+VFWFT EF PDUVCSF EF
'6/%"%03&4 +FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;
&- */'03."%03
&%*503 %*3&$503 $BSMPT ~MWBSF[ EFM $BTUJMMP (
-B DJVEBE SFTJTUF
1~(*/" % 4&$$* /Ê
%
" UPEB NÇRVJOB -" --&("%" %&- 53&/ " +"-*4$0
Çä
$IBQBMB B TF EFCPSEB
53"(&%*"4 26& )" 7*7*%0 (6"%"-"+"3"
#JFOWFOJEP B MB 1FSMB EF 0DDJEFOUF
"º0 $* /Á.&30
xÓ
*/4º-*5"4 : 3"3"4 /05*$*"4
5& 3&$*#*.04 $0/ -04 #"$)&4 "#*&3504
-PT FUFSOPT
QSPCMFNBT EF MB DJVEBE
ÈÈ È{
"®P USBT B®P MBT DBMBNJEBEFT QSPQJBT EF VOB VSCF TF SFQJUFO DPO GPSNBT Z BDUPSFT TJNJMBSFT MB CBUBMMB QPS FM FTQBDJP FOUSF BVUPT DJDMJTUBT Z QFBUPOFT MB JOTFHVSJEBE EF MBT QFSTPOBT FO TJUVBDJ°O EF DBMMF Z PUSPT TJOJFTUSPT TJHVFO QSFTFOUFT
6O JOGBOUF MB QSJNFSB WÒDUJNB EFM USBOTQPSUF QÝCMJDP
&- */'03."%03 t "3$)*70
010356/0 %FTEF JDJDJPT EFM TJHMP QB TBEP &- */'03."%03 Z EBCB DVFOUB EF MPT BUSPQFMMPT EFM USBOTQPSUF QÞCMJDP
&M EF BCSJM EF PDVQÂ MB QSJNFSB QMBOB EF &- */'03."%03 MB QSJNF SB NVFSUF DBV TBEB QPS FM USBOTQPSUF QÈCMJDP FO MB DJVEBE EF MB RVF TF UFOHB SF HJTUSP -B W½DUJNB FSB VO OJÁP RVF SFTQPOE½B BM OPNCSF EF $²OEJEP (VEJÁP RVJFO GVF BSSPMMBEP QPS FM USBOW½B FM¹DUSJDP FO FM DSVDF EF MBT DBMMFT 1SPTQFSJ EBE Z )PTQJDJP -B NBESF EFM QFRVFÁP FOWJÂ B $²OEJEP Z B TV IFS NBOP 3PTFOEP B DPN QSBS DPNFTUJCMFT "NCPT TBMJFSPO DPSSJFOEP EF TV DBTB Z BM MMFHBS BM DSVDFSP TF UPQBSPO DPO FM USBOW½B RVF WFO½B B FYDFTP EF WFMPDJEBE $²OEJEP GVF FNCFTUJEP Z RVFEÂ DPO FM DS²OFP EFTUSP[BEP UVWP VOB NVFSUF JOTUBOU²OFB -PT BDDJEFOUFT Z NVFSUFT FO MBT RVF TF WFO JOWPMVDSBEBT VOJEBEFT EFM USBOT QPSUF QÈCMJDP OP TF IBO EFUFOJEP EFTEF FOUPODFT " QBSUJS EF MPT BÁPT B NFEJEB RVF MB DJVEBE DSFD½B Z TF QPQVMBSJ[BCB FM USBOTQPSUF DPMFDUJWP TF DPNFO[BSPO B QSFTFOUBS N²T NVFSUFT %VSBOUF FTB E¹DB EB BM NFOPT VOB QFSTPOB FSB BUSPQFMMBEB DBEB BÁP DPO TFDVFMBT RVF JCBO EFTEF MB Q¹SEJEB EF FYUSFNJEBEFT IBTUB MB NVFSUF 4JFOEP MPT DBTPT N²T TJHOJGJDBUJWPT BRVFMMPT FO MPT RVF GBMMFD½BO NFOPSFT EF FEBE FM EF BHPTUP EF NVSJFSPO EPT OJÁBT VOB EF FMMBT B VO DPTUBEP EFM 5FBUSP %FHPMMBEP BM USBUBS EF HBOBSMF FM QBTP BM USBOW½B Z PUSB GVF BSSPMMBEB QPS VO DBNJÂO FO MB FOUPODFT "WFOJEB -BGBZFU UF Z -B 1B[ FM EF NBZP EF PUSP OJÁP GBMMFDJÂ BUSPQFMMBEP FO MB DBMMF EF FOFSP Z FM EF FOFSP EF VO DBNJÂO BSSPMMÂ B VO QFRVFÁP FO 5MBRVFQBRVF &TUB TJUVBDJÂO TF GVF BHVEJ[BOEP QPS E¹DBEBT TPCSF UPEP FO MPT ÈMUJNPT BÁPT EFCJEP BM DSFDJNJFOUP QPCMBDJPOBM Z EFM OÈNFSP EF BVUPNÂWJMFT FO DJSDVMBDJÂO &O MB $PNJTJÂO &TUBUBM EF %FSFDIPT )VNBOPT EF +BMJTDP $&%)+ FNJUJÂ VOB SFDPNFOEBDJÂO BM (PCJFSOP EF +BMJTDP QPS MB WJPMBDJÂO B MB JOUFHSJEBE QFSTP OBM F JOBEFDVBEB QSFTUBDJÂO EF FTUF TFSWJDJP QÈCMJDP "EFN²T EFTEF B GBMMFDJFSPO QFSTPOBT FO BDDJEFOUFT RVF JO WPMVDSBO VOJEBEFT EFM USBOTQPSUF QÈCMJDP &OUSF MPT BDDJEFOUFT N²T FNCMFN²UJ DPT EFTUBDB FM PDVSSJEP FM EF NBS[P EF DVBOEP VO DBNJÂO EF MB SVUB TF JNQBDUÂ DPOUSB VOB QBSBEB B MBT BGVFSBT EF MB 1SFQBSBUPSJB RVF EFKÂ B QFSTPOBT MFTJPOBEBT FOUSF FMMBT .BS½B 'FSOBOEB RVJFO GBMMFDJÂ N²T UBSEF
&- */'03."%03 t "3$)*70
"$$*%&/5& &O VO NFOPS GVF BUSPQFMMBEP QPS FM USBOWÓB FMÏDUSJDP FO FM DSVDF EF MBT DBMMFT 1SPTQF SJEBE Z )PTQJDJP
*/$3&.&/50 &M OÞNFSP EF BDDJEFOUFT SFMBDJPOBEPT DPO FM USBOTQPSUF QÞCMJDP TF IB BHVEJ[BEP FO MBT ÞMUJNBT EÏDBEBT EFCJEP BM DSFDJ NJFOUP QPCMBDJPOBM
&M DBPT QPS MBT MMVWJBT &- */'03."%03 t "3$)*70
&- */'03."%03 t "3$)*70
5&.103"- 1BSB FWJUBS EFTCPSEBNJFOUPT FO MB BENJOJTUSBDJØO EF +FTÞT (PO[ÈMF[ (BMMP TF FOUVCØ FM 3ÓP 4BO +VBO EF %JPT
16/50 $0/'-*$5*70 -B "WFOJEB -ØQF[ .BUFPT TF JOVOEB DPO DBEB UFNQPSBM BMHP RVF ZB FT NVZ DPOPDJEP QPS MPT UBQBUÓPT
"(6"4 &M EJTF×P EF MB DJVEBE IB TJEP QSPDJWF B MBT JOVOEBDJPOFT EFTEF FM TJHMP QBTB EP TF IBO QSPQVFTUP TPMVDJPOFT
$BEB UFNQPSBM EF MMVWJBT MB DJVEBE TF WVFM WF VO DBPT QPS MBT JOVOEBDJPOFT 1MB[B EFM 4PM MB $BM[BEB *OEFQFOEFODJB $PMÂO (P CFSOBEPS $VSJFM Z MPT "SDPT EFM .JMFOJP TPO UBO TÂMP BMHVOPT EF MPT QVOUPT RVF SFDMBNB FM BHVB USBT MBT UPSNFOUBT RVF B[PUBO DBEB BÁP B MB NFUSÂQPMJ 1FSP FTUF QSPCMFNB OP FT OVFWP EF IF DIP FT DBTJ UBO WJFKB DPNP MB DJVEBE &M EFT CPSEBNJFOUP EFM 3½P 4BO +VBO EF %JPT Z EF PUSPT BSSPZPT RVF DJSDVMBCBO QPS MB BOUJHVB (VBEBMBKBSB BSSBTBCBO DPO DBTBT TF MMFWB CBO B QFSTPOBT B JOUFSSVNQ½BO BDUJWJEBEFT FDPOÂNJDBT &M EF BHPTUP EF PDVQÂ MB QSJ NFSB QMBOB EF &- */'03."%03 MB OPUJDJB EFM EFTCPSEBNJFOUP EFM 3½P 4BO +VBO EF %JPT DPO FM U½UVMP i-B QBSUF CBKB EF MB DJVEBE GVF BSSBTBEB QPS VOB JOVOEBDJÂOw 6OB MMV WJB TJO QSFDFEFOUFT EVSBOUF MB OPDIF RVF EV SÂ EPT IPSBT QSPWPDÂ RVF FM DVFSQP EF BHVB TF TBMJFSB EF TV DBVDF %PT OJÁPT EFTBQBSF
DJFSPO FO MB DPSSJFOUF MB DBSQB EFM $JSDP "UBZEF FO MB 1MB[VFMB EF 4BO 'FSOBOEP FT UVWP B QVOUP EF EFTQMPNBSTF VOB GBSNBDJB FO MBT JOUFSNFEJBDJPOFT UVWP GVFSUFT Q¹SEJ EBT Z OVNFSPTBT DBTBT DFEJFSPO BOUF MB GVFS [B EFM BHVB 5BNCJ¹O TF SFHJTUSBSPO EBÁPT QPS MB MMVWJB FO MB $PMPOJB .PEFSOB FO MB DB MMF %POBUP (VFSSB Z FO FM FNQFESBEP GSFOUF B MB 1BSSPRVJB EFM 1JMBS -B QSFDJQJUBDJÂO BMDBO[Â MB DJGSB EF NJM½NFUSPT TJFUF E¹DJNBT OÈNFSP OVODB BOUFT SFHJTUSBEP QBSB FTF FOUPODFT &O MPT BÁPT TJHVJFOUFT TF FOUVCÂ FM 3½P 4BO +VBO EF %JPT %VSBOUF MB BENJOJTUSB DJÂO EF +FTÈT (PO[²MF[ (BMMP EF B TF DPOTUSVZÂ VO DPMFDUPS EF HSBO DBQBDJEBE BM TVS EF MB $BM[BEB *OEFQFOEFODJB &O MB 1FOJUFODJBS½B EFM &TUBEP TF JOVOEÂ WBSJBT WFDFT EVSBOUF MB UFNQPSBEB EF MMVWJBT FM BHVB JODMVTJWF TF JOUSPEVD½B IBTUB MBT DFMEBT EF MPT SFDMVTPT "ÁPT N²T UBSEF FO TF UVWJFSPO RVF IBCJMJUBS QB
TPT BM OJWFM EF MBT W½BT EFM USFO FO -ÂQF[ .B UFPT .BSJBOP 0UFSP Z /JÁPT )¹SPFT QVFT MPT UÈOFMFT TF JOVOEBCBO EVSBOUF MB UFNQPSBEB EF MMVWJBT DPO UBM SBQJEF[ RVF DBTJ DBEB UPS NFOUB BVUPNPWJMJTUBT RVFEBCBO BUSBQBEPT Z WBSJPT QVOUPT EF MB DJVEBE UFSNJOBCBO JO DPNVOJDBEPT 0USPT EF MPT QVOUPT IJTUÂSJDBNFOUF DPOGMJDUJWPT FT MB [POB 1MB[B EFM 4PM RVF TF JOVOEB FO DBEB UFNQPSBM &O TF BNQMJÂ FM DPMFDUPS EF +FTÈT (BSD½B Z TF FOUVCÂ FM DB OBM &M $IJDBMPUF PCSBT RVF QSFTVOUBNFOUF TPMVDJPOBS½BO MBT JOVOEBDJPOFT &O TF JOUFSWJOP MB "WFOJEB -ÂQF[ .BUFPT DPO FM NJTNP PCKFUJWP Z FO TF SFBMJ[BSPO USB CBKPT FO FM $BOBM EF 4BOUB $BUBMJOB RVF EF OVFWP QSFUFOE½BO BDBCBS DPO MB QSPCMFN² UJDB /P TVDFEJÂ BT½ &O NBS[P EF FM HPCFSOBEPS "SJTUÂ UFMFT 4BOEPWBM QSFTFOUÂ VO QMBO EF BDDJPOFT QBSB NJUJHBS MBT JOVOEBDJPOFT FO MB NFUSÂQP MJ DPO VOB JOWFSTJÂO EF NJMMPOFT EF QFTPT
* Êxä
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF
-PT
FUFSOPT
&- */'03."%03 t "3$)*70
QSPCMFNBT EF MB DJVEBE ."-" .&;$-" "MDPIPM Z WPMBOUF TPO VOB NBMB DPNCJOBDJØO RVF BUFOUB DPOUSB QFSTPOBT JOPDFOUFT &- */'03."%03 t "3$)*70
-B EJBSJB CBUBMMB EFM DJDMJTUB 7*"-*%"% -PT DJDMJTUBT IBO TPSUFBEP EFTEF IBDF EÏDBEBT EJTUJOUPT PCTUÈDVMPT BM SFDPSSFS MB DJVEBE FOUSF FMMPT MP CBDIFT Z BMDBOUBSJMMBT
&O DJDMJTUBT TVGSJFSPO BDDJEFOUFT WJBMFT FO MB ;POB .F USPQPMJUBOB EF (VBEBMBKBSB EF MPT DVBMFT DJODP GBMMFDJFSPO .JFOUSBT RVF FM DPMFDUJWP #JDJDMF UB #MBODB EB DVFOUB EF NVFS UFT EF DJDMJTUBT EFTEF B MB GF DIB 4JO FNCBSHP FTUF QSPCMFNB OP FT OVFWP QVFT MPT BUSPQFMMB NJFOUPT EF DJDMJTUBT TF IBO QSF TFOUBEP DBTJ EFTEF RVF FTUF NF EJP EF USBOTQPSUF TF QPQVMBSJ[Â FO MB DJVEBE B QSJODJQJPT EFM TJHMP QBTBEP &M EF GFCSFSP EF QV CMJDÂ &- */'03."%03 VO DJ DMJTUB GVF BSSPMMBEP QPS VOB DBNJPOFUB RVF USBOT QPSUBCB DBSOF FO MBT JONFEJBDJPOFT EFM 1BSRVF "HVB "[VM FO FM DBNJOP RVF FOUPODFT DPOEVD½B BM FEJGJDJP EFM 3BTUSP /VFWP &TF NJTNP BÁP TV DFEJFSPO USFT DBTPT N²T 'VF IBTUB FM EF FOFSP EF DVBOEP TF SFHJTUSÂ FM QSJNFS BDDJEFOUF FO FM RVF GBMMFDJÂ VO DJDMJTUB 4F USBUÂ EF VO OJÁP EF BÁPT[ RVF DJS DVMBCB TPCSF MB DBSSFUFSB RVF DPOEVD½B B MB FO UPODFT 7JMMB EF 5MBRVFQBRVF RVF GVF BSSPMMBEP QPS VO DBNJÂO EF QBTBKFSPT RVF TF EJSJH½B B 4BO .BSU½O EF MBT 'MPSFT -B VOJEBE MF QBTÂ QPS FODJ NB EFTUSP[BOEP MB CJDJDMFUB FO MB RVF JCB FM QF RVFÁP RVJFO NVSJÂ DBTJ BM JOTUBOUF %FTEF FOUPODFT TF IBO QSFTFOUBEP DJFOUPT EF BDDJEFOUFT Z NVFSUFT TJFOEP BMHVOPT EF MPT DB TPT N²T TJHOJGJDBUJWPT MPT PDVSSJEPT FO DVBOEP VO DBNJÂO EF MB SVUB BSSPMMÂ B VO DJDMJT UB FO (PCFSOBEPS $VSJFM Z -JUPHSBG½B BSSBTUS²O EPMP WBSJPT NFUSPT Z FO VO US²JMFS BUSPQFMMÂ B PDIP FO MB DBSSFUFSB B $IBQBMB DPO VO TBMEP EF USFT MFTJPOBEPT 4JO FNCBSHP VOP EF MPT RVF MPHSÂ HSBCBSTF FO MB NFNPSJB DPMFDUJWB TF SFHJTUSÂ FO DVBO EP GBMMFDJÂ &EHBSEP :BSFE 1BEJMMB 6SJCF RVJFO GVF BSSPMMBEP QPS VOB DBNJPOFUB FO MB $BM[BEB *OEF QFOEFODJB Z "OJMMP 1FSJG¹SJDP 'VF BSSBTUSBEP QPS FM WFI½DVMP NFUSPT EFTQV¹T EF TFS FNCFTUJEP QPS FM DIPGFS RVF MVFHP TF EJP B MB GVHB 1PS FTUF DBTP TF JOTUBMÂ MB QSJNFSB #JDJ #MBODB FO (VBEB MBKBSB
$0.#*/"$*»/ .035"- $PO MB QPQVMBSJ[BDJØO EFM VTP EFM BVUP UBNCJÏO TF JODSFNFOUBSPO MPT BDDJEFO UFT QPS DPOEVDUPSFT FO FTUBEP EF FCSJFEBE
"MDPIPM Z WPMBOUF NBMB NF[DMB &- */'03."%03 t "3$)*70
1&-*(30 )PZ DPNP BZFS SPEBS QPS MB DJVEBE FO CJDJDMFUB SFQSFTFOUB VO QFMJHSP QBSB MPT DJVEBEBOPT
&- */'03."%03
01&3"5*70 &O JOJDJBSPO MBT SFWJTJPOFT EF 4BMWBOEP 7JEBT QBSB EFUFDUBS B DPOEVDUPSFT FCSJPT
7¶$5*."4 %FTEF FM DPMFDUJWP #JDJDMFUB #MBODB IB DPOUBCJMJ[BEP MBT NVFSUFT EF DJDMJTUBT FO MB DJVEBE
%FTEF RVF TF QPQVMBSJ[Â FM VTP EFM BVUPNÂ WJM FO MB DJVEBE TF DPNFO[BSPO B SFHJTUSBS BDDJEFOUFT FO MPT RVF QBSUJDJQBCBO DPOEVD UPSFT FO FTUBEP EF FCSJFEBE 1SPCMFNB BÁF KP RVF OVODB TF IB MPHSBEP SFTPMWFS QFTF B MB JNQMFNFOUBDJÂO EF JOOVNFSBCMFT QPM½UJ DBT QÈCMJDBT &M EF BHPTUP EF &- */'03." %03 IJ[P VO MMBNBEP B BDBCBS DPO MB JN QVOJEBE RVF EFKBCB FO MJCFSUBE B MPT DPO EVDUPSFT FCSJPT MVFHP EF MB NVFSUF EF VO QSPGFTPS TV FTQPTB F IJKB FO FM BOUJHVP $B NJOP B $IBQBMB 'VFSPO BSSPMMBEPT QPS FM DIPGFS EFM DBNJÂO DVBOEP SFHSFTBCBO EF VO CBMOFBSJP &M EF FOFSP EF USFT NVKFSFT GVFSPO BUSPQFMMBEBT QPS FM DBOUJOFSP &VMB MJP .VÁP[ DVBOEP RVJFO CBKP MPT JOGMVKPT EFM BMDPIPM JNQBDUÂ TV WFI½DVMP DPOUSB VOB DFOBEVS½B FO MB $BM[BEB *OEFQFOEFODJB Z "WFOJEB )JEBMHP 3FTVMUBSPO DPO IFSJEBT MFWFT
&- */'03."%03 t "3$)*70
-PT JOEJHFOUFT WVMOFSBCMFT EFM $FOUSP 1FTF B MB JNQMFNFOUBDJÂO EF QPM½ UJDBT QÈCMJDBT Z MPT FTGVFS[PT EF HSVQPT EF MB TPDJFEBE DJWJM MB QSF TFODJB EF QFSTPOBT FO TJUVBDJÂO EF DBMMF FO FM $FOUSP UBQBU½P FT VO QSPCMFNB RVF IB BDPNQBÁBEP B MB DJVEBE B MP MBSHP EF TV IJTUPSJB Z RVF OVODB TF IB MPHSBEP SFTPMWFS EF GPSNB EFGJOJUJWB -BT DBSBDUFS½TUJDBT QSPQJBT EFM QSJNFS DVBESP DPNP FM HSBO GMVKP EF QFSTPOBT MPT QBTPT QFBUP OBMFT Z MB QSFTFODJB EF FMFNFOUPT BSRVJUFDUÂOJDPT RVF GVODJPOBO DPNP SFGVHJPT EVSBOUF MB OPDIF TPO TÂMP BMHVOPT FMFNFOUPT RVF FYQMJDBO FTUF GFOÂNFOP -B QSFTFODJB EF JOEJHFOUFT MMFWB DPOTJHP TJUVB DJPOFT EF JOTFHVSJEBE QSPCMFNBT EF IJHJFOF Z EF BTFP QÈCMJDP QVFT BMHVOPT EF FMMPT IBDFO TVT OFDF TJEBEFT FO MB DBMMF P UJFOFO QSPCMFNBT EF ESPHBEJD DJÂO TPO EF MB UFSDFSB FEBE P QBEFDFO FOGFSNFEB EFT NFOUBMFT &TUP MPT MMFWB B QBEFDFS BCVTPT WFKBDJPOFT Z BDDJEFOUFT &O MB E¹DBEB EF MPT BÁPT TF DPNFO[BSPO B SFQPSUBS MPT QSJNFSPT JODJEFOUFT &M EF OPWJFN CSF EF &- */'03."%03 SFQPSUÂ FO TVT Q² HJOBT FM BUSPQFMMBNJFOUP EF VOB BODJBOB EF MB UFS DFSB FEBE RVF SFTQPOE½B BM OPNCSF EF &TQJSJEJPOB #BMUB[BS -B NVKFS RVJFO FSB TPSEPNVEB Z RVF IB C½B TVGSJEP MB Q¹SEJEB EF TVT CSB[PT BÁPT BOUFT GVF FNCFTUJEB QPS VO WFI½DVMP FO MB DBMMF MWBSP 0CSF HÂO B TV DSVDF DPO $MBWFM NJFOUSBT TF EJSJH½B B MB WJ WJFOEB EF MB GBNJMJB 3PNFSP EPOEF TF BMPKBCB .JFOUSBT RVF FM EF EJDJFNCSF EF PUSB QFSTPOB EF MB UFSDFSB FEBE FO TJUVBDJÂO EF DBMMF GB MMFDJÂ BUSPQFMMBEB B MBT BGVFSBT EFM NFTÂO i&M "SF &- */'03."%03 t "3$)*70
