDJPOFTBQSFOEJEBTFOMPTQSPDF

TPTBOUFSJPSFT

-B"ENJOJTUSBDJÓOFTQBÒPMBQMBOUFBSÃVOQSP 

DFTPQSPHSFTJWP BNFEJPQMB[P EFJOUFHSBDJÓOFGFDUJWB

EFMQSJODJQJPEFJHVBMEBEZEFMFOGPRVFEFHÊOFSPFO

EFTBSSPMMP (&% FOUPEPTMPTOJWFMFTEFTVHFTUJÓO 

RVFIBHBQPTJCMFZFGFDUJWBMBBQMJDBDJÓOEFMB&TUSBUF 

HJB4FDUPSJBMEF*HVBMEBEFOUSFNVKFSFTZIPNCSFT RVF

DPOUFNQMFBDUVBDJPOFTFTQFDÎGJDBTQBSBBMDBO[BSMB

USBOTWFSTBMJEBEFOMBTBDUVBDJPOFTEFMBDPPQFSBDJÓO

FTQBÒPMB ZMBQSPNPDJÓOEFNFEJEBTEFBDDJÓOQPTJUJWB

RVFGBWPSF[DBODBNCJPTTJHOJGJDBUJWPTFOMBJNQMBOUB 

DJÓOEFMQSJODJQJPEFJHVBMEBE UBOUPEFOUSPEFMB"ENJ

OJTUSBDJÓODPNPFOFMNBOEBUPEFEFTBSSPMMPEFMBQSP 

QJBDPPQFSBDJÓOFTQBÒPMB

"SUÎDVMP$POUSBUPTEFMBT"ENJOJTUSBDJPOFTQÙ 

CMJDBT

-BT"ENJOJTUSBDJPOFTQÙCMJDBT BUSBWÊTEFTVTÓSHB

OPTEFDPOUSBUBDJÓO FOSFMBDJÓODPOMBFKFDVDJÓOEFMPT

DPOUSBUPTRVFDFMFCSFO QPESÃOFTUBCMFDFSDPOEJDJPOFT

FTQFDJBMFTDPOFMGJOEFQSPNPWFSMBJHVBMEBEFOUSF

NVKFSFTZIPNCSFTFOFMNFSDBEPEFUSBCBKP EFBDVFS 

EPDPOMPFTUBCMFDJEPFOMBMFHJTMBDJÓOEFDPOUSBUPTEFM

TFDUPSQÙCMJDP

"SUÎDVMP$POUSBUPTEFMB"ENJOJTUSBDJÓO(FOFSBM

EFM&TUBEP

"OVBMNFOUF FM$POTFKPEF.JOJTUSPT BMBWJTUB

EFMBFWPMVDJÓOFJNQBDUPEFMBTQPMÎUJDBTEFJHVBMEBE

FOFMNFSDBEPMBCPSBM EFUFSNJOBSÃMPTDPOUSBUPTEFMB

"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEPZEFTVTPSHBOJT 

NPTQÙCMJDPTRVFPCMJHBUPSJBNFOUFEFCFSÃOJODMVJS

FOUSFTVTDPOEJDJPOFTEFFKFDVDJÓONFEJEBTUFOEFOUFTB

QSPNPWFSMBJHVBMEBEFGFDUJWBFOUSFNVKFSFTZIPNCSFT

FOFMNFSDBEPEFUSBCBKP DPOGPSNFBMPQSFWJTUPFOMB

MFHJTMBDJÓOEFDPOUSBUPTEFMTFDUPSQÙCMJDP

&OFM"DVFSEPBRVFTFSFGJFSFFMQÃSSBGPBOUFSJPS

QPESÃOFTUBCMFDFSTF FOTVDBTP MBTDBSBDUFSÎTUJDBTEF

MBTDPOEJDJPOFTRVFEFCBOJODMVJSTFFOMPTQMJFHPTBUFO

EJFOEPBMBOBUVSBMF[BEFMPTDPOUSBUPTZBMTFDUPSEF

BDUJWJEBEEPOEFTFHFOFSFOMBTQSFTUBDJPOFT

-PTÓSHBOPTEFDPOUSBUBDJÓOQPESÃOFTUBCMFDFS

FOMPTQMJFHPTEFDMÃVTVMBTBENJOJTUSBUJWBTQBSUJDVMBSFT

MBQSFGFSFODJBFOMBBEKVEJDBDJÓOEFMPTDPOUSBUPTEFMBT

QSPQPTJDJPOFTQSFTFOUBEBTQPSBRVFMMBTFNQSFTBTRVF 

FOFMNPNFOUPEFBDSFEJUBSTVTPMWFODJBUÊDOJDBPQSP 

GFTJPOBM DVNQMBODPOMBTEJSFDUSJDFTEFMBQBSUBEPBOUF

SJPS TJFNQSFRVFFTUBTQSPQPTJDJPOFTJHVBMFOFOTVT

UÊSNJOPTBMBTNÃTWFOUBKPTBTEFTEFFMQVOUPEFWJTUBEF

MPTDSJUFSJPTPCKFUJWPTRVFTJSWBOEFCBTFBMBBEKVEJDB 

DJÓOZSFTQFUBOEP FOUPEPDBTP MBQSFMBDJÓOFTUBCMFDJ 

EBFOFMBQBSUBEPQSJNFSPEFMBEJTQPTJDJÓOBEJDJPOBM

PDUBWBEFM5FYUP3FGVOEJEPEFMB-FZEF$POUSBUPTEF

MBT"ENJOJTUSBDJPOFT1ÙCMJDBT BQSPCBEPQPS3FBM

%FDSFUP-FHJTMBUJWP EFEFKVOJP

"SUÎDVMP4VCWFODJPOFTQÙCMJDBT

-BT"ENJOJTUSBDJPOFTQÙCMJDBT FOMBBEPQDJÓOEF

TVTQMBOFTFTUSBUÊHJDPTEFTVCWFODJPOFT EFUFSNJOBSÃO

MPTÃNCJUPTFORVF QPSSB[ÓOEFMBFYJTUFODJBEFVOB

TJUVBDJÓOEFEFTJHVBMEBEEFPQPSUVOJEBEFTFOUSFNVKF 

JHVBMEBEFGFDUJWBFOUSFNVKFSFTZIPNCSFT1BSBFMMP TF

NFKPSBSÃMBFNQMFBCJMJEBEZMBQFSNBOFODJBFOFM

FNQMFPEFMBTNVKFSFT QPUFODJBOEPTVOJWFMGPSNBUJWP

ZTVBEBQUBCJMJEBEBMPTSFRVFSJNJFOUPTEFMNFSDBEPEF

USBCBKP

-PT1SPHSBNBTEFJOTFSDJÓOMBCPSBMBDUJWBDPN 

QSFOEFSÃOUPEPTMPTOJWFMFTFEVDBUJWPTZFEBEEFMBT

NVKFSFT JODMVZFOEPMPTEF'PSNBDJÓO1SPGFTJPOBM 

&TDVFMBT5BMMFSZ$BTBTEF0GJDJPT EJSJHJEPTBQFSTPOBT

FOEFTFNQMFP TFQPESÃOEFTUJOBSQSJPSJUBSJBNFOUFB

DPMFDUJWPTFTQFDÎGJDPTEFNVKFSFTPDPOUFNQMBSVOB

EFUFSNJOBEBQSPQPSDJÓOEFNVKFSFT

"SUÎDVMP1SPNPDJÓOEFMBJHVBMEBEFOMBOFHPDJB 

DJÓODPMFDUJWB

%FBDVFSEPDPOMPFTUBCMFDJEPMFHBMNFOUF NFEJBOUF

MBOFHPDJBDJÓODPMFDUJWBTFQPESÃOFTUBCMFDFSNFEJEBT

EFBDDJÓOQPTJUJWBQBSBGBWPSFDFSFMBDDFTPEFMBTNVKF

SFTBMFNQMFPZMBBQMJDBDJÓOFGFDUJWBEFMQSJODJQJPEF

JHVBMEBEEFUSBUPZOPEJTDSJNJOBDJÓOFOMBTDPOEJDJP 

OFTEFUSBCBKPFOUSFNVKFSFTZIPNCSFT

