SlideShare uma empresa Scribd logo
1 de 35
0@@ )6G:6H @? 2K@?1



92AE6C 
 /@FC C62E6DE -62?6DD :? %68@E:2E:@? 
 +96 2?86CD @7 %665:?6DD

   7@4FD65 @? H92E 4@F=5 4@?EC@= 
 E96 62?D 
 ?@E H92E 4@F=5 ?@E 4@?EC@= 
 E96 6?5 +96
7@4FD @7 E9:D 3@@ :D E6249:?8 J@F 9@H E@ 5@ E96 D26 E9:?8 5FC:?8 ?68@E:2E:@? 3642FD6 E@@
2?J ?68@E:2E@CD 5@ E96 @AA@D:E6 +96J 7@4FD @? H92E E96J
4@?EC@= 
 E96 6?5 
 H9:=6
=@D:?8 D:89E @7 H92E E96J
4@?EC@= 
 E96 62?D '286 


  *E2CE H:E9 % :D 32D65 @? E96 F?56CDE2?5:?8 E92E ?@ :D 2 564:D:@? ? 62C=J J6D :D
AC@323=J 2 EC:4 2?5 2J36 :D ;FDE E92E 2J36 2?5 86ED J@F ?@H96C6 FE ?@ :D 2
564:D:@? E92E 8:G6D 6G6CJ@?6 D@6E9:?8 E@ E2= 23@FE E92E 96=AD J@F 2:?E2:? 4@?EC@=
 '286 


 +@F89 ?68@E:2E@CD 2C6 6IA6CED 2E C64@8?:K:?8 E9:D ?665:?6DD :? E96:C 25G6CD2C:6D 2?5
6IA6CED :?
:E 2D H6== %68@E:2E@CD H:E9 8:2?E 4@CA@C2E:@?D :? A2CE:4F=2C H:== 96:89E6?
E96 6IA64E2E:@?D @7 E96:C DFAA=:6C 25G6CD2C:6D A2:?E:?8 C@DJ 6I2886C2E65 D46?2C:@D 7@C
682
@C56CD ;@:?E G6?EFC6D 8=@32= 2==:2?46D 2== 7@C E96 AFCA@D6 @7 3F:=5:?8 ?665:?6DD @?
E96 A2CE @7 E96:C 25G6CD2CJ 7@C E9:D @?46
:?
2
=:76E:6 42C66C
2:?8 562= +96? H96? E96
?665:?6DD :D H6==
6DE23=:D965 E96J =@H6C E96 3@@ H:E9 492?86D 6I46AE:@?D 2?5 2 =@E
@C6 
 562?5D 7@C 4@?46DD:@?D 2== @7 E96 '286 


      @=5 2==:?8 ':E49 -6== $2CJ 92G6 ?@ :562 H96E96C H92E H6 5@ 92D 2?J
      C6=6G2?46 7@C J@FC 3FD:?6DD ;FDE 5@? E ?@H 2J36 :E 5@6D? E 7 ?@E ;FDE E6==
      6 2?5 H:== 36 @? J H2J 3FE :7 H9@6G6C 92?5=6D J@FC 2C6E C6D62C49
       '286 


 AA62= 7@C 2AA@:?E6?E
*46?2C:@ 
 $C *:E9 E9:D :D @3 !@?6D  H:E9 :CDE 5G2?E286 ,6?EFC6 F?5 2?5
H2?E E@ D66 :7 4@F=5 86E E6? :?FE6D @? J@FC 42=6?52C D@ 42? D9@H J@F 9@H H6 42? H@C
H:E9 J@F :? 7FEFC6

@ @C6 E92? 3688:?8 H:E9 E96 36=@H 2AAC@249
*46?2C:@  :== J ?26 :D @3 !@?6D  ?@E BF:E6 DFC6 E92E H6 2D 2 G6?EFC6 7F?5 7:E
H96C6 J@F C6 8@:?8 ;FDE 5@? E ?@H -92E 5 =:6 E@ 5@ :D 66E H:E9 J@F D@ H6 42? D66
H96C6 J@F C6 8@:?8 2?5 J@F 42? =@@ 2E H96C6 H6 C6 8@:?8 2E :CDE 5G2?E286 2?5 D66 :7
E96C6 :D 2 7:E -96? D E96 36DE E:6 @? J@FC 42=6?52C '286 

 -96? 6@E:@?D CF? 9@E 2?5 962GJ :? ?68@E:2E:@?D E96 9:89
A:E4965 G@:46 :D 2 DFC6 D:8? @7
?665 +96 CFD965 56=:G6CJ :D 2?@E96C DFC6 D:8? -9:=6 ?665J ?68@E:2E@CD C2:D6 E96:C G@:46D
?68@E:2E@CD F?56C 4@?EC@= =@H6C E96:C G@:46D *@ =@H6C J@FC G@:46 :? E:6D @7 :??6C EFC@:=
*=@H 5@H? '286 

 62C @7 C6;64E:@? :D 2 D:8? @7 ?665:?6DD 
 DA64:7:42==J E96 ?665 E@ 36 =:65J@FC 25G6CD2C:6D
:? 2 ?68@E:2E:@? 42??@E C6;64E J@F +96C6 :D ?@E9:?8 J@F ?665 7C@ E96 D@ 9@H 42? E96J
C6;64E J@F E D :A@DD:3=6 +96J 5@? E 92G6 2?J DF49 A@H6C %6G6C
2==@H E96 E@
36=:6G6 E92E E96J 5@ +96 D6C:@FD ?68@E:2E@C F?56CDE2?5D E92E 96 @C D96 42??@E 8@ @FE :?E@
E96 H@C=5 DA6?5:?8 6@E:@?2= 6?6C8J :? E96 677@CE E@ 36 =:65 @C 36 D2CE E@ 36 :A@CE2?E
+96 ?68@E:2E@C H2?ED E@ 36 C64@8?:K65 2D 36:?8 67764E:G6 2?5 3FD:?6DD=:6 E92E D 2== *96
DA6?5D 96C 6?6C8J @? E96 E2D @7 3FD:?6DD '286
D 2 ?68@E:2E@C 2DA:C:?8 E@ 6I46==6?46 J@F FDE 2E 2== 4@DED 2G@:5 D9@H:?8 ?665 /@F 5@
?665 E9:D 562= FE H92E 92AA6?D :7 H6 D:A=J DF3DE:EFE6 E96 H@C5 2?5 E96 6@E:@?
 H2?E 7@C ?665 +96 5J?2:4D 492?86 D 8@@5 ?68@E:2E@CD E96 H@C5 H2?E 62?D
D@6E9:?8 H6 H@C 7@C DEC:G6 7@C A=2? 7@C 3FE :E :D ?6G6C 4@?7FD65 H:E9 ?665 %665 :D
562E9 -2?E :D =:76 '286 

92AE6C  +96 @=F3@ 7764E 
 +96 *64C6E @7 6:?8 %@E 2J

 +96 H:D6 ?68@E:2E@C ?@HD E92E @?=J @?6 A6CD@? :? 2 ?68@E:2E:@? 42? 766= @2J 2?5 E92E
A6CD@? :D E96 25G6CD2CJ J =6EE:?8 J@FC 25G6CD2CJ 36 2 =:EE=6 @C6 @2J J@F DE2CE E@ 3C:?8
5@H? 32CC:6CD '286 

92AE6C  *E2CE H:E9 %@ 
 @H 64:D:@?D $@G6 %68@E:2E:@?D @CH2C5

 -96? H2D E96 =2DE E:6 J@F AC6D6?E65 D@6 724ED 2?5 7:8FC6D E92E 256 A6C764E D6?D6 :?
J@FC @H? 9625 2?5 D9@F=5 92G6 256 A6C764E D6?D6 :? J@FC 25G6CD2CJ D 9625 3FE 96 DE:==
4@F=5? E 28C66 H:E9 J@F @F=5? E 6G6? D66 H92E J@F H6C6 E2=:?8 23@FE:7 724ED 2C6? E
23=6 E@ 4@?G:?46 D@6CD E@ 3C62 E96 923:E E92E :D =:E6C2==J :==:?8 E96 :E D D2== H@?56C
E92E 724ED E@ 5@ ?@E H:? ?68@E:2E:@?D 6:E96C +96 9625 :D E@@ 4@?7FD65 @C E@@ C:8:5 3FE
2:?=J :E D ;FDE @FE @7 E96 =@@A +96 C62= 564:D:@?D 2C6 36:?8 256 D@6H96C6 6=D6 FC D@

42==65 C2E:@?2= :?5 :4D :? @?=J 27E6C H6 G6 256 E96 564:D:@? :? @C56C E@ ;FDE:7J :E 27E6C
E96 724E '286 

 %68@E:2E:@?D 2C6 :?5665 C@@E65 :? 6@E:@?D 2?5 2== E@@ @7E6? ?6G6C 86E 36J@?5 E96 /@FC
;@3 2D 2 ?68@E:2E@C :D E@ D66 E96 4=62C=J 2?5 @G6C4@6 E96 H:E9 AC64:D6 564:D:@? 2:?8
/@FC ;@3 :D 6G6? E@ FD6 E96 E@ J@FC 25G2?E286 H:E9 AC64:D6 564:D:@? 2:?8 '286 

