Reglamento de seguridad

Page 1

! ! ! ! "#$%"%&%'!()&*%'+"*#'!,(!$(-&+",*,!$')"*.! !"#$%&'#"("%)*'+"'%,"!#&!'+"*'-%).)/&!

!

! "#$%&' # ( )*!+# !, #$ -".+& +!/!, &%-+! 0&"& !%&!1 *(, )"-11 .2(!/ ! *3" &,! 043% .1&,


!"#$%&!'(')$*$+,! "#$%&%'()*+%,&!#-.!/-01)!2+3!4*5*-.!61))-*!7-.8*#1 ! -./012/34/(*5304146715389(2/(98(!/:;<9178(2/9("76825.(! =6/>/0?(@A(2/("3/.5(2/(BAAC(D(!E('E(F5E(BGH! %I-,"J"F&'!

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´VHJXULGDG HQ HO


SUR\HFWRµ GHEHUi H[LVWLU FRRUGLQDFLyQ HQWUH HO &RPLWp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yQ RUGLQDULD GHO GH RFWXEUH GHO HO WH[WR VXVWLWXWLYR GHO ´5HJODPHQWR GH 6HJXULGDG SDUD OD &RQVWUXFFLyQ \ 2EUDV 3~EOLFDVµ \ ! *3!$9$(6565-!&$!),%!,+(5'#65-3$%!O#$!)$!6-3A5$($!$)!,(+56#)-!GVD!&$)!@1&52-!&$)!>(,',9-.! )GH53-,F! )3/#$ &#I$ K8(-',(! $)! %52#5$3+$! +$N+-! %#%+5+#+5/-! &$)! ?$2),7$3+-! &$! H$2#(5&,&! 8,(,! ),! @-3%+(#66513! 4! ;'(,%! PT')56,%]! ´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²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


)3/#$_#I$Y-%!$78)$,&-($%!&$)!%$6+-(!&$!),!6-3%+(#66513.!8,(,!),!,8)56,6513!$A$6+5/,!&$!),!%$2#(5&,&!4!%,)#&!$3!$)! +(,',9-!&$'$(R3]! ,\! `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


a\!`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`#I$Y-%!$78)$,&-($%.!&$!7,3$(,!53&5/5&#,)!-!6-)$6+5/,.!&$'$(R3!53%+,),(!4!,8)56,(!%5%+$7,%!&$!($%8#$%+,!,! $7$(2$365,%!$3!6,%-!&$!,665&$3+$%!7,4-($%]!=36$3&5-.!$N8)-%513.!$%6,8$!-!&$((,7$!&$!%#%+,365,%.!&$%,%+($%! 3,+#(,)$%!#!-+(-%!$/$3+-%!&$!A#$(<,!7,4-(Z! D)B8:JC<$88! <?C81)D8<!>9$A$=>;>DV<9$=>$C<9$:;)?)@)=<;>9! )3/#$a#I$Y-%!+(,',9,&-($%!+5$3$3!),%!%52#5$3+$%!-')52,65-3$%!$3!7,+$(5,!&$!H$2#(5&,&!4!H,)#&!$3!$)!>(,',9-]!


,\!@#78)5(!6-3!),%!3-(7,%.!($2),7$3+-%!$!53%+(#665-3$%!&$!)-%!8(-2(,7,%!&$!%$2#(5&,&!4!%,)#&!$3!$)!+(,',9-! O#$!%$!,8)5O#$3!$3!$)!)#2,(!&$!+(,',9-.!,%Q!6-7-!6-3!),%!53%+(#665-3$%!O#$!)$%!578,(+,3!%#%!%#8$(5-($%! 9$(R(O#56-%!&5($6+-%:! '\!@--8$(,(!$3!$)!6#78)575$3+-!&$!),%!-')52,65-3$%!O#$!6-78$+$3!,)!$78)$,&-(:! 6\!b%,(!,&$6#,&,7$3+$!)-%!53%+(#7$3+-%!4!7,+$(5,)$%!&$!+(,',9-.!,%Q!6-7-!)-%!$O#58-%!&$!8(-+$66513!53&5/5&#,)! 4!6-)$6+5/,:! &\!;8$(,(!-!7,358#),(!$O#58-%.!7,O#53,(5,%.!^$((,75$3+,%!#!-+(-%!$)$7$3+-%!T356,7$3+$!6#,3&-!^,4,3!%5&-! ,#+-(5<,&-%!4!6,8,65+,&-%:! $\! =3A-(7,(! ,! %#%! %#8$(5-($%! 9$(R(O#56-%! &5($6+-%! ,6$(6,! &$! 6#,)O#5$(! %5+#,6513! &$! +(,',9-! O#$! ,! %#! 9#565-! $3+(,S$.!8-(!7-+5/-%!(,<-3,')$%.!#3!8$)52(-!8,(,!),!/5&,!-!),!%,)#&!&$!)-%!+(,',9,&-($%:! A\! @--8$(,(! 4! 8,(+5658,(! $3! $)! 8(-6$%-! &$! 53/$%+52,6513! &$! )-%! ,665&$3+$%! &$! +(,',9-! 4! ),%! $3A$(7$&,&$%! 8(-A$%5-3,)$%!6#,3&-!),!,#+-(5&,&!6-78$+$3+$!)-!($O#5$(,!-!6#,3&-!,!%#!8,($6$(!)-%!&,+-%!O#$!6-3-6$3! ,4#&$3!,)!$%6),($6575$3+-!&$!),%!6,#%,%!O#$!)-%!-(5253,(-3:! 2\! c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b#I$>-&-%!)-%!+(,',9,&-($%!+5$3$3!&$($6^-!,!&$%,((-)),(!%#%!),'-($%!$3!#3!,7'5$3+$!&$!+(,',9-!,&$6#,&-!4! 8(-8565-! 8,(,! $)! 8)$3-! $9$(6565-! &$! %#%! A,6#)+,&$%! AQ%56,%! 4! 7$3+,)$%.! O#$! 2,(,3+56$3! %#! %,)#&.! %$2#(5&,&! 4! '5$3$%+,(Z! )3/#$ c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


B;<V8?8D8<!>9$)$C<9$:;)?)@)=<;>9! )3/#$&`#I$*%+R!8(-^5'5&-!,!)-%!+(,',9,&-($%]! ,\!*A$6+#,(!+(,',9-%!%53!$)!&$'5&-!$3+($3,75$3+-!8($/5-!8,(,!),!),'-(!O#$!/,3!,!($,)5<,(:! '\!=32($%,(!,)!+(,',9-!$3!$%+,&-!&$!$7'(5,2#$<!-!^,'5$3&-!532$(5&-!6#,)O#5$(!+1N56-:! 6\!`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a#I$J.0-,-$-5$95+H30-,-$M$953X0G0"$7]-0G"#I$@-3A-(7$!)-!&$+$(753,3!)-%!($2),7$3+-%!&$!%$2#(5&,&!4! %,)#&!&$!)-%!+(,',9,&-($%!4!&$!A#365-3,75$3+-!&$!%$(/565-%!70&56-%!&$!$78($%,!4!%5$3&-!),!6-3%+(#66513!#3! %$6+-(! 6,)5A56,&-! 6-7-! &$! ,)+-! (5$%2-.! )-%! 6$3+(-%! &$! +(,',9-! 6-3! 3T7$(-! 7,4-(! ,! 6536#$3+,! +(,',9,&-($%! &$'$(R3! 6-3+,(! 6-3! ),! b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b#I$D"P0/]$R,30/,30"$-5$E5+H30-,-$M$E,2H-#I!*3!+-&,!-'(,!&$!6-3%+(#66513!6-3!3T7$(-!&$!+(,',9,&-($%! %#8$(5-(!,!O#536$.!%$!6-3A-(7,(R3!4!A#365-3,(R3!,6-(&$!,)!K(+Z!CJ!&$)!?$2),7$3+-!&$!%$2#(5&,&!4!%,)#&!&$!)-%! +(,',9,&-($%.!)-%!6-75+0%!8,(5+,(5-%!&$!%$2#(5&,&!4!%,)#&Z!


)3/#$ &c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


+O$;5E0-5./5E$-5$"*3,$M$EHR53X0E"35E#I$P,(+5658,(!,6+5/,7$3+$!$3!)-%!8(-2(,7,%!&$!8($/$36513!&$!(5$%2-%! $3!)-%!O#$!%$,3!($O#$(5&-%.!6-3+(-),(!$)!6#78)575$3+-!&$!),%!,665-3$%!&$!6,8,65+,6513!4!,&5$%+(,75$3+-!$3! 6,&,!8#$%+-!&$!+(,',9-Z! ?$8-(+,(!,!),!b35&,&!&$!H$2#(5&,&!4!H,)#&!-!,)!($%8-3%,')$!&$!8($/$36513!&$!(5$%2-%.!$3!%#!6,%-.!+-&-%! )-%!,665&$3+$%.!5365&$3+$%!4!%5+#,65-3$%!&$!(5$%2-!8,(,!)-%!+(,',9,&-($%Z!@-),'-(,(!$3!),%!53%8$665-3$%!4! ,#&5+-(Q,%!&$!%$2#(5&,&.!53/$%+52,6513!&$!,665&$3+$%d!5365&$3+$%!4!$3A$(7$&,&$%!-6#8,65-3,)$%Z! @--(&53,(! 6-3! $)! >06356-! &$! H$2#(5&,&! )-%! 8(-6$&575$3+-%! &$! +(,',9-! 4! /525),(! $)! 6#78)575$3+-! &$)! )-%! 8),3$%!&$!8($/$36513!4!8(-+$66513!&$!)-%!+(,',9,&-($%!&$!+$(6$(-%:!4.! d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eX! 8#)2,&,%!&$!%#$)-\! 4! &$! )-%!6,78,7$3+-%!,!JG!67Z! e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eCWW!85$%\!&$!)-%!&-(75+-(5-%:!4.! &\!H$!A,65)5+,(R!%$(/565-%!&$!),/,'-%!9#3+-!,)!6-7$&-(.!-'%$(/,3&-!$)!,(+56#)-!JJ!&$)!I$6($+-!*9$6#+5/-!L-Z!UVDV! &$!CV!&$!3-/5$7'($!&$!CDEX.!8#')56,&-!$3!$)!?$25%+(-!;A565,)!L-Z!GXG!&$!CF!3-/5$7'($!&$!CDEXZ! )3/#$^(#I$?,/53W,E$9,.0/,30,EF! ,\!H$(/565-%!^5250356-%Zd!Y-%!+(,',9,&-($%!&$!),!6-3%+(#66513!&$'$(R3!&5%8-3$(!&$!($+($+$%.!&#6^,%!4!),/,'-%! &$%&$! $)! 53565-! &$! ),%! ),'-($%.! 6-3%+(#5&-%! $3! A-(7,! 8(-/5%5-3,)! $3! ($),6513! ,)! 3T7$(-! &$! #%#,(5-%.! 6-3A-(7$!)-!&$+$(753,!$)!?$2),7$3+-!&$!H$2#(5&,&!4!H,)#&!&$!)-%!>(,',9,&-($%!$3!%#!,(+Q6#)-!GC:! '\!Y-%!%$(/565-%!^5250356-%!%$!&$'$3!%5+#,(!,!&5%+,365,!7Q357,!&$!UV!7!eFG!85$%\!&$)!&-(75+-(5-!4!,!XC!7!eUWW! 85$%\!&$!),!6-653,!4!&$)!6-7$&-(:! 6\!*3!)#2,($%!&-3&$!3-!$N5%+,!,)6,3+,(5)),&-.!)-%!53-&-(-%!-!)$+(53,%!&$'$3!$%+,(!$3!6,9,%!,!8(#$',!&$!7-%6,%.! ))$/,(R3! +,8,! 4! $%+,(R3! 6-3%+(#5&-%!%-'($!A-%-%Z! Y,%! )$+(53,%! 4! 8-<-%! 3$2(-%! %$!6-)-6,(R3! ,! &5%+,365,! 7Q357,!&$!XC!7!eUDW!85$%\!&$!),!A#$3+$!&$!,',%+$6575$3+-!&$!,2#,:! &\!P(-+$2$(!)-%!53-&-(-%!-!)$+(53,%!6-3+(,!),!53+$78$(5$!4!)-%!-'9$+-%!O#$!)$%!8#$&,3!6,$(.!&$'503&-%$!(-65,(! +-&-%!)-%!&Q,%!6-3!&$%53A$6+,3+$%:!4.! $\!P-(!8($/$36513!&$!$3A$(7$&,&$%.!3-!&$'$3!6-78,(+5(%$!9,'-3$%!4!+-,)),%!$3+($!)-%!+(,',9,&-($%Z! )3/#$^`#I$45E/H,30"#I!Y-%!)-6,)$%!&$%+53,&-%!,!/$%+#,(5-%!&$'$(R3!%$(!53&$8$3&5$3+$%!4!$%+,(!&-+,&-%!&$!',36,! 4!,(7,(5-%!53&5/5&#,)$%Z! )3/#$^a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


)3/#$^b#I$*)!%$(/565-!70&56-!%$!#'56,(R!,!XC!7!eUWW!85$%\!&$!),!6-653,!4!$)!6-7$&-(:!4!,!UV!7!eFG!85$%\!&$!)-%! &-(75+-(5-%Z! )3/#$^c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´WRPD GH WLHUUDµ D FRQWLQXDFLyQ FRQHFWDUi PHGLDQWH SpUWLJDV HVSHFLDOHV D OD LQVWDODFLyQ D SURWHJHU ! '\!P,(,!O#$!),!8#$%+,!,!+5$((,!4!$3!65(6#5+-!%$,!7R%!$A$6+5/,!%$!^,(R!)-!7R%!6$(6,!8-%5')$!&$)!)#2,(!&$!+(,',9-!4! ,!,7',%!8,(+$%!&$)!75%7-:!


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d,E/,$ 2,E$ 2W.5,E$ -5$ ,2/,$ /5.E0Q.#I$ Y,%! YQ3$,%! &$! A#$(<,! $)06+(56,! &$! ,)+,! +$3%513! eJJW! /-)+5-%!-!7R%\!&$'$3!$%+,(!,!3-!7$3-%!&$!F.XU!7$+(-%!&$!,)+#(,!-!&$!&5%+,365,!^,%+,!),%!<-3,%!+(,3%5+,&,%!8-(! +(,',9,&-($%!6-3!/,(5)),%!&$!^5$((-.!6,75-3$%.!2(T,%.!$N6,/,&-(,%!#!-+(-%!$O#58-%!#%,&-%!$3!),!6-3%+(#66513!4! -'(,%!8T')56,%Z! Y,!,)+#(,!&$!)-%!6,')$%!%-'($!6,753-%!4!6,(($+$(,%!%$!%#9$+,(R!,!)-%!($2),7$3+-%!&$!),%!($%8$6+5/,%!$78($%,%! $)06+(56,%Z!*)!8,%-!)5'($!$3!$%+,%!<-3,%!&$'$(R3!%$(!53&56,&,%!6-3!6,(+$)$%!&$!53&56,6513!&$!8$)52(-Z! )3/#$_`#I$)2HP*3,-"$R,3,$0.E/,2,G0".5E$/5PR"3,25E#I!Y-%!%5%+$7,%!&$!,)#7'(,&-!+$78-(,)!O#$!%$!53%+,),3! 8,(,!8(-/$$(!5)#753,6513!&#(,3+$!)-%!+(,',9-%!&$!6-3%+(#66513.!&$'$(R!+$3$(!),!53+$3%5&,&!%#A565$3+$!8,(,!O#$! ),%!6-3&565-3$%!&$!+(,',9-!%$,3!%$2#(,%Z! H$!6#5&,(R!$%8$65,)7$3+$!),!5)#753,6513!&$!),%!$%6,)$(,%!A59,%.!,2#9$(-%!&$!,%6$3%-($%!4!85%-%.!%1+,3-%!4!-+(-%! )#2,($%!8$)52(-%-%Z! )3/#$_a#I$B3"/5GG0Q.$-52$R53E".,2#I!P,(,!8(-+$2$(!6-3+(,!)-%!6^-O#$%!$)06+(56-%!,665&$3+,)$%!6,#%,&-%!8-(!$)! $O#58-!$)06+(56-!+,)!6-7-!+,')$(-%!&$!6-3+(-)!-!&$!A#%5')$%!4!8-(!$)!$O#58-!&$!6-3+(-)!&$!)-%!7-+-($%.!%$!,5%),(R! $)!85%-!6-3+52#-!%$!($%2#,(&,(R3!)-%!6,')$%!6,(2,&-%!4!%$!6-3$6+,(R3!,!+5$((,!),%!8,(+$%!3-!6-3&#6+-(,%!&$! 6-((5$3+$Z! )3/#$_'#I$>\/5.E0".5E$R"3/Z/025E#I$P,(,!),%!$N+$3%5-3$%!8-(+R+5)$%!&$!)#6$%.!^$((,75$3+,%!-! $36^#A$%!&$'$3! #%,(%$! 8-(+,)R78,(,%! -! ^$((,75$3+,%! O#$! +$32,3! ,2,((,&$(,%! ,5%),&,%! 6-3! 7,&$(,! -! 6,#6^-! 4! +-&-! $)!


