'6/%"%03&4 +FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;
&%*503 %*3&$503 $BSMPT ~MWBSF[ EFM $BTUJMMP (
"º0 $ /Á.&30
#
4&$$* /
-04 .0-"$)04 $&33» 464 16&35"4 : $0/ &45" $"/5*/" 26&%"3« &- 3&$6&3%0 %& -"4 .*-&4 %& )*4503*"4 26& ")¶ 4& $0/5"30/ 1ÈHJOB TFJT "3$)*70 t &- */'03."%03
-Õ«iÀÛ Ã À\Ê >À Ê >ÃÌ Ê >À °V>ÃÌ J v À >` À°V ° Ý
?Q=@ANJK @A HA?PQN=
"OEZ 5
8BSIPM
(6"%"-"+"3" +"- %0.*/(0 %& '&#3&30 %&
1PS /PSNB (VUJ¹SSF[
SFJOUB BÁPT EFTQV¹T EF TV NVFSUF TJ HVF TJFOEP VOP EF MPT DSFBEPSFT N²T DPUJ[BEPT Z EFTFBEPT EFM BSUF "OEZ 8BSIPM OP TÂMP JNQVTP TV WJTJÂO EFM BS UF FO EJWFSTBT SBNBT DSFBUJWBT N²T BMM² EF MPT FYPSCJUBOUFT QSFDJPT RVF TVT PCSBT IBO BMDBO[BEP FO TVCBTUBT IBT UB MMFHBS B MPT NJMMPOFT EF EÂMBSFT FM OBDJEP VO EF BHPTUP EF FO 1JUUTCVSHI UBNCJ¹O EFTBUÂ MFZFOEBT Z FOJHNBT BMSFEFEPS EF TV QFSTPOB B UBM HSBEP EF DPOWFSUJSTF FO VOB EF MBT QFSTPOBMJEBEFT N²T JOGMVZFOUFT EFM TJHMP 99 +BDUBSTF EF MB PSJHJOBMJEBE Z BVUFOUJDJEBE EF TVT PCSBT OVODB GVF VOB QSJPSJEBE QBSB 8BSIPM RVJFO FO DBEB FOUSF WJTUB TJFNQSF FYQVTP MB GBDJMJEBE DPO MB RVF UPNBCB ½DPOPT TJMVFUBT Z SPTUSPT ZB FYJTUFOUFT QBSB JOUFSWFOJSMPT DPO DPMP SFT B TV HVTUP P TJNQMFNFOUF BNQMJBS TV UBNBÁP FO VOB MJUP HSBG½B Z WFOEFSMP B VO CVFO QSFDJP 1JF[BT DPNP i'PVS .BSJMZOTw i3FE .BPw i#SJMMP CPYw i4JYUFFO +BDLJFTw i5SJQMF &MWJTw Z i'PVS .BSMPOTw TPO BMHV OBT EF MBT RVF NBZPS GBNB NVOEJBM QPTFFO EFM BSUJTUB RVF FT DPOTJEFSBEP DPNP RVJFO EJP NVFSUF B MB JEJPTJODSBTJB EFM BSUF DM²TJDP Z GVF EJGVNJOBOEP MB FVGPSJB RVF TF WJW½B QPS FM TVSSFBMJTNP "OEZ 8BSIPM NVSJÂ FM EF GFCSFSP EF Z TV MFHB EP TF NBOUJFOF WJHFOUF BM TFS DPOTJEFSBEP DPNP VOP EF MPT QSFDVSTPSFT JOOFHBCMFT EFM BSUF DPOUFNQPS²OFP DPNP VOP EF MPT BSUJTUBT BM RVF MFKPT EF JNQPSUBSMF MB OFHBUJWB EF MPT DS½UJDPT Z QVSJTUBT EFM BSUF DM²TJDP MPHSÂ TFEVDJS Z FYQBOEJS TV JNQFSJP IBTUB FM HMBNPVS EF )PMMZXPPE FM SPDL VO EFSHSPVOE Z MBT DBTBT EF TVCBTUBT N²T QSFTUJHJPTBT DPNP $ISJTUJF T "OEZ FYQMPSÂ EJWFSTBT EJTDJQMJOBT EFTEF MB QJOUVSB MB JMVTUSBDJÂO DJOF FTDVMUVSB GPUPHSBG½B TFSJHSBG½B Z FO UPEBT FMMBT FYQVTP FM TFMMP DBSBDUFS½TUJDP RVF MP EFGJOJÂ BOUF MPT PKPT EFM FTQFDUBEPS EFTDPOUFYUVBMJ[BS MP DPNFSDJBM Z MMFWBSMP B VO TFOUJEP BSU½TUJDP TBUVSBEP EF DPMPSFT CSJMMBOUFT RVF SFGMF KBSBO MB DPUJEJBOJEBE QSJODJQBMNFOUF EF MB WJEB DVMUVSB Z DPOTVNP FTUBEPVOJEFOTF "VORVF TJFNQSF TF DPNQBSB DPO FM JNQBDUP RVF FM BS UJTUB GSBOD¹T .BSDFM %VDIBNQ MPHSÂ DPO TV PCSB UBNCJ¹O FOGPDBEB BM BSUF NPEFSOP "OEZ 8BSIPM SFTBM UÂ QPS IBCMBS EFTEF VOB QFSTQFDUJWB EF DPOTVNP EF MB OFDF TJEBE EF MB GBNB Z IBDFS OFHPDJP DPO FM BSUF QBSUJFOEP EF MB JEFB EF RVF FM BSUJTUB UFO½B RVF UFOFS VOB WJTJÂO FNQSFTBSJBM QBSB QPEFS WFOEFS DPNP BSUF BRVFMMP RVF FSB S¹QMJDB EF BM HP ZB FYJTUFOUF DSFBS VOB OFDFTJEBE FO FM DPOTVNJEPS i-B PCSB EF 8BSIPM TF SFMBDJPOB DPO UPEP MP RVF UJFOF RVF WFS DPO FM EBEB½TNP JODMVTP DPO .BSDFM %VDIBNQ RVF GVFSPO MPT QSJNFSPT BSUJTUBT FO MMFWBS JN²HFOFT RVF FTUBCBO FO PUSP DPOUFYUP FO FTUF DBTP 8BSIPM DPO JN²HFOFT DPNFS DJBMFT RVF FSBO TBDBEBT EF TV DPOUFYUP Z MBT QSFTFOUBCB FO BMHP BSU½TUJDP FTP QPS VO MBEP TJHOJGJDÂ WBOHVBSEJB RVF FO TV NPNFOUP T½ TF IBC½B IFDIP FO FM EBEB½TNP Z PUSBT WFS UJFOUFT EFM BSUF FVSPQFP QFSP OP QBSUJDVMBSNFOUF DPO FM BS UF OPSUFBNFSJDBOPw FYQMJDB FM BSUJTUB QM²TUJDP "SUVSP (Â NF[
1PQVMBSJEBE JONFEJBUB
*-6453"$*»/ t + -»1&;
BSUF TJO BUBEVSBT &M QSªYJNP EF GFCSFSP TF DVNQMFO B¨PT EF MB EFTBQBSJDJªO EF VOB EF MBT QFSTPOBMJEBEFT N T JOGMVZFOUFT EFM NVOEP GVF VOP EF MPT HSBOEFT QSFDVSTPSFT EFM 1PQ "SU
&M FTUSFMMBUP EF "OEZ 8BSIPM DPNFO[Â FO /VFWB :PSL FM EF BCSJM EF GFDIB FO FM RVF BDBQBSÂ MB BUFODJÂO DPO TV JOTUBMBDJÂO i#SJMMP CPYw DBKBT JE¹OUJDBT B MBT EF MB NBS DB EF KBCÂO EFM NJTNP OPNCSF Z RVF NBSDBSPO VOB OVFWB GPSNB EF BOBMJ[BS FM BSUF {DV²M FSB MB EJGFSFODJB FOUSF FM WFS EBEFSP QSPEVDUP DPNFSDJBM Z MB S¹QMJDB FO NJTNP UBNBÁP Z DPMPS EF 8BSIPM /JOHVOB %F BI½ RVF FM BSUJTUB GVFSB UFNB EF EJTQVUB FOUSF MPT BSUJTUBT USBEJDJPOBMFT FTQFDUBEPSFT Z DV SBEPSFT QPS USBUBS EF EFGJOJS MB SFMFWBODJB CFMMF[B Z FTB EFM HBEB M½OFB FOUSF VO QSPEVDUP DVBMRVJFSB EFM TVQFSNFSDBEP Z VOB QJF[B FYQVFTUB FO VO SFDJOUP BSU½TUJDP DPNP MB 4UBCMF (BMMFSZ EF .BOIBUUBO i&M BSUF OPSUFBNFSJDBOP OP UFO½B VO BSUF RVF MP SFQSF TFOUBSB DPNP UBM Z "OEZ 8BSIPM GVF VO DBVDF EF TBMJEB QBSB FM BSUF FTUBEPVOJEFOTF 4JFOUB FM QSFTFOUF QBSB NVDIPT BS UJTUBT EFM BSUF DPOUFNQPS²OFP GVF VOP EF MPT QSJNFSPT BSUJT UBT RVF DPNFO[Â B FYQMPSBS MPT ½DPOPT DPNFSDJBMFT DPO MB DPUJEJBOJEBE MB JSPO½B FM TBSDBTNP QSPQVTP PUSB WJTJÂO EFM NVOEPw BÁBEF "SUVSP (ÂNF[ 1FTF B RVF MPT QJODFMFT Z MPT ÂMFPT OP GVFSPO DPNQBÁF SPT DPOTUBOUFT FO TV PCSB 8BSIPM DBUBQVMUÂ B MB TFSJHSBG½B DPNP VOB U¹DOJDB DBQB[ EF DPNQFUJS DPO MBT USBEJDJPOBMFT Z N²T DPNVOFT JODMVTP EBOEP TV UPRVF BSUFTBOBM B GPUPHSB G½BT JNQSFTBT B FTDBMB EF HSJTFT Z EFTQV¹T DPMPSFBEBT NB OVBMNFOUF FOGPD²OEPTF FO TBUVSBDJPOFT RVF QSPWPDBCBO BM FTQFDUBEPS B TJNQMF WJTUB i4½ GVF WBMPSBEP FO TV NPNFOUP FO WJEB GVF BNJHP EF HSBOEFT DFMFCSJEBEFT QVEP MVDSBS DPO TV PCSB TF IJ[P QSP EVDUPS IJ[P MP RVF RVJTP 1PTJCMFNFOUF GVF DSJUJDBEP QPSRVF IBC½B DPNP VOB TPTQFDIB EF MP RVF BSUF QPQ SFQSFTFOUBS½B BM MMFWBS MBT JN²HFOFT DPNFSDJBMFT Z IBTUB DJFSUP QVOUP MP RVF BSUF WFO½B TJHOJGJDBOEP QPSRVF FM BSUF FTUBCB VO BNCJFO UF N²T FMJUJTUB N²T TPMFNOF Z TFSJP Z BSUJTUBT DPNP 8BSIPM MP RVF IJDJFSPO GVF EFTBDSBMJ[BS FM BSUF BUFSSJ[BSMP B VO OJ WFM N²T QPQVMBSw 4½ QPQVMBS QFSP OP BDDFTJCMF FT DÂNP GVF FWPMVDJPOBO EP MB PCSB EF 8BSIPM FO FM NFSDBEP EFM BSUF BVORVF TF BTF HVSB RVF QBSB MB JOTUBMBDJÂO EF i#SJMMP CPYw OP HBTUÂ N²T EF EÂMBSFT FO TV SFQSPEVDDJÂO BIPSB QJF[BT DPNP i5SJQMF &MWJTw Z i'PVS .BSMPOTw FTU²O DPUJ[BEBT FO N²T EF NJ MMPOFT EF EÂMBSFT BNCBT QJF[BT GVFSPO TVCBTUBEBT QPS FTUB DBOUJEBE Z NJMMPOFT EF EÂMBSFT SFTQFDUJWBNFOUF FO QPS MB DBTB EF TVCBTUBT $ISJTUJF T RVF BOUFSJPSNFO UF IBC½B MPHSBEP NJMMPOFT EF EÂMBSFT QPS i4JMWFS $BS $SBTI %PVCMF %JTBTUFS w MB QJF[B WFOEJEB N²T DPTUPTB EF 8BSIPM TJO PMWJEBS MPT NJMMPOFT N²T RVF MPHSÂ FO DVBOEP MB DBTB 4PUIFCZ T WFOEJÂ TFJT BVUPSSFUSBUPT i&O "OEZ 8BSIPM FT DPOTUBOUF MB FYQMPSBDJÂO EF MPT ½DP OPT DPNFSDJBMFT -B EFTDPOUFYUVBMJ[BDJÂO EF UPEBT FTBT JN² HFOFT FSB BMHP NVZ NBSDBEP FO UPEB TV PCSB VUJMJ[BOEP U¹D OJDBT RVF FSBO N²T QBSB MPT BOVODJPT U¹DOJDBT QVCMJDJUBSJBT MMFWBEBT B VO DPOUFYUP BSU½TUJDP DPO JSPO½B EFTFOGBEP MB FYB DFSCBDJÂO EF MB DVMUVSB FTUBEPVOJEFOTF Z RVF MMFHÂ B GPSNBS QBSUF EF MB IJTUPSJB EFM BSUFw
1~(*/" #
&- */'03."%03 &- */'03."%03
Ê /1, -ÊÊ 6 , >À >Ê*> >À
-B TFNBOB RVF UFSNJOB USBKP FOUSF QPDBT OPUJDJBT BNBCMFT VOB TP CSF FM EFTDVCSJNJFOUP EF VOB CSFWF QFM½DVMB FO MB DVBM TBMF EF SF QFOUF VO QFSTPOBKF RVF NVZ QSPCBCMFNFOUF TFB FM NJTN½TJNP .BS DFM 1SPVTU B TVT BÁPT -B OPUJDJB MB FDIÂ B DJSDVMBS VO BDBE¹NJDP DBOBEJFOTF +FBO 1JFSSF 4JSPJT 5SBIBO RVF TF NFUJÂ B IVSHBS FO FM BSDIJWP G½MNJDP EF 'SBODJB $FOUSF /BUJPOBM EV $JO¹NB FO MB DP MFDDJÂO EF WJFKBT QFM½DVMBT EPOBEBT QPS VOB GBNJMJB QSPNJOFOUF %BEP RVF QPDBT CJPHSBG½BT FTU²O UBO CJFO EPDVNFOUBEBT DPNP MB EF 1SPVTU QPS T½ NJTNP Z QPS JODPOUBCMFT FTQFDJBMJTUBT TF TBCF RVF FM FTDSJUPS FTUVWP JOWJUBEP FO OPWJFNCSF EF B MB CPEB EF TV BNJHP "SNBOE EF (SBNPOU DPO &MBJOF (SFGGVMIF -B DSÂOJDB TP DJBM QVCMJDBEB FM EF FTF NFT QPS -F 'JHBSP EB DVFOUB EF MB TPMFN OF DFSFNPOJB FO MB JHMFTJB EF MB .BHEBMFOB Z EFM DPSUFKP RVF BDPN QBÁÂ B MPT OPWJPT -B QFM½DVMB EF NN UPNBEB FO MBT FTDBMJOBUBT EFM UFNQMP DBQUB DPO MB U½QJDB BDFMFSBDJÂO EFM DJOF EF MB ¹QPDB MB TB MJEB QSPDFTJPOBM TFÁPSFT EF DIBRV¹ Z TPNCSFSP EF DPQB TFÁPSBT FNQFSJGPMMBEBT Z DPO QJFMFT EF NPEB JOWFSOBM 5PEP FTP EVSB QPDP
9 ,ÊÊ
"-
>À ÃÊ À }Õi
