Document

Anuncio
2+&)%'
"
-
37=;8.>--HU7
# +50+,/=8
(%'% ;E[gVGXOEV [ PMQgVGXOEV
(%(% 2OWXUE HI
OIWUE
OE
(%)% @ISEUEGMfQ IQWUI OIWUEV
#!$ 2OJEFIWRV IVWUIGLRV
(%+% 4RORU
HI OEV OIWUEV
%
%
%
%
%
')
')
'.
'.
(*
$ !;5+<
(+
% <V6,858<
)'
&
*'
05/-2+<
' -U.318 ./
-858;/< ./ 087.8
*/
( -8698<3-HU7
-%'% @MWXEGMfQ HI JOIGLEV [ VdPFRORV
-%(% @ISEUEGMfQ IQWUI OdQIEV
-%)% @ISEUEGMfQ
IQWUI SEOEFUEV
[ VdPFRORV
%!$ ;bUKIQIV VXSIUMRUIV#
MQJIUMRUIV
[ OEWIUEOIV
-%+% 2OMQIEGMRQIV YIUWMGEOIV
-%,% AROIUEQGMEV
% +/
% ,&
% ,&
,&
%
% ,&
% ,&
) -874>7=8<
>73=+;38<
./ </T+5/<
./ 8;3/7=+-HU7
.%'% @MWXEGMfQ
.%(%<gPIUR HI GRQNXQWRV
.%)%5MPIQVMRQIV
.%*% 9QHMGEGMRQIV
.%+%=UHIQ
.%,%7OIGLEV
.%-% @dPFRORV
.%.% <gPIUR HIPfHXORV
%
%
%
%
%
%
%
%
* </T+5/<
./ <3=>+-HU7
/%'% @IeEOIV HI ORGEOM\EGMfQ HI SRFOEGMfQ
/%(% =WUEV VIeEOIV HI VMWXEGMfQ
% .% .-
"!
'&%'%@MWXEGMfQ
HI OEV VIeEOIV
'&%(%@IeEOIV HI SUIEYMVRSUIVIOIGGMfQ
[
'&%)%4RQNXQWRV HI VIeEOIVHMUIGGMfQ
HI
"!!$ @IeEOIVHI VMWXEGMfQ
'&%+% 2OWXUE HI OEV VIeEOIV
'&%,%5MVWEQGMEV EO FRUHMOOR
'&%-% 6OIPIQWRV HI VXNIGMfQ
%
%
%
%
%
%
%
/695+@+63/7=8
9
$]
-'
-'
-'
-*
-*
-*
-*
--
/)
/)
/*
/*
/,
/,
/,
"" ?3<3,353.+.
78-=>;7+
'&'
"# -869/=/7-3+<
'&+
"$ </T+53@+-3U7
+;3+,5/
')%'% 5I RUMIQWEGMfQ [ IVWEHR HI ESEUGEPMIQWRV
% """
')%(% @IeEOIV SUIGISWMYEV
% """
')%)% 5I MQJRUPEGMfQ VRFUI
IVWEHR
IO
HIOEUIH
#
%''(
"% -+;+-=/;V<=3-+<
-858;36S=;3-+<
R 08=86S=;3-+<
'*%'% 9QWURHXGGMfQ
'*%(% <MYIOIV HI
UIWURUUIJOIGWEQGME
'*%)%4EUEGWIUdVWMGEV GRORUMPcWUMGEV
"$!$ 4EUEGWIUdVWMGEV JRWRPcWUMGEV
% ''/
% ''/
% ''/
% ''/
"& </T+5I@+-387
9>,53-3.+.
'(-
"' /<:>/6+ ./5
9;8-/<8 ./
</T+53@+-3U7
3708;6+=3?+
'))
#
]
"
9<A?=5B44Ma<
$
! )+.-,&/%%01+
W
2 JMQEOIV HIO EeR '/.'# OE 2VRGMEGMfQ SURJXQHR#
HI
SXIV OE SURJXVE ESOMGEGMfQ
9QKIQMIURV ;XQMGMSEOIV [ >URYMQGMEOIV
TXI VI LE LIGLR HI OEV UISIWMHEV
$+)3!
HI 6VSEeE IOEFRUf [ SXFOMGf XQEV1+2*').32+6
IV XQE PXIVWUE HI VX
$+)31+2*').32+6 4'5' 0' %+:'0.9').;2
EHIGXEGMfQ E OEV QIGIVMHEHIV IZMVWIQ$
#2,351'7.8' &5('2'
GRQ IO JMQ HI GRQ$ WIV# GRPR OR IV WEPFMcQ TXI# IQ OR TXI
VIKXMU XQ PE[RU RUHIQ [ XQMJRUPMHEHVI IQ
UIJMIUI E ORV PfHXORV HI VIeEOM\EGMfQ
OEV VIeEOIV MQJRUPEWMYEV HI QXIVWUEV
MQJRUPEWMYE# LE[EQ VMHR UIGRKMHEV WEQWR
GMXHEHIV%
IQ IO 4EWbORKR HI @IeEOIV HIO ;MQMV$
1#
# AUEQVSRUWIV [
:E QIGIVMHEH HI HMGLEV ?IGRPIQ$ WIUMR HI =FUEV >gFOMGEV
HEGMRQIV
VI HIFdE# IQ ETXIOORV;IHMR 2PFMIQWI GRPR IQ IO ?IKOE$
PIQWR 8IQIUEO HI 4MUGXOEGMfQ YMKIQWIV%
PRPIQWRV# E OE JEOWE HI XQE QRUPEWMYE
GOEUE TXI# VM FMIQ VI LEFdE GRPIQ\E$ >RU RWUE SEUWI# OE QRUPEWMYE VRFUI
VIeEOM\EGMfQ
YIUWMGEO# MQWURHXGMHE WEQWR
HR E HIVEUUROOEU IQ OR TXI GRQGIUQdE
E
OE ?IH HI 9QWIUcV 8IQIUEO HIO
YdEV MQWIUXUFEQEV# QR RGXUUdE ORSEUE
PMVPR
6VWEHR GRPR IQ EOKXQEV UIHIV EXWR$
GRQ OEV YdEV XUFEQEV% 6VWR VXGIHdE#
QfPMGEV# LE IZSIUMPIQWEHR PRHMJMGE$
IQWUI RWURV PRWMYRV# SRUTXI OE VIeEOM$
TXI GRQYMIQI WIQIU IQ GXIQWE#
\EGMfQ XUFEQE# IQ PXGLRV EVSIGWRV# GMRQIV
IV
SRU UE\RQIV HI GRLIUIQGME# IQ IO bPFM$
PbV SURFOIPbWMGE GRPR GRQVIGXIQGME
WR XUFEQR%
WEQWR HI OE GRPSOINMHEH HI OEV UIHIV
YMEUMEV [ HI OEV MQWIUVIGGMRQIV# GRPR
HI EGWXEOM\EGMfQ HI OEV ?IGRPIQ$
6VWE
HEGMRQIV VRFUI @IeEOM\EGMfQ 9QJRUPEWM$
OE GEQWMHEH [ HIQVMHEH HI ORV SXQWRV
YE BUFEQE
HI MQWIUcV I MWMQIUEUMRV E VIeEOM\EU%
2 OR IV IO UIVXOWEHR HI QXPIUR$
EQWIUMRU VI XQI OE IQRUPI GEQWMHEH
HIMQWIUGEPFMRV HI IZSIUMIQGMEV [ RSM$
VRV
IOIPIQWRV HI HMVWUEGGMfQ HIFMHRV QMRQIV
E OE IQWUI WcGQMGRV PXQMGMSEOIV UIV$
SXFOMGMHEH# OE EGWMYMHEH GRPIUGMEO
R# HI OE PEWIUME# EVd GRPR HI
SRQVEFOIV
GRQVXOWRUIV#
JEFUMGEQWIV I MQVWEOEHR$
MQGOXVR# E ORV YILdGXORV IVWEGMRQEHRV
[
UIV [ SUIWIQHI# [ VMQ HXHE GRQVIKXMUb#
IQ PRYMPMIQWR TXI VI IQGXIQWUEQ QRU$
PEOPIQWI IQ \RQE XUFEQE [ TXI QR PINRUEU OE VIKXUMHEH [ GRPRHMHEH HI OE
GMUGXOEGMfQ
IQ OEV YdEV XUFEQEV EO
VXIOIQ LEOOEUVI# R TXI EO PIQRV VRQ
PMVPR WMIPSR TXI WUEWE HI SURHXGMU IO
PbV JbGMOIV HI OMPMWEU# IQ GEUUIWIUEV
MPSEGWR IVWcWMGR PbV SRVMWMYR SRVMFOI
MQWIUXUFEQEV%
IQ IO IQWRUQR XUFEQR%
6O LIGLR HI TXI OE QRUPEWMYE VRFUI
VIeEOM\EGMfQ UIGMFMIVI PE[RU EWIQGMfQ
[# SRU GRQVMKXMIQWI# EOGEQ\EVI PE[RU
GOEUMHEH [ SUIGMVMfQ IQ WRHR OR UIOEGMR$
QEHR GRQ OEV YdEV MQWIUXUFEQEV TXI IQ
OR UIJIUIQWI E OEV XUFEQEV IV# IQ GMIUWR
PRHR# OfKMGR [E TXI OE GMUGXOEGMfQ SRU
GEUUIWIUEV MPSOMGE XQ PE[RU SIOMKUR
HIFMHR E OEV EOWEV YIORGMHEHIV TXI IQ
IOOEV VI VXIOIQ UIKMVWUEU%
6O WMIPSR WUEQVGXUUMHR HIVHI OE SXFOM$
GEGMfQ HI OEV SUMPIUEV
$+)31+2*').3!
2+6 LE SIUPMWMHR EGXPXOEU XQE VIUMI HI
IZSIUMIQGMEV [# EO PMVPR WMIPSR# LE
HEHR OXKEU E HIWIUPMQEHRV GEPFMRV
TXI SIUPMWIQ [ LEGIQ EGRQVINEFOI IO
EGWXEOM\EUOEV% <R VI WUEWE HI XQ GEPFMR
h
/
%
&').C0OOC
" #*(#$'.,
IVWRV GEVRV WRHEV OEV OIWUEV# MQGOXMHE OE
:E XWMOM\EFMfQ HI XQ EOJEFIWR XQMJMGEHR
MQMGMEO# HIFIUbQ VIU PMQgVGXOEV%
IQ GXEQWR E VX JRUPE [ WEPEeR IV XQE
HI OEV PIHMHEV TXI GRQWUMFX[IQ HI XQE>EUE ORV QRPFUIV SURSMRV HI ORV PIQ$
GMRQEHRV OXKEUIV HI MQWIUcV XUFEQR VI
PEQIUE PbV IJMGE\ E OE PINRUE HI OE
VIeEOM\EGMfQ XUFEQE% :E GRLIUIQGMEXWMOM\EUb
IQ
WEPFMcQ OE OIWUE PMQgVGXOE#
IZGISWR
IQ OE MQMGMEO TXI VIUb PE[gVGX$
OE VIeEOM\EGMfQ MQJRUPEWMYE IZMKI
TXI
OE%PMV$
4RQ IO PMVPR GUMWIUMR EQWIUMRU VI XWM$
ORV GEUEGWIUIV XWMOM\EHRV VIEQ ORV
OM\EUbQ
PRV QR VfOR IQ XQ MWMQIUEUMR HEHR#
VMQR ORV GEUEGWIUIV PMQgVGXORV# MQGOX$
VR SEUE ORV QRPFUIV HI GMXHEHIV# IQ OEV
IQ WRHE IO bUIE XUFEQE% 6VWR SURSMGME
VIeEOIV
XQE MHIQWMJMGEGMfQ PbV UbSMHE SRU
SEUWIHI JRQHR E\XO R YIUHI VMWXEHEV
IQ# R TXI HMUMKIQ LEGME# OEV EXWRSMVWEV#
HI ORV XVXEUMRV# [E TXI VI SURHXGI XQE
EXWRYdEV
R YdEV UbSMHEV%
EVRGMEGMfQ VXFGRQVGMIQWI IQWUI IO
WMSR
HI OIWUE [ OE MHIE HI OE VIeEOM\EGMfQ YMEO%
>RU RWUE SEUWI# VI JEGMOMWE OE OEFRU HIO
# +IPQNA DE IEPNA
JEFUMGEQWI EO PMVPR WMIPSR TXI# VI
LEGI PbV VIQGMOOE OE HIWIGGMfQ HI OEV
EOWXUE PdQMPE TXI HIFIQ WIQIU OEV
VIeEOIV JEFUMGEHEV R MQVWEOEHEV :EJUEX$
OIWUEV IQ XQE VIeEO MQJRUPEWMYE SEUE TXI
HXOIQWEPIQWI%
SXIHE VIUGRPSUIQHMHE
SRU ORV GRQ$
6O WMSR HI OIWUE EHRSWEHR IQ IVWEV
$+)31+2*').32+6
LE VMHR EPSOMEPIQ$ HXGWRUIV# EXPIQWE GRQ OE YIORGMHEH HI
WI IZSIUMPIQWEHR [ UIgQI OEV PINRUIVORV YILdGXORV [ GRQ OE HMVWEQGME OEWIUEO
IQWUI IO [ GEUWIO [ OE WUE[IGWRUME HI ORV
GEUEGWIUdVWMGEV IQ GXEQWR E IVWcWMGE
PMVPRV% 2VM PMVPR# IO WMIPSR QIGI$
YMVMFMOMHEH VI UIJMIUI%
!!
VEUMR SEUE OIIU OEV SEOEFUEV GRQWIQMHEV
2Vd SXIV# SEUE OE VIeEOM\EGMfQ XUFE$
IQ IO GEUWIO [ # SRU WEQWR# OE HMVWEQGME E
QE# gQMGE [ IZGOXVMYEPIQWI# HIFIUb XWM$
TXI HIFIQ
GRPIQ\EU E VIU OIKMFOIV IV
OM\EUVI IO WMSR HI OIWUE TXI VI MQHMGE
IQ
SURSRUGMRQEO E VX QgPIUR%
OEV JMKXUEV ' E *%
@MQ IPFEUKR# OEV JfUPXOEV TXI UIOE$
GMRQEQ IVWEV GXEWUR YEUMEFOIV $IV HIGMU0
EOWXUE HI OIWUE# VISEUEGMfQ OEWIUEO# YIOR$
# " 6ARXOCQIAO R
GMHEH [ QgPIUR HI SEOEFUEV$ QR VXIOIQ
JHKXOCQIAO
IVWEU GRQGIFMHEV SEUE OEV GRQHMGMRQIV
6ZGISWR IQ IO%EVR
G
HI OEV VIeEOIV R TXI QRUPEOPIQWI VI IQGXIQWUEQ IQ OEV
SEUWIV HI VIeEOIV TXI VI UIJMIUEQ E\RQEV XUFEQEV% >RU RWUR OEHR# OE GOEVMJM$
GEGMfQ IOGRQ XQ VMVWIPE HI GRORUIV
EXWRSMVWEV# EXWRYdEV R YdEV UbSMHEV#
E[XHEU EO GRQHXGWRU E HMVPMQXMU
XVR HI ORV GEUEGWIUIV PE[gVGXORV SXIHI
IV
IO WMIPSR
HI EWIQGMfQ TXI WMIQI TXI
RFOMKEWRUMR [ IZGOXVMYR SEUE ORV
QRP$
HIHMGEU E OE VIeEO%
FUIV SURSMRV HI SEdV# UIKMfQ# SURYMQGME#
SXIFOR [# IQ KIQIUEO# HI \RQEV XUFEQEV%2 WdWXOR RUMIQWEWMYR VI SXIHI HIGMU TXI
OE HMV$
6Q IVWRV GEVRV WRHEV OEV OIWUEV SEUE
VIUbQ IO WMSR HI OIWUE EHRSWEHR#
WEQGME HI OIKMFMOMHEH IV ITXMYEOIQWI E
PE[gVGXOEV%
,&& YIGIVIOOE EOWXUE HI OE OIWUE XWMOM\EHE#
>RU IO GRQWUEUMR VIUb RFOMKEWRUMR
HIGMU# XQE OIWUE HI '&& PP HI EOWX$
XVR HI PMQgVGXOEV SEUE WRHRV ORV IV
QRP$
FUIV GRPXQIV HI OXKEUIV HI MQWIUcVUE SXIHI HMVWMQKXMUVI HIVHI ,& P HI
HMVWEQGME [ XQE HI '+& PP HIVHI K=P%
XUFEQR WEOIV GRPR NEUHMQIV# SEUTXIV#
>EUE IO GEVR HI ORV GEUWIOIV EKUXSE$
IVWEGMRQIV#
EIURSXIUWRV#
SXIUWRV#
HRV IQ IOIPIQWRV HI VIeEOM\EGMfQ XQM$
4RUUIRV# AIOcKUEJRV# IVWEHMRV#
PRQX$
PIQWRV# GEOOIV# SOE\EV# FEUUMRV# WEUME#
IWG% 6Q OE EOWXUE HI OIWUE PdQMPE UIGR$
h
"$
" #*(#$'.,
OE VISEUEGMfQ IQWUI
OIWUEV
PIQHEFOI IV HI '&& PP %<R RFVWEQWI )%_5MVPMQXMU
$IQWUI JMQEO HI XQE OIWUE [ SUMQGMS
OR EQWIUMRU#
HI VIU SRVMFOI VI EHRSWEUb
HI SIU$
OE VMKXMIQWI#
QR IQWUI SUMQGMSMR [
IO GUMWIUMR HI XWMOM\EU GEUWIOIV TXI
SUMQGMSMR$
XQEIQSURSRUGMfQ MQJIUMRU
PMWEQ WEPEeR HI OIWUE HI '(&2PP%
EO(& SRU GMIQWR%
IVWRV IJIGWRV VI HIQRPMQE EOWXUE R
*%_6OIKMUXQ WMSR HI
OIWUE HI
PIQRU
WEPEeR HIOIWUE HI
XQ EOJEFIWR OE
E
EOWXUE PMVPR
HIO
EOJEFIWR%
EOWXUE TXI WMIQIQ
OEV OIWUEV
PE[gVGXOEV
+%_2XPIQWEUIO WEPEeR HIO
GEUWIO [# VM
R OEV PMQgVGXOEV EOWEV WEOIV
OE- GRPR
/ 03 7"
VI WUEWEXQ
HI KUXSR
LRPRKcQIR HI
GEUWIOIV#
WIQIUIQ GXIQWE OE QIGIVM$
:E EOWXUE
HI OE OIWUE XQ
IV IOIPIQWR
HEH HI EXPIQWEU WEPFMcQ IO WEPE$
JXQHEPIQWEO
IQ IOHMVIeRHI XQ GEUWIO#
eR HI ORVHIPbV GEUWIOIV%
[E TXI HI IOOE HISIQHI OE ORQKMWXH
HI
:E GRPSRVMGMfQ
H$I XQ GEUWIO IZMKI#
OEV SEOEFUEV
[ KUEQ SEUWI
HI OEVHMPIQ$
XQE YI\ JMNEHE
OEEOWXUE HI OE OIWUE# IJIG$
VMRQIVHIO PMVPR%
5I WRHEV JRUPEV# VMIPSUI VI HIFI WXEU XQ GbOGXOR HI OE ORQKMWXH HI G
SEOEFUE% >EUE JEGMOMWEU IVWE OEFRU#
WIQIUIQ GXIQWE TXI# VEWMVJIGLEV OEV
HMPIQVMRQIV
PdQMPEV#
IO JEGWRU HI WEFOEV ' E * VI HEQ# SEUE OIWUEV HI EOWX
HI '&& PP# ORV IVSEGMRV LRUM\RQWE$
PE[RU SIVR# WEQWR IQ OE IOIGGMfQ HIUE
OE
TXI UIEOPIQWI UITXMIUI GEHE OIWUE
EOWXUE HI OIWUE GRPR IQ OEV RWUEVOIV
PIHM$
VIKgQ VI GRQVMHIUI# EMVOEHE R HIVHI IO
HEV HIOGEUWIO# HIFI VIU IO HI OE XQMJRU$
SUMQGMSMR HI XQE OIWUE EO SUMQGMSM
PMHEH%
VMKXMIQWI% :E VXPE HI IVWEV HMVWEQGME
PbV OE EQGLXUE HI OE gOWMPE OIWUE
GEUbGWIU" VIUb OE ORQKMWXH WRWEO
# $ <EMANACHWK EKPNE
SEOEFUE%
IEPNAO
2 PRHR HI INIPSOR# IQ OE JMKXUE + VI
MQHMGE IO GbOGXOR HI OEV SEOEFUEV ^24
5EHR XQ EOJEFIWR# OE VISEUEGMfQ IQWUI
365= [ $:OIOHE` GRQ OIWUE HI EOWXUE HI
HRV OIWUEV HIWIUPMQEHEV VMIPSUI HIFI
'&&OE
PP% >EUE GRQRGIU
OE VISEUEGMfQ
VIU OE PMVPE% 6VWR TXMIUI HIGMU TXI
IQWUI XQE OIWUE [ OE VMKXMIQWI FEVWE G
VISEUEGMfQ QR VI HIFI EXPIQWEU GXEQ$
UIVWEU HI OE VISEUEGMfQ IQWUI OIWUEV MQ
HR OE SEOEFUE VIE PX[ GRUWE $SEUE ^OOI$
GEHE
OE EQGLXUE HI OE SUM$
QEU IO GEUWIO$ QM GRPSUMPMU GXEQHR IQ
OEOEV WEFOEV
PIUE OIWUE%
SEOEFUE UIVXOWI IZGIVMYEPIQWI OEUKE%
:E EQGLXUE [ HMVWEQGMEV IQWUI GEUEG
<R RFVWEQWI OR EQWIUMRU# IV EHPMVMFOI
WIUIV
HI EOWXUE
HMJIUIQWI E '&& PP VI
HMVPMQXMU OE HMVWEQGME IQWUI IO
JMQEO
HI
HIHXGMUbQ HI OEV WEFOEV ' E *# [E TXI QR
XQE OIWUE [ IO SUMQGMSMR HI OE VMKXMIQWI
GEPFME OE SURSRUGMfQ%
2Vd# XQE OIWUE R
VMIPSUI TXI OE HMVPMQXGMfQ QR VIE
VXSIUMRU EO (& SRU GMIQWR [ VI IJIGWgI
GEUbGWIU HI -+ PP WIQHUb XQE EQGLXUE
[ XQE HMVWEQGME IQWUI VXV SUMQGMSM
IQ MKXEO SURSRUGMfQ IQOEV
WRHEV
VISE$
UEGMRQIV
HI OEV OIWUEVXQE
HI SEOEFUE% MKXEO E OE HI OEV WEFOEV PXOWMSOMGEH
@IKgQ IVWIGUMWIUMR# GXEQHR XQE SEOE$
&#-+ D UIHRQHIEHE E PMOdPIWURV%
FUE VIEHIPEVMEHR OEUKE SEUE IO IVSE$
GMR HMVSRQMFOI
HIFI UIGXUUMUVI E OEV
VMKXMIQWIV VROXGMRQIV
IOVMKXMIQ$
[ SRU
# % +IFABEPLO EOPNECGLO
WI RUHIQ HI SUMRUMHEH0
'%_BWMOM\EU EFUIYMEWXUEV#
VM IV EHPMVMFOI%:E IZSIUMIQGME MQHMGE
TXI OEHMVWEQGME
(%_@M
VI WUEWE HI XQ QRPFUI GRPSXIV$ HI OIKMFMOMHEH EOJEFIWR
HIO
IVWUIGLR
WR HMVSRQIUOR IQ HRV OdQIEV% GRUUIVSRQHMIQWI EO WMSR HI OIWUE EHR
")
"#!
($
"!&
""$
"#%
((
"!*
""(
*"
)"
%$
%$
"!*
"!(
**
""#
)&
""%
""#
"!%
""(
*!
)!
%#
%#
(&
$(
$(
""&
""$
"!&
"")
""%
$)
$)
##
)(
"""
"!*
"!"
""%
"#( "#$
)! ('
""# "!)
"#! ""'
"#"
(%
"!'
"#'
(*
"""
""*
, 4, 40;9, /0 ,4;<9, %$$&%$" *,: /3:;,6.3,: 8,9, 04 90:;7 /0
,4 6A5097 ,6;09379"> 4,: 2793?76;,40: ,4 6A5097 :31<306;0#
*, /3:;,6.3, 06;90 8,4,-9,: =06/9@ /,/, 879 4, ,4;<9, /04 6A5097#
! %# '6.27 /04 6A5097 .7990:876/306;0
! *7: 6A5097: =09;3.,40: .7990:876/06
!
+'(*' &
,4;<9,: :09@6 897879.376,40:!
$)
&)
"&& '$
)%
(%
$'
$'
"!)
"!'
*)
"""
"#!
($
"!&
""$
)3:;,6.3,: /0:/0 04 8936.3837 /04 6A5097 ,6;09379 2,:;, 04 8936.3837 /04 6A5097 :31<306;0 /06;97 /0
<6, 8,4,-9," 06 &%$"
En la página 12 se encuentra
hoja FE DE ERRATAS donde
aparecen estos ejemplos
convenientemente modificados.
" %+(%&'/,
P>AK BJ BOP>O NB@KIBJA>@FKJBO
BO
>LNKSFI>A>IBJPB
QJ *- LKN @FBJPK
IBJKN T H> HKJDFPQA IBAF> AB H>O L>H>%
?N>O BO P>I?FXJ QJ *- LKN @FBJPK
IBJKN&
:KN KPNK H>AK
$ QJ> NBAQ@@F[J AB H>
>HPQN> AB HBPN> ABH >HC>?BPK >AKLP>AK
ABH *- LKN @FBJPK OB PN>AQ@B BJ QJ> AFO%
IFJQ@F[J AB H> AFOP>J@F> AB RFOF?FHFA>A
BJ QJ IFOIK LKN@BJP>GB&
:KN BOP> N>U[J T$ OK?NB PKAK$
LKN
N>UKJBO BOPXPF@>O BO LNBCBNF?HB QPFHFU>N
QJ> HBPN> JKNI>H @KJ QJ> >HPQN> >LNKSF%
I>A>IBJPB FDQ>H >H /- LKN @FBJPK MQB
QPFHFU>N BH >HC>?BPK =H>NJ>AK BOPNB@EK$
MQB$ >ABIWO$ FJPNKAQ@B QJ C>@PKN AB
C>HP> AB QJFCKNIFA>A JK ABOB>?HB&
3OY
LQBO$OB NB@KIFBJA> JK QPFHFU>N BJ JFJ%
D\J @>OK BH HH>I>AK >HC>?BPK BOPNB@EK&
! " #)()* &' (%+ (',*%+
<Q @KHKN AB?B OBN ?H>J@K @Q>JAK BH
CKJAK ABH @>NPBH OB>
RBNAB$
>UQH$RFKHB%
P>$@>OP>ZK K DNFO& 5B?BNW OBN
K JBDNK$
>UQH KO@QNK$ @Q>JAK BH CKJAK OB> ?H>J%
@K$ >I>NFHHK K J>N>JG>&
#"
$#
!
