7,.f?0, 54:?07, =?g?

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0? '9: :9 '?0
032-111307-SED DE SAL.indd 5 30/08/13 7:19
? /bMib 3PLl 7bM`ib ']MMbQP
032-111307-SED DE SAL.indd 7 30/08/13 7:19
6HKJF*H*. E*HG.!EH &-&+*! .FIE* &LGE!EG EGIE*
L*, LKE. E&E*L+K JHK,E+&FEH E"". EK"EJF.G
0H`M]`YP
032-111307-SED DE SAL.indd 9 30/08/13 7:19
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0TbRb^R] &MbG]T@ .P ]L ]T QPRaM] NH] \Y[HMb ]Q RYL
b`M]^YJb`YPQ]L O]MLPQbT]L QY ]Q TPL M][YLJMPL ^] Tb b^RY1
QYLJMb`YzQd O]MP ]L RY G]M^b^]MP QPRaM] ]Q ]LJb ZYLJPMYbd
]T NH] L] YROHLP b RH`Zb`ZPd b `bRYQbQJ]d b \PMbLJ]MPd
OH]L ]Q G]M^b^ PL ^Y[P NH] ZHaP HQ RPR]QJPd Zb`] RH1
`ZPL bwPLd ]Q NH] \HY LPTbR]QJ] &MbG]Td ]Q NH] TPL OP`PL
NH] R] `PQP`Y]MPQ D JMbJbMPQ R] TTbRbabQ &MbG]Td ]Q NH]
ZbLJb JbT OHQJP \HY ObMb ]TTPL &MbG]T NH] ]LJPD L][HMP ^]
NH]d LY M]`H]M^bQ bNH]TTPL TbM[PL ] YQJ]QLPL ^ibL L]^]QJb1
MYPL D TP `H]QJbQ ]Q J]MJHTYbL ^] LPaM]R]Lb P ]Q Tb ]GP`b1
`YzQ ^] TPL M]]Q`H]QJMPL [MbJHYJPLd L] M]\]MYMyQ LYQ ^H^b
bT[HQb b &MbG]Td ]T OPaM] RH`Zb`ZP `bRYQbQJ] D \PMbLJ]MP
`PQ RP`ZYTb bT NH] T] LPMOM]Q^Yz Tb ^]LG]QJHMb ]Q HQ
G]MbQP `yTY^Pd `PRP TPL G]MbQPL bQJY[HPLd D XPG]Qd `PRP
LzTP ]MbQ OPM ^]L[Mb`Yb TPL G]MbQPL ^] ]QJPQ`]L@ .P `M]P
NH] Qb^Y] ^] bNH]T JY]ROP M]`H]M^] RY G]M^b^]MP QPR1
aM] "]Q M]bTY^b^ bT[HQPL ^] TPL NH] R] `PQP`Y]MPQ QP
^]aY]MPQ ^] Lba]MTP QHQ`bd QY LYNHY]Mb DP M]`H]M^P NH] TP
]ROT]bMbQ bT[HQb G]C ]Q JP^b Tb bG]QJHMb- D `PQL]MGbMyQ
bO]QbLd `PRP RH`ZPd HQb YRb[]Q ^Y\HLb ^] RY MPLJMPd ^]
RYL b^]RbQ]Ld ^] RY O]MOT]XY^b^d ^] RY JMYLJ]Cbd ^] RY
RY]^P P ^] RY bQ[HLJYbd O]MP `HbQ^P `H]QJ]Q Tb ZYLJPMYb
JP^PL `PYQ`Y^YMyQ ]Q ]T ^YL`M]JP LPaM]QPRaM] ^] &MbG]T@
:] RP^P NH]d bHQNH] QP LPD ]Q G]M^b^ &MbG]T D bHQNH]
032-111307-SED DE SAL.indd 11 30/08/13 7:19
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QP ZbDb ]Q RYL bQ^bQCbL RPQLJMHPL QY RbM]L QY aTbQ`H1
Mbd LYQP Q][MHMbL D `bG]MQbLd R] bJM]G]Ml b HQ LHOTY`bQ1
J] YRO]MbJYGP "Db LbalYL> TTbRb^R] &MbG]Td ]J`lJ]Mb-d OH]L
ZbaTbMl `PRP &MbG]Td O]QLbMl ]Q Ri RYLRP `PRP &MbG]T
Dd RY]QJMbL ZbaT] ^] ]LJ] `bLPd L]Ml ^] QH]GP &MbG]Td LY ]L
NH] bT[HQb G]C Z] ^]Xb^P ^] L]MTP ^]L^] ]QJPQ`]Ld NH]
TPL LPaM]QPRaM]L NH] L] [bQbQ O]MRbQ]`]Q b \H][P ]Q ]T