4JFNQSF IF DSF½EP RVF NJ BNJHP iFM SBUÂOw PSJHJ OBSJP Z WFDJOP EF MB OPCMF WJMMB EF -BHPT NBUFSJB MJ[BCB FO QMFOP FM FTQ½SJUV EFM BOUJHVP BMDBMEF 7FS²O FM SBUÂO DPNP CVFO PDJPTP RVF TF SFTQF UF FSB HSBO DPOWFSTBEPS BNJHP EF MB DPQB S²QJ EP QBSB FM DPNFOUBSJP DIJTQFBOUF Z NVZ TVDFEJ EP TJ CJFO UFO½B QBSUJDVMBSJEBEFT RVF MP DBSBDUFSJ[BCBO DPNP BRVFMMB EF RVF TF QPE½B UF OFS MBT NJTNBT DPOEVDUBT EF MBT PDIP EF MB OP DIF B MBT PDIP EF MB NBÁBOB EBCB MP NJTNP IB DFSMBT EF MBT PDIP EF MB NBÁBOB B MBT PDIP EF MB OPDIF : BT½ OP NPMFTUBS B OBEJF %F BHSBEBCMF QSFTFODJB Z OBUVSBM FTQ½SJUV EF TFSWJDJP /P FSB QBSB OBEB USBCBKBEPS QFSP TJO TFS SJDP MB WJEB MP IBC½B EPUBEP EF CJFOFT EF GPSUVOB QPS MP RVF QB SB UFOFS VO CVFO QBTBS OP OFDFTJUBCB EF IBDFS NVDIP %F TVT I²CJUPT FM RVF N²T BGFDUBCB B MB GBNJMJB FSB TV IBCJUVBM JOHFTUB EF BMDPIPM RVF QPS MP HFOFSBM NPMFTUB B MBT FTQPTBT BVO FO FM DBTP EFM SBUÂO RVF UFO½B NVZ CVFO WJOP QFSP TJO EVEB MPT CPSSBDIPT TPNPT FOGBEPTPT QPS MP RVF TV FTQPTB TJO EFDMBSBO RVF UVWJFSB NBM WJOP TP M½B EFDJS NVZ TJNQ²UJDP FM CPSSBDIP QFSP FM CP SSBDIP FT N½P Z NF MP MMFWP 1FSP DPNP OP IBZ FO FM VOJWFSTP VOB NVKFS RVF FTU¹ UPUBMNFOUF DPOWFODJEB EF MB BDUJWJEBE EF TV DÂOZVHF MF QFE½B RVF EFKBSB FM BMDPIPM MP RVF OVFTUSP I¹SPF BDFQUBCB DPO GSBODJTDBOB PCFEJFO DJB TJNQMFNFOUF RVF BGJSNBCB RVF FM TJ EFKBS½B FM WJOP QFSP FM WJOP TF OFHBCB B EFKBSMP B ¹M 6OB DVBSFTNB MF QBSFDJÂ FM UJFNQP BEFDVB EP QBSB EBSTF VO DBMF EF RV¹ TF TFOU½B KVSÂ OP CF CFS EVSBOUF DVBSFOUB E½BT EF MB NJTNB Z TFHÈO
%PNJOHP EF GFCSFSP EF
ÊV>â>` ÀÊV>â>` \Ê*À ÕÃÌÊi Ê«i VÕ > N²T EF VO NJOVUP : EF SFQFOUF DPNP QPS FM TFHVOEP TF WF B MB EFSFDIB EFTDFOEFS SBQJE½TJNP BM MBEP EFM DPSUFKP B VO KPWFO EF CPN C½O Z USBKF RVF TF BEJWJOB EF VO HSJT OP NVZ PTDVSP Z VO BCSJHP N²T DMBSP EFM NJTNP UPOP &M QFSTPOBKF BQFOBT EVSB FO QBOUBMMB VOPT JOT UBOUFT QFSP MPT FTQFDJBMJTUBT FTU²O DBTJ TFHVSPT EF RVF TF USBUB EF 1SPVTU B QFTBS EF RVF FM BMB EFM TPNCSFSP OP QFSNJUF WFSMF MB GSFO UF OJ MPT PKPT "VORVF IBZ DJFOUPT EF GPUPHSBG½BT EFM FTDSJUPS FTB CSFWF BQBSJ DJÂO DJOFNBUPHS²GJDB QFSNJUF QPS WF[ QSJNFSB WFSMP FO NPWJNJFO UP &TUP TF DPOWJSUJÂ FO OPUJDJB QPSRVF FM QSPGFTPS EF MB 6OJWFSTJEBE -BWBM EF 2VFCFD MP QVCMJDÂ Z MP QVTP FO M½OFB FO MB 3FWVF E UVEFT 1SPVTUJFOOFT DPO MP DVBM MMFHÂ BM HSBO QÈCMJDP 1FSP ZB FO VO MJCSP EF MB FTQFDJBMJTUB -BVSF )JMMFSJO NFODJPOBCB MB QFM½DVMB Z TV HFS½B RVF FM QFSTPOBKF EFM CPNC½O QPES½B TFS 1SPVTU &M FOTBZP EF )JMMFSJO FTU² EFEJDBEP B MB NBESF EF MB OPWJB MB DPOEFTB (SFGGVM IF QPS MB TFODJMMB SB[ÂO EF RVF FTB TFÁPSB TFHÈO DPJODJEFO UPEPT MPT FTUVEJPTPT GVF FM NPEFMP QBSB FM QFSTPOBKF EF MB EVRVFTB EF
º ÊÃÕVià ÀÊ`i Ê > V> `iÊ£Ê`iÊÓ» EJKP EFTQV¹T EF IBDFSMP QPSRVF TJ CJFO DVNQMJ FM KVSBNFOUP EFDMBS EFTQV¹T RVF IBC½B WJTUP FM EJBCMP B QVÁPT Z BTFHVS RVF TJ PUSB WF[ QSPNFU½B BMHVOB DPTB TFNFKBOUF MP IBS½B EFKBOEP EF CFCFS DVBSFOUB E½BT QFSP VO E½B TJ CFCFS½B Z BM TJHVJFO UF OP $PNP FT FWJEFOUF FTP OP GVF TVGJDJFOUF Z DP NP EFD½B NJ BCVFMB RVF TJ UV NVKFS UF EJDF RVF WBT B BWFOUBSUF EF UFKBT QBSB BCBKP N²T WBMF RVF MF NJEBT QPSRVF FT TFHVSP RVF UF WBT B BWFOUBS 1VFT TJHVJ JOTJTUJFOEP MB TFÁPSB IBTUB RVF FM SBUÂO UBM WF[ QPS HBOBS VO MBQTP EF UJFNQP BVO RVF GVFSB CSFWF TJO RVF MP GSFHBSBO BDFQU Z SF TPMWJ DPNP TF FTUJMBCB JS B 4BO +VBO B KVSBSTF BO UF MB JNBHFO EF MB 7JSHFO RVF BI½ TF WFOFSB Z GJK DPNP GFDIB EFM KVSBNFOUP FM E½B QSJNFSP EFM NFT EF NBZP RVF FSB FM NFT TJHVJFOUF 1VFT MMFH FM QSJNFSP EF NBZP Z DVBOEP IBZ NJFEP OJ WFSHÊFO[B EB TBMJ NVZ UFNQSBOP DPO FM QSPQÂTJUP EF KVSBSTF BOUF MB JNBHFO EF MB NJMB HSPTB WJSHFO QFSP RVJTP FM EFTUJOP RVF B MB TBMJEB EF -BHPT TF FODVFOUSB MB DBOUJOB EF i&M U½Pw Z UBM WF[ DPNP TJOP UBM WF[ DPNP GBUBMJEBE OVFTUSP I¹ SPF EFDJEJ FOUSBS B EFTQFEJSTF EFM QFSTPOBM RVF UBOUPT CVFOPT TFSWJDJPT MF IBC½B QSFTUBEP :B EFO USP MP JOWJUBSPO QPS DVFOUB EF MB DBTB B UPNBS MB EF EFTQFEJEB MVFHP MB DBNJOFSB Z B DPOUJOVBDJÂO MB TJHVJFSPO PUSBT UBOUBT DPO EJGFSFOUFT EFOPNJOB DJPOFT RVF QSPEVKFSPO RVF QBSB MB IPSB EFM "OHF MVT ZB USBKFSB VOB NFMPQFB EF UFSDFS HSBEP FO FT DBMB EF 3JDIBSET FTUP FT QSÂYJNP BM WÂNJUP Z MB JODPODJFODJB EF BI½ ZB OP TVQP ZB EF T½ !DBSMPTNPSTB
(VFSNBOUFT $VBOEP PDVSSJÂ FTB CPEB UPEBW½B GBMUBCBO VO QBS EF BÁPT QBSB RVF 1SPVTU FNQF[BSB B SFEBDUBS TV PCSB Z OVFWF QBSB RVF TF QVCMJ DBSB FM QSJNFS WPMVNFO -B SB[ÂO EF TV QSFDJQJUBEP EFTDFOTP FO DPO USBTUF DPO FM NPWJNJFOUP BDPNQBTBEP EFM DPSUFKP GVF RVF RVFS½B WFS MP WFOJS EFTEF BCBKP FM DB[BEPS CVTDBCB MB NFKPS WJTUB EF TV QSFTB FM BVUPS OP RVFS½B QFSEFSTF OJOHÈO EFUBMMF EF TV NBUFSJB QSJNB -B DSÂOJDB FO -F 'JHBSP FOVNFSB MPT PQVMFOUPT SFHBMPT IFDIPT B MPT OPWJPT Z FOUSF FMMPT TFÁBMB i. .BSDFM 1SPVTU SFWÂMWFS FO VO FTUVDIF QJOUBEP QPS .BEFMFJOF -FNBJSFw IUUQ XXX MFGJHBSP GS MJWSFT "35'*( QSPVTU GJMNF FO MF GJHBSP SBDPOUBJU TB QSFTFODF BV NBSJBHF E FMBJOF HSFGGVMIF QIQ IUUQT XXX ZPVUVCF DPN XBUDI W $0)*HKC:6 -B $PNUFTTF (SFGGIVMIF M PNCSF EFT (VFSNBOUFT 1BS½T 'MBNNBSJPO
6 - $ Ê9Ê - $
>À ÃÊ ÀÌjÃÊ6?âµÕiâ
,iÌ Ê Ì `>Ì À -B QFSTPOBM BDUVBDJÂO EFM BDUVBM QSFTJEFOUF EF MPT SB DPOEJDJÂO EF WJEB B EPOEF OP MMFHB MB QSPTQF &TUBEPT 6OJEPT SFBGJSNB TVT QSPDFEJNJFOUPT QSP SJEBE QPS MB W½B EFM DPOPDJNJFOUP DPO TÂMJEBT BD WPDBOEP QSFPDVQBDJÂO FO FM NVOEP Z EJSFDUBNFO DJPOFT FEVDBUJWBT EF BDVFSEP B MPT BWBODFT EF MB UF DPO .¹YJDP QPS MB WFDJOEBE BM BGFDUBSTF BDVFS UFDOPMPH½B )BDF GBMUB RVF MB DPIFTJÂO SPNQB DPO MB FYBT EPT EFM 5SBUBEP EF -JCSF $PNFSDJP MB DPOTUSVDDJÂO EF NVSP TPCSF MB M½OFB GSPOUFSJ[B DPO QFSBOUF FTQFSB EF TPMVDJPOFT QPS QBSUF EF MPT HP FYUFOTJÂO TVQFSJPS B USFT NJM LJMÂNFUSPT DPO DBS CFSOBOUFT NFEJBOUF MB BQMJDBDJÂO FTUSJDUB EF MBT MF ZFT JOTFSUBT FO MB $POTUJUVDJÂO MBT HP B OVFTUSP QB½T JNQVFTUPT Z TV RVF EJFSPO MBQTPT EF USBORVJMJEBE B QSFTJÂO EF CFOFGJDJPT B FNQSFTBT QBSUJS EF MP FYQVFTUP DPNP BTQJSB OPSUFBNFSJDBOBT GVFSB EF TV UF DJÂO QPS BOUFDFTPSFT DPNP +PT¹ SSJUPSJP FYQVMTJÂO EF NFYJDBOPT >ViÊv> Ì>ʵÕiÊ >ÊV iÃ Ê .BS½B .PSFMPT Z 1BWÂO #FOJUP +V² FO TJUVBDJÂO JSSFHVMBS 2VFEBO FO SJFTHP MBT JOWFS À «>ÊV Ê >ÊiÝ>ëiÀ> ÌiÊ SF[ 1PSGJSJP %½B[ Z 7FOVTUJBOP $B SSBO[B TJPOFT BDUVBMFT Z PUSBT QSFWJTUBT iëiÀ>Ê`iÊà ÕV iÃÊ« ÀÊ -B NFNPSJB BUSBF QFSTPOBKFT FO OFHPDJBDJPOFT DPO 64" &V SPQB Z MPT QB½TFT SBCFT 0SJFOUB «>ÀÌiÊ`iÊ ÃÊ} LiÀ > ÌiÃ]Ê RVJFOFT DPO MFHJUJNJEBE Z BVU¹OUJ DPT QSPQÂTJUPT JODVSTJPOBSPO QPS MFT ¹TUPT DPO RVJFOFT IBZ QSP i` > ÌiÊ >Ê>« V>V Ê MPHSBS QB[ MJCFSUBE Z USBORVJMJEBE QVFTUBT QBSB MB DSFBDJÂO EF iÃÌÀ VÌ>Ê`iÊ >ÃÊ iÞiÃÊ FOGSFOUBOEP FMFWBEPT DPTUPT Z SF FNQSFTBT EF QPUFODJBM VCJDBDJÂO FO OVFTUSP UFSSJUPSJP DPO FM FN ÃiÀÌ>ÃÊi Ê >Ê ÃÌ ÌÕV DMBNPT QPS QBSUF EF MB TPDJFEBE VOP EF FMMPT GVF #FOJUP +V²SF[ (BS QMFP EF NBOP EF PCSB NFYJDBOB D½B DVZP BOJWFSTBSJP EF OBDJ HFOFSBEPSBT EF SFNFTBT DVZP NJFOUP TFS² FTUF E½B EF NBS[P Z JNQPSUF FT QSJNPSEJBM JOHSFTP EF EJWJTBT QBSB QPCMBDJPOFT DPO SFDVSTPT NPEFTUPT RVF IBCSFNPT EF DPONFNPSBS TPCSF TV UVNCB Z %F UBMFT DJSDVOTUBODJBT IB TVSHJEP JODPOGPSNJ NPOVNFOUPT EPOEF TF QSPOVODJBS²O EJTDVSTPT EBE FO MB QPCMBDJÂO NJTNB RVF FODVFOUSBO FDP B FMPDVFOUFT DVZP DPOUFOJEP FTFODJBM EFCF BUSBFS TV SFDMBNP DPO MB EFTFTQFSBOUF FTQFSB B QMBOUFB DVNQMJNJFOUP SFTQPOTBCMF EF BDDJÂO BDUVBM EF HP NJFOUPT DPOWJODFOUFT Z EBO MVHBS B NBOJGFTUBDJP CFSOBOUFT Z HPCFSOBEPT 1BSB UPEPT TPO BCSVNBEPSBT MBT QSFPDVQBDJP OFT DPO QPUFODJBM WJPMFODJB "EJDJPOBMFT TPO MPT BUBRVFT EJSFDUPT BM DSJNFO PSHBOJ[BEP DPO SFGMF OFT EF IPZ Z SFTVMUB JNQSFTDJOEJCMF FM MMBNBEP Z KP FO MB Q¹SEJEB EF USBORVJMJEBE 1BSBMFMBNFOUF BQMJDBDJÂO EF BVU¹OUJDB VOJEBE DPOEVDFOUF B MB TP BDDJÂO Z SFBDDJÂO TF DPOUFNQMBO UBSE½BT F JODPN MJEBSJEBE N²T BMM² EF NBOJGFTUBDJPOFT QPQVMJTUBT QMFUBT QBSB GSFOBS QSPEVDDJÂO Z DPOTVNP EF ESP FO FM USBCBKP EJBSJP DPO JEFOUJEBE Z EJHOJEBE -B IJT HBT QPS KÂWFOFT Z UBNCJ¹O BEVMUPT B RVJFOFT OP UPSJB FT VO SFDMBNP WJHFOUF (VBEBMBKBSB DVNQMF TF IB MPHSBEP DPNVOJDBS Z DPOWFODFS FGJDB[NFO BÁPT EF TV GVOEBDJÂO Z MB $POTUJUVDJÂO VO TJHMP UF BDFSDB EF OVFWPT FOGSFOUBNJFOUP SFTQFDUP B EF QSPNVMHBDJÂO "NCPT IFDIPT TPO QBSBEJHNBT MPT EBÁPT RVF QSPWPDBO FO MB TPDJFEBE B QBSUJS EF EF QSPQVFTUBT DPOEVDFOUFT B MB TVQFSBDJÂO EF PCT TVT QSPQJBT GBNJMJBT 5PEP WJFOF B TFS SFTQPOTB U²DVMPT QSPQJDJBEPT QPS DBVTBT BKFOBT Z QSPQJBT %JPT OPT HVBSEF EF MB EJTDPSEJB CJMJEBE DPNQBSUJEB Z QSFWJTJCMF FO FM GMVKP DPOT UBOUF EF ESPHBT RVF JOWBEF QPCMBDJPOFT SVSBMFT Z TJDQN!JOGPSNBEPS DPN NY VSCBOBT EPOEF MB WFSEBE TF PDVMUB USBT MB N½TF
"-Ê " ", -ÊÊ
Ê/ *"
À > ` Ê â? iâÊ ÃV Ì