*HVBMEBEZDPODJMJBDJÓO

"SUÎDVMP-PTEFSFDIPTEFDPODJMJBDJÓOEFMBWJEB

QFSTPOBM GBNJMJBSZMBCPSBM

-PTEFSFDIPTEFDPODJMJBDJÓOEFMBWJEBQFSTP 

OBM GBNJMJBSZMBCPSBMTFSFDPOPDFSÃOBMPTUSBCBKBEPSFT

ZMBTUSBCBKBEPSBTFOGPSNBRVFGPNFOUFOMBBTVODJÓO

FRVJMJCSBEBEFMBTSFTQPOTBCJMJEBEFTGBNJMJBSFT FWJUBO

EPUPEBEJTDSJNJOBDJÓOCBTBEBFOTVFKFSDJDJP

&MQFSNJTPZMBQSFTUBDJÓOQPSNBUFSOJEBETF

DPODFEFSÃOFOMPTUÊSNJOPTQSFWJTUPTFOMBOPSNBUJWB

MBCPSBMZEF4FHVSJEBE4PDJBM

1BSBDPOUSJCVJSBVOSFQBSUPNÃTFRVJMJCSBEPEF

MBTSFTQPOTBCJMJEBEFTGBNJMJBSFT TFSFDPOPDFBMPT

QBESFTFMEFSFDIPBVOQFSNJTPZVOBQSFTUBDJÓOQPS

QBUFSOJEBE FOMPTUÊSNJOPTQSFWJTUPTFOMBOPSNBUJWB

MBCPSBMZEF4FHVSJEBE4PDJBM

-PTQMBOFTEFJHVBMEBEEFMBTFNQSFTBT

ZPUSBTNFEJEBTEFQSPNPDJÓOEFMBJHVBMEBE

"SUÎDVMP&MBCPSBDJÓOZBQMJDBDJÓOEFMPTQMBOFT

EFJHVBMEBE

-BTFNQSFTBTFTUÃOPCMJHBEBTBSFTQFUBSMB

JHVBMEBEEFUSBUPZEFPQPSUVOJEBEFTFOFMÃNCJUPMBCP

SBMZ DPOFTUBGJOBMJEBE EFCFSÃOBEPQUBSNFEJEBTEJSJ 

HJEBTBFWJUBSDVBMRVJFSUJQPEFEJTDSJNJOBDJÓOMBCPSBM

FOUSFNVKFSFTZIPNCSFT NFEJEBTRVFEFCFSÃOOFHP 

DJBS ZFOTVDBTPBDPSEBS DPOMPTSFQSFTFOUBOUFTMFHBMFT

EFMPTUSBCBKBEPSFTFOMBGPSNBRVFTFEFUFSNJOFFOMB

MFHJTMBDJÓOMBCPSBM

&OFMDBTPEFMBTFNQSFTBTEFNÃTEFEPTDJFO 

UPTDJODVFOUBUSBCBKBEPSFT MBTNFEJEBTEFJHVBMEBEB

RVFTFSFGJFSFFMBQBSUBEPBOUFSJPSEFCFSÃOEJSJHJSTFBMB

FMBCPSBDJÓOZBQMJDBDJÓOEFVOQMBOEFJHVBMEBE DPOFM

BMDBODFZDPOUFOJEPFTUBCMFDJEPTFOFTUFDBQÎUVMP RVF

EFCFSÃTFSBTJNJTNPPCKFUPEFOFHPDJBDJÓOFOMBGPSNB

RVFTFEFUFSNJOFFOMBMFHJTMBDJÓOMBCPSBM

4JOQFSKVJDJPEFMPEJTQVFTUPFOFMBQBSUBEP

BOUFSJPS MBTFNQSFTBTEFCFSÃOFMBCPSBSZBQMJDBSVO

QMBOEFJHVBMEBEDVBOEPBTÎTFFTUBCMF[DBFOFMDPOWF 

OJPDPMFDUJWPRVFTFBBQMJDBCMF FOMPTUÊSNJOPTQSFWJT 

UPTFOFMNJTNP

-BTFNQSFTBTUBNCJÊOFMBCPSBSÃOZBQMJDBSÃOVO

QMBOEFJHVBMEBE QSFWJBOFHPDJBDJÓOPDPOTVMUB FOTV

DBTP DPOMPTSFQSFTFOUBOUFTMFHBMFTEFMPTUSBCBKBEPSFT 

DVBOEPMBBVUPSJEBEMBCPSBMIVCJFSBBDPSEBEPFOVOQSP

DFEJNJFOUPTBODJPOBEPSMBTVTUJUVDJÓOEFMBTTBODJPOFT

BDDFTPSJBTQPSMBFMBCPSBDJÓOZBQMJDBDJÓOEFEJDIPQMBO 

FOMPTUÊSNJOPTRVFTFGJKFOFOFMJOEJDBEPBDVFSEP

-BFMBCPSBDJÓOFJNQMBOUBDJÓOEFQMBOFTEF

JHVBMEBETFSÃWPMVOUBSJBQBSBMBTEFNÃTFNQSFTBT QSF 

WJBDPOTVMUBBMPTSFQSFTFOUBOUFTMFHBMFTEFMPTUSBCBKB 

EPSFT

"SUÎDVMP$PODFQUPZDPOUFOJEPEFMPTQMBOFTEF

JHVBMEBEEFMBTFNQSFTBT

-PTQMBOFTEFJHVBMEBEEFMBTFNQSFTBTTPOVO

DPOKVOUPPSEFOBEPEFNFEJEBT BEPQUBEBTEFTQVÊTEF

SFBMJ[BSVOEJBHOÓTUJDPEFTJUVBDJÓO UFOEFOUFTBBMDBO 

[BSFOMBFNQSFTBMBJHVBMEBEEFUSBUPZEFPQPSUVOJEB 

EFTFOUSFNVKFSFTZIPNCSFTZBFMJNJOBSMBEJTDSJNJOB

DJÓOQPSSB[ÓOEFTFYP

-PTQMBOFTEFJHVBMEBEGJKBSÃOMPTDPODSFUPTPCKFUJ 

WPTEFJHVBMEBEBBMDBO[BS MBTFTUSBUFHJBTZQSÃDUJDBTB

BEPQUBSQBSBTVDPOTFDVDJÓO BTÎDPNPFMFTUBCMFDJ 

NJFOUPEFTJTUFNBTFGJDBDFTEFTFHVJNJFOUPZFWBMVB 

DJÓOEFMPTPCKFUJWPTGJKBEPT

1BSBMBDPOTFDVDJÓOEFMPTPCKFUJWPTGJKBEPT MPT

QMBOFTEFJHVBMEBEQPESÃODPOUFNQMBS FOUSFPUSBT MBT

NBUFSJBTEFBDDFTPBMFNQMFP DMBTJGJDBDJÓOQSPGFTJPOBM 

QSPNPDJÓOZGPSNBDJÓO SFUSJCVDJPOFT PSEFOBDJÓOEFM

UJFNQPEFUSBCBKPQBSBGBWPSFDFS FOUÊSNJOPTEFJHVBM

EBEFOUSFNVKFSFTZIPNCSFT MBDPODJMJBDJÓOMBCPSBM 

QFSTPOBMZGBNJMJBS ZQSFWFODJÓOEFMBDPTPTFYVBMZEFM

BDPTPQPSSB[ÓOEFTFYP

-PTQMBOFTEFJHVBMEBEJODMVJSÃOMBUPUBMJEBEEF

VOBFNQSFTB TJOQFSKVJDJPEFMFTUBCMFDJNJFOUPEF

BDDJPOFTFTQFDJBMFTBEFDVBEBTSFTQFDUPBEFUFSNJOBEPT

DFOUSPTEFUSBCBKP

"SUÎDVMP5SBOTQBSFODJBFOMBJNQMBOUBDJÓOEFM

QMBOEFJHVBMEBE

4FHBSBOUJ[BSÃFMBDDFTPEFMPTSFQSFTFOUBOUFTEFMPT

USBCBKBEPSFTP FOTVEFGFDUP EFMPTQSPQJPTUSBCBKBEP 

SFT BMBJOGPSNBDJÓOTPCSFFMDPOUFOJEPEFMPT1MBOFT

EFJHVBMEBEZMBDPOTFDVDJÓOEFTVTPCKFUJWPT

-PQSFWJTUPFOFMQÃSSBGPBOUFSJPSTFFOUFOEFSÃTJO

