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3DEOR $QGUDGH $
DPMPNCJBOP FO OJOHÞO NPNFOUP FO &DVBEPS TF IB QSPEVDJEP FM UJQP EF JOUFSSVQDJPOFT RVF IB FYQFSJNFOUBEP $PMPNCJB FO TV BDUJWJEBE QFUSPMFSB QPS FGFDUPT EFM DPOn JDUP %FTQFKBEP FM GBOUBTNB EF MPT FGFDUPT FDPOØNJDPT QPEFNPT QBTBS B FYBNJOBS MPT JNQBDUPT SFBMFT Z TV HSBWFEBE B 6O JNQBDUP NPEFSBEP FM QSPCMFNB EF MBT ESPHBT "OÈMJTJT OBDJPOBMFT F JOUFSOBDJPOBMFT QPS FKFNQMP $PVODJM PO 'PSFJHO 3FMBUJPOT IBO FTQFDVMBEP RVF VOP EF MPT JNQBDUPT NÈT QSPCBCMFT EFM DPOn JDUP DPMPNCJBOP TFSÓB FM USBTMBEP EF VOB QBSUF EF MBT BDUJWJEBEFT EF DVMUJWP Z QSPEVDDJØO JMFHBMFT EF ESPHBT B UFSSJUPSJP FDVBUPSJBOP -B FWJEFODJB EJTQPOJCMF OP SFTQBMEB FTUB IJQØUFTJT -PT FTUVEJPT TBUFMJUBMFT SFBMJ[BEPT QPS MB 0/6 MPT JOGPSNFT QVCMJDBEPT QPS FM %FQBSUBNFOUP EF &TUBEP EF &TUBEPT 6OJEPT MB $*$"% Z BHFODJBT Pm DJBMFT FDVBUPSJBOBT JOEJDBO RVF MPT DVMUJWPT EF DPDB Z BNBQPMB FO &DVBEPS OP TVQFSBO MBT Z IFDUÈSFBT SFTQFDUJWBNFOUF 6/0%$ */$43 $*$"% &M $PNFSDJP .BS[P &M OÞNFSP EF MBCPSBUPSJPT JMFHBMFT EFTUSVJEPT EFTEF FM IBTUB MB BDUVBMJEBE OP TVQFSB MPT DVBUSP EF FMMPT FO FM MP DVBM FT VO JOEJDJP EF BDUJWJEBEFT FTQPSÈEJDBT GSVUP EF JOJDJBUJWBT JOEJWJEVBMFT NÈT RVF EF VO USBTMBEP EF MB JOEVTUSJB EF
MB ESPHB BM &DVBEPS WÏBTF DVBESP "OFYP &TUBEÓTUJDP 4J CJFO TF IB JODSFNFOUBEP FM WPMVNFO EF DPDBÓOB Z IFSPÓOB DBQUVSBEBT DVZB QSPDFEFODJB MB 1PMJDÓB /BDJPOBM BUSJCVZF B MPT DBSUFMFT DPMPNCJBOPT MB FYQPSUBDJØO EF ESPHBT EFTEF UFSSJUPSJP FDVBUPSJBOP QBSFDFSÓB NBOUFOFSTF FO OJWFMFT NÈT CJFO CBKPT WÏBTF DVBESP "OFYP &TUBEÓTUJDP &O FGFDUP FO FM TF SFHJTUSØ VO SÏDPSE EF DBQUVSBT EF UPOFMBEBT NÏUSJDBT EF DPDBÓOB ,H Z UPOFMBEBT NÏUSJDBT EF IFSPÓOB ,H &TUBT DJGSBT UJFOFO TJO FNCBSHP RVF TFS iUPNBEBT DPO QJO[BTw QVFTUP RVF FM JODSFNFOUP FO MBT DBQUVSBT CJFO QVFEF EFCFSTF B VOB NFKPS DBQBDJEBE EF MPT PSHBOJTNPT FTQFDJBMJ[BEPT EF MB 1PMJDÓB /BDJPOBM QBSB PQFSBS FO FM DBNQP DPO BQPZP EF MBT 'VFS[BT "SNBEBT &DVBUPSJBOBT " QFTBS EF FTB NBZPS Fm DJFODJB MPT BSSFTUPT QPS OBSDPUSÈm DP PUSP JOEJDBEPS DPNÞO BDFQUBEP EF MB FYQPSUBDJØO EF ESPHBT UBNQPDP IBO WBSJBEP TJHOJm DBUJWBNFOUF EFTEF EF IFDIP MPT B×PT EPOEF TF IB SFHJTUSBEP FM NBZPS OÞNFSP EF BSSFTUPT B BOUFDFEFO B MB BQMJDBDJØO EFM 1MBO $PMPNCJB */$43 &M TFHVJNJFOUP EF OPUJDJBT EF QSFOTB RVF IJ[P FM $"&* FO FM BTÓ DPNP JOWFTUJHBDJPOFT QSFDFEFOUFT DPOEVDJEBT QPS FM NJTNP DFOUSP JOEJDBO RVF FYJTUFO EPT EJNFOTJPOFT EFM QSPCMFNB EF MBT ESPHBT FO MBT
$FOUSP "OEJOP EF &TUVEJPT *OUFSOBDJPOBMFT EF MB 6OJWFSTJEBE "OEJOB 4JNØO #PMÓWBS
3 HUFHSFLRQHV KHPLVIpULFDV VREUH OD FULVLV FRORPELDQD HO FDVR GH (FXDGRU
DVBMFT FM &DVBEPS TF IBMMB GVFSUFNFOUF JOWPMVDSBEP 1PS VO MBEP FM USÈm DP EF QSFDVSTPSFT RVÓNJDPT DVZP WPMVNFO EF DBQUVSBT IB BVNFOUBEP TJHOJm DBUJWBNFOUF FOUSF Z FM FTQFDJBMNFOUF EF ÏUFS EF QFUSØMFP DPOPDJEP UBNCJÏO DPNP iHBTPMJOB CMBODBw $*$"% WÏBTF DVBESP "OFYP &TUBEÓTUJDP 1PS PUSP FM MBWBEP EF EØMBSFT RVF FTUBSÓB FO UFPSÓB GBDJMJUBEP QPS EPT DJSDVOTUBODJBT DPZVOUVSBMFT 1SJNFSB MB BEPQDJØO EF MB EPMBSJ[BDJØO FO FM &DVBEPS RVF IB WVFMUP NÈT EJGÓDJM FM EFUFDUBS MPT EØMBSFT EF QSPDFEFODJB JMFHÓUJNB Z EJTUJOHVJS MB NPOFEB GBMTB EF MB WFSEBEFSB 4FHVOEB MB DSJTJT m OBODJFSB FDVBUPSJBOB EF RVF OP TØMP IJ[P NÈT EJGÓDJM FM SBTUSFBS MB QSPDFEFODJB EF MBT JOWFSTJPOFT m OBODJFSBT TJOP RVF UBNCJÏO QPS MB GVFSUF JMJRVJEF[ RVF QSPEVKP BCSJØ PQPSUVOJEBEFT EF JOWFSTJØO FO CJFOFT SBÓDFT VSCBOPT Z FO MB DPNQSB EF UJFSSBT BHSÓDPMBT 6/0%$ IB FTQFDVMBEP RVF BQSPYJNBEBNFOUF NJMMPOFT EF EØMBSFT GVFSPO MBWBEPT BOVBMNFOUF FO FM &DVBEPS IBTUB FM VOB DJGSB RVF SFQSFTFOUBSÓB DFSDB EFM EFM 1*# FDVBUPSJBOP Z RVF EF DPNQSPCBSTF JOEJDBSÓB VO BMUP OJWFM EF iOBSDPUJ[BDJØOw EF MB FDPOPNÓB FDVBUPSJBOB "OESBEF
C 6O QSPCMFNB NFOPS MPT HSVQPT JSSFHVMBSFT DPMPNCJBOPT FO UFSSJUPSJP FDVBUPSJBOP -B BDUJWJEBE EF MPT HSVQPT JSSFHVMBSFT DPMPNCJBOPT QVFEF BGFDUBS BM UFSSJUPSJP FDVBUPSJBOP QPS EPT WÓBT FM USÈm DP JMFHBM EF BSNBT Z FM VTP EFM FTQBDJP OBDJPOBM DPNP UFBUSP EF PQFSBDJPOFT &M USÈm DP JMFHBM EF BSNBT EFTEF &DVBEPS IBDJB $PMPNCJB SFDJCJØ VOB BNQMJB BUFODJØO UBOUP EF MB QSFOTB FDVBUPSJBOB DPNP DPMPNCJBOB FO FM Z FM QBSUJDVMBSNFOUF B QBSUJS EF MB EJGVTJØO QÞCMJDB EF EPT JOGPSNFT QSFTFOUBEPT QPS FM "MUP .BOEP EF MBT 'VFS[BT "SNBEBT EF $PMPNCJB RVF TF×BMBCBO BM &DVBEPS DPNP GVFOUF EF BQSPWJTJPOBNJFOUP MPHÓTUJDP EF MPT HSVQPT JSSFHVMBSFT DPMPNCJBOPT &M $PNFSDJP EF PDUVCSF EF " Z EFM JNQBTTF FOUSF MPT HPCJFSOPT FDVBUPSJBOP Z DPMPNCJBOP RVF TVSHJØ B QBSUJS EF VOB EFOVODJB EFM QSFTJEFOUF 6SJCF EF RVF MBT '"3$ IBCÓBO VTBEP VO DPIFUF EFM &KÏSDJUP FDVBUPSJBOP FO VO BUBRVF FO #PHPUÈ 4J CJFO FM QSFTJEFOUF 6SJCF TF SFUSBDUØ QPTUFSJPSNFOUF EF TVT Bm SNBDJPOFT FM UFNB EFM USÈm DP JMFHBM EF BSNBT RVFEØ FO MB BHFOEB -BT JOGPSNBDJPOFT EF QSFOTB FDVBUPSJBOBT DPOTUSVJEBT B QBSUJS EF MPT SFTVMUBEPT EF MB DPNJTJØO EFTJHOBEB QPS FM 1SFTJEFOUF EF MB 3FQÞCMJDB FDVBUPSJBOB QBSB JOWFTUJHBS FM USÈm DP
6OB WF[ NÈT FTUB DJGSB EFCF UPNBSTF DPO DVJEBEP UPEB WF[ RVF SFDJFOUFNFOUF FO NBS[P EF FM NJTNP PSHBOJTNP TPTUFOÓB RVF FM MBWBEP EF EØMBSFT FO &DVBEPS SFQSFTFOUBCB FM EFM 1*# &M $PNFSDJP # NBS[P EF %BEP RVF FM DSFDJNJFOUP FDPOØNJDP FDVBUPSJBOP GVF EF BOVBM (FTUJØO NBS[P EF Z RVF MPT GBDUPSFT RVF IBCSÓBO GBWPSFDJEP FM MBWBEP EF EØMBSFT FO B×PT QBTBEPT OP IBO DBNCJBEP FM CSVTDP DBNCJP FO MB FTUJNBDJØO TØMP QVFEF FYQMJDBSTF QPS FM FNQMFP EF TVQVFTUPT P NFEJEBT FSSØOFBT
3DEOR $QGUDGH $
EF BSNBT NVFTUSBO RVF BVORVF FYJTUF FWJEFODJB EF USÈm DP JMFHBM EF BSNBT EFM FKÏSDJUP FDVBUPSJBOP IBDJB $PMPNCJB FTUF n VKP FT NVZ SFEVDJEP &O FGFDUP EF MBT BSNBT DBQUVSBEBT QPS MBT 'VFS[BT "SNBEBT EF MPT EPT QBÓTFT TF IB DPNQSPCBEP RVF ÞOJDBNFOUF GVTJMFT BNFUSBMMBEPSBT BSNBT DPSUBT Z QJTUPMB NN UFOÓBO BMHVOB JOTJHOJB RVF QFSNJUÓB JEFOUJm DBSMBT DPNP EF MBT 'VFS[BT "SNBEBT FDVBUPSJBOBT -PT JOGPSNFT DPMPNCJBOPT EJm FSFO MJHFSBNFOUF CÈTJDBNFOUF QPSRVF ÏTUPT BMVEFO B MB DBQUVSB EF BSNBNFOUP FO MPT EFQBSUBNFOUPT EF 1VUVNBZP Z /BSJ×P RVF TF TVQPOF JOHSFTP B $PMPNCJB B USBWÏT EF MBT QSPWJODJBT GSPOUFSJ[BT &DVBUPSJBOBT &M $PNFSDJP EF PDUVCSF EF " "ÞO TJ TF EFKB EF MBEP FTUB DVFTUJØO TFNÈOUJDB OJOHVOP EF MPT EPT HPCJFSOPT IB QSFTFOUBEP FWJEFODJB QBSB TPTUFOFS RVF FM &DVBEPS FT VOB GVFOUF GVOEBNFOUBM OJ TJRVJFSB EF JNQPSUBODJB NPEFSBEB QBSB FM BQSPWJTJPOBNJFOUP JMFHBM EF BSNBT IBDJB MPT HSVQPT JSSFHVMBSFT DPMPNCJBOPT &O DVBOUP BM VTP EFM UFSSJUPSJP FDVBUPSJBOP DPNP UFBUSP EF PQFSBDJPOFT EFM FOGSFOUBNJFOUP FOUSF MPT HSVQPT JSSFHVMBSFT DPMPNCJBOPT P EF ÏTUPT DPO MBT 'VFS[BT "SNBEBT DPMPNCJBOBT TJNQMFNFOUF OP FYJTUF FWJEFODJB EF RVF UBM DPTB PDVSSB -PT HSVQPT JSSFHVMBSFT DPMPNCJBOPT IBO NBOUFOJEP QPS NÈT EF USFT EÏDBEBT SFMBDJPOFT DPO MBT
QPCMBDJPOFT DJWJMFT FDVBUPSJBOBT DPO RVJFOFT DPNFSDJBO CJFOFT CÈTJDPT Z QPTJCMFNFOUF QSFDVSTPSFT RVÓNJDPT $VBOEP FM FKÏSDJUP FDVBUPSJBOP IB EFUFDUBEP DBNQBNFOUPT EF HSVQPT JSSFHVMBSFT DPMPNCJBOPT ÏTUPT OPSNBMNFOUF ZB IBO BCBOEPOBEP FM ÈSFB P OP IBO IFDIP JOUFOUP BMHVOP QPS EFGFOEFS FTPT QVFTUPT &M TFHVJNJFOUP EF QSFOTB RVF SFBMJ[Ø FM $"&* FOUSF KVMJP Z TFQUJFNCSF EFM JOEJDBCB RVF ÞOJDBNFOUF FO EPT PQPSUVOJEBEFT TF JOGPSNØ EF FTUF UJQP EF JODJEFOUFT -P RVF QBSFDFSÓB DPOm SNBS MB IJQØUFTJT EF RVF MPT HSVQPT JSSFHVMBSFT DPMPNCJBOPT IBO VTBEP Z TJHVFO VTBOEP FM UFSSJUPSJP FDVBUPSJBOP QBSB EFTDBOTBS &M SFGVFS[P EF MB QSFTFODJB NJMJUBS FTUBUBM DPMPNCJBOB FO MBT BHVBT EFM 1VUVNBZP Z FO WBSJPT PUSPT MVHBSFT EF MB GSPOUFSB DPNÞO SFEVDJSÓB JODMVTP BÞO NÈT FTF VTP &M $PNFSDJP Z EF TFQUJFNCSF EF &M ÞOJDP FOGSFOUBNJFOUP BSNBEP TFSJP SFHJTUSBEP FO UFSSJUPSJP FDVBUPSJBOP PDVSSJØ FO KVOJP EFM DVBOEP FM FKÏSDJUP DPMPNCJBOP BUBDØ VO QVFTUP NJMJUBS FDVBUPSJBOP FO MB QSPWJODJB EFM $BSDIJ Z QSPWPDØ VO DPNCBUF EF NJOVUPT FOUSF BNCPT FKÏSDJUPT &M $PNFSDJP EF KVOJP " &TUF FOGSFOUBNJFOUP Z MBT BDVTBDJPOFT MBO[BEBT QPS MB 1SFTJEFODJB Z FM "MUP .BOEP DPMPNCJBOPT OP TØMP SFWFMBSPO MB GBMUB EF DPOm BO[B NVUVB FOUSF MPT EPT FTUBEPT TJOP Z NÈT JNQPSUBOUF EFTEF MB QFSTQFDUJWB EF
6O DMBSP JOEJDBEPS EF MB EFTDPOm BO[B IBDJB #PHPUÈ FT FM QFSm M GVFSUFNFOUF NJMJUBS EF MB BDUVBM NJTJØO EJQMPNÈUJDB FO $PMPNCJB QPS FKFNQMP FM &NCBKBEPS EFTEF KVOJP EFM UJFOF VO DVSSÓDVMVN FYUFOTP FO BMUPT DBSHPT EF MB JOUFMJHFODJB NJMJUBS EFM &KÏSDJUP FDVBUPSJBOP BEJDJPOBMNFOUF MB NJTJØO FDVBUPSJBOB JODMVZF B BHSFHBEPT NJMJUBSFT Z QPMJDJBMFT IUUQ XXX QSFJEFODJB HPW DP DOF KVOJP IUN IUUQ XXX NNSSFF HPW FD NSF EPDVNFOUPT SFQSFTFOUBDJPOFT FYUFSJPS D@FY IUN
3 HUFHSFLRQHV KHPLVIpULFDV VREUH OD FULVLV FRORPELDQD HO FDVR GH (FXDGRU
MBT 'VFS[BT "SNBEBT &DVBUPSJBOBT MB BVTFODJB EF NFDBOJTNPT RVF QFSNJUJFTFO DPNQBSUJS JOGPSNBDJØO EF JOUFMJHFODJB FOUSF MBT GVFS[BT HVCFSOBNFOUBMFT #POJMMB -B FWJEFODJB EJTQPOJCMF UBNQPDP QFSNJUF NBOUFOFS EF NBOFSB DPODMVZFOUF RVF FM TJHOJm DBUJWP BVNFOUP EF MB WJPMFODJB QFSTPOBM IPNJDJEJPT TFDVFTUSPT Z BNFOB[BT EF TFDVFTUSP FO MBT QSPWJODJBT EF 4VDVNCÓPT $BSDIJ Z &TNFSBMEBT RVF TF IB SFHJTUSBEP FO MPT ÞMUJNPT DJODP B×PT FTUÏ FO SFMBDJØO DPO VOB DSFDJFOUF QSFTFODJB EF HSVQPT JSSFHVMBSFT DPMPNCJBOPT &O MB NBZPS QBSUF EF MPT FQJTPEJPT EF WJPMFODJB DSJNJOBM RVF TF IBO JOWFTUJHBEP FO MB [POB MB 1PMJDÓB /BDJPOBM IB BUSJCVJEP FM BVNFOUP EF MB DSJNJOBMJEBE B JOEJWJEVPT BJTMBEPT FO TV NBZPS QBSUF FDVBUPSJBOPT P B JODJQJFOUFT CBOEBT EF EFMJODVFOUFT DPNQVFTUBT QPS FDVBUPSJBOPT Z DPMPNCJBOPT &O UPEP DBTP FM BVNFOUP EF DSJNJOBMJEBE FO MB [POB GSPOUFSJ[B FT JOOFHBCMF Z DPOTUJUVZF EF IFDIP VOB BNFOB[B QBSB MB WJEB Z CJFOFT EF MBT QFSTPOBT BVORVF TØMP NVZ JNBHJOBUJWBNFOUF QBSB FM &TUBEP D %FTUSVDDJØO EFM NFEJP BNCJFOUF VO QSPCMFNB JNQPSUBOUF %BEP RVF MBT BDUJWJEBEFT JMÓDJUBT EF DVMUJWP Z QSPDFTBNJFOUP EF OBSDØUJDPT FO &DVBEPS TPO NVZ SFEVDJEBT TVT VTVBMFT JNQBDUPT BNCJFOUBMFT TPO UBNCJÏO SFEVDJEPT P JOFYJTUFOUFT &O DBNCJP MBT BDUJWJEBEFT
EF GVNJHBDJØO BÏSFB FNQSFOEJEBT QPS FM HPCJFSOP DPMPNCJBOP EFTEF FM B×P FO FM 1VUVNBZP IBO BGFDUBEP TFSJBNFOUF B MPT NFEJPT EF WJEB Z MB TBMVE EF MPT QPCMBEPSFT FDVBUPSJBOPT DFSDBOPT B MB GSPOUFSB *OWFTUJHBDJPOFT SFBMJ[BEBT QPS PSHBOJTNPT EF EFSFDIPT IVNBOPT 0/( BNCJFOUBMFT F JODMVTP VOB NJTJØO Pm DJBM EF MPT NJOJTUFSJPT EF .FEJP "NCJFOUF Z %FGFOTB EFM &DVBEPS FO QPCMBDJPOFT EF 4VDVNCÓPT EJTUBOUFT B DJODP LJMØNFUSPT EF MB GSPOUFSB DPMPNCJBOB QSFDJTBCBO RVF FOUSF FM Z FM IBCÓBO GBMMFDJEP QFSTPOBT MB NBZPSÓB NFOPSFT EF FEBE QPS JOUPYJDBDJØO RVÓNJDB SFMBDJPOBEB DPO MBT GVNJHBDJPOFT *HVBMNFOUF WBSJBT EFDFOBT EF DBTPT EF JOUPYJDBDJØO RVÓNJDB FO EJWFSTPT HSBEPT FD[FNBT WØNJUPT m FCSF BGFDDJPOFT SFTQJSBUPSJBT EPMPSFT EF DBCF[B Z EF FTUØNBHP GVFSPO FYBNJOBEPT B USBWÏT EF BOÈMJTJT EF TBOHSF Z TF EFUFDUØ MB QSFTFODJB EF BMUBT DPODFOUSBDJPOFT EF HMJGPTGBUP Z PUSPT QFTUJDJEBT FNQMFBEPT QPS MPT PQFSBEPSFT DPMPNCJBOPT EFM QSPHSBNB EF GVNJHBDJØO EF DVMUJWPT JMFHBMFT -BT BGFDUBDJPOFT B DVMUJWPT Z HBOBEP EPNÏTUJDP FDVBUPSJBOPT UBNCJÏO IBO TJEP BNQMJBNFOUF EPDVNFOUBEBT .BMEPOBEP .JTJØO EF 7FSJm DBDJØO -PT SFDMBNPT QSFTFOUBEPT QPS MBT QPCMBDJPOFT BGFDUBEBT Z MBT QSFTJPOFT FKFSDJEBT QÞCMJDBNFOUF QPS WBSJBT 0/( FDVBUPSJBOBT NÈT OPUBCMFNFOUF "DDJØO &DPMØHJDB IJDJFSPO RVF ZB FO FM FM HPCJFSOP EFM QSFTJEFOUF (VTUBWP /PCPB QJEJFSB
3DEOR $QGUDGH $
BM HPCJFSOP DPMPNCJBOP MB MJNJUBDJØO EF MBT PQFSBDJPOFT EF GVNJHBDJØO B EJF[ LJMØNFUSPT EF MB GSPOUFSB DPO &DVBEPS 6OB QFUJDJØO RVF GVF SBUJm DBEB QPS FM BDUVBM HPCJFSOP FDVBUPSJBOP BOUF FM 1SFTJEFOUF 6SJCF TJO RVF IBTUB FM NPNFOUP FYJTUB VO BDVFSEP TPCSF FTUF QVOUP E 6O QSPCMFNB IVNBOJUBSJP EFTQMB[BEPT Z SFGVHJBEPT -B JOGPSNBDJØO EJTQPOJCMF JOEJDB RVF B QBSUJS EF m OFT EFM B×P FM n VKP EF DBNQFTJOPT EFTQMB[BEPT DPMPNCJBOPT RVF JOHSFTBO BM &DVBEPS IB BVNFOUBEP EF NBOFSB TPSQSFOEFOUF &O NÈT EF DPMPNCJBOPT FOUSBSPO BM UFSSJUPSJP FDVBUPSJBOP QPS MB GSPOUFSB OPSUF QFSP QPS VO QFSÓPEP DPSUP EF UJFNQP FOUSF VOP Z EPT NFTFT MB NBZPSÓB EF FMMPT TFHÞO DJGSBT Pm DJBMFT SFUPSOØ B TVT MVHBSFT EF PSJHFO Z TØMP QSFTFOUBSPO VOB QFUJDJØO GPSNBM EF SFGVHJP 1BSB FM TJO FNCBSHP FTB DJGSB TF IBCÓB NVMUJQMJDBEP FO NÈT EF USFT WFDFT Z QBSB KVOJP EFM FM .JOJTUFSJP EF 3FMBDJPOFT &YUFSJPSFT EFM &DVBEPS EBCB DVFOUB EF NÈT EF TPMJDJUVEFT EF SFGVHJP &T EFDJS Z UPNBOEP DPNP JOEJDBEPS EFM QSPCMFNB MBT DJGSBT Pm DJBMFT FM OÞNFSP EF TPMJDJUVEFT EF SFGVHJP IBCÓB DSFDJEP FO 2VF FTUF JODSFNFOUP ESBNÈUJDP HVBSEB EJSFDUB DPSSFMBDJØO DPO MBT BDDJPOFT NJMJUBSFT Z BOUJOBSDØUJDPT EFM HPCJFSOP DPMPNCJBOP OP DBCF EVEB $VBESP "OFYP &TUBEÓTUJDP
