unasylva 220 spanish.indb

(KPNCPFKCWPGLGORNQXKXQFGSWGGNWUQUQUVGPKDNG
FGNQUDQUSWGUGUHCEVKDNG
/8CPJCPGP
'N2TKOGT/KPKUVTQFG(KPNCPFKC
GPNCUGUKÎPFGCRGTVWTCFGN
%QOKVÃFG/QPVGUGNFGOCT\Q
UWDTC[ÎGNRCRGNFGNCQTFGPCEKÎP
HQTGUVCNUQUVGPKDNGGPGNFGUCTTQNNQ
FGUWRCÈU
#
PVG VQFQ SWKUKGTC GZRTGUCT OK
CITCFGEKOKGPVQ C NC (#1 RQT
EQPEGFGTOGGNRNCEGT[GNJQPQT
FGJCDNCTNGUCWUVGFGUJQ[%QOQ2TKOGT
/KPKUVTQFGWPRCÈUSWGJCEQPUVTWKFQGP
ITCPRCTVGUWRTQURGTKFCFUQDTGNCDCUG
FGUWUDQUSWGUCWOGPVCPFQCNOKUOQ
VKGORQNCGZVGPUKÎP[NQUXCNQTGUOGFKQ
CODKGPVCNGUFGUWEWDKGTVCHQTGUVCNGU
OW[ CFGEWCFQ SWG OG GPEWGPVTG JQ[
CSWÈ GP NC (#1 RCTC FCTNGU EWGPVC FG
PWGUVTC GZRGTKGPEKC (KPNCPFKC GU WP
GLGORNQ XKXQ FG SWG GN WUQ UQUVGPKDNG
FGNQUDQUSWGUGUHCEVKDNG
'P RQEQU RCÈUGU EQOQ GP (KPNCPFKC
JCP UKFQ VCP KORQTVCPVGU RCTC GN FG
UCTTQNNQ GEQPÎOKEQ NCU KPFWUVTKCU FGN
UGEVQT HQTGUVCN #N OKUOQ VKGORQ NC
EQPUGTXCEKÎPFGNCUTGUGTXCUHQTGUVCNGU
GORG\Î VGORTCPQ [ NC RTQRQTEKÎP FG
DQUSWGU EQPUGTXCFQU JC ETGEKFQ [ GU
JQ[ OC[QT GP (KPNCPFKC SWG GP EWCN
SWKGTNWICTFGNC7PKÎP'WTQRGC
7'
.CUOGFKFCUFGEQPUGTXCEKÎPVKGPGPWPC
NCTICJKUVQTKC#RCTVKTFGWPCNG[FG
RCTC NC EQPUGTXCEKÎP FG NC PCVWTCNG\C
JCUVCUGJCDÈCPGUVCDNGEKFQPWGXG
RCTSWGU PCEKQPCNGU [ ECVQTEG TGUGTXCU
PCVWTCNGU *CEKC NCU UWRGTHKEKGU
FGEQPUGTXCEKÎPCDCTECDCPMO
RTKPEKRCNOGPVG \QPCU HQTGUVCNGU .CU
\QPCU HQTGUVCNGU [C KPENWKFCU GP GUVCU
OGFKFCUVGORTCPCUFGRTQVGEEKÎPFGNC
PCVWTCNG\CEQORTGPFÈCPOWEJQURCTCLGU
FGUJCDKVCFQU.CRNCPKHKECEKÎPFG\QPCU
RTQVGIKFCU[GNGUVCDNGEKOKGPVQFGGUVCU
TGUGTXCU JCP EQPVKPWCFQ # RTKPEKRKQU
FGNCTGFFGGURCEKQURTQVGIKFQU
.QUſPNCPFGUGUJCP
VGPKFQUKGORTGWPC
GUVTGEJCTGNCEKÎPEQPNQU
DQUSWGUEQPWPCNCTIC
JKUVQTKCFGEQPUGTXCEKÎP
HQTGUVCNRTQOQXKFCGPVTG
PKÌQU[CFWNVQU
7PCU[NXC8QN
#51%+#%+¦0(14'56#.(+0.#0&'5#'1-5#0'0
/CVVK8CPJCPGPGU
GN2TKOGT/KPKUVTQFG
(KPNCPFKC
.#24%6+%#&'.#14&'0#%+¦0
(14'56#.5156'0+$.'