QFSKVJDJPEFMTFHVJNJFOUPEFMBFWPMVDJÓOEFMPTBDVFS 

EPTTPCSFQMBOFTEFJHVBMEBEQPSQBSUFEFMBTDPNJTJP 

OFTQBSJUBSJBTEFMPTDPOWFOJPTDPMFDUJWPTBMBTRVF

ÊTUPTBUSJCVZBOFTUBTDPNQFUFODJBT

"SUÎDVMP.FEJEBTFTQFDÎGJDBTQBSBQSFWFOJSFM

BDPTPTFYVBMZFMBDPTPQPSSB[ÓOEFTFYPFOFMUSB 

CBKP

-BTFNQSFTBTEFCFSÃOQSPNPWFSDPOEJDJPOFTEF

USBCBKPRVFFWJUFOFMBDPTPTFYVBMZFMBDPTPQPSSB[ÓO

EFTFYPZBSCJUSBSQSPDFEJNJFOUPTFTQFDÎGJDPTQBSBTV

QSFWFODJÓOZQBSBEBSDBVDFBMBTEFOVODJBTPSFDMBNB

DJPOFTRVFQVFEBOGPSNVMBSRVJFOFTIBZBOTJEPPCKFUP

EFMNJTNP

$POFTUBGJOBMJEBETFQPESÃOFTUBCMFDFSNFEJEBTRVF

EFCFSÃOOFHPDJBSTFDPOMPTSFQSFTFOUBOUFTEFMPTUSBCB

KBEPSFT UBMFTDPNPMBFMBCPSBDJÓOZEJGVTJÓOEFDÓEJ 

HPTEFCVFOBTQSÃDUJDBT MBSFBMJ[BDJÓOEFDBNQBÒBT

JOGPSNBUJWBTPBDDJPOFTEFGPSNBDJÓO

-PTSFQSFTFOUBOUFTEFMPTUSBCBKBEPSFTEFCFSÃO

DPOUSJCVJSBQSFWFOJSFMBDPTPTFYVBMZFMBDPTPQPS

SB[ÓOEFTFYPFOFMUSBCBKPNFEJBOUFMBTFOTJCJMJ[BDJÓO

EFMPTUSBCBKBEPSFTZUSBCBKBEPSBTGSFOUFBMNJTNPZMB

JOGPSNBDJÓOBMBEJSFDDJÓOEFMBFNQSFTBEFMBTDPOEVD

UBTPDPNQPSUBNJFOUPTEFRVFUVWJFSBODPOPDJNJFOUPZ

RVFQVEJFSBOQSPQJDJBSMP

"SUÎDVMP"QPZPQBSBMBJNQMBOUBDJÓOWPMVOUBSJB

EFQMBOFTEFJHVBMEBE

1BSBJNQVMTBSMBBEPQDJÓOWPMVOUBSJBEFQMBOFTEF

JHVBMEBE FM(PCJFSOPFTUBCMFDFSÃNFEJEBTEFGPNFOUP 

FTQFDJBMNFOUFEJSJHJEBTBMBTQFRVFÒBTZMBTNFEJBOBT

FNQSFTBT RVFJODMVJSÃOFMBQPZPUÊDOJDPOFDFTBSJP

%JTUJOUJWPFNQSFTBSJBMFONBUFSJBEFJHVBMEBE

"SUÎDVMP%JTUJOUJWPQBSBMBTFNQSFTBTFONBUFSJB

EFJHVBMEBE

&M.JOJTUFSJPEF5SBCBKPZ"TVOUPT4PDJBMFT

DSFBSÃVOEJTUJOUJWPQBSBSFDPOPDFSBBRVFMMBTFNQSFTBT

RVFEFTUBRVFOQPSMBBQMJDBDJÓOEFQPMÎUJDBTEFJHVBMEBE

EFUSBUPZEFPQPSUVOJEBEFTDPOTVTUSBCBKBEPSFTZUSB 

CBKBEPSBT RVFQPESÃTFSVUJMJ[BEPFOFMUSÃGJDPDPNFS 

DJBMEFMBFNQSFTBZDPOGJOFTQVCMJDJUBSJPT

$POFMGJOEFPCUFOFSFTUFEJTUJOUJWP DVBMRVJFS

FNQSFTB TFBEFDBQJUBMQÙCMJDPPQSJWBEP QPESÃQSF 

TFOUBSBM.JOJTUFSJPEF5SBCBKPZ"TVOUPT4PDJBMFTVO

CBMBODFTPCSFMPTQBSÃNFUSPTEFJHVBMEBEJNQMBOUBEPT

SFTQFDUPEFMBTSFMBDJPOFTEFUSBCBKPZMBQVCMJDJEBEEF

MPTQSPEVDUPTZTFSWJDJPTQSFTUBEPT

3FHMBNFOUBSJBNFOUF TFEFUFSNJOBSÃOMBEFOP 

NJOBDJÓOEFFTUFEJTUJOUJWP FMQSPDFEJNJFOUPZMBTDPO

EJDJPOFTQBSBTVDPODFTJÓO MBTGBDVMUBEFTEFSJWBEBTEF

TVPCUFODJÓOZMBTDPOEJDJPOFTEFEJGVTJÓOJOTUJUVDJPOBM

EFMBTFNQSFTBTRVFMPPCUFOHBOZEFMBTQPMÎUJDBTEF

JHVBMEBEBQMJDBEBTQPSFMMBT

1BSBMBDPODFTJÓOEFFTUFEJTUJOUJWPTFUFOESÃO

FODVFOUB FOUSFPUSPTDSJUFSJPT MBQSFTFODJBFRVJMJCSBEB

EFNVKFSFTZIPNCSFTFOMPTÓSHBOPTEFEJSFDDJÓOZFO

MPTEJTUJOUPTHSVQPTZDBUFHPSÎBTQSPGFTJPOBMFTEFMB

FNQSFTB MBBEPQDJÓOEFQMBOFTEFJHVBMEBEVPUSBT

NFEJEBTJOOPWBEPSBTEFGPNFOUPEFMBJHVBMEBE BTÎ

DPNPMBQVCMJDJEBEOPTFYJTUBEFMPTQSPEVDUPTPTFSWJ

DJPTEFMBFNQSFTB

&M.JOJTUFSJPEF5SBCBKPZ"TVOUPT4PDJBMFT

DPOUSPMBSÃRVFMBTFNQSFTBTRVFPCUFOHBOFMEJTUJOUJWP

NBOUFOHBOQFSNBOFOUFNFOUFMBBQMJDBDJÓOEFQPMÎUJDBT

EFJHVBMEBEEFUSBUPZEFPQPSUVOJEBEFTDPOTVTUSBCBKB

EPSFTZUSBCBKBEPSBTZ FODBTPEFJODVNQMJSMBT MFT

SFUJSBSÃFMEJTUJOUJWP

&MQSJODJQJPEFJHVBMEBEFOFMFNQMFPQÙCMJDP

$SJUFSJPTEFBDUVBDJÓO

EFMBT"ENJOJTUSBDJPOFTQÙCMJDBT

"SUÎDVMP$SJUFSJPTEFBDUVBDJÓOEFMBT"ENJOJTUSB 

DJPOFTQÙCMJDBT

-BT"ENJOJTUSBDJPOFTQÙCMJDBT FOFMÃNCJUPEFTVT

SFTQFDUJWBTDPNQFUFODJBTZFOBQMJDBDJÓOEFMQSJODJQJP

EFJHVBMEBEFOUSFNVKFSFTZIPNCSFT EFCFSÃO

B 3FNPWFSMPTPCTUÃDVMPTRVFJNQMJRVFOMBQFSWJ 

WFODJBEFDVBMRVJFSUJQPEFEJTDSJNJOBDJÓODPOFMGJOEF

PGSFDFSDPOEJDJPOFTEFJHVBMEBEFGFDUJWBFOUSFNVKFSFT

ZIPNCSFTFOFMBDDFTPBMFNQMFPQÙCMJDPZFOFMEFTB

SSPMMPEFMBDBSSFSBQSPGFTJPOBM

C 'BDJMJUBSMBDPODJMJBDJÓOEFMBWJEBQFSTPOBM 

GBNJMJBSZMBCPSBM TJONFOPTDBCPEFMBQSPNPDJÓOQSP

GFTJPOBM

