Antecedentes Generales

Anuncio
L?#7dj[Y[Z[dj[i=[d[hWb[i
YZaV8dbeVŠ†V
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
++
'$?Z[dj_ÅYWY_ŒdZ[bWIeY_[ZWZ
HWpŒdieY_Wb0
Ckbj_[nfehj<eeZiI$7$
HKJ0
-,$,-($'&&#'
J_feZ[ieY_[ZWZ0
IeY_[ZWZWdŒd_cWWX_[hjW
?diYh_fY_Œd[d[bH[]_ijheZ[LWbeh[i0
D¨/-/
:_h[YY_Œd0
7l$9WhZedWb(+&'"Fk[hjeCedjj"NH[]_ŒdZ[beiBW]ei$
9Wi_bbW0
'+.-
J[bƒ\ede0
+,#,+*.)-&&
<Wn0
+,#,+*.)-&'
F|]_dW_dj[hd[j0
^jjf0%%mmm$ckbj_[nfehj\eeZi$Yec%
:_h[YY_ŒdYehh[e[b[YjhŒd_Ye0
_dl[hi_ed_ijWi6ckbj_[nfehj\eeZi$Yec
9ŒZ_]ed[cejƒYd_Ye[dXebiWi0
Ckbj_\eeZi
7kZ_jeh;nj[hde0
Fh_Y[mWj[h^eki[9eef[hi
($:eYkc[djei9edij_jkj_lei
;d bW WYjkWb_ZWZ" Ckbj_[nfehj <eeZi Yk[djW Yed jh[i
[cfh[iWi Åb_Wb[i1 IWbced[i Ckbj_[nfehj I$7$" c[Z_Wdj[
bW YkWb _dj[]hW jeZe [b fheY[ie fheZkYj_le o Z[
Yec[hY_Wb_pWY_Œd Z[ iWbcŒd_Zei1 Coj_bki Ckbj_[nfehj
I$7$" [cfh[iW Z[ h[Y_[dj[ \ehcWY_Œd" fheZkYjehW o
[nfehjWZehWZ[c_j‡b_Zeigk[ZkhWdj[(&&-Yec[dpŒYed
iki fh_c[hWi Yei[Y^Wi o Yec[hY_Wb_pWY_Œd Z[ c[`_bbed[i
e Y^eh_jei1 o" 9kbj_lei 7Yk‡YebWi ?dj[hdWY_edWb[i I$7$
º97?I7»"[ijWXb[Y_ZWb[]Wbc[dj[[d(&&,ogk[W‘dde
_d_Y_WWYj_l_ZWZ[ifheZkYj_lWid_Yec[hY_Wb[i"bWYkWb[ij|
eh_[djWZW Wb Z[iWhhebbe Z[ bW WYk_YkbjkhW Z[ Z_\[h[dj[i
[if[Y_[iZ[f[Y[i$
7b Y_[hh[ Z[ (&&-" Ckbj_[nfehj <eeZi I$7$ f[hj[d[Y[ [d
-&".&WCkbj_[nfehjI$7$"kdWZ[bWi[cfh[iWif_ed[hWi
[d [b d[]eY_e Z[ fheZkYY_Œd o Yec[hY_Wb_pWY_Œd Z[
fheZkYjeiZ[bcWh[d9^_b[$
+,
Ckbj_[nfehj<eeZiI$7$[ikdWieY_[ZWZWdŒd_cWWX_[hjW
Yedij_jk_ZWfeh[iYh_jkhWf‘Xb_YW[b(/Z[i[fj_[cXh[Z[
(&&,"ejeh]WZW[dbWDejWh‡WZ[IWdj_W]eZ[ZedFWjh_Y_e
HWXo8[dWl[dj[$Kd[njhWYjeWkjeh_pWZeZ[Z_Y^W[iYh_jkhW
i[_diYh_X_ŒW\e`Wi/&.lk[bjWid‘c[he,,*Z[bH[]_ijhe
Z[9ec[hY_eZ[b9edi[hlWZehZ[8_[d[iHW‡Y[iZ[Fk[hje
Cedjj Yehh[ifedZ_[dj[ Wb W‹e (&&,$ ;b eX`[je Z[ bW
ieY_[ZWZ[dbWWYjkWb_ZWZ[ibWh[Wb_pWY_ŒdZ[_dl[hi_ed[i
[d jeZW YbWi[ Z[ d[]eY_ei jWdje W d_l[b dWY_edWb Yece
_dj[hdWY_edWb"h[bWY_edWZeiYedbWWYk_YkbjkhWebWYecfhW"
l[djW" Yec[hY_Wb_pWY_Œd" Z_ijh_XkY_Œd" _cfehjWY_Œd e
[nfehjWY_Œd Z[ [if[Y_[i ^_ZheX_ebŒ]_YWi gk[ j[d]Wd
[d [b W]kW ik c[Z_e dWjkhWb Z[ l_ZW$ FWhW [b Z[iWhhebbe
Z[ ik eX`[je" Ckbj_[nfehj <eeZi I$7$ fWhj_Y_fW Z_h[YjW
[ _dZ_h[YjWc[dj[ [d [cfh[iWi Yedieb_ZWZWi [d [ijei
hkXheio[ddk[lWiieY_[ZWZ[iYh[WZWiWb[\[Yje$
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
)$Fhef_[ZWZo9edjheb
;b'/Z[`kb_eZ[(&&-Ckbj_[nfehj<eeZi$I$7$i[WXh_Œ[d[b
c[hYWZeXkhi|j_bY^_b[de"YebeYWdZe[djh[_dl[hi_ed_ijWi
Y^_b[deio[njhWd`[hei'-.$'*/$.*&WYY_ed[iZ[fh_c[hW
[c_i_Œd" [gk_lWb[dj[i W kd '+ Z[ bW fhef_[ZWZ Z[ bW
[cfh[iW$
7b)'Z[Z_Y_[cXh[Z[(&&-"[bYWf_jWbikiYh_jeofW]WZe
Z[ Ckbj_[nfehj <eeZi I$7$ [ijWXW h[fh[i[djWZe feh
'$'.-$,,+$,&&WYY_ed[i$
;b WYY_ed_ijW YedjhebWZeh Z[ Ckbj_[nfehj <eeZi I$7$"
Yed kd -&". Z[ fhef_[ZWZ" [i Ckbj_[nfehj I$7$" HKJ0
./$*/'$/&&#&" fhef_[jWh_W Z[ .*'$&(&$-(& WYY_ed[i$
Ckbj_[nfehj I$7$ [i YedjhebWZW feh bei i[‹eh[i 7bX[hje
Z[bF[Zh[WbBWXXƒHKJ,$,&*$/,/#."CWhj‡d8ehZWC_d]e