,),7'(,&-!4!85$<,%!&$)!$36^#A$!6#'5$(+-%Z!H$!#%,(R!6,')$!A-((,&-!&$!6,#6^-!$3!),%!$N+$3%5-3$%!&$!)#6$%!4!-+(,%! 8,(,!6,)&$(-%.!+,3O#$%!4!-+(-%!)#2,($%!^T7$&-%!-!&$!+(,',9-!8$%,&-Z! )3/#$ _b#I$ ;5/03"$ -5$ 5EG"P*3"E#I! >,3+-! ),! -'(,! 6-7-! %#%! /Q,%! &$! ,66$%-.! &$'$3! 7,3+$3$(%$! $3! 8$(A$6+-! $%+,&-!&$!-(&$3!4!)5785$<,Z!*)!($+5(-!R25)!4!-8-(+#3-!&$!)-%!$%6-7'(-%!$A$6+#,(R!6-3A-(7$!,!),%!-(&$3,3<,%! 7#35658,)$%!&$!6,&,!)-6,)5&,&Z! Y,!<-3,!&-3&$!&$%6,3%,3!$)!6,3,)13!4!)-%!7,+$(5,)$%!&$!&$%$6^-!&$'$!$%+,(!6$((,&,Z!H5!),!&$%6,(2,!%$!^,6$! &5($6+,!,)!6,((-.!+-7,(!),%!7$&5&,%!3$6$%,(5,%!8,(,!O#$!$)!($'-+$!3-!6,#%$!,665&$3+$%Z! :8:JC<$[J8!:<! B3"/5GG0Q.$,$/53G53"E! )3/#$_c#I$B3"/5GG0Q.$,$2,E$R53E".,E$M$,$2"E$*05.5E#I!>-&,!6-3%+(#66513!#(',3,!&$'$(R!+$3$(!#3!6$((,75$3+-! &$!U!7$+(-%!&$!,)+#(,!7Q357,.!7$&5&-!%-'($!),!6-+,!&$)!'-(&5))-!&$!),!,6$(,]! ,\! @#,3&-! $N5%+,! $)! (5$%2-! &$! 6,Q&,%! &$! -'9$+-%! %-'($! )-%! #%#,(5-%! &$! ),%! /Q,%! 8$,+-3,)$%.! 0%+,%! %$(R3! 8(-+$25&,%!8-(!#3,!7,(O#$%53,!e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e:<! 15E/0Q.$/]G.0G,! D)B8:JC<$8! )D:848=)=>9$>9B>Df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g.+H2"E$-5$:,2H-F! CZ!*3!),%!$N6,/,65-3$%!,+,)#&,&,%!%$!+-7,(R3!6-7-!+,)#&$%!7RN57-%!8,(,!8,($&$%.!3-!$3+5',&,%.!)-%!R32#)-%!&$)! %52#5$3+$!6#,&(-]! !

>\G,X,G0".5E$5.$/5335."E!

>\G,X,G0".5E$5.$/5335."E$35P"X0-"E!

XW3+5.5E$"$PHM$G"PR,G/"E!

;5G05./5P5./5!

L,+#(,)$<,!&$)!+$(($3-!

H$6-%!6-3!8($%$365,!&$!,2#,!

H$6-%!6-3!8($%$365,!&$!,2#,!

?-6,!&#(,!!

EWf!EWf!

?-6,!'),3&,!-!A5%#(,&,!

GGf!GWf!

?$%+-%!(-6-%-%!8$&($2-%-%!

JGf!JGf!

JGf!JWg!

>5$((,!A#$(+$!e7$<6),!,($3,.!,(65)),\! 7$<6),&,!6-3!85$&(,!4!+5$((,!/$2$+,)!

JGf!VWf!

VGf!VWf!

>5$((,!,(65))-%,.!,(65)),!7,(2,!

JWf!UWf!

VGf!UWg!

! !


B(,/,.!,($3,!2(#$%,!3-!,(65))-%,!

VGf!VWf!

VGg!UWf!

K($3,!A53,!3-!,(65))-%,!

VWf!UWf!

VWg!UWg!

!

P,(,!+$(($3-%!&$!3,+#(,)$<,!3-!6-78(-7$+5&,!$3!$)!6#,&(-!,3+$(5-(!)-%!R32#)-%!&$!+,)#&!%$(R3!$%+,')$65&-%!8-(! ),!&5($66513!+06356,!6-78$+$3+$!&$!),!-'(,.!+-7,3&-!6-7-!($A$($365,!)-%!/,)-($%!$%+,')$65&-%!$3!&56^-!6#,&(-! ,!A53!&$!2,(,3+5<,(!),!%$2#(5&,&!&$!)-%!+(,',9,&-($%Z! UZ! *3! +-&-%! )-%! +(,',9-%! &$! $N6,/,6513! O#$!%$!($,)56$3! 6-3! +,)#&$%! 3-! $%+,')$%.!%$! &5%8-3&(R! #3,! ,&$6#,&,! $3+5',6513!-!6-3+$36513!,!8,(+5(!&$!65$(+,!8(-A#3&5&,&!O#$!$%+,(R!$3!A#36513!&$!),%!6,(,6+$(Q%+56,%!&$)! +$(($3-Z!*3!3532T3!6,%-!&56^,!8(-A#3&5&,&!%-'($8,%,(R!$)!/,)-(!&$!C.GW!7$+(-%Z! _#$>./0*,G0".5EF! CZ!*3!),%!$N6,/,65-3$%!7,3#,)$%!O#$!3$6$%5+$3!$3+5',6513.!%$!($,)5<,(R!,!7$&5&,!O#$!%$!8(-A#3&56$!4!8-(!A(,39,%! 6#4,! ,)+#(,! 7RN57,! /$3&(R! &$+$(753,&,! 8-(! ),%! 6-3&565-3$%! &$)! +$(($3-Z! *3! 3532T3! 7-7$3+-! ),! 8(-A#3&5&,&!&$!),!A(,39,!8$3&5$3+$!&$!$3+5',6513!%$(R!%#8$(5-(!,!C.GW!7$+(-%Z! UZ!*3!)-%!6,%-%!$3!O#$!$)!+$(($3-!)-!($O#5$(,.!%$!8(-6$&$(R!,!%#!$3+5',6513.!&$!A-(7,!6-3+53#,.!6-39#3+,7$3+$! 6-3!),!$N+(,66513!&$!+5$((,%Z!*3!<,39,%!&-3&$!^,4!6-((5$3+$%!%#'+$((R3$,%.!$)!$3+5',75$3+-!))$2,(R!^,%+,!$)! A-3&-!&$!),%!75%7,%Z! VZ!>-&,!7,&$(,!#%,&,!$3!$3+5',75$3+-.!&$'$!%$(!&$!'#$3,!6,)5&,&!4!%53!&$A$6+-%Z! P,(,!<,39,%!&$!C.G!7!,!U.G!7!&$!8(-A#3&5&,&.!),!7,&$(,!8,(,!$3+5',&-!&$'$!+$3$(!#3!$%8$%-(!3-!7$3-(!&$! J!67Z! P,(,!<,39,%!&$!7R%!&$!U.G!7!&$!8(-A#3&5&,&.!$)!$%8$%-(!&$!7,&$(,!8,(,!$3+5',&-!%$(R!3-!7$3-(!&$!F!67Z! JZ!*)!&$%$3+5',&-!%$!($,)5<,(R!&$!,',9-!,((5',!7,3+$35$3&-!)-%!/,)-($%!&$!,)+#(,!7RN57,!&$!A(,39,!&$%$3+5',&,! ,3+$(5-(7$3+$!A59,&-%.!$%!&$65(!3-!%#8$(5-(!,!C.GW!7$+(-%Z!*3!+$(($3-!&$!&$A$6+#-%,!-!&#&-%,!$%+,'5)5&,&.! $)!&$%$3+5',&-!%$!$A$6+#,(R!%57#)+R3$,7$3+$!,)!($))$3-!-!%$!&,(R!8-(!80(&5&,!),!$3+5',6513Z! GZ!*3!$N6,/,65-3$%!8-(!7$&5-%!7$6R356-%!6-3!+,)#&$%!3-!$%+,')$%!4!&$!8(-A#3&5&,&!%#8$(5-(!,!C.GW!7$+(-%!%$! 8(-^Q'$!),!$3+(,&,!&$!8$(%-3,%Z! *)! $3+5',&-! &$! &56^,%! $N6,/,65-3$%! %$! &$'$(R! $A$6+#,(! &$%&$! $)! $N+$(5-(.! &$! +,)! 7,3$(,! O#$! )-%! +(,',9,&-($%!3-!+$32,3!O#$!8$3$+(,(!$3!),!$N6,/,6513Z! L-! -'%+,3+$.! %5! 8-(! $)! 70+-&-! $)$25&-! 8,(,! ),! $3+5',6513! +5$3$! O#$! 8$3$+(,(! ,)2T3! +(,',9,&-(! $3! ),! $N6,/,6513.! %$! $A$6+#,(R3! )-%! +(,',9-%! &$%&$! 53%+,),65-3$%! +,)$%! 6-7-! 9,#),%! &$! %$2#(5&,&.! +T3$)$%! 7$+R)56-%.!8,3$)$%!8($A,'(56,&-%!-!%575),($%!O#$!2,(,3+56$3!),!8(-+$66513!&$!)-%!+(,',9,&-($%Z!


XZ!Y,%!$N6,/,65-3$%!$3!<,39,%!&$'$(R3!+$3$(!)-%!%52#5$3+$%!,36^-%!7Q357-%]! B3"SH.-0-,-!

).Gd"$-5$>./0*,G0Q.!

[,%+,!FGW!77!

GWW!77!

I$!FGW!77!^,%+,!C.WW!7!

GGW!77!

I$!C.WW!7!^,%+,!).VW!7!

XWW77!

I$!).VW!7!^,%+,!U.WW!7!

XGW!77!

I$!U.WW!7!^,%+,!V.WW!7!

FGW!77!

I$!V.WW!7!^,%+,!G.WW!7!

EWW!77!

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h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`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a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b#I$ =5P"20G0Q.$ R"3$6,R,#I$ Y,!&$7-)56513! 7,3#,).! 8-(!,+,O#$!$3! ),!',%$!&$!#3,!6-3%+(#66513! -! &$!#3! $)$7$3+-!&$!$)),!6-3!),!,4#&,!&$!^$((,75$3+,%!&$!7,3-.!%1)-!$%+,(R!8$(75+5&,!6#,3&-!8-(!%#!A,65)5&,&!-!8-(!%#! ,)+#(,!3-!8($%$3+$!(5$%2-!8,(,!)-%!-8$(,(5-%Z! )3/#$(c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`%#I$ @57$3+,6513]! $3! ),%! ),'-($%! &$! 657$3+,6513! 4! &$! ,6#$(&-! ,! ),%! +,($,%! $%8$6QA56,%! %$! +-7,(R! $3! 6#$3+,]! &#$:3,*,L"E$-5$R02"/,L5#I$I$'$(R3!^,6$()-!+(,',9,&-($%!6,)5A56,&-%Z!H$!8(-^Q'$!($,)5<,(!+(,',9-%!%57#)+R3$-%!,! &5%+53+-!35/$)!$3!),!/$(+56,).!)-%!7-3+,&-($%!5(R3!8($/5%+-%!&$!653+#(-3$%!8-(+,d^$((,75$3+,%!617-&-!&$! ))$/,(!4!,&$6#,&-!,!$))-%Z! ^#$ B02"/5E$ R35S,*30G,-"E#I$ Y-%! 85)-+$%! 8($A,'(56,&-%! 4,! %$,3! &$! ^-(75213.! 7,&$(,! -! $3+#',&-%! &$'$(R3! 6#78)5(!),%!%52#5$3+$%!7$&5&,%!&$!%$2#(5&,&]! ,\!H$!,)7,6$3,(R3!$3!)#2,($%!&-3&$!3-!8#$&,3!&$%)5<,(!-!7-/$(%$!&$!A-(7,!578($/5%+,.!35!$3!,O#$))-%! %5+5-%!&$!&5AQ65)!,66$%-!-!,)!'-(&$!&$!+,)#&$%:!