D 'PNFOUBSMBGPSNBDJÓOFOJHVBMEBE UBOUPFOFM

BDDFTPBMFNQMFPQÙCMJDPDPNPBMPMBSHPEFMBDBSSFSB

QSPGFTJPOBM

E 1SPNPWFSMBQSFTFODJBFRVJMJCSBEBEFNVKFSFTZ

IPNCSFTFOMPTÓSHBOPTEFTFMFDDJÓOZWBMPSBDJÓO

F &TUBCMFDFSNFEJEBTFGFDUJWBTEFQSPUFDDJÓO

GSFOUFBMBDPTPTFYVBMZBMBDPTPQPSSB[ÓOEFTFYP

G &TUBCMFDFSNFEJEBTFGFDUJWBTQBSBFMJNJOBS

DVBMRVJFSEJTDSJNJOBDJÓOSFUSJCVUJWB EJSFDUBPJOEJSFD 

UB QPSSB[ÓOEFTFYP

H &WBMVBSQFSJÓEJDBNFOUFMBFGFDUJWJEBEEFMQSJO 

DJQJPEFJHVBMEBEFOTVTSFTQFDUJWPTÃNCJUPTEFBDUVB 

DJÓO

DJPOFTFOGFDIBEJTUJOUB BVORVFIBZBUFSNJOBEPFMBÒP

OBUVSBMBMRVFDPSSFTQPOEBO

(P[BSÃOEFFTUFNJTNPEFSFDIPRVJFOFTFTUÊOEJT 

GSVUBOEPEFQFSNJTPEFQBUFSOJEBE

"SUÎDVMP"DDJPOFTQPTJUJWBTFOMBTBDUJWJEBEFTEF

GPSNBDJÓO

$POFMPCKFUPEFBDUVBMJ[BSMPTDPOPDJNJFOUPT

EFMPTFNQMFBEPTZFNQMFBEBTQÙCMJDBT TFPUPSHBSÃ

QSFGFSFODJB EVSBOUFVOBÒP FOMBBEKVEJDBDJÓOEFQMB 

[BTQBSBQBSUJDJQBSFOMPTDVSTPTEFGPSNBDJÓOBRVJFOFT

TFIBZBOJODPSQPSBEPBMTFSWJDJPBDUJWPQSPDFEFOUFTEFM

QFSNJTPEFNBUFSOJEBEPIBZBOSFJOHSFTBEPEFTEFMB

TJUVBDJÓOEFFYDFEFODJBQPSSB[POFTEFHVBSEBMFHBMZ

BUFODJÓOBQFSTPOBTNBZPSFTEFQFOEJFOUFTPQFSTPOBT

DPOEJTDBQBDJEBE

$POFMGJOEFGBDJMJUBSMBQSPNPDJÓOQSPGFTJPOBM

EFMBTFNQMFBEBTQÙCMJDBTZTVBDDFTPBQVFTUPTEJSFDUJ

WPTFOMB"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEPZFOMPT

PSHBOJTNPTQÙCMJDPTWJODVMBEPTPEFQFOEJFOUFTEFFMMB 

FOMBTDPOWPDBUPSJBTEFMPTDPSSFTQPOEJFOUFTDVSTPTEF

GPSNBDJÓOTFSFTFSWBSÃBMNFOPTVOEFMBTQMB[BT

QBSBTVBEKVEJDBDJÓOBBRVÊMMBTRVFSFÙOBOMPTSFRVJTJ 

UPTFTUBCMFDJEPT

"SUÎDVMP'PSNBDJÓOQBSBMBJHVBMEBE

5PEBTMBTQSVFCBTEFBDDFTPBMFNQMFPQÙCMJDP

EFMB"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEPZEFMPTPSHB

OJTNPTQÙCMJDPTWJODVMBEPTPEFQFOEJFOUFTEFFMMB

DPOUFNQMBSÃOFMFTUVEJPZMBBQMJDBDJÓOEFMQSJODJQJPEF

JHVBMEBEFOUSFNVKFSFTZIPNCSFTFOMPTEJWFSTPTÃNCJ

UPTEFMBGVODJÓOQÙCMJDB

-B"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEPZMPT

PSHBOJTNPTQÙCMJDPTWJODVMBEPTPEFQFOEJFOUFTEFFMMB

JNQBSUJSÃODVSTPTEFGPSNBDJÓOTPCSFMBJHVBMEBEEF

USBUPZPQPSUVOJEBEFTFOUSFNVKFSFTZIPNCSFTZTPCSF

QSFWFODJÓOEFMBWJPMFODJBEFHÊOFSP RVFTFEJSJHJSÃOB

UPEPTVQFSTPOBM

"SUÎDVMP1SPUPDPMPEFBDUVBDJÓOGSFOUFBMBDPTP

TFYVBMZBMBDPTPQPSSB[ÓOEFTFYP

1BSBMBQSFWFODJÓOEFMBDPTPTFYVBMZEFMBDPTPQPS

SB[ÓOEFTFYP MBT"ENJOJTUSBDJPOFTQÙCMJDBTOFHPDJB 

SÃODPOMBSFQSFTFOUBDJÓOMFHBMEFMBTUSBCBKBEPSBTZ

USBCBKBEPSFT VOQSPUPDPMPEFBDUVBDJÓORVFDPNQSFO 

EFSÃ BMNFOPT MPTTJHVJFOUFTQSJODJQJPT

B &MDPNQSPNJTPEFMB"ENJOJTUSBDJÓO(FOFSBM

EFM&TUBEPZEFMPTPSHBOJTNPTQÙCMJDPTWJODVMBEPTP

EFQFOEJFOUFTEFFMMBEFQSFWFOJSZOPUPMFSBSFMBDPTP

TFYVBMZFMBDPTPQPSSB[ÓOEFTFYP

C -BJOTUSVDDJÓOBUPEPFMQFSTPOBMEFTVEFCFSEF

SFTQFUBSMBEJHOJEBEEFMBTQFSTPOBTZTVEFSFDIPBMB

JOUJNJEBE BTÎDPNPMBJHVBMEBEEFUSBUPFOUSFNVKFSFTZ

IPNCSFT

D &MUSBUBNJFOUPSFTFSWBEPEFMBTEFOVODJBTEF

IFDIPTRVFQVEJFSBOTFSDPOTUJUVUJWPTEFBDPTPTFYVBMP

EFBDPTPQPSSB[ÓOEFTFYP TJOQFSKVJDJPEFMPFTUBCMF 

DJEPFOMBOPSNBUJWBEFSÊHJNFOEJTDJQMJOBSJP

E -BJEFOUJGJDBDJÓOEFMPTSFTQPOTBCMFTEFBUFO 

EFSBRVJFOFTGPSNVMFOVOBRVFKBPEFOVODJB

"SUÎDVMP&WBMVBDJÓOTPCSFMBJHVBMEBEFOFM

FNQMFPQÙCMJDP

5PEPTMPT%FQBSUBNFOUPT.JOJTUFSJBMFTZ0SHBOJT 

NPT1ÙCMJDPTSFNJUJSÃO BMNFOPTBOVBMNFOUF BMPT

.JOJTUFSJPTEF5SBCBKPZ"TVOUPT4PDJBMFTZEF"ENJ 

OJTUSBDJPOFT1ÙCMJDBT JOGPSNBDJÓOSFMBUJWBBMBBQMJDB 

DJÓOFGFDUJWBFODBEBVOPEFFMMPTEFMQSJODJQJPEF

JHVBMEBEFOUSFNVKFSFTZIPNCSFT DPOFTQFDJGJDBDJÓO 

NFEJBOUFMBEFTBHSFHBDJÓOQPSTFYPEFMPTEBUPT EFMB

EJTUSJCVDJÓOEFTVQMBOUJMMB HSVQPEFUJUVMBDJÓO OJWFMEF

DPNQMFNFOUPEFEFTUJOPZSFUSJCVDJPOFTQSPNFEJBEBT

EFTVQFSTPOBM

"SUÎDVMP1MBOEF*HVBMEBEFOMB"ENJOJTUSBDJÓO