HKJ-$&'&$+++#'"@eiƒHWcŒd=kj_ƒhh[p7hh_l_bbW]WHKJ
-$&'-$),*#," bW ikY[i_Œd Z[b i[‹eh >k]e F_de Ceh|d o
[bi[‹eh9WhbeiFkYY_BWXWjkjHKJ,$*-*$((+#,"jeZeiW
jhWlƒiZ[ikih[if[Yj_lWiieY_[ZWZ[iZ[_dl[hi_Œd$
'(CWoeh[i7YY_ed_ijWiCkbj_[nfehj<eeZiI$7$
+-
7YY_ed[i
Ckbj_[nfehjI$7$
?dceX_b_Wh_WBWL_‹WBjZW$
7i[ieh‡Wi[?dl[hi_ed[i;cfWbBjZW$
?dceX_b_Wh_W[?dl[hi_ed[iZ[bIkhBjZW$
9_j_XWda9^_b[9jW$:[J[hY[hei9Wf$N?LH[i
BWhhW‡dL_WbI$7$9ehh[ZehWZ[8ebiW
?dl[hi_ed[io7i[ieh_WibeiF_dei
Ced[ZWI$7$7ÅfWhWF_ed[he<edZeZ[?dl[hi_Œd
9ecfWii;c[h][dj[<edZeZ[?dl[hi_Œd
7bc[nI$7$
<edZeZ[?dl[hi_ŒdBWhhW‡dL_Wb8[W]b[
9[bÅd9Wf_jWbI$7$9ehh[Zeh[iZ[8ebiW
Ejhei
JejWb
?d\ehcWY_ŒdWb)'Z[Z_Y_[cXh[Z[(&&<k[dj[0:[fŒi_je9[djhWbZ[LWbeh[i
.*'$&(&$-(&
+)$)/,$,*&
+)$)/,$,*&
)*$&+,$&&&
('$*)&$+-&
',$.-($)/,
')$+/&$-(&
''$)*($&&&
'&$',($-.,
'&$&/+$&*&
/$-,)$&)/$+++$..(
'&($/.)$',/
'$'.-$,,+$,&&
FWhj$
-&".'
*"+&
*"+&
(".-
'".&
'"*(
'"'*
&"/+
&".,
&".+
&".(
&".&
.",-
'&&"&&
Ckbj_[nfehjI$7$
DecXh[7YY_ed_ijW
?dceX_b_Wh_W[?dl[hi_ed[iZ[bIkhBjZW$
AWdZWI$7$
AWdZWKdeI$7$
?dceX_b_Wh_WbWL_‹WBjZW$
7i[ieh‡Wi[?dl[hi_ed[i;cfWbBjZW$
?dl[hi_ed[io7i[ieh‡WiBeiF_deiBjZW$
?dl[hi_ed[iIWdjWCWh‡WBjZW$
JejWbWYY_ed[i
D‘c[heZ[7YY_ed[i FWhj$
*+$'+&
),$/*'
),$/*'
))$.+&
))$.+&
'.$&'.
+$(+&
('&$&&&
('"+&
'-"+/
'-"+/
',"'(
',"'(
."+.
("+&
'&&"&&
+.
De^WoYedeY_c_[djeZ[bW[n_ij[dY_WZ[kdWYk[hZeZ[WYjkWY_ŒdYed`kdjW$
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
7YY_ed_ijWiC_deh_jWh_ei
:[iZ[ikWf[hjkhW[d8ebiW"Ckbj_[nfehj<eeZiI$7$i[^W
cWdj[d_ZeYecekdWZ[bWi[cfh[iWic|ijhWdiWZWi[d
[bc[hYWZeXkhi|j_bY^_b[de"cej_lefeh[bYkWbWYedjWh
Z[ (&&. bW [cfh[iW _d]h[ie Wb ?FI7 ÑdZ_Y[ Z[ Fh[Y_e
I[b[Yj_leZ[7YY_ed[i$
)&"&*
*)"'(
'.".&
,%
."&)
H[jW_b
<edZeiZ[?dl[hi_ŒdDWY_edWb[i
# H[jW_b0 ?dl[hi_ed_ijWi _dZ[f[dZ_[dj[i fWhj_YkbWh[i o
YkijeZ_WYehh[ZehWiZ[XebiW$
# <edZei DWY_edWb[i Z[ ?dl[hi_Œd0 <edZei Z[ _dl[hi_Œd
dWY_edWbo\edZeickjkeidWY_edWb[i$
# <edZei ;njhWd`[hei Z[ ?dl[hi_Œd0 <edZei Z[ _dl[hi_Œd
_dj[hdWY_edWb"\edZeickjkei_dj[hdWY_edWb[i"\edZeiZ[
YeX[hjkhW$
# ?dl[hi_ed_ijWi ?dij_jkY_edWb[i0 7Zc_d_ijhWZehWi Z[
<edZeiZ[F[di_Œd"9ecfW‹‡WiZ[I[]khe$
*$Feb‡j_YWiZ[_dl[hi_Œdo
ÅdWdY_Wc_[dje
BW YecfW‹‡W _dl_[hj[ [d YWZW [`[hY_Y_e [b '&& Z[ bW
Z[fh[Y_WY_ŒdÅdWdY_[hWZ[beiWYj_leiÅ`ei_dYkhh_Zei[d
[bi[]kdZeW‹eWdj[h_ehWbZ[b[`[hY_Y_e[dYk[ij_ŒdYed
[beX`[jeZ[cWdj[d[hbWYWfWY_ZWZfheZkYj_lWZ[Z_Y^ei
WYj_lei$ 7Z[c|i" h[Wb_pW _dl[hi_ed[i fWhW Wkc[djWh
bW YWfWY_ZWZ fheZkYj_lW WYj_lei Å`ei o YedY[i_ed[i
Yed [b fhefŒi_je Z[ Ykcfb_h Yed ik FbWd Z[ :[iWhhebbe
;ijhWjƒ]_Ye$
;ifeb‡j_YWZ[bW[cfh[iWgk[bWi_dl[hi_ed[i[dWYj_lei
Å`ei o YedY[i_ed[i i[ ÅdWdY_[d Yed h[Ykhiei fhef_ei"
l[djWiZ[WYj_leio"[njhWehZ_dWh_Wc[dj["YedfhƒijWcei
Z[bWh]efbWpeejeh]WZeifeh_dij_jkY_ed[iÅdWdY_[hWi$
<edZeiZ[?dl[hi_Œd;njhWd`[hei
?dl[hi_ed_ijWi?dij_jkY_edWb[i
<k[dj[0:[fŒi_je9[djhWbZ[LWbeh[ioBW9ecfW‹‡W
BWi _dl[hi_ed[i [d YWf_jWb Z[ jhWXW`e ied ÅdWdY_WZWi