(*)0-% !$
"
33
# ,-+%.
6J HKO @>NPBHBO AB KNFBJP>@F[J CKNI>%
8> BSLBNFBJ@F> E> ABIKOPN>AK MQB QJ>
AB H>O CKNI>O L>N> @KJOBDQ
FN MQB QJ AKO LKN I[AQHKO NB@P>JDQH>NBO TQSP>%
@>NPBH K QJ> OBZ>H ABOP>MQBJ AB?FA>%
LQBOPKO$
@KILKJFBJAK
QJ @KJGQJPK
IBJPB @KJOFOPB BJ AFOLKJBN QJ> KNH>QJFP>NFK$
BJ
@>A> I[AQHK HHBR>NW QJ> KNH>
HKO ?KNABO ABH @>NPBH
MQB @KJPN>OPB @KJ
BS@HQOFR>IBJPB BJ BH ?KNAB FJCBNFKN OFJ
BH @KHKN AB CKJAK ABH IFOIK&
ABG>N I>NDBJ JFJDQJK&
6OP> KNH> PBJANW QJ> >J@EQN> FDQ>H >1
8> KNH> BO QJ BHBIBJPK MQB @>N>@PB%
6')NFU> CQBNPBIBJPB
H>O> OBZ>HBO HK
LKN
@KJ QJ> PKHBN>J@F> ABV )-!
MQB BO FILNBO@FJAF?HB MQB OQ QPFHFU>@F[J
6O AB@FN$
OB >GQOPB > QJ>O NBDH>O @H>N>O BOFBJAK
FJR>% 6 H> >HPQN> ABH I[AQHK&
BJ QJ I[AQHK AB +(( II S )-((
NF>?HBO @KJ BH CFJ AB @KJPNF?QFN >MQB
H> @KJ%
II H> >J@EQN> AB H> KNH> AB?BNW OBN AB
OB@Q@F[J ABH I>TKN DN>AK AB QJFCKNIF%
*( II "CFDQN> .> #&
A>A LKOF?HB&
<Q @KHKN AB?B OBN ?H>J@K @Q>JAK 6J
BHHKO @>NPBHBO AB KNFBJP>@F[J CKNI>%
@>A>
CKJAK ABH @>NPBH OB>
RBNAB$
>UQH$
RFKHB% AKO LKN I[AQHKO OBL>N>AKO$
I[AQHK HHBR>NW QJ>T>
KNH>$
OB> BJ H> LNK%
P>$@>OP>ZK K DNFO& 5B?BNW OBN JBDNK
LF>OB>
OQLBNCF@FB ABH @>NPBH K BJ BH BSPBNFKN
%K >UQH KO@QNK% @Q>JAK BH CKJAK
ABH
IFOIK$ CKNI>JAK L>NPB ABH BHBIBJ%
?H>J@K$
>I>NFHHK K J>N>JG>&
4KJ FJABLBJABJ@F> AB @9NJK OB>JPK AB OQGB@F[J& 6OP> KNH> >?>N@>NW PKAK BH
LBNYIBPNK ABH @>NPBH T OQO WJDQHKO OBNWJ
HKO WJDQHKO BSPBNFKNBO ABH
MQB@>NPBH$
NBAKJAB>AKO @KJ QJ N>AFK BSPBNFKN MQB$
LQBABJ OBN NB@PKO K NBAKJAB>AKO$
BJ
@KIK IYJFIK$ OBNW AB +( II&
HKO @>NPBHBO AB KNFBJP>@F[J HKO WJDQHKO
8> >J@EQN> AB H> KNH> OBNW H> FJAF@>%
AB H> KNH> AB?BJ OBN NBAKJAB>AKO&
.?$
@KJ QJ>
8> >J@EQN> AB H> KNH>$
>OY @KIK HKO A> BJ H> CFDQN> P>I?FXJ
PKHBN>J@F> IWSFI> AB V )-!&
N>AFKO BJ H>O BOMQFJ>O NBAKJAB>A>O$
AB?BJ BOP>N LNKLKN@FKJ>AKO
@KJ BH
P>I>ZK AB H> HBPN>&
6J DBJBN>H AB?BNW @QILHFNOB MQB1
3 * ($* 7
@KJ QJ> PKHBN>J@F> AB V )-!
AKJAB1 32 >J@EK AB H> KNH>&
7 2 >HPQN> AB H> HBPN> AB I>TKN
P>I>ZK&
3OFIFOIK$ E>?NW AB @QFA>NOB MQB
OB>1
;2,3
N* + 3
OFBJAK ; T N HKO N>AFKO BSPBNFKN B FJPBNFKN
AB H> KNH> NBOLB@PFR>IBJPB&
4Q>JAK AKO @>NPBHBO BOPXJ OFPQ>AKO QJK
>HF>AK ABH KPNK$
K QJK%BJ@FI>ABH KPNK$
OB
AB?B >AKLP>N L>N> >I?KO H> >J@EQN> AB
KNH> I>TKN AB H>O MQB PB[NF@>IBJPB @KNNBO%
LKJA> > @>A> QJK AB BHHKO&
6H BOL>@FK "0# BJPNB H> KNH> T BH ?KNAB
ABH @>NPBH OBNW >LNKSFI>A>IBJPB FDQ>H >
H> IFP>A AB H> >J@EQN> AB H>
6O KNH>&
AB@FN$
0 * 3'*
"
( $"#!
9
683+9
$
/5 46.;369 ./ 91:;+-165
+*'&!0
,*+%'
>*(+
8*)+
0*
+*
,*
>*
8*
+3:;8+ ,?91-+ ./ 3+ 3/:8+ 4+=68 ./3 -+8:/3
+5-06 ./ 683+
/97+-16 /5:8/ 683+ = -+8:/3
8+.16 15:/8168
8+.16 /<:/8168
/5 4@.;369 ./ -652;5:69 ;51:+8169
/ *+3:;8+ ./3 4@.;36
+* +5-06 ./ 683+
*0
(*)0-%
.>
*%&'%# ;
!
)+& ,
#( '1".&), / ,#0 &#, "# ,$-. !$1( -$*) ! %1(
$
:
-*&&&&&&&&! ,*
%&&&&&&&%!
- ,)' 2
.,-&)
:,*'
II !IUJ%"
M,:$-
/
&$$
2,
-,
.,
:,
M,
&
-5<=:- .R;3/- 01 5- 51<:- 6-?8: 015 /-:<15
-7/28 01 8:51;9-/38 17<:1 8:5- ? /-:<15
$
:-038 1><1:38:
:-038 37<1:38:
"$#5@N BKO@N FJCFB@C@N
. . NKJ
CDH@N
FCD@HDN#
LDMK
NDLKCMTJ
@C@LO@M
DJ EPJBFVJ CDH
NFNODI@ E@AMFB@BFVJ
CD
CDH B@GVJ#
NFDJCK
LKM O@JOK Q@MF@AHDN%
($#&%!
'
"
;8H$,H%=43;
#
%
# .1+%,*,.
P
$( QOK AB OZI?KHKO BJ HKO @>NPBHBO @BJ
FJCKN!
IQ@EKO OZI?KHKO MQB OKJ K BOPXJ
I>PFRKO BO QJ> LNX@PF@> MQB OB BSPFBJ!
@>IFJK AB OBN AB QOK FJPBNJ>@FKJ>H
AB @>A> RBU IXO NKLF@F>A>
L
LKN HKO
LBNK MQB OB NBCFBNBJ JKNI>HIBJPB >
LNKLFKO NBOLKJO>?HBO AB H> OB[>HFU>!
QOQ>NFKO OFPQ>AKO BJ BH FJPBNFKN AB BAF!
@F\J AB @>A> @FQA>A T LKN AFRBNOKO
CF@FKO" <>H BO BH @>OK AB HKO OZI?KHKO AB
8ND>JFOIKO
3JPBNJ>@FKJ>HBO
@KIK
BJPN>A> O>HFA>
>O@BJOKNBO
@>I?FK AB
@KJOB@QBJ@F> AB H> @NB@FBJPB IKRFHFA>A
IKJBA> BP@"
AB HKO E>?FP>JPBO AB AFOPFJPKO L>ZOBO
T CFDQN>O + > %* OB IQBOPN>J HKO
2J H>O
NBDFKJBO T> MQB OB E> ABIKOPN>AK OZI?KHKO
OQ
QJFCF@>AKO MQB LQBAB OBN
DN>J QPFHFA>A OK?NB PKAK BJ >MQBHHKO
@KJRBJFBJPB QPFHFU>N" ;Q BCF@>@F> BO
HQD>NBO BJ HKO MQB OB LNKAQ@B I>TKN
QJ> @Q>JPK I>TKN BO OQ QJFCKNIFA>A"
>CHQBJ@F> FILKNP>JPB AB QOQ>NFKO9KN
MQB
BOP> N>U\J JK AB?BJ FJPNKAQ@FNOB
E>?H>J FAFKI>O AFOPFJPKO" 2OPB LNK@BOK
BJ BHHKO IKAFCF@>@F\J
>HDQJX T AB
E>@BNHK YOP> AB?B OBN H> IBJKN LKOF!
@H>N>IBJPB >LNB@F>?HB BJ >BNKLQBNPKO
T BOP>@FKJBO FJPBNJ>@FKJ>HBO
OB >ARFBN! ?HB";FBILNB AB?B NB@KNA>NOB MQB AB HK
PB P>I?FYJ BJ KPNKO
HQD>NBO BJ HKO MQBMQB OB PN>P> BO AB >OK@F>N QJ> FAB> > QJ
LF@PKDN>I> T JK AB E>@BN QJ> NBLNK!
>QJMQB JK BSFOP> BH LNK?HBI> HFJD^ZO!
PF@K OZ BO LNB@FOK LNKLKN@FKJ>N
QJ>
AQ@@F\J
HK IXO L>NB@FA> LKOF?HB > QJ>
FJCKNI>@F\J
@H>N> T NXLFA> > DN>J
OFPQ>@F\J L>NPF@QH>N ABPBNIFJ>A>"
J]IBNK AB LBNOKJ>O"
5> FJPNKAQ@@F\J AB JQBRKO OZI?KHKO
5> OB[>HFU>@F\J FJCKNI>PFR> QN?>J>MQBFJAFMQBJ
JK
HQD>NBO K >@PFRFA>ABO AFO!
LQBAB MQBA>N >H I>NDBJ AB BOPB CBJ\!
PFJP>O AB HKO FJAF@>AKO BJ H>O CFDQN>O
$(&,*(+'%&),
IBJK T> MQB ABH IFOIK OB ABNFR>J NBLNKAQ@FA>O BJ BOP>O
BJPNB KPN>O H>O OFDQFBJPBO RBJP>G>O+(- AB?B E>@BNOB @KJ OQI> LNQABJ@F>"
%" 9KOF?FHFA>A AB BSLNBO>N LKN IBAFK
;KH>IBJPB OB HHBR>NXJ > @>?K @Q>JAK
AB QJ OKHK OZI?KHK HK MQB NBMQBNFNZ>
BSFOP>J N>UKJBO FILKNP>JPBO
L>N>
R>NF>O L>H>?N>O BJ R>NFKO FAFKI>OE>@BNH>
BJ
ABOAB
T
HQBDK
PN>O QJ IFJQ!
UKJ>O CNKJPBNFU>O K AB DN>J IKRF!
@FKOK BOPQAFK AB H> OFI?KHKDZ> BSFOPBJ!
IFBJPK PQNZOPF@K"
PB BJ KPNKO XI?FPKO K L>ZOBO"
&" 5> IFOI> LKOF?FHFA>A BJ UKJ>O ?FHFJ!2J HK MQB OB NBCFBNB
HKO @>NPBHBO
>
LKN
D^BO"
BHBIBJPKO AB AFNB@@F\J QN?>JKO AB
'" 6>TKN N>LFABU AB @KILNBJOF\J LKN'$ S %)$ @I H>O AFIBJOFKJBO ABH
NB@Q>ANK
MQB @KJPFBJB BH OZI?KHK
L>NPB ABH QOQ>NFK QJ> RBU MQB OB
E>
AB?BJ OBN AB &$ S &$ @I"
>@KOPQI?N>AK !K E> V>LNBJAFAKW. BH
2J DBJBN>H BH @KHKN AB HKO OZI?KHKO
OFDJFCF@>AK ABH OZI?KHK"
AB?B OBN JBDNK !K >UQH KO@QNK! OK?NB
(" 9KOF?FHFA>A
AB QJFCF@>@F\J FJPBNJ>!
CKJAK ?H>J@K @KJ FJABLBJABJ@F> ABH
@FKJ>H AB DN>J L>NPB AB H> FJCKNI>!
@KHKN AB CKJAK ABH @>NPBH OK?NB BH MQB
@F\J"
)" 6BGKN NBJAFIFBJPK P>I>[K#BOL>@FK OB FJOBNPBJ" ;FJ BI?>NDK @KJOBNR>NXJ
OQ @KHKN >MQBHHKO OZI?KHKO MQB NBLNK!
K@QL>AK MQB HKO IBJO>GBO BO@NFPKO
HK MQB BJ UKJ> QN?>J>
LQBAB OBN QJ AQ@BJ ABPBNIFJ>A>O OB[>HBO NBDH>!
C>@PKN BOBJ@F>H"
IBJP>NF>O @KIK LQBABJ OBN H>O AB
BOP>@FKJ>IFBJPK>QPKLFOP>
EKOLFP>H
0KIK BO H\DF@KBOP>O NB@KIBJA>!
0NQU :KG>0KNNBKO BP@"
@FKJBO JK NB@KDBJ IXO MQB >MQBHHKO
7K PKAKO HKO OZI?KHKO DKU>J ABH
OZI?KHKO K VLF@PKMN>I>OW MQB OKJ AB
DN>AK AB @KJK@FIFBJPK
LKN
QPFHFA>A L>N> BH @KJAQ@PKN T MQBIFOIK
OQOPF!
L>NPB AB HKO QOQ>NFKO" 9KN
>HLNK!
BHHK
PQTBJ K >@KIL>[>J > JKI?NBO @KIQ!
TB@P>N H> OB[>H AB?BNX PBJBNOB BJ @QBJ!
JBO AB QOK CNB@QBJPB" 7K OB NBLNKAQ!
_
!!
! /4,%-+-/
=+ /<=/ 0+-=8; O ./-3.3; /7 :>E -+<8<
9>/./7 >=353@+;</ /5 <F6,858O 5+ 37<!
-;39-3H7 -8;;/<987.3/7=/<"
&>+7.8 /7 5>1+; ./5 <F6,858 </
;/9;8.>@-+ >7+ </G+5 ./ -3;->5+-3H7
/<=8 :>/;;D ./-3; :>/ 98; /5 3=37/;+;38
37.3-+.8 ;31/7 5+< 9;/<-;39-387/<
8
9;823,3-387/< +<8-3+.+< + .3-2+ </G+5"
)8; /4/6958$ <3 >7+ 05/-2+ 37.3-+ >7
9>7=8 ./ ./<=378 O 4>7=8 + /55+/7 /5
;/->+.;8 -8;;/<987.3/7=/ +5 <F6,858
</
<3=I+ 5+ </G+5 ./B9;823,3.8 -+6387/<C
8 5+ ./ B?/58-3.+. 5363=+.+C </ /7=/7!
./;D :>/ /7 /5 3=37/;+;38 /7 ->/<=3H7 /<=D
9;823,3.8 /5 9+<8 ./ -+6387/< 8 <8,;/!
9+<+; 5+ ?/58-3.+. 37.3-+.+"
$%
('
; HH-H&1D")
+ 313*2&)#*
;H-H$&B"+
MJCKLJN"P
J
:&H-H$",
F;6D EH-HHEG.
,"#"+-.,
"+
$&:7!$ "(
HEG.#$1 F "P
F$&I#$1
!#%
NFMCKFJN
"$
%'
;
! /4,%-+-/
"*
A
$#" .2=;<@2=?;
HH".2=;<@2=?;
$&"?=.:AR.
(
'$
'
#
$)" ?=.:>/;=1.1;=
$&
>.861.>
$%" .2=;<@2=?; 8824.1.>
$'" 3@:60@8.=
$(" ?2823Q=60;
AA
! )*/ 00 (,! -$$$$$"#
$$$$
$*" 29/.=0.12=;
!#"&%
'
TT
$+" 5286<@2=?;
+
! /4,%-+-/
5
+*+)
''' ))
%#"9@>2;
$," 9;:@92:?; :.06;:.8
TT
%%" 6482>6.
%$"0.>?688;
TT
%&"<@2:?2 ; A6.1@0?;
%'" /6/86;?20.
T
(
%(" 6:3;=9.06S: ?@=R>?60.
%)"<@2>?; 12 >;0;==;
')(0.$ "
&'
% 8<4+6368
.,( 9G9I;9DA=EKF
.-( =JK9;AlE <= J=IMA;AF
.. ( JLDAEAJKIF <= ?9JFLE9
;FE i JAE GCFDF
)C]C]][CC^*
7
./( K9CC=ID=;iEA;F
"&
EF
.0( A)K)M
/2097* "!
(dff
##
##
[v v
f
.1(C9M9<F
% 8<4+6368
k
k
.2( 9CHLAC=I <= ;F;@=J
k
.3( ;F;dc=
.4 ( 9C:=I?L=
BLM=EAC
]Z]
!***!
S_4$#$
/+( @FK=C F DFK=C
/,( >9ID9;A9
/-(;FII=FJ
v
kk
/.( @AG=ID=I;9<F
//(;9DGAE?
/2097* ""
/0(G9I9<FI
"'
% 8>4+6368
/1( G9I9<FI <= KLIAJDF
/2( ;9DGAE?(;9I9M9E9
/3( 9C:=I?L=
B
%
/4( :9I
F ;9>=K=Ik9
B
0-( @FK=C <= - =JKI=CC9J
#!
0+( I=JK9LI9EK=
B
0.( @FK=C <= . =JKI=CC9J
/2097* "#
0,( @FK=C <= , =JKI=CC9
@
0/( @FK=C <= / =JKI=CC9J
% 8>4+6368
#
"""""
00( @FK=C <= 0 =JKI=CC9J
01(9?L9
k
k
02( =O;LIJAFE=J
9 GA=
"
( O$$#
#
(((
""
::)) !979"####
o)
N
S$P k
03( ;9DAEF <= G=I=?IAEFJ
Nd
04( C9?F F IkF
1+(DFEK=
v
1,(G9IHL=
1-( iI=9 GA;(EA;
/20 ;7* "$
1.( G9IHL= E9;AFE9C
(%
% 8<4+6368
1/( MAJK9 G9EFIiDA;9
12( GFCA<=GFIKAMF
10( G=J;9
11( :A;A;C=K9J
13( ;9DGF <= >mK:FC
1J(GC9P9
v
v
2+(K=9KIF
%$
2,( G9IHL= <= 9KI9;;AFE=J
/2097* "%
v
2-( GC9E=K9IAF
k
kk k k ))k*U(**"*
k!kkkkk)k)k)))*ck))!#k)*!!!kk)kk#)))X]k!!#)#F***)*c6!#)km!m!#m)!(!#!!((k!#RmMkkkkk
vv*
(***
A"[ #dT!
% 8>4+6368
!'
2.( GC9Q9 <= KFIFJ
kk
288
"$$$
#
))))*$$$
)SSS
$S$
,! SSS
21( GL=IKF
<=GFIKAMF
20(;9JAEF
2/( QFFCl?A;F
o
22( ;9DGF <=
?FC>
23( GAJK9 <= =JHLk
(Z
#)k
vv
24( :iJ;LC9 G9I9 ;9DAFE=J
v
"
3+( QFE9 AE<LJKIA9C
/2097* "&
3,( DAELJMiCA<F
('
5-3
e
e
KNBk/-6]
)) 4
% 8>4+6368
4.) PHG; I?;LHG;E
4/) PHG; >? GCoHK
40) =?GLJH
MJ<;GH
41) =?F?GL?JCH
,5
%%
/2097* "'
& /3.,1*8
ESd X]WUZSd fe[][jSVSd W_ ]Sd dWsS]Wd^tVf]`* IScS W] ^tVf]` _`c^S] VW /,,
`c[W_eSe[gSd d`_( SVW^pd VW Xf_VS) h -1,, ^^( ]S V[^W_d[t_ ; VW] UfSVc`
dWc VW .,, ^^b ]S S_UZfcS VW
^W_eS]Wd( W]W^W_e`d UScSUeWcrde[U`d VWTWcp
VW
]Sd ^[d^Sd* I`c WdeS cSjt_( Wd _WUWdS) dfd ecSj`d dWcp [YfS] S -+1 VW ;( ]` bfW
W_ ]S X]WUZS VW] ^tVf]` S_eWc[`c Wbf[)
c[` gW]Sc a`c df ^ph[^S f_[X`c^[VSV W_
]` bfW dW cWX[WcW S df X`c^S( ac`a`cU[`) gS]W S/+ ^^*
KW V[de[_YfW_ V`d e[a`d VW X]WUZSd6
_Wd i eS^Ss`*
]Sd Z`c[j`_eS]Wd ` gWce[US]Wd( bfW e[W_W_
?_ ]`d ^tVf]`d( S[d]SV`d ` X`c^S_V`
aSceW VW U`_\f_e`d f_[eSc[`d( ]Sd X]WUZSd]Sd ^[d^Sd V[^W_d[`_Wd( b ]Sd [_U][_S)
VSd S/0g) ESd V[^W_d[`_Wd VW S^T`d
VWTW_ eW_Wc f_Sd V[^W_d[`_Wd eS]Wd
bfW W] UfSVc` eWtc[U` U[cUf_dUc[e` eW_YSe[a`d VW X]WUZSd dW cWX]W\S_ W_ ]S X[Yf)
f_ ]SV` ; [YfS] S .+/ VW S]efcS VW] cS -3*
#%
& /3.,1*8
#-
+-.,/1-0/,1
9
(% &$
#(,
C 97-*.@
4
);)+.))[- !!!!77kk
@9 9[`a_U WX[
DnWa[^
'
9
,
C
97-*.@
4
]))))C
v
[ZJ9
@9 9[`a_U WX[ DnWa[^
'
2*[+9
',*J9'[Y[P9
C 97-*.@A
;
$
"
@9 9[`a_U WX[ DnWa[^
%(
/2097* "(
#Z_
#668!(!#65Z#d'C#!66# 6''d
' ))d)d)d'
!_#1hdh[`[[)#
V1#Zhe
oo
2#####*(#D[#l][#k
l#][[#7*:!!Q[X7l)#((k###7[#7_7*8(((
(t7#*[8-[#[H#77ckmmlll)#[#!(7[X*
*%+
C
C
]m
C
HSGH6]/SmK/B,-,k
d` `W_``
n
4
' ,=-206 -. ,6367.8 -. /65-6
ES Xf_U[t_ VW] U`]`c VW X`_V` VW ]Sd eWcS U`_gW_U[`_S]( Sdr U`^` V[dec[e`d
dWsS]Wd [_X`c^Se[gSd W_ USccWeWcSd U`_)
fcTS_`d( fcTS_[jSU[`_Wd( TScc[`d i( W_
d[deW W_ V[XWcW_U[Sc SbfW]]Sd USccWeWcSd
YW_WcS]( j`_Sd W_ bfW d`_ Sa][UST]Wd
bfW d`_ Sfe`a[deSd ` Sfe`grSd( Sdr
]Sd _`c^Sd VW U[cUf]SU[t_ fcTS_S( f
U`^` ]Sd VW_`^[_SVSd grSd cpa[VSd( VW] `ec`d ]fYScWd VW [_eWcqd auT][U` bfW _`
eW_YS_ Sd[Y_SV`d f_ U`]`c WdaWUrX[U`*
cWde` VW ]Sd USccWeWcSd U`_gW_U[`_S]Wd*
'$ .7.:4669
ESd U`_V[U[`_Wd
VW gW]`U[VSV
(
SfdW_U[S VW [_eWcdWUU[`_Wd S _[gW]( ` IScS [_V[USU[`_Wd VW _SefcS]WjS
U`_ec`] VW SUUWd`d( i W_ ]Sd Sfe`a[deSd efcrde[US _` ^`_f^W_eS] _[ YW`YcpX[US
i Sfe`grSd( ]S dWaScSU[t_ Xrd[US VW dW_)i( W_ YW_WcS]( aScS [_V[USc ]`d ]fYScWd
VW [_eWcqd aScS W] g[S\Wc` U`^` `X[U[_Sd
e[V`d( ZSUW_ S WdeSd grSd cSV[US]^W_eW
VW efc[d^`( Sfe`^tg[] U]fT( SaScUS)
V[de[_eSd VW] cWde` VW ]Sd USccWeWcSd
^[W_e`d( SWc`afWce`d(afWce`d( WdeS)
U`_gW_U[`_S]Wd* ;dr(W] U`]`c Sjf] VW]
U[`_Wd( Z`eW]Wd(
Up^a[_Yd( WeU*
X`_V` VW ]S dWsS] )gWcVW W_ ]Sd grSd
%#8.:.85.
cpa[VSd) Wd f_S X`c^S VW cWU`cVSc XcW)
UfW_eW^W_eW S] U`_VfUe`c bfW Wdep IScS [_V[USU[`_Wd VW e[a` VWa`ce[)
g` ` cWUcWSe[g` U`^` WdeSV[`d( aS]SU[`d
d`^We[V` S f_Sd ][^[eSU[`_Wd i bfW
VW VWa`ceWd( a[deSd VW Se]We[d^`( a[dU[)
Y`jS VW f_Sd gW_eS\Sd bfW _`c^S])
^W_eW _` W_UfW_ecS W_ ]Sd VW^pd _Sd( a]SjSd VW e`c`d*
USccWeWcSd i US]]Wd*
&#>4962<.
