'6/%"%03&4 +FT·T ~MWBSF[ EFM $BTUJMMP 7 +PSHF ~MWBSF[ EFM $BTUJMMP ;
=npao]j ]o pn]`e_ekj]hao _kj pkmqao `a ejjkǗ]_e j6 h] iaikne] iase_]j] `a Fknca J]pan] Knku_k* L cej] _q]pnk
&%*503 %*3&$503 $BSMPT ~MWBSF[ EFM $BTUJMMP (
"º0 $* /Á.&30
#
4&$$* /
ENCUENTRA CADA DOMINGO
&- */'03."%03 t ( ("--0
En las páginas de
ESTA SECCIÓN
?Q=@ANJK @A HA?PQN=
(6"%"-"+"3" +"- %0.*/(0 %& .":0
-Õ«iÀÛ Ã À\Ê >À Ê >ÃÌ Ê >À °V>ÃÌ J v À >` À°V ° ÝÉ,ÕÌ Ê, iÀ ÊÀÕÌ °À iÀ J v À >` À°V ° Ý $035&4¶"
1JOUBS FO UJFNQPT EF SFEFT TPDJBMFT "35& %"/* )0:04 )" 1*/5"%0 "%0 %&4%& 1&26&º" &º"
4FHVJEPSFT EF %BOJ )PZPT NJMM°O NJM FO :PVUVCF NJM FO *OTUBHSBN NJM FO 'BDFCPPL NJM FO 5XJUUFS
SSFSB EF %BOJ )PZPT TV DPOGF SFODJB FO 1BQJSPMBT GVF MB QSJNFSB RVF EJP %F ¹TUB EJKP i4PO EPT UFNBT RVF NF BQBTJPOBO FM BSUF Z MB UFDOPMPH½B 4JO FM BSUF OP TFS½B BCTPMVUBNFOUF OBEB QFSP MB UFD OPMPH½B FT MP RVF NF MMFWÂ B DSFDFS Z B EBSNF B DPOPDFS &TQFSP RVF MBT QFSTPOBT RVF NF WFBO FTDVDIFO NJT UJQT MP RVF IBHP NJ IJTUPSJB Z UP EP MP RVF UFOHP QPS DPOUBSw &OUSF TVT QSPZFDUPT B NFEJBOP P MBSHP QMB [P FTU² TFHVJS EBOEP DPOGFSFODJBT 0USPT QMBOFT TPO TFHVJS DPMBCPSBOEP DPO JOTUBODJBT i)F FT UBEP USBCBKBOEP DPO QFSTPOBT JODSF½CMFT &TUPZ DPMBCPSBOEP DPO 0/6 .VKFSFT QBSB MVDIBS QPS MB JHVBMEBE EF H¹OFSP 1PS MB QBSUF BSU½TUJDB NF QJEFO RVF IBHB EJCVKPT QBSB BZVEBS B MPT RVF MP OFDFTJUBOw %BOJ MP FYQFSJNFOUÂ FM FODVFOUSP DPO TVT TF HVJEPSFT EFTEF TV MMFHBEB B MB &YQP (VBEBMBKBSB i"RV½ WJ B BMHVOPT RVF USBFO EJCVKPT RVF ZP MFT IF FOTFÁBEP B IBDFS 4JFOUP RVF TPZ DPNP TV IFSNB OB NBZPS NF USBUBO BT½ MMFHBO Z OJ TJRVJFSB NF QSFHVOUBO TÂMP NF BCSB[BO )BZ OJÁPT RVF TF QP OFO B MMPSBS EF MB FNPDJÂO &T QBES½TJNP NJFOUSBT UFOHBNPT FTUF DPOUBDUP FTU² CJFO /P MFT EJHP OJ GBOT OJ TFHVJEPSFT OJ BVEJFODJB TPO NJ GBNJMJB FO SFBMJEBE TPO SFTQPOTBCMFT EF RVF NJT TVFÁPT TF IBZBO DVNQMJEPw "T½ DPNP FMMB JOTQJSB B MPT OJÁPT B QJOUBS %B OJ FODVFOUSB JOTQJSBDJÂO FO TV NJTNP USBCBKP i"NP UBOUP EJCVKBS RVF QPES½B EFDJS RVF OP OFDF TJUP JOTQJSBDJÂO &OUSF N²T USBCBKP N²T NF MMFHB MB JOTQJSBDJÂO 4J UVWJFSB RVF OPNCSBS BMHP RVF NF JOTQJSB FT NJ GBNJMJB MBT QFSTPOBT RVF NF TJHVFO "SUF Z UFDOPMPHªB .²T BMM² EF MB QBOUBMMB Z MBT SFEFT FM DPO DPOTUBOUFNFOUF -FT HVTUB MP RVF ZP IBHP NJFO UBDUP DPO MB HFOUF FT VOB OVFWB GBDFUB FO MB DB USBT N²T IBHB FT N²T SFUSPBMJNFOUBDJÂOw UFOFS QFSTFWFSBODJB P TJNQMF NFOUF UFOFS VO BDFSDBNJFOUP QPS FEVDBDJÂO Z DVMUVSB HFOFSBM " QSPQÂTJUP EF FMMP MB KPWFO QJOUPSB DPNFOUÂ i.F JNQPSUB NVDIP MP RVF IBDFO MPT OJÁPT EFTEF DIJRVJUB EJCVKBCB Z FSB GFMJ[ "M DPNQBSUJS DPO FMMPT MPT NPUJWP MPT JOTQJSP MPT IBHP UFOFS HB OBT EF QJOUBS FO TVT UBSEFT /P T¹ RV¹ PUSB DPTB QVEJFSBO IBDFS FO MVHBS EF EJCVKBS .F QBSFDF JN QPSUBOUF RVF FO FTF EFTBSSPMMP Z TBCJFOEP BWFSJ HVBOEP RV¹ RVJFSFO TFS FO MB WJEB UFOHBO TV DSFB UJWJEBE FO DPOTUBOUF NPWJNJFOUP RVF FTU¹O JOTQJSBEPT 5BM WF[ OP TF EFEJRVFO B MBT BSUFT QF SP FT JNQPSUBOUF RVF UFOHBO VO EFTBSSPMMP EF TV DSFBUJWJEBE DPOTUBOUFNFOUF &T MP RVF NF FODBO UB FO SFBMJEBE NJ BVEJFODJB FTU² QSJODJQBMNFOUF DPODFOUSBEB FO OJÁPT &T EF B BÁPT 4¹ RVF IBZ NVDIBT QFSTPOBT N²T HSBOEFT IBZ IBTUB TF ÁPSBT EF BÁPT WJ¹OEPNFw &T DPNÈO RVF UPEPT MPT OJÁPT EJCVKFO Z QJO UFO QFSP RVF QJFSEBO FM I²CJUP DPOGPSNF DSFDFO %BOJ UJFOF VO DPNFOUBSJP TPCSF FTF BMFKBNJFOUP DPO MBT BSUFT i&T BMHP RVF MFT EJHP OVODB EFKFO EF EJCVKBS )BZ NVDIBT GSBTFT RVF UJFOFO RVF WFS IBZ VOB RVF NF HVTUB NVDIP AMB DSFBUJWJEBE FT MB JOUFMJHFODJB EJWJSUJ¹OEPTF &OUSF N²T DSFBUJWPT Z FOUSF N²T EFTBSSPMMFNPT FTF MBEP BSU½TUJDP TF WBO B TFOUJS N²T GFMJDFT &T TÈQFS CPOJUP %FTEF QFRVF ÁPT FNQF[BNPT B EJCVKBS Z OP OPT JNQPSUB TJ RVF EB CPOJUP P GFP -MFHB VOB FEBE FO MB RVF FTP OPT QSFPDVQB QFSP IBZ RVF RVJUBSOPT EF QSFPDVQB DJPOFT Z IBDFS MP RVF OPT HVTUBw
%BOJ )PZPT DPNQBSUF TV BSUF B USBW T EF WJEFPT Z GPUPHSBG¤BT DPO MB GJOBMJEBE EF JOTQJSBS B TVT FTQFDUBEPSFT QBSB RVF DSFFO TVT QSPQJBT PCSBT BSU¤TUJDBT 1PS +PSHF 1¹SF[ B UFDOPMPH½B FT FM FKF EF MB FEJDJÂO EF 1BQJSPMBT FM GFTUJWBM EFEJ DBEP B MPT OJÁPT PSHBOJ[BEP QPS MB 6OJWFSTJEBE EF (VBEBMBKBSB Z DPO TFEF FO &YQP (VBEBMBKBSB &OUSF MBT BDUJWJEBEFT RVF UVWJFSPO FO TV QSJNFS E½B FTUVWP MB DPOGFSFODJB EF %BOJ )PZPT VOB KPWFO BSUJTUB QM²TUJDB RVF IB MPHSBEP DPOFDUBS DPO NJMMPOFT EF OJÁPT HSBDJBT B MBT
-
NF MMFWÂ B FTUVEJBS BSUFT QM²TUJDBT "IPSJUB FTUPZ FO RVJOUP TFNFTUSF EF MB MJDFODJBUVSBw %F TVT U¹DOJDBT GB WPSJUBT DPNFOUÂ i.F FODBOUB EJCVKBS DPO QMVNÂO QFSNBOFOUF OFHSP FM EJCVKP EJHJUBM FM HSBCBEPy .J GB WPSJUP ZP DSFP RVF TFS½BO MBT BDVBSFMBTw -B UFDOPMPH½B Z MBT QMBUBGPSNBT FO JOUFSOFU MF IBO EBEP MB GBNB FOUSF MPT OJÁPT Z BEPMFTDFOUFT JO UFSFTBEPT QPS FM BSUF %F NBOFSB PSH²OJDB TV QSF TFODJB FO M½OFB DPNFO[Â DPO QPDPT QFSP GJFMFT TFHVJ EPSFT i"OUFT EF FNQF[BS MB VOJWFSTJEBE ZB EJCVKBCB NVDI½TJNP "CS½ VOB DVFOUB FO VOB SFE TPDJBM NF QFSNJUJÂ TVCJS NJM GPUPT $SF¹ VOB DPNVOJEBE FO FTF NPNFOUP QFRVFÁB ¹SBNPT QFSTPOBT QFSP FTBT NF JNQVMTBSPO B TVCJS WJEFPT B :PVUVCF 'VF QB ES½TJNP OP GVF JEFB N½B GVF EF FMMPT "M TVCJS NJT EJ CVKPT Z FTUBS FO VOB QM²UJDB DPOTUBOUF DPO FMMPT NF EJKFSPO RVF ZB RVF MFT FYQMJDBCB DPO DBEB JNBHFO NFKPS IJDJFSB VO WJEFPw
SFEFT TPDJBMFT 0SJHJOBSJB EF 1VFCMB Z DPO UBO TÂMP BÁPT %B OJ FT VOB FYJUPTB ZPVUVCFS RVF DPNQBSUF WJEFPT Z GP UPHSBG½BT BMSFEFEPS EFM BSUF EF NBOFSB EJE²DUJDB Z DPO MB JOWJUBDJÂO QBSB RVF MPT FTQFDUBEPSFT SFBMJDFO TVT QSPQJBT PCSBT "OUFT EF RVF TVCJFSB BM FTDFOBSJP EF 1BQJSPMBT QBSB FM EJ²MPHP DPO FM QÈCMJDP %BOJ )P ZPT QMBUJDÂ EF TV GPSNBDJÂO TV HVTUP QPS DPNQBSUJS FM BSUF Z TV PQJOJÂO TPCSF MB JNQPSUBODJB EF VOB GPS NBDJÂO JOUFHSBM RVF JODMVZB BM BSUF .PUJWBS F JOTQJSBS -B BUSBDDJÂO QPS MBT BSUFT QM²TUJDBT FTU² QSFTFOUF -P RVF %BOJ IBDF FT VO UJQP EF EJWVMHBDJÂO EF MBT FO TV WJEB EFTEF RVF UJFOF NFNPSJB i%FTEF RVF OBD½ BSUFT DPO VO GJO EJE²DUJDP Z RVF SFTBMUB FM QBQFM EFM BS EJCVKP .F FODBOUB EJCVKBS NF FODBOUB QJOUBS 5PEP FTP UF DPNP VO QBTBUJFNQP DPO FM RVF QPEFNPT SFMBKBSOPT
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF NBZP EF
&/53&7*45"
&M MFHBEP NVTJDBM EF
.JLF -BVSF 1PS &OSJRVF &TQBS[B
i5JCVSร O UJCVSร O UJCVSร O UJCVSร Oy UJCVSร O B MB WJTUB CBร JTUBy w {2VJยนO OP IB DPSFBEP FTUB DBO DJร O FO MBT CPEBT RVJODF Bร PT P QSJNFSBT DPNVOJP OFT &M HยนOFSP USPQJDBM FO .ยนYJDP UJFOF OPNCSF Z BQFMMJEP TF MMBNB .JLF -BVSF Z MB EFOPNJOBDJร O EF PSJHFO FT &M 4BMUP +BMJTDP .JLF FT VOP EF MPT Nร TJ DPT NยฒT QPQVMBSFT EF MB EยนDBEB EF MPT RVF IJ[P NPWFS FM DVFSQP IBTUB B MPT NยฒT JODBVUPT DPO DBO DJPOFT DPNP i$PTFDIB EF NVKFSFTw i/P MMPSFTw i2VJFSP BNBOFDFSw Z i.B[BUMยฒOw "IPSB FT TV IJKP .JLF -BVSF +S RVJFO TF FODBS HB EF RVF MB Nร TJDB EF TV QBESF OP TF RVFEF FO FM PM WJEP Z TJHB TJFOEP NPUJWP EF EJWFSTJร O Z FODBOUP FO MBT SFVOJPOFT TPDJBMFT EF MPT NFYJDBOPT i&O MPT CBJ MFT OPT QJEFO TJFNQSF MP NยฒT DMยฒTJDP EF NJ QBESF OPT HVTUB DPNQMBDFSMPT :P UFOHP USBCBKBOEP FO MB Nร TJDB Bร PT BOUFT NF MMBNBCB +PSHF -BVSF Z TV (SV QP QFSP EFTEF RVF NVSJร NJ TFร PS QBESF FO FM Bร P NF DBNCJBSPO FM OPNCSF B .JLF -BVSF +S Z TVT $PNFUBTw 4Fร BMB RVF DBSHBS DPO FTUF MFHBEP OP IB TJEP EJ GยฝDJM QBSB ยนM QPSRVF DPOPDF FM FTUJMP NVTJDBM EFTEF TJFNQSF i)BZ NVDIB HFOUF RVF NF DPOGVOEF DPO NJ TFร PS QBESF Z DPNP RVF NF FYJHFO NยฒT B Nยฝ QF SP ZB FTUPZ BDPTUVNCSBEP B FTP "EFNยฒT MB Nร TJDB FT BMHP RVF B Nยฝ NF HVTUB IBDFSw
