Istoria Angliei volumul 1

 $QGUp0DXURLV

 ,VWRULD$QJOLHL

+LVWRLUHG $QJOHWHUUH  YRO   12735(/,0,1$5  &LWLWRUXOYDJVLODVIkUüLWXODFHVWHLOXFUULOLVWDFU&LORUGHFDUHP DPIRORVLWvQPRGFRQVWDQW/LVWDGHüLIRDUWHOXQJHVWHGHVLJXUPXOW SUHDVFXUWSHQWUXDFRQVWLWXLPFDUVFKL&DELEOLRJUDILHLXQXLDVHPHQHD VXELHFW2PLVLXQLOHWUHEXLHH[SOLFDWHQXSULQDSUHFLHULQHIDYRUDELOHFL SULQGLILFLODQHFHVLWDWHGHDDOHJH 1XHUDSRVLELOVvQI&LüH]vQGRXYROXPHRGDWFXLVWRULD$QJOLHL üLDFHHDD6FR&LHLVDXD,UODQGHL5DSRUWXULOHGLQWUHDFHVWHWUHL&ULOHDP H[SXVRULGHFkWHRULPLVDSUXWLQGLVSHQVDELOGDUvQPRGXOFHOPDL VFXUWSRVLELO'LQDFHOHDüLPRWLYHLVWRULD,PSHULXOXLEULWDQLFQXHVWH WUDWDWDFLGHFkWvQIXQF&LHGHLVWRULDLQWHUQD$QJOLHL 7UHEXLHVDGXFYLLPXO&XPLULGRPQXOXL-XGJHVFRQIHUHQ&LDUOD 8QLYHUVLWDWHDGLQ/RQGUDFDUHDELQHYRLWVPLFLWHDVFOXFUDUHDvQ FRUHFWXUüLVPLIDFDVXSUDPDLPXOWRUFKHVWLXQLREVHUYD&LLGHFDUH DP&LQXWFXSULVRVLQ&VHDPDÍQVIkUüLWWUDGXFWRUXOüLSULHWHQXOPHX +DPLVK0LOHVPLDIRVWFDvQWRWGHDXQDFHOPDLSUH&LRVVIWXLWRU $0    &$57($Í17Ç, 25,*,1,/(    , 32=,%,$$1*/,(,  ,Å7UHEXLHVQHUHDPLQWLPPHUHXFVXQWHPYHFLQLLDUQXSDUWHD FRQWLQHQWXOXL$FHVWHFXYLQWHDOHOXL%ROLQJEURNHGHILQHVFSR]L&LDRULJL QDOD$QJOLHL(DHDWkWGHDSURSLDWGHFRQWLQHQWvQFkWGHSHSODMD&D ODLVVH]UHVFDOEHOHIDOH]HGHOD'RYHULVSLWSHQWUXLQYDGDWRUL7LPSGH  +HQU\6W-RKQYLFRQWH%ROLQJEURNHVFULLWRUDXWRUGHHVHXULILOR]RILFH üLRPSROLWLFHQJOH]PHPEUXDOSDUWLGXOXLWRU\ 

PLLGHDQLDIRVWFKLDUXQLWFX(XURSDüLYUHPHvQGHOXQJDW7DPLVDVD YUVDWvQ5LQ$QLPDOHOHFDUHDXUHSRSXODW$QJOLDGXSSHULRDGDJODFLDU üLSULPLLYkQWRULFDUHOHDXXUPULWDXYHQLWGLQ(XURSDSHXVFDW'DU RULFkWGHSX&LQDGkQFüLGHvQJXVWDUILEUD&XOGHPDUHFHGHVSDUWHDVW]L LQVXODHQJOH]GH%HOJLDüL)UDQ&DHODIRVWGHDMXQVSHQWUXDDVLJXUD& ULLSHFDUHRSURWHJXLHüWHXQGHVWLQDSDUWH   ,,Å,QVXODUGDUQXL]RODW(XURSDHVWHSUHDDSURDSHGHHQJOH]L SHQWUXFDLQVXODULWDWHDLGHLORUüLDPRUDYXULORUORUVUPkQQHLQIOXHQ &DW6DUSXWHDVSXQHFKLDUFLQVXODULWDWHDHVWHPDLFXUkQGXQIDSW XPDQGHFkWXQIHQRPHQQDWXUDO/DvQFHSXWXOLVWRULHLVDOH$QJOLDDIRVW LQYDGDWODIHOFDDOWHWHULWRULLüLVDDSUDWIRDUWHSURVW7ULDDWXQFLGLQ DJULFXOWXUüLGLQFUHüWHUHDYLWHORU/RFXLWRULLHLHUDXPDLFXUkQGSVWRUL üLIHUPLHULGHFkWQHJXVWRULVDXPDULQDUL$ELDPXOWPDLWkU]LXGXSFHüL YRUILFRQVWUXLWIORWHSXWHUQLFHüLVHYRUVLP&LODDGSRVWvQGUWXOXQHL FHQWXULGHPULELQHDSUDWHHQJOH]LLYRUFXQRDüWHELQHIDFHULOHUHDOHDOH LQVXODULW&LLFDUHVFSkQGXLGHWHDPDLQYD]LLORUüLHOLEHUkQGXLSHQWUX FkWHYDVHFROHGHLPSHUDWLYHOHPLOLWDUHGHWHUPLQDQWHvQSROLWLFDDOWRUQD&L XQLOHYDSHUPLWHVvQFHUFHIUULVFXULIRUPHQRLGHJXYHUQPkQW   ,,,2vQWkPSODUHIHULFLWDYUXWFDSDUWHDFHDPDLDFFHVLELOD$QJOLHL VILHFkPSLDGLQVXGHVWFDUHSULYHüWHVSUH(XURSD'DFVROXOLQVXOHL DUILIRVWvQFOLQDWvQSDUWHDRSXVGDFSLUD&LLFHO&LüLVFDQGLQDYLQDUIL GHVFRSHULWGHODSULPHOHORULQFXUVLXQLGHFkWPXQ&LLQDFFHVLELOLSUREDELO FSX&LQLGLQWUHHLDUILvQFHUFDWRLQYD]LHüLLVWRULD&ULLDUILIRVWFXWRWXO DOWD'DUPDUHHOHGXFHDXYDVHOHSkQvQIXQGXOHVWXDUHORUELQHDGSRVWL WHPLFLGHDOXULFDOFDURDVHDFRSHULWHGHLDUEvQJGXLDXH[SORUDUHDLQVX OHLHYLWkQGXVHSGXULOHüLPODüWLQLOHvQVIkUüLWFOLPDHUDPDLEOkQGGH