'6/%"%03&4 +FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;
&%*503 %*3&$503 $BSMPT ~MWBSF[ EFM $BTUJMMP (
"º0 9$*9 50.0 $$$-999* /Á.&30
#
4&$$* /
+"7*&3 4*/": "DUJWB TV PMGBUP QFSJPEÓTUJDP QBSB QPOFS BM EFTOVEP VOB TFSJF EF DSÓNFOFT 1ÈHJOB EPT /05*.&9
-Õ«iÀÛ Ã À\Ê >À Ê >ÃÌ Ê >À °V>ÃÌ J v À >` À°V ° Ý
?Q=@ANJK @A HA?PQN=
1 , ]Ê °]Ê " "Ê nÊ Ê 9"Ê ÊÓä£È
$0/%&/"
" -" -*#&35"% -BT DBEFOBT RVF MB MJCFSUBE EF QSFOTB CVTDB SPNQFS BMH°O E¤B FTU O IFDIBT EF VO NBUFSJBM RVF IPZ QBSFDF JOEFTUSVDUJCMF MB DFOTVSB $PO JOGPSNBDJÂO EF &M 1B½T
&
M QBTBEP EF NBZP FO UPEP FM NVO EP TF SFDPSEÂ FM %½B .VOEJBM EF MB -JCFSUBE EF 1SFOTB VOB JOJDJBUJWB EF MB 0/6 FO MB RVF TF DFMFCSB EFT EF IBDF WBSJPT MVTUSPT QSFDJTBNFO UF B MB MJCFSUBE EF FYQSFTJÂO FO MPT NFEJPT EF DPNVOJDBDJÂO BVORVF NVDIBT WFDFT FTU²O MJNJUBEPT EFT EF TV FTUSVDUVSB IBTUB FM TPNFUJ NJFOUP B MPT JOUFSFTFT EF MPT HPCJFS OPT "ÈO RVFEBO NVDIPT QBTPT QBSB BMHÈO E½B EBS GPSNB BM TJHOJGJ DBEP EF FTB MJCFSUBE QBSB FOUPODFT T½ IBCMBS EF VOB HSBO DFMFCSBDJÂO "M SFTQFDUP &MCB %½B[ $FSWFSÂ EPDUPSB FO 1FSJPEJTNP QPS MB 6OJ WFSTJEBE 4BO 1BCMP $&6 EF .B ESJE DPOTJEFSÂ RVF MB MFZ NPSEB[B FO .¹YJDP QB½T RVF TF FODVFOUSB SBOLFBEP FO MB DMBTJGJDBDJÂO NVOEJBM EF 3F QPSUFSPT 4JO 'SPOUFSBT FO FM TJUJP EF OBDJP OFT FWBMVBEBT WJFOF QSJODJQBMNFOUF EF VOB SFMB DJÂO EF MB QSFOTB DPO MB EFQFOEFODJB EF MB QVCMJDJEBE QPM½UJDB JOTUJUVDJPOBM i&O MB NFEJEB RVF MPT QPM½UJDPT Z HPCFSOBOUFT EFDJEBO RV¹ TF WB B QV CMJDBS Z RV¹ OP Z MP EFUFSNJOBO B USBW¹T EF MB QV CMJDJEBE RVF SFDJCFO EF FTUBT JOTUBODJBT ¹TUBT QVF EFO BUSFWFSTF B EFDJS TPCSF RV¹ DPTBT TF QVFEF JOGPSNBS Z DV²MFT FTU²O QSPIJCJEBT QPS MP UBOUP MB MJCFSUBE EF FYQSFTJÂO FGFDUJWBNFOUF UJFOF M½NJUFTw {: RV¹ QBTB DPO MB BVUPDFOTVSB &MCB %½B[ $FSWFSÂ EJDF RVF FM IFDIP EF RVF NVDIBT WFDFT MPT QFSJPEJTUBT DBJHBO FO MB BVUPDFOTVSB UJFOF RVF WFS DPO FMFHJS MB WJEB BOUFT EF FYQSFTBSTF i)F FTUVEJB EP NVZ B GPOEP FM DBTP EFM UFSSPSJTNP EF &5" FO &TQBÁB Z IF WJTUP DÂNP NVDIPT QFSJPEJTUBT OP GJS NBCBO TV JOGPSNBDJÂO QBSB OP TFS TFDVFTUSBEPT Z BTFTJOBEPTw 5BNCJ¹O EJKP RVF IBZ RVJFOFT QSFGJFSFO TJMFO DJBS QPSRVF DSFFO RVF MPT MFDUPSFT WBO B FTUBS DPO UFOUPT DPO MB JOGPSNBDJÂO TVQFSGJDJBM QPSRVF DSF FO RVF FTP RVF MFT EBO FT TVGJDJFOUF i&O .¹YJDP FM EF MPT EFMJUPT RVFEBO TJO SFTPMWFS FTUP IBDF RVF EFTHSBDJBEBNFOUF MB WJEB IVNBOB CBKF EF QSF DJP DPNP FM QFSJPEJTUB OP FT M½EFS EF PQJOJÂO QBSF DF RVF OP QBTB OBEB TJ TF BUFOUB DPOUSB ¹M FO MB NF EJEB RVF FTF QFSJPEJTUB TF DPOWJSUJFSB FO VO M½EFS EF PQJOJÂO MB DJVEBEBO½B BQSFDJBS½B N²T B FTB GJHVSBw
*-6453"$*»/ t + -»1&;
&TUPT TPO T°MP BMHVOPT DBTPT ES TUJDPT EF DFOTVSB FO FM NVOEP
-0 .«4 3&$*&/5& $PSFB EFM /PSUF TF JNQPOF "ÌÀ Êi i « Ê`i ÊV ÌÀ Ê`iÊ i ` ÃÊ`iÊV Õ V>V ÊÃiÊÛ Û Ê iÃÌiÊv Ê`iÊÃi > >Êi Êi Ê }Ài à Ê`i Ê*>ÀÌ ` Ê`iÊ ÃÊ/À>L> >` ÀiÃÊ`iÊ Ài>°Ê >Ê}À> ÊÀiÕ Ê «>À > i Ì>À >Ê`i ÊÀj} i Ê À V Ài> ʵÕiÊ ÊÃiÊVi iLÀ>L>Ê `iÃ`iÊ >ViÊÎÈÊ> Ã]ÊÃiÊ >Õ}ÕÀ Ê i Ê«>Ã>` ÊÛ iÀ iÃÊi Ê i` Ê`iÊ Õ >Ê «>V `>`ÊV>à ÊÌ Ì> °Ê i ÌÀ>ÃÊ ÃÊVi Ìi >ÀiÃÊ`iÊ`i i}>` ÃÊ ÃiÊÀiÕ > Êi Ê >Ê >Ã>Ê`iÊ >Ê Õ ÌÕÀ>Ê`i ÊÓxÊ`iÊ LÀ ]Êi Êi ÊVi ÌÀ Ê `iÊ*Þ }Þ> }]Ê ÃÊ£ÎäÊ«iÀ ` à Ì>ÃÊ Û Ì>` ÃÊ« ÀÊi Ê L iÀ Ê«> À>ÊVÕLÀ ÀÊi ÊiÛi Ì Ê`iL > Ê«iÀ > iViÀÊ>ÊViÀV>Ê`iÊÓääÊ iÌÀ Ã]Ê «À L j ` iÃÊ >Êi ÌÀ>`>°Ê/> Ê vÕiÊ >Êà i `>`]ʵÕiÊ Êà µÕ i À>ÊÃiÊ«iÀ Ì Ê >ÊVi iLÀ>V Ê`iÊ L `>ÃÊ ÊvÕ iÀ> iÃʵÕiÊ iÊ V iÀ> Ê Ã LÀ>°Ê ÊÃiVÀiÌ Ã ÊiÃÊÌ> ]Ê µÕiÊ ÊÃiÊ >Ê`>` Ê>ÊV ViÀÊi Ê ` ÃVÕÀà Ê`iÊ>«iÀÌÕÀ>Ê`iÊ Ê } Õ °
"SBCJB 4BVEJUB &M MVHBS EFM DBTUJHP {-B MJCFSUBE EF FYQSFTJÂO FO "SBCJB 4BVEJUB i$BTJ OP FYJTUFw FT MB SFTQVFTUB RVF SFQJUF BMM½ EPO EF WB "OO )BSSJTPO EJSFDUPSB EFM QSPHSBNB -J CFSUBE QBSB &TDSJCJS EF 1&/ *OUFSOBUJPOBM &M 3FJ OP EFM %FTJFSUP PDVQB FM MVHBS EF FO FM ½OEJDF EF MJCFSUBE EF QSFOTB EF 3FQPSUFSPT 4JO 'SPOUFSBT 34' 6O FKFNQMP FT FM DBTP EFM CMP HVFSP 3BJG #BEBXJ DPOEFOBEP B EJF[ BÁPT EF D²S DFM Z NJM MBUJHB[PT QPS EFGFOEFS MB TFQBSBDJÂO EF &TUBEP Z SFMJHJÂO EJP MB WVFMUB BM NVOEP FO FOF SP EFM BÁP QBTBEP DVBOEP FM WFSEVHP MF BQMJDÂ MB QSJNFSB UBOEB EF B[PUFT $IJOB FM NBZPS DBSDFMFSP EF QFSJPEJTUBT 8BOH +JOH FT VOB QFSJPEJTUB WPMVOUBSJB RVF DP MBCPSBCB DPO WBSJBT Q²HJOBT XFC JOEFQFOEJFOUFT )BC½B EPDVNFOUBEP MBT QSPUFTUBT EF VO HSVQP EF NBOJGFTUBOUFT DFSDB EF MB TFEF EF MB UPEPQPEFSPTB UFMFWJTJÂO FTUBUBM DIJOB $$57 DVBOEP GVF EFUFOJ EB FO EJDJFNCSF EF &M EF BCSJM GVF DPOEF OBEB B DVBUSP BÁPT Z NFTFT EF QSJTJÂO 4V EFMJ UP iQSPWPDBS QSPCMFNBTw DPO TVT SFQPSUBKFT QBSB MB Q²HJOB EF EFSFDIPT IVNBOPT 5JBOXBOH Z PUSBT 8BOH FT MB ÈMUJNB RVF IB SFDJCJEP TV DPOEF OB FOUSF MPT SFQPSUFSPT FODBSDFMBEPT FO MB BDUVB MJEBE FO $IJOB FM QB½T RVF N²T QFSJPEJTUBT NBOUJF OF FOUSF SFKBT EFM NVOEP 4FHÈO 3FQPSUFSPT TJO 'SPOUFSBT TPMP PUSPT DVBUSP QB½TFT QBEFDFO NFOPT MJCFSUBE EF FYQSFTJÂO 4JSJB 5VSLNFOJTU²O $PSFB EFM /PSUF Z &SJUSFB -B TFNBOB QBTBEB 'SFFEPN )PVTF VOB PSHBOJ[BDJÂO JOEFQFOEJFOUF RVF QSP NVFWF MB MJCFSUBE Z MB EFNPDSBDJB DPODFE½B B $IJ OB TV QFPS DBMJGJDBDJÂO IBTUB FM NPNFOUP FO DVBO UP B MJCFSUBE EF FYQSFTJÂO FO VOB DMBTJGJDBDJÂO FO MB RVF FT MB QFPS QVOUVBDJÂO QPTJCMF -B UFOEFODJB OP UJFOF WJTPT EF NFKPSBS &O GFCSFSP FM QSFTJEFOUF DIJOP 9J +JOQJOH WJTJUBCB MPT NFEJPT PGJDJBMFT QBSB FYJHJS VOB MFBMUBE DJFHB IBDJB FM TJTUFNB MPT NFEJPT BGJSNBCB iEFCFO BQFMMJEBS TF 1BSUJEP $PNVOJTUBw
3VTJB &M ,SFNMJO DPOUSPMB MB UFMFWJTJÎO 3VTJB PDVQB FM MVHBS EF FO UPUBM FO FM ½OEJDF EF MJCFSUBE EF FYQSFTJÂO EF 3FQPSUFSPT 4JO 'SPOUFSBT DPSSFTQPOEJFOUF B &M &TUBEP SVTP DPOUSPMB MBT DBEFOBT EF UFMFWJTJÂO FM QSJODJ QBM NFEJP EF EJGVTJÂO JOGPSNBUJWB FO FTUF FOPSNF QB½T OP TPMP NFEJBOUF MB QSPQJFEBE EF MBT FNQSF TBT Z FM OPNCSBNJFOUP EF TVT EJSFDUJWPT TJOP UBN CJ¹O NFEJBOUF FM FNQMFP EF VOB BNQMJB WBSJFEBE EF JOTUSVNFOUPT QFSTVBTJWPT B TV BMDBODF DPFSDJ UJWPT FDPOÂNJDPT Z BEWFSUFODJBT FOUSF CBTUJEPSFT TJO EPDVNFOUPT OJ IVFMMBT -B JEFPMPH½B EFM ,SFNMJO EF NBSDBEP UPOP BO UJPDDJEFOUBM FO MPT ÈMUJNPT BÁPT TF SFQSPEVDF EFT EF MB JONFOTB NBZPS½B EF MPT DBOBMFT DPO FYDFQDJÂO EF BMHVOPT EF QPDB BVEJFODJB UFTUJNPOJBMFT P EJSJ HJEPT B VO QÈCMJDP NJOPSJUBSJP -B GSPOUFSB FOUSF MB JOGPSNBDJÂO Z MB QSPQBHBOEB TF IB EJGVNJOBEP $VCB *OGPSNBS FO QBSBMFMP -B CMPHVFSB DVCBOB :PBOJ 4²ODIF[ -B )BCB OB BGJSNB RVF FO $VCB BVORVF MB TJUVBDJÂO EF MB MJCFSUBE EF QSFOTB FT USFNFOEBNFOUF OFHBUJ WB IB NFKPSBEP U½NJEBNFOUF FO MPT ÈMUJNPT BÁPT 1FSP FTUP OP TF EFCF B RVF FM (PCJFSOP IBZB BWBO [BEP IBDJB QPTUVSBT N²T GMFYJCMFT BQVOUB MB GVO EBEPSB EFM EJBSJP EJHJUBM Z.FEJP Z BVUPSB EFM CMPH (FOFSBDJÂO : i(P[BNPT N²T MJCFSUBE EF
QSFOTB QPSRVF OPT MB IFNPT UPNBEP -BT OVFWBT UFDOPMPH½BT NFNPSJBT GMBTI EJTDPT EVSPT FYUFS OPT Z BOUFT EF UPEP FTP $%T Z %7%T IBO EBEP B MPT DVCBOPT N²T MJCFSUBE EF FTUBS JOGPSNBEPT FO QBSBMFMP B MPT NFEJPT PGJDJBMFT UBNCJ¹O B JOGPSNBS FO QBSBMFMPw EJDF (SBDJBT B FTUP BQVOUB iIB DSFDJEP FO MB JTMB FM OÈNFSP EF QFSJPEJTUBT JOEFQFOEJFOUFT RVF VUJMJ [BO MPT EJBSJPT EJHJUBMFT XFCT Z 5XJUUFS QBSB JOGPS NBS FT VOB IFSSBNJFOUB NVZ WBMJPTB FO $VCB QPSRVF TF QVFEF QVCMJDBS B USBW¹T EF 4.4 -B BQFSUVSB EF *OUFSOFU BVORVF UPEBW½B FT MJNJUBEB BQFOBT IBZ QVOUPT XJGJ QBSB UPEB MB JTMB Z B VOPT EPT EÂMBSFT MB IPSB BTFHVSB TF FTU² OPUBO EP QFSP NPEFTUBNFOUFw &O $VCB EJDF OP IBZ VO NBSDP MFHBM QBSB EF TBSSPMMBS VO QFSJPEJTNP JOEFQFOEJFOUF i&TUBNPT DPOEFOBEPT B MB JMFHBMJEBEw 1POF DPNP FKFNQMP TV EJBSJP EJHJUBM Z.FEJP CMPRVFBEP FO MB JTMB EFTEF TV DSFBDJÂO FO "EFN²T WBSJBT MFZFT JNQJEFO RVF TF FEJUF FO QBQFM i)BZ VO EFMJUP WJ HFOUF TPCSF QSPQBHBOEB FOFNJHB RVF TF QVFEF BDIBDBS B UPEP BRVFMMP RVF OP HVTUF BM (PCJFSOP 5BNCJ¹O FTU² WJHFOUF MB MFZ DPOPDJEB DPNP MB AMFZ NPSEB[B RVF EJDF RVF TJ VOP EJGVOEF VOB JEFB P QVCMJDB VO UFYUP RVF MMFWF B RVF TF SFDSVEF[DB FM FNCBSHP P RVF BZVEF BM (PCJFSOP OPSUFBNFSJDB OP QVFEF JS B MB D²SDFMw BCVOEB
1BÓTFT NFKPS DMBTJGJDBEPT WÊ -i}Ö Ê ,i« ÀÌiÀ ÃÊ - Ê À ÌiÀ>Ã]Ê iÃÌ ÃÊ Ã Ê ÃÊ «> ÃiÃÊV Ê >Þ ÀÊ LiÀÌ>`Ê `iÊ«Ài Ã>\Ê £° Ê > ` >°Ê Ó° Ê*> ÃiÃÊ > Ã°Ê Î° Ê ÀÕi}>°Ê {° Ê > >ÀV>°Ê x° Ê ÕiÛ>Ê<i > `>°Ê È° Ê ÃÌ>Ê, V>°Ê Ç° Ê-Õ â>°Ê n° Ê-ÕiV >°Ê ° Ê À > `>°Ê £ä° Ê > > V>°Ê Ê I jÝ V ÊÞÊ ÕL>ÊÃ Ê ÃÊ«i ÀÊV >à v V>` ÃÊ`iÊ jÀ V>]Êi Êi ÊÃ Ì Ê£{ ÊÞʣǣ]Ê`iÊ £näÊ«> ÃiÃ°Ê Õi Ìi\ÊÜÜÜ°ÀÃv ið À}