6i Ì>Ê`iʺ}>À>}i» &O FOFSP EFM BÁP FM FOUPODFT GMBNBOUF TFDSF OB B OVFWF QFTPT OPT MB WFOEF B i&T RVF TF OPT UBSJP EF )BDJFOEB SFVOJEP DPO UPEPT MPT FNCBKB BDBC MB HBMMJOB EF MPT IVFWPT EF PSPw `RV¹ QFOB EPSFT NFYJDBOPT MPT FYIPSUBCB WJWBNFOUF B QSP TJ FM QSFTJEFOUF GVFSB QJOPDIP ZB FTUBS½B PMJFOEP NPWFS MB JOWFSTJÂO FYUSBOKFSB FO .¹YJDP -B EFTEF MPT 1JOPT FM QFUSÂMFP EF "MBTLB /P TF OPT WFIFNFODJB EF TV EJTDVSTP IBD½B QFOTBS RVF FM GV BDBC OJOHVOB HBMMJOB TF MB BDBCBSPO FOUSF FM TJO UVSP EFM QB½T EFQFOE½B FYDMVTJWBNFOUF EFM OÈNFSP EJDBUP QFUSPMFSP Z FM HPCJFSOP Z BEFN²T TF BDBC EF JOWFSTPSFT WFOJEPT EF GVFSB "M GJOBM EF TV MBSHB QBSB MB TPDJFEBE OP QBSB MB DMBTF QPM½UJDB RVF TJHVF FYQPTJDJÂO IVCP VO UJFNQP QBSB QSFHVOUBT TÂMP VO BGFSSBEB B TVT QSJWJMFHJPT BEVDJFOEP RVF OP QVF EJQMPN²UJDP IJ[P MB QSFHVOUB JODÂNPEB i{Z RVF TF EFO SFCBKBSTF FM TVFMEP P SFOVODJBS B ¹M QPSRVF MBT IBS² QBSB QSPNPWFS MB QSPEVDUJWJEBE OBDJPOBM w MFZFT MP QSPI½CFO MFZFT RVF IJDJFSPO FMMPT NJTNPT -B SFTQVFTUB GVF BNQMJBNFOUF FWBTJWB FTUBCB DMB B FTQBMEBT EF MB TPDJFEBE %JTJNVMBS MPT FSSPSFT QFSP UBNCJ¹O EJTUSBFS EF SP RVF FM HPCJFSOP FOUSBOUF OP UFO½B NVDIBT FYQFD UBUJWBT FO FM QSPQJP QB½T Z T½ EFTNFEJEBT FO FM QP FMMPT MB BUFODJÂO QÈCMJDB BQSPWFDIBOEP BM N²YJNP MBT QPTUVSBT EFM QSFTJEFOUF OPSUF EFS EF MB FDPOPN½B HMPCBM BNFSJDBOP QBSB TVTDJUBS FM TFOUJ " DJODP BÁPT EF BRVFM DPNJFO NJFOUP QBUSJP MB VOJEBE OBDJPOBM [P Z ZB DPO FM QB½T DBTJ WFOEJEP B FM BQPZP BM QSFTJEFOUF 1FÁB DVBO DVBOUP QPTUPS GVF QPTJCMF TFEVDJS Êi Êi ÌÀiÌ> Ì Ê>Ê ÃÊ EP FT QSFDJTBNFOUF FM TJTUFNB QPM½ MPT SFTVMUBEPT OP IBO TJEP CVFOPT .JFOUSBT RVF PUSBT OBDJPOFT HP «>ÀÌ ` ÃÊ« Ì V ÃÊ iÃÊÌ i iÊ UJDP RVF ¹M SFQSFTFOUB MP RVF IB TF HVJEP BSSVJOBOEP FM QSFTFOUF Z FM CFSOBEBT QPS QPM½UJDPT NFOPT ²WJ «iÀviVÌ> i ÌiÊà ÊÊ GVUVSP EF MPT NFYJDBOPT EPT Z N²T DBQBDFT IBO TBCJEP QSP &TUB NBOJQVMBDJÂO OP FYDMV NPWFS MB EJO²NJDB JOUFSOB EF TV VÕ `>` Êi ÊvÕÌÕÀ Ê`i Ê«> Ã]Ê ZF TJO FNCBSHP MB OFDFTJEBE RVF FDPOPN½B QBSB IBDFSMB DPNQFUJUJ ÊÖ V ʵÕiÊ iÃÊ ÌiÀiÃ>ÊiÃÊ UFOFNPT EF FGFDUJWBNFOUF VOJS WB Z OP NFSBNFOUF QBTJWB .¹YJDP V ÊÃ>V>ÀÊÛi Ì> >Ê`i Ê OPT QBSB DPNCBUJS QSJNFSBNFOUF TJHVF BODMBEP BM NPEFMP OFPDBQJ OVFTUSB QSPQJB DPNQMJDJEBE FO MB UBMJTUB DPO VOB GF JORVFCSBOUBCMF >VÌÕ> ÊV> à DBEFOB EF DPSSVQDJÂO RVF WJWF MB RVF OJ TJRVJFSB TVT PSJHJOBMFT JO OBDJÂO QVFT TJ CJFO FT DJFSUP RVF WFOUPSFT IBO DPOTFSWBEP NVDIBT WFDFT TPNPT W½DUJNBT EF &YQSFTJÂO JONFEJBUB Z WJTJCMF EF FTUF EFTDBMBCSP IB TJEP FM FTD²OEBMP EF MPT FOFS FTUB MBDSB UBNCJ¹O MP FT RVF NVDIBT WFDFT OPT CF H¹UJDPT QSVFCB GFIBDJFOUF EFM DÈNVMP EF FSSPSFT OFGJDJBNPT EF FMMB TJUVBDJÂO RVF WVFMWF SJTJCMF DPNFUJEPT QPS MB BDUVBM BENJOJTUSBDJÂO MB DVBM MF DVBMRVJFS QSPQÂTJUP EF MVDIB FO GBWPS EF VO TJTUF KPT EF BENJUJS TV SFTQPOTBCJMJEBE QSFUFOEF EFTEF NB QPM½UJDP IPOFTUP &O FM FOUSFUBOUP B MPT QBSUJEPT QPM½UJDPT MFT UJF IBDF VO NFT EJTJNVMBSMB DPO DPNFSDJBMFT GBMBDFT RVF IBDFO N²T EFQSJNFOUF FM SPTUSP EFM HPCJFSOP OF QFSGFDUBNFOUF TJO DVJEBEP FM GVUVSP EFM QB½T MP 2VF MB HBTPMJOB TVCJ QPSRVF TVCJ FM QFUSÂMFP EF ÈOJDP RVF MFT JOUFSFTB FT DÂNP TBDBS WFOUBKB EFM BD TFS BT½ EFCFS½BNPT FTUBS NFKPS ZB RVF QSPEVDJNPT UVBM DBPT QBSB PCUFOFS WPUPT FO MBT QSÂYJNBT FMFD QFUSÂMFP 4½ QFSP FT RVF .¹YJDP JNQPSUB HBTPMJOB DJPOFT Z TFHVJS NBOUFOJFOEP FM FTRVFNB DPMPOJB {Z DÂNP FT RVF TJFOEP VO QB½T QSPEVDUPS EF QFUS MJTUB Z FYQMPUBEPS RVF WJWJNPT MFP EFCF JNQPSUBS HBTPMJOB {%ÂOEF FTU² FM FSSPS BSNBOEP HPO!VOJWB NY FM FOHBÁP MB GBMMB {: QPS RV¹ TJ JNQPSUB MB HBTPMJ
%PNJOHP EF GFCSFSP EF
1~(*/" #
&- */'03."%03
* , Ê Ê/"+1 >À ÊÛ>À}>ÃÊ Ã> "MHÈO E½B IBCS² RVF MFWBOUBS VO NPOVNFOUP FO IPNFOBKF B MB DPN QBÁ½B CSBTJMFÁB 0EFCSFDIU QPSRVF OJOHÈO HPCJFSOP FNQSFTB P QBS UJEP QPM½UJDP IB IFDIP UBOUP DPNP FMMB FO "N¹SJDB -BUJOB QBSB SFWF MBS MB DPSSVQDJÂO RVF DPSSPF B TVT QB½TFT OJ QPS TVQVFTUP PCSBEP DPO UBOUP FNQFÁP QBSB GPNFOUBSMB -B IJTUPSJB UJFOF UPEPT MPT JOHSFEJFOUFT EF VO HSBO UISJMMFS &M WFUFSBOP FNQSFTBSJP .BSDFMP 0EFCSFDIU QBUSÂO EF MB DPNQBÁ½B DPO EFOBEP B EJFDJOVFWF BÁPT Z DVBUSP NFTFT EF QSJTJÂO KVOUP DPO TVT QSJODJQBMFT FKFDVUJWPT MVFHP EF QBTBSTF VO UJFNQJUP FOUSF SFKBT BOVO DJ B MB QPMJD½B RVF FTUBCB EJTQVFTUP B DPOUBS UPEBT MBT QJMMFS½BT RVF IB C½B DPNFUJEP B GJO EF RVF MF SFCBKBSBO MB QFOB &O #SBTJM MMBNBO B FT UP iMBT EFMBDJPOFT QSFNJBEBTw $PNFO[ B IBCMBS Z EF TV CPDB Z MBT EF TVT FKFDVUJWPT TBMJFSPO W½CPSBT Z QPO[PÁBT RVF IBO IFDIP UFN CMBS B UPEP FM DPOUJOFOUF FNQF[BOEP QPS TVT QSFTJEFOUFT BDUVBMFT Z QBTBEPT &M TFÁPS .BSDFMP 0EFCSFDIU NF SFDVFSEB BM UFOFCSPTP (J MMFT EF 3BJT FM WBMJFOUF DPNQBÁFSP EF +VBOB EF "SDP RVF MMBNBEP QPS MB *ORVJTJDJÂO EF #SFUBÁB QBSB QSFHVOUBSMF TJ FSB DJFSUP RVF IBC½B QBS UJDJQBEP FO VO BDUP EF TBUBOJTNP DPO VO DÂNJDP JUBMJBOP EJKP RVF T½ Z RVF BEFN²T IBC½B WJPMBEP Z BDVDIJMMBEP B N²T EF USFTDJFOUPT OJÁPT QPSRVF TÂMP QFSQFUSBOEP FTPT IPSSPSFT TFOU½B QMBDFS -B DPNQBÁ½B 0EFCSFDIU IB HBTUBEP DFSDB EF NJMMPOFT EF EÂMBSFT FO DPJNBT TPCPSOPT B KFGFT EF &TUBEP NJOJTUSPT Z GVO DJPOBSJPT QBSB PCUFOFS MJDJUBDJPOFT Z DPOUSBUPT RVF DBTJ TJFNQSF FT DBOEBMPTBNFOUF TPCSFWBMVBEPT MF QFSNJU½BO PCUFOFS HBOBODJBT TVTUBODJPTBT &TUP WFO½B PDVSSJFOEP IBDF NVDIPT BÁPT Z BDBTP OVO DB IVCJFSB TJEP DBTUJHBEP TJ FOUSF TVT DÂNQMJDFT OP FTUVWJFSB CVFOB QBSUF EF MB EJSFDUJWB EF 1FUSPCSBT MB QFUSPMFSB CSBTJMFÁB RVF JOWFT UJHBEB QPS VO KVF[ GVFSB EF MP DPNÈO 4FSHJP .PSP FT VO NJMBHSP RVF FTU¹ UPEBW½B WJWP EFTUBQ MB DBKB EF MPT USVFOPT )BTUB FM NPNFOUP IBZ USFT NBOEBUBSJPT MBUJOPBNFSJDBOPT JNQMJDBEPT FO MPT TVDJPT FOKVBHVFT EF 0EFCSFDIU EF 1FSÈ $PMPN CJB Z 1BOBN² : MB MJTUB TÂMP BDBCB EF DPNFO[BS &M RVF FTU² FO MB TJ UVBDJÂO N²T EJG½DJM FT FM FYQSFTJEFOUF QFSVBOP "MFKBOESP 5PMFEP B RVJFO 0EFCSFDIU IBCS½B QBHBEP NJMMPOFT EF EÂMBSFT QBSB BTFHV SBSTF MPT DPOUSBUPT EF EPT USBNPT EF MB $BSSFUFSB *OUFSPDF²OJDB RVF
>ÃÊ`i >V iÃÊ «Ài >`>Ã VOF B USBW¹T EF MB TFMWB BNB[ÂOJDB BM 1FSÈ DPO FM #SBTJM 6O KVF[ IB EFDSFUBEP DPOUSB 5PMFEP RVF TF IBMMB GVFSB EFM 1FSÈ FO DPOEJDJÂO EF QSÂGVHP QSJTJÂO QSFWFOUJWB EF EJFDJPDIP NFTFT NJFOUSBT TF JOWFTUJ HB TV DBTP MBT BVUPSJEBEFT QFSVBOBT IBO EBEP BWJTP B MB *OUFSQPM FM QSFTJEFOUF ,VD[ZOTLJ IB MMBNBEP BM QSFTJEFOUF 5SVNQ QJEJFOEP RVF MP EFWVFMWB BM 1FSÈ 5PMFEP UJFOF VO USBCBKP FO MB 6OJWFSTJEBE EF 4UBOGPSE Z FM (PCJFSOP JTSBFM½ IB IFDIP TBCFS RVF OP MP BENJUJS² FO TV UFSSJUPSJP NJFOUSBT OP TF BDMBSF TV TJUVBDJÂO MFHBM )BTUB BIPSB ¹M TF OJFHB B SFHSFTBS BMFHBOEP RVF FT W½DUJNB EF VOB QFSTFDVDJÂO QP M½UJDB BMHP RVF OJ TVT N²T BSEJFOUFT QBSUJEBSJPT MF RVFEBO ZB QP DPT QVFEFO DSFFS .F BQFOB NVDIP FM DBTP EF 5PMFEP QPSRVF DPNP IB SFDPS EBEP (VTUBWP (PSSJUJ FO VOP EF TVT FYDFMFOUFT BSU½DVMPT ¹M FODBCF [Â DPO HSBO DBSJTNB Z WBMFOU½B IBDF EJFDJTJFUF BÁPT MB GPSNJEBCMF NPWJMJ[BDJÂO QPQVMBS FO FM 1FSÈ DPOUSB MB EJDUBEVSB BTFTJOB Z DMFQ UÂNBOB EF 'VKJNPSJ Z GVF VO FMFNFOUP GVOEBNFOUBM FO TV EFTQMPNF /P TÂMP ZP UPEB NJ GBNJMJB TF WPMDÂ B BQPZBSMP DPO EFOVFEP .J IJ KP (PO[BMP TF HBTUÂ MPT BIPSSPT RVF UFO½B FO MB HSBO .BSDIB EF MPT $VBUSP 4VZPT FO MB RVF NJMFT BDBTP NJMMPOFT EF QFSVBOPT TF NB OJGFTUBSPO FO UPEP FM QB½T B GBWPS EF MB MJCFSUBE .J IJKP MWBSP EFKÂ UPEPT TVT USBCBKPT QBSB BQPZBS B UJFNQP DPNQMFUP MB NPWJMJ[BDJÂO QPS MB EFNPDSBDJB Z B MB DB½EB EF 'VKJNPSJ TV DBNQBÁB QSFTJEFODJBM IBTUB MB QSJNFSB WVFMUB Z GVF VOP EF TVT DPMBCPSBEPSFT N²T DFSDB OPT -VFHP BMHP FYUSBÁP PDVSSJÂ SPNQJÂ DPO ¹M EF NBOFSB QSFDJQJ UBEB Z SVJEPTB "MFHÂ RVF IBC½B P½EP FO VOB SFVOJÂO EF 5PMFEP DPO BNJHPT FNQSFTBSJPT BMHP RVF MP BMBSNÂ TPCSFNBOFSB +PTFG .BJ NBO FM FYQPUFOUBEP JTSBFM½ EJKP RVF RVFS½B DPNQSBS VOB SFGJOFS½B RVF FSB EFM &TUBEP Z VO DBOBM EF UFMFWJTJÂO .BJNBO TFHÈO MBT EF OVODJBT EF 0EFCSFDIU IB TJEP FM UFTUBGFSSP EFM FYQSFTJEFOUF Z TJSWJÂ EF JOUFSNFEJBSJP IBDJFOEP MMFHBS B 5PMFEP QPS MP NFOPT EF MPT NJMMPOFT SFDJCJEPT CBKP NBOP QBSB GBWPSFDFS B BRVFMMB FNQSFTB $VBOEP PDVSSJÂ BRVFMMP QFOT¹ RVF MB TVTDFQUJCJMJEBE EF MWBSP FSB FYBHFSBEB F JOKVTUB Z IBTUB UVWJNPT VO EJTUBODJBNJFOUP "IPSB NF FYDVTP DPO ¹M Z BMBCP TVT TPTQFDIBT Z PMGBUP KVTUJDJFSP &TQFSP RVF 5PMFEP SFHSFTF BM 1FSÈ NPUV QSPQJP P MP SFHSF