`bMy`J]M@ ;HbQ^P `PQJbRPL GY]XbL ZYLJPMYbL QP `PQJbRPL
`HbTNHY]M ZYLJPMYb "QP ]L JbQ bROTYP QH]LJMP M]O]MJPMYP QY
JbQ ]QJM]J]QY^P-d LYQP bNH]TTbL ]Q TbL NH] Z]RPL YQJ]MG]1
QY^P ^] RP^P OMYQ`YObTd D QP TbL `PQJbRPL OPMNH] Lid LYQ
RyL RPJYGPd LYQP OPMNH] TbL M]GYGYRPL bT `PQJbMTbLd OPM1
NH] RY]QJMbL L] OMPTPQ[b ]T M]TbJP GPTG]RPL b L]M TP NH]
\HYRPL Dd bHQNH] L]b \H[bCR]QJ] D OPM TbL ]EJMbwbL GYMJH1
^]L ^] Tb QbMMb`YzQd QPL `PQG]MJYRPL ]Q ]T O]MLPQbX] NH]
Db Z]RPL ^]Xb^P ^] L]Md YQ`THLP ]Q ]T O]MLPQbX] NH] QHQ1
`b \HYRPL D NH] QPL ZHaY]Mb [HLJb^P L]Md OH]L QP ]Q GbQP
]T M]TbJP ]Q^]M]Cb TPL Z]`ZPLd TPL ]QRY]Q^b D TPL LPLJY]1
Q]@ *PM ]LP J]Q]RPL JbQJb J]Q^]Q`Yb b `PQJbM TP NH] QPL
Zb P`HMMY^P D OPM ]LP `PQJbRPL `PQ YQLYLJ]Q`Yb OM]\]M]Q1
J] RH`ZbL G]`]L TPL RYLRPL ]OYLP^YPLd TPL ]OYLP^YPL ^YL1
JYQJYGPLd TPL ]OYLP^YPL ^] TPL NH] QPL L]QJYRPL RyL ObM1
Ji`YO]Ld bHQNH] L]bQ `YRbL ^]T YQ\PMJHQYP P `HRaM]L ^]
Tb ^]L]LO]Mb`YzQ@ &]Q]RPL QPLJbT[Yb ^] QPLPJMPL RYLRPLd
JbQJb QPLJbT[Yb ^] TP NH] \HYRPL NH] TbL RbDPM]L ^]LG]Q1
JHMbL NH]^bQ OHMY\Y`b^bL D `]MQY^bL OPM ]T JbRYC ^]T M]1
`H]QJPd P OPM Tb LH[]LJYzQ ^] TbL ObTbaMbLd D L] `PQGY]MJ]Q
]Q `bOiJHTPL M]`HMM]QJ]L ^] QH]LJMb aYP[Mb\ib@ gP ^YMib NH]
]L T]D ^] GY^bd RyEYRP ]EOPQ]QJ] ^] QH]LJMb ZHRbQb
`PQ^Y`YzQd b Lba]M> NH] `PQJbRPL LzTP `PQ QH]LJMbL ^]L1
[Mb`YbLd NH] LzTP TbL ^]L[Mb`YbL QPL ^bQ L]QJY^Pd NH] LzTP
TbL ^]L[Mb`YbL QPL ^bQ \PMRb D `bMy`J]Md JMYLJiLYRb `PQ\Y[H1
032-111307-SED DE SAL.indd 12 30/08/13 7:19
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Mb`YzQ ^]T ZPRaM]@ *PM ]LP R] M]`H]M^P b Ri RYLRP
`PRP &MbG]T D ZbaTP `PRP &MbG]T D LPD &MbG]T RY]QJMbL
ZbaTP@ gb Ll NH] QP OH]^P `PRO]JYM `PQ PJMbL ^]LG]QJH1
MbLd NH] Tb `MzQY`b ^] bNH]T G]MbQP YQ`PQL]`H]QJ] D JPM1
R]QJPLP ]L bO]QbL HQ aMPJ] aM]G] ] YQRb^HMP ]Q ]T GbLJP
ObQPMbRb ^] Tb ^]L[Mb`Yb HQYG]MLbT D ^] TbL ^]LG]QJHMb^bL
O]MYO]`YbL ^] Tb ZYLJPMYbd O]MP JbRaYlQ ]L G]M^b^ NH] \H]
]T G]MbQP ]Q ]T NH] L] R] baMY]MPQ TPL PXPL D b^NHYMi Tb
`]MJ]Cb ^] QH]LJMb \Mb[YTY^b^ D ^] Tb YQ`PQLYLJ]Q`Yb ^]
QH]LJMPL L]QJYRY]QJPL@ :]Xb^R]d OH]Ld L]M &MbG]Td LY ]L NH]
b`bLP QP Z] LY^P LY]ROM] ^]L^] ]QJPQ`]L &MbG]Td D ]RO]1
`]RPLd `PRP `PMM]LOPQ^]d OPM ]T OMYQ`YOYP@