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF NBZP EF
&/53&7*45"
+"7*&3 4*/": 1&3*0%*45" &- 6/*7&34"-
3&-"504 EF MB JONJHSBDJยฏO
"3(&/5*/" 1PS +PSHF 1ยนSF[
&
M QFSJPEJTUB BSHFOUJOP +BWJFS 4JOBZ QV CMJDร FTUF FO .ยนYJDP i-PT DSยฝNF OFT EF .PJTยนT 7JMMF VOB IJTUPSJB EF HBVDIPT Z KVEยฝPTw EFOUSP EF MB DPMFD DJร O .JSBEB $Sร OJDB EF 5VTRVFUT 1MB UJDBNPT DPO FM BVUPS QBSB &- */'03."%03 QBSB DPOPDFS MBT QBSUJDVMBSJEBEFT RVF MP MMFWBSPO B FTDSJ CJS FTUB MBSHB DSร OJDB IJTUร SJDB TPCSF TVDFTPT PDVSSJ EPT IBDF NยฒT EF Bร PT TV JOWFTUJHBDJร O Z FM DPO UFYUP IJTUร SJDP %FM MJCSP Z TV JOWJUBDJร O B MB MFDUVSB EJKP i&TUF MJCSP IBCMB EF BMHP NVZ QSFDJTP VOB TFSJF EF DSยฝNF OFT FO VO MVHBS FO VO NPNFOUP QFSP DSFP RVF UBN CJยนO IBCMB EF VO QSPDFTP EF NJHSBDJร O &O .ยนYJDP NF HVTUBSยฝB RVF GVFSB MFยฝEP DPNP UBMw &M QSPZFDUP FT FM NยฒT MBSHP FO FM RVF IB USBCBKBEP TVSHJร QPS MB SF GFSFODJB B VO UFYUP RVF FTDSJCJร TV CJTBCVFMP QFSJP EJTUB UBNCJยนO FO EPOEF IBCMBCB EF BTFTJOBUPT EF KV EยฝPT FO "SHFOUJOB BMSFEFEPS EF 'VFSPO DVBUSP Bร PT EF JOWFTUJHBDJร O Z FTDSJUVSB i&T VO USBCBKP QF SJPEยฝTUJDP FO FM RVF UBNCJยนO EFTDVCSยฝ NVDIP TPCSF NJ QSPQJB JEFOUJEBE B USBWยนT EF MB IJTUPSJB EF NJ GB NJMJBw DPNFOUร -B OBSSBUJWB EFM MJCSP TF DFOUSB FO EJWFSTPT BT QFDUPT RVF SPEFBSPO MBT DJSDVOTUBODJBT EF MB JONJHSB DJร O OP Tร MP FO MBT NVFSUFT i4PO WBSJPT OJWFMFT FT Uยฒ MB IJTUPSJB EF MPT DSยฝNFOFT DPNP VOB OPWFMB OFHSB MB IJTUPSJB EF NJ GBNJMJB EFM QVFCMP EF .PJ TยนT 7JMMF MB NPEFSOJ[BDJร O EF MPT TJTUFNBT QSPEVDUJ WPT EFM QBยฝT MB IJTUPSJB FDPOร NJDB MB IJTUPSJB EFM JN QFSJP [BSJTUB MB JONJHSBDJร O FO "SHFOUJOB FO HFOFSBM 5FOยฝB RVF DPOUBS UPEP FTP Tยฝ P Tยฝ P OP TF JCB B FOUFO EFS FM SFMBUP P QBSFDFSยฝBO DSยฝNFOFT EF BOUJTFNJUJTNP DMยฒTJDPT 2VF OP GVF BTยฝ QBSB Nยฝ "Iยฝ NF EJ DVFOUB EF RVF JCB B TFS CBTUBOUF MBSHPw 1BSB +BWJFS MB JONFS TJร O FO FM QSPZFDUP JODMVZร FM BQSFOEJ[BKF EFM JEJPNB ยฝEJTI i.VDIBT EF MBT GVFOUFT CJCMJPHSยฒGJDBT RVF NF IBCMBCBO EF FTPT DSยฝNFOFT FTUBCBO FO ยฝEJTI RVF FT FM JEJPNB RVF IBCMBCBO MPT DPMPOPT KVEยฝPT SVTPT NJT JOWFTUJHBEPTy )BCยฝB EJBSJPT EF MB ยนQPDB UFYUPT FT DSJUPT FO FTPT Bร PT NFNPSJBT FTDSJUBT NยฒT BEFMBOUF RVF SFGFSยฝBO B FTF UJFNQP 5BNCJยนO UFOยฝB DBSUBT Z NB OVTDSJUPT EF NJ CJTBCVFMP Z EF TV HFOFSBDJร O UPEP FO ยฝEJTI /P UPEP IBCMBCB EF MPT DSยฝNFOFT QFSP JOWFTUJ HBS FTUPT DSยฝNFOFT GVF JOWFTUJHBS FM DPOUFYUP EF ยนQP DB " GVFS[B UFOยฝB RVF FOUFSBSNF EF Dร NP IBCยฝB TJEP FTB PEJTFB EF JONJHSBDJร Ow /P GVFSPO QPDBT MBT EJGJDVMUBEFT QBSB TVNFSHJS TF FO MB HSBNยฒUJDB EF MB MFOHVB i&M ยฝEJTI FT VO JEJP
6O BEFMBOUP EF TVT QSPZFDUPT i6OB FT VOB BOUPMPHยฝB TPCSF MB OPUB SPKB BS HFOUJOB EFTEF IBTUB MB BDUVBMJEBE -B IBHP DPO VO DPMFHB 0TWBMEP "HVJSSF -B PUSB FT FM SFTDBUF EF VO MJCSP WJFKP EF 1JOJF ,BU[ VO MJCSP RVF FODPOUSยน DVBOEP JOWFT UJHBCB QBSB -PT DSยฝNFOFTy IBCMB EFM QF SJPEJTNP KVEยฝP FO "SHFOUJOB FO TV QSJNF SB ยนQPDB &TUยฒ FTDSJUP FO ยฝEJTI QVCMJDBEP FO #VFOPT "JSFT FO $VFO UB RVยน EJBSJPT IBCยฝB RVJยนOFT MPT IBDยฝBO RVยน EFCBUFT UFOยฝBO )BCMB EF MB "SHFOUJOB EF GJO EF TJHMP 9*9 Z QSJODJQJPT EF TJHMP 99 EF MPT JONJHSBOUFT QSJODJQBMNFOUF EFM QF SJPEJTNPw NB RVF UJFOF NVDIBT QBMBCSBT EF BMFNยฒO FT TV CB TF "MHVOBT QBMBCSBT FO IFCSFP FTQFDJBMNFOUF MBT SF GFSJEBT B MB FTFODJB EF MB WJEB Z B MB SFMJHJร O Z BMHV OBT QBMBCSBT FO FTMBWP : TF FTDSJCF DPO FM BMGBCFUP IFCSFP :P OP TBCยฝB OBEB OJ BMFNยฒO OJ FTMBWP OJ IF CSFP .F BOPUยน FO VO DVSTP EF ยฝEJTI QBSB JOWFTUJHB EPSFT IBCยฝB DJODP QFSTPOBT UPEPT DPO PCKFUJWPT EF JOWFTUJHBDJร O "QSFOEยฝ B MFFS NVZ QPS BSSJCB VO UFY UP TJ NF TFSWยฝB TF MP QBTBCB B VOB TFร PSB RVF FSB NJ USBEVDUPSB 5SBCBKยน DPO FMMB EVSBOUF DVBUSP Bร PT &SB BMHP BTยฝ DPNP NJ 8BUTPO TJ ZP IVCJFSB TJEP 4IFSMPDL )PMNFT FMMB GVF 8BUTPOw +BWJFS 4JOBZ TPSUFร MBT EJGJDVMUBEFT &OUSF FMMBT IVCP VOB QยนSEJEB IJTUร SJDB EF EPDVNFOUBDJร O QPS FM BUFOUBEP BM FEJGJDJP EF MB "TPDJBDJร O .VUVBM *TSBFMJUB "SHFOUJOB FO i'VF CBTUBOUF EJGยฝDJM TF IBCยฝB QFS EJEP FTB EPDVNFOUBDJร O FO FM BUFOUBEP 1FSP BEFNยฒT GBMUBCBO MPT FYQFEJFOUFT KVEJDJBMFT EF MPT DSยฝNFOFT RVF OP IBCยฝBO TJEP BSDIJWBEPT QPS VOB EFGJDJFODJB EFM &TUBEP BSHFOUJOP 4ยฝ FODPOUSยน PUSPT FYQFEJFOUFT TJ NJMBSFT FO UJFNQP Z FTQBDJP QFSP OP FSBO EF FTUPT DB TPT 'VF VO EFTBGยฝP RVF JOUFOUยน SFTPMWFS MFZFOEP NF NPSJBT EF MB ยนQPDB SFMBUPT QFSJPEยฝTUJDPT Z MJUFSBSJPT QBSB JOUFOUBS FOUFOEFS Dร NP FSB MB NFOUBMJEBE EF FTB EยนDBEBw &O FTF TFOUJEP MPT DSยฝNFOFT EF .PJTยนT 7JMMF OP
*%&/5*%"% 4V MJCSP QSFTFOUB VOB UFYUVSB GJFM EF VOB QBSUF EF MB IJTUPSJB NJHSBUPSJB BSHFOUJOB EF QSJODJQJPT EFM TJHMP QBTBEP
MPT DMBTJGJDB FM BVUPS DPNP BOUJTFNJUBT i&T VOB EF MBT DPTBT RVF RVFSยฝB BDMBSBS MP RVF EFTDVCSยฝ FT RVF IB CยฝB NVDIPT DSยฝNFOFT FO MBT DPMPOJBT BHSยฝDPMBT QP CMBEBT QPS JONJHSBOUFT B NBOPT EF HBVDIPT CBOEJ EPT -PT HBVDIPT FTUBCBO TJFOEP FYDMVJEPT EFM TJTUFNB /P FSBO DSยฝNFOFT EF BOUJTFNJUJTNP DMยฒTJDP TJOP RVF FSBO NยฒT EF VOB DVFTUJร O EF EFMJODVFODJB SVSBM EPOEF IBCยฝB VO FMFNFOUP YFOร GPCP 1FSP TF EFCยฝB NยฒT B MB MVDIB QPS FM UFSSJUPSJP Z B MB JNQPTJDJร O EF VO TJTUFNB FDPOร NJDP OVFWP DPO NยฒT EJTDJQMJOB TPCSF VO TJTUFNB WJFKP FO FM RVF FM HBVDIP FSB VO Oร NBEB DPO VOB WJEB NยฒT USBORVJMB $VBOEP FM OVFWP TJTUFNB MPT MMFWB B UFOFS RVF EJTDJQMJOBSTF NVDIPT
HBVDIPT OP MP BDFQUBO Z TF DPOWJFSUFO FO CBOEJEPTw 1PS UPEP FTUP i-PT DSยฝNFOFT EF .PJTยนT 7JMMFw FT FM SFUSBUP EF VOB ยนQPDB NVZ QBSUJDVMBS FO FM EFTBSSP MMP EF MB IJTUPSJB EF "SHFOUJOB i1BSB Nยฝ FT VO MJCSP RVF IBCMB TPCSF MB NJHSBDJร O &TUF MJCSP DVFOUB Dร NP B MP MBSHP EF MPT Bร PT FTBT GSJDDJPOFT TF DPOWJFS UFO FO GVTJPOFT 'JOBMNFOUF FM QSPZFDUP NJHSBUPSJP FO "SHFOUJOB GVF FYJUPTP TVSHJร VOB OVFWB JEFOUJ EBE BSHFOUJOB NPEFSOB &O "SHFOUJOB FTUF MJCSP GVF MFยฝEP DPNP VOB EJTDVTJร O B MB JEFB EF RVF AUPEP TBMJร CJFO 4ยฝ GVF FYJUPTP FM QSPZFDUP NJHSBUPSJP QFSP OP GVF BMHP NPOPMยฝUJDP OP GVF CMBODP Z OFHSP UVWP TVT NBUJDFTw
&45"4 36*/"4 "/50/*0 0356ยบ0
&M NJM DBSBT i-& '*-4 %& - )0..&w t 3&/ยฒ ."(3*55&
$
POPDยฝ B 1FQF FO VOB EF MBT QSJNFSBT FODBSOBDJPOFT EF TV SF UPSDJEB QFSTPOBMJEBE DVBOEP FSB VO UJQP FYDFTJWBNFOUF CJFO QFJOBEP DPO HPNB RVF WFTUยฝB USBKF Z DPSCBUB TF QSPNPWยฝB DPNP iKPWFO EF QPSWFOJSw Z SPOEBCB B iOPUBCMFTw QBSB UPNBS TF GPUPT DPO FMMPT Z FOTPร BS RVF DPNQBSUยฝB VOBT NJHBKBT EF TV QSPTQFSJEBE $PNP FTB UยฒDUJDB MF EJP SFTVMUBEPT NยฒT CJFO NPEFTUPT DP NP OBEJF MF UJSร VO MB[P Z TV DBSUFSB TF MP SFDPSEBCB DBEB NBร BOB 1FQF EF DJEJร DBNCJBS 4F WPMWJร NยฒT P NFOPT EF JNQSPWJTP VO SFNFEP EF BSUJTUB CPIFNJP EF FTPT RVF OVFTUSPT BOUJHVPT MMBNBCBO iNBMEJUPTw 5PEP MF QB SFDยฝB BCVSSJEP QSFEFDJCMF QBTBKFSP 4J BOUFT QSFTVNยฝB DPNP VO DBOBMMB EF TVT DPORVJTUBT GFNFOJOBT BIPSB DPNFO[ร B IBDFS DPSSFS SVNPSFT TPCSF BNCJHร FEBE TFYVBM Z TF MF WJP NVZ BDBSBNFMBEP DPO VO WJFKJUP EF BMDVSOJB Z GBNB 4F EFKร DSFDFS FM DBCFMMP Z TF PMWJEร EFM DFQJMMP Z FM TIBNQPP 4J IBCยฝB MMFHBEP B HBTUBS TVT QPDPT BIPSSPT FO TBDPT Z DBNJTBT EF CPUPOFT BIPSB FMJHJร WFTUJS HBCBSEJOBT OFHSBT Z KFBOT DPO MBT SPEJMMBT SPUBT 1FSP UP EP GVF JOร UJM UBNQPDP PCUVWP MP RVF EFTFBCB -B FTRVJWB GBNB MP FMVEJร VOB WF[ NยฒT -B GPSUVOB FTDBQร FOUSF DBSDBKBEBT 2VJ[ยฒ QPS FMMP RVJFSP EFDJS TFHVSBNFOUF QPS FMMP EF VO UJFNQP B MB GFDIB OVFTUSP QFSTPOBKF TF IB USBOTGPSNBEP OVFWBNFOUF "IPSB FT VOB TVFSUF EF 1FQF (SJMMP TF IB WVFM UP MB QSFUFOEJEB DPODJFODJB EF MB TPDJFEBE %FOVODJB DPO ยฝOEJDF GMBNยฝHFSP DBEB BUSPQFMMP QFSWFSTJEBE P WJMF[B RVF BDPOUFDF FO MB 3FQร CMJDB 4V HFT UP PMWJEร ZB MB TPOSJTB Z TF DPOHFMร FO VOB NVFDB QFSFOOF EF EFTBQSPCB DJร O EF JSB NBM DPOUFOJEB 1FQF BIPSB NJMJUB FO UPEP MP NJMJUBCMF Z TF BGB OB FO EBS MFDDJPOFT B UPEPT MPT EFNยฒT JODMVJEPT DMBSP MPT BSUJTUBT NBMEJUPT Z FTDยนQUJDPT Z MPT iNVDIBDIPT EF QPSWFOJSw FOGVOEBEPT FO TVT USBKFDJUPT