  %@ 86ED J@F A2DE 6@E:@?2= :DDF6D 2?5 EC:G:2= :DDF6D E@
:DDF6D -6 H2?E
564:D:@?
32D65 ?68@E:2E:@? ?@E E96 6@E:@?
32D65 H2DE6 @7 E:6 ?@H 2D H:?
H:? +96
:?G:E2E:@? E@ E96 25G6CD2CJ E@ D2J ?@ 4CJDE2==:K6D E96:C E9:?:?8 7 H6 86E ?@ 2D 2?
2?DH6C 7:?6 H6 5:8 :?E@ E96 56E2:=D @7 @FC @776C 2?5 ?68@E:2E6 7C@ E92E A@:?E '286 

 %@ H6 5@? E E9:? D@ H6 36=:6G6 :? 2 72:C AC@7:E 7@C @FC 3FD:?6DD 66= 7C66 E@ D2J ?@ E@ FD
:? C6EFC? 3FE H6 C6 ?@E 8:G:?8 J@F 2 8@@5 A:646 @7 @FC 3FD:?6DD 7@C ?@E9:?8 +92E D ?@E 2
8@@5 AC24E:46 7@C FD 2?5 @FC :?G6DE@CD '286
3C246 ?@ 2E 6G6CJ @AA@CEF?:EJ :? 2 ?68@E:2E:@? @? E 762C E96 H@C5 :?G:E6 :E /@F 5@
?@E E26 :E 2D 2 A6CD@?2= C6;64E:@? 3642FD6 J@F 2C6 ?@E ?665J /@F F?56CDE2?5 E92E 6G6CJ
 ?@ :D C6G6CD:3=6 %@E9:?8
:D @C6 :A@CE2?E E@ 2 DF446DD7F=
?68@E:2E:@? E92? 7@C J@F E@ 26 2D 4=62C 2D A@DD:3=6 7C@ E96 G6CJ 368:??:?8 E92E ?@ :D 2
A6C764E=J 2446AE23=6 C6DA@?D6 2E E9:D ?68@E:2E:@? E23=6 /@F FDE 26 4=62C E92E J@F 5@ ?@E
E26 ?@ 2D 2 A6CD@?2= C6;64E:@? 3FE 2D 2? 9@?6DE 564:D:@? E92E 42? 36 5:D4FDD65 2?5
A6C92AD C6G6CD65 /@F FDE 26 4=62C E92E 2 3=F?E ?@ :D AC676C23=6 E@ 2J36 H9:49
E6==D ?@E9:?8 2E 2== 2?5 2=D@ AC676C23=6 E@ J6D 2 E@E2= ?@?DE2CE6C '286 

92AE6C  *F446DD 4@6D 7C@ E9:D 7@F?52E:@? 
 6G6=@A /@FC $:DD:@? 2?5 'FCA@D6

 @F?52E:@? @7 67764E:G6 564:D:@? 2:?8 :D 2 G2=:5 :DD:@? 2?5 AFCA@D6 E@ 8F:56 :E   '286
7 J@FC ?68@E:2E:@? D6CG6D 2 G2=:5 :DD:@? 2?5 AFCA@D6 J@F 5@? E 92G6 E@ H@CCJ 23@FE
H96E96C J@F 86E 6G6CJ =2DE 5@==2C @C 4@?46DD:@? @FE @7 E96 562= @C H96E96C J@F 82G6 6?@F89
5@==2CD @C 4@?46DD:@?D /@F 5@? E H@CCJ 23@FE E96 =@?8
E6C C6=2E:@?D9:A /@F 2C6 ?@E
C6DA@?D:3=6 7@C @E96C A2CEJ D 564:D:@?D '286
7 J@F C6 ?@E H@C:?8 @? 3692=7 @7 J@FC @H? :DD:@? 2?5 AFCA@D6 J@F C6 H@C:?8 @? 3692=7
@7 D@6@?6 6=D6 D %@H :E D 7:?6 E@ H@C @? 3692=7 @7 D@6@?6 6=D6 :7 J@F F?56CDE2?5 E92E
J@F 2C6 5@:?8 D@ 
 :7 J@F 7C66=J 63C246 2?5 E26 E96:C :DD:@? 2?5 AFCA@D6 2D J@FC @H? @C
3F:=5 J@FC @H? E@ DFAA@CE E96:CD 
 3FE :E :D 2 E6CC:3=6 H2DE6 E@ H@C @? 3692=7 @7 D@6@?6
6=D6 D :DD:@? 2?5 AFCA@D6 H:E9@FE C62=:K:?8 :E '286 

     H2?E E@ 26 2 :==:@? 5@==2CD 367@C6  EH6?EJ @?6
   H2?E E@ 364@6 E96 AC6D:56?E 2?5  @7 E9:D 4@A2?J


+96 6DD6?E:2= AC@3=6 H:E9 E96D6 :DD:@? DE2E66?ED :D E92E E96J 2C6 
46?E6C65 +96J 2C6
D6E :? E96 H@C=5 @7 :?5:G:5F2= 3F:=5:?8 E96 :DD:@? 2?5 AFCA@D6 92G6 ?@E9:?8 282:?DE
@?6J 2?5 A@H6C AC@A6C=J 24BF:C65 @C FD65 3FE E96J FDE 36 E96 C6DF=E ?@E E96 6DD6?46
@7 2 G2=:5 $ ' '286 

 /@FC $ ' :D D6E :? J@FC 25G6CD2CJ D H@C=5 @C 2 3FD:?6DDA6CD@? :E FDE 36 D6E :? E96 H@C=5
@7 E96 4FDE@6C @C 2 ?68@E:2E@C :E FDE 36 D6E :? E96 H@C=5 @7 E96 E62 D:EE:?8 24C@DD E96
E23=6 *6EE:?8 E96 :DD:@? 2?5 AFCA@D6 :? E96 4@?DE:EF6?ED @C E96 4FDE@6CD H@C=5 2==@HD 2==
@7 E96 E@ D66 4=62C=J E96 762EFC6D 2?5 36?67:ED E92E J@F 2?5 J@FC AC@5F4E @C D6CG:46D 92G6
E@ @776C E96 '286 

 == 8@@5 $ ' DE2E66?ED 2C6 4@?4:D6 7 H6 42? DE2E6 @FC :DD:@? 2?5 AFCA@D6 D:A=J 2?5
4@?4:D6=J H6 42? 4C62E6 E96 G:D:@? H6 H2?E +96 :DD:@? 2?5 AFCA@D6 FDE 2=H2JD 36
HC:EE6? 5@H? '286 

92AE6C  *E@A +CJ:?8 E@ @?EC@= E96 FE4@6 
 @4FD @? J@FC 692G:@C 2?5 4E:@?D
 ?DE625

 $J 4=:6?E 5@
D6E D2=6D E2C86ED BF@E2D ?F36CD A6C46?E286D %6G6C ?DE625 E96J D6E
8@2=D E96J 42? 4@?EC@= '286
-92E J@F 42? 4@?EC@= :D 3692G:@C 2?5 24E:G:EJ H92E J@F 42??@E 4@?EC@= :D E96 C6DF=E @7 E9:D
3692G:@C 2?5 24E:G:EJ '286 

 +96 %68@E:2E:@? %6G6C ?5D 
 +26 ;FDE 2 :?FE6 E@ E9:? 324 @? D@6 @7 J@FC @DE
4C:E:42= ?68@E:2E:@?D 6:E96C :? J@FC 3FD:?6DD @C AC:G2E6 =:76 :5 E96J C62==J 6?5 @C 5:5 E96J
66A 8@:?8 *@6 @7 E96 6AE 8@:?8 ?@H E92E %@H 9@H 5:5 J@F C624E 7 J@FC 8@2=
925 366? E@ D:8? E96 562= J@F H6C6 FAD6E 2?5 E96? J@F H6C6 :? EC@F3=6 3642FD6 J@F
5:5? E ?@H H92E E@ 5@ ?6IE FE :7 J@FC 8@2= 2== 2=@?8 925 366? 3692G:@C 2?5 24E:G:EJ @G6C
H9:49 J@F 925 4@?EC@= J@F 925 ?@ AC@3=6 2E 2== +96 7:CDE ?68@E:2E:@? H2D 7@==@H65 3J 2
D64@?5 ?68@E:2E:@? 24 E@ H@C :8 562= '286 

