Clicca qui per scaricare il numero di Febbraio 2015

G\i`f[`ZfY`d\jkiXc\$Gfjk\@kXc`Xe\JgX$jg\[`q`fe\`eXYYfeXd\ekfgfjkXc\$.'E<&9C=fkf1;Xe`\c\Il[`Xe
Veneto
TEAM RONALDINIO arriva prima di tutti,
guadagna meglio di tutti ed è sano!
Ronaldinio, il mais
grande in tutti i sensi.
5 ottimi motivi per scegliere il Team Ronaldinio per fare granella.
Tel. 0543 474611 - info_italia@kws.com - www.kws.it
:I@J@N@:FIK<@;@8>I@EJ@<D<JL@DGFJ@Q@FE<=@J:8C<#9LIF:I8Q@8#G8:#GJI1@DGI<J<:8CG<JK8K<
E\cc\ZXcc`[`M\e\q`X#
`eefd\[\ccX[`^e`k~
KN PWQXQ IKQTPC
NGTGIKQPCNGEJG
XK CRRTGUVCVG C
NGIIGTG TCRRTG
UGPVC NC EQP
ETGVK\\C\KQPG
FK WP¶KFGC EJG
OK JC CEEQO
RCIPCVQ¿PFCNN¶KPK\KQFGNOCPFCVQ
WP¶KFGC PCVC FCNNC EQPUCRGXQNG\\C
FGNN¶KORQTVCP\C GPQTOG FGNNC EQ
OWPKEC\KQPG PGN FG¿PKTG TGNC\KQPK
GTCRRQTVKUWEWKEQUVTWKTGNGC\KQPK
URGEKCNOGPVGKPWPOQOGPVQFKETK
UKEQOGN¶CVVWCNG³).+#)4+%1.614+
8'0'6+´pHTWVVQFKWPCUEGNVCEJG
QTKIKPCFCWPRTQIGVVQEQPFKXKUQG
TGCNK\\CVQITC\KGCNNCXQNQPViEQOW
PG FGK RTGUKFGPVK EQPHGFGTCNK FGNNG
RTQXKPEG XGPGVG FK QVVKOK\\CTG NG
URGUG KORKGICPFQ NG TKUQTUG WOC
PG FK XCNQTG EJG %QPHCITKEQNVWTC
IKi RQUUKGFG 2GT HCTG FK RK~ UGP
\C EQUVCTG FK RK~ WPGPFQ NG HQT\G
RWPVCPFQCEQPEGPVTCTGNCECRCEKVi
OCUUKOCFKKORGIPQRGTOGVVGTGCN
EQTTGPVG INK CUUQEKCVK FGNNG CVVKXKVi
UKPFCECNK UXQNVG FCNNC NQTQ #UUQEKC
\KQPGGCNNQUVGUUQVGORQHCTGUGPVK
TGHQTVGNCXQEGFK%QPHCITKEQNVWTCKP
CODKVQTGIKQPCNGCRK~NKXGNNK
³).+#)4+%1.614+8'0'6+´EQPWPC
VKTCVWTCFKOKNCEQRKGHQTPKTiWPC
KPHQTOC\KQPGECRKNNCTGGEJKCTCRTG
XGFGPFQ CPEJG CRRTQHQPFKOGPVK G
URC\KRGTGURGTVKUWNNGVCPVGVGOCVK
EJGFGNPQUVTQUGVVQTG#EECPVQCNNG
PGYUNGVVGTGCKUQEKCNPGVYQTMGCINK
UVTWOGPVK RK~ OQFGTPK FGNN¶KPHQTOC
\KQPG UWK SWCNK EWTGTGOQ NC PQUVTC
RTGUGP\CSWGUVQIKQTPCNGECTVCEGQ
UCTi FWPSWG N¶GURTGUUKQPG OCPKHG
UVC FK %QPHCITKEQNVWTC 8GPGVQ PGK
EQPHTQPVKFGINKKPVGTNQEWVQTKFGNOQP
FQGEQPQOKEQRQNKVKEQUKPFCECNGG
UQEKCNGXGPGVQ%QPWPRTQRTKQRGUQ
URGEK¿EQKPHCVVQFKQRKPKQPG
$WQPCNGVVWTC
.QTGP\Q0KEQNK
&C#UVKC(KTGP\G4C
G\ij\ej`Y`c`qqXi\c\`jk`klq`fe`
IWUC$TGUEKC8GPG\KC
\cËfg`e`fe\glYYc`ZX
0CRQNK RGT EQKPXQNIG
TG KN OQPFQ RQNKVKEQ G
NCUQEKGViEKXKNG#ITKP
UKGOG JC QTICPK\\CVQ
KP HGDDTCKQ WPC UGTKG
FK GXGPVK EJG JCPPQ
OCPKHGUVCVQKNITCXGFK
UCIKQGNGFKH¿EQNViEJG
UQHHQECPQ N¶CITKEQNVWTC
KVCNKCPC + RTGUKFGPVK
FGNNG VTG 1TICPK\\C\KQ
PKEJGEQORQPIQPQKN
%QQTFKPCOGPVQ %QP
HCITKEQNVWTC%KCG#NNG
CP\CFGNNG%QQRGTCVKXG
CITQCNKOGPVCTK JCPPQ
CNVGTPCVQ K RTQRTK KP
VGTXGPVK KP OQNVKUUKOG
RKC\\G G TGIKQPK FGN
PQUVTQ 2CGUG EQP NC
RCTVGEKRC\KQPG FK UKPFCEK RTGHGVVK RTGUKFGPVK FGNNG %COGTG FK %QOOGTEKQ CUUGUUQTK G
RQNKVKEK#8GPG\KCKNEQTVGQFK%QPHCITKEQNVWTC8GPGVQEQPNGFGNGIC\KQPK#ITKPUKGOGFGNNG
RTQXKPEG UK p UPQFCVQ RCEKHKECOGPVG NWPIQ NG ECNNK KN HGDDTCKQ RCUUCPFQ FCXCPVK C
2CNC\\Q (GTTQ(KPK UGFG FGN %QPUKINKQ TGIKQPCNG HKPQ C %CORQ UCP /CWTK\KQ FQXG NG
OCUUKOGECTKEJGTGIKQPCNKGPC\KQPCNKFK#ITKPUKGOGJCPPQVQEECVQKRWPVKPGXTCNIKEKUW
EWKKPVGTXGPKTGRGTICTCPVKTGWPHWVWTQCNUGVVQTGRTKOCTKQXGPGVQGPC\KQPCNGTKUQNXGTG
NC SWGUVKQPG HKUECNG GXKVCPFQ XKEGPFG RCTCFQUUCNK EQOG SWGNNC FGNN¶+/7 EJG EQORQTVC
WPCIITCXKQFKOKNKQPKFKGWTQGKPVGTGUUGTiEQOWPKOQPVCPKRTKOCGUGPVCVK
CEEGNGTCTGN¶CRRNKEC\KQPGFGNNC2#%CRRTQXCTGTCRKFCOGPVGK254KPVGTXGPKTGUWKEQUVK
UVTWVVWTCNKGTKFWTTGNCDWTQETC\KCHCXQTKTG
N¶CIITGIC\KQPGFGHKPGPFQNGPQTOGRGTNG
1TICPK\\C\KQPK FK RTQFWVVQTK G N¶KPVGTRTQ
HGUUKQPGWPCIKWUVCRQNKVKECRGTN¶GPGTIKC
FC HQPVK TKPPQXCDKNK KPEGPVKXCTG N¶CVVKXKVi
#PPQ+0)GPPCKQ(GDDTCKQ
CITKEQNC EQOG UVTWOGPVQ FK IGUVKQPG FGN
2GTKQFKEQDKOGUVTCNG
VGTTKVQTKQ VWVGNCTG KN UGVVQTG NCVVKGTQ ± EC
UGCTKQ G NG CNVTG RTQFW\KQPK \QQVGEPKEJG
<[`kfi\1:fe]X^i`ZfckliX
TKXGFGTG N¶CRRNKEC\KQPG FGNNC &KTGVVKXC PK
i\k\g\icËX^i`ZfckliXm\e\kX
M`X:%Dfek\m\i[`#(,$D\jki\M<
VTCVK CRRNKECTG KN 2#0 (KVQUCPKVCTK KP OC
PKGTC EQORCVKDKNG EQP NG GUKIGP\G FGNNG
&KTGVVQTGTGURQPUCDKNG.WKUC4QUC
PQUVTG EQNVWTG URGEKCNK\\CVG .G KPK\KCVKXG
&KTGVVQTGGFKVQTKCNG'FQCTFQ%QOKQVVQ
PGNNGNQTQFKXGTUGOQFCNKVi
UKVKPKPEQP
4GFC\KQPG8KC<WRRCPK$GNNWPQ
VTK EQP K TCRRTGUGPVCPVK FGNNG KUVKVW\KQPK
2TQIGVVQITC¿EQ+FGCN.QQM4QXKIQ
OCPKHGUVC\KQPK CK ECUGNNK CWVQUVTCFCNK FK
5VCORC6KRQITC¿C2KCXG5TN$GNNWPQ
UVTKDW\KQPGFKRTQFQVVKJCPPQRTKXKNGIKCVQ
KN ECTCVVGTG RTQRQUKVKXQ FGNNG TKXGPFKEC
2QUVG +VCNKCPG 5RC 5RGFK\KQPG KP CDDQPC
\KQPK FGN UGVVQTG CITKEQNQ QTIQINKQUQ FGN
OGPVQRQUVCNG0'$.
TWQNQ PQP UQNQ GEQPQOKEQ EJG TKXGUVG G
+PEQTUQFKKUETK\KQPGCN6TKDWPCNGFK$GNNWPQ
PGNPQOGFGNNCFKIPKViFGNRTQRTKQNCXQTQ
#XXKCVQCNNCUVCORCKPFCVCHGDDTCKQ
EQOGEQORQPGPVGFGNUKUVGOC2CGUGPGN
EQPVGUVQGWTQRGQGKPVGTPC\KQPCNG
=fkf1;Xe`\c\Il[`Xe
%CTKCUUQEKCVK
*
C8KK<N8C:FEM<>EF;@:FE=8>I@:FCKLI8KI<M@JFCË8E8C@J@;<@GFJJ@9@C@GIFJJ@D@J:<E8I@
(—Xgi`c\#Ôe\[\cc\hlfk\cXkk\%
<cXgfc`k`ZXZ_\]X6
+
+NOCT\QVGTOKPCFG¿PKVKXCOGPVGKNTGIKOGEJGJCTGIQNCOGPVCVQNC
RTQFW\KQPGFGNNCVVGKP'WTQRCFCNRTKOQCRTKNGPQPGUKUVGTCPPQ
RK~NGSWQVGNCVVGEJGUQRTCVVWVVQKP+VCNKCJCPPQETGCVQRQNGOKEJGG
VGPUKQPKPGNOQPFQFGINKCNNGXCVQTKSWCUK¿PFCNN¶KPK\KQFGNN¶CRRNKEC\KQPG
FGNUKUVGOCFGK³VGVVKFKRTQFW\KQPG´KPVTQFQVVQCNKXGNNQEQOWPKVCTKQPGN
RGTGXKVCTGN¶GEEGUUKXCRTGUGP\CFKNCVVGEQPNQUEQRQFKUCNXC
IWCTFCTPGKNRTG\\Q+TKUWNVCVKUKUQPQTKXGNCVKQRRQUVKCNN¶KPVGPVQKPK\KCNG
FKSWGUVCRQNKVKECFKIGUVKQPG1TCUKECODKCGOQNVQRTGQEEWRCPVKUQPQ
INKKPVGTTQICVKXKEJGUKRQPIQPQEQPNCNKDGTCNK\\C\KQPGFGNNCRTQFW\KQPG
NCVVKGTCSWCNKEQPVTCEEQNRKUKCXTCPPQPGNEQORCTVQCNKXGNNQKPVGTPC\KQ
PCNGPC\KQPCNGGXGPGVQGSWKPFKPGNNGVCUEJGFGINKCNNGXCVQTK!
.GRTQDNGOCVKEJGCHHTQPVCVGCNEQPXGIPQ³&QRQNGSWQVGNCVVG5XKNWRRK
ETKVKEKViGQRRQTVWPKViRGTINKCNNGXCVQTKFGNXGPGVQ´QTICPK\\CVQFC%QP
HCITKEQNVWTC6TGXKUQJCPPQHCVVQCHÀWKTGKNHGDDTCKQPGNNCUGFGFGNN¶CU
UQEKC\KQPGC%CUVCIPQNGFK2CGUGWPEGPVKPCKQFKCNNGXCVQTKFCVWVVQ
KN8GPGVQKPFKRGPFGPVGOGPVGFCNN¶QTICPK\\C\KQPGUKPFCECNGFKCRRCTVG
PGP\C6CPVQpUVCVQN¶KPVGTGUUGGECNFGNGVGOCVKEJGKPFKUEWUUKQPG
EJGN¶KPEQPVTQUKpRTQVTCVVQ¿PQCNRTKOQRQOGTKIIKQEQPWPEQPHTQPVQ
FKTGVVQ G UEJKGVVQ VTC INK CNNGXCVQTK G TGNCVQTK EQOG *GTDGTV &QTHOCPP
GWTQRCTNCOGPVCTGEQORQPGPVGFGNNC%QOOKUUKQPGRGTN¶CITKEQNVWTCG
NQUXKNWRRQTWTCNG)KWUGRRG%CUVKINKQPGUQVVQUGITGVCTKQFGNOKPKUVGTQ
FGNNG2QNKVKEJGCITKEQNG(TCPEQ/CP\CVQCUUGUUQTGCNN¶#ITKEQNVWTCFGNNC
4GIKQPG8GPGVQG#NDGTVQ/GPIJKTKEGTECVQTG%42#5RC
%GPVTQTKEGT
EJGRTQFW\KQPKCPKOCNK
(CDKQ%WTVQRTGUKFGPVGFGNNC5G\KQPGGEQPQOK
ECTGIKQPCNGFGNNCVVGFK%QPHCITKEQNVWTC8GPGVQ
PGNNCHQVQCNCVQJCRQUVQKVGTOKPKFGNNCSWG
UVKQPGINKCNNGXCVQTKIKiHQTVGOGPVGKPETKUKRGT
KNXGTVKIKPQUQECNQFGKRTG\\KFKXGPFKVCEJGPQP
RGTOGVVGFKEQRTKTGPGOOGPQKEQUVKGURKPIG
CNNCEJKWUWTCFGNNGUVCNNGCOGPQFKFWGOGUK
FCNVGTOKPGFGNNGSWQVGNCVVGUKTKVTQXCPQCPEQ
TCUGP\CNGTKURQUVGPGEGUUCTKGRGTRTQITCOOC
TGNCNQTQCVVKXKViPGNN¶KOOGFKCVQHWVWTQ
.QTGP\Q 0KEQNK RTGUKFGPVG FK %QPHCITKEQNVWTC 8GPGVQ JC GURTGUUQ NC
ITCPFGRTGQEEWRC\KQPGFGNUGVVQTGRTKOCTKQRGTSWCPVQCEECFGKP+VCNKC
FCWPCSWKPFKEKPCF¶CPPKEQPWPRTQITGUUKXQCDDCPFQPQFKRTQFQVVK
UVTCVGIKEKEQOGCFGUGORKQNCRTQFW\KQPGFGNNCDCTDCDKGVQNCFC\WE
EJGTQ³+NPQUVTQVKOQTG±JCFGVVQ±pEJGNCUVGUUCUQTVGRQUUCCXGTNC
NC\QQVGEPKCFCNCVVG´
8ccËfi`qqfek\elfm\kliYfc\eq\[`d\iZXkf
\ZXcf[\`gi\qq`g\i^c`Xcc\mXkfi`
#NDGTVQ /GPIJK JC CR
RTQHQPFKVQ EQP TKEGTEJG G
XCNWVC\KQPK UVCVKUVKEJG NG
FKPCOKEJGFGNNCRTQFW\KQPG
GFGKRTG\\KFGNNCVVGCNKXGNNQ
OQPFKCNG GWTQRGQ PC\KQ
PCNGGTGIKQPCNG+NSWCFTQ
RGT NC RTQFW\KQPG KVCNKCPC
G XGPGVC p CNNCTOCPVG KP
SWCPVQ OGPVTG VTGPV¶CPPK
HCSWCPFQHWTQPQKPVTQFQV
VGNGSWQVGNCVVGKNRTG\\QFGNNCVVGKVCNKCPQGTCKNFQRRKQFGINKCNVTK2CGUK
GZVTCGWTQRGKQTCpRTGUUQEJoWIWCNG+NTGNCVQTGJCTKHGTKVQEJGPGN
FQRQWPRCKQFKCPPKFKETGUEKVCKNRTG\\QFGNNCVVGCNKXGNNQGWTQRGQGTC
FKGWTQCNSWKPVCNGOCPGNRGTKQFQFKTKHGTKOGPVQFGNN¶CPPQ
pUEGUQXGTVKIKPQUCOGPVGCGWTQCNSWKPVCNG.CECWUCXCTKEGTECVC
PGNUWTRNWUFKRTQFW\KQPGOQPFKCNGKPRCTVKEQNCTGFCNNC0WQXC<GNCPFC
GFCINK75#%KyUVCOGVVGPFQKPITQUUCFKH¿EQNViKPQUVTKRTQFQVVKNCVVKGTQ
ECUGCTKCPEJG&12EQOGKNITCPCRCUUCVQFCCGWTQCNEJKNQ
*GTDGTV&QTHOCPPJCKPHQTOCVQEJGTGEGPVGOGPVGNC%QOWPKViGWTQ
RGCUKpFQVCVCFKWPQUVTWOGPVQFKOQPKVQTCIIKQRTG\\KGTKVKGPGEJGNG
ECWUGFGNECNQFKRTG\\QUKCPQKORWVCDKNKCNDNQEEQFGNN¶GZRQTVXGTUQNC
4WUUKCCNTCNNGPVCOGPVQFGNNGGURQTVC\KQPKXGTUQNC%KPCGK2CGUKCUKCVK
EKGCNECNQFGKEQPUWOKKP'WTQRC6TCINKKPVGTXGPVKEJGRQUUQPQCKWVCTG
KNUGVVQTGKN³2CEEJGVVQNCVVG´RTGXGFGC\KQPKXQNVGCNEQPVTQNNQFGKXQNWOK
RTQFWVVKXK&12CNWPICUVCIKQPCVWTCGUCTGDDGWPGTTQTGCVVWCTGWPKPVGT
XGPVQUWNRTG\\QRGTEJoUKKPEGPVKXGTGDDGTQCPEQTFKRK~K2CGUKEJGJCP
PQITCPFKECRCEKViRTQFWVVKXG5VTWOGPVKEQOGN¶GVKEJGVVCVWTCUWNNCVVG
CNKOGPVCTGPQPUQPQNCUQNW\KQPGFGNRTQDNGOCKPSWCPVQFCNNGKPFCIKPK
GHHGVVWCVGCNKXGNNQGWTQRGQEQPHGTOCVGCPEJGFCNNCTGNC\KQPGFK/GP
IJKKNEQPUWOCVQTGUKFKEGKPVGTGUUCVQCSWCNKViGQTKIKPGFGNRTQFQVVQ
OCRQKCESWKUVCIWCTFCPFQCNRTG\\Q.¶GWTQRCTNCOGPVCTGJCTKDCFKVQ
NCPGEGUUKViFKEQPEGPVTCTGKNRTQFQVVQRWPVCPFQUW&12GSWCNKViWPKTG
INKCVVQTKFGNNC¿NKGTCGCPFCTGXGTUQSWGK2CGUKEJGJCPPQRQUUKDKNKViFK
CESWKUVQEQOGKOGTECVKUVCVWPKVGPUKGECPCFGUK2GTINKCNNGXCVQTKFK
OQPVCIPCKP¿PGDKUQIPCKPVGTXGPKTGEQPWPUQUVGIPQFKTGVVQCNRTQFWV
Gi\qq`XccXjkXccX\gi\qq`XcZfejldf
0GNKNNCVVGGTCRCICVQCNN¶CNNGXCVQTGNKTGCNNKVTQOGP
VTGKNRTQFQVVQHTGUEQRCUVQTK\\CVQCNEQPUWOQEQUVCXCNKTG
KNRTG\\QFGNNCOCVGTKCRTKOCKPEKFGXCFWPSWGRGTKN
8GPVWPCPPKFQRQPGNKNNCVVGCNNCUVCNNCXGPKXCRCICVQ
EKTECNKTGCNNKVTQOGPVTGKNRTG\\QFGNHTGUEQRCUVQTK\\CVQ
CN EQPUWOQ GTC RCUUCVQ C NKTG CN NKVTQ KN RTG\\Q FGNNC
OCVGTKC RTKOC KPEKFGXC RGT KN ' XGPKCOQ CN WP
NKVTQFKNCVVGHTGUEQQIIKEQUVCFCGWTQ¿PQC
GWTQPGNNCITCPFGFKUVTKDW\KQPGOCCNN¶CNNGXCVQTGKVCNKCPQXKGPG
RCICVQKPVQTPQCKEGPVGUKOK1IIKNCOCVGTKCRTKOCKPEKFG
RGTEKTECKN.GC\KGPFGCITKEQNGPQPTKGUEQPQRK~CEQRTKTG
K EQUVK FK RTQFW\KQPG OGPVTG NC )&1 PQP UECN¿UEG K RTQRTK
OCTIKPKFKIWCFCIPQ
/QNVGUVCNNGJCPPQEJKWUQCNVTGUQPQCTKUEJKQ
C8KK<N;8CK8MFCFG<I@CJFJK<>EF<C8M8CFI@QQ8Q@FE<;<CC8=@C@<I8C8KK<I@LE@KF8CD@G88=
@ekXekfXii`mXle[\Zi\kf
Èg\ii`cXeZ`Xi\`cj\kkfi\É
³&QDDKCOQFCTGWPCUXQNVCCKTCRRQTVKPGNUGVVQTGFGNNCVVGGUWRGTC
TGINKQUVCEQNKUVTWVVWTCNKEJGFCCPPKEKVTCUEKPKCOQGEJGRGPCNK\\CPQ
UQRTCVVWVVQINKCNNGXCVQTK´NQJCCHHGTOCVQKNOKPKUVTQFGNN¶#ITKEQNVWTC
/CWTK\KQ/CTVKPCCN6CXQNQFGNNCVVGN¶HGDDTCKQPGNRTGUGPVCTGNG
OKUWTGRGTTCHHQT\CTGN¶QTICPK\\C\KQPGGEQPQOKECFGNNCRTQFW\KQPGG
FGNN¶KPVGTRTQHGUUKQPGPGNNC¿NKGTCNCVVKGTQECUGCTKC*CPPQRCTVGEKRC
VQCNNCTKWPKQPGINKCUUGUUQTKCNN¶CITKEQNVWTCFGNNG4GIKQPK.QODCTFKC
'OKNKC4QOCIPC.C\KQ%CORCPKC2WINKC(TKWNK8GPG\KC)KWNKCGNG
FGNGIC\KQPK FGNNG RTKPEKRCNK QTICPK\\C\KQPK CITKEQNG G KPFWUVTKCNK FGN
EQORCTVQ .C XQNQPVi p TCHHQT\CTG N¶QTICPK\\C\KQPG GEQPQOKEC FGN
NCRTQFW\KQPGCITKEQNCGFGNN¶KPVGTRTQHGUUKQPCNKViEQPVTCVVWCNGGCNNQ
UVGUUQVGORQTKHQTOCTGKNFGETGVQOKPKUVGTKCNGFKCRRNKEC\KQPGFGN2CE
EJGVVQNCVVG³2GTSWGUVQKPVGPFKCOQTCHHQT\CTGNCEQNNCDQTC\KQPGVTC
/KPKUVGTQG#PVKVTWUV´+N/KRCCHEQPNCEQNNCDQTC\KQPGFK+UOGCHCTi
WPOQPKVQTCIIKQRGTKQFKEQFGNNGRTKPEKRCNKENCUUKFKRTQFQVVKCITKEQNK
UWNN¶CPFCOGPVQFGKEQUVKOGFKFKRTQFW\KQPGFGKRTG\\KFGKRTQFQVVK
RCICVKCKRTQFWVVQTKGFKSWGNNKRTCVKECVKCNEQPUWOCVQTG³.CFFQXGUK
TKUEQPVTCUUGTQFGNNGRTCVKEJGUNGCNKUKCOQRTQPVKCRTQEGFGTGEQPNG
FQXWVGUGIPCNC\KQPKCNN¶#WVQTKViICTCPVG´
&WGNGRTKPEKRCNKPQXKViPGNNCTKHQTOCFGNFGETGVQUWN2CEEJGVVQ.CVVG
OCIIKQTK ICTCP\KG EQPVTCVVWCNK RGT K RTQFWVVQTK EQP ENCWUQNG QDDNK
ICVQTKG UW FWTCVC G TKURGVVQ FGN RTKPEKRKQ FK DWQPC RTCUUK PQPEJo
WPUKUVGOCUCP\KQPCVQTKQRGTNGKPQUUGTXCP\GGN¶KUVKVW\KQPGFKWPC
%QOOKUUKQPG KPVGTRTQHGUUKQPCNG .CVVG EQP KN EQORKVQ FK KPFKECTG NG
DWQPGRTCVKEJGNGVGPFGP\GFGKRTG\\KGFGKEQUVKFKRTQFW\KQPG³5WN
HTQPVGFGNN¶GVKEJGVVCVWTCCDDKCOQRTQRQUVQCNNC¿NKGTCFKFCTGWP¶KPHQT