FkWvQDOWHUHJLXQLVLWXDWHODDFHHDüLODWLWXGLQHGHRDUHFH$QJOLDVHJVHüWH vQWUXQJROIGHFOGXUKLEHUQDOFUHDWGHFH&XULOHXPHGHüLFOGX&HDOH RFHDQXOXL$VWIHOWRDWHvQVXüLULOHDFHVWHLFRDVWHHUDXIFXWHFDVvQFXUD MH]HSHFXFHULWRUFDUHDIRVWvQDFHODüLWLPSüLFWLWRU   ,9$FHDVW$QJOLHDFFHVLELOHVWHVLWXDWH[DFWvQID&DIURQWLHUHLFDUH GHVSDUWHOLPELOHURPDQLFHGHFHOHJHUPDQLFHDVW]LIODPDQGDGHIUDQFH ] (UDGHVWLQDWDüDGDUVSULPHDVFWRWDWkWGHELQHSHPHVDJHULL FXOWXULLURPDQHüLODWLQHFDüLSHPHVDJHULLFXOWXULLWHXWRQH$VWIHOFR DOWWUVWXUSDUWLFXODUDHLRYDFRQVWLWXLGHDOXQJXOLVWRULHLFRPEL QDUHDHOHPHQWHORUFHORUGRXFXOWXULSHQWUXDüLIXULSURSULXOVXJHQLX 3ULQDFHDVWD$QJOLDHVWHSURIXQGGHRVHELWGH)UDQ&DVDXGH,WDOLDXQGH vQSRILGDDQXPLWRUFRQWULEX&LLJHUPDQLFHIRQGXOODWLQDIRVWWRWGHDXQD ELUXLWRUSUHFXPüLGH*HUPDQLDSHQWUXFDUHFXOWXUDODWLQQDIRVWQLFL RGDWGHFkWXQRUQDPHQWUHVSLQVDGHVHDFXRURDUH'HWUHLRULYDOXD

FRQWDFW$QJOLDFXOXPHDODWLQSULQFXFHULUHDURPDQSULQFUHüWLQLVP üLSULQQRUPDQ]LüLLQIOXHQ&DSHFDUHDFHDVWDRYDDYHDDVXSULYDIL SURIXQG   93DUHSDUDGR[DOGDUDGHYUXOHVWHFSR]L&LD$QJOLHLSHJOREVD VFKLPEDWvQWUHVHFROHOHDO;9OHDüLDO;9,,OHD3HQWUXSRSRDUHOHGLQ DQWLFKLWDWHüLFHOHGLQHYXOPHGLXDFHVWHUHJLXQLDWkWGHGHVvQYOXLWHvQ FHD&FRQVWLWXLHPDUJLQHDH[WUHPDOXPLL(VWHvQGHSUWDWD7KXOHPD JLFüLDSURDSHLQXPDQDIODWQXGHSDUWHGHLQIHUQ'LQFRORGHVWkQFLOH SHFDUHOHEDWYDOXULOHPDULDOHRFHDQXOXLvQFHSODQRUGJKH&XULOHHWHUQH ODYHVWPDUHDIUGHVIkUüLW&HLPDLFXWH]WRULVHDYHQWXUHD]SkQDFR ORSHQWUXFJVHVFDXUSHUOHLDUPDLWkU]LXOkQGDUFXPDUSXWHDV üLvQFKLSXLHFLQHYDYLLWRUXOSURGLJLRVDODFHVWRULQVXOH"2ULFHDFWLYLWDWH RPHQHDVFOXDDWXQFLGUHSW&LQWvQPRGGLUHFWVDXLQGLUHFWED]LQXO 0HGLWHUDQHL9DWUHEXLVYLQEDULHUD,VODPXOXLGHVFRSHULUHD$PHULFLL üLPDLDOHVSXULWDQLORUSHQWUXDGHSODVDFLOHFRPHUFLDOHüLSHQWUXDIDFH GLQLQVXOHOHEULWDQLFHvQID&DXQHLOXPLQRLED]DQDYDOFHDPDLvQDLQ WDWD(XURSHL   9,ÍQVIkUüLWvQVHFROHOHDO;9,,,OHDüLDO;,;OHDLQVXODULWDWHDGX SFHLSHUPLVHVH$QJOLHLVüLDFRUGHODDGSRVWXOIORWHLVDOHPDLPXOW OLEHUWDWHLQWHUQGHFkWSXWHDXDYHDSRSRDUHOHGHSHFRQWLQHQWvLYDSHU PLWHJUD&LHDFHOHLDüLIORWHVFXFHUHDVFXQLPSHULXPRQGLDO6WSkQLUHD PULORUVROX&LHDSUREOHPHLDSUULLQD&LRQDOHSHFDUHLRLPSXQHD$QJOL HLSR]L&LDVDJHRJUDILFH[SOLFvQSDUWHLVWRULDLPSHULDODDFHVWHLQD&L XQL,QYHQWDUHDDHURSODQXOXLUHSUH]LQWSHQWUXHDHYHQLPHQWXOLVWRULFFHO PDLvQVHPQDWüLFHOPDLSHULFXORVDOWLPSXULORUQRDVWUH     1XPHFXFDUHJHRJUDILLDQWLFKLW&LLGHVHPQDXFHOHPDLQRUGLFH SPkQWXULFXQRVFXWHvQDSHOH2FHDQXOXL$WODQWLF6HSDUHFDIRVW DWULEXLWXQWLPSFKLDULQVXOHORUEULWDQLFHLDUGXSGREkQGLUHDGH FXQRüWLQ&HPDLSUHFLVHDVXSUDDFHVWRUDDVHUYLWSHQWUXDGHQXPLXQ DUKLSHODJüLPDLQRUGLFSUREDELOLQVXOHOH6KHWODQG (SRVLELOFDDXWRUXOVVHLQVSLUHDFLGLQWH]HOHFXQRVFXWXOXLLVWRULF EHOJLDQ+HQUL3LUHQQHGXSFDUHFXFHULUHDDUDEDIRVWHOHPHQWXOGHFLVLY vQ]GUXQFLQDUHDHFKLOLEUXOXLHFRQRPLFüLSROLWLFDOOXPLLDQWLFHFX FHQWUXOGHJUHXWDWHSH0HGLWHUDQD 3XULWDQLLDGHS&LDLFDOYLQLVPXOXLFXXQHOHQRWHRULJLQDOHDXIRVW SHUVHFXWD&LvQ$QJOLDvQSULPHOHGHFHQLLDOHVHFROXOXLDO;9,,OHD (PLJUkQGHLDXvQWHPHLDWPDLPXOWHFRORQLLSH&UPXOUVULWHDQDO $PHULFLLGH1RUG