.QUDQUSWGUUQPGUGPEKCNGURCTCNCUQUVG
PKDKNKFCFFGNOGFKQCODKGPVG/¶UFGNC
VGTEGTCRCTVGFGNCUWRGTHKEKGVGTTGUVTGFG
PWGUVTQRNCPGVCGUV¶EWDKGTVCFGDQUSWGU
.QU DQUSWGU EWORNGP OWEJCU HWPEKQ
PGU[EWDTGPOWEJCUPGEGUKFCFGU2CTC
OWEJQUUQPNQURTQXGGFQTGUFGEWCPVQ
PGEGUKVCOQUD¶UKECOGPVGRCTCUQDTGXK
XKTCNKOGPVQOGFKEKPCUCDTKIQQNGÌC
.QUDQUSWGUUWOKPKUVTCPVCODKÃPCIWC
RQVCDNG[OCVGTKCRTKOCRCTCNCKPFWUVTKC
OCFGTGTC2WGFGPQHTGEGTCUKOKUOQGU
RCEKQRCTCGZEWTUKQPGUQCECORCFCUQ
KPENWUQNWICTGURCTCRTCEVKECTVTCFKEKQPGU
EWNVWTCNGU[GURKTKVWCNGU
'N2TKOGT/KPKUVTQ
FG(KPNCPFKC
/CVVK8CPJCPGPGP
NC(#1
(#1+$#.&'4+
SWGEQPUVCRTKPEKRCNOGPVGFGDQUSWGU
CDCTEC CNTGFGFQT FGN RQT EKGPVQ FG
NC UWRGTHKEKG VGTTGUVTG FG (KPNCPFKC [
EQORTGPFG RCTSWGU PCEKQPCNGU \QPCUFGUJCDKVCFCUTGUGTXCUFGNC
PCVWTCNG\CWQVTCU\QPCURTQVGIKFCUFG
RTQRKGFCFGUVCVCN[O¶UFGTGUGTXCU
PCVWTCNGUFGRTQRKGFCFRTKXCFC'NVQVCN
FG\QPCURTQVGIKFCUMOGUUW
RGTKQTCNCUWRGTHKEKGFG$ÃNIKEC#FGO¶U
UGJCVQOCFQ[CNCFGEKUKÎPRQNÈVKECFG
RTKPEKRKQFGRTQVGIGTQVTQUMO
EQTTGURQPFKGPVGU CN RQT EKGPVQ FG NC
UWRGTHKEKGVGTTGUVTGFGNRCÈU
&GUFGXCTKQURWPVQUFGXKUVC[PQUQNQ
EWCPVKVCVKXCOGPVG NC EQPUGTXCEKÎP FG
NQUDQUSWGUGUV¶O¶UCXCP\CFCGP(KPNCP
FKCSWGGPEWCNSWKGTQVTQRCÈUFGNC7'
.QUJGEJQUJCDNCPRQTUÈOKUOQU.QU
RCTCLGU FGUJCDKVCFQU FG (KPNCPFKC JCP
IQ\CFQFGWPCDWGPCRTQVGEEKÎPFWTCPVG
OWEJQUFGEGPKQU0QXGQOWEJCLWUVKHK
ECEKÎPGPSWKGPGUGUITKOGPCTIWOGPVQU
EQPUGTXCEKQPKUVCU RCTC OQXKNK\CT C NC
QRKPKÎPKPVGTPCEKQPCNEQPVTCNCUGZRNQ
VCEKQPGUHQTGUVCNGUGP(KPNCPFKC
2GTOÈVCPOGEQPVKPWCTEQPEWCVTQVGOCU
FGRQNÈVKECKPVGTPCEKQPCN'NRTKOGTQGU
NC QTFGPCEKÎP HQTGUVCN UQUVGPKDNG SWG
PQUNNGXCCNUGIWPFQNQU1DLGVKXQUFG
&GUCTTQNNQFGN/KNGPKQ[GNRCRGNFGNQU
DQUSWGURCTCUWEQPUGEWEKÎP.CVGTEGTC
EWGUVKÎP UQP NQU RTQITCOCU HQTGUVCNGU
PCEKQPCNGU [ UW RCRGN RQVGPEKCN RCTC
OQXKNK\CTHQPFQUCFKEKQPCNGURCTCNCUKN
XKEWNVWTC'NEWCTVQVGOCGUGNRCRGNFG
NCKPHQTOCEKÎPEKGPVÈHKECGPGNFGUCTTQNNQ