<HG<B>KMHL <:G<>E:=HL
$035&4ยถ"
-BVSF +S TVGSJยฐ VO JOGBSUP DFSFCSBM TV FTQPTB JOGPSNยฐ RVF BGFDUยฐ MB NJUBE EF TV DVFSQP FM DVBM UJFOF QBSBMJ[BEP 1PS GPSUVOB MPT NยฆEJDPT NFODJPOBO RVF TF SFDVQFSBSย BVORVF MFOUBNFOUF %FCJEP B FTUB TJUVBDJยฐO TVT QSFTFOUBDJPOFT GVFSPO DBODFMBEBT
%F HFOFSBDJยฐO FO HFOFSBDJยฐO .JHVFM -BVSF 3VCJP NFKPS DPOPDJEP DPNP .J LF -BVSF DPNFO[ร TV DBSSFSB FO FM HยนOFSP EFM SP DBOSPM QFSP B QSJODJQJPT EF EFDJEJร FYQFSJNFO UBS DPO MP USPQJDBM Z MB DVNCJB " JOJDJPT EF FTB EยนDBEB ZB FSB DPOPDJEP FO FM NFEJP QPS GVTJPOBS SJU NPT USPQJDBMFT DPO FM SPDL Z GVF CBVUJ[BEP DPNP i&M SFZ EFM USร QJDPw i.J QBQยฒ DPNFO[ร B USBCBKBS FO MB Nร TJDB EFT EF NVZ DIJDP B MB FEBE EF Bร PT NยฒT P NFOPT FO USร B VO HSVQP RVF TF MMBNBCB -PT )FSNBOPT 0DBN QP ยนM FOUSร DPNP ATFDSF EF MPT RVF TVCFO Z CBKBO MBT DPTBT Z MBT BDPNPEBO 6O EยฝB TF FOGFSNร FM EF MB CBUFSยฝB Z ยนM UPNร FM MVHBS MVFHP UBNCJยนO TF FOGFSNร FM DBOUBOUF Z QJEJร VOB PQPSUVOJEBE Z OP MP UPNBSPO FO DVFOUB IBTUB RVF FO VOB GJFTUB MF UPDร IBDFSMP Z TF RVFEร DPO FM QVFTUPw &O IJ[P TV HSVQP ZB DPNP .JLF -BVSF Z TVT $PNFUBT FM OPNCSF TF MP QVTP FO IPOPS B #JMM )BMFZ )JT $PNFUT i.J QBESF HSBCร SPDBOSPM Tยฝ TPOร Z Tยฝ QFHร QFSP OP Dร NP ยนM RVFSยฝB P TF MP JNBHJ OBCB &OUPODFT MF MMFHร VO EJTDP USPQJDBM Z DPNFO [ร B UPNBS FO TFSJP FTUF HยนOFSP IBTUB RVF HSBCร A5J CVSร O RVF GVF MP RVF MP MBO[ร B MB GBNB Z DVBOEP ZB EJP FM USBODB[P Z GVF SFDPOPDJEP OBDJPOBM F JOUFSOB DJPOBMNFOUF HSBCร A.B[BUMยฒO w %F IFDIP FM DPNQP TJUPS TF MMBNB (BCSJFM 3VJ[ Z DVBOEP MF IJDJFSPO VO IPNFOBKF FO 1BMBDJP EF #FMMBT "SUFT .JLF -BVSF UV WP MB PQPSUVOJEBE EF DBOUBS FO FTUF SFDJOUP DPO MB 4JOGร OJDB EF .ยนYJDP &TUB NF[DMB EFM SPDL DPO MB DVNCJB MF EJP VO UP RVF DBSBDUFSยฝTUJDP MMBNBOEP B TV FTUJMP iDIVODIBDBw FO JOUFSQSFUBDJPOFT DPNP i-B SBKJUB EF DBOFMBw i$F SP w i-B TFDSFUBSJBw i&M TPMUFSJUPw i"NPS FO $IB QBMBw Z i-B CBOEB CPSSBDIBw BEFNยฒT EF MBT BOUFSJPS NFOUF NFODJPOBEBT i.J QBESF HSBCร -1 T ย M FTUVWP BDUJWP IBTUB FM EFKร EF HSBCBS Z MVFHP TF FOGFSNร MF EJP VOB USPNCPTJT DFSFCSBM Z EVSร Bร PT FOGFSNP IBTUB RVF MF EJP PUSB USPNCPTJT Z GVF DVBOEP ZB OP BHVBOUร Z NVSJร VO EF OPWJFNCSF EFM Bร P w
6OB QFMยชDVMB TPCSF MB WJEB EF TV QBESF &O KVOJP EF MB $PNJTJร O EF 'JMNBDJPOFT EFM &TUBEP EF +BMJTDP $0'*&+ PUPSHร GJOBODJBNJFO UPT B DJOUBT OBDJPOBMFT Z MPDBMFT RVF TF SPEBSBO FO FM &TUBEP VOB EF FMMBT SFTVMUร TFS FM CJPQJD i2VJFSP BNBOFDFSw EFM EJSFDUPS +PSHF 3JHHFO MB DVBM UVWP VO NPOUP EFTUJOBEP EF NJMMPOFT EF QFTPT &TUB DBTB FEJUPSJBM CVTDร BM DJOFBTUB QBSB RVF QMBUJDBSB TPCSF FM QSPZFDUP TJO FNCBSHP OP TF UVWP SFTQVFTUB EF ยนM "M SFTQFDUP DPNQBSUF .JLF -BVSF +S RVF ยนM GVF DPO
(3610 .JLF -BVSF Z TVT $PNFUBT
WPDBEP QBSB EBS TV UFTUJNPOJP Z DPNQBSUJS BOยนDEP UBT BDFSDB EF MB WJEB EF TV QBQยฒ QBSB FTUF QSPZFDUP i:P ZB QFSEยฝ DPOUBDUP OP Tยน TJ TF SFBMJ[ร ZP IJ DF NJ QBSUF Z ZB OP TVQF Dร NP RVFEร 4BCยฝB RVF TF USBUBCB TPCSF TV QBSUF NVTJDBM EFTEF RVF FNQF[ร IBTUB RVF TF NVSJร BIยฝ TF DPOUร UPEB MB WJEB EF ยนM .F HSBCBSPO EPT P USFT UFNBT RVF ZP DBOUยน QFSP EFT QVยนT QFSEJNPT DPOUBDUP QFSP ZP DSFP RVF NJ QBESF Tยฝ TF NFSFDF VO SFDPOPDJNJFOUP DPNP ยนTUF IBZ NV DIP NBUFSJBM EF EPOEF TBDBS QSPWFDIPw &O MPT UFT UJNPOJPT UBNCJยนO QBSUJDJQBSPO PUSPT JOUFHSBOUFT EF MB GBNJMJB MB JOGPSNBDJร O TF SFDBVEร IBDF NยฒT EF VO Bร P TFHร O SFDVFSEB EPO +PSHF .JFOUSBT FSB Nร TJDP Z MB GBNB FTUBCB FO BSNP OยฝB DPO ยนM .JLF IJ[P BQBSJDJร O FO WBSJBT QFMยฝDVMBT NFYJDBOBT EVSBOUF MB EยนDBEB EF i.J QBQยฒ IJ [P USFT QFMยฝDVMBT QFSP Tร MP IVCP VOB RVF GVF DPOP DJEB OBDJPOBMNFOUF RVF TF MMBNร A"HFOUF TFYZ DPO 'FSOBOEP -VKยฒO F *SNB -P[BOP : EPDVNFOUB MFT IBO IBCJEP DPNP USFT P DVBUSP DVBOEP NVSJร QSFTFOUBSPO VOP TPCSF TV WJEB RVF MP IJ[P $VMUVSB EF +BMJTDPw
4PCSF MB GBNJMJB +PSHF -BVSF UJFOF VO IFSNBOP RVF TF MMBNB .J HVFM ยนM FTUยฒ FODBSHBEP EF MB QSPEVDDJร O UBNCJยนO UJFOF USFT NFEJPT IFSNBOPT SFDPOPDJEPT TPO EPT IPNCSFT Z VOB NVKFS i5PEPT NJT IFSNBOPT TPO NVZ CVFOPT Nร TJDPT Z DBOUBOUFT QFSP OJOHVOP TB Dร MB WP[ EF NJ QBQยฒ QPS FTP TPZ FM ร OJDP RVF FTUยฒ USBCBKBOEP DPO FM OPNCSF EF .JLF -BVSF :P TPZ FM IJKP NBZPS Z NF MMBNBSPO +PSHF QPSRVF DVBOEP NJT QBQยฒT FSBO OPWJPT WJWยฝBO FO &M 4BMUP VO EยฝB NJ QB Qยฒ GVF B FDIBS MยฝP Z NJ TFร PSB NBESF FTUBCB TPMB ยนM MF QSFHVOUร A{FTUยฒT TPMB FO MB DBTB FMMB EJKP RVF Tยฝ Z ยนM MF DPOGJSNร AWFOUF WBNPT B QPOFSMF +PSHF BM OJ ร P Z EF BIยฝ TBMยฝ ZPw -B NBESF EF +PSHF TF MMBNB $F MJB 3VJ[ Z TJHVF WJWB %PO +PSHF ZB UJFOF CJTOJFUPT Z FTQFSB RVF FO BMHร O NPNFOUP BMHVJFO TJHB DPO FM MFHBEP QVFT TVT IJKPT TF EFEJDBO B PUSBT BDUJWJEB EFT i&TF FT NJ QFTBS TJ ZP NVFSP {RVJยนO TJHVF DPO FM MFHBEP 5PEPT TBCFO DBOUBS MP IBDFO CPOJUP QFSP TPO EF PUSP FTUJMP MFT HVTUB MB CBOEB QFSP FO MP USPQJDBM OB EJF TBDร MB WP[ NยฒT RVF ZPw
, -ร ร 6 6 , ,ย ร >ร ย ย ร iร ย -P RVF ZP DPOTJEFSP NJ NBZPS HFTUB EF CSBWVSB FT VOB BOยนDEPUB SJ EยฝDVMB 'VF B QSJODJQJPT EF MB 5SBOTJDJร O VOPT UJFNQPT DPOWVMTPT Z WJPMFOUPT &O MBT EJWFSTBT NBOJGFTUBDJPOFT PSHBOJ[BEBT FO QSPUFTUB QPS MB TFOUFODJB EF -B .BOBEB TF HSJUBCB KVOUP DPO PUSPT MFNBT FT UB QSFDJPTB GSBTF i2VFSFNPT TFS MJCSFT OP WBMJFOUFTw &O FGFDUP {DPO RVยน KVTUJGJDBDJร O TF MF QVFEF FYJHJS B VOB NVKFS RVF TF EFKF BQBMFBS P NBUBS QPS DJODP FOFSHร NFOPT QBSB TFS DSFยฝEB 1FSP OP FSB EFM NBDIJTNP FO GJO EF MP RVF RVFSยฝB IBCMBS IPZ TJOP EF MB WBMFOUยฝB FTB SFTCBMBEJ[B GSPOUFSB JOUFSJPS RVF B UPEPT OPT JORVJF UB Z RVF GPSNB QBSUF FTFODJBM EF MB SFHMB DPO MB RVF OPT NFEJNPT 5PEPT UFOFNPT VO CBSSVOUP ยฝOUJNP EF OVFTUSB CSBWVSB Z OPT DBM DVMBNPT FO FM TFDSFUP EF OVFTUSBT DPODJFODJBT NยฒT P NFOPT WB MJFOUFT P DPCBSEFT 1FSP OP DSFP RVF IBZB OBEJF RVF FTUยน MJCSF EFM EFTBTPTJFHP EF MB EVEB QPSRVF UFOFS P OP TVGJDJFOUF DPSBKF FO VO NPNFOUP EBEP QVFEF NBSDBS MB EJGFSFODJB FOUSF FTUBS FO QB[ DPO UJHP NJTNP P TFOUJSUF VO NJTFSBCMF :B TBCFO VOB TF QMBOUFB MB UยฝQJDB IJQร UFTJT {TFSยฝB DBQB[ EF FTDPOEFS B VO KVEยฝP FO NJ DBTB FO MB "MFNBOJB OB[J DPO FM SJFTHP EF TFS UPSUVSBEB QPS MB (FTUB QP 2VF MB WJEB OP NF QSVFCF IBTUB FTPT MยฝNJUFT FTP SVFHP BM EFT
.*,& -"63& 6OB EF MBT MFZFOEBT EF MB Nร TJDB QPQVMBS
>ร ย >ร ย >ร `iร ย ย ร ร ย ย i`ย ร UJOP RVJFSP DSFFS RVF NJ SFTQVFTUB TFSยฝB BGJSNBUJWB QFSP OP FT UPZ TFHVSB FO BCTPMVUP 4JO MMFHBS B DBTPT UBO FYUSFNPT MP DJFSUP FT RVF OPT FTUBNPT QSPCBOEP UPEPT MPT EยฝBT FM WBMPS FT VO SFUP DPUJEJBOP )BZ RVF EFDJS RVF FYJTUFO NVDIPT UJQPT EF WBMPS ยนUJDP FNPDJPOBM JOUF MFDUVBM GยฝTJDP : RVF FO FTUBT DVFTUJPOFT FM NBDIJTNP NBMUSBUB NยฒT B MPT WBSPOFT B RVJFOFT TPCSFDBSHB DPO VOB MPDB FYJHFODJB EF DPSBKF GยฝTJDP 3FTVMUB OPSNBM RVF VOB NVKFS TF BTVTUF BOUF FM EPMPS QPS FKFNQMP P BOUF MB WJPMFODJB 1FSP B MPT DIJDPT OP Tร MP OP TF MFT BENJUF FM NJFEP FO BCTPMVUP TJOP RVF FM FOUPSOP UPEB WยฝB QBSFDF FYJHJSMFT Qร CMJDBT EFNPTUSBDJPOFT EF CSBWVSB 4PO SJ UPT EF BDFQUBDJร O TPDJBM DPNP MBT EVSBT DFSFNPOJBT EF JOJDJB DJร O WJSJM EF MBT USJCVT JOEยฝHFOBT : NF DPOTUB RVF B NVDIPT IPNCSFT FTB PCMJHBUPSJFEBE EF WBMFOUยฝB MFT IB BUPSNFOUBEP MB JO GBODJB MB BEPMFTDFODJB F JODMVTP UPEB MB WJEB 1FSP MBT NVKFSFT UBNQPDP OPT TBMWBNPT EF MB JORVJFUVE FTFO DJBM EF MB QSFHVOUB EF TJ TFSFNPT MP TVGJDJFOUFNFOUF WBMFSPTBT QBSB WJWJS B MB BMUVSB EF OVFTUSPT JEFBMFT QBSB OP EFKBSOPT IVNJMMBS QBSB DPOTJEFSBSOPT EJHOBT B OPTPUSBT NJTNBT &O DVBOUP B Nยฝ DSFP RVF TPZ NVZ DPCBSEF FO MP GยฝTJDP Z UJSBOEP B WBMJFOUF FO MPT PUSPT DBN QPT P FTP FTQFSP $MBSP RVF MPT IVNBOPT OP TPMFNPT UFOFS FO DVFO