   5C2H 2 5:DE:?4E:@? 36EH66? H92E 42== A2JD:56 2?5 ?@?A2JD:56 '2JD:56 24E:G:EJ :D
6G6CJE9:?8 5:C64E=J C6=2E65 E@ E96 ?68@E:2E:@? 7C@ D6EE:?8 G2=:5 2AA@:?E6?ED 2?5 66E:?8D
E@ 2:?8 E96 7:?2= AC6D6?E2E:@? %@?A2JD:56 24E:G:EJ :D DEF77 J@F 92G6 E@ 5@ E92E :D? E
5:C64E=J @? E96 EC24 @7 E96 ?68@E:2E:@? :==:?8 @FE 6IA6?D6 7@CD 7@C 6I2A=6 2?5 @E96C
D@CED @7 3FC62F4C2E:4 A2A6CH@C 2C6 E96 =@H6DE 7@C @7 ?@?A2JD:56 24E:G:EJH:E9
?@?A2JD:56 24E:G:EJ E96C6 D ?@ :65:2E6 82:? 3FE ?6:E96C :D E96C6 :65:2E6  
 2?5 E9:D
:D E6AE:?8 E@ FD '286
+96 52:=J 923:E @7 2?2=JK:?8 A6C7@C2?46 2?5 4@CC64E:?8 :E :D 4C:E:42= E@ DF446DD 2D J
DEF56?ED E@ 26 2 4@:E6?E E@ 52:=J D6=7
6I2:?2E:@? 2?5 2DD6DD6?E E@ @?:E@C E96:C
3692G:@C 2?5 6@E:@?D 2D E96J 27764E E96 ?68@E:2E:?8 AC@46DD +96 4C:E:42= 2DD6DD6?E @7
52:=J 24E:@?D 2?5 564:D:@? 2:?8 A:?A@:?ED H62?6DD6D H@CD H:E9 DEC6?8E9D 2?5 56G6=@AD
D6=7
6DE66 '286 

92AE6C  -92E @ /@F *2J 
 F6=D @7 E96 2A *JDE6 (F6DE:@?D

 +96 D:?8=6 @DE :A@CE2?E 7F6= E92E J@F 92G6 E96 @DE :A@CE2?E 3692G:@C2= 8@2= 2?5
923:E J@F 42? 56G6=@A :D J@FC 23:=:EJ E@ 2D BF6DE:@?D '286
FC 564:D:@?D 2C6 :?:E:2==J
A6C
46?E 6@E:@?2= 7E6C H6 G6 256 @FC 6@E:@?
32D65
564:D:@? H6 ?665 E:6 E@ 86E E96 4=62C A:4EFC6 E96 4=62C G:D:@? H:E9 H9:49 E@ C2E:@?2==J
;F586 E96 564:D:@? (F6DE:@?D 2C6 E96 62?D 3J H9:49 E96 ?68@E:2E@C 96=AD E96 25G6CD2CJ 5@
E9:D +96 25G6CD2CJ D 2?DH6CD E@ @FC BF6DE:@?D 3F:=5 E96 G:D:@? E92E 96 ?665D E@ 26
564:D:@?E96 G:E2= AFCA@D6 @7 BF6DE:@?D :D E@ 2==@H FD E@ @G6 2C@F?5 :? E96 25G6CD2CJ D
H@C=5 2?5 D66 H92E E96J D66 2?5 E96? =625 E96 E@ 2 4=62C G:D:@? 2?5 564:D:@?D 2D H6==
 A286
D:?8 BF6DE:@?D :D 2 D4:6?46 2?5 2? 2CE +96 D4:6?46 :D :? 9@H J@F :?E6==64EF2==J 4@?DECF4E
2 BF6DE:@? +96 2CE :D 7@F?5 :? 9@H J@F 2D :E J@FC E@?6 @7 G@:46 J@FC 4C62E:G6 49@:46 @7
H@C5D J@FC 3692G:@C 2?5 C62CD 367@C6 2D:?8 J@FC BF6DE:@? '286
92AE6C  @H 5@ J@F D2J :E 
 $@C6 7F6=D @7 E96 42A DJDE6

F6=D
    
 D:?8 (F6DE:@?D
     %FCEFC:?8 D:?8 BF6DE:@?D H:E9 2 E@?6 @52=:EJ 2D :7 J@F 42C6H:E9@FE D9@H:?8
       ?665:?6DD
     )6G6CD:?8 D:?8 BF6DE:@?D :? C6DA@?D6 E@ BF6DE:@?D:?E6?E :D E@ D@=:4:E @C6
       :?7@C2E:@? C2E96C E92? 8:G:?8 :E 2H2J
     @??64E:?8 '2FD6 ?5 :?5 @7 E24E:4D E92E 26 E96 @E96C A6CD@? 8:G6 @C6
       :?7@C2E:@?
         +6== E96 H92E J@F 2C6 23@FE E@ E6== E96 E6== E96 E6== E96 H92E J@F E@=5
       E96C6A62E D@ E92E E96J 86E 2 4=62C :562 2?5 92G6 :E D6E :? E96:C :?5
     *EC:A #:?6 '@D:E:G6 2?5 %682E:G6 DEC:A =:?6D2G@:5:?8 E96 25G6CD2CJ 86EE:?8
       6IEC66=J A@D:E:G6 @C 6IEC66=J ?682E:G62:?E2:? E96 25G6CD2CJ D ?6FEC2= DE2?46

92AE6C  (F:6E /@FC $:?5 C62E6 2 =2? *E2E6 
 %@ IA64E2E:@? %@ DDFAE:@?D %@
+2=:?8

 /@FC 23:=:EJ E@ 3=2? DE2E6 :D 5:C64E=J C6=2E65 E@ J@FC 23:=:EJ E@ C:5 J@FCD6=7 @7 6IA64E2E:@?D
2?5 2DDFAE:@?D EH@ G6CJ 325 H@C5D :? J DJDE6 @7 ?68@E:2E:@? D 2 ?68@E:2E@C H6
FDE =62C? E@ C64@8?:K6 E96 2?5 D6E E96 2D:56 '286 


 @C E96 ?68@E:2E@C 6G6? 2 A@D:E:G6 2EE:EF56 :D 52?86C@FD /6D :E D ECF6 E 42? BF:4=J
56G@=G6 :?E@ ?665:?6DD :?E@ A@D:E:G6 6IA64E2E:@?D '286
DF446DD7F= A6@A=6E96J ?@H E92E H92E :D C62==J D2:5 2?5 H92E H6 24EF2==J 962C 5FC:?8
E96 ?68@E:2E:@? :D 72C @C6 :A@CE2?E E92? H92E H6 2==@H @FCD6=G6D E@ E9:? H9:=6 @E96C E2=
 ? @C56C E@ 3=2? D=2E6 67764E:G6=J E96 =:EE=6 G@:46 :? @FC @H? 9625D FDE 36 D:=6?ED@ E26
%@E6D H9:49 2=D@ 7@C46D J@F E@ =:DE6? '286
$@DE A6@A=6 42? D4C:33=6 5@H? 2 76H ?@E6D 96C6 2?5 E96C6 :? 2 4@?G6CD2E:@? 3FE E2:?8
8C62E ?@E6D E26D =@ED @7 AC24E:46 '286 


92AE6C  quot;?@H E96:C '2:?    '2:?E E96:C '2:? 
 -@C H:E9 J@FC 5G6CD2CJ D )62= 'C@3=6D

 /@FC 25G6CD2CJ :? 2?J ?68@E:2E:@? FDE 92G6 G:D:@? 367@C6 E96J 42? 6G6C E26 24E:@?    G6
D2:5 :E 367@C6 == D2J :E 282:? ?@ G:D:@? ?@ 24E:@? %@ G:D:@? ?@ 564:D:@? '286 


 D 2 ?68@E:2E@C J@F 42? 2?5 H:== 26 2 =@E @7 :DE26D @7 4@FCD6 3FE J@FC 4=62C G:D:@? @7
J@FC 25G6CD2CJ D A2:? H:== D66 J@F E9C@F89 E9:4 2?5 E9:?2596C:?8 E@ J@FC :DD:@? 2?5
AFCA@D6 H:== 66A J@F 7C@ 8@:?8 D6C:@FD=J 2DEC2J :? 2
5:C64E:@? %@H J@F 92G6 2
E@@= 7@C 66A:?8 J@F @C:6?E65 :? 2 A@D:E:G6 5:C64E:@? J@FC G:D:@? @7 J@FC 25G6CD2CJ D A2:?
-:E9 3@E9 :DD:@? 2?5 AFCA@D6 2?5 A2:? J@F C6 :? 8C62E D92A6 3FE H:E9@FE 3@E9 J@F C6
H2?56C:?8 :? E96 56D6CE '286 


  2 ?@E E2=:?8 23@FE
A2:? :? J@FC 25G6CD2CJ /@F 96=A 4C62E6 E96 G:D:@? 3FE
J@F 5@? E 4C62E6 E96 A2:? :ED6=7 2E 2== +96 A2:? :D ;FDE E96C6 '286
92AE6C
+96 )62= F586E 2?5 @H E@ F:=E :E 
 +96 :A@CE2?46 @7 +:6 ?6C8J $@?6J
2?5 @E:@?