'\!Y-%!85)-+$%!&5%8-3&(R3!&$!#3!8,(!&$!2,36^-%!%$2#(-%!%5+#,&-%!$3!6,'$<,!8,(,!8-&$(!%$(!5<,&-%!%53! (5$%2-! &$! O#$! &$3! ',3&,<-%Z! i! -+(-! 8,(.! $3! )-%! ),+$(,)$%.! 8,(,! A,65)5+,(! $)! 8-&$(! %$(! 6,(2,&-%! 4! ¶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a\!*)!-8$(,&-(!&$)!7,(+53$+$!-!7,(+5))-!7$6R356-!%$!2#5,(R!6-3!#3!61&52-!&$!%$S,)$%!$3+($!0)!4!$)!8$(%-3,)! O#$!+(,',9$!$3!$%$!%5+5-.!$%+$!61&52-!%$(R!&$!6-3-6575$3+-!6-)$6+5/-Z! )3/#$`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


)3/#$ `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`_#I$>E/3HG/H3,$-5$d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`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


^\!Y,%!-8$(,65-3$%!&$!&$%$36-A(,&-.!&$'$(R3!($,)5<,(%$!6-3!$)!7,4-(!6#5&,&-.!$/5+,3&-!578,6+-%!4!/5'(,65-3$%:! $78$<,(!8-(!#3!%-)-!),&-!4!6-3+53#,(!^,%+,!$)!A53,):!$.! 5\!Y-%!6),/-%!&$!)-%!+,')$(-%!4!+,'),%!#%,&-%!$3!$)!$36-A(,&-.!%$!($+5(,(R3!-!&-'),(R3!),%!8#3+,%!,)!$A$6+#,(!$)! 6-(($%8-3&5$3+$!+(,',9-!&$!&$%$36-A(,&-Z! )3/#$``#I$C"E,E#I$*3!)-%!+(,',9-%!&$!6-3%+(#66513!&$!)-%,%!6-3!(5$%2-!&$!6$&,%!&$!,)+#(,!%#8$(5-(!,!C]E!7$+(-%.! %$!+-7,(R3!),%!%52#5$3+$%!7$&5&,%!&$!8($/$36513]! ,\!=3%+,),6513!&$!($&!&$!%$2#(5&,&!',9-!),!)-%,!$3!6-3%+(#66513:! '\!b+5)5<,6513!&$!,3&,75-%:! 6\!b+5)5<,6513!&$!8,%,($),%!($2),7$3+,(5,%:!4.! &\!b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`a#I$:3,*,L"E$E"P5/0-"E$,$R35E0Q.$,/P"ES]30G,$X,30,*25#I$P,(,!),!$9$6#6513!&$!+(,',9-%!O#$!($O#5$(,3! $N8-%56513!,!/,(5,65-3$%!&$!8($%513!,+7-%A0(56,.!%$!6-3+,(R!6-3!8$(%-3,)!6-78$+$3+$!4!6,)5A56,&-]! D 7RGD SHUVRQD TXH HVWp WUDEDMDQGR HQ FiPDUD VXPHUJLEOH R ´FDLVVRQµ OOHYDUi XQD LQVLJQLD TXH LGHQWLILTXH VX -6#8,6513!$3!$%+,!),'-(:! '\!*3!),%!-'(,%!$3!O#$!$%!3$6$%,(5-!$)!+UDEDMR FiPDUD VXPHUJLEOH R ´&DLVVRQµ HV QHFHVDULD OD SUHVHQFLD GH XQ 70&56-Z!Y-%!8(-6$%-%!&$!6-78($%513!4!&$%6-78($%513!%$(R3!/525),&-%!8-(!#3!%#8$(/5%-(!6,)5A56,&-:! F /DV FiPDUDV VXPHUJLEOHV ´FDLVVRQµ GHEHUiQ FRQWDU FRQ LOXPLQDFLyQ DGHFXDGD FXPSOLHQGR 6-3! ),%! &5%8-%565-3$%! &$)! ?$2),7$3+-! &$! H$2#(5&,&! 4! H,)#&! &$! )-%! >(,',9,&-($%Z! H$! 53%+,),(R3! &-%! 8),3+,%! 53&$8$3&5$3+$%!8,(,!%#!,)#7'(,&-:! G 7RGD OiPSDUD SRUWiWLO TXH VH HPSOHH HQ WUDEDMRV GH ´FDLVVRQµ VHUi DQWLGHIODJUDQWH HVWDUi HTXLSDGD FRQ ,66$%-(5-%!&$!7,+$(5,)!3-!6-7'#%+5')$.!6-3!7,32-%!4!6-(&-3$%!,8(-',&-%!8,(,!+(,',9-%!$3!^#7$&,&:! H (O WUDEDMR HQ ´FDLVVRQµ FRQWDUi FRQ XQ VLVWHPD GH VHxDOHV \ WHOpIRQRV \ VH GHEH HVWDEOHFHU XQ FyGLJR GH %$S,)5<,6513.!$)!75%7-!O#$!^,!&$!6-)-6,(%$!$3!)#2,($%!/5%5')$%!4!$3!)-%!)#2,($%!&$!$3+(,&,:! A\!*3!+-&,%!),%!6R7,(,%!&$!+(,',9-!O#$!$%+03!%-7$+5&,%!,!8($%513.!%$!7,3+$3&(R!#3,!+$78$(,+#(,!3-!7,4-(!,! UE!2(,&-%!@:!


2\! *)! ,5($! $3! $%+-%! )#2,($%! &$! +(,',9-! &$'$! %$(! ,3,)5<,&-! 8$(7,3$3+$7$3+$.! ))$/R3&-%$! #3! ($25%+(-! &$)! ($%#)+,&-!&$!$%+-%!,3R)5%5%!4!8(53658,)7$3+$!&$)!8-(6$3+,9$!&$!-NQ2$3-!O#$!3-!%$(R!7$3-(!,!CDZGj:! ^\!Y,!6-78($%513!&$'$!$A$6+#,(%$!&$!7,3$(,!)$3+,!4!8-(!$+,8,%:! L /D GXUDFLyQ GHO WUDEDMR HQ ORV ´FDLVVRQµ VH WLHQH TXH VHU OLPLWDU WDO FRPR VH LQGLFD D FRQWLQXDFL13]! B35E0Q.$ 5.! h+#iGP^!

B35E0Q.!

:05PR"!

:05PR"!

B53W"-"!

:05PR"!

5.$ 2*#iSH2^!

E"*35!

5S5G#$-5!

-5!

-5$-5E!

R35E0Q.!

/3,*,L"!

/3,*,L"!

5./35! R53W"-"!

:05PR"$ -5! G"P$R"3!

=5EG"P!

=5EG"P!

&53!

^j!

R53W"-"!

R53W"-"!

R53W"-"!

W.CdC!

U!,!CG!

F^ZWW7!

X^VW7!

U!

C!^-(,!

G!7!

G!7!

CG!7!

CdC.G!

CG!,!UU!

F^ZWW7!

X^dCW7!

U!

C!^-(,!

G!7!

UW!7!

UW!7!

C.GdU!

UU,VW!

G^ZWW7!

J^dCG7!

U!

U!^-(,%!

CW!7!

UW7!

VG!7!

UdU.G!

VW!,!VF!

G^ZVW7!

G^d)W7!

U!

Uk!^-(,!

CW!7!

UG!7!

VG!7!

U.GdV!

VF!,JJ!

G^ZWW7!

V^dUG7!

U!

V^-(,%!

CG!7!

VW!7!

VG!7!

VdV.G!

JJ,GC!

J^ZVW7!

U^dJW7!

U!

Vk!^-(,!

CG!7!

JW!7!

JW!7!

V.GdJ!

GC!,!GD!

J^ZWW7!

C^dJG7!

U!

J!^-(,%!

UW!7!

JW!7!

GG!7!

`#$3+$]!@-3%$9-!=3+$(,7$(56,3-!&$!H$2#(5&,&!


!

9\!P,(,!$)!%#7535%+(-!&$!,5($.!+-&,%!),%!)Q3$,%!+5$3$3!O#$!%$(!&-')$%!4!$%+,(!$O#58,&,%!6-3!/R)/#),%!&$!($+$36513:! a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`'#I$ ;5YH0E0/"E$ R,3,$ 52$ R53E".,2#I!K! 7R%! &$! )-%! 6-3-6575$3+-%! 4! $N8$(5$365,.! $)! 8$(%-3,)! 8,(,! $%+-%! +(,',9-%!&$'$(R!%-7$+$(%$!,]! ,\!*N,7$3!70&56-!&$!,8+5+#&:! '\!*/,)#,6513!70&56,!,3+$%!&$)!6-75$3<-!&$!),!9-(3,&,:! 6\!*N,7$3!70&56-!8$(51&56-!&$!,6#$(&-!,)!8(-2(,7,!&$!/525),365,!&$!),!%,)#&:! &\!Y575+,(!),!$&,&!8,(,!$)!+(,',9-!$3+($!CE!,!JG!,S-%:!4.! $\!=3%+,),65-3$%!,8(-85,&,%!8,(,!),!($6#8$(,6513!&$!)-%!+(,',9,&-($%.!,3$N-!,)!)#2,(!&$!+(,',9-Z! B;<V8?8D8<!>9F! ,\!`#7,(!&$3+(-!&$!),%!6R7,(,%!&$!+(,',9-:!4.! '\!M,3+$3$(!',%#(,!4!($%5&#-%!&$!7,+$(5,)$%Z! )3/#$`b#I$:3,*,L"E$-5$9"2-,-H3,$M$D"3/5#I!H$!6-)-6,(R3!',(($(,%!-!6-(+53,%!8-(+R+5)$%!$3!),!<-3,!&$)!8(-6$%-.! 6-3!),!A53,)5&,&!&$!$/5+,(!),!6-3+,753,6513!8-(!(,&5,6513!bc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


7-31N5&-! &$! 6,('-3-.! -<-3-.! ^#7-%! 7$+R)56-%.! 6#4,%! 6-36$3+(,65-3$%! &$'$(R3! %$(! 53A$(5-($%! ,! )-! )Q75+$%! SHUPLVLEOHV R 7/9·V ! )3/#$ `c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b%-! &$! ,7-),&-(,%.! %-)&,&-(,%.! $%7$(5)$%.!)),7,!,'5$(+,.!$+6Z.!$3!+(,',9-%!&$!7,3+$3575$3+-!4!8(-&#66513:! '\!Y-%!8$(75%-%!$3!A(Q-!%$!#+5)5<,3!8,(,!+(,',9-%!&-3&$!3-!$N5%+$!#3,!A#$3+$!&$!52356513.!$9$78)-.!,(($2)-!+$! 7,O#53,(5,! 6,7'5-%! &$! ,6$5+$.! $3! -8$(,65-3$%! &$! )5785$<,.! -'(,! 65/5).! +(,',9-! $3! ,)+#(,%.! $%8,65-%! 6-3A53,&-%!$+6Z:! 6\! Y-%! 8$(75%-%! $)06+(56-%! %$! #+5)5<,(R3! 6#,3&-! %$! ($,)56$3! +(,',9-%! $3! $O#58-%! $)06+(56-%.! 6-3$N5-3,&-.! 6,')$,&-!$+6Z.!%$!,8)56,!')-O#$-!4!$+5O#$+,&-!&$!%$(!3$6$%,(5-.!)-%!8$(75%-%!&$'$3!%$(!,8(-',&-%!8-(!),%! ,#+-(5&,&$%!($%8$6+5/,%!4!/$(5A56,(!%#!6#78)57$3+-!$3!$)!%5+5-!&$)!+(,',9-:!4.! &\!*%!7-+5/-!&$!%#%8$3%513!&$)!+(,',9-!%5!3-!%$!6#78)$!6-3!$%+-%!($O#5%5+-%Z! )3/#$a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h-! 53&5/5&#,)! $%8$6QA56,:! GO$ B0./H3,#I! P,(,! 8(-6$%-%! &$! 853+,&-! 6-3! $)! #%-! &$! &5)#4$3+$%! e%-)/$3+$%\.! %$! $N+($7,(R3! 7$&5&,%! &$! 8($/$36513!6-3+(,!536$3&5-%Z!H$!A,65)5+,(R!#3,!,&$6#,&,!65(6#),6513!&$!,5($!$3!$)!R($,!&$!+(,',9-.!$/5+,3&-! ,&$7R%! ),! $N8-%56513! 533$6$%,(5,! &$! -+(-%! +(,',9,&-($%Z! H$(R! -')52,+-(5-! $)! #%-! &$! 8(-+$66513! ($%85(,+-(5,!6-3!A5)+(-!$%8$6QA56-!8,(,!),%!%#%+,365,%!#+5)5<,&,%:! &\!=3%+,),6513!&$!%,35+,(5-%!4!8)-7$(Q,Zd!H$!8-3&(R!$%8$65,)!6#5&,&-!$3!3-!,66$&$(!,!53%+,),65-3$%!$)06+(56,%.! 2,%!4!-+(-%!%$(/565-%Z!@#78)5(!6-3!),%!($6-7$3&,65-3$%!8,(,!$)!)$/,3+,75$3+-!%$2#(-!&$!6,(2,%:!


$\!Y,'-($%!&$!6,(853+$(Q,Zd!H$!+-7,(R3!$3!6#$3+,!($6-7$3&,65-3$%!$%8$6QA56,%!&$!8(-+$66513!,!7,O#53,(5,!4! #%-! &$! ^$((,75$3+,! ,8(-85,&,! 8,(,! 6,&,! +58-! &$! +(,',9-Z! K&$7R%! &$! ),! 8(-+$66513! 6-3+(,! )-%! (5$%2-%! 7$6R356-%!%$!8(-+$2$(R!,!)-%!+(,',9,&-($%!%-'($!(5$%2-%!6-7-!$)!(#5&-.!8-)/-.!%-)/$3+$%.!$+6Z.!4!%-'($!)-%! (5$%2-%!$(2-31756-%:!4.! A\! ?$653+-%! 6$((,&-%Zd! >-&-! +(,',9-! $3! ($653+-! 6$((,&-! -! $3! $%8,65-! 6-3A53,&-.! 6-3+,(R! 6-3! $)! ($%8$6+5/-! 8$(75%-!&$!+(,',9-Z!H-),7$3+$!8-&(R3!($,)5<,()-!,O#$))-%!+(,',9,&-($%!O#$!^,4,3!%5&-!6,8,65+,&-%!8,(,!$)! $A$6+-Z!P($/5-!,)!532($%-!,!$%+-%!$%8,65-%!%$!6-3+,(R!6-3!),!($%8$6+5/,!6-78(-',6513!&$!35/$)!&$!-NQ2$3-! O#$! 3-! &$'$! %$(! 53A$(5-(! ,! CDZGj! 4! ),! ,#%$365,! &$! ,+71%A$(,%! +1N56,%Z! I$! %$(! 3$6$%,(5-! %$! #+5)5<,(R! H#7535%+(-!&$!,5($!6-3!$O#58-%!%$75,#+13-7-%!-!,#+13-7-%!%$2T3!),!3$6$%5&,&Z! P-(! 3532T3! 7-+5/-! ($,)5<,(R! $%+$! +(,',9-! #3,! 8$(%-3,! %-),Z! H$(R! -')52,+-(5-! $)! ,6-78,S,75$3+-! 4! ),! 6--(&53,6513!&$%&$!$)!$N+$(5-(!&$)!($653+-!6$((,&-Z! )3/#$a&#I$:,35,E$-5$P,./5.0P05./"#I!P,(,!),!($,)5<,6513!&$!7,3+$3575$3+-!8($/$3+5/-!4!6-(($6+5/-.!%$!6-3+,(R! 6-3! ),!($%8$6+5/,! -(&$3!&$!+(,',9-.! 6-)-6,6513! &$! ,/5%-%.!%#%8$3%513! &$! $3$(2Q,! 4! &$!%$(! 8-%5')$! ,36),9$! &$! +,')$(-%!&$!(#,3&-.!%l5+6^$%.!6#6^5)),%!4!-+(-%!7$6,35%7-%!&$!%#7535%+(-!&$!$%+,Z! )3/#$a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