(FOFSBMEFM&TUBEPZFOMPTPSHBOJTNPTQÙCMJDPT

WJODVMBEPTPEFQFOEJFOUFTEFFMMB

&M(PCJFSOPBQSPCBSÃ BMJOJDJPEFDBEBMFHJTMBUVSB 

VO1MBOQBSBMB*HVBMEBEFOUSFNVKFSFTZIPNCSFTFOMB

"ENJOJTUSBDJÓO(FOFSBMEFM&TUBEPZFOMPTPSHBOJTNPT

QÙCMJDPTWJODVMBEPTPEFQFOEJFOUFTEFFMMB&M1MBO

FTUBCMFDFSÃMPTPCKFUJWPTBBMDBO[BSFONBUFSJBEFQSP 

NPDJÓOEFMBJHVBMEBEEFUSBUPZPQPSUVOJEBEFTFOFM

FNQMFPQÙCMJDP BTÎDPNPMBTFTUSBUFHJBTPNFEJEBTB

BEPQUBSQBSBTVDPOTFDVDJÓO&M1MBOTFSÃPCKFUPEF

OFHPDJBDJÓO ZFOTVDBTPBDVFSEP DPOMPTSFQSFTFOUBO

UFTMFHBMFTEFMPTFNQMFBEPTQÙCMJDPTFOMBGPSNBRVF

TFEFUFSNJOFFOMBMFHJTMBDJÓOTPCSFOFHPDJBDJÓODPMFD

UJWBFOMB"ENJOJTUSBDJÓO1ÙCMJDBZTVDVNQMJNJFOUP

TFSÃFWBMVBEPBOVBMNFOUFQPSFM$POTFKPEF.JOJTUSPT

'VFS[BT"SNBEBT

"SUÎDVMP3FTQFUPEFMQSJODJQJPEFJHVBMEBE

-BTOPSNBTTPCSFQFSTPOBMEFMBT'VFS[BT"SNBEBT

QSPDVSBSÃOMBFGFDUJWJEBEEFMQSJODJQJPEFJHVBMEBE

FOUSFNVKFSFTZIPNCSFT FOFTQFDJBMFOMPRVFTFSFGJF

SFBMSÊHJNFOEFBDDFTP GPSNBDJÓO BTDFOTPT EFTUJOPT

ZTJUVBDJPOFTBENJOJTUSBUJWBT

"SUÎDVMP"QMJDBDJÓOEFMBTOPSNBTSFGFSJEBTBM

QFSTPOBMEFMBT"ENJOJTUSBDJPOFTQÙCMJDBT

-BTOPSNBTSFGFSJEBTBMQFSTPOBMBMTFSWJDJPEFMBT

"ENJOJTUSBDJPOFTQÙCMJDBTFONBUFSJBEFJHVBMEBE QSF

WFODJÓOEFMBWJPMFODJBEFHÊOFSPZDPODJMJBDJÓOEFMB

WJEBQFSTPOBM GBNJMJBSZQSPGFTJPOBMTFSÃOEFBQMJDB 

DJÓOFOMBT'VFS[BT"SNBEBT DPOMBTBEBQUBDJPOFTRVF

SFTVMUFOOFDFTBSJBTZFOMPTUÊSNJOPTFTUBCMFDJEPTFOTV

OPSNBUJWBFTQFDÎGJDB

'VFS[BTZ$VFSQPTEF4FHVSJEBEEFM&TUBEP

"SUÎDVMP3FTQFUPEFMQSJODJQJPEFJHVBMEBE

-BTOPSNBTSFHVMBEPSBTEFMBT'VFS[BTZ$VFSQPTEF

4FHVSJEBEEFM&TUBEPQSPNPWFSÃOMBJHVBMEBEFGFDUJWB

FOUSFNVKFSFTZIPNCSFT JNQJEJFOEPDVBMRVJFSTJUVB 

DJÓOEFEJTDSJNJOBDJÓOQSPGFTJPOBM FTQFDJBMNFOUF FO

FMTJTUFNBEFBDDFTP GPSNBDJÓO BTDFOTPT EFTUJOPTZ

TJUVBDJPOFTBENJOJTUSBUJWBT

"SUÎDVMP"QMJDBDJÓOEFMBTOPSNBTSFGFSJEBTBM

QFSTPOBMEFMBT"ENJOJTUSBDJPOFTQÙCMJDBT

-BTOPSNBTSFGFSJEBTBMQFSTPOBMBMTFSWJDJPEFMBT

"ENJOJTUSBDJPOFTQÙCMJDBTFONBUFSJBEFJHVBMEBE QSF

WFODJÓOEFMBWJPMFODJBEFHÊOFSPZDPODJMJBDJÓOEFMB

WJEBQFSTPOBM GBNJMJBSZQSPGFTJPOBMTFSÃOEFBQMJDB 

DJÓOFOMBT'VFS[BTZ$VFSQPTEF4FHVSJEBEEFM&TUBEP 

BEBQUÃOEPTF FOTVDBTP BMBTQFDVMJBSJEBEFTEFMBTGVO

DJPOFTRVFUJFOFOFODPNFOEBEBT FOMPTUÊSNJOPTFTUB 

CMFDJEPTQPSTVOPSNBUJWBFTQFDÎGJDB

*HVBMEBEEFUSBUPFOFMBDDFTPBCJFOFTZTFSWJDJPT

ZTVTVNJOJTUSP

"SUÎDVMP*HVBMEBEEFUSBUPFOFMBDDFTPBCJFOFTZ

TFSWJDJPT

5PEBTMBTQFSTPOBTGÎTJDBTPKVSÎEJDBTRVF FOFM

TFDUPSQÙCMJDPPFOFMQSJWBEP TVNJOJTUSFOCJFOFTP

TFSWJDJPTEJTQPOJCMFTQBSBFMQÙCMJDP PGSFDJEPTGVFSB

EFMÃNCJUPEFMBWJEBQSJWBEBZGBNJMJBS FTUBSÃOPCMJHB

EBT FOTVTBDUJWJEBEFTZFOMBTUSBOTBDDJPOFTDPOTJ 

HVJFOUFT BMDVNQMJNJFOUPEFMQSJODJQJPEFJHVBMEBEEF

USBUPFOUSFNVKFSFTZIPNCSFT FWJUBOEPEJTDSJNJOBDJP 

OFT EJSFDUBTPJOEJSFDUBT QPSSB[ÓOEFTFYP

-PQSFWJTUPFOFMBQBSUBEPBOUFSJPSOPBGFDUBBMB

MJCFSUBEEFDPOUSBUBDJÓO JODMVJEBMBMJCFSUBEEFMBQFSTP

OBEFFMFHJSBMBPUSBQBSUFDPOUSBUBOUF TJFNQSFZDVBOEP

EJDIBFMFDDJÓOOPWFOHBEFUFSNJOBEBQPSTVTFYP

/PPCTUBOUFMPEJTQVFTUPFOMPTBQBSUBEPTBOUF 

SJPSFT TFSÃOBENJTJCMFTMBTEJGFSFODJBTEFUSBUPFOFM

BDDFTPBCJFOFTZTFSWJDJPTDVBOEPFTUÊOKVTUJGJDBEBT

QPSVOQSPQÓTJUPMFHÎUJNPZMPTNFEJPTQBSBMPHSBSMP

TFBOBEFDVBEPTZOFDFTBSJPT

"SUÎDVMP1SPUFDDJÓOFOTJUVBDJÓOEFFNCBSB[P

&OFMBDDFTPBCJFOFTZTFSWJDJPT OJOHÙODPOUSBUBOUF

QPESÃJOEBHBSTPCSFMBTJUVBDJÓOEFFNCBSB[PEFVOB

NVKFSEFNBOEBOUFEFMPTNJTNPT TBMWPQPSSB[POFTEF

QSPUFDDJÓOEFTVTBMVE

"SUÎDVMP'BDUPSFTBDUVBSJBMFT

4FQSPIÎCFMBDFMFCSBDJÓOEFDPOUSBUPTEFTFHV 

SPTPEFTFSWJDJPTGJOBODJFSPTBGJOFTFOMPTRVF BMDPO 

TJEFSBSFMTFYPDPNPGBDUPSEFDÃMDVMPEFQSJNBTZ

QSFTUBDJPOFT TFHFOFSFOEJGFSFODJBTFOMBTQSJNBTZ