,, 35,0(/(6(01(80$1(  ,3ULPDSDJLQGLQLVWRULD$QJOLHLQXHVWHDüDFXPVDVFULVDGHVHD RSDJLQDOEFLPDLFXUkQGRSDJLQDFRSHULWGHVHPQHFDUHDSDU&LQ PDLPXOWRUDOIDEHWHDFURUFKHLHQRLQRSRVHGP8QHOHUHJLXQLDOH& ULLüLvQGHRVHELGXQHOHFUHWRDVHüLRQGXODWHGLQ:LOWVKLUHVXQWSUHVUDWH GHPRQXPHQWHFRQVWUXLWHvQWLPSXULSUHLVWRULFH $SURDSHGHVDWXO$YHEXU\VHSRWYHGHDXUPHOHJLJDQWLFHDOHXQHLD GHYUDWHFDWHGUDOHPHJDOLWLFH3HVWHFLQFLVXWHGHSLHWUHvQSLFLRDUHIRU PDXLQHOHODFDUHGXFHDXLPHQVHDOHL8QPHWHUH]PUJLQLWGHXQüDQ& LQWHULRUDFRSHULWGHLDUEvQFRQMXUDXQYDVWVSD&LXFLUFXODU'HSHPHWH UH]VHPDL]UHüWHüLDVW]LODRGLVWDQ&GHFkWHYDVXWHGHPHWULRFROLQ DUWLILFLDOFDUHGRPLQFkPSLDüLFDUHDFHUXWGHVLJXUXQXLSRSRUSULPL WLYWRWDWkWDWUXGFUHGLQ&üLFXUDMFkWOHDXFHUXWHJLSWHQLORUPRQXPHQ WHOHGHOD*LVHK3HWRDWHGHOXüRDUHOHGLQvPSUHMXULPLVHULGLFJRUJDQHGH LDUEDYkQGIRUPHQHUHJXODWHXQHOHRYDOHDOWHOHURWXQGHPRUPLQWH DOHFSHWHQLLORUvQFDUHVDXJVLWvQOXQWUXOXQRUvQFSHULGHSLDWU VFKHOHWHRELHFWHGHROULHüLELMXWHULL&kPSXODFHVWDGHHURLOLQLLOHVLP SOHüLPDLHVWXRDVHDOHJRUJDQHORUFDUHVHUHOLHIHD]SHFHUSURILOXOvQ GU]QH&üLOLPSHGHDOPHWHUH]XOXLLQHOHOHüLDOHLOHWRWXOHYRFH[LVWHQ&D vQFGHSHDFHOHYUHPXULDXQHLvQDOWHFLYLOL]D&LL   ,,0RQXPHQWHOHGHOD$YHEXU\WHPSOXOGHOD6WRQHKHQJHJRUJDQHOH GHSH&ROLQD*LJDQ&LORUSDUDGRYHGLH[LVWHQ&DvQFGLQDOGRLOHDPLOHQLX vQDLQWHDHUHLQRDVWUHDÅXQHLSRSXOD&LLQXPHURDVHRELüQXLWHVVHXQHDV FvQYHGHUHDXQHLDF&LXQLFRPXQHVXEFRQGXFHUHDXQHLDXWRULW&LDFFHS WDWH3RWHFLGHLDUEXUPDXFUHVWHOHüLVHUYHDXGUHSWGUXPXULSULPLORU ORFXLWRULDL&ULL0XOWHGLQWUHHOHvüLPDLSVWUHD]LPSRUWDQ&DüLDXWR PRELOXOHQJOH]XOXLPRGHUQvQDLQWHD]vQWRFPDLFDvQVR&LWRUXOWXUPHORUvQ VHFROXODO;9,,,OHDSHDFHVWHGUXPXULULGLFDWHFDUHGRPLQYLOHDVW]L IHUWLOHGDUFDUHRGLQLRDUHUDXLQDFFHVLELOHFOWRUXOXLGLQFDX]DSGXUL ORUüLDPODüWLQLORU$VWIHOvQFGLQDFHDSHULRDGvQYOXLWvQPLVWHUIX VHVHUGHWHUPLQDWHDQXPLWHWUVWXULSHUPDQHQWHDOHJHRJUDILHLXPDQH 0XOWHGLQORFXULOHVDFUHDOHSRSRDUHORUSULPLWLYHDYHDXVUPkQSHQWUX XUPDüLLORUSPkQWXULIHUPHFDWHûLvQFGHSHDWXQFLQDWXUDVXJHUDOR FXULOHGHDüH]DUHDOHYLLWRDUHORURUDüH&DQWHUEXU\HUDSXQFWXOFHOPDL DSURSLDWGHFRDVWGHXQGHDIRVWSRVLELO&LQkQGVHDPGHIOX[üLUHIOX[ VVHDMXQJvQWLPSXWLOvQFXWDUHVDXFXWDUHSRUW:LQFKHVWHURFXSD DFHHDüLSR]L&LHvQYHVW/RQGUDSVWUHD]SX&LQHXUPHDOHXQHLYLH&LSUHLV WRULFHGDUDYHDVVHLPSXQFXUkQGSHQWUXFHUDvQIXQGXOFHOXLPDL VLJXUHVWXDUXQDGSRVWFRPRGODJXUDXQXLUkXüLORFXOFHOPDLDSUR SLDWGHPDUHXQGHHUDSRVLELOVVHDUXQFHXQSRGSHVWH7DPLVD  

,,,'HXQGHYHQHDXDFHVWHIDPLOLLFDUHGXSGLVSDUL&LDRPXOXLSDOH ROLWLFüLODVIkUüLWXOSHULRDGHLJODFLDUHDXSRSXODW$QJOLDDGXFkQGFXHOH ERXOFDSUDüLSRUFXO"6FKHOHWHOHDUDWFDXH[LVWDWGRXUDVHXQDFX FUDQLXODOXQJLWDOWDFXFUDQLXOODW2GLQLRDUVHvQY&DFDFHVWHFUDQLL DOXQJLWHVHJVHVFvQJRUJDQHOHRYDOHLDUFUDQLLOHODWHvQJRUJDQHOHURWXQ GH(UDFRPRGGDULQH[DFW'LQSFDWHVDXJVLWFUDQLLDOXQJLWHvQJRU JDQHOHURWXQGHüLv&LWUHEXLHPXOWDPDELOLWDWHLQWHOHFWXDOVSUHDVHVL]D SULQWUHPRQXPHQWHOHPHJDOLWLFHGLQ$QJOLDGRXFLYLOL]D&LLGLVWLQFWH6H