'\!P-&(R3!%$(!&$%8),<,&-%!%53!3$6$%5&,&!&$!O#$!$)!+(,',9,&-(!%$!,8-4$!%-'($!),!6#'5$(+,:!4.! 6\!*3!6,%-!&$!578-%5'5)5&,&!&$!#+5)5<,(!)-%!7$&5-%!,3+$(5-($%!&$'$(R!53%+,),(%$!#3!%5%+$7,!&$!($6-25&,! e($&!-!%575),(\!',9-!),!6#'5$(+,Z! (#$JE"$-5$P5-0"E$-5$EHL5G0Q.#I!>-&-!+(,',9-!($,)5<,&-!,!8,(+5(!&$!#3!7$+(-!-6^$3+,!6$3+Q7$+(-%!&$)!35/$)!&$)! %#$)-.!($O#$(5(R!&$)!#%-!&$!#3!,(30%!&$!%$2#(5&,&Z!H5!$)!+(,',9-!%$!($,)5<,!$3!#3!8#$%+-!A59-!%$(R!%#A565$3+$! ,7,((,()-!,!#3!8#3+-!($%5%+$3+$!&$!),!$%+(#6+#(,Z!H5!$)!+(,',9,&-(!+5$3$!O#$!6,7'5,(!&$!)#2,(!&$!+(,',9-! GHEHUi XWLOL]DU FXHUGDV ¶GH DPDUUH ILMDGDV HQWUH GRV SXQWRV UHVLVWHQWHV GH OD HVWUXFWXUD X RWURV VLVWHPDV &$!%#9$6513!^-(5<-3+,)!-!/$(+56,)!,!),%!6#,)$%!,7,((,(R!$)!,(30%!,!+(,/0%!&$!#3!%5%+$7,!&$%)5<,3+$!-!)Q3$,! &$!/5&,Z!Y-%!8#3+-%!&$!,7,(($!&$)!,(30%!&$!%$2#(5&,&!4!)Q3$,!&$!/5&,!&$'$(R3!%$(!53&$8$3&5$3+$%!&$!)-%! #+5)5<,&-%!8,(,!,7,(($!&$!,3&,75-%Z! `#$D".-0G0".5E$G20P,/"2Q+0G,E#I!H$!8(-^Q'$!($,)5<,(!+(,',9-%!$3!+$9,&-%.!,3&,75-%!-!6#,)O#5$(!-+(-!)#2,(!,!),! 53+$78$(5$!6-3!(5$%2-!&$!6,Q&,!&$!,)+#(,.!6#,3&-!%$!8($%$3+$!6-3&565-3$%!&$!))#/5,%!53+$3%,%.!/5$3+-%!1! 6#,)O#5$(!-+(-.!O#$!,7$3,6$!),!$%+,'5)5&,&!&$!),%!53%+,),65-3$%!-!&$!),%!8$(%-3,%Z! a#$1,.Gd"E$-5$,P,335#I!*3! )-%!$&5A565-%.! -'(,%!8T')56,%.!6^57$3$,%!&$!AR'(56,%.! 4! $3! 2$3$(,).!$3! +-&-%!)-%! )#2,($%!&-3&$!&$',3!($,)5<,(%$!+(,',9-%!&$!7,3+$3575$3+-!6-3!(5$%2-!&$!6,Q&,!&$!,)+#(,.!%$!8(-4$6+,(R3!4! 6-)-6,(R3!2,36^-%!7$+R)56-%!&$'5&,7$3+$!,36),&-%.!($%5%+$3+$%!,!),!-N5&,6513!4!,8+-!8,(,!%-8-(+,(!#3,! 6,(2,!#35+,(5,!&$!FGW!a5)-2(,7-%Z! )3/#$ a_#I$ 7,./5.0P05./"$ -5$ X5./,.,E#I! *3! )-%! +(,',9-%! &$! 7,3+$3575$3+-! &$! /$3+,3,%! -! 8,($&$%! &$%&$! $)! $N+$(5-(.!%!+(,',9,(R!6-3!),%!8(-+$665-3$%!%52#5$3+$%]! $QGDPLR PyYLO R HOHPHQWR VLPLODU GRWDGR GH ¶WRGRV ORV GLVSRVLWLYRV GH VHJXULGDG SUHVFULWRV SDUD HOORV ! UZ!K(30%!&$!%$2#(5&,&!O#$!%$!,7,((,(R3!,!2,36^-%!A59,&-%!%1)5&,7$3+$!,)!$&5A565-Z! H$!8(-^Q'$!O#$!)-%!+(,',9,&-($%!,',3&-3$3!$)!,3&,75-!4!6,753$3!8-(!'-(&$%!8$)52(-%-%!8,(,!,)6,3<,(!8#3+-%! &5%+,3+$%Z! D)B8:JC<$888! C>4)!:)78>!:<$=>$D);1)9! )3/#$ a(#I$ C5X,./,P05./"$ P,.H,2$ -5$ G,3+,E#I! H$! $3+($3,(R! ,)! 8$(%-3,)! %-'($! $)! 6-(($6+-! 7,3$9-! &$! )$/,3+,75$3+-! &$! 6,(2,%.! 6-3%5&$(,3&-! 6,(2,! 7RN57,! ,! )$/,3+,(! 8,(,! ^-7'($%! 4! 7#9$($%.! %$2T3! 3-(7,%! +06356,%!$%8$6QA56,%]! CZ!b%,(!$O#58-%!7$6R356-%!%5$78($!O#$!%$,!8-%5')$!^,6$()-!-!%-)565+,(!,4#&,!8,(,!7-/$()-%Z! UZ!@#,3&-!&$',3!)$/,3+,(%$!6,(2,%.!&$3+(-!&$!)-%!)Q75+$%!$%+,')$65&-%.!($,)5<,(!)$/,3+,75$3+-!%$2#(-!&$!$%+,%]!


,\!I-'),(!),%!(-&5)),%:! '\!K2,((,(!A5(7$7$3+$!),!6,(2,:! 6\!M,3+$3$(!),!$%8,)&,!($6+,:! &\!b%,(!)-%!7T%6#)-%!&$!),%!85$(3,%!8,(,!%#'5(:! $\!M,3+$3$(!+-&-!$)!+5$78-!),!6,(2,!)-!7R%!6$(6,!8-%5')$!&$)!6#$(8-:! A\!L-!25(,(!$)!6#$(8-!8,(,!^,6$()-:!4.! 2\!L-!-'%+,6#)5<,(!),!/5%5'5)5&,&Z! VZ!@#,3&-!),!6,(2,!%#8$($!)-%!UV!m2Z!&$'$!)$/,3+,(%$!$3+($!U!-!7R%!8$(%-3,%!&$8$3&5$3&-!&$)!8$%-Z! JZ! H$! &$'$(R! $/,)#,(! $(2-31756,7$3+$! $)! )$/,3+,75$3+-! &$! 6,(2,%! %$2T3! $)! 70+-&-! 53+$(3,65-3,)7$3+$! ($6-3-65&-Z! GZ!K!)-%!+(,',9,&-($%!O#$!)$/,3+,3!6,(2,%!%$!)$%!&$'$!($,)5<,(!$NR7$3$%!8$(51&56-%!&$!),!6-)#73,Z! )3/#$a`#I$C5X,./,P05./"$P5GZ.0G"$-5$G,3+,E#I!I$!8($A$($365,!%$!#%,(R!$%+$!7$&5-Z!@-3!$%+,!A53,)5&,&!8-&(R3! #%,(%$!/,(5-%!$O#58-%Z! )3/#$aa#I$)R,3,/"E$P,.H,25E#I!H-3!,O#$))-%!&5%8-%5+5/-%!&$%+53,&-%!,!$)$/,(!4!&$%6$3&$(!6,(2,%!8-(!+(,66513.! 7$&5,3+$!$C!$%A#$(<-!7#%6#),(!&$)!+(,',9,&-(.!&$'5$3&-!$%+,(!8(-/5%+-!&$!,)2T3!7$6,35%7-!O#$!7#)+58)5O#$!$)! $A$6+-!&$!),!8-+$365,!,8)56,&,Z! H$!6#78)5(R!6-3!)-!%52#5$3+$]! CZ!Y,%!6#$(&,%!8,(,.!5<,(!-!+(,3%8-(+,(!6,(2,%!+$3&(R3!#3!A,6+-(!&$!%$2#(5&,&!&$!CW!eA%n)W\Z! UZ!Y,%!6#$(&,%!+$3&(R3!#3!&5R7$+(-!7Q357-!&$!CW!77! VZ! Y,%! 6#$(&,%! $%+,(R3! $3! 8$(A$6+,%! 6-3&565-3$%! &$! #%-.! 3-! 8($%$3+,3&-! A5)-%! (-+-%.! 6-(+$%! &$%2,%+$%.! (,%8,&#(,%!35!-+(-%!&$A$6+-%!O#$!,A$6+$3!%#!($%5%+$365,Z! JZ!Y,%!6,&$3,%!%$(R3!&$!^5$((-!A-(9,&-!-!&$!,6$(-Z!*)!A,6+-(!&$!%$2#(5&,&!8,(,!$%+,%!%$(R!,)!7$3-%!&$!G!8,(,!),! 6,(2,!3-753,)!7RN57,!eA%nG\Z! GZ! *3! ),%! 8-)$,%! -! +-(3-%! $3! $)! 8#3+-! &$!7RN57,!$N+$3%513! &$!),! 6#$(&,.!6,')$! -!6,&$3,.!0%+,! 8$(7,3$6$(R! %5$78($!$3(-)),&,!%-'($!$)!(-&5))-!6-3!#3!7Q357-!&$!+($%!/#$)+,%Z! XZ!L-!%$!$3(-)),(R!),!6#$(&,!$3!),%!7,3-%.!%53-!O#$!%$!,%5(R!A#$(+$7$3+$!6-3!,7',%!7,3-%Z!


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a'#I$>25X,-"35E$"$G,*35E/,./5E$P5GZ.0G"E#I$H$!6#78)5(R3!),%!%52#5$3+$%!53%+(#665-3$%!&$!%$2#(5&,&]! CZ!>$3&(R!#3!6,(+$)!6-3!6,(,6+$($%!AR65)7$3+$!)$25')$%!$3!$)!O#$!%$!53&5O#$!$)!8$%-!7RN57-!,#+-(5<,&-Z! UZ!Y-%!6-$A565$3+$%!&$!%$2#(5&,&!8,(,!6,')$%.!+,7'-($%.!A($3-%!4!2,36^-%!%$(R3!)-%!75%7-%!O#$!%$!$%8$65A56,3! 8,(,!)-%!,8,(,+,%!7,3#,)$%Z! VZ!H#!,36),9$!$3!),%!)-%,%!-!$36-A(,&-%!%$!($,)5<,(R!7$&5,3+$!+($%!'(5&,%!8,%,3+$%!O#$!,+(,/5$%,3!$)!A-(9,&-! ,'(,<,3&-!),%!/52#$+,%!-!)-%!3$(/5-%!$3!)-%!6,%-%!&$!,(7,&#(,%!($+56#),($%Z! JZ!>,7'503!8-&(R3!6-)-6,(%$!7$&5,3+$!+($%!+-75))-%!8,%,3+$%!8,(,!6,&,!,8-4-.!,+-(35)),&-%!,!8),6,%!&$!,6$(-! 8,(,!$)!($8,(+-!&$!6,(2,%!$3!),!6,(,!53A$(5-(!&$)!A-(9,&-Z! GZ!H$!8(-^Q'$!6,753,(!6-3!%,6-%.!'5&-3$%.!7,&$(,%.!$+6Z.!O#$!^,2,3!6-3+(,8$%-!4!+,78-6-!%$!8$(75+5(R!$%+,! %#9$6513!8-(!7$&5-!&$!8#3+,)$%!&$!#3-!,!-+(-!85%-Z! XZ!Y,!+-7,!&$!6-((5$3+$!%$!^,(R!8-(!7$&5-!&$!6,')$!&$!7,32#$(,!%$)),&,!,3+5^#7$&,&!6-3!+-7,!,!+5$((,Z!H$! ($/5%,(R!&5,(5,7$3+$!$)!'#$3!$%+,&-!&$!$%+-Z! FZ!H$!53%+,),(R!#3!8#3+-!-!,(2-)),!&$!%$2#(5&,&!8,(,!,36),(!$)!2,36^-!-!7-%O#$+13!&$)!,(30%!&$!%$2#(5&,&!&$)! -8$(,(5-Z!


EZ!P(-^5'5&-!%#9$+,(!$)!,(30%!&$!%$2#(5&,&!,!),!$%+(#6+#(,!&$)!$)$/,&-(Z!;')52,+-(5,7$3+$!%$!53%+,),(R!#3!6,(+$)! TXH LQGLTXH ´6H SURKtEH DQFODU HO DUQpV GH VHJXULGDG D HVWH HOHYDGRµ ! DZ!>-&-%!)-%!$)$/,&-($%!&$!),!-'(,!$%+,(R3!&-+,&-%!&$]! ,\!I5%8-%5+5/-!)575+,&-(!&$)!($6-((5&-!&$!),!6,(2,!$3!7,(6^,!,%6$3&$3+$:! '\!B,36^-!&$!,6$(-!A-(9,&-!6-3!8$%+5))-!&$!%$2#(5&,&:! 6\!@,(6,%,!8(-+$6+-(,!&$!),!7,O#53,(5,!6-3!65$(($!$A$6+5/-!8,(,!)-%!,66$%-%!&$!),%!8,(+$%!71/5)$%:!4.! &\! Y-%! ),<-%! &$! )-%! 6,')$%! #+5)5<,&-%! 8,(,! $)! 5<,&-! %$! A-(7,(R3! 6-3! +($%! '(5&,%! e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i XQD VHxDO HQ HVWD ]RQD DFRWDGD GH ´3HOLJUR FDtGD GH REMHWRVµ FRQIRUPH HO WDPDxR \ GLVHxR GH OD L-(7,!=L*L!JVDZ! CGZ! P,(,! ($,)5<,(! ),'-($%! &$! )5785$<,! 4! 7,3+$3575$3+-! -! ($8,(,6513.! $)! $)$/,&-(! 8$(7,3$6$(R! ,8,2,&-! 4! %$! &$%6-3$6+,(R!&$!),!($&!&$!$3$(2Q,!$)06+(56,Z.! CXZ!*)!-8$(,&-(!&$)!$)$/,&-(!%$(R!#3,!8$(%-3,!6,8,65+,&,!4!6-3!,78)5,!$N8$(5$365,!$3!$%+$!+58-!&$!),'-($%Z! CFZ!*)!-8$(,&-(!&$)!$)$/,&-(.!3$6$%,(5,7$3+$!#%,(R!6,%6-.!653+#(13!&$!%$2#(5&,&!'-+,%!6-3!8#3+$(,!($A-(<,&,!4! 2#,3+$%!&$!6#$(-Z! )3/#$ab#I$7"./,G,3+,E#I!Y-%!7-3+,6,(2,%!6#78)5(R3!6-3!)-!%52#5$3+$]! ,\! o356,7$3+$! 8$(%-3,)! &$'5&,7$3+$! $3+($3,&-! 4! ,6($&5+,&-! -8$(,(R! $%+$! +58-! &$! /$^Q6#)-%.! ),! /$)-65&,&! 7RN57,! 8$(75+5&,! $%! &$! CG! a7h^-(,! 4! 3-! %$! 8$(75+5(R! 8,%,9$(-%! $3! )-%! $%+(5'-%.! $3! )-%! '-(&$%! &$! ),! 8),+,A-(7,!-!%-'($!)-%!'-(&$%!&$!),!6,((-6$(Q,:! '\!K)!8-3$(!6-7'#%+5')$!$3!$)!+,3O#$!%$!&$'$(R!8,(,(!$)!7-+-(:! 6\!K)!+(,3%8-(+,(!6,(2,%!%$!$A$6+#,(R!),!-8$(,6513!6-3!$)!%5%+$7,!&$!$)$/,&-(!',9-:!


&\!Y,%!^-(O#5)),%!&$)!7-3+,6,(2,%!$3!7-/575$3+-!6-3!6,(2,!-!3-.!&$'$(R3!8$(7,3$6$(!,!#3,!,)+#(,!,8(-N57,&,! &$!UG!67Z!&$)!%#$)-:! $\!H$!&$'$(R!+$3$(!8($%$3+$!)-%!)Q75+$%!$%+,')$65&-%!8-(!$)!A,'(56,3+$!6-3!($%8$6+-!,!),!6,(2,!&$)!/$^Q6#)-:! A\!L-!%$!6,(2,(R!7,+$(5,)$%!O#$!)$!5785&,3!),!/5%5'5)5&,&.!$3!6,%-!&$!^,6$()-!%$!%-)565+,(R!#3,!2#Q,:! 2\! I$'$! $%+,(! $O#58,&-! 6-3! A($3-%! &5%$S,&-%! $! 53%+,),&-%! &$! +,)! 7,3$(,! O#$! %$,3! 6,8,6$%! &$! A($3,(! $A$6+5/,7$3+$!#3!8$%-!3-!7$3-(!&$!CcU!/$6$%!),!6,(2,!T+5)!8$(75%5')$:! ^\! H5! $)! 7-3+,6,(2,%! A#365-3,! 6-3! 7-+-(! &$! 6-7'#%+513! 53+$(3,! 4! %$! 7#$/$! $3! $%8,65-%! 6$((,&-%! &$'$(R! 7-35+-($,(%$!),!6-36$3+(,6513!&$!7-31N5&-!&$!6,('-3-!O#$!3-!%#8$(,(R!$)!)Q75+$!8$(75%5')$:! 5\!*%+,(R3!$O#58,&-%!6-3!%$S,)$%!,6T%+56,%!&$!($/$(%,:! 9\!Y-%!7-3+,6,(2,%!O#$!65(6#)$3!$3!),%!/Q,%!8T')56,%!($%8$+,(R3!),%!)$4$%!&$!+(R3%5+-!4!%#%!($2),7$3+-%:!4.! a\!K&$7R%!6-3!)-!&5%8#$%+-!$3!$)!K(+Z!CVU!&$)!IZ*Z!UVDV:! )3/#$ac#I$:"335E$-5$525X,G0Q.F! CZ! >-&,%! ),%! +-(($%! 8,(,! $)$/,(! 7,+$(5,)! %$! &$'$3! 6-3%+(#5(! ,! #3,! &5%+,365,! ($2),7$3+,(5,! &$! )-%! ,),7'($%! $)06+(56-%!&$!),%!)Q3$,%!&$!+(,3%75%513!8T')56,Z! UZ!*)!,36),9$!&$!),!+-(($!%$!&$'$!%#8$(/5%,(!&$!7,3$(,!6-3%+,3+$Z! VZ!H$!&$'$!6#'(5(!),!8,(+$!53A$(5-(!&$!),%!+-(($%!e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e$N6$8+-! $3! ),%! ^$((,75$3+,%! &$! 8$(6#%513\Z!