&O FTUPT DJODP B×PT UBNCJÏO IB DBNCJBEP MB BDUJUVE EFM HPCJFSOP FDVBUPSJBOP IBDJB MPT SFGVHJBEPT DPMPNCJBOPT &O DFSDB EFM EF MBT TPMJDJUVEFT EF SFGVHJP IFDIBT QPS DJVEBEBOPT DPMPNCJBOPT GVFSPO BDFQUBEBT QFSP EFTEF FM B×P FO BEFMBOUF TØMP MP GVFSPO VO "EJDJPOBMNFOUF FM HPCJFSOP FDVBUPSJBOP DSFØ FO FM MPT MMBNBEPT $FOUSPT EF "UFODJØO Z $POUSPM EF 'SPOUFSB $&/"' MPT RVF DPNCJOBO UBSFBT NJHSBUPSJBT QPMJDJBMFT Z NJMJUBSFT Z BDUÞBO DPNP m MUSP EF QPUFODJBMFT iJMFHBMFTw -PT $&/"' GVFSPO FTUBCMFDJEPT QBSB GBDJMJUBS MB SFDFQDJØO EF SFGVHJBEPT DPMPNCJBOPT QFSP FO MB QSÈDUJDB BRVFMMBT QFSTPOBT RVF OP TPO DBMJm DBEBT DPNP QPUFODJBMFT SFGVHJBEPT FO MPT $&/"' TJNQMFNFOUF TPO EFWVFMUBT B TV QBÓT "OESBEF 6OB JOWFTUJHBDJØO QPS FODVFTUBT FOUSF EFTQMB[BEPT DPMPNCJBOPT SFBMJ[BEB QPS FM 1/6% Z MB '-"$40 NPTUSBCB RVF VOB BMUB QSPQPSDJØO UFOEÓB B JOUFSOBSTF FO FM QBÓT CVTDBOEP USBCBKPT FO FM TFDUPS JOGPSNBM FO MBT DJVEBEFT EF 2VJUP 4BOUP %PNJOHP EF MPT $PMPSBEPT *CBSSB Z (VBZBRVJM "RVFMMPT RVF QFSNBOFDÓBO FO MBT QSPWJODJBT GSPOUFSJ[BT TF FNQMFBCBO DPNP USBCBKBEPSFT BHSÓDPMBT FWFOUVBMFT &O BNCBT TJUVBDJPOFT MB JOFTUBCJMJEBE MBCPSBM MB CBKB QSPEVDUJWJEBE Z MPT CBKPT JOHSFTPT DBSBDUFSÓTUJDPT EFM FNQMFP JOGPSNBM VSCBOP Z SVSBM OP DBMJm DBEP QFSQFUÞBO MB TJUVBDJØO EF QPCSF[B EF FTUBT QFSTPOBT
3 HUFHSFLRQHV KHPLVIpULFDV VREUH OD FULVLV FRORPELDQD HO FDVR GH (FXDGRU
F -B QPMÓUJDB EF TFHVSJEBE FDVBUPSJBOB &DVBEPS TF FODPOUSBCB FO NFEJP EF VOB BHVEB DSJTJT FDPOØNJDB Z QPMÓUJDB DVBOEP FM 1MBO $PMPNCJB GVF BOVODJBEP FO Z QPTUFSJPSNFOUF JNQMFNFOUBEP FO FM " CSFWFT SBTHPT MB DSJTJT FDPOØNJDB TF DBSBDUFSJ[BCB QPS VOB CSVUBM DBÓEB FO FM 1*# FDVBUPSJBOP QSPWPDBEB UBOUP QPS FM DBTJ DPMBQTP EFM TJTUFNB m OBODJFSP DPNP QPS FM EFTQMPNF FO MPT QSFDJPT EFM QFUSØMFP &O DVBOUP B MB DSJTJT QPMÓUJDB FM FOUPODFT SFDJFOUFNFOUF FMFDUP HPCJFSOP EFM QSFTJEFOUF +BNJM .BIVBE DPOGSPOUBCB JOUFOTBT EFNPTUSBDJPOFT DBMMFKFSBT BNFOB[BT EF HPMQF EF FTUBEP Z VO BNCJFOUF DBNCJBOUF DVBOEP OP GSBODBNFOUF IPTUJM FO FM $POHSFTP -B FTUSBUFHJB EFM QSFTJEFOUF .BIVBE GVF CVTDBS BQPZP QPMÓUJDP Z FDPOØNJDP FO &TUBEPT 6OJEPT NFEJBOUF EPT BDDJPOFT 1SJNFSB m SNØ VO BDVFSEP DPO FM HPCJFSOP EF &TUBEPT 6OJEPT QBSB DPOWFSUJS MB CBTF EF MB GVFS[B BÏSFB FDVBUPSJBOB FO .BOUB FO VO QVFTUP BWBO[BEP EF PQFSBDJPOFT '0- &TUF BDVFSEP GVF JONFEJBUBNFOUF DVFTUJPOBEP QPS MB PQPTJDJØO UBOUP QPS MPT QSPDFEJNJFOUPT BEPQUBEPT QPS FM HPCJFSOP QBSB OFHPDJBSMP Z BEPQUBSMP DPNP QPS MB QFSDFQDJØO EF RVF FM '0- EF .BOUB FTUBCB EJSFDUBNFOUF MJHBEP B MB FTUSBUFHJB FTUBEPVOJEFOTF IBDJB $PMPNCJB -B TFHVOEB FTUSBUFHJB JOUFSOBDJPOBM EFM QSFTJEFOUF .BIVBE
GVF CVTDBS FM BQPZP EFM HPCJFSOP EF &TUBEPT 6OJEPT QBSB BTFHVSBS VOB NFKPS SFMBDJØO DPO FM 'POEP .POFUBSJP *OUFSOBDJPOBM Z FM #BODP .VOEJBM PSHBOJTNPT RVF QPEÓBO BCSJS FM n VKP EF DSÏEJUPT JOUFSOBDJPOBMFT DFSSBEPT QPS MB JNQPTJCJMJEBE EFM HPCJFSOP FDVBUPSJBOP EF DVNQMJS TVT DPNQSPNJTPT EF EFVEB FYUFSOB 5BNCJÏO FTUB TFHVOEB FTUSBUFHJB JOUFOTJm DØ FM DPOn JDUP FOUSF FM HPCJFSOP Z MB PQPTJDJØO QBSMBNFOUBSJB Z FYUSB QBSMBNFOUBSJB &M HPCJFSOP EFM QSFTJEFOUF .BIVBE DPOGSPOUBCB BEFNÈT VO HJHBOUFTDP EÏm DJU QSFTVQVFTUBSJP FRVJWBMFOUF BM EFM 1*# RVF UFOEÓB B BHSBWBSTF UBOUP QPS TV EFTBDFSUBEB QPMÓUJDB EF NBOFKP EF MB DSJTJT CBODBSJB DPNP QPS MB BDDJØO EF MBT SFTUSJDDJPOFT FDPOØNJDBT FYUFSOBT &O FTUBT DPOEJDJPOFT FM 1SFTJEFOUF BWBO[Ø VOB EF TVT JOJDJBUJWBT NÈT EFTBDFSUBEBT *OUFOUØ BQSPWFDIBS MBT HBOBODJBT EF MB QB[ OFHPDJBEB DPO 1FSÞ QBSB SFBMJ[BS SFDPSUFT FO FM QSFTVQVFTUP EF MBT GVFS[BT BSNBEBT FDVBUPSJBOBT DPOTJTUFOUFT FO SFTUSJDDJPOFT FO MB BERVJTJDJØO EF OVFWP BSNBNFOUP Z FO FM DPOHFMBNJFOUP EF MPT TVFMEPT EF MPT NJMJUBSFT &TUBT NFEJEBT BMBSNBSPO B VOBT GVFS[BT BSNBEBT EF QPS TÓ ZB QSFPDVQBEBT QPS MB JOFTUBCJMJEBE QPMÓUJDB EFM QBÓT MP RVF GBDJMJUØ RVF DPO PDBTJØO EF MBT EFNPTUSBDJPOFT EF EFTDPOUFOUP QPQVMBS RVF TJHVJFSPO BM BOVODJP EFM 1SFTJEFOUF EF BEPQUBS FM
6OB FTUSBUFHJB TJNJMBS DPO FGFDUPT QBSFDJEPT GVF JNQMFNFOUBEB QPS FM 1SFTJEFOUF (VUJÏSSF[ EFTEF FM JOJDJP EF TV HPCJFSOP
3DEOR $QGUDGH $
EØMBS FTUBEPVOJEFOTF DPNP NPOFEB OBDJPOBM VO TFDUPS EF MBT 'VFS[BT "SNBEBT UPNBSB QBSUF BDUJWB FO VO FYJUPTP HPMQF EF &TUBEP RVF SFNPWJØ BM QSFTJEFOUF .BIVBE Z MP TVTUJUVZP FM WJDFQSFTJEFOUF (VTUBWP /PCPB &M HPMQF EF &TUBEP UVWP DPOTFDVFODJBT JOUFSOBT QBSB MBT 'VFS[BT "SNBEBT &DVBUPSJBOBT &M $PNBOEP $POKVOUP GVF SFOPWBEP VO BNQMJP OÞNFSP EF Pm DJBMFT EFM "MUP .BOEP EFM &KÏSDJUP DPSPOFMFT UFOJFOUF DPSPOFMFT Z NBZPSFT GVFSPO EBEPT EF CBKB MP RVF JODSFNFOUØ MB EFCJMJEBE JOUFSOB EF MB SBNB USBEJDJPOBMNFOUF NÈT GVFSUF EF MBT 'VFS[BT "SNBEBT &DVBUPSJBOBT &O FTUF DMJNB FM HPCJFSOP EFM QSFTJEFOUF /PCPB UPNØ JOJDJBUJWBT QBSB BWBO[BS EFTEF FM JOUFSJPS EFM .JOJTUFSJP EF %FGFOTB VO QSPDFTP EF SFGPSNB EF MB EPDUSJOB NJMJUBS EF MBT 'VFS[BT "SNBEBT Z TJNVMUÈOFBNFOUF DSFBS VOB QPMÓUJDB EF TFHVSJEBE QBSB DPOGSPOUBS MPT FGFDUPT EFM DPOn JDUP DPMPNCJBOP &O NBS[P EFM MB 4FDSFUBSÓB EFM $POTFKP EF 4FHVSJEBE /BDJPOBM $04&/" JOJDJØ MB FMBCPSBDJØO EF VOB i1PMÓUJDB EF 4FHVSJEBE QBSB MB 'SPOUFSB /PSUFw RVF GVF BEPQUBEB NFEJBOUF %FDSFUP &KFDVUJWP 3FHJTUSP 0m DJBM EFM EF NBZP EF -B 1PMÓUJDB EF 4FHVSJEBE EF MB 'SPOUFSB /PSUF QSFWFÓB VOB JOUFOTJm DBDJØO EF MPT FGFDUPT EFM DPOn JDUP DPMPNCJBOP FO &DVBEPS QPS MP RVF CVTDBCB MPHSBS DJODP PCKFUJWPT QSPUFHFS B MB QPCMBDJØO GSPOUFSJ[B QSPNPWFS FM EFTBSSPMMP FDPOØNJDP Z TPDJBM EF MBT QSPWJODJBT GSPOUFSJ[BT
GPSUBMFDFS B MB GVFS[B QÞCMJDB W H 1PMJDÓB /BDJPOBM FO MB 'SPOUFSB /PSUF SBUJm DBS MB EPDUSJOB EF OP JOUFSWFODJØO FO BTVOUPT JOUFSOPT EF PUSPT QBÓTFT Z BUSBFS MB DPPQFSBDJØO JOUFSOBDJPOBM -B 1PMÓUJDB EF 4FHVSJEBE DSFØ USFT DVSTPT EF BDDJØO EFM &TUBEP FDVBUPSJBOP RVF IBO DPOUJOVBEP SFMBUJWBNFOUF JOBMUFSBEPT IBTUB FM QSFTFOUF QBSB DVNQMJS MPT PCKFUJWPT EF EFTBSSPMMP FDPOØNJDP Z TPDJBM Z EF BUSBDDJØO EF MB DPPQFSBDJØO JOUFSOBDJPOBM FM HPCJFSOP DSFØ MB 6OJEBE EF %FTBSSPMMP EF MB 'SPOUFSB /PSUF 6%&/03 " m O EF BUSBFS MB DPPQFSBDJØO JOUFSOBDJPOBM Z NBOUFOFS BM QBÓT GVFSB EF MPT BTVOUPT JOUFSOPT DPMPNCJBOPT FM .JOJTUFSJP EF 3FMBDJPOFT &YUFSJPSFT IB EFTBSSPMMBEP BDDJPOFT FO PSHBOJTNPT NVMUJMBUFSBMFT EF DPPQFSBDJØO JOUFSOBDJPOBM Z PUSPT GPSPT JOUFSOBDJPOBMFT FTQFDJBMNFOUF FO /BDJPOFT 6OJEBT 'JOBMNFOUF DPO FM QSPQØTJUP EF QSPUFHFS B MB QPCMBDJØO GSPOUFSJ[B Z NFKPSBS MB Fm DBDJB EF MB GVFS[B QÞCMJDB FM .JOJTUFSJP EF %FGFOTB DSFØ FO FM VO QMBO PQFSBUJWP QBSB MB 'SPOUFSB /PSUF FM DVBM GVF NÈT UBSEF JODPSQPSBEP B MB 1PMÓUJDB EF %FGFOTB /BDJPOBM FO FM .JOJTUFSJP EF %FGFOTB Z FM .JOJTUFSJP EF (PCJFSOP JOJDJØ VO QMBO EF NFKPSBNJFOUP EF MBT DBQBDJEBEFT PQFSBUJWBT EF MB 1PMJDÓB /BDJPOBM DPOTJTUFOUF FO MB BERVJTJDJØO EF FRVJQPT Z FM BVNFOUP EFM OÞNFSP EF QPMJDÓBT &O FM DBNQP EF MB DPPQFSBDJØO JOUFSOBDJPOBM FM QMBO JOJDJBM EF 6%&/03 QSFWFÓB BUSBFS VO BNQMJP FTQFDUSP EF BHFODJBT
3 HUFHSFLRQHV KHPLVIpULFDV VREUH OD FULVLV FRORPELDQD HO FDVR GH (FXDGRU
HVCFSOBNFOUBMFT JOUFSOBDJPOBMFT QBSB m OBODJBS VO BNCJDJPTP i1SPHSBNB EF %FTBSSPMMP 1SFWFOUJWP "MUFSOBUJWP Z EF 3FBDUJWBDJØO 4PDJBMw 6%&/03 RVF DPNQSFOEF DJODP DPNQPOFOUFT *OGSBFTUSVDUVSB 4PDJBM *OGSBFTUSVDUVSB 1SPEVDUJWB %FTBSSPMMP 1SPEVDUJWP %FTBSSPMMP &DPOØNJDB Z (FTUJØO -PDBM Z $POTFSWBDJØO EFM NFEJP BNCJFOUF &O DPPSEJOBDJØO DPO FM .JOJTUFSJP EF 3FMBDJPOFT FYUFSJPSFT 6%&/03 JOJDJØ VOB DBNQB×B EF CÞTRVFEB EF m OBODJBNJFOUP JOUFSOBDJPOBM RVF FO PDUVCSF EF MMFWØ B MB SFVOJØO FO #SVTFMBT EF VO (SVQP $POTVMUJWP EF %POBOUFT DPOGPSNBEP QPS QBÓTFT BHFODJBT EF DPPQFSBDJØO JOUFSOBDJPOBM Z VO DPOTPSDJP EF FNQSFTBT QSJWBEBT "VORVF FO FTUB PDBTJØO 6%&/03 SFDJCJØ PGFSUBT QPS 64 NJMMPOFT MBT RVF OP MPHSBSPO DPODSFUBSTF %F NBOFSB RVF FO MB QSÈDUJDB FO MPT ÞMUJNPT USFT B×PT MPT QSJODJQBMFT QSPHSBNBT EF 6%&/03 IBO TJEP m OBODJBEPT QPS VO TPMP EPOBOUF MB "HFODJB *OUFSOBDJPOBM QBSB FM %FTBSSPMMP EF &TUBEPT 6OJEPT 64"*% (V[NÈO 4J DVBOEP GVF DSFBEB FO FM 6%&/03 IBCÓB QBSUJEP EF VO EJBHOØTUJDP EF MB 'SPOUFSB /PSUF DPNP VO ÈSFB EF QPUFODJBM FYQBOTJØO EF BDUJWJEBEFT EFM OBSDPUSÈm DP Z TV PCKFUJWP GVOEBNFOUBM FSB QSFWFOJS UBM FTDFOBSJP NFEJBOUF FM EFTBSSPMMP FDPOØNJDP Z TPDJBM EF MB SFHJØO QPS MB EFQFOEFODJB FDPOØNJDB DPO 64"*% FTUB ØQUJDB TF IB JOUFOTJm DBEP Z BQSPYJNBEP B MB EPDUSJOB EF 64"*% TPCSF FM EFTBSSPMMP BMUFSOBUJWP RVF BQMJDB FO $PMPNCJB
&TQJOPTB (V[NÈO %F JHVBM NBOFSB UBOUP QPS MBT DPOEJDJPOFT EF m OBODJBNJFOUP JNQVFTUBT QPS "*% DPNP QPS MBT MJNJUBDJPOFT QSPQJBT EF VOB BHFODJB BE IPD EF DSFBDJØO SFDJFOUF RVF QBEFDF 6%&/03 IB BEPQUBEP VO NPEFMP EF USBCBKP NFEJBOUF TVCDPOUSBUPT PUPSHBEPT B QSPWFFEPSFT EF CJFOFT Z TFSWJDJPT QSJWBEPT DPNQB×ÓBT PSHBOJ[BDJPOFT OP HVCFSOBNFOUBMFT Z PSHBOJ[BDJPOFT EF CBTF &TUF NPEFMP IB HFOFSBEP VOB EJWJTJØO EF UBSFBT RVF QVFEF TFS QFSKVEJDJBM QBSB FM GVODJPOBNJFOUP FO FM MBSHP QMB[P EF MB 6OJEBE Z RVF DJFSUBNFOUF FO MP JONFEJBUP OP IB GBDJMJUBEP MB SFMBDJØO FOUSF BHFODJBT HVCFSOBNFOUBMFT DFOUSBMFT OBDJPOBMFT HPCJFSOPT MPDBMFT Z TPDJFEBE MPDBM &TUF NPEFMP EF IFDIP FT VOB TJNQMF FYQBOTJØO EF MBT SFMBDJPOFT FTUBCMFDJEBT FOUSF 6%&/03 DPNP PSHBOJTNP DPPSEJOBEPS Z DPOUSBQBSUJEB OBDJPOBM 64"*% DPNP m OBODJTUB Z MB 0SHBOJ[BDJØO *OUFSOBDJPOBM QBSB MBT .JHSBDJPOFT 0*. DPNP BHFODJB FKFDVUPSB EF MPT QSPZFDUPT EF EFTBSSPMMP 5BOUP QPS MB MØHJDB EFM NPEFMP EF QSPZFDUPT EF EFTBSSPMMP BEPQUBEP DPNP QPS MBT DPOEJDJPOFT QSPQJBT EF MBT DPNVOJEBEFT BUFOEJEBT QPS FM i1SPHSBNB EF %FTBSSPMMP 1SFWFOUJWPyw MB FKFDVDJØO SFBM EFM QSPHSBNB TF IB DPODFOUSBEP FO DPOTUSVJS DBNJOPT SFQBSBS QVFOUFT Z QSPWFFS TFSWJDJPT CÈTJDPT UBMFT DPNP BHVB QPUBCMF Z BMDBOUBSJMMBEP P MFUSJOBT FT EFDJS FO BDDJPOFT QVOUVBMFT EF EPUBDJØO EF JOGSBFTUSVDUVSB CÈTJDB
3DEOR $QGUDGH $
-PT QSPZFDUPT FTQFDÓm DBNFOUF EJTF×BEPT QBSB QSPWFFS EF BMUFSOBUJWBT EF FNQMFP GVFSPO FTDBTPT Z TØMP BUFOEJFSPO B QPCMBDJPOFT QFRVF×BT Z MPT DPNQPOFOUFT EFM QSPHSBNB NÈT DMBSBNFOUF SFMBDJPOBEPT DPO VOB QPMÓUJDB BOUJOBSDØUJDPT TF IBO EJMVJEP FO VO DPOKVOUP NÈT P NFOPT JODPOFYP Z FWFOUVBM EF BDDJPOFT FEVDBUJWBT 6%&/03 "OESBEF "EJDJPOBMNFOUF FM NPEFMP EF USBCBKP SFMBDJØO DPO MB QPCMBDJØO BEPQUBEP QPS 6%&/03 IB HFOFSBEP UFOTJPOFT FOUSF FM HPCJFSOP DFOUSBM FDVBUPSJBOP Z MPT HPCJFSOPT QSPWJODJBMFT &O GFCSFSP EFM FO 4VDVNCÓPT Z FO GFCSFSP EFM FO 0SFMMBOB Z 4VDVNCÓPT MPT HPCJFSOPT MPDBMFT DPO BQPZP EF MB QPCMBDJØO PSHBOJ[BSPO TFOEPT QBSPT QBSB EFNBOEBS EFM HPCJFSOP DFOUSBM MB QSPWJTJØO EF SFDVSTPT Z TFSWJDJPT CÈTJDPT UBMFT DPNP DPOTUSVDDJØO EF DBNJOPT FMFDUSJm DBDJØO Z TFHVSJEBE $PNP SFTVMUBEP EF MBT QSFTJPOFT EJSFDUBT OP JOTUJUVDJPOBMFT EF MPT HPCJFSOPT MPDBMFT TF JODPSQPSBSPO OVFWBT BDUJWJEBEFT Z QSPZFDUPT BM QMBO EF 6%&/03 QBSB FM VOB TJUVBDJØO RVF BNFOB[Ø DPO SFQFUJSTF FO NBZP EFM %FCF DPOTJEFSBSTF VO FMFNFOUP BEJDJPOBM B MB IPSB EF FYBNJOBS MB HFTUJØO BDUVBM EF 6%&/03 ÏTUF FT MBT QFDVMJBSJEBEFT EFM BDUVBM HPCJFSOP FDVBUPSJBOP &O FGFDUP UPEB WF[ RVF FM BDUVBM QSFTJEFOUF -VDJP (VUJÏSSF[ GVF QPTFTJPOBEP MB