GvQJHQHUDOGHQXPLUHDGHLEHULDFHVWHLSRSXOD&LLSULPLWLYHüLVHFUHGHF DYHQLWGLQ6SDQLD6SDQLROVDXQXHUDFXVLJXUDQ&GHRULJLQHPHGL WHUDQHDQ&OWRUXOFDUHVHvQWRDUFHGLQ0DOWDüLVHGXFHOD6WRQHKHQJH HVWHL]ELWGHWUVWXULOHFRPXQHSHFDUHOHRIHUPRQXPHQWHOHPHJDOLWLFH GLQORFXULDWkWGHGHSUWDWHXQXOGHDOWXO)UvQGRLDOFvQWLPSXUL SUHLVWRULFHDH[LVWDWvQ0HGLWHUDQDSH&UPXULOHRFHDQXOXLüLSkQvQ ,QVXOHOH%ULWDQLFHRFLYLOL]D&LHGHVWXOGHRPRJHQDüDFXPDIRVWPDL WkU]LXvQ(XURSDvQHYXOPHGLXFUHüWLQWDWHD$FHDVWFLYLOL]D&LHDIRVW DGXVvQ$QJOLDGHLPLJUDQ&LLUPDüLvQFRQWDFWFXFRQWLQHQWXOJUD&LHQH JXVWRULORUFDUHYHQHDXGXSPHWDOHvQ%ULWDQLDüLDGXFHDXvQVFKLPESUR GXVHOH/HYDQWXOXLüLFKLKOLPEDUXOGLQ%DOWLFD3X&LQFkWHSX&LQORFXLWRULL LQVXOHORUFDüLFHLGHSHFRQWLQHQWDXGHSULQVQRLvQGHOHWQLFLULDJULFXO WXUDDUWDGHDFRQVWUXLFRUELLOXQJLüLDFHHDGHDWRSLEURQ]XO(VWHLQ WHUHVDQWV&LLPDJLQH]LvQFHWLQHDODDFHVWRUSURJUHVHSHFDUHRDPHQLLOH DXvQISWXLWvQGHFXUVGHVHFROH3HOLFXODVXE&LUHDSHULRDGHLLVWRULFHVH UHD]HPSHDGkQFLOHVWUDWXULDOHSUHLVWRULHLüLQHQXPUDWHOHJHQHUD&LL FDUHQDXOVDWDOWHXUPHWDQJLELOHVDXYL]LELOHGHFkWSLHWUHOHFLRSOLWHüL ULGLFDWHvQSLFLRDUHGUXPXULüLIkQWkQLDXOVDWPRüWHQLUHRPXOXLRVHD PGHFXYLQWHGHLQVWLWX&LLüLGHSURFHGHHIUGHFDUHFRQWLQXDUHD DYHQWXULLDUILIRVWGHQHFRQFHSXW    ,,, &(/%,,  ,ÍQWUHVHFROHOHDO9,OHDüLDO,9OHDvHQVRVLUvQ$QJOLDüL,UODQGD YDOXULVXFFHVLYHGHWULEXULGHSVWRULüLGHU]ERLQLFLFDUHSX&LQFkWH SX&LQOXDUORFXOLEHULORU7ULEXULOHDSDU&LQHDXXQXLSRSRUQXPLWFHOW FDUHRFXSDVHLPHQVHWHULWRULLvQYDOHD'XQULLODQRUGGH$OSLüLvQ*DOLD 'HFHPLJUDXDFHVWHWULEXUL"3UREDELOSHQWUXFSRSRDUHOHGHSVWRUL VXQWVLOLWHVüLXUPH]HFLUH]LOHvPSLQVHGHIRDPHVSUHQRLSüXQL)U vQGRLDOFDXLQWHUYHQLWüLFDX]HRPHQHüWLXQüHIDYHQWXURVGRULQ&DGH FXFHULULSUHVLXQHDGLQSDUWHDDOWXLSRSRUPDLSXWHUQLF0LJUD&LXQLOH DFHVWHDIXUvQFHWHüLFRQWLQXH8QFODQWUDYHUVD&DQDOXO0kQHFLLVHLQV WDODODPDUJLQHDPULLXQDOWFODQvODOXQJDLDUDFHVWDPHUJHDPDLGH SDUWHJRQLQGXLODUkQGXOVXSHLQGLJHQL7ULEXULORUFHOWHOHSOFHDVVH U]ERLDVFFKLDUüLvQWUHHOH(UDXIRUPDWHGLQEUED&LvQDO&LüLSXWHUQLFL

PkQFWRULGHFDUQHGHSRUFüLGHWHUFLGHRY]EXWRULGHEHUHüLGHVWRL QLFLFRQGXFWRULGHFDUH6FULLWRULLODWLQLüLJUHFLvL]XJUYHDXSHFHO&LFD SHXQSRSRUGHVWDWXUvQDOWüLVODEFXSLHOHDDOESUXOEORQGÍQ UHDOLWDWHH[LVWDXüLRPXO&LPHGHFHO&LEUXQLüLvQYLQJWRULLFDVRUJDQL ]H]HOD5RPDSDU]LFXSUL]RQLHULFRUHVSXQ]WRULWUDGL&LHLSRSXODUHWUH EXLDXVLWULH]HüLVOHYRSVHDVFSUXO&HO&LLvQüLüLvüLIXULVHUXQ PRGHOLGHDODOUDVHLORUGHFDUHFXWDXVVHDSURSLHFkWPDLPXOWÍüL GHFRORUDXSUXOüLvüLSLFWDXFRUSXOvQFXORULSDVWHOGHDFHHDURPDQLLvL VXSUDQXPLUPDLWkU]LXSHFHO&LLGLQ6FR&LDSLFWLDGLFRDPHQLSLFWD&L   ,,ÍQOXQJDüLvQFHDWDLQYD]LHFHOWLFLVWRULFLLGLVWLQJGRXYDOXUL SULQFLSDOHSULPXOIRUPDWGLQJRLGHOLVDXJDHOLFDUHGGXUOLPEDORU JDHOLFD,UODQGHLüLUHJLXQLLGHPXQWHGLQ6FR&LDDOGRLOHDIRUPDWGLQ EULWDQLVDXSU\WRQLDFURUOLPEDGHYHQLWOLPEDJDOLORUüLDEUHWRQLORU GLQ)UDQ&DÍQ$QJOLDLQYD]LLOHJHUPDQLFHDXGXVPDLWkU]LXODGLVSDUL&LD OLPELORUFHOWLFH$XVXSUDYLH&XLWQXPDLFkWHYDFXYLQWHGLQYLD&DGRPHV WLFVDOYDWHGHIHPHLOHFHOWHFDUHVDXFVWRULWFXvQYLQJWRULLFDFUDGOH OHDJQ üLQXPHGHORFXUL$YRQUkX