)3/#$ '^#I$ @#,3&-! %$! #+5)56$3! ^$((,75$3+,%! &$! 8($65%513! %$! 8(-8-(65-3,(R! &$! ,8-4-! ,! ),! 7,3-Z! H$! $)$25(R3! ^$((,75$3+,%!O#$!8#$&,3!7,3$9,(%$!6-3!#3,!7Q357,!A#$(<,Z! )3/#$'_#I$M53575<,(!),!/5'(,6513!4!$)!(#5&-!&$!),%!^$((,75$3+,%!7,3#,)$%Z! )3/#$'(#I$P(-8-(65-3,(!#3!$%8,65-!%#A565$3+$!4!#3!,8-4-!$%+,')$!&$!)-%!85$%!8,(,!$)!7,3$9-!&$!),%!^$((,75$3+,%! 7$6R356,%Z! )3/#$ '`#I$ @#5&,(! O#$! ),%! ^$((,75$3+,%! O#$! %$! #+5)56$3! 3-! $%+03! &$+$(5-(,&,%.! %$! 53%8$665-3$3! 4! %$! &0! #3! 7,3+$3575$3+-!($2#),(Z! )3/#$'a#I$@,8,65+,(!,!)-%!+(,',9,&-($%!,3+$%!&$!8$(75+5()$%!),!#+5)5<,6513!&$!^$((,75$3+,%!7$6R356,%Z! )3/#$''#I$>-&,!^$((,75$3+,!&$!8$(6#%513!6-7-!6536$)$%!-!6-(+,A(Q-%!$%+,(R!)5'($!&$!($'-(&$%Z! )3/#$'b#I$>-&,!^$((,75$3+,!6-(+,3+$!%$!7,3+$3&(R!'5$3!,A5),&,!4!%$!+(,3%8-(+,(R!$3!6,9,%.!'-)%,%!-!$3!/,53,%Z! )3/#$'c#I$>-&,!6,'$<,!&$!7,(+5))-!+5$3$!O#$!$%+,(!'5$3!A59,!,!%#%!7,32-%!4!0%+-%!&$'$3!%$(!&$!'#$3,!6,)5&,&!4! )-325+#&!,&$6#,&,Z! )3/#$b%#I$>-&,!6#S,.!6536$)!#!-'9$+-!O#$!%$!+(,+,!&$!7,(+5)),(:!%$!&$'$!O#$!%#9$+,(!8-(!#3,!853<,!&$!)-325+#&! ,8(-85,&,Z!L-!$%!8$(75+5&-!$)!#%-!&$!$N+$3%5-3$%!6-3!+#'-!-!&$!-+(-!7,+$(5,)!%575),(!8,(,!,#7$3+,(!$)!'(,<-!&$! 8,),36,!&$!),%!)),/$%Z! )3/#$b&#I$P,(,!$)!#%-!&$!856-!4!8,),.!),!&5%+,365,!7Q357,!$3+($!+(,',9,&-($%!%$(R!&$!J!7Z! )3/#$b^#I$7,6"E$-5$,R0E".,P05./"#I!Y-%!7,<-%!7,3#,)$%!&$!#3-!-!&-%!7,32-%!%$(R3!&$!'#$3!7,+$(5,).!)5'($! &$!,%+5)),%!-!6#,)O#5$(!-+(,!8(-+#'$(,365,Z!Y-%!7,32-%!+5$3$3!O#$!$%+,(!'5$3!A59-%!,)!7,<-!8(-85,7$3+$!&56^-Z! H$! 8(-^Q'$! #%,(! $3! )#2,($%! 6-3A53,&-%! -! 6$((,&-%.! 7,<-%! 7$6R356-%! ,665-3,&-%! 8-(! 7-+-(! &$! 6-7'#%+513! 53+$(3,Z! *%+-%!+(,',9-%!&$'$(R3!%$(!$/,)#,&-%!6-3!70+-&-%!$(2-31756-%!4!&$'$!6#5&,(%$!O#$!$)!8$%-!3-!%#8$($!)-%!UV! a2Z! )3/#$b_#I$=5E/"3.022,-"35E$"$-5E,3P,-"35E#I!P(-^5'5&-!#%,(!&$%,(7,&-($%!6-7-!6536$)$%!-!8,),36,%Z!>-&-%.! %$!+(,3%8-(+,(R3!$3!6,9,%!,&$6#,&,%!-!8-(+,!^$((,75$3+,%Z! Y-%!7,32-%!&$!)-%!&$%+-(35)),&-($%!O#$!%$!$78)$,3!8,(,!+(,',9-%!$)06+(56-%!+5$3$3!O#$!%$(!&$!7,+$(5,)!,5%),3+$Z! )3/#$b(#I$1,/"$R,3,$25X,./,3$R5E,E#I$H$)$665-3,(!)-%!2,+-%!&$!,6#$(&-!,!),!6,(2,!O#$!^,3!&$!)$/,3+,(Z!H$! 8(-^Q'$!6-)-6,(!,)!2,+-!#3,!6,(2,!%#8$(5-(!,!),!%$S,),&,!8-(!$)!A,'(56,3+$Z! *)! 7$6,35%7-! &$)! 2,+-! %$! +5$3$! O#$! 7,3+$3$(! '5$3! )#'(56,&-! 4! )-%! 8,%,&-($%! 8,(,! $)! 7-/575$3+-.! $3! '#$3! $%+,&-Z!


)3/#$b`#I$V533,P05./,E$.5HPZ/0G,E$ M$52]G/30G,E#I!>-&,!^$((,75$3+,!,665-3,&,!8-(!$3$(2Q,!$)06+(56,!&$'$! +$3$(!6-3$N513!,!+5$((,.!,&$7R%!&$!($%2#,(&-%!&$!8(-+$66513.!,#3O#$!+(,',9$3!A59,%!$3!#3!',36-Z! )3/#$ba#I$B0E/"2,E$-5$0.G3HE/,G0Q.#I!H$!#+5)5<,(R!7#3565-3$%!4!8(-4$6+5)$%!6,)5&,&!6$(+5A56,&,!4!,&$6#,&-%!,)! ,8,(,+-!$3!6#$%+513Z! >-&,!85%+-),!&$!536(#%+,6513!+5$3$!O#$!+$3$(!&5%8-%5+5/-%!&$!%$2#(5&,&.!5785&5$3&-!$)!+5(-!$3!$%8,65-!)5'($Z!H$! 8(-^Q'$!,',3&-3,(!$%+$!,8,(,+-!75$3+(,%!$%+0!6,(2,&-Z!


!

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b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


2\!Y,%!7RO#53,%!&$!($7-6513!&$!+5$((,%!$%+,(R3!$O#58,&,%!6-3!#3!%5%+$7,!&$!%$S,)5<,6513!,6T%+56,!&$!7,(6^,! ,+(R%:! ^\! L-! %$! +(,',9,(R! $3! ),! 8(-N575&,&! &$! ),%! )Q3$,%! $)06+(56,%! ^,%+,! O#$!%$! ^,4,3! +-7,&-! ),%! 8($6,#65-3$%! 4! 8(-+$665-3$%!3$6$%,(5,%!6-3+(,!6-3+,6+-%!$)06+(56-%:! 5\!H$!8(-^Q'$!+$(753,3+$7$3+$!$)!+(,3%8-(+$!&$!8$(%-3,%!%-'($!7RO#53,%:! 9\!L-!%$!($,)5<,(R3!($8),3+$-%!-!7$&565-3$%.!35!3532T3!+58-!&$!+(,',9-!$3!),%!<-3,%!$3!&-3&$!$%+03!-8$(,3&-!),%! 7RO#53,%!%53!,3+$%!^,'$(!%5&-!&$+$(753,&-!6),(,7$3+$!$)!(,&5-!&$!,66513!&$!),!7RO#53,.! a\!@#,3&-!#3!/$^Q6#)-d/-)O#$+$!&$',!,8(-N57,(%$!,!#3!'-(&$!&$!+,)#&!-!6-(+$.!6-3!$)!6-3%52#5$3+$!(5$%2-!&$! /#$)6-.!%$!&5%8-3&(R!$3!$)!%#$)-!&$!6#S,%!#!-'%+R6#)-%!O#$!53&5O#$3!$)!)Q75+$!&$!,8(-N57,6513:! )\!*3!$)!6,%-!&$)!6,7513!e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bb#I$="/,G0Q.$-5$E5+H30-,-$5.$2,$P,YH0.,30,#I!Y,!7,O#53,(5,!8$%,&,!&$!-'(,!$%+,(R!&-+,&,!,)!7$3-%!&$]! ,\!I-%!A-6-%!&$!7,(6^,!,&$),3+$!4!&$!($+(-6$%-:! '\!H$(/-A($3-!4!A($3-!&$!7,3-:! 6\!_-653,!4!A,(-!&$!($+(-6$%-:! &\!b3!$N+53+-(!$3!6,&,!),&-!&$!),!6,'53,!&$)!-8$(,&-(:! A\!P1(+56-!&$!%$2#(5&,&!,3+5/#$)6-!e?;PH\!4!,3+5d578,6+-!e`;PH\:! 2\!*%8$9-%!($+(-/5%-($%:! ^\! @,'53,! $(2-31756,! O#$!,!7R%! &$!#3,! 8-%+#(,!6-(($6+,! ,)!-8$(,&-(! )$!8(-+$9,3!&$! /5'(,65-3$%.! &$)! 8-)/-.! (#5&-!4!2,%$%!&$!6-7'#%+513:!$.! 5\!_-+5O#Q3!&$!8(57$(-%!,#N5)5-%Z!


)3/#$ bc#I$ =3%8$665-3$%! 8($/$3+5/,%Zd! Y,%! 7RO#53,%! %$(R3! 53%8$665-3,&,%! &5,(5,7$3+$! 4! ,3+$%! &$! 6-7$3<,(! 6,&,!+#(3-!8,(,!,%$2#(,(%$!O#$!$)!$O#58-!4!)-%!,66$%-(5-%!$%+03!$3!6-3&565-3$%!%$2#(,%!&$!A#365-3,75$3+-!4! )5'($%!&$!,/$(Q,%.!536)#4$3&-!$%+,!($/5%513!$)!'#$3!A#365-3,75$3+-!&$]! ,\!M-+-(:! '\!H5%+$7,%!^5&(R#)56-%:! 6\!H5%+$7,%!&$!A($3-%!e536)#5&-!$)!&$!7,3-\:! &\!H5%+$7,!&$!&5($66513:! $\!H5%+$7,!$)06+(56-!4!&$!)#6$%.!6,')$%:! A\!>(,3%75%5-3$%:! 2\!@-3+(-)$%!&$!-8$(,6513:! ^\!P($%513!4!$%+,&-!&$!)-%!3$#7R+56-%:! 5\!@,&$3,%:!4.! 9\!_-653,%.!85+-%!4!,),(7,%Z! )3/#$c%#I$H$!6-78(-',(R!8$(51&56,7$3+$!$)!$%+,&-!&$!)-%!$N+53+-($%.!$)!%5%+$7,!,3+5/5'(,+-(5-!&$!),!6,'53,!4!)-%! %5%+$7,%!,3+5/#$)6-!4!,3+5d578,6+-Z!@,&,!#3-!&$!)-%!$O#58-%!4!7,O#53,(5,!+$3&(R!#3!($25%+(-!&$!7,3+$3575$3+-! 8($/$3+5/-!4!6-(($6+5/-Z! )3/#$c&#I$D,P0."E$M$3,PR,E#I!H$!6#78)5(R!6-3!)-!%52#5$3+$]! ,\! Y,! #+5)5<,6513! &$! ),! 7,O#53,(5,! 8$%,&,! &$! -'(,!$3! )-%!6$3+(-%! &$!+(,',9-!%$! ))$/,(R! ,!6,'-! 8-(!7$&5-! &$! (,78,%!4!6,753-%!,&$6#,&-%.!6-3%+(#5&-%!4!7,3+$35&-%!&$!+,)!7,3$(,!O#$!+$32,3!$%8,65-!)5'($!8,(,!O#$! $)!$O#58-!4!)-%!/$^Q6#)-%!578)56,&-%!%$!7-/5)56$3!&$!7-&-!%$2#(-:! '\! Y,%! (,78,%! &$! ,66$%-! ,)! /,65,&-! +$3&(R3! 6-7-! 7Q357-! #3,! ,36^#(,! &$! JZG! 7$+(-%! 4! %#! 8$3&5$3+$! 3-! %#8$(,(R!$)!CUjZ!H5$3&-!$)!Ej!4!%-'($&57$3%5-3,&-%!$3!),!,36^#(,!$3!)-%!)#2,($%!6-3!6#(/,:! 6\! Y,%! 8$3&5$3+$%! %$S,),&,%! $3! $)! )5+$(,)! ,3+$(5-(.! %$! 6-3%5&$(,(R3! 6-3! 7RN57,%! $3! $)! 6,%-! &$! O#$! &$',3! +(,3%5+,(!8-(!$)),%!)-%!6,75-3$%:! &\!Y,%!(,78,%!$%+,(R3!&$'5&,7$3+$!6-78,6+,&,%!4!$%+,')$%:! $\!H$!6-)-6,(R3!653+,%!-!',3&$(-),%!&$!%$S,)5<,6513!$3+($!WZG!4!#3!7$+(-!&$)!'-(&$!&$)!+T3$):!4.!


A\!P,(,!),%!-8$(,65-3$%!&$!7,(6^,!,+(R%!4!&$%6,(2,!&$!)-%!/-)O#$+$%.!%$(R!3$6$%,(5,!),!6-),'-(,6513!&$!#3! ,4#&,3+$!&$)!6-3&#6+-(!-!#3!%$S,)$(-.!O#5$3!2#5,(R!,)!6-3&#6+-(!8-(!7$&5-!&$!%$S,)$%!($2),7$3+,(5,%!4! 8($$%+,')$65&,%Z! )3/#$c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c_#I$95+H30-,-$5.$52$P,.5L"$-5$R,2,E$G,3+,-"3,EF! CZ!L#36,!%$!,',3&-3,(R!),!7,O#53,(5,!6-3!),!6#6^,(,!%53!,8-4,(),!$3!$)!%#$)-Z! UZ!I#(,3+$!$)!+(,3%8-(+$!&$!+5$((,%.!),!6#6^,(,!8$(7,3$6$(R!)-!7R%!',9-!8-%5')$Z! VZ!Y,!65(6#),6513!%-'($!+$(($3-%!&$%52#,)$%!%$!$A$6+#,(R!$3!7,(6^,!)$3+,Z! JZ!H$!8(-^Q'$!$)!7,3$9-!&$!2(,3&$%!6,(2,%!e6#6^,(,!))$3,\!',9-!A#$(+$%!/5$3+-%Z! )3/#$c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j!$3!+$(($3-%!^T7$&-%!4!,)!VGj!$3!+$(($3-%!%$6-%Z! )3/#$c`#I$95+H30-,-$5.$52$P,.5L"$-5$/3,G/"35E$5\R2,.,-"3,E$N*H22-"653EO$G".$GHGd022,$M$5PRHL,-"3,#I!H$! 6#78)5(R3!),%!%52#5$3+$%!3-(7,+5/,%]!