IScS [_V[USU[`_Wd VW e[a` ^`_f)
?] ac`T]W^S VW ]S `c[W_eSU[t_ W_ j`_S
^W_eS] ` Uf]efcS] U`^` ^fdW`d( USeW)
fcTS_S Wd e`eS]^W_eW V[XWcW_eW* ES acW)
dW_U[S ^Sd[gS VW W]W^W_e`d VW V[d)VcS]Wd(USde[]]`d( cf[_Sd acWZ[detc[USd*
ecSUU[t_(]S U`^a]W\[VSV(eS_e` VW ]S cWV *$ >2:12
g[Sc[S U`^` VW ]Sd [_eWcdWUU[`_Wd i ]S
IScS [_V[USc ]`d _`^TcWd VW US]]Wd(
SUf^f]SU[t_ VW V[cWUU[`_Wd S [_V[USc SgW_[VSd(a]SjSd Y]`c[WeSd(WeU*
ZSUW_ SU`_dW\ST]W ]S SV`aU[t_ VW f_
LS^T[q_ dW fe[][jScp aScS [_V[USc f_
d[deW^S bfW d[^a][X[bfW S] U`_VfUe`c ]S VWde[_` bfW dW S]US_UW a`c f_S grS
cpa[VS( fe[][jS_V` d[W^acW W] a[Ue`YcS)
TudbfWVS VW ]Sd cWXWcW_U[Sd bfW afW)
VW_ SifVSc]W S S]US_jSc df VWde[_`*
^S U`ccWda`_V[W_eW*
?_ WdeW dW_e[V` W] d[deW^S SV`aeS) '# 0.;<.Q9
IScS [_V[USU[`_Wd VW e[a` YW`YcpX[)
V` W_ WdeSd
$(&,*(+'%&),+(U`_d[d)
eW W_ ]S fe[][jSU[t_ VW f_ U`]`c VW X`_V` U` ` WU`]tY[U` $aScbfWd(cr`d( ]SY`d(
WeU*%*
U]ScS^W_eW V[XWcW_U[SV`
aScS USVS
Ycfa` VW a`d[T]Wd VWde[_`d bfW cWu_S (# 3:4;
IScS [_V[USc ]Sd j`_Sd VW [^a`ceS_)
f_Sd UScSUeWcrde[USd
U`^f_Wd ` dW
eW SecSUU[t_ VW US^[`_Wd(
^WcUS_UrSd
cWX[WcS S f_ VWeWc^[_SV` dWUe`c VW
i ecpX[U` [_Vfdec[S](U`^` XpTc[USd(
fdfSc[`d* ;dr afWd( W_ ]S dWsS][jSU[t_
VWatd[e`d( d[]`d( j`_Sd VW SaScUS^[W_)
[_X`c^Se[gS WdaWUrX[US^W_eW fcTS_S( dW
e` VW gWZrUf]`d aWdSV`d*
VWTWcp fe[][jSc W] d[Yf[W_eW UtV[Y` VW
U`]`cWd VW X`_V` dWYu_ ]Sd UScSUeWcrd)
-$ :959
?] U`]`c c`\` bfWVS WhU]f[V` VW ]S
e[USd VW] VWde[_` bfW [_V[bfW_6
dWsS][jSU[t_ [_X`c^Se[gS fcTS_S i dt]`
%$.?=6
IScS [_V[USc f_ VWde[_` S] bfW dW dW fe[][jScp U`^` aSceW VW S]Yu_ dr^)
T`]` ` W_ W] TS][jS^[W_e` i ]S [_V[USU[t_
SUUWVW a`c Sfe`a[deS ` Sfe`grS*
VW VWdgr`d a`c SUU[VW_eWd(
`TcSd f
&$ /6.809
`ecSd USfdSd* LS^T[q_ dW fe[][jScp W]
IScS [_V[USc ]`d _`^TcWd VW U[fVS)
U`]`c c`\` W_ ]`d US\We[_Wd VW _f^WcS)
VWd S ]Sd bfW dW SUUWVW a`c f_S USccW)
v
)%
' ,=-206 -. ,6367.8 -. /65-6
][jSU[t_ f_[eSc[S i dW V[da`_Vcp_ W_ ]S
U[t_ VW ]Sd USccWeWcSd VW ]S JWV VW C_eW)
cqd AW_WcS] VW] ?deSV` bfW _` dWS_ X`c^S bfW dW [_V[US W_ W] USaref]`
U`ccWda`_V[W_eW*
Sfe`a[deSd*
=fS_V` dW fe[][UW_ USceW]Wd ecSV[U[`) ?] UtV[Y` VW U`]`cWd VWTW dWc aWc)
U[T[V` a`c ]`d U`_VfUe`cWd( eS_e` VW
_S]Wd VW acWSg[d` ` acWdW]WUU[t_ ]SeW)
cS]Wd ` d`TcW ]S US]jSVS )bfW W_ j`_S VrS U`^` VW _`UZW( a`c ]` bfW ]`d X`_)
fcTS_S eW_Vcp_ X`_V` VW U`]`c T]S_U`) V`d VW ]Sd dWsS]Wd ZSTcp_ VW WdeSc
]`d _`^TcWd VWTWcp_ [c W_^ScUSV`d W_ U`_de[ef[V`d a`c ^SeWc[S]Wd cWec`ccW)
cWUep_Yf]`d U`_ W] X`_V` VW ]`d U`]`cWd X]WUeS_eWd( acWXWc[T]W^W_eW VW _[gW] . `
U`ccWda`_V[W_eWd S ]Sd grSd [_V[USVSd(dfaWc[`c VWT[V` S ]S YcS_ S_Yf]Sc[VSV
U`_ bfW W_ j`_S fcTS_S dfW]W_ gWcdW
Sdr U`^` VW df _u^Wc` i U`]`c dWYu_
Wde`d USceW]Wd* ?_ ]`d ^tVf]`d e[a`
df USeWY`crS*
US\t_ dW afWVW_ fe[][jSc ^SeWc[S]Wd bfW
=fS_V` ]`d _`^TcWd U`ccWda`_VS_ S
]fYScWd UfiSd UScSUeWcrde[USd ` Xf_U[`) aWc^[eS_ df []f^[_SU[t_ [_eWc[`c*
_Wd aWceW_WUW_ S S]Yf_` VW ]`d Ycfa`d LS^T[q_ Wd acWU[d` bfW W_ USVS U`]`c
S_eWd W_f^WcSV`d( eS^T[q_ [cp_ W_^Sc) W^a]WSV` dW S]US_UW ]S ^Si`c f_[X`c^[)
W_ W] SaSceS)
USV`d W_ f_ cWUep_Yf]` U`_ W] U`]`c VW VSV a`d[T]W* =`_ WdeW X[_(
X`_V` U`ccWda`_V[W_eW S] U[eSV` Ycfa`* V` -0 dW VS_ ]Sd U``cVW_SVSd U`]`c[)
E`d USceW]Wd [_X`c^Se[g`d fcTS_`d( W_ ^qec[USd i X`e`^qec[USd VW ]`d ^[d^`d*
]`d bfW USVS ^tVf]` dW cWX[WcW WhU]fd[) ; eref]` [_V[USe[g`( i U`_ W] X[_ VW XSU[)
gS^W_eW S f_ VWde[_`( dWcp_ )USVS ][eSc W] WdeST]WU[^[W_e` VW f_S U`ccW]S)
f_`) VW] U`]`c SVWUfSV` S] VWde[_` bfW U[t_ f_[X`c^W W_ecW af_e`d VW VWde[_`
[_V[US_* ?de`d ^tVf]`d d[W^acW WdeS)
i U`]`cWd VW X`_V`( afWVW dWcg[c VW
cp_ SYcfaSV`d W_ U`_\f_e`d VW dWsS) YfrS ]S d[Yf[W_eW ][deS( _` WhZSfde[gS6
.7.:4669
;Wc`afWce`*
;fe`^tg[] =]fT*
;aScUS^ [W_e`*
=p^a[_Y*
=W_ec` U`^WcU[S]
&*
?^TScUSVWc` $VW aSdS\Wc`d
` Sfe`^tg[]Wd%*
?deSU[t_ VW Sfe`TfdWd*
?deSU[t_ VW XWcc`UScc[]*
@Wc[S VW FfWdecSd&*
@Wcci*
B`eW]( ^`eW]( aScSV`c( WeU*&*
JWdeSfcS_eW& *
&K[ Wdep_ WdaWU[S]^W_eW VWde[_SV`d S fdfSc[`d bfW SUUWVW_ W_ Sfe`^tg[]*
8.:.85.
;fetVc`^`*
=S^a` VW >Wa`ceWd*
=S^a` VW Y`]X*
=S_tVc`^`*
=[cU`*
=[cUf[e` VW Uc`dd $^`e`(T[U[( WeU*%*
=]fT >Wa`ce[g`*
?dbfr*
?deSU[t_ VW [_g[Wc_`*
?deSV[`*
IS]SU[` VW >Wa`ceWd*
&$
IScbfW VW ;ecSUU[`_Wd*
I[dU[_S*
I[deSd $VWa`ceWd VW e`V` e[a`%*
I]SjS VW L`c`d*
I`][VWa`ce[g`d*
IfWce` VWa`ce[g`*
L[c`*
NW]tVc`^`*
P`_Sd VW \fWY`*
B[atVc`^`*
k
' ,=-206 -. ,6367.8 -. /65-6
>4962<.
;TSVrS*
<Sdr][US*
<[T][`eWUS*
=Sa[]]S*
=Sde[]]`*
=SeWVcS]*
=W_ec` =f]efcS]*
=`_gW_e`*
?c^[eS*
CY]Wd[S*
F`_SdeWc[`*
F`_f^W_e`*
FfdW`*
IS]SU[`*
I[_SU`eWUS*
I]S_WeSc[`*
IfWceS $^`_f^W_eS]%*
Jf[_Sd $Z[detc[USd( acWZ[detc[USd%*
KS_efSc[`*
LWSec`*
L`ccW*
M_[gWcd[VSV*
0.;<.Q9
F`_eW*
IScbfW*
IScbfW GSU[`_S]*
I[U`*
& I]SiS*
IfWce` VW ^`_eSsS*
JrS*
Jr`*
J[WcS*
J`US*
K[WccS*
K[^S*
L`ccW_eW*
NS]]W*
P``]tY[U`*
;]e`*
<SZrS*
<`dbfW*
=S]S*
=SdUSVS*
=`e`*
=fWgS*
>pcdW_S*
@fW_eW $_SefcS]%*
A`]X`*
AcfeS*
DScVr_*
DScVr_ T`ep_[U`*
& ESY`*
& ESYf_S*
F[cSV`c*
3:4;
;]^SUq_ $VW ^SeWc[S]Wd ` ^WcUS_UrSd%*@pTc[US*
C_Vfdec[S*
;aScUS^[W_e` VW US^[`_Wd*
FSeSVWc`*
=W_ec` VW UScYS*
>Watd[e`*
FWcUSV` $j`_S US^[`_Wd%*
I`]` [_Vfdec[S]*
?dU`^TcWcS*
NWceWVWc`*
?deSU[t_ VW U`_eW_WV`cWd*
P`_S [_Vfdec[S]*
?deSU[t_ VW ^WcUS_UrSd*
?_ ]Sd X[YfcSd -4S i -4T dW U`_eW^a]S_ S]Yf_`d W\W^a]`d aScS USVS
]`c U`
VW X`_V`*
& K[ df fd` Wd cWUcWSe[g`(
df U`]`c VW X`_V` VWTW dWc _ScS_\S*
$"
' ,=-206 -. ,6367.8 -. /65-6
-
-C
=B=DGCFJ <= Dl<LCFJ
,
4
,
AE<A;9;AlE @9;A9 9LKFGAJK9 P 9LKFMk9
/@JBDFHG@
d&
/@JBDFHG@
k' ]
AE<A;9;AlE @9;A9 ;9II=K=I9 ;FEM=E;AFE9C
EFD:I= <= ;AL<9<=J' <AJKIAKFJ' :9IIAFJ' =K;)
4/.:02698.
\d, C
/.:02698.
\dR
AE<A;9;AlE @9;A9 CL?9I=J <= AEK=IjJ G9I9 =C MA9B=IF
C
4@DJHIMDJLH ]']k-
@DJHIMDJLH
AE<A;9;AlE @9;A9 CL?9I=J <= KAGF <=GFIKAMF F I=;I=9KAMF
kkC C
CIHFECDIHJLENH
k' C
IHFECDIHJLENH
AE<A;9;AlE @9;A9 CL?9I=J <= KAGF DFELD=EK9C F ;LCKLI9C
B@LDCJ@F
)(
/2097* "):
C6Ck
! ,=-206 -. ,6367.8 -. /65-6
=B=DGCFJ <= Dl<LCFJ
4
AE<A;9;AlE @9;A9 LE9 ;9CC=' 9M=EA<9' ?CFIA=K9' =K;)
AE<A;9;AlE @9;A9 LE9 Mk9 IiGA<9
$$$'$$$$
43665
7@JR@ CD 7HFEG@
((((((((
43665
$$$'$$$$
P 7@JR@ CD 7HFEG@ P
C
:EA@CDKDFF@
P
P
:EA@CDKDFF@
P
P
C
AE<A;9;AlE @9;A9 CL?9I=J <= KAGF ?=F?Ii>,;F
F =;FCl?A;F
AE<A;9;AlE @9;A9 CL?9I=J <= 9KI9;;AlE <= ;9DAFE=J'
D=I;9E;k9J P KIi>A;F AE<LJKIA9C
00
!
GHCkCKHVOHk
#
4%%2% $3898%% !777!#$%!""/-%#%%-8""",-,.8$$7
:%:%:%:
%6-%1
%%:%
8,
%%#00"!"%::
:: I" %1 %I%%%
Q
/""9??=
y(yy
iii'!)
(yy'(= '
yy(yyyyy
*%
%-+.-0(%37,
?P R][^]aXRXw\ V`sUXRP ST ZPa aTvPZTa ?Pa `TVZPa ST R][^]aXRXw\ _cT aT
X\U]`[PbXdPa ^cTST R]\aXST`P`aT bP\b] `TR]VT\ T\ TabT RP^ubcZ] aT `TUXT`T\
Uc\SP[T\bPZ[T\bT
P Z]a k[wScZ]ao
] [sa X[^]`bP\bT _cT ZP TZTRRXw\ ST
\][Q`Ta ] TZ bP[Pv] ST ZP ZTb`P(
_cT U]`[P\ ^P`bT ST R]\Yc\b]a ST
;TQT\% ^cTa% bT\T`aT ^`TaT\bTa RXT`' aTvPZXgPRXw\ X\U]`[PbXdP c`QP\P f P ZPa
bPa `TVZPa _cT VP`P\bXgP\ c\ `TacZbPS] aTvPZTa ST aXbcPRXw\ f PUTRbP\ P4
' FXbcPRXw\ ST UZTRWPa f au[Q]Z]a(
UX\PZ T\ TZ _cT ZP dXaXQXZXSPS% ZP RZP`XSPS
f ZP c\XU]`[XSPS PZRP\RT\ c\Pa R]bPa ' FT^P`PRXw\ T\b`T Zu\TPa(
' FT^P`PRXw\ T\b`T ^PZPQ`Pa f au[Q]'
PRT^bPQZTa(
Z]a(
9c\_cT ]RPaX]\PZ[T\bT
T\ g]\P
' @s`VT\Ta ac^T`X]`Ta% X\UT`X]`Ta f
c`QP\P ^cTST\ 'f T\ ]RPaX]\Ta
STQT\' cbXZXgP`aT RP`bTZTa ST ^`TPdXa] ZPbT`PZTa(
ST X\bT`aTRRX]\Ta%ST ^`TaTZTRRXw\ ] ' 9ZX\TPRX]\Ta dT`bXRPZTa(
RP`bTZTa aXbcPS]a a]Q`T ZP RPZgPSP T\
^w`bXR]a ] QP\ST`]ZPa( ?]a R`XbT`X]a ST
R][^]aXRXw\ ST Tab]a RP`bTZTa Tabs\ +$%$ =IRSACI[M DE FKECHAQ
`TR]VXS]a T\ ZP =\ab`cRRXw\ 2(+'=: ? QZLBNKNQ
a]Q`T FTvPZXgPRXw\ IT`bXRPZ STZ @BCG'
?Pa UZTRWPa aT aXbcP`s\ T\ TZ Teb`T[]
@9 R]\ \c[T`]a]a TYT[^Z]a _cT% ^P`P
STZ [wScZ] _cT R]``Ta^]\SP P ZP SX`TR'
SXdT`aPa aXbcPRX]\Ta%
aT X\RZcfT\ T\ ZP
^cQZXRPRXw\
STZ [Xa[] @X\XabT`X] RXw\ _cTX\SX_cT\%TeRT^b] RcP\S] ZP
K6=O:A=F 9=EG@;:A=F <= +@E;HA:;@PCL
T\
X\SXRPRXw\ Ta ST U`T\bT 'UZTRWP WPRXP
aca b][]a k+( :P`PRbT`uabXRPa ST ZPa P``XQP'% T\ _cT \]`[PZ[T\bT aT aXbcP'
FTvPZTao fk++(:PbsZ]V] f FXV\XUXRPS]
`s\ T\ TZ Teb`T[] ST`TRW]%P \] aT` _cT
ST ZPa FTvPZTao( r\XRP[T\bT RPQT TZ [wScZ] X\[TSXPbP[T\bT X\UT`X]` R]\'
bT\VP c\P UZTRWP WPRXP ZP ST`TRWP%
T\
STRX` T\ TabPa
5=;DB=C<:;@DC=F _cT
^P`P TabT bX^] ST aTvPZTa #ST ^`TaTvP' Rcf] RPa] aT aXbcP`s T\ TZ Teb`T[]
ZXgPRXw\ ST VZ]`XTbPa%
ST ^`TaTvPZXgPRXw\ Xg_cXT`S](
ZPbT`PZ WPRXP SXabX\b]a bX^]a ST
T\ duPa f%<Z RcPS`PS] bTw`XR] RX`Rc\aR`Xb] ST ZP
UZTRWP Pau R][] TZ _cT R]\bT\VP TZ au['
VT\T`PZ% ST ]`XT\bPRXw\ a]Q`T ZP RPZgP'
Q]Z] bT\S`s c\P SX[T\aXw\ Z] [sa P^`]'
SP T\ ^w`bXR]a ] QP\ST`]ZPa$ T\ g]\P
c`QP\P a]\ PS[XaXQZTa c\Pa b]ZT`P\RXPa eX[PSP ^]aXQZT P Z]a ,)- ST ZP PZbc`P STZ
[wScZ]% f T\ PZbc`P%TabP`s RT\b`PS]
T\ RcP\b] PZbP[Pv] ST ZTb`P%
aT^P`P'
f TZ Q]`ST ac^T`X]`
RXw\ T\b`T ^PZPQ`Pa f bP[Pv] ST Z]a T\b`T ZP ]`ZP X\UT`X]`
] T\b`T ZPa ]`ZPa X\UT`X]` f ac^T`X]`
RP`bTZTa [cRW] [Pf]`Ta _cT T\ RP``T'
bT`P STQXS] P ZP [T\]` SXa^]\XQXZXSPS aTVx\ TZ bX^] ST [wScZ] T[^ZTPS](
?P SXabP\RXP STZ [T\RX]\PS] RcP'
ST Ta^PRX] f P ZP [T\]` dTZ]RXSPS
S`PS] bTw`XR] RX`Rc\aR`Xb]Q]`ST
PZ STZ
[seX[P ^T`[XbXSP P Z]a dTWuRcZ]a(
<\
[wScZ] '] T\ ac RPa] P ZP ]`ZP ZPbT`PZ
b]S] RPa] STQT`s bT\T`aT ^`TaT\bT _cT
ST tabT' aT`s Z] [sa P^`]eX[PSP ^]aX'
T\ TabT bX^] ST RP`bTZTa%
VT\T`PZ[T\bT
ST U]\S] QZP\R]%ZPa SX`TRRX]\Ta ] duPa QZT P +)2 STZ ZPS] STZ [T\RX]\PS] RcP'
S`]( <\ c\ [wScZ] \]`[PZ%
ST -** [[
_cT aT X\SX_cT\ STQT`s\ P^P`TRT` ST\'
ST
PZbc`P%
T
abP
SXabP\RXP
T_cXdPZT P ,/
b`] ST c\ `TRcPS`] STZ R]Z]` R]``Ta'
[[( ?P [Xa[P SXabP\RXP STQT WPQT`
^]\SXT\bT PZ bX^] ST STabX\] _cT [cTa'
T\b`T TZ RcPS`PS] P\bTa RXbPS] f TZ RcP'
b`T\( <ab]a `TRcPS`]a STQT`s\ X` T\`\P`'
S`PS] _cT%ST cbXZXgP`aT%
R]\bT\VP TZ
RPS]a R]\ ac R]``Ta^]\SXT\bT
]`ZP
au[Q]Z]% _cT X`s aXT[^`T aXbcPS] T\b`T
\TV`P ] PgcZ ]aRc`] RcP\S] TZ U]\S]
ZP UZTRWP f TZ bTeb] STZ RP`bTZ(
STZ [Xa[] aTP P[P`XZZ] ] \P`P\YP(
/3
"! %-+.-0(%(7,
<\ Z]a %RP`bTZTa ST aXbcPRXw\ _cT ZP PZbc`P ST ZP ZTb`P ST [T\]` bP[Pv](
<\ Z]a RP`bTZTa ST aXbcPRXw\ Tab]a
X\R]`^]`T\ c\ au[Q]Z]% tabT aT aXbcP`s
[s`VT\Ta STQT ^`]Rc`P`aT _cT \]
T\ TZ ZPS] Xg_cXT`S]%
T_cXSXabP\S] R]\
aTP\ X\UT`X]`Ta P ZP PZbc`P ST ZP ZTb`P ST
ZPa P`XPa ac^T`X]`% X\UT`X]` f ZPbT`PZ
[T\]` bP[Pv](
Xg_cXT`SP(
<\ Z]a [wScZ]a% TZ [s`VT\ X\UT`X]`
T\b`T ZP X\aR`X^RXw\ f ZP ]`ZP \] STQT`s aT`
X\UT`X]` P ZP [XbPS ST ZP PZbc`P ST ZP ZTb`P
+$&$ =EOAPACI[M EMRPE
ST [T\]` bP[Pv] cbXZXgPSP T\ TZ RP`bTZ(
KZMEAQ
:cP\S] T\ c\ [wScZ] ] T\ c\P aTvPZ
ST aXbcPRXw\ aT T[^ZTT [sa ST c\P
+$)$ .KIMEACINMEQ
Zu\TP% ZP ac^T`X]` R]\bT\S`s ZP X\U]`[P' TEPRICAKEQ
RXw\ ST RP`sRbT` VT\t`XR]% VT\T`PZ'
[T\bT c\ \][Q`T R][x\ R][] RPZZT%
<\ Z]a [wScZ]a% ZPa ^PZPQ`Pa aT PZX\TP'
^ZPgP% PT`]^cT`b]% TabPRXw\% TbR(% `s\
fTZdT`bXRPZ[T\bT ^]` TZ ZPS] R]\b`P`X]
bP[Pv] ST ZP ZTb`P aT`s R][] [seX[]
PZ _cT Tabs aXbcPSP ZP UZTRWP(
TZ 1* ^]` RXT\b] ST ZP STZ \][Q`T ^`X\'
?P SXabP\RXP PZ Q]`ST STZ RP`bTZ ]% T\
RX^PZ _cT X`s T\ ZP ^P`bT X\UT`X]`( FT ^`]' ac RPa]% P ZP ]`ZP ZPbT`PZ aT`s XVcPZ P +)2
Rc`P`s _cT ZP SXabP\RXP T\b`T P[QPa STZ ZPS] STZ RcPS`PS] bTw`XR] RX`Rc\a'
Zu\TPa \] aTP X\UT`X]` P ZP [XbPS ST ZPR`Xb] P ZP UZTRWP(
PZbc`P ST ZP ZTb`P ST [T\]` bP[Pv](
<\ Z]a RP`bTZTa ST aXbcPRXw\% aX ZZTdP\
au[Q]Z]% aT PZX\TP`s\ ^]` ZP ST`TRWP
R]\ c\P SXabP\RXP P ZP ]`ZP XVcPZ P ZP
PZbc`P ST ZP ZTb`P ST RPSP ^PZPQ`P(
+$'$ =EOAPACI[M EMRPE
:cP\S] \] ZZTdT\ au[Q]Z] ZPa X\aR`X^'
OAKABPAQ
? QZLBNKNQ
RX]\Ta X`s\ RT\b`PSPa% ^T`] \c\RP aT
?P aT^P`PRXw\ [u\X[P T\b`T TZ RcPS`P'
P^`]eX[P`s\ P ZPa P`XPa ZPbT`PZTa [sa
S] _cT R]\bXT\T c\ au[Q]Z]% ] TZ RcP'
_cT ZP SXabP\RXP T_cXdPZT\bT P ZP PZbc`P
S`PS] bTw`XR] RX`Rc\aR`Xb] P ZP UZTRWP%
f ZTb`P ST RPSP ^PZPQ`P #UXVc`Pa +3
ST ZP
ZP ^PZPQ`P aT`s ST +)2 STZ ZPS] STZ RcP'U,0$(
S`PS] ST _cT aT b`PbT(
?P aT^P`PRXw\ W]`Xg]\bPZ T\b`T S]a
^PZPQ`Pa aT`s R][] [u\X[] XVcPZ P ZP
+$*$ >NKEPAMCIAQ
PZbc`P ST ZP ZTb`P ST ZP ^PZPQ`P R]\ ZTb`P
ST [T\]` bP[Pv](
<a PS[XaXQZT c\P b]ZT`P\RXP T\ [sa ]
[T\]a STZ ,/ ^]` RXT\b] ST ZPa SXabP\'
RXPa P\bTa X\SXRPSPa% ^T`]% RcP\S] aT
b`PbT ST R]\Yc\b]a c\XbP`X]a% Z]a [s`VT'
+$($ 9YPGEMEQ QSOEPINPEQ"
IMFEPINPEQ
? KAREPAKEQ
\Ta ZPbT`PZTa STQT`s\ aT` Z]a [Xa[]a T\
b]S]a Z]a [wScZ]a _cT R][^]\VP\ TZ
<\ Z]a [wScZ]a% Z]a [s`VT\Ta ac^T`X]'
R]\Yc\b](
`Ta ] ZPbT`PZTa T\b`T ZPa X\aR`X^RX]\Ta
f TZ Q]`ST STZ RP`bTZ ]% T\ ac RPa] ST ZP
]`ZP% aT`s\ bP[QXt\ R][] [u\X[] XVcP'
ZTa P +)2 STZ ZPS] STZ RcPS`PS] bTw`X'
R] RX`Rc\aR`Xb] P ZP UZTRWP% Pc\_cT Z]
STaTPQZT Ta _cT aTP XVcPZ P ZP [XbPS ST
#!
i
F"$
#F
(((y(
i
V44
;$
4b
T
''' ''' '
=
'K''''''''
=
'''''''''''''''
4`(''`(''''`(`(''`(`(`('
=
TTTTTTTTT
,*4c444444444444("
.*4
(%%2 '%%,
.*
],5[C((T ((((T(((((,**OOOOL/4
TTT
,4*4#444444444444"
.*4
'%%
TT4,h4
PTFF
(g/]T
`\u\
^o_
5/+84.6*2*
4+*0-8B3,+*66-8-6*
'
'''m'mm''m''j'X '''c'''''''''''''[''''''''X''''''''''64''[''''''''''''''''''''''''''''''''''''''''%''''4
(%%2 '%%2
.*
],5[5T
f9IA9:C=
&)%%
/'1/,
TT(
&)%%
MDhTCh
TT(
/'1/,
TTTT(T
(
(
44444,*44
3*
3&%%
43*
V`cUb X_ ^^
qq
&''`('
,')2
i
(((((((((((((((((((( (' T( ' ' ' '4' T( ' '
3*
2&%%
3*
444444444444444444,*44
4
4
B
],/h
i
;"
H
i
i
F
`
4''U
X
"+M$
&$[
7V44
"54]
?$
+M$
#\$
(%%,
(%%"
+
(4 ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
(((((((
4+'(
'%%-
'%%
5Ph __T___TPkTF
((((j6
hhh ' ' ' ' '(+
'%%2
.*hTT
2') /
,/
'%%
')/
Mhd4
_OhC=
:9EE<G<E9
"Z/O[Y>
"''
_
**
=??IJ@AIII
X (%
K=NKF
^o_
0()'
^o_
(
'
+T''T'T'T'Ti'T1Tj
&)%%
&)%%
`
fi?<
8-:84
**
T
_
<
dTTd
ddd
G<JG]N="+
OOM9IB9:C=
'h'''hhhhh'7'hh'
bO(gn[Uc( 4
d
(((
(4 ((c,*
+
+%
&/%%
i3*
4(44
qq
V`cUb X_ ^^
=X
4 X
_P48T
qqqqqqqqqqqqqqqq
'+
&%%
+%
]64"
i
'
`
i
`
"]
V`
#\$
(((y(
+R$
i
X
;$
44\
-**4
-**
4
' &' '
],&/\
&^^ (( ^^(h
((((((&T((T'&(((((
iV>("
,**4
.*
' ' ' ' ' ' (' ' ' ' ' jaj
,**4
.*4
(,5#(
Q
TT(,*(* ( TT((((( 4,/5
^o_
,*(* ((((((,&/j
TT,*(*
^o_
( \,(J] (
''''''''''''''''''''''
(((K@IHH%((<
(
+/**
((((((((
( T
>2@>;-!