BENJOJTUSBDJØO EF 6%&/03 GVF SFFNQMB[BEB DPO NJMJUBOUFT EFM QBSUJEP EFM 1SFTJEFOUF 4PDJFEBE 1BUSJØUJDB BEJDJPOBMNFOUF MB CBTF FMFDUPSBM F JODMVTP PSHBOJ[BDJPOBM EF 4PDJFEBE 1BUSJØUJDB TF FODVFOUSB CÈTJDBNFOUF FO MBT QSPWJODJBT EF MB "NB[POÓB FDVBUPSJBOB $BNCJPT TJNJMBSFT FO PUSBT BHFODJBT HVCFSOBNFOUBMFT DVZB BDUJWJEBE TF EFTBSSPMMB QSJPSJUBSJBNFOUF FO FTUB ÈSFB HFPHSÈm DB QBSFDFSÓBO JOEJDBS RVF FM BDUVBM HPCJFSOP IB BODMBEP m SNFNFOUF MB UFOEFODJB B DPOWFSUJS B 6%&/03 FO VO NFDBOJTNP EF JOUFSNFEJBDJØO QBUSØO DMJFOUF FOUSF FM HPCJFSOP OBDJPOBM Z MPT FMFDUPSFT EF MBT QSPWJODJBT BNB[ØOJDBT &O DVBOUP BM QMBOP FTUSJDUBNFOUF NJMJUBS Z QPMJDJBM MB EPDUSJOB QSFWBMFDJFOUF FO MBT 'VFS[BT "SNBEBT &DVBUPSJBOBT '"& TPTUJFOF RVF i<MPT> FGFDUPT OFHBUJWPT <EFM DPOn JDUP DPMPNCJBOP> EFUFSNJOBSÈO FM QFSNBOFOUF FNQMFP EF MBT 'VFS[BT "SNBEBT FO NJTJPOFT EF QSPUFDDJØO EF GSPOUFSBT QBSB HBSBOUJ[BS FM JNQFSJP EF MB MFZ Z QSPUFHFS B MBT DPNVOJEBEFT GSPOUFSJ[BT Z MPT SFDVSTPT w 1PMÓUJDB EF MB %FGFOTB /BDJPOBM EFM &DVBEPS &O DPOHSVFODJB DPO FTUF EJBHOØTUJDP B QBSUJS EFM MBT 'VFS[BT "SNBEBT IBO PQUBEP QPS VOB FTUSBUFHJB EF SFGPS[BNJFOUP Z FYQBOTJØO EF TV QSFTFODJB FO MB 'SPOUFSB /PSUF 1BSB BWBO[BS FTUB FTUSBUFHJB MBT '"& USBTMBEBSPO FM QVFTUP EF NBOEP EF MB $VBSUB %JWJTJØO FODBSHBEB EF MB
0*1"; 5FTUJNPOJPT EF 'SPOUFSB %FSFDIPT )VNBOPT Z 1MBO $PMPNCJB 2VJUP %JÈMPHP EPDVNFOUP i"TBNCMFB #JQSPWJODJBM 0SFMMBOB 4VDVNCÓPT "DVFSEPw NBS[P EF
3 HUFHSFLRQHV KHPLVIpULFDV VREUH OD FULVLV FRORPELDQD HO FDVR GH (FXDGRU
SFHJØO OPSPSJFOUBM EFM &DVBEPS EF 1BTUB[B 1SPWJODJB EF 1BTUB[B FO FM TVS EF MB "NB[POÓB B $PDB 1SPWJODJB EF 0SFMMBOB FO FM DFOUSP OPSUF EF MB "NB[POÓB IBO BVNFOUBEP FM OÞNFSP EF FGFDUJWPT FO FM UFSSFOP FOUSF Z IPNCSFT MBT DJGSBT WBSÓBO TFHÞO MB GVFOUF IBO DSFBEP VOJEBEFT BÏSFBT Z GVFS[BT EF UBSFB EF SFTQVFTUB SÈQJEB IBO NFKPSBEP FM FOUSFOBNJFOUP Z TF IBO SFBDUJWBEP FTDVFMBT EF TFMWB &TUP FO FM UFSSJUPSJP DPOUJOFOUBM FDVBUPSJBOP QFSP BEFNÈT BQSPWFDIBOEP MBT GBDJMJEBEFT PGSFDJEBT QPS FM '0- EF .BOUB FO FM MB GVFS[B BÏSFB USBTMBEØ TV QSJODJQBM QVFTUP EF DPNBOEP EF MB CBTF EF 5BVSB FO MB 1SPWJODJB EFM (VBZBT B MB CBTF EF .BOUB MP RVF FO MB QSÈDUJDB TJHOJm DB VOB NBZPS DPCFSUVSB EFM FTQBDJP BÏSFP DFSDBOP DPO $PMPNCJB FO DPOUSBTUF DPO FM USBEJDJPOBM DPOUSPM EFM FTQBDJP BÏSFP DFSDBOP B 1FSÞ &M GPSUBMFDJNJFOUP EF MB QSFTFODJB NJMJUBS FO MB GSPOUFSB DPO $PMPNCJB MFT IB QFSNJUJEP B MBT GVFS[BT BSNBEBT &DVBUPSJBOBT MMFWBS BEFMBOUF USFT QMBOFT EF TFHVSJEBE FO MBT QSPWJODJBT EF 4VDVNCÓPT Z 0SFMMBOB i%FGFOTB *OUFSOBw i4FHVSJEBE $JVEBEBOBw Z i"QPZP "OUJOBSDØUJDPTw 4PMBNFOUF FM QMBO EF EFGFOTB JOUFSOB FT EF SFTQPOTBCJMJEBE FYDMVTJWB EF MBT 'VFS[BT "SNBEBT &M QMBO DPNQSFOEF PODF CBUBMMPOFT EFM FKÏSDJUP VOB VOJEBE IFMJUSBOTQPSUBEB FTUBDJPOBEB FO $PDB EPT HSVQPT EF DPNCBUF Z USBOTQPSUF EF USPQBT VOP FO -BHP "HSJP FM "MB EF $PNCBUF Z PUSP FO 1VZP QSPWJODJB EFM /BQP
BEFNÈT FYJTUFO EPT HSVQPT EF GVFS[BT DPNCJOBEPT EF MB .BSJOB FM &KÏSDJUP Z MB 'VFS[B "ÏSFB FTUBDJPOBEPT FO 4VDVNCÓPT -B DPPSEJOBDJØO FOUSF MBT USFT BMBT EF MBT 'VFS[BT "SNBEBT FO MB 'SPOUFSB /PSUF TF SFBMJ[B B USBWÏT EF MB *7 %JWJTJØO FO MB 'VFS[B EF 5BSFB $POKVOUB MB .BSJOB UJFOF EPT DBQJUBOÓBT EF QVFSUP DPO CBSDPT QBSB PQFSBDJPOFT n VWJBMFT FO 1VFSUP &M $BSNFO Z 4VTIVm OEJ FO 4VDVNCÓPT Z 0SFMMBOB Z VOB DBQJUBOÓB FO 4BO -PSFO[P &TNFSBMEBT &M $PNFSDJP EF EJDJFNCSF EFM " %F JHVBM NBOFSB MB QSFTFODJB NJMJUBS FO $BSDIJ IB TJEP SFGPS[BEB DPO EPT CSJHBEBT EF 'VFS[BT &TQFDJBMFT JOTUBMBEBT FO 5VMDÈO .ÈT SFDJFOUFNFOUF EFDMBSBDJPOFT EF MPT DPNBOEBOUFT EF MB * Z *7 %JWJTJPOFT EFM &KÏSDJUP Bm SNBCBO RVF MB * %JWJTJØO QPESÓB NPWJMJ[BS SÈQJEBNFOUF IPNCSFT IFMJDØQUFSPT 6OJEBE )FMJUSBOTQPSUBEB Z BWJPOFT VO HSVQP BÏSFP DPO TFEF FO 2VJUP B MBT QSPWJODJBT EF &TNFSBMEBT Z $BSDIJ FO IPSBT &M $PNFSDJP EF NBZP EF " -B JOGPSNBDJØO EJTQPOJCMF JOEJDB FOUPODFT RVF MBT GVFS[BT BSNBEBT UJFOFO SFDVSTPT EF JOUFMJHFODJB BSNBNFOUP Z IPNCSFT TVm DJFOUFT QBSB SFBMJ[BS QBUSVMMBT QFSNBOFOUFT FO MBT GSPOUFSBT Z PSHBOJ[BS SFTQVFTUBT BSNBEBT BOUF QPTJCMFT JODVSTJPOFT EF HSVQPT JSSFHVMBSFT DPMPNCJBOPT &TUB OVFWB TJUVBDJØO FTUSBUÏHJDB CBTUBOUF EJTUJOUB B MB RVF QSFWBMFDÓB FO MB GSPOUFSB DPO $PMPNCJB BOUFT EFM FT VO MPHSP RVF IB TJEP TJTUFNÈUJDBNFOUF BQPZBEP QPS &TUBEPT
3DEOR $QGUDGH $
6OJEPT NFEJBOUF MB EPOBDJØO EF FRVJQPT NJMJUBSFT VOJGPSNFT WFIÓDVMPT )VNNFS FRVJQPT EF DPNVOJDBDJØO Z IFMJDØQUFSPT Z FOUSFOBNJFOUP NJMJUBS 7BSJBT GVFOUFT JOUFSOBDJPOBMFT Z EPNÏTUJDBT IBO DBMDVMBEP RVF FM NPOUP EF MB BTJTUFODJB NJMJUBS EF &TUBEPT 6OJEPT B &DVBEPS EFTEF FM B×P BTDJFOEF B 64 NJMMPOFT RVF JODMVZFO 64 NJMMPOFT JOWFSUJEPT QPS FM HPCJFSOP EF &TUBEPT 6OJEPT FO BEFDVBS FM '0- EF .BOUB .POUÞGBS +VTU UIF 'BDUT Z $FOUFS GPS *OUFSOBUJPOBM 1PMJDZ %VSBOUF NJMJUBSFT Z QPMJDÓBT FDVBUPSJBOPT SFDJCJFSPO JOTUSVDDJØO QPS QBSUF EFM %FQBSUBNFOUP EF %FGFOTB Z FOUSF Z FM 'VFS[BT &TQFDJBMFT EF &TUBEPT 6OJEPT QBSUJDJQBSPO FO Z NJTJPOFT EF FOUSFOBNJFOUP SFTQFDUJWBNFOUF -B QPMÓUJDB JOUFSOBDJPOBM FDVBUPSJBOB IBDJB FM DPOn JDUP DPMPNCJBOP -B JOn VFODJB EF &TUBEPT 6OJEPT FO MB QPMÓUJDB FDVBUPSJBOB TPCSF FM DPOn JDUP DPMPNCJBOP TF SFBMJ[B B USBWÏT EF EPT WÓBT QSJODJQBMFT FM 1SPHSBNB EF %FTBSSPMMP "MUFSOBUJWP Z MB 1PMÓUJDB EF %FGFOTB &TUBT TPO MBT EPT ÞOJDBT QPMÓUJDBT EFM FTUBEP FDVBUPSJBOP IBDJB FM DPOn JDUP DPMPNCJBOP RVF IBO MPHSBEP DPOTPMJEBSTF QPS UBOUP FM QFTP EF &TUBEPT 6OJEPT FO MB QPMÓUJDB EF TFHVSJEBE FDVBUPSJBOB FT FTFODJBM Z MPT HPCJFSOPT RVF IBO CVTDBEP
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3 HUFHSFLRQHV KHPLVIpULFDV VREUH OD FULVLV FRORPELDQD HO FDVR GH (FXDGRU
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EF 1BDIBDVUJL QPTUVMBCB MB SFEVDDJØO EFM QBQFM FDVBUPSJBOP FO FM DPOn JDUP DPMPNCJBOP OP TV BNQMJBDJØO DPNP EFTFBCB FM 1SFTJEFOUF %F NBOFSB RVF FO MB SFVOJØO EF MB $"/ FO #PHPUÈ FO NBS[P EFM FM &DVBEPS NBOUVWP TV FOGPRVF EF DPNQBSUJS JOGPSNBDJØO Z DPPQFSBDJØO EF JOUFMJHFODJB FOUSF GVFS[BT BSNBEBT Z QPMJDÓBT EF BNCPT QBÓTFT SBUJm DBOEP TVT DPNQSPNJTPT EF TFQUJFNCSF Z PDUVCSF EFM Z OBEB NÈT &O FTUB PDBTJØO FM HPCJFSOP FDVBUPSJBOP WPMWJØ B SBUJm DBS MB QPTJDJØO EF OP DBMJm DBS B MPT HSVQPT JSSFHVMBSFT DPMPNCJBOPT DPNP iUFSSPSJTUBTw &M $PNFSDJP EF NBS[P EFM " -VFHP EF MB SVQUVSB EF MB DPBMJDJØO HVCFSOBNFOUBM DPO FM J[RVJFSEJTUB .PWJNJFOUP EF 6OJEBE 1MVSJDVMUVSBM 1BDIBLVUJL .611 FO BHPTUP EF FM HPCJFSOP EF (VUJÏSSF[ OPNCSØ DPNP $BODJMMFS B 1BUSJDJP ;VRVJMBOEB IPNCSF DFSDBOP B MBT WJTJPOFT EF MB &NCBKBEB EF &TUBEPT 6OJEPT &TUB TVTUJUVDJØO OP IB MPHSBEP TJO FNCBSHP RVF FM HPCJFSOP DBNCJF TV FOGPRVF EFM DPOn JDUP DPMPNCJBOP -B EJQMPNBDJB EFM QSFTJEFOUF (VUJÏSSF[ CVTDØ FM BQPZP EF /BDJPOFT 6OJEBT DPNP QPUFODJBM GVFOUF m OBODJFSB QBSB BNQMJBS MPT QSPHSBNBT BDUVBMNFOUF FYJTUFOUFT FO FM &DVBEPS EFM "MUP $PNJTJPOBEP EF /BDJPOFT 6OJEBT QBSB MPT 3FGVHJBEPT "$/63 &M HPCJFSOP FDVBUPSJBOP IB BWBO[BEP FTUF UJQP EF JOJDJBUJWBT FO BM NFOPT EPT PDBTJPOFT &O TFQUJFNCSF EFM BOUF MB "TBNCMFB (FOFSBM EF /BDJPOFT 6OJEBT FM QSFTJEFOUF (VUJÏSSF[
3DEOR $QGUDGH $
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3 HUFHSFLRQHV KHPLVIpULFDV VREUH OD FULVLV FRORPELDQD HO FDVR GH (FXDGRU
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/D FULVLV FRORPELDQD \ 3HU~
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/D FULVLV FRORPELDQD \ 3HU~
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0LULDP .RUQEOLWK
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3HUFHSFLRQHV YHQH]RODQDV VREUH OD FULVLV GH &RORPELD
$VBESP
0LULDP .RUQEOLWK
1PS TV QBSUF FM USÈm DP EF BSNBT TF FODVFOUSB ÓOUJNBNFOUF MJHBEP BM EF ESPHBT JMÓDJUBT QSPNPWJEP QPS MPT HSVQPT JSSFHVMBSFT DPMPNCJBOPT &O MB NFEJEB FO RVF ÏTUPT SFDJCFO NBZPSFT JOHSFTPT QPS FM USÈm DP Z QSPEVDDJØO EF ESPHBT JMÓDJUBT JODSFNFOUBO TVT QPTJCJMJEBEFT EF BERVJSJS BSNBT Z NVOJDJPOFT FO FM NFSDBEP JOUFSOBDJPOBM 7FOF[VFMB TF IB DPOWFSUJEP FO VO JNQPSUBOUF DBOBM EF OBSDPUSÈm DP Z FO FM DPSSFEPS 7FOF[VFMB "SBVDB VOP EF MPT NÈT JNQPSUBOUFT DBNJOPT QBSB USBOTQPSUBS
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3HUFHSFLRQHV YHQH]RODQDV VREUH OD FULVLV GH &RORPELD
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0LULDP .RUQEOLWK
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$VBESP
$VBESP
3HUFHSFLRQHV YHQH]RODQDV VREUH OD FULVLV GH &RORPELD
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0LULDP .RUQEOLWK
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0LULDP .RUQEOLWK
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0LULDP .RUQEOLWK
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3HUFHSFLRQHV YHQH]RODQDV VREUH OD FULVLV GH &RORPELD
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0LULDP .RUQEOLWK
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3HUFHSFLRQHV YHQH]RODQDV VREUH OD FULVLV GH &RORPELD
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0LULDP .RUQEOLWK
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3HUFHSFLRQHV YHQH]RODQDV VREUH OD FULVLV GH &RORPELD
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0LULDP .RUQEOLWK
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3HUFHSFLRQHV YHQH]RODQDV VREUH OD FULVLV GH &RORPELD
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0LULDP .RUQEOLWK
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PQUJNJ[BEPTw 'PVDBVMU ÏOGBTJT B×BEJEP 1BSB EFTBSSPMMBS FM BOÈMJTJT QSPQPOHP FO QSJNFS MVHBS FYQMPSBS BMHVOPT FOVODJBEPT DPOUFOJEPT FO MPT EPDVNFOUPT Pm DJBMFT EF MB 1PMÓUJDB EF %FGFOTB Z 4FHVSJEBE %FNPDSÈUJDB EF 6SJCF B m O EF EJTUJOHVJS MB SBDJPOBMJEBE RVF MF EB TPQPSUF &O TFHVOEP MVHBS BOBMJ[P MPT NFDBOJTNPT OP EJTDVSTJWPT B USBWÏT EF MPT DVBMFT TF BQMJDB MB TFHVSJEBE EFNPDSÈUJDB FO $PMPNCJB PCTFSWBOEP FTQFDÓm DBNFOUF USFT EF MBT NFEJEBT JOTUJUVDJPOBMFT QSPNPWJEBT QPS MB QPMÓUJDB EF TFHVSJEBE EFM HPCJFSOP 6SJCF 1BSB DPODMVJS Z B NBOFSB EF CBMBODF EFM BOÈMJTJT SFBMJ[BEP TF BWBO[BO BMHVOBT DPOTJEFSBDJPOFT m OBMFT -B QPMÓUJDB EF TFHVSJEBE EFNPDSÈUJDB EF «MWBSP 6SJCF 7ÏMF[ 1VCMJDBEP FM EF +VOJP EF FM EPDVNFOUP Pm DJBM EF MB 1PMÓUJDB EF %FGFOTB Z 4FHVSJEBE %FNPDSÈUJDB 1%4% QSFUFOEF BDMBSBS UBOUP MPT DPODFQUPT CÈTJDPT EF MB QPMÓUJDB EF TFHVSJEBE EFM HPCJFSOP 6SJCF DPNP MPT NFDBOJTNPT FTQFDÓm DPT QBSB TV EFTBSSPMMP &O FTF TFOUJEP FM EPDVNFOUP Pm DJBM EF MB QPMÓUJDB EF TFHVSJEBE EFNPDSÈUJDB IBDF ÏOGBTJT FO WBSJPT BTQFDUPT NÈT P NFOPT USBEJDJPOBMFT FO FM EFTBSSPMMP EF MBT QPMÓUJDBT JOTUJUVDJPOBMFT EF TFHVSJEBE FM GPSUBMFDJNJFOUP EF MBT GVFS[BT BSNBEBT FM DPOUSPM EFM UFSSJUPSJP MB BDDJØO DPPSEJOBEB EF MBT JOTUJUVDJPOFT FTUBUBMFT FUD %F NBOFSB NVDIP NÈT OPWFEPTB MB 1%4% QSPNVMHB
*LRYDQQL 0DQWLOOD
MB OFDFTJEBE EF iEFNPDSBUJ[BSw MB TFHVSJEBE FTUBCMFDJFOEP QBSB FTUF QSPQØTJUP VO MJOFBNJFOUP GVOEBNFOUBM DPPQFSBS QBSB MB TFHVSJEBE EF UPEPT %F FOUSBEB FM HSVFTP EF MPT PCKFUJWPT EFM HPCJFSOP TF EJSJHFO B BDBCBS DPO VOB BNFOB[B RVF TF VCJDB QPS FODJNB EF MBT EFNÈT Z RVF OP BQBSFDÓB FO MPT EPDVNFOUPT FYQMPSBEPT BOUFSJPSNFOUF FM UFSSPSJTNP -B DBSUB JOUSPEVDUPSJB BM UFYUP DPNQMFUP FTDSJUB QPS 6SJCF Bm SNB B FTUF SFTQFDUP RVF iMB BOUÓQPEB EF MB TFHVSJEBE EFNPDSÈUJDB FT FM UFSSPSJTNPw 3FQÞCMJDB EF $PMPNCJB C $PNP QVOUP EF QBSUJEB DMBWF QBSB FM BOÈMJTJT FT QSFDJTP OPUBS MB GPSNB FO RVF FM UFYUP EF MB 1%4% JOTUBMBEB QPS FM HPCJFSOP 6SJCF MF BUSJCVZF VO QFTP JNQPSUBOUF B MB JODMVTJØO EF MB QPCMBDJØO DPMPNCJBOB FO MBT MBCPSFT EF TFHVSJEBE DPNP FM TVTUSBUP CÈTJDP Z EJTUJOUJWP EF VOB QPMÓUJDB AEFNPDSÈUJDB EF TFHVSJEBE i-B TFHVSJEBE OP TF BMDBO[B TØMP DPO MPT FTGVFS[PT EF MB 'VFS[B 1ÞCMJDB &TUF WB B TFS VO FTGVFS[P EF UPEP FM FTUBEP EF UPEPT MPT DPMPNCJBOPT 6OB FTUSVDUVSB FTUBUBM GVFSUF BQPZBEB FO MB TPMJEBSJEBE DJVEBEBOB HBSBOUJ[B FM JNQFSJP EF MB MFZ Z FM SFTQFUP EF MPT EFSFDIPT Z EF MJCFSUBEFT 3FQÞCMJDB EF $PMPNCJB C &O FTF TFOUJEP FM EPDVNFOUP BDMBSB RVF MB 1%4% FT iFOUPODFT VOB QPMÓUJDB QBSB