TFO Z TFB KV[HBEP JNQBSDJBMNFOUF BMHP RVF B EJGFSFODJB EF MP RVF PDVSS½B EVSBOUF MB EJDUBEVSB GVKJNPSJTUB FT QFSGFDUBNFOUF QPTJCMF FO OVFTUSPT E½BT : TJ FT FODPOUSBEP DVMQBCMF RVF QBHVF TVT SPCPT Z MB FOPSNF USBJDJÂO RVF IBCS½B QFSQFUSBEP DPO MPT NJMMPOFT EF QFSVB OPT RVF WPUBNPT QPS ¹M Z MP TFHVJNPT FO TV DBNQBÁB B GBWPS EF MB EF NPDSBUJ[BDJÂO EFM 1FSÈ DPOUSB MPT VTVSQBEPSFT Z HPMQJTUBT -P USBU¹ NVDIP FO FTPT E½BT Z NF QBSFD½B VO IPNCSF TJODFSP Z IPOFTUP VO QFSVBOP EF PSJHFO NVZ IVNJMEF RVF QPS TV FTGVFS[P UFOB[ IBC½B TFHÈO MF HVTUBCB EFDJS iEFSSPUBEP B MBT FTUBE½TUJDBTw Z FTUBCB TF HVSP EF RVF IBS½B VO CVFO HPCJFSOP -P DJFSUP FT RVF QJMMFS½BT BQBS UF TJ MBT IVCP MP IJ[P CBTUBOUF CJFO QVFT FO FTPT DJODP BÁPT TF SFTQFUBSPO MBT MJCFSUBEFT QÈCMJDBT FNQF[BOEP QPS MB MJCFSUBE QBSB VOB QSFOTB RVF TF FODBSOJ[Â DPO ¹M Z QPS MB CVFOB QPM½UJDB FDPOÂNJ DB EF BQFSUVSB F JODFOUJWPT B MB JOWFSTJÂO RVF IJ[P DSFDFS BM QB½T 5P EP FTP IB TJEP PMWJEBEP EFTEF RVF TF EFTDVCSJÂ RVF IBC½B BERVJSJEP DPTUPTPT JONVFCMFT Z EJP VOBT FYQMJDBDJPOFT BMFHBOEP RVF UPEP BRVFMMP IBC½B TJEP BERVJSJEP QPS TV TVFHSB `DPO EJOFSP EFM DFMFC¹ SSJNP +PTFG .BJNBO RVF FO WF[ EF FYPOFSBSMP OPT QBSFDJFSPO B NVDIPT DPNQSPNFUFSMP UPEBW½B N²T -BT iEFMBDJPOFT QSFNJBEBTw EF 0EFCSFDIU BCSFO VOB PQPS UVOJEBE TPCFSCJB B MPT QB½TFT MBUJOPBNFSJDBOPT QBSB IBDFS VO HSBO FTDBSNJFOUP DPOUSB MPT NBOEBUBSJPT Z NJOJTUSPT DPSSVQUPT EF MBT GS² HJMFT EFNPDSBDJBT RVF IBO SFFNQMB[BEP FO MB NBZPS QBSUF EF OVFT USPT QB½TFT DPO MBT FYDFQDJPOFT EF $VCB Z 7FOF[VFMB B MBT BOUJHVBT EJDUBEVSBT /BEB EFTNPSBMJ[B UBOUP B VOB TPDJFEBE DPNP BEWFSUJS RVF MPT HPCFSOBOUFT RVF MMFHBSPO BM QPEFS DPO MPT WPUPT EF MBT QFS TPOBT DPNVOFT Z DPSSJFOUFT BQSPWFDIBSPO FTF NBOEBUP QBSB FOSJ RVFDFSTF QJTPUFBOEP MBT MFZFT Z FOWJMFDJFOEP MB EFNPDSBDJB -B DP SSVQDJÂO FT IPZ FO E½B MB BNFOB[B NBZPS QBSB FM TJTUFNB EF MJCFSUBEFT RVF WB BCSJ¹OEPTF QBTP FO "N¹SJDB -BUJOB MVFHP EF MPT HSBOEFT GSBDBTPT EF MBT EJDUBEVSBT NJMJUBSFT Z EF MPT TVFÁPT NFTJ² OJDPT EF MPT SFWPMVDJPOBSJPT &T VOB USBHFEJB RVF DVBOEP MB NBZP S½B EF MPT MBUJOPBNFSJDBOPT QBSFDFO IBCFSTF DPOWFODJEP EF RVF MB EFNPDSBDJB MJCFSBM FT FM ÈOJDP TJTUFNB RVF HBSBOUJ[B VO EFTBSSPMMP DJWJMJ[BEP FO MB DPOWJWFODJB Z MB MFHBMJEBE DPOTQJSF DPOUSB FTUB UFO EFODJB QPTJUJWB MB SBQJÁB GSFO¹UJDB EF MPT HPCFSOBOUFT DPSSVQUPT "QSPWFDIFNPT MBT iEFMBDJPOFT QSFNJBEBTw EF 0EFCSFDIU QBSB TBO DJPOBSMPT Z EFNPTUSBS RVF MB EFNPDSBDJB FT FM ÈOJDP TJTUFNB DBQB[ EF SFHFOFSBSTF B T½ NJTNP .BESJE GFCSFSP EF %FSFDIPT NVOEJBMFT EF QSFOTB FO UPEBT MBT MFOHVBT SFTFSWBEPT B &EJDJPOFT &- 1"¡4 4- Ï .BSJP 7BSHBT -MPTB
-" 3*26&;" EF MFOHVBT FO .¥YJDP -B 6/&4$0 QSPDMBNª FM E¤B JOUFSOBDJPOBM EF MB MFOHVB NBUFSOB FO FM B¨P EFTEF FOUPODFT TF DFMFCSB BOVBMNFOUF FM EF GFCSFSP QBSB QSPNPWFS MB EJWFSTJEBE MJOH²¤TUJDB 1PS 3VUI 3PNFSP
&- */'03."%03 t 3 30.&30
&
M $FOUSP 6OJWFSTJUBSJP EF $JFODJBT 4PDJBMFT Z )VNBOJEBEFT $6$4) PSHBOJ[BS² EJWFSTBT BDUJWJEBEFT EFT EF FM MVOFT QBSB DFMFCSBS FM E½B JO UFSOBDJPOBM EF MB MFOHVB NBUFSOB DPNP QPOFODJBT DPOGFSFODJBT QB OFMFT EF EJTDVTJÂO Z MB QSPZFDDJÂO EF VO EPDVNFO UBM &T BT½ RVF %BOJFM #BSSBH²O NBFTUSP QFSUFOF DJFOUF B MB EJWJTJÂO EF FTUVEJPT EF MB DVMUVSB IB EFEJDBEP TVT JOWFTUJHBDJPOFT B MB MFOHVB QPS MP RVF PUPSH WBSJBT PCTFSWBDJPOFT SFTQFDUP B MBT MFOHVBT NBUFSOBT OBDJPOBMFT FO .¹YJDP 1SJNFSBNFOUF RVJTP SFTBMUBS RVF FM U¹SNJOP iMFOHVB NBUFSOBw TF QVFEF DPOTJEFSBS DPNP DM²TJDP P USBEJDJPOBM ZB RVF BDUVBMNFOUF MB MJOHʽTUJDB NPEFSOB VUJMJ[B i-FOHVB QSJNFSBw - QBSB EFTJHOBS MB QSJNFSB MFOHVB RVF TF BQSFOEF &TUF DBNCJP TF SFBMJ[ EFCJEP B RVF FM QSJNFS DPODFQUP PDVMUBCB PUSBT SFBMJEBEFT i- QFSNJUF DPOTJEFSBS PUSBT QPTJCJMJEBEFT DPNP RVF MB MFOHVB RVF OVFTUSPT QBESFT OPT USBOTNJUJFSPO TF PMWJEF Z TFB TVTUJUVJEB QPS PUSB P RVF VO OJÁP BQSFOEB EPT MFOHVBT TJNVMU²OFBNFOUF &M U¹SNJOP USBEJDJPOBM CPSSB UBNCJ¹O MB JOGMVFODJB MJOHʽTUJDB EFM QBESF 1BSFDF NVZ TFODJMMP QFSP FTDPOEF NVDIBT TJUVB DJPOFT w .¹YJDP DVFOUB EPT WBSJFEBEFT MJOHʽTUJDBT DMB TJGJDBEBT TFHÈO MB NBOFSB FO RVF QSPEVDJNPT Z QFSDJCJNPT MBT MFOHVBT BVEJPSBMFT EPOEF TF JODMV ZF BM FTQBÁPM Z WJTPHFTUVBMFT TUBT ÈMUJNBT IBZ FO NFOPS DBOUJEBE i4PO EPT MBT SFDPOPDJEBT OBDJP OBMFT MB MFOHVB EF TFÁBT NFYJDBOB Z MB EFM NBZB ZVDBUFDP ÈOJDB MFOHVB JOE½HFOB OBDJPOBM DPO MFO HVBKF EF TFÁBT ¬MUJNBNFOUF TF FTUVEJB PUSB QPTJCMF FM DIBUJOP FM EFTBG½P FT WFSJGJDBS RVF TFB VOB WFSEBEFSB MFOHVB Z OP TÂMP VO MFOHVBKF GBNJ MJBSw &TUBT WBSJFEBEFT EFTQSFOEFO GBNJMJBT MJO HʽTUJDBT QPS MP RVF OP FYJTUF VOB MFOHVB PGJDJBM .¹YJDP UJFOF MFOHVBT OBDJPOBMFT EPOEF TF JODMVZF BM FTQBÁPM $VSJPTBNFOUF DVFOUB #BSSBH²O OP FYJTUF BMHÈO BSU½DVMP RVF EJDUF BM FTQBÁPM DPNP MFO HVB OBDJPOBM TJOP RVF TF BTVNF QPSRVF MB -FZ 'F EFSBM EF %FSFDIPT -JOHʽTUJDPT EF 1VFCMPT *OE½HF OBT FTUBCMFDF RVF MBT MFOHVBT JOE½HFOBT TPO
TBO BM QB½T DPO MPT EPDVNFOUPT SFRVFSJEPT &T JNQPSUBOUF DPONFNPSBS B MBT MFOHVBT NB UFSOBT QVFTUP RVF FTUF E½B TF JODMJOB QPS SFDPSEBS B MBT MFOHVBT QSJODJQBMNFOUF JOE½HFOBT i-B JNQPS UBODJB UBM WF[ TFB KVTUBNFOUF IBDFS WJTJCMF QBSB MB DJVEBEBO½B FO HFOFSBM RVF FYJTUFO PUSBT MFOHVBT FO .¹YJDP &TU² NVZ DBSHBEP FM E½B B MFOHVBT JOE½HF OBT BVORVF OP EFCFS½B TFS BT½ QPSRVF FM FTQBÁPM FT UBO NBUFSOP DPNP FM [BQPUFDP 1FSP TF UPNB FTF TFTHP Z IBZ RVF BQSPWFDIBSMP QBSB EBS WJTJCJMJEBE B MPT EFN²T JEJPNBT FO .¹YJDPw -B EJWFSTJEBE EF JEJPNBT DPNP PUSBT EJWFSTJ EBEFT FT WJTUB QPS MB NBZPS½B EF NFYJDBOPT DPNP BMHP QPTJUJWP 1VFTUP RVF MB JEFPMPH½B DPOUSBSJB QVFEF EFTFODBEFOBS FO NPWJNJFOUPT OBDJPOBMJT UBT Z P SBDJTUBT 4JO FNCBSHP FM .USP #BSSBH²O BGJSNB RVF IBDF GBMUB IBDFS DPOTDJFOUFT EF FTUF EJT DVSTP B MPT IBCMBOUFT EF MBT MFOHVBT JOE½HFOBT i4PO MPT IBCMBOUFT RVJFOFT EFDJEFO TJ IBCMBO TV MFOHVB &T VOB TJUVBDJÂO NVZ DPNQMFKB RVF EF QFOEF EF DBEB DPNVOJEBE F JODMVTP EF DBEB GBNJ MJB -B DMBWF QBSB RVF FYJTUB VO NBOUFOJNJFOUP MJO HʽTUJDP OP FT VO FWFOUP VO E½B OJ RVF MPT OBWFHBEPSFT EF JOUFSOFU UFOHBO MB PQDJÂO EF FTUBS FO VO JEJPNB JOE½HFOB +PTIVB 'JTINBO EFD½B RVF FM BSNB TFDSFUB QBSB RVF VOB MFOHVB TF NBOUFOHB FT RVF TF USBOTNJUB : FTUP FT UBO TFODJMMP DPNP EJ G½DJM 1BSB IBCMBOUFT EFM FTQBÁPM FT G²DJM QFSP TJ WJ WFT FO VO QB½T IPTUJM FO FM DVBM UV MFOHVB OP FT WB MPSBEB F JODMVTP FSFT IVNJMMBEP OP TF USBOTNJUJS² QPSRVF TF QSFGFSJS² RVF MPT IJKPT UFOHBO NBZPSFT PQPSUVOJEBEFTw
$SFBS FOUPSOPT GBWPSBCMFT
%"/*&- #"33"(«/ i-BT MFOHVBT JOEÓHFOBT TPO OBDJPOBMFT BM JHVBM RVF FM FTQB×PM &TUP TJHOJGJDB RVF UPEBT EFCFO UFOFS MB NJTNB QSFTFODJB Z MPT NJTNPT EFSFDIPTw
OBDJPOBMFT BM JHVBM RVF FM FTQBÁPM &TUP TJHOJGJDB RVF UPEBT EFCFO UFOFS MB NJTNB QSFTFODJB Z MPT NJT NPT EFSFDIPT 6OB WBSJFEBE CBTUBOUF JOUFSFTBOUF RVF TF FO DVFOUSB FO FM QB½T FT MB MFOHVB DSJPMMB BGSPTFN½OP MB VCJDBEB FO $PBIVJMB Z B QVOUP EF MB EFTBQBSJ DJÂO &M FTQFDJBMJTUB FO MFOHVB EFTUBDÂ FM EFTBG½P RVF FT EFGJOJS VOB MFOHVB &M *OTUJUVUP /BDJPOBM EF
8* ", "Ê Ê 1 " Õ iÀ Ê i > >ÀÞ /BEB EF NFEJPDSJEBE P SFTVFMWFT UV QSPCMFNB P MP SFTVFMWFT /P IBZ PUSB PQDJÂO UF UJFOFT RVF IBDFS SFTQPOTBCMF EF UV TJUVBDJÂO `#BTUB EF QPOFS QSFUFYUPT 4F USBUB EF BTVNJS QMFOBNFOUF UV BEJDDJÂO Z OP FTUBS FTQF SBOEP B WFS RV¹ IBDFO QPS UJ )BZ RVF BHBSSBS FM UPSP QPS MPT DVFSOPT QPSRVF EF PUSB NBOFSB UF WB B DPSOBS %F FTUB NBOFSB FT DPNP TF QSFUFOEF JOEVDJS B VOB WPMVOUBE HPMQFBEB QPS MBT GMBRVF[BT Z EFCJMJEBEFT F JNQVMTBSMB QBSB RVF MVDIF QPS TBMJS BEFMBOUF )BDF VOBT TFNBOBT VO CVFO BNJHP OPT JOWJUÂ B DPNFS FT BM
-FOHVBT *OE½HFOBT */"-* TF FODBSHB EF MJNJUBS MBT DPOUBCJMJ[BSMBT Z SFBMJ[BS FM DBU²MPHP FO .¹YJ DP i&TU² FM DSJUFSJP EF JOUFMJHJCJMJEBE QBSB TBCFS TJ FT PUSB MFOHVB P FT VO EJBMFDUP EF MB NJTNBw &M SFUP UBNCJ¹O FTU² FO MPT SFHJTUSPT QVFT QPS FKFNQMP UFOFNPT MBT MFOHVBT FYUSBOKFSBT QFSP FT EJG½DJM DPOTFHVJS DJGSBT DFSUFSBT QVFTUP RVF MPT EP DVNFOUPT HVBSEBO MB OBDJPOBMJEBE QFSP OP FM JEJP NB "EFN²T GBMUBS½B JOUSPEVDJS B RVJFOFT OP JOHSF
u ÊÌ ` t HVJFO RVF IB UFOJEP Z UJFOF QSPCMFNBT DPO FM BMDPIPM : GVF NVZ UB KBOUF TV QPTUVSB CFCP QPSRVF RVJFSP ZB QFE½ NJ XIJTLZ QFSP TJ OJO HVOP EF VTUFEFT WB B CFCFS OP NF MP UPNP Z MJTUP : MB WFSEBE FT RVF MPT DPNFOTBMFT MF EJKJNPT RVF QSFGFS½BNPT OP CFCFS : DPO VOB FOPS NF GVFS[B EF WPMVOUBE Z HSBO EFUFSNJOBDJÂO OP WPMWJÂ B UPDBS FM WB TP : OJ TJRVJFSB QJEJÂ RVF MP SFUJSBSBO EF TV WJTUB &T VOB FYUSBÁB TJUVBDJÂO VOB QFSTPOB DPO UBOUP DBS²DUFS Z QFSTPOBMJEBE QFSP DPO VOB FMFWBEB DPODJFODJB EF RVF FT TV QSPCMF NB Z RVF MP UJFOF RVF FOGSFOUBS Z SFTPMWFS FM NJTNP Z OP FDIBSMF MB DVMQB B MPT EFN²T