+/**
M9IA9:C=
'
TT
((' (('
'(
(
"!$!
TT
.*
y
&+**
.*
41*
44444444-4*4
V`cUbX_ ^^
4 444?,*
!`
Aa
,/4i
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' 'i ' ' ' '
' ' ' T T(T'' ' ' ' & (T(T'' ' '( "'' ' !!!!'"'"' '!"[
'''''''''''''''''''''''''T
M9IA9:C=
' ' ' ' ' ' ' ' ' ' ' ' ' '' ' ' ' '' '' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
M9IA9:C=
((((((((((((((((,&/\
N
!
i
'
]
i
`X_
`
4"'+
`
-**4
(
.*
44(
,*"'''''''''
,**
hh444444444444(((((((
((( 4
.*4T+
' ' a'a
4
4
.*4
'''''''''''''''''''&'''''''''''''i
'j'i"4
+/**
'''
"Ziiii iii
(
i'7'4G<iiJ7G'7'iB ii '4'i
M9IA9:C=
'T
('
?
+/**
*'
T
H=
'''''''
((''''''(''''''(
TTqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqqq
TT
`
' ' ' ' ' '"Q"/*
( T
"1*
V`cUb X_ ^^
=%ii
iOii'O=[`
' i4
`' '''''[%G<[J[(Giiii'iZXN54
=
GA;KF?I9D9
F;9B=KlE<=
;9II=K=I9
'4,35'''''''''''',HH''''''''''[P'h&'''''''''
a_o_
#>+
F$
i
i
V4
;$
44\
i%5(
,*\B
T'
T''
((,**(
M9IA9:C]FB4444j"44hhhh(jj(hj
((hjjjj(hjTj^j
((Tj''
,**
=
M9IA9:C=4 4
,*
.4*44>(hh444h
((Rh((j((j''''''jj
,**
(
([c[44544(44((4
((4(48A(K
j(('
M9IC6:C="5Ch^
M9IA9:C=
M9IA9:C=
&,/&
M9IA9:C=h 4
(
jjjjjjjjj
Z(
M9IA]L]AB4
=
(((+(/(*(*
%=>1* = (((
ia_^((1/4(
+/**
M9IA]R:C=
8-:84
jh/+jjjj ( (
(8- $8A%
5/+84.6*2*
4+*0-8B3,+*66-8-6*
[_lac
i,/i!!!!"!
4,/jjjj
=
OD DAB4(
>2@>;
(" (
T
>2@>;$"
((((((((((((((((((((((((((((((((((((((((((((((((
OEL9:Ci54
+"1*
4
h[o[o_1/c
4 3*
=
^^^^
^^^
i
4 3*
j55
V i
43*
V`cUb X_ ^^
q
=
j=
$
i
'
64
;"
i
i
F
`
4'((U
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX yy
`iHmm4((
G@9IA9:C=
)'"'"%
i=
++
++ 4l
(((^j''' ((( j((
j''hRa4444
4 j
4hh(RK9IA9:C=
F$
$%!
.*'4
T
M9IA9:C=
.* 4
T
,**"
TTT
h``
'''''''''''(,/#'
&
'%
&
4444444!+'
((((''''(''''''''''''
&
^o_
''''h,Jh'''''
'''''''''''''
'%%
y(O'(O('
=X==((('O(('(( O'O(O'
((('( ''''''''''''''''''''''''''''''''''''''''O('
M9IA9:C=!>KhC('i' ' ' ' ' ' ' ' ' ' '
M9IA9:C=4
.*4
M9IA9:C=44444C4Th
M9IA9:C=
M9IA9:C=j
T,/T
h(
GA;KF?I9D9
` ;9B=KlE<=
;9II=K=I9
q(qq
'''T
qq&&h&
A(
M9IA9:C=
#!%$@
"!!"(
T''''''''''''''
y
(i( 5
(y(
' [ii ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '
B44
+/**
+/**
&''''''T(T'(T''T(T'(''('
+
'i4444449T`
#"j=65
OO
(ODBD]B(h
(+&"4T
T''T
%56
((T'''''''''''
8-:84
T'''T(T''''''''''
(+%
8-:84
T
@>!('(JJ'%"I
(q
[h(
TT
(&.Y'
h
h
T''''
((''''''''''''''''T
M9IA9:C=4
TT
!="5i
i4,/( i M9IA9:C=
(
(' ' T ((((( T (( (((4
TT
O
++
+**
"i''''''4-*
(ThT((((( T((((
(( O'((('O(('((('OO(((%
('
!+&#"0!"!
''''''''''''''''h'T(i
''h (((4
4,/ M9IA9:C=
4
,10.
%%%
%)@(
$
V`cUbX_^^
41 T
`
h[444 =i
' 'K'='N'K'`' ' ' 'hA"5ii44 4h
a''h('] !"!&T
((''''''''''''''''''T(
7
8-:84
M9IA9B5]C=
464
F
B%
'
i
i
F
B
`
X_
"'+
i
i
X
;$
+
' '' ' ' ''
^o_ +**
((' ''' ' ' '''
j
=
K=NKF
+
( ''
(
' ''' '' ' '' i
=
'T(T'''''''h''''''''''''T(T''T(T'''T(T'''h'
()%
4i
4T/*Th
'''''''''''T(T''T(&''T(T(T(T(&'T(T'''''''
^[_
f]R hA(B44TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT
8-:84 +-386*,4
=
TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT&TTTTTTTTTTTTTTTTTTTTTTTTTTTTTT T
T
5
4
4
5
4
#
)%
V`cUbX_ ++++++
4V4
B%
`
'
i
i
B
`
4!+
TT44444455555B44555555555555544hh4BF
'' ' (y
53
''''''^YaWF]Y'4
i
4
A^hh^4]**
4.*
=iAiH@i<iEi9i:i=qiA\"j4i](
4TT/T*TTh
[[
I
i
i
44\
X]
X
Te8
F$
(
,**[
[1/X[ZM([i'"
-/*
1/4
' '''''&''''''''%"''''''[
=
=
=
( 8-:84
^o_
X
= 8-:84
Z``
V`cUb X_ ^^
j'1QS5hFAF
;
".*
%%%;))
i''''''`pZ 5X0Uq
' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '\
N!
i
H
5D
i
B
`
4!+
*+
"''()
AB=iI=A-+iB 'A ='%?:'= 'A
FB=iI==A\FBZA\`ABi
0
2
#! %-,)2,1-0 2,(1$/(-0 &' 0'6$*'0 &' -/(',1$%37,
<a [cf U`TRcT\bT _cT TZ ^`]RTa] ST
RXw\ _cT%
VT\T`PZ[T\bT% Ta c\ ^]abT
aTvPZXgPRXw\ ]`XT\bPbXdP T\ ZPa RXcSPSTa
x\XR]( <\ TabT bX^] ST R]\Yc\b]a a]\
St ZcVP` P ZP P^P`XRXw\ acRTaXdP T\ c\PP^ZXRPQZTa RPaX b]SPa
`TVZPa
ZPa _cT aT
[Xa[P X\bT`aTRRXw\ ST aTvPZTa R]\ SXa' `TUXT`T\ P Z]a U]`[PS]a ^]` [wScZ]a
bX\bPaU]`[Pa% bP[Pv]a f bX^]a ST ZTb`P% fcebP^cTab]a%Ta STRX`%
ZPa SX[T\aX]\Ta
RcP\S] \] R]\
SXabX\b]a R`XbT`X]a T\ ST b]S]a Z]a [wScZ]a _cT R][^]\T\ TZ
RcP\b] P ac aXbcPRXw\ f P ac
]`ST\ ST
R]\Yc\b] aT`s\ XVcPZTa(
R]Z]RPRXw\(
H\P ST ZPa dT\bPYPa ST RcPZ_cXT`P ST
<eXabT%
^cTa% ZP \TRTaXSPS
ST ^]\T`
Z]a S]a aXabT[Pa Ta ZP ST ^T`[XbX` ZP
]`ST\ T\ TabT ^T_cTv] RP]a f TZ []S]
acabXbcRXw\%
TZ PvPSXS] ] ZP ac^`TaXw\
[sa `PRX]\PZ ST WPRT`ZP Ta [TSXP\bT ZPST [wScZ]a ST c\P U]`[P `s^XSP%
Rw[]SP f aX\ \TRTaXSPS ST \cTd]a
acabXbcRXw\
ST Z]a RZsaXR]a
kQ]a_cTao
a]^]`bTa(
ST aTvPZTa ^]` c\]a R]\Yc\b]a c\XbP`X]a
R]\ Z]a _cT( aT R]\aXVcT TdXbP`
ZPa STUX'
GP\b] ^P`P ZP \cTdP X[^ZP\bPRXw\
R][] ^P`P ^]abT`X]`Ta []SXUXRPRX]\Ta
RXT\RXPa P\bTa [T\RX]\PSPa(
WPQ`s\ ST `Ta^TbP`aT Tab`XRbP[T\bT Z]a
?] ^`X[T`] _cT Ta \TRTaP`X] ^P`P
aXVcXT\bTaR`XbT`X]a4
]QbT\T` c\ R]\Yc\b] xbXZ
fTabtbXRP[T\'
bT PRT^bPQZT Ta STUX\X`
ZPa^P`bTa _cTZ]
R][^]\T\(
<\ ZP \cTdP aTvPZXgPRXw\ ]`XT\bPbXdP ,$%$ =IRSACI[M
c`QP\P TZ UPRb]T̀aT\RXPZTa Z] _cT T\
TabPa5=;DB=C<:;@DC=F aT WP SPS] T\
?]a R]\Yc\b]a c\XbP`X]a TabP`s\ aXbcP'
ZZP[P` k[wScZ]o(
S]a% VT\T`PZ[T\bT%T\ ZP [Xa[P X\bT`'
aTRRXw\] P c\P SXabP\RXP P\bT`X]` P ZP
?]a [wScZ]a aT RP`PRbT`XgP\ TaT\'
[Xa[P \] ac^T`X]` P Z]a /* [Tb`]a( A]
RXPZ[T\bT ^]` ac U]`[P% _cT Ta ZP _cT
^T`[XbT ZP U]`[PRXw\ ST RP`bTZTa `TR' ]QabP\bT Z] P\bT`X]`%^]S`s\ cbXZXgP`aT
T\ ^c\b]a PZTYPS]aST ZP [Xa[P awZ]
bP\VcZP`Ta [TSXP\bT fcebP^]aXRXw\(
RcP\S] aT b`PbTST aTvPZTaST R]\UX`'
:PSP [wScZ] bXT\T U]`[P `TRbP\VcZP`
R]\ b]SPa ZPaUZTRWPa
PZP`VPSP% aXT\S] ac P\RWc`P RX\R] [PRXw\%Ta STRX`%
WPRXP
P``XQP #UXVc`P
,1$(
dTRTa ac^T`X]` P ac PZbc`P(
<\ VT\T`PZ%
f R]\ TZ UX\ ST Z]V`P` ZP [seX[P c\XU]`'
[XSPS%aT bT\ST`s P _cT aca SX[T\aX]'
,$&$ :\LEPN DE CNMJSMRNQ
\Ta aTP\ ST -** e +(/** [[%
^cSXt\'
S]aT T[^ZTP` SX[T\aX]\Ta SXabX\bPa
:cP\S] TZ Ta^PRX] SXa^]\XQZTZ] ^T`'
awZ] RcP\S] RX`Rc\abP\RXPa [cf Ta^T'
[XbP 'bP\b] T\ Z]a s\VcZ]a ST Z]a ST ZP
RXPZTa Z] PR]\aTYT\%
^T`]% Ta] au%[P\'
X\bT`aTRRXw\ R][] T\ ZPa"
XaZTbPa'f TZ
bT\XT\S] ZPa [Xa[Pa ^`]^]`RX]\Ta(
\x[T`] ST X\SXRPRX]\Ta aTP TZTdPS]%
;T TabP U]`[P TZ R]\Yc\b] c\XbP`X] ST
aTvPZXgPRXw\ ]`XT\bPbXdP bT\S`s aXT[^`TTa ^`TUT`XQZT SXa^]\T` S]a R]\Yc\b]a
TZ Pa^TRb] ST
c\ x\XR] RP`bTZ _cT% T\ TZ c\XbP`X]a 'c\] ^P`P RPSP aT\bXS]' _cT
c\ a]Z] R]\Yc\b] [sa PZb]#UXVc`P ,2$(
RPa] [sa VT\T`PZ%bT\S`s c\P P\RWc'
`P ST +(/** [[ f c\P PZbc`P dP`XPQZT
ST^T\SXT\S] STZ \x[T`] ST [wScZ]a(
,$'$ 1ILEMQINMEQ
Bb`P U]`[P ST SXa^]\T` Z]a R]\Yc\b]a
c\XbP`X]a Ta [TSXP\bT ZP cbXZXgPRXw\
(
ST
G]S]a Z]a [wScZ]a _cT R][^]\VP\ c\
[wScZ]a bX^] kRPYw\o aT^P`PS]a ZXVT'
[Xa[] R]\Yc\b] STQT\ bT\T` ZPa [Xa'
`P[T\bT T\b`T au ^]` c\P ^XTgP _cT
[Pa SX[T\aX]\Ta 'T\ VT\T`PZ -** [[
U]`[P ^P`bT STZ TZT[T\b] ST acabT\bP'
y
+%
#! %-,)2,1-0 2,(1$/(-0 &' 0'6$*'0 &' -/(',1$%37,
e +(/** [`\' R]\ X\ST^T\ST\RXP ST ZP
ST ZPa X\aR`X^RX]\Ta%
aT STRXSP cbXZXgP`
Z]\VXbcS STZ]a \][Q`Ta cbXZXgPS]a(
]b`Pa SX[T\aX]\Ta% aT `TR][XT\SP _cT
tabPa aTP\%T\ [[% ZPa aXVcXT\bTa4
<\ TZ RPa] ST _cT%^]` `Pg]\Ta ST
Ta^PRX]%
dXaXQXZXSPS ] Z]\VXbcS TeRTaXdP
5
-0-25147 ,- 7/89*+/C3 ,- 2C,9147
#######
?53;
'
'
'
''
ATEMIDA DE
'''
'''''''
8AQ 0AKDAQ"
$.$$$
!"Ah
?53;
OKAVA DE
ATEMIDA DE
$.$$$
8AQ 0AKDAQ
!"Ah
i=[[
-,./0)%*
#
-,+('..%&%
' ''''''
''
''''''
CAREDPAK DE
W
((-(((
=AM 9APRZM &&///"!"1!
$"
.0/85*
,1
&% +43183746 8307*5046 ,- 6-M*2-6 ,- 450-37*+@N3
5
=B=DGCFJ <= JAKL9;AmE <= Dm<LCFJ
G9E=C ;FE LE ?I9E EnD=IF <= ;FEBLEKFJ
=>= =
!
0X<1;/.
XbcUV[p_ WX
=AMRA
=i
=i
6SQRA
!(((4!
'UeX_]WUWX
h
7AMQAQ 0IRU
'!"$
4SEKTA
WW
^o_[^`
.0/85*
,2
,/
^(
1-
# &/.,3.2/1 3.
+2%0+/1 '( 1(8%-(1 '( /0+(.2%&+9.
B^]WYcdT
9[cdaQ
;dQTaQT^ TU V[USXQ ^ br\R^[^
lH=<K;@<9I
DEHC9B
?H9D<=I
.--- * ./2/-- * /2.0- * .3-
.2-0-/--
.42- * /--02- * 1-/0- * /3-
1+ODQaQ]ZQ+
=] [^b \tTd[^b cY_^ SQZt] cQ]c^ [Q
b* LY^[UcQ+
Q[cdaQ S^\^ [Q[^]WYcdT TU [Q h^]Q S^\*
3+OLUaTU+
_aU]TYTQ U]caU QaYQb \Q]cU]Tap]
[Qb
4+O;QbcQs^+
\Yb\Qb _a^_^aSY^]Ub `dU [Qb TU[^b
5+O?aYb+
\tTd[^b gdfcQ_dUbc^b
U]caU ^a[Q g
VYWdaQ
0-+&
R^aTU bd_UaY^a
g U]caU R^aTUb [QcUaQ* %LUa
=] U[ SQb^ TU eQaY^b \tTd[^b S^] [Q
[Ub aUb_UScYeQ\U]cU+
\Yb\Q TYaUSSYt] g U[ \Yb\^ S^[^a TU
V^]T^( bU QcU]TUap+Q [Q \Qg^a Y\_^a*
cQ]SYQ TU[
[dWQaTU TUbcY]^ TYb_^]YU]*
.&*& 9SJOIGIOTSKW
T^ \pb QaaYRQ [^b \tTd[^b S^aaUb_^]*
TYU]cUbQ [^b TUbcY]^b \pb Y\_^acQ]cUb+
;QTQ \tTd[^ S^]cU]Tap d]Q b^[Q Y]TY*
=b TUSYa `dU(
U] SdQ[`dYUa SQb^(
TU]ca^
SQSYt] g d]Q b^[Q TYaUSSYt](Qd]`dU(
S^]Zd]c^ d]YcQaY^g d]Q
Ub^ br( bUapS^\_QcYR[U [Q
dcY[YhQSYt]( U] TU d] \Yb\^
\Yb\Q TYaUSSYt]( bU S^[^SQap] Zd]c^b
U[ \Yb\^ \tTd[^(
TU br\R^[^b g ]^\*
RaUb `dU bU aUVYUaQ] Q[ \Yb\^ TUbcY]^+ [^b \tTd[^b `dU cU]WQ] U[ \Yb\^ S^[^a
TU V^]T^+
%LUa VYWdaQ 0.+&
.&+& >VJKS
.&,& 7QKINGW
6Q^aTU] TU S^[^SQSYt] TU [^b \tTd[^b(
TU QaaYRQ Q QRQZ^( bUap bYU\_aU U[
BQb V[USXQb TU
VaU]cUg X^aYh^]cQ[Ub
bYWdYU]cU7
bUap] TU T] \^TU[^ u]YS^ TYVUaU]SYp]*
c +! @]TYSQSY^]UbVaU]cU
TU
%V[USXQ XQSYQ
T^bU \dg [YWUaQ\U]cU TU [Qb Y]S[Y]QTQb+
QaaYRQ&
O
Yh`dYUaTQ ^ Q [Q TUaUSXQ
/+ @]TYSQSY^]Ub S^] V[USXQ Y]S[Y]QTQ QIU bYcdQap] Q [Q
12k XQSYQ [Q Yh`dYUaTQ+
TU[\tTd[`iU6i- YaYTY`dU] Q [Q Yh`dYUaTQ
^ Q [Q TUaUSXQ aUb_UScYeQ\U]cU+
0+O@]TYSQSY^]Ub
XQSYQ Yh`dYUaTQ+
[Q
O
1+ @]TYSQSY^]Ub S^] V[USXQ Y]S[Y]QTQ QBQb V[USXQb TU VaU]cU %XQSYQ QaaYRQ& bU
bYcdQap] Q [Q TUaUSXQ( UfSU_c^( SdQ]T^(
12k XQSYQ [Q TUaUSXQ+
O
XQSYQ [Q
2+ @]TYSQSY^]Ub XQSYQ [Q TUaUSXQ _^a ]^ XQRUaYaYTYSQSY^]Ub
Yh`dYUaTQ( Y]cUaUbQ bYcdQa[Qb Q UbcU [QT^
%eUa VYWdaQb /6Q g /6R&+
_QaQ `dU ]^ S^Y]SYTQ] S^] [Qb V[USXQb
<U]ca^ TU SQTQ TYaUSSYt] [^b \tTd*
[^b bU ^aTU]Qap] *cQ\RYq] TU QaaYRQ `dU Y]TY`dU] XQSYQ
[Q TUaUSXQ+
QRQZ^* bUWu] U[ bYWdYU]cU SaYcUaY^ QcU]*
TYU]T^ Q[ S^[^a TU V^]T^7
.&-& A^RHTQTW
.+O9hd[+
/+O :[Q]S^+
0+O9\QaY[[^+
#!
B^b br\R^[^b bU bYcdQap] bYU\_aU Zd]c^
Q [QV[USXQ TU TYaUSSYt] S^] Y]TU_U]*
d*m(_G(d?$5*??6( $$$!! $$$$$H N@ S$X*Xg?GN@$$$$$$dXX$gggg)gd$$>$$!$$)7$d!G$$g($GS?dd!&(d)? ?*$ $ @?))G*S*G$@)G(((((!$NIe`!QH) ) *??AS*#@$(G
# &/.,3.2/1 3.+2%0+/1 '( 1(8%-(1 '( /0+(.2%&+9.
02'(/ '( &0-0&%&+@/ '( )-(&*%3
'(/420 '( 5/ &0/,5/40 5/+4%2+0
i@$
FlXZ SXRPUO^ OX S]RY_R(
$$0
i+*+*(.
FlXZSXRPUO^ O O
01f
XOVc\`VR]QO
a**
i
*[
)d-
i
i
"
i
<XRPUO^ OX S]RY_R R
VYPXVYOQO^O XO
01f
QR]RPUO
<XRPUO^
OX S]RY_R
g O XO
QR]RPUO
!
i
(i@
i
<XRPUO^
OXS]RY_R
g O XO
Vc\`VR]QO
FlXZ SXRPUO^
XOVc\`VR]QO
O
*FlXZSXRPUO^
OXOQR]RPUO
FlXZSXRPUO^
O 01fOXO QR]RPUO
O
i
i
<XRPUO^
VYPXkYZQP^ jV01f
XO
$QR]RPUP
g O XOQR]RPUO
!
<XRPUO^ S]RY_R
OX R
VYPXVYOQO^O XO
01f Vc\`VR]QO
!
$$"
<XRPUO^
VYPXVYOQO^
01f O XO Vc\`VR]QO
R VYPXVYOQO^
01f O XO QR]RPUO
.
\
<XRPUO^
VYPXVYOQO^O XO
01f Vc\`VR]QO
b O XO QR]RPUO
!
i
<XRPUO^ VYPXVYOQO^
O XO 01f
Vc\`VR]QO
b O XO Vc\`VR]QO
@i
i
<XRPUO^ O XO Vc\`VR]QO
b O XO QR]RPUO
*.