OC\KQPGEJKCTCGQOQIGPGCCKEQPUWOCVQTKUWNNWQIQFKOWPIKVWTC´
JCFGVVQ/CTVKPC
VQTG7PRTKOQRCUUQFKXCNQTK\\C\KQPGFGKRTQFQVVKFKSWGUVCCTGCpUVCVQ
HCVVQEQPN¶KPVTQFW\KQPGFGNOCTEJKQGWTQRGQ³.CVVGFKOQPVCIPC´GCNVTK
KPVGTXGPVKFGXQPQGUUGTGCVVWCVKCVVTCXGTUQNC2CE
(TCPEQ /CP\CVQ JC CPPWPEKCVQ WP UWOOKV UWN ³FQRQ SWQVG´ EQP K
TCRRTGUGPVCPVK FK VWVVQ KN OQPFQ CITKEQNQ RTGXKUVQ CINK KPK\K FK OCT\Q
+P OGTKVQ CN RTQUUKOQ 2UT ³ #DDKCOQ RWPVCVQ C UQUVGPGTG N¶KORTGUC
CITKEQNC±JCTKOCTECVQGCVCN¿PGCDDKCOQCWOGPVCVQNGTKUQTUGEJG
PGNNCUEQTUCRTQITCOOC\KQPGGTCPQFKOKNKQPKRQTVCPFQNGC
OKNKQPK.¶KPVGITC\KQPGRTQXKGPGFCK¿PCP\KCOGPVKEJGPGNRCUUCVQGTCPQ
FGUVKPCVKCDGPG¿EKCTKRWDDNKEKQRCTCRWDDNKEK´
)KWUGRRG%CUVKINKQPGPGNTKPITC\KCTGRGTN¶QEECUKQPGFKEQPHTQPVQEQP
NCTGCNViVGTTKVQTKCNGJCKPHQTOCVQNCRNCVGCFKCXGTIKiCHHTQPVCVQKPUKGOG
CNN¶QPQTGXQNG&QTHOCPPCNEWPGSWGUVKQPK³5GEQPFQKN)QXGTPQN¶CITKEQN
VWTCPQPpUQNQRTQFW\KQPGCNKOGPVCTG±JCURKGICVQOCpCPEJG
CODKGPVGCUUGVVQFGNVGTTKVQTKQGSWKNKDTKQKFTQIGQNQIKEQ5WNTKUEJKQENK
OCVKEQPC\KQPCNGEKUQPQFGKHQPFKEJGRQVTCPPQGPVTCTGKPIKQEQCPEJG
PGNUGVVQTGRTKOCTKQ$KUQIPGTiEGTVCOGPVGKPVGTXGPKTGUWNNCXQNCVKNKVi
FGKRTG\\KGUWKRTQDNGOKEJGQIIKUQPQGOGTUK´
.QFQXKEQ)KWUVKPKCPKRTGUKFGPVGFK%QPHCITKEQNVWTC6TGXKUQKPEJKWUWTC
FGNN¶KPEQPVTQJCUQNNGXCVQKNRTQDNGOCFGNNCTCRRTGUGPVCP\CCKXCTKNKXGNNK
FGNOQPFQCITKEQNQUGIPCNCPFQEJGKPFKXGTUKECUKNGXGTGRTQDNGOCVKEJG
FGNUGVVQTGUQPQRCUUCVGKPUGEQPFQRKCPQGEQOGUKCUVCVCUEQPEGTVCPVG
N¶GUENWUKQPGFGNNG#UUQEKC\KQPKCNNGXCVQTKFK6TGXKUQGFK2CFQXCFCNN¶#+#
DXik`eX1ÈDX^^`fi`^XiXeq`\ZfekiXkklXc`
g\i`gif[lkkfi`\leX:fdd`jj`fe\
`ek\igif]\jj`feXc\CXkk\É
+N/KPKUVGTQUVCCPEJGRTGFKURQPGPFQKNFGETGVQFKCVVWC\KQPGFGN
(QPFQNCVVGFKSWCNKVi5RGEKHKECCVVGP\KQPGRQKCNRTQIGVVQ³.CVVG
PGNNG UEWQNG´ EJG RCTVKTi PGN 4KDCFKVC KPHKPG N¶KORQTVCP\C
FGNUQUVGIPQCNNGRTQFW\KQPKFGKEQOWPKFKOQPVCIPCEQPN¶KPFK
EC\KQPGHCEQNVCVKXCFKSWCNKVi³RTQFQVVQFKOQPVCIPC´UWNNGEQP
HG\KQPK
+N OKPKUVTQ JC CPEJG TGUQ PQVQ FK CXGT UETKVVQ CN %QOOKUUCTKQ
FGNN¶#ITKEQNVWTC 7G 2JKN *QICP EJKGFGPFQ NC TCVGK\\C\KQPG UGP\C
KPVGTGUUK FGNNG GXGPVWCNK OWNVG RGT SWQVG NCVVG FGNN¶WNVKOC ECO
RCIPC
2GT#ITKPUKGOGEJGIKiCXGXCEJKGUVQCNOKPKUVTQWPEQPHTQPVQ
HKPCNK\\CVQCWPCUQUVCP\KCNGTGXKUKQPGFGKEQPVTCVVKVTCCNNGXCVQTKG
FKVVGCESWKTGPVKNGNKPGGFKKPVGTXGPVQCPPWPEKCVGTCRRTGUGPVCPQ
WPUGIPCNGRQUKVKXQRGTVGPVCTGFKCHHTQPVCTGKPOCPKGTCQTICPKEC
NC ETKUK RGUCPVG %QPFKXKUKDKNG NC FGEKUKQPG FK FCTG RK~ UVCDKNKVi
GEQPQOKECCNNCHKNKGTCCVVTCXGTUQN¶KPVGTRTQHGUUKQPG2GTEQPVTCUVC
TGINKUSWKNKDTKKPHKNKGTCUCTiGUUGP\KCNGICTCPVKTGN¶CRRNKEC\KQPGTG
CNGFGNN¶CTVKEQNQUWNN¶QDDNKIQFGKEQPVTCVVKUETKVVK(QPFCOGPVCNG
NCEQPEGPVTC\KQPGFGNN¶QHHGTVCRGTTCHHQT\CTGKRTQFWVVQTKDKUQIPG
TiUGEQPFQKN%QQTFKPCOGPVQNCXQTCTGRGTFGHKPKTGGSWCNKHKECTGNQ
UVTWOGPVQFGNNG1ROGFKCPVGRCTCOGVTKEJGPGCVVGUVKPQNCTGCNG
FGVGP\KQPGFKRTQFQVVQGNCECRCEKViFKEQOOGTEKCNK\\C\KQPG
DXeqXkf1ÈGXik`Xdf`ei`kXi[f
dXZ`jfefc\i`jfij\\cXgfjj`Y`c`k~
[`d\kk\i\Xglekfc\jkiXk\^`\É
,
9ILO<CC<JN8:?<GLEKFßCË@K<I;<CGIF>I8DD8;@JM@CLGGFM<E<KF6
@edX^^`f`cm`Xc`Y\iX
g\icË@kXc`X
Ÿ<lifg\XeLe`fe#)'(,
8[f^^`jfef0jl((/`gif^iXdd`
[`jm`clggfiliXc\XggifmXk``e<lifgX
-
ÊCPEQTCKPEQTUQKNPGIQ\KCVQVTC4GIKQPG8GPGVQG%QOOKUUKQPGGW
TQRGCRGTN¶CRRTQXC\KQPGFGN2UT8GPGVQ.C%QOOKUUKQPG
GWTQRGC JC VTCUOGUUQ KN FKEGODTG NG QUUGTXC\KQPK WH¿EKCNK
CNVGUVQFKRTQRQUVCKPXKCVQKNNWINKQFCNNC4GIKQPG8GPGVQ5K
VTCVVCFKRWPVKVTCQUUGTXC\KQPKFKECTCVVGTGIGPGTCNGGQUUGTXC\KQPK
URGEK¿EJGTKURGVVQCNNGSWCNKNC4GIKQPGUVCGNCDQTCPFQNGKPHQTOC\KQPK
FKTKURQUVCCPEJGCVVTCXGTUQNCXGTK¿ECFGNNGEQPUGIWGPVKOQFK¿EJGFC
CRRQTVCTGCNVGUVQFGNRTQITCOOC5QNQCNVGTOKPGFKSWGUVCUGEQPFC
HCUGRQVTiCTTKXCTGNCFGEKUKQPGHQTOCNGFKCRRTQXC\KQPGFCRCTVGFGNNG
CWVQTKViGWTQRGGCNNCSWCNGRQVTiHCTGUGIWKVQCPEJGN¶CRRTQXC\KQPGFGN
2UTCNKXGNNQTGIKQPCNG
.GQUUGTXC\KQPKCN2TQITCOOCXGPGVQJCPPQTKIWCTFCVQVTCN¶CNVTQKNTGEG
RKOGPVQFKGNGOGPVKQDDNKICVQTKKPUGTKVKPGNNCXGTUKQPG¿PCNGFGNN¶CEEQTFQ
FKRCTVGPCTKCVQ+VCNKCNGTKUQTUGFCFGUVKPCTGCNNQUXKNWRRQFGNNGCTGGTWTCNK
GKPRCTVKEQNCTGCINKKPVGTXGPVKUWNNGKPHTCUVTWVVWTGRGTFKHHQPFGTGNCDCPFC
NCTICPQPEJoNGFQVC\KQPK¿PCP\KCTKGOKPKOGEJGKTGIQNCOGPVKRTGXGFQ
PQRGTINKKPVGTXGPVKCITQENKOCVKEQCODKGPVCNK
3WCPVQCNNCVGORKUVKECFGNN¶KVGTDWTQETCVKEQUGEQPFQKNTGIQNCOGPVQGW
TQRGQPFGN³NC%QOOKUUKQPGHQTOWNCQUUGTXC\KQPKGPVTQVTG
OGUKFCNNCFCVCFKRTGUGPVC\KQPGFGNRTQITCOOC=?GCRRTQXCEKCUEWP
RTQITCOOCGPVTQUGKOGUKFCNNCRTGUGPVC\KQPGFGNNQ5VCVQOGODTQ=?
VCNGVGTOKPGPQPEQORTGPFGKNRGTKQFQEJGJCKPK\KQKNIKQTPQUWEEGUUK
XQCNNCFCVCKPEWKNC%QOOKUUKQPGVTCUOGVVGNGQUUGTXC\KQPKCNNQ5VCVQ
OGODTQGUKGUVGPFG¿PSWCPFQNQ5VCVQOGODTQPQPTKURQPFGCNNG
QUUGTXC\KQPK´
0GNECUQFGN8GPGVQSWKPFKNGQUUGTXC\KQPKEQOWPKVCTKGCXTGDDGTQFQXWVQ
CTTKXCTGKNQVVQDTGUEQTUQGSWGUVQTKVCTFQUVCTCNNGPVCPFQCECUECVC
N¶KVGTDWTQETCVKEQRGTNCRCTVGP\CEQPETGVCFGNNGOKUWTGEQPVGPWVGPGNPWQ
XQ2UT
#VVWCNOGPVG UQPQ UQNQ PQXG UW EGPVQFKEKQVVQ K 2TQITCOOK FK UXKNWRRQ
TWTCNGCRRTQXCVKFC$TWZGNNGUVTCPC\KQPCNKGTGIKQPCNK*CPPQQVVGPWVQ
UGOCHQTQXGTFGKRTQITCOOKPC\KQPCNKFK#WUVTKC&CPKOCTEC(KPNCPFKC
2QNQPKCG2QTVQICNNQKNRTQITCOOCSWCFTQPC\KQPCNGGSWGNNQFGNNCTGVG
PC\KQPCNGFGNNC)GTOCPKCKRTQITCOOKTGIKQPCNKVGFGUEJKFGN5CEJUGPG
FGN5CEJUGP#PJCNV
.C %QOOKUUKQPG GWTQRGC RTGXGFG N¶CFQ\KQPG FK CNVTK SWKPFKEK Q XGPVK
RTQITCOOKPGKRTKOKSWCVVTQEKPSWGOGUKFGN2GTN¶+VCNKCPGUUWP
RTQITCOOCFQXTGDDGTKWUEKTGCFGUUGTGCRRTQXCVQRTKOCFKOCIIKQUG
EQPFQ%QPHCITKEQNVWTC³.CTCIKQPGTKUKGFGPGNHCVVQEJGQNVTGCNPQTOCNG
IKQEQPGIQ\KCNGFGK2UTUQVVQRQUVKCNN¶QMFK$TWZGNNGURGT³TKCNNQECTG´KN
DWFIGVFGN
PQPWVKNK\\CVQKPSWCPVQK2UTPQPUQPQRCTVKVKKPVGORQ
pPGEGUUCTKCWPCOQFK¿ECFGNDKNCPEKQFGNN¶7G3WGUVCOQFK¿EC
FQXTGDDGGUUGTGRTGUGPVCVCCNNC%QOOKUUKQPGPGNNGRTQUUKOGUGVVKOCPG
RGTGUUGTGRQKCFQVVCVCFC%QPUKINKQG2CTNCOGPVQGPVTQOCIIKQ´
GFC@K@:88>I@:FC8NLEËLK@C<GL99C@:8Q@FE<>I8KL@K8;@<LIFG<;@I<:KM<E<KF
CË@kXc`X[`]ifek\XccXi`]fidXG8:
&CN‚IGPPCKQpGPVTCVC
KPXKIQTGNCPWQXC2QNKVKECCITK
EQNCEQOWPGEJGCEEQORCIPG
TiNGUQTVKFGNN¶CITKEQNVWTCGWTQ
RGC¿PQCN)NKCITKEQNVQTK
UQPQ KP HQTVG HGTOGPVQ RGTEJo
XQINKQPQ ECRKTG EQUC TKUGTXC FK
DWQPQ SWGUVC GPPGUKOC TKHQT
OC NC SWKPVC KP XGPV¶CPPK +N
3WCFGTPQ P FGNNC %QNNCPC
GFKVQTKCNG FK 'WTQRG &KTGEV 8G
PGVQURQTVGNNQGWTQRGQFK8GPG
VQ#ITKEQNVWTCFCNVKVQNQ³.¶+VCNKC
FKHTQPVGCNNCTKHQTOCFGNNC2#%
´pWPCRWDDNKEC\KQPGGUCWTKGPVGRGTRQVGTUKFGUVTGI
IKCTGVTCNGPQXKViRGTEJoGPVTCPGKFGVVCINKFGNPWQXQTGIKOGFGK
RCICOGPVKFKTGVVKFGNRCICOGPVQFKDCUGGFKVWVVKINKCNVTKRTGXKUVK
FCNTGIQNCOGPVQEQOWPKVCTKQFGNN¶1TICPK\\C\KQPGEQOWPGFKOGT
ECVQWPKECGNCRTQUUKOCRQNKVKECFKUXKNWRRQTWTCNGQTCOCKCNXKC
7PECRKVQNQTKIWCTFCCPEJGINKUEGPCTKEJGUKCRTKTCPPQRGTN¶CITK
EQNVWTCXGPGVCFKHTQPVGCNNCPWQXCTKHQTOCKPRCTVKEQNCTGXGPIQPQ
VTCVVGIIKCVGNGUVQTVWTGEJGRQVTGDDGTQETGCTUKKP8GPGVQCUGIWKVQ
FGNNGUEGNVGPC\KQPCNKUWNRCICOGPVQCEEQRRKCVQ
.CXGTUKQPGECTVCEGCFGN3WCFGTPQPRWyGUUGTGEJKGUVCITC
VWKVCOGPVGCGWTQRGFKTGEV"XGPGVQCITKEQNVWTCQTI
TKEQTFCTUKFKKP
FKECTGN¶KPFKTK\\QFKRQUVCQTFKPCTKCCEWKGHHGVVWCTGNCURGFK\KQPG
.CXGTUKQPGKP2&(RWyGUUGTGUECTKECVCFCNNKPM
JVVRYYYXGPGVQCITKEQNVWTCQTIDCUKERJR!+&
G8>8D<EK@;@I<KK@NCË@EK<IM<EKF:I@K@:F;@8>I@EJ@<D<E8Q@FE8C<<;@:FE=8>I@:FCKLI8M<E<KF
ÈJfjk\e\i\c\Xq`\e[\#
efeg\eXc`qqXic\É
+N RTGUKFGPVG FK %QPHCITKEQNVWTC
8GPGVQ .QTGP\Q 0KEQNK JC UETKVVQ
CNN¶CUUGUUQTG TGIKQPCNG CNN¶#ITK
EQNVWTC (TCPEQ /CP\CVQ KPHQT
OCPFQNQ FGNN¶KPK\KCVKXC CUUWPVC
FC #ITKPUKGOG %QQTFKPCOGPVQ
PC\KQPCNG EQPVTQ NC DQ\\C FK FG
ETGVQ OKPKUVGTKCNG UWK RCICOGPVK
FKTGVVK C UGIWKVQ FGNNC TKHQTOC
2CE0GNN¶GXKFGP\KCTGEJG³SWGUVC
UGEQPFC XGTUKQPG FGN RTQXXGFK
Cfi\eqfE`Zfc`
OGPVQUKCRGTNGPQXKViKPVTQFQV
VGUKCRGTKNHCVVQFKTKOGVVGTGKP
jlggfikX`eM\e\kf
FKUEWUUKQPG CNEWPK RWPVK HGTOK
cXgfj`q`fe\[\c
FGNUKUVGOCFGKRCICOGPVKFKTGVVK
OGPVTGUKUVCPPQIKiRTGRCTCPFQ
:ffi[`eXd\ekf
NGFQOCPFGGEQOWPSWGKPEQTUQ
F¶QRGTCTKUEJKCFKETGCTGUGTKRTQ
DNGOKCNNGKORTGUGCITKEQNGRTQRTKQPGNNCRTKOCHCUGFKCRRNKEC\KQPG
FGNNC TKHQTOC´ 0KEQNK EJKGFG CNN¶CUUGUUQTG FK HCTG KN RQUUKDKNG RGT
QVVGPGTGNCTGXKUKQPGFKWPRTQXXGFKOGPVQEJGPGNNCUVGUWTCCVVWCNG
³RWy RGPCNK\\CTG N¶CVVKXKVi FGNNG C\KGPFG OGPVTG KPXGEG FQXTGDDG
UQUVGPGTNG´
%QOG JC EJKCTCOGPVG URKGICVQ /CTKQ )WKFK PGNNC NGVVGTC CN OK
PKUVTQ FGNN¶#ITKEQNVWTC /CWTK\KQ /CTVKPC G CNN¶QPQTGXQNG (CDTK\KQ
0CTFQPK
CUUGUUQTGCNNCRQNKVKEJGCITKEQNGFGNNC4GIKQPG2WINKC
#ITKPUKGOGPQPEQPFKXKFGNGPWQXGGUQUVCP\KCNKOQFK¿EJGKPVTQ
FQVVGEQPN¶WNVKOCXGTUKQPGFGNRTQXXGFKOGPVQ³.GPQXKViKPOCVG
TKCFKFG¿PK\KQPGFK³CITKEQNVQTGCVVKXQ´KPRTKOQNWQIQ±UKNGIIG
CWOGPVCPQNCUGNGVVKXKViFGNNCOKUWTCKPVTQFWEGPFQGNGOGPVKFGN
VWVVQPWQXKTKURGVVQCNN¶CEEQTFQRQNKVKEQUWNN¶CVVWC\KQPGFGNNCTKHQT
OCFKNWINKQGVTCUOGUUQCNNC%QOOKUUKQPG.¶WUQFGNEQFKEG
#6'%1 WPKVCOGPVG CK OGEECPKUOK RTQRQUVK RQK RGT NC XGTK¿EC
FGNN¶KPEKFGP\CFGKRCICOGPVKFKTGVVKUWKRTQXGPVKFGNNGCVVKXKViPQP
CITKEQNG G FGN TGFFKVQ CITKEQNQ
UWN TGFFKVQ EQORNGUUKXQ RQP
IQPQUGTKFWDDKUWNNCOCIIKQTG
EQORNGUUKViEJGPGFGTKXGTiKP
VGTOKPKFKIGUVKQPG´
)WKFKRTQUGIWGCHHGTOCPFQEJG
³5KFGXGCPFCTGXGTUQWPC2#%
RK~ UGORNK¿ECVC G SWGUVQ PQP
RCTGFCXXGTQKNRGTEQTUQRK~KFQ
PGQCTCIIKWPIGTGSWGUVQQDKGV
VKXQ +PQNVTG NC UQRRTGUUKQPG
DXi`f>l`[`
FGNNC OKUWTC EJG RTGXGFGXC NC
TKFW\KQPGFGNN¶RGTEGPVQFGN
i`YX[`jZ\cX
NG UWRGT¿EK C RCUEQNQ ³OCITQ´
e\Z\jj`k~[`leX
Q ³KP SWQVC´ QNVTG OGVTK
PQPCRRCTGOQVKXCVCGOQFK¿EC
GXZj\dgc`ÔZXkX
KPEQTUQF¶QRGTCKNSWCFTQFGNNG
TGIQNGCUWQVGORQFG¿PKVQ%Ky
EQPEJKCTQRTGIKWFK\KQRGTSWGINKCITKEQNVQTKKVCNKCPKEJGJCPPQIKi
GHHGVVWCVQ FGNNG UEGNVG TKURGVVQ CN FGETGVQ KP XKIQTG FCNNQ UEQTUQ
PQXGODTG 1NVTG KN HCVVQ EJG NC TKFW\KQPG FGNNG CTGG RCUEQNCVKXG
p KP NKPGC IGPGTCNG CWURKECDKNG RGTEJo EQPVKGPG NC TKEJKGUVC FK
PWQXKVKVQNKFKUCEEQRRKCVKGUQRTCVVWVVQVKGPGEQPVQFGNNCFKXGTUC
RTQFWVVKXKViFGNNGUWRGT¿EKCITKEQNG
ÊKPQNVTGFCXCNWVCTGNCKORTQXXKUCRTGXKUKQPGFKWPCVTCVVGPWVCUWK
VTCUHGTKOGPVKFKVKVQNKUGP\CVGTTCEJGRQVTGDDGKPÀWGP\CTGPGICVK
XCOGPVGPGNNCFGNKECVCHCUGFKCXXKQFGNNCTKHQTOCNGVTCUHQTOC
\KQPKGNGEGUUKQPKC\KGPFCNK´
+P¿PGPGNTKEJKCOCTGN¶CVVGP\KQPGUWNNGQUUGTXC\KQPKEJGKNEQQTFK
PCOGPVQ FK #ITKPUKGOG JC IKi VTCUOGUUQ PGNNG UEQTUG UGVVKOCPG
CN /KRCCH )WKFK KPXKVC KN OKPKUVTQ G N¶QPQTGXQNG C TKEQPUKFGTCTG NG
WNVKOG PQXKVi FGNNC DQ\\C FGN FGETGVQ KP OCPKGTC FC TGPFGTG RK~
ÀWKFCGNKPGCTGNCRTKOCCRRNKEC\KQPGFGNPWQXQTGIKOGFGKRCIC
OGPVKFKTGVVK
CXmfifX^i`Zfcf18^i`ej`\d\`eZfekiX`cd`e`jkifGfc\kk`
5KpVGPWVQKNHGDDTCKQWPKPEQPVTQUWNN¶QEEWRC\KQPGCITKEQNC
VTCKNOKPKUVTQFGN.CXQTQGFGNNG2QNKVKEJGUQEKCNK)KWNKCPQ2Q
NGVVKG#ITKPUKGOGPC\KQPCNG
.CTKHQTOCFGNNCXQTQKPEQTUQ
,QDU#EVRCTGCPFCTGPGNNCFKTG
\KQPGCWURKECVCFCNOQPFQRTQFWVVKXQÀGUUKDKNKViPGKTCRRQTVK
FKNCXQTQGUGORNK¿EC\KQPGFGINKCFGORKOGPVKCOOKPKUVTCVKXK
0GNN¶GURTKOGTGUQFFKUHC\KQPGRGTN¶GUVGPUKQPGCNUGVVQTGCITKEQ
NQ
GUENWUQPGNN¶QTKIKPCTKCXGTUKQPGFGNFKUGIPQFKNGIIGFGNNQ
UITCXKQEQPVTKDWVKXQVTKGPPCNGRGTKPWQXKCUUWPVKCVGORQKPFG
VGTOKPCVQKPVTQFQVVQFCNNCNGIIGFKUVCDKNKViRGTKN#ITKP
UKGOGJCUGIPCNCVQN¶GUKIGP\CFKFCTGEQORNGVCCVVWC\KQPGCF
CNVTGKORQTVCPVKGTGEGPVKPQXKViKPOCVGTKCFKNCXQTQCITKEQNQ
SWCNKNGCUUWP\KQPKEQPIKWPVGGINKKPEGPVKXKRGTN¶CUUWP\KQPGFK
IKQXCPK
ECORQNKDGTQWPTGIKOGURGEK¿EQRGTKNNCXQTQUVC
IKQPCNGUGORNK¿EC\KQPGGUQUVGPKDKNKViFGINKCFGORKOGPVKRGT
NCKUKEWTG\\CUWNNCXQTQ
.¶QEEWRC\KQPG CITKEQNC EJG EQPVC QIIK OKNKQPG G OKNC
FKRGPFGPVKCUUWPVKFCOKNCKORTGUGCITKEQNGJCUQUVCP
\KCNOGPVGVGPWVQPQPQUVCPVGNCETKUKFCSWKNCNGIKVVKOCTKEJKG
UVCFKTKRTKUVKPQFGNNGFGFW\KQPK+4#2RGTKNCXQTCVQTKCVGORQ
FGVGTOKPCVQ UVCDKNOGPVG KPUGTKVK PGNNC EQORCIKPG C\KGPFCNG
KPVTQFQVVG PGK OGUK UEQTUK FCN FGETGVQ ECORQNKDGTQ G FCNNC
NGIIGFKUVCDKNKViRGTKNGRQKCDTQICVGFCNFGETGVQNGIIG
PFGNIGPPCKQ
.