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9T bwP NH] ObLl LYMGY]Q^P bT M]Dd ]Q HQ `HbMJ]T ^] YQ1
\bQJ]Mib "TP Z] M]O]JY^P JbQJbL G]`]L NH] ObM]`] NH] Qb`i
D GYGP LzTP ObMb NH] ObLbMb TP NH] ObLz D OP^]M M]R]RP1
MbMTP TH][Pd `PQ \bJY[bd D LYQ \YQd `PRP LY Tb GY^b \H]Mb
LzTP Tb M]YJ]Mb`YzQ ^] HQ M]TbJP YQJ]MRYQbaT]d Tb PL`HMb
`PQ^]Qb RYJPTz[Y`b ^] LHaYM HQb D PJMb G]C ]Q GbQP b TbL
`YRbL ^]T YQ\Y]MQP-d `bDz ]Q RYL RbQPLd QP Ll LY OPM G]Q1
JHMb P ^]LG]QJHMbd HQ TYaMP ]Q YQ[TlL NH]d LY Zbaib Y^P b
]Q[MPLbM TbL ]LJbQJ]MibL ^] Tb RYQvL`HTb aYaTYPJ]`b ^]T M]1
[YRY]QJPd Zbaib J]QY^P NH] L]Md Q]`]LbMYbR]QJ]d OPM Gib
RYLJ]MYPLb@ 9T JiJHTP 4H.D*" K) 8EH.L&.d ]T bHJPM #bTJ]M
?TFbD D Tb ]^Y`YzQ ^] &Z] 5YLObQY` ']RYQbMD P\ /]^Y]1
GbT 'JH^Y]Ld %QYG]MLYJD P\ /]TbLd ;bTY\PMQYbd _SeB> JbT ]L
032-111307-SED DE SAL.indd 13 30/08/13 7:19
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Tb \Y`Zb aYaTYP[My\Y`b@ &]Qib HQb ^]^Y`bJPMYb RbQHL`MYJb>
8PM &PRyL $b^YTTP FYJZ bTT ^]GPJYPQd QPF bQ^ bTFbDLd
#bTJ]M ?TFbD@ ;PRP NHYLY]Mb DP ]QJPQ`]L R]XPMbM RYL
`PQP`YRY]QJPL ^] YQ[TlLd ^]^YNHl [MbQ ObMJ] ^]T JY]ROP
TYaM] b T]]M bNH]T 4H.D*" K) 8EH.L&.d `PQ bDH^b ^] HQ ^Y`1
`YPQbMYPd D ^]LOHlLd `PQ R]RPMYb TlEY`bd b M]T]]MTP@ g TP
`Y]MJP ]L NH]d L][vQ TP \HY ^]L`Y\MbQ^P D ]QJ]Q^Y]Q^Pd LY
QP TT][z b ]QJHLYbLRbMR] \H] RyL OPM TbL ^Y\Y`HTJb^]L TYQ1
[kiLJY`bL NH] OPMNH] L] JMbJbMb ^] HQ J]EJP yMY^P D ]LO]LPd
NH] aY]Q OH]^P bL][HMbM NH] QP TP ]Mb@ .P OP^Mib ^]`YMd
OPM JbQJPd NH] `bD]Mb Gi`JYRb ^] LH ]RaMHXP TYJ]MbMYP QY
NH] R] L]^HX]Mb `PRP HQb M]G]Tb`YzQd LzTP NH] TP T]id NH]
`PQJ]Qib ZYLJPMYbL `HMYPLbLd NH]d ]Q ^]\YQYJYGbd R] ]QJM]1
JHGP@ *PM TP NH] OH^] bG]MY[HbMd NH] QP \H] RH`ZPd OH]L
QY ]Q TbL ]Q`Y`TPO]^YbL QY ]Q TPL M]O]MJPMYPL NH] `PQLHTJl
\Y[HMbab LH QPRaM]d #bTJ]M ?TFbD ]Mb HQ ZYLObQYLJb QPM1
J]bR]MY`bQP NH]d bJMbi^P OPM TPL bLO]`JPL RiJY`PL D T][]Q1
^bMYPL ^] JY]MMb ^] RHM[bwPLd ^]`Y^Yz TT]GbM b `baP HQ
JMbabXP ^] `bROP Dd ObMb ]TTPd M]bTYCz HQ TbM[P GYbX] OPM
TbL LY]MMbLd TPL OH]aTPLd TPL MYQ`PQ]L ^] Tb CPQb ]Q `PROb1
wib ^] JM]L P `HbJMP bRY[PLd HQP ^] ]TTPLd L][vQ `M]P "]T
TYaMP QP TP ^]`TbMb ]EOM]LbR]QJ]-d ]T QPG]TYLJb QPMJ]bR]1
MY`bQP 9^[bM #YQJ]MLd D TPL PJMPLd ^] TPL NH] Qb^b Z]
