EL ÁREA DE SUPERFICIE CORPORAL: UN FACTOR PREDICTOR

Anuncio
%1A
D
=319?
5=@3
C
E
-=7:>
#1=-7?- $
#
)
)-//-=: $
@>?-A:
*&(
D
E
1=9D9 )-//-=1CC- $
=-9/: 5@75-9: $
!-05%:>>5 $
%5/-=0: 19?C $
)F/?:=
8
@5771=8: "61$@59?-9- $
B 9=5<@1 % &:=5-9:
&#&'(& *&#& ^
#^%!
)
(,! !&
!(+ ^
&)'!* # !* #! %&
% ( # /
+ %&)
&$!*M
!%,
)*!
!_%
!( )
( )+$ %
/5&$&%&/5&4 > OD73 67 EGB7D8;5;7 5ADBAD3> 7E G@3 ?76;63 GE363 7@ 7> 7@FAD@A 5>Q@;5A )G ;?B35FA 7@ >3 5;DG9Q3
5A>ADD75F3> >3B3DAE5SB;53 @A :3 E;6A 7EFG6;36A BD7H;3?7@F7
#+&5*70 H3>G3D 7> ;?B35FA 67 >3 EGB7D8;5;7 5ADBAD3> EA4D7 >3 F3E3 67 5A@H7DE;S@ K 7> F;7?BA AB7D3FAD;A 7@ 5;DG9Q3
>3B3DAE5SB;53
*4&>0 @O>;E;E D7FDAEB75F;HA 67 63FAE D75A9;6AE BDAEB75F;H3?7@F7
"3$0 +@3 EA>3 ;@EF;FG5;S@ 67 3F7@5;S@ F7D5;3D;3
"$*&/5&4 G7DA@ ;67@F;8;536AE
B35;7@F7E 5A@E75GF;HAE AB7D36AE 7@FD7 7@7DA 67
K 39AEFA 67
;@5>G;6AE 7@ G@3 43E7 67 63FAE 5A?B>7F363 7@ 8AD?3 BDAEB75F;H3
3*/$*1"-&4 .&%*%"4 %& 3&46-5"%0 )7 3@3>;L3DA@ >3 F3E3 67 5A@H7DE;S@ K 7> F;7?BA AB7D3FAD;A >3B3DAE5SB;5A 7@
D7>35;S@ 3 >3 7636 7> 9P@7DA >3 A47E;636 >3 >A53>;L35;S@ 67 >3 7@87D?7636 5A>A@ HE D75FA 7> F;BA 67 7@87D?7636 @7A
B>OE;53 HE @A @7AB>OE;53 7> 3@F75767@F7 67 5;DG9Q3E BD7H;3E K >3 EGB7D8;5;7 5ADBAD3> 7> OD73 67 EGB7D8;5;7 5ADBAD3> E7
53>5G>S ?76;3@F7 >3 8SD?G>3 67 $AEF7>>7D > OD73 67 EGB7D8;5;7 5ADBAD3> E7 3@3>;LS GF;>;L3@6A >3 ?76;3@3 K 5G3DF;>AE 5A@
H3>AD7E 67 5ADF7 67
K
)7 GF;>;LS >3 D79D7E;S@ >A9QEF;53 B3D3 3@3>;L3D >3 3EA5;35;S@ 7@FD7 7> OD73 67 EGB7D8;5;7
5ADBAD3> K >3 F3E3 67 5A@H7DE;S@ 3<GEF363 BAD 6;87D7@F7E 835FAD7E )7 ;@H7EF;9S >3 ;@F7D355;S@ 7@FD7 >3 EGB7D8;5;7 5ADBA
D3> K 7> Q@6;57 67 ?3E3 5ADBAD3> B7DA @A 8G7 5A@EF3F363
&46-5"%04 #3 F3E3 67 5A@H7DE;S@ 9>A43> 8G7 67>
#3 ?76;3@3 67> OD73 67 EGB7D8;5;7 5ADBAD3> 8G7 67
? D3@9A
Z
#3E F3E3E 67 5A@H7DE;S@ 67 >AE 5G3DF;>7E
K 8G7DA@
K
D7EB75
F;H3?7@F7 B
#AE B35;7@F7E 5A@ EGB7D8;5;7 5ADBAD3>
? %
FGH;7DA@ G@3 F3E3 67 5A@H7DE;S@ ?OE 3>F3
CG7 >AE 67 EGB7D8;5;7 5ADBAD3>
? %
1
HE
D7EB75F;H3?7@F7 &(
!
B
2 > 3@O>;E;E ?G>F;H3D;36A ?AEFDS CG7 7> OD73 67 EGB7D8;5;7 5ADBAD3>
? E7 3EA5;S 3 >3 5A@H7DE;S@ &(
!
B
67EBGPE 67 3<GEF3D BAD E7JA 7636 A47E;636 >A53>;L35;S@ 67 >3 B3FA>A9Q3 D75FA HE 5A>A@
F;BA 67 34AD63<7 >3B3DAE5SB;5A K 3@F75767@F7 67 5;DG9Q3E BD7H;3E
*.*5"$*?/ E7 FD3F3 67 G@ 7EFG6;A D7FDAEB75F;HA D73>;L36A 7@ G@3 EA>3 ;@EF;FG5;S@
0/$-64*?/ > OD73 67 EGB7D8;5;7 5ADBAD3> 7E G@ 4G7@ BD76;5FAD 67 >3 5A@H7DE;S@ 6747 E7D ;@5>G;6A 5A?A B3DF7
67 >AE 8GFGDAE 7EFG6;AE EA4D7 >AE D7EG>F36AE 67 >3 5;DG9Q3 5A>ADD75F3> >3B3DAE5SB;53 5A?A ;@8AD?35;S@ 3 >AE B35;7@F7E
5G3@6A E7 E7>755;A@3@ 53EAE 3> ;@;5;A 67 >3 5GDH3 67 3BD7@6;L3<7 K 3> 67F7D?;@3D 7> 7EFO@63D 67 53>;636 67 3F7@5;S@
"-"#3"4 $-"7& 5;DG9Q3 5A>ADD75F3> >3B3DAE5SB;53 OD73 67 EGB7D8;5;7 5ADBAD3>
D7EG>F36AE 3 5ADFA B>3LA F;7?BA AB7D3FAD;A 6;8;5G>F367E AB7D3FAD;3E
)*(
*
"$,(306/% A6K EGD8357 3D73 ;E 3 ?73EGD7?7@F GE76 ;@ 5>;@;53> E7FF;@9E !FE ;?B35F A@ >3B3DAE5AB;5 5A>AD75F3>
EGD97DK :3E @AF 477@ BD7H;AGE>K EFG6;76
#+&$5*7& *A 3EE7EE F:7 ;?B35F A8 4A6K EGD8357 3D73 A@ 5A@H7DE;A@ D3F7
&4*(/ (7FDAEB75F;H7 3@3>KE;E A8 BDAEB75F;H7>K 5A>>75F76 63F3
&55*/( );@9>7 F7DF;3DK 53D7 ;@EF;FGF;A@
"5*&/54
5A@E75GF;H7 B3F;7@FE AB7D3F76 A@ 47FI77@ "3@G3DK
3@6 G9GEF
I7D7 ;67@F;8;76 8DA? 3
BDAEB75F;H7>K 63F343E7
"*/ 065$0.& .&"463&4 A@H7DE;A@ D3F7 I3E 3@3>KL76 D7>3F76 FA 397 97@67D A47E;FK 6;E73E7 >A53F;A@ 5A>A@
HE D75FG? FKB7 A8 6;E73E7 @7AB>3EF;5 HE @A@ @7AB>3EF;5 :;EFADK A8 BD7H;AGE EGD97DK 3@6 4A6K EGD8357 3D73 4A6K EGD
8357 3D73 I3E 53>5G>3F76 4K $AEF7>>7D 8AD?G>3
A6K EGD8357 3D73 I3E 3@3>KL76 GE;@9 ?76;3@ 3@6 CG3DF;>7E 5GF A88 H3>
G7E
3@6
#A9;EF;5 D79D7EE;A@ I3E GE76 FA 3@3>KL7 F:7 3EEA5;3F;A@ 47FI77@ 4A6K EGD8357 3D73 3@6 5A@H7D
E;A@ 36<GEF;@9 8AD 6;887D7@F 5A@8AG@67DE !@F7D35F;A@ 47FI77@ 4A6K EGD8357 3D73 3@6 4A6K ?3EE ;@67J I3E 5:75=76 3@6
@AF 8AG@6
&46-54 &H7D3>> 5A@H7DE;A@ D3F7 I3E
$76;3@ 4A6K EGD8357 3D73 I3E
D3@97
A@H7DE;A@ D3F7E
8AD CG3DF;>7E
3@6 I7D7
3@6
D7EB75F;H7>K B
'3F;7@FE I;F: 4A6K EGD8357 3D73
%
:36 3 :;9:7D 5A@H7DE;A@ D3F7 F:3@ F:AE7 I;F: 4A6K EGD8357 3D73
%
1
HE
D7EB75
F;H7>K &(
!
