LA PUBLICIDAD ESPAÑOLA EN EL PRIM ER ENSAYO DE

!" # $
%&'!%
&() !$(#*# #
+
*)*!!*
*,-.%&*/0 01
,,%&'!%2 3&*)4 $
$3, &
. %56'()% #
$' *!'7"3.% $ -!$ &'
*! . # $*!!%..% # .* *"'()(#*# -35.("('*!(* $-*8%.*
#3!*&' .%$ *8%$
9
-35.("(#*# *, !("*&*4
# . $(:.% ;;
9 *&*.(<*!.*$ !.*"(%& $ =3 '3)% "%& .*
& *=3 ..%$ *8%$ "%, &<> * # $*!!%..*!$
&
$-*8* 3&* (&"(-( &'
$%"( #*# # "%&$3,%=3 .* -35.("(#*# $
$?%!<> & "%&$%.(#*!4 %?3 -%$(5. @*" !.%# 5(#%
*. $'*..(#%# .* A3 !!* ()(.
9*. -%$'!(%!*($.*,( &'%-!%)%"*#%-%! . !B:(, &
#
!*&"%4
-*!'(!#
)%.) !7* * # $*!!%..*!$
9* # ,*& !* # ?(&('
()* .* $%"( #*# #
"%&$3,% & $-*8*4
*.*5!*$ ".*) C $-*8*
D "%&%,7*D %&$3,%D 35.("(#*#4
5$'!*"'
@ %56"'
() %?'@($ -*- !($ '%-!$ &''@ # ) .%-, &'%? -*&($@*#) !'($(&:#3!(&:'@
# "*# $ %? '@ 'E &'( '@ " &'3!9
D *&# *&*.9< '@ !.*'
(%&$@(- ('@*# E('@
, !("*& *#) !'($(&:4 & '@%$ 9 *!$D -*(& @*# # ) .%- # *& (&"(-( &'"%&$3, !5*$ # $%"( '9
(& E@("@ *#) !'
($(&: -.*9 # * "%&$%.(#*'
(&: !%. 4
3 '% '@ 5!*F %3'%?'@ "()(. E*!
D *&# '@ $35$ =3 &'($%.*'(%& -!%)%F # 59 !*&"%G$ !:(, D ('@*# 5 & (,-%$$(5. '
%
"%&#3"' ,3"@ !$ *!"@ (& '@ ?( .#4
:(&&(&: E('@ '
@
$D
-*(& E%3.# !$3,
# ) .%-, &'H '@($ '(, # ?(&('
() .9 %?* "%&$3, !#!() & $%"( '94
I 9E%!#$C -*(&
D "%&%,9D %&$3,-'(%&D #) !'($(&:4
3!*&' . $(:.%; ; .* -35.("(#*# $-*8%.* )()(> & .* (&"35*#%!*4 $'*5* -!$ &'D
- !% !* '%#*)7* # ,*$(*#% #B5(.4
'*!#7* 9 $3- !?("(*., &' -%! .*
. -*7$ .. )*5* 3& !'!*$% &%'*5. *. @*5 !-*$*#%
)%.3"(>& (&#3$'!(*.4
- &*$
J($'7*& 5( & $ #
"%&$3,% # ?*5!("*"(>& &*"(%&*. 9 .%$ =3 ) &7*& # ?3 !* !*& $"*$%$ # 5(#% * .%$
?3 !'$ *!*&" . $ =3 . $ (,-%&7*&4 & 3& "%&'J'
%$ , 6*&'D ,39- =3 8%-%#7* $ ! .
# $*!!%..% #
.* *"'()(#*# -35.("('*!(*4
*!" .%&* .* -35.("(#*# ,%# !&*4
#
!% * "%,( &<%$ # . $(:.% ;; $3!:(> &
%$ '!*'># 3& @ "@%"*$3*.D -3 $ !* # .* "*-('*.
*'*.38*D 9 B$'* .* !:(>& ,K$ (&#3$'!(*.(<*#* #
-(%& !% #
$-*8*4
#!% !*'A*5*..7?3 .
$'* *"'()(#*# 9 .* .. )> * "*5% "%& . !(:%!9 .* -!%?$(%&*.(#*# # .%$
, 6%!$ # . ,3&#%4 3?%!,*"(>& *5*!"*5* '%#*$ .*$ &%) #*# $ # . ,%, &'%D # $# .%$
# $"35!(,( &'%$ # .* -$("%.%:7* J- !(, &'*. *-.("*#%$ * .* (&#3$'!(* 9* .* -35.("(#*#D
@*$'* .*$ 'B"&("*$ !#*""(%&*. $ # .%$ *!:3, &'%$ # ) &'* =3 @*57*& # $*!!%..*#%.%$
*&3&"(%$ &%!'*, !("*&%$4
$# .*
K,*!* #
%, !"(% #
*!" .%&*D !*'A*5*..7
(,-3.$> 3&* *""(>& (&"*&$*5.
-*!* ?%!,*! 53 &%$ -!%?$(%&*. $ -35.("('*!(%$D
"%&) &"(#% # .* (,-%!'*&"(* #
$' '!*5*6% -*!* . -!%:!$% "%&>,("% # .* &*"(>&4
3)% =3 (! "%&'!* "%!!( &'C.* (&#3$'!(* $-*8%.* # 5( & $ # "%&$3,% -*# "7*
!*=3('($,%D $>.% J($'7* . "%&" -'% #
, !"*#% .%"*.D . ?*5!("*&' *&3&"(*&' $
@*..*5* & ,*&%$ # . (&'!, #(*!(% & ,(:% )($" !*. # .*$ ,*!"*$ 9.* # $"%&?(*&<*
-%!.%$ ,B'%#%$ -35.("('*!(%$ !* "*$( 3&() !$*.4 (& ,5*!:%D .%$ "3!$%$ # ?%!,*"(>&
%!:*&(<*#%$ -%!.* K,*!* #
%, !"(%D *.:3&%$ .(5!%$ #('*#%$ 9.* *""(>& "%&"!'* #
# '!,(&*#%$ -35.("('*!(%$ .%:!*!%& "( !'%$ BJ('%$ =3 #( !%& -!$'(:(% * .* -!%?$(>&4
35% (&".3$% *.:3&%$ ?*5!("*&'$ =3 %-'*!%& -%!.%$ -!%#3"'%$ # ,*!"*D *-%9K&#%$
& 3&* -35.("(#*# 5( & -.*&(?("*#*D #(!(:(#* -%! J- !'%$4 *
$-3,%$%$
!'(*"@ $
%#%!&(L9 !(J & 'D .%$ *&($*#%$
&7$ # .
!?3, !7* A*.D .%$ )(&%$
%&% 9.*$ :*.. '*$
*!7* #
&"%&'!*5*& &'! .%$ -%=37$(,%$ 5( & $ # "%&$3,% # "*!K"'!&*"(%&*.
=3 @*57*& .%:!*#%*?(*&<*!$
$73& 53 & -!(&"(-(%4
& . , !"*#%:!*"(*$ * .* -35.("(#*#4 % !* ,3"@%- !%
$' ,%#%D *. ?(&*.(<*!.* !(, !* A3 !!*
3&#(*.D $-*8* $
&"%&'!*5* & $('3*"(>& # %!:*&(<*!.%=3 $ !7* $3-!(, !* J- !( &"(* # $%"( #*# #
"%&$3,%5*$*#* & .* -35.("(#*#4
* A!*& A3 !!* "%&'!(539> * .* *"'()*"(>&
"%&>,("* #
$-*8*D *3&=3 .*
%-%!'3&(#*# &%$ *-!%) "@>5( & 9$%.%$ .%:!>3& *)*&" ,%# $'%4
$3?("( &' -*!* =3 "%, &<*!* * (&$(&3*!$
. "%&$3,% &
$-*8*4
L& *$7D !$3.'>
..% ?3 -%$(5.
