nfb_YWY_慧0 - rarchivoszona33

: F E : L I J F ; < : L 8 ; < I E F J ; < < O G < I @ D < E K F J
: F E 8 : P K ) ' ' ,
:L8;<IEF;<<OG<I@D<EKFJ ¾ GI<<J:FC8I
¾ -
F
<`ejk\`e
K\jfif
HEI7?DxI
HEI7
?DxI
7=K?HH;=7H9ß7
¾JXck`ccf#:fX_l`cX
¾>XeX[fiX[\c-f :feZlijf
[\:lX[\iefj[\<og\i`d\ekfj
:Xk\^fiˆX1Gi\\jZfcXi
¾
¾
¾
¾
àe[`Z\
¾Gi\j\ekXZ`e
¾@ekif[lZZ`e
¾¶;\hl„Zfcfid\m\f6
¾CXk\c\m`j`ed}^`ZX
¾<cg`\]iˆf
¾¶Gfihl„_XZ\eil`[fcXjgXcfd`kXj6
¾J\ig\ek`eXj
¾·=l\iXXYXaf
¾<cgXg\chl\j\_le[\
¾¶Gfihl„]cfkXecfjYXiZfj6
¾CXjYliYlaXjYX`cXi`eXj
¾<c^cfYfZf_\k\
¾>cfjXi`f
')
'*
'+
''/
('
()
(+
((/
)'
))
)+
¾AliX[f
Dkif%If
JXpXm\[i
¾ JfZ`\[X[D\o`ZXeX
gXiXcX;`mlc^XZ`e
[\cX:`\eZ`XpcX
K„Ze`ZX
DkiX%@jX
D\aˆX>
¾ <jZl\cXEXZ`feXc
[\DX\jkiXj[\
AXi[`e\j[\E`Œfj
¾DX\jkifj#
gX[i\j[\]Xd`c`X1
<cfYa\k`mf[\\jk\ZlX[\ief\jgi\j\ekXiX
ljk\[\jleX\jkiXk\^`X[\kiXYXafhl\gl\[\
j\iXgc`ZX[XXcfje`Œfjgi\\jZfcXi\j[\j\fjfj
[\ZfefZ\ijldle[f2\e„cj\`eZclp\eXZk`m`$
[X[\jhl\c\jg\id`k`i}e\ei`hl\Z\ijl]fidX$
Z`e2¶gl\[\_XY\iXc^fd\afigXiX\ccfhl\cX
Z`\eZ`X6
8ljk\[\j#gX[i\j[\]Xd`c`X#kXdY`„emX[`i`$
^`[f\jk\dXk\i`Xc#Zfe\c]`e[\hl\Xgfp\eX
jlj_`afj\`eZlchl\e\e\ccfj\c_}Y`kf[\
`em\jk`^Xi%
<jk\XŒfj\_X[\[`ZX[fXc^iXe
Z`\ekˆ]`Zf8cY\ik<`ejk\`e#gfi
\ccf\jk\ZlX[\ief\jk}
_\Z_f\ejl_fefi#p
\e„cj\eXiiXle
Zl\ekf\e\chl\
\jk\^iXeg\ijf$
eXa\i\hl`\i\
fYk\e\iZ`\ikfj
gf[\i\jgif$
m\e`\ek\j
[\Xc^leXj
¾;`i\Zkfi`f
:lX[\ief[\<og\i`d\ekfjgXiXGi\\jZfcXi
:fej\afEXZ`feXc[\:`\eZ`XpK\Zefcf^ˆX
¾ 8m%@ejli^\ek\jJli(,/)#:fc%:i„[`kf:fejkilZkfi
D„o`Zf#;% =%'*0+'
¾ <[`Z`e1;`i\ZZ`e[\:fdle`ZXZ`eJfZ`Xc#:feXZpk
¾ ;`j\Œf1;<;`j\Œfp:fejlckfiˆX>i}]`ZX
¾@cljkiXZ`e1;Xm`[G\e
¾ @dgi\j`e1@dgi\jfiXp<eZlX[\ieX[fiXGif^i\jf
¾ @J9E0-/$/)*$)-0$Ÿ;\i\Z_fji\j\imX[fj&J\gif_`Y\cXi\gif[lZZ`ekfkXc
fgXiZ`Xc[\cfjdXk\i`Xc\jj`eXlkfi`qXZ`e\jZi`kX%
iXdXj[\cX
]ˆj`ZX%
Cfj`em`kfgl\j#X_XZ\ilei\Zfii`[fgfi\c
dXiXm`ccfjfdle[f[\cX]ˆj`ZX%Gfijlgl\jkf#
cfje`Œfji\hl\i`i}e[\jlgi\j\eZ`XpXgfpf
ZfejkXek\j[liXek\cXi\Xc`qXZ`e[\kf[XjcXj
gi}Zk`ZXjXhlˆgifgl\jkXj%
')
¾
<cj`^l`\ek\k\okfgi\k\e[\XgfpXiXhl`\e\j[\
dXe\iX\jgfek}e\X^lˆXeXcfj\jkl[`Xek\j\ecX
i\Xc`qXZ`e[\cfj\og\i`d\ekfj2\e„cj\jl^`\i\
cX]fidX[\\ogc`ZXiZfej\eZ`cc\qXc^lefjk\dXj
ZfdfcX\c\Zki`Z`[X[p\cZXcfi%<jg\ifj\Xe[\lk`$
c`[X[%
Cfj }kfdfj
j ]fidXegXik\[\kf[fpZlXe[fj\
alekXeZfejk`klp\eZlXchl`\ik`gf[\dXk\i`Xjc`[X#
