1ÈHJOB USFT
'6/%"%03&4 +FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;
&%*503 %*3&$503 $BSMPT ~MWBSF[ EFM $BTUJMMP (
"º0 $ /Á.&30
#
4&$$* /Ê
&41&$*"-
%& -" ."/0 %& 1"*%»4 -" &/4":*45" 4":", 7"-&/$*" 76&-7& " $*.#3"3 /6&4530 1"¶4 $0/ i$"1*5"-*4.0 (03&w 1ÈHJOB USFT -Õ«iÀÛ Ã À\Ê >À Ê >ÃÌ Ê >À °V>ÃÌ J v À >` À°V ° Ý
?Q=@ANJK @A HA?PQN=
(6"%"-"+"3" +"- %0.*/(0 %& 0$56#3& %&
-" #"5"--" QPS MB TJMMB 13&4*%&/$*"'JDDJªO QPM¤UJDB Z ESBNB TF WJWF FO MB N T SFDJFOUF PCSB MJUFSBSJB EF +PSHF ;FQFEB 1BUUFSTPO Â-PT VTVSQBEPSFTÃ
OFSBO FTUBT EPT WFSUJFOUFT 1BSB N½ GVF VO EJWFSUJNFOUP 5BNCJÀO FTUµ QSFTFOUF FM EFQPSUF FO QBSUJDVMBS FM UFOJT &M UFOJT IB TJEP NJ EFQPSUF QFSTPOBM QPS UPEB MB WJ EB 'VF VO HVTUP QFSP UBNCJ¹O VO SFDVSTP NVZ ÈUJM FO MB OP WFMB &M 1SFTJEFOUF FT GBO²UJDP EFM UFOJT JOWFOU¹ VOB FTQF DJF EF $IJDIBSJUP NVMUJQMJDBEP QPS EJF[ QFSP FO FM UFOJT RVF IB HBOBEP UPEP &M UFOJTUB WB B KVHBS UFOJT DPO FM 1SFTJEFO UF RVJFO MP BEPQUB DPNP VO JOUFSMPDVUPS DPOGFTPS B RVJFO MF EJDF DPTBT RVF OP MF EJS½B B OBEJF N²T *OGBNJBT MBT JOUJ NJEBEFT Z MB TPMFEBE EFM QPEFS .F QFSNJUJÂ RVF FM MFDUPS FTDVDIBSB BM 1SFTJEFOUF USBW¹T EFM UFOJTUB RVF OP TBCF OB EB EF QPM½UJDB &T UBNCJÀO VOB SFGMFYJÎO TPCSF FTB DBSBDUFSÅTUJDB RVF IBO UFOJEP MPT QSFTJEFOUFT FO .ÀYJDP 4½ MB GSBTF EF FTUB TFNBOB i6O 1SFTJEFOUF OP TF EFT QJFSUB QBSB KPEFS BM QB½Tw FT DBTJ MJUFSBMNFOUF VOB SFGMFYJÂO RVF IBDF NJ QFSTPOBKF FM 1SFTJEFOUF 1SJEB .F MMB NÂ NVDIP MB BUFODJÂO FTU² FO FM NJTNP UFOPS MB TFOTBDJÂO EF RVF iUSBUP EF IBDFS MP NFKPS QFSP OP SFTVMUB TPZ JODPNQSFOEJEP TPZ W½D UJNB EFM SFTFOUJNJFOUPw &T FM TVCUFYUP EF MP RVF 1FÁB /JFUP BDBCB EF EFDJS TPO QBMBCSBT TJNJMBSFT B MBT EF NJ 1SFTJEFOUF GJDUJDJP FO TVT NPOÂMPHPT DPO FM UFOJTUB 3FGMFKBO FTP MB TFOTBDJÂO EF TPMFEBE TFOUJSTF I¹ SPFT Z MVFHP W½DUJNBT "EFNµT EF 4FSHJP FM UFOJTUB IBZ PUSPT QFSTPOBKFT RVF TPCSFTB MFO 1JFOTP FO +POBUIBO RVF FN QJF[B FO MB DµSDFM FT VOB SFQSF TFOUBDJÎO EF MB GBMUB EF PQPSUVOJEBEFT QFSTPOBT UBMFO UPTBT RVF FO VO DPOUFYUP CFOÀ GJDP KBNµT TF BDFSDBSÅBO BM DSJ NFO 1BSB N½ GVF VO QFSTPOB KF FOUSBÁBCMF B QFTBS EF TFS NJFNCSP EFM DSJNFO PSHBOJ[B EP &T VO KPWFO DPO *2 FMFWBE½ TJNP Z RVF JMVTUSB RVF FO WBSJBT SFHJPOFT EFM QB½T OP JNQPSUB FM UBMFOUP P CSJMMBOUF[ UFOHBO MPT KÂWFOFT SFTVMUBO QSFTPT QPS MB BVTFODJB EF PQPSUVOJEBE 4ÂMP FM DSJNFO PGSFDF VOB WFOUBOB QBSB TPCSFWJWJS *MVTUSB FTUF NVOEP RVF B WFDFT MB DMBTF NFEJB OP WF NPT QFSP RVF IBZ UBOUPT NJMMPOFT FO FTUF QB½T TVKFUPT B TJUVBDJPOFT BEWFSTBT 6O NJMJUBS UBNCJÀO FT VO QFS TPOBKF DFOUSBM RVF DPOUJFOEF QPS MB DBOEJEBUVSB EFM 13* {2VÀ UBO DFSDB OPT FTUBSÅBNPT B VOB TJUVBDJÎO BTÅ /P FTUPZ TFHVSP RVF FO MB SFBMJEBE UFOHBNPT VO DPOUFOEJFOUF EF DPSUF NJMJUBS QBSB MB 1SFTJEFODJB 2VJTF JMVTUSBS MB DSF DJFOUF NPMFTUJB EF MPT NJMJUBSFT DPO MB DMBTF QPM½UJDB 4JFOUFO RVF MPT IBO VTBEP DPNP DIJ WPT FYQJBUPSJPT QBSB IBDFS VO USBCBKP EVSBOUF EJF[ BÁPT QBSB FM DVBM OP UJFOFO OJ MB DBQBDJUB DJÂO OJ MBT IFSSBNJFOUBT KVS½EJDBT &TUB NPMFT UJB FTQFSP RVF OP TF FYQSFTF FO OBEB RVF UFOHB RVF WFS BMHÈO JOUFOUP EF HPMQF EF &TUBEP 1SP CBCMFNFOUF FTUBS½BO EJTQVFTUPT B BQPZBS B VOB DBOEJEBUVSB RVF SFQSFTFOUF VOB NBOP GJSNF RVF FTUBCMF[DB FM DPOUSPM FO FM QB½T &T VOB WBSJBCMF
1PS +PSHF 1¹SF[ VDFEF FO MB '*- FO TV FEJDJÂO DPO &TUBEPT 6OJEPT DPNP JOWJUBEP EF IPOPS &TDSJUPSFT BDUPSFT EJSFDUPSFT EF DJOF FYQSFTJEFOUFT Z QSFTJEFOUFT MBUJOPBNFSJDBOPT QPM½UJDPTy EFDF OBT EF QFSTPOBKFT GBNPTPT TF FO DVFOUSBO FO MB DFSFNPOJB JOBVHVSBM EPOEF UPEP NBSDIB CJFO IBTUB RVF VO DPNBOEP BSNBEP JSSVNQF FO MB TBMB QBSB EJTQBSBS B EJFTUSB Z TJOJFTUSB &M TBMEP FT DBUBTUSÂGJDP QFSP N²T BMM² EF MBT Q¹SEJEBT IVNBOBT TF EFTBUB VOB DSJTJT QPM½UJDB RVF QPOF BM 1SFTJEFOUF 1SJEB BM CPSEF QFSEFS FM QPEFS BEFN²T EF EFTFRVJMJCSBS MB QSFDBOEJEBUVSB FO FM 13* B MB QSFTJEFODJB OBDJPOBM "T½ DPNJFO[B i-PT VTVSQBEPSFTw FM OVFWP UISJMMFS QPM½ UJDP EF +PSHF ;FQFEB 1BUUFSTPO EPOEF FM MFDUPS FODPOUSBS² VOB OBSSBUJWB WFSUJHJOPTB DPO JOUSJHBT FTQJPOBKF Z DPOT QJSBDJPOFT QBSB DPOTFHVJS FM QPEFS 4VNBEPT BM HSVQP EF BNJHPT MMBNBEP MPT "[VMFT FOUSF MPT QFSTPOBKFT RVF EFTGJMBO QPS MBT Q²HJOBT EF i-PT VTVSQBEPSFTw WFNPT B VO NJMJUBS RVF CVTDB FT DBMBS IBTUB MB TJMMB QSFTJEFODJBM VO QSFDBOEJEBUP RVF QMBOFB BSUJNBÁBT N²T TVUJMFT QBSB DPOWFODFS BM 1SF TJEFOUF EF RVF FM iEFEB[Pw MP BQVOUF VO FYJUPTP UF OJTUB NFYJDBOP RVF FOUBCMB VOB BNJTUBE DPO FM QSF TJEFOUF EF MB OBDJÂO BEFN²T EF .JMFOB MB EF i.JMFOB P FM G¹NVS N²T CFMMP EFM NVOEPw 4PCSF i-PT VTVSQBEPSFTw IBCMB +PSHF ;FQF EB 1BUUFSTPO RVJFO BEFN²T TF QSFTFOUBS² FO MB '*- FM QSÂYJNP EF OPWJFNCSF &O FTUB GJDDJÎO QPMÅUJDB FTUµ FM SF HSFTP EF MPT SFQVCMJDBOPT B MB $BTB #MBODB {DSFFT RVF TFB QPTJCMF : EF MB OPWFMB {DÎNP TVSHJÎ TV USBNB -P EF MPT SFQVCMJDBOPT FT VO NF SP BDDJEFOUF DJSDVOTUBODJBM FTQFSP RVF OP TVDFEB BT½ DPOTJEFSBOEP TV DBOEJEB UP -P EF MB '*- FKFNQMJGJDB EF NBOFSB NVZ ESBN²UJDB MB UFTJT DFOUSBM EF MB OPWFMB RVF FT FO FTFODJB VOB FTQFDJF EF iKVFHP EF USP OPTw QPS MB TJMMB QSFTJEFODJB /VODB IBC½B NPT MMFHBEP B VOB MVDIB QPS FM QPEFS DPO UBO QPDBT SFHMBT EFM KVFHP DPO QPEFSFT G²DUJDPT TBMWBKFT EJTQVFTUPT B DVBMRVJFS DPTB QBSB IBDFS TF EFM QPEFS -B QSFTJEFODJB FTU² NVZ E¹CJM MPT QBS UJEPT TPO NFSPT DBTDBSPOFT IVFDPT WBD½PT VUJMJ[B EPT QPS MBT GBDDJPOFT EF MVDIB *OTUJUVDJPOFT DPNP MP RVF GVF FM *'& P FM 5SJGF FTU²O NVZ DPNQSPNFUJEBT ZB QPS MBT DVPUBT QBSUJEBSJBT %B MB TFOTBDJÂO EF RVF OP IBZ SFHMBT RVF TVKFUFO B MPT DPOUFOEJFOUFT FT DBTJ DPNP VOB GJOBM EF GVUCPM RVF TF KVHBS² TJO ²SCJUSP OJ BCBOEFSB EPT &TB NBTBDSF FO MB '*- FT VO FTDFOBSJP FYUSFNP B MP RVF QVFEF MMFHBS MB MVDIB DSVFOUB QPS FM QPEFS FO FTUF DPOUFYUP -BT SFEFT TPDJBMFT Z DPNVOJDBDJPOFT UJFOFO VO SPM FO MB OPWFMB -P RVF WJWJNPT FO DPO :P4PZ P MPT USFT MJ CSPT RVF OP MFZÂ FM DBOEJEBUP EFM 13* OP IBCS½B TJEP QPTJCMF FO FM QBTBEP TJO MB WJSBMJEBE EF MBT SFEFT TPDJBMFT &TP GVF FO FT VO KVFHP EF Q²SWVMPT DPNQBSBEP DPO MP RVF TFS² FM IPZ FO E½B FM QFTP EF VO NFNF DBTJ TVTUJUVZF FM BSHV NFOUP QPM½UJDP VO WJEFP SJEJDVMJ[BOEP B VO QPM½UJDP VOB MBEZ VO MPSE TPO FMFNFOUPT RVF FTUBS²O FO MB QPM½UJDB DP NP OVODB BOUFT 1PS OP IBCMBS EF MBT JODJEFODJBT DSJNJOB MFT DPNP MBT JOUFSWFODJPOFT EF IBDLFPT F JOGJMUSBDJPOFT -B DBNQBÁB FTUBEPVOJEFOTF IB UFOJEP MBT TPTQFDIBT EF TJ QPS W½B SVTB TF IB FTQJBEP B MB DBOEJEBUB &TUBNPT FO DJFSOFT GSFOUF BM QBQFM RVF KVHBS²O FO FM GVUVSP MBT SFEFT "M TFS VO UISJMMFS QPMÅUJDP MB QSFOTB FT UBNCJÀO VO FMFNFOUP EF MB OPWFMB DPO NVDIP DPOUSBTUF Z SFGMFYJÎO EF MBT DBSBDUFSÅTUJDBT EF MPT NFEJPT iUSBEJDJPOBMFTw GSFOUF B MBT OVFWBT UFOEFODJBT DPNP FM QPSUBM RVF EJSJHFT &T VO UFNB RVFSJEP VO HVJÁP FO FM RVF RVJTF QSFTFO UBS MB FODSVDJKBEB RVF WJWF FM NVOEP EF MB JOGPSNBDJÂO B NF EJP DBNJOP FOUSF MB QSFOTB USBEJDJPOBM RVF UJFOFO TV WFS TJÂO EJHJUBM Z MPT OVFWPT NFEJPT FYDMVTJWBNFOUF EJHJUBMFT $SFP RVF TF DPNQMFNFOUBO TF DPNQFOTBO QFSP UJFOFO EJ GFSFODJBT TVTUBODJBMFT .J CJPHSBG½B FT VOB NF[DMB EF MBT EPT FO MB OPWFMB QSFTFOUP MB FODSVDJKBEB DPO EPT HSBOEFT BNJHPT FM EJSFDUPS EFM QSJODJQBM QFSJÂEJDP EFM QB½T Z MB EJ SFDUPSB EFM QSJODJQBM NFEJP EJHJUBM )BZ VOB FTQFDJF EF UFO TJÂO FO MB NBOFSB FO RVF FODBSBO MB DSJTJT QPM½UJDB EFTQV¹T EFM BUFOUBEP FO MB '*- .F TJSWJÂ QBSB JMVTUSBS FO RV¹ TF QB SFDF Z FO RV¹ OP DÂNP TF DPOTVNF MB JOGPSNBDJÂO RVF HF
4
LH;K> >E :NMHK
$035&4¶"
&TUVEJ° FDPOPNªB TPDJPMPHªB Z DJFODJBT QPMªUJDBT %JSJHJ° MPT EJBSJPT UBQBUªPT 4J HMP Z 1·CMJDP BEFN T EF &M 6OJWFS TBM FO MB $JVEBE EF .¦YJDP "DUVBMNFO UF EJSJHF XXX TJOFNCBSHP DPN )B QVCMJDBEP Â-PT BNPT EF .¦YJDPÍ Z Â-PT TVTQJSBOUFTÍ &TUB OVFWB FOUSFHB FT MB UFSDFSB EF MB TFSJF EF MPT "[VMFT QSFDFEJEB QPS MBT OPWFMBT Â-PT DPSSVQ UPSFTÍ Z Â.JMFOB P FM G¦NVS N T CFMMP EFM NVOEPÍ 4PCSF TVT QMBOFT B GVUVSP FO FM NVOEP EF MPT MJCSPT DPNFOU° Â&O NJ TJ HVJFOUF OPWFMB NF UPNBS¦ VO EFTDBOTP OP VOB IJTUPSJB EF MPT "[VMFT &T VO UISJ MMFS QPMªUJDP QFSP OP FO .¦YJDPÍ
1~(*/" #
&- */'03."%03 &- */'03."%03
, -Ê Ê6 6 , , Ã>Ê ÌiÀ
i ÌÀ Ê`iÊ« V ÃÊ> à -B DPODJFODJB BOJNBMJTUB OP TJHOJGJDB RVF UPSFSPT Z BGJDJPOBEPT TFBO QTJDÂQBUBT &T VOB DVFTUJÂO EF EFTBSSPMMP FNQ²UJDP Z D½WJDP : EJKP %JPT IBHBNPT BM IPNCSF B OVFTUSB JNBHFO DPNP TFNFKBO[B OVFT USB Z NBOEF FO MPT QFDFT EFM NBS Z FO MBT BWFT EF MPT DJFMPT Z FO MBT CFT UJBT Z FO UPEBT MBT BMJNBÁBT UFSSFTUSFT Z FO UPEBT MBT TJFSQFT RVF TFSQFBO QPS MB UJFSSBw -FP FTUF Q²SSBGP EFM (¹OFTJT Z NF NBSBWJMMB TV QVFSJM CSBWV DPOFS½B " FTF IPNCSF RVF TF DSFF VO DBMDP EF %JPT Z RVF TF TJFOUF BVUPSJ [BEP B SFJOBS TPCSF UPEP CJDIP WJWJFOUF JODMVJEB MB NVKFS MF RVFEBO QPS QBTBS NVDIBT BNBSHVSBT 1PDP B QPDP MB SFBMJEBE JS² JNQPOJFOEP TV MFZ Z CBK²OEPMF MB DSFTUB B USPNQJDPOFT 1SJNFSP BQSFOEFS² RVF FM GJSNBNFOUP OP TÂMP OP HJSB FO UPSOP B ¹M TJ OP RVF MB 5JFSSB FT VO ½OGJNP HSVNP EF NBUFSJB RVF MB DJFODJB IB JEP EFT QMB[BOEP B VO MVHBS DBEB WF[ N²T JOTJHOJGJDBOUF EFM VOJWFSTP -VFHP UFO ES² RVF USBHBS MB BNBSHB OPUJDJB EF RVF %JPT OP MF DSF EF HPMQF Z QPSSB[P B JNBHFO EF ¹M TJOP RVF WFOJNPT EF VO MBSHV½TJNP IJMP FWPMVUJWP RVF TF SF NPOUB N²T BMM² EF MB "VTUSBMPQJUIFDVT -VDZ 2VF BEFN²T IFNPT UFOJEP IFSNBOPT EF FTQFDJF MPT OFBOEFSUBMFT Z QBSB DPMNP OJ TJRVJFSB IFNPT TJ EP NBSBWJMMPTBNFOUF TVQFSJPSFT B FTPT IPN½OJEPT DPNP OPT FNQFÁBNPT FO DSFFS EVSBOUF BÁPT TJOP NVZ TFNFKBOUFT 5BOUP RVF OPT IFNPT DSV[B EP DPO FMMPT Z MPT FVSPQFPT MMFWBNPT FM EF TVT HFOFT : QPS TJ FTUP OP CBTUBSB QBSB EFQSJNJS QSPGVOEBNFOUF B FTF IVNBOP QPNQPTP MVFHP MMF HBS² MB TFDVFODJBDJÂO EFM HFOPNB Z TF EFNPTUSBS² RVF DPNQBSUJNPT FM EF OVFTUSPT HFOFT DPO MB NPTDB EFM WJOBHSF .BESF N½B 5BOU½TJNB QSFTVO DJÂO QBSB MMFHBS B FTUP : BRV½ FTUBNPT JOUFOUBOEP BTVNJS OVFTUSB DPOUJOVJEBE DPO FM SFTUP EF MPT TFSFT WJWPT &TUF FT FM TJHMP EFM BOJNBMJTNP FT EFDJS EF MB BDFQUBDJÂO EF OVFTUSP MVHBS FO FM NVOEP EF OVFTUSB SFTQPOTBCJMJEBE DPO MPT PUSPT BOJ NBMFT %JHP FTUP BM SFCVGP EFM FTD²OEBMP DSFBEP QPS MPT DPNFOUBSJPT CSV UBMFT DPOUSB FM OJÁP FOGFSNP RVF RVJFSF TFS UPSFSP &O QSJNFS MVHBS FTBT QPTUVSBT FYUSFNBT TPO NVZ NJOPSJUBSJBT EFOUSP EFM NVOEP EFM BDUJWJTNP BOJNBMJTUB QFSP BEFN²T Z TPCSF UPEP FT RVF MB EFGFOTB EF MPT BOJNBMFT OP FT VOB DBVTB FYDMVTJWB EF VO QVÁBEP EF BDUJWJTUBT TJOP RVF FT VO NP WJNJFOUP TPDJBM BNQM½TJNP VO DBNCJP EF OVFTUSP NPEFMP DVMUVSBM EF OVFT USB