UQUVGPKDNG 8QNXGTÃ QECUKQPCNOGPVG CN
GLGORNQFG(KPNCPFKCCNJCDNCTFGGUVQU
VGOCU
'P (KPNCPFKC NQU DQUSWGU UKIPKHKECP
VQFQGUQ'NGUVKNQFGXKFCHKPNCPFÃUJC
VGPKFQ UKGORTG WPC GUVTGEJC TGNCEKÎP
EQPPWGUVTQUDQUSWGU.CRQDNCEKÎPFG
(KPNCPFKC EQPUVKVW[G ECUK NC OKVCF FG
NCRQDNCEKÎPOWPFKCNSWGXKXGCNPQTVG
FGNQUuFGNCVKVWF'PEKTEWPUVCPEKCU
ENKO¶VKECUFKHÈEKNGUNQUDQUSWGUDTKPFCP
OWEJCURQUKDKNKFCFGURCTCWPCXKFCOG
LQT'ZVTCGOQUOCFGTCFGNQUDQUSWGU
RCTC WUQ KPFWUVTKCN [ VQFCXÈC JQ[ NC
TGEQNGEEKÎPFGHTWVQUUKNXGUVTGU[UGVCU
GUOW[RQRWNCT#NOKUOQVKGORQETGEG
NC UWRGTHKEKG RTQVGIKFC UGIÕP FKXGTUQU
RNCPGU [ OGLQTCP NCU RGTURGEVKXCU FG
TGUVCWTCTVGPFGPEKCURQUKVKXCUTGURGEVQ
CNCDKQFKXGTUKFCF
'P XKUVC FG VQFQ GUVQ NC QTFGPCEKÎP
HQTGUVCNUQUVGPKDNGCDCTECJQ[CFGO¶U
FGN ETGEKOKGPVQ GEQPÎOKEQ GUVCDNG NC
UQUVGPKDKNKFCFOGFKQCODKGPVCNUQEKCN[
EWNVWTCN'UV¶TGUWNVCPFQRWGUITCFWCN
OGPVGO¶UEQORNGLCNCVCTGCFGGSWKNKDTCT
NQU KPVGTGUGU RTKXCFQU [ RÕDNKEQU NCU
PGEGUKFCFGU FG NCU IGPGTCEKQPGU RTG
UGPVGU [ FG NCU HWVWTCU NQU DGPGHKEKQU
OGFKQCODKGPVCNGU [ GEQPÎOKEQU [ NCU
TGRGTEWUKQPGUKPVGTUGEVQTKCNGU.CUKNXK
EWNVWTCFGDGVGPGTGPEWGPVCFGOCPFCU
ECFCXG\O¶UEQORNGLCUFGWPETGEKGPVG
PÕOGTQFGWUWCTKQU'URTGEKUQGPEQP
VTCTWPGSWKNKDTKQCPKXGNNQECNFGQVTQ
OQFQPQRQFT¶CNECP\CTUGWPCXGTFCFGTC
UQUVGPKDKNKFCF
'NEQPEGRVQCORNKQFGQTFGPCEKÎPHQ
TGUVCNUQUVGPKDNGHWGCEWÌCFQGPNC%QP
HGTGPEKCFGNCU0CEKQPGU7PKFCUUQDTG
/GFKQ#ODKGPVG[&GUCTTQNNQ[FGUFG
GPVQPEGU JC UKFQ FKUEWVKFQ GP OWEJCU
TGWPKQPGUKPVGTPCEKQPCNGUTGNCEKQPCFCU
EQPNQUDQUSWGU#JQTCGUOW[WTIGPVG
RQPGTGPRT¶EVKECGUVGEQPEGRVQ(KPNCP
FKCETGGSWGGUPGEGUCTKQWPKPUVTWOGPVQ
LWTÈFKEQHNGZKDNGFGECT¶EVGTKPVGTPCEKQ
PCNSWGQHTG\ECWPOCTEQUÎNKFQ[HKTOG
RCTCNCCEEKÎPFGNQU'UVCFQU[FGNQU
FKXGTUQUUGEVQTGUKPVGTGUCFQU
.151$,'6+815&'&'5#441..1
&'./+.'0+1/#4%#0.#5/'6#5
.QU1DLGVKXQUFG&GUCTTQNNQFGN/KNGPKQ
XCPCEQORCÌCFQURQTWPCUGTKGFGOGVCU