 $J C@F89
2?5
C625J 7@CF=2 7@C 42=4F=2E:?8 E96 @G6C2== 3F586E 7@C 2 ?68@E:2E:@? 8:G6D
 E:6 2 G2=F6 @7 I 6?6C8J I @?6J I 2?5 6@E:@?D I 7 J@F 2C6 DA6?5:?8 @?=J
E:6 2?5 6?6C8J :? 2 ?68@E:2E:@? J@F 92G6 2 3F586E @7 
I . I 7@C 2 E@E2= 3F586E @7 I 7
J@F DE2CE E9C@H:?8 C62= @?6J 2C@F?5 J@FC 3F586E :D I . I @C I -92E 92AA6?D :7 J@FC
6@E:@?D 6?E6C E96 ?68@E:2E:@? 2?5 E96 6BF2E:@? :? 2 A@H6C7F= H2J $F=E:A=J E92E I 3J
ID6CG6D 2:?=J E@ 56@?DEC2E6 9@H :A@CE2?E E96 3F586E 7@C 6@E:@? :D 9@H 52?86C@FD
6@E:@?2= :?G6DE6?E :D '286 


 +96 8C62E ?68@E:2E@C :? 2?J 7:6=5 FDE ?@E =:7E 2 =:?86C H:E9@FE 2 4=62C A:4EFC6 @7 E96
?68@E:2E:@? 4@:?8 FA 
 2 4=62C A:4EFC6 @7 E96 25G6CD2CJ D A2:? 2?5 2 7:C ?@H=6586 E92E
E96 25G6CD2CJ 92D E96 3F586ED :? E:6
2?5
6?6C8J @?6J 2?5 6@E:@? E@ A2J 
 ?68@E:2E6 

E@ 92G6 E9:D A2:? E26? 2H2J '286 


92AE6C 

 +96 *96== 26 
 6 DFC6 J@F ?@H E96 C62= 564:D:@? 26CD

 @H 42? J@F 4C62E6 G:D:@? 2?5 A2:?E E96 A2:? 67764E:G6=J H:E9@FE ?@H:?8 H9@ E96 564:D:@?
26D 7@C E96 25G6CD2CJ C62==J 2C6 /@F 42? E D@ E96 564:D:@?
2:?8 AC@46DD H:E9 J@FC
25G6CD2CJ D @C82?:D2E:@? FDE 36 5:D4@G6C65 2?5 F?56CDE@@5 E96 G6CJ 368:??:?8 @7 E96
?68@E:2E:@? @C 2D D@@? E96C627E6C 2D A@DD:3=6 '286
@H 5@ J@F 7:?5 @FE E96 C62= 564:D:@? 26CD /@F 2D :?E6CC@82E:G6
=65 BF6DE:@?D

7 4@FCD6 J@F 26 E96 564:D:@? FE H9@ 6=D6 :89E J@F H2?E E@ E2= H:E9
-9@ :89E 36 @7 D6CG:46 :? 2:?8 E9:D 564:D:@?
-9@ 5 36 D@CCJ @C FAD6E :7 H6 =67E E96 @FE
@H H:== E9:D 564:D:@? 36 C624965

/@F ?665 E96D6 2?DH6CD =::?2E6 2== E96 H:=5 42C5D J@F 42? E9:? @7 @?E:?F2==J 2D
J@FCD6=7 H9@ D :DD:?8 '286
? 2?J 2?J :?DE2?46D E96 3:886DE AC@3=6 J@F == 6?4@F?E6C :? E9:D 5:D4@G6CJ AC@46DD :D
D@6@?6 @? J@FC 25G6CD2CJ D E62 E6==:?8 J@F 2DDFC:?8 J@F AC@:D:?8 J@F 8F2C2?E66:?8
J@F E92E 96 :D E96 564:D:@? 26C H96? 96 D ?@E 42== E96D6 DH66E 7@=D H9@ H2?E E@ A=2J
D@6 :?5 @7 C@=6 
 
      '286
/@F 42? 86E 2C@F?5 J@FC 32D:4 3=@46C :? D6G6C2= H2JD  DFC67:C6 H2J :D D:A=J E@ DE2CE 2E
E96 E@A -92E 92AA6?D :7 J@F DE2CE 2E E96 E@A +96 E@A 3@@ED J@F 5@H? E96 =2556C E@ E96
3=@46C 3FE :D 7:?6 3642FD6 AC6DF23=J J@F G6 366? :?EC@5F465 :?E@ E96 3=@46C D E6CC:E@CJ
H:E9 2 DE2A @7 2AAC@G2= =@46CD H:== EC62E J@F H:E9 C6DA64E '286 


 +96 E2=6?E65 ?68@E:2E@C 6?;@JD D@=G:?8 E96 D96== 826    '286 


92AE6C 
 2G6 2? 86?52 2?5 -@C E 
 ):56 E96 492@D :?96C6?E :? ?68@E:2E:@?

 G6CJ 286?52 FDE 36 ?68@E:2E65:? J DJDE6 E96C6 2C6 ?@ 9:556? 286?52D +96 @?=J
286?52 E92E :D G2=:5 7@C AFCA@D6 @7 ?68@E:2E:@? 
 E96 @?=J 286?52 E92E H:== AC@5F46 C6DF=ED 

:D E96 @?6 E92E 92D 366? ?68@E:2E65 H:E9 2? 25G6CD2CJ '286 


  G2=:5 286?52 92D 7:G6 32D:4 42E68@C:6D

       
   'C@3=6D
          FC 3288286
          +96:C 3288286
          -92E H6 H2?E
          -92E 92AA6?D ?6IE

     '286 


 @H 2?J A6@A=6 5@ J@F E9:? 2C6 3FC56?65 3J 3288286 C6=2E65 E@ 86?56C 286 C6=:8:@?
65F42E:@? 2AA62C2?46 2EE:EF56D 7:?2?4:2= DE2EFD 6IA6C:6?46 @C D6?:@C:EJ -92E6G6C
3288286 J@F E9:? H:== 36 2 AC@3=6 :? E96 ?68@E:2E:@? ?665D E@ 36 562=E H:E9 FA 7C@?E
 '286 

 -:E9@FE 2 4=62C F?56CDE2?5:?8 2?5 A:4EFC6 @7 H92E H6 H2?E 2E 6G6CJ A@:?E :? E96
?68@E:2E:@? H6 42? E AFE :E @? @FC 286?52 ?5 :7 H6 42? E AFE :E @? @FC 286?52 H6 92G6 ?@
C:89E E@ 2D 7@C :E '286 

 7 2== E96 :DDF6D :? E96 ?68@E:2E:@? E92E D9@F=5 36 A=246 @? 2? 286?52 3FE @7E6? 2C6 ?@E
H2?ED 2C6 DFAC66 ? E9:D C682C5 E96J 2C6 @FC 8C62E6DE 42FD6 @7 72:=FC6 '286 

92AE6C 
 'C6D6?E /@F 2D6 7 J@F :?D:DE 
 6H2C6 E96 D65F4E:@? @7 A@H6CA@:?E

 +96 4=2DD:4 AC6D6?E2E:@? D6CG6D @?=J E@ 4C62E6 @3;64E:@?D D@ J@F 6?5 FA 2?DH6C:?8
BF6DE:@?D C2E96C E92? 2D:?8 E96 '286 

      7 7@C H92E6G6C C62D@? @AA@D6 J@F 26 2 7@C2= AC6D6?E2E:@? 2E =62DE 5@ :E H6==
        
 6 46CE2:? E92E J@F 2C6 AC6D6?E:?8 :E E@ E96 C62= 564:D:@? 26CD 7 J@F 26 2
            7@C2= AC6D6?E2E:@? E@ E96 F?BF2=:7:65 J@F C6 DA:==:?8 J@FC 362?D 2== @G6C E96
            F?:G6CD6
         /@F FDE 92G6 2? 286?52 ?68@E:2E65 :? 25G2?46 @7 E96 3:8 52J +96 25G6CD2CJ FDE
            ?@H +96 25G6CD2CJ FDE ?@H E92E '286 

 'C6D6?E @?=J E96 :?7@C2E:@? E92E 255C6DD6D J@FC 25G6CD2CJ D 4@?46C? E96 :?7@C2E:@? E92E
255C6DD6D E96 25G6CD2CJ D A2:?     E9:D @=5 DA@CED 25286 23@FE
2:?8 J@FC E62 36EE6C 3J 86EE:?8 C:5 @7 2 46CE2:?A=2J65 :D 2=D@ ECJ6 7@C AC6D6?E2E:@?D
 '286
Start With NO
Start With NO
Start With NO

Mais conteúdo relacionado

Destaque

How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental HealthHow Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
ThinkNow
 
Social Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie InsightsSocial Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie Insights
Kurio // The Social Media Age(ncy)
 

Destaque (20)

2024 State of Marketing Report – by Hubspot
2024 State of Marketing Report – by Hubspot2024 State of Marketing Report – by Hubspot
2024 State of Marketing Report – by Hubspot
 
Everything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPTEverything You Need To Know About ChatGPT
Everything You Need To Know About ChatGPT
 
Product Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage EngineeringsProduct Design Trends in 2024 | Teenage Engineerings
Product Design Trends in 2024 | Teenage Engineerings
 
How Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental HealthHow Race, Age and Gender Shape Attitudes Towards Mental Health
How Race, Age and Gender Shape Attitudes Towards Mental Health
 
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdfAI Trends in Creative Operations 2024 by Artwork Flow.pdf
AI Trends in Creative Operations 2024 by Artwork Flow.pdf
 