_
)+*30%!$4
-+
# &/.,3.2/1 3.+2%0+/1 '( 1(8%-(1 '( /0+(.2%&69.
02'(/ '( &0-0&%&+@/ '( )-(&*%3
'(/420 '( 5/ &0/,5/40 5/+4%2+0
#'
-))))))))M!+
i@
"
@i
<-RPUO^ OX S]RY_R*
VYPXVYOQO^
O XO
01f QR]RPUO
g O XO QR]RPUO
<-RPUO^ OX S]RY_R*
VYPXVYOQO^
O XO
01f Vc\`VR]QO
g O XO Vc\`VR]QO
.
i@
<-RPUO^ OX S]RY_R*
VYPXVYOQO^ 01f O XO Vc\`VR]QO
b O XO QR]RPUO
@i
<-RPUO^ OX S]RY_R*
O XO Vc\`VR]QO
g O XO QR]RPUO
@i
i@
<-RPUO^ OX S]RY_R*
VYPXVYOQO^ 01f O XO Vc\`VR]QO*
O XO Vc\`VR]QO*
VYPXVYOQO^
O XO
01f QR]RPUO
g O XO QR]RPUO
#"
)+*30%!$5
i@
* <-RPUO^ OX S]RY_R*
VYPXVYOQO^
O XO
01f Vc\`VR]QO
R VYPXVYOQO^
O XO
01f QR]RPUO
%!&/.,3.2/1 3.+2%0+/1 '( 1(8%-(1 '( /0+(.2%&+9.
TU]SYQ TU[ [QT^ U] `dU qbcQ Ubcq bYcdQ*
TQ+ BQ \Yb\Q aUW[Q bUap ep[YTQ _QaQ [^b
SQZUcY]Ub S^] U[ ]u\Ua^ TU [Qb SQaaUcU*
aQb g Qdc^_YbcQb+
.&.& =aRKVT JK R`JYQTW
*.
BQ S^TYVYSQSYt]a S^[^aUb
_^
_dUTU S^]*
SU]caQa [Q QcU]SYt] TU[ S^]TdSc^a
U]
Q`dU[[^b TUbcY]^b `dU [U Y]cUaUbQ] g(
_^a cQ]c^( _Ua\YcU [Q Y]bcQ[QSYt] TU d]
]u\Ua^ \Qg^a TU bUsQ[Ub `dU S^] d]
bYbcU\Q \^]^S^[^a+ =[[^ ]^ ^RbcQ]cU(
TURU UeYcQabU d]Q _a^[YVUaQSYt] UfSUbY*
eQ TU Y]V^a\QSY^]Ub U] d] \Yb\^ S^]*
Zd]c^ d]YcQaY^+ 9br _dUb(
bU aUS^\YU]TQ
[Y\YcQa U[ ]u\Ua^ TU \tTd[^b Q SdQca^
_^a S^]Zd]c^( _dTYq]T^bU [[UWQa XQbcQ
bUYb SdQ]T^ ]^ UfYbcQ] \pb TU caUb
\tTd[^b S^] U[ \Yb\^ S^[^a TU V^]T^+
=] [Qb VYWdaQb 0/Q Q 0/U bU \dUbcaQ]
TYeUab^b UZU\_[^b TU \tTd[^b+
-
w
)_
ll[
%%
%! '0/-5/403
5/,4&2,03 () 3)H&.)3 () 02,)/4&',I/
9i:?=D :; 9DADE;F
@
++++++++++!
+
7
Y
(
i
+
+
w
D]QRY QR PZXZPOPVlY
%&
*,+52&
0-
%! '0/-5
/403 5/,4&2,03 () 3)H&.)3 () 02,)/4&',I/
A68>D92
\\
D942;D2@>
iiA
\
KWXGIO`S JK
4NGRGVX^S
!$
!X
(
*,+52& $"
24
%! '0/-5/403 5/,4&2,03 () 3)H&.)3 () 02,)/4&',I/
'
A2= >=HD9D<E
QX:#
GRHYQGXTVOT
!
))
QGMT
ii
EGVGMT[G
KWXGIO`S
dLT@!
GZKSOJG JK
&&&)&&&&
6Q 6WUGVVGMGQ
'
.'
\
NcV@V EGVGMT[G
I9D >=HD9D<E
IKSXVT IYQXYVGQ
%3YKVT DGQQKPT!"
*,+52&$#7
@
\
dhBGBG([*#G*H8G!*G#_$G*`dd8+*`@X``*`!!$$$$)A??d$$$$$$$))$JG$$>*`dS*A M*G$*?G(6g$$J$(dICC?G@G$$*`
+d+cKC@nK++#+#K
wwww
G*Y*$**a***`_GG*X(
*mm*m *m$?*a(
mm
K!$(Q(d+dK$++d($[$++g!(\(
%! '0/-5/403 5/,4&2,03 () 3)H&.)3 () 02,)/4&',I/
D98>
i
?>=B6D65@2
VKWOJKSIOG
WGSOXGVOG
KWXGIO`S
'
9 9#
i$'
G2%6..i
76?98=6;
*,+52&$#8
91:!
5.
%! '0/-5/403 5/,4&2,03 ()
3)H&.)3 () 02,)/4&',I/
GKVTUYKVXT
L>@ d
&EGVGMT[G
ii***
)))
)
)))
)
>Z^[V_OX
=O_T :KWaW
[ZXVQR[Z]_VaZ
;G 6QOUG
UZ^[V_OX
mm d
'( JK >IXYHVK
d
OaRYVQO QR
\
'
'O009!&\
2SJGQYI^G
QeTQ+ TU
4`VJTHG
OPOXXR
d
<GVIKQT" CWKVG
&#
*,+52&$#9
\
*d(W$!
NNdd
*d
*Nmm ;di
8"(+++iP
+w++
T+i
w++w
!$ ((++**+[A**.Yn+(A$((((V+V((((* (i(i(V!!!$qQ(A
%! '0/-5/403 5/,4&2,03 () 3)H&.)3 () 02,)/4&',I/
i'
@92E2
@
@
I9D >=HD9D<E
i
' @
i
Q\Rd[Qc^aY^
-'-' @
$*OT
dd
i
*
_9X]OT%&cd
(7*!$i$(7,$ii
*(**
KWXGIO`S
dLT@!
QeU]YTQ TU
(; (><6==6:6;
*,+52&$#:
****/-***
#!
3/
%! '0/-5/403 5/,4&2,03 () 3)H&.)3 () 02,)/4&'>I/
@
--
-
!
?K9H<9C9H
@
!
i
_[QgQb
TLOIOSG JK
XYVOWRT
Q_QaSQ\ YU]c^bi
))
))
d))))
UGWKT JK
;G ;OHKVXGJ
S[dR
]QucYS^
GKVTUYKVXT
51
*,+52&$#;
!
\
!
+*'
'&
!
DE@ie][@I
"4 A)'D=)A
7
/
3
$ 1(8%-(1 '( 1+23%&+9.
9 [^b UVUSc^b TU UbcQb HUS^\U]TQSY^* TUbTU U[ p]Wd[^ Y]VUaY^a Yh`dYUaT^
]Ub bU TYbcY]WdU] T^b Wad_^b TU bUsQ* bd_UaY^a TUaUSX^+
[Ub TU bYcdQSYt]7 [Qb TU S^\YU]h^ g VY]
TU _^R[QSYt] g c^TQb [Qb TU\pb+
Q[
/&(& >XVGW WK_GQKW
JK WOXYGIO`S
/&'& AK_GQKW JK
QTIGQO[GIO`S JK UTHQGIO`SB^b
QSdUaT^b Uda^_U^b U] \QcUaYQ TU
bUsQ[YhQSYt] Y\_[YSQ] [Q ^R[YWQSYt] TU
BQ bUsQ[ TU [^SQ[YhQSYt] TU _^R[QSYt] aUbUaeQa [Qb bUsQ[Ub TU bYcdQSYt]
cYU]U( TUbTU `dU bU \^TYVYSt U[ ;tTY* TU V^]T^ R[Q]S^ _QaQ Y]TYSQa U[ S^\YU]*
W^ TU ;YaSd[QSYt]
%HUQ[ <USaUc^ h^ TU [Q h^]Q T^]TU b^] Q_[YSQR[Ub [Qb
.134,.65.( TU 5 TU \Qg^& ( d] eQ[^a g
]^a\Qb TU _^R[QSYt]+ 9br _dUb(Ub ^R[Y*
d]Q Y\_^acQ]SYQ TU [^b `dU SQaUSrQ WQT^ `dU [Qb TU\pb bUsQ[Ub TU bYcdQ*
Q]cUaY^a\U]cU+
F^bcUaY^a\U]cU
UbcQ SYt] cU]WQ] S^[^aUb TU V^]T^ TYbcY]c^b
bUsQ[ `dUTt \^TYVYSQTQ Q[ aUS^WUabUQ[ R[Q]S^ `dU([tWYSQ\U]cU( XQRap] TU
U] U[ HUW[Q\U]c^ ?U]UaQ[ TU ;YaSd[Q* S^Y]SYTYa S^] [^b Y]TYSQT^b _QaQ [Qb
SYt] %HUQ[ <USaUc^ .0,.66/(TU .4 TU
bUsQ[Ub TU ^aYU]cQSYt]+
U]Ua^& [Qb SQaQScUarbcYSQb g bYW]YVYSQT^
=] [^ `dU aUb_UScQ Q [Q bUsQ[YhQSYt]
`dU [Ub TQ U[F'7CJ?A=A D 3>=@><>97:A :; Y]V^a\QcYeQ daRQ]Q(
[Q bUsQ[ TU bYcdQSYt]
?7B B;K7?;BG
TU[ CEFJC9 _dR[YSQT^ U]
\pb VaUSdU]cU g _^a ^ca^ [QT^ [Q \pb
Zd]Y^ TU .66/+
]USUbQaYQ( Ub [Q TU SQ[[Ub( QeU]YTQb( _[Q*
=bcQ bUsQ[ Y]TYSQ U[ [dWQa TUbTU
`dU U[ hQb(UcS+BQ _a^[YVUaQSYt] TU [dWQaUb TU
S^\YU]hQ Q aUWYa U[ S^]Zd]c^ TU ]^a\Qb Y]cUaqb _uR[YS^ `dU bU ^RbUaeQ b^RaU
TU SYaSd[QSYt] g S^\_^acQ\YU]c^
U] c^T^ U] [Qb WaQ]TUb SYdTQTUb( Y\_YTU
_^R[QSYt]+ F^a U[[^(Ub TU WaQ] caQ]b* *TU XUSX^* d]Q bUsQ[YhQSYt] UfXQdbcY*
SU]TU]SYQ U[ UbcdTY^ SdYTQT^b^ TU bdeQ TU [^b \Yb\^b+ F^a U[[^(Ub ]USUbQ*
aY^ Q_^gQabU U] U[ bYbcU\Q TU ]^\RaUb
U\_[QhQ\YU]c^( cQ]c^ TUbTU U[ _d]c^ TU
eYbcQ TU QbUWdaQa bd RdU]Q eYbYRY[YTQT
TU SQ[[Ub g( _^a U[[^ cQ\RYq]( Ub ]USU*
S^\^ TU[ TU ]^ Y\_^]Ua aUbcaYSSY^]Ub
bQaY^ `dU U[ S^]TdSc^a _dUTQ S^]^SUa(
SdQ[`dYUa \^\U]c^( U] `dq [dWQaTU
Y]]USUbQaYQb Q SYUacQ TYbcQ]SYQ U]TU[
[Q SYdTQT bU U]SdU]caQ+
S^\YU]h^ UVUScYe^ TU
[Q _^R[QSYt]+
=bcU _a^R[U\Q( `dU Q]cUb ]^ UfYbcrQ
9br _dUb( bY bU _aUcU]TU [^WaQa d]Q
\UZ^a
bUsQ[YhQSYt] Y]V^a\QcYeQ daRQ]Q(
_^a`dU [Q bUsQ[TU _^R[QSYt] UaQ \UaQ*
Ub QRb^[dcQ\U]cU ]USUbQaY^ _a^SUTUa
\U]cU Y]TYSQcYeQ(
TURU *QX^aQ*cU]Ua*
Q d]Q bUsQ[YhQSYt] TU [Qb erQb daRQ]Qb
bU \dg U] SdU]cQ+
[^b S^]TdSc^aUb TU eUXrSd*
B^ $\Yb\^ _dUTU TUSYabU TU [Q bUsQ[ U]V^SQTQ Q
[^b( g ]^ b^[Q\U]cU( S^\^ bdU[U bUa
TU VY] TU _^R[QSYt] `dU(
S^\^ [Q Q]cU*
Q [^b eYQ]TQ]cUb+
aY^a( QTU\pb TU d] eQ[^a Y]V^a\QcYe^ _apScYSQ VaUSdU]cU(
;^\^
bUsQ[Y]c^a\QcYeQ(
[Q bUsQ[ TU
cYU]U d] eQ[^a _aUSU_cYe^+
9\RQb bUsQ[Ub bUap] bYU\_aU aUS* bYcdQSYt] Ub TU bd\Q Y\_^acQ]SYQ _QaQ
cQ]Wd[QaUb S^] V^]T^ R[Q]S^+
BQb [UcaQb `dU U[ S^]TdSc^a YTU]cYVY`dU TURYTQ*
FUa^ bd dcY*
bUap] ^bSdaQb %]UWaQb ^ Qhd[ ^bSda^& \U]cU bd [dWQa TU TUbcY]^+
[YTQT ]^ bU [Y\YcQ Q [^ Q]cUaY^a(
_dUb
g c^TQb \QgubSd[Qb+ BQ bUsQ[ TU
jU]caQTQ Q _^R[QT^m[[UeQap d]Q ^a[Q
cQ\RYq] S^]caYRdgU Q ^aYU]cQa Q[ S^]*
TvSc^a( ]^ Y]TYSp]T^[U TYaUSSYt] ]Y]Wd*
a^ZQ U] [dWQa [Q
TU]UWaQ `dU bU U\_[U*
]Q Q bUWdYa(
_Ua^ br QgdTp]T^[U Q S^]^*
QRQ Q]cYWdQ\U]cU+ BQ bUsQ[ TU VY] TU
SUa bd bYcdQSYt] TU]ca^ TU [Q SYdTQT+
_^R[QT^ [[UeQap d]Q VaQ]ZQ a^ZQ ^R[YSdQ
w
$#
$ 1(8%-(1 '( 1+23%&+9.
;^\^ Y]V^a\QSYt] S^\_[U\U]cQaYQ(
[QSYt] g ]^ U[ TU [Q ]d\UaQSYt] %eUa VYWd*
\dg ucY[ b^RaU c^T^ SdQ]T^ bU caQcQ TU aQ 00&+
h^]Qb TU UTYVYSQSYt] QRYUacQ( TURU
JQ\RYq]( Q \Q]UaQ TU Y]V^a\QSYt]
Y]S[dYabU U] [Q bUsQ[ TU bYcdQSYt] [Q
S^\_[U\U]cQaYQ( Ub _^bYR[U [Q dcY[YhQSYt]
]d\UaQSYt] TU [Q SQ[[U+
TU br\R^[^b `dU \dUbcaU] U[ SQapScUa ^
=] WU]UaQ[ Ub S^]eU]YU]cU S^\U]hQa
[^b bUaeYSY^b `dU _dUTU] U]S^]caQabU U]
_^a U[ _aY\Ua ]u\Ua^ `dU bU U]SdU]caQ g U[ [dWQa SdgQ bYcdQSYt] bU bUsQ[YhQ+ =]
_^]Ua U] bUWd]T^ [dWQa U[ u[cY\^ ]u\U*
UbcU SQb^ U[ S^[^a TU V^]T^ TU [Q bUsQ[
a^ Q]cUb TU [Q bYWdYU]cU Y]cUabUSSYt](
TU bYcdQSYt] bUap U[ `dU S^aaUb_^]TQ Q
bYWdYU]T^
+bYU\_aU U[ bU]cYT^ TU SYaSd* [Qb SQaQScUarbcYSQb TU[ [dWQa SYcQT^+
$$
Zm**
ZY!!N]
E>> 1!
$ 1(8%-(1 '( 1+23%&+9.
Y
9
(,(.1-03 '( 3+45%&+@/ '( .@'5-03
76;;9
'-%)'
\
AGS AKHGWXO]S
CGB;E89?iC
56 98AA;F
i
$!
""",
-""(
i +
a*
i
i
8
i
D _)
K
i
B8CK8C8 :;A - 8A -1
i
!! A@:&
F @o+7+\+O
-2
( 3-
@
-4
@
06
B8CK8C8 :;A -3 8A .,
a*
a*
""",
_)
8
_)
"
i
8
M
(
D
*)
_)
i
*,+52&
00
./
+$
"
DXC/-dHKHXQd/
Ei
#" *-0,&7&-+*.3/
"! " .4=>/14B8 23 6/<
<3A/63<
9NVNZJTUNV\N
NV ]VJ JLNZJ [N
NVLWV\ZJZfV MW[ \RXW[ MN NTNUNV\W[
Y]N LWVMRLRWVJZfV TJ LWTWLJLRjV MN TJ[
6NV\ZW MNT WKSN\R^W PNVNZJT MN LWV[N&
[NiJTN[3 XWZ ]V TJMW TW[ WZVJUNV\JTN[
P]RZ TJ Uf_RUJ NORLJLRJ &` TJ UNSWZ RV\N&
"PNVNZJTUNV\N fZKWTN[# ` XWZ W\ZW TW[ MN
PZJLRjV NV NT NV\WZVW ]ZKJVW& MN [NZ^RLRW[
TJ[
"LWT]UVJ[ MN JT]UKZJMW$
[NiJTN[ RVOWZUJ\R^J[$ ]VW MN TW[ J[XNL&
ZNPR[\ZW[$ KWLJ[ MN ZRNPW$ N\L'#' 7V\ZN
\W[ Uf[ N[NVLRJTN[ N[ NT MN TJ [R\]JLRjV N[\W[ NTNUNV\W[ [WV TW[ fZKWTN[ ` TJ[
MN TJ[ UR[UJ['
LWT]UVJ[ MN JT]UKZJMW TW[ Y]N Uf[
@]N[\W Y]N VW \WMJ[ TJ[ [NiJTN[
JONL\JV J TJ ^R[RKRTRMJM MN TW[ LJZ\NTN[$
RVOWZUJ\R^J[ L]UXTNV N_JL\JUNV\N TJX]MRNVMW [NZ Y]N$ NV ]V X]V\W MWVMN
UR[UJ O]VLRjV$ N[ LWV^NVRNV\N JPZ]&g[\J [NJ K]NVJ$ VW [N X]NMNV LWTWLJZ
XJZRJ[ NV TW[ \ZN[ \RXW[ [RP]RNV\N[3
MNKRMW J TJ N_R[\NVLRJ MN LfUJZJ[ MN
J# 5WVS]V\W[ MN XZNJ^R[W ` MN XZN[N&
ZNPR[\ZW$ JLLN[W[ J PJTNZhJ[ MN [NZ^RLRW$
N\Lg\NZJ'
TNLLRjV'
K# 5WVS]V\W[ MN [NiJTN[ 'MRZNLLRjV'
MN
:J` Y]N \NVNZ NV L]NV\J$ \JUKRgV$ TJ
XW[RKRTRMJM MN Y]N TJ OTWZJLRjV NV XZR&
N# BNiJTN[ MN [R\]JLRjV'
UJ^NZJ MN TW[ fZKWTN[$ N RVLT][W [] LZN&
LRURNV\W$ QJPJV Y]N ]VJ LWTWLJLRjV$
"! # .3A/63< 23 :;3/?4<9
Y]N NV XZRVLRXRW O]N JLNZ\JMJ ` XNZUR&
:;3<363114B8
\hJ ]VJ K]NVJ ^R[RKRTRMJM$ LWV NT \ZJV[&
L]Z[W MNT \RNUXW XTJV\NN XZWKTNUJ[ MN
@WZ MNORVRLRjV TJ[ [NiJTN[ MN N[\N \RXW
WL]T\JLRjV \W\JT W XJZLRJT MN TJ [NiJT'
MNKNV LWTWLJZ[N [RNUXZN JV\N[ MN TJ@WZ kT\RUW$ QJ` W\ZW NTNUNV\W Y]N
RV\NZ[NLLRjV L]`J[ [JTRMJ[ [N XZN\NVMJ X]NMN JONL\JZ J TJ ^R[RKRTRMJM MN TW[ LJZ&
[NiJTRaJZ `$ NVYNVNZJT$ XZNLNMNZfV J TJ[
\NTN[3 NT N[\JLRWVJURNV\W MN ^NQhL]TW[
LWZZN[XWVMRNV\N[ [NiJTN[ MN MRZNLLRjV
XN[JMW[' 7V N[\N LJ[W [N QJLN VNLN[J&
Y]N [N [R\kJV NV TJ XZWXRJ RV\NZ[NLLRjV'ZRW XZWQRKRZ NT N[\JLRWVJURNV\W MN N[\N
@JZJ [] LWTWLJLRjV MNKN K][LJZ[N NT\RXW MN ^NQhL]TW[$ W KRNV$ ZNL]ZZRZ J W\ZW
\RXW
T]PJZ RMjVNW NV Y]N$ XWZ [] ^R[RKRTRMJM
` MN LJZ\NTN[ LWTPJMW[ W^JTJMW[
[WKZN TJ LJTaJMJ$ J ]VJ JT\]ZJ JMNL]JMJ'
MR[\JVLRJ J TJ RV\NZ[NLLRjV$ NT LWVM]L\WZ
X]NMJ LJX\JZ NT UNV[JSN TW Uf[ LjUW&
=J LWTWLJLRjV$ XWZ \JV\W$ MN LJMJ
LWVS]V\W MN LJZ\NTN[ MNKN [NZ UW\R^W MN
MJUNV\N XW[RKTN `$ [RV UJVRWKZJ KZ][LJ$
]VJ RV[XNLLRjV MN\JTTJMJ XWZ XJZ\N MNT
[R\]JZ[N NV NT LJZZRT Uf[ LWV^NVRNV\N XJZJ
RVPNVRNZW W XNZ[WVJ NVLJZPJMJ MN TJ
LWV\RV]JZ XWZ NT R\RVNZJZRW MN[NJMW'
[NiJTRaJLRjV$ MN \JT UJVNZJ Y]N$ NTNPRMW
7V ]VJ XWKTJLRjV VW X]NMN QJKTJZ[N MN
NT X]V\W$ N RVLT][W UWV\JMW XZW^R[RWVJT&
MR[\JVLRJ[ LWVLZN\J[ NV\ZN TJ [R\]JLRjV MNT
LJZ\NT ` TJ RV\NZ[NLLRjV$ `J Y]N TJ LWVORP]&
UNV\N NT LWVS]V\W$ LWUXZ]NKN Y]N$
NONL\R^JUNV\N$ XWMZf L]UXTRZ [] O]VLRjV
ZJLRjV MN TJ[ LJTTN[ J[h LWUW TJ MN TW[ NTN&
NV \WMW UWUNV\W ` LRZL]V[\JVLRJ J TW
UNV\W[ WZVJUNV\JTN[ W MN [NZ^RLRW Y]N
TJZPW MN ]V \RNUXW MN\NZURVJMW'
X]NMJV NVLWV\ZJZ[N NV TJ JLNZJ WKTRPJV$
5]JVMW TJ MRZNLLRjV J \WUJZ [NJ LTJ&
NV WLJ[RWVN[$ J MN[XTJaJURNV\W[ RUXWZ&
ZJUNV\N MR[\RV\J MN TJ XNZXNVMRL]TJZ$
\JV\N[ MN TJ [NiJT LWV WKSN\W MN UNSWZJZ
[] ^R[RKRTRMJM$ ZJajV MN Uf_RUJ RUXWZ\JV&
LWUW WL]ZZN JT TTNPJZ J ]VJ RV\NZ[NL&
LRjV NV H W NV NT LJ[W MN ]VJ PTWZRN\J
LRJ J TJ QWZJ MN [R\]JZ TJ UR[UJ' >W WK[&
XJZ\RMJ &RV\NZ[NLLRjV
LWV UNMRJ[
\JV\N$ ` LWUW VWZUJ PNVNZJT$ X]NMN MNLRZ&
[N Y]N ]VJ MR[\JVLRJ LWZZNL\J NV LR]MJMT]VJ[& NV TJ Y]N TJ \ZJ`NL\WZRJ RVRLRJT MNT
^NQhL]TW MNKN [NP]RZ ]V \ZJUW WKTRL]W$
X]NMN W[LRTJZ JTZNMNMWZ MN TW[ .) UN\ZW['
l
#
#" *-0,&7&-+*.3/
[R\]JMW NT T]PJZ Y]N [N RVMRLJ NV TJ
[N MNKN NUXTNJZ$ NV NT UjM]TW LWZZN[&
XWVMRNV\N$ TJ OTNLQJ RVLTRVJMJ J -.d'
UR[UJ'
7V NT LJ[W MN TJ[ PTWZRN\J[$ ZNP]TJMJ[ @]NMNV MR[\RVP]RZ[N \ZN[ \RXW[ MN
[NiJTN[ MN [R\]JLRjV3
W VW XWZ [NUfOWZW[$
X]NMN ZN[]T\JZ
LWV^NVRNV\N RVMRLJZ$ S]V\W J TJ OTNLQJ
J# BNiJTN[ MN [R\]JLRjV MN XWKTJLRjV'
Y]N UJZLJ TJ MRZNLLRjV J [NP]RZ [JTRNV&
K# BNiJTN[ MN [R\]JLRjV MN LJTTN[ W XTJ&
MW MN TJ RV\NZ[NLLRjV$
NT [hUKWTW MN
aJ['
BNiJTN[ MN [R\]JLRjV MN T]PJZN[ MN
RV\NZ[NLLRjV MN [NV\RMW PRZJ\WZRW N#
"[NiJT
A&-)+# "^NZ ORP]ZJ ,-#'
RV\NZg[ XkKTRLW'
7V NT LJ[W MN Y]N$ NV T]PJZ MN LWV& =J[ [NiJTN[ MN [R\]JLRjV MN XWKTJ&
LRjV$ MN JL]NZMW LWV TW XZN[LZR\W NV NT
S]V\W[ ]VR\JZRW[ MN UjM]TW[$ [N MNLR&
MJ ]\RTRaJZ XjZ\RLW[ W KJVMNZWTJ[ [WKZN
ANPTJUNV\W 9NVNZJT MN 5RZL]TJLRjV$
TJ LJTaJMJ VW []NTNV N_R[\RZ N[\W[ XZW&
WKTRPJV J XZN[\JZ NT Uf_RUW RV\NZg[ `
N[\]MRW MNT X]V\W MWVMN MNKNV [R\]JZ&
KTNUJ[$ [RNVMW LWV^NVRNV\N \NVNZ NV
L]NV\J$ VJMJ Uf[$ TJ [R\]JLRjV MN TJ[
[N$ `J Y]N J XJZ\RZ MN TJ[ UR[UJ[
LWT]UVJ[ MN JT]UKZJMW$
XWZY]N MN LWURNVaJV J ZNPRZ TJ[ VWZUJ[ MN 5RZ&
VWLQN X]NMNV [NZ^RZ XJZJ UNSWZJZ L]TJLRjV
TJ
DZKJVJ$ LWV TJ[ LWV[RP]RNV\N[
^R[RKRTRMJM MNT LJZ\NT ` XWZY]N MN
MhJ
TRUR\JLRWVN[
NV L]JV\W J ^NTWLRMJM `
X]NMNV XZW`NL\JZ [WUKZJ[ Y]N MRORL]T&
JXTRLJLRjV MN XW[RKTN[ ?ZMNVJVaJ[ Y]N
\NV TJ TNL\]ZJ MN TJ[ RV[LZRXLRWVN[' ZNP]TNV NT \ZfORLW NV TJ XWKTJLRjV Y]N [N
RVMRLJ NV TJ[ [NiJTN['
=J[ [NiJTN[ MN [R\]JLRjV MN LJTTN[$
"! $ *985>8=9< 23
W NV PNVNZJT MN VWUKZN[ MN
LWUW
^hJ[$
<3A/63< 23 24;3114B8
\JTN[ [NiJTN[ MN \ZfORLW Y]N [WV$ MNKNV
LWTWLJZ[N XJZJTNTJUNV\N JT NSN MN TJ
=W[ LWVS]V\W[ ]VR\JZRW[ X]NMNV L]UXTRZ
LJTaJMJ MN OWZUJ Y]N [NJV ^R[RKTN[
\JV\W TJ O]VLRjV MN RVMRLJZ TJ[ MRZNLLRW&
MN[MN TW[ ^NQhL]TW[ Y]N LRZL]TJV W [N
VN[ MNV\ZW MN TJ XZWXRJ RV\NZ[NLLRjV
MR[XWVNV J LRZL]TJZ XWZ TJ UR[UJ' =J[
LWUW TJ MN XZNJ^R[W MN TJ UR[UJ'
[NiJTN[ Y]N [N LWTWY]NV JMW[JMJ[ J
7V NT LJ[W MN Y]N [N LWTWY]NV NV TJTJ[ OJLQJMJ[ W TJ[ Y]N ]\RTRLNV ]V MR[N&
XZWXRJ RV\NZ[NLLRjV$
` MNXNVMRNVMW MNiW$ LWTWZ W JTOJKN\W N[XNLRJTUNV\N
TJ RUXWZ\JVLRJ MN g[\J$
X]NMN [NZ LWV& WZRNV\JMW[ J TW[ XNJ\WVN[ VW [WV [NiJ&
^NVRNV\N TJ LWTWLJLRjV MN [NiJTN[ MN
TN[ MN \ZfORLWXWZ
`$ \JV\W$ [][ LJZJL&
XZNJ^R[W Y]N J`]MNV JT LWVM]L\WZ J\NZh[\RLJ[ VW [WV WKSN\W MN3;9A"
N[\J[
[R\]JZ[N NV NT LJZZRT RMjVNW$ MN \JT UJVN&
?;@:89=A@;B# 7T T]PJZ Uf[ JMNL]JMW
ZJ Y]N NT LWVS]V\W ]VR\JZRW JL\kN MN
XJZJ TJ ]KRLJLRjV MN TJ[ [NiJTN[ MN
LWVORZUJLRjV MNT R\RVNZJZRW'
[R\]JLRjV MN LJTTN[ N[ NT LWURNVaW MN TJ
7V L]JTY]RNZ LJ[W$
\WMJ[ TJ[ ZNLW& UJVaJVJ RVUNMRJ\JUNV\N MN[X]g[ MN
UNVMJLRWVN[ RVMRLJMJ[ JV\NZRWZUNV\N
TW[ NTNUNV\W[ MN [NiJTRaJLRjV ^NZ\RLJT
XJZJ TW[ LJZ\NTN[ Y]N L]UXTNV TJ O]V&RVOWZUJ\R^J W MNT XJ[W MN XNJ\WVN[ `
LRjV MN XZNJ^R[W W XZN[NTNLLRjV [WV [RV
MN Y]N g[\W[ NV\WZXNaLJV [] ^R[RKRTR&
JXTRLJLRjV J TW[ LJZ\NTN[ MN MRZNLLRjV'
MJM' :JKZf MN XZWL]ZJZ[N$ NV \WMW
LJ[W$ Y]N TJ [NiJT MN [R\]JLRjV VW N[\g
N_LN[R^JUNV\N LNZLJ MN TJ[ W\ZJ[ [NiJ&
"! % .3A/63< 23 <4=>/14B8
TN[ MN TJ RV\NZ[NLLRjV XJZJ Y]N VW MR[&
\ZJRPJ TJ J\NVLRjV MNT LWVM]L\WZ VR XZW&
7[\J[ [NiJTN[ MNKNV LWTWLJZ[N NV NT M]aLJ ]V NONL\W MN cJL]U]TJLRjV
UR[UW X]V\W MWVMN LWURNVaJ W N[\fMN[WZMNVJMJe'
#!