Yed h[Ykhiei fhef_ei o" [d Z[j[hc_dWZei YWiei" Yed
ÅdWdY_Wc_[djeXWdYWh_eZ[YehjefbWpe$
;b cedje jejWb Z[ bWi h[ckd[hWY_ed[i f[hY_X_ZWi feh
bei ][h[dj[i o [`[Ykj_lei fh_dY_fWb[i Z[ bW ;cfh[iW
ZkhWdj[ [b [`[hY_Y_e" WiY[dZ_ΠW C KI ($(&/ C KI ($.+,[d(&&,$FehejhWfWhj["bWi_dZ[cd_pWY_ed[ifeh
W‹eiZ[i[hl_Y_eif[hY_X_ZeiZkhWdj[(&&-feh][h[dj[i
o [`[Ykj_lei WiY[dZ_[hed W C KI +* C KI */ [d
(&&,$
Ckbj_[nfehj <eeZi fei[[ kd i_ij[cW Z[ _dY[dj_lei gk[
Yedi_ij[ [d kd Xede WdkWb" Wfb_YWXb[ W bei [`[Ykj_lei
fh_dY_fWb[i o YWh]ei gk[ i[]‘d Yh_j[h_e Z[ bW 9ecfW‹‡W
ied [b[]_Xb[i fWhW ik fWhj_Y_fWY_Œd$ ;b i_ij[cW Z[
Yecf[diWY_ed[i XkiYW cej_lWh Wb [`[Ykj_le W jhWlƒi Z[
kd [igk[cW \ehcWb gk[ fh[c_[ jWdje [b Z[i[cf[‹e
_dZ_l_ZkWb"YecebW][d[hWY_ŒdZ[lWbeh[YedŒc_Ye$
Bei Wif[Yjei \kdZWc[djWb[i gk[ _dÆko[d [d [ij[
_dijhkc[djeiedbeih[ikbjWZeiZ[bW;cfh[iWo[bbe]he
Z[ bei eX`[j_lei Z[ ][ij_Œd" Ykoe [ijWXb[Y_c_[dje o
Yecfhec_ie[iWdkWb$
7 bW \[Y^W i[ [dYk[djhW [d [ijkZ_e [b [ijWXb[Y_c_[dje
Z[ kd i_ij[cW Z[ _dY[dj_lei [if[Y_Wb fWhW iki ][h[dj[i
o fh_dY_fWb[i [`[Ykj_lei" c[Z_Wdj[ fW]e [d efY_Œd Z[
YecfhWZ[WYY_ed[iZ[bWIeY_[ZWZ$
H[ckd[hWY_Œdo=WijeiZ[b:_h[Yjeh_e
Ckbj_[nfehj <eeZi j_[d[ kd Z_h[Yjeh_e \ehcWZe feh
i_[j[ c_[cXhei$ Bei Z_h[Yjeh[i o [`[Ykj_lei fh_dY_fWb[i
Z[ bW ;cfh[iW gk[ i[ Z[i[cf[‹Wd Yece Z_h[Yjeh[i e
WZc_d_ijhWZeh[i Z[ bWi Åb_Wb[i Z[ Ckbj_[nfehj <eeZi de
f[hY_X[dh[ckd[hWY_Œdfeh[ij[YedY[fje$
9ed \[Y^W (, Z[ cWhpe Z[ (&&- i[ WYehZΠgk[ bWi
\kdY_ed[iZ[:_h[Yjehi[h‡Wdh[ckd[hWZWiYedkdWZ_[jW
WiY[dZ[dj[W+&&$&&&fehWi_ij[dY_WWYWZWi[i_Œd$FWhW
[b9ec_jƒZ[:_h[Yjeh[ii[[ijWXb[Y[kdWh[ckd[hWY_Œd
WiY[dZ[dj[W'$&&&$&&&jWcX_ƒdfehWi_ij[dY_WWYWZW
i[i_Œd$Feh‘bj_ce"i[WYk[hZWkdfh[ikfk[ijeZ[]Wijei
Z[\kdY_edWc_[djeZ[b9ec_jƒoiki[l[djkWb[iWi[ieh[i
fehkdc|n_ceZ['&$&&&$&&&$
,&
+$H[ckd[hWY_ed[i
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
7b)'Z[Z_Y_[cXh[(&&-"de[n_ij[h[ckd[hWY_ŒdlWh_WXb[
Wb]kdW" d_ fbWd Z[ _dY[dj_lei [if[Y_Wb[i fWhW d_d]‘d
c_[cXheZ[b:_h[Yjeh_e$
:khWdj[ [b [`[hY_Y_e (&&-" [b :_h[Yjeh_e de _dYkhh_Π[d
]Wijei Z[ Wi[ieh‡W k ejhei h[b[lWdj[i$ 7i‡ jWcX_ƒd" [i
Z[ h[iWbjWh" gk[ bei Z_h[Yjeh[i @eiƒ HWcŒd =kj_ƒhh[p
7hh_l_bbW]W" CWhj‡d 8ehZW C_d]e" 7bX[hje Z[b F[Zh[]Wb
BWXXƒ" HkXƒd 8WiYk‹Wd I[hhWde" o 9Whbei FkYY_ bWXWjkj
h[dkdY_WhedlebkdjWh_Wc[dj[WikZ_[jWo[d[bYWieZ[b
:_h[Yjeh@eiƒHWcŒd=kj_ƒhh[p7hh_l_bbW]W"WZ_Y_edWbc[dj[
h[dkdY_Œ W bW Z_[jW Z[b 9ec_jƒ Z[ :_h[Yjeh[i" fWhW [b
[`[hY_Y_e(&&-$
BWih[ckd[hWY_ed[iXhkjWif[hY_X_ZWifehbeiZ_h[Yjeh[i
ZkhWdj[beiW‹ei(&&,o(&&-"i[Z[jWbbWd[dbWi_]k_[dj[
jWXbW$
H[ckd[hWY_ŒdZ[b:_h[Yjeh_eKI
:_h[Yjeh
@eiƒHWcŒd=kj_ƒhh[p7hh_l_bbW]W
CWhj‡d8ehZWC_d]e
7bX[hjeZ[bF[Zh[]WbBWXXƒ
@e^Wd[iZ[d8_[cWd
>[hd|dIWblWZeh=eoWd[i=WhY‡W
HkXƒd8WiYk‹WdI[hhWde
@eiƒC_]k[b8Whhei
9WhbeiFkYY_bWXWjkj
CWh_eLWbZ_l_W8[hdij[_d
:_[jW
9ec_jƒ:_h[Yjeh[i H[ckd[hWY_ed[i
(&&-(&&,(&&-(&&,(&&-(&&,
'-,$(/'
'$&&.
.$.&&
&
+$/*+
'$&&.