-%!=3 , 6%!*!%& .*$ "%&#("(%& $ # )(#* # .*$ ".*$ $ '!*5*6*#%!*$ 9 # .* !#3"(#*
".*$ , #(*D *# ,K$ # "!" !.%$ $*.*!(%$ & $ "'%!$ "%,%.* ,(& !7* 9.* , '*.3!:(* 9
& .%$ K,5('%$ 3!5*&%$4
& -*!*. .%D # $#
D . :%5( !&% #
!(,% #
() !*
"%, &<> 3&* -%.7'("* # %5!*$ -L5.("*$ =3 #*!7* $3$ ?!3'%$ * -*!'(!#
14 3 B$'
3&% # .%$ -!(, !%$ J- !(, &'%$ 3!%- %$ # .*$ '$($ # I 9& $ -*!* !*"'()*!.*
"%&%,7*
>- <D
04
#(!"'()%$ 9 '!*5*6*#%!$ #
*$ %5!*$ -L5.("*$ # $*!!%..*!%& 3& $ "'%! -!%?$(%&*. #
,-!$*$ @*$'* &'%&" $ -!K"'("*, &' (& J($'&' D =3
63&'% * .%$ "%, !"(*&'$D "%&$'!3"'%!$ 9 ?3&"(%&*!(%$ ?%!,*!%& .* 5*$ # .*$ &3 )*$
".*$ $ $%"(*. $ - !, *5. $ * .* *#=3($("(>& # 5( & $ # "%&$3,%4
(&'&$(?("> * .* ) < . ?&>, &% # . *5*&#%&% # . "*,-% 9 .* (&$'*.*"(>& & .*
"(3#*#4
&* -*!' (,-%!'*&' # .* -%5.*"(>& !3!*. " !"* # 3& ,(..>& # - !$%&*$
"*,5(> .* *:!("3.'3!* % .* :*&*# !7* -%! . '!*5*6% (&#3$'!(*.4 &
$-*8%. $ $ # #("*5*& *. $ "'%!-!(,*!(%4 &
"(3#*# $ "!"( !%&
'!*5*6*#%!*$
!!(5*$D
04
,- <> '*,5(B& *
. 1 M # .%$
.* "(?!* @*57* 5*6*#% *. 0+M4 *$
-%! $ &3 )% $ :, &'% $%"(*. 3!5*&% # ".*$ $
J-*&#(!$ D '7
,(#*, &'D .* ,%# !&* $%"( #*# #
"%&$3,%4 * -35.("(#*# '&7* *@%!* 3& "*,-% # *""(>& ,K$ *,-.(% 9 $ .*&<> * .*
"%&=3($'* # $3&3 )%-L5.("%4
. -!%" $% &% ?3 ?K"(.4
* (&$ !"(>& -35.("('*!(* & #(*!(%$ 9 !)($'*$ &% %?!"7*
# ,*$(*#* $ :3!(#*#4 %$ "*!'. $ !*& 5 ..%$D - !% "*!&'$ #
?("*"(*4 %$ *&3&"(%$
.3,(&%$%$ J(:7*& # $ ,5%.$%$ "%&>,("%$ # ,*$(*#%*.'%$4 *57* -%"%$ -!%?$(%&*. $
J- !'%$D -%!.%=3 & ,3"@*$ %"*$(%& $ .* *"'()(#*# -35.("('*!(* $ "%&) !'7* & , !%
# $-(.?*!!%4
D # ,*& !* ?3&#*, &'*.D .* (&#3$'!(* $-*8%.* # 5( & $ # "%&$3,%
"*!"7* # #(&*,($,%9"!*'()(#*#4
(& ,5*!:%D * .% .*!:% # .%$ *8%$
9
$-*8* ?3 *)*&<*&#% 9 -%&( &#% &
,*&%$ # $3$ @*5('*&'$ -!%#3"'%$ "*#* ) < ,K$ L'(. $D # , 6%!"*.(#*# 9 * , &%!
-!"(%4 . "%&$3,%*."*&<>'*,5(B& * ,*!"*$ J'!*&6!*$ =3 $ (&'!%#36!%& & . -*7$D
$ 8*. # =3
$-*8* $ - !"(57* "%,%3& , !"*#%-!%, '#%!4
$7&*"(>.* -!(, !* $%"( #*# # "%&$3,%"%&$'!3(#* "%& . *-%9%# .* -35.("(#*#4
3
.('($'*D -3 $ $%.% -%#7* *."*&<*!* $ "'%!$ ,39 "%&"!'%$ # .* $%"( #*#4
$
$%$'3)%$%5! 3&* 5*$ #B5(.D -3 $ .* -!%#3""(>& &*"(%&*. # 5( & $ # "%&$3,%&3&"*
.. :>* # $- :*!4
* -!&$* H#(*!(%$ 9 !)($'*$ (.3$'!*#*$ ?3 #3!*&' .%$ *8%$
9
. ) @7"3.%
?3&#*, &'*. -*!* (&$ !'*!-35.("(#*#4 3 *"'('3# &3&"* ?3 # ,*$(*#% -!%?$(%&*.4 &
$-*8* &% J($'7*& %?("(&*$ -*!* .* 63$'(?("*"(>& # .*$ '(!*#*$D %!:*&($,%$ =3 ) &7*&
?3&"(%&*&#% & %'!%$ -*7$ $ # $#
@*"7* ,3"@%$ *8%$C "%&"!'*, &' &
$'*#%$
&(#%$D &:.*'!!*D
. ,*&(* 9 !*&"(*4
!* .('!*., &' (,-%$(5.
"%&%" ! "%&
J*"'('3# .*$ '(!*#*$ -%!=3 .%$ - !(>#("%$ &%.*$ # ".*!*5*& %?("(*., &'D 9'*,-%"%$
$*57* "3*. !* $3 "(!"3.*"(>& !*. -%!'%#% . '!!('%!(% &*"(%&*.4
%$ -35.("('*!(%$ $
) 7*& %5.(:*#%$ * !*.(<*!$3$ -!%-(*$ (&#*:*"(%& $ - !$%&*. $4 *,-%"% J($'7*& #*'%$
"3*.('*'()%$C=3B".*$ # -L5.("%. 7* "*#* #(*!(%D %"3*. #
..%$ -!?!7*& .*$ ,36!$4
. ',* !* # $3,* (,-%!'*&"(* -%!=3 # *"3 !#% "%& .* '(!*#* 9 .* #($'!(53"(>& -%!
'%#* $-*8*D *$7"%$'*5*& .*$ '*!(?*$4
-*!* .* ?("*"(* # .* -35.("(#*# !* & " $*!(%
$*5 !=3( & . 7* .%$ - !(>#("%$ 9 !)($'*$C&% $ *&3&"(*5*& "%"@ $ & 3& #(*!(% -*!*
%5!!%$D -%! 6,-.%4
%$ - !(>#("%$ , &'7*& # $"*!*#*, &' $%5! $3$ '(!*#*$D -!%"3-*#%$ # ,%#%
J".3$()%-%!"%&$ :3(!.* ,*9%!"*&'(#*# # (&:!$%$ -%!-35.("(#*#4 *$ !)($'*$ ,K$
(,-%!'*&'$ "%,% ) @7"3.% -35.("('*!(% !*& .*$ (.3$'!*#*$D # ,*& !* ?3&#*, &'*.
4
*57* $(#% ?3&#*#* -%! %!"3*'% 3"* #
.*$ ,K$ # $'*"*#*$ #
3!%-*4
3!*&' .%$ -!(, !%$
-35.("(#*#D -%!"%&$(# !*!.* # ,*. :3$'%4
,*& !* $%5!(*4 &
+ $*.(>
&* &
* (,*: & #
&L, !%$ $ & :> * (&$ !'*!
$-3B$ -35.("> *&3&"(%$D - !% $( ,-! #
D =3 &$ :3(#* "%&=3($'> 3& 53 & &L, !% #
. "'%!$ 9=3 .. )>-35.("(#*# # $#
. -!(&"(-(%4
'!%$ , #(%$ -35.("('*!(%$ =3 '3)( !%& *3: & .%$ *8%$
9
?3 !%& .*$ )*..*$
9D & : & !*.D .* -35.("(#*# J'!(%!4 *$ )*..*$ &*"( !%& "%& . *3'%,>)(.4
& .*$ "*!!'!*$4
"%.%"*5*&
*$ -!(, !*$ "%&$($'7*& L&("*, &' & 3&* ,*&"@* #
*&3&"(*&#% 3& &%,5! % 3&* ,*!"*4
-(&'3!*
%$ .3:*!$ -!?!(#%$ -*!* $('3*!.*$ !*& .*
&'!*#* 9 .* $*.(#* # .%$ -3 5.%$ 9 "(3#*# $D & .*$ -*!'$ $3- !(%!$ # .*$ "*$*$ %
$(,-. , &' & :!*&# $ ,%. $ # -( #!* .%$3?("( &', &' .($*$ "%,%-*!* -(&'*!$%5!
..*$ A*!"7* 3 $"*$D
4
* -35.("(#*# J'!(%! &
$-*8* '3)% J" $()%$ (,-3 $'%$ #3!*&' $'%$ *8%$D
$%5! '%#%.* -35.("(#*# .3,(&%$*D =3 $ -3$%,39# ,%#*4 $%.(,('>$3# $*!!%..%9
. # .*$ ,*!"*$ 9 & :%"(%$ =3 -%#!7* @*5 !*&3&"(*#%4 % "3*. !* - &%$% $( &#%
$-*8* 3& -*7$ # )(#* ,39*&(,*#* & .*$ "*.. $D # #7* 9 # &%"@ 4 %! 6,-.%D &
*!" .%&*D 3& *&3&"(% .3,(&%$% #
& *!7$ $ "%5!*5*&
, '!%$ "3*#!*#%$ "%$'*5* N - $ '*$ *&3*. $4
?!*&"%$ . -!(, !*8% 9
+4
N
* -*!'(!# . $ :3&#%
%.357D
*$ #B"*#*$ # .%$
$-*8%.4
*$($'( !%& *. ,%, &'% "3.,(&*&' # . "*!'.($,%
3&=3 &3&"* J($'(> 3&* $"3 .* &*"(%&*. -!%-(*D & $%$ *8%$ 5!(..*!%& 3&
:!3-% #
*!'($'*$ 9 #(536*&'$ =3 :%<*!%& #
&*:%$ %
"*$% #
9
# !("% (5*$4 &
&%!, -!$'(:(%D "%,% *?* . #
# "7* 3& "!7'("%D O%$B !*&"B$D =3 !* ?!"3 &' .
,-!$*$ =3 53$"*5*& $ 5 ..% -!%" #(,( &'% # *&3&"(%D 9 =3 !*!% !* .