'&/».&/0 -PT JOEJHFOUFT TF IBO SFGVHJBEP EFTEF IBDF EÏDBEBT FO WBSJPT QVOUPT EFM $FOUSP )JTUØSJDP UBQBUÓP
.JFOUSBT RVF FM EF BCSJM EF VO NBUSJNPOJP GVF BSSPMMBEP QPS VO DBNJÂO EF WPMUFP FO MB DBMMF (VBEBMVQF 7JDUPSJB FO ;BQPQBO &M WFI½DVMP FSB USJQVMBEP QPS VO KPWFO RVJFO TF FODPOUSBCB CBKP MPT JOGMVKPT EFM BMDPIPM -F QBTÂ QPS FODJNB EFM DS²OFP B VOB EF MBT W½DUJNBT RVF GBMMFDJÂ BM JOTUBO UF NJFOUSBT RVF FM PUSP SFTVMUÂ DPO IFSJEBT EF DPOTJEFSBDJÂO .JFOUSBT RVF FM EF FOFSP EF VOB QFSTPOB SFTVMUÂ EFDBQJUBEB FO VO BQB SBUPTP DIPRVF FO FM OPEP WJBM EF -PT $VCPT &M DPOEVDUPS DJSDVMBCB FO FTUBEP EF FCSJF EBE TPCSF MPT DBSSJMFT FMFWBEPT DVBOEP QFS EJÂ FM DPOUSPM Z DBZÂ TPCSF PUSP WFI½DVMP NBUBOEP BM JOTUBOUF B TV DIPGFS " GJOBMFT EF GVF MBO[BEP FM PQF SBUJWP 4BMWBOEP 7JEBT QPS MB 4FDSFUBS½B EF .PWJMJEBE QBSB EFUFDUBS B DPOEVDUPSFT FCSJPT )BTUB FOFSP EF TF EFUVWP B NJM QFSTPOBT RVF NBOFKBCBO CBKP MPT JOGMVKPT EFM BMDPIPM
4*/*&4530 3VJOBT EFM .FSDBEP $PSPOB USBT FM JO DFOEJP EF OPWJFNCSF EF IVCP EPT NÈT VOP FO Z PUSP FO &- */'03."%03 t "3$)*70
3*&4(0 -BT QFSTPOBT FO TJUVBDJØO EF DBMMF TJHVFO FYQVFT UPT B MPT BDDJEFOUFT TPO VO HSVQP WVMOFSBCMF Z NBSHJOBM FO USF MPT IBCJUBOUFT EF MB VSCF
OBMw RVF TF VCJDBCB FO MB DBMMF %POBUP (VFSSB " GJOBMFT EF MPT BÁPT JOEJHFOUFT GVFSPO W½DUJNBT EF VO BTFTJOP TFSJBM RVF MPT VMUJNBCB E²O EPMFT VO UJSP FO MB DBCF[B .JFOUSBT RVF BMHVOBT BE NJOJTUSBDJPOFT NVOJDJQBMFT MPT IBO EFTQMB[BEP EFM $FOUSP EF MB DJVEBE &M (PCJFSOP EF &OSJRVF "MGBSP FNQSFOEJÂ VO QSPHSBNB QBSB MB BUFODJÂO EF QFSTPOBT FO TJUVB DJÂO EF DBMMF RVF FO VOB QSJNFSB FUBQB EFTUJOÂ VO QSFTVQVFTUP EF USFT NJMMPOFT EF QFTPT -B FTUSBUF HJB DPOTJTUF FO DVBUSP CSJHBEBT RVF TBMES²O EJBSJB NFOUF FO VO IPSBSJP QSFGFSFOUFNFOUF OPDUVSOP B CVTDBS B JOEJWJEVPT RVJFOFT OP DVFOUFO DPO VO UF DIP EPOEF EPSNJS QBSB DBOBMJ[BSMPT B JOTUJUVDJPOFT ZB FYJTUFOUFT DPNP '. .BN² " $ #BSSJPT 6OJ EPT "MDBODF 7JDUPSJB "ZVEBSUF Z $BTB EF MB .JTF SJDPSEJB &- */'03."%03 t "3$)*70
"10:0 -B BENJOJTUSBDJØO BDUVBM EF (VBEBMBKBSB JOJDJØ VO QSP HSBNB QBSB EBS BMCFSHVF B QFSTPOBT FO TJUVBDJØO EF DBMMF
"-&35" &M .FSDBEP "M DBMEF GVF FM ÞMUJNP RVF TF JODFOEJØ MP RVF BGFDUØ MPDBMFT -B 'JTDBMÓB EFUFSNJOØ RVF TF EFCJØ B VO DPSUP DJSDVJUP
.FSDBEPT FO MMBNBT &M EF NBZP EF PUSP JODFOEJP BDBCÂ :B TFB QSPWPDBEPT QPS DPSUPDJSDVJUPT P BDDJÂO IVNBOB MPT NFSDBEPT NVOJDJQBMFT UJFOFO FO TV DPO BM NFOPT MB NJUBE EF MPT QVFTUPT FO FM .FSDB IJTUPSJBM WBSJPT JODFOEJPT RVF IBO BSSBTBEP DPO EP $PSPOB EFKBOEP FO MB NJTFSJB B NVDIPT QFRVF FEJGJDJPT FOUFSPT Z FM QBUSJNPOJP EF WBSJBT GBNJ ÁPT DPNFSDJBOUFT &M GVFHP GVF QSPWPDBEP QPS FM EFTDVJEP EFM TFÁPS "SOVMGP ;BNCSBOP RVJFO EF MJBT UBQBU½BT 'VF FO MB QSJNFSB WF[ RVF FM GVFHP DPO KÂ VO CSBTFSP FODFOEJEP &M $VFSQP EF #PNCFSPT TVNF BM .FSDBEP $PSPOB 5PEP FM FEJGJDJP TF EF UBQBU½P USBCBKÂ EVSBOUF DJODP IPSBT QBSB DPOUSP SSVNCÂ B DBVTB EFM JODFOEJP Z FM JOHFOJFSP "N MBS MBT MMBNBT &O VO OVFWP NFSDBEP GVF DPOTUSVJEP CSPTJP 6MMPB DPOTUSVZF VO OVFWP NFSDBEP QPS JOTQJSBEP FO FM PSJHJOBM Q FM BSRVJUFDUP +VMJP EF MB 1FÁB QPS FODBSHP EFM HPCFS /VFWF BÁPT EFTQV¹T FM 1 OBEPS 'SBODJTDP .FEJOB "T EF GFCSFSP PDVQB MB O DFODJP &TUF FEJGJDJP TFS½B VUJ QSJNFSB QMBOB EF &- */'03 D MJ[BEP IBTUB FM EF NBZP EF ."%03 VO JODFOEJP RVF FT M DVBOEP VO JODFOEJP UVWP B QVOUP EF QBTBS B NBZP BDBCÂ DPO EFM TJUJP RVF SFT TJ OP GVFSB QPS MB B JOUFSWFODJÂO EF MB 1PMJD½B .V '6&(0 -BT MMBNBT IBO GSFDVFOUBEP MPT JO UVWP RVF TFS EFNPMJEP U &M EF KVMJP EF FM OJDJQBM " MBT IPSBT VO NVFCMFT RVF BMCFSHBO B MPT NFSDBEPT USB GVFHP BMDBO[Â BM .FSDBEP "M HSVQP EF GJMBSNÂOJDPT QBTBSPO EJDJPOBMFT UBQBUÓPT DBMEF Z BGFDUÂ B MPDBMFT B MBT BGVFSBT EFM NFSDBEP Z TF EF MPT DVBMFT UVWJFSPO Q¹SEJEB QFSDBUBSPO RVF VOP EF MPT QVFTUPT FTUBCB FO MMBNBT %JFSPO BWJTP BM FOUPO UPUBM 4FHÈO DPOGJSNÂ MB 'JTDBM½B EFM &TUBEP VOPT DFT JOTQFDUPS EF MB QPMJD½B +FTÈT "SBJ[B RVJFO E½BT EFTQV¹T MBT MMBNBT GVFSPO QSPWPDBEBT QPS KVOUP DPO WBSJPT BHFOUFT MPHSÂ FYUJOHVJS FM GVFHP VO DPSUP DJSDVJUP
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Êx£‡
1~(*/" &
* ÊxÓ
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF
%& "#3*- %&
%& .":0 %&
&- */'03."%03 t"3$)*70
&- */'03."%03 t"3$)*70
)²30& (SBDJBT B MB PQPS ² UVOB SFBDDJØO EFM WFMBEPS EFM NFSDBEP RVJFO DFSSØ B UJFNQP MBT MMBWFT EF HBT TF FWJUØ VOB HSBO FYQMPTJØO FO FM JONVFCMF
*ODFOEJP EFM .FSDBEP $PSPOB 6O DPSUPDJSDVJUP FO FM TFHVOEP QJTP EFM NFSDBEP QSPWPD° VO JODFOEJP RVF DPOTV NJ° DBTJ FO TV UPUBMJEBE BM .FSDBEP $PSPOB FM DVBM RVF UVWP RVF TFS EFNPMJEP QPS MPT EB®PT FO TV FTUSVDUVSB -PT DBTJ MPDBUBSJPT QBTBSPO DFSDB EF EPT B®PT FO MBT DBMMFT QMB[BT Z FT UBDJPOBNJFOUPT BMFEB®PT EFTBSSPMMBOEP TV BDUJWJEBE FDPO°NJDB FO MP RVF DPOT USVªBO FM OVFWP FEJGJDJP EF FMMPT OVODB SFHSFTBSPO 6OB BVEJUPSªB DJVEBEBOB BM QSPDFTP EF DPOTUSVDDJ°O EFM OVFWP NFSDBEP SF WFM° RVF MB EFNPMJDJ°O EF IJ[P TJO EJDU NFOFT Z MB DJNFOUBDJ°O TJO FTUVEJPT U¦DOJ DPT BDDJ°O RVF QSPWPD° EB®PT FO MBT GJODBT BMFEB®BT Z TF QSFTFOUBSBO IVOEJ NJFOUPT FO MBT DBMMFT
%& 0$56#3& %& &- */'03."%03 t "3$)*70
3"453&0 -B DJVEBEBOÓB DPMBCPSØ DPO MB CÞTRVFEB EF QFSTPOBT WJWBT Z EF DVFSQPT FOUSF MPT FTDPNCSPT DBVTBEPT QPS MPT FTUBMMJEPT
$*$"53*; -BT FYQMPTJPOFT EFM EF BCSJM DBNCJBSPO MB DBSB EF MB DJVEBE
&YQMPTJPOFT EFM 4FDUPS 3FGPSNB -B NB®BOB EFM NJFSDPMFT EF 1BTDVB QPDP EFTQV¦T EF MBT IPSBT TVDFEJ° MB QSJNFSB EF WBSJBT FY QMPTJPOFT FO FM $PMFDUPS *OUFSNFEJP 0SJFOUF EF (VB EBMBKBSB FTUBMMJEPT RVF EFWBTUBSPO LJM°NFUSPT EF DBMMFT FO FM 4FDUPS 3FGPSNB &M JODJEFOUF EFK° TBMEP EF NVFSUPT Z NJMFT IFSJEPT FO FM QFPS IFDIP FO MB IJTUPSJB EF MB DJVEBE
-PT DVFSQPT FSBO UBOUPT RVF FM HJNOBTJP EFM $0%& GVODJPO° DPNP NPSHVF QSPWJTJPOBM -B WFSTJ°O PGJDJBM EFTUBDB RVF MBT FYQMPTJPOFT TF PSJHJOBSPO QPS HBTP MJOB RVF TF EFSSBN° EFM QPMJEVDUP 4BMBNBODB (VB EBMBKBSB FO MB $PMPOJB ~MBNP *OEVTUSJBM Z QFSNF° FO FM ESFOBKF -B USBHFEJB QSPWPD° MB EJNJTJ°O EFM FOUPO DFT HPCFSOBEPS (VJMMFSNP $PTªP 7JEBVSSJ
5&45*.0/*0 %& -"4
53"(&%*"4 &
MB DPOGMVFODJB EF "WFOJEB .¹YJDP F *OHMBUFSSB FM EF OPWJFNCSF EF QFSDBODF RVF EFKÂ TJFUF NVFSUPT Z PCMJHÂ B NPEJGJDBS NVDIBT EF MBT OPS NBT EF USBOTQPSUF QÈCMJDP FO FM &TUBEP &TUPT JODJ EFOUFT TPO JHVBM EF SFMFWBOUFT TJO FNCBSHP TF QSJPSJ[BSPO BRVFMMPT DBTPT RVF TPO SFDPSEBEPT QPS MBT WJFKBT HFOFSBDJPOFT Z BÈO USBOTNJUFO FTUPT IF DIPT B MPT N²T KÂWFOFT " QFTBS EF MPT NÈMUJQMFT QSPCMFNBT RVF FO GSFOUÂ MB VSCF FO DBEB VOB EF MBT PDBTJPOFT MPHSÂ QPOFSTF EF QJF Z UPEP TF EFCJÂ B MB GVFS[B Z WPMVO UBE EF TVT DJVEBEBOPT
&- */'03."%03 t "3$)*70
#PNCB FO MB KVHVFUFSÒB 3BNBS
.PUÒO FO MB 1FOBM EF 0CMBUPT &M N T HSBOEF NPUªO FO MB IJTUPSJB QFOJUFODJBSB EF (VBEBMBKBSB PDVSSJ° FO FM DVBM EFK° NVFSUPT VO FMFWBEP O·NFSP EF MFTJPOBEPT Z DPOTJEFSBCMFT EB ®PT FO MBT JOTUBMBDJPOFT EFM 1FOBM EF 0CMBUPT RVF TF VCJDB EPOEF BDUVBMNFO UF TF FODVFOUSB MB 1MB[B EF .BS[P &M NPUªO GVF JOJDJBEP FM EF PDUVCSF EF FTF B®P QPS HVFSSJMMFSPT EF MB '3"1 Z EF MB -JHB $PNVOJTUB EF 4FQUJFNCSF TVQVFTUBNFOUF FO QSPUFTUB QPS MBT BSCJUSBSJFEBEFT RVF TVGSªBO MPT EPT NJM QSFTPT FO TV JOUFSJPS -B QSJTJ°O FT UVWP EªBT FO QPEFS EF MPT SFPT BOUFT EF RVF MBT BVUPSJEBEFT QVEJFSBO FOUSBS BM SFDMVTPSJP F JNQPOFS PSEFO &O FM PQFSBUJWP TF SFRVJSJ° MB QBSUJDJQBDJ°O EF FMFNFOUPT EF DPSQPSBDJPOFT FTUBUBMFT Z NVOJDJQBMFT
%& &/&30 %& &- */'03."%03 t "3$)*70
)0.&/"+& -BT WÓDUJNBT SFDJCJFSPO VOB NJTB EF DVFSQP QSFTFOUF FO MB $BUF ESBM .FUSPQPMJUBOB &M IF DIP QSPWPDØ MVUP FO UPEB MB DJVEBE
5SBHFEJB FO MB QMB[B &M 1SPHSFTP 6OB TPCSFWFOUB EF CPMFUPT QBSB VO GFTUJWBM BSUªTUJDP FO FM RVF TF QSFTFOUBSªBO Â-PT 1BODIPTÍ QSPWPD° VO UVNVMUP RVF EFK° DPNP TBMEP UBQBUªPT NVFSUPT FO MB 1MB [B EF 5PSPT Â&M 1SPHSFTPÍ RVF TF VCJDBCB B VO DPTUBEP EF 4BO +VBO EF %JPT .JMFT EF QFSTPOBT RVF IBCªBO BTJTUJEP B VOB GVODJ°O BSUªTUJDB QPS MB UBSEF TF UPQBSPO DPO MBT RVF QSFUFOEªBO FOUSBS B VOB OPDUVSOB SFTVMUBOEP FO VO BQSFUVKB NJFOUP FO MBT FOUSBEBT Z TBMJEBT -BT WªDUJNBT NVSJFSPO BTGJYJBEBT P BQMBTUBEBT QPS MB NVMUJUVE -PT SFTUPT EF MPT GBMMFDJEPT GVFSPO WFMBEPT FO MB $BUFESBM Z FM (PCJFSOP EFM &T UBEP TVTQFOEJ° UPEPT MPT FWFOUPT PGJDJBMFT FO MPT TJHVJFOUFT EªBT
%& +6-*0 %& &- */'03."%03 t "3$)*70
%"º04 %FM FEJGJDJP EF TFJT QJTPT MP ÞOJDP RVF RVFEØ EF QJF GVF FM DVCP EPOEF TF JOTUBMBSPO MBT FTDBMFSBT Z MPT BTDFOTPSFT
%& +6/*0 %&
&- */'03."%03 t "3$)*70
%6%" " IPSBT EFM BWJPOB [P TF EFTDPOPDÓB MB JEFOUJ EBE EF MBT WÓDUJNBT
"WJPOB[P FO FM DFSSP
%&4530;"%0 -B BFSPOBWF RVFEØ IFDIB QFEB[PT
7*0-&/$*" "VUPSJEBEFT FTUBUBMFT Z NVOJDJQBMFT FOUSBSPO QPS MB GVFS[B BM SFDMVTPSJP QBSB SFJNQP OFS PSEFO FM TBMEP GVF EF QFSTPOBT NVFSUBT
%& "(0450 %&
%VSBOUF MB MMBNBEB Â(VFSSB 4VDJBÍ FOUSF HSVQPT HVFSSJ MMFSPT Z FM &K¦SDJUP NFYJDBOP VO CPNCB[P EFTUSVZ° FM FEJGJDJP EPOEF TF VCJDBCB MB +VHVFUFSªB 3BNBS FO FM EF MB DBMMF +VBO .BOVFM FO FM $FOUSP EF MB DJVEBE &M JODJEFOUF EFK° DVBUSP NVFSUPT Z BM NFOPT IFSJEPT Z UBNCJ¦O EB®° WBSJPT DPNFSDJPT EF MPT BM SFEFEPSFT 5SBT MB FYQMPTJ°O FM FEJGJDJP EF TFJT QJTPT GVF FOWVFMUP FO MMBNBT Z T°MP RVFE° FO QJF FM DVCP EF MPT FMFWBEPSFT Z MBT FTDBMFSBT -B SFNPDJ°O EF FTDPNCSPT EVS° WBSJBT TFNBOBT Z MB USBHFEJB GVF VUJMJ[BEB QPS BMHVOPT EFMJODVFOUFT QB SB USBUBS EF FYUPSTJPOBS B PUSPT OFHPDJPT &M BUFOUBEP TF BUSJCVZ° B MB -JHB $PNVOJTUB EF 4FQUJFNCSF
*ODFOEJPT NPUJOFT FYQMPTJPOFTÙ &- */'03."%03 IB EPDVNFOUBEP DBEB VOP EF MPT IFDIPT RVF B USBW¦T EF MB BEWFSTJEBE USBOTGPSNBSPO B MB VSCF O MPT ÈMUJNPT BÁPT (VBEBMBKBSB IB TJEP FTDFOBSJP EF DJFOUPT EF USBHFEJBT BMHVOBT EF FMMBT DPO SFQFSTDVTJÂO JOUFS OBDJPOBM 1BSB FTUF MJTUBEP TF DPOTJEFSBSPO BRVFMMPT IFDIPT RVF EFKBSPO IVFMMB FO MB NFNP SJB EF MPT UBQBU½PT &O FM DBNJOP EFKBNPT PUSPT JODJEFOUFT IJTUÂ SJDPT DPNP FM JODFOEJP FO FM $JOF "MBNFEB FM EF GFCSFSP EF FM DVBM QSPWPDÂ MB NVFSUF EF QFSTPOBT DVBOEP USBUBCBO EF FTDBQBS EF MBT MMBNBT P FM DIPRVF EFM USFO DPOUSB VO DBNJÂO VSCBOP FO
6OB EF MBT NBZPSFT DBU TUSPGFT SFBT FO MB IJTUPSJB EFM &TUBEP PDVSSJ° FM EF KVOJP EF DVBOEP FM BWJ°O $POTUFMMBUJPO EF "FSPOBWFT EF .¦YJDP TF FTUSFMM° B MBT IPSBT FO FM DFSSP -BT -BUJMMBT FO 5MBKPNVMDP T°MP DVBUSP NJOVUPT EFTQV¦T EF EFTQFHBS EFM "FSPQVFSUP EF (VBEBMBKBSB EVSBOUF VOB UPSNFOUB &M BDDJEFOUF MF DPT U° MB WJEB B QFSTPOBT FOUSF FMMPT %JPOJTJP 'FSO OEF[ VOP EF MPT GVOEBEPSFT EF MB 6OJWFSTJEBE "VU°OPNB EF (VBEBMBKBSB $PSSJ° FM SVNPS EF RVF FM EFTBTUSF GVF QSP WPDBEP QPS VOB DBSHB EF EJOBNJUB QFSP N T UBSEF TF EJP B DPOPDFS RVF VO SBZP GVF MP RVF PSJHJO° MB DBU TUSPGF
)&3*%04 4FHÞO MBT DSØOJDBT NJFOUSBT DVFSQPT EF FNFSHFODJB BUFOEÓBO B MPT MFTJPOB EPT WBSJPT EFMJODVFOUFT BQSPWFDIBSPO QBSB SPCBS TVT CJFOFT