($&'-
+$..)
+$/*+
,'
',$,//
&
')$/&-
&
'-,$(/'
&
?dj[]hWdj[Z[b9ec_jƒZ[:_h[Yjeh[i
H[dkdY_WYWh]eZ_h[Yjeh\[Y^W(-$''$(&&-
,$:ejWY_ŒdZ[F[hiedWb
(&&-Ckbj_[nfehj<eeZiI$7
IWbced[i Ckbj_[nfehj
Ckbj_[nfehjI$7$ <eeZiKI7
=[h[dj[io[`[Ykj_leifh_dY_fWb[i
Fhe\[i_edWb[iojƒYd_Yei
JhWXW`WZeh[i
JejWb
Beid‘c[hei[ij|d[df[hiedWi
(*
,+,
''),
'.',
(
''
&
')
Coj_bki Ckbj_[nfehj
Ckbj_[nfehjI$7$
<eeZiI$7$ 97?I7 JejWb
'
''
(*
),
&
(
'
)
&
(,.&
'','
'.,.
(&&,Ckbj_[nfehj<eeZiI$7
IWbced[i
Ckbj_[nfehjI$7$
=[h[dj[io[`[Ykj_leifh_dY_fWb[i
Fhe\[i_edWb[iojƒYd_Yei
JhWXW`WZeh[i
JejWb
Ckbj_[nfehj
Coj_bki Ckbj_[nfehj
<eeZiKI7 Ckbj_[nfehjI$7$
<eeZiI$7$ 97?I7 JejWb
((
+('
'&*'+/&
(
'&
&
'(
&
&
&
(*
+)'
'&*',&(
Beid‘c[hei[ij|d[df[hiedWi
BW YbWi_ÅYWY_Œd Z[ h_[i]e Z[ Ckbj_[nfehj <eeZi o iki
WYY_ed[ih[ifedZ[dWbWXk[dWfei_Y_ŒdZ[d[]eY_ei[d
bW _dZkijh_W Z[b Ykbj_le Z[ iWbced[i" ik Z[ijWYWZe d_l[b
Z[Z_l[hi_ÅYWY_ŒdZ[c[hYWZeioYb_[dj[i"WZ[YkWZef[hÅb
ÅdWdY_[he o bWi \WlehWXb[i YedZ_Y_ed[i gk[ fei[[ 9^_b[
fWhW[bZ[iWhhebbeZ[[ijW_dZkijh_W$
W bW [nfei_Y_Œd Z[ bei h[dZ_c_[djei Z[ Yei[Y^Wi W bWi
YedZ_Y_ed[iZ[bWdWjkhWb[pWo[d\[hc[ZWZ[igk[W\[YjWd
Wbeif[Y[i"i[jhWZkY[[dfh[Y_eiZ[l[djWoc|h][d[i
fej[dY_Wbc[dj[ ÆkYjkWdj[i$ 7i_c_ice" bei Yeijei Z[
Wb_c[djWY_Œd fk[Z[d l[hi[ W\[YjWZei feh [b lWh_WXb[
YecfehjWc_[dje Z[ bei fh[Y_ei Z[ iki Yecfed[dj[i"
YecebW^Wh_dWoWY[_j[Z[f[iYWZe$
BW YbWi_ÅYWY_Œd Z[ bW iebl[dY_W i[ l[ h[ijh_d]_ZW
fh_dY_fWbc[dj[ feh bWi YWhWYj[h‡ij_YWi fhef_Wi Z[ bW
fheZkYY_Œd Z[ iWbcŒd$ ;ij[ h[gk_[h[ Z[ kd [nj[die
fheY[ieZ[Yh_WdpWjejWb"ikf[h_ehW(W‹ei"gk[ikcWZe
BWYbWi_ÅYWY_ŒdZ[bWiWYY_ed[ieX[Z[Y[WbWZ[YkWZed_l[b
Z[iebl[dY_WZ[bW[cfh[iWoWbYWh|Yj[h[c[h][dj[Z[bei
j‡jkbei[d[bc[hYWZe$
9bWi_ÅYWY_ŒdZ[H_[i]e
7YY_ed[i
<[bb[hHWj[
<_jY^HWj_d]i
<k[dj[09bWi_ÅYWZehWiZ[H_[i]e
Fh_c[hW9bWi[D_l[b*
Fh_c[hW9bWi[D_l[b*
Ekjbeea
;ijWXb[
;ijWXb[
Iebl[dY_W
888!
Ekjbeea
;ijWXb[
,(
-$9bWi_ÅYWY_ŒdZ[H_[i]e
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
.$Kj_b_ZWZ:_ijh_Xk_Xb[
BWkj_b_ZWZZ_ijh_Xk_Xb[[dh[bWY_ŒdWbWkj_b_ZWZd[jWZ[b
[`[hY_Y_e(&&,i[_dZ_YWWYedj_dkWY_Œd0
KI
,)
Kj_b_ZWZB‡gk_ZW
FƒhZ_ZWiWYkckbWZWi
:ƒÅY_j7YkckbWZeF[h‡eZe:[iWhhebbeZ[bWIeY_[ZWZ
:ƒÅY_j7YkckbWZeF[h‡eZe:[iWhhebbeZ[<_b_Wb[i
7cehj_pWY_ŒdCWoehLWbehZ[?dl[hi_ed[i
Kj_b_ZWZfWhW[bY|bYkbeZ[:_l_Z[dZeC‡d_ceKI
Kj_b_ZWZ:_ijh_Xk_Xb[KI)&:_l_Z[dZeC‡d_ce
Kj_b_ZWZ:_ijh_Xk_Xb[feh7YY_ŒdKI%WYY_Œd'$'.-$,,+$,&&WYY_ed[i
',$'/&$*-(
',$'/&$*-(
*$.+-$'*(
&"&&*
/$Feb‡j_YWZ[Z_l_Z[dZei
'&$JhWdiWYY_ed[iZ[WYY_ed[i
BWYecfW‹‡WZ_ijh_Xk_h|WdkWbc[dj[YeceZ_l_Z[dZe[d
Z_d[heWikiWYY_ed_ijWiWbec[dei[bjh[_djWfehY_[dje
Z[bWikj_b_ZWZ[ib‡gk_ZWiZ[YWZW[`[hY_Y_e$
:[iZ[ ik Wf[hjkhW [d 8ebiW" Ckbj_[nfehj <eeZi i[ ^W
cWdj[d_ZeYecekdWZ[bWi[cfh[iWic|ijhWdiWZWi[d
[b c[hYWZe Xkhi|j_b Y^_b[de" cej_le feh [b YkWb W fWhj_h
Z[bW‹e(&&._d]h[ieWb?FI7ÑdZ_Y[Z[Fh[Y_eI[b[Yj_le
Z[7YY_ed[igk[W]hkfWWbWi*&WYY_ed[ic|ijhWdiWZWi
[dbWfbWpWZ[IWdj_W]e$
JhWdiWYY_ed[iZ[7YY_ed[i8ebiWiZ[9ec[hY_eZ[9^_b[
Jh_c[ijh[%7‹e 8ebiWZ[9ec[hY_eZ[IWdj_W]e
)[hJh_c[ijh[
*jeJh_c[ijh[
8ebiW;b[YjhŒd_YWZ[9^_b[
)[hJh_c[ijh[
*jeJh_c[ijh[
8ebiWZ[9ec[hY_eZ[LWbfWhW_ie
)[hJh_c[ijh[
*jeJh_c[ijh[
D‘c[heZ[7YY_ed[i CedjeFh[Y_eC[Z_e
)+-$-&-$/(+
--$'*.$&*-
'''$/,-$*-.$.(.