UB MPT MPHSPT DPOTFHVJEPT FO BRVFMMPT UFSSFOPT FO EPOEF OPT TFOUJ NPT NยฒT TFHVSPT NยฒT JOUSยนQJEPT MP RVF OPT PCTFTJPOB FT OVFTUSB DPCBSEยฝB $BEB DVBM BSSBTUSB TVT QSPQJPT NJFEPT TV ยฝOUJNB KBVMB EF UFNPSFT 1PS FTP B WFDFT OPT QBSFDF IFSPJDP VO IFDIP OJNJP QPSRVF EFOUSP EF OPTPUSPT TF MJCSร VOB GFSP[ CBUBMMB FOUSF FM EFCFS Z FM TVT UP BVORVF OBEJF NยฒT GVFSB DBQB[ EF EBSTF DVFOUB EF FMMP : BTยฝ MP RVF ZP DPOTJEFSP NJ NBZPS HFTUB EF CSBWVSB GยฝTJDB FT VOB BOยนDEPUB SJEยฝDVMB 'VF B QSJODJQJPT EF MB 5SBOTJDJร O VOPT UJFN QPT DPOWVMTPT Z WJPMFOUPT 4BMJS B NBOJGFTUBSTF QPS FKFNQMP EBCB VO NJFEP FTQBOUPTP EF B NVSJFSPO NBOJGFTUBOUFT EJTQB SPT EF QPMJDยฝBT Z EF GBTDJTUBT DSยฒOFPT SPUPTy 6O EยฝB IVCP VOB DPO DFOUSBDJร O FO MB QMB[B EF &TQBร B EF .BESJE Z ZP DPOWFODยฝ B VOB BNJ HB QBSB RVF WJOJFSB DPONJHP FSB VOB DIJDB JOPDFOUF RVF KBNยฒT TF IBCยฝB NFUJEP FO QPMยฝUJDB 2VFEBNPT FO NFEJP EF MB QMB[B Z DBTJ NF EFTNBZยน BM WFSMB MMFHBS DBM[BCB VOBT FOPSNFT QMBUBGPSNBT QPS FO UPODFT EF NPEB "QFOBT NF EJP UJFNQP EF FYQMJDBSMF TV FSSPS QPS RVF MB QPMJDยฝB DBSHร Z TBMJNPT UPEPT EF FTUBNQJEB 6OPT NFUSPT NยฒT BMMยฒ NF WPMWยฝ B NJSBSMB Z EFTDVCSยฝ DPO IPSSPS RVF OP Tร MP TFHVยฝB FO NJUBE EF MB QMB[B TJOP RVF DBNJOBOEP DPNP VO QBUP Z NJSยฒOEPTF MPT QJFT QBSB WFS EPOEF QJTBCB TF EJSJHยฝB FO TV DJFHP BUVSVMMF IBDJB MB MยฝOFB EF QBWPSPTPT HSJTFT FO MVHBS EF BMFKBSTF : FTF GVF FM NJOV UP FTUFMBS EF NJ WBMFOUยฝB IJDF EF USJQBT DPSB[ร O NF DPTUร NVDIยฝTJ NP Z SFHSFTยน B QPS FMMB QBSB BSSBTUSBSMB FO MB EJSFDDJร O BEFDVBEB /P OPT QBTร OBEB MPT HSJTFT EFCJFSPO EF DSFFS RVF ยนSBNPT VOBT NBS DJBOBT BUSBQBEBT QPS DBTVBMJEBE FO MB BMHBSBEB OBEJF JCB B MBT NB OJGFTUBDJPOFT DPO CPUBT EF ESBH RVFFO -B CVSMPOB WJEB TVFMF NFEJS OVFTUSP DPSBKF DPO FTUPT QFRVFร PT Z HSPUFTDPT NPNFOUPT EF HMPSJB ร 304" .0/5&30 &%*$*0/&4 &- 1"ยก4 4- 5PEPT MPT EFSFDIPT SFTFSWBEPT
%PNJOHP EF NBZP EF
* , Ê Ê/"+1 >À Ê6>À}>ÃÊ Ã>
>ÊV> >Ê`iÊ ÃÊÌÀÕi à .JFOUSBT *WBOLB 5SVNQ FOWVFMUB FO VO WBQPSPTP WFTUJEP RVF EBCB RVF IB CMBS B MPT QSFTFOUFT EFTDVCS½B MB QMBDB JOBVHVSBOEP MB GMBNBOUF FNCBKBEB EF &TUBEPT 6OJEPT FO +FSVTBM¹O FM &K¹SDJUP JTSBFM½ NBUBCB B CBMB[PT B TF TFOUB QBMFTUJOPT Z IFS½B B NJM TFUFDJFOUPT RVF MBO[²OEPMF QJFESBT USBUBCBO EF BDFSDBSTF B MBT BMBNCSBEBT RVF TFQBSBO (B[B EFM UFSSJUPSJP EF *TSBFM "N CPT BDPOUFDJNJFOUPT OP DPJODJE½BO QPS B[BS FM ÈMUJNP FSB DPOTFDVFODJB EFM QSJNFSP -B EFDJTJÂO EFM QSFTJEFOUF 5SVNQ EF SFDPOPDFS B +FSVTBM¹O DPNP MB DBQJUBM EF *TSBFM BOVODJBEB FO TV DBNQBÁB FMFDUPSBM SPNQF TFUFOUB BÁPT EF OFVUSBMJEBE EF &TUBEPT 6OJEPT &TUF BM JHVBM RVF TVT BMJBEPT FO 0DDJEFO UF TPTUFO½B IBTUB BIPSB RVF MB DBQJUBMJEBE EF +FSVTBM¹O SFDMBNBEB UBOUP QPS QBMFTUJOPT DPNP JTSBFM½FT EFC½B EFDJEJSTF FO FM BDVFSEP FOUSF BNCBT QBSUFT RVF DPOUFNQMBSB MB DSFBDJÂO EF MPT EPT &TUBEPT RVF DPFYJTUJS½BO FO MB SF HJÂO "VORVF MB UFPS½B EF MPT EPT &TUBEPT UPEBW½B BTPNB B WFDFT FO CPDB EF MPT EJSJHFOUFT EF BNCPT QB½TFT OBEJF DSFF ZB RVF BRVFMMB GÂSNVMB TFB UPEB W½B GBDUJCMF EBEB MB QPM½UJDB FYQBOTJPOJTUB JTSBFM½ DVZPT BTFOUBNJFOUPT FO $JTKPSEBOJB TJHVFO EFWPSBOEP UFSSJUPSJPT Z BJTMBOEP DBEB E½B N²T B MPT QVF CMPT Z DJVEBEFT RVF DPOGPSNBS½BO BM &TUBEP QBMFTUJOP %F FYJTUJS ¹TUF TFS½B FO MB BDUVBMJEBE QPDP NFOPT RVF VOB DBSJDBUVSB EF MPT CBOUVTU²O EF 4VE² GSJDB EF MPT UJFNQPT EFM BQBSUIFJE &M QSFTJEFOUF 5SVNQ BGJSN RVF TV EFDJTJÂO EF SFDPOPDFS B +FSVTB M¹O DPNP DBQJUBM EF *TSBFM FSB iSFBMJTUBw Z RVF FO WF[ EF PCTUBDVMJ[BS FM BDVFS EP MP GBDJMJUBS½B &T QPTJCMF RVF OP TÂMP MP IBZB EJDIP TJOP FO TV GPSNJEB CMF JHOPSBODJB EF MPT BTVOUPT JOUFSOBDJPOBMFT TPCSF MPT RVF PQJOB B EJBSJP EF NBOFSB UBO QPDP SFTQPOTBCMF MP DSFB 1FSP EVEP RVF MP DSFBO NVDIPT N²T RVF ¹M Z FM QVÁBEP EF GBO²UJDPT RVF BQMBVEJ B SBCJBS DVBOEP *WBOLB EF WFM BRVFMMB QMBDB Z #JCJ /FUBOZBIV DPO M²HSJNBT FO MPT PKPT FYDMBN i`2V¹ HMPSJPTP E½B w &O WFSEBE 5SVNQ BCSJ MB DBKB EF MPT USVFOPT DPO FTUB NFEJEB Z BEFN²T EF MB DPOGVTJÂO Z EFTDPODJFSUP FO RVF TVNJ B TVT BMJB EPT QSPWPD FO HSBO QBSUF MB DSVFM Z FTUÈQJEB NBUBO[B RVF TF IB WFOJEP B BÁBEJS BM TVQMJDJP RVF FT ZB EFTEF IBDF UJFNQP MB WJEB QBSB MPT EFTEJDIBEPT IBCJUBOUFT EF (B[B -B DSFBDJÂO EF MPT EPT &TUBEPT RVF DPOWJWJFSBO FO QB[ FSB MB GÂSNV MB N²T TFOTBUB QBSB QPOFS GJO B FTB HVFSSB MBSWBEB RVF FYJTUF EFTEF IBDF TF UFOUB BÁPT FO FM .FEJP 0SJFOUF Z FTP MP DSFZFSPO NVDIPT JTSBFM½FT EVSBOUF NVDIP UJFNQP 1PS EFTHSBDJB FO UJFNQPT EF "SBGBU MPT QBMFTUJOPT SFDIB[B SPO VO QSPZFDUP EF QB[ FO FM RVF *TSBFM IBD½B DPODFTJPOFT OPUBCMFT DPNP EFWPMWFS CVFOB QBSUF EF MPT UFSSJUPSJPT PDVQBEPT Z BDFQUBS RVF +FSVTBM¹O GVFSB DPNQBSUJEB DPNP DBQJUBM EF *TSBFM Z EF 1BMFTUJOB %FTEF FOUPODFT FTF FOPSNF NPWJ >Ê`iV à Ê`i Ê NJFOUP EF PQJOJÂO QÈCMJDB JTSBFM½ RVF RVFS½B MB «Àià `i ÌiÊ/ÀÕ «Ê`iÊ QB[ GVF FODPHJ¹OEPTF Z DSFDJFOEP FM OÈNFSP EF RVJFOFT DPNP 4IBSPO QFOTBCBO RVF MB OFHP ÀiV ViÀÊ>Ê iÀÕÃ> j Ê DJBDJÂO FSB JNQPTJCMF Z MB ÈOJDB TPMVDJÂO WFOES½B V Ê >ÊV>« Ì> Ê`iÊ ÃÀ>i ]ÊÊ EF *TSBFM TPMP F JNQVFTUB B MPT QBMFTUJOPT QPS MB GVFS[B : IBZ NVDIB HFOUF FO FM NVOEP DPNP À «iÊÃiÌi Ì>Ê> ÃÊ`iÊ 5SVNQ RVF BT½ MP DSFF Z FTU² EJTQVFTUB B BQPZBS iÕÌÀ> `>`Ê`iÊ ÃÌ>` ÃÊ FTUB QPM½UJDB JOTFOTBUB RVF OVODB SFTPMWFS² FM QSPCMFNB Z TFHVJS² MMFOBOEP EF UFOTJÂO TBOHSF 1 ` à Z DBE²WFSFT FM .FEJP 0SJFOUF &TUF QSPDFTP FT FM RVF IB IFDIP GBDUJCMF VO (PCJFSOP DPNP FM RVF QSFTJEF /FUBOZBIV FM N²T SFBDDJPOBSJP Z QSFQP UFOUF RVF IBZB UFOJEP OVODB *TSBFM Z TFHVSBNFOUF FM NFOPT EFNPDS²UJDP QVFT DPOWFODJEP EF TV TVQFSJPSJEBE NJMJUBS BCTPMVUB FO UPEB MB SFHJÂO IPT UJHB TJO USFHVB B TVT BEWFSTBSJPT MFT SPCB DBEB E½B VO QPDP N²T EF UFSSJUP SJPT Z BDVT²OEPMPT EF UFSSPSJTUBT Z EF QPOFS FO QFMJHSP MB FYJTUFODJB EFM QF RVFÁP *TSBFM MPT UJSPUFB Z MPT IJFSF Z BTFTJOB B NBOTBMWB DPO FM NFOPS QSFUFYUP 2VJTJFSB DJUBS BRV½ VO BSU½DVMP EF .JDIFMMF (PMECFSH RVF BQBSF DJ FO 5IF /FX :PSL 5JNFT FM EF NBZP TPCSF MP PDVSSJEP FO FM .FEJP 0SJFOUF Z RVF MMFWB FM U½UVMP EF i6O HSPUFTDP FTQFDU²DVMP FO +FSVTBM¹Ow %FTDSJCF DPO EFUBMMF MB GBOU²TUJDB DPODFOUSBDJÂO EF FYUSFNJTUBT JTSBF M½FT Z GBO²UJDPT FWBOHFMJTUBT OPSUFBNFSJDBOPT RVF GFTUFKBSPO MB BQFSUV SB EF MB OVFWB FNCBKBEB Z MB CPGFUBEB RVF GVF QBSB FM QVFCMP QBMFTUJOP FTUB OVFWB BGSFOUB JOGMJHJEB QPS MB $BTB #MBODB -B BVUPSB OP PMWJEB MB JOUSBOTJHFODJB EF )BNBT OJ FM UFSSPSJTNP QBMFTUJOP QFSP UBNCJ¹O SF DVFSEB MB DPOEJDJÂO JOEFTDSJQUJCMF FO RVF FTU²O DPOEFOBEPT B WJWJS MPT IBCJUBOUFT EF (B[B :P MP IF WJTUP DPO NJT QSPQJPT PKPT Z T¹ FM HSBEP EF BCZFDDJÂO FO RVF TPCSFWJWF B EVSBT QFOBT FTB QPCMBDJÂO TJO USBCBKP TJO DPNJEB TJO SFNFEJPT DPO IPTQJUBMFT Z DPMFHJPT FO SVJOBT DPO FEJGJDJPT EFSSVNCBEPT TJO BHVB TJO FTQFSBO[B TPNFUJEB B CPNCBSEFPT DJFHPT DBEB WF[ RVF IBZ VO BUFOUBEP -B TFÁPSB (PMECFSH FYQMJDB RVF FM TJPOJTNP IB TVGSJEP FO MB PQJ OJÂO QÈCMJDB NVOEJBM DPO MB EFSFDIJ[BDJÂO FYUSFNB EF MPT HPCJFSOPT JT SBFM½FT Z RVF VOB QBSUF JNQPSUBOUF EF MPT KVE½PT EF &TUBEPT 6OJEPT ZB OP BQPZB MB QPM½UJDB BDUVBM EF /FUBOZBIV Z MPT QFRVFÁPT QBSUJEPT SFMJ HJPTPT RVF MF EBO MB NBZPS½B QBSMBNFOUBSJB $SFP RVF FTUP WBMF UBNCJ¹O QBSB FM SFTUP EFM NVOEP QBSB NJMMPOFT EF IPNCSFT Z NVKFSFT RVF DPNP ZP NJTNP TF TFOU½BO JEFOUJGJDBEPT DPO VO QVFCMP RVF IBC½B MFWBOUBEP DJVEBEFT NPEFSOBT Z HSBOKBT NPEFMP EPOEF TÂMP IBC½B EFTJFSUPT DSFB EP VOB TPDJFEBE EFNPDS²UJDB Z MJCSF Z FO MB RVF VO TFDUPS NVZ JNQPS UBOUF RVFS½B WFSEBEFSBNFOUF MB QB[ OFHPDJBEB DPO MPT QBMFTUJOPT &TF *TSBFM QPS EFTHSBDJB ZB OP FYJTUF "IPSB FT VOB QPUFODJB NJMJUBS TJO EVEB Z FO DJFSUB GPSNB DPMPOJBM RVF TÂMP DSFF Ã>Ê ÊiÃÊÕ >ÊÛ `>Ê FO MB GVFS[B TPCSF UPEP FO FTUPT E½BT HSBDJBT V Û â>`>Ê Ê`iÃi>L i]Ê BM BQPZP EFM QB½T N²T QPEFSPTP EF MB UJFSSB FO DBSOBEP FO FM QSFTJEFOUF 5SVNQ Û Û ÀÊi ÌÀiÊ}ÕiÀÀ>ÃÊÞÊ 5PEP FTF QPEFS OP TJSWF EF HSBO DPTB TJ VOB TPDJF >Ì> â>Ã]Ê« ÀÊ ?