üL2[DS VXQWUGFLQLFHOWLFH 'HQXPLUHD/RQGUHL/RQGRQvQODWLQHüWH/XQGLQLXPWUHFHGUHSWRGHQX PLUHFHOWLFDQDORDJFXDFHHDDVDWXOXLIUDQFH]/RQGLQLqUHV0XOWPDL WkU]LXFXYLQWHFHOWLFHDYHDXVILHUHLPSRUWDWHvQ$QJOLDGHFWUHVFR&LHQL FODQSODLGNLOW üLGHFWUHLUODQGH]LVKDPURFNORJJDJ &XYkQWXO VORJDQGLQSXEOLFLWDWHDDPHULFDQYLQHGLQFHOWüLvQVHDPQÅVWULJW U]ERLQLF&kWGHVSUHFXYkQWXOEULWDQVDXSU\WRQHOvQVHPQD&DUD RDPHQLORUWDWXD&L&kQGJUHFXO3\WKHDVDMXQVHvQDFHVWHLQVXOHvQDQXO vHQHOOHGGXGHQXPLUHDGHSUHWDQLFHGHQXPLUHFDUHVDSVWUDW DSURDSHQHVFKLPEDW   ,,,3\WKHDVHUDXQJUHFGLQ0DUVLOLDPDWHPDWLFLDQüLDVWURQRP vQVUFLQDWGHFWUHRDVRFLD&LHGHQHJXVWRULFXH[SORUDUHD$WODQWLFXOXL (OFHOGLQWkLDvQGUHSWDWIDUXOLVWRULHLVSUHRUHJLXQHREVFXUSHFDUH RDPHQLLGLQWLPSXOVXRFRQVLGHUDXPDUJLQHDXQLYHUVXOXLÍQDFHVWH ORFXULIDEXORDVH3\WKHDVDJVLWR&DUUHODWLYFLYLOL]DW2PXO0HGLWHUD QHLDIRVWVXUSULQVGHPDUHHOH$WODQWLFXOXLHODQRWDWFSRSRUXOGHDFROR FXOWLYDJUkXGDUFHUDQHYRLWVOWUHLHUHvQKDPEDUHDFRSHULWHGLQSUL FLQDFOLPHLXPHGH%ULWDQLLSHFDUHLDREVHUYDWEHDXXQDPHVWHFGHJU XQ&HIHUPHQWDWHüLGHPLHUHüLIFHDXFRPHU&GHFRVLWRUFXSRUWXULOHJDOL FHGHSHFRQWLQHQW'RXVXWHGHDQLPDLWkU]LXXQDOWFOWRU3RVHLGR

 &ODQFODQWULESODLGSWXUNLOWVWRIFDGULODWGLQFDUHHVWHFURLW FXQRVFXWDIXVWDFRVWXPXOXLQD&LRQDOVFR&LDQVKDPURFNWULIRLORJ EXWXFEXüWHDQJDJFOXüXOWHULRUvQVHQVILJXUDWJOXPFDODPEXU

QLXVQHGHVFULHFKLDUPLQHOHGHFRVLWRUPRGXOFXPVHWUDQVSRUWDXOLQ JRXULOHSHVSDWHOHPJDULORUüLDOFDLORUüLDSRLFXFRUELLOHSkQODLQVX OD,FWLVFDUHWUHEXLHVILH0RQW6DLQW0LFKHOH7UDILFXOHUDGHVWXOGHLP SRUWDQWSHQWUXDMXVWLILFDIRORVLUHDXQHLPRQHGHGHDXUSHFDUHFHO&LLR FRSLDVHUGXSVWDWHUHOHOXL)LOLSGLQ0DFHGRQLD3ULPDPRQHGEWXW vQ$QJOLDSXUWDFDSXOOXL$SROORQFHHDFHHVWHXQVLPEROGHVWXOGHJULWRU DORULJLQLLPHGLWHUDQHHQHDDFHVWHLFLYLOL]D&LL   ,9&HOPDLEXQGRFXPHQWSHFDUHOSRVHGPFXSULYLUHODYLD&D FHO&LORUHVWHPUWXULDOXL&H]DU)LHFDUHRUDüILHFDUHWkUJüLDSURDSH ILHFDUHIDPLOLHHUDXGLYL]DWHvQGRXIUDF&LXQL0DLPDULLILHFUHLSDUWLGH vüLSURWHJXLDXSDUWL]DQLLORU$FHVWHSRSRDUHQDYHDXVLP&XOVWDWXOXLüLQ DXOVDWQLFLRPRüWHQLUHSROLWLF 6WDWXOvQ$QJOLDüLvQ)UDQ&DHVWHRFUHD&LHGHRSRWULYODWLQüL JHUPDQLF&HO&LLFDUHXQL&LDUILIRVWLQYLQFLELOLvüLGHSUHFLDXSULQ FHUWXULOHORUEUDYXUDüLLQWHOLJHQ&D&ODQXOFHOWQXHUDXQFODQWRWHPLFFL XQFODQIDPLOLDOFHHDFHFUHHD]OHJWXULPDLSXWHUQLFHGDUFRQVWLWXLHXQ REVWDFROvQFDOHDGH]YROWULLXQRUVRFLHW&LPDLODUJL7RWDVWIHOVHYHGH FXPvQ&ULOHGHRULJLQHFHOWLFIDPLOLDDUPDVXQLWDWHDYLH&LLVRFLDOH/D LUODQGH]LFKLDUüLODFHLFDUHDXHPLJUDWvQ6WDWHOH8QLWHSROLWLFDUPkQH RDIDFHUHGHFODQ'LQWLPSXOOXL&H]DUFODQXULOHIDPLOLDOHÅDYHDXJXVWXO FXORULORUDOHPEOHPHORUDOEOD]RDQHORU7DUWDQHOHFODQXULORUVFR&LHQHDX SRDWHRRULJLQHFHOWLF&H]DUDSUHFLD]FYLD&DvQFRPXQLWDWHDUXUDO FXFkPSLLOHüLSüXQLOHFRPXQHFDUHYRUMXFDXQURODWkWGHLPSRUWDQWvQ LVWRULD$QJOLHLHVWHSURSULHJHUPDQLORU(DQDUILIRVWFRPSDWLELOOD FHO&LFXVLVWHPXOGHIDF&LXQLSHFDUHODGHVFULV'HDOWIHOSHQWUXDFHüWL QRPD]LDELDVWDWRUQLFL&LDJULFXOWXUDHUDPDLSX&LQLPSRUWDQWGHFkW YkQWRDUHDSHVFXLWXOüLFUHüWHUHDYLWHORUÍQ%DUD*DOLORUSkQvQHYXO