(&$((($-,($,',
)')"&'
(,("')
')$-&($)(.
*$(-,$.-.
*$-/'$--+$-,'
'$&-,$&&-$/,(
)*/"-'
(+'"+/
'$(/&$/)*
+'/$&..
*(*$*+($')&
'*&$)).$-'*
)(."-/
(-&"),
,*
<k[dj[08ebiWZ[9ec[hY_eZ[IWdj_W]e"8ebiW;b[YjhŒd_YWZ[9^_b[o8ebiWZ[9ec[hY_eZ[LWbfWhW‡ie$
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
Fh[Y_efeh7YY_Œd[d(&&-
*&&
)+&
)&&
,+
(+&
(&&
'+&
'&&
@kb
7]e
<k[dj[08ebiWZ[9ec[hY_eZ[IWdj_W]e
I[f
EYj
Del
:_Y
''$I[]khei
Ckbj_[nfehj<eeZij_[d[Wi[]khWZWjeZWbWX_ecWiWgk[
i[ [dYk[djhW [d iki Z_\[h[dj[i _dijWbWY_ed[i$ 7Z[c|i"
Yk[djW Yed i[]khei WZ_Y_edWb[i fWhW iki l[^‡Ykbei"
_d\hW[ijhkYjkhW YedjhW _dY[dZ_e" [`[Ykj_lei Wi_ij[dY_W
[dl_W`[iof[hiedWbZ[bWN?H[]_Œd$
JhWdifehj[
8_ecWiW
7YY_Z[dj[i
?dijWbWY_ed[i
9eX[hjkhWZ[jeZeibeiX_[d[i_dck[Xb[iZ[bW[cfh[iW$
I[]‘d YedZ_Y_ed[i ][d[hWb[i Z[ fŒb_pW Z[ WYY_Z[dj[i
f[hiedWb[i_diYh_jW[d[bh[]_ijheZ[fŒb_pWiXW`e[bYŒZ_]e
feb ' /( &(,$ ;ijWi fŒb_pWi YkXh[d W bei ][h[dj[i o W
beief[hWh_eiZ[bWN?H[]_Œd[dYWieZ[_dYWfWY_ZWZde
YbWi_ÅYWZWeck[hj[WYY_Z[djWb$
C_iY[b|d[Wi
I[]kheiZ[l[^‡Ykbei"i[]khei[b[YjhŒd_Yeioi[]kheiZ[
Wi_ij[dY_W[dl_W`[i$
,,
Ckbj_[nfehj <eeZi cWdj_[d[ Wi[]khWZe [b '&& Z[
ik X_ecWiW c[Z_Wdj[ kdW fŒb_pW Z[ YeX[hjkhW X|i_YW o
YeX[hjkhWi WZ_Y_edWb[i$ BW YeX[hjkhW X|i_YW Yedj[cfbW
h_[i]ei Z[ bW dWjkhWb[pW o [l[djei Yece [b Xbeec Z[
Wb]Wi"YkoWfhefW]WY_ŒdZ_ic_dko[beid_l[b[iZ[en‡][de
Z[bW]kW$7Z_Y_edWbc[dj["i[cWdj_[d[YeX[hjkhWieXh[
[d\[hc[ZWZ[i"YedjWc_dWY_ŒdofebkY_Œd"Z[ien_][dWY_Œd
Z[bW]kW"\WbbWi[d[bikc_d_ijheZ[W]kW"fh[ZWY_Œd"heXe"
Yeb_i_Œd"e^k[b]Wb[]Wb$
:[f[dZ_[dZe Z[ bW Yb|kikbW Yec[hY_Wb Yed bW gk[ i[
h[Wb_Y[bWl[djW"bW[cfh[iWjecWi[]kheigk[fhej[][d
beifheZkYjei^WijWikbb[]WZWWfk[hjeZ[Z[ij_de$
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
'($CWhYWioZec_d_ei
BWYecfW‹‡WYk[djWYedh[]_ijheil_][dj[ioieb_Y_jkZ[i
[djh|c_j[Z[jeZWiikicWhYWiYec[hY_Wb[ioZ[bWiZ[
iki Åb_Wb[i [d bei h[]_ijhei f‘Xb_Yei Yehh[ifedZ_[dj[i"
i[]‘d [b ehZ[dWc_[dje b[]Wb l_][dj[$ I[ _dYbko[d [d
[ijei h[]_ijhei bWi h[if[Yj_lWi hWped[i ieY_Wb[i o b[cWi
YehfehWj_lei$
9ece Yecfb[c[dje" bW YecfW‹‡W ^W h[]_ijhWZe bei
Zec_d_ei Z[ _dj[hd[j l_dYkbWZei W iki cWhYWi" [d
h[i]kWhZeZ[iki_dj[h[i[ioWYj_lei_djWd]_Xb[i$
,-
')$<WYjeh[iZ[H_[i]e
f[h‡eZeiZ[WbpWioXW`Wi$I_d[cXWh]e"Z[X_ZeWbWh|f_ZW
Yedieb_ZWY_Œdgk[^W[nf[h_c[djWZebW_dZkijh_WWd_l[b
ckdZ_Wb" i[ fk[Z[ fh[l[h kdW cWoeh [ijWX_b_ZWZ Z[b
fh[Y_eW\kjkhe$
#;bWb_c[djeh[fh[i[djW[bfh_dY_fWbYeijeZ[fheZkYY_Œd
Z[biWbcŒdWbh[Z[ZehZ[kd+,Z[bc_ice$Ikifh[Y_ei
ied W\[YjWZei feh Wb]kdWi lWh_WXb[i gk[ bW YecfW‹‡W
de cWd[`W" Yece [i [b YWie Z[b fh[Y_e Z[ bW ^Wh_dW Z[
f[iYWZe"gk[i[Z[j[hc_dW"Wikl[p"fehbWYWdj_ZWZZ[
f[iYWiWblW`[YWfjkhWZW[dbWj[cfehWZW$7beWdj[h_ehi[
Z[X[ W]h[]Wh [b ^[Y^e Z[ gk[ bW _dZkijh_W Z[b Wb_c[dje
[ij| YedjhebWZW feh kd d‘c[he h[ZkY_Ze Z[ ]hWdZ[i
fheZkYjeh[i ckdZ_Wb[i$ I_d f[h`k_Y_e Z[ be Wdj[h_eh" bWi
Z_[jWiZ[Wb_c[djei^Wd[lebkY_edWZe^WY_WZ_[jWiYWZW
l[p c|i l[][jWb[i" h[ZkY_ƒdZei[ eij[di_Xb[c[dj[ bW