B
2 $G>F;H3D;3F7 3@3>KE;E E:AI76 F:3F 4A6K EGD8357 3D73
I3E 3EEA5;
3F76 I;F: 5A@H7DE;A@ &(
!
B
38F7D 36<GEF;@9 8AD 97@67D 397 3@6 BD7H;AGE EGD97DK (& 3@3>K
E;E A8 4A6K EGD8357 3D73 E:AI76 3@ 3D73 G@67D F:7 5GDH7 A8
A6K EGD8357 3D73
:36 3 E7@E;F;H;FK 3@6 EB75;
8;5;FK A8
3@6
D7EB75F;H7>K
*.*5"5*0/ *:;E I3E 3 E;@9>7 ;@EF;FGF;A@ D7FDAEB75F;H7 EFG6K
0/$-64*0/ A6K EGD8357 3D73 ;E 3 9AA6 BD76;5FAD 8AD 5A@H7DE;A@ 3@6 E:AG>6 47 ;@5>G676 3E B3DF A8 8GFGD7 EFG6;7E
A@ AGF5A?7E 8AD >3B3DAE5AB;5 5A>AD75F3> EGD97DK
&: 803%4 >3B3DAE5AB;5 5A>AD75F3> EGD97DK Z 4A6K ?3EE ;@67J Z D7EG>FE
(7H D97@F ;DG9
(75;4;6A 7>
57BF36A 7>
67 9AEFA 67
67 &5FG4D7 67
"/?@.=1
&+1/,!2
5/518.=1
'"% #%
'"%
&o+
"!) %& N! !
*
1"/& ) 6
%( M
" "%%
'
*T1,!,0
&31=>7:/17M< 23 >/173<B3A G 2/B=A
): <BKN@Z: <HEHKK><M:E E:I:KHL<\IB<:
/)
L> >LMV <HGOBKMB>G=H >G >E >LMVG=:K => MK:M:FB>G
MH I:K: E:L >G?>KF>=:=>L <HEHKK><M:E>L >E><MBO:L
"G EHL _EMBFHL :[HL E:
/) :NF>GM\ =>E
>G
:E
>G >E :[H
BG<ENR>G=H
MH=:L E:L K>L><<BHG>L <HEHKK><M:E>L "LM: KVIB=:
:<>IM:<B\G IHK E: <HFNGB=:= JNBK_K@B<: A: >OH
EN<BHG:=H <HFH K>LNEM:=H => GNF>KHL:L O>GM:
C:L JN> H?K><> : EHL I:<B>GM>L BG<ENR>G=H A>KB
=:L FVL I>JN>[:L R F>CHK>L K>LNEM:=HL <HL
FXMB<HL F>GHL =HEHK R >LMKXL IHLMHI>K:MHKBH
F>GHL BG?><<BHG>L NG: F>GHK FHK;BEB=:= AHL
IBM:EBS:<B\G FVL <HKM: F>GHK <HLMH R NG: K><N
I>K:<B\G FVL KVIB=: <HG NG: ON>EM: M>FIK:G: :
E: OB=: IKH=N<MBO:
"LM:L O>GM:C:L L> IB>K=>G
<N:G=H L> K>JNB>K> <HGO>KLB\G : <BKN@Z: :;B>KM:
-HK HMK: I:KM> E: <HGO>KLB\G L> A: :LH<B:=H <HG
NG F:RHK L:G@K:=H BGMK:HI>K:MHKBH <HG G><>LB
=:= => MK:GL?NLB\G L:G@NZG>: NG: F:RHK FHK
;BEB=:= IHLMHI>K:MHKB: BG<ENR>G=H ZE>H ?N@:
:G:LMHF\MB<: NG: F:RHK M:L: => K>HI>K:<BHG>L
R NG: F>GHK M:L: => LNI>KOBO>G<B: @EH;:E R EB;K>
=> >G?>KF>=:=
"G <HGL><N>G<B: E: B=>GMB?B
<:<B\G \IMBF: => EHL I:<B>GM>L <HG F:RHK KB>L@H
=> <HGO>KLB\G IN>=> =>M>KFBG:K F>CHK>L K>LNE
M:=HL IHLMHI>K:MHKBHL R NG: F>CHK <:EB=:= =>
:M>G<B\G FX=B<:
2G BG?HKF> K><B>GM> => BF: R <HE FHLMK\
JN> GH >QBLM> NG FH=>EH ?B:;E> => IK>=B<<B\G
I:K: <HGO>KLB\G +NF>KHL:L O:KB:;E>L <HFH >E
L>QH
0
&&& &3 0H<B>=:=
F>KB<:G: =>
G>LM>LB\EH@HL E: H;>LB=:= E: IK>L>G<B: =>
<BKN@Z:L :;=HFBG:E>L IK>OB:L NG: K>L><<B\G
:GM>KBHK ;:C: >G?>KF>=:= =BO>KMB<NE:K E: >QI>
KB>G<B: JNBK_K@B<: R MNFHK>L EH<:EF>GM> :O:GS:
=HL A:G LB=H BG<HGLBLM>GM>F>GM> :LH<B:=HL <HG
E: <HGO>KLB\G : <BKN@Z: :;B>KM:
"E VK>: => LNI>K?B<B> <HKIHK:E 0 >L NG:
F>=B<B\G => E: LNI>K?B<B> =>E <N>KIH ANF:GH NMB
EBS:=: : F>GN=H >G >E <HGM>QMH <EZGB<H "E BF
I:<MH =>E 0 >G >E @K:=H => =B?B<NEM:= => E:
<BKN@Z: E:I:KHL<\IB<: GH A: LB=H >LMN=B:=H IK>
OB:F>GM> LZ >E H;C>MBOH => >LM> >LMN=BH ?N>
>O:EN:K >E BFI:<MH =>E 0 LH;K> E: M:L: => <HG
O>KLB\G =NK:GM>
)/L >E><MBO:L HFH H;C>MBOH
L><NG=:KBH L> >O:EN\ LN BFI:<MH >G >E MB>FIH
HI>K:MHKBH E:I:KHL<\IB<H
0> NMBEBS\ NG: ;:L> => =:MHL >LI><Z?B<:
F:GM>GB=: IKHLI><MBO:F>GM> I:K: B=>GMB?B<:K :
MH=HL EHL I:<B>GM>L JN> ?N>KHG LHF>MB=HL :
<BKN@Z: <HEHKK><M:E E:I:KHL<\IB<: >GMK> >G>KH =>
R :@HLMH =>
>G >E %HLIBM:E &M:EB:GH =>
N>GHL BK>L K@>GMBG:
)HL K>LNEM:=HL ?N>KHG OHE<:=HL IKHLI><MB
O:F>GM> >G NG: ;:L> => =:MHL :IKH;:=: IHK NG
HFBMX => />OBLB\G &GLMBMN<BHG:E 0> BG<ENR>KHG
=:MHL >G K>E:<B\G : E: >=:= L>QH :EMNK: I>LH
MB>FIH HI>K:MHKBH MBIH => I:MHEH@Z: G>HIEVLB<:
OL GH G>HIEVLB<: MBIH => :;HK=:C> E:I:KHL<\IB
<H INKH OL F:GH :LBLMB=H EH<:EBS:<B\G => E:
I:MHEH@Z: K><MH OL <HEHG R :GM><>=>GM>L =>
<BKN@Z: :;=HFBG:E IK>OB: ):L BG=B<:<BHG>L
JNBK_K@B<:L BG<ENR>KHG M:GMH I:MHEH@Z: G>HIEVLB
<: :=>GHF:L R :=>GH<:K<BGHF:L <HFH GH
G>HIEVLB<: =BO>KMB<NEBMBL <HEBMBL NE<>KHL: >G?>K
F>=:= => KHAG >M<
$&#
! "(#'
1H=HL EHL I:<B>GM>L ?N>KHG LHF>MB=HL : NG:
IK>I:K:<B\G F><VGB<: =>E <HEHG <HG
FE =>
NG: LHEN<B\G : ;:L> => ?HL?:MHL H <HG EBMKHL =>
NG: LHEN<B\G => IHEB>MBE>G@EB<HE 0> :=FBGBLMK:KHG
:GMB;B\MB<HL >G ?HKF: IKH?BEV<MB<: >G NG: _GB<:
MHF: HK:E =>
F@ => <BIKH?EHQ:<BG: R
F@ => HKGB=:SHE 0> BGR><M\ IHK OZ: LN;<NMVG>:
NG: ;:C: =HLBL => A>I:KBG: A:LM: E: IKBF>K:
=>:F;NE:<B\G >G >E IHLMHI>K:MHKBH 1H=HL EHL
IKH<>=BFB>GMHL ?N>KHG K>:EBS:=HL H :LBLMB=HL IHK
NGH => EHL MK>L <BKNC:GHL <HEHKK><M:E>L => E: BGLMB
MN<B\G JN> MB>G> NG: O:LM: >QI>KB>G<B: >G <BKN@Z:
<HEHKK><M:E :;B>KM: ): =><BLB\G =>E <BKNC:GH =>