GP HWPEKÎP FGN VKGORQ [ QDLGVKXCDNGU
RCTCEQODCVKTNCRQDTG\CGNJCODTGNCU
GPHGTOGFCFGUGNCPCNHCDGVKUOQNCFG
ITCFCEKÎPCODKGPVCN[NCFKUETKOKPCEKÎP
EQPVTCNCOWLGT5GEQQTFKPCNCHKPCPEKC
EKÎPFGNFGUCTTQNNQRCTCRTQOQXGTGUVQU
QDLGVKXQU .Q SWG JC[ SWG FGVGTOKPCT
CJQTCGUNCOGLQTOCPGTCGPSWGNCUKN
XKEWNVWTCRWGFGEQPVTKDWKTCNNQITQFGNQU
QDLGVKXQUOGFKCPVGRQNÈVKECU[RT¶EVKECU
UQUVGPKDNGU'POKQRKPKÎPGUVQGUVCP
PGEGUCTKQEQOQTGCNK\CDNG
.CQTFGPCEKÎPHQTGUVCNUQUVGPKDNGRTQ
OWGXGNQU1DLGVKXQUFG&GUCTTQNNQFGN
/KNGPKQFGXCTKCUOCPGTCU.CHWPEKÎP
O¶UGXKFGPVGFGNQUDQUSWGUUGTGHKGTG
CNQDLGVKXQFGNCUQUVGPKDKNKFCFOGFKQ
CODKGPVCN.CDWGPCQTFGPCEKÎPFGNQU
TGEWTUQUPCVWTCNGUOGLQTCNQUOGFKQUFG
XKFCFGNCURQDNCEKQPGUUWUKPITGUQUUW
UGIWTKFCFCNKOGPVCTKC[UWUCNWF.COG
LQTECNKFCFFGNCIWCTGFWEGNCOQTVCNKFCF
7PCU[NXC8QN
KPHCPVKN&GFKXGTUQUOQFQUNQUDQUSWGU
EQPVTKDW[GPCGTTCFKECTNCRQDTG\C[GN
JCODTGGZVTGOCU
'URTGEKUQTGECNECTNCUQRQTVWPKFCFGU
QHTGEKFCU RQT GN UGEVQT HQTGUVCN VCPVQ
GP NQU RTQITCOCU FG NC (#1 EQOQ GP
NQUFKHGTGPVGURTQITCOCUPCEKQPCNGUFG
UWUOKGODTQU*GUCDKFQSWGGNFG
OCT\QNQUOKPKUVTQUTGURQPUCDNGUFGNQU
DQUSWGU FGDCVKGTQP VCODKÃP UQDTG NQU
1DLGVKXQUFG&GUCTTQNNQFGN/KNGPKQ[
NC RQVGPEKCNKFCF FG NQU DQUSWGU RCTC
TGFWEKTNCRQDTG\C5QPWUVGFGUSWKGPGU
FGDGP RTQOQXGT NCU TGEQOGPFCEKQPGU
GPUWUTGURGEVKXQURCÈUGUGPVTGSWKGPGU
JCPFGVQOCTNCUFGEKUKQPGURQNÈVKEQU[
CWVQTKFCFGUGPQVTQUUGEVQTGUWVKNK\CPFQ
RNGPCOGPVGGNCRQ[QRQNÈVKEQSWGUGJC
OCPKHGUVCFQ
70241)4#/#(14'56#.
0#%+10#.'('%6+81
2GTOÈVCPOGTGHGTKTOGCNQURTQITCOCU
HQTGUVCNGUPCEKQPCNGU&WTCPVGGNRCUCFQ
FGEGPKQUGJCPFGUCTTQNNCFQXCTKCUCE
VKXKFCFGU KPVGTIWDGTPCOGPVCNGU 2GTQ
GN VTCDCLQ FG ECUC JC[ SWG JCEGTNQ GP
ECUC5QPNQUIQDKGTPQUNQUSWGVKGPGP
NCTGURQPUCDKNKFCFD¶UKECFGEWORNKTNQU
EQORTQOKUQUKPVGTPCEKQPCNGUGKPEQTRQ
TCTNQUCNCNGIKUNCEKÎP[CNCURQNÈVKECU
PCEKQPCNGU'PGNUGEVQTHQTGUVCNGNKPU
VTWOGPVQRCTCGUVGVTCDCLQNQURTQITC