&TUBNQJEB FO FM $JOF .POUFT 6OB FTUBNQJEB IVNBOB TF EFTBU° MVFHP RVF VO SBZP DBZFSB TPCSF MB QBOUBMMB EFM $JOF .POUFT RVF TF VCJDBCB EPOEF BDUVBMNFOUF FTU FM 1BSRVF EF &M 3F GVHJP FO (VBEBMBKBSB &M JODJEFOUF EFK° TBMEP EF NVFSUPT Z IFSJEPT EF HSBWFEBE &M EPNJOHP EF KVMJP EF PDVSSJ° FM IFDIP DVBOEP TF FYIJCªB MB QFMªDVMB Â-B WVFMUB EFM DIBSSP OFHSPw Z Â-B UJFSSB EFM NBSJBDIJw "VUPSJEBEFT NFODJPOBSPO RVF FTB UBSEF DBZ° VOB UPSNFOUB Z VO SBZP HPM QF° MB QBOUBMMB QSPWPDBOEP MB DBªEB EF VO BQBSBUP EF TPOJEP Z PDBTJPOBOEP VO FOPSNF FTUSVFOEP &M Q OJDP TF BQPEFS° EF MPT BTJTUFOUFT RVF BM USBUBS EF TB MJS EF MVHBS BM NJTNP UJFNQP TF BQMBTUBSPO FNQVKBSPO Z BUSPQFMMBSPO -PT DVFS QPT RVFEBSPO FO NPOUPOFT TPCSF MBT HSBEBT WBSJPT EF FMMPT FSBO OJ®PT
ĂŠ
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Êx·
1~(*/" &
Serving the Pulp, Paper and Packaging Industry since 1886
Felicita a
por todos los aĂąos demostrando que los obstĂĄculos son nada a lado de los logros Avenida Homero #203 Piso 9 Oficina 913, 914A, 914B, Colonia Polanco V SecciĂłn, DelegaciĂłn Miguel Hidalgo Ciudad de MĂŠxico, MĂŠxico 11560 Tel. 55 3868 0447
* Êx{
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF
-PT DPOGMJDUPT BSNBEPT EFTEF (VBEBMBKBSB
$
PNP UFTUJHP B MB EJTUBODJB (VBEB MBKBSB WJWJÂ EJWFSTBT HVFSSBT NVO EJBMFT EFM TJHMP 99 FO VOB ¹QPDB EPOEF MBT OPUJDJBT UBSEBCBO FO MMF HBS QFSP GMV½B MB JOGPSNBDJÂO EFTEF FM PUSP MBEP EFM 0D¹BOP "UM²OUJDP $PNP QSP UBHPOJTUB MB DJVEBE UBNCJ¹O MJEJÂ DPO MBT BGFDUBDJPOFT HFOFSBEBT FO MPT UJFNQPT EF HVFSSB DPO FQJEFNJBT DPNP MB JOGMVFO[B FT QBÁPMB Z IBTUB MB GBMUB EF DPNCVTUJCMF "EFN²T MB DJVEBE Z +BMJTDP UVWJFSPO TVT QSPQJPT DPOGMJDUPT MB SFHJÂO GVF FTUSBU¹HJDB FO MBT NPWJMJ[BDJPOFT BSNBEBT RVF TVSHJFSPO FO USBT MPT DBNCJPT IFDIPT QPS FM QSFTJ EFOUF 1MVUBSDP &M½BT $BMMFT B MB -FZ EF $VMUPT $PO VOB USBEJDJÂO DBUÂMJDB BSSBJHBEB FO FM UV¹UBOP EF MB TPDJFEBE FM DJFSSF EF FTDVFMBT Z UFNQMPT FTDBOEBMJ[Â Z MMFWÂ B MB NBZPS½B EF MB QPCMBDJÂO B BQPZBS FM NPWJNJFOUP JOTVSHFOUF FO DPOUSB EFM (PCJFSOP GFEFSBM Z FO NVDIPT DBTPT B UPNBS MBT BSNBT 1BSB MB E¹DBEB EF MPT TFUFOUB DVBOEP FM QB½T Z +BMJTDP BTQJSBCBO B MB NPEFSOJEBE TVS HJFSPO NPWJNJFOUPT FO SFTQVFTUB B MBT NFEJ EBT SFQSFTJWBT BQMJDBEBT B RVJFOFT OP FTUBCBO EF BDVFSEP DPO FM TJTUFNB -B MMBNBEB (VFSSB 4VDJB UVWP SFQFSDV TJÂO JNQPSUBOUF FO (VBEBMBKBSB Z TF WJWJFSPO IFDIPT DPNP BTBMUPT CBODBSJPT CPNCB[PT TFDVFTUSPT BTFTJOBUPT SFQSFTJÂO Z UPSUVSB 'VFSPO BÁPT BHJUBEPT RVF UBNCJ¹O GPSNBSPO QBSUF EFM DBNCJP Z RVFEBSPO SFHJTUSBEPT
-B 1SJNFSB (VFSSB .VOEJBM
&41&$*"-
13*.&3" (6&33" .6/ %*"- 4F EFTBSSPMMØ QSJODJ QBMNFOUF FO &VSPQB FOUSF Z "M GJOBM "MF NBOJB BDFQUØ MBT DPOEJDJP OFT EFM BSNJTUJDJP
&- */'03."%03 t "3$)*70
-PT FDPT EF MBT EFNPTUSBDJPOFT EF K·CJMP Z FM GFTUF KP QPS FM GJO EF MB 4FHVOEB (VFSSB .VOEJBM MMFHBSPO B (VBEBMBKBSB EFTEF 1BSªT -POESFT Z /VFWB :PSL Z PDVQBSPO MB QPSUBEB EFM EF OPWJFNCSF EF -BT DS°OJDBT EFUBMMBO MBT DFMFCSBDJPOFT Z EBO MPT QSJNFSPT CBMBODFT GJOBMFT VO UPUBM NJM IPN CSFT NVFSUPT QPS FM DPOGMJDUP FO &VSPQB GVF VOB EF MBT DJGSBT &O BRVFM FOUPODFT FO (VBEBMBKBSB VOB FQJEF NJB EF JOGMVFO[B FTQB®PMB FNQB®BCB FM CVFO OJNP QPS FM GJO EF MB QSJNFSB HVFSSB NVOEJBM &O FM QBOPSBNB OBDJPOBM MB BQBSJDJ°O EF OVFWPT ZBDJNJFOUPT QFUSPMFSPT FSB QBSUF EF MBT CVFOBT OVFWBT
-B TFHVOEB (VFSSB .VOEJBM
(VFSSB $SJTUFSB -" $3*45*"%" 4F QSPMPO HØ EFTEF B FO USF FM (PCJFSOP GFEFSBM Z NJ MJDJBT EF MBJDPT QSFTCÓUFSPT Z SFMJHJPTPT DBUØMJDPT DPO USB MB i-FZ $BMMFTw RVF QSP QPOÓB MJNJUBS FM DVMUP
&41&$*"-
$BNCJPT B MB -FZ EF $VMUPT JNQVMTBEB FO QPS FM QSFTJEFOUF 1MVUBSDP &MJBT $BMMFT EFTBU° FM DPO GMJDUP SFMJHJPTP DPOPDJEP DPNP MB (VFSSB $SJTUFSB P MB $SJTUJBEB RVF UVWP DPNP FQJDFOUSP FO FM 0DDJ EFOUF EFM QBªT &M DJFSSF EF UFNQMPT Z FTDVFMBT DB U°MJDBT P MB FYQVMTJ°O EF TBDFSEPUFT FSBO MBT OPUJ DJBT EF MB ¦QPDB &O (VBEBMBKBSB TF OBSSBO FOGSFOUBNJFOUPT FO FM 4BOUVBSJP EF (VBEBMVQF Z MB $BQJMMB EF +FT·T EPOEF FMFNFOUPT EFM &K¦SDJUP TF FOGSFOUBCBO DPO QFSTPOBT RVF TF PQPOªBO B MBT OVFWBT NFEJEBT -B DJVEBE SFQPSUBCB GBMMBT DPOTUBOUFT FO FM TFSWJDJP EF FOFSHªB FM¦DUSJDB RVF TF BUSJCVªBO OP B MB HVFSSB TJOP B MB HSBO DBOUJEBE EF MJSJP RVF BSSBT USBCB FM 3ªP 4BOUJBHP Z RVF BGFDU° MBT QMBOUBT HF OFSBEPSBT FO $IBQBMB -VFHP EF USFT B®PT &- */'03."%03 QVCMJ D° FO KVOJP EF RVF FM DPOGMJDUP MMFH° B TV GJO 5BOUP MB *HMFTJB DPNP FM &TUBEP EFTFBCBO MB QB[ MBT IPTUJMJEBEFT GVFSPO TVTQFOEJEBT JONFEJBUB NFOUF FO MB UPUBMJEBE EFM UFSSJUPSJP BVORVF IVCP DPNCBUFT IBTUB BHPTUP FO MBT SFHJPOFT BJTMBEBT -B (VFSSB $SJTUFSB SFHJTUS° NJM QFSTPOBT DBªEBT FO DPNCBUF "CBSD° +BMJTDP $PMJNB .J DIPBD O /BZBSJU ;BDBUFDBT Z %VSBOHP
4&(6/%" (6&33" .6/ %*"- 4F FYUFOEJØ FOUSF Z 4F FTUJNBO DFSDB EF NJMMPOFT EF WÓD UJNBT QPS FM DPOGMJDUP FOUSF MPT "MJBEPT Z MBT 1PUFODJBT EFM &KF
-B IJTU°SJDB CBUBMMB EF /PSNBOEªB GVF VO DBQªUVMP DMBWF EF MB 4FHVOEB (VFSSB .VOEJBM -PT JOGPSNFT EFM EF KVOJP EF SFMBUBO FM EF TFNCBSD° EF MPT "MJBEPT FO MBT $PTUBT GSBODFTBT -BT Q HJOBT EF FTUB DBTB FEJUPSJBM QVCMJDBSPO DP NP IFDIPT DBTJ BQPDBMªQUJDPT MPT CPNCBSEFPT BU° NJDPT EF )JSPTIJNB Z /BHBTBLJ FO BHPTUP EF -PT BUBRVFT TF FGFDUVBSPO FM Z FM EF BHPT UP EF SFTQFDUJWBNFOUF MP RVF GPS[° MB SFOEJ DJ°O EF +BQ°O Z FM GJO EF MB 4FHVOEB (VFSSB .VO EJBM RVF GVF FM DPOGMJDUP N T NPSUªGFSP FO MB IJTUPSJB EF MB IVNBOJEBE DPO VO SFTVMUBEP GJOBM EF FOUSF Z NJMMPOFT EF WªDUJNBT
&- */'03."%03 t "3$)*70
.PWJNJFOUP &TUVEJBOUJM EFM $POUSBSJP B MB JEFB EF RVF FM NPWJNJFOUP FTUVEJBO UJM OP UVWP FDP FO +BMJTDP FYJTUFO SFHJTUSPT RVF FWJ EFODJBO RVF Tª IVCP DPMFDUJWPT EF K°WFOFT RVF TF NPWJMJ[BSPO FO Z FO MBT GBDVMUB EFT EF $JFODJBT 2VªNJDBT 'JMPTPGªB Z -FUSBT &DP OPNªB Z "ENJOJTUSBDJ°O DPO MB JOUFODJ°O EF RVF IV CJFSB FMFDDJPOFT EFNPDS UJDBT FO MB 6OJWFSTJEBE EF (VBEBMBKBSB 6EF( EPNJOBEB FOUPODFT QPS MB 'F EFSBDJ°O EF &TUVEJBOUFT 6OJWFSTJUBSJPT '&( &T UPT HSVQPT FTUVWJFSPO FO DPOUBDUP DPO JOUFHSBOUFT EFM NPWJNJFOUP FTUVEJBOUJM EF FO MB $JVEBE EF .¦YJDP "SNBOEP 3FOUFSªB JOUFHSBOUF EF VOB BHSVQB DJ°O KVWFOJM EF MB ¦QPDB SFMBUB MB FYJTUFODJB EF PS HBOJ[BDJPOFT UBNCJ¦O DBUBMPHBEBT DPNP QBOEJ MMBT NVZ GVFSUFT FO DPMPOJBT QPQVMBSFT DPNP 4BO "OES¦T DPNP MPT Â7JLJOHPTÍ Z DPMPOJBT EF DMBTF NFEJB BMUB DPNP 4BOUB 5FSF Z $IBQBMJUB RVF FSBO MB SFQSFTFOUBDJ°O EF VO NPWJNJFOUP DPOUSBDVMUVSBM RVF TF FYQSFTBCB FO MB WFTUJNFOUB QFMP MBSHP Z SPDL &TUPT NPWJNJFOUPT GVFSPO FM PSJHFO EFM 'SFO UF &TUVEJBOUJM 3FWPMVDJPOBSJP RVF FOUSF PUSBT DP TBT FYJHªB FMFDDJPOFT FO MB 6EF(
(VFSSB 4VDJB (6&33" 46$*" .VFSUFT TFDVFTUSPT EFTBMPKPT Z NPUJOFT TF WJWJFSPO FO (VB EBMBKBSB QSPEVDUP EF FTUF FQJTPEJP WJPMFOUP FO FM QBÓT FOUSF Z
&41&$*"-
.07*.*&/50 %&- .PWJMJ[BDJØO TPDJBM SFQSJ NJEB QPS FM (PCJFSOP NFYJ DBOP NFEJBOUF MB NBUBO[B EF 5MBUFMPMDP PDVSSJEB FM EF PDUVCSF FO MB 1MB[B EF MBT 5SFT $VMUVSBT
-B (VFSSB 4VDJB FO .¦YJDP GVF VO DPOKVOUP EF FT USBUFHJBT EF DPOUFODJ°O Z SFQSFTJ°O EFM &TUBEP IB DJB BDUPSFT TPDJBMFT Z QPMªUJDPT RVF CVTDBCBO WªBT EF QBSUJDJQBDJ°O BMUFSOBT BM TJTUFNB FTUBCMFDJEPT FO FM QBªT TFH·O QBMBCSBT EFM QFSJPEJTUB 3VC¦O .BSUªO &M OBDJNJFOUP EF HSVQPT EF HVFSSJMMB GVF MB SFTQVFT UB BM DJFSSF EF MPT DBOBMFT EF QBSUJDJQBDJ°O +BMJTDP GVF FTDFOBSJP EF MB GVOEBDJ°O EF MB -JHB $PNVOJTUB EF 4FQUJFNCSF P MBT 'VFS[BT 3FWPMVDJPOBSJBT "S NBEBT EFM 1VFCMP &O DPOUSBQBSUF TVSHJ° VO HSVQP QBSBNJMJUBS DPOPDJEP DPNP MB #SJHBEB #MBODB 4FDVFTUSPT B FNQSFTBSJPT Z EJQMPN UJDPT CPNCB[PT FO CBODPT Z DFOUSPT DPNFSDJBMFT EFTB QBSJDJPOFT Z UPSUVSB GVF QBSUF EF MP RVF TF WJWJ° FO MB DPOWVMTJPOBEB E¦DBEB EF TFUFOUB Z QBSUF EF MPT PDIFOUB &M SBQUP EFM D°OTVM CSJU OJDP "OUIPOZ %VO DBO 8JMMJBNT Z MB NVFSUF EFM FNQSFTBSJP UBQBUªP 'FS OBOEP "SBOHVSFO DJNCSBSPO B MB TPDJFEBE UBQBUªB -PT SFMBUPT EF SFUFOFT EFTBMPKPT Z NPUJOFT FO FM QF OBM EF 0CMBUPT UBNCJ¦O EBO DVFOUB EF EªBT JOUFOTPT EPOEF FM SFTQFUP B MPT EFSFDIPT IVNBOPT Z MB MJCFS UBE EF FYQSFTJ°O OP FTUBCBO FO FM SBEBS
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Êxx‡
1~(*/" &
* ÊxÈ
1~(*/" &
&- */'03."%03
.3 @A =>NEH @A -5./
-04
)PNJDJEJP EF i-BT FOBOJUBTv -PT IPNJDJEJPT EF -FBOESB 3PESªHVF[ Z TV IJKB &TUIFS .BESVF ®P TBDVEJFSPO B MB DJVEBE FO BCSJM EF -BT NVKFSFT GVF SPO BTFTJOBEBT FO TV EPNJDJMJP EF "WFOJEB $PM°O EPOEF SFDJCªBO IV¦TQFEFT -F MMBNBCBO Â-BT &OBOJUBTÍ QPS MB CBKB FT UBUVSB EF &TUIFS &M IPNJDJEJP PDVSSJ° B MBT EF MB OPDIF DVBOEP Â-B &OB OJUBÍ UPDBCB FM QJBOP Z VO TVKFUP JOHSFT° B MB WJWJFOEB &M JOEJWJEVP BUBD° B MBT WªDUJNBT QBSB SPCBSMFT FM EJOFSP QSPEVDUP EF MB WFOUB EF VOB DBTB FO FM 0SJFOUF EF MB DJVEBE -FBOESB GVF FTUSBOHVMBEB NJFOUSBT RVF &TUIFS GVF BQV®BMBEB DVBUSP WFDFT MPT EPT DVFSQPT RVFEBSPO UJSBEPT EFOUSP EF MB IBCJUBDJ°O -B OPUJDJB DBVT° SFWVFMP FO MB DJVEBE Z EVSBOUF MB OPDIF EFM WJFSOFT WBSJPT UBQBUªPT TF SFVOJFSPO FO MPT QPSUBMFT QMB[BT Q·CMJDBT DPSSJMMPT Z PGJDJOBT EFM QSJNFS DVBESP QBSB DPOWFSTBS TPCSF FM DSJNFO QVFT Â-B &OBOJUBÍ FSB NVZ QPQVMBS 6O DJVEBEBOP JUBMJBOP 4JMWFTUSJ 'VMVJHJ GVF EFUFOJEP DPNP TPT QFDIPTP EF DPNFUFS FM DSJNFO QFSP GVF MJCFSBEP USBT DPNQSPCBSTF TV JOPDFODJB &M EF NBZP EF FTF B®P GVF BQSFIFOEJEP FM BVUPS EFM BTF TJOBUP ~MWBSP 0DIPB FO TV EPNJDJMJP FO MB DBMMF 7JDFOUF (VFSSFSP "M NPNFOUP EF TV EFUFODJ°O UFOªB FO TV QPEFS FM QV®BM DPO FM RVF TF DP NFUJ° FM IPNJDJEJP EF NBESF F IJKB -BT OPUJDJBT EF BNCPT TVDFTPT FM DSJNFO Z MB DBQUVSB PDVQBSPO MB QSJNFSB QMBOB EF &- */'03."%03 'VF VOP EF MPT DSªNFOFT RVF HFOF SBSPO NBZPS JNQBDUP FOUSF MB TPDJFEBE KBMJTDJFOTF EVSBOUF MPT B®PT
+VFWFT EF PDUVCSF EF
)&$)04
26& $0/45&3/"30/ " -04 5"1"5µ04
-BT 1PRVJBODIJT -. @A AJANK -520
&O B®PT EF IJTUPSJB &- */'03."%03 IB TJEP UFTUJHP EF EJTUJOUPT JODJEFOUFT DSJNJOBMFT RVF NBSDBSPO MB IJTUPSJB EF MB DJVEBE "RVª BMHVOPT EF MPT N T JNQPSUBOUFT
6O DBTP RVF FTUSFNFDJ° B +B MJTDP Z .¦YJDP TVDFEJ° FO BM RVFEBS EFTDVCJFSUB MB SFE EF QSPTUJUVDJ°O JOGBOUJM Z FYQMPUBDJ°O EF NVKFSFT EF MBT IFSNBOBT %FMGB $IVZ Z &WB (PO[ MF[ 7BMFO[VFMB Â-BT 1P RVJBODIJTÍ B RVJFOFT TF MFT BUSJCVZF FM IPNJDJEJP EF NVKFSFT Z GFUPT FO TVT EJGFSFOUFT CVSEFMFT -BT IFSNBOBT JODVSTJPOBSPO FO FM DPNFSDJP TFYVBM FO FM NVOJDJQJP EF &M 4BMUP EF +VBOBDBUM O &O DVBOEP FM NVOJDJQJP QSPIJCJ° MB QSPTUJUVDJ°O FYUFOEJFSPO TV SFE B -BHPT EF .PSFOP DPO FM CVSEFM Â(VBEBMBKBSB EF /PDIFÍ Z FO 4BO 'SBODJTDP EFM 3JOD°O (VBOBKVBUP DPO FM IPN°OJNP Â-BT 1PRVJBODIJTÍ (VBEBMBKBSB FSB MB QSJODJQBM ÂQSPWFFEPSBÍ EF NV KFSFT QBSB TVT OFHPDJPT "MHVOBT WªDUJNBT
FSBO TFDVFTUSBEBT Z PUSBT FOHBODIBEBT DPO MB QSPNFTB EF USBCBKP DPNP FNQMFBEBT EPN¦TUJDBT QFSP FSBO MMFWB EBT B MPT CVSEFMFT EPOEF MBT PCMJHBCBO B QSPTUJUVJSTF -PT CVSEFMFT FSBO FTDFOBSJP EF BCFSSBDJPOFT UPSUV SSBCBO B MBT NVKFSFT RVF TF SFCFMBCBO MBT EFKBCBO TJO DPNFS Z MBT PCMJHBCBO B DPO E TTVNJS OBSD°UJDPT " MBT FNCBSB[BEBT MBT BTFTJOBCBO P TJ FSBO NVZ TPMJDJUBEBT MFT B QSBDUJDBCBO BCPSUPT 5BNCJ¦O NBUBCBO Q B HBSSPUB[PT B RVJFOFT DPOTJEFSBCBO ZB B OP TFSWªBO QPS GMBDBT P FOGFSNBT -PT O DVFSQPT FSBO FOUFSSBEPT FO MB QBSUF USB D TFSB EF MPT CVSEFMFT FO GPTBT DPNVOFT "EFN T DPOUB CBO DPO QSPUFDDJ°O EF GVODJPOBSJPT Q·CMJDPT &M EF FOFSP EF %FMGB Z $IVZ GVFSPO EFUFOJEBT Z FM EF GFCSFSP TF FOUSFH° &WB FO MB $JVEBE EF .¦YJDP -BT USFT GVFSPO DPOEFOBEBT B B®PT EF QSJTJ°O %PT GBMMFDJFSPO FO MB D SDFM Z VOB N T BM QPDP UJFNQP EF TBMJS MJCSF
0 @A I=UK @A -53/ 3 @A AJANK @A -524
)PNJDJEJP EFM MPDVUPS 4VTBOP 4BOUPT 'MPSFT