ÃÊ EBE TF QFSQFUÈB FO FM RVJ¹O WJWF FTQFSBOEP BUB DBS P TFS BUBDBEB BSN²OEPTF DBEB E½B N²T QPS « `iÀ à ÊÞÊvÕiÀÌiʵÕiÊ RVF TF TBCF PEJBEB QPS TVT WFDJOPT F JODMVTP QPS Ãi>ÊÕ Ê ÃÌ>` TVT QSPQJPT DJVEBEBOPT FYJHJFOEP B TVT KÂWFOFT RVF QBTFO USFT BÁPT FO FM &K¹SDJUP QBSB BTFHVSBS MB TVQFSWJWFODJB EFM QB½T Z TFHVJS HBOBOEP MBT HVFSSBT Z DBTUJHB DPO GFSPDJEBE Z TJO USFHVB B MB NFOPS BHJUBDJÂO P QSPUFTUB B RVJFOFT OP DBCF PUSB DVMQB RVF MB EF IBCFS FT UBEP BMM½ EFTEF IBD½B TJHMPT DVBOEP FNQF[BSPO B MMFHBS MPT KVE½PT FYQVMTB EPT EF &VSPQB EFTQV¹T EF MBT BUSPDFT NBUBO[BT EF MPT OB[JT &TB OP FT VOB WJEB DJWJMJ[BEB OJ EFTFBCMF WJWJS FOUSF HVFSSBT Z NBUBO[BT QPS N²T QPEFSP TP Z GVFSUF RVF TFB VO &TUBEP -PT WFSEBEFSPT BNJHPT EF *TSBFM OP EFCFO BQPZBS MB QPM½UJDB B MBSHP QMB[P TVJDJEB EF /FUBOZBIV Z DPNQBÁ½B &T VOB QPM½UJDB RVF FTU² IBDJFOEP EF FTF QB½T RVF FSB BNBEP Z SFTQFUBEP VO QB½T DSVFM Z EFTQJBEBEP DPO VO QVFCMP BM RVF NBMUSBUB Z BWBTBMMB NJFOUSBT BM NJTNP UJFNQP TF QSPDMBNB VOB W½DUJNB EF MB JODPNQSFOTJÂO Z EFM UFSSPS &TP ZB OP FT DJFSUP TJ FT RVF BMHVOB WF[ MP GVF 5FOHP NVDIPT BNJHPT FO *TSBFM TPCSF UPEP FOUSF TVT FTDSJUPSFT Z IF EFGFOEJEP NVDIBT WFDFT TV EFSFDIP B MB FYJTUFODJB CBKP GSPOUFSBT TFHVSBT Z TPCSF UPEP B RVF FODVFOUSF VOB NBOFSB QBD½GJDB EF DPFYJT UJS DPO FM QVFCMP QBMFTUJOP .F IPOSB IBCFS SFDJCJEP FM 1SFNJP +FSVTB M¹O Z NF BMFHSB TBCFS RVF OJOHVOP EF NJT BNJHPT JTSBFM½FT QBSUJDJQ FO FTF iHSPUFTDP FTQFDU²DVMPw RVF QSPUBHPOJ[ MB FTUJMJ[BEB *WBOLB 5SVNQ EFTWFMBOEP BRVFMMB QMBDB Z FTUPZ TFHVSP RVF UPEPT FMMPT IBO TFOUJEP UBO UB USJTUF[B F JOEJHOBDJÂO DPNP ZP QPS MB NBUBO[B FO MBT BMBNCSBEBT EF (B[B &MMPT SFQSFTFOUBO VO *TSBFM RVF QBSFDF EFTBQBSFDJEP FO FTUPT E½ BT 1FSP FTQFSFNPT RVF WVFMWB &O OPNCSF EF FMMPT Z EF MB KVTUJDJB IBZ RVF QSPDMBNBS B UPEPT MPT WJFOUPT RVF OP TPO MPT QBMFTUJOPT RVJFOFT SF QSFTFOUBO FM NBZPS QFMJHSP QBSB FM GVUVSP EF *TSBFM TJOP /FUBOZBIV Z TVT TFDVBDFT Z MB TBOHSF RVF EFSSBNBO /FX :PSL NBZP EF %FSFDIPT NVOEJBMFT EF QSFOTB FO UPEBT MBT MFOHVBT SFTFSWBEPT B &EJDJPOFT &- 1"¡4 4 - Ï .BSJP 7BSHBT -MPTB
1~(*/" #
&- */'03."%03
"/«-*4*4
&/3*26& 50644"*/5 "/"-*45" 10-¶5*$0
&ODSVDJKBEB ;BWBMB
.
BSHBSJUB ;BWBMB UPNÂ MB EFDJ TJÂO RVF UBSEF P UFNQSBOP EF C½B UPNBS GSFOUF B TV GBMUB EF DPNQFUJUJWJEBE EFDMJOBS TV DBOEJEBUVSB JOEFQFOEJFOUF %FTEF FM E½B VOP EF DBNQBÁB IBTUB FM EF NBZP RVF BOVODJÂ TV SFUJSP TV DBOEJ EBUVSB OP EFKÂ EF QFSEFS BEFQUPT FOUSF MPT DJVEBEB OPT 1BTBNPT EF MB NVKFS DBQB[ EF EFSSPUBS B "OES¹T .BOVFM -ÂQF[ 0CSBEPS B VOB DBOEJEBUVSB UFTUJNP OJBM TJO FNPDJÂO OJ JEFBT ;BWBMB JOUFOUÂ DPOUBHJBS BM QBOJTNP Z OP MP MPHSÂ CVTDÂ FM WPUP EF H¹OFSP Z GSBDBTÂ RVJTP BSUJDVMBS VO EJTDVSTP BOUJQBSUJEPT Z UBNQPDP DPOFDUÂ &M EFCBUF GVF MB QSVFCB N²T QBM QBCMF EF MB JOTJHOJGJDBODJB EF TV DBOEJEBUVSB &NQFSP ;BWBMB UJFOF VOB GVFS[B TJNCÂMJDB RVF TVQFSB TV JOUFODJÂO EF WPUP &O MBT FODVFTUBT MB FY QSJNFSB EBNB PTDJMB FOUSF FM $POTVMUB .JUPG TLZ Z FM &M 'JOBODJFSP EF QSFGFSFODJB FMFDUPSBM &TUP RVJFSF EFDJS RVF TV JOUFODJÂO EF WPUP IBTUB NB ZP MF QFSNJU½B BHMVUJOBS B VO OJDIP EF WPUPT RVF TF NVFWF FOUSF MPT NJMMPOFT Z MPT EPT NJMMPOFT EF DJVEBEBOPT FO FM NFKPS FTDFOBSJP &MFDUPSFT RVF OP TBCFNPT TJ BDPNQBÁBS½BO B MB DBOEJEBUB JOEFQFOEJFOUF IBTUB FM EF KVMJP QFSP RVF IPZ TF FOGSFOUBO B VOB EJTZVOUJWB {"QPZBS B 3JDBSEP "OBZB B QFTBS EF MBT QSPGVOEBT EJGFSFODJBT RVF UVWJFSPO FO FM 1"/ {$FSSBS GJMBT DPO +PT¹ "OUPOJP .FBEF RVF FODBCF[B MB DBOEJEBUVSB EFM 13* QFSP RVF GVF VO GVODJPOBSJP DFSDBOP B 'FMJQF $BMEFSÂO %JG½DJMNFOUF MB QPM½UJDB UF DPMPDB FO FTDFOBSJPT FO EPOEF QVFEBT UPNBS MB EFDJTJÂO JEFBM &O MB NB ZPS½B EF MBT PDBTJPOFT MPT HPCFSOBOUFT P DBOEJEB UPT UJFOF RVF JODMJOBSTF QPS MB PQDJÂO iNFOPT QFPSw .BSHBSJUB ;BWBMB UJFOF USFT FTDFOBSJPT GSFOUF B T½ FYDMVZFOEP FM TVNBNFOUF JNQSPCBCMF FTDFOBSJP EF RVF QVFEB BQPZBS B -ÂQF[ 0CSBEPS P RVF GPNFOUF FM BCTUFODJPOJTNP EBS TV SFTQBM EP GPSNBM B .FBEF DPNP FM DBOEJEBUP N²T TÂMJEP Z N²T DPNQBUJCMF DPO TV QSPZFDUP QP M½UJDP BMJOFBSTF DPO 3JDBSEP "OBZB MB iCFTUJB OFHSBw EFM DBMEFSPOJTNP P NBOUFOFSTF FO MB JO EFGJOJDJÂO Z USBTMBEBS B TVT TJNQBUJ[BOUFT Z B MB PQJOJÂO QÈCMJDB RVF OP BQPZB B OJOHÈO BTQJSBO UF 3FWJTFNPT DBEB VOP EF MPT FTDFOBSJPT 1BSBEÂKJDBNFOUF MB PQDJÂO RVF N²T DPO WFODF B .BSHBSJUB ;BWBMB Z BM DBMEFSPOJTNP TJH OJGJDBS½B MB UVNCB QPM½UJDB QBSB FMMB Z QBSB FM QSP ZFDUP QPM½UJDP EFM FYQSFTJEFOUF 'FMJQF $BMEFSÂO &TQFDVMFNPT QPS VO NPNFOUP RVF ;BWBMB PUPSHB TV BQPZP GPSNBM Z TJO NBUJDFT BM DBOEJEBUP EFM 13* %F FOUSBEB TÂMP FT VO UBORVF EF PY½HFOP NPNFOU²OFP Z Q½SSJDP QB SB VO .FBEF RVF OP IB MPHSBEP EFKBS FM UFSDFS QVFT UP FO MBT FODVFTUBT Z RVF UJFOF EF QPTJCJMJEBE EF HBOBS EF BDVFSEP DPO FM QPSUBM EF QSFEJDDJPOFT 0SB DVMVT 1PS MP UBOUP FT VO SFTQBMEP RVF UFOES½B TFOUJ EP DPNP WFOHBO[B DPOUSB "OBZB QFSP RVF TJHOJGJDB S½B VO BQPZP U²DJUP B -ÂQF[ 0CSBEPS &O FTUPT NPNFOUPT EF MB DPOUJFOEB BM UBCBTRVFÁP MF DPOWJF OF RVF .FBEF EFUFOHB TV DB½EB Z TF FTUBCJMJDF FO UPS OP B MPT QVOUPT QPSDFOUVBMFT "T½ MB NFKPS EFDJ TJÂO EF ;BWBMB FO DPOWFODJNJFOUP Z DFSDBO½B TVQPOES½B QBWJNFOUBS VO NFUSP N²T EFM DBNJOP EF -ÂQF[ 0CSBEPS B -PT 1JOPT %F MB NJTNB GPSNB DBO DFMBS½B DVBMRVJFS QPTJCJMJEBE EF RVF FM DBMEFSPOJTNP SFHSFTF B KVHBS VO SPM JOUFSOP EF SFMFWBODJB FO "D DJÂO /BDJPOBM $BMEFSÂO TF DPOWFSUJS½B FO 7JDFOUF 'PY VO FYQSFTJEFOUF RVF FO FM NPNFOUP EF MB WFS EBE QSFGJSJÂ SFTQBMEBS BM 13* RVF BM DBOEJEBUP EFM CMBORVJB[VM ¹TUB FT MB TFHVOEB FMFDDJÂO FO RVF FM QSFTJEFOUF EF MB BMUFSOBODJB BQPZB BM DBOEJEBUP EFM 13* -B FDVBDJÂO FT QFSEFEPSB QBSB ;BWBMB QPS EPO EF MB WFBNPT Z TV WJHFODJB TFS½B N½OJNB -B JOEFGJOJDJÂO UBNCJ¹O QPES½B DBTUJHBS B ;BWB MB Z B TV QSPZFDUP QPM½UJDP 4J MBT UFOEFODJBT EFNPT DÂQJDBT TF DPOWJFSUFO FO SFBMJEBE FM QSÂYJNP EF KV MJP MB FY QSJNFSB EBNB OP UFOES½B KVTUJGJDBDJÂO QBSB OP IBCFS SFTQBMEBEP B MB DBOEJEBUVSB RVF T½ QPE½B EF CJMJUBS B -ÂQF[ 0CSBEPS -B JOEFGJOJDJÂO TJNCPMJ[BS½B DPNQMJDJEBE %BS½B N²T NBSHFO B ;BWBMB QBSB SF DPNQPOFS TV QSPZFDUP QPM½UJDP USBT MPT DPNJDJPT QF SP EJG½DJMNFOUF UFOES½B DSFEJCJMJEBE DPNP VOB WP[ EF SFMFWBODJB FO MB PQPTJDJÂO 4J OP HBOB FM 1"/ UFOES² RVF SFDPNQPOFSTF USBT MB FMFDDJÂO Z FM DBMEFSPOJTNP RVJFSF KVHBS VO SPM JNQPSUBOUF FO EJDIB USBOTGPSNB DJÂO EFM QBSUJEP -B JOEFGJOJDJÂO P FM BQPZP EF ;BWB MB B DBOEJEBUVSBT MPDBMFT QBSUJDVMBSFT UBNQPDP MF EF WVFMWF MB JOJDJBUJWB FO TV QBSUJEP %FTHSBDJBEBNFOUF QBSB FMMB Z QBSB FM DBMEFSPOJT NP MB DPZVOUVSB FNQVKB B ;BWBMB IBDJB FM QBDUP DPO 3JDBSEP "OBZB %F BDVFSEP DPO MBT FODVFTUBT JODMV TP MBT QVCMJDBEBT FTUB NJTNB TFNBOB FM DBOEJEBUP EFM 'SFOUF FT FM ÈOJDP DBQB[ EF IBDFSMF GSFOUF B -ÂQF[ 0CSBEPS -B WFOUBKB TJHVF TJFOEP BNQMJB QVOUPT FNQFSP FM EFCBUF TFSWJS² EF OVFWP QBSB DBNCJBS FM SF MBUP EF MB FMFDDJÂO Z B MP NFKPS MB ÈMUJNB DPZVOUVSB RVF UJFOF FM DBOEJEBUP EFM 'SFOUF QBSB NBOEBS VO NFOTBKF EF DPNQFUJUJWJEBE GSFOUF B -ÂQF[ 0CSBEPS 4J ;BWBMB BQPZB B "OBZB MB FYDBOEJEBUB JOEFQFOEJFOUF QPES² DPNFO[BS VOB OBSSBUJWB RVF MF QFSNJUB SFUPS OBS BM 1"/ Z FO DBTP EF RVF 3JDBSEP "OBZB OP MPHSF TV PCKFUJWP DPOWFSUJSTF FO VOB WP[ NPSBM QBSB SFHF OFSBS FM QBSUJEP MVFHP EF MB BQVFTUB QPS FM 'SFOUF 1B