M@K@:FCKLI8N;@I@KK@;Ë@DG@8EKF18GGIFM8KF;<:I<KFD@G88=G<IKI8J=<I@9@C@KÁKI8I<>@FE@
LeXc`Y\iXc`qqXq`fe\Z_\
fjj`^\eX`cZfdgXikfm\e\kf
/
³7PCPQVK\KCRQUKVKXCCWURKEC
VCFCVGORQ´%JTKUVKCP/CTEJG
UKPK RTGUKFGPVG FGNNC 5G\KQPG
XKVKEQNVWTC FK %QPHCITKEQNVWTC
8GTQPCGFGNEQPUQT\KQFKVWVGNC
FGN8CNRQNKEGNNC&QEEQOOGPVC
EQUt N¶CRRTQXC\KQPG FC RCTVG
FGN %QPUKINKQ FGK OKPKUVTK FGN
FGETGVQ RTQRQUVQ FCN /KRCCH
EQPVGPGPVG NC FGTQIC RGT NC
EQPXGTUKQPG FGK FKTKVVK ¿PQ CN
FKEGODTG G NC VTCUHG
:_i`jk`XeDXiZ_\j`e`
TKDKNKVi FGK FKTKVVK F¶KORKCPVQ VTC
TGIKQPK #DTQICVC NC RQUUKDKNKVi
FKNKOKVCTGKNFKTKVVQFKTGKORKCPVQ³CFCODKVKVGTTKVQTKCNKQOQIGPGKG
NKOKVCVKCN¿PGFKVWVGNCTGNGXKVKEQNVWTGFKSWCNKViGUCNXCIWCTFCTGINK
CODKGPVKQTQITC¿ECOGPVGFKH¿EKNK´
5QFFKUHCVVQ /CTEJGUKPK EJG URKGIC ³5KC EQOG %QPHCITKEQNVW
TC EJG EQOG (GFGTFQE UK EJKGFGXC FC OQNVQ VGORQ FK GXKVCTG
NC FKURGTUKQPG FGN RCVTKOQPKQ XKPKEQNQ 0GN PQUVTQ ECUQ EQP KN
8CNRQNKEGNNC G KN 8GPGVQ EJG XKCIIKCPQ EQP WP VTGPF KP ETGUEKVC
CVVQTPQCNFWGRGTEGPVQFGNNCUWRGT¿EKGXKVCVCNCNKDGTCNK\\C\KQ
PGFGKFKTKVVKKPVGTTGIKQPCNKRGTOGVVGWPWNVGTKQTGUXKNWRRQFGNNC
XKVKEQNVWTCUGP\CKVGORKNWPIJKUUKOKFGNNCDWTQETC\KC´
+FKTKVVKFKTGKORKCPVQFGVGPWVKQIIKFCKRTQFWVVQTKXGPGVKCOOQP
VCPQCEKTECOKNCGVVCTK
KNFGNNCUWRGT¿EKGXKVCVCPC\KQ
PCNGEQPNGOQFK¿EJGCRRTQXCVGKNHGDDTCKQUKVGPFGCFK
OKPWKTG KN TKUEJKQ FK PQP WVKNK\\Q FGK FKTKVVK SWKPFK FK RGTFKVC FK
RQVGP\KCNGXKVKEQNQPQPEJoCECNOKGTCTGKRTG\\KFKWPOGTECVQ
KPHQTVGCWOGPVQ
<efejfcf1`e@kXc`X`cm`ef…lej\kkfi\
jkiXk\^`Zf[Xfcki\(+d`c`Xi[`[`\lif#
Zfefcki\,d`c`Xi[`[`\ogfik
Efd`^\f^iXÔZ`g`“Xdg`
%TKVGTKRGTKNEQTTGVVQWUQEQOOGTEKCNGKPFKEC\KQPGKPGVK
EJGVVC G RTGUGPVC\KQPK FGNNG RTQFW\KQPK XKVKXKPKEQNG &12 G
+)2EQP³PQOKIGQITC¿EKRK~CORK³
4GIKQPGQ2TQXKPEKC
UQPQ EQPVGPWVK PGNNC EKTEQNCTG FGN /KRCCH EJG FGUETKXG
FWGUKVWC\KQPK3WGNNCKPEWKKFKUEKRNKPCTKEQPUGPVQPQN¶WUQ
FGNPQOGIGQITC¿EQRK~CORKQCPEJGUGRTQVGVVQGSWGNNC
KPEWKKFKUEKRNKPCTKPQPJCPPQPQTOCVQN¶WUQFKWPPQOGIGQ
ITC¿EQRK~CORKQ0GNNCRTKOCKRTQFWVVQTKRQUUQPQKPFKECTG
KNPQOGRK~CORKQKPGVKEJGVVCCPEJGKPECTCVVGTKFKFKOGP
UKQPKTKNGXCPVKCRCVVQEJGUKCRTGXKUVQPGKFKUEKRNKPCTK&12
KPVGTGUUCVKPQPUKCTKUGTXCVQCFCNVTC&12Q+)2COGPQEJG
N¶+PVGTRTQHGUUKQPGPQPNQEQPUGPVC0GNNCUGEQPFCNQUVGUUQ
PQOGIGQITC¿EQRK~CORKQRWyGUUGTGWUCVQRGTKXKPK&12
G+)2EJGTKECFQPQPGNN¶CODKVQVGTTKVQTKCNGKPVGTGUUCVQCRCV
VQEJGUKCTKRQTVCVQPGNEQPVGUVQFGINKGNGOGPVKFGUETKVVKXK
PGVVCOGPVGUGRCTCVQFCNNGKPFKEC\KQPKQDDNKICVQTKG¿IWTKKP
ECTCVVGTK FGNNG UVGUUG FKOGPUKQPK G EQNQTK TKURGVVQ C SWGNNK
WUCVKRGTINKCNVTKGNGOGPVKFGUETKVVKXK
%KTEQNCTG2TQV0FGNFKEGODTG
M@K@M@E@:FCFN8CFE@>F:FEM<>EF;@M<E<KF8>I@:FCKLI8$<LIFG<;@I<:KM<E<KF
Gif[lq`fe\`eZXcf%DX`cd\iZXkfk`\e\
³.CFKPCOKEKViFGNUGVVQTGXKVKXKPKEQNQXGPGVQpUQVVQINKQEEJK
FK VWVVK PQPQUVCPVG WPC XGPFGOOKC RCTVKEQNCTOGPVG FKH¿EKNG´
JCEQOOGPVCVQN¶CUUGUUQTG(TCPEQ/CP\CVQCNEQPXGIPQFGN
IGPPCKQQTICPK\\CVQC.QPKIQ
8+FC8GPGVQ#ITKEQNVWTCG4GIKQ
PG8GPGVQRGTRTGUGPVCTGKNEQPUWPVKXQFGNNCXGPFGOOKC+N
FCVQRK~UKIPK¿ECVKXQpRWTVTQRRQKNECNQFGNNCRTQFW\KQPGFKWXC
TKURGVVQCNGFKXKPQEQPXCTKC\KQPKEJGXCP
PQFCNFGNNCRTQXKPEKCFK8KEGP\CCNFK6TGXKUQ
+NOGTECVQGUVGTQVKGPG3WCPVKVCVKXKFKRTQFW\KQPGCRCTVGGPQPQ
UVCPVGNCETKUKIGPGTCNGKNEQORCTVQXKVKXKPKEQNQTGIKQPCNGpKPETGUEK
VCRGTSWCPVQTKIWCTFCNGGURQTVC\KQPKEQPWPFKPGKRTKOK
PQXGOGUKFGN0GNNCPQUVTCTGIKQPGUKpCXWVCWPCRTQFW\KQPG
FKSWKPVCNKKPHQTVGECNQTKURGVVQCNNCXGPFGOOKC
SWCPFQKSWKPVCNKTCEEQNVKGTCPQUVCVK+PVGTOKPKRGTEGP
VWCNKUKVTCVVCFKWPFQXWVQCNNGGEEGUUKXGRKQIIGGUVKXGEJG
JCPPQVQTOGPVCVQN¶KPVGTCHCUGFKOCVWTC\KQPGFGNNGWXG
.CXGPFGOOKCPGN8GPGVQJCXK
UVQWPCRTQFW\KQPGFKSWKP
VCNKFKWXCRGTXKPK&1
TKURGVVQ
CNGSWKPVCNKFKWXC
RGT XKPK +)6 UWN #NVTK SWKPVCNK FK WXC UQPQ
KPXGEGFGUVKPCVKCNNCRTQFW\KQPGFKXKPQGXKPQXCTKGVCNG+NXKPQ
GURQTVCVQFCN8GPGVQ
EJGXCNGQNVTGWPVGT\QFGNN¶GZRQTVFKXKPQ
KVCNKCPQpWPHCVVQTGFKVTCKPQEJGPQPJCOCKUOGUUQFKETGUEG
TGPGINKWNVKOKCPPKVQVCNK\\CPFQWPPWQXQTGEQTFVTCIGPPCKQG
UGVVGODTGFGNEQPOKNKCTFKFKGWTQGWPVCUUQFKETGUEK
VCRCTKCNTKURGVVQCNNQUVGUUQRGTKQFQFGN7PCFGNNG
EJKCXKFKSWGUVQUWEEGUUQCNN¶GUVGTQpKNXKPQURWOCPVGEJGUKUVC
CHHGTOCPFQ CFFKTKVVWTC EQOG DGXCPFC FK EQPUWOQ SWQVKFKCPQ
FCNCNNQURWOCPVGGURQTVCVQFCNNCPQUVTCTGIKQPG
JCTCIIKWPVQVCUUKFKETGUEKVCCPPWCNKKPXCNQTGGKPSWCPVKViOCK
KPHGTKQTKCN
Jf[[`j]Xq`fe`
[XccË\ogfik
FC@M@:FCKLI8NC<+C@E<<;@@EK<IM<EKF;<CD@E@JK<IFG<II@C8E:@8I<:FDG<K@K@M@KÁ;<CJ<KKFI<
=ifek\^^`Xi\c\Zi`k`Z`k~
\iXZZf^c`\i\c\elfm\jÔ[\
E\cg`Xefgi\j\ekXkfXckXmfcf[`Ôc`\iX#
cXgifdfq`fe\[\ccXhlXc`k~`kXc`XeX
\`cgfj`q`feXd\ekfjl`d\iZXk`%
:fe]X^i`ZfckliXZ_`\[\`efcki\elfm\
]fid\[`Zi\[`kf
;`m`\kf[`iXYYfZZf
+N UGVVQTG QNKXKEQNQ EQODCVVG FC UGORTG EQPVTQ ITCPFK ETKVK
EKVi UVTWVVWTCNK VTWHHG G EQPVTCHHC\KQPK SWGUV¶WNVKOC CPPCVC p
UVCVC KPQNVTG EQPFK\KQPCVC FC OCNVGORQ G ¿VQRCVKG EJG JCPPQ
HCNEKFKCVQ NC RTQFW\KQPG WP RKCPQ WTIGPVG C UQUVGIPQ FGN UGV
VQTGpSWCPVQOCKPGEGUUCTKQ.QJCTKDCFKVQKNRTGUKFGPVGFGNNC
(GFGTC\KQPG PC\KQPCNG QNKXKEQNC FK %QPHCITKEQNVWTC &QPCVQ 4QU
UK KPVGTXGPWVQ KN IGPPCKQ CNNC TKWPKQPG FGN VCXQNQ FK ¿NKGTC
QNKXKEQNQQNGCTKQ KPFGVVQ FCN OKPKUVGTQ RGT NG 2QNKVKEJG CITKEQNG
EQPKTCRRTGUGPVCPVKFGNNGQTICPK\\C\KQPKCITKEQNGFGKRTQFWVVQ
TKFGNN¶KPFWUVTKCFKVTCUHQTOC\KQPGGFGNNCEQOOGTEKCNK\\C\KQPG
0GNEQTUQFGNN¶KPEQPVTQCEWKJCRCTVGEKRCVQKNOKPKUVTQ/CWTK\KQ
/CTVKPC p UVCVQ HCVVQ KN RWPVQ UWNNC UKVWC\KQPG FGNN¶QNKXKEQNVWTC
KVCNKCPCGUQPQUVCVGFKUEWUUGNGOKUWTGRGTOKINKQTCTGNCEQO
RGVKVKXKViFGNUGVVQTG
&QPCVQ4QUUKJCEQPEQTFCVQUWNNGSWCVVTQNKPGGRTQITCOOCVKEJG
KPFKECVG FCN OKPKUVTQ SWCNK¿EC\KQPG FGN RTQFQVVQ RGT VWVGNCTG G
RTQOWQXGTGNCSWCNKViFGNRTQFQVVQKVCNKCPQGHCXQTKTPGKNRQUK\KQ
PCOGPVQ UWK OGTECVK CPEJG KPVGTPC\KQPCNK OKINKQTCOGPVQ FGNNC
UVTWVVWTC\KQPGFK¿NKGTCRGTTGPFGTNCRK~EQGUCRK~GH¿ECEGRQNKVKEC
FKEQOWPKEC\KQPGKPVTQFW\KQPGFKGNGOGPVKKPPQXCVKXKEQINKGPFQ
NGQRRQTVWPKViNGICVGCNN¶'ZRQFK/KNCPQ
.¶+VCNKCpKNUGEQPFQRCGUGQNKXKEQNQKP'WTQRCFQRQNC5RCIPC
EQPOKNKQPKFKRKCPVG
³.¶QNKQ p WP UGVVQTG UVTCVGIKEQ RGT N¶CITQCNKOGPVCTG KVCNKCPQ JC
CHHGTOCVQKNOKPKUVTQ/CTVKPCRGTSWGUVQCDDKCOQRTQRQUVQCNNC
¿NKGTCWPRKCPQCTVKEQNCVQFKC\KQPKFKDTGXGGNWPIQRGTKQFQ#D
DKCOQXKUUWVQWP¶CPPCVCEQORNKECVCGRGTSWGUVQIKiPGNNGRTQU
UKOGQTGOGVVGTGOQKPECORQEQPNGTGIKQPKWPCUGTKGFKC\KQPK
EJGCDDKCPQGHHGVVQPGNN¶KOOGFKCVQ0GNNCTKRCTVK\KQPGFGINKCKWVK
CEEQRRKCVKCDDKCOQIKiUVCP\KCVQQNVTGOKNKQPKFKGWTQCNN¶CPPQ
RGT N¶QNKXKEQNVWTC OC XQINKCOQ KPVGTXGPKTG CPEJG EQP K HQPFK FK
UXKNWRRQTWTCNGIKiFCNNCRTQUUKOCRTKOCXGTC´
³5QRTCVVWVVQ±JCRTGEKUCVQKNRTGUKFGPVGFGNNC(GFGTC\KQPGQNKXKEQ
NCFK%QPHCITKEQNVWTCDKUQIPCHCXQTKTGN¶KPVGTPC\KQPCNK\\C\KQPGWP
RGTEQTUQ QDDNKICVQ RGT NG KORTGUG EJG VTQRRQ URGUUQ p DNQEECVQ
&CNPQXGODTGQDDNKIQFKDQVVKINKGEQPUKIKNNQCP
VKOCPQOKUUKQPGRGTKORGFKTGKNTCDDQEEQFGNN¶QNKQFGXQPQ
GUUGTPGFQVCVKKRWDDNKEKGUGTEK\KEJGRTQRQPIQPQCKENKGPVK
QNKQ FK QNKXC .G EQPHG\KQPK HCVVK UCNXK INK WUK FK EWEKPC G
RTGRCTC\KQPGFGKRCUVKFGXQPQGUUGTGRTGUGPVCVGGVKEJGV
VCVGEQPHQTOGOGPVGCNNCPQTOCVKXCXKIGPVGGEQPKFQPGQ
FKURQUKVKXQFKEJKWUWTCKPOQFQEJGKNEQPVGPWVQPQPRQUUC
GUUGTGOQFK¿ECVQUGP\CEJGNCEQPHG\KQPGPGUKCCNVGTCVC
+EQPVGPKVQTKFGXQPQKPQNVTGGUUGTGRTQXXKUVKFKWPUKUVGOC
FKRTQVG\KQPGEJGPQPPGRGTOGVVCKNTKWVKNK\\QFQRQN¶GUCW
TKOGPVQ FGN EQPVGPWVQ QTKIKPCNG KPFKECVQ KP GVKEJGVVC .G
UCP\KQPKXCPPQFCOKNNGCOKNCGWTQ
.GIIGIGPPCKQGNGIIGQVVQDTG
FCCRRGUCPVKOGPVKDWTQETCVKEK'DKUQIPCKPVGTXGPKTGUWNHTQPVGFGN
ETGFKVQRGTEJoPQPDCUVCNCUQURGPUKQPGFGKOWVWKOCQEEQTTQPQ
FCRCTVGFGNNGDCPEJGUVTWOGPVK¿PCP\KCTKPWQXKEJGUQUVGPICPQ
TGCNOGPVGNGKORTGUG#NVTKOGPVKKRTQDNGOKFKKPFGDKVCOGPVQPQP
XGTTCPPQTKUQNVKOCUQNQTKOCPFCVKCPWQXCUECFGP\C´
³$KUQIPCHCXQTKTGKNRCUUCIIKQCFWP¶QNKXKEQNVWTC³FCTGFFKVQ´±JC
EQPENWUQ&QPCVQ4QUUKCXXKCPFQPWQXKKORKCPVKQNKXKEQNKUWRGTKP
VGPUKXKRGTQVVGPGTGWPDTCPFEQORGVKVKXQEJGTCHHQT\KNGSWCPVKViG
HCEEKCTKFWTTGKEQUVKTGUVCPFQUGORTGFKQVVKOCSWCNKVi´
<ogfM\e\kf1X[\i`jZ\
XeZ_\:fe]X^i`ZfckliX
'ZRQ8GPGVQpWPRQTVC
NG EQPVGPGPVG INK GXGPVK
RTQRQUVK FCN UKUVGOC
RTQFWVVKXQFCGPVKGCUUQEKC\KQPKTGIKQPCNKEJGUKVGTTCPPQ
FCNN¶OCIIKQCNQVVQDTGCNN¶'ZRQFK/KNCPQOGVVG
KPQNVTGCFKURQUK\KQPGWPGNGPEQFKUGTXK\KCUWRRQTVQFGNNC
RCTVGEKRC\KQPGRK~CFGIWCVCCNRTQIGVVQ#NNCRTGUGPVC\KQ
PGFGNN¶KPK\KCVKXCEWKCFGTKUEQPQCUUQEKC\KQPKFKECVGIQ
TKCHTCEWK%QPHCITKEQNVWTC8GPGVQG5KPFCECVKFGKNCXQTC
VQTKGTCRTGUGPVGCPEJGKNRTGUKFGPVG.QTGP\Q0KEQNK
0
ELKI@<N:FE=8>I@:FCKLI8M<E<KF?8:?@<JKF8CC8I<>@FE<D@JLI<;@:FEK<E@D<EKFF<C@D@E8Q@FE<
Gi\m\e`i\g\i
i`[lii\`[Xee`
('
#NN¶KPFQOCPKFGNNCEKTEQNCTGCRRNKECVKXCFGNPWQXQSWCFTQPQTOC
VKXQPC\KQPCNGEJGGUENWFGFCNNCHCWPCUGNXCVKECNGPWVTKGTGPFGPFQ
FK HCVVQ KPCRRNKECDKNK K RKCPK FK EQPVGPKOGPVQ FK SWGUVQ TQFKVQTG KN
RTGUKFGPVGTGIKQPCNGFK%QPHCITKEQNVWTC.QTGP\Q0KEQNKEQPKNEQNNGIC
FGNNC%KC(NCXKQ(WTNCPKJCGXKFGP\KCVQKNRTQDNGOCKPWPCNGVVGTCCINK
CUUGUUQTKTGIKQPCNKEQORGVGPVK
2GTNGECORCIPGXGPGVGCVVTCXGTUCVGFCEQTUKF¶CESWCGECPCNKF¶KT
TKIC\KQPG NC PWVTKC p FC UGORTG EQPUKFGTCVC WP CWVGPVKEQ ÀCIGNNQ
CNRWPVQEJGPQPQUVCPVGNGRQNKVKEJGFKEQPVTQNNQOGUUGKPCVVQFCNNC
4GIKQPGGFCNNGXCTKGCOOKPKUVTC\KQPKRTQXKPEKCNKNGRTCVKEJGFKEQPVG
PKOGPVQJCPPQUQTVKVQRQEJKGHHGVVK3WGUVQCPKOCNGEQPVKPWCCETGCTG
FCPPKFKTKNKGXQCECTKEQFGNNGEQNVKXC\KQPKGFGKEQTUKF¶CESWCEQP
VCPGNWPIQINKCTIKPKEJGRTQXQECPQHQPVCPC\\KEGFKOGPVKFKUEQNKPG
HQUUK G RGT¿PQ DCPEJKPG UVTCFCNK ETGCPFQ RTQDNGOK EQPVKPWK EQOG
DGPUCPPQCPEJGK%QPUQT\KFKDQPK¿EC)TCPRCTVGFGINKCITKEQNVQTK
KPQNVTGXKUVQN¶KTTKUQTKQKPFGPPK\\QQVVGPWVQJCTKPWPEKCVQFCVGORQC
RTGUGPVCTGNGKUVCP\GFKTKUCTEKOGPVQRTGUUQNG2TQXKPEG
2GTSWGUVKOQVKXKSWCPFQNCUEQTUCGUVCVGKN)QXGTPQEQPKNFGETGVQ
EQORGVKVKXKViOQFK¿EyNCNGIIGUWNNCHCWPCUGNXCVKECGKNRTG
NKGXQXGPCVQTKQGKPENWUGNCPWVTKCPGNNCECVGIQTKCFGKTCVVKVQRKVCNRG
G CNVTG CTXKEQNG FGETGVCPFQPG N¶WEEKUKQPG EQP QIPK OG\\Q KP OQNVK
RGPUCTQPQEJGKNÀCIGNNQCXTGDDGRQVWVQGUUGTG¿PCNOGPVGGNKOKPCVQ
/CUKVTCVVyUQNQFKWPCDTGXGKNNWUKQPG#NNCNWEGFKVCNGPQTOCUQPQ
UVCVKKPHCVVKUQURGUKKRKCPKRTQXKPEKCNKFKEQPVGPKOGPVQPWOGTKEQFGN
TQFKVQTGETGCPFQFKHCVVQWPXWQVQPQTOCVKXQ
.CUWEEGUUKXCEKTEQNCTGFGKOKPKUVGTKFGNNC5CNWVGGFGNNG2QNKVKEJGCITK
EQNGFGNQVVQDTGJCEQPENWUQN¶KVGTNGIKUNCVKXQCXXKCVQTKDC
FGPFQEJGNGPWVTKGUQPQGSWKRCTCVGCINKCPKOCNKKPHGUVCPVKGFCPPQUK
GSWKPFKEQPVTQFKGUUGpRQUUKDKNGN¶WVKNK\\QFKVWVVKINKUVTWOGPVKUKPQTC
KORKGICVKRGTNGURGEKGPQEKXGEQPN¶QDKGVVKXQCPEJGFGNN¶GNKOKPC\KQPG
VQVCNGCPCNQICOGPVGCSWCPVQUKHCPGNNGFGTCVVK\\C\KQPK+PQNVTGp
CXefidXZ_\\jZcl[\`ÈZXjkfi`e`É
[XccX]XleXj\cmXk`ZXi\e[\`eXggc`ZXY`c`
`g`Xe`[`Zfek\e`d\ekf
GURTGUUCOGPVGRTGXKUVCNCPQPCRRNKECDKNKViFGNNCNGIIGP
UWNOCNVTCVVCOGPVQFGINKCPKOCNK+P¿PGNCEQORGVGP\CKPOCVGTKCp
UVCVCVTCUHGTKVCCK%QOWPK
+NSWCFTQPQTOCVKXQEJGUKpEQUtHQTOCVQPQPpVWVVCXKCUWH¿EKGPVGFK
RGTUoCHQTPKTGCINKCITKEQNVQTKKRWPVKFKTKHGTKOGPVQPGEGUUCTK+PRTKOQ
NWQIQN¶CDDCVVKOGPVQFGNNGPWVTKGpRQUUKDKNGUQNQFWTCPVGNCUVCIKQ
PGXGPCVQTKCpGXKFGPVGEJGPQPDCUVCRGTVGPGTGUQVVQEQPVTQNNQNC
RTQNKHGTC\KQPGFKSWGUVCURGEKGEQPUKFGTCVQEJGCNVTKOG\\KSWCNKNG
ICDDKGRGTNCECVVWTCQNGGUEJGWUCVGRGTKTCVVKUQPQFCTKVGPGTUKRGT
XCTKGTCIKQPKKPCFGIWCVKQUEQPUKINKCDKNK4KOCPGKP¿PGCPEQTCCRGTVQ
KNRTQDNGOCFGNNQUOCNVKOGPVQFGNNGECTECUUG
%QPHCITKEQNVWTC 8GPGVQ JC RGTVCPVQ UQNNGEKVCVQ KP 4GIKQPG KN TCRKFQ
KPVGTXGPVQFGINKCUUGUUQTKEQORGVGPVKCH¿PEJoCUUWOCPQNGKPK\KCVKXG
EJG TKVGPIQPQ PGEGUUCTKG Q FKTGVVCOGPVG Q UQNNGEKVCPFQ CNVTK NKXGNNK
KUVKVW\KQPCNKEQOGSWGNNQEQOWPCNGRGTRGTOGVVGTGWP¶GH¿ECEGC\KQPG
FKEQPVGPKOGPVQGUGQEEQTTGFKGNKOKPC\KQPGFKSWGUVCURGEKGEQUt
FCPPQUCRGTNCUCNXCIWCTFKCFGKECPCNKFKKTTKIC\KQPGFKUEQNQGFGK
EQTUKF¶CESWCKPIGPGTGEQPKNITCXGFCPPQEJGPGRWyFGTKXCTGPQP
UQNQRGTN¶CVVKXKViCITKEQNCOCRGTNCEQNNGVVKXKViVWVVC
%QPNGOQFK¿EJGKPUGTKVGPGNNCNGIIGPFGNN¶HGDDTCKQ
EQPN¶CTVEQOOCDKUFGN&GETGVQ.GIIGPEQPXGTVKVQ
EQPNGIIGP
ELKI@<NC8CFD98I;@8?8C8JL8ELFM8C<>><8EK@$ELKI@<
Gfjj`Y`c\jgXiXi\g\i\iX[`ZXi\cXjg\Z`\
³.GPWVTKGRQUUQPQGUUGTGGNKOKPCVGUWVWVVQKNVGTTKVQTKQNQO
DCTFQKPENWUGNG\QPGFQXGpXKGVCVCNCECEEKCCPEJGEQPNG
CTOKFCURCTQKNICUNGVTCRRQNGGNGCTOKFCNCPEKQKPFKXKFWC
NG³pWPQFGKRCUUCIIKHQPFCOGPVCNKFGNNGOQFK¿EJGCNNCNGIIG
TGIKQPCNGQVVQDTGPRTQRQUVGFCNNC)KWPVCGUWE
EGUUKXCOGPVG CRRTQXCVG FCN %QPUKINKQ FGNNC 4GIKQPG .QODCT
FKCNQUEQTUQPQXGODTG.GFKURQUK\KQPKRGTNCRTKOCXQNVC
RTGXGFQPQKNEQPEGVVQFKGTCFKEC\KQPGPQPKNUGORNKEGEQPVGPK
OGPVQ.GOQFCNKViRTGXKUVGEJGUCTCPPQFKUEKRNKPCVGFCKRKCPK
RTQXKPEKCNKUQPQNGCTOKEQOWPKFCURCTQNGCTOKFCNCPEKQ
KPFKXKFWCNG
¿QPFCCFGUGORKQNCICUUK¿EC\KQPGGNCUVGTKNK\
\C\KQPGEQPVTQNNCVGKNVTCRRQNCIIKQGUWEEGUUKXQCDDCVVKOGPVQ
)NK QRGTCVQTK KPECTKECVK FGNN¶CDDCVVKOGPVQ RQVTCPPQ GUUGTG K