_cfehjWdY_WZ[bW^Wh_dWo[bWY[_j[Z[f[iYWZe"beigk[
Z[X_[hWdbb[lWhi[Wd_l[b[iYWZWl[pc[deih[b[lWdj[i$
H_[i]eiZ[c[hYWZe
I[]kh_ZWZWb_c[dj_Y_W
# ;b fh[Y_e Z[b iWbcŒd ^_ijŒh_YWc[dj[ ^W [ijWZe ik`[je
WÆkYjkWY_ed[i$;biWbcŒdYkbj_lWZei[^WjhWdi\ehcWZe
[d kd YecceZ_jo o" Yece jWb" [i hWpedWXb[ fh[l[h gk[
ik fh[Y_e \kjkhe j[d]W kd YecfehjWc_[dje Y‡Yb_Ye" Yed
# 7YjkWbc[dj[" Wb]kdWi eh]Wd_pWY_ed[i c[Z_e
WcX_[djWb_ijWi ^Wd [n_]_Ze bW [b_c_dWY_Œd Z[b kie
Z[ Wdj_X_Œj_Yei [d bW WYk_YkbjkhW$ :[ fheif[hWh [ijW
_d_Y_Wj_lW"bW_dZkijh_WeXi[hlWh‡WkdWkc[dje[dbWijWiWi
H_[i]eief[hWY_edWb[i
# BWi [d\[hc[ZWZ[i [d bei iWbced[i fk[Z[d W\[YjWh ik
Yh[Y_c_[dje"_cfWYjWhd[]Wj_lWc[dj[ikYWb_ZWZ[_dYbkie
Wkc[djWh ik jWiW Z[ cehjWb_ZWZ$ I_ X_[d WYjkWbc[dj[
bWi [d\[hc[ZWZ[i i[ YedjhebWd W jhWlƒi Z[ lWYkdWi"
Wdj_X_Œj_Yei o Xk[dWi fh|Yj_YWi Z[ cWd[`e iWd_jWh_e [d
bWi Z_l[hiWi [jWfWi Z[b Ykbj_le" o jWcX_ƒd W jhWlƒi Z[
bW fheZkYY_Œd Z[ icebji Z[ WbjW YWb_ZWZ" de [i fei_Xb[
Z[iYWhjWhbWWfWh_Y_ŒdZ[dk[lWi[d\[hc[ZWZ[ief[ij[i
gk[W\[Yj[dbWfheZkYY_ŒdZ[biWbcŒdobWjhkY^W$
# ;b cWb kie Z[ bWi YedY[i_ed[i Z[ WYk_YkbjkhW o [b
_dYkcfb_c_[djeZ[bWb[]_ibWY_Œdl_][dj[feZh‡WdZ[h_lWh
[diWdY_ed[ifehfWhj[Z[bWWkjeh_ZWZ"fkZ_[dZebb[]Wh
_dYbkie W bW YWZkYWY_Œd Z[ Wb]kdW Z[ bWi YedY[i_ed[i
ejeh]WZWi$7bW\[Y^W"iŒbe^W^WX_ZekdYWie[d[bgk[bW
Wkjeh_ZWZZ[Y_Z_ŒYWZkYWhkdWYedY[i_ŒdWkdW[cfh[iW
Z[b i[Yjeh$ I[ Z[X[ i[‹WbWh gk[ Ckbj_[nfehj <eeZi"
YediY_[dj[ Z[ bW _cfehjWdY_W [ijhWjƒ]_YW Z[b Yk_ZWZe
o WZc_d_ijhWY_Œd Z[ iki YedY[i_ed[i Z[ WYk_YkbjkhW"
Yh[Œ^WY[lWh_eiW‹ei[b:[fWhjWc[djeZ[9edY[i_ed[i
Z[f[dZ_[dj[ Z[ bW ikX][h[dY_W Z[ C[Z_e 7cX_[dj[
o 9Wb_ZWZ" YkoW fh_dY_fWb \kdY_Œd [i bW Z[ l[bWh feh [b
[ijh_Yje Ykcfb_c_[dje Z[ jeZW bW dehcWj_lW l_][dj[ o
WZc_d_ijhWh [b kie Z[ [ijei h[Ykhiei Z[ bW cWd[hW c|i
[ÅY_[dj[oikij[djWXb[fei_Xb[$
#;d[ij[i[dj_Ze"i[Z[X[dZ[ijWYWhfhe]hWcWi[dbeigk[
Ckbj_[nfehj<eeZi
fWhj_Y_fW" jWb[i Yece [b7Yk[hZe Z[ FheZkYY_Œd B_cf_W
7FB" Z[iWhhebbWZe [d Yed`kdje Yed [b =eX_[hde1 [b
I_ij[cW Z[ =[ij_Œd 7cX_[djWb ?IE '*&&& I?=;I" Z[
IWbced9^_b[" WZ[c|i Z[ c‘bj_fb[i Y[hj_ÅYWY_ed[i
[n_]_ZWi feh [cfh[iWi [khef[Wi" dehj[Wc[h_YWdWi o
`Wfed[iWi$
# BW fh[i[dY_W Z[ Z[fh[ZWZeh[i dWjkhWb[i Z[b iWbcŒd"
YecebeibeXeicWh_dei"fk[Z[_cfb_YWhkdWfƒhZ_ZWZ[
X_ecWiW[_dYbkiebWZ[ijhkYY_ŒdZ[bWi`WkbWi$7bh[if[Yje"
bW _dZkijh_W ^W _cfb[c[djWZe kdW i[h_[ Z[ c[Z_ZWi
fh[l[dj_lWi gk[ Yedjh_Xko[d W c_j_]Wh bei [\[Yjei
WZl[hiei gk[ fheleYWd [ij[ j_fe Z[ Z[fh[ZWZeh[i" i_d
W\[YjWhWbeibeXeicWh_dei$
# ;b Yh[Y_c_[dje Z[ bei iWbced[i Z[f[dZ[" [djh[ ejhWi
YeiWi" Z[ bWi YedZ_Y_ed[i Yb_c|j_YWi o eY[Wde]h|ÅYWi$
9WcX_ei [d bW bkc_dei_ZWZ Z[b WcX_[dj[ e [d bW
j[cf[hWjkhWZ[bW]kWfk[Z[dj[d[h_cfWYjeid[]Wj_lei
[d [b Yh[Y_c_[dje Z[ bei f[Y[i o [d ik Yedikce Z[
Wb_c[djei$ ;ijei o ejhei \[dŒc[dei fk[Z[d Wkc[djWh
bWfh[i[dY_WZ[Wb]Wi[dbWipedWiZ[bWi`WkbWiZ[Ykbj_le"
[cf[ehWdZebWYWb_ZWZZ[bW]kWoWkc[djWdZe"fehjWdje"
bWcehjWb_ZWZZ[beif[Y[i$
,.