G\if#¶Zdfcf_XZ\e6Gl\j]fidXe[fle ZXdgf
\c„Zki`Zf
f2\j[\Z`i#_XZ`\e[fhl\lefYa\kfalek\
dlZ_fj\c\Zkife\j%¶Pgfihl„j\alekXe6#gl\j
gfihl\cXjZXi^Xjhl\\jk}e\edfm`d`\ekfÆZfdf
cfj\c\Zkife\jÆk`\e[\eXalekXij\%CfjfYa\kfjZfe
ZXi^Xj`[„ek`ZXjZfdfgfi\a\dgcf#e\^Xk`mXZfe
e\^Xk`mX #j\i\Z_XqXe2\eZXdY`fcXjZXi^Xj[`]\$
i\ek\jgfj`k`mXpe\^Xk`mX j\XkiX\e#]fidXe[fleX
\c\Zki`Z`[X[\jk}k`ZX%
cˆhl`[Xf^Xj\fjX2_Xp}kfdfj[\d}j[\Z`\e
\c\d\ekfj#\eki\\ccfjZXiYfef#jf[`f#foˆ^\ef#
\kZ%p#Xcle`ij\]fidXedfc„ZlcXj
j#gXikˆZlcXjkXe
g\hl\ŒXjhl\efgl\[\efYj\imXij\Xj`dgc\m`jkX%
<a\dgcf1leX^fkX[\X^lXk`\e\d`ccfe\j[\dfc„$
ZlcXj#g\ifkf[Xj\ccXj\jk}e_\Z_Xj[\cfd`jdf1
[fj}kfdfj[\foˆ^\efplef[\_`[i^\ef#p
j`\dgi\hl\\jkfj}kfdfjj\alekXe#]fidXeX^lX%
:X[X}kfdfk`\e\lee’Zc\f
f\e\chl\j\\eZl\e$
kiXefkiXjgXikˆZlcXjX’ed}jg\hl\ŒXj1cfjgif$
kfe\j
jZfeZXi^Xgfj`k`mX pcfje\lkife\j
jhl\jfe
e\lkifj #g\if]l\iX[\ce’Zc\fj\\eZl\ekiXecfj
\c\Zkife\j
jhl\k`\e\eZXi^Xje\^Xk`mXjp^`iXeXci\$
[\[fi[\ce’Zc\f%
Gficf^\e\iXc#cfj}kfdfjk`\e\e`^lXce’d\if[\
gifkfe\jhl\[\\c\Zkife\j#j`\e[fd}jfd\efj
\jkXYc\j%8_fiXY`\e#cfj}kfdfj`ek\iXZk’Xe#
Xlehl\j\Xedlp[`]\i\ek\jpjlZfdgfikXd`\ekf
[\g\e[\[\cfj}kfdfjm\Z`efjhl\k\e^Xe%;\\jkX
Zfem`m\eZ`Xjli^\#gfi\a\dgcf#cX
X\c\Zki`Z`[X[
[#hl\
\jleXgifg`\[X[[\cfjZl\igfjZfej`jk\ek\\e
XkiX\ij\fi\Z_XqXij\XZXljX[\jlj\c\Zkife\j%
M\Xdfjgfihl„1Cfj\c\Zkife\j#gfief\jkXi
jla\kfj\e\ce’Zc\f#Xm\Z\jk`\e[\eXZXdY`Xij\
[\ZXjX
X2\j[\Z`i#j\dl[XeXfkifj}kfdfj#Zfecf
hl\Xld\ekXcXZXek`[X[[\\c\Zkife\jhl\_Xp\e
cXel\mXi\j`[\eZ`X#Xki`Ylp„e[fc\XjˆleXZXi^X
e\^Xk`mX%
<cfkifZfeZ\gkf\jcXZfem\ij`e[\cX\e\i^ˆX\e
ZXcfipjli\cXZ`eZfecfjdXk\i`Xc\j#Xc^lefj[\
cfjZlXc\jj\Zfej`[\iXe Zfe[lZkfi\j
j [\cZXcfi#\jf
j`^e`]`ZXhl\XYjfiY\e\cZXcfi[\Xhl\ccfjZl\igfj
hl\k`\e\ed}j2Xjˆ#cfhl\\jk}ZXc`\ek\#j`\ekiX\e
ZfekXZkfZfeledXk\i`XcZfe[lZkfi#g\i[\i}ZXcfi%
Gfi\cZfekiXi`f#\o`jk\edXk\i`Xc\jhl\j\Zfej`$
[\iXeX`jcXek\j
j#fj\Xhl\f]i\Z\eXcfjZl\igfjcX
fgfikle`[X[[\Zfej\imXijlZXcfi%
'*
>ebWWc_]k_jei0
Jfp8cY\ik<`ejk\`e#eXZˆ\elegXˆjccXdX[f
8c\dXe`X#XcfkifcX[f[\cfZ„Xef8kc}ek`Zf#
\e\cZfek`e\ek\\lifg\f%<e)'',]\jk\af
(''XŒfj[\_XY\iglYc`ZX[fle^iXe[\jZl$
Yi`d`\ekf#p\ekf[f\cdle[fd\_Xi}eleX
^iXe]`\jkX#g\ifXek\j#[\Yfi\le`icfjfZ_f
gf[\i\j]ˆj`ZfjgXiXcc\^XiXck\jfifg\i[`[f%
Hl`\ifhl\ljk\[\jm\e^XeZfed`^fpd\
Xpl[\eXZfdYXk`iXcXdXcmX[XYilaXhl\d\