MB QSPUFDDJØO EF MB QPCMBDJØOw ÏOGBTJT B×BEJEP &OUPODFT FO FM DBTP EFM EJTDVSTP HVCFSOBNFOUBM EF MB 1%4% FM DPODFQUP EF TFHVSJEBE EFNPDSÈUJDB UPNB GVFS[B B QBSUJS EF VO WBMPS iDJVEBEBOPw RVF MMFOBSÓB EF TFOUJEP TV BEKFUJWBDJØO DPNP iEFNPDSÈUJDBw MB TPMJEBSJEBE i-B TFHVSJEBE OP TF FOUJFOEF FO QSJNFSB JOTUBODJB DPNP MB TFHVSJEBE EFM FTUBEP OJ UBNQPDP DPNP MB TFHVSJEBE EFM DJVEBEBOP TJO FM DPODVSTP EFM FTUBEP TJOP DPNP MB QSPUFDDJØO EFM DJVEBEBOP Z EF MB EFNPDSBDJB QPS QBSUF EFM FTUBEP DPO MB DPPQFSBDJØO TPMJEBSJB Z FM DPNQSPNJTP EF UPEB MB TPDJFEBEw 3FQÞCMJDB EF $PMPNCJB C /P TF USBUB EF VOB DPPQFSBDJØO P VOB QBSUJDJQBDJØO FO VO TFOUJEP EFMJCFSBUJWP DPNP MB QSPQVFTUB FO PUSPT MVHBSFT FT DMBSP RVF MB SBDJPOBMJEBE RVF EB TVTUFOUP B MB 1%4% TF DBSBDUFSJ[B QPS QBUSPDJOBS MB VUJMJ[BDJØO EF MB QPCMBDJØO FO MB FKFDVDJØO EF MPT NFDBOJTNPT EF TFHVSJEBE EFM FTUBEP &O FTFODJB MB 1%4% BQFMB B VOB DPPQFSBDJØO MJUFSBM EJSFDUB Z NBUFSJBM EF MPT DJVEBEBOPT FO MB TBMWBHVBSEB EF MB TFHVSJEBE FTUBUBM 7JHJMBS Z BTFHVSBS MBT QSÈDUJDBT OP EJTDVSTJWBT EF MB 1%4% "IPSB BOBMJ[BSFNPT USFT EF MBT NFEJEBT JOTUBMBEBT QPS MB QPMÓUJDB EF TFHVSJEBE EFNPDSÈUJDB BQBSFDFO DPNP NFDBOJTNPT DPODSFUPT QBSB MB
&O FTUF DBTP OP FT HSBUVJUP RVF VOP EF MPT CPSSBEPSFT EF MB 1%4% IVCJFSB MMFWBEP QPS UÓUVMP KVTUBNFOUF -B 4FHVSJEBE EF MB 4PMJEBSJEBE 4VHJFSP SFWJTBS FM EPDVNFOUP 3FQFOTBS B $PMPNCJB $PMFDUJWP FEJUBEP DPNP QSPEVDUP EF MB TFTJPOFT DPMFDUJWBT EF SFn FYJØO DPOPDJEBT DPNP 5BMMFSFT EFM .JMFOJP SFBMJ[BEBT FO FM &O NJ BOÈMJTJT FTUF EPDVNFOUP FT MB QSJNFSB JOTUBODJB EJTDVSTJWB EF VOB QPMÓUJDB EF TFHVSJEBE EFNPDSÈUJDB FO $PMPNCJB BVORVF FO VO TFOUJEP SBEJDBMNFOUF EJGFSFOUF B MB 1%4% EFM HPCJFSOP 6SJCF 7FS UBNCJÏO .BOUJMMB
*REHUQDU \ DVHJXUDU
QVFTUB FO NBSDIB EF FTB WJODVMBDJØO EF MB DJVEBEBOÓB FO MB 1%4% &TUBT NFEJEBT OP TPO JOUFSSPHBEBT BRVÓ ZB UBOUP FO TV EJNFOTJØO EJTDVSTJWB DPNP IBTUB BIPSB TF IB IFDIP TJOP RVF FO FTUB PDBTJØO TF FMBCPSB VOB BQSPYJNBDJØO BM FKFSDJDJP FTQFDÓm DP EF QPEFS RVF QSPNVFWFO B -BT SFEFT EF DPPQFSBOUFT P JOGPSNBOUFT -B QSJNFSB EF MBT NFEJEBT B BOBMJ[BS TPO MBT EFOPNJOBEBT ASFEFT EF DPPQFSBOUFT F JOGPSNBOUFT JOTUBMBEBT QPS MB 1%4% &M QVOUP EFM %PDVNFOUP JOTUJUVDJPOBM 1PMÓUJDB EF %FGFOTB Z 4FHVSJEBE %FNPDSÈUJDB FYQMJDB FO RVÏ DPOTJTUFO w6OB SFE EF DJVEBEBOPT FO MBT [POBT VSCBOBT Z SVSBMFT EFM QBÓT DPPQFSBSÈ BDUJWB WPMVOUBSJB Z EFTJOUFSFTBEBNFOUF DPO MBT BVUPSJEBEFT QBSUJDJQBOEP FO QSPHSBNBT DJVEBEBOPT EF DVMUVSB QBSB MB TFHVSJEBE Z CSJOEBOEP JOGPSNBDJØO RVF QFSNJUB MB QSFWFODJØO Z MB QFSTFDVDJØO EFM EFMJUP y &TUPT WPMVOUBSJPT NVMUJQMJDBSÈO SÈQJEBNFOUF MB DBQBDJEBE EF WJHJMBODJB EF MBT BVUPSJEBEFT DPO RVJFOFT FTUBSÈO FO QFSNBOFOUF DPNVOJDBDJØO -PT DPPQFSBOUFT SFTQPOEFO BM QSJODJQJP EF TPMJEBSJEBE Z BM EFCFS DJVEBEBOP EF DPOUSJCVJS BM PCKFUJWP DPNÞO EF MB TFHVSJEBE 4V DPPQFSBDJØO B EJGFSFODJB EF MB EF MPT JOGPSNBOUFT OP TFSÈ SFNVOFSBEBw 3FQÞCMJDB EF $PMPNCJB C
.ÈT EF VO NJMMØO EF JOGPSNBOUFT Z DPPQFSBOUFT DPOGPSNBO FTUBT SFEFT 4FHÞO FM HPCJFSOP IBDJB m OBMFT EFM FYJTUÓBO i 'SFOUFT EF 4FHVSJEBE -PDBM Z 3VSBM RVF UJFOF MB 1PMJDÓB /BDJPOBM IBZ QFSTPOBT RVF DPMBCPSBO EJSFDUBNFOUF DPO MBT BVUPSJEBEFT Z RVF EF FMMBT TØMP SFDJCFO BMHVOB SFNVOFSBDJØOw "TJNJTNP iFM FKÏSDJUP BHSVQB B DPPQFSBOUFT Z MB BSNBEB OBDJPOBM B w $PNVOJDBEP .JOEFGFOTB 1BSB MB BENJOJTUSBDJØO 6SJCF MBT SFEFT EF DPPQFSBOUFT DPOTUJUVZFO EFTEF TVT JOJDJPT VOB QBSUF DFOUSBM EF TV QPMÓUJDB EF TFHVSJEBE EFNPDSÈUJDB i&TUB QPMÓUJDB TF IB CBTBEP FO MB DPMBCPSBDJØO EF MB DJVEBEBOÓB Z FO FM DPNQSPNJTP EF FOGSFOUBS FOUSF UPEPT B MPT WJPMFOUPT QPS FTP MBT SFEFT TPO GVOEBNFOUBMFT FO MB DPOTPMJEBDJØO EF MB QPMÓUJDB HVCFSOBNFOUBMw $PNVOJDBEP .JOEFGFOTB 4FHÞO .BSUIB -VDÓB 3BNÓSF[ RVJÏO TF EFTFNQF×Ø DPNP KFGF EF MB DBSUFSB EF %FGFOTB FO FM QSJNFS B×P EFM HPCJFSOP 6SJCF MBT SFEFT EF DPPQFSBOUFT iIBO GPSUBMFDJEP MPT NFDBOJTNPT EF QBSUJDJQBDJØO DJVEBEBOB IBO MPHSBEP FTUSFDIBS MPT MB[PT EF DPMBCPSBDJØO DPO TV GVFS[B QÞCMJDB Z SFDVQFSBS MB DPOm BO[B FO FM QPEFS FTUBUBM QBSB CSJOEBSMF TFHVSJEBE BM QBÓT &O TV PCMJHBDJØO DPOTUJUVDJPOBM MPT JOGPSNBOUFT TPO MPT PKPT Z PÓEPT EF MB MFZ RVF BQPSUBO FMFNFOUPT WBMJPTPT B MBT BVUPSJEBEFTw $PNVOJDBEP .JOEFGFOTB
&T QSFDJTP SFDPOPDFS RVF OP TF IB JOUFOUBEP BCBSDBS MB UPUBMJEBE EF MPT NFDBOJTNPT QSPQVFTUPT QPS MB 1%4% &M MFDUPS QPESÈ EFSJWBS TVT QSPQJBT DPODMVTJPOFT B QBSUJS EF MB MÓOFB DSÓUJDB BRVÓ VUJMJ[BEB
*LRYDQQL 0DQWLOOD
/P TF USBUB QVFT EF VO QPEFS FKFSDJEP QPS VOB FOUJEBE P JOTUJUVDJØO HVCFSOBNFOUBM 4F USBUB NFKPS EF VO QPEFS QSPNPWJEP QPS FM FTUBEP FO FM OJWFM EF MB QPCMBDJØO NJTNB EF TV BOPOJNJEBE Z EF TV SVUJOB B QBSUJS EFM DVBM MB QPCMBDJØO EFWJFOF UBOUP PCKFUP EF MB TFHVSJEBE DPNP TVKFUP EF FMMB TF QSFUFOEF RVF TFB MB NJTNB QPCMBDJØO RVJFO QFSNBOF[DB BUFOUB BOUF DVBMRVJFS JOEJDJP P TPTQFDIB EF QFMJHSP RVF TVSKB FO TV QSPQJP JOUFSJPS %F NBOFSB TJNJMBS BM GVODJPOBNJFOUP EFM QPEFS FO MB FTUSVDUVSB QBOØQUJDB FO FTUF DBTP iOP FYJTUF VO QPEFS RVF SBEJDBSÓB UPUBMNFOUF FO BMHVJFO Z RVF FTF BMHVJFO ³/D GHWHULRUDGD VLWXDFLyQ GH RUGHQ S~EOLFR FKFSDFSÓB ÏM TPMP Z EF GHO SDtV SDUHFtD MXVWL¿ FDU HO HVWDEOHFLPLHQWR GPSNB BCTPMVUB TPCSF MPT GH XQ FRQMXQWR GH QRUPDV TXH VLUYLHUD EFNÈT FT VOB NÈRVJOB FO MB RVF UPEP FM NVOEP SDUD SURWHJHU OD GHPRFUDFLD ORV GHUHFKRV FTUÈ BQSJTJPOBEP UBOUP KXPDQRV \ OD OHJLWLPLGDG LQVWLWXFLRQDO HQ MPT RVF FKFSDFO FM QPEFS HO PDUFR GH XQ ³HVWDWXWR DQWLWHUURULVWD ´ DPNP BRVFMMPT TPCSF MPT RVF FM QPEFS TF FKFSDF &M QPEFS ZB OP FOGPRVF BQMJDBEP FO 7JHJMBS Z $BTUJHBS TF JEFOUJm DB TVTUBODJBMNFOUF DPO TPCSF FM QBOØQUJDP EF #FOUIBN &O VO JOEJWJEVP RVF MP FKFSDFSÓB P MP QSJNFS MVHBS IBZ RVF DPNFO[BS QPS QPTFFSÓB FO WJSUVE EF TV OBDJNJFOUP EFDJS RVF MBT SFEFT EF DPPQFSBOUFT TF DPOWJFSUF FO VOB NBRVJOBSJB EF DPSSFTQPOEFO B VOB FTUSBUFHJB HMPCBM MB RVF OBEJF FT UJUVMBSw 'PVDBVMU EF TFHVSJEBE FOGPDBEB IBDJB MB E %F FTUB NBOFSB FM WJHJMBODJB Z MB QSFWFODJØO &O FTUF QPEFS HVCFSOBNFOUBM BQVOUB FO FTUF DBTP FM FTUBEP DPMPNCJBOP QSPNVFWF DBTP B JODSFNFOUBS TV FGFDUJWJEBE VOB UÈDUJDB EF EJTQFSTJØO EF MPT QVOUPT EBEP RVF iTPO MPT DJVEBEBOPT MPT RVF EF WJTJCJMJEBE Z FKFSDJDJP EFM QPEFS DPOPDFO MPT SJFTHPT Z MBT DJSDVOTUBODJBT QPMJDJWP NVMUJQMJDBOEP MPT GPDPT EF EF JOTFHVSJEBE QSFTFOUFT FO TV WJEB WJHJMBODJB EFM PSEFO QÞCMJDP B USBWÏT EJBSJBw TPO FMMPT MPT FODBSHBEPT EF MB EJSFDDJØO FYQMÓDJUB EF NJFNCSPT JEFBMFT QBSB MB QSPWJTJØO EF TV QSPQJB EF MB QPCMBDJØO DJWJM QBSB TV FKFDVDJØO TFHVSJEBE ÏOGBTJT B×BEJEP 'JOBMNFOUF MB JEFOUJEBE EF MPT DPPQFSBOUFT F JOGPSNBOUFT FT EF DBSÈDUFS SFTFSWBEP 4FHÞO 3BNÓSF[ iOJ FM 1SFTJEFOUF EF MB 3FQÞCMJDB OJ ZP OJ FM $PNBOEBOUF EF MBT 'VFS[BT .JMJUBSFT OJ OBEJF QVFEF QFEJS JOGPSNBDJØO EF RVJÏOFT GPSNBO QBSUF EF MBT 3FEFT EF $PPQFSBOUFT P RVJÏOFT TPO MPT RVF FTUÈO QBSUJDJQBOEP DPNP DPMBCPSBEPSFT PDBTJPOBMFTw $PNVOJDBEP .JOEFGFOTB &YQMPSFNPT FOUPODFT MB m HVSB EF MPT DPPQFSBOUFT F JOGPSNBOUFT EFTEF MB QFSTQFDUJWB BOBMÓUJDB RVF FONBSDB FM BOÈMJTJT FO QBSUJDVMBS FM
*REHUQDU \ DVHJXUDU
)BZ RVF SFDPOPDFS RVF FYJTUFO BMHVOBT EJGFSFODJBT FOUSF FM QBOØQUJDP CFOUIBNJBOP Z MBT SFEFT EF DPPQFSBOUFT FO $PMPNCJB FO QSJNFS MVHBS OP TF USBUB BRVÓ EF VOB FTUSVDUVSB BSRVJUFDUØOJDB EFMJNJUBEB RVF EFm OJSÓB Z DPOUFOESÓB FO TVT JOTUBMBDJPOFT GÓTJDBT NJTNBT MPT MÓNJUFT EFM FKFSDJDJP EFM QPEFS &O TFHVOEP MVHBS MB SFE EF WJTJCJMJEBE B USBWÏT EF MPT DPPQFSBOUFT OP FTUÈ DPNQVFTUB QPS VO KVFHP EF IBDFT EF MV[ Z PTDVSJEBE DVZB BSUJDVMBDJØO SFn FYJPOBEB FO MPT QMBOPT BSRVJUFDUØOJDPT MF PUPSHBSÓB TV QPEFS PNOJWJHJMBOUF TJOP EF DVFSQPT WJTJPOFT Z DFHVFSBT IVNBOBT /P FYJTUFO NVSPT RVF MF EFO TV NBUFSJBMJEBE B FTUB NFEJEB EFM EJTQPTJUJWP QVFTUP RVF TV FKFSDJDJP FTUÈ FO MPT IPNCSFT NJTNPT B RVJFOFT TF MFT PUPSHB MB GBDVMUBE EF WJHJMBS B MPT PUSPT 1FSP B QFTBS EF MBT EF MBT EJGFSFODJBT FOUSF FTUB NFEJEB JOTUBMBEB FO WJSUVE EF MB 1%4% Z FM QBOØQUJDP EF #FOUIBN TV GVODJPOBNJFOUP Z Fm DBDJB FT JHVBM TF USBUB EF VOB WJHJMBODJB QFSQFUVB Z BOØOJNB -BT DPOTFDVFODJBT EF MB WJHJMBODJB TJO FNCBSHP TPO SBEJDBMNFOUF EJTUJOUBT MB iWFOUBKBw RVF PGSFDÓB FM QBOØQUJDP FO TV DPOTUJUVDJØO BSRVJUFDUØOJDB FSB MB EF NBOUFOFS FO TV JOUFSJPS FM EPNJOJP NJTNP EF MB JSSFHVMBSJEBE Z MB TPTQFDIB QVFTUP RVF MPT JNQMJDBEPT FO FM TJTUFNB EF WJHJMBODJB ZB FTUBCBO CJFO EFm OJEPT QPS FM NJTNP IFDIP EF FODPOUSBSTF EFOUSP EF TVT JOTUBMBDJPOFT &O FM DBTP EF MBT SFEFT EF DPPQFSBOUFT MPT FGFDUPT TPO OPUBCMFNFOUF JODPOUSPMBCMFT B GBMUB EF VOPT NVSPT EF DPOUFODJØO
EF MB BNFOB[B Z MB DSJNJOBMJEBE WJSUVBMNFOUF DVBMRVJFS QFSTPOB QVFEF TFS EFDMBSBEB TPTQFDIPTB QPS VO WJHJMBOUF Z WJSUVBMNFOUF DVBMRVJFSB QVFEF TFS VO WJHJMBOUF -B WJHJMBODJB FT QFSQFUVB QFSP OP FTUÈ EFMJNJUBEB FTQBDJBMNFOUF -B EJGFSFODJB FOUSF FM QBOØQUJDP Z MBT SFEFT EF DPPQFSBOUFT DPOTJTUF QVFT FO RVF NJFOUSBT MB UÈDUJDB BSRVJUFDUØOJDB QBOPQUJTUB DPOEVDÓB BM EJTDJQMJOBNJFOUP EF MPT EFDMBSBEPT DSJNJOBMFT MB SFE EF DPPQFSBOUFT QBSB TFHVSJEBE DPOEVDF JODFTBOUFNFOUF B MB QBSBOPJB FOUSF MPT QSFTVNJEPT TPTQFDIPTPT &O FTUF DBTP MBT DPOTFDVFODJBT TPCSF MB TVFSUF Z MB WJEB NJTNB EF MPT HSVQPT FOUSF MPT DVBMFT TF IBO JOTUBMBEP SFEFT EF DPPQFSBOUFT TPO JMJNJUBEBT DVBMRVJFSB QVFEF TFS VO DPPQFSBOUF Z UPEPT QVFEFO TFS TPTQFDIPTPT 5BNCJÏO FT QFSUJOFOUF SFHJTUSBS QPS PUSB QBSUF VO BTQFDUP DMBWF FO SFMBDJØO B MBT SFEFT EF DPPQFSBOUFT F JOGPSNBOUFT FO UPSOP B MB AOVFWB FDPOPNÓB EFM QPEFS FO MPT FTUBEPT NPEFSOPT QSPQVFTUB QPS 'PVDBVMU Z RVF DPOTJTUF FTFODJBMNFOUF FO MB DSFDJFOUF FDPOPNJ[BDJØO EFM EFTQMJFHVF Z EFM HBTUP BTVNJEP QPS FM FTUBEP QBSB FKFSDFS TV QPEFS &M EFTHBTUF FTUBUBM FYDFTJWP FO BQBSBUPT USBEJDJPOBMFT EF TFHVSJEBE Bm SNB 'PVDBVMU iDPOEVDF B MB OFDFTJEBE EF FYUFOEFS QPS UPEB MB TPDJFEBE Z B USBWÏT EF FMMB NJTNB VO TJTUFNB EF JOGPSNBDJØO RVF FO DJFSUB GPSNB FT WJSUVBM RVF OP TFSÈ BDUVBMJ[BEP Z RVF OP TFSWJSÈ FGFDUJWBNFOUF RVF OP UPNBSÈ DJFSUBT DJSDVOTUBODJBT Z NPNFOUPT
*LRYDQQL 0DQWLOOD
FT VOB FTQFDJF EF NPWJMJ[BDJØO DPOTUBOUF EF MPT DPOPDJNJFOUPT EFM FTUBEP TPCSF MPT JOEJWJEVPTw 'PVDBVMU &O FTUF TFOUJEP FM HPCJFSOP 6SJCF IB EFTUBDBEP FM USBCBKP RVF MB GVFS[B QÞCMJDB EFEJDB B iEFTBSSPMMBS SFEFT EF JOGPSNBDJØO DPO DBSÈDUFS QFSNBOFOUF w FOGPDBEP B FTUBS iDPNVOJDÈOEPTF F JOGPSNBOEP TPCSF DVBMRVJFS IFDIP RVF HFOFSF QSFPDVQBDJØO QPS BUFOUBEPT UFSSPSJTUBTw $PNVOJDBEP .JOEFGFOTB -B WJHJMBODJB RVF PUSPSB FTUBSÓB B DBSHP EF VO DVFSQP QFSNBOFOUF F JEFOUJm DBCMF EF IPNCSFT QPMJDÓB P WJHJMBODJB QSJWBEB B MPT DVBMFT TF MFT PUPSHBSÓB VO TVFMEP JOEJWJEVBM FTUÈ BIPSB QVFTUB FO NBOPT EF VO DPOKVOUP EF WJHJMBOUFT BOØOJNPT FTQPOUÈOFPT Z EJTQFSTPT FOUSF MB QSPQJB QPCMBDJØO DVZB SFTQPOTBCJMJEBE ÞOJDB FT MB EF QSPWFFS JOGPSNBDJØO BM FTUBEP Z DVZP DPTUP FT OPUBCMFNFOUF NÈT SFEVDJEP Z Fm DJFOUF C -BT [POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØO 0USB EF MBT NFEJEBT DFOUSBMFT JOTUBMBEBT QPS MB 1PMÓUJDB EF 4FHVSJEBE %FNPDSÈUJDB RVF TF FODVFOUSB SFMBDJPOBEB ÓOUJNBNFOUF DPO MBT SFEFT EF DPPQFSBOUFT F JOGPSNBOUFT FT FM FTUBCMFDJNJFOUP EF DJFSUBT [POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØO FO FM UFSSJUPSJP DPMPNCJBOP -B m HVSB EF MBT
[POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØO GVF JOUSPEVDJEB QPS FM HPCJFSOP B USBWÏT EFM EFDSFUP EFM RVF GVODJPOØ DPNP DPSPMBSJP EFM EFDSFUP EFM QPS NFEJP EFM DVBM TF EFDMBSØ FM FTUBEP EF DPONPDJØO FO $PMPNCJB $PNP QVOUP EF QBSUJEB EF MB NFEJEB TF FTUBCMFDJFSPO EPT i[POBTw VOB FO MPT UFSSJUPSJPT DPSSFTQPOEJFOUFT B MPT EFQBSUBNFOUPT EF 4VDSF #PMÓWBS Z PUSB FO "SBVDB &M QVOUP EFM 1SPHSBNB EF %FGFOTB Z 4FHVSJEBE %FNPDSÈUJDB EFDSFUØ BM SFTQFDUP MP TJHVJFOUF i&M (PCJFSOP /BDJPOBM SFDVQFSBSÈ HSBEVBMNFOUF MB QSFTFODJB FTUBUBM Z MB BVUPSJEBE EF MBT JOTUJUVDJPOFT DPNFO[BOEP QPS BRVFMMBT [POBT RVF TF DPOTJEFSFO FTUSBUÏHJDBT %POEF TFB OFDFTBSJP FM DJDMP EF SFDVQFSBDJØO EFM DPOUSPM EFM UFSSJUPSJP TF JOJDJBSÈ DPO MBT PQFSBDJPOFT RVF BEFMBOUFO MBT VOJEBEFT EF MB 'VFS[B 1ÞCMJDB VOB WF[ MPT PSHBOJTNPT EF JOUFMJHFODJB EFM &TUBEP IBZBO JEFOUJm DBEP Z MPDBMJ[BEP MBT BNFOB[BT &TUBT PQFSBDJPOFT SFDJCJSÈO FM BQPZP EF MBT USPQBT EF SFGVFS[P RVF TF KV[HVF DPOWFOJFOUF 3FQÞCMJDB EF $PMPNCJB C
" TV UVSOP FM EFDSFUP EF EFm OJØ MB i;POB EF 3FIBCJMJUBDJØO DPNP FM ÈSFB HFPHSÈm DB BGFDUBEB QPS BDDJPOFT EF HSVQPT DSJNJOBMFT FO EPOEF DPO FM m O EF HBSBOUJ[BS MB FTUBCJMJEBE JOTUJUVDJPOBM