NBOFSB EF WFS FM NVOEP $PNP IF JOUFOUBEP BQVOUBS BOUFT GPSNB QBS UF EF MB FWPMVDJÂO EF MB TPDJFEBE EFM EFTBSSPMMP EF MB DJWJMJEBE Z EF MPT BWBODFT EFM DPOPDJNJFOUP 1PS FTP FT BCTVSEP JOUFOUBS SFEVDJS VO UFNB UBO FTFODJBM B VO SJGJ SSBGF QBSUJEJTUB -B DPODJFODJB BOJNBMJTUB OP FTU² SFMBDJPOBEB DPO VOB JEFPMPH½B DPODSFUB TJOP DPO VO EFTBSSPMMP FNQ²UJDP Z D½WJDP $PO VO BQSFOEJ[BKF QFSTPOBM 4PZ IJKB EF UPSFSP Z NJ QBESF NF FOTFÁ QSFDJTB NFOUF FM BNPS QPS MPT BOJNBMFT BT½ EF DPOUSBEJDUPSJPT Z EF DPNQMFKPT TPNPT MPT IVNBOPT 4¹ CJFO RVF TFS UPSFSP OP FT TJOÂOJNP EF TFS VO BTF TJOP %F MB NJTNB NBOFSB RVF TFS BGJDJPOBEP B MBT DPSSJEBT OP JNQMJDB TFS VO QTJDÂQBUB 1FSP FT WFSEBE RVF UBOUP UPSFSPT DPNP BGJDJPOBEPT QFS UFOFDFO B VO NVOEP ZB PCTPMFUP DPO VO OJWFM EF BENJTJÂO EF MB WJPMFO DJB RVF NF EFTDPNQPOF &T UPEP VOB DVFTUJÂO EF FWPMVDJÂO EF EFTBSSP MMP JOUFSJPS EF DPOPDJNJFOUP %F DPNQSFOEFS DPO FM DPSB[ÂO Z DPO MB DBCF[B RVF DPNQBSUJNPT FM EF MPT HFOFT DPO MB NBMEJUB NPTDB EFM WJOBHSF Z RVF MPT EFN²T BOJNBMFT TJFOUFO EPMPS Z BOHVTUJB Z EFTFTQFSB DJÂO DPNP OPTPUSPT )BTUB MPT DBCBMMPT EF MPT QJDBEPSFT OP UFO½BO QFUP -PT UPSPT FWJT DFSBCBO B EPT P USFT DBCBMMPT DBEB UBSEF FO FM QBUJP MFT NFU½BO MPT JOUFTUJ OPT B QVÁBEPT MPT DPT½BO Z MPT WPMW½BO B TBDBS -PT QPCSFT KBNFMHPT DBNJ OBCBO QJT²OEPTF MBT USJQBT FTDSJCJ 7BMMF *ODM²O 1SJNP EF 3JWFSB EFDSFU MB PCMJHBUPSJFEBE EFM QFUP Z 0SUFHB Z (BTTFU TBD VO BSU½DVMP GVSJCVOEP RVFK²OEPTF EF MB NFEJEB Z EJDJFOEP RVF TF IBC½B BDBCBEP MB BVUFOUJDJEBE EF MB GJFTUB `: FSB OVFTUSP N²YJNP QFOTBEPS 4JO FNCBSHP TJ IPZ TVDFEJF SB BMHP BT½ FO VOB QMB[B UPEPT MPT FTQFDUBEPSFT WPNJUBS½BO EF IPSSPS " FTP FT B MP RVF NF SFGJFSP IBO FWPMVDJPOBEP TF IBO IFDIP N²T DJWJMJ[BEPT %FOUSP EF QPDPT BÁPT B UPEPT OPT QBSFDFS² JHVBM EF FTQBOUPTP FM UPSFP EF IPZ : FTP TVQPOES² VO HSBO BWBODF OP TÂMP QBSB MPT BOJNBMFT TJOP TPCSF UPEP QBSB OPTPUSPT Ï 304" .0/5&30 &%*$*0/&4 &- 1"¡4 4- 5PEPT MPT EFSFDIPT SFTFSWBEPT
%PNJOHP EF PDUVCSF EF
* , Ê Ê/"+1 >À ÊÛ>À}>ÃÊ Ã> &M QFSJPEJTUB BMFN²O %JSL ,VSCKVXFJU EF %FS 4QJFHFM JOWFOUÂ IB DF BMHVOPT BÁPT MB QBMBCSB 8VUCÊSHFS RVF RVJFSF EFDJS iDJVEBEB OP SBCJPTPw Z FO 5IF /FX :PSL 5JNFT EF FTUB NBÁBOB EF PD UVCSF +PDIFO #JUUOFS QVCMJDB VO JOUFSFTBOUF FOTBZP BGJSNBOEP RVF MB SBCJB RVF NPWJMJ[B FO DJFSUBT DJSDVOTUBODJBT B BNQMJPT TFDUP SFT EF VOB TPDJFEBE FT VO GFOÂNFOP EF EPT DBSBT VOB QPTJUJWB Z PUSB OFHBUJWB 4FHÈO ¹M TJO FTPT DJVEBEBOPT SBCJPTPT OP IVCJFSB IBCJEP QSPHSFTP OJ TFHVSJEBE TPDJBM OJ FNQMFPT QBHBEPT DPO KVT UJDJB Z FTUBS½BNPT UPEBW½B FO FM UJFNQP EF MBT TBUSBQ½BT NFEJFWBMFT Z MB FTDMBWJUVE 1FSP BM NJTNP UJFNQP GVF MB FQJEFNJB EF SBCJB TP DJBM MB RVF TFNCSÂ EF EFDBQJUBEPT MB 'SBODJB EFM 5FSSPS Z MB RVF FO OVFTUSPT E½BT IB MMFWBEP B MB SFHSFTJÂO CSVUBM RVF TJHOJGJDB FM i#SF YJUw QBSB FM 3FJOP 6OJEP Z B RVF FYJTUB FO "MFNBOJB VO QBSUJEP YF OÂGPCP VMUSBOBDJPOBMJTUB Z BOUJFVSPQFP "MUFSOBUJWB QPS "MFNB OJB RVF TFHÈO MBT FODVFTUBT DVFOUB DPO OBEB NFOPT RVF FM BQPZP EFM EFM FMFDUPSBEP "ÁBEF RVF FM NFKPS SFQSFTFOUBOUF FO &TUB EPT 6OJEPT EFM 8VUCÊSHFS FT FM JNQSFTFOUBCMF %POBME 5SVNQ Z FM TPSQSFOEFOUF SFTQBMEP DPO RVF DVFOUB .F HVTUBS½B BÁBEJS BMHVOPT PUSPT FKFNQMPT EF VOB iSBCJB QPTJUJWBw FO MPT ÈMUJNPT UJFNQPT FNQF[BOEP QPS FM DBTP EFM #SBTJM TPCSF FM RVF B NJ KVJDJP IB IBCJEP VOB JOUFSQSFUBDJÂO JOUFSFTBEB Z GBMTB EF MB EFGFOFTUSBDJÂO EF %JMNB 3PVTTFGG EF MB QSFTJEFODJB 4F IB QSFTFOUBEP FTUF IFDIP DPNP VOB DPOTQJSBDJÂO EF MB FYUSFNB EF SFDIB QBSB BDBCBS DPO VO HPCJFSOP QSPHSFTJTUB Z TPCSF UPEP JNQF EJS FM SFHSFTP EF -VMB BM QPEFS /P FT OBEB EF FTP -P RVF NPWJMJ[Â B NVDIPT NJMMPOFT EF CSBTJMFÁPT Z MPT TBDÂ B MB DBMMF B QSPUFTUBS GVF MB DPSSVQDJÂO VO GFOÂNFOP RVF IBC½B TPDBWBEP B UPEB MB DMBTF QP M½UJDB Z EF MB RVF FSBO CFOFGJDJBSJPT QPS JHVBM EJSJHFOUFT EF MB J[RVJFS EB Z MB EFSFDIB : TF IB WJTUP FO UPEPT FTUPT NFTFT DÂNP MB HVBEB ÁB EF MB MVDIB DPOUSB MB DPSSVQDJÂO FOWJBCB B MB D²SDFM QPS JHVBM B QBSMBNFOUBSJPT FNQSFTBSJPT EJSJHFOUFT TJOEJDBMFT Z HSFNJBMFT EF UPEPT MPT TFDUPSFT QPM½UJDPT VO IFDIP EFM RVF TÂMP QVFEF TPCSFWF OJS VOB SFHFOFSBDJÂO QSPGVOEB EF VOB EFNPDSBDJB B MB RVF MB EFTIP OFTUJEBE Z FM FTQ½SJUV EF MVDSP IBC½BO JOGFDUBEP IBTUB FM FYUSFNP EF DBVTBS VOB CBODBSSPUB OBDJPOBM 2VJ[²T TFB VO QPDP QSPOUP QBSB DFMFCSBS MP PDVSSJEP QFSP NJ JNQSFTJÂO FT RVF IFDIBT MBT TVNBT Z MBT SFTUBT MB HSBO NPWJMJ [BDJÂO QPQVMBS FO #SBTJM IB TJEP VO NPWJNJFOUP N²T ¹UJDP RVF QP M½UJDP Z FOPSNFNFOUF QPTJUJWP QBSB FM GVUVSP EF MB EFNPDSBDJB FO FM HJHBOUF MBUJOPBNFSJDBOP &T MB QSJNFSB WF[ RVF PDVSSF IBTUB BIP SB MPT FTUBMMJEPT QPQVMBSFT UFO½BO GJOFT QPM½UJDPT QSPUFTUBS DPOUSB MPT EFTBGVFSPT EF VO HPCJFSOP Z B GBWPS EF VO QBSUJEP P VO M½EFS P JEFPMÂHJDPT SFFNQMB[BS FM TJTUFNB DBQJUBMJTUB QPS FM TPDJBMJTNP QFSP FO FTUF DBTP MB NPWJMJ[BDJÂO UFO½B DPNP GJO OP EFTUSVJS FM TJT UFNB MFHBM FYJTUFOUF TJOP QVSJGJDBSMP FSSBEJDBS MB JOGFDDJÂO RVF MP FTUBCB FOWFOFOBOEP Z QPE½B BDBCBS DPO ¹M "VORVF IB UFOJEP VOB EFSJWB EJTUJOUB OP FT NVZ EJGFSFOUF DPO MP PDVSSJEP FO &TQBÁB VO NPWJNJFOUP EF KÂWFOFT FTQPMFBEPT QPS MPT FTD²OEBMPT EF MB DMBTF EJSJHFOUF RVF B NVDIPT EFDFQDJPOBSPO EF MB EFNPDSBDJB Z MPT IB MMFWBEP B FMFHJS VO SFNFEJP QFPS RVF MB FOGFSNFEBE FT EFDJS SFTV DJUBS MBT WJFKBT Z GSBDBTBEBT SFDFUBT EFM FTUBUJTNP Z FM DPMFDUJWJTNP 0USP DBTP GBTDJOBOUF EF iDJVEBEBOPT SBCJPTPTw IB TJEP FM RVF WJWF 7FOF[VFMB &O DJODP PQPSUVOJEBEFT FM QVFCMP WFOF[PMBOP QVEP MJCSBSTF NFEJBOUF FMFDDJPOFT MJCSFT EFM DPNBOEBOUF $I²WF[ VO EFNBHPHP QJOUPSFTDP RVF PGSFD½B iFM TPDJBMJTNP EFM TJHMP 99*w DPNP UFSBQJB QBSB UPEPT MPT NBMFT EFM QB½T 6OB NBZPS½B EF WFOF [PMBOPT B MPT RVF MB JOFGJDBDJB Z MB DPSSVQDJÂO EF MPT HPCJFSOPT EF NPDS²UJDPT IBC½B EFTFODBOUBEP EF MB MFHBMJEBE Z MB MJCFSUBE MF DSF ZFSPO )BO QBHBEP DBS½TJNP FTF FSSPS 1PS GPSUVOB MP IBO DPNQSFOEJEP SFDUJGJDBEP Z IPZ FYJTUF VOB NBZPS½B BQMBTUBOUF EF DJVEBEBOPT DPNP EFNVFTUSBO MBT ÈMUJNBT FMFDDJPOFT QBSB FM $PO HSFTP RVF QSFUFOEF SFDUJGJDBS BRVFMMB FRVJWPDBDJÂO 1PS EFTHSB
"-Ê " ", -ÊÊ
Ê/ *"
À > ` Ê â? iâÊ ÃV Ì &O VOB EF BRVFMMBT WJFKBT Z FOPSNFT WF DJOEBEFT EFM CBSSJP EF 5FQJUP WJWJ VOB QPSUFSB DVZPT OVFWF IJKPT FSBO UPEPT MB ESPOFT TJO DPOUBS MPT USFT NBSJEPT TVDF TJWPT EF MB TVTPEJDIB $BOTBEPT EF FKFS DFS TV PGJDJP FO MBT DBMMFT EF MB .FSDFE QFOTBSPO RVF FSB N²T TFHVSP IBDFSMP FO MB QSPQJB WFDJOEBE WFDJOEBE EF DJODP QB UJPT Z OVNFSPTBT WJWJFOEBT -B EJO²NJDB GBNJMJB UFO½B ZB NVDIB FYQFSJFODJB FO TV USBCBKP Z OP MFT GBMUBCB JOUFMJHFODJB B MB IPSB EF EFMJORVJS )JDJF SPO TV QMBO NBFTUSP OP SPCBS½BO EF NBOF SB BO²SRVJDB TJOP EF NBOFSB FTDBMPOBEB 1SJNFSP USBCBKBS½BO FM RVJOUP QBUJP Z DVBOEP MPT JORVJMJOPT FTUVWJFTFO B QVOUP EF FTUBMMBS IBSUPT EF FTB PMB EF SPCPT MPT EFKBS½BO EFTDBOTBS Z TPCSF UPEP SFDVQF SBSTF QBTBOEP FOUPODFT BM TFHVOEP QBUJP QBSB SFQSPEVDJS MB FTDFOB &WFOUVBMNFOUF IVCP RVJFO EJFSB BWJTP B MB QPMJD½B EF MP RVF PDVSS½B FO MB HSBO WF DJOEBE -PT TFÁPSFT KVTUJDJB OP UBSEBSPO NVDIP FO EFTDVCSJS B MPT DSJNJOBMFT Z DPO FTB NJTNB QSPOUJUVE TF QVTJFSPO EF BDVFS EP DPO FMMPT FM QMBO FSB CVFOP USBCBKBS MBT
ÊV Õ`>`> ÊÀ>L à DJB ZB OP FT UBO G²DJM -B DBNBSJMMB HPCFSOBOUF BMJBEB DPO MB OPNFO DMBUVSB NJMJUBS NVZ DPNQSPNFUJEB QPS FM OBSDPUS²GJDP Z MB BTFTPS½B DVCBOB FO DVFTUJPOFT EF TFHVSJEBE TF IB FORVJTUBEP FO FM QPEFS Z FTU² EJTQVFTUP B EFGFOEFSMP DPOUSB WJFOUP Z NBSFB .JFOUSBT FM QB ½T TF IVOEF FO MB SVJOB FM IBNCSF Z MB WJPMFODJB UPEPT MPT FTGVFS[PT QBD½GJDPT EF MB PQPTJDJÂO QPS WBMJ¹OEPTF EF MB QSPQJB $POTUJUVDJÂO JOTUBVSBEB QPS FM S¹HJNFO MJCSBSTF EF .BEVSP Z DPNQBÁ½B TF WFO GSVTUSBEPT QPS VO HPCJFSOP RVF EFTDPOPDF MBT MFZFT Z DPNFUF MPT QFPSFT BCVTPT JODMVJEP DS½NFOFT QBSB JNQFEJSMP " MB MBSHB FTB NBZPS½B EF WFOF[PMBOPT TF JNQPOES² QPS TVQVFTUP DPNP IB PDV SSJEP DPO UPEBT MBT EJDUBEVSBT QFSP FM DBNJOP RVFEBS² TFNCSBEP EF W½DUJNBT Z TFS² NVZ MBSHP {)BZ RVF DFMFCSBS RVF IBZB OP TÂMP DJVEBEBOPT SBCJPTPT OFHBUJWPT TJOP UBNCJ¹O QPTJUJWPT DPNP BGJSNB +PDIFO #JUUOFS .J JNQSFTJÂO FT RVF FT QSFGFSJCMF FSSBEJDBS MB SBCJB EF MB WJEB EF MBT OB DJPOFT Z QSPDVSBS RVF FMMB USBOTDVSSB EFOUSP EF MB SBDJPOBMJEBE Z MB QB[ Z MBT EFDJTJPOFT TF UPNFO QPS DPOTFOTP B USBW¹T EF MB QFSTVB TJÂO P EFM WPUP 1PSRVF MB SBCJB DBNCJB S²QJEBNFOUF EF EJSFDDJÂO Z EF CJFOJOUFODJPOBEB Z DSFBUJWB QVFEF WPMWFSTF NBMJHOB Z EFTUSVD UJWB TJ RVJFOFT BTVNFO MB EJSFDDJÂO EFM NPWJNJFOUP QPQVMBS TPO EF NBHPHPT TFDUBSJPT F JSSFTQPOTBCMFT -B IJTUPSJB MBUJOPBNFSJDBOB FTU² JNQSFHOBEB EF SBCJB Z BVORVF FO NVDIPT DBTPT FTUBCB KVTUJ GJDBEB DBTJ TJFNQSF TF EFTWJ EF TVT PCKFUJWPT JOJDJBMFT Z UFSNJO DBVTBOEP QFPSFT NBMFT RVF MPT RVF RVFS½B SFNFEJBS &T VO DBTP RVF UVWP VOB EFNPTUSBDJÂO GMBHSBOUF DPO MB EJDUBEVSB NJMJUBS EFM HFOF SBM 7FMBTDP FO FM 1FSÈ EF MPT BÁPT TFTFOUB Z TFUFOUB " EJGFSFODJB EF PUSBT OP GVF EFSFDIJTUB TJOP J[RVJFSEJTUB F JNQMBOU MBT TPMVDJPOFT TPDJBMJTUBT QBSB MPT HSBOEFT QSPCMFNBT OBDJPOBMFT DPNP FM GFVEB MJTNP BHSBSJP MB FYQMPUBDJÂO TPDJBM Z MB QPCSF[B -B OBDJPOBMJ[BDJÂO EF MBT UJFSSBT OP CFOFGJDJ QBSB OBEB B MPT DBNQFTJOPT TJOP B MBT QBOEJMMBT EF CVSÂDSBUBT RVF TF EFEJDBSPO B TBRVFBS MBT IBDJFOEBT DPMFDUJWJ[BEBT Z DBTJ UPEBT MBT JOEVTUSJBT RVF DPOGJTD Z OBDJPOBMJ [ FM S¹HJNFO TF GVFSPO B MB RVJFCSB BVNFOUBOEP MB QPCSF[B Z FM EFTFNQMFP "M GJOBM GVFSPO MPT QSPQJPT DBNQFTJOPT MPT RVF FNQF [BSPO B QSJWBUJ[BS MBT UJFSSBT Z MPT PCSFSPT EF MBT G²CSJDBT EF IBSJOB EF QFTDBEP MPT QSJNFSPT FO QFEJS RVF WPMWJFSBO B NBOPT QSJWBEBT MBT FNQSFTBT RVF FM TPDJBMJTNP WFMBTRVJTUB BSSVJO 5PEP FTUF GSB DBTP UVWP VO FGFDUP QPTJUJWP EFTEF FOUPODFT OJOHÈO QBSUJEP QPM½UJ DP FO FM 1FSÈ TF BUSFWF B QSPQPOFS MB FTUBUJ[BDJÂO Z DPMFDUJWJ[BDJÂO DPNP QBOBDFB TPDJBM +PDIFO #JUUOFS BGJSNB RVF MB HMPCBMJ[BDJÂO IB GBWPSFDJEP TPCSF UPEP B MPT HSBOEFT CBORVFSPT Z FNQSFTBSJPT Z RVF FTP FYQMJ DB BVORVF OP KVTUJGJDB MPT SFCSPUFT EF VO OBDJPOBMJTNP FYBMUBEP DPNP FM RVF IB DPOWFSUJEP BM 'SPOU /BUJPOBM FO VO QBSUJEP RVF QP ES½B HBOBS MBT FMFDDJPOFT FO 'SBODJB &T NVZ JOKVTUP -B HMPCBMJ[B DJÂO IB USB½EP FOPSNFT CFOFGJDJPT B MPT QB½TFT N²T QPCSFT RVF BIP SB TJ TBCFO BQSPWFDIBSMB QVFEFO DPNCBUJS BM TVCEFTBSSPMMP N²T S²QJEP Z NFKPS RVF FO FM QBTBEP DPNP EFNVFTUSBO MPT QB½TFT BTJ² UJDPT Z MPT QB½TFT MBUJOPBNFSJDBOPT $IJMF QPS FKFNQMP RVF BCSJFOEP TVT FDPOPN½BT BM NVOEP IBO DSFDJEP EF NBOFSB FTQFD UBDVMBS FO MBT ÈMUJNBT E¹DBEBT $SFP RVF IBZ VO FSSPS HSBW½TJNP FO DSFFS RVF FM QSPHSFTP DPOTJTUF FO DPNCBUJS MB SJRVF[B /P FM FOFNJ HP DPO FM RVF IBZ RVF BDBCBS FT MB QPCSF[B Z UBNCJ¹O QPS TVQVFT UP MB SJRVF[B NBM IBCJEB -B JOUFSDPOFYJÂO EFM NVOEP HSBDJBT B MB MFOUB EJTPMVDJÂO EF MBT GSPOUFSBT FT VOB CVFOB DPTB QBSB UPEPT Z FO FTQFDJBM QBSB MPT QPCSFT 4J FMMB DPOUJOÈB Z OP TF BQBSUB EF MB CVF OB W½B RVJ[²T MMFHVFNPT B VO NVOEP FO FM RVF ZB OP TFS² OFDFTB SJP RVF IBZB DJVEBEBOPT SBCJPTPT B GJO EF RVF NFKPSFO MBT DPTBT #FSM½O PDUVCSF EF Ï .BSJP 7BSHBT -MPTB %FSFDIPT NVOEJBMFT EF QSFOTB FO UPEBT MBT MFOHVBT SFTFSWBEPT B &EJDJPOFT &- 1"¡4 4-