DPO FM DBCFMMP FOHPNJOBEP Z MB BWJEF[ CSPUยฒOEPMFT EF DBEB QPSP 5BNQPDP MF FTUยฒ ZFOEP EFNBTJBEP CJFO FO FTUB OVFWB GBDFUB 4JFNQSF GVF Z TJFNQSF TFSยฒ RVยน RVJFSFO VO DBTP QFSEJEP "MHVOPT PQJOBO RVF 1FQF FT VO DBNBMFร O QFSP B Nยฝ OP NF MP QBSFDF 5PEPT DPOPDFNPT B MPT DBNBMFPOFT FTPT UJQPT RVF DPNP FM ;FMJH EF 8PP EZ "MMFO TF NJNFUJ[BO DPO TV FOUPSOP IBTUB FM QVOUP EF DBNCJBS EF JEFO UJEBE SBEJDBMNFOUF 4ร MP RVF ;FMJH Z UPEP FM EF TV DBMBร B VUJMJ[B TV DPOEJ DJร O DPNP NยนUPEP EF EFGFOTB MP NJTNP RVF MPT WFSEBEFSPT DBNBMFPOFT TF FONBTDBSB FO MB NVMUJUVE TF IBDF GVFSUF BM IBDFSTF QPDP WJTJCMF .JFO USBT RVF MPT 1FQFT EFM NVOEP OP RVJFSFO EFGFOEFSTF EF OBEB .VUBO Tยฝ QF SP QBSB FTDBMBS TPDJBM QPMยฝUJDB P TFOUJNFOUBMNFOUF -P NJTNP EB 4PO DB QBDFT EF WFTUJSTF EF BDUJWJTUB SFOPWBEPS JMVNJOBEP P NBMEJUP DPO UBM EF QFHBS EF BSNBSMB EF IBDFSMB FO MB WJEB 4VT DPOWJDDJPOFT FTUยฒO BM TFSWJDJP EF TV BNCJDJร O 1POFO FO QSยฒDUJDB BRVFM WJFKP TBSDBTNP EF (SPVDIP .BSY i&TUPT TPO NJT QSJODJQJPT QFSP TJ OP MF HVTUBO UFOHP PUSPTw {2Vยน IBDFS DPO FTUPT FTDBQJTUBT FO TFSJF {4PO UPEPT OFGBTUPT {/P TF TJ HVF IBMBHBOEP BM SFDJFOUFNFOUF GBMMFDJEP %BWJE #PXJF KVTUBNFOUF QPS EBSTF WVFMUB SFJOWFOUBSTF P JODMVTP Z NยฒT BMMยฒ JNJUBS Z TBRVFBS B DPMFHBT DPNP -PV 3FFE %FTEF MVFHP RVF FT IJFMP EFMHBEP KV[HBS NPSBMNFOUF B VO DSFBEPS PUSP BDVTBEP EFM UJQP GVF 1JDBTTPy .FOPT DPNQMFKP FT IBDFSMP DPO RVJFO OP UJFOF OJ FM UBMFOUP OJ MB USBTDFOEFODJB EF #PXJF /J IBCMBS FM GSBDBTP TVF MF TFS FM KVF[ NยฒT TFWFSP : BVORVF OBEJF OPT HBSBOUJ[B RVF BMHVOB JOJNBHJ OBCMF QPTUFSJEBE OP SFTDBUF B 1FQF EFM BCJTNP Z MP FYBMUF FTUPZ TFHVSP EF RVF B ยนM OP MF JNQPSUBSยฝB /P MP RVF ยนM RVJFSF FT TFS VOB FTUSFMMB BRVยฝ Z BIPSB &O WJEB IFSNBOP FO WJEB DPNP EFDยฝB BRVFM WJFKP QPFNJUB EF "OB .BSยฝB 3BCBUUยน
%PNJOHP EF NBZP EF
1~(*/" #
&- */'03."%03
, Ã>Ê ÌiÀ
M\i^²\eqX &O FM QP[P N²T QSPGVOEP EF OVFTUSP PMWJEP "I½ FT EPOEF FTU²O MPT TBIBSBVJT "IPSB MFP RVF FM EF BCSJM NVSJÂ FO VO IPTQJUBM EF "HBEJS .BSSVFDPT FM TJOEJDBMJTUB TBIBSBVJ #SBIJN 4BJLB EF BÁPT #SBIJN GVF EFUFOJEP FM EF BCSJM DVBOEP TBM½B EF TV DB TB QBSB QBSUJDJQBS FO VOB NBOJGFTUBDJÂO QBD½GJDB i'VF MMFWBEP B MB DPNJTBS½B EF (VMFNJO EPOEF MF UPSUVSBSPO EVSBOUF IPSBTw JO GPSNB MB EFMFHBDJÂO TBIBSBVJ FO &TQBÁB #SBIJN EFDJEJÂ FOUPO DFT DPNFO[BS VOB IVFMHB EF IBNCSF QBSB QSPUFTUBS QPS FM NBM USBUP 4VQPOHP RVF MP IBC½BO EFKBEP FO NVZ NBM FTUBEP QPSRVF UBO TÂMP DJODP E½BT EFTQV¹T ZB TF FODPOUSBCB UBO HSBWF RVF GVF USBTMBEBEP BM IPTQJUBM +PWFO Z GVFSUF NVSJÂ B VOB WFMPDJEBE JOV TJUBEB Z BM QBSFDFS MBT BVUPSJEBEFT TF OFHBSPO B IBDFSMF MB BV UPQTJB &TDSJCP FTUF BSU½DVMP B MPT DVBUSP E½BT EF TV EFGVODJÂO Z QPS BIPSB MB OPUJDJB BQFOBT IB TBMJEP FO MPT NFEJPT EF DPNVOJ DBDJÂO TÂMP FO BMHVOPT EJHJUBMFT *NBHJOP BM QPCSF #SBIJN SFDV SSJFOEP B MB ÈOJDB FYUSFNB BSNB EF MVDIB RVF MF RVFEBCB MB NVFSUF QPS JOBOJDJÂO B MB FTQFSB EF RVF FTF ÈMUJNP HSJUP EF BO HVTUJB Z EF EFOVODJB GVFSB BM GJO FTDVDIBEP 1FSP OJ TJRVJFSB TV BHPO½B DPOTJHVJÂ BMDBO[BSOPT "IPSB FT B N½ B RVJFO NF EBO HBOBT EF HSJUBS NJFOUSBT FTDSJ CP FTUP QPSRVF MPT TBIBSBVJT UBNCJ¹O TF NF IBC½BO DBTJ CPSSBEP
1&340/"+&4
EF MB NFNPSJB Z FTP RVF IF FTUBEP VO QBS EF WFDFT FO MPT DBNQB NFOUPT EF SFGVHJBEPT Z RVF TJFNQSF NF IF TFOUJEP NVZ QSÂYJNB B TV DBVTB Z RVF FO UPUBM IBCS¹ FTDSJUP VOB WFJOUFOB EF SFQPSUBKFT Z BSU½DVMPT TPCSF FMMPT 1FSP MPT BÁPT QBTBO DPNP VOB MMVWJB EF QMP NP Z MB JNQMBDBCMF QPM½UJDB NBSSPRV½ EF SFQSFTJÂO Z BQMBTUBNJFO UP KVOUP DPO MB BUSP[ JOEJGFSFODJB EF MB DPNVOJEBE JOUFSOBDJPOBM IBO DPOTFHVJEP FOUFSSBS FO WJEB B FTUF QFRVFÁP IFSPJDP UFOB[ QVFCMP : MP QFPS FT RVF MB JOEJGFSFODJB OP FT TÂMP EF MPT (PCJFS OPT TJOP UBNCJ¹O EF MBT PSHBOJ[BDJPOFT TVQVFTUBNFOUF QSPHSF TJTUBT QPSRVF EF MPT QBMFTUJOPT TF IBCMB NVDIP QFSP EF MPT QPCSFT TBIBSBVJT OBEJF EJDF OBEB BVORVF TV TJUVBDJÂO TFB BÈO N²T DS½UJ DB 1FSP DMBSP TPO VO QVÁBEP EF HFOUF TJO QFUSÂMFP OJ JOUFS¹T HFPFTUSBU¹HJDP " OBEJF QBSFDF JNQPSUBSMF TV TVGSJNJFOUP 7FSHÊFO[B 4JFOUP WFSHÊFO[B QFSTPOBM QPS NJ EFTNFNPSJB QFSP TPCSF UPEP TJFOUP VOB JOGJOJUB WFSHÊFO[B DPMFDUJWB QPSRVF &TQBÁB FT MB DVMQBCMF EF FTUF ESBNB %VSBOUF DBTJ DJFO BÁPT MFT DPMPOJ[BNPT EF NBOFSB JOEPMFOUF FO UPEP FTF UJFNQP TÂMP IVCP VO TBIBSBVJ RVF MMFHBSB B MB VOJWFSTJEBE TF IJ[P N¹EJDP " NF EJBEPT EF MFT QSPNFUJNPT MB JOEFQFOEFODJB Z MPT JOPDFOUFT TBIBSBVJT TF MP DSFZFSPO 5SFT NFTFT N²T UBSEF FM EF OPWJFN CSF TF GJSNÂ FO .BESJE VO BDVFSEP RVF EJWJE½B FM 4²IBSB FOUSF .B
SSVFDPT Z .BVSJUBOJB i/PT USBJDJPOBSPO Z WFOEJFSPO DPNP PWFKBTw -PT FTQBÁPMFT OPT SFUJSBNPT B UPEP DPSSFS Z .BSSVFDPT JOWBEJÂ FM 4²IBSB EF NBOFSB CSVUBM 5PEBT MBT QFSTPOBT RVF QVEJFSPO IPN CSFT Z NVKFSFT OJÁPT Z WJFKPT IVZFSPO B USBW¹T EFM EFTJFSUP TJO W½ WFSFT Z DPO MP QVFTUP NJFOUSBT MPT NBSSPRV½FT MPT CPNCBSEFBCBO DPO OBQBMN &O MBT QSJNFSBT TFNBOBT MMFHBSPO B NPSJS NJMFT EF OJ ÁPT QPS MBT FOGFSNFEBEFT Z FM IBNCSF 1PS GJO "SHFMJB MFT PGSFDJÂ JOTUBMBSTF FO MB )BNBEB RVF FT FM EFTJFSUP N²T JOIÂTQJUP EFM NVO EP VO JOGJFSOP EF QJFESB FO EPOEF TÂMP WJWFO FTDPSQJPOFT Z W½CP SBT : BI½ FTU²O UPEBW½B 4PO VOPT NJM Z MMFWBO BÁPT FO UJFOEBT QSPWJTJPOBMFT EF SFGVHJBEPT 4FOTBUPT QBD½GJDPT Z FTUPJDPT MP IBO JOUFOUBEP UPEP TJO SFDVSSJS BM UFSSPSJTNP Z OPTPUSPT TF MP QSFNJBNPT BT½ DPO PM½N QJDB JHOPSBODJB EF TVT EFSFDIPT Z EF TV EPMPS .BSSVFDPT IB JO DVNQMJEP VOB Z PUSB WF[ MBT SFTPMVDJPOFT EF MB 0/6 Z IB DPNFUJEP UPEP UJQP EF USPQFM½BT QFSP &TQBÁB TJHVF CFT²OEPTF DPO FTF NP OBSDB BMBV½ BM RVF UBOUP RVJFSF OVFTUSB $PSPOB : OP TÂMP OP IF NPT EFGFOEJEP KBN²T B MPT TBIBSBVJT TJOP RVF BEFN²T IFNPT TJ EP FM QSJODJQBM QSPWFFEPS EF BSNBT B .BSSVFDPT EF FTBT BSNBT DPO MBT RVF EFTQV¹T MPT BOJRVJMBO /P RVJFSP OJ QFOTBS FO MB EFTFTQF SBDJÂO RVF EFCFO EF TFOUJS MPT SFGVHJBEPT FO TV OFHSP DPOWFODJ NJFOUP EF RVF OP IBZ TBMJEB i.BSSVFDPT OPT FTU² NBUBOEP B GVF HP MFOUPw 1VFEF RVF BMHÈO E½B UPEP FTF TVGSJNJFOUP TF USBOTNVUF FO WJPMFODJB UFSSPSJTUB Z FOUPODFT MFT DPOEFOBSFNPT Z OPT GSPUBSF NPT MBT NBOPT $POWFSUJEPT FO NBMPT TF BDBCÂ MB DVMQB Ï 304" .0/5&30 &%*$*0/&4 &- 1"¡4 4- 5PEPT MPT EFSFDIPT SFTFSWBEPT
4*-7*/0 $6#&4"3& : "3-: 7&-«426&; "5-&5"4 '0504 &- */'03."%03 t . 7"3("4
$0/ -" .&5" TJFNQSF FO MB NJSB /BDJEPT QBSB TFS EFQPSUJTUBT FM VMUSBNBSBUPOJTUB 4JMWJOP $VCFTBSF Z "SMZ 7FM TRVF[ DPNQBSUFO FM DBNJOP RVF MPT IB MMFWBEP B IBDFS MP RVF N T MFT HVTUB DPNQFUJS 1PS /PSNB (VUJ¹SSF[
&
KFNQMP EF MVDIB TPO Z MP TBCFO QF SP OP TF KBDUBO EF FMMP "SMZ 7FM²T RVF[ Z 4JMWJOP $VCFTBSF OP TF VS HFO FO IBCMBS TPCSF MBT NFEBMMBT RVF IBO MPHSBEP Z EF MBT M½OFBT EF NFUBT B MBT RVF IBO MMFHBEP DPO FM ÈMUJNP EF TVT BMJFOUPT &MMPT QSFGJFSFO IBCMBS EF MB WJEB EF DÂ NP B QFTBS EF MPT PCTU²DVMPT IBO TBCJEP FODPO USBSMF HSBDJB B TVT E½BT EF DÂNP FM EFQPSUF IB EF UPOBEP VOB GVFOUF EF JOTQJSBDJÂO FO TVT FOUPSOPT "SMZ FT WFMP[ VOB S²GBHB IVNBOB QFTF B RVF TVT QJFSOBT OP SFTQPOEFO B MBT JOTUSVDDJPOFT EF TV DFSFCSP " MPT BÁPT TF SPNQJÂ MB FTQBMEB BM DBFS EF VOB CJDJDMFUB EF NPOUBÁB Z EFTEF FOUPO DFT IB FYQMPSBEP EPDFOBT EF EJTDJQMJOBT NPOUB EP FO VOB TJMMB EF SVFEBT 1PS TV QBSUF 4JMWJOP FT DPNP VO MFPQBSEP FO DBDFS½B TVT QJFSOBT MF IBO EBEP WJDUPSJBT RVF NV DIPT QSPGFTJPOBMFT EFM BUMFUJTNP OP IBO MPHSBEP FO BÁPT EF QSFQBSBDJÂO QSPGFTJPOBM 4JMWJOP FT SBS² NVSJ Z TVT IVBSBDIFT MP BDPNQBÁBO FO DBEB NBSB UÂO Z DBSSFSB EFOUSP Z GVFSB EF .¹YJDP "NCPT FTU²O EF WJTJUB FO (VBEBMBKBSB QBSB QBSUJDJQBS FO i8JOHT 'PS -JGF 8PSME 3VOw Z EF NPTUSBS RVF OP FYJTUF DPNQFUFODJB QFRVFÁB OJ DSVDF EF NFUB MFKBOB RVF OP TF QVFEB MPHSBS QF TF B MBT DPOEJDJPOFT G½TJDBT P DVMUVSBMFT %F FMMPT TF IB IBCMBEP CBTUBOUF EF MPT USJVO GPT RVF WJTUFO B TVT WJUSJOBT EF MPT UPSOFPT JOUFS OBDJPOBMFT Z PM½NQJDPT FO MPT RVF IBO MMFWBEP FM OPNCSF EF .¹YJDP DPNP FTUBOEBSUF 4JMWJOP SF DVFSEB MBT TFJT IPSBT EF JEB Z WVFMUB RVF EJB SJBNFOUF FNQSFOE½B FO TV DPNVOJEBE EF MB RVF B QSJNFSBT IPSBT EFM E½B UFO½B RVF TBMJS B QJF QB
LNL <HGJNBLM:L - Û Ê ÕLiÃ>Ài\
nes en Chihuahua 2014.