Skeleton Culture Code
Skeleton Culture CodeSkeleton Culture Code
Skeleton Culture Code
 
PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024PEPSICO Presentation to CAGNY Conference Feb 2024
PEPSICO Presentation to CAGNY Conference Feb 2024
 
Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)Content Methodology: A Best Practices Report (Webinar)
Content Methodology: A Best Practices Report (Webinar)
 
How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024How to Prepare For a Successful Job Search for 2024
How to Prepare For a Successful Job Search for 2024
 
Social Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie InsightsSocial Media Marketing Trends 2024 // The Global Indie Insights
Social Media Marketing Trends 2024 // The Global Indie Insights
 
Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024Trends In Paid Search: Navigating The Digital Landscape In 2024
Trends In Paid Search: Navigating The Digital Landscape In 2024
 
5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary5 Public speaking tips from TED - Visualized summary
5 Public speaking tips from TED - Visualized summary
 
ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
 
Getting into the tech field. what next
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next
 
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
 
How to have difficult conversations
How to have difficult conversations How to have difficult conversations
How to have difficult conversations
 
Introduction to Data Science
Introduction to Data ScienceIntroduction to Data Science
Introduction to Data Science
 
Time Management & Productivity - Best Practices
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best Practices
 
The six step guide to practical project management
The six step guide to practical project managementThe six step guide to practical project management
The six step guide to practical project management
 