\jg\iXi}Xc]`eXc[\cm`Xa\gXiXXgifg`Xij\[\c
k\jfif%8Zfdg}Œ\ed\pmXpXdfj\eYljZX
[\ck\jfif%
;_dij[_d_d_Y_Œikl_W`[l_i_jWdZe
9_kZWZBkp"ZedZ[l_l[?bkc_d[_jeh$
Æ?bkc_d[_jeh"^[l[d_Zefehgk[[b
feZ[hZ[bWbkp[i[bfh_c[hegk[
d[Y[i_jefWhW[dYedjhWhc_j[iehe"
feh\Wleh"Wo‘ZWc[ÅZ_`e;_dij[_dÅ$
Æ9bWhegk[i‡ÅYedj[ijŒ
?bkc_d[_jehÅfWhWeXj[d[hbe
Z[X[ceiZ[iY_\hWhkdc_ij[h_e1
^W]Wceibei_]k_[dj[0
<og%'(
¾
FJGI<<J:FC8I
;\hl„Zfcfi
d\m\f
8jˆ\jZfdfcf_XZ\j%%%
'
;\Y\j\jkXi\elecl^XifjZlifgficX
efZ_\ pXgX^Xikf[XjcXjclZ\j%
FYa\k`mf1 ;`jk`e^l`icfjZXdY`fj\ecXclq#
j\^’ecfj]`ckifjhl\j\Xgc`hl\e
Cfhl\e\Z\j`kXj\j%%%
¾LeXc}dgXiX[\dXef
(
:fcfZX
cXc}dgXiX
\eZ\e[`[X[\YXaf[\
kldXef\`cldˆeXcX%
'+
)
¶Hl„
jlZ\[`6
¶Gfihl„
Zi\\j
hl\gXj6
<ogc`ZXZ`e1
CXg`\cXZk’XZfdfle]`ckif%
Le]`ckif\jZlXchl`\idXk\i`Xc
hl\XYjfiY\Xc^lefjZfcfi\j
[\cXclq%Cfj]`ckifjifafj
XYjfiY\ekf[fjcfjZfcfi\j#
d\efj\cifaf%Klg`\ckfdX
leZfcfiifjX[\Y`[fXhl\cX
jXe^i\hl\[\YXaf[\klg`\c
XZk’XZfdfle]`ckififaf%
',
<og%')
¾
7‘ddej[d]e[bfeZ[hZ[bWbkpÅZ_`e
;_dij[_dÅ$
ÆDebej_[d[ifehgk[d[Y[i_jWiZ[iYkXh_h
Wb]ec|i$
Æ;ij|X_[d"^WhƒjeZebegk[i[Wd[Y[iWh_e$
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ G I < < J :
FYj\imXi\c\]\Zkf\jkifYfjZg`Zf
[\leX`dX^\e[\k\c\m`j`e%
8jˆ\jZfdfcf_XZ\j%%%
Cfhl\e\Z\j`kXj\j%%%
'
¾LeX k\c\m`j`e
8ek\leX]l\ek\[\clq\c„Zki`ZXfcXclq
eXkliXc[\cJfc#dl\m\i}g`[Xd\ek\\cc}g`q
_XZ`XXii`YXp_XZ`XXYXaf#Zfdfj\m\\ecX
]`^liXp]ˆaXk\Zdfj\m\\cc}g`q\edfm`$
d`\ekf%
(
<eleX_XY`kXZ`efjZliX#pZfecXk\c\m`$
j`e\eZ\e[`[X#ZfcfZX\cc}g`q[\cXek\[\
cXgXekXccX%
'-
)
Dl\m\i}g`[Xd\ek\\cc}g`q_XZ`XXii`YXp_XZ`XXYXaf
Zfdfcf_`Z`jk\Xek\jp]ˆaXk\j`j\m\`^lXchl\\e\c
\a\iZ`Z`fXek\i`fi%
¶Hl„jlZ\[`6
¶:dfj\m\\cc}g`q]i\ek\Xck\c\m`jfi6
;nfb_YWY_Œd0
<ecl^Xi[\cX`dX^\eYfiifjX[\cc}g`q
\edfm`d`\ekfXek\cXclqeXkliXc#j\
fYj\imXe`d}^\e\jj\gXiX[Xj]i\ek\XcX
k\c\m`j`e#[\Y`[fXhl\cXclqgifm\e`\ek\
[\cXgXekXccXef\jZfejkXek\ZfdfcX[\c
Jfc#j`efhl\gXigX[\XXleXm\cfZ`[X[kXe
^iXe[\hl\el\jkifjfafjefcfXcZXeqXeX
g\iZ`Y`i#\oZ\gkfgfi\og\i`d\ekfjZfdf
\chl\XZXYXdfj[\_XZ\i%
<ed`jk`\dgfj#ef_XYˆXk\c\m`j`ep
efgl[\_XZ\i\jk\\og\i`d\ekfZfdf
ljk\[\j#g\ifX_fiXd\[`Zl\ekX[\hl\
lec}g`q\edfm`d`\ekfgif[lZ\leX
`dX^\eYfiifjXphl\j`dl\m\j\cd`jdf
c}g`q]i\ek\XleXk\c\m`j`e#j\m\e`d}$
^\e\jj\gXiX[Xj%
Ç8jˆ\j8cY\ik#p^iXZ`XjXhl\Xgi\e[`jk\
Xc^f#X_fiXjˆk\e[i}j\cgf[\i[\cXclq%
Ç>iXZ`Xj%
'.