, $ & =3 &% $ " . 5!* *.:L& "%&"3!$% # "*!'. $ A*!"7* 3 $"*$D
!* =3
4 % ,*.%
. 63!*#% $%.7* $'*! "%,-3 $'% -%! - !$%&*$ =3 $*57*& -%"% % &*#* #
-35.("(#*#4
# ,K$D .%$ ) !#*# !%$ -!%?$(%&*. $ $ ,%$'!*5*& !'(" &'$ *&' .%$
"*!'. $D 9* =3 B$'%$ *- &*$ '&7*& ?("*"(* -35.("('*!(*4
% -%#7*& $ !?(6*#%$ & .*$
"*.. $D # 5(#%* .*$ $'!("'*$ &%!,*'()*$ # .%$ *93&'*,( &'%$D 9-%!.%'*&'%$
J-%&7*&
# &'!%# .*$ '( &#*$4 3*&#%.%:!*5*& 3& .3:*!3!5*&%-*!* - :*!$ $ @*"7* $(& &(&:L&
%!# &D P* .* 53 &* #
*'&"(>&4
(%$QD "%,% # "7* !*'D - !#( &#% *$7$3 "*-*"(#*# # ..*,*!.*
# ,K$D !*!*, &' . ,%'()% :!K?("% # . "*!'. :3*!#*5* *.:3&* !.*"(>& "%&
. -!%#3"'% *&3&"(*#%4
%,% $ =3 6*5* 3& "!7'("% 5*!" .%&B$
?(&*. $ # . $(:.%; ;D !$- "'%*. ?*,%$%"*!'. #
(=3 . 9 *#7* *
*,>& *$*$ -*!* &7$ # .
%&%D .*
P"@3.*Q !* ,39*-!%-(*#* -*!* *&3&"(*!,*&<*&(..* %6!<*&#*.3" $D - !%&%3& *&7$
"*'*.K& .*5%!*#% & *#*.%&*
%!( 9A*!#>D
+4
*$ :!*&# $ $"3 .*$ # "*!'.7$'("* !*& & *=3 ..%$ *8%$ .* ?!*&" $* 9 .* ('*.(*&*4
%$ ('*.(*&%$ .. :*!%& * "!*!*: &"(*$ (&'!&*"(%&*. $ # "*!'. $ =3 $ *#*-'*5*& *
"3*.=3( !-!%#3"'%# "3*.=3( !.3:*!# . ,3&#%4 * %!:*&(<*"(>& "%, !"(*.
*:* :%<>
# ?*,* ,3&#(*. & $' $ &'(#%D *3&=3 $3 ,B'%#% &% # 6*5* # $ !5*$'*&' *&'(
-35.("('*!(%4
:L&
*'3BD 6>) & $ -!%, $*$ # . #($ 8%D "%,%
?*,%$%$ "*!'.($'*$ "%,%
%& ''%
"%, !"(*. $ % "*!'. $ -*!* .* " !) <*
,*#!(. 8*
*'3BD
*!" ..% (<<%.( %
*-( ..% ?(!,*!%&D !$- "'()*, &'D -%$'*. $
%!('< 5*!" .%& $* % -*!* . *:3* # $%.*!$
++ 4
. "*!'. ?3 $( ,-! . , #(%-!?!(#%-%!.%$ *&3&"(*&'$ $-*8%. $D * - $*!# $3
"%,-!%5*#* (& ?("*"(*4 *!* @*,5%&&*3#D $3-L5.("%-!%-(% !* .* : &' &%(&$'!3(#*D
=3 &%. 7* .* -!&$*D 9* =3( & -%!.%'*&'%$>.%$ -%#7* .. :*!* '!*)B$ # . "%.%!# .%$
"*!'. $4
3&=3 !"%&%"7* =3 '*,5(B& -%#7* 6!" !"( !'* (&?.3 &"(* & . -L5.("%
3!5*&%D =3 . 7* # ,*$(*#%9$
&"%&'!*5* @*$'(*#%C . "*!'. =3(<K-%#7* $%!-!&# !. 4
!%D & : & !*.D $ :L& $' *3'%!.* -35.("(#*# -%!, #(%# . "*!'. '&7* $%5! '%#%3&
)*.%! !"%!#*'%!(%D -3 $ (,- #7* =3
@*,5%&&*3# 9 *!&(" !%D
. -L5.("% %.)(#*!* # . &%,5! # . -!%#3"'%
04
0
!
- $*!# =3 &% !* ,39@*.*:R 8* .* $('3*"(>& # .* (&$ !"(>& -35.("('*!(* &
.%$ #($'(&'%$ , #(%$D & %'!%$ K,5('%$ $ !:($'!*5*& *)*&" $4
# .*$ , #(#*$ '%,*#*$ & .%$ *8%$
D &
$7D "%,% "%&$ "3 &"(*
.* $%"( #*# $-*8%.* $ :37* "%& $3
"!"(,( &'% (&#3$'!(*.D *3&=3 ,K$ . &'% =3
. # .*$ &*"(%& $ # $3 &'%!&%4
-%5.*"(>& *:!7"%.* $'*5* 9* -%!# 5*6% # . N0M4 . -*7$ $ @*57* 3!5*&(<*#%4
#
$3$ "(3#*#*&%$ )()7*&
& &L". %$ $3- !(%!$ * .%$
*&*.?*5 '($,% (5* & !'!%" $%D "%& 3&* "(?!* # . N M4
$'3#(*&'$ #
&$ 8*&<* , #(*D =3 -*$*!%& #
4
&
(,-%!'*&' *"'()(#*# # "%&$'!3""(>& -L5.("* 9 -!()*#*4
J-%$("(%& $ #
@*5('*&'$4
*1 4
&
+++ 9
3$ ..D
. -3&'% #
.
4
*#!(# .. :> *. ,(..>& #
4 !* 3&* "(3#*# # ?3&"(%&*!(%$D "*$(
# ,%:!K?("% - !% !* $3- !(%! # $#
&N M
(&"!, &'> . &L, !% #
. "*,5(% $ &%'> $- "(*., &' & .*$ :!*&# $ 3!5 $4
@*5('*&'$ & .* #B"*#* # .%$
4
*
4
D "%& 3&*
*!" .%&* '&7* , &%!- $%
)($'* 3!5*&%D :!*"(*$ * .*$
04
@*57* *."*&<*#% "( !'% &() . # ,%# !&(#*# 9 $'% !* $- !*&<*#%! -*!* .
# $*!!%..% # .* -35.("(#*#4
@ "@%D 9* #3!*&' .%$ *8%$ ) (&' "%, &<*!%& & $ !(%
.%$ -.*& $ # -!%,%"(>& '3!7$'("* -(.%'*#%$ # $#
. $'*#%D "%& "*,-*8*$ &*"(%&*. $
5*$*#*$ & . "*!'. "%,%&%-%#7* $ !# %'!%,%#% 9#(!(:(#*$ * &:.*'!!*D . ,*&(*
9 !*&"(*4
!% ?3 . $ "'%!# . *3'%,>)(. . =3 '!*6% .%$ "*,5(%$ ,K$ &%'*5. $ & .
K,5('%# .* -35.("(#*#4 * #("'*#3!* #
# "*!!'!*$4
$-*8*C #
3!*&' .%$ *8%$
!(,%#
() !* ,-!&#(> . '!*<*#%# .* !#
.* "%,-!* # "%"@ $ $ ,3.'(-.("> -%!"3*'!% &
0+4 NN ,*'!7"3.*$
&
N *
1N4N 0
&
.() !D
4
%$
?*5!("*&'$ J'!*&6!%$ $ *?(&"*!%& &$ :3(#* & &3 $'!% -*7$C ?!*&" $ $D (&:. $ $D
*. ,*& $D ('*.(*&%$4
A & !*.
!%D $%5! '%#%D &%!'*, !("*&%$4 %!# .. :>* $-*8* &
%'%!$ $ (&$'*.> &
*#!(# &
-35.("('*!(*D O4 S *.'! @%,-$%&4
0 9 $ '!*6% -%"% # $-3B$ * $3 *: &"(*
%!# 9 A & !*.
%'%!$ ?3 !%& .*$ #%$ :!*&# $
,3.'(&*"(%&*. $ # . $ "'%!D =3 "%-*!%& . , !"*#% #3!*&' . - !(%#% #
$7'& ,%$ =3 D &'!
%'%!$ " !"* #
9
4
4
D
&*3.'"%&
D (*'"%& 0
ND %!# ) &#(> ,K$ #
39 -%!# 5*6% . $ :37*&
3(<*D ,*!"* $-*8%.*D *- &*$ ) &#(>
& $-*8* -.*&'*$ #
9
4 *
4
"%"@ $ 9 A & !*.
('!% & "%& 1
3: %'=3 &% .. :*5* *
) @7"3.%$4 A & !*.