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
 

Start With NO

  • 1. 0@@ )6G:6H @? 2K@?1 92AE6C /@FC C62E6DE -62?6DD :? %68@E:2E:@? +96 2?86CD @7 %665:?6DD 7@4FD65 @? H92E 4@F=5 4@?EC@= E96 62?D ?@E H92E 4@F=5 ?@E 4@?EC@= E96 6?5 +96 7@4FD @7 E9:D 3@@ :D E6249:?8 J@F 9@H E@ 5@ E96 D26 E9:?8 5FC:?8 ?68@E:2E:@? 3642FD6 E@@ 2?J ?68@E:2E@CD 5@ E96 @AA@D:E6 +96J 7@4FD @? H92E E96J
  • 2.
  • 3. 4@?EC@= E96 6?5 H9:=6 =@D:?8 D:89E @7 H92E E96J
  • 4. 4@?EC@= E96 62?D '286 *E2CE H:E9 % :D 32D65 @? E96 F?56CDE2?5:?8 E92E ?@ :D 2 564:D:@? ? 62C=J J6D :D AC@323=J 2 EC:4 2?5 2J36 :D ;FDE E92E 2J36 2?5 86ED J@F ?@H96C6 FE ?@ :D 2 564:D:@? E92E 8:G6D 6G6CJ@?6 D@6E9:?8 E@ E2= 23@FE E92E 96=AD J@F 2:?E2:? 4@?EC@= '286 +@F89 ?68@E:2E@CD 2C6 6IA6CED 2E C64@8?:K:?8 E9:D ?665:?6DD :? E96:C 25G6CD2C:6D 2?5 6IA6CED :?
  • 5. :E 2D H6== %68@E:2E@CD H:E9 8:2?E 4@CA@C2E:@?D :? A2CE:4F=2C H:== 96:89E6? E96 6IA64E2E:@?D @7 E96:C DFAA=:6C 25G6CD2C:6D A2:?E:?8 C@DJ 6I2886C2E65 D46?2C:@D 7@C 682 @C56CD ;@:?E G6?EFC6D 8=@32= 2==:2?46D 2== 7@C E96 AFCA@D6 @7 3F:=5:?8 ?665:?6DD @? E96 A2CE @7 E96:C 25G6CD2CJ 7@C E9:D @?46 :? 2 =:76E:6 42C66C 2:?8 562= +96? H96? E96 ?665:?6DD :D H6== 6DE23=:D965 E96J =@H6C E96 3@@ H:E9 492?86D 6I46AE:@?D 2?5 2 =@E @C6 562?5D 7@C 4@?46DD:@?D 2== @7 E96 '286 @=5 2==:?8 ':E49 -6== $2CJ 92G6 ?@ :562 H96E96C H92E H6 5@ 92D 2?J C6=6G2?46 7@C J@FC 3FD:?6DD ;FDE 5@? E ?@H 2J36 :E 5@6D? E 7 ?@E ;FDE E6== 6 2?5 H:== 36 @? J H2J 3FE :7 H9@6G6C 92?5=6D J@FC 2C6E C6D62C49 '286 AA62= 7@C 2AA@:?E6?E *46?2C:@ $C *:E9 E9:D :D @3 !@?6D H:E9 :CDE 5G2?E286 ,6?EFC6 F?5 2?5 H2?E E@ D66 :7 4@F=5 86E E6? :?FE6D @? J@FC 42=6?52C D@ 42? D9@H J@F 9@H H6 42? H@C H:E9 J@F :? 7FEFC6 @ @C6 E92? 3688:?8 H:E9 E96 36=@H 2AAC@249 *46?2C:@ :== J ?26 :D @3 !@?6D ?@E BF:E6 DFC6 E92E H6 2D 2 G6?EFC6 7F?5 7:E H96C6 J@F C6 8@:?8 ;FDE 5@? E ?@H -92E 5 =:6 E@ 5@ :D 66E H:E9 J@F D@ H6 42? D66 H96C6 J@F C6 8@:?8 2?5 J@F 42? =@@ 2E H96C6 H6 C6 8@:?8 2E :CDE 5G2?E286 2?5 D66 :7 E96C6 :D 2 7:E -96? D E96 36DE E:6 @? J@FC 42=6?52C '286 -96? 6@E:@?D CF? 9@E 2?5 962GJ :? ?68@E:2E:@?D E96 9:89 A:E4965 G@:46 :D 2 DFC6 D:8? @7 ?665 +96 CFD965 56=:G6CJ :D 2?@E96C DFC6 D:8? -9:=6 ?665J ?68@E:2E@CD C2:D6 E96:C G@:46D ?68@E:2E@CD F?56C 4@?EC@= =@H6C E96:C G@:46D *@ =@H6C J@FC G@:46 :? E:6D @7 :??6C EFC@:= *=@H 5@H? '286 62C @7 C6;64E:@? :D 2 D:8? @7 ?665:?6DD DA64:7:42==J E96 ?665 E@ 36 =:65J@FC 25G6CD2C:6D :? 2 ?68@E:2E:@? 42??@E C6;64E J@F +96C6 :D ?@E9:?8 J@F ?665 7C@ E96 D@ 9@H 42? E96J C6;64E J@F E D :A@DD:3=6 +96J 5@? E 92G6 2?J DF49 A@H6C %6G6C
  • 6. 2==@H E96 E@ 36=:6G6 E92E E96J 5@ +96 D6C:@FD ?68@E:2E@C F?56CDE2?5D E92E 96 @C D96 42??@E 8@ @FE :?E@ E96 H@C=5 DA6?5:?8 6@E:@?2= 6?6C8J :? E96 677@CE E@ 36 =:65 @C 36 D2CE E@ 36 :A@CE2?E
  • 7. +96 ?68@E:2E@C H2?ED E@ 36 C64@8?:K65 2D 36:?8 67764E:G6 2?5 3FD:?6DD=:6 E92E D 2== *96 DA6?5D 96C 6?6C8J @? E96 E2D @7 3FD:?6DD '286
  • 8. D 2 ?68@E:2E@C 2DA:C:?8 E@ 6I46==6?46 J@F FDE 2E 2== 4@DED 2G@:5 D9@H:?8 ?665 /@F 5@
  • 9. ?665 E9:D 562= FE H92E 92AA6?D :7 H6 D:A=J DF3DE:EFE6 E96 H@C5 2?5 E96 6@E:@? H2?E 7@C ?665 +96 5J?2:4D 492?86 D 8@@5 ?68@E:2E@CD E96 H@C5 H2?E 62?D D@6E9:?8 H6 H@C 7@C DEC:G6 7@C A=2? 7@C 3FE :E :D ?6G6C 4@?7FD65 H:E9 ?665 %665 :D 562E9 -2?E :D =:76 '286 92AE6C +96 @=F3@ 7764E +96 *64C6E @7 6:?8 %@E 2J +96 H:D6 ?68@E:2E@C ?@HD E92E @?=J @?6 A6CD@? :? 2 ?68@E:2E:@? 42? 766= @2J 2?5 E92E A6CD@? :D E96 25G6CD2CJ J =6EE:?8 J@FC 25G6CD2CJ 36 2 =:EE=6 @C6 @2J J@F DE2CE E@ 3C:?8 5@H? 32CC:6CD '286 92AE6C *E2CE H:E9 %@ @H 64:D:@?D $@G6 %68@E:2E:@?D @CH2C5 -96? H2D E96 =2DE E:6 J@F AC6D6?E65 D@6 724ED 2?5 7:8FC6D E92E 256 A6C764E D6?D6 :? J@FC @H? 9625 2?5 D9@F=5 92G6 256 A6C764E D6?D6 :? J@FC 25G6CD2CJ D 9625 3FE 96 DE:== 4@F=5? E 28C66 H:E9 J@F @F=5? E 6G6? D66 H92E J@F H6C6 E2=:?8 23@FE:7 724ED 2C6? E 23=6 E@ 4@?G:?46 D@6CD E@ 3C62 E96 923:E E92E :D =:E6C2==J :==:?8 E96 :E D D2== H@?56C E92E 724ED E@ 5@ ?@E H:? ?68@E:2E:@?D 6:E96C +96 9625 :D E@@ 4@?7FD65 @C E@@ C:8:5 3FE 2:?=J :E D ;FDE @FE @7 E96 =@@A +96 C62= 564:D:@?D 2C6 36:?8 256 D@6H96C6 6=D6 FC D@ 42==65 C2E:@?2= :?5 :4D :? @?=J 27E6C H6 G6 256 E96 564:D:@? :? @C56C E@ ;FDE:7J :E 27E6C E96 724E '286 %68@E:2E:@?D 2C6 :?5665 C@@E65 :? 6@E:@?D 2?5 2== E@@ @7E6? ?6G6C 86E 36J@?5 E96 /@FC ;@3 2D 2 ?68@E:2E@C :D E@ D66 E96 4=62C=J 2?5 @G6C4@6 E96 H:E9 AC64:D6 564:D:@? 2:?8 /@FC ;@3 :D 6G6? E@ FD6 E96 E@ J@FC 25G2?E286 H:E9 AC64:D6 564:D:@? 2:?8 '286 %@ 86ED J@F A2DE 6@E:@?2= :DDF6D 2?5 EC:G:2= :DDF6D E@
  • 10. :DDF6D -6 H2?E 564:D:@? 32D65 ?68@E:2E:@? ?@E E96 6@E:@? 32D65 H2DE6 @7 E:6 ?@H 2D H:? H:? +96 :?G:E2E:@? E@ E96 25G6CD2CJ E@ D2J ?@ 4CJDE2==:K6D E96:C E9:?:?8 7 H6 86E ?@ 2D 2? 2?DH6C 7:?6 H6 5:8 :?E@ E96 56E2:=D @7 @FC @776C 2?5 ?68@E:2E6 7C@ E92E A@:?E '286 %@ H6 5@? E E9:? D@ H6 36=:6G6 :? 2 72:C AC@7:E 7@C @FC 3FD:?6DD 66= 7C66 E@ D2J ?@ E@ FD :? C6EFC? 3FE H6 C6 ?@E 8:G:?8 J@F 2 8@@5 A:646 @7 @FC 3FD:?6DD 7@C ?@E9:?8 +92E D ?@E 2 8@@5 AC24E:46 7@C FD 2?5 @FC :?G6DE@CD '286
  • 11. 3C246 ?@ 2E 6G6CJ @AA@CEF?:EJ :? 2 ?68@E:2E:@? @? E 762C E96 H@C5 :?G:E6 :E /@F 5@ ?@E E26 :E 2D 2 A6CD@?2= C6;64E:@? 3642FD6 J@F 2C6 ?@E ?665J /@F F?56CDE2?5 E92E 6G6CJ ?@ :D C6G6CD:3=6 %@E9:?8
  • 12. :D @C6 :A@CE2?E E@ 2 DF446DD7F= ?68@E:2E:@? E92? 7@C J@F E@ 26 2D 4=62C 2D A@DD:3=6 7C@ E96 G6CJ 368:??:?8 E92E ?@ :D 2 A6C764E=J 2446AE23=6 C6DA@?D6 2E E9:D ?68@E:2E:@? E23=6 /@F FDE 26 4=62C E92E J@F 5@ ?@E E26 ?@ 2D 2 A6CD@?2= C6;64E:@? 3FE 2D 2? 9@?6DE 564:D:@? E92E 42? 36 5:D4FDD65 2?5 A6C92AD C6G6CD65 /@F FDE 26 4=62C E92E 2 3=F?E ?@ :D AC676C23=6 E@ 2J36 H9:49 E6==D ?@E9:?8 2E 2== 2?5 2=D@ AC676C23=6 E@ J6D 2 E@E2= ?@?DE2CE6C '286 92AE6C *F446DD 4@6D 7C@ E9:D 7@F?52E:@? 6G6=@A /@FC $:DD:@? 2?5 'FCA@D6 @F?52E:@? @7 67764E:G6 564:D:@? 2:?8 :D 2 G2=:5 :DD:@? 2?5 AFCA@D6 E@ 8F:56 :E '286