&M QPQVMBS MPDVUPS EF SBEJP Z UFMF WJTJ°O 4VTBOP 4BOUPT 'MPSFT GVF BTFTJOBEP QPS FM BNBOUF EF TV FT QPTB MB UBNCJ¦O DPNVOJDBEPSB $PODFQDJ°O .BESJHBM FM EPNJOHP EF FOFSP EF &M DSJNFO TF DP NFUJ° FO MB NBESVHBEB DVBOEP Â4V TBOJUPÍ BSSJC° B TV EPNJDJMJP FO MB DB MMF +VBO .BOVFM 5SBT NFUFS TV BVUP B MB DPDIFSB FM MPDVUPS BCSJ° MB DBKVFMB QPTUFSJPS Z GVF BUBDBEP QPS MB FTQBMEB QPS FM BNBOUF EF TV NVKFS FM DPMPNCJBOP +VMJP EFM .BS RVJFO MF EJP VO HPMQF FO MB DBCF[B DPO VO UVCP &M BTFTJOP BSSBTUS° FM DVFSQP EF MB WªD UJNB B VO UFSSFOP CBMEªP GSFOUF B MB DBTB EPO EF MP BSSPK° B VOB [BOKB Z MF QSFOEJ° GVFHP )BTUB FM MVOFT QPS MB UBSEF .BESJHBM SF QPSU° MB EFTBQBSJDJ°O EF TV FTQPTP F JODMV TP IBCM° DPO FM HPCFSOBEPS EF +BMJTDP 'SBO DJTDP .FEJOB "TDFODJP QBSB QFEJSMF RVF PSEFOBSB VOB JOWFTUJHBDJ°O 4JO FNCBSHP FM IFSNBOP EFM MPDVUPS -VJT 4BOUPT TPMJDJU° VOB JOWFTUJHBDJ°O BM 4FSWJDJP 4FDSFUP QVFT TPTQF DIBCB RVF BMHP NBMP MF IBCªB PDVSSJEP &M EF FOFSP GVFSPO EFUFOJEPT QPS FM 4FS WJDJP 4FDSFUP KVOUP B TV D°NQMJDF -VJT +BJNF +J N¦OF[ +VMJP DPOGFT° B EFUBMMF TV DSJNFO F JOUFO U° TBMWBS B .BESJHBM EJDJFOEP RVF FMMB OP IBCªB JOUFSWFOJEP FO FM IPNJDJEJP %VSBOUF MB JOUFSSPHB DJ°O B MB DPNVOJDBEPSB TF NPTUS° TJO JONVUBSTF OVODB BQFOBEB Z SFTQPOEªB DBMNBEBNFOUF B MBT QSFHVOUBT %FM .BS Z .BESJHBM GVFSPO DPOEFOBEPT B B®PT EF QSJTJ°O Z +JN¦OF[ B B®PT
4FDVFTUSP EFM $×OTVM EF &TUBEPT 6OJEPT 5FSSBODF (FPSHF -FPOIBSEZ
.JFOUSBT TF EJSJHªB B TV DBTB FM D°OTVM EF &TUB EPT 6OJEPT 5FSSBODF (FPSHF -FPOIBSEZ GVF TF DVFTUSBEP QPS NJFNCSPT EF MBT 'VFS[BT 3FWP MVDJPOBSJBT "SNBEBT EFM 1VFCMP '3"1 4F USBU° EFM QSJNFSP EF VOB TFSJF EF QMBHJPT RVF DPNFUJ° FM HSVQP HVFSSJMMFSP EVSBOUF MPT B®PT EF MB Â(VFSSB 4VDJBÍ &M EJQMPN UJDP DJSDVMBCB QPS MB $BMMF $P MPNPT GSFOUF BM $PMFHJP .¦YJDP "NFSJDBOP DVBOEP VO BVUP BNBSJMMP MF DPSU° FM DBNJOP %PT TVKFUPT MP BNBHBSPO DPO VO BSNB EF GVFHP Z MP PCMJHBSPO B CBKBSTF EF TV BVUP " DBNCJP EF TV MJCFSBDJ°O MB '3"1 FYJ HJ° MB MJCFSUBE EF QSFTPT QPMªUJDPT -BT BVUPSJEBEFT DVNQMJFSPO BM HSVQP HVFSSJMMF SP Z MPT QSFTPT GVFSPO MJCFSBEPT Z USBTMBEB
EPT B -B )BCBOB $VCB &M QSFTJEFOUF -VJT &DIFWFSSªB DBMJGJD° BM QMBHJP DPNP VO BDUP DSJNJOBM Z BTª RVFE° BTFOUBEP FO MB QSJNFSB QMB OB EF &- */'03."%03 EFM EF NBZP 0SEFO° B MB 1SP DVSBEVSªB (FOFSBM EF MB 3FQ·CMJDB 1(3 RVF TVTQFOEJF SB UPEB JOWFTUJHBDJ°O B GJO EF QSPUFHFS MB WJEB EFM EJQMPN UJDP Z B USBW¦T EF MB 4FDSFUBSªB EF (PCFSOBDJ°O QJEJ° BM (PCJFSOP EF +BMJTDP OP JOWFTUJHBS &M TFDVFTUSP FODFOEJ° GPDPT SPKPT FO FM (PCJFSOP QVFT B®PT N T UBSEF TF EJP B DPOPDFS RVF MB %JSFDDJ°O 'FEFSBM EF 4FHVSJEBE %'4 OP UFOªB JOGPSNBDJ°O BMHVOB TPCSF FM '3"1 &M EF NBZP USFT EªBT EFTQV¦T EF TV DBQUVSB FM D°OTVM GVF MJCFSBEP FO FM DSVDF EF MBT DBMMFT -JCFSUBE Z #FSOBSEP EF #BMCVFOB EPOEF GVF SFDPOPDJEP QPS VO HSV QP EF QFSTPOBT Z MF PGSFDJFSPO TV BZVEB QBSB DPOUBDUBS B MBT BVUPSJEBEFT
-, @A K?PQ>NA @A -53/ 4FDVFTUSP Z IPNJDJEJP EFM FNQSFTBSJP 'FSOBOEP "SBOHVSFO &M EF PDUVCSF EF NJFOUSBT FM FN QSFTBSJP 'FSOBOEP "SBOHVSFO $BTUJFMMP JCB EF TV DBTB FO MB DBMMF -B 3JPKB B VOB G CSJDB BDFJUFSB FO MB $PMPOJB EFM 'SFTOP GVF TFDVFT USBEP QPS VO DPNBOEP BSNBEP EF MB -JHB $P NVOJTUB EF 4FQ UJFNCSF FO FM QVFOUF EFM "SSPZP $IJDP FO MB $B SSFUFSB 7JFKB B ;BQPQBO /VODB N T MP WJFSPO DPO WJEB 7JBKBCB FO VO BVUPN°WJM $IFWSPMFU RVF GVF MPDBMJ[BEP FO "WFOJEB EF MPT .BFTUSPT Z MB $BMMF $BOBSJBT DPO USFT DBTRVJMMPT EF CBMB DBMJCSF 7FDJOPT EF MB [POB BTFHVSBSPO RVF FTDVDIBSPO EJTQBSPT EF BSNB EF GVFHP &TUB TJUVBDJ°O QSPWPD° VO QBOPSBNB TPN CSªP Z TF UFNªB TFSJBNFOUF QPS TV WJEB -PT TF DVFTUSBEPSFT QJEJFSPO B DBNCJP EF MB MJCFSBDJ°O
MMB QVFTUB FO MJCFSUBE EF QSFTPT QPMªUJDPT N T EF EPT NJMMPOFT N EF QFTPT Z VO BWJ°O E QBSB RVF QVEJFSBO FT Q DBQBS B MB 3FQ·CMJDB D %FNPDS UJDB 1PQVMBS % EF $PSFB E &M EF PDUVCSF "SBOHVSFO EF " B®PT GVF BTFTJOBEP Z B TV DVFSQP MPDBMJ[BEP IPSBT EFTQV¦T FO MB DBKVFMB EF VO BVUP FTUBDJPOBEP FO MB DBMMF %V RVF EF 3JWBT Z -FSEP EF 5FKBEB -B OPUJDJB QSPWPD° JOEJHOBDJ°O FO MB DJVEBE Z FM DBTP PDVQ° MB QSJNFSB QMBOB EF &- */'03." %03 EVSBOUF WBSJPT EªBT &M NJTNP EªB EFM TFDVFTUSP EF "SBOHVSFO UBNCJ¦O GVF TF DVFTUSBEP FM D°OTVM IPOPSBSJP EF (SBO #SFUB®B "OUIPOZ %VODBO TJO FNCBSHP FM EJQMPN UJDP GVF MJCFSBEP JMFTP
.4 @A =CKOPK @A -530 4FDVFTUSP EF +PTÎ (VBEBMVQF ;VOP +PT¦ (VBEBMVQF ;VOP RVJFO GVFSB HPCFSOBEPS EF +BMJTDP FO Z SFGVOEBEPS EF MB 6OJWFS TJEBE EF (VBEBMBKBSB GVF TF DVFTUSBEP FM EF BHPTUP EF QPS NJFNCSPT EF MBT 'VFS [BT 3FWPMVDJPOBSJBT "SNBEBT EFM 1VFCMP '3"1 DVBOEP UFOªB B®PT EF FEBE ;VOP GVF QSJWBEP EF MB MJ CFSUBE QPS DVBUSP TVKFUPT BS NBEPT DPO NFUSBMMFUBT FO MB "WFOJEB 3FWPMVDJ°O BGVFSB EF MB &TDVFMB 1PMJU¦DOJDB DVBOEP WJBKBCB FO TV BVUP BDPNQB®B EP EF TV DIPGFS &- */'03."%03 SFDJCJ° EPT MMBNBEBT UFMFG°OJDBT EF VO TVKFUP DPO BDFOUP OPSUF®P RVJFO EJP DVFOUB EF VO SFDBEP TPCSF FM QMBHJP RVF TF FODPOUSBCB FO FM DBTJMMFSP O·NFSP EF VOB UJFO
EB EF SPQB VCJDBEB FO *OEFQFO EFODJB Z 1FESP -P[B -B OPUJDJB PDVQ° MB QSJNFSB QMBOB EF FTUF NFEJP Z EVSBOUF FM QFSJPEP FO FM RVF FTUVWP TFDVFT USBEP TF QVCMJDBSPO WBSJPT EFT QMFHBEPT EF EJGFSFOUFT TFDUPSFT EF MB TPDJFEBE RVF DPOEFOBCBO FM IFDIP Z FYJHªBO MB MJCFSBDJ°O EFM MJDFODJBEP ;VOP -B 6OJWFSTJEBE EF (VBEBMBKBSB FTUVWP DFSSBEB B NBOFSB EF MVUP -PT TFDVFTUSBEPSFT BEWFS UªBO RVF +PT¦ (VBEBMVQF ;VOP TFSªB BTFTJOBEP TJ OP TF DVNQMªBO DPO MB ÂJONPWJMJ[BDJ°O EF UPEBT MBT GVFS[BT SFQSFTJWBTÍ 4JO FN CBSHP EFCJEP B MB QSFTJ°O Q·CMJ DB GVF MJCFSBEP EªBT EFTQV¦T BM TFS BCBOEPOBEP FO VO BVUP 6O UPUBM EF NJFNCSPT EFM '3"1 GVFSPO EFUFOJEPT
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ÊxLJ
1~(*/" &
* Êxn
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF
1 @A I=NVK @A -541
i-PT %POFTv OBSDPT BM FTUJMP EF MB NBGJB JUBMJBOB
)PNJDJEJP EF &OSJRVF $BNBSFOB
JKREAI>NA @A -530
4FDVFTUSBEP FM EF GFCSFSP FO FM $FOUSP EF (VBEBMBKBSB FM BHFOUF EF MB %&" &OSJRVF Â,JLJÍ $BNBSFOB GVF UPSUVSBEP Z MPDBMJ[BEP TJO WJEB FM EF NBS[P EF &M BHFOUF FTUBEPVOJEFOTF TF FODPOUSBCB FO .¦YJDP EFTEF FO VOB NJTJ°O FODVCJFSUB QBSB JOGJMUSBSTF FO FM $ SUFM EF (VBEBMBKBSB DPNBO EBEP QPS .JHVFM ~OHFM '¦MJY (BMMBSEP $BNBSFOB SFQPSU° WBSJBT PQFSBDJPOFT RVF EFSJWBSPO FO HPMQFT QPS QBSUF EF MBT BVUPSJEBEFT FOUSF FMMPT FM BTFHVSBNJFOUP EF VOP EF MPT QMBO UªPT EF NBSJHVBOB N T HSBOEF EF FTB ¦QPDB FO FM SBODIP Â&M #·GBMPÍ FO $IJ IVBIVB MP RVF HFOFS° TPTQFDIBT IBDJB TV QFSTPOB &M EF GFCSFSP EF Â,JLJÍ GVF TFDVFTUSBEP KVOUP BM QJMPUP "MGSFEP ;B WBMB UPSUVSBEP Z BTFTJOBEP EPT EªBT EFTQV¦T -PT DVFSQPT GVFSPO EFTDVCJFS UPT IBTUB FM EF NBS[P FO VO SBODIP EF .JDIPBD O &TUF DBTP HFOFS° QSFTJ°O EFM (PCJFSOP EF MPT &TUBEPT 6OJEPT IBDJB BV UPSJEBEFT NFYJDBOBT &O EªBT QPTUFSJPSFT FM $POTVMBEP EF &TUBEPT 6OJEPT QV CMJD° FO &- */'03."%03 EFTQMFHBEPT EPOEF PGSFDªBO NJM E°MBSFT B RVJF OFT BZVEBS O B EBS DPO TV QBSBEFSP "VUPSJEBEFT BDVTBSPO B 3BGBFM $BSP 2VJOUFSP EFM BTFTJOBUP &M OBSDPUSBGJ DBOUF GVF EFUFOJEP FM EF BCSJM EF FTF B®P FO $PTUB 3JDB 5BNCJ¦O GVFSPO EF UFOJEPT &SOFTUP 'POTFDB $BSSJMMP Â%PO /FUPÍ Z '¦MJY (BMMBSEP QPS TV SFMBDJ°O DPO FM DSJNFO $BSP 2VJOUFSP GVF TFOUFODJBEP B B®PT EF D SDFM Z MJCFSBEP FO Â%PO /FUPÍ TF FODVFOUSB FO QSJTJ°O EPNJDJMJBSJB EFTEF NJFOUSBT RVF (BMMBSEP QFS NBOFDF FO QSJTJ°O
" GJOBMFT EF GBMMFDJ° FO VOB D SDFM EF 4BO "OUP OJP 5FYBT FM MªEFS EFM HSVQP DSJNJOBM Â-PT %POFTÍ 'F EFSJDP $BSSBTDP (°NF[ USBT VO GBMMJEP JOUFOUP EF GV HB 'VF BCBUJEP QPS DVTUPEJPT EFM DFOUSP DBSDFMBSJP &O MPT TFTFOUBT Z QSJODJQJPT EF MPT TFUFOUB BQB SFDJFSPO FO +BMJTDP MPT QSJNFSPT D SUFMFT EFM OBSDPUS GJDP FOUSF FMMPT Â-PT %POFTÍ RVJFOFT DPOUSPMBCBO FM GMVKP EF FTUVQFGBDJFOUFT FO /VFWP -BSFEP 5BNBVMJ QBT QBSB MVFHP FYQBOEJSTF B /VFWP -F°O Z +BMJTDP BM FTUJMP EF MB NBGJB JUBMJBOB $BSSBTDP (°NF[ JOJDJ° DPNP TJDBSJP EFM KFGF EF MB CBOEB +PT¦ 5SJOJEBE 3PDIB -FBM BOUFT EF DPOWFSUJS TF FO DBCF[B EFM D SUFM %VSBOUF TJFUF B®PT BTFTJO° B QFSTPOBT FOUSF QPMJDªBT PUSPT OBSDPUSBGJDBOUFT Z D°NQMJDFT RVF MP USBJDJPOBCBO %JBSJBNFOUF WFOEªB EPT NJM E°MBSFT EF ESPHB Z FO VOB TFNBOB MPT EJTUSJ CVªB FO DBSHBNFOUPT EF IBTUB LJMPT EF IFSPªOB FO &TUBEPT 6OJEPT Z EFOUSP EFM QBªT &O KVMJP EF BTFTJO° B 3PDIB -FBM $BSSBTDP (°NF[ GVF DBQUVSBEP FM EF TFQUJFNCSF EF B FO TV SFTJEFODJB EF $JVEBE EFM 4PM Z FOWJBEP B MB 1F OBM EF 0CMBUPT -F EFTDVCSJFSPO DJFO LJMPT EF ESPHB DPO WBMPS EF N T EF NJMMPOFT EF QFTPT &M EF OPWJFNCSF EF FTF B®P $BSSBTDP (°NF[ TF FTDBQ° EFM 1FOBM EF 0CMBUPT Z IVZ° B &TUBEPT 6OJ EPT EPOEF GVF DBQUVSBEP -B OPUJDJB EF TV GVHB PDVQ° DBTJ UPEB VOB Q HJOB EF &M */'03."%03 BM EªB TJHVJFOUF VO T CBEP EF OPWJFNCSF .VSJ° FO BM USBUBS EF FTDBQBS EF MB QSJTJ°O
.0 I=UK @A -55/ AJANK @A -545 &M NBUBJOEJHFOUFT &O FOFSP EF GVF MPDBMJ[BEP FM DVFSQP EF VO JOEJ HFOUF DPO VOB IFSJEB EF CBMB FO MB DBCF[B GSFOUF B MBT PGJDJOBT EF 5SBCBKP 4PDJBM EF MB 6OJWFSTJEBE EF (VBEB MBKBSB FO MB DBMMF +VBO .BOVFM &TUB TFSªB MB QSJNFSB EF MBT WªDUJNBT EFM MMBNBEP Â.BUBJOEJHFOUFTÍ BTFTJOP TFSJBM RVF BUFSSPSJ[° B MB TPDJFEBE UBQBUªB EVSBOUF FM ·M UJNP B®P EF MB E¦DBEB EF MPT PDIFOUB 4V NPEVT PQFSBOEJ DPOTJTUªB FO EBS VO UJSP FO MB DB CF[B B QFSTPOBT FO TJUVBDJ°O EF DBMMF NJFOUSBT EPSNªBO FO BMHVOPT DBTPT JODMVTP QSFOEJ° GVFHP B TVT WªDUJNBT 6OB EF FMMBT GVF FM GBNPTP MBES°O 7JDFOUF "MFKBOESF )FSO OEF[ Â&M 3BGGMFT .FYJDBOPÍ RVJFO DPNFUJ° WBSJPT SPCPT FO .¦YJDP Z PUSPT QBªTFT DPNP 'SBODJB &TUBEPT 6OJEPT F *OHMBUFSSB Z FTUBCB GJDIBEP QPS MB *OUFSQPM Â&M 3BGGMFTÍ TF IBCªB GVHBEP EF MB 1FOBM EF 0CMBUPT FO
"TFTJOBUP EFM $BSEFOBM +VBO +FTÝT 1PTBEBT 0DBNQP
Z WJWJ° TVT ·MUJNPT EªBT DPNP JOEJHFOUF FO FM 0SJFO UF EF MB DJVEBE 4JFNQSF DBSHBCB VO QPSUBGPMJP RVF DPOUFOªB MB QFMVDB DPO MB RVF TF FTDBQ° EF MB D S DFM NJTNP RVF UFOªB FO TVT CSB[PT DVBOEP MPDBMJ [BSPO TV DBE WFS &O MBT Q HJOBT EF &- */'03."%03 TF EJP DVFOUB EFM BSSFTUP EF WBSJPT TVKFUPT TPTQFDIPTPT EF QFSQFUSBS MPT BTFTJOBUPT RVJFOFT FSBO MJCFSB EPT BM OP UFOFS OFYP BMHVOP DPO MPT DSªNFOFT " NFEJBEPT EFM B®P GVF EFUFOJEP 0TWBMEP 3BNªSF[ B RVJFO BUSJCVZFSPO MPT BTFTJOBUPT 4JO FNCBSHP BMHVOPT MJCSPT FTDSJUPT TPCSF FM DBTP BTFHVSBO RVF FM WFSEBEFSP IPNJDJEB OVODB GVF DBQUVSBEP 4FH·O SFQPSUFT T°MP VO JOEJHFOUF MPHS° FTDBQBS DPO WJEB EF TVT BUBRVFT
&M DBSEFOBM +VBO +FT·T 1PTBEBT 0DBNQP GVF BTFTJ OBEP B CBMB[PT FO FM FTUBDJPOBNJFOUP EFM "FSPQVFSUP *OUFSOBDJPOBM EF (VBEBMBKBSB FM EF NBZP EF DVBOEP BDVEªB B MB UFSNJOBS B¦SFB B SFDPHFS BM /VODJP "QPTU°MJDP %VSBOUF MPT EªBT QPTUFSJPSFT BM IFDIP FO MBT Q HJOBT EF &- */'03."%03 TF QVCMJDBSPO EFDFOBT EF FTRVFMBT MBNFOUBOEP TV NVFSUF "EFN T TF EJP DVFOUB EF MBT DPOEPMFODJBT EFM 1BQB +VBO 1BCMP ** BM QVFCMP EF +BMJTDP Z BM "S[PCJTQBEP EF (VBEBMBKBSB -B WFSTJ°O EF MPT IFDIPT EF MB 1SPDVSBEVSªB (F OFSBM EF MB 3FQ·CMJDB 1(3 TPTUJFOF RVF NVSJ° KVOUP B PUSBT TFJT QFSTPOBT FO NFEJP EF VO FOGSFOUBNJFOUP FOUSF FM $ SUFM EF 4JOBMPB Z MPT "SFMMBOP '¦MJY &M UJSPUFP IBCSªB JOJDJBEP FO FM JOUFSJPS EF MB UFSNJOBM B¦SFB Z TF FYUFOEJ° IBDJB FM BFSPQVFSUP &M #VS° 'FEFSBM EF *OWFTUJHBDJPOFT '#* DPODMV Z° FO FM RVF TV IPNJDJEJP GVF BDDJEFOUBM BM TFS DPOGVOEJEP QPS +PBRVªO Â&M $IBQPÍ (V[N O B RVJFO MPT "SFMMBOP '¦MJY CVTDBCBO BTFTJOBS 4JO FNCBSHP MB *HMFTJB $BU°MJDB OVODB IB BDFQ UBEP FTUBT WFSTJPOFT EF MPT IFDIPT Z TPTUJFOF RVF FM IPNJDJEJP EFM DBSEFOBM GVF QSFNFEJUBEP QSFTVOUB NFOUF QPSRVF DPOPDªB EF MPT OFYPT EF QPMªUJDPT DPO FM DSJNFO PSHBOJ[BEP " VO DVBSUP EF TJHMP FM DSJNFO TJHVF TJO FTDMBSF DFSTF Z FO NBS[P EFM FM $BSEFOBM EF (VBEBMBKBSB 'SBODJTDP 3PCMFT 0SUFHB EFOVODJ° RVF IBZ QPDB WP MVOUBE EF MBT BVUPSJEBEFT QBSB SFTPMWFS FM UFNB