<HGO>KMBK E: <BKN@Z: : NG IKH<>=BFB>GMH : <B>EH
:;B>KMH ?N> MHF:=: LBG <HGH<>K >E <VE<NEH =>E
0
0> K>:EBS\ NG :;HK=:C> E:I:KHL<\IB<H INKH
+
H F:GH :LBLMB=H +
L>@_G E:
>QI>KB>G<B: R IK>?>K>G<B: =>E <BKNC:GH F;:L
MX<GB<:L BFIEB<:G E: FHOBEBS:<B\G =>E <HEHG R E:
EB@:=NK: => EHLO:LHL IKBG<BI:E>L => ?HKF: BGMK:
<HKI\K>: ): =BL><<B\G L> EE>O\ : <:;H LB@NB>G=H
NG :;HK=:C> => F>=B:E : E:M>K:E "E VG@NEH >L
IEXGB<H L> =>L<>G=B\ >G EHL <:LHL >G EHL JN> L>
<HGLB=>K\ G><>L:KBH I:K: EH@K:K NG F:K@>G =>
K>L><<B\G :=><N:=H R I:K: <HG?><<BHG:K NG:
( ,!)*
(
:G:LMHFHLBL EB;K> => M>GLB\G 0> K>:EBS\ NG: :
G:LMHFHLBL >QMK:<HKI\K>: F:GN:E I:K: E: <HE><
MHFZ: =>K><A: FB>GMK:L JN> I:K: <HE><MHFZ:
BSJNB>K=: R K>L><<BHG>L :GM>KBHK>L L> >?><MN\
NG: :G:LMHFHLBL BGMK:<HKI\K>: <HG =H;E> LNMNK:
F><VGB<:
#
( *#' -
(#'
*
&
'
"E H;C>MBOH IKBG<BI:E =>E >LMN=BH ?N> E: M:L:
=> <HGO>KLB\G R >E L><NG=:KBH ?N> >E MB>FIH H
I>K:MHKBH E:I:KHL<\IB<H ): <HGO>KLB\G : <BKN@Z:
:;B>KM: L> =>?BGB\ <HFH E: IKHEHG@:<B\G => E:
BG<BLB\G FVL => EH K>JN>KB=H JN> I:K: E: >QMK:<
<B\G => E: IB>S: JNBK_K@B<:
):L <:NL:L => <HGO>KLB\G : <BKN@Z: :;B>KM:
BG<ENR>KHG L:G@K:=H :=A>K>G<B:L R H =B?B<NEM:
=>L MX<GB<:L
!> :<N>K=H : E: =>?BGB<B\G => E: ,*0 EHL
I:<B>GM>L <HG NG &* F:RHK H B@N:E :
(@ F
LHG <:M>@HKBS:=HL <HFH H;>LHL 2G :GVEBLBL :=B
<BHG:E =>E &* ?N> EE>O:=H : <:;H NMBEBS:G=H <N:K
MBE>L
"E 0 L> <:E<NE\ L>@_G E: ?\KFNE: *HL
M>EE>K <HFH LB@N> 0
F
:EMNK: >G <>G
MZF>MKHL Q I>LH >G DBEH@K:FHL
q
!>;B=H : E: ?:EM: => =:MHL IK>OBHL JN>
A:R:G >O:EN:=H >E BFI:<MH =>E 0 >LM: O:KB:
;E> ?N> <:M>@HKBS:=: NMBEBS:G=H <N:KMBE>L I:K:
K>IHKM:K A:EE:S@HL => F:RHK K>E>O:G<B: <EZGB<:
HGL><N>GM>F>GM> EHL I:<B>GM>L ?N>KHG <E:LB?B
<:=HL <HFH $K:G=>L R +H $K:G=>L NMBEBS:G=H
NG O:EHK IKHF>=BH =>E 0 <HFH @K:G=>
0
H GH @K:G=> 0
"S ' '
'(
T'( #
)HL =:MHL => E:L O:KB:;E>L <HGMZGN:L L>
>QIK>L:KHG IHK E: F>=B:G: H F>=B: d >E =>LOZH
>LMVG=:K 0> NMBEBS\ E: IKN>;: => 0MN=>GM E: IKN>
;: => 2 *:GG 4ABMG>R H +,3 I:K: <HFI:K:K
E:L F>=B:L <N:G=H ?N>L> :IKHIB:=H ):L O:KB:
;E>L <:M>@\KB<:L ?N>KHG <HFI:K:=:L <HG E: IKN>
;: => <AB <N:=K:=H "E :GVEBLBL FNEMBO:KB:=H F>
=B:GM> K>@K>LB\G EH@ZLMB<: R F_EMBIE> L> NMBEBS\ I:K:
B=>GMB?B<:K E:L O:KB:;E>L BG=>I>G=B>GM>L :LH<B:=:L
: E: <HGO>KLB\G R EHL MB>FIHL HI>K:MHKBHL K>LI><
MBO:F>GM> 0> <:E<NE:KHG EHL j,==L K:MBHk K:
SHG>L => =BLI:KB=:= <HG LNL BGM>KO:EHL => <HG
?B:GS: =>E
&
)HL FH=>EHL FNEMBO:KB:=HL
BG<ENR>KHG E:L O:KB:;E>L >LM:=ZLMB<:F>GM> LB@GB
?B<:MBO:L A:EE:=:L >G >E :GVEBLBL NGBO:KB:=H HG >E
?BG => >Q<ENBK >E L>L@H IHM>G<B:E R E: BGM>K:<<B\G
E: H;>LB=:= M:F;BXG L> BG<ENR\ >G >E FH=>EH
:NGJN> GH L> :LH<B\ >G >E FH=>EH NGBO:KB:=H
%*!%
):7
!(+ ^
!J
): BGM>K:<<B\G >GMK> >E 0 R >E &* ?N>
=>L<:KM:=: F>=B:GM> E: IKN>;: => K>E:<B\G =>
LBFBEBMN=>L I:K: E: BGM>K:<<B\G >GMK> O:KB:;E>L
!>;B=H : E: BGM>K:<<B\G >GMK> >E I>LH R H E: :EMNK:
R >E ZG=B<> => F:L: <HKIHK:E R H >E 0 L> EE>
O:KHG : <:;H =HL =B?>K>GM>L FH=>EHL FNEMBO:KB:
=HL <HG >E ?BG => >O:EN:K >E BFI:<MH K>E:MBOH =>
>LM:L O:KB:;E>L
-:K: >O:EN:K >E IH=>K =BL<KBFBG:MBOH =>E 0
I:K: E: IK>=B<<B\G => E: <HGO>KLB\G L> K>:EBS\ NG
:GVEBLBL <HG NG: <NKO: HI>K:=HK K><>IMHK ,/
R >E VK>: ;:CH E: <NKO: => ,/ ?N> <:E<NE:=: <HG
>E
=>E BGM>KO:EH => <HG?B:GS: &
1H=H O:EHK => I F>GHK =>
?N> <HGLB=>
K:=H LB@GB?B<:MBOH "E :GVEBLBL >LM:=ZLMB<H L> K>:EBS\
<HG >E I:JN>M> => LH?MP:K> + 00
- 00
$"00
%BGMS> '
(:RLOBEE>
2MA:
/"02)1
!,0
#N>KHG B=>GMB?B<:=HL NG MHM:E =>
I:<B>G
M>L >=:= F>=B:
K:G@H
:[HL <HG >E
FNC>K>L ): F>=B:G: =>E 0 ?N> =>
F K:G@H
F )HL AHF;K>L MNOB>KHG NG:
F>=B: =>E 0 LB@GB?B<:MBO:F>GM> FVL :EM: JN> E:L
FNC>K>L
F OL
F K>LI><MBO:F>GM>
I
)HL <:LHL <HGO>KMB=HL IK>L>GM:KHG
F>=B:L LB@GB?B<:MBO:F>GM> FVL :EM:L => >LM:MNK:
I>LH ZG=B<> => F:L: <HKIHK:E R 0 R IKHIHK
<BHG>L LB@GB?B<:MBO:F>GM> FVL :EM:L => L>QH F:L
$2/2 ./
&/.5(13+'/2
.
$2/2
&/.5(13+'/2
.
#$,/1
'( ,$
7'4*+8
$ E
3
$ 3+*/'
$
$+=5 3'8):2/45
*'* 6753+*/5
$
6753+*/5
$
E
E
E
29:7' 6753+*/5
)+49A3+9758
"+85 6753+*/5
1/25-7'358
/7:-A'8 67+;/'8
#+)95
+562'8/'
'45 '8/89/*'
0
1 )
/@/1B3@KAB71/A 23;=5@I471/A 23 /1C3@2= / 1=<D3@A7M< /
17@C5K/ /073@B/
VK>: => LNI>K?B<B> <HKIHK:E &*
ZG=B<> => F:L: <HKIHK:E
"/?@.=1
5/518.=1
'"% #%
'"%
"!) %& N! !