  • 13. 7 J@FC ?68@E:2E:@? D6CG6D 2 G2=:5 :DD:@? 2?5 AFCA@D6 J@F 5@? E 92G6 E@ H@CCJ 23@FE H96E96C J@F 86E 6G6CJ =2DE 5@==2C @C 4@?46DD:@? @FE @7 E96 562= @C H96E96C J@F 82G6 6?@F89 5@==2CD @C 4@?46DD:@?D /@F 5@? E H@CCJ 23@FE E96 =@?8 E6C C6=2E:@?D9:A /@F 2C6 ?@E C6DA@?D:3=6 7@C @E96C A2CEJ D 564:D:@?D '286
  • 14. 7 J@F C6 ?@E H@C:?8 @? 3692=7 @7 J@FC @H? :DD:@? 2?5 AFCA@D6 J@F C6 H@C:?8 @? 3692=7 @7 D@6@?6 6=D6 D %@H :E D 7:?6 E@ H@C @? 3692=7 @7 D@6@?6 6=D6 :7 J@F F?56CDE2?5 E92E J@F 2C6 5@:?8 D@ :7 J@F 7C66=J 63C246 2?5 E26 E96:C :DD:@? 2?5 AFCA@D6 2D J@FC @H? @C 3F:=5 J@FC @H? E@ DFAA@CE E96:CD 3FE :E :D 2 E6CC:3=6 H2DE6 E@ H@C @? 3692=7 @7 D@6@?6 6=D6 D :DD:@? 2?5 AFCA@D6 H:E9@FE C62=:K:?8 :E '286 H2?E E@ 26 2 :==:@? 5@==2CD 367@C6 EH6?EJ @?6 H2?E E@ 364@6 E96 AC6D:56?E 2?5 @7 E9:D 4@A2?J +96 6DD6?E:2= AC@3=6 H:E9 E96D6 :DD:@? DE2E66?ED :D E92E E96J 2C6 46?E6C65 +96J 2C6 D6E :? E96 H@C=5 @7 :?5:G:5F2= 3F:=5:?8 E96 :DD:@? 2?5 AFCA@D6 92G6 ?@E9:?8 282:?DE @?6J 2?5 A@H6C AC@A6C=J 24BF:C65 @C FD65 3FE E96J FDE 36 E96 C6DF=E ?@E E96 6DD6?46 @7 2 G2=:5 $ ' '286 /@FC $ ' :D D6E :? J@FC 25G6CD2CJ D H@C=5 @C 2 3FD:?6DDA6CD@? :E FDE 36 D6E :? E96 H@C=5 @7 E96 4FDE@6C @C 2 ?68@E:2E@C :E FDE 36 D6E :? E96 H@C=5 @7 E96 E62 D:EE:?8 24C@DD E96 E23=6 *6EE:?8 E96 :DD:@? 2?5 AFCA@D6 :? E96 4@?DE:EF6?ED @C E96 4FDE@6CD H@C=5 2==@HD 2== @7 E96 E@ D66 4=62C=J E96 762EFC6D 2?5 36?67:ED E92E J@F 2?5 J@FC AC@5F4E @C D6CG:46D 92G6 E@ @776C E96 '286 == 8@@5 $ ' DE2E66?ED 2C6 4@?4:D6 7 H6 42? DE2E6 @FC :DD:@? 2?5 AFCA@D6 D:A=J 2?5 4@?4:D6=J H6 42? 4C62E6 E96 G:D:@? H6 H2?E +96 :DD:@? 2?5 AFCA@D6 FDE 2=H2JD 36 HC:EE6? 5@H? '286 92AE6C *E@A +CJ:?8 E@ @?EC@= E96 FE4@6 @4FD @? J@FC 692G:@C 2?5 4E:@?D ?DE625 $J 4=:6?E 5@
  • 15. D6E D2=6D E2C86ED BF@E2D ?F36CD A6C46?E286D %6G6C ?DE625 E96J D6E 8@2=D E96J 42? 4@?EC@= '286
  • 16. -92E J@F 42? 4@?EC@= :D 3692G:@C 2?5 24E:G:EJ H92E J@F 42??@E 4@?EC@= :D E96 C6DF=E @7 E9:D 3692G:@C 2?5 24E:G:EJ '286 +96 %68@E:2E:@? %6G6C ?5D +26 ;FDE 2 :?FE6 E@ E9:? 324 @? D@6 @7 J@FC @DE 4C:E:42= ?68@E:2E:@?D 6:E96C :? J@FC 3FD:?6DD @C AC:G2E6 =:76 :5 E96J C62==J 6?5 @C 5:5 E96J 66A 8@:?8 *@6 @7 E96 6AE 8@:?8 ?@H E92E %@H 9@H 5:5 J@F C624E 7 J@FC 8@2= 925 366? E@ D:8? E96 562= J@F H6C6 FAD6E 2?5 E96? J@F H6C6 :? EC@F3=6 3642FD6 J@F 5:5? E ?@H H92E E@ 5@ ?6IE FE :7 J@FC 8@2= 2== 2=@?8 925 366? 3692G:@C 2?5 24E:G:EJ @G6C H9:49 J@F 925 4@?EC@= J@F 925 ?@ AC@3=6 2E 2== +96 7:CDE ?68@E:2E:@? H2D 7@==@H65 3J 2 D64@?5 ?68@E:2E:@? 24 E@ H@C :8 562= '286 5C2H 2 5:DE:?4E:@? 36EH66? H92E 42== A2JD:56 2?5 ?@?A2JD:56 '2JD:56 24E:G:EJ :D 6G6CJE9:?8 5:C64E=J C6=2E65 E@ E96 ?68@E:2E:@? 7C@ D6EE:?8 G2=:5 2AA@:?E6?ED 2?5 66E:?8D E@ 2:?8 E96 7:?2= AC6D6?E2E:@? %@?A2JD:56 24E:G:EJ :D DEF77 J@F 92G6 E@ 5@ E92E :D? E 5:C64E=J @? E96 EC24 @7 E96 ?68@E:2E:@? :==:?8 @FE 6IA6?D6 7@CD 7@C 6I2A=6 2?5 @E96C D@CED @7 3FC62F4C2E:4 A2A6CH@C 2C6 E96 =@H6DE 7@C @7 ?@?A2JD:56 24E:G:EJH:E9 ?@?A2JD:56 24E:G:EJ E96C6 D ?@ :65:2E6 82:? 3FE ?6:E96C :D E96C6 :65:2E6 2?5 E9:D :D E6AE:?8 E@ FD '286
  • 17. +96 52:=J 923:E @7 2?2=JK:?8 A6C7@C2?46 2?5 4@CC64E:?8 :E :D 4C:E:42= E@ DF446DD 2D J DEF56?ED E@ 26 2 4@:E6?E E@ 52:=J D6=7 6I2:?2E:@? 2?5 2DD6DD6?E E@ @?:E@C E96:C 3692G:@C 2?5 6@E:@?D 2D E96J 27764E E96 ?68@E:2E:?8 AC@46DD +96 4C:E:42= 2DD6DD6?E @7 52:=J 24E:@?D 2?5 564:D:@? 2:?8 A:?A@:?ED H62?6DD6D H@CD H:E9 DEC6?8E9D 2?5 56G6=@AD D6=7 6DE66 '286 92AE6C -92E @ /@F *2J F6=D @7 E96 2A *JDE6 (F6DE:@?D +96 D:?8=6 @DE :A@CE2?E 7F6= E92E J@F 92G6 E96 @DE :A@CE2?E 3692G:@C2= 8@2= 2?5 923:E J@F 42? 56G6=@A :D J@FC 23:=:EJ E@ 2D BF6DE:@?D '286
  • 18. FC 564:D:@?D 2C6 :?:E:2==J
  • 19.
  • 20. A6C 46?E 6@E:@?2= 7E6C H6 G6 256 @FC 6@E:@? 32D65 564:D:@? H6 ?665 E:6 E@ 86E E96 4=62C A:4EFC6 E96 4=62C G:D:@? H:E9 H9:49 E@ C2E:@?2==J ;F586 E96 564:D:@? (F6DE:@?D 2C6 E96 62?D 3J H9:49 E96 ?68@E:2E@C 96=AD E96 25G6CD2CJ 5@ E9:D +96 25G6CD2CJ D 2?DH6CD E@ @FC BF6DE:@?D 3F:=5 E96 G:D:@? E92E 96 ?665D E@ 26 564:D:@?E96 G:E2= AFCA@D6 @7 BF6DE:@?D :D E@ 2==@H FD E@ @G6 2C@F?5 :? E96 25G6CD2CJ D H@C=5 2?5 D66 H92E E96J D66 2?5 E96? =625 E96 E@ 2 4=62C G:D:@? 2?5 564:D:@?D 2D H6== A286
  • 21. D:?8 BF6DE:@?D :D 2 D4:6?46 2?5 2? 2CE +96 D4:6?46 :D :? 9@H J@F :?E6==64EF2==J 4@?DECF4E 2 BF6DE:@? +96 2CE :D 7@F?5 :? 9@H J@F 2D :E J@FC E@?6 @7 G@:46 J@FC 4C62E:G6 49@:46 @7 H@C5D J@FC 3692G:@C 2?5 C62CD 367@C6 2D:?8 J@FC BF6DE:@? '286
  • 22. 92AE6C @H 5@ J@F D2J :E $@C6 7F6=D @7 E96 42A DJDE6 F6=D D:?8 (F6DE:@?D %FCEFC:?8 D:?8 BF6DE:@?D H:E9 2 E@?6 @52=:EJ 2D :7 J@F 42C6H:E9@FE D9@H:?8 ?665:?6DD )6G6CD:?8 D:?8 BF6DE:@?D :? C6DA@?D6 E@ BF6DE:@?D:?E6?E :D E@ D@=:4:E @C6 :?7@C2E:@? C2E96C E92? 8:G:?8 :E 2H2J @??64E:?8 '2FD6 ?5 :?5 @7 E24E:4D E92E 26 E96 @E96C A6CD@? 8:G6 @C6 :?7@C2E:@? +6== E96 H92E J@F 2C6 23@FE E@ E6== E96 E6== E96 E6== E96 H92E J@F E@=5 E96C6A62E D@ E92E E96J 86E 2 4=62C :562 2?5 92G6 :E D6E :? E96:C :?5 *EC:A #:?6 '@D:E:G6 2?5 %682E:G6 DEC:A =:?6D2G@:5:?8 E96 25G6CD2CJ 86EE:?8 6IEC66=J A@D:E:G6 @C 6IEC66=J ?682E:G62:?E2:? E96 25G6CD2CJ D ?6FEC2= DE2?46 92AE6C (F:6E /@FC $:?5 C62E6 2 =2? *E2E6 %@ IA64E2E:@? %@ DDFAE:@?D %@ +2=:?8 /@FC 23:=:EJ E@ 3=2? DE2E6 :D 5:C64E=J C6=2E65 E@ J@FC 23:=:EJ E@ C:5 J@FCD6=7 @7 6IA64E2E:@?D 2?5 2DDFAE:@?D EH@ G6CJ 325 H@C5D :? J DJDE6 @7 ?68@E:2E:@? D 2 ?68@E:2E@C H6 FDE =62C? E@ C64@8?:K6 E96 2?5 D6E E96 2D:56 '286 @C E96 ?68@E:2E@C 6G6? 2 A@D:E:G6 2EE:EF56 :D 52?86C@FD /6D :E D ECF6 E 42? BF:4=J 56G@=G6 :?E@ ?665:?6DD :?E@ A@D:E:G6 6IA64E2E:@?D '286