OCUHQTGUVCNGUPCEKQPCNGUJCPUKFQ[C
KPVGTPCEKQPCNOGPVG TGEQPQEKFQU EQOQ
OCTEQFGRQNÈVKECUFGUFG&WTCPVG
GNÕNVKOQFGEGPKQNC(#1JCRWGUVQITCP
GORGÌQGPFGUCTTQNNCTGUVGEQPEGRVQ
7PCXG\SWGECFCPCEKÎPJCCUWOKFQ
FGDKFCOGPVGNQUEQORTQOKUQUGUOW
EJQ O¶U H¶EKN EQORCTVKT GZRGTKGPEKC [
CRTGPFGTWPQUFGQVTQUGPGNRNCPQKP
VGTPCEKQPCN)TCEKCUCNCUGZRGTKGPEKCU
PCEKQPCNGUNC(#1GUV¶OGLQTGSWKRCFC
RCTCFGEKTSWÃVKRQFGKPUVTWOGPVQURTQ
[GEVQU Q NCDQT PQTOCVKXC UG RTGEKUCP
RCTCHCEKNKVCTGNVTCDCLQGPNQUFKXGTUQU
RCÈUGU.C(#1GUV¶JCEKGPFQWPDWGP
VTCDCLQCRQ[CPFQNQURTQITCOCUHQTGUVC
NGUPCEKQPCNGU(KPNCPFKCHWGWPQFGNQU
RCÈUGUKPKEKCFQTGUFGN/GECPKUOQRCTC
NQURTQITCOCUHQTGUVCNGUPCEKQPCNGUGP
GNSWGRCTVKEKRCPNC(#1[XCTKQUIQDKGT
PQU [ QTICPK\CEKQPGU KPVGTPCEKQPCNGU
(KPNCPFKCUKIWGCRQ[CPFQUWVTCDCLQ
%QOQ[CJGFKEJQNQUDQUSWGUUQPFG
UWOCKORQTVCPEKCRCTCNCECNKFCFFGXKFC
FGVQFCNCRQDNCEKÎPHKPNCPFGUC[RCTC
7PCU[NXC8QN
GN FGUCTTQNNQ GEQPÎOKEQ FGN RCÈU .QU
DQUSWGU UQP VCODKÃP GN GNGOGPVQ O¶U
KORQTVCPVGFGNCPCVWTCNG\CGP(KPNCPFKC
[NCDCUGFGNGUVKNQFGXKFC[NCEWNVWTC
FGNQUHKPNCPFGUGU'PGUVCUEKTEWPUVCP
EKCU GN RTQITCOC HQTGUVCN PCEKQPCN FG
(KPNCPFKCGUWPKPUVTWOGPVQRÕDNKEQFG
RCTVKEWNCTKORQTVCPEKC[WPHQTQRCTCNC
RCTVKEKRCEKÎPFGVQFQUNQUKPVGTGUCFQU
'N CEVWCN RTQITCOC HQTGUVCN PCEKQPCN
HWG CRTQDCFQ RQT GN )QDKGTPQ FG (KP
NCPFKC [ RWDNKECFQ GP .C KFGC
HWPFCOGPVCN GU SWG WP UGEVQT HQTGUVCN
EQORGVKVKXQLWPVQEQPGNJGEJQFGSWG
NQUDQUSWGUUQPWPTGEWTUQTGPQXCDNG
EQPUVKVW[G WPC DCUG GZEGNGPVG RCTC
GN FGUCTTQNNQ UQUVGPKDNG 'N RTQITCOC
EQPUVCVCSWGNQUDQUSWGUTGEKDGPNCKP
HNWGPEKCFGOWEJCURQNÈVKECUFKHGTGPVGU
EQOQNCUTGNCVKXCUCKPFWUVTKCVTCDCLQ
QTFGPCEKÎPVGTTKVQTKCNVT¶HKEQGPGTIÈC
EQORGVKEKÎP FGUCTTQNNQ TWTCN GFWEC
EKÎPCUWPVQUUQEKCNGU[OGFKQCODKGPVG
5GRTGEKUCWPCDWGPCEQNCDQTCEKÎPEQP
VQFQUGUVQUUGEVQTGURCTCSWGNQUCURGEVQU
HQTGUVCNGUUGKPVGITGPGPUWURQNÈVKECUCN
OKUOQVKGORQSWGNCURGTURGEVKXCUFG