Vancouver 2010.
W Primer lugar en los 100 km W Primer lugar en los 110 km W Campeón nacional en del ultramaratón de la Ruta Run del Gran Trail Peñalara 2015, Handcycle en 2009. en Costa Rica en 2012 y 2013 España. W Puesto 11 en los Juegos PaW Primer lugar en la categoría W Medalla de bronce en los Jue- ralímpicos de Sochi 2014. senior y el segundo lugar gene- gos Mundiales de los Pueblos W Cuarto lugar en Handcycle en ral en los 154 km del Trail Indígenas 2015. los Juegos Panamericanos Quixote Legend de 2014 en Es2011 de Guadalajara. À ÞÊ6i ?õÕiâ\Ê paña. W Primer lugar en los 100 km W Puesto 26 en el slalom gigan- W Segundo lugar nacional en del Ultramaratón de los Caño- te de los Juegos Paralímpicos de Park City Utah en 2014.
SB MMFHBS IBTUB MB UJFOEB FO MB RVF QPE½B FODPO USBS BMJNFOUP QBSB TV GBNJMJB " WFDFT EFTDBM[P B WFDFT DPO IVBSBDIFT QFSP TJFNQSF MB NJTNB EJTUBODJB CBKP FM NJTNP 4PM
4JO MªNJUFT "SMZ EF BÁPT Z PSJHJOBSJP EF $BODÈO SFNFNPSB BRVFMMB DB½EB RVF MP JONPWJMJ[Â USBT VOB NBMB KVHBEB EFM UFSSFOP Z EF MB CJDJDMFUB EF DÂNP TVT WFSUFCSBT TF EFTUSP[BSPO DVBOEP ¹M HP [BCB EF QFSUFOFDFS B MPT NFKPSFT DJDMJTUBT EF iEPXOIJMMw FO .¹YJDP 5SBT FM BDDJEFOUF FTQFSÂ TFJT NFTFT VO BÁP EFTQV¹T USFT BÁPT IBTUB RVF DPNQSFOEJÂ RVF TVT QJFSOBT ZB OP TFS½BO MBT NJT NBT QFSP QSFTVNF RVF BM QSJNFS E½B EF FTUBS FO MB TJMMB EF SVFEBT QVEP EPNJOBS iFM DBCBMMJUPw B MFWBOUBS MB TJMMB TPCSF TVT EPT SVFEBT i&TUBCB DPNQJUJFOEP FO FM DJSDVJUP OBDJPOBM
ZB IBC½B TJEP DBNQFÂO OBDJPOBM KVWFOJM 5VWF MF TJÂO NFEVMBS 1FOT¹ RVF EFTQV¹T EF TFJT NFTFT UPEP WPMWFS½B B MB OPSNBMJEBE RVF WPMWFS½B B MB CJDJDMFUB QBTBSPO USFT BÁPT UVWF EFQSFTJÂO Z SF QMBOU¹ NJ SFBMJEBE FO MB TJMMB EF SVFEBT 5PEB MB WJEB NF TFOU½ BUMFUB Z BIPSB TPMP UFO½B RVF IBDFS MP BEBQUBEPw "SMZ QSPCÂ MB OBUBDJÂO CBTRVFUCPM QJTUB MBO[BNJFOUP QFSP BTFHVSB RVF OJOHVOP MP DPO WFODJÂ QPS DPNQMFUP IBTUB RVF DPOPDJÂ FM NP OPTLJ BMQJOP iBI½ SFHSFT¹ B MB NPOUBÁB B MP RVF N²T NF HVTUB NF SFFODPOUS¹ FSB B MP RVF RVF S½B EFEJDBS NJ WJEB MB TJMMB EF SVFEBT TPMP TFS½B PUSP WFI½DVMP N²T RVF EPNJOBSw "DUVBMNFOUF "SMZ SFBMJ[B IBOE DZDMF CJDJDMFUB EF NBOP Z FO FM JOWJFSOP FM NPOP FTRV½ BMQJOP DPOTJEFSBEP DP NP VOP EF MPT NFKPSFT EFM NVOEP i&O FTUF EFQPSUF TF EFNVFTUSB RVF OP IBZ
UBOUB EJGFSFODJB FOUSF MBT QFSTPOBT DPO BMHÈO UJ QP EF EJTDBQBDJEBE P VOB DPOWFODJPOBM &T RVJBOEP TPNPT Z QPEFNPT IBDFS MP NJTNP -P N²YJNP RVF QPEFNPT UFOFS FO FTUB WJEB FT FTUBS QSFTFOUF FO FM NPNFOUP Z FTP NF IB MMFWBEP B FTUF EFQPSUFw 4JO JNQPSUBS MB EJTDJQMJOB EFQPSUJWB B MB RVF TF UFOHB WPDBDJÂO "SMZ EFTUBDB RVF MB JNQPSUBO DJB Z VSHFODJB EF NFKPSBS MBT DPOEJDJPOFT EFQPS UJWBT FO .¹YJDP i"IPSJUB Z TJFNQSF IB TJEP RVF DVBMRVJFS EFQPSUJTUB RVF MMFHB B VO OJWFM CVFOP FT QPS N¹SJUP QSPQJP OP IBZ VOB FTUSVDUVSB RVF BDPNQBÁF FM EFTBSSPMMP EF VO EFQPSUJTUB TPO NVZ QPDPT MPT DBTPT RVF UJFOFO MB TVFSUF EF UF OFS VO DPBDI BQBTJPOBEP BM RVF OP MF JNQPSUB FM TVFMEP RVF WB CVTDBOEP UBMFOUP DPO QMBOFT B NF EJBOP Z FM MBSHP QMB[P &TB TFS½B MB QSJPSJEBEw
" TV QSPQJP SJUNP i"MM² OP IBZ USBOTQPSUF BOUFT OP IBC½B GPS NB EF TBMJS 1BSB JS B VO NBOEBEP IBC½B RVF DB NJOBS TJFUF IPSBT EF JEB Z EF SFHSFTP OPT MMFWB CB UPEP FM E½Bw BT½ DPNJFO[B B DPOUBS TV IJTUPSJB 4JMWJOP $VCFTBSF VMUSBNBSBUPOJTUB QFSUFOF DJFOUF B MB DPNVOJEBE SBS²NVSJ EF MB 4JFSSB 5B SBIVNBSB EF $IJIVBIVB RVF EFTEF IBDF VO QBS EF BÁPT USBOTGPSNÂ TV OFDFTJEBE EF DBNJOBS QPS LJMÂNFUSPT B VOB QBTJÂO QPS MBT QJTUBT QSPGFTJP OBMFT i$BTJ TJFNQSF DBNJO¹ TPMP OP NF HVTUB FTUBS BDPNQBÁBEP .F HVTUBCB DBNJOBS NVDIP Z B NV DIB HFOUF OP MF HVTUBCB TFHVJSNF IBDFSMP 5BN CJ¹O BM USBCBKP DBNJOBCB IBD½B NVDIBT DPTBT FO MB BHSJDVMUVSB TFNCSBOEP NB½[ EFTIJFSCBS JCB QPS MFÁB P BHVB Z NF MB MMFWBCB FO FM MPNPw 4JMWJOP FTU² B QVOUP EF MMFHBS B MPT BÁPT EF WJEB Z BTFHVSB RVF QFTF B MPT QBUSPDJOJPT F JOWJUB DJPOFT JOUFSOBDJPOBMFT OP TF IBO EFUFOJEP ¹M TJFN QSF FTUBS² BM QFOEJFOUF EF TV DPNVOJEBE EF TFHVJS GJSNF B TVT MBCPSFT EPN¹TUJDBT QBSB JNQVMTBS B TVT DJODP IJKPT EF MPT DVBMFT EPT ZB TF FODBNJOBO B TF HVJS TVT QBTPT TPCSF MPT NBSBUPOFT "VORVF MF IBO PGSFDJEP VUJMJ[BS VOJGPSNFT EFQPSUJWPT 4JMWJOP QVOUVBMJ[B RVF QBSB ¹M FT N²T DÂNPEP FNQSFOEFS MPT NBSBUPOFT BUBWJBEP DPO MB WFTUJNFOUB USBEJDJPOBM EF MPT SBS²NVSJ DPNP MB OBQBDIBMB DBNJTB Z TFHVJS GJFM B TVT IVBSB DIFT QFTF B RVF FO PDBTJPOFT IBZ RVF BEBQUBS TF B MPT SFRVFSJNJFOUPT EF VUJMJ[BS QSFOEBT N²T DPOWFODJPOBMFT Z DBM[BEP OFUBNFOUF EFQPSUJWP i&O MPT QSJNFSPT BÁPT NF DPTUÂ NVDIP BEBQUBSNF MPT UFOJT OP NF HVTUBCBO &O &TQB ÁB UVWF RVF VUJMJ[BS UFOJT QPSRVF BT½ OP QPE½B QBSUJDJQBS 1FSP DVBOEP MMFHP B MB NFUB NF TJFO UP DPOUFOUP B HVTUP FO NJ GBNJMJB FTU²O DPOUFO UPT MMPSBO BM FNPDJPOBSTFw BM SFDPSEBS FM QSJNFS MVHBS RVF PCUVWP FO FM (SBO 5SBJM 1FÁBMBSB BOUF VOB QSVFCB EF LJMÂNFUSPT
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF NBZP EF
"/«-*4*4 &OSJRVF 5PVTTBJOU BOBMJTUB QPMÓUJDP
&
M FTQ½SJUV EF MB USBOTJDJÂO TF BHPUÂ FO MB &TQBÁB EF IPZ )BDF BQFOBT DVBUSP E¹DBEBT MB QPM½UJDB FTQBÁPMB OP FSB BM¹SHJDB B MPT QBDUPT "M DPOUSBSJP MB BSRVJUFDUVSB BVUPSJUBSJB EFM GSBORVJT NP TF EFTNPOUÂ TJO OFDFTJEBE EF EFSSBNBNJFOUP EF TBOHSF &O MB NJTNB NFTB EFSFDIBT F J[RVJFSEBT NP O²SRVJDPT Z SFQVCMJDBOPT OBDJPOBMJTUBT DBUBMBOFT WBTDPT HBMMFHPT P FTQBÁPMFT NJOJTUSPT EF MB EJDUBEV SB Z DPOWFODJEPT EFNÂDSBUBT QBDUBCBO FM NBSDP RVF EBS½B WJEB B MB &TQBÁB QPTGSBORVJTUB Z B MB $POTUJUV DJÂO EF /J MB BNFOB[B EF VO HPMQF EF &TUBEP RVF TF QSPEVKP QPDP UJFNQP EFTQV¹T FM EF GFCSF SP EF GVF VO JOIJCJEPS EFM BDVFSEP -PT MMBNB EPT i1BDUPT EF MB .PODMPBw JOBVHVSBCBO MB EFNPDSB DJB MFHBMJ[BCBO BM 1BSUJEP $PNVOJTUB EBCBO MB CJFOWFOJEB BM QMVSJQBSUJEJTNP B MB MJCFSUBE EF FYQSF TJÂO Z B MB EFTDFOUSBMJ[BDJÂO UFSSJUPSJBM 1PS NVDIPT BÁPT MB iUSBOTJDJÂO QBDUBEBw B MB FT QBÁPMB GVF PCKFUP EF BENJSBDJÂO QBSB QPMJUÂMPHPT Z TP DJÂMPHPT {$ÂNP VO QB½T UBO QPMBSJ[BEP EJWJEJEP DPO UBOUBT IFSJEBT BCJFSUBT QVEP QPOFSTF EF BDVFSEP QB SB EBSMF MB CJFOWFOJEB B MB EFNPDSBDJB +BWJFS $FSDBT OPWFMJTUB DPOPDJEP QPS MB FTQM¹OEJEB PCSB UJUVMBEB iBOBUPN½B EF VO JOTUBOUFw TPTUJFOF RVF GVF MB GVFS[B EFM SFDVFSEP MBT IFSJEBT EF MB HVFSSB DJWJM Z FM EPMPS EF MB TBOHSF EFSSBNBEB MP RVF TBDÂ MP NFKPS EF MPT iQBESFT EF MB USBOTJDJÂOw "EPMGP 4V²SF[ 'FMJQF (PO [²MF[ 4BOUJBHP $BSSJMMP Z .BOVFM 'SBHB 1BSU½BO EF QPTUVSBT JSSFDPODJMJBCMFT UBO EJTUBOUFT DPNP TPO FM DPNVOJTNP Z FM GSBORVJTNP FM TPDJBMJTNP Z FM GBMBO HJTNP Z B QFTBS EF FMMP QBDUBSPO MP RVF IBC½B RVF QBD UBS .JUJGJDBEB QPS VOPT WJMJQFOEJBEB QPS PUSPT FT DJFSUP QFSP MB USBOTJDJÂO FTQBÁPMB BSBÁÂ EF MB DMBTF QPM½UJDB EF BRVFM NPNFOUP VO FTQ½SJUV EF DPMBCPSB DJÂO TJO QBSBOHÂO "IPSB MPT OPNCSFT QSPQJPT IBO DBNCJBEP *O DMVTP FM SFMBUP TPCSF MB USBOTJDJÂO IB WFOJEP DBNCJBO EP -B USBOTJDJÂO EFKÂ EF FTUBS FO VO QFEFTUBM Z MB OB SSBUJWB EF BRVFM NPNFOUP IJTUÂSJDP TF FODVFOUSB FO EJTQVUB QPM½UJDB &O MB &TQBÁB EF IPZ MPT BDUPSFT TPO PUSPT .BSJBOP 3BKPZ QSFTJEFOUF FO GVODJPOFT EFM (P CJFSOP EF &TQBÁB 1FESP 4²ODIF[ DBCF[B EFM TPDJB MJTNP Z GBMMJEP BTQJSBOUF B -B .PODMPB 1BCMP *HMFTJBT KPWFO QSPGFTPS EF $JFODJB 1PM½UJDB Z MB JNBHFO NVO EJBMNFOUF DPOPDJEB EF 1PEFNPT Z "MCFSU 3JWFSB M½ EFS EF $JVEBEBOPT VO QBSUJEP RVF OBDF FO $BUBMVO ZB DPNP SFTQVFTUB BM TPCFSBOJTNP Z RVF TF DPMPDÂ DPO GVFS[B FO FM DFOUSP EFSFDIB EFM QMBOP DBSUFTJBOP QP M½UJDP &OUSF FTUPT DVBUSP OPNCSFT QSPQJPT DPOUSPMBO EF MPT FTDBÁPT EFM $POHSFTP EF MPT %JQVUB EPT &O FTUPT DVBUSP OPNCSFT RVFEB MB SFTQPOTBCJMJ EBE EF OP IBCFS QPEJEP FO E½BT QPOFSTF EF BDVFS EP QBSB GPSNBS VO (PCJFSOP /J B MB J[RVJFSEB OJ B MB EFSFDIB OJ BM DFOUSP MPT QPM½UJDPT FTQBÁPMFT GVFSPO DBQBDFT EF DPOTUSVJS VOB NBZPS½B FO VO NPNFOUP DMB WF FO MB IJTUPSJB EF &TQBÁB MB SFDVQFSBDJÂO EF MB DSJ TJT FDPOÂNJDB TJHVF TJFOEP E¹CJM FM JOEFQFOEFOUJTNP DBUBM²O OP IB SFOVODJBEP B MB IPKB EF SVUB EF DPOTF HVJS VO FTUBEP QSPQJP FO NFTFT Z MB DPSSVQDJÂO TJ CJFO BGFDUB QSJODJQBMNFOUF BM HPCFSOBOUF 1BSUJEP 1P QVMBS MPT FTD²OEBMPT EF NBMWFSTBDJÂO EF SFDVSTPT FDPOÂNJDPT GSBVEF GJTDBM Z CMBORVFP EF DBQJUBMFT HPM QFBO B DBTJ UPEPT MPT QBSUJEPT QPM½UJDPT Z IBTUB B MB $B TB 3FBM MB *OGBOUB $SJTUJOB EF #PSCÂO Z (SFDJB UVWP RVF TFOUBSTF FO FM CBORVJMMP QBSB SFTQPOEFS QPS EFMJ UPT EF FWBTJÂO GJTDBM EF TV NBSJEP Z TV QPTJCMF DPOP DJNJFOUP EF MBT USBNBT GSBVEVMFOUBT /P GBMUB RVJFO EJDF RVF &TQBÁB FTU² GSFOUF B VOB DSJTJT EF S¹HJNFO EFMBOUF EFM GJO EF MPT DPOTFOTPT EF MB USBOTJDJÂO .