i VÕi V >Ê V ÀVÕ > Ìi
WJWJFOEBT EF VO QBUJP MVFHP MBT EF PUSP QF SP BTVOUP QSJODJQBM IBDFS OPUBS RVF FM DF TF EF MPT EFMJUPT FO FM QSJNFSP TF EFC½B B MB FGJDBDJB EF MBT BVUPSJEBEFT UPEP DPO TV SFT QFDUJWB QBSUJDJQBDJÂO EF VUJMJEBEFT DPNP EJKFSB VOB D¹MFCSF GVODJPOBSJB iBHBSSFO QFSP SFQBSUBOw %FTEF MVFHP MB QPSUFSB OP FSB JOHFOVB i{Z TJ BMHÈO EFTQJTUBEP NF BHB SSB P B BMHVOP EF NJT IJKPT w /P UF BQVSFT UF BWJTBNPT B UJFNQP QBSB RVF TF FTDBQFO Z ZB MVFHP HJSBNPT MB PSEFO EF BQSFOTJÂO $JFSUP RVF OP QPDPT WFDJOPT DPNFO [BSPO B DBNCJBSTF EF WFDJOEBE QFSP FTP OP TÂMP OP FSB VO QSPCMFNB TJOP IBTUB VOB HSBO WFOUBKB PUSPT WFDJOPT WFO ES½BO BKFOPT EFM MVHBS BM RVF MMFHBCBO MP DVBM MPT IBS½B N²T G²DJMNFOUF QSFTBT EF MPT EFMJODVFOUFT $PNP RVJFSB RVF TFB MPT NFEJPT EF DP NVOJDBDJÂO UVWJFSPO OPUJDJB EF MP RVF TVDF E½B FO EJDIP MVHBS BTVOUP RVF BMFHSÂ FOPS NFNFOUF B MB QPSUFSB Z B TV JOGBUJHBCMF GBNJMJB QVFT BIPSB FTPT NJTNPT NFEJPT EJ WVMHBS½BO RV¹ QBUJP FTUBCB TJFOEP USBCBKB EP Z RV¹ QBUJP FTUBCB FO SFDFTP QSPNPDJP OBOEP MB JNBHFO EF MBT GVFS[BT EF
Ê /1, -ÊÊ 6 , >À >Ê*> >À
Ê ÕÃi (SBDJBT BM FTUVQFOEP TFSWJDJP EF IFNFSPUFDB EF &M *OGPSNBEPS TF QVFEF MFFS FO M½OFB FO TV FEJDJÂO EFM EF OPWJFNCSF EF FM BSU½DVMP UJUVMBEP i*OBVHVSBDJÂO EFM .VTFP EFM &TUBEP $POTJEFSB DJPOFTw GJSNBEP QPS +PT¹ (VBEBMVQF ;VOP 6O KPWFO JOUFMFDUVBM KBMJTDJFOTF FO VO QFSJÂEJDP UBQBU½P SF DJ¹O GVOEBEP Z B QSPQÂTJUP EFM OBDJNJFOUP BQFOBT E½BT BOUFT EFM .V TFP EF TV DJVEBE BCSF TV SFGMFYJÂO DPO VOB QSFHVOUB i{1PS RV¹ FO (VBEBMBKBSB OP IBC½B QPEJEP FTUBCMFDFSTF IBTUB BIPSB VO .VTFP w Z NFODJPOB EPT JOUFOUPT FO FTF TFOUJEP RVF TF IBC½BO FTUSFMMBEP DPO USB MB CVSPDSBDJB Z FM DFOUSBMJTNP JOWFUFSBEP EFM BMUJQMBOP iMPT SJHP SFT EF MB EJTDJQMJOB PGJDJBM FM FODBEFOBNJFOUP EF MPT US²NJUFT SVUJ OBSJPT EF MBT PGJDJOBT FM JS Z WFOJS QPS MBT BOUFTBMBT w 1FSP MPT EF BRV½ OP FTUBCBO QJEJFOEP MJNPTOB BM iNFEJP DPSUFTBOP EF MB NFUSÂQPMJw EJDF ;VOP QVFT FYQMJDB RVF MPT UFNQMPT Z DPOWFOUPT EF (VBEBMBKBSB TBRVFBEPT QPS MPT HPCJFSOPT MJCFSBMFT iEJFSPO VO DPOUJOHFOUF EF QSJNFS PSEFO QBSB MBT HBMFS½BT EF 4BO $BSMPT FO .¹YJDP QBSB FM .VTFP EF )JTUPSJB /BDJPOBM Z BÈO RVF EBSPO FO MB DJVEBE NVDIBT PCSBT EF BSUF BMHVOBT EF MBT DVBMFT IBO QPEJEP TBMWBSTFw "T½ MBT QJOUVSBT RVF QPS GJO SFHSFTBCB FM HPCJFSOP DFOUSBM N²T MP RVF *YDB 'BS½BT IBC½B MPHSBEP SFDVQFSBS BRV½ GPSNBO EFTEF FOUPODFT FM OÈDMFP Z MB SB[ÂO EF TFS EF MB JOTUJUVDJÂO
TFHVSJEBE RVF IBC½BO MPHSBEP S²QJEBNFO UF QPOFS PSEFO Z QB[ FO FM UFSDFS QBUJP FO UBOUP FM DVBSUP DPNFO[BCB B iDBMFOUBSTFw %PO *OPDFODJP Z TV MBCPSJPTB FTQPTB UFO½BO NVDIPT BÁPT WJWJFOEP FO FTB WF DJOEBE Z VOB WF[ RVF BEWJSUJFSPO MB GPS NB FO RVF PQFSBCB MB QPSUFSB TF TJOUJF SPO BMJWJBEPT iQPS MP NFOPT ZB TBCFNPT RVF OP OPT UPDBS² DPPQFSBS TJOP DBEB DJO DP QBUJPT Z RVF FTUBSFNPT NVZ TFHVSPT DVBOEP MPT SPCPT TFBO FO FM QBUJP WFDJOP Z FO VOB EF FTBT DVBOEP WVFMWBO BM OVFT USP QPT B MP NFKPS OJ OPT UPDB BM GJO Z BM DBCP TPNPT NVDIPTw $PNP FTUBS² BEWJSUJFOEP FM BNBCMF MFDUPS VOB WF[ IBMMBEP FM DBNJOP MB CBO EB EF MB QPSUFSB EFDJEJÂ FYQPSUBSMP B PUSBT WFDJOEBEFT IBTUB DSFBS UPEB VOB FT USVDUVSB EFMJODVFODJBM BNQMJB EJWFSTJGJ DBEB Z CJFO FTDBMPOBEB ZB OPN²T FM DP NBOEBOUF EF QPMJD½B QSFHVOUBCB {B RV¹ WFDJOEBE MF UPDB FTUB UFNQPSBEB Z DV²M EFTDBOTB %JHP QBSB SFEPCMBS MPT PQFSB UJWPT EF WJHJMBODJB EF MB RVF EFTDBOTB Z PMWJEBSTF QPS DPNQMFUP EF MB BGFDUBEB BSNBOEP HPO!VOJWB NY
.VDIPT BÁPT EFTQV¹T FO QPS VOB EFDJTJÂO DJFSUB NFOUF OP UPNBEB FO +BMJTDP FM .VTFP RVFEÂ JOUFHSBEP BM OVFWP *OT UJUVUP /BDJPOBM EF "OUSPQPMPH½B F )JTUPSJB 1FSP DVBOEP NFOPT UP EP NVOEP MP TFHVJS½B MMBNBOEP QPS E¹DBEBT i.VTFP EFM &TUBEPw $POTFSWBCB TV BNBCMF BJSF QSPWJODJBOP Z MPT OJÁPT QPE½BO WFS FM CSB[P EF 1SJNJUJWP 3PO CPSSFHPT EF EPT DBCF[BT FO QPNPT EF GPS NPM Z FM NBNVU EF $BUBSJOB 1PDPT GBWPSFT EFCFO MPT KBMJTDJFOTFT Z MPT UBQBU½PT BM */") JODBQB[ EF EFUFOFS USPQFM½BT Z iTBCBEB[PTw F JODMVTP SFTQPOTBCMF EJSFDUP EF BMHVOPT EF FMMPT DPNP FM EFSSJCP EFM DJQS¹T EF $BUFESBM FO DPOUVCFSOJP DPO FM DMFSP 0USB EF TVT HSBDJBT DPOTJTUF FO NBO UFOFS FO CPEFHB Z TJO KBN²T FYQPOFSMBT JODPOUBCMFT PCSBT EF MB QJ OBDPUFDB Z QJF[BT BSRVFPMÂHJDBT 6OB N²T FT MB BSCJUSBSJFEBE EF DF SSBS TBMBT P FM NVTFP FOUFSP DVBOEP MF EB MB HBOB 1PS FTP OP SFTVMUB BMBSNJTUB UPNBS FO TFSJP MPT SVNPSFT TF HÈO MPT DVBMFT RVJFOFT BIPSB SJHFO MPT EFTUJOPT EFM .VTFP QSFUFO EFO FMJNJOBS EF ¹M MB QJOBDPUFDB WJSSFJOBM TVQVFTUBNFOUF FO BSBT EF VO iQSPZFDUP EF SFFTUSVDUVSBDJÂOw RVF JNQMJDB iOVFWPT HVJPOFT NVTFPHS²GJDPTw EF DPSUF FUOPHS²GJDP P DPTB BT½ 4FS½B EF FTQFSBS RVF MB PQBDJEBE DPO RVF TF DPOEVDFO MBT BVUPSJEBEFT EFM */") RVFEF EFTQFKBEB FO MPT QSÂYJNPT E½BT Z RVF RVJFOFT TF JOUFSFTFO FO FM QBUSJNPOJP EF MPT UBQBU½PT FNQF[BOEP QPS MPT QFSJPEJTUBT BTJTUBO BM iDPMPRVJP JOUFSEJTDJQMJOBSw RVF TF BOVODJB BT½ FO MB Q²HJOB EF MB JOTUJUVDJÂO i.VTFP 3FHJPOBM EF (VBEBMBKBSB IBDJB TV $FOUFOBSJP w %FM BM EF OPWJFNCSF EF *OGPSNFT F JOTDSJQDJPOFT DPMPRVJP@NSH!JOBI HPC NY DFOUFOBSJPNSH!HNBJM DPN : IBCS½B RVF SFGMFYJPOBS BI½ RV¹ IBCS½BO EJDIP ;VOP *YDB &ODJTP Z EFN²T GVOEBEPSFT BOUF MPT EFTQSPQÂTJUPT RVF DJFO BÁPT EFTQV¹T TJHVFO EJTDVSSJ¹OEPTF FO FM BMUJQMBOP F JNQPOJ¹OEPTF FO iQSPWJODJBw
%PNJOHP EF PDUVCSF EF
1~(*/" #
&- */'03."%03
-B SFWPMVDJ¯O
4&3} '&.*/*45" 1PS (FSBSEP &TQBS[B
$
PO VOB OFDFTJEBE JNQFSBOUF QPS FOUFOEFS FM TJTUFNB FDPOÂNJDP RVF JNQFSB FO DBTJ UPEP FM NVO EP MB GJMÂTPGB Z QPFUB 4BZBL 7B MFODJB FTDSJCJÂ FO FM VO MJCSP RVF DJNCSÂ QPS MPT DPODFQUPT RVF BSSJFTHB Z TVTUFOUB i$BQJUBMJTNP (PSFw 4FJT BÁPT EFTQV¹T FM TFMMP NFYJDBOP 1BJEÂT EF MB FEJUPSJBM 1MBOFUB SFMBO[Â FM MJCSP DPO VO QSÂ MPHP EF .BSUIB -BNBT &O FOUSFWJTUB 4BZBL IBCMB EF MB DSJTJT IV NBOJUBSJB RVF BUSBWJFTB FM QB½T EFM DVFSQP DPO WFSUJEP FO NFSDBOD½B EF GFNJOJTNP Z EF SFTJTUJS DPNP PQDJÂO {2VÀ QBTB FO .ÀYJDP {1PS RVÀ UBOUB WJPMFODJB )BZ DSJNJOBMFT Z FTDVBESPOFT EF MB NVFS UF QPSRVF FTU²O EJTQVUBOEP VOB EF MBT QSPQJFEB EFT GVOEBNFOUBMFT EFM &TUBEP RVF DSFP RVF TF OPT PMWJEBO MB EF FKFSDFS MB NVFSUF TPCSF QPCMB DJPOFT DVBOEP TF WF BNFOB[BEB &O FTUF TFOUJEP DSFP RVF MB EFTQSPQPSDJÂO EFM VTP EF MB OFDSP QP M½UJDB P EPOEF MB NVFSUF TF WVFMWF MB ÈOJDB GPSNB EF QPM½UJDB EF FTUF QB½T Z MB ÈOJDB GPSNB EF HFT UJÂO EF MBT QPCMBDJPOFT IB EFTCPSEBEP MPT NBS DPT DPODFQUVBMFT DPO RVF MPT QPMJUÂMPHPT FTU²O IBCMBOEP EF NBOFSB DPOTUBOUF /P IBCMP RVF EF RVF EFTCPSEF FM FOTBODIBNJFOUP EF NBSDPT TP DJP KVS½EJDPT QBSB QFOTBS FO KVTUJDJB TJOP FO MB QS²DUJDB DÂNP OPT FTUBNPT FOGSFOUBOEP B MB SFO UBCJMJEBE EF MB NBTBDSF NBTJWB EF QPCMBDJPOFT FO OVFTUSP QB½T B GBWPS EF DJFSUB FDPOPN½B EF DJFSUB QPM½UJDB Z EF DJFSUB SFBGJSNBDJÂO EFM FTUB UVT RVP EF RVJFOFT TBCFNPT RVF SFQSFTFOUBO MPT DVFSQPT P MBT WJEBT JNQPSUBOUFT FO FTUF QB½T Z RVF OP TPNPT MB NBZPS½B EF MB QPCMBDJÂO OJ MBT NVKFSFT OJ MPT QPCSFT OJ MPT JOE½HFOBT BRV½ MPT ÈOJDPT RVF JNQPSUBO TPO MPT RVF EFUFOUBO DJFSUP QPEFS TPCSF MPT PUSPT 1BSFDF RVF FO FTUF QBÅT IBZ VOB EPCMF BNFOB[B DPOUSB MBT NVKFSFT QPS VO MBEP TF MFT JOWJTJCJMJ[B FO BTVOUPT EF QPEFS Z QPS PUSP FO FM EÅB B EÅB TF MFT WJPMFOUB Z BTFTJOB {2VÀ BOµMJTJT EFCFNPT IBDFS EF FTUP )BZ VOB MÂHJDB DPOUSBEJDUPSJB FO DVBOUP B MB WJTJCJMJEBE EF MBT NVKFSFT FO UBOUP RVF OP FYJTUJNPT DPNP TVKFUPT EF DJVEBEBO½B OP TPNPT DJVEBEBOBT QFSP T½ FYJTUJNPT FO DVBOUP B PCKF UPT TFYVBMFT Z B FYQPTJDJÂO NFEJBM Z DPO FTUP NF SFGJFSP B RVF MB WJPMFODJB DPOUSB MBT NVKFSFT OP FT TÂMP MB WJPMFODJB NBDIJTUB FO MPT IPHBSFT P MB WJPMFODJB GFNJOJDJEB RVF FT FM QVOUP N²T UFSSJ CMF TJOP UBNCJ¹O DPO MB RVF TF FYQPOFO MPT SFT UPT EF MPT NVKFSFT BTFTJOBEBT )BZ VOB SFOUBCJ MJ[BDJÂO EF FTUB FYIJCJDJÂO Z EF BMHVOB GPSNB IBZ VOB TBUVSBDJÂO EF JN²HFOFT DVBOUP N²T OPT FY QPOFO DVBOUP N²T OPT FYIJCFO DVBOUP N²T OPT WFOEFO DVBOUP N²T OPT QPOFO FOGSFOUF EF MB OP UJDJB USVDVMFOUB N²T DSFDF FM JNBHJOBSJP EPOEF OVFTUSPT DVFSQPT Z OVFTUSBT QFSTPOBT TF DPOTJ EFSBO EFTFDIBCMFT &TUBNPT NVZ FO FM GPDP EF MB WJTVBMJEBE QFSP OP FTUBNPT TJFOEP SFDPOPDJ EBT DPNP TFSFT DVZBT WJEBT TPO JNQPSUBOUFT TP NPT JOWJTJCMFT FO DVBOUP B DJVEBEBO½B F IJQFSWJ TJCMFT FO DVBOUP B PCKFUVBMJ[BDJÂO Z SFOUBCJMJ[BDJÂO EF OVFTUSPT DVFSQPT Z EF OVFT USBT NVFSUFT JODMVTP {'VODJPOB FM GFNJOJTNP FO FTUPT NP NFOUPT EF QPMBSJ[BDJÎO Z EF EFTDBMJGJDBDJÎO B VO USBCBKP EF BÍPT -PT NPWJNJFOUPT GFNJOJTUBT FTU²O IB DJFOEP TJFNQSF TV USBCBKP QPS NVZ EJTUJOUPT RVF
0 /0 4&3} &M MJCSP ÂDBQJUBMJTNP HPSFÃ EF 4BZBL 7BMFODJB FYQMPSB MBT SFMBDJPOFT EF QPEFS Z MB WJPMFODJB B MB RVF TPO TPNFUJEBT MBT DMBTFT EFTQSPUFHJEBT $035&4¶" t 1-"/&5"
&4$3*503" 4BZBL 7BMFODJB TF IB EFTFNQF×BEP DPNP QPFUB Z FOTBZJTUB
iÀ > ` Ê->Û>ÌiÀ )BZ EPT BTQFDUPT EF MB EFNPDSBDJB RVF TVFMFO EJTHVTUBS JODMVTP B MPT N²T TJODFSPT EFNÂDSBUBT 1PS VOB QBSUF MPT DJVEBEBOPT B MB IPSB EF WPUBS TPO EFNBTJBEP JOGMVFODJBCMFT QPS MPT QPM½UJDPT NFOPT SFDPNFOEBCMFT Z N²T EFNBHÂHJDPT RVF MPT NBOJQVMBO FO MB EJSFDDJÂO NFOPT TFOTBUB QPS PUSB MPT BOUFEJDIPT WPUBOUFT TF NVFTUSBO JOBTFRVJCMFT B MPT FTGVFS[PT NFKPS PSRVFTUBEPT Z GJOBODJBEPT EF RVJFOFT USBUBO EF FODBV[BS TVT FMFDDJPOFT QPS FM CVFO DBNJOP 0 TFB MPT DJVEB EBOPT TPO B NFOVEP NBMFBCMFT DVBOEP NFOPT DPOWFOES½B RVF MP GVFTFO Z FO DBNCJP EFTDPO DFSUBOUFNFOUF SFCFMEFT DVBOEP TFS½B BDPOTFKB CMF TV EPDJMJEBE B RVJFOFT N²T TBCFO &MMP DMBSP FTU² EBOEP QPS TVQVFTUP RVF OPTPUSPT MPT RVF BT½ KV[HBNPT T½ RVF TBCFNPT RVJ¹OFT TPO JOEF TFBCMFT EFNBHPHPT Z RV¹ FT MP RVF DPOWJFOF BM QVFCMP TVQVFTUBNFOUF TPCFSBOP 4VFMFO TFS MPT SFGFSFOEPT FM UJQP EF DPNJDJP RVF N²T TF QSFTUB B SFTVMUBEPT RVF EFTBG½BO MB QB DJFODJB EF MPT DJVEBEBOPT EF NFKPS TFOUJEP DP NÈO DPNP VTUFE Z ZP FTUJNBEP MFDUPS :B FM #SF YJU BWJTÂ RVF QVFEFO QBTBS N²T DPTBT FO MBT VSOBT EF MBT RVF OVFTUSB GJMPTPG½B DPOPDF 1FSP FM SFTVM UBEP EFM SFGFS¹OEVN TPCSF FM BDVFSEP EF QB[ FO $PMPNCJB IB TJEP BÈO N²T TPSQSFOEFOUF 4J EF BM HP TF QVFEF BDVTBS B MB DBNQBÁB B GBWPS EFM T½ FT EF VO FYDFTP EF DFMP 4V QSPQBHBOEB TF EFTQMFHÂ DPO BQBCVMMBOUF EFSSPDIF GJOBODJFSP FO UPEPT MPT NFEJPT EF DPNVOJDBDJÂO TJFOEP BQPZBEB QPS MBT N²T EFTUBDBEBT QFSTPOBMJEBEFT DPMPNCJBOBT Z FYUSBOKFSBT JODMVTP SFGPS[BEB B WFDFT DPO QSPNF TBT WFOBMFT P JOUJNJEBDJPOFT QPDP EJTJNVMBEBT &O &TQBÁB VO WPDJOHMFSP TF QFSNJUJÂ BNFOB[BS