&'!:3 !!*$4
D
@!9$. !"%&
4 *
($-*&%
%'%!$ 9 %!# (&$'*.*!%&
&$*,5.*6 $%5! .* 5*$ # -( <*$ (,-%!'*#*$D 9 * ..% $ # 5(>
$(& #3#* .* @ : ,%&7* # =3 :%<*!%& & . , !"*#%4 & $' $ &'(#%D #3!*&' .%$ *8%$
$ # $*!!%..*!%& *.:3&*$ ?K5!("*$ (,-%!'*&'$ # "%,-. , &'%$D - !% $( ,-! 5*6%
.(" &"(* J'!*&6!*
"
*#*.D
4
#
$
"
*,5(B& %'!%$ & :%"(%$ # %!(: & ?%!K& % .. )*5*& ,3"@% '( ,-% -!%$- !*&#% &
$-*8*4 !* . "*$% #
$%"( #*# *&>&(,*
$'.BD =3 &
$'.B
D
@*57* '!*&$?%!,*#% $3 # . :*"(>& & 3&*
&>&(,*
$-*8%.* #
!%#3"'%$
.(, &'("(%$ D
# 5(#% * .* (,-%!'*&"(* $'!*'B:("* =3 '&7* -*!* ..* . , !"*#% $-*8%.4 3 %56'()%
!* .. :*!* $ !3&* ,-!$* # -!(, !!*&:%&*"(%&*.D (!:*&*&#%& :%"(%*5$%!5( &#%
% *$%"(K&#%$ * %'!*$ (&#3$'!(*$ $(,(.*!$4
*"'*#* 9 .* . "@ "%&# &$*#*
# . :*"(%& $ & *&'*&# !D
*
3 BJ('% ?3
J'!*%!#(&*!(%4
"@ !* .. :*!%& * '%#*
*#!(#D T*. &"(*D
)(..*D
(.5*%4
$-*8*4
*
&(..*D (&$'*.*#*
&
*&'*5!(* # $#
*!(&*
$'*5. "(>
$'%$ #%$ -!%#3"'%$
?3&#*, &'*. $ $ . ?3 !%& *8*#( &#% %'!%$ &3 )%$ "%,% .%$ "@%"%.*'$4
?K5!("* #
*
# ,K$ # .*
0D 53$"> %'!*$ <%&*$ #
-!%#3""(>& . "@ !* 9 *5!(> &3 )*$ ?*"'%!7*$ & A*.("(*D *!" .%&*D A !%&* 9 *..%!"*4
&
+ ?(!,> 3& "%&'!*'% # '!*&$?!&"(* # '"&%.%:7* "%& .* $%"( #*# %?*,* 4 4
3(<* D .* ,-!$* ,*'!(<4 $ "%&'!*'% *-%!'*5* .* .(" &"(*D .* *$($'&"(* 'B"&("* 9 .
# !"@% # 3$% #
,*!"*$ -*!* .* ?*5!("*"(>& -!(&"(-*., &' # "@%"%.*'4
,%#%D -3#% "%&'*! "%& 'B"&("*$D # $"%&%"(#*$ @*$'*
&'%&" $
&
$'
$-*8*D =3
- !,('( !%& * .* ,-!$* *# .*&'*!$ * .* # ,*&#* 9 #() !$(?("*! .* -!%#3""(>&D %
(&&%)*!"%& -!%#3"'%$ %!(:(&*. $
>- <D
0 4 $'* .*5%!# (&) $'(:*"(>& "( &'7?("* .
.. )> * $*"*!*. , !"*#% &3 )%$ *.(, &'%$ -*!* &(8%$D $3$'('3'()%$ # .* . "@ ,*'!&*
& "*$% #
(&'$'(&*. $ D
*3$ &"(* % (&'%. !*&"(*C . #>&
$'>: &%
D -*!* '!*'*,( &'% #
'!*$'%!&%$
D . "@ 5*6* & :!*$* 9!("* & -!%'7&*$ % (&.*"
@*!(&* # " !*. $ -*!* "%,-. '*!#( '* # .*"'*&'$
* -35.("(#*# &% ?3 *6&* *. BJ('% #
"%& 3& # -*!'*, &'% $- "(*.(<*#%4
*$*#%D
$'.B-3 $ # $#
0U ?. 6%$D
ND
04
+ .* ,-!$* "%&'*5*
$# *..7.*&<> (,-%!'*&'$ "*,-*8*$ -*!* #*!*
"%&%" !$3$ &3 )%$ -!%#3"'%$4 *!'("3.*!, &' (&'&$* ?3 .* #
$"*%D =3 (&*3:3!>
& . -*7$ . $ "'%!# 5 5(#*$ * 5*$ # "*"*%9=3 '3)%3&* J'!*%!#(&*!(* *"%:(#* -%!
-*!' # .%$ "%&$3,(#%!$
?. 6%$D
0 4 :3*., &' (&'&$*$ ?3 !%& .*$ "*,-*8*$
-*!* .* (&'!%#3""(>& # $3$ #($'(&'*$ ,*!"*$ # "@%"%.*'4 A!*"(*$ * .%$ "!%,%$ 9.3 :%
* .%$ K.53, $D .%$ "@%"%.*'$ $ @("( !%& ,39-%-3.*!$C-*!" =3 *=3 ..* ?3 .* B-%"*
& .* =3 J'&#(>.* "%$'3,5! # , !&#*!-*& "%& "@%"%.*'
1
?. 6%$D
04
!% . -!%#3"'% -%! J" . &"(* @*$'* .* A3 !!*
6 # .* -35.("(#*# #
$'.B4
& .%$ *8%$
()(. ?3
*
$ @*57*& -35.("*#% )*!(%$ *.,*&*=3 $
-!%,%"(%&*#%$ -%! .* ,*!"*D 5 ..*, &' (.3$'!*#% *.:3&%$ #
&*:%$
!!(5*$D
0U ?. 6%$D
"@ !*D 9'*,5(B& .
..%$ -%! *?* . #
0 4 & : & !*.D &% $ !-*!> & :*$'%$ -*!* '%#%$
.%$ -!%#3"'%$C"*!'. $D *.,*&*=3 $D ?%.. '%$D (.3$'!*"(%& $ -*!* "*6*$ # 5%,5%& $D
#($ 8% #
-*=3 '$D -35.("(#*#
J'!(%! & .*$ -.*<*$ #
'%!%$D
&
. -3 !'% #
*!" .%&*D & .%$ '.%& $ # '*'!% 4 &* (&("(*'()* $- "(*. ?3 .* "%&$'!3""(>& # . *'(%
$'.B & .%$ :!*&# $ *.,*" & $ O%!5* #
*!" .%&* &
D #%&# $ *3&*5*& .*$
#() !$(%& $ -*!* &(8%$D "%& 5 ..%$ $"*-*!*'$ # "@%"%.*' 9 %'!*$ $- "(*.(#*# $ 9
J-.("*"(%& $ $%5! . -!%" $%# ?*5!("*"(>& # .* . "@ "%&# &$*#*4 %:!>3& &%!,
BJ('% -%-3.*!4 * & .%$ *8%$
*
"@ !* 9 %'!%$ -!%#3"'%$
?*,(.(*!$ * .%$ "(3#*#*&%$ -%! $3$ "*!!%<*$
& .*$
$'.B$ @*57*& @ "@%
*5*.:*'*$ #
*!&*)*.
&
*!" .%&*D % -%! $'*!(&$ !'%$ & ) @7"3.%$ -L5.("%$ ,39 3'(.(<*#%$ -%!.*$ ".*$ $
-%-3.*!$D "%,%*3'%53$ $ 9'!*&)7*$ &
*#!(# 9 *!" .%&*
& $' "%&'J'% '3)% .3:*! . -!(, ! # $ ,5*!"% &
&%!'*, !("*&*4
?. 6%$D
04
$-*8* # .* -35.("(#*#
* *: &"(* O4 S *.'! @%,-$%& $ (&$'*.> &
*#!(# & ,*!<% #
1D "%, &<*&#%* %- !*! & 63&(%# . ,($,%*8%4 (:3(>@*$'*
4 O3.(K& !*)%@*
$'3#(*#% J@*3$'()*, &' $' @ "@% 9 B. . $ :3(,%$4 * A & !*.
%'%!$ !* ".( &'
& $'*#%$
&(#%$ # OS
. ,%'()% # $3 .. :*#* *
*!'< ..4
&"*!:>.* -35.("(#*# # $3 J-*&$(>& ,3&#(*.4 $ ?3
$-*8*4
&
*#!(# . #(!"'%!# .* *: &"(* ?3
%,% #(!"'%! *#63&'% $'3)% 3& (&:.B$D
-!(&"(-*. # OS
"%,% ($
9.
& $-*8* ?3 $( ,-! .* A & !*.
*."%.,
@%,$%&4
!'@3!
. ".( &'
%'%!$D *3&=3 '3)%'*,5(B& %'!%$D
*$'!G$ T%(" D I%'JD '*"%,5D %&#$D ($'!(& D 3'J% *. #
!3'* &%4
(& ,5*!:%D &%.. )>.* -35.("(#*# # ,*!"*$ =3 $7'&7* & .%$ $'*#%$ &(#%$D "%,%
I%#*F%
) !4
* ?*"'3!*"(>& # .* *: &"(* #
*#!(# H-*!* .*$ "%$'3,5!$ *, !("*&*$
!*
# ,*$(*#%- =3 8*D 9!=3 !7* 3& '!*5*6%# $-!%-%!"(%&*#%-*!* .%$ ,*:!%$ !$3.'*#%$
=3 %5'&7*4 * ?*.'* # "(?!*$ 9 $'*#7$'("*$ ?3 $ &'(#* &$ :3(#* -%!.%$ *, !("*&%$D
*"%$'3,5!*#%$ * %'!%'(-%# , !"*#%4 %$ #(*!(%$ '(!*5*& -%"% 9.*$ !)($'*$ !*& ,39
-%5!$ 9# ,*.* "*.(#*#D "%,-*!*#*$ "%& .*$ #
$'*#%$
&(#%$4
% J($'7*& #*'%$ #
"(!"3.*"(>& &( %?("(&*$ # 63$'(?("*"(>& # .* #(?3$(>&4 %!%'!* -*!'D & "3 $'(%& $ #
!,3& !*"(>&D . "%&'!*'% -35.("('*!(% $'*5. "(#% &
+
# $# @*"7* ,3"@%$ *8%$D
!$3.'*5* (,-!*"'("*5.