SB QBDUBS DPO "OBZB ;BWBMB UFOES½B RVF DPNFSTF TVT QBMBCSBT TV FHP Z QPOFS EF MBEP MBT USBJDJPOFT RVF MB PSJMMBSPO B BCBOEPOBS FM 1"/ IBDF VOPT NFTFT /P FT G²DJM QFSP QBSBEÂKJDBNFOUF TV TVQFSWJWFODJB QPM½UJDB EFQFOEF EF VO NBUSJNPOJP QPS DPOWFOJFODJB QBTBKF SP DPO TV PUSPSB FOFNJHP .BSHBSJUB ;BWBMB Z FM DBMEFSPOJTNP OP IBO QP EJEP FWJUBS TV EFDMJWF QPM½UJDP USBT -B JNQMPTJÂO IB TJEP UBO ES²TUJDB RVF (FSN²O .BSU½OF[ RVJFO GVF SB VOP EF MPT IPNCSFT N²T DFSDBOPT B $BMEFSÂO Z QSFTJEFOUF EFM 1"/ TF FODVFOUSB BIPSB FO .PSFOB Z BQPZB B -ÂQF[ 0CSBEPS 0 +BWJFS -P[BOP QSFDBO EJEBUP QSFTJEFODJBM FO FTU² BQPZBOEP EF MMFOP MB DBNQBÁB EF .FBEF $PSEFSP N²T DFSDB EF .FB EF Z FM SFTUP EF DBMEFSPOJTUBT EFTUBDBEPT TF FODVFO USBO BJTMBEPT QPM½UJDBNFOUF 4JO FNCBSHP MB EFDJTJÂO RVF UPN¹ .BSHBSJUB ;BWBMB NBSDBS² TV GVUVSP UBOUP TV QBQFM FO FM QSÂYJNP TFYFOJP DPNP MB GBDUJCJMJEBE EF RVF QVFEB SFUPSOBS B TFS VO MJEFSB[HP EF SFMFWBO DJB FO FM 1"/ -P JOUFSFTBOUF FT RVF FM NPWJNJFOUP U²DUJDP EF ;BWBMB UJFOF N²T JNQBDUP FO FM EF KVMJP ZB QBTBEPT MPT DPNJDJPT RVF FO FM E½B EF MB FMFDDJÂO
w5JFOF GVUVSP QPM¤UJDP MB FY QSJNFSB EBNB MVFHP EF EFDMJOBS TV DBOEJEBUVSB JOEFQFOEJFOUF
*-6453"$*»/ t &- */'03."%03 + -»1&;
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF NBZP EF
&- 1&340/"+& "35&4"/¶"4 +03(& /"5&3" 030;$0 &- */'03."%03 t ( ("--0
.FNPSJB WJWB EF MB
BSUFTBO©B NFYJDBOB -BT BSUFTBO¤BT NFYJDBOBT QVFEFO TFS JOOPWBEPSBT BT¤ MP EFNVFTUSB +PSHF /BUFSB 0SP[DP DPO MPT QSPEVDUPT RVF FYQPOF FO MB UJFOEB .FNPSJB .FYJDBOB 1PS +PSHF 1¹SF[
-
B NFNPSJB EF VO QVFCMP TF HVBSEB FO NÈMUJQMFT TJUJPT VOP EF FMMPT TPO MBT BS UFTBO½BT $PO VOB NBOJGFTUBDJÂO EF DSFBUJWJEBE Z USBEJDJÂO .¹YJDP PGSFDF VO BNQMJP BCBOJDP FO MB WBSJFEBE EF BSUFTBO½BT RVF WBS½BO EF SFHJÂO FO SF HJÂO "VORVF FO MB NBZPS½B EF MBT PDBTJPOFT TPO QS²DUJDBT RVF TF SFNPOUBO TJHMPT BUS²T FO MBT BSUF TBO½BT NFYJDBOBT TJHVF IBCJFOEP JOOPWBDJÂO VO DMBSP FKFNQMP EF FMMP TPO MPT BMFCSJKFT EF .FNPSJB .FYJDBOB RVF HVBSEBO FO TV JOUFSJPS VOB NFNP SJB 64# 1SPZFDUP EFM FNQSFOEFEPS +PSHF /BUFSB 0SP[ DP MB GBCSJDBDJÂO Z DPNFSDJBMJ[BDJÂO EF FTUBT QJF [BT MMFWB ZB WBSJPT BÁPT QFSP EFTEF FTUF NFT DVFO UB DPO VO FTQBDJP QSPQJP QBSB MB WFOUB Z FYQPTJDJÂO B MB RVF TF MF TVNBO PUSBT BSUFTBO½BT
3FUSBUBS MB DSFBDJ°O BSUFTBOBM +PSHF FNQF[Â TV GPSNBDJÂO FO EJTFÁP EJHJUBM FO -FÂO QBSB MVFHP NVEBSTF B (VBEBMBKBSB F JOT DSJCJSTF FO FM *5&40 FO JOHFOJFS½B DJWJM 'VF FO MB VOJWFSTJEBE KFTVJUB EPOEF TF UPQÂ DPO MB HFTUJÂO DVMUVSBM RVF MP DBVUJWÂ Z TF DPOWJSUJÂ FO TV UFSDFSB DBSSFSB TV WPDBDJÂO 5SBT FTUVEJBS MB HFTUJÂO EF MB DVMUVSB EF B HSBDJBT B VO BNJHP DPOPDJÂ 4BOUB $MBSB EFM $PCSF Z TVT BSUFTBO½BT MP RVF MP PSJ
MMÂ B QFOTBS FO VO QSPZFDUP QBSB SFHJTUSBS FM QSPDF TP EF DSFBDJÂO EF MBT BSUFTBO½BT -FKPT EF MBT D²Q TVMBT UFMFWJTJWBT +PSHF RVJTP SFUSBUBS FTF QSPDFTP FO TV UPUBMJEBE N²T B QSPGVOEJEBE 5SBT MB QSPEVDDJÂO Z BM IBCFS DPMBCPSBEP DPO MPT BSUFTBOPT +PSHF EFTDVCSJÂ RVF RVFS½B TFHVJS FO DPO UBDUP DPO FMMPT OP TPMP QPS TV DBMJEBE QSPGFTJPOBM UBN CJ¹O QPS TV DBMJEBE Z DBMJEF[ IVNBOB -P TJHVJFOUF FSB FODPOUSBS RV¹ QPES½B IBDFS QBSB TFHVJS FM NVOEP EF MBT BSUFTBO½BT +PSHF OP SFDVFSEB FM NPNFOUP QSFDJTP FO FM RVF WJODVMÂ MPT BMFCSJKFT DPO MB NFNPSJB 64# iRVJ[² GVF EFTQV¹T EF VOB OBWJEBEw TFÁBMÂ DVBOEP SFDJCJÂ DPNP SFHBMP VO BMFCSJKF &O MB TJHVJFOUF FEJDJÂO EF &OBSU DPNQSÂ WBSJPT EF QFRVFÁP UBNBÁP QBSB IBDFS MBT QSVFCBT F JOUFO UBS JOTFSUBS VOB NFNPSJB 64# QJEJÂ IFSSBNJFOUBT QSFTUBEBT Z MP MPHSÂ &M TJHVJFOUF QBTP TFS½B FODPO USBS VO QSPWFFEPS BEFDVBEP 1BSB FMMP TF USBTMBEÂ B 0BYBDB EPOEF DPOUBDUÂ DPO FM *OTUJUVUP 0BYBRVF ÁP EF MBT "SUFTBO½BT EPOEF MF SFDPNFOEBSPO FM UB MMFS EF VOPT BSUFTBOPT B USFT IPSBT EF MB DJVEBE "T½ DPOPDJÂ B 1BCMP 3½PT DPO DVZB GBNJMJB IB DP MBCPSBEP EFTEF FOUPODFT &O FM UBMMFS USBCBKBO SFHVMBS NFOUF TFJT QFSTPOBT RVJFOFT DPNFO[BSPO QSPEVDJFO EP QJF[BT BM NFT IBTUB TVCJS B BDUVBMNFOUF
MPT DPSQPSBUJWPT -FKPT EF TFS FM U½QJDP SFHBMP FTUBT NFNPSJBT 64# PGSFDFO BMHP ÈUJM QBSB USBOTQPSUBS BSDIJWPT B MB QBS EF TFS VO QFRVFÁP BEPSOP FO FM FTDSJUPSJP DPO UFN²UJDB NFYJDBOB -B $²NBSB EF $PNFSDJP MB GVOEBDJÂO EF "MFKBOESP 'FSO²OEF[ Z WBSJPT DPOHSFTPT IBO TJEP TVT DMJFOUFT " MB QBS EF FTBT WFOUBT BM QPS NBZPS .FNPSJB .FYJDBOB UBNCJ¹O IB DPOUJOVBEP MB DPNFSDJBMJ[B DJÂO BM NFOVEFP )BTUB IBDF VOPT NFTFT +PSHF SFOUBCB FTQBDJPT BJTMBEPT FO EJGFSFOUFT QBSUFT EF MB DJVEBE EPOEF QPE½BO FYQPOFS TVT QSPEVDUPT "M IBDFS DVFOUBT OPUÂ RVF TJ FODBV[BCB MB JOWFSTJÂO FO VO TPMP TJUJP QPES½B BCSJS TV UJFOEB Z BT½ MP IJ[P " DPNJFO[PT EF NBZP BCSJÂ .FNPSJB .FYJDBOB MB UJFOEB FO MB DBMMF .PSFMPT DBTJ FTRVJOB #FSOBSEP EF #BMCVFOB
)BNBDBT CPSEBEPT BMFCSJKFT Z N T
+PSHF BCSJÂ FM FTQBDJP QBSB PUSBT NBSDBT Z BS UFTBOPT UBOUP EF +BMJTDP DPNP EF PUSPT FTUBEPT EF MB 3FQÈCMJDB " MB WFOUB TF FODVFOUSBO QSFOEBT DP NP MPT IVJQJMFT EF MB DPTUB PBYBRVFÁB 0USPT UFYUJ MFT TPO IBNBDBT QJF[BT EF $IJBQBT P CPSEBEPT EF 5FOBOHP )JEBMHP %F MB [POB NFUSPQPMJUBOB +PSHF DVFOUB DPO WB SJBT NBOJGFTUBDJPOFT EF MB USBEJDJÂO UPOBMUFDB IBZ QJF[BT FO CBSSP DBOFMP BQPSUBDJÂO EF MB GBNJMJB 1B 6O SFHBMP ·UJM "EFN²T .FNPSJB .FYJDBOB IB FODPOUSBEP KBSJUP 6OB DVSJPTJEBE QBSB MPT QFBUPOFT UBQBU½PT VO OJDIP EF NFSDBEP DPO FTUF QSPEVDUP MPT SFHB TFS²O MBT NFTBT DPO FM EJTFÁP JDÂOJDP EF MBT CBO
RVFUBT EF BOUBÁP .²T PCSBT FO CBSSP TPO PSJHJOB SJBT EF 0BYBDB NJFOUSBT RVF UBNCJ¹O IBZ N²T PQ DJPOFT EF BMFCSJKFT JHVBMNFOUF QSPWFOJFOUFT EF 0BYBDB QFSP DPO WBSJBDJPOFT FO UBNBÁP Z QJOUVSB QPS MB GBCSJDBDJÂO IBZ VO BMFCSJKF MFDUPS QPS FKFN QMP IFDIP QPS +FTÈT )FSO²OEF[ $PNP IPNFOBKF B VOP EF MPT PS½HFOFT EF .F NPSJB .FYJDBOB FO MB UJFOEB UBNCJ¹O IBZ QSPEVD UPT EF 4BOUB $MBSB EFM $PCSF 1BSB MPT BNBOUFT EF MB FTDSJUVSB TF PGFSUBO MBT MJCSFUBT EF MB NBSDB UBQB U½B 4S $BOUBMPVQ FO EJGFSFOUFT UBNBÁPT Z FTUJMPT %F MB DBQJUBM EFM QB½T IBZ U½QJDPT KVHVFUFT NFYJDB OPT IFDIPT EF NBEFSB EF MB NBSDB /VKV -PT QSPZFDUPT B GVUVSP EF .FNPSJB .FYJDBOB JODMVZFO VO MJCSP QBSB DPMPSFBS DPO JN²HFOFT EF MBT BSUFTBO½BT TJN¹USJDBT EF MB USBEJDJÂO NFYJDBOB 1PS VO MBEP TF NVFTUSB MB IPKB QBSB DPMPSFBS NJFO USBT RVF EFM PUSP MBEP TF BQSFDJB MB WFSTJÂO PSJHJOBM DPO MPT EBUPT EFM BSUFTBOP %F BMHVOB GPSNB FM MJ CSP FT UBNCJ¹O VO DBU²MPHP DPO VOPT EJGFSFOUFT UJQPT EF BSUFTBO½BT -B QSJNFSB FEJDJÂO TF MPHSÂ GPO EFBS B USBW¹T ,JDL4UBSUFS BIPSB QSFQBSB MB TFHVO EB FEJDJÂO 0USP QSPEVDUP GVUVSP FT VO HBODIP QBSB DPMHBS CPMTBT FO NFTBT FTPT QFRVFÁPT BSUFGBDUPT QFSP DPO VOB TVQFSGJDJF BSUFTBOBM FO TV QBSUF TVQFSJPS 'VFSB EF (VBEBMBKBSB BDUVBMNFOUF DPNFSDJBMJ[BO TVT QJF[BT FO -PT $BCPT 2VFS¹UBSP $JVEBE EF .¹ YJDP Z $BODÈO