'$'
&%# */2.)7)/-*041
+.+03/25
.
#(
bb#
%'$!&"
-- !.
bb#F**
B?:J:
;<
*+ 5-67()-L1 *+ 0L*7/25
-
;
<]JV GG;;;$
B:DCG<
CJLWVNZJ
+@ ,?AD><F:
:H<@>;:
;<
!8]NV\N >]N^J
K
&
+@ 0<;>: /G@:
+-,53)
,-
$"
#" *-0,&7&-+*.3/
"! ' +4<=/814/< /6 09;24669
=J[ [NiJTN[ MN [R\]JLRjV MN XTJaJ[ [N
LWTWLJZfV J TJ NV\ZJMJ MN TJ[ UR[UJ[$
MR[\JVLRJ NV\ZN TJ ^NZ\RLJT MNT KWZMR&
XNZXNVMRL]TJZN[ J TJ \ZJ`NL\WZRJ MN =J
TW[
TTW ` NT KWZMN Uf[ XZj_RUW MNT LJZ\NT
^NQhL]TW[ Y]N TTNPJV W [JTNV$ RVMRLJVMW
NT VWUKZN MN TJ XTJaJ' 7T VWUKZN MNMNKN
TJ [NZ LWUW UhVRUW MN ,) LU$ MR[&
\JVLRJ Y]N \RNVN LWUW WKSN\W N^R\JZ Y]N
^hJ MN JLLN[W$ Y]N [NZf ^R[RKTN XZRVLR&
TW[ ^NQhL]TW[$ [WKZN \WMW TW[ XN[JMW[$
XJTUNV\N MN[MN TW[ ^NQhL]TW[ Y]N XZN&
X]NMJV LWTR[RWVJZ LWV NT UR[UW JT LRZ&
\NVMJV [JTRZ MN TJ XTJaJ$ [N [R\]JZfV NV
L]TJZ XNPJMW[ JT KWZMRTTW "^NZ ORP]ZJ ,0#'
]VJ [NiJT [NV[RKTNUNV\N XJZJTNTJ JT NSN
MN TJ LJTaJMJ MN [JTRMJ "ORP]ZJ ,.#'
@WZ kT\RUW$ TJ[ [NiJTN[ MN [R\]JLRjV MN
T]PJZN[ MN RV\NZg[ XkKTRLW [N [R\]JZfV J"! ( ,63738=9< 23
<>5314B8
TJ JT\]ZJ MNT X]V\W MWVMN [N NVL]NV\ZJ
]KRLJMW NT UR[UW "^NZ ORP]ZJ ,/#'
4Y]NTTJ[ [NiJTN[ Y]N [N [R\kNV NV T]PJ&
5WV[NL]NV\NUNV\N LWV \WMW TW JV\N&
ZRWZ$ NV TW[ LJ[W[ NV Y]N [N [NiJTRLNVZN[ NV TW[ Y]N NT XJ[W MN XNJ\WVN[ N[
MW[ ^hJ[ Y]N [N LZ]LNV$ TJ[ [NiJTN[ MN QJKR\]JT MNKNZfV \NVNZ ]V kVRLW XW[\N
[R\]JLRjV MN TJ[ LJTTN[ [N [R\]JZfV OWZ&MN [][\NV\JLRjV LWTWLJMW NV TJ OWZUJ
UJVMW ]V fVP]TW NV OWZUJ \JT Y]N NTY]N MNSN NT UJ`WZ N[XJLRW TRKZN XJZJ TW[
XNJ\WVN['
LJZ\NT MN RVMRLJLRjV MN ]VJ ^hJ VW RUXR&
MJ TJ ^R[\J MNT VWUKZN MN TJ ^hJ XNZ&=J[ LJZJL\NZh[\RLJ[ MN N[\N XW[\N$
XNVMRL]TJZ "^NZ ORP]ZJ ,,#'
Y]N X]NMN N[\JZ OWZUJMW XWZ ]V kVRLW
NTNUNV\W W ^JZRW[ ]VRMW[ NV\ZN [h$
MNKNZfV [NZ \JTN[ Y]N \JV\W [] LRUNV&
\JLRjV LWUW TW[ UJ\NZRJTN[$ N[XN[WZN[
"! & )6=>;/ 23 6/< <3A/63<
` MR[NiW PJZJV\RLNV TJ N[\JKRTRMJM MN TJ
7V LR]MJM$ TJ JT\]ZJ MN TJ[ [NiJTN[ ^RNVN[NiJT \JV\W JV\N [R\]JLRWVN[ LTRUJ\W&
TjPRLJ[ N_\ZNUJ[ LWUW JV\N XNY]NiW[
WKTRPJMJ$ NV TJ UJ`WZhJ MN TW[ LJ[W[$
PWTXN[ W N[O]NZaW[ J TW[ Y]N X]NMJV
XWZ TJ VNLN[RMJM MN N^R\JZ Y]N TW[ XNJ&
^NZ[N [WUN\RMW[ XWZ XJZ\N MN TW[ XNJ&
\WVN[ X]NMJV PWTXNJZ[N TJ LJKNaJ LWV&
\WVN[' 7V \WMW LJ[W MNKN \ZJ\JZ[N MN
\ZJ NTTJ[' 7[\W QJLN Y]N TJ[ [NiJTN[
Y]N TW[ NTNUNV\W[ MN []SNLRjV JTLJV&
MNKJV LWTWLJZ[N LWV ]VJ JT\]ZJ TRKZN
NV\ZN TJ JLNZJ ` NT KWZMN RVONZRWZLNV
MN TJ[
TJ UJ`WZN[ LJTRMJMN[ N[\g\RLJ[
Y]N [NJ XW[RKTN$ `J Y]N [N \ZJ\J MN NTN&
[NiJT MN +$+) U LWUW UhVRUW$ [RNVMW
UNV\W[ Y]N OWZUJV XJZ\N MNT UWKRTRJZRW
JLWV[NSJKTN TTNPJZ J TW[ +$.) U$ LWV
WKSN\W MN N^R\JZ TJ [NV[JLRjV MN LQWY]N
]ZKJVW Y]N VW N[ ^R[\W [WTJUNV\N XWZ
` NT JL\W RV[\RV\R^W MN JPJLQJZ TJ LJKN&
TW[ LWVM]L\WZN[ [RVW Y]N [N WKTRPJ JT
aJ JT XJ[JZ XWZ MNKJSW MNT LJZ\NT'
ZN[\W MN TW[ ][]JZRW[$ NV [] UJ`WZhJ
7V NT LJ[W MN Y]N TJ LWTWLJLRjV [NXNJ\WVN[$ J LWV\NUXTJZTW[ MN[MN MR[&
NONL\kN NV ]VJ R[TN\J NV TJ Y]N VW N_R[&
\JVLRJ[ U]LQJ[ ^NLN[ U]` LWZ\J['
\J XW[RKRTRMJM MN XJ[W MN XNJ\WVN[$7V NT LJ[W MN NUXTNJZ[N ]VJ LRUNV&
N[\J JT\]ZJ X]NMN [NZ RVONZRWZ'
\JLRjV Y]N L]NV\N LWV N[XfZZJPW[ MN
>W WK[\JV\N TW JV\NZRWZ$ [RNUXZN ]VRjV
N[
J TJ XTJLJ KJ[N MNT XW[\N$ g[\W[
ZNLWUNVMJKTN
UJV\NVNZ ]VJ LRNZ\JMNKNZfV Y]NMJZ XWZ MNKJSW MN TJ \NZ&
JT\]ZJ UhVRUJ$ MN JTZNMNMWZ MN *$.) URVJLRjV
U$
MN JLNZJ Y]N N_R[\J NV NT
XJZJ N^R\JZ Y]N TJ [NiJT [N LWV^RNZ\J NVT]PJZ MN [] NUXTJaJURNV\W'
]V NTNUNV\W Y]N MR[URV]`J TJ ^R[RKRTR&
MJM MN TJ[ ^hJ[ Y]N [N LZ]aJV'
#"
,%
-
[W&U]WZL3U>26EhT'=;B ,J B?!TMF,O,
" #.$+6:+7:9#86$
;"#
$#
l
- EA"D@GAI :G
14-.8 >?#/-5:G 52!?;9%=%
%#&0'$> 6C<7!<<(:- 6'!%&#
+
W
+ K
"S#
-
W
(
$.
"
!'W
-
$.
% .
" A
K#'<
)*&.,+.'&
?IO?;**1;B;<I
## 5+2+'+,+)&) ./(341.&
CWMJ[ TJ[ [NiJTN[ MN WZRNV\JLRjV$ J[hVJ[$ XWZ MW[ ZJaWVN[ O]VMJUNV\JTN['
LWUW TJ[ MN [R\]JLRjV$ MNKNV [NZ XNZ&
=J XZRUNZJ N[ TJ UJ`WZ [NVLRTTNa `
ONL\JUNV\N ^R[RKTN[$ \JV\W MN MhJ LWUW
UNVWZ LW[\N MN TJ RV[\JTJLRjV ` MNT
MN VWLQN' 7[\J ^R[RKRTRMJM VW MNKN UJV\NVRURNV\W'
TRUR&
=J [NP]VMJ [N MNZR^J
\JZ[N J TJ[ RV[LZRXLRWVN[ ` [hUKWTW[$MN TJ WKTRPJLRjV MN ]\RTRaJZ NT JT]UKZJ&
[RVW Y]N MNKN N_\NVMNZ[N J TW[ LWTWZN[
MW MN LZ]LN J TW[ ^NQhL]TW[ Y]N LRZL]&
MN OWVMW$ WZTJ[ ` OTNLQJ['
TNV XWZ aWVJ[ ]ZKJVJ[$
ANJT 6NLZN\W
@JZJ QJLNZ ^R[RKTN[
TJ[[NiJTN[ M]ZJV&
*,(*22+ MN *0 MN NVNZW$
ANPTJUNV\W
\N TJ[ QWZJ[ VWL\]ZVJ[ [N ]\RTRaJV \ZJ&9NVNZJT MN 5RZL]TJLRjV' =J[ ^NV\JSJ[
MNT TJ
[R[\NUJ [WV \JTN[ Y]N RVLT][W [N
MRLRWVJTUNV\N MW[ XZWLNMRURNV\W[3
]\RTRaJ NV NT LJ[W MN [NiJTN[ RV\NZVJ&
RT]URVJLRjV ` TJ ZNOTNL\WZRaJLRjV'
`J Y]N LWV[\R\]`NV
=J RT]URVJLRjV X]NMN [NZ N_\NZVJ WUNV\N RT]URVJMJ[$
]VJ PJZJV\hJ MN ^R[RKRTRMJM$ NV LJ[W MN
RV\NZVJ' 7V NT XZRUNZ LJ[W MNKN LWV&
J^NZhJ W []XZN[RjV ^WT]V\JZRJ W RV^WT]V&
[R[\RZ NV ]VW W ^JZRW[ OWLW[ Y]N RT]UR&
\JZRJ MN TJ RT]URVJLRjV'
VNV \WMJ TJ []XNZORLRN ^R[RKTN MNT LJZ\NT$
7T UJ\NZRJT ZN\ZWZZNOTNL\JV\N N[ JY]NT
Y]N VW XZWM]aLJV MN[T]UKZJURNV\W[
LJXJa MN ZNOTNSJZ TJ UJ`WZ XJZ\N MN TJ
J TW[ ][]JZRW[ J TW[ Y]N VW ^J MRZRPRMJ
TJ [NiJT$ ` Y]N VW XZWM]aLJ [WUKZJ[ T]a RVLRMNV\N NV TJ UR[UJ MRZNLLRjV Y]N
M]ZJV\N NT MhJ' >W MNKN JMUR\RZ[N g[\J
NT XNZW NV [NV\RMW WX]N[\W' 7T VR^NT
MN ZNOTNL\JVLRJ$ W MN ZN\ZWZZNOTN_RjV$ N[
JXZW^NLQJURNV\W
MN TJ RT]URVJLRjV
TJ UNMRMJ MNT PZJMW MN NORLJLRJ Y]N
XkKTRLJ MN TJ ^hJ LWUW [R[\NUJ MN RT]&
XW[NN ]V UJ\NZRJT ZN\ZWZZNOTNL\JV\N XJZJ
URVJLRjV MN TJ [NiJT$ `J Y]N g[\J
X]NMN []XZRURZ[N NV MN\NZURVJMJ[ ZNOTNSJZ TJ T]a RVLRMNV\N' 6RLQJ NORLJLRJ
N[\f LWVMRLRWVJMJ JT ^JTWZ MNT LWNOR&
QWZJ[ W XNZhWMW[ LWV NT ORV MN JQWZZJZ
LRNV\N MN ZN\ZWZZNOTN_RjV Y]N XW[NJ NT
NVNZPhJ' 7V PNVNZJT TJ N_XNZRNVLRJ RVMR&
LJ Y]N TJ RT]URVJLRjV XkKTRLJ VW XZW&
UJ\NZRJT$
NT L]JT$J [] ^Na$ MNXNVMNZf
MN TJ VJ\]ZJTNaJ MN TJ[ TNV\N[ ]\RTRaJMJ[
XWZLRWVJ []ORLRNV\N RV\NV[RMJM LWUW
XJZJ QJLNZ Y]N MN[\JY]N MNKRMJUNV& NV [] LWV[\Z]LLRjV$ J[h LWUW MN []
WZRNV\JLRjV
` MR[\ZRK]LRjV NV NT [WXWZ\N
\N TJ OWZUJ$ NT \N_\W ` NT LWTWZ MN
TJ[
MNT UJ\NZRJT' 6NXNVMRNVMW MN N[\J
[NiJTN['
LWV[\Z]LLRjV$N_R[\NV UJ\NZRJTN[ ZN\ZW&
=J RT]URVJLRjV RV\NZVJ N_RPN Y]N TJ[
ZZNOTNL\JV\N[ MN >R^NT
>R^NT
*$ + ` >R^NT
[]XNZORLRN[ KTJVLJ[ W LWTWZNJMJ[ [NJV
,$ LJMJ ]VW MN TW[ L]JTN[ [N LJZJL\N&
\ZJV[TkLRMJ[ MN OWZUJ Y]N \WMW[ TW[
UNMRJV\N TJ MNORVRLRjV MN ]V ^JTWZ
MN\JTTN[ MNT LJZ\NT [NJV ^R[RKTN[ LWVZRaJ
[]
UhVRUW RVRLRJT MNT LWNORLRNV\N MN ZN\ZW&
LWTWZ' 7T [R[\NUJ MN RT]URVJLRjV RV\NZVJ
ZZNOTN_RjV$ NV O]VLRjV MN TW[ fVP]TW[ MN
MNKN [NZ \JT Y]N VW [N JM^RNZ\JV MRON&
WK[NZ^JLRjV ` NV\ZJMJ \RXRORLJMW[ XJZJ
ZNVLRJ[ MN RV\NV[RMJM T]URVW[J NV\ZN
]VJ[ aWVJ[ ` W\ZJ[ MNT LJZ\NT' 5WV N[\N LJMJ LWTWZ'
ORV$
JV\N[ MN MNLRMRZ TJ RV[\JTJLRjV MN6NKRMW J TJ MR^NZ[RMJM MN OWLW[ T]UR&
VW[W[$J[h LWUW J TJ OJT\J MN LWV\ZJ[&
[NiJTN[ RV\NZVJUNV\N RT]URVJMJ[$
MNKN
Y]NMJZ PJZJV\RaJMJ TJ LWV[\JV\N RV[&\N NV ]V JUKRNV\N RT]URVJMW ` J TJ PZJV
[N
XNLLRjV &` ZNVW^JLRjV NV [] LJ[W& MNTJVP]TJZRMJM LWV Y]N [N ^N TJ [NiJT$
QJLN JLWV[NSJKTN NV TJ[ aWVJ[ ]ZKJVJ[
[R[\NUJ MN RT]URVJLRjV RV\NZVJ'
]\RTRaJLRjV MN TW[ [RP]RNV\N[ VR^NTN[
7T W\ZW XZWLNMRURNV\W MN QJLNZTJ^R[R&
KTN[ TJ[ [NiJTN[ M]ZJV\N TJ VWLQN N[ NTMN ZN\ZWZZNOTNL\JVLRJ3
MN TJ ZNOTNL\WZRaJLRjV'
7T ][W MN UJ\N&
ZRJTN[ ZN\ZWZZNOTNL\JV\N[
[N N_\RNVMN
LJMJ ^Na Uf[$ RVLT][W NV aWVJ[ ]ZKJ&
"!$
## 5+2+2+,!)&) ./(341.&
7@8479
EhJ[ [RV RT]URVJLRjV
>R^NT *
>R^NT+
EhJ[ VWZUJTN[ RT]URVJMJ[
>R^NT +
>R^NT%
EhJ[ MN PZJV JUXTR\]M
>R^NT%
7[ RUXWZ\JV\N \NVNZ NV L]NV\J Y]N
L]JVMW [N ]\RTRLNV UJ\NZRJTN[ ZN\ZWZZN&
OTNL\JV\N[ g[\W[ MNKNV N_\NVMNZ[N J
\WMJ TJ []XNZORLRN$ N[ MNLRZ3 J TJ[ JZRJ[$
TJ[ RV[LZRXLRWVN[ ` TW[ [hUKWTW[$
N_LNX&
\]fVMW[N kVRLJ ` N_LT][R^JUNV\N
TJ
XJZ\N VNPZJ Y]N NV TW[ UR[UW[ X]NMJ
N_R[\RZ'7T OWVMW MN TJ [NiJT \JUKRgV
MNKNZf [NZ ZNOTNL\JV\N L]JTY]RNZJ Y]N
[NJ [] LWTWZ W LWUKRVJLRjV MN LWTWZN[$
LWV TJ kVRLJ N_LNXLRjV MNT PZR['
DVJ ZNOTNL\WZRaJLRjV XJZLRJT &LWUW
XWZNSNUXTW [jTW TJ[ RV[LZRXLRWVN[&
QJLN Y]N NT J[XNL\W MNT LJZ\NT [NJ LWU&
XTN\JUNV\N MR[\RV\W MN MhJ ` MN VWLQN$
`J Y]N TJ[ aWVJ[ VW ZNOTNL\JV\N[ JXJZN&
LNV W[L]ZJ[ W NV VNPZW$ MN[^RZ\]JVMW
J[h NT LjMRPW MN LWTWZN[ NUXTNJMW'
7[ X]N[ RUXZN[LRVMRKTN Y]N TW[ UJ\N&
ZRJTN[ ZN\ZWZZNOTNL\JV\N[ XZWXWZLRWVNV
]VJ ^R[RjV TW Uf[ [RURTJZ XW[RKTN J TJ
MR]ZVJ MN \WMW[ ` LJMJ ]VW MN TW[ LWTW&
ZN[ NUXTNJMW['
7V L]JTY]RNZ LJ[W MNKN XZWL]ZJZ[N
Y]N \WMW[ TW[ NTNUNV\W[ ZN\ZWZZNOTNL&
\JV\N[ Y]N LWUXWVNV
]VJ UR[UJ
[NiJT$ W ^JZRJ[ [NiJTN[ Y]N OWZUJV ]V
LWVS]V\W]VR\JZRW$
\NVPJV ]V UR[UW
VR^NT MN ZN\ZWZZNOTNL\JVLRJ' 4[h X]N[ VW
N[ JMUR[RKTN Y]N TJ[
RV[LZRXLRWVN[ \NV&
PJV ]V VR^NT ` NT OWVMW W TJ[ JZRJ[ W\ZW
MR[\RV\W$ [RNUXZN$
LTJZW N[\f$Y]N VW
[NJV NTNUNV\W[ MN LWTWZ VNPZW'
"!%
;3197382/063
M
!.
M
$!.