7BMF MB QFOB UFOFS FO DVFOUB RVF BNCPT EFDSFUPT GVFSPO FWFOUVBMNFOUF EFDMBSBEPT oUPUBM P QBSDJBMNFOUF JOFYFRVJCMFT B USBWÏT EF MB TFOUFODJB $ TF EFDMBSBSPO QBSDJBMNFOUF FYFRVJCMFT WBSJPT BSUÓDVMPT EFM EFDSFUP EF &O FM DBTP EF MB DPONPDJØO JOUFSJPS MB $PSUF $POTUJUVDJPOBM JNQJEJØ RVF FM HPCJFSOP MB SFOPWBSB QPS TFHVOEB WF[ DPOTFDVUJWB "MHVOBT EF MBT NFEJEBT FTUBCMFDJEBT DPOUFOJEBT FO BNCPT EFDSFUPT TF RVFEBSPO TJO QJTP DPOTUJUVDJPOBM QFSP FM HPCJFSOP 6SJCF FO FM NBSDP EF TV QPMÓUJDB JOTUJUVDJPOBM EFDJEJØ NBOUFOFS MPT QSPHSBNBT EF SFDVQFSBDJØO EF FTUBT [POBT 1SFTJEFODJB EF MB 3FQÞCMJDB C
*REHUQDU \ DVHJXUDU
SFTUBCMFDFS FM PSEFO DPOTUJUVDJPOBM MB JOUFHSJEBE EFM UFSSJUPSJP OBDJPOBM Z MB QSPUFDDJØO EF MB QPCMBDJØO DJWJM SFTVMUF OFDFTBSJB MB BQMJDBDJØO EF VOB P NÈT NFEJEBT FYDFQDJPOBMFT y w %FDSFUP EF "SU $PNP QBSUF EFM EJTQPTJUJWP EF TFHVSJEBE EFNPDSÈUJDB MBT [POBT EF SFIBCJMJUBDJØO GVFSPO DSFBEBT DPO FM PCKFUJWP EF DPOUSJCVJS UBOUP BM SFTUBCMFDJNJFOUP EFM PSEFO DPNP B MB SFDVQFSBDJØO EFM DPOUSPM TPCSF FM UFSSJUPSJP FO [POBT DVZB TJUVBDJØO EF PSEFO QÞCMJDP FT EFDMBSBEB iHSBWFw "VORVF FTUPT BSHVNFOUPT QBSFDFO UPEPT VCJDBSTF FO VO QMBOP NÈT JOTUJUVDJPOBM P BENJOJTUSBUJWP FT QSFDJTP FOUFOEFS RVF FTUF UJQP EF NFEJEBT EF DPOUSPM TPCSF FM UFSSJUPSJP EFCFO PDVQBSTF EJSFDUBNFOUF EF MB QPCMBDJØO QBSB SFDMBNBS BVUPSJEBE TPCSF FM UFSSJUPSJP &TQFDJBMNFOUF UFOJFOEP FO DVFOUB RVF VOB EF MBT DPOTJEFSBDJPOFT NÈT JNQPSUBOUFT RVF TJSWJFSPO EF BSHVNFOUP QBSB MB DSFBDJØO EF MBT [POBT EF SFIBCJMJUBDJØO GVF FM IFDIP iRVF EFOUSP EF MPT QSJODJQBMFT TPQPSUFT EF MB BDDJØO EFMJODVFODJBM EF UBMFT PSHBOJ[BDJPOFT TF FODVFOUSB QPS VOB QBSUF MB NJNFUJ[BDJØO EF TVT JOUFHSBOUFT EFOUSP EF MB QPCMBDJØO TPDJBM Z FM PDVMUBNJFOUP EF TVT FRVJQPT EF UFMFDPNVOJDBDJPOFT BSNBT Z NVOJDJPOFT FO MBT QPCMBDJPOFT Z QPS MB PUSB FM DPOTUBOUF BCBTUFDJNJFOUP RVF GVODJPOB FO MPT MVHBSFT FO RVF
QFSNBOFDFOw %FDSFUP EF "TÓ FM EFDSFUP EFUFSNJOB RVF FO FM NBSDP EFM DPOn JDUP BSNBEP FO $PMPNCJB MB QPCMBDJØO TF IB DPOWFSUJEP FO VO TPQPSUF EF MPT HSVQPT JOTVSHFOUFT Z UFSSPSJTUBT &T QPS FMMP RVF EFCF TFS QVFTUB DPOTUBOUFNFOUF CBKP MB NJSBEB WJHJMBOUF EF MPT PSHBOJTNPT EF TFHVSJEBE Z RVF TF EFCF EFTQMFHBS FO UPSOP B FMMB VOB NFEJEB EF TFHVSJEBE Fm DB[ RVF DPOUSPMF MBT DPOEVDUBT QPUFODJBMNFOUF JOGSBDUPSBT QSFTFOUFT FOUSF MPT IBCJUBOUFT EF MBT [POBT &O FTF TFOUJEP FM EFDSFUP EF QSPQPOF WBSJBT NFEJEBT FTQFDÓm DBT EF DPOUSPM TPCSF MB QPCMBDJØO RVF IBDFO QBSUF EF FTUF NFDBOJTNP EF WJHJMBODJB EF MB QPCMBDJØO B USBWÏT EF EJTQPTJDJPOFT MFHBMFT RVF FKFSDFO VOB EPNJOBDJØO NBUFSJBM TPCSF MPT JOEJWJEVPT RVF BQVOUBO QPS FKFNQMP B MB MJNJUBDJØO EF MB DJSDVMBDJØO Z MB SFTJEFODJB EF MB QPCMBDJØO BM SFHJTUSP EF MPT EFTQMB[BNJFOUPT FO MB [POB BM EFCFS EF JOGPSNBS B MBT BVUPSJEBEFT TPCSF TJUVBDJPOFT P BDUJUVEFT QFMJHSPTBT B MB PCMJHBDJØO EF JEFOUJm DBDJØO MB SFHMBNFOUBDJØO EFM USÈOTJUP Z MB QFSNBOFODJB EF FYUSBOKFSPT FOUSF PUSPT %F BDVFSEP B NJ BOÈMJTJT FO QSJNFS MVHBS MB EFMJNJUBDJØO EF VOBT [POBT EF ASFIBCJMJUBDJØO Z DPOTPMJEBDJØO SFTQPOEF EF FOUSBEB B VOB FTQBDJBMJ[BDJØO EFM EJTQPTJUJWP EF QPEFS TPCSF MB QPCMBDJØO 4J MBT
/P FT DMBSB MB SFMBDJØO FOUSF FM EJTQPTJUJWP EF TFHVSJEBE EFNPDSÈUJDB Z TVT NFEJEBT FTQFDÓm DBT DPO MPT HSVQPT QBSBNJMJUBSFT &T QPTJCMF RVF MB JOTUBMBDJØO EF ASFEFT EF JOGPSNBOUFT Z EF A[POBT EF SFIBCJMJUBDJØO IBHBO QBSUF EF VOB FTUSBUFHJB EF MFHBMJ[BDJØO FTUBUBM EF FTUPT HSVQPT ABM NBSHFO EF MB MFZ Z QPS UBOUP SFTQPOEB EFTEF VOB QFSTQFDUJWB GPVDBVMUJBOB B VOB iBENJOJTUSBDJØO EF MPT JMFHBMJTNPTw B USBWÏT EF MB MFHBMJ[BDJØO EF QSÈDUJDBT RVF B QFTBS EF TFS DPOTJEFSBEBT AEFMJODVFODJBMFT TPO BNQMJBNFOUF UPMFSBEBT QPS FM QPEFS FTUBUBM
*LRYDQQL 0DQWLOOD
SFEFT EF DPPQFSBOUFT F JOGPSNBOUFT TF DBSBDUFSJ[BCBO DPNP WJNPT QPS TV WJSUVBMJEBE AFODBSOBEB FO MB WJTUB Z MB WPMVOUBE EF TVT JOUFHSBOUFT MBT [POBT EF SFIBCJMJUBDJÃ&#x2DC;O OPT EFWVFMWFO B VOB FTQBDJBMJEBE JHVBMNFOUF AWJSUVBM EFMJNJUBEB QSFDBSJBNFOUF QPS MBT GSPOUFSBT UFSSJUPSJBMFT EF MPT EFQBSUBNFOUPT FO MPT DVBMFT FTUÃ&#x2C6;O JOTUBMBEBT " QFTBS EF FTUB FTQBDJBMJ[BDJÃ&#x2DC;O OP FT WÃ&#x2C6;MJEP TVQPOFS RVF FO FTUF DBTP FM EFTQMJFHVF EF QPEFS FRVJWBMHB B VO EJTDJQMJOBNJFOUP EF MB QPCMBDJÃ&#x2DC;O QPS WÃ&#x201C;B EF AFODJFSSP DPNP TJ TF USBUBSB EF VO QPEFS QBOÃ&#x2DC;QUJTUB EF UJQP AWJSUVBM &M UJQP EF QPEFS FKFSDJEP FO MBT [POBT EF SFIBCJMJUBDJÃ&#x2DC;O Z DPOTPMJEBDJÃ&#x2DC;O DPSSFTQPOEF NÃ&#x2C6;T B MP RVF (JMMFT %FMFV[F EFOPNJOÃ&#x2DC; VO DPOUSPM FO MB NFEJEB FO RVF FM EJTQPTJUJWP ZB OP TF FKFSDF FO VO AJOUFSJPS TJOP RVF TF BEPQUB VOB m HVSB EF DPOUSPM iBM BJSF MJCSFw %FMFV[F %F BDVFSEP B FTUP MB MÃ&#x2DC;HJDB EFM FKFSDJDJP EFM QPEFS TVGSF FO FTUF DBTP WBSJBT NPEJm DBDJPOFT JNQPSUBOUFT &O QSJNFS MVHBS B QFTBS EF RVF TF QVFEB IBCMBS QPS BOBMPHÃ&#x201C;B FTQBDJBM EF VO ABEFOUSP Z VO ABGVFSB EF MBT [POBT EF SFIBCJMJUBDJÃ&#x2DC;O TJNJMBS BM EJTQPTJUJWP DBSDFMBSJP FO FM AJOUFSJPS EF MBT [POBT OP FYJTUFO TVCEJWJTJPOFT FTQBDJBMFT RVF DPOUSJCVZBO B MB EFNBSDBDJÃ&#x2DC;O EF MPT MVHBSFT FO EPOEF MPT ATPTQFDIPTPT FTUBSÃ&#x201C;BO TFQBSBEPT FO FTUBEP EF PCTFSWBDJÃ&#x2DC;O EF MPT AHVBSEJBOFT P AWJHJMBOUFT FT EFDJS EF BRVFMMPT RVF FKFSDFO FM DPOUSPM TPCSF FMMPT -B BVTFODJB EF ADFMEBT Z QPS FOEF MB AMJCFSBDJÃ&#x2DC;O P AEJTQFSTJÃ&#x2DC;O
EF MB BNFOB[B FO FM FTQBDJP BCJFSUP SFTVMUB TJO NÃ&#x2C6;T FO MB QSPEVDDJÃ&#x2DC;O EF VO FGFDUP EF VCJDVJEBE EF MB TPTQFDIB FO FM FTQBDJP DPSSFTQPOEJFOUF B MB [POB DPO DPOTFDVFODJBT FTQFDÃ&#x201C;m DBT TPCSF MB QPCMBDJÃ&#x2DC;O RVF MB IBCJUB -B VCJDVJEBE EF MB BNFOB[B P EF MB TPTQFDIB DPOUSJCVZF FGFDUJWBNFOUF B MB FTUJHNBUJ[BDJÃ&#x2DC;O EF MB QPCMBDJÃ&#x2DC;O FO QBSUJDVMBS TJ TF UJFOF FO DVFOUB RVF MB iBNFOB[B UFSSPSJTUBw TF DBSBDUFSJ[B QPS TV JOWJTJCJMJEBE F JNQSFWJTJCJMJEBE -BT DPOTFDVFODJBT FWJEFOUFT EF MP BOUFSJPS IBO TJEP QPS FKFNQMP FM JODSFNFOUP FO MBT EFUFODJPOFT NBTJWBT FM BTFTJOBUP EF TJOEJDBMJTUBT F JOEÃ&#x201C;HFOBT FO MPT UFSSJUPSJPT EPOEF TF FODVFOUSBO JOTUBMBEBT MBT [POBT EF SFIBCJMJUBDJÃ&#x2DC;O "TÃ&#x201C; EFOUSP EF MBT [POBT EF SFIBCJMJUBDJÃ&#x2DC;O MB UPUBMJEBE EF MB QPCMBDJÃ&#x2DC;O RVFEB DVCJFSUB DPNP QPS VO NBOUP EF TPTQFDIB &M EJTQPTJUJWP FT TVTDFQUJCMF EF DPMBSTF QPS MPT NVSPT EF MPT IPHBSFT MBT FTDVFMBT Z MPT IPTQJUBMFT BCBSDBOEP MB UPUBMJEBE EFM DVFSQP TPDJBM P EF MB QPCMBDJÃ&#x2DC;O RVF IBCJUB FO FTBT [POBT FO EPOEF UPEPT FTUÃ&#x2C6;O B NFSDFE EF VOB EFOVODJB -B WJHJMBODJB EFM PSEFO FT PNOJQSFTFOUF FTQFSBOEP B RVF FO DVBMRVJFS JOTUBOUF TF BDUJWF MB TPTQFDIB TPCSF DVBMRVJFSB EF MPT IBCJUBOUFT EF MB [POB -BT [POBT EF SFIBCJMJUBDJÃ&#x2DC;O Z DPOTPMJEBDJÃ&#x2DC;O QBSFDFO FOUPODFT DPSSFTQPOEFS B FTB AOVFWB FDPOPNÃ&#x201C;B FTUBUBM EF ASBDJPOBMJ[BS FM FKFSDJDJP EFM QPEFS FO UBOUP TF DPOWJFSUFO FO FTQBDJPT DPO GSPOUFSBT EFNBSDBEBT TPO EFDMBSBEBT [POBT AFTQFDJBMFT FO EPOEF MBT BMBSNBT TF EFCFO BDUJWBS
*REHUQDU \ DVHJXUDU
B MB NFOPS TPTQFDIB EF BNFOB[B P QFMJHSP "TJNJTNP FM NFDBOJTNP EF QPEFS RVF FTUÈ FO KVFHP FO MBT [POBT EF SFIBCJMJUBDJØO QBSFDF TFS TPMJEBSJP DPO FM BDUJWBEP QPS MBT SFEFT EF DPPQFSBOUFT MB EFNBSDBDJØO EF MBT [POBT OP TVQPOF JODVSSJS FO HBTUP BMHVOP Z MB FGFDUJWJEBE DPO MB RVF GVODJPOBO SFWFMB TV DBSÈDUFS AFDPOPNJ[BOUF QBSB FM QPEFS 1FSP TJ MPT FGFDUPT BUSJCVJEPT B MBT [POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØO RVF WFOJNPT EF NFODJPOBS QBSFDFO BMFSUBS TPCSF MB QFMJHSPTJEBE EF TVNJS B MB QPCMBDJØO CBKP VO DPOTUBOUF FTUBEP EF TPTQFDIB Z FO FTB NFEJEB EFSJWBO EF FMMBT DPOTFDVFODJBT EF DBSÈDUFS OFHBUJWP TPCSF MPT JOEJWJEVPT JODMVTP JODSFNFOUBOEP MB DPNJTJØO EF EFMJUPT Z MPT FYDFTPT EF QPEFS UBNCJÏO FT QSFDJTP EFEJDBS UJFNQP BM BOÈMJTJT EF MPT BTQFDUPT iQPTJUJWPTw P iÞUJMFTw EF VOB NFEJEB DPNP ÏTUB 1PEFNPT EFEVDJS FO QSJNFS MVHBS RVF VOB EF MBT AWFOUBKBT P CFOFm DJPT RVF PGSFDF FM UJQP EF NFEJEBT JOTUBMBEBT DPNP QBSUF EF MBT [POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØO DPOTJTUF QSFDJTBNFOUF FO QFSNJUJS RVF FM QPEFS HVCFSOBNFOUBM USBT FM WFMP EF MB MFHBMJEBE EF MBT EJTQPTJDJPOFT TF JOWPMVDSF DBEB WF[ NÈT FO MVHBSFT BOUFT DPOTJEFSBEPT FYDMVTJWBNFOUF iQSJWBEPTw EF MB QPCMBDJØO TPCSF MPT DVBMFT FM FTUBEP OP UFOÓB QPUFTUBE DPOTUJUVDJPOBM Z FO MPT DVBMFT MF FSB
JNQPTJCMF BEFOUSBSTF QBSB FTDVESJ×BS MB WJEB Z DPOEVDUB EF MPT IBCJUBOUFT EF FTUPT UFSSJUPSJPT &TUF UJQP EF NFEJEBT QFSNJUFO RVF MB NJSBEB WJHJMBOUF EFM FTUBEP TF DPOWJFSUB FO VO KVF[ NÈT IÈCJM NÈT DBQB[ NÈT BUFOUP EF MPT DPNQPSUBNJFOUPT EF MPT JOEJWJEVPT DPOUSJCVZFOEP B MB JEFOUJm DBDJØO EF DPOEVDUBT ATPTQFDIPTBT Z B VOB OFVUSBMJ[BDJØO Z DPOKVSBDJØO NÈT ØQUJNBT OP TØMP EF MBT BDUJWJEBEFT AUFSSPSJTUBT P AJOTVSHFOUFT RVF TF QSPQPOF QFSTFHVJS FYQMÓDJUBNFOUF TJOP UBNCJÏO B VOB BENJOJTUSBDJØO EF MPT JMFHBMJTNPT RVF QVFEBO UFOFS MVHBS FOUSF MB QPCMBDJØO &O TFHVOEP MVHBS PUSB DBSBDUFSÓTUJDB iQSPEVDUJWBw SFQPSUBEB UBOUP QPS MB GPSNBDJØO EF MBT [POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØO DPNP QPS MB DPOm HVSBDJØO EF SFEFT EF JOGPSNBOUFT Z DPPQFSBOUFT DPOTJTUF FO RVF FTF QPEFS WJHJMBOUF Z NJOVDJPTP RVF FMMBT QSPNVFWFO TPCSF MB QPCMBDJØO UFSNJOB TJO EVEB QPS QSPEVDJS TVCKFUJWJEBEFT DPSSFMBUJWBT B FTF FKFSDJDJP EFM QPEFS &T EFDJS FM IFDIP EF RVF UBOUP MPT NJFNCSPT EF MBT SFEFT Z MPT IBCJUBOUFT EF MBT [POBT EF SFIBCJMJUBDJØO DPOWJWBO JOEJGFSFODJBEBNFOUF FO FM DVFSQP TPDJBM TJO NVSPT RVF DPOUFOHBO FM FKFSDJDJP EFM QPEFS OJ WFTUJNFOUBT RVF TJSWBO QBSB EJTUJOHVJS FYQMÓDJUBNFOUF B BRVFMMPT RVF TF PDVQBO EF PCTFSWBS TJMFODJPTBNFOUF EFM SFTUP UFSNJOB QPS
1BSB MPT JOUFSFTBEPT FO PCUFOFS CBMBODFT QFSJØEJDPT UBOUP DVBOUJUBUJWPT DPNP DVBMJUBUJWPT EF MPT SFTVMUBEPT EF MBT NFEJEBT QVFTUBT FO NBSDIB QPS MB QPMÓUJDB EF TFHVSJEBE EFNPDSÈUJDB BTÓ DPNP VOB DSÓUJDB EF ÏTUBT TFHVSBNFOUF SFTVMUBSÈ EF JOUFSÏT DPOTVMUBS MPT JOGPSNFT QFSJØEJDPT QVCMJDBEPT QPS FM #BODP EF %BUPT EF %FSFDIPT )VNBOPT Z 7JPMFODJB 1PMÓUJDB EFM $*/&1 1BSB UBM FGFDUP SFDPNFOEBNPT EJSJHJSTF B IUUQ XXX OPDIFZOJFCMB PSH
*LRYDQQL 0DQWLOOD
QSPEVDJS MB JOUFSJPSJ[BDJØO MB NJSBEB WJHJMBOUF QVFTUB TPCSF FMMPT NJTNPT &M QPEFS FKFSDJEP FO FTUF DBTP FO MB NFEJEB FO RVF OP FTUÈ EFMJNJUBEP WJTJCMFNFOUF DPOEVDF B MB QSPEVDDJØO EF JOEJWJEVPT iBTFHVSBEPTw FTUP FT WJHJMBOUFT EF TÓ NJTNPT FO OPNCSF EF MB TFHVSJEBE EFM FTUBEP &M FKFSDJDJP EF QPEFS RVF DPOTJHVF EJTFNJOBS FOUSF MB QPCMBDJØO RVF IBCJUB FO MBT [POBT EF SFIBCJMJUBDJØO Z FO MPT TJUJPT FO EPOEF TF JOTUBMBO SFEFT EF JOGPSNBOUFT UFSNJOBSÓB QPS DVNQMJS TV DPNFUJEP FO MB NFEJEB FO RVF FTF FTUBEP AHFOFSBMJ[BEP EF TPTQFDIB DPOUSJCVZF QSFDJTBNFOUF B MB DPOm HVSBDJØO EF QPCMBDJPOFT ABTFHVSBEBT B USBWÏT EFM NJFEP TFNCSBEP QPS NFEJEBT B MB WF[ FDPOØNJDBT Z Fm DBDFT 4F DPOm SNB FO FTUF DBTP RVF MBT [POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØO DPOUSJCVZFO B MB QSPEVDDJØO EF TVKFUPT ÞUJMFT QBSB MBT UBSFBT EF TFHVSJEBE FTUBUBM D &M FTUBUVUP BOUJUFSSPSJTUB &M FTUBUVUP BOUJUFSSPSJTUB FT FM UFSDFSP EF MPT NFDBOJTNPT BOBMJ[BEPT FO FTUF BQBSUF FO FTUF DBTP EF PSEFO KVSÓEJDP Z RVF MB BENJOJTUSBDJØO 6SJCF
QSPNPWJØ DPO NÈT VSHFODJB DPNP QBSUF EFM EJTQPTJUJWP EF TFHVSJEBE EFNPDSÈUJDB " QFTBS EF RVF BMHVOPT TFDUPSFT EFM BNCJFOUF QPMÓUJDP OBDJPOBM GVFSPO DSÓUJDPT EF MB NPEJm DBDJØO EF MB $POTUJUVDJØO QBSB MB QVFTUB FO NBSDIB EF NFEJEBT FYUSBPSEJOBSJBT RVF BGFDUBSBO EJSFDUBNFOUF MBT MJCFSUBEFT JOEJWJEVBMFT EF MB DJVEBEBOÓB UBNCJÏO GVF OPUBCMF FM FTQBDJP RVF HBOBSPO MPT RVF PQJOBCBO RVF FSB TØMP B USBWÏT EF FTUF UJQP EF NFDBOJTNPT RVF TBDSJm DBO iQSPWJTJPOBMNFOUFw MBT QSFSSPHBUJWBT MJCFSUBSJBT EF MB QPCMBDJØO RVF FSB QPTJCMF IBDFS GSFOUF B MPT SFUPT EF MB MMBNBEB ABNFOB[B UFSSPSJTUB -B EFUFSJPSBEB TJUVBDJØO EF PSEFO QÞCMJDP EFM QBÓT QBSFDÓB KVTUJm DBS FM FTUBCMFDJNJFOUP EF VO DPOKVOUP EF OPSNBT RVF TJSWJFSB QBSB QSPUFHFS MB EFNPDSBDJB MPT EFSFDIPT IVNBOPT Z MB MFHJUJNJEBE JOTUJUVDJPOBM FO FM NBSDP EF VO iFTUBUVUP BOUJUFSSPSJTUBw &O FGFDUP FM JODSFNFOUP EF MPT BUFOUBEPT DPOUSB MB JOGSBFTUSVDUVSB FTUBUBM MPT TFDVFTUSPT FYUPSTJWPT Z EFNÈT BHSFTJPOFT WJPMFOUBT DPOUSB FM FTUBEP Z MB QPCMBDJØO SFBMJ[BEPT QPS MPT HSVQPT FO DPNCBUF DPOTJHVJFSPO MFHJUJNBS MB JEFB EF RVF