CZ!L-!%$!,',3&-3,(R!),!7RO#53,!%53!,8-4,(d$3!$)!%#$)-!),!6#6^5)),!4!$)!$%6,(5A56,&-(Z! UZ!L-!%$!%#8$(,(R!),!/$)-65&,&!&$!V!a7h^!$3!)-%!+(,',9-%!&$!7-/575$3+-!&$!+5$((,%Z! VZ! *3! 6,%-! &$! +(,',9-%! ,! 7$&5,! ),&$(,.! %$! $/5+,(R! A-(7,(! +,)#&$%! -! &$%8($3&575$3+-%! %-'($! ),%! 8$(%-3,%! -! 6-%,%Z! JZ!K3+$%!&$)!53565-!&$!)-%!+(,',9-%!,)!85$!&$!+,)#&$%!4,!6-3%+(#5&-%!%$!536-(8-(,(R3!+-&-%!,O#$))-%!7,+$(5,)$%!4! /$2$+,6513!O#$!8#&5$(,3!&$%8($3&$(%$!,665&$3+,)7$3+$!%-'($!$)!+,9-.!%,3$R3&-)-%!,3+$%!&$)!6-75$3<-!&$! ),%!+,($,%Z! GZ!H$!#+5)5<,(R!653+#(-3$%!,'&-753,)$%!,3+5/5'(,+-(5-%!4!,%5$3+-!,3,+1756-!4!,3+5/5'(,+-(5-!8(-/5%+-!&$!653+#(13! &$!%$2#(5&,&Z! XZ!Y,!8$3&5$3+$!7RN57,!,6$8+,')$!8,(,!$%+$!+58-!&$!+(,',9-!%$(R!&$!JGjZ! )3/#$ca#I$H$2#(5&,&!$3!),%!^-(752-3$(,%Zd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


DZ!H$!$N,753,(R3!&5,(5,7$3+$!)-%!6,')$%!4!)-%!$32(,3,9$%!&$!),%!^-(752-3$(,%! )3/#$ c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gZ! DZ!Y,!6,(2,!$%+,(R!'5$3!$3+5',&,!4!6#'5$(+,!6-3!#3,!)-3,Z! )3/#$cb#I$6HJXULGDG HQ HO PDQHMR GH ORV ´'XPSHUVµ I!H$!6#78)5(R!6-3!)-!%52#5$3+$]! K3+$%!&$!6-7$3<,(!$)!+(,',9-!%$!($/5%,(R!$)!'#$3!$%+,&-!&$!)-%!3$#7R+56-%!4!A($3-%Z! L-!%$!%-'($8,%,(R!),!6,8,65&,&!&$!),!6#6^,(,!,!A53!&$!)-2(,(!#3,!8$(A$6+,!/5%5'5)5&,&!A(-3+,)Z! *3!$)!6,%-!&$!+$3$(!O#$!($7-3+,(!6#$%+,%.!%$!))$/,(R!,!6,'-!7,(6^,!,+(R%Z! L-!%$!+(,3%8-(+,(R3!$3!),!6#6^,(,!85$<,%!O#$!%-'($8,%$3!),+$(,)7$3+$!&$!$%+,Z! L-!%$!%-'($8,%,(R!),!/$)-65&,&!7RN57,!&$!UW!a7h^! *)!6-3&#6+-(!%$(R!#3,!8$(%-3,!6,8,65+,&,!4!$3+($3,&,!8,(,!$%+,!,6+5/5&,&Z! )3/#$cc#I$95+H30-,-$G".$2,E$P"/".0X52,-"3,E$M$P"/"/3,022,E#! 1R VH XWLOL]DUiQ HVWDV PiTXLQDV FRPR VL VH WUDWDUi GH ´EXOOGR]HUµ ! UZ!*)!($+5(-!&$!+,)#&$%!%$!($,)5<,(R!6,&,!U.G!7$+(-%!&$!,)+#(,Z! VZ!L-!%$!+(,',9,($3!+,)#&$%!6-3!#3,!536)53,6513!%#8$(5-(!,!JW!2(,&-%Z!


JZ!H#!/$)-65&,&!3-!%-'($8,%,(R!)-%!)Q75+$%!$%+,')$65&-%Z! )3/#$&%%#I$H$2#(5&,&!6-3!),%!7RO#53,%!&$!6-78,6+,6513]! CZ!H$!)575+,(R!)-%!+#(3-%!&$!+(,',9-!$3!$%+,%!7RO#53,%.!3-!8$(75+503&-%$!),!($,)5<,6513!&$!^-(,%!$N+(,-(&53,(5,%.! UZ!L-!%$!+(,',9,(R!$3!&$%35/$)$%!%#8$(5-($%!,)!CWj!6-3!($),6513!,!),!,)+#(,!&$!%#!6$3+(-!&$!2(,/$&,&.! VZ!*)!6-3&#6+-(!%$(R!#3,!8$(%-3,!6,8,65+,&,.!,6($&5+,&,!4!6-3!$N8$(5$365,!$3!$%+,!),'-(.! JZ!H$!)$!($,)5<,(R3!$NR7$3$%!8$(51&56-%!&$!6-)#73,!,!)-%!-8$(,&-($%Z! D)B8:JC<$4! 7>=8<9$)Je8C8);>9! )3/#$&%&#I$P,%-%!4!8,%,($),%Zd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j!&$! 8$3&5$3+$!$3!),%!-8$(,65-3$%!&$!$)$/,6513!4!&$%6$3%-.!$3!)-%!,3&,75-%!6-)2,&-%:! 5\! *)! ,36^-!%$(R!$)! 3$6$%,(5-! 8,(,! ),!AR65)! 65(6#),6513! &$! )-%!+(,',9,&-($%! 4!$)! ,&$6#,&-! ,)7,6$3,75$3+-! &$! ^$((,75$3+,%!4!7,+$(5,)$%!578($%653&5')$%!8,(,!$)!+(,',9-!,!($,)5<,(.!%5$3&-!%#!/,)-(!7Q357-!$)!&$!XWW! 75)Q7$+(-%:! 9\!Y,!6-7#356,6513!$3+($!8),+,A-(7,%!&$!+(,',9-!,!&5A$($3+$%!,)+#(,%.!%$!^,(R!8-(!7$&5-!&$!2(,&,%!-!$%6,)$(,%! A59,&,%!%1)5&,7$3+$!$3!6,'$<,!4!',%$:! a\! H5$78($! O#$! )-%! ,3&,75-%.! -A($<6,3! 8$)52(-! &$! -%65),6513! 4! /-)+$-.! %$! A59,(R3! ,! $)$7$3+-%! (Q25&-%! &$! ),! $%+(#6+#(,:! C\!Y,!$%+(#6+#(,!&$!)-%!,3&,75-%!&$!8),+,A-(7,!O#$!%$!$36#$3+($3!,!#3,!,)+#(,!7,4-(!&$!C.G!7!%-'($!$)!85%-.! %$(R!6,8,<!&$!($%5%+5(!6#,+(-!/$6$%!$)!8$%-!&$!),!6,(2,!,!#+5)5<,(:!


7\! Y-%! %-8-(+$%! 8$(8$3&56#),($%! +5$3$3! O#$! $%+,(! 8(-/5%+-%! &$! ',%$%! ,&$6#,&,%.! $%8$65,)7$3+$! 6#,3&-! &$%6,3%$3!%-'($!+5$((,.!,($3,!-!7,+$(5,)$%!%#$)+-%.!4!+$3&(R3!O#$!,((5-%+(,(%$!+(,3%/$(%,)7$3+$!8,(,! 7,4-(!$%+,'5)5&,&:! 3\! Y,%! 8),+,A-(7,%! &$! )-%! ,3&,75-%! &$'$3! $%+,(! A5(7$7$3+$! ,%$2#(,&,%! 6-3! 6),/-%.! -! 8-(! -+(-%! 7$&5-%! ,8(-85,&-%:!4.! -\!?$+5(,(!&5,(5,7$3+$!)-%!$%6-7'(-%!-!&$%$6^-%!&$!)-%!,3&,75-%Z! )3/#$&%(#I$DH53-,EF! CZ!@#,3&-!%$!#+5)56$3!6-7-!7$&5-!&$!%#%+$3+,6513!4!$)$/,6513.!&$'$(R3!+$3$(!6-$A565$3+$%!&$!%$2#(5&,&!&$!CW! %-'($!%#!6,(2,!&$!(-+#(,Z!H#!&5R7$+(-!7Q357-!%$(R!&$!E!75)Q7$+(-%Z! UZ! *%+,(R3! $3! 8$(A$6+,%! 6-3&565-3$%! &$! #%-]! 3-! 8($%$3+,3&-! A5'(,%! (-+,%.! 6-(+$%.! &$%2,%+$%.! (,%8,&#(,%.! 35! -+(-%!&$%8$(A$6+-%!O#$!7$(7$3!%#!($%5%+$365,Z!"#$&,!8(-^5'5&-!$)!$78,)7$!&$!6#$(&,%Z! )3/#$&%`#I$D,*25EF! CZ!*3!),!#+5)5<,6513!&$!6,')$%!6-7-!7$&5-!&$!%#%+$3+,6513!4!$)$/,6513!&$!,3&,75-%.!%$!$78)$,(R!8,(,!%#!6R)6#)-! #3!6-$A565$3+$!&$!%$2#(5&,&!&$!X!%-'($!%#!6,(2,!$A$6+5/,!&$!(-+#(,Z! UZ!K3+$%! &$! %#! 8#$%+,! $3! %$(/565-! 4! 8$(51&56,7$3+$! %$! $N,753,(R3! &$+$35&,7$3+$! 4! %$! ($6^,<,(R3! ,O#$))-%! 6,')$%! 6#4,%! ($%5%+$365,%! $%+03! &5%753#5&,%! 8-(! (-+#(,! &$)! CWj! &$! 3T7$(-! &$! ^5)-%! O#$! 6-3%+5+#4$! $)! 6,')$.!6-3+,3&-!,!)-!),(2-!&$!&-%!+(,7-%!&$!6,')$,&-.!%$8,(,&-!$3+($!%5!8-(!#3,!&5%+,365,!53A$(5-(!,!E! /$6$%!%#!&5R7$+(-Z! VZ! Y-%! 6,')$%! 7$+R)56-%! O#$! %$! #+5)56$3! 8,(,! ),! %#%+$3+,6513! 4! $)$/,6513! &$! ,3&,75-%.! $%+,(R3! $N$3+-%! &$! &$A-(7,65-3$%!8$(7,3$3+$%!4!3#&-%Z! )3/#$&%a#I$D".-0G0".5E$-5$/3,*,L"F! CZ! H1)-! %$! ,#+-(5<,! $)! ,66$%-! ,! ,3&,75-%.! %5+#,&-%! ,! 7R%! &$! CZE! 7$+(-%! &$! ,)+#(,.! $3! 6#(%-! &$! 7-3+,9$! -! &$%7-3+,9$!,! )-%!+(,',9,&-($%!$36,(2,&-%! &$!$%+,%!-8$(,65-3$%.! )-%!6#,)$%!&$'$(R3!$3!+-&-! 7-7$3+-! #%,(!#3!7$&5-!&$!%#9$6513!,36),&-!,!8#3+-%!4,!8($/5%+-%!53&$8$3&5$3+$%!&$!)-%!,8-4-%!&$!)-%!,3&,75-%!-!,! %5%+$7,%!O#$!8$(75+,3!$)!&$%)5<,75$3+-!&$)!7-%O#$+13!e2,36^-!&$!%#9$6513\Z! UZ!Y-%!,3&,75-%!$3!6#(%-!&$!7-3+,9$!-!&$%7-3+,9$.!$3!$%+,&-!O#$!8#$&,3!($%#)+,(!8$)52(-%-%.!%$!%$S,)5<,(R3! 7$&5,3+$!6,(+$)$%!-!'5$3!%$!6$(6,(R!),!<-3,Z! VZ! *)! '-(&$! &$! )-%! ,3&,75-%! 3-! $%+,(R! ,)$9,&-! &$! VWW! 75)Q7$+(-%! &$)! 8),3-! /$(+56,)! &$! ),! $%+(#6+#(,.! &5%8-3503&-%$!)-%!,7,(($%!-!,((5-%+(,75$3+-%!O#$!8#&5$(,3!8($65%,(%$!8,(,!$/5+,(!-%65),65-3$%Z!


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b#I$).-,P0"E$E"*35$RQ3/0G"E$35/0GH2,35E$P5/Z20G"EF! CZ!P,(,!$%+$!+58-!&$!,3&,75-%.!6,&,!#3-!&$!)-%!81(+56-%!%#%+$3+,&-($%!&$!),!8),+,A-(7,!&$!+(,',9-.!&$'$(R!+$3$(! ),!(525&$<!4!$%+,'5)5&,&!%#A565$3+$!4!$)!$36),/59,75$3+-!3$6$%,(5-!$3+($!%#%!+(,7-%Z! UZ!H$(R!-')52,+-(5-!$)!,((5-%+(,75$3+-!$3+($!81(+56-%!$3!,3&,75-%!&$!,)+#(,%!%#8$(5-($%!,!)-%!+($%!7$+(-%Z!*3! $%+$!6,%-!%$(R!+,7'503!-')52,+-(5-!$)!,((5-%+(,75$3+-!&$)!6-39#3+-!&$)!,3&,75-!,!$)$7$3+-%!A59-%!&$!),! $%+(#6+#(,Z! )3/#$&%c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eJ!8#)2,&,%\!6-7-!7Q357-!4!VW!67Z!eCU!8#)2,&,Z\!6-7-! 7RN57-!&$!)-%!$N+($7-%!&$)!/-),&5<-.!4!$%+,(!'5$3!,36),&-%Z! )3/#$&&%#I$).-,P0"E$G"2+,-"EF! CZ! Y-%! ,3&,75-%! 6-)2,&-%! O#$! 3-! $%+03! 6-3%+5+#5&-%! 8-(! 71&#)-%! 7$+R)56-%! 8($A,'(56,&-%! 3-! $N6$&$(R3! $3! )-325+#&!&$!E!7$+(-%Z! UZ!Y,%!',(,3&,%!$N+$(5-($%!4!),+$(,)$%!($2),7$3+,(5,%.!($#35(R3!),%!6-3&565-3$%!&$!%$2#(5&,&!8,(,!$/5+,(!6,Q&,%! &$!+(,',9,&-($%!4!&$!7,+$(5,)$%.!6-3A-(7$!)-!$%8$65A56,!$)!K(+Z!VU!&$)!I$6($+-!*9$6#+5/-!UVDV.!8#&5$3&-! ($&#65(%$!),!,)+#(,!&$!),!',(,3&,!53+$(5-(!,!FWW!75)Q7$+(-%Z! VZ!H$!$%+,')$6$(R3!%5%+$7,%!&$!,7,(($!&$)!,3&,75-!,!),!$%+(#6+#(,!8,(,!7,3+$3$(!),!$%+,'5)5&,&!&$!,O#0)!4! ,%$2#(,(!#3,!%$8,(,6513!7RN57,!&$!VWW!75)Q7$+(-%!$3+($!),!$%+(#6+#(,!4!$)!,3&,75-Z! JZ!Y,!&5%+,365,!7RN57,!$3+($!&-%!8#3+-%!&$!6#$)2#$.!3-!$N6$&$(R!&$!V!7$+(-%Z! GZ!Y-%!7-/575$3+-%!&$!,%6$3%-!4!&$%6$3%-!%$!$9$6#+,(R3!6-3!)-%!,3&,75-%!&$%6,(2,&-%!&$!7,+$(5,).!4!&#(,3+$! )-%!75%7-%!%1)-!8$(7,3$6$(R3!%-'($!$))-%!)-%!+(,',9,&-($%!53&5%8$3%,')$%!8,(,!),!7-/5)5<,6513Z! XZ! Y,! %#9$6513! &$! )-%! 8#3+-%! &$! ,8-4-! &$! $%+-%! ,3&,75-%! %$! $A$6+#,(R! 8-(! 5&03+56-%! 8(-6$&575$3+-%! ,! )-%! ($2),7$3+-%!8,(,!,3&,75-%!%-'($!/52,%!$3!/-),&-Z! FZ!@#,3&-!%$!#+5)56$3!%5))53$%!%#%8$3&5&-%.!%$!%#9$+,(R3!,!$)$7$3+-%!($%5%+$3+$%!4!&$'$(R3!5(!8(-/5%+-%!&$!#3,! 8(-+$66513!8$(57$+(,)!O#$!5785&,!),!6,Q&,!&$)!+(,',9,&-(Z! [J>=)$B;<V8?8=<F! ,\!b+5)5<,(!$%6,)$(,%!&$!7,3-!6-7-!,3&,75-%:! '\![,6$(!A#$2-!6$(6,!-!%-'($!)-%!,3&,75-%:! 6\!I$9,(!^$((,75$3+,%!-!7,+$(5,)$%:! &\!@,7'5,(!&$!+58-!&$!,3&,75-!%53!),!,#+-(5<,6513!($%8$6+5/,Z:!4.! $\!H#'5(!7R%!&$!&-%!+(,',9,&-($%!,!)-%!,3&,75-%!6-)2,3+$%Z!