QSFTUBDJPOFTEFMBTQFSTPOBTBTFHVSBEBT

/PPCTUBOUF SFHMBNFOUBSJBNFOUF TFQPESÃOGJKBSMPT

TVQVFTUPTFOMPTRVFTFBBENJTJCMFEFUFSNJOBSEJGFSFO 

DJBTQSPQPSDJPOBEBTEFMBTQSJNBTZQSFTUBDJPOFTEFMBT

QFSTPOBTDPOTJEFSBEBTJOEJWJEVBMNFOUF DVBOEPFMTFYP

DPOTUJUVZBVOGBDUPSEFUFSNJOBOUFEFMBFWBMVBDJÓOEFM

SJFTHPBQBSUJSEFEBUPTBDUVBSJBMFTZFTUBEÎTUJDPTQFSUJ 

OFOUFTZGJBCMFT

-PTDPTUFTSFMBDJPOBEPTDPOFMFNCBSB[PZFM

QBSUPOPKVTUJGJDBSÃOEJGFSFODJBTFOMBTQSJNBTZQSFTUB

DJPOFTEFMBTQFSTPOBTDPOTJEFSBEBTJOEJWJEVBMNFOUF 

TJORVFQVFEBOBVUPSJ[BSTFEJGFSFODJBTBMSFTQFDUP

"SUÎDVMP$POTFDVFODJBTEFMJODVNQMJNJFOUPEF

MBTQSPIJCJDJPOFT

4JOQFSKVJDJPEFPUSBTBDDJPOFTZEFSFDIPTDPO 

UFNQMBEPTFOMBMFHJTMBDJÓODJWJMZNFSDBOUJM MBQFSTPOB

RVF FOFMÃNCJUPEFBQMJDBDJÓOEFMBSUÎDVMP TVGSB

VOBDPOEVDUBEJTDSJNJOBUPSJB UFOESÃEFSFDIPBJOEFN 

OJ[BDJÓOQPSMPTEBÒPTZQFSKVJDJPTTVGSJEPT

&OFMÃNCJUPEFMPTDPOUSBUPTEFTFHVSPTPEF

TFSWJDJPTGJOBODJFSPTBGJOFT ZTJOQFSKVJDJPEFMPQSFWJT

UPFOFMBSUÎDVMPEFFTUB-FZ FMJODVNQMJNJFOUPEFMB

QSPIJCJDJÓODPOUFOJEBFOFMBSUÎDVMPPUPSHBSÃBMDPO

USBUBOUFQFSKVEJDBEPFMEFSFDIPBSFDMBNBSMBBTJNJMB 

DJÓOEFTVTQSJNBTZQSFTUBDJPOFTBMBTEFMTFYPNÃT

CFOFGJDJBEP NBOUFOJÊOEPTFFOMPTSFTUBOUFTFYUSFNPT

MBWBMJEF[ZFGJDBDJBEFMDPOUSBUP

-BJHVBMEBEFOMBSFTQPOTBCJMJEBETPDJBM

EFMBTFNQSFTBT

"SUÎDVMP"DDJPOFTEFSFTQPOTBCJMJEBETPDJBMEF

MBTFNQSFTBTFONBUFSJBEFJHVBMEBE

-BTFNQSFTBTQPESÃOBTVNJSMBSFBMJ[BDJÓOWPMVOUB 

SJBEFBDDJPOFTEFSFTQPOTBCJMJEBETPDJBM DPOTJTUFOUFT

FONFEJEBTFDPOÓNJDBT DPNFSDJBMFT MBCPSBMFT BTJT 

UFODJBMFTPEFPUSBOBUVSBMF[B EFTUJOBEBTBQSPNPWFS

DPOEJDJPOFTEFJHVBMEBEFOUSFMBTNVKFSFTZMPTIPN 

CSFTFOFMTFOPEFMBFNQSFTBPFOTVFOUPSOPTPDJBM

-BSFBMJ[BDJÓOEFFTUBTBDDJPOFTQPESÃTFSDPODFSUB

EBDPOMPTSFQSFTFOUBOUFTEFMPTUSBCBKBEPSFT MBTPSHB 

OJ[BDJPOFTEFDPOTVNJEPSFTZVTVBSJPT MBTBTPDJBDJP 

OFTDVZPGJOQSJNPSEJBMTFBMBEFGFOTBEFMBJHVBMEBEEF

SFTKVOUFSPTZBQPEFSBEPTBMBT+VOUBT(FOFSBMFTEF

¦MBWB (VJQÙ[DPBZ7J[DBZB EJQVUBEPTBM1BSMBNFOUP

&VSPQFPZNJFNCSPTEFMBT"TBNCMFBTMFHJTMBUJWBTEF

MBT$PNVOJEBEFT"VUÓOPNBT EFCFSÃOUFOFSVOBDPN 

QPTJDJÓOFRVJMJCSBEBEFNVKFSFTZIPNCSFT EFGPSNB

RVFFOFMDPOKVOUPEFMBMJTUBMPTDBOEJEBUPTEFDBEBVOP

EFMPTTFYPTTVQPOHBODPNPNÎOJNPFMDVBSFOUBQPS

DJFOUP$VBOEPFMOÙNFSPEFQVFTUPTBDVCSJSTFBJOGF 

SJPSBDJODP MBQSPQPSDJÓOEFNVKFSFTZIPNCSFTTFSÃMP

NÃTDFSDBOBQPTJCMFBMFRVJMJCSJPOVNÊSJDP

&OMBTFMFDDJPOFTEFNJFNCSPTEFMBT"TBNCMFBT

-FHJTMBUJWBTEFMBT$PNVOJEBEFT"VUÓOPNBT MBTMFZFT

SFHVMBEPSBTEFTVTSFTQFDUJWPTSFHÎNFOFTFMFDUPSBMFT

QPESÃOFTUBCMFDFSNFEJEBTRVFGBWPSF[DBOVOBNBZPS

QSFTFODJBEFNVKFSFTFOMBTDBOEJEBUVSBTRVFTFQSF 

TFOUFOBMBT&MFDDJPOFTEFMBTDJUBEBT"TBNCMFBT

-FHJTMBUJWBT

5BNCJÊOTFNBOUFOESÃMBQSPQPSDJÓONÎOJNB

EFMDVBSFOUBQPSDJFOUPFODBEBUSBNPEFDJODPQVFTUPT

$VBOEPFMÙMUJNPUSBNPEFMBMJTUBOPBMDBODFMPTDJODP

QVFTUPT MBSFGFSJEBQSPQPSDJÓOEFNVKFSFTZIPNCSFT

FOFTFUSBNPTFSÃMPNÃTDFSDBOBQPTJCMFBMFRVJMJCSJP

OVNÊSJDP BVORVFEFCFSÃNBOUFOFSTFFODVBMRVJFSDBTP

MBQSPQPSDJÓOFYJHJCMFSFTQFDUPEFMDPOKVOUPEFMBMJTUB

"MBTMJTUBTEFTVQMFOUFTTFBQMJDBSÃOMBTSFHMBT

DPOUFOJEBTFOMPTBOUFSJPSFTBQBSUBEPT

$VBOEPMBTDBOEJEBUVSBTQBSBFM4FOBEPTF

BHSVQFOFOMJTUBT EFBDVFSEPDPOMPEJTQVFTUPFOFM

BSUÎDVMPEFFTUB-FZ UBMFTMJTUBTEFCFSÃOUFOFS

JHVBMNFOUFVOBDPNQPTJDJÓOFRVJMJCSBEBEFNVKFSFTZ

IPNCSFT EFGPSNBRVFMBQSPQPSDJÓOEFVOBTZPUSPT

TFBMPNÃTDFSDBOBQPTJCMFBMFRVJMJCSJPOVNÊSJDPv

%PT4FBÒBEFVOOVFWPQÃSSBGPBMBQBSUBEPEFM BSUÎDVMP SFEBDUBEPFOMPTTJHVJFOUFTUÊSNJOPT

j-PQSFWJTUPFOFMBSUÎDVMPCJTEFFTUBMFZOPTFSÃ FYJHJCMFFOMBTDBOEJEBUVSBTRVFTFQSFTFOUFOFOMPT NVOJDJQJPTDPOVOOÙNFSPEFSFTJEFOUFTJHVBMPJOGF  SJPSBIBCJUBOUFTv