PHGLXSRSXOD&LDvüLPXWDFWXQHOHSHQWUXDJVLQRLWHUHQXULGH  6DX3RVLGRQLXVILOR]RIVWRLFDVWURQRPüLJHRJUDIJUHFRULJLQDUGLQ 6LULDvHQ  7DWOOXL$OH[DQGUXFHO0DUHUHJHDO0DFHGRQLHLvQWUHvHQ $ILUPD&LHFXFDUHQXSXWHPILGHDFRUG6WDWXOQXvüLGDWRUHD]DSDUL&LD XQXLÅVLP&DOVWDWXOXLSHFDUHXQHOHSRSRDUHODUILDYXWLDUDOWHOHQX 6WDWXOHRIRUPGHRUJDQL]DUHDVRFLHW&LLFDUHDSDUHFXQHFHVLWDWHSHR DQXPLWWUHDSWDGH]YROWULLHFRQRPLFRVRFLDOH3UREOHPDHVWHGHFLF XQHOHSRSRDUHDXDYXWFRQGL&LLSHQWUXDDWLQJHPDLWLPSXULXVWDGLXO UHVSHFWLYGHGH]YROWDUHSHFkQGDOWHOHQX,DUDFHVWHFRQGL&LLVXQWGH QDWXURELHFWLYQXVXELHFWLY &ODQDLFUXLPHPEULVHFRQVLGHUDXGHVFHQGHQ&LDLXQXLDQLPDODLXQHL SODQWHVDXDOWXLRELHFWGLQQDWXUWRWHP FRQVLGHUDWVDFUXüLVXSXV XQRUVHYHUHLQWHUGLF&LL/HJWXUDGHVROLGDULWDWHUXGHQLH vQLQWHULRUXO XQXLDVHPHQHDFODQVHvQWHPHLDWRFPDLSHFRQYLQJHUHDvQDFHDVW GHVFHQGHQ&FRPXQ

YkQWRDUHGHSüXQLVDXFKLDUGHFXOWLYDW   9&ODVDFHDPDLRQRUDWHUDDFHHDDSUHR&LORUVDXGUXL]LORU1LPLF QXVHDPQPDLPXOWFXDFHüWLGUXL]LGHFkWEUDKPDQLLGLQ,QGLDVDX PDJLLGLQ,UDQ 0XOWHGLQFUHGLQ&HOHFHOWLFHDPLQWHVFGH2ULHQW*UHYDIRDPHL SUDFWLFDWGHLUODQGH]LHVWHGKDUQDDLQGLHQLORUEUDKPDQXOSRVWHüWHOD XüDDGYHUVDUXOXLVXSkQFHRE&LQHVDWLVIDF&LH3HYUHPHDOXL&H]DUvQ %ULWDQLDVHJVHDXFHLPDLUHQXPL&LGUXL]L(LVHDGXQDXvQILHFDUHDQ vQWUXQSXQFWFHQWUDOSRDWHOD6WRQHKHQJHGDU6IkQWD6ILQWHORUHUD SHQWUXHLLQVXOD0RQD$QJOHVH\ *DOLLVDXEHOJLLFDUHYRLDXV GREkQGHDVFRFXQRDüWHUHDSURIXQGDWDGRFWULQHLVHGXFHDXVVH LQVWUXLDVFvQ%ULWDQLD$FRORvQY&DXXQQXPUPDUHGHYHUVXULFDUH FRQ&LQHDXSUHFHSWHOHVDFUH'XSvQY&WXUDGUXL]LORUÅPRDUWHDQXL GHFkWRVFKLPEDUHDORFXOXLFFLYLD&DFRQWLQXFXIRUPHOHüLEXQXULOH VDOHvQ/XPHD0RU&LORUFDUHFRQVWLWXLHRUH]HUYGHVXIOHWHGLVSRQLELOH 6HSDUHFSHQWUXHLFDSLWDOXOGHVXIOHWHQXHUDOLPLWDWODVSHFLDXPDQüL FHLFUHGHDXvQPHWHPSVLKR]FHHDFHUHSUH]LQWvQFRWUVWXU FRPXQFX2ULHQWXO   9,ÍQWUHFHO&LLGLQ%ULWDQLDüLEHOJLFDUHWULDXGHFHDODOWSDUWHD &DQDOXOXL0kQHFLLH[LVWDXOHJWXULVWUkQVHüLFRQVWDQWHÍQPRPHQWXO LQYD]LHLURPDQHFHO&LLGLQ%ULWDQLDWULPLVHUvQWULULIUD&LORUORUGHSH FRQWLQHQW&H]DUUHPDUFWRWXüLFFHO&LLGLQLQVXOHHUDXPDLSX&LQELQH vQDUPD&LGHFkWFHLGLQ*DOLD&HO&LLGLQ*DOLDSUVLVHUFDUHOHGHOXSW LQVWUXPHQWDUKDLFSHQWUXFJVLVHUvQFkPSLLOHGLQVXGGHVWXLFDL EXQL%ULWDQLLFDUHQXSRVHGDXFDLvQVWDUHVSRDUWHXQRüWHDQOXSWDX vQWRFPDLFDU]ERLQLFLLOXL+RPHUüLDYHDXvQFvQORFGHFDYDOHULHR SHGHVWULPHSXUWDW   9,,'XSvQIUkQJHUHDORUFHO&LLLQWHOLJHQ&LüLDGDSWDELOLLPLWDU EXFXURüLFLYLOL]D&LDURPDQDWkWvQ%ULWDQLDFkWüLvQ*DOLDÅ3URIHVRULL JDOLIRUPD&LODüFRDODGUXL]LORUDXIRVWDFHLDFDUHDXGDW*DOLHLFXOWXUD VDFODVLF0DLWkU]LXvQWLPSXOHYXOXLPHGLXFOXJULLUODQGH]LYRU UHDGXFHvQ(XURSDFXOWXOOLWHUDWXULLJUHFHüWLüLODWLQH'DUFHO&LLQDXIRVW QXPDLQLüWHEXQLDJHQ&LGHWUDQVPLVLHDLXQHLFXOWXULVWULQH(LvQüLüL DYHDXJXVWXODUWHORUüLRUQDPHQWD&LLOHvQVSLUDOGHSHDUPHOHORUGHSH ELMXWHULLOHüLRELHFWHOHGHROULWGRYHGHVFPDLPXOWIDQWH]LHGHFkWDXDYXW YUHRGDWURPDQLL(LDXDGXVOLWHUDWXULLHXURSHQHVLP&XORULHQWDODO PLVWHUXOXLüLRFRQFHS&LHGUDPDWLFGHVSUHIDWDOLWDWHFDUHOHHVWHSURSULH 3RDWHFPDLDOHVSULQLVWRULDOXL7ULVWDQüLD,VROGHLüLSULQDFHHDD UHJHOXL$UWKXUJHQLXOFHOWLFüLDOVDWDPSUHQWDVDvQ(XURSD(OHPHQWHOH FHOWLFHSVWUDWHvQYHVWXOLQVXOHORUDXMXFDWXQPDUHUROvQIRUPDUHD