&T OFDFTBSJP JOWPMVDSBS BM HPCJFSOP Z UPEPT MPT IBCJUBOUFT QBSB DSFBS VO BNCJFOUF QSPQJDJP Z BHSB EBCMF DBEB E½B EFM BÁP 4J FM &TUBEP QSPWFF FTQBDJPT Z DPNPEJEBEFT QBSB IBCMBOUFT EF MFOHVBT JOE½HF OBT DPNP MPT IBZ QBSB MPT IJTQBOPIBCMBOUFT OVFT USB EJWFSTJEBE MJOHʽTUJDB TF QPES² DPOTFSWBS &O DBTP EF RVF OP FYJTUB VO FOUPSOP GBWPSBCMF QBSB DBEB DJVEBEBOP TJO JNQPSUBS FM JEJPNB RVF IBCMF OP UJFOF TFOUJEP OJ FT KVTUP QBSB MPT IBCMBO UFT HVBSEBS TVT MFOHVBT JOE½HFOBT BVORVF BUFOUF B MB EJWFSTJEBE i1PS PUSP MBEP TF IB DPNQSPCBEP MB SFMBDJÂO FOUSF EJWFSTJEBE MJOHʽTUJDB Z EJWFSTJEBE CJPMÂHJDB FT EFDJS TJ VO QB½T FT SJDP FO FTQFDJFT BOJNBMFT Z WFHFUBMFT TFS² SJDP FO MFOHVBT "T½ DPNP FT MBNFO UBCMF MB BNFOB[B EF MBT BCFKBT FT JHVBM EF MBNFO UBCMF RVF TF QJFSEB VOB MFOHVB "T½ DPNP IBZ DBN QBÁBT EF (SFFOQFBDF UBNCJ¹O EFCFS½B IBCFS DBNQBÁBT QBSB TBMWBS B MBT MFOHVBT FTUP JNQMJDB BTGBMUBS DBNJOPT DSFBS DBSSFUFSBT FEVDBDJÂO Z BMJ NFOUBDJÂO B FTBT QPCMBDJPOFT JOE½HFOBT w &M */"-* SFBMJ[B EJWFSTBT DBNQBÁBT QBSB BQP ZBS MB EJWFSTJEBE MJOHʽTUJDB 6O FKFNQMP FT MB DBN QBÁB SFDJFOUF EF QBJTBKF EPOEF MBT TFÁBMFT FO FEJ GJDJPT Z TJUJPT QÈCMJDPT TF QPOFO FO FTQBÁPM Z FO MB MFOHVB JOE½HFOB EFM MVHBS i&TUBT DBNQBÁBT TPO VOB GPSNB EF EBSMF WJTJCJMJEBE Z WBMJEF[ B MBT MFO HVBTw TUBT Z PUSBT BDUJWJEBEFT DPNP MBT RVF TF SFB MJ[BS²O QBSB DFMFCSBS FM E½B EF MB MFOHVB NBUFSOB TPO BMHVOPT FTGVFS[PT RVF TF TVNBO QBSB NBOUF OFS MB EJWFSTJEBE MJOHʽTUJDB EF OVFTUSP QB½T 4JO FNCBSHP DPNP #BSSBH²O BTFHVS TÂMP MPT IBCMBO UFT QVFEFO TBMWBHVBSEBS TVT MFOHVBT Z FTUP ÈOJDB NFOUF TFS² QPTJCMF TJ UPEPT MPT NFYJDBOPT DPMBCP SBO FO DSFBS VO QB½T QSPQJDJP F JHVBMJUBSJP QBSB UPEBT TVT MFOHVBT OBDJPOBMFT
$JFSUBNFOUF OP CFCJÂ FO DPOTJEFSBDJÂO OVFTUSB QFSP QBSB RVF FTP MP IBHB VO BMDPIÂMJDP FT NVFTUSB EF RVF FM EFDJEF DVBOEP EPOEF Z DPO RVJFO CFCFS 5BNQPDP TF USBUB EF NPUJWBS VOB MVDIB EFDJEJEB B WFODFS MBT BEJDDJPOFT B CBTF EF TFÁBMBS MPT MPHSPT RVF PUSBT QFSTPOBT UJFOFO OJ QPOFS FKFNQMPT EF IFSPJDJEBE Z WJSUVE QBSB RVF FTUJNVMFO FM PSHVMMP Z TF QVFEB EFDJS iRVF TJ PUSPT QVEJFSPO QPS RV¹ OP ZP UBNCJ¹Ow i$PO UPEPw TJHOJGJDB NPUJWBS B RVF IBZ TJUVBDJPOFT FO MB WJEB RVF TÂMP TF TBMFO EF FMMBT DVBOEP QPOFT UPEPT MPT SFDVSTPT RVF UJF OFT FO UV TFS $VBOEP IBDFT UPEP MP QPTJCMF QBSB OP RVFEBSUF B NJUBE EFM DBNJOP Z MBNFOUBSUF EF RVF FO TV NPNFOUP OP MF QVTJTUF UPEP FM FTNFSP B TBMJS EFM QSPCMFNB :B IFNPT WJTUP RVF MBT BEJDDJPOFT TF JNQMBOUBO N²T FO VOB GVFS[B EF WPMVOUBE E¹CJM Z EBÁBEB 1PS FMMP SFTVMUB GVOEBNFOUBM USB CBKBS FO¹SHJDBNFOUF FO FMMB Z FKFSDJUBSMB EF UBM NBOFSB RVF MMFHVF NPT FO BMHÈO NPNFOUP IB EFDJS DPO HSBO BMFHS½B iMP MPHS¹w MP IJDF DPO UPEP NJ TFS
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF GFCSFSP EF
&/3*26& 50644"*/5 "/"-*45" 10-¶5*$0
"/«-*4*4 "OES T .BOVFM -ªQF[ 0CSBEPS TF DPMPDB BM GSFOUF FO UPEBT MBT FODVFTUBT EF DBSB B TJO FNCBSHP TV HSBO SJWBM TJHVF TJFOEP M NJTNP
-
ÂQF[ 0CSBEPS FT VO QFMJHSP QBSB .¹YJDP 6O FTMP HBO RVF NBSDÂ VO BOUFT Z VO EFTQV¹T FO MB DPNVOJ DBDJÂO QPM½UJDB EF FTUF QB½T 6OB DBNQBÁB EF BUBRVF GSPOUBM DPOUSB FM UBCBTRVFÁP RVF FO DPOKVOUP DPO TVT FSSPSFT QFSTPOBMFT EFTDBSSJMBSPO MP RVF QBSFD½B TV JONJOFOUF WJDUPSJB FO MB FMFDDJÂO QSFTJEFODJBM EF -B QSPQBHBOEB BEFSF [BEB DPO JN²HFOFT EF )VHP $I²WF[ Z 'JEFM $BTUSP BUFSSÂ B MBT JODJ QJFOUFT DMBTFT NFEJBT EF FTUF QB½T 3FDVFSEP RVF BMHÈO GBNJMJBS NF EJKP FO BRVFMMPT E½BT RVF NF BQVSBSB B UFSNJOBS NJT FTUVEJPT QPS RVF MP ÈOJDP RVF OP NF QPES½B RVJUBS OVODB FM DPNVOJTNP EF -ÂQF[ 0CSBEPS FSB NJ U½UVMP EF MJDFODJBUVSB &M NJFEP EF MPT FNQSFTBSJPT Z MBT DMBTFT NFEJBT EF .¹YJDP EFUVWJFSPO FO TFDP B -ÂQF[ 0CSBEPS RVF QFSEJÂ QPS QPS DJFOUP 6OB E¹DBEB EFTQV¹T Z DPO PUSB FMFDDJÂO QFSEJEB QBSFDF RVF -Â QF[ 0CSBEPS ZB OP USBOTNJUF FM NJFEP EF BOUFT &M NJFEP IB EBEP QB TP B MB EVEB %FM UFNPS B VO FTD¹QUJDP JOUFS¹T -BT FODVFTUBT EFNVFT USBO VO DBNCJP FO MB QFSDFQDJÂO TPCSF FM UBCBTRVFÁP 1PS QSJNFSB WF[ EFTEF -ÂQF[ 0CSBEPS UJFOF VO TBMEP EF PQJOJÂO QPTJUJWB FO UPEBT MBT FODVFTUBT &T EFDJS RVJFOFT UJFOFO VOB PQJOJÂO QPTJUJWB EFM FY KFGF EF (PCJFSOP EFM %JTUSJUP 'FEFSBM TVQFSBO B RVJFO UJFOFO VOB JNBHFO OFHBUJWB 6O WVFMDP JNQFOTBEP IBDF BQFOBT VOPT BÁPT : DPNP MP NVFTUSB &M 'JOBODJFSP DPNJFO[B B HBOBS BEFQUPT FO D½SDV MPT USBEJDJPOBMNFOUF FTD¹QUJDPT BEVMUPT EF MB UFSDFSB FEBE MBT NV KFSFT Z IBTUB FO TFDUPSFT RVF TF EFGJOFO EF EFSFDIB -B QSFHVOUB RVF TF OPT WJFOF B MB DBCF[B FT {2V¹ QBTÂ {1PS RV¹ QBSFDF RVF FM NJFEP B -ÂQF[ 0CSBEPS FNQJF[B B NBUJ[BSTF FO FYUFO EJEPT D½SDVMPT {2V¹ FYQMJDB RVF IBZB QPEJEP SFDPNQPOFS TV JNB HFO FO MPT ÈMUJNPT BÁPT {&T VO BDJFSUP EF ¹M NJTNP P FT TJNQMFNFO UF VOB QSVFCB N²T EF VO TJTUFNB QPM½UJDP DPMBQTBEP )BZ NVDIBT FYQMJDBDJPOFT $PNJFO[P DPO MB N²T PCWJB -ÂQF[ 0CSBEPS TF IB NPEFSBEP 4J CJFO FM UBCBTRVFÁP DP NFO[Â TV PQPTJDJÂO BM TFYFOJP EF &OSJRVF 1FÁB /JFUP EF GPSNB UBKBOUF Z IBTUB FYUSFNJTUB IPZ FO E½B PQUB QPS MB W½B EF MB DPODJMJBDJÂO 6O E½B EFDMBSB RVF FTUBS² DPMBCP SBOEP DPO 1FÁB /JFUP QBSB GPSUBMFDFS MB QPTUVSB EF .¹ YJDP FO MBT OFHPDJBDJPOFT DPO %POBME 5SVNQ Z FM PUSP EFDMBSB RVF OP QJFOTB FDIBS MB CBTVSB UPEBT MBT SF GPSNBT EFM QSJJTUB : IBTUB IB IBCMBEP EF BNOJT U½BT B QPTJCMFT BDUPT EF DPSSVQDJÂO EF MB BENJOJT USBDJÂO TBMJFOUF *ODMVTP FO FM QSPHSBNB RVF QSFTFOUÂ FM EF OPWJFNCSF QBTBEP TF BMFKB EF MBT QPM¹NJDBT Z TF DPNQSPNFUF B DFSP EFVEBT Z CBKBS FM DPTUP EF MB HBTPMJOB "UBKB EFTEF FM QSPHSBNB VOP EF TVT QVOUPT E¹CJMFT TFS WJT UP DPNP VO QPQVMJTUB RVF QPOES½B FO UFMB EF KVJDJP MB FTUBCJMJEBE FDPOÂNJDB EFM QB½T &M EJTDVSTP EJDF NVDIP .FOPT iNBGJB EFM QPEFSw Z N²T IBCMBS EFM QB½T $BEB WF[ WF NPT NFOPT BUBRVFT B MPT NFEJPT EF DP NVOJDBDJÂO IFHFNÂOJDPT &M UBCBTRVF ÁP TF IB NPEFSBEP Z FTP MP BDFQUBO IBTUB TVT N²T GFSWJFOUFT TFHVJEPSFT 5BNCJ¹O FT JOOFHBCMF RVF -ÂQF[ 0CSBEPS IB BQPTUBEP QPS VOB FTUSB UFHJB EF DPOUFOFS MB UFOTJÂO DPO MPT FNQSFTBSJPT " USBW¹T EF "MGPOTP 3PNP TV DPPSEJOBEPS EF 1SPZFDUP EF /BDJÂO FM QSFDBOEJEBUP IB RVF SJEP NBOEBS VO NFOTBKF EF QSV EFODJB FDPOÂNJDB Z DPNQSPNJ TP DPO MB FTUBCJMJEBE EF MBT GJOBO[BT QÈCMJDBT *ODMVTP MB JODPSQPSBDJÂO EF QFSTPOBKFT DPNP &TUFCBO .PDUF[VNB TF DSFUBSJP EF (PCFSOBDJÂO FO MPT UJFNQPT EF &SOFTUP ;FEJ MMP Z UBNCJ¹O QSFTJEFOUF EF MB 'VOEBDJÂO EF 5FMFWJTJÂO "[ UFDB FT VO NFOTBKF JOFRV½WP DP RVF NBUJ[B TV WJTJÂO SVQUV SJTUB EF MB QPM½UJDB UBOUP DPO MPT FNQSFTBSJPT DPNP DPO MPT NFEJPT EF DPNVOJDBDJÂO " ¹TUPT NJTNPT FM UBCBTRVFÁP MPT DPOTJEFSBCB MB iNBGJB EFM QPEFSw IBDF OP NVDIP UJFNQP -ÂQF[ 0CSBEPS TF IB OFHBEP B DPOTUSVJS BMJBO[BT NVMUJQBSUJEJTUBT QFSP T½ IB CVTDBEP JODMVJS FO TV QSPZFDUP B QFSTPOBMJEBEFT RVF QSP WJFOFO EF PUSPT QBSUJEPT QSJODJQBMNFOUF EFM 13% %FOUSP EFM FRVJ QP DFSDBOP EFM UBCBTRVFÁP QBSUFO EF MB JEFB EF RVF OP UFOES²O MB QMFOB BDFQUBDJÂO EF MBT DÈQVMBT FNQSFTBSJBMFT QFSP ZB OP UFOFSMPT BHSFTJWBNFOUF FO DPOUSB MFT QVFEF EBS DJFSUP NBSHFO EF NBOJPCSB FMFDUPSBM &M DBNCJP EFNPHS²GJDP FT GVOEBNFOUBM QBSB FYQMJDBS MB SFEVD DJÂO EFM NJFEP IBDJB MB GJHVSB EF -ÂQF[ 0CSBEPS &O -ÂQF[ 0CSBEPS OP QVEP BHMVUJOBS BM WPUBOUF EF NBZPS FEBE VSCBOP RVF WJ WF GVFSB EF MB $JVEBE EF .¹YJDP $BTJ TJFUF EF DBEB BQPTUBSPO QPS 'FMJQF $BMEFSÂO P QPS 3PCFSUP .BESB[P &O MBT FODVFTUBT RVF TF QV CMJDBO FO OPT QFSDBUBNPT EF VOB NFKPSB FO MB QFSDFQDJÂO EF FTUF TFHNFOUP EF FEBE QFSP TPCSF UPEP VOB WFOUBKB BCSVNBEPSB FO USF MPT OVFWPT WPUBOUFT MPT NJMMFOOJBMT Z QVOUPT EF WFOUBKB FOUSF MPT VOJWFSTJUBSJPT /P FT NFOPS EFTEF FM WPUBOUF KPWFO FT DBEB WF[ N²T SFMFWBOUF Z DBEB WF[ NFOPT QBSUJEJTUB Z NFOPT BCTUFODJP OJTUB &O MB QBSUJDJQBDJÂO EF MPT KÂWFOFT FOUSF Z BÁPT QB TÂ EFM BM : FT QPTJCMF RVF FO MB NJUBE EF MPT FMFD UPSFT SFHJTUSBEPT FO FTUBT FEBEFT TBMHBO B WPUBS -PT KÂWFOFT TJ CJFO TPO VO FTQFKP EF IFUFSPHFOFJEBE OP UJFOFO MPT NJTNPT UBCÈFT Z UBN QPDP MPT NJTNPT NJFEPT RVF MPT BEVMUPT NBZPSFT RVF WPUBO FO DMB WF DPOTFSWBEPSB 0USP FMFNFOUP B DPOTJEFSBS FT FM DBNCJP FO MBT DPPSEFOBEBT QP M½UJDBT " EJGFSFODJB EF DVBOEP -ÂQF[ 0CSBEPS FOGSFOUÂ BM FT QPTP EF RVJFO TFHVSBNFOUF TFS² TV SJWBM EJSFDUP FO KVOJP EF IPZ MB EJDPUPN½B EF MB FMFDDJÂO DBNCJB $PNP TVDFEF FO &VSPQB P FO /PS UFBN¹SJDB MBT DPPSEFOBEBT TFS²O MP FTUBCMFDJEP WT 3VQUVSB Z FO FTB FDVBDJÂO -ÂQF[ 0CSBEPS TBMF NFKPS QBSBEP -BT FODVFTUBT NVFTUSBO VOB QSPQFOTJÂO EFM FMFDUPS B EFTDBMJGJDBS FM SVNCP BDUVBM EFM QB½T Z NBZPS QSPDMJWJEBE B BQPTUBS QPS DBNCJPT N²T QSPGVOEPT )PZ IBZ NFOPT RVF DVJEBS &M FTUBUVT RVP FTU² UPUBMNFOUF JMFHJUJNBEP 4FHV SBNFOUF OJ FM 13* EFGFOEFS² MB HFTUJÂO EF 1FÁB /JFUP -B SVQUVSB DPO MP FTUBCMFDJEP QBTÂ EF TFS VOB PQDJÂO NJOPSJUBSJB B TFS VO SFDMBNP TPDJBM RVF TF BDFSDB B MB NBZPS½B &O FTF DVBESBOUF RVF DPOKVHB SVQ UVSB DPO MP FTUBCMFDJEP Z DFSDBO½B QPQVMBS -ÂQF[ 0CSBEPS QBSUF DPO EPT HPMFT EF WFOUBKB -B JOEJHOBDJÂO QVFEF DPOUSBSSFTUBS FM NJFEP DPNP MP IFNPT WJTUP FO PUSBT MBUJUVEFT &O FM NJTNP TFOUJEP IB IBCJEP VOB SFWPMVDJÂO TJMFODJPTB EF MBT JEFOUJEBEFT QPM½UJDBT FO .¹YJDP -PT EBUPT TPO QBSB MMBNBS MB BUFO DJÂO &O DVBOEP -ÂQF[ 0CSBEPS CVTDÂ MB 1SFTJEFODJB QPS QSJ NFSB WF[ TJFUF EF DBEB NFYJDBOPT TF EFGJO½BO DPNP QBSUJEJTUBT &T EFDJS MB NBZPS½B EF MPT NFYJDBOPT UFO½B BMHVOB JEFOUJGJDBDJÂO DPO VO QBSUJEP QPM½UJDP )PZ .¹YJDP ZB OP FT BT½ 4ÂMP UJFOF BMHVOB