ECEEKCVQTKGKRTQRTKGVCTKFGKHQPFKCITKEQNKKPRQUUGUUQFKRQTVQ
F¶CTOKGEQPEQRGTVWTCCU
UKEWTCVKXCINKCIGPVKXGPC
VQTK XQNQPVCTK K RQNK\KQVVK
OWPKEKRCNKGRTQXKPEKCNKINK
QRGTCVQTKFGNNCXKIKNCP\CKFTCWNKECQXXKCOGPVGVWVVKRTGXKCHQT
OC\KQPGFKDCUGGCUUQIIGVVCVKCNEQQTFKPCOGPVQRTGXKUVQFCK
RKCPK.CPWQXCPQTOCTGIKQPCNGFKURQPGHWP\KQPKURGEK¿EJGCK
XCTKGPVKNQECNK#K%QOWPKURGVVCEQQRGTCTGEQPNG2TQXKPEGG
CWVQTK\\CTG
CPEJGSWGUVCpWPCPQXKViKNUQVVGTTCOGPVQFGN
NGECTECUUG#NNG2TQXKPEGURGVVCKNEQORKVQFKRTGFKURQTTGCR
RQUKVKRKCPKFKEQPVGPKOGPVQGFGTCFKEC\KQPGQTICPK\\CPFQNC
TCEEQNVCGNQUOCNVKOGPVQFGNNGECTECUUG#NNC4GIKQPGKP¿PG
URGVVCRTGFKURQTTGGPVTQOCT\QWPRTQITCOOCVTKGPPCNG
FKGTCFKEC\KQPG
8kk\jfg\idXiqfle
gif^iXddXki`\eeXc\
8><E;8;@>@K8C<<LIFG<8N@CG@8EFE8Q@FE8C<G<II<:LG<I8I<@C>8G@K8C@8EFßFI889ILO<CC<J
9Xe[XcXi^X6
Ef#cXi^_`jj`dX%=fij\
Cl`jXIFJ8
³2TQOWQXGTGNCEWNVWTCFKHHWUCGNCTKEGTECFKGEEGNNGP\CCPEJGWVKNK\
\CPFQNGPWQXGVGEPQNQIKGGUWRGTCPFQKNFKXCTKQFKIKVCNG´VTCVWVVKKRWPVK
VQEECVKFCNFQFKEGUKOQRTGUKFGPVGFGNNC4GRWDDNKEC+VCNKCPC5GTIKQ/CV
VCTGNNCPGNUWQFKUEQTUQFKKPUGFKCOGPVQKNHGDDTCKQUEQTUQWPTCRKFQ
RCUUCIIKQN¶JCCXWVQKNFKIKVCNFKXKFGNCFKUVCP\CRTQHQPFCFGNN¶+VCNKCFC
CNVTK2CGUKRGTEWNVWTCGCEEGUUQCNUKUVGOCKPHQTOCVKEQ%KTECOKNKQPK
FKKVCNKCPKPQPJCPPQOCKPCXKICVQKPKPVGTPGVGNCDCPFCWNVTCNCTICEQRTG
UQNQKNFGNVGTTKVQTKQ1TCRGTyN¶+VCNKCJCWPRKCPQOQNVQCODK\KQUQ
RQTVCTGNCDCPFCWNVTCNCTICCNN¶FGINKKVCNKCPKFCQIIKCNRGTOGV
VGTG¿PCNOGPVGKNPQUVTQCNRCUUQFGINKCNVTK2CGUKKPVGTOKPKFKXGNQEKViFK
EQPPGUUKQPGÊSWGUVQN¶QDKGVVKXQEJGKNIQXGTPQJCTGEGPVGOGPVGFG¿PKVQ
PGN2KCPQUVTCVGIKEQRTGFKURQUVQFCNNCRTGUKFGP\CFGN%QPUKINKQKPUKGOG
CN OKPKUVGTQ FGNNQ 5XKNWRRQ GEQPQOKEQ CNN¶#IGP\KC RGT N¶+VCNKC FKIKVCNG G
CNN¶#IGP\KCRGTNC%QGUKQPG
+NpN¶CPPQGPVTQKNSWCNGN¶7PKQPGGWTQRGCJC¿UUCVQKNVGTOKPGRGT
N¶CVVWC\KQPGFGINKQDKGVVKXKFKEQRGTVWTCGRGPGVTC\KQPGFGNNCTGVGKPDCPFC
NCTICGWNVTCNCTICPGNN¶CODKVQFGKRKCPKFK#IGPFC&KIKVCNG
&#'&KIKVCN
#IGPFCQH'WTQRGRGTUXKNWRRCTGN¶GEQPQOKCGNCEWNVWTCFKIKVCNG.CDCP
FCNCTICPGNNQUXKNWRRQFGNNGTGVKKPHQTOCVKEJGKP+VCNKCpQIIGVVQFKWPC
FKUEWUUKQPGEJGUKVTCUEKPCFCVGORQUGP\CCTTKXCTGCFCTGTKUWNVCVKWVKNK
UKCKPCODKGPVGFQOGUVKEQEJGRTQHGUUKQPCNGRGTKEKVVCFKPKNGHCOKINKG
NGKUVKVW\KQPK
UEWQNGGWPKXGTUKViCFGUGORKQEQOGRWTGUCPKViGTKEGTEC
VGEPQNQIKCGEEGVGTCRGTNGKORTGUGGTCNNGPVCPFQIKQTPQFQRQIKQTPQNC
PQUVTCEQORGVKVKXKViKPVGTOKPKRTQFWVVKXKGFGEQPQOKEK
EQPRCTVKEQNCTGKO
RQTVCP\CPGNNG\QPGTWTCNKFQXGNCDCPFCNCTICpNCVKVCPVG%QOGUKNGIIG
PGNNQUVGUUQ2KCPQFGNIQXGTPQ³5GEQPFQINKWNVKOKFCVKFGN&KIKVCN#IGPFC
5EQTGDQCTFN¶+VCNKCEQPVKPWCCQEEWRCTGNGWNVKOGRQUK\KQPKPGNN¶WVKNK\\QFK
+PVGTPGVFCRCTVGFGNNCRQRQNC\KQPG+PGHHGVVKUQNCOGPVGKNFGNNCRQ
RQNC\KQPGFKGViEQORTGUCVTCGCPPKWVKNK\\CTGIQNCTOGPVG+PVGTPGV
EQPVTQWPCOGFKCGWTQRGCRCTKCN´5DKTEKCPFQKNTGRQTVCPPWCNGFGNNC
7GUWNFKIKVCNGRQUUKCOQCIIKWPIGTGEJGVTCK2CGUKEQPETGUEKVCRK~GNGXC
VCEKUQPQ)TGEKC4QOCPKC+TNCPFC4GRWDDNKEC%GECG%TQC\KCPGKSWCNK
ETGUEGEQORNGUUKXCOGPVGNCDCPFCNCTIC6WVVCXKCPGNNGWNVKOGUGVVKOCPG
FGNNCSWGUVKQPGJCEQPQUEKWVQFWGKORQTVCPVKRCUUCIIK&CWPNCVQ
KN)QXGTPQJCRWDDNKECVQWPFQEWOGPVQ
5VTCVGIKCKVCNKCPCRGTNCDCPFC
WNVTCNCTICOQNVQCTVKEQNCVQCRRTQHQPFKVQGEQORNGUUQEJGHCEGPFQUG
IWKVQCN4CRRQTVQ%CKQFGNHGDDTCKQRQPGNGDCUKRGTWPCRQNKVKEC
EQQTFKPCVCFKUXKNWRRQFGNNGPWQXGKPHTCUVTWVVWTGFKVGNGEQOWPKEC\KQPGGKP
FKXKFWCNGEKHTGFGN¿PCP\KCOGPVQRWDDNKEQEJGRQVTiEQPVTKDWKTGCSWGUVQ
RTQIGVVQ&CNN¶CNVTQN¶#WVQTKViICTCPVGPGNNGEQOWPKEC\KQPK
#)%1/GN¶#W
VQTKViICTCPVGFGNNCEQPEQTTGP\CGFGNOGTECVQ
#)%/JCPPQRWDDNKECVQK
TKUWNVCVKFGNN¶KPFCIKPGEQPQUEKVKXCEQPIKWPVCUWINKUVGUUKVGOK
564#6')+#+6#.+#0#2'4.#$#0&#.#4)#
0GNFQEWOGPVQFGNIQXGTPQN¶QDKGVVKXQKPFKECVQKPNKPGCEQPSWGNNKFGNN¶#IGP
FCFKIKVCNGGWTQRGCpFKFQVCTGDGPN¶FGNNCRQRQNC\KQPGKVCNKCPCFKWP
CEEGUUQC/DRU
DCPFCWNVTCNCTICKPKPINGUG7NVTC$TQCFDCPFGKN
TKOCPGPVGFKWPCEEGUUQC/DRU
DCPFCNCTICKPKPINGUG$TQCFDCPF
GPVTQKN6TCNGVCPVGQR\KQPKVGEPQNQIKEJGKPITCFQFKCUUKEWTCTGSWG
UVGRGTHQTOCPEGKNRKCPQHCWPCUEGNVCPGVVCRGTNCUQNW\KQPG(VVD
(KDGTVQ
VJG$WKNFKPIQUUKCRGTNCRQUCFGNNC¿DTCQVVKEC¿PQCKRCNC\\KFGINKWVGPVK
FY`\kk`mf1Zfee\jj`fe\lckiXm\cfZ\
g\icË/,[\ccXgfgfcXq`fe\
GjiM\e\kf\Zfee\jj`fe\n\Y
³/KUWTC #EEGUUKDKNKVi CNNC DCPFC NCTIC´ KN PWQXQ
2TUTGIKQPCNGEQORTGPFGEQPVTKDWVKKPEQPVQECRKVCNGRCTK
CNFGNNCURGUCCOOKUUKDKNGRGTNGCTGGTWTCNKKPFKIK
VCNFKXKFG6TCINKKPXGUVKOGPVK¿PCP\KCDKNKNCTGCNK\\C\KQPG
FKKPHTCUVTWVVWTGFKDCPFCNCTICXGNQEGGWNVTCNCTICUKUVGOK
UQHVYCTGEQUVKFKEQPPGUUKQPGGTGNCVKXGCVVTG\\CVWTG
OQ
FGORCTCDQNGUCVGNNKVCTKVGEPQNQIKGYKTGNGUU
%NCUUK¿ECSWKPFKSWCVVTQFKXGTUGUKVWC\KQPK
ENWUVGTVGTTKVQTKCNKCUGEQPFC
FGNN¶KPVGPUKViFGINKKPEGPVKXKRTKXCVKCEQUVTWKTGTGVKKP¿DTCQVVKECGKPFKXKFWC
XCTKGHQTOGFKEQPVTKDWVQRWDDNKEQCIGXQNC\KQPK¿UECNKEQORCTVGEKRC\KQPG
CINKKPXGUVKOGPVKGEQPVTKDWVKCHQPFQRGTFWVQFCCDDKPCTGCICTGRGTN¶CU
UGIPC\KQPGFGNNCTGCNK\\C\KQPGFGNNGKPHTCUVTWVVWTG+P¿PGOGVVGKPECORQ
PGKUGKCPPKFGNRKCPQOKNKCTFKEJGFGTKXCPQFCHQPFKGWTQRGKPC
\KQPCNKGTGIKQPCNKRTGXGFGPFQWP¿PCP\KCOGPVQFCRCTVGFGINKQRGTCVQTK
RTKXCVKEQORTGUQVTCGOKNKCTFKFKGWTQ
3WCPVQCNN¶KPFCIKPGUWNNGFKPCOKEJGFGNNCEQPEQTTGP\CPGNOGTECVQFGNNG
VGNGEQOWPKEC\KQPKGUWNNGRTQURGVVKXGFKKPXGUVKOGPVQTGCNK\\CVCFC#)%1/
G#)%/CRRTQHQPFKUEGVTCN¶CNVTQKNVGOCFGNNGUVTWVVWTGFKOGTECVQEJGUK
RQVTCPPQTGCNK\\CTGPGNNCDCPFCWNVTCNCTICFCSWGNNCFKWPQRGTCVQTGFK
TGVGRWTQEJGNCTGCNK\\KGXGPFCN¶CEEGUUQCINKQRGTCVQTKFKUGTXK\KCSWGNNC
FKWPQRGTCVQTGKPVGITCVQXGTVKECNOGPVGUKCPGNNCTGCNK\\C\KQPGFGNNCTGVG
EJGPGNNCXGPFKVCFGKUGTXK\K+PVGTPGVCSWGNNCRTGHGTKVCFCNNGCWVQTKViFK
WPEQPUQT\KQFGINKQRGTCVQTKFKUGTXK\KEJGTGCNK\\KNGPWQXGKPHTCUVTWVVWTG
+NTCRRQTVQEQPENWUKXQpKPOQNVKRWPVKEQGTGPVGEQPN¶KORQUVC\KQPGIQXGT
PCVKXC
#.%70'4+(.'55+10+
.CDCPFCWNVTCNCTICpRQUVCUWNNCDCUGFKWPCRTKOCXCNWVC\KQPGFKGP
VTCODKKFQEWOGPVKEQOGWPCRTKQTKViPGNNGRQNKVKEJGFGN)QXGTPQXKGPG
KPFKXKFWCVQWPTWQNQFKEQQTFKPCOGPVQGFKRTQOQ\KQPGPGNOKPKUVGTQRGT
NQ5XKNWRRQGEQPQOKEQXKGPGKPFKECVCWPCUGTKGFKHQPVKFK¿PCP\KCOGPVQ
FKGPVKViPQPVTCUEWTCDKNGEJGRQVTGDDGEQPVTKDWKTGFCNNCVQRWDDNKEQCNNC
TGCNK\\C\KQPGGHHGVVKXCFKSWGUVGQRGTGKP¿PGKNRKCPQIQXGTPCVKXQRQPG
CVVGP\KQPGCNN¶CPCNKUKFKHHGTGP\KCVCKPTGNC\KQPGCNNGUKVWC\KQPKFKRCTVGP\CG
CNNGECTCVVGTKUVKEJGFGNNCFQOCPFCFKUGTXK\KCDCPFCNCTICFKOQUVTCPFQ
TGCNKUOQ/GPVTGXGPIQPQCRRTG\\CVKSWGUVKOGTKVKNCFKUEWUUKQPGKPRTQ
RQUKVQGXKFGP\KCEJGRWPVCTGVWVVQUWNNC¿DTCQVVKECEQOGWPKECUQNW\KQPG
VGEPQNQIKEC
OQNVQEQUVQUCRQVTGDDGCP\KEJoTKFWTTGCEEGPVWCTGKNFKIKVCN
FKXKFGEJGQIIKEKECTCVVGTK\\CTKUEJKCPFQFKRQTVCTGCWPCTGCNK\\C\KQPGFGK
RTQIGVVKCNFKUQVVQFGINKQDKGVVKXKCVVGUKRTQRTKQRGTNGFKOGPUKQPK¿PCP\KCTKG
TKEJKGUVGCINKKPXGUVKOGPVKRTKXCVKPQPQUVCPVGKEQPVTKDWVKRWDDNKEK
0GNHTCVVGORQKPXKCVQC$TWZGNNGUKN2KCPQUVTCVGIKEQRTQUGIWGKNUWQKVGT
/DRU/GICDKVRGTUGEQPFQ
((
C<>><;@JK89@C@KÁN@C9@C8E:@F;@:FE=8>I@:FCKLI8JLCC8=@E8EQ@8I@8;<C>FM<IEFI<EQ@
8g\ikfleZXek`\i\
g\icË`dgi\jX
:fe[`m`j`Y`c\cXÔcfjfÔX[`]fe[f%
DXcË\j`^\eqX[`Y`cXeZ`f[\ccXdXefmiX
efeXcc\^^\i`jZ\cËXjg\kkfÔjZXc\
()
+NFKEGODTGUEQTUQpUVCVCCRRTQXCVCKPXKCFG¿PKVKXCNC.GIIG
FKUVCDKNKVi.¶QDKGVVKXQpFKHCXQTKTGNCETGUEKVCEQPVCINKCNNC
URGUCCHTQPVGFKWPCUKIPK¿ECVKXCTKFW\KQPGFGNEWPGQ¿UECNGUWN
NCXQTQFKTKUQTUGOGUUGCFKURQUK\KQPGFGNRTQEGUUQFKTKHQTOCGRGT
HCXQTKTGINKKPXGUVKOGPVKKPTKEGTECGKPPQXC\KQPG
%QPHCITKEQNVWTCEQPFKXKFGNC¿NQUQ¿CFKHQPFQEJGKURKTCNC.GIIG
OKUWTGFKTKFW\KQPGFGNNGVCUUGGKPVGTXGPVKCNNCURGUCRWDDNKECUGP
\CCIITCXCTGFKWNVGTKQTKUCETK¿EKNGKORTGUG5GODTCGUUGTUKCRGTVQ
¿PCNOGPVGWP³ECPVKGTGRGTN¶KORTGUC´CPEJGUGNCOCPQXTCPQP
FKOGPVKECOCKN¶CURGVVQ¿UECNGGSWKPFKN¶GUKIGP\CFKDKNCPEKQGFK
IGVVKVQ/CN¶C\KQPGUXQNVCFC%QPHCITKEQNVWTCJCRQTVCVQKUWQKHTWVVK
'TC TKOCUVC GUENWUC FCN RTQXXGFKOGPVQ NC FKUEKRNKPC ¿UECNG FGNNC
UVCDKNK\\C\KQPGFGNDKQICUEJGRGTyJCRQKVTQXCVQUQNW\KQPGRGTKN
PGNFGETGVQNGIIG³2TQTQICVGTOKPK´
'EEQKPUKPVGUKNGRTKPEKRCNKPQXKViKPVTQFQVVG
+24188'&+/'06+52'%+(+%+2'4+.5'6614'#)4+%1.1
†2TQTQICVKKVGTOKPKRGTKNXGTUCOGPVQFGNN¶+/7FCNFKEGODTG
CNIGPPCKQ
RQKEQPUWEEGUUKXCFKURQUK\KQPGWNVGTKQTOGPVG
RTQTQICVKCNHGDDTCKQEQP&.PRGTKVGTTGPKCITKEQNK
OQPVCPKRGTEWKPQPUKCRRNKECRK~N¶GUGP\KQPGCPEJGRCT\KCNGRTG
XKUVCFCNNCRTGEGFGPVGFKUEKRNKPC+%+CUGIWKVQFGNNGOQFK¿EJGCR
RQTVCVGFCNFGETGVQOKPKUVGTKCNGFGNCRTKNG+NXGTUCOGPVQ
XKGPGGHHGVVWCVQUWNNCDCUGFGNN¶CNKSWQVCUVCPFCTF+/7FGNRGT
OKNNGUCNXQEJGK%QOWPKPQPCDDKCPQCRRTQXCVQRGTVCNKVGTTGPK
CITKEQNKURGEK¿EJGCNKSWQVG5QNQC¿PGIGPPCKQUQPQUVCVKTKXKUVK
KETKVGTKRGTN¶GUGP\KQPGFCNN¶+/7FGKVGTTGPKOQPVCPKCDTQICPFQNC
ENCUUK¿EC\KQPGUWNNCDCUGCNVKOGVTKECUVCDKNKVC
†5QPQUVCVGFG¿PKVGCPVKEKRC\KQPK¿PCP\KCTKGCINKCITKEQNVQTKFCRCT
VGFK+UOGCCHTQPVGFGNNCEGUUKQPGFKETGFKVKEGTVK¿ECVKKPGTGPVK
VCNWPKCKWVK2CE+UOGCRWyKPQNVTGEQPEGFGTGICTCP\KGCHTQPVGFK
VKVQNKFKFGDKVQGOGUUKFCNNGKORTGUG
†4KCRGTVK K VGTOKPK RGT NC TKXCNWVC\KQPG FGNNG RCTVGEKRC\KQPK PQP
PGIQ\KCVGKPOGTECVKTGIQNCOGPVCVKGFGKVGTTGPKGFK¿ECDKNKGEQP
FGUVKPC\KQPGCITKEQNCPQPFGVGPWVKKPTGIKOGF¶KORTGUCUVCDKNKVK
FCN&.P
†2GTKNKEQPUWOKOGFKUVCPFCTFK\\CVKFKICUQNKQFCOGVVGTG
CNN¶KORKGIQCIGXQNCVQUQPQTKFQVVKFGNFCNTKFQVVKFGN
†+PVGOCFKRTQEGFWTGRGTNCTKUEQUUKQPGFGNNGOWNVGFGNNGSWQVG
NCVVGN¶#IGCRGTNCPQVK¿EC\KQPGFGNNGECTVGNNGFKRCICOGPVQG
RGTNGCVVKXKViFKTKUEQUUKQPGEQCVVKXCUKCXXCNGFK)WCTFKCFK(K
PCP\CGCPEJGFK'SWKVCNKC
†+NEQPVTKDWVQRGTKNRKCPQKTTKIWQPC\KQPCNGFKOKNKQPKFKGWTQ
CPPWKFGEQTTGPVKFCNRGTCPPKpTKFQVVQFKOKNKQPK
FKGWTQCPPWK
†8KGPGFGUVKPCVCWPCSWQVC
PQPURGEK¿ECVCFGNNGFKURQPKDKNKVi
FGN/KRCCHRGTHCXQTKTGN¶KPVGITC\KQPGFK¿NKGTCPGNUKUVGOCCITKEQNQ
GCITQCNKOGPVCTGGKNTCHHQT\COGPVQFGKFKUVTGVVKCITQCNKOGPVCTK
.#8141
5K TKEQPQUEG CK FCVQTK FK NCXQTQ N¶GUQPGTQ VTKGPPCNG FCN XGTUCOGPVQ
FGKEQPVTKDWVKRTGXKFGP\KCNKRGTINKCUUWPVKCVGORQKPFGVGTOKPCVQPGN
.¶KPEGPVKXQURGVVCCPEJGCKFCVQTKFKNCXQTQCITKEQNQITC\KGCP
EJGCNN¶C\KQPGFK%QPHCITKEQNVWTCXQNVCCUWRGTCTGN¶KPIKWUVK¿ECVCGUENW
UKQPGQTKIKPCTKCOGPVGEQPVGPWVCPGNFKUGIPQFKNGIIG
8KGPGRTGXKUVCNCFGFW\KQPGKPVGITCNGFCNNCDCUGKORQPKDKNG+4#2FGN
EQUVQ EQORNGUUKXQ UQUVGPWVQ RGT NCXQTQ FKRGPFGPVG C VGORQ KPFG
VGTOKPCVQGEEGFGPVGN¶COOQPVCTGFGNNGFGFW\KQPK+PRTCVKECUGNC
UQOOCVQTKCFGNNGFGFW\KQPKpKPHGTKQTGCNEQUVQFGNNCXQTQUQUVGPWVQ
FCNN¶KORTGPFKVQTG URGVVC WP¶WNVGTKQTG FGFW\KQPG ¿PQ C EQPEQTTGP\C
FGNN¶KPVGTQKORQTVQFGNN¶QPGTGUQUVGPWVQ.¶CRRNKECDKNKViFGNNCFKURQUK
\KQPGpUWDQTFKPCVCCFCWVQTK\\C\KQPGFGNNC%QOOKUUKQPGGWTQRGC
#KUQIIGVVKEJGPQPUKCXXCNIQPQFKNCXQTCVQTKFKRGPFGPVKURGVVCWP
ETGFKVQF¶KORQUVCRCTKCNFGNN¶KORQUVCNQTFCFGVGTOKPCVCUG
EQPFQNGFKURQUK\KQPKFGNEKVCVQFGETGVQ6CNGETGFKVQRQVTiGUUGTG
WVKNK\\CVQGUENWUKXCOGPVGKPEQORGPUC\KQPGQTK\\QPVCNG
.C NGIIG JC RTGXKUVQ NC UQRRTGUUKQPG FGINK KPEGPVKXK FGUVKPCVK CNNG
CUUWP\KQPKFKFKUQEEWRCVKFKNWPIQRGTKQFQQFKNCXQTCVQTKDGPG¿EKCTK
FKVTCVVCOGPVQUVTCQTFKPCTKQFKKPVGITC\KQPGUCNCTKCNGRTGXKUVKFCNNC
.GIIG5CTGDDGCWURKECDKNGKPRTQRQUKVQWPEJKCTKOGP
VQ FC RCTVG FGNNG COOKPKUVTC\KQPK EQORGVGPVK XQNVQ C UVCDKNKTG UG
SWGUVKKORQTVCPVKKPEGPVKXKRGTN¶CUUWP\KQPGFKFKUQEEWRCVK
FKOG\\C
OGPVQFGKEQPVTKDWVKRTGXKFGP\KCNKRGTOGUKEJGFKXGPVCGUQPGTQ
VQVCNGRGTNGC\KGPFGFGN/G\\QIKQTPQGSWGNNGCTVKIKCPGUKCPQUVCVK
FG¿PKVKXCOGPVGCDTQICVKQUGpUVCVCUQNQUVCDKNKVCNCNQTQKPCRRNKEC
DKNKViRGTNGCUUWP\KQPKPGN
/+574'(+5%#.+
ÊRCUUCVCFCNN¶CNN¶N¶CNKSWQVC+4#2RTGXKUVCCK¿PKFGNNC
FGVGTOKPC\KQPGFGNVTKDWVQFCRCTVGFGKUQIIGVVKEJGQRGTCPQPGN
UGVVQTGCITKEQNQ
=@J:FNC8KFID<EK8K8HL<JK@FE<;<CCË@DGFJK8)'(+M<IJ8K8@C('=<99I8@FJL@K<II<E@8>I@:FC@
@DL\dfekX^eX1elfm`Zi`k\i`XgXik`i\[Xhl\jkËXeef
.¶+/7 UWK VGTTGPK CITKEQNK UKVWCVK PGNNG \QPG FK OQPVCIPC G
EQNNKPC FCN FGXQPQ GUUGTG CRRNKECVK K PWQXK ETKVGTK KN
NWUVTCVK PGN FGETGVQ NGIIG P FGN IGPPCKQ 5K HC
QTC TKHGTKOGPVQ CNN¶GNGPEQ RTGFKURQUVQ FCNN¶+56#6 EJG FKXKFG
K%QOWPKKP
†VQVCNOGPVGOQPVCPK
6±KVGTTGPKCITKEQNKTKOCPIQPQGUGPVK+/7
†RCT\KCNOGPVGOQPVCPK
2±UQPQGUGPVKFC+/7KVGTTGPKCITKEQNK
RQUUGFWVKGEQPFQVVKFCEQNVKXCVQTKFKTGVVKG+CRKUETKVVKPGNNCTGNCVKXC
RTGXKFGP\CCITKEQNC
†PQP OQPVCPK 0/ ± K VGTTGPK CITKEQNK PQP UQPQ RK~ GUGPVK FC
+/7
8eZ_\`eX^i`ZfckliX#\jfe\ifki`\eeXc\
[\`[Xkfi`[`cXmfif[X`Zfeki`Ylk`
gi\m`[\eq`Xc`g\i^c`Xjjlek`Xk\dgf
`e[\k\id`eXkfe\c)'(,
&KURQUVQN¶KPETGOGPVQFGNNGKRQVGUKFKCRRNKEC\KQPGFGNOGEECPKUOQ
FKKPXGTUKQPGEQPVCDKNG
EQUKFFGVVQTGXGTUGEJCTIGC¿PK+8#ÊUVC
VCKPQNVTGKPVTQFQVVCWPCRCTVKEQNCTGOQFCNKViFKXGTUCOGPVQFGNN¶KO
RQUVCRGTNGQRGTC\KQPKGHHGVVWCVGPGKEQPHTQPVKFKGPVKRWDDNKEKEJG
PQPTKUWNVCPQFGDKVQTKF¶KORQUVC
OGEECPKUOQFK³URNKVRC[OGPV´
KPDCUGCVCNGUKUVGOCUKUVCDKNKUEGEJGCNHQTPKVQTGFGNDGPGQFGN
UGTXK\KQ UKC GTQICVQ KN UQNQ KORQTVQ FGN EQTTKURGVVKXQ RCICVQ FCNNC
COOKPKUVTC\KQPGRWDDNKECFGDKVTKEGCNPGVVQFGNN¶+8#KPFKECVCKPHCV