BIO;b>,*,MF?b
9b
#$ *1/2+5+0*,(4
8D LPUVDNDFLcP GH UHbDNHU LPIQTODVLXDU
VLFWNDTHU$ GHELGDOHPVH DWVQTL[DGQU$ HP
XaDU
GH WUQ RdENLFQ'
WTEDPDU$ Z RQT UWRWHUVQ GH NDU
RTH&
FHRVLXDU$ HU FQORHVHPFLD
dPLFD ?QGD
Z
UHbDN LPIQTODVLXD GHEH NNHXDT
HYFNWULXD GHN QTJDPLUOQ RTQRLHVDTLQ$
&LPUFTLVD HP UW RDTVH VTDUHTD DN OHPQU NQU
GDVQU0
FQPFHULQPDTLQ Q JHUVQT GH ND XaDULJWLHPVHU
HP ND
GHN ;TJDPLUOQ THURQPUDENH'
IQTOD SWH$ HP FDGD OQOHPVQ$ UHbDNH:QOETH
ND
6HFKD GH LPUVDNDFLcP'
NHJLUNDFLcP XLJHPVH'
:QOETH GHN IDETLFDPVH'
5P DNJWPQU FDUQU NQU RDTVLFWNDTHU
HUVQU THSWLULVQU FWDNSWLHT UHbDN
RWHGHP NNHJDT D LPUVDNDT UHbDNHU>LP
ELHP
UHD HP NDU XaDU GH UW RTQRLHGDG RQGT_
Q HP UHT FQPULGHTDGD LNHJDNOHPVH LPU&
VDNDGD' 2N OLUOQ VLHORQ$
GHEH RTQKL&
QVTDU GH RTQRLHGDG RdENLFD' >LP HOEDT&
JQ$ HP HUVQU FDUQU$ ULHORTH SWH ELTUH
ND XaD D FWDNSWLHT IDETLFDPVH ND LPUVDND&
HP FWHUVLcP UHD GH WUQ RdENLFQ$FLcP
PQGH UHbDNHU ULP ND QTGHP Q ND DWVQTL&
RQGT_P RTQFHGHT D ND LPUVDNDFLcP [DFLcP
GH PLP&GHN ;TJDPLUOQ THURQPUDENH GH
XaD'
JWPD UHbDN UL PQ HU FQP ND RTHXLD ND
DWVQ&
TL[DFLcP GHN QTJDPLUOQ THURQPUDENH
FQTTHURQPGLHPVH'
5P HN FDUQ FQPFTHVQ GH NDU XaDU WTED&
PDU GHEH KDFHTUH NQ RQULENH RDTD SWH
NQU 2ZWPVDOLHPVQU
FWHPVHP FQP NQU
OHGLQU IaULFQU Z NHJDNHU RDTD SWH HN
GHRDTVDOHPVQ HPFDTJDGQ GH ND UHbDNL&
[DFLcP !RWHGD RTQFHGHT D ND THVLTDGD
LPOHGLDVD GH VQGD DSWHNND UHbDNL[DFLcP
SWH PQ HUV` GHELGDOHPVH DWVQTL[DGD
Q PQ FWORND FQP NDU PQTODU HP XLJQT' @
HUVQ VDPVQ UL UH THILHTH D UHbDNHU PQ
THJNDOHPVDTLDU FQOQ UL QFWTTH FQP ND
IQTOD$ ULVWDFLcP$ PQOHPFNDVWTD Q GLUH&
bQ GHN FDTVHN Q UHbDN' 8D THURQPUDELNL&
GDG HP SWH KDZD LPFWTTLGQ$
HN FQETQ GH
NQU JDUVQU QFDULQPDGQU RQT ND THVLTDGD$
DUa FQOQ ND UDPFLcP SWH KDZD GH LORQ&
PHTUH DN LPUVDNDGQT UHT_P FWHUVLQPHU D
GHVHTOLPDT FQP RQUVHTLQTLGDG D ND THVL&
TDGD GH ND FLVDGD UHbDNL[DFLcP'
8QU QTJDPLUOQU FQORHVHPVHU GHEHP
XHNDT RQTSWH NDU UHbDNHU VHPJDP WPDU
FDTDFVHTaUVLFDU UWILFLHPVHOHPVH THULU&
VHPVHU D NDU DFFLQPHU FNLODVQNcJLFDU GH
ND [QPD Z DN RDUQ GHN VLHORQ' <HTQ$
UQETH VQGQ$ GHEHP RTHXHT WP ULUVHOD
GH FQPUHTXDFLcP$ NLORLH[D H LPURHFFLcP
SWH JDTDPVLFH ND HIHFVLXLGDG Z EWHP
DURHFVQ RHTODPHPVH GH NDU UHbDNHU$
VDPVQ UL NDU UHbDNHU KDP ULGQ LPUVDNDGDU
RQT HN ;TJDPLUOQ THURQPUDENH GH ND XaD
FQOQ UL NQ KDP ULGQ RQT RDTVH GH RDT&
"!&
'
$
'
)%8
+).BI)\BI
:;7\BIANNBI:+>
"$$####
9
! ' && &
;8
#% 4+<( .,7(*,=0
6(3,().+
4HPVTQ GH ND UHbDNL[DFLcP LPIQTODVLXD
VHOD D NQU DRDTFDOLHPVQU RTLXDGQU GH
WTEDPD HU FDGD XH[ O_U ITHFWHPVH ND
WVL& RdENLFQ$ ULHORTH SWH UWRHTHP
DFFHUQ
NL[DFLcP GH UHbDNHU GH OHPUDMH XDTLDENH'
WP GHVHTOLPDGQ PdOHTQ GH RND[DU'
5P HUVH VLRQ GH UHbDNHU GHUVDFDP$ 8D
RQT
HXQNWFLcP GH ND VHFPQNQJaD KDFH
UW IWPFLcP$ VTHU FNDUHU GH UHbDNHU0
RTHXLULENH SWH HP HN IWVWTQ HUVD LPIQT&
"%4H QTLHPVDFLcP Z HUVDGQ GH DRDTFD&
ODFLcP PQ UH NLOLVH D NQU DRDTFDOLHP&
OLHPVQU'
VQU ULVWDGQU IWHTD GH ND XaD RdENLFD$
#%>HbDNHU RTHFHRVLXDU'
ULPQ SWH UH THILHTD VDOEL`P D NDU RND[DU
$%4H LPIQTODFLcP UQETH HN HUVDGQ GH
GH ND
HUVDFLQPDOLHPVQ$
HURHFLDNOHPVH NDU
THG'
GH RDJQ$
HYLUVHPVHU HP ND RTQRLD XaD "XHT
ILJWTD +.#'
"$ " '- 35/-27)+/:2
-67),3 ,- )4)5+)1/-2736
"$ # (-9)0-6 45-+-47/8)6
5N QEMHVQ GH HUVDU UHbDNHU H1 HN GH
LPGL&HP ND ODZQTaD GH NQU FDUQU PQ UH
2WPSWH
FDT D NQU WUWDTLQU NDU [QPDU GQPGH
VTDVD GH UHbDNHU LPIQTODVLXDU$ KDZ ULVWD&
FLQPHU HP NDU SWH ND WVLNL[DFLcP GH NDU NND&
HYLUVHP RND[DU GH DRDTFDOLHPVQ NLETHU
ODGDU
]UHbDNHU QFWNVDU^ RWHGH FQPUL&
Z$ WPD XH[ DNFDP[DGDU GLFKDU [QPDU$
HN
NWJDT Z HN HUVDGQ GH GLFKQU DRDTFD&
GHTDTUH FQOQ WPD LPIQTODFLcP DN FQP&
OLHPVQU'
GWFVQT'
?DNHU HN FDUQ GH NDU UHbDNHU SWH
5N VLRQ GH UHbDNHU SWH UH GHEHP
RHTOLVHP Q RTQKaEHP HN RDUQ D VQGQU$ Q
HORNHDT RDTD HUVH RTQRcULVQ HUUQNDOHPVH
OWZ
D FLHTVQU XHKaFWNQU$ HP GHVHT&
ULOLNDT D NDU SWH UH WVLNL[DP HP NQU
FQP& FDNNHU$
OLPDGDU
[QPDU W KQTDTLQU'
MWPVQU WPLVDTLQU' 8D GLIHTHPFLD HUHPFLDN
5UVH VLRQ GH UHbDNHU RWHGHP KDFHTUH
FQPULUVH HP SWH HP WP FWDGTDGQ Q
THF& OQGLILFDT W QFWNVDT OHGLDP&
DRDTHFHT$
V_PJWNQ ULVWDGQ HP HN NWJDT GQPGH
VH KDEL&
ULUVHODU GH TQGLNNQU HP NQU SWH VTDU
WPD RDPVDNND
GH ODVHTLDN VTDPURDTHPVH
VWDNOHPVH UH FQNQFDP NQU UaOEQNQU
Q
UH JLTDP KDUVD KDFHT SWH DRDTH[FD ND
RLFVQJTDODU$ DRDTHFH WPD LPGLFDFLcP
UHbDN
NWOLPQUD HP ND SWH UH LPGLFD UL HN
DRDT&GHUHDGD' 8QU TQGLNNQU RWHGHP
FDOLHPVQ HUV_ ]NNHPQ^ Q ]FQORNHVQ^$
HUVDT ULVWDGQU
HPFLOD
RQT Z RQT GHED&
MQ GH ND RDPVDNND Q HP DOEQU NDVHTDNHU
FQP NQ FWDN HN FQPGWFVQT GHEH GLTLJLTUH
GH ND OLUOD' 3QPXLHPH DGXHTVLT SWH ND
KDFLD QVTD [QPD W QVTQ DRDTFDOLHPVQ$
GH HUVH ULUVHOD HU FDGD XH[
Q UL HN DRDTFDOLHPVQ VLHPH RND[DUWVLNL[DFLcP
NLETHU
OHPQT RQT NQU JTDPGHU LPFQPXHPLHPVHU
HP FWZQ FDUQ DRDTHFHT_ HP ND LPGLFD&
GH FQPUHTXDFLcP SWH UWHNHP RTHUHPVDT'
FLcP NWOLPQUD ND RDNDETD ]NLETH^' ;RFLQ&
;VTQ ULUVHOD HTPRNHDGQHU HN FQPUVL&
PDNOHPVH UH RWHGH WVLNL[DT ND RDNDETD
VWLGQ
]UHOLNNHPQ^ Q LPGLFDT GLTHFVDOHPVH
HN RQT RTLUODU VTLDPJWNDTHU SWH$
OHGLDPVH UW JLTQ ULOWNV_PHQ RWHGHP
PdOHTQ GH RND[DU NLETHU HYLUVHPVHU'
RTQRQTFLQPDT WP O_YLOQ GH VTHU LPGL&
3QOQ HU NcJLFQ$
HUVD LPIQTODFLcP$ SWH
FDFLQPHU GLUVLPVDU$
DWPSWH UW DURHF&
RHTOLVH DKQTTDT OWFKQU XLDMHU LPdVLNHU$
UHT_ HN GH WPD UHbDN FQPU&
GHEH HUVDT FHPVTDNL[DGD Z DRQZDTUHVQ
HPULHORTH
WP
VLVWLGD
RQT RDPHNHU THFVDPJWNDTHU$
ULUVHOD GH GHVHFFLcP GH NDU HPVTDGDU
Z
UHOHMDPVHU D NDU NDODU GH WP FDTVHN$
UDNLGDU GH NQU DRDTFDOLHPVQU'
DWPSWH
FQNQFDGDU XHTVLFDNOHPVH' 2N UHT
2WPSWH UW WUQ HUV_ NLJDGQ HP
ND
VDOEL`P WP ULUVHOD OHF_PLFQ$ HU
ODZQTaD GH NQU FDUQU D NQU DRDTFD&
PHFHUDTLQ VHPHT JDTDPVL[DGD WPD EWHPD
OLHPVQU RdENLFQU GH FQPFHULcP OWPL&
FQPUHTXDFLcP
FQOQ
Z$ HP HN FDUQ GH NQU
FLRDN$ PDGD LORLGH LPVHJTDT HP HUVH
ULU&
e
)))
#% 4+<(.,7(*,=0
6(3,().+
XHTGH
TQGLNNQU$ WPD DXHTaD RWHGH KDFHT
SWHZ HN DODTLNNQ Z$ FQOQ HPHN FDU
RHTODPH[FD WPD UHbDN PQ GHUHDGD'GH NQU RDPHNHU GH UHbDNHU RTHFHRVLXD
NDND
THRTHUHPVDFLcP RWHGH UHT ILMD Q LP
5N ULUVHOD O_U THFQOHPGDENH HP
OLVHPVH' <QT UWRWHUVQ UH RWHGHP THD
DFVWDNLGDG RDTHFH UHT HN RDPHN NWOLPQ&
[DT RDPHNHU SWH FWHPVHP FQP WPD RDTV
UQ JT_ILFQ' 5UVQU RDPHNHU HUV_P IQTOD&
GQU RQT WPD ODVTL[
@FC<%A"
GH ULHPGQ HN DNIDPWO`TLFD Z QVTD JT_ILFD'
5UVH VLRQ GH FDTVHNHU FQP HN FQTTHU
@FC<?
HN OaPLOQ HNHOHPVQ GH THRTHUHP&
RQPGLHPVH DRQZQ RHTLI`TLFQ$
RWHGH
VDFLcP IQTODGQ ?<;A
RQTNWOLPQUQU'
OQUVTDT
DWVQO_VLFDOHPVH
WPD GHVHTO
5N VLRQ GH RDPHN O_U WVLNL[DGQ HU HN
RTHXLDOHPVH
IQTODGQ!RQT WPD ODVTL[ GH +* Y +* PDGD UHTLH GH OHPUDMHU
HUVDENHFLGQU
SWH THURQPGDP D ULVW
RWPVQU FQP RQULELNLGDG GH DRDTHFHT
HP
FLQPHU
VaRLFDU
GHVHFVDGDU Q RWHGHP
NQU FQNQTHU TQMQ$ XHTGH Z DODTLNNQ' >W
OQUVTDT FWDNSWLHT OHPUDM
IWPFLQPDOLHPVQ RWHGH UHT ILMQ QVDOEL`P$
LPVHT&
SWHWP
UH HPXaH GHUGH WP FHPVTQ GH FQP&
OLVHPVH Z JHPHTDNOHPVH HU PHFHUDTLQ
ODPGQ RHTLI`TLFQ RDTD GHVHTOLPDT VTQN
SW` OHGLDPVH HN FQTTHURQPGLHPVH U
VHOD
JT_ILFQ GHEH XLUWDNL[DTUH$ DUa FQOQ
HP GH VHNHODPGQ "XHT ILJWTD ,(#'
SW` OQOHPVQ GHEH HPFHPGHTUH Q DRD&
JDTUH "XHT ILJWTD +/#'
"$ $ '- /2.351)+/:2
63*5- -0 -67),3 ,- 0) 5-,
?QGQU NQU ULUVHODU GHUFTLVQU RDTD NDU
UHbDNHU RTHFHRVLXDU UQP DRNLFDENHU
RDTD NQU FDTVHNHU LPIQTODVLXQU$ DWPSWH
HP HUVH FDUQ NQU LPFQPXHPLHPVHU GH NQU
ULUVHODU GH TQGLNNQU Z GH RTLUODU VTLDP&
JWNDTHU UQP ODZQTHU$ ZD SWH UH NLOLVD
HPQTOHOHPVH ND RQULELNLGDG GH RTHUHP&
VDT LPIQTODFLQPHU XDTLDGDU'
<DTD HUVH VLRQ GH UHbDNHU$ SWH HU
DGHO_U HN O_U RTQRLDOHPVH LPIQTODVL&
XQ$ HN ULUVHOD@FC<%A
GH NWOLPQUQU HU
KQZ RQT KQZ HN O_U LPGLFDGQ'
5P HUVH VLRQ GH FDTVHNHU HU RQULENH
HYKLELT FWDNSWLHT VLRQ GH OHPUDMH ULP
O_U NLOLVDFLcP SWH HN PdOHTQ GH FDTDF&
VHTHU DNIDPWO`TLFQU SWH FQPVHPJD HN
FDTVHN' 3DGD NHVTD Q PdOHTQ DRDTHFH HP
WPD XHPVDPD FQPUVLVWLGD PQTODNOHPVH
RQT FLPFQ ILNDU XHTVLFDNHU Z ULHVH KQTL&
[QPVDNHU @FC<%A$
GH
8QU FDTVHNHU PQT&
ODNOHPVH GLURQPHP GH VTHU ILNDU GH
XHPVDPDU$
RWGLHPGQ VHPHT FDGD ILND
QFKQ$GQFH Q GLHFLU`LU XHPVDPDU' 8QU
FQNQTHU HP SWH RWHGHP DRDTHFHT NQU
FDTDFVHTHU DNIDPWO`TLFQU UQP HN TQMQ$ HN
""#
)$#"!
$+++
4#
H
##
::::
/0
6
::::
Q
00D
##
5*7
/0
.2
::
C2-
&F
::
%+(! 3*(***&
++++ :
'##
336
.2#
,
##
5$
e'e''&
##
5##***1
##
/0
%&
***&
'*
$
%##
5*7
''
Q
6
;V
'&*?=%?(0?=%: 24%3B=9?&?==>'6
!G0$#
%#);8!:''-;8::0&!";87:#;8:9%4 G&$
&'$ 6,D)1/9)+/E2
)),
8)5/)*1,
-/.75)
+/
"%
/
32=23?5=7>?732>
3;8;=795?=732> Z 6;?;95?=732>
/
/
#7#"
))-
#!"
! ( !*"(,)*$! )
!'%'($&+*($! )
#'*'&+*($! )
!$ ! '1532+6**.:1
;< @;<DJ@=@:8:@UD L@IK8B# @DJ<HD8C<DJ<
@D:EHFEH8;8 8 B8 BQC@D8 FEH <B =89H@P
2B ?8:<H L@I@9B<I B8I I<T8B<I ;KH8DJ< B8
:8DJ< ;< B8 C@IC8# ;KH8DJ< <B FHE:<IE
DE:?< C<;@8DJ< <B CRJE;E ;< H<=B<:JEP;< =89H@:8:@UD% 1@:?8 C8H:8 ;<9<HQ I<H
H@O8:@UD# H<GK@<H< GK< B8I BQC@D8I
8;?<P
=Q:@BC<DJ<
L@I@9B< 98AE :ED;@:@ED<I ;<
I@L8I FH<=89H@:8;8I# :ED B8I GK< I< BKO ;@=KI8 E BKO H<JHEHH<=B<A8;8% /;<CQI#
E9J@<D< <B :8HQ:J<H H<JHEHH<=B<:J8DJ<
<IJ8 ;<C8H:8 DE FE;HQ I<H <B@C@D8;8 FEH
B8I I<T8B<I# ;<98D H<KD@H KD8I :8H8:P C<;@EI =SI@:EI E GKSC@:EI I@D :8KI8H
;8TEI @HH<F8H89B<I 8B I@IJ<C8 H<JHEHH<P
J<HSIJ@:8I GK< 8I<>KH<D B8 C8NEH KD@P
=B<:J8DJ< N ;<9<HQ I<H @>K8BC<DJ< L@I@P
=EHC@;8; <D :K8DJE 8 :EBEH N H<=B<:J8DP
9B< ;KH8DJ< JE;E <B F<HSE;E ;< L@;8 VJ@B
:@8 I< H<=@<H<%
;< B8 BQC@D8 %%
6EH <BBE# ;<9< <M@>@HI< GK< <D :8;8
KDE ;< BEI D@L<B<I ;< H<JHEHH<=B<M@UD2IJ8
I< C8H:8 :EDI@IJ@HQ <D ;EI BE>EJ@P
:KCFB8D B8I :ED;@:@ED<I GK< I< ;<J<HP FEI ;< J8C8TE CQM@CE + M + CC# KDE
C@D8D <D BEI 8F8HJ8;EI I@>K@<DJ<I% @D;@:8J@LE ;< B8 C8H:8 ;<B =89H@:8DJ< N
<B EJHE B8 B<JH8
I<>K@;8
2#
;< B8 :@=H8( '#
E )# @D;@:8J@L8 ;<B D@L<B ;< H<JHEHH<=B<:P
J8D:@8%
!$ " (.7,/,4 +,
48I ;@IJ8D:@8I <DJH< BEI :<DJHEI ;<
3,53233,-/,*5)1*.)
BEI BE>EJ@FEI ;< @;<DJ@=@:8:@UD I<HQD ;<
-& CC# J8DJE <D ?EH@OEDJ8B :ECE <D
48I BQC@D8I H<JHEHH<=B<:J8DJ<I I< :B8P
L<HJ@:8B# :EBE:QD;EI< 8BJ<HD8J@L8C<DJ<#
I@=@:8D I<>VD IK FE;<H H<JHEHH<=B<:J8DP
J< <D JH<I D@L<B<I.
<B ;<B =89H@:8DJ< N <B ;<B D@L<B# <D JE;8
5@L<B '%P 2IJ8I BQC@D8I BB<L8D C@:HEP
B8 IKF<H=@:@< ;< B8 BQC@D8%
<I=<H8I ;< L@;H@E @D:EHFEH8;8I <D KD8
H<I@D8 8>BEC<H8DJ<# JH8DIF8H<DJ< N F@>P
!$ # &)3)*5,3945.*)4
C<DJ8;8 :ED BEI :EBEH<I 8;<:K8;EI%
*2/23.0853.*)4
5@L<B (%P 2IJ8I BQC@D8I BB<L8D C@:HEP
<I=<H8I ;< L@;H@E <D:8FIKB8;8I <DJH<
48I :EEH;<D8;8I
:HECQJ@:8I#
;<
KD8 F<BS:KB8 <MJ<HD8 F@>C<DJ8;8 :ED
BEI :EBEH<I 8;<:K8;EI N B8 H<I@D8 E :8;8 :EBEH ;< BQC@D8# ;<9<HQD <IJ8H
;<DJHE ;< BEI H<IF<:J@LEI FEBS>EDEI
8>BEC<H8DJ<% 78DJE <D <IJ8I BQC@D8I
;< :EBEH =EHC8;EI FEH BEI :K8JHE LRHP
:ECE <D B8I ;< D@L<B B8
'# H<I@D8#
<D IK
J@:<I ;<=@D@;EI FEH B8 032 !0ECC@IP
F8HJ< FEIJ<H@EH#
<IJ8HQ I<BB8;8 N ;EJ8;8
I@ED 3DJ<HD8J@ED8B
;< B 2:B8@H8><"#
;< KD 8;?<I@LE# I<DI@9B< 8 B8 FH<I@UD
E 8:J@L89B< FEH :8BEH#
<B :K8B# 8 IK L<O# <IF<:@=@:8;EI <D B8 =@>KH8 *' N <D B8I
J89B8I + N ,% 2D <IJ8I J89B8I I< @D:BKP
8F8H<:<HQ FHEJ<>@;E FEH KD F8F<B I@B@P
N<D#8I@C@ICE#BEI L8BEH<I CSD@CEI
:ED8;E E ;< FEB@<J@B<DE%
5@L<B )%P 2IJ8I BQC@D8I :EDIJ8D#;<B =8:JEH ;< BKC@D8D:@8 F8H8 :8;8
:EBEH N D@L<B%
9QI@:8C<DJ<# ;< C@:HEFH@IC8I @DJ<P
>H8;EI <D B8 :8H8 @DJ<HD8 ;< KD8 F<BSP
:KB8 ;< C8J<H@8B FEB@CRH@:E% 1@:?EI
!$ $ &)3)*5,3945.*)4
C@:HEFH@IC8I#FEH IK :EDIJHK::@UD#
-2520853.*)4
I<HQD :8F8:<I ;< H<JHEHH<=B<A8H B8 BKO
@D:@;<DJ< 98AE 8CFB@8I :ED;@:@ED<I ;<%
48I BQC@D8I H<JHEHH<=B<:J8DJ<I
;<9<D
8D>KB8H@;8;%
7E;8I B8I BQC@D8I H<JHEHH<=B<:J8DJ<IFEI<<H KDEI L8BEH<I ;< H<JHEHH<=B<M@UD
;<9<HQD <IJ8H FHEL@IJ8I ;< KD8 C8H:8 IKF<H@EH<I 8 BEI BSC@J<I @D;@:8;EI <D B8I
W
!!%
"#! (&4&(6*4?56-(&5
(1.14-/<64-(&5
+161/<64-(&5
bPQZPa /%0 %aTVx\
L1
ac \XdTZ%
STbT`&
[X\s\S]aT [TSXP\bT ZP XZc[X\PRXw\ ST
ZP ac^T`UXRXT `Tb`]``TUZTRbP\bT
R]\ TZ
^Pb`w\ 6 ST ZP 8>: f R]\ ZPa P\VcZP`X&
SPSTa X\SXRPSPa T\ ZPa RXbPSPa bPQZPa'
8cP\S] ZPa aTvPZTa ] X\aR`X^RX]\Ta
dPfP\ aT`XV`PUXPSPa T\ R]Z]`Ta b`P\a&
^P`T\bTa a]Q`T Zs[X\P QZP\RP%
ZP `Tb`]&
``TUZTeXw\ \] aT`s X\UT`X]` PZ /( ^]` RXT\&
b] ST Z]a dPZ]`Ta _cT aT SP\ T\ ZPa
bPQZPa P\bT`X]`Ta'
&'%
"#! (&4&(6*4?56-(&5
6MOKE@OAQ@EDJ L@BG
*%((/36&-+)!
(1.14-/<64-(&5
+161/<64-(&5
Uy` ST\ *l&B]!")PZQT]QPRWbT`
%$,
( %/
!
`
(%.
(%-
(%,
(%+
(%*
(%)
l
l
(%)
(%*
4>
(%,
(%+
(%-
(%.
(%/
/H@FO@K@ BOMKXQHBM
# CD
!T#J@ .30
BZdTZb'
BXdTZ *
BXdTZ +
')(,+&
)&
&&&&&&&&&
&'&
"#! (&4&(6*4?56-(&5
(1.14-/<64-(&5
; +161/<64-(&5
$ <,-4,;
%
8]]`ST\PSPa R`P[sbXRPa ST Z]a ^c\b]a ST R]\UZcT\RXP T\ TZ SXPV`P[P ST R`]&
[PbXRXSPS ST ZP 8>:% _cT STbT`[X\P\ TZ s`TP ST R]Z]` ^T`[XbXSP ^P`P ZPa Zs[X\Pa `Tb`]&
``TUZTRbP\bTa'
i
.747:0;
7ZP\R]
>
L
6[P`XZZ]
>
L
F]Y]
>
%L
JT`ST
>
6gcZ
>
L
L
BP`P\YP
>
L
AP``w\
>
L
1@BQMO CD
.MMOCDL@C@P BOMKXQHB@P JRKHL@LBH@ KZLHKM
BXdTZ )
BXdTZ *
)
*
,
+
(%*0(%++(%+-(
(%+((
(%*/
(%+(%+)(
(%+*(%+/(%+.(
(%,*/
(%,.(%,0/
(%-,(%,-,
(%,*+
(%,0+
(%*/
(%).
(%-+,
(%.1(
(%-1(%-.1
(%.-(%+)(%+,)
(%+,(%((%(+
(%+')
(%((/
(%*,0
(%)//
(%(*.
(%,(1
(%(,
(%/(+
(%+.*
(%+11
(%(+
(%)+/
(%(/0
(%)-(
(%*)(
(%()
(%()
(%)/)
(%**(
(%).(
(%(+0
(%.)(
(%-/(
(%-+(%-(.
(%,(,
(%,*1
(%)(%),
(%+1(
(%+/(%,,(%,,(%.(*
(%--0
(%,,*
(%+-*
(%(,
(%+0.
(%+1.