ÈMUJQMFT IJQÂUFTJT TF IBO QVFTUP TPCSF MB NFTB QBSB FYQMJDBS FM GSBDBTP EF MPT QPM½UJDPT FTQBÁPMFT FO MB GPSNBDJÂO EF VO (PCJFSOP USBT MPT DPNJDJPT EFM EF EJDJFNCSF QBTBEP %FTEF VOB TVQVFTUB BWFSTJÂO EF MPT FTQBÁPMFT B MPT QBDUPT B EJGFSFODJB EF TVT WFDJ OPT BMFNBOFT IPMBOEFTFT P JUBMJBOPT QBTBOEP QPS MB N½OJNB VSHFODJB EFM QBDUP FT EFDJS OP IBC½B NVDIP FO KVFHP DPNP MP FYQVMTP +PTFQ $PMPNFS FO &M 1B ½T MB iQPDB FTUBUVSBw EF MB DMBTF QPM½UJDB BDUVBM FO DPNQBSBDJÂO DPO MPT QFSTPOBKFT EF MB USBOTJDJÂO Z IBTUB FM IFDIP EF RVF MPT JODFOUJWPT TF BMJOFBSPO QB SB RVF MPT EJTUJOUPT QBSUJEPT QPM½UJDPT DSFZFSBO RVF VOB SFQFUJDJÂO EF FMFDDJPOFT MFT GBWPSFDFS½B &YQMPSB S½B VOB IJQÂUFTJT N²T RVF TF BÁBEF B FTUF DPNQFOEJP EF FYQMJDBDJPOFT RVF IBO EBEP DPNFOUBSJTUBT QFSJP
53"*$* / 1"$504
: %&.0$3"$*" w2V FYQMJDB FM GSBDBTP EF MPT QSJODJQBMFT BDUPSFT QPM¤UJDPT FO MB QSJNFSB FMFDDJªO QPTU CJQBSUJEJTUB FO &TQB¨B
|1PTUVSBT JSSFDPODJMJBCMFT
EJTUBT Z BOBMJTUBT FTQBÁPMFT MB FYDFTJWB JEFPMPHJ[B DJÂO EF MPT QPTUVMBEPT QBSUJEJTUBT Z QPS UBOUP FOUFO EFS MBT DFTJPOFT FO VOB OFHPDJBDJÂO OP DPNP BMHP OB UVSBM FO VOB EFNPDSBDJB TJOP DPNP VOB SFOVODJB JOBDFQUBCMF &O MB USBOTJDJÂO FM BDVFSEP GVF QPTJCMF EFCJEP B RVF UPEPT FOUFOEJFSPO RVF MB USBJDJÂO FSB JOF WJUBCMF QBSB JOBVHVSBS MB ¹QPDB EF MB &TQBÁB EFNP DS²UJDB QBSB OP TFHVJS TJFOEP VOB BOPNBM½B FO FM DPO UFYUP FVSPQFP )BC½B VO iCJFO NBZPSw RVF KVTUJGJDBCB MB USBJDJÂO MB IJTUPSJB EPUBCB EF TFOUJEP B MB SFOVODJB 5SBJDJPOBSTF QPS MB EFNPDSBDJB TJHOJGJDBCB QBTBS B MPT MJCSPT EF UFYUP EF MB IJTUPSJB DPOWFSUJSTF FO VO NJUP QPM½UJDP RVF FOUFSSBCB BM GSBORVJTNP Z VO iQBESFw EF VOB JODJQJFOUF EFNPDSBDJB &TF TFOUJEP TF FTGVNÂ
6O GSBDBTP TPTQFDIBEP 5SBT MB OFHBUJWB B FODBCF[BS MBT OFHPDJBDJPOFT QBSB GPSNBS (PCJFSOP EF RVJFO PCUVWP N²T FTDBÁPT FO MB FMFDDJÂO .BSJBOP 3BKPZ 1FESP 4²O DIF[ SFDJCJÂ MB FODPNJFOEB EFM SFZ QBSB CVTDBS GPS NBS VO (PCJFSOP /P TBCFNPT TJ MBT JOUFODJPOFT EFM TFDSFUBSJP HFOFSBM EFM 1BSUJEP 4PDJBMJTUB 0CSFSP &T QBÁPM 140& FSBO SFBMNFOUF FSJHJSTF FO QSFTJEFOUF EFM (PCJFSOP P TJ TJNQMFNFOUF CVTDBCB MB TVQFSWJ
Õ> Ê*> >À
, "Ê Ê1 Ê -* / ", "UNPTG¹SJDBT 6OB OVCF EF DBMPS JODMFNFOUF FO WVFMWF B MB DJVEBE MPT USBCBKPT EF NBZP &M DMJNB CFOJHOP EFM WBMMF IBDF EFTQV¹T PMWJEBS DBEB BÁP FT UPT NÂEJDPT oTJ MPT DPNQBSBNPT DPO MPT EF PUSPT MB EPTo FYUSFNPT EF MPT UFSNÂNFUSPT UBQBU½PT +B EFBOUFT RVFEB VO DPOTVFMP TJO MB FTUBDJÂO EF MPT BSEPSFT OP MMFHBS½B KBN²T FM CFOEFDJEP UJFNQP EF BHVBT FM SFTQMBOEPS EF MPT GPMMBKFT RVF IBCS²O EF FTUSFNFDFSTF CBKP FM QPEFS½P EF MBT UPSNFOUBT EFM FTU½P /J TF UFOES½B FM DPOUSBTUF JOEJTQFOTBCMF RVF IBDF QPTJCMF MB DPODJFODJB EF MPT BÁPT &M KBSEJOF SP SFDPHF DPO DBMMBEB DPODFOUSBDJÂO MBT IPKBSBTDBT RVF FTUPT TPMFT EFKBO B TV QBTP CJFO TBCF RVF EF FTUB U²DUJDB SFUJSBEB MBT FOSFEBEFSBT PCUFOES²O QSPOUP MPT USJVOGBOUFT BWBODFT RVF TVT HV½BT DPO EVDJS²O TPCSF MB FTQBMEB EPSBEB EFM WFSBOP 6OB DMBWF MB DBODJÂO EFM TFHVOEP EJTDP EF VO ²MCVN EPCMF EF 1FBSM +BN RVF TF MMBNB -PTU EPHT 3BSF[BT SFUB[PT DBODJPOFT EFTCBMBHBEBT DBKÂO EF TBTUSF EF VOB EF MBT NFKPSFT CBOEBT EFM SPDL EF UPEPT MPT UJFNQPT 1FSSPT QFSEJEPT B WFDFT NVFSEFO DPO TVT DPMNJMMPT EF SFRVJOUPT EFTBUB EPT TVT SFEPCMFT GVSJCVOEPT Z EF WF[ FO DVBOEP DPO VOB TPMB QBMBCSB RVF OPNCSB VO GSBHNFOUP RVF QPS BMHVOB SB[ÂO FT VO DMBWP FO MB NFNPSJB &T FM DBTP EF #SPUIFS /P IBZ OJOHVOB WP[ TPMB NFOUF MB CBOEB RVF DPNP VOB N²RVJOB QSFDJTB TJFNQSF VO QPDP EFNFODJBM SFDPSSF B USBW¹T EF FT UB DBODJÂO VO DBNJOP RVF TF BCSF DBEB WF[ EJTUJO UP QBSB RVJFO PJHB FTUBT OPUBT )FSNBOP FM EF MB TBOHSF P FM EF MB WFOUVSPTB FMFDDJÂO FM QFSEJEP Z FM QSFTFOUF FM RVF TF FYUSBWJÂ FO BMHVOP EF MPT MB CFSJOUPT EF MB WJEB FM RVF WPMWJÂ MB FTQBMEB Z EFKÂ BUS²T FM FTFODJBM QBO EF MB DBNBSBEFS½B FM RVF EF
EJÂ B ÈMUJNP NPNFOUP CVTDBOEP VO BDVFSEP QBSUJDVMBSNFOUF DVBOEP MBT FODVFTUBT DPNFO[BCBO B SFGMFKBS VO EFDMJWF EFM WPUP QBSB MPT EF *HMFTJBT TJO FN CBSHP MB KVHBEB B iUSFTw EF 4²ODIF[ IBC½B GSBDBTBEP FSBO EFNBTJBEBT M½OFBT SPKBT RVF TFQBSBCBO B BNCPT JOTUJUVUPT QPM½UJDPT Z $JVEBEBOPT OVODB TF QMBOUFÂ NPWFS GJDIB : MB QPTJCJMJEBE EF VOB iHSBO DPBMJDJÂOw DPO FM 11 GVF EFTDBSUBEB QPS 4²ODIF[ DPO VO FOG²UJ DP i/P FT OP TFÁPS 3BKPZw
SJWÂ JOTFOTJCMFNFOUF IBTUB CPSSBSTF FO MB OJFCMB EFM SFDVFSEP &M RVF QFSNBOFDF JODPONPWJCMF B USBW¹T EF MBT NBSFBT EF MBT FTUBDJPOFT EF MPT EFTFODVFO USPT Z MPT WFMFJEPTPT IVNPSFT EF MPT JOFWJUBCMFT FT DPMMPT &M RVF MFWBOUB B MP MFKPT MB CBOEFSB EF TV QSFTFODJB JONVUBCMF B QFTBS EF MBT EJTUBODJBT RVF JNQPOF MB WJEB /BEB USB[BT Z IVFMMBT EF MPT E½BT RVF TF WBO RVF TJFNQSF TPO N²T DJFSUPT Z N²T IPO EPT BM BNQBSP EFM CSB[P EFM IFSNBOP RVF TBCF EBS SB[ÂO Z TFOUJEP EF MPT QBTPT GVHBDFT DPNQBSUJEPT "IPSB TF PZF PUSB WF[ B 1FBSM +BN FM SFUVNCBS EF MP RVF B MB FYJTUFODJB TPTUJFOF .¹YJDP FM PUSP E½B &T EFTEF IBDF SBUP OPDIF DFSSBEB FO MB DBMMF EF -VJT .PZB TVNFSHJEB FO MB TVOUVPTB EFDBEFODJB FO MB RVF FM DFOUSP EF FTUB DJV EBE BMVDJOBOUF TBCF OBWFHBS &M WJFKP DJOF BCBOEP OBEP QBSFDF DPOTVNJSTF FO MBT JOWJTJCMFT MMBNBT EF TV SVJOB JNQMBDBCMF 4V GBDIBEB EPSBEB Z FYUSBWB HBOUF FT FM ÈMUJNP UFTUJNPOJP EF BÁPT EF NVMUJUVEFT BUSB½EBT QPS TVT HBMBT EF QBDPUJMMB EF QFSGVNFT CB SBUPT Z G²DJMFT FNPDJPOFT EF DFMVMPJEF 6O WBHB CVOEP Z OP DVBMRVJFSB FWJEFOUFNFOUF IB FTUBCMF DJEP TV DVBSUFM HFOFSBM DPOUSB VOB EF MBT QVFSUBT DPOEFOBEBT $PO QBDJFODJB Z HVTUP JNQFDBCMF IB JOTUBMBEP VO USPOP NBKFTUVPTP VUJMJ[BOEP EFTQFS EJDJPT QBRVFUFT EF CBTVSB TFMFDUB CVMUPT EF CPMTBT EF QM²TUJDP 6OB EFMJDBEB TJNFUS½B HPCJFSOB MB DPN QPTJDJÂO VOB FTDBMB IFSPJDB TBCF JNQPOFS FM JOEJT QFOTBCMF SFTQFUP OP IBCS² QPMJD½B RVF TF BUSFWB BT½ B EFTBMPKBS BM TPCFSBOP EF MB DVBESB oRVJ[² EF UP EP FM DFOUSP 4FOUBEP FO TV TJUJBM DPO MB JOEJGFSFO DJB EF MPT FMFHJEPT FM SFZ FYJHF EF WF[ FO DVBOEP B MPT USBOTFÈOUFT RVF TF BOJNBO B DSV[BS BOUF TV QSF TFODJB FM USJCVUP EF VO DJHBSSP "MHVOPT BUJOBO CBM