VWTCN¶KORQUVCpSWKPFKXGTUCVCFKTGVVCOGPVGCNN¶'TCTKQ
8KGPG RQK UQUVKVWKVC NC PQTOC FGN &. P ³&GUVKPC\KQPG
+VCNKC´ PQTOC FK HCVVQ OCK FKXGPWVC QRGTCVKXC KP OCPECP\C FGN
FGETGVQCVVWCVKXQGTGECPVGNCFKUEKRNKPCFGNETGFKVQFKKORQUVCRGT
KPXGUVKOGPVKKPCVVKXKViFKTKEGTECGUXKNWRRQCRRNKECDKNGCFGEQTTGTG
FCNCN
8GPIQPQCNVTGUtKPVTQFQVVGFKURQUK\KQPKTGNCVKXGCNNCVCUUC\KQPGFGK
HQPFKRGPUKQPGQXXGTQFGNNGHQTOGRGPUKQPKUVKEJGEQORNGOGPVCTK
#WOGPVCNCVCUUC\KQPGFGNNGTGPFKVG¿PCP\KCTKGOCVWTCVGFCNNGECU
UGFKRTGXKFGP\CRTKXCVG
6#5+
%QPHGTOCVK CPEJG RGT N¶CPPQ K NKOKVK OCUUKOK CN RQVGTG FGK
%QOWPKFKFGNKDGTCTGNGCNKSWQVG6CUKCRRNKECDKNKRGTN¶CPPQ
2GTVCPVQ K %QOWPK RGT KN RQUUQPQ XCTKCTG N¶CNKSWQVC DCUG
FGNN¶RGTOKNNGOCFGXQPQTKURGVVCTGFWGNKOKVK
†N¶CNKSWQVC OCUUKOC 6#5+ PQP RWy UWRGTCTG KN RGT OKNNG RGT
VWVVKINKKOOQDKNK
†NCUQOOCFGNNGCNKSWQVGFGNNC6CUKGFGNN¶+/7PQPFGXGGUUGTGUW
RGTKQTGCNN¶CNKSWQVC+/7OCUUKOCUVCDKNKVCRGTEKCUEWPCVKRQNQIKC
FKKOOQDKNGFCNNCPQTOCVKXC+/7CNFKEGODTG
4+8#.76#<+10'3716'51%+'6#4+''6'44'0+
8GPIQPQTKCRGTVKKVGTOKPKRGTNCTKXCNWVC\KQPGFGNXCNQTGFGNNGSWQVG
UQEKGVCTKGGFGNEQUVQFKCESWKUVQFGKVGTTGPKCITKEQNKGFGNNGCTGG
GFK¿ECDKNKCNIKWIPQÊVWVVCXKCTCFFQRRKCVCNCOKUWTC
FGNN¶KORQUVCUQUVKVWVKXCEJGRCUUCFCNCNN¶
6#55#<+10'&'+³/+0+/+´'4#88'&+/'06112'4151
7PPWQXQTGIKOGRGTNCVCUUC\KQPGFGKEQUKFFGVVK³OKPKOK´EKQp
NG RKEEQNG KORTGUG EQOOGTEKCNK G K NCXQTCVQTK CWVQPQOK GPVTQ
.¶GNGPEQ p EQPUWNVCDKNG CNN¶KPFKTK\\Q KPVGTPGV JVVRYYYKUVCVKV
KVCTEJKXKQ
+PQNVTGEQPNCTKUQNW\KQPG&(
FKXWNICVCKNHGDDTCKQFCNOK
PKUVGTQFGNN¶'EQPQOKCUQPQUVCVKEJKCTKVKCNEWPKFGKFWDDKKPVGT
RTGVCVKXKNGICVKCNFGETGVQNGIIGCFGUGORKQRGTRQVGTDGPG¿EKC
TG FGNN¶GUGP\KQPG FCNN¶+/7 UWK VGTTGPK CITKEQNK WDKECVK KP EQOWPK
ENCUUK¿ECVKRCT\KCNOGPVGOQPVCPKpKPFKURGPUCDKNGEJGKNUQIIGVVQ
EJGEQPEGFGKNVGTTGPQKPCH¿VVQQKPEQOQFCVQCWPEQNVKXCVQTG
FKTGVVQQCWPKORTGPFKVQTGCITKEQNQRTQHGUUKQPCNGKUETKVVQPGNNC
RTGXKFGP\CCITKEQNCCDDKCGINKUVGUUQNCSWCNK¿ECFKEQNVKXCVQTG
FKTGVVQQFK+#2KUETKVVQPGNNCRTGXKFGP\CCITKEQNC
FGVGTOKPCVKNKOKVKFKTKECXKGEQORGPUKCNEWKTGFFKVQECNEQNCVQ
EQPN¶CRRNKEC\KQPGFKCRRQUKVGRGTEGPVWCNKUKCRRNKECN¶KORQUVC
UQUVKVWVKXCFGN
Ê TKXKUVC NC OKUWTC FGNNG UCP\KQPK TKFQVVG PGN ECUQ FK ³TCXXGFK
OGPVQ QRGTQUQ´ FGN EQPVTKDWGPVG EJG RQVTi GUUGTG CRRNKECVQ
CPEJG PGN ECUQ EJG UKCPQ KPK\KCVG NG XGTK¿EJG ¿UECNK G RGT WP
RGTKQFQ VGORQTCNG RK~ CORKQ ¿PQ CNNC FWTCVC FGN RGTKQFQ FK
CEEGTVCOGPVQ
8KGPG KPPCN\CVC FCN CN N¶CNKSWQVC +8# CRRNKECDKNG CNNG
EGUUKQPKFGKRGNNGVFKNGIPQ
2'4.#%4'5%+6#
5QPQRTGXKUVKUVCP\KCOGPVKRGTNCRTQOQ\KQPGFGNOCFGKP+VCN[
GN¶CVVTC\KQPGFGINKKPXGUVKOGPVKKP+VCNKC+PVCNGEQPVGUVQXKUQPQ
FKURQUK\KQPKURGEK¿EJGTGNCVKXGCNNCXCNQTK\\C\KQPGGRTQOQ\KQPG
FGNNGRTQFW\KQPKCITKEQNGGCITQCNKOGPVCTKKVCNKCPG
2'4.#4+24'5#&'+%1057/+
#PEJG UG PQP UVTGVVCOGPVG EQPPGUUG CN UGVVQTG CITKEQNQ UQPQ
RQUKVKXGNGOKUWTGEJGXCPPQKPFKTG\KQPGFGNNCETGUEKVCGEJGOK
TCPQCFKPEGPVKXCTGKEQPUWOKSWCNKNCUVCDKNK\\C\KQPGFGNDQPWU
GWTQGKNUQUVGIPQCNNGHCOKINKG
EQOGKNDQPWUDGDp
+PVTQFQVVCKPXKCURGTKOGPVCNGNCRQUUKDKNKViRGTKNCXQTCVQTKFK
RGPFGPVKFGNUGVVQTGRTKXCVQ
GUENWUKRGTyKNCXQTCVQTKFGNUGVVQTG
CITKEQNQGFQOGUVKEKEJGCDDKCPQWPTCRRQTVQFKNCXQTQEQPKN
OGFGUKOQFCVQTGFCCNOGPQOGUKFKEJKGFGTGNCNKSWKFC\KQPG
OGPUKNGKPDWUVCRCICFGNNCSWQVCFK6(4EJGOCVWTCPGNRGTKQFQ
FCN‚OCT\QCNIKWIPQ
52'0&+0)4'8+'9
$WQPCRCTVGFGNNGTKUQTUGRGTCTTKXCTGCNNCEQRGTVWTCFGNNCOC
PQXTC FGTKXCPQ FCNNC ³URGPFKPI TGXKGY´ KP RCTVKEQNCTG FCNNC TK
FW\KQPG FGNNG URGUG FGNN¶CRRCTCVQ RWDDNKEQ OKPKUVGTK TGIKQPK
EQOWPK
2GTSWCPVQEQPEGTPGINKGPVKNQECNKTKUWNVCWPCFKOKPW\KQPGFGKVTC
UHGTKOGPVKCNNG4GIKQPKCUVCVWVQQTFKPCTKQGURGEKCNGFKOKNKCTFK
FKGWTQ
CVVWCNKRK~CNVTKFGTKXCPVKFCVCINKFGNRCUUCVQ
2#6410#6+
4KFQVVKINKUVCP\KCOGPVKCKRCVTQPCVKFKOKNKQPKFKGWTQÊUVCVC
RQTVCVC CNN¶ NC UQINKC OKPKOC FK CVVKXKVi TKNGXCPVG EJG EKC
UEWP RCVTQPCVQ FGXG TGCNK\\CTG RGPC NQ UEKQINKOGPVQ UG GUUC
PQPXKGPGTCIIKWPVCRGTFWGCPPKEQPUGEWVKXK
.GIIGRWDDNKECVCUWNNC)C\\GVVC7H¿EKCNGPFGN
FKEGODTG
(*
:FEM<>EF8JJFD8@JN8;L<D<J@;8CC<J<D@E<#8>I@:FCKFI@<K<:E@:@?8EEF8==FCC8KF@C:<EJ<I
DX`j1dXek\e\icfjkiXk\^`Zf
ZfecË`eefmXq`fe\
(+
³+NOCKUpWPCOCVGTKCRTKOCGUUGP\KCNGRGTN¶GEQPQOKCFGNN¶CITQKP
FWUVTKCKVCNKCPCGTKOCPGWPCTKUQTUCKORQTVCPVKUUKOCRGTNCRTQXKPEKC
FK4QXKIQEQUtEQOGRGTVWVVCNC2KCPWTC2CFCPC´EQUt.QTGP\Q0KEQ
NKRTGUKFGPVGFK%QPHCITKEQNVWVC8GPGVQG4QXKIQJCRQUVQN¶CEEGPVQ
UWNN¶KORQTVCP\CFKSWGUVQEGTGCNGRGTN¶CITKEQNVWTCGN¶CITQCNKOGPVCTG
PC\KQPCNGKPCRGTVWTCFGKNCXQTKFGNEQPXGIPQQTICPK\\CVQFC#UUQ
OCKUEQPNCEQNNCDQTC\KQPGCPEJGFK#ITKPUKGOG
0WOGTQUQKNRWDDNKEQ
QNVTGVTCCITKEQNVQTKVGEPKEKGCFFGVVKCN
UGVVQTGRTQXGPKGPVKFCRK~RTQXKPEGXGPGVGEJGJCTKGORKVQNGUCNG
FGN%GPUGTKNEGPVTQEQPXGIPKFGNECRQNWQIQRQNGUCPQKNIGPPCKQ
UEQTUQCEQPHGTOCFGNN¶KORQTVCP\CEJGSWGUVQEGTGCNGCUUWOGRGT
N¶GEQPQOKCFGNRTKOCTKQ
IfY\ikf:Xlj`e\ClZXIfjj\kkf
8ljg`ZXkfcfjm`clggf
[\ccXi`Z\iZX^\e\k`ZX%
:fej`^c`XkXleËXkk\ekXk\Ze`ZXZfckliXc\%
<cXjZ\ckX[\^c``Yi`[``e]leq`fe\[\cc\
gfk\eq`Xc`k~Xq`\e[Xc`#`ii`^Xq`fe\`egi`d`j
+N RTKOQ KPVGTXGPVQ VGEPKEQ C EWTC FGN RTQH 6QOOCUQ /CIIKQ
TG FGNN¶7PKXGTUKVi FK /KNCPQ JC GXKFGP\KCVQ N¶KORQTVCP\C FGN OCKU
PGNN¶GEQPQOKCPC\KQPCNG³+NOCKUpCNNCDCUGFGNNGRK~TKEQTFCVGGEEGN
NGP\GCNKOGPVCTKKVCNKCPGKFWGHQTOCIIKITCPCGKFWGRTQUEKWVVKQNVTG
EJGQXXKCOGPVGRGTVWVVKINKCNVTKRTQFQVVKFGTKXCVKFCINKCNNGXCOGPVK
/KRCTGPGEGUUCTKQTKEQTFCTGJCCIIKWPVQ/CIIKQTGEJGPGNHWVWTQ
DKUQIPGTiCWOGPVCTGNGTGUGWPKVCTKGGTKFWTTGKEQUVKFKRTQFW\KQPG+N
VWVVQPGNTKURGVVQFGNN¶CODKGPVG´#NVTGUtKPFKURGPUCDKNGpKPPQXCTGPGN
RTQFQVVQGPGNRTQEGUUQ³4GNCVKXCOGPVGCNRTQFQVVQpEQPXGTQFQNQTG
EJGCUUKUVQCWP¶KPWVKNGGCUEKGPVK¿ECFKUEWUUKQPGUWINK1)/GEKQpC
PQPXQNGTGWPCTGCNGKPPQXC\KQPG3WCPVQCTKFWTTGKEQUVKPGNTKURGVVQ
FGNN¶CODKGPVGPQPUKXGFGEQOGUKRQUUCEQPUGIWKTGUGP\CWPCEQO
RNGVCTKQTICPK\\C\KQPGFGNNCRTQFW\KQPGTKEQTFCPFQEJGKNHWVWTQUCTi
UGORTGFKRK~RGTWPCIGUVKQPGVGTTKVQTKCNGEQPWPOCIIKQTGKORKGIQ
GKORGIPQFKGURGTVKCITQPQOKEQPUWNGPVK´
+./'4%#61
³+OGTECVKFGNOCKUGFGNNCUQKCUQPQHQTVGOGPVGNKDGTCNK\\CVKGNGSWQ
VC\KQPKKORQUVGCINKCITKEQNVQTKKVCNKCPKHTCPEGUKVGFGUEJKQURCIPQNK
UGIWQPQ N¶CPFCOGPVQ FGNNG EQPVTCVVC\KQPK UWK OGTECVK KPVGTPC\KQPCNK´
.WEC4QUUGVVQGEQPQOKUVCCITCTKQFGNN¶7PKXGTUKViFK2CFQXCUKpUQHHGT
OCVQUWPWOGTKGETKVKEKViFKOGTECVQFGNEQORCTVQ)NKCPFCOGPVKFGN
NGSWQVC\KQPKUQPQHQTVGOGPVGEQPFK\KQPCVKFCNN¶CNGCVQTKGViFGNN¶QHHGTVC
EQPEGPVTCVCKPRQEJKITCPFKRCGUKRTQFWVVQTKGFGURQTVCVQTKEQOG5VCVK
7PKVK$TCUKNG#TIGPVKPC7PKQPG'WTQRGC%KPCGFCNNCFQOCPFCURGU
UQHTCOOGPVCVCVTCOQNVKRCGUKKORQTVCVQTKSWCNKKN)KCRRQPG/GUUKEQ
%QTGC %KPC 7PKQPG GWTQRGC PQTF#HTKEC /GFKQ1TKGPVG GEEGVGTC +N
SWCFTQRTQFWVVKXQFGNOCKUpKPQNVTGRKWVVQUVQCTVKEQNCVQGUKECTCVVGTK\\C
RGTWPHQTVGFWCNKUOQVTCWPCOKTKCFGFKC\KGPFGFKRKEEQNGFKOGPUKQPK
EJGIGUVKUEQPQWPCSWQVCOQFGUVCFGNNCUWRGT¿EKGGRQEJGOGFKGG
ITCPFKC\KGPFGEJGCUUQTDQPQNCOCIIKQTRCTVGFGINKGVVCTKKPXGUVKVKC
OCKU³.GRKEEQNGC\KGPFGCOCKU±JCURGEK¿ECVQ4QUUGVVQUQPQGUC
TCPPQOGPQRTGUUCVGFCINKQDDNKIJKFGNNC2#%EQOGKNITGGPKPIOQNVG
FKSWGUVGUQPQIGUVKVGKPRCTVVKOGQFCEQPVQVGT\KUVKGSWKPFKNGUEGNVG
UWNN¶QTFKPCOGPVQEQNVWTCNGRTGOKCPQNCUQNW\KQPGRK~UGORNKEGCPEJGUG
GEQPQOKECOGPVGOGPQXCPVCIIKQUC2GTEQPVTQNGC\KGPFGRK~ITCPFK
GIGUVKVGCVGORQRKGPQFGXQPQEGTECTGFKTCIIKWPIGTGWPCUQUVGPKDKNKVi
GEQPQOKECGSWKPFKFQXTCPPQCFGIWCTUKCPEJGCNNGPWQXGFKURQUK\KQPK
KPOCVGTKCFK2#%GRQTTGWPCOCIIKQTGCVVGP\KQPGUKCCINKCURGVVKGEQ
PQOKEKUKCCSWGNNKCITQPQOKEK´
.'#)416'%0+%*'
/CTEQ$GTVQNKPKIGPGVKUVC³DTGGFGT´FK+UVC#ITQCNKOGPVCTG5WFJC
KNNWUVTCVQKN3WCFGTPQFKTKEGTECFGNNC4GIKQPG.QODCTFKC³/CNCVVKG
GFCNVGTC\KQPKFGNOCKU´EJGpUVCVQFKUVTKDWKVQCKRCTVGEKRCPVK³6TCK
SWCNK±JCFGVVQ±PQVQEQPRKCEGTGNCRTGUGP\CFKOQNVKIKQXCPK´
#OGFGQ4G[PGTKFGNN¶7PKXGTUKViFK6QTKPQJCRTGUQNCRCTQNCFQRQNC
RCWUCFGFKECVCCNNCXKUKVCFGINKUVCPFGURQUKVKXKGCNDWHHGVEQPVCPVK
RTQFQVVKVWVVKCDCUGFKOCKUEQORTGUCQXXKCOGPVGNCRQNGPVCEQVVC
CNOQOGPVQ
³&CN RWPVQ FK XKUVC CITQPQOKEQ RGT XCNQTK\\CTG KN OCKU UK RWy HCTG
OQNVQ´JCGUQTFKVQ4G[PGTK³#NVQKPXGUVKOGPVQFKHGUCFGNNCRNCPVWNC
RQVGP\KCOGPVQFGNN¶GCTN[XKIQTFKHGUCHWPIKEKFCFGNNCHQINKCFKHGUCFC
¿VQHCIKGCPEJGN¶KTTKIC\KQPGNQECNK\\CVC'UGEQPN¶CXXGPVQFGNITGG
PKPINCRCTQNCF¶QTFKPGp³FKXGTUK¿EC\KQPG´TKEQTFKCOQEK±JCTKOCT
ECVQEJGSWGUVCPQPpUKPQPKOQFKCXXKEGPFCOGPVQRGTEJoFKXGTUK
¿ECTGUGP\CCXXKEGPFCTGPQPQHHTGCNEWPUKIPK¿ECVKXQXCPVCIIKQ´
/CKNOCKUpCPEQTCWPCEQNVWTCUVTCVGIKECRGTN¶+VCNKC!5tOC³5QNQ
UGNCSWCNKViUCPKVCTKCpCFGIWCVCCNNGTKEJKGUVGFGNNG¿NKGTGUGKNSWC
FTQPQTOCVKXQPQPpVTQRRQRGPCNK\\CPVGUGINKQRGTCVQTKFGNNG¿NKGTC
HCPPQUKUVGOCGUGCDDKCOQNCECRCEKViFKKPPQXCTGRGTTKURQPFGTG
CNNG¿NKGTG´
.'/+%16155+0'
4QDGTVQ%CWUKP¿VQRCVQNQIQFGNN¶7PKXGTUKViFK2CFQXCJCKP¿PGHCVVQ
KNRWPVQUWNNCSWGUVKQPGOKEQVQUUKPGUQVVQNKPGCPFQEJGNCITCPGNNC
FKOCKURTQFQVVCKP2KCPWTC2CFCPCpTGIQNCTOGPVGEQPVCOKPCVCFC
HWOQPKUKPGKPSWCPVKViXCTKCDKNGCUGEQPFCFGNN¶CPFCOGPVQENKOCVK
EQUVCIKQPCNG#SWGUVCVQUUKPCPGNNGCPPCVGRCTVKEQNCTOGPVGECNFG
G UKEEKVQUG EQOG PGN UK CIIKWPIQPQ NG CÀCVQUUKPG OGPVTG
PGNNGCPPCVGOQNVQHTGUEJGGRKQXQUG
EQOGKNKVTKEQVGEGPKG
NQ \GCTCNGPQPG ³1TOCK p EJKCTQ EJG PGNNC EQNVKXC\KQPG FGN OCKU NC
RQUUKDKNGRTGUGP\CFKOKEQVQUUKPGPQPFGXGGUUGTGRK~CHHTQPVCVCEQP
WPCNQIKECFKGOGTIGP\COCXCEQPUKFGTCVCEQOGWPHCVVQTGNCEWK
IGUVKQPG FGXG GUUGTG EQORTGUC PGK PQTOCNK RTQVQEQNNK FK RTQFW\KQ
PGFKSWGUVQEGTGCNG´.CIGUVKQPGFGNNCRTQDNGOCVKECOKEQVQUUKPG
RGTVCPVQ TKEJKGFG WP CRRTQEEKQ KPVGITCVQ EJG EQPUKFGTC PQP WPQ
OCWPCUGTKGFKKPVGTXGPVK³#RCTVKTGFCNNCUEGNVCFGNN¶KDTKFQHCVVCPQP
UQNQKPTGNC\KQPGCINKCURGVVKRTQFWVVKXKKPVGTOKPKFKTGUGSWCPVKVCVKXG
OCEQPUKFGTCPFQCPEJGNGECTCVVGTKUVKEJGEQPPGUUGEQPNCFKXGTUC
RTQRGPUKQPGCNN¶CEEWOWNQFKOKEQVQUUKPG´%CWUKPJCEQPENWUQTKDC
FGPFQ EJG RGT RTGXGPKTG INK UVTGUU FGNNG RKCPVG RQVTGDDG TKUWNVCTG
EQPXGPKGPVGRWPVCTGUWWPKDTKFQEJGOGINKQUKCFCVVCCNNGRQVGP\KC
NKViRTQFWVVKXG
VGTTGPQENKOCOG\\KC\KGPFCNKFKEKCUEWPCC\KGPFC
CITKEQNC
FKURQPKDKNKViFKKTTKIC\KQPGRGTRTKOCUHTWVVCPFQNGCNOGINKQ
RGTEQPUGIWKTPGDGPGUUGTGGECRCEKViRTQFWVVKXGFGTKXCPVK
KXmfcXifkfe[Xjli`Z\iZX#d\iZXk`\Ôc`\i\
&QRQINKKPVGTXGPVKVGEPKEKCNEQPXGIPQFK#UUQOCKUUKpVGPWVC
WPCVCXQNCTQVQPFCCNNCSWCNGJCPPQRCTVGEKRCVQ%CTNQVVC$CNEQPK
%4#FK$GTICOQ.QTGP\Q(WTNCP
8GPGVQ#ITKEQNVWTC)KWUGRRG
%CTNK
#UUQUGOGPVK/CTEQ#WTGNKQ2CUVK
#/+)KWNKQ7UCK
#U
UCN\QQ5KNXCPQ4COCFQTK
7PKOC)KCPHTCPEQ2K\\QNCVQ
#KTGU
G5KNXKQ2GNNCVK
2GNNCVKKPHQTOC
6TCKVCPVKKVGOKGOGTUKNCFKUEWUUKQPGJCFCVQURC\KQCNNCVTKDQ
NCVCSWGUVKQPGFGNNCTKEGTECKP+VCNKCEQPN¶KORGNNGPVGPGEGUUKViFK
KPPQXC\KQPGTGENCOCVCFCKRTQFWVVQTKRGTTKCESWKUVCTGEQORGVKVKXK
ViCVVTCXGTUQN¶CWOGPVQFGNNGTGUGOGFKGHGTOGUWXCNQTKKPHGTKQTK
CNNGOGFKGRTQFWVVKXGFKCNVTK2CGUK2WPVQFGDQNGFGNNCTKEGTECKP
+VCNKCpUKEWTCOGPVGNCOCPECP\CFKHQPFKRGTINKGPVKRTGRQUVKQN
VTGCNN¶KORQUUKDKNKViFKRQVGTHCTGURGTKOGPVC\KQPGUWINK1)/OC
WP¶QVVKOC QRRQTVWPKVi UCTGDDG SWGNNC FK RQVGT FCTG KPFKEC\KQPK
EQPETGVGCINKCITKEQNVQTKEKTECNCVQNNGTCP\CFGINKKDTKFKEQOOGTEKC
NKCNNGRK~FKHHWUGOCNCVVKGHWPIKPG
.CFKUEWUUKQPGJCEQKPXQNVQCPEJGKNXGTUCPVGOGTECVQEQPDWQ
PGRTQDCDKNKViKNOCKUPQPFQXTGDDGUWDKTGWNVGTKQTKECNKFKRTG\\Q
PGKRTQUUKOKCPPKCP\KFQXTGDDGTKIWCFCIPCTGSWCNEJGRQUK\KQPG
GUGpXGTQEJGQIIKNCOCTIKPCNKViFGNNCUQKCpNGIIGTOGPVGRK~
GNGXCVC p CNVTGVVCPVQ XGTQ EJG SWGUVC FKRGPFG OQNVQ UKC FCNNG
SWQVC\KQPKGUVTGOCOGPVGXQNCVKNKCPEJGRGTNCRTQVGQNGCIKPQUC
GFCNNGTGUG
+P¿PGUWNTCRRQTVQKP¿NKGTCRTQFWVVQTKWVKNK\\CVQTK³8CPPQUWRG
TCVGNGXGEEJKGNQIKEJGJCUQVVQNKPGCVQ)KCPHTCPEQ2K\\QNCVQRGT
FKUEWVGTGEQUVTWVVKXCOGPVGEJKRTQFWEGFGXGTGPFGTGRK~ÀWKFC
N¶QHHGTVCFGNNCITCPGNNCPGNVGORQGXKVCPFQFKVGPGTUKKPOCIC\
\KPQKNRTQFQVVQURGTCPFQURGUUQKPXCPQEJGKRTG\\KETGUECPQ
OCpPGEGUUCTKQEJGN¶KPFWUVTKCOCPIKOKUVKECRTGOKKNRTQFQVVQ
PC\KQPCNGKPFKUEWVKDKNOGPVGFKSWCNKViUWRGTKQTGCSWGNNQFKKO
RQTVC\KQPG´
(,
@e]fidXq`fe\gifdfq`feXc\
LA DIABROTICA DEL MAIS: GENERALITÀ
La Diabrotica v. virgifera è riconosciuta la specie più pericolosa tra
gli insetti terricoli del mais per gli
ingenti danni che può determinare, principalmente causati dalle
larve sulle radici. Le larve si muovono nel terreno e raggiungono
l’apparato radicale delle piante di
mais iniziando ad alimentarsi e penetrare nelle radici determinando
l’accorciamento o la loro sparizione e la formazione di fori e gallerie nelle radici rimaste. Le piante
danneggiate presentano un indebolimento dell’apparato radicale
con allettamenti precoci e successivo tentativo di riportarsi in posizione verticale assumendo la caratteristica forma a gomito detta a
«collo d’oca»
Come controllare la diabrotica?