-5 @A BA>NANK @A -552 4FDVFTUSP Z NVFSUF EF &MCB 3PTB 'SBOL 5SBT TFS BMDBO[BEB QPS VOB CBMB EF FMF NFOUPT EF MB 1PMJDªB +VEJDJBM &MCB 3P TB 'SBOL EF B®PT GBMMFDJ° FO "WF OJEB $IBQVMUFQFD EVSBOUF VO PQFSBUJWP FM EF GFCSFSP EF -B KPWFO IJKB EF MPT EVF®PT EFM )PUFM 4VJ UFT $PVOUSZ GVF TFDVFTUSBEB FM EF FTF NJTNP NFT FO FM $PMFHJP $FSWBO UFT $PTUB 3JDB QPS 'FSOBOEP 5PSSFT Z .JHVFM ~OHFM 3PTBT 'FSSFS -PT QMBHJBSJPT QFEªBO NJM QFTPT Z VO WFIªDVMP B DBNCJP EF MB MJCFSBDJ°O EF MB KPWFO B RVJFO FOUSFHBSªBO FO FM IP UFM EF TVT QBESFT MVHBS EPOEF TF NPO U° VO FTQFDUBDVMBS PQFSBUJWP QPMJDJBDP "M QFSDBUBSTF EF MB QSFTFODJB EF MPT FMFNFOUPT MPT TFDVFTUSBEPSFT IV ZFSPO EFM MVHBS FO VOB QFSTFDVDJ°O FO MB RVF QBSUJDJQBSPO EFDFOBT EF KVEJDJB
MFT QPSUBOEP QJTUPMBT Z SJGMFT EF BMUP QP EFS FO MB NBOP -B QFSTFDVDJ°O DVMNJO° FO "WFOJ EB 7BMMBSUB Z $IBQVMUFQFD EPOEF TF JN QBDU° DPOUSB VOB KBSEJOFSB FM WFIªDVMP FO FM RVF WJBKBCBO 4F TVTDJU° VO UJSP UFP FO FM QVOUP FO FM RVF GBMMFDJFSPO MB KPWFO Z 5PSSFT NJFOUSBT RVF 3PTBT 'F SSFS SFTVMU° IFSJEP &- */'03."%03 TF®BM° RVF FM GBMMJEP JOUFOUP EF SFTDBUF TF EFCJ° B MB GBMUB EF DBQBDJUBDJ°O EF MBT QFSTPOBT RVF NPOUBSPO FM PQFSBUJWP QVFT IBT UB MPT NFEJPT EF DPNVOJDBDJ°O TF FOUFSBSPO EFM NJTNP -BT CBMBT RVF NBUBSPO B MB KP WFO Z B VOP EF MPT TFDVFTUSBEPSFT GVFSPO EJTQBSBEBT QPS MPT KVEJDJB MFT
I=UK @A -552 -B 7JVEB /FHSB EF $IBQBMB .BSªB EFM 4PDPSSP 3PESªHVF[ (VJKBSSP TF DBT° WBSJBT WFDFT DPO BDBVEBMBEPT KVCJMBEPT FTUBEPVOJEFOTFT RVJFOFT NVSJF SPO FO DJSDVOTUBODJBT FYUSB®BT Z RVF TF TPTQFDIB GVF B NB OPT EF MB MMBNBEB Â7JVEB /FHSB EF $IBQBMBÍ P Â7JVEB EF -B QBJOFÍ 4V QSJNFS NBSJEP GBMMFDJ° FO QPS VOB DBªEB FO TV IP HBS FM TFHVOEP QPS VO JOGBSUP Z FM UFSDFSP TF EFTQMPN° FO VO SFT UBVSBOUF EF (VBEBMBKBSB .JFOUSBT RVF TV ·MUJNB QBSFKB 7JDUPS -BQBJOF *OHSBN NVSJ° UBNCJ¦O USBT TVQVFTUBNFOUF FOGFSNBSTF FO VO SFTUBVSBOUF %F UPEPT IFSFE° GVFSUFT TVNBT EF EJOFSP &O OBSSBO MBT Q HJOBT EF &- */'03."%03 3PESª HVF[ (VJKBSSP DPOUSBU° VO TFHVSP EF WJEB B TV NFEJB IFSNBOB RVF GBMMFDJ° B MPT QPDPT EªBT Z EFM DVBM DPCS° NJM E°MBSFT 1PDP EFT
QV¦T DPNQS° PUSP B TV OPNCSF QPS VOB TVNB EF NJM E°MBSFT .BSªB EFM 4PDPSSP GBMMFDJ° FO NBS[P EF QFSP ZB FTUBCB FO MB NJSB EF MB DPNQB®ªB BTFHVSBEPSB Z EF MPT IJKPT EF -BQBJOF *OHSBN RVJFOFT N T UBSEF EFTDVCSJFSPO RVF IBCªB GJOHJEP TV NVFSUF QBSB RVF TVT GBNJMJBSFT DPCSBSBO FM TFHVSP Z RVF MB TVQVFTUB NFEJB IFS NBOB FSB MB NJTNB WJVEB *OEJDBSPO RVF IVZ° B &TUBEPT 6OJEPT %F IFDIP BM FYIVNBS MPT DVFSQPT UBOUP EF MB GBMTB IFSNBOB DP NP EF FMMB T°MBNFOUF IBMMBSPO GMPSFT Z WBSJPT LJMPT EF KBM FO MPT G¦SF USPT -BT JOWFTUJHBDJPOFT EJFSPO B DPOPDFS RVF FM N¦EJDP NVOJDJQBM EF $IBQBMB MB BZVE° B FYQFEJS VO GBMTP DFSUJGJDBEP EF EFGVODJ°O &M EF FOFSP EF TF HJS° VOB PSEFO EF BQSFIFOTJ°O DPO USB MB Â7JVEB /FHSBÍ QPS FM EFMJUP EF GSBVEF -B NVKFS OVODB GVF BQSFIFOEJEB
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Êx™‡
1~(*/" &
* ĂŠĂˆĂ¤Â‡
1~(*/" &
%F
&- */'03."%03
+VFWFT EF PDUVCSF EF +VFWFT EF PDUVCSF EF
MBESPOFT
EF DBNJOPT B
OBSDPUSBGJDBOUFT %
F CBOEBT EF TBMUFBEPSFT IBTUB HSVQPT QFSUFOFDJFOUFT B D²SUFMFT EF MB ESPHB UBM IB TJEP MB FWPMVDJĂ‚O EF MB BDUJWJ EBE DSJNJOBM FO +BMJTDP DPOTJEFSĂ‚ -VJT $BSMPT 4²JO[ FYQFSUP FO UFNBT EF TFHVSJEBE BVUPS EFM MJCSP i3FKBT 3PUBTw " QSJODJQJPT EFM TJHMP 99 FSBO MBT CBOEBT EF TBMUFEPSFT MBT RVF TF EFEJDBCBO B MPT SPCPT FO MBT QFSJGFSJBT EF (VBEBMBKBSB EF -PT "SDPT IBDJB FM 1POJFOUF i"USBDBCBO B MBT QFSTPOBT RVF DJSDVMB CBO QPS FTBT [POBT 4PO EF MPT QSJNFSPT JOEJDJPT EF MB BDUJWJEBE DSJNJOBM FO MB DJVEBEw : MB BDUJWJEBE FSB DVBOUJPTB FO +BMJTDP QPS RVF EFTEF FTF FOUPODFT FSB VOP EF MPT &TUBEPT N²T JNQPSUBOUFT EFM QB½T QPS MB BDUJWJEBE DPNFS DJBM Z QPS MB VCJDBDJĂ‚O FTUSBUšHJDB *ODMVTP FY QMJDĂ‚ 4²JO[ NVDIB HFOUF EF MB DBQJUBM EF MB 3F QĂˆCMJDB WFO½B B EFMJORVJS B (VBEBMBKBSB 4BJO[ SFDPSEĂ‚ VO FKFNQMP EF VO DSJNJOBM EFTUBDBEP FO MB EšDBEB EF MPT 3PCFSUP "MF YBOEFS )FSO²OEF[ BMJBT i&M 3BGGMFTw i&SB NVZ GBNPTP QPSRVF TF EFEJDBCB B SP CBSMF B MB HFOUF QVEJFOUF EF (VBEBMBKBSB 4F NF U½B B MBT DBTBT PCUFO½B JOGPSNBDJĂ‚O EF MP RVF QP TF½BO FTBT QFSTPOBT EF BMUB BMDVSOJB Z SPCBCBw -B BDUJWJEBE EFMJDUJWB FO FM &TUBEP TF DBSBD UFSJ[Ă‚ B NFEJBEPT EF TJHMP QPS TFS QFSQFUSBEB QPS IPNCSFT WBMFOUPOFT CSBHBEPT RVF TF MB QBTBCBO FO MBT DBOUJOBT RVF SFà ½BO Z TF BTFTJOBCBO 4JO FNCBSHP FM QBOPSBNB DBNCJĂ‚ FO MB EšDBEB EF MPT DVBOEP MPT DPNJFO[PT EFM OBSDPUS²GJDP Z MPT D²SUFMFT EF MB ESPHB FO +BMJTDP BDUJWJEBE iJN QFOTBCMFw FO MB &OUJEBE EJKP 4²JO[ i&M (PCJFSOP GFEFSBM MP DPNCBUJĂ‚ FO TV &T UBEP EF PSJHFO RVF FSB 4JOBMPB Z TF WJOP VOB EFT CBOEBEB EF GBNJMJBT DPNQMFUBT B +BMJTDP RVF MMF HBSPO B GJOBMFT EF MPT Z B QSJODJQJPT EF MPT &M OBSDPUS²GJDP FO FTB APQFSBDJĂ‚O DVDBSBDIB TF WJOJFSPO EFTQBWP SJEPT B (VBEBMBKBSB DPO NFKP SFT DPOEJDJPOFT EF WJEB Z QPS TFS VO MVHBS FTUSBUšHJDP RVF FT FM PNCMJHP EFM QB½Tw -BT GBNJMJBT EF MPT DSJNJ OBMFT IBO IFDIP EFTEF FOUPO DFT TV WJEB EF VOB NBOFSB OPS NBM FOUSF FM SFTUP )BO FTUBCMFDJEP FNQSFTBT OFHPDJPT Z DPNQSBEP QSPQJFEBEFT RVF IBO TJEP GSVUP EF MB BDUJWJEBE DSJNJOBM i4F WJOP B DPOWFS UJS DPNP VO QBSB½TP QBSB FTBT QFSTPOBTw &TUF BUSBDUJWP EFM &TUBEP IB GBWPSFDJEP RVF FO +BMJTDP TF IBZB EFTBSSPMMBEP VOP EF MPT D²SUF MFT N²T QPEFSPTPT EFM QB½T FM /VFWB (FOFSB DJĂ‚O i5PEP FM NVOEP TF WJFOF B +BMJTDP QPSRVF FT VO MVHBS N²T BUSBDUJWP Z RVJ[² N²T UPMFSBEP QPS MBT BVUPSJEBEFT QBSB RVF FKFS[BO TVT BDUJWJ EBEFT JM½DJUBTw &O MB PQJOJĂ‚O EF 4²JO[ MPT BWBODFT UFDOPMĂ‚ HJDPT IBO IFDIP FWPMVDJPOBS MB BDUJWJEBE DSJNJ OBM BM QVOUP FO RVF MPT KĂ‚WFOFT QVFEFO TFS SFDMV UBEPT QPS PSHBOJ[BDJPOFT DSJNJOBMFT B USBWšT EF MBT SFEFT TPDJBMFT BEFN²T EF RVF FT VO NFEJP QFSGFDUP QBSB MB FYUPSTJĂ‚O "T½ MBT DPOEJDJPOFT BDUVBMFT QFSNJUFO RVF MB BDUJWJEBE DSJNJOBM GMP SF[DB
i&M 3FNJOHUPOv OP QVEP EFGFOEFSTF DPO TV SFWĂ—MWFS Rodolfo Ă lvarez del Castillo apodado “El Remingtonâ€? fue un delincuente famoso por allĂĄ de la dĂŠcada de los 30. Originario de Los Altos se convirtiĂł en leyenda entre los jaliscienses por ser un hombre con todo el estereotipo de hombre macho: era asesino, valiente y andaba
con muchas mujeres. Era hĂĄbil con las armas, por lo que la gente le temĂa. Rodolfo Ă lvarez del Castillo fue baleado el 10 de diciembre de 1936 mientras se encontraba en una verbena en el Santuario de Guadalupe, segĂşn se publicĂł en EL INFORMADOR. Fue un ataque por parte de varios sujetos quienes, pistola en ma-
no, hicieron varias descargas en su contra. Un proyectil le perforĂł la mĂŠdula “imposibilitĂĄndolo para defenderse pues quedĂł paralizado, sin poder echar mano de su revĂłlverâ€?. La balacera terminĂł con la vida de un hombre y dejĂł cuatro heridos, entre ellos “El Remingtonâ€?, quien falleciĂł dĂas despuĂŠs.
i&M 3BGGMFTv FM MBES×O RVF SPCBCB B MPT SJDPT QBSB RVFEÇSTFMP UPEP
3BGBFM $BSP 2VJOUFSP FM QSJNFS DBQP EF (VBEBMBKBSB &- */'03."%03 t "3$)*70
i&M .FODIPv FM NJDIPBDBOP RVF GVOEĂ— FM DÇSUFM /VFWB (FOFSBDJĂ—O %&5&/*%0 3BGBFM $BSP 2VJOUFSP GVF BQSFIFOEJEP FO $PTUB 3JDB Proveniente de Badiraguato, Sinaloa, Rafael Caro Quintero es uno de los criminales mĂĄs relevantes que han surgido en el Estado. Junto con Miguel Ă ngel FĂŠlix Gallardo y Ernesto Fonseca fundĂł el cĂĄrtel de Guadalajara. Fue apodado “El narco de narcosâ€? debido al poder que adquiriĂł en el trĂĄfico de drogas. SeĂąalado por el asesinato de un agente esta-
dounidense, Enrique Camarena Salazar, fue arrestado en Costa Rica el 4 de abril de 1985, noticia que fue consignada por este medio. “Los agentes costarricenses capturaron a Caro Quintero y a cuatro cĂłmplices mĂĄs en una villa localizada a 17 kilĂłmetros al noroeste de San JosĂŠ, donde se habĂan escondido desde el pasado 19 de marzoâ€?.
El 9 de agosto de 2013 un tribunal unitario ordenĂł la liberaciĂłn inmediata de Caro Quintero, al considerar que ya habĂa cumplido con su sentencia por narcotrĂĄfico. Sin embargo el 16 de enero de 2015 se le encontrĂł culpable por ell homicidio de Camarena ena y se ordenĂł su aprehensiĂłn. prehensiĂłn. Actualmente se se encuentra prĂłfugo.
El ratero Roberto Alexander HernĂĄndez apodado como “El ladrĂłn eleganteâ€? aunque otros le decĂan “El Rafflesâ€?, en alusiĂłn a un personaje de la literatura inglesa que robaba a los ricos de manera ingeniosa. A HernĂĄndez lo detuvieron en Coahuila y fue trasladado a una cĂĄrcel en la Ciudad de MĂŠxico, pero se fugĂł en 1932. A finales de los 80, ya como mendigo, fue al parecer vĂctima de un asesino serial famoso en Guadalajara, “El Mataindigentesâ€?, quien nunca fue atrapado. La muerte de “El Rafflesâ€? de un tiro en el crĂĄneo fue recopilada por este medio el 10 de marzo de 1989. “Seguramente mientras dormĂa en la calle Beatriz HernĂĄndez casi esquina con la calle Francisco de Ayza, del Sector Libertad, fue asesinado de un balazo ayer en la maĂąana un individuo de entre 75 y 80 aĂąos de edadâ€?, quien posteriormente fue identificado como Roberto Alexander HernĂĄndez.
Nemesio Oseguera Cervantes, “El Menchoâ€?, lĂder del cĂĄrtel Nueva GeneraciĂłn que tiene como sede el territorio de Jalisco, es uno de los criminales mĂĄs buscados en la RepĂşblica en la actualidad. Sin embargo no es jalisciense sino originario de la poblaciĂłn de Aguililla, MichoacĂĄn, quien se desempeùó alguna vez como policĂa en TomatlĂĄn. IniciĂł en el narcotrĂĄfico en los 90 tras lo que fue detenido en 1994. Luego de tres aĂąos de prisiĂłn regresĂł a laborar con los Valencia hasta 2009 cuando fue detenido Ă“scar Nava Valencia, uno de los lĂderes del cĂĄrtel del Milenio, el cual se desintegrĂł para dar origen a los cĂĄrteles de La Resistencia y Nueva GeneraciĂłn. El 25 de agosto de 2012 este medio consignĂł uno de los dĂas mĂĄs violentos en la ciudad pues fue una jornada de narcobloqueos atribuidos a la organizaciĂłn del lĂder criminal. Medios nacionales seĂąalaron que esa jornada fue ocasionada por la detenciĂłn de “El Menchoâ€?, en Zapopan, el cual fue liberado, versiĂłn que fue negada por el Gobierno estatal.
-B OBSDPNF -B OBSDPNFOVEJTUB EF MPT BĂ–PT EF M
3&4(6"3%0 &SOFTUP 'POTFDB Z 3BGBFM $BSP 2VJOUFSP QBTBSPO BĂ—PT FO QSJTJĂ˜O
El 31 de agosto de 1920, EL INFORMADOR dio a conocer la captura de una mujer, Simona Luna, “una empedernida expendedora de mariguana que ha causado ya numerosos ingresos a la cĂĄrcel pĂşblicaâ€?. Fue detenida por la PolicĂa Reservada en el interior del Mercado Libertad en posesiĂłn de 100 cigarrillos de mariguana. Las autoridades desde ese entonces tenĂan como uno de sus fines una enĂŠrgica batida “en contra de los mariguanos y los expendedores de la malĂŠfica hierbaâ€?. Esta acciĂłn, citaba la publicaciĂłn, ya daba resultados “pues parece que el vicio disminuyeâ€?. Simona Luna fue enviada a la PenitenciarĂa del Estado.