VQFQUGUQUUGEVQTGUUGVKGPGPGPEWGPVC
VCODKÃPGPGNRTQITCOCHQTGUVCN.CGLG
EWEKÎPFGNRTQITCOCHQTGUVCNPCEKQPCNUG
TGUGPVKT¶UKPQHWPEKQPCGUVCKPVGITCEKÎP
TGEÈRTQEC
#NRTKPEKRKQFGGUVGCÌQGN)QDKGTPQ
FG(KPNCPFKCCRTQDÎWPRTQITCOCRCTC
RTQOQXGT GN WUQ FG NC OCFGTC [ NC
EQPUVTWEEKÎPGPOCFGTC.COCFGTCGU
VÃEPKECOGPVGWPGZEGNGPVGOCVGTKCNFG
EQPUVTWEEKÎP [ JC[ WPC FGOCPFC FG
ECUCU FG OCFGTC 'N WUQ FG NC OCFGTC
RTQOWGXGGNWUQFGTGEWTUQUTGPQXCDNGU
SWGWVKNK\CFQUGPITCPGUECNCECRVWTCP
GNFKÎZKFQFGECTDQPQFGNCCVOÎUHGTC
'PNQURCÈUGUEW[CUVTCFKEKQPGUEQPUVTWE
VKXCUUGCRQ[CPGPQVTQUOCVGTKCNGUNC
EQPUVTWEEKÎPGPOCFGTCRWGFGTGSWGTKT
NCCFCRVCEKÎPFGPQTOCUVÃEPKECU.COC
FGTCRWGFGVCODKÃPWVKNK\CTUGFGOWEJCU
OCPGTCU2GTOÈVCPOGCPWPEKCTSWGWPC
5CNC(QTGUVCN(KPNCPFGUCUGKPCWIWTCT¶
OCÌCPCGPNQUNQECNGUFGN&GRCTVCOGPVQ
FG/QPVGUFGNC(#1.GUKPXKVQCXK
UKVCTNCGPCNIÕPOQOGPVQFWTCPVGGUVC
UGOCPCRCTCEQPVGORNCTNQUOW[ETGC
VKXQUFKUGÌQUGPOCFGTC
7PRTQITCOCHQTGUVCNPCEKQPCNEWKFC
FQUCOGPVG RTGRCTCFQ GU WP GZEGNGPVG
KPUVTWOGPVQRCTCNCCUKIPCEKÎPFGTGEWT
UQU&GUFGGNRWPQFGXKUVCFGN)QDKGTPQ
GN RTQITCOC HQTGUVCN PCEKQPCN C[WFC C
ECNEWNCTNCUPGEGUKFCFGUFGTGEWTUQUSWG
JCPFGUGTCUKIPCFQURQTOGFKQFGNRTGUW
RWGUVQPCEKQPCNRGTQVCODKÃPGUVKOWNC
NCU KPXGTUKQPGU FG NQU RTQRKGVCTKQU FG
DQUSWGU[NCUKPFWUVTKCUHQTGUVCNGU'UVQ
GUVQFCXÈCO¶UKORQTVCPVGGPNQURCÈUGU
GP FGUCTTQNNQ GP NQU SWG GN RTQITCOC
HQTGUVCN PCEKQPCN JC FG WVKNK\CTUG VCO
DKÃPGPNCUPGIQEKCEKQPGUEQPFQPCPVGU
RQVGPEKCNGU 2QT EQPUKIWKGPVG GN RTQ
ITCOCFGDGKPVGITCTUGEQPNCUGUVTCVGIKCU
IGPGTCNGU FG TGFWEEKÎP FG NC RQDTG\C
[CP¶NQICOGPVGNCUKPUVKVWEKQPGU[NQU
QTICPKUOQUKPVGTPCEKQPCNGUFGHKPCPEKC
EKÎP FGN FGUCTTQNNQ FGDGP KPVGITCT NCU
KPVGTXGPEKQPGUHQTGUVCNGUGPUWURQNÈVKECU
FGTGFWEEKÎPFGNCRQDTG\C#UKOKUOQ
GPNQURTQITCOCUFGNC(#1FGDGPUGT
ENCTCOGPVG XKUKDNGU NQU XÈPEWNQU GPVTG
TGFWEEKÎPFGNCRQDTG\C[UKNXKEWNVWTC
.#+0018#%+¦0$#5#&#
'0.#+08'56+)#%+¦0'5
(70&#/'06#.