*-6453"$*»/ t + -»1&;
{&M GJO EF MB QFKF GPCJB JEFOUJGJDBDJÂO QBSUJEJTUB FM WPUP EVSP TF IB EFTQMPNBEP FO VOB E¹ DBEB -B CBMBO[B TF IB JOWFSUJEP EF MPT NFYJDBOPT TF EFDMBSBO JOEFQFOEJFOUFT Z SFOJFHBO EF DVBMRVJFS BGFDUP B DPMPSFT QBSUJEJTUBT -B DPODMVTJÂO FT TJNQMF FM FMFDUPS JOEFQFOEJFOUF EFGJOJS² BM 1SF TJEFOUF FO /P EFTBQBSFDFS²O EFM UPEP QFSP FM WPUP DMJFOUFMBS Z DPSQPSBUJWP UFOES² NFOPT QFTP -PT QSFTJEFODJBCMFT EFCFO TFEVDJS BM JOEFQFOEJFOUF RVF WPUB N²T QPS QFSTPOBT QSPZFDUPT Z QSPHSBNBT QPM½UJDPT RVF QPS MFBMUBE B MPT DPMPSFT QBSUJEJTUBT : EF BDVFSEP B &M 'JOBODJFSP -ÂQF[ 0CSBEPS TVQFSB B .BSHBSJUB ;BWBMB QPS QVOUPT FOUSF MPT WPUBOUFT JOEFQFOEJFOUFT Z QPS QVOUPT BM NFKPS DPMPDBEP EFM 13* B .JHVFM 0TPSJP $IPOH &O ZB WJNPT VOB UFOEFODJB EFM WPUBOUF JOEFQFOEJFOUF B BQPTUBS QPS -ÂQF[ 0CSBEPS QBSB FWJUBS FM SF UPSOP EFM 13* MP OPWFEPTP FO FM BDUVBM DPOUFYUP FT MB BUSBDDJÂO EFM WPUBOUF OP QBSUJEJTUB FO VO FTDFOBSJP EF EJTQVUB QPM½UJDB DPO "DDJÂO /BDJPOBM -B EFTQBSUJEJ[BDJÂO EFM FMFDUPSBEP NFYJDBOP QBSFDF TFS VOB QJF[B N²T RVF KVFHB B GBWPS EFM UBCBTRVFÁP
'BMUB NVDIP QBSB RVF MPT NFYJDBOPT TBMHBNPT B WPUBS QBSB FMF HJS BM QSÂYJNP NBOEBUBSJP EFM QB½T %JFDJT¹JT NFTFT RVF QVFEFO DBN CJBS UPEP 4BCFNPT RVF -ÂQF[ 0CSBEPS FT VO FTQFDJBMJTUB FO EJMBQJ EBS DBQJUBM QPM½UJDP Z UJSBS B MB CBTVSB DVBMRVJFS WFOUBKB QPS DÂNPEB RVF QBSF[DB 4JO FNCBSHP DJUBOEP BM DM²TJDP MPT BTUSPT TF MF FTU²O BMJOFBOEP BM M½EFS EFM .PWJNJFOUP EF 3FHFOFSBDJÂO /BDJPOBM *ODMV TP TV NBZPS BEWFSTBSJP FM NJFEP DPNJFO[B B EBS TJHOPT EF EFCJMJ UBNJFOUP &M DPOUFYUP OBDJPOBM EF JOEJHOBDJÂO QPS FM HBTPMJOB[P Z MB SFMBDJÂO DPO %POBME 5SVNQ TPO DPZVOUVSBT RVF MF GBWPSFDFO -P RVF OFDFTJUB -ÂQF[ 0CSBEPS FT DSFEJCJMJEBE RVF FM NFYJDBOP QSPNFEJP JEFOUJGJRVF FO TV QSPHSBNB EF (PCJFSOP VO QSPZFDUP DSF½CMF EF DB SB BM GVUVSP &M SJWBM EFM UBCBTRVFÁP OP FT OJ FM 13* EF 1FÁB Z OJ TJ RVJFSB .BSHBSJUB ;BWBMB &M i1FKFw EFCF DPOUFOFSTF B T½ NJTNP FWJ UBS MPT FSSPSFT EFM QBTBEP Z USBORVJMJ[BS B FTBT DMBTFT NFEJBT RVF OP DPNQSBO EFM UPEP TV QSPZFDUP EF USBOTGPSNBDJÂO &M SJWBM EF -ÂQF[ 0CSBEPS FT ¹M NJTNP
%PNJOHP EF GFCSFSP EF
1~(*/" #
&- */'03."%03
, "Ê Ê1 Ê -* / ", Õ> Ê*> >À
, -Ê Ê6 6 , , Ã>Ê ÌiÀ
Ê ÕiÛ Ê >Ì ÊÊ `i ÊV i}
"UNPTG¹SJDBT 7FOUPMFSBT EF MB FTUBDJÂO S²GBHBT RVF MFWBOUBO JOTUBOU²OFBT UPMWBOFSBT OVCFT EF VO QPMWP EPSBEP RVF UPEP MP SFDVCSF Z MP USBOTGJHVSB &M KPWFO GSFTOP EFKB JS MPT SBDJNPT EF TFNJMMBT RVF DPO UPEB QSPWJTJÂO IBC½B HFOFSBEP :BDFO BIPSB TPCSF MB IJFSCB B MB FTQFSB EFM SVNCP RVF FM B[BS MFT EFTUJOF Z DBEB HFSNFO FT MB QSPNFTB EF VOB DPOUJOVJEBE NJMFOBSJB Z NJ MBHSPTB &T ¹TUF VOP EF MPT JOGJOJUPT NFDBOJTNPT RVF NBOUJF OFO BM PSCF FO TV QBTNPTP FRVJMJCSJP OVCFT S²QJEBT QPMJOJ[B DJPOFT JODPOUBCMFT 7FOVT RVF TF OPT JOGPSNB PGSFDF TV N²YJNP FTQMFOEPS FO FTUB OPDIF QSFDJTB NBSFBT RVF DPNCJ OBO TVT CSB[BEBT JOWFODJCMFT BMSFEFEPS EFM QMBOFUB VO MJSJP RVF EFDJEF GMPSFBS FO FM GPOEP EFM DPSSFEPS TFMWBT FOUFSBT DVZB WFS EF FYQMPTJÂO GFSNFOUB QBDJFOUFNFOUF FM Q²KBSP RVF EFTEF FM HVBZBCP SFEPCMB TV DBODJÂO JNQBS FO MB CÈTRVFEB EF VOB QB SFKB DPO MB RVF QSPMPOHBS TV QSPHFOJF VOB NÈTJDB PMWJEBEB FO MBT POEBT BTUSBMFT RVF EFTQFSUBS² FO BMHÈO PZFOUF QSPQÂTJUPT B DVNQMJS MPT QSJNFSPT EFTUFMMPT BNBSJMMPT FO MBT DBMMFT QBSEV[ DBTy OBEB MB JOTPOEBCMF JOFGBCMF DPOTQJSBDJÂO RVF BWBO[B FO FM UJFNQP TJFNQSF DPOUBEP &M WJFKP NBFTUSP JNQBSUF TV MBSHB TBCJEVS½B DPO VO JOUFN QPSBM UBMBOUF DPO VO ½NQFUV C½CMJDP RVF TPCSFDPHF Z BM[B FM ²OJ NP i/VODB TBCSFNPT FM TJHOP RVF EF "SSJCB TF OPT NBOEF Z OPT EJHB RVF IBTUB BRV½ MMFHBNPT w .BSDP "VSFMJP QVEP EFDJS B USBW¹T EF MPT TJHMPT BMHP NVZ QBSFDJEP 7JFOF MB TFOUFODJB EFM NBFTUSP B QSPQÂTJUP EF MB GBUBMJEBE RVF TPCSF VOB FTRVJOB GB NJMJBS TF BCBUF ÈMUJNBNFOUF "MM½ IBO FODPOUSBEP FO S²QJEB TV DFTJÂO MB NVFSUF EPT TFÁPSBT Z VO NPUPDJDMJTUB RVF OPN²T BMM½ BNBOFDJÂ W½DUJNBT EF MBT EFNFODJBMFT DPOEJDJPOFT EFM US²O TJUP DJUBEJOP $POUJOÈB FM TFÁPS FWPDBOEP DÂNP EF MB RVJFUB DJV EBE RVF IBDF NVDIP DPOPDJÂ FTUBNPT BIPSB JONFSTPT FO VOB DBEB WF[ N²T SJFTHPTB IPTUJM VSCF )BCMB EF MP USBORVJMP RVF TPM½B TFS QPS FKFNQMP FM CBSSJP EF MBT /VFWF &TRVJOBT TF BDVFS EB EF MB QMB[B DBTJ EFTJFSUB EF DPDIFT 1FSP SFNBUB TV FOTFÁBO [B i&TU² MB DPTB RVF BSEF 1FSP BRV½ FTUBSFNPT IBTUB FM GJOBM RVF TF OPT NBSRVF Z IBZ RVF QVFT TFHVJSMF w -B FTDVFMB EF UP EPT MPT FTUPJDPT RVF IBO TJEP TF FOPSHVMMFDF BOUF UBM HBMMBSE½B UBO TPCSJB Z FMFHBOUF DPODJTJÂO *ORVJFSF FM KBSEJOFSP TPCSF MB GVUVSB OBUVSBMF[B EFM KBSE½O {7B B TFS FOUPODFT BRV½ DPNP VOB TFMWB )BDF MVFHP FM SFDVFO UP EF MPT SFUPÁPT EF ²SCPMFT RVF QPS EJWFSTBT QBSUFT ZB QSPTQF SBO -BT PSRV½EFBT BGSJDBOBT MPT GSFTOPT MPT O½TQFSPT MPT HVB ZBCPT MBT KBDBSBOEBT MPT BSSBZBOFTy :B IJ[P FM D²MDVMP EF MBT QSPCBCJMJEBEFT EF DBEB FKFNQMBS TVT FWFOUVBMFT QFSKVJDJPT TV DPNQPTJDJÂO P TV EFTBSSFHMP SFTQFDUP B DBEB MVHBS 4F BDVFSEB MB SFBMJ[BDJÂO EF VOB JOTQFDDJÂO QVOUVBM EFM DPOTJHVJFOUF F JO EJTQFOTBCMF FKFSDJDJP EFM KBSEJO½TUJDP EJTDFSOJNJFOUP "MFOUBS DJFSUPT CSPUFT USBTQMBOUBS P FSSBEJDBS MPT RVF TFB NFOFTUFS 6OB PQFSBDJÂO RVF OP IBCS² N²T RVF QPTQPOFS OBEJF TBCS² QPS DV²OUP UJFNQP FM GJOBM JNQFSJP EF MB OBUVSBMF[B TPCSF MPT SF DJPT NVSPT TPCSF MPT SFDJOUPT BIPSB FOUFSPT TPCSF MBT GS²HJMFT WFSFEBT RVF NJFOUSBT UBOUP DPOUJFOFO MB JNQBSBCMF JOWBTJÂO EF MB DMPSPGJMB JOEÂNJUB 1BVM MVBSE WJFOF FM SFDVFSEP FTDSJCJÂ DPOUSB MB EJTPMVDJÂO MB EFTPMBDJÂO Z FM PMWJEP VO WFSTP RVF QSP CBCMFNFOUF RVFEF JOTDSJUP FO VOB QJF[B EF DBOUFSB EPSBEB EF VO SJODÂO EFM KBSE½O 4VS NFT NBJTPOT S¹VOJFT K ¹DSJT UPO OPNy 6O FTRVJOB DVBMRVJFSB VO IPNCSF RVF WB Z WJFOF &T ZB EFM DPMPS EF MBT W½BT EFM USFO EF MPT WBHPOFT PYJEBEPT EF MB JO UFNQFSJF $BSHB VOB NPDIJMB EFTIJMBDIBEB VOB DPCJKB VO QP NP EF BHVB Z VO MFUSFSP -BT DVBOUBT QBMBCSBT HBSSBQBUFBEBT USBUBO EF DPOWPDBS B MB DPNQBTJÂO B BOJNBS MB BZVEB B QPOFS TF EVSBOUF MPT JOTUBOUFT RVF FM TFN²GPSP EFUJFOF FM US²GJDP FO TV MVHBS &T VO QFSTPOBKF RVF BVORVF TF QSFTUF B MB NPMFT UJB MB DPOEFTDFOEFODJB P MB JOEJGFSFODJB QPOF BOUF MB DJVEBE FOUFSB VOB QSFTFODJB BSRVFU½QJDB VOJWFSTBM MB EFM PUSP MB EFM RVF QBTB MB EFM EFTWBMJEP FO TV US²OTJUP FO CVTDB EF NFKPSFT E½BT &M PUSP IBDF VOB QSFHVOUB GVOEBNFOUBM QBSB MB FYJTUFODJB NJTNB EF VOB DPNVOJEBE RVF QPS EFGJOJDJÂO FTU² FMMB NJTNB GPSNBEB EF JONJHSBOUFT DVZBT SB½DFT MPDBMFT QVFEFO TFS EF IB DF TJHMPT P EF IBDF QPDPT BÁPT OP JNQPSUB {.F SFDPOPDFT UF SFDPOPDFT &M QPFUB GSBOD¹T 'S¹E¹SJD #PZFS FTDSJCJÂ VO CSFWF MJCSP {2V¹ UFSSPS FO OPTPUSPT OP RVJFSF UFSNJOBS &T VOB JOUFOTB Z IPOEB DBWJMBDJÂO TPCSF OVFTUSP UJFNQP MB JEFOUJEBE MB NFNP SJB FM PUSP &T VOB SFGMFYJÂO EPMPSPTBNFOUF QFSUJOFOUF DPNP MB DVSBDJÂO FO VOB MMBHB BOUF VOB ¹QPDB RVF FYQFSJNFOUB FM EFTQMB[BNJFOUP EF NJMMPOFT EF FNJHSBOUFT FNQVKBEPT QPS MB GBUBMJEBE HFPQPM½UJDB QPS MB QPCSF[B MB WJPMFODJB Z FM IBNCSF MB OFDFTJEBE P MB JMVTJÂO "MHVOPT GSBHNFOUPT 4½ FT MP RVF EFNBOEB FM NBZPS DPSBKF OP QFSNBOFDFS FO TJNJTNBEP OP QSJWJMFHJBS VOB ÈOJDB DPCFSUVSB IJTUÂSJDB Z NVO EBOB VOB TPMB JEFOUJEBE QSPUFDUPSB Z FO NVDIP JNBHJOBSJB TJ OP TFOUJS RVF TJ UFOFNPT VO QBTBEP B BNBS Z EFGFOEFS iFT OFDFTBSJP BNBS EF ¹M MB QBSUF NVEB BOÂOJNB EFTBQBSFDJEBw Z EFTDPOGJBS EF MB EVEPTB HSBOEF[B EF UPEB QPTUFSJEBE &O PUSPT U¹SNJOPT MB GSBHJMJEBE EF UPEB EFDJTJÂO FOUSF OP