>Ê`i VÀ>V >Ê «ÀiÛ Ã L i DPO FM PTUSBDJTNP B VO KVHBEPS EF GÈUCPM DPMPN CJBOP TJ OP BQPZBCB QÈCMJDBNFOUF BM T½ NJFOUSBT EJWJE½B B MPT WPUBOUFT FO IJKPT EF MB MV[ MPT EFM T½ Z SFQSFTFOUBOUFT EFM QPEFS EF MBT UJOJFCMBT MPT PUSPT )BTUB MB QSFHVOUB NJTNB FO MB QBQFMFUB EF WPUP FSB TFTHBEB F JODMV½B FM BQPZP B MB QB[ DPNP QBSUF EFM DPOUFOJEP EFM T½ EBOEP B FOUFOEFS RVF MPT RVF QSFGJSJFTFO WPUBS OP QSFGFS½BO RVF TJHVJF TF MB FGVTJÂO EF TBOHSF : TJO FNCBSHP 1VFT MB HFOUF TF BCTUVWP JODMVTP FO NBZPS QSPQPSDJÂO EF MB ZB NVZ HSBOEF RVF TF UFN½B {%FTDPODJFSUP JOEFDJTJÂO P SFQVHOBODJB BOUF VO QMBOUFBNJFOUP FO FM RVF OBEB FTUBCB TVGJDJFOUF NFOUF DMBSP {.JFEP BM USJVOGP EF DVBMRVJFSB EF MBT QBSUFT 5PEBT MBT FODVFTUBT QSPOPTUJDBCBO MB WJDUPSJB EFM T½ QFSP GJOBMNFOUF HBOÂ FM OP QPS VO FTUSFDIP NBSHFO 4ÂMP VO TFDUBSJTNP MVO²UJDP QVFEF DSFFS RVF FTP EFNVFTUSB RVF MB NBZPS½B OP RVJFSF MB QB[ MP RVF QJEFO FT VO BDVFSEP NFKPS %F MBT FYDFTJWBT DPODFTJPOFT EFM RVF TF QSPQPO½B OP TÂMP IBCMÂ 6SJCF Z PUSBT GJHVSBT QPM½UJDBT TJOP PSHBOJ[BDJPOFT OBEB CFMJDJTUBT DPNP )VNBO 3JHIUT 8BUDI : TJO EVEB FM /PCFM EF MB 1B[ BM QSF TJEFOUF 4BOUPT IVCJFSB TJEP N²T FRVJMJCSBEP Z QP QVMBS TJ MP IVCJFSB DPNQBSUJEP OP DPO FM TJOJFTUSP 5JNPDIFOLP TJOP DPO TVT BOUFDFTPSFT 1BTUSBOB Z 6SJCF JOEJTQFOTBCMFT FO JS EFTCSP[BOEP FM DBNJ OP IBDJB VO BDVFSEP KVTUP RVF BÈO OP IB MMFHB EP -P DJFSUP FT RVF TFB QBSB NFKPS P QBSB QFPS TF HÈO DSJUFSJP EF DBEB DVBM MB EFNPDSBDJB TJFNQSF BMCFSHB VOB HMPSJPTB JODFSUJEVNCSF DPNP EFDJ NPT MPT I½QJDPT EF MBT DBSSFSBT EF DBCBMMPT Ï '&3/"/%0 4"7"5&3 &%*$*0/&4 &- 1"¡4 4-
6 - $ ÊÊ 9Ê - $
>À ÃÊ ÀÌjÃÊ6?âµÕiâ
TFBO QVFT OP UPEPT RVJFSFO MP NJTNP QFSP QPS FKFNQMP RVF FTUFNPT IBCMBOEP EF FTUP IBDF RVF UFOHBNPT VOB OPDJÂO EF RVF UFOES½BNPT RVF CVTDBS VOB FRVJEBE FO DVBOUP B MB WBMPSBDJÂO EF MBT NVKFSFT FO DVBOUP B QBSUJDJQBDJÂO OP TÂ MP QPM½UJDB OP FOUFOEJEBT DPNP MPCCZ QPM½UJDP 6O USJVOGP EFM GFNJOJTNP TFS½B RVF EFKFNPT EF TFS BTFTJOBEBT UPEPT MPT E½BT FO UPEPT MPT FTUB EPT EF FTUF QB½T TÂMP QPS FM IFDIP EF TFS NVKF SFT &TF TFS½B VO WFSEBEFSP MPHSP QPM½UJDP OP UBOUP DPNP UFOFS VOB NVKFS QSFTJEFOUB Z NF BUSFWP B IBCMBS FTUP QPSRVF NF QBSFDF NVZ QF MJHSPTP FM IFDIP EF RVF IBZB VOB TFÁPSB RVF RVJFSF TFS QSFTJEFOUB Z RVF FTU² WJODVMBEB DPO MB HVFSSB EFM OBSDPUS²GJDP Z DPO MBT EFTBQBSJDJP OFT &MMB OP TFS½B VOB NVKFS RVF SFQSFTFOUB B MBT NVKFSFT QVFT FMMB EFUFOUB UPEPT MPT WBMPSFT DPOTFSWBEPSFT Z EF MB VMUSBEFSFDIB 4J FTUB TF ÁPSB MMFHBSB B MB QSFTJEFODJB B N½ OP QBSFDFS½B VO USJVOGP QPM½UJDP OJ EF MBT NVKFSFT OJ EFM GFNJ OJTNP {$ÎNP SFTJTUJS B MB WJPMFODJB RVF TF FKFSDF UPEPT MPT EÅBT -P N²T JNQPSUBOUF FT RVF DPNP DJVEB EBOPT FT OP SFQSPEVDJS MPT DIJTUFT TFYJTUBT OP HPMQFBS B OVFTUSBT NVKFSFT FTU²T DPTBT DPUJ EJBOBT Z EF NJDSP QPM½UJDB SFEVOEBS½B FO RVF MBT NVKFSFT UFOHBNPT VOB WJEB N²T SFTQFUB EB FO FTUF QB½T B RVF TF IBHB VOB HSBO DBNQB ÁB FO GBWPS EF MBT NVKFSFT -P RVF OPT JOUFSF TB FO FM USBOTGFNJOJTNP FT RVF MBT WJEBT TFBO WJWJCMFT Z TFBO SFTQFUBEBT /PT PQPOFNPT B RVF MPT USJVOGPT EFM GFNJOJTNP TFBO VTVSQB EPT QPS MB EFSFDIB QPSRVF MB EFSFDIB OVODB QPES² TFS GFNJOJTUB {$ÎNP WFT FM SFHSFTP EF VOB VMUSBEF SFDIB JEFOUJGJDBEB DPO FM DBQJUBMJTNP NµT SB QB[ FO FTUPT ÞMUJNPT BÍPT $SFP RVF FT VO SFHSFTP NVZ EFTBGPSUVOB EP IBZ VOB WVFMUB BM GBTDJTNP EF MPT BÁPT DJO DVFOUB TFTFOUB Z TFUFOUB 1JFOTP RVF UJFOF RVF WFS DPO FM QSPZFDUP HMPCBMJ[BEPS Z OFPMJCFSJ[B EPS RVF WVMOFSB MBT QPCMBDJPOFT Z EFTSFHVMB MB GVFS[B MBCPSBM Z SFOUBCJMJ[B MPT DVFSQPT EF MBT NVKFSFT NJHSBOUFT USBCBKBEPSFT F JOE½HFOBT MPT FYQMPUB IBTUB MB NVFSUF QPSRVF FT QBSUF EFM DBQJUBMJTNP -B EFSFDIB DPOTFSWBEPSB FTU² SF HSFTBOEP QPSRVF UFOFNPT DPSUB MB NFNPSJB IB DF GBMUB SFDPSEBS RVF FO FM UVWJNPT VOB DSJ TJT FDPOÂNJDB UFSSJCMF JODMVTP BOUFT MP RVJFSP EFDJS EF VOB NBOFSB NVZ DMBSB MB EFSFDIB TF GVF DVBOEP DPNFO[Â MB DSJTJT Z SFHSFTB DVBOEP MBT DPTBT FTU²O VO QPDP NFKPS {4F DPOWJSUJÎ FM DVFSQP FO VOB NPOF EB EF DBNCJP NµT &M DVFSQP IVNBOP T½ IB TJEP VOB NPOF EB EF DBNCJP DPOTUBOUF CBTUB QFOTBS FO OVFT USB ¹QPDB DPMPOJBM Z FO FM FTDMBWJTNP -B WJEB Z MPT DVFSQPT EF FTBT QFSTPOBT FSB MB NPOFEB EF DBNCJP MP RVF QBTB FT RVF TF IB EJWFSTJGJDBEP TF IBO WVFMUP OJDIPT EF NFSDBEP DBEB WF[ N²T TP GJTUJDBEPT DBEB WF[ N²T WJPMFOUPT FO UPSOP BM DVFSQP Z OP TÂMP FM DVFSQP RVF USBCBKB UBNCJ¹O FM DVFSQP RVF FT FYQMPUBEP TFYVBMNFOUF FM DVFS QP RVF FT TFDVFTUSBEP Z DVZB MJCFSUBE OFDFTJUB TFS QBHBEB $SFP RVF IFNPT WVFMUP B FTUB DVFT UJÂO EPOEF FM DVFSQP FT FM NFOTBKF UBNCJ¹O FT FM MVHBS EPOEF TF QPTJDJPOBO FTUBT EJTUPQ½BT QPS RVF FT FM MVHBS RVF CSJOEB QMVTWBM½B B MPT QSPDF TPT DPOUFNQPS²OFPT EFM DBQJUBMJTNP N²T WJPMFO UP Z N²T TBOHSJFOUP RVF ZP EFOPNJOP HPSF {)BZ GPSNBT QBSB FWJUBS FTUF UJQP EF DBQJUBMJTNP &O QSJODJQJP OP IBZ VOB TPMB W½B EF FTDB QF EFM DBQJUBMJTNP HPSF FT DPNP VOB FNQSFTB NVMUJOJWFM Z UJFOF NVDI½TJNPT UFOU²DVMPT 4P NPT VO QB½T NVZ FYUFOTP Z DPO QSPCMFN²UJDBT NVZ EJGFSFOUFT DSFP RVF MB QPM½UJDB EF MPT DPMFD UJWPT UJFOF RVF FTUBS NVZ DFOUSBEB FO MP SFHJPOBM QPSRVF DSFP RVF EF BI½ WFOES² MB USBOTGPSNB DJÂO 1PS FKFNQMP MPT NPWJNJFOUPT [BQBUJTUBT P EF $IFS²O TPO JNQPSUBOUFT QFSP FT DPNQMFKP F JOKVTUP IBCMBS EF FMMPT FO UBO QPDP UJFNQP QFSP UBNCJ¹O IBZ JOJDJBUJWBT FO FM /PSUF MBT NBESFT EF MBT NVKFSFT BTFTJOBEBT FO +V²SF[ MPT QBESFT RVF CVTDBO KVTUJDJB QPS MPT EFTBQBSFDJEPT QFSP UBNCJ¹O IBZ PUSBT GPSNBT EF CÈTRVFEBT DPNP MB KVTUJDJB BMJNFOUBSJB 4¹ RVF FT VUÂQJDP Z RVF MMFWBS² UJFNQP QFSP OPT MMFWÂ UJFNQP MMFHBS IBT UB BRV½
>ÃÊÞÊv L >Ã
&TD²OEBMP DPNP GPSNB EF QPTJDJPOBNJFOUP QP M½UJDP DPOGPSNB MB BDDJÂO FMFDUPSBM FO MPT &TUB EPT 6OJEPT DSFBOEP VO QBSBEJHNB EF DPNQPS UBNJFOUP QBSB MB QPCMBDJÂO RVF BTVNJS² TV EFDJTJÂO FM QSÂYJNP EF OPWJFNCSF )B QSFWB MFDJEP MB MJCFSUBE EF FYQSFTJÂO QFSP DPO BVTFO DJB EF DMBSP Z WFSB[ NFOTBKF GPSKBEPS EF MJEFSB[ HP QBSB BMDBO[BS OJWFM DVQVMBS &O MPT EFCBUFT FYQVFTUPT FO WJWP Z EF NB OFSB TJNVMU²OFB BOUF NJMMPOFT EF UFMFWJEFOUFT FO FM NVOEP JNQFSB EFNBHPHJB Z FM QPQVMJTNP QSFDVSTPS EFM BVUPSJUBSJTNP RVF EF OJOHVOB NBOFSB FYQPOFO JOUFODJPOFT DPO BVU¹OUJDB WF SBDJEBE DPO BQFHP B MB EFNPDSBDJB DPNP GÂS NVMB EF FYQSFTJÂO WPMVOUBSJB DPO FM TVTUFOUP EF MB DPPSEJOBDJÂO EF FTGVFS[PT FOUSF MBT OB DJPOFT Z TVT QPCMBEPSFT EFTFPTPT EF FRVJEBE QPTJUJWB DPOTUSVDUJWP Z PSJFOUBEPSB QBSB MP HSBS DBMJEBE IVNBOB FO MB TVQFSWJWFODJB -B GF DIB TF BDFSDB Z FM UJFNQP TF DVNQMF 7JEB FTQBDJP DPO UJFNQP Z USBTDFOEFODJB FTU²O FO SFMJFWF GPSKBOEP JORVJFUVE DVBMRVJF SB RVF TFB MB EFUFSNJOBDJÂO FO MBT VSOBT EPO EF QPS BÁBEJEVSB FM SFTVMUBEP QVEJFSB TFS PC KFUP EF PCKFDJÂO EF QBSUF EFM DBOEJEBUP 5SVNQ TJ OP MF GBWPSFDF DPO MB NBZPS½B QBSB MMFHBS B MB $BTB #MBODB EFTEF EPOEF IBCS½B EF PSEFOBS VO NVSP EF DPOUFODJÂO B MPT FYUSBOKFSPT Z DPO ¹M UBNCJ¹O FM DPCSP EF UBM NVSP JNQJEJFOEP MBT SFNFTBT EF EJOFSP QPS QBSUF EF USBCBKBEPSFT FO TV QB½T 1PS BIPSB MPT WBJWFOFT EF MB QBSJEBE DBN CJBSJB FO .¹YJDP QFTP EÂMBS BGFDUBO MBT USBO TBDDJPOFT FO MB #PMTB EF 7BMPSFT QBSB RVJFOFT
FYQPSUBO TJHOJGJDBO NBZPSFT JOHSFTPT FO NPOF EB OBDJPOBM TJO NFOHVB EF MB JOTFHVSJEBE FO MB JNQPSUBDJÂO EF JOTVNPT 5PEP UJFOF FGFDUPT FT QFDVMBUJWPT FO QSPQPSDJÂO EJSFDUB BM DPOTVNJ EPS DPO TBMBSJP JOTVGJDJFOUF QBSB MB FSPHBDJÂO FO BSU½DVMPT EF DPOTVNP C²TJDP QSJODJQBMNFOUF &O MBT QPCMBDJPOFT EF SFEVDJEB DBQBDJEBE QSP EVDUJWB Z QPS MP NJTNP BTPMBEBT EPOEF QSJWB MB NJTFSJB MB TJUVBDJÂO FT BOHVTUJPTB BCSJFOEP FT QBDJPT B MB EFMJODVFODJB DPO FM DPSSFTQPOEJFOUF SJFTHP QBSB MBT GBNJMJBT B RVJFOFT MMFHBO JNQF SBUJWPT EF JOTBUJTGBDDJÂO Z EFSSBNBNJFOUP EF TBOHSF FOUSF TVT JOUFHSBOUFT -BT QSPUFTUBT QPQVMBSFT MMBNBO B MB JODPO GPSNJEBE EF VOPT Z PUSPT TJO EFGJOJS UFOEFODJB B DPOUFOJEPT EF DPPSEJOBDJÂO FO USBUBEPT JOUFS OBDJPOBMFT JNQVMTPSFT EF DPSEJBMJEBE DPNP FM FYQVFTUP FO FOUSF .¹YJDP &TUBEPT 6OJ EPT Z $BOBE² &TUF ÈMUJNP BCJFSUP B MB QPTJCJMJ EBE EF SFEVDJS FO BMHVOPT DBTPT FMJNJOBS PCT U²DVMPT BM JOHSFTP EF WJBKFSPT Z QPUFODJBM FNQMFP EF NBOP EF PCSB &O FTUF TPMP SFOHMÂO DBCF MB DVBOU½B EF MPT JOHSFTPT RVF TJHOJGJDBO FM TFHVOEP TJUJP QBSB .¹YJDP EFTQV¹T EFM PSJ HJOBEP QPS MB FYQPSUBDJÂO EF QFUSÂMFP DSVEP RVF UBNQPDP PTUFOUB TFHVSJEBE $PNQSFOTJÂO Z BTJNJMBDJÂO EF MPT FMFNFO UPT BSSJCB DJUBEPT DPNP TPCSFTBMJFOUFT TPO GBD UPSFT B DPOTJEFSBDJÂO QPS QBSUF EF MBT BVUPSJEB EFT QBSB QSFWFOJS DBMBNJEBEFT EF ½OEPMF NBZPS QBSB FM BÁP BOUFSJPS B OVFTUSP QSPDFTP FMFDUPSBM %JPT OPT HVBSEF EF MB EJTDPSEJB TJDQN!JOGPSNBEPS DPN NY
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF PDUVCSF EF
&/3*26& 50644"*/5 "/"-*45" 10-ยถ5*$0
"/ยซ-*4*4
"326*5&$563" EF MB JNQVOJEBE
*-6453"$*ยป/ t + -ยป1&;
&M GVFSP QPMยคUJDP Nย T RVF FM GVFSP DPOTUJUVDJPOBM DPOTUJUVZF MB CBTF EF MBT DPNQMJDJEBEFT RVF CMJOEBO BM TJTUFNB EF MB SFOEJDJยชO EF DVFOUBT RVF QJEFO MPT DJVEBEBOPT
&