(%(+
l
H67@6 .
JPZ]`Ta [u\X[]a STZ UPRb]` ST Zc[X\P\RXP L R]]`ST\PSPa ST Z]a dt`bXRTa ST Z]a
^]ZuV]\]a ST R]Z]` STUX\XS]a ^P`P ZPa Zs[X\Pa `Tb`P``TUZTRbP\bTa QPaPSPa T\ `TUZTR&
b]`Ta ^`Xa[sbXR]a% BXdTZ +'
.747:
7ZP\R]
6[P`XZZ]
F]Y]
6gcZ
JT`ST
&''
.MMOCDL@C@P BOMKXQHB@P CD JMP SYOQHBDP
1@BQMO CD
CD JMP NMJZFMLMP CD BMJMO
JRKHL@LBH@
!-" KZLHKM
)
*
+
,
>
(%+-(%+((%*0(%++(%,(
(%+-(%+((%+*(%+/L
(%,0/
(%,*/
(%,.>
(%-,(%,-,
(%,*+
(%,0+
(%-+,
(%*,
L
>
(%.1(
(%-1(%-.1
(%.-(%+)(
(%+)(%+,)
(%+,(%(+
L
>
(%(/0
(%)-(
(%*)(
(%)+/
(%)/)
(%**(
(%).(
(%()
(%(+0
L
>
(%((/
(%*,0
(%)//
(%(*.
(%,(1
(%/(+
(%+.*
(%+11
(%(+
L
5;
&3!
#$&$
*6
(%6
)%6
*6
(%6
)%6
%$((6
'$%6
(
&$*
&$%
*
'$*
&$*
'
(*
&+
+
*%
')
-
*%
''
,
,%
(%
&%
,K@OHJJM
:Z XZc[X\P\bT T[^ZTPS] aT`s TZ ^Pb`w\ 6 ST ZP 8>:'
*6
(%6
)%6
%$'6
p\VcZ] ST
p\VcZ] ST
SXdT`VT\RXP 7 X\RXST\RXP 7&
-J@LBM
#7'4C$
,62=4,:3/,/
,
(
&$'
%$+
%$(
%$'
%$%$)
%$(
($*
&$*
-
>DOCD
&%
)
&$-
&)$*
+
'
:MIM
.747:0;
%$'
%$&
#
'
&
%$)
)$%
&$,
%$*
,URJ
JPZ]`Ta [u\X[]a STZ R]TUXRXT\bT ST `Tb`]``TUZTeXw\ T\./ #!'
)6# [
@s[X\Pa `Tb`]``TUZTRbP\bTa ST BXdTZ )
<,-4, *
&$'
%$+
%$)
'%
)$*
'$'
'*
,
'$'
6@O@LI@
&32
#
7:
i
<&
?"
6
i
i
7:
.=8
&
&&&"
i
1
C
`&
7:
i
222
#
#
%$+
%$'
#
&$%
%$(
%$&
5@OO[L
4//!
9/
i
1
i
i
i
*6
(%6
)%6
*6
(%6
)%6
*6
(%6
)%6
'*%
&*%
&&3
&-%
&%%
.*
*
'$*
&$*
&,%
&%%
,%
&'
+,
+)
(
&$*
&$%
6[P`XZZ]
:Z XZc[X\P\bT T[^ZTPS] aT`s TZ ^Pb`w\ 6 ST ZP 8>:'
'$%6
%$((6
%$'6
p\VcZ] ST
p\VcZ] ST
SXdT`VT\RXP . X\RXST\RXP .)
7ZP\R]
#.*4($
6B<I@6F>969
)*
'*
&*
'*
&)
&(
%$%$)
%$(
F]Y]
)*
'*
&'
'&
&'
&&
%$+
%$(
%$'
JT`ST
8C@CF:G
#
'%
&&
&)
,
%$'
%$&
6gcZ
JPZ]`Ta [u\X[]a STZ R]TUXRXT\bT ST `Tb`]``TUZTeXw\ T\./ #!
)6# 2
@s[X\Pa `Tb`]``TUZTRbP\bTa ST BXdTZ *
H67@6 0
&%%
+%
'.
+*
)%
'.
&$*
%$.
%$-
BP`P\YP
#
&'$%
-$*
*$%
-$*
*$%
($%
%$'
%$&
AP``w\
"#! (&4&(6*4?56-(&5
.&
(1.14-/<64-(&5
; +161/<64-(&5
H67@6 1
JPZ]`Ta" [u\X[]a STZ R]TUXRXT\bT ST `Tb`]``TUZTeXw\ ST ZPa Zs[X\Pa `Tb`]``TUZTR&
bP\bTa QPaPSPa T\ `TUZTRb]`Ta [XR`]^`Xa[sbXR]a% BXdTZ +'
\ 6HSDJ(@
pB<I@C 9:
C7G:FJ68XrB
"1#
pB<I@C 9: :BHF696
"1$#
"1'0%%#
7@6B8C
6A6F>@@C
FC?C J:F9:
6MI@
B6F6B?6
%$&%
%$'%
%$*%
*%
*%
*%
&%%%
-%%
'%%
-%%
++%
&+%
',*
'&*
)*
&%%
-%
'%
*%
)(
&%
*%%
)%%
&'*
%$&%
%$'%
%$*%
(%%
(%%
(%%
**%
)%%
&%%
)*%
()%
-*
&*%
&%%
'+
*%
(*
&%
'*
'%
*
(*%
'*%
**
J:F9:
6MI@
,*
'%
*
(*
&%
'$*
&*
)
&
\ 6HSDJ(A
pB<I@C 9:
C7G:FJ68XrB
pB<I@C 9:
:BHF696
7@6B8C
6A6F>@@C
'*%
+*
&+
FC?C
"1$#"1'0%%#
"1#
%$((%
&$%%
&$*%
*6
(%%
-%
'%
%$((6
&$%%
&$*%
(%%
(%%
(%%
&*%
*%
&%
&(%
)%
-
(*
&(
'$*
&*
&
,
'$*
%$*
%$((%
&$%%
&$*%
)%%
)%%
)%%
(%
&*
*
'*
&(
)$*
,
*
&$*
)
'
%$*
'
&
%$'*
*%
*%
'
?"
+-,74& "#
"
&')
m
%
"
PdPZi))0\S6
BC>iJM>)JB+G
0
"$! 5*=&.-:&(->0
9 27'.-(-)&)
8XT`b] bX^] ST ^cQZXRXSPS TabsbXRP _cT
aTvPZ ST b`sUXR]' 8cP\S]% ^]` ZP P\RWc&
cbXZXgP R][] a]^]`bT TZT[T\b]a ST
`P ST ZP PRT`P% \] ^cSXT`P P^ZXRP`aT ZP
[]QXZXP`X] c`QP\] ^cTST R]\aXST`P`&
`TR][T\SPRXw\ P\bT`X]`% ZP ^cQZXRXSPS
aT% T\ RXT`b] aT\bXS]% R][] aTvPZXgP& _cTSP`uP `TScRXSP P ZP X[^`TaRX\SXQZT
RXw\ X\U]`[PbXdP T\ ZP _cT% T\ [cRWPa ^P`P X\SXRP` ZP aXbcPRXw\ ST Z]a TabPQZT&
]RPaX]\Ta% Ta SXUuRXZ STbT`[X\P` WPabP
RX[XT\b]a'
BPbc`PZ[T\bT% Z] P\bT`X]` aT`s ST
S]\ST ZZTVP Z] _cT Ta X\U]`[PRXw\
\TRTaP`XP ^P`P Z]a cacP`X]a ST Z]a dT& P^ZXRPRXw\ P Z]a RP`bTZTa aXbcPS]a ^T`&
WuRcZ]a f STaST S]\ST T[^XTgP P aT`
^T\SXRcZP`[T\bT PZ TYT ST ZP RPZgPSP
[XT\b`Pa _cT Z]a aXbcPS]a ^P`PZTZP&
^cQZXRXSPS ^c`P
'
[T\bT P SXRW] TYT%
f \] dXaXQZTa SX`TR&
:\ b]S] RPa] Ta \TRTaP`X] _cT Z]a
bP[T\bT STaST TZ dTWuRcZ]%
^cTST\
6fc\bP[XT\b]a bT\VP\ `TVZP[T\bPSP ZP
bT\T` c\ b`PbP[XT\b] [T\]a `Tab`XRbXd]%
X\abPZPRXw\ ST ZPa aTvPZTa ^cQZXRXbP`XPa'
ZP dXaXw\
6 TabT `Ta^TRb] Ta \TRTaP`X] SXabX\VcX` aXT[^`T f RcP\S] \] SXUXRcZbT\'
b`Ta bX^]a ST aTvPZTa2 ZPa ^c`P[T\bT ST ZPa aTvPZTa ST b`sUXR]'
^cQZXRXbP`XPa aX\ R]\TeXw\ R]\ ZPa aTvP& :\ b]S] RPa]% TZ `XV]` ST TabP \]`[P
STQT`s aT` [cf ac^T`X]` T\ Z]a R`cRTa%
ZTa ST b`sUXR]% ZPa Pa]RXPSPa P ZPa aTvP&
fP _cT Ta ^`TRXaP[T\bT T\ Tab]a ZcVP&
ZTa ST b`sUXR] f ZPa aTvPZTa ST b`sUXR]
`Ta S]\ST aT `T_cXT`T _cT Z]a R]\ScR&
cbXZXgPSPa R][] ^cQZXRXSPS'
:Z ^`X[T` V`c^]% Ta STRX`% TZ ST Z]a b]`Ta aT dTP\ [sa ZXQ`Ta ST TZT[T\b]a
RP`bTZTa ^cQZXRXbP`X]a% Ta &_cXgs& TZ
ST[sa
SXab`PRRXw\'
I\ R`XbT`X] _cT STQT TeXVX`aT P `PYP&
R]\UZXRbXd] ^]`_cT% PZ [Xa[] bXT[^]% Ta
TZ [sa U`TRcT\bT' @P ^cQZXRXSPS T\ bPQZP Ta _cT \X\Vx\ RP`bTZ ^cQZXRXbP`X]
_cT ^cTSP aT` dXab] STaST c\ dTWuRc&
VT\T`PZ%
f a]Q`T b]S] ZP _cT aT aXbxP T\
Z] T\ [P`RWP bT\VP c\Pa RP`PRbT`uabXRPa
TZ [Xa[] TabPQZTRX[XT\b] _cT aT P\c\&
ST U]`[Pb] f SXaTv] _cT%T\ ac R]\&
RXP%
Ta PZV] TaT\RXPZ T X\aT^P`PQZT ST ZP
dXSP c`QP\P' B] ]QabP\bT Z] P\bT`X]` Ta Yc\b] ] T\ PZVc\Pa ST aca ^P`bTa%aT
bP\b] ST
\]`[P WPQXbcPZ _cT Tabt a][TbXSP P PaT[TYT P c\P aTvPZ ST b`sUXR]%
RP`sRbT` ^`TRT^bXd] R][] ST RP`sRbT`
RXT`bPa ZX[XbPRX]\Ta% T\ Ta^TRXPZ QPaP&
SPa T\ TZ RP`sRbT` WXabw`XR] ] []\c& ]`XT\bPbXd]' @P cbXZXgPRXw\ T\ TabT bX^]
ST RP`bTZTa ST aTvPZTa aX[XZP`Ta P ZPa
[T\bPZ ST STbT`[X\PSPa g]\Pa' GT`uP
X\U]`[PbXdPa c`QP\Pa STQT TabP` Te^`T&
\TRTaP`X] bT\T` bP[QXt\ T\ RcT\bP ZPa
aP[T\bT ^`]WXQXSP':\ RcPZ_cXT` RPa]%
\TRTaXSPSTa STZ b`sUXR] P ZP W]`P ST
tZ T[^ZPgP[XT\b] ST Z]a RP`bTZTa ^cQZX&
`TVZP[T\bP` ZP X\abPZPRXw\ ST RP`bTZTa
RXbP`X]a% `TZ]YTa% TbR'% aTP\ RcPZTa UcT&
^cQZXRXbP`X]a'
@P `TVZP[T\bPRXw\ ST TabT bX^] ST `T\ ZPa \]`[Pa _cT `XYP\ T\ ZP g]\P%
^cQZXRXSPS \] Ta X\Rc[QT\RXP ST TabPaSTQT TabP` aXT[^`T b]bPZ[T\bT acQ]`&
SX\PS] P ZPa \TRTaXSPSTa ST ZP aTvPZX&
+0.4203/-.14305"
Pc\_cT au R]\dXT\T
[PbXgP` PZVx\ ^c\b] T\ `TZPRXw\ R]\ ZP gPRXw\ ST b`sUXR]'
:Z aTVc\S] V`c^]% Ta STRX` TZ ST ZP
aTvPZXgPRXw\'
GX\ ^`TbT\ST` _cT aT ZZTVcT P c\P ^cQZXRXSPS Pa]RXPSP P ZPa aTvPZTa ST
Ta c\ bT[P Ta^TRuUXR] ST TabPa
ZX[XbPRXw\ aX[XZP` P ZP TeXabT\bT T\ b`sUXR]%
ZPa
fP _cT TZ ^`TbT\ST`
duPa X\bT`c`QP\Pa aT`uP [cf PR]\aTYP& +0.4203/-.14305"
]U`TRT`ZP ST [P\T`P _cT TZ R]\ScRb]`
QZT _cT%
PZ [T\]a T\ ZPa duPa _cT bT\&
^T`RXQP PZ [Xa[] bXT[^] ZP aTvPZ X\U]`&
VP\ c\P STbT`[X\PSP X[^]`bP\RXP%aT
] ^`TRT^bXdP f ZP ^cQZXRXSPS Ta
X[^XSXTaT RcPZ_cXT` ^cQZXRXSPS T\ [PbXdP
ZP
U`P\YP Yc\b] PZ Q]`SXZZ] _cT ^cTSP aT`dX`b]bPZ[T\bT \TVPbXd] ^P`P ac PbT\RXw\'
] X\U]`[PRX]\Ta
ST ZcVP` ST cQXRPRXw\ ST RcPZ_cXT`@Pa ^`TaR`X^RX]\Ta
&'+
$%#
#5*=&.-:&(->0
9 27'.-(-)&)
\X aX_cXT`P T\ ZP ^P`bT
_cT ^`]^]`RX]\P\ ZPa aTvPZTa ST b`sUX& f ZP ^cQZXRXSPS%
ST ZP aTvPZ \] dXaXQZT ^P`P TZ R]\ScRb]`'
R] STQT\ bT\T` PQa]ZcbP ^`X]`XSPS'
D]` xZbX[]%TZ bT`RT` V`c^]%
R]\abXbcX&
D]` bP\b]%f ST PRcT`S] R]\ Z]a 8]\&
S] ^]` ZPa aTvPZTa ]`XT\bPbXdPa ^cQZX&
dT\X]a >\bT`\PRX]\PZTa TeXabT\bTa%
aT
[T`TRT c\ b`PbP[XT\b] SXUT&
TabPQZTRT ST U]`[P [cf RZP`P ZP X\R][& RXbP`XPa%
`T\RXPS] ST Z]a P\bT`X]`Ta' @P aXbcPRXw\
^PbXQXZXSPS T\b`T ZPa aTvPZTa ST b`sUXR]
ST c\P c`QP\XgPRXw\%c\P UsQ`XRP%
c\
f ZP ^cQZXRXSPS%
^]` Z] _cT \] aT STQT\
TbR'%Ta%T\ [cRW]a RPa]a% c\P
Pa]RXP` ZPa aTvPZTa ST b`sUXR] R]\ [T\& W]bTZ%
aPYTa ^cQZXRXbP`X]a%
\X aX_cXT`P T\ ZP X\U]`[PRXw\ ST cbXZXSPS ^xQZXRP' D]`
^P`bT ST ZP aTvPZ \] dXaXQZT ^P`P TZ R]\&TZZ]% \] STQT TabPQZTRT`aT TZ ^`X\RX^X]
ST _cT WPf _cT ^`]WXQX` TabT bX^] ST
ScRb]`'
aTvPZTa ST c\P [P\T`P VT\T`PZ'
:Z ^ZP\bTP[XT\b] [sa U`TRcT\bT ST
TabP aTVc\SP U]`[P ST ^cQZXRXSPS &_cT 9T PRcT`S] R]\ Tab]% TabP RZPaT ST
X\RZca] ^cTST `TPZXgP`aT ^]` ZP ^P`bT ST aTvPZTa ^cTST PS[XbX`aT aXT[^`T _cT
ZP aTvPZ \] dXaXQZT ^P`P TZ R]\ScRb]`& aT Rc[^ZP\ ZPa aXVcXT\bTa R]\SXRX]\Ta2
acTZT aT` TZ ST ZP V`PbcXSPS ST ZP X\a&
)'l GT Rc[^ZP\ ZPa ^`TaR`X^RX]\Ta
bPZPRXw\%
R]\aT`dPRXw\ TXZc[X\PRXw\ ST
a]Q`T SXaTv] f SX[T\aX]\Ta _cT aT
ZP aTvPZ _cT R]``T\ P RP`V] ST ZP
X\SXRP\ T\ TabPa
+0.4203/-.14305#
T[^`TaP _cT PS_cXT`T TZ ST`TRW] ST *'l GT RcT\bT R]\ TZ ]^]`bc\] ^T`[X&
dT\bP ] PZ_cXZT` STZ Ta^PRX] ^cQZXRXbP`X] a] ST ZP Pcb]`XSPS R][^TbT\bT T\
Pau R`TPS]' :\ ]RPaX]\Ta acTZT ]U`T&
[PbT`XP ST aTvPZXgPRXw\ ST ZP duP'
+'l GT ST[cTab`T _cT%T\ TZ ZcVP` TZT&
RT`aT PZ 6fc\bP[XT\b]% PST[sa% TZ
^PV] ST c\ RP\]\ ] c\ ^]`RT\bPYT STZ
VXS]%\] aT WP STYPS] ST X\abPZP`%
Ta^PRX] ^P`P ^cQZXRXSPS X\abXbcRX]\PZ' ^`TdXP[T\bT% b]SP ZP aTvPZXgPRXw\
:Z P`Vc[T\b] [sa cbXZXgPS] &f ST
X\U]`[PbXdP _cT bT\VP [Pf]` X\bT`ta
V`P\ UcT`gP ^]` RXT`b]& Ta TZ ST _cT R]\
_T\T`PZ _cT ZP _cT aT ^`TbT\ST X\a&
bPZP`'
X\ST^T\ST\RXP ST Z] QcT\] ] Z] [PZ]
_cT aTP bT\T` ^cQZXRXSPS T\ ZPa aTvPZTa,'l GT X\SX_cT TZ aT`dXRX] ] ZP PRbXdXSPS
_cT aT ]U`TRT PZ cacP`X]%
^T`] \] ZP
k[TY]` Ta bT\T` aTvPZTa R]\ ^cQZXRXSPS
[P`RP&] TZ \][Q`T R][T`RXPZ'
_cT \] bT\T` aTvPZ PZVc\Pn'
-'l GT VP`P\bXRT _cT \] aT R`TP c\
6 TabT P`Vc[T\b] STQT `T^ZXRP`aT
PV`PdX] R][^P`PbXd]
RcP\S] TZ
_cT \] WPf \X\Vc\P `Pgw\ ^P`P _cT ZPa
aTvPZTa f ZP ^cQZXRXSPS Tabt\ c\XSPa' :Z \x[T`] ST TabPQZTRX[XT\b]a ] RT\&
b`]a ST PRbXdXSPS aX[XZP` WP`uP X[^]&
^cQZXRXabP ^cTST ]U`TRT` TZ [Xa[] aT`&
aXQZT SP` P b]S]a TZZ]a TZ [Xa[] b`P&
dXRX] &f R]\ [T\]a R]\SXRX]\P\bTa
^P`P ZP 6S[X\Xab`PRXw\& X\abPZP\S] ZPa bP[XT\b]'
aTvPZTa ^]` c\ ZPS] f ZP ^cQZXRXSPS ^]` .'l GT X\bTV`T STQXSP[T\bT T\ Z]a R]\&
]b`] T\ ZcVP`Ta Ta^TRXPZ fTeRZcaXdP&
Yc\b]a c\XbP`X]a &] ZP aTvPZXgPRXw\
[T\bT WPQXZXbPS]a PZ TUTRb]' :\ TabT
ST ]b`] bX^]& TeXabT\bTa'
aT\bXS] Ta [cRW] Z] _cT ^cTST WPRT`&
8]\aTRcT\bT[T\bT R]\ Z] P\bT`X]`% f
aT ^]` [TY]`P` ZP RPZXSPS STZ
k[]QXZXP&
P []S] ST TYT[^Z]% aT `TR][XT\SP _cT
`X] c`QP\]n% T\ TZ _cT% aX\ ScSP%
ZP
T\ ZcVP` ST X\abPZP` c\P ] dP`XPa aTvP&
^cQZXRXSPS ^cTST bT\T` c\ ZcVP` STabP&ZTa _cT X\SX_cT\ ZP SX`TRRXw\ ST STbT`&
RPS]'
[X\PS]a TabPQZTRX[XT\b]a R][T`RXPZTa%
:\ b]S] RPa]% Z]a 8]\dT\X]a >\bT`&
Ta [TY]` aTvPZXgP` WPRXP kg]\P R][T`&
\PRX]\PZTa a]Q`T aTvPZXgPRXw\ TabPQZT&
RXPZn
] kRT\b`] R][T`RXPZn%
cbXZXgP\S]%
aX
RT\ ST c\P [P\T`P [cf RZP`P ZP X\R][&
' PRPa]% TZ \][Q`T VT\t`XR] ST ZP
^PbXQXZXSPS T\b`T ZPa aTvPZTa ST b`sUXR]
[Xa[P'
&(%
"$! 5*=&.-:&(->0
9 27'.-(-)&)
I\ Pa^TRb] _cT STQT bT\T`aT [cf T\
RcT\bP ^P`P PS[XbX` ] \] ZP X\abPZPRXw\
ST STbT`[X\PSPa aTvPZTa ]`XT\bPbXdPa
^cQZXRXbP`XPa Ta TZ RP`sRbT` f bP[Pv] ST
ZP RXcSPS' :\ c\P RXcSPS ^T_cTvP ZP
aXbcPRXw\ ST ac `TScRXS] \x[T`] ST
W]bTZTa ^cTST aT` c\P X\SXRPRXw\ \TRT&
aP`XP bP\b] ^P`P &R]\ScRb]`
TZ
R][]
^P`P Z]a X\bT`TaTa TR]\w[XR]a ST ZP
RXcSPS' @P X\SXRPRXw\ ST ZP aXbcPRXw\ ST
Z]a P^P`RP[XT\b]a ^xQZXR]a \] Ta xbXZ
a]ZP[T\bT ^P`P Z]a _cT ^`TbT\ST\ cbX&
ZXgP`Z]a% aX\] _cT R]\b`XQcfT P [TY]`P`
ZPa R]\SXRX]\Ta STZ b`sUXR] f STZ TabP&
RX]\P[XT\b] T\ ZPa duPa ^xQZXRPa ST ac
T\b]`\]% a]Q`T b]S] T\ ZPa V`P\STa RXc&
SPSTa'
9T b]SPa U]`[Pa% Ta SXUuRXZ
SP` c\P
\]`[P VT\T`PZ X\dP`XPQZT f T\ RPSP
RPa] WPQ`s ST dPZ]`P`aT Rcs\S] c\
\][Q`T R]\R`Tb] Ta ^cQZXRXSPS f Rcs\&
S] Ta c\ ^c\b] ST `TUT`T\RXP' GwZ] TZ
QcT\ aT\bXS] f ZP Te^T`XT\RXP ST Z]a
btR\XR]a T\RP`VPS]a STZ aT`dXRX] ST
aTvPZXgPRXw\ ^cTST\ `Ta]ZdT` TabT ^`]&
QZT[P'
:\ b]S] RPa]% RcPZ_cXT` aTvPZXgPRXw\
X\U]`[PbXdP _cT aT a]ZXRXbT \] STQT aT`
X\abPZPSP aX\ bT\T` P\bTa T\ RcT\bP ZP
aTvPZXgPRXw\ TeXabT\bT f ZP _cT ^cTSP
TabP` T\ ^i]fTRb]' :\ [cRW]a RPa]a
Tab] ^cTST aT` c\P ]RPaXw\ ^P`P R]``T&
VX` STUTRb]a ] ^P`P TUTRbcP` `T[]ST&
ZPRX]\Ta'
&(&
J6>>JiiCiB>BC>iJM>ZJB+G
+P CG+iCiS)+PJi+\CG+
)
*
-?
"%! *537*/& )*. 241(*51 )* 5*=&.-:&(->0 -0+14/&6-8&
0;9=05, /04 8:7.0;7
/0 ;0V,JH?,.HW6 3617:563>,
!"
$###########
:@:88>rB 9:
L DIBHCG 9:
BCA7F:G
9:GZZBC
!
ZZDC 9: 86FH:@
zzz'zz h:B ;IB8>rB
9: :ADZ''DM6A>:BHC 6DFCK>A69C
DF:6J)GC% DF:G:@:88ZrB% 8CB?IBHC
IB>H6F>C%G>HI68>rB
!
###$
;>?68XrB 9:@ H6A6qC
9: @:HF6
zzz'zz :B ;IB8>rB
9: @6
9>GH6B8>6 9: J)G>7>I969
&
H6A6qCG 9: G>A7C@CG
;@:8=6G f CF@6G
zzz'zz :B ;IB8>rB
9: '6@HIF6 9: @:HF6
zzz'zz :B ;IB8>rB
9: 9:GZZBC
j
!
"9:H:FA>B68>rB 9:
8C@CF:G 9: ;CB9C
!
8CADCG>8>rB
'' X
@@
OOOOOO
+i) i
25
z
####
420
F:9I8>FG:
o^c:9:
:@ HAd)UNqC 9:
@6 @:HF65
BC
ii
!
o=6L
CHFC :AD>'DZ6A>:BHC
;EG>7@:5
G>
z
!
:@:88XrB 9:
A6H:F>6@:G
'
F:HFCFF:;@:8H6BH:
zzz'zz ' >@IAZB68>iB :KH:FB6
h >@IAIB68>CB >BH:FB6
!
9:H:FA>B68>rB
GCDCFH:
*537*/&
&()
Descargar