1PDP EFTQVÏT EF RVF 6SJCF BTVNJFSB MB QSFTJEFODJB FM EF BHPTUP EF FM HPCJFSOP BQSPCØ DVBUSP EFDSFUPT QBSB IBDFS GSFOUF B MB TJUVBDJØO EF JOTFHVSJEBE FO FM QBÓT RVF BQVOUBCBO QPS VO MBEP B MB m OBODJBDJØO EF MB QPMÓUJDB EF TFHVSJEBE JNQVFTUP QBSB MB TFHVSJEBE EFNPDSÈUJDB Z QPS FM PUSP MB SFHVMBDJØO Z FTUBCMFDJNJFOUP EF NFEJEBT QBSB FM iNFKPSBNJFOUP EFM PSEFO QÞCMJDPw &O QSJNFS MVHBS FM %FDSFUP EFM EF BHPTUP EFM iQPS FM DVBM TF EFDMBSB FM &TUBEP EF $PONPDJØO *OUFSJPSw 5BNCJÏO TF FODVFOUSBO MPT EFDSFUPT EFM EF BHPTUP EFM iQPS NFEJP EFM DVBM TF DSFB VO JNQVFTUP FTQFDJBM EFTUJOBEP B BUFOEFS MPT HBTUPT EFM 1SFTVQVFTUP (FOFSBM EF MB /BDJØO OFDFTBSJPT QBSB QSFTFSWBS MB TFHVSJEBE EFNPDSÈUJDBw Z EFM EF BHPTUP EFM iQPS NFEJP EFM DVBM TF BEJDJPOB FM %FDSFUP EFM w 'JOBMNFOUF FM %FDSFUP EFM EF TFQUJFNCSF EFM iQPS FM DVBM TF BEPQUBO NFEJEBT QBSB FM DPOUSPM EFM PSEFO QÞCMJDP Z TF EFm OFO MBT [POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØOw BM RVF ZB OPT IFNPT SFGFSJEP " QFTBS EF MB PQPTJDJØO FKFSDJEB FO FM $POHSFTP FM "DUP -FHJTMBUJWP EFM GVF BQSPCBEP B m OBMFT EFM BM JHVBM RVF FM 1SPZFDUP EF -FZ &TUBUVUBSJB EF EF 4FOBEP EF EF $ÈNBSB RVF MP SFHMBNFOUBCB -B $PSUF $POTUJUVDJPOBM OP PCTUBOUF UFSNJOØ QPS UVNCBS FM FTUBUVUP QPS SB[POFT EF WJDJPT EF USÈNJUF B m OBMFT EF BHPTUP EFM
*REHUQDU \ DVHJXUDU
FM BQBSBUP KVSÓEJDP WJHFOUF OP PGSFDÓB TVm DJFOUFT IFSSBNJFOUBT QBSB RVF FM FTUBEP BDUVBSB SÈQJEB Z Fm DJFOUFNFOUF &T BTÓ RVF MB JOUSPEVDDJØO EF NFEJEBT PUSPSB FYUSB MFHBMFT RVF GSFOUF B VOB TJUVBDJØO EF VSHFODJB TF IBDFO iBDFQUBCMFTw FO QBSUJDVMBS QBSB IBDFSMF GSFOUF BM UFSSPSJTNP QBSFDJØ IBDFSTF OFDFTBSJB QBSB MB DPOTFSWBDJØO EFM FTUBEP Z QBSB HBSBOUJ[BS MB QFSWJWFODJB EF MBT JOTUJUVDJPOFT HVCFSOBNFOUBMFT -B QSFTFOUBDJØO EFM FTUBUVUP BOUJUFSSPSJTUB DPNP NFEJEB VSHFOUF Z FYDFQDJPOBM QBSB BMJWJBS MB DSJTJT QPS MB RVF BUSBWFTBCB FM QBÓT SFTQPOEÓB QPS MP UBOUP B VOB FTUSBUFHJB HVCFSOBNFOUBM EF EFTDSÏEJUP EF MB QSPQJB MFHBMJEBE RVF TFHÞO TV BSHVNFOUP JNQFEÓB TV BDDJPOBS &O QBMBCSBT EF 'PVDBVMU iUPEB MB DBNQB×B EF MB TFHVSJEBE QÞCMJDB EFCF FTUBS BQPZBEB o QBSB TFS DSFÓCMF Z SFOUBCMF QPMÓUJDBNFOUF o QPS NFEJEBT FTQFDUBDVMBSFT RVF QSVFCFO RVF FM HPCJFSOP QVFEF BDUVBS SÈQJEP Z GVFSUF QPS FODJNB EF MB MFHBMJEBE " QBSUJS EF BIPSB MB TFHVSJEBE FTUÈ QPS FODJNB EF MBT MFZFT &M QPEFS IB RVFSJEP NPTUSBS RVF FM BSTFOBM KVSÓEJDP FT JODBQB[ EF QSPUFHFS B MPT DJVEBEBOPTw 'PVDBVMU C &O FGFDUP FM EJTQPTJUJWP EF TFHVSJEBE EFNPDSÈUJDB FO $PMPNCJB IB FYJHJEP MB FYQFEJDJØO EF NFEJEBT FYUSBPSEJOBSJBT QBSB DPOTFHVJS TV DPNFUJEP 1VFTUP RVF FM UFSSPSJTNP NJOB MB FYJTUFODJB NJTNB EFM FTUBEP BTÓ DPNP UPEBT MBT BOUFSJPSFT QSFSSPHBUJWBT EF QSPUFDDJØO FTUBUBM EF MB QPCMBDJØO MB BGSFOUB FTUBUBM B FTUB BNFOB[B
DPOUSB TV QSPQJB FYJTUFODJB EFCF PCMJHBUPSJBNFOUF WFOJS BDPNQB×BEB EF MB NBOP EF VOB DBNQB×B RVF PUPSHVF MFHJUJNJEBE B BRVFMMP RVF CBKP VO FTUBEP EF iOPSNBMJEBEw MFHBM OP UFOESÓB DBCJEB -B JNQFSJPTJEBE EF MB TFHVSJEBE QBSB DPNCBUJS BM UFSSPSJTNP QBSFDF PCMJHBS B MB FYDFQDJØO Z B MB TVQSBMFHBMJEBE -B FTUSBUFHJB FTUBUBM EF TFHVSJEBE BOUJUFSSPSJTUB DPOTUJUVZF FO FTF TFOUJEP VO NFDBOJTNP FGFDUJWP QBSB MB BNQMJBDJØO EF MPT CSB[PT EFM QPEFS HVCFSOBNFOUBM TPCSF MB QPCMBDJØO DPO VO BSHVNFOUP QFSGFDUBNFOUF FTHSJNJEP Z KVTUJm DBEP RVF BOUF MB HSBWFEBE EF MPT IFDIPT EFCF QPEFS BENJOJTUSBS NÈT WJHJMBOUFNFOUF MPT iQFMJHSPTw QSFTFOUFT FO MB TPDJFEBE DPO NJSBT OP TPMBNFOUF B DPOKVSBS MPT FGFDUPT EFM UFSSPSJTNP BOUJ FTUBUBM TJOP UBNCJÏO B JODSFNFOUBS MBT UÈDUJDBT EF DPOUSPM TPCSF MB QPCMBDJØO &M UFSSPSJTNP TF DPOWJFSUF FO VO BSHVNFOUP TVm DJFOUF QBSB JOTUJUVJS UPEP VO SÏHJNFO EF BDFQUBCJMJEBE TPCSF MB QPCMBDJØO MBT NFEJEBT iFYDFQDJPOBMFTw EF TFHVSJEBE EFCFO TFS WJTUBT DPNP NFDBOJTNPT JNQSFTDJOEJCMFT QBSB DPOTFSWBS FM PSEFO QÞCMJDP Z TPDJBM %F FTB NBOFSB TF MF BCSF MB QVFSUB B OVFWBT GPSNBT EF WJHJMBODJB Z DPOUSPM TPCSF Z B USBWÏT EF MB QPCMBDJØO 4FHÞO 'PVDBVMU iMP RVF DIPDB DPNQMFUBNFOUF EFM UFSSPSJTNP MP RVF TVTDJUB MB DØMFSB SFBM Z OP m OHJEB EFM HPCFSOBOUF FT RVF QSFDJTBNFOUF FM UFSSPSJTNP MP BUBDB FO FM QMBOP EPOEF KVTUBNFOUF ÏM Bm SNØ MB QPTJCJMJEBE EF HBSBOUJ[BS B MB HFOUF RVF OBEB MF TVDFEFSÓB :B OP TF FTUÈ FO FM PSEFO EF MPT BDDJEFOUFT
*LRYDQQL 0DQWLOOD
RVF FTUÈO DVCJFSUPT QPS FTUB TPDJFEBE iBTFHVSBEPSBw TF FTUÈ FO QSFTFODJB EF VOB BDDJØO QPMÓUJDB RVF iJOTFHVSJ[Bw OP TPMBNFOUF MB WJEB EF MPT JOEJWJEVPT TJOP MB SFMBDJØO EF MPT JOEJWJEVPT DPO UPEBT MBT JOTUJUVDJPOFT RVF IBTUB FOUPODFT MPT QSPUFHÓBO %F BMMÓ MB BOHVTUJB QSPWPDBEB QPS FM UFSSPSJTNP "OHVTUJB FO MPT HPCFSOBOUFT BOHVTUJB FO MB HFOUF RVF PUPSHBO TV BEIFTJØO BM FTUBEP RVF BDFQUBO UPEP MPT JNQVFTUPT MB KFSBSRVÓB MB PCFEJFODJB QPSRVF FM FTUBEP MPT QSPUFHF Z HBSBOUJ[B DPOUSB MB JOTFHVSJEBEw 'PVDBVMU D &OUPODFT {RVÏ JNQMJDB SFBM Z FTUSBUÏHJDBNFOUF DPOTJEFSBS RVF MB MFZ ZB OP MPHSB QSPUFHFS B MPT DJVEBEBOPT OJ HBSBOUJ[BSMFT TV TFHVSJEBE {2VÏ UJQP EF PCKFUJWP UÈDUJDP QPESÓBNPT EJTUJOHVJS FO MB JOTUBMBDJØO EF VOB TVQSBMFHBMJEBE RVF SFNQMBDF VOB MFZ RVF ZB OP TF BKVTUB 4JO MVHBS B EVEBT TF USBUB EF MB MFZ RVF QSPUFHF BM JOEJWJEVP BRVFMMB RVF MF PGSFDF HBSBOUÓBT EF NPWJMJEBE EF DPNVOJDBDJØO Z EF QSJWBDJEBE FYFOUP EF MBT BSUJNB×BT EFM QPEFS EFM FTUBEP Z EF TV NJSBEB WJHJMBOUF RVF ZB OP QBSFDF TFS TVm DJFOUF -B WJEB QSJWBEB EFM JOEJWJEVP TV DPOEVDUB Z TVT DPNQPSUBNJFOUPT SVUJOBSJPT BOUF TFNFKBOUF QBOPSBNB ZB OP QVFEFO TFS AJHOPSBEPT QPS FM QPEFS FTUBUBM TF DSFF RVF FO DVBMRVJFS NPNFOUP DVBMRVJFS QFSTPOB QVFEF DPOWFSUJSTF FO SFTQPOTBCMF EF VO BDUP
UFSSPSJTUB RVF NJOF MB MFHJUJNJEBE Z MB JOTUJUVDJPOBMJEBE FTUBUBM -PT JMFHBMJTNPT RVF BOUFT FSBO BDFQUBEPT QPS MB MFZ FO QBSUJDVMBS BRVFMMPT RVF QPEÓBO UPNBS MVHBS FO MB MMBNBEB AFTGFSB QSJWBEB EFCFO EFKBS EF DPOUBS QPS MP NFOPT EF NBOFSB QSPWJTJPOBM DPO MB QSPUFDDJØO EF VOB MFZ RVF ZB OP QVFEF SFTQPOEFS B MBT BNFOB[BT QPUFODJBMFT RVF QPESÓBO EFSJWBS EF VO EÏm DJU EF WJHJMBODJB TPCSF MB WJEB EF MPT JOEJWJEVPT &O FTF TFOUJEP OP TØMP VO JOEJWJEVP DVBMRVJFSB TJOP MB QPCMBDJØO FO HFOFSBM FT BIPSB FM QSJODJQBM PCKFUP EF TPTQFDIB TPCSF FM DVBM FM QPEFS BIPSB EFCFSÈ QPEFS BDUVBS NÈT BNQMJBNFOUF TJO MÓNJUFT EF OJOHVOB ÓOEPMF P DBEB WF[ NÈT SFEVDJEPT FO QMBOP EF MP MFHBM %FTQVÏT EF UPEP IBZ RVF SFDPSEBSMP iMB MFZ FT VOB HFTUJØO EF MPT JMFHBMJTNPTw %FMFV[F &OGSFOUBEB BM UFSSPSJTNP MB MFZ EFCF BIPSB FOUSBS B BENJOJTUSBS NFKPS MPT SJFTHPT OFDFTJUB DPOUBS DPO NÈT IFSSBNJFOUBT RVF MF QFSNJUBO BEFOUSBSTF FTQFDJBMNFOUF FO BRVFM MVHBS RVF BOUFT TPMÓB ASFTQFUBS DFMPTBNFOUF Z RVF BIPSB EFCF FTDVESJ×BS DPO NÈT BIÓODP &O TVNB FT DSVDJBM FOUFOEFS RVF DPNP MP EJTUJOHVF MÞDJEBNFOUF 'PVDBVMU iMB GVFS[B DBMNBEB EFM FTUBEP y FOWVFMWF TV WJPMFODJB TVT MFZFT MB JMFHBMJEBE TVT SFHMBT MP BSCJUSBSJP 5PEP VO FOKBNCSF EF BCVTPT EF FYDFTPT EF JSSFHVMBSJEBEFT
&O FM UFYUP PSJHJOBM FO GSBODÏT 'PVDBVMU VUJMJ[B FM UÏSNJOP iJOTÏDVSJTFSw RVF USBEVDJNPT BRVÓ B GBMUB EF VOB NFKPS QBMBCSB QPS iJOTFHVSJ[BSw
*REHUQDU \ DVHJXUDU
GPSNB OP MB EFTWJBDJØO JOFWJUBCMF TJOP MB WJEB QFSNBOFOUF Z FTFODJBM EFM AFTUBEP EF EFSFDIP w 'PVDBVMU F "TÓ QVFT FTF FTUBEP HBSBOUF EF MBT MJCFSUBEFT JOEJWJEVBMFT EF MPT FTQBDJPT EF QSJWBDJEBE JOWJPMBCMFT TF WF PCMJHBEP B SFWFMBS TV WFSEBEFSP ASPTUSP DVBOEP TF FOGSFOUB B VOB BNFOB[B RVF MP BUBDB FO TV SBÓ[ NJTNB RVF QSFUFOEF EFTUSVJS TV AQBDUP EF TFHVSJEBE DPO MB QPCMBDJØO &OUPODFT EBEP RVF USBT MB AQSJWBDJEBE EF DVBMRVJFS NJFNCSP EF MB QPCMBDJØO QPESÓB SFBM P QPUFODJBMNFOUF FTDPOEFSTF VO AUFSSPSJTUB SFTVMUB FOUPODFT OFDFTBSJP RVF FM FTUBEP TF SFGPSNF P RVF QPOHB FO NBSDIB NFDBOJTNPT EF FYDFQDJØO TP QSFUFYUP EF VOB AVSHFODJB JOFWJUBCMF B m O EF QFSNJUJS RVF FM QPEFS DJSDVMF Z TF BDDJPOF NÈT BDUJWBNFOUF TPCSF MB WJEB EF TV QPCMBDJØO RVF FTDVESJ×F NÈT BOTJPTBNFOUF TVT DPOEVDUBT RVF SFHJTUSF UBOUP MBT QFSTPOBT DPNP MPT MVHBSFT RVF GSFDVFOUB RVF FTDVMRVF TVT DPNVOJDBDJPOFT Z RVF FO TVNB MPHSF DPOUSPMBSMP UPEP $PODMVTJPOFT &M BOÈMJTJT EF MB UPUBMJEBE EF MPT EJTDVSTPT Z NFDBOJTNPT BCPSEBEPT B MP MBSHP EFM EPDVNFOUP JOEJDØ DMBSBNFOUF RVF FO $PMPNCJB FO WJSUVE EFM EFTQMB[BNJFOUP EF MB DVFTUJØO EF MB TFHVSJEBE BM DFOUSP EF MBT QSFPDVQBDJPOFT QPMÓUJDBT Z
FTQFDJBMNFOUF CBKP FM SÏHJNFO EF MB 1%4% EFM HPCJFSOP 6SJCF MB QPCMBDJØO TF IB DPOWFSUJEP FO VO JOTVNP GVOEBNFOUBM QBSB FM QPEFS HVCFSOBNFOUBM OP ÞOJDBNFOUF FO UÏSNJOPT EF TV QBSUJDJQBDJØO EFNPDSÈUJDB TJOP UBNCJÏO FO MB QSPNPDJØO EF TV VTP Fm DJFOUF Z FDPOØNJDP QBSB NBOUFOFS Z TBMWBHVBSEBS FM CJFOFTUBS FTUBUBM BTÓ MP EFNVFTUSB OP TPMBNFOUF OVFTUSP BOÈMJTJT EFTEF VOB QFSTQFDUJWB GPVDBVMUJBOB EF RVJ[ÈT MBT USFT NFEJEBT DFOUSBMFT EF MB 1%4% TJOP RVF QBSFDFO DPOm SNBSMP UBNCJÏO MPT QSFPDVQBOUFT JOGPSNFT EF EFSFDIPT IVNBOPT QSFTFOUBEPT QPS EJTUJOUPT PSHBOJTNPT JOUFSOBDJPOBMFT %F MP BOUFSJPS FT QPTJCMF DPODMVJS RVF TJ USBEJDJPOBMNFOUF MPT FTUVEJPT QPMJUPMØHJDPT FO $PMPNCJB IBO BDFQUBEP FYQMÓDJUB P JNQMÓDJUBNFOUF DBUFHPSÓBT BOBMÓUJDBT RVF TVCSBZBO VO iQSFDBSJPw JOWPMVDSBNJFOUP EF MB TPDJFEBE DJWJM FO MPT QSPCMFNBT EFM QBÓT Z FO MP SFGFSFOUF BM DPOn JDUP BSNBEP FM BOÈMJTJT SFBMJ[BEP B MP MBSHP EF FTUB JOWFTUJHBDJØO QBSFDF DPOUSBEFDJS FO FTB EJTDVTJØO P UBM WF[ DPOUSJCVJS B TV EFTWJSUVBNJFOUP MB HVCFSOBNFOUBMJEBE FTUP FT FM HPCJFSOP EF P RVJ[È B USBWÏT EF MB QPCMBDJØO TF JNQPOF FO $PMPNCJB DPNP SBDJPOBMJEBE Z QSÈDUJDB QPMÓUJDB EPNJOBOUF BM NFOPT FO FM EPNJOJP FTQFDÓm DP EF MB TFHVSJEBE /P
&T JNQPSUBOUF NFODJPOBS RVF MB QPCMBDJØO FO $PMPNCJB QBSFDF OP ÞOJDBNFOUF IBCFSTF DPOWFSUJEP FO VOB IFSSBNJFOUB JNQPSUBOUF QBSB FM QPEFS FTUBUBM DBEB WF[ VO NBZPS OÞNFSP EF FTUVEJPT TF×BMBO FM IFDIP EF RVF UBNCJÏO QBSB MBT HVFSSJMMBT Z MPT BDUPSFT BSNBEPT QBSB FTUBUBMFT MB QPCMBDJØO FT WJTUB DPNP VO JOTVNP DFOUSBM FO FM EFTQMJFHVF EF TVT FTUSBUFHJBT EF QPEFS
*LRYDQQL 0DQWLOOD
PCTUBOUF CBKP MB QPMÓUJDB EF TFHVSJEBE EFNPDSÈUJDB EFM HPCJFSOP 6SJCF FTUF JOWPMVDSBNJFOUP BERVJFSF VOB GPSNB QBSUJDVMBSNFOUF QSFPDVQBOUF QVFTUP RVF TVQPOF MB WJODVMBDJØO EJSFDUB NBUFSJBM EF MB QPCMBDJØO FO UBSFBT EF VO BMUP HSBEP EF QFMJHSPTJEBE DPO MPT SJFTHPT EJSFDUPT TPCSF MB WJEB MPT EFSFDIPT Z MBT MJCFSUBEFT EF MPT DPMPNCJBOPT
#JCMJPHSBGÓB
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*REHUQDU \ DVHJXUDU
'PVDBVMU .JDIFM D i.JDIFM 'PVDBVMU MB TÏDVSJUÏ FU M ²UBUw FO %JUT FU ²DSJUT 5PNP ** f 1BSJT (BMMJNBSE 2VBSUP 'PVDBVMU .JDIFM E i- PFJM EV QPVWPJSw FO %JUT FU ²DSJUT 5PNP ** f 1BSJT (BMMJNBSE 2VBSUP 'PVDBVMU .JDIFM F i1SÏGBDFw FO %JUT FU ²DSJUT 5PNP ** f 1BSJT (BMMJNBSE 2VBSUP 'PVDBVMU .JDIFM i-B (PVWFSOFNFOUBMJUÏw FO %JUT FU ²DSJUT 5PNP ** f 1BSJT (BMMJNBSE 2VBSUP 'PVDBVMU .JDIFM j 0NOFT FU TJOHVMBUJN WFST VOF DSJUJRVF EF MB SBJTPO QPMJUJRVF x FO %JUT FU ²DSJUT 5PNP ** f 1BSJT (BMMJNBSE 2VBSUP 'PVDBVMU .JDIFM i-F TVKFU FU MF QPVWPJSw FO %JUT FU ²DSJUT 5PNP ** f 1BSJT (BMMJNBSE 2VBSUP 'PVDBVMU .JDIFM i/VFWP PSEFO JOUFSJPS Z DPOUSPM TPDJBMw FO 4BCFS Z 7FSEBE .BESJE -B 1JRVFUB 'PVDBVMU .JDIFM %FGFOEFS MB TPDJFEBE #VFOPT "JSFT 'POEP EF $VMUVSB &DPOØNJDB
'PVDBVMU .JDIFM 4PCSF MB *MVTUSBDJØO .BESJE 5FDOPT -FBM #VJUSBHP 'SBODJTDP -B 4FHVSJEBE /BDJPOBM B MB %FSJWB #PHPUÈ "MGBPNFHB $&40 6OJBOEFT 'MBDTP 4FEF &DVBEPS -FNLF ɨ PNBT i'PVDBVMU (PWFSONFOUBMJUZ BOE $SJUJRVFw %PDVNFOUP QSFTFOUBEP FO MB DPOGFSFODJB 3FUIJOLJOH .BSYJTN 6OJWFSTJUZ PG "NIFSTU ." 4FQUFNCSF .BOUJMMB (JPWBOOJ (VCFSOBNFOUBMJEBE Z 4FHVSJEBE %FNPDSÈUJDB VOB BQSPYJNBDJØO B MBT QSÈDUJDBT EF TFHVSJEBE EFNPDSÈUJDB FO $PMPNCJB EFTEF MB m MPTPGÓB QPMÓUJDB EF .JDIFM 'PVDBVMU %PDVNFOUPT $&40 &EJDJPOFT 6OJBOEFT &O QSFOTB
*LRYDQQL 0DQWLOOD
0USPT "DUP MFHJTMBUJWP EF iQPS NFEJP EFM DVBM TF NPEJm DBO MPT BSUÓDVMPT Z EF MB $POTUJUVDJØO 1PMÓUJDB EF $PMPNCJB QBSB FOGSFOUBS FM UFSSPSJTNPw 4FOUFODJB $ $PSUF $POTUJUVDJPOBM .BHJTUSBEP 1POFOUF "MGSFEP #FMUSÈO 4JFSSB %FDSFUP EFM EF TFQUJFNCSF EF iQPS FM DVBM TF BEPQUBO NFEJEBT QBSB FM DPOUSPM EFM PSEFO QÞCMJDP Z TF EFm OFO MBT [POBT EF SFIBCJMJUBDJØO Z DPOTPMJEBDJØOw 3FQÞCMJDB EF $PMPNCJB C 1PMÓUJDB EF %FGFOTB Z 4FHVSJEBE %FNPDSÈUJDB #PHPUÈ 1SFTJEFODJB EF MB 3FQÞCMJDB .JOJTUFSJP EF %FGFOTB /BDJPOBM &M 5JFNQP 1ÈHT &M &TQFDUBEPS "SBVDB QPS "MGSFEP .PMBOP 3FWJTUB 4&."/" *OUFMJHFODJB "SUJm DJBM IUUQ XXX NJOEFGFOTB HPW DP QPMJUJDB NJONMSBNJSF[ SFEFT @EF@DPPQFSBOUFT IUNM IUUQ XXX NJOEFGFOTB HPW DP QPMJUJDB NMSBNJSF[@MBGN IUNM