<NEBGH >G?>KF>=:=>L =>E K><MH R E:I:KHL<HIB: IN
K: 1:;E:
)HL I:<B>GM>L j@K:G=>Lk R jGH @K:G=>Lk =B
?BKB>KHG >G E: F:RHKZ: => E:L O:KB:;E>L =>FH@KV?B
<:L :G:EBS:=:L
): =B?>K>G<B: => :EMNK: >LI>K:=: >GMK> EHL
I:<B>GM>L j@K:G=>Lk R jGH @K:G=>Lk GH L> H;L>K
O\ <N:G=H L> <HFI:K:KHG EHL I:<B>GM>L => :
<N>K=H : LN ZG=B<> => F:L: <HKIHK:E 1:;E:
1$.'(2
/
1$.'(2
#$,/1
'( ,$ 0
%(2/2
/ %(
2/2
#$,/1
'( ,$ 0
%( M
" "%%
'
R EHL <N:KMBE>L => &* L> FN>LMK:G >G E: #B@NK:
"G >E :GVEBLBL NGBO:KB:=H E:L FNC>K>L MN
OB>KHG NG: M:L: => <HGO>KLB\G LB@GB?B<:MBO:F>GM>
FVL ;:C: JN> EHL AHF;K>L
OL
I
*B>GMK:L JN> EHL AHF;K>L j@K:G=>Lk
IK>L>GM:KHG NG: M:L: => <HGO>KLB\G LB@GB?B<:
MBO:F>GM> FVL :EM: JN> E:L FNC>K>L j@K:G=>Lk
OL
I
EHL AHF;K>L R E:L FN
C>K>L jGH @K:G=>Lk FHLMK:KHG LBFBE:K>L M:L:L =>
<HGO>KLB\G #B@NK:
1:GMH EHL I:<B>GM>L H;>LHL <HFH EHL GH
*'* 6753+*/5 +4 'B58
$
@4+75
'8):2/45
29:7' 6753+*/5 )+4
9A3+9758 $
"+85 6753+*/5
1/25-7'358 $
$ 6753+*/5
$
6753+*/5
$
#&$2/
(/A/A 23 1=<D3@A7M< A35N< I@3/ 23 AC>3@47173 1=@>=@/:3
K<2713 23 ;/A/ 1=@>=@/:
/7:-A' '(*53/4'2
67+;/'
#+)958
+562'8/'
1 )
/@/1B3@KAB71/A 23;=5@I471/A A35N< AC>3@47173 1=@>=@/:
3 K<2713 23 ;/A/ 1=@>=@/:
0
VK>: => LNI>K?B<B> <HKIHK:E &*
ZG=B<> => F:L: <HKIHK:E
): M:L: => <HGO>KLB\G @EH;:E ?N>
<:LHL )HL I:<B>GM>L j@K:G=>Lk MNOB>KHG NG:
M:L: => <HGO>KLB\G LB@GB?B<:MBO:F>GM> FVL :EM:
JN> EHL I:<B>GM>L jGH @K:G=>Lk
OL
K>LI><MBO:F>GM> ,/
8
&
9
I
):L M:L:L => <HGO>KLB\G I:K: >E 0
#&$2/
(/A/A 23 1=<D3@A7M<A35N< 1C/@B7:3A 23 AC>3@47173 1=@>=
@/:3 K<2713 23 ;/A/ 1=@>=@/:
H;>LHL MNOB>KHG M:L:L LBFBE:K>L => <HGO>KLB\G
OL
K>LI><MBO:F>GM> I
"GMK> EHL <:LHL JN> ?N>KHG LHF>MB=HL :
<BKN@Z: E:I:KHL<\IB<: INK: EHL I:<B>GM>L j@K:G
=>Lk R jGH @K:G=>Lk MNOB>KHG M:L:L => <HGO>KLB\G
=>
R
K>LI><MBO:F>GM> I
"GMK> EHL <:LHL HI>K:=HL <HG E: MX<GB<: F:GH
:LBLMB=: EHL I:<B>GM>L j@K:G=>Lk R jGH @K:G=>Lk
FHLMK:KHG M:L:L => <HGO>KLB\G =>
R
K>LI><MBO:F>GM> I
"E IKBF>K FH=>EH => :GVEBLBL FNEMBO:KB:=H
JN> BG<ENR\ >E &* R >E 0 FHLMK\ JN> L\EH
>LM> _EMBFH L> :LH<B\ LB@GB?B<:MBO:F>GM> <HG E:
<HGO>KLB\G EN>@H => :CNLM:K IHK L>QH MBIH =>
<BKN@Z: R N;B<:<B\G => E: >G?>KF>=:= 1:;E:
HFH >E :GVEBLBL => K>@K>LB\G EBG>:E >GMK> >E 0
R E: :EMNK: FHLMK\ NG K
<HG NG: I
<K>:FHL NG L>@NG=H FH=>EH FNEMBO:KB:=H K>>F
IE:S:G=H >E 0 R >E &* IHK I>LH R :EMNK:
+B E: :EMNK: GB >E I>LH L> :LH<B:G : E: <HG
O>KLB\G >G >E :GVEBLBL FNEMBO:KB:=H I
R
K>LI><MBO:F>GM>
N:G=H >LM:L O:KB:;E>L L>
LNLMBMNR>G IHK >E &* R >E 0 L\EH >LM> _EMBFH
L> :LH<B\ LB@GB?B<:MBO:F>GM> : E: <HGO>KLB\G =>L
INXL => :CNLM:K IHK L>QH MBIH => <BKN@Z: R E: N;B
<:<B\G => E: >G?>KF>=:= 1:;E:
"E :GVEBLBL =>
E: ,/ <NKO: /,
=>E 0 FHLMK\ NG VK>:
;:CH E: <NKO: =>
&
I:K:
( ,!)*
(
<HGO>KLB\G 2G 0
MB>G> NG: L>GLB;BEB=:= R
>LI><B?B<B=:= I:K: IK>=><BK E: <HGO>KLB\G :
<BKN@Z: :;B>KM: =>
R
K>LI><MBO:F>GM>
"E :GVEBLBL ,/ => E: LNI>K?B<B> <HKIHK:E FHLMK\
NG VK>: ;:CH E: <NKO: =>
&
I:K: E: <HGO>KLB\G "E VK>: => LNI>K?B<B> <HKIHK:E
MB>G> NG: L>GLB;BEB=:= R NG: >LI><B?B<B=:=
I:K: IK>=><BK E: <HGO>KLB\G =>E
R
K>LI><MBO:F>GM>
#$1+$%,(
".+5$1+$'/
#$,/1 '(
,$
4,3+5$1+$'/
):7
!(+ ^
!J
EH ABSH I
#$,/1 '(
,$
+3+4/45 ;8
'8):2/45
$
%*!%
;8 $
#&$2/
(73;>= [email protected]@571= :/>/@=A1.=>71= A35.C< AC>3@47173 1=@
>=@/: 3 .7<2713 23 ;/A/ 1=@>=@/:
E
!(+858 ;8
5 5(+858
mK>: => 0NI>K?B<B>
HKIHK:E
0
nG=B<> => *:L:
HKIHK:E &*
#+)95 ;8
5254
+562?8/)58 ;8
5 4+562?8/)58
'45 '8/89/*'
;8 '6
/7:-A'8 67+;/'8
$A ;8 5
1 )
<I:7A7A C<7D/@7/2= G ;C:B7D/@7/2= 23 :/A D/@7/0:3A
@3:/17=</2/A / :/ 1=<D3@A7M<
"G <N:GMH :E MB>FIH JNBK_K@B<H IHK OZ: E:I:
KHL<\IB<: =>LINXL => :CNLM:K IHK L>QH EH<:EBS:
<B\G => E: >G?>KF>=:= R MBIH => :;HK=:C> E:I:
KHL<\IB<H >E I>LH I>KH GH :LZ E: :EMNK: L> :LH
<B\ : MB>FIHL FVL E:K@HL <H>?B<B>GM> => K>@K>
LB\G
I
R <H>?B<B>GM> => K>@K>
LB\G
I
K>LI><MBO:F>GM>
N:G=H EHL I:<B>GM>L ?N>KHG <E:LB?B<:=HL
IHK 0 > &* >E :GVEBLBL NGBO:KB:=H FHLMK\ JN>