OP^Y^P bG]MY[HbMd ]LObwPT]L bQzQYRPL@ 9T GYbX] JHGP TH1
[bMd Pd R]XPM ^Y`ZPd JY]ROPd ]Q Tb OMYRbG]Mb D ]T G]MbQP
^] _Se< P _See@ &bROP`P TP[Ml bG]MY[HbM Qb^b ^] &PRyL
$b^YTTP@ 0] LHOHL] HQ ObLb^P RYTYJbM GYQ`HTb^P b Tb JPOP1
[Mb\ib D b Tb ]LJMbJ][Ybd O]MP Tb LHOPLY`YzQ QP J]Qib PJMb
abL] NH] Tb Q]`]LY^b^ ^] XHLJY\Y`bM Tb OM]L]Q`Yb ]Q Tb aY1
aTYPJ]`b ^]T `HbMJ]T ^] HQ TYaMP `PQ ^]^Y`bJPMYb bHJz[Mb\bd
HQb Q]`]LY^b^ baLHM^bd JP^b G]C NH] ]T TYaMP OP^Mib Zb1
a]M TT][b^P b JbT ^]LJYQP b JMbGlL ^] bT[vQ ZYXP ^] ]LJ]
032-111307-SED DE SAL.indd 14 30/08/13 7:19
_+
$b^YTTPd P ^] bT[vQ QY]JPd P GyDbL] b Lba]M OPM NHl PJMP
OMP`]^YRY]QJP LHRbMiLYRPd ]EOHM[Pd T][b^P P TbJMP`YQYPd
LPaM] JP^P LY L] bJY]Q^] b HQbL \]`ZbL ]Q TbL NH] `HbTNHY]M
`PQX]JHMb OH]^] L]M HQ ^YLObMbJ] D ]Q TbL NH] `ba] `HbT1
NHY]M baPRYQb`YzQ@ *]MP ]T bCbM M]LHTJb LY]ROM] RYLJ]MYP1
LP b HQ JY]ROP ] YROTb`baT]@ 'YQ ]RabM[Pd bNH]TTbL JbM1
^]L ^] T]`JHMb ]Q ]T `HbMJ]T \H]MPQ LzTP HQb ]LO]`Y] ^]
OMzTP[P@ &M]L bwPL ^]LOHlL ^] Zba]M `HROTY^P `PQ Tb Ob1
JMYb D `PQ ]T M]Dd abXbQ^P HQ ^ib OPM Tb `H]LJb ^] /PDb1
QPd ^PQ^] R] OMPG]ib ^] QPG]TbL OPTY`Yb`bL ^] P`bLYzQd
GY ^] OMPQJP ]Q HQ RPQJzQ ^] LbT^P HQ ]X]ROTbM ^] 4H.9
D*" K) 8EH.L&.@ 9LJbab QPJbaT]R]QJ] ^]J]MYPMb^Pd `PQ TPL
aPM^]L MPi^PLd O]MP M]`PQP`i ]QL][HY^b Tb `HaY]MJb D LH
LPTb `PQJ]ROTb`YzQ R] JMbXP JbQJPL M]`H]M^PL "QP LY]R1
OM] \bGPMbaT]Ld O]MP Li RYJY[b^PL OPM ]T JY]ROP- NH] QP
OH^] OPM R]QPL NH] `P[]MTP@ ;PQ `Y]MJb HQ`YzQ TP baMid
ObMb M]`HO]MbM Tb ^]LY^Yb D ]T ^]LbRObMP ^] TbL GY]XbL JbM1
^]L RYTYJbM]Ld ZPX]l LHL ^YaHXPLd M]`PM^l bT[HQPL OyMMb\PL
] Yab b LPTJbMTP `HbQ^P ^] OMPQJPd bT `]MMbMTPd `bD]MPQ RYL
PXPL LPaM] Tb Oy[YQb YQY`YbT ^] `PMJ]Lib@ .P ^bab `Ml^YJP@
8PM &PRyL $b^YTTP FYJZ bTT ^]GPJYPQd QPF bQ^ bTFbDLd
#bTJ]M ?TFbDd T]i@ ?TTi ]LJbab Tb ^]^Y`bJPMYb RbQHL`MYJb>
JYQJb Q][Mbd T]JMb [MbQ^]@ .P ]Mbd OH]Ld HQ ]X]ROTbM `HbT1
NHY]Mb ^] 4H.D*" K) 8EH.L&.A ]Mb *" ]X]ROTbMd !& ]X]ROTbM@
/] ZHaY]Mb [HLJb^P bG]MY[HbM OPM NHl LYQHPLPL `bRYQPL
Zbaib Y^P b ObMbM b Tb `H]LJb ^] /PDbQPd `zRP Zbaib Lb1
TY^P ^]T M]`YQJP aYaTYPJ]`bMYP ^]T M][YRY]QJPd O]MP Lbaib
NH] ]Mb HQb YQG]LJY[b`YzQ JbQ `bOMY`ZPLb `PRP YROMb`JY1
`baT]d PL`HMb `PRP Tb aYP[Mb\ib ^] &PRyL $b^YTTPd JPMJHP1