'N EQPQEKOKGPVQ GU HWPFCOGPVCN GP NC
UQEKGFCFFGJQ[[NCFGOCPFCFGKPHQT
OCEKÎPEKGPVÈHKECETGEGUKPEGUCT(KP
NCPFKCJCTGURQPFKFQCGUVCFGOCPFCKP
XKTVKGPFQO¶UGPKPXGUVKICEKÎP)TCEKCU
CGNNQ(KPNCPFKCQEWRCCJQTCGNUGIWPFQ
NWICTGPVTGNCUPCEKQPGUFGNOWPFQRQT
GNRQTEGPVCLGFGNRTQFWEVQKPVGTKQTDTWVQ
FGFKECFQCKPXGUVKICEKÎP0WGUVTQQDLG
VKXQGUUGIWKTCWOGPVCPFQGPGNHWVWTQNC
HKPCPEKCEKÎPFGNCKPXGUVKICEKÎP
6CODKÃPGPGNUGEVQTHQTGUVCNGUD¶UKEQ
GNEQPQEKOKGPVQ#OGFKFCSWGGUECUGCP
NQUTGEWTUQUPQTGPQXCDNGUUGRTGEKUCP
O¶UKPPQXCEKQPGU[PWGXCUVGEPQNQIÈCU
RCTCRTQOQXGTGNWUQFGTGEWTUQUDKQ
NÎIKEQUGPNCGEQPQOÈC.QUDQUSWGU[
GN WUQ FG NC OCFGTC UGT¶P HWPFCOGP
VCNGU .CU KPPQXCEKQPGU [ NCU PWGXCU
VGEPQNQIÈCUTGSWKGTGPKPXGUVKICEKÎP#UÈ
RWGU NC QTFGPCEKÎP [ NC EQPUGTXCEKÎP
FGNQUDQUSWGUCUÈEQOQGNFGUCTTQNNQ
FGRTQEGUQU[RTQFWEVQUFGDGPDCUCTUG
GP NC KPXGUVKICEKÎP &GDG JCDGT WPC
GUVTGEJCKPVGTCEEKÎPEQPNCKPPQXCEKÎP
KPFWUVTKCN
'NWUQKPPQXCFQT[UQUVGPKDNGFGNQU
TGEWTUQUHQTGUVCNGUTGSWKGTGWPUKUVGOC
FGKPXGUVKICEKÎPDKGPGUVTWEVWTCFQ5KP
GODCTIQNQUTGUWNVCFQUFGNCKPXGUVKIC
EKÎPXCNGPRQEQUKPQUGWVKNK\CP.CKP
XGUVKICEKÎPFGDGUGTWPCRCTVGKPVGITCPVG
FGNQURTQEGUQUFGRQNÈVKECUPCEKQPCNGU
(#1+$#.&'4+
+PCWIWTCEKÎPFGNCPWGXC5CNC
(QTGUVCN(KPNCPFGUCGPNCUGFGFG
NC(#1&GK\SWKGTFCCFGTGEJC
FGNCPVG*CPPW8CNVCPGP&KTGEVQT
(GFGTCEKÎP(KPNCPFGUCFG
+PFWUVTKCU(QTGUVCNGU/*QUP[
'N.CMCP[5WDFKTGEVQT)GPGTCN
&GRCTVCOGPVQFG/QPVGUFGNC
(#1,CESWGU&KQWH&KTGEVQT
)GPGTCNFGNC(#1/CVVK8CPJCPGP
2TKOGT/KPKUVTQFG(KPNCPFKC
FGVT¶U,WJCPK-CTXQPGP&KTGEVQT
'LGEWVKXQFGNC#UQEKCEKÎP(QTGUVCN
(KPNCPFGUC,WJC-QTMGCQLC
/KPKUVTQFG#ITKEWNVWTC[$QUSWGU
FG(KPNCPFKC&CXKF*CTEJCTKM
&KTGEVQT)GPGTCN#FLWPVQFGNC(#1
TGFWEKFQ GP NCU \QPCU TGOQVCU RQT NCU
RT¶EVKECU CITÈEQNCU FG EQTVC [ SWGOC
[RQTNCRTQFWEEKÎPFGECTDÎPXGIGVCN
EGTEC FG NCU EKWFCFGU [ NCU KPFWUVTKCU
.CUKO¶IGPGUFGVKGTTCUFGHQTGUVCFCUC
HKPGUFGNUKINQ:+:UQPOW[GZVTCÌCURCTC
QLQUOQFGTPQU6CODKÃPGP(KPNCPFKC
RQDTG\C[FGHQTGUVCEKÎPKDCPCNCRCT
*Q[(KPNCPFKCGUWPGLGORNQUQDTGUC
NKGPVGFGWPRCÈUSWGJCFCFQWPITCPUCNVQ
JCUVCWPCNVQPKXGNFGFGUCTTQNNQ/WEJCU
FG NCU KPFWUVTKCU SWG JKEKGTQP RQUKDNG
GUVGFGUCTTQNNQUGDCUCTQPGPGNWUQFG
NCOCFGTCFGNQUDQUSWGUGPITCPGUECNC
*Q[GNUGEVQTHQTGUVCNUKIWGETGEKGPFQ[