(O PRPHQWR SURFRQVXODU /DWLQRDPpULFD GHVSXpV GH OD UHHOHFFLyQ GH %XVK
(/ 020(172 352&2168/$5 /DWLQRDPpULFD GHVSXpV GH OD UHHOHFFLyQ GH %XVK -XDQ *DEULHO 7RNDWOLDQ
UHFLELGR DSUREDGR
- X DQ *DEULHO 7RNDWOLDQ
-
B SFFMFDDJØO FO FM EFM QSFTJEFOUF (FPSHF 8 #VTI IB IFDIP NÈT WJTJCMF MB EJWJTJØO FOUSF MP RVF QBSFDF TFS VOB OBDJØO NJOPSJUBSJB Z QPTNPEFSOB Z VOB DBEB WF[ NÈT BNQMJB OBDJØO QSFNPEFSOB FO &TUBEPT 6OJEPT -B QSJNFSB FT VSCBOB TFDVMBS DPTNPQPMJUB NVMUJDVMUVSBM Z QMVSBMJTUB MB TFHVOEB FT TFNJSVSBM TVCVSCBOB SFMJHJPTB DPNVOJUBSJB VOJGPSNJTUB Z TFDUBSJB 1BSB MB QSJNFSB MB JOUFSWFODJØO EFM &TUBEP FO NBUFSJB TPDJBM FDPOØNJDB Z FEVDBUJWB FT BÞO GVOEBNFOUBM QBSB MB TFHVOEB DVBMRVJFS JOUSPNJTJØO EFM HPCJFSOP DFOUSBM FO MPT BTVOUPT QSJWBEPT P JNQPTJUJWPT FT VO FYDFTP -PT WBMPSFT IÈCJUPT Z QSÈDUJDBT EF VOB Z PUSB OBDJØO TPO EJTÓNJMFT 6OB DPOm HVSB VOB TVCDVMUVSB BCJFSUB BM NVOEP MB PUSB FT SFGSBDUBSJB GSFOUF BM FYUFSJPS &TUB FMFDDJØO FT VOB QSVFCB EF MB DPOTJEFSBCMF QVHOBDJEBE FOUSF FTUBT EPT OBDJPOFT &M SFTVMUBEP NÈT QSFWJTJCMF FO NBUFSJB JOUFSOBDJPOBM RVF TF EFSJWB EFM OVFWP USJVOGP EF #VTI FT RVF MPT TFDUPSFT JOUFSOPT NÈT CFMJDPTPT Z PCTUJOBEPT QPESÈO DPOTPMJEBS MB UBSFB ZB JOJDJBEB EFTQVÏT EFM PODF EF TFQUJFNCSF EF SFPSEFOBNJFOUP NBTJWP EFM TJTUFNB NVOEJBM &TUP DPOEVDJSÈ QSPCBCMFNFOUF B VOB QPMÓUJDB FYUFSJPS NÈT BMUJWB BSSJFTHBEB Z BHSFTJWB
"IPSB CJFO FM BMDBODF EF EJDIB QPMÓUJDB FTUP FT RVF EFWFOHB FO QSPZFDUP JNQFSJBM BTFSUJWP OP FT FM QSPEVDUP EF MBT DBSBDUFSÓTUJDBT QBSUJDVMBSFT EF MB TPDJFEBE FM &TUBEP Z FM NBOEBUBSJP FTUBEPVOJEFOTFT -B FOPSNF BTJNFUSÓB EF QPEFS FT MB DPOEJDJØO TJTUÏNJDB QSJNPSEJBM RVF FTUJNVMB FM JNQFSJBMJTNP Z TPTUJFOF TV EFTQMJFHVF "M DPOUSBSJP MBT GPSNBT Z FM FTUJMP EF FTF EFTQMJFHVF TÓ FTUBSÈO JOn VJEPT QPS MPT FMFNFOUPT DVMUVSBMFT TPDJBMFT F JOTUJUVDJPOBMFT QSPQJPT Z QSFEPNJOBOUFT FO MPT &TUBEPT 6OJEPT &T CVFOP SFDPSEBS RVF FO VO QSPZFDUP JNQFSJBM TF FOUSFMB[BO WBSJBCMFT RVF MP JNQVMTBO iQVTI GBDUPSTw FO DMBWF BOHMPTBKPOB Z WBSJBCMFT RVF MP BUSBFO iQVMM GBDUPSTw 6O FMFNFOUP BUSBZFOUF GVOEBNFOUBM FT DPNP MP TF×BMBSB IBDF DJODP EÏDBEBT +PIO 4 (BMCSBJUI MB FYJTUFODJB EF iGSPOUFSBT UVSCVMFOUBTw 1PS FMMP TFHVSBNFOUF VOP EF MPT NBZPSFT SFUPT EF -BUJOPBNÏSJDB TFB FMVEJS DPOWFSUJSTF FO MPT QSØYJNPT B×PT FO MB QFSJGFSJB UVNVMUVPTB EF &TUBEPT 6OJEPT -B EJNFOTJØO NJMJUBS &O FTF PSEFO EF JEFBT MB FWBMVBDJØO EF MB DBQBDJEBE NJMJUBS FTUBEPVOJEFOTF SFTVMUB SFMFWBOUF BM NPNFOUP EF BOBMJ[BS FM QSPZFDUP EF SFPSEFOBNJFOUP JOUFSOBDJPOBM
%JSFDUPS EF $JFODJB 1PMÓUJDB Z 3FMBDJPOFT *OUFSOBDJPOBMFT EF MB 6OJWFSTJEBE EF 4BO "OESÏT "SHFOUJOB 7ÏBTF +VBO (BCSJFM 5PLBUMJBO i&M QSPZFDUP EF SFPSEFOBNJFOUP NVOEJBM EF &TUBEPT 6OJEPT 6OB NJSBEB DSÓUJDBw FO .ØOJDB )JSTU $BSMPT 1ÏSF[ -MBOB 3PCFSUP 3VTTFMM Z +VBO (BCSJFM 5PLBUMJBO *NQFSJP FTUBEPT F JOTUJUVDJPOFT -B QPMÓUJDB JOUFSOBDJPOBM FO MPT DPNJFO[PT EFM TJHMP 99* #VFOPT "JSFT "MUBNJSB 'VOEBDJØO 04%& 7ÏBTF 3PCFSUP 3VTTFMM i&M PSEFO QPMÓUJDB JOUFSOBDJPOBM QPT *SBLw FO *CJE 7ÏBTF +PIO 4 (BMCSBJUI iɨ F 5VSCVMFOU 'SPOUJFS BT B 'BDUPS JO #SJUJTI &YQBOTJPOw FO $PNQBSBUJWF 4UVEJFT JO 4PDJFUZ BOE )JTUPSZ 7PM /P FOFSP
(O PRPHQWR SURFRQVXODU /DWLQRDPpULFD GHVSXpV GH OD UHHOHFFLyQ GH %XVK
FNQSFOEJEP QPS 8BTIJOHUPO 6O BMJBEPT FVSPQFPT TV WJFKP DPOUSJODBOUF IFDIP USBTDFOEFOUBM FT RVF VOB WF[ SVTP TV QPUFODJBM BEWFSTBSJP DIJOP Z UFSNJOBEB MB (VFSSB 'SÓB TØMP && 66 MPT IPTUJMFT QFSP NVZ NFOPSFT iFTUBEPT QVEP TPTUFOFS QPS NÈT EF VOB EÏDBEB SVm BOFTw FSB OPUBCMF QSFTVQVFTUPT BOVBMFT EF EFGFOTB &O DPOTFDVFODJB OP FSB DFSDBOPT B MPT 64 NJM NJMMPOFT TPSQSFOEFOUF RVF FM QSFTVQVFTUP NJMJUBS EF EØMBSFT FO QSPNFEJP "TÓ BÞO EF && 66 QBSB FM 64 BOUFT EFM PODF EF TFQUJFNCSF FM UPUBM NJM NJMMPOFT EF EØMBSFT GVFTF TJNJMBS B MB TVNB EF MPT QBÓTFT FO PSEFO EF HBTUPT NJMJUBSFT EF &TUBEPT 6OJEPT FSB FRVJWBMFOUF B MB TVNBUPSJB EF MPT EF NBHOJUVE 3VTJB $IJOB +BQØO 3FJOP 6OJEP 'SBODJB "MFNBOJB QSFTVQVFTUPT EF EFGFOTB EF MB EPDFOB EF QBÓTFT RVF MF TFHVÓBO FO UÏSNJOPT "SBCJB 4BVEJUB *UBMJB *OEJB $PSFB EFM 4VS #SBTJM EF QPEFSÓP CÏMJDP ³(O FRQJUHVR GH (( 88 5BJXÈO *TSBFM "TJNJTNP FM KD DXWRUL]DGR OD SUHVHQFLD EF KVOJP EFM &TQB×B "VTUSBMJB $BOBEÈ )PMBOEB FM QSFTJEFOUF #VTI HQ &RORPELD KDVWD GH Bm SNBCB BOUF PLOLWDUHV \ FRQWUDWLVWDV 5VSRVÓB .ÏYJDP ,VXBJU Z 6DSBOJB FM $POHSFTP EF SULYDGRV´ TV QBÓT RVF iFM RVF MF TFHVÓBO FO UÏSNJOPT EF HBTUPT %FQBSUBNFOUP EF %FGFOTB TF IB DPOWFSUJEP FO MB NÈT QBSB MB EFGFOTB QPEFSPTB GVFS[B QBSB MB MJCFSUBE RVF FM -PT BUFOUBEPT UFSSPSJTUBT NVOEP IBZB DPOPDJEPw EF TFQUJFNCSF EFM GVFSPO VO .JFOUSBT MB 6OJØO &VSPQFB DBUBMJ[BEPS QBSB VOB QSPZFDDJØO NÈT BWBO[BCB FO VOB DPODFQDJØO BNCJDJPTB Z BDUJWB EF MBT GVFS[BT BSNBEBT DPPQFSBUJWB EF MB TFHVSJEBE 3VTJB FTUBEPVOJEFOTFT -B PDVQBDJØO NJMJUBS CVTDBCB TVQFSBS MB JNQMPTJØO EF EF "GHBOJTUÈO F *SBL FM EFTQBDIP EF TV &TUBEP $IJOB USBOTJUBCB FM GVFS[BT FTQFDJBMFT B (FPSHJB Z 'JMJQJOBT DBNJOP IBDJB VO NBZPS DSFDJNJFOUP FM JODSFNFOUP EF USPQBT FO $PMPNCJB FDPOØNJDP Z NJMJUBS Z MPT iSPHVF TUBUFTw FM FTUBCMFDJNJFOUP EF CBTFT NJMJUBSFT MPT BTÓ MMBNBEPT QPS && 66 iFTUBEPT EFTEF FM DPSB[ØO EF "TJB $FOUSBM IBTUB SVm BOFTw FTUBCBO DBEB WF[ NÈT FM $VFSOP EF «GSJDB FO 6[CFLJTUÈO SFTUSJOHJEPT QBSB EFTBSSPMMBS BWBODFT 5VSLNFOJTUÈO ,JSHJTUÈO 5BKJLJTUÈO FO FM DBNQP OVDMFBS &TUBEPT 6OJEPT 0NÈO #BISFJO 2BUBS &NJSBUPT TF GPSUJm DBCB FO UPEPT MPT ÈNCJUPT EF «SBCFT 6OJEPT ,VXBJU "SBCJB 4BVEJUB MB EFGFOTB &O FM FM EFTFRVJMJCSJP Z %KJCPVUJ BTÓ DPNP FO «GSJDB EFM NJMJUBS FOUSF &TUBEPT 6OJEPT TVT PFTUF $BNFSÞO (VJOFB &DVBUPSJBM Z
7ÏBTF XXX XIJUFIPVTF HPW OFXT SFMFBTFT 7ÏBTF XXX DEJ PSH CVEHFU XPSME NJMJUBSZ TQFOEJOH DGN
- X DQ *DEULHO 7RNDWOLDQ
(BCØO TF FTUÈO DPODSFUBOEP BDVFSEPT TJNJMBSFT DPO #FOJO /JHFSJB $PTUB EFM .BSm M Z 4BP 5PNÏ 1SÓODJQF MB BQSPCBDJØO EBEB FO FM QBSB DPOTUSVJS NJOJ BSNBT OVDMFBSFT MPT MMBNBEPT iNJOJ OVLFTw EF NFOPT EF DJODP LJMPUPOFT EF FYQMPTJWP VO UFSDJP EFM QPSDFOUBKF EF FYQMPTJWPT RVF UVWP MB CPNCB MBO[BEB DPOUSB )JSPTIJNB RVF TVHJFSFO MB SFEVDDJØO EFM VNCSBM ÏUJDP Z QPMÓUJDP QBSB TV QPUFODJBM VTP FO UFBUSPT EF DPOn JDUP GVUVSPT MB EFDJTJØO EF SF MPDBMJ[BS USPQBT NFEJBOUF MB SFEVDDJØO EF MB QSFTFODJB FO DJFSUBT JOTUBMBDJPOFT "MFNBOJB +BQØO Z $PSFB EFM 4VS FOUSF PUSBT Z TV SFBTJHOBDJØO FO "TJB FM EFTQMJFHVF BDUVBM EF TPMEBEPT FO FM NVOEP Z FM IFDIP FYQSFTJWP EF RVF QPS QSJNFSB WF[ EFTEF 7JFUOBN FM FKÏSDJUP QVCMJDBSB SFDJFOUFNFOUF VO NBOVBM QBSB MB MVDIB BOUJ JOTVSHFOUF JOEJDBO MB DFOUSBMJEBE BMDBO[BEB QPS MB
EJNFOTJØO NJMJUBS FO FM QSPZFDUP EF SFPSEFOBNJFOUP NVOEJBM QSPNPWJEP QPS &TUBEPT 6OJEPT &M $PNBOEP 4VS &M $PNBOEP 4VS QBSFDF FTUBSTF DPOWJSUJFOEP FO FM QSPDØOTVM EFM QSPZFDUP JNQFSJBM EF &TUBEPT 6OJEPT m HVSB RVF FO FM JNQFSJP SPNBOP BDSFEJUBCB BM HPCFSOBEPS EF VOB QSPWJODJB 6CJDBEP FO 'MPSJEB FM $PNBOEP 4VS UJFOEF B TFS IPZ FM QSJODJQBM JOUFSMPDVUPS EF MPT HPCJFSOPT EFM ÈSFB Z FM BSUJDVMBEPS QSJNPSEJBM EF MB QPMÓUJDB FYUFSJPS Z EF EFGFOTB FTUBEPVOJEFOTF FO MB SFHJØO -B NBHOJUVE EF TV JNQSPOUB FO MB QPMÓUJDB MBUJOPBNFSJDBOB TF NBOJm FTUB FO IFDIPT DPNP FM RVF FOUSF BHPTUP EFM Z KVMJP EFM FM DPNBOEBOUF EFM $PNBOEP 4VS +BNFT )JMM IJ[P WJTJUBT B MB SFHJØO GVF BTÓ FM GVODJPOBSJP EF DJFSUB KFSBSRVÓB NVDIP NÈT
7ÏBTF +VBO (BCSJFM 5PLBUMJBO )BDJB VOB OVFWB FTUSBUFHJB JOUFSOBDJPOBM &M EFTBGÓP EF /ÏTUPS ,JSDIOFS #VFOPT "JSFT &EJUPSJBM /PSNB 7ÏBTF $IBMFT 1F×B i.JOJ /VLFT BOE 1SFFNQUJWF 1PMJDZ " %BOHFSPVT $PNCJOBUJPOw FO $BUP 1PMJDZ "OBMZTJT /P /PWJFNCSF 7ÏBTF XXX HMPCBMTFDVSJUZ PSH NJMJUBSZ GBDJMJUZ CSBD IUN 7ÏBTF XXX HMPCBMTFDVSJUZ PSH NJMJUBSZ XPSME EFQMPZ IUN 7ÏBTF %PVHMBT +FIM Z 5PN 4IBOLFS i'PS UIF 'JSTU 5JNF 4JODF 7JFUOBN UIF "SNZ 1SJOUT B (VJEF UP 'JHIUJOH *OTVSHFOUTw ǰ F /FX :PSL 5JNFT EF OPWJFNCSF EF &M NBOVBM EF SFGFSFODJB FT %FQBSUNFOU PG UIF "SNZ $PVOUFSJOTVSHFODZ 0QFSBUJPOT 'JFME .BOVBM *OUFSJN /P 8BTIJOHUPO % $ 64 (PWFSONFOU 1SJOUJOH 0ċ DF 0DUVCSF -B OVFWB HSBO FTUSBUFHJB HSBOE TUSBUFHZ EF &TUBEPT 6OJEPT EF MB QSJNBDÓB RVF TJHOJm DB RVF 8BTIJOHUPO OP UPMFSBSÈ OJOHÞO DPNQFUJEPS JOUFSOBDJPOBM TFB ÏTUF BNJHP V PQPOFOUF JNQMJDB RVF FO FM UFSSFOP NJMJUBS TF QSPDVSB MP RVF TF DPOPDF DPNP iGVMM TQFDUSVN UISFBU EPNJOBODFw -B MØHJDB JNQMÓDJUB EF FTUB EPDUSJOB DPOEVDF B RVF VOB WBTUB HBNB EF BTVOUPT TF DPOWJFSUB HSBEVBMNFOUF FO DVFTUJPOFT EF TFHVSJEBE EF IFDIP TFHÞO -PWFNBO EJDIB EPDUSJOB QSPWPDB iUIF TFDVSJUJ[BUJPO PG IFBMUI FOWJSPONFOUBM MBX FOGPSDFNFOU JNNJHSBUJPO BHSJDVMUVSBM BOE FDPOPNJD QPMJDZw 7ÏBTF #SJBO -PWFNBO i*OUSPEVDUJPO 6 4 3FHJPOBM 3FHJPOBM 4FDVSJUZ 1PMJDJFT JO UIF 1PTU $PME 8BS &SBw FO #SJBO -PWFNBO FE 4USBUFHJFT GPS &NQJSF 6 4 3FHJPOBM 4FDVSJUZ 1PMJDZ JO UIF 1PTU $PME 8BS &SB 8JMNJOHUPO 4DIPMBSMZ 3FTPVSDFT Q YYJ $BCF TVCSBZBS RVF MB NBZPSÓB EF MPT BMUPT GVODJPOBSJPT QPMÓUJDPT Z NJMJUBSFT EF "NÏSJDB -BUJOB TF IBO IBCJUVBEP B iEJBMPHBSw DPO &TUBEPT 6OJEPT B USBWÏT EFM $PNBOEP 4VS .ÈT BMMÈ EF MP RVF 8BTIJOHUPO EJTF×F P FKFDVUF FO NBUFSJB EF TV QPMÓUJDB MBUJOPBNFSJDBOB MB SFHJØO IB BDFQUBEP DPO JOVTJUBEP DPOGPSNJTNP FM QBQFM QSFQPOEFSBOUF EFM 6 4 4PVUIFSO $PNNBOE )JMM IB TJEP SFDJFOUFNFOUF SFFNQMB[BEP &M HFOFSBM #BOU[ + $SBEEPDL BIPSB FTUÈ BM GSFOUF EFM $PNBOEP 4VS BIPSB
(O PRPHQWR SURFRQVXODU /DWLQRDPpULFD GHVSXpV GH OD UHHOHFFLyQ GH %XVK
RVF MPT DJWJMFT EFM %FQBSUBNFOUP EF &TUBEP RVF NÈT WJBKFT SFBMJ[Ø 5BNCJÏO FO FM IFDIP EF RVF EJDIP $PNBOEP MPDBMJ[BEP FO .JBNJ UFOHB NÈT FNQMFBEPT USBCBKBOEP TPCSF -BUJOPBNÏSJDB RVF FO MB TVNB EF WBSJPT %FQBSUBNFOUPT &TUBEP "HSJDVMUVSB $PNFSDJP 5FTPSP Z %FGFOTB VCJDBEPT FO 8BTIJOHUPO % $ 4JO FNCBSHP FM QFSm M QSPDPOTVMBS EFM $PNBOEP 4VS TF NBOJm FTUB BEFNÈT FO VO DPOKVOUP EF BDPOUFDJNJFOUPT DJGSBT NFDBOJTNPT Z QSPOVODJBNJFOUPT FO UPSOP B MBT SFMBDJPOFT JOUFSBNFSJDBOBT EFTQVÏT EFM PODF EF TFQUJFNCSF RVF BNFSJUB VOB FWBMVBDJØO QPOEFSBEB t 4FHÞO FM SFDJFOUF JOGPSNF EF MB DPNJTJØO TPCSF MPT BUFOUBEPT EFM PODF EF TFQUJFNCSF B QFTBS EF RVF OP FYJTUÓB FWJEFODJB BMHVOB EF MB QSFTFODJB EF "M 2BFEB FO MB SFHJØO FM EF TFQUJFNCSF EFM FM TVCTFDSFUBSJP EF %FGFOTB %PVHMBT 'FJUI QSPQVTP BUBDBS VO PCKFUJWP OP WJODVMBEP B "M 2BFEB FO FM FOUFOEJEP EF RVF VO i"NFSJDBO BUUBDL JO 4PVUI "NFSJDB NJHIU CF B TVSQSJTF UP UIF UFSSPSJTUTw "M NFOPT QÞCMJDBNFOUF &TUBEPT 6OJEPT OP PGSFDJØ VOB FYQMJDBDJØO QPS FTUF BDUP OJ MPT QBÓTFT EFM ÈSFB TPMJDJUBSPO VOB BDMBSBDJØO t 4JO RVF IBTUB FM NPNFOUP IBZB TJEP SBUJm DBEP P SFDUJm DBEP QPS FM
%FQBSUBNFOUP EF &TUBEP FO FM TFOUJEP Z BMDBODF EF TV Bm SNBDJØO FM HFOFSBM )JMM JOEJDØ FO VOB BVEJFODJB BOUF FM $POHSFTP FM EF NBS[P EFM RVF MBT BNFOB[BT USBEJDJPOBMFT FO "NÏSJDB -BUJOB iBSF OPX DPNQMFNFOUFE CZ BO FNFSHJOH UISFBU CFTU EFTDSJCFE BT SBEJDBM QPQVMJTNw t &M EFTQMJFHVF NJMJUBS EFM $PNBOEP 4VS FO FM $BSJCF Z -BUJOPBNÏSJDB TF IB JEP JODSFNFOUBOEP FO MPT ÞMUJNPT B×PT IPZ UJFOF MB SFTQPOTBCJMJEBE TPCSF CBTFT DPNP #BIÓB EF (VBOUÈOBNP FO $VCB 'PSU #VDIBOBO Z 3PPTFWFMU 3PBET FO 1VFSUP 3JDP Z 4PUP $BOP FO )POEVSBT )B FTUBCMFDJEP iGPSXBSE PQFSBUJPO MPDBUJPOTw BDUVBMNFOUF TF EFOPNJOBO iDPPQFSBUJWF TFDVSJUZ MPDBUJPOTw FO .BOUB FO &DVBEPS 3FJOB #FBUSJ[ FO "SVCB )BUP 3FZ FO $VSBDBP Z $PNBMBQB FO &M 4BMWBEPS Z PQFSB MB SFE EF SBEBSFT m KPT FO 1FSÞ m KPT FO $PMPNCJB Z NØWJMFT Z TFDSFUPT RVF PQFSBO FO QBÓTFT BOEJOPT Z DBSJCF×PT QBSB BDDJPOFT BOUJESPHBT t %FTQVÏT EF VOB CSFWF UFOEFODJB EFDMJOBOUF B m OBMFT EF MB EÏDBEB EF MPT OPWFOUB TF IB WFOJEP JODSFNFOUBOEP FM OÞNFSP EF QFSTPOBM NJMJUBS MBUJOPBNFSJDBOP Z DBSJCF×P RVF SFDJCF FOUSFOBNJFOUP FO &TUBEPT 6OJEPT TF QBTØ EF FO B FO FM FO FM FO FM Z FO FM &M EF MPT FGFDUJWPT FOUSFOBEPT FO FM DPSSFTQPOEF B MPT QBÓTFT BOEJOPT EF $PMPNCJB EF #PMJWJB EF 1FSÞ
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- X DQ *DEULHO 7RNDWOLDQ