5SFT4FBÒBEFVOOVFWPQÃSSBGPBMBQBSUBEPEFM BSUÎDVMP SFEBDUBEPFOMPTTJHVJFOUFTUÊSNJOPT

j-PQSFWJTUPFOFMBSUÎDVMPCJTEFFTUBMFZOPTFSÃ FYJHJCMFFOMBTDBOEJEBUVSBTRVFTFQSFTFOUFOFOMBT JTMBTDPOVOOÙNFSPEFSFTJEFOUFTJHVBMPJOGFSJPSB IBCJUBOUFTv

$VBUSP4FNPEJGJDBFMBQBSUBEPEFMBEJTQPTJ  DJÓOBEJDJPOBMQSJNFSB RVFRVFEBSFEBDUBEPFOMPT TJHVJFOUFTUÊSNJOPT

j&OBQMJDBDJÓOEFMBTDPNQFUFODJBTRVFMB $POTUJUVDJÓOSFTFSWBBM&TUBEPTFBQMJDBOUBNCJÊOBMBT FMFDDJPOFTB"TBNCMFBT-FHJTMBUJWBTEF$PNVOJEBEFT "VUÓOPNBTDPOWPDBEBTQPSÊTUBT MPTTJHVJFOUFTBSUÎDV MPTEFMUÎUVMPQSJNFSPEFFTUB-FZ0SHÃOJDB

BMCJT    Z

Z

Z

ZBB

Bv

%JTQPTJDJÓOBEJDJPOBMUFSDFSB.PEJGJDBDJPOFTEFMB -FZ0SHÃOJDBEFM1PEFS+VEJDJBM

4FNPEJGJDBMB-FZ0SHÃOJDB EFEFKVMJP 

EFM1PEFS+VEJDJBM FOMPTTJHVJFOUFTUÊSNJOPT

6OP4FBÒBEFVOÙMUJNPJODJTPFOFMBQBSUBEP

EFMBSUÎDVMP RVFRVFEBFOMPTTJHVJFOUFTUÊSNJOPT

j&M$POTFKP(FOFSBMEFM1PEFS+VEJDJBMFMFWBSÃ BOVBMNFOUFBMBT$PSUFT(FOFSBMFTVOB.FNPSJBTPCSF FMFTUBEP GVODJPOBNJFOUPZBDUJWJEBEFTEFMQSPQJP $POTFKPZEFMPT+V[HBEPTZ5SJCVOBMFTEF+VTUJDJB "TJNJTNP JODMVJSÃMBTOFDFTJEBEFTRVF BTVKVJDJP  FYJTUBOFONBUFSJBEFQFSTPOBM JOTUBMBDJPOFTZEF SFDVSTPT FOHFOFSBM QBSBFMDPSSFDUPEFTFNQFÒPEFMBT GVODJPOFTRVFMB$POTUJUVDJÓOZMBTMFZFTBTJHOBOBM 1PEFS+VEJDJBM*ODMVJSÃUBNCJÊOVODBQÎUVMPTPCSFFM JNQBDUPEFHÊOFSPFOFMÃNCJUPKVEJDJBMv

%PT4FBÒBEFVOOVFWPQÃSSBGP JOUFSDBMBEPFOUSF FMQSJNFSPZFMTFHVOEP BMBQBSUBEPEFMBSUÎDVMP  DPOMBTJHVJFOUFSFEBDDJÓO

j&OUPEPDBTP TFFMBCPSBSÃVOJOGPSNFQSFWJPEF JNQBDUPEFHÊOFSPv

5SFT4FBÒBEF FOFMBSUÎDVMP EFTQVÊTEF j$PNJTJÓOEF$BMJGJDBDJÓOv MBFYQSFTJÓOj$PNJTJÓO EF*HVBMEBEv

$VBUSP4FBÒBEFVOBSUÎDVMPCJTRVFJOUFHSBSÃ MBOVFWB4FDDJÓO‰EFM$BQÎUVMP7 5ÎUVMP* -JCSP**  SVCSJDBEBDPNPj%FMB$PNJTJÓOEF*HVBMEBEv DPOMB TJHVJFOUFSFEBDDJÓO

j"SUÎDVMPCJT

&M1MFOPEFM$POTFKP(FOFSBMEFM1PEFS+VEJDJBM FMFHJSÃBOVBMNFOUF EFFOUSFTVT7PDBMFT QPSNBZPSÎB EFUSFTRVJOUPTZBUFOEJFOEPBMQSJODJQJPEFQSFTFODJB FRVJMJCSBEBFOUSFNVKFSFTZIPNCSFT BMPTDPNQPOFO  UFTEFMB$PNJTJÓOEFHVBMEBE RVFFTUBSÃJOUFHSBEB QPSDJODPNJFNCSPT -B$PNJTJÓOEFHVBMEBEEFCFSÃBDUVBSDPOMB BTJTUFODJBEFUPEPTTVTDPNQPOFOUFTZCBKPMBQSFTJEFO DJBEFMNJFNCSPEFMBNJTNBRVFTFBFMFHJEPQPSNBZP SÎB&ODBTPEFUSBOTJUPSJBJNQPTJCJMJEBEPBVTFODJB KVTUJGJDBEBEFBMHVOPEFMPTNJFNCSPT TFQSPDFEFSÃB TVTVTUJUVDJÓOQPSPUSP7PDBMEFM$POTFKP QSFGFSFOUF  NFOUFEFMNJTNPTFYP RVFTFSÃEFTJHOBEPQPSMB $PNJTJÓO1FSNBOFOUF

$PSSFTQPOEFSÃBMB$PNJTJÓOEF*HVBMEBEBTF 

TPSBSBM1MFOPTPCSFMBTNFEJEBTOFDFTBSJBTPDPOWF 

OJFOUFTQBSBJOUFHSBSBDUJWBNFOUFFMQSJODJQJPEFJHVBM 

EBEFOUSFNVKFSFTZIPNCSFTFOFMFKFSDJDJPEFMBT

BUSJCVDJPOFTEFM$POTFKP(FOFSBMEFM1PEFS+VEJDJBMZ 

FOQBSUJDVMBS MFDPSSFTQPOEFSÃFMBCPSBSMPTJOGPSNFT

QSFWJPTTPCSFJNQBDUPEFHÊOFSPEFMPTSFHMBNFOUPTZ

NFKPSBSMPTQBSÃNFUSPTEFJHVBMEBEFOMB$BSSFSB+VEJ 

DJBMv

$JODP4FNPEJGJDBFMBSUÎDVMP RVFUFOESÃMB TJHVJFOUFSFEBDDJÓO

j5PEBTMBTQSVFCBTTFMFDUJWBTQBSBFMJOHSFTPZMB QSPNPDJÓOFOMB$BSSFSBT+VEJDJBMZ'JTDBMDPOUFNQMB  SÃOFMFTUVEJPEFMQSJODJQJPEFJHVBMEBEFOUSFNVKFSFTZ IPNCSFT JODMVZFOEPMBTNFEJEBTDPOUSBMBWJPMFODJBEF HÊOFSP ZTVBQMJDBDJÓODPODBSÃDUFSUSBOTWFSTBMFOFM ÃNCJUPEFMBGVODJÓOKVSJTEJDDJPOBMv