<og%'*
¾
;_dij[_deXjkle[bfeZ[hZ[bWbkp
p o
Z[Y_Z_ŒZWh[bi[]kdZefWie0jhWibWZWhi[
W9Wbeh‡\_YW"kdWY_kZWZgk[^WX_jWXW
9Wbeh‡d"gk_[db[WokZWh|WYedi[]k_h[b
feZ[hZ[bYWbeh$
ÆIeo;_dij[_d"o[ijeoXkiYWdZe[b
feZ[hZ[bYWbeh$µC[WokZWi5
ÆFehikfk[ijeÅYedj[ijŒ9Wbeh‡dÅ$FWhW
8jˆ\jZfdfcf_XZ\j%%%
'
:fikXleg\[Xqf[\gXg\cXcld`e`fle
gfZfd}j^iXe[\hl\klg`\%
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ G I < < J :
;\dfjkiXicXZfe[lZZ`e[\cX
\e\i^ˆXk„id`ZX%
Cfhl\e\Z\j`kXj\j%%%
¾GXg\cXcld`e`f%
¾LekXg\k\
g\hl\Œff
g`\qXg\hl\ŒX
[\Xc]fdYiX%
K`a\iXj
(
'/
)
¶Hl„j`\ek\j6
¶<eZl}cg`\j\ek`jk\d}j]iˆf6
;nfb_YWY_Œd0
kXdY`„ej\ccXdXe X`jcXek\j
j#gfihl\\m`kXe
hl\Xc^’efYa\kfg`\i[X\e\i^ˆX%
<cgXg\cXcld`e`f\jleYl\eZfe[lZkfi[\c
ZXcfi#\jkfj\[\Y\Xhl\\e„c\o`jk\edfc„$
ZlcXjhl\i\Z`Y\e\e\i^ˆXÆ\e\jk\ZXjf#
kfdXifecX\e\i^ˆX\e]fidX[\ZXcfialjkX$
d\ek\[\klg`\Æ%<ckXg\k\ef\jZfe[lZkfi[\c
ZXcfigfihl\Ycfhl\X\chl\jXc\[\klg`\c%Cfj
dXcfjZfe[lZkfi\j[\cZXcfi#Zfdf\ckXg\k\#
'0
ǶK\^ljk\c\og\i`d\ekf6Æ[`af
:XcfiˆeÆ%
Ç:cXif#Xgi\e[ˆXc^f`dgfikXek\%G\if#
¶pXd\gl\[\j[Xi\cgf[\i[\cZXcfi6
Ç8’eef#[\Y\jj\igXZ`\ek\gfihl\k\
]XckXleXgil\YXd}j%
<og%'+
¾
Æ?cW]_degk[Yed[bl_W`[j[^WZWZe
^WcXh["µde[iWi‡5
ÆKdfeYe"Z_`e;_dij[_d$
ÆFk[ilWceiWYec[hfWbec_jWiZ[cW‡p
oZ[fWieWl[h_]kWceifehgkƒ^WY[d
hk_ZeYkWdZei[YeY_dWd"µj[fWh[Y[5
8jˆ\jZfdfcf_XZ\j%%%
'
FYj\im
[\lef
dXˆq#Xek\
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ 8m\i`^lXigfihl„jXckX\c
dXˆq[\gXcfd`kXj%
Cfhl\e\Z\j`kXj\j%%%
¾DXˆqgXiXgi\gXiXigXcfd`kXj
¾LeXZXZ\ifcX
8Z\`k\
CXXpl[X[\leX[lckf
(
Gfe
]l\^f
ZXZ\ifcXZ
XZ\`k\pZ
c`^\iXd\e
('
)
hl\efj
*
:lXe[f
fYj\imX
¶Gfihl„Zi\\j
hl\cfj^iXefj
[\dXˆqj\
Zfem`\ik\e\e
gXcfd`kXj6
¶8hl„j\
[\Y\\cil`[f
hl\_XZ\e6
;nfb_YWY_Œd0
CXZlY`\ikX[
yjkX\jcXgX
ZlXe[fefjZfd\dfjcXjgXcfd`kXj%CXgXik\
`ek\i`fi\jk}cc\eX[\Xcd`[ehl\j\_XZ\
^iXe[\_XjkX]fidXi\c\jgfeafjfpYcXeZf
Zl\igf[\cXjgXcfd`kXj%CXg\hl\ŒXZXek`[X[
[\X^lXhl\_Xp[\ekif[\c^iXe`kfgifmfZXleX
g\hl\ŒX\ogcfj`e%:lXe[fj\ZXc`\ekX\c^iXef#
\cX^lXj\\mXgfiXpj\Zfem`\ik\\e^Xj%
ÇHl„[\c`Z`fjXjgXcfd`kXj:Xcfiˆe#hl`\e`YX
Xg\ejXihl\kf[f\j\il`[fj\[\Y\XleX