WFODJB QPM½UJDB BOUF TVT NBHSPT SFTVMUBEPT FMFDUPSB MFT MPT QFPSFT FO MB IJTUPSJB EFM QBSUJEP TPDJBMEFNÂ DSBUB BTJFOUPT Z FM EF MPT WPUPT 4²ODIF[ CVT DÂ VO BDVFSEP JNQPTJCMF $PNP CJMMBSJTUB RVF NJSB IBDJB MB EFSFDIB QBSB MVFHP RVFSFS FNCVDIBDBS FO MB J[RVJFSEB 4²ODIF[ QBDUÂ DPO $JVEBEBOPT VOB BHFOEB EF SFGPSNBT RVF FM QFSJPEJTUB &OSJD +VMJBOB DBMJGJDÂ DPNP FM i(SBO $FOUSPw 4JO FNCBSHP MPT EJ QVUBEPT EF VOP Z PUSP QBSUJEP TÂMP BSBÁBCBO FT DBÁPT BÈO GBMUBCB PUSP USJQVMBOUF : FM BDVFSEP DPO MPT EF 3JWFSB MP BMFKBCB EF 1PEFNPT Z EF MBT DPOGMVFO DJBT EF J[RVJFSEB 'VF DVBOEP FM TPDJBMJTUB BCSJÂ DPNVOJDBDJÂO DPO FM 1PEFNPT EF 1BCMP *HMFTJBT Z MBT EJTUJOUBT NBSDBT BGJOFT RVF DPOGMVZFSPO DPO FM NBESJMFÁP "T½ TF DPO DSFUÂ FM DIPRVF BOVODJBEP &M BDVFSEP FOUSF 4²ODIF[ Z 3JWFSB OP UFO½B OJOHVOB QPTJCJMJEBE EF USBOTJUBS DPO 1PEFNPT &M 1BSUJEP .PSBEP QVTP TVT DPOEJDJPOFT TPCSF MB NFTB (PCJFSOP EF $PBMJDJÂO DPO *HMFTJBT EF 7JDFQSFTJEFOUF VO SFGFS¹OEVN EF JOEFQFOEFODJB FO $BUBMVÁB BVNFOUBS FM HBTUP QÈCMJDP EJTNJOVZFOEP FM SJUNP EF EFDSFDJNJFOUP EFM E¹GJDJU QÈCMJDP Z EFSP HBS MBT EJTUJOUBT SFGPSNBT RVF JNQVMTÂ FM 1BSUJEP 1P QVMBS FOUSF FMMBT MB MBCPSBM Z FEVDBUJWB 1PEFNPT DF
-PT EJTUJOUPT DMJWBKFT RVF QPMBSJ[BO B MB PQJOJÂO QÈCMJDB FTQBÁPMB UFSNJOBSPO QPS IBDFS JOUSBOTJUBCMF DVBMRVJFS QSPQVFTUB EF FOUFOEJNJFOUP 1SJNFSP FM NBSDP UFSSJUPSJBM EJWJEF Z NVDIP &M 140& IBCMB EF VOB iSFGPSNB GFEFSBMw BVORVF TVT QBSUJDVMBSJEBEFT OVODB IBO TJEP QVCMJDJUBEBT "TJNJTNP MB GVFS[B RVF IBO UPNBEP MPT M½EFSFT SFHJPOBMFT FO QBSUJDVMBS MB QSF TJEFOUF EF MB +VOUB EF "OEBMVD½B Z FM QSFTJEFOUF EF &Y USFNBEVSB Z $BTUJMMB MB .BODIB JNQJEFO DVBMRVJFS QPTJCJMJEBE EF RVF 4²ODIF[ PGSF[DB FO MB OFHPDJBDJÂO BMHVOB TPMVDJÂO QBSB FM QSPCMFNB DBUBM²O RVF OP TFB FM DBDBSFBEP GFEFSBMJTNP 4F FODVFOUSB BUBEP ZB RVF DBTJ MB NJUBE EF TV BQPZP FMFDUPSBM QSPWJFOF EF FTUBT USFT DPNVOJEBEFT MP RVF IB NBUJ[BEP VO QPDP FM IVO EJNJFOUP EFM TPDJBMJTNP FO DJVEBEFT DPNP #BSDFMPOB P .BESJE FO EPOEF RVFEÂ FO VO MFKBOP DVBSUP MVHBS 1PEFNPT QPS TV QBSUF RVF HBOÂ MBT FMFDDJPOFT HFOF SBMFT FO $BUBMVÁB DPO TV NBSDB BTPDJBEB i&O $PNÈ 1PEFNw TF DPNQSPNFUJÂ B OFHPDJBS VO SFGFS¹OEVN FO EPOEF MPT DBUBMBOFT EFDJEBO TJ TF RVJFSFO RVFEBS FO &TQBÁB P BQPTUBS QPS VO &TUBEP JOEFQFOEJFOUF $JVEBEBOPT TF OJFHB B FOUSBS FO DVBMRVJFS OFHPDJB DJÂO RVF QPOHB FO QFMJHSP MB iTPCFSBO½B OBDJPOBMw -B QPDB WPMVOUBE EF MBT QBSUFT B OFHPDJBS TFSJBNFOUF FO FTUB NBUFSJB FYQMJDB FO CVFOB NFEJEB FM GSBDBTP FO MBT SPOEBT EF EJ²MPHP FOUSF QBSUJEPT %F MB NJTNB GPSNB FM HBTUP EFM &TUBEP MB JOEF QFOEFODJB EFM 1PEFS +VEJDJBM FM FODPHJNJFOUP EF MB BENJOJTUSBDJÂO QÈCMJDB FM TJTUFNB MBCPSBM FM NPEFMP EF QFOTJPOFT Z IBTUB FM QBQFM EF &TQBÁB FO &VSPQB TFQBSBO JSSFNFEJBCMFNFOUF B MPT QBSUJEPT QPM½UJDPT -PT QSJODJQBMFT BDUPSFT QPM½UJDPT FOUJFOEFO RVF FM NFOTBKF EF TVT FMFDUPSFT IB TJEP iBG¹SSBUF B UV QSP HSBNB OP IBHBT DPODFTJPOFTw -B QPM½UJDB DPNP VO KVFHP EF WFODJEBT FO EPOEF IBZ HBOBEPSFT Z QFSEF EPSFT ¹TUPT ÈMUJNPT TPO MPT RVF TF EPCMFHBO Z DFEFO B MPT BDVFSEPT -B U²DUJDB FM GBOUBTNB EF VOB SFQFUJ DJÂO EF FMFDDJPOFT TJFNQSF DPOEJDJPOÂ MB QPM½UJDB EF QBDUPT FOUSF MPT QSJODJQBMFT M½EFSFT QPM½UJDPT TF JNQV TP FM D²MDVMP EF GVUVSP 5SBT E¹DBEBT EF CJQBSUJEJTNP JODPOUFTUBCMF MPT FTQBÁPMFT TF FOGSFOUBSPO B MB GSBHNFOUBDJÂO QPM½UJDB DPNÈO FO MPT QB½TFT FVSPQFPT Z FM SFTVMUBEP GVF FM GSB DBTP QBSB JOWFTUJS B VO QSFTJEFOUF EF (PCJFSOP -B FWJ EFODJB FT DPODMVZFOUF MPT QPM½UJDPT FTQBÁPMFT OP QB TBSPO MB QSVFCB : FT RVF B EJGFSFODJB EF MP RVF FOUFOEJFSPO MPT IPNCSFT EF MB USBOTJDJÂO MPT 3BKPZ *HMFTJBT 4²ODIF[ Z 3JWFSB OVODB FTUVWJFSPO EJTQVFT UPT B SFOVODJBS B VOB QBSUF EF TV QSPHSBNB FMFDUPSBM QBSB FODPOUSBS QVOUPT FO DPNÈO $PNP MP JMVTUSBO %FOJT +FNCBS F :WFT 3PVDBVUF FO VO JNQFSEJCMF FO TBZP UJUVMBEP iFMPHJP B MB USBJDJÂOw MB USBJDJÂO FT FM NP UPS EF MPT DBNCJPT QPM½UJDPT MB FTFODJB EF MBT USBOTGPS NBDJPOFT Z MB SVFEB RVF IBDF HJSBS MB IJTUPSJB /VFTUSB DVMUVSB TVFMF SFDIB[BS MB USBJDJÂO QFSP FO QPM½UJDB MB USBJDJÂO QVFEF TFS VOB WJSUVE DVBOEP TF IBDF FO CFOF GJDJP QÈCMJDP QFOTBOEP FO FM JOUFS¹T EF MBT NBZPS½BT "IPSB MPT FTQBÁPMFT JS²O B MBT VSOBT FO KVOJP Z FM DJV EBEBOP EFDJEJS² FO VOB FTQFDJF EF TFHVOEB WVFMUB 5BM WF[ EFTQV¹T EFM EF KVOJP VOPT Z PUSPT BIPSB T½ FT UBS²O PCMJHBEPT B PQUBS QPS MB USBJDJÂO
CVDFBOUFT B E²STFMP PUSPT DPOGVOEJEPT BMHP EJ DFO EF OP GVNBS EF OP USBFS TF BMFKBO BWFSHPO[B EPT %FTEF FOGSFOUF VO DPODJMJ²CVMP TVDFEF -PT BNJHPT EFMJCFSBO TPCSF MB QFSUJOFODJB EF MMFWBSMF VOB DBKFUJMMB DPNQMFUB BM TPCFSBOP EF -VJT .PZB DPNP N½OJNP IPNFOBKF B TV QSFTFODJB FEJGJDBOUF B TV FTUPJDP NBHJTUFSJP "M GJO VO FNJTBSJP BUSBWJF TB FM BSSPZP Z PGSFDF DPO IVNJMEBE FM ÂCPMP EF MPT JOTUBOU²OFPT TÈCEJUPT %FTEF VOB EJTUBODJB TJEF SBM FOUPODFT FM SFZ IBDF VO HFTUP EF EJTQMJDFODJB SFDIB[B DPO BMUJWF[ MB QSFOEB $PNQSFOEFO FOUPO DFT MPT BNJHPT RVF FM JNQFSJP EFM TPCFSBOP NFOEJ DBOUF TF GVOEB QSFDJTBNFOUF FO MB JOEÂNJUB MJCFS UBE RVF JOWBSJBCMFNFOUF FKFSDF FT ¹M RVJFO PUPSHB MB HSBDJB EF SFOEJSMF QMFJUFT½B FT ¹M RVJFO TBCF DV²O EP QFEJS EF RVJ¹O SFDJCJS MP EFNBOEBEP EF RVJ¹O PCUFOFS oDPOGJSNBDJÂO EF TV QPEFS½Po BMHVOBT QB MBCSBT EF FYDVTB VO HFTUP EF UFNPS Z SFWFSFODJB &OGSFOUF VO PTDVSP CBS PGSFDF FM UVSCJP GVMHPS EF NJM NF[DBMFT &M DBMPS BSSFDJB VOB NÈTJDB FO TPSEFDFEPSB JOVOEB MB DBMMF QFTBEP FT FM BJSF .BM DBNJOB MB OPDIF )BTUB RVF EF VO DPDIF EF TJUJP EF TFNCBSDB FTQMFOEFOUF UPEBT MBT GMFDIBT UFSDJBEBT FO TV DBSDBK MB NVDIBDIB DVZB BQBSJDJÂO USBOTGJ HVSB MB WJHJMJB : BT½ FT 0[ZNBOEJBT FT FM OPNCSF HSJFHP EFM GBSBÂO 3BNT¹T ** )BDJB VO PTDVSP BWFOUVSFSP JUBMJB OP QSPGBOÂ TV NBVTPMFP FO 5FCBT Z TF BM[Â DPO MPT GSVUPT EF TV SBQJÁB $PO DBSBDUFS½TUJDP HFTUP FM .V TFP #SJU²OJDP TF IJ[P EFM CPU½O %FTEF HSBO FY QFDUBDJÂO DBVTÂ FO -POESFT MB QSÂYJNB MMFHBEB EFM GSBHNFOUP EF MB DBCF[B EF MB FTUBUVB 1FTBCB N²T EF TJFUF UPOFMBEBT &M EFTQPKP OP IBCS½B EF MMFHBS TJO FNCBSHP IBTUB 1FSP MBT JNBHJOBDJPOFT TF JOGMBNBO :B EFTEF 1FSDZ #ZTTF 4IFMMFZ FM PUSP HSBO QPFUB EF TV HFOFSBDJÂO IBC½B DPNQVFT UP VOP EF TVT TPOFUPT EFGJOJUJWPT 6O DFÁJEP KVTUP DBOUP B MB GBUBM Z QFSFDFEFSB HSBOEF[B UFSSFOB BM UJFNQP EFTQJBEBEP )FSO²O #SBDP 7BSFMB TJFNQSF BUJOBEP QVCMJDÂ IBDF VOPT E½BT VOB FTQM¹OEJEB WFS TJÂO EFM QPFNB EFCJEB B 1FESP 1PJUFWJO
0[ZNBOEJBT 6OB WF[ VO WJBKFSP EF VOB OBDJÂO BKFOB NF EJKP i&O FM EFTJFSUP TF ZFSHVFO SPDB Z SPDB EPT QJFSOBT ZB TJO USPODP /P MFKPT FO MB BSFOB ZBDF VO SPTUSP EFTUSVJEP FO DVZB BOUJHVB CPDB EF MBCJPT BSSVHBEPT FO DVZP GS½P DFÁP TF BEJWJOB MB NBOP EF VO FTDVMUPS QSFDJTP RVF DBQUÂ FTBT QBTJPOFT oBIPSB TÂMP VO TVFÁP Q¹USFPo QBSB NPGBSTF EF VO DPSB[ÂO OBSDJTP BÈO TF QVFEFO MFFS EPT M½OFBT DVBM TVTQJSPT j `.J OPNCSF FT 0[ZNBOEJBT FM N²YJNP NPOBSDB NJSBE BRV½ NJT PCSBT PI HSBOEFT Z SFOEJSPT x /P RVFEB OBEB N²T &O UPEP MP RVF BCBSDB FTUB HSBOEJPTB SVJOB EFTOVEB F JMJNJUBEB MB MMBOB Z TPMB BSFOB TF FYUJFOEF IBDJB MB OBEBw /P QVFEF FWJUBS FTUF FTQFDUBEPS MB USBOTDSJQ DJÂO EF PUSP TPOFUP ¹TUF EF +PSHF -VJT #PSHFT FO FM RVF TF MFWBOUBO QBSFDJEPT FDPT " MPT RVF TF BHSF HB RVJ[²T VOB MFDDJÂO BQSFOEJEB FM PMWJEP DPNP DPOTVFMP MB EFGJOJUJWB JOVUJMJEBE EF MB CÈTRVFEB EF DVBMRVJFS QFSNBOFODJBy "RV½ )PZ :B TPNPT FM PMWJEP RVF TFSFNPT &M QPMWP FMFNFOUBM RVF OPT JHOPSB Z RVF GVF FM SPKP "E²O Z RVF FT BIPSB UPEPT MPT IPNCSFT Z RVF OP WFSFNPT :B TPNPT FO MB UVNCB MBT EPT GFDIBT EFM QSJODJQJP Z FM U¹SNJOP -B DBKB MB PCTDFOB DPSSVQDJÂO Z MB NPSUBKB MPT USJVOGPT EF MB NVFSUF Z MBT FOEFDIBT /P TPZ FM JOTFOTBUP RVF TF BGFSSB BM N²HJDP TPOJEP EF TV OPNCSF 1JFOTP DPO FTQFSBO[B FO BRVFM IPNCSF RVF OP TBCS² RVF GVJ TPCSF MB UJFSSB #BKP FM JOEJGFSFOUF B[VM EFM DJFMP FTUB NFEJUBDJÂO FT VO DPOTVFMP KQBMPNBS!JOGPSNBEPS DPN NY
%PNJOHP EF NBZP EF
1~(*/" #
&- */'03."%03