& $-*8*C.* (&$($'&"(* # .* OS
# .. )*!$
& '%$ !* 3& *$3&'% # V"( &"(* ?(""(>&G & . , !"*#% $-*8%.4
. 1D 0M $%5!
(&'&'> -!%,%) !
-35.("(#*# & . "(& "%& #(*-%$('()*$ "%.%!*#*$D -*!* -!%9 "'*! & .%$ # $"*&$%$D - !%
'*,-%"%$ ?*"'3!*5* # ,*$(*#%"%& $ -!%" #(,( &'%4 $ # "(!C&%@*57
* & :%"(%4 .
, &%$ &% .% @*57* -*!* 3&* *: &"(* # .*$ "*!*"'!7$'("*$ # OS D "%& $3$ ,%#%$ #
-!%" # !D "%& 3& &L, !% (,-%!'*&' #
,-. *#%$ 9 5( & $('3*#* & 3& .3:*!"B&'!("%
# .* "*-('*.4
* "!($($ #
*?"'> * .* A & !*.
!-. :*!$ 4 $'% *"*5> "%& .* %?("(&* # .* OS
" &'!*. #
3 )*
%!F %?!"(> *
!-!$ &'*&' & . -*7$D 9 B$' *" -'>4
*."%.,
&
*#!(# $ ,($,% *8%4 * *: &"(*
@%,$%& .* -%$(5(.(#*# #
'!*$.*#> *
,*9%!-*!' # .* ?*"'3!*"(>& =3 . =3 #*5*4
()(.4 OS
%'%!$ =3 &% '3)% ,K$ !, #(% =3
$ ! $3
*!" .%&* -%!=3 *..7 $'*5* .*
!,*& "(> & .* "(3#*# @*$'* .* A3 !!*
(&'!%#36% & $-*8* .* -35.("(#*# !*<%&*#* %# .%$ V-%!=3B$G=3 !* & .*
-!K"'("* # $"%&%"(#* & $-*8*D *3&=3
#!% !*'.* .. )*!* -!%".*,*&#%# $#
04
. &?%=3 "!*'()% $'*5* 5*$*#% & .* (&) $'(:*"(>& $%5! . "%&$3,(#%!4 * (&)*$(>&
# -$(">.%:%$ & .* %?("(&* " &'!*. #
3 )*
%!F !* 3&* # .*$ &%'*$ #($'(&'()*$ #
OS 4 &'!%#36!%& .%$ *&3&"(%$ # 'J'%$ .*!:%$D "%& *!:3, &'%$ # ) &'*4
$'% ?3
=3(<KD J'!(%!, &'D .% =3 ,K$ (&?.39> $%5! .* -35.("(#*# $-*8%.*D =3 '&7* "%,%
#%:,* .* & " $(#*# # 'J'%$ "%!'%$ (.3$'!*"(%& $ ..*,*'()*$
!*)%D
1+ 4
%
*57*& &'!*#% &
$-*8* -!%#3"'%$ 9 *: &"(*$ J'!*&6!*$4
!% .* -!%#3""(>&
-!%-(* $ :37* "%& $3 . &'% !(',% # "!"(,( &'% 9 .%$ 53 &%$ -!%?$(%&*. $ # .*
-35.("(#*# !*& '*,5(B& -%"%$D * - $*!# .%$ $?3 !<%$ #
&'!
9
!*'A*5*..74
.* (&#3$'!(* $-*8%.* # 5( & $ # "%&$3,% '3)% $- "(*.
#(?("3.'*# -*!* .* "!*"(>& # -!%#3"'%$ # ,*!"*4 J($'7* .* "! &"(* *!!*(:*#* # =3
'*&'%B$'*$ "%,%.%$ -!%#3"'%$ &)*$*#%$ &"*!"7*& .* )(#*4 *$( &*#( $ "!7* =3 .*
?*5!("*"(>& & $ !( 9.* .(,(&*"(>& # (&'!, #(*!(%$D *3& "%&'*&#% "%& .%$ :*$'%$ #
-35.("(#*#D ?*)%!"7* =3
$'%$ -!%#3"'%$ '3)( !*& -!"(%$ ,K$ !#3"(#%$4
( .*
& " $(#*# # . *&3&"(% !* (&$ -*!*5. # .* )(#* "%&>,("*D # 5 ,%$ "%&".3(!=3 .*
-35.("(#*# &% -%#7* V@*" !,*:(*GC !* 3&* -%# !%$* -*.*&"* - !% & " $('*5* *-%9*!$
& *.:%4
* (&#3$'!(* # 5( & $ # "%&$3,% ,K$ J'&#(#* &
$-*8* !* .* 'J'(.4
(&
,5*!:%D * - $*!# .* 53 &* "*.(#*# # .%$ -*8%$ "*'*.*& $D B$'%$ &% :%<*5*& #
# ,*$(*#%-!$'(:(%&*"(%&*.4 . ,%'()% $ =3 *- &*$ @*57* ,*!"*$4
*-!"(*5* ,K$
. ,*'!(*. # %!(: & (&:.B$D -!"($*, &' -%!=3 . ,*!"@*,% @*5.*5* # $3 .3:*!#
?*5!("*"(>&4
!% *# ,K$ &% @*5 !,*!"*$D '*,-%"% @*57* (# *$C* &*#( $ . @*57*
%"3!!(#%'%#*)7*D & .%$ *8%$
"%!5*'*$ % 53?*&#*$4
D @*" !-35.("(#*# # '%*..*$D $K5*&*$D ,*&'. $D )($(..%$D
!*') 7* (,-!$"(&#(5. -*!* . # $*!!%..% # . $ "'%! =3 .%$
?*5!("*&'$ *?!%&'*!*& 3&* "*,-*8* "%. "'()*
& .* =3 D -%! , #(% #
*&3&"(%$
(.3$'!*#%$ * -K:(&* &'!* & .%$ -!(&"(-*. $ - !(>#("%$D $ #( !* * "%&%" ! & '%#*
$-*8* 3&* (# * ".*!*D :!K?("* 9 $'*#7$'("* # .* -%'&"(*.(#*# # .* (&#3$'!(*D # $3$
,%# !&*$ (&$'*.*"(%& $ 9 ,B'%#%$ # ?*5!("*"(>&D *$7"%,% # .*$ -%5.*"(%& $ %5!!*$
=3 )()7*& #
..*
!*'D
N 4 %#% ..% $'(,3.*!7* .* # ,*&#* # '6(#%$ &*"(%&*. $D
"%&#3"(!7* * .* "!*"(>& # #($'(&'*$ ,*!"*$ 9 * .* #() !$(?("*"(>& # -!%#3"'%$4
*
-35.("(#*# $'*!7* &'%&" $ & $('3*"(>& # -%'&"(*!.*$ ) &'*$ 9*,-.(*! . , !"*#%4
*57* %'!*$ (&#3$'!(*$D "%,% .* , '*.3!:(*D .* . "'!("(#*# 9*"'()(#*# $ *& J*$ =3
-%#7*& *-%!'*!,3"@*$ "%,%#(#*# $ * .* )(#* #(*!(*4
$-*8* @*57* !*.(<*#% 53 &%$
-!%:!$%$ & $' $ "'%!D - !% B$' "*!"7* # )($(>& "%, !"(*. 9 *!!*$'!*5* 3&* - !<*
, &'*. =3 . (,- #7* *-.("*!$ * .* ?*5!("*"(>& # -!%#3"'%$ =3 , 6%!*!*& .* )(#* # .
"(3#*#*&%4
!*'$ . (5* . - &$*,( &'% @*"(* .%$ *, !("*&%$ 9 * $3 ,%#% # @*" !