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d!%,)5&,!,!),!-'(,!-!$3!<-3,%!&$!65(6#),6513!8,(,! $/5+,(!$)!(5$%2-!&$!,665&$3+$%!8-(!6,Q&,!&$!-'9$+-%Z! )3/#$&&(#I$>58-%!&$!8(-+$66513!6-)$6+5/,]!Y,%!8(-+$665-3$%!6-)$6+5/,%!,!53%+,),(!%$(R3.!$3+($!-+(,%.!&$!#3-!&$!)-%! +58-%!%52#5$3+$%]! )3/#$&&`#I$?$&$%!&$!8(-+$66513Zd!6-3!($%5%+$365,!6,8,<!&$!&$+$3$(!$3!6,&,!#3,!7,%,!&$!CWW!a5)-2(,7-%!&$%&$!X! 7$+(-%!&$!,)+#(,.!4!O#$!($T3,3!),%!%52#5$3+$%!6,(,6+$(Q%+56,%]! CZ!H#%!7,+$(5,)$%!&$!6-3%+(#66513!&$'$3!+$3$(!),!($%5%+$365,!,&$6#,&,!4!),!A)$N5'5)5&,&!%#A565$3+$!8,(,!A-(7,(! '-)%,%!&$!($6-25&,.!,%Q!6-7-!($%5%+5(!),!,66513!&$!)-%!,2$3+$%!,+7-%A0(56-%Z! UZ!*)!,36^-!&$)!/-),&5<-!&$!),!($&!,!8,(+5(!&$)!8),3-!/$(+56,)!7R%!%,)5$3+$!&$!),!$%+(#6+#(,!%$!-'+$3&(R!&$!),! %52#5$3+$!+,'),]!


!

)2/H3,$5.$P5/3"E$-5E-5$2,$EHR53S0G05$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ -5$/3,*,L"$d,E/,$2,$35-!

).Gd"$ 5.$ P5/3"E$ -52$ X"2,-06"$ -5$ 2,$ 35-!

C!

U.WW!

U!

U.VW!

V!

U.GW!

J!

U.FW!

G!

U.DW!

X!

V.WW!

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c5%$(,%!&$!8(-+$66513!$3!/-),&5<-Zd!6-3!($%5%+$365,!%#A565$3+$!8,(,!%-8-(+,(!#3,!7,%,!$3!6,Q&,!)5'($!&$!CWW! a5)-2(,7-%!,!V!7$+(-%!&$!,C+#(,.!8$3&5$3+$!^,65,!$):!53+$(5-(!3-!53A$(5-(!&$!UGj!4!6-3!/-),&5<-!7Q357-!&$! ,6#$(&-! 6-3! )-! O#$! %$! $%8$65A56,! $3! ),! +,'),! &$)! )5+$(,)! ,3+$(5-(Z! *3! 3532T3! 6,%-! &5%+,(R3! 7R%! &$! +($%! 7$+(-%!&$!),!8),+,A-(7,!&$!+(,',9-Z! EZ! @-3+,(R! 6-3! ',(,3&5)),%! 4! (-&,850%! -! 6#,)O#5$(! -+(-! &5%8-%5+5/-! O#$! ($T3,! %575),($%! 6-3&565-3$%! &$! ($%5%+$365,!4!A#365-3,'5)5&,&Z! )3/#$&&a#I$)GG5E"E$,$2"E$2H+,35E$-5$/3,*,L"#! ,\!Y-%!)#2,($%!$3!O#$!%$!($,)56$3!)-%!+(,',9-%!&$'$(R3!&5%8-3$(!&$!,66$%-%!O#$!8$(75+,3!$)!8,%-!%$2#(-:!4.!


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b#I$Y-%!$78)$,&-($%.!&$'$(R3!8(-/$$(!,!%#%!+(,',9,&-($%!4!%53!6-%+-!,)2#3-!8,(,!$))-%.!)-%!%52#5$3+$%! $)$7$3+-%!&$!8(-+$66513!8$(%-3,)]! CZ!K(30%!&$!%$2#(5&,&!6-3!#3,!($%5%+$365,!&$!GWWW!)5'(,%!$3!&-3&$!$N5%+$!(5$%2-!&$!6,Q&,%!&$!,)+#(,Z! UZ!@,%6-%!&$!%$2#(5&,&!6-3%+(#5&-%!6-3A-(7$!,!),%!3-(7,%!53+$(3,65-3,)$%!4!3,65-3,)$%.!$%8$6QA56-%!8,(,!),%! 6,(,6+$(Q%+56,%!&$!),!$N8-%56513Z! VZ!P(-+$66513!($%85(,+-(5,!,&$6#,&,!8,(,!)-%!+(,',9-%!$3!,+71%A$(,%!6-3+,753,&,%Z! JZ!MR%6,(,%!&$!%-)&,(.!8(-+$665-3$%!&$)!6#$(8-!4!$N+($75&,&$%!,8(-85,&-%!8,(,!+(,',9-%!&$!%-)&,&#(,Z! GZ!P(-+$6+-($%!&$!-9-%!+,)$%!6-7-!)$3+$%!4!8,3+,)),%!$3!+(,',9-%!&$!$%7$(5),&-.!$3)#65&-.!856,&-!&$!85$&(,%.!-! 6#,)O#5$(!,6+5/5&,&!6-3!(5$%2-!&$!8(-4$66513!&$!8,(+Q6#),%!)QO#5&,%!-!%1)5&,%!,!)-%!-9-%Z! XZ!B#,3+$%!8(-+$6+-($%!&$!6#$(-.!6,#6^-!#!-+(-!7,+$(5,)!,&$6#,&-.!$3!)-%!+(,',9-%!6-3!(5$%2-!&$!)$%5-3$%!8,(,! ),%!7,3-%Z! FZ!_-+,%!&$!6,#6^-.!6#$(-!-!<,8,+-%!&$!%$2#(5&,&.!6-3!%#$),!,3+5&$%)5<,3+$.!$3!+(,',9-%!6-3!(5$%2-!&$!)$%5-3$%!,! )-%!85$%Z! EZ!P(-+$6+-($%!,#&5+5/-%!$3!$)!6,%-!&$!+(,',9-%!6-3!$N8-%56513!,!(#5&-!6-3A-(7$!,!),%!3-(7,%!$%8$6QA56,%\Z! DZ!?-8,!&$!+(,',9-! D)B8:JC<$4888! 9>k)C8l)D8<!$=>$9>1J;8=)=!


)3/#$&&c#I$*%!-')52,6513!&$)!6-3%+(#6+-(!6-)-6,(!%$S,)5<,6513!8($/$3+5/,.!53A-(7,+5/,.!&$!-')52,6513!$!53A-(7,+5/,! Z$3!$)!A53!&$!O#$!$)!(5$%2-!%$,!AR65)7$3+$!5&$3+5A56,&-!8-(!)-%!+(,',9,&-($%!-!8$(%-3,)!O#$!532($%$!,!),%!R($,%!&$! +(,',9-Z! )3/#$&^%#I$Y-%!6,(+$)$%!&$!%$2#(5&,&!&$'$3!%$(!($%8$+,&-%!8-(!+-&-!$)!8$(%-3,)!$3!),!-'(,.!4,!%$,!8$(%-3,)! -8$(,+5/-!4h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p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k)C8l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


,\!P(-+$66513!7RN57,!8,(,!)-%!+(,',9,&-($%!&$!),!-'(,:! '\!P(-+$66513!7RN57,!8,(,!$)!8T')56-:!4.! 6\!=36-3/$35$3+$%!7Q357-%!8,(,!$)!8T')56-Z! )3/#$&^`#I$95T,25E$-5$/3Z.E0/"#I$Y-%!6-3%+(#6+-($%!4!)-%!6-3+(,+5%+,%!6#78)5(R3!),%!%52#5$3+$%!&5%8-%565-3$%]! CZ! K3+$%! &$! ),! $9$6#6513! &$! )-%! +(,',9-%! $),'-(,(R3! #3,! )5%+,! &$! )-%! ,(+Q6#)-%! 3$6$%,(5-%! 8,(,! ),! %$2#(5&,&.! ',%R3&-%$!$3!$+!$%+#&5-!8($)5753,(!&$!q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a#I$K(+Q6#)-%!8,(,!5)#753,(!4!7,(6,(Zd!Y-%!6-3%+(#6+-($%!4!)-%!6-3+(,+5%+,%!&$!),%!-'(,%!&$'$3!5)#753,(! &#(,3+$! ),! 3-6^$! 6-3! )R78,(,%! -! ($A)$6+-($%! )-%! ,/5%-%! 578-(+,3+$%.! )-%! 6$(6,&-%! 4! -+(-%! 8$)52(-%! O#$! -'%+,6#)56$3!),!)5'($!4!%$2#(,!65(6#),6513Z!H$!#%,(R3!,)2#3-%!&$!)-%!%52#5$3+$%!,(+$A,6+-%]! CZ!YR78,(,%!4!($A)$6+-($%!53%+,),&-%!%-'($!/,)),%!&$!7,&$(,!-!7$+,)Z!


UZ!P53+#(,!($A)$6+-(,!853+,&,%!%-'($!/,)),%!&$!7,&$(,!-!7$+,)Z! VZ!Y53+$(3,%!4!)R78,(,%!-8$(,&,%!6-3!',+$(Q,%!O#$!%$(R3!A59,&,%!,&$6#,&,7$3+$!8,(,!$/5+,(!%#!%#%+(,66513Z! JZ!Y#6$%!$)06+(56,%!$3!)-%!)#2,($%!$3!&-3&$!$N5%+,!A)#5&-!$)06+(56-!4!$3!$%8$65,)!&-3&$!$)!+(R3%5+-!%$,!53+$3%-!4!,! ,)+,%!/$)-65&,&$%Z! )3/#$&^'#I$;5ER".E,*020-,-$-5$2,E$5./0-,-5E$-52$E5G/"3$Rm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b#I$ 3URKLELFLyQ GH XVR GH SLHGUDV SDORV FRPR ´$YLVRVµ GH SUHFDXFLyQ I$ L5! ),%! ,#+-(5&,&$%! &$! +(R3%5+-.! 35! ),%! $3+5&,&$%! &$)! %$6+-(! 8T')56-.! )-%! 6-3%+(#6+-($%! -! )-%! #%#,(5-%! &$! ),%! 6,(($+$(,%.! %$,3! 6-3&#6+-($%! -! 8(-85$+,(5-%! &$! )-%! +$(($3-%! ,)$&,S-%.! #+5)5<,(R3! 85$&(,%.! 8,)-%.! +(-36-%! -! 6#,)O#5$(! 7,+$(5,)! LQDGHFXDGR FRPR ´DYLVRVµ GH LQWHUUXSFLyQ GH YtDV \ SRGUiQ VHU GHQXQFLDGRV DQWH ODV DXWRULGDGHV F5/5)$%! -! 8$3,)$%.!$3!6,%-!&$!&,S-%!,!),%!8$(%-3,%!-!%#%!'5$3$%Z! )3/#$&^c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d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yQ GH ´3(/,*52µ 7DPELpQ VH XVDUiQ UyWXORV FRQ LQVFULSFLRQHV GH ´YtD HQ UHSDUDFLyQµ X ´REVWiFXORV HQ OD YtDµ ! D)B8:JC<$8e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


GZ! *3!$)! +(,3%8-(+$!,0($-.!%$!6#78)5(R3!6-3! ),%! 3-(7,%! &$!%$2#(5&,&! 8($%6(5+,%!$3! ),%! )$4$%! 4!($2),7$3+-%! 8$(+53$3+$%Z! XZ!"#$&,!8(-^5'5&-]! ,\!b%,(!$%+(5'-%.!8,((5)),%!2#,(&,!6^-O#$%!-!6#'5$(+,%!8,(,!$r!+(,3%8-(+$!&$!)-%!+(,',9,&-($%:! '\!b+5)5<,(!$3!$)!+(,3%8-(+$!&$!8$(%-3,).!/-)O#$+$%.!+(,6+-($%.!6,75-3$%.!/$^Q6#)-%!&$!6,(2,!#!-+(-%!O#$!3-! A#$($3!&$%+53,&-%!8,(,!$)!A53!4! 6\!>(,3%8-(+,(!+(,',9,&-($%!$3!/$^Q6#)-%!&$%+53,&-%!,)!+(,3%8-(+$!&$!$N8)-%5/-%.!8(-&#6+-%!53A),7,')$%.! O#Q756-%!4!-+(-%!7,+$(5,)$%!8$)52(-%-%! D)B8:JC<$e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e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`#I$8.X5E/0+,G0Q.$-5$,GG0-5./5E$-5$/3,*,L"#I!>-&-!,665&$3+$!&$!+(,',9-!%$(R!53/$%+52,&-.!6-3A-(7$!)-! &$+$(753,!$)!A-(7,+-!&$!),!?$%-)#6513!@=!CCE!&$)!=*HH]!L-(7,+5/,!8,(,!$)!8(-6$%-!&$!53/$%+52,6513!&$!,665&$3+$%!