TPUSPT MB WVMOFSBCJMJEBE EF OVFTUSPT EJMFNBT SFTJEF QSFDJTB NFOUF FO MB BQFSUVSB B MB FYJTUFODJB EFTOVEB MB OVFTUSB DPNP MB EFM PUSP FO MB JOUFSSPHBDJÂO EF OVFTUSB WPMVOUBE EF WJWJS EF VOB DJFSUB NBOFSB DPO MPT PUSPT MP NFKPS QPTJCMF Z FO FM SFDP OPDJNJFOUP EF MB WJEB Z UBNCJ¹O B WFDFT EFM TVGSJNJFOUP EF MPT PUSPT &T BM DPOUSBSJP BSSJFTH²OEPOPT BOUF FM BDPOUFDJNJFOUP BM FODVFOUSP DPO MP RVF OP FTQFS²CBNPT RVF OVFTUSPT QSPQJPT WBMPSFT QBTBS²O MB QSVFCB EF TV WBMJEF[ 1PSRVF MP RVF TF PQPOF B MB NFNPSJB OP FT OJ FM PMWJEP OJ MB EJTPMVDJÂO WPMVOUBSJB P OP TJOP MB GJKBDJÂO MB JOBDDJÂO UFN QPSBM -B NFNPSJB OP FT VO UFNQMP EFM RVF TFS½BNPT MPT HVBS EJBOFT OJ VOB GPSUBMF[B B EFGFOEFS MB NFNPSJB OP FTU² IFDIB N²T RVF EF USBZFDUPT Z SFDPSSJEPT EF USBWFT½BT -B NFNPSJB FT DBNQJ FTDSJC½B ZB 4BO "HVTU½O DBNQPT MMBOVSBT &T EFDJS VO MVHBS BCJFSUP B FYQMPSBS 6O FTQBDJP JOEFGJOJEP EF DPORVJTUB Z EF EFTBQBSJDJÂO {1PS RV¹ EFTFBS DFTBS EF SFDPSSFS MBT HSBOEFT MMBOVSBT EF MB NFNPSJB Z WJWJS FO MB JMVTJÂO EF MBT GPSUBMF[BT B EFGFOEFS EF MPT QVOUPT GJKPT B HVBSEBS -B NFNPSJB FT DPOT USVDDJÂO FT VO NÈTDVMP VOB DSFBDJÂO DPO QBTBKFT FSSPSFT MBQ TVT DPOEFOTBDJPOFT DPOUBNJOBDJPOFT SFQFUJDJPOFT SFHSFTPT SFBOJNBDJPOFTy /P TF GVOEB VOB DPNVOJEBE TPCSF MB TPTQFDIB EFM PUSP 5BM EJDF FM QPFUB 5BM TF QVFEF QFOTBS RVJ[²T BOUF FTF JO NJHSBOUF BOUF FTF PUSP RVF JOGSVDUVPTBNFOUF SFDPSSF TV FT RVJOB FO CVTDB EF BZVEB 5BM TF QVFEF QFOTBS FO FTUB DJVEBE FO MB MBT JOKVTUJDJBT MBTUJNBO DPUJEJBOBNFOUF MB WJEB EF MB DPNV OJEBE FO MB RVF NVSBMMBT Z BMBNCSBEPT WBO GSBDUVSBOEP MB NF NPSJB DPNÈO MB JOEJTQFOTBCMF NFNPSJB GVUVSB RVF TPMBNFOUF MB TPMJEBSJEBE Z MB DPNQBTJÂO BMJFOUBO %F MB OBWF NBESF FO EJTPMVDJÂO TJHVFO MMFHBOEP GSBHNFO UPT RVF BUSBWJFTBO VO FTQBDJP BIPSB TJEFSBM 1FEB[PT EF QBMB CSBT SFTUPT EF QBDJFOUFT SFDPMFDDJPOFT SFMJRVJBT EFM JOWJDUP PS HVMMP NVFTUSBT EF DFMFCSBDJPOFT EJTUBOUFT EFWPDJPOFT EJTMPDBEPT WFTUJHJPT EF VOB DPNQPTJDJÂO WJUBM RVF EJP TFOUJEP Z SJNB B MB FYJTUFODJB 1FSP DBEB EFSSPUB FT VOB TFNJMMB VO QVO UP EF QBSUJEB 1FSP DBEB DBTB BCPMJEB HVBSEB FO MB NFNPSJB EFM DPTNPT TVT FDPT TVT USBZFDUPSJBT Z BGBOFT MB JOEFMFCMF DPOT UBODJB EF TV QFSNBOFODJB .²T TF QFSEJÂ FO MB HVFSSB EFD½B VO TFÁPS RVF ZB OP FTU² FTUPJDP TJFNQSF BOUF MB BEWFSTJEBE N²T TF QFSEJÂ FO MB (SBO (VFSSB MB EF B UFSSJCMF IVNVT RVF IBC½B OVUSJEP QBSUF EF TV JONFEJBUB JOGBODJB FOUSF MBT QF OVSJBT Z EFTEJDIBT RVF IBC½BO TJUJBEP TV DBTB &OUSF FM SFDVFS EP EF VOB IFSPJDB Z EFTFTQFSBEB DBSHB EF DBCBMMFS½B SFBMJ[B EB QPS DJFSUP CBKP MBT PSUPEPYBT Z BVHVTUBT FOTFÁBO[BT EF MB &TDVFMB EF 4BJOU $ZS FOUSF FM WBJW¹O EF MPT BGFDUPT EF MB NBESF FWBOFTDFOUF EFM QBESF TVNFSHJEP FO TVT FSSBODJBT EF MBT U½BT RVF TF NPS½BO EF MB BCVFMB JNQMBDBCMF Z DBSJÁPTB 4FÁBMFT RVF DSV[BO BIPSB FM VOJWFSTP TJHOPT RVF TF EJTQFSTBO EFM DVFODP FO EPOEF KVOUP DPO UBOUPT PUSPT GVFSPO SFDPHJEPT NBEVSBEPT USBOTNJUJEPT : RVF BIPSB TF DPOWPDBO FO FTUBT M½OFBT EFTCBMB HBEBT .¹YJDP EF KVOJP EF "QBSFDF VOB DBKJUB EF OPCMF GBDUVSB VO OBW½P QFOTBEP QBSB IBDFS EVSBS B MP MBSHP EFM UJFN QP VOB DPOTUBODJB VO QSFDJTP E½B /JOHÈO TFOUJNFOUBMJTNP FM WFTUJHJP EB FTDVFUB DVFOUB EFM QBTBKF EF MPT BNJHPT EF MB MMBNB RVF FOUPODFT BSEJÂ EF MB RVF QPS FTUB TFODJMMB SFNFNPSBDJÂO DPOUJOÈB BMVNCSBOEP 2VFEBO BQFOBT MPT SFTUPT EF VO DJHBSSP 6O %FMJDBEP QBSB FM DBTP MB JODPOGVOEJCMF FGJHJF B[VM EF MB NV DIBDIB HSJFHB OP IB QFSEJEP TV FTQMFOEPS 4PCSF FM EFMHBE½TJ NP QBQFM TF MFF MB GFDIB TF EJTUJOHVFO DJODP OPNCSFT Z MB EJ WJTB EFM HSVQP &M TFÁPS RVF ZB OP FTU² TF FODBSHÂ DPO EJFTUSB EJTDSFDJÂO EF EFKBS B MP MBSHP EFM UJFNQP FO MB JOGBOUJM NFNPSJB MBT DMBWFT QBSB RVF FM TJHOJGJDBEP EFM UFTUJNPOJP QFS EVSBSB 4VDFEJÂ RVF VOP EF MPT DJODP NJM FTUBCB ZB FTF E½B EF TBIVDJBEP EFWBTUBEP QPS MB JSSFNFEJBCMF FOGFSNFEBE 4ÂMP MB NPSGJOB MB EF Q²MJEBT NBOPT MP TPTUFO½B KVOUP DPO MB SFDJB DB NBSBEFS½B EF TVT BNJHPT /P EVEÂ OJ MF UFNCMÂ MB WP[ DVBOEP QJEJÂ FO FM GSBHPS EFM CBS BDPTUVNCSBEP MB ÈMUJNB DBODJÂO MB RVF EBCB TFOUJEP Z HSBWFEBE B MB SFVOJÂO VO UBOHP TFHVSBNFO UF %PT QBMBCSBT N²T FO FM QBQFM EF GVNBS MP SFWFMBO "EJÂT NV DIBDIPTy &O MB EJTUBODJB EF MPT BÁPT QVFEF EJTUJOHVJSTF UPEB W½B FM IVNP RVF DPNP VO GBOUBTNB RVF BRV½ TF SFOVFWB FOWPMW½B BM HSVQP %FD½B PUSBT WFDFT FTF NJTNP TFÁPS RVF FM RVF TF JCB MF IBC½B QFEJEP BMHÈO UJFNQP BOUFT RVF MP BDPNQB ÁBSB BM TJUJP FYBDUP EPOEF B VO TV BOUFQBTBEP VO QSÂDFS FO EFT HSBDJB IBC½BO QBTBEP QPS MBT BSNBT -MFHBEPT BMM½ EFTFOGVO EÂ MB QJTUPMB Z QSPDFEJÂ DPO MB NJTNB NBOP GJSNF RVF MVFHP TPTUFOES½B MB QPTUSFSB DPQB EF DPÁBD B IBDFS VOB TBMWB EF IP NFOBKF EF WFJOUJÈO EJTQBSPT 4BMEBOEP BMHVOB DVFOUB TJO EV EB $PNP UBM WF[ TF TBMEB BIPSB PUSB DVFOUB BM OPNCSBS BM BNJ HP QFSEJEP "MCFSUP 'SBOL 'PSUVÁP $VBUSP GFDIBT N²T FTDBMPOBEBT QPS MPT BÁPT UFSNJOBS½BO QPS DVNQMJS FM SFDPSSJEP EF MB DBKB OBWFHBOUF *OJDJB BIPSB PUSB USBWFT½B BRV½ RVFEB TV FTUBNQB EVSBS² TV TFOUJEP Z TV FOTFÁBO[B EF CSBWVSB Z BNJT UBE FO MBT NFNPSJBT EF PUSPT OJÁPTy KQBMPNBS!JOGPSNBEPS DPN NY
&M NFOTBKF RVF NBOEB 5SVNQ BM NVOEP FT TJNQMFNFOUF EF PEJP 5F PEJP Z TPZ N²T GVFSUF 5F PEJP Z WPZ B BQMBTUBSUF )BZ HFOUF RVF FT BT½ )BDF VO QBS EF TFNBOBT QVCMJRV¹ VO BSU½DVMP TPCSF 5SVNQ -P FTDSJC½ KVTUP DVBOEP TVCJÂ BM QPEFS Z FO ¹M BEWFSU½B DPOUSB MB UFOUBDJÂO EF NJOJNJ[BS TV QF MJHSP Z TV BOPNBM½B FT EFDJS DPOUSB FM PQUJNJTNP DJFHP EF BRVFMMPT RVF EF D½BO FTUBT BMIBSBDBT TPO QVSB BQBSJFODJB MVFHP TF NPEFSBS² Z TVT BTFTPSFT MP IBS²O FOUSBS FO SB[ÂOy 1FSP QBSB DVBOEP FM UFYUP TBMJÂ B MB MV[ E½BT EFT QV¹T TF IBC½B RVFEBEP PCTPMFUP QPSRVF B FTBT BMUVSBT ZB UPEP FM NVOEP TF UPNBCB FO TFSJP MB GFSPDJEBE UBCFSOBSJB EFM OVFWP NBOEBUBSJP OPSUFBNFSJDB OP "T½ EF GVMNJOBOUF IB TJEP TV FOUSBEB FO MB FTDFOB QPM½UJDB BT½ EF HSJUPOB Z EF JOTPMFOUF DPNP TJ TF USBUBSB EFM QMBUÂ EF (SBO )FSNBOP Z RVJTJFSB EFKBS DMBSP EFTEF FM QSJNFS JOTUBOUF RVF ¹M FT FM N²T DIVMP EFM MVHBS 1PS SB[POFT EF JNQSFOUB FTUF BSU½DVMP UBNCJ¹O UBSEBS² VO QBS EF TFNBOBT FO QVCMJDBSTF Z BIPSB NF BNFESFOUB QFOTBS RV¹ QPES² IBCFS QBTBEP FO FTF UJFNQP 4J 5SVNQ IBCS² JOWBEJEP .¹YJDP QBSB FOUPODFT QPS FKFNQMP &O GJO EJS¹ VOB WF[ N²T RVF MB ÈOJDB NBOFSB EF MVDIBS DPOUSB MB EFSJWB VMUSB EF MPT 5SVNQ Z MPT #SF YJU FT MB SFHFOFSBDJÂO EFNPDS²UJDB "DBCBS DPO MB DPSSVQDJÂO DPO MB JOKVTUJ DJB Z MB IJQPDSFT½B RVF IBO IFDIP RVF NVDIB HFOUF ZB OP TF TJFOUB SFQSFTFO UBEB QPS OVFTUSP TJTUFNB 1FSP QPS EFTHSBDJB OP WFP RVF OBEJF IBHB OBEB 4J IF NFODJPOBEP B .¹YJDP OP FT QPS DBTVBMJEBE "EWJFSUP DPO QSPGVO EP EFTBTPTJFHP RVF FTUBNPT EFKBOEP B .¹YJDP NVZ TPMP GSFOUF B MPT FNQVKP OFT EF FTF FOFSHÈNFOP .F SFGJFSP B MB GBMUB EF BQPZP EF MB DPNVOJEBE JOUFS OBDJPOBM Z FTQFDJBMNFOUF EF &TQBÁB MP DVBM NF SFDVFSEB VOB WF[ N²T FM DPOPDJEP Z FTUSFNFDFEPS QPFNB EFM QBTUPS .BSUJO /JFNÄMMFS FTF RVF FNQJF [B EJDJFOEP i$VBOEP MPT OB[JT WJOJFSPO B MMFWBSTF B MPT DPNVOJTUBT HVBSE¹ TJMFODJP QPSRVF ZP OP FSB DPNVOJTUBw -VFHP ZB TBCFO TF MMFWBO TVDFTJWB NFOUF B MPT TPDJBMEFNÂDSBUBT B MPT TJOEJDBMJTUBT Z B MPT KVE½PT DPO MB NJTNB GBMUB EF SFTQVFTUB USBT MP DVBM FM QPFNB DPODMVZF i$VBOEP WJOJFSPO B CVTDBS NF OP IBC½B OBEJF N²T RVF QVEJFSB QSPUFTUBSw .JFOUSBT UBOUP 5SVNQ TF BQPSSFB FM QFDIP DPNP VO HPSJMB DVFMHB FM UF M¹GPOP B MPT QSFTJEFOUFT EF PUSPT QB½TFT Z EJDF DPTBT DPNP i&M NVOEP UJFOF NVDIPT QSPCMFNBT Z MPT WPZ B BSSFHMBS ZP {PL w -B NFOUFDBUF[ EF TV DPN QPSUBNJFOUP BQBCVMMB Z BUFSSPSJ[B UFOJFOEP FO DVFOUB FM QPEFS RVF NBOFKB 4F EJS½B RVF BMHP OP GVODJPOB CJFO FO TV DBCF[B %BWJE 0XFO OFVSÂMPHP Z EPT WFDFT NJOJTUSP MBCPSJTUB FO 3FJOP 6OJEP UJFOF VO FOTBZP GPSNJEBCMF &O FM QPEFS Z FO MB FOGFSNFEBE FO FM RVF DJUBOEP VO FTUVEJP EF EJDF RVF FM EF UPEPT MPT QSFTJEFOUFT EF &TUBEPT 6OJEPT TVGSJFSPO EPMFODJBT QT½RVJ DBT NJFOUSBT FTUBCBO FO FM DBSHP Z RVF FM EF FMMPT NPTUSBSPO JOEJDJPT EF USBTUPSOP NFOUBM FO BMHÈO NPNFOUP EF TVT WJEBT VOBT DJGSBT RVF BM N¹EJDP 0XFO MF QBSFDFO BMUBT Z B N½ EFTEF MVFHP FMFWBE½TJNBT TPCSF UPEP TJ TF DPN QBSBO DPO MB NFEJB EF MB QPCMBDJÂO FO HFOFSBM RVF TFHÈO MB 0.4 FT N²T P NFOPT EFM 6OB TJFOUF MB UFOUBDJÂO EF QFOTBS RVF FTUF 5SVNQ FT VO EF NFOUF DPNP $BM½HVMB QFSP FO DVBMRVJFS DBTP FM WFSEBEFSP QSPCMFNB OP FT ZB FM USBTUPSOP NFOUBM TFHÈO 0XFO -JODPMO DB½B FO QSPGVOEBT EFQSFTJPOFT Z 3PPTFWFMU QBEFD½B QSPCBCMFNFOUF VO USBTUPSOP CJQPMBS Z GVFSPO VOPT QPM½UJ DPT NVZ OPUBCMFT TJOP MB CSBWVDPOFS½B MB GBMUB EF FNQBU½B FM NBDIJTNP FM BCVTP EF QPEFS &M QSPCMFNB FT TFS NBMB QFSTPOB FO GJO EF MB NJTNB NBOF SB RVF $BM½HVMB QBTÂ B MB IJTUPSJB QPS TV DSVFMEBE : FT RVF FM NFOTBKF RVF NBOEB 5SVNQ BM NVOEP FT TJNQMFNFOUF EF PEJP 5F PEJP Z TPZ N²T GVFSUF 5F PEJP Z WPZ B BQMBTUBSUF )BZ HFOUF RVF FT BT½ RVF CBTB TV WJEB FO PEJBS B MPT EFN²T 5BM WF[ UFNBO OP QPEFS TFS MP TVGJDJFOUF NFOUF BNBEPT Z FOUPODFT FTDPHFO TFS UFNJEPT 2V¹ QPCS½TJNP RVF QBUPMÂ HJDP TVTUJUVUP EFM DBSJÁP FT FM NJFEP SFGMFKBEP FO MPT PKPT EFM QSÂKJNP &T VOB DPOTUSVDDJÂO FNPDJPOBM GBMMJEB TFNFKBOUF B MB EFM BDPTBEPS JOGBOUJM .F FT G² DJM JNBHJOBS BM OJÁP 5SVNQ NFUJFOEP MB DBCF[B EF VO DPNQBÁFSP EF DMBTF FO FM SFUSFUF : MP QFPS EF FTB BDUJUVE FT RVF HFOFSB NJTFSJB NPSBM FO FM FOUPSOP UPEPT MPT DPCBSEFT RVF DBMMBO BOUF TVT BCVTPT Z BEFN²T GPNFOUB VOB SFT QVFTUB GFSP[ &M PEJP BWJWB FM PEJP -B 5JFSSB FT VO QBUJP EF DPMFHJP SFDPSSJEP QPS WJFOUPT EF OFDFEBE Z GVSJB Ï 304" .0/5&30 &%*$*0/&4 &- 1"¡4 4- 5PEPT MPT EFSFDIPT SFTFSWBEPT