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ÊÈ£‡
1~(*/" &
* ÊÈÓ
1~(*/" &
&- */'03."%03
&
O BÁPT IB DPSSJEP NVDIB BHVB CBKP FM QVFOUF EFM FTDFOBSJP QPM½UJDP EF +BMJT DP %FTEF MBT ¹QPDBT SFWPMVDJPOBSJBT MBT E¹DBEBT EF VO QBSUJEP IFHFNÂOJDP MB DSFBDJÂO EF MBT JOTUJUVDJPOFT QÈCMJDBT FM JNQVMTP EF IFSSBNJFOUBT EF QBSUJDJQBDJÂO EFNP DS²UJDB Z MB NPEFSOJ[BDJÂO EFM TJTUFNB DBEB NP NFOUP DPO TVT TJOHVMBSJEBEFT Z DBSBDUFS½TUJDBT RVF MP EFGJOFO &O MBT Q²HJOBT EF &- */'03."%03 TF IBO FTDSJUP MPT SFMBUPT EFM IBDFS Z EFTIBDFS EF MB DMBTF HPCFSOBOUF DPO TVT USJVOGPT Z QJGJBT )JTUP SJBT RVF WBO EFTEF MPT DPOTUBOUFT DBNCJPT MMFHB EBT Z TBMJEBT EF BVUPSJEBEFT BDDJPOFT Z IFDIPT RVF EJFSPO GPSNB B VOB TPDJFEBE N²T JOWPMVDSBEB JO GPSNBEB Z FYJHFOUF
+VFWFT EF PDUVCSF EF
-PT WBJWFOFT EF MB WPMÇUJM QPMÒUJDB &- */'03."%03
-BT MJDFODJBT EFM HPCFSOBEPS
&O FM PUP®P EF FM OBDJFOUF EJBSJP &- */'03."%03 EJP DVFOUB EFM JS Z WF OJS EF MBT MJDFODJBT TPMJDJUBEBT QPS FM HP CFSOBEPS .BOVFM . %J¦HVF[ -BSB RVF EFK° FO FM DBSHP B &NJMJBOP %FHPMMBEP $BSSBO[B RVJFO FSB NBHJTUSBEP EFM 4V QSFNP 5SJCVOBM EF +VTUJDJB EFM &TUBEP "QFOBT MMFH° B MB UJUVMBSJEBE EFM 1PEFS &KFDVUJWP FTUBUBM %FHPMMBEP $BSSBO[B PSEFO° MB DMBVTVSB EF PDIP UFNQMPT EF (VBEBMBKBSB JODMVZFOEP MB $BUFESBM CB
KP MB BDVTBDJ°O EF RVF FO FMMPT TF JODJUB CB BM QVFCMP DPOUSB FM (PCJFSOP 4F BQSFIFOEJFSPO BMHVOPT TBDFSEPUFT Z TF SFEPCM° MB C·TRVFEB EFM BS[PCJTQP 'SBODJTDP 0SP[DP +JN¦OF[ B RVJFO TF MF BDVTBCB EF BMFOUBS MB PQPTJDJ°O B MB 3F WPMVDJ°O &M EF OPWJFNCSF EF FM HPCFSOBEPS QSPNVMH° MB -FZ 0SH OJDB &MFDUPSBM FO MB RVF TF FTUBCMFDªB QPS QSJ NFSB WF[ MB FMFDDJ°O EJSFDUB QBSB NVOª DJQFT EJQVUBEPT Z HPCFSOBEPS
4FJT NBOEBUBSJPT FO VO BÖP
461&37*4*»/ &M FOUPODFT HPCFSOBEPS EF +BMJTDP (VJMMFSNP $PTÓP 7JEBVSSJ DPO FM QSFTJEFOUF EF .ÏYJDP $BSMPT 4BMJOBT EF (PSUBSJ RVF TF IJ[P QSFTFOUF FO MB [POB EFWBTUBEB QPS MBT FYQMPTJPOFT FO FM 4FDUPS 3FGPSNB
&YQMPTJPOFT DJNCSBO MB QPMÒUJDB "EFN T EF DPCSBS DJFOUPT EF WJEBT Z EFKBS VOB DJDBUSJ[ FO (VBEBMBKBSB MBT FYQPTJDJPOFT EFM EF BCSJM EF DJNCSBSPO FM FTDFOBSJP QPMªUJDP EFM &T UBEP /VFWF EªBT EFTQV¦T EF MPT IF DIPT FO FM 4FDUPS 3FGPSNB FM HPCFS OBEPS (VJMMFSNP $PTJP 7JEBVSSJ QSFTFOU° TV MJDFODJB BM DBSHP -B TPMJDJ UVE GVF BQSPCBEB QPS FM $POHSFTP FO VOB TFTJ°O RVF EVS° NJOVUPT &M MF HJTMBUJWP OPNCS° B $BSMPT 3JWFSB "DF WFT DPNP HPCFSOBEPS JOUFSJOP "EF N T EF MB TBMJEB EF $PTJP EF MB
&M B®P QBT° B MB IJTUPSJB EF +BMJTDP DPO MB QF DVMJBSJEBE EF RVF UVWP TFJT HPCFSOBEPSFT FO DVFTUJ°O EF NFTFT "M GJOBMJ[BS FM QFSJPEP EFM HP CFSOBEPS &WFSBSEP 5PQFUF EFTGJMBSPO QPS FM QVFT UP EF UJUVMBS EFM 1PEFS &KFDVUJWP *HOBDJP +BDPCP +VBO "WJ®B -°QF[ $MFNFOUF 4FQ·MWFEB Z .JHVFM (VFWBSB RVJFOFT UVWJFSPO MB SFTQPOTBCJMJEBE T° MP EVSBOUF TFNBOBT P EªBT Z OP TF UJFOF NBZPS SF HJTUSP EF MP RVF IJDJFSPO 5SBT NFTFT EF DBNCJPT DPOTUBOUFT FM QSJNFSP EF NBS[P EF FTF B®P BTV NJ° FM DBSHP EF HPCFSOBEPS 4JMWBOP #BSCB (PO [ MF[ -BT DS°OJDBT EFTDSJCFO FM BDUP BM N T QVSP FTUJMP QSFTJEFODJBMJTUB DPO CFTBNBOPT Z FWFOUP NVMUJUVEJOBSJP *ODMVTP FO MB TFDDJ°O EF FTQFDU DVMPT EF FTF EªB FOUSF MPT BOVODJPT EF MB WBSJF EBE EF MB KPSOBEB TF QVCMJD° VOB GFMJDJUBDJ°O EFM D°NJDP .BSJP .PSFOP Â$BOUJOGMBTÍ BM OVFWP HP CFSOBEPS KBMJTDJFOTF Z BM QSFTJEFOUF EF .¦YJDP - [BSP $ SEFOBT RVF WJTJU° (VBEBMBKBSB QBSB BTJTUJS B MB UPNB EF QPTFTJ°O
BENJOJTUSBDJ°O FTUBUBM MBT FYQPTJDJP OFT FO MB [POB EF "OBMDP QSPWPDBSPO RVF &OSJRVF %BV 'MPSFT EFKBS MB QSFTJ EFODJB NVOJDJQBM EF (VBEBMBKBSB RVF IBCªB BTVNJEP NFOPT EF VO NFT BUS T Z KVOUP DPO "SJTUFP .FKªB %VS O UJUVMB EFM 4JBQB GVF EFUFOJEP QBSB FOGSFOUBS VO QSPDFTP QFOBM DPNP QSFTVOUPT SFT QPOTBCMFT EF MB USBHFEJB 5SBT TJFUF NFTFT FO QSJTJ°O FM FY BMDBMEF %BV 'MP SFT .FKªB %VS O USFT FNQMFBEPT EFM 4JBQB Z DVBUSP USBCBKBEPSFT EF 1FNFY PCUVWJFSPO MB MJCFSUBE CBKP GJBO[B
i.BDSPMJNPTOBv &- */'03."%03
'&-*$*5"$*»/ )BTUB i$BOUJOG MBTw B NJUBE EF MB DSJTJT GFMJDJUØ BM HPCFSOBEPS EF +BMJTDP
&- */*$*0 .JTB FO FM EPNP QSPWJTJPOBM RVF TF SFBMJ[Ø B VO MBEP EFM 4BOUVBSJP EF MPT .ÈSUJSFT FO FM $FSSP EFM 5FTPSP
&KFDVUJWP FTUBUBM EFTUJUVJEP %FTUJUVJEP QPS FM $POHSFTP EFM &TUBEP .BSDFMJOP (BSDªB #BSSBH O EFK° FM DBS HP DPNP HPCFSOBEPS EF +BMJTDP FM EF GFCSFSP EF EPT TFNBOBT BOUFT EF DVNQMJS DPO TV QFSJPEP %JQVUBEPT EF MB -FHJTMBUVSB EFTDPOPDJFSPO B (BSDªB #BSSBH O QPS IBCFSTF OFHBEP B QVCMJ DBS VOB SFGPSNB QBSB BNQMJBS EF DVBUSP B TFJT B®PT FM QFSJPEP EF MBT BENJOJTUSB DJPOFT FTUBUBMFT -B QPM¦NJDB FSB TPCSF TJ MB BNQMJBDJ°O UFOESªB RVF BQMJDBSTF BM FOUPODFT HPCFS OBEPS FMFDUP +FT·T (PO[ MF[ (BMMP 4F
H·O USBTDFOEJEPT EF MB ¦QPDB MP RVF MF DPTU° MB HVCFSOBUVSB B (BSDªB #BSSBH O GVF OP IBCFS BQPZBEP B .JHVFM "MFN O FO MB DBOEJEBUVSB QSFTJEFODJBM -VFHP EF TBMJS QPS MB QVFSUB EF BUS T (BSDªB #BSSBH O TF SFQPTJDJPO° Z GVF DPNBOEBOUF EF MBT [POBT NJMJUBSFT EF 2VFS¦UBSP Z 5PMVDB FO FM TFYFOJP EF "EPMGP -°QF[ .BUFPT $PO (VTUBWP %ª B[ 0SEB[ GVF TFDSFUBSJP EF MB %FGFOTB QPS MP RVF FTUVWP BM GSFOUF EFM PQFSBUJWP QBSB EFTBSUJDVMBS FM NPWJNJFOUP FTUV EJBOUJM EF
&/ $0/'-*$50 &- */ '03."%03 SFMBUØ FM FO GSFOUBNJFOUP EF QPEFSFT
40-6$*»/ : UBNCJÏO DØ NP UFSNJOØ EF SFTPMWFSTF
%&#"5& &M EPOBUJWP QPS QBSUF EFM (PCJFSOP FTUBUBM HFOFSØ VO NP WJNJFOUP TPDJBM EF SF DIB[P
6O EPOBUJWP EF NJMMPOFT EF QFTPT QBSB MB DPOT USVDDJ°O EFM 4BOUVBSJP EF MPT . SUJSFT EFTBU° VOB MMVWJB EF DSªUJDBT F JODPOGPSNJEBE DPOUSB FM HPCFS OBEPS &NJMJP (PO[ MF[ . SRVF[ &O NBS[P EF (PO[ MF[ . SRVF[ FOUSFH° MB QSJNFSB QBSUF EFM BQPZP FO VO DIFRVF QPS NJMMPOFT EF QFTPT -B KVTUJGJDBDJ°O EF RVF MB PCSB TFSªB VO JN O EF UV SJTNP SFMJHJPTP OP CBTU° QBSB DBMNBS MPT DVFTUJP OBNJFOUPT &O NFEJP EF MBT DSJUJDBT FM HPCFSOBEPS BOVODJ° PUSP EPOBUJWP BIPSB QPS NJMMPOFT QBSB MB "TPDJBDJ°O .FYJDBOB EF #BODPT EF "MJNFOUPT ".#" &M NBOEBUBSJP FTUBUBM IJ[P HBMB EF VO MFO HVBKF ÂGMPSJEPÍ QBSB EFTDBMJGJDBS MBT DSªUJDBT HFOFSB EBT -VFHP EF NBOJ GFTUBDJPOFT Z RVFKBT BOUF MB $PNJTJ°O &TUB UBM EF %FSFDIPT )VNB OPT (PO[ MF[ . S RVF[ UVWP RVF EJTDVMQBSTF QPS TVT FY QSFTJPOFT ÂDPMPRVJB MFTÍ Z FM DIFRVF FOUSF HBEP QBSB MB DPOTUSVDDJ°O EFM TBO UVBSJP GVF EFWVFMUP B MBT BSDBT Q·CMJDBT &M SF DVSTP EBEP B MB ".#" OP TF SFHSFT° Z VO B®P EFTQV¦T EFM FTD OEBMP GVFSPO EPOBEPT PUSPT NJMMPOFT
&M QBTBEP EFM NBHJTUSBEP "·O FTU GSFTDB FO MB NFNPSJB SFDJFOUF MB QP M¦NJDB EFM NBHJTUSBEP -VJT $BSMPT 7FHB 1 NBOFT RVF QVTP FO KBRVF BM 1PEFS +VEJDJBM F JOWPMVDS° BM $POHSFTP Z HPCJFSOP FTUBUBM -VF HP EF TFS BDVTBEP EF BCVTP EF QPEFS US GJ DP EF JOGMVFODJBT Z MB QVCMJDBDJ°O EF TVT BO UFDFEFOUFT DSJNJOBMFT RVJFO GVFSB QSFTJEFOUF
EFM 4VQSFNP 5SJCVOBM EF +VTUJDJB EFM &TUBEP EF +BMJTDP SFOVODJ° B TV DBSHP FM EF OP WJFNCSF EF FTF NJTNP EªB FM 1PEFS -F HJTMBUJWP BQSPC° QPS VOBOJNJEBE RVF TF SFUJ SB MVFHP EF TFNBOBT EF TF®BMBNJFOUPT FO TV DPOUSB 4JFUF TPMJDJUVEFT EF KVJDJP QPMªUJDP VO FTD OEBMP NFEJ UJDP QPS QSFTVOUBNFOUF IB
CFS TPMJDJUBEP B MB 1PMJDªB EF (VBEBMBKBSB MJCF SBS B EPT EFUFOJEPT Z FM SFDVFSEP EF TV BSSFT UP FO EFTQV¦T EF IBCFS SPCBEP VO WFIªDVMP Z BUSPQFMMBEP B EPT NVKFSFT FO TV FT DBQF VOB EF MBT DVBMFT NVSJ° PCMJHBSPO BM QSFTJEFOUF EFM 1PEFS +VEJDJBM B EFKBS FM QVFT UP Z FTGVNBSTF EF MB WJEB Q·CMJDB
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ÊÈ·
1~(*/" &
* ÊÈ{
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF &- */'03."%03 t "3$)*70
$3&"5*7*%"% 1BSB IBDFSMPT NÈT WJTJCMFT MPT DJVEBEBOPT iBEPSOBOw MPT IPZPT DPO EJWFSTPT NPUJWPT NVDIPT EF FMMPT KPDPTPT
6OB DJVEBE DPOPDJEB DPNP
#"$)&-"+"3" -B QSJNFSB BQBSJDJ×O -PT CBDIFT DPNJFO[BO B IBDFSTF WJTJCMFT FO MBT Q HJOBT EFM EJBSJP &O MPT DP NFOUBSJPT EF MB TFDDJ°O FEJUPSJBM TF EBO B DPOPDFS MPT QSJNFSP T EB®PT B MB $BM[BEB *OEFQFOEFODJB FOUPODFT MMBNBEB Â1BTFP *OEFQFOEFODJBÍ BTª DP NP MB RVFKB EF VOB ¾OVMB½ BDDJ°O EFM BZVOUBNJFOUP QBSB BDBCBS DPO FMMPT -PT FNQFESBEPT B·O QSFTFOUFT FO BRVFMMB ¦QP DB OP TF TBMWBCBO EF EJ DIPT EFTQFSGFDUPT
&M "ZVOUBNJFOUP UBQBUªP UPNB BDDJPOFT QBSB SFQB SBS MPT EFTQFSGFDUPT FO MBT DBMMFT 4F IBDF QSFTFOUF FM VTP EF BTGBMUP FO MBT WJB MJEBEFT EF MB DJVEBE BTª DPNP MB BQBSJDJ°O EF FN QSFTBT TVCDPOUSBUBEBT QBSB FM USBCBKP EF SFTUBV SBDJ°O
$VBESJMMBT SFQBSBEPSBT &M "ZVOUBNJFOUP EF (VB EBMBKBSB EFTUJOB WBSJBT DVBESJMMBT B MB SFQBSBDJ°O EF UPEPT MPT CBDIFT RVF EFK° FM UFNQPSBM BEFN T BOVODJB MB ¾MBCPS FTQFDJBM½ QBSB WJHJMBS FM CBDIFP EF MBT DBMMFT B·O MBT FNQF ESBEBT Z MBT QSJNFSBT EF DPODSFUP IJES VMJDP
4VCDPOUSBUBO QBSB MB SFTUBVSBDJ×O
6O OJÖP FO FM CBDIF 6O OJ®P EFOUSP EF VO CB DIF IBDF WJTJCMF MB NBHOJ UVE EFM IPZBODP VCJDBEP FOUPODFT FO FM DSVDF EF +PTFGB 0SUJ[ EF %PNªO HVF[ Z MB $BMMF FO FM TFDUPS -JCFSUBE
$BEB VOP EF FMMPT QBSFDF RVF TJFNQSF IB FTUBEP QSFTFOUF Z RVF DPNP VOB QMBHB OVODB TF BDBCBS O 4PO MPT CBDIFT RVF B[PUBO QFSJ°EJDBNFOUF MB DJVEBE
-
PT CBDIFT TPO FO VO FMFNFOUP DBSBDUFS½T UJDP EF MB 1FSMB 5BQBU½B VO NBM QSFTFOUF FO MB NBZPS½B EF MBT DBMMFT Z BWFOJEBT EF MB DJVEBE B MP MBSHP EFM BÁP 1FSP FM NBM TF JODSFNFOUB B MB DB½EB EF MBT QSJNFSBT MMVWJBT -BT W½BT FOUPODFT FO VO DBNQP EF PCTU²DV MPT EJG½DJM EF TPSUFBS -BT QSJNFSBT BQBSJDJPOFT EF CBDIFT FO MBT Q²HJOBT EF &- */ '03."%03 TF EPDVNFOUBO B QBSUJS EF DVBOEP FO MB TFDDJÂO FEJUPSJBM MPT DP NFOUBSJPT EFM E½B SFGF S½BO B FTUB DMBTF EF EFT QFSGFDUPT " QFTBS EF RVF QBSB FOUPODFT FSBO QPDBT MBT DBMMFT QBWJ NFOUBEBT FM FNQF ESBEP OP TF TBMWBCB EF MPT IPZBODPT EF HSBO EFT EJNFOTJPOFT RVF DBVTBCBO NPMFTUJBT B MPT DJVEBEBOPT FO TV US²OTJUP QPS MB DJVEBE DPOWJSUJ¹OEP TF FO DBVTB EF BDDJEFOUFT Z EFT QFSGFDUPT WFIJDVMBSFT %FTEF FOUPODFT MPT BZVOUBNJFO UPT IBO QVFTUP TV FNQFÁP QBSB ABDBCBS DPO MB QMBHB EF CBDIFT RVF BUBDB MBT DBMMFT EF NBOFSB QFSJÂ EJDB B USBW¹T EF DPTUPTBT DBNQBÁBT BOVBMFT FO MBT RVF JOWJFSUFO NJMMPOFT EF QFTPT EFM FSBSJP FTUSBUFHJBT
FNFSHFOUFT EF SFQBWJNFOUBDJÂO Z NFEJBOUF FM VTP EF OVFWBT UFDOPMPH½BT BQMJDBEBT B MPT NBUFSJBMFT Z N² RVJOBT RVF VUJMJ[BO QBSB UBQBSMPT (SBWB BTGBMUP QBWJNFOUP DPODSFUP IJES²VMJDP Z BSUJMVHJPT FTQFDJBMFT RVF QSPNFUFO FYUJOHVJS²O MPT IPZBODPT TJO FNCBSHP QBSFDF RVF OBEB QVFEF IB DFSMPT EFTBQBSFDFS QPS DPNQMFUP QVFT EF SFQFOUF SFTVSHFO IBDJFOEP TVGSJS B QSPQJPT Z FYUSBÁPT "OUF FTUB TJUVBDJÂO MPT UBQBU½PT TF IBO WVFMUP NVZ DSFBUJWPT QBSB EBS BWJTP EF MB FYJTUFODJB EF VO CBDIF P WBSJPT B RVJF OFT USBOTJUBO QPS MBT DBMMFT RVF IBZ VO CB DIF DPMPDBOEP USB QFBEPSFT MMBOUBT P DVBMRVJFS FMFNFOUP RVF MP WVFMWB WJTJCMF Z FWJUBS RVF MPT BVUPT DBJHBO EFOUSP EF MPT FOPSNFT DS²UFSFT *ODMVTP DBOTBEPT EF SFQPSUBS BÁP DPO BÁP MB TJ UVBDJÂO EF TVT DBMMFT TF IBO MMFHBEP B DSFBS DBNQBÁBT DPNP i"EPQUB VO CBDIFw QBSB ABEPSOBS FT UPT EFTQFSGFDUPT P FO MBT RVF QPS T½ NJTNPT MPT SFMMFOBO DPO FM NBUFSJBM RVF UJFOFO B MB NBOP QVFT UBM QBSFDF RVF TF USBUB EF VOB QMBHB BUFNQPSBM RVF TFS² EJG½DJM EF FSSBEJDBS
6OB DPOTUBOUF QSFPDVQBDJ×O TPDJBM "OUF MB QSFTFODJB ¾QFSNB OFOUF½ EF MPT CBDIFT FO MB DJVEBE MPT DJVEBEBOPT TF IBO PSHBOJ[BEP QBSB WJTJCJ MJ[BS FM QSPCMFNB NFEJBOUF DPMFDUJWPT Z DBNQB®BT DPNP Â"EPQUB VO CBDIFÍ DSFBEP DPO MB GJOBMJEBE EF ¾BEPSOBS½ FTUPT EFTQFS GFDUPT Z BTª IBDFSMPT OPUBS QBSB EJTNJOVJS FM SJFTHP EF DBFS FO FMMPT *ODMVTP MP IBO MMFHBEP B UPNBS DPNP VOB IVNPS BM JOTDSJCJS ¾FM CBDIF N T HSBOEF½ FO DPODVSTPT OBDJPOBMFT DP NP Â#BDIF TJO QBSÍ P HSB DJBT B MPT DBSUPOFT EF $V DIP TJFNQSF UBO QVOUVBM FO FM BDPOUFDFS EJBSJP
&O BMHVOBT PDBTJP OFT MPT DJVEBEBOPT UPNBO FM BTVOUP DPO IVNPS
6O GFO×NFOP RVF DPOTVNF SFDVSTPT %BÖPT FO WFIÒDVMPT -BT JN HFOFT NVFTUSBO MPT EFTQFSGFDUPT EF MB "WFOJEB "N¦SJDBT RVF PDBTJPOBSPO TFH·O TF NFODJPOB OVNFSPTPT EB®PT B WFIªDVMPT DPNP QPODIBEVSBT EF MMBOUBT