EHL I:<B>GM>L H;>LHL R j@K:G=>Lk L> :LH<B:KHG :
F:RHK MB>FIH JNBK_K@B<H JN> EHL GH H;>LHL R
jGH @K:G=>Lk K>LI><MBO:F>GM> #B@NK:
0BG
>F;:K@H FB>GMK:L JN> E: <E:LB?B<:<B\G IHK 0
FHLMK\ NG: =B?>K>G<B: =>
FBGNMHL >E &* >OB
=>G<B\ L\EH
FBGNMHL => =B?>K>G<B: N:G=H L>
:G:EBS:KHG IHK <N:KMBE>L => 0 > &* L> >G<HG
MK:KHG O:EHK>L FVL :EMHL =>E
R
K>LI><
MBO:F>GM> #B@NK:
0BG >F;:K@H >G >E :GVEBLBL
FNEMBO:KB:=H FB>GMK:L JN> EHL I:<B>GM>L j@K:G
=>Lk L> :LH<B:KHG >LM:=ZLMB<:F>GM> : NG MB>FIH
HI>K:MHKBH FVL E:K@H I
E: H;>LB=:= GH
#&$2/
<I:7A7A C<7D/@7/2= G ;C:B7D/@7/2= 23 :/A D/@7/0:3A @3:/
17=</2/A / :/ 1=<D3@A7M<
!&0
20&o+
%:LM: =HG=> L:;>FHL >LM> >LMN=BH >L >E
IKBF>KH >G FHLMK:K NG: :LH<B:<B\G >GMK> >E 0
R E: =B?B<NEM:= MX<GB<: BGMK:HI>K:MHKB: "G <HG<K>
MH >E 0 >L NG: O:KB:;E> BG=>I>G=B>GM> :LH<B:
=: <HG E: <HGO>KLB\G : <BKN@Z: :;B>KM: R F:RHK
MB>FIH HI>K:MHKBH >G NG: L>KB> :FIEB: =>
I:<B>GM>L <HGL><NMBOHL HI>K:=HL >E><MBO:F>GM>
IHK I:MHEH@Z: <HEHKK><M:E
"E 0 >L E: LNI>K?B<B> <:E<NE:=: => NG
<N>KIH ANF:GH R NG: ?HKF: L>G<BEE: => F>=BK >E
M:F:[H =>E <N>KIH 3:KB:L ?\KFNE:L =>E 0 A:G
LB=H =>L:KKHEE:=:L : EH E:K@H => EHL :[HL HKB@B
G:EF>GM> IHK !N HBL R !N HBL L>@NB=H =>
$>A:G R $>HK@> %:R<H<D HR= R *HLM>EE>K
): ?\KFNE: => *HLM>EE>K >LMV @:G:G=H :IHRH
<HFH >LMVG=:K R: JN> >L FN<AH FVL LBFIE> R
IN>=> L>K F>FHKBS:=: R ?V<BEF>GM> <:E<NE:=:
<HG NG: <:E<NE:=HK: => F:GH =>FVL >E <VE<N
"/?@.=1
5/518.=1
'"% #%
'"%
EH HG EBG> >LMV =BLIHGB;E> >G O:KBHL LBMBHL
P>; IHK >C>FIEH PPP A:EEL F=
;L: AMF
PPP I:MB>GM <H ND =H<MHK H=R 0NK?:<> K>:
:E<NE:MHK *HLM>EE>K
NGJN> >G >LM: L>KB> L>
IK>L>GM:G EHL K>LNEM:=HL NMBEBS:G=H E: ?\KFNE: =>
*HLM>EE>K L> EE>O\ : <:;H NG :GVEBLBL :=B<BHG:E
<HG E: ?\KFNE: %:R<H<D H;M>GBXG=HL> EHL FBL
FHL K>LNEM:=HL =:MHL GH IK>L>GM:=HL
"G E: :<MN:EB=:= >E 0 L> NMBEBS: IKBG<BI:E
F>GM> <HG ?BG>L <EZGB<HL "E 0 L> <HGLB=>K: NG
F>CHK BG=B<:=HK => E: F:L: F>M:;\EB<: JN> >E
I>LH <HKIHK:E R: JN> L> O> F>GHL :?><M:=H IHK
>E M>CB=H :=BIHLH :GHKF:E "G <HGL><N>G<B: >E
0 >L NG: F>=B=: NMBEBS:=: >G FN<A:L M:K>:L
FX=B<:L BG<ENR>G=H >E :CNLM> => E: ?NG<B\G K>
G:E >E <VE<NEH =>E ZG=B<> <:K=Z:<H R >E :CNLM> =>
E: =HLBL => JNBFBHM>KVIB<HL R => @EN<H<HKMB
<HB=>L
+H A>FHL >G<HGMK:=H GBG@_G BG?HKF> >G E:
EBM>K:MNK: BG=>Q:=: >G *>=EBG> JN> >O:E_> E:
K>E:<B\G =>E 0 <HG =B?B<NEM:=>L JNBK_K@B<:L H
LNL K>LNEM:=HL R: L>: >G <BKN@Z: :;B>KM: H E:I:
KHL<\IB<: "G >LM: L>KB> >E 0 ?N> LB@GB?B<:MBO:
F>GM> :LH<B:=H : E: <HGO>KLB\G R MB>FIH HI>K:
MHKBH FVL IKHEHG@:=H EN>@H => :CNLM:KEH IHK
L>QH &* EH<:EBS:<B\G => E: >G?>KF>=:= <HEHG
OL K><MH R MBIH => :;HK=:C> E:I:KHL<\IB<H E:I:
KHL<HIB: INK: OL F:GH :LBLMB=: "L BFIHKM:GM>
=>LM:<:K JN> <N:G=H >E L>QH ?N> <E:LB?B<:=H IHK
0 EHL AHF;K>L jGH @K:G=>Lk FHLMK:KHG NG:
M:L: => <HGO>KLB\G LBFBE:K : EHL >G<HGMK:=HL >G
E:L FNC>K>L jGH @K:G=>Lk R >G E:L FNC>K>L
j@K:G=>Lk HFH <HGL><N>G<B: => >EEH L\EH EHL
AHF;K>L <HG NG 0
jAHF;K>L @K:G=>Lk
L> :LH<B:KHG <HG NG: M:L: => <HGO>KLB\G LB@GB
?B<:MBO:F>GM> F:RHK
I>L:K => JN> >E 0 L>
<:E<NE: LH;K> E: ;:L> => E:L FBLF:L O:KB:;E>L
JN> >E &* GH >G<HGMK:FHL K>E:<B\G ?N>KM> >GMK>
EHL =HL "LMH L> >QIEB<: F:M>FVMB<:F>GM> IHK >E
A><AH => JN> >G >E <VE<NEH =>E &* E: :EMNK: L>
<HEH<: >G >E =>GHFBG:=HK R >E 0 >G >E GNF>
K:=HK "G <HGL><N>G<B: I:K: >E FBLFH I>LH
NG: I>KLHG: :EM: MB>G> NG 0 LNI>KBHK R NG
F>GHK &* JN> NG: I>KLHG: => ;:C: >LM:MNK:
"G E: IK>L>GM> L>KB> GH L\EH AN;H NG: ?:EM:
=> BGM>K:<<B\G >GMK> >E 0 R >E &* LBGH JN>
>LM> _EMBFH M:FIH<H L> :LH<B\ <HG E: <HGO>KLB\G
>G EHL :GVEBLBL NGB H FNEMBO:KB:;E>L )HL BG?HKF>L
=> E: EBM>K:MNK: A:G FHLMK:=H K>LNEM:=HL <HGMK:
=B<MHKBHL <HG K>LI><MH :E &* R E:L M:L:L => <HG
O>KLB\G )HL ?:<MHK>L => KB>L@H I:K: E: <HGO>K
LB\G ?N>KHG >Q:FBG:=HL IHK *:KNLA >M :E >G NG
>LMN=BH FNEMB<XGMKB<H IKHLI><MBOH =>
IKH
<>=BFB>GMHL <HEHKK><M:E>L E:I:KHL<\IB<HL R :LBL
"!) %& N! !