-35.("(#*# "%& $' '(-% # %56'%$4
%&"!'*, &'D & . "*$% # .*$ !?!(: !*#%!*$
.B"'!("*$D @*57*& $%!-!&#(#% *. -L5.("% "%& 3&* (&'.(: &' "*,-*8* 5*$*#*
*&3&"(%$ #%"3, &'*#%$ 9 $3: $'()%$D =3 # '*..*5*& '%#*$ .*$ "*!*"'!7$'("*$ #
*-*!*'%$ 9'%#*$ .*$ "%,%#(#*# $ =3 %?!"7*& & . @%:*!4 !*& #
&
$%$
. )*#%-!"(%D - !%
.* -35.("(#*# *#) !'7* =3 -%#7* *,%!'(<*!$ (&$ &$(5. , &' $3 "%$'% *#=3(!(B&#%.% *
-.*<%$4
# '*..*5* . :*$'% (&$(:&(?("*&' #
& !:7* .B"'!("* 9D & "%&'!*$'D .%$
- .(:!%$ # (&: !(!*.(, &'%$ ,*. "%&$ !)*#%$4 J-.("*5*& =3 $%$ *-*!*'%$ - !,('7*&
#($-%& !# "35('%$ # @( .% & 3& ,%, &'% % (,-!%)($*!">,%#*, &' @ .*#%$4 !*
3&* -35.("(#*# #3"*'()*D !*"(%&*.D $(,-K'("* 9#
$-7!('3 -!K"'("%4 3$ *- .*"(%& $ $
J'&#7*& '*&'% *. @%:*!#%,B$'("% "%,% * .%$ -!%-( '*!(%$ 9 *!=3('"'%$ # "*$*$ &
"%&$'!3""(>& -*!* =3 (&$'*.*!*& & ..*$ $' ,%# !&% . , &'%# "%&?%!' !*'D
'!* *-.("*"(>& #
N4
$'*$ (&#3$'!(*$ !* .* (&$'*.*"(>& # "*. ?*""(%& $ " &'!*. $4 *&
$%.% 3&* ,-!$* $-*8%.* @*57* !*.(<*#% 3&* "*,-*8* !*"(%&*. -*!* $3 ) &'*D =3
"%&$(:3(> ,3953 &%$ !$3.'*#%$4
!%D & : & !*.D & . $ "'%!?*.'*5*& "*,-*8*$ "%&
-.*& 9"%&'&(#%$ $3: $'()%$4 !*& *""(%& $ -35.("('*!(*$ .%"*. $D "%& -!$3-3 $'%$ ,39
5*6%$ N 4
D0 4
- $ '*$ 9 .%$ *&3&"(%$ $ (&$ !'*5*& & - !(>#("%$ $(& #(?3$(>&D
-%!!"%, &#*"(>& % *,($'*#4
'!*'*5* # 3&* -35.("(#*# =3 &% # "7* &*#*D =3 &%
*- .*5* * .*$ "%,%#(#*# $ # . "%&?%!'D * .* (&'(,(#*# # . @%:*!',-.*#% #3!*&' .
(&)( !&%D * &(&:L& $'7,3.% "*-*<# # $- !'*! . # $ %4 (& ,5*!:% $ ?*5!("*5*& &
$-*8* $'3?*$ # '%#%$ .%$ $($',*$ 9 -*!* '%#*$ .*$ ?%!'3&*$4 %#*$ .*$ "*-*"(#*# $
*#=3($('()*$ -%#7*& $ ! $'(,3.*#*$ -*!* *-.("*!* $3$ @%:*!$ 3& ,7&(,% # "%&?%!'4
J($'
7*& *# ,K$ ,3"@%$ -!%#3"'%$ # !()*#%$ #
-35.("(#*# 9 &% $
$'*$ (&#3$'!(*$ * .%$ =3 $ # 5 !7* #*!
$'*5* @*"( &#%C5*'!7*$ # "%"(&*D ,%.(&(..%$ # "*?BD :*$ #
*.3,5!*#%D *!'7"3.%$ .3,(&%'B"&("%$D 5%,5(..*$D "3"@(.. !7*$D @( !!%$ *!'7$'("%$D *!,*$ #
"*<*D 5("(". '*$D ,3 5. $ # *" !%D @%6*$ # *?('*!D $%,( !$D -.3,*$ 9-.3,(..*$4
(& ,5*!:% '*,5(B& J($'7*& $ "'%!$ 5( & %!:*&(<*#%$4 * - !?3, !7* !* 3&% #
..%$4
!# !%$ # .* (&#3$'!(* =37,("*D .%$ -!%#3"'%$ # - !?3, !7* $3-%&7*& 3&*
J" -"(>& * .* &%!,* # .* ,*!"*4 !(, !% A*. 9 # $-3B$
9!3!:(* 9 .%!*.(* @*57*&
'!*5*6*#% '*& 5( & =3 $ @*..*5*& ?(!, , &' *!!*(:*#*$ & . $ "'%!&*"(%&*. 9 $
$'*5*& *5!( &#%-3 !'*$ & .%$ , !"*#%$ (&'!&*"(%&*. $4 * -!%#3""(>& # - !?3, !7*
&
$-*8* !* # N ,(..%& $ # - $ '*$ *&3*. $D "%& 3& "%&63&'% # -!$3-3 $'%
-35.("('*!(%# N ,(..%& $4
$ !3& -*7$ "*$( J".3$()*, &' (,-%!'*#%!D $-*8* @*57*
-*$*#%* &*"(>& -!%#3"'%!* 9 J-%!'*#%!*4
&* $%.* # .*$ (&#3$'!(*$ =37,("*$ &*"(%&*. $D .* # 6*5%& $ -*!* .*)*!!%-*D $'*5*
,*&"(-*#* # .* (&#3$'!(* J'!*&6!*4
@7'*,5(B& @*57* $- !*&<*$4 3 (&"%!-%!*"(>&
*. $($',* # ,*!"*$ !* !"( &' 9# ,%, &'% &
.* -!%#3""(>&4
N $>.%*5*!"*5* *. 0M '%'*. #
!% . "%&$3,%"!"7* # #7* & #7*4
& "3*&'% * .* (&#3$'!(* ?*!,*"B3'("*D .* $-*8%.* &% $ @*..*5* & "%&#("(%& $ #
"%,- '(!"%& .* J'!*&6!*4 $'*5*& (&'!%#3"(#*$ & . -*7$ -%# !%$7$(,*$ "%,-*87*$ #
, #("*, &'%$D 3!%- *$ 9*, !("*&*$4 3$ -!$3-3 $'%$ 9*:!$()(#*# -35.("('*!(* &%.*
-%#7*& .%:!*!&3 $'!%$ .*5%!*'%!(%$4
&* $%.* #
$*$ ?(!,*$ H.* *$-(!(&* # $'(&*5* 3&
,(..>& # - $ '*$ *&3*. $ * -35.("(#*#4
(?7"(., &' $ -%#7*& &"%&'!*! &
.*5%!*'%!(%$ "39* (&) !$(>& .. :*!* * .*$
4
&
$-*8*
4
#
- $*!# .* ,(:!*"(>& # . "*,-% * .* "(3#*#D . $ "'%!*:!7"%.* $-*8%. !*
'%#*)7* . ,K$ (,-%!'*&' & . "%&63&'% # .* -!%#3""(>& $-*8%.*4
-!(, !% & "3*&'%* %?!'* # 5( & $ # "%&$3,%5K$("%$4
& .%$ *8%$
*,5(B& !* .
!%!$3.'*5* "*$( (,-%$(5.
=3 .* -35.("(#*# -3#( !* %!( &'*!5( & .*$ "*,-*8*$ # .%$ -!%#3"'%$
*:!7"%.*$4
!)(*, &'D . $ "'%!# 57* %!:*&(<*!.* -!%#3""(>& 9 .* #($'!(53"(>& #
,%#%!*"(%&*.4 * $('3*"(>& !* .*, &'*5.
& . "*,-%C@*57* ,(..%& $ # -!%#3"'%!$
?!*:, &'*#%$D $".*)(<*#%$ -%!.%$ $- "3.*#%!$
*:!7"%.*$ # 57*& %!:*&(<*!$
, !"*&"7*$4
(&'!, #(*!(%$4
%$ '!*5*6*#%!$
& "%%- !*'()*$ -*!* "%&$ :3(! . "%&'!%. #
&3 )% -!%-%&7*
!*' A*5*..7 .
6,-.% #
$3$
.%$ "*,- $(&%$ #
*.(?%!&(*D * =3( & $ *?"'*5*& .%$ ,($,%$ -!%5. ,*$ =3 * .%$ $-*8%. $4
%:!*!%&
$%.3"(%&*!.%$ $(& 5*$*!.% '%#% & .* *93#* # . $'*#% 9$3 53!%"!*"(* - !'3!5*#%!*D $(&
$%.("('*! $*"!(?("(%$ * .* @*"( &#* -L5.("*4
"%%- !*'()*$ =3 -!$"(&#7*& #
%$ !$%.)( !%& ?3&#*&#% %!:*&(<*"(%& $
(&'!, #(*!(%$D $ . ""(%&*5*& "3(#*#%$*, &' $3$
"3.'()%$ 9 -!%#3""(%& $ 9 *-!%) "@*5*& *. ,KJ(,% .*$ "*-*"(#*# # "%&$3,% # .*
$%"( #*#4
&
$-*8* $ @*57*& #*#% &$*9%$ : &B!("%$ # -35.("(#*# # -!%#3"'%$
*:!7"%.*$C.%$ "%$ "@ !%$ # &*!*&6*$ 9$3$ )(*6$ # -!%-*:*&#* 9"%&"3!$%# "*!'. $U
.%$ "%$ "@ !%$ # *!!%< 9 $3$ "*!'. $ &
*#!(# *&(,*&#% * "%,-!*!*!!%< &*"(%&*.D
#%&# &*#( "%&$3,7* # %'!% '(-%U-(, &'!%$ #
3!"(* =3 $ :*$'*!%& 3&* ?%!'3&*
& 3& .36%$%?%.. '%"%& !" '*$ # -.*'%$ =3 !=3 !7*& -(, &'>&U"%&"3!$%$ # "*!'. $
-*'!%"(&*#%$ -%!.%$ %.()*!!%$ 9 -35.("(#*# !*.(<*#* -%! ..%$ & .*
J-%$("(>& #
*!" .%&*4 (& ,5*!:%D $%$ &$*9%$ @*57*& - "*#%# # $%!( &'*"(>& 'B"&("* # $#
.