M SยนHJNFO QPMยฝUJDP NFYJDBOP TF DPOTUSVZร TPCSF MB CB TF EFM QSPUBHPOJTNP QSFTJEFODJBM -B TJNVMBDJร O EF MB EJWJTJร O EF QPEFSFT DPNP NยฒTDBSB RVF FTDPOEยฝB MB DSV EB SFBMJEBE MB QPMยฝUJDB DPNP MB BSFOB FO EPOEF TF EJSJ NFO MBT SFTQPOTBCJMJEBEFT KVSยฝEJDBT 4VT GBDVMUBEFT NFUBDPOTUJUVDJPOBMFT MF QFSNJUยฝBO BM 1SFTJEFOUF OP Tร MP TFS FM NPEFSB EPS EFM TJTUFNB QPMยฝUJDP VO ยฒSCJUSP TPCSF MBT QBSUFT TJOP RVF UFOยฝB B TV BMDBODF UPEBT MBT BUSJCVDJPOFT QBSB TBODJPOBS DPO UPEP FM QFTP EF MB MFZ B TVT SJWBMFT QPMยฝUJDPT Z MMFOBS EF QSJWJMFHJPT B MPT MFBMFT BM SยนHJNFO Z B TV NBOEBUP -B JNQVOJEBE Z MB DPSSVQDJร O OBDJFSPO DPNP FOHSBOBKFT QP MยฝUJDPT WJUBMFT EFM TJTUFNB QSFTJEFODJBMJTUB NFYJDBOP FMFNFOUPT RVF FY QMJDBO UBNCJยนO TV MBSHB WJHFODJB &O .ยนYJDP MB JNQVOJEBE Z MB UPMFSBO DJB IBDJB MB DPSSVQDJร O EFM TFDUPS Qร CMJDP TPO EF OBUVSBMF[B QPMยฝUJDB -PT DBTPT EF +BWJFS %VBSUF Z (VJMMFSNP 1BESยนT TPO TJHOJGJDBUJWPT EF FTUB EFSJWB JOTUJUVDJPOBM %VBSUF Z 1BESยนT TF DPOWJSUJFSPO FO EPT QB SJBT QBSB TVT SFTQFDUJWPT QBSUJEPT /P Tร MP FTUยฒO BDVTBEPT EF NBMWFS TBDJร O EF SFDVSTPT Qร CMJDPT Z EFTWยฝPT JODVBOUJGJDBCMFT TJOP RVF TV DP SSVQDJร O JOTUJUVDJPOBMJ[BEB MPT MMFWร B QFSEFS FM QPEFS FO FOUJEBEFT GVOEBNFOUBMFT QBSB FM 13* FO FM DBTP EF %VBSUF Z FM 1"/ FO FM DBTP EF 1BESยนT -BT USFNFOEBT FWJEFODJBT EF DPSSVQDJร O FO TVT BENJOJTUSB DJPOFT MPT DPOWJSUJFSPO FO BQFTUBEPT EFM TJTUFNB "NCPT UVWJFSPO MB DPNQMJDJEBE EF TVT QBSUJEPT EVSBOUF Bร PT QFSP MBT FMFDDJPOFT EF MPT FNQVKBSPO IBDJB MB JOTJHOJGJDBODJB QPMยฝUJDB .ยฒT BMMยฒ EF TVT DPSSVQ UFMBT QSPCBEBT Z FWJEFODJBEBT QPS EPRVJFS %VBSUF Z 1BESยนT QFSEJFSPO FM WFSEBEFSP FTDVEP EFM TJTUFNB FM GVFSP QPMยฝUJDP &TF GVFSP RVF OP TF FMJNJOB DPO VOB SFGPSNB DPOTUJUVDJPOBM TJOP RVF FTUยฒ FO FM DFOUSP EF MB DPOTUSVDDJร O EFM SยนHJNFO NFYJDBOP : FT RVF MB QSFHVOUB RVF OPT IBDFNPT UPEPT TPCSF %VBSUF P 1BESยนT FT {1PS RVยน OP MP BHBSSBSPO BOUFT {1PS RVยน TJ IBZ UBOUBT QSVFCBT FO TV DPOUSB OP TF BDUVร DPOUSB FMMPT EVSBOUF TV NBOEBUP {1PS RVยน MPT FYQVM TBO EFM QBSUJEP DVBOEP ZB TPO MPT BQFTUBEPT EFM TJTUFNB QPMยฝUJDP Z OP MP IJDJFSPO DVBOEP DPOUSPMBCBO B CJMMFUB[PT TVT SFTQFDUJWPT FTUBEPT -B SFB MJEBE FT RVF FM TJTUFNB QPMยฝUJDP NFYJDBOP TF BSUJDVMB B USBWยนT EF VOB TF SJF EF DPNQMJDJEBEFT RVF QSPUFHFO BM DPSSVQUP NJFOUSBT TFB ร UJM &T VO NBOUP QSPUFDUPS RVF SFTQBMEB BM DPSSVQUP NJFOUSBT BQPSUF TV EJOFSJUP BM QBSUJEP GSVUP EF MBT EFTWJBDJPOFT EF MPT SFDVSTPT Qร CMJDPT NJFOUSBT UFO HB FO TV FTUBEP P NVOJDJQJP VOB NBRVJOBSJB BGJOBEB MFBM Z DPNQSPNF UJEB DPO MB WJDUPSJB QBSUJEJTUB NJFOUSBT UFOHB MB DPOGJBO[B EF MPT KFGFT QP MยฝUJDPT RVF NBOEBO FO FTUF QBยฝT NJFOUSBT TFB Eร DJM Z TF SFQMJFHVF BOUF DVBMRVJFS QFUJDJร O EF MBT Dร QVMBT QBSUJEJTUBT Z NJFOUSBT NBOUFOHB FTUB CMF Z FO QB[ B TVT SFTQFDUJWPT ยฒNCJUPT EF HPCJFSOP 3FDPSEBS RVF EVSBO UF FM TJHMP 99 FTB GVF MB SFHMB OP FTDSJUB FOUSF FM 1SFTJEFOUF EF MB 3FQร CMJDB Z MPT HPCFSOBEPSFT NJFOUSBT NBOUFOHBT UV FTUBEP FO QB[ Z USBORVJMJEBE IB[ Z EFTIB[ B UV BOUPKP 1BESยนT Z %VBSUF IJDJFSPO NVDIP SVJEP -PT EBUPT QBSUJDVMBSNFOUF FO 7FSBDSV[ DPOGJSNBO MB EFTDPNQPTJDJร O EFM UFSDFS FTUBEP NยฒT QPCMB EP EFM QBยฝT 4JO FNCBSHP OP OPT QPEFNPT DPOGVOEJS FM 13* OP FYQVMTB B %VBSUF QPS TV UFSSJCMF HFTUJร O TยฝNCPMP EF DPSSVQDJร O Z BVUPSJUBSJTNP TJOP RVF MP DBTUJHB QPS IBCFSTF TBMJEP EF MB EJTDJQMJOB EFM QBSUJEP IBCFS QFSEJEP 7FSBDSV[ Z QPS MB JNBHFO RVF UJFOF FO FM QBยฝT 4J SFBMNFOUF FM 13* FTUVWJFSB DPNQSPNFUJEP DPO VOB TBODJร O FKFNQMBS DPOUSB MPT HP CFSOBEPSFT DPSSVQUPT {1PS RVยน OP BCSF OJOHVOB DBSQFUB DPOUSB $ยนTBS %VBSUF {2Vยน QBTร DPO MBT JOWFTUJHBDJPOFT DPOUSB 3PCFSUP #PSHF {1PS RVยน OP IB EJDIP OBEB TPCSF MPT .PSFJSB Z TV DPSSVQDJร O JOTUJUVDJPOBMJ [BEB -BT SB[POFT EFUSยฒT EF MB QFSTFDVDJร O B %VBSUF TPO QPMยฝUJDBT Z BVO RVF QVFEBO UFOFS BMHVOB DPOTFDVFODJB KVEJDJBM QPEFNPT FTUBS TFHVSPT RVF %VBSUF QJTB MB DยฒSDFM TJ MF DPOWJFOF B TV QBSUJEP
&T FM QSFDJP RVF QBHBNPT QPS MB GBMUB EF BVUPOPNยฝB EF MPT ร SHBOPT EF KVTUJDJB FO .ยนYJDP -B DPSSVQDJร O QPMยฝUJDB TF DBTUJHB FO MPT QBSUJEPT Z FO MPT HPCJFSOPT OP FO MPT KV[HB EPT P FO MBT TBMBT EF MPT TVQSFNPT USJCVOBMFT &T MB KVTUJDJB TFMFDUJWB FMFWBEB B MB Dร TQJEF EFM QPEFS QPMยฝUJDP FO FM QBยฝT -B TFMFDUJWJEBE EF MB KVTUJDJB FT MB BUSJCVDJร O RVF UJFOFO MPT QPMยฝUJDPT NยฒT QPEFSPTPT EF FTUF QBยฝT QBSB EFDJEJS RVJยนO QBHB QPS VO EFMJUP Z RVJยนO OP &T MB BUSJCVDJร O QB SB BCTPMWFS B MPT BMJBEPT Z DBTUJHBS B MPT FOFNJHPT P B MPT RVF ZB EF QMBOP OP UJFOFO OJOHVOB SFMFWBODJB QP MยฝUJDB &O FTUF TJTUFNB EF TFMFDUJWJEBE EF MB KVTUJDJB FM GVFSP TF DPOTUSVZF Z TF SFDPOTUSVZF B USBWยนT EF MB DPNQMJDJEBE Z MB WJHFODJB QPMยฝUJDB {0 OP OPT BDPS EBNPT EF &MCB &TUIFS RVF GVF QVFTUB USBT MBT SFKBT QPS PQPOFSTF B MB QSPQVFTUB EF SFGPSNB FEVDBUJWB EF 1Fร B /JFUP &M QSPCMFNB EF MB TFMFDUJWJEBE EF MB KVTUJDJB FT RVF OPT QVFEF MMFOBS EF FTQFKJTNPT 2Vยน QBTB TJ NBร BOB WFNPT B %VBSUF Z B 1BESยนT QBHBOEP FO QSJTJร O QPS MBT USBNBT EF TBRVFP RVF PSRVFT UBSPO FO TVT FTUBEPT 1FOTBSFNPT `1PS GJO "M HVJFO QBHB 4JO FNCBSHP Bร O DPO %VBSUF Z 1B ESยนT FO MB DยฒSDFM FTUBSFNPT JHVBM EF MFKPT EF DPOTUSVJS VOB EFNPDSBDJB TVTUFOUBEB FO FM FTUBEP EF EFSFDIP *ODMVTP EJSยฝB ZP RVF FM IFDIP EF RVF FM WJFKP SยนHJNFO TJHB WJHFOUF DVBOEP TF USBUB EF QSFNJBS B MPT BNJHPT Z DBTUJHBS B MPT FOFNJHPT OPT EFNVFTUSB RVF MB USBOTJDJร O NBOUVWP JOUBDUPT FTPT QPEFSFT RVF BM GJOBM SFTUBO DSFEJCJMJEBE B FTBT BQVFTUBT JOTUJUVDJPOBMFT RVF QSPNFUFO SFHF OFSBS MB WJEB JOTUJUVDJPOBM FO OVFTUSP QBยฝT 6O 4JTUFNB /BDJPOBM "OUJDP SSVQDJร O GJODBEP FO FTUBT QSยฒDUJDBT EF DPNQMJDJEBE Z GVFSP FM iUBQBPT MPT VOPT B MPT PUSPTw EF .BSยฝB "NQBSP $BTBS TFSยฒ UPUBMNFOUF JOFGJDB[ QBSB TBODJPOBS B MPT DPSSVQUPT $ร NP SPNQFS FTB GPSNB EF FOUFOEFS MBT SFMBDJPOFT QPMยฝUJDBT $ร NP QBTBS EF FTUF QBDUP EF JNQVOJEBE RVF QFSQFUVB MB DPNQMJDJEBE Z MB DP SSVQDJร O F JNQJEF RVF UFOHBNPT VOB DMBTF QPMยฝUJDB TPNFUJEB B MB MFZ Z B MB SFOEJDJร O EF DVFOUBT -B SFTQVFTUB OP FT TFODJMMB &TUPT FRVJMJCSJPT QP MยฝUJDPT RVF TF IBO NBOUFOJEP QPS EยนDBEBT TF DPOWJFSUFO FO MB HBTPMJOB EF VO TJTUFNB DPSSVQUP FO TVT FOUSBร BT : FT RVF OP FT VO BTVOUP EF JOEJWJ EVPT BJTMBEPT EF GSVUBT QPESJEBT RVF TF DPSSPNQFO BM NBSHFO EF MBT JOT UJUVDJPOFT TJOP RVF FTUPT QPMยฝUJDPT TVSHFO EF FDPTJTUFNBT NVZ QBSUJDV MBSFT MPT QBSUJEPT QPMยฝUJDPT .VDIB EF MB DPSSVQDJร O BTPDJBEB B MB DMBTF QPMยฝUJDB OP UJFOF RVF WFS DPO FM FOSJRVFDJNJFOUP EF MPT GVODJPOBSJPT Qร CMJDPT FO Tยฝ NJTNPT TJOP EF VOB GPSNB EF GJOBODJBSTF EF MPT QBSUJEPT RVF TF NBUFSJBMJ[BO FO FM EFTFNCPMTP EF NJMMPOFT Z NJMMPOFT DBEB DBNQBร B FMFDUPSBM 4J FO PUSPT QBยฝTFT DPNP &TQBร B MB Dร QVMB EF MPT QBSUJEPT IB UFOJEP RVF SFTQPOEFS QPS DBTPT EF DPSSVQDJร O TJTUยนNJDB FO .ยนYJDP UFO ESยฝBNPT RVF FOUFOEFS RVF MPT DPSSVQUPT DVFOUBO DPO Dร NQMJDFT BM JOUF SJPS EF TVT QBSUJEPT Z TF DPOWJFSUFO FO CFOFGJDJBSJPT EJSFDUPT EF MB DPSSVQ DJร O EF MPT HPCFSOBOUFT /P QPESFNPT SFHFOFSBS MB WJEB QPMยฝUJDB EF FTUF QBยฝT TJ OP OPT UPNBNPT FO TFSJP MB MJNQJB JOUFSOB EF MPT QBSUJEPT %F MB NJTNB GPSNB FTUB BSRVJUFDUVSB EF MB JNQVOJEBE RVF UJFOFO FO MPT QBSUJEPT QPMยฝUJDPT B VO BHFOUF DFOUSBM EFM TJTUFNB TF GPSUBMFDF DPO FM GFEFSBMJTNP EJTGVODJPOBM RVF DSFB UPEBT MBT DPOEJDJPOFT QBSB MB DP SSVQDJร O HFOFSBMJ[BEB &M TJTUFNB GFEFSBM FO .ยนYJDP FT MB BSUJDVMBDJร O EF VO QPEFS GFEFSBM EPNJOBOUF F JNQPTJUJWP DPO VOB TFSJF EF HPCFSOB EPSFT RVF DPOUSPMBO Z DPPQUBO UPEP FM FOUSBNBEP JOTUJUVDJPOBM FO TVT FO
, "ร ร 1 ร -* / ", ร >ย ร *>ย ย ย >ร "UNPTGยนSJDBT &M QBUJP EFTBQBSFDF EFUSยฒT EF MB FT QFTVSB RVF MF EB TFOUJEP Z GPSNB &T VOB JOGJOJUB NFOUF EJNJOVUB GSBDDJร O EFM NVOEP Z UPEP MP DPO UJFOF #BTUB FM QBTP EJTUSBยฝEP Z GVHB[ EF VOB UPSDB[B QBSB DPNQMFUBSMP #BTUB FM SFTQMBOEPS EFM QMร NCB HP FOUSFHBOEP TV TVBWยฝTJNB TPNCSB WJPMFUB QBSB RVF TF USBOTGJHVSF : MBT DVBOUBT GSBTFT JOUFSDBN CJBEBT DPO VO BNJHP P DPO VO OJร P DVSJPTP QBSB TBCFS RVF FT BMMยฝ FM MVHBS EF UBOUBT DPTBT MB SFTQVFT UB EF JOUFSNJOBCMFT Cร TRVFEBT "SSJCB FM DJFMP EF PDUVCSF EFTQMJFHB TV B[VM TVOUVPTP Z VO WJFOUP JN QFSDFQUJCMF NFDF MBT IPKBT EF MBT QBMNBT IVNJMEFT -B JOTDSJQDJร O FO FM NVSP QBMJEFDF VO QPDP FT VO DBMNP SFMPK RVF NJEF MB EVSBDJร O RVF JOEJDB MB BM UVSB EFM UJFNQP #JFOBWFOUVSBEPTy TF BMDBO[B B MF FS 1PDP NยฒT 0USB UJSBEB TPCSF #PC %ZMBO * EPO U CFMJFWF ZPVyZPV SF B MJFS "Tยฝ DPOUFTUร %ZMBO B VO GBOยฒUJ DP JSSJUBEP RVF MP JODSFQBCB ย USBJUPS ย QPSRVF FM NBFTUSP TF IBCยฝB WVFMUP FMยนDUSJDP -VFHP EFTEF FM FTDFOBSJP BMJOFBEP QBSB MB CBUBMMB EJP MB PSEFO B MB CBOEB iUPRVFO NVZ GVFSUFw : BDPNFUJร -JLF B SPMMJOH TUPOF *OUFSSPHBEP FTUB TFNBOB TPCSF FM NPUJWP QPS FM RVF OP BUFOEJร BOUFT B TV OPNCSB NJFOUP DPNP HBOBEPS EFM /PCFM SFTQPOEJร TJN QMFNFOUF TPOSJFOEP i#VFOP BRVยฝ FTUPZyw -B QSFHVOUB FT Eร OEF FTUBCB FO FTUPT EยฝBT FM NBFT USP ;JNNFSNBO $PNP TJFNQSF Tร MP RVFEB FTQF DVMBS 1PESยฝB TFS RVF TBDBSB TVT DVFOUBT EFTEF MB QSJNFSB JOGBODJB FO )JCCJOH MPT Bร PT EF MB FSSBO DJB MB GVHB DPOTUBOUF MPT EยฝBT EF MB GVSJB P FM FY USBWยฝP MB MFZFOEB RVF TF BSSBTUSB DPNP VOB QFTB EB DBVEB EFUSยฒT EFM QPFUB Z FM Nร TJDP JNQBS EFM KVHMBS BCTPMVUP EF OVFTUSPT UJFNQPT 4JO SVNCP QBSB JS B DBTB IB SFQFUJEP EFTEF IBDF EยนDBEBT Z {Dร NP TF TJFOUF 'JOBMNFOUF DPO UPEB TFODJMMF[ EJDF RVF BDFQUB RVF TJ QVFEF BMMยฝ FTUBSยฒ QBSB MB DFSFNPOJB MB NFEBMMB MPT SFZFT Z FM CBORVFUF %J MFNBT EFM QPFUB RVF OVODB FTUยฒ BMMยฝ RVF TJFNQSF TF USBOTGJHVSB DPO PUSBT FMFDUSJDJEBEFT 4JO EVEB %ZMBO MP OFHBSยฝB EJWFSUJEP P BNBSHBNFOUF TBS DยฒTUJDP CJFO HVBSEBEP QPS TV FOJHNB QFSP FM QBS UJDJQBS EF VO SJUVBM DPOWFOJEP NVOEJBMNFOUF QB SB DPOTBHSBS B VO FTDSJUPS TFSยฒ FM IPNFOBKF QBSB TV NBFTUSP 8PPEZ (VUISJF Z UPEPT MPT EFNยฒT QB SB FM CMVFT EF TJFNQSF QBSB MBT WPDFT RVF EFTEF FM GPOEP EF MB USJCVMBDJร O IVNBOB EFTEF MPT PTDV SPT HP[PT Z MBT EFTEJDIBT IPOEBT IBO EBEP GPSNB BM DPSB[ร O EFM DBOUP /P FT TPMBNFOUF FM EF MB DBO
DJร O OPSUFBNFSJDBOB FT FM EF UPEP VO MBSHP DPO UJOHFOUF EF IJNOPT F JNQSFDBDJPOFT RVF B USBWยนT EFM QMBOFUB FODVFOUSBO FO MB Nร TJDB VO WFIยฝDVMP QBSB WPMWFSTF B DBEB WF[ FMยนDUSJDPT JOUFNQPSB MFT 5PEPT MPT DBOUPT RVF EBO UFTUJNPOJP EF MB FSSBODJB MB QFOB MB FTQFSBO[B 1PS FM DBNJOP B 4BO (BCSJFM WF[ USBT WF[ -B DPOWFSTBDJร O TJFSSB BSSJCB EFKB SFUB[PT EF IJTUP SJBT SJTBT GSBODBT DPOTJEFSBDJPOFT TPCSF DJFSUBT EJTQPTJDJPOFT EF NVSPT P GPHPOFT &O FM UFSSFOP FT DBTJ JNQPTJCMF EFKBS EF WFS MB MยฝOFB EF MPT WPMDBOFT EF FTQFSBS MB TJHVJFOUF GVNBSPMB RVF DPO UPEB QSF DJTJร O BVHVSB FM GVUVSP JOUFSQSFUB FM QBTBEP -PT WPMDBOFT UPEP MP IBO WJTUP Z UPEP MP FTQFSBO 4BCFO DPO FYBDUJUVE MPT EFWFOJSFT EFM -MBOP (SBOEF RVF TF FYUJFOEF B TVT QJFT MMFWBO MB DVFOUB EF MPT EยฝBT EFTEF RVF QPS BMMยฝ MB NVFSUF EFM QBESF WPMWJร BM IJ KP FM NBZPS QPFUB 6SHF FOUPODFT B FTUB SFVOJร O EF QJFESBT Z EF NVSPT QSFTUBSMFT UPEB MB BUFODJร O Z FM DVJEBEP MFWBOUBS MPT EJOUFMFT DPO TFODJMMB EFWP DJร O EBSMF B DBEB DVBSUP VOB BVTUFSB Z BMFHSF HSB WFEBE 4FS MJWJBOPT NBSDBS FM UJFNQP -FPOBSE $PIFO TF EFTQJEF DPO MB MBSHB FMF HBODJB DPO MB RVF IB TBCJEP BUSBWFTBS UPEBT FTUBT EยนDBEBT $BTJ BM NJTNP UJFNQP GVF QVCMJDBEP IBDF QPDP TV ร MUJNP EJTDP ย IBTUB MB GFDIBย Z BQBSFDJร FO 5IF /FX :PSLFS VO FYUFOTP BSUยฝDVMP FOUSFWJTUB FO MB RVF FM USPWBEPS EFKB DMBSB MB JOUFODJร O EF UP EP JSMP EFKBOEP BUSยฒT 4JO BNBSHVSB DPO DBSBDUF SยฝTUJDP IVNPS DPO FM QBOBDIF RVF MP BDFSDB JOFTQF SBEBNFOUF BM JONPSUBM $ZSBOP -B TFODJMMB KVTUF[B EF TVT QBMBCSBT OP IBDF NยฒT RVF WPMWFS BM QPFUB DB OBEJFOTF BMHVJFO NยฒT QSร YJNP NยฒT FOUSBร BCMF 1PSRVF TV QPFTยฝB MMFOB EF SFTQMBOEPSFT Z SJODPOFT PTDVSPT EF QBTBKFT BNBSHPT NJTUFSJPTPT JOEFTDJ GSBCMFT BMDBO[B MBT BMUVSBT EF MB HSBO MยฝSJDB DPOUFN QPSยฒOFB Z IB MPHSBEP UPDBS FM DPSB[ร O EF RVJFOFT MB IBO BUFOEJEP /P FT JOGSFDVFOUF RVF TVT WFSTPT TF HSBCFO FO MB DPODJFODJB DPO MB DFSUJEVNCSF EF VO DJODFM DFSUFSP RVF DJFSUPT GSBHNFOUPT GVODJP OFO DPNP UBMJTNBOFT QBSB MB EJDIB Z FM EFTFOHBร P QBSB MB EVEB FM EFTDVCSJNJFOUP Z FM JOFWJUBCMF OBV GSBHJP 4PCSF UPEP DPNP Tร MP MP TBCF IBDFS FM HSBO BSUF TV QPFTยฝB TJSWF QBSB FM DPOUFOUBNJFOUP QBSB MB BMBCBO[B 1BSB FOUFOEFS i5FOHP MB JOUFODJร O EF WJWJS QBSB TJFNQSFw EFDMBSร BOUF MBT DยฒNBSBT Z FO USF SJTBT NยฒT SFDJFOUFNFOUF -P IBSยฒ DPO TFHVSJ EBE : MP IBSยฒ UBNCJยนO NJFOUSBT VO IBCJUBOUF BOร