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&DUOD 3RXVVD
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&ULVLV FRORPELDQD 8QD SHUVSHFWLYD SDQDPHxD
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&DUOD 3RXVVD
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&ULVLV FRORPELDQD 8QD SHUVSHFWLYD SDQDPHxD
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&DUOD 3RXVVD
TØMP MF DPODJFSOF DPNP QBÓT MJNÓUSPGF TJO RVF FMMP JNQMJRVF FM NFOPTDBCP EF MB QPMÓUJDB EF OFVUSBMJEBE BDUJWB RVF USBEJDJPOBMNFOUF IB QSPNPWJEP 1BOBNÈ $PBEZVWBS B MPHSBS VOB TPMVDJØO SFBM EFM DPOn JDUP SFRVJFSF EF MB FYJTUFODJB EF VOB BDUJUVE EF DPOm BO[B Z DSFEJCJMJEBE QPS QBSUF EF MBT EJGFSFOUFT JOTUJUVDJPOFT CJOBDJPOBMFT Z FO FTQFDJBM EF MB HFTUJØO RVF FM MBEP DPMPNCJBOP FTUÏ EJTQVFTUP B DPODSFUBS DPNP NVFTUSB EF TV MFHÓUJNP JOUFSÏT QPS TPMVDJPOBS FM DPNQMFKP QSPCMFNB GSPOUFSJ[P RVF IB TBMQJDBEP B 1BOBNÈ QPS TV TJUVBDJØO MJNÓUSPGF -BT DJSDVOTUBODJBT QSFDBSJBT EF WJEB EF MBT [POBT GSPOUFSJ[BT PGFOEFO MPT NÈT FMFNFOUBMFT JEFBMFT EFM TFS IVNBOP Z NFSNBO TJHOJm DBUJWBNFOUF TV DBMJEBE FYJTUFODJBM B OJWFMFT WFSHPO[PTPT QBSB FM TJHMP 99* MMBNBEP JSØOJDBNFOUF FM TJHMP EFM DPOPDJNJFOUP Z EFM CJFOFTUBS .JFOUSBT RVF QFSTJTUBO MB QPCSF[B Z MB BVTFODJB EFM FTUBEP FO FM ÈSFB GSPOUFSJ[B QFSEVSBSÈ FM QFMJHSP MBUFOUF EF RVF FM DPOn JDUP DPMPNCJBOP WFSEBEFSBNFOUF TF iEFTCPSEFw EF NPEP JNQSFEFDJCMF QBSB MB USBEJDJPOBM DPOWJWFODJB QBDÓm DB EF MB TPDJFEBE QBOBNF×B -BT NFEJEBT Z BDDJPOFT QSPQVFTUBT QPS FM FTUBEP QBOBNF×P FWJEFODJBO VOB WF[ NÈT FM DPNQSPNJTP QPMÓUJDP EF TV TPDJFEBE Z HPCFSOBOUFT FO MB TPMVDJØO JOUFHSBM EF MPT QSPCMFNBT SFHJPOBMFT DPNP 1BOBNÈ EFNPTUSØ IJTUØSJDBNFOUF NFEJBOUF
MB DSFBDJØO EFM (SVQP $POUBEPSB FOUSF PUSBT HFTUJPOFT JOUFHSBEPSBT EF QPTJUJWBT SFQFSDVTJPOFT FO FM FOUPSOP NVOEJBM &M DPNQSPNJTP QBOBNF×P DPO MB SVUB EF USÈOTJUP Z TV EFTFNQF×P DBCBM PCMJHBO BM UFSSJUPSJP QBOBNF×P FO TV UPUBMJEBE B NBOUFOFSTF DPNP TBMWBHVBSEB EF MB JOUFHSJEBE QBDÓm DB EF TV UFSSJUPSJP 6OB QPMÓUJDB FYUFSJPS RVF QSPNVFWF MB OFVUSBMJEBE BDUJWB EFM QBÓT BTJHOB B 1BOBNÈ VO JOUFSÏT QSJPSJUBSJP FO MPT NPWJNJFOUPT QBDJm DBEPSFT EFM TJTUFNB QPMÓUJDP SFHJPOBM MP RVF TFOTJCJMJ[B B MB OBDJØO FO NBUFSJB EF QFSUVSCBDJPOFT RVF QVFEBO EF BMHÞO NPEP JOUFSGFSJS DPO FM DVNQMJNJFOUP EF TV DPNQSPNJTP -B DMÈVTVMB EFM 5SBUBEP EF /FVUSBMJEBE TPCSF FM $BOBM RVF FTUBCMFDF FM SFUPSOP EFM FKÏSDJUP OPSUFBNFSJDBOP BM QBÓT FO DBTP DPOUSBSJP QPESÓB TFS JOWPDBEB FO UBMFT DJSDVOTUBODJBT GVOFTUBT QPOJFOEP FO QFMJHSP MPT MPHSPT BEFMBOUBEPT QPS 1BOBNÈ FO NBUFSJB EF TV JOEFQFOEFODJB QPMÓUJDB 1PS FMMP MB TPMVDJØO FGFDUJWB EF MB TJUVBDJØO EF WJPMFODJB FO $PMPNCJB DPOTUJUVZF QBSB 1BOBNÈ NBUFSJB EF QSJPSJEBE VSHFOUF EFCJEP B MBT QBSUJDVMBSJEBEFT EF FTUF DSVFOUP QSPMPOHBEP F JNQSFEFDJCMF DPOn JDUP HFOFSBEPS EF DPNQMJDBDJPOFT NÞMUJQMFT QBSB FM FTUBEP QBOBNF×P FO TV DPOEJDJØO EF QBÓT MJNÓUSPGF &M DBTP QBOBNF×P SFQSFTFOUB VOB QPTUVSB iBNQMJBDJPOJTUBw #ÈSDFOB EFM DPODFQUP EF TFHVSJEBE
&M (SVQP $POUBEPSB GVF DSFBEP QPS FM (FOFSBM 0NBS 5PSSJKPT )FSSFSB DPO FM QSPQØTJUP EF DPBEZVWBS B MB TPMVDJØO EF MPT DPOn JDUPT BSNBEPT DFOUSPBNFSJDBOPT &T JNQPSUBOUF FOGBUJ[BS RVF MB JOUFSQSFUBDJØO EF FTUB DMÈVTVMB QPS QBSUF EF MB 3FQÞCMJDB EF 1BOBNÈ OP QFSNJUF MB QPTJCJMJEBE EF EJDIB JOUFSWFODJØO VOJMBUFSBM
&ULVLV FRORPELDQD 8QD SHUVSHFWLYD SDQDPHxD
OBDJPOBM BM PSJFOUBS TVT QPMÓUJDBT EF TFHVSJEBE FO UPSOP B MBT PQPSUVOJEBEFT Z oOP TØMP MBT BNFOB[BT B MPT JOUFSFTFT OBDJPOBMFT 4JO FNCBSHP UBNCJÏO FT DMBSB MB iDPOTUSVDDJØO TPDJBMw RVF TF IBDF EFM DPODFQUP EF TFHVSJEBE DPO SFTQFDUP B $PMPNCJB MB JODMVTJØO EF UFNBT DPNP EF BDUPSFT IB FTUBEP EFUFSNJOBEB FO HSBO QBSUF QPS MBT iQFSDFQDJPOFTw RVF UFOHBO EF i$PMPNCJBw UBOUP MPT GVODJPOBSJPT EFM (PCJFSOP DPNP Z QSJODJQBMNFOUF MPT EJGFSFOUFT BDUPSFT RVF DPNQPOFO MB TPDJFEBE DJWJM EFM QBÓT &O UBM TFOUJEP Z B QFTBS EF MB QSFTJØO QPS QBSUF EF FTUPT ÞMUJNPT FM HPCJFSOP OBDJPOBM IB FWJUBEP iTFDVSJUJ[BSw MB BHFOEB CJMBUFSBM FOUSF 1BOBNÈ Z $PMPNCJB QVFT SFDPOPDF MPT QFMJHSPT RVF QVFEFO EFSJWBSTF EF MB JOTFSDJØO EF UFNBT FTUSJDUBNFOUF QPMÓUJDPT Z FDPOØNJDPT FO FM ÈNCJUP EF MB TFHVSJEBE 5PEP FMMP FO GVODJØO EF MB QSFTFSWBDJØO Z DPOTPMJEBDJØO EFM TJTUFNB EFNPDSÈUJDP FO FM QBÓT
&DUOD 3RXVVD
#JCMJPHSBGÓB
"SUÓDVMPT Z 1POFODJBT
-JCSPT
%FMHBEP %JBNBOUF %BOJFM i&M 1MBO $PMPNCJB Z MPT QPTJCMFT FGFDUPT FO MB 3FQÞCMJDB EF 1BOBNÈw FO $VBEFSOPT /BDJPOBMFT 4FHVOEB ²QPDB /P 6OJWFSTJEBE EF 1BOBNÈ *OTUJUVUP EF &TUVEJPT /BDJPOBMFT QQ
#ÈSDFOB $PRVJ .BSUIB i.ÏYJDP Z &TUBEPT 6OJEPT FO FM $POUFYUP *OUFSOBDJPOBM Z TVT JOUFSFTFT EF TFHVSJEBE OBDJPOBMw FO "HVTUÓO .BDJFM DPPSEJOBEPS -B TFHVSJEBE OBDJPOBM FO MBT SFMBDJPOFT .ÏYJDP &TUBEPT 6OJEPT .ÏYJDP &M $PMFHJP EF 4BO -VJT QQ *TB[B .BSÓB $MBSB i$PMPNCJB Z TVT WFDJOPTw FO "SEJMB .BSUIB DPNQ $PMPNCJB Z MB TFHVSJEBE IFNJTGÏSJDB $PMFDDJØO 13& 5FYUPT $PMPNCJB 6OJWFSTJEBE &YUFSOBEP EF $PMPNCJB QQ )BSEJOH 3PCFSU .JMJUBSZ GPVOEBUJPOT PG 1BOBNBOJBO QPMJUJDT /FX #SVOTXJDL 5SBOTBDUJPO 1VCMJTIFST -FJT 3BÞM 1BOBNÈ %FTBGÓPT EF MB 4FHVSJEBE %FNPDSÈUJDB 1BOBNÈ $&"41" 1FSF[ 0SMBOEP FE 1PTU JOWBTJPO 1BOBNB UIF DIBMMFOHFT PG EFNPDSBUJ[BUJPO JO UIF /FX 8PSME 0SEFS 1PVTB $BSMB Dz F -JNJUT PG 4FMG %FUFSNJOBUJPO Dz F 4UBUF BOE UIF *OEJHFOPVT (SPVQT JO 1BOBNÈ 1I % %JTTFSUBUJPO 6OJWFSTJUZ PG .JBNJ 'MPSJEB &6"
(BOEÈTFHVJ .BSDP IJKP i" TØMP TFJT NFTFT EF MB USBOTGFSFODJB EFM $BOBM +FGF EFM $PNBOEP 4VS EFDMBSB RVF FT TV SFTQPOTBCJMJEBE JOUFSWFOJS FO 1BOBNÈw FO 5FNBT EF "DUVBMJEBE 3FE EF *OWFTUJHBEPSFT -BUJOPBNFSJDBOPT QPS MB %FNPDSBDJB Z MB "VUPOPNÓB EF MPT 1VFCMPT IUUQ XXX VGH FEV TW VGH SFE BDUVBMJEBE IUNM -FJT 3BÞM i1BOBNÈ FMFDDJPOFT Z UFOTJPOFT FO MB FODSVDJKBEB EFM DFOUFOBSJPw 1POFODJB EFM 4FNJOBSJP i3FHJPOBMJTNP 4FHVSJEBE 3FHJPOBM Z 4PDJFEBE $JWJM FO FM (SBO $BSJCF FO FM /VFWP &OUPSOP .VOEJBMw -B )BCBOB $VCB EF GFCSFSP 4FHVSJEBE F *OUFMJHFODJB DPN i&M DPOn JDUP DPMPNCJBOP Z TV JODJEFODJB FO MB TFHVSJEBE OBDJPOBM EF 1BOBNÈw EF GFCSFSP 1VCMJDBEP FO EFTBTUSFT PSH :BV +VMJP -BT CBTFT NJMJUBSFT Z FM $FOUSP "OUJOBSDØUJDPT 1SFUFYUPT Z 1SPQØTJUPT 1BOBNÈ 4&31"+
&ULVLV FRORPELDQD 8QD SHUVSHFWLYD SDQDPHxD
*OGPSNFT *OUFSOBDJPOBM $SJTJT (SPVQ -BT GSPOUFSBT EF $PMPNCJB &M FTMBCØO EÏCJM EF MB QPMÓUJDB EF TFHVSJEBE EF 6SJCF *OGPSNF TPCSF "NÏSJDB -BUJOB /P %PDVNFOUP /P EF TFQUJFNCSF XXX JDH PSH *OUFSOBDJPOBM $SJTJT (SPVQ (VFSSB Z ESPHB FO $PMPNCJB -BUJO "NFSJDB $BSJCCFBO 3FQPSU /P EF FOFSP XXX JDH PSH $SBHJO ,JN Z )PĊ NBOO #SVDF "SNT USBĆ DLJOH BOE $PMPNCJB 3"/% XXX SBOE PSH QVCMJDBUJPOT .3 .3 1SPKFDU $PVOTFMMJOH 4FSWJDF $PMPNCJB *OGPSNF EF 'SPOUFSBT EF BHPTUP EFM XXX QDTMBUJO PSH
"ZBS[B "OB #PMFOB i.BUBO B DPMPNCJBOP EF VO UJSPw FO &M 4JHMP %JHJUBM &M 1BÓT Z "'1 i1BOBNÈ EFCF BQPSUBS FO TPMVDJØO EF DPOn JDUP 5PSSJKPTw $PMPNCJB #SBOOBO +BÏO #FUUZ i0&" EFCBUF SFQBUSJBDJØO EF EFTQMB[BEPT FO %BSJÏOw FO 1SFOTB DPN 1BOBNÈ "TTPDJBUFE 1SFTT i1BOBNF×PT JOUFOUBO DPOUSPMBS MB GSPOUFSBw FO -B 1SFOTB %JHJUBM /JDBSBHVB
1FSJØEJDPT
"SFOBT .BSJP i%FTUBQBOEP FM %BSJÏOw FO 1SFOTB DPN 1BOBNÈ
"QBSJDJP 0 (VTUBWP i.JOJTUSP &TDBMPOB BDVTB B 0/( T EF NBOUFOFS JOTFHVSJEBE FO MB GSPOUFSB DPO $PMPNCJBw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ
#FUIBODPVSU (SJTFM i4FHVSJEBE DPOKVOUB FO -B .JFMw &M 1BOBNÈ "NÏSJDB 1BOBNÈ
"QBSJDJP 0 (VTUBWP i&KFSDJUP EF &6 FOUSFOBSÈ B QPMJDÓB QBOBNF×Bw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ "QBSJDJP 0 (VTUBWP Z %ÓB[ $ + w3FQBUSJBDJØO EF EFTQMB[BEPT WJPMB BDVFSEPT QBDUBEPTw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ
"'1 i#BODBGÏ EF $PMPNCJB m OBODJBSÈ DPNFSDJP DPO 1BOBNÈw
#FUIBODPVSU (SJTFM i&YQFDUBUJWB DPO OVFWB QPMÓUJDB QBSB SFGVHJBEPTw &M 1BOBNÈ "NÏSJDB 1BOBNÈ EF KVOJP EFM ##$ .VOEP i&M DPSSFEPS EF MB EJTQVUB TBOHSJFOUBw $BTUJMMP &EJUI Z 3BGBFM 1ÏSF[ ( i1BOBNÈ EFDMBSB FTUBEP
&DUOD 3RXVVD
EF BMFSUB 4F JODSFNFOUØ MB QSFTFODJB QPMJDJBM FO MBT GSPOUFSBT EF 1BOBNÈ DPO $PMPNCJB Z $PTUB 3JDBw FO 1SFOTB DPN 4FDDJØO 1MBOBT 1BOBNÈ
(BMMBSEP 4BSB Z +VMJP "MGBSP i&ODVFOUSP 6SJCF Z 5PSSJKPT USBUBSÈO UFNBT CJMBUFSBMFTw FO 1SFOTB DPN 1BOBNÈ
$IÏSZ +FBO .BSDFM i"SNBT QSPWFOÓBO EF /JDBSBHVBw FO 1SFOTB DPN 1BOBNÈ
)FSOÈOEF[ *TNBFM i&EVDBEPSFT RVF USBCBKBO FO %BSJÏO QJEFO TFHVSJEBEw FO 1SFOTB DPN 1BOBNÈ
$PSEFSP $BSMPT "OFM i1SFPDVQB UFOFODJBT EF UJFSSBT FO %BSJÏOw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ
)JOPTUSP[B "OOFUUF i4FHVSJEBE VO HSBO SFUPw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ
%ÓB[ +VBO .BOVFM i&O %BSJÏO JNQFSB FM NJFEP B JOTVSHFOUFT TFHÞO m TDBMw FO &M 1BOBNÈ "NÏSJDB
*MMVFDB +PSHF i-B EFDMBSBDJØO EF JOHSFTP EF 1BOBNÈ BM 1MBO $PMPNCJBw FO -B 'PHBUB %JHJUBM T E
%ÓB[ +VBO .BOVFM i*ODBVUBO BSNBNFOUPw FO &M 1BOBNÈ "NÏSJDB
-B 1SFOTB EF /JDBSBHVB Z "1 i1BOBNF×PT JOUFOUBO DPOUSPMBS GSPOUFSBw
%ÓB[ +VBO .BOVFM i$POm SNBO JODVSTJØO HVFSSJMMFSB FO %BSJÏOw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ
-B 1SFOTB i$PMPNCJBOPT EFUFOJEPT DPO ESPHBw 1SFOTB DPN
%ÓB[ +VBO .BOVFM i*ODBVUBO BSNBNFOUPw FO &M 1BOBNÈ "NÏSJDB %ÓB[ +VBO .BOVFM i*ODBVUBO EPT LJMPT EF IFSPÓOB WBMPSBEPT FO # NJMw FO &M 1BOBNÈ "NÏSJDB %PNÓOHVF[ .BOVFM i1BOBNÈ JOTJTUJSÈ FO MB SFQBUSJBDJØO EF DPMPNCJBOPTw FO 1SFOTB DPN
-ØQF[ %VCPJT 3PCFSUP i3BUJm DBO QPMÓUJDB GSPOUFSJ[B EF OP BHSFTJØOw FO 1SFOTB DPN 1BOBNÈ -ØQF[ %VCPJT 3PCFSUP i(PCJFSOP QSPZFDUB JOUFHSBS B %BSJÏOw FO 1SFOTB DPN 1BOBNÈ .BSUÓOF[ ' &EVBSEP i"$/63 JOTUBMB Pm DJOB FO 1BOBNÈw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ .BSUÓOF[ ' &EVBSEP i4PTUJFOFO KVSJTUBT Z QPMÓUJDPT 1BOBNÈ TFSÈ CMBODP EF MB HVFSSJMMBw FO &M
&ULVLV FRORPELDQD 8QD SHUVSHFWLYD SDQDPHxD
1BOBNÈ "NÏSJDB 1BOBNÈ .BSUÓOF[ $ 0TDBS " i$*%) MFWBOUB NFEJEBT DBVUFMBSFT B EFTQMB[BEPTw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ .BSUÓOF[ $ 0TDBS " i1PS GBMUB EF QSVFCBT MJCFSBO B QSFTVOUP BQPZP EF HVFSSJMMBw FO &M 1BOBNÈ "NÏSJDB 1BOBNÈ .V×P[ EF -BP &MJ[BCFUI i$POUVCFSOJP DPO HVFSSJMMFSPT w FO &M 1BOBNÈ "NÏSJDB 1ÏSF[ 3BGBFM i1BOBNÈ UPNB NFEJEBT GSFOUF B DSJTJT EF $PMPNCJBw FO 1SFOTB DPN 1BOBNÈ 1ÏSF[ 3BGBFM i3FBDDJPOFT FODPOUSBEBT QPS %FDMBSBDJØO EF 1BOBNÈw FO 1SFOTB DPN 1BOBNÈ 1ÏSF[ 3BGBFM i1BOBNÈ TVTQFOEF TV QBSUJDJQBDJØO FO MB 0QFSBDJØO 6/*5"4 USBT MB SVQUVSB EFM QSPDFTP EF QB[ FO $PMPNCJBw FO 1SFOTB DPN 1BOBNÈ 0UFSP +PTÏ Z (FSBSEP #FSSPB i%BSJÏO {QSPWJODJB P EFQBSUBNFOUP w FO 1SFOTB DPN 1BOBNÈ 2VJOUFSP EF -FØO +PTÏ i1SFPDVQBDJØO QPS FM 5BQØO EFM %BSJÏOw FO 1SFOTB DPN 1BOBNÈ
3BEJP $BSBDPM i5FNBT FDPOØNJDPT Z EF TFHVSJEBE DFOUSBSÈO MB WJTJUB EFM QSFTJEFOUF 6SJCF B 1BOBNÈw $PMPNCJB 3BZNPOU )FOSZ i&M 1MBO $PMPNCJB Z FM ESBNB MBUJOPBNFSJDBOPw FO &M 1BOBNÈ "NÏSJDB 4FDDJØO /BDJPOBMFT 1BOBNÈ 3FVUFST i(VFSSJMMB DPMPNCJBOB GFMJDJUB B . 5PSSJKPTw FO 1SFOTB DPN 3FZFT )FSBTUP i%BSJÏO P MB USBORVJMJEBE FOEFCMFw FO 1SFOTB DPN 1BOBNÈ 3PESÓHVF[ 0NBS Z .BSJP .V×P[ i0MFBEB EF SFGVHJBEPT EFTCPSEB +BRVÏw FO 1SFOTB DPN 1BOBNÈ 3PKBT 'SBODP i4FDVFMBT EF VOB HVFSSB BKFOBw FO 1SFOTB DPN 1BOBNÈ 4ÈODIF[ $ZOUIJB Z 4PGÓB ,PTNBT i6SJCF JOTJTUF FO BCSJS FM 5BQØO EF %BSJÏOw FO 1SFOTB DPN 1BOBNÈ 4/& iA1BOBNÈ OP TFSÈ VO USBNQPMÓO EF BSNBT OJ EF ESPHBT 5PSSJKPTw 4JUJP EF MB 1SFTJEFODJB EF MB 3FQÞCMJDB EF $PMPNCJB 4FSWJDJPT *OUFSOBDJPOBMFT Z MB 1SFOTB i5PSSJKPT OP NÈT
&DUOD 3RXVVD
BSNBT OJ ESPHBTw FO 1SFOTB DPN 1BOBNÈ 5PSSFT 7ÓDUPS Z 4FSWJDJPT *OUFSOBDJPOBMFT i$PMPNCJB BDUJWBSÈ QVFTUPT QPMJDJBMFT FO MB GSPOUFSB 3FQSFTFOUBOUFT EF MPT HPCJFSOPT QBOBNF×P Z DPMPNCJBOP TF DPNQSPNFUJFSPO B FTUBCMFDFS VO TJTUFNB EF TFHVSJEBE FO MB GSPOUFSB DPNÞOw FO 1SFOTB DPN 3FQPSUBKFT EF 5FMFWJTJØO 3JWFSB "YFM i5SBT MB 1JTUBw 5FMFNFUSP $BOBM EF GFCSFSP EFM Q N 1BOBNÈ 3PESÓHVF[ +VTUJOP i&OUSFWJTUB DPO $PNBOEBOUF 3PESÓHVF[ EFM 'SFOUF EF MBT '"3$w /PUJDJFSPT 57/ EF KVMJP EFM 0USPT $POTUJUVDJØO /BDJPOBM EF MB 3FQÞCMJDB EF 1BOBNÈ 3FTPMVDJØO EF (BCJOFUF /P EF EF KVOJP EF i1PS MB DVBM TF BEPQUBO MPT 'VOEBNFOUPT EF MB 1PMÓUJDB 1BOBNF×B EF 4FHVSJEBEw (BDFUB 0m DJBM /P EF EF KVOJP EFM