-3&'% # )($'* -35.("('*!(%4 . 6,-.% # .*$ &*!*&6*$ *. =3 *.3#7* !*'!$3.'* ,39
(.3$'!*'()%4
%$ &*!*&6!%$ @*57*& %!:*&(<*#% .* V$ ,*&* #
)($'%$%$ "*!'. $ *-*!"( !%& & $"*-*!*'$ #
.* &*!*&6*G4
.:3&%$
*#!(#D !%# *#%$ # " $'%$ # &*!*&6*$
# @ !,%$* *-*!( &"(*D "3(#*#%$*, &' $ . ""(%&*#*$4
. ,($,% '( ,-% .. :> * .*
"*-('*. 3&* J- #("(>& # @3 !'*&%$D "%& $3$ '!*6$ '7-("%$D =3 !"!>*. ) "(&#*!(%"%&
#*&<*$ 9"*&'%$ -!%-(%$ # .* T :*
&*!*&6*$4
)*&'(&*D 9!-*!'(>:!*'3('*, &'
!*'. -*!"7* 5( & .* (# * # .*$ V$ ,*&*$ # .* &*!*&6*G4
!* $3- !?.3* *-.("*!.* *
'%& .*#*$ #
!%- &$*5* =3
$-*8*D #%&# $ "%&%"7* - !?"'*, &' $'* ?!3'*4
% !*
& " $*!(%"!*!.* "%$'3,5! # "%, !&*!*&6*$D &( @*"7* ?*.'* &(&:3&* .*5%!-!)(* -*!*
#3"*!*. -L5.("% $%5! $3 )*.%!*.(, &'("(%D @(:(B&("% 9 *3& , #("(&*.4
% =3 $7
-*!"7* & " $*!(%D 9 $'* $ .* .*5%!=3 &% $ .. )*5* * "*5%D !* =3 .*$ #(?!&'$
".*$ $ # &*!*&6*$ $ ) &#( !*& & . , !"*#% - !?"'*, &' $ . ""(%&*#*$D "%& $3
,*!"* # (# &'(?("*"(>&D 9 =3 -%!, #(% # .* -35.("(#*# $
!$- "'%*. ,%#%# #($'(&:3(!.*$
!*'D
#3"*!* *. "%&$3,(#%!
N4
&* # .*$ (&#3$'!(*$ # !()*#*$ # .* *:!("3.'3!* =3 ,K$ '!*#("(>& '&7* & $-*8*
!* .* # .* )(# 9 $3$ # !()*#%$ # )(&%$ 9 .("%!$4 %$ )(&%$ $-3,%$%$ 9 .%$ .("%!$
*&($*#%$ !*& .*$ ,*!"*$ $-*8%.*$ =3 :%<*5*& # ,K$ "*.(#*# * &() . (&'!&*"(%&*.D
-3 $ .. )*5*& "3(#*&#%$3-35.("(#*# # $#
. $(:.%; ;4
!% & . $ "'%!# )(&%$ #
, $* # &3 )% @*57* -!%5. ,*$4 $-*8* J-%!'*5* )(&% $(& ,5%'..*!9 $% @*"7* =3
?3 !* , &%$ )*.%!*#%4
& "*,5(%D .%$ ?!*&" $ $ J-%!'*5*& )(&%$ $39%$ 9 &3 $'!%$
"%&) !'(#%$ & -!%#3"'%$ *"*5*#%$D & 5%'..*$ "%& ,*!"* =3 "%&=3($'*5*& -!$'(:(%
(&'!&*"(%&*.4 $% !* .%=3 # 57*& @*" !.%$ )(&*'!%$ $-*8%. $D -3 $ # ,%, &'%D &(
$(=3( !* .*$ -%"*$ ,*!"*$ $-*8%.*$ !*& "%&%"(#*$ & . -!%-(% -*7$4
=3 J" . &'$ ,*!"*$ # .* (%6* '&7*& 3& , !"*#% !#3"(#% &
J-.("*5* !*'
*'*.38* 9
)*&'4
'!*$ !*& # $"%&%"(#*$ & .*$ !:(%& $ # .* $-*8* " &'!*.4 $% $ # 57* $( ,-! *
?*.'* #
$-7!('3# ,%# !&(#*# & .* $'!3"'3!*"(>& # .*$ %!:*&(<*"(%& $ # ) &'* 9#
-35.("(#*#4
3*.=3( !53 &* ,*!"* -%#7* "%&=3($'*!$3 .3:*! & . ,*!"*#% &*"(%&*.D
-%&( &#% & 63 :%.%$ !$%!'$ # .%$ ,%# !&%$ ,B'%#%$ "%, !"(*. $
!*'D
N4
!
&* ) <=3 $ @*& # $"!('%.%$ -!%5. ,*$ -*!* "!*! & $-*8* 3& , !"*#%&*"(%&*.
"%& 5*$ $ $>.(#*$D =3 -3#( !* !"(5(! . (,-3.$%# .* -35.("(#*#D =3 #* *@%!* ?(6*!$
. , &'% # '(-% @3,*&% =3 ,K$ "%&'!(539> *. "%&$3,%4
*9 =3 *?(!,*!=3
-!(&"(-*. -!$"!(-'%!# .* (&"(-( &' $%"( #*# # "%&$3,% $-*8%.*D & .%$ *8%$
.* ,36!4
.
.
D ?3
$3.'*& '!, &#*, &' (&'!$*&'$ .*$ *-!"(*"(%& $ =3 !*.(<* !*'A*5*..7
$%5! . "%&$3,%D .* -35.("(#*# 9 .*$ ,36!$4
J- !( &"(* -!%?$(%&*. # ,3"@%$ *8%$4
% $%& -%!=3
$'K& 5*$*#*$ & .*
$ :3!*5* !*'=3 $( .* ,36!# 6*$ # ) !%
. !*&3&"(%$D .* -35.("(#*# "%, !"(*. - !# !7* &3 ) #B"(,*$ -*!'$ # $3 ?("*"(*D
-%!=3 $ :L& $' *3'%!-*!"7* )(# &' =3 :!*& -*!' # .*$ ) &'*$ -!%)%"*#*$ -%! .
*&3&"(%D *3& '!*'K&#%$ # ,3"@7$(,%$ *!'7"3.%$ -!%-(%$ -*!* "*5*.. !%$D !*& # 5(#*$
#(!"'* % (&#(!"'*, &' * .* (&'!) &"(>& # .* ,36!4
3"@*$ ) " $ .* @ !,*&*D .*
$-%$* %.* &%)(* . :7*& .*$ "%!5*'*$D .%$ "*." '(& $D % . 5*$'>&U"*$( $( ,-! .* ,36!
$ -!%"3-* # . "%&?%!'9 *-!%)($(%&*,( &'% # . @%:*!D $( &#% ..* ?!"3 &', &' .*
=3 6!"7* (&?.3 &"(* $%5! .*$ (&) !$(%& $ ?*,(.(*!$
!*'D
(& ,36!D &% @*57* -35.("(#*# &( @*57* "%&$3,%4
N4
!*' .. :*5* * @*" ! 3&*
!"%, &#*"(>& ,39 *'!)(#* -*!* .* B-%"*C=3 @35( !* $ 8%!*$ '!*5*6*&#% & .%$
# -*!'*, &'%$ "!*'()%$ # .*$ *: &"(*$ =3 D $( &% !#*"'*$ & .%$ *&3&"(%$D #( !*& *.
, &%$ (# *$
%#!7:3 <
@("( !*& $3$ %5$ !)*"(%& $ $%5! .%$ !$3.'*#%$ %5'&(#%$4
%,% (&#("*
*!'7&D &% $ J*: !*#% *?(!,*! . -*- . -!%'*:%&($'* =3 .*$ ,36!$
'3)( !%& & .* '!*&$?%!,*"(>& $%"(*. =3 #3!*&' . -!(, !'!"(%# . $(:.%;; .. )>* .*
: $'*"(>& # .* $%"( #*# # "%&$3,% %#!7:3 < *!'7&D
14
$3.'* $%!-!&# &' . @ "@%D -3 $ .* ,36! *- &*$ '3)% "%&$(# !*"(>&
$%"( #*# $-*8%.* #3!*&' .%$ *8%$
& .*
9 4 3(,%$ # .%$ L.'(,%$ -*7$ $ & "%&" # ! .
)%'% ?, &(&%4 . &L, !% # ,36!$ "%& "( !'* #3"*"(>& !*& ,7&(,*$ 3& M #
"@("*$ &'! .%$ 3&() !$('*!(%$ $-*8%. $ &
*.'%C &
4 . *&*.?*5 '($,% ?, &(&% !* ,39
. N1D0M # .*$ ,36!$ $-*8%.*$ &% $*57*& . !&( $"!(5(!