Lb `PRP TPL `bRYQPL OPM TPL NH] Zbaib TT][b^P bQJ]L bT
`HbMJ]T@ 'i OP^ib Zb`]M PJMb `PLbd ]Q `bRaYP> `PROMbMTPd
T]]MTPd ^bM \YQ b LHL bQ^bQCbL@ *PM ]LP TP `PROMl D OPM
032-111307-SED DE SAL.indd 15 30/08/13 7:19
_B
]LP JbRaYlQ TP T]i ^] QH]GPd `PQ RyL OMPG]`ZPd ]Q OMYQ1
`YOYPd NH] ]Q Tb OMYR]Mb P`bLYzQ@ g bLi \H] `PRPd ]Q bT1
[vQ RPR]QJP YQ^]J]MRYQb^Pd LYQ Lba]M OPM NHld `PQ
YQL]QLbJb ]EJMbGb[bQ`Ybd JPRl HQb ^]`YLYzQ@ &HMYLRP TYJ]1
MbMYPd `baMib ^]`YM@ .PL [HLJbQ TbL M]YJ]Mb`YPQ]L D TbL ^H1
OTY`b`YPQ]Ld L][HYM TbL ZH]TTbL NH] PJMPL JMbCbMPQ LPaM] Tb
bM]Qbd bLi NH] ^] Tb RYLRb RbQ]Mb NH] ]T Rb]LJMP ?CPMiQd
^] OMPLb YRObMd ZYCP Tb MHJb ^]T )HYXPJ]d R] ^YX]d DP ZbMib
Tb MHJb ^] /HMbQYbd L][HYMib TPL ObLPL NH] Zbaib JMbCb^P
#bTJ]M ?TFbD ]Q `PRObwib ^] 9^[bM #YQJ]ML D LHL bRY1
[PL ]LObwPT]L@ :] RP^P NH] HQPL R]L]L ^]LOHlLd ]Q OMY1
RbG]Mbd `P[i HQb RP`ZYTb D HQ Lb`P ^] ^PMRYM D Tb ^]T
bTab L]Mib `HbQ^P LbTi ^] `bLb ^YLOH]LJP b M]`PMM]M TPL L]1
`PL `bRYQPL OPTGPMY]QJPL ^] JY]MMb ^] RHM[bwPL ^HMbQJ]
HQbL L]RbQbL@ .P bLOYMbab DP "QY bLOYMP- b L]M ]L`MYJPMd
O]MPd ]Q LYQJPQib `PQ PJMPL GYbX]MPL ^] TPL NH] J]Qib QPJY1
`Ybd QP LzTP ]`Zl ]Q Tb RP`ZYTb ]T TYaMP ^] ?TFbDd JbRaYlQ
HQ `Hb^]MQP ^] JbObL ^HMbL ^] OY]T ]Q ]T NH] O]QLbab
JPRbM bOHQJ]Ld bQPJb`YPQ]L ^] Tb `PQJ]ROTb`YzQd Tb M]1
\T]EYzQd Tb LPT]^b^ D ]T `bRYQPd HQ JMbQLYLJPM ^] \M]`H]Q`Yb
RP^HTb^b ObMb LPaM]TT]GbM `PQ GPC P XbCC QP`Z]L bT MbLP D
JbRaYlQd ^b^b RY QHTb ZbaYTY^b^ OY`JzMY`bd HQb `yRbMb ^]
\PJPL "HQb T]Y`b NH] `PROMl ]Q ]T MbLJMP b HQ JMbOY`Z]MP-
`PQ Tb NH] ^P`HR]QJbM ^] RbQ]Mb YQ\bTYaT] TbL L]R]XbQCbL
D ^Y\]M]Q`YbL ^]T OM]L]QJ] `PQ M]LO]`JP b TPL ^YaHXPL ^]
#bTJ]M ?TFbD@ 'bTi ^] `bLb ]T vTJYRP THQ]L ^] RbDP `PQ ]T
OMPOzLYJP ^] ^]^Y`bM HQ R]L b Tb bG]QJHMb@ 0T]Gbab bT[P
^] ^YQ]MPd QP RH`ZPd OPMNH] QP TP J]Qibd O]MP ]LO]Mbab
Q]`]LYJbM OP`Pd TP XHLJP ObMb LHaLYLJYM@ :PMRYMib bT bYM] TY1
aM] D OPM ]LP TT]Gbab ]T Lb`P ^] ^PMRYMd HQ Lb`P J]MMPLP
NH] OH^] ]L`bRPJ]bM ]Q HQbL RbQYPaMbL ^] \P[H]P@ (]1
`PMM]Mib TPL `bRYQPL b OY]@ /] abwbMib ]Q TPL MiPL D ]Q TPL
032-111307-SED DE SAL.indd 16 30/08/13 7:19
_6
bMMPDPL@ ;PR]Mib ZY]MabL LYTG]LJM]Ld \MHJPL ^]T aPLNH]d TY1
MYPL ^]T `bROPd `HbT ]GbQ[lTY`b bG]`YTTb@ 5baTbMib `PQ Tb