Z[cehjWb_ZWZZ[beif[Y[i"begk[_cfb_YWh‡WWkc[djei
[dbeiYeijeiZ[fheZkYY_Œd$I[Z[X[WYejWh"i_d[cXWh]e"
gk[ bei fheZkYjei Yec[hY_Wb_pWZei feh bW YecfW‹‡W de
fh[i[djWd h[i_Zkei Wdj_X_Œj_Yei Z[j[YjWXb[i" WfheXWdZe
bei c|i [n_][dj[i i_ij[cWi Z[ c[Z_Y_Œd kj_b_pWZei feh
@WfŒd";;$KK$obWKd_Œd;khef[W$Feh‘bj_ce"bW_dZkijh_W
i[[dYk[djhWZ[iWhhebbWdZelWYkdWiYedjhWbeifh_dY_fWb[i
fWjŒ][deigk[W\[YjWdWbiWbcŒd$
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
'*$>[Y^eiH[b[lWdj[ie;i[dY_Wb[i
Bei ^[Y^ei h[b[lWdj[i o [i[dY_Wb[i Yeckd_YWZei
W bW Ikf[h_dj[dZ[dY_W Z[ LWbeh[i o I[]khei o W bWi
8ebiWi WfWh[Y[d Z[jWbbWZei [d bei ;ijWZei <_dWdY_[hei
9edieb_ZWZei$7Yedj_dkWY_Œdi[[djh[]WkdW_d\ehcWY_Œd
h[ikc_ZWZ[beic_icei0
# 9ed \[Y^W (/ Z[ `kd_e Z[ (&&- [b Z_h[Yjeh_e Z[ bW
YecfW‹‡WjecŒYedeY_c_[djeZ[bWih[dkdY_Wi[\[YjkWZWi
feh bW jejWb_ZWZ Z[ bei WYY_ed_ijWi Z[ bW YecfW‹‡W Wb
Z[h[Y^efh[\[h[dj[Z[ikiYh_fY_ŒdofW]eZ['-.$'*/$.*&
WYY_ed[iZ[fW]e[c_j_ZWifehbWYecfW‹‡W[_diYh_jWi[d
[bH[]_ijheZ[LWbeh[iXW`e[bd‘c[he.&'[b''Z[`kd_e
Z[(&&-"Z|dZei[fehbejWdjefehÅdWb_pWZe[bf[h‡eZe
Z[efY_Œdfh[\[h[dj[Z[Z_Y^WiWYY_ed[i$
-%
# 9ed \[Y^W (& Z[ W]eije Z[ (&&- [b :_h[Yjeh_e Z[ bW
IeY_[ZWZ jecΠYedeY_c_[dje Z[ bW h[dkdY_W lebkdjWh_W
Z[b ][h[dj[ ][d[hWb Z[ bW Åb_Wb Coj_bki Ckbj_[nfehj I$7$
WYedjWhZ[bZ‡W(*Z[W]eijeZ[(&&-"oi[WYehZŒgk[
WYedjWhZ[[iW\[Y^WbWh[fh[i[djWY_Œdb[]WbZ[Coj_bki
Ckbj_[nfehj I$7$ i[h| eYkfWZW cec[dj|d[Wc[dj[ feh
ik WYjkWb ][h[dj[ Z[ ef[hWY_ed[i BWkjWhe LWbZ[X[d_je
=kpc|d$
# 9ed \[Y^W (- Z[ del_[cXh[ Z[ (&&- [b :_h[Yjeh_e
Z[ Ckbj_[nfehj <eeZi I$7$ WYehZΠfeh kdWd_c_ZWZ be
i_]k_[dj[0
š 7Y[fjWh bW h[dkdY_W Z[ bei Z_h[Yjeh[i j_jkbWh[i Z[
Ckbj_[nfeh <eeZi I$7$" i[‹eh[i CWh_eLWbZ_l_W 8[hdij[_d
o9WhbeiFkYY_BWXWjkj$
š :[i_]dWh Wb i[‹eh @e^Wd[i Z[d 8_[cWd Yece Z_h[Yjeh
j_jkbWhZ[Ckbj_[nfehj<eeZiI$7$[dh[[cfbWpeZ[CWh_e
LWbZ_l_W8[hdij[_d
š :[i_]dWh Wb i[‹eh @eiƒ C_]k[b 8Whhei lWd >l[bb jej
M[ij[hÆ_[h Yece Z_h[Yjeh j_jkbWh Z[ Ckbj_[nfehj <eeZi
I$7$[dh[[cfbWpeZ[9WhbeiFkYY_BWXWjkj$
# 9ed \[Y^W (- Z[ del_[cXh[ Z[ (&&- [b Z_h[Yjeh_e Z[
Coj_bki Ckbj_[nfehj I$7$" ieY_[ZWZ Åb_Wb Z[ Ckbj_[nfehj
<eeZi I$7$" WYehZΠfeh kdWd_c_ZWZ Z[i_]dWh Yed [\[Yje
_dc[Z_Wje Wb i[‹eh7hjkhe 9bƒc[dj :‡Wp Yece =[h[dj[
=[d[hWbZ[Coj_bkiCkbj_[nfehjI$7$"i_df[h`k_Y_eZ[gk[
Yedj_dkWh| jWcX_ƒd Yece =[h[dj[ =[d[hWb YehfehWj_le
Z[Ckbj_[nfehj<eeZiI$7$
# 9ed \[Y^W (- Z[ del_[cXh[ Z[ (&&- [b Z_h[Yjeh_e Z[
bW ieY_[ZWZ" jhWi WY[fjWh bW h[dkdY_W Z[b i[‹eh CWh_e
LWbZ_l_W 8[hdij[_d" c_[cXhe Z[b 9ec_jƒ Z[ :_h[Yjeh[i"
WYehZŒgk[Z_Y^e9ec_jƒi[W_dj[]hWZefehbeiZ_h[Yjeh[i
i[‹eh[i>[hd|dIWblWZeh=eoWd[i"@eiƒHWcŒd=kj_ƒhh[p
7hh_l_bbW]Wo@eiƒC_]k[b8WhheilWd>l[bbjejM[ij[hÆ_[h$
-&