$QJOLHLPRGHUQHvQVHFROXODO;;OHDYRPJVLJXYHUQHHQJOH]HSUH]LGDWH üLDUPDWHHQJOH]HFRPDQGDWHGHFHO&LGLQ6FR&LD%DUD*DOLORUVDX ,UODQGD    ,9 &8&(5,5($520$1  ,(JUHXSHQWUXSRSRDUHOHVODEHVUPkQOLEHUHFkQGVXQWOD vQGHPkQDXQHLPDULSXWHUL'XSFXFHULUHD*DOLHL%ULWDQLDGHYHQHDFHO PDLILUHVFRELHFWLYGHU]ERLDOURPDQLORU&H]DUDYHDQHYRLHGHYLFWRULL SHQWUXDXLPL5RPDüLGHEDQLSHQWUXDüLUHFRPSHQVDVROGD&LLüL SDUWL]DQLL6SHUDVJVHDVFvQDFHOHLQVXOHIDEXORDVHDXUSHUOHVFODYL ÍQDIDUGHDFHDVWDVRFRWHDQLPHULWVLQWLPLGH]HSHFHO&LLEULWDQLFLFDUHL DMXWDVHUSHFHLGHSHFRQWLQHQW 3HODVIkUüLWXOYHULLDQXOXLvHQVHKRWUvVIDFRVFXUW H[SHGL&LHGHUHFXQRDüWHUHGLQFRORGHPDUH&XOHVHLQIRUPD&LLGHOD QHJXVWRULLJDOLFDUHGLQQHüWLLQ&VDXUHDYRLQ&vOvQüHODU0HWRGD SUHIHUDWDOXL&H]DUHUDGHDVHDPHVWHFDvQSROLWLFDDXWRKWRQüLD FXFHULWULEGXSWULEIRORVLQGSHXQXOvPSRWULYDFHOXLODOW'DUvQDFHDVW DYHQWXULPSURYL]DWWLPSXOvOSUHVD7ULPLVHRQDYSHQWUXDDOHJHXQ ORFGHGHEDUFDUHSULHOQLFüLSOHFHOvQVXüLFXGRXOHJLXQL   ,,2SHUD&LDUHXüLGHVWXOGHSURVW%ULWDQLLDYHUWL]D&LDüWHSWDXSH &UPJDWDGHDSUDUH/HJLRQDULLVLOL&LVVDUvQDSHOHXQHLPULGHVWXO GHDGkQFLvQJUHXQD&LGHDUPHOHORUL]EL&LGHYDOXULUHXüLUFXPDUH JUHXWDWHVSXQSLFLRUXOSHXVFDW&H]DUWUHEXLVRUGRQHJDOHUHORUGH DUFDüLüLDUXQFWRULFXSUDüWLDVDFRSHUHGHEDUFDUHDSULQWUXQEDUDMGH SURLHFWLOH)RU&DURPDQLORUFRQVWDvQWURGLVFLSOLQüLRüWLLQ&PLOLWDUFX WRWXOVXSHULRDUHFHORUDOHEULWDQLORU$ELDGHEDUFD&LYHWHUDQLLOHJLXQLORU üWLXUVüLFRQVWUXLDVFRWDEUVüLSURWHJXLDVFYDVHOHVIDFR ÅEURDVF&HVWRDVOLSLQGVFXWGHVFXW&HO&LLYHQLVHUFXPLLGHFDUH &kQGSHGHVWULPHDSXUWDWLQWUDvQOXSWU]ERLQLFLLFRERUDXGLQFDUHvQ WLPSFHFRQGXFWRULLFDUHORUVHUHWUJHDXODRPLFGLVWDQ&JDWDILHFDUH VüLDGXQHRDPHQLLüLVVHUHWUDJvQFD]GHvQIUkQJHUHVDXUHWUDJHUH &XWRDWHVXFFHVHOHSDU&LDOH&H]DUvüLGGXUHSHGHVHDPDFPLFDVD DUPDWQXHUDvQVLJXUDQ&0DUHDIRDUWHDJLWDWGLVWUXVHVHPDLPXOWH YDVH6HDSURSLDXPDUHHOHHFKLQRF&LXOXL3URILWGHRRDUHFDUH VXSHULRULWDWHüLRE&LQXIJGXLQ&DFLVHYRUGDRVWDWLFLGXSFDUH  $OX]LHSRVLELOODSUHPLHUXO'DYLG/OR\G*HRUJH FDUHHUD JDOH]ODIHOGPDUHüDOXO'RXJODV+DLJ VFR&LDQFRPDQGDQWXO VXSUHPDODUPDWHLHQJOH]HSHIURQWXOGHYHVWvQSULPXOU]ERLPRQGLDO HWF

DSDUHQ&HOHILLQGVDOYDWHULGLFDQFRUDSHQHDüWHSWDWHSX&LQGXSPLH]XO QRS&LL$SRLWULPLVH6HQDWXOXLFXSULYLUHODDFHDVWH[SHGL&LHOLSVLWGH JORULHXQFRPXQLFDWDWkWGHVWUOXFLWFVHYRWRVXSSOLFDWLRGH GRX]HFLGH]LOHSHQWUXDFHOHEUDÅYLFWRULDOXL&H]DU   ,,,'DU&H]DUHUDSUHDUHDOLVWFDVVHDPJHDVFDWXQFLFkQGD VXIHULWXQHüHF&XQRVFXVHQDWXUD&ULLSRUWXULOHWDFWLFDEULWDQLORU vQ&HOHVHVHFQXSXWHDXILvQYLQüLIUFDYDOHULHüLHUDKRWUkWVVH vQWRDUFvQDQXOXUPWRUvHQ 'HDVWGDWvLJVLSHEULWDQLXQL&L vQID&DPDULLSULPHMGLLüLDVFXOWkQGGHXQFRPDQGDQW&DVVLYHOODXQXV DOHFUXL&LQXWXULVHJVHDXODQRUGGH7DPLVD$UPDWDURPDQVHvQ GUHSWVSUHDFHVWIOXYLX$MXQVSH&UPXOGHQRUG&H]DUvQPRGDELO vQFHSXQHJRFLHUL(OWUDVHIRORVGHSHXUPDLQYLGLLORUGHMDVWkUQLWHvQWUH FSHWHQLLOHFHO&LORUvLD&k&SHXQLLGLQWUHHLvPSRWULYDOXL&DVVLYHOODXQXV