>À >Ê*> >À
>À ÃÊ À }Õi
9 ,ÊÊ
"-
Ê /1, -Ê6 , -
&M BOJMMP EF +VBOB EF "SDP FQ¤MPHP
*OPQJOBEBNFOUF FM NBSUFT EF NBZP /JDPMBT EF 7JMMJFST FM SFTQPOTBCMF EF MB DPNQSB FO TVCBTUB EFM BOJMMP EF +VBOB EF "SDP B GJOBMFT EF GFCSFSP SFDJCJÂ QPS DPSSFP VO EPDVNFOUP PGJDJBM EFCJEBNFOUF GJS NBEP Z TFMMBEP EFM HPCJFSOP EF 4V #SJU²OJDB .BKFT UBE 4F USBUBCB EF MB MJDFODJB EF FYQPSUBDJÂO PUPSHB EB QPS FM /BUJPOBM "SUT $PVODJM EFTQV¹T EF VO QBS EF NFTFT EF QMFJUPT Z KBMPOFPT RVF JODMVZFSPO QPS MB QBSUF GSBODFTB FOBSEFDJEPT EFTBG½PT QBUSJÂUJDPT B MB 1¹SGJEB "MCJÂO Z QPS MB EF MPT JOHMFTFT VOB BNF OB[B EF NVMUBT P D²SDFM QPS OP IBCFS DVNQMJEP MBT EJTQPTJDJPOFT MFHBMFT QBSB MB FYQPSUBDJÂO EF VO CJFO EF JOUFS¹T IJTUÂSJDP 4PSQSFOEJEPT Z GFMJDFT MPT GSBODFTFT BUSJCVZFO FM TÈCJUP F JOVTJUBEP DPNQPSUBNJFOUP EF CVFO QFSEFEPS EF MPT CSJU²OJDPT B VOB JOUFSWFODJÂO QP TJCMF QFSP TVQVFTUB EF MB NJTN½TJNB 3FJOB *TBCFM B RVJFO 7JMMJFST IBC½B EJSJHJEP VOB DBSUB FM EF BCSJM JOWPDBOEP TV BSCJUSJP /BEJF QPES² DPNQSPCBSMP QFSP FT VO CPOJUP GJO QBSB FM JOTÂMJUP SFDBMFOUBEP EF MB HVFSSB EF $JFO "ÁPT 4JO EVEB FTUF EF NBZP SFWFTUJS² VO TJHOJGJDB EP QBSUJDVMBS MB DFMFCSBDJÂO EFM BOJWFSTBSJP EF MB DPORVJTUB EF 0SMFBOT QPS MBT IVFTUFT EF +VBOB FO EPT NFTFT BOUFT EF MB DPSPOBDJÂO EFM %FMG½O HSBDJBT B FMMB : MPT GSBODFTFT QPES²O WPMWFS B QF EJSMF TV QSPUFDDJÂO QBSB MJCFSBS B TV QBUSJB DPNP FT DSJCJÂ #FSOBOPT FO TV i0SBDJÂO B +VBOB EF "SDPw iEF MPT USBJEPSFT EF MPT DPCBSEFT Z EF MPT JNC¹DJMFTw
1PDPT BTVOUPT EF MB &EBE .FEJB IBZ UBO QPQV MBSFT FO MBT BSUFT EF EJTUJOUPT QB½TFT DPNP +VBOB EF "SDP TV FQPQFZB Z TV MFZFOEB "TPNBSTF B MB QSP EVDDJÂO BMSFEFEPS EF MB %PODFMMB EF 0SMFBOT EB W¹S UJHP WB EFTEF MB QPFT½B NFEJFWBM IBTUB FM NBOHB Z FM BOJN¹
>À ÃÊ ÀÌjÃÊ6?âµÕiâ
6 - $ ÊÊ 9Ê - $ 5BO BOUJHVB DPNP MB IJTUPSJB EF MB IVNBOJEBE FT MB NJHSBDJÂO TÂMP RVF JOTQJSBEB Z BDFOUVBEB QPS DBEB ¹QPDB IBDF MB EJGFSFODJB FO FM NJHSBOUF OVFTUSP EF DBEB E½B RVF DPNP SF[B FM EJDIP BM UFSDFS BNBOFDFS NPMFTUB Z QFTB )FSN¹UJDP QPS JOUSPWFSUJEP WFNPT BM JOEJWJEVP MFWBOUBOEP MB NBOP DPO BEFN²O IBDJB MB CPDB JOTJ OVBOEP TV OFDFTJEBE FM BQFUJUP RVF MF MBO[B BM DSV DFSP B TPMJDJUBS DPO IVNJMEBE FM HFTUP CFOFWPMFOUF EFM WJBOEBOUF DPOEVDUPS BVUPNPUSJ[ Z FWFOUVBMNFOUF FM QBTBKFSP EFM USBOTQPSUF VSCBOP "T½ FT MB JNBHFO BDUVBM EF VO GFOÂNFOP D½DMJDP IJTUÂSJDP Z RVFS²NPT MP P OP BENJTJCMF DPNP QBSUF EFM DPOUFYUP DVMUVSBM BKFOP P JOTFSUP FO BMHVOB SFMJHJÂO Z B MB WF[ QSÂYJNP BM DJWJTNP EF MPT SFTJEFOUFT QPCMBEPSFT 3JFTHP GVHB NJTFSJB QSPZFDUBO MB NJSBEB BV TFOUF F JSSFHVMBS EFM NJHSBOUF QSPDFEFOUF EF VO MFO HVBKF EF JOEJTUJOUP TFYP FOWVFMUP HFOFSBMNFOUF FO QJFM BDUVBM NPSFOB DPOEVDFOUF B TV WF[ MB DPOTJEF SBDJÂO EF BOUFDFTPSFT FVSPQFPT BTJ²UJDPT BGSJDB OPT FOUSF PUSPT B MPT RVF MB HFOFSPTJEBE EF MPT SFTJ EFOUFT EJFSPO BCSJHP RVJ[² DPOTJEFSBOEP IBCFS TJEP UBNCJ¹O NJHSBOUFT EF PSJHFO QFSEJEP P RVJ[² TFQVM UBEP DPO JOUFODJÂO EF CPSSBS JOEJDJPT EFM QBTBEP 0DVQBOUFT EF BUFODJÂO TPO MPT NJHSBOUFT DVBM RVJFSB RVF TFB TV QSPDFEFODJB FMMPT QBTBO B JOUFHSBS FM BDUJWP P FM QBTJWP TPDJBM BM NFOPT EVSBOUF TV US²O TJUP QPS OVFTUSP UFSSJUPSJP QVFTUP RVF QBSB NVDIPT TÂMP FT FM DBNJOP IBDJB FM QSPNJTPSJP /PSUF FO FM RVF
À > ` Ê â? iâÊ ÃV Ì
"-Ê " ", -ÊÊ
Ê/ *" )BC½B VOB WF[ VOB DJVEBE DBÂUJDB RVF TF MMBNBCB (VBSEBMBDBSB %FTEF RVF TFSFT FYUSBUFSSFTUSFT EJFSPO DPO BCVOEBODJB EF BHVB BRVFMMB BQBDJCMF DJVEBE DSF DJÂ BM JOGJOJUP HSBDJBT B VO FRVJQP EF FYQFSUPT FO DPO WFSUJS MBT UJFSSBT G¹SUJMFT FO GSBDDJPOBNJFOUPT MPT CPT RVFT FO DPUPT SFTJEFODJBMFT Z MBT GVFOUFT EF BHVB FO JOEVTUSJBT EF DVBOUP H¹OFSP GVF QPTJCMF DPOUSBUBS 5P EPT FTUPT BHFOUFT EFM QSPHSFTP FSBO TFHVJEPSFT EF VOB FYUSBÁB SFMJHJÂO CBTBEB FO FM B[BS DVZP SJUVBM N²T DP NÈO DPOTJTU½B KVTUBNFOUF FO IBDFS DJFOUPT EF QMBOFT BWFOUBSMPT BM DJFMP Z FKFDVUBS TPMBNFOUF BRVFMMPT RVF DBZFSBO CPDB BCBKP .VZ QSPOUP TF VOJFSPO BM FRVJQP QMBOJGJDBEPS MPT NJFNCSPT EF VOB TFDUB NVZ TFMFDUB FHSFTBEB EF MBT N²T FMFWBEBT VOJWFSTJEBEFT DPO JNQSFTJPOBOUFT QPTUHSBEPT PCUFOJEPT FO PUSBT BÈO N²T FMFWBEBT VOJ WFSTJEBEFT EF QB½TFT JHVBMNFOUF NVDIP N²T FMFWB EPT TF QSFTFOUBCBO DPNP iFYQFSUPTw VSCBOJTUBT EF DJEJEPT DPO UPEP FM ½NQFUV EF TV FEBE Z U½UVMPT B BQMJDBS FO (VBSEBMBDBSB TVT TBCJBT F JODPNQBSBCMFT UFTJT &TUF HSBO FRVJQP TPM½B UFOFS QPS MBT OPDIFT TVT TFTJPOFT EF NFEJUBDJÂO QSPGVOEB U²OUSJDB CBKP MB HV½B EF VO HVSÈ DVZP USBCBKP DPOTJTU½B FO EFDJS B TVT BEFQUPT DJFSSFO TVT PKPT JNBHJOFO MB NFKPS Z N²T IFSNPTB Z WJBCMF DJVEBE RVF IBZBO DPOPDJEP FMJKBO BRVFMMPT BTQFDUPT RVF N²T JNQSFTJPOBSPO TV BMNB TFOTJCMF Z BIPSB KVSFO QPS UPEPT MPT EJPTFT RVF MPT BQMJDBS²O BT½ B PKPT DFSSBEPT FO (VBSEBMBDBSB : BRVFMMPT GFMJHSFTFT JNBHJOBCBO #PTUPO $PMPOJB 0TB LB (JOFCSB 0UUBXB MBT DJVEBEFT CPTRVF EF "MFNB OJB Z DPTBT QPS FM FTUJMP FMFH½BO MP JNQBDUBOUF Z BM E½B TJHVJFOUF ZB FTUBCBO QSFTFOUBOEP VO OVFWP QMBO VS CBOP QBSB MB TVGSJEB (VBSEBMBDBSB RVF EFTQV¹T EF UBOUPT Z UBOUPT iJNQMBOUFTw ZB QBSFD½B MB WFSTJÂO FN QFPSBEB EF 'SBOLFOTUFJO &O VOB IFSNPTB NBÁBOB FM USBODF MFT MMFWÂ B DPO UFNQMBS FM FTQFDU²DVMP SFQVMTJWP EFM US²GJDP WFIJDVMBS GSFOUF B MB BQBDJCMF WJBMJEBE EFM DFOUSP IJTUÂSJDP EF 0T MP FO S²QJEB TVDFTJÂO EF JMVNJOBDJPOFT SFMBNQB
&M QSJNFS QPFUB RVF MB DBOUB FT 7JMMPO FO TV i#B MBEB EF MBT EBNBT EFM UJFNQP QBTBEPw PË TPOU MFT OFJ HFT E BOUBO Z MB MJTUB FT MBSHB &O FM UFBUSP FT U² FO 4IBLFTQFBSF QSJNFSB QBSUF EF &OSJRVF 7* 4DIJMMFS 4IBX #SFDIU 1¹HVZ $MBVEFM #SBTJMMBDI .BYXFMM "OEFSTPO "OPVJMI &OUSF MB OBSSBUJWB UBNCJ¹O DPQJPT½TJNB MMBNB MB BUFODJÂO MB QPDP DP OPDJEB +VBOB EF "SDP EF .BSL 5XBJO B MB RVF ¹TUF EFEJDÂ EPDF BÁPT EF FTUVEJP RVF MP MMFWBSPO IBT UB MPT BSDIJWPT EFM QSPDFTP MB DPOTJEFSBCB FM NFKPS EF TVT MJCSPT Z GVF TV ÈMUJNB OPWFMB &O MB NÈTJDB MB MJTUB FT MBSHB $PVQFSJO 3PTTJ OJ 7FSEJ (PVOPE $IBJLPWTLZ -JT[U )POFHHFS MJ CSFUP EF $MBVEFM IBTUB -FPOBSE $PIFO Z .BEPO OB &O MPT BMCPSFT EFM DJOF IBZ VO DPSUPNFUSBKF NVEP EF EF (FPSHFT )BUPU Z PUSPT EF MPT EPT BÁPT TJHVJFOUFT EF MPT IFSNBOPT -VNJ¼SF Z EF (FPSHFT .¹MJ¼T SFTQFDUJWBNFOUF Z FOUSF MBT NV DIBT QFM½DVMBT QPTUFSJPSFT FTU²O MB DJOUB NVEB EF EF $FDJM # %F.JMMF DPO (FSBMEJOF 'BSSBS Z MBT TPOPSBT EF %SFZFS 7JDUPS 'MFNJOH DPO *OHSJE #FSHNBO +FBO %FMBOOPZ DPO .JDI¼MF .PSHBO 3PTTFMMJOJ PUSB WF[ DPO #FSHNBO 0UUP 1SFNJOHFS DPO +FBO 4FFSH 3PCFSU #SFTTPO +BDRVFT 3JWFUUF -VD #FTTPO )BZ BEFN²T DJFOUPT Z NJMFT EF QJOUVSBT FTDVMUVSBT FTUBNQBT NVTFPT JHMFTJBT NPOVNFO UPT WJUSBMFT TFMMPT QPTUBMFT NPOFEBT Z NFEBMMBT BMVTJWPT B MB TBOUB IUUQ XXX MFGJHBSP GS DVMUVSF "35'*( M BOOFBV EF KFBOOF E BSD SFTUFSB FO GSBODF QIQ IUUQ MFCVMMFUJODSJUJRVF PWFS CMPH GS BSUJDMF KFBOOF E BSD IUNM IUUQT GS XJLJQFEJB PSH XJLJ $ VWSFT@JOTQJS $ " FT@QBS@+FBOOF@E "SD -JFOT@FYUFSOFT