[]QJ] "`PQ\Ybab bLYRYLRP ]Q Tb aH]Qb D []Q]MPLb GPTHQ1
Jb^ ^]T RH^P MHMbTd Tb aPQ^b^ LPTY^bMYb ^] TbaMb^PM]L D
ZPMJ]TbQPLd TPL LY[TPL ^Y`ZPLPL ^]T NH]LP ^] `baMb D ]T ObQ
^] a]TTPJbL- ] YQ`THLP ]Q`PQJMbMib JbT G]C b bT[vQ GY]XP NH]
JHGY]Mb R]RPMYb ^]T ZYLObQYLJb bR]MY`bQP D ]GP`bMb M]RP1
JbL bQl`^PJbL ^] bNH]T JY]ROP \]TYC@ 4QY`Ybabd OH]Ld HQb
bG]QJHMb bR]Qbd TYaM]d bT][M]d bHLJ]Mb D O]^M][bT@
e
8H] bLi `PRP TT][Hl b /HMbQYbd `YH^b^ NH] :YPL `PQ1
\HQ^b D NH] ]T ^YbaTP TT]G] b LHL `PQ\YQ]L@ *P`P OH]^P
`PQJbM ^] Tb `YH^b^ NH] QP L] L]Obd OPMNH] JY]Q] TbM[b
ZYLJPMYb Dd bHQNH] ZbDb LY^P OPM bLHQJPL ]\iR]MPL D b``]1
LPMYPLd Zb bT`bQCb^P M]`Y]QJ] QPJPMY]^b^@ ?^]RyLd bZPMb
ZbD [HibL JHMiLJY`bL ^] JP^b JYOP[Mb\ib D `PQ^Y`YzQd bLi NH]
QP GPD b ^]L`MYaYM `zRP ]L Tb `YH^b^ QY ^] NHl GYG] QY
NHl L]`JPM OM]^PRYQb QY ]Q NHl RYL]MYbL L] ZHQ^]@ .HQ`b
R] Zb YQJ]M]Lb^P Tb LP`YPTP[ib HMabQb QY Z] ]QJ]Q^Y^P Tb
]`PQPRib L]`JPMYbT@ 'i ^YMl NH] ZY`] ]T GYbX] ]Q JM]Qd NH]
L][Hi TPL ObLPL ^] JP^PL TPL GYbX]MPL NH] ZbQ b`H^Y^P b Tb
`YH^b^ OPM ]T RYLRP R]^YPd NH] JHG] NH] M]`PMM]M HQ
`bRYQP `PQ\HLP D ]L`baMPLP D bJMbG]LbM HQ OH]QJ] D `PQ1
J]ROTbM Tb OTb`Y^]C ^]T MiP ^]L^] Tb abMbQ^YTTb D JPRbM
HQb `]MG]Cb ]Q Tb OTbCb D OM][HQJbM OPM HQ ZPLJbT TTbRb^P
9T &PMM]zQ ^]T .PMJ] "^]T NH] ZbaTb ?TFbD ]Q ]T OMYR]M
032-111307-SED DE SAL.indd 17 30/08/13 7:19
_U
`bOiJHTP D ]Q ]T NH] LYJvb ]T OHQJP ^] ObMJY^b ^] LH GYbX]-
D ^]`Y^YM ObLbM ]Q lT HQ ObM ^] ^ibL `PQP`Y]Q^P Tb `YH^b^
P M]`PQP`Y]Q^P TP NH] NH]^bab ]Q Tb `YH^b^ ^] TbL ]QJH1
LYbLJbL D OM]`YLbL ^]L`MYO`YPQ]L NH] `PQJ]Qib 4H.D*" K) 8E9
H.L&.@ g ]LP ZY`]@ /] YQ\PMRl ]Q Tb ,\Y`YQb ^] &HMYLRPd
GYLYJl TPL GY]XPL RPQHR]QJPLd JYMl \PJPLd R] ZY`] `PQ Rb1
ObL ^]T 9LJb^P D `bMJP[Mb\ib P\Y`YbT ^] JY]MMb ^] RHM[bwPL
^]T 4QLJYJHJP 7]P[My\Y`P .b`YPQbTd `PROMl HQb JMb^H`1
`YzQ `bLJ]TTbQb ^]T 2&.%* +* 8EH.L&. "NH] QP Lbaib NH]
]EYLJY]Mb-d ]Q HQb TYaM]Mib ^] Tb OTbCbd b HQ TYaM]MP XPGYbTd
]QXHJP D ]LOYQ[bM^Pd bT NH] LzTP T] \bTJbabQ Tb TbQCbd Tb
bMRb^HMb D ]T D]TRP ^] /bRaMYQP ObMb ]NHYObMbML] `PQ
]T YQ[]QYPLP ZY^bT[P@ *]MP QP ZbaTbMl ^] Tb `YH^b^d LYQP
^]T ZPLJbT@ :]L^] ]T OMYQ`YOYP JHG] Tb L]QLb`YzQ ^] NH] ]Mb