L’avvicendamento risulta tra i metodi di controllo esistenti quello di
maggiore efficacia. L’impiego di altre colture in rotazione garantisce la pressoché totale scomparsa dell’insetto. Le aziende che nello
stesso anno necessitano di coltivare mais da trinciato e rispettare la
priorità di bonifica dei loro terreni dalla diabrotica dispongono di
una grande e nuova opportunità di realizzarla con la semina di varietà KWS del «Team Ronaldinio». Vengono proposti due programmi che rendono possibile produrre trinciato di mais con l’impiego
di ibridi precocissimi di classe FAO 150-200.
(-
2. Non occorre effettuare il trattamento contro la piralide.
3. Controllo diabrotica: nessuna ovideposizione nell’appezzamento
in cui si semina il Sorgo dopo la coltivazione del mais.
4. Primo trinciato di mais di alta qualità disponibile nel nuovo anno
con 40-50 giorni di anticipo rispetto agli ibridi tardivi.
5. L’opportunità di coltivare varietà di Mais KWS super precoci (FAO
150) garantisce un ulteriore anticipo nella raccolta e di conseguenza anticipare la semina del Sorgo
6. Si libera il terreno dal sorgo ad inizio-metà ottobre, in tempo
utile per seminare un cereale autunno-vernino come triticale,
frumento, orzo.
PROGRAMMA 2
PROGRAMMA 1
Da applicare nei terreni con alta infestazione di diabrotica che devono essere assolutamente bonificati.
In questo caso la «bonifica dalla diabrotica» avviene tramite la coltivazione del cereale autunno-vernino (triticale, frumento, orzo)
in quanto la semina del mais nella terza decade di giugno avverrà
dopo lo schiudersi delle uova e il conseguente decesso delle larve
causato dall’assenza delle radici del mais come nutrimento disponibile. Il mais seminato in successione crescerà senza rischi di allettamento.
Da applicare nei terreni con medio/bassa infestazione di diabrotica
dove sia ancora possibile coltivare mais, ma necessitano di una bonifica prima di poter seminare la stessa coltura l’anno successivo.
In questo caso la «bonifica dalla diabrotica» avverrà durante la coltura del sorgo in quanto la presenza significativa del volo degli adulti
maschi e femmine della diabrotica inizia nel momento in cui gli ibridi
del Team Ronaldinio sono già stati trinciati, costringendo gli insetti a
migrare verso altri campi di mais per alimentarsi evitando in tal modo
le ovideposizioni nel terreno coltivato in seconda semina a sorgo.
VANTAGGI PROGRAMMA 1
La rotazione annuale «Team Ronaldinio + Sorgo» permette di raggiungere importanti traguardi produttivi e agronomici:
1. Irrigazioni limitate: le piogge primaverili di norma sono sufficienti. Possono rendersi necessari un paio di interventi tra fine maggio e fine giugno.
VANTAGGI PROGRAMMA 2
La rotazione annuale «cereale + mais» permette l’ottenimento di
importanti traguardi produttivi e agronomici:
1. Permette irrigazioni contenute rispetto all’utilizzo di ibridi più tardivi che costringerebbero a raccolte molto più tardive.
2. Rappresenta la successione ideale dopo un cereale autunnovernino coltivato per trinciato o granella
3. Consente di anticipare la raccolta rispetto ad ibridi tardivi in terza
epoca di semina: in questo modo si riesce a seminare un cerale
a paglia (triticale).
4. Si dispone di un trinciato di mais di alta qualità ottenuto in
un’epoca di semina tradizionalmente a rischio per quanto riguarda l’aspetto qualitativo.
5. Il trattamento tempestivo con insetticidi garantirà inoltre un completo controllo degli adulti di diabrotica ed un efficace controllo
della 2^-3^ generazione della piralide.
6. Saranno necessari alcuni anni prima che la popolazione della
diabrotica torni a raggiungere livelli preoccupanti.
J@E;8:8KFG<EJ@FE8K@M<E<KFN@CGIF>I8DD8;@C8MFIF@CCLJKI8KF;8CGI<J@;<EK<I<>@FE8C<
G\ej`fe`#jXe`k~\j\im`q`
Xd`jliX[`k\iqX\k~
7PC UGTKG FK C\KQPK EQQTFKPCVG KP UKPGT
IKC EQP KN %72.# RGT FCTG EQPETGVG\\C C
VWVVK INK QDKGVVKXK FGN RTQITCOOC KN
%QPUKINKQ FGN 5KPFCECVQ RGPUKQPCVK XGPGVQ
FK %QPHCITKEQNVWTC JC CEEQNVQ N¶KPXKVQ FGN
RTGUKFGPVG .QTGP\Q /CUUKIPCP FK CXXCNGTUK
FGN %QQTFKPCOGPVQ WPKVCTKQ FGK RGPUKQPCVK
FGNNCXQTQCWVQPQOQ
FKEWKKN5KPFCECVQHC
RCTVGKPSWCPVQTCRRTGUGPVCNQUVTWOGPVQ
RK~GH¿ECEGRGTTKEJKCOCTGN¶CVVGP\KQPGFGN
OQPFQRQNKVKEQGFGNNGKUVKVW\KQPKUWNNGEQPFK\KQPKFKITCPFGFKH¿
EQNViPGNNGSWCNKXKXQPQQIIKINKCP\KCPKKP+VCNKC
³.CXKVCFGNN¶CP\KCPQPGNPQUVTQ2CGUGJCFGVVQCNNCTKWPKQPGFGN
%QPUKINKQ KN C /GUVTG ± p TGUC RK~ FKH¿EKNG FCNN¶KPUGPUKDKNKVi FK
WPUKUVGOCRQNKVKEQDWTQETCVKEQEJGpRK~RTGQEEWRCVQFKCWVQC
NKOGPVCTUKEJGFKTKUQNXGTGKRTQDNGOK´/CUUKIPCPJCHQECNK\\CVQ
NGVTGVGOCVKEJGUWNNGSWCNKEQPEGPVTCTGKNNCXQTQFWTCPVGKN
KPPCP\KVWVVQNGRGPUKQPKNCEWKGPVKViRGTINKCITKEQNVQTKp³KTTKUQTKC
CHTQPVGFKEGTVKVTCVVCOGPVKFQTCVKFKEWKUKNGIIGUWKIKQTPCNK´NC
UCPKVi³KEWKVCINK¿PKTCPPQRGTRGPCNK\\CTGUQRTCVVWVVQINKCP\KCPK´
JCTKOCTECVQTKXQNVQCKTCRRTGUGPVCPVKFGNUKPFCECVQRTQXGPKGPVK
FCNNGUGVVGRTQXKPEGXGPGVGGKUGTXK\KKPIGPGTCNG³FCNN¶CUUKUVGP\C
C\ki\Z_`Xm`g\id`^c`fiXi\cXm`kX
[\ccËXeq`Xefj\Zfe[fCfi\eqfDXjj`^eXe
CK VTCURQTVK´ .C UCPKVi KP RCTVKEQNCTG p KPUQFFKUHCEGPVG RGTEJo
PQPXKGPGKPEQPVTQCNNGPGEGUUKViFGKRC\KGPVKFGNNCVGT\CGVi6TCK
OQNVKFKUUGTXK\KNCSWGUVKQPGFGNNGNKUVGF¶CVVGUCUGORTGRK~NWP
IJGPGNNGUVTWVVWTGRWDDNKEJGEQUVTKPIQPQCTKXQNIGTUKCSWGNNGRTK
XCVGUQUVGPGPFQPGKTGNCVKXKCNVKEQUVKRGTCXGTGWPCRRWPVCOGPVQ
KPVGORKDTGXK+PSWGUVQEQPVGUVQKNRTGUKFGPVGJCKPUKUVKVQUWNNC
PGEGUUKViFKRQTTGTKOGFKQCNN¶KPUWH¿EKGPVGXCNQTK\\C\KQPGFGNTWQNQ
FGNOGFKEQFKDCUGEJG±FCVQKNEQPVGUVQRQVTGDDGTCRRTGUGP
VCTGWPCPGNNQFKGUVTGOCKORQTVCP\C
³0oXCVTCUEWTCVCJCEQPENWUQ/CUUKIPCPNCETGUEKVCRTGQEEW
RCPVGFGNNCOKETQFGNKPSWGP\CCNNCSWCNGKNRK~GURQUVQpRTQRTKQ
N¶CP\KCPQEQOGEQPHGTOCPQCPEJGNGUVCVKUVKEJG%KXQINKQPQRK~
FKXKUGKPIKTQGPQPUQNQRGTTGIQNCTGKNVTCH¿EQ´
+N%72.#%QQTFKPCOGPVQWPKVCTKQFGKRGPUKQPCVKFGNNCXQTQCW
VQPQOQpEQORQUVQFCQVVQCUUQEKC\KQPKFKECVGIQTKCKPTCRRTG
UGPVCP\C FGK UGVVQTK FGNN¶CITKEQNVWTC FGNN¶CTVKIKCPCVQ G FGN EQO
OGTEKQ
<E<I>@<I@EEFM89@C@NI@K@IF;<;@:8KF)'(,=@EF8(DN%@CI@:FIJF8CK8I;@:FE=8>I@:FCKLI8
8^^`fieXk``gi\qq`d`e`d`^XiXek`k`
.¶#WVQTKVi RGT N¶GPGTIKC #'')5+ JC TGUQ PQVK K RTG\\K OKPKOK
ICTCPVKVKRGTN¶CPPQRGTINKKORKCPVKCNKOGPVCVKCHQPVKTKPPQ
XCDKNKFKRQVGP\CGNGVVTKEC¿PQC/9
+PRTGEGFGP\CN¶#WVQTKViCXGXCFG¿PKVQPQPUQNQNCPWQXCUVTWV
VWTCGKPWQXKXCNQTKFGKRTG\\KOKPKOKICTCPVKVKKPXKIQTGFCN‚
IGPPCKQOCCPEJGKETKVGTKRGTN¶CIIKQTPCOGPVQFGKRTG\\K
OKPKOKICTCPVKVKTGNCVKXKCINKCPPKUWEEGUUKXKCN5WNNCDCUG
FGK FCVK +UVCV NC XCTKC\KQPG FGNN¶CPPQ TKURGVVQ CNN¶CPPQ
pTKUWNVCVCRCTKCGRGTVCPVQKRTG\\KOKPKOKICTCP
VKVKXKIGPVKTKUWNVCPQKPETGOGPVCVKFKVCNGXCNQTGRGTEGPVWCNGRGTKN
8CKPQNVTGTKEQTFCVQEJGCRCTVKTGFCN‚IGPPCKQKN
³TKVKTQFGFKECVQ´pUVCVQRTQHQPFCOGPVGOQFK¿ECVQEQPN¶KPVGP
VQFKEJKCTCVQFKTKFWTTGN¶KORCVVQFGNNCEQORQPGPVGVCTKHHCTKC#
UWNNGDQNNGVVG%QPHCITKEQNVWTCCUGIWKVQFKVCNGOQFK¿EJGJC
RTGUGPVCVQTKEQTUQCN6#4FGNNC.QODCTFKC
N¶WFKGP\CFKOGTKVQp
¿UUCVCRGTKNOCIIKQ
5WEEGUUKXCOGPVG KPQNVTG N¶#WVQTKVi RGT N¶GPGTIKC JC TKFG¿PKVQ
UGORTGEQPGHHGVVQCRCTVKTGFCN‚IGPPCKQN¶CODKVQ
FKCRRNKEC\KQPGFGKRTG\\KOKPKOKICTCPVKVKRTGEKUCPFQEJGEQUC
UKKPVGPFGRGT³RQVGP\CPQOKPCNG´PGNECUQFKKORKCPVKHQVQXQNVCK
EKG³RQVGP\CGNGVVTKEC´PGNECUQFKKORKCPVKKFTQGNGVVTKEK
&CNNC NGVVWTC EQODKPCVC FGNNG FKXGTUG FKURQUK\KQPK PQTOCVKXG TK
UWNVCEJG
†UKCRRNKECPQKRTG\\KOKPKOKICTCPVKVKUVCDKNKVKFCNN¶#WVQTKViCINK
KORKCPVK HQVQXQNVCKEK FK RQVGP\C PQOKPCNG ¿PQ C M9 G C
SWGNNK KFTQGNGVVTKEK FK RQVGP\C GNGVVTKEC ¿PQ C M9 SWCNQ
TCIQFCPQIKiFKKPEGPVKXKPQPEJoCINKKORKCPVKKFTQGNGVVTKEKFK
RQVGP\C PQOKPCNG OGFKC CPPWC ¿PQ C /9 G CINK KORKCPVK
CNKOGPVCVKFCNNGCNVTGHQPVKTKPPQXCDKNKFKRQVGP\CCVVKXCPQOKPC
NG¿PQC/9CEQPFK\KQPGEJGPQPIQFCPQFKKPEGPVKXKUWNNC
RTQFW\KQPGGNGVVTKEC
†UKCRRNKECPQKRTG\\K\QPCNKQTCTKRGTVWVVGNGVKRQNQIKGFKKORKCPVK
CHQPVKTKPPQXCDKNKKPTGIKOGFKTKVKTQFGFKECVQGPQPEQORTGUG
PGNRWPVQRTGEGFGPVGGEKQpKORKCPVKCHQPVKTKPPQXCDKNKKPEGP
VKXCVK¿PQC/9KORKCPVKCHQPVKTKPPQXCDKNKKPEGPVKXCVKGPQP
FKRQVGP\CUWRGTKQTGC/9
+P¿PGUGCNVGTOKPGFKEKCUEWPCPPQUQNCTGKNRTQFQVVQVTCKRTG\\K
OKPKOKICTCPVKVKGNCSWCPVKViFKGPGTIKCGNGVVTKECCFGUUKTKHGTKVC
pKPHGTKQTGCNRTQFQVVQVTCKRTG\\K\QPCNKQTCTKGNCUVGUUCSWCPVKVi
FKGPGTIKCGNGVVTKECKN)5'TKEQPQUEGCEQPIWCINKQKRTG\\K\QPCNK
QTCTK
&GNKDGTC4GHT
&GNKDGTCFGNN¶#WVQTKViRGTN¶GPGTIKCP4'(4FGN
FKEGODTGG&NP³&GUVKPC\KQPG+VCNKC´EQPXGTVK
VQKP.GIIGHGDDTCKQP
&GNKDGTCP4'(4FGNCRTKNG
(.