%( M
" "%%
'
MB=HL IHK E:I:KHL<HIZ: >GMK>
R
E
B@N:E JN> >G E: IK>L>GM> L>KB> >E &* IKHF>=BH
=> EHL JN> ?N>KHG <HGO>KMB=HL ?N> LB@GB?B<:MBO:
F>GM> F:RHK JN> >G :JN>EEHL JN> GH ?N>KHG
<HGO>KMB=HL
OL
I
0>G:@HK> >M
:E <HFI:K\ K>MKHLI><MBO:F>GM>
I:<B>GM>L
H;>LHL &*
R GH H;>LHL K>IHKM:G=H NG:
=B?>K>G<B: LB@GB?B<:MBO: >G E: M:L: => <HGO>KLB\G
OL
I
)HL K>LNEM:=HL :
<HKMH IE:SH =>E >GL:RH <EZGB<H ) 00& M:F;BXG
FHLMK:KHG NG: F:RHK M:L: => <HGO>KLB\G >GMK>
EHL I:<B>GM>L H;>LHL :NGJN> >G >E
=> EHL
<:LHL ?:EM:KHG EHL =:MHL =>E ZG=B<> => F:L: <HK
IHK:E R GH L> >LM:;E><B\ NG INGMH => <HKM>
<E:KH
"L> >LMN=BH GH BG<ENR\ NG :GVEBLBL FNE
MBO:KB:=H "G <HGMK:LM> <HG >LMHL >LMN=BHL
0<AP:G=>K >M :E GH >G<HGMK\ =B?>K>G<B:L LB@GB
?B<:MBO:L I:K: E: M:L: => <HGO>KLB\G >GMK>
I:<B>GM>L H;>LHL &* f
R
GH H;>LHL
"LM: ?:EM: => :LH<B:<B\G M:F;BXG A: LB=H K>IHKM:
2G: K>OBLB\G >QA:NLMBO:
=: IHK HMKHL :NMHK>L
K><B>GM> K>:EBS:=: IHK *:DBGH 1 >M :E :G:EBS\
>LMN=BHL R >G<HGMK\ NG F:RHK IHK<>GM:C> => <HG
O>KLB\G >G I:<B>GM>L H;>LHL ):L =B?>K>G<B:L
H;L>KO:=:L IN>=>G >LM:K :LH<B:=:L <HG E: >QI>
KB>G<B: JNBK_K@B<: R <KBM>KBHL => L>E><<B\G =>
I:<B>GM>L "G E: IK>L>GM> L>KB> :NGJN> EHL <:
LHL <HGO>KMB=HL MNOB>KHG NG &* LB@GB?B<:MBO:
F>GM> F:RHK JN> EHL <:LHL GH <HGO>KMB=HL GH
AN;H =B?>K>G<B: >GMK> EHL @KNIHL >G K>E:<B\G <HG
E:L IKHIHK<BHG>L => I:<B>GM>L <HG &* LNI>KBHK
:
R
-HK HMK: I:KM> EHL I:<B>GM>L H;>
LHL R GH H;>LHL MNOB>KHG M:L:L LBFBE:K>L => <HG
O>KLB\G
!BO>KLHL >LMN=BHL K><B>GM>L L> A:G <>GMK:
=H >G EHL GN>OHL I:KVF>MKHL <N:EBM:MBOHL =>E M>CB
=H @K:LH 1LNCBG:D: 0 >M :E :G:EBS:KHG
I:<B>GM>L <HGL><NMBOHL JN> ?N>KHG LHF>MB=HL :
<BKN@Z: E:I:KHL<\IB<: >E><MBO: IHK <VG<>K =>
<HEHG LB@FHB=>L ): H;>LB=:= L> =>?BGB\ <HFH
NG &* f
D@ F H NG VK>: => @K:L: OBL<>K:E
<:E<NE:=H IHK E: MHFH@K:?Z: <HFINM:KBS:=: f
<F
I>L:K => JN> >LM: _EMBF: <E:LB?B<:<B\G
?N> F>CHK I:K: IK>=><BK E: BG?><<B\G =>E LBMBH
JNBK_K@B<H IK>L>GM:K <HFIEB<:<BHG>L HI>K:MH
KB:L R >E MB>FIH => >LM:=Z: AHLIBM:E:KB: IHLMHI>
K:MHKB: GH L> A: >G<HGMK:=H GBG@NG: K>E:<B\G
<HG E: M:L: => <HGO>KLB\G *VL K><B>GM>F>GM>
I:<B>GM>L <HG
><<ABGB 0 >M :E :G:EBS:KHG
L><NMBOHL LHF>MB=HL : K>L><<B\G >E><MBO: =>E
<HEHG R: L>: <HG MX<GB<: :;B>KM: H E:I:KHL<\IB
<: NMBEBS:G=H >E :GVEBLBL OHENFXMKB<H => E: MHFH
@K:?Z: <HFINM:KBS:=: "E MB>FIH HI>K:MHKBH L>
<HKK>E:<BHG\ <HG >E =>I\LBMH => @K:L: LN;
( ,!)*
(
<NMVG>: R >E &* >G >E LN;@KNIH => <HE><MHFZ:
=>K><A: E:I:KHL<\IB<: I>KH GH L> >G<HGMK\
GBG@NG: :LH<B:<B\G <HG E: M:L: => <HGO>KLB\G
"G <N:GMH :E MB>FIH JNBK_K@B<H E: F:RHKZ:
=> EHL >LMN=BHL >G<HGMK:KHG NG: K>E:<B\G <HG >E
&* *NLM:BG 4 >M :E A:G <HGLNEM:=H K><B>GM>
F>GM> EHL :K<ABOHL => =:MHL =>E -KH@K:F: =>
*>CHK:FB>GMH => E: :EB=:= => E: BKN@Z: =>E
HE>@BH F>KB<:GH => BKNC:GHL
0 +0.&"G NG :GVEBLBL =>
I:<B>GM>L NG
<HG
&* f
JN> ?N>KHG LHF>MB=HL : <HE><MHFZ:
E:I:KHL<\IB<: =>L=>
A:LM:
>E MB>FIH
HI>K:MHKBH L> <HKK>E:<BHG\ <HG >E &* BG=>I>G
=B>GM>F>GM> => HMK:L O:KB:;E>L ):F>GM:;E>F>G
M> EHL =:MHL => <HGO>KLB\G : <BKN@Z: :;B>KM: GH
>LMVG =BLIHGB;E>L >G >LM: O>KLB\G :<MN:E =>E
0 +0.&"G E: IK>L>GM> L>KB> EHL I:<B>GM>L j@K:G
=>Lk R EHL I:<B>GM>L H;>LHL MNOB>KHG F:RHK MB>F
IH HI>K:MHKBH LBG BFIHKM:K L>QH EH<:EBS:<B\G =>
E: >G?>KF>=:= GB MBIH => :;HK=:C> E:I:KHL<\IB<H
0BG >F;:K@H >G E: <E:LB?B<:<B\G L>@_G >E &*
L\EH >E _EMBFH <N:KMBE
=> MH=: E: L>KB> L>
:LH<B\ : NG F:RHK MB>FIH HI>K:MHKBH >G E: <E:LB
?B<:<B\G L>@_G >E 0 AN;H F:RHK MB>FIH HI>K:
MHKBH M:F;BXG >G >E M>K<>K <N:KMBE EH JN> I>KFBM>
B=>GMB?B<:K :E
=> EHL <:LHL <HFH => :EMH KB>L
@H *VL :_G E: <:M>@HKBS:<B\G L>@_G >E 0 A:
=:=H F:RHK =B?>K>G<B: JN> E: IKHIHK<BHG:=: IHK
E: <:M>@HKBS:<B\G L>@_G >E &*
=B?>K>G<B: =>E &* >E 0 L> K>E:<BHG:
<HG E: :EMNK: <HFH L> FN>LMK: >G E: IK>L>GM>
L>KB> *B>GMK:L JN> EHL I:<B>GM>L H;>LHL R GH
H;>LHL ?N>KHG LBFBE:K>L >G :EMNK: EHL I:<B>GM>L
j@K:G=>Lk ?N>KHG LB@GB?B<:MBO:F>GM> FVL :EMHL
"G <HGL><N>G<B: >E 0 IN>=> >LM:K FVL K>E:
<BHG:=H <HG <B>KM:L <:K:<M>KZLMB<:L :GMKHIHFXMKB
<:L IHK >C>FIEH =BVF>MKH => E: I>EOBL N;B
<:<B\G =>E VG@NEH >LIEXGB<H >M< JN> >E &* EH
JN> ?BG:EF>GM> IN>=> BG?ENBK >G E: <HGO>KLB\G "E
BFI:<MH => E: :EMNK: >G E: MX<GB<: E:I:KHL<\IB<:
GH A: LB=H >O:EN:=H IK>OB:F>GM> "G >LM: L>KB>
>G >E :GVEBLBL NGBO:KB:=H E: :EMNK: R >E I>LH L>
:LH<B:KHG LB@GB?B<:MBO:F>GM> : E: <HGO>KLB\G R :
NG MB>FIH HI>K:MHKBH FVL E:K@H 0BG >F;:K@H
>G >E FH=>EH FNEMBO:KB:=H JN> BG<ENR\ >LM:L O:
KB:;E>L E: _GB<: :LH<B:<B\G BG=>I>G=B>GM> ?N>
>GMK> >E I>LH R >E MB>FIH HI>K:MHKBH "LMHL A:
EE:S@HL :LZ <HFH >E A><AH => JN> E:L <:M>@H
KBS:<BHG>L L>@_G >E &*
H
GH
B=>GMB?B<:KHG : @KNIHL => :EMH KB>L@H I:K: E: <HG
O>KLB\G A:<>G JN> >E 0 L>: NG: O:KB:;E>
<:M>@\KB<: GH;E> K>E:<BHG:=: : EHL O:EHK>L