HQ LYJYP ]EJMbwPd `PRP ZbaYJb^P OPM \bQJbLRbLd HQ TH[bM
b^]`Hb^P ObMb MP^bM HQb O]Ti`HTb ^] J]MMPM ^Y\HLPd LYT]Q1
`YPLPd \bQJbLRbT@ .P ]L NH] `bLY JP^PL LHL ZHlLO]^]Ld OPM
QP ^]`YM JP^PLd \H]MbQ Gi`JYRbL ^] Tb ]^b^ P Ob^]`Y]MbQ
bT[vQ JYOP ^] ^][]Q]Mb`YzQ aYPTz[Y`bd O]MP ^]aP `PQ\]LbM
NH] Tb OMYR]Mb QP`Z]d RY]QJMbL `]Qbab ]Q ]T `PR]^PMd R]
L]QJi PaX]JP ^] PaL]MGb`YzQd `PRP bT[HQP ^] ]LPL O]MLP1
QbX]L ^]T `YQ] ^] RY]^P D ^] bT[HQbL QPG]TbL ^] ZPMMPM
NH] O]M`Ya]Q ]T bYM] LYQY]LJMP ^] HQ TH[bM NH] ]LJy RyL ]Q
PJMP RHQ^P NH] ]Q lLJ]d NH] O]MJ]Q]`]Q b J]MMYJPMYPL Y[1
QPJPL ^] Tb MbCzQ@ /] RYMbabQ `PQ M]`]TP D `M]i b^G]M1
JYM ]Q LHL RYMb^bL D ]Q LHL LYT]Q`YPL "LPMaibQ Tb LPOb `PQ
HQb ]EJMbwb `PQ`]QJMb`YzQd `PRP bHL]QJ]L HQPL ^] PJMPLd
`PRP L] `PR]My Tb LPOb ]Q ]T YQ\Y]MQP- ]T OM]Lb[YP ^] HQb
bR]QbCb@ =Y]Q ]L G]M^b^ NH] OPM ]QJPQ`]L RY L]QLYaYTY^b^
L] ]EbTJbab \y`YTR]QJ]d O]MPd ]Q `HbTNHY]M `bLPd Tb ]LJbROb
^] bNH]TTPL L]M]L ]JlM]PL D ^Y\HLPLd `PRP ^]LGbQ]`Y^PL ]
YQ^YLJYQJPLd R] TT]Qz ^] J]RPM D R] bLbTJz YQ`THLP Tb J]Q1
032-111307-SED DE SAL.indd 18 30/08/13 7:19
_S
Jb`YzQ ^]d ]Q `PQJMb ^] RYL OMPOzLYJPL YQY`YbT]Ld babQ^P1
QbM ]T ZPLJbT P O]QLYzQ P TP NH] ^]RPQYPL \H]Mb bNH]TTb
LYQY]LJMb ZPLO]^]Mib bT ^ib LY[HY]QJ]d LYQ \bTJbd Dd LY QP LHL1
O]Q^]MTbd bOM]LHMbM bT R]QPL TPL OTbCPL ^] Tb ]E`HMLYzQ@
*]MP JHG] HQb QP`Z] OTy`Y^bd YQ`THLP ^YMib NH] ^]RbLYb^P
b[Mb^baT]d P L]bd RyL OTb`]QJ]Mb NH] OTy`Y^bd D b Tb Rbwb1
Qb LY[HY]QJ] QP LzTP ^]LbObM]`Y]MPQ JP^PL RYL J]RPM]L
LYQP NH] ^]`Y^i OMPTPQ[bM RY ]LJbQ`Yb ]Q 9T &PMM]zQ@ 9TTP
L] ^]aYz b NH]d bT TT]GbM b `baP TbL OMYR]MbL O]LNHYLbLd
LHO] "D ]TTP `PTRz RYL bLOYMb`YPQ]L D R] TT]Qz ^] YROb1
`Y]Q`Ybd L]QJi NH] TPL LPRaMiPL OM]Lb[YPL ^] Tb `]Qb L]
`PRO]QLbabQ `PQ Tb ^Y`ZPLb G]QJHMb ^]T bCbM- NH] ]Q ]T
ZPLJbT L] ZPLO]^bab JP^bGib HQP ^] TPL bRY[PL ]LObwP1
T]L NH] b`PRObwbMPQ b #bTJ]M ?TFbD ]Q LH M]RPJP JMbG]T@
:]L[Mb`Yb^bR]QJ] QP OH^] ZbaTbM `PQ lT@ .Y LYNHY]Mb TT]1
[Hl b G]MTP@ /] ^YX]MPQ NH] ^]LbDHQbabd `PRib D `]Qbab
]Q ]T ZPLJbTd NH] LbTib M][HTbMR]QJ] ^] ObL]Pd NH] ]QJM]J]1
Qib TbL RbwbQbL ]Q ]T P`YP D Tb OTb`Y^]C ^] Tb OTbCbd O]MP
OPM RyL NH] TP aHLNHl D NH] TP ]LO]Ml QP OH^] ZbTTbMTP@
?`bab ^] YML]d R] ^]`ibQd P Zb LbTY^Pd P Db L] Zb b`PLJb^Pd