=LIK@@E8Q@<E;8NI<:IL;<J:<EQ8;<CC8JFKKI8Q@FE<;@9<JK@8D<%D88E:?<;@D<QQ@8>I@:FC@
(/
=fkf1Cl`jXIfjX
@ci`kfief
[\ccËXY`^\Xkf`eM\e\kf
Cl`jXIFJ8
+N XKEGRTGUKFGPVG FGK IKQXCPK FK %QPHCITKEQNVWTC 4QXKIQ #PFTGC
/G\\CPCVQ VKVQNCTG FK WP¶C\KGPFC \QQVGEPKEC RGT NC RTQFW\KQPG FK
ECTPG DQXKPC C 2QTVQ 8KTQ HCEGPFQUK RQTVCXQEG FK PWOGTQUK CNNG
XCVQTKJCUETKVVQCFCWVQTKViGKUVKVW\KQPKRGTUGPUKDKNK\\CTNKUWNVGOC
FGNN¶CDKIGCVQ
HWTVQFKDGUVKCOGWPHGPQOGPQEJGKP8GPGVQFQRQ
WPCRCWUCFKSWCNEJGCPPQJCTKRTGUQCETGUEGTGGSWKPFKXCCH
HTQPVCVQEQPKORGIPQ
+NRTGUKFGPVGEQPHGFGTCNG/CTKQ)WKFKJCRTQOGUUQFKRQTVCTGKNRTQDNG
OCCNN¶CVVGP\KQPGFGNNC)KWPVCGFGINKWH¿EKFGNN¶1TICPK\\C\KQPGUKCRGT
=i\hl\ek`\i`g\klk`XeZ_\`eleXjk\jjXXq`\e[X`]lik`[`Xkki\qq`\kiXkkfi`%
D\qqXeXkf8e^XIfm`^f 1
ÈE\Z\jjXi`f]\idXi\`c]\efd\efÉ%
@cgi\j`[\ek\[`:fe]X^i`ZfckliX>l`[`
Xjj`ZliXcË`dg\^ef[\ccËFi^Xe`qqXq`fe\
SWCPVQTKIWCTFCNCUGPUKDKNK\\C\KQPGFGKUQIIGVVKKPVGTGUUCVKUKCRGTINK
CURGVVKKPGTGPVKNCSWCNK¿EC\KQPGFGNTGCVQGN¶CURGVVQCUUKEWTCVKXQ
+P 8GPGVQ EQOG JC FGPWPEKCVQ )KWNKCPQ /CTEJGUKPK FKTGVVQTG FK
7PKECTXG FCNNG EQNQPPG FGN )C\\GVVKPQ FK 8GPG\KC KN FKEGODTG
UEQTUQPFTPGNIKTQFKRQEJKIKQTPKFKFKUVCP\CN¶WPQFCNN¶CNVTQUK
UQPQXGTK¿ECVKUGVVGHWTVK³5QPQURCTKVKPGNPWNNCQNVTGVQTKWP
FCPPQEJGU¿QTCKOKNCGWTQEKTEC'TCPQCNOGPQUGKCPPKEJG
PQPCEECFGXCRK~PWNNCSWCPFQXGPPGUIQOKPCVCNCDCPFCXGTQPG
UGEJGUKGTCTGUCTGURQPUCDKNGFKHWTVKEQPCTTGUVK©
.CUQVVTC\KQPGFKDQXKPKCIITCXCNCUKVWC\KQPGFGNEQORCTVQKPHCVVK
UGUQNQ¿PQCSWCNEJGCPPQHCEQPOKNCECRKNCRTQFW\KQPGPGNNC
PQUVTCTGIKQPGEQRTKXCKNRGTEGPVQFGNNCECTPGKVCNKCPCQIIKRGTK
EKTECOKNNGCNNGXCOGPVKFKDQXKPKFCECTPGXGPGVKKNRGTKQFQPQPpFGK
OKINKQTKCNNCDQTUCOGTEKFK/QFGPCNCECTPGXCNGGWTQCNEJKNQ
EQPVTQKFGNEQUVQFKRTQFW\KQPG
0GN OKTKPQ FGK NCFTK EK UQPQ CNNGXCOGPVK PGN $CUUQ 4QFKIKPQ 8G
TQPGUG2CFQXCPQG8KEGPVKPQ+HWTVKJCPPQVWVVKNCOGFGUKOCEC
TCVVGTKUVKECUVCNNGEQPWPCEEGU
UQ HCEKNG CNNG ITCPFK UVTCFG FGN
VTCH¿EQ + VQTK XGPIQPQ ECTKECVK
UWECOKQPRGTDGUVKCOG
URGUUQ
TWDCVKNCEQPUGIWGP\CpEJGKP
RQEQ VGORQ XGPICPQ OCEGNNCVK
ENCPFGUVKPCOGPVG G ¿PKUECPQ
KP SWCNEJG DCPEQ XGPFKVC KP
DCTDC CK EQPVTQNNK FK VTCEEKCDK
NKVi G EQOG UQVVQNKPGC #PFTGC
/G\\CPCVQ ³Ê OQNVQ RTQDCDKNG
N¶KOOKUUKQPG UWN OGTECVQ CPEJG
FKCPKOCNKOCPECPVKFGKTGSWKUKVK
8e[i\XD\qqXeXkf
UCPKVCTK QDDNKICVQTK KP DCUG CNNC
PQTOCVKXCEQOWPKVCTKCEJGKPFK
ECRTGEKUGFKURQUK\KQPKUWNNCNQTQOGUUCKPEQOOGTEKQ&KURQUK\KQPK
EJGINKCNNGXCVQTKKVCNKCPKTKURGVVCPQRGTOQFCNKViGVGORKICTCPVGP
FQKPVCNOQFQEQPHQTOKViGSWCNKViFGNRTQRTKQRTQFQVVQGNCUCNWVG
FGNEQPUWOCVQTG´
2GTTKUQNXGTGKNRTQDNGOC7PKECTXGRTQRQPGKN&PC³2QEJGFGEKPGFK
GWTQGKNVTCH¿EQUCTGDDGFGDGNNCVQURKGIC/CTEJGUKPK³'UKUVQPQ
OCTEJK CWTKEQNCTK EJG EQP KN ³RCUUCRQTVQ´ FGN DQXKPQ EQPVGPIQPQ
CPEJGKN&PC+FCVKUKHCNUK¿ECPQKN&PCPQ+PWPOQOGPVQKPEWK
UKCOQKPXCUKFCECTPGRTQXGPKGPVGFCNNC2QNQPKCFKXGPVCKPFKURGPUC
DKNGTKWUEKTGCFCXGTGNCEGTVG\\CFGNNCRTQXGPKGP\CFGNDGUVKCOG´
/G\\CPCVQ
EJGPGNJCUWDtVQKNHWTVQFKXKVGNNQPKFCOCEGNNQ
p FGN RCTGTG EJG CPEJG SWGUVQ UKUVGOC PQP UKC UWH¿EKGPVG C ¿PG
PQXGODTGUQPQUVCVKKECRKTWDCVKCWPCNNGXCVQTGFK%CUVG
NPQXQ$CTKCPQ
4QXKIQGKNCFTKJCPPQUQVVTCVVQCPEJGEGTVK¿ECVK
FKRTQXGPKGP\CGCNNGXCOGPVQFGNDGUVKCOG+PSWGUVQOQFQQNVTGCK
XKVGNNK UK UQPQ KORQUUGUUCVK FGK FQEWOGPVK EJG EGTVK¿ECPQ NC VTCE
EKCDKNKViICTCPVGPFQUKNCRQUUKDKNKViFKEQOOGVVGTGCNVTKKNNGEKVKURCE
EKCPFQRGTFQVCVKFKRCUUCRQTVQECRKEJGPQPNQUQPQ³%QOGRGTKN
RCUUCRQTVQCPEJGWPCWTKEQNCTGEQP&PCPQPpUWH¿EKGPVGCHGTOCTG
KHWTVKEQPUKFGTCVQEJGKECRKXGPIQPQOCEGNNCVKGUG\KQPCVKKPOCEGNNK
ENCPFGUVKPKPGKSWCNKUKHCNUK¿ECPQCPEJGKFQEWOGPVKPGEGUUCTKCNNC
EQOOGTEKCNK\\C\KQPGFGNNGECTPK´UGEQPFQ/G\\CPCVQRGTN¶CNNGXCVQTG
UKVTCVVGTGDDG³UQNCOGPVG´FKCIIKWPIGTGCNVTCECTVCCSWGNNCEQPNC
SWCNGJCIKiVTQRRQCEJGHCTGQIPKIKQTPQUGP\CEQPUKFGTCTGKNHCVVQ
EJGUKFQXTGDDGKUVKVWKTGWPWNVGTKQTGUKUVGOCFKEQPVTQNNQFGN&PCFGNNG
ECTPKUWUECNCPC\KQPCNGEQPWPEQPUGIWGPVGCWOGPVQFKDWTQETC\KC
GFGKEQUVKRGTKNEQPUWOCVQTGGEQPITCPFGKPEGTVG\\CUWNNCHCVVKDKNKVi
FKEQPVTQNNQFGNNGECTPKFKKORQTVC\KQPGEJGEQOWPSWGEQPVKPWGTGD
DGTQCFGUUGTGCESWKUVCVGFCINKQRGTCVQTKPC\KQPCNK³&CPQPFKOGP
VKECTGEJGINKCPKOCNKTWDCVKRQVTGDDGTQGUUGTGEQOOGTEKCNK\\CVKHWQTK
FCNN¶+VCNKCQCFFKTKVVWTCHWQTKFCNNC'7RGTVCPVQKPCTGGKPEWKN¶GUCOG
FGN&PCPQPEKUCTGDDG+PQIPKECUQIKiCNOQOGPVQFGNHWTVQRGT
N¶CNNGXCVQTGEKUCTGDDGWPFCPPQEQPETGVQGFKOOGFKCVQ´
+NXKEGRTGUKFGPVG#PIC4QXKIQQUUGTXCKPQNVTGEJGN¶CDKIGCVQGTCRWPKVQ
FCN%QFKEG2GPCNGEQOGKRQVGUKFKHWTVQCIITCXCVQEQPNCRTGXKUKQPG
FGNN¶CIITCXCPVGKNNGIKUNCVQTGKPVGPFGXCKUVKVWKTGWPCURGEKCNGRTQVG\KQ
PGCHCXQTGFGNRCVTKOQPKQ\QQVGEPKEQGFGNN¶GEQPQOKCCITKEQNC/C
QIIK PQP p RK~ EQUt RGTEJo EQPUKFGTCVQ FK UECTUC TKNGXCP\C UQEKC
NGPGNN¶CDKIGCVQpUVCVQFGRGPCNK\\CVQFCNNCNGIIGIKWIPQ
P
PQVCEQOG.GIIGUWNNCFGRGPCNK\\C\KQPGGFCNFGETGVQ
NGIKUNCVKXQFKEGODTGP
%CRQ++CTVKEQNKG
³+HWTVKPGNNGC\KGPFGCITKEQNGPQPUKNKOKVCPQCNNGTC\\GDQXKPGOC
UK CNNCTICPQ CPEJG CN EQORCTVQ UWKPKEQNQ GF CXKEQNQ´ RTQUGIWG
/G\\CPCVQ'TC\\KGPQVVWTPGUQPQRWTVTQRRQHTGSWGPVKUUKOGCPEJG
TGNCVKXCOGPVGCKOG\\KCITKEQNKFKQIPKVKRQVTCVVQTKUGOKPCVTKEKIG
PGTCVQTKFKEQTTGPVGRPGWOCVKEKICUQNKQOQVQ\CRRGFGEGURWINKC
:Xie`%<k`Z_\kkX[Ëfi`^`e\
.G ECTPK WVKNK\\CVG EQOG KPITGFKGPVG PGK RTQFQVVK CNKOGP
VCTK VTCUHQTOCVK RTQPVK Q UWTIGNCVK VQTVGNNKPK JCODWTIJGT
ETQEEJGVVG GEEGVGTC FQXTGDDGTQ RTGXGFGTG N¶KPFKEC\KQPG
FGNRCGUGFKQTKIKPGUWNNGGVKEJGVVGEQOGCXXKGPGIKiRGTNG
ECTPKDQXKPGHTGUEJG3WGUVCNCEQPENWUKQPGRTKPEKRCNGFGNNC
TKUQNW\KQPGCRRTQXCVCN¶HGDDTCKQFCN2CTNCOGPVQGWTQRGQ
C5VTCUDWTIQ&QRQN¶GVKEJGVVCF¶QTKIKPGQDDNKICVQTKCRGTNC
ECTPGHTGUECQEQPIGNCVCFKOCP\QGUVGUCCRCTVKTGFCNRTQU
UKOQCRTKNGCPEJGCRQNNKOCKCNKRGEQTGGECRTGKN2CTNC
OGPVQCEEQINKGEQUtNCTKEJKGUVCFKOCIIKQTGVTCURCTGP\CFGK
EQPUWOCVQTKGKPXKVCNC%QOOKUUKQPGGWTQRGCCRTGUGPVCTG
RTQRQUVGNGIKUNCVKXG³KPOQFQFCTKEQPSWKUVCTGNC¿FWEKCFGK
EQPUWOCVQTK FQRQ NQ UECPFCNQ FGNNC ECTPG GSWKPC G CNVTG
HTQFKCNKOGPVCTK´
VQTK KORKCPVK FK KTTKIC\KQPG RTQFQVVK .C NKUVC p NWPIC G FGUVKPCVC
CFCNNWPICTUKEQNRGPFQNGC\KGPFGCITKEQNGFKVWVVC+VCNKCEQPWPQ
UVKNNKEKFKQKPCVVQQTOCKFCFKXGTUKCPPKEJGHCRGPUCTGCFWPVTCH¿EQ
QTICPK\\CVQFKTGVVQXGTUQK2CGUKFGNN¶'UV'WTQRCOCCPEJGGPVTQK
EQP¿PKKVCNKCPK
ÊSWCPVQOCKWTIGPVGWPRKCPQFKTCHHQT\COGPVQFGNN¶CVVKXKViFKEQP
VTQNNQ FGNNG HQT\G FGNN¶QTFKPG UWN VGTTKVQTKQ %QPHCITKEQNVWTC 4QXKIQ
IKiPGINKCPPKUEQTUKCXGXCUQNNGEKVCVQRK~XQNVGWPKPVGTXGPVQKPVCN
UGPUQCKEQORGVGPVKWH¿EKRWDDNKEKOCNCDWQPCXQNQPViGURTGUUC
PQP p UVCVC UQTTGVVC FC WP CFGIWCVQ CRRQTVQ FK WQOKPK G OG\\K
FGNN¶QTFKPG
³1NVTGCWPCWURKECDKNGECODKCOGPVQFGNNCNGIKUNC\KQPGEQPRGPG
KFQPGG C UEQTCIIKCTG K (WTVK EQPENWFG #PFTGC /G\\CPCVQ NG
C\KGPFG\QQVGEPKEJGRK~EJGKPCNVTGECTVGGFQEWOGPVKQTOCKVWVVK
HCNUK¿ECDKNKFQXTGDDGTQKPXGUVKTGKPUKUVGOKF¶CNNCTOGGH¿ECEKEQNNG
ICVKEQPNGHQT\GFGNN¶QTFKPGGEQCFKWXCVKFCKORKCPVKGNGVVTKEKCWVQ
PQOKPQPEJoFKWPUGTXK\KQFKEQPVTQNNQGHHGVVWCVQFCRTKXCVK7PC
VWVGNC³HCKFCVG´EJGRQUUCRTQVGIIGTGC‚WP¶C\KGPFCCITKEQNC
FCNDGUVKCOGCKOCEEJKPCTKCNICUQNKQ0CVWTCNOGPVGKNVWVVQCXTGDDG
WP¶KPEKFGP\CEJGRGTyUKCIIKWPIGCKEQUVKIKiKPUQUVGPKDKNKFGNNC
RTQFW\KQPG´
J\q`feXk``edXZ\cc`ZcXe[\jk`e`#`Yfm`e`g\i[feff^e`i`ekiXZZ`XY`c`k~%
(0
=@KFJ8E@K8I@N>C@JK8E;8I;;@HL8C@KÁ8D9@<EK8C<8KLK<C8;<CC<8:HL<E<CI8GGFIKF@JGI8
:XcXefc\ZfekXd`eXq`fe`
[fmlk\XccXqffk\Ze`X
ÊUVCVQRTGUGPVCVQFC+524#³+NTCRRQTVQPC\KQPCNGRGUVKEKFKPGNNGCESWG´
GFK\KQPGEJGUKTKHGTKUEGCKFCVKFKOQPKVQTCIIKQTGNCVKXKCINKCPPK
.CRTKOCGNCDQTC\KQPGFGNNQUVWFKQJCOGUUQKPGXKFGP\CEJG
†NCOCIIKQTRCTVGFGNVGTTKVQTKQ
FCNCNCUGEQPFCFGNNG4GIKQPK
KPFKRGPFGPVGOGPVGFCNITCFQFKRGTKEQNQCFGUUQCUUQEKCDKNGpRTGXCNGP
VGOGPVGUQIIGVVQCNNCRTGUGP\CFKUQTIGPVKOWNVKRNG
†KNEQPVTKDWVQ³RTGXCNGPVG´FKPCVWTC³\QQVGEPKEC´EQUKEQOGSWGNNQ³EKXKNG´
KPVGTGUUCPQPGNNCOCIIKQTRCTVGFGKECUKPQPRK~FGNFGNNGUWRGT¿EK
TGIKQPCNK
†NCUQTIGPVGOKPGTCNGRTGXCNGPVGKPVGTGUUCFCWPOKPKOQFGNCFWP
OCUUKOQFGNFGNNGUWRGT¿EKTGIKQPCNK
0GNKPRCTVKEQNCTGNGKPFCIKPKJCPPQTKIWCTFCVQRWPVKFKECORKQ
PCOGPVQGECORKQPKGEQORNGUUKXCOGPVGUQUVCP\G
5QPQUVCVKTKPXGPWVKRTKPEKRKCVVKXKPGNFGKRWPVKEQPVTQNNCVKPGNNG
CESWGUWRGT¿EKCNK
PGNFGKRWPVKEQPVTQNNCVKPGNNGCESWGUQVVGTTCPGG0GNNGCESWG
UWRGT¿EKCNKRWPVKFKOQPKVQTCIIKQ
FGNVQVCNGJCPPQEQPEGPVTC
@c^c`]fjXk\j]fiX`c`d`k`[`c\^^\#
dXcË\iY`Z`[X…ljXkfXeZ_\
`eqfe\`e[ljki`Xc`\Z`m`c`
\KQPKFKRTKPEKRKCVVKXKUWRGTKQTKCKNKOKVKFKNGIIGEQPRCTVKEQNCTGTKHGTKOGPVQ
CINKHQUCVGGKNUWQOGVCDQNKVC#/2#OGVQNCENQTVTKEKENC\QNQQZCFKC\QP
VGTDWVKNC\KPCGKNUWQRTKPEKRCNGOGVCDQNKVCOGPVTGPGNNGCESWGUQVVGTTCPGG
JCPPQEQPEGPVTC\KQPKFKRTKPEKRKCVVKXKUWRGTKQTKCKNKOKVKFKNGIIGRWPVK
FGNVQVCNG+PVCNGCODKVQNGUQUVCP\GTKPXGPWVGRK~HTGSWGPVGOGPVG
UQPQDGPVC\QPGOGVCNCZKNVGTDWVKNC\KPCGFGUGVKNVGTDWVKNC\KPCCVTC\KPCG
CVTC\KPCFGUGVKN QZCFKZKN KOKFCENQRTKF QZCFKC\QP DTQOCEKNG FKENQTQ
DGP\COOKFGOGVQNCENQT8GFKCOQWPCUKPVGUKFGNOQPKVQTCIIKQ
).+(15#6'%1
ÊFCTKNGXCTGEQOGPGNNGCESWGUWRGT¿EKCNKKNOCIIKQTPWOGTQFKUWRGTC
OGPVKpFCVQFCNINKHQUCVGGFCNUWQOGVCDQNKVC³CORC´TKURGVVKXCOGPVGPGN
GPGNFGKUKVKOQPKVQTCVK
Min
Max
< SQA
< LOQ
Totali
> SQA
< SQA
< LOQ
Totali
ANNO 2012
ACQUE SOTTERRANEE
PUNTI MONITORAGGIO
ACQUE SUPERFICIALI
PUNTI MONITORAGGIO
LQ (μg/L)
> SQA
)'
Sostanze cercate
KXY\ccX[\`c`m\cc`[`ZfekXd`eXq`fe\
53
31
0,001
0,010
0,050
0,050
0
0
6
0
22
16
28
16
7
20
93
120
Abruzzo
Basilicata*
Calabria
Campania*
Emilia-Romagna
Friuli-Venezia Giulia*
Lazio
Liguria
Lombardia
Marche
Molise
Piemonte
Puglia**
Sardegna
Sicilia
Toscana
Umbria
Valle d’Aosta
Veneto
Provincia di Bolzano
Provincia di Trento
89
82
20
36
3
57
44
0,001
0,010
0,010
0,005
0,001
0,004
0,001
0,100
0,050
0,050
0,100
0,050
2,500
0,500
1
14
0
1
0
171
5
16
98
14
0
0
30
28
47
51
20
5
9
114
65
64
163
34
6
9
315
98
1
8
21
0
1
36
75
0
107
182
41
17
109
226
137
17
43
0
149
3
262
47
454
50
67
76
65
158
75
78
87
115
191
83
0,002
0,001
0,001
0,005
0,005
0,010
0,010
0,000
0,001
0,030
0,020
0,300
1,000
0,300
0,190
0,050
0,300
0,100
0,500
0,500
15
0
1
2
7
1
0
34
0
1
74
1
2
13
33
10
0
82
3
5
19
57
105
30
105
6
15
73
3
39
108
58
108
45
145
17
15
189
6
45
32
0
2
31
1
1
0
5
0
0
170
1
8
47
31
3
0
67
1
0
152
12
67
85
246
86
55
162
14
12
354
13
77
163
278
90
55
234
15
12
ITALIA
349
253
415
801
1469
152
612
1640
2404
* dati 2011. (**) acque sotterranee, dati 2011.
35
30
25
20
15
10
5
0
Campioni / Sostanze
40
100
90
80
70
60
50
40
30
20
10
0
100
90
80
70
60
50
40
30
20
10
0
Campioni / Sostanze
8'0&+6'
2QUKVKXKUQPQCPEJGKFCVKTGNCVKXKCNNGXGPFKVGFKRTQFQVVK¿VQUCPKVCTK+FCVK
+56#6KPFKECPQWPCUGPUKDKNGFKOKPW\KQPGFGNNGXGPFKVGFKRTQFQVVK¿VQUCPK
VCTKKHQTOWNCVKUQPQRCUUCVKFCCVQPPGNNCVG
K
RTKPEKRK CVVKXK JCPPQ CXWVQ WP ECNQ RK~ OCTECVQ RCUUCPFQ FC C
VQPPGNNCVG
ÊFKOKPWKVCKPQNVTGKPOQFQRK~EJGRTQRQT\KQ
PCNG
NCSWCPVKViFGKRTQFQVVKRK~RGTKEQNQUK
OQNVQVQUUKEKGVQUUKEK
OGPVTGpCWOGPVCVCSWGNNCFGKRTQFQVVKPQEKXK
3WGUV¶WNVKOQFCVQUGODTCGXKFGP\KCTGWPRK~ECWVQKORKGIQFGNNGUQUVCP\G
KPCITKEQNVWTCEQUCRGTCNVTQHCXQTKVCFCNNCRQNKVKECCITKEQNCEQOWPKVCTKCGPC
\KQPCNGGFCNN¶CFQ\KQPGFKVGEPKEJGFKFKHGUC¿VQUCPKVCTKCCOKPQTGKORCVVQ
ACQUE SUPERFICIALI - PESTICIDI TOTALI
45
Frequenza di ritrovamento (%)
%KyCPEJGKPTGNC\KQPGCNHCVVQEJGKNINKHQUCVGGTDKEKFCPQPUGNGVVKXQKORKG
ICVQUKCPGNNGEQNVKXC\KQPKCTDQTGGGFGTDCEGGEJGPGNNGCTGGPQPFGUVKPCVG
CNNGEQNVWTGCITCTKG
KPFWUVTKCNKEKXKNKCTIKPKUEQNKPGGEEGVGTCpWPCFGNNG
UQUVCP\GRK~XGPFWVGCNKXGNNQPC\KQPCNGGNCUWCRTGUGP\CPGNNGCESWGp
CORKCOGPVGEQPHGTOCVCCPEJGFCFCVKKPVGTPC\KQPCNK
8CEQOWPSWGTKNGXCVQEJGKNUWQOQPKVQTCIIKQpGHHGVVWCVQUQRTCVVWVVQKP
.QODCTFKCFQXGNCUQUVCP\CpRTGUGPVGPGNFGKRWPVKFKOQPKVQTCI
IKQFGNNGCESWGUWRGT¿EKCNKGKNUWQOGVCDQNKVCCORCPGN/GPQ
HTGSWGPVGpNCRTGUGP\CPGNNGCESWGUQVVGTTCPGGFQXGKNINKHQUCVGpRTGUGPVG
QNVTGKNNKOKVGKPFWGRQ\\KGN¶CORCKPEKPSWGRQ\\K
)NKGTDKEKFKVTKC\KPKEKCVTC\KPCUKOC\KPCVGTDWVKNC\KPCGKOGVCDQNKVKCVTC\KPC
FGUGVKNVGTDWVKNC\KPCFGUGVKNUQPQKPXGEGVTCNGUQUVCP\GRK~TKPXGPWVGPGNNG
CESWGUWRGT¿EKCNKGKPSWGNNGUQVVGTTCPGG#GEEG\KQPGFGNNCVGTDWVKNC\KPCVWV
VGNGCNVTGUQUVCP\GPQPUQPQRK~CWVQTK\\CVGKP'WTQRC#PEJGCNVTGUQUVCP\G
TKNGXCVGPGNEQTUQFGNOQPKVQTCIIKQEQOGKNOGVQNCENQTGKNDGP\CVQPGUQPQ
UVCVGTGXQECVGQJCPPQUWDKVQNKOKVC\KQPKF¶WUQIKiFCOQNVQVGORQ%Ky
OGVVGKPGXKFGP\CEJGNCOCIIKQTRCTVGFGNNGEQPVCOKPC\KQPKTKNGXCVGUQPQ
TKEQPFWEKDKNKCNN¶CORKQWVKNK\\QFKCNEWPKRTKPEKRKCVVKXKPGNRCUUCVQGCNNCNQTQ
RGTUKUVGP\CCODKGPVCNGOGPVTGRGTSWCPVQTKIWCTFCNCOCIIKQTRCTVGFGK
RTKPEKRKCVVKXKCVVWCNOGPVGWVKNK\\CVKUKRWyCHHGTOCTGEJGKNEQORCTVQCITKEQ
NQEQPKNUWRRQTVQFGNNGKPPQXC\KQPKKPOCVGTKCCFQVVCVGEPKEJGEJGJCPPQ
TKFQVVQPQVGXQNOGPVGNGFKURGTUKQPKFKRTQFQVVQPGNN¶CODKGPVG+PRTQRQUKVQ
OQNVQKPVGTGUUCPVKUQPQKITC¿EKGKPEWKUKTKRQTVCN¶CPFCOGPVQPGNRGTKQ
FQFGNNCHTGSWGP\CFKTKVTQXCOGPVQFKCITQHCTOCEKPGNNGCESWG
UWRGT¿EKCNKGUQVVGTTCPGG
VTGPFKPFKOKPW\KQPGEQPHTQPVCVQEQPKNPWOGTQ
FKUQUVCP\GEGTECVGGKNPWOGTQFKECORKQPKRTGNGXCVQ
VTGPFKPCWOGPVQ
>I8=@:@(\)$=i\hl\eqX[`i`kifmXd\ekf
\Xdg`\qqX[\cdfe`kfiX^^`fe\cc\XZhl\
jlg\iÔZ`Xc`\jfkk\iiXe\\
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Frequenza di ritrovamento (%)
Campioni totali
Sostanza cercata
ACQUE SOTTERRANEE - PESTICIDI TOTALI
45
Frequenza di ritrovamento (%)
:fe]X^i`ZfckliX1fiXelfm\Xq`fe`
Xc`m\ccfeXq`feXc\\[\lifg\f
40
35
30
25
20
15
10
5