g\hl\ŒXZXek`[X[[\X^lXhl\_Xp\ejl
`ek\i`fi%
Ç8jˆ\j8cY\ik%PgfiZ`\ikf#pXhl\_Xj
Xgi\e[`[fXc^fd}j#\jk`\dgf[\hl\
fYk\e^Xj\cgf[\i[\cZXcfi%
((
<og%',
¾
Æ7^ehWoWj[d]e[bfeZ[hZ[bWbkpo[bZ[b
YWbeh"i_]k[bW[b[Yjh_Y_ZWZ$
:[9_kZWZ9Wbeh‡\_YW";_dij[_dl_W`ŒW9_kZWZ
;ij|j_YW$7^‡beh[Y_X_ŒbWh[_dWJhed_$
ÆIkCW`[ijWZ"¶gkƒ]kijel[hbWÅZ_`e
;_dij[_dÅ"l[d]efehgk[iƒgk[Wgk‡[dYed#
jhWhƒ[bfeZ[hZ[bW[b[Yjh_Y_ZWZgk[c[
WokZWh|Wbb[]WhWbj[iehe$
ÆJ_[d[ihWpŒdÅZ_`ebWH[_dWJhed_Å"f[he
Yece[dbeiZ[c|ifeZ[h[i"j[dZh|igk[
fWiWhWb]kdWifhk[XWi$
Æ9ecekij[ZZ_]W"CW`[ijWZ$
8jˆ\jZfdf
cf_XZ\j%%%
'
:Xi^XilefYa\kfZfe\c\Zki`Z`[X[
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ G I
\jk}k`ZX%
:fikXleXk`iX[\gXg\c[\Z_`eX
[\lefj.o
Cfhl\e\Z\j`kXj\j%%%
¾Leg\`e\[\gc}jk`Zf
¾GXg\cZ_`eX
¾K`a\iXj
¾I\^cX
(
:fikX\c
gXg\c\ek`i
cXi^Xjp[\c^X[X
[\aXe[flef[\
cfj\oki\dfjj`e
ZfikXi%
()
)
*
¶Hl„jlZ\[`f6
¶Gfihl„Zi\\jhl\gXj\\jf6
;nfb_YWY_Œd0
fYa\kfhl\k\e^XZXi^Xgfj`k`mX2gfi\ccf#j`
gXjXdfj\cg\`e\gficXjk`i`kXj[\gXg\c[\
Z_`eXÆXlej`ekfZXicXjÆ#cf^iXi\dfjhl\
Zldgc`[fklgil\YX#k\[Xi„\c gf[\i[\cX
\c\Zki`Z`[X[
[#hl\k\j\im`i}gXiXgifgfi$
Z`feXid}jZXcfipd}jclq%
(*
<og%'-
¾
Debefk[ZeYh[[h"oWj[d]ejh[ifeZ[h[i
o"]hWY_WiWbWh[_dWJhed_"bei^[h[\eh#
pWZe$F[heW^ehWj[dZhƒgk[^WXbWhYed
H[i_ij_dW$:_Y[dgk[[icko]hk‹edW"
e`Wb|gk_[hWZWhc[ikfeZ[h$
ÆH[i_ij_dW"[ijeoWgk‡"Z_ifk[ijeW^WY[h
bed[Y[iWh_efWhWeXj[d[h[bfeZ[hZ[bW
_d[hY_Wgk[iŒbekij[Zc[fk[Z[ZWh$
Ƶ7^i‡5ÅZ_`eH[i_ij_dWÅfk[iW^ehWc[
beZ[ceijhWh|i$
;\dfjkiXihl\lefYa\kfZfek`e’X
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ dfm`„e[fj\[\Y`[fXcX`e\iZ`X%
C
¾:`eZfc`Yifj
¾LeXj`ccX
8jˆ\jZfdfcf_XZ\j%%%
'
(+
:fcfZXcfjc`Yifj\e\cXj`\ekf[\cX
j`ccX#Zfdfj\dl\jkiX\ecX]`^liX%
(
¶Hl„fZlii`
Zfecfjc`Yifj6
¶Gfihl„Zi\\jhl\jlZ\[`6
;nfb_YWY_Œd0
Kf[fj\[\Y\XcX `e\iZ`X
X#hl\\jcXi\j`jk\eZ`X
[\cfjZl\igfjÆ\e\jk\ZXjf#cfjc`YifjÆX
ZlXchl`\iZXdY`f\e\cdfm`d`\ekf%<j[\Z`i#
j\i\j`jk\eX[\aXi[\dfm\ij\[\dXe\iX
YiljZX%Cfjc`Yifjj\ZXp\ife
egfihl\j`^l`\ife
dfm`„e[fj\\ecXd`jdX[`i\ZZ`ehl\k\eˆXe
ZlXe[f\jkXYXejfYi\cXj`ccXpZfek`e’Xejl
dfm`d`\ekf#XleZlXe[fcXj`ccXj\[\klmf%
Ƕ:fdgi\e[`jk\cfhl\\jcX`e\iZ`X6Ægi\$