UJEBEFT &O EJTUJOUPT HSBEPT QPSRVF OP FT MP NJTNP +BMJTDP /VFWP -F ร O $IJBQBT P MB $JVEBE EF .ยนYJDP QFSP MPT WJSSFZFT FTUBUBMFT TPO QSP EVDUP EF VO TJTUFNB RVF DSFB GFVEPT Z IBDF EFM HPCFSOBEPS VOB FTQFDJF EF SFZ TPM EFM TJTUFNB QPMยฝUJDP MPDBM 3PNQFS FTUF FOUSBNBEP JOTUJUVDJP OBM RVF JODFOUJWB MB DPSSVQDJร O TVQPOF SFNPEFMBS QPS DPNQMFUP FM GFEF SBMJTNP NFYJDBOP RVF IPZ OP TJSWF QBSB OJOHVOB EF TVT UBSFBT UFร SJDBT FWJUBS MB DPODFOUSBDJร O EF QPEFS FO VO HPCJFSOP DFOUSBM ย FM NJFEP EF MPT MJCFSBMFT EFM TJHMP 9*9 Z MB QSPUFDDJร O EF MBT JEFOUJEBEFT MPDBMFTย MB QSFPDVQBDJร O EF MPT NVMUJDVMUVSBMJTUBT /P FT DBTVBMJEBE RVF MPT FTDยฒO EBMPT NยฒT HSBWFT EF DPSSVQDJร O QSPWFOHBO QSFDJTBNFOUF EF MB DBTUB EF MPT HPCFSOBEPSFT -B QPMยฝUJDB OP TF SJHF OJ QPS MFZFT OJ QPS EFDSFUPT -B DBMJEBE IP OFTUJEBE Z MJNQJF[B EF MB QPMยฝUJDB FT SFGMFKP EF JOFSDJBT Z DPOEJDJPOFT IJTUร SJDBT RVF DPOGJHVSBO FM TJTUFNB QPMยฝUJDP &T DJFSUP FM QSJNFS QBTP QBSB NPEJGJDBS FTUB QSFPDVQBOUF UFOEFODJB FT SFGPSNBS B GPOEP FM 1P EFS +VEJDJBM Z EFTQPMJUJ[BS MB KVTUJDJB 6OB FYJHFODJB JSSFOVODJBCMF USBOTGPSNBS UPEP FM TJTUFNB EF KVTUJDJB RVF TJHVF TVCPSEJOBEP B MPT JO UFSFTFT QPMยฝUJDPT Z QBSUJEJTUBT 5BNCJยนO FT GVOEBNFOUBM BCSJS FTQBDJPT EF EFDJTJร O QBSB QFSTPOBMJEBEFT BQBSUJEJTUBT Z DJVEBEBOPT RVF TF JO WPMVDSFO FO FM DPNCBUF B MB DPSSVQDJร O 4JO FNCBSHP MB BSRVJUFDUVSB EF MB JNQVOJEBE TF DPOTUSVZF EFTEF MP QPMยฝUJDP Z EJGJDJMNFOUF TF SPN QFSยฒ FM DยฝSDVMP WJDJPTP TJ OP FYJTUFO TBODJPOFT TPDJBMFT RVF BGFDUFO MPT JOUFSFTFT EF MB DMBTF QPMยฝUJDB -P RVF MMFWร BM 13* B DPNFO[BS MB DB[B B %VBSUF GVF FM SFTVMUBEP EF MPT DPNJDJPT EF FO EPOEF MPT DJVEBEB OPT DBTUJHBSPO EVSBNFOUF BM 13* QPS QSPUFHFS B MPT HPCFSOBEPSFT DP SSVQUPT -BT SFGPSNBT TPO GVOEBNFOUBMFT QFSP DSFP RVF MB WPMVOUBE QPMยฝUJDB QSPWFOESยฒ EF MB DPODJFOUJ[BDJร O EF MPT QBSUJEPT QPMยฝUJDPT EF RVF TJ TPO Dร NQMJDFT EF MPT DPSSVQUPT MP QBHBSยฒO FO MBT VSOBT /P IBZ TBODJร O RVF MF EVFMB NยฒT B VO QBSUJEP RVF QFSEFS VOB FMFDDJร O &M WP UP UJFOF FTB QSPQJFEBE EF TFS DBQB[ EF EFTNPOUBS UPEB MB BSRVJUFDUVSB EF MB JNQVOJEBE RVF TF IB DPOTUSVJEP FO .ยนYJDP
OJNP EF FTUF QMBOFUB DBOUF QBSB Tยฝ NJTNP BMHVOB EF TVT UPOBEBT SFQJUB FO TJMFODJP MB Nร TJDB EF BM Hร O DVBSUFUP EF MB EJMBUBEB FMFHยฝB RVF RVJ[ยฒ DPOT UJUVZF MB PCSB EFM NBFTUSP Z DPO FMMP IBHB RVF TV QSPQJB WJEB TFB NFKPS 'BCJยฒO 4VยฒSF[ FOUSFHB VOB DJUB i-B QBMBCSB )JOยนOJ IFNF BRVยฝ P FTUPZ BRVยฝ TF VUJMJ[B FO MB #J CMJB QBSB EFTDSJCJS FM FTUBEP EF BUFODJร O QMFOB Z QFS DFQDJร O DPOTDJFOUF &T FM TFS Z FTUBS QSFTFOUF $PO TV SFTQVFTUB i)JOยนOJw "CSBIBN .PJTยนT 4BNVFM *TBยฝBT .BSยฝB P +FTVDSJTUP FYQSFTBO TV EFTFP EF SF DJCJS MP QSร YJNP RVF WFOESยฒ TJO DPOEJDJPOBNJFO UPT Z FYQFDUBUJWBT TJOP RVF MJCSFT Z QMFOPT EF GF Z DPOGJBO[B EF RVF UPEP FT QBSB CJFO w " DPOUJOVB DJร O WB VOB WFSTJร O EF MB MFUSB EF MB DBODJร O RVF EB UยฝUVMP BM ยฒMCVN MB QSJNFSB .ยฒT PTDVSP MP RVJFSFT 4J Uร SFQBSUFT MBT DBSUBT &TUPZ GVFSB EF KVFHP 4J FSFT FM RVF TBOB 3PUP FTUPZ Z MJTJBEP 4J UVZB FT MB HMPSJB .ยฝB FT FOUPODFT MB DVMQB .ยฒT PTDVSP MP RVJFSFT .BUBSFNPT MB GMBNB &OTBM[BEP Z TBOUJGJDBEP 1PS 5V 4BOUP /PNCSF 7JMJQFOEJBEP Z DSVDJGJDBEP &O MB IVNBOB GPSNB 6O NJMMร O EF WFMBT BSEFO 1PS FM BVYJMJP OVODB SFDJCJEP .ยฒT PTDVSP MP RVJFSFT .BUBSFNPT MB GMBNB )JOยนOJ )JOยนOJ &TUPZ QSFTUP 4Fร PS )BZ VO BNBOUF FO MB IJTUPSJB 1FSP MB IJTUPSJB FT Bร O JHVBM )BZ VO BSSVMMP QBSB FM TVGSJNJFOUP : VOB QBSBEPKB RVF BDVTBS 1FSP DPOTJHOBEP FTUยฒ FO MBT FTDSJUVSBT : OP FT VO WBDยฝP SFDMBNP .ยฒT PTDVSP MP RVJFSFT .BUBSFNPT MB GMBNB "MJOFBO BIPSB B MPT QSJTJPOFSPT -PT HVBSEJBT BQVOUBO -VDIยน DPO MPT EFNPOJPT &SBO NFEJBOPT Z UJCJPT /P TVQF RVF UFOยฝB FM QFSNJTP 1BSB FM BTFTJOBUP Z MB MFTJร O .ยฒT PTDVSP MP RVJFSFT
.BUBSFNPT MB GMBNB )JOยนOJ )JOยนOJ &TUPZ QSFTUP 4Fร PS "MHVOBT DJUBT EFM /FX :PSLFS $PIFO TF EFTDSJCF DPO JSPOยฝB i#BKP VO JNQFS NFBCMF TPNCSFSP BWFSJBEP JODMJOBEP TPCSF VOPT PKPT JOUFOTPT VOB IJTUPSJB EF JOKVTUJDJB FO FM DPSB [ร O VOB DBSB EFNBTJBEP OPCMF QBSB MB WFOHBO[B DBNJOBOEP FO MB OPDIF QPS BMHร O CVMFWBS NPKBEP TFHVJEP QPS FM FOUVTJBTNP EF JODPOUBCMFT BVEJFO DJBTy RVFSJEP QPS EPT P USFT CFMMBT NVKFSFT RVF OVODB MP QVEJFSPO UFOFS w -VFHP EJDF i&T EJGยฝDJM EFTDSJCJSMP .JFOUSBT NF BDFSDP BM GJOBM EF NJ WJEB UFOHP Bร O NFOPT JOUFSยนT QPS FYBNJOBS MP RVF IB SF TVMUBEP FO NVZ TVQFSGJDJBMFT FWBMVBDJPOFT V PQJ OJPOFT TPCSF MB TJHOJGJDBDJร O EF NJ WJEB P NJ USBCB KP /VODB NF JODMJOยน QPS FMMP DVBOEP UFOยฝB TBMVE Z MP FTUPZ NFOPT BIPSB w #PC %ZMBO DVFTUJPOBEP QPS FM SFQPSUFSP EJDF i$VBOEP MB HFOUF IBCMB TPCSF -FPOBSE TF FRVJWPDBO BM OP IBCMBS EF TVT NFMP EยฝBT MBT RVF QBSB Nยฝ KVOUP DPO TVT MFUSBT TPO TV NBZPS HFOJP "ร O MBT MยฝOFBT EF DPOUSBQVOUP EBO VO DBSยฒDUFS DFMFTUJBM Z VO FOBMUFDJNJFOUP NFMร EJDP B UPEBT TVT DBODJPOFT )BTUB EPOEF Tยน OBEJF TF BDFS DB B FTUP FO MB Nร TJDB DPOUFNQPSยฒOFB w : %ZMBO SF NBUB i&M EPO EF TV HFOJP FT TV DPOFYJร O DPO MB Nร TJDB EF MBT FTGFSBT w 5FSNJOB $PIFO i/P IF MMFHBEP BIPSB OJ DFS DB EF GJOBMJ[BS )F UFSNJOBEP VOBT QPDBT DPTBT /P Tยน DPO DVยฒOUBT NยฒT QPESยน IBDFSMP QPSRVF FO FTUB UFNQPSBEB FYQFSJNFOUP VOB QSPGVOEB GBUJHBy )BZ WFDFT RVF EF QMBOP UFOHP RVF BDPTUBSNF /P QVFEP UPDBS NยฒT Z MB FTQBMEB NF EVFMF -BT DPTBT FTQJSJUVBMFT #BSVDI )BTIFN ย (SBDJBT B %JPTย IBO FODPOUSBEP TV MVHBS QPS MP RVF FTUPZ QSPGVO EBNFOUF BHSBEFDJEP w : SFDJUB FOUPODFT MPT WFS TPT QBSB VOB OVFWB DBODJร O 0ZF BM DPMJCSยฝ $VZBT BMBT OP QVFEFT WFS 0ZF BM DPMJCSยฝ /P NF PJHBT B Nยฝ 0ZF B MB NBSJQPTB $VZPT EยฝBT MMFHBO B USFT 0ZF B MB NBSJQPTB /P NF PJHBT B Nยฝ 0ZF MB WPMVOUBE EF %JPT 2VF OP NF OFDFTJUB 0ZF B MB WPMVOUBE EF %JPT /P NF PJHBT B Nยฝ KQBMPNBS!JOGPSNBEPS DPN NY
+VFWFT EF PDUVCSF EF
1~(*/" #
&- */'03."%03
(6"%"-"+"3" &/ 6/ --"/0 .B $SJTUJOB 4BOUBOB EF 4JMWB
O $3*450#"- #"-&/$*"(" &/ (6"%" -"+"3" O .6: 4&/5*%04 -04 '"--&$*.*&/504 %& +"7*&3 $"45&--"/04 3".ยข3&; : +"*.& ".&;$6" ".&;$6" i&M WBMPS WFSEBEFSP FT BDFSDB EF MB CPO EBE Z MB TFODJMMF[ EF FTQยฝSJUV FT FM FRVJMJCSJP EF BNBS Z TFS BNBEP EFOUSP EF VO NBSDP EF SFTQFUP Z UPMFSBODJBw $3*450#"- #"-&/$*"(" MMFHB B (VBEBMBKBSB BM CFMMP NBSDP EF VOP EF MPT JO NVFCMFT DPO NยฒT SJRVF[B BSRVJUFDUร OJDB Z BSUยฝTUJDB VO FEJGJDJP SFQSFTFOUBUJWP FO OVFT USB DJVEBE FM .VTFP EF MBT "SUFT .64" &O FTUB FYQPTJDJร O JOBVHVSBEB FM QBTB EP WJFSOFT RVF QFSNBOFDFSยฒ BCJFSUB IBT UB QSJODJQJPT EF GFCSFSP TF FYIJCFO WFTUJEPT Z CPDFUPT EF FTUF EJTFร BEPS FTQBร PM RVF GVF SB VOP EF MPT GBWPSJUPT EF MB GBNJMJB SFBM FT QBร PMB Z EF MB BSJTUPDSBDJB (SBDJBT B RVF B TVT Bร PT DPOPDF B MB 7** .BSRVFTB EF MB $BTB EF 5PSSFT ย BCVFMB EF MB GVUVSB SFJOB 'BCJPMB EF #ยนMHJDBย RVJยนO DPONPWJEB QPS MBT BOTJBT EFM KPWFO EJCVKBO UF MF FOUSFHร VO USP[P EF UFMB QBSB RVF DP QJBSB VOP EF TVT NPEFMPT FM SFTVMUBEP HVT Uร UBOUP B MB .BSRVFTB RVF TF DPOWJSUJร FO TV NFDFOBT 7BMF MB QFOB UPNBSTF VOPT NJOVUPT QB SB SFDPSSFS EFUFOJEBNFOUF MB NVFTUSB EF FT UF WJTJPOBSJP EJTFร BEPS RVF FTUBCMFDF SFTP OBODJBT FOUSF TVT EJTFร PT EF NPEB Z QJOUVSBT NBFTUSBT EF %*&(0 3*7&3" %" 7*% "-'"30 4*26&*304 +04& $-& .&/5& 030;$0 : 3"6- "/(6*"/0 ."3*#&- "35&"(" %JSFDUPSB EFM .64" FYQMJDร RVF MB FYQPTJDJร O FT QSPEVD UP EF VOB DPMBCPSBDJร O DPO FM .VTFP EF "S UF .PEFSOP Z FM $SJTUร CBM #BMFODJBHB .VTFP ZB RVF MBT QSFOEBT PSJHJOBMFT Z MBT PCSBT QMยฒTUJDBT TF DPOGPSNBO DPO QSยนTUBNPT EF DP MFDDJPOFT QBSUJDVMBSFT /VFWBNFOUF NJ DPMVNOB TF UJร F EF MV UP QPS MPT TFOUJEPT GBMMFDJNJFOUPT EF EPT KB MJTDJFOTFT NVZ RVFSJEPT FO OVFTUSPT DยฝSDVMPT &M QBTBEP WJFSOFT OVFTUSP BNJHP +"7*&3 $"45&--"/04 3".ยข3&; FM FTUJNBEP $)"50 OBDJร B MB WJEB FUFSOB EFTQVยนT EF MV DIBS DPO WBMFOUยฝB DPOUSB QFOPTB FOGFSNFEBE +"7*&3 $"45&--"/04
$0/ 46 &4104" &-#" EVSBOUF FM UJFNQP EF BDFQUBDJร O JODSFNFOUร MPT EPOFT DPO RVF %JPT EPUร TV FTQยฝSJUV %F UFNQFSBNFOUP HFOFSPTP IVNBOJUB SJP Z FTQFDJBMNFOUF TFODJMMP FTUVWP SPEFBEP IBTUB FM ร MUJNP NPNFOUP EFM BQPZP Z BNPS EF TV CFMMB Z VOJEB GBNJMJB &O MB DBQJMMB DPOPDJEB DPNP EF MBT .B ESFT 3FQBSBEPSBT TF FGFDUVBSPO EPT NJTBT QPS FM FUFSOP EFTDBOTP EF TV BMNB 1BSB TV FTQPTB &-#" -ยง1&; %& $"45&--"/04 TVT IJKPT 5*5* .ยง/*$" +"7*&3 : &%6"3 %0 QBSB TVT IFSNBOPT 1"#-0 (-"'*3" 5&3& )&$503 ."/6&- : $626*4 $"4 5&--"/04 QBSB TVT IJKPT QPMยฝUJDPT OJFUPT Z EFNยฒT GBNJMJBSFT EF DPSB[ร O DPNQBSUJ NPT TV EPMPS FO FTUF EJGยฝDJM USBODF +"*.& ".&;$6" ".&;$6" BDVEJร BM MMBNBEP EFM "MUยฝTJNP FO 3PNB *UBMJB EFT QVยนT EF BTJTUJS B MB DFSFNPOJB EF DBOPOJ[B DJร O EFM KPWFO NยฒSUJS +04ย 4ย /$)&; %&- 3*0 RVJยนO GVFSB UยฝP EF TV FTQPTB ."3ยข" "6 3&-*" 4ย /$)&; B RVJยนO FOWJBNPT OVFTUSB BQSFDJP Z TPMJEBSJEBE BTยฝ NJTNP B TVT IJKBT ."3ยข" +04ย : 40'ยข" B TVT IJKPT QPMยฝUJDPT DVBUSP OJFUPT Z EFNยฒT GBNJMJBSFT ."3ยถ" +04ยฒ ยซ-7"3&; : %&/*44& %& "-#"
-03&/" )&$)5 : +03(& %& "-#"
30$ยถ0 (0/;ยซ-&; : +6-*0 -&..&/ .&:&3
*-*"/" 36*;7&-"4$0 : :0-: 4ยซ/$)&;
1*-"3 #0-"ยบ04 : $".*-" 633&"
40'ยถ" ยซ-7"3&; : $"30 &4$0#&%0
%PNJOHP EF PDUVCSF EF
1~(*/" #
&- */'03."%03
6/*%04 103 MB TVTUFOUBCJMJEBE -B 6OJWFSTJEBE 1BOBNFSJDBOB SFDJCJS QPS QSJNFSB WF[ FO OVFTUSP QB¤T FM (MPCBM 4VTUBJOBCJMJUZ +".