, "Ê Ê1 Ê -* / ", Õ> Ê*> >À "UNPTG¹SJDBT 1PEFSPTPT WJFOUPT EF NBZP oRVJ¹O MPT WJFSB BSSJNBO TV GSFTDVSB USBT MPT E½BT BHPCJBOUFT EF MB FTUBDJÂO &M CBMDÂO SFDJCF EF GSFOUF MB BOEBOBEB Z BMHÈO NVZ UFOVF SFMFOUF EF MBT BHVBT FO NBSDIB BMDBO[B B TFS QFSDJCJEP FOUSF MBT SBDIBT RVF B SBUPT TPO VOB MJKB RVF QVMF B MB KPSOBEB RVF TF SFUJSB $BEB BÁP FTUPT SJHPSFT MVF HP TPO DBVUFSJ[BEPT Z FOWJBEPT B BMHÈO FQJTPEJP PMWJEBCMF MMFHB FM E½B EF 4BO "OUPOJP TF BCSFO MBT BHVBT FM CFO¹WPMP DMJNB EF FTUF WB MMF SFUPNB UBMBOUF Z HPCJFSOP 1PS NJFOUSBT MBT GMPSBDJPOFT BUJFOEFO B TVT NVZ QBSUJDVMBSFT SJUNPT Z FM SPTBM EF EPT DPMPSFT PQUB QPS FY QBOEJS JOPQJOBEBNFOUF TV EPNJOJP )BCS² RVF NPEFSBS TVT ½NQF UVT GBWPSFDFS DPO FTB NFEJEB B MB NBOTB T²CJMB BIPSB VO QPDP BSSJO DPOBEB TPCSF TV QMBUBCBOEB 1²KBSPT EF CVFOBWFOUVSB DBOUBO IBTUB MPT M½NJUFT NJTNPT EF FTUBT UBSEFT JOBDBCBCMFT &M NBFTUSP 1BMBDJPT WB BM NBS 4JHVF MB DBWJMBDJÂO TPCSF MB TVNB EF SFGMFYJPOFT RVF VO IPNCSF EF UJFSSB BEFOUSP MVFHP EF BÁPT DPOEFOTÂ FO VOB GSBTF IJQOÂUJDB MMBOB Z DPOUVOEFOUF GSFOUF BM JOGJ OJUP QPEFS½P EFM PD¹BOP GSFOUF B FTF PUSP SFJOP EFM NJTUFSJP Z FM QPS UFOUP JOBMDBO[BCMF i&M NBS BSRVJUFDUP MF NJSB B VOP MP QFOEFKP w 6OB TBCJEVS½B MBSHB WJUBM BOUF MP EFTDPOPDJEP MP JOBVEJUP OP DBCF B FTF IPNCSF BOUF UBM FWJEFODJB EF GVFS[B Z FOJHNB N²T RVF BDBUBS DPO TPOSJFOUF IVNJMEBE FTB QSFTFODJB RVF MP SFCBTB QFSP RVF EF BM HVOB NBOFSB MF FOUSFHB BIPSB FM HP[P IPOE½TJNP EF MB DSFBDJÂO SF DPODJMJBEB Z DPNQMFUB /P FT iVOP NJSBw BM NBS FT RVF FM NBS iMF NJSB B VOP w 6OB DMBWF FM PD¹BOP OP DPNP VOB WBTUFEBE B TFS NJSB EB TJOP VO TVKFUP WJWP Z BDUVBOUF RVF BOUF DBEB IPNCSF UJFOF TV FGFD UP TV NFOTBKF QFSTPOBM½TJNP RVF WJFOF B USBW¹T EF MPT TJHMPT &OUSF PUSBT DPOTJEFSBDJPOFT EPO -VJT FM NBFTUSP MBSHBNFOUF PCTFSWÂ MVFHP FM NBS 4BDÂ EPT DPODMVTJPOFT 6OB TPCSF MB JNQPTJ CJMJEBE G½TJDB EFSJWBEB EF QSPDFEJNJFOUPT EF TV PGJDJP EF BCBSDBS UPEB MB FYUFOTJÂO NBS½UJNB EF VO HPMQF EF WJTUB -B QBSUF Z FM UPEP MB QBSUF DPNP NFEJEB FGJDB[ QBSB FOUFOEFS FM DPOKVOUP : MB PUSB EFT QV¹T EF NFEJDJPOFT SFBMJ[BEBT DPO TV PKP EF ²HVJMB DPODMVZÂ RVF FM
IPSJ[POUF FO TV QVOUP DFOUSBM UFO½B VOB MJHFSB FMFWBDJÂO TPCSF MB TVQFSGJDJF RVF DPOUJOVB TF BMFKBCB SVNCP B MB CÂWFEB DFMFTUF &O BMHÈO MVHBS EF )PNFSP QBSFDJEBT DPODMVTJPOFT TJO EVEB TF FODVFO USBO NJFOUSBT MPT IPNCSFT EF UJFSSB Z DFSUF[BT TF BEFOUSBCBO QPS FM WJOPTP QPOUP " MPT BÁPT VO IPNCSF RVF FOGSFOUB QPS QSJNFSB WF[ FM NBS DPNJFO[B TVT JOJDJPT FO MB NBSJOFS½B FO MP JOFYQMJDBCMF FO MP RVF TJO FNCBSHP FT DBQB[ EF IBDFS QSPQJP *OTDSJQDJPOFT 2VFEBO Z BDPNQBÁBO B MP MBSHP EF MPT BÁPT 4F FOHBODIBO FO MB NFNPSJB DPNP VO GSBHNFOUP RVF WJFOF B DPNQMFUBS FM NVOEP EF SFGFSFODJBT RVF UPEB NFOUF IVNBOB BDB SSFB "MHVOB OPUBEB FO WFDFT TJOHVMBSFT QBSFDF EFTUJOBEB B EV SBS QPS TJFNQSF 1FSP DPNP MB JOTDSJQDJÂO EF -FÂO 'FMJQF iFTUB CB FTDSJUB FO FM QPMWP FO FM QPMWP RVF EJTQFSTBO MB MMVWJB FM WJFOUP Z MBT IVFMMBT w )BZ PUSBT FO DBNCJP RVF OBWFHBO TPCSF BHVBT IV NJMEFT F JODJFSUBT RVF GMPUBO FO MB NFNPSJB DPNP GS²HJMFT SFTUPT EF BMHÈO OBVGSBHJP : TPO MVFHP MBT RVF QFSEVSBO MBT RVF BM GJMP EF BMHÈO DVBEFSOP QFSEJEP DPNQBSFDFO Z WVFMWFO B TFS MB NJT NB GMFDIB RVF EB KVTUP FO FM ²OJNB 5SFT EF ¹TUBT IBMMB[HP Z BEJ WJOBO[B EF FTUPT E½BT *OTDSJQDJÂO EFM SFMPK EF TPM EFM DBNQBOBSJP EF %BSNTUBEU &M E½B SFDPSSF NJ SPTUSP MB OPDIF MP DSV[B FO TJMFODJP Z FM E½B Z MB OPDIF TF DPNQFOTBO Z MB OPDIF Z FM E½B TF GVOEFO : FUFSOBNFO UF WB BWBO[BOEP MB TPNCSB JOEJDBEPSB 5PEB VOB WJEB KVHBOEP FO MB QFOVNCSB IBTUB RVF UBNCJ¹O B UJ UF MMFHVF UV WF[ TF BHPUÂ FM QMB[P GJO EFM USBZFDUP (SBIBN (SFFOF FO /VFTUSP IPNCSF FO -B )BCBOB i1VFEFO JNQSJNJS FTUBE½TUJDBT Z DPOUBS MBT QPCMBDJPOFT FO DJFO UPT EF NJMFT QFSP QBSB DBEB IPNCSF VOB DJVEBE OP DPOTJTUF N²T RVF VOBT QPDBT DBMMFT VOBT QPDBT DBTBT BMHVOBT HFOUFT 4J TF SFNVFWF FTP QPDP VOB DJVEBE OP FYJTUF ZB FYDFQUP DPNP VO EPMPS FO MB NF NPSJB DPNP FM EPMPS EF VOB QJFSOB BNQVUBEB RVF ZB OP FTU² BMM½ w 3FETIJGU
OP T¹ NVZ CJFO QPS RV¹ BIPSB NF EB QPS BDPSEBSNF Z QPS QFOTBS FO WP[ CBKB UPEP DVBOUP EF UJ TVQF PKPT WFSEFT QFRVFÁBT MMBNBT BMVNCSBOEP B OBEJF Z DVFSQP BMUP Z DMBSP DPNP VO BSSBZ²O KPWFO EPT P USFT GSBTFT IFDIBT MB TPOSJTB EJG½DJM Z VO DJFSUP QBSFDJEP DPO BMHÈO MVHBS MFKBOP FYJTUFT BIPSB QBSB BRV½ BQFOBT QPSRVF SFDVFSEP UV BDFOUP BM EFDJS OP FOUJFOEP Z UV NBOFSB EF CFCFS U½NJEBNFOUF Z NVDIP FTUBS²T BIPSB MFKPT Z EJTUJOUB DPO MB QJFM N²T Q²MJEB FM BJSF N²T DBOTBEP QFOTBOEP EÂOEF QBTBS²T UV TJHVJFOUF BVTFODJB UV QSÂYJNB FTUBDJÂO VOB PGJDJOB BOÂOJNB VO RVFIBDFS JOÈUJM BM GPOEP EF UV WJEB B MB J[RVJFSEB EFM IBTU½P CBKP MPT SFDVFSEPT ÈOJDP MB[P RVF UBNQPDP UF BUB BM NVOEP BIPSB ZB UF RVFEBT DPNP FTU²T Z DPNP GVJTUF VO UJFNQP FTB WF[ B QFTBS EFM TJMFODJP EFM QBTBS EF MPT E½BT EFM SPFS EF MB WJEB FM DBTP FT RVF UF RVFEBT BM GJMP EF FTUF E½B EJCVKP FO FM BHVB FTDSJUVSB FO FM BJSF UBDJUVSOB QBTBKFSB FM BJSF BMVDJOBEP EF MPT IBCJUBOUFT EF FTUB UBSEF FO SVJOBT KQBMPNBS!JOGPSNBEPS DPN NY
%PNJOHP EF NBZP EF
8* ", "Ê Ê 1 " Õ iÀ Ê i > >ÀÞ &T VO NPEP NVZ DPNÈO EF TFSMF JOGJFM B MB QBSFKB BM QPOFS QPS FODJ NB EF UPEP FM JOUFS¹T MBCPSBM EFKBOEP FO TFHVOEP MVHBS B MB FTQPTB Z B MPT IJKPT &M QSPCMFNB FT RVF MB NBZPS½B EF MPT RVF QSBDUJDBO FTUF NPEP EF WJEB MP TVFMFO KVTUJGJDBS EF VOB NBOFSB NVZ G²DJM Z QS²D UJDB -PT SFDVSTPT FDPOÂNJDPT TPO JOEJTQFOTBCMFT QBSB MB TPCSF WJWFODJB EF MB GBNJMJB TJO FMMPT IBCS½B FTDBTF[ : FTP OP EFCF OJ QVFEF TVDFEFS "T½ RVF MPT OFHPDJPT MBT KVOUBT EF USBCBKP MPT WJBKFT Z UPEP DVBOUP FM USBCBKP FYJHF FT NVDIP N²T JNQPSUBOUF RVF DPNQBSUJS N²T UJFNQP DPO FM BNPS EF UV WJEB
9 ,ÊÊ
" >À ÃÊ À }Õi )F FTUBEP DPOTJEFSBOEP RVF MPT NJFNCSPT EF NJ HFOFSBDJÂO RVF ZB QFJOBNPT DBOBT DVBOEP QPEF NPT ¹SBNPT HFOFSBDJPOBMNFOUF VOB HFOFSBDJÂO CBTUBOUF TVNJTB FO DVBOUP B MB NBZPSJUBSJBNFOUF SFMBDJÂO DPO MPT QBESFT WBNPT QPE½B TFS RVF OP UF HVTUBSB MP RVF ¹TUPT UF PSEFOBCBO JODMVTP QPE½BT FO PDBTJPOFT IBDFSUF UBSVHP Z EFTPCFEFDFSMBT Z BGSPOUBS VO SFHBÁP P IBTUB VO DBTUJHP QPTUFSJPS QF SP DPOUFTUBS P DVFTUJPOBS VOB PSEFO DPNP RVF OP TF VTBCB BT½ FSB FM DPODFQUP EF PCFEJFODJB EF BRVFMMB ¹QPDB N²T CJFO TF BDPTUVNCSBCB EFDJS RVF N²T WBM½B QFEJS QFSEÂO RVF QFEJS QFSNJTP )BC½B QFSTPOBT B MPT RVF TBODJPOBCBO G½TJDB NFOUF FT EFDJS MFT QFHBCBO FO NJ DBTP OP GVF BT½ RVF ZP NF BDVFSEF NJ QBESF TÂMP NF QFHÂ VOB WF[ FO NJ WJEB Z ZP DSFP RVF MP NFSFD½B QBSB ¹M FM BD UP N²T SFQSPCBCMF RVF QPE½B DPNFUFSTF FSB TFS MB ESÂO OBEB MP KVTUJGJDBCB Z FTB WF[ NJ IFSNBOP RVF ZB NVSJÂ Z ZP OPT SPCBNPT EF 4BO 'SBODJTRVJUP VOB BMDBOD½B EF CBSSP RVF EFCP EFDJS FSB EF OVFT USP UBNBÁP Z SFQSFTFOUBCB B VO BDÂMJUP Z TF OPT RVFCSÂ B NFEJBT EF -ÂQF[ $PUJMMB RVF FOUPODFT FT UBCB FNQFESBEB BT½ RVF IBC½BNPT SPCBEP Z OBEB NFOPT RVF B OVFTUSB 4BOUB .BESF *HMFTJB )BZ RVF BDMBSBS B MBT OVFWBT HFOFSBDJPOFT RVF FO BRVFM UJFNQP MBT NPOFEBT FSBO HSBOEFT Z QFTBEBT Z RVF FM BDÂMJUP EF CBSSP OP DPPQFSBCB ZB RVF OP TBC½B DBNJOBS Z NFOPT QPS FM FNQFESBEP BT½ RVF QPS FTB DBVTB OPT EJP VOB SFHBÁBEB EF QSPOÂTUJDP SF TFSWBEP Z B DPOUJOVBDJÂO OPT EJP VOB GBKBDFSB BDV