^lekI\j`jk`eXÆ%
Y`Xi\cdfm`d`\ekfhl\\jk}ei\Xc`qXe[f#X
efj\ihl\Xc^leXXZZ`ej\cfj`dg`[XÆ[`af
<`ejk\`eÆ%
ÇDlpY`\e#¶pZdfgl\[\_XZ\ij\gXiX
hl\Xc^fj\dl\mX6Ægi\^lekI\j`jk`eXÆ%
ÇGl\jXc^l`\e[\Y\i}dfm\icfÆ[`af
<`ejk\`eÆ%
Ç:fii\Zkf#eX[`\_XYˆX\ek\e[`[fcfhl\\j
cX`e\iZ`X#pgfi_XY\icf[\jZlY`\ikf#k\gi\$
d`Xi„#[}e[fk\\cgf[\ihl\kXekfYljZXj%
ÇDlZ_Xj^iXZ`XjI\j`jk`eXÆ[`af<`ejk\`eÆ%
:fdf<`ejk\`epXk\eˆX\c gf[\i[\cX
`e\iZ`X
X#I\j`jk`eXc\[`fle^fcg\kXe]l\ik\#
hl\cf\em`XcgXˆjccXdX[fMfcXekˆe#j`e
g\id`k`ic\j`hl`\iX[\jg\[`ij\%
(,
<og%'.
¾
=hWY_WiWb\k[hj[_cfkbiegk[h[Y_X_ŒZ[
H[i_ij_dW";_dij[_dbb[]ŒWLebWdj‡dfWhW
[dYedjhWhi[YedI‘f[hLebWZeh"kd^ƒhe[
gk[b[ZWh‡W[bfeZ[hZ[lebWh$
Æ7b\_dbb[]W"i[‹eh;_dij[_dÅZ_`eI‘f[h
LebWZehÅ$
ÆI‡"I‘f[hLebWZeh"H[i_ij_dWc[WokZŒW
bb[]Whbec|ifhedjefei_Xb[$
Æ;d\_d"iƒfehgkƒl_[d[io[ic[`ehgk[
Yec[dY[cei"fehgk[Z[beYedjhWh_ebW
Xhk`Wbb[]Wh|Wdj[igk[j‘$
8jˆ\jZfdfcf_XZ\j%%%
'
:fcfZXcfjc`YifjjfYi\cXd\jX#ZfeleX
j\gXiXZ`e [\ (' Zd \eki\ \ccfj
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ FYj\imXi\c\]\Zkf[\cX
m\cfZ`[X[\ecXgi\j`e[\cX`i\%
Cfhl\e\Z\j`kXj\j%%%
¾;fjc`Yifj[\cd`jdfkXdXŒf
¾LeX_faX[\gXg\c
¾Legfgfk\
¾LeXi\^cX
(
(-
:fcfZXcX_faX[\gXg\c
jfYi\cfjc`Yifj%
)
8Z
cX
gfgfk\g
[\cXfi
gXg\c%
*
Jf
]l\
gl\[Xj
[\cgfgf
¶Hl„jlZ\[`f
ZfecX_faX6
¶Gfihl„Zi\\jhl\jlZ\[\6
ÇEf<`ejk\`e#[`afJ’g\iMfcX[fi#cfhl\
;nfb_YWY_Œd0
le`]fid\
\gficfj
cX[fj[\cgXg\cXek\j[\hl\jfgc\jgfi\c
gfgfk\%<cX`i\hl\\dglaX_XZ`XXYXaf\cgXg\c
\a\iZ\d}j]l\iqXhl\\cX`i\hl\cf\dglaX
_XZ`XXii`YX#gficfhl\\cgXg\cj\_le[\\eki\
cfjc`Yifj%
Ç·Hl„dXiXm`ccX#\cX`i\\jk}j`\dgi\\eki\
efjfkifj#Xlehl\eleZXcfm\dfj%
Ç<jZ`\ikf#8cY\ik%
ǶP_XpmXi`fjX`i\j6#gfihl\[`Z\jhl\le
X`i\j\\dglaXZfefkif%
jlZ\[\\jhl\leXgXik\[\cX`i\\ekiXgfi
le\oki\dfpcXfkiXgXik\gfi\cfkif#\jgfi
\jfhl\lef\dglaXXcfkif%
Ç·8_#\ekfeZ\j\cX`i\j\[`m`[\%
Ç·<oXZkXd\ek\9l\ef#Zi\fhl\\j\c
dfd\ekf[\fkfi^Xik\fkifgf[\i%<c[\
mfcXi#hl\k\g\id`k`i}kiXjcX[Xik\_XZ`X
[fe[\k’[\j\\j%
Ç>iXZ`Xj#J’g\iMfcX[fi%
Ç<`ejk\`e#jcfi\Zl\i[Xhl\ef[\Y\jmfcXi
\e[`i\ZZ`eZfekiXi`XXcXYilaX#gfihl\\c
X`i\j\[`m`[`i}#Zfdfk’cf[`a`jk\%
ÇCfi\Zfi[Xi„%
(.
<og%'/
¾
;_dij[_dlebŒolebŒ"^WijWgk[l_eWb
9Wf_j|d8WhYe"kdXkgk[gk[Wkdgk[dkdYW
Z[iYWdiWXW"i_[cfh[[ijWXWcko\[b_p$
;_dij[_di[Z[jkleob[Z_`e0
Æ9Wf_j|d8WhYe"iƒgk[j‘c[ZWh|i[b
feZ[hZ[\bejWh1µgkƒZ[Xe^WY[h5
Æ;ickoi[dY_bbe"lWceiW_dl[ij_]Wh
fehgkƒ\bejWdbeiXWhYeiYeceoe$
8jˆ\jZfdf
cf_XZ\j%%%
'
:fcfZX
cXjlg\
X^lX#Zfe
_l\ZX_XZ`XXii`
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ G I < <
;\jZlYi`igfihl„leYXiZfÕfkX
\e\cX^lX%
Cfhl\e\Z\j`kXj\j%%%
¾CXkXgXd\k}c`ZX[\le]iXjZf[\lefj-f.Zd
[\[`}d\kif
¾LeXZXe`ZX
LeXZlY\kXZfeX^lX
(
(/
8_fiXZfcfZ
cXZXe`ZX%
¶Hl„gXj
ZfecfjfYa\kfj
hl\ZfcfZXjk\
\e\cX^lX6
¶Gfihl„Zi\\jhl\jlZ\[\6
;nfb_YWY_Œd0
8dY
d`jd
^iXe[\jYXiZfj#Xlehl\jfedlp^iXe[\jp
g\jX[fj#k`\e\e\jgXZ`fj_l\Zfjcc\efj[\X`i\
p\jkf_XZ\hl\]cfk\e%
ǶCfjYXiZfjZfdfk’#k`\e\e_fpfjgfi
[fe[\\ekiXX`i\6
ÇJˆ#8cY\ik%<jgfi\jfhl\efefj_le[`dfj%
_l\ZfjgXiXef_le[`id\6
ÇEf#8cY\ik2k’[\Y\jXgi\e[\iXeX[Xi%
G\ifYXjkX[\kXekXjgi\^lekXjpd\afik\
[Xi„ \cgf[\i[\]cfkXi%
Ç·DlZ_ˆj`dXj^iXZ`Xj:Xg`k}e9XiZf#jcf
d\]XckXe[fjgf[\i\jgXiXcc\^XiXck\jfif%
(0
<og%'0
¾
;_dij[_di[\k[\bejWdZe^WijW
8khXk`ebWdZ_W"gk[de[ijWXWb[`eiZ[
W^‡$7bbb[]WhWbWY_kZWZ"beh[Y_X_ŒZed
8khXk`e"kdf[hiedW`[ckoWc_]WXb[gk[
Z_i\hkjWXWXW_bWh$
Æ8_[dl[d_Ze7bX[hj"i[h|kd^edehcei#
jhWhb[dk[ijhWY_kZWZÅZ_`eZed8khXk`eÅ$
Æ=hWY_Wi"f[hekij[ZiWX[gk[dej[d]e
j_[cfefehW^ehW1Wi‡gk[YkWdjeWdj[i
Z[XefWiWhbWfhk[XWfWhWeXj[d[h[bfeZ[h
Z[bWiXkhXk`Wic|]_YWiÅZ_`e;_dij[_dÅ$
ÆJ_[d[kij[ZjeZWbWhWpŒd"l[d]WYed#
c_]efWhW_dZ_YWhb[begk[Z[X[^WY[h$
8jˆ\jZfdfcf_XZ\j%%%
'
=ifkX\cg\`e\mXi`Xjm\Z
[ ]
c
(
FYj\imXihl\cX\c\Zki`Z`[X[
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ \jk}k`ZXgif[lZ\dfm`d`\ekf\ecXj
YliYlaXj%
Cfhl\e\Z\j`kXj\j%%%
Leg\`e\[\gc}jk`Zf
Leg\[Xqf[\]iXe\cX
LeXifgXiX]fidXiYliYlaXj
D\qZcX[\X^lXZfeaXYegXiXYliYlaXj
)'
)
¶Hl„jlZ\[`6
;nfb_YWY_Œd0
gi`eZ`g`f\j\cd`jdf%<e\jk\ZXjf#kXekf\c
g\`e\ZfdfcXjYliYlaXjk`\e\eZXi^Xje\^X$
k`mXjpgfi\ccfj\i\g\c\e%
g