:GMKHIHFXMKB<HL R >Q<>E>GM> I:K: IK>=><BK E:
%*!%
!(+ ^
):7
!J
<HGO>KLB\G R NG F:RHK MB>FIH HI>K:MHKBH
): M:L: => <HGO>KLB\G A:EE:=: >G >LM: L>KB>
L> >G<N>GMK: =>GMKH =>E K:G@H K>IHKM:=H IHK
HMKHL :NMHK>L NMBEBS:G=H E: FBLF: =>?BGB<B\G
!>;B=H : E: ?:EM: => BGO>LMB@:<BHG>L IK>OB:L
LH;K> E: K>E:<B\G >GMK> >E 0 R E: =B?B<NEM:=
JNBK_K@B<: A>FHL >QIEHK:=H >E BFI:<MH IHK
<N:KMBE>L "LM: <:M>@HKBS:<B\G FHLMK\ NG: IKH
IHK<B\G <K><B>GM> >G E:L M:L:L => <HGO>KLB\G R >G
>E MB>FIH HI>K:MHKBH NGJN> >LM> MBIH => <:M>
@HKBS:<B\G >L _MBE L> NMBEBS\ NG <HKM> ;BG:KBH I:K:
=>EBFBM:K F>CHK EHL K>LNEM:=HL R ?:<BEBM:K LN :IEB<:
;BEB=:= >G E: IKV<MB<: <EZGB<: "E O:EHK => <HKM> =>
L> ;:L: >G >E O:EHK => E: F>=B:G: => GN>L
MKHL I:<B>GM>L >E <N:E IKH;:;E>F>GM> =B?B>K: =>E
A:EE:=H IHK HMKHL :NMHK>L 0BG >F;:K@H >LM>
O:EHK >L LBFBE:K :E =>L<KBMH IHK HMKHL R IHK EH
M:GMH GH L> >LI>K: NG: @K:G O:KB:;BEB=:=
"LM> >LMN=BH IKHIHK<BHG: O:KBHL K>LNEM:=HL
:MK:<MBOHL R IKV<MB<HL "G IKBF>K EN@:K >G E: IKV<
MB<: <EZGB<: E: >LMBF:<B\G IK>HI>K:MHKB: =>E KB>L
@H => <HGO>KLB\G IN>=> BG?ENBK >G E: =><BLB\G
?BG:E =>E :;HK=:C> JNBK_K@B<H
I>L:K => JN> >E
0 f
GH >L NG: <HGMK:BG=B<:<B\G I>K L> I:K:
>E :;HK=:C> E:I:KHL<\IB<H IN>=> L>KOBK I:K:
L>E><<BHG:K EHL <:LHL :E BGB<BH => E: <NKO: =>
:IK>G=BS:C> H >G EHL IKH@K:F:L => >GL>[:GS:
<HG >E ?BG => EH@K:K NG: F>CHK L>E><<B\G =>E
I:<B>GM> I:K: >OBM:K NG F:RHK :NF>GMH >G E: M:L:
=> <HGO>KLB\G -HK HMK: I:KM> NG <HGL>GMBFB>GMH
BG?HKF:=H <HFIE>MH =>;> BG<ENBK >E KB>L@H =>
<HGO>KLB\G >E <N:E >LMV BG=>I>G=B>GM>F>GM> BG
?EN>G<B:=H IHK >E 0 "LM: O:KB:;E> GHL I>KFBMB\
B=>GMB?B<:K : NG LN;@KNIH => O:KHG>L <HG NG:
M:L: => <HGO>KLB\G LBFBE:K : E:L FNC>K>L "LM>
?:<MHK IK>=B<MBOH GH =>;> I:L:KL> IHK :EMH R =>;>
L>K <HGLB=>K:=H :E BG?HKF:K : EHL I:<B>GM>L :<>K
<: => EHL K>LNEM:=HL : <HKMH IE:SH => E: <BKN@Z:
E:I:KHL<\IB<:
"G L>@NG=H EN@:K E: M:L: => <HGO>KLB\G >L
NG: => E:L O:KB:;E>L FVL BFIHKM:GM>L :E >O:EN:K
>E K>G=BFB>GMH => NG <BKNC:GH >G I:KMB<NE:K H NG
@KNIH => <BKNC:GHL <HEHKK><M:E>L R M:F;BXG I:K:
=>M>KFBG:K NG GBO>E => <:EB=:= => :M>G<B\G H
FH E:L <:K:<M>KZLMB<:L => EHL I:<B>GM>L IN>=>G
O:KB:K :FIEB:F>GM> >GMK> EHL <>GMKHL I:ZL>L R
K>@BHG>L >LM> ?:<MHK =>;> M>G>KL> >G <N>GM: :
>LM> K>LI><MH
#BG:EF>GM> =>L=> E: I>KLI><MBO: => E: BG
O>LMB@:<B\G EHL >LMN=BHL :GM>KBHK>L JN> >O:EN:
KHG EHL ?:<MHK>L :LH<B:=HL : E: <HGO>KLB\G GH
A:G <HGLB=>K:=H >LM: O:KB:;E> ") 0 >K: IKH
;:;E>F>GM> NG: => E:L O:KB:;E>L GH :CNLM:=: JN>
>G I:KM> >QIEB<: E: :LH<B:<B\G GHMB?B<:=: :GM>KBHK
"/?@.=1
5/518.=1
'"% #%
'"%
F>GM> >GMK> >E L>QH R E: <HGO>KLB\G >G FN<A:L
L>KB>L
HFH L> FN>LMK: >G >LM: L>KB> >E
L>QH NGH => EHL ?:<MHK>L FVL <HGLBLM>GM>F>GM>
:LH<B:=H IK>OB:F>GM> <HG E: <HGO>KLB\G >LMV
FNR BG?EN>G<B:=H IHK >E 0
): IKBG<BI:E EBFBM:<B\G => XLM> >LMN=BH >L
JN> L> MK:M: => NG: K>OBLB\G => NG: ;:L> =>
=:MHL IKHLI><MBO: IKHO>GB>GM> => NG: LHE: BGLMB
MN<B\G 0BG >F;:K@H >LM> BG?HKF> ?N> H;M>GB=H
=> NG: IKV<MB<: => :EMH OHENF>G >G <BKN@Z: <HEH
KK><M:E JN> :G:EBS: NG: L>KB> :FIEB: => I:<B>GM>L
<HGL><NMBOHL :<NFNE:=HL =NK:GM> NG I>KZH=H =>
MB>FIH K>E:MBO:F>GM> <HKMH R H?K><> BG?HKF:<B\G
LH;K> >E I:I>E =>E 0 >G >E K>LNEM:=H : <HKMH
IE:SH =>LINXL => E:
/)
NGJN> >LMH GH
IN>=> <HGLB=>K:KL> MX<GB<:F>GM> <HFH NG >LMN
=BH <B>@H =>;B=H : LN =BL>[H K>MKHLI><MBOH >E
L>L@H => <HGO>KLB\G >L FNR IH<H IKH;:;E> R:
JN> XLM: ABI\M>LBL GH L> A:;Z: IE:GM>:=H R EHL
<BKNC:GHL GH >K:G <HGL<B>GM>L =>E O:EHK =>E 0
:E FHF>GMH >G JN> EHL IKH<>=BFB>GMHL ?N>KHG
EE>O:=HL : <:;H
-HK _EMBFH >G NG: XIH<: => I:@H L>@_G
=>L>FI>[H R K>LNEM:=H L>@_G M:L:L >LI>K:
=:L LBG =N=: A:;KV NG: F:RHK =>I>G=>G<B: =>
E: >LMK:MB?B<:<B\G =>E KB>L@H R L> OHEO>KV <:=: O>S
FVL BFIHKM:GM> E: <HFIK>GLB\G >Q:<M: => EHL
?:<MHK>L => KB>L@H JN> @>G>K:G =B?B<NEM:= JNBK_K
@B<:
"G <HG<ENLB\G >E 0 >L NG: O:KB:;E>
<:M>@\KB<: K>E:<BHG:=: : EHL O:EHK>L :GMKHIHFX
MKB<HL >Q<>E>GM> I:K: IK>=><BK E: <HGO>KLB\G R NG
F:RHK MB>FIH HI>K:MHKBH >G I:<B>GM>L LHF>MB=HL
: <BKN@Z: <HEHKK><M:E E:I:KHL<\IB<: :LVG=HGHL
>G GN>LMKHL A:EE:S@HL EHL <BKNC:GHL R EHL I:
<B>GM>L IN>=>G BG?>KBK JN> E: K>:EBS:<B\G =>E IKH
<>=BFB>GMH E:I:KHL<\IB<H L>: MX<GB<:F>GM> FVL
=B?Z<BE R EE>O> FN<AH FVL MB>FIH >G EHL I:<B>GM>L
=> @K:G M:F:[H !>;B=H : JN> >L NG: O:KB:;E>
IK>=B<MBO: BG=>I>G=B>GM> =>;> M>G>KL> >G <N>G
M: :E BG?HKF:K : EHL I:<B>GM>L LH;K> EHL KB>L@HL
BGMK:HI>K:MHKBHL R >G E: L>E><<B\G => <:LHL :E BGB
<BH => E: <NKO: => :IK>G=BS:C> R : E: AHK: => >O:
EN:K >E =>L>FI>[H => NG: 2GB=:= => HEHIKH<
MHEH@Z:
/"#"/"+
& 0
& )&,$/m#&
0
(:G@ 6 %:E:;B 4' )NH / -B@:SSB
+@NR>G
+1 0M:FHL *' />/@=A1=>71 =:=@31B/: 'C@53@G
3BB3@ ==9 <B= B63 /B3AB (@3<2A K<A 0NK@
;K
+>ELHG % 0:K@>GM ! 4B>:G= 0 #E>LAF:G '
"!) %& N! !