0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Frequenza di ritrovamento (%)
Campioni totali
Sostanza cercata
K8MFCFE@KI8K@NC<I@:?@<JK<;@:FE=8>I@:FCKLI8;FGF@I@JLCK8K@;<CCFJKL;@F@JGI8
Efid\Z\ik\g\i`c[`^\jkXkf\elfm`Zi`k\i`g\ic\QME
#NNCNWEGFGKTKUWNVCVKHQTPKVKFCNNQUVWFKQ+URTCKNXKEGRTGUKFGPVGFK
%QPHCITKEQNVWTC '\KQ 8GIIKC CN VGTOKPG FGN UGOKPCTKQ FK RTGUGPVC
\KQPGFGNTCRRQTVQKNIGPPCKQUEQTUQCXGXCUWDKVQUQNNGEKVCVQCK
OKPKUVTK FGNNG 2QNKVKEJG CITKEQNG G FGNN¶#ODKGPVG /CTVKPC G )CNNGVVK
WPC TCRKFC FG¿PK\KQPG FGNNG C\KQPK PGEGUUCTKG RGT FCTG TKURQUVG CN
UGVVQTG\QQVGEPKEQCNRTQUUKOQ³6CXQNQ0KVTCVK'KN6CXQNQVGPWVQUKKN
HGDDTCKQEQPKOKPKUVTKGNG4GIKQPKJCEQPHGTOCVQEJGKPDCUG
CNNQUVWFKQ+524#EKUQPQNGEQPFK\KQPKRGTHCTGWPWNVGTKQTGRCUUQ
CXCPVKPGNNCUGORNK¿EC\KQPGFGINKCFGORKOGPVKDWTQETCVKEKGVGEPKEK
RGTKNUGVVQTG\QQVGEPKEQ
)NKQDKGVVKXKKPFKECVKUQPQSWGNNKFKGOCPCTGTCRKFCOGPVGKNFGETGVQ
FKIGUVCVQEQPCNEWPGUGORNK¿EC\KQPKPGNNCIGUVKQPGFGINKGHÀWGPVKG
TGIQNG RGT N¶WVKNK\\Q CITQPQOKEQ FGN FKIGUVCVQ UW EWK C DTGXG XGTTi
HQTPKVQKNRCTGTGFGNNC%QOOKUUKQPGGWTQRGCTKPPQXCTGNCTKEJKGUVCFK
FGTQICCPEJGUGTKIWCTFCWPPWOGTQNKOKVCVQFKC\KGPFG\QQVGEPKEJG
RTQEGFGTG CNN¶CIIKQTPC
OGPVQ FGNNG CTGG XWNPGTC
DKNK 4KURGVVQ C SWGUV¶WNVK
OQRWPVQKOKPKUVTKJCPPQ
¿UUCVQ C OGVi OCT\Q NC
FCVC FK XGTK¿EC FGNNC FQ
EWOGPVC\KQPGRTGFKURQUVC
FCNNG 4GIKQPK Ê KPFKURGP
UCDKNG EJG VCNG UECFGP\C
UKCTKURGVVCVCRGTFCTGCVVWC\KQPGCSWCPVQRTGXKUVQFCNN¶#EEQTFQ5VC
VQ4GIKQPKFGNOCIIKQEJGKPTGNC\KQPGCKTKUWNVCVKFGNNQUVWFKQ
+URTCRTGXGFGN¶CIIKQTPCOGPVQFGNNG\QPGXWNPGTCDKNKGN¶CFGIWCOGP
VQFGKRTQITCOOKFKC\KQPGEQUKEQOGpUQVVQNKPGC%QPHCITKEQNVWTC
KPFKURGPUCDKNG CRTKTG WP EQPHTQPVQ EQP N¶7PKQPG GWTQRGC RGT WPC
OCIIKQTGÀGUUKDKNKViFGNNGFKURQUK\KQPKFGNNC&KTGVVKXCPKVTCVK
)(
8>IF8C@D<EK8I<M<E<KFNI8GGFIKF)'(+;@M<E<KF8>I@:FCKLI81LEË8EE8K8KI8C<D<EF=<C@:@
DX`cGji
jXcm\i~^c`X^i`Zfckfi`6
+NHCVVQTGOGVGQFCUGORTGpWPC³XCTKCDKNG¿UUC´RGTNCRTQFW
\KQPGCITKEQNC1UUGTXC\KQPGDCPCNGEGTVQOCNCUWCKPEGTVG\\CUK
UCXCOGUUCUGORTGKPEQPVQ#PEJGPGNPWOGTQUGCPQOCNKG
ENKOCVKEJGJCPPQEQPFK\KQPCVQKPPGICVKXQGKPRQUKVKXQKTKUWNVCVK
RTQFWVVKXKFGNNGXCTKGEQNVWTGPGNNCPQUVTCTGIKQPGKPRCTVKEQNCTGUKp
QUUGTXCVQWPKPXGTPQEQPRTGEKRKVC\KQPKGVGORGTCVWTGOQNVQUWRG
TKQTKCNNCPQTOCWP¶GUVCVGCUUCKHTGUECGRKQXQUCWPCWVWPPQOQNVQ
ECNFQPGKXCNQTKOKPKOKGEQPRTGEKRKVC\KQPKPWQXCOGPVGCDDQPFCPVK
CPQXGODTG5GN¶CPPCVCCITCTKCCRRGPCVTCUEQTUCPQPUCTiTKEQT
FCVCVTCNGOKINKQTKWPCDWQPCRCTVGFGNNGECWUGXCFWPSWGCVVTK
DWKVC CNN¶CPFCOGPVQ ENKOCVKEQ CN SWCNG UK CUUQOOCPQ INK GHHGVVK
FGNNCETKUKGEQPQOKECEQPEQPUGIWGPVGECNQFGKEQPUWOKCNKOGPVCTK
Ÿ`JkfZb$9i`Xe9ifne
))
DXeqXkf1ÈE\cgifjj`dfGjihlXj`(#)''
d`c`Xi[`ÔefXc)')'g\icË`dgi\e[`kfi`X\`
^`fmXe`É%9Xe[XcXi^X\Zfdg\k`k`m`k~
kiX^c`fY`\kk`m`
EJGPQPCEEGPPCCFKOKPWKTGNQUQVVQNKPGCCPEJGN¶CPPWCNGTGRQTV
GNCDQTCVQFC8GPGVQ#ITKEQNVWTCKPEQNNCDQTC\KQPGEQPKN%GPVTQUVWFK
7PKQPECOGTGFGN8GPGVQKN%GPVTQOGVGQTQNQIKEQ#42#8GN¶7PKVi
RGTKHGTKECRGTK5GTXK\K¿VQUCPKVCTKFGNNC4GIKQPG8GPGVQNGEWKRTKOG
XCNWVC\KQPKUWNN¶CPFCOGPVQFGNUGVVQTGCITQCNKOGPVCTGXGPGVQUQPQ
UVCVGRTGUGPVCVGKNIGPPCKQPGNNCUGFGFK%QTVG$GPGFGVVKPCC
.GIPCTQ
2F
:XcXef`dgi\j\\fZZlgXk`e\cgi`dXi`f%
@cj\kkfi\`eM\e\kf_Xi\^`jkiXkf
Zfdlehl\leXZi\jZ`kX[\ccXGcm
gXi`X,#-d`c`Xi[`[`\lif
+N4CRRQTVQFK8GPGVQ#ITKEQNVWTCGXKFGP\KCFWPSWGN¶GHHGVVQPGICVKXQ
UWCNEWPGEQNVWTGFGNN¶GEEG\KQPCNGRKQXQUKViRTKOCXGTKNGFCOCT\QC
OCIIKQpECFWVCKP8GPGVQWPCSWCPVKViFKRKQIIKCRK~EJGFQRRKC
TKURGVVQCNNCOGFKCFGNEQPVGORGTCVWTGFGEKUCOGPVG
KPHGTKQTKCNNCPQTOC0GJCPPQTKUGPVKVQUQRTCVVWVVQKEGTGCNKCWVWPPQ
XGTPKPKNGEWKRTQFW\KQPKTKUWNVCPQKPIGPGTCNGFKOKPW\KQPGHTWOGPVQ
VGPGTQGHTWOGPVQFWTQOGPVTGNCRTQFW\KQPGFGNN¶QT\Qp
CWOGPVCVCFGNOCUQNCOGPVGITC\KGCNPQVGXQNGCWOGPVQFGN
NCUWRGT¿EKGKPXGUVKVC
+PPGVVQTGEWRGTQTKURGVVQCNRGUUKOQ
ECTCVVGTK\\CVQ FC WP¶GUVCVG OQNVQ UKEEKVQUC KN OCKU EJG UK
EQPHGTOCRTKOCEQNVWTCTGIKQPCNGEQPWPCUWRGT¿EKGFKGV
VCTK
GWPCRTQFW\KQPGUCNKVCCOKNKQPKVQPPGNNCVG
0QPQUVCPVGKUWFFGVVKECNKRTQFWVVKXKKNRTG\\QFGKEGTGCNKJCURGUUQ
UWDtVQ N¶CPFCOGPVQ FGNNG SWQVC\KQPK KPVGTPC\KQPCNK KPÀWGP\CVG FC
WP¶CPPCVCIGPGTCNOGPVGCUUCKRTQFWVVKXCCNKXGNNQINQDCNG
5QPQSWKPFKTKUWNVCVKCNTKDCUUQKRTG\\KOGFKCPPWKFKOCKU
HTWOGPVQVGPGTQ
GQT\Q
5VCDKNGKNRTG\\QFGNHTWOGPVQ
FWTQGKPEQPVTQVGPFGP\CSWGNNQFGNTKUQ
³(QTVWPCVCOGPVGJCTKNGXCVQKNEQOOKUUCTKQUVTCQTFKPCTKQFGNN¶GPVG
)KWUGRRG0G\\Q±NCSWCNKViEJGEQPVTCFFKUVKPIWGKRTQFQVVKFGNNC
PQUVTCCITKEQNVWTCTKGUEGURGUUQCEQPVGPGTGNGFKH¿EQNViEJGINKKO
RTGPFKVQTKKPEQPVTCPQUWKOGTECVK´'KPGHHGVVKKNUGVVQTG±VTCGNGOGP
VKFKFGDQNG\\CGUGIPCNKRQUKVKXKPQPQUVCPVGVWVVQJCTGIKUVTCVQWPC
2NXKPETGUEKVCEQPWPNGIIGTQKPETGOGPVQFGNTKURGVVQCN
RCTKCWPKORQTVQFKOKNKCTFKFKGWTQ7PCWOGPVQFQXWVQSWCUK
GUENWUKXCOGPVGCNOKINKQTCOGPVQFGNNGRGTHQTOCPEGURTQFWVVKXGCN
FKNiRGTEKyFGKRTQDNGOKETGCVKFCNNC³XCTKCDKNG¿UUC´OGVGQ
.¶CUUGUUQTGCNN¶#ITKEQNVWTCTGIKQPCNG(TCPEQ/CP\CVQJCTKEQTFCVQ
EJGPGNRTQUUKOQ2TQITCOOCFKUXKNWRRQTWTCNGUQPQRTGXKUVK¿PCP
\KCOGPVKEJGRQVTCPPQTKFCTGQUUKIGPQCNNGKORTGUGEJGKPVGPFQPQ
KPXGUVKTGRGTTCHHQT\CTGNCRTQRTKCC\KGPFC³5VCRGTRCTVKTGKNPWQXQ
2TQITCOOCFKUXKNWRRQTWTCNGEJG¿PQCNOGVVGTiCFKURQUK
\KQPGFGKPQUVTKKORTGPFKVQTKCITKEQNKSWCUKWPOKNKCTFQGFWGEGPVQ
OKNKQPKFKGWTQ´
³+N2UTXGPGVQ±JCURKGICVQ/CP\CVQUCTiVTCKRTKOKKP+VCNKCCFQV
VGPGTGKNXKCNKDGTCFCNNC%QOOKUUKQPGGWTQRGCRGTEWKRTGUVQWUEK
TCPPQKRTKOKDCPFKQTKGPVCVKCNTCHHQT\COGPVQFGNNGPQUVTGKORTGUG
CITKEQNG CNNC EQORGVKVKXKVi CNNC DCPFC NCTIC CK IKQXCPK´ ' RGT K
IKQXCPKpCPEJGRTGXKUVCRGTKNOCT\QC.GIPCTQWPCIKQTPCVC
KPHQTOCVKXCIKQTPCVCKPHQTOCVKXCFCNNGCNNG³0GKRTQUUKOKCPPK
±JCURGEK¿ECVQN¶CUUGUUQTGOKNKQPKFKGWTQUCTCPPQFGUVKPCVK
CNN¶KORTGPFKVQTKCCITKEQNCXGPGVCDGPOKNKQPKCKIKQXCPK+PUQO
OCWPCITCPFGQRRQTVWPKViFCUHTWVVCTGCNOGINKQ´
%'4'#.+
/CKU+NOCKUEQNVWTCGUVTGOCOGPVGDKUQIPQUCFKCESWCJCEGT
VCOGPVG DGPG¿EKCVQ FGNNC RKQXQUKVi 2WT TGUVCPFQ NC EQNVWTC RK~
FKHHWUC KP 8GPGVQ PQPQUVCPVG WPC EQPVTC\KQPG FGNNC UWRGT¿EKG FK
GVVCTK
NCRTQFW\KQPGpCWOGPVCVC
DGPTCI
IKWPIGPFQSWCUKKOKNKQPKFKVQPPGNNCVG
GUCVVCOGPVGOKNKQPK
FKVQPPGNNCVG+OGTECVKJCPPQRGTyTGCIKVQCSWGUVQUWTRNWU
CPEJG
OQPFKCNGEQPWPTKDCUUQFGKRTG\\KUKECNEQNCKPHCVVKWPXCNQTGOG
FKQCPPWQKPECNQFGN
(TWOGPVQVGPGTQ*COCPVGPWVQNCRTQFW\KQPGFGNN¶CPPQRTGEGFGP
VGOCJCTGIKUVTCVQWPRTG\\QOGFKCOGPVGKPHGTKQTGFGN
(TWOGPVQ FWTQ *C KPETGOGPVCVQ UKC NC SWCPVKVi TCEEQNVC EJG NG
SWQVC\KQPK
TKURGVVKXCOGPVGFGNGFGNN¶
1T\Q*CUWDtVQWPECNQFKRTQFW\KQPG
GFKRTG\\Q
4KUQ*CEQORGPUCVQNCEQPVTC\KQPGRTQFWVVKXC
EQPWPCPFC
OGPVQFKOGTECVQHCXQTGXQNG
%1.674'+0&7564+#.+
5QKC0WQXQTGEQTFRTQFWVVKXQXGPGVQ
VQPPGNNCVG
KPHQT\CFGNEQPVGUVWCNGCWOGPVQFGNFGNNCTGUCGFGNNCUWRGT¿
EKGEQNVKXCVCFGVGTOKPCPFQVWVVCXKC
UVGUUGECWUGFGNOCKUWPECNQ
FGNFGNRTG\\QOGFKQCPPWQ
$CTDCDKGVQNC FC \WEEJGTQ 2K~ EJG TCFFQRRKCVC NC RTQFW\KQPG
KPUGIWKVQCWPHQTVGKPETGOGPVQFKUWRGT¿EKG
G
FKTGUC
#NVTG EQNVWTG KPFWUVTKCNK KP UKIPK¿ECVKXQ CWOGPVQ CPEJG NC RTQFW
\KQPGFKVCDCEEQ
VTCNGEQNVWTGGPGTIGVKEJGKNIKTCUQNGJC
UWDtVQ WP PQVGXQNG ECNQ FK UWRGT¿EKG OGPVTG KN EQN\C JC
TGIKUVTCVQWPEQURKEWQCWOGPVQFKRTQFW\KQPG
146+%1.'
.GDK\\CTTKGENKOCVKEJGJCPPQRGPCNK\\CVQKPXGEGCNEWPGEQNVWTGQTVK
EQNGKPRKGPQECORQ+PRCTVKEQNCTGKNTCFKEEJKQNCEWKRTQFW\KQPGp
UEGUCFGNOCPGJCHCXQTKVGCNVTGNCRCVCVCCFGUGORKQJC
CWOGPVCVQNCRTQFW\KQPGFGN
(4766+%1.674#
.CETKUKEQOOGTEKCNGUQHHGTVCFCNNCHTWVVCGUVKXCUQRTCVVWVVQFCNNG
RGUEJGCECWUCFGNECNQFGKEQPUWOKGFGNNCRGUCPVG\\CFGKOGT
ECVKJCEQUVTGVVQNC%QOOKUUKQPGGWTQRGCCKPVGTXGPKTGEQPOKUWTG
WTIGPVKFKUQUVGIPQ2GTyTKURGVVQCNNCRTQFW\KQPGpTKUWNVCVC
KPETGUEKVCRGTOGNQ
GRGTQ
UVC\KQPCTKCRGTCEVKPK
FKC+PECNQRGTEKNKGIKQ
GQNKXQ
SWGUV¶WNVKOQHQTVG
OGPVGEQNRKVQEQOGKPSWCUKVWVVQKNVGTTKVQTKQPC\KQPCNGGFGWTQRGQ
EQPTKFW\KQPKFKRTQFW\KQPGCNUWFFKCPEJGKNFCINKCVVCEEJK
FKOQUECGCNVTQ
8+6+8+0+%1.674#
#PPCVCFKH¿EKNGRGPCNK\\CVCFCWP¶GUVCVGGEEGUUKXCOGPVGWOKFCG
RKQXQUCEJGJCETGCVQPQPRQEJKRTQDNGOKCNNCFKHGUC¿VQUCPKVCTKC
GCNNCIGUVKQPGFGKXKIPGVK.GRTQFW\KQPKFKWXCGXKPQUQPQUVKOCVG
KPECNQFGNN¶TKURGVVQCNN¶CPPQRTGEGFGPVGTKDCUUQEJGXCNGRWTG
RGTKRTG\\KFKWXGGXKPK
EKTECKN
<116'%0+#
4KUWNVCVKCNVGTPK5KTGIKUVTCWPCWOGPVQFGNNCRTQFW\KQPGGFGNRTG\
\QFGNNCVVGKPVQTPQCNOCNCEQPIKWPVWTCHCXQTGXQNGFKOGTEC
VQpCPFCVCUEGOCPFQPGNNCUGEQPFCRCTVGFGNN¶CPPQ
3WQVC\KQPKIGPGTCNOGPVGKPECNQRGTNCECTPGUKCDQXKPC
EJG
UWKPC
GCXKEQNC
CPEJGCECWUCFGNNCEQPVTC\KQPGFGK
EQPUWOK.CTKFW\KQPGFGKEQUVKRGTN¶CESWKUVQFKOCPIKOKGRTQFQVVK
GPGTIGVKEK JC VWVVCXKC RCT\KCNOGPVG RTGUGTXCVQ NC TGFFKVKXKVi FGINK
CNNGXCOGPVK
I\[[`k`X^i`Zfc`1d\ef((
.¶+VCNKCpSWCTVWNVKOCKPITCFWCVQTKCFQRQXGPIQPQUQNQ(KP
NCPFKC.KVWCPKCG$GNIKQWNVKOQPGNNCENCUUK¿ECRWDDNKECVCFC
'WTQUVCVPGNUGEQPFQNGRTKOGUVKOGFGNN¶WH¿EKQUVCVK
UVKEQFGNNC7GKNTGFFKVQFGINKCITKEQNVQTKKVCNKCPKpKPHCVVKUEGUQ
FGNN¶TKURGVVQCNN¶CPPQRTGEGFGPVGVQTPCPFQCTGIKUVTCTG
WPXCNQTGKPHGTKQTGUKCRWTGFKRWPVKRGTEGPVWCNKTKURGVVQ
CSWGNNQFGNN¶CPPQFKTKHGTKOGPVQ
KPFKEGFKTKHGTKOGPVQ
FQRQKNRQUKVKXQTKUWNVCVQFGN
0GN RGTKQFQ VWVVK INK CPPK GUENWUQ CRRWPVQ KN
JCPPQTGIKUVTCVQRGTN¶+VCNKCXCNQTKKPHGTKQTKCNEQP
KNOKPKOQPGNSWCPFQKNFGETGOGPVQFKTGFFKVQTKURGVVQ
CNN¶CPPQFKTKHGTKOGPVQpUVCVQCFFKTKVVWTCFGN0GNRG
TKQFQUQNQ4GIPQ7PKVQG)GTOCPKCJCPPQUGO
RTGTGIKUVTCVQTGFFKVKUWRGTKQTKCN
6TC K RTKPEKRCNK 2CGUK CITKEQNK FGNN¶7PKQPG GWTQRGC KN 4GIPQ
7PKVQpKNRCGUGKPEWKKNTGFFKVQFGNUGVVQTGRTKOCTKQPGN
TKURGVVQCNpETGUEKWVQOCIIKQTOGPVG
UGIWKVQ
FC)TGEKC
(TCPEKC
G)GTOCPKC
1N
VTGN¶+VCNKCUQNQNC5RCIPCpCPFCVC³UQVVQ´
+TKUWNVCVK
OKINKQTKTKURGVVQCNUQPQFK)GTOCPKC
G4GIPQ
7PKVQ
ÊGXKFGPVGEQOGKTGFFKVKFGINKCITKEQNVQTKKVC
NKCPKPGKFKXGTUKCPPKUKUKCPQCNNQPVCPCVKUKIPK¿ECVKXCOGPVG
FCNNCOGFKC(CGEEG\KQPGUQNQKNSWCPFQNCFKUVCP\C
PGICVKXCpUVCVCTGNCVKXCOGPVGRK~EQPVGPWVCTKURGVVQ
CNN¶7'FGK2CGUKEJGPGHCPPQRCTVGCVVWCNOGPVG
TKURGVVQCNN¶7'FGK2CGUKEJGPGHCEGXCPQRCTVGPGN
0GNVCNGFKUVCP\CpUVCVCTKURGVVKXCOGPVGFGN
7'GFGN
7'
.CUKVWC\KQPGKVCNKCPCUKKPUGTKUEGVWVVCXKCPGNNQUVGUUQOGTEC
VQQTOCKINQDCNK\\CVQFGINKCNVTK2CGUKEKyEJGECODKCUQPQNG
EQPFK\KQPKTGNCVKXGCNNCEQNNQEC\KQPGFGNRTQFQVVQUWNOGTECVQ
GCRGUCTGPQPUQPQUQNQNGRKEEQNGFKOGPUKQPKC\KGPFCNKC
RGUCTGpUQRTCVVWVVQN¶CU¿UUKCPVGDWTQETC\KCEQPKEQPUGIWGPVK
EQUVKIGUVKQPCNKCIIKWPVKXK5KKORQPGWPCTCFKECNGTGXKUKQPG
FGNUKUVGOCRTQFWVVKXQKVCNKCPQ
2'5%#
#PEQTCKPECNQNCÀQVVCRGUEJGTGEEKCXGPGVC
OCKSWCPVKVC
VKXKRTQFQVVKPGKRTKOKUGKOGUKFGNFCNNCRGUECOCTKVVKOCUQPQ
UVKOCVKKPCWOGPVQFGN
+/24'5''1%%72#6+
+N TCRRQTVQ UGIPCNC CPEQTC KP ECNQ KN PWOGTQ FK KORTGUG CITKEQNG
KUETKVVGCNNG%COGTGFK%QOOGTEKQFGN8GPGVQUEGUQCWPK
ViEQPWPCÀGUUKQPGFGNPGKRTKOKPQXGOGUKFGNTKURGV
VQ CNNQ UVGUUQ RGTKQFQ FGN +P PQVGXQNG TKFW\KQPG CPEJG INK
QEEWRCVKKPCITKEQNVWTCUEGUKPGKRTKOKVTGVTKOGUVTKFGNCEKTEC
WPKVi
KPVGTGUUCPFQKPOCIIKQTGOKUWTCKNCXQTCVQTK
KPFKRGPFGPVK
TKURGVVQCSWGNNGFKRGPFGPVK
+P¿PGUKTGIKUVTCWPPWQXQFG¿EKVFGNNCDKNCPEKCEQOOGTEKCNGXGPGVC
FGK RTQFQVVK CITQCNKOGPVCTK TGNCVKXC CN VGT\Q VTKOGUVTG EJG
UK UVKOC KP CWOGPVQ FGN TKURGVVQ CNNQ UVGUUQ RGTKQFQ FGN
EJGRCUUCFCCOKNKQPKFKGWTQWPTKUWNVCVQFQXWVQ
C WP CWOGPVQ FGNNG KORQTVC\KQPK RK~ EJG RTQRQT\KQPCNG
TKURGVVQCNNCETGUEKVCFGNNGGURQTVC\KQPK
4KOCPGKPXGEGKPXCTKCVQKNPWOGTQFGNNGKORTGUGCVVKXGPGNN¶KPFWUVTKC
CNKOGPVCTG
)*
Il Patronato Enapa (Ente nazionale assistenza patrocinio agricoltori),
istituito dalla Confederazione generale dell'agricoltura italiana nel 1992, è al servizio gratuito
degli agricoltori, dei coltivatori diretti e di tutti i cittadini per l'assistenza gratuita
nel campo sociale, previdenziale e sanitario.
Il Patronato fornisce consulenza, informazione e assistenza
secondo quanto previsto dalla legge 152/2001.
Tutti gli agricoltori e i cittadini possono rivolgersi al Patronato Enapa per
lo svolgimento di pratiche in materia di: previdenza Inps, Inpdap, calcolo pensione,
trasmissione telematica domande di pensione Inps,
connessione telematica banca dati enti previdenziali ed assistenziali,
disoccupazione, cure termali, indennità maternità lavoratrici autonome,
invalidità civile, attività diverse di informazione
sostegno e assistenza in campo socio sanitario, assistenza Inail.
Sedi provinciali in Veneto
BELLUNO - Via Zuppani 5 - 32100. Tel. 0437/943196 Fax 0437/942172
Email: belluno@enapa.it - Responsabile: Giorgia Fant
PADOVA - ALBIGNASEGO - Strada Battaglia 71/c - 35020. Tel. 049/8223562 Fax 049/8223526
Email: padova@enapa.it - Responsabile: Piercarlo Cavinato
ROVIGO - Piazza Duomo 2 - 45100 Tel. e Fax 0425/204422-425
Email: rovigo@enapa.it - enapa@agriro.eu - Email PEC rovigo@pec.enapa.it - Responsabile: Paola Zerbinati
TREVISO - CASTAGNOLE DI PAESE - Via Feltrina 56/b - 31038. Tel. 0422/592080 Fax 0422/410168
Email: treviso@enapa.it - Responsabile: Gianfranco Simion
VENEZIA - MESTRE - Via C. Monteverdi 15 – 30174. Tel. 041/950919 Fax: 041/958398
Email: venezia@enapa.it - Responsabile: Daniela Meneghello
VICENZA - Viale Trento 197 - 36100. Tel. 0444/288588 Fax 0444/288351
Email: vicenza@enapa.it - Responsabile: Eleonora Toniolo
VERONA - Viale Del Lavoro 52 - 37135 Tel. 045/8628850 - Fax 045/8202999
Email: verona@enapa.it - Responsabile: Carla De Berti. Addetti: Francesca Avesani, Maria Teresa Sartori
Un servizio promosso dalla Confagricoltura
ENAP