# 9ed \[Y^W (- Z[ del_[cXh[ Z[ (&&- [b Z_h[Yjeh_e Z[
IWbced[iCkbj_[nfehjI$7$"ieY_[ZWZÅb_WbZ[Ckbj_[nfehj
<eeZi I$7$" WYehZŒ feh kdWd_c_ZWZ Z[i_]dWh Wb i[‹eh
7dZhƒiBoedBWXXƒYece=[h[dj[=[d[hWbZ[IWbced[i
Ckbj_[nfehjI$7$WfWhj_hZ[b'Z[[d[he(&&.$
L?$7DJ;9;:;DJ;I=;D;H7B;I:;B79ECF7yÑ7
'+$<_b_Wb[iZ[Ckbj_[nfehj<eeZiI$7$
Wb)'Z[Z_Y_[cXh[(&&-
IWbced[iCkbj_[nfehjI$7$
IWbced[iCkbj_[nfehjI$7$
IeY_[ZWZ7dŒd_cW
KI:''/$+(&$/.,
//"///////
;b eX`[je Z[ bW IeY_[ZWZ [i bW YecfhW" l[djW" Yh_WdpW" Ykbj_le" Z[iWhhebbe"
fheY[iWc_[dje o YWfjkhW" oW i[W [d [ijWZe dWjkhWb" Yed][bWZe e [bWXehWZe e
[dYkWbgk_[hejhe[ijWZe"Z[jeZej_feZ[\WkdWgk[j[d]W[d[bW]kWikc[Z_e
dehcWbZ[l_ZWocko[if[Y_Wbc[dj[iWbced[i$
:_h[Yjeh_e @eiƒHWcŒd=kj_ƒhh[p7hh_l_bbW]WFh[i_Z[dj[
7bX[hjeZ[bF[Zh[]WbBWXXƒ
CWhj‡d8ehZWC_d]e
>[hd|dIWblWZeh=eoWd[i=WhY‡W
@eiƒC_]k[b8WhheiLWd>el[bbjejM[ij[hÆ_[h
@e^Wd[iZ[d8_[cWd
HkXƒd8WiYk‹WdI[hhWde
=[h[dj[=[d[hWb 7hjkhe9b[c[dj:‡Wp
Fh_dY_fWb[iYedjhWjeiYedbWcWjh_p 9edjhWjeZ[fh[ijWY_ŒdZ[i[hl_Y_eiYehfehWj_lei
HWpŒdieY_Wb
DWjkhWb[pW@kh‡Z_YW
9Wf_jWbIkiYh_jeoFW]WZe
fWhj_Y_fWY_ŒdjejWb
EX`[jeIeY_Wb
-'
Coj_bkiCkbj_[nfehjI$7$
Coj_bkiCkbj_[nfehjI$7$
IeY_[ZWZ7dŒd_cW
CKI:*$&&)$')*
//"////,
;ibWfheZkYY_Œd"YecfhW"l[djW"Yec[hY_Wb_pWY_Œd"Z_ijh_XkY_Œd"_cfehjWY_Œdo
[nfehjWY_Œd" oW i[W [d [ijWZe dWjkhWb" Yed][bWZe e [bWXehWZe e [d YkWbgk_[h
ejhe[ijWZe"gk[j[d]W[d[bW]kWikc[Z_edWjkhWbZ[l_ZWocko[if[Y_Wbc[dj[
cWh_iYei"cebkiYeioYhkij|Y[ei$
:_h[Yjeh_e 7hjkhe9b[c[dj:‡WpFh[i_Z[dj[
H_YWhZe=hkdmWbZ7hWl[dW
@eiƒHWcŒd=kj_ƒhh[p7hh_l_bbW]W
9WhbeiFkYY_bWXWjkj
CWdk[bIWdj[b_Y[iH‡ei
=[h[dj[=[d[hWb 7hjkhe9b[c[dj:‡Wp
Fh_dY_fWb[iYedjhWjeiYedbWcWjh_p 9edjhWjeZ[fh[ijWY_ŒdZ[i[hl_Y_eiYehfehWj_lei
HWpŒdieY_Wb
DWjkhWb[pW@kh‡Z_YW
9Wf_jWbIkiYh_jeoFW]WZe
fWhj_Y_fWY_ŒdjejWb
EX`[jeIeY_Wb
9kbj_lei7Yk‡YebWi?dj[hdWY_edWb[iI$7$
9kbj_lei7Yk‡YebWi?dj[hdWY_edWb[iI$7$
IeY_[ZWZ7dŒd_cW
KI:*&&$&&&
/&"/'
;ibW_dl[hi_Œd[djeZWYbWi[Z[d[]eY_eio[cfh[iWi"dWY_edWb[iYece[njhWd`[hWi"
gk[j[d]WdYeceeX`[jebWWYk_YkbjkhW"o%ebWYecfhW"l[djW"Yec[hY_Wb_pWY_Œd"
Z_ijh_XkY_Œd"_cfehjWY_Œdo[nfehjWY_ŒdZ[[if[Y_[i^_ZheX_ebŒ]_YWi$
:_h[Yjeh_e @eiƒHWcŒd=kj_ƒhh[p7hh_l_bbW]WFh[i_Z[dj[
7bX[hjeZ[bF[Zh[]WbBWXXƒ
CWhj‡d8ehZWC_d]e
=[h[dj[=[d[hWb 7hjkhe9b[c[dj:‡Wp
',$I‡dj[i_iZ[Yec[djWh_eio
fhefei_Y_ed[iZ[WYY_ed_ijWi
:khWdj[ (&&-" bW YecfW‹‡W de h[Y_X_Œ Yec[djWh_ei e
fhefei_Y_ed[i h[bWj_lWi W bW cWhY^W Z[ bei d[]eY_ei
ieY_Wb[iZ[fWhj[Z[WYY_ed_ijWigk[fei[Wdeh[fh[i[dj[d
'&ec|iZ[bWiWYY_ed[i[c_j_ZWiYedZ[h[Y^eWleje"
Z[Yed\ehc_ZWZWbeZ_ifk[ijefeh[bWhj‡Ykbe-*Z[bWB[o
D¨'.$&*,ieXh[ieY_[ZWZ[iWdŒd_cWio[bWhj‡Ykbe')Z[b
h[]bWc[djeZ[[iWb[o$
-(
HWpŒdieY_Wb
DWjkhWb[pW@kh‡Z_YW
9Wf_jWbIkiYh_jeoFW]WZe
fWhj_Y_fWY_ŒdjejWb
EX`[jeIeY_Wb
Descargar