3FUP Z SJFTHP EF MB NJHSBDJªO TFS²O JONJHSBOUFT DPNP MP TPO UBNCJ¹O MPT NJMMPOFT EF PSJHFO NFYJDBOP 3FGMFYJÂO N²T BMM² EF MB NFSB DBSJEBE P MB TFS WJEVNCSF FO MB GVODJÂO MBCPSBM DPCSBO TFOUJEP FO PQFSBDJÂO EF QSPWFDIP NVUVP -B DPNQSFOTJÂO EF FTUF GFOÂNFOP DPO IVNJMEBE BDFSDB BM IVNBOJTNP FO FM USBUP QSPDVSBEPS EF PDVQBDJÂO IBDJB FM FYUSBO KFSP BKFOP IPZ BVORVF QPUFODJBM IBCJUBOUF EFGJOJUJ WP DPNP QBSUF EF VOB GBNJMJB DPO EFSFDIPT Z EFCFSFT JOGMVZFOUFT FO FM DBS²DUFS EF HFOFSBDJPOFT WFOJEFSBT &M DPNQPOFOUF BDUVBM EF MB IVNBOJEBE FO FM NVOEP FTU² BQPSUBOEP FKFNQMPT BMFDDJPOBEPSFT EF IVNBOJTNP DPO TFOUJEP QS²DUJDP BM BQSPWFDIBNJFO UP EJHOP EF GVFS[B Z UBMFOUP BKFOP BM QSPQJP NFEJBO UF MB BTJNJMBDJÂO Z FOUSFHB EF DPOPDJNJFOUP DPO TFO UJEP SFD½QSPDP FOUSF MPT TFSFT RVF TBCFO DBOKFBS FHP½TNP QPS HFOFSPTJEBE DPO DMBSP FOUFOEJNJFOUP EF EBS QBSB PCUFOFS FM EFSFDIP B SFDJCJS 5PEPT TPNPT NJHSBOUFT FO FM DPOUFYUP VOJWFS TBM BM RVF OPT FYQPOF MB UFDOPMPH½B &TUB TPMB DPOTJ EFSBDJÂO OPT JNQVMTB B FYUFOEFS MB NBOP TPCSF FM UF DMBEP Z BCSJS MB NFOUF FO MB QBOUBMMB TPMJDJUBOEP JOHSFTP BM DPOPDJNJFOUP EF PUSBT MBUJUVEFT UBO DFSDB OBT P MFKBOBT DPNP OVFTUSB IVNJMEBE MP BVUPSJDF QB SB QFEJS Z BMDBO[BS MB QBSUF RVF OPT UPDB FO FM UJFNQP EFM RVF TPNPT VTVBSJPT OBWFHBOUFT Z NJHSBOUFT 5P EPT UBNCJ¹O UFOFNPT MB QPTJCJMJEBE EF EBSy %JPT OPT HVBSEF EF MB EJTDPSEJB TJDQN!JOGPSNBEPS DPN NY
1FBUPOBMJ[BDJªO PCTFTJWB HVFBOUFT BQBSFDJÂ FO TVT NFOUFT MB TPMVDJÂO GJOBM QFBUPOBMJ[BS EFTBMFOUBS FM VTP EFM BVUP DJDMPW½BT QB SB MMFHBS TVEBEP BM MVHBS EF USBCBKP B NFOPT RVF TF BT KFGF Z UFOHBT BMM½ UV CBÁP QSJWBEP BQPTUBS BM USBOT QPSUF QÈCMJDP RVF BIPSB T½ UF QFSNJUJS² WJBKBS TFOUBEP TJO UFOFS RVF MMFWBS FODJNB DVBUSP QSÂKJNPT TFSFOBS FM US²GJDP BSSVJOBOEP WJBMJEBEFT DPOWFSUJS MBT BWFOJEBT FO [POBT WFSEFT `RV¹ CFMMF[B 'JFMFT B TVT SJUVBMFT JNQVTJFSPO TVT QMBOFT DP NP TJFNQSF B PKPT DFSSBEPT JHOPSBOEP MPT FGFDUPT RVF ZB IBC½B QSPEVDJEP FM NBDSPCÈT FO MB $BM[BEB *OEFQFOEFODJB RVF EJDIP TFB EF QBTP MPT QMBOFB EPSFT KBN²T VUJMJ[BCBO QFSP BDPOTFKBSPO BÁBEJSMF QSJNPSPTPT KBSEJOFT IPSJ[POUBMFT RVF OBEJF VTB /P PCTUBOUF TVT DPMFHBT Z NVZ BNJHPT TFHV½BO WFO EJFOEP BVUPT BM QPS NBZPS B CBKPT QSFDJPT DÂNPEBT NFOTVBMJEBEFT OVFWPT VTBEPT Z NVZ VTBEPT FO UBOUP FM USBOTQPSUF QÈCMJDP TFHV½B USJVOGBOEP TPCSF DJVEBEBOPT Z HPCFSOBEPSFT USBUBOEP B TVT VTVBSJPT DPNP HBOBEP DPSSFUFBOEP QPS DBMMFT Z BWFOJEBT TV CJFOEP Z CBKBOEP B DSJUFSJP EFM DIPGFS (VBSEBMBDBSB TF WJP BT½ TPNFUJEB BM MFDIP EF 1SPDVTUP QPS VO MBEP OP UJFOF MB DJVEBEBO½B N²T SFNFEJP RVF BDVEJS BM BVUP QFSP MPT QMBOFBEPSFT FTU²O FNQFÁBEPT FO SFEVDJS MBT WJBMJEBEFT MPT EFN²T IBO EF FYQPOFSTF BM VTP EF DBNJPOFT UBM Z DPNP TJHVFO QFSP UBNCJ¹O MPT DBNJPOFT DPO WJB MJEBEFT DBEB WF[ QFPSFT {2V¹ OP QPES½BO MPT EJ DIPT FYQFSUPT DPO UPEPT TVT U½UVMPT EFTBSSPMMBS VO QFOTBNJFOUP N²T SFBMJTUB F JOUFHSBM BSNBOEP HPO!VOJWB NY
Doy Gracias al Por favor recibido SR. GRANDE DE AMECA Rosaura de los Santos
*OWJUP B NJ TPMJUBSJP MFDUPS B RVF FOUSF B MB Q²HJOB FMFD USÂOJDB EF &- */'03."%03 EPOEF QVFEF VTUFE MF FS FTUF EJBSJP EFTEF IBDF DBTJ DJFO BÁPT MP DVBM FT NVZ EJWFSUJEP TJ CJFO MP BDPOTFKBCMF FT FWJUBS UFNBT RVF UF MMFWBS½BO B DJFOUPT EF NJMFT EF SFGFSFODJB QPS FKFN QMP TJ VTUFE CVTDB DPNP UFNB FM USBOTQPSUF QÈCMJDP UFOES² VTUFE DJFOUPT EF NJMFT EF SFGFSFODJB QPS MP RVF EFCFS² VTUFE CVTDBS NPEJGJDBDJPOFT EFM USBOTQPSUF QÈCMJDP FM SFTVMUBEP TF SFEVDJS² B EFDFOBT EF NJMFT EF SFGFSFODJBT /P DSFP RVF FO FTUB DJVEBE IBZB OPUJDJB RVF TF IB ZB QSPEVDJEP N²T WFDFT RVF MBT EF USBOTQPSUF DVBOEP TBCFNPT DPO DFSUF[B RVF FT VOP EF MPT QFPSFT TJTUFNBT EFM USBOTQPSUF QÈCMJDP EFM QB½T Z MP QFPS FT RVF DPNP FO FM JOGJFSOP EF %BOUF FM GMPSFOUJOP Z OP FM QJMMP WFSB DSV[BOP UFOESFNPT RVF QFSEFS UPEB IVNBOB FTQFSBO [B EF RVF FTUF NFKPSF IBZ RVJFO EJDF RVF MB TPMVDJÂO TFS² MB M½OFB USFT EFM USFO MJHFSP RVF FT FM ÈOJDP USBOT QPSUF EJHOP FO MB DJVEBE MP RVF ZP EVEP BVORVF FTQF SP FRVJWPDBSNF Z SFJUFSP MP RVF IF BGJSNBEP FO JODPO UBCMFT PDBTJPOFT RVF FT GBMTP RVF IBZB FM NFOPS QSPQÂTJUP TFSJP EF RVF UFOHBNPT VO TJTUFNB EF USBOT QPSUF ZB OP EJHBNPT CVFOP TJNQMFNFOUF BDFQUBCMF Z NJFOUFO RVJFOFT BGJSNBO MP DPOUSBSJP " GJOBMFT EF QVFEF VTUFE MFFS RVF UBO TPMP GBMUBCB WFS MB FNQSFTB RVF QMBOFBS½B FM QSFQBHP MP RVF BÈO OP TVDFEF Z DPNP EJKP EPO 5FPGJMJUP OJ TV DFEFS² DVBOEP NFOPT NJFOUSBT ZP BOEF FO FTUF WB MMF EF M²HSJNBT Z FTQFSP EVSBS NVDIP MPT DBNJPOFT TPO QBSB WBDBT OP QBSB HFOUF TBMWP FM USFO OP IBZ
Õ iÀ Ê i > >ÀÞ
8* ", "ÊÊ Ê 1 " :B WF½BNPT FM OJWFM EF FHP½TUBT RVF QVFEFO TFS DPO FM EJOFSP Z MB WJEB UBO FTDSVQVMPTB RVF QVFEFO EFTBSSP MMBS DPO UBM EF OP HBTUBSMP 5JFOFO VOB PCTFTJÂO QPS DVJEBSMP UBOUP EFCJEP B VOB FYUSBÁB DPOTJHOB RVF TF IBO JNQVFTUP EF UF NFS RVFEBSTF TJO OBEB QBSB VO GVUVSP 4PO VOB FTQFDJF EF GÂCJDPT B MB NJTFSJB 5JFOFO Q²OJDP B MB QPCSF[B Z QPS FMMP TF FTNFSBO FO KVOUBS Z BUFTPSBS EJOFSP .VDIBT WFDFT OP TBCFO OJ FO RV¹ VTBSMP QPSRVF FTP FT QSFDJTBNFOUF MP RVF MPT BUPSNFOUB UFOFS RVF EFTQSFOEFSTF EF MB TFHVSJEBE RVF MFT EB TV iSJRVF[Bw "DVNVMBO MP N²T RVF QVFEFO TFHÈO FMMPT QBSB VOB FNFSHFODJB P JNQSFWJTUP GVUVSP )BZ MPT RVF TF QSJWBO EF NVDIPT TBOPT QMBDFSFT EF MB WJEB DPO UBM EF RVFSFS BTFHVSBS TV WFKF[ P SFUJSP "T½ RVF IBDFO VO FTUJMP EF WJEB RVF MPT MMFWB B DVFTUJPOBS TJ WBMF MB QFOB P OP HBTUBSMP $PNP QPS FKFNQMP TJ QVFEFO BIPSSBSTF VO TFHVSP N¹EJDP MP WBO B IBDFS P EF QMBOP OP WJBKBS QBSB OP HBTUBS Z UBM WF[ FO VO GVUVSP IBDFSMP DVBOEP ZB UJFOFO BTFHVSB
Â-B IFNFSPUFDB EFM *OGPSNBEPSÃ PUSP QSFTFOUBCMF )BDF UJFNQP VO HSVQP MJEFSBEP QPS FM M½EFS EF MB '&6 BDPNQBÁBEP EF EPT FOUPODFT M½EFSFT TPDJBMFT DPO JOUFSFTFT FO MB NPWJMJEBE DPMFDUJWB RVF BDUVBMNFOUF HP[BO BNCPT EFM DPCJKP EF MB OÂNJOB HVCFSOBNFOUBM DPO MP RVF TF DPOGJSNB VO QPDP NJ UFPS½B EF RVF MPT NJFNCSPT EF MBT PSHBOJ[BDJPOFT DJWJMFT TPO TJNQMF NFOUF QPM½UJDPT FO FTQFSB EF IVFTP DPO DBSOF Z ZB OB EB IB QBTBEP $PNP OPUJDJB IJTUÂSJDB OPT EJDFO RVF FM TFÁPS (P CFSOBEPS FM TFÁPS NFHBBMDBMEF EF MB NFUSÂQPMJ Z MPT PUSPT BMDBMEFT MMFHBSPO B VO BDVFSEP TPCSF FM GPOEP NF USPQPMJUBOP MP RVF FO OVFTUSP FOUPSOP FT CBTUBOUF FYÂ UJDP ZB RVF MP OVFTUSP FT MB BQBSFOUF DPOUSBEJDDJÂO QPS FTP FO FTUF DBTP EF FYDFQDJÂO FMFWBNPT OVFTUSB N²T D²MJEB GFMJDJUBDJÂO BVORVF MB TVNB B JOWFSUJS FO OVFT USB DJVEBE TFB NFOPS B MP RVF HBTUBS²O FO NPDIJMBT Z ÈUJMFT QBSB KÂWFOFT 1PS PUSB QBSUF FT NVZ CVFOP WPMWFS B MB OPSNBMJ EBE UPEPT MPT SFHJTUSPT QSJWBEPT FTUBCMFDJFOEP RVF BV NFOUBO MPT EFMJUPT MPT EF MBT GJTDBM½BT MPDBM Z GFEFSBM SF HJTUSBOEP OPUPSJPT EFTDFOTPT EF BDUPT EFMJDUJWPT VO DJFSUP NBM IVNPS RVF HSBDJBT B MBT OPUBT OFHBUJWBT TF EB FO PQJOJÂO EF OVFTUSP BNBEP QSFTJEFOUF Z RVF FO NJ PQJOJÂO EFSJWB EF RVF DPO MBT GBNPTBT Z UBO DBDB SFBEBT SFGPSNBT FTUSVDUVSBMFT OP QBTÂ MP RVF TF TVQP OF QBTBS½B 1VFT FM JOGFMJ[BKF ZB OP MFT DSFF Z TJNQMFNFOUF BHVBOUB FM DBMPSÂO !DBSMPTNPSTB
-B EFTIVNBOJ[BDJªO EF MPT UBDB¨PT EP TV DBQJUBM 4PO EF MPT RVF MFT QFTB UFOFS RVF QBHBS VOB DPOTVMUB P JODMVTP FO VOB PQFSBDJÂO : MF WBO B CVTDBS IBTUB RVF FODVFOUSFO MP RVF NFOPT MFT DVFT UB TJ OP FT RVF IBZ PUSB BMUFSOBUJWB 1PS RVF FO FM GPO EP TPO iQS²OHBOBTw 4F EFTIVNBOJ[BO G²DJMNFOUF QPSRVF BOUF UPEP JODMVTP MPT BDDJEFOUFT WJBMFT Z MBT FOGFSNFEBEFT EF JONFEJBUP QJFOTBO FO MP RVF MFT WB B DPTUBS /P MFT JN QPSUB NVDIP BVORVF MP TBCFO EJTJNVMBS NVZ CJFO MBT QFSTPOBT RVFSJEBT QVFT TV N²T JNQPSUBOUF QSFP DVQBDJÂO FT TV EJOFSP -MFHBO B TFOUJS VO BMJWJP FTQF DJBM DVBOEP MBT DVFOUBT TPO NVZ QFRVFÁBT Z OP QB TÂ B NBZPSFT QFSP TF BOHVTUJBO FO TFSJP DVBOEP EFTDVCSFO MP DPOUSBSJP : TF FOPKBO UBOUP RVF MP TVF MFO IBDFS VO BHSBWJP QFSTPOBM i.F IJDJTUF HBTUBS DPO UV UBSVHBEBw -PT BWBSPT MPT UBDBÁPT Z MPT DPEPT TPO TJOÂOJ NPT EF VO NJTNP NBM /P TBCFO EBS DPO BNPS MP RVF IBO SFDJCJEP MP DSFFO UBO TVZP Z MFT EB UBOUB GBMTB TF HVSJEBE RVF OP TF QVFEFO EFTQSFOEFS EF ¹M 3FBMNFOUF FT EJG½DJM WJWJS DPO VO UBDBÁP
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF NBZP EF