%( M
" "%%
'
GO:KB * 0MKRD>K 0 >M :E 1=;>/@7A=< =4 :/>/@=
A1=>71/::G /AA7AB32 /<2 =>3< 1=:31B=;G 4=@ 1=:=<
1/<13@ + "G@E ' *>=
*:R
%:L>@:P: % (:;>LABF: 6 4:M:G:;> *
6:F:FHMH 0 (BM:CBF: * &/<2=;7H32 1=<B@=::32
B@7/: =4 :/>/@=A1=>71 D3@ACA =>3< 1=:31B=;G 4=@
/2D/<132 1=:=@31B/: 1/<13@ 0NK@ "G=HL<
;K
(:BL>K * (:G@ '
A:G )0 3ND:LBG - >:KM
/4 'K />/@=A1=>71 /AA7AB32 DA =>3< 1=:31B=
;G 4=@ 1=:=< 1/<13@ / >@=A>31B7D3 @/<2=;7H32
B@7/: ' ):I:KH>G=HL< =O 0NK@ 1><A
!B<
):<R * $:K<B: 3:E=><:L:L '
-BJN> '*
!>E@:=H 0 :FIH " HK=:L '* >M :E '6=@B
B3@; =CB1=;3 /</:GA7A =4 / @/<2=;7H32 ABC2G
1=;>/@7<5 :/>/@=A1=>71 DA =>3< 1=:31B=;G 4=@
1=:=< 1/<13@ 0NK@ "G=HL<
,<M
0M:@> '$ 0<ANES> 0 *HEE>K - >M :E $@=A>31B7D3
@/<2=;7H32 ABC2G =4 :/>/@=A1=>71 D3@ACA =>3<
1=:=<71 @3A31B7=< 4=@ /23<=1/@17<=;/ K ' 0NK@
*:K
*:KNL<A # $:LMBG@>K & >M :E ;>=@B/<13 =4 1=<
D3@A7=< 4=@ @3AC:BA =0B/7<32 E7B6 :/>/@=A1=>71 1=:
=@31B/: AC@53@G !BL HEHG /><MNF
#>;
=BL<NLB\G
%>B=B +>ELHG *! !:GB>E ' 0:K@>GM >M :E 1=;
>/@7A=< =4 :/>/@=A1=>71/::G /AA7AB32 /<2 =>3<
1=:31B=;G 4=@ 1=:=< 1/<13@ + "G@E ' *>=
*:R
A:G
-HHG '1 #:G '( )H 0% ):P 4)
;>/1B =4 1=<D3@A7=< =< B63 :=<5 B3@; =CB1=;3 7<
:/>/@=A1=>71 @3A31B7=< =4 1=:=@31B/: 1/<13@ 'C@5
<2=A1
!B<
4ABM> & $K>>G;>K@ / &M:A / &G;:K / 0<AG>>
;:NF 0 OBM:E 0 ;>/1B =4 1=<D3@A7=< =< A6=@B
/<2 :=<5 B3@; =CB1=;3 7< :/>/@=A1=>71 @3A31B7=<
=4 1C@/0:3 1=:=@31B/: 1/<13@ '0)0
;K 'NG
0<A>B=;:<A % $:KEBII
,;>KE:G=>K % =HE? !
(H<D>KEBG@ # )BII>KM %
=<D3@A7=< 7< :/>/@=
A1=>71 1=:=@31B/: 1/<13@ AC@53@G 7;>/1B =<
A6=@B /<2 :=<5 B3@; =CB1=;3 ' ):I:KH>G=HL<
=O 0NK@ 1><A
!B<
*HEHH % *:F:SS: ' >M :E />/@=A1=>71 @3A31
B7=<A 4=@ 1=:=@31B/: 1/<13@ 2=3A 1=<D3@A7=< AC@
D7D/: 'C@5 <2=A1
*:R
BF: // %:LL:G & >M :E /7:C@3 =4 7<AB7BCB7=</::G
23@7D32 >@3271B7D3 ;=23:A =4 1=<D3@A7=< 7< :/>/@=
A1=>71 1=:=@31B/: AC@53@G B= >@3271B 1=<D3@A7=<
=CB1=;3A 7< /< 7<23>3<23<B 2/B/ A3B =4
:/>/@=A1=>71 1=:=@31B/: >@=132C@3A GG 0NK@
;K
#K:GDH ' , HGG>EE $ >M :E (63 7<4:C3<13 =4
>@7=@ /02=;7</: =>3@/B7=<A =< 1=<D3@A7=< /<2
1=;>:71/B7=< @/B3A 7< :/>/@=A1=>71 1=:=@31B/: AC@
53@G ' '
;K 'NG
$HGSVE>S / 0FBMA ! >M :E =<A3?C3<13A =4
( ,!)*
(
1=<D3@A7=< 7< :/>/@=A1=>71 1=:=@31B/: AC@53@G !BL
HEHG /><MNF
#>;
0<AE:<AM: * *:F:SS: ' $K>@HBK> / NKI>>
0" -:<> (1 -HNEBG " $@3271B7<5 1=<D3@A7=< 7<
:/>/@=A1=>71 1=:=@31B/: AC@53@G #>EEHPLABI MK:BG
BG@ F:R ;> :G :=O:GM:@> 0NK@ "G=HL<
@H
0<AE:<AM:
* *:F:SS: ' 0>LA:=KB :=>==N *, -HNEBG " $@3271B7<5 1=<D3@A7=<
B= =>3< AC@53@G 7< :/>/@=A1=>71 1=:=@31B/: @3A31
B7=<A A7;>:3 1:7<71/: ;=23: 0NK@ "G=HL<
!B<
0<AP:G=G>K , 0<AB>=><D 1% KN<A % (63 @=:3
=4 1=<D3@A7=< 7< :/>/@=A1=>71 1=:=@31B/: AC@53@G
= >@3271B7D3 4/1B=@A 3F7AB 0NK@ "G=HL<
#>;
1>DDBL -- 0>G:@HK> ' !>E:G>R - =<D3@A7=<
@/B3A 7< :/>/@=A1=>71 1=:=@31B/: AC@53@G / >@3271
B7D3 ;=23: E7B6
>/B73<BA 0NK@ "G=HL<
"G>
1AHKI> % ':RG> !$ $NBEEHN -' .NBKD> HI>E:G= ' KHPG '* $/B73<B 4/1B=@A 7<4:C3<17<5
1=<D3@A7=< 4@=; :/>/@=A1=>71/::G /AA7AB32 B=
=>3< AC@53@G 4=@ 1=:=@31B/: 1/<13@ K ' 0NK@
#>;
*HLM>EE>K /! '7;>:74732 1/:1C:/B7=< =4 0=2G AC@
4/13 /@3/ + "G@E ' *>=
,<M
0>G:@HK> ' !>E:G>R - *:=;HNE:R ( K:=R
(* #:SBH 34 />/@=A1=>71 1=:31B=;G 7< =03A3
/<2 <=<=03A3 >/B73<BA ' $:LMKHBGM>LM 0NK@
*:R 'NG
$NBEEHN -' .NBKD> - >M :E '6=@B B3@; 3<2>=7<BA =4
1=<D3<B7=</: D3@ACA :/>/@=A1=>71 /AA7AB32 AC@
53@G 7< >/B73<BA E7B6 1=:=@31B/: 1/<13@ !&
'
B@7/: ;C:B713<B@3 @/<2=;7A32 1=<B@=::32
%*!%
!(+ ^
):7
!J
B@7/: /<13B
*:R
0<AP:G=G>K , #:KD> 0 0<AB>=><D 1% KN<A
%- />/@=A1=>71 1=:=@31B/: AC@53@G 7< =03A3 /<2
<=<=03A3 >/B73<BA 2= 27443@3<13A 7< 0=2G ;/AA
7<2713A :3/2 B= 27443@3<B =CB1=;3A 0NK@ "G=HL<
,<M
1N><A '' />@>G>M + %>GG>DBGG> 0 ->LL:NQ >K@:F:L<AB / KG:N= '- />/@=A1=>71 1=:31
B=;G 4=@ A75;=72 27D3@B71C:7B7A 7< =03A3 /<2 <=<
=03A3 >/B73<BA / >@=A>31B7D3 1=;>/@/B7D3 ABC2G
'C@5 <2=A1
!B<
!HLM:EBD ' *:KMBG>D ) 3:OK: - G=>E - $NGD: &
$NGDHO: - />/@=A1=>71 1=:=@31B/: AC@53@G 7<
=03A3 >/B73<BA ,;>L 0NK@
,<M
4:AE - %:AGEHL>K !
A:GLHG
$BO>E '
/>/@=A1=>71 /<2 =>3< 1=:=@31B/: AC@53@G 7<
3D3@G2/G >@/1B713 @3B@=A>31B7D3 ABC2G
+7 '
0NK@
"G> #>;
*:DBGH 1 0ANDE: -' /N;BGH # *BELHF '4 (63
7;>/1B =4 =03A7BG =< >3@7=>3@/B7D3 =CB1=;3A /4B3@
:/>/@=A1=>71 1=:=@31B/: @3A31B7=<
GG 0NK@
#>;
1LNCBG:D: 0 (HGBLAB # >M :E *7A13@/: =03A7BG >@3
271BA AC@571/: =CB1=;3A /4B3@ :/>/@=A1=>71 1=:31
B=;G 4=@ A75;=72 1=:=< 1/<13@ !BL HEHG /><
MNF
!B<
=BL<NLB\G
><<ABGB 0
:O:SSBGB " *:K<A>LB # 0:KEB )
/HG<HKHGB )
=;>CB32 B=;=5@/>6G D=:C;3B@71
4/B >/@/;3B3@A D3@ACA 0=2G ;/AA 7<23F 4=@ >@3
271B7<5 A6=@B B3@; =CB1=;3A =4 1=:=< AC@53@G
4HKE= ' 0NK@
*NLM:BG 4 !:O>GIHKM !) %HNKB@:G '0 3:K@:L
%! #03A7BG /<2 :/>/@=A1=>71 1=:31B=;G =CB
1=;3A 4@=; B63
' "'% $ 2/B/0/A3 !BL HEHG
/><MNF
;K
Descargar