P JP^bGib QP Zb G]QY^Pd L] ZbaMy ]QJM]J]QY^Pd bT][b`YPQ]L
^YLHbLPMYbL P b[MbGbQJ]L@ 9QJM]JHG] b G]`]L Tb ]LO]Mb M]T]1
D]Q^P bT bCbM OPMR]QPM]L ^] 4H.D*" K) 8EH.L&. P LPO]LbQ1
^P ]T ]NHYTYaMYP aYTYQ[k] ^] 2&.%* D 4H.D*" ]Q HQ ObJYP YQ1
J]MYPM `HaY]MJP ^] GY^]Ld LYQ ^H^b ]T TH[bM RyL JMbQNHYTP D
bR]QP ^] 9T &PMM]zQ ^]T .PMJ]d P`HOb^P bO]QbL OPM HQ
ObM ^] GY]XPL LYT]Q`YPLPL ]RO]wb^PL ]Q HQb Tv[HaM] ] YR1
O]MJlMMYJb ObMJY^b ^] bX]^M]C@ 0T][Hl b OM][HQJbMR] LY ]T
bRY[P ]LObwPT ^] #bTJ]M ?TFbD QP L]Mib bT[HQP ^] TPL
\bQJbLRbL ^]LGbQ]`Y^PL `PQ TPL NH] R] `MHCbab ]Q TbL ]L1
`bT]MbLd bT[HQP ^] TPL G]JHLJPL bT\YT]L bRbMMb^P bT JbaT]MPd
bT[vQ LHX]JP ^] `H]MOP YQRbJ]MYbT D bTRb ]Q O]Qbd bT[vQ
032-111307-SED DE SAL.indd 19 30/08/13 7:19
<I
]LOiMYJH `PQ^]Qb^P OPM TbL T]D]L ^]T RyL bTTy b ]MMbM LYQ \YQ
OPM TbL bLO]M]CbL ^]T RyL b`y@ &bT G]C YQ`THLP \H]Mb bT[HQP
^] TPL GY]XPL ^]`MlOYJPL `PQ TPL NH] ZbaTl "`Y]MJbR]QJ]d
JP^bL bNH]TTbL \Y[HMbL ]LO]`JMbT]L NH] `]QbabQ LPOb ]Q ]T
`PR]^PM P L] RPGibQ LY[YTPLbL OPM TPL ObLYTTPL bMMbLJMbQ^P
TPL OY]L OP^ibQ Zba]M ]LJb^P Db ]Q 9T &PMM]zQ ^]T .PMJ]
]Q TPL ]H\zMY`PL D ^]LG]QJHMb^PL bwPL ^] Tb '][HQ^b (]1
OvaTY`b-d bQJ] TPL NH] ]EOHL] RYL YQ^b[b`YPQ]Ld D JbT G]C
JbRaYlQ OM]\YMY]Mb QP ^bML] b `PQP`]M P aHMTbML] b ]L`PQ1
^Y^bL ^] RY YQP`]Q`Yb ObMb LPTbC D ^YG]MJYR]QJP ^] JbQ
G]JHLJb bH^Y]Q`Ybd Tb RbTJM]`Zb []MPQJPTP[ib ^] 9T &PMM]zQ@
c
.P TT][Hl b `PQP`]Md `PRP ^Y[Pd b JbQ ]LNHYGP O]MLP1
QbX]d TP NH] QP ^]Xz OMYR]MP ^] TT]QbMR] ^] JMYLJ]Cbd RyL
bvQ `HbQ^P LHO] NH] ]T LHX]JP Zbaib Qb`Y^P ]Q ;bLbL ^]T
3H[TbMd D ^] M]OM]L]QJyML]R] ^]LOHlL `PRP HQ RbT OM]Lb1
[YPd bLi NH] ]ROM]Q^i Tb ]E`HMLYzQ LYQ LH a]Q^Y`YzQ D LH
`PQL]XP@ .P `M]P NH] R]M]C`b Tb O]Qb ]T M]TbJP ^] Tb ]E1
`HMLYzQd OPMNH]d ^b^PL TPL b`PQJ]`YRY]QJPLd TP NH] M]GYL1
J] bT[HQb YROPMJbQ`Yb P`HMMYz ^]LOHlLd `HbQ^P b`bazd P
`HbQ^P ]LJbab b OHQJP ^] b`babMd b QP L]M NH] `PQLY^]M]
NH] Tb G]M^b^]Mb ]E`HMLYzQ ]RO]Cz XHLJbR]QJ] `HbQ^P
b`baz RY OMPOYP JMbG]T "D J]QJb`YzQ J]Q[P ^] Zb`]MTP> ]T
GYbX] QP ]L ]T M]`PMMY^Pd LYQP Tb R]RPMYb ^] Tb b^G]MLY1
^b^-@ =bLJ] ^]`YM NH]d OH]LJP NH] RY OMPOzLYJP ]Mb L][HYM
\Y]TR]QJ] TbL ZH]TTbL ^] #bTJ]M ?TFbDd bQ^HG] OPM JP^PL
032-111307-SED DE SAL.indd 20 10/09/13 14:33