RE&LQXVXSXQHUHDGLQSDUWHDFkWRUYDWULEXULvQYLQVHDOWHOHFXDUPHOHüL vQVIkUüLWWUDWkQGFX&DVVLYHOODXQXVvQVXüLIL[WULEXWXOSHFDUH%ULWDQLD DYHDVOSOWHDVFDQXDOSRSRUXOXLURPDQ'HIDSWGLQDQXOWULEXWXO QDPDLIRVWSOWLWüLU]ERLXOFLYLOYDDEDWHSHQWUXPXOWYUHPHDWHQ&LD 5RPHLGHODEULWDQL&LFHURvüLEWHDMRFGHÅFXFHULUHDDFHDVWDFDUHQX DGXVHVHQLPLFvQDIDUGHFk&LYDVFODYLPXQFLWRULPDQXDOLGHFDWHJRULD FHDPDLMRDVIUQLFLXQOLWHUDWVDXPX]LFLDQvQWUHHLüLFDUHIXVHVH PDLPXOWRPDQHYUGHSROLWLFLQWHUQGHFkWRYLFWRULHLPSHULDO   ,9'XSPRDUWHDOXL&H]DUWLPSGHXQVHFRO%ULWDQLDDIRVWXLWDW 7RWXüL*DOLDGHYHQLWSHGHDQWUHJXOURPDQvQVSLULWvLWULPLWHD QHJXVWRUL0RQHGDLPSHULXOXLDYHDFXUVüLDFROR3RHWXO0DUWLDO  VHOXGDFJVHüWHFLWLWRULvQ%ULWDQLDüLYRUEHDFXHQWX]LDVPGHRWkQU EULWDQFDUHVHPULWDVHFXXQURPDQüLVHEXFXUDGHPDUHVXFFHVvQ VRFLHWDWHDLWDOLF ÍQWLPSXOvPSUDWXOXL&ODXGLXGLIHULWHJUXSXULFHUHDXVVH SRUQHDVFGLQQRXODFXFHULUHD%ULWDQLHLJHQHUDOLFDUHYHGHDXvQDFHDVWD RVXUVGHJORULHüLSURILWXULQHJXVWRULH[SRUWDWRULFDUHVSXQHDXF VLJXUDQ&DFRPHU&XOXLLPSXQHDSUH]HQ&DOHJLXQLORUDGPLQLVWUDWRULJDOL FDUHVHSOkQJHDXGHSURDVWDLQIOXHQ&SHFDUHRH[HUFLWDXDVXSUD*DOLHL GUXL]LLDOFURUFHQWUXDFWLYUPVHVHvQ%ULWDQLDQHQXPUD&L IXQF&LRQDULFDUHVSHUDXVJVHDVFVOXMEHvQWURSURYLQFLHQRXÍQ FRQVHFLQ&&ODXGLXWULPLVHHQ RH[SHGL&LHIRUPDWGLQSDWUXOHJLXQL  3HULRDGGHWLPSvQFDUHSULQGLYHUVHPDQLIHVWULGHFXOWVHDGXFHDX PXO&XPLUL]HLORUSHQWUXXQHYHQLPHQWIDYRUDELO 'HVSUHHFRXOSRH]LLORUVDOHvQ%ULWDQLD0DUWLDOYRUEHüWHvQ(SLJUDPH FDUWHD;,IUXPRDVDEULWDQLHVWH&ODXGLD5XILQDGHVSUHFDUHVSXQHF GHüLQVFXWGLQEULWDQLLWDWXD&LVXIOHWXOHLHVWHODWLQLDUJUD&LDüL IUXPXVH&HDVDRIDFDVHPHQLIHPHLORUURPDQHVDXFHORUGLQ$WWLFD

D,,D$XJXVWDD;;D9DOHULD9LFWUL[D;,9D*HPLQD0DUWLD9LFWRULDüL FHOHEUDOHJLXQHD,;D+LVSDQDGLQDUPDWD'XQULL DGLFSXQkQGOD VRFRWHDODX[LOLDULLüLFOUH&LLFLUFDFLQFL]HFLGHPLLGHRDPHQL&XR DVWIHOGHDUPDWFXFHULUHDSUHDGHVWXOGHXüRDUüLQXPDLGXSFH DMXQVHvQGLVWULFWHOHPXQWRDVHGLQ%DUD*DOLORUüLGLQ6FR&LDUH]LVWHQ&D GHYHQLPDLVHULRDV'HSHLQVXOD0RQDFHQWUXUHOLJLRVDOGUXL]LORUvüL IFXDSDUL&LDRvQIULFRüWRDUHFRKRUWGHU]ERLQLFLvQPLMORFXOFUHLD IHPHLFXSUXOGHVSOHWLWDJLWDXWRU&HDSULQVHvQWLPSFHGUXL]LLvQüLüLvQ UkQGXULVWUkQVHvPEUFD&LvQYHüWPLQWHOHORUDOEHULGLFDXEUD&HOHVSUH FHUüLLQYRFDX]HLLÍQUHJLXQHDGHVXGHVWFDUHSUHDSDFLILFDWR YLROHQWUVFRDOFRQGXVGHRUHJLQ%RXGLFFDVDX%RDGLFHD SULFLQXLWGHQHGUHSW&LOHFRPLVHGHSULPLLDGPLQLVWUDWRULURPDQLSXVHR FOLSvQSHULFROSHFXFHULWRULGDUVHWHUPLQSULQWUXQPDVDFUXDO EULWDQLORU'HODvQFHSXWXOVHFROXOXLDO,,OHDERJDWDFkPSLHGLQVXGD IRVWvQvQWUHJLPHVXSXV   90HWRGDURPDQGHRFXSD&LHHUDSHVWHWRWFDPDFHHDüL FRQVWUXLUHDGHH[FHOHQWHGUXPXULFDUHSHUPLWHDXOHJLXQLORUVVH GHSODVH]HUHSHGHüLGHDüH]ULIRUWLILFDWHvQFDUHVWWHDXJDUQL]RDQHIL[H &HOHPDLPXOWHGLQRUDüHOHHQJOH]HDOHFURUQXPHVHWHUPLQSULQ FKHVWHUVDXFHVWHUDXIRVWvQWLPSXOFXFHULULLWDEHUHURPDQHFDVWUD  9HWHUDQLLOHJLXQLORUOXDURELFHLXOVVHUHWUDJGXSWHUPLQDUHD SHULRDGHLGHVHUYLFLXvQXQHOHRUüHOHEULWDQHFXPHUDX&DPXORGXQXP &ROFKHVWHU üL9HUXODPLXP6DLQW$OEDQV 2UDüHOHGLQQRUG/LQFROQ