D` kiXYXaf \j d j `dgfikXek\ hl\ k° 1FPS BÈO TPO MPT FTQPTPT RVF T½ FTU²O B UV MBEP QFSP TV NFO UF Z FOGPRVF FTU²O FO MB DIBNCB 1BSUJDVMBSNFOUF DVBOEP MB UBCMFUB P FM DFMVMBS FT FM JOTUSVNFOUP EF USBCBKP 4JNQMFNFOUF TF FTU² G½TJDB NFOUF QFSP OP TF BUJFOEF BM TFS BNBEP : FT FWJEFOUF RVF FTUB BDUJ UVE Z NBM I²CJUP FOGBEB NVDIP B MB QBSFKB Z MPT IBDF EJTUBODJBSTF &T NVZ DJFSUP RVF FM USBCBKP EF BNCPT FT NVZ JNQPSUBO UF QFSP OP B DPTUB EF MB SFMBDJÂO &TF FT VOP EF MPT BTQFDUPT RVF TF UJFOFO RVF BQSFOEFS B NBOFKBS CJFO /VODB IBDFS TFOUJS B MB QBSFKB RVF IBZ BMHP N²T JNQPSUBOUF )BZ NVDIBT NBOFSBT EF FT UBS CJFO DPO FM USBCBKP Z FM NBUSJNPOJP %F BRV½ MB JNQPSUBODJB EF MB GJEFMJEBE
'VF FM TJHMP 9*** FM EF VO HSBO GMPSFDJNJFOUP DVMUV SBM Z TPDJBM FO UPEB &VSPQB 4F FEJGJDBO DJFOUPT EF DBUFESBMFT Z UBNCJ¹O FEJGJDJPT DJWJMFT TF DSFBO HSBOEFT VOJWFSTJEBEFT 1BS½T 4BMBNBODB /²QP MFT QFSP UBNCJ¹O IPTQJUBMFT PSGBOBUPT MFQSP TBSJPT FTDVFMBT Z PUSBT PCSBT EF CFOFGJDFODJB CB KP FM QBUSPDJOJP EF MB *HMFTJB Z EF MPT SFZFT &O FTB ¹QPDB MP RVF IPZ FT 'SBODJB DPOPDF VOB JNQSFTJP OBOUF QSPTQFSJEBE EFNPHS²GJDB Z FDPOÂNJDB #SFUBÁB QBSUF EFM UFSSJUPSJP EF MB BOUJHVB "SNÂSJDB FT VO EVDBEP GFVEBM QPEFSPTP RVF OP TF VOJS² BM SFJOP EF 'SBODJB TJOP FO FM TJHMP 97* Z DPO TFSWBS² BÈO EFTQV¹T Z IBTUB MB 3FWPMVDJÂO TVT GVF SPT Z QSJWJMFHJPT 3FJOBCB FM EVRVF +VBO ** DVBOEP FO Z FO .JOJIZ DFSDB EF 5S¹HVJFS OBDJÂ :WFT )¹MPSZ EF ,FSNBSUJO FM GVUVSP 4BO :WFT RVF GVF DBOPOJ [BEP FM EF NBZP EF QPS $MFNFOUF 7* OP IBC½BO QBTBEP NVDIPT BÁPT EFTEF TV NVFSUF FO QPS MP RVF BÈO WJW½BO UFTUJHPT EF QSJNFSB NB OP %F TV DBVTB EF DBOPOJ[BDJÂO QSPDFEFO MB NB ZPS½B EF MPT EBUPT RVF TF UJFOFO TPCSF TV CJPHSBG½B 'VF OPNCSBEP EFTEF FOUPODFT TBOUP QBUSÂO EF MPT BCPHBEPT KVFDFT OPUBSJPT Z DVBOUBT QFSTPOBT TF EFEJDBO B BTVOUPT MFHBMFT 6OB BOUJHVB DBODJÂO EJ DF FO MBU½O 4BODUVT :WP FSBU CSJUP BEWPDBUVT TFE OPO MBUSP SFT NJSBCJMJT QPQVMP 4BO :WFT FSB CSF UÂO BCPHBEP QFSP OP MBESÂO `DPTB BENJSBCMF QB SB FM QVFCMP 4V TFOUJEP EF MB KVTUJDJB TV FRVJEBE Z TV NBHOBOJNJEBE BT½ DPNP MB EFGFOTB EFDJEJEB EF MPT QPCSFT MF HBOBSPO MB EFWPDJÂO EF DVBOUPT TF WF½BO PCMJHBEPT B BDVEJS B MPT USJCVOBMFT
I\^X¨fjÊ
À > ` Ê â? iâÊ ÃV Ì
T²OEPOPT KVTUBNFOUF EF TFS MBESPOFT Z EFMJODVFO UFT Z RVF SFQJUP GVF MB ÈOJDB WF[ .J NBESF UBNCJ¹O TÂMP OPT QFHÂ VOB WF[ TÂMP RVF FMMB DPNFO[Â FO Z DFTÂ B GJOBMFT EF FTB E¹DBEB QFSP FSBO B NBOP MJNQJB QFSP EJTDVUJS ÂS EFOFT OP TF VTBCB )BDF E½BT DVBOEP TF GFTUFKBCB FM E½B EF MB NBESF BMHÈO BNJHP QSFHVOUBCB QPS GSB TFT NBUFSOBT RVF NVDIPT SFDPSEBSBO DPNP TBO DJÂO Z ZP OP SFDPSE¹ OJOHVOB FO OVFTUSP DBTP CBT UBCB VOB NJSBEB FTP FSB TVGJDJFOUF QBSB RVF MPT OVFWF W²TUBHPT OPT TPNFUJ¹SBNPT $PO OVFTUSPT IJKPT DBNCJÂ FM UPOP Z FNQF[B CBO B DVFTUJPOBS MBT ÂSEFOFT EF GPSNB N²T CJFO U½ NJEB UBOUP RVF FO NJ DBTP DVBOEP NF QSFHVOUB CBO FM QPSRV¹ EF VOB OFHBUJWB BDFQUBCBO N²T P NFOPT RVF ZP MFT DPOUFTUBCB BMHP BT½ DPNP RVF MB DBVTB EF ¹TUB GVFSB RVF iQPSRVF FSB FM BOJWFSTB SJP EF MB FOUSBEB EF (BSJCBMEJ B 3PNBw Z FTP QBSF D½B CBTUBS "ÁPT EFTQV¹T NF FOUFS¹ RVF MB GBNPTB FOUSBEB UBO NFODJPOBEB OVODB IBC½B UFOJEP MVHBS DVBOEP NFOPT OVODB FOUSÂ USJVOGBMNFOUF B FTB DJVEBE "IPSB RVF TPO NBZPSFT SFDMBNBO RVF NJT SFTQVFTUBT FSBO VOB NVFTUSB EF IVNPS OFHSP GVF SB EF MVHBS QFSP RV¹ IBDFS TJ BT½ GVF QPS MP RVF IB CSFNPT EF DPOTJEFSBS RVF DVMQBT TPO EFM UJFNQP Z OP EF &TQBÁB -P RVF OP T¹ DÂNP TFS² FT DÂNP TF EBS² FO FT UB HFOFSBDJÂO FM TJTUFNB EF ÂSEFOFT QFSP EF DJFS UP UFOES²O RVF EBS NVDIBT FYQMJDBDJPOFT !FOSJHVF@[VMPBHB
JfYi\m`m`\e[f X cXj ZXdgX¨Xj
6OP EF MPT GBDUPSFT RVF IBDFO N²T JOTPQPSUBCMFT MBT CMBODP QBSB MB TJHVJFOUF BENJOJTUSBDJÂO TPCSF UPEP DBNQBÁBT FMFDUPSBMFT FT TV DBS²DUFS SFQFUJUJWP Z EFTEF DPOTJEFSBOEP RVF ¹TUPT RVF RVJFSFO HBOBS UJFOFO ZB MVFHP FM IFDIP FWJEFOUF Z DPOUVOEFOUF EF MPT QPDPT SF TPCSBEB FYQFSJFODJB FO RVF DVNQMBO P OP DVNQMBO TVMUBEPT RVF TF PCTFSWBO DVBOEP MPT USJVOGBEPSFT FTU²O OP MFT WB B QBTBS OBEB $PODVSTP EF PDVSSFODJBT NVDIBT EF FMMBT EJT QPS DPODMVJS TVT QFSJPEPT EF HPCJFSOP QBSBUBEBT F JODMVTP QSFPDVQBOUFT DPNP 3FTVMUB EF MP N²T JNQBDUBOUF Z FTP EF MB SFGVOEBDJÂO EFM FTUBEP DPNP TJ DPOUSPWFSTJBM FTUBS WJFOEP QPS VOB +BMJTDP OFDFTJUBSB SFGVOEBDJPOFT FO MVHBS QBSUF MBT OPUJDJBT RVF E½B USBT E½B OPT JOGPSNBO TPCSF MB DBOUJEBE EF QSP Õ ÊÌ i iʵÕiÊ«Ài}Õ Ì>ÀÃiÊ EF FGJDJFODJB BENJOJTUSBUJWB BCBUJNJFOUP CMFNBT RVF WJWF (VBEBMBKBSB Z +BMJT V ÊÃiÊ«Õi`iÊ > Ìi iÀÊ EF MB JNQVOJEBE Z TVQFSBDJÂO EF MB DP SSVQDJÂO QFSP FT VOB PDVSSFODJB RVF QVF DP FO NBUFSJB EF TFHVSJEBE DPSSVQ DJÂO F JNQVOJEBE Z RVF BM QBTBS MPT >ÊV v > â>Êi Ê >ÊV >ÃiÊ EF WFOEFS JOEFQFOEJFOUFNFOUF EF MBT TF DPNFSDJBMFT TF OPT QSFTFOUFO MPT « Ì V>]ÊV Ê Êà ʫ>ÀÌ ` Ã]Ê SJBT F JOUFMJHFOUFT DS½UJDBT RVF B FTUB QSPQVFTUB IBO IFDIP OVNFSPTPT BOBMJT DBOEJEBUPT FO DBNQBÁB EJDJ¹OEP OPT RVF VOB WF[ RVF HBOFO UPEP > ÌiÊ >ÊiÛ `i V >Ê«> >À >Ê UBT FO OVFTUSP QSPQJP NFEJP DS½UJDBT PC DBNCJBS² `iÊ ÃÊ iV ÃʵÕiÊÛ Û ÃÊ WJBNFOUF EFTDBSUBCMFT QPS BRVFMMPT RVF MBT SFDJCFO QVFT QFTF B UPEPT MPT EJTDVS 1PS TVQVFTUP RVF IBDF USFT Z TFJT Ì ` ÃÊ ÃÊ` >à TPT VOB DPTB TJHVF RVFEBOEP DMBSB IBZ BÁPT PDVSS½B FYBDUBNFOUF MP NJTNP DBOEJEBUPT B MB HVCFSOBUVSB FTUBUBM Z B NVDIPT EF FTUPT DBOEJEBUPT FOUPODFT PUSPT QVFTUPT QÈCMJDPT RVF TJHVFO QFO BMHVOPT EF FMMPT DBOEJEBUPT OVFWB NFOUF QSPNFUJFSPO BTFHVSBSPO Z IBTUB GJSNBSPO BOUF TBOEP RVF FMMPT TPO MPT ÈOJDPT RVF TBCFO Z MPT ÈOJDPT OPUBSJP MP RVF TF DPNQSPNFU½BO B IBDFS B EJTUBODJB EFM RVF QVFEFO RVF MB TPDJFEBE OP JNQPSUB Z RVF MP SFBM UJFNQP OP MP IJDJFSPO Z OP QPS FTP MFT IB PDVSSJEP OBEB NFOUF SFMFWBOUF TPO MPT QPEFSFT G²DUJDPT FO MPT RVF VOP UJFOF RVF QSFHVOUBSTF DÂNP TF QVFEF NBOUFOFS MB TF BQPZBO -B EFNPDSBDJB OP TF QVFEF DPOTUSVJS DPO DPOGJBO[B FO MB DMBTF QPM½UJDB DPO P TJO QBSUJEPT BOUF MB EFDJTJPOFT BVUPSJUBSJBT OJ JNQPTJDJPOFT WFSUJDBMFT 1PS MP QSPOUP MBT DBNQBÁBT TJHVFO TV DVSTP FO FWJEFODJB QBMNBSJB EF MPT IFDIPT RVF WJWJNPT UPEPT MPT E½BT QPS RV¹ SB[ÂO IBCS½BNPT EF DSFFS RVF MPT RVF OP QFSNBOFOUF Z BCJFSUP DPOUSBTUF DPO OVFTUSB SFBMJEBE IBO DVNQMJEP ZB FO TV BOUFSJPS FODBSHP BIPSB T½ MP WBO EF UPEPT MPT E½BT TPNPT DPNP QFSTPOBT QFSEJEBT FO FM EFTJFSUP NVSJ¹OEPOPT EF TFE Z QPS MP NJTNP BMV B IBDFS $JFSUBNFOUF MBT DBNQBÁBT QPM½UJDBT TJHVFO TJFO DJOBOEP DPO GVFOUFT BCVOEBOUFT EF BHVB RVF TJO FN EP VO WFSEBEFSP DPODVSTP EF DSFBUJWJEBE F JOWFOUJ CBSHP OP FYJTUFO FTUPT FTQFKJTNPT TPO FM FRVJWBMFO WB JNBHJOBNPT B MPT DBOEJEBUPT Z B TVT FRVJQPT QV UF B MBT DBNQBÁBT RVF PCTFSWBNPT NJFOUSBT CMJDJUBSJPT BOBMJ[BOEP TFTVEBNFOUF DV²M EFCF TFS MB TFHVJNPT TPCSFWJWJFOEP BM DBMPS Z B MB TFE FO VOB SFB QBMBCSB MB WFTUJNFOUB FM FTDFOBSJP MPT HFTUPT Z IBT MJEBE OP TPMBNFOUF ²SJEB TJOP UBO UFSSJCMFNFOUF UB MBT PDVSSFODJBT RVF N²T QVFEBO JNQBDUBS B MB DJV BHSFTJWB DPNP FT MB RVF FYQFSJNFOUB MB HFOUF UPEPT EBEBO½B FT EFDJS RVF N²T MB QVFEBO TFEVDJS P GSBO MPT E½BT BSNBOEP HPO!VOJWB NY :WFT DVZP OPNCSF FO CSFUÂO FT TFHÈO DBNFOUF FOHBÁBS B GJO EF DPOTFHVJS TV DIFRVF FO MBT SFHJPOFT &SXBO *XBO :PVFOO P &P[FO Z FO FTQBÁPM F JUBMJBOP TVFMF USBEVDJSTF DPNP *WP GVF IJKP EFM TFÁPS EF ,FSNBSUJO Z "[P EF MB DBTB EF ,FORVJT FO GSBOD¹T -F 1MFTTJY FTUVEJ UFPMP H½B Z BNCPT EFSFDIPT FO MB 4PSCPOB MVFHP FO 0SM¹BOT Z SFHSFT B #SFUBÁB B 3FOOFT EPOEF USBCBK DPNP DPOTFKFSP KVS½EJDP EF MB EJÂDFTJT %FTQV¹T FM PCJTQP EF 5S¹HVJFS MP IBDF SFHSFTBS B TV MVHBS EF PSJHFO MP OPNCSB KVF[ FDMFTJ²TUJ DP Z MP PSEFOB TBDFSEPUF :WFT GVF DVSB EF MBT QB SSPRVJBT EF 5S¹ESF[ Z -PVBOOFD DFSDBOBT B TV DBTB TPMBSJFHB EPOEF FO DPOTUSVZ VO SF GVHJP QBSB JOEJHFOUFT $SFDI .BSUJO 'VF FM QSJ NFS DVSB FO QSFEJDBS FO CSFUÂO Z OP FO MBU½O SF DPSSJ TJO DFTBS MB SFHJÂO QBSB FWBOHFMJ[BS Z BZVEBS B MPT QPCSFT &O FM QSPDFTP EF DBOPOJ[BDJÂO JODPBEP B QBSUJS EF DPO FM SFTQBMEP EFM EVRVF +VBO *** EF #SFUBÁB TF QVFEFO MFFS BMHVOBT BO¹DEPUBT EF MB WJEB EFM TBOUP $VFOUB VOB EF FMMBT RVF EPT NV KFSFT RVJFOFT EFDMBSBO DPNP UFTUJHPT FTUBCBO VOB WF[ QMBUJDBOEP GSFOUF BM IPTQJUBM EF 5S¹HVJFS Z WJF SPO FOUSBS BM 1BESF :WFT VOB IPSB EFTQV¹T B[P SBEBT MP WJFSPO TBMJS NFEJP EFTOVEP DPSSJFOEP B UPEB WFMPDJEBE SVNCP B TV DBTB -BT NVKFSFT FO USBO JOUSJHBEBT BM IPTQJUBM Z EFTDVCSFO RVF UBM FO GFSNP USBF QVFTUB MB DBNJTB UBM PUSP MPT QBOUBMP OFT FM DIBMFDP P MB DBQB -PT SFTUPT EF 4BO :WFT TF DPOTFSWBO FO MB DBUFESBM EF 4BO 5VHEVBM EF 5S¹HVJFS RVF DBEB EF NBZP SFDJCF NVMUJUVEFT EF QFSFHSJOPT
[\c j`^cf O@@@
'JOBMJ[B $BOOFT DPO DS©UJDB TPDJBM Z EFOVODJB EF H¥OFSP &M KBQPO¹T )JSPLB[V ,PSF FEB TF MMFWÂ BZFS MB 1BM NB EF 0SP EF $BOOFT QPS i4IPQMJGUFSTw VOB EVSB Z QP¹UJDB DS½UJDB TPDJBM FO VOB FEJDJÂO NVZ QPM½UJDB EFM GFTUJWBM RVF BDBCÂ DPO VO QBMNBS¹T FO FM RVF TF IBO QSFNJBEP IJTUPSJBT TPCSF FM SBDJTNP MB JO NJHSBDJÂO P MB GBMUB EF MJCFSUBE ,PSF FEB VOP EF MPT DJOFBTUBT IBCJUVBMFT EF $BOOFT ZB IBC½B HBOB EP FM 1SFNJP EFM +VSBEP FO Z IPZ DPOTJHVJÂ MB RVJOUB 1BMNB EF 0SP QBSB VO DJOFBTUB KBQPO¹T QPS VOB QFM½DVMB RVF GVF NVZ CJFO SFDJCJEB QPS TV NF[ DMB EF USBHFEJB UFSOVSB Z DPNFEJB MP RVF MF TJUVÂ FOUSF MPT GBWPSJUPT QBSB IBDFSTF DPO FM HBMBSEÂO 1PS PUSP MBEP MB BDUSJ[ JUBMJBOB "TJB "SHFOUP JSSVNQJÂ MB DMBVTVSB EFM GFTUJWBM DPO MB TJHVJFOUF BTFWFSBDJÂO i&O GVJ WJPMBEB QPS )BSWFZ 8F JOTUFJO BRV½ FO $BOOFTw BM QSFTFOUBS FM QSFNJP B MB NFKPS JOUFSQSFUBDJÂO GFNFOJOB i2VJFSP QSFWFS BMHP )BSWFZ 8FJOTUFJO OVODB N²T TFS² CJFOWFOJ EP FO $BOOFTw BGJSNÂ MB BDUSJ[ WFTUJEB EF OFHSP DPOWFSUJEB FO T½NCPMP EFM FTD²OEBMP FO UPSOP BM QSPEVDUPS BDVTBEP EF VO DFOUFOBS EF DBTPT EF BDP TP TFYVBM Z WJPMBDJPOFT i&TUF GFTUJWBM FSB TV DPUP QSJWBEPw EFQMPSÂ MB JOU¹SQSFUF RVF UFO½B BÁPT DVBOEP GVF TVQVFTUB NFOUF WJPMBEB QPS 8FJOTUFJO i5PEB MB DPNVOJEBE MF WPMWJÂ MB FTQBMEB JODMVTP RVJFOFT OVODB EFOVO DJBSPO FTUPT IFDIPT : FOUSF VTUFEFT FO FM QÈCMJDP IBZ B RVJFOFT EFCFS½BNPT TFÁBMBS DPO FM EFEP B DBVTB EF TV DPNQPSUBNJFOUP IBDJB MBT NVKFSFT VO DPNQPSUBNJFOUP JOEJHOP EF FTUB JOEVTUSJBw
-PT RVF QJFOTBO RVF MB JOGJEFMJEBE FT TÂMP DPO PUSBT NVKF SFT FTU²O NVZ FRVJWPDBEPT EF IFDIP NVDIPT FTUVEJPT DPOGJSNBO RVF FM USBCBKP HFOFSB N²T EJTUBODJB Z SVQUVSB FO MBT SFMBDJPOFT DPOZVHBMFT "VORVF FNPDJPOBMNFOUF OP FT UBO BHSFTJWP QPSRVF SFHVMBSNFOUF OP EVFMF OJ MBTUJNB UBOUP DPNP VOB JOGJEFMJEBE BGFD UJWB FNPDJPOBM P TFYVBM "EFN²T FM USBCBKP EFKB EJOFSP Z DPO FMMP VOB NFKPS DBMJEBE EF WJEB FDPOÂNJDB QPS MP RVF TF QVFEF FOUFO EFS Z KVTUJGJDBS RVF WBMF MB QFOB TFHVJSMP IBDJFOEP -P RVF FWJEFO UFNFOUF OP TVDFEF DPO PUSB SFMBDJÂO -B GJEFMJEBE DPOZVHBM FT BMHP NVZ TFSJP RVF TF OFDFTJUB DVJ EBS Z DVMUJWBS UPEPT MPT E½BT Z DVBOEP VOP EF MPT EPT DPNJFO[B B EFT DVJEBS TV SFMBDJÂO QPS DVBMRVJFSB EF MPT NPUJWPT RVF ZB IFNPT BOB MJ[BEP DPNP USBCBKP IJKPT GBNJMJBSFT FTQFDU²DVMPT FUD FM EFUFSJPSP EFM W½ODVMP TF UBNCBMFB EF UBM NBOFSB RVF FO NVZ QPDP UJFNQP MPT DPOGMJDUPT Z DSJTJT MPT WBO BMFKBOEP IBTUB RVF MMFHVF VO NPNFOUP EF SVQUVSB "T½ RVF B DPOUJOVBS DPO EBSMF NVDIB JNQPSUBODJB B UV USBCB KP QFSP OP N²T RVF B FMMB Z B UVT IJKPT
"-Ê " ", -ÊÊ
Ê/ *"
Ê /1, -ÊÊLe jXekf 6 , >À >Ê*> >À
1~(*/" #
&- */'03."%03
"'1
.&+03 "$53*; 4BNBM :FTMZBNPWB QPS FM GJMNF i"ZLBw
$BTJ BM NJTNP UJFNQP RVF "SHFOUP IBD½B FTUBT EFDMBSBDJPOFT USBTDFOE½B FO MB QSFOTB RVF VOB BD USJ[ EFOVODJÂ FM WJFSOFT QPS WJPMBDJÂO BM DJOFBTUB Z QSPEVDUPS GSBOD¹T -VD #FTTPO VOB EF MBT GJHVSBT N²T EFTUBDBEBT EFM DJOF HBMP RVF BZFS T²CBEP OF HÂ MPT IFDIPT &O MB FTUFMB EFM .F5PP FM 'FTUJWBM EJTUSJCVZÂ EVSBOUF FM DFSUBNFO NJM GPMMFUPT SFDPSEBOEP MBT QFOBT BDBSSFBEBT QPS BDPTP TFYVBM BEFN²T EF DSFBS VOB M½OFB UFMFGÂOJDB QBSB W½DUJNBT Z UFTUJHPT &M DBTP 8FJOTUFJO OP IBC½B TJEP DPNFOUBEP "HFODJBT
1~(*/" #
&- */'03."%03 &- */'03."%03
%PNJOHP EF NBZP EF "'1
&OSJRVF EF *OHMBUFSSB Z .FHIBO .BSLMF ZB TPO
."3*%0 :
.6+&3
".03 -B QBSFKB QSPOVODJØ TVT WPUPT NBUSJNPOJBMFT BOUF FM BS [PCJTQP EF $BOUFSCVSZ
&'&
-B GFMJ[ QBSFKB SFBM DPNJFO[B TV WJEB FO NBUSJNPOJP EFTQV T EF VOB CPEB RVF QPTª MPT PKPT EFM NVOEP FO XJOETPS M QS½ODJQF &OSJRVF EF *OHMBUFSSB Z MB FTUBEPVOJEFOTF .FHIBO .BSLMF TF DBTBSPO FTUF T²CBEP FO 8JOETPS FO VOB JHMFTJB EF 4BO +PSHF MMFOB EF DFMF CSJEBEFT Z DPO NJMFT Z NJMFT EF QFSTP OBT FTQFS²OEPMPT FO MBT DBMMFT &M BS[PCJTQP EF $BOUFSCVSZ +VTUJO 8FMCZ M½EFS FTQJSJUVBM EF MB *HMFTJB BOHMJDBOB UPNÂ MPT WPUPT NBUSJNPOJBMFT B MPT OPWJPT RVF UVWJFSPO MBT NBOPT FOMB[BEBT EVSBOUF HSBO QBSUF EF MB DF SFNPOJB TUB UVWP UPRVFT EFM NFTUJ[BKF RVF FODBS OB MB QBSFKB DPNP FM TFOUJEP TFSNÂO EFM PCJT QP FTUBEPVOJEFOTF .JDIBFM $VSSZ P MB WFSTJÂO EF MB DBODJÂO i4UBOE #Z .Fw RVF IJ[P VO DPSP EF HÂTQFM " NFEJP E½B MPT SFDJ¹O DBTBEPT TF EJFSPO VO CBÁP EF NVMUJUVEFT BM SFDPSSFS FO DBSSP[B EFT DVCJFSUB MB DJVEBE EF 8JOETPS EPOEF MFT FTQF SBCBO NJMFT EF QFSTPOBT RVF WJFSPO MB DFSFNP OJB FO QBOUBMMBT HJHBOUFT .BSLMF MVD½B VO WFTUJEP EF OPWJB CMBODP DPO WFMP FTDPUF EF CBSDP Z FM QFMP SFDPHJEP DPO VOB UJBSB NJFOUSBT RVF &OSJRVF EF *OHMBUFSSB WFTU½B VOJGPSNF EF HBMB NJMJUBS .BSLMF GVF IBTUB MB JHMFTJB FO VO 3PMMT 3P ZDF 1IBOUPN *7 BDPNQBÁBEB EF TV NBESF %P SJB 3BHMBOE &M DBOUBOUF &MUPO +PIO MB QSFTFOUBEPSB 0QSBI 8JOGSFZ MPT BDUPSFT (FPSHF $MPPOFZ F *ESJTT &MCB FM FYGVUCPMJTUB %BWJE #FDLIBN FT UVWJFSPO QSFTFOUFT FO MB DFSFNPOJB -B SFJOB *TBCFM ** EF *OHMBUFSSB OPNCSÂ B &O SJRVF EVRVF EF 4VTTFY DPOEF EF %VNCBSUPO Z CBSÂO EF ,JMLFFM SFTQFDUJWBNFOUF VO U½UVMP OP CJMJBSJP JOHM¹T FTDPD¹T Z OPSJSMBOE¹T DPNP NBOEB MB USBEJDJÂO "M GJOBM EFM QBTFP EF VOB NFEJB IPSB TF DF SSÂ FM UFMÂO BM QÈCMJDP Z FNQF[Â MB QBSUF QSJWBEB EF MB CPEB DPO VO BMNVFS[P PGSFDJEP QPS *TBCFM ** FO FM DBTUJMMP EF 8JOETPS Z VOB GJFTUB EF OPDIF FO MB NBOTJÂO 'SPHNPSF HFOUJMF[B EFM QBESF EFM OPWJP FM QS½ODJQF $BSMPT EF (BMFT &O MBT DBMMFT EF UPEP FM QB½T TF PSHBOJ[BSPO GJFTUBT WFDJOBMFT BM BNQBSP EF VOBT QSFWJTJPOFT NFUFPSPMÂHJDBT FTQFSBO[BEPSBT Z FM E½B BDBCÂ CJFO SFHBEP QPS MB NVZ HSBDJPTB DPODFTJÂO EF QFSNJUJS RVF MPT QVCT DJFSSFO N²T UBSEF RVF MP IBCJUVBM "HFODJBT
& 7&45*%0 .FSLMF MVDJØ VO WFTUJEP CMBODP EJTF×BEP QPS MB CSJUÈOJDB $MBSF 8BJHIU ,FMMFS QBSB (JWFODIZ
"64&/$*" .BSLMF SFDPSSJØ QSÈDUJDBNFOUF TPMB UPEP FM DBNJOP IBTUB FM BMUBS Z TF UPNØ EFM CSB[P EF TV TVFHSP FM QSÓODJQF $BSMPT DBTJ BM GJOBM
'&45&+0 5BOUP DJVEB EBOPT EF *O HMBUFSSB DPNP EF &TUBEPT 6OJEPT EF "NÏSJDB DFMF CSBSPO MB CP EB SFBM
1"4&0 -B GFMJ[ QBSFKB SFDPSSJØ EVSBOUF NFEJB IPSB MBT DBMMFT EF 8JOETPS &41&$*"-
03(6--0 -BT HVBSEJBT SFBMFT MVDJFSPO TVT VOJGPSNFT EF HBMB
8*/%403 -B BOUJHVB SFTJEFODJB EF MB SFBMF[B CSJUÈOJDB