&O UPEBT QBSUFT 6OB EF MBT DVBESJMMBT EFT UJOBEBT BM USBCBKP EF CB DIFP FO &OUPODFT MBT DPMPOJBT N T EB®BEBT FSBO 0CMBUPT 0MªNQJDB Z $SV[ EFM 4VS EF BDVFSEP B MB %JSFDDJ°O EF 4FSWJDJPT 1·CMJDPT .VOJDJQBMFT EF (VBEBMBKBSB
&O TFQUJFNCSF EF VOP EF OVFTUSPT MFDUPSFT SFQPSU° MB NBHOJUVE EF VO IPZBODP EJDJFOEP RVF FSB QPTJCMF RVF EFOUSP EF ¦M DVQJFSB VO OJ®P B MPT USFT EªBT ¦TUF ZB FTUBCB UBQB EP &O MB JNBHFO TF QVF EF WFS BM NJTNP QFRVF®P TPCSF FM CBDIF SFQBSBEP DPO MB FEJDJ°O EF &- */ '03."%03 FO NBOP
3«1*%0 -BT BVUPSJEBEFT UBQB SPO CBDIF UBNB×P GBNJMJBS
6OB QBWJNFOUBDJ×O zIJTU×SJDB 1BSB EJDJFNCSF EF FM "ZVOUBNJFOUP EF (VB EBMBKBSB B DBSHP EFM BMDBM EF &OSJRVF "MGBSP QSFTV NªB VOB QBWJNFOUBDJ°O IJTU°SJDB HSBDJBT B MB UFD OPMPHªB EF ¾7FMPDJUZ 1BU DIJOH½ RVF DPOTJHVJ° UB QBS NJM CBDIFT EVSBOUF UPEP FM B®P TJO FNCBSHP TJFUF NFTFT EFTQV¦T (VBEBMBKBSB DPOUJOVBCB FO MBT DPOEJ DJPOFT DPUJEJBOBT JOVO EBEB EF CBDIFT
Ê
+VFWFT EF PDUVCSF EF
* ÊÈx‡
1~(*/" &
&- */'03."%03
10 0 A
Ñ
O
S
CELEBRANDO
UN CENTENARIO DE NOTICIAS
FELICITA A
* ÊÈÈ
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF &- */'03."%03
&M NVOEP BM SFWÎT " JOJDJPT EFM TJHMP 99 MB WJEB FO +BMJTDP FSB UBO EJGFSFOUF RVF MBT OPUJDJBT EF FOUPODFT IPZ OPT QBSFDFSªBO JOJNBHJOBCMFT
+
BMJTDP Z (VBEBMBKBSB TF FODVFOUSBO TJFNQSF FO DPOTUBOUF DBNCJP /P TÂMP TF NPEJGJDB TV QBJTBKF VSCBOP Z DPT UVNCSFT TJOP UBNCJ¹O MB SFBMJEBE Z MBT QSPCMFN²UJDBT RVF NPMEFBO MB WJEB EF MB QPCMBDJÂO &O FM &TUBEP Z MB DJVEBE EF BOUBÁP MB HFOUF TVGS½B EF GFOÂNFOPT OBUVSBMFT RVF IPZ TPO QS²D UJDBNFOUF JNQPTJCMFT EJTGSVUBCB EF ²SFBT WFS EFT Z SFDVSTPT OBUVSBMFT Z QBEFD½B BDDJEFOUFT WJBMFT IPZ JOJNBHJOBCMFT RVF EFKBCBO W½DUJNBT FO MB 1FSMB 5BQBU½B 5PEP FTUP IB DBNCJBEP QPS MB NBOP EFM IPNCSF MBHPT EJTNJOVJEPT S½PT DPOUBNJOB EPT DFSSPT GSBDDJPOBEPT Z DJDMJTUBT RVF TF QB TBSPO EF WJDUJNBSJPT B W½DUJNBT &M +BMJTDP EF IPZ FT EJGFSFOUF Z FM EF BOUFT QBSFDF FM NVOEP BM SFW¹T
4F EFTCPSEB FM MBHP EF $IBQBMB
-PT DJDMJTUBT BUSPQFMMBO QFBUPOFT
%FCJEP BM FOPSNF WPMVNFO EF BHVB EF MPT SªPT -FSNB 4BIVB ZP -B 1BTJ°O Z ;VMB FM EF FOFSP EF TVDFEJ° BMHP RVF IPZ TFSªB DBTJ JNQFOTBCMF FM -BHP EF $IBQBMB TF EFTCPSE° -PT JOHFOJFSPT EF MB FOUPODFT 4FDSFUBSªB EF "HSJDVMUVSB Z 'PNFOUP DPOUBCJMJ[BSPO RVF B MB ÂMBHVOBÍ JOHSFTBCBO BQSPYJ NBEBNFOUF NFUSPT D·CJDPT EF BHVB QPS TFHVOEP QSJO DJQBMNFOUF B USBW¦T EFM 3ªP -FSNB
%F JONFEJBUP DPNFO[BSPO MPT USBCBKPT QBSB DPOUFOFS FM BHVB B DBSHP EF MPT JOHFOJFSPT 'SBODJTDP 4JMWB 'FMJQF 1BSSFT Z B -VJT -F°O RVF IJDJFSPO VOB TFSJF EF QP[PT B MP MBSHP EF MPT CPS EPT QBSB IBDFS EFSJWBDJPOFT "MHVOPT SJCFSF®PT SFBMJ[BSPO MB E CPSFT EF QPTUFSªB NFUBUFT Z PUSPT NBUFSJBMFT RVF TF IBCªBO C VUJMJ[BEP QBSB EFUFOFS FM EFTCPSEBNJFOUP EFM MBHP FO V &M HPCFSOBEPS EFM &TUBEP +PT¦ (VBEBMVQF ;VOP MMBN° B MPT QSFTJEFOUFT NVOJDJQBMFT EF -B #BSDB +BNBZ Z 0DPUM O B M EJSJHJS MPT SFDVSTPT OFDFTBSJPT QBSB QSPUFHFS B MB QPCMBDJ°O QVFT FM BHVB ZB IBCªB JOHSFTBEP B BMHVOBT EF MBT QSJODJQBMFT BWFOJEBT EF MBT EFNBSDBDJPOFT &M EFTCPSEBNJFOUP OP DPCS° WJEBT Z T°MP EFK° BMHVOPT EB ®PT NBUFSJBMFT FO UFSSFOPT BHSªDPMBT FO +BMJTDP Z .JDIPBD O &M (PCJFSOP EFM &TUBEP EFTUJO° SFDVSTPT QPS DVBUSP NJM QFTPT EF BRVFM FOUPODFT QBSB EFUFOFS BM BHVB
&M 4BMUP EF +VBOBDBUMÇO FM i/JÇHBSB NFYJDBOPv
1FTF B RVF IPZ TPO BMHVOBT EF MBT QSJO DJQBMFT WªDUJNBT EF BDDJEFOUFT WJBMFT FO MB TFHVOEB E¦DBEB EFM TJHMP 99 MPT DJDMJTUBT FSBO DBVTBOUFT EF FTUPT JODJ EFOUFT Z RVJFOFT TF MMFWBCBO EF ÂDPS CBUBÍ B MPT QFBUPOFT FO (VBEBMBKBSB TFH·O MBT QVCMJDBDJPOFT EF MB ¦QPDB &M EF PDUVCSF EF VOPT Eª BT EFTQV¦T EF MB QVCMJDBDJ°O EF MB QSJNF SB FEJDJ°O EF &- */'03."%03 VO Â.BM $JDMJTUBÍ RVF SFTQPOEªB BM OPNCSF EF "S UVSP .FESBOP BUSPQFMM° B MB TF®PSJUB .FS DFEFT ~WJMB RVJFO SFTVMU° DPO MFTJPOFT MF WFT &M DPOEVDUPS GVF EFUFOJEP &O FTF NJTNP B®P TF QSFTFOUBSPO BM NFOPT PUSPT USFT DBTPT RVF QBSB VOB DJVEBE EF BQFOBT NJM IBCJUBOUFT SFTVMUBSPO NVZ TJHOJGJDBUJWPT QPS MP
%"º04 &M EFTCPSEBNJFOUP EFM MBHP TØMP QSPWPDØ EB×PT NBUFSJBMFT FO MB [POB GVFSPO OFDFTBSJPT USBCBKPT QBSB DPOUFOFS MPT OJWFMFT EFM BHVB
&- */'03."%03
RVF DPNFO[BSPO BMHVOPT MMBNBEPT QBSB RVF MPT DJDMJTUBT NBOFKBSBO DPO QSFDBVDJ°O ÂTVT BQBSBUPTÍ &M EF BHPTUP EF MB TF®PSB #BTJMJB $BSSJMMP GVF IFSJEB EF HSBWFEBE FO MB DBCF[B USBT TFS BUSPQFMMBEB QPS VO DJDMJTUB RVF FTDBQ° EFKBOEP B MB WªDUJ NB UJSBEB FO FM DSVDF EF -FPOB 7JDBSJP Z $BM[BEB *OEFQFOEFODJB 'VF SFDPHJ EB QPS MB QPMJDªB "GPSUVOBEBNFOUF OP TF SFHJTUSBSPO WªDUJNBT RVF MBNFOUBS ZB RVF MB NBZPSªB EF MBT QFSTPOBT BUSPQFMMBEBT T°MP QSF TFOUBCBO MFTJPOFT NFOPSFT " NFEJEB RVF FM USBOTQPSUF Q·CMJDP Z FM BVUPN°WJM TF QPQVMBSJ[° FO MB DJVEBE FTUPT JODJEFO UFT EJTNJOVZFSPO IBTUB EFTBQBSFDFS EF MBT Q HJOBT EFM QFSJ°EJDP
&YDVSTJPOFT BM $FSSP EFM $VBUSP
"OUFT EF TFS BMDBO[BEP QPS MB VSCBOJ[B DJ°O JSSFHVMBS FM $FSSP EFM $VBUSP FSB VO SFB WFSEF QPQVMBS FOUSF MPT FYDVSTJPOJT UBT RVF MMFHBCBO BM FOUPODFT QPCMBEP EF 5PMVRVJMMB BUSBWFTBOEP FM NPOUF &O TF SFBMJ[BSPO WBSJPT FTGVFS [PT QBSB SFGPSFTUBS FM FTQBDJP QPS QBSUF EF DPNVOJEBEFT BHSBSJBT Z FM %FQBSUBNFO UP 'PSFTUBM EF $B[B Z 1FTDB IJ[P HFTUJP OFT QBSB BERVJSJS VO UFSSFOP RVF GVODJP OBSªB DPNP WJWFSP Z TFNJMMFSP 1PS BMM EF NJFNCSPT EFM HSVQP EF FYQMPSBEPSFT NFYJDBOPT Â$IJ NBMIVBD OÍ SFBMJ[BSPO TV RVJOUB FYDVS TJ°O B QJF BM QPCMBEP EF 5PMVRVJMMB QBSUJFO EP EFM Q°SUJDP EF MB FY 6OJWFSTJEBE EF (VBEBMBKBSB Z BUSBWFTBOEP FM $FSSP EFM $VBUSP 5BNCJ¦O FSB VUJMJ[BEP QPS MB NJMJ DJB QBSB IBDFS QS DUJDBT EF UFSSFOP &O MB E¦DBEB EF MPT DJODVFOUB TF DPOTUSVZ° VOB 1MBOUB EF 5SBUBNJFOUP EF "HVB B MBT GBMEBT EFM DFSSP Z B QSJO DJQJPT EF MPT TFTFOUB DPNFO[BSPO B
"53"$$*»/ &O PDUVCSF EF FM i/JÈHBSB NFYJDBOPw TFHVÓB TJFOEP VO MVHBS BUSBDUJWP QBSB FM UVSJTNP VOB EÏDBEB NÈT UBSEF FM MVHBS DPNFO[Ø B EFDBFS EFCJEP B MB DPOUBNJOBDJØO TBMJS MPT QSJNFSPT BOVODJPT FO NFEJPT MPDBMFT EF WFOUB EF UFSSFOPT FO FM NPOUF QBSB VSCBOJ[BS )BDF B®PT DPNFO[° MB JOWBTJ°O EF BTFOUBNJFO UPT JSSFHVMBSFT "DUVBMNFOUF MB DJNB EFM $FSSP EFM $VBUSP TF FODVFOUSB QPCMBEB Z DPO WBSJBT BOUFOBT EF UFMFDPNVOJDBDJPOFT -BT OVFWBT DPMPOJBT IBO DBNCJBEP FM QBJTBKF EFM MVHBS IBTUB IBDFS JNQPTJCMFT MPT BOUJ HVPT QBTFPT B TVT BMSFEFEPSFT
1PS TV CFMMF[B OBUVSBM MB DBTDBEB EFM 3ªP 4BOUJBHP FSB DPOPDJEB B GJOBMFT EFM TJHMP 9*9 Z FO MB QSJNFSB NJUBE EFM 99 DPNP FM Â/J HBSB NFYJDBOPÍ -B DBªEB EF BHVB FSB VOB BUSBDDJ°O UVSªTUJDB FO MB [POB QPS MP RVF B TV BMSFEFEPS IBCªB BMHVOPT IPUFMFT Z FM $MVC %FQPSUJWP 3ªP (SBOEF RVF FSB TF EF EF QBSUJEPT EF G·UCPM Z EF CFJTCPM %FTEF (VBEBMBKBSB FO MPT B®PT USFJOUB Z DVBSFOUB TF PSHBOJ[BCBO FYDVSTJPOFT FO DBNJPOFT RVF TBMªBO EFTEF MB DBMMF *OEFQFO
EFODJB DPO VO QSFDJP EF QFTPT QPS VO WJBKF SFEPOEP FO BRVFM FOUPODFT &M Â)PUFM /J HBSBÍ UFOªB N·TJDB FO WJWP Z CBJMF UPEPT MPT EPNJOHPT &O MB E¦DBEB EF MPT PDIFOUB DPNFO[° B EFDBFS QPS MB NBSDBEB EJTNJOVDJ°O EFM DBVEBM QSPWPDBEP QSJODJQBMNFOUF QPS MB FOUPODFT $PNQB®ªB 'FEFSBM EF &MFDUSJDJEBE RVF MP VUJMJ [BCB QBSB HFOFSBS FOFSHªB 4FH·O DVFOUBO MBT QVCMJDBDJPOFT EF BRVFMMPT B®PT EF MB CFMMB DBT DBEB T°MP RVFEBCB VO USJTUF DIPSSJUP
&TF USBNP EFM 3ªP 4BOUJBHP FT BD UVBMNFOUF FM DVFSQP EF BHVB N T DPOUB NJOBEP EF "N¦SJDB -BUJOB DPO QSFTFODJB EF PMPSFT G¦UJEPT NFUBMFT QFTBEPT BHVBT UVSCVMFOUBT Z BQBSJDJ°O QFSNB OFOUF EF EFOTB FTQVNB CMBODB &O MB $PNJTJ°O &TUBUBM EF MPT %FSF DIPT )VNBOPT $&%) FNJUJ° VOB NB DSPSSFDPNFOEBDJ°O QPS MB QSPCMFN UJDB %FM Â/J HBSB NFYJDBOPÍ T°MP RVFEBO SF DVFSEPT
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ÊÈLJ
1~(*/" &
* ÊÈn
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF
(VBEBMBKBSB TVCTJTUJ× DPO TVT QSPQJPT SÒPT Z NBOBOUJBMFT %VSBOUF MPT ·MUJNPT B®PT MB NFUS°QPMJ IB EFQFOEJEP QPS DPNQMFUP EFM -BHP EF $IBQBMB
&- */'03."%03 t "3$)*70
&
O MB BDUVBMJEBE FM SFB .FUSPQPMJUBOB EF (VBEBMBKBSB BUSBWJFTB QPS VO NPNFOUP EFMJDBEP FO NBUFSJB EF BCBT UP EF BHVB QPUBCMF %FTEF FOFSP EF DVBOEP TF JOBVHVSÂ FM "DVFEVDUP $IBQBMB (VBEBMBKBSB FTUB DB TB FEJUPSJBM IB EPDVNFOUBEP RVF OP TF IB DPODSFUBEP VOB OVFWB PCSB QBSB BUSBFS BHVB B MB NFUSÂQPMJ 1FSP BOUFT EF RVF MB WJEB FO MB DJVEBE EFQFOEJFSB FO HSBO NFEJEB EFM MBHP FYJTUJÂ VO QSPMPOHBEP QFSJPEP EF BVUPTVGJDJFODJB -PT JOWFTUJHBEPSFT .BSJP & -ÂQF[ 3BN½SF[ Z )FMJPEPSP 0DIPB (BSD½B EFM SFQPTJUPSJP JOTUJUVDJPOBM EFM *5&40 SFUSBUBO FTF QFSJPEP FO TV MJCSP i(FPQPM½UJDB EFM BHVB FO MB ;POB .FUSPQPMJUB OB EF (VBEBMBKBSB IJTUPSJB Z TJUVBDJÂO BDUVBM EFM FTQBDJP WJUBMw %VSBOUF BÁPT (VBEBMBKBSB GVF BVUPTVGJDJFOUF %FTEF BOUFT EF TV GVOEBDJÂO FO MB DJVEBE DVCSJÂ TVT OFDFTJEB EFT EF BHVB DPO TVT QSPQJPT BDV½GFSPT 1BSB MPT NBOBOUJB MFT EFM #PTRVF -PT $PMPNPT GVFSPO DBOBMJ[BEPT QBSB MB EJTUSJCV DJÂO -BT QSJNFSBT PCSBT BQSPWFDIBCBO MB UPQPHSBG½B EF MB DJVEBE Z FODBV[BCBO FM BHVB QPS HSBWFEBE &O GSBZ 1FESP "OUPOJP #V[FUB DPOTUSVZÂ FM QSJNFS BDVFEVDUP RVF C²TJDBNFOUF DPOTJTU½B FO QP[PT Z UBORVFT FMFWB EPT RVF EJTUSJCV½BO FM BHVB JNQVMT²OEPMB DPO FOFSH½B EF WBQPS -B PCSB EFM SFMJHJPTP GSBODJTDBOP SFTVMUÂ ÈUJM IBTUB DVBO EP FM 4VS EF MB DJVEBE DPNFO[Â B DSFDFS Z TF SFRVJSJÂ JOUFOTJGJ DBS MB FYUSBDDJÂO EF BHVB EFM TVCTVFMP %VSBOUF TJHMPT TF FYQPOF FO FM EPDVNFOUP MB DJVEBE TPCSF WJWJÂ HSBDJBT B TV DFSDBO½B DPO MPT S½PT 4BO +VBO EF %JPT Z "UF NBKBD -PT NBOBOUJBMFT EF "HVB #MBODB 4BO "OES¹T 4BO 3B NÂO .FYJDBMU[JOHP Z "HVB "[VM FSBO PUSP EFTQSFTVSJ[BEPS -BT PCSBT EF GSBZ 1FESP "OUPOJP #V[FUB SFTVMUBSPO UBO FGFDUJWBT RVF JODMVTP TPCSFWJWJFSPO B MB 3FWPMVDJÂO .FYJDBOB i&M ÈMUJNP NPNFOUP EF BVUPOPN½B TF EB FO VO DPOUFYUP EF FYQMPTJÂO EFNPHS²GJDB VSCBOP JOEVTUSJBM EF MB DJVEBE B QBSUJS EF DPNP QBSUF EF MPT QMBOFT EF NPEFSOJ[BDJÂO OBDJPOBMw DJUB FM UFYUP -B [POB NFUSPQPMJUBOB TF PSHBOJ[Â FO QBUSPOBUPT Z KVOUBT RVF QBSB NBS[P EF TF GVTJPOBSPO Z EJFSPO WJEB B MP RVF TF DPOWFSUJS½B FO FM 4JTUFNB *OUFSNVOJDJQBM EF "HVB 1P UBCMF Z "MDBOUBSJMMBEP FM 4*"1" -B E¹DBEB EF MPT USBKP DPOTJHP HSBOEFT DBN CJPT -B DJVEBE TVQFSÂ MPT NJM IBCJUBOUFT Z TVT OFDFTJEBEFT DSFDJFSPO FO DPOTF DVFODJB -PT QFSJPEPT EF TFRV½B UBN CJ¹O JOGMVZFSPO Z MBT BVUPSJEBEFT TF WJFSPO PCMJHBEBT B GJSNBS DPO WFOJPT EF BQSPWFDIBNJFOUP EF BHVB TVQFSGJDJBM &O (VBEBMBKBSB DPNFO[Â B SF DJCJS BHVB EFTEF $IBQBMB B USBW¹T EFM $BOBM EF "UF RVJ[B 1BSB BÁPT N²T UBSEF TF JOBVHVSÂ FM "DVFEVDUP $IBQBMB (VBEBMBKBSB )PZ TFJT EF DBEB UBQBU½PT DPO TVNFO BHVB EF FTF MBHP 1FSP OP TÂMP GVF MB OFDFTJEBE EF MPT DJVEBEB OPT MB RVF PCMJHÂ B FTB PCSB P B MB IBCJMJUBDJÂO EF QSFTBT FOUSF MBT E¹DBEBT Z -B EFNBOEB EFM DPSSFEPS JOEVTUSJBM RVF JOJDJÂ FO &M 4BM UP Z IPZ TF FYQBOEF IBTUB 0DPUM²O GVF VO GBDUPS BEJDJPOBM "T½ FM (P CJFSOP EFM &TUBEP JNQVMTÂ MB DPOTUSVD DJÂO EFM "DVFEVDUP $IBQBMB (VBEBMBKBSB QBSB SFTPMWFS MB QSFTJÂO JOEVTUSJBM $PO FTB EFQFOEFODJB EF MBT BHVBT EFM 3½P -FSNB Z FM JODSFNFOUP TPTUFOJEP FO IBCJUBOUFT (VBEBMBKBSB DSFDJÂ TVT DPOTVNPT EF BHVB +BMJTDP DPNFO[Â B FYQMPUBS PUSBT PQDJPOFT QBSB BCBTUFDFS B MB DJVEBE 1BSB GJOBMFT EF MB E¹DBEB EF MPT TF IBCMÂ EF VO DS¹EJUP KBQPO¹T QBSB EFTUJOBS B PCSBT I½ESJDBT QFSP FM $POHSFTP EFM &TUBEP OP MP BVUPSJ[Â i%FTEF FM ÈMUJNP QSPZFDUP MB 1SFTB $BMEFSÂO BMM² QPS B OP TF IBC½BO IFDIP BMHVOB PUSB PCSB EF JNQPSUBODJB P SF MFWBODJB QBSB BCBTUFDFS EF BHVB B MB DJVEBE &SB VO QSPZFDUP NVZ BNCJDJPTP QPSRVF DPOUFNQMBCB FM BQSPWFDIBNJFOUP EFM 3½P 7FS
3¶0 4"/ +6"/ %& %*04 -BT PCSBT EF FOUVCBEP JOJDJBSPO DVBOEP HPCFSOBCB .JHVFM "IVNBEB $PODMVZFSPO BOUFT EF MBT GJFTUBT EFM $FOUFOBSJP EF MB *OEFQFOEFODJB