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF GFCSFSP EF
"3$)*70 t &- */'03."%03
3&$6&3%0 5BNCJÏO FSB DPOPDJEP DPNP -BT 'BNPTBT &TDBMFSBT EFTEF
-B USBEJDJPOBM DBOUJOB -PT .PMBDIPT DFSSª TVT QVFSUBT FM QBTBEP T CBEP EF GFCSFSP EFKB VOB IJTUPSJB EF N T EF B¨PT
"3$)*70 t &- */'03."%03
6/ (0$& 1PS BRVÓ FM UJFNQP TF EFUFOÓB VO SBUP
&M BEJ¯T EF VO DM TJDP UBQBU©P &- */'03."%03 t ' "5*-"/0
-" .Á4*$" &M QJBOP EF -PT .PMBDIPT TPOBCB BM SJUNP EF MBT BMFHSÓBT Z USJTUF[BT &O MB GPUP 4JMWJOP )FSOÈOEF[ -P[B RVJFO BNFOJ[BCB FM MVHBS
1PS (FSBSEP &TQBS[B
5
VWP VOB CBSSB ÈOJDB VO TFSWJDJP EF CBS DPNP QPDPT Z BDBTP MB NFKPS NÈTJDB VO QJBOP RVF NVTJDBMJ[Â USJTUF[BT Z BMFHS½BT EF NJMFT EF UBQBU½PT EF UPEBT MBT HFOFSBDJPOFT &O TFSWJDJP EFTEF GVF UFTUJHP NVEP EF MB USBOTGPSNBDJÂO EF MBT DPTUVNCSFT Z NPEPT EF MPT UBQBU½PT )BTUB FM WJFS OFT EF GFCSFSP GVF VO SFGFSFOUF VO FTQBDJP DPO WFSUJEP FO SJUVBM MPT USBHPT MB DPNJEB Z MB NÈTJDB UPEP TJO QBVTB QFSP TJO QSJTB -PT .PMBDIPT DFSSÂ Z DPO TV BEJÂT MB DJVEBE QJFSEF VOP EF TVT DM²TJDPT 4F WBO DPO ¹M VOB USBEJ DJÂO Z EFKB FO FM EFTBNQBSP B DFOUFOBSFT EF IBCJ UVBMFT B TVT NFTBT B MB WJTUB EF MB BWFOJEB "MDBMEF Z MBT OPUBT EF 4JMWJOP )FSO²OEF[ FM IPNCSF RVF MF QVTP NÈTJDB B FTUF SFDJOUP 5BNCJ¹O DPOPDJEP DPNP -BT 'BNPTBT &TDBMF SBT MB DBOUJOB DVNQMJÂ B DBCBMJEBE DPO MP RVF FTDSJ CJÂ FM QPFUB .JHVFM OHFM )FSO²OEF[ 3VCJP i6OB DBOUJOB FT VO NJOHJUPSJP B UJFNQP Z VO CVFO TFSWJDJP EF CBS
&45"4 36*/"4 "/50/*0 0356º0
)
OP MB NVMMJEB BMNPIBEB QBSB SFDPSEBSUF OJ QBSB EFDJS NJSB QVFT QFSP RV¹ NBMP FT FM BNPS 1FSP UF EFD½B VOB DBOUJOB FT VOP Z ZBy Z RV¹ MF WBNPT B IBDFSw 1BSB FM IJTUPSJBEPS (VJMMFSNP $FM½T DPOPDF EPS EF MB DVMUVSB EF MPT CBSFT USBEJDJPOBMFT EF MB DJVEBE FM DJFSSF EF -PT .PMBDIPT EFKB VOB BVTFO DJB QPS NVDIPT NPUJWPT BDBTP FM N²T JNQPSUBOUF FT RVF TF GVF VO DFOUSP EF SFDSFBDJÂO TJO DPSUBQJ TBT i'VF VO MVHBS DPO MB WJEB DBOUJOFSB EF (VBEB MBKBSB RVF FTUVWP NVZ WJHFOUF EVSBOUF NVDIBT E¹ DBEBT Z RVF QPDP B QPDP TF FTU² BDBCBOEP &SB QBSUF EF MBT IJTUPSJBT RVF OP TF DVFOUBO QFSP RVF BI½ FTU²O FTUB (VBEBMBKBSB RVF OP FT UBO DBUÂMJDB UBO iNPDIBw B MB RVF MF HVTUB FM USBHP VOB (VB EBMBKBSB CPIFNJB UBOUP RVF UFO½B VOBT S¹QMJDBT EF 5PVMPVTF -BVUSFD DPO MB JEFB DBCBSFUFSB TPO IJT UPSJBT MBUFOUFT BVORVF OP TF MFT OBSSF .F QBSFDF RVF -PT .PMBDIPT UFO½B BTQFDUPT QBSB TFHVJS WJ HFOUF TV DFSDBO½B DPO FM $FOUSP Z DPO MB BWFOJEB "MDBMEF MB IJ[P QVOUP DFOUSBM EF MB WJEB UBQBU½B FT U² B NFOPT EF NFUSPT EF -B $BUFESBMw
"3$)*70 t &- */'03."%03
Á-5*.0 53"(0 4JO NÈT MB DBOUJOB DFSSØ MBT QVFSUBT Z EFKØ NJMFT EF IJTUPSJBT HSBCBEBT FO TV GBNPTB CBSSB
$PO FM DJFSSF EF -BT 'BNPTBT &TDBMFSBT UBN CJ¹O TF QJFSEF MB WJEB OPDUVSOB FO FM $FOUSP EF (VB EBMBKBSB RVF DBEB E½B RVF QBTB BQVFTUB N²T QPS FODMBVTUSBS TVT CBSFT FO [POBT HFOUSJGJDBEBT Z DPO VOB PGFSUB N²T FMJUJTUB QPDP BDDFTJCMF B MB UPEBT MBT DMBTFT Z FTUSBUPT TPDJBMFT i-B USBEJDJÂO RVF UFO½B -PT .PMBDIPT FT QPS RVF FSB VOP EF MPT QPDPT MVHBSFT EF FOUSFUFOJNJFO UP OPDUVSOP USBEJDJPOBM RVF UPEBW½B RVFEBCBO FO (VBEBMBKBSB Z QPS EJWFSTJÂO USBEJDJPOBM OPDUVSOB NF SFGJFSP B TBMJS B UPNBSUF VOB DPQB EF MJDPS Z FT UBS DPO BNJHPT P GBNJMJB P DPO UV QBSFKB FTDVDIBO EP NÈTJDB EF NPEB EF ¹QPDBT BOUFSJPSFT IBC½B KB[[ VO QPRVJUP EF SJUNPT USPQJDBMFT FO FM WJPM½O P MP RVF FTUVWJFSBO UPDBOEP FO FM NPNFOUP FTB USB EJDJÂO RVF GVF GPSKBOEP FM .PMBDIPT MF EJP DBSBDUF S½TUJDBT RVF MP IJDJFSPO EJGFSFOUFw TFÁBMB $FMJT Z BIPOEB iMB DBOUJOB DPNP UBM FTU² EFTBQBSFDJFOEP Z DFEFO TV MVHBS B FTQBDJPT DPNP MPT RVF BCSFO FO $IBQVMUFQFD P $IBQBMJUB OP QFSTJHVFO FM FOUSFUF OJNJFOUP QPQVMBS P QBSB UPEBT MBT QFSTPOBT -PT .PMBDIPT GVF VOP EF MPT MVHBSFT RVF QPS WBSJBT E¹ DBEBT GPSNÂ QBSUF EF MB PGFSUB EF FOUSFUFOJNJFOUP OPDUVSOP EF MB DJVEBE Z IBO QBTBEP HFOFSBDJPOFT
EF UBQBU½PT RVF FTUVWJFSPO FO TVT NFTBT B DFMFCSBS P BIPHBS TVT QFOBT P B MP RVF TFB RVF WB VOP B MB DBOUJOB NF QBSFDF RVF FSB VOP EF MPT MVHBSFT EF DMBTFT QPQVMBSFT DMBTF NFEJB Z HFOUF EF DMBTF BMUB MMFHÂ DPO FM TJNQMF BG²O EF QBTBS VOB OPDIF Z FO USFUFOFSTFw
4F EFTQJEF VOB USBEJDJ°O -B NÈTJDB NFYJDBOB GPSKÂ TV DVMUVSB FO FTPT FTQBDJPT FOUSF MBT TPNCSBT FOUSF USBHPT Z DPNJ EBT MPT TPOJEPT SFWFSCFSBSPO Z MF EJFSPO FM MVTUSF B MPT DBODJPOFSPT Z NBSJBDIJT &M NJTNP DJOF NF YJDBOP FO TV MMBNBEB ¹QPDB EF 0SP OP TF FOUFO EFS½B TJO MB QSFTFODJB EF MBT DBOUJOBT DPNP MVHBS EF FODVFOUSP B EPOEF MPT NBDIPT JCBO B EPCMBS TF Z MMPSBS QPS BNPS &O QMFOP TJHMP 99* Z BOUF FM BWBTBMMBOUF DBN CJP RVF TVGSF (VBEBMBKBSB QBSFDF RVF ZB OP IBZ FTQBDJP QBSB MBT DBOUJOBT -B NPEFSOJEBE MFT RVJ UÂ FM MVTUSF Z MBT DPOWJSUJÂ FO MB PUSFEBE FM MVHBS DVSJPTP RVF QFSNBOFDF QFSP BM RVF OP TF BTJTUF $PO TV DJFSSF UBNCJ¹O TF QJFSEFO MPT FODVFOUSPT RVF MB DBTVBMJEBE EFQBSBCB MBT PUSBT IJTUPSJBT EF MB DJVEBE
$BNQBOBT EF CPEB
F BTJTUJEP FO MB WJEB UBO TÂMP B VO QVÁBEP EF CPEBT EFTQFOTB RVF OP QFOTBCB VUJMJ[BS KBN²T Z RVF BMDBO[BSPO QBSB RVF $VBOEP FTDVDIP B NJT DVÁBEPT EFDJS DPO DJFSUP DBO UPEP NVOEP TF QVTJFSB IBTUB MBT NBOJUBT JODMVJEP NJ KFGF EF FOUPO TBODJP RVF FTUBS²O PDVQBEPT MPT QSÂYJNPT DJODP GJ DFT RVF FSB VO UJQP NVZ TFSJP Z RVF BDBC SFDJUBOEP BM QBSFDFS GSBH NFOUPT EF 'FSOBOEP 1FTTPB 0USP BNJHP QVTP VOBT CBO OFT EF TFNBOB QPSRVF BTJTUJS²O B EJWFS EFKBT EF TVTIJ FO MBT NFTBT B NPEP EF CPUBOB : PUSP QBS TBT DFSFNPOJBT EF NBUSJNPOJP RVF TF DIJDB Z DIJDP QSPUBHPOJ[BSPO VO EFTFODVFOUSP RVF EF DFMFCSBS²O FO SBODIPT IBDJFOEBT TB MPOFT FMFHBOU½TJNPT Z IBTUB DBNQPT EF HPMG NF EB DJFS iÊ>V>L>` Êi Ê> }Õ >Ê WJOP FO VO ESBNÂO BM FTUJMP EFM EVFUP 1JNQJOFMB Z RVF UB FOWJEJB NJT BNJHPT TF DBTBO B SB[ÂO EF VOP QPS MVT `iÊiÃ>ÃÊL `>ÃÊi Ê >ÃÊ BOJN NVDIP B UPEPT MPT QSFTFOUFT IVCP M²HSJNBT EF USP NJT QBSJFOUFT ZB MMFWBO DBTBEPT VO QSPNFEJP EF µÕiÊà ÀÛi Êi Ã> >`>ÊÀÕÃ>Ê QSFTJÂO VO QBS EF HSJUPT Z VO BNBHP EF CPGFUBEB " MBT OVFWF EF MB OPDIF MPT OPWJPT ZB FTU²CBNPT EF DBNJOP B WFJOUJDJODP BÁPT DPO TVT QBSFKBT Z NJT TPCSJOPT BÈO OP BMDBO[BO MB FEBE TVGJDJFOUF DPNP QBSB BOEBS QFOTBO ÞÊÕ >ÊÀiL> >`>Ê`iÊV>À iÊ MB MVOB EF NJFM DPNJFOEP IBNCVSHVFTBT ZB RVF OP BM EP FO FOMBDFT Z NFOPT NBM 5PUBM DBTJ OVODB BTPNP ` ÃÌ Ì>]Êi Ê >ÃʵÕiÊ DBO[BNPT TVTIJ QPS BOEBS UPN²OEPOPT GPUPT Z MPT JOWJ UBEPT TF MBT BSSFHMBSPO QBSB CFCFS UBOUP RVF TFHÈO TF QPS VOB CPEB $PNP TVDFEF DPO UPEPT MPT HSBOEFT SPN²OUJDPT EF « i Ê >Ê Öà V>Ê ?ÃÊ NF SFGJFSF WBSJPT BNBOFDJFSPO NPUFBEPT EF NPSBEJUP MB IJTUPSJB FM E½B EF NJ QSPQJB CPEB IB TJEP VOP EF MPT ÀÀ `>Ê`iÊ >Ê ÃÌ À >Ê QPS IBCFS TVEBEP WJOP UJOUP $SFP RVF GVJNPT UPEPT NVZ GFMJDFT )BTUB NJ NBESF RVF UVWP MB Q¹TJNB TVFSUF EF UP N²T GFMJDFT EF NJ WJEB /P IVCP NÈTJDB FO WJWP OP TF QBSTF BI½ DPO NJ QBESF QPS QSJNFSB WF[ FO WBSJPT EFDF CBJM FO DVBESJMMBT OBEJF QVTP i/P SPNQBT N²T NJ QP CSF DPSB[ÂOw OJ i$BCBMMP EF SPEFPw /J TJRVJFSB IVCP DVSB QPSRVF TP OJPT TF IBC½BO TFQBSBEP DVBOEP FSB ZP NVZ OJÁP Z RVF TF SPC FM WJ NPT BHOÂTUJDPT BT½ RVF CBTU DPO FM PGJDJBM EFM 3FHJTUSP $JWJM Z VOBT EFP EF MB CPEB DPO TV QFSGPSNBODF MMBNBEP i2V½UFONF EF DFSDB EF DBKBT EF WJOP UJOUP RVF VO BNJHP QBH DPO VOB DPMFDDJÂO EF WBMFT EF FTUF TFÁPS QPSRVF NF TBMFO SPODIBTw
$VFOUP UPEP FTUP QPSRVF NF UFNP RVF NJ FOUVTJBTNP QPS MBT CP EBT TF EFCF TPMP B RVF KVTUP MB N½B TBMJÂ NVZ CJFO Z EFTQV¹T OP IF JEP B MBT TVGJDJFOUFT DPNP QBSB WBDVOBSNF 0 QPSRVF DPNP CVFO GBO EF MB QFM½DVMB i&M 'SBODPUJSBEPSw RVJTJFSB JS B VOB GJFTUB NBUSJNPOJBM FO MB RVF IBZB EBO[BT EJHOBT EF VOB CBDBOBM Z UFSNJOF VOP BM E½B TJ HVJFOUF USBT MB IVFMMB EF VO WFOBEP FO QMFOP DFSSPy )F BTJTUJEP B WBSJBT CPEBT EF NJ GBNJMJB QPM½UJDB RVF IBO TJEP DFMFCSBDJPOFT DJWJMJ[BEBT Z TFSFOBT " MB EF NJ DPNQBESF RVF GVF NVZ FMFHBOUF : B VOB CPEB FO MB QMBZB B MB RVF UPEPT GVJNPT FO DIBO DMFUBT Z QMBZFSB Z FO MB RVF OPT BWJTBSPO B ÈMUJNB IPSB RVF OP IB CS½B DFSFNPOJB TJOP VOB FTQFDJF EF BQMBVTP HSVQBM QPSRVF MB OPWJB FSB FYUSBOKFSB Z OP IBC½BO TBMJEP B UJFNQP MPT QFSNJTPTy 4½ DMBSP RVF IF BDBCBEP FO BMHVOB EF FTBT CPEBT TPQPS½GFSBT FO MBT RVF TJSWFO FOTBMBEB SVTB Z VOB SFCBOBEB EF DBSOF JOEJTUJOUB FO MBT RVF QPOFO MB NÈTJDB N²T IÂSSJEB EF MB IJTUPSJB Z VO U½P CPSSBDIP EB VO EJTDVSTP JODPNQSFOTJCMF 1FSP OP IB CBTUBEP QBSB EFTBOJNBSNF &O VOPT E½BT TF DBTB VOP EF NJT NFKPSFT BNJHPT 4¹ RVF OBEJF QPOES² i/P SPNQBT N²T NJ QPCSF DPSB[ÂOw : T¹ RVF IBCS² EBO[BT EJHOBT EF VOB CBDBOBM Z RVF BNBOFDFS¹ FO MB NPOUBÁB EFUS²T EF MB IVFMMB EF VO WFOBEP "M NFOPT FTP FTQFSP