$035&4¶" t +".(6"%"-"+"3" $0.
1PS /PSNB (VUJ¹SSF[
/
P EFDJS TJOP IBDFS FT MB JEFB DPO MB RVF MB 6OJWFSTJEBE 1BOBNFSJDBOB TF TVNB BM (MPCBM 4VTUBJOBCJMJUZ +". 0/( DPOWPDBUPSJB B OJWFM JOUFSOBDJPOBM RVF EFM BM EF OPWJFNCSF SFVOJS² B FYQFSUPT BDBE¹NJDPT BTP DJBDJPOFT DJWJMFT Z DJVEBEBOPT QBSB QPOFS FO NBSDIB QSPZFDUPT RVF DPOUSJCVZBO B NFKPSBS MB TVTUFOUBCJMJEBE EFM QMBOFUB -B 6OJWFSTJEBE 1BOBNFSJDBOB DBNQVT (VB EBMBKBSB TFS² MB QSJNFSB Z ÈOJDB TFEF NFYJDBOB FO TVNBSTF BM FODVFOUSP RVF DPOFDUBS² B DJV EBEFT EF QB½TFT RVF BEFN²T EF DPNQBSUJS QSP QVFTUBT Z DPODFQUPT RVF BZVEFO B DBNCJBS MB TJ UVBDJÂO BNCJFOUBM UBNCJ¹O QSFTFOUBS²O NBRVFUBT Z QSPUPUJQPT RVF QVFEBO BQMJDBSTF B MB SFBMJEBE FO DVBMRVJFS SJODÂO EFM NVOEP RVF OF DFTJUF EF QSPHSBNBT Z BDDJPOFT DPODSFUBT QBSB DPNCBUJS TVT DBSFODJBT EF TVTUFOUBCJMJEBE "VORVF FO (VBEBMBKBSB FYJTUFO QSPCMFN²UJ DBT SFMBDJPOBEBT B MB TVTUFOUBCJMJEBE "MCFSUP 3PTTB 4JFSSB QSPGFTPS JOWFTUJHBEPS EF MB BDBEF NJB EF %JTFÁP F *OOPWBDJÂO EF MB 61 EFTUBDB RVF FO FTUB PDBTJÂO MPT QBSUJDJQBOUFT FO MB TFEF UBQB U½B OP TF FOGPDBS²O FO CVTDBS TPMVDJPOFT QBSB MPT NBMFT RVF BRVFKBO B MB NFUSÂQPMJ TJOP RVF TF BQPTUBS²O QPS QSPZFDUPT RVF QVFEBO FKFDVUBSTF FO UPEP FM NVOEP i/PT EBO VOB QBMBCSB P JOTQJSBDJÂO QBSB RVF EFTBSSPMMFNPT QSPZFDUPT BEBQUBCMFT B UPEP FM NVO EP (MPCBM 4VTUBJOBCJMJUZ TFMFDDJPOB UFNBT RVF OPT BUBÁFO B UPEPT DBEB VOP QBSUF EF MBT DBSBDUFS½TUJ DBT EF TV FOUPSOP QPS FKFNQMP TJ FM UFNB FT MB DBQ UBDJÂO EFM BHVB FO *S²O $PSFB P FO *OHMBUFSSB UFO ES²O VO DPODFQUP EJTUJOUP BM EF OPTPUSPT EFQFOEJFOEP EF TV PSPHSBG½B Z UFNQPSBM EF MMVWJBT 4PO UFNBT HMPCBMFT QBSB SFTPMWFS EFTEF EJGFSFOUFT QFSTQFDUJWBT Z ÂQUJDBTw BÁBEF FM JOWFTUJHBEPS BM EF UBMMBS RVF TF FTQFSB VOB BTJTUFODJB EF QFSTPOBT FOUSF QSPGFTJPOBMFT VOJWFSTJUBSJPT BDBE¹NJDPT FNQSFTBSJPT Z DJVEBEBOPT -B JEFB EF (MPCBM 4VTUBJOBCJMJUZ +". FT RVF MPT DPODVSTBOUFT USBT GPSNBS FRVJQPT Z DP OPDFS MPT UFNBT QSJODJQBMFT EFM FWFOUP DPNJFO DFO B JOWFTUJHBS BOBMJ[BS Z QSPQPOFS QMBOFT EF BD DJÂO Z QSFTFOUBSMBT BOUF UPEB MB DPNVOJEBE JOUFSOBDJPOBM EF QBSUJDJQBOUFT Z EFTQV¹T QVFEBO TFS GPSNBMJ[BEPT Z BQPZBEPT QPS MB TPDJFEBE JOJ
$0-"#03"$*»/ -B BQVFTUB FT FKFDVUBS VO QSPZFDUP RVF QVFEB JNQBDUBS FO UPEP FM NVOEP
DJBUJWB QSJWBEB Z HPCJFSOP i/P OPT IBO EJDIP TJ FM UFNB FO FM RVF OPT UFOESFNPT RVF FOGPDBS FT TPCSF FM VTP Z DVJEB EP EFM BHVB SFDJDMBKF EF CBTVSB WJWJFOEBT MB JO GPSNBDJÂO OPT MB TVFMUBO B UPEPT B MB NJTNB IP SB BEBQUBEB B DBEB QB½T Z BT½ TF GPSNBO MPT FRVJQPT OPT SFWFMBO VO QPDP N²T EF JOGPSNB DJÂO Z TPCSF FMMPT DPNFO[BNPT B QSPEVDJS B JEFBTw FYQMJDB FM BDBE¹NJDP 5BOUP "MCFSUP 3PTTB 4JFSSB %FTBSPMMP EF 1SP EVDUPT 1M²TUJDPT BT½ DPNP *TBCFMMB #FSHBNJOJ %J TFÁP "WBO[BEP 'BCJPMB $PSU¹T (FTUJÂO EFM EJTF ÁP Z $FDJMJB -BOEB &SHPOPN½B FO %JTFÁP QSPGFTPSFT EF MB 61 GVOHJS²O DPNP NFOUPSFT EF MPT
?BG => L>F:G: >LMK:M|@B<H " MP MBSHP EF MPT USFT EªBT EF USBCBKP MPT DPO DVSTBOUFT TF BMCFSHBS O FO MBT JOTUBMBDJPOFT EF MB 6OJWFSTJEBE 1BOBNFSJDBOB EFTEF MBT IPSBT Z IBTUB MBT IPSBT EFM WJFS OFT EF IPSBT B IPSBT FM T CB EP Z EF B IPSBT FM EPNJOHP EF OPWJFNCSF BMUFSOBOEP BDUJWJEBEFT SF DSFBUJWBT QSFTFOUBDJ°O EFM FWFOUP GPSNB
&45"4 36*/"4 "/50/*0 0356º0
.FTBT Z NJHBKBT "3$)*70 t &- */'03."%03
5&4030 2VJFOFT TF EFEJDBO B QFQFOBS FOUSF MB CBTVSB TVFMFO FODPOUSBS FO DJFSUPT CBSSJPT PCKFUPT ÞUJMFT Z IBTUB OVFWPT
)
BDF VOPT E½BT BUFTUJHʹ FM JOUFOUP EF DBUFP EFM DBSSJUP EF VO QFQFOBEPS QPS QBSUF EF VOPT BHFOUFT QPMJDJB DPT 5FOHP MB JNQSFTJÂO EF RVF MPT VOJGPSNBEPT RVFS½BO QSFPDVQBS BM UJQP QBSB WFS TJ BMHP MF TBDBCBO TB CFNPT EF TPCSB RVF QBSB NVDIPT BHFOUFT EFTWB MJKBS DJVEBEBOPT QPS MB DBMMF FT VOB TVFSUF EF QBTB UJFNQP P QBTJÂO FRV½WPDB Z QPS FTP TPNPT WBSJPT MPT RVF TJ WFNPT VOB QBUSVMMB B MB EJTUBODJB OPT QP OFNPT B CVFO SFTHVBSEP %JHP RVF FM DBUFP TF RVF E FO JOUFOUP QPSRVF KVTUP DVBOEP DPNFO[BCBO B FTDVMDBS MBT CPMTBT DPO MPT EFTQFSEJDJPT SFDPMFDUB EPT RVF JCBO B CPSEP EF VOP EF FTPT USJDJDMPT DPO DBKB EF DBSHB DPNP MPT RVF VUJMJ[BO MPT WFOEFEPSFT EF UFKVJOP TPO FM SBEJPDPNVOJDBEPS EF MB QBUSV MMB Z MPT BHFOUFT UVWJFSPO RVF EFKBS JS BM QFQFOBEPS Z NBSDIBSTF B BUFOEFS BMHÈO BTVOUP N²T VSHFOUF %FTEF RVF NF NVE¹ BM PFTUF [BQPQBOP EF MB DJVEBE IF EFTDVCJFSUP RVF MB QFQFOB GMPSFDF Z FT PNOJQSFTFOUF "OUFT DVBOEP WJW½B DFSDB EFM DFO USP EF (VBEBMBKBSB WF½B BMHÈO QFQFOBEPS PDBTJP OBM BTPN²OEPTF B MPT CBTVSFSPT &SBO QPS MP HFOF SBM IPNCSFT TFSJPT IBTUB USJTUFT RVF DPMFDUBCBO TVT IBMMB[HPT MBUBT Z DBSUPOFT DBTJ TJFNQSF FO DPTUBMFT RVF MVFHP TF FDIBCBO BM IPNCSP $POP[DP QFSTPOBT RVF MFT UJFOFO Q²OJDP B MPT QFQFOBEPSFT DPNP TFDVFMB EF USBVNBT JOGBOUJMFT i4J OP UF DP NFT MB TPQB UF WB B MMFWBS FM SPQBWFKFSPw MF EFD½BO B VOB BNJHB RVF IVZF EF DVBMRVJFSB RVF CVTRVF DP TBT FO MB CBTVSB UBM DPNP ZP RVF IF TJEP QFBUÂO UP EB MB WJEB IVZP EF MB QPMJD½B RVF NF IB EFUFOJEP TJO NPUJWP N²T EF DJODVFOUB WFDFT QBSB IBDFSNF iSFWJTJPOFT EF SVUJOBw :P MB WFSEBE UFOHP TJNQB U½B QPS FMMPT Z NF QBSFDFO HFOUF FTGPS[BEB Z FNQF ÁPTB DPNP QPDB 1VFT CJFO BM QPOJFOUF EF MB DJVEBE MPT QFQF OBEPSFT RVF WFP DBEB E½B OP TPO FTPT NJTNPT IPN
FRVJQPT EF USBCBKP EF MB TFEF UBQBU½B BEFN²T EF MPT RVF DBEB QB½T DPNP "SBCJB 4BVEJUB (SFDJB "VTUSBMJB #SBTJM $BOBE² $IJOB $PMPNCJB "MF NBOJB 'JOMBOEJB 3FJOP 6OJEP )VOHS½B *S²O *UB MJB 1PMPOJB 3VTJB &TMPWFOJB 5BJX²O Z &TUBEPT 6OJEPT QPOES² NFOUPSFT QBSB TVT QBSUJDJQBOUFT i&M QSPQÂTJUP FT QSPQPOFS JEFBT QBSB MB TPMV DJÂO HMPCBM EFM NFEJP BNCJFOUF BEFN²T EF DPOP DFS B HFOUF EF UPEP FM NVOEP USBCBKBOEP BM NJTNP UJFNQP UFOJFOEP MB NJTNB GJOBMJEBE /P TJHOJGJDB RVF WBZBNPT B TBMWBS BM NVOEP QFSP T½ RVF BMHV OBT EF MBT QSPQVFTUBT QVFEBO QSFTFOUBSTF BOUF BV UPSJEBEFT NFUFSMBT B DPODVSTP Z RVF B GVUVSP QVF EBO TFS FNQMFBEBTw
CSFT BGMJHJEPT TJOP UJQPT DPO USJDJDMP BJSF EF QSPGF TJPOBMJTNP Z RVF OP QPDBT WFDFT PQFSBO FO CSJHB EB KVOUP DPO NVKFSFT Z OJÁPT RVF RVJ[² TFBO TVT FTQPTBT F IJKPT $POWFSTP DPO VOP EF FMMPT Z NF DPOGJFTB RVF UPEBW½B OP QVFEF DSFFS MB DBOUJEBE EF PCKFUPT ÈUJMFT Z QS²DUJDBNFOUF OVFWPT RVF MPT IB CJUBOUFT EF MBT DPMPOJBT EFM PFTUF FDIBO BM CPUF "D² OP TF USBUB TPMP EF MBUBT Z FNQBRVFT EF DBSUÂO QB SB SFDJDMBS FO MPT DFTUPT NJ JOGPSNBOUF FODVFOUSB CPUFT EF QFSGVNF B NFEJP MMFOBS SFMPKFT B MPT RVF MFT GBMUB BMHVOB QFRVFÁB SFQBSBDJÂO KVHVFUFT B MPT RVF TF MFT UFSNJOBSPO MBT QJMBT SPQB FOUFSB Z FO CVFO FTUBEP QFSP iGVFSB EF UFNQPSBEBw Z IBTUB BQBSBUPT FMFDUSÂOJDPT EFTFDIBEPT FO GBWPS EF WFS TJPOFT OVFWBT DPNP UFM¹GPOPT DFMVMBSFT /P FT EF FYUSBÁBS FOUPODFT RVF FM QPOJFOUF TFB UFSSFOP EF EVSB DPNQFUFODJB QBSB EFDFOBT RVJ[² TFBO DJFOUPT EF QFQFOBEPSFT Z RVF NVDIPT EF FMMPT EFTEFÁFO MBT MBUBT RVF IBDFO FM E½B EF TVT DPMFHBT FO PUSBT [POBT EF MB DJVEBE .JFOUSBT N²T MFKPT EFM DFOUSP NFKPSFT MPT QSFNJPT BTFHVSB FM JO GPSNBOUF -PT UFSSFOPT N²T QFMFBEPT BGJSNB TPO MPT RVF SPEFBO MPT HSBOEFT GSBDDJPOBNJFOUPT BNV SBMMBEPT FO EPOEF QPS EFTHSBDJB QPS SFHMB HFOF SBM OP TF MFT QFSNJUF MB FOUSBEB FO BMHVOPT DPUPT NFOPT JNQPSUBOUFT TF BSSFHMBO DPO MPT HVBSEJBT EF TFHVSJEBE QBSB BTPNBSTF B MPT DPOUFOFEPSFT EF CBTVSB iQFSP ZB FTU² N²T FTDPHJEBw i5FOHP VO BNJHP RVF USBCBKB FO FM DBNJÂO EF MB CBTVSB Z FTF T½ TF SBZB FO 1VFSUB EF )JFSSPw NF DVFOUB i: FT RVF MB CBTVSB EFM SJDP FT FM UFTPSP EFM QPCSFw DPN QMFUB FOUSF SJTBT " N½ RV¹ RVJFSFO FTBT GSBTFT NF EBO FTDBMPGS½PT 7JWJNPT QVFT FO VOB DJVEBE FO MB RVF BMHV OPT EFTQFSEJDJBO BMFHSFNFOUF Z PUSPT USBUBO EF TP CSFWJWJS BQSPWFDIBOEP TVT EFTDBSUFT -BT GBNPTBT NJHBKBT RVF DBFO EF MB NFTB &M MBEP # EF MB SJRVF [B JOUJNJEBOUF EF DJFSUB (VBEBMBKBSB
DJ°O EF FRVJQPT EF USBCBKP IPSB EF DPNJEB Z EFTDBOTP BTª DPNP SFWJTJ°O Z BWBODF EF QSPQVFTUBT *OTDSJQDJPOFT FO MB XFC KBNHVBEBMBKBSB DPN EFM (MPCBM 4VTUBJOBCJ MJUZ +". BTª DPNP MB BHFOEB EF BDUJWJ EBEFT EF MPT USFT EªBT -B DVPUB FT EF QFTPT QPS QFSTPOB JODMVZF QMBZFSB DPONF NPSBUJWB Z BMJNFOUPT EF T CBEP Z EPNJOHP
8* ", "Ê Ê 1 " Õ iÀ Ê i > >ÀÞ