EQPUVKVW[GWPQFGNQURKNCTGURTKPEKRCNGU
FGNCGEQPQOÈCHKPNCPFGUC
#NOKUOQVKGORQNCEWDKGTVCHQTGUVCN
HKPNCPFGUCSWGCDCTECO¶UFGNRQT
EKGPVQFGNCUWRGTHKEKGVGTTGUVTGFGNRCÈU
ETGEG[GUO¶UGZVGPUCSWGPWPECGPNC
JKUVQTKC[RTQRQTEKQPCNOGPVGOC[QTSWG
GPEWCNSWKGTRCÈUFGNC7'.QUDQUSWGU
FGWUQEQOGTEKCNUQPDKGPEWKFCFQU7P
RQTEGPVCLGTGNCVKXCOGPVGCNVQO¶UFGN
RQTEKGPVQUQPFGRTQRKGVCTKQURTK
XCFQUKPVGTGUCFQUGPOCPVGPGTNCTGPVC
RCTC NCU IGPGTCEKQPGU XGPKFGTCU 6QFC
GZVTCEEKÎPFGOCFGTCXCUGIWKFCFGKP
OGFKCVQRQTRTQITCOCUQDNKICVQTKQUFG
TGHQTGUVCEKÎP .C GZRNQVCEKÎP HQTGUVCN
UGCFCRVCJQ[RCTCNKOKVCTNQUFCÌQUC
NCDKQFKXGTUKFCF
%TGQSWGGNECUQFG(KPNCPFKCFGDGTÈC
CPKOCTPQU C ETGGT SWG NC QTFGPCEKÎP
HQTGUVCN UQUVGPKDNG GU RQUKDNG [ SWG GN
%10%.75+¦0
3WKUKGTCEQPENWKTQHTGEKGPFQWPCRGTU FGUCTTQNNQ GEQPÎOKEQ RWGFG JCEGTUG
RGEVKXCFGNCRQDTG\CEQPGNGLGORNQFG EQORCVKDNGEQPNCRTQVGEEKÎPFGNOGFKQ
(KPNCPFKC*CEGWPUKINQ(KPNCPFKCGTC CODKGPVGVCPVQGPNQUDQUSWGUEQOQGP
WPQFGNQURCÈUGUO¶UGORQDTGEKFQUFG IGPGTCNX
'WTQRC .C EWDKGTVC HQTGUVCN UG JCDÈC
GKPVGTPCEKQPCNGU2CTCGNNQPGEGUKVCOQU
HQTQUSWGUKTXCPFGPGZQGPVTGGNOWPFQ
FGNQUKPXGUVKICFQTGU[NCUCWVQTKFCFGU
TGURQPUCDNGU FG NCU FGEKUKQPGU [ QVTQU
WUWCTKQUFGNQUTGUWNVCFQUFGNCKPXGU
VKICEKÎP5GTÈCOW[ÕVKNEQPUKFGTCTSWÃ
ENCUGFGOGECPKUOQUUGTXKTÈCPOGLQTC
GUVGRTQRÎUKVQ
'UVQ[UKPEGTCOGPVGEQPXGPEKFQFGSWG
GNHWVWTQFGNOWPFQFGRGPFGFGNWUQRTW
FGPVGFGNQUTGEWTUQUTGPQXCDNGU6QFQU
NQUCSWÈRTGUGPVGU[NC(#1RQTPWGUVTQ
CRQ[QEQORCTVKOQUNCTGURQPUCDKNKFCF
FGRTQVGIGT[CFOKPKUVTCTPWGUVTQURTG
EKQUQUDQUSWGURCTCSWGRWGFCPUGTWPC
HWGPVG RGTOCPGPVG FG TKSWG\C DGNNG\C
[ DKQFKXGTUKFCF RCTC NCU IGPGTCEKQPGU
HWVWTCU.CKORQTVCPEKCFGNQUDQUSWGU
PQ FKUOKPWKT¶ UKPQ SWG CWOGPVCT¶ GP
GNHWVWTQ
.C(#1VKGPGGNEQOGVKFQKORQTVCPVG[
GZKIGPVGFGRTQOQXGTGNGUHWGT\QKPVGT
PCEKQPCNCHCXQTFGNCQTFGPCEKÎPHQTGUVCN
UQUVGPKDNG#LWKEKQFGOKIQDKGTPQNC
(#1JCJGEJQWPDWGPVTCDCLQGPOW
EJQU CURGEVQU /G EQORNCEG VCODKÃP
TGEQPQEGTSWGNC(#1[UWUOKGODTQU
JCPFGEKFKFQGORTGPFGTWPCGXCNWCEKÎP
GZVGTPCKPFGRGPFKGPVGFGNC1TICPK\C
EKÎP7PCXKUKÎPGZVGTKQTRWGFGHCEKNKVCT
NC OQFGTPK\CEKÎP [ NC TGHQTOC FG WPC
QTICPK\CEKÎP %QPHÈQ GP SWG GUVC KPK
EKCVKXCTGHQT\CT¶CÕPO¶UGNTGPFKOKGPVQ
FGNC(#1
7PCU[NXC8QN