%&'!%D
4 & '*. $ "(!"3&$'*&"(*$ $%!-!&# =3 .* "!*"(>& # .* P,%# !&(#*#Q$ =3($( !*
"(, &'*!$%5! . :!3-%,K$ #B5(. 9"%& , &%!(&?.3 &"(* $%"(*.4
3(<K-%! ..% .* -35.("(#*# '&#(> * (&) &'*!$ 3& '(-% # ,36!=3 $ #*5* -%"%
& .* !*.(#*#4
?, &(&*D #%&#
& 53 & 6,-.% .% '& ,%$ & . $ "'%!# .* - !?3, !7*
.%$ *&3&"(%$ "%&$'!39 !%& 3& -!%'%'(-% #
@(:( &
,36! ,%# !&* 9
,*&"(-*#*D $('3K&#%.* @*5('3*., &' & *,5( &'$ $%?($'("*#%$ % # -%!'()%$4
'!%$
5( & $ # "%&$3,%D "%,% .*$ "K,*!*$ I%#*F % .* -35.("(#*# # *3'%,>)(. $D -3$( !%&
'*,5(B& $3:!*&%# *!&* -*!* "%&$%.(#*! $'* (,*: & # (&# - &# &"(*4 (& ,5*!:%D
&*#* !* ,K$ *6&% * .* ,36! $-*8%.* # .%$ *8%$
9
=3 .* ,*&"(-*"(>&4 ( .*
-35.("(#*# @35( !* !?. 6*#% .* !*.(#*# $%"(*. # . ,%, &'%D '&#!7* =3 @*5 !
"%&$'!3(#% $3$ !".*,%$ $%5! .* (&, &$* 5*$ # -%5.*"(>& ?, &(&* *&*.?*5 '*4
$%5! .* -!K"'("* '%'*.(#*# # .*$ ,36!$D $36'*$ 63!7#("*, &' * $3 -*#! @*$'* .
,*'!(,%&(% 9 * $3$ ,*!(#%$ # $-3B$4 ( A*.D
9!3!:(* % .%!*.(* $ @35( !*& " 8(#% *
$' '(-% # !*.(#*# $D $ -%$(5. =3 &% @35( !*& -!%$- !*#%4 %! $% !"!*!%& 3&
(# *.D *. =3 =3(<K,3"@*$ ,36!$ *$-(!*5*&4
!%5*5. , &' ?3 .* -35.("(#*# #
!*.4
$'.B .* =3 , 6%!$3-% *#*-'*!$ * .* ,36!
* -!%-(* &*'3!*. <* ?*,(.(*! 9 #%,B$'("* # $3$ -!%#3"'%$ @*"7* =3 B$'%$
-3#( !*& #(!(:(!$ * .*$ $ 8%!*$ #
, #(* (&".3$%'!*5*6*#%!*4
J'!*""(>& $%"(*. *.'*D - !% '*,5(B& * .*$ # ".*$
"3*.=3( !?%!,*D . "3(#*#%# .* ?*,(.(* !* -!$ &'*#%
# 3&* ,*& !* 3& '*&'% (# *.(<*#*C3&* $-%$* 9 ,*#! "%&" 5(#* *. $'(.% # 3&
,%# !&%
# . @%:*!?*,(.(*!4 % & )*&%.* -35.("(#*# "%&%"7* ,395( & =3 .*
-$("%.%:7* @3,*&* & " $('*5* $ ! $'(,3.*#* -%!(# *$ *:!*#*5. $ 9 $(,-K'("*$ -*!*
"%&$ :3(!$3 ?(&4
:L& *?(!,*5* . -$(">.%:% *, !("*&% S (..(*, O*, $D &% @*57* =3
-!$ &'*!.%$ %56'%$ '*. "%,%$%& -%!$7,($,%$(&%'*. "%,% J($'& & .* (,*:(&*"(>&
@3,*&*
!*'D
N4
3(<K-%! ..% .*$ -K:(&*$ # .*$ !)($'*$ $ .. &*!%& # ,36!$
. :*&'$ =3 *-*!"7*& $%.*$D
*3'%,>)(.D & 5("(". '*4
& ?( $'*$D -*$ *&#% -%! .* "*.. D "%&#3"( &#% $3
!*& 6>) & $ =3 "%&$3,7*& "%$,B'("%$D 63:*5*& *. '&($D
*$($'7*& * ) .*#*$ # 6*<<% 3'(.(<*5*& $3 "K,*!* I%#*F & )*"*"(%& $
N
!!(5*$D
04
.3$(%& $ '%#*$ =3 -%'&"(*5* .* &*"( &' $%"( #*# # "%&$3,% - !% =3
$'*5*&
'%#*)7* . 6%$ # $ !!*.(#*#4
'
& !$3, &D .* -!(, !* $%"( #*# # "%&$3,% $-*8%.* '3)% -%"* "*-*"(#*#4
%$
, !"*#%$ "%&'(&3*!%& $( &#% .%"*. $D . "%, !"(% &% '!,(&> # # $-!&# !$ # $3$
)("(%$ *'K)("%$D 9 .* -35.("(#*# -%!,*!"* *."*&<> * 3& $ :, &'% ,39 !#3"(#% # .*
(&#3$'!(* &*"(%&*.4
$% &% %5$'* -*!* =3 .* -%'&"(*.(#*# # . , !"*#% $-*8%. ?3 !*
- !"(5(#* -%! .%$ -!%?$(%&*. $ *'&'%$D $-*8%. $ % J'!*&6!%$4
, #(%$
(& ,5*!:%D .%$
(&$'!3, &'%$ -!%-(*, &' -35.("('*!(%$ $'*5*& ,K$ % , &%$ *. &() . H%
# $&() . # &3 $'!* -!%#3""(>& (&#3$'!(*.4 %$ -!%?$(%&*. $ -!-*!*#%$ !*& $"*$%$C
*53&#*5* . (&'!3$($,%# .* - %! $- "( 4 * -!&$* '&7* -%"* #(?3$(>& 9 !* (,-%$(5.
"%&%" !$3$ '(!*#*$ -*!* $'*5. " !'*!(?*$ 63$'*$4
*57* -%"*$ !)($'*$ (.3$'!*#*$ 9 &
: & !*. # 5*6* "*.(#*#D *3&=3 "%,% , #(% -35.("('*!(% %?!"7* ,K$ ?("*"(* =3 .%$
- !(>#("%$4 . "*!'. $ :37* & .* "3,5!D -%!'!*#("(>&D - !%$ '!*'*5* # 3& , #(%=3
*- &*$ !* L'(.4
*!7* #
$-3B$ #
*8%$ # .3"@*D $%.% . $ "'%!# - !?3, !7*D .*$ :*.. '*$
!'(*"@D . )(&% $-3,%$% #
%#%!&(L 9 .
&7$ .
%&% !*& ,*!"*$
$-*8%.*$ "%&$%.(#*#*$4 %# ,K$ H $ # "(!D "*$( '%#% $'*5* *3& -%!@*" !4 * :3 !!*
"()(. *"*5>"%& ..%9# $-3B$D #3!*&' .%$ *8%$ N 90 D .* $('3*"(>& # -%5!<* 9, !*
$35$($'&"(* # 6> . "%&$3,% 9.* -35.("(#*# 5*6% ,7&(,%$4 %.%* -*!'(!#
-3#%
"%, &<*!# &3 )% . -!%" $%D =3 &'%&" $ $7.. :*!7* * "3*6*!4
. -!$ &' *!'7"3.%!"%: !$3.'*#%$ -*!"(*. $ # . -!%9 "'%
1 /
(
D O4 4
&
$-*8*D
0 CP $'.BD -*!*#(:,* # .* "%,3&("*"(>& -35.("('*!(*QD &
0
04
W
D
4 9A
$'.B
4 $-.3:3 $ #
D O4
.%5!:*'4
+C
4 *!" .%&*D ,-!&'*
*9 ! !,*&%$ 9 7*4
T D O4
1+ C
! "
"#4
*#!(#D #('*#% -%!O4 S *.'!
@%,-$%&4
D
4
$ "'%!.K"'% #
0 CP * ?K5!("* #
*&'*5!(*QD &
*
&(..* 9 $3 "%&'!(53"(>& *. # $*!!%..% # .
$
" # %&'()*+(()
0
4
W
4
$-.3:3 $ #
.%5!:*'4
D 49
-
D
.
.
A
X
0C
, $
*!" .%&*D #('%!(*. *5%!4
XD O4
/
4
4
+ CP *
35.("(#*# 9 .
($"%QD & -
*!" .%&*D #('%!(*. 3.'3!*4
D
"# 1
4
C0
"
YD 4
!
224
*#!(#D
0 CP * (&&%)*"(>& * .* .3<# .* # ,*&#*QD &
4
$
" # %&'()*
+(()
4
4 $-.3:3 $ #
D
6 ,
.%5!:*'4
4
C
&'&(*&'78
D O4
3&#*"(>&
*#!(#D
"
"4
5
"#
(& !)*4
C9
0 C6
.
" # &:)(*+(((4
!
$ $-.3:3 $ #
D 4
A
*!" .%&*D
Y
"
4
&'7(*&')( 1
4
#
*)*!!* D A%5( !&%#
NC
XD
5
$'.B $-*8*4
4 383 .
XD 4
"#
.%5!:*'D
5
$"
XA
"#
C
"#
WD
3
T / !7'("*4
W
T
W
,
*)*!!*4
4 *!" .%&*D #('%!(*. *5%!4
1C
22
++ C
5
"
*#!(#D !"@()(*&*4
;; 9#
"
. 5 <&'7&*&'7'=
*!" .%&*D .'* 3..*4
D O4
0 CP (&"% ,%, &'%$ # .* ,%# !&(<*"(>& $-*8%.*QD &
" # % &'()*+(()
W
4 $-.3:3 $ #
.%5!:*'4
$
1