  • 23. DF446DD7F= A6@A=6E96J ?@H E92E H92E :D C62==J D2:5 2?5 H92E H6 24EF2==J 962C 5FC:?8 E96 ?68@E:2E:@? :D 72C @C6 :A@CE2?E E92? H92E H6 2==@H @FCD6=G6D E@ E9:? H9:=6 @E96C E2= ? @C56C E@ 3=2? D=2E6 67764E:G6=J E96 =:EE=6 G@:46 :? @FC @H? 9625D FDE 36 D:=6?ED@ E26 %@E6D H9:49 2=D@ 7@C46D J@F E@ =:DE6? '286
  • 24. $@DE A6@A=6 42? D4C:33=6 5@H? 2 76H ?@E6D 96C6 2?5 E96C6 :? 2 4@?G6CD2E:@? 3FE E2:?8 8C62E ?@E6D E26D =@ED @7 AC24E:46 '286 92AE6C quot;?@H E96:C '2:? '2:?E E96:C '2:? -@C H:E9 J@FC 5G6CD2CJ D )62= 'C@3=6D /@FC 25G6CD2CJ :? 2?J ?68@E:2E:@? FDE 92G6 G:D:@? 367@C6 E96J 42? 6G6C E26 24E:@? G6 D2:5 :E 367@C6 == D2J :E 282:? ?@ G:D:@? ?@ 24E:@? %@ G:D:@? ?@ 564:D:@? '286 D 2 ?68@E:2E@C J@F 42? 2?5 H:== 26 2 =@E @7 :DE26D @7 4@FCD6 3FE J@FC 4=62C G:D:@? @7 J@FC 25G6CD2CJ D A2:? H:== D66 J@F E9C@F89 E9:4 2?5 E9:?2596C:?8 E@ J@FC :DD:@? 2?5 AFCA@D6 H:== 66A J@F 7C@ 8@:?8 D6C:@FD=J 2DEC2J :? 2
  • 25. 5:C64E:@? %@H J@F 92G6 2 E@@= 7@C 66A:?8 J@F @C:6?E65 :? 2 A@D:E:G6 5:C64E:@? J@FC G:D:@? @7 J@FC 25G6CD2CJ D A2:? -:E9 3@E9 :DD:@? 2?5 AFCA@D6 2?5 A2:? J@F C6 :? 8C62E D92A6 3FE H:E9@FE 3@E9 J@F C6 H2?56C:?8 :? E96 56D6CE '286 2 ?@E E2=:?8 23@FE
  • 26. A2:? :? J@FC 25G6CD2CJ /@F 96=A 4C62E6 E96 G:D:@? 3FE J@F 5@? E 4C62E6 E96 A2:? :ED6=7 2E 2== +96 A2:? :D ;FDE E96C6 '286
  • 28. +96 )62= F586E 2?5 @H E@ F:=E :E +96 :A@CE2?46 @7 +:6 ?6C8J $@?6J 2?5 @E:@? $J C@F89 2?5 C625J 7@CF=2 7@C 42=4F=2E:?8 E96 @G6C2== 3F586E 7@C 2 ?68@E:2E:@? 8:G6D E:6 2 G2=F6 @7 I 6?6C8J I @?6J I 2?5 6@E:@?D I 7 J@F 2C6 DA6?5:?8 @?=J E:6 2?5 6?6C8J :? 2 ?68@E:2E:@? J@F 92G6 2 3F586E @7 I . I 7@C 2 E@E2= 3F586E @7 I 7 J@F DE2CE E9C@H:?8 C62= @?6J 2C@F?5 J@FC 3F586E :D I . I @C I -92E 92AA6?D :7 J@FC 6@E:@?D 6?E6C E96 ?68@E:2E:@? 2?5 E96 6BF2E:@? :? 2 A@H6C7F= H2J $F=E:A=J E92E I 3J ID6CG6D 2:?=J E@ 56@?DEC2E6 9@H :A@CE2?E E96 3F586E 7@C 6@E:@? :D 9@H 52?86C@FD 6@E:@?2= :?G6DE6?E :D '286 +96 8C62E ?68@E:2E@C :? 2?J 7:6=5 FDE ?@E =:7E 2 =:?86C H:E9@FE 2 4=62C A:4EFC6 @7 E96 ?68@E:2E:@? 4@:?8 FA 2 4=62C A:4EFC6 @7 E96 25G6CD2CJ D A2:? 2?5 2 7:C ?@H=6586 E92E E96 25G6CD2CJ 92D E96 3F586ED :? E:6 2?5 6?6C8J @?6J 2?5 6@E:@? E@ A2J ?68@E:2E6 E@ 92G6 E9:D A2:? E26? 2H2J '286 92AE6C +96 *96== 26 6 DFC6 J@F ?@H E96 C62= 564:D:@? 26CD @H 42? J@F 4C62E6 G:D:@? 2?5 A2:?E E96 A2:? 67764E:G6=J H:E9@FE ?@H:?8 H9@ E96 564:D:@? 26D 7@C E96 25G6CD2CJ C62==J 2C6 /@F 42? E D@ E96 564:D:@? 2:?8 AC@46DD H:E9 J@FC 25G6CD2CJ D @C82?:D2E:@? FDE 36 5:D4@G6C65 2?5 F?56CDE@@5 E96 G6CJ 368:??:?8 @7 E96 ?68@E:2E:@? @C 2D D@@? E96C627E6C 2D A@DD:3=6 '286
  • 29. @H 5@ J@F 7:?5 @FE E96 C62= 564:D:@? 26CD /@F 2D :?E6CC@82E:G6 =65 BF6DE:@?D 7 4@FCD6 J@F 26 E96 564:D:@? FE H9@ 6=D6 :89E J@F H2?E E@ E2= H:E9 -9@ :89E 36 @7 D6CG:46 :? 2:?8 E9:D 564:D:@? -9@ 5 36 D@CCJ @C FAD6E :7 H6 =67E E96 @FE @H H:== E9:D 564:D:@? 36 C624965 /@F ?665 E96D6 2?DH6CD =::?2E6 2== E96 H:=5 42C5D J@F 42? E9:? @7 @?E:?F2==J 2D J@FCD6=7 H9@ D :DD:?8 '286
  • 30. ? 2?J 2?J :?DE2?46D E96 3:886DE AC@3=6 J@F == 6?4@F?E6C :? E9:D 5:D4@G6CJ AC@46DD :D D@6@?6 @? J@FC 25G6CD2CJ D E62 E6==:?8 J@F 2DDFC:?8 J@F AC@:D:?8 J@F 8F2C2?E66:?8
  • 31. J@F E92E 96 :D E96 564:D:@? 26C H96? 96 D ?@E 42== E96D6 DH66E 7@=D H9@ H2?E E@ A=2J D@6 :?5 @7 C@=6 '286
  • 32. /@F 42? 86E 2C@F?5 J@FC 32D:4 3=@46C :? D6G6C2= H2JD DFC67:C6 H2J :D D:A=J E@ DE2CE 2E E96 E@A -92E 92AA6?D :7 J@F DE2CE 2E E96 E@A +96 E@A 3@@ED J@F 5@H? E96 =2556C E@ E96 3=@46C 3FE :D 7:?6 3642FD6 AC6DF23=J J@F G6 366? :?EC@5F465 :?E@ E96 3=@46C D E6CC:E@CJ H:E9 2 DE2A @7 2AAC@G2= =@46CD H:== EC62E J@F H:E9 C6DA64E '286 +96 E2=6?E65 ?68@E:2E@C 6?;@JD D@=G:?8 E96 D96== 826 '286 92AE6C 2G6 2? 86?52 2?5 -@C E ):56 E96 492@D :?96C6?E :? ?68@E:2E:@? G6CJ 286?52 FDE 36 ?68@E:2E65:? J DJDE6 E96C6 2C6 ?@ 9:556? 286?52D +96 @?=J 286?52 E92E :D G2=:5 7@C AFCA@D6 @7 ?68@E:2E:@? E96 @?=J 286?52 E92E H:== AC@5F46 C6DF=ED :D E96 @?6 E92E 92D 366? ?68@E:2E65 H:E9 2? 25G6CD2CJ '286 G2=:5 286?52 92D 7:G6 32D:4 42E68@C:6D 'C@3=6D FC 3288286 +96:C 3288286 -92E H6 H2?E -92E 92AA6?D ?6IE '286 @H 2?J A6@A=6 5@ J@F E9:? 2C6 3FC56?65 3J 3288286 C6=2E65 E@ 86?56C 286 C6=:8:@? 65F42E:@? 2AA62C2?46 2EE:EF56D 7:?2?4:2= DE2EFD 6IA6C:6?46 @C D6?:@C:EJ -92E6G6C 3288286 J@F E9:? H:== 36 2 AC@3=6 :? E96 ?68@E:2E:@? ?665D E@ 36 562=E H:E9 FA 7C@?E '286 -:E9@FE 2 4=62C F?56CDE2?5:?8 2?5 A:4EFC6 @7 H92E H6 H2?E 2E 6G6CJ A@:?E :? E96 ?68@E:2E:@? H6 42? E AFE :E @? @FC 286?52 ?5 :7 H6 42? E AFE :E @? @FC 286?52 H6 92G6 ?@ C:89E E@ 2D 7@C :E '286 7 2== E96 :DDF6D :? E96 ?68@E:2E:@? E92E D9@F=5 36 A=246 @? 2? 286?52 3FE @7E6? 2C6 ?@E H2?ED 2C6 DFAC66 ? E9:D C682C5 E96J 2C6 @FC 8C62E6DE 42FD6 @7 72:=FC6 '286 92AE6C 'C6D6?E /@F 2D6 7 J@F :?D:DE 6H2C6 E96 D65F4E:@? @7 A@H6CA@:?E +96 4=2DD:4 AC6D6?E2E:@? D6CG6D @?=J E@ 4C62E6 @3;64E:@?D D@ J@F 6?5 FA 2?DH6C:?8 BF6DE:@?D C2E96C E92? 2D:?8 E96 '286 7 7@C H92E6G6C C62D@? @AA@D6 J@F 26 2 7@C2= AC6D6?E2E:@? 2E =62DE 5@ :E H6== 6 46CE2:? E92E J@F 2C6 AC6D6?E:?8 :E E@ E96 C62= 564:D:@? 26CD 7 J@F 26 2 7@C2= AC6D6?E2E:@? E@ E96 F?BF2=:7:65 J@F C6 DA:==:?8 J@FC 362?D 2== @G6C E96 F?:G6CD6 /@F FDE 92G6 2? 286?52 ?68@E:2E65 :? 25G2?46 @7 E96 3:8 52J +96 25G6CD2CJ FDE ?@H +96 25G6CD2CJ FDE ?@H E92E '286 'C6D6?E @?=J E96 :?7@C2E:@? E92E 255C6DD6D J@FC 25G6CD2CJ D 4@?46C? E96 :?7@C2E:@? E92E 255C6DD6D E96 25G6CD2CJ D A2:? E9:D @=5 DA@CED 25286 23@FE 2:?8 J@FC E62 36EE6C 3J 86EE:?8 C:5 @7 2 46CE2:?A=2J65 :D 2=D@ ECJ6 7@C AC6D6?E2E:@?D '286