EF DPNP TF WF BIPSJUBw EJDF FM BDBE¹NJDP EF MB 6OJWFSTJEBE 1BO BNFSJDBOB 61 $BSMPT 0SOFMBT 0SP[DP %VSBOUF FM TFYFOJP EFM QBOJTUB 'SBODJTDP 3BN½SF[ "DVÁB BHSFHB FM QSPGFTPS TF JNQVMTÂ MB DPOTUSVDDJÂO EF MB QSFTB EF "S DFEJBOP RVF B MB EJTUBODJB TF USBEVKP FO FM SFUJSP EFM QVFOUF VCJ DBEP FO FM GPOEP EF MB #BSSBODB EF )VFOUJU²O Z FM EFTBMPKP EF MPT IBCJUBOUFT EF MB [POB 1BSB MB BENJOJTUSBDJÂO EFM FY HPCFS OBEPS &NJMJP (PO[²MF[ MB DBODFMÂ QPS DVFTUJPOFT QSFTVQVFTUB MFT Z EF DPOEJDJÂO EF TVFMP i-PT DJNJFOUPT DPTUBS½BO MP NJTNP MFT RVF MB DPSUJOB TBMES½B DBS½TJNPw "T½ FM TJHVJFOUF QSPZFDUP GVF MB DPOTUSVD DJÂO EF VOB QSFTB RVF BQSPWFDIBSB FM BHVB EFM 3½P 7FSEF Z MB FODBV[BSB UBO UP B -PT "MUPT EF +BMJTDP DPNP BM SFB .FUSPQPMJUBOB EF (VBEBMB KBSB Z B MB DJVEBE EF -FÂO FO (VBOBKVBUP &M QSPZFDUP &M ;BQPUJMMP 6O FNCBMTF RVF IB UFOJEP SFTJTUFODJB EFT EF RVF TF BOVODJÂ FO EFCJEP B RVF TV DPOTUSVDDJÂO Z MMFOBEP TJHOJGJDB MB BOFHBDJÂO EF MPT QPCMBEPT BMUFÁPT EF 5FNBDBQVM½O "DBTJDP Z 1BMNBSFKP &M (PCJFSOP EFM &T UBEP QPS TV QBSUF BQPTUÂ B MB DPOTUSVDDJÂO EF VOB QSFTB EFSJWBEPSB &M 1VS HBUPSJP RVF FODBV[BS½B FM BHVB EFM 3½P 7FSEF FOWJBEB EFTEF &M ;BQPUJMMP QBSB EFTEF BI½ JNQVMTBSMB B MB DJVEBE 1SFTB RVF FO MB BDUVBMJEBE SFHJTUSB VO EF BWBODF i&T QBSUF EFM QSPZFDUP PSJHJ OBM EF -B ;VSEB $BMEFSÂO 4F SFUPNÂ FO FT UB BENJOJTUSBDJÂOw EJDF $BSMPT 0SOFMBT $PO FM DSFDJNJFOUP EFNPHS²GJDP FO (VBEBMBKBSB MB DBOUJEBE EF OVFWPT EFTBSSPMMPT IBCJUBDJPOBMFT Z MBT OVFWBT GJS NBT BTFOUBEBT FO MB &OUJEBE MB $PNJTJÂO /BDJPOBM EFM "HVB $POBHVB BVUPSJ[Â FO MB QFSGPSBDJÂO EF OVFWPT QP[PT Z MB SFIBCJMJUBDJÂO EF N²T QBSB RVF MB NFUSÂQPMJ SFDJCJFSB NJM MJUSPT QPS TFHVOEP BEJDJPOBMFT 1FSP TBMWP FTP Z EFCJEP B QSPCMFNBT EF PSEFO KVEJDJBM RVF NBOUJFOFO GSFOBEBT MBT EPT QSFTBT FO DPOTUSVDDJÂO MB DJVEBE EF (VBEBMBKBSB DPOUJOÈB BCBTUFDJ¹OEPTF DPO MBT NJTNBT GVFOUFT RVF IBDF BÁPT
&- */'03."%03 t "3$)*70
%04 "º04 .ÈT EF USBCBKBEPSFT GVFSPO DPOUSBUBEPT QBSB DPOTUSVJS MB $BM[BEB &M QSJ NFS USBNP FOUVCBEP GVF EF VO LJMØNFUSP EF MB DBMMF 'FEFSBDJØO IBTUB .FESBOP &- */'03."%03 t "3$)*70
"$6&%6$50 $)"1"-" (6"%"-"+"3" $PNFO[Ø B GVODJPOBS FO Z HSBDJBT B ÏM TFJT EF DBEB IBCJUBOUFT EFM ÈSFB NFUSPQPMJUBOB TF BCBTUFDFO EF BHVB BDUVBMNFOUF
-PT QSPZFDUPT
-B QSFTB EFSJWBEPSB EF &M 1VSHBUPSJP SFUPNB P SFTDBUB FM QSPZFDUP PSJHJOBM EFM TJTUFNB -B ;VSEB $BMEFSÂO VO QSPZFDUP RVF TF USVODÂ QPS MPT DPTUPT
"3$&%*"/0 $"/$&-"%0 1&30 &/ 0#3" &M EF OPWJFNCSF EF FTUF SPUBUJWP JOGPSNØ RVF TJ CJFO MB 1SFTB EF "SDFEJBOP FTUBCB PGJDJBMNFO UF DBODFMBEB EFTEF FM EF PDUVCSF MBT BVUPSJEBEFT FTUBUBMFT DPOUJOVBCBO USBCBKBOEP FO MB [POB EFCJEP B RVF OP IBCÓBO TJEP OPUJGJDBEBT PGJDJBMNFOUF QPS MB $POBHVB &M (PCJFSOP GFEFSBM EFDJEJØ OP BQPTUBS NÈT B FTUF QSPZFDUP EFCJEP B TV BMUP DPTUP NJM NJMMP OFT EF QFTPT
>À ÃÊ"À i >ÃÊ"À âV ] académico de la Universidad Panamericana
$BTJ DJODP TJHMPT EF BCBTUP FO MB DJVEBE
&M BHVB TVQFSGJDJBM FT TVGJDJFOUF (VBEBMBKBSB BQSPWFDIB TV UPQPMPHªB QBSB DPOEVDJS FM BHVB NFEJBOUF HSBWFEBE 4F JOJDJBSPO MBT QSJNFSBT PCSBT IJES VMJDBT 'SBZ 1FESP "OUPOJP #V[FUB GVF FM FODBSHBEP EF DPOT USVJS QP[PT Z UBORVFT FMFWBEPT NFEJBOUF VO TJT UFNB EF CPNCFP B USBW¦T EF WBQPS $PO FM DSFDJNJFOUP EF MB QPCMBDJ°O Z MB EFNBOEB EF BHVB MB FYUSBDDJ°O EF BHVB TVCUFSS OFB TF JO UFOTJGJD° -PT IBCJUBOUFT EF (VBEBMBKBSB DPNJFO[BO B SFDJ CJS BHVB EFTEF FM -BHP EF $IBQBMB $SFDF MB QP CMBDJ°O Z DSFDF MB EFNBOEB QPS MP RVF TF BOBMJ[BO OVFWBT GVFOUFT /JOHVOB TF IB DPODSFUBEP B·O
&/ 4641&/40 &M QSPZFDUP QBSB RVF FM 3ÓP 7FSEF EPUF EF BHVB B (VBEBMBKBSB DPOUJOÞB QPTUFSHÈOEPTF EFTEF MPT OPWFOUB EFM TJHMP QBTBEP )PZ TJHVFO QFOEJFOUFT MBT QSFTBT &M ;BQPUJMMP Z &M 1VSHBUPSJP
3&$)";" $0/"(6" 1"3"3 &- ;"105*--0 -B $PNJTJØO &TUBUBM EF %FSFDIPT )VNBOPT FNJ UJØ VOB SFDPNFOEBDJØO B MB $POBHVB QBSB EFUFOFS MPT USBCBKPT EF MB 1SFTB &M ;BQPUJMMP EFCJEP B MBT DPOTUBOUFT RVFKBT EF WJPMBDJØO B MPT EFSFDIPT IV NBOPT JOUFSQVFTUBT QPS MPT IBCJUBOUFT EF 5FNB DBQVMÓO &M EF NBS[P EF MB EFQFOEFODJB GFEFSBM FO WP[ EF TV FOUPODFT EFMFHBEP EF DVFO DB 3BÞM "OUPOJP *HMFTJBT #FOÓUF[ SFDIB[Ø QBSBS QPSRVF iOP IBZ OJOHÞO NPUJWPw QBSB IBDFSMP
130:&$50 .ÈT EF USFT Z NFEJP CJMMPOFT EF QFTPT FO JO WFSTJØO QBSB PCSBT EF BCBTUP EF BHVB QPUBCMF FO FM QBÓT ²TF GVF FM BOVODJP RVF IJ[P FM 1SFTJEFOUF $BSMPT 4BMJOBT EF (PSUBSJ FO VOB HJSB EF USBCBKP QPS +BMJTDP DVZP BOVODJP TF IJ[P FO MB DPMPOJB "SFOBMFT 5BQBUÓPT Z TF QVCMJDØ FO MB QPS UBEB EF &- */'03."%03 FM EF FOFSP EF
"33"/$" 0#3" &/ &- 163("503*0 &M EF KVOJP EF &- */'03."%03 BOVODJØ FM BSSBORVF EF &M 1VSHBUPSJP PCSB RVF QFSNJUJSÓB BQSPWFDIBS BHVB EFM 3ÓP 7FSEF QBSB (VBEBMBKBSB 6O EÓB EFTQVÏT FM FOUPODFT UJUVMBS EF $POBHVB %B WJE ,PSFOGFME BDVEJØ B MB &OUJEBE QBSB FM CBOEFSB [P EF BSSBORVF EF VO QSPZFDUP RVF TF QSPNFUJØ QB SB RVFEBS MJTUP FO /P GVF BTÓ
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* Êș‡
1~(*/" &
* ร ร รคย
1~(*/" &
&- */'03."%03
*.16-4"/ &- 563*4.0 &O BHPTUP EF &- */'03."%03 BOVODJร VOBT EF MBT BQVFTUBT NยฒT HSBOEFT EF +BMJTDP QBSB GP NFOUBS FM UVSJTNP OBDJPOBM F JOUFSOBDJPOBM MB VOJร O EF FNQSFTBSJPT Z HPCJFSOP RVJFOFT DSFBSPO FM 5F RVJMB &YQSFTT 4F USBUBCB EF SFDPSSJEPT UVSยฝTUJDPT FO GFSSPDBSSJM EF (VBEBMBKBSB B 5FRVJMB B GJO EF QSPNP WFS FM QBJTBKF BHBWFSP Z MBT IBDJFOEBT EPOEF TF QSP EVDF MB CFCJEB NยฒT GBNPTB EF +BMJTDP FM UFRVJMB 'VF BTยฝ RVF MB $ยฒNBSB EF $PNFSDJP Z EJTUJO UPT FNQSFTBSJP TF TVNBSPO QBSB IBDFS SFBMJEBE FTUF TVFร P RVF UPDร TV DSJTUBMJ[BDJร O FO MB HFTUJร O EF "MCFSUP $ยฒSEFOBT +JNยนOF[ DPNP (PCFSOBEPS EFM &TUBEP " GJOBMFT EF BHPTUP Z QSJODJQJPT EF TFQUJFN CSF GVF MB JOBVHVSBDJร O QPTUFSJPSNFOUF FO VO BSUยฝDVMP QVCMJDBEP FO FTUB DBTB FEJUPSJBM EFM EF TFQUJFNCSF EF TF JOGPSNร RVF MPT DSFBEPSFT EFM 5FRVJMB &YQSFTT GPSNBSPO VOB TJOFSHJB DPO MPT PSHBOJ[BEPSFT EFM &ODVFOUSP *OUFSOBDJPOBM EFM .BSJBDIJ Z MB $IBSSFSยฝB B GJO EF QSPNPWFS MB Nร TJDB SFHJPOBM EVSBOUF MPT SFDPSSJEPT )PZ EยฝB DPOUJOร BO MPT WJBKFT UVSยฝTUJDPT B 5FRVJ MB Tร MP MPT SFDPSSJEPT EFM 5FRVJMB &YQSFTT BIPSB TF IBDFO FO DBNJร O QPSRVF MPT DPTUPT QBSB TPMWFOUBS FM GFSSPDBSSJM TPO BMUPT &TUPT WFIยฝDVMPT QBSUFO EF MB $ยฒNBSB EF $PNFSDJP $"/"$0 $BCF NFODJPOBS RVF BVORVF FM SFDPSSJEP EFM 5FRVJMB &YQSFTT BIPSB TF IBDF QPS BVUPCร T MMFHBS BM 1VFCMP .ยฒHJDP FO GFSSPDBSSJM TJHVF TJFOEP QPTJ CMF HSBDJBT BM +PTยน $VFSWP &YQSFTT Z FM )FSSBEVSB &YQSFTT "NCPT TFSWJDJPT TBMFO EF MB FTUBDJร O EF USF OFT EF 8BTIJOHUPO VCJDBEB FO "WFOJEB $JSDVOWB MBDJร O 8BTIJOHUPO .PEFSOB (VBEBMBKBSB +BM &M SFDPSSJEP PGSFDF WJTJUBT B MB IBDJFOEB -B 3PKFร B BTยฝ DPNP KVFHPT Nร TJDB Z FTQFDUยฒDVMPT
+VFWFT EF PDUVCSF EF
"/6/$*0 5FRVJMB &YQSFTT .0%&3/*%"% /PUB TPCSF MB MMFHBEB EFM 5SFO &Mร DUSJDP 6SCBOP
&- */'03."%03 t "3$)*70
1"3" 4"#&3
*OJDJBO MPT WJBKFT EFM USFO FMร DUSJDP VSCBOP
'&330$"33*-&4 /VFWB &TUBDJPO EFM 'FSSPDBSSJM EF (VBEBMBKBSB FO FM DSVDF EF MB $BM[BEB *OEFQFOEFODJB Z 8BTIJOHUPO
-B FWPMVDJร O FO FM TJTUFNB GFSSPWJB SJP FO +BMJTDP WJWJร OVFWPT BJSFT FO DVBOEP FM FOUPODFT QSFTJEFO UF EF .ยนYJDP $BSMPT 4BMJOBT EF (PSUBSJ QVTP FO TFSWJDJP FM 5SFO &MยนDUSJDP 6SCBOP EF MB ;POB .FUSP QPMJUBOB EF (VBEBMBKBSB FM DVBM GVF FM QSJNFSP EF TV UJQP FO FM QBยฝT -B JOBVHVSBDJร O UBNCJยนO DPSSJร B DBS HP EF (VJMMFSNP $PTยฝP 7JEBVSSJ FY (PCFSOBEPS EF +BMJTDP &M WJBKF EF BQFSUVSB GVF EF MB &TUBDJร O 1FSJGยน
SJDP 4VS Z MB &TUBDJร O +VยฒSF[ -B OP UB QVCMJDBEB QPS FTUB DBTB FEJUPSJBM FM EF TFQUJFNCSF EF UBNCJยนO JOEJDร RVF MB JOWFSTJร O EF MB PCSB GVF TVQFSJPS B MPT NJM NJMMPOFT EF QFTPT "DUVBMNFOUF FYJTUFO EPT MยฝOFBT MB QSJNFSB DVFOUB DPO FT UBDJPOFT EF TVQFSGJDJF Z TJFUF FTUB DJPOFT EF Uร OFM Z WB EF 1FSJGยนSJDP /PSUF B 1FSJGยนSJDP 4VS -B -ยฝOFB DVFOUB DPO FTUBDJPOFT EF Uร OFM Z SFDPSSF EF +VยฒSF[ B 5FUMยฒO
-B NPEFSOJEBE MMFHร
40#3& 3*&-&4
-B IJTUPSJB EFM GFSSPDBSSJM FO +BMJTDP TF SFNPOUB BM EF NBZP EF DVBOEP MMFHยฐ B (VBEBMBKBSB FM QSJNFS DPOWPZ EFTEF MB $JVEBE EF .ยฆYJDP
"
GJOBMFT EFM TJHMP 9*9 MB NPEFSOJEBE FTUBCB FO QMFOP BQPHFP Z QBSUF EF FMMB GVF MB BQBSJDJร O EFM GFSSPDBSSJM FM DVBM MMFHร B (VBEBMBKBSB FO BTยฝ MP EFTUBDB FM QF SJPEJTUB -VJT 7FSUJ[ FO MBT QยฒHJOBT EF &- */'03." %03 FO VO BSUยฝDVMP QVCMJDBEP VO EPNJOHP EF KVMJP EF 4FHร O DPNFOUB FO TV OPUB UJUVMBEB i-B IJTUPSJB TF FTDSJCJร BTยฝw MB MMFHBEB EFM GFSSPDBSSJM B (VBEBMBKBSB PDVSSJร VO EF NB ZP EF GVF VO WJBKF QSPWFOJFOUF EF MB $JVEBE EF .ยนYJDP -B DFSFNPOJB EF JOBVHVSBDJร O FTUVWP QSFDFEJEB QPS .BOVFM 3PNFSP 3VCJP NJOJTUSP EF (PCFSOBDJร O EF MB 3FQร CMJDB .FYJDB OB 1BSB MPT UBQBUยฝPT FTF NPNFOUP GVF VOP EF MPT NยฒT JNQPSUBOUFT EF IFDIP IBZ JNยฒHFOFT RVF NVFTUSBO MB DPOTUSVDDJร O EFM GFSSPDB SSJM FO MBT DFSDBOยฝBT EFM "HVB "[VM Z Dร NP MB HFOUF TF SFVOยฝB QBSB WFS MB MMFHBEB EF MB QSJNFSB NยฒRVJOB GFSSPWJBSJB FO MB 1FSMB 5BQB UยฝB : BVORVF MB JOBVHVSBDJร O GVF VO EยฝB FM TFSWJDJP FO +BMJTDP TF QVTP FO NBSDIB TFJT EยฝBT EFTQVยนT VO EF NBZP 7FSUJ[ SFNBSDBCB RVF USBT MB MMFHBEB EFM GFSSPDBSSJM TF DPNFO [ร B HFTUBS iFM UVSJTNP FO QBร BMFTw QVFT MB HFOUF ZB QPEยฝB WJBKBS B PUSB DJVEBE QPS NFSP HVTUP Z OP QPS SFTPMWFS DVFTUJPOFT QFSTPOB MFT P GJOBODJFSBT QPS MBT RVF FO SFBMJEBE TF WJBKBCB BOUFSJPSNFOUF QVFT JS FO DBSSVBKF V PUSP NFEJP EF USBOTQPSUF DPNP MPT DBCBMMPT FO TV NPNFOUP OP FSB OBEB Dร NPEP -PT QSJODJQBMFT EFTUJOPT UBOUP QBSB USBOTQPSUF EF DBSHB Z EF QBTBKFSPT EFTEF (VBEBMBKBSB GVFSPO .B[BUMยฒO 4POPSB $JVEBE EF .ยนYJDP FOUSF PUSBT
&- */'03."%03 t ' "5*-"/0
$BCF EFTUBDBS RVF FM USFO RVF TF FODBSHร EF PGSFDFS MPT WJBKFT B QBTBKFSPT GVF FM i&M UBQBUJPw ย DPOUBCB DPO MPT GBNPTPT DBSSPT 1VMMNBOย FTUB TFSWJDJP EFKร EF DPSSFS FM EF GFCSFSP EF USB CBKร EFTEF ย TUF QBSUยฝB EF MB &TUBDJร O EF #VFOBWJTUB FO MB $JV EBE EF .ยนYJDP B MBT BN Z IPSBT Z MMFHBCB B (VBEBMBKBSB B MBT IPSBT P B MBT EF MB NBร BOB SFTQFDUJWBNFOUF )PZ FO EยฝB MB FTUBDJร O EF #VFOBWJTUB FT MB CBTF EFM USFO TVCVSCBOP NJFO USBT RVF MB FTUBDJร O EF (VBEBMBKBSB BIPSB QFSUFOFDF B 'FSSPNFY -B QSJNFSB FTUBDJร O EFM GFSSPDBSSJM GVF DPOTUSVJEB BUSยฒT EFM UFNQMP EF 4BO 'SBODJTDP QPTUFSJPSNFOUF ยนTUB GVF NVEBEB B MB DP MPOJB .PSFMPT QBSB MVFHP UFOFS VOB NยฒT HSBOEF &O TF UFSNJ Oร MB DPOTUSVDDJร O EF MB SVUB EF USFO EF (VBEBMBKBSB B *SBQVBUP Z QBSB FM 1SFTJEFOUF EF .ยนYJDP FO FTF UJFNQP ย "EPMGP -ร QF[ .BUFPTย JOBVHVSร MB OVFWB FTUBDJร O EF USFO GSFOUF B MB DVBM TF DP MPDร MB NยฒRVJOB EF WBQPS EF VO GFSSPDBSSJM RVF IBDยฝB SFDPSSJEPT IBT UB $IBQBMB FO MPT Bร PT WFJOUF $6-563" -B FTUBDJร O EF $IBQBMB BDUVBMNFOUF FT FM $FOUSP $VMUVSBM (PO[ร MF[ (B &TUB FTUBDJร O TF FODVFOUSB VCJDBEB FOUSF EF 4FQUJFNCSF Z MMP -B BOUJHVB FTUBDJร O EF GFSSPDBSSJM EF $IBQBMB GVF JOBVHVSBEB FM EF BCSJM EF $BM[BEB *OEFQFOEFODJB 4VS DFSDB EF MB "WFOJEB 8BTIJOHUPO BD UVBMNFOUF FTUB UFSNJOBM FT FNQMFBEB QBSB MPT SFDPSSJEPT UVSยฝTUJDPT 'VFSB EF MPT SFDPSSJEPT BOUFT NFODJPOBEPT FO MB BDUVBMJEBE FM PGSFDJEPT QPS +PTยน $VFSWP &YQSFTT Z FM )FSSBEVSB &YQSFTT TFSWJDJP EF GFSSPDBSSJMFT FO +BMJTDP TF DPODFOUSB FO WJBKFT EF DBSHB &O UPUBM +BMJTDP MMFHร B UFOFS FTUBDJPOF EF GFSSPDBSSJMFT MB $BCF TFร BMBS RVF MB QSJODJQBM UFSNJOBM QBSB SFDJCJS Z EFTDBSHB EF DVBMFT BDUVBMNFOUF FTUยฒ FO EFTVTP QFSP GVFSPO SFTDBUBEBT QBSB NFSDBODยฝB FT MB EF '&330.&9 1BUJPT (VBEBMBKBSB TJUVBEB FO DPOGPSNBS FM QSPZFDUP MMBNBEP i7ยฝBT 7FSEFTw RVF EFTEF FM "WFOJEB )ยนSPFT 'FSSPDBSSJMFSPT 4 / TJSWFO DPNP FTQBDJP SFDSFBUJWP RVF SFTDBUB FM WBMPS IJTUร SJDP Z DVM UVSBM EF FTUBT UFSNJOBMFT
&- */'03."%03 t "3$)*70
)*4503*" -MFHBEB EFM GFSSPDBSSJM B (VBEBMBKBSB FM EF NBZP EF
Ê
+VFWFT EF PDUVCSF EF
&- */'03."%03
* ÊÇ£‡
1~(*/" &
* ÊÇӇ
1~(*/" &
&- */'03."%03
+VFWFT EF PDUVCSF EF