d!5365&$3+$%Z!Y,!53/$%+52,6513!%$(R!($,)5<,&,!8-(!$)!+5+#),(!&$!),!b35&,&!&$!H$2#(5&,&!4!H,)#&!6-3+,3&-!6-3!),! 6-),'-(,6513!&$)!($%5&$3+$!&$!-'(,.!%#8$(/5%-(.!)-%!6-78,S$(-%!&$)!,665&$3+,&-!4!$)!8(-85-!,665&$3+,&-.!&$!%$(! 8-%5')$Z!Y,!53/$%+52,6513!%$!53565,(R!&$3+(-!&$!),%!8(57$(,%!UJ!^-(,%!&$!,6,$65&-!$)!%535$%+(-Z! )3/#$&_a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e88! )DD8=>!:>9$7)A<;>9! )3/#$&_b#I$B35X5.G0Q.$-5$0.G5.-0"$M$5\R2"E0Q.#I!Y-%!6-3%+(#6+-($%!6-3+(,+5%+,%.!%-3!($%8-3%,')$%!&$!O#$!$3! +-&,!-'(,!&$!6-3%+(#66513!%$!+-7$3!),%!,665-3$%!3$6$%,(5,%!8,(,!8($/$35(!536$3&5-%.!$N8)-%5-3$%!4!$%6,8$!-! &$((,7$!&$!%#%+,365,%!O#$!8#&5$(,3!,A$6+,(!,!)-%!+(,',9,&-($%.!,!+$(6$(-%!,)!,7'5$3+$]! CZ!P,(,!$/5+,(!536$3&5-!4!$N8)-%513.!),!$78($%,!4h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


'\!b%,(!2(,%,%!-!,6$5+$%!8,(,!)#'(56,(!),%!/R)/#),%!&$!)-%!65)53&(-%:! 6\!@-)-6,(!)-%!65)53&(-%!&$!-NQ2$3-!6$(6,!&$!)-%!65)53&(-%!&$!,6$+5)$3-!#!-+(-!2,%:!4.! &\!K)+$(,(!)-%!&5%8-%5+5/-%!&$!%$2#(5&,&!&$!)-%!65)53&(-%!&$!2,%Z! )3/#$&_c#I$B35X5.G0Q.$-5$0.H.-,G0".5EU$E5$/"P,3Z.$2,E$E0+H05./5E$P5-0-,EF! P,(,!$/5+,(!),%!53#3&,65-3$%.!$)!8$(%-3,)!&$!7,3+$3575$3+-!7,3+$3&(R!$3!'#$3!$%+,&-!)-%!+$6^-%:!)5785-%!)-%! 6,3,)$%!($6-)$6+-($%.!)-%!&#6+-%!4!%#75&$(-%!&$!&$%,2s$Z! )3/#$&(%#I$B2,.$-5$5P53+5.G0,#I$*)!8),3!&$!($%8#$%+,!,!$7$(2$365,%!%$!$%+,')$6$(R!7$&5,3+$!$)!,3R)5%5%!&$! (5$%2-%.! &$+$(753,6513! &$! <-3,%! %$2#(,%.! (#+,%! &$! $%6,8$.! 6-3A-(7,6513! &$! '(52,&,%.! 6--(&53,&-($%! &$! $7$(2$365,.! 53/$3+,(5-%! &$! $O#58-%! &$! ,+$36513.! 6-7#356,6513! 4! 6-7',+$.! ,6$(6,75$3+-! 6-3! ),%! $3+5&,&$%! $N+$(3,%!+,)$%!6-7-!8-)56Q,.!'-7'$(-%.!6(#<!(-9,.!&$A$3%,!65/5)!4!-+(-%!&$%+53,&-%!,!+,)!$A$6+-]! ,\!P,(,!$)!&$%,((-))-!&$)!8),3!&$!$7$(2$365,%!,&$6#,&-.!$)!8$(%-3,)!$%+,(R!6,8,65+,&-!8,(,!($,665-3,(!,3+$!#3! %#6$%-.! 753575<,3&-! %#%! $A$6+-%! 4h-! 6-3%$6#$365,%Z! I$%8#0%! &$! $%+-! %$! +$3&(R! #3! 8),3! ,)+$(3-! 8,(,! ($,6+5/,(! 6#,)O#5$(! 8(-6$%-! 8(-&#6+5/-! 4h-! ,&7535%+(,+5/-! &$%8#0%! &$! ),! -6#(($365,! &$! 6#,)O#5$(! ,6-3+$6575$3+-:!4.! '\!*3!$)!6,%-!&$!8($%$3+,(%$!&$%,%+($%!3,+#(,)$%!6-7-!+$(($7-+-%!53#3&,65-3$%.!$(#865-3$%!/-)6R356,%.!)-%! +(,',9,&-($%!,6+#,(R3!&$!,6#$(&-!,!)-%!53%+(#6+5/-%!6-(($%8-3&5$3+$%Z! :8:JC<$9>B:87<! 15E/0Q.$-52$:,25./"$VHP,."! D)B8:JC<$&! 8!K<;7)D8<!$A$K<;7)D8<!$>!$9>1J;8=)=$A$9)CJ=! )3/#$ &(&#I$ >-&-! +(,',9,&-(! 3#$/-! O#$! 532($%,! ,! ),! $78($%,! -! ,! ),! -'(,! &$'$(R! -')52,+-(5,7$3+$! ($65'5(! ),! 53&#66513!$3!7,+$(5,!&$!8($/$36513!&$!(5$%2-%!),'-(,)$%Z!H$!)$!53A-(7,(R!,6$(6,!&$!)-%!(5$%2-%!O#$!+5$3$!6,&,! ,6+5/5&,&!4!),!A-(7,!&$!8($/$35()-%Z! )3/#$&(^#I$*3!+-&,!-'(,!&$!6-3%+(#66513!$N5%+5(R3!6,(+$)$(,%!53A-(7,+5/,%!4!$&#6,+5/,%!&$!AR65)!$3+$3&575$3+-! 8,(,!)-%!+(,',9,&-($%Z!H$!8),35A56,(R!8$(51&56,7$3+$!)-%!6#(%-%!4!6^,(),%!&$!%$2#(5&,&!($),65-3,&,%!6-3!),%! ,6+5/5&,&$%!4!)-%!8#$%+-%!&$!+(,',9-Z! )3/#$&(_#I$t$A$!&$!),!b35&,&!&$!H$2#3&,&!4!H,)#&!&$!),!$78($%,!6-3%+(#6+-(,!4!6,&,!#3-!&$!)-%!($%8-3%,')$%!&$! 8($/$36513!&$!(5$%2-%!&$!),!-'(,!4!6-3+(,+5%+,%.!&$'$(R3!53%+(#5(!,!)-%!+(,',9,&-($%!+,3+-!,&7535%+(,+5/-%!6-7-! -8$(,+5/-%!$3!8($/$36513.!6-3+(-)!&$!536$3&5-%!4!8),3$%!&$!$/,6#,6513!$3!6,%-%!&$!$7$(2$365,Z!


)3/#$ &((#I$ H-),7$3+$! %$! 8$(75+5(R! $)! +(,',9-! $3! -'(,%! &$! 6-3%+(#66513! ,! 8$(%-3,)! O#$! ^,4,! ($65'5&-! ),! 53A-(7,6513.!53%+(#66513!4!A-(7,6513!3$6$%,(5,%!8,(,!))$/,(!,!6,'-!),%!+,($,%!$3!A-(7,!$A565$3+$!4!%$2#(,Z! )3/#$ &(`#I$ >-&-! +(,',9,&-(! ,)! 6-7$3<,(! %#! ,6+5/5&,&! 4! ,)! 6,7'5,(! &$! -6#8,6513! &$3+(-! &$! ),! (,7,! &$! ),! 6-3%+(#66513.!&$'$(R!($65'5(.!%$2T3!%$,!$)!6,%-.!#3!$9$78),(!&$)!?$2),7$3+-!=3+$(3-!&$!H$2#(5&,&!4!H,)#&!&$!),! $78($%,.!-!$)!P),3!MQ357-!&$!P($/$36513!&$!?5$%2-%!8,(,!),!-'(,!-!%$(/565-!,!8($%+,(.!&$'5&,7$3+$!,8(-',&-! $3! $)! M535%+$(5-! &$! >(,',9-! 4! *78)$-.! ,&$7R%! &$! ),%! 3-(7,%! 4! 8(-6$&575$3+-%! &$! H$2#(5&,&! &$)! >(,',9-! 6-3+$35&-%!$3!),%!)$4$%!($%8$6+5/,%Z! D)B8:JC<$88! C8D>!D8)9$=>$B;>4>!D8<!$=>$;8>91<9! )3/#$ &(a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b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


15E/0Q.$,P*05./,2! )3/#$ &(c#I$ Y-%! 6-3%+(#6+-($%! 4! 6-3+(,+5%+,%! $%+,')$6$(R3! 8(-6$&575$3+-%! O#$! 2,(,3+56$3! 4! 6-3+(-)$3! $)! +(,+,75$3+-! 4! $)5753,6513! %$2#(,! &$! )-%! ($%5&#-%.! $A)#$3+$%! 4! $75%5-3$%! &$! 7,3$(,! O#$! 3-! ($8($%$3+$3! #3! (5$%2-!8,(,!)-%!+(,',9,&-($%!35!8,(,!$)!7$&5-!,7'5$3+$!8-(!$3&$!8,(,!),!6-)$6+5/5&,&Z! )3/#$&`%#I$Y-%!6-3%+(#6+-($%!4!6-3+(,+5%+,%!($%8$+,(R3!),%!-(&$3,3<,%!7#35658,)$%!4!),!)$25%),6513!,7'5$3+,)! &$)!8,Q%.!,&-8+,(R3!6-7-!8(536585-! ),!753575<,6513!&$!($%5&#-%!$3!),!$9$6#6513!&$!),!-'(,Z!*3+(,3!&$3+(-!&$)! ,)6,36$!&$!$%+$!,8,(+,&-!+-&-%!)-%!($%5&#-%!e$3!$%+,&-!)QO#5&-.!%1)5&-!-!2,%$-%-\!O#$!2$3$($!),!8(-85,!,6+5/5&,&! &$!),!-'(,!4!O#$!$3!,)2T3!7-7$3+-!&$!%#!$N5%+$365,!8#$&$3!($8($%$3+,(!#3!(5$%2-!8,(,!),!%$2#(5&,&!4!%,)#&!&$! )-%!+(,',9,&-($%!-!&$)!7$&5-!,7'5$3+$Z! )3/#$&`&#I$Y-%!6-3%+(#6+-($%!4!6-3+(,+5%+,%!%-3!)-%!($%8-3%,')$%!&$!),!&5%8-%56513!$!578),3+,6513!&$!#3!8),3!&$! 2$%+513!&$!)-%!($%5&#-%!2$3$(,&-%!$3!),!-'(,!-!6$3+(-!&$!+(,',9-!O#$!2,(,3+56$!$)!6#78)575$3+-!)$25%),+5/-!4! 3-(7,+5/-!/52$3+$Z! :8:JC<$!<4>!<! D".E/3HGG0Q.$M$;5,-5GH,G0Q.$-5$2"E$G5./3"E$-5$/3,*,L"! )3/#$&`^#I$H53!8$(9#565-!&$!),%!-')52,65-3$%!$N8)565+,&,%!$3!3-(7,%!4!-(&$3,3<,%!7#35658,)$%.!)-%!8),3-%!8,(,!),! 6-3%+(#66513.!($,&$6#,6513!-!^,'5)5+,6513!&$!6$3+(-%!&$!+(,',9-.!%$(R3!,8(-',&-%!$3!$)!M535%+$(5-!&$!>(,',9-!4! *78)$-!,!+(,/0%!&$!%#%!#35&,&$%!&$!%$2#(5&,&!4!%,),&Z! )3/#$&`_#I$`,%$!&$!&5%$S-Zd!@-78$+$!,)!8(-A$%5-3,)!-!2(#8-!&$!8(-A$%5-3,)$%!&5%$S,&-($%.!8($/$(!6-3&565-3$%!&$! 5)#753,6513.!/$3+5),6513.!+$78$(,+#(,.!%#8$(A565$%!4!6#'56,6513.!&5%+(5'#6513!&$!%$(/565-%!8$(7,3$3+$%!4!R($,%! &$!+(,',9-.!6-78,+5')$%!6-3!),%!3-(7,%!/52$3+$%Z!H$!&5%$S,(R!4!8),35A56,(R!$3!A#36513!&$!)-%!8(-6$%-%!8($/5%+-%! 8,(,!$)!6$3+(-!&$!+(,',9-!4!)-%!(5$%2-%!O#$!&$!$%+$!%$!&$(5/,3Z! :8:JC<$=>D87<! 9,.G0".5E$,$>PR25,-"35E$M$:3,*,L,-"35E! )3/#$ &`(#I$ H53! 8$(9#565-! &$! ),! ($%8-3%,'5)5&,&! 65/5)! -! 8$3,).! )-%! $78)$,&-($%.! 6-3%+(#6+-($%.! 6-3+(,+5%+,%! 4! 7,$%+(-%! 7,4-($%.! O#$! 8-(! 6-7$+$(! 53A(,665-3$%! ,)! 8($%$3+$! ($2),7$3+-! $! 53-'%$(/,365,! $3! 7,+$(5,! &$! %$2#(5&,&!4!%,)#&!8($/5%+,!$3!),!)$25%),6513!/52$3+$!$3!$)!8,Q%.!-(5253,($3!,665&$3+$%!&$!+(,',9-!-!$3A$(7$&,&$%! 8(-A$%5-3,)$%!%$(R3!%,365-3,&-%!6-3!),%!8$3,%!6-3+$78),&,%!$3!),%!&5%8-%565-3$%!)$2,)$%!&$!),%!53%+5+#65-3$%! &$!6-3+(-)Z! )3/#$&``#I$*)!536#78)575$3+-!&$!),%!&5%8-%565-3$%!6-3+$35&,%!$3!$%+$!($2),7$3+-!4!6-3!),%!($6-7$3&,65-3$%!O#$! $3!7,+$(5,!&$!%$2#(5&,&!4!%,)#&!%$!&5$($3!8-(!8,(+$!&$)!M535%+$(5-!&$!>(,',9-!4!*78)$-!,%Q!6-7-!&$!),!I5($66513! &$!?5$%2-%!&$)!>(,',9-!&$)!=*HH.!)#$2-!&$!),!53%8$66513.!/$(5A56,6513!-!,#&5+-(Q,%!&$!%#%!A#365-3,(5-%!,!6,&,!#3,!


&$! ),%! -'(,%! $3! 6-3%+(#66513! -! )#2,($%! &$! +(,',9-.! %$(R! -'9$+-! &$! %,36513.! 536)#4$3&-! )-! $%+,')$65&-! $3! $)! @1&52-!&$)!>(,',9-.!,(+56#)-!JVX.!%-'($!H#%8$3%513!&$!Y,'-($%!4!@5$(($!&$!Y-6,)$%Z! )3/#$ &`a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b35&,&!&$!H$2#(5&,&!4!H,)#&!&$)!M535%+$(5-! &$!


>(,',9-! 4! *78)$-!4! ),%! &$8$3&$365,%! &$)!H$2#(-! B$3$(,)! &$!?5$%2-%! &$)! >(,',9-! &$)! =3%+5+#+-! *6#,+-(5,3-!&$! 6HJXULGDG 6RFLDO µ ! )3/#$ ^#I$ I$(12,%$! $)! ?$2),7$3+-! &$! H$2#(5&,&! 8,(,! ),! @-3%+(#66513! 4! ;'(,%! PT')56,%.! ,8(-',&-! 7$&5,3+$! K6#$(&-!M535%+$(5,)!L-Z!WCC!&$!UC!&$!$3$(-!&$!CDDE.!8#')56,&-!$3!$)!?$25%+(-!;A565,)!L-Z!UGV!&$!D!&$!A$'($(-!&$)! 75%7-!,S-Z! )3/#$_#I$*)!8($%$3+$!,6#$(&-!$3+(,(R!$3!/52$365,!,!8,(+5(!&$!%#!8#')56,6513!$3!$)!?$25%+(-!;A565,)Z! I,&-!$3!"#5+-!,.!CW!&$!&565$7'($!&$)!UWWFZ! AZ\!K'Z!K3+-35-!B,2)5,(&-!c,),($<-.!M535%+(-!&$!>(,',9-!4!*78)$-Z! "#5+-Z!IZ!MZ!UX!&$!&565$7'($!&$!UWWF! !


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.