4FJT4FNPEJGJDBFMQSJNFSQÃSSBGPEFMBQBSUBEPF  EFMBSUÎDVMP RVFRVFEBSFEBDUBEPDPNPTJHVF

jF 5BNCJÊOUFOESÃOEFSFDIPBVOQFSÎPEPEF FYDFEFODJB EFEVSBDJÓOOPTVQFSJPSBUSFTBÒPT QBSB BUFOEFSBMDVJEBEPEFVOGBNJMJBSRVFTFFODVFOUSFBTV DBSHP IBTUBFMTFHVOEPHSBEPJODMVTJWFEFDPOTBOHVJOJ EBEPBGJOJEBERVF QPSSB[POFTEFFEBE BDDJEFOUFP FOGFSNFEBE OPQVFEBWBMFSTFQPSTÎNJTNPZOPEFT  FNQFÒFBDUJWJEBESFUSJCVJEBv

4JFUF4FBÒBEFVOBOVFWBMFUSBF FOFMBSUÎDV  MP FOMPTTJHVJFOUFTUÊSNJOPT

jF &YDFEFODJBQPSSB[ÓOEFWJPMFODJBTPCSFMB NVKFSv

0DIP4FNPEJGJDBFMBSUÎDVMP RVFQBTBB UFOFSMBTJHVJFOUFSFEBDDJÓO

j"SUÎDVMP

$VBOEPVONBHJTUSBEPEFM5SJCVOBM4VQSFNPTPMJDJ

UBSBMBFYDFEFODJBWPMVOUBSJBZMFGVFSFDPODFEJEB QFS 

EFSÃTVDPOEJDJÓOEFUBM TBMWPFOFMTVQVFTUPQSFWJTUP

FOMBTMFUSBTE ZF EFMBSUÎDVMPBOUFSJPSZFOFMBSUÎDV 

MPCJT&OMPTEFNÃTDBTPTRVFEBSÃJOUFHSBEPFO

TJUVBDJÓOEFFYDFEFODJBWPMVOUBSJB EFOUSPEFMBDBUFHP

SÎBEF.BHJTUSBEPv

/VFWF4FNPEJGJDBFMBSUÎDVMPFOMPT TJHVJFOUFTUÊSNJOPT

j4FFYDFQUÙBOEFMPQSFWJTUPFOFMBQBSUBEP BOUFSJPSMBTFYDFEFODJBTWPMVOUBSJBTQBSBFMDVJEBEPEF IJKPTZQBSBBUFOEFSBMDVJEBEPEFVOGBNJMJBSBRVFTF SFGJFSFOMPTBQBSUBEPTE ZF EFMBSUÎDVMP FOMBT RVFFMQFSJPEPEFQFSNBOFODJBFOEJDIBTTJUVBDJPOFT

TFSÃDPNQVUBCMFBFGFDUPTEFUSJFOJPTZEFSFDIPTQBTJ 

WPT%VSBOUFMPTEPTQSJNFSPTBÒPTTFUFOESÃEFSFDIPB

MBSFTFSWBEFMBQMB[BFOMBRVFTFFKFSDJFTFOTVTGVODJP

OFTZBMDÓNQVUPEFMBBOUJHÛFEBE5SBOTDVSSJEPFTUF

QFSJPEP EJDIBSFTFSWBMPTFSÃBVOQVFTUPFOMBNJTNB

QSPWJODJBZEFJHVBMDBUFHPSÎB EFCJFOEPTPMJDJUBS FOFM

NFTBOUFSJPSBMBGJOBMJ[BDJÓOEFMQFSJPEPNÃYJNPEF

QFSNBOFODJBFOMBNJTNB FMSFJOHSFTPBMTFSWJDJPBDUJ 

WPEFOPIBDFSMP TFSÃEFDMBSBEPEFPGJDJPFOMBTJUVB 

DJÓOEFFYDFEFODJBWPMVOUBSJBQPSJOUFSÊTQBSUJDVMBSv

%JF[4FBÒBEFVOOVFWPBSUÎDVMPCJTDPOMB TJHVJFOUFSFEBDDJÓO

j"SUÎDVMPCJT

-BTKVF[BTZNBHJTUSBEBTWÎDUJNBTEFWJPMFODJB EFHÊOFSPUFOESÃOEFSFDIPBTPMJDJUBSMBTJUVBDJÓOEF FYDFEFODJBQPSSB[ÓOEFWJPMFODJBTPCSFMBNVKFSTJO OFDFTJEBEEFIBCFSQSFTUBEPVOUJFNQPNÎOJNPEFTFS  WJDJPTQSFWJPT&OFTUBTJUVBDJÓOBENJOJTUSBUJWBTF QPESÃQFSNBOFDFSVOQMB[PNÃYJNPEFUSFTBÒPT %VSBOUFMPTTFJTQSJNFSPTNFTFTUFOESÃOEFSF  DIPBMBSFTFSWBEFMQVFTUPEFUSBCBKPRVFEFTFNQFÒB  SBO TJFOEPDPNQVUBCMFEJDIPQFSJPEPBFGFDUPTEF BTDFOTPT USJFOJPTZEFSFDIPTQBTJWPT &TUPOPPCTUBOUF DVBOEPEFMBTBDUVBDJPOFTEFUVUF MBKVEJDJBMSFTVMUBTFRVFMBFGFDUJWJEBEEFMEFSFDIPEF QSPUFDDJÓOEFMBWÎDUJNBMPFYJHJFSF TFQPESÃQSPSSPHBS QPSQFSJPEPTEFUSFTNFTFT DPOVONÃYJNPEFEJFDJP  DIP FMQFSJPEPFOFMRVF EFBDVFSEPDPOFMQÃSSBGP BOUFSJPS TFUFOESÃEFSFDIPBMBSFTFSWBEFMQVFTUPEF USBCBKP DPOJEÊOUJDPTFGFDUPTBMPTTFÒBMBEPTFOEJDIP QÃSSBGP -BTKVF[BTZNBHJTUSBEBTFOTJUVBDJÓOEFFYDF  EFODJBQPSSB[ÓOEFWJPMFODJBTPCSFMBNVKFSQFSDJCJSÃO  EVSBOUFMPTEPTQSJNFSPTNFTFTEFFTUBFYDFEFODJB MBT SFUSJCVDJPOFTÎOUFHSBTZ FOTVDBTP MBTQSFTUBDJPOFT GBNJMJBSFTQPSIJKPBDBSHP &MSFJOHSFTPFOFMTFSWJDJPBDUJWPEFMBTKVF[BTZ NBHJTUSBEBTFOTJUVBDJÓOBENJOJTUSBUJWBEFFYDFEFODJB QPSSB[ÓOEFWJPMFODJBTPCSFMBNVKFSEFEVSBDJÓOOP TVQFSJPSBTFJTNFTFTTFQSPEVDJSÃFOFMNJTNPÓSHBOP KVSJTEJDDJPOBMSFTQFDUPEFMRVFUFOHBSFTFSWBEFMQVFTUP EFUSBCBKPRVFEFTFNQFÒBSBODPOBOUFSJPSJEBETJFM QFSJPEPEFEVSBDJÓOEFMBFYDFEFODJBFTTVQFSJPSB NFTFTFMSFJOHSFTPFYJHJSÃRVFMBTKVF[BTZNBHJTUSBEBT QBSUJDJQFOFOUPEPTMPTDPODVSTPTRVFTFBOVODJFOQBSB DVCSJSQMB[BTEFTVDBUFHPSÎBIBTUBPCUFOFSEFTUJOP%F OPIBDFSMPBTÎ TFMFTEFDMBSBSÃFOTJUVBDJÓOEFFYDFEFO DJBWPMVOUBSJBQPSJOUFSÊTQBSUJDVMBSv

0ODF4FQSPQPOFMBTVQSFTJÓOEFMBSUÎDVMP

%PDF4FBÒBEFVOBQBSUBEPBMBSUÎDVMPCJT  DPOMBTJHVJFOUFSFEBDDJÓO

j&M1MBOEF'PSNBDJÓO$POUJOVBEBEFMB$BSSF  SB+VEJDJBMDPOUFNQMBSÃMBGPSNBDJÓOEFMPT+VFDFTZ