u9ÊÃi}Õ Àj]Ê >Õ µÕiÊ iÊ >}>Ê`> t :B WJNPT RVF MB BNFOB[B EF RVF BMHVOB BEJDDJÂO PDBTJPOF VO EBÁP F JODMVTP IBTUB MB NVFSUF OP IBDF NFMMB FO DPOUJOVBS DPO MPT I²CJUPT EFCJEP FO QBSUF B RVF OP TF RVJFSF BDFQUBS RVF FM QFMJHSP FT NBZPS RVF FM QMBDFS Z FM HVTUP RVF QSPWPDB &O SFTVNFO WJWB FM QMBDFS EFM NPNFO UP Z RVF OPT WBMHB MP RVF QVFEB QBTBS -P RVF JNQPSUB FT FM NPNFOUP FM GVUV SP ZB WFOES² : FTP QPS FM NPNFOUP OP JNQPSUB &T FYUSBÁP QFOTBS BT½ QPSRVF IBZ UBOUBT PUSBT DPTBT FO MB WJEB RVF QPS OJOHÈO NPUJWP MBT IBS½BNPT TPCSF UPEP TJ IBZ BMHÈO QFMJHSP JONJOFO UF FO MP RVF FTUBNPT IBDJFOEP P JOUFOUBNPT IBDFS -B UPMFSBODJB BM EPMPS Z BM TVGSJNJFOUP FT NVZ EJGFSFOUF FO DBEB QFSTPOB QFSP FO HFOFSBM IPZ IBZ VOB DMBSB UFOEFODJB B FWJUBS B UPEB DPTUB MP RVF OPT IBDF TVGSJS Z CVTDBS FM DPOGPSU FM QMB DFS Z UPEP MP RVF OPT FT HSBUP 1PS FTP FM BEJDUP IBDF HBMB EFM ÃÊiÝÌÀ> Ê«i Ã>ÀÊ>à ]Ê HVTUP Z QMBDFS RVF MF DBVTB TV BGJDJÂO Z « ÀµÕiÊ >ÞÊÌ> Ì>ÃÊ ÌÀ>ÃÊ OJFHB P DBODFMB DP V Ã>ÃÊi Ê >ÊÛ `>]ʵÕiÊ« ÀÊ NP TFB MP OFHBUJWP RVF MF BDBSSFB FO MB WJ }Ö Ê Ì Û Ê >ÃÊ EB TVT GMBRVF[BT >À > ÃÆÊà LÀiÊÌ ` ÊÃ Ê %F BRV½ RVF QPEFNPT JOGFSJS MP >ÞÊ> }Ö Ê«i }À QPEFSPTP RVF SFTVMUB FM NFDBOJTNP NFOUBM EF MB OFHBDJÂO &T EFDJS FM OP BDFQUBS Z OJ TJ RVJF SB WFS FM EBÁP RVF OPT FTU² IBDJFOEP Z NVDIP NF OPT FM RVF MF IBDFNPT B MPT EFN²T 1PS FTP FT UBO FWJEFOUF RVF VO ESPHB EJDUP P BMDPIÂMJDP TF VGBOF EF TVT HMPSJPTBT FY QFSJFODJBT Z EJWFSUJEPT NPNFOUPT Z EF QMBOP OJ TF BDVFSEF P RVJFSB SFDPSEBS UPEBT MBT CBSCBSJ EBEFT RVF IJ[P : TJ B DBTP MB SFTBDB P DSVEB MF MMFHB TJFNQSF EJDF BMHVOB UBSVHBEB DPO UBM EF FWJUBS RVF TV KPDPTB Z EJWFSUJEB WJEB UBNCJ¹O BDBSSFB UFSSJCMFT DPOTFDVFODJBT 1BSB FM BEJDUP FOUPODFT TFS²O NBT NB SBWJMMPTPT MPT HSBUPT NPNFOUPT GSFOUF B MBT JO WJTJCMFT Z EFTBHSBEBCMFT DPOTFDVFODJBT 1PS FTP UBNCJ¹O TF QVFEF FYQMJDBS RVF VO iCPSSBDIPw TF TVCB B TV BVUP Z DPOEV[DB FO FTF FTUBEP TJO OJ TJRVJFSB QFSDBUBSTF EF RVF TVT IBCJMJEBEFT Z QFSDFQDJPOFT FTU²O EJTNJOVJEBT Z BMUFSBEBT &M TJHVF DSFZFOEP RVF TJ QVFEF &M BEJDUP OP RVJFSF WFS FM EBÁP TÂMP FM QMBDFS RVF MF QSPEVDF
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF PDUVCSF EF '0504 t &4"32
1PS +PSHF 1¹SF[
&
.6+&3&4 %& "3$*--" "SRVJUFDUPT "SUFTBOPT 1BSSPRVJB Z NVKFSFT EF 4BO .JHVFM "NBUJUMÈO
053" $0/4536$$* /
104*#-&
-B #JFOBM EF 7FOFDJB UJFOF VOB JNQPSUBOUF QBSUJDJQBDJªO EF . YJDP DVZPT QSPZFDUPT TFMFDDJPOBEPT QBSB FM QBCFMMªO WPMWFS O B GJOBMFT EF OPWJFNCSF BM QB¤T QBSB IBDFS VOB FYQPTJDJªO JUJOFSBOUF
M BSRVJUFDUP NFYJDBOP +VBO +PT¹ ,PDIFO WJTJUÂ (VBEBMBKBSB QBSB DIBSMBS DPO FTUV EJBOUFT EF MB &TDVFMB 4VQFSJPS EF "SRVJ UFDUVSB TPCSF FM QBCFMMÂO NFYJDBOP FO MB 97 .VFTUSB *OUFSOBDJPOBM EF "SRVJUFDUV SB EF MB #JFOBM EF 7FOFDJB %F TV QBSUJDJQBDJÂO +VBO +PT¹ QMBUJDÂ MP RVF TF QSF TFOUB i)F UFOJEP VOB SFMBDJÂO JOUFSFTBOUF DPO MB #JFOBM FTUF GVF NJ UFSDFSB WF[w -B QSJNFSB GVF DVBOEP USBCBKB CB FO "SRVJOF DVZP EJSFDUPS GVF JOWJUBEP B DVSBS MB #JF OBM EF 7FOFDJB MB TFHVOEB IBDF EPT BÁPT GVF QPS DPO WPDBUPSJB BCJFSUB &O FTUB PDBTJÂO QBSUJDJQÂ FO FM QSPZFDUP i%FTQMJFHVFT Z FOTBNCMFTw FYQPTJDJÂO BSRVJ UFDUÂOJDB RVF TF NPOUÂ Z RVF NVFTUSB EJGFSFOUFT N¹UP EPT EF DPOTUSVDDJÂO RVF FO PDBTJPOFT OP UJFOFO UBOUB WJ TJCJMJEBE 4PCSF MB DPOWPDBUPSJB EF MB CJFOBM ,PDIFO DPNFO UÂ i"MFKBOESP "SBWFOB QSPQVTP BMHP FO UFPS½B EJTUJOUP 4V DPOWPDBUPSJB GVF CBTUBOUF QSPWPDBEPSB SFNJUF BM MB EP TPDJBM -PT GSFOUFT EF MB BSRVJUFDUVSB OP TPO TÂMP MPT BSRVJUFDUPTw 1PS FMMP MB GJHVSB EFM iBSRVJUFDUPw DPNP QSP UBHPOJTUB EF MBT DPOTUSVDDJPOFT GVF TVQMBOUBEB QPS PUSBT JOJDJBUJWBT EF DPOTUSVDDJÂO DPNP MB WJODVMBDJÂO FOUSF NVKFSFT FO 0BYBDB RVF GJODBSPO TVT DBTBT FO FRVJQP $PO FTUP FO NFOUF MB NFUB FO FM QBCFMMÂO NFYJDB OP GVF NPTUSBS i6OB BSRVJUFDUVSB EF BNQMJP FTQFDUSP EPOEF MPT QSPUBHPOJTUBT TPO MPT IBCJUBOUFT FMMPT TPO MPT BHFOUFT EF DBNCJP -B BSRVJUFDUVSB OP FT FM PCKFUP QSF QPOEFSBOUF TJOP MB DJVEBE Z MB NJTNB TPDJFEBEw &O MV HBS EF SFDJCJS QSPQVFTUBT QBSB FM QBCFMMÂO MB EFDJTJÂO GVF BCSJS FM FTQBDJP QBSB FYQPOFS EJWFSTPT QSPZFDUPT i)BZ NVDIB BSRVJUFDUVSB TPDJBM FO FM QBTBEP EF .¹YJ DP QFSP RVF OP DPOPDFNPT /P UJFOF MB WJTJCJMJEBE TVGJ DJFOUF OP TBMF FO MBT SFWJTUBT EF BSRVJUFDUVSBw 1BCMP -BOEB BOUSPQÂMPHP FTQFDJBMJ[BEP FO MB BS RVJUFDUVSB GVF FM DVSBEPS FTDPHJEP QBSB i%FTQMJFHVFT Z FOTBNCMFTw -BOEB Z ,PDIFO GVFSPO RVJFOFT UFPSJ[BSPO N²T FM EJTDVSTP Z FM HVJPO NVTFPHS²GJDP 4PCSF FM OPN CSF +VBO +PT¹ BGJSNÂ i$POUBNPT MB IJTUPSJB DPO EFT QMJFHVFT Z FOTBNCMFT AEFTQMJFHVFT FO FM TFOUJEP EF RVF IBZ USBOTGPSNBDJPOFT EF MB HFOUF RVF DPOFDUB FEJGJDJPT Z BSRVJUFDUVSB VOB DPO PUSB AFOTBNCMFT QPS UPEB FTUB TVNB DPO MB HFOUF RVF VTB FTB BSRVJUFDUVSB DPNP VO QSPEVDUP UFSNJOBEP F JOUFHSBMw 1BSB DPOGPSNBS MB FYQPTJDJÂO MPT PSHBOJ[BEPSFT NFYJDBOPT DPOWPDBSPO EF NBOFSB BCJFSUB QBSB SFDJCJS QSPZFDUPT EF MB N²T EJWFSTB ½OEPMF DPOTUSVDDJÂO DPMB CPSBUJWB QBSUJDJQBDJÂO DJVEBEBOB WJWJFOEBT TPDJBMFT FUD¹UFSB 'VFSPO N²T EF QSPZFDUPT SFDJCJEPT EF MPT DVBMFT TF TFMFDDJPOBSPO QBSB TVNBSTF B MB FYQPTJDJÂO "EFN²T EF QVCMJDBS FM DBU²MPHP DPO MB TFMFDDJÂO RVF WJB KÂ IBTUB 7FOFDJB TF QMBOFB EBSMF NBZPS WJTJCJMJEBE B MPT QSPZFDUPT SFDJCJEPT Z RVF DVNQMJFSPO DPO MPT SFRVJ TJUPT EF MB DPOWPDBUPSJB DPNP BSRVJUFDUVSB TPDJBM
0#3"4 $BTB EF CBNCÞ FO 5FQFU[JOUBO
&91&3*&/$*" +VBO +PTÏ ,PDIFO FT BSRVJUFDUP QPS MB 6/". BEFNÈT EF QFSJPEJTUB Z FEJUPS FHSFTBEP EF MB &TDVF MB EF 1FSJPEJTNP $BSMPT 4FQUJÏO (BSDÓB
&.#-&." 1BCFMMØO $VMUVSBM EFM .JHSBOUF 5VVY
9 ,ÊÊ
"-
>À ÃÊ À }Õi
.J TPMJUBSJP MFDUPS SFDPSEBS² DPONJHP RVF FM JO NPSUBM 1JUP 1¹SF[ FO TV PCSB RVF ZB MFZÂ IBTUB 1JN QP MB WJEB JOÈUJM EF 1JUP 1¹SF[ EFD½B RVF MPT QPM½UJ DPT UJFOFO VO EFTBSSPMMP UFNQPSBM RVF FM DBMJGJDBCB FO FTUBE½PT RVF FSBO MPT BÁPT RVF FO BRV¹M UJFN QP EVSBCBO FO FM QVFTUP Z ¹TUPT FSBO &M QSJNFS BÁP DJDMP EF QSPNFTBT TPOSJTBT Z DPSUFT½B QBSB MPT FMFDUPSFT FO FM TFHVOEP BÁP TF USBUBCB EF MJRVJEBDJÂO EF WJFKBT BNJTUBEFT QBSB FWJ UBS RVF DPO TVT SFDVFSEPT EFM QBTBEP TF MF JNQJEJF SB MB DSFBDJÂO EF VO TVQSFNP DPOTFKP EF MBNCJTDP OFT RVF QFSNJUJS½B FO FM UFSDFS BÁP FM DPNQMFUBS VO DVSTP EF FHPMBUS½B Z NFHBMPNBO½B Z EVSBOUF FM DVBSUP BÁP ZB TF WJW½B QSFQPOEFSBOUFNFOUF MB BQMJ DBDJÂO EF PQJOJPOFT QFSTPOBMFT Z EF BSCJUSBSJFEB EFT B UPEB PSRVFTUB BOUFT EF UFSNJOBS EF IBDFSTF PEJPTPT B MB QPCMBDJÂO "IPSB FM NVOEP TF IB NP EJGJDBEP Z BIPSB MPT HPCJFSOPT EVSBO TFJT BÁPT Z BNFOB[BO DPO GVUVSBT SFFMFDDJPOFT QPS MP RVF IB CSFNPT EF DPNQMFUBS FM DJDMP RVF SFMBUBCB FM NJ DIPBDBOP Z FO FM RVJOUP BÁP DPOTJEFSP RVF QSPDF EF MPT FMPHJPT QPQVMBSFT B MB NBHO½GJDB MBCPS RVF SFQSFTFOUBO UPEPT FMMPT DPO MB PCUFODJÂO EF QSF NJPT TPCSF UPEP JOUFSOBDJPOBMFT EFTEF MVFHP RVF BERVJSJEPT P HFTUJPOBEPT QPS MPT MBNCJTDPOFT &O ¹TB FUBQB EF HPCJFSOP OPT FODPOUSBNPT Z FTUB TFNBOB GVF MB IPSB EF DPNQMBDFS BM UMBUPBOJ MPDBM DPO VOB TFSJF EF QSFNJPT JOUFSOBDJPOBMFT Z OBDJPOBMFT RVF MP DPOWJFSUFO BM EFDJS EF TVT QBOF HJSJTUBT FO FM HPCFSOBOUF NBT HSBOEF RVF IBZB DP OPDJEP MB IVNBOJEBE
-B SFTQVFTUB TPSQSFOEJÂ B MPT PSHBOJ[BEPSFT iEFT DVCSJNPT QSPZFDUPT RVF UBM WF[ OVODB IVCJ¹SBNPT DP OPDJEPw " MB QBS EF FMMP MB DJGSB EF QSPQVFTUBT Z TV MVHBS EF PSJHFO TPCSFTBMJFSPO i4PO QSPZFDUPT EF FTUBEPT EFM QB½T &T NVDI½TJNP FM EJTDVSTP BSRVJUFDUÂOJDP OPS NBMNFOUF TF EB FO MB $JVEBE EF .¹YJDP (VBEBMBKBSB Z .POUFSSFZ 1PS FKFNQMP MB WF[ QBTBEB GVFSPO DFSDB EF QSPZFDUPT EF MB DBQJUBMw :B DPO MB TFMFDDJÂO EF PCSBT iMP N²T DPNQMJDB EPw MPT DVSBEPSFT MBT BHSVQBSPO FO TJFUF VOJEBEFT UF N²UJDBT i1BSB RVF UVWJFSB VO EJTDVSTP MÂHJDP )BZ VOB MFDUVSB IJTUÂSJDB DPO MPT NBOVBMFT MPT PCSFSPT RVF USB CBKBSPO FO MB BVUPDPOTUSVDDJÂO -B 4&1 EJP FM QSJNFS NBOVBM EF BVUPDPOTUSVDDJÂO FO w DPNFOUÂ 0USPT UFNBT GVFSPO MB DPPQFSBUJWBT Z QBSUJDJQBDJÂO TPDJBM BS RVJUFDUVSB DPOUFNQPS²OFB i2VJTJNPT RVF FM JNQBDUP TFB BRV½ QPDB HFOUF QVF EF JS B 7FOFDJB B MB CJFOBM /PT JOUFSFTB RVF UFOHB VO FDP NBZPS BRV½w %FCJEP B FMMP UPEP FM NBUFSJBM MBT HSBQBT EF NBEFSB MB JNQSFTJÂO EF MBT PCSBT GVF IFDIP FO .¹ YJDP &M GVUVSP EF MB FYQPTJDJÂO RVF TF EFTNPOUBS² FO OPWJFNCSF FT SFHSFTBS BM QB½T DPO QMBOFT EF RVF TF IB HB VOB FYQPTJDJÂO JUJOFSBOUF
º Õ V>V Ê - V > » "T½ VOB FOUJEBE DPOPDJEB DPNP *.$0 EJSJHJ EB QPS +VBO 1BSEJOBT B RVJFO VTUFE WFS² FO VO GV UVSP QSÂYJNP BTDFOEFS EF MB 4PDJFEBE $JWJM FT UP FT PQJOBOUFT TJO IVFTP B MB GVODJÂO QÈCJDB FTUP FT PQJOBOUFT DPO IVFTP Z DBSOF Z TJ OP BM UJFNQP Z MP OPNCSBSPO FM &TUBEP N²T USBOTQBSFO UF EFM QB½T MB CVSMB DPOTJTUF FO RVF DPNP IBC½B NV DIPT UMBUPBOJT B FMPHJBS QVFT OPT EJFSPO FM QSFNJP FO DPMFDUJWP QPSRVF TJ FT MB TVNB NBZPS ZB OP IBZ OBEB N²T BMM² EF FMMB : BT½ KVOUP DPO OVFTUSP BNBEP M½EFS OPNCSBSPO BM HPCFSOBEPS EF QVFCMB BQFMMJEBEP .PSFOP 7BMMF DVZP BCVFMP UBNCJ¹O GVF HPCFSOBEPS Z FSB DPOPDJEP DPNP VOP EF MPT SFDP MFDUPSFT EFM HSBO .BYJNJOP EF JOGBVTUB NFNPSJB Z FM TFHVOEP DP QSFNJBEP FT OBEB NFOPT RVF FM HP CFSOBEPS EF $PBIVJMB BQFMMJEBEP Z MFB VTUFE CJFO QPSRVF OP FT FSSPS .PSFJSB TJ JHVBM RVF FM RVF BDB CB EF TFS FYPOFSBEP FO &TQBÁB QPS QSFTVOUBT QJ MMFS½BT FTP EFNVFTUSB MB TFSJFEBE EFM DPODVSTP 4JFNQSF IF TPTUFOJEP RVF MB USBOTQBSFODJB FT FM HSBO FOHBÁP EF MB NPEFSOJEBE Z PQJOP RVF TP NPT FM QB½T N²T USBOTQBSFOUF EFM NVOEP EF UPEP OPT FOUFSBNPT QFSP OP QBTB OBEB OPT RVFEBNPT TJNQMFNFOUF DPO FM DIJTNF 1PS UBOUP OP SFTVMUB FYUSBÁP RVF FM QSJODJQBM HBTUP EFM HPCJFSOP TFB MB DPNVOJDBDJÂO TPDJBM TJ N²T RVF FM HBTUP FO FEV DBDJÂO P FO TBMVE FM QSJODJQBM HBTUP FT MB $PNVOJ DBDJÂO TPDJBM RVF DPOTJTUF FO QPOFS VOB M²NQBSB MBVEBUPSJB B OVFTUSPT QBESFT DPOTDSJQUPT QPS UBO UP OP EFCFO FYUSBÁBS MPT QSFNJPT PUPSHBEPT !DBSMPTNPSTB