#
gf[\i[\cXjYliYlaXj
j hl\c\[Xi}eXc\^iˆX%
ÇDlZ_Xj^iXZ`Xj[fe9liYlaf#·X_fiXjcf
d\]XckXlegf[\i
)(
<og%('
¾
FWhW_hW9_kZWZCŒl_b";_dij[_di[c[j_Œ
[dkdWXkhXk`Wgk[bejhWdifehjWh‡Wb_Xh[#
c[dj[$7bbb[]Wh"]h_jŒ0
ÆJehX[bb_d_"JehX[bb_d_"µZŒdZ[[ij|i5
JehX[bb_d_oW[ijWXWfh[fWhWZeYedbei
cWj[h_Wb[ifWhW[b[nf[h_c[djeobeh[W#
b_pŒYed;_dij[_d$
8jˆ\jZfdfcf_XZ\j%%%
'
:fi
[\g
(
:f
[\Xgifo`dX[Xd\ek\
+%,d
¾ : L8 ; < I E F ; < < O G < I @ D < E K FJ G
;\dfjkiXihl\cXj]l\iqXj
[\j`^lXc\jgif[lZ\edfm`d`\ekf%
Cfhl\e\Z\j`kXj\j%%%
¾Legfgfk\
¾K`a\iXj
¾:l\i[X[\c^X[X
¾Le^cfYf
¾LeXg`eqXgXiXjla\kXiifgX
¾;fjj`ccXj
:`ekXX[_\j`mX
))
)
@
\
[\cX
\cgfg
+
*
,
-
.
/
¶Hl„jlZ\[`6
;nfb_YWY_Œd0
fgl\jkf
f#jfYi\\cgi`d\if%<cX`i\\a\iZ\leX
]l\iqX[\\dgla\jfYi\\c^cfYf#p„jk\ÇXc
c`Y\iXi\cX`i\Ç\a\iZ\leX]l\iqX\ej\ek`[f
fgl\jkf%
Ç<cdfm`d`\ekf\jdlp`dgfikXek\#gfihl\
cfj_ldXefjcflk`c`qXdfjgXiXZfii\ip
jXckXiÆ[`afKfiY\cc`e`Æ%
a p
dXe[c\afj#dlpc\afj%
^
^ g h
8_fiXjˆ#\j\cdfd\ekf[\XYi`i\ck\jfif%
<`ejk\`eXYi`\cZf]i\pjXZ[\„cled\e$
jXa\hl\[\ZˆX%
·=\c`qZldgc\XŒfj8cY\ik#_Xj[\jZlY`\ikfcX
I\cXk`m`[X[
[
)*
>cfjXi`f
;b[Yjh_Y_ZWZ[ij|j_YW0cXhl\XgXi\Z\\e
leZl\igfZlXe[f\o`jk\e\e„cZXi^Xj
\c„Zki`ZXj\ei\gfjf%
?d[hY_W0Gifg`\[X[[\cfjZl\igfj[\ef
df[`]`ZXijl\jkX[f[\i\gfjffdfm`$
d`\ekfj`ef\jgficXXZZ`e[\leX
]l\iqX%
;ijheXeiYŒf_Ye0<]\Zkfm`jlXchl\g\id`k\
m\iZfdfc\ekfjf`edm`c\jfYa\kfjhl\
j\dl\m\e[\]fidXi}g`[Xpg\i`[`ZX#
d\[`Xek\jlfYj\imXZ`e`ek\id`k\ek\%
<_bjhei0DXk\i`XgfifjX#Zfdf]`\ckif#gXg\c#
\jgfeaX#ZXiYe#\kZ%#fZXgX[\Xi\eXf
[\g`\[iXjd\el[XjXkiXm„j[\cXZlXcj\
_XZ\gXjXicXclqfZlXchl`\icˆhl`[f%
CebƒYkbW0Le`[X[dˆe`dX[\leXjlj$
kXeZ`X#]fidX[Xgfid}j[\le}kfdf%
:fej\afEXZ`feXc[\:`\eZ`XpK\Zefcf^ˆX
@ejli^\ek\jJli(,/)#:fc%:i„[`kf:fejkilZkfi
:%G%'*0+'#D„o`Zf#;%=%
Gl\[\j\eZfekiXi\jk\ZlX[\iefkXdY`„e\e`ek\ie\k1
mmm$YedWYoj$cn
EJHEIJßJKBEI
¾:lX[\ief[\\og\i`d\ekfj &gi`dXi`X
¾:lX[\ief[\\og\i`d\ekfj &j\Zle[Xi`X
¾:lX[\ief[\